INCLUDING Bank & Quotation Section Railway & Industrial Section Electric Railway Section Railway Earnings Section Bankers’ Convention Section State and City Section VOL. 95_____ SATURDAY, 1912 NO 2468

Week ending . 3 Clearings at— £Iue ©Immicle. Inc. or PUBLISHED WEEKLY. 1 91 2. 1 9 1 1 . Dec. 1 9 1 0 . 1 9 0 9 .

Terms of Subscription— Payable in Advance S S % S S For Ono Y ear...... $10 00 C h i c a g o ______341,831,605 289,239,69- + 18.2 278,033,390 283,960,031 For Six Months...... 0 00 C in c in n a t i...... 2 6 ,7 0 7 ,3 5 1 2 6 ,0 4 1 ,6 0 1 + 2.h 24,963,251 24,715,100 European Subscription (including postage)...... 13 00 C l e v e l a n d ______2 7 ,7 6 9 ,1 1 1 2 1 ,9 2 2 ,5 3 1 + 1 1 3 2 2,0 5 3 ,9 1 1 1 9 ,6 6 8 ,0 6 2 European Subscription six months (including postage)...... 7 50 D e t r o i t ...... 2 2 ,1 5 5 ,7 2 4 1 9 ,3 5 0 ,2 5 - ! + 1 4 . 5 18,258,62-1 1 5 ,3 4 8 ,1 5 7 Annual Subscription in (including postage)...... £ 2 14s. M ilw a u k e e ______1 4 ,9 1 9 ,G0C 16,936.382; — 11.3 14,300,58-1 1 2 ,3 6 2 ,6 2 2 Six Months Subscription in London (including postage)...... £ 1 11s.Indianapolis _____ 8 ,1 4 3 ,3 7 5 8,598,721 —5.3 8 ,6 5 8 ,3 6 0 9 ,8 2 7 ,1 4 8 C o l u m b u s ______Canadian Subscription (including postage)...... $11 50 0 ,4 0 3 ,7 0 0 5 ,4 3 5 ,1 0 0 + 17.8 5 ,4 0 3 ,6 0 0 0 ,2 1 1 ,6 0 0 T o l e d o ...... 5 ,0 2 4 ,3 9 7 4,221,322! + 1 9 .C WILLIAM! B. b a n A COMPANY, Publishers, 4 ,2 1 9 ,7 6 7 3 ,9 8 7 ,2 9 8 P e o r ia ...... 4 ,0 8 1 ,8 2 2 2,759.081 +47.S 3 ,2 0 5 ,0 6 1 2 ,9 9 1 ,7 1 3 I*. O. Hox 958. Front, Fine and Dcpeyster Sts.. New York. Grand Rapids ___ 3 ,9 1 0 ,6 1 4 2 ,9 5 0 ,1 0 1 + 3 2 .S 2 ,9 9 4 ,1 9 4 2 ,5 7 2 ,7 7 9 D a y t o n - ______2 ,4 8 1 ,0 1 5 2,260,0511 + 9.S 2 ,4 5 0 ,2 2 8 2 ,3 9 1 ,9 6 0 Statement of the Ownership. Management &c., of Commercial & Financial Chronicle, E v a n s v i l l e ______2 ,3 1 8 ,9 4 9 2 ,7 2 8 ,9 4 3 — 15.C 2 ,3 3 7 ,5 1 3 2 ,2 5 5 ,4 3 4 K a l a m a z o o ______published weekly at 138 FrontSt., New Yor.c, as required by Act of Aug. 24 1912. 7 1 2 ,2 7 6 798,374 — 10.8 9 8 3 ,3 6 8 8 0 7 ,2 8 6 Editor, Jacob Seibert Jr., 138 Front St., New York. Springfield, 111 . . 1 ,2 3 7 ,4 1 3 9 9 1 ,2 3 9 + 2 4 . 8 9 0 1 ,1 7 7 9 3 9 ,2 4 0 Managing Editor, Jacob Seibert Jr., 138 Front St., New York. F o r t W a y n e _____ 1 ,3 2 9 ,5 9 7 1 ,0 5 0 ,6 0 5 + 2 6 . 0 1 ,0 0 5 ,2 2 4 9 7 9 ,7 4 2 Business Managers, John H. Morrison and George 11. Shepherd, 138 Front St., N. Y. Y o u n g s t o w n _____ 1 ,7 2 4 ,7 0 5 1,723,715 + 0.06 1,203,602 1 ,1 2 7 ,3 0 8 Publisher, Wmi la B. Dana Company, 138 Front St., New York. L e x i n g t o n ------8 5 3 ,7 8 0 850.90C + 0.3 8 7 4 ,5 3 7 7 2 5 ,1 8 7 Stockholders, Estate of William B. Dana, Jacob Seibert Jr., Arnold G. Dana, Grace R o c k fo r d ------8 0 9 ,0 1 7 0 9 5 ,92 3 + 1 6.2 7 1 0 ,3 6 1 0 4 6 ,9 3 0 N. Dana and Albro J. Newton; address of all, 138 Front St., New York. A k r o n ...... 2 ,0 6 5 ,0 0 0 1,255,00C + 0 4 .5 808.05C 8 2 0 ,0 0 0 Bondholders, Mortgagees, &c. No bonds or mortgages. S o u th B e n d ______1 .7 4 4 ,9 3 0 625,221 + 179/ 6 8 5 ,1 9 8 5 2 7 ,4 8 9 (Signed) Jacob Seibert Jr., Editor. c a n t o n ...... 1 ,5 1 5 ,1 1 7 1,157,235 +30.9 1,052,72,'i SOO.OOO Sworn to and subscribed before me this 3d day of October 1912. Q u i n c y ...... 7 5 8 ,7 5 3 701.90C + 8.1 6 9 4 , 18 723 . '6 5 John H. Morrison, Commissioner of Deeds. Bloomington _____ 8 5 0 ,8 7 4 0 5 S .6 3 + 2 9 .2 6 8 2 ,3 1 0 5 6 1 ,7 1 3 ______(My Commission expires Sept. 19 1913.) M a n s fie ld ______450,367 443,824 4 5 1 ,9 2 5 4 1 3 ,9 4 9 Springfield, O ___ 6 9 0 ,9 4 3 6 0 7 ,5 7 7 + 13.7 5 8 6 ,4 8 8 4 0 5 ,2 0 6 Published every Saturday morning by WILLIAM B. DANA COMPANY, D e c a tu r ______5 2 2 ,9 1 1 419,007 + 22.4 4 4 5 ,9 4 8 4 7 2 ,0 5 4 Jacob Seibert Jr., President and Treas.; George. S. Dana and Arnold G. Dana, J a c k s o n ...... 591,456 465,772 + 27.1 4 0 7 ,0 0 0 3 7 0 ,0 0 0 Vice-Presidents; Arnold G. Dona, Sec. Addresses of all, Office of the Company. J a c k s o n v ille , 111. 3 3 6 ,8 0 5 3 0 1 ,1 3 6 + 11.8 3 1 5 ,7 6 0 2 7 6 ,5 8 6 A n n A r b o r ------280,929 320,620 — 1 0.5 2 0 8 ,3 8 9 3 1 5 ,4 2 5 D a n v ille ______4 9 8 ,0 2 6 409,937 +6.0 420,320 4 2 6 ,5 1 2 457,847 397,683 4-15.1 4 1 9 6 CLEARING-HOUSE RETURNS. L i m a ______4 3 1 ,5 9 5 447,192 —3.5 378,017 3 5 7 ,5 9 7 A d r ia n ______0 2 ,5 4 5 35,000 + 75.8 40,5S7 3 2 ,1 0 5 The following table, made up by telegraph, &o., Indicates that the O w e n s b o r o ______3 6 9 ,5 2 1 3 7 1 ,0 7 8 —0.4 325,770 ______total bank clearings of all clearing houses of the United States for week ending Oct. 12 have been $3,077,107,378, against $4,280,017,920 last Tot. Mid .W est. 484,108,349 420,243,400 + 15.2 4 0 1 ,2 9 5 ,9 2 9 398,0S0,698 week and $2,823,165,327 the corresponding w-cek last year. San Francisco ___ 5 8 ,7 2 5 ,3 1 5 5 3 ,2 4 9 ,3 5 0 + 10.3 5 0 ,2 7 4 ,8 3 4 4 0 ,2 5 8 ,2 0 3 Los Angeles ______22,977,315 19,098,500 +20.3 1 0 ,1 3 8 ,2 0 8 1 2 ,0 0 1 ,2 1 2 S e a ttle ...... 1 2 ,0 0 5 ,0 0 4 1 1 ,5 0 8 ,7 7 2 + 9 . 5 1 1 ,2 7 2 ,S 0 7 1 2 ,0 6 7 ,8 7 4 Clearings— Returns b y Telegraph. Per P o r t l a n d ______12,039,147 13,372,912 — 5 .5 1 0 ,8 6 1 ,1 2 9 1 1 ,1 0 0 ,8 3 3 Week ending Oct. 12. 1912. 1911. Cent. S p o k a n e ______5 ,1 1 9 ,7 8 0 5 ,0 0 8 ,5 7 5 + 2 .2 5 ,5 2 8 ,4 1 4 T a c o m a ...... 3 ,9 9 4 ,0 8 5 4,710,353 — 15.2 6 ,1 7 6 ,9 5 4 New Y ork...... $1,710,864,756 $1,180,300,190 6 ,1 5 5 ,9 1 0 + 44.9 Salt Lake City ___ 6 ,1 8 8 ,9 9 3 6,743,300 —8.2 5 ,9 3 4 ,7 0 3 0 ,4 5 2 ,0 9 6 114,244,752 105,435,835 + 30.8 4 ,2 7 1,175 4 ,0 0 3 ,4 0 4 142,057,606 4-G 7 98,135,081 -1-44.8 S a c r a m e n t o ...... 1 ,9 6 3 ,4 2 3 1 ,8 3 0 ,4 0 8 + 7 .3 l) 5 9 3 !4 2 7 32,190,119 20,844,291 + 19.9 1 ,2 1 3 ,2 5 4 S a n D i e g o ______2 ,9 3 9 ,3 4 3 1 ,5 0 0 ,0 0 0 + 9 6 . 0 1 ,1 0 0 ,0 0 0 9 8 0 ,0 0 0 209,742,092 209,433,594 + 28.8 1 ,0 9 3 ,4 0 0 792,428 4-38.0 815 788 S t. Louis...... 69,230,461 09,820,989 —0.9 S t o c k t o n ______9 4 0 ,4 3 3 972)598 —3.4 721,714 17,831,401 10,031.190 6 0 4 ,3 0 5 + 7.2 S a n J o s e ...... 959,479 935,601 + 2 .5 8 0 2 ,5 2 0 0 5 8 ,0 8 3 P a s a d e n a ...... 8 0 6 ,0 6 1 0 9 4 ,8 8 4 + 16.1 6 7 8 ,0 0 0 5 0 0 ,0 0 0 Seven cities, five days...... $2,380,107,247 SI,700,001,770 + 39.8 North Yakima .. 020,723,143 495,000 506,320 —2.2 5 7 0 ,8 5 3 5 0 0 ,9 4 7 535,498,798 + 15.9 R e n o ______274,891 317,271 — 13.4 3 0 0 ,0 0 0 2 8 0 ,0 0 0 Total all cities, five days...... $3,000,890,390 $2,242,100,508 + 34.1 Total Pacific-. 135,991,844 125,214,742 + 8.6 110,182,392 101,112,635 70,276,948 581,004,759 —87.9 K a n s a s C i t y _____ 57,036,558 53,386,394 +8.0 5 4 ,0 7 2 ,5 7 3 5 7 ,2 9 8 ,7 5 0 Total all cities for week...... 33,077,167,378 S2,823,105,327 + 9.0 Minneapolis ...... 2 8 ,3 8 3 ,9 0 4 2 9 ,3 2 8 ,8 9 9 — 3 .2 2 0 ,5 5 2 ,8 0 3 O m a h a ______1 7 ,4 0 6 ,0 9 3 1 5 ,9 2 8 ,6 1 4 + 9.3 17.0G0.072 1 0 ,9 4 0 ,5 1 7 The full details for the week covered by the above will be given next S t . P a u l------. 1 1 ,2 7 5 ,4 3 9 1 0 ,9 4 6 ,3 7 1 + 3 . 0 1 1 .8 7 0 ,0 9 1 1 1 ,4 8 1 ,7 1 6 Saturday. Wo cannot furnish them to-day, clearings being made up by the D e n v e r ...... 1 0 ,4 3 3 ,6 6 4 1 0 ,6 8 0 ,3 4 3 — 2 .4 1 0 ,4 5 6 ,0 0 4 1 9 ,9 6 1 ,5 2 1 clearing houses at noon on Saturday, and hence in the above the last day of St. Joseph...... 6 ,7 2 7 ,6 5 8 0 ,3 8 9 ,0 1 6 + 5.3 5,880, 79 7 ,2 0 2 ,2 7 8 the week lias to be in all cases estimated, as we go to press Friday night. D u lu t h ...... 0 ,6 8 2 ,9 1 0 6 ,0 1 2 ,0 7 8 + 11.1 5 ,6 0 0 ,3 9 4 7 ,9 1 2 ,4 4 1 We present below detailed llgurcs for the week ending with Saturday D o s M o in e s ...... 5 ,8 5 6 ,3 3 3 5 ,1 4 2 ,7 0 3 + 13.9 4,814,716 4 ,0 7 9 ,9 8 4 noon, Oct. 5, for four years. S io u x C it y ------3 .7 2 5 ,3 2 1 2 ,8 0 8 ,6 0 8 +32.6 3,645,312 3 ,3 6 2 ,9 1 0 W i c h i t a ...... 3 ,4 4 8 ,5 5 9 3 ,7 1 8 ,1 9 3 — 0 .2 3 ,5 7 5 ,5 0 9 3 ,3 4 7 ,7 9 5 D a v e n p o r t ------2 ,2 3 8 ,9 0 1 2 ,1 9 2 ,8 2 2 + 2.1 2,084,582 1 ,0 1 7 ,0 5 8 IVceA; ending October 5. L in c o ln ...... 1 ,8 6 4 ,1 9 5 1 ,7 5 1 ,5 0 0 + 6.5 1,723,193 1 ,6 0 7 ,5 5 1 Clearings at— T o p e k a ______1 ,3 4 8 ,0 9 9 1,545,158 — 12.8 1,282,252 1 ,3 1 9 ,2 1 1 Inc. or F a r g o ______4 0 0 ,9 3 2 1,0.86,808 — 0 3 .2 9 1 8 ,5 9 7 1 ,2 2 0 ,3 5 9 1912. 1911. Dec. 1910. 1909. Cedar Rapids... 5,975,954 1 ,4 6 9 ,2 9 2 +300.7 1,405,000 1 ,3 7 0 .3 5 4 Colorado Springs 628,565 638,800 — 1.0 0 8 0 ,8 4 4 6 0 9 ,2 0 7 $ S % S S 631,921 650,074 —2.8 6 7 5 ,6 3 5 New York...... 2,662,697,4SG 1.941,065,541 +37.2 1,805,101,230 2,425,007,506 F r e m o n t ______3 0 4 ,1 1 2 3 4 9 ,8 3 8 — 13.1 3 0 0 ,3 2 0 5 2 0 )5 5 9 Philadelphia___ 186,156,550 162,514,282 + 14.6 160.501,849 154,065,012 W a t e r lo o ...... 1,624,308 1,371,884 + 18.4 1 ,1 1 0 ,5 0 0 Pittsburgh------61,093,871 51,867,119 + 17.8 53,075,577 51,147.452 H e le n a ______1 ,0 9 3 ,0 9 3 1 ,1 3 9 ,0 8 7 — 4.0 1 ,0 0 4 ,8 9 1 9 3 0 ,3 2 6 Baltimore_____ 41,306,371 38,695,046 + 14.5 35,376,204 29,922,465 A b e r d e e n ...... 61 ,715 4 0 9 ,7 3 7 + 4 9 . 6 5 7 9 ,2 8 5 Buffalo...... 14,200,930 12,648,388 + 14.0 11,867/69 10,552,925 224,074 242,0S4 — 7 .4 2 2 0 ,0 0 0 Albany— ...... 6,082,548 7,382,540 — 17.0 0,474,260 0,918,526 B i l l i n g s ...... 403,425 348,266 + 1 5.8 2 0 0 ,0 0 0 3 8 9 ,7 0 1 Washington----- 8,168,383 8,177,714 —0.1 7,342,720 7,777,755 Tot. otli.W cst. 108,926,739 157,543,709 + 7 .2 156,210,918 166,055,482 Rochester------6,316,854 5,433,071 + 16.2 4,620,497 4,018,234 Scranton 3,375,000 ...... 3,111,412 +8.5 3,075,443 2,908,514 S t . L o u is ______7 9 ,9 2 9 ,8 9 0 9 3 ,1 3 1 ,4 0 2 — 14.2 7 7 ,9 5 0 ,7 2 5 7 2 ,8 7 3 ,4 2 8 Syracuse ______3,456,705 3,205,675 + 7.8 2,910,917 2,257,239 New Orleans------20,928.205 18,182,278 + 15.1 2,226,114 1 8 ,1 9 4 ,5 6 4 1 8 ,0 7 5 ,7 4 8 Heading...... 2,092,216 + 0.4 1,074,575 1,613,477 L o u i s v i l l e ...... 1 4 ,2 5 5 ,2 9 8 1 2 ,2 2 4 ,1 9 4 + 1 0.0 1 2 ,5 8 8 ,8 7 9 Wilmington------2,140,567 1 3 ,2 7 0 ,0 0 4 1,718, l! + 24.6 1,024,526 l ,575,654 H o u s t o n ______26,205,500 21,197,205 + 2 3 .6 1 6 ,1 7 8 ,3 1 3 1 3 ,1 2 2 ,3 9 0 Wilkes-Barre 1,790,389 1,664,530 + 7.6 1,422,290 1,617,840 2,430,034 G a l v e s t o n ------17,000,000 13,008,000 +30.1 9 , 8 0 ,5 0 0 7 ,0 2 7 ,5 0 0 Wheeling ------2,128,825 + 14.2 1,707,728 1,776,085 S a v a n n a h ------7 ,5 2 0 ,2 1 9 9,382,139 — 19.9 9 ,2 0 0 ,2 3 7 1,125,347 1.110,373 8 ,5 7 4 ,4 1 7 Y o r k ------+ 1.4 1,033,519 937,684 R ic h m o n d ...... 8 ,0 0 3 ,6 9 4 7 ,4 2 2 ,4 1 2 + 7 .8 6 ,9 0 0 ,0 0 0 7 ,0 4 3 ,0 0 9 Trenton ______1,748,758 1,997,345 — 12.5 1,793,561 1,601,634 M e m p h is ...... 588,331 0,778,818 7,891,238 — 15.1 5 ,6 7 1 ,8 7 2 7 ,8 4 7 ,0 9 3 Altoona------417,144 +41.0 411,500 415,275 F o r t W o r t h ______10,536,192 7,107,535 + 4 8 .3 7 ,7 2 5 ,5 3 4 7 ,6 9 2 ,0 1 4 Erie ...... - 1,201,921 988.595 +21.5 893,421 813,915 A t l a n t a ...... 1 4 ,1 8 7 ,5 5 5 1 0 ,7 0 4 ,5 2 2 — 15.1 600,000 650,000 1 4 ,8 1 8 ,7 0 7 1 3 ,2 3 8 ,6 7 5 Grccnsburg------+ 1.5 676,653 462,648 N a sh v ille ------0 ,6 5 7 ,2 7 4 5 ,3 8 0 ,0 8 0 + 2 3 .7 4 ,4 1 7 ,2 2 7 3 ,8 2 0 ,7 6 2 Binghamton----- 706,300 624,200 + 13.1 729,200 487,200 A u g u s t a ...... 2 ,4 4 0 ,4 0 5 687,091 6,828,253 —64.3 3,804,470 3 ,7 3 6 ,7 5 9 Chester------602,875 + 14.0 622,757 467,538 N o r f o l k ------3 ,9 1 6 ,3 0 5 3 ,5 0 3 ,9 7 7 + 9 .9 3 ,0 8 9 ,9 9 9 3 ,5 1 0 ,2 8 2 1,835,392 1,383,871 + 32.7 1,252,847 B ir m in g h a m _____ 2 ,8 4 8 ,1 9 8 3 ,0 9 8 ,3 9 2 2 ,8 0 5 ,0 7 9 340,049 Not included — 8.1 2 ,2 0 0 ,9 8 9 Montclair...... in total Little Rock ______2 ,3 3 6 ,8 3 8 2 ,0 0 9 ,8 5 0 + 16.3 1,813,297 2 .1 0 8 ,8 5 8 Chattanooga ... 2 ,2 0 7 ,6 8 1 2 ,0 0 3 ,9 7 2 + 13.2 1.042,616 1 ,7 0 0 ,0 1 3 Total Middle.. 3,013,084,948 2,249,479.375 +33.9 2,164,249,009 2,706,345,784 C h a r le s to n ------2 ,3 8 1 ,4 8 4 2 ,3 3 8 ,1 5 8 + 1.4 2,475,000 ------200,853,697 164,897,465 + 21.8 2 ,4 5 8 ,9 9 5 109,377,511 177,033,149 K n o x v i l l e ...... 1 ,9 2 1 ,0 6 9 2,253,836 — 14.7 1 ,0 4 8 ,2 4 6 1 ,7 0 8 ,7 8 0 Providence...... 9,221,200 8,544,200 +7.9 8,142,000 7,918,500 Jacksonville _____ 3 ,0 0 0 ,0 0 0 2 ,8 5 0 ,0 0 0 4~ 5 .2 2 ,4 9 9 ,4 7 5 Hartford...... 5,399,352 5,393,800 + 0.1 2 ,0 8 8 .0 7 8 4,674,488 3,898,327 M o b i l e ...... 1 ,5 7 0 ,0 0 0 1 ,5 0 5 ,5 0 2 + 4 .3 1 ,3 3 9,4 11 1 ,0 0 3 ,7 0 3 New Haven____ 3,624,700 3,191,097 + 13.6 3,297,539 3.054,722 O k la h o m a ______1 ,9 3 3 ,2 7 3 1,740,297 + 10.7 2 ,4 7 7 ,4 3 5 Springfield...... 3,224,181 2,537,315 + 27.1 2 ,4 5 4 ,4 0 6 2,208,998 2,000,000 M a co n ...... 4 ,1 3 0 ,2 2 3 4,800,000 — 14.0 1 ,6 0 0 ,0 0 0 1 ,7 2 2 ,6 3 8 Portland ...... 3,687,664 2,805,667 +31.4 2,037,297 1,993,285 A u s t in ______1,8 41,392 1 ,6 2 3 ,5 8 6 2 ,0 2 2 ,4 5 2 Worcester...... 3,008,400 2,802,614 + 7.4 7 5 5 ,2 3 5 2,477,430 1,820,151 V i c k s b u r g ...... 3 0 0 ,5 7 6 2 7 2 ,4 8 9 + 1 0.3 3 9 7 ,5 4 6 3 4 8 ,2 0 4 Fall River...... 1,069,367 1,271,543 — 15.9 1,241,771 1,288,088 Jackson ...... 3 5 0 ,9 9 5 420,000 — 16.4 6 3 5 ,0 0 0 New Bedford----- 891,851 997,708 — 10.6 5 5 2 ,0 0 0 954,611 995.757 Wilmington ,N.C. 7 5 0 ,0 9 0 840,097 — 10.7 7 9 9 ,6 7 7 6 4 7 ,9 3 3 L o w e ll...... — 580,786 587,045 — 1.2 524,793 550,503 7 2 9 ,9 3 9 0 0 3 ,9 1 7 + 2 0 .9 Holyoke...... 962,080 759,317 + 26.7 636,521 542,925 M u s k o g e e ...... 858,490 966,050 — 11.1 663,243 655,905 + 1.1 Total Southern 2 4 5 ,6 1 9 ,s n 249,505,447 ___ 1^; 212,436,261 201,652,033 Total New Eng. 233.186.521 194,444,276 + 19.9 196,232,959 201,095,407 T o t a l a ll...... 4,l|*i>,9l7."20,3,396,4 1,01,5 + 2 .0 33246,607,468 3,774,342,039 Mole—For Canadian Clearings see ‘‘Commercial and Miscellaneous News." Outside N. Y _. 1,018,220,434 1,455,395,474 + 11.2 1,381,446,238 1.349,334,533

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 2 6 THE CHRONICLE [ V o l . l x x x x v . from the imposition of duties—that the profits all THE FINANCIAL SITUATION. went to the manufacturer and nothing to the operative. The tariff is becoming more and more an issue as the A consistent policy on his part would also demand the Presidential campaign proceeds. And a real danger removal of the duties on agricultural products, but confronts the country in a possible settlement of this here he remains strangely silent. In none of his controversy along the lines apparently advocated by speeches has he made a declaration in favor of the two out of the three leading Presidential candidates. removal of the duties on articles of food. Indeed, The danger we have in mind is the possibility that the he is apparently side-stepping this question in a desire tariff on manufactured goods may be reduced in re­ not to alienate the support of the powerful farming- sponse to the pplitical assaults on “ trusts,” &c., while class. In his talks to the farmers he has been promis­ nothing is done towards removing the duties on food­ ing all sorts of benefits as a result of the Democratic stuffs, which constitute such an important element in plan to lower duties on manufactured goods, but he the great rise that has taken place in the prices of the has been singularly vague as regards duties on food­ necessaries of life. stuffs—in fact, has not referred to such duties at all. Nothing worse could happen to the country, and no The farmer is to get great benefits from the Wilson more serious impediment could be interposed to its tariff plan and is not to be forced to give up anything prosperity, than to leave unaltered the present high in return—that is the impression the agricultural duties on agricultural products— and it must be re­ classes must get, and everyone else gets, from Mr. membered that, owing to the power of the farming in­ Wilson’s treatment of the tariff question. His lack terest, these high duties have remained unaltered of assertiveness on this point must, in any event, through all the tariff changes of the last fifty years— result in encouraging those Democrats who believe in while the duties on manufactured goods are seriously cultivating the support of the farming classes. These cut (as demanded by these very farmers), with the Democrats, if they joined with the farming element in effect of making necessary a reduction in wages. In the Republican Party, would be strong enough to our view, a lowering of the duties on manufactured resist the removal of the duties in the agricultural goods coincident with the removal of duties on arti­ schedule. Thus the election of the Democratic candi­ cles of food would involve no danger whatever—would, date would subject the country to the same danger as indeed, we believe, lay the basis for the greatest era the election of Mr. Roosevelt. of business activity that the country has ever seen in It seems to us, however, that Mr. Wilson should its entire history. On the other hand, to cut duties define his attitude on the question of the duties on on manufactured goods to the extent that would com­ foodstuffs so that neither the consuming masses nor pel a reduction in the pay of the vast army of factory the agricultural classes will be left in any doubt as to operatives and then grant no relief to these operatives what course he means to pursue. Those who advise from the high cost of living would spell disaster for him not to go into details can certainly not justify them and for the country. silence on the point referred to. The question whether Careful examination of the attitude of the three or not duties on foodstuffs shall be removed is not a leading Presidential candidates makes it clear that matter of detail; it is a broad question of policy. On the danger here suggested is not an imaginary one. another page to-day we publish a letter from one of Of the three candidates the position of President Taft our subscribers, a farmer banker in Maryland, who alone is clear and unequivocal. He stands on a makes an earnest plea on behalf of the farming in­ protective tariff platform without reservation or terest and yet is obliged to admit that at the present qualification. This means protection to the Eastern time lie is getting higher prices for live beef cattle manufacturer and it also means protection to the than have ever been known in the history of his family, Western farmer— and be it remembered the two must and he says the family has raised and owned beef stand or fall together. Ex-President Roosevelt, on cattle for more than 1G0 years. It is this situation from his part, also professes to believe in a protective which the consuming masses demand relief. It is this tariff, but it is evident from his denunciation of tariff situation which demands the application of a corrective. favors and of what he terms the alliance between We do not believe that many persons appreciate crooked politicians and the so-called privileged classes, how heavily and how universally agricultural products that he would not be chary about cutting the duties are taxed under our customs laws. Other schedules on manufactured goods. Such a course would also in the tariff are often held up to derision, but if there have the advantage of gaining for him the favor of the is anything more indefensible or more all-embracing agricultural classes, to whom he wishes to cater and than the agricultural schedule we would like to have who would like to see the tariff on manufactured some one point it out to us. High duties are imposed as goods reduced. His election, therefore (if such a thing against practically everything raised on the farm, on could be conceived of as possible) would bring about the range or in the orchard. In the U. S. statutes the the very danger referred to—would mean no relief enumeration of the agricultural products taxed occu­ from the high cost of living, while endangering the pies considerably more than four pages. For the bene­ present scale of wages of the huge army of operatives fit of the electorate it seems desirable to mention a few whose welfare, whose very existence, is dependent of the things taxed. Cattle, if less than one year old, upon the prosperity of manufacturing industries. pays a duty of $2 per head; other cattle, if valued at The same possibility would apparently be involved not more than $14 per head, pays $3.75 per head, in the election of Mr. Wilson. By the tariff policy and if valued at more than $14 per head, pays 27)^% and the tariff platform of the Democratic Party he is ad valorem. Swine pay $1 50 per head; sheep, if one committed to the reduction of duties. But what is year old or over, pay $1 50 a head; less than one his conception of tariff reform? In his speeches lie year old, 75 cents per head; other live animals not has been even more violent than Mr. Roosevelt in specially provided for, 20% ad valorem. attacking “ trusts” and large manufacturers, spe king Wheat is subject to a duty of 25c. per bushel and of them as the beneficiaries of the existing tariff and wheat flour pays 25% ad valorem. Barley from saying the wage-earners gained absolutely nothing abroad must stand a duty of 30c. per bushel and bar-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 921

ley malt a duty of 45c. per bushel. Buckwheat pays enough to rant about trusts, but no substantial reduc­ 15c. per bushel, so does corn, while rye pays 10c. per tion in the cost of living is possible until the duty is bushel. Oats pays 15c. a bushel, and oatmeal one cent taken off grain, meats, fish, poultry, fruits, vegetables, per pound. Rice, if cleaned, is subject to a duty of & c . 2c. a pound, and biscuits, bread, wafers and similar It may be that Mr. Wilson really means to take a articles 20% ad valorem. stand against these tariff imposts, if elected, but does Butter must pay Gc. per pound, and cheese the same. not deem it good policy to invite the antagonism of Fresh milk is taxed 2c. a gallon and cream 5c. a gallon. the agricultural classes by making a flat-footed Condensed milk pays 2c. a pound and sugar of milk declaration to that effect. That, however, is not 5c. a pound. Beans cannot come in at less than 45c. dealing fairly with the farmers, and involves the a bushel. Beets are subject to a duty of 25% ad possible danger that after the election the agricultural valorem. Cabbages cannot come in unless 2c. is paid interests will attempt to control his action on the plea for each. Eggs must pay 5c. per dozen, and if dried, that he gave them to understand that tariff revision 15c. per pound. Hay must pay $4 per ton, honey 20c. was to apply only to the “ trusts” and the “ special in­ per gallon, hops 16c. per pound, and onions 40c. per terests,” and that he is bound to act in accordance bushel. Peas pay 25c. per bushel, as also do pota­ with this understanding. toes. Vegetables not specially provided for are sub­ In tariff legislation the farming class has always ject to a duty of 25% ad valorem. Fish pays various been all-powerful, and, as stated above, it has never rates of duty, whether fresh or dried or pickled, but been found possible to eliminate or even reduce the the provisions are too extended for detailed mention. inordinate taxes on food products. It has long been In the case of fruit, nothing to be thought of escapes the fashion, on the part of the politicians, to consider duty. Apples, peaches, quinces, cherries, plums and tariff legislation merely in its bearing on the manufac­ pears, green or ripe, must all pay 25c. per bushel; tured interests, and the attacks on “ trusts” and berries, lc. per quart; cranberries, 25% ad valorem; “ special interests” have served to divert attention dried fruits, 2c. per lb.; figs, 2.^c. per lb.; plums, from the real iniquities of the tariff, the duties on food­ prunes and prunelles, 2c. per lb.; raisins and other stuffs. Mr. Wilson cannot afford to identify himself dried grapes, 2j^c. per lb.; dates, lc. per lb.; currants, with such a policy. 2c. per lb.; olives, in less than five-gallon packages, 25c. per gallon; grapes, 25c. per cubic foot of capacity The general crop situation in the United States on of barrels or packages; lemons, lj^c. per lb.; oranges, the first of October, as disclosed by official reports, grape fruit, &e., lc. per lb.; pineapples, 8c. per cubic is in the fullest sense highly satisfactory. Unofficial foot of capacity or $8 per thousand when in bulk1 advices during September were to the effect that corn Nor can nuts come in without paying heavy duties. wras maturing under quite generally favorable weather On almonds, not shelled, the duty is 4c. per lb.; conditions, with the promise of a record yield of the shelled almonds must pay Gc. per lb. Filberts and cereal. This the Department’s report full)'- substan­ walnuts pay 5c. per lb. when shelled and 3c. per lb. tiates, as it makes the general condition of the crop unshelled. Peanuts’ pay 3^c. per lb. when unshelled distinctly better than in 1911, above the average of and lc. per lb. when shelled. Nuts not specially recent years, and consequently, with the area larger provided for must pay lc. per lb. and no allowance than ever before, indicates a new high record in pro­ is made for dirt or other impurities of any kind. duction. Furthermore a largely increased yield of Live poultry is subject to a duty of 3c. per pound, spring wheat is denoted, giving a new high record here and dead, 5c. per pound; fresh beef, veal, mutton, too; the yield of oats is placed at a figure much greater lamb, pork and venison and other game, except birds, than in any former year, and never before have the is barred out by a duty of l)^c. per pound. On bacon crops of barley, rye, potatoes and hay been so large. and hams the duty is 4c. per pound; on lard, iy>c.; on Add to this the expectation of a cotton crop second tallow, y2o,. per pound; on extract of meat, 35c. per only to that of last year and we have an agricultural pound. On chocolate and cocoa the duty is 2j^c. per situation encouraging to the last degree. Especially pound when valued at not over 15c. per pound; if is this true of the cereal crops, the combined yield valued above 15c. and not above 24c. per pound the of which, according to this latest Agricultural Depart­ duty is 23^c. per pound and 10% ad valorem; valued ment report, promises to exceed the short yield of above 24c. and not above 35c. the duty is 5c. per 1911 by 1,245 million bushels and the yield of 1910 pound and 10% ad valorem; if valued above 35c. per by about 500 millions. Nor is this all; even on pound the duty is 50% ad valorem. Salt must pay the basis of the previous record yields of each of the 11c. per hundred pounds when in bags, sacks, &c., various cereals—wheat, corn, oats, barley and rye— and 7c. when in bulk. Starch made from potatoes there is an augmentation in favor of 1912 of no less pays l^ c . per pound and other starch lc. per pound. than 302 million bushels, as the following clearly Vinegar is taxed 7j^c. per proof gallon. Spices of all indicates: kinds are subject to heavy duties; on mustard the Production. Estimated Final Final Precious duty is 10c. per pound; on pepper, 23^c. per pound; (000,000s omitted.) 1912. 1911. 1910. Records. on sage, lc. per pound; spices not otherwise provided Winter wheat______390 431 434 493(1906) Spring wheat.. ______330 191 201 291(1909) for, 3c. per pound. C o r n ______3,016 2,531 2,886 2,927(1906) 1,417 922 1,186 1,186(1910) Who will venture to assert that these duties on food Barley ...... — 225 160 174 179(1906) products of every class and description have not 35 33 35 35(1910) played a prominent part in raising prices to their T o ta l------. . 5,413 4,268 4,916 5,111 present high level? And the answer being obvious, The largely increased production here indicated is who will contend that these duties should not be all the more significant in that it is in no important removed to the end that the cost of living may be degree due to the extension of area under the various sensibly reduced? Why, therefore, should not Mr. crops. On the contrary, the aggregate acreage de­ Wilson let the consuming masses know what his posi­ voted to the cereals enumerated above was, accord­ tion is on this all-important question? It is easy ing to the Department’s figures, only 200,600,000 acres

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in 1912, against 202,885,000 acres in 1911. There crease in amount of liabilities was even relatively have been, as a rule, only very moderate additions to greater, the average liabilities per failure being larger the land under any of the crops in recent years, and in the nine months of 1912 than in the nine months of the wheat area of 1912 was actually less than a decade 1911. There is very little in the failure statistics for ■earlier. It therefore follows that the agricultural the past nine months that discloses the unmistakable prosperity of 1912 is to be ascribed entirely to an all- improvement in business conditions which has taken favoring Providence and not to any efforts of the farm­ place in that period, and the proofs of that improve­ ers to keep pace with the needs of our growing popu­ ment are so overwhelming that the increase in number lation. and amount of failures during the past nine months An improvement -of one-tenth of a point during can only be attributed to passing conditions and are September in the condition of corn makes the average not significant as to the future.” It is, perhaps, proper on Oct. 1 this year 82.2, against 70.4 last year and a to add to the foregoing that in some lines high cost, ten-year average of 80.4. Improvement is greatest largely reducing consumption of the articles involved of course in such States of large yield as Texas, Okla­ has caused loss of business and enforced insolvency. homa, , Iowa and Nebraska, where summer According to Messrs. II. G. Dun & Co.’s compila­ drought was so severely felt last year. On the basis tions, the number of failures in was of the current condition the Department makes the 1,167, with liabilities of $13,280,511, against 827 with average yield per acre for the whole country 27.9 indebtedness of $11,900,568 last year and 945 and bushels, the heaviest since 190G, and exceeded only $15,933,182 in 1910. Disasters among manufacturers five times in the last quarter of a century, and then as made up $7,152,623 of the 1912 total, comparing with a rule only slightly. The aggregate crop is figured out $4,145,110 a year ago and $10,295,428 in 1910; trading as 3,016,000,000 bushels, a new record, and 485 aggregates were $5,691,662and$3,816,927 and$5,273,- million bushels greater than the very poor crop of 1911. 496, respectively, but miscellaneous failures (brokers, The indicated yield of spring wheat was given as &c.) accounted for only $436,226 and $3,938,531 and 15.6;bushels per acre in the Sept. 1 report, but this is $364,258. The result for the nine months of the cur­ now raised to 17.2 bushels, or the highest with but rent year is, as already stated, of like character. The one exception (1895) of which there is record. On the number of defaults for the period reached 11,816, acreage harvested this rate of production makes the against 9,944 in 1911 and 9,399 in 1910, and the in­ crop 330,391,000 bushels, by an appreciable margin debtedness totaled $153,544,360, against $138,865,620 the premier crop of the cereal and 140 million bushels and $154,417,304. Manufacturing indebtedness for greater than for 1911. In August the yield of winter the nine months aggregated $65,693,312, against wheat was estimated as 389,942,000 bushels, and com­ $61,333,505 in 1911; trading liabilities at $69,646,987 bining therewith the total of variety we record an increase of 7 million dollars over last year have an aggregate wheat product of 720,333,000 bush­ and are double the amount reported for 1910, and the els, which contrasts with only 621 1-3 million bushels debts of failed brokers, &c., at $18,204,061, are much last season, 737 millions in 1909 and 748)4 millions in excess of most recent years except 1910. Analyzing in 1901. the results for the various sections of‘ the country for Favorable conditions during September are also the elapsed portion of 1912, the least satisfactory reflected in the report on oats. The Department, in showing is found in the East and South. In fact, the fact, has advanced the estimate of yield per acre from New , Middle, South Atlantic and South 34.1 bushels Sept. 1 to 37.4 bushels Oct. 1, this latter Central divisions report increases, both in number of being the heaviest in the Government’s records. The mercantile disasters and amount of liabilities, whereas aggregate production on that basis (3 / .4 bushels) is the Central East, Central West and Western States computed as approximately 1,417,1/2,000 bushels, exhibit decreases in both cases, and the Pacific group, which compares with 922)4 million bushels in 1911 although showing a greater number of failures, records and 1,186 million bushels in 1910—the previous high a small decline in amount of debts. Bank suspensions total. The barley crop, too, is expected to turn out during the nine months of the current year, while less better than ever before, both as regards average in number than in the corresponding period of last yield and total product, the latter being figured at year, (63 comparing with 80), represented a greater total 224,619,000 bushels, against 160 million bushels last of liabilities—$20,905,254, against $18,964,237. In 1910, year. Rye, likewise, promises a record crop and the however, the respective figures were 76 and $27,285,059. same is true of hay. Finally, white potatoes, one of As regards failures in the Dominion of Canada, the the most important general food crops of the country, situation thus far in 1912 is favorable on the whole. are expected to be in more bountiful supply than ever For September the number of defaults reported was before, the Department having raised its estimate 122, with indebtedness of $1,005,400, against 81 and to 401,000,000 bushels, or 109 millions in excess of $649,749 in the month last year and 77 and $771,552 the 1911 product and 12 millions greater than in 1909. in 1910. In the nine months of the current year the number was also greater than for the similar period of The commercial failures statement for September either 1911 or 1910— 1,023, contrasting with 947 and 1912 for the United States, in line with that for August, 935—but liabilities were only $7,783,828, against is less favorable than that for the month last year, $10,007,081 and $11,998,632, the exhibit in this latter both as regards number of insolvents and amount respect being, in fact, the best since 1906. The of liabilities, and the same is true of the showing for manufacturing comparison is particularly satisfactory, the third quarter and nine months. Such an exhibit this year’s nine months’ aggregate at $2,51.9,754 being is, of course, entirely out of consonance with the ad­ 1)4 millions less than that of 1911 and 3)4 millions mittedly improved business situation this year, and below 1910. A gradual decline in the trading totals is accordingly R. G. Dun & Co., in reviewing the nine also to be noted, they having been, respectively, months’ results, are moved to remark: “ An examination $4,677,448 and $5,537,042 and $5,782,877. No bank of the failure record as a whole shows that, large as suspensions have been reported in Canada since 1910. was the increase in the number of defaults, the in­

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On Tuesday last, October 8th, , one of the first shot being fired by Prince Peter against the the smallest of the Balkan States, formally declared Turkish position on Mt. Planinitza. Within a few war against . Servia is expected to join with hours the Turks evacuated that district and the Montenegro before Tuesday, as active preparations attack on the fortified positions on Detchitch Moun­ of a warlike character are under way. Furthermore, tain followed. The losses were said to be heavy on the fact that the mobilization of the Bulgarian army both sides. On Thursday the Montenegrins added has been completed, approximately 250,000 troops another victory by taking the Turkish fort which having been concentrated, seems to indicate that dominates the town of Tushi, from Shipinck Hill. also will soon begin offensive measures Such engagements as these, however, are not im­ against Turkey. There is some doubt, apparently, portant, except as marking the beginning of actual regarding the participation of , as, according hostilities. The Montenegrin forces were necessarily to press dispatches from , diplomats there who prepared to make the sudden attack as soon as are closely in touch with the Balkan situation have war had been declared' and could thus choose their received cipher dispatches from Athens stating that own time for attack. If the efforts to prevent Greece has decided to abandon the the spread of hostilities to the larger Powers are and demobilize her army. On the other hand, the successful, we may expect what may be called a purchase yesterday by Greece of the Chinese cruiser desultory war,[as the winter is now at hand and offens­ Chao-Ho, recently built at Newcastle, does not accord ive military operations by the Balkan States over with this view. Premier Pasitch of Servia was the Turkish frontier will be an exceedingly difficult quoted by a dispatch from Belgrade yesterday as matter. Therefore, there is still ample time for the saying, “ the day for peace has passed; that is our Powers to use their good offices in bringing about last message to Christendom before hostilities begin. peace before warfare of a highly serious character is The Balkan League will uphold by force of arms its indulged in. Cable advices show a general disposition demand for autonomy for every Christian province among bankers to refuse war loans to any of the in Turkey.” A dispatch says that it is under­ Balkan States, and unless the sinews of war are pro­ stood in authoritative circles there that Roumania vided, it seems safe to assume that the war itself has taken the preliminary steps for the mobilization cannot be pushed with great vigor. of her army. Nothing is known as to her intentions. A rather interesting report is current that Turkey is Meanwhile throughout Turkey the war spirit is at seeking a $50,000,000 loan here from the group of fever heat and this is not very apt to be seriously bankers who represented American participation in opposed by the Government since it will prove such the Six-Power Group that arranged the proposed an effective cover for the loss of and will $300,000,000 loan to China, which that country completely divert attention from the virtual defeat unexpectedly rejected. Representatives of the Ameri­ in the war with . can group, however, refuse either to confirm or deny The actual declaration of war by Montenegro was the report. A press dispatch from Washington denies unexpected and completely upset the plans of the that the State Department is conducting diplomatic Powers, which contemplated joint pressure on both negotiations in regard to a loan to Turkey by American sides to prevent hostilities. Austria and bankers. So far, these negotiations, it was added, accepted a French proposal that they act as manda­ are in a tentative state. The opinion seems to prevail tories of the Powers and make representations in the that the real situation as regards the loan is that London capitals of the Balkan States to the effect that the bankers were approached and are sounding New York integrity of Turkey and the sovereignty of the Sultan to ascertain if New York bankers would care to par­ must be maintained, status quo respected, and meas­ ticipate. It is very probable that the negotiations ures of reform in lie granted on the lines in connection with the loan were begun before the of the circular issued by Count Berehold, the Austrian outbreak in the and that they were concerned Chancello . The same presentation was intended with the accomplishment of peace between Italy and to be made to the Porte. Great Britain had not given Turkey. While the Treaty of Peace has not been her consent to the French proposal, though such con­ officially reported to have been signed, all accounts sent was expected to be accorded on Tuesday. But agree that this desirable result is very close at hand. Montenegro on that day upset all calculations by declaring war. The policy of the Powers, since they The British Parliament convened for the autumn and have been unable to prevent the war, seems to be that winter session on Monday and] anj exceedingly strenu­ of localizing it, and prospects at this writing certainly ous time is unquestionably in view. The Horn eRule favor the view that the policy will be successfully Bill, the disestablishment of the Church of England in carried out. Meanwhile, should it become evident Wales and the Election Reform Bill are to be pressed that the Powers will not become involved in the crisis at once as Government measures. The Conservatives that has so suddenly appeared, the “ war” will gradu­ have, during the recess, been actively .at work, and ally lose in importance as an influence affecting the have, for instance, prepared fifty-five pages of amend­ money and security markets of the world. Develop­ ments to the Home Rule Bill which will be presented ments thus far have been highly unsettling in their for the purpose of delaying the measure. The Liber­ influence on the European money markets, especially als, however, will resist delay by drastic application in Paris and Berlin. This phase of the subject we of the so-called “ guillotine” rule to limit time of discuss at some length in another column. debate. The Welsh Bill to rob the Church of its As is usual under such circumstances, instant hostili­ official standing in Wales will probably be fought ties have followed the formal declaration of war. by the Conservatives as actively as will be the Home The Montenegrin troops have succeeded in capturing Rule Bill. The Election Reform Bill proposes to abolish Detchitch Mountain, the Turkish commander and the system by which the aristocracy has multiplied officers with many troops having surrendered. The the number of its own votes and deprived the working battle occupied thirty hours and the Montenegrin classes of approximately one million votes, according forces were under the direct command of King Nicholas, to the’ charges by advocates of the changes that are

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now proposed. The Conservatives are confidently aver that the State Department officers are confident predicting a defeat of the present Government. The that any investigation will show that the action of the coalition of the Liberals with the Labor members and American Government has in every way been justified. the Irish members give the Government a majority It is believed that Senator Bacon of Georgia, who has of 110, but the Labor men, who number 42, are ready right along opposed the use of United States forces in to secede at any time on slight provocation, and the , will demand an investigation. The State Irish members, who number 76, are only interested in Department, according to its officers, have ample keeping the current Government in office until Home evidence to show that many atrocities have been com­ Rule shall be an accomplished fact. mitted on United States citizens and other foreigners On Thursday Premier Asquith moved to apply the by the rebels, and that property has been seized and “ guillotine” procedure when the Home Rule measure destroyed. Notes of appeal from other consuls and is put on passage. Bonar Law, leader of the Opposi­ ministers in Nicaragua which show that the European tion, moved an amendment to the Government’s governments looked to the United States to relieve proposals that would virtually have made it non­ the situation are also on hand, and finally the note of operative, but the amendment was finally rejected by the Nicaraguan Government asking the American a vote of 323 to 232, and the debate on Mr. Asquith’s Minister to have the United States Government motion was then adjourned until next Monday. assume the protection of Americans, will, it is declared, constitute ample justification for the Administration. Replying in the House of Commons to a formal question, Sir Edward Grey, British Secretary of State New York has refused to become excited over the for Foreign Affairs, declared that “ the whole question disturbances in the Balkans. In this we have been of the Panama Canal Bill, together with the views an exception among the world’s financial centres of legal advisers to the British Crown on the subject and it is not impossible that, in view of the absence is under consideration by the Cabinet.” Responding of immediate practical interest on our part, we are further to a question by a Unionist member whether the best judges of the situation. London has taken the British Foreign Office had received any definite the week’s developments in a much calmer manner reply to the representations made to the United States than the Continental bourses. In fact, in Paris a and whether the British Government was making highly vulnerable position has been uncovered. A any further representation, Sir Edward said: “ In infor­ speculative bubble has been pricked and severe losses ming the United States of Great Britain’s intention have been experienced—so much so that fear is freely to address a communication to Washington when the expressed that developments of an unfortunate and Panama Canal Bill had been received and considered, serious nature may attend the approaching fortnightly the Foreign Office added that there should be even­ settlement. The technical situation in Paris is the tually a difference between the two countries in regard usual one that accompanies a sudden return to pros­ to the Hay-Paunccfote treaty which could not be perity after a period of discouragement and restricted settled by other means, Great Britain would ask business operations. Following the clash with Ger­ that it be referred to arbitration.” Responding to many over last summer there was a general a further question as to whether he had seen a state­ curtailment of business, of new enterprises and of in­ ment made by President Taft that the British repre­ vestments of every character. The situation, indeed, sentations had been made tardily, Sir Edward Grey remained in delicate balance for so long that business said he had not seen it and would be glad to know its of the French banks and the large credit institutions date because the bill did not pass in its final form became exceptionally backward. In this they merely until toward the end of August. Immediatel the rejected the general conditions in the French Republic. British Foreign Office knew that the bill had passed, it It is well known how quickly the spirit to hoard stated that it would consider the measure in its final develops among the French people, from the peasant form and then make representations. Great Britain to the banker, as soon as political events show signs had expressed its view of the Hay-Pauncefote treaty of distinct strain. Last year’s war threat was no while the Panama Canal Bill was in progress, but it exception. was impossible to make a final communication in When, however, a settlement with had regard to the bill, which was then being shaped. been arranged and the political skies throughout Great Britain, therefore, stated that it would address Europe became more reassuring, a wave of speculative a further communication to Washington when the bill excitement spread over and was reflected on had taken its final form and after it had been considered the official and unofficial markets of the Paris Bourse. by the British Government, The speculative activity became particularly dangerous Replying to a question by Arthur Lee, a Unionist in the case of Russian industrials, for which there was member, as to whether Great Britain would postpone no other ready market with the exception of a more its representations until after the Presidential election, or less restricted one in St. Petersburg. Hence, Sir Edward Grey said that it would require consider­ when it appeared that it would be impossible to obtain able time, but was not dependent on the internal a settlement of the Balkan uprising without actual affairs of the United States. physical clash, there was a general rush to sell the State securities of the countries involved which, aided M hile there has been no pretense that our country by the over-bought position of the Russian industrials, is involved in war in Nicaragua, it is officially an­ produced a selling movement that bore heavily on nounced that four American marines were killed and quotations for all classes of securities. French rentes six wounded when the American forces captured the touched 89.45 francs, a new low record; bonds of the town of Coyotepe from the Nicaraguan rebels on Balkan States were also particularly weak, Montene­ Oct. 4. On Oct. 7 our State Department had details grin bonds, for instance, declining 15 points on of another engagement in Nicaragua between United Wednesday, while shares of the leading French banks States marines and the rebels in which five American and credit associations showed sensational declines. marines were wounded. Washington press dispatches One usually conservative Paris correspondent dc-

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dared that the situation in Paris on Wednesday was own grain until they can deliver it in a position where it worse than Agadir Day in the Franco-German excite­ becomes good collateral for loans. The railroad lines ment of last year and to find its equal so far as weak­ are doing their utmost to meet the demand for trans­ ness and demoralization on the Paris Bourse were portation; but they are not overstraining and are not concerned, it would be necessary to go back to the days attempting to do impossibilities and carry more than of the Russo-Japanese War. There was necessarily their facilities will permit. This, undoubtedly, is active liquidation of securities that could be promptly good judgment and will, in the end, give greater satis­ marketed in order to protect commitments in those, faction than would be the case if they attempted to like the Russian industrials, that were not so salable. furnish cars in an unsystematic, haphazard way, and Thus Paris was a heavy seller in London of copper thus produce a state of congestion that would prevent shares and other securities that could be disposed of at anything like a prompt handling of the merchandise. the British centre,and London was a correspondingly Indeed, it would bear most heavily upon the railroads heavy seller of American securities in New York. themselves by increasing the expenses of operation. In Berlin the situation does not appear from cable It is quite evident, therefore, that the calm, business­ accounts to have been quite as demoralized as at like methods that the railroads are displaying in hand­ Paris, although severe weakness and great nervous­ ling the difficult problem before them this season :s ness and excitement prevailed. Banks and industrial best for all concerned. Incidentally, the regulation stocks on Wednesday, for instance, quoting a press of the grain movement from the farms is providing dispatch on that day, fell 2@3 points, while specula­ unexpected relief for the banking situation in the Cen­ tive shares declined 6 ^ @ 7 points; and the Berlin tral West, where the strain was recently quite pro­ Bourse continued weak during the remaining days nounced. of the week. Berlin was a particularly heavy seller of Canadian Pacific, which has for some time been a Lombard Street has this week witnessed the rather favorite investment stock in that market. unusual spectacle of the outside market rate being in The London market having to stand the active liqui­ excess of the Bank rate. The Bank of England did dation of the Continent, not unnaturally sent back not advance its minimum from4% on Thursday. This our own securities to New York, and this week’s net was quite a surprise, but there is reason to expect an sales by and through London to this market are advance in the early future should the present strain probably fully 100,000 shares. This is regarded as a in the European political situation continue and the conservative estimate. Last week’s sales by and Bank be called upon as freely as it has been during through London, as we stated in the “ Chronicle,” the last fortnight for gold by the outside centres. amounted to fully 200,000 shares, so that instead of The rate of discount in the open market for short bills, shipping us gold on a scale that had been quite gener­ according to yesterday’s cables, was 3% @ 4% , while ally expected, London within the last fortnight has for ninety day bankers’ acceptances the quotation returned to us something like $24,000,000 in securities was4@4Bg%. Bills to arrive were 4J4@43dj%for sixty .—if, as seems reasonable to suppose, the average quo­ days and 4%% for ninety days and these rates were tation of the securities returned will figure about 80. conditional upon the bills arriving in advance of any The continued activity in British trade is still a factor increase in the Bank rate. For instance, should the in the demand for funds at London. In September, Bank of England advance its rate to 5% next Thurs­ comparing with a year ago, British imports increased day, bills shipped by to-day’s (Saturday’s) steamer £3,505,000 and exports increased £6,385,000. will, in most instances, be subject to an additional With the sudden termination in London of the gold )4% discount, representing a division of the 1% engagements that were so confidently expected to advance by the Bank between the contracting parties. furnish relief in local money circles, it is rather sur­ A week ago sixty day bills were 3%% and ninety day prising that the money market in this country has not bills 3 % @3 15-16%. In Paris the open market rate evinced some distress. Such, however, has not been still remains at 3% , which is also the official discount the case. The highest rate for call money on the Stock rate of the Bank of France. In Berlin 4J^% is the Exchange this week has been 6%, while 5^.% has private rate of discount, comparing with 3%% a week been the highest renewal figure. Time money showed ago. The market rate in continues at 4J4%- an easier tendency early in the week, following the re­ At Amsterdam the market rate is still the same as turn to circulation of the October dividend and interest the official rate, namely 4% . is without disbursements, but later there was reaction towards net change for the week, closing at 3J^%. The firmness. The South and Southwest have been taking official Bank rates at the leading foreign centres are: funds quite freely in connection with their crop re­ London 4% ; Paris 3% ; Berlin 4j^% ; Vienna 5%; quirements, but there has been a noticeable let-up in Brussels 4% ; Amsterdam 4% ; Bombay 4%, and the demand from the West. As a matter of fact, Bengal 3% . New York funds in have ruled at a premium That the British treasury was inclined to aid the most of the week, which is unusual at this season. London market is indicated by a decrease of £3,­ The explanation, however, appears quite simple. 589,000 in the item of public deposits in the Bank of History is merely repeating itself. Stringency in England’s statement on Thursday. The market paid money had been so freely predicted and expected that off £1,347,000 in its loans to the Bank and there was the preparations by prudent bankers were, if anything, a decrease in circulation of £414,000 and of £607,000 more than sufficient to meet the strain. Another in the volume of notes reserved. The Bank reported element that has been introduced, also, is the smaller a decrease for the week in gold coin and bullion hold­ movement of grain than, in view of the magnificent ings of £1,024,235, notwithstanding that it has been crops, had been generally expected. Until the grain buying gold in the open market this week and that leaves the farms it does not participate in the banking the part of the African gold of last week which was situation. The railroads have not sufficient equipment purchased for America and orders for the transporta­ to rush the grain to market as actively as farmers wish, tion of which were subsequently canceled, appeared in and the latter are therefore compelled to finance their I the Bank’s statement this week. A reduction of

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£610,000 was registered in the reserve, though the While somewhat nervous, the local money market proportion to liabilities, entirely as the result of a has not ruled exceptionally excited, and has, in fact, reduction in the latter, this week increased to 48.84% not joined in the excitement current abroad that has from 48.74% last week, but compares with 51.91% resulted from the sudden starting of the Balkan war. one year ago and 46.94% in 1910. The bullion We have referred elsewhere to the easing in the holdings now amount to £37,913,485, which compares demand for funds in the Middle West and have ex­ with £37,958,103 last year and £33,778,750 in 1910. plained how the inability of the railroads to carry The total reserve is £26,192,000, comparing with grain to market has operated to restrict the banking £27,227,928 one year ago and £24,353,350 in 1910. requirements incidental to a large movement such as The outstanding loans, notwithstanding this week’s had been very generally expected. The principal contraction, are still ahead of 1911, and are, in fact, demand for currency is now from the South and the the highest for the corresponding week since 1906, Southwest, but the requirements of the latter should when the total was £35,116,652. They now stand soon mature, which will release the funds in use there at £32,855,000 and compare with £28,296,644 at and permit their transfer to the Northwest. The this date last year and £30,226,449 in 1910. Our situation is well reflected by the quotations for New special correspondent furnishes the following details York funds at representative centres. For instance, of the gold movement into and out of the Bank for St. Louis yesterday quoted 35c. discount bid and 25c. the Bank week: Imports, £871,000, wholly bought in discount asked. Chicago, meanwhile, is quoting 5c. the open market; exports, £1,625,000 (of which £1,­ premium and Minneapolis 15c. premium. Demand 105,000 to Egypt, £350,000 to Germany, £150,000 to for New York funds by the Dominion also has sub­ France and £20,000 to ), and shipments of sided for the moment, the quotation in £270,000 net to the interior of Great Britain. yesterday being 31)^c. premium, comparing with par a week ago. The political excitement abroad and the The Bank of France reported a further loss of 17,­ consequent demand for gold there has naturally pre­ 093,000 francs in its gold item, following a reduction vented additional gold engagements in London for of 22,850,000 francs last week, notwithstanding that New York. The steamer “ Kronprinz Wilhelm” , which the French institution is consistently refusing to pay arrived on Tuesday, brought $850,000 in gold bars out gold in ordinary transactions/ The silver holdings of the amount previously engaged in London and the were reduced 3,121,000 francs, notes in circulation “ Adriatic” , due to-day, has $1,120,000 in gold bars declined 29,350,000 francs and discounts were reduced on board. These bring the gold arrivals of the current 222.025.000 francs. There were net withdrawals of import movement up to $5,520,000, out of total 55.325.000 francs in general deposits, while treasury engagements of $6,700,000. While current conditions deposits increased 4,700,000 francs and advances continue abroad, it is, of course, out of the question showed an expansion of 4,325,000 francs. The Bank, to expect additional relief in local money circles from however, is in considerably stronger condition than that source. The Treasury Department has intimated a year ago, its gold holdings amounting to 3,235,082,­ that it stands willing to aid gold importations by 000 francs, against 3,120,575,000 francs last year. depositing public moneys against shipments of the The silver stocks are about 40,000,000 francs below precious metal actually on the way. But it would the 1911 figures, the total being 756,204,000 francs, require much greater aid than that under present against 796,800,000 francs, while circulation out­ circumstances to bring the precious metal across. standing is only 5,431,979,000 francs, against 5,­ In fact, no request has yet been received by the 446,768,160 francs a year ago; and the discounts are Department for such aid. The weekly statement of 1.331.487.000 francs, against 1,452,459,225 francs. the Clearing-House Association was published after Conditions in Paris have been extremely unsettled the close of the market last evening because of to-day’s during the week, but it is quite evident that the holiday. The cash reserve registered an increase Bank is in a position to keep a firm hand on the of $3,731,000 and reserve requirements were reduced situation. $2,640,800 because of a contraction of $14,400,000 in the deposits. Thus, there was an increase in the As was quite natural in view of the general financial cash surplus of $6,424,150 which makes the total and political excitement on the Continent, the Imperial surplus $10,565,450. A year ago the total was Bank of Germany failed to show a full recovery from $13,362,000 and two years ago the surplus held by the the poor statement of last week. There was a decline banks alone (many of the trust companies not at that of 2,920,000 marks in the gold stock and of 989,000 time being members of the Clearing House) was marks in gold and silver combined. Outstanding $11,170,300. circulation was reduced 168,516,000 marks, the Bank’s Call money this week has ranged between 3j/£ and holdings of treasury bills declined 11,975,000 marks 6%, the highest level having been reached on Wednes­ and its deposits were reduced 35,271,000 marks. day. On Monday the extreme figures were 4 ^ and Discounts showed a contraction of 170,067,000marks, 5%, with the higher figure the ruling one; Tuesday’s following an expansion of 491,016,000 marks last week, highest was again 5% , with 4% % the lowest, and while loans were reduced 18,722,000 marks after last 4J£% the ruling quotation; Wednesday’s maximum week’s increase of 32,669,000 marks. However, the was 6%, minimum 4% % and ther enewal rate 4% % ; Bank now holds 1,103,052,000 marks in gold and on Thursday the range was 43^@5%%, with 5}^% silver, which compares with 1,006,060,000 marks in the ruling basis; on Friday 5% was the highest, 3)/£% 1911 and 913,540,000 marks in 1910. The loans and the lowest and 5% the renewal basis. Time money discounts amount to 1,665,376,000 marks, comparing closes fractionally higher for the week after an with 1,573,560,000 marks in 1911 and 1,461,240,000 easier tendency during the earlier days. Closing marks in 1910. The item of circulation also exceeds quotations were 5}4@5%% for sixty days and the total of a year ago, amounting to 2,105,232,000 5 K @ 5 % % for ninety days and four months, marks, against 2,046,640,000 marks. for five and six months and 5 )4 @ 5 ^ % for longer maturities. Mercantile paper is again

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on a 6% minimum basis for choice six months’ ing quotations were 4 8190(5)4 82 for sixty days, names and also for sixty and ninety day endorsed 4 8550(5)4 8560 for demand and 4 86(5)4 8610 for bills receivable; names not classed as choice are quoted cable transfers. Commercial on banks closed at 4 79^ at G ^ % . ______(5)4 8194 and documents for payment 4 8134@4 82. Cotton for payment ranged from 4 81*4 to 4 81*4? Sterling exchange has ruled quite excited, though grain for payment 4 81*4(5)4 8194- with a generally firm trend during the week. • The London and Continental markets have during the last The New York Clearing-House banks, in their oper­ fortnight sold back to us fully 300,000 shares of our ations with interior banking institutions, have gained securities. This is regarded as a conservative estimate $3,909,000 net in cash as a result of the currency by foreign houses and at an average quotation of 80 movements tor the week ending Oct. 11. Their re­ — which, of course, is arbritary, but is considered ceipts from the interior have aggregated $12,109,000, quite reasonable—these sales of securities would have while the shipments have reached $8,200,000. Adding a value of $24,000,000 and would be equivalent to the Sub-Treasury operations and the gold imports, the exportation by London of an equal amount of which together occasioned a loss of $600,000, the gold. In turn this means that the securities must be combined result of the flow of money into and out of paid for and the course of the sterling exchanges the New York banks for the week appears to have during the week suggests active cross currents. In been a gain of $3,309,000, as follows: some circles usually well informed, it is believed that Into Out 0/ Net Change in a considerable short interest exists in the New York Week ending Oct. 11 1912. Banks. Banks. Bank Holdings. 512,109,000 38.200.000 Gain 53,909,000 market at the moment. A rise in the Bank of Eng­ Sub-Treasury oper. and gold Impts.. 25,100,000 25.700.000 Loss 600,000 land’s rate is expected in the near future and many of T otal...... 537,209,000 533,900,000 Gain 53,309,000 the discount houses are now buying bills subject to such a rise. In that event one-half of the advance The following table indicates the amount of bullion will be added to the discount rate already arranged. in the principal European banks.

For instance, bills going by to-day’s steamer will not Oct. 10 1912. Oct. 12 1911. Banks of arrive in London before next Monday a week. If, on Gold. Silver. Total. Gold. Silver. Total. Thursday next the Bank of England should raise its £ £ £ £ £ £ England.. 37,913.485 37,913,485 37,958,103 37,958,103 rate to 5% — and a smaller increase than 1% is re­ France . . 129,403,200 30,248,120 159,651,320 124,832,560 31,871,920 156,704,480 Germany 41,687,800 16,100,000 57,787,800 36,858,850 13,474,350 50,333,200 garded out of the question, as it would probably prove Russia a. . 155,967,000 6.994.000 162,961,000 145,528,000 6.603.000 152,131,000 Aus.-Hunb 51.923.000 11.123.000 63.016.000 54.645.000 11.736.000 66.381.000 ineffective— there would be an increase of *qj% applied Spain___ 17.198.000 29.635.000 46.833.000 16.657.000 30.467.000 47.124.000 Italy d__ 42.512.000 3.533.000 46.045.000 40.139.000 3.472.000 43.611.000 to the bills taken under the contingent conditions. Nethcrl'ds 12.436.000 542,700 12,978,700 11.851.000 1,142,300 12,993,300 Nat.Belg.d 7,964,667 3,982,333 11.947.000 6,668,000 3.334.000 10.002.000 Demand sterling in Paris closed at 25.26*/^, which is .. 5.412.000 5.412.000 4.740.000 4.740.000 Swltzerl’ d 6.981.000 0,981,000 6.437.000 6.437.000 a reduction of one centime for the week, but the Lon­ -. 2.123.000 2.123.000 2.132.000 2.132.000 Total week 511,521,152 102,158,153613,679,305 488,446,513 102,100,570 590.547.083 don check rate in Berlin closed at 20.50 marks, which Pre v .week 513,039,227 103,035,493|016,074,720 490,778,704 103,544,637 594,323,341 is an advance of 1% pfennigs. The Berlin check rate a The total ol gold in tue liana ol Russia includes the balance Held abroad— in Paris closed at 123.25 francs, comparing with 123.35 that Is, the amount held for Russian account in other Continental banks. The proportion so held, and consequently duplicated In the above sta.ement, Is about a week ago and 123.57*^ francs a fortnight ago, in­ one-seventh of the total this year, against about one-seventh a year ago. yThe Austro-Hungarian Bank statement is now Issued In Kronen and Heller dicating a very strong movement against Germany. Instead of Gulden and Kreutzcn. The reduction of the former currency to sterling Pounds was by considering the Gulden to have the value of SO cents. As the Compared with Friday of last week, sterling exchange KroneA has really no greater value than 20 cents, our cable correspondent in London, in order to reduce Kronen to Pounds, has altered the basis of conversion on Saturday was weak and declined to a considerable by dividing the amount of Kronen by 24 instead of 20. d The division between gold and silver given in our table of coin and bullion in the Banks of Italy and Belgium is made from the best estimates we are able to extent on the more favorable outlook for a peaceful obtain; It i3 not claimed to be accurate, as the banks make no distinction in their weekly returns, merely reporting the total gold and sliver, but we believe the settlement in the Balkan dispute and large offerings division wo make is a close approximation. of bills; closing figu es were 4 8540@4 8550 for de­ mand, 4 8580@4 8590 for cable transfers and 4 8210(5) THE OUTBREAK IN THE BALKANS. 4 8220 for sixty days. The firmness in local money Events have moved quickly in the Balkan dis­ rates, due to Saturday’s poor bank statement, to­ turbance, as they invariably do when actual warfare, gether with the heavy output of cotton and grain bills, great or small, breaks out. The reason for the rapid caused a further decline on Monday and demand succession of events in the present case, as in other receded to 4 8535(5)4 8545, cable transfers to 4 8565(5) cases, undoubtedly is that the program of action had 4 8575 and sixty days to 4 8205 @4 8215. On Tues­ been considered and secretly adopted some time be­ day sterling advanced sharply on disturbing news fore by the belligerent parties. from the Balkan States, although before the close On Tuesday of last week came the first news that the market reacted slightly, owing to the continued the armies of the three Balkan States— Bulgaria, Ser- large supplies of bills; the range was 4 8550@4 8560 via and Montenegro—and also the armies of Greece, for demand, 4 8580@4 8590 for cable transfers and were being mobilized. On Wednesday, a conference of 4 8220@4 8230 for sixty days. Heavy selling by the greater Powers was called at Paris to consider Europeans and firmer discounts at London due to their attitude regarding the situation. On Thursday, the war news brought about a further advance on Bulgaria submitted definite demands on Turkey— cov­ Wednesday and demand moved up to 4 8560(5)4 8570 ering, among other things, the autonomy of Mace­ and cable transfers to 4 8605 @4 8615; sixty day bills donia, Albania and the older part of Servia. On Fri­ declined to 4 8210(5)4 8220. On Thursday, after a day, Bulgarian troops were reported to have crossed firm opening, sterling declined on the stiffening in the Turkish border. local money rates and offerings of commercial bills; On Saturday the concert of European Powers was final figures were 4 8545@4 8555 for demand, 4 8590(5) made complete through the co-operation of the Eng­ 4 86 for cable transfers and 4 82(5)4 8210 for sixty lish and German ministries with those of France and days. On Friday the market ruled nervous and Russia, and on Monday the Powers publicly announced excited, closing at an advance of 5(5)10 points for the their decision to intervene to the extent of disapprov­ day on higher London discounts and the continued ing the warlike attitude of the Balkans. Identical selling of American securities by foreign holders. Clos­ notes were to be submitted by the various Powers,

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

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis O c t . 12 1 9 1 2 j THE CHRONICLE 935 in many ways. Conceivably, the Ottoman Govern­ ment’s delays in concluding peace with Italy have THE SOUTHERN RAILWAY’S CONTINUED been based on the fear of what might be the result PROGRESS. at home of a humiliating treaty. But if this were so, The annual report of the Southern Railway Co. it is easily imaginable that the call of troops for the furnishes additional striking testimony to the con­ national defense, in a war which can be fought in the tinued progress and development of this important manner and on the soil which the Turkish soldier railroad system. During the twelve months ending most prefers, would strengthen in all respects the June 30 1912 there was a further increase in gross hold of the present government. earnings on top of increases in the years immediately All this remains to be determined; we shall probably preceding; also some further improvement in the net get some inkling as to the nature of the case before though the company felt the rise in operating cost the very long, since the campaign in the Balkans is being- same as all other railroads throughout the country; pressed with rapidity. It is the earliest battles which operating efficiency was brought to a still higher often count most in a conflict of this sort. There plane, while from a financial standpoint, as is made still remains the overshadowing question as to whether evident by the balance sheet, the company occupies any or all of the larger Powers might hereafter be a position of indisputable strength. drawn into the conflict. This is the formidable As compared with the fiscal year preceding, gross consideration which has stood behind every outbreak earnings were added to in the sum of $3,245,206, of trouble in the Balkans during the last half century. or 5.38%. This gain is the more noteworthy, inas­ The present attitude of the Powers toward Turkey much as the company had made a gain in 1911, when is of a somewhat peculiar nature. Russia undoubted­ most railroad systems in other parts of the country ly still entertains her aspirations toward the possession had been obliged to report a loss. As a matter of of Constantinople. Indeed, the dispatches have lately fact, in the case of this property, the upward move­ contained some intimation of possible double-dealing ment has been continuous during the whole of the last on her part and of her secret backing of Montenegro three years, in which period the total of the gross in the beginning of the war. We think this im­ has been raised over $11,000,000, standing at $64­ probable, not only because the Russian Foreign 657,583 now, against $53,456,532 in 1909. Taking Minister, M. Savanoff, was the active organizer of the a longer period of time, it is found that in the nine past week’s agreement of the Powers, but because years from 1903 to 1912 gross earnings have risen from such an attitude by Russia, explicit or implied, would $42,354,060 to $64,657,583. This has been accom­ probably have the result of bringing England and plished without any addition to mileage. As a matter Germany into close co-operation. Germany’s attitude of fact, the mileage in the latest year was a trifle less must, as yet, be described as favorable to Turkey. than in the earlier year, the average length of road It was evidently so declared, not with the best of grace, operated having been 7,088 miles, against 7,129 when the Italian war broke out, and the reason was miles. that the Kaiser and the German diplomatists had for The net earnings for 1911-1912 were also the half a dozen years been doing their best to cultivate largest ever made, but here progress, at least during intimate relations with the Constantinople Government. the last two years, has been much smaller. In the But on the other hand, Austria, an important member latest period of twelve months augmented expenses of the Triple Alliance, will naturally sympathize with consumed $2,769,446 of the $3,245,266 gain in gross. the Balkan States—both because some of them have This is without counting the taxes, which were $239,­ been absorbed in the Austrian dominions and be­ 360 larger than in the preceding year, and hence cause they provide a useful barrier between Turkey consumed that much more of the gain in gross. In­ and Austria. France may be supposed to desire cluding outside operations, it is found that gross peace as the main consideration, and would probably revenues have risen from $61,696,181 in 1911 to not allow her people’s dislike to Germany, as a result $64,657,583. in 1912, but that the advance in net has of last year’s Morocco episode, to have any serious been only from $17,163,277 to $17,506,519. Going bearing in the case. That the French Government a year further back, the comparison in this respect is and the English Government will act cordially to­ yet more striking. In other words, in the two years gether in the matter may be assumed as practically from 1910 to 1912 the gross revenues increased from certain, in view of the attitude which England took $58,568,807 to $64,657,583 (a gain of over $6,000,000), regarding the Morocco affair a year ago. but the net moved up only from $16,698,020 to $17,­ All this, it may readily be seen, creates a com­ 506,519, showing an addition of but $806,499. plicated situation, but its very complexity makes for We need hardly say that higher wage schedules the limitation of the area of attack and for the preserva­ have been the principal element in impairing the net tion of peace outside the present belligerents. In case yield, though operating cost has also increased in other this or any other war against Turkey should proceed directions. In amount the largest increase in ex­ so far that the Turkish Government was expelled from penses in the late year was in what are termed “ trans­ Europe, then, no doubt, one might look for a dropping- portation” expenses, where the addition was $1,­ apart of the various nations and the angry assertion 419,567. It appears that $624,556 of this was due of their individual interests. Undoubtedly, the ex­ to increased wages. Similarly, in the previous year also pulsion of the Turks might in some respects be for the augmentation in these transportation expenses the interests of civilization—even at the risk of a formed the greater part of the total increase in ex­ sharp and acrimonious dispute between the Powers. penses, it accounting for $1,727,659 of the same, But such an issue of the present conflict is hardly and of this it was found that no loss than $967,644 on the program. None of the Balkan States con­ had been due to advances in wages granted the templates, or has any reason to contemplate, anything employees. more than assertion of its own particular powers and It is a most satisfactory feature in the affairs of the those of its allies, as against the domination of the company that it should be found possible to add to the Turkish Government. i traffic of tiie system from year to year in such a way

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as to neutralize the rise in operating and leave at calls £ for only $3,000,000 per year, thus showing least some small gain in the net. In the year under that in both the last two years the company earned review traffic and business conditions were generally considerably more than double the 5% dividend on favorable, but nevertheless were not altogether these shares. The company in the previous fiscal satisfactory. To be sure, the South raised a cotton year resumed dividend payments, but acted in a very crop which was by far the largest in its history, and cautious and conservative way, only two semi-annual this gave not only an increased traffic movement in payments of 1% being then made. In 1912 there the staple, but had a further advantage in stimulating was first an increase in the semi-annual payment to cotton manufacturing in the Southern States. Presi­ 2%, then to 2 ^ % and the company is now on a full dent Finley points out that the year was one of reviv­ 5% basis. After charging up 4 dividends (2% ing activity in the cotton textile industry of the South­ paid in and 2 ^ % in October 1912) a credit eastern States. He states that the report of the balance on the operations of the twelve months remains United States Census Bureau shows that for the year in the sum of $4,063,117, of which $44,989 was used ended August 31 1912 the consumption of cotton in for additions and betterments, leaving $4,018,127, the mills of the cotton-growing States was in excess which was transferred to the credit of profit and loss of any previous year, amounting to 2,712,622 bales, account. to which we might add that our own investigation, as The management are pursuing very conservative disclosed in our annual “ Cotton Crop Report” , made bookkeeping methods. It may be recalled that in the total even somewhat larger. A further fact the previous fiscal year a sum of $3,000,000 was mentioned by Mr. Finley is likewise emphasized charged off from profit and loss to represent the by our own statements, namely that the cotton-grow­ discount on bonds sold in the past. Now the company ing States consumed 57,573 more bales, according to has gone a step further and charged off on its books the Census, than the mills of all of the other States the whole remainder of discount sustained at one time in the country combined. By our own figures the or another on the sale of securities. During the year excess was 89,063 bales. The bearing of all this there accrued $28,650 as discount on equipment trust upon the prosperity of the Southern Railway is evident obligations issued, making a total of $1,716,679 to from Mr. Finley’s further statement that out of a be extinguished. Of this, $60,043 was provided for total of 11,585,839 spindles in the cotton-growing out of the year’s income, leaving a balance of $1,­ States reported by the Census Bureau as of August 31 656,636, all of which has now been marked off. It is 1912, there were, as of January 1 1912, 8,530,723 a most remarkable circumstance that this company, spindles in mills tributary to the lines of the Southern which in the troublous times of a few years ago was Railway system. obliged to sell its securities at a heavy discount As the direct result of the larger cotton crop, the should, through surplus earnings, have in such a short company’s tonnage in cotton, in cotton seed, in cotton­ while been able to free its books of this large item seed hulls, in cotton-seed meal and cake and in cotton­ of discounts. Even after these deductions, a credit seed oil for the late year aggregated 1,609,332 tons, balance to profit and loss remained on June 30 1912 as against only 1,140,963 tons in the year preceding. of no less than $13,756,936. Nevertheless, as already indicated, conditions were We have referred above to the company’s strong not wholly favorable during the twelve months. The financial condition. During the year the funded debt South suffered from last season’s grain-crop shortage was increased only $26,600, while equipment obliga­ the same as other sections of the United States, as is tions were decreased $1,009,000, thus showing a net evident from the fact that the Southern Railway reduction in debt of $982,400. This refers to the debt moved only 681,785 tons of grain against 776,759 actually outstanding in the hands of the public. tons in the previous year, and several other items During the year the company received $6,195,000 of the agricultural tonnage were also smaller. Then, general mortgage 4% bonds from the mortgage too, the tonnage in forest products was only 4,234,326 trustees to reimburse it for expenditures made for tons, against 4,404,294 tons. With the revival of additions and betterments, equipment trust obliga­ business prosperity, however, and the greater activity tions, &c. Added to the amount previously held, in the iron and steel trade, which came the latter part this increased the total of these bonds free in the of the fiscal year, it was found possible to make good treasury to $19,862,000. It is also noteworthy that these losses, and, with the aid of the larger cotton traffic, casli in the treasury was increased nearly 2% million to show an increase in the aggregate freight move­ dollars and stood at $13,048,782 June 30 1912, not­ ment of all classes of 1,123,690 tons. withstanding expenditures during the twelve months Notwithstanding the relatively small addition to of $5,369,361 for additions to roadways and structures net earnings, owing to the augmentation in expenses, and new equipment. the company’s income statement, when considered in With reference to the development of operating relation to fixed charges and ability to earn dividends, efficiency, it is to be noted that the miles run by freight is in the highest degree gratifying. After providing trains in 1912 was only 16,824,301, against 16,999,638 for the fixed charges, the surplus available on the in 1911, in face of the fact that the tonnage movement operations of the twelve months was substantially one mile increased from 5,111 millions to 5,202 millions. the same for 1912 as for 1911, the comparison being The train-load of revenue freight was raised from 240 between $6,763,117 for 1912 and $6,670,003 for 1911. tons to 250 tons and the train-load of all freight This is further evidence going to show that a large (including company’s material) from 300 to 309 tons. increase in gross has been productive of very little Taking a longer retrospect, we observe that with 1,390 addition to the net. On the other hand, it is a cir­ million more tons of freight carried one mile, the miles cumstance of the highest encouragement that the run by freight trains in 1912 was actually less than in company should have earned in two successive years 1904, being 16,824,301 miles, against 16,955,900 miles. an excess of, roughly, 6% million dollars over interest In the eight years the train-load of revenue freight and rental requirements. Five per cent dividends has been raised from 189 to 250 tons and the train-load on the $60,000,000 of outstanding preferred stock of all freight from 224 to 309 tons. How this works in

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improving net results appears when it is found that, of the taxes is actually a small loss; that is to say, with m ainly as a result of the larger average load, the freight the taxes taken out, the net for 1907 stands at $32,­ trains earned $2 40 per mile run in 1912, against only 312,855 and the net for 1912 at only $32,272,703. The $1 77 in 1904. Except for the development of operat­ significance of this remarkable exhibit should not be ing efficiency in that way, the company would not lost sight of. It demonstrates conclusively that a now be back on a dividend basis after the great in­ growth in five years of $14,000,000 in gross earnings crease in wage-schedules and the rise in operating cost has been productive of absolutely no addition to net, in other directions. owing to the way the lines of the system have been mulcted in taxes and the increase in operating cost. THE ATCHISON REPORT. In the meantime, there has been during the five years The late fiscal year m ay be said to have been a sta­ $67,000,000 addition to the compan}r’s capital stock, tionary period as far as the Atchison Topeka & Santa common and preferred, and $58,000,000 addition to Fe’s traffic and income are concerned. The final out­ its funded debt. Such figures obviously throw a flood come for the twelve months, therefore, is not as good of light upon the developments that have been going as for the twelve months preceding. To a railroad on in the railroad world in this period of time. system of such magnitude as this, and geographically As compared with the year preceding, results as to located in a newer section, as is the Atchison, inability revenues were practically stationary. The gross was to make new growth in traffic and revenues really a little larger, at $107,752,359 against $107,565,115, means retrocession for the time being. To keep pace and the net was a little smaller, at $36,479,156 against with public needs and public demands involves large $36,796,864. The loss in net was further increased, new capital outlays from year to year, and these in however, owing to the rise in taxes, and hence, after turn involve additions to interest charges or to divi­ providing for these taxes, the net income was really dend requirements. If, under such circumstances, somewhat over a million dollars smaller than in the income cannot be enlarged through new growth, the previous year, standing at $32,272,703, against $33,­ result is a diminution in the am ount available for divi­ 322,257. As fixed charges were at the same time in­ dends or to apply towards improvements or better­ creased, the amount remaining for the stock was only ments. If the margin of surplus to be encroached $19,660,241 for 1912, against $21,371,067 for 1911. upon was small, as has not been the case with the The requirements for the 5% dividends on the pre­ Atchison, the result might be to wipe out the surplus ferred shares and the 6% dividends on the common altogether and impair dividend-earning capacity. shares were $15,876,875, and in addition $3,300,000 Some im portant W estern railroad systems have been was appropriated for additions and betterments and brought close to this pass during the last two or three $396,960 for the fuel reserve fund— over and above all years as a result of the unfortunate conditions of which a small balance of $86,406 remained. This, prevailing; and all railroad properties find themselves of course, is not an unsatisfactory outcom e, consider­ in a much less favored condition, owing to said state ing the circumstances, but it deserves to be noted that, of things. A given amount of gross revenue to-day because of the steady shrinkage in net, as a conse­ yields a much smaller amount of net than a few years quence of the causes above enumerated, the contribu­ ago, owing to the increase in [wages that the rail tions out of net incom e for betterment work have been carriers have been obliged to make, and owing to the very greatly curtailed during the last few years. The advance in prices of many other items entering into late year’s contribution, we have seen, was $3,300,000. the operating accounts of the roads. W hen to this is In the previous year the amount was $5,000,000, and added the fact that a return must be earned on a larger in 1908-09 the company was able to lay aside no less amount of capital, either stock or bonds, and that than $9,000,000 for additions and betterments. taxes are increasing at a prodigious rate, it will be These additions and betterments relate to expendi­ readily seen that the trend is strongly in the wrong di­ tures which, under the rules of the Inter-State Com­ rection and that conditions are bnost trying for rail­ merce Commission, cannot be charged to operating road managers. expenses. But, as is well observed by President Bearing upon the part played by rising taxes in af­ Ripley, the use of the term “ additions and betterm ents” fecting adversely the'incom e showing in the case of does not indicate that all such expenditures are or will the Atchison Company, a little table inserted at the be productive. He points out that to keep a great end of President Ripley’s remarks deserves notice. railroad property and its equipment up to date and to Mr. Ripley makes no comment. He simply says: meet the increasing demands of the public, it is essen­ “ Attention is called to the increasing burden of taxa­ tial to make m any so-called additions and betterments tion, as shown by the following table for the system .” which are either wholly unproductive or only partially T h e t a b le d o e s show an increasing burden of taxation. productive, or productive only at the expiration of It appears that, while in the fiscal year 1907 the aggre­ m any years from the time they are made. gate of taxes was $2,502,650, for 1912 the amount was It deserves to be pointed out, too, that the shrinkage no less than $4,206,453. This is an addition of $1,­ in net above noted occurred in face of the fact that 701,000 in five years, or nearly 70%. The increase expenditures for maintenance of way have been con­ is equal to over 1% on the $170,129,500 of common siderably restricted during the last two years, having stock outstanding. While taxes have thus increased been only $16,076,833 for 1912 and $16,059,786 for 68.1% (inexact figures), total operating revenues have 1911, against $17,807,136 in 1910. In this latter year increased only 15% and net operating revenue no the amounts of such expenditures were perhaps un­ more than 4.8%. Stated in another way, in five usually large, but if we go back five years we find that years operating revenues have risen from $93,683,406 the expenditures upon maintenance of way and struc­ to $107,752,359, but net operating revenue has in­ tures then were $15,286,062. For the five years, creased only from $34,815,505 to $36,479,156. These therefore, there has been an increase of only $790,771, last figures are before the deduction of taxes, and as while the average mileage operated has risen from these taxes, as just shown, have increased a little m ore 9,273 to 10,627 miles. In other words, these expendi­ than the increase in net, the result after the deduction tures for 1912 averaged $1,512 per mile, against

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$1,648 per mile in 1907. In 1910 they averaged $1,795 to make room for it. W e print it herewith. W e have per mile. The present outlay is undoubtedly ade­ selected this particular letter because the writer makes quate, but the figures given show how curtailment has such an earnest plea to have it published and because had to be practiced in all directions in order to cope it brings together all the arguments that can possibly with existing conditions. be advanced in support of the farmer’s position in this The small further addition to gross earnings in the matter. The letter is as follows. W e have emphasized late year would lead to the conclusion that conditions one especially striking passage by printing it in italics: as far as current traffic is concerned, had been unfavor­ able; and as the grain crops were seriously short last Hagerstown, Mel., Aug. 27 1912. To the Editor of “The Financial Chronicle” , . season in important sections of the Southwest, one Dear Sir:— I have just finished reading a leading editorial would be inclined to think there must have been an on “ the farmers’’ in “ The Chronicle,” issue of Aug. 24 1912, important loss of grain traffic. As a matter of fact, with amazement, and wish to suggest a few criticisms. As- the tonnage in agricultural products was considera­ the farmer seldom expresses himself in the public prints, bly larger in 1912 than in 1911. The wheat tonnage, and reads a great deal more than is generally supposed, I sometimes think that the farmers understand the financial it is true, fell from 585,031 tons to 406,001 tons and and commercial interests better than those interests under­ the flour tonnage was also reduced from 538,813 tons stand us. to 491,838 tons. But the corn traffic increased and so To begin, I am a farmer, the son of a farmer, with a did that of some other products, and hence the total straight line of farmer ancestors leading back to 1750, when tonnage of agricultural products for 1912 was 4,690,671 the first of my name arrived at . My father was a strong Union sympathizer during the Civil War and tons, against 4,487,885 tons. The tonnage in forest voted the Republican ticket steadily until 1888, when the products was somewhat less at 2,164,685 tons, against first great tariff fight took place in the second Cleveland 2,232,957 tons, and the animal tonnage was also a campaign. I voted myself that year for the first time. We trifle less, at 1,551,256 tons, against 1,555,453 tons had seen our land steadily falling in price, along with a steady But the mineral tonnage was 6,546,940 tons, against fall in the price of wheat and corn, our main products, until from a value of 8100 per acre it had gotten down to about 5,697,938 tons, and the manufacturing tonnage was S30 per acre. We found the United States producing great 3,742,812 tons, against 3,523,822 tons. Other in­ quantities of all the cereals for which there was no market creases brought aggregate tonnage up to 21,149,984 except in free trade Liverpool, England. This was bad tons, against 20,093,719 tons. The haul on the ton­ enough from a farmer’s standpoint, but we saw no remedy, nage, however, was smaller, with the result that the except that we thought, if we had to sell in a free trade mar­ ket, we ought not to be compelled to buy in the highest pro­ tonnage movement one mile— the true measure of the tected market in the world. We protested with our Repub­ volume of transportation work rendered— was only lican farmer friends, but they insisted that we had a pro­ 6,970,719,824, against 0,981,467,570. The rate realized tective tariff of 25 cents per bushel on wheat. We humbly per ton per mile was a trifle less at 1.026 cents, against suggested that as we raised twice as much wheat as we could consume, nobody but an idiot would think of importing 1.028 cents, and the freight earnings fell off slightly wheat into the United States, even if there were no tariff. The small increase in total earnings to which reference A h ,” they said, “ wait until we build up the cities and the has been made follows from the gain made in pas­ factories, and then we, too, shall have a fin e protective senger revenues and in other sources of revenue. market.” We said that was too far in the future, and we The company seems to be abundantly fortified for might not live to see it. Alas, my poor father never did. the -time being in its financial requirements. Its hold­ However, after a steady decline, under protection, of our lands in the early seventies from $100 per acre, the culmina­ ings of cash on hand and in bank were exceptionally tion came about the middle of the nineties, when the same large on June 30 1911, when they aggregated $36,­ lands could be bought at from .$20 to .$30 per acre. In the 204,747. They are still larger the present year, meantime, every city paper and every so-called comedian, and are reported (June 30 1912) at $41,906,232. The hoping to be “ funny,” delighted in describing and repre­ senting the farmer as the only real fool and hobo in the land. com pany also had available $3,780,000 general mort­ I can readily see that, voting steadily against his own gage bonds, including bonds not yet certified by the interest, the city papers and comedians had a right to assume trustee. Outlays for additions and betterments and that the typical farmer really was a fool. This condition of for new construction and other capital purposes were affairs continued from the close of the Civil War until about on a much smaller scale than in the preceding fiscal ten years ago, when the conditions which had been so graph­ ically described at election time each year to the farmers year, and yet aggregated $13,522,274. But the com­ really began to appear. The cities had steadily grown, the pany sold $18,299,695 of its California-Arizona Line’s factories had become more numerous and larger, the young first and refunding mortgage 4)4% bonds and retired men had steadily been leaving the country, and at last $4,756,500 of other bonds, making the net increase the happy promised land” was in sight. There were in funded debt $13,543,195. There was also an in­ actually more consumers in the factories and towns than producers in the country. Prices began to mount under crease of $1,699,000 in the outstanding amount of the law of supply and demand. The farmer had patiently common stock, representing convertible bonds ex­ “ chipped in” for more than thirty years, and the time was changed for stock. now approaching when the reward was to be his. For more than thirty years lie sold in a cheap free trade market and

THE FARMERS AND THE HIGH COST OF bought in a dear, high-protected market in order to bring about a condition which was described to him (at election LIVING. time) as ideal. Now it seemed to him everybody would be The remarks in our issues of Aug. 17 and Aug. 24 happy and contented. Everybody would be selling for with reference to the high cost of living and the farm­ high prices and everybody, including himself, would be re­ er’s responsibility for the same, brought us at the time ceiving high prices. Could anything be more fair or more many letters and communications— the most of them lovely? As the protected industries have sown the seed, why should they marvel at the harvest? Did they really in approval, but a few taking exception to what we intend to produce a good market for the farmers, or were said and arguing in behalf of the farmers. W e should they only looking for a good market for themselves? As a have liked to print all of these latter and attempted a farmer I will say that I am indifferent whether the country reply to the criticisms made. Obviously, however, has high protection, free trade or tariff for revenue only. owing to the demands upon our space, such a course As a farmer, I only want to be treated fairly as other inter­ ests are treated. I will not object to free wool if you give was out of the question. One of the letters of this me free woolen goods. I will not object to free hides if class we have held in reserve, awaiting an opportunity you will give me free leather and free shoes. I will not object

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to free wheat and free meat if you give me free access to it is certainly an idiot to pay or allow to be paid such extrav­ the markets of the world for all that I may be able to buy agant prices to the farmers. Personally I view these high there at a cheaper rate. Likewise, if you give me a high prices with many misgivings, as they usually are the pre­ price for all that I sell, I will pay a high price for all that I cursor of a correspondingly low glutted market. I wish to buy. Is this wrong? Is this wicked? Is this seditious? remain in the business, and much prefer fair, regular prices. I frequently read in the stock market reports an item like I agree with “ The Chronicle” that the hue and cry against this: “ The only good news of the week is the steady decline the “ Trusts” has been overworked. Even the farmers in the price of wheat and corn.” I would respectfully sub­ think, I believe, that this stock in trade is shopworn. I mit that such a condition is not good news to vie or the have myself never come in contact, to my knowledge, with farmer class. W e have wheat and corn to sell. Sometimes any of these terrible “ Trusts,” except the Standard Oil Co., it seems to me the metropolitan press acts as if the farmer which a few years ago laid an oil-pipe line through this sec­ was the pariah or outcast of the human family, and that his tion, when they paid such extravagant wages that our farm only use in the world is to produce in order that others may labor, and even some of our best farmers, became almost consume. Sometimes, I notice, we are referred to as hogs. demoralized. Farmers were allowed by this so-called We farmers are not hogs. We do not feel like hogs, and we “ Trust” to make as much as 15 to 18 dollars per day with respectfully submit that the role played by the farmer class their 4-horse teams, whereas 4 to 5 dollars per day is usually in the upbuilding of this country does not show us that in considered a very fair return for such service and team. class. On the contrary, it was the farmer, above all others, The farmer does not object to the prosperity of any man that rallied to the preservation of the Union in the sixties, or corporation. His only objection is to being accused for and who has patiently toiled in the fields from sun to sun a condition which others brought about, and in which he ever since, having no set number of hours as a day’s work, for many years was the sole and helpless victim. while he has seen organized labor draw steadily higher wages This letter, hot from the heart, and filled with facts and dictate shorter days. “ The Chronicle” complains that within the common knowledge of all in this agricultural the farmers do not produce enough. I would approach the community, may open up a novel viewpoint to you and the difficulty from the other side. I would say the cities have bulk of your readers; but if you are fair you will reproduce grown too large and are consuming too much. it for your readers as a view from the under side or other side, I know that the typical Pennsylvania German farmer, as they may choose to regard it. It will give you food for from which class I am descended and of which population reflection. If I am in error, it will give you or them an op­ this county of Washington, Maryland, has an overflow, is a portunity to set straight a large body of farmers who at strong worker, and is always ready, if in good standing, to present feel aggrieved at the tone of the financial and in­ go to work in the fields at sunrise, having before that hour dustrial papers of the city. fed and groomed his horses and eaten his breakfast. Four Yours very truly, o’clock a. m. is the usual rising hour for everybody on a well- F. W. MISH. regulated farm owned or managed by this class. The wife and daughter usually prepare breakfast while the men arc W e think we are justified in saying that the foregoing at work by lantern-light at the barn. This class usually calls for no extended reply on our part. The writer takes one hour to dine and rest at noon, which, by some of admits everything we said, but pleads in extenuation the more energetic and ambitious, is partially curtailed by that the situation is not of the farmer’s creating. whitewashing the fences and the farm buildings. They then W hether this is so or not, is of no consequence. Noth­ return to the fields and work until darkness drives them home for the night. As the feeding of the live stock and their ing could be gained by indulging in profitless discus­ own supper can be handled just as well by artificial light, sions as to who is responsible for the existing situation. it is considered among this class good practice so to arrange It is a condition, not a theory, that confronts us. their daily work. The above refers to the summer season. W e wish particularly to direct the attention of the Nature shortens their days in winter to 12 hours. reader to the words above which we have put in italics. “ The Chronicle” regards as a great outrage that the farmers received for their crops in 1909 the sum of $4,934,­ Our correspondent says: “ Personally, within the past 490,000, whereas ten years before they would only have few months I have received higher prices for live beef gotten $2,902,358,000, which is practically $2,000,000,000 cattle than have ever been known in the history of our more than they ought to have had, the clear inference being family, and we have raised and owned beef cattle for that this sum is all profit. For the information of “ The more than 160 years.” Nothing more is needed than Chronicle,” I will say that I am now operating three farms, paying wages day by day, hoping to earn a profit in my this bare statement to show the hardship under which business, as I hope “ The Chronicle” is earning a profit in the community is suffering. Our correspondent de­ the field of journalism. I will further state that I am now plores such high prices and thinks they will bring their paying 25 to 30 dollars per month for farm labor, whereas own corrective, but the situation is too grave to admit ten years ago I could hire the same grade of labor at from 15 to 18 dollars per month. In other words, ten years ago of paltering or for trusting tothe self-action of the far­ I could hire farm help at 50 cents per day, while now I must mer. The question of supreme importance is how to pay as much as $1 per day. I will further add that I am provide a remedy for the present anomalous situation, paying as much wages as my neighbors, and, of course, fur­ where population keeps steadily augmenting while our nish free board with the wages above quoted for each man. farmers are producing no more than ten of fifteen years As the labor bill is the overwhelming and outstanding item of expense in the production of crops and the management ago. Obviously, if the consumptive wants of this of a farm, you can readily calculate that the advance in growing population cannot be supplied at home, then wages from 15 to 30 dollars per month is greater in percentage we must open our doors wide to foreign products. than the advance of the price of the products at from three In the end the farmer himself will benefit m ost from to five billions of dollars. Perhaps the advance of wages such a course. The inflow of the foreign product will on my farms was greater than the general advance for the whole country. I am inclined to think so, as I am in direct force him to adopt im proved methods and increase the competition for labor with a highly-protected industry en­ fertility of the soil, enabling him to produce double gaged in the manufacture of leather. or treble what he is now producing. In that way the I agree with “ The Chronicle” that it is senseless to accuse aggregate amount realized from his labors will, in the the so-called Beef Trust, which the metropolitan press depicts end, be increased, while at the same time he will be in such lurid hues as the enemy alike of the farmer and the consumer. I doubt the existence of such a trust. If there able to sell at greatly reduced prices. This situation is such an organization, it certainly docs not molest the realized, the country will enter upon a new and endur­ farmer, whatever damage it may inflict upon the consumer. ing era of prosperity. Personally, within the past few months I have received higher In our article on the Financial Situation to-day we prices for live beef cattle than have ever been known in the his­ tory of our family, and we have raised and owned beef cattle furnish illustrations going to show how generally for more than 160 years. Such prices bring their own cor­ and how heavily food products are taxed under our rective, as every farmer will now be madly rushing into the tariff law. Scarcely anything in the agricultural line cattle business. If the Beef Trust controls the cattle market, is exem pt from customs duties.

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and of rye the receipts were 2,652,021 bushels, against RAILROAD GROSS EARNINGS FOR SEPTEMBER. 1,256,547 bushels. Adding the five cereals together, It is evident from our early statement of railroad aggregate receipts for the four weeks the present year gross earnings for the month of September, which are found to have been 105,782,440 bushels, against we present to-day, that the earnings of United States only 70,609,799 bushels in 1911. This is an increase, railroads for that m onth, when completed returns are it will be observed, of over 35,000,000 bushels and available, are going to make a very satisfactory shows the effects of the present year’s large grain showing. The roads included in our present tabula­ crops, as contrasted with last year’s very poor crop. tion are merely those which pursue the practice of In the following we furnish the details of the W estern furnishing preliminary estimates of their gross reve­ grain movement in our usual form. nues, and comprise mainly Southern cotton-carrying WESTERN FLOUR AND GRAIN RECEIPTS. and Western grain-carrying lines. The great railroad F o u r w e e k s E n d in g Flour. Wheat. C o m . O ats. B a r le y . B y e . S e p t. 2 8 - ( b b ls.) (b u sh .) (tnisli.) (b u sh .) (b u sh .) (b u sh .) systems running through the manufacturing districts C h ica g o — 1 9 1 2 ...... 6 5 0 ,9 3 5 7 ,1 S 6 ,S 0 0 1 1 ,9 8 7 ,3 0 0 1 3 ,9 5 1 ,8 0 0 1 ,3 5 9 ,0 0 0 2 8 4 ,8 0 0 and which are profiting m ost from the general revival of 1 9 1 1 ______5 1 5 ,2 8 0 2,737,S00 10,289,550 7 ,7 1 2 ,8 0 0 3 ,1 2 1 ,0 0 0 2 8 1 ,5 0 0 M ilw a u k e e — trade and from the extraordinary activity of the iron 1 9 1 2 ______263,600 1,978,550 9 5 2 ,1 6 0 2 ,2 0 3 ,2 0 0 1 ,3 0 7 ,8 0 0 3 7 5 ,1 0 0 1 9 1 1 ______258,220 1,296,970 604,550 1,110,100 2 ,1 4 2 ,6 0 0 4 0 3 ,9 2 0 and steel industry— like the Pennsylvania Railroad, S t. L o u is — 1 9 1 2 ______279,990 4,175,044 1,603,910 2,128,850 2 3 2 ,0 0 0 4 8 .6 S 8 for instance— are not represented. It follows, there­ 1 9 1 1 ______274,700 1,181,896 976,425 1 ,4 7 7 ,3 0 0 4 5 4 ,1 3 2 1 7 ,7 6 8 T oled o— fore, that the final statement of earnings for the m onth 1 9 1 2 ...... 6 5 8 ,0 0 0 3 0 6 ,4 0 0 1 ,3 9 6 ,5 0 0 1 0 8 ,5 0 0 1 9 1 1 ______6 3 3 ,0 0 0 186,900 318,000 2 ,0 0 0 of September to be published four or five weeks hence D etro it— 1 9 1 2 ...... 2 8 ,6 0 0 1 8 8 ,8 0 2 2 5 7 ,2 3 4 4 7 1 ,5 0 0 will make an even better exhibit than does our pres­ 1 9 1 1 ______29,139 293,821 1 1 9 ,1 4 6 2 1 9 ,2 4 8 C levela n d — ent tabulation. 1 9 1 2 ______3 ,6 2 2 3 5 ,7 4 7 1 0 2 ,8 4 7 7 1 ,6 5 5 8 0 0 965 1911, 1 ,3 3 0 9 7 ,2 5 4 2 1 5 ,4 7 5 1 18.SG0 9 3 0 W e have returns from an aggregate of 85,901 miles, P e o r ia — 1 9 1 2 ...... 1 5S .8 00 1 3 4 ,0 0 0 1,884,224 831,600 2 0 2 ,6 4 4 9 7 ,0 0 0 1 9 1 1 ______1 8 0 ,60 0 7 5 ,4 0 0 800,973 3S6.600 3 2 1 ,1 1 6 1 9 .9 0 0 and on this mileage there is an increase of $4,988,471 D u lu th — 1 9 1 2 ...... 7 4 ,3 0 0 1 5 .2 2 5 .7 0 5 7 9 3 ,9 6 6 1 ,9 7 5 ,8 1 6 59C .8 58 as compared with the corresponding period last year. 1 9 1 1 ______4 7 ,3 4 5 6 ,3 2 7 ,5 0 1 1 6 8 ,3 8 4 2 9 1 ,4 0 4 2 ,2 1 6 ,6 9 5 2 1 4 ,6 7 9 Minneapolis This includes three im portant Canadian systems with 1 9 1 2 ...... 1 4 ,3 6 1 ,6 7 0 2 5 7 ,8 1 0 2,060,350 4,099,270 1 ,1 4 0 ,1 1 0 1 9 1 1 ...... — 1 2 ,6 4 3 ,3 2 2 2 2 5 ,4 2 0 1 ,0 5 1 ,8 9 0 5 ,2 0 0 ,6 9 0 3 1 6 .7 S 0 large gains, the same as is always true of our early Kansas Cily-Omaha — 1 9 1 2 ...... 7 ,3 4 1 ,7 0 0 6 4 8 ,5 0 0 7 5 9 ,2 2 5 compilations, but these three do not absorb so large 1 9 1 1 ______3 ,0 5 7 ,2 0 0 7 0 2 ,0 0 0 6 6 1 ,3 0 0 a portion of the total gain as in earlier months. For Total of All - 1 9 1 2 ...... 1 ,4 5 9 ,8 4 7 5 1 ,2 8 6 ,0 1 8 1 8 ,0 0 0 ,3 8 5 2 4 ,6 6 8 ,6 4 6 9,177,330 2,652,021 the Canadian Pacific, the Grand Trunk Railway and 1 9 1 1 ______1 ,3 0 6 ,6 2 0 2 8 ,6 2 3 ,1 6 4 1 4 ,2 8 7 ,8 2 3 1 3 ,3 5 1 ,5 0 2 1 3 ,4 4 8 ,7 6 3 1 ,2 5 6 ,5 4 7 the Canadian Northern com bined the increase amounts W ith such large grain deliveries as here indicated to $1,932,823. Deducting this from the total in­ in both the Northwest and the Southwest, it is not crease of $4,988,471 for all roads, there is left an in­ surprising that the roads in those sections should be crease of $3,055,648, or 5.58% for the roads in the able to show very large gains in earnings. The Great United States. This must be looked upon as very en­ Northern Ry. records a gain of $1,005,048 and this couraging. There are a few roads that have suffered follows an increase, too, of $254,435 in September substantial losses, but these are mainly in the South, last year, though in the year before there was a loss and this calls attention to the fact that conditions were of $521,417. The Minneapolis & St. Louis is another not altogether favorable during the month, notwith­ road in the same section with a relatively large gain, standing the growing revival in general trade. South­ it having added $175,174 to its revenues; but this fol­ ern roads east of the Mississippi River suffered a large lows $142,344 loss in September last year. In the reduction of their cotton traffic, this year’s crop Southwest the Missouri Pacific records $437,000 in­ being much later than that of last year and possibly crease, the Missouri Kansas & Texas $186,100 increase, also not so large. the International & Great Northern $190,000 increase In addition, all roads— not merely those in the and the St. Louis & Southwestern $110,000 increase, South but those elsewhere— labored under the dis­ all except the last one following gains in 1911. In the advantage that September the present year had five table we now present we furnish a summary of all Sundays, whereas September last year had only four. changes for the separate roads for amounts in excess This means that there were but 25 working days in of $30,000, whether increases or decreases. It will 1912, against 26 in 1911. In the case of the Southern be noted that there are only four roads with decreases roads this loss of a working day, combined with the exceeding the amount named, including the Colorado shrinkage in the cotton traffic, resulted in a falling- & Southern, which reports a loss of $43,101, due en­ off in gross revenues, except in the case of the larger tirely to the fact that the Colorado Springs & Cripple systems, such as the Louisville & Nashville and the Creek District is not now included in the returns, but Southern Railway, where the great activity in the iron was included last year; the excluded piece of mileage districts came in as a favoring influence of paramount earned $56,124 in September last year. importance. W ith Western roads, on the other hand, PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER T n r rpn w c Increases. the loss of a working day did not count for so much, Canadian Paclllc.... -$1,488,000 Texas & Pacific— ...... 69,140 Great Northern...... 1.005,048 Yazoo & Miss Valley...... 68,664 inasmuch as this was offset by a large expansion in Missouri Paclllc...... 437,000 Mobile & Ohio...... 41,616 Grand Trunk...... 349,723 the grain traffic. Illinois Central...... 297,334 Representing 18 roads Wabash...... - ...... 265,125 In our compilation___$5,162,148 This grain movement the present year reached ex­ International & GtNor.. 190,000 Missouri Kansas & T e x .. 186,100 Decreases. ceptional proportions. For the four weeks ending Mlnneap & St Louis____ 175,174 Central of Georgia...... $107,500 Denver & Rio Grande___ 141,700 Seaboard Air Line______91,667 Sept. 28 the receipts of wheat, for instance, the pres­ St Louis South Western-- 110,000 Chesapeake & Ohio______62,849 Canadian Northern...... 95,100 Colorado & Southern______43,101 ent year at the W estern primary markets aggregated Louisville & Nashville__ 85,187 Southern Railway__ 80,858 Representing 4 roads In 51,286,018 bushels, against only 28,623,164 bush­ Buffalo Roch & Pitts___ 76,373 our compilation------$30o,ll7 els in the corresponding four weeks last year; the re­ W ith reference to the effect of the smaller cotton ceipts of corn 18,000,385 bushels, against 14,287,823 traffic on Southern roads, the shipments overland of bushels, and the receipts of oats 24,668,646 bushels, cotton for September 1912 were 20,738 bales, against against 13,351,502 bushels; of barley the receipts 21,938 bales in September last year. The loss here were only 9,177,330 bushels, against 13,448,753 is trifling, but at the Southern outports it reaches bushels, but that is the only item showing a decrease, large proportions, aggregate receipts the present year

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 941

having been only 1,074,277 bales, against 1,248,517 EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.

bales in September last year. It is important to bear September. 1 9 1 2 . 1 9 1 1 . 1 91 0. 1 9 0 9 . 1 9 0 8 . 1 9 0 7 .

in mind that the loss occurred entirely east of the Mis- S S 8 $ $ 8 Canadian Pac. 1 1 ,3 2 2 ,0 0 0 9 ,8 3 4 ,0 0 0 9 ,3 1 5 ,2 1 4 8 ,3 2 3 ,1 7 8 6 ,3 9 1 ,6 7 2 0 ,4 2 3 ,4 5 2 isssippi River. At Texas points there were large gains Chicago & Alt. 1 ,3 5 3 ,1 4 8 1 ,3 3 8 ,7 2 8 1 ,3 1 4 ,8 1 8 1 ,2 3 0 ,5 8 0 1 ,1 7 1 ,4 8 1 1 ,1 4 8 ,7 2 2 Chic & Gt W _* 1 ,2 1 8 ,9 3 4 1 ,2 0 7 ,1 1 8 1 ,1 4 7 ,6 1 0 9 8 0 ,1 2 7 1 ,0 4 2 ,3 3 0 7 4 1 ,4 6 6 and this has been one element in the favorable returns Dul So Sh & At 3 0 1 ,2 3 7 2 8 3 ,4 5 7 2 9 9 ,1 5 5 3 1 0 ,5 0 2 2 3 7 ,7 1 7 3 0 2 ,1 2 2 Great North’n 7 ,5 5 4 ,4 0 5 6 6 ,5 4 9 ,3 5 7 60,294,922 6 0 .8 1 0 ,3 3 9 6 5 ,8 6 1 ,7 7 0 5 ,7 2 3 ,6 0 4 of earnings which the railroad systems in the South­ Minn & St L.\ 8 9 0 ,5 7 4 7 2 1 ,4 0 0 / 5 5 4 ,4 8 2 5 1 8 ,0 9 5 4 4 0 ,6 9 7 3 7 3 ,9 2 3 Iowa Cent./ \ 3 0 9 ,2 0 2 3 1 6 ,9 3 8 2 8 2 ,8 0 2 3 0 0 ,5 8 6 west are able to make. Thus at Galveston the re­ M St P & SSMa c 2 ,4 9 7 ,7 4 3 2 ,4 9 7 ,7 4 3 2 ,0 5 3 ,5 1 4 2 ,5 0 4 ,7 0 5 2 ,1 8 3 ,6 0 3 1 ,6 5 8 ,9 5 2

ceipts the present year were 617,582 bales, against T o t a l ...... 2 5 ,1 4 4 ,0 4 1 22,431,803 21,288,977 2 1 ,0 0 6 ,4 6 4 1 7 ,0 1 8 ,0 7 8 1 6 .6 7 2 ,8 8 7

543,071 bales in and 501,054 bales in * Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific in , and at Port Arthur 65,857 bales, 1912, 1911, 1910. 1909 and 1908. a Includes Chicago Division in 1912, 1911, 1910, 1909 and 1908; for previous year against 31,423 bales and 16,563 bales, respectively, we have combined Minneapolis St. Paul & S. S. M. and Wisconsin Central while, on the other hand, at Savannah the receipts b Actual figures of earnings arc now used for comparison, c Month of September not yet reported; taken same as last year were only 152,063 bales, against 367,850 bales in 1911 EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP. and 211,160 bales in 1910, as the following table will September. 1 9 1 2 . 1 9 1 1 . 1910. 1909. 1908. 1 9 0 7 . s h o w . S 8 S S 8 S RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND Buff Roch & P 9 7 0 ,7 9 1 9 0 0 ,4 1 8 8 3 2 ,5 7 5 819,520 026,939 7 7 1 ,0 6 3 FROM JANUARY 1 TO SEPTEMBER 30 1912, 1911 AND 1910. C h ic I n d & L o u 6 2 1 ,0 0 2 5 9 9 ,1 4 8 576,803 538,704 485,235 539,700 Grand '1 runk.l GrTrk W__ t September. Since January 1 . 4 ,7 5 9 ,2 8 2 4 ,4 0 9 ,5 5 9 4 ,1 0 7 ,9 5 5 3,949,004 3,534,830 4 ,0 4 9 ,9 2 3 D G II * M | Canada Atlj 1 9 1 2 . 1 9 1 1 . 1 9 1 0 . 1 9 1 2 . 1 91 1. 1 9 1 0 . Illinois Cent.c. 6 5 ,5 1 9 ,7 2 0 65,222,386 65,318,924 a 4 ,7 9 1 ,5 7 9 a4,830,208 5,405,906 T o l P e o r & W . G a l v e s t o n ...... b a le s . 017,582 543,071 501,051 2,089,443 1,422,787 1 ,3 1 5 ,2 2 3 1 2 1 ,7 6 0 111,026 122.521 105,187 104,526 116,136 T o l S t L & W . Port Arthur, 6 5 ,8 5 7 3 1 ,4 2 3 1 6 ,5 6 3 3 9 5 ,1 0 1 3 0 1 ,4 0 2 1 2 4 ,4 2 0 3 3 9 ,0 9 4 3 2 5 ,0 5 1 320.008 317,131 292,271 388,457 &c____ W a b a s h ______N e w O r le a n s ...... 4 4 ,8 9 0 5 2 ,8 3 2 4 5 ,. 49 8 5 1 ,8 0 0 6 9 3 ,3 3 9 6 5 5 ,3 9 4 2 ,8 4 7 ,7 0 1 2 ,5 8 2 ,5 7 0 2 ,7 3 8 ,8 3 5 2,545.469 2,319,900 2 ,4 9 8 ,8 9 9 M o b i l e ______2 1 ,5 4 1 2 7 ,2 1 4 18,211 174 .7S 4 8 0,1 01 1 0 3 ,7 1 4 T o t a l ...... Pensacola, & c ______3,408 13,823 804 182,988 102,235 0 0 ,1 1 9 1 5 ,1 8 5 ,9 5 0 14,150,704 14,023,021 1 3 ,0 0 6 .5 9 4 1 2 ,1 9 3 ,9 1 5 1 3 ,7 7 0 ,1 4 4 S a v a n n a h ...... 152,003 307,850 2 1 1 ,1 0 0 9 7 2 ,5 7 1 7 1 0 ,0 6 4 4 7 5 ,2 0 0 Brunswick...... 4 0 ,2 7 5 4 3 ,2 5 0 2 0 ,0 1 1 205,339 120,311 0 0 ,4 2 8 a No longer includes receipts from outside operations. C h a r le s to n ...... 45,30.5 6 5 ,4 3 8 3 3 ,9 2 4 101,980 104,328 7 4 ,8 0 0 G e o r g e t o w n ______3 5 3 8 9 756 827 b No longer includes receipts for hire of equipment, rentals and other items. W ilm in g t o n ...... 46,249 54,194 4 8 ,2 2 1 2 3 0 ,1 7 8 1 2 9 ,8 3 0 9 0 ,1 0 9 c Includes earnings of the Indianapolis Southern beginning with . N o r f o l k ...... 3 2 ,o S l 5 2 ,2 0 9 2 0 ,9 3 8 3 2 3 ,7 9 3 190,507 200,771 Newport News, &c ___ 1,391 128 294 30,233 1,268 7,563 EARNINGS OF SOUTHERN GROUP.

T o t a l ...... 1 ,0 7 4 ,2 7 7 1 ,2 4 8 ,5 1 7 9 2 3 ,5 6 4 5,624,605 3,868,92S 3,174,634 September. 1 9 1 2 . 1 9 1 1 . 1 9 1 0 . 1 9 0 9 . 1 9 0 8 . 1 90 7.

S 8 S $ $ $ W hile in the case of some of the roads we are com­ Alabama Gt So 411,227 3 9 8 ,4 0 1 3 7 7 ,7 9 0 3 2 9 ,0 7 4 2 8 0 ,0 0 6 3 4 5 ,5 5 2 Ala N O & T P --- • paring with diminished earnings last year, this is not NO & NE-. 293,346 2 8 8 ,6 0 4 2 8 5 ,9 3 5 2 8 0 ,1 1 0 2 4 5 ,6 7 0 2 4 4 ,0 0 0 A la & V ic k s . 1 4 5 ,0 8 0 1 3 9 ,7 0 3 1 5 1 ,87 3 1 3 7 ,9 0 1 1 2 0 ,0 6 7 1 3 1 ,0 9 5 true of the roads taken collectively. Our early state­ V ic k s S h & P 1 3 1,438 1 1 0 ,7 9 3 1 2 0 ,5 5 8 1 2 5 ,.0 4 1 1 2 ,6 3 0 1 3 8 ,3 4 0 A tl B h a m & A (4294,785 2 9 4 ,7 8 5 2 2 1 ,0 8 4 2 1 6 ,1 8 4 1 5 4 ,3 5 9 1 7 1 ,1 5 4 ment last year, comprising substantially the same com ­ Cent of Georgia 1,176,900 1,284,400 1,059,807 1,004,932 1 ,0 1 4 ,0 0 8 1 ,0 4 6 ,7 5 0 d i e s & O h io _c 2,887,508 2,950,357 2,961,332 2 ,7 3 2 ,2 7 5 2 ,3 0 8 ,9 9 9 2 ,5 4 1 ,3 2 8 C in NO&TP 838,036 849,056 806,652 7 0 4 ,4 2 9 6 5 1 .9 8 8 7 7 6 ,5 2 5 panies now represented, showed $2,302,158 increase, L o u & N a s h . 6 . 4,835,845 4,750-,058 4 ,0 1 0 ,1 7 1 4 ,2 0 7 ,7 9 2 3 ,9 5 4 ,0 4 8 4 ,1 8 9 ,2 7 7 M o b ile & O h io 951.940 910,330 878,481 838,814 783,664 8 9 0 ,9 9 0 of which $1,317,104 was contributed by the three Seab’d Air L__ 1,745,889 1 ,8 3 7 ,5 5 0 1 ,0 1 1 ,7 2 9 1 ,5 4 3 ,9 2 1 1,250,842 1,329,020 Southern R y. . 5 ,5 0 5 ,1 1 2 5 ,4 2 4 ,2 5 4 5 ,0 3 6 ,0 1 2 4,839,095 4,406,693 4,898,204 Canadian systems, leaving $985,054 as the gain for the Yazoo & M V. 850,443 781,779 791,358 763,143 a 7 0 4 .6 0 1 7 9 6 ,6 2 8

roads in the United States. In 1910 our early state­ T o t a l ...... 20,071,155 20,020,796 1 8 ,9 1 9 ,3 8 2 1 7 ,9 9 9 ,4 1 4 1 6 ,0 0 1 ,4 4 7 1 7 ,4 9 9 ,5 3 5 ments showed $2,487,898 increase, or 3.81% . In Sep­ a Includes, beginning with this year, some large items of income not previously tember 1909 the improvement was of larger propor­ Included in monthly returns. b Includes Louisville & Atlantic and the Frankfort &ICincinnati in 1912, 19I1| tions, the increase reaching $6,613,195, or 11.91%. 1910 and 1909. But that, of course, followed a loss in 1908, the falling- c Includes Chesapeake & Ohio of Indiana, beginning July 1 1910. d September 1912 not yet reported; taken same as last year. off then by our early statement having been $3,986,­ EARNINGS OF SOUTHWESTERN GROUP. 202, or 5.78%. Prior to 1908 the September record ol earnings was one of continuous improvement, as September. 1912. 1911. 1910. 1909. 1 9 0 8 . 1 9 0 7 . will appear from the statement we now annex giving S S S S 8 •S Colo & South*. 1 ,2 4 5 ,4 9 7 1 ,2 8 8 ,5 9 8 1 ,5 3 7 ,1 0 2 1 ,4 0 3 ,6 0 0 1 ,2 8 2 ,5 8 2 1 ,2 6 9 ,7 2 7 the September comparisons for all the years back to Denv & Rio G. 2 .4 2 7 .0 0 0 2 ,2 8 5 ,3 0 0 2 ,2 5 7,G 11 2 ,3 ; 1,7 3 9 1 ,9 7 7 ,2 9 3 2 ,0 5 9 ,3 2 1 Internet & G N 1 .1 9 0 .0 0 0 1 ,0 0 0 ,0 0 0 9 1 0 ,0 8 5 8 3 3 ,7 9 9 7 2 5 ,6 3 3 6 4 5 ,6 1 2 1 8 9 6 . Mo Kan & T.a 2 ,8 8 0 ,3 9 5 2 ,6 0 4 ,2 9 5 2 ,6 5 4 ,0 5 4 2 ,4 7 5 ,8 1 9 2 ,3 7 1 ,7 4 7 2 ,2 7 8 ,65S M o P a c ific _____ 5 .1 9 0 .0 0 0 4 .7 5 3 .0 0 0 4 ,7 3 9 ,7 5 7 4 ,6 0 3 ,8 3 8 4 ,1 0 6 ,9 6 6 4 ,4 0 8 ,8 0 1 St Louis So W . 1 .1 1 6 .0 0 0 1 .0 0 6 .0 0 0 1 ,0 3 3 ,4 8 0 9 7 2 ,9 2 7 9 0 4 ,2 5 3 9 4 4 ,9 2 2 Texas & Pac.. 1 ,4 8 8 ,8 0 1 1 ,4 1 9 ,6 5 5 1 ,3 9 0 ,5 0 1 1 ,3 1 8 ,7 4 4 1 ,1 9 2 ,8 8 8 1 ,3 0 2 ,0 7 5 M ile a g e . Gross Earnings. Eg1 T o t a l ...... 1 5 ,5 4 3 ,6 9 3 1 4 ,4 5 2 ,8 4 8 14,522,650 13,800,466 12,561,362 1 2 ,9 0 9 ,1 1 6 Y e a r Y r .P r e ­ I Ti­ Y e a r Y e a r In c r e a s e (+ ) G iv en . ced in g . er’s e . G iv en . P rec ed in g . or D ecrea se (— ). * Excludes Colorado Springs & Cripple Creek District in 1912; in Sept. 1911 the Y e a r . R oails M U es . M U e s . % $ S S % earnings of that road were 850,124. 1 8 9 0 ____ 117 9 0 ,4 5 6 8 9 ,0 9 6 0 .8 5 41,561,327 42,050,082 —495.355 1 .1 8 1 8 9 7 _____ 128 9 5 ,8 0 5 9 4 ,4 2 2 1.52 4 9 ,7 2 0 ,7 5 3 4 3 ,3 3 3 ,1 9 8 + 0,387,555 14.74 a Includes the Texas Central in 1912, 1911 and 1910. 1 8 9 8 _____ 123 9 1 ,5 1 7 9 0 ,8 1 8 0 .7 7 4 7 ,1 0 5 ,0 9 4 4 4 ,3 7 9 ,1 9 0 + 2,725,898 0 .1 4 1 8 9 9 ____ 111 9 5 ,7 0 0 0 4 ,5 0 3 1.20 58,082,534 5 3 ,0 0 1 ,3 3 6 + 5,078,198 10.71 W e now add our detailed statement for the month, 1 9 0 0 ____ 101 9 6 ,1 6 5 9 2 ,9 0 2 3 .5 1 5 8 ,2 7 0 ,5 8 8 5 7 ,1 7 3 ,5 4 5 + 1 ,0 9 7 ,0 1 3 1.92 1 9 0 1 ____ 9 0 1 0 1 ,1 0 5 9 9 ,2 0 4 1.98 6 6 ,4 9 1 ,4 6 0 5 9 ,9 0 2 ,0 2 8 + 0 ,5 2 8 ,8 3 2 1 0 .8 8 comprising all the roads that have thus far furnished 1 9 0 2 ____ 72 89,080 88,083 1.82 0 1 ,0 5 4 ,0 2 0 5 0 ,2 7 8 ,2 1 3 + 5 ,3 7 0 ,4 1 3 9 .5 5 1 9 0 3 ____ 73 9 0 ,1 8 3 8 8 ,7 0 3 1.07 0 8 ,1 9 2 ,9 1 9 0 3 ,7 4 8 ,3 0 8 + 4 .4 4 4 ,5 5 1 0 .9 7 comparisons for the month of September. 1 9 0 1 ____ 6 6 8 3 ,5 9 2 8 1 ,0 2 3 2 .4 1 0 1 ,5 8 9 ,5 0 0 5 9 ,1 2 4 ,4 7 8 -r 2,105,088 4.10 1 9 0 5 ____ 55 80,859 79,023 2.32 01,549,070 5 8 ,0 4 5 ,7 5 2 + 3 ,5 0 3 ,9 2 4 0 .0 3 GROSS EARNINGS AND MILEAGE IN SEPTEMBER. 1 9 0 1 ------08 9 2 ,8 3 9 90,527 2.55 79,890,083 7 3 ,2 9 0 ,4 1 7 + 0,000,200 9 .0 1 1 9 0 7 ____ 55 7 3 ,4 8 2 7 2 ,0 0 8 1.12 5 0 ,3 1 7 ,2 2 9 5 2 ,1 7 2 ,4 8 0 + 4,144,749 7 .9 5 1 9 0 8 ------53 83,157 81,908 1.52 0 4 ,9 2 5 ,9 0 5 08,912,107 — 3,980,202 5 .7 8 Gross Earnings. Mileage. 1 9 0 9 ...... 49 77,400 70,330 1.48 02,138,040 5 5 ,5 2 4 ,8 4 5 + 0 ,0 1 3 ,1 9 5 11.9 1 Name of Road. 1 9 1 0 ____ 50 84,994 82,163 3.43 0 7 ,7 0 2 ,3 7 7 0 5 ,2 1 4 ,4 7 9 + 2 ,4 8 7 ,8 9 8 3 .8 1 Inc. (+ ) or 1911 . 49 8 3 ,8 8 9 82,099 2.00 07,190,814 0 4 ,8 8 8 ,6 5 0 + 2 ,3 0 2 ,1 5 8 3 .6 3 1912. 1911. Dec. (— ). 1912. 1911. 1 9 1 2 _____ 4 0 8 5 ,9 0 1 8 4 ,3 5 6 1.83 75,580,043 .70,591,572 +4,988,471 7.09 S $ $ J a n . 1 to S ep t. 3 0 — Alabama Great South 411,227 398,461 + 12,766 309 309 1 8 9 0 ____ 111 8 8 ,2 2 3 8 7 ,4 6 4 0 .8 0 326,903,450 312,929,980 + 1 3 ,9 7 3 ,4 7 0 4 .4 0 Ala N O & Texas Pac 1 8 9 7 _____ 124 95,250 93,807 l .54 350,545,809 343,500,208 + 1 2 ,9 8 5 ,5 4 1 3 .7 8 New Orleans & N E 293,346 288,664 +4,682 195 195 1 8 9 8 ____ 122 91,475 90,770 0.77 356,283,597 319,888,352 +30,395,245 11.37 Ala & Vicksburg... 145,680 139,703 +5,977 142 142 1 8 9 9 ____ 108 9 5 ,1 8 1 9 4 ,0 2 0 1.23 435,131,215 399,525,997 + 35,005,218 8 .9 1 Vicks Shrev & Pac. 131,438 110,793 + 17,645 171 171 1 9 0 0 ____ 101 9 6 ,1 6 5 9 2 ,9 0 2 3 .5 1 470,582,005 423,590,720 +40.991,879 11.09 Ann Arbor------t/135,830 1/143,529 — 7,699 292 291 1 9 0 1 ------93 1 0 0 ,49 2 9 8 ,5 3 1 1.99 525,841,522 475,815,805 + 50,025,057 10.51 Bellefontc Central----- 6,771 6,307 +464 27 27 1 9 0 2 ------72 8 9 ,0 8 0 8 8 ,0 8 3 1.82 489,250,535 451,747,198 + 37,509,337 8 .3 3 Buffalo Roch & Pitts. 976,791 900,418 + 76,373 573 568 1 9 0 3 ____ 75 9 0 ,1 8 3 8 8 ,7 0 3 1.07 501,854,388 500,075,914 -f 61,778,474 1 2 .3 3 Canadian Northern__ 1,671,500 1,576,400 + 95,100 4,297 3,711 1 9 0 1 ------66 8 3 ,5 9 2 8 1 ,6 2 3 2 .4 1 481,050,242 483,274,172 — 1 ,6 2 3 ,9 3 0 0 .3 3 Canadian Pacific__ __ 11,322,000 9,834,000 + 1,488,000 11,178 10,542 1 9 0 5 ------55 8 0 ,8 5 9 7 9 ,0 2 3 2.32 484,597,911 452,258,707 + 32,339,204 7 .1 5 Central of Georgia----- 1,176,900 1,284,400 — 107,500 1,915 1,195 1 9 0 6 ------68 9 2 ,8 3 9 9 0 ,5 2 7 2.55 057.972.747 574,280,788 + 83,085,959 1 4 .5 7 Chesapeake & Ohio__ 2,887,508 2,950,357 — 62,849 2,299 2,242 1 9 0 7 ____ 55 7 3 ,4 8 2 7 2 ,0 0 8 1 .1 2 474,839,840 429,010,380 +45,199,400 10.5 2 Chicago & Alton . ----- 1,353,148 1,338,728 + 14,420 1,020 1,026 1 9 0 8 ------51 8 2 ,5 0 0 8 1 ,2 5 1 1.53 480,007,901 575,319,572 — 88,051,011 15.41 Chicago Great W est.. 1,218,934 1,207,118 + 11,816 1,496 1,496 1 9 0 9 ------47 7 7 ,1 4 7 7 6 ,0 0 9 1.42 400,976,509 417,970,108 + 49,000,401 11.72 Chic Indianap & Louis 621,602 599,148 +22,454 616 616 1 9 1 0 .. . . 49 8 4 ,2 5 4 8 1 ,5 0 3 3 .3 7 555,870,009 487,758,708 + 08,111,901 13.90 Cin N O & Tex Pac . . 838,036 849,056 — 11,020 336 336 1 9 1 1 - . - - 49 8 3 ,8 8 9 8 2 ,0 9 9 2 .0 0 532,990,303 524,245,530 + 8,744,833 1.74 Colorado & Southern. 1,245,497 1,288,598 — 43,101 1,814 2,008 1 9 1 2 ------4 0 8 5 ,9 0 1 8 4 ,3 5 6 1 .8 3 639,911,375 500,204,203 +47,108,856 7 .7 3 Denver & Rio Grande 2,427,000 2,285,300 — 141,700 2,598 2,555 Detroit & Mackinac- - 100,115 103,796 — 3.G81 418 358 Note.— Neither the earnings of the Mexican roads nor the mining operations Duluth So Sh & A tl.. 301,237 283,457 + 17,780 621 612 of the anthracite coal roads are Included In this table. Georgia South & Fla.. 197,810 208,650 — 10,840 395 395 Grand Trk of Canada! To complete our analysis we subjoin the following Grand Trk W e st..) 4,759,282 4,409,559 +349,723 4,533 4,524 Ilct G rH av* Milw six-year comparisons of the earnings of leading roads, Canada Atlantic.-J Great Northern...... 7,554,405 6,549,357 + 1,005,048 7,482 7,344 arranged in groups. Illinois Central------5,519.720 5,222.386 + 297,334 4.763 4,763

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place when extracted, plus the cost of extraction and the several other items Gross Earnings. Mileage. which are properly allowable under the statute as against the proceeds Name o[ Roacl. therefrom , will, In practically all instances, leave little or nothing as the Inc. (+ ) or net Income to be assessed by the Government. Of course, the results of 1912. 1911. Dec. (— ). 1912. 1911. a given construction arc not to be calculated with if the intent of the statute $ S $ is plain, and if the statutory intent is clear that such corporations arc Internat & Grt North. 1,196,000 1,006,000 + 190,000 1,160 1,160 Louisville & Nashville 4,835,845 4,750,658 + 85,187 4,718 4,705 exem pt the result is not a matter of judicial concern. At the same time, Midland Valley_____ 147,830 123,886 +23,944 373 323 in determ ining what is the meaning of a ststute, the effect of a construc­ Mineral Range.. . __ 65,331 61,081 + 1,250 127 127 tion contended for is of some relevancy as throwing light upon the Con­ Minneap & St Louis.) 896,574 721,400 + 175,174 1,585 1,585 gressional intent. We have here a class of corporations which owe t ioir Iowa Central____ J Mo Kans & Texas.a . 2,380,395 2,694,295 + 186,100 3,399 3,399 possession of property at all to a very liberal system of our Governm mt, Missouri Pacific.. . . . 5,190,000 4,753,000 + 437,000 7,233 7,233 by which mining property is acquired, being 3imply by possession, develop­ Mobile & Ohio_____ 951,946 910,330 + 41,616 1,1 14 1,114 m ent, and final paym ent of what Is in m any cases an Insignificant am ount Nevada-Cal-Oregon . 40,011 37,670 +2,341 237 181 as com pared with the value of the property. Wc arc also dealing with a Rio Grande Southern. 52,569 47,586 + 4,983 180 180 St Louis Southwestern 1,116,000 1,006,000 + 110,000 1,609 1,499 class of corporations to whom the use of the corporate functions is perhaps Seaboard Air Line___ 1,745,889 1,837,556 — 91,667 3,070 3,046 of more value and importance than in any other branch of Industry. Southern Railway__ 5,505,112 5,424,254 + 80,858 7,034 7,089 Mining Is essentially a class of activity which owc3 its life to aggregate Tenn Ala & Georgia.. 9,965 9,984 — 19 9 5 95 Texas & Pacific . __ 1,488,801 1,419,655 + 69,146 1,885 1,885 contributions rather than individual enterprise. The statute, which Toledo Peoria & West 121,760 111,026 + 10,734 247 247 finds its justification in the pow er to tax the carrying on or doing business, Toledo St L & West. 339,094 325,651 + 13,443 451 451 is peculiarly applicable to mining corporations In which the corporate W abash...... 2,847,701 2,582,576 + 265,125 2,514 2,514 function is of such value. Viewing the m atter from these two standpoints, Yazoo & Miss Valley. 850,443 781,779 + 68,664 1,374 1,374 therefore— one the source from which the property com es and the other the Total (46 roads)__ 75,580,043 70,591,572 + 1,988,471 85,901 84,356 value of the corporate life— there results an initial presum ption that Con­ Net increase (7.09%). gress had in mind this class of corporations along with others, and that Mexlcan Roads (not in eluded in to tal) — unless the terms of the statute otherwise dem onstrate, they are to be con­ Intcroceanic of 601,869 669,165 — 67,296 1,030 1,034 Mexican Railway.. 2/514,700 2/443,100 + 71,600 395 361 sidered as included within the provisions of the Act. National Rys of Mex.x 5,281,110 5,287,218 — 6,108 6,062 6,001 The ordinary definition of depreciation is the lessening of value. As applied to mining properties the word carries with it, as in the case of any a Includes the Texas Central In both years. other business, the idea of deterioration in visible Improvements, such as x Now Includes Mexican International in both years. mills and other surface structures and perhaps the underground improve­ y These figures are for three weeks only In both years. ments, so far as they are put in by the hand of man, and, therefore, speak­ ing popularly, when wc think of depreciation in mining properties, we think of a lessening in value by time, or perhaps by accident, of the physical elements which go to develop and to improve the property. Now, dots this BANKING, FINANCIAL AND LEGISLATIVE NEWS. meaning, commonly entertained and accepted and which is common to — The public sales of bank stocks this week aggregate 433 every class of corporations, become enlarged in case of mining companies, shares and were all made at the Stock Exchange. Of the so as to make the extraction of ore likewise an clement of depreciation? The Court's view is that It docs not. This conclusion is in part Induced by total number of shares sold all but 10 shares were of National the reasons which have been above discussed in connection with the term Bank of Commerce stock at 209-210. No trust company “ net income” and in part by the peculiar nature of the mining business. The latter is sui generis. It lives by dying. It Is a business that is In­ stocks were sold. trinsically uncertain. The segregation of part of a stock of goods is a Shares. BANKS— New York. Low. High. Close. Last previous sale. definite detraction from the whole. The excavation of a body of ore, *10 City Bank, National______445 449 449 Oct. 1912— 450 however, may reveal other bodies and result in immeasurable increment. •423 Commerce, Nat. Bank o f . . . 209 210 210 Oct. 1912— 209H The taking out of ore, while in a sense a depreciation from the body, very * Sold at the Stock Exchange. often leads to the revealing of still larger bodies, and thus results not In a lessening of the value of the claims, but in a great Increase in such value. — Under a decision of the District Court of the United Mining excavation, when properly conducted, Is very often more a develop­ States for the District of Colorado bearing on the corpora­ ment than a waste or a detraction. As applied to this class of corporation, tion tax law in so far as it affects mining corporations, it having as its purpose to exhaust—It may be a year hence ora hundred years hence— the body of ore for prollt, the mere fact that ore may be extracted, is held that in determining net income the value of the ore does not, in my Judgment, make the value of such ore an element to be extracted cannot be charged off as depreciation. This is classed and deducted as a depreciation of the property. The Court, contrary to the view of Judge Lacombe of the United States therefore, holds as to this second provision of the statute that the extrac­ tion of ore does not constitute a credit in favor of mining companies upon District Court in New York, who in a decision last May the account between them and the Government when this excise tax is to held that mining companies were entitled to deduct from be assessed. their gross income a reasonable amount for the depreciation The further contention that the excise tax is a tax upon the of their property resulting from the withdrawal of ore. The co rp u s of the estate and thus a direct tax within the prohi­ latest decision is published in the Treasury Department’s bition of the Constitution is not sustained. weekly— “ Treasury Decisions”— of Sept. 19. It was handed — An action was begun this week to test the Constitu­ down in the case of Stratton’s Independence (Limited) vs. tionality of the provisions in the Post Office Appropriation E. W . Ilowbert, Collector of Internal Revenue. In the Bill under which daily newspapers are required to file with view of Judge Polk, who handed down the decision in the the Postmaster-General statements regarding circulation, case, the net income of a mining company is the value of and newspapers and periodicals in general are called upon the ore extracted after deducting the cost of extraction and for information as to ownership and are obliged to label treatment, and cost of administering the company, and after as advertisements editorial or other reading matter for a reasonable reservation for contingencies. On that point which money or other consideration is accepted. The the Court says: suit has been brought by the Journal of Commerce and Com­ As to what Is meant by the words “ net Income," the relevancy of this, mercial Bulletin Co. (publishers of the daily “ Journal of results, of course, from the fact that the statute imposes an excise tax of 1% on such net income. Does “ net Income” as thus used, contemplate Commerce” and “ The Review,” a weekly), and has the en­ an allowance In favor of the company for ore In place extracted from the dorsement of the American Newspaper Publishers’ Asso­ property, or Is it to be determined without such allowance? According to ciation, of which the complainant is a member. Morris &. ordinary understanding it is undoubtedly true that In the operation of such corporations the ore extracted Is not deemed an clement to be reck­ Plante of this city, attorneys for the association, are the legal oned with In determining the net income. In popular sense the net income representatives for the plaintiffs in the action. The de­ of mining properties Is the value of what is extracted after deducting the fendants named in the suit are Frank Hitchcock, Postmaster- cost of extraction and treatment, and the cost of administering the company which may be conducting the operations, and finally after a reasonable General; George W . Wickersham, U. S. Attorney-General; reservation for contingencies. This is true not only as a matter of general Edward M. Morgan, Postmaster at New York, and Ilenry S. understanding, but has been held uniformly by the courts to be a proper rule In determining whether or not a dividend is declarable by such compa­ Wise,New York District Attorney. Commenting on theaction, nies. The doctrine as deduced from People vs. Roberts (156 N.Y., 585), Robert C. Morris, one of the attorneys for the plaintiffs, said: Morawetz on Private Corporations, section 442, and other authorities, is The proceeding Is of far-reaching Importance, not only to newspapers that the net income of a mining property for the purposes of dividends and other publications, but to all persons, In that it will demonstrate does not take Into account so-called waste of the property by reason of whether the Government has power to Inquire Into and make public their the extraction of ore in place, but that such Is to be determined by a com­ private affairs by means of an Inquisitorial law. The law Is more far- parison of the proceeds of the company, after a deduction for operation, reaching than any other of tills character which has been enacted, and docs expenses of the company and such reasonable contingencies as may in the not possess the justification of the right of the Government to Inquire Into light of experience be expected. The following English cases, cited by private business affairs for the purpose of regulating commerce or Imposing the United States Attorney, are in point upon this: The King vs. Atwood excise. (30 Revised Reports, 322); Lee vs. Ncwchatcl Asphcltc Co. (41 Chancery In my opinion the law Is Illegal and void because It Is beyond the power of Dlv., p. 1); Coltness Iron Co. vs. Black, assessor (Cth Appealed Cases, p. Congress to enact and Is In contravention of the Constitution of the United 315); Wllmer v. McNamara & Co. (Ltd.) (1895, Second Chancery, p. 245). States, as It Is a deprivation of liberty and property without due process of If, therefore, the net income is not affected for the purposes of the divi­ law, denies equal protection of the law and abridges the freedom of the press. dends by the amount of ore extracted, neither should it be affected by It is charged that the legislation is in conflict with the First that circumstance for the purpose of an excise tax. Wc conclude, there­ and Fifth amendments of the Federal Constitution, and fore, that the words “ net income” do not carry with them any contempla­ tion of law that there shall be such a deduction as plaintiffs here claim. therefore, being unconstitutional, is void, and can have no On the question of depreciation Judge Polk says: force or effect, and an order restraining the defendants from Coming now to the second provision of the statute and the one upon attempting to enforce it is asked for. In setting forth its which the argument ha3 largely been rested, does the provision requiring “ a reasonable allowance for the depreciation of property” require a deduc­ complaint, the plaintiff states that it has more than §1,000,­ tion for ore In plaec extracted therefrom? It Is claimed by the plaintiff 000 invested in its daily and weekly publications, which have that this provision distinguishes the case from the American and English w'de and favorable reputations as advertising mediums; the authorities above referred to. This contention, if sustained, Is of far- i reaching effect. Its practical result will be to free mining companies from I denial of the use of the mails for the circulating of the two any substantial obligations under this statute, since the value of ore in I publications (the penalty for failure to file the required state-

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ments) would, it states, result in the loss of its subscription bank-deposit-guaranty law passed by the Colorado Legisla­ list, and the loss in the annual sales of many thousands of ture in 1910, which was to have been submitted to a vote of copies of the newspaper and much advertising patronage. the people at the November election. In an action brought It is furthermore asserted that, in addition to the newspapers several months ago, A . E . Carlton, a banker of Cripple Creek, owned and published by the Journal of Commerce and Com­ asked for an injunction restraining James B. Pearce,Secre­ mercial Bulletin Co., upwards of 25,000 newspapers, maga­ tary of State, from publishing the bill, with a view to referring zines and periodicals arc published in and throughout the it to a vote of the people. Judge Shattuck overruled the United States, each of which is doing a large and thriving demurrer of State Attorney-General Girffith, and granted a business, and together (he owners thereof have made in­ permanent injunction in response to the complainant’s vestments in this country of cash aggregating many millions request. Mr. Carlton contended that the bill had gone of dollars, and each and all of them are equally affected by through the House illegally, alleging that it had failed the legislation. The complaint further says that the com­ to receive a majority vote as required by the constitu­ pany has never disclosed the circulation of its publications tion. He argued that its publication would be a needless to the public or to officials of the Governm ent, except in so far expense, mainly because, even if endorsed at the election, it as necessary to secure entry of the daily newspaper and in­ was illegal. The “ Denver Republican” states that Attorney- surance weekly as second-class matter, and adds that: General Griffith has expressed himself as satisfied with Judge Neither the United States of America nor the Post Office Department Shattuck’s decision, and the bill will not be given a place nor the officials thereof nor the public at large have any Interest In knowing or having furnished or published to It or them the circulation of the on the ballot. complainant's publications or the average of the number of paid subscrib­ Lewis E. Pierson has resigned as President of the ers to either thereof for the six months preceding the first day of October 1912 nor for any other period, nor Is said Information or statement thereof Irving National Bank of this city to become a member of material or necessary to aid or assist In the operation of the Post Office De­ the wholesale grocery firm of Austin, Nichols & C o . M r . partment, or In the carrying of the malls or In the regulation thereof, nor docs the same have anything to do with or bear any relation to the regula­ Pierson has taken the interest of Thomas W . Ormiston, who tion of the mall or the carrying of mall matter of the second class. retires from business after thirty-three years of active service Similar arguments arc entered against the provision calling with the firm. Mr. Pierson will continue with the manage­ for the names of stockholders, bondholders, mortgagees or ment of the Irving National as Chairman of the Board. other security holders. W ith regard to the requirement affect­ He became President of the Irving in 1907 when the ing editorial or other reading m atter, the complainant says: Irving and National Exchange banks were consolidated. Your complainant does not publish In Its newspaper any advertisements He had previously been President of the latter. as editorial or reading matter, but It does publish In Its said newspapers reading notices and other reading comment, criticisms or reviews for which — rIhc International Banking Corporation, GO W all Street, either directly or Indirectly some valuable consideration Is frequently paid, in its twentieth semi-annual statement of date June 29 (pub­ accepted or promised, and some or all of which are not marked "advertise­ ment.” That all such matters arc matters of business arrangement or of favor lished in the “Chronicle” f last Saturday), reports deposits or otherwise between your complainant and Its advertisers, or other persons of 20^ million d , made up of $10,278,884 time deposits by whom the consideration Is directly or indirectly promised or paid, or and $10,203, C3 demand deposits. The balance sheet also from whom It Is accepted, and said Act In so far as it prohibits the publica­ tion of any such matter and provides for a penalty for violation by such shows acceptances, bills and accounts payable (including publication has no relation to the operation or regulation of the mall, and loans from and acceptances by London bankers against se­ such provision of said Act Is not necessary or proper to assist the Government curity) of 84,937,295; commercial credit acceptances of or any department or official thereof to' carry out or perform any power or duty entrusted or granted to the United States by the several States •84,140,352; notes in circulation in China of $477,700 and under and by the Federal Constitution and otherwise. $952,644 as due to banks and bankers. Total assets exceed It is also asserted that, as it is the duty of the defendants 38 million dollars— $38,053,483— including cash on hand and ‘‘to commence a criminal prosecution to recover fines and in local depositories of $5,371,561. The capital of the in­ penalties from the complainant, in accordance with the stitution is $3,250,000; it has a surplus of like amount, be­ provision of said Act, your complainant will be subjected sides a profit and loss balance of $558,289. The interna­ to a multiplicity of suits and prosecutions and its property tional character of the institution is indicated in the location will be taken and dissipated by fines, and it will suffer of its branches, which have been established in London, irreparable injury.” In its further argument the complain­ Bombay, Calcutta, Singapore, Manila, Cebu, Hong Kong, ant sets out: Canton, Shanghai, Peking, Hankow, Kobe, Yokohama, San That It Is absolutely necessary for the reasonable and proper enjoyment Francisco, City of Mexico, Panama, Empire, C. Z., and Co­ of Its property and the carrying on of Its business that your complainant should be permitted to continue the use of the mall, and that If It be denied lon. Thomas S. Hubbard is President of the corporation and the privileges of the mall Its publishing plant and business will be ruined H. T. S. Green is General Manager. and Its property thereby rendered worthless and of no value and irreparable njury will be done to It. — Andrew G. Agnew, a director of the Farmers’ Loan & In the absence of such remedy In equity, the penalties In said Act would I rust Co. and a trustee of the Greenwich Savings Bank of be unreasonable and confiscatory and would deprive your complainant of Its liberty and property without due process of law, and would likewise New York, died at his home in New Canaan, Conn., on the deny to it the equal protection of the laws and would abridge the freedom of 6 th in s t. the press, on which account your complainant Invokes the jurisdiction of this Court to protect It against the aforesaid threatened Invasion by the — An assignment was made on Sept. 30 by the Consoli­ defendants of its Inherent rights under and guaranteed by the Constitution dated Stock Exchange house of Blair Brothers, at 20 Broad of the United States. Street, this city. The assignment was made to Albert J. Postmaster-General Hitchcock stated on Thursday that Rifkind; later in the day, however, Oliver L. Goldsmith he had requested Attorney-General Wickcrsham to expedite was named as receiver for the firm in answer to a petition in the suit in every possible way, in the interest of the publi­ bankruptcy filed in behalf of several creditors. The firm cations as well as the Government, lie added: “ Personally was organized in 1907 and was composed of W alter Blair and I have waived the lack of jurisdiction of the New York courts David H. Blair. Louis A. Moos of Moos, Prince & N a t h a n , over a Cabinet officer, that the proceeding may be brought attorneys for some of the creditors, estimated the liabilities to an issue promptly. No merely technical legal obstacles of the firm at over $200,000 and the assets at $25,000. The will be laid in the way of the proceedings.” firm had offices in the building adjoining that of the well- — Advices to the effect that Oct. 12, Columbus Day, is a known New York Stock Exchange house of Blair & Co., a legal holiday in Maryland by legislative enactment, received fact which has long been a source of annoyance to the latter. by Gov. Goldsborough from Attorney-General Poe, has pre­ cluded the necessity for a proclamation by the Governor, — The payment of a third dividend to the creditors of the State Savings Bank of this city was announced by Superin­ in accordance with the custom of his predecessor. tendent Van Tuyl of the State Banking Department. The — As the day is a legal holiday in New York State, it will present distribution amounts to 10% , making an aggregate be generally observed in the financial district. of 40% since the bank closed its doors on Dec. 1 1911, the — Louis Stilwell and his son, Louis Stihvell Jr., of Johnson creditors having received 15% under each of the two pre­ Township, N. Y ., who with five others were arrested on vious declarations. Sept. 6 on a charge of shipping immature veal to this city — A charter has been issued for the Equitable Trust Co. via intcr-State commerce, pleaded guilty on the 9th inst. in of Atlantic City, N. J., with $200,000 capital. Ex-Mayor the U. S. District Court of this city. The elder Stilwell was Harry Bacharach is to be the President of the institution. sentenced to five days on Blackwell’s Island and a fine of S50 was imposed on his son. The sentences of the other five Negotiations are pending looking to a consolidation of the State National Bank of Boston with the Merchants’ who answered to similar charges, were indicated in our issue of last Saturday. National Bank of that city. With this end in view an offer for the sale of their holdings lias been made to the stock­ — Under a ruling given on the 24th ult., Judge Shattuck holders of the State National Bank by Curtis & S a n g e r in of the District Court at Denver holds as unconstitutional the the following letter:

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“ Curtis & Sanger hereby offer to purchase the shares of stock of the State These false entries were made in the teller’s cash book, listing drafts, National Bank held by you, on the following terms: checks and other Items as actual currency. The greater part of this paper “ Upon delivery of the certificates of stock duly endorsed, Curtis & Sanger was drawn on George W. Galbreath, of St. Louis, a brother of the defend­ will pay you therefor at the rate of $200 per share, and will deliver to you 1 ant.” addition a liquidation receipt entitling you to receive such further sum per Former President Galbreath was arrested last May on share as the liquidation of the assets of the bank shall yield in excess of $175 per share, less expenses of liquidation and a commission of $1 00 per charges of misappropriating the bank’s funds. The charges share to be paid to Curtis & Sanger for their services in the matter. developed during the time the affairs of the institution were “ As a part of this offer Curtis & Sanger further offer you the privilege of temporarily in charge of the Cincinnati Clearing-House Asso­ purchasing at $300 per share, one share of the Merchants’ National Bank of Boston for every four shares of State National Bank stock owned by you, ciation. The reorganization of the bank was effected in the present market price of Merchants’ National Bank stock being about J u ly . $305 per ahare. “ This offer is made contingent upon and subject to its acceptance by at — A report that George M. Reynolds, President of the least two-thirds of the total amount of stock of the State National Bank Continental & Commercial National Bank of Chicago, who outstanding.” last week suffered an attack of acute indigestion, would President Alfred L. Ripley of the State National Bank retire from active business, has been denied in the following has also issued a letter to his stockholders in which he says: statement which we take from the “ Inter-Ocean” : “ The directors of the State National Bank, at a special meeting lickl on “Mr. Reynolds denies the slightest foundation for the rumor that has Monday, Oct. 7, voted to accept the above offer for themselves and to rec­ gained currency to the effect that he intends to resign his position as ommend Its acceptance to their stockholders as an exceedingly advanta­ President of the Continental & Commercial National Bank. lie is merely geous one. Tile offer has already met the approval and assent of a ma­ suffering from an attack of indigestion, from which he is rapidly recovering, jority of the larger stockholders.” and he expects to be at his desk in a few days.” More than a year and a half ago— that is, early in 1911— — The Central Manufacturing District Bank of Chicago, a similar movement for the merger of these two institutions organized recently with $250,000 capital, began business was projected. In that instance it was understood that on the 7th inst. It is located at 1112 West 35th Street. control of the Merchants’ National was sought, and that The President is E. E. Payne, who is associated with II. E. offers of $270 per share were made for its stock through Poronto as Vice-President and M. A . Graettingcr, Cashier. brokers. The causes assigned for the suspension of these — The Ogden Avenue State Bank has been organized in negotiations were the strong objections raised by several Chicago with a capital of $200,000; it is reported, that it of the large stockholders of the Merchants’ National and an will take over the business of the Glaser Savings Bank, inability to agree upon the valuation of certain assets, in­ beginning operations about Nov. 1, in the quarters of the cluding the Merchants’ National Bank Building. If the latter. Later it will locate in the new building now in consolidation as now proposed is carried through it is the course of construction at 3616 and 3618 Ogden Avenue. intention to place the State National in liquidation. It is The officers chosen for the new institution are: Benjamin J. reported that there is to be no increase i the capital of the Glaser, President; Clyde C. Amsler and Michael H . Keefe, Merchants’ National, the stock of the !: tter offered to the Vice-Presidents; Arthur C. Amsler, Cashier, and Frank R. shareholders of the State Natio I ”v'ng, it is said, been Curda, Assistant Cashier. The stock is being sold at $110 bought in the open market. Thd Mert . is' National has p e r s h a r e . a capital of $3,000,000, surplus and profits oi 3,098,000 and deposits $14,193,000. The State National has $2,000,000 —The Second National Bank of St. Paul is reported to capital, surplus and profits of $1,768,019 and deposits of have been formally transferred to James J. Hill at a meeting over $10,000,000. Both banks date back a good many of the directors on Thursday. Mr. Hill paid $310 for the years; the reasons actuating those who are seeking to bring stock of the bank (capital $400,000), checks totaling $1,240,­ about their union are the greater facilities which would 000 being tendered in consummating the transaction. be offered by the consolidation and the greater economy W . B. Dean, it is understood, will continue as Acting Presi­ under which business could be carried on through the com­ dent. It is rumored that Mr. Hill is also seeking control b in a t io n . of the First National Bank of St. Paul with a view to con­ solidating the two. The First National has $1,000,000 and — Stephen R. Dow, of the Boston Stock Exchange firm Mr. Hill is reported to have offered $325 per share for its of Stephen R . Dow & Co., which assigned on Sept. 24, was s t o c k . expelled from membership in the exchange on the 2dinst. The action followed the alleged disclosure of unauthorized — C. L. Herring, President of the Herring Motor Car Co., borrowing of money from the mining companies of which has been elected a director of the Dcs Moines National Bank Mr. Dow was President. Mr. Dow appeared before of Des Moines, Iowa. He succeeds W . S. Regur, who re­ the Governing Committee of the Exchange on the 27tli ult., signed because of his removal from the city. when, it is reported, he refused to answer any questions, as — Seven indictments are said to have been returned was his right under the by-law which grants an accused m em ­ against Edward Payne, formerly President of the defunct ber ten days’ time in which to reply to charges. He is Boise State Bank of Boise, Idaho. The charges, it is stated understood to have later waived his rights in the matter, by the “ Idaho Statesman,” allege embezzlement, the mak­ and the action of the Governing Committee in voting to ing of false reports and aiding in making a false entry in expel him without further investigation followed on the the books of the bank. The institution was closed by the 2nd inst. The last previous expulsion from the Exchange State Banking Department on Dec. 19 1911. was that of William Reed in 1886. On Thursday, the — An aggregate of 75% is reported to have been paid to 3d inst., Dow appeared in court in answer to a warrant the depositors of the Capitol National Bank of Guthrie, said to charge the larceny of $103,000 from the Franklin Okla., with the recent distribution of 5% . The bank failed Mining Co. He was released under bonds of $50,000. in April 1904.

The report of the assignee issued on Thursday of this week, — The temporary suspension of dividends by the Central showed total assets (of date Sept. 23) of $142,169, and total National Bank of St. Louis was announced by its President, liabilities of $520,160. H . P. Hilliard, on the 1st inst. The action is due to the desire — Conrad C. Rabbe has been elected Cashier of the of the directors to increase the surplus to 20% of its capital— German Bank of Baltimore. Hejsuccecds Ernest J. Ficlit, that is, to bring it up to $200,000— which would thereby who retired to become associated with the firm of J. Iiar- place it in a position to participate in the privileges of a na­ manus Fisher & Son. For the past eight years Mr. Rabbe tional currency association provided for under the Aldrich had been Secretary and Treasurer of the St. James Savings bill. Under the Sept. 4 statement of the bank its surplus Bank of Baltimore. amounted to $101,027. The institution has been paying 5% — Gustavus Ober Jr. was elected a director and member per annum on its $1,000,000 capital. of the executive committee of the Fidelity & Deposit Co. — The Mississippi Valley Trust Co. of St. Louis is dis­ of Maryland Ave., Baltimore on the 2d inst. to succeed his tributing to its friends a booklet entitled “Ten Talks on father, the late Gen. Robert Ober. Banking Law,” including “Common Sense, the Law and the — An indictment containing twenty-nine counts was re­ Banker,” by William McChcsncy Martin, one of the com­ turned by the Federal GrandjJury on the 3d inst. against pany’s officials; the latter subject is a reprint of an E lm erE . Galbreath, former President of^tlie Second National address of Mr. Martins’ delivered before the 1912 Missouri Bank of Cincinnati. According to the Cincinnati “Enquirer,” Bankers’ Association Convention. As the work treats of the^first nine counts charge the accused with misapplica­ everyday questions such as overdrafts, escrow agreements, tion of funds in the total sum of $41,907; counts 10tol6 raised checks, promissory notes, &c., it ought to prove of charge false entries involving a total of $24,623; counts great interest and be of practical benefit to both banker 16Ato 28 charge the embezzlement of an aggregate of $36,600; and customer. while counts 28 and 29 charge the abstraction of $13,500. —J. Waller Rodes, President of the Phoenix & Third The “Enquirer” says: ...... National Bank of Lexington, Ky., died on tho 25th ult. at

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 945

------September------To Oct. 1------— Frankfort, where he had gone on a business trip. Death Port— 1912. 1911. 1912. 1911. followed two strokes of paralysis which he suffered the pre­ Escanaba _____ 770,974 668,595 4,010,985 3,086,847 Marnuette " ' --- 500,178 307,904 2,507,578 1,568,711 vious day. Mr. Rodes was one of the organizers of the Ashland - 757,764 308,945 3,623,101 1,878,786 S u p e rio r------.2,031,086 1,503,830 11,097,276 7,946,109 Phoenix National Bank.H e served as its Cashier for more than Duluth ...... 1,652,735 1,131,247 % 7,729,187 5,501,364 twenty years, and eventually became its President, having TWO H arbors. . 1 ’ . '. - - - - ______1,508,493 1,130,482 7,310,195 4,855,320 filled this office at the time of the consolidation with the T o t a l______7,287,230 5,231,009 30,338,382 24,837,137 Third National early last year, when he was retained in the presidency of the new organization. Mr. Rodes was Treas­ IW ouctacnE fflom m cvdalgtigtlslxItettra urer of Fayette County for about eighteen years, and had also served as both Deputy Sheriff and Sheriff of the County. English Financial Markets— Per Cable. — A t a meeting on Sept. 26 the stockholders of the Citi- The daily closing quotations for securities, & c., at London, as reported by cable, have been as follows the past week: ens’ Trust Co. of Savannah, Ga., ratified a proposition to Jjondon. increase the capital from $100,000 to $150,000. Week ending Oct. 11. Sat. Mon. Tues. Wed. Ttvurs. Fri. Silver,peroz______d. 29% 29 9-10 29% 29% 29% 29 — The new $1,000,000 capital of the Citizens’ & Southern tf Consols, 2% per cents...... 73 15-10 74 74 73% 73% 73% dFor account______74% 74% 74% 74 74 73% Bank of Savannah, Ga., went into effect on the 1st inst. lhe dFrench Rentes (In Paris) .fr. 90.30 90.12% 90.22 89.52% S9.45)i 88.65 92% 91% 91% amount has been raised from $700,000, in accordance with Amalgamated Copper Co----- 94% 94% 93 % Am. Smelt. & Refining Co— 90% 90% 90% 90 89% 89% plans perfected several months ago. The additional stock 6Anaconda Mining Co______9% 9% 9% 9% 9% 9% Atch. Topeka & Santa Fe__ 114% 144% 114 113% 113% 112% was taken by the existing shareholders at $100 per share. Preferred______.105% 105% 105% 105 105 105 112 112 111% 111 The surplus has likewise been increased to $1,000,000 this Baltimore & Ohio______.112 112% Preferred...... 88% 88% 89 89 S9 S9 278% having been accomplished by the transfer to that item of Canadian Pacific______.285% 285 283% 280% 281% Chesapeake & Ohio...... - 87% 87% 86% 85% 85% 85% $300,000 from the undivided profits. Chicago Great Western----- . 18 18 18 18 18 18 Chicago Milw. & St. Paul.. .116 110% 116% 115% 115% 115% ___The newly organized Macon National Bank of Macon, Denver & Rio Grande------. 24 24 23% 23% 23 22% Preferred______42 42% 42 42 41% 41% Ga., to which extended reference was made in our issue of Erie ------38% 38% 37% 37% 37% 36% 55 55 55% Sept. 21, began business on the 3d inst. in the Georgia Life First Preferred______50 55% 55% Second Preferred------46 40 40 45% 45% 4>% * Building. The institution has a capital of $150,000. The Great Northern, preferred— 144% 145 145 145 144% 142% Illinois Central — ...... 134% 134 134 133% 132% 132% management consists of Richard F. Lawton, President; Louisville & Nashville------167% 168 167% 106% 166% 165% Missouri Kansas & Texas— 31% 31% 31 30% 29% 29% Robert G. Jordan and Jesse B. Hart, Vice-Presidents; Preferred______06% 00% 60% 66% 60 66 40 40 40% Richard E, Findlay, Cashier, and Henry C. King and Ben Missouri Pacific...... 46% 47 40% Nat. RR. of Mex., 1st pref.. 65% 65% 65% 65% 65% 65% S. Heard, Assistant Cashiers. Second Preferred...... - 29% 29% 29 28% 28% 28% N. Y. Central & Hudson Riv.120% 120% 120% 119% 119% 119% — T. M. Wingo is reported to have resigned as President N. Y. Ontario & Western... 38 38% 38 37% 37% 37% 120 120 119% 119% 119% Norfolk & Western______120% 92 of the American National Bank of El Paso, Tex., to become Preferred...... 92 92 Northern Pacific------132% 132% 133% 133*" 132% 130% Vice-President of the Rio Grande Valley Bank & Trust Co. 04% 04% 64 64% 64% aPennsylvania------64% 90% aReading Company...... 90% 90% 90 90 90% of that city. 46 40 46 46 46 a First preferred...... 4o 49% — A second call of 10% on the subscribed capital of $10,­ a Second preferred...... - 49% 49% 29% 29 2S% 28” 27% Rock Island ...... f 114% 000,000 of the Banque Internationale du Canada was made Southern Pacific------“ 6% 116% 116% 115% 115 32% 32 31% 30% 30% Southern Railway------32% 85 by the directors on the 25th ult. The paid-in capital of Preferred______88% 88% 88 87% 87% 179% 178% 177% 178% 178% Union Pacific...... 179% 92 the institution is $1,358,328. Preferred...... - ...... 92% 92% 92% 92% 92 U. S. Steel Corporation...... 81% 81% 89% 80% 80% 80% 119% 119 118% 118% 118% Preferred...... 119% 5 TRADE AND TRAFFIC MOVEMENTS. Wabash ...... 5% 5% 5 5 5 15% 15% 15% 15% 15% Preferred...... ‘ 5% 70 70 ANTHRACITE COAL PRODUCTION.— Notwithstand­ Extended 4s------71 71 70% 70%

ing the scarcity of anthracite coal, the shipments to tide­ a Price per share. 6 £ sterling,' <1 Quota!ions’liero’given are flat prices.______water during September were only 145,561 tons in excess of those for September 1911. The tonnage would have been much greater but for the fact that the men did not work Commercial and BiisccUiuicous|Tctt»3 steadily, the Lehigh Coal & Navigation mines having been National Banks.— The following information regarding closed entirely and work stopped at many other collieries national banks is from the office of^the Comptroller of the for trivial reasons. The following table gives the shipments Currency, Treasury Department: i j i -Li :J by the various carriers for September 1912 and 1911 and for . CHARTERS ISSUED|T01NATIONAL’BANKS[SEPT.'18;TO 24. -1 the periods from Jan. 1 to Sept. 30: jo 265__The First National Bank of Powell, Wyo. . Capital, $25,000 ------September------— Jan. 1 to Sept. 30— lu.^oo mm ■ Pres.. D. c. Robertson, Cashier. Road— 1912. 1911. 1912. 1911. 9,405,102 10 -mg—The First National Bank of Kingsbury, Tex. Capital, $2o,000. Philadelphia & Reading.tons-1,184,594 1,050,942 8,950,472 ’ t a Lvnoh Pres.- W . M. W ood, Cashier. Lehigh Valley______1,168,649 1,004,704 8,287,807 9,347,192 <(l 267__The Farmers’ National Bank of Williamsport, O. Capital, 103,000. Central HR. of New Jersey---- 091,253 700,329 5,830,831 0,657,782 ’“ j>. Hunsicker, Pres.: William T. Ulm, Cashier. (Succeeds Delaware Lack. & Western___ 835,310 849,444 0,354,940 7,305,929 5,408,700 The Farmers’ Bank of Williamsport.) ...... Delaware & Hudson------579,792 016,109 4,530,977 10 268—The First National Bank of Magdalena, N. Mex. Capital, SoO.OOO. Pennsylvania------521,741 459,763 3,948,019 4,043,824 0,642,527 ’ A. F. Kerr, Pres.; Allen Falconer, Cashier. E r ic ...... 083,026 5,303,084 730,130 10,269—The First National Bank of Ashton, Idaho. Capital, $3o,000. Ontario & Western______212,125 193,854 1,023,083 1,905,197 G. E. Bowerman, Pres.; J. A. McDonald, Cashre. (Conversion of The Ashton State Bank.) _ .... ei-AAAn T o t a l...... -.5,876,490 5,730,935 44,835,219 51,370,379 in 270—The Macon National Bank, Macon, Ga. Capital, $150,000. ’ It. F. Lawton, Pres.; R. E. Findlay, Cashier. COPPER PRODUCTION AND CONSUMPTION.— The APPLICATION TO CONVERT APPROVED. statem ent of the Copper Producers’ Association for the month The Bank of Jamestown, Jamestown, Cal., into “ The Union National of September, issued on Tuesday, showed an increase of Bank of Jamestown.” Capital, $25,000. C. A. Belli, correspondent 24 500 869 lbs. in the output of copper over the same month Jamestown, Cal. Natlonal Bank. Macon, Ga. Capital, $150,000. last year, but a falling off of 5,538,702 lbs. from the record- 10,..70 j\ncF;'];lawton( president; It. E. Findlay, Cashier. total of the preceding month. The production was 140,­ VOLUNTARY LIQUIDATION. 089,819 lbs. in September 1912; against 145,628,521 lbs. o______The Kenedy National Bank, Kenedy, Tex., Aug. 23 191-. hi- 8,013 quldating Agent, the Farmers & Merchants’ State Bank of Kenedy. in August and 115,588,950 lbs. in September 1911. Unsold stocks of copper in the United States increased 16,364,213 Canadian Bank Clearings.— The clearings for the week end­ lbs. during the month. Below we furnish a comparison of the various items for the months of September 1912 and ing Oct. 5 at Canadian cities, in comparison with the same 1911 and for the periods from Jan. 1 to Sept. 30 this year and week of 1911, shows an increase in the aggregate of 25.9% . last. We also add figures indicating the European visible Week ending Oct. 5. supply, which last was reduced 3,198,720 lbs. during the Clearings at— m o n t h . Inc. or Dec. -Septernber- — Jan. 1 to Sept. 30­ 1012. 1911. 1912. 1911. 1912. " 1911. Canada— S S % S $ Montreal ...... - 65,929,944 4S,818,954 + 35.0 46,999,0S7 47,721,890 Stpcriod bCSlnn'"bs. 40,701,374 133,441,501 89,454,095 122,030,195 47,148,416 40,714,112j + 15.8 35,060,383 29,899,336 Production ...... 140,089,819 115,588,950 1,158,405,352 1,078,909,o98 Toronto...... 22,090,190 Winnipeg...... 30,561,514 20,138,775 + 10.9 23,601,327 + 27.5 9,892,929 7,746,986 Total supply_____180,791,193 249,030,451 1,247,920,047 1,200,939,793 Vancouver------14,780,480 11,596,985 4,338,115 4,503,818 — 3.7 4,142,320 3,827,930 Deliveries for— , Ottawa...... 2,906,102 2,910,364 Quebec — ...... 3,428,052 2.823,902 + 21.5 Domestic consum. 63,460,810 57,311,584 607,699,090 511,515,048 2,200,209 1,927,397 + 14.5 1,976,075 1,999,469 E xports______60,264,796 50,824,011 577,154,704 548,o29,889 Halifax...... 1,985,259 Hamilton------4,256,518 3,137,914 + 35.7 2,438,332 1.621.950 1,609,799 + 0.8 1,469,022 1,673,120 123,725,000 108,135,595 1,184,854,400 1,060,044,937 St. John...... - ...... 2,098,492 Calgary ...... 5,856,519 4,166,006 + 40.0 2,735,683 4,120,015 2,455,637 + 67.8 1,935,710 1,753,558 Stocks end of period 63,005,587 140,894,850 63,065,587 140,894,850 Victoria...... 1,302,700 London - ...... 1,885,OSS 1,547,249 + 21.9 1,469,953 European visible supply: „ 4,52-.,021 2,685,085 + 68.5 1,481,131 917,045 Beginning period. 102,291,840 149,887,300 128,313,920 187,70o,280 Edmonton------1,159,976 798,440 End of period.. .99,093,120 150,811,000 99,093,120 150,841,600 Regina...... — 2,227,467 1,459,314 + 52.0 Brandon ...... - 550,322 710,179 — 22.3 OS 1,060 + 19.5 401,617 LAKE SUPERIOR IRON ORE SHIPMENTS.— The Lethbridge...... 656,154 549,435 Saskatoon------2,311,299 1,501,579 + 53.9 shipments of Lake Superior iron ore during September were Moose Jaw...... 1,386,441 852,175 + 62.7 7,287,‘230 tons, an increase of 2,056,161 tons over the same Brantford ...... 623,762 523,001 + 19.3 Fort William...... 712,016 409,855 + 73.7 month last year. Below we show the movement from the various ports in September 1912 and 1911 and for the period 199,132,802 158,137,174 + 25.9 to date this year and last:

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

DIVIDENDS. Per When Books Closed. Name of Company. Cent. Payable The following shows all the dividends announced for the Days Inclusive. Miscellaneous (Concluded). future by large or important corporations: Internat. Harvester, com. (quar.) (No 11) IK Oct. lo Holders of rec. Sep. 25a Dividends announced this week are printed in italics. International Nickel, common (quar ) 2 Dec. 1 Nov. 14 to Dec. 2 Preferred (quar.)______1}3 Nov. 1 Oct. 15 to Nov. 1 Internat. Paper, pref. (quar.) ...... K Oct. 15 Holders of rcc. Oct. 2« Internat. Silver prcf..(account accumldiV) el Nov. 15 Nov. 2 to Nov. 15 Per When Inter. Smokeless Powder A Chc.n.. pref 4 Nov. 15 Holders of rcc. Nov. 5a Name of Company. Books Closed. Internat. Steam Pump, pf. (qu.) (j\r0. 54) Cent. Payable. Days Inclusive. IK Nov. 1 Holders of rcc. Oct.19a La Rose Consolidated Mines (quar ) 2)3 Oct. 21 Oct. 1 to Oct. 17 Railroads (Steam). Lehigh Valley Coal Sales (No. 1)._...... 2 A Oct. 21 Holders ol rec. Oct. 10 Atcli. Top. A S. Pe, com. (qu.) (No 30) Dec. 2 Loose-Wiles Biscuit, 2d pref. (qu.)"(No.2) Nov. 1 Centra! RH. of New Jersey (quar > ' IK Holders of rec. Nov. la IK Oct. 10 to Nov. 1 2 Nov. 1 Holders of rec. Oct.21« MacAndrcws A Forbes, common (quar.) 2'A Oct. 15 Holders of rcc. Sept.30a Clev. Cin. Chic. A sr. L., prcf. (quar j ’ Oct. 21 Preferred (qtiar.)______' Oct. 15 Delaware Lack. A Western (quar ) ' " IK Oct. 2 to Oct. 30 l'A Holders of rec.Sept.30a 243 Oct. 21 Holders of rec. Oct. 4a Manufacturers’ Light A Heat (quar.)” ” 1 Oct. 15 Oct. 1 to Oct. 15 Georgia HR. A Banking (quar.)...... 3 Oct. 15 Massachusetts Gas Cos., common (quar.) SI Nov. Grand Trunk, guaranteed...... Oct. 2 to Oct. 14 1 Holders ol rec. Oct. lla 2 Nov. 8 Sept. 21 to Oct. 24 Massachusetts Lighting Cos. (qu.) (No.36) 1 Oct. 15 Holders of rcc. Sep. 15a First, and second preference 243 Nov. 8 Mexican'Light'A Power, Ltd., com. (qu.) 1 Dct. 15 Great Northern (quar.)___ Sept. 21 tp Oct. 24 Preferred ...... Oct. 0 to Oct. 15 IK Nov. 1 Holders of rec. Oct. 17a 3 K Nov. 1 Oct. 13 to Oct. 31 Kansas City Soutiiern, preferred (quar") 1 Oct. 15 Holders of rcc.Sept.30a Mexican Telegraph (quar.)____ IIIIIII 2 V2 Oct. 15 Holders of rec. Sept.30a Minn. St. P. A- S.S.M..com.Apfd.(No.l9) 3 43 Oct. 15 Miami Copper (quar.) (No. 3)______"~ 50c. Nov. 15 Missouri Kansas & Texas, preferred___ Holders of rec. Sept.20a Holders ot rec. Nov. la 2 Nov. 9 Holders of rec Oct.21a Mountain States Telep. A Teleg. (quar.) IK Oct. 15 Holders of rec. Sept.30a N. Y. Central A- Hudson .River (quar.).. l ‘K Oct. 15 National Biscuit, com (quar.) (No. 57) IK Oct. Norfolk A Western, adj. prcf. (quar.) Holders of rec. Sept.20a 15 Holders .of tree .Sept .28a 1 Nov. 18 Holders of rec. Oct.31a National Carbon, common (quar.) ” l'A Oct. 15 Oct. 6 to Oct. 15 Northern Pacific (quar.)...... 1 Nov. 1 National Fireproofing, pref. (quar.)II.I 1 Pitts. Cin. Ch. & St. L., com. A pf. (qu.) IK Holders of rec. Oct. 10a Oct. 15 Holders of rec. Oct. 4 l'A Oct. 25 New York Transit (quar.)______$10 Oct. Reading Company, com. (quar.)...... Holders of rec. Oct. 15a 15 Holders of rec. Sept. 21 IK Nov. 14 Holders of rec. Oct.29a Niagara Falls Power (q u a r.)..T IIIIIII 2 Oct. 15 Holders of rcc. Oct. la St. Louis & San Fran., 1st pref. (guar'). l Nov. 1 Oct. 12 to Nov. 11 Nine Bay Co., preferred (quar.)_I_” ” I 1 Oct. 15 Holders of rcc. Sept. 28 St. Louis Southw., pref. (quar.) (No. 8) l'A Oct. 15 Holders of rec. Oct. Ha Niptesing Mines (quar.)...... 5 Oct. 21 Oct. 1 to Oet. 17 Southern Railway, preferred 2'A Oct. 28 Holders of rec. Oct. 5 Extra ______“ I” " 243 Oct. 21 net. 1 to Oct. 17 Wbstcrn Maryland, preferred (quar.) I III 1 Oct. 19 Holders of rec Oct. 5a Northern States Power, pref. (quar ) IK Oct. 15 Holders of rcc. Sept.30a Street and Electric Railways. Nova Scot lasted A Coal,Ltd.,com. (qu’.j" IK Oct. 15 Holders of rec. Sept. 30 Auburn A Syracuse El. R R „ pref. (qu.) 143 Oct. 15 Holders of rec. Sep.80a Preferred (quar.)______2 Oct. 15 Holders of rcc. Sept. 30 Boston & Suburban El. Cos., pref. (qu.) Si Oct. 15 Holders of rec. Oct. 2o Osceola Consol. Mining (quar.)...... S3 Oct. 251Holders of rec. Sept.28a Brazilian. Trac..L. Brooklyn City RIl. (quar.) 2 Oct. 15 Oct. 2 to Oct. 15 Preferred (quar.)...... I ____ 144 Oct. 15 Holders of rcc. Sept.30a Cin. Newp. & Cov. L. A Trac.,com.(qu.) 1% Pacific Coast Co., com. (quar.)______Nov. Preferred (quar.)...... Oct. 15 Oct. 1 to Oct. 15 143 1 Oct. 19 to Nov. 1 1A Oct. 15 Oct. 1 to Oct. 15 First preferred (quar.)______IK Nov. 1 Oct. 19 to Nov. 1 Columbus (O.) Ry., pref. (quar')...... 1K Nov. 1 Holders of rec. Oct. 15 Second preferred (quar.)...... Nov. Oct. 19 to MOV. 1 Dallas Electric Corp., first preferred . . . 3 Pacific Telep. A Teleg., pref. (quar.)___ Oct. Second preferred...... Oct. 14 Holders of rec. Oct. 8a IK Oct. 1 to Oct. 15 243 Oct. 14 Holders of rec. Oct. 8a Pay-As-You-Enter Car Corp., pref. (qu.). IK Oct. Holders of rec. Oct. 5 Ft. Smith Light A Traction, pref. (quar.) IK Pennsylvania Salt Mfg. (No. 99)______6 Oct. Georgia Rg. & Flee., pref. (quar.)______Dct. 15 Holders of rec. Sept.30a Oct. 1 to Oet. 14 IK Oct. 20 Holders of rec. Oct.10a Pittsburgh;Coal, preferred (quar.)...... l'A Oct. Holders of rec. Oct. 14a Havana Elec. Ry., Lt. & Row., common.. Procter A Gamble, nreferred (quar.)___ P referred...... 2'A Nov. lb Oct. 27 to Nov. 10 Oct. sent. 22 to Oct. 15 3 Nov. 16 Oct. 27 to Nov. 10 Public Serv. Co. of Nor. III., com. (qu .).. 1 Nov. Holders ol rcc. Oct. 21 Jacksonville Trac., com. (quar.) (No. 7)" 1A Preferred (quar.)...... IK Nov. Preferred (quar.) (No. 7)______Nov 1 Holders of rec. Oct. 15a Holders ol rcc. Oct. 21 1 K Nov. 1 Holders of rec. Oct. 15a Quaker Oats, common (quar.)...... 2K Oct. Holders of rcc. Oct. la Lehigh Valley Transit, preferred______1 Preferred (quar.)______Manchester Trac., L. & Pow.,(quar.)___ , y - }0 Holders of rec. OctJila IK Nov. Holders of rec. Nov. la 2 )et,. 15 Holders of rec. Sept.30a Recce Buttonhole Mach, (qu.) (No. 106) 3 Oct. Holders of rec. Oct. 5 Mexico Tramways (quar.)______...... IK Nov. 1 Oct. 13 to Oct. 31 Rhode Isl. Perkins Horseshoe, prcf. (qu ) 1 Milwaukee Elec. Ry.&Lt.,pf.(qu.)(No.52) Oct. Holders of rec. Oct. 3 IK Oct. 31 Holders of rec. Oct. 21 Shnwinlgan Water A Power (quar ) l'A Oct. Holders of rcc. Oct. 7 Ottumwa Ry. & Light, prcf. (quar.)___ IK Southern Cal. Edison, pf, (qu.) (No 13) Pacific Gas A Elec.,com.(qu.) (No. 3 )__ Oct. la Holders of rec. Scpt.30a IK Oct. Holders of rec. Sept. 30 IK let. 15 Holders of rec. Septlla Southern New Eng. Telephone (quar ) ’ IK Oct. Oct. 1 to Oct. 15 Philadelphia Co., com. (auar.) (No. 124) IK Standard Milling, prel. (quar.) (No. 19)" ‘ Public Service Invest., pf. (qu.) (No. 14) Nov. 1 Holders of rec. Oct. la 2 K Oct. Oct. 25 to Oct. 31 •SI 43 Nov. 1 Holders of rec. Oct. 15a Union Bag A Paner. r>ref. (ouar.) (No 54) 1 Oct. Holders of rec. Sept30u Puget Sound Trac., L & P.,com. (quar.). 1 Union Natural Gas Corp. (qu.) (No 37) Preferred (quar.)...... Oct. 15 Holders of rec. Oct. 5a 2'A Oct. Oct. 1 to Oct. 15 143 Oct. 15 Holders of rec. Oct. 5a United Cigar Mfrs., common (nnnr i ’ ' 1 Nov. Holders of rec. Oct.2 la Republic Ry. A T,t., pref. (qu.) (No. 5) 1K United Dry Goods, common (quar.)...... Rio do Janeiro Tram., L. & Pow. (quar.) Oct. 15 Holders of rec. Sept. 30 2 Nov. Holders of'rcc. Oet. 25 IK Nov. 1 Holders of rec. Oct. 10 United Electric Securities, preferred...... $3.50 Nov. Holders of rec. Oct.18a Sao Paulo Tram.. L. A P. (qu.) (No. 43) 2 y2 United Fruit (quar.) (No. 5.3)...... 2 Sierra Pac. Elec. Co., pf. (qu.) (No. 13).. Nov. 1 Holders of rec. Oct. 10 Oct. Holders of rce Sept.14c 31K Nov. 1 Holders of rec. Oct.lGa United Gas Improvement (oinirT...... SI Oct. Holders of rec. Sept. 30 Vlrginia Ry. A Power, common...... 1 Oct.21 Holders of rec. Oct. 7a U. S. Industrial Alcohit. nref. (quar’ )” " West Penn Trac., pref. (quar.) (No. 11). IK Oct. Holders of rec. Oct. 8a IK Oct. 15 Oct. 8 to Oct. 15 V. S. Really & Improvement (quar ) IK Nov. nolders of rce. Oct. 19 Banks. U. S. Rubber, common (quar.) ...... 1 Oct Oct. 12 to Oct. 15 Produce Exchange, New York (No. 55).. Oct. 15 Holders of rec. Oct. 8 First preferred (quar.)...... 2 Oct. Oct. 12 to Oct. 15 Trust Companies. Second preferred (quar,).!” ” ” ” ” ’ Broadway (quar.)...... IK Oct. Oct. 12 to Oct. 15 l'A Nov. 1 oct. 22 to Oct. 31 U. S. Smelt., Rfg. A Min., com. (quar ) " 75c. Holders of rcc. Sept. 30 Miscellaneous. Preferred (quar.)...... "" Oct. Alliance Realty (quar.)...... 87 43c. Oct. Holders of rec. Sept. 30 2 Oct. 15 Holders of rcc. Oct. 5 Vacuum Oil______3 Oct. Holders of rec. Oct. 15« Amer. Agric, Chem.,com. (qu.) (No. 4) 1 Oct. Vlrginla-Caro. Cbem., pf. (qu.)"(No. C8j 2 Preferred (quar.) (No. 29> . 15 Holders of rec. Sept.27a Oct. Oct. 1 to Oct. 15 i k Oct. 15 Holders of rec. Sept.27a Vulcan Detinning, prcf. (quar.)...... IK Oct. Holders of rcc. Oct. 10a Amer. Beet Sugar, com. (quar.) (No. 5 ).. 1K Nov. Warner (Chas.)Co.of Del..lstA2d pf.fqu.) Amertcan Cigar, common (quar.) 15 Holders or rec. Oct. 31 IK Oct. Holders of rec. Sept. 30 IK Nov. Western States Gas A Elec., pref. (quar.) IK Oct. American Coal Products, pref. (quar.) " 1 Holders of rec. Oct. 15 Holders ol rec. Sept.30a IK Oct. 15 Oct. 11 to Oct. 14 Western Union Teleg. (quar.) (No. 174) K Oct. Sept. 21 to Oct. 9 Amor. Gas & Elec., pref. (qu.) (No. 23).I Nov. Westinghouse Air Brake (quar.)...... Amer. Iron A Steel Alfa., com. A pf. (sp'l) l'A 1 Oct. 18 to Nov. 1 2 Oct. Holders of rec. Sept. 19 2 Nov. 1 Holders of rec. Oct.19a Extra ...... 2 Oct. Holders of rec. Sept. 19 American Light & Trac., com. (quar.)... 243 Nov. Westinghouse Elec. A Mfg., com., (quar.) Common (payable in common stock) J Oct. 17 to Oct. 31 1 oct. Holders of rcc. Sept.30a 243/ Nov. 1 Oct. 17 to Oct. 31 Preferred (ouar.1-______1 K Oct. Holders of rec. Sept.30a Preferred (quar.)...... l'A Nov. White (J. G.) Co., Inc., prf. (quar.) I American Locomotive, preferred (quar.) 1 Oct. 17 to Oct. 31 IK Nov. Holders of rcc. Oct. 22 IK Oct. 21 Sept. 22 to Oct. 20 Worthington (Henry R.), Inc., pref. 3 K Nov. Holders of rcc. Oct. 10 Amer. Malt Corporation, preferred...... 243 Nov. 2 Oct. 18 to Nov. 2 American Malting, preferred...... SI.55 Nov. 1 Holders of rec. Oct. 17 American Shipbuilding, pref. (quar.)___ IK Oct. 15 Holders of rcc. Sept.l la a Transfer books not closed for this dividend, b Less Income tax. d Correction. American Telep. A Teleg. (quar.)______2 Oct. 15 Holders of rec. Sent.30a e On account of accumulated dividends / Payable in common stock. American Type Founders, com. (quar.) . 1 Oct. 15 Holders of rec. Oct.10a Preferred (quar.)...... IK Oct. 15 Holders of rec. Oct.10a American Woolen, pref. (quar.) (No. 54) IK Oct. 15 Sept. 24 to Oct. 3 Anaconda Copper Mining (qu.) (No 48) 75c. Oct. 16 Holders of rec. Oct. 4a Associated Gas A Electric, pref. (quar.) IK Oct. Auction Sales.— ’Am ong other securities, the following, not Associated Merchants. 1st prcf. (quar.) 15 Holders of rcc. Sept. 30 IK Oct. 15 Holders of rcc. Oct. 7a usually dealt in at the Stock Exchange, were recently sold at First preferred (extra)...... K Oct. Second preferred (quar.)...... 15 Holders of rec. Oct. 7a IK Oct. 15 Holders of rec. Oct. 7a auction in'New3York, Boston and Philadelphia: Second preferred (extra)...... K Oct. 15 Holders of rec. Oct. 7a Bell Telephone or Canada. Ltd. (quar.).. 2 Oct. 15 Holders of rec. Sept. 25 £ By Messrs. Adrian II. Muller & Sons, New York: Bell Telephone of Pennsylvania (quar.).. IK Oct. 15 Oct. 5 to Oct. 15 BinghamtonL., H. & I‘ .,com.(qu.) (No2 l) K Oct. 15 Holders of rcc. Sept. 30 Shares. Percent. Bonds. Per cent Preferred (quar.) (No. 31)...... IK Oct. Bond A Mortgage Guarantee (quar.) 15 Holders of rec. Sept.30 50 Advance Realty A Construction $400 Blytheboume Water Co. 1st 0s, 3 K Nov. 15 Holders of rec. Nov. 8 Co...... $25 lot British Columbia Cop., Ltd.(qu.) (No.5) 3 Oct. 1929...... $200 lot Canada Car A Fdy., prcf. (quar.)...... 15 Holders of rec. Oct. 1 $20,000 Jamaica Estates 3d Cs, 1917 IK Oct. 25 Holders of rec. Sept. 30 M. A S...... 25 Central Coal A Coke, common (quar.)__ IK lot. Preferred (quar.)...... 15 let. 1 to Oct. 15 IK Oct. 15 Pot. 1 to Oct. 15 By Messrs. Francis Ilenshaw & Co., Boston: Chicago Pneumatic Tool (quar.).” ” ” 1 Oct. 25 Oct. 10 to Oct. 25 Cities Service, common (monthly)____ Nov. Preferred (monthly)...... 1 Holders of rcc. Oct. 15a Shares. S per sh. Shares. $ per sh. K Nov. 1 Holders of rec. Oct. 15a 5 Old Colony Trust Co. rights...... 41 25 Waltham Watch Co., pref...... 102 Claflln (II. B.) common (quar.)...... IK Oct. 15 Holders of rec. Oct. 7a ' 3 NationaFShawmut Bank...... 236 Ctaflin (II. B.), first preferred (quar.). IK Nov. 1 Holders of rcc. Oct. 24 9 Arlington Mills...... 118K Bonds. Per cent. Second preferred (quar.)...... IK Nov. 1 Pepperell Mfg. Co...... 290 Commonwealth Edison (quar.)...... l Holders of rcc. Oct. 24 $1,000 Ced. Rap. A’Mo. Rlv. 7s, '10.108)1 IK Nov. 1 Holders of rec. Oct.15a 1 Con. A Mont. R R „ class 4...... 13BK $600 Republican Tall. RR. 0a, 1919.104>3 CommomceallhGas A Elec. Cos., pf. (qu.) $1.25 Oct. 15 Holders of rec. Oct. la Consolidated Ice, Pittsb., pref. (quar.)___ IK Oct. By Messrs. R. L. Day & Co,, Boston: Corn Products Refg., pref. (quar.)...... IK let. 15 Holders of rcc. Oct. 7a Cuyahoga Telephone, preferred (quar.). IK Oct. 31 Holders of rec. Oct.15a Sluircs. $ per sh. Shares. % per sh. Dayton Power A Light, pref. (quar.) IK Oct. 15 Holders of reo. Sept.30a 77 Old Colony Trust'Co. rights.40M-10J3 5 Plymouth Cordage C»...... 215-215'A Del. Lack. A West. Coal (quar.)___ 2 K let. 15 Holders of rec. Oct. la 10 Merrimack Mfg. Co. com...... ‘10K 2 Aetna Fire Ins. Oo., Hartford...; 11243 Detroit Edlinn (quar.)______IK Oct. 15 Holders of rec. Sept.30a 23 Conn. A Passump. Rlv. RR., pf. 127)3 Diamond Match (quar.)...... IK Dec. 10 Holders of rec. Nov.30a Distillers' Secur. Corp. (quar.) (No. 40)11 K Oct. 31 Sept 20 to Oct. 16 By Messrs. Barnes & Lofland, Philadelphia: Dlstiiling Co. of America, pref. (quar.) 1 Oct. 30 Sept. 26 to Oct. 10 duPont(E.T.)de Nemours Pow.. pf.(qu.) IK Oct. 25 Oct. 16 to Oct.l?25 Shares. $ per sh. Shares. $persh. Eastman Kodak, common (extra).. 2 K Dec. 2 Holders of rec. Oct. 31a 191 Gloucester Ferry'Co., $50 each. 4 12 Wayne Title A Trust C o ... 126 Edison Elec. Ill, of Boston (qu.) (No. 94) 3 Nov. 1 Holders of rec. Oct. 15 5 Bucks Co. Tr. Co., Doylestown 9jTonopah-Goldneld RR., prel” 95 Electrical Securities Corp.. pref. (quar.) IK Nov. 1 Oct. 27 to Nov. 13 (350 paid)...... 115 3 John B. Stetson Co., com "460 Electrical UtilitiesCorp.,com.(qu.)(No. 1) K Oct. 15 Holders of rec. Oct.10a 5 Commonwealth T. I. A Tr. Co.241A 6 Nor. LlbcrtlesGa3Co.(525ca')' 45 Preferred (quar.) (No. 10)...... IK Oct. 15 Holders of rcc. Oet. 8a 10 J. G. BrillfCo., pref...... 102 41 Amer. Pipe A Construe. Co "8 7 44 Electric Bond & Share, com. (qu.) (No. 14) 2 Oct. 15 Holders of rec. O ct.lla 40 Atglen Poultry & Pigeon Co. 20 Young-Smyth-Fleld Co., pro( ‘ 93 Preferred (quar.) (No. 30) Nov. ($10 each)...... loc. Eureka Pipe Lino (quar.)______IK 1 Oct. 20 to Oct. 31 5 American Academy of Music ” 20044 10 Nov. 1 Holders of rec. Oct.15a 5 First National Bank...... 234 10 Amor. Assurance Co. ($10 each) 14 Fall River Gas Works (quar.) (No . 72)1111 3 Nov. 1 Holders of rec. Oct. 19a 3 Fourth Street National Bank...325 I edernl Sugar Refining, common (quar.) Oct. 5 NorthernJNational Bqnk_____ 205K Preferred (quar.)...... IK 28 Holders of rcc. Oet. 25a Bonds. Per cent IK Oct. 28 Holders of rec Oct. 25a 10 Bryn Mawr Tr. Co. ($25 paid). . 50K S1.000 West. N. Y. A Pa. Ry. Inc General Electric (quar.) ...... 2 )ct. 10 Cent. Tr. Co.. Camden ($25 ea.) 10543 General Motors, preferred'II...... 15 Holders of rec. Sept. 7a 5s, 1943...... 25 K 3 K Nov. 1 Holders ot rcc. Oct. 15 22 Commercial Trust Co...... 450-152 $8,500 N. J. Gas Co. Lst'Gs. 1910 . 8943 GreeneAfananea Copper Co ...... 25c. Nov. 3 Penn. Co. lor Insur., Ac., A c ..650 Goldheld Consolidated Mines (quar.)I ll" 30 Nov. 13 to Dec. 1 $1,400 No. Springf. Wat.Oo.5s,1928 90 30c Oct. 31 Holders of rec. Sep.30a 8 Real Estate Trust Co., pref___ 96K $500 Springfield Wat. Co. 5s. 1926 . 90 Ilarbison-Walker Refrac., pref. (quar j ” IK Oct. 19 Holders of rec. Oct. 10 Houghton Co. Elec. Lt., com. (No. lb) 62 Ac. Nov. Preferred (No. 20)...... ’ 1 Holders of rec. Oct. 10a By Messrs. Samuel T. Freeman & Go., Philadelphia: 75c. Nov. 1 Holders of rec. Oct. 10a Illinois Northern Utilities, pref"."(q"uar.)II IK Nov. 1 Oct. 22 to Oct.| 31 Shares. $ per sh. Bonds. per cent. Indiana Pipe Lino (quar.)...... s i Nov. 15 Holders of rec Oct. 23 200 Edison Portland Cement, com .. 1 $7,000 Philadelphia City 4s, 1941..10141 Internal. Buttonhole Mach, (qu.) (No.60) 1 Oct. 15 Holders of rec. Oct. 5 200 Edison Portland Cement, pref.. 1 $.3,000 Philadelphia City 4s, 1912 10143 100 Kimberly Cons. Mines ($1 each) 35c. $500 No. Springf. Wat. Co. 5s, 1928 90 1 Nat. Bank of Nor. Liberties. .250

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912) THE CHRONICLE 947

New York) and those for the rest of the State, as per the Statement of New York City Clearing-House Banks and Trust Companies.— The detailed statement below shows the fo llo w i n g : condition of the New York City Clearing-House members For definitions and rules under which the various items for the week ending Oct. 5. The figures for the separate are made up, see “ Chronicle,” V. 86, p: 316. banks are the averages of the daily results. In the case of STATE BANKS AND TRUST COMPANIES. the totals, actual figures at the end of the week are also given. For definitions and rules under which the various items are State Banks Trust Cos. Slate Banks Trust Cos. outside of made up, see “Chronicle,” V. 85, p. 836, in the case ot the Week ended O.t/ber 5. in in outside of Greater N . Y. Greater N.Y. Greater A'. Y. Greater N. I’ banks, and V. 92, p. 1607, in the case of the trust companies. 8 $ DETAILED RETURN'S OF BANKS. S S Capital as of Sept. 9...... 22,325,000 62,775,000 *9,323,000 *9,750,000 We omit two ciphers (00) In all cases. Surplus as of Sept. 9----- 3S.321,500 172,033,200 *12,233,100 *12,377,200 Banks Capital. Surplus Loans and investments.. 296,090.300 1,134,538,300 113,878,200 172,486,600 005 omitted. Change from last week. +2,874,100 —22,257,600 + 1,032,700 — 360,800 s - I 52,724,300 119,431,100 Bank of N. Y. 2.000,0 Change from last week. —62,800 —2,025,000 ...... Manhattan Co. 2,050,0 Merchants’ . . . 2,000,0 Legal-tender A bk. notes. 21,775,900 10,743,500 ...... - Mech.A Metals 6,000,0 Change from last week. + 171,700 —538,000 I ...... America____ 1,500,0 City ______25,000,0 Deposits ------337,965,000 1,204,705,300 120,084,500 178,888,500 Chemical____ 3,000,0 Change from last week. + 2,2)5,400 — 16,234,500 + 1,455,600 + 1,015,£00 Merch. Excli.. 600,0 Butch. A Drov. 300,0 Reserve on deposits...... 88,715,100 137,617,200 23,700,900 22,701,100 Greenwich__ 500,0 Change from last week. —211,900 —2,527,000 + 591,400 + 1,727,200 Am. Exchange 5,000,0 Commerce----- 25,000,0 p. C. reserve ti deposits.. 27.1% 16.0% 20.9% 13.7% Pacific ...... 500,0 Percentage last week.. 27.4% 16.0% 20.7% 12.8% Chat. A Phen. 2,250,0 People’s ...... + Increase over last week. — Decrease from last week. * As ol June 14. Hanover------Citizens' Cent. Note.—"Surplus” includes all undivided profits. "Reserve on deposits” tneadea Nassau_____ for both trust companies and State banks, not only cash Items bui amounts ( ue Market A Fult from reserve agents. Trust companies in New York State are required by law o Metropolitan . keep a reserve proportionate to their deposits, the ratio varying according to lo­ Corn Exchange cation as shown below. The percentage of reserve required is computed on the Imp.* Traders aggregate of deposits, exclusive of moneys held in trust and not payable v.ithlD P ark ...... thirty days, and also exclusive of time deposits not payable within thirty days, East River... represented by certificates, and also exclusive of deposits secured by bonds or Fourth obligations of the State or City of New York, and exclusive of an amount equal to Second the market value (not exceeding par) of bonds or obligations of the State or City First . of New York owned by the bank or held in trust for It by any public department. Irving ...... The State banks are likewise required to keep a reserve varying according to loca­ Bowery------tion the reserve being computed on the whole amount of deposits exclusive of time N. V. County. deposits not payable within thirty days, represented by certificates (according German-Amer. to the amendment of 1910), and exclusive of deposits secured (according to amend­ Chase. ------ment of 1911) by bonds or obligations of the City or State of New York, and ex­ Filth Avenue. clusive of an amount equal to the market value (not exceeding par) of bonds or German Exch. obligations of the State or City of New York owned by the company or held in trust Germania----- for It by any public department. Lincoln ------Trust Cos.------Stale B anks- Garfield...... R e s e rve Required for Trust Companies Total Of Total Of Fifth ...... nod Stale Banks Reserve which Reserve which Metropolis . . . Location- Required, in Cash. Required, in Cash West Side___ Seaboard...... Manhattan Borough...... 15% 25% 15% Liberty ...... Brooklyn Borough (without branches in Manhat.) !._>% 10% 20% 10% N.Y. Prod. Ex Other Boroughs (without branches in Manhattan) 15% 10% 15% 7 H% State ...... Brooklyn Borough, with branches in Manhattan. .15% 15% 20% 20% Security...... Other Boroughs, with branches In Manhattan----- 15% 15% 15% 15% Coal A Iron ... Cities of the first and second class...... 10% 6% Union Exch.. Cities of the third class and villages...... 10% 3% Nassau, Bklyn Elsewhere In State------15% '6% Totals, A vge.. 133,650,0 . The Banking Department also undertakes to present sepa­ Actual figures |Oct. 5 ... rate figures indicating the totals for the State banks and trust companies in Greater New York not in the Clearing Circulation.—On the basis of averages, circulation ot national banks in the Clearing House amounted to 546,314,000, and according to actual figures was $40,oI4,000. House. These figures are shown in the table below, as are also the results (both actual and average) for the Clearing­ House banks and trust companies. In addition, we have DETAILED RETURNS OF TRUST COMPANIES. combined each corresponding item in the two statements, thus affording an aggregate for the whole of the banks and Trust Cos. trust companies in the Greater New York. 00s omVV’tl. n e w YORK CITY BANKS AND TRUST COMPANIES.______

Brooklyn ----- Clear.-Ilous' Clear .-House Vale Banks & Total of ell Bankers ...... Hanks&TiUst Week ended 0:1. 5 — Members. Members. Trust Cos. Not U.S.Mtg. A Tr n C.-H. Aver. Cos. Average As tor ...... Actual Figure.'- Average. Title GuarA Tr $ Guaranty...... S S % ) Nat. hanks] Fidelity...... 203,925,000 LawycrsT.I.&T Capital isept. 4 and) 174,900,000 174.900,000 29,025,000 State hanks i Colum-Kntck . 80,900,900 377,728,200 Standard ----- Surplus JSept. 9 ...... J 290.821,300 296,821,300 Peoples...... Loans and investments 1,935.095,000 1,946,076,000 509,416,900 2.540,392,900 New York----- — 17,941,000 — 17,474,000 —8,135,500 —25,609,500 Franklin...... Change from last week Lincoln...... a603,918.400 2,395,942,400 Deposits...... - 1,783,410,000 1,792,024,000 Metropolitan. . —13.700,000 — 15,534,000 —8,873,100 —24,407,100 Broadway----- Change from last week 323,590,000 323.913,000 64,559,000 388,472,000 Totals, Avgo.. Specie...... --­ — 1,443,700 —5,056,700 Change fro last week —4,465,000 —3,013,000 14.8 + 10.2 Actunl figures 80,737.000 82.452,000 68,235,000 90,087,600 — 1,127,500 Change from last week —2,861,000 — 1.006.000 — 121,500 The capital of the trust companies Is as follows: Brooklyn, $ 1,000,000, Bankers $10,000,000; United States Mortgage A Trust, $2,000,000; Astor, *l,2.)0,000, Title Banks: cash In vault.. 336,305,000 336,529.000 12,412,500 348,941,500 Guarantee A Trust, $5,000,000; Guaranty, $5,000,000; Fidelity, S 1,000,000. Ratio to deposits... 25.34% 25.34% 14.23% Lawyers’ Title Insurance A Trust, $4,000,000; Columbla-Knlckerbockcr, $2,000,000, 130,218,100 Standard, $1,000,000: People's, $1,000,000; New York. $3,000,000; Franklin, Trust cos.; cash In vault 68.022.000 09,830,000 60,382,100 $1,000,000: Lincoln, $1,000,000; Metropolitan, $2,000,000: Broadway, $1,000,000 406,365.000 72,794,000 479,159,600 total, $41,250,000 Aggr’tc money holdings 404.327,000 Change from last week —7,326,000 — 4,019.000 — 1.505,200 —6,184,200 SUMMARY COVERING BOTn BANKS AND TRUST COMPANIES Money on deposit with other bks.A trust cos 52,074,000 54,260,000 15,743,000 70,009,000 Change from last week —947,000 +960,000 —310,500 +655,500 Week On Dep. ending Capital. Surplus. Loans. Specie. Legal with C.Il Net 456,401,000 400,631,000 88,637.600 549,168,600 Banks. Deposits O.t. 5. Tenders. Change from last week —8,273,000 —3,653,000 — 1.875,700 —5,528,700 3 $ Averngcs S a * S t Surplus CASH reserve Banks__ 133,650,0 199,887,6 1,334,372,0 261,202,0 75,327,0 1,327,806,0 4,619,500 4,577,500 ...... 54.266,0 404,218,0 Banks (above 25% )-- Trust cos. 41,250,0 96,933,7 612,604,0 02,711,0 7,125,0 Trust cos.(abovcl5%) del.478,200 sur.203,300 ...... Total .. 174,900,0 296.821,3 1,940,076,0323,913,0 82.452.0 54.206.0 1.702.024.0 4.141,300 4,780,800 ...... Actual. Change from last week —5,357,800 — 1,569.200 ...... Banks . . . 1,332.000,0'262,513,0 73.792.0 1.326.742.0 Trust cos. 603,089,0, 61,077,0 0,945,0 52.074.0 | 450,668,0 % of cash leserve of trust cos— ...... 14.89% 15.04% 15.11% 52,074,0^1,783,410,0 Total ...... 1,935,095,0323,590,0 80,737.0 Cash on dep. with bks 10.23% 10.46% 1.17% T otal...... 25.12% 25.50% j 16.28% The State Banking Department also furnishes weekly 4- Increase over last week. — Decrease from last week. returns of the State banks and trust companies under irs aThese arc the deposits after eliminating theitem ‘'Due from charge. These returns cover all the institutions of this class and other banks and trust companies In New York Oity . with this Item included, uonosits amounted to $657,334,200, a decrease of $0,558,000 from last week. In the in the whole State, but the figures are compiled so as to S of th“ ai^ring-Houi’ membem, the deposits are "legal net deposits" both for distinguish between the results for New York City (Greater the average and the actual figures. 6 Includes bank notes.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 948 THE CHRONICLE [VOL. LXXXXV

To-day being Columbus Day, the Clearing-House bank Boston and Philadelphia Banks.— Below is a summary of statem ent, usually published on Saturday, was issued yes- the weekly totals of the Clearing-House banks of Boston teiday, and, being thus available before going to press, and Philadelphia: we give it here also. ______Wc omit two ciphers (00) in all these figures.

NEW YORK CITY BANKS AND TRUST COMPANIES. Capital and Specie. Lega/s Deposits Surplus Circu­ Clearings Clear.-House Clear.-House Stale Hanks <1- Total of all lation. Members. Members. Trust Cos. Not Week ended Oct. 11— Banks&Trusl Boston. S $ A dual Figures Average. in C.-fi. Aver. Cos. Average. A ug. 17...... S S S 41.575 240.247.0 .172,0 5.328.0 A ug. 3 4 _____ 41.575 274.065.0 7.850.0 149,093,7 8 S 240.070.0 ,030,0 5.251.0 270.787.0 7.853.0 138.659.1 INat. banksl 8 S A ug. 3 1 ...... 41.575 241.101.0 ,040,0 Sept. 7...... 5.410.0 267.320.0 7.775.0 122.823.9 Capital ISept. 1 and! 11.575 241.070.0 ,623,0 5.074.0 174.900,000 174,900,000 29,025,000 203,925,000 Sept. 14...... 41.575 271.202.0 7.713.0 142.439.2 1 State banks 239.631.0 .393,0 5.212.0 273.178.0 7.607.0 153.961.9 Surplus JSept.9...... J Sept. 21...... 41.575 239.4 1 2,0 .61.3.0 296,821,300 296,821,300 80,906,900 377,728,200 Sept. 2 8 ____ " 135,0 270.832.0 7.661.0 158.200.6 41.575 237.684.0 123.0 5.095.0 267.300.0 O ct. 5 ______41,575,0 237,024,0 23 7.591.0 161,914,1 Loans and investments 1,938,311,000 1,9'6,596,000 599,070,100 131.0 4.775.0 275.144.0 7.355.0 Change Irom last week 2,535,072,100 Philadelphia 200.853.7 —6,784,000 — 10,380,000 —340,800 — 10,720,800 A ug. 17...... 80.623 389.940.0 97.837.0 433.602.0 Deposits...... A ug. 2 4 ...... 80.623 15.090.0 143,986,4 1,770,341,000 1,777,624.000 a601,232,400 391.213.0 97.074.0 428.637.0 15.120.0 127.995.6 Change Irom last week 2,378,856,400 Aug 3 1 ______80.623 392.338.0 97.285.0 — 13,069,000 — 14,400,000 —2,686,000 — 17,086,000 Sept. 7______430.884.0 15.116.0 128,051,0 80.623 393.222.0 97.245.0 435.122.0 15.123.0 133.852.8 Specie . . . 325,300,000 Sept. 14...... 80.623 393.833.0 92.940.0 430.976.0 64,645,500 386,925,500 Sent. 21...... 80.623 15.147.0 143.211.3 Change Irom last week 1 +1,719,000 — 1,033,000 + 86,500 391.262.0 92.290.0 430.033.0 15.136.0 154.660.7 — 1,546,500 Sept. 28 . 80.623 390.007.0 93.115.0 O ct. 5 ...... 429.233.0 15.135.0 158.782.6 Legal tenders______82,758,000 81,329,000 80.623 389.682.0 93.960.0 434.124.0 15.116.0 Change from last week 68,277,900 89,006,900 186.156.6 1-2,021,000 — 1,123,000 + 42,300 — 1,080,700 a *a?‘ 0(iea Government deposits and the item "due to other banks.” At Boston Banks: cash in vault.. 340,006,000 336,558,000 12,634,300 340,192,300 Septembern28llCPOS 13 !unountc<* t0 5873,000 on October 5, against §871,000 on Ratio to deposits___ 25.76% 25.43% 14.49% "Deposits’- now includes the item of “ Exchanges for Clearing House,” which Trust cos.: cash in vault 68,052,000 07,051,000 60,289,100 127,340,100 reported prevlous'y Clabrae« l in the total. “ Exchanges for Clearing House” were reported on October 5 as 817,078,000. Aggr’te money hidings 408,058,000 4 ,’3,609,000 72,923,400 Change fro last week 476,532,400 Imports and Exports for the W eek.— The following are + 3,731,000 —2,756,000 + 128,800 —2,627,200 Money on deposit with the imports at New York for the week ending Oct. 5; also other bks. & trust cos. 50,413,000 totals since the beginning of the first week in January: 50,562,000 15,140,600 65,702,600 Change from last week — 1,661,000 —3,704,000 —602,400 —4,306,400 FOREIGN IMPORTS AT NEW YORK. Total reserve. 458,471,000 454,171,000 88,064,000 Change from last week +2,070,000 542,235,000 For Week. 1912. —6,460,000 — 473,600 — 6,933,600 1911. 1 1910. 1909. Surplus CASH reserve Dry Goods______83,145,833 $2,421,303 Banks (above 25% ).. General Merchandise.. ! S3,024,605 82,897,928 10,152.500 5,808,500 18,115,809 12,081,241 ' 15,857,931 15,854,798 Trust cos.(abovcl5%) 412,950 dell, 142,900 ...... T otal______$21,261,723 $14,502,54 4 j 818.882,536 S18,752,726 T otal______10,565,450 4,665,600 Since January 1. Change from last week Dry Goods...... + 6,424,150 — 115,200 $114+61,873 $107,851,056 S121,826,395 8130,323,435 General Merchandise.. 655,742,352 557,013,926 588,250,842 % of cash reserves of tr ust cos--- 533,126,668 Cash In vault,... _ 15.09% 14.74% Total 40 weeks...... $770,604,225 $064,804,982 $710,077,237 Cash on dep. with bks 15.14% 8063,450,103 10.05% 10.00% 1.08% T otal...... 24.74% 16.22% ^lle. following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the n A! , ^ . — uccrease rrom last week. week ending Oct. 5 and from Jan. 1 to date: an?l other hnntaeo CI]0f tS? ner elimina,i°s the item "Due from reserve depositaries” r banks anu companies in New York City” : with tills item included EXPORTS FROM NEW YORK. hepo; l,s t0 SG51,050,500, a decrease of §5,683,700 from last week In for0 the° ° f th° CIearlnSH°use- members, the deposits are "legal net deposits” both 1912. for the average and the actual figures, b Includes bank notes. ut'1J«hirs 00111 1011. 1910. 1909. For the week______$19,155,210 817,148,165 Previously reported...... S1G,090,294 SI 1,029,554 The averages of the New York City Clearing-House banks 618,318,231 579,119,635 494,891,260 454,974,480 Total 40 weeks...... and trust companies, combined with those for the State banks 8637,473,444 8596,207,'-00 8510,987,554 S160,(504,034 and trust companies in Greater New York outside of the Clearing House, compare as follows for a series of weeks past: • 8 s,,uws exports and imports ol specie at the port of New York for the week ending Oct. 5 COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN and since Jan. 1 1912, and for the corresponding periods in GREATER NEW YORK 1911 and 1910: We omit two ciphers in all these figures. EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Week Loans and Tot. Money Exports. Ended Investments. Entire Res. Imports. Deposits. Specie. Legals. Holdings. on Deposit. Gold. Week. Since Jan. 1 Week. Since Jan. 1 8 S 8 8 8 Aug. 10— 2.649.899.1 S Great Britain...... 2.523,862,0 428.130.2 94,811,9 522.948.1 611,448 1 ...... $391,272 Aug. 17 — 2.651.628.2 2.532.105.2 430.507.2 94.054.6 France ...... 20,146", 222 Aug. 24— 2.650.979.4 524.561.8 615,325,4 2,020,918 2.533.156.4 427.920.0 92.738.6 520.658.6 Germany ______15 Aug. 3 1 - 2.651.253.5 2,523,586,7 603,858,1 West Indies...... 2,569 417.008.1 92.651.8 509.659.9 590,236,8 830,166 2,759,762 $3,653 280,898 Sept. 7 .. 2.644.504.1 2.503.801.2 407.961.1 M ex ico...... Sept. 14.. 91.860.8 499.821.9 576.345.3 10,892,094 2.618.939.0 2.467.559.4 400,137,8 91,421,3 ...... 2o6~666 Sept. 21.. 2.586.878.2 491.559.1 566,706,7 9,983,903 120,124 2,900,861 2.434.513.2 396.837.7 91.696.9 488.534.6 559.906.3 All other countries...... 53,483 185,448 Sept. 28 — 2,572,002,4 2.420.349.5 393.528.7 1,445,788 Oct. 5 — 91,815,1 485,343,8 554.697.3 2.540.392.0 2.395.942.4 388,472,0 90.687.6 Total 1912...... S230.100 Oct. 11 — 2.535.672.1 479.159.6 549,168,6 $32,943,385 $315,225 $17,940,400 2.378.856.4 380,925,5 ' 89,606,9 476,532,4 Total 1911...... 2,123,638 0,918,900 542,235,0 Total 1910...... 39,120 11,817,903 400 44,854,353 221,993 20,555,186 Reports of Clearing Non-Member Banks.— The following is Silver. Great Britain...... the statement of condition of the clearing non-member banks $1,108,788 837,482,491 $3,329 France ...... 50,787 5,490,732 Germany ______6,894 for the week ending Oct. 5, based on average daily results: 20,853 West Indies...... 100 83,321 “ §977 Mexico . . 40,176 We omit two ciphers (00) in all these figures. 53,696 3,344,929 South America______25,349 79,782 2,400,450 All other countries...... 200 707,790 70,582 1,321,939 Loans, Legal On Disc’ts Total 1912...... $1,165,875 S43.789.683 $210,337 Tender Deposit Total 1911...... $7,198,570 Banks Capi­ Sur­ and Specie and 816,840 37,810,637 64,393 5,581,417 tal. with Net Total 1910...... plus invest­ Bank C.-H. Deposits 1,082,530 33,733,061 58,586 3,633,336 ments. Notes. Banks. New York City. Of the above imports for the week in 1912, $5,637 were Manhattan and Bronx 8 8 % 8 8 Aetna National...... 500.0 $ 8 American gold coin and $126 American silver coin. 544.9 3.300.0 682,0 81,0 82,0 3.044.0 Washington Helghts. 100.0 336.0 1.588.0 154.0 Battery Park Nat___ 92.0 232.0 1.351.0 200,0 115.1 1.599.0 330.0 39.0 125.0 1.706.0 Century ___ 500.0 515,5 0,151,0 Colonial _____ 679.0 438.0 473.0 6.798.0 400.0 549.4 6.088.0 789.0 400.0 954.0 0,310,0 SauMtifl aud ffitxaticiai Columbia_____ 300.0 787.4 6.322.0 556.0 Fidelity ...... 472.0 694.0 6.968.0 200.0 168.9 1.073.0 43,0 124.0 133.0 1.013.0 Mount Morris______250.0 337.4 2.649.0 456.0 Mutual...... 39.0 327.0 2.975.0 200.0 411.0 4.471.0 404.0 304.0 469.0 4.637.0 Railroad and Industrial Stocks New Netherland____ 200,0 281.4 2.761.0 265.0 87.0 Twenty-third Ward.. 427.0 2.625.0 Write for our Circular No. 614 entitled “ Railroad and Industrl 200,0 96,0 2.082.0 257.0 103.0 256.0 2.281.0 Yorkville ...... 100,0 515.8 4.450.0 010.0 236.0 Stocks, which describes 124 Issues listed on the New York Sto< Brooklyn. 583.0 4.944.0 Exchange, and classified by us as follows: Investment Stocks Serr First National...... Investment Stocks, Speculative Stocks. ’ 300.0 672.3 3,80b,0 293.0 112.0 479.0 2.969.0 Manufacturers’ N at.. 252.0 910.2 6.118.0 601.0 181,0 Mechanics’ ...... 683.0 5.602.0 1,000,0 765.7 11,272,0 1,361,0 693.0 1.512.0 13.469.0 Spencer Trask & Co. National City...... 300.0 578.5 4.411.0 534.0 116,n North Side___ 830.0 4.342.0 43 EXCHANGE PLACE— NEW YORK. 200.0 174.5 2.336.0 185.0 91.0 187.0 2.318.0 Jersey City. Chicago, 111. Boston, Mass. Albany, N. Y. First National...... 400.0 1,335,0 5.340.0 291.0 298.0 Hudson County Nat 6.809.0 4.278.0 Members New York Stock Exchange. 250.0 798.4 3.738.0 205.0 114.0 439.0 2.011.0 Third National_____ 200.0 417.9 2.175.0 101.0 146.0 Hoboken. 650.0 1.525.0 First National 220,0 649.0 4.190.0 199.0 64.0 Second National . 343.0 1.810.0 125,0 275.7 3.157.0 181.0 51.0 232.0 1,299,0 White, Weld &. Co. Totals Oct. 5___ 6.597.0 11.236.0 89.077.0 9.236.0 1,281,0 16.919.0 84.275.0 Totals Sept. 28___ *,597,0 11.236.0 B o n d s a n d Investment Securities. Totals Sept. 21___ 88.557.0 9.327.0 1.417.0 11.406.0 84.1.83.0 6.597.0 11.236.0 89.163.0 1,224,0. 1.474.0 10.934.0 84.703.0 14 WALL STREET THE ROOKERY 111 DEVONSHIRE STREET NEW YORK CHICAGO BOSTON

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1812 ] THE CHRONICLE 9 4 9

Domestic Exchange.— Chicago, 5c. per SI,000 premium. Boston, par. St. Louis, 35c. per $1,000 discount bid and 25c. discount asked. New Or­ leans, commercial, 50c. per $1,000 discount and bank $1 premium. San Francisco, 25c. per SI,000 premium. Savannah, buying, 3-16% discount W all Street, Friday Night, Oct. 11 1 9 1 2 . and selling par. Montreal, 3154c. premium. Charleston, buying, par; selling, 1-10% premium. Minneapolis, 15c. per $1,000 premium. Cin­ The M oney Market and Financial Situation.— Last Satur­ cinnati, par. day’s bank statement showed a smaller surplus reserve, State and Railroad Eonds.— Sales of State bonds at the and this may have been one reason for a more limited vol­ Board include $3,000 N. Y. Canal 4s, 1961, at 100%; $1,000 ume of business at the Stock Exchange early this week. An­ N. Y. Canal 4s, new, at 101%; $5,000 N. Y. Canal 4s, 1962, other reason, and one which exerted a much stronger in­ at 100% , and $102,000 Va.6s def. trust receipts at 56% to 59% . fluence, was the announcement that war against Turkey had The transactions in railroad and industrial bonds have, been declared by one of the Balkan States. This quite like those in the shares market, been on a considerably rc- seriously affected the European market and led to further duced£scale. They were smallest on Monday, when only liquidation of American securities on the other side. It is a few speculative issues were active. The latter included estimated by those in a position to know the facts that this Third Ave., Interboro-M et., New York Railways and Lacka­ movement now amounts to upwards of $20,000,000. At wanna Steel, which have, indeed, been conspicuous through­ the same time British Consols declined and French Rentes out the week. Third Ave. adj. 5s have advanced 2 points sold below 90, the lowest quotations in over 20 years. An­ and New York Railways are higher in the face of a declining other report which may have had a more or less adverse in­ market. Practically every other active issue is lower. fluence in Wall Street was that of sales of copper by producers United States Bonds.— Sales of Government bonds at the during the month of September. These were smaller than Board are limited to $10,000 2s, reg., at 101%, and $1,000 for any month since April, and were about 25,000,000 lbs. Panama 3s, coup., at 101%. For to-day’s prices of all the less than for August. These figures do not, however, repre­ different issues and for yearly range see third page following. sent the actual difference in consumption, as sales in August were abnormally large, owing to the fact that at the begin­ Railroad and Miscellaneous Stocks.— On a largely reduced ning stocks in consumers’ hands were greatly reduced. volume of business the stock market has been irregular. Totals for the two months should, therefore, be taken to­ There was a general tendency to weakness until Thursday, gether, and thus a fair average shown. when a reaction set in which carried a few stocks 1 to 1% The Government crop report was very satisfactory. It points above the lowest. As noted above, the weakness was showed a higher percentage for all cereals and indicated a chiefly due to foreign sales. Th s movement was renewed wheat crop 30,009,000 bushels larger than did the Septem­ to-day with increased force, and under the lead of Canadian ber report, and an increase of 125,000,000 bushels in oats. Pacific, which lost 11 points, there has been a general decline Reports from the iron and steel industry are of a similar of unusual proportions. Amalgamated Copper is 3% points tenor, showing an increase of nearly 400,000 tons in the or­ lower than last week, and Anaconda, Smelting, Union Pa­ ders booked during September. These are larger than for cific/ Southern Pacific and New York Central arc from 2 to 3 any month since June 1907, and bring the total increase for points lower. On the other hand, American Tobacco is 5 the year up to over 75% . points higher, American Can and Inter.-Met. are up over 2 The open market rate for call loans at the Stock Exchange points and Reading shows a net gain of over a point. during the week on stock and bond collaterals have ranged For daily volume of business see page 9 5 7 . from 3% @6% . To-day’s rates on call were 3% @5% . The fo lowing sales have occurred this week of shares not Commercial paper quoted nominally at 0% for 60 to represented in our detailed list on the pages which follow: 90-day endorsements and 6% for prime 4 to 6 months’ single names and 6% % for good single names. STOCKS. Sales Range for Week. Range since Jan. 1. The Bank of England weekly statement on Thursday Week ending Oct. 11. for Week. Lowest. Highest. Lowest. Highest. showed a decrease in bullion of £1,024,235 and the percent­ age of reserve to liabilities was 48.84, against 48.74 last Adams Express ______100 197 O c t 11 197 O c t 11 191 M ch 2 1 7 )4 A p r Allis-Chal tr rets 1st pd_ 3 , 96 A O c t 1C Vs O c t 7 J4 S e p l 2 ? 4 M a y week. The rate of discount remains unchanged at 4% , as Preferredtr rets 1st pd 1 ,7 2 5 3% O c t 11 AH O c t 7 2 A S c pi 6 M a y fixed Aug. 29. The Bank of France shows a decrease of Am Brake Shoe&Fdy, p 10(1 160 O c t 7 160 O c t 7 130 J an 160 S e p t Amer Coal Products ------50 9 i A O c t 10 94 A O c t 10 9 5 )4 J u ly 9 8 J u n e 17,093,000 francs gold and 3,121,000 francs silver. A m e r ica n E x p r e s s ...... 3 6 0 1 9 4 O c t S 2 02 O c t 7 194 O ct 225 A p r To-morrow being a legal holiday, Columbus Day, the Amer Teleg A- C a b le ------100 69 O c t 8 0 9 O c t 8, 0 8 )4 O ct 7 8 J a n Brunswick Terminal------700 8% O c t 10 8 H O c t 10 8 J an 1 1 54 M a y Clearing-House bank statement was issued to-day. A sum­ Buffalo Roch & Pitts... 100 115 O c t 11 115 O c t 11 105 J an 11954 J u ly mary of the statement showing both the averages for the C h ic a g o * A lt o n ______100 18 H O c t 5 18 H O c t 5 17 J an 24 54 A p r week and the actual figures for this morning is given on the Colorado A Southern ___ 2 5 0 3 914 O c t 9 4 0 O c t 7 39 J u n e 4 5 F e b Comstock Tunnel ______2 . ’ 00 1 0c. O c t 10 1 2 c. O c t 11 S c. A u g 1 6 c . F e b preceding page. In the following we report the averages E I du Pont Powd, pref. 100 9 8 )4 O c t 7 9 8 ) 4 O c t 7! 9 0 54 Jan 9 9 )4 S e p t (for banks alone) for the previous week in our usual form in Green Bay A W deb B _. 206 13 H O c t 7 1 6 )4 O c t 10 1 0 )4 F eb 1654 O c t G W I lr t m e ______50 1,85 O c t 8 185 O c t 8 155 M a y 19754 J u ly order to preserve the record. Iowa Central, pref...... 200 26 A O c t 7 27 O c t 7 24 M ch 3 0 J a n NEW YORK CLEARING-HOUSE BANKS. l.ake Shore & Mich Sou. 120 161 O c t 9 165 O c t 10 4 5 0 Jan 105 A p r Long Island-.. ______2 S2 4 8 O c t 7 4 8 O c t 7 43 A F e b 54 54 J u n e (Hot Includung Trust Companies.) Lou is v A Nashv rights.. 1,000 0 % O ct 11 9 54 O c t i i 9 54 O c t 9 5 4 ’ i O c t Nashv Chatt A St I,— . 4 50 172 O c t 8 180 O c t i i 160.V4 A p r 180 ». O c t N Y Chic A S lou is ____ 200 59 H O c t 9 59 A O c t 9 54 F e b 6 154 J" A p r 1012. 1 9 1 1 . 1 91 0. Averages for Differences Averages for Avcarges for New York Dock, pref___ 16 3 4 O c t 9 31 O c t 9 34 G et 5 0 fM c h week ending from week ending week ending N Y Lack A W est...... 100 121% O c t 10 124 % O c t 10 12454 O ct 12454 S O ct Ontario Silver Mining— 225 2 A O c t 1(1 2 )4 O c t 10 1 F e b 3 )4 M a y Oct. 5 . previous week. Oct. 7 . Oct. 8 . 810 1354 Oct 5 1554 o c t 7 1 3 )4 O ct 1754 A p r Quicksilver Mining ______4 0 0 6 O c t 9 6 )4 O c t 11 3 Jan 854 A P r $ S s $ S t L A S F—C A E Ills 133.650.000 ...... | 135,150,000 132.350.000 C a p i t a l...... new stk tr ctfs ...... 52 O c t 10 5 2 O c t 10 50 J u ly 57 F e b S u r p lu s ------199,887,600 ______1 196,199,000 193,297,900 So Porto Rico Sug, pref. 100 109 Oct 9 109 O c t 9 109 AU g 110 J an Loans and discounts— 1.331.372.000 Dec. 4,092,000 1,360,815,000 1.272.197.000 United Cigar M frs ------200 55 O c t 10 55 O c t 10 53 S e p t 6 45 4 M a y Circulation ...... 4 6 .3 4 4 .0 0 0 Deo. 90,000 50,037,000 4 8 ,1 1 0 ,1 0 0 United Dry G oods...... 700 10054 Oct 5 1 0 0 '4 O c t 9 97 F e b 102 '4 J u ly Net deposits ...... 1.327.806.000 Dec. 7,197.000 1,378,366,000 1.249.228.000 L00 10514 Oct i i 106 A O c t 7 103 54 Feb 108)4 July S p e c ie ...... 261.202.000 Dec. 3,106,000 284,699,000 251,895.700 U S Express ______82 77 O c t i i 82 O c t 10 77 Oetil0054 Apr Legal tenders ...... 7 5 .3 2 7 .0 0 0 Dec. 501,000^ 73,652,000 6 6 ,3 5 6 ,0 0 0 U S Rubber 1st pref sub­ scription rets full paid 6 0 0 109 A O c t 10 1 1 0 )4 O c t 11 107 Augjll0)4 Oct Reserve held ------336,520,000 Dec. 3,607,000 358,351,000 318,252,300 25% of deposits ...... 331,951,500 Dec. 1,799,250 344,591,500 312.307.000

Surplus reserve ...... 4 ,5 7 7 ,5 0 0 Dec. 1,807,750 13,759,500 5 ,9 4 5 ,3 0 0 Outside M arket.— There was little change to trading in the outside market this week, though, if anything, the dulness N o te — The Clearing House now issues a statement weekly, showing the actual was more accentuated. Price movements were without condition of the banks on Saturday morning, as well as the above averages, The figures together with the returns of the separate banks and trust companies, also special feature. Business was principally in industrial is­ the summary issued by the State Hanking Department, giving the condition of State sues. British-Amer. Tobacco, after fluctuating between banks and trust companies not reporting to the Clearing House, appear on the second 23% and 24, sank to 22% . A spurt in United Cigar Stores page preceding. common carried the price up over a point to 105% , though it Foreign Exchange.— The market for sterling exchange reacted subsequently to 103%. The preferred was traded during the week ruled excited and as a rule firm. There in down from 122% to 122. Emerson-Brantingham com. was an active demand for remittances, especially cable advanced from 75% to 76% but fell to 75% . The preferred transfers, as a result of the heavy selling of American se­ gained about a point to 102, dropped back to 101 and ended curities by foreign holders. the week at 101%. Intercontinental Rubber improved ■ To-day's (Friday's) nominal rates for sterling exchange were 4 83 for 00- day and 4 86 54 for sight. To-day’s actual rates for sterling exchange from 12 to 12%. Manhattan Shirt com. was conspicuous were 4 [email protected] for 60 days, 4 8550@4 8560 for cheques and 4 80® for a sharp upward movement, the price, after a fractional 4 8610 for cables. Commercial on banks 4 79 54 @4 81 54 and documents for payment 4 81 54 @4 82. Cotton for payment 4 81)4@4 8154 and recession to 69, jumping to 72. The close to-day was at grain for payment 4 8154@4 81 54. 71% . The preferred weakened at first from 101% to 100%, The posted rates for sterling, as quoted by a representative house, were not changed during the week from 4 85 for 60 days and 4 88 for sight. then advanced to 101%, being traded in to-day at 101%. To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 22 54 Standard Oil of N. J. suffered a sharp decline, going down less 1-16® 5 22 'A for long and 5 20 less 1-16 @ 5 20 less 1-32 for short. Ger­ from 403 to 390, the close to-day being at 391. Standard many bankers’ marks were 94 !4® 94 54 for long and 94 M ® 94 13-16 less 1- 32 for short. Amsterdam bankers’ guilders were 40 21@40 23 for short.Oil of N. Y . likewise recorded a loss of some 18 points to 510, Exchange at Paris on London, 25f. 26 He.; week's range, 25f. 29c. high recovering finally to 520. Atlantic Coast Line “rights” and 25f. 26c. low. Exchange at Berlin on London, 20m. 50pf.; week’s range, 20m. 5054pf- high and 20m. 4 7 54pf. low. appeared in the trading, and sold up from 3% to 3% . A The range for foreign exchange for the week follows: feature in bonds was the heavy trading in the General Elec­ Sterlingi Actual— _ Sixty Dags. Cheques. Cables. High for the week— 4 8220 4 8570' 4 8615 tric new 5s, between 100% and 100% and at 101% at the Low for the week.-.4 8190 4 8535 4 8565 close to-day. Western Pacific 5s sold up from 82% to 83. Parts Bankers' Francs— In the mining department, Greene Cananea was the feature, High for the w eek...5 22 J4 20 less 1-32 5 19 54 less 1-16 Low for the week---8,23 H 20 54 less 3-64 5 20 less 1-16 being actively traded in up from 10% to 11 and down to Germany Bankers Marks-— 10%. The usual dividend of 25c. a share was declared. H i g h for the week— 01 A 94 13-16 plus 1-32 94 15-16 Low for the week 94 54 94 54 94 13-16 plus 1-32 British Columbia weakened from 5 to 4% and recovered to Amsterdam Bankers' Guilders— 4% finally. Giroux declined from 5 to 4% . High for the w eek -. -39 15-16 plus 1-16 40H less 1-32 40 5-16 less 1-32 Low for the week__ 39 15-16 40 3-16 plus 1-32 40)4 plus 1-32 Outside quotations will be found on page 957.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 5 0 New York Stock Exchange— Stock Record, Daily, Weekly and Yearly OCCUPYING TWO PAGES ______For record of sales during the week of stocks usually inactive, see preceding page.

STOCKS—HIGHEST AND LOWEST SALE PRICES. Sales 01 STOCKS Range since January 1. Range for Previous 1/1* NEW YORK STOCK On basis 0/ 100-share lots. Year 1911. Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE Oct. 5 Oct. 7 Oct. 8 Oct. 9 Oct. 10. Oct. 11. Shares Highest. Highest. , Railroads 1X034 111*8 1103S IH33 llO-lg 1103t 109*s HOI4 109% HO 109 10934 37,200 103*4, Feb *10214 1023s 1023S 10238 '4 A tch Topeka & Santa Fe 11134 Oct 4 997* Sep 1105s J’no 10214 IO2I4 *1021S 10212 IO2I4 IO2I4 *102's 102'2 500 * Do p r e f______1013g Jan IOH4 Feb 10 10034 Jan 105% J’ne *14314 14334 *14314 144 14312 14312 143 143 1417s 1443i 1411; 142'4 5.100 109 10938 Atlantic Coast Line U R .. 1331/s Jan 10 148% Ail,'? 12 117 Jan 1391.4 Nov 109 1093s 10873 109% 108 103*8 103 IO8I4 1O014 108 13,790 B altim ore & O h io ... rl01% Feb 111% Ap. 30 93% Sep 109% J’ly *86lS 87l4 87l8 87*8 *86 87I4 *86 8714 87'g ♦86's 87'S 100 *> Do Dr. pnrr-f r e t ______86'g Aug 13 0118 913g 91 9138 *86 01 Jan 23 85% Aug 91 Jan 91 Olio 90l2 91 91 913s 90% 91 5.100 Brooklyn Rapid Transit. 7634 Jan 9U2 J’ly 2 72 Sep 845g J’ly 2707a 27734 276% 27714 275*8 27 018 272*8 27334 27234 274 2G2'2 270 81,300 ( ’anadlan Pacific______*375 375 37978 37978 220'; Mcb 283 Aug 15 10558 Jan 247 J'lv * 3 7 5 3 8 0 *370 380 380 3S0 *375 380 450 ' entral o f New Jersey 305 Jan 395 Apr 29 26O Aug 320 Dec 84ts 84% 8334 8458 8312 841g 82*3 8312 83's 8334 82 83'4 17,000 Chesapeake & Ohio_____ 68I4 Feb *1734 18 1734 1734 85% Oct 3 08*8 Sep 863.1 l-’cb 17*8 17% *1712 1734 17'2 17'2 17*3 17'2 1.100 Chic Gt West trust ctfs.. 16% J’ly 12 20'2 Apr 8 17 Sep 25% J no *33 33U *33 3312 * 3 3 3 3 l2 33 33 *32 33 *32 33 300 11212 ll ;3s '2 „ Do pref trust ctfs____ 31'g Sep U 301? Apr 8 35% Dec 49% Feb 1127s 114 113 1131 1117s 11278 II2I4 113 111 II2I4 53,070 Chicago Mllw & St Paul 0938 J’ly 13 114 Oct 7 105% Oct 133% Feb *141 14212 *14112 14212 14212 14215 *142 143 142 142 142 142 500 Do pref...... 140 J’ly R 142 142% 146 Jan 2 141 Sep 155% Feb 142 142 141*3 141*s 14U2 142 142 142% 141% 14134 3,600 Chicago & North Western 134'2 J’ly 12 145 Apr 20 138% Sep 159'- J’uo *181 190 *181 190 * 1 8 0 1 90 *180 190 *180 190 *181 190 Do pref______*5134 60 199 May 4 198 Mch 20 191 Nov {209 Jan *5U2 60 * 5 2 60 *52 60 *52'2 59'; *5ll2 60 Cleve Cln Ohio * St L ~ 0*'2 Mch28 0212 Apr 23 48% Sep uo Jan ';9834 10114 *9814 IOM4 19814 101-1. *98% 1013.1 *9S-14 101-14 *9S3.i 10134 —Do p ref...... I $95% Feb 24 1011? Apr 17 94% J’ly 08 Feb ♦169 171 *171 171 *16712 17112 171 171 *169 172 170 170 425 [Delaware & Hudson... 16-5 J’ly 8 175'2 Feb 0 159% Sep 17478 J’n4 *535 550 550 550 * 5 3 5 5 5 0 *535 650 535 650 *535 550 200 1 'elawarc Lack A West 530 Aug 23 669 Jan 29 606 Sep 670 Nov *2212 23 ♦22 24 *2212 2312 2234 2234 221; 22'2 22'4 22'4 400 Denver & Rio Grande ' 13% J’ly 12 24 Mch 27 17% Dec 35 Fel> 4012 41 *40 44 4 1 4 H 4 4034 407S — 40'4 4014 40 40I4 1,310 Do pref...... 31*4 J’ne 19 4014 Jan 24 30% Dec 74 Feo 913 018 *9*8 10 ♦9 10 *812 10 *8*8 10 *8'2 10 100 Duluth So Shore & Atlan 8 Sep 8 11-1.1 May 10 9 Nov 155s Mch *1012 19 *1612 19 * 1 6 19 *15 19 *10 19 *15 19 Do pref 15% Sep 9 23 MaylS 17% Dec 30% Mcb 3714 373S 3678 37% 36*8 8718 36lS 36% 30's 3034 35's 30's 42,600 3014 Jan 15 39*8 Apr 11 27*4 Jan 38% J’ly 5433 54*8 54 5438 * 5 4 6 4% 5334 54 6334 54'2 62'2 53'2 7,600 Er,eDo 1st preferred___ 50's Feb 3 67% Apr 11 45% Jan 01% J’ly *44 4512 45 45 * 4 1 45 *4312 4412 4134 4434 44 44 400 Do 2d preferred___ 40 Feb 3 48 A p r il 35 Jan 42 20 20 1,100 Seaboard Air Line______20 Oct 11 27% Apr 4 50% 60% 50 50 49% 50 49'2 503g 50 50'4 493, 60 3.200 Do preferred______49'2 Sep 16 66'2 J’ne 7 113 113*8 11278 11312 'g 1127S 1131s 112 11258 IIU4 112 11014 i i n 2 22,750 Southern Pacific Co____ 105'2 Feb 1 116'2 Apr 8 104% Sep 120*8 J’n* 3138 31*8 31% 3U2 31's 3H4 3033 3034 30'4 30*s 29'2 30'g 17,320 Southern v tr ctfs stmpd. 2(ii ? Jan 31 32 Sep 30 2434 Sep 33% J’ly 83l2 83l2 8314 83l2 *83's 83'2 8214 83 823g 83 82'4 82'2 4.100 Do pref do 68'4 Feb 4 Solo Oct 2 61% Jan 75% J’ly *25 26 25l2 2512 25-% 2512 25's 2512 25'2 2534 25's 25'g 1.200 'Texas & Paclflo.. 20i2 Jan 3 26% Apr 2 197a Deo 80% Feb 3878 39 38l2 3934 39U 407S 4034 41*4 41 41l2 4014 -41*2 22,200 A hlrd Ave New . . . . 35 Sep 14 4934 Jan 9 31 Nov 41 Dee 7i2 8*8 8*4 9 *7 83s ♦7 8'2 7'2 8 8*4 9 3,200 Toledo Railways & Lt I 3 Jan 16 10*8 Apr 16 4 Nov 8% Jan ♦12*2 1412 14 1418 « 1212 147g *12'2 143S *13 1438 14 141; 700 Toledo St L & Western.. 12 Sep 11 16-i8 Mch 27 12 Dec 24*4 Feb 31 31 3U2 31*8 *30 32 *29'2 3134 31*8 31»8 3H2 32'4 1.100 Do preferred...... 28 J’ne 7 36 Apr 8 347g Dec 63% Jan *104 108 *___ 108 10778 10778 *100 108 * . . . . 108 *106 108 100 Twin City Rapid Transit. 104*2 Jan 6 Ill's Sep 17 104 Sep 111 Feb 174l8 175 17378 1751s 1733s 174 1723S 1731s 17234 174*8 170*4 17312 157,800 I fnlon Pacino______160 Feb 1 176-34 Sep 30 153% Sep 192% J’ly ♦80i2 90 *8914 8978 *8914 897g 89'2 89'2 89'2 89'2 89 89*4 400 ^ Do preferred...... 887g Sep 12 93*8 Feb 27 89 Sep 90 J’ly ♦32 33 32 “32 3212 32l2 ♦32'2 33 32's 32% 32 —32 500 Unit Rys In v’ t of San Fr 28 J’ly 11 37% Feb 14 28% Sep 49 Feb *02 6312 01*4 62 62'2 62'2 *61 62'2 62'2 62% 61*s 62 1.400 Do preferred...... 67 J’ly 18 6512 Feb 14 52 Sep 76% Mch *412 47g 5 5 6 5 412 5 *4'2 5 458 434 1,160 W abash ...... 334 J’ne 19 934 May 11 6*4 Deo 18% Feb 15U 15U *1514 15'2 15 16 15 157g 15 163s 14% 14*2 3,650 123g J’ne27 22% Apr 9 14% Dec 40% Feb 57U 58 67 5714 *57'4 69 6658 665s 67 57 56 67 1.400 Do preferred...... 64% Mch 25 Western Maryland Ry___ 5514 Sep 17 4878 Apr 06 J’ly 8l2 9 9 9's 834 978 9'4 1034 10*8 1134 10 11 23.500 4 Jan 10 lilt Oct 10 2'2 Sep 6% Feb ; 2934 31 31 313j 3112 34 33'2 36'2 33*8 36'2 33 34'2 11,910 Wheeling & Lake Erie___ II Jan 3 3012 Oct 9 7 Sop 1753 Feb 14 14-14 1478 15'2 15 10*4 16 17*2 16 17*2 16 16*2 10,625 Do 1st preferred_____ 0 Jan 19 17% Oct 9 3 Aug 8 Feb ♦57 58i4 ♦57 68'4 58 68 67 67 *52 60 *52 69 200 Do 2d preferred______72% May Wisconsin Central______48 Feb 6 62'; Aug 12 48 Sep 91*8 9214 913s 92 9034 9U4 893S 903g 8912 9038 875s 89®g 137,700 Industrial^: Miscellaneous 60 Feb 1 92% Oct 4 443, Sep 715g J’n* *58l2 69l4 59 59 *5S34 59's *58l2 69'2 58*4 6934 69 59 900 A malgamated Copper.. 57l2 Sep 16 63*8 Mch 22 44-% Sep 63% Deo •100 10012 *100 100'2 IOOI4 IOOI4 100 100 *100 100'2 250 merAgrlcultural Chem 98 J’ly 17 104% Mch 20 99% Oct 105 Deo 7334 74 7214 74 705S 7214 7II3 7134 71*4 72'4 7H4 72 19,950 Do pref______53 Feb 26 77 Sep 19 39% Jan 6934 Oct *9712 100 *97 100 ♦90 100 *96'2 100 *97 100 *96'2 100 Amerloan Beet Sugar____ 101% J’ne 19 '2 Do pref...... 97 Apr 3 92% Jan 101 Oct 43l2 4412 44 45's 4378 443g 4334 4478 44'2 46'2 45'2 473-j 143,020 11% Feb 1 4738 Oct 11 878 Jan 12% May 12334 12334 124 1243g 12334 124 12334 124 12334 1253.1 12334 126*2 7,300 American Can...... Do pref...... 90*3 Feb 1 126% Sep 19 77 Jan 93% Dec 6212 6212 62 62'2 0158 62 61 61% 60'2 6U,, 60 60-lf 8,100 49 Feb 5 635g Sep 25 42% Sep 68% J’ly ♦11712 119 +117% 119 117'2 11712 *11712 11834 117*2 11834*117*2 120 417 Amerloan Car & Foundry 115 Feb 14 120 May2-1 113 Oct 120 May *3034 317s *3034 3178 3034 3OI4 3034 30-% 303.i 3034 *30'2 31 300 Do pref...... 30*4 Oct 8 31 J’ly 2 ♦7634 7734 *7014 77-14 7712 77'; 77 77 *7634 7734 7678 7078 300 American Cities______76'4 Aug 6 83% J’ne 20 5014 5014 50's 56's " ’ 56 50 6578 50 56 57 56'2 66'2 1,400 Do preferred______American Cotton Oil____ 45'2 Jan 19 683g Sep. 6 41*8 Nov 623g Feb $9912 9912 99 99 *98 99'2 ♦98 99 *98 09'2 *98 100 150 95 Jan 19 99% Feb 13 93 Nov 108% Feb *0U 6% *6'4 6'; 0*8 0*8 *6'4 0'2 638 638 6's 6's 300 Do pref______3 Feb 10 7% Sep 25 3% Sep 6 Jno ♦30% 32 *30 31 *29'2 3034 29'2 29'2 29 29-% 29'4 29'4 700 Amerloan Hide & Leather 20 Feb 26 34 Sep 24 18 Sep 20% J’n* 2414 21% 24 24 *23 24 23'a 23's 23 23 22'2 23 900 Do pref______18 Jan 2 30*4 May20 10% Aug 25% J’ly *1418 14*8 14 14 14 14 14 14 14 147g 14'2 141? 2,200 American Ice Securities. 0 Mch 6 17% Apr 23 8 Aug 12% Feb *38% 40 38'2 3834 38 38 38 38 38 38 37'2 37% 700 American Linseed______30 Feb 20 43 Apr 23 20% Oct 34% Deo *4334 44% 437g 44>4 4334 44 43'4 4334 43's 4334 43 43*8 5,260 Do pref______3U4 Feb 27 403.1 Aug 17 32% Oct 43% May ♦10712 109 *107'2 109 *106 10838 *106 108 *107 110 *107 IO8I4 American Locomotive__ 103 Jan 16 110'; Aug 14 102 Oct 110*4 Mob 15 I6I4 16 16 *15 16'2 *15 16 *14'2 16 *15 10 1,500 Do pref______434 Jan 10 19% Aug 5 3 Sep 6*8 Jan 04 6512 6534 60*4 65 65's 65'4 65>4 65'a 66I4 65 65'8 2,620 American Malt Corp____ 42 Jan 6 69% Aug 14 31% Mch 43*8 J’ly *8034 8714 *86'4 87*4 58634 8634 *801| 8734 8012 80*4 *85'2 86'2 230 Do pref______86 Mch 22 89% J’ne 10 62 Sep 89% J’ly 88 8878 877g 885s 875S 877g S65S 87-lg 8634 88 84-1.1 87'8 30,000 Amer Smelters Sec pref B 0778 Feb 1 91 Sep 26 60% Sep 837s J’no ♦IO8I4 10914 ♦IO8I4 10914 *108'4 IO9I4 108 108 108 108 * 107 *2 108'2 450 Amer Smelting* Refining1023g Jan 2 10938 Sep 20 98-1, Sep Do pref______1081? J’ue BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS. Banks Eld Ask Banks Bid Ask Banks Bll Ask Banks Bid Ask Banks Bid Ask Banks Bid Ask New York Chat&Phcnlx 175 180 Fifth AveH. 1390 Harriinan.. 285 Metropolis 1 375 385 ‘Tud i-.xch ! A etn a_____ 202 295 107% 172% 212 Cheisea Ex! 150 Filth ...... 300 325 ' Imp & Trad 555 565 Metropol ’ni 190 198 R eserve___ 93% America H__ 615 630 Chem ical_ 445 450” First ______1000 1020 200 Amer Exch. 2-10 ...... 210 Mt Morrlsll. 235 .... ■Seaboard . . 425 245 Citizens’ Ctl 188 195 F ou rth ____ 209 203 Liberty____ 635 055 -Mutual D ... 285 295 Second .. .. 375 4'6o” Battery Pk. 125 130 City...... 1445 1449 Garfield . . . 275 290 Lincoln____ Bowery !|__ ___ 375 385 N assau____ 217% .... Security!!.. 142 400 Coat & Iron 155 160 Germ-Am 11 140 350 . . _ BronxBoro!, 300 _ Manhattan!! New N eth .j 220 Sherm an... 186* Colonial !|._ 425 Germ'n Exij 403 450” Mark't&Ful 250 257*' NewYorkCo 876 State ! ] ____ 260 775* Bronx Nat 180 195 Columbia {|. 335 34*5” Germania 1|. 525 540 Bryant Pk ^ Mech&Met's 270 277% New York. 365 37*5” 23d Ward!|. 175 155 Commerce . 1209 1210 G o th a m __ 15S 168 Vlerch Exch 160 105 102 Butch & Dr 130 14 a" Corn Ex fl_. Pacific!)____ 255 205 Union Exo. 168* 320 330 Greenwich 1) 250 .... Merchants'. 185 Park _ . ____ 370 375 Wash H’ ts !j 275 Century H._ 230 235 East River. 88 Hanover___ 700 — C hase_____ Fidelity 1).. People’s !).. 240 260 West Side f 515 0*25*’ 750 .... 165 1*75” yorkvll'o 1|. 600

• Bid and asked prices.: no safes were made on this day. tax-rights. {Less than 103 shares, IlStato banks a Ex-dtvidcnd and rights. 5 New stook- t Sale at Stock Exchange or at auction this week, h First Installment paid, n Sold at private sale at this p rlb e ?* Ex-dlvldend.^ I Fill paid!

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis o c t . 1 2 i 9 i 2 . i New York Stock Record— Concluded— Page 2 9 5 1 For record of sales during the week of stocks usually inactive see second page preceding.

STOCKS—HIGHEST AND LOWEST SALE PRICES. Sales 01 STOCKS Range since January 1. Range 1or Previous the NEW YORK STOCK On basis a! 100-share lots. Year 1911. Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE Oct. 5. Oct. 7. Oct. 8. Oct. 9. Oct. 10. Oct. 11. Shares Highest. Highest. Industrial and Misc.(Con) *188 191 190 190 *183 190 *187 192 *185 190 *185 190 300 American Snuir_____ 123 Mch 6 197 Sep 9 225 Sep 325 May *100 105 *100 105 *100 105 10333 io;;3g *100 105 100 Do pret, new ::::::: 99 Feb 9 105 Aug 13 4.')12 44% ”43% 44 4438 4-1% 43% 44 43 41 43 43% 2,000 Atner Steel Found (new) 26 Jan ID 413s Oct 8 25 Sep 521- Feb" 127% 127l2 *127 128% 120% 127 126% 120% 12G38 1201 126% 126% 2,700 American Sugar Refinin'' 111% Jan 12 133% May 13 112% Sep 1221" Feb *122 124 *122 124 §1221.1 122% *122 123-34 122% 122% *122 123% 325 Do pret______115% Jan 5 121 Sep 2; i l l Jan 119iv Feb 144% 144% 144% 144% 144% 144-% I-I334 144 143-34 144 143-% 143-3, 2,800 Amerloan Teleph & Telcg 137% Jan 2 149% Mch 25 131% Aug 153% J'no 270 270 205 209% 200% 267 264 205% 203% 207 206 270% 10,300 American Tobacco______211% Feb 29 324% J’ly 1 *104% 105% 104% 104% 10434 10434 104% 105 §105 105 *104% 105% 1,050 Preferred, new 101% Jan 11 106'% Jan H *27 30 *27 30 *27 29% 28I4 28-34 29 29-3., *29 30 1,200 American Woolen 25% Feb 6 31 Alay 17 25% Deo 30% Mch 89% 89% *88 90 *80 90 *80 90 88% 89% +88-3.1 89 800 Do pref___ 83 Feb “ 91% Mch 1: 85% Get 96% J’ne *37 38 37 37 36% 30% 30-3.1 36-3.1 37 38% 3778 38% 2,300 Anier Writing P a p er.'p ff 25% Jan 25 41% .May 1 2-1% Sep 341" Feb 46% 47% 40% 47 40% 40-3., 45% 46% 45-3s 45-34 43'8 45% 45,010 aAnacondaCopper Par S'* 5 S31 Feb 1 SIS Oct 2 $29 Sep $41% J’ne ♦120% 129% *126 129% *120% 129% *120% 129% *126% 129% 1261,3 126% Assets Realization_____ 105% Feb 7 127% Oct 0 106% Dec 108 Dec 68% 53% 58% 58% 58% 58% 58% 58% 58% 581 58% 58% T .io o IJaldwIn Locomotive 53% J’nelS 60-% Aug 30 *100% 106% *100% 100% *100% 100-34 *106% 100-3.1 *100% 100% 100% 100% 280 ** Do pret 102% Feb 2 108% J ’ne 1" 103% Dec" loi" "Dec" 49% 50% 43% 50 48% -197$ 48% 49% 49% 4934 48 49 10,200 Bethlehem Steel ...... 2734 Feb 27 51% Oct 2 16 Sep 38% Aug 79 79 79 79 78% 79 77-38 78 77 777s 77 77 3.100 Do pret 56% Feb 27 80 Sep 23 54 Sep 66% J'ly 140-% 140-% *145% 147% *145% 147 *144 140% 145% 145% 144% 145% 400 Brooklyn Union Gas 137% Mch21 149 Aug 12 *129 Sep 118% Nov *33 34% 34% 34% * 34 35% *34 35% 32 34 32 32 700 Butterlok Co 29% Mch 18 40% Apr 30 28 Feb 31 .Mch 00 72% 68% 71% 0812 6934 08-3.1 69% 09 71 68% 70-% 132,400 ( 'aJifor Petrol vot’tr'ctts 66 Oct 5 72% Oct 6 94% 95% 95 95% 94% 95% 9334 94% 937s 94I4 93% 94 19,325 y Do pret vot tr ctfs 13% Oct 11 95% Oct 5 31% 32 31% 32 31% 3178 31% 31-3., 31 32-3., 31% 31% 0,950 Central L eath er. 16% Feb 27 33% Sep 24 18% Sep 3338 Feb *98 9914 99% 99% 98 98% *97 98 98 08% *97% 98% S00 Do pret______80 Feb 27 100 Aug 15 91% Dec 105 Feb 43% 43% 42% 43% 42% 44 42 4234 42 4338 42 43 23,100 rfChino Copper____Par's!} $25 Jan 15 S147s Sep 1( S10% Sep $27% Deo 41% 42% 42% 43% 42% 42-% 41-3i 43% 423.1 43% 41% 42% 14.350 Colorado Fuel & Iron 23% Feb 28 4334 Sep 20 25 Sep 3 033 Feb 1 47 143% 147 148% 147-% 1473.1 140-3.1 147% 147% 147% 140 147 14,950 Consolidated Gas (N Y) 138% Feb 17 149% Aug 12 12834 Sep 148% J no 15% 15% 15% 15% 15% 15% 15-38 15" 15-34 101., 1573 16% 0,400 Corn Products Refining 10 Jan 16 17% Apr 24 9% Oct 1534 May 84% 84% *83 84% *82% 85 *83 85 *82 84 83% 83% 200 Do pref______z76% Jan 3 87 Apr 24 73 Sep 85 M ay 29% 31 31% 31% 31 31 303S 31 30-3.1 31 3(>34 3078 3.900 Distillers’ Securities Corp 28 Feb 5 36% Aug 21 29 Sep 38% Mch *17% 21 *17% 21 19% 19% *18 23 *17% 21 *18 20% 100 Federal Mining & Smelt’g 11% Feb 28 21% Sep 25 13 Dec 30 Feb +45% 50 48 48 4878 487s *40 49 *40 49 *40% 49 200 Do pret______37% Jan 23 52% Sep 2G 37 Dec 66% May *18212 183% 183 183% 183 183% 183% 183% 183 183% 182% 183% 24,000 General Electric___”” 155 Jan 2 188% J’ly 25 142 Sep 108% May *30 381 38 38 36-3.1 30-% 35 30 35% 3534 35% 35% 1,000 Gen Motors vot tr ctfs” ' 30 Feb 26 4278 Sep 3 35 Nov 51% Aug 81% 81% 89% 80% 7978 80% 78 79% 79 79 79 80 2.100 Do pret vot tr ctfs. 70% May 3 S234 Sep 3 74% Dec 80-% Aug *2% 2% 2% 2% 2% 2% 233 2% 2% 23S 2% 2% 12,750 ((Goldfield Con M P a rs io S2% Oet 9 85 Mch 18 S3% Oct S77s Jan 7484 74% 74% 74% *74 75 74% 7-1% 74 74% 74 74 1.900 Goodrich (B F ) ______74 Oct 10 8 1 Sep 9 ♦107 107% 100% 107 *106 107 106% 100% 100 100% 106% 106% 800 Do pref___ ” " 100 Sep 2t- 109% Sep 16 6884 &8% 58% 58% 5811 58% 57-3.1 5778 57% 58% 57% 57% 4.500 dGuggcnh E xpio.P ar $25 5 >3 J’ly li £362% J'ne 14 19% 20 19% 19).i 1933 20 19% 20 20 21% 20 21 22,700 d I nsp’n Con Cop Par 520 $18% J’ne o $21% Oct 10 123% 124% 123% 124% 123 123% 122*34 123 123% 123% 122% 122% 2.900 4 nternational Harvester 105% Feb 1 1267s Sep 10 99% Sep 129-% Mav 119% 119% 119% 11934 *118 1193,. *118 110-34 *118 1193, *118 119% 200 Do p ret______110% Jan 26 121-% Apr 4 115 Sep 123% May *5% 5% 5% 5% 5% 5% *5 534 *5 5% 700 lilt Mer Marine stk tr'et’fs ■1 Mch 7 7/% Mch29 3% Sep 578 j an *19% 21% *20% 2134 *20% 21% 20% 20% 20 20 19% 19% 1,100 Do pref______15% J’ly 30 26 Mch 29 14 Aug 22% Deo 15% 15% *15% 15% 15% 10 153.1 157S 15% 1634 16 16 5.350 International P aper::" 9% Jan 17 1934 May23 9 Sep 13% Jan *50 5/ *50 68 *50 58 57% 57% 57% 58-3, 57% 58% 3,450 Do pref______11573 Jan 3 627g May23 44% May 56% Jan *27% 281 2734 27% *27% 28% 2738 273S 27 27% *20% 29 700 Intcrnat Steam P um p." 24% J’ne 3 34 Jan 23 Oct 44 Feb *8078 81% 80% 807g 8078 81% *80 81% *80% 8H" *80 81% 525 Do pret______79 Feb 1 84% Apr $ SO Oet 90% J’no +81 83 83 83 82 82 82 82 83% 831., 82 82 900 Kresgc Co (S S ) _____ . 71 Sep 26 89% Oct + 102% 104% 103% 103% *102 104% *102% 104% *102 103% *102 103% 100 Do p r e f______101 Sep E 105% Oet 51 53 52% 53 53 53% 53% 53% 54 54% 53 54 1.500 Lackawanna Steel______29 Men 21 55% Sep 3J 39 Sep 48 Apr *105% 100 100 106% *1051+ 106% §100 100 1053.1 1053, *105% 106% 500 Laclede Gas (St L) c o m .. 104 Mch 16 108% Jan 4 101% Sep 111%Jan 210 210 215 210 210 210 215% 210 215 215 212% 212% 1,400 Liggett A Myers Touacco 1567g Jan 15 217% Sep 10 ♦110 117 116 110 +110 117 *110 117 *110 117 *110 117 100 Do preferred...... 1051" Jan 12 118 Aug29 44% 4484 44% 45% 4378 44% 433.1 44% 441.1 447s 43% 44% 11,640 Loose-Wiles Bis tr co ctfs 42 Sep 27 47% J ’ly 26 ♦ 102% 103 102% 1027g *102% 103 *102% 103 *102% 103 *102% 103 213 Do 1st pref______1021" Oct T 101% J’ly 27 91% 91% *90% 91-% 91% 91% *90% 9134 *90% 9134 *90% 91% 200 Do 2d pref______•jo ” J’ly 22 92% j ’ly 26 *86% S3 *86 88 87% 87% *861,1 83 *80 88 80-34 86-% 150 Mackay Companies_____ 75% Jan 31 92% J’ly 17 74% Dec 95 Feb *68% 09 *08 09 68% 68% *08 63% §68% 68% *68 08% 125 Do pret______68% Oct 8 7078 J an 23 6S Dec 77 Mch 86 83 80 88 85 87 84% 8534 84% 80% *84% 85% 14.850 May Department Stores. 69 Apr 11 88 Oct 7 70 Apr 87 J’no *105% 107 *105 108 + 100% 107 *105% 107 107 107 *105% 107 100 Do pref______105% J ’ne 21 112 Jan 11 10734 Sep 113% J’n* 87% 8® 871.1 88I4: 87% 88% 871.1 S77s 87% 88% 85% 87% 36,650 Mexican Petroleum_____ 02% Apr 20 891" Oct 4 29% 29% 23% 2934 293S 29% 287S 293g 285$ 29 27% 28% 10,458 d ulaml Copper___Par 55 523% Feb 14 *3014 Sep 25 $10% Sep $24% Deo 135% 135% 137% 137% *136 137% 136% 130% 130% 1301 *135% 137% 600 ational Biscuit______129% j ’ly 26 161 Apr 30 117% Jan 14334 Nov +123 124 124 124 *123 12834 *123 1 273., §127-34 1273; *123 127% 130 N Do pref______123 Oct 4 131 J ’ne 19 124 Jan 130 Feb 118% 18% 19 20% 19% 21 21 22 22 24% 23% 25 29,375 Nat Enamel’g & Stamp’g 12% Feb 29 25 Oct 11 12% Dee 22 J'ly *90 93 *90 93 *91 93 92% 92% 92% 04 93% 94 1,150 Do pref______88 Feb 27 95% Jan 2 85 Jan ♦ 65% 06% 601.1 08% 60-3., 67% 65% 60-3.1 65% 60% 65 05% 8,600 National Lead______51% Jan 9 68% Oct 7 42% Sep r 4 * x 110 110 ♦109 111 n o n o 200 Do pref______105% Feb 1 110% Aug 20 101 Sep 109% Aug 22% 23% 2234 23 22-3$ 2234 22% 22% 22% 22% "22* 22% 18.850 dNcv Cons Copper.Par55 S18% Jan 29 $24% Sep 30 $15% Sep $21% J’ne ♦76 78 *70 81 *76 78 *70 78 *75 78 *75 78 New York Air Brake 50 Feb 17 83 Aug 21 45 Oct 76 Feb *84 84% *83 8434 84 84% 8478 847s 841.1 84% 84% 84% 600 North American Co (new) 74%Jan 3 877g Aug 21 64 Jan 70-74 May 34% 34-% *34% 30 34% 34% 34% 34% 34% 343.1 33 34% 2,900; acific Mall.,.. 30 Jan 3 38 Sep 30 23% Apr 3338 Nov 60 50% 49% 49% 49 49 49 49% 49% 50% 49% 49% 2.500 Pacifio TelepM & Te'ieg"____ . 47 Feb 5 5538 Apr 25 35 Sep 54% Jan 117% 117% 11734 11J34 118% 12034 121% 122% 121 122% 119% 121 25,9001 People’s G L A C (Chic). 103 Jan 8 122% Oct 9 101% Aug 109 Jan *102 104 *102 104 102 102 *102 104 100:Philadelph!a Co (Pittsb). 102 J ’no 3 111% Feb 10 99 Sep 118% J’ne 25% 25% 243.1 2538 24% 24% 2433 25% 2434 25 ’ 24’ 24% 7.700 Pittsburgh Coal Co 16% Mch 1 27% Aug 14 17 Dec 23% J’no 97% 97% 96% 97% 90% 96% 97 98 97 9773 97 971.1 5,200 Do pref 77 Feb 8 100% Aug 14 67% Jan •J078 J'ly *188 190 188% 188% 188 189 *185% 192% *188 190 188% 188% 500 P. Lorlllard C o...... 167 Mch 11 200% J'ne 8 *110 117 110 116 110 110 *115 117 *115 117 *115 117 400 Do preferred______107% Jan 12 118 Aug 20 39% 39% 39% 39% 39% 39% 38 39 38 3878 37% 38% 2,900 Pressed Steel Car______28-34 Feb 27 4078 Sep 30 25 Sep 37% J ’na *102% 103 *102% 103 *102 100 102-33 1023s §102% 102% §102% 102% 180 Do p r o ______96 Feb 28 1033i Aug 16 91 Sep 10234 j'n e 119 119 119% 119% 11834 11834 *116% 120 *1161" 120 *116% 120 325 Pub Service Corp of N J. 106-% Feb 17 12078 Aug 13 108 Oct 129 Feb *107% 109 *107 169 §168 168 *107 108% *107 “ 109 107% 107% 224 Pullman Company 158% Feb 2 175 Aug 21 154 Sep 163 Jan *37 397g *37 39% 39% 39% 38-3., 39% 38 38-3.1 37 33 1.500 R a ilw a y Steel S prin g... 271" Feb 8 40% Sep 25 26 Oct 39 J ’ne *102 103 *102 103 10278 102% *102 102% *102 103 101 103 100 Do pref 100 Mch 12 105 Aug 28 92 Jan 100 J'no 2278 23 223.4 23 % 22% 22«4 21% 22% 21% 217s 21 21% 30.950 dUay ConsCopper Par 510 $16 Jan 29 *24% Sep 23 $12 Sep $19 Deo 3378 343S 3334 34% 33% 34 33% 33% 33% 3334 33 33% 10,655 Republic Iron A Steel__ 1534 Feb 26 35 Oct 4 18 Oct 35% Feb *91% 92% 91% 91% 913.i 9134 *90 92% *91 93 91% 91% 400 Do pref______64% Feb 27 92% Sep 27 74% Oet 09% Feb *100% 102 *100% 102 *100% 101% 101 101 101 101 100% 100% 300 Rumcly (M) pref______100 J’ne 20 103 J'ly 20 ♦213 214% ♦213 214 212% 213% 212 212 212 212 210 212 2.700 Scars, Roebuck & Co____ 140 Jan 15 220% Sep 9 125% Sep 192 Feb ♦57 59 *57 53% 57 67 66 50 56% 56% *55 57% 600 Sloss-Shelfleld Steel A Ir. 39% Jan 30 5934 Sep 2o 34 Sep 56% Feb ! *28% 30 *28% 31 30 30 29 29% 28% 29% *28% 30 700 Standard Milling ______16% Jan 19 33% J’n e27 15 Aug 17% J’ne , *63 60 *63 07 00 66 04 64 *04 65 04% 01% 300 Do pref______53 Jan s GO Oct i 50 J'ly 53 Dec | 42 42 42 42 42 42 41% 41S8 42 42% *41 43% 1,000 Studcbaker Corp (The).. 30 J’ly 10 49% Aug l | 65 96-% *94% 97 *94% 07 95 95 *94% 95% *94% 95 500 Do pref______90i" J’ne28 9-8% Aug IS 4358 45 45 4534 44% 45% 4353 441,1 44 44-% 43% 44% 0,800 ((Tennessee Copp.P ar 525 $34% Feb 1 $47% May2i $3014 Sep $44 J’ne 120 120% 12678 127 120 126% 126 120-3, 126% 128% 125% 125% 2.500 Texas Company (The)__ 81 'Jan 16 130% Sep 7 74% Nov 136% Feb 111 1113.i 11134 1113, +110 111% 11034 110-3.1 §111 111 110% 110% 1,410 I I ndcrwoo.i Typewriter. 98% Apr 3 115% J’ne 2$ 63 Mch i l l J ’ne *113 1133., *113 1133, 111% 111% *113 11334 *113 113-3.1 *113 113% Do pref______. 110 J’ne 14 111% Sep 17 103 Mch 11373 J'ly I I378 1378 1334 13-74 13% 13% 1378 1378 13% 14% *13% 14 3,200 Union Bag A Paper...... 4% -Ian 25 1778 May 15 4% Dec 9 Feb ' 60 00 00 00 5978 00 69 59 5978 5978 59 59 950 Do pref______49% Feb 21 07% May is 50% Nov 59% Jan •20 21% *20 21 1934 20 19 19 *18% 21% *18% 21% 410 U S Cast I Pipe A Founclr 13 Feb 16 22% Mayli 11 Sep TJ Feb ♦00 02% *60 63 *60 03% *00 63 *60 03 *60 03 Do pref______50 Jan 4 03% Sep 25 40% Sep 161 Feb *52% 55 555 55 *52% 55 *52% 55 *52% 55 *52% 55 50 U S Industrial Alcoho”:: 20 Jan 8 57% Sep 24 24 Aug 30 May ♦84% 85% *8114 85% *84% 85% 841.1 841, 84% 84% 84 84% 600 U S Realty A Improv’t.. 67 Jan 31 80% j ’ly 18 05% Jan 7934 May 54% 54% 54 54% 5378 54% 53% 537S 54 55 :r52% 53% 7,920 United States Rubber__ 45% Feb 1 077s May.’ l 30% Sep 48% Dec •110% 112 *111 112 112 112 11134 1113.t 111 111% 2:109% 1097s 1,300 Do 1st pref...... 195% J’ly 25 116 May _>0 104 Sep 115% J’ly ♦81 82 *8114 82% *81 82 81% 8133 8173 817s 300 Do 2d pref______75 Jan 23 85% May 21 66 SCP 79 Mch 7878 79% 783, 79% 78% 79 773.1 783$ 78 793$ 77% 787$ 388,100 United States Steel_____ 58% Feb 13 80*% Sep 30 50 Oct 32% Feb 115% 115% 115-% 110 115% 115% 115 115% 115 115% 114% 115% 5,510 Do p re f...... 10733 Feb 13 117 Sep 30 10J Oct 120% Feb 05% 00 0434 00 01% 65 63% 0438 04 65% 63% 01% 44,750 dUtali Copper___Par 510 S52% Jan 29 $67% Sep 3( $38 Sep $57% Deo ♦47 471.1 47 47 47 47 4G7S 48% 48% 49% 43% 43% 7,700 Vlrginla-Carollua Ulicm.. 45 Sep 10 57% Jan 20 43% Sep 70-% Feb *115 117 115% 115% 110 110 *115% 117 200 Do pref______115% Aug 8 122 Mch 27 114 Sep 128% Mch 0934 0934 'OS’ 08% *68 71 68 08 68 69 ’ flfl" 67" 700 Virginia Iron Coal A C . . 5-4 Men 4 U0 Jan i 52 Jan 97 J’ly 81% 81-% 81% 811' *Si% 81% S1U 811-> 8078 81% 80% 80% 1,100 Xl/eatern Union l'elcj.. 79 Jan 2 80% Jan It 71% Apr 8412 May 84% 85 84% 85 ' 84% 85-34 84% 85 84% 85% 8378 84% 7,800 Yt estlngii’seEIAMfg ass 66% Jan 3 89% Aug 9 53% Sep 79 May *122 128 *122% 123 *122 130 *1221" 130 *122% 130 *122% 130 Do 1st pref______11478 Jan 5 126 Aug 8 110% Aug 123 Jan 1147S 115 11234 1147$ 110 111% 110% 112-3, 113 115 11378 115% 10,400 Woolworth (F W )______921» J’ly 25 117% Oct 2 115 115 115 115 *114U 115 1141? 114% *1141" 115 115 115 940 Do pref______113% J’ly 29 1.6'! J’ly 2

BANKS AND TRUST COMPANIES— BANKERS' QUOTATIONS.

Banks Bid Ask Hanks Bid Ask Trust Co’ i Bid Ask Trust Co’s Bid Ask Trust Co’ s Bid Ask Trust Co’ s B-d Ask Brooklyn Brooklyn N Y City N Y City N Y City Brooklyn Coney Isl dl ___ 155 North Side H 175 200 Central l'r.. 1035 1050 Guardian Tr 90 NY Lile&Tc 1030 1045 Brooldyu Tr 470 F irst...... 280 295 P eople's__ 115 155 Columbia- H u d son ___ 115 139 N Y Trust. 630 Citizens’ __ 150 Greenpolnt.. ___ 160 Prosp’ctPk’ 159 105 Knlckerh 570 575 Law T I&Tr 220 226 TitleGu* Tr 520 628 Franklin___ 265 275 HIUsldeY — ___ 125 Commercial 97% Lincoln l'r. 125 135 Union Tr .. 129) m o Hamilton .. 273 llomestcadl ___ 115 Trust Co’ s E m p ire ___ 300 310 Metro pol’t’n 445 460 US Mtg& Tr 485 H om e_____ IIS Manufao'rs 405 425 Bqult’bte Tr 510 550 Mutual AUl Unit States 1111) 1130 Kings Co .. 620 Mechanics' 1 230 210 .V Y City Farm Lo&T 1370 1400 a ne e ...... 115 152 \V ashtngton 380 409 L Isl L & Tr 30 J 310 Mon tank H 153 As t o r _____ 490 110 F idelity___ 218 222 Mut.i West- Westchester 159 160 Nassau____ 130 N assau____ 212 225 Hankers’ Tr 575 580 F uttou____ 315 325 Chester).. 149 150 Windsor . . 183 P eop les'___ 295 305 .-at City... 275 295 B'.vay l'r.. 175 13.) Guar’ ty Tr. ■>030 010 Queens Co. 100 110

• Bid and asked prices: no salos on this day. 4 Loss than 109 shares, t Ex-rlghts. -t Ex-dlv. and rights, b New stock, d Quoted dollars per share. T Sale at Stock Exchange or at auction t.ils week, s Ex stock dividend. §1 Banks marked with a paragraph (§1) are State banks, x Ex-divldend.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis New York Stock Exchange—Bond Record, Friday, Weekly and Yearly Jan. 1 1009 th3 Exchange method of quoting bonds was changed, and prices are now all— " and interest'’— except for income and defaulted bonds.

BONDS Price Weekfs Range BONDS I VceKi N. Y. STOCK EXCHANGE Friday Range or Since N. Y. STOCK EXCHANGE Range or Week Ending Oct 11. O ct 11 Las’. Sale aqI'? cq Jan. 1. Week Ending Oct 11. Last Sale U. S. Government. Bid Ask Low High No. Low High Chesapeake As Ohio— ,U S 2s consol registered._di930 Q-J 101 10U2 101l8 lORs 10 100*4 1011;, Gen funding & Impt 5s__1929 U S 2s consol coupon____ (11930 Q-J 101 10U2 10034 May 12 100*4 1013; 1st consol gold 5s______1931) U S 3s registered...... *1918 Q-F 102I2 103 10210 J’ly '12 102 10234 Registered______1939 U S 3s co u p o n ...... fcitiis Q-F 10212 103 102l2 Sep ’ ll 10112 103!.- General gold 4 44s______1992 U S 4s registered...... 1925 Q-F 113*4 11414 1135s Aug TS­ 11314 114*,) Registered______1992 U S 4s co u p o n ______.1925 Q-F 1.334 IMI4 UI A u g’12 11314 11434 Convertible 4 Vis______1930 U S Pan Canal 10-30-yr 2s *1936 Q-N . 101 10ll£ 100i2 J ’n e 'll Big Sandy 1st 4s______1944 U S Panama Canal 3s g____1901 Q-S 10134 1021; 1017s 101 'k 1013a 102l2 Coal Rlv R y istg u 4s____1945 Craig Valley 1st g 5s____1940 Foreign Government Potts Creek Br 1st 4s____1946 Argentine— Internal 5s ot 1909. M-S { 96 68 987S Oct '12 97 100 It & A Dlv 1st con g 4s. .1989 Chlnese (Hukuang) Ry 5s £ ____ J-D { ------93*4 92 Sep T2 93I4 9 5 t2 2d conso! gold 4s______1989 Imperial Japanese Government Greenbrier R y 1st gu g 4s 1940 86t2 ____ Sterling loan 4 Hs__ 1925 F-A . 9l*4 Sale 9134 92 0 U 2 94 Chic & Alt R R ret g 3s...... 1949 . . . . 701. 70* 72l2 2d Series 4 Vis...... 1925 J -J t 90 9 .'12 90*8 90*8 903S 93 Railway 1st Hen 3 Hs____1950 04t2 Sale 6OI4 0512 Sterling loan 4s______1931 J J t 8312 Sale 83U 8312 HSU 8S18 Chic B & Q Denver Dlv 4S..1922 99*8 100 99Is 100 Republic of Cuba 5s exten debt. M-S 1103 IO414 103 103 10212 10.) Illinois Dlv 3J4s...... 1949 85 851.) 83*.) 88 External loan 4 Hs 1949 F-A t ------99 A u g'12 93 691 Registered______1949 8412 86 8512 8GI4 San Paulo () trust 5s"l919 J -J t 971$ Sale 97's 97 Is 971s 98*. Illinois Dlv 4s______1940 98 Sale 08 10018 Tokyo Jlty loan of 1912, 5s____ M-S ____92 3173 Sep T2 9173 95 Registered______1049 96 lOO 07 9912 U S of Mexico s f g 5s of 1899 -J t ‘J0I4 961. 06 96 D512 07I4 Iowa Dlv sink fund 5s___1919 10378 ____ 1037s 105 Gold 4s of 1 9 0 4 ...... 1954 -D 89 91 89 8912 88 91 Sinking lund 4s...... 1919 99 ___ 0014 09*8 t Thes: are p rices ontheba / 55 to £. Nebraska Extension 4s.. 1927 9612 99 973) 99*8 State and City Securities Registered______1927 96 971 06*8 96*3 N Y City— 4 Ms...... i960 iM-S 1005s Sale 100*3 100*8 IOOI4 103 Southwestern Dlv 4sIII_192l 9834 ____ 983.) 9912 4 % Corporate stock 1959 M-N 98I4 Sale 08i8 93 1001g Joint bonds See Great"North ' 4% Corporate S to c k .. 1958 M-N 9si8 Sale 98l8 98l8 98 lOOlg Debenturo 5s______1913 10018 101*/. 10033 Aug T 4% Corporate stock___ 1957 m - n 9813 301 £ 983s 9838 977S IOOI4 General 4s...... 1958 95l2 Sale 05 051. New 4 J-4S...... 1957 M N 105*8 105'; 105*8 1053,. 105*8 1077s Chic As E 111 ref & Imp 4 g ill 955 7714 Sale 771,1 7714 New 4 Ms...... 1917 M-N 10112 102lg 101*8 Aug T2 102 102*4 1st consol gold 0s_____ 1934 1193.) 1221; lli)t2Oct ’ I* 4H% Corporate Stock..1957 M-N 105'4 Sale 105*8 105-8 10512 107's General consol 1st 5 s.. 1937 107 109 106L 1C012 4Vi% assessment bon ds.1917 M-N 10112 101/g 10U2 10U2 10112 1027g Registered...... "1937 IOOI4 Feb T2 3Vi% Corporate Stock 1954 M-N 86(8 8S12 80I4 S5I4 847s 88 Chic & Ind C Ry 1st 5s 1936 1061s 10731 108l2 J’ne T2 N Y State—4s______1901 ■M-S ------lOO.’a 10038 Sep T2 1003s 1027s Chic Gt Western 1st 4s____1959 76*8 771;’ 76.3 77 Canal Improvement 4s'"l901 J-J 100*4 10114 100i2Sep T2 10038 1027s Chic Ind As Loulsv— Ref 63*1047 124 1281­ 125 A u g l2 . Canal Im p’ment (new) 4s 1961 J J ____lCOiv 100*8 1003g 100*8 103 Refunding gold 5s_____ Il047 ____110 10934 Aug '12 > Canal improvement 4s 1960 J J 100i2 Sep '12 10012 102 Refunding 4s Series C__ 1917 05*8 Apr 'll So Carolina 4 Vis 20-40 1933 J-J * 9 7 l4 ------10312 J’ly TO Ind & Loulsv 1st gu 4s. 1956 86 J’ly '12 Tenn new settlement 3s 1913 J-J 07*3____ 9734 Apr '12 0734 9734 Chic Ind As Sou 50-yr 4s 1956 90*4 A u g’ 12 Virginia fund debt 2-3s____ 1991 J-J . . . 87 86i2 Dec '11 Chic L S & East 1st 4 Hs .1009 104 Dec 'll 6s deferred Brown Bros ctfs_ 63 Sale 60i2 69i2 46 6912 Chic All! & St P terml g 5s__1014 100*8 100*8 100*8 10218 Railroad Gen’t gold 4s Series A . . *1989 97 0(i2 9 d 2 991s nn Arbor 1st g 4s______/»1995 Q-J 77 80 77 77 7612 8414 Registered ...... e l 980 97l2 Apr '12 9712 08 Atch Top & S Fe gen g 43.1995 A -0 0734 Sale 9712 9734 9612 100 Gen’i gold 3 Hs Series B .el989 t : 83*3 Sep T* 8358 8G73 Registered______1995 A -0 9712 98 9712 D7l2 961s 9912 Registered______el 980 86 J'nc'll Adjustment gold 4s_.II/il095 Nov 87.4 89 88 88 lg 87*4 923g 25-year deben 4s______1934 90?s 923S ‘ 9 6 ' "9'2'3i Registered______/tl995 Nov 87 91’-4 91 Feb '12 90U 91 Conv 4 Vis (full pd rccts)_____ 1053.) 106 IOI34 107 S tam p ed ______III/)1995 M-N 8SI0 Sale 88I4 88l2 873| 92*8 Chic & L Sup Dlv g 5s 1921 105 Sep 'U 105 108 Conv 4s Issue ot 1009.. 1955 J-D 10818 Sep '12 IO6I4 10734 Chic As Mo Rlv Dlv 5 s ..1 1926 108 J ’n e '12 108 108*4 Conv gold 4s______. *1955 J-D 10914 Sale 109 11012 1053) 111 Chic As P W 1st g 5s...... 1921 101*3 104*8 10112 106*a • Conv 4s (Issue or 1910)..1960 J-D 105*8 Sale 105I2 106-8 10014 IO7I4 C M & Puget Sd 1st gu 4s 1949 9212 9284 921- 0514 - 10-year conv gold 5s____1917 J-D 103*4 I0914 139*8 11012 105 111 Dak As Gt So gold 5s 1916 1021.4 1021,1 102 103 ;• Debentures 4s Series K ..1913 F-A 99 ____ 0914 J’ly 'll Dubuque Dlv 1st s f 6 s . .1920 Ill s Oct '12 1113.) 113*8 • East Okla Dlv 1st g 4 s .. 1928 M-S 95 ____ 95L Oct '12 '95I4 "96*4 Far & Sou assum g 6 s____1924 117*8 Au g’ ll <■ Short Lino 1st 4s g o ld ... 1958 J-J 91 9H2 91 91 91 94 Lacrosse & D 1st 5s...... 1919 104*4 J’ ne'12 wiC2 16434 Cal-\rlz 1st As ref 4H s_.1962 M-S 100 10014 l0012Oct '12 99341001? Wls & Minn Dlv g 5s 1921 106 J ’n e’12 106 1063s • S Ee Pres As Ph 1st g 6 s ..1942 M-S IO8I4 10834 108L IO8I4 1031411012 Wls Val> Dlv 1st Gs______1920 11134 Sep 'l l U134 112*4 Chic & St L 1st 6s...... 1915 ■M-S 103 ____ 106*8 J’ly 'l l Mil As No 1st cons 0s____1013 101 Sep '12 101 IOH4 Atl Coast L 1st gold 4 s.../jl9 5 2 M-S 9*1*8 947« 9434 9518 9418 967s Extended 4 Vis______1913 lOOts A u g ’ 12 1001s 10018 Registered...... A1952 M-S 93 ____ 98 Oct '06 Chicago As N West cons 7s .1915 10514 Sep '12 1013.) 108 Ala Mid 1st gu gold 5 s . .. 1928 M-N 10612 10812 108*8 A u g '11 Extension 4s______1886-1026 90i2 Sep '12 DDio 101 Chic R I As Pac R R 4 s . . . 2002 67 7314 f Registered...... 1913 M-S 99 ____ 10034 Jan '11 Registered...... 2002 71*4 7234 Central ot Ga 1st gold 5 s ..p i945 F-A 11014____ 11273 Apr '12 11278 ll334 R I Ark As Louis 1st 4 }$s 1934 88 90 1)1) 93 ' ■ Consol gold 5s______1945 M-N 10712 109 107i2 10. l2 10G34 lilts Bur C It As N— 1st g 5 s . .1934 100U 110 110 11112 1 Registered______1945 M-N 106 ____ 107 Aug '12 107 107 Registered...... 1034 '• 1st pref Income g 5s____ pl945 Oct .03 Dec ’ll C It I F As N W 1st gu 5s ’21 162*8 io a ’ <• 2d pref Income g 5s____ pl945 Oct .05 Dec '11 M & St L 1st gu g 7s. ..1027 < 2d pref Income g 5s stamped.. 96 N o v 'll Choc Ok & G geu g 5s..ol019 102" IIII 102 Sep T2 102 102 .■ 3d pref Income g 53____ pl945 Oct 07 D e c ’ ll Consol gold 53______1952 106 107 107 May'12 107 IO8I4 • 3d pref income g 5s stamped. . 851a Oot TO Kcok & Des A1 1st 5s____1023 . 1001; lOOtj J’ly '12 100 IOU4 • Chatt Dlv pur mon g 4 s..1951 j*-D 9012 9H2 91i2 J’ly '12 89*8 01t2 St Paul* KCSh L lst4 Hs’-ll 90*1 Sale 90*3 00>- 80 0112 Mac As Nor Dlv 1st g 5 s..1946 J-J 107 10912 10714 Jan T2 107U 10714 Ohio St P AI & O con 6s____1030 120 122 120i2Sep '12 120L 124 - Mid Ga & Atl Dlv 5s____ 1947 J-J 10512 ____ 115 N ov'05 Cons 6s reduced to 3 >4s__ 1030 89 ____ 03 Deo '03 /- Mobile Dlv 1st g 5s...... 1946 J-J 105 ____ 10934 May 11 Debenture 5s ______1030 1021.) 102*4 10212 X0212 102" " 105 ’ Ccn R R & B ot Ga col g 5 s .1937 M-N 101 1011. 101 Sep 'U 101 103 Ch St P & Allan 1st g Os..1018 120 ____ 122 J’n e'12 122 12312 Cent ot N J gcn’l gold 5 s...1987 J-J 113 Sale 11811 119 118 1223., Nor Wisconsin 1st 6s____1930 120 ____ 129*8 May'09 Registered______10 8 7 ____12J I8I4 II8I4 11712 12214 St P As S City 1st g Gs____1919 109 110 109 Sep T2 io o " lifts - Am Dock As Imp gu 5s___1921 W 10 ji4 107 -95I4 Oct ' 12 105 107 Superior Short L 1st 5s g.1930 , Le As Hud R gen gu g 5s. 1920 J-J 102 ____ I02i2 May’12 10212 10212 Chic & West Ind gen g 6s.. 10812 Leh As Wllkes-B Coal 5s. .1912 M-N 100 J’ly '12 100 100 Consol 50-year 4s______1952 lo Sep '12 88L 9218 N Y & Long Br gen g 4s. 1941 M-S "98* I I " 100 Sep '12 100 100 ClnH &D 2d gold 4^3 ____ 1037 Alch'13 101'101 Cent Vermont 1st gu g 4s..«192o Q-F 0012 9072 91 91 90 9214 1st As relundlng 4s...... 1059 1st guaranteed 4s_____ 1950 '.86I4 J’noT2 IIII 80 " *87* MISCELLANEOUS BONDS—Continued on Next Page.

Street Railway Street Railway. Brooklyn Rap Tran g 5s .1945 A -0 ____1041; 10334 Oct T2 103 105*8 Interboro Rap Tr 5s Ser A . 1952 M-N 10.3!2 Sale 10"12 10418 10318 105 1st refund conv gold 4 .2002 J -J 91*4 Sale 9l*s 92I4 *82 8378 04*4 Alanbat Ry (NY) cons g 4s.1990 A-O 9B4 91*8 9413 9412 UUs 9814 -1941 J J 101 1021; 102 Oct T2 101 102!2 Stamped tax-exempt------1990 A -0 95i4 ------951s 95!t 94*4 08 .1941 M-N 9834 J'ly *12 0834 0834 Metropolitan Street Ry— .1041 J-J Refunding gold 4s------2002 A -0 ____ 63 04 M ay’12 6812 64 .1950 F-A ____1017. 101*4 I0D4 4 10138 10314 Farmers’ Loan 7th Av lstc g 5 s.1043 J-D ____ 1033, 101 Sep T2 103 10412 .1949 F-A 86 8612 ^612 8012 0 S414 8612 Col Aj 9th A v 1st gu g 5 s.1993 At-S 101*8 102*; 101*4 101*.. 10H2 1031g .1951 J -J 73 79 79 79 C 7U2 81 Lex A v Ai P F ls tg u g 5 s.1993 AI-S . . 1021. 102 J ’ne'12 102 103 s . ’51 J -J ------102SS 1017= J'nc'12 ____ 101 10178 Third A v RR cons gu 4 s.2000 J-J ____ 70 74 J’ly '12 74 80 .1951 J-J ____1011; 101L Sep T2 . 1011;IIO2I4 Central Trust Co certs_____ »____ 74 7412 J’ly '12 73 811t .1932 J-J ____ 76 76 76 “g 75 7933 Cent TrCo cts stamped.. 76 76 721.) 8H4 : latg 5s..1936 M-S ____ 91.; 03 Apr '12 . . . - 93 95 Third Ave R y 1st g 5 s ... 1937 J-J ____109 108 J’ly '17 108 1101t .1916 J-D 100 ____ 90 Sep '12 ____ 99 IOOI4 Met W S El (Chic) 1st g 4s. 1938 F-A ____84 9312J’ly '06 .1952 F-A 03 '■):> 99 Sep T2 ____ 987s 9934 Mllw Elec Ry As Lt cons g 5sl926 F-A 104LDec ’ll .1956 A-O SI*.; Sale 8H2 82 417 8012 8412 Refunding As exteu 4 Hs.1031 J-J ‘641*2 IIII 0-U2 0U2 0412 0 51 i * No price Friday; latest this week, d Due April, e Due May. A Due July. K Due Aug. 0 Due Oot. v Duo Nov. q Due Deo. s Option sale.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.1 New York Bond Record— Continued— Page 2 9 5 3

WeeKs Rang* BONDS Week's Range BONDS Price Range or Since Y. STOCK EXCHANGE Friday Range or Sinco N. T. STOCK EXCHANGE Last Sale Week Ending Oct 11. Last Sale Jan. 1. Week Ending Oct 11. Oct 11 I Low Higfi Cln Ham & Dayton (Continued) Low High Low High St P M & M (Continued)— Bid Ask Low H igh Al-N 102U A u g'l: 102l2 104U Pacific Ext guar 4s £ ____ 1940 J -J 921?____ 02*3 Mch’ ll Cln D & I 1st gu g 5 s.--.1941 9612 981fj-J C Find & Ft W lstgu 4s g 1925 M-N 88 M ch 'll E Minn Nor Dlv Istg4sl948 A-O 0434 07 97 Sep 'Vi J -J 8G34 881; 863.1 Sep ’ ll 863, 88 Minn Union ls t g 6s___1022 J -J 111 ____ IMI4 Sep T5 111 116 1 Cln I & W 1st gu g 4s------195J 127 May’l 2 127 127U1 Day & Mich 1st cons 4Hs 1931 J Mont C 1st gu g 6s____1937 J-J 125 ____ J -J 101 ___ 1041? J’no ’12 104 10412 Registered______1937 J-J 1 93 130l4 Alay’06 Ind Dec & W lstg 5s-..:i93a IIH4 11112, 1st guar gold 5s...... 193a J-J 10712Dec '02 1st guar gold 5s____1937 J -J 109*4111*4 111*4 Sep T Cl eve Cln 0 & St L gen 4S..1993 J-D ____ 91 91 91 DOlj 931, Registered______'..1937 J-J J-J ____92l4 92 92 91 9334 Will & S F 1st gold 5s. 1938 J-D 109U____ ll2i?Sep ’ll 20-yr deb 4 Hs ...... 1031 9118 95 j Cairo Dlv 1st gold 4s------1939 J J ____ 931; 931g Sep 12 9313 041­ Gulf & S 1 1st rcl & t g 5 s--51952 J-J 02 94 92 92*4 Cln W & M Dlv 1st g 4s. . 1991 J -J ------8C«5g 90 J’ly ’ ll 90 93 ‘ Registered______61952 J -J St L Dlv 1st col trg 4S.--1990 M-N 901? Sale 90l2 90': 897S 931; H ock V'al 1st cons g 4 H s-1999 J - J Icii2 ioi*I 16**8 io i 99*4 103 "j Registered______1990 M-N 8312____ 91 Oct ’07 R egistered______1999 J-J . . . . IOUI4100i2Sep '08 Spr & Col Dlv 1st g 4s---- 1940 M-S 83 ____ 90 Dec ’ ll Col & H V 1st ext g 4s__ 1948 A-O 91 ____ 94i2Dec '11 W W Val Dlv 1st g 4 s.-.1940 J -J 88 ____ 91 Apr '12 91 91 Col & Tol 1st ex 4s______1955 F-A 91 96 9618Jan T2 9618 96181 O I St L & C consol 0s — 1920 M-N IOGI3___ 105*4 Dec ’ll Hous Belt & Term 1st 5s___1937 J-J 99*4____ 10ul4 Sep T2 99*s 10C14; 1st gold 4s______fcl930 Q -F CS12 ____ 9612 Oct ’ U 96 97 Tlllnols Central— Registered______fcl936 Q -F 9513 ____ 96 J’ly ’ 12 96 96 A 1st gold 4s______1951 J-J 10034 ____ 101*s Sep t : 101*8 104 i J’ly ’ 12 IO7I3 IO7I3 Registered______1951 J-J 100 Sep '11 Cln S & Cl con 1st g 5 s ... 1928 J -J IO0I2____ 1071S 921; Oct '12 "o" * 2j C C C & X consol 7s______1914 J-D 105 J’ne'12 105 1051; 1st gold 3 H s...... 1951 J-J ■96*4 m i 9 921 Consol sinking fund 7s. 1914 J-D Registered______. 1951 J-J 89 A u g'12 89 S912! General consol gold Os. 1934 J -J 123 123 123 123 1231- Extended 1st g 3 H s.'_ .1 9 5 1 A-O 931? May'09 Registered______1934 J -J 12034 ____ Registered . 1951 A-O Ind HI & W 1st pref 4 s . . . 1940 A-O 94 J’ly '08 1st gold 3s sterling . . 1951 M-S 80 J’ly '09 _ . Registered______1951 M-S O Ind & W 1st pref 5s..dl938 Q -J 95 Sep '12 971; 100 I Peo & East 1st con 4s___1940 A-O 8712 89*3 871,1 Sep 12 87I4 92 Cell trust gold 4s. 1952 A-O 9£*8 9912 Apr 48 50 50 60 35 50 Registered______1952 A-O OW, 95U Sep ’ ll 9 5 U 9514 | ■ Income 4s______1990 1st ref 4s______" _ ' 1955 94 93 9634, Col Midland 1st g 4s______1917 J -J 45 47 47 47 42 581 M-N 93 94 91 p-A 93*4 95 9418 941; 93*3 97*8 Purchased lines'3HsIIIIl952 J-J 8GI4 Feb T2 SGI3 86I4: Colorado * Sou 1st g 4s____1929 9512 9912' Refund & ext4>$s______1935 M-N 94 9414 94 9'U 94 9S18 L N O A Tex gold 4s 1953 M-N 951* 9?12 95*3 95*4 J-D 108 110 1031; 10S12 1121; Registered___ '1953 M-N 92l2 95*4 9434 Jan 'l l Ft W & Den C ls tg 6 s...1921 1081* 9473 J ’ly '12 9478 95 i Conn

Street Railway Street Railways. Mlnncap St lat cons g 5s...1919 J-J 101*4 1021g 10134 10218 2 1011210212 United Rys St L 1st g 4s___1934 J-J ____75*4 76 76 10 76 80 New Oil Ry & Lt gen 4HS-1035 J-J 85 8712 86 86 6 8412 8812 St Louis Transit gu 5s___1924 A-O 83 84 84 Sep '12 83 8* N Y Rys 1st R E & ret 4s temp J-J 771* Sale 77t2 7778 41 7G34 8158 United RRs San Fr s t 4s..1927 A-O 65 Sale 647S 65 i4 64l2 70 30-year adj Inc 5s------1942 A-O 51*s Sale 51 55*8 1119 5U2 69*4 Va Ry & Pwr 1st*ref 5 s...1934 J-J ____96 96 Sep T2 ___ 96 971* Portland Ry 1st & ref 5s---- 1930 M-N 100*4____ 100*4 Sep d* 99 100*4 Portland Gen Elec 1st 5s— 1935 J J (las and Electric Light St Jos Ry, L, II & P lstg 5s 1937 M-N 96 _ Atlanta G L Co 1st g 5s____1947 J-D 104 ____ St Paul City Cab consg 5S..1937 J -J 105 ____ 105 Sep '12 105 106 Bklyn U Gas 1st con g 5s..1945 M-N 105*4 1067,Io5*4 loS»4 1 105*4 1077* Third Avo 1st ret 4s------1960 J -J 82 Sale 8134 82lS 28 81 86 Buffalo Gas 1st g 5s______1947 A-O 50 70 55 55 5 55 65*8 Adj Ino 5s...... al960 A -O 74 Sale 72 74*8 1268 70 8OI4 Columbus Gas 1st g 5s_____ 1932 J-J Tri-City Ry & Lt 1st s f 5 s.1923 A-O 9712 97*8 98 03 — 97*3 99 Detroit City Gas g 5s______1923 J-J 100 101 100 Sep T2 .... 100 lOl'ti Underground of London— Det Gas Co con 1st g 5s____1918 F-A 95*8 Sep '08 4H s .1933 J-J ____97 95 95 1 95 9OI4 Det Edison 1st coll tr 5s___19 33 J-J IOU4 102 101*8 1011? 8 101*810218 Income 6s------— J048 861* 8712 8612 881; 4 7412 90 Eq G L N Y 1st con g 5s___1932 Al-S 102 ____ 106i2 A u g'12 105*4 1061* Union Elec (Chic) ls tg 5s 1915 A-O 84 Oct '08 Gas & Eleo Berg Co c g 5 s..1949 J-D 102 , . r . 103 Sep '12 .... 103 103 United ltys Inv 1st lien coll Gr Rap G L Co 1st g 5 s____1915 F-A 100 101 10O Oot '09 trust 5s Pitts Issue------1926 Al-N 8212 8312 8412 J’ly T2 833., 861; Hudson Co Gas 1st g 5 s____1949 M-N 103*8____ 106 Sep '12 104U 10612 — - Kan Clty(Mo)Gas 1st g 5 s ..1922 A-O *9712 ____ 98*2 Sep '12 — 9812 99*4 • No prloo Friday; latest bid and asked this wook. a Due Jan. b Duo Fob. d Duo April. 6 Due July, k Duo Aug. 0 Due Oot. * Option kUo^.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 5 4 New York Bond Record— Continued— Page 3 [ VOL. LXXXXV.

BONDS W ec H s R a n ge W. Y. STOCK EXCHANGE II BONDS Week!; R a n ge or S in ce N. Y. STOCK EXCHANGE Range or Week Ending; Oct 11. Lav. S a il Jan. 1 Week Ending Oct 11. ft Las'. Sals Uno H igh Low H igh NY C A H R— iCon) Low High anila HR— Sou lines 4 s .1030 Al- West Shore 1st 4s g u a r ..2361 J -J M exlcan Cent Inc g 3s tr reels 2512 Apr '09 98% 90 Equip & coll g 5s______1017 Registered______2361 J 9718 971j A-O N Y Cent Lines cq tr 4 Hs 1923 J -J 10012 J’ly 'll Mex internat 1st con g 4 s ..1077 M­ 7 7 Mch'10 N Y New Haven A Hartf— Stamped guaranteed____1077 M- 79 Nov'10 Non-conv deben 4s______1955 J -J Minn & St L 1st gold 7s____192 .1- ____ 0112 91 Sep '12 91 92 ------125 129 Feb '12 129 129 Non-couv4s______1930 Al-N ____ 91 91 Sep T2 91 93 lg Paclflo Ext 1st gold Cs___1021 A-O 1101s Aug T1 1st consol gold 5 s ...... 1934 Conv debenture 3 Hs____1950 J-J BO ____ 921® 921® 90 948g M-N III 102" 1)2 Sep 12 I 01” 105 Conv debenture Cs______1948 J -J 128;3.7 12.,i4 1277s 13212 1st and refund gold 4s___1940 ai- s 120 Sale 61 Sale GO'S G23S 69% 097g Harlem It-Pt d ies 1st 4 s .1954 Al-N 99 Sep ’ll Des M A Ft D 1st gu 4 s ..1935 j - j 99 09% 70 7/1. 7 VI i J’ly '12 77 81 B A N Y vUr Line 1st 4s 1955 F-A S91® J’ne'U 9912 99% U StP&SSM con g 4s lnt pu.1938 j - j 9512 9f>A 9512 9512 9 5 % 0734 1st Chic Tertnl s f 4s____1941 Cent New Eng 1st gu 4s loot J -J 9034 021 90i4 Sep '12 9014 93% M-N 95 95% 9/11 J’ne’ 12 9 7 R 971, llousatonlc It cons g 5s..1937 M-N 115 Aug’li 111 115 M S S M & A 1st g 4s lnt gu 1020 J -J 9C5s ____ 96G May '12 0014 9GI4 N Y W ’eh esA B lstserl 4 Hs '40 J - J "9914 '99% Mississippi Central 1st 5s..l940 J -J 99L 99l2 98 100% 98% M ch 'll N H A Derby cons cy 5 s.1918 Al-N *1021® 107 Aug '05 _ Mo Kan & Texaslst gold 4sl990 J 92.'3 Sale 9Lf>3 93 925a 97 New England cons 5s____1945 J -J 2d gold 4s...... (71990 F SO 81 81 81 80 81% Conso' 4s ...... 1945 J-J 0U12 Mch'15 99% 100 1st ext gold 5s______1044 M-N 0 JI2 100 ;003SOct '12 99% 1021 .. Providence Secur deb 4s. 1957 Al-N 1st & refund 4s____II 2004 M-S 78 Sep T2 81 85 81 81 81 84 ____ 77 7712 8H N Y O A W ref 1st g 4s___pl992 M-S 02% Sale 92 925s 92 96 Gen sinking fund 4 45s___ 1936 J -J 8534 8614 80 86 8514 8914 Registered $5,000 only.pl992 M-S St Louis Dlv 1st ref g 4 s.2001 A-O 78 J’ly T2 9212 J'n e’ li 95% 02% ___ 78 76 78 General 4s______1955 J-D III I ~92i4 893g Feb T2 895S 89*s Dal A Wa 1st gu g 5s____1940 M-N lOUgSep '12 1017810538 Norfolk Sou 1st A ref A 5s 1961 F - A Kan C & Pac 1st g 4s____1990 981® 100 100 A ug’ ll 99 1001* F-A 87 ____ 88 Sep '12 83 91 Norf A South 1st gold 5s. .19 11 Al-N 1023,| Apr ‘ 12 102% 10234 Mo K & E 1st gu g 5s. 1942 A-O IOGI4 10812 lOGis Sep '12 10C18 110 Norf A West gen gold Os. 1931 Al-N M K & Ok 1st guar 5 s...1942 12il4 III 125% J ’ly T5 1233s 125% M-N 1033i 1061.1 105 Sep '12 105 10712 Improvement A ext g Cs_1934 F-A 123 1255f 124% May’12 124 12638 M It & T of T 1st gu g 5s 1942 M- 99I2 Sale 99l2 101 9912 104 New River 1st gold Gs.._1932 A-O Sher Sh & So 1st gu g 5s-194.\ 12234 --. 124 May’15 121 124 J-D ____101 10378 Feb '12 10334 103 N A W R y 1st cons g 4 s ..1990 A-O 97 Sale 97 97% 10% 997s Texas & Okla 1st gu g 5s 1945 M-S 102 10514 1037g Mch'12 1037s 105L Registered______1990 A-O 98 Jan ’ ll Missouri Pac 1st cons g Os..1920 M-N 105 105% 105 105I2 I017g 10 1 Dlv’l 1st 1 A gen g 4s. 1944 J -J 9l3.| Sale 91-34 92 911® 94 Trust gold 5s stamped._al917 M-S 0834 100 99! ® 0912 9834 10034 10-25-year conv 4s____1932 J-D 1153.1 Sal 11.534 110 1071®118 Registered...... n!017 M-S 98 . . . 97 “ May'12 97 97 10-20-yrconv 4s full pd ret ____11U 110% 110% 103 117 1st collateral gold 5s. 1920 F-A 9714 9784 97I4 9714 903.11003.J Pocah C A C Joint 4s. 1941 D t05s 92 90% 9CB8 Registered______1920 F 90 04 C C A T 1st guar gold 5s .1922 J 1061s - - ­ 1063s Mch T2 10038 1063* 40-ycar gold loan 4s_.IIIl945 Al-S 7138 Sale 713s 72 70 751, bclo VANE 1st gu g 4s. 1989 M-N 3d 7s extended at 4%...1938 M-N 9Gi2 May’ll 95 96 Sop T2 95 08% 1st & ref conv 53___ 1959 Northern Pac prior 1 g 4s. 1097 y - j 98i4 Sale 98% 98% 57% 10034 M-S 87»8 Sale 873S 88 895f Registered...... 1097 y - j 97 9 97% 97% 97% 09% Cent Hr R y 1st gu g 4sIIl910 F-A 92 92i2 92 Sep '12 92 General lien gold 3s. . a2047 y - F Cent Ur U P 1st g 4 s .. 1948 J-D 75 80 81 May'12 O9I4 t9l2 65% 69% GS% 70% 81 Registered_____ a2047 y - F 68 J’ly ’12 08 68 Leroy & C V A L 1st g 5s 1926 J -J 110 M ch'05 St Paul-Duiuth Dlv g 4s 1990 J-D Pao R of Mo 1st ext g 4 s .1938 F-A *93% III 03'8 Oct '12 "0o'l4 I I I I 96 Sep T2 95% 96% 923.( 90 pul Short L 1st gu 5 s...1910 M-S 100 . . 101 101% 100 101% 2d extended gold 5s...1938 J -J 103% 105 108i2 May'll St I> A N P gen gold 0 s.. 1923 F-A 11414 . . . I StL Ir MAS gen con g 5s.1931 104 10412 1143, AugT2 1143,1151® A-O 103% 10334 102'% id03g Registered certificates 1923 y - F H23.| . . . 115% A u g 'll Gen con stamp gu g 53.1931 A-O 102% - 111 Sep '09 St Paul A Duluth 1st 5s 1031 F-A 81 813S 109U . . . I 107 Jan 12 107 107 Unified & ref gold 4s 1929 J -J 8012 81 77»s 8234 2d 5s...... 1917 A-O 10U2 ___ L0238 Sep T L0238 10238 • Registered____ .1939 J -J ------80% 80 Mch'12 78 80 1st consol gold 4s____1908 I) 92-14 ____ 04 J’ne'12 9234 04 R lv A G Dlv 1st g 4S..103J IM-N 81 82 83 Oct '12 8212 84 Wash Cent 1st gold 4s 1948 8683____ Verdi V I A W 1st g 5 s ..1926 M-S ____100 91% Apr '11 102% Jan TO Nor Pac Term Co 1st g 6s 1933 V} m i s ------111% 111% 111 1113j Mob A Ohio new gold 6s. 1927 J-D 1163* 12012 11834 Sep ’12 U834 121 Oregon-Wash 1st A ref 43 1901 -J 90!2 0118 1st extension gold 6s.__hl937 Q -J 1 Id's 111% U534 Feb '12 90% 905 89% 9234 11534 11534 acific Coast Co 1st g 5s 1946 -D 10U2 104 104 Oct '12 103% 101 General gold 4s...... 1938 M-S 8 5 8612 853.t Oct '12 85 8734 Pennsylvanla RR— . Montgoni Dlv 1st g 5 s.. 1947 F -A 10i;5s 10812 10814 Aug '12 10734 1103.1 1st real e,st g 4 s...... 1923 Al-N 1003gl0118 100% Oct '12 100 102 St L A Cairo coll g 4s. .el930 Q -F 8 1 85% 83 Oct '12 82 835g Consol gold 5s______1919 M-S Guaranteed gold 4s.. 1931 J -J — n o 110 Mch'12 108 110 9312 M ch'll Consol gold 4s______I 1943 Al-N 101 1021® 102% Oct '12 101 101 ashv Cli A St L 1st 7 3 .. 1931 J -J 10134 1021® lui%Sep T2 10134 104* Convertible gold 3H sI''l912 N 1st consol gold 5s_____ 1928 A-O lOJBjj____ M-N U97g 10018 9078 O«» '12 99% 100% 1095s Oct T2 1093S 109% Convertible gold 3Hs..ol913 J-D 9634 Sale 9CS8 97 905s U778 Jasper Branch 1st g 6s. 1023 J -J 11U2 ____ 11578 Nov'10 Registered______ol915 J-D McAI M W A A1 1st 6 s...1917 J 105 _____ 10734 Mch'12 97 J ’ly '12 97 97% 10734 10734 Consol gold 4s______I ” 1948 Al-N IOH4 1021® 101 101% 101 101% T A P Branch 1st Cs____1917 J 105 ____ 113 J’ly '04 Alleg Val gen guar g'4sl'l942 Al-S Nat ltys of Mex pr lien 4 Ha.1957 J -J 89 90 ------100i8 100% A u g'12 998s 100% 89 s 89% 89 9212 D R R It A Bge lstg u 4sel036 F-A 100 . Guaranteed general 4 s ...1977 A-O 78 Sale 78 78 78 80% Phlla Balt A W 1st g 4s *1943 M-N Nat of Mex prior Hen 4 Hs.l92G J-J ____loo 100 . 100 00 102% 99 Mch'12 09 100 Sod Bay A Sou 1st g 6s'"l924 J-J Jan '03 1st consol 4s...... 1951 A-O _____ 78 77i2 A ug’12 7712 80 Sunbury A Lewis 1st g 4's 1936 J-J 9583. N O Mob A Chic 1st ref 5s I960 J -J ____ 80 89 Oct T2 8812 95 U N J RR A Can gen 4s 1944 Al-S 101% May'12 101 101% N O A N E prior Heng 6s_.pl015 A-O 104 10478 Pennsylvania Co— New Orleans Term 1st 4s. 1953 J -J ___ 8714 871.1 Sep '12 ’87% *88% Guar 1st g4 Hs______1921 J-J 1021410J N Y Central A H R g 3 Hs 1097 J -J 1031, 102% 1051® 101 H514 S 5 !2 H512 ■ 80 19 85 8812 Registered______*1921 J-J 102 . 101% 101% 1015.; 103 Registered...... 1997 J -J 85 . . . 8414 Sep T2 8414 8714 Guar 3 Hs coll trust le g .'1937 M-S 88 . . . I 89 Sep '15 88% 80% Debenture gold 4s...... 103 1 Al-N 9214 923f 92% 9214 92 9014 Guar 3 Ha coll trust scr B .1941 F-A Registered...... 1934 M-N 88 Sep ’ll 88 89 93 M ay'l 93 03 Trust Co certfs gu g 3 1*8.1916 M-N 97 98 89 Sep 'll 07% 98% Lake Shore coll g 3 Hs. .1098 F-A 7933 Sale 783.1 7968 7834 85 Guar 3 Hs trust ctfs C .. 1942 J-D Registered...... 1998 F-A 86 8712 88 Mch'12 88 88% 77 773,1 77% 771 7034 84 Guar 3 Hs trust ctfs D 1944 J-D ----- 871. 873.] Jan 12 87«4 8734 Mich Cent ooll gold 3 Hs.1098 F-A 7734 7812 78 Oct 'll Guar 15-25 year g 4s____1931 Registered______199s F-A 78 8212 A-O 9014 563,. 96% 96% 06 08% ----- 7712 78 Sep '12 7734 7912 Cln Leb A Nor gu 4s g. .1942 il-N 00 ____ 90% Dec 'l l Beech Creek 1st gug4s__1936 J -J 9 812 100 9913 J’n e’12 OOlg OQlg Cl A Mar 1st gu g 4 Hs *1935 Al-N Registered...... 1936 J -J 97 ____ 110 Jan '05 09 May’ll Cl A P gen gu g 4 Hs ser A 1042 J-J 10212 . . . 10734 Dec 'll 2d guar gold 5s______1936 J -J 107 ____ Series B ______1942 Registered______1936 J -J A-O 10212 ____ 10(J34 J’ly '09 Beech Cr Ext 1st g 3 HS-&1951 A-O lnt reduced to 3Hs'i942 A-O 91% Feb '12 91% 91% Series C 3 Hs_____ 1948 M-N ooia e u 4 01% May'12 91% 91% Cart A Ad 1st gu g 4s___1081 J-D 9) . . . 88 83 Series D 3 H s_____ 1950 F-A Gouv A Oswe 1st gu g 5s. 1942 J-D 108 ____ 0013 . . . 90 May 08 Erie A Pitts gu g 3 Hs B.1040 J-J 01% May’12 91% 91% Moh A Mai 1st gu g 4s 1091 M-S ____98% 99lg M ch 'll Series C ______1910 J-J N J Juno R guar 1st 4 s ..1980 F-A 90 100 90% J'ly '12 90% 90% 105 Oct '02 Gr It A I ex 1st gu g 4~HsIl9 1 l J-J ____101 101 Aug’ll 104 105 Registered...... 1986 F-A Pitts Y A Ash 1st con o s .1927 M-N 109 May TO « X * Harlem g 3 45s.. .2009 M-N ‘8 ------80 May'12 8S6g 89 Tol W V A O gu 4Hs A 1931 J-J TOl.’s III 02% J ’ne'12 IOI84 102% • Registered...... 2000 Al-N Series B 4H s...... 1993 J-J 1 01 % ... 100 J’ly TO N i A Northern 1st g 5s. 1927 A-O 1C6 107 108 Oct '09 Series C 4s...... 1942 M-S ------95C£ 953s 95% 0533 1 53s N Y & Pu 1st cons gu g 4sl093 A-O ____ 96 977g A u g 'll P C C A St L gu 4 Hs A . .1040 A-O 103 ____ 104% J'ly '12 104% 10684 Nor A Mont 1st gu g 5 s..1916 A-O Series B guar...... 1942 A-O ____10G 10434 J’ly *12 OI84 107 '• Pine Creek reg guar 6 s . .. 1932 J-D 1 20 % ... 131i2 Jan '09 Series C guar...... 1942 M-N ,• R W & O con 1st ext 5s.ftl022 A-O lOlSg____ 106 J'ne'll 106 ).v___ 10634 Oct '12 1063.! 10784 Series D 4s guar...... 1040 M-N 90----031i 97% Sep T 07 09 ■ Oswe A R 2d gu g 5s.._el915 F-A ____10612 101 Mch'12 101 101 Series E 3 Hs guar g___10 10 F-A : R W A O T R 1st gu g 5s. 1918 Al-N ------95 05% Sep T5 93% 956* 102 . 104 J ’nc'10 ScripsSeries FP gumi dQ4s o'g ...... HKi1953 J-D 06 Rutland 1st con g 4 45s 1941 J-J 90 973g 96 Oot '12 97 J'ly T2 07 97 9814 Series G 4s guar____ 1057 M-N 95 08 97 J’ly T2 97 09 ( Og&LCham lstgu 4s g 1948 J -J 8314 84 84% Sep T2 80 O St L A P 1st con g 5 s..1932 A-O 109 131® No v 'll , „ Rut-Canad 1st gu g 4 s .1949 J -J 92 J’no'09 Peo A Pek Un 1st g Cs 1921 St Lawr A Adlr 1st g 5 s ..1996 J -J 10,34____ y -F 1061 109 May’ll 108 Sep '12 108 108 2d gold 4 H s...... I&1921 M-N 91 92 931® Jan 'l l 2d gold 63...... 1996 A-O 105 ____ I19i2 M ch’12 11912 11912 Pere Marquette— Ref 4s. 1955 • Utica A Blk R lv gu g 4s. 1922 J -J J-J 6034 Apr '12 6034 603* . . . 100 997g Nov ’l l Refunding guar 4s...... 1955 J-J "57" *0l" 69 59 52% 64 Lake Shore gold 3 45s____1997 J-D 88% Sale 88 8812 871 897g Cll A W Si 5s...... 1921 Registered...... 1997 J-D 8G34 873 2 J-D 06 93 98 Oct '12 98 095* 873; J’ly '12 8714 8834 Flint A P A1 g Gs______1920 A-O ------107 101 101 101 1083* Debenture gold 4s____1928 M-S 92t2 Sale 9214 925, 013 0-1% 1st consol gold 5s. ” *1939 20-ycar gold 4s...... 1931 Al-N 92*3g Sale 4 Al-N 96 071; 96 Sep '15 90 IOO 921,| 921. 9112 937g Pt Huron Dlv 1st g 5sll039 A-O *96 ___ 97% M ay’12 07% 97% • Registered...... 1931 A1-N 925g Apr '12 925g 0312 Sag Tus A II 1st gu g 4s 1931 K a A & G R ls t g u c 5s.1938 J -J F-A Philippine R y 1st 30-yr s f 4 s.'37 J-J . . SGl2 May’12 84% 88 Million C’l R R 1st 5 s..1934 J -J 110 . iil'l2Mch"n Pitts Sh A L E 1st g 5s____1940 A-O J’ly T2 13 113% Pitts A L Eric 2d g 5s_ _a l928 A-O 10512 _____ 105 A p r'12 103 105 1st consol gold 5s_____1119 13 Pitts MoK A Y 1st gu 63.1932 J -J J-J 13% N ov’ll 121 . . . 130% Jan '09 Reading Co geu g 4s_____ Il097 J-J 505s Sale 96% 97 96 08% 2d guaranteed 63_____ 1934 J -J 121 . . . 12314 Mch'12 I23I4 I23I4 J-*' Registered...... 1907 McKees A B V 1st g 6 s .1918 J -J J-J 903s J ’ly '15 963a 08% Jersey Cent coil g 4s____1951 A-O ------OOI4 90% 90% 91% 08% Michigan Central 5s...... 1931 Al-S lio * i n 111 ’ J a n "I2 i l l " i f f ' Atlan City gu 4s g ...... 1951 Registered...... 1931 Q-Al J-J 95 ____ 119 J’n e ’06 t Jo A Gr Isl 1st g 4s____1947 J-J 8,l2 Sale 87% 8/1; 80 89% 48 ...... 1940 J -J 93 Apr T2 St Louis A San Francisco—- Registered...... 1940 J -J 9812 NOV'11 General gold C s______1931 J-J 11S12 120 18%. Sep T2 181® 1195* J L A S 1st gold 3 45s.. 1951 M-S 90 J’ne'08 General gold 5s______1931 1st gold 3 45s...... 1952 Al-N J-J ------100i2 1048s 101% 101% 108% 861® M ch’ 12 8612 8684 St L A S F HR cons g 4s. 1900 J-J 82 85i2 84% Aug Tv 84% 88% 20-ycar debenture 4s. .1929 A-O ------89i2 88t2 Aug T2 t 92 Gen 15-20 yr 5s______1027 N Y Chlo A St L 1st g 4 s .1937 A-O 975g 977{ 882 Al-N 84 Sale 84 .''43s 83% 88% 973s 97% !)712 100S8 Southw Dlv 1st g 5S..1947 A-O 9'j34 Sep T2 993, 9934 Registered...... 1937 A-O 9934 Mch'12 99 9934 100 ____ Debenture 4s_____ 1931 Al-N Refunding g 4s______1951 J-J 7734 Sale 773.1 78% 23 7734 8I84 8812 90 88% Oct '12 8S3g 91 Registered...... 1961 J-J 8034 M ch’ll AllSCFLLANEOUS BONDS—Continued on Next Page.

Gas and Electric Light Gas and Electric Light Kings Co El L * P g 5s____1037 A-O ____1017f 105 105 104% 105% Peo Gas & C 1st con g 6s___1943 117 Sep '12 Purchase money 6s______1997 A-O A-O ____117 u n % iir . 111% 11534 1153, 11584 115 117 Refunding gold 5s...... 1947 -M-S 101% Sale 101% lilt. £ 122 ____ 118% Dec ’ ll 1003, 102% Ed El II Bkn 1st con g 4s. 1939 ■l-.T Registered______1047 M-S 103 Feb '09 88% Dec ’l l Cli G-L & Cke 1st g a g 5 s .1937 101% 1021 102% 10.1® Lac Gas I, of St L 1st g 5 s ..e l919 Q-F 10114 102 102% 102% J-J 2 162% 104% 101% 103 Con G Co of Ch ls tg u g 5s 1036 J -l) ____103% . 05% 107% 10 U® 103% Ref and ext 1st g 5s_____193-1 A-O 101% 1011® 101 101% 101)34 102 Ind Nat Gas & Oil 30-yr 5s '30 Milwaukee Gas L 1st 4s____1927 M-N i)038 Sale M-N 83% 89 93 Mch'12 93 93 903„ 903s 89% 90SS Mu Fuel Gas 1st gu g 5 s ..1947 M-N ____101 101% A u g’12 Newark Con Gas g 5s...... 1948 J-I) 101 ____ IOOI4 Apr T2 106% 106% 1008S101% N Y G E L H & P g 5s____1948 Registered______1947 M-N •J-i) 102% 103 10253 102' 102.% 104% Philadelphia Co couv 5s__ 1919 ' Purchase money g 4s____1940 F-A S734 Sale 8678 873. F-A I I I I 108 ' 109 " F e b '12 107" ' 109 86% 80% Stan Gas& Elec conv sf 6s.. 1926 J-D *10038 1001; 1 no?* O c t't; Ed El 111 1st cons g 5s___1995 J-J _ . 113% Mch T 2 112% 113% 100 101 JJXl* y El L(Sep 1st Cong 5s. 1930 Syracuse Lighting 1st g 5s. 1951 J-D 100%____ 101 Dec ’ll F-A 100 101% 100 Sop TV 10.) 1021® Syracuse L & P 5s______19 54 N Y * Rich Gas 1st g 5s. 1021 M-N 92% J’ly ’09 J-J 85% J’noT2 86% 86 pacific G & El Co Cal G & K ...... Trenton G & E 1st g 5s____1940 Al-S 103" IIII 109 Feb '01 Union Elec L & P 1st g 5 s.. 1932 ! Carp unifying & ref 5 s .. 1937 M-N 95 Sale 9434 03 94 9t>% M-S 100 ____ 100% Aug T2 100% 101 p a c Pow & Lt 1st * ref 20-yr Ref & ext 5s______1933 M-N 9 % ____ 07 J’ly T2 .... 00% 98% Utica El L & P 1st g 5s____ 1950 i 5s Internat Serle : ...... 1930 F- a 95 Sep Ti J-J 103 ____ ------93% 93 95 Utica Qas & E ref 63______1957 99 .100% Dec 'll Pat A Passaic G & E 53____1949 Al-S 1021® 103 1028.s J'ly '12 10238 1028s J-J Westchester Llght’g g 5s___1950 J-I) 104% 108 (105 105%J 25 104% 105% i. * No price Friday; latest bid and asked, a Due Jan. b Due Fob. 0 Due May. g Due June. /> Due July. 0Due Oot. p Duo Nov. 3 Option sale.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis O c t . 12 1912.] New York Bond Record—Concluded—Page 4 955

BONDS Price TKccJfc’j •S'*) Range BONDS WceXs Range Y. STOCK EXCHANGE Friday Range or Since N. Y. STOCK EXCHANGE Range or Since Week Ending Oct 11. Oct 11 Last Sals Jan. 1 Week Ending Oct 11. Last Sale Jan. 1. St L A San Fran (Con) „ __ Hid Aik Lou High No. IjOW High Low H igh Low High K 0 Ft S & M con g 6s..1828 M-N II3I4____ 11534 J’ly ‘ 12 _ _ 115 118 abash 1st gold 5s...... 1939 M-N 195 105G 10412 1077g K 0 Ft S A M Ry rcl g 43.1930 A-0 78i2 Sale 7812 7S3.i li 77 801? W 2d gold 5s...... 1939 F-A 991* 9:.6f 96 10012 Registered______1930 A -0 7712 J’ly ’ 12 771? 771- Debenture Series B ____ 1939 J-J 90 J’n c’1‘2 90 100 ICC * M R A B 1st gu 53.1029 A -0 9712 ____ 103l2 J’ly ’ 1 1031- 10312 1st Hen equip s fd g 5 s . . . 1921 M-S 9834 Sep T O8I4 109 Ozarlr A Cli C 1st gu 5s g-1912 A -0 99 9!)ls 93I4 O9I4 5 9314100 1st Hen 50-yr g term 4 s ..1954 J-J 83 D e c *10 St L S W 1st g 4s bd ctfs_.1989 M-N 89 8912 SC38 8938 c 8 33 9212 1st ref and ext g 4s . . 1956 J-J 6 8 O8 I4 5512 7238 2d g 4s Inc bond ctfs____pl989 J -J 801S ____ 80 A u g '12 ___ 80 83 Cent irust Co ctfs______6012 O c t *12 643S 71 Consol gold 4s______1932 J-D 80 8012 SO fcO's 31 781- 84’2 Do Stamped...... 66 S e p ’ 12 G453 0934 Gray’s Ft Ter 1st gu g 53.1947 J -D 100 ____ 10118 Apr '07 Equit Trust Co ctfs...... CS12 Sale G512 G512 5914 70 S A & A Pass 1st gu g 4 s ...1943 J-J 80*8 86*4 86*3 863.1 2 80 8734 Do Stam ped______65 Sale Gjls 0514 6012 6663 3 F & N F 1st sink £ g 5 s..1919 J -J 94 ____ 101 Oct '09 Det A Ch Ext 1st g 5 s ...1941 J-J 10/ ____ 10/I4 O c t ’ l l 106 IO7I4 Seaboard Air Line g 4s____1950 A-O 80 ____ 87I4 A u g’12 87 873s Des Moln Dlv 1st g 4s. 1939 J-J 79___8014 8 0 A u g ’ 12 80 80 Gold 4s stamped______1050 A-O 8612 Sale 8GI3 8612 L 80 90 Om Dlv 1st g 3 H s...... 1941 A -0 ____70 70 Sep ’ll G812 7134 Registered______1950 A -0 Tol & Ch Dlv 1st g 4s. ..1941 Al-S 80 813.1 siH s J ’ l y ’ 12 7234 8312 Adjustment 5s______ol049 F -A 75 77 77 771 81 77 8H4 Wab Pitts Term 1st g 4s___1954 J-D 30 ____ 3014 S e p ’ l l 0 OI4 3 9 1 4 Refunding 4s______1959 A -0 78 79 79 Oot '12 ___ 785* 83 Cent & Old Col Tr Co certfs.. 333j Sale 3212 35 297g 4214 Atl-Illrm 30-yr 1st g 4s.el933 M-S .••• 87 88 J ’ly '12 ___ 87 90 Columbia Tr Co ctfs .. 31 Sale 3314 35I4 30 4 H2 Car Cent 1st con g 4s____1949 J -J 90 93l2 Apr '12 .... 92*4 U312 2d gold 4s...... 'Il9 5 4 J-D 1 ol8 3 O c t ’ l l 1 3 Fla Ccn & Fen 1st g 5s___1918 J -J IO3I4 103 May’ ll Trust Co ccrtfs___ 1 oi2 3>8 3iS 17S 312 1st land gr ext g 5s____1930 J -J 104 — 104 May’ 12 104 104 Wash Terml 1st gu 3 j*s. 1045 F-A 83 ____ 873* O ct ’ll Consol gold 5s______1913 J -J 107 J’no'12 ___ 107 107 1st 40-yr guar 4s___J. 1945 F-A 971*____ 9718 M cll ’ 12 971s 971S Ga A Ala Ry 1st con 5s.ol945 J -J 106 106 Sep ’12 ___ 103*4 IOH4 West Maryland 1st g 4s 1952 A -0 80 Sale 85 8 8 6 853* 8SI4 Ga Car A No 1st gu g 53.1929 J -J 104 IOD4 Sep ’1 101*4 10534 West N Y & Pa 1st g 5s. 1937 J-J 10,1 106*8 100 103 106 10834 Seab it Roa 1st 5s______1920 J -J — 10618 105 May’12 — 105 1061* Gen gold 4s______1943 A -0 ____ 86i2 86 86 80 8812 Southern Pacltlc Co— Income 5s______U1943 Nov 34 Feb '07 Gold 4s (Cent Pac coll).fcl040 J-D 8S->8 Sale 88I4 3S„ 9 83 0212 Wheeling & L E 1st g 5 s .. 1920 A -0 10U2 ____ 101t2 1 0 1 8 IOH4 10512 Registered______fcl949 J-D 86 91 91 J’l y '12 91 91 Wheel Dlv 1st gold 5s. 1928 J-J ____104 102i8 N o v ’ l l 20-year conv 4s______pl929 M-S 94 Sale 94 943, 121 94 97 Exten & Imp gold 5s____ 1930 F-A ____101 102 J’no’10 Cent Pac 1st ref gu g 4 s ..1949 F-A 95i2 Sale 95 9512 to 94 97 R R 1st consol 4s .1949 M-S 8378 ____ 83/3 81 8214 8512 Registered ______1049 F-A 93 ____ 94l2 J’ly ’ 12 ___ 9412 9H2 20-year equip s f 5s...1922 J-J 98l2 Feb ’ll Mort guar gold 3 Ms..fcl929 J-D . . . . 01»2 90i2Sep ’12 ___ 9012 9112 Winston-Salem S B 1st 4 s..I960 J-J 89l2 UU4 OH 4 S e p '12 9114 93 Through St L 1st gu 4s. 1954 A-O 00’.2 92 89 Sep ’ 12 89 927* Wls Cent 50-yr 1st gen 4S..1949 J-J 9U 2 92 01*8 1213 91 933g G II & S A M A F 1st 5S. 1931 Al-N ____10S12 105i2 J'n c’12 1051- 107 SupADul dlv A term 1st 4s ’36 M-N 901* 91 0 1 01 9012 9212 Gila V G A N 1st gu g 5s. 1924 Al-N ------101 10213 J ’ly '12 ___ lo.'i* 10134 Iious E & W T 1st g 5S..1933 Al-N 102 105 A u g’ P 104 105 Manufacturing and Industrial 1st guar 5s red______1933 Al-N lo.i 10473 104U May’l 1011410414 Allls-Chalmers 1st 5s . 1936 J-J 01 05 61 Cl 52 6714 II is T C 1st g 5s hit g u .. 1937 J - J lOOU . . . IOJI4 Sep '1. ___ 10914 n o Trust Co ctfs d eposit...... 01 (-2 01 03 6712 64 Gen gold 4s lnt gu ar.. 1021 A-O 9312 05 94 A u g ’12 .... 94 951- Ain Ag Chem 1st c 5s______1928 lOH.i Sale 101 lOH. 100~3 10234 Waco A N W dlv 1st g 0s '30 M-N 114 118 11914 Mch'10 Am Cot Oil ext 4 >$s. 1915 U8»4 97 9634 Oct '12 9634 9S12 A A N VV 1st gu g 5s____1941 J -J ____100 10742 Feb '12 H)712 10712 Debenture 5s______1931 92 94 94 94 93 951* Morgan’s La & T 1st 7 s..1918 A-O 10:)12 ____ 11134 A u g’12 — L1134 1U3.1 Am Hide A L 1st s f g 6sI_Il919 IOURIOHs 100<2 1C 0*3 981s 101 1st gold 6s______1920 J -J 100 . . . 111 M ch’ll — ...... Amcr lee Secur deb g 0s . 1025 70 Sale 76 7G;, 7212 82 No of Cal guar g 5s______1938 A -0 112 Feb '07 Am Smelt Securities s f Cs 1926 105i2 Sale 10512 I05I4 10212 103 Ore A Cal 1st guar g 5 s..1027 J -J 101 ____ 102 J’ly '11 Am Spirits Mfg 1st g 6s 1015 99 >3 101 100 100 991o 101 So Pac of Cal— Gu g 5s .1037 M-N 108 ____ 110 May '07 Am Thread 1st co! tr 4s____ 1919 9312 9483 94 J’ly '12 9258 95 So Pao Coast 1st gu 4s g.1037 J -J 90 ____ a u « S e p ’ u ___ 0112 9U2 Am Tobacco 40-yr g Cs 1044 ____121 201.1 12OI4 11878 1211* San Fran Terml 1st 4 s..1950 A -0 8S&3 90 891* h912 8 8812 92 Registered...... 1914 120M Oct ’12 1187s 1213* Tex & N O con gold 5s ..1943 J-J lOO'g 101 lOEs May’ ll Certificates of deposit. . . ll9i2 Sep '12 1187* 12112 lo Pao lilt 1st ref 4s...... 1955 J -J 0333 Sale 933S 937g 07 9314 953s Gold 4s...... 1951 ____ 0612 95's Oct -12 917* 9714 irjuthern— Registered...... 1951 953s J’n e'12 9214 955* 1st consol g 5s ...... 1994 J-J 10014 10034 106U 10G1; 37 10534 1083s Ccrtillcates of deposit...... 95I4 May’12 917* 66 1994 J-J 101 . 105 Sep '11 Am Wrltg Paper 1st s f 5s. .1919 0038 903,| 90*8 9034 88I4 913* iiV Ilvl Zi 3f*u lie 8CT A . 1956 A-O /OI3 Sale 79 791s 022 "78 m l Baldvv Loco Works 1st 5 s ..1940 ____10312 103 Sep '12 10234 104 Mob A Ohio coll tr g 4 s ..1938 M-S 85 Sale 85 85 7 85 8712 Beth Steel 1st ext s f 5s 1026 9Gi2 Sale 96l2 CG34 93i2102 Mem Dlv 1st g 4 J^-5s___1990 J-J 1073s ____ 10733 1 0/3; 0 1073s 111 Cent Leather 20-year g 5 s.. 1925 9534 Sale 9558 957; 9P4 961* St Louis dlv 1st g 4s____1951 J-J ____ 881 j, 88 Sep 'U ___ 88 OOI4 Consol Tobacco g 4s...... 1951 ____ 9812 95's Oct ’ 12 9134 97 Ala Cen R 1st g 03...... 1018 J-J 1053s____ 10314 Sep ’12 . . . . 1051.1 105M Registered...... 1951 77 N ov’07 Atl A Danv 1st g 4 s .. 1948 J-J 8 i ____ 901? N ov ’ll Corn Prod Ref s f g 5 s _____ 1931 9U12 9684 961* 26i2 9612 07 2d 43...... 1948 J-J 81l2 ____ 82I4 Feb '12 .... 8214 8214 1st 25-year s f 5 s.. 1934 91___05 95 94 901* Atl A Yad 1st g guar 4 s . .1940 A-O 8H4 _ Cuban-Amer Sugar co'l tr 6s 1018 ____97 97 96 971* Col A Grcenv 1st 63_____ 1916 J-J 10314 . 10534 Dec '11 Distil Sec Cor conv 1st g 5s. 1927 733i Sale 73l2 715* 781* E T Va 4 Ga Dlv g 5s__ 1930 10111 2 19812 1 0 6 3 4 10,>J4 2 10 34 IO8I4 E I du Pont Powder 4J$s__1936 9013 Sale 9658 847* 921* Con 1st gold 5s______1956 M-A 15934 n o IC93.1 10934 2 109*4 111*4 Gen Electric deb g 3 s____ 1942 ------79<£ 835s J’n e’12 82 84 E Ten reorTlcn g 5s_____ 1938 VI-s 10U- . . . lojis J’ly '12 ___ 10513100 10-yr g deb 5s______1017 iso ____ 182 Sep '12 15312 1S2 Ga Midland 1st 3s______1040 A-O 03l2 ____ 04 A llg’ 12 ___ 61 6H? Gen’l Motors 1st Hen 6s____ 1915 9914 Sale 09 o r 9812 1007* Ga Pac R y 1st g 63______1022 J-J 109 llll 111 J ’ly '12 ___ I ll 1127* III Steel deb 4 H s...... 1940 out] Sale 001* 9084 S012 9284 Knox A Ohio 1st g 0s__ 1925 J-J 112I2 ___ 114 J ’n e ’12 — lit 115 Indiana Steel 1st 5s (rects) 1052 lulls Sale 1007g 1011S 100 1015* Mob A Blr prior Hen g 53.1040 J-J 10112 1051? ______Nov ’10 lnt Paper Co 1st con g 6 s ..1918 102731946* 103 103 103 104*4 Consol conv s f g 5s_____ 1935 89 00 887s 887s 8412 917* Mortgage gold 4s_____ 1945 J-J 79 ____ 78 Deo ’ll — Rtoh & Dan con g 0s____1915 J-J 10ll2 104 1031.1 Sep ’ 12 f()3"ll 104*4 lnt St Pump 1st s f 5s_____ 1929 9H2 92 92 Oct '12 9H4 931* Deb 0s stamped______1027 A -0 10434 Apr '12 101 104*4 Lackaw Steel 1st g 5s______1923 07 99 9634 9 <12 94 971* Rich A Meek 1st g 4s____ 1948 M-N 73 Sep ’12 _ 73 73 1st con 5s Scries A ______1950 82 8212 82 82i2 77 821* So Car A Ga 1st g 5s____1919 Al-N 103 . . . IO2I4 IO2I4 i IO2I4 104 5-year convertible 5s 1915 951S 9512 95 95 9012 95 Virginia Mid ser 0 Os____ 1916 Al-S 10334 . . . 112 Oct ’00 Llgg A Alyers Tob Co7s tpy bds. . 12023 Sale 120U 1201* 118*4 123 Series I) 4-5s______1921 M-S 10333 ____ 19414 J’n e’ll 5s temporary bonds______97 Sale 9578 97 8934 99I4 Series E 5s______1920 M-S 10412 ____ 105-i4 J’ly T2 — 105*4 I0534 Mexican Petrol Ltd env 6s A ’21 102i2 102,4, 1021s 1031g 95 10318 Series F 5s______1931 M-S 1011s____ 105 J’n o’ 10 Nat Enam A Stpg 1st 5s__ 1929 93 95 93 93 93 941* General 5s...... 1930 M-N 105 IO8I4 107i2 Aug '12 . . . . 10712 IO8I4 Nat Starch 20-yr deb 5s___ 1930 87l2 95 8934 Sep '12 8914 89*4 Va A So’w’t 1st gu 53.2003 J-J 108 1091? io8i2 J’ly '11 National Tube 1st 5s rects.1952 9914 9978 9912 99'* 99 10U* 1st cons 50-year 5S..1958 A -0 93 Sale 05 95 3 05 97*4 N Y Air Brake 1st conv 6s. .1928 10U2Sale 10118 1011* 97 10212 W O <5o W 1st oy gu 4s___ 1024 F-A 94 ____ 931? Sop ’12 90 931; P Lorlllard Co 7s tem’pry bds 12014___ 1203S 1203.. 11933 12334 West N G 1st con g 6s__1914 J- 102 ____ 103 “ May’12 — 103 10312 5s temporary bonds 97 Sale 9 063 97 0118 991* Spokane lnternat 1st g 5 s..1955 J- ____ 103 10213 Apr '11 Ry Steel Spgs 1st 3 f 5s____1921 J ____981 9S12 A ug’ 12 97 981* rfier A of St L 1st g 4 Hs_.1939 A -0 193 IOU4 10J34 Oct ’12 . _ 1033.1 105 Repub IA S lst&col tr 5s.. 1934 A- 19358 Sale" 103’s 10 .6* 102/8 104 1st con gold 5s___1894-194 1 F-A 105 1111* 111 Aug'12 __ 110*4 1121l 10-30-year 5s s f...... 1940 A 9178 Sale 9178 92 0034 933* Gen refund s f g 4s______1053 J-J 9134 063g 9514 9514 10 91 06 Standard Milling 1st 5s____1930 M- 89i2 Sale 8838 8912 86 891* St L M Bge Ter gu g 5 s.. 1030 A -0 105 107 10013 Sep '12 tools 1071? Tho Texas Co conv deb 6s__193l J 100i2 Sale 10d2 ICO.* 9412 1021* l'ox A Pao 1st gold 5s_____2000 J-D 197IS IOSI4 107 107 2 10011 11012 Union Bag A Paper 1st 5s..1930 J 92 931 92 Oct '12 92 941* 2d gold Inc 6 s ______52000 Mcll 45 55 4 9 7 3 Sep '12 . . . . 49/8 50 Stam ped______1930 ____ 94 9234 Oct ’ll 92*4 941* T,a I)lV B L 1st g 5s...... 1931 J-J 05 . . . 99i2 Apr '11 U S Leath Co s f deb g 6s___1913 Al­ IUUI2IOR4 10012 10012 1001S 102 W Min W Fd and real est g 4 Hs— 1950 Al-N OGI3 96*4 9OI4 90' OGlg 10012 Vera Cruz & P 1st gu 4H sIl934 J-J 91 9934 91 1 91*4 9 4 Mut Un Tel gu ext 0s___1941 A l-N 101 J’ne'll Northwest Tel gu 4 H sg.1934 J-J 91 9C.ii J’n e'12 95 961*

A1ISCFLLANEOUS BONDS— Concluded.

Coal & Iron Alisccllaneous Bull A Susq Iron s f 5a____1932 97 ____ 07 J’ly T2 97 98 M-S 83 Sale 83 84 82l2 88's Debenture 5s______al920 80i2 ____ 91 N ov’H Armour A Co 1st real est 4 Hs ‘3° J-D 91 Sale 905* 91 9014 92*4 Col F A I Co gen a f g 5a____1943 98*4____ 98*4 Sep ’ 12 98*4 1003s Bush Terminal 1st 4s______1952 A -0 90 Sale 90 90 8834 92 Col Fuel gen 68------loiu 100341081* 107U J’n e’ 12 ___ IO7I4 10734 Consol 5s______1955 J-J ____ 9,3* 97 A u g’ 12 97 99 Ool Indus lat A coll 5a g u ..l9 3 l 8ti4 Sale 84l4 85G 62 721* 8514 Chino Copper 1st conv 6 s..1921 J-J 108 Sale 138 17212 116 180 Oons Ind Coal Me lat 5s__ 1935 ------8112 85 J’n o’ ll Irrigation Wks A D of A 4 H* ’43 M-N U'Jl* N o v 'll Cons Coal of Md 1st A ref 5s 1950 ------03/3 93 C 93 04 Insplr Cons Cop 1st Cs irectsj .. 109i2 Sale 108 11012 104121101* Or Rlv Coal A C 1st g 6a../il910 ■------0li4 Int Mercan Marine 4>$s___ 1922 A -0 66I4 Sale 6 GI4 6678 63 70 Kan A II C A O 1st a f g 5 s.1951 97*4 . . . 98 98 3 9734 981- lnt Navigation 1st s f 5 s . ..1929 F-A 79 Sale 79 7912 78 82U Pocah Con Collier 1st a f 5s. 1937 85 88 80 ! 8112 891- Mgo Bond (N Y) ser 2-4s___ 1966 A -0 89 A p r ’ ll St h Rock Mt A P 1st 5 s . . . 1955 so : 7934 841- Morris A Co 1st s f 4 Hs____1939 J -J ____90 89*4 A u g’ 12 8912 897* Tenn Coal gen 5s— ...... 1951 111*8 Safe lOEs 1 10 Kg 1037s N Y Dock 50-yr 1st g 4 s . ..1951 F-A 81 85 81 81 81 851* IHrm Dlv 1st consol 0 s..1917 102 1031. 103*4! 10312 U)41> Nlag Falls Powr 1st 5s...... 1932 J -J 100*4____ 10178 J’n e’ 12 100121017* Tenn Dlv 1st g 6s...... a l9l7 102 103 1021.J 1 IO2I4 104 Refunding A gen 6s____al932 A -0 Cah C M Co 1st gu g 6 s..1922 10312 110 110 . Ontario Transmission 5s...1945 Al-N ____ 02 94*4 Sep T2 9212 94*4 Utah Fuel 1st g 5s...... 1931 .... Pub Serv Corp N J gen 5s..1959 A -0 9214 Sale 9234 i!2/s 923* 94u Vlotor Fuel 1st s f 6s______1053 II I I 's.Vl'i 'a d " j '80" *86" Ray Cons Copper 1st conv 6s 1921 J -J 120 127 12012 1261­ 112 130 Va Iron Coal A Coke 1st g 5sl949 97G Sale 07 12 9412 9812 Wash Water Pow 1st 5 s . .. 1939 J-J 102 . . . 104 May’12 1027* 104 •No price Friday; latest bid and usked aDue Jan dDuoAprll eDueMay pDuo Juno ADueJuly fcDueAug oDueOot dDueNov aDue Deo jOptloa sale

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 5 6 CHICAGO STOCK EXC H A N G E— Stock Record.

ST OCXS--h d . in ST AS D L'SWISS T SALS PRICES Sales STOCKS Range tor Previous tf the CHICAGO STOCK Range tor Year 1912 Year 1911 Saturday Monday Tuesday Wednesday Thursday Friday Wett EXCHANGE Oet. 5. Oct. 7. Oct. 8. Oct. 9. Oct. 10. Oct. 11. Shares Lowest. Highest. Lowest Highest. Railroads *30 32 *30 32 *30 32 *30 32 *30 32 30 30 Chicago Elev Rys com ___ 30 Aug 23 40 Apr 24 21 J ’ly 32 Deo *89 92 *89 92 *89 92 *89 02 Last Sale 92% Aug’ 12 Do pref______90 Alay27 933., Jan 20 85 J ’ly 04 Nov *84 00 *84 90 *84 90 *84 90 Last Sale 90 Sep’ 12 Ohio Rys part ctt ” 1’’ __. 85 J’ly 15 1043s Jan 18 80 Apr 101 Aug 23I4 ™4 23 23% 23% 33% 23% 23% 23 23% 22% 23 407 Ohio Rys part ctl ” 2” . . . 2212 Oct 11 20% May *S12 9% 38 Jan 9 37 78 Dec *j}‘* 9% *8% 9% *8% 9% Last Sale 8 Sep’12 Chlo Rys part ctf ‘‘3 " ___ 6 J’nei.j 11 Jan 12 8 May 12i2 Aug *3 4 *3 4 *3 4 *3 4 *3 4 334 3% Clilo Rys part ctf “ 4 ” ___ 3 Oct 1 57$ Jan 13 4% Mch 7l2 Aug *22 25 *22 25 *22 25 *22 25 Last Sale 25 Sep’ 12 Kansas City Ry & Lt.100 14% Aug 25 Sep 27 15 Sep 25 Feb +38 42 *38 42 *38 42 *38 42 40 40 Do pref______100 40 Oct 10 50i2 Jan 19 39 Sep 7213 Feb *9 91? *9 91- *9 01? *9 9% 9 0 Streets W Stable C L.100 6 Mch 28 IDs Apr 10 7 Dec 13i4 Feb *49 51 *49 61 *49 51 *49 51 Last Sale 51 Sep’12 Do pref______100 35 Jan 30 52 J ’ne20 38 Nov 50 Jan /Vtiscclaneous 44 44 44% 44 44% 43% 44% 44% 46% 45% 47 2,150 American Can______100 11% Jan 47 Oct 11 9 Jan 12i2 May *124 124l2 124% 124% 124 124 124 124 124 125 075 Do pref______100 91 Feb 1 126 Sep 19 7G78 Jan 03 Deo *400 ___ *400 *400 *400 Last Sale 405 July'12 American Radiator_100 325 Feb 1 405 J ’ly 2 265 Jan 304 Ocu *130 138 *130 138 *130 138 *130 138" last Sale 135 Aug’ 12 Do pref______100 131 Jan 13 135 Apr 30 120i2 Alch 133 Nov * * _ _ *__ 60 60 60 59 59% 59 59% 320 Amer Shipbuilding.. 100 45 Aug 7 61 Oct 1 48 Nov 79 Feb *101 103 *U)I 103 102U 102%- *101 103 *101 103 *101 103 IS Do pref...... 100 100 Feb 10414 J’ne20 10012 Sep 113 May *144% 145 144 144 ___ . *144% 145 *144% 145 *144 144b. 75 Amer Telep & Teleg_____ 139 Jan 11 1987s Mch 17 131% Aug 1521, J’ne 50 59 60 60 *58 59 *59 60 59 59 59% 591? 225 Booth Fisheries com ____ 39 Mch 14 66i2 May22 35 Apr 591., Alch 47 Apr*12 Voting trust ctf. 43l2 Feb 2b 50 Jan 9 38 J ’nc 5734 Alch *89 90*2 89 89 89 89 *88 90 *88 89 89 '89 655 Do 1st p ref_____ . . 77 Mch 14 95 J’no 5 60 Sep 88% Deo *65 68 *55 53 *55 58 *55 58 *55 58 57 57 10 Cal & Chic Canal & D.100 49 Feb 9 6558 May 13 4912 Apr 62 Feb 5-1 54 54 54 54 51% 53% 54% 54% 55 54 54% 604 Ohio Pneumatic T o o l.100 44 Mch 15 5514 Sep 25 3012 Sep 6512 Feb 142 May'12 Chicago Telephone___100 137i2 Jan 145 Mch 9 115 Jan 14 H4 Nov *211 215 *2U 215 *211 215 214 214 '211 215 +211 215 Chicago Title & Trust.100 184 Jan 4 222 J’ne20 151*2 Jan 180 Deo 139% 139-% 139G 139% 139 139% 139% 140 140 140 13934 140% 401 Commonw’th-Edlson.lOO 13514 Jan 4 150 Mch 7 113 Jan 1373s J’ly *15!2 16 *15% 10 *15% 16 *15% 10 ______15% 15* 50 Corn Prod Ref Co com ___ 10 Feb 13 17*8 Apr 26 934 Oct 1538 J’lie 78 Jan* 11 Do do pref__ 78 Jan 78 Jan *108 1081? 108 108% 108 108 108% 108% !108 108% *108 108% 41 Diamond Match_____ 100 103 J’ly 111% Feb 5 9212 Feb 11034 Nov *9814 08*? 9812 98% *98% 981- 98% 98% 08% 98% 98% 98% 265 Hart Shaffner & Marx pf. 98 Oct 102i2 Alch 8 10O Sep 10334 Dec 72 72 *71% 72% *71% 721- 71% 71% 71% 71% 70 71% 495 Illinois Brick______100 56 Jan 2 7312 Sep 23 4978 Sep 70 Jan 123!2 124 123% 124% ______123% 1231- 12.% 122% 500 106 Feb 14 99l4 Sep *___ Internat Harvester Co___ 1267s Sep 10 129 Alay 72 *__ 72 *__ 72 *___ 72 Last Sale 270% Aug’12 Knickerbocker Ice pref.. 67 May 1 7638 Aug 6 *136 138 *136 138 *136 138 *136 138 Last Sale National Biscuit_____ 100 131 J ’ly 26 161i2 Apr 30 117*4 Jan 142i2 Deo *123 124 *123 124 +123 124 *123 124 Last Sale 123% Sep’ 12 Do pref______100 123i2 Sep 20 13034 May 28 123 Jan 130 Mch 129 129 *125% 129 131 132 *129 131 130 130 129 129 115 National Carbon_____ 100 103 Mch 5 135 Sep 24 100 Aug 120 Alch *119% 120 *11914 120 +119% 120 *119% 120 ImsI Salt 120 Oct’ 12 Do pref______100 *63% 115 Feb 11 120 Jan 2 117 Sep 120 Alch 64% *63% 64% *63% 64% *64% 65 *64% 65 63 65 ” 25 P-clHc Gas & El Co_____ I 61 J’ly 2 67 Apr 22 Do rig h ts___ 1 .60 Alay 3 z .65 Apr 23 *91% *91% *91% *91% *9 1% ----- *9 1 % ___ Do preferred _____ 121% 122^% 117*4 117*2 117% 119% 119% 120% 121% 122 119% 121% 3,149 People’s Gas L&Coke.lOU 103i2 Jan i 1223s Oct 9 101 Sep 108% Jan ♦88*2 89 *88% 89 *85 88 *85 88 Last Salt 88% Oct’ 12 Pub Servof No 111 com. 1 8-4 May2'j 0412 Apr 24 ImsI Sale Do r ig h ts ...... 08 May lb 1% Apr 24 100 100 100 100 100 100 100 100 *98 100 *98 100 “ 175 Do preferred .. zl00 Mayei *10713 Apr 24 *101 102 *101 102 + 101 102 *101 102 *lJ0 102 100% 100% 23 Rumcly Co, preferred___ : 9912 Apr 27 zl02% Aug 19 214 214 214 214 213 213% 212 212% 212 212 209% 211 1,641 Sears-Roebuok com ..100 140 Jan 5 221 Sep 9 i23%"Sep' *io2l4'Jan* 123 123 +123 1231., 123 H3% *123 123% +123 123% *123 123% 43 Do pref...... 100 121l2 Jan 11 125*4 J ’ne 8 116 Sep 122 AIcll *42 43 *42 43 *42 43 41% 41% 42 42 75 Studcbaker Corp com ... 30% J’ly lb 49 Aug 9 *94 95 *94 05 *94 95 *94 05 Last Sale 97% Aug’ 12 Do preferred... 94i2 J’ly lb 0712 Aug 7 107*2 107% 107 107% 107% 107% 107% 107% 107 107% 106% 107 1,827 Swift & Co...... 100 9834 Jan 2 100*4 Apr 4 9734 Sep io i j.’no 315 320 330 350 350 352% 355 355 '325 375 538 The Quaker Oats Co. .100 215 Jan 15 355 Oct 9 105 Alch 212 Dec *108*2 100 *108% 109 *108 109 109% 109% *108 109 108 108% 57 Do pref______100 105i2 Jan 2 110 Jan 15 102% Feb 107% J’ly 196 196 *196 196% 190% 196% *190% 197% 196% 202 199 199% 1,578 Union Carbide Co______rl3534 May 8 202 Oct 10 Do rig h ts______3% May 8 r 6 May22 *l>4 1*2 *1*4 1% 1% 1% *1% 1% *1% 1% *1% 1% "'3 1 6 Unit Box Bd & P C o .100 3S May 2 178 Jan 18 ’ i" Dec Jan" 79 79% 79% 79% 78% 78% 77% 78% 78 79% 77% 78 1,630 United States Steel com . 58% Feb 13 8012 Sep 30 50% Oct 81% Feb *9 10 *9 10 *9 10 *9 10 Last Sate 10 Oct’ 12 Western Stone______100 9 Sep 30 147, Feb 7 .W Dec ‘J 6 Jan Chicago Rond Record Chicago Bantfs and Trust Companies

BONDS Outstand­ Surplus Dividend Record. CHICAGO STOCK inter­ Fries Week's S'ds Rang* NAME ing anil E X C H A N G E est Friday. Range or Sold lor Stock. Profits. In In Per­ Last Paid, Weelc ending Oct. 11, period Oci. 11. Last Sale. Year 1912 (t) (T) 1910. 1911. iod. % Sid. Ask Low. High No. Low. High American State ______$200,000 S179.779 Oet '12, 1H Am Tel & Tel coll 4 s . .1029 J - J ______91 Apr’ 12 ___ 291 91 Calumet National______100,000 60,879 ” 0" " o ' An Jan ’ ll , 6 Armour & Co 4 A s ___1939 J -D t 90% 90% 9038 OCt’12 ___ 90% 92% Cont’tal & Comm N a t.. 21,500,000 9,107,050 10 Q-J Oct '12,2A Auto Eleo 1st M 6 s ...1028 — ------82% Apr’12 ___ 282% 82% Corn Exchange National 3,000,000 6,054,259 "i

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 957

Ferry Companies Bid Indust and Mlscell — (Cotl.) Bid Ask Volume of Business at Stock Exchanges B & N Y 1st 6S 1911___ J-J 95 \rner Writing Paper___ 100 3% 4 N Y & E R Ferry stock. 10< 8 Vtl Gulf A WISS LlnesS’eeBos tStkt x list TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE 1st 5s 1922...... M-f 50 Barney A Smith Car comlOo 15 25 DAILY, WEEKLY AND YEARLY N Y & Hob 5s May 4U..J-I 9J Preferred...... 100 88 100 Hob Fy 1st 531940. 104 Bliss (E W) Co com...... 60 75 85 N Y & N J 5s 1940___ J-. 93 Preferred...... 5u 120 125 Railroad, 10th A 23d Sts Ferry ..10 25 Bond A Mtgc Guar____ 101 290 100 Week ending Ac , Stats V S. 1st mtge 5a 1919.. J-L 55 Borden's Cond Milk com.100 120 121 Oil. 11 1912. Par value. Bonis. Bonds. Bonis. Union Ferry stock.. lOt 15 Preferred...... 101 108 111 1st 53 1920...... M-N 94 Jrltlsn Coi Copper Co___ <­ 5 Saturday ...... $29,099,300 S792.000 $20,000 $1,000 Casein Co ol Amer com_.10i. T4 2 Monday ______39,038,200 1,775,500 92.000 10,000 Short-Term Notes Preferred...... lOi 40 40 TucJday______35,282,000 2.230.000 09.000 Amal Copper 5s 1913..A-C 99% 100% lasualty Co ol America. 101 110 120 Wednesday ______49,984,800 2.101.000 38.500 Balt * Ohio 4K.3 1913.J-D 99% 99's leilulold Co...... 100 140 142 Thursday______£3,751,150 1,983,000 55.500 Bklyn RapTr 5s 1918tw 1).. 96)4 96g City Investing Co...... lOu 45 47 Friday______6J,08/,2 2,113,'.00 34,590 Ch03 A Ohio 4>is 1914 J-D 99 99% Preferred . . 100 100 101 Chic A Alton 63 1913 ...Al-S 98% -9% . ClalUn (H B) Co coni..IOU 85 90 T otal...... 3,091.6J9 $2/0,243,260 S10,9J5,000| $3l5,o00l $11,090 Chic Elev Rys 5s 1914 T.J-J 971 98 a 1st preferred...... 100, 86 91 Cln Ham A D 43 1913 J-J 99 : 9958 e 2d preferred...... 100 87 92 Sales at Week ending Oct. 11. Jan. 1 to Ocl. 11 Eric 03 April 8 1914 ..A -O ’. 99% 99% Consol Car Heating___ 100 78 84 New York Slock Coll 53 Oct 1 1914 A-O 99 9 ‘% Consol Rubber Tire___ 100 13 16 Exchange. 1912. 1911. 1012. 1911 Coll 5s April1 1915..A-0 97?g 98% Preferred...... 101 50 59 Gcn'l Motors Oa'15—See N Y ItkEx list. Debenture 4s 1951...A-O 750 60 Hudson Companies— a Crucible Steel com___ 101 17% 17% Stocks—No. shares__ 3,091,699 1,706,791 101,446,579 96,249,374 03 Feb 1 1913...... F-A Par value ...... $270,243^50 3148,787,950 $9,163,802,475 $8,663,778,725 99% 100 a Preferred...... 100 95 95% $4,000 Os Oct 15 1913...A&015 99 ,00 Davls-Daiy Copper C 0...I0 *21; 2% Bank shares, par____ 523.500 $633,100 $1,471,500 111 Cent 4j^8 1914...J&J otkEx Bonds. 99% 993. eDiamond Match—See Chic list. $11,000 $85,000 lnt A Gt Nor 5s 1914..F-A 9712 9753 duPont ( I) do Ncm Pow 10t 195 -’05 Government bonds__ $1,091,000 $3,198,500 Inter Harvester 63 '15.FAA 100 100% a Preferred...... 100 98% State bonds...... 315.500 395,500 22,304,000 82,743,900 10,9 ‘5,000 19,G90,500 543,(59, 00 585,338,000 K C Ry A Lt 03 1912.. M-S Gold 4 ^ s 'OO—See N Y Si k Ex "ist. RR. and mlsc. bonds-. Minn A St L g 5s 1913 F-A 93 94 Cmerson-JLirantlngham . 101 75% 77 SI 1.0*1,501)1 $20,171,OOOl $300,851,50j| 3071,280,400 Mo Kan A Tex 5a 1913.M-N 99 99% Preferred ...... 100 101% 103 Total bonds. Missouri Paeltlc 53 1914 J-D 9C12 97 Empire Steel A Iron com 100 6 10 Nat Rys ol Mex 4 ^3 '13.J-D 97*4 98%. Preferred______100 42 45 DAILY TRANSACTIONS AT l'HE BOSTON AND PHILADELPHIA u tlV C Lines Eq 5a 1912-22 EXCHANGES !> 4.G7 4.45 a General Chemical com.100 210 4Hs Jan 1913-1925...J-J t> 4.60 4.-1 e Preterred...... 10 108 ’ 114 4 Hs Jan 1913-192/. J-J t> 4.60 4.40 loodrlch (B F) Co—See N Y Stk E x list Phtl.adelphla. N Y Cent 4J*s 1914___ M-fc 99 99L Jreene-Cananea—See Bos St t Ex list. Week ending St L A 8 F 6s 1913 opt J-D 9S7g 99% k Hackensack Water Co— Oct. 11 1912. Listed Unlisted Bond Listed Unlisted Bond 03 Sept 1 1914 opt__ M-8 9912 100 Ref g 4s '62 op 1912. ..J-J 85 87% shares shares. sales. sdares. shares. sales. South Ry g 5s 1913__ F-A 99?g too Havana Tobacco Co___ U)i 5 7 Wabash 4 Ms 1913___ Al-N Preferred ...... 100 9 14 Saturday...... 14,097 5,209 $41,500 10,533 3,858 $21,400 Westlngb’se El & M 03 1913 iou" t()l)% 1st g 6s June 1 1922..J-D / 60 64 Monday______28,213 12,699 34.009 28,613 6,142 31,200 5% notesOct’17—See NY jtk E x list Hecker-Jones-Jeweu MHHn, Tuesday ...... 20,543 14,551 55.009 21,786 6,980 32,800 1st 6s 1922 ...... fli-j 102 104 Wednesday------19,869 15,033 31,00.) 32,844 10,816 30,900 Railroad Hcrrlng-Hail-Marvin ..100 10 20 Thursday______. 17,510 10,035 48.009 13,022 10,510 45,300 «Chlo & Alton com___ 100 1S% 21 Hoboken Land & Improvo't Friday...... 24,291 14,396 19,000 13,26b 11,603 33,500 e Preferred...... loo 25 40 1st 6s Nov 1930...... M-N; 1033. 104% S Ohio St PM A O m ___ 100 133 133 Hocking Vnl Products..100 5 8 Total 130,523| 81,972 S2o 1,500 120,006 49,921 $195,100 e Preferred...... lot. 153 ,60 1st g 6s 1961...... J-J 53 5'J s Colo A South com___ 100 39 41 Oil—See Balt Stk 1 : list. e lat preferred______100 72 74 « Ingersoll-Rand com__ 100 105 Inactive and Unlisted Securities a 2d preferred...... 100 eel­ 70 a Preferred...... 10< 95 e N Y Chlo & St L com ..100 s '^ CO Intcrcontla Rub com__ 101 12 13 All bond prices are now "and Interest" except where marked "f ” e lgt preferred______100 104 120 Internat Banking Col.IlOi 87 92 e 2d preferred...... lou 88 90 International Nickel___ lot 1131 133 bircet Rauway* — (Cone Bid Ask Northern Securities Stubs.. 105 110 Preferred...... lot 105L 107% Street Railways Bid Ask Union Ry Ga3 A El com. 100 53 54% Pitts Bess A Lake Erie..50 *30 34 International Salt__ .IlUi Preferred______100 89 90 Preferred...... 60 *60 71 1st g 6s 1951...... A-O 49 52 Ncto York Citu UnLcd Lt A Rys com ..100 75 ____ s Railroad Securities Co— International Silver com 100 135 145 Bleeck St A Ful Fy atk.100 19 25 First preferred...... 100 84% 80% 111 C stk tr ctfs Ser A ... 83% 85 Preferred...... 100 134 137 1st mtge 4s 1959...... J-J 70 Second preferred____ 100 74 70 West Pac 1st 5s 1933..M-S 8212 83% 1st 03 1948...... J-L iio 111 B’y A 7th Avo stk...... 100 170 180 Jolted Rys 01 St L— Internat Smelt & Relg. ’ Ot 123 128 2d mtgo 5s 1914...... JAJ 9934 100% Co.a vot tr ctfs...... 100 13% 14 Standard Oil Stocks Kayser (Julius) A Co__ 100 91 98 Broadway Surface Rlt— « Prelerred...... 101 43 43% Anglo-American OH____ £1 ♦1012 £0% 1st preferred...... 100 109 111% 1st Cs 1024...... JAJ 102% 10334 Wash Ry A El Co...... 100 «97S 90% Atlantia Refining...... 100 555 570 a Kresge (S S)—See N Y bt k Ex list. Cent Crossto.wn stock..IOU 10 Preferred...... 101 00);: 93 Borno-Scrymser Co...... luu 190 220 LackawannaSteel—SceSY StlcEi 1st. 1st mtge Os 1922___ M-N 105 4 s 1051...... J-D 83?g 84% Buckeye Pipe Line Co__ 50 175 180 Lanston Monotype...... 100 92 93 Ccn Pk N A E Rlv stock. 100 13 West Penn Tr A Wat Pow 100 32 33 Chesebrough Mfg Cons..100 725 775 Lawyers' Mtgo Co...... 100 218% ’22% ChrlstopherAlOth St stk luu 125 137 Preferred ...... 100 82 82% Colonial OH...... 100 150 180 Lehigh Val Coal Sales..61 245 252 Dry Dook E u A u— Mectrlc, (las A Power Cot Continental Oil...... 100 825 j76 « Loose-Wiles Bis—See N Y Jtk E : list 1st gold 6s 1932...... J-D 100% 101% New York city Crescent Pipe Lino C o...60 *62 66 Madison 8q Garden Stubs .. •xl 3 Scrip fls 1914...... F-A 1 30 45 Cent On Gas 6s 1027___ J-J 101% 103 Cumberland Pipe Line..100 75 80 Manhattan Shirt...... 100 70% 72 Eighth Avenue stock__ IOU 310 320 e Kings Co El L A P C o.. IOC 131 132% Eureka Pipe Line Co__ 100 390 00 Preferred...... _ 100 101% 10134 Sorlp Os 1914...... F-A / 09 101 New Amsterdam Gas— Galena-Signal OH com .. 100 220 230 Manhattan Trans.t...... 2i *1% 42d A Ur St Fy stock... 100 200 285 1st consol 5s 1048___ J-J 101 102 Preferred...... 100 135 140 Monongahelnlt Coa CAC.5, *_ . I? 42d St M A St N A v o... 100 N Y A E R Gas 1st 5s'44 J-J 103 105 Indiana Pipe Line Co___ 60 142 .47 Preferred...... 60 *45 1st 6s 1910...... M-S / 99 ioo Consol 5s 1945...... J-J 100 103 National Transit Co____ 26 *43 45 Mortgage Bond Co...... 100 105 109 " 2nd lno Os Jan 1 1915___ / 78 « N Y Mutual Gas L ___ 100 172 175 New York Transit Co__ 100 350 160 a National Surety_____ 100 225 730 Ninth Avenue stock___ 109 1UU 180 N Y A Q El L A l’oiv Co. 101 50 68 Northern Pipe Line C o..100 115 120 a New York Dock com 100 19 Second Avcnuo stock ... 100 1 3 Preferred ...... 100 73 77 Ohio Oil Co...... 26 1,5 117 e Preferred...... 101 35 ■4*5* Consol 6s 1948 ctfs..F-A / 37 41 N Y A Richmond G as... 100 55 65 Prairie OH A Gas...... 100 288 2J3 N Y Mtge A Security__ 100 205 208 « Sixth Avcnuo stock...109 115 120 North’n Un 1st 6s 1927 M-N 101 103 Solar Refining...... loo COJ ,0J N Y Transportation...... 20 *5 0 Sou Boulov 5s 1945...... J-J 88 93 Jtandard Gas L com___ 100 00 Southern Pipe Line C o.. 100 280 290 NHes-Bem-Pond com__ 100 85 90 So Fer 1st 6s 1910...... A-O 95 Prelerred...... 100 95 South Penn O lli...... 100 740 760 Niplssing Mines—See Bost b tk E.\ list. 90 in Tarry WP A M 5s '28..A1AS / 75 80 1st 5s 1930...... M-N 103 106 Sou West Pa Pipe Lines. 100 16/ 173 Ohio Copper Co...... 1C 134 28 A 29th Sts 5s'90ctfsA-G / 20 28 Other Cities. Standard OH ot C alif... 100 137 140 a Ontario Silver...... 100i 21. Twenty-third St stock.. 100 250 275 Am Ga3 A Elco com._„_.Bl *90 92 Stand OH of Indiana___ 100 310 315 Otis Elevator com...... 100 74 ‘ 7r4 Union Ity 1st 53 1942..F-A 101 107 Preferred ...... 50 *10 50 Standard OH of Kansas. 100 375 :25 Preferred...... 10* 101 ■03 Westchester 1st 5s '43-J-J 93 97 Am Lt A Trac com____ 100 445 150 Stand Oil of Kentucky..100 375 12 j Pittsburgh Brewing...... 50 *103t 10% Yonkcr3 St RR 6s 1910. A-O 88 95 Preferred...... 100 111% 112% StaudOU of Nebraska..100 280 120 Preferred...... 50 *40 Brooklyn Amer Power A Lt com ..100 69 70 Stand Oil of N J (old). ..100 ouO 1/2) a Pittsburgh Steel pref..100 103 104* Atlan Ave RR con 5s '31 A-O 102 1031 Prcforrcd...... 100 85% 86% Stand OH of N J...... 10U 5 0 595 Pope Mfg Co com...... 100 33 39 U B A W E 53 1933___ A-O 97 101 Bay State Gas...... 50 *05 % Standard OH subsidiaries... 600 ,25 Preferred...... 100 74 76 Brooklyn City ltR ...... 10 cl 02 101 Buffalo City Gas stock.. 100 5 Standard Oil of N Y ___ 100 510 515 Pratt & Whitney pref__ 100 105 106 Bklyn Hgts 1st 5s 1941. A-O 100 103 Cities Servlco Co com__ 100 i 18 121 Standard Oil of Ohio__ 100 230 260 Producers OH...... 100 120 Coney lot A Bklyn...... 109 101 105 Preferred...... 100 80 91 Swan & Finch...... 100 190 220 Realty Assoc (Bklyn)..100 113 il7‘ * 1st cons g 4s 1918___ J-J 80 85 Columbia Gas A Eieo...lOo 17% l(3g Union Tank LlneCo___ 109 70 75 Royal Bak Powd com ...100 215 220 Con g 4s 1955...... J-J 77 82 . 1st 5s 1927 ...... J-J 78 78% Vacuum OH...... 100 170 176 Preferred...... 100 109 111 Brk C A N 6s 1939...J-J 90 101 Con Gas of N J 5s 1036..J-J 98 Washington Oil...... 10 *23 28 Safety Car Heat A Lt__ 100 116% 117% Nassau Eleo pref...... IOU Consumers' L H A Pow— Waters-Plerce OH...... 100 1500 1700 sears,Roebuck ACo—See NY :tk E X list 1st 5s 1944...... A-O 1U2% 103- 6s 1938...... J-D 100 ePreferred—See Chic Stk ix 11: t. N Wmsburg A Flatbusli— Consumers Power (Minn.)-- Tobacco Stocks Singer Mfg Co...... 100 285 2S8 1st 4« s July 1941..FAA 92 93 IstAref 5s 1929opTt_M-N 89% 92 (See also Slock ExchangtLlsl) South Iron A 8 00m____100 .... 2 Stclnway 1st 6) 1922...J-J 100 101 Denver U A El 5s 1049.M-N 95% 90% Amer Machine A F dy..l00 62 68 Preferred...... lOu 3 Ollier cilice Elizabeth Gas Lt Co___ 100 325 Brltlsh-Amerlcan T obac.il •22% 227« Standard Coupler com.,100 30 40 Buffalo Street Ry— Essex A Hudson Gas__ 100 135 110 Conley Foil...... lou £96 110 Preferred...... 100 108 112 1st consol 6s 1931___ F-A 103% insii Gas A El Bergen Co___ 100 SO 89 « Holme (Geo W) com ..100 185 18J Stern Bros pref...... 100 80 85 Deb 03 1917...... A-O 101 100 Gr't We3t Pow 5s 1946..J-J 8«.14 89% a Preferred...... 100 118 120 Sulzberger a Sons Co pf.100 99 100 aChlcago Union Tract coin.. 2% 3 Hudson County Gas___ 100 135 137 Johnson Tin Foil A Metal 100 180 190 Texas A Paclrtc Coai_..10U 95 100 ePreferred...... 0 8 Indiana Lighting Co___ 100 40 41 MaeAndrews A Forbes.. 100 195 105 a Texas Pad He Lnnd Tr.lOU 95 100 Com’w’lth Pow Ry A L.100 68% 09% 43 1053 opt...... F-A 70 72 Porto-RIcan-Amer Tob.lOO 285 295 Title Ins Cool N Y...... 100 122 Preferred...... 100 91 92 Indianapolis Gas...... 50 38 45 Reynolds (R J) Tobaoco.iuu 265 275 I'onopah Mln(Nev)-NeePhlla Stk "e t list lOonn Ry & Ltg com ..lou 7/% 79% 1st g 5s 1952...... A-O 88 90 a United Cigar Mfrs com 100 53% 50 Trenton Potteries com..UK. 4 7 0 Preferred______190 79 82 Jackson Gas 5s g 1937..A-O 99 102 e Preferred ...... 100 103U 110 Preterred new...... 100 60 55 Federal Light A T rac...l00 30 sLaelede Gas preferred ..101 92 102 UnltedClgarStoresof Am com lOOUg 103% Trow Directory______IOC 20 30 Pref erred...... 109 81 86 Madison Gas tis 1920...A-O 101 109 Preferred...... 121% 123 Union Typewriter com .. 100 41 43 < Havana Elec Ry LA P 100 85 87 .Varragan (Prov) HI Co .50 *96% 99 a Woyman-Bruton Co__ 100 250 275 1st preferred...... 100 110 112 « Preferred...... 109 96%. 93 Newark Gas 6s Apr’44.Q-J 121 120 e Proferred ...... 100 114% 117 2d preferred...... 100 103 106 « Loulsv St 5s 1930...... J-J 105 105U Newark Consol Gas...... 100 93 Young (J 3) Co...... 100 172 180 United Copper...... 100 l 1.' 2% t New Orl Rys A Lt com 109 35% 33 No llud L H A P 5s 1938 A-O 100 Preferred...... 100 8 20 e Preferred...... 100 75% 76% Paclilo Gas A E com___ 100 047g 05% Industrial and Miscellaneous ! United Dry Goods___ 100 100% 101 Pub Bcrv Corp of N J — set Stk E x list Preferred ...... 100 93% 91 a Adams Express_____ 100 195 200 e Preferred______100 105 107 Tr ctfs 2% to 0% perpet 103 109% Pat A Pas Gas A Eleo. ..100 91 05 Col tr g 4s 1J47...... J-D ;8214 83% U 3 Casualty...... 100 190 2C0 North Jersey St Ry__iuu 80 St Joseph Gas 5s 1937...J-J 90 94 Alllanco Realty...... 100 118 120 U S Envelope com...... 100 100 104 1st 4s 1048...... M-N 78 Jtandard Gas A Elco(Dcl) .50 *2334 21 Amer Bank Note co m ...60 *51 55 Preferred...... 100 118 120 Cons Tract of N J ___ 100 76% 76% Preferred ...... 50 *a 503j 51 Preferred______50 *53 55 3 U 8 Express...... 10U 75 80 1st 5s 1933...... J-D 101 105 United Electric of N J..100 90 95 American Book...... 100 170 175 U 8 Finishing...... 100 85 90 New'k Pass Ry 6s '30.J-J 107 108 1st g 4s 1049...... J-D 82% 83% American Brass...... 100 137 140 Preferred...... 100 100 105 Rapid Tran St R y___ 100 235 Western Power com___ 100 28 29% American Chicle com__ UK) 214 218 1st g 5s 1919...... J-J 100 105 1st 5s 1921...... A.O 103 105 Preferred...... 100 69 60% Preferred...... 100 103% 105 Con g 5s 1929...... J-J 95 too J 0 Hob A Pat 411919 M-N 78 79 Western States GasAEiee— eAmerlcan Express___ 100 191 198 U S Indus Alcob—See N Y S tk Ex list. So J Gas ISI A Trac__ 100 129 133 1st A ref g 5s 1941 op.J-D 92% 95 Am Graphophone com .. 100 43 46 a Preferred...... 100 102 105 Gil g 63 1953...... M-S 99 100 Preferred...... 100 74 85 U S Steel Corporation— No Hud Co Ry 6s 1914 J-J 102 103 3 Amer Teleg A Cable... 100 687g 72 American Hardware___ 100 138% 139% Col 3 1 Apr 5s 1951 op 1911 114 Con M 61 1928...... J-J 102 .03% J Central A South Amer. 100 110 120 Amer Malting 6s 1914..J-D 101 102 Col s 1 Apr 6s 1951 not opt 114 Ext 53 1924...... M-N 98 ____ Coinm'l Un Tei(N Y).__20 108 115 Amer Press Assoc'n___ 100 60 70 U 8 Tit Gu A Indein___ 100 00 95 Pat Ry con 6s 1931..J-D 113 ____ Empire A Bay State Tel. 100 65 75 Am Steel Fdy es 1935..A-O 99 100% a Wells Fargo & Co___ 100 133 135 2d 63 1914 opt___ A-O 100 40 60 Deb 4s 1923...... F-A 71 72 Westchester A Bronx Title Republlo Ry A L igh t...100 26% 281- « Gold A Stock T eleg... 100 118 123 American Surety...... 50 325 335 A Mfge Guar...... 100 165 . Preferred...... 10ti 80 82 3 Northwestern Teleg___ 50 117 124 American Thread pref___ 6 *4% Westlngh'se Air Brake__ 60 *14234 143 Tonnessoo Ry LAP com.100 23% 25 PaclDc A Atlantlo...... 26 68 75 Amer Typefounders com.lOo 48 Woolworth (F W)—See NY Stk E X list Preferred______19° 78 79 s Pao Telep A Teleg pref. 100 100% 101% Preferred...... 100 102 ’.Vorthlngton(HR)Co pf.100 105 108% Trent P A II 6s 1943...J-D 97 99 Jouthern A Atlantic 26 92 97 1 Deb g 0s 1039...... M-N 100 • Per sharo a And accrued dividend, b Basis. * Listed on Stock Exchange but usually inactive. /F la t price, n Nominal, s Sale price, t New stock, x Ex-dlv.' j/ Ex-rlghts. z Includes all new stock dividends and subscriptions, a Listed on Stock Exchange but Infrequently dealt In; record of sales, If any, will be found on a preceding page.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 5 « BOSTON STOCK EXCHANG E— Stock Record.

SHARK PRICKS—NOT PKR CKNTUM PRICE S Sales STOCKS Haw;" sines January 1 R a n g e jot P r ev io u s BOSTON STOCK On basis o/ 10O-share lots Year 1911 Saturday Monday Tuesday Wednesday Thursday Friday Week EXCHANGE Oct. 5. Ocl 7. Ocl. 8. Oct 9. Ocl. 10. Oct. 11. Shares. Highest H Ujhest, Railroads ♦1107a 111*8 111% 111% *11119 1107« 109% 1091 *110 110*. 109 109 05 Afcch Top & Santa Fe.100 1037s Feb 10 IIII4 Oct 2 100% Sep 11-3*4 J’ ne ♦1021.1 102% *10218 102-% *102*3 102% *1013 102*. Last Sale 1021? Dct’12 Do pref______100 101% Jan 12 104% Feb 7 101 Sep 105 J’no ♦212 213 *212 213 212 212 212 212 *212 213 213 20 Boston & Albany____100 21U2 Sep 27 222% Apr 3 219 Apr 226 Feb 121 122 121*2 1211- 121*2 12U2 121 121% 121 121 121 12H, 124 Boston Elevated...... 100 120 Aug 13434 Mch25 124i2 Sep 1301* Aug ♦205 206 205 203 *205 206 *205 *205 ___ +__ 206 23 Boston & Lowell_____ 100 204 j ’ne 10 218 Jan 4 207 Feb 218 Sep 96 96 95-% 96 95% 96 96 96 97 97% 98 99 438 Boston & Maine_____ 100 94% Sep 20 100% Jail 3 9Ul2 Oct 1223s Feb ♦293 295 *290 293 *__ _ 292 *290 292 Last Sale 293 Oct'11 Boston & Providence, 100 29.1 Oct 300 Apr 27 292 Mch 300 Mch ♦__ 15 * ___ 15 *___ 15 *__ 15 last Salt 14 Juue’12 boston Suburban El Cos. 13 3 an 2?.7 ' *4 4% *4 4*9 *4 412 ♦4 -u, *4 4% 4 4 182 is * * ♦ 100*2 101*2 *100 lOIJs +100% 101% 101 101 *100 101% *100 101% 35 otton Yarn____ Ado A * i » A j tOA iM j a ♦100% 101% *100 101% 100 100 *100 1011? +100 101% *100 1011? 6 pref______ioo 93 J’ne 28 107 Mcll 26 101 Nov 116*2 Meh 153% 153% 153*2 154 1537a 154 *152 lo3 152% 153 153 153 214 elop h on e..____ 100 153 J’iy lo 164 Mch 14 13/ Jan 1651* Deo _ 72i2 Jan 17 90 Mch 20 6234 J’ly 7334 Nov 168% 168% 168% 168% 168 168*2 16712 167% 167*4 167% 167 167*4 145 .100 15S Feb 1 174 Aug 21 153 Sep 108 Jan *16 10% *16 16% *16 J.0% *16 16% Last Sale 16% Oct’ 12 ... . 10 m i Jan 2 17*8 Apr 11 xVJ Jan 15 May *107% 107% 10733 107*2 1073s 107% 107*2 107% 10634 107*4 107 107*., 1.121 98i2 Jan 2 109*3 Sep 25 97*4 Sep 104 J’ne ♦28*2 29 28*2 28*2 28% 28*i! 28*2 28% 28*3 28*3 28% 28% 219 'i’orrlngton____’ " . I " 25 27 May t 32 Jan 10 29 Sep 36 Jan *28 29 *28 29 +28 29 *28 29 Lasl Sale 2873 Sept’ 12 Do pref______25 28 Jan 6 31 Apr 17 27 Mch 31 J ly *2 2*4 *2 2-1 *2 2% *2 2*4 Last Sale 2 Sept" 12 ... .85 Jan 0 334 Apr 8 3} May Hu Mch 188 188 187 188 187 188 187 187 186% 187 185 187 005 h 174 Sep 1C 208*2 J’ne 19 /H78 Dec 197*2 J’ly 56 56 5578 55% 55*2 56% 55*a 651? 55 55*2 55 55 1,108 46% Jan 15 57*2 Aug 26 40*4 Aug 6878 Feb 29 29*2 29% 29% 29 29*4 *29 29*2 29*4 29% 29*4 29% 475 Do pref______25 275a Jan 10 2934 Sep 13 2612 Sep 29% Jan 7878 79% 7834 79% 78*2 787a 777, 783S 78-% 79% 77*2 78% 7,128 S Steel Corp____ ..10 0 58% Feb 13 80% Sep 3i- GO Oct 82*3 Feb 11534 116 115*2 116 11538 11578 115% 115% 115 115 115 115 274 Do pref______100 10713 Feb 13 1 L63s Oct 1 103*2 Sep 120*2 Feb Mining *6*4 7‘.| W4 6% *6*2 7 *6*2 7 *6*2 7 7 7 70 Adventure Con______25 6l4 Mch 28 11*4 Apr 20 4 Sep 7*3 J'ne 3 3 3 3 *3 3% 3 3 314 3’4 3*2 4*4 2,110 Algcmah Mining_____ 25 3 Sep 24 8I4 May 2 2*2 Oct 11 J’no 46 46 ♦46*2 47 46% 46*2 *15 46 46 46 590 ‘.House...... 25 3814 Feb 1 5013 J'no21 21 Aug 44*4 Dec 9134 9134 91*2 92'a 91 91% 8912 90% 8934 90% 88 89*? 5,640 .malgamated Copper 100 60 Feb i 0263 Oct *1 44*4 Sep 71% J'ne 34% 34% 34% 34*2 3334 34*2 33% 34 33% 34 33% 33% 2,639 m Zinc Lead & 3m. 25 21% Feb 15 35 Oct 3 193., Oct 30% J’uo 438 45« 413 4*2 4*2 4% 4*2 4% 438 4% -41? 4% 830 .rizona Com’l ctfs dep. 2 Jan 2 073 Apr 2 1% Deo 2l,i6 Dec .45 *____ .45 *___ .45 *__ .451* .40 .50 .40 .40 200 :onanza Dev Co____10 .30 Oct 3 .65 Apr 11 .30 Oct .75 May 7 7 7 7 7*4 •714 *6% 7% 7 7 7 7 365 0i4 Feb 1 9*4 J’ne 6 334 Aug 15*2 May 33a 4 37a 4 333 33S *:u, 4 *334 4 334 335 215io J’ly 2 5 634 Apr 2 3 N O V 6*2 Jau 49*2 4834 49*2 48*2 49 47*3 48% 47% 48% 46*2 47% 15,675 19i2 Feb 6U1 J’ne 12 82 81*2 82 8134 821« 81 82 81 82 80% 81 1,661 & Arizona., 57% Feb 83*2 A ug28 45 Sep 63% Deo 596 600 605 595 600 590 590 592 592 590 592 00 405 Feb 615 Sep 27 360 Sep 545 Jan *20% 22 22 22% 22% 22% *21 22 22 22-% *21 22 380 17% Jan . 27l2 Apr 18 8 Aug 19 Deo *43 43*4 43 43*4 43 43% 42 423, 4234 431- 42 42*-> 1,285 25l4 Feb 28 45 Sep lb 16% Sep 27% Deo *.03 .05 + .03 .05 *.03 .05 Lasl Sale .04 Aug* 12 ...... 03 Mch 26 .09 Jail 19 03 Nov .15 J’ne 69 59 5938 603., 60 60 f3 59 59% 59 59 58 58% 4,122 Copper Range Con Co 100 50 Jan 31 66*2 Apr 11 46-3., Sep 69% Feb 4 4 4 4 4 4 4 4 +334 4 +3-3 3% 445 Jaly-WcsS______20 4 Sep 17 7*2 Mch 27 3 Feb 7 Deo 1533 1534 15*2 16% 16% 107a 1G I6I4 16 16% 15% 16'a 14,919 ih'.'A Butte Cop M in.. 10 1214 Jan 15 16*4 Sep 20 878 Aug 14% J’ne 8 8*8 8 8-d 8-4 8*2 8-2 ou 9*3 10*8 10*4 11 10,630 678 Sep 27 IGI4 Apr l 5*2 Aug 14 ,l 'ne 43.1 41‘ ie 6% 45S 4u 16 4,3ie 434 4% 4liio 43j 2,328 413 Feb 27 6nioApr 6 33a Sep 8*8 Feb 68*2 59*2 537* 61*2 61 64-’s 62*2 6-1 6234 6412 62*2 64% 11,082 33 Feb 6 64-a Oct 8 26 Aug 43% J’ne 10% 11 1034 11 10*2 1078 10-3.3 10% 10% 10-% 10*4 10% 5.650 7l2 Feb 29 11*8 Oct 4 6,Jio Oct 8*8 Deo 26% 26*2 26% 27 27 28 27% 28 27% 28 27*4 27% 1.835 23% Sep 14 37 J’n e li 17 Sep 31% Deo *% 1 *.85 1 *.85 1 .95 .95 *34 1 *% 1 100 .95 Sep 2/ 2 May o *4 Sep 2 Feb 13*2 13*2 14 143a 14% 14% 14*2 15 15 16 16 17 6,2-15 IBs Sep 26 23 Apr 24 6*4 Oct 16 J’uo 19% 19*2 19% *19% 19% 19*2 193., 19% 21 2Q3S 205fi 1,862 18 Feb 6 2153 Jan 24 19% 44 Dec 57*2 58 57*2 57% *56*2 58 +56*2 58 *55 57 *55 58 160 sland Creek Coal____ 40l2 Jan 17 65*4 J’no iu 29*4 May *88 89 *88 89 88 88*2 *87*2 88 *87 88 88 88 38 Do pref______85 Jan 13 0114 Aug l 82% Sep 91 J’no 36 36 35»fi 35% 35% 3534 1,405 20*4 Jail 15 30-8 Aug Ji 11% Aug 23 l)cc 36 30% 86*s :» 's 35-s uMa 773 Jan ♦2% 2% 23. l»a 2u .n 2?a 24.1 23,1 2-3j 2Jj **-■« 23., 415 2 Apr 9 3*3 Feb 13 2% Oct 2% 2 2-s *2 43.5 .80 Jan 2 3 May 8 i2 Nov 834 j ’no 2 2 *2'l 7-4 71.1 2*8 2'a 40 J’no 341 g 34% 34% 36 35% 36*2 35'a 35*4 35-8 3SIS 34% 35 4,045 -aka Copper C o. 32l2 Feb 1 49 Apr lu 22 Aug *53., 6 41* Feb 15 8 Apr 17 3 Aug 6 Jan *6% 6 *512 6 *512 6 6 6 *5*2 6 50 1173 Deo 12.1, 12.1, 12% 121, 12% 12-% 1234 13*s 1278 814 107a Feb 8 1112 J’n o27 G*2 Apr *12% 12% I2?s -TO J'no 7 7 *673 71* 7 7 7 7 *7 7*f *7 71, 502 Bass Consol______25 6i2 J'ly 9i4 Jail 4 d*2 Aug *12 123., *12 " " 25 234 Jan 3 18*2 Apr 23 .20 Feb 3%e Deo 12 12 123, 1214 12*4 121S 12>J 12% 12% 205 213s Dec *29*4 29*2 29*2 19% 29*2 29*?. 29*3 29% 29% 29% 276a 28% 505 ...... 5 23% Jan 29 30*8 Sep 25 16% Sep 2 2% *134 2% *1% 2 2 200 ...... 25 1*4 Oct 11 612 Apr 20 U, Nov 3*2 Jan 2 *1»4 2*4 4«1 57 Dec *67*2 08 68 68 68 68 67 67 67*2 67*i 66 66 513 Mohawk...... 25 50i2 Jau 30 73 J’no 27 36 Apr 227a 23 2258 22-3 22% 22% 22 221? 22*3 22*' 22 22% 2,692 dated. 5 18i4 Jan 29 24*3 Sep 30 15 Sep 21% J’ne *3 3*? *3 3% *3 310 3 31? 3 3*2 *3 3% 445 3 Aug 13 0*4 Apr lu 3 Aug 4% Aor *8% 8% 8% D00 Niplsslng Mines. 5*4 Jail 3 8*4 Sep 26 *6*2 Dee 11*3 Feb 81? 83s 8% 8-4 sis 8%o 8-'ie 20 Sep 36% j'n o 34% 35*8 35*4 37*2 37*2 39% 373., 383,| 38% 39*4 3734 39 45.268 Nortu Butte___ 2234 Feb l 39*8 Oct 8 314 4-% 4 4*2 4'*3 1,042 2/3 Sep 26 8*4 Apr 22 334 Aug 9% J ’ne 3% 31? 313 3*2 3'a 4 41- 35a Deo *4 4*4 4 4 4la 4'a +4 41.1 *3% 4*8 *33, 4*8 75 Mining_____ 25 078 Sep 13 06% Jan 11 8*2 J'no *834 9 87a 9 8% 9 S4| 8S4 9 9*8 H'S 9 1,700 ny______25 2*3 Jan 2 I3l4 M a/ 1 .60 Jan 3% J’ly 63 03*2 63% 63% 63 63*? 62% 621? 62% 63 62 621? 035 41 Jan 31 61 Oct 2 34% Sep 49 J’ne *114 1 16 115 115 114 114 *114 116% +113 115 113 15 106 Jan 15 130i2 J’no 22 81 Sep 121 Jan 23 Sep 2 i 23% 23% 23'% 24 2334 23% 23 23% 23 23*4 2234 23 1,263 15 Mch 27 *88 89*2 88 89 88% 89 88 88 87*2 871; 87 871? 176 73l2 Jan 29 95 J’no 22 55 Sep 76 Deo *223, 225s 223, 22% 21% 22*? 21*2 217s 21% 2U? 2,840 16% Jan 29 24% Sep 25 12 Sep 19 Deo 23 22% 47S May.-.j 338 3% 33a 3% 3°ia *3’16 3*18 3To 3-‘ia 410 1 Jan 31 *4 Apr 1*4 J ’no 15*4 1534 15*2 15% 1534 15% 15*4 151? 1533 153.1 15% 15% 2,580 10 9 Jan 31 1778 Aug 8 7 Oct 12*4 Feb 28 28*9 *28 28*9 28 28 27*2 2712 27 27»; ______520 17 Feb 21 30 Sep 30 14% Sep 24 Jan *.60 .65 *% * lo .60 *% .60 Last Salt 57 Sep’ 12 .43 Sep 6 U4 Apr 3 % Deo 1 %q May 46 46 46*4 46*4 46 46% 45*2 45*2 *45 46 45*4 45*4 470 24 Feb 1 48'% j ’ly 2V 20 Oct 42*2 Jan *1% llllo 1% 1% 1% 1% 1% 1% 1% 134 w. 13.1 1,135 1% May24 478Jan 13 *2% Oc» 8*4 J’no 47 47 *47 48 *46*2 48 43% 46% *46% 47 46*4 46*4 110 Tamarack______25 26 Jan 31 51 Apr 18 20 Sep 52 Jan 514 5% 5*4 412 si4 5 5 5 5 5 5 636 Trinity...... 25 412 Oct 8 9*2 Apr 9 2% Oct 6% Deo 3 3 *2»%0 3 2«,o 2li,m *2% 3 2l5io 2‘ %c *2?s 3 200 Tuolumne Copper .. . 2% J’ly 27 4*%® Mch26 134 Sop 473 May 49% 49% 49-% 50 49 49% 48% 483,, 48*2 48'% 48% 481o 4,805 U S Smelt Ref & Min. 50 34 Jan 31 z50% Sep 30 30% Sep 40% J’no 61 51 51% 51% 5134 52 51 51% 5134 513j 51 51% 1,058 D ) pref______50 47 Jan 10 52*4 Sep 28 46% Aug 49% J’ne *2 :>4 *2 2*4 *2 214 2'is 2',ft *2 2% 2 2 400 Utah-Apex Mining___ 5 2 May21 3uia Feb 9 1% Nov 3*2 J’ no 12 12 12 12 12% 12% 12 1234 12% 13% 1234 13 2,971 Utah C onsolidated... 5 912 J’ly b 20% Apr 2 9*4 Jan 20 J’no ♦651., 65% 65*4 65*4 64% 64% 64 04 64-% 65 63% 64 604 Utah Copper Co_____ 10 52% Jan 29 07*8 Sep 24 38 Sep 57% Deo *2% 3 3% 3% *___ 314 2% 2% *3 3% 3Jia 33io 435 Vic orla ______25 2*4 Oct 3 5% Jan 20 1 Aug 4% Deo *6 •Vw *5 5% *5 0 5 5 5 5*2 5% 290 W inona______23 4 Sop 13 7*4 Mch 1 334 Nov 9*2 Fob 79 79 78 79 79 79 77*2 79 78 79 75 78 531 Iverlnc______25 75 Oct 11 117 Apr 17 74 Nov 122 Feb ♦2 21S 1% 2 *1% 2 1% n ? *1% 2 *1*2 2 175 u i’ o t t ______25 1% Oct 7 31.1 Mch 4 B0 N ov 2 Feb • Bid and asked prices, a Now stock. 9 Asst't paid. 0 Ex-stock div. ti Ex-rights, o Ex-dlv. and rights, a U nstam ped.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis COT. 12 1912.] Boston Bond Record 95 9

BONDS Price Weeks Range BONDS Price Week's Range BOSTON STOCK EXCHANGE Frtdaij Range or Since BOSTON STOCK EXCHANGE Friday Hangs or Since Weok Ending Oct 11. 0:1 11 Last Sato Jan. 1. Week Ending Oct 11. Ocl 11 Lae! Sale Jan. 1. Bid Aik Low High Law II Igh Bid Ask Low High No Low High Am Agrlcul Chcm lsi 5s___1928 A -0 101's Sale ion 8 101% 10118 1023! General Motors 1st 5-yr 6s. 1915 A -0 9934 100ts 99% Feb W2 99% 99% Am Toiep & Tel coll tr 4 s ..1929 J -J 89=2 Sale 8912 8934 88% 9H4 Gt Nor C B & Q coll tr 4s.. 1921 J-J 95% Sale 9538 9534 95 98% Convertible 4s______1930 M-S 112t2llll2 114l2 J’ly *12 108341153. Registered 4s______1921 Q-J 953s Sale 95% 95'? 953S 97% Aui Writ Paper 1st s £ 5s g--101U J -J 89% J’ne’12 89% 90 ‘ Illinois Steel deben 5s * 1913 A-O 9858 Sale 1.8% 995,s 985S 10034 Am /.inc L & S deb Os_____ 1915 M-N 131 J’ne’ll 103 131 la Falls & Sioux C 1st 7s.I 101 A -0 117 Apr ’08 Arl/. Com Cop 1st 6s ctls of dep. 82 J ’ly *12 51 88 Kan G Clin & Spr 1st 5s___ 1925 A -0 97 Meh‘12 06% 97 Atcii Top & S Fe gen g 4s__19d.) A -0 9733 9712 9034 9934 Kan O Ft Scott & Mem 6s.. 1928 M-N 113 114 113% 113% 113 117% Adjustment g 4s____Juiy 1995 Nov 8S Oct ’ 12 83 92!g Kan C11A1) gen 4s______1934 M-S 92%------02% Sep ’12 92 92% .Stamped ______July 1995 Vl-N 89i2 J’ly T2 891, 01% Assented Income 5s_ 1934 n- s ____86 86 86 84% 89 50-year conv 4s______1955 J -l) l0134Sep ’12 10434 10S1s Kan C & M R y & Br 1st 5s! 1929 A -0 105 J’ly ’ll 102% 102% 10-ycar conv Bs______1917 J-D 110t8 M ch’l l Marq Hough & Ont 1st 6s 1925 A-O 115 J’ne’os Atl Gulf & W X SS Lines 5 s.1959 J -J 6212 62% 6212 68I4 Mass Gas 4 H s______1929 J-J ____901; 97 97 97% 99% Bo n on Elev 30-yr g 4s------1935 M-N 95i8 Feb '12 95 951S Mich Telephone 1st 5s * 1917 J-J 100% Apr ’1 100% 100% Bos.on & Lowell 4s...... 191

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly

Share Prisoj —-Not Par Centum Prices Sales ACTIVE STOCKS Range Since Lange ior Previous ,, , January 1 Year (1911) Tuesday Wednesday Thursday Wee* (For Bonds and Inactive Oct. 6. Ocl. 7. Oct. 8. Oct. 9. Oct. 10. Oct. 11. Shares. Stocks see below> Lowest Highest Lowest Highest Baltimore *114 117 116 116 *115 *___ 116% 323 Con Gas El L & Pow.100 96 Jan 3 117 May 6 64 Jan 05% Deo ____ *111 113 112% 112% 112% 112% *112% 113 +1111- 113 40 Do pref ______100 101 Jan 2 116 Apr 3 69 Jan 101 Sep 10% 19% 19% 1% 19% 191? 1933 19% 19% 19% 19% 10% 2.860 Houston Oil tr c t fs ..100 8% Jan 3 20% Oct 2 7 Mcb 10 Aug 0714 67% 0734 68 0734 67% 6734 67% 0734 68 6778 67% 188 Do pref tr etts 100 5334 J an 25 72% J’ly 18 45 Feb 79 J ’ly 1251? 125 125 ___ 125 125 125 125 *124% 125% 140 Northern Central____50 124% J’ly 31 139 Apr S 121 Jan 330*4 J ’ne 22 22 22 22 ¥___ 22 *20% 21% 20% 20% *19% 20% 250 Seaboard Air Line___100 20% Oct 10 27% Alay24 20 J an 27 J n e 50 50 *49% 60% 30 Do p r e l______100 45% Mchl4 65% J’ne 10 33 Jan 60 Nov 20% 26% 26% 26% 26 26% ‘ 26% 26% '26% 26% 26% 26% 1.267 United Ry & Eleetrlo. 50 18% Jan 2 20% Sep 8 10% Jan 107S J’ly Philadelphia 2% 2% *2 21? *2 21? 3 3 *2 2% 60 American Cement____50 1 J’ne 14 7 Jan it 5 Nov 43 43% 43 431? 43% 43% 43% 43% 43% 4334 4334 44 538 American Railways_50 43 Oct 5 47 Sep 25 42 Jan 40% Nov 52% 62% 52% 64i% 53% 54% 537S 65ls 54% 55 62% 54% 71.713 Cambria Steel______50 41%Mch 2 55% Oct 10 407S Sep 48.% Feb *12 12% *12 ___ *12 ___ *12 ___ *12 ___ *12 ___ Electric Co of America 10 11% J’ly 31 12% J’ly h 11% Jan 12% Jau 56 66 66 56% 66% 67 56% 571s 58% 56% 56% 60% 1,857 Elec Storage Battery.100 52-% Jan Uj 5833 Aug 12 48% Jan 50% J’ne *29% 30 295s 32 31% 32% 31% 31% 3 (>34 31% 30% 30% 4,105 Gen Asphalt tr c t f s ... 100 18 Apr 2 03% Feb 17 28% Aug *70% 7034 7034 72 72 727g 72% 73 72 72 72 72 5.303 Do pref tr c tfs .100 59% Apr 2 73 Jan 8 08 Aug 11 11 10% 10-% 10 10% 1038 10% 10 10 10 10 772 Keystono Telephone. 60 6 Apr 4 13 Sep 1C 0% Dec 333g 333S 33% 33% *33% 34 *33%34 33% 33% 32% 33 477 Lake Superior Corp.. 100 27 Feb 26 35% Sep 21% Sep 32 Feb 96 06 96 96 95% 95% 95 95% 95 95 .94% 95 ■111 Leh 0 & Nav tr ctfs.. 00 87 7S Meh20 10!) Sep 25 831- J’ne 87% 887is 88u ie 8914 88 88% *88 88!g 88% 88% 87% 88 2.129 Lehigh Valley...... 50 78% Feb 5 9278 Jan it 753j Sep 93Ju Deo 15 15 15 15 15 *14% 15% * 11 "< 15 14% 14% 415 Lehigh Valley Transit 50 8% Jan 3 167S Sep 16 0% Jau 97s Oct *31% 32 31% 31% 31% 31% *31 31% 31% 3H- 31% 31% 1,115 Do p ref______50 23 Jan 12 3338 Sep 16 18% Jan 253g Oct 623S 62% b 0238 621? C23S 621. 62% 62% 62% 62% 62% 621- 2.054 Pennsylvania U R ____ 50 Ol'is Jan 27 63*13 Apr 26 593g Sep 05 Feb 61% 61% 51% 61% 51% 51% 51-% 61% 50% 51% 50% 501- 005 Phlladel Co(Pittsb).. 50 59% Jan 11 50% Feb It 48% Sep 59% J’ne 23% 23% 23 23% 23 23% 23.% 23% 23% 23% 23% 23;% 7,006 Philadelphia E le c ?.. 25 || 167$ Jan 2 2434 Sep 6 15% Nov 18 J’ly 2734 21% 27.% 27% 27% 271? 273g 273,3 27% 27-% 27 27% 2,825Phil R T vot tr c t fs .. 50 22% May 6 29 Sep 13 17 Apr 24% Aug 87% 87% 8734 88 87'to 88 87% 873,, 8733 88's 88 88% 7,095 Reading______50 74% Jan 11 89% Apr 30 00l%a Sep 8034 Feb 6% 6% 0% 6% 0'ie 6% 6% 6% 6% 6% 1,387 Tonopah Mining_____ 1 C*w J’ly 19 8% Apr 15 5% J ’ly 8-3 Jan 62% 52% 52% 62% 52% 52% 52% 521- 52% 52% 52 52% 1,325 Unloii Traction__ „ 50 49-% Feb 28 53 Sep 9 43 Jan 5234 Aug 00 90 00% 00% 90 90 90 90 90 90% S934 00% 2,391 United Gas Im pt____ 5-. 86% Jau it 923g Aug 6 84% Sep 89% Jan

PHILADELPHIA BU Ask PHILADELPHIA Bid Ask PHILADELPHIA BU At/; BALTLMORE BU Ask inactive Stocks Bond; Ph & Read 2d 5s 1933 A-O 112 113 Coal & C R y 1st 5s ’ 19 A -0 93 American Milling_____,.1» 2% 21; Prices are all "and fix Imp M 4s 1947.A-O Coal & I R y 1st 5s *20. F-A 100% Cambria Iron______. .59 interest’ ' Termin.l 5s ; 1941.Q-F 113 ’ 1131% Col&Grnv 1st 6s 1916 J-J Central Coal & C oke...100 "88" TO ’ Alt & L V Eleo 4 )*s’33F-A P W & B col tr is ’2 1 ..J-J Consol Gas 5s 1939___J-D 107*4 10814 P relcrred...... ,100 79 81 Am Gas & Eleo 6s '0 7 .F-A 87% Read Trac 1st 6s ’3 3 ..J-J Gen 4Hs 1954____A-U m i­ (.;5 Consol Trac of N J ____.100 Am Rys 5s 1917_____ A-O Roch R y <3c L eon 5s’ 5-r J-J Cons G E & P 4 44s '35 J-J ss Germantown Pass____. 50 Atl C Gas 1st s f 5s '60. J-J Spanlsh-Am Ir 6s ’27..J-J io"i"% I To Consol Coal 53 1950.-J-D 93 Huntington <3c B T ... ,.50 Berg&EBrew 1st 6s’21 J-J Stan'd Gas & E 6s ’2 0 .J-D 100% 100% Fair Fla____lOo 30 ____ Nor&Port Tr 1st 5s’36 J-D 89% North Pennsylvania.. .50 ____ Leh V ext 4s 1st 1948.J-D 1st preferred______100 95 ____ Norf R y & L 5s ’49..M-N .50 "99% UO Pennsylvania Salt____ . . . . 107% Gouso' 6s 1923_____ J-D 2d preferred...... 100 78 North Gent a Hs 192 3 - A-O 104 Pennsylvania Steel___ 100 75 Consol 4H s 1 9 2 3 ...J-D G-B-S Brewing...... 100 334 Preferred ...... 4% Scr'es A 5s 1926____ J-J 103 -I I I 100 Annuity 6s...... J-D 145 B onds Series B 5s 1926____J-J 103 Phlla Co (Pitts) p ref.. .50 *44% '44% Geu cous <-s 2003. M-N 90!? 96% Prices a n all "and P.tt Un Trac 5s 1997..J-J Phil German & Norris. .69 Leh V Tran con 4s ’35 J-D interest" Poto Val 1st 5> 1941..J-j loop Phlla Traction...... 50 "82% "s’i " 1st series A 4s 1935.M-S Balt City 3Hs 1030...J-J . . Railways General____ .10 Sav Fla & West 5s ’34 A-u 1st series B 5s 1935 M-S 43 1954-1055. ..Various "0634 "97" Seab Air L 4s 1 9 5 0 ...A-u 851,. Tonopah Bclmout Dev -.1 "9% " "O' ; MarketStEI 1st 4s’55 M-N 5s 1910...... M-N 112). Seab & Roan 5s 1926..J-J 101 ' United Cos of N J ____ 100 NatLH&P ser B 5s '19 J-J .50 Auacostla & Potorn 5s A-O 100% South Bound 1st 5s__A-o 103 United Trac Pitts pref New Con Gas 5s 1948.J-D AtCoast L con v deb 4sM-N 103 ioi% U El L&P 1st 4 Hs’29 11-N Virginia Ry & Pow _._ 100 N Y Ph & No 1st 4s’39 J-J Atl Coast L(Ct)ctts 5s J-D Un Ry & El 1st 4s ’49 M-S P referred...... 100 103% ".H4% SI** Income 48 1039____M-N 5-20-yr 4s 1925...... J-J 92 Income 4s 1949___J-D 65; 66 Warwick Iron & Steel. .10 "iof; " if " I’a & N Y Can 5s '39.A-O 113 Funding 5s 1936___J-D lOo 114 B S P & C 1st 4 Ms ’ 53 F-A 951- 88 V Washlngton-Va R y ... 50 51 Pcnu Steel 1st 5s '1 7 .M-N Balt Trac 1st 5s T29_.M-N 103 Conv notes 5s 1914. J-J 104.*: Ul’7g Preferred ...... 100 79 SO People’s Tr tr ctfs 4s 1943 No Balt Div 5s 1942 J-D 107*4 ____ Va Mid 3d ser 0 s ’ 16 M-b Welsbach Co...... 100 ______P Co lst&coll tr 5s'49 M-S 102 Cent Ry cons 5s '3 2 ..M-N 106 4th ser 3-4-5S 1921.M-S West Jersey & Sea Sh. .50 j=3i| i i Con & coll tr 5s '51 M-N ■•J4-3s Ext & Imp 5s 1932.M-S 106 - I I - 5th series 5s 1926 .M-S Westmoreland Coal___ .50 81 Pull Eleo gold tr ctfs.A-O 103% £<53i2 Cha3 City R y 1st 5s'23 J-J 103 __ Va (State) 3s new ’3 2 .J-J WUlces Gas & Elec____ 100 1 rust ctfs 4s 1049 ..J -J 82 82% Chas R y G & El 5s '99 M-S 91% 9612 Fund debt 2-3s 1991 J-J York Railway...... 5! "Eli­ P & E geu M 5s g '2 0 .A-O City & Sub 1st 5s 1922 J-D 10134 105 West N C con Os 1014.J-J 102 102%, P referred...... 50 sa Hen M 4s g 1920...A-O City & Sub(Was) 1st 5s *43 — 10312T VVU Is Weld 5s 1 9 3 5 ...J-J 110 110% * Bid and asked; no sales on this day. II Ex-dlv. & rights. II §15 paid. ? 13 M paid, t $17 H paid.

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[mrestuxeixt am i ^ailrsracl intelligence.

RAILROAD GROSS EARNINGS. Tho following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns can ba obtained. The first two columns of figures givo the gross earnings for the latest week or month, and tho Iasi; two columns tho earnings for tho period from July 1 to and including such latest week or month. Wo add a supplementary abatement to show tho fiscal year totals of those roads whoso fiscal year doe3 not begin with July, but covers somo other p e r io d . The returns of the electric railways ars brought together separately on a subsequent page.

Latest Gross Earnings. July 1 to Latest Dale Latest Gross Eaminos. iuU 1 to Latest Date. ROADS. Week or Current Currsnt Previous 11 eetc or Current Previous Current Month Year Year. Year Month. Year. Ysar Year. A! i N O I'cx I S S 3 N O & Nor East. September 293,340 288 604 931,35: 839,780 N Y N H 4 H artf.. Vugust ___ 0,410 194 6,598,020 Ala & Vicksburg. ieptember 145,080 139 703 445,990 391,275 N Y Ont & W est___ A u g u st___ 1,023 ,383 951,498 Vioks Slir & P ac. September 134,438 110 793 412,904 342,029 NY Susq & West.. August __ 303 ,868 342,850 Ann Arbor______3d wk Sept 45,579 48 585 533,969 544,463 Norfolk Southern.. August __ 289 ,980 200,531 Atch Toneka & S Fc A u g u st___ 630,813 8,807 040 18,590,782 10,889,285 Norfolk & Western. August ___ 3,874 ,822 3,401,861 Atlanta Birm & Atl August ___ 257,351 251 695 504,052 487,822 Northern Pacific__ A u g u st__ 0,035 ,548 5,523,737 Atlantic Coast Line August __ 2,437,795 2,123, 256 4,905,552 4,381,581 Pacific Coast Co___ A u gu st___ 791,,872 720,168 Chariest & W Car A u g u st___ 129,038 151 109 257,203 285,963 Pennsylvania R R .. August __ 15797 001 13763 60S Louisv Ilen&St L A u g u st___ 103,395 110 231 190,128 212,426 Balt Ches* Atlan A u g u st___ 55, 980 48,512 0 Baltimore & Ohio. A u g u st__ 8,878,271 8,290 515 16,931,15G 15,011,072 Cumberl;'.nd Vail. A u g u st__ 293, 523 235,101 B & O Ch Ter RR- A u g u st__ 170,924 143, 817 319,933 200,865 Long Island_____ A u g u st__ 1,263, 915 1,160,113 Bangor & Aroostook’ A u gu st___ 234,809 274, 530 409,112 501,522 Maryl’d Del & Va V ugust__ 23 167 22,584 Bessemer & Lake L A u g u st___ 1,043,208 1,042 118 2,071,030 1,947,145 N Y Phla & Norf A u g u st__ 342 925 311,381 Birmingham youth. A u g u st___ 93,47o 70, 787 173,709 129,009 Northern Central A u g u st__ 1,117, 796 1,005,088 Boston & Maine___ A u g u st__ 4,037,784 4,230, 739 8,845,6G8 8,047,979 Phil Balt A VVash A u g u st___ 1,882, 952 1,083,901 Buff Loch & Plttsb 1st wk Oct 225,402 200, 145 3,142,907 2,789,574 W Jersey A Seash A u g u st__ 1,025, 018 871,814 Buffalo & SGsq____ Vugust ___ 222,420 219, 739 400,093 415,110 Pennsylvania Co__ A u g u st__ .0,227, 837 5,310,077 Canadian Northern. lth wk Sep 520.000 500 000 5,247,900 4,472,900 Grand Rap A Ind A u g u st__ 551, 17 503,539 Canadian Paclllc___ 1st wk Oct 2.705.000 2,390, 000 38,391,115 32,313,722 Pitts C C A St L . A u g u st___ 3,917, 983 3,951,392 Central of Georgia. - th wk Sep 353,300 440 900 3,393,843 3,310,307 V an d alla______A u g u st__ 979, 457 833,093 Central New Engl’d A u g u st___ 323.750 209, 873 027,250 510,907 Total lines—■ Cent of New Jersey. A u gu st___ 3,074,383 2,523 075 5,888,294 4,912,429 East Pitts A E ._ Vugust___ 3386158 20026 242 45,305,341 Central Vermont___ July _____ 300.200 351 988 360.200 351,988 West Pitts A E .. A u g u st__ 11811 571 10422645 22,802,618 Ches & Ohio Lines. lth wk Sep 873,140 919 879 8,903,781 8,087,078 All Ea3t AWest A u g u st___ 35197 729 ,11048 88S 08,167,900 Chicago & Alton___ •lth wk Sep 347,795 318 ,051 3,987,018 4,050,083 Pero Marquette____ A u gu st___ 1,572,373 1,510,401 2,077,903 Chlo Burl & Quincy A u g u st___ 8,487,985 8,018 ,070 15,783,908 15,060,121 Reading Company-- p Chic Great W cst. lth wk Sep 305,240 304 ,001 3,528,078 3,301,500 Phlla A Reading. A u g u st___ 4,418,187 3,082,190 8.402.2 Chlc Ind & Louisv. 1st wk Oct 143,100 138 914 1,040,043 1,898,203 Coal A Iron C o.. A u g u st___ 3,449,043 1,980,389 6.453.2 Chic Mllw tc yt Paus A u g u st__ 0,200,000 5,495 ,400 12,020,684 10,539,998 Total both cos___ A u g u st___ 7,807,830 5.002.570 14.855.1 Chic Mil & Pug Bd A u g u st__ 1,851,211 1,351 ,410 3,484,104 2.695.003 Rich Fred A Potom A u g u st___ 218,227 178,798 455, f rChlc & North West A u g u st___ 8,140,192 7,353 ,148 14,890,109 13,559,105 Rio Grande June___ July ...... 84,270 78,408 84,2 t>Chlc St Paul M & O A u g u st___ 1,481,329 1,328, 152 2,774,320 2,491,739 Rio Grande South. _ 4th wk Sep 15,100 14,202 100,( Chicago T i l & S E . A u g u st___ 104,901 159 800 300,039 302,509 Rock Island Llnes. A u g u st__ 0,614,380 5,762,512 12.332.2 Cln Ham & Dayton A u g u st___ 971,818 1,004, 309 1,847,878 1,880,073 Rutland ______A u g u st___ 357,167 319,534 685.4 Colorado Midland.. A u g u st__ 184,427 181, 135 317,518 33G.533 St Jos A Grand Isl. A u g u st___ 103.277 152,381 307,f b Colorado & South. lth wk Sep 391,105 413 088 3,517,G40 3,742,039 St Louis A San Fran A u g u st___ 3,948,356 3,555,780 7.419.2 Cornwall ...... A u g u st___ 23,377 15 879 42,114 32,788 / Chic A East 111. A u g u st___ 1,443,501 1,373,700 2,745,4 Cornwall & Lebanon A u g u st___ 40.322 31 ,287 78,571 60,188 Total all lines____ A u g u st___ 5,391,858 4,029,577 10.164.1 Cuba R R ...... A u g u st___ 309,308 257 ,787 643,702 520,452 St L Rocky Mt A P. A u gu st___ 156,544 136,130 305.2 Delaware & Hudson A u g u st___ 2,280,859 1,982 ,748 4,333,392 3.750,188 St Louis Southwest 1st wk Oct 200,000 200,125 3,541,7 Dclaw Lack & West August ... 3,492,749 3,240, 377 6,827,205 0,303,271 San Ped L A A S L August 824.277 750,845 1.004.1 Deny & Rio Grande lth wk Sep 777.200 085 ,400 0,699,598 0,451,002 Seaboard Air Line.. lth wk Sep 471,594 525,408 5,200,( Western Pacific.. A u g u st___ 543,893 500 ,080 1,074,159 922,105 Southern Pacific Co. A u g u st___ 12447187 11400015 24,209,! Denver N W & Pac. August ___ 134,500 139 ,023 250,833 253,725 Southern Railway.. 4th wk Sep 1,070,800 1,700,897 10.601.2 Detroit Tol & Iront A u g u st___ 154,380 101 805 279,751 290,250 Mobile A Ohio__ 4th wk Sep 300,128 370,073 2.902.2 Detroit & Mackinac lth wk Sep 20,928 33 ,229 320,911 317.883 Cln N O A Tex P . 4th wk Sep 280,254 281,824 2,447,! ul & Iron Range.. A u g u st__ 1,000,321 1,059, 813 2,129,395 1,907,209 Ala Great South. 4 th wk Sep 153,301 145,982 1.203.1 Sul Sou Shore & Atl 4 th wk Sep 97,505 93 309 935.201 808,395 Georgia Sou A Fla 4 th wk Sep 58,238 03,448 580,{ Elgin Joliet & East. A u g u st__ 1,110,039 835 400 2,241,041 1,561,511 Spok Port A Seattle August . . 480,437 454,973 041.2 El Paso & Sou West A u g u st__ 043.000 540 407 1,310,590 1,967,530 Tenn Ala A Georgia 4th wk Sep 3,235 2,835 33,1 E r ie ______A u g u st__ 5,741,089 3,388, 159 11,123,247 10,287,757 Tennessee Central. A u g u st___ 149,707 130,820 275/ Fairchild & N E . . . A u g u st___ 2,045 1 727 4,398 3,397 Texas A Pacific____ 1st wk Oct 358,777 333,108 4.477.1 Florida East Coast. A u g u st__ 205,022 213 492 525,778 442,178 Tidewater A West. July ...... 9,007 7,583 9,1 Fonda Johns & Glov A u g u st___ 101,508 96, 382 200,356 190,262 Toledo Peor A West 4th wk Sop 43,111 39,331 347,( Georgia Railroad.. A u g u st__ 200.200 257, 270 510,133 484,478 Toledo St L A West 4 th wk Sep 82,867 78,040 999.2 Grand Trunk Syst- . 1st wk Oct 1,058,587 985 ,730 15,426,152 14,135,340 Union Paclflo Syst. August . . 8.451,437 7,750,895 10,270,( Grand Trk West 3d wk Sep 149,197 130 ,398 1,601,377 1,520,028 Vlrglnla A So W est. August ... 155,498 149,90: 301.2 Det Gr Hav & Mil 3d wk Sep 52,070 50 ,000 549,245 509,337 V lrgm ian______A u g u st___ 488,870 404,004 865.4 Canada Atlantic 3d wk Sep 54,388 43 ,520 555,047 500,201 W ab a sh ______September 2,847,701 2.582.570 8.334.1 Great Northern Syst September 7,554,405 0,549 ,357 20,899,402 18,290,225 Western Maryland. July ____ 507,370 587.010 507.2 Gulf & Ship Island. A u g u st__ 172,220 105 789 335,707 322,288 Wheel A Lake Erie A u g u st___ 788,217 705.010 1.502.1 Hocking Valley------A u g u st___ 704,455 713 ,400 1,451,491 1,317,924 Wrlghtsv ATennille A u g u st__ 20,121 25,300 40,; Illinois Central____ September 5,519,720 5,222 ,380 10,203,253 15,902,153 Yazoo A Miss Vail. September 850,443 781,770 2,33 5 Internat & Grt Nor. 1st wk Oct 255.000 224 ,000 3,177,318 2,572,793 a Intercoeanlo Mex. lth wk Sep 195,035 207 478 2,138,102 2.160.003 Current Previous Kanawha & Mich.. A u g u st___ 320.750 324 ,731 617,331 001,372 Various Fiscal Years. Period. Year. Year. Kansas City South. A u g u st___ 035.751 792 ,285 1,709,548 1,543,374 Lehigh Valley_____ A u gu st___ 3,999,841 3,423 ,485 7,533,547 6,515,141 $ 5 Lexington & East.. A u g u st___ 09,787 53 ,736 124,073 101,150 Dclawaro & H u d s o n ...... Jan 1 to Aug 31 14,442,403 13,974,197 Louisiana & Arkan A u g u st__ 141,454 105 ,409 284,051 206,147 N Y Central

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.

Weekly Summaries. Cur’ nt Year Prev’s Year Inc. nr Dec. Monthly Summaries. Cur'nl Year\Prev's Ysar Inc. or Dec. % S 5 S Mileage. Cur.Yr. Prev. Yr. 5 5 3 3d week July (41 roads)____ 14,320,563 13,238,634 + 1,081,929 8.17 December ..238,561 235 685 233,014 9121232 ,275,177 + 1,339 735 0.57 4th week July (38 roads)____ 20,808,086 18,084,755 + 2,783,931 15.39 J a n u a r y ___237,888 234, 402 210,704 771 313 ,145,078 — 2,440 307 1.14 1st week Aug (39 roads)____ 14,420,856 13,137,388 + 1,283,408 9.77 February ..237,083 233 191 218,031, 09 11197 ,278,939 +20,752 155 10.53; 2d week Aug (37 roads)____ 14,397,814 13,223,581 + 1,174,233 8.88 M a rch ...... 238,218 231 092 237,504 332 224 ,608,654 + 12,955 678 5.77; 3d week Aug (37 roads)____ 14,030,200 13,552,577 + 1,083,689 7.99 A p r il...... 236,722 233 ,057 220,078 ,405 210 ,140,214 + 1,538 251 2.10. 4 th week Aug (39 roads)____ 22,002,416 20,517,970 + 1,544,440 7.52 M a y ...... 235,410 231 597 232,229 364 226 ,181,006 + 0,044 098 2.07 1st week Sept (40 roads)____ 15,035,249 14,131,559 +903,690 6.39 Juno ______235,385 230 894 243,220 498 228 ,647,383 + 14,579 115 0.381 2d week Sept (40 raods)____ 15,765,881 14,918,490 +847,385 5.75 J u ly ...... 230,712 227 194 245,595 5331222 ,587,872 +23,007 000 10.3-1 3d week Sept (39 roads)____ 15,182,304 14,238,720 +943,038 6.63 A u g u s t____ 89,091 88 134 77,033 413 71 ,301,092 +0,270 721 8.70 4th week Sept (30 roads)____ 19,503,157 18,773,788 • +729,369 3.88 September . 85,901 84 ,350 75,580 ,0431 70 ,591,573 +4,988 ,471 7.09. « Mexican currency. 6 Does not Include earnings of Colorado Springs Jo Crlpplo Creek District Railway, from Novomber 1 1911. 9 Inoludes tho Boston & Albany, tho New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of whloh, being a Canadian road, docs not mako returns to tho Inter-State Commorce Commission. f Inoludes Evansville A Tcrro Haute and Evans* vlllo A Indiana R R . g Includes tho Cleveland Lorain A Wheeling Ry. In both years, n Includos tho Northern Ohio RR, p Inoludes earnings of Mason City A Ft. Dodge and Wisconsin Minnesota A Pacific. s Includes Loulsvlllo A Atlantic and tho Frankfort A Cincinnati. I Inoludes tU0 Mexican International, u Inoludes tho Texas Central, v Includes H9t_snly operating revenues, but also all other reeelpta-.

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-In t., Rentals, &c.— ■Bal. of Net Earns.— Latest Gross Earnings by Weeks.— In the table which Current Previous Current Previous follows we sum up separately the earnings for the fourth week Roads. ■ Year. Year. Year. Year. of September. The table covers 38 roads and shows 3.88% in­ $ S $ $ Central of New Jersey. .Aug . 554,958 . 521,801 921,583 569,753 crease in the aggregate over the same week last year. July 1 to Aug 31______1,104,244 1,038,307 1,650,373 1,058,290 Cuba R R ______Aug 66,375 00,125 54,938 50,311 137,174 109,538 Fourth week of September. 1912. 1911. Increase. July 1 to Aug 31______132,750 120,250 Duluth So Sh & A tl____Aug 103,802 95,370 £defl4,472 £9,970 $ $ $ July 1 to Aug 31______199,059 190,270 £dcf23,532 £3,243 Alabama Great Southern------153,301 145,982 7,319 Lake Shore & Mich So— Bufflao Rochester & Pittsburgh 309,500 270,125 39,375 Apr 1 to June 30______2,397,071 3,101,968 £2,986,353 £1,410,620 Canadian Northern------520,000 500,000 20,000 Canadian Pacific------3,457,000 3,081,000 390,000 Mineral Range______Aug 12,360 12,648 £def895 £4,977 Central of Georgia ------358,300 440,900 82,000 July 1 to Aug 31______24,560 25,345 £def4,511 £288 Chesapeake & Ohio------873,140 919,879 40,739 N Y Ontario & Western.Aug 118,822 114,708 306,971 214,488 Chicago & Alton. . . ------347,795 318,651 29,144 July 1 to Aug 31...... 240,007 215,989 003,822 425,261 1,245 Chicago Great Western------305,246 304,001 Norfolk & Western_____Aug 455,966 499,207 £1,088,438 £944,746 Chicago Ind & I.oulsvllle ------184,223 170,893 13,330 £1,969,277 £1,590,613 Cin New Orl & Texas Pacific__ 280,254 281,824 1,570 July 1 to Aug 31______914,806 099,863 Colorado & Southern______391,105 413,088 21,983 Rio Grande Southern__ Aug 19,217 18,975 £defl0.137 £def6,900 Denver & lllo Grande______777,200 085,400 91,800 July 1 to Aug 31______38,532 37,820 £dcfl9,315 £def!0,015 Detroit & Mackinac------26,928 33,229 ___ 0~301 St Louis Rocky Mt * PacAug 33,074 30,529 395 12,503 Duluth South Shore & Atlantic 97,565 93,309 4,250 July 1 to Aug 31______65,439 01,034 10,542 20,363 Georgia Southern & Florida...... 58,238 63,448 5,210, Grand Trunk of Canada______1 x After allowing for other income received. Grand Trunk Western______} 1,464,723 1,330,952 133,771 Detroit Grand Haven & Mill EXPRESS COMPANIES. Canada Atlantic______j ——Month of Mau------— July 1 to M ay 31— Internat & Great Northern----- 435,090 358,000 77,000 1912. 1911. 1912. 1911. Interoccanlc of Mexico______195,035 207,478 12,443 1,423,680 Great Northern Express Co.. S S S $ Louisville & Nashville------1,530,013 100,933 Express revenue_____ . 287,083 240,503 2,851,293 2,580,847 Mineral Range______21,268 19,353 1,915 219,818 38,602 Miscell. transporta, revenue. Minneapolis & St Louis______\ 181,150 Non-transportation revenue.:. 4,319 1,547 28,324 15.301 Iowa Central..------/ Missouri Kansas & Texas------1,001,299 902,803 38,490 Gross receipts from oper.... 291,403 242,051 2,879,018 2,602,148 Missouri Pacific------1,580,000 1,494,000 80,000 Express privileges— Dr_____. 154,420 114,272 1,736.323 1,555,983 Mobile & Ohio______306,128 270,673 29,455 Total operating revenues . 130,970 127,778 1,143,394 1,046,165 National Railways of M exico.. 1,526,166 1,498,063 28,103 Maintenance ______. 11,742 0,290 30,240 22,893 Ncvada-Cal-Orcgon------11,731 10,017 1,114 Traffic expenses...... 1,347 1,181 10,867 14,899 Rio Grande Southern------15,160 14,202 958 Transportation expenses____. 74,550 04,204 838,008 090,358 St Louis Southwestern------347,000 310,000 31,000 General expenses___ .. 4,080 3,627 48,408 44,725 Seaboard Air Line------471,594 525,498 53,904 1,070,800 1,700,897 Total operating expenses... . 01,721 75,304 934,243 778,877 Southern Railway------24,037 Net operating revenue___.. 45,255 52,474 209,150 267,287 Tennessee Alabama & Georgia. 3,235 2,835 400 39,774 Texas * Pacific------532,087 519,542 12,545 One-twelfth of annual taxes.i. 5,772 7,384 41,202 Toledo Peoria & Western------43,111 39,331 3,780 Operating income______39,483 45,090 227,513 82,807 78,046 4,821 Mileage of all!Steam roads 8,460 8,644 lines covered! Other lines. 337 405 Total (38 roads) . .. 19,503,157 18,773,788 1,091,089 ------June- -July 1 to June 30— Net Increase (3.88%) 729,369 1012 1911. 1912, 1911. Western Express Co.- $ $ S $ Express revenue------107,408 102,403 1,140,911 856,503 Net Earnings Monthly to Latest Dates.— The table fol- Misc. transportation revenue 358 517 3,238 3,505 owing shows the gross and net earnings of STEAM railroads Non-transportation revenue. 1,769 1,285 17,955 11,527 and industrial companies reported this week: • Gross receipts from oper.. 109,530 104,207 1,162,100 871,536 ---- Gross Earnings------Net Earnings------Express privileges— Dr------60,075 56,573 563,063 446,486 Current Previous Current Previous Hoads. Total operating revenues. . 48,860 47,033 599,042 425,050 Year. Year. Year. Year. 1,265 14,333 9,376 $ $ $ $ Maintenance------1,420 Bellcfontc Central.b...Sept 0,771 0,307 1,531 1,524 Traffic expenses------2,720 3,379 33,704 28,786 Jan 1 to Sept 30______50,000 51,122 10,508 7,849 Transportation expenses------37,089 36,046 425,840 324,964 2,395 10,800 40,056 43,021 Central of New Jersey b.Aug 3,074,388 2,523,075 1,470,541 1,091.554 General expenses------July 1 to Aug 31______5,888,294 4,912,429 2,754,017 2,096,597 Total operating expenses. . 44,230 51,491 513,934 400,748 Chic Burl & Quincy.b.-Aug 8,487,985 8,018,070 3,313,353 2,858,374 , Net operating revenue----- 4,629 def.3,858 85,107 18,301 July 1 to Aug 31______15,783,908 15,000,121 5,609,487 4,922,541 Chic Ind & Loulsv.b___ Aug 031,591 010,293 218,881 232,451 One-twelfth of annual taxes. 891 689 9,500 7,519 July 1 to Aug 31______1,175,874 1,100,202 854,939 415,331 Operating income------3,738 def.4,547 75,607 10,782 Cornwall b______Aug 23,377 15,879 12,087 8,020 Mileage of alljSteam roads. 4,887 4,843 <151,047 <148,518 July 1 to Aug 31______42,114 32,788 . 23,388 17,939 lines covered!Other lines.. 12 8 024,559 037,735 Cuba R R ...... Aug 309,308 257,787 121,313 110,430 July 1 to Aug 31______643,702 520,452 269,924 220,788 a Paid for transportation through Maine & Vermont in lieu of express Delaware * Hudson.b.Aug 2,280,859 1,982,748 1,070,689 933,412 privileges, b Net income or loss. Jan 1 to Aug 31_____ 14,442,403 13,974,197 5,304,166 5,446,087 Denver & Rio Grande— ELECTRIC RAILWAY AND TRACTION COMPANIES Western P acific.b...A ug 543,893 500,080 141,108 156,874 July 1 to Aug 31______1,074,159 922,105 288,025 208,425 Jan. 1 to Latest date. Duluth So Sh & A tl.b-.A u g 313,881 304,002 88,200 99,679 Latest Gross Earnings. July 1 to Aug 31______634,024 171,685 182,870 Name of 584,938 Road. Week or Current Previous Current Previous Great Northern.b___ ..A u g 0,876,070 0,000,950 3,177,400 2,809,996 Month. Year. Year. Year. Year. July 1 to Aug 31______13,344,997 11,746,868 5,824,190 5,410,170 Hocking Valley.b_____ Aug 764,455 713,466 319,217 317,149 $ $ $ July 1 to Aug 31___ 1,454,491 ' ' “ ‘ 1,317,924 570,280 530.241 Atlantic Shore Ry — A ugust__ 50,221 50,649 249,381 236,858 cAur Elgin & Chic Ry A u g u st__ 19S.145 189,282 1,253,441 1,170,770 Grand Trunk of Canada— Bangor Ry & Elec Co A ugust__ 70,418 60,048 458,875 380,374 Grand Trunk R y_____ Aug 3,958,4113,548,408 1,197,100 950,081 Baton Rouge Elec Co A ugust__ 11,767 9,997 95,756 75,647 July 1 to Aug 31------7,044,785 0,884,881 2,109,973 1,704,359 Binghamton Railway A ugust__ 39,099 37,018 282,855 255,082 Grand Trunk West__ Aug 595,173 572,544 134,802 09,033 Brock & Plym St Ry. August . 15,958 14,872 82,803 81,589 July 1 to Aug 31______1,107,900 1,123,918 247,705 221,669 B ldyn Rap Tran Syst J u n e _____ 2195,014 2045.385 11,072,016 11,113,047 Cape Breton Elec Co. A ugust__ 31,598 29,834 225,729 213,184 Det Gr Ilav & Mllw._Aug 207,799 192,713 21,413 38,688 36,207 26,980 240,597 200,229 July 1 to Aug 31...... 304,014 1,947 00,427 Carolina Pow & Lt Co July ...... 393,213 Cent Park N & E Riv J u n e ____ 57,866 57,747 314,935 306,477 Canada Atlantic_____Aug 204,880 189,003 10,700 31,383 Central Penn Trao — August — 89,044 77,895 014,202 577,237 July 1 to Aug 31______401,973 300,090 def 18,080 34,060 Chattanooga Ry & Lt August — 94,925 83,990 087,538 014,120 Lake Shore & Mich S o.b— Clev Palnesv & East. August . . . 43,385 39,901 255,450 244,915 Apr 1 to June 30_____ 12,022,972 11,627,914 3,108,223 3,047,338 Clev Southw & Colum A ugust__ 117,208 110,247 767,999 739,059 Columbus (Ga) El Co August — 44,758 39,574 350,006 314,778 Mineral Range.b______Aug 74,443 05,449 11,307 10,339 4.035.808 3,507,171 124,102 19,750 Commonw P, Ry & 1. \u ust . - 536,777 440,895 July 1 to Aug 31____. . 142,758 23,091 Coney Isl’d & Bklyn. J u n e ____ 100,552 154,490 719,888 709,978 N Y Ont & Western.a.-Au 1,023,883 951,498 425,793 329,190 Dallas Electric Corp. August__ 147,351 129,85) 1,133,307 ,1,019,643 July 1 to Aug 31____ 2,001,005 1,884,010 843,829 041,250 Detroit United Ry .. 2d wk Sep 228,701 193,647 8,008,407 7,117,209 Norfolk * W estern.b..Aug 3,874,822 3,491,861 1,503,290 1,387,326 D D E B & Batt(Ilcc) J u n e____ 51,417 50,923 306.710 298,824 July 1 to Aug 31______7,454,072 ' " ' 0,545,574 2,810,941 2,482,498 Duluth-Superior Trac August __ 105,656 103,279 701,755 746.810 East St Louis & Sub. A ugust__ 208,339 193,413 1,555,173 1,480,821 Pacific - Coast______Aug 791,872 720,168 196,387 172,274 El Paso Elec Cos___ August — 63,401 50,588 495,018 436,457 July 1 to Aug 31...... 1,494,030 1,444,029 331,906 290,110 42dSt M&SNAv(Ilec) J u n e____ 159,199 142,891 864,189 752,788 lllo Grande Southern b Aug 52,231 48,035 8,956 12,022 Galv-IIous Elec C o.. August__ 199,208 142,320 1,302,842 990.732 July 1 to Aug 31______107,511 92,906 16,308 24,251 Grand Rapids Ry Co. August__ 111,005 105,274 814,073 765,706 1,831,034 St L Rocky Mt & Pac.a.Aug 156,544 136,130 33,409 43,012 Havana Electric Ily. Wk Oct 0. 54,117 51,387 1,952,903 July 1 to Aug 31______305,269 251,352 75,981 81,397 Honolulu Rapid Tran & Land Co______A ugust__ 45,688 42,610 365,102 325,519 Richmond Freds & Pot bAug 218,227 178,798 74,596 54,598 Houghton Co Trac Co A ugust__ 28,314 28,534 203.711 204,222 July 1 to Aug 31______455,843 379,701 174,951 131,320 Hudson & Manhattan J u n e____ 283,357 237,920 1,842,112 1,507,094 Texas?* Pacific.b...... A u g 1,353,369 1,353,309 1,304,100 150,539 362,130 Illinois Traction____ A ugust__ 619,457 576,106 4,698,703 4,387,702 ■ July 1 to Aug 31______2,030,191 ‘ 2,419,876 130,441 520,077 Interboro Rap Tran. A ugust__ 2333,152 2140,162 20,996,084 19,714,554 Jacksonville Trac Co. August__ 48,856 44,565 399,124 377,688 Toledo St L & Western a Aug 370,815 375,797 pl00,880 7)125,574 872,777 837,469 July 1 to Aug 31______7)211,171 Lake Shore Elec R y. A ugust__ 147,887 143,584 600,145 711,323 71155,000 Long Island Electric. J u n e____ 22,718 19.876 90,233 92,147 W abash.b------Aug 2,937,189 2,937,189 2,700,040 053,245 802,039 Milw El Ry & Lt Co. A ugust__ 469,200 419,464 3,612,311 2,238,933 • ■ July 1 to Aug 31__ 5,487,200 5,148,082 1,500,275 1,410,033 MIlwLt, lit & Tr Co. August — 131,833 121,505 810,484 738,479 Monongaliela Val Tr August — 76,981 64,242 543,827 468,899 INDUSTRIAL COMPANIES. N Y City Interboro.. 39,507 26,014 213,516 137.810 Pullman C o.b------Aug 4,029,290 3,823,971 2,017,174 1,835,982 N Y * Long Isl Trac. 37,178 35,541 180,238 177,179 . July 1 to Aug 31------7,534,002 7,207,017 3,507,804 3,091,457 N Y * Queens C o __ Ju n e____ 132,479 118,956 631,004 587,597 ------,1 . New York Railways. July ___ 1150,986 1134,764 7,940,568 7,821,671 . a'Nct earnings here given arc after deducting taxes, Northam Easton & W August — 20,980 17,445 121.574 109,467 b Net earnings here given are before deducting taxes. North Ohio Trac & Lt August__ 305,222 272,024 1,979,792 1,773,731 North Texas Elec Co. August — 147,203 135,529 1,088,837 1,041,916 r p For Aug. miscellaneous charges to Income were 523,290, against $25,­ Ocean Electric (L I) Ju n e____ 17,326 13,424 45,936 36,769 707 in 1911; for period from July 1 to Aug. 31 were $11,211 In 1912, against Paducah Tr & Lt Co August — 23,954 21,470 181,905 170,429 $39,554 in 1911. Pensacola Electric Co August — 25,905 23,555 188,457 187,725 Phila Rap Trans Co. August__ 1913,094 1794,989 15,188,217 14,448,738 Interest Charges and Surplus. Port (Ore) Ry,L&PCo. August — 543,189 521,202 4,376,304 4,179,778 —Int., Rentals, &c.— — Pal. of Net Earns.— Puget St Trac, L & P July _____ 713,520 4,798,094 Current Previous Current Previous Richmond Lt & RR- Ju n e------38,720 35,651 167,368 ' 159,748 Roads. Year. Year. Year. Year. Rlo de Janeiro Tram $ $ $ $ Light & Power Co. A ugust__ 1272,527 1140,851 9,509,277 8,403,562 St Joseph (Mo) Ry.Lt Bellcfontc Central____ Sept 244 250 1,287 1,274 715,656 Jan 1 to_Sept 30______2,190 2,250 8,372 5,599 Heat & Power Co August . — 102,859 92,959 768,350

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9(>2 THE CHRONICLE [VOL. LXXXXV.

Latest Gross Earnings. Jan. 1 to latest date. Name of ANNUAL REPORTSo Road. Week or Current Previous Current Previous Month. Year. Year. Year. Year. Atchison Topeka & Santa Fe Ry. S S Santiago Elec A Lt {Report for Fiscal Year ending June 3 0 1 9 1 2 .) ••• Trac______A ugust__ 35,677 32,642 263,641 208,088 Sao Paulo Tram, LAP A ugust__ 387,486 303,796 2,963,831 2,271,490 The remarks of President Ripley are printed in full on Savannah Electric Co August . . . 64,073 58,681 488,502 452,985 subsecpient pages, together with some statistical tables. Be­ Second Avenue (Rec) Ju n e_____ 90,658 86,283 462,217 424,668 Southern Boulevard. Ju n e_____ 14,837 11,969 65,206 57,265 low we give comparative figures and income account for four Sou Wisconsin Ey Co August__ 19,368 16,720 147,096 130,531 years and the balance sheet for two years. Staten Isl’d Midland. J u n e____ 31,424 28,383 123,310 117,428 Tampa Electric Co__ A ugust__ 02,981 56,408 496,263 448,448 OPERATIONS, EARNINGS, AC. Third Avenue (Rec). J u n e_____ 333,854 321,829 1,883,583 1,778,969 191 1-12. Tri-City Ry A Lt Co. A ugust__ 259,878 230,688 1910-1 1 1909-10. 1908-09. Twin City Rap Tran. 5,843,894 Aver, mileage operated . 10,628 10,350 9,910 9,795 4th wk Sep 196,132 189,371 6,081,514 Equipment*— Underground Eleo Ry Locomotives______2,031 1,997 1,923 1,872 o£ London— 1,515 Three tube lines__ Wk Oct 5. £14,020 £13,760 £537 £538,470 Passenger cars...... 1,475 1,375 1,176 £12,027 £494 £ 470,800 Freight cars...... 63,065 64,023 57,781 54,698 Metropolitan Dist. Wlt Oct 5. £13,306 Miscellaneous cars____ 817 626 495 298 United Tramways. Wlc Oct 5. £6,085 £5,904 £25 4, £267,741 Operations— London Gen’l Bus. Wk Oct 5. £56,790 £38,208 £2,012 £1,499,287 Passengers carried_____ 14,101,076 Union (Rec)______J u n e _____ 244,454 282,126 1,207, 1,171,365 14,042,522 13,075,343 12,605,697 UnlonRy.G&ECodli) A ugust__ 344,909 254,812 2,420, 2,018,199 Pass, carried one mile__ .27-1188,385 1269,076,390 1230,975,839 1108.004,215 United Rys of St L._ J u l y _____ 1044,441 1016,759 6,988, 6,841,998 Rate per pass, per mile. 2.155 cts. 2.144 cts. 2.056 cts. 2.052 cts. Uniled RRs of San Fr July ...... 687,013 644,512 4,795, 4,465,647 Rev. freight (tons) car’d. 21,149.984 20,093,719 19,448,590 17,220,597 57,176 272, Fgt. (tons) carr. 1 mile.a 6,970,719 6,981,467 7,012,890 6,260,173 Westchester El (Rec) J u n e _____ 57,875 274,870 Rate per ton per mile__ 1 .026 cts. 1.028 cts. 1.015 Cts. 1.026 cts. Yonkers RR (R ec).. J u n e _____ 69,044 65,951 356, 327,044 Av. tons per train mile.. 399.94 394.72 Youngst A Ohio Rlv. J u n e _____ 20,199 19,840 110, 108,164 Earn, per pass, train m_ $1.18 $1.21 $1.21 $1.21 c These figures are for consolidated company. Earn, per fght. train m. $3.26 $3.19 $3.00 $3.05 Gross earnings per mile. $10,139 $10,393 $10,588 $9,624

Electric Railway Net Earnings.— The following table gives * Also June 30 1912, 3 steam and ferryboats, 1 river steamer, 4 tugs and 5 car floats, a 000s omitted. the returns of ELECTRIC railway gross and net earnings INCOME ACCOUNT. reported this week: 1911-12. 1910-11. 1909-10. 1908-09. Operating Revenues— $ $ $ •$ ---- Gross Earnings------Net Earnings------Freight...... 71,529,575 71,787,201 71,194,056 64,212,638 Current Previous Current Prevtuos Passenger...... 27,403,525 27,20 1,868 25,437,182 22,734,505 Roads. Year. Year. Year. Year. Mail express and misc.. 8,769,260 8,573,047 8,361,957 7,318,574 $ 5 $ $ Bangor Ry A E lcct.a.-A uz 70,418 60,048 41,649 35,974 Total oper. revenues. 07,752,360 107,505,110 104,993,195 94,265,717 July 1 to Aug 31______134,717 115,725 77,116 64,842 Operating Expenses— Binghamton R y ...... Aug Maint. of way A struct-. 16,076,834 16,059,787 17,807,136 12,884,407 39,699 37,018 19,017 18,376 Maint. of equipment___ 16,521,231 16,686,146 15,500,047 13,903,897 Jan 1 to Aug 31...... 282,855 255,082 127,377 113,460 Traffic expenses...... 2,416,747 2,249,899 2,114,261 1,904,822 Chattanooga Ry A Lt.a.Aug 94,925 83,990 38,661 33,579 Transportation expenses 33,733,667 33,183,520 31,821,825 20,674,864 Jan 1 to Aug 31______687,538 614,120 278,241 256,324 General expenses...... 2,524,724 2,588,900 2,458,551 2,127,205 Commonwealth Power Ry & Lt (Mich) .a ______Aug 536,777440,895 216,853 170,601 Total oper. expense.- 71,273,203 70,708,252 69,761,820 57,495,195 Jan 1 to Aug 31...... 4,033,808 3,507,171 1,671,779 1,471,345 P. c. oper. exp. to rev .. (66.15) (65.79) (66.44) (60.99) Consumers Pow(Mlch)aAug 210,593 176,989 91,828 68,287 Net operating revenue.. 36,479,157 36,796,864 35,231,375 36,770,522 Jan 1 to Aug 31...... 1,746,484 1,488,267 789,221 700,945 T axes...... 4,206,451 3,474,607 4,000,419 3,015,219 Cumberland Co Pow A Lt Operating Income___ 32,272,703 33,322,257 31,224,956 33,7 55,303 (Portland Me) .a _____Aug 232,369 221,804 125,926 103,877 Income from lnvesttn’ts 804,632 813,090 1,245,972 342,247 July 1 to Aug 31______449,164 433,600 229,181 197,153 Interest, discount, A c .. 1,765,336 1,304,276 1,304,083 810,128 East St Louis & S ub.a-.A ur 208,339 193,413 91,814 81,547 Jan 1 to Aug 31______1,555,173 1,480,821 671,090 635,311 Total income ------34,842,671 35,529,623 33,775,011 34,913,678 Deduct— Grand Rapids R y .a ____Aug 111,605 105,274 47,521 46,974 Interest on bonds___ __ 13,660,859 12,712,310 11,984,151 13,548,082 Jan 1 to Aug 31______814,673 705,706 356,096 328,418 Rentals of tracks, A c__ 780,995 622,910 27,701 89,230 Hudson Valley Ry— b Hire of equipment...... 542,068 622,491 1,292,720 770,826 April 1 to Jun 30______149,854 100,764 40,517 51,101 Advances to sub. cos.. 198,008 200,835 44,655 87,549 Jan 1 to Jun 30...... 275,463 230,737 76,060 81,830* Preferred dlvs. (5 % )... 5,708.690 5,708,690 5,708,690 5,708,690 July 1 to Jun 30______632,598 610,641 220,140 223,622 Common dividends .. .(6) 10,168,185 (6)9,932,460 (6)9,618,030 (5)5,152,550 Lewist Aug & Watert.a.Aug 71,808 63,643 35,658 32,180 Approp. fuel rcs’ve fund. 396,960 414,140 703,218 158,236 July 1 to Aug 31______139,445 123,983 68,462 62,315 Additions-A betterments 3,300,000 5,000,000 4,000,000 9,000,000 Portl‘d(Ore)Ry LtAP.a.Aug 543,189 321,262 266,736 247,760 Total ...... 34,756,265 35,213,815 33,409,165 34,515,157 Jan 1 to Aug 31______4,376,364 4,179,778 2,170,918 2,143,202 Balance, surplus...... 86,406 315,778 365,816 398,521 Portland (Me) R R .a ...... Aug 118,155 120,400 57,563 52,794 July 1 to Aug 31______229,739 233,358 103,975 96,087 GENERAL BALANCE SHEET JUNE 30. St Jos (Mo) Ry X. HA P.a.Aug 102,859 92,959 44,597 30,376 1912. 1911. 1912. 1911. Jan 1 to Aug 31______768,350 715,650 324,031 270,870 Assets— $ •? Liabilities— S S Troy A New England By— b RR., Iran., Ac., Common stock.170,129,500 16S,430,500 April 1 to Jun 30______9,253 9,075 4,343 4,495 inci. stocks, Preferred stock. 114,173,730 114,173,730- Jan 1 to Jun 30______13,684 13,186 4,090 5,750 bonds, Ac.. .a59S,298,683 587,133,715 Funded debt.-.342,045.015 329,101,820- July 1 to Jun 30______35,853 35,265 18,140 9,153 Invcstm’ts, new Fuel res’vc fund. 1,827,2/3 1,431,077 Union Ry Gas & El (111) aAug acquisitions.. 12,456,570 11,984,269 Accrued taxes 1,955,918 1,660,998 344,909 254,812 146,852 112,335 Other invest'ts. 11,114,736 10,169,780 Interest accrued 3,824,765 3,030,416 Jan 1 to Aug 31______2,426,662 2,018,199 979,310 836,020 Marketable sec’s 510,888 1,193.388 Coupons not pre­ United Traction (Albany)- Mater. A supp. 17,216,908 16,250,771 sented _____ 664,520 630,665­ Aprll 1 to Jun 30___ 606,150 583,971 202,270 251,538 Traffic balances 1,257,987 1,193,460 Pay-rolls...... 3,672,216 3,830,874 Agents A conditc. 553,914 551,180 l’ rcf. div. Aug. 1 2,854,345 2,854,345 a Net earnings here given are after deducting taxes, U. S. Govt...... 495,856 350,224 Audited vouch. 3 ,707,949 3,714,453 b Net earnings here given are before deducting taxes. Insur. prepaid . 114,807 131,140 Traffic balances. 952,986 831,820 Prepaid rentals. 308,256 303,848 Unclaimed divi­ sa Adv. collat. cos. 268,080 410,210 dends ...... 28,813 25,017 Interest Charges and Surplus. Misc. def. debit Miscellaneous ac­ M items...... 464,585 507,264 counts _____ 1,979,459 1,577,292­ Misc. accounts. 4,010,774 3,345,920 I)cf.credit accts. 368,004 426,058­ -In t., Rentals, A c .— Ual. of Net Earns.— Cash on hand,Ac 41,906,233 36,204,747 Expend, for ad­ Current Previous Current Previous Deposit for fuel ditions A bett. 21 ,580,921 18,280,921 Roads. Year. Year. Year. Year. reserve fund. 1,827,273 1,431,077 Profit and loss.. 20 470,116 20,566,707 $ $ S 5 Bangor Ry A Elect___ 16,558 13,020 25,091 22,954 Total assets..690,835,550 671,173,293 Total liabll’s.690,835,550 671,173.29a July 1 to Aug 31. 33,117 26,076 43,999 38,766 Binghamton R y______.Aug 10,027 9,429 9,090 8,947 a Consists in 1012 of railroad, franchises and other property. Including Jan 1 to Aug 31. ____ 77,251 75,475 50,126 37,993 stocks, bonds, &c., 5597,245,102, and expenditures for additions and better­ ments, construction, &c., during current fiscal year, $13,522,275; total, Chattanooga Ry A Lt. .Aug 22,566 20,333 6,095 13,246 $010,767,437; less reserve for accrued depreciation, $12,408,754; balance,, Jan 1 to Aug 31 _. 174,193 157,799 104,048 98,525 as above, $598,298,683.— V. 05, p. 543. Commonwealth Power Ry A Lt (Mich)______130,705 105,532 86,148 65,129 Erie Railroad. Jan 1 to Aug 31.. 988,859 831,387 683,420 630,958 Consumers Pow(Mich)Aug 54,693 40,243 37,135 28,044 {Report for Fiscal Year ending June 3 0 1 9 1 2 .) Jan 1 to Aug 31.. 407,723 310,938 381,498 396,007 Extracts from the report of President Underwood, to­ Cumberland Co Power A Light (Portland Me)______.Aug 53,012 47,520 72,914 56,357 gether with the income and profit and loss accounts and July 1 to Aug 31. 106,410 94,804 122,771 102,349 the comparative balance sheet for two years, will be found East St Louis A Sub. . .Aus 48,125 45,739 43,689 35,808 on subsequent pages. Below is published the usual com­ Jan 1 to Aug 31 . 385,123 365,939 285,967 269,372 Grand Rapids R y____ .Aug 14,793 15,008 32,728 31,966 parative statement for several years of the operations, earn­ Jan 1 to Aug 31.. 117,041 120,353 239,055 208,065 ings, charges, &c. Hudson Valley Ry— e q u i p m e n t April 1 to Jun 30______72,399 68,577 zdef25,393 zdcfl7,440 OPERATIONS AND Jan 1 to Jun 3 0 ...... 144,332 136,083 zdef66,046 zdef53,282 1911-12. 1910-11 . 1909-10 . 1908-09. July 1 to June 30______291,164 271,826 zdef67,599 zdcf45,454 Miles operated...... -...... 2,258 2,265 2,227 2,231 * Equipment— Lewist Aug A Watertn.Aus 14,448 14,450 21,210 17,730 Locomotives ...... 1 ,429 1,403 1,430 1.419 July 1 to Aug 31______28,896 28,840 39,566 33,475 Passenger equipm ent... 1,229 1,190 1,179 1,103 Portl’d (Ore) Ry Lt A P.Aug 148,022 118,450 118,714 129,304 Freight equipment...... 49,758 47,433 48,488 51,137 Jan 1 to Aug 31______1,160,213 991,940 1,010,705 1,151,262 Service cars, Ac...... 2,204 2,112 2,068 2,010 Portland (Me) R R ______Aug 10,294 9,469 47,269 43,325 Floating equipment___ 166 166 141 132 July 1 to Aug 31______20,922 18,938 83,053 77,149 Operations— Passengers carried...... 26,205,266 25,454,161 25,277,233 23,084,283 St Jos (Mo) Ry L H A P.Aug 19,710 19,381 24,887 10,995 Pass, carried 1 mile___ 611,548,871 626 627,788,837 507,317,739 Jan 1 to Aug 31______157,199 154,094 107,332 116,770 Rate per pass, per mile. 1.574 ets. 1 506 cts. 1.507 cts. 1.187 Cts. Troy A New England Ry— Freight (tons) carried.. 3 6 ,9 6 1 ,6 8 6 37,570,662 38,703,600 32,707,205 April 1 to Jun 30 . 3,044 2,829 21,380 21,764 Fr’t (tons) carried 1 m .x 6,823,560 0.825,582 0,414,732 6,008,714 Jan 1 to June 31 .. . 0.200 5,851 gdef 1.033 2103 Rate per ton ner mile__ 0.583 cts. 0 585 cts. 0.599 cts. 0,586 Cts. July 1 to June 3 0 . ___ 12,088 11,542 26,575 28,149 Av. train loail (rev.), tons 527 521 495 469 $1,285 Union Ry Gas A El (111) .Aug 95,032 62,402 51,220 49,933 Earns, per pass. tr. mile $1,247 $1,257 $1,174 Jan 1 to Aug 3 1 . ___ 383,838 347,545 Earns, per fr’t tr. m ile.. $3,075 $3,049 $2,903 $2,747 895,472 488,475 Gross earnings per mile. $23,789 $23,702 $23,273 $21,299 United Traction (Albany)— April 1 to Jun 30______150,069 138,470 2105,832 2163,789 * Negotiations have been completed for the purchase of additional equipment consisting of 55 locomotives, 36 passenger and 800 freight cars. x After allowing for other Income received. x 000s omitted.

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EARNINGS AND EXPENSES. New York New Haven & Hartford Railroad. 1911-12. 1910-11. 1909-10. 1908-09. Earnings— S S $ $ (Report for Fiscal Year ending June 3 0 1 9 1 2 .) Freight ...... 25.182,784 24,071,522 24,114,700 20,777,945 M ilk...... 987,110 902,700 805,927 853,080 Pres. C. S. Mellen, New Haven, Sept. 19, wrote in subst.: C oal...... 14,008,742 15,805,027 14,295.370 14,411,844 Results on System.— In view of the existing apprehension that the ac­ Passenger...... 9,023,116 9,817,950 9,459,903 8,880,034 quisitions during the past eight years have imposed an undue burden upon M all______421,820 431,348 431,803 409,485 the resources of the company. It seems fitting again to observe that the Express...... 1,533,590 1,444,550 1,437,272 1,204,579 general statements hitherto published have, with few exceptions, been Miscellaneous...... 1,401,301 1,280,875 1,225,025 917,285 for the company alone, following closely the returns required by State and Federal laws, and consequently did not reflect the financial results of the Earnings, Railroad.. 53,708,409 53,820,050 51,830,720 47,514,859 system as a whole, since Including only such portion of the earnings of Earns., Outside oper.. 2,783,901 2,829,858 3,035,470 2,920,303 subsidiary companies as was received In the form of dividends. Further­ more, the building up of reserve funds for fire losses, personal injuries, Total earnings...... - 50,492,370 50,049,908 54,800,190 50,441,102 coal Insurance and marine insurance has had the effect of understating the Expenses— real net income of the system. This year’s report, like that for 1911, Malnt. way & structures 5,929,920 5,720,900 5,217,451 4,232,407 contains a system Income account and balance sheet. The following com­ Malnt. of equipment— 9,012,450 9,164,917 9,455,981 9,048,980 parison of the results for the system as a whole includes the undivided Transportation expenses 19,501,599 18,407,380 17,422,952 10,010,181 surplus earnings of the several companies. Traffic expenses...... 1,393,544 1,400,210 1,295,870 1,124,021 Surplus Net Income in Excess of Dividends Paid. General expenses...... 1,204,109 1,090,484 1,062,509 1,071,830 1,374,757 1,309,523 A s Reported for Total A s Reported for Total Taxes ...... 1,817,320 1,390,380 Parent Co. System. Parent Co. System. 34 1905 ...... $308,052 $901,215 1909 ___ def. $453,613 $85,606 Expenses— Railroad . 39,519,014 37,240,271 35,829 ,520 ,063,548 1900 ------3,718,285 4,506,622 1910 ...... 1,037,793 2,711,034 Expenses— Outside oper. 2,989,239 3,005,030 3,230 ,040 840 ,737 1007 ...... 2,217,842 1,770,278 1911 ______def.1,267,540 156,713 1908 ----- def.2,516,693 df.2,500,807 1912 ______del. 903,229305,835 Total expenses______42,508,253 40,245,301 39,005 ,572 *36 904,285 The real surplus net income of the system in excess of dividends paid Ratio of exp. to earns.. (75.25) (71.04) (71 .20) (73.16) 194 has thus for the last eight years aggregated $8,176,436 instead of $2,140,­ Net earnings—Railroad 14,189,455 10,579,779 10,001 451,311 898, as reported for the company proper, a difference of $6,035,538, of Net earns.— All oper’ns. 13,984,1 17 10,404,007 15,800 618 530,870 Int. A dlvs. on securs.. 3,799,G97 3,183,774 3,527 ,091 537,451 which $3,533,022 represents the amount of the various funds and $2,502,­ 800 516 the undivided surplus earnings of subsidiary companies. The disposi­ Rents, Ac., received__ 945,742 757,288 ,929 738,552 tion of the $8,176,436 was as follows: Contributions to and accretions of the funds, $3,533,022; improvements and betterments, $3,000,000; profit Total net Income___ 18,729,550 20,345,609 20,134,038 *10,812,379 and loss, $1,643,414. Deductions— 9,714,101 Wages.— Regardless of the liberal wage advances made during the past Interest on bonds------8,070,700 9,749,801 9,009,733 two years the management is now confronted with demands for further Int. on collateral notes. 1,033,125 747,039 793,988 520,327 Rentals of leased lines.. 2,251,799 998,868 980,640 983,587 advances. Consideration at this time has only been given to those in the Hire of equip.— balance 093,878 512,862 448,587 420,671 engine service. As a result of prolonged discussion it was deemed advisable Joint facilities...... 088,058 008,295 1,079,302 718,001 to join with the other Eastern roads concerned in submitting the matter Miscellaneous rents----- 860,420 810,499 09,111 *34,378 to arbitration. A decision of the arbitrators is momentarily expected. Interest on car trusts — 586,002 509,710 598,852 733,104 • Improvements, &c.— The following are some of the important Items: Penn. Coal Co. sinking The double-tracking from Hawleyville to Shelton is now completed, fund and mlscell...... 508,299 958,177 613,388 779,373 making a complete double-track railroad from Naugatuck Junction to 582,452 Hopewell Junction, a distance of 68.44 miles. Twelve new steel railroad Additions A Impr’ts----- 1,339,737 737,087 381,927 bridges and eight highway bridges have been placed, 10 grade crossings have been eliminated in connection with the line and grade revisions made. Total ...... 15,934,805 10,294,994 15,005,182 *14,247,102 A four-span reinforced concrete bridge is under construction over the Balance surplus______2,794,751 4,050,075 5,009,450 2,505,717 Naugatuck River at Ansonia, Conn., and should be completed this year, * Comparisons with these Items In 1908-09 are Inaccurate, as, In order to eliminating the much used grade crossing at Bridge St. conform to the ruling of the Interstate Commerce Commission, the A new 43-stall brick and concrete roundhouse at Cedar Hill (New Haven), amounts paid for rental of dock property used by lake steamers at Chicago with machine shop, power house, &c., is practically complete and can b« and Milwaukee arc now Included In Income Account” under miscellaneous placed in service as soon as the machinery in the shop has been installed. rents. Instead of under “ expenses of outside operations,” as formerly. The An enlargement of the Cedar Hill classification and departure yards amount of such rental In 1909-10 was $34,700. For purposes of comparison should be completed by Jan. 1 1913. the items affected In 1909-10 have been re-stated, the final result, of course, Excavation of the site of the proposed New Haven station is under way. remaining unchanged. Boston— Harrison Square to Atlantic and Savin Hill to Neponset— The net Income of companies whose capital stock Is owned during the Elimination of grade crossings under decree of the Court and construction current year was $3,089,467, of which $1,500,000 in dividends and $000,000 of third and fourth tracks; nine grade crossings have been eliminated ns Interest on advances were paid to the company, both amounts being In­ and tracks are elevated and in service from Savin Hill to Neponset. Three cluded In the income of the current year.— V. 95, p. 818, 018. passenger subways have been built, station grounds and freight yards have been enlarged or improved, concrete signal towers have been built at Southern Railway. Harrison Sq. and Savin Hill and automatic block signals are Installed from Savin Hill to Atlantic. (Report for Fiscal Year ending June 3 0 1 9 1 2 .) The Cos Cob power station, which is being enlarged to Include four additional 5,000 KVA turbo-generators, is already supplying current from The remarks of President Finley, together with the de­ the first new generator and the remaining sets will probably be ready for tailed comparative balance sheets and traffic statistics for use by Oct. 1 1912. The capacity of the plant will then be sufficient to handle all trains—passenger, freight and switching, In the zone of electri­ two years and the profit and loss account, are published on fication (including the N. V. Westchester & Boston Ry.) between New York, subsequent pages. Below are given comparative statistics Harlem River and New Haven. The electrification system of the main line of the Harlem River Branch and income account for several years. is completed and on July 29 electric passenger service was Inaugurated TRAFFIC STATISTICS, ETC. between Stamford and Harlem River. The electrification of the yards 1911-12. 1910-11. 1909-10. 1908-09. and sidetracks Is expected to be completed at an early date. Aver, miles operated__ 7,088 7,042 7,050 7,030 The electrification of the New York Westchester A Boston R y. was com­ • Equipment— pleted and full electric operation began Aug. 3. Hocomotlvcs...... 1,011 1,588 1,531 1,571 The work of electrifying the main line tracks, Stamford to New Haven, Passenger equipment__ 1,132 1,078 1,074 968 Is well under way and is expected to be completed within the next fiscal Freight equipment____ 51,741 51,840 50,000 52,089 year. (V. 94, p. 1384.) Road service equipment 1,335 1,209 1,242 1,250 Grade crossings eliminated: Connecticut, 10; Massachusetts, 4; total, 14. Marine equipment____ 22 23 23 24 Additions and Dctterments, Total (Net) SI,853,196 (from Table in Report—Ed.) Operations— Real e sta te ...... $69,932 Elimination of grade cross. $225,701 Passengers carried...... 18,119,253 17,137,450 15,694,480 14,023,130 New bridges...... 82,865 Yards, sidings and signals. 171,286 Pass, carried 1 mile___ 786,621,787 740,411,290 071,732,143 015,252,900 Double track’g, West.Dlv. 609,745 Sundry additions and bet­ Av. rev. per pass. p. mile 2.153 cts. 2.109 cts. 2.179 Cts. 2.105 cts. Cedar Hill, Conn., round­ terments — ...... 267,791 No. tons car. (rev. fr’t) _ 27,214,751 26,091,001 25,204,297 21,970,060 house and shops...... 347,285 New rolling stock...... 8,389,163 Tons car. 1 m. (rev. f’t) .4206785057 4088490793 3985563001 3590900091 Electrification— Harlem Av. rev. per ton p. mile. 0.987 cts. 0.960 cts. 0.957 Cts. 0.949 Cts. River— New Haven----- 105,685 Total ...... $6,103,101 Av. rev. tr. load (tons). 250.04 240.51 237.46 217.10 Cos Cob, Conn., pow.plant 833,649 Less real estate sold, Ac.$1,249,905 Rev. per pass. tr. m ile.. $1.15510 $1.18140 $1.14843 $1.15089 The expenditures have been charged as follows: To cost of property, Rev. per fr’t train mile. $2.46710 $2.32352 $2.27368 $2.00047 $1,464,033; to equipment, $3,389,163; total, $4,853,196. Operating rev. per mile. $8,972 $8,509 $8,127 $7,348 • [The item of $3,389,163 for new rolling stock includes 21 electric loco­ * Includes narrow gauge equipment. motives, 3 sleeping cars, 113 coaches, 4 combination cars, 16 electric cars, 803 box cars, 303 coal cars, 1 scale test car, Ac.— Ed.] IN C O M E A C CO U NT. Ties and Rails.— Total number of ties (all kinds) laid during the year, 1911-12. 1910-11. 1909-10. 1908-09. 1,019,231; rails laid in main tracks in both maintenance and construction, Allies operated, average. 7,088 7,042 7,050 7,170 8,373 tons of 100-Ib. rail and 11,944 tons of 80 to 90-lb. re-rolled rail. Revenues— $ $ $ S Taxes.— The system taxes accrued amounted to $4,949,094, an increas# Freight...... 41,508,300 39,498,904 38,161,392 34,370,619 of $200,710, or 5.7%. Passenger...... - 17,260,014 10,348,404 14,918,253 13,778,513 M ails.— The roads operated and controlled by your company are not Mall, express A mlscell- 4,816,015 4,497,095 4,214,803 4,032,975 receiving the compensation to which they believe they are entitled for carrying the mails. It is estimated that the yearly loss suffered by reason Total oper. revenues. 63,590,329 00,345,063 57,294,508 52,188 ,107 of the Inadequate pay allowed by the Rost Office Department is about Expenses— $750,000. It Is admitted by the officials of that Department that th* Malnt. of way A struc.. 7,841,220 7,404,916 6,035,725 0,016,001 loss amounts to about $400,000. but this figure omits a charge to which Maintenance of equip-- 10,108,673 9,400,757 9,870,729 8,193,753 the roads claim they are fairly entitled for the use of the property em­ Traffic expenses______1,745,353 1,549,404 1,436,770 1,252,329 ployed in the mall service. Pending legislation relating to the relations of Transportation expenses 22,081,653 20,602,086 18,934,420 18,348,507 the railroads to the proposed parcels-post system will result, if enacted General expenses...... 1,919,337 1,789,627 1,752,090 1,757,731 Into law, in still further loss. Expenditures on Central New England Railway Co.— Substantially all of Total oper. expenses. 43,696,236 40,926,790 38,635,740 35,508,981 the Increase in the capital stock and Indebtedness of this road since we Net operating revenue.. 19,894,092 19,418,273 18,058,702 16,019,120 acquired control in 1904 has resulted from the mergers In 1907 with Its con­ Outside operations (net) sur.Cl,755 def .42,028 sur.18,980 sur.130,903 trolled companies, and to the refunding of the old 1st M. bonds. During the period from 1904 to 1912 there has been spent In improvements and Net revenue...... 19,958,847 19,376,245 18,677,742 10,756,089 additions to the property, including new equipment, $4,625,623, and Taxes ...... 2,452,328 2,212,968 2,027,104 1,910,701 there Is In contemplation further similar expenditures of about $2,500,000, to enable the company to economically and efficiently handle the large Operating income----- 17,506,519 17,163,277 10,650,638 14,839,388 volume of business necessary to be done via the Poughkeepsie Bridge Rent of tracks, yards, Ac. 356,630 366,002 346,020 334,237 gateway. We now own 37,184 pref. shares of the total of 37,500 shares, Hire of equip., balance. 31,207 137,343 149,346 and 47,720 common shares of the total of 48,000 shares The bonded debt Income from lnvcst'ts.. 2,757,645 2,059,249 *1,999,139 *1.941,126 Is $12,317,000.(Sec V. 92. p. 1374. 1635; V. 94, p. 206. See earn, below. Interest A commissions . 268)797 445,055 *592,199 *622,948 New York Ontario A Western R y.—This road, in which your company Allsccllaneous Incom e... 165,796 194,209 141,218 owns a controlling Interest [namely $29,160,000 out of $58,113,982 common stock and $2,200 out of $4,000 pref. stock— Ed.], was unable during the Total gross Income__ 21,080,594 20,963,795 *19,878,500 *17,737,699 past year, especially because of the anthracite coal strike, to earn the divi­ Deduct — dend It has paid for several years Petition has been filed with the P. S. Sou. Ry. in Miss, deficit 50,951 34,440 31,959 Commission, 2d DIst., N. Y. State, for permission to acquire the minority Other road rentals...... 1,805,927 1,887,749 *1,381,504 1,351,504 Interest In the stock, with avlew to merging the property with your company Rent of track, yards, Ac. 934,087 859,079 809.050 $14,810 by lease or otherwise It Is believed by such merging the receipts may Hire of equip., balance. _____ 19,493 be increased and the expenses reduced. (V. 94, p. 17G4; V. 95, p. 746.) Separately oper. prop’s. 180,701 170,390 110,462 81,464 Rutland R R .— We have been disappointed In not having been able to- Discount on securs. sold 00,043 125,815 200,800 535,214 secure control of the Rutland RR. The transfer of the stock which we Int. on funded debt----- 10,204,482 10,234,505 *10,533,324 *10,376,010 had agreed to purchase from the New York Central [being the remaining Int. on equip, obllga’s .. 712,414 607,229 602,340 *711,715 onc-lialf of the majority holding] was enjoined by the N. Y. courts and no Dlvs. on M. A O. stock change of control Is possible until after the case is tried. We still believe that trust certificates...... 220,808 226,808______226,808 220,808 the purchase Is most desirable and that had the purchase been completed Preferred dlvs...... (413)2,700,000 (2)l,20(h666 the minority Interest would have fared as well or better than the con­ Additions A betterm’ts. 44,989 00,040 52,373 78,285 trolling interest, as has been the case with the Central New England and Miscellaneous...... - 87,403 83,710 92,088 31,290 other companies added to your control. (V. 95, p. 48, 680.) as Water Lines— It has been deemed advisable to segregate the company’s Total deductions...... 17,068,406 15,501,837 *14,173,920 *14,220,599 Interests In the water lines hitherto owned and operated by the New Eng­ Balance, surplus...... 4,018,128 5,403,958 5,704,040 3,511,100 land Navigation Co. and accordingly a sale of the physical properties has * Comparisons with these Items In 1900-10 and 1908-09 are Inaccurate, been made to the New England Steamship Co., payment for which has owing to changes In the figures of 1910-11, the general results, however, been received In the capital stock and 1st M. bonds of that company. remaining unchanged.— V. 95, p. 081. (V. 95, p. 18.) This action has been taken, owing to legislation pending.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 96L THE CHRONICLE [VOL. LXXXXV

and recently passed by Congress requiring railroads to dispose of all has been made by the Boston Terminal Co. for about $425,000, which pro­ Interest In steamship lines with which they can or may compete. Our vides 27 additional office units on each of the three floors, together with steamship lines have never been in themselves a source of much profit, two passenger elevators, new freight elevator, &c. This addition has also but they have enabled us to give a better service than would have been provided much needed relief to the Boston &MaIne IUt., whose offices possible had the business been confined to our rail lines,on account of better were greatly overcrowded, and has enabled a removal of the principal deliveries, especially In N. Y. City. Our Interest in the Merchants' & general offices of that company from the North Station to the South Miners’ Transportation Co. has protected us in connection with our rail Station. (V. 95, p. 176.) line connections, and New England business generally has been promoted, Special Funds.—The special funds for the protection of the company wc believe, by its control In our interest. Such control has not resulted against losses by fire, catastrophies, &o., have reached a total at which in any increase in rates, but lias, wc believe, been a serious factor in some no further assessment of the operating expenses should be necessary. The Instances in preventing Increases. Insurance fund now amounts to $1,953,884 and outside Insurance has been New York. Connectiruj B R . Bonds to be Guaranteed.—The construction purchased from the income of the fund, which protects the company against of this road 1; progressing; contracts have been awarded for steel work for loss by any one fire In excess of $100,000 up to $1,000,000 and against a Big Hell Clatc Bridge and Ward’s and Randall’s Island Viaduct, for steel combination of losses in excess of $250,000 without limit. work for Little Hell Gate and Bronx Kill bridges and approach viaducts, for masonry for Bronx Viaduct, for foundation and masonry work of Eastern Statist cs of Road Proper. Viaduct, for tower liases East Itlver Bridge and for excavation and SECURITIES HELD BY N. Y. N.- II. & II. IIR. CO. masonry from Woodslde Ave. to Stcmler St. The execution of a first mort­ gage to secure an issue of 4% bonds not exceeding in the aggregate $30,­ (1) Securities of Proprietary, Affiliated and Controlled Companies. 000,000 has been approved by the company. Such bonds when sold will Stocks— (unless other------June 30 1912------June 3 I 1911--- —■ be guaranteed jointly by the Pennsylvania RR. Co. and the N. Y. New wise Indicated): Par Value. Book Value. Par Value. Book Value Haven & Hartford RR. Co. Berkshire St. Ry. C o--- $4,068,100 $5,041,396 $1,947,400 $2,920,346 New York Westchester & Boston Iiy. Co — Tills line was opened for com­ do do Notes ------2,010,000 1,415,000 mercial service as follows: May 29 1912, Adams St., In the Bronx, N. Y., Bos. & Prov. RR. Corp. 482,600 1,458,325 250,100 761,686 to North Ave., New Rochelle; July l 1912, Columbus Ave. Junction, Boston Terminal Co___ 200,000 200,000 200,000 200,000 Mount Vernon, to Mamaroneck Ave. Station, White Plains; Aug. 3 1912, Cent. New Eng. Ry. Co.: Adams St., Bronx, south to the junction with our Harlem River branch Common______4,751,150 791,441 4,743,550 779,753 near 174th St., and from Mamaroneck Ave., White Plains, to the terminus Preferred ______3,702,800 1,000,471 3,697,900 995,785 at Westchester Ave., White Plains. On Aug. 3 1912 the train service Connecticut Company.. 40,000,000 40,000,000 40,000,000 40,000,000 was extended over our Harlem River Branch to Willis Ave., where con­ Harlem River & Port nection Is made with the 2.1 and 3d Ave. elevated railroads. The public Chester RR. Co____ 1 ,0 0 0 ,0 0 0 1,000,000 1,000,000 1,000,000 patronage to date encourages the belief that further construction and do do Notes ------25,531,823 24,825,158 contemplated connections and transfer facilities with the rapid transit Hartf. & Conn. W. R R . 1,711,900 1,198,261 1,737,100 1,196,125 lines of New York City will add very materially to the business of the road. Mlllbrook C o______100,000 100,000 100,000 100,000 The proposed third-tracking of the 2d Ave. and 3d Ave. elevated will do do Notes ______3,536,063 greatly Improve the service via these lines; the 2d Ave. elevated is the short N. Y. Connect. RR. Co- 1,500,000 1,527,204 1,500,666 1,527,204 cst route to the lower part of Manhattan. do do Notes ______991,337 848,186 The P. S. Commission lias approved the route for the extension of the N. Y. Ont. & West. Ry. Lenox Ave. branch of the city Subway lying alongside the line of the ($2,200 p r e f.).--___ 29,162,200 13,108,393 29,162,200 13,108,398 N. Y. Westchester & Boston’s line from 180th St. to Unionport Road. N. Y. & Stain. Ry. Co-_ 500,000 610,613 500.000 610,643 Negotiations arc now under way for the sale of so much of the company’s do do Notes ------572,907 412,907 property as is required by the city for this route. The completion of tills N.Y.Westc.&Bos.lty.Co. 4,924,800 6,241,952 4,924,866 6,205,09 6 extension will mean a transfer point between the Westchester Co. and the do do Notes ------. 5,708,000 Subway. The Lexington Ave. Subway, now under construction, will Norwich & Wore. RR.Co. 97,100 219,038 93,566 211,386 cross the Westchester Co.’s line near Westchester Ave., In the Bronx, Old Colony RR. C o___ 9,183,200 11,959,482 8,682,900 11,028,920 which will make a third transfer point for Westchester Co. passengers to Prov.War.&Bris.RR.,com. 486,700 730,213 486.000 729.163 New York City rapid transit lines. do do pref. 100 220 100 220 Tlie interest on the advances by your company for account of the N. Y. Prov. & Wore. RR. Co. 749,500 2,151,532 516,300 1,489,834 Westchester & Boston Ry. Co. amounted on June 30 1912 to $1,075,490. Rhode Island Co______9,685,500 24,352,336 9,685,500 24,220,979 As this money has not been repaid to the treasury.no credit thereof has been Vermont Company_____ 650,000 571,164 650.000 569.164 taken in the Income account of the company, but Is held In suspense. City & County Contract It was expected that this property when In operation would have to be Co. notes...... 2,550,000 carried for about three years before It could become self-sustaining. Westc. St. RR. advan’s. ------915,675 915,075 Boston Railroad Holding Co.— Your company’s ownership of the capital do do Notes ------160,771 88,771 stock of the Holding Co. now consists of 31,035 shares of common stock, Miscellaneous stocks__ (I> 20,016 (?) 20.016 the entire Issue, and 24 1,939 shares of prof, stock out of a total of 272,939 (V. 94, p. 205.) The holding company’s investment In Boston & Maine Total book value------$151,741,008 ------$138,730,414 RR. consists of 219,189 shares of common stock out of a total of 395,050 (2) Miscellaneous Investments. and of 6,543 shares of pref. stock out of a total of 31,498. Bost. RR. Holding C o.. $3,106,500 $3,106,500 53,106,500 $3,106,500 The dividends received on the Boston & Maine stock, with available New Eng. Nav. Co...... 53,000,000 50,917,399 >3,000,000 54,510,969 cash on hand, were insufficient for the year by $148,741 to pay taxes, do do Notes ______7,921,422 ------7,825,000 administration expenses and the dividend of 4% . upon the pref. shares of Rhode Island Co. notes...... 1,775,000 ...... 400,000 tlie holding company, which amount was provided by your company out Miscellaneous...... ------25,078 ...... 08,078 of Income under its guaranty of such dividend. Tlie rehabilitation of the Boston & Maine RR. has so far progressed an 1 $09,746,299 $05,941,147 the outlook for improvement in operating results Is so favorable as to Total justify the expectation that the road will be able to Increase the rate of (3) Securities Issued or Assumed, Held in Treasury. dividend on the common stock to an extent which will enable the holding N. Y. Prov. & Bos. RR. company to care for Its obligations without recourse to your company’s gen.M.4s($201,000),&c. $202,650 $202,650 $201,700 $201,700 guaranty. This expectation, however, may not be realized If the road Is (4) Marketable Securities. forced to advance wages. The rehabilitation of the Boston & Maine RR. Berk. St. Ry. deb. 5 s ... $200,000 $200,000 $200,000 $200,000 will require at least two more years’ time. Bos. RR. Hold. pref. stk. 24,493,900 24,493,900 24,254,400 24,254,400 Grand Central Stition, N . Y. City.—The reconstruction and Improve­ Brist.& PI.Tram.Co.stk. 81,900 127,428 ments of the Grand Central Terminal In New York by the N. Y. Central Cent. N.E.Ry.5% ine’es 3 509 60!) 609 609 are so near completion that It Is expected the new station wll be ready for 1st M. 4s______83,000 86,452 occupancy by Jan. 1 1913. Your company participates in the Interest I). C. RR. 1st M. 4HS 4,000 4,200 63,000 66,110 on the cost of these expenditures proportionate to Its use of the Tormina Is Notes ...... 128,270 measured by the relative number of cars entering the terminal. Connecticut Co. notes-- 200,000 As the railroad terminal Is below the street level It Is the purpose of your Hartf. &Conn. West.notes 819,782 company to join with the Central Company In utilizing the aerial rights N. Y. W. & B. 1st M. 5s 1 6 ,2 0 0 '. 666 16,200,000 and adjacent surplus real estate by the construction of buildings for com­ do do 1st M. g. bds. 100,000 100,000 mercial purposes under such basis as will not only return a good rate of do do 1st M. 4 >SS- 800,000 800,000 Interest on the Investment but will substantially reduce the expense of Vcr. Co. 1st M. bonds.. 846,000 846,500 846,000 846,500 maintaining the terminal. do do Notes ...... 59,500 45,000 A loft building has already been constructed and Is now occupied at Miscellaneous...... ______132.840 77,098 46th and 47th streets and Lexington Ave.; an office building at 49th and Total $27,643,783 ----- . $42,045,415 50th streets and Lexington Ave. Is nearly completed; contracts have been made for the construction and occupancy of a hotel at 43d and 44tli streets OPERATIONS AND FISCAL RESULTS (RO AD P R O P E R ). and Madison and Vanderbilt avenues, and for a store and office building 1911-12. 1910-11. 1909-10. 1008-09. at the corner of 42d St. and Vanderbilt Ave.; and there Is contemplated 2,041 the construction of a building'for club purposes at the corner of 45th St. Miles operated June 30. 2,091 2,042 2,044 and Vanderbilt Ave. ,, , Equipment— It Is expected eventually to finance the necessary expenditures by means Locomotives ______1,244 1,227 1,220 1,228 of a separate company whose capital stock shall be owned equally by your Passenger cars ...... 2,609 2,528 2,522 2,437 company and the Central Company and whose obligations shall be guaran­ Frelghtcars______38,053 38,441 35,716 34,18 4 teed Jointly by the two companies. „ „ , , Other cars______1,210 1.178 1,179 1,213 Boston t% Albany R R .—The agreement with the N. Y . Central & Hudson Operations— Revenue passenger an.1 freight only. River RR. Co. to share equally in the net results of the operation of the Passengers carried___ _ 84,531,214 83,193,16 1 82,905,137 75,057,983 Boston & Albany has been In force one year and has substantially ful­ Pass, carried 1 mile .1,558,915,723 1534301,061 1506907,990 1 101652,879 filled our expectations. The direct charge upon our Income has only been Rate per. pass, per mile. 1.720 cts. 1,708 cts. 1.651 cts. 1.630 Cts. $18,000, which was more than counter-balanced by Indirect benefits. Freight (tons) carried.. 24,675,469 23,257,041 22,733,981 19,968,272 Sub-Lease of Gas and Electric Interests to United Electric Light & Water Fr't (tons) carr. 1 mile.2343040,109 1181557,124 2124680,065 18724 19,423 Co.— In order to confine the activities of the company to transportation, Rate per ton per m ile.. 1.371 cts. 1.390 cts. 1.417 cts. 1.420 Cts. a sub-lease, at a satisfactory rental, of the commercial electric and gas prop­ Pass.earns.per m.of road $15,063 $15,046 $14,538 $12,887 erties leased by your company In 1906 from the Connecticut Railway & Pass.earns, per tr.mlle. $1.87 $1.86 $1.85 $1.74 Fr’t earns per m. of road $ 15,870 $15,131 $14,088 $13,021 Lighting Co. was made, effective Oct. 1 1911, to the United Electric Light $4.16 & Water Co. (V. 94, p. 71; V. 93, p. 1669.) This sub-lease covered the Fr't earns, per train mile $4.00 $4.03 $3.85 Av. No. pass, per tr. mile 05 95 96 03 systems for the distribution of electrical energy for other than railway 293 purposes, In the towns of Watcrbury, Naugatuck, Watertown, Cheshire, Av. No. tons per tr. mile 292 290 271 Earnings— S $ $ S New Britain, Newington, Berlin, Plalnvllle, Southington, Norwalk, Wilton, 29,005,890 New Canaan and Greenwich; the gas plants and distributing systems In Passenger department.. 30,952,100 .30.154.916 26,323,469 the towns of Norwalk, Greenwich and Naugatuck, and the right to furnish Freight department------32,130,892 30,329,092 30,110,588 26,595,970 gas and electricity In the town of Weston. Miscellaneous...... 1,850,073 1,669,427 1,577,189 1.428,192 Stock.— The capital stock has been increased by the addition of 7,846 T ota l______64,933,065 62,153,435 60,693,668 54,347,631 shares ($784,600) issued in exchange for $1,176,900 of 3 ^ % convertible Expenses— debenture certificates of 1906. Of the total outstanding capital stock, Malnt. of way & struct. 6,829,361 6,980,036 7,132,376 6,130,606 521,719,800 is in the treasuries of subordinate companies. Malnt. of equipment__ 8.046,992 7,193,420 6,461,772 5,906,357 Debt.—The outstanding indebtedness of the company and Its leased lines, Traffic______412,880 351,099 350,943 309,000 In the hands of the public, has been increased by $708,040, as follows: Transportation ------25,163,819 24,526,959 22,942,675 22,491,376 Increases—4% notes (V. 94, p. 124), $30,100,000; 4 >4% notes, General______1,650,965 1.846,213 1 ,801,150 1,242,968 5220,000; 4 'A% notes, $.3 ,0 7 5 ,0 0 0 . . ______$33,395,000 T ota l______42,104,018 40,898,633 38,689,216 36,080,307 Decreases— (a.) Notes paid, 4%, $1,919,960; 4 $22,590,000 24,509,960 I>. c. of cx p.to earnings. (64.84) (65.80) (63.74) (66.38) (b) Debentures paid, 4% 1908, $3,100; 5% 4-year, $11,000; Net earnings------22,820,047 21,254,802 22,004,452 18,267,324 5% 5-year, $6,676,000______6,690,100 Net rev. outside oper’ns 1,388,155 1,399,793 1,308,470 1,214,307 (c) Convertible debenture 3 'A% certificates exchanged for Net Connecticut Co------...... a’’ , 254,278 capital stock______1,176,000 3,6 14,315 (d) 1st M. 5% bonds paid; Meriden Horse RR., $85,000; Total net revenue----- 24,217,202 22,654,595 25,567,200 23,125,946 Plymouth & Middleboro RR., $225,000______310,000 Taxes ______3,702,872 3,578,363 3,983,377 3,446,126 Old Colony R R .— The capital stock has been increased by the sale of Balance...... 20,424,330' 19,076,232 21,583,823 19,679,820 5,000 shares and the proceeds applied to reimbursing your company for Dividends on stocks------6,565,241 5,487,150 3,504,569 1,959,333 betterments. (V. 94, p. 68; V. 95, p. 680, 818.) Interest on bonds------217,065 1,092,972 887,104 674,433 Tlie property and franchises of the Plymouth & Middleboro RR. Co., Miscellaneous income... 2,419,523 1,832,316 2,012,204 1,609,581 orinerly leased to tlie Old Colony, were purchased by it Nov. 28 1911. Rents received ...... 445,570 356,688 332,125 350,142 Boston & Providence.-—It has been deemed advisable to Improve the Hire of equipment____ 472,409 409,802 1,055 facilities of the Boston & Providence by the construction of two additional Sink,. &c., reserve funds 183,300 main line tracks from Boston to East Junction, the elimination of grade crossings, and to adapt and equip the whole main line thus four-tracked Total net income----- 30,727,438 28,255,160 28,320,970 24,273,309 Deduct— for operation by the use of electricity as a motive power. These improve­ Int. on bonds, deb., Ac. 10,478,74 1 10,710,389 10,677,459 10,424,932 ments are estimated to cost about $8,000,000. To provide for tlie cost of Rentals of leased lines . 4,474,3 17 4,478,324 5,133,717 3,956,294 the work, an agreement has been entered into whereby the Boston & Provi­ Rentals other than above 2,182,520 1,874,135 1,702,430 1,978,281 dence is to mortgage Its railroad, franchises and property to secure an Issue ______of $8,000,000 4% 75-year bonds and your company is to endorse Its guar­ Hire of equipment...... 460,430 8% on sto ck ...... 14,315,540 12,454,852 9,759,081 7,883,842 anty on said bonds. (See V. 95, p. 817.) 5.000 10,400 Boston Offices.— The office facilities of the departments located in Boston Miscellaneous...... 206.276 23.143 being inadequate, and additional room being needed for the official stall Total ------31,657,427 29,522,700 27,283,177 24,726,922 of the Boston & Albany RR., an addition to the South Station building Balance for year------def.029,989 lefl.267,540 surl,037,703 def453,0l3

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis G o t . 12 1912.] THE CHRONICLE 965

BALANCE SHEET JUNE 30 premium on shares held by sub. cos., S13,010,502, balance, $19,769,587: (3) capital 1912. 1911. 1912. 1911. stock of sub. cos. in hands of public, S93.313; total as above, S177,726,200. Liabilities— $ $ c Includes in 1912 mortgage bonds, including merged roads assumed (less held by Road A equip.al88,859,339 188,322,303 Capital stock... 179,583,100 17S,798,500 New England Navigation Co., 570,000, and in treas., $201,000), $60,605,000; Securities of prop., I’rcm. on cap plain bonds, debentures and notes, incl. merged roads assumed (less SI,509,000 held Ac., eos_____ 151,741,668 138,730,414 stock sold___ 32,786,089 32,393,789 by New England Navigation Co. and 51,650 in treas.), $142,205,650; funded debt Adv. to prop. Debs., Ac., incl. of subsidiary companies, S39,242,392 Ac., cos...... 912,498 762,475 merged roads, Physical prop.. 8,313,362 8,004,354 assumed...... 143,716,300 151,593,200 EARNINGS OF CONTROLLED COS.— YEARS END. JUNE 30 1912. Miscel. invests. 69,746,299 65,941,147 Mtgc. bds., Incl. [Comparisons are with years ending June 30 1910; 1910-11 results not reported 1 Scours, in treas. 202,650 201,700 merged roads, Connecticut Company and Rhode Island Company. Marketable sec’s 27,643,783 42,045,415 assumed_____ 60,876,000 60,961,000 Mat’l & supplies 3,544,315 3,949,773 Obligations for [The Rhode Island Co. operates the trolley lines controlled in Rhode Island; sec Agts. Acond’rs. 2,930,358 2,374,584 advs. rec'd for page 79 in “ Electric Railway” Section of Sept. 1912. The Connecticut Company Acc.lnt.,div.,Ac. 976,730 935,660 constr., Ac__ 474,804 474,801 (wholly owned) operates under contract all the street railway companies in Connecti­ Traffic,Ac.,bals. 292,619 Equip. A pcrs’l cut owned and controlled by the N. Y. N. H. A Hartford RR. Co.; see page 78 in MIsccl. accts__ 4,982,683 4,514,111 prop'ty leased. 9,208,672 9,208,672 "Electric Railway” Section.” J Loans&bills rcc. 272,322 1,336,089 Traffi \Ac.,bals. 3,311,971 2,048,441 ------Connecticut Co.------Rhode Island Co.---- Cash ______25,366,051 28,164,985 VouchersAwagcs 4,351,641 4,119,299 Operating Revenue— 1911-12. 1909-10. 1911-12. 1909-10. Insurance fund. 1,983,355 1,782,793 I.oansAbills pay. 33,395,000 24,509.960 Freight...... $224,0191 f S213 4171 Accident fund.. 1,698,666 957,758 Miscel. accts__ 64,783 47,789 Passenger...... 7,582,025) $7,203,877 ( 4,649,004) $4,440,809 Sink., Ac..funds 640,652 539,65 i Int., divs., Ac., All other transportation revenue. 122,907| 57.48 Prepaid ins.,Ac. 9,939 58,141 due ______5,473,397 5,322,350 Other than transportation...... 101,670) 125,038) Temp, adv., Ac. 1,409,583 1,002,840 Acer. Int., divs., Misc., incl. gas, lightand water.. £740,436 Other dcf. deb. Ac ...... 3,226,383 3,157,192 items...... 4,217,982 2,493,974 Opcr. reserves.. 3,682,021 2,740,551 Total revenue...... $8,030,621 87,944,313 $5,045,006 $4,440,809 Def. credit items 62,575,534 62,101,917 Operating Expenses— Approp. surplus c-143,689 C362.695 . $972,974 $834,048 $410,061 $316,391 Profit and loss. .<112,575,471 14,275,015 Mai tenancc of equipment. . 630,433 518,725 435,996 264,124 Operation of power plants. 932,975 784,590 529,955 375,289 Total...... 495,744,855 492,118,175 Total______495,744,855 492,118,175 Opcration of cars...... 1,877,615 1,735,549 1,198,528 1,044,953 General expenses______. 562,4.85 588,678 517,836) a Road and equipment in 1912 ($188,859,339) consists of road and equipment Miscellaneous expenses___ 135,818 283,435 106,474/ 536,929 $188,723,917; miscellaneous electric properties, 8430,040; total, 8189,153,957; less $294,618 reserve for accrued depreciation of equipment. 6 Deferred credit items Total operating expenses. $5,112,300 $4,745,025 $3,198,850 $2,537,686 are reserves against corresponding assets representing possible credits to income Net earnings______. $2,918,321 $3,199,288 $1,846,156 $1,903,123 account, c Appropriated surplus represents Connecticut Ry. A Ltg. Co. sinking Other income______62,541 94,933 62,113 fund, cl After deducting adjustment of taxes, Manhattan and Bronx, N. Y. $415,253; replacement value of property abandoned, S257.924, net loss on rcaliza . $2,980,862 $3,199,288 $1,941,089 $1,965,236 tion and miscellaneous debits (net), $96,377. . 449,2 47\ V / 378,487) 1,391,671 Notc.— Contingent Liabilities.—The contingent liabilities not Included in the bal­ 1,012,539/ l 1,175,003/ ance sheet of June 30 1912 Include in addition to the joint liability with other roads and the guaranties of principal, interest and dividends on other securities men Balance, surplus ...... $1,519,076 ...... $387,599 $573,565 tioned in V. 93, p. 868, the guaranty of principal and interest of the 4M% 1st M gold bonds of the N. Y. Westchester A Boston Ry. dated July t 1911, $17,200 000 z The operations of the Gas Light A Water Co. departments from March 1 1910 and the Joint liability with N. Y. Central A Hudson River Rll. for any deficit in arc included in the income account of the Housatonle Power Co. operation of the Boston A Albany RR. y Taxes, rentals, Ac., amounted to S326.202 in 1909-10; int. charges not known Statistics of Combined Properties. Central New England Ry. OOperating n e r n t i Net (after Other Interest, Balance, INCOME ACCOUNT OF THE N. Y. N. II. A HARTFORD RR. SYSTEM. Fiscal Year— Revenue. Taxes). Income. Rentals, Ac. Surplus. Except N. Y. Ontario A West. Ry., Boston A Maine RR. and Maine Central RR $1,584,044 839,324 $809,683 $8(3,6S5 . 3,022,720 1911-12. 1910-11. 1911-12. 1910-11. 1,184,613 63,180 832,918 414,881 Revenue— $ § 8 S New England Navigation Co. Freight ...... 38,974,456 36,930,490 Accrued taxes___ 4,949,095 4,682,384 1911-12...... $4,697,614 $789,268 $3,146,972 $1,404,544 $2,531,696 Passenger...... 43,932,342 42,393,410 . 5,044,737 727,040 2,430,699 1,539,560 Mail...... 698,418 695.939 1,618,773 Oper. income___27,668,627 25,876,461 Hartford A New York Transportation Co. Express ...... 3,240,383 3,019,541 Other Income___ 4,787,487 3,504.057 Other transp. rev. 825,595 799 186 1,184,029 $222,687 $101,619 $78,508 $305,798 Other than transp. 1,955,855 1,781,520 Total income...... 32,456,114 29,380,518 1,210,045 202,975 39,952 223,023 Electric light____ 204,417 605,685 Deductions— Housatonic Power Co. Electric power . . . 619,055 501,293 Rentals leased rds. 5,062,527 5,063,855 . $081,617 $306,229 $299,987 $482,511 $123,705 ...... 175,952 481,537 Int. on bonds___ 3,310,496 2,884,380 . 303,012 238,107 8,683 144,139 102,651 Water...... 15,432 22,362 Int. on conv. deb. 2,665,307 3,081,760 [Includes operations from March 1 1910 of Gas Light A Water Departments, Int. on debentures 4,027,273 4,930,673 formerly operated by the Connecticut Co. (see above).] Total revenue---- 90 641,905 87,230,963 Other interest___ 1,298,731 589,011 Operating exp---- 59,407,632 58,070,456 Other rentals____ 2,197,014 1,929,129 New Bedford Martha's Vineyard A Nantucket Steamboat Co. Miscellaneous___ 379,263 328,308 1911-12...... $196,412 $13,153 ...... $1,766 $8,387 31,234,273 29,160,507 Dividends...... 12,609.668 10,880,691 Net rev. from out­ Berkshire Street Railway. side operations. 1,383,449 1,398,338 Total dcduc'ns.32,150,279 29,093,807 1911-12...... $884,743 $201,695 53,0-10 $164,986 $39,749 , Balance ...... sur.305,835 def.313,289 Nero York A Stamford Railway. Total net rev...32,617.722 30,558,845 1911-12...... $356,079 $84,518 $416 $78,929 $6,005 Note.—All of the stock of the companies comprising the system is in the treasury Westchester Street RR. of the N. Y. N. II. A Hartford RR. except $31,600 preferred and S28.000 common stock of the Central New England Ry. 1911-12...... $240,636 def.S7,235 $178 $7,483 del’.$14,540 —V. 95, p. 818, 481. SECURITIES HELD BY COMBINED SYSTEM. (a) Securities of Proprietary, Affiliated and Controlled Compatnies. Boston & Maine Railroad. Slocks (unless other- I’ar Book Par Value. Book Val. {Report for Fiscal Year ending June 3 0 1 9 1 2 .) wise indicated): Value. Value. N .Y .W .A I). Ry .$4,924,800 S6,241,952 Bos. A Prov. RR. $482,000 SI,458,325 do do notes _____ 5,708,000 The text will be cited another week. Boston Term. Co. 200 000 200,000 Nor. A Wore. RIt. 97,100 219,038 Ilartf.AC.W. RIt. 1,741,900 1,198,261 Old Colony R R ... 9,183,200 11,959,482 OPERATIONS AND FISCAL RESULTS. M. A M. Trans .Co. 2,531,7002,524,500 Prov. A Dan. Ry. 913,200 182,640 1911-12. 1910-11. 1909-10. 1908-09. Millbrook Co...... 100,000 100,000 Prov.W.AB.,com. 486,700 730,213 Miles operated June 30 2,244 2,243 2,243 2,243 do do notes 3,536,063 do do pref. 100 2 2 6 Operations— N. Y. Connec. RR. l ,500,666 1,527,204 Prov.A Wore. RR. 749,500 2,154,532 Passengers carried... . 49,284,076 48,066,086 47,305,852 42,836,742 do do notes 991,337 Rutland RR., pref. 2,352,050 2,304,977 Pass, carried 1 mile ..880,741,536 862,472,977 804,870,875 792,420,736 N. Y. Ont. A W. United Tr.AEl.Co. 1,926,800 2,025,205 Rate per pass, per mile. 1.782 cts. 1 .8 0 1 cts. 1.694 cts. 1.698 Cts. Ry., common..29,160,000 13,105,186 Miscellaneous...... 175,231 freight (tons) carried.. 23,694,987 23,064,301 _22,815,528______20,41. . . ,314 „ „ N. Y. Ont. A W. Fr’t (tons) car’d 1 m ile..2460990,977 2365046,613 2340444,728 2124899,447 Ry., preferred.. 2,200 3,212 Total...... $56,405,578 Rate per ton per m ile.. . 1.089 cts. 1.095 cts. 1.085 cts. 1.083 cts. (b) Miscellaneous Investments. Gross earns, per m ile ... $20,493 $ 1 9 ,9 8 2 $1 9 ,3 3 2 $17,625 B. RR. Hold. Co.$3,106,500 S3,106,5001 Miscellaneous...... $54,878 * Docs not Include street railways, 46.80 miles in 1911-12. WatcrburyG.L.Co. 1,442,000 1,460,6851 ______Total ...... - ...... - ...... S4,022,063 INCOME ACCOUNT. (c) Marketable Securities. 1911-12. 1910-11. 1909-10. 1908-09. Earnings— $ $ S $ Par Value. Book Val. Par Value. Book Val. Br. API .Tram. Co. $81,900 $127,428 Passenger...... 16,178,431 15,929,378 15,003,060 13,763,696 Prov. A D. 1st A Freight...... 26,811,513 25,891,481 25,451,237 Boston RR. Hold­ ref. M. 5s...... $600,000 $463,843 .23,014,439 ing Co., pref...24,493,900 24,493,900 Express A extra baggage 1,331,482 1,368,075 1,337,956 1,273,911 Sea View RR. 1st M alls...... 415,309 444,849 445,849 East .SS .Corp. .corn .2,000,000 840,000 M. 5s...... 600.000 570,581 511,964 do do pref.. 1,500,000 '1.462.500 U.Tr.AKl.lst M.5s 106,000 106,000 Miscellaneous...... 1,220,629 1,181,301 1,119,067 964,688 do do lstM.5s 2,500,000 2.437.500 Billard Co. notes...... 11,800,000 Hart.AC.W. notes ...... 819,782 Total ...... 45,990,304 44,815,084 43,357,175 39,528,698 M. A M. Transp. Miscellaneous___ 145,736 Expenses Co. 4% debens. 3,250,000 3,250,000 Total...... Maint. of way A strucs. 5,823,545 6,066,121 5,253,611 4,251,566 N. Y. W. A B. .547,322,270 Maint. of equipment__ 0,-111,596 6,248,435 5,446,735 4.730,779 1st M. 4^ s----- 800,000 800,000 Traffic expenses______475,938 500,351 544,016 516,417 Transportation expenses 21,317,653 21,229,175 19,075,789 17,800,498 COMBINED GENERAL BALANCE SHEET JUNE 30. General expenses______1,058,563 1,104,621 1,016,173 964,595 1912. 1911. 1912. 1911. T ota l...... 35,087,295 A ssets— § S Liabilities— s S 35,148,703 31,336,324 28,265,855 Road A equip. .a328,233,648 326152,585 Capital stock...5177,726,200 1768715,025 P. c. of op. exp. to earns. (76.29) (78.43) (72.27) (71.50) Securities of prop., Mortgage, bonded Net operating revenue.. 10,903,009 9,666,381 12,020,851 11,264,843 Ac., cos...... 56,405,578 40,455,237 A scc'd debt.c242,053,042 252925,592 Outside operations— net «143,423 a68,236 47,260 83,414 Adv. to prop., Ac., Loans A hills pay.34,533,000 22,600,000 companies ------1,033,541 1,678,314 11,046,492 9,734,617 12,068,111 11.348,257 Traffic, Ac., bals. 3,453,621 2,166,760 Taxes accrued______Physical prop----- 8,313,302 8,004,354 Vouchers A wages 5,806,421 6,123,120 2,086,864 2,089,905 2,076,880 1,789,933 Mlsc. securities... 4,622,003 3,506,311 Int.,divs.,Ac.,due 5,400,335 5,282,732 Cash ...... 28,417,437 30,644,350 Operating income___ 8,959,628 7,644,712 9,991,231 9,558,324 Mlsc. accounts... 240,710 296,487 Income from rents____ Marketable securs.47,322,270 50,954,540 Accrued Int., Ac. 3,339,512 3,218,759 273,997 261,400 231,886 218,701 Securs. in treas.. . 201 700 Inc. from stocks A bonds 377,227 402,711 375,390 325,672 Accrued taxes----- 22,154 33,359 Interest and miscell Loans A bills rcc. 5,021,520 6.54R364 Operating reserves 4,105,058 3,951,735 201,642 107,393 134,477 74,527 Agts. Acond’rs— 3,564,156 2,669,341 Otn.def.crcd.Items 2,859,064 2,324 445 Net Income______Mat’ls A supplies. 5,145,373 5,807,789 Approp. surplus.. 443,689 362,695 9,815,494 8,506,216 10,732,984 10,177,225 Misc. accounts... 5,307,959 5,779,047 Deduct— Equip. A personal Rentals of leased roads. 5,176,879 Acer, int., dlv„Ac. 059,660 601,514 property leased. 8,372,385 8,304,671 5,385,054 5,265,498 ,246,433 Temp, advs., Ac. 2,164,442 1,757,360 Hire of equi ment_____ 1,063,995 818,581 752,670 626,423 Def. liab. acct. Rent of tracks,yards, Ac. Sinking funds----- 040,652 699,853 net assets, Conn. 171,884 53,637 51,499 28,624 Insurance funds.. 1,100,810 2,176/96 Interest accrued__ . 2,083,703 1,834,171 1,783,910 ,859,357 Ry. A Ltg. Co.. 626,287 626,237 Sinking fund payment.. Accident fund----- 1,089,404 1,698,000 Profit and loss-----14,900,609 19,600,015 28,785 2S.785 28,785 28,785 Oth.dcf.deb. items 4,900,151 3,363,068 Additions A betterm’ts. 198,842 41,099 Divs. on pref. stock (0%) 188,988 188,988 188,988 188,988 Total...... 503,942,087 504,692632 Total...... 503,942,087 504092,632 Divs. on com. sto ck ...(4)1,578,903(5^)1769983(6)1,679)532 (0)1,628)373 , l “ ^ ' ’7Sl775°ft^M 832S rr,-I)n,9 n22/5'377’2,5: n°ntln8 street railways, Ac., __Balance ------def .477,703df. 1,602,983 sur.783,200 sur.529,1 ?ne0nt,2$4317372°ta ’ S' 28,C<5j,°20' less> rescrvc for accrued depreciation of equip- a Includes net earnings of electric street railways, 46.80 miles In 1 6 deludes In 1912 (1) capital stock, $179,583,100, less $21 571 900 held bv New against 47.53 miles In 1910-11. The earnings of these roads were: England Navigation Co. and 5147,900 by Rhode Island Co.; balance $157 863 3 0 0 in 1911-12, $246,005, against $235,482; net, $58,978 in 1911-12. (2) premium realized on capital stock sold (since July 1 1909) $32 786 089 less $27,953.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9ot> THE CHRONICLE [VOL. LXXXXV.

COMBINED INCO E ACCO NT. The greater portion of the locomotives have been In service from 10 to 28 years and there have been no new locomotives acquired since 1905 [Includes the Boston & Maine RU., Vermont Valley IIR., Sullivan County, when the fifty Consolidation engines now used in through freight service R li., York Harbor & Beach UK., Mt. Washington Ry., St. John bury were purchased. These engines have required new llrc-boxcs and general & Lake Champlain lilt., Montpelier & Wells River RU., Barre RU. heavy repairs, white the repairs to many of the older engines practically and Conway electric St. Ry., with inter-co. transactions eliminated.] amounted to rebuilding. The entire freight car equipment is over ten 1911-12. 1910-11. 1911-12. 1910-11. years of age, except 500 steel hoppers eight years old, the only steel Revenue— 3 5 S S cars owned. The maintenance of a considerable portion of these light Freight...... 28,015,774 27,081,558 Total net rev____ 11,543,390 10,292,983 capacity wooden cars of obsolete design practically amounts to rebuilding. Passenger...... - 10,200,544 10,029, 08 Taxes accrued___ 2,155,903 2,105,903 Out of a total of 10,773 freight cars owned June 30 1912 there were 2,139 Mail------474,296 474,949 out of service, or condemned, leaving 8,634 revenue cars, of which 0,833 Express — ...... 1,240,164 1,278,977 Oper. income.. 9,387,427 8,127,020 arc open cars that can be used for coal and ore traffic. Other trans. rev. 1,129,127 1,024,030 Other income___ 819,314 775,588 Taxes.— Taxes amounted to $307,225, compared with $248,007 In 1911, Other revenue— 700,185 740,983 an Increase of $119,217, this being due to change in the method of assess­ Gross eorp. Inc. 10,200,741 8,902,008 ment in Ohio under the Smith 1%, law. Total oper. rev 47,820,090 46,630,306 Deductions— Bridges, Improvements, &c.—The construction of steel bridges over the Expenses— Rent, leased roads 5,170,879 5,385,05.3 Sandusky River at Fremont, 387 ft. long; over the Huron River at Monroe­ Main, of way, &c 0,129,201 0,383,479 Hire of equipment 1,151,570 920,398 ville, 205 ft. long; over the Huron Hiver at Norwalk, 240 ft. long; over the Main, of cquioment 0,000,707 6,414,786 Other rents...... 189,321 09,740 Vermillion River at Clarksfield, 104.9 ft. long, the contracts for which were Traffic...... 480,477 509,423 Interest accrued-. 2,305,008 1,979,132 let during the latter part of the fiscal year 1911, has been completed; the Transportation . 22,10.8,014 21,937,981 Sink. fd. payment 28,785 28,785 old structures, which were approximately 15 years old, being replaced General...... 1,101,724 1,159,890 with deck girder spans, designed for Cooper’s E-60 loading. At Limestone Total deduc’ns. 8,851,563 8,383,108 a one-span deck girder, 90 ft. long, was constructed over Tousiiant Creek. Total op. exp. 30,426,123 30,405,55'.) Balance, surplus.. 1,355,178 519,509 Two bridges on the Cleveland Belt Line were reconstructed, 35:) ft. of girder Net oper. rev__ 11,399,967 10,224,747 spans replacing the truss spans. 11 trestles, aggregating 534 ft., were Outside op. rev.. 143,423 68,230 replaced with cast iron pipe and filling. Three trestles, aggregating 104 ft. were replaced with concrete culverts; 45 trestles, aggregating 4,747 ft., Total net rev.. 11,543,390 10,292,983 and four steel bridges, aggregating 285 ft., were rebuilt In kind. Contracts have been awarded for steel bridges over Tuscarawas River BALANCE SHEET JUNE 30. near Bolivar, 280 ft. long, and over Tuscarawas River near Zoar, 120 ft. 1912. 1911. 1910. long, also for replacing with permanent concrete culverts five pile trestles; Assets— $ 8 S also replacing wooden highway bridge at Hartland with pc.mauent con- Road and equipment______a80,910,874 82,539,483 07,523,403 cretc tin cl steel bridge. Stocks of controlled, &c., companies. 11,955,066 8,301,008 11,073,84 5 There were used for rail renewals a total of 1,506 gross tons of various Bonds of controlled, &c., cos ____ 515,019 545,610 545,619 Real estate______218,087 218,700 290,552 Leased roads for betterments, &c___ 1,865,832 1,289,953 1,827,244 miles, or vviiiun o.u.i i u. iveie n.-ievi m*. . . .. ' V. ... , T Cash______7,808,034 7,075,233 0,393,275 ft. (0.0 miles) between Norwalk and Monroeville, and 11,300 ft. (2 miles) in Loans and bills receivable...... 2,998,380 007,371 1,165,500 connection with the change of line at Bellevue. In work Traffic, &c\, balances______. . 58,112 124,292 95,017 was commenced relaying line between Pine Valley and Warrenton with new Agents and conductors...... 1,063,294 1,428,093 1,425,049 90-lb. rail, and 0.2 miles have been laid. There was also 3,030 ft. of new Materials and supplies______-- 3,874,811 4,774,784 3,928,340 90-lb. rail laid just east of Somerdale. , , „ , Miscellaneous accounts____ — - 1,614,720 1,417,712 1,313,956 During the year there were distributed 48,069 cu. yds. of gravel ballast, Advances to leased roads____ 1,757,787 2,415,644 1,408,023 ,375 cu. yds. of cinder ballast, 20,475 cu. yds. of slag ballast and 374 1,098,281 1,030,579 905,220 u. yds. of stone ballast; a total of 77,293 cubic yards. At Twinsburg ;s 1,093,055 1,109,050 743,900 reverse curve on a long tangent was eliminated. At Bellevue the original 991,062 812,420 594,918 fine was extremely crooked and the rail badly worn. The main track was Other deferred debit items re-located, eliminating a dangerous curve and improving the yard and station 118,519,014 113,750,007 90,354,485 track layout at this point. The elimination of Dunham road grade crossing Liabilities- ■ just outside tnc city of Cleveland was practically completed. 38.529.791 28,841,091 Of tlic $098,779 from Income expended for additions and betterments, it Install, rec’d on shs. not iss'd _ 2,000 382,750 has been necessary under the classification of the I. C. Commlsdon to charge Preferred s t o c k ..,______. - 3,1-19,800 3,149,800 3,149,800 $101,801 to operating expenses under the headings maintenance of way Premiums on common stock sold. 0,501,020 0,453,410 5,446,331 and structures and maintenance of equipment, increasing operating ex­ Funded debt______43,849.000 43,849,000 42,073,000 penses abnormally to this extent. Loans and bills payable. _ .. 12,000,000 0,250,000 4,400,000 Future Rehabilitation. -The following rehabilitation work based upon Traffic, &c., balances______.. 1,373,500 1,402,587 1,300,679 Immediate reetulrcments for economy and safety, remains to be provided Vouchers and wages___ .. ... 3,063,044 3,917,988 2,983,520 for. Laving new 00-11). rails on 99.8 miles of road at an estimated cost of Matured interest, &c______31,883 28,724 20,200 $019,805 and 80-11). used rails on 78 'A miles of road at cost of $100,325; 373,273 432,020 reconstruction of bridges, $568,310. [As indicated above there is also Common dividends July 1__ _ 395,050 need of a large amount of new rolling stock in order to operate econom­ Interest and rents July 1 . 1,154,109 1,428,347 1,567,678 1,109,058 580,710 ically and to get rid of the heavy charge for hire of equipment, which Mlsccllanc: us accounts. ______715,841 as shown above, amounted in the late year to $203,001 — Ed.] Accrued interest, rents, &c— .. 1,423,455 1,359,280 1,325,780 . 1,852,340 1,852,346 1,824,245 Lake Coal Rate Case.— The increase of $22,345 in general expenses is Sundry lease accounts...... 503,215 chiefly due to law expenses incident to the Lake Coal Rate Case, covering Other deferred credit items. . 102,202 97,408 more than 3 years. The complaint originally made to the Ohio HR. Appropriated surplus . . . . . 61,289,022 1,221,920 1,156,508 3,010,424 Commission was for a reduction of the rate from 90c. to 60c. per ton. lhc Profit and loss ______— . cl,812,091 2,284,912 Commission reduced the rate from 90c. to 70c., its order being subse­ 99,354,485 quently set aside by the U. S. Circuit Court as unconstitutional, Inasmuch Total...... 118,519,614118,519,014 113,750,007 as the Inter-State Commerce Commission had exclusive jurisdiction to regulate the rate. This decision was subsequently affirmed by the U. S. a Includes in 1912 investment in road, $55,326,452, and in equipment, Circuit Court of Appeals and later by the U. S. Supreme Court. (V. 9^., $28,660,051 (excluding leased road equipment inventoried at the inception p. 1245; V. 9 1. p. 1509.) „ , . . , of leases at $8,101,553), less reserve for accrued depreciation of equipment, Later the shippers filed a complaint with the I. C. Commission, but $3,070,228. b Appropriated surplus in 1912 includes additions to property before the complaint was decided said Commission reduced the Lake cargo since June 30 1907, through Income, $191,341. and sinking fund for redemp­ coal rate from the Pittsburgh district 10c. per ton, making it necessary tion of improvement bonds, $1,098,281. c After adding profit on sale of for tills company, on account of competition, to make a corresponding real estate, $283,877, and deducting depreciation accrued prior to July 1 reduction in the Lake Cargo rate applicable to tills line. Subsequently 1907 on equipment retired during the year, $200,071, and miscellaneous the Commission reduced the No. 8 Ohio coal rate 10c. per ton In conformity (net), $18,924.— V. 95, p. 740, 478, with the voluntary reduction previously made. W heeling & Lake Erie Railroad. OPERATIONS AND FISCAL RESULTS. 1911-12. 1910-11. 1909-10^ 1908-09 . {Report for Fiscal Year ending June 3 0 1 9 1 2 .) Average revenue mileage 457 457 457 4 <2 Operations-, ------— 8.33R704 ^R eceiver B. A . W orthington, Clev., June 30, wrote in subst: 10.6 11.187 9,525,749 9,974,074 Results.— Gross operating revenues amounted to$7,498,147, an increase 175403.308 1059.785,592 1100,045,300 compared with 1911 of 10.20%, and an increase of 7.88% compiled with reight train miles------1,073,953 1,650,054 1,801,938 1910, the largest previous year. The decrease in gross from $533,097 in Av. net tons per tr. m .. 740 080 040 020 to $380,003 in April 1912 was due to the suspension of coal­ Revenue per ton per mile 0.547 cts. 0.543 cts. 0.539 cts. 0.540 cts. mining on the line during practically all of April 1912, pending the Revenue per train mlle. $3.81 $3.48 $3.29 $3.18 readjustment of the miners' wage schedule. Compared with 1 9 1 1 , revenue Passengcrs (N o.)------1,800,707 1,812,055 l,44u,980 1,101,790 from general freight increased 2.76%; ore, 63.87%; coal, 1 6 .1 8 %; mis­ Passengers 1 mile (N o.). 40.004,638 39,219,243 37,081,041 30,442,152 cellaneous, 5.15%. Passenger revenue decreased .67%. Of the total Rev. per pass, per mile. 1.51 Cts. 1,55 cts, 1.50 cts. 1.63 cts. tonnage handled, coal traffic contributed 46% in 1912; 45% In 1911; 44% Gross earnings per mile. $16,395 $14,870 $15,198 $12,711 In 1910; 17% In 1909; 45% in 1908, and 47% In 1907, Net earnings per mile__ $5,379 $4,497 $4,7o5 $3,241 Bituminous Coal Tonnage (from a table in the pamphlet report). INCOME ACCOUNT. 1 1911-12. 1910-11. 1909-10. 1908-09. 1907-08. 1009-10. 1008-09. 4,877,102 4,328,082 4,398,558 3,893,700 4,191.711 1011-12. 1010-11. Net operating revenue amounted to $2,459,811, compared with $2,056,440 Operating Revenue— 5 ? $ $ 3,157,050 2,717,782 2,841,679 2,338,053 In 1911 an increase of 19.01%; and, compared with 1910, tlio largest prev- Coal freight...... - 3,086,890 2,466,360 , „ U9 year, an increase of 13.13%. Nevertheless the expenditures for Other freight...... 3,276,444 3,037,334 lous 003,703 607,836 565,045 497,714 maintenance of way and structures were Increased 10.58% and for main­ Passengers...... 87,090 86,154 tenance of equipment 5.57%, compared with 1911. There is also included Mall and express...... 105,028 08,811 285,545 270,586 261,800 180,110 in maintenance of way $161,801, incident to various renewals, additions Miscellaneous — ...... 103,433 56,245 anil betterments which, under the classification of the I. C. Commission is Other than transportation 09,710 68,358 properly chargeable to operating expenses; in 1911 this item was $148,110. 6,950,437 Ore traffic, which had amounted to slightly in excess of a half-million Total oper. revenue.. 7.498,146 6,800,707 5,633,645 tons for the years 1908 to 1911 inclusive, aggregated 840,001 tons in 1912. Operating Expenses— 700,714 an increase compared with 1911 of 328,247 tons, or 02%. This traffic, Maintenance of way. &c. 871,515 747,538 617,056 1,402,075 1 ,328,110 1,389,684 1,380,978 while it pays a very low rate per ton and per ton mile, is handled in the Malnt. of equipment — 85,648 74,231 direction of empty train movement and at only slight additional expense. Traffic expenses...... 90,315 96.136 2,485,884 2,406.282 2,366,947 1,947,807 As compared with the year 1907-08, the first year of the receivership Transportation expenses 167,061 notwithstanding an Increase in gross ton miles of 21.05%, the freight General expenses...... 188,546 166,201 179,746 train mileage increased only 3.06$$, so that the average net tons per 4,776,054 train mile increased 22.92% and the average revenue per train mile in­ Total oper. expenses. 5,038,335 4,744,267 4,200,718 2,459,811 2,056,440 2,174,383 1.432,927 creased from $2 74 In 1908 to $3 84 In 1912. or 40.15% . The more striking Net operating revenue.. 201,504 features in connection with traffic and transportation statistics are shown Taxes -- ...... 307,225 248,007 260,336 in the report graphically on charts attached to the report. The deficit In 1908 of $003,927 has been converted to a surplus of $718,117 Operating income----- 2.092,580 1,808,433 1,912,878 1,172,591 However, tho deficit In the earlier year Includes $400,000 interest on the Outside operations...... 1,770 515 035 902 company’s Issue of $8,000,000 three-year gold notes, which Is not 1.808,948 included in subsequent years, so that on a comparable basis the deficit T o ta l______2,094,362 1.013,813 1,173,493 in 1908 would amount to $203,927. There was an Increase in the debit Hire of equipment— bal. Dr. 268,353 Dr. 64,752 Dr. 55,486 Dr. 59,567 under hire of equipment in 1912 from $64,751 in 1911 to $208,3o2,or $203,­ Miscellaneous...... 24,157 32,920 86,847 32,980 601, from which it is apparent that had it not been necessary to take out of service 2,139 light capacity wooden coal cars of obsolete design, the Total Income...... - 1,850,160 1,777,110 1.915,175 1,146,906 surplus for the fiscal year 1912 would have been something over $900,000. Deductions—• £633,030 £633,030 £633,030 321,110 Maintenance.— A considerable portion of the increase In maintenance of Int. on mortgage bonds. 106,500 132,653 way and structures Is Incident to the heavier tie renewals. Int. on equip, obligations 94,982 120,290 Interest and discount — 08,997 69,741 68,250 50,577 Maintenance of W ay and Structures per M ile of Total Track. Int. on receiver’s certlfs. 244.466 250,655 234,112 06,123 [In 1912. 920 miles, viz.: main, 522; sidings, &c., 404.] Discount on recelv. certs. 2,828 11,280 61,670 1912. 1911. 1910. 1909. 1908. 1907. 1906. 1905. 1904. 1903 Rents paid...... 00~ 574 66,311 92,753 37,305 $942 $872 $898 $772 $862 $961 $1,045 $976 $937 $1,139 Rental of equipment from Tie Renewals— Number of Ties— per Mile of Main Track. 182,160 1912. 1911. 1910. 1909. 1908. 1907. 1900. 1905. 1904. 1903 Equip, oblig’s pd. by rcc’r 245,000 237,877 334 223 360 272 219 214 200 254 280 279 Total deductions___ 1,132,049 1,129,155 1,407,724 1,119,474 Cost of Repairs to Locomotives, Passenger Cars and Freight Cars sur718,lt7 sui-617,901 sur537,451 sur27,432 1912. 1911. 1910. 1909. 1908. 1907. ' 1906 Bal., surp. or deficit___ $2,755 $2,925 $2,771 $3,170 $1,941 $1,701 $1,594 On hand. No.. 192 198 198 225 244 243 207 x Deductions In 1912, 1911 and 1910 on account of mortgage bond interest Per pass. ca r.... $593 $007 $681 $835 $355 $434 $73 ($633,030) include 12 months’ interest on the following Issues: Lake Erie On hand, No.. 70 77 70 70 70 77 77 Division 5s, $2,000,000, $100,000: Wheeling Division 5s, $894,000. $14,700, Per freight car. $47 $38 $44 $01 $32 $35 $30 extension and Improvement 5s, $409,000, $20,450; consolidated 4s, $11,­ .10,773 11,200 11,929 13,039 14,218 13,890 12,113 097,000, $467,880. As to deductions in 1908-09, sec V. 89, p. 842.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 1 )6 7

COMPANY'S BALANCE SHEET JUNE 30. 1012. 1911. 1912. 1911. Western Union Telegraph Company. Liabilities— S S KoadNfecqulpm't.58,030,358 58.262,325 Common stock__ 20 ,000,000 20,000,000 {Report for Fiscal Year ending June 3 0 1 9 1 2 .) Secure, issued or First prof, stock-- 4 ,086,900 4,980,900 The remarks of President Vail will be found’at length on assum—pledged 12,000,000 12,000,000 Second pref. stock.11 ,993,500 11,993,500 Secure, of control’d Mortgage bonds. .35 ,000,000 35,000,000 subsequent pages. Below we show the comparative in­ cos.—unpledged 360,018 300,018 Loans & bills pay. 1 ,155,000 1,155,000 come account and balance sheet for several years: Other investments 3,102,480 3,103,689 Vouchers A wages. 050,709 052,542 Cash______1,730 1,831 Miscell’s accounts, 17,028 118,274 RECEIPTS AND DISBURSEMENTS. Miscell’s working lilt., &c., due & 1911-12. 1910-11. 1C09-10. 1908-09. assets...... 122,864 121,807 accrued...... 1 708,447 1,308,497 Revenues for year...... $41,661,43! $35,478,793 $32,754,111 $30,541,073 Del. debit items.- 40,904 42.170 Oper. exp., incl. rent of Proflt and loss___ 1,913,221 1,379,207 leased lines, re-con- $29,153,632 $25,764,4051' $23,193,966 Total - ...... 75,572,241 75,274,713 Total ______75,572,244 75,274,713 Taxes 713,414 900,000 849,898J RECEIVER'S BALANCE SHEET JUNE 30. 1912. $30,053,632 $26,614,303 $23,193,966 1911. 1912. 1911. Balance------$5’,597’,603 $5,425,161 $6,139,808 $7,317,107 A s se ts — s 8 Liabilities— S S Income from Invest., Ac. 1,326,368 1,680,196 1,135,092 Itoad & equipment_a5,369,220 4,919,934 Car trust bonds...... 287,500 386,500 (?) Ad van. to controlled Equip, sk. Id. bonds. 1,548,000 1,07.3,000 Net profits...... $6,923,971 $7,105,357 $7,274,900 cos. lor constru’n. 1,014,700 1,014,70 Receiver’s certifs__4,190,850 4,190,850 $7,347,107 Misc. investments 03,400 Disbursements— 03,400 Traffic, Ac., balances 99,375 128,495 For interest on bonds. . . $1,670,417 $1,733,390 $1,687,830 $1,732,250 Cash...... 992.379 817,542 Vouchers & wages.- 053,107 594,715 Reserves for repairs and Agents & conductors 100,411 127,194 Miscel. accounts----- 112,097 44,845 reconstr. of land lines *1,250,000 Materials A supplies. 420,858 428,219 Int. & taxes accrued. 557,70S 495,035 Cash dividends...... ' 2,991,823 2,991,304 2,989,696 2,739,436 Misccll. accounts.. . 985,404 944,258 Deferred credit items 180,701 102,382 Rate per annum_____ s% 3 % Deferred debit items. 171,084 101,057 Prollt and loss...... 2,088,718 1,309,882 3% 2 H% Total disbursements.. $5,912,240 $4,724,694...... $4,677,526...... $1,471,686...... ____Total ...... 9,718,110 9,010,301 Total...... 9,718,116 9,046,304 Balance ------sur$l,011,730sur$2,380,663sur$2597,374sur$2875,421 a Road and equipment (before crediting $561,271 for reserve for accrued burp. July 1 (beg. year) 10,114,350 7,733,693 18,867,462 15,992,041 -depreciation of equipment, viz., $5,930,492) consists of (1) road, $2,401,841 „ T o ta l...... $11,126,086 $10,114,356 $21,464,836 $18,867,462 of which $1,163,138 was derived from receiver’s certificates and $1,238,703 Prem. on conv. redeem. from income; (2) equipment, $3,5 8,650, of which $603,257 was provided bds. ret. May 1 1912. 400,000 ...... by receiver’s certificates, $865,893 from income, and obligations are out­ Adjustments------13,731,143 ______standing for the remainder, $2,059,500.— V. 95, p. 888. Surp. June 30 (end ycar)$10,726,086 $10,114,356 $7,733,693 $18,867,462 Central of Georgia Railway. t appropriation is in addition to the 6 months’ appropriations from (■Statement for Fiscal Year ending June 3 0 1 9 1 2 .) Jan. 1 to June 30 1912 ($1,700,000). See remarks on a subsequent page. Year ending June 30— 1911-12. 1910-11. 1909-10. 1908-09. Fiscal Miles of Miles of No. of Messages Total Net Operating revenues-----$13,932,153 $12,907,788 $12,052,756 $11,155,182 Year, poles&cables. wire, offices. sent. income. profits. Operating expenses----- 9,923,262 9,020,093 8,474,010 7,862,036 1866-67------46,270 85,291 2,565 5,879,282 $6,568,925 $2,624,920 1879-80------85,645 233,534 9,077 29,215,509 12,782,894 5,833,938 Net operating revenues $1,008,891 $3,887,095 $3,577,846 $3,293,146 1892-93------189,936 769,201 21,078 66,591,858 24,978,443 “ Outside operations (net) 08,590 77,850 09,771 61,548 Total net revenue----- $4,077,48! $3,905,551 $3,647,017 $3,354,094 Taxes accrued...... 625,504 560,125 540,619 487,827

Opcr. Inc. (after taxes) $3,451,977 $3,405,426 $3,106,998 $2 ,8 0 0 ,8 0 7 1909- 10 - 214,360 1,429,019 24,825 75,135,405 33,889,203 7,274,900 Other Incom e...... 707,300 708,874 730,182 720,056 1910- 11 - 215,763 1,487,345 24,926 Not given 37,158,989 7,105,357 1911- 12 - 217,4721.517,317 25 392 Not given 42,987.807 6,923,071 Total income...... $4,159,337 $4,174,300 $3,837,180 $3,587,523 Int. on funded debt, Ac. 1,900,190 1,927,950 1,959,556 1,977,844 •Not Including messages sent over leased wires or under railroad contract. Rentals and mlsceflanc’s 592,948 523,604 558,285 550,414 BALANCE SHEET JUNE 30. Betterments (lncl. res’ve) .. . 1.147,307 1,318,123 837,102 Tax settlement (prior to 1912. 1911. 1912. 1911. July 1 1908)...... 213,502 Assets— S S Liabilities— $ Telegraph lines Capital stock... 99,786,759 99,780,903 Balance...... $1,666,193 sur.$575,433 sur.$1,210 sur.$2,001 and cquipt.a.129,000,539 131,503,226 Sub fltks.not owned(par): Real estate___ 5,948,150 5,913,876 There was reserved for 5% dividends on the 3 classes of the remaining Perpetual leases 3,435,475 3,435,475 Patents...... 122,935 ' 108,957 Stk. ownership 457,900 458,000 income bonds outstanding, which were paid Oct. 1 1912, the sum of $21,­ Amount recover­ 587. Total surplus June 30 1912, after payment of the same, $1,798,883. Fund, debt (see — V. 95. p. 889, 110. able at expira­ ‘‘Ry.AInd.”sec.)c32.602,000 40,584,000 tion of lease.. 1,180,000 1.1S0.000 Temporary loan ______3,500,000 Stk. of cos. leas’d 66,267,267 66,263,453 Accts. payable. 3.244,175 1,985,023 International Agricultural Corporation, New York. Stk of cos. not Accrued taxes.. 461,423 787,342 lereed------4,874,769 4,878,583 Int.Agu.dlvs.accr’d 319,287 Sinking fund__ 323,586 {Report for Fiscal Year ending June 3 0 1 9 1 2 .) 69,367 33.890 Unpaid dlvs.On- Misc. investm’ts 357,8S7 356,728 clud. July 15) 781.999 779,544 Ernst] & Ernst, Public Accountants, Sept. 26, wrote in part: Purchase money Def. non-lnt.- notes Aoblig’ns 8.000,000 16,500,000 We have completed our third annual audit of the books of the corporation bearing 1 lab II’s e 12,385,763 12.382,901 Material A supp 2,308,585 2,431,644 Res. for cables. 1,585,081 1,333,221 and its subsidiaries, the Atlas Phosphate Co., the Agricultural Investment Bills A accts. rec. Res. for reconst. ■Corporation and the Florida Mining Go., and submit herewith condensed (less reserve). 6,313,001 5,092,298 of land lines. 1,411.981 Treas. balance.. 3,082,492 1,599,488 Other reserves.. 327,062 389,727 Surplus...... 10.726.0S7 10,114.356 sohaft Is based upon option price under which, if exercised, there will be _____Total ...... 107,524,992 175,860,143 Total...... 167,524,992 175,860,143 .?h.™yoVr cornPanF under the terms of contract $500,000 of your pref. 8 mi a!' *’'00,000 of your common shares at par and the balance In . a Telegraph lines and equipment Include properties controlled by stock ownership balanc9 oiisteut (jewerkschaft is now pending settlement. Provision has been cos. leased does not Include securities held by the company as lessee, amounting to a made lor all known llablltles, Including accrued dividends, interest, taxes, par value of $2,236,642. c Funded debt Includes In 1912 bonds of subsidiary cos u c; Owing to the company's liberal policy with reference to maintenance assumed or guaranteed by the W. U. Tel. Co., $7,000,000, less held In treasury! a? « i P ? alrs’ atlc* expenditures made therefor, and the present high degree S3,143,000. e Deferred non-interest-bearing liabilities consist of proceeds of sales or erticlency of all of its plants, no specific provision has been made for de­ of securities and other properties held under leases for terms expiring In 1981 and preciation, as it is considered that such expenditures fully offset tills item. fr.omlessee cos. in which the W. U. Tel. Co. has for the most part a controlling S e a also offering of $9,892,000 bonds in June last, V. 04, p. 1767; also interest, payable only on the determination of the leases.—V. 95, p. 685, 425. sec V. 94, p. 909, 282. CONSOLIDATED INCOME ACCO UNT YEARS ENDED JUNE 30. GENERAL INVESTMENT NEWS. 1911-12. 1910-11. 1911-12. 1910-11 - $ S •S S Net (aft. rep’rs.Ac.).2,031,209 See Balance ...... 1.405,513 1,420,340 RAILROADS, INCLUDING ELECTRIC ROADS. Int. on bonds, A c.. 565,096 below. Pref. divs. (7%)---- 914,505 835,527 Balance...... 1,405,513 1,420,346 Surplus...... 551,008 584,819 Alabama New Or’eans Texas & Pacific Junction R ys.— Beginning Oct. 1 1912, upon surrender of coupons Nos. 43 and 44, due ,, "Gross earnings’ ’ for the fiscal year 1910-11 (after deducting interest on April 1 and Oct. 1 1912, Interest for the cal. year 1912 was paid on the floating debt) were $2,041,917; general selling and overhead expenses £840,000 "C” (Income) debentures at the full rate of 5%, less income tax $021,571, leaving remainder, as above, $1,420,346. at“* office----- of* ^i.." Glyn, mu-Mills, Currie---- •- A• 'i-Co., »— London. V. 94, p. 628. INTERN AT. AGRICULTURAL CORD. BALANCE SHEET JUNE 30. Alabama & Vicksburg Ry.— Earnings. -F o r y e a r : 1912. 1911. June SO. Operating *7‘''Net Interest " ' '

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis [VOL. LXXXXV. 968 THE CHRONICLE

Boonville St. Louis & Southern Ry.— Listed.— 1T h e N e w Louisville & Nashville RR.— Option to Subscribe.— T h e York Stock Exchange has listed the $500,000 1st M. 40-year capital stock having been increased from $60,000,000 to 5% bonds, due 1951, guaranteed, principal and interest, by $72,000,000, a circular dated Oct. 10 1912 offers to share­ holders of record at 3 p. m. Nov. 7 the right to subscribe the Missouri Pacific R y.— V. 93, p. 285. at par ($100 a share) on the warrants of the company, at Boston & Maine RR.— Report.— See “Annual Reports.” its office, 71 Broadway, N . Y ., not later than 3 p .m . Dec. 16, Securities Authorized.— The stockholders voted on Oct. 9 for the $12,000,000 new stock, to the extent of one share to issue $10,663,700 additional common stock and $7,500,000 for every five shares of present holdings. 20-yr. bonds, of $1,000 each, bearing not to exceed 4 XA% i n t ., Subscriptions arc payable $20 per share at time of making subscription, for the purposes stated in V. 95, p. 749. not later than Dec. 10 1912, and $80 per share on or before I'eb. 10 1913. Subscription warrants ancl a fuller circular will be mailed Nov. 1.) lyi^* Boston Railroad Holding Co.— Dividend— Status.—• Fractional rights must be adjusted by sale or purchase in the open market. See N. Y. N. H. & H. RR. under “Annual Reports” above.—V.94,p.205. Compare V. 95, p. 544, 891, 895, 886. Brazilian Traction, Light & Power Co.— First Dividend. Mexico Northwestern R y.— New Officer.— U. de 13. Daly An Initial dividend of \'A% has been declared on the 5 1 0 1 , 5 0 0 ,0 0 0 sto c k for the quarter ending Oct. 31, payable Nov. 15 to holders of record Nov. 1. has been elected Treasurer.— Y. 95, p. 478, 17G. Dividends arc payable in London, N. Y., Belgium, and Ger­ Minneapolis St. Paul & Sault Ste. Marie R y.— Guaranty.—• many, at places corresponding generally with those mentioned in V. Do, See Wisconsin Central R y . below.— V . 95, p. 750, 745, 544. p. 175; payments In London are subject to the income tax. __ Certificates of deposit Issued by the Canadian Bank of Commerce for Missouri Kansas & Texas Ry.— Acquisition.— T h e c o m ­ shares of the companies amalgamated will be exchanged for shares of the Brazilian company at the main office of the bank at Toronto on and after pany has purchased the entire capital stock of the Beaumont Oct. 1, except shares In exchange for those of the Rio dc Janeiro 1 ramway, & Great Northern R R ., which extends through the lumber Light & Power Co., which will not be Issued until after Nov. 1. v . 9o, district from Weldon to Livingston, Tex., 49.3 miles, con­ p. 618, 543. _ necting with the “Orphan” branch of the M. K. & T. at Central New England R y.— Improvements— Earnings. See annual report of N. Y. N. H. & H. RR. above. V. 95, p.418. Trinity.—V. 95, p. 111. _ Central Park North & East River R R .— Foreclosure Sale.— Nashville Chattanooga & St. Louis R y.— Earnings.— Gross Net Other Int..Taxes Dtvi- Balance, The property will be sold at foreclosure sale on Oct. 31, by June SO Earnings. Earnings. Income. & Rents. dencls. surplus. decree of the U. S. District Court, under the consolidated 19lY-l2.. 12,262,675 2,883$,804 373,221 1,860,845 (6^)649,002 747,178 mortgage for .$1,200,000. 1910- 11..12,323,863 3,043,903 437,948 1,850,909 (6)o99,079 1,031,863 The sale will take place at the north main entrance of the County Court — V . 95, p. 111. House, Manhattan.—V. 94, p. 910. New Orleans & Northeastern RR.— Earnings.— F o r y e a r : Chicago Great Western RR.— Changes.—• June SO. Operating Net (after Other Int. & Dividends Balance, W. A. Garrett has been chosen Vice-President In charge of operation, Year— Revenues. Taxes). Income. Rentals. Paid. Surplus. assuming the duties of Gen. Mgr. In place of Hira, J. Slifer, who resigned. 1911- 12.-.$3,765,754 $878,235 $148,578 $655,429 (5)$300,000 $71,384 Milton Tootle Jr. of St. Joseph becomes a director in place of A. II. Glllard. 1910- 11.-- 3,527,931 1,008,859 103,364 586.332 (6 H)390,000 140,891 V. 95, p. 889, 618. — V . 95, p. 750. , , Chicago Indianapolis & Louisville R y.— Earnings.—• N. Y . Central & Hudson River RR.— Terminal Agreement. June 3 0 . Gross. Net (after Other Fixed Balance, As to joint arrangement for operation and financing, see "Grand Central Year— Earnings. Taxes.) Income. Charges. Surplus. Station” In annual report N. Y. N. H. & H. RR. above.— V . 9o, p. 544. 1911-12 $6,503,653 $1,450,296 $199,523 $1,240,659 $409,160 lO lO -lT ____ 6,186,878 1,661,271 204,308 1,152,991 712,587 New York Connecting RR.— $30,000,000 1st M. 4 s—Guar. During each of the fiscal years there were paid from accumulatcdsurplus See N. Y. N. II. & II. RR. report on preceding page.— V. 93, p. 871. dividends of 4% ($200,000) on the preferred stock and SH% ($341,250) New York Susquehanna & Western RR.— Report.— on the common.—V. 94, p. 1118. June SO Operating Net (after Other Fixed Add'ns& Balance, Chicago & Interurban Traction Co.— Sale of Collateral.— ■ Year— Revenue. Taxes). Income. Charges. Bettis. Surplus. Jules S. Bache, Isaac L. Rice and Herbert Lloyd, as reorganization com­ 1911- 12...$3,673,270 $1,045,874 $179,070 $1,052,019 $88,119 $84,776 mittee of Chicago Electric Traction Co. (V. 85, p. 283, 159), give noucc 1910-11 . . 3,876,678 1,372,062 156,874 994,399 163,904 370,632 that $203,400 1st M. 5% gold bonds of Chicago & Interurban lraction Co. —-V. 93, p. 1463. held as collateral for a note made by Chicago & Southern Traction Co., dated May 27 1908, for $300,000, held by the committee, will be sold at Norfolk Southern R R .— Neiv Directors.—• private sale at the office of J. S. Bache & Co., 42 Broadway, N. Y. City, Frank A. Vanderlip, W. E. Corey and Joseph W. Harriman of New York on Oct. 19 1912 at 10 a. m. (Compare statement erroneously headed Chicago and B. A. Jackson of Providence, It. I., have been elected directors. The Hallway following former directors were not re-elected at the annual meeting on & Interurban in "El. Ry. Sec.” p. 30.) V. 94, p. 697. Oct. 8; Geo. J. Gould, Oakleigh Thorne, S. L. Schoonmakcr, George C. Chicago Peoria & St. Louis Ry.— Foreclosure.— J u d g e Clark and- John I. Waterbury of New York; E. T. Lamb and Rathbonc Humphrey in the U. S. District Court at Springfield, 111., Gardner.—V. 95, p. 481. on Oct. 8 signed a decree of foreclosure under the consoli­ Northern Electric RR., California .— New Bonds.— Pur­ dated mortgage of 1900. . chase.— The company has applied to the Cal. RR. Commis­ The road is to be sold by Jan. 1 1913, subject to the $2,000,000 prior sion for permission to issue $5,500,000 in bonds, the proceeds lien mortgage and purchased by the committee representing the consoli­ of which are to be used for the purchase of the Vallejo & dated mortgage bonds and reorganized as the Chicago Peoria & St. Louis Railroad, per plan V. 89, p. 285. Upset price, $750,000. The amount Northern and its subsidiaries, including the Suisun & Vaca­ due for principal ($2,000,000) and interest of the consolidated mortgage ville. Arrangements, it is stated, have been made for float- bonds is $2,443,629.—V. 95, p. 889. ng the bonds to French and English capitalists. Compare Cleveland (Electric) R y.— Stock All Subscribed.— The new issue of $3,014,920 stock has, it is stated, been all subscribed, V. 94, p. 1121; V. 95, p. G80, 237. many of the stockholders having applied for more than their 20% allotment. Sherbrooke (Que.) R y.& Power Co.— First Annual Report. —V. 95, p. 749, 480. For year ending June 30 1912: R ailw ay and power operations, gross, Dallas (Tex.) Southern Traction Co.— Sale.—• $64,500; net, $20,883; real estate rentals received, $990; Stanstead & Eastern Township Electric Co., gross earnings, $23,148; net, $10,172; See Southern Traction Co. below.—V. 94, p. 123. Lcnnoxvllle Light & Power Co. dividend received, $800; net proilt for llscal Enid Ochiltree & Western RR.— Receiver Discharged.— year, $32,847; balance at credit 1911, $3,694; total, $36,542; deduct The Dallam County District Court on Oct. 6 discharged Receiver Hen­ bond Int. ($41,077 less $8,000 int. charged to portion of system under con­ dricks. The parties who recently purchased the road at foreclosure sale struction), $33,077; accidents written off, (railway department, $552, arc, It is stated, arranging to finance the project, and it is expected that con­ power department, $570), $1,123; balance carried forward to credit of struction will be resumed shortly. The new owners asked for a bonus of p ro ilt and loss, $2,341.— V. 94, p. 1120. $125,000 to build a road from Dalhart to Ochiltree, 112 miles, and the par- Southern R y.— Report.— See “Annual Reports.” tlcs along the proposed route responded with bonus notes to the amount of $165,000.—V. 94, p. 1695. New Director.— John W . Grant of Atlanta has been elected Great Northern RR.— New Vice-Presidents.—• a director to succeed Samuel M. Inman, who resigned. • W. P. Kennedy, Traffic Manager, and J. M. Gruber, Gen. Mgr., have V. 95, p. 681. been elected Vice-Presidents. There are now five Vice-Prests.—V. 9a, p. 679, 618. Southern Traction Co.— Acquisition.— The company has G u lf & Ship Island RR.— Earnings.— ■ acquired from the Stone & Webster syndicate the line be­ June 3 0 . Operating Net (.after Other Int., Sh. Dividends Balance, tween Dallas and Waxahachie, 32 miles, which was built Year— Revenue. Taxes. Income. Fd.,&c. Paid. SurP- by tlie Dallas Southern Traction Co. and placed in opera- 1 9 1 2 ______$1,982,740 $566,020 $12,886 $374,336 (2%)$135,000 $69,570 1911 .. -- 2.006,790 634,614 12,698 358,345 (4) 270,000 18,967 —V. 93, p. 1102. Thc price Is reported as about $1,000,000. An that the Strickland anil Goodwin lines, comprising^the Texas rractlon Go. Halifax (N. S.) Tramway Co.— New Control.— and the Southern Traction Co., when tlie line of the lattci (now tinder con F. B. McCurdy and associates have sold to a syndicate their holdings of structlon from Dallas to Waco and Dallas to nT? about $400,000 of the outstanding $1,400,000. Tile remaining stock­ is completed, will, w itli all other intcrurbans now en ter Ing"iv holders are offered the right until Oct. 24 to sell at the same price, $160 per las, use tlie new Stone & Webster T erm inal B uilding. Sec Icxas 1 o wtr & share, payment to be made to the Eastern Trust Co., Halifax. Tye syndi­ Light Co.” under “ Industrials” below and In V. 94, p. lo ll. v.uo,p.42i. cate, it is reported, includes J. W. McConnell and E. A. Robert of the Mon­ treal Tramways Co., and is trying to work out a hydro-electric proposition Toledo Railways & Light Co .—Reorganization Plan.— T h e for the city of Halifax. The Montreal syndicate have not completed their bondholders’ and stockholders’ committees, it is announced, plans but it is said to be their intention at present to round out the Gas- pereau River development, which is capable of developing about 5,000 h. p. iiave practically agreed on a plan for the reorganization of One newspaper account states that, in connection with an extension of the the company which, we understand, will probably involve Halifax system, negotiations have been completed for the merger of the a stock assessment of about 7% and the organization of a Halifax Tramway Co. and the MacLeod Pulp & Paper Mills Co., the last named company controlling the water-power on the Mersey River, where it Is estimated that 25,000 h. p. can be developed.—V. 94, p. 559. First'Uen n o ° t c s ^.^O^O.OOO 1 Prof stock q(6% cum.) . . -$6,800,000 Havana Electric Ry., Light & Power Co .— Dividends SThnie 1nowns0etceSrftles would bW ued ^change ^^h Y s ^.rltle s of the Begun.— An initial semi-annual div. of 3}^% has been de­ S S Beach clared on the $15,000,000 6% cum. pref. stock, payable ern Ry. on a basis not yet made public. V. 9.>, p. ««i- Nov. 10 to holders of record Oct. 2G; also a dividend of Tonopah & Goldfield RR.— Earnings. I o r y e a r : 2)4% on the $15,000,000 com. stock, payable at the same June 30. Operating Net (after InterJff' Surplus’ time.— V. 94, p. 1632. Year— Revenue Taxes. s i in nr,a 1911-12...... $760,442 $209,789 Iowa Short Line RR.— Bonds Listed in Columbus.— 1910-11______788,976 198,758 3,298 136,868 6o,188 The Columbus Stock Exchange has. It is stated, listed the bonds of the —V. 95, p. 818. _ .P. n • company, most of which, it is said, were sold in Belgium by Leslie M. Shaw Vicksburg Shreveport & Pacific R y .— Earnings.— I o r y e a r : of Philadelphia and associates. The company Is the successor of the June 30. Operating Net (after Other Interest & Pref. div. Balance, Atlantic Northern & Southern Ry., extending from Atlantic to Kimballton, Ypnr___ ItcvcnuBs Taxes) . Income. llciitdls. (5 % ). »Surplus. la., 17 miles, which was sold at receiver’s sale on Sept. 27 1911 (V. 93, 191 l - l 9 $1 353 513 $226 368 $101,643 $181,502 $107,140 $39,369 p. 939), but the taking of possession of which by the syndicate has been 1910-11 1,452:812 31?:031 104,091 181,682 107,140 132,300 deferred pending the completion of financial arrangements, which Include — V. 93, p. 1022r; 1188. proposed extensions of the road. Wabash RR.— New Directors Elected.—• Kansas City Outer Belt & Electric R R .— Time Extended.— J, Horace Harding, Henry E. Cooper and II. Rogers Winthrop, .all of The time for deposit of 1st M. 4s with the U. S. Mortgage & Trust Co. New York, have been elected directors to succeed John T. Terry of New Yotk of N. Y., as depositary, or with 1st Nat. Bank of Kansas City, as agent_, and S. C. Reynolds, Toledo, botli of whom resigned, and Edwin Hawley, under agreement of Aug. 8 1912, has been extended to and Incl. Nov. 15 deceased. M r. Reynolds had been a director for over 40 years.— V. 9o, 1912. See V. 95, p. 480. 420. p. 745, 298.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912 ] THE CHRONICLE 969

Deposits to Date under the Plan of Reorganization. Western Maryland Ry. — Offering of Secured Gold Notes.— Bonds. Pref. Stock. Corn .Stock. The Equitable Trust Co. of N. Y . (the trustee for the issue) Deposits ...... $10,411,000 $14,077,600 $17,184,600 is offering for sale, by advertisement on another page, the re­ Total issue outstanding______11,148,000 16,050,000 19,820,000 Additional deposits are assured. Compare V. 94, p. 913; V. 95, p. 751. mainder of $10,000,000 5% secured gold notes, dated Jan. 1 American Iron & Steel M fg. Co.— Special Dividends.— 1912 and due July 1 1915, but redeemable, all or any part, A special dividend of 2% has been declared on both the preferred and upon 90 days’ notice at 102 and int. Par $10,000 (c*&r*). common stock, payable Nov. 1 to holders of record Oct. 19. Similar I n t . J . & J. Auth. & issued, $10,000,000. The bankers report: special payments were made in and 1910. Regular quarterly disbursements of 1H % are made on both issues in Jan., April, July and Upwards of S9 000,000 of the notes have been sold in this country and October.— V. 94, p. 1184. abroad The notes are a first lien on all ttic stock (except qualifying shares) of the companies under whose charters the Connellsvillc extension was built. American Shipbuilding Co.— Earnings.— New Directors.— These companies have no mortgage debt and none can be created by them June 30. Net Depreciation, Pref. Dies. Balance, while the notes are outstanding. The Connellsvillc extension, with equip­ Year— Earnings. Maint., &c. (7 % ). Surplus. ment has cost more than $13,000,000. It is a low-grade line of about 87 1911-12_____ $802,528 $221,829 $553,000 $27,699 miles long extending from Cumberland, Aid., on the Western Ataiyland, 1910-11______954,862 317,644 553,000 84,218 to the Pittsburgh & Lake Erie HU. (New York Central system) at Connclls- H. M. Hanna Jr. and G. A. Tomlinson have been elected directors to vllle Pa A 9 9 -yr. traffic agreement between these companies assures the succeed H. M. Hanna, who resigned, and A. B. Wolvin.— V. 94, p. 1765. extension a heavy tonnage, and is expected to Increase materially the earnings of the Western Marlyand proper. Arnold Irrigation Co., Bend, Ore.— Bonds Offered.— T h is Back of the notes are $10,000,000 of 4% pref. stock on which dividends company, a mutual organization composed entirely of set­ arc being regularly paid, and nearly $r>0,000,000 of common stock. The two have a market value of upwards of $35,000,000. tlers, is offering for sale, by adv. on another page, $12,000 Value of Security Pledged or Affected by Covenant, $20,000,000. of its 6 % 10-yr. bonds (callable after 5 years at 102), issued (Free assets directly pledged or subject to covenants In trust indenture.] on account of its irrigation system. Connellsvillc ext. (cost) .$ 1 3 ,0 0 0 ,0 0 0 I Four States C.&C. Co. bds_$400,000 This system as now completed, it is stated, can irrigate 6,500 acres, and Coal lands in Monongalia Co., W.Va.l „ „„ when fully completed will represent a costof $90,000, thecompany having (about)...... 0 , 1 0 0 ,0 0 0 1 Miscellaneous - ...... oOO.OOO a water right on 12,000 acres. L. D. Wicst, Sec. Digest of Letter from Pres. A. Robertson, Baltimore, June 26 1912. Citizens’ Gas Co. of Indianapolis.— Bonds Redeemed.— • [Addressed to the Equitable Trust Co. and Blair & Co., both of N. Y ] ■ The net Income for the fiscal year ending June 30 1911, after deducting All of the outstanding 1st M. bonds of 1929 have been called for payment taxes and fixed charges, except the interest on the notes herein referred to, at 105 and int. on Jan. 1 1913 at the Union Trust Co. of Indianapolis.— was $700,000. The net income for the year ending June 30 1912, simllaily V. 95, p. 819, 483. 1 calculated with May and June estimated, should be $500,000. Upon Cleveland (O.) Electric Illum inating Co.— Bonds Offered.— the acquisition of the new equipment and completion of the impiovements Spencer Trask & Co., N. Y., Albany, Bost. and Chicago; Jackson <5* anti extensions the company should be earning twice the charges on the Curtis, Bost.; Richardson & Clark, Providence, are offering at 102 and above $10 0 0 0 ,0 0 0 notes without taking into consideration any earnings int. an additional $500,000 1st M. 5s of 1909, making $6,500,000 out­ from business to be contributed by the Connellsvillc extension. • The proceeds of these notes have been and are to be applied to the acqui. standing; total auth., $10,000,000. Compare V. 94, p. 354.— V. 94, p.1451 sition of equipment, expansion of terminal and yard properties anil gen­ Computing-Tabulating-Recording Co., N . Y .— Earnings.— erally to the improvement, extension and enlargement of the facilities The earnings of constituent companies for 8 months ending Aug. 31 1912 of the company so as to enable It to provide for and handle with economy were $661,232. The earnings are stated after deducting those on shares and dispatch the increasing volume of business tributary to its own lines not owned and setting up increased reserves based on the new' system of as well as the additional traffic which is expected will result from the open­ accounting recently adopted by the company.—V. 95, p. 238. ing of the Pittsburgh connection. , , , , These notes are a direct obligation of the company and are issued under Corn Products Refining Co.— Bonds Called.— an indenture by the terms of which the company covenants that no lien One hundred and fourteen ($114,000) 25-yr. 5% sinking fund gold bonds or other encumbrances shall be created on its free assets enumerated in the dated Oct. 1 1906, at par and int., on Nov. 1 at Title Guarantee & Trust trust indenture so long as the notes remain outstanding and unpaid. Co.— V. 94, p. 1766. Securities Directly Pledged under and Free Assets affected by Trust Deed. (1) Entire■ Slock so Pledged (at' ' par).....' (2) Bonds, &c., so Pledged (at par) (E. I.) duPont de Nemours Powder Co., W ilm ington, Del. Georges Creek & Cumber­ Four States Coal & Coke Co. — Right to Exchange Bonds.— The company offers to the hold­ land BB. C o...... $3,499,600 1st M. bonds...... $400,000 Connellsvillc & State Line Baltimore Fidelity Ware- ers of its $10,000,000 4 y<2,% bonds of 1906 the right on or R y._ Co______2,998,650 . . house Co. stock...... 97,600 before Dec. 1 to deposit the same, with the December coupon (3) Free Assets Affected by the Covenants of the Trust Indenture. a. 22,549 acres of coal lands in Monongalia Co., W. Va., owned by the attached, at the Guaranty Trust Co., 28 Nassau St., N. Y ., West Virginia Central & Pittsburgh Ry. Co. and in respect of which bonds for the purpose of exchanging not over $10,000,000 thereof issued under 1st mortgage of the Western Maryland RR. Co. dated Oct. 1 (pro rata in case deposits exceed that amount) on or about 1902 were certified In payment or reimbursement of approximately one- third of the purchase price thereof, the estimated value of these coal lands Dec. 10 for $9,000,000 bonds of the new companies (organized being about $300 per acre, or a total of $6,704,700. , under order of the U. S. Circuit Court) on the following basis: b. The rights of the railway by virtue of an assignment of a certain lease $9,000 new’ 6% 10-yr. gold bds. (call, at 102 & int.), viz.:] For each $10,000 dated July 1 1901 between Washington & Franklin By. Co. and Western $6,000 Hercules Powder Co. bonds at par______) Dupont 4 J^s Maryland RR Co. This lease covers an important link in the company s $3,000 Atlas Powder Co. bonds at par______J of 1906. °T'iSu/icaulrid t o or on behalf of the rolhv.y com- Depositors will also receive at once checks for the interest due Dec. 1 on nanv at a cost of about $350,000, situated in the neighborhood of Ilillcn the deposited bonds and with the new bonds checks for one month’s inter­ Station and Port Covington, city of Baltimore, and other certain real estate est (to Jan. 1) on the latter. The new bonds so issuable (Hercules, $3,250,­ recently acquired by or on behalf of the railway company, situated at 000, Atlas, $1,500,000) have been sold subject to this option. • Hagerstown, Md. Further Particulars from Official Statement of Oct. 10. [As to 1st M. bonds of Four States Coal & Coke Co., see V. 92, p. 1639; Under the terms of the final decree entered by the U.S.Circuit Court, V. 95, p. 546.] Compare V. 93, p. 1790; V. 94, p. 1697; V. 92, p. 120. It has been necessary to create two new companies, as follows: Amendments of By-Laws.— ■ (1) Hercules Powder Co., a Delaware corp., whose total assets will aggregate The stockholders will vote at the annual meeting on Oct. 16 on amending approximately $13,000,000, and whose estimated earnings are equal to the by-laws by increasing the number of directors from 9 to 12 and also the three times the annual interest charge of $390,000 on theirproposed bonds. number of the executive committee so as to consist of the Chairman of the This company will Issue 6% 10-year gold bonds (redeemable at 102% board ex-officio and 5 other members of the board, instead of 3 as formerly, and int.), the entire interest guaranteed by E. I. du Pont de Nemours of whom three members shall constitute a quorum.— V. 95, p. 237, 50. Powder Co. Total (par c$l,000; r$100 and multiples) $6,500,000 Now sold subject to option of exchange for Dupont 4 >£s______$3,250,000 Wheeling & Lake Erie RR.— New Vice-Presidents.— R ic h ­ Remainder delivered to said Dupont Co______3,250,000 (2) Atlas Powder Co., a Delaware corp., whose total assets will aggregate ard Sutro and Harry Bronncr have been elected Vice- approximately $7,000,000, and whose estimated earnings are equal to Presidents.— V. 95, p. 888. three times‘ the interest charge of $180,000 on their proposed bonds. This company w ill issue 6 /0 10-year gold bonds (redeemable at 102% Wisconsin Central Ry. — Offer to Endorse with Guaranty and interest), the entire Interest guaranteed by E. I. du Pont de Nemours of Interest the “ l s i & ref. 4s.”— The Minneapolis St. Paul Powder Co. Total (par c$l,000 r$ 100 and multiples) $3,000,000 Now sold subj. to option of Dupont 4 J^s------$1,500,000 & Sault Ste. Marie Ry. Co., in pursuance of a resolution Remainder delivered to Dupont Co------l,o00,000 passed by its directors on Aug. 2, gives the following notice, The trust agreements under which these bonds will be issued may be in­ spected at the office of Guaranty Trust Co. of N. Y. as soon as the forms of as advertised in to day’s “ Chronicle” : bonds are approved by the Court. ^ „ Holders of Wisconsin Central Ry. first and refunding mortgage 4% gold • The decree requires that both the $6,500,000 of Hercules Powder Co. bonds, due April 1959, may present same at the agency, Bank of Montreal, bonds and the $3,000,000 of Atlas Powder Co. bonds shall be delivered to E .1. 64 Wall St., N. Y. City, in order that the Allnneapolts St. Paul & Sault .Ste. duPont de Nemours Powder Co. in part payment for the property transferred Marie By. Co. may endorse thereon Its unequivocal guaranty of the punc­ by the latter to these two new companies. The decree further requires tual payment of 4% interest on said bonds. [There arc now $6,000,000 of that one-half of these bonds, to wit, $3,250,000 of 6% 10-year gold bonds said bonds outstanding.— Ed.]— V. 94, p. 1697, 489. of the Hercules Powder Co. and $1,500,000 6% 10-year gold bonds of the Atlas Powder Co., or the proceeds thereof, shall be distributed, and to com­ ply with this condition these bonds have been sold subject to the prior right INDUSTRIAL, GAS AND MISCELLANEOUS. of the holders of the 4H% bonds to purchase same on the basis shown. The Court’s decree provides that the Hercules Powder Co. and the Atlas Powder Co. shall not be liable for the payment of the interest on the new Allis-Chalmers Co.— Status—Report of Committee.— T h e 6% bonds unless the earnings for their fiscal year are sufficient to meet reorganization committee, J. N. Wallace, Chairman, under such interest payments. As previously stated, however, the estimated earnings of both said companies are three times their bond interest payments. date of Oct. 7 (see adv. on another page) refers to statement In addition, the payments of the entire interest on these new bonds will be of March 23 (in V. 94, p. 913) and reports in substance: guaranteed by E. I. du Pont de Nemours Powder Co. Compare V. 94, p. 1386, 1629, 1698; V. 95, p. 51, 113, 299. ltesults from Jan. 1 1912 to Aug. 31 1912 (8 M os.), incl. Bullock El. M fg. Co. ------Losses------Profits------Profits East Ohio Gas Co., Cleveland .—Franchise Declined.— M ch. 1 Apr. I Eight The P. S. Commission of Ohio having failed, up to date, to sanction the Jan. Feb. to A pr. 6. to May 31. June. July. Aug. Mos. proposed issue of $5,000,000 additional bonds, the company allowed the $29,620 $22,258 $38,783 $1,555 $25,642 $66,984 $48,471 $48,881 final day for accepting the new franchise to pass without its acceptance These results are given as reported by the company Jan. 1 to April 6 and by the receivers April 7 to Aug. 31, and are the profits or losses after charging of the same. See V. 95, p. 682. all costs of operation, maintenance and depreciation, but not bond int. Intercontinental Rubber Co., New York.— Earnings.— The average monthly sales billed during the last three months are in excess July SI. Gross Net Accts. Com. Divs. Pf. Dies. Balance, of the average of the first five months by 17%; and the average monthly Year— Profits. Profits. Chgd.Off. (4%). (7%). Surplus orders booked for the last three months are in excess of the average of the 1912 - $1,190,095 $1,108,959 $644,769 ------$87,500 $376,690 first five months by 64%. 1011" . ’ 2,714,255 2,640,519 137,146 $1,161,240 138,250 1,203,883 Unfilled Orders on Hand. Accounts charged off in 1911-12, $644,769, as above, are on account of Dec. 31 1911 .$3,453,0851May 31 1912.$3,689,5061 Aug. 31 1912.$5,195,669 ntcrcsts in various sub. companies.— V. 95, p. 239. Receiver Otto II. Falk also advises us that overhead, administration and selling expenses have been reduced by an average of about $40,000 per S. S. Kresge Co .— Total Sales for September and 9 Months month as compared with several years last past. ending Sept. 3 0 — Current Assets and Liabilities of Receivers, the Allis-Chalmers Co. and the 1912------Sept.------1911. Increase. I 1912— 9 M o s — 1911. Increase. Bullock Electric Mfg. Co. Aug. 31 1912. $773,795 $679,161 13.96% | $6,693,719 $5,203,444 28.67/# Current assets (based upon revision by Price, Waterhouse & Co. — V . 95, p. 683, 424. Dec. 20 1911 (sec V. 93, j). 172): Receivables, $3,717,377; in­ ventories, $4,328,779; cash, $1,480,798; total______$9,326,954 Lackawanna Steel Co .—Combined Results.— For 3 & 9 mos. Current Liabilities: Notes payable, $810,570; other liabilities, Earnings for 3 and 9 Months ending Sept. 30. (not incl. bond int. unpaid and accrued), $1,388,209; total____ 2,198,779 Total Int. on S. F . and Depr’n, Balance, Surplus (being greater by $198,000 than reported by the com­ Three Months— Income. Bonds. Exhaustion. &c. Surplus. pany Dec. 31 1911)______$7,328,175 1912 $1,254,986 $437,488 ------$431,242------$386,256 With a continuance of improvement in conditions, as shown by the fore­ io n ::::.:::::.- 799,936 437,500 $86,867 $235,499 $40,070 going figures, and the additional working capital provided for under the 1912*nS ^ ° "

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 7 0 THE CHRONICLE [VOL. LXXXXV

Capitalisation— Authorised. Outsiandiny. Lake of the W oods Milling Co.— Earnings.— Common stock.- ...... $10,000,000 $8,500,000 Year to Net Int.on Pref. Divs. Com. Dies. Balance Preferred stock (7% cumulative) ...... 1...... 3,000,000 1,400,000 Auy. 31. Profits. Bonds. (7%) (8%) Surplus First M. 5s, a direct first mtge. on all properties, 1912 ______$457,012 $100,141 $105,000 $108,000 $82,871 franchises, etc., now or hereafter ow ned.-____ 30,000,000 2,100,000 1911 ______412,153 105,000 105,000 108,000 34,153 The business is growing rapidly, and in order to provide in part for future Tlie total surplus on Aug. 31 1912, after writing $100,000 of good-will, capital requirements, the authorized bond issue has been made $30,000,000. trade-marks. &c., and also $9,370 premium on bonds redeemed, was The remaining $27,900,000 bonds may be Issued from time to time to the $817,458.— V. 93, p. 1025. par value of 80% of tlie cash cost of permanent extensions and addi­ tions, providing that the annual net earnings are equal to twice the interest Lehigh & Wilkes-Barre Coal Co.— To Pay Bonds Due on the bonds, including those to be issued. Nov. 1.— The company announces by advertisement on Annual sinking fund, either to retire bonds or for extensions and addi­ tions for which otherwise bonds might be Hsued: 1915 to 1917, a sum equal another page that the $2,691,000 5% sinking fund bonds of to 1% of bonds out: 1918 to 1920, 1 U % ; 1921 to 1036, 2 % . 1881 will be paid at maturity on Nov. 1 at the office of Earninos of Consolidated Properties Years Ended July 31, as Certified t>U .J. P . M o r g a n & Co., Wall St., corner Broad, N. Y .— V. Chartered Accountants. 95, p. 817, 753. 1911-12. 1910—11.1 Present Status— Gross earnings__ $758 507 $071,125 I Int. on $2,100,w00 1st 5s. $105,000 Massachusetts Gas Companies.— Annual Earnings.— Net, after taxes..$326,947 $270,575;Sur., basis 1912 earnings..$221,947 June 30. Total Ex- Inter- Pref. Res.for Dep'n Balance Contracts.— (a) For municipal lighting in all except one ou.se. (b) Cur­ Year. Earninos. penses. est. Dies. of Secur's. for Com. rent to street railway and shops of G. C. & S. Fe. Ry. (Atchison system) at 1912 ..$2,522,930 $80,198 $370,568 $1,000,000 . ------$1,086,164 Cleburne, (c) Fifty-year contract to supply Southern Traction Co. with 1 911____2,390,962 51,573 274,143 1.000,000 $114,208 1,148,033 power for its extensive system of lnterurban lines, now building, with From the surpluses as above there was paid yearly 4% on the common grant of a perpetual right-of-way casement ahead of all Traction Co. mort­ stock, calling for $1,000,009, leaving $86,164 and $148,033, respectively. gages for poles and wires along the lnterurban railway. (Scerailroadsabove). (d) With the proposed additional power facilities available, important con­ New Trustee.— James L. Richards has been elected a tracts are anticipated with cotton mills, &c. trustee to succeed Albert Strauss of N. Y ., who resigned. • Property.— Electric generating stations in each community served, total The executive committee comprises Robert Wlnsor, Chairman; C. .Minot combined capacity 12,000 h. p., with equivalent of about 300 miles of pole Weld and Walter C. Baylics.— V. 95, p. 179. line and 913 miles of triple-braid weather-proof wire. Total gas generating capacity, 815,000 cu. ft. per 24 hours. The company expects shortly to New England Telephone & Telegraph Co., Boston.— De­ construct a large modern central electric power station at Waco, to supply current to the unified system over transmission lines that are now being bentures.— The company has sold to Kidder, Peabody & Co. completed. Franchises satisfactory, with no burdensome requirements: 810,000,000 20-year 5% debenture bonds. the majority extend (counsel state) to 1952, and all except three will sur­ vive the bonds. , , _ Bernard VV. Tratford, Vice-President of the First National Bank of Bos­ Business Field.—The most prosperous and thickly settled section of ton, has been elected a director to fill a vacancy.— V. 95, p. 115. Texas, onc-fiith of the world’s cotton crop being grown within a radius of 200 miles of Waco; also wheat, corn and oats In large quantities. All the Northern Ontario Light & Power Co., Toronto.— Acquisi­ cities and towns except Temple are county scats, and all arc progressive tions— New Securities.— William P. Bonbright & Co., N. Y., business centres with excellent railroad facilities. Waco, with a popula­ tion in 1910 of 26,425, and now, Including suburbs, estimated at 32,000, Boston, Phila. and London, who originally brought out this does a jobbing and wholesale business of $30,000,000 annually. The inter­ com pany’s securities, confirm the following: urban electric road connecting it with Dallas will be completed In about a This company has taken over the entire property and assets of the year. The 1910 population of the 11 other commercial and financial British Canadian Power Co., and formal transfer of the property will take communities ranged from 12.412 to 4,8 14, averaging 8,898.— V. 95, p. 240. place about Oct. 15, at which time a meeting will be held by the directorate of the British Canadian company to ratify the sale. The property is to be The Westinghouse Machine Co., East Pittsburgh, Pa.—• paid for by $2,000,000 1st M. 6% gold bonds of the Northern Ontario Light Note-Holders' Plan.— At a meeting held Sept. 13, attended & Power Co., L td., which are dated April 1 1911 and due April 1 1931, but redeemable on any Interest date at par and int. This Is a part of an auth. by creditors, including the Chairman of the Westinghouse issue of $15,000,000, of which $2,533,000 are now outstanding. Trustee, Elec. & Mfg. Co. and Pres. Westinghouse, representing more Toronto General Trust Corp. Sinking fund, bcglnnln? Oct. 1 1912, an amount annually ccpial to 2 14% of bonds Issued and 6% on all bonds re­ than 82,000,000 of the company’s $4,605,500 outstanding deemed. 6% extension notes of 1908 (due Jan. 1911, but extended till The bond3, it Is understood, have been underwritten by Coates, Son & Co., and the British Electric Traction Co., both of London, and Ifanson Bros, of Jan. 1 1914), a tentative plan for funding the company’s Montreal. At a near date the issue will be offered for public subscription, obligations and providing additional working capital was probably at par. agreed upon. The company needs additional working capi­ It is calculated that earnings of the Northern Ontario Light & Power Co., Ltd., will be greatly benefited by the acquisition. The company’s earnings tal to care for an expanding business, and the definite plan are now at the rate of considerably more than twice the total required to now at hand provides that Mr. Westinghouse shall furnish meet interest on present outstanding bonds. For the llrst 8 months of the current year the company’s net available for Interest was $189,823, and such working capital from time to time as required, by the there was a surplus after all Interest charges and miscellaneous other deduc- purchase of $1,000,000 of the company’s bonds, on condition Earninos^No’r. Ont. L. & P . C o . July and Aug ■ 1912 and 8 M o s . ended Auo. 31. that 85% in interest of said noteholders shall consent to July. Auo■ & Mos.‘ 12. exchange their notes for “ 1st & ref. M .” 6s (due Nov. 1 1940) Gross earnings______$33,633 $35,501 $280,628 Total net income (after taxes)------$23,361 $24,810 $189,823 taken at 973^ and int., (i.e.,for each $1,000 note and int. All charges...... 12,675 12,613 102,227 81,025 64 in bonds and int.,) together with 4% ($40 per Surplus ...... $10,086 $12,197 $87,596 $1,000 bond) in 3-year 5% promissory notes. A form of ' • Organized In Feb. 1911 under laws of Ontario, and took over the proper­ agreement to be signed by the note-holders says in subst: ties of the Cobalt Power Co., Ltd., and Its subsidiary companies, and the The holders of 6% extension notes Issued under a col lateral trust agree­ Cobalt Hydraullo Power Co., Ltd.; also acquired the Cobalt Light, Power & ment dated Jan. 2 1908 (Colonial Trust Co., trustee) hereby elect to exercise Water Co., Ltd. The auth. issue of capital stock Is $5,000,000 com. and the right under terms of supplemental trust agreement dated Jan. 2 1011 $2,500,000 0% cum. pref. (all In $100 shares); now outstanding, $3,085,000 to exchange said 6% notes for an amount of 30-ycar "1st & ref. mtge." 6% com. and $1,800,000 pref. [The pref. stock Is pref. p. & d., and is exchange­ gold bonds (par value $1,000 each) secured by mortgage of Nov. 1 1910, able at option of holdors for com. stock.I The company owns and operates which, taken at 97 >3% and int., shall equal the par value and accrued int. a hydro-electric plant of 4,000 h. p. at Hound Chute Falls, on the .Montreal of the note or notes exchanged, with adjustment of fractions, at option of River about 6 miles from Cobalt, and owns six auxiliary plants of a total company cither in cash or In bond scrip, as provided by said supplemental capacity of 0,000 h. p. at High Falls, Cobalt, &c. Directors: Pres. David trust agreement. This election is conditioned upon the assent hereto of Fasken, Toronto; Vice-Pres. M. A. Viele, New York; Alexander Fasken, tlie holders of 85% of said notes now outstanding, and also that the company Toronto; F. VV. Stehr, New York; Lionel Davis. shall deliver to us its promissory notes in amount equal to 4% of the face value of the bonds which we are to receive under this agreement, payable Pacific Coast Co.— Earnings for Fiscal Year.— three years from tlie date of the conversion, with int. at 5%, payable semi­ June SO. Cross Net (after Other Total Total Bal., annually. Tills election Is further conditioned upon the execution of an, Year— Earninos. Taxes). Income. Chys., &c. Divs. Sur. agreement by which George Westinghouse shall purchase $1,000,000 face 1911-12 $7,496,912 $1,080,511 $28,580 $353,431 $736,250 $25,410 value of the “ 1st & ref.” 6% bonds upon the same terms as hereinbefore 1910-11. 7,798,740 1,328,980 34,698 _ 494,646 846,250 22,782 recited for the conversion of notes at the rate of not less than $100,000 per The dividends as above include $70,250 (5%) on first pref. yearly and month, or so much thereof as may in the Judgment of the directors be needed in 1911-12 0% each on 2d pref. and com. stock ($240,000 and $420,000 from time to time for the purposes of the company, and, as a guaranty of respectively), against 7% on each of the two stocks last named, calling for the carrying out of said contract, shall deposit with the company, as trus­ $280,000 and $490,000, respectively.— V. 93, p. 1121. tee, 1,000 shares of the capital stock of the Westinghouse Air Brake Co. in 10 certificates of 100 shares each, one of which certificates is to be returned Public Service Corporation of Northern Illinois.— Agree­ on the completion of each purchase of $100,000 of bonds. We agree to ment to Sell.— See Oak Park, 111., in “ State and City” depart­ deposit said notes for exchange with the Colonial Trust Co., Pittsburgh, within 10 days after we have received advice that the holders of 85% of the ment on p. 917 in last week’s “Chronicle.”— V. 94, p. 1321. notes have signed this agreement and that the agreement between Mr. Richelieu & Ontario Navigation Co., M ontreal.— Westinghouse and the company has been executed and the stock delivered New Stock. by him. (Compare financial statement of July 29 1912 In V. 95, p. 296.) The company gives notice of Its Intention to apply to the Canadian Parlia­ ment for authority to increase the amount of the capital stock from $10,­ United Electric Light & W ater Co.— Lease.— 000,000 to $15,000,000.— V. 95, p. 543. See report of N. Y. N. H. & Hartford RR. above.— V. 94, p. 71. Riverside (Cal.) W ater Co.— Sale of Notes.— United States Indep. Telep. Co., Rochester.— Settlement.— The company, it is reported, has sold to Goodwin, Garby & Holton of Press dispatches announce the settlement of 149 suits on the Supreme San Francisco an issue of $600,000 notes secured by $750,000 bonds. A Court calendar which were brought to recover damages from the directors new issue of 20-yr. bonds of the same amount, it is stated, is proposed on account of alleged fraudulent representations in the prospectus offering later to be dated Oct. 1 1913.— V. 95, p. 822, 240. the bonds. The payments arc reported to aggregate about $1,500,000, or approximately 58% of the losses sustained. The claims of the bondholders Standard Milling Co., New York.— Earnings.— who did not Ole suits before October of last year expired, it is stated ,by A uo. 31 Total Net Bond Preferred Common Balance, limitation, and will receive only what can be recovered in bankruptcy pro­ Year— Income. Interest. Dividends. Dividends. Surplus. ceedings. Compare V. 95, p. 425; V. 94, p. 1702. 1912______$820,283 $143,300 (5%)$3-14,737 (2%)$91,858 $246,388 1911______760,737 146,491 (4%) 275,772 ______341,474 United States Light & Heating Co.— New President.— — V. 95, p. 822, 240. V. A. Smith, who is also Gca. Mgr., has been elected President to succeed Stratton’s Independence, Ltd.— Decision as to Corp. Tax. David VV. Pye, who resigned the latter position about 2 months ago.— See item in "Banking, Financial and Legislative News’’ regarding a recent V . 94, p. 1030. . decision In the Federal Court in Colorado on the question of the right to deduct a reasonable amount from the gross Income of mining companies United States Rubber Co.— Listed.— The N. Y. Stock Ex­ for depreciation resulting from the withdrawal of ore, and compare Item In change has authorized to bo listed on and after Oct. 15 the the same department in V. 94, p. 1360, rendered in the Federal Court In this city on May 15 last.— V. 71, p. 1723. $10,000,000 8% non-cum. first pref. stock, which was offered to stockholders of record July 12 of all classes at par (per Texas Power & Light Co., Dallas.— Roads Offered.— H a r r is , plan in V. 94, p. 1703), on notion of issuance and payment in Forbes & Co., New York; the Harris Trust & Savings Bank, full, making tlie total amount to be listed $50,000,000.— • Chicago, and N. W . Harris & Co., Inc., and Perry, Coffin & V. 95, p. 485, 116. Burr, Boston, are placing at 97 and interest 82,100,000 1st M. 5% gold bonds dated June 1 1912 and due June l 1937, but United States Steel Corporation.- -Subsidiaries’ Orders redeemable on and after June 1 1917 at 105 and int. Par Sept. 30.— 'I’lie report of orders given out Oct. 10 shows 81,000 (c*). Int. J. & D. in New York. Trustee, Bankers unfilled orders on the books Sept. 30 aggregating 6,551,507 Trust Co., New York. See ad. on another pa'ge. tons, being an increase of 388,132 tons for the month. Abstract of Letter from Pres. J. F. Strickland, Dallas, Oct. 5 1912. Tonnaye of Unfilled Orders (000,000 omittedi —AII on New Basts. Incorporated May 27 1912 la Texas and now does the entire commercial is) U ------1911-1910 1009 1004 electric light and power business in the following prosperous cities and Sept .AUO July .J’ne.May .Apr.'Mch .Eeh. Jan .I'm.Jan. Dec. Dec. Sept. towns: Waco, Sherman, Paris, Temple, Palestine, Tyler, Cleburne, Gaines­ 6,5 6.1 5,9 5,8 5,7 5,6 5,3 5,5 5,4 3,3 3,1 2,7 5,9 2,4 ville, Brownwood, Waxahachie, Hillsboro. Bonham; also the entire gas — V. 95, p. 635, 425. business at W aco, Paris, Cleburne and Brownwood. and tlie municipal light­ ing In all except Sherman. Population served-estimated at over 125.000 F r Other Investment News, sec page 936.

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% t p o x l $ i w d Q x m m m t s .

SOUTHERN RAILWAY COMPANY

EIGHTEENTH ANNUAL REPORT— FOR THE YEAR ENDED JUNE 30 1912.

Washington, D. C., September 2 7 1 9 1 2 . for in the First Consolidated Mortgage, 835,000 First Con­ To the Stockholders of the Southern Railway Company: solidated Mortgage Five Per Cent Bonds were issued on The Board of Directors submits the following report of account thereof and placed in the Treasury. the affairs of the Company for the year ended June 30 1912: By reason of these and previous drawings for similar pur­ poses, the total amount of First Consolidated Mortage Five INCOME STATEMENT. Increase ( + ) or Per Cent Bonds free in the Treasury on June 30 1912, was 1912. 1911. Decrease (— ). 82,427,800. Miles of Road Operated, There were drawn and taken into the Treasury in June A vera g e------7,088.03 7,011.95 +46.08 1912 85,000,000 Development and General Mortgage Four Gross Operating Revenues $03,590,328 90 $60,345,062 64 +$3,245,266 26 Per Cent Bonds, which, under the terms of that mortgage, Total Operating Expenses. 43,696,230 39 10,926,790 08 +2,769,440 31 could be so drawn during the calendar year 1912 to reimburse Net Operating Revenue.$19,894,092 51 $19,418,272 56 +$475,819 95 the Treasury for expenditures made for additions and bet­ Outside Operations— Net Revenue______64,754 67 (Dr.)42,027 75 +100,782 42 terments. In like manner there were drawn and taken into the t reasury during the fiscal year 81,195,000 of these Bonds Net Revenue______$19,958,847 18 $19,376,244 81 +$582,602 37 T a x e s______2,452,328 28 2,212,967 87 +239,360 41 to reimburse the Treasury for $1,130,000, the proportion charged to capital account of Equipment Trust Obligations Operating Income____ $17,506,518 90 $17,163,276 94 $343,211 90 Other Income______3,580,074 86 3,802,518 20 — 222,443 40 paid during the year and for $65,000 advances to Subsidiary L in e s . Total Gross Incom e____$21,080,593 76 $20,905,795 20 +$120,798 56 Deductions from Income.. 3,179,772 86 3,167,189 95 +12,582 91 By reason of these and previous drawings for similar pur­ poses, the total amount of Development and General Mort­ Total Available Income.$17,906,820 90 $17,798,605 25 +$108,215 65 Interest on Mortage, Bonded gage hour Per Cent Bonds free in the Treasury on June 30 and Secured Debt______11,143,703 84 11,128,001 70 +15,102 0 1912 was 819,862,000. Balance of Income over Ihe Company has continued the conservation of its W ork­ C harges------$6,763,117 06 $6,070,003 49 +$93,113 57 ing Assets through the employment of its Treasury funds.

Dividends on Preferred Stock: ADDITIONS AND BETTERMENTS. No. 21, 1% , paid In April 1911; No. 2 3,2 % , Construction of the double-track line north of Atlanta, paid in April 1912 $1,200,000 00 $600,000 00 +$600,000 00 between Crosskeys and Gainesville, Ga., has progressed No. 22, 1% , paid In Oc­ tober 1911: Reserve during the year. A substantial part of it was placed in for Dividend No. 24, service on June 30 1912, thereby materially facilitating the 2 14%, payable in Oc­ tober 1912...... 1,500,000 00 600,000 00 +900,000 00 heavy peach movement over that line in July. It is expected that this work will be completed by Jan. 1 1913. Total Dividends_____ $2,700,000 00 $1,200,000 00 + $1,500,000 00 With the completion of the double-track work now in Balance over Dividends on Progress between Crosskeys and Gainesville, the Company Preferred Stock ...... $4,06.1,117 06 $5,470,003 49 — $1,400,886 43 will have in operation on its main line between Washington Additions and Betterments 44,9«!) 42 66,045 71 — 21,056 29 and Atlanta 28S.35 miles of double track, or approximately Balance carrcd to Credit 44% of the total mileage between those terminals. f/j Ot Profit and Loss____ $4,018,127 64 $5,403,957 78 — $1,385,830 14 Construction of the double-track and revision of grades and alignment on the main line south of Franklin Junction, PROFIT AND LOSS. \ a., referred to in report for the preceding year, were com­ The surplus shown by the Profit and Loss statement as of pleted and placed in operation during the year. June 30 1911 was $11,445,905 08. After making provision The lap-sidings between Atlanta and Macon, Ga., Knox­ through Income for the increase of 81,500,000 in Dividends ville and Chattanooga, Tenn., and two of the three projected on the Preferred Stock, and charging to Profit and Loss the between Morristown, Tenn., and Asheville, N. C., were remaining balance of Discount on Securities, 81,656,030 54, completed and placed in operation during the year. These the surplus as of June 30 1912 amounted to 813,750,930 13, sidings arc equipped with block-houses and interlocking a gain of 82,310,971 05 over the preceding year. plants. Ihe system of lap-sidings has been extended to the line between Macon and Jesup, G a., and there were in course DISCOUNT ON SECURITIES. of construction at the close of the year ten such sidings, the As of June 30 1911 the balance of Discount on Securities aggrcgate length of which will be approximately 18,714 feet. sold amounted to 81,688,029 79. There accrued during the Construction of an additional main track between Consti­ year 828,050 00 as discount on Equipment Trust Obligations, tution and Roseland, G a., a distance of 2.82 miles, was begun issued, making a total of 81,716,079 79 to be extinguished. during the year, which, when completed, will provide ap­ Following the general practice of the Company, there was proximately 7 miles of double-track between Atlanta and charged to Income 800,043 25, being the proportion that Constitution, Ga. accrued during the year, leaving a balance in the account of During the year work progressed on the Knoxville River 81,056,636 54, which has been charged to Profit and Loss, I ront Extension, referred to in last year’s report. It is thus disposing of, through Income and Profit and Loss, the 191,3° ' ^le track will be ready for operation by Jan. 1 total net discount incurred by the Company from the sale of its securities from the date of its organization to June 30 I here is in course of installation an electric automatic 1 9 1 2 . signal system between Denim and Charlotte, N. C., a dis­ INTEREST. tance of approximately 90 miles. A new double-track connection with the Cincinnati New The accrued interest on the Mortgage, Bonded and Secured Orleans & Texas Pacific Railway at Citico Junction, Tenn., Debt of the Company for the year ended June 30 1912 was equipped with interlocking signals, is in course of construc­ 815,102 08 greater than for the preceding year. The inter­ tion. When completed, this track will afford more pronpt est on Equipment Trust Obligations increased 845,185 42 and direct movement of the Company’s passenger trains in and the interest on Bonds and Notes decreased 830,083 34. (See Table 2.) and out of the Union Passenger Station at Chattanooga, Tenn. It is expected that this connection will be finished DIVIDENDS. by Jan. 1 1913. A belt line is in course of construction at High Point, N . C ., A dividend of Two Per Cent on the Preferred Stock of the for the purpose of stimulating industrial development and Company was paid on April 24 1912, and provision has been facilitating the handling of traffic. made for the payment on 1912 of a dividend of Work has progressed during the year on the new inbound Two and Onc-IIalf Per Cent declared out of Income earned freight station and office building at Atlanta, Ga. The during the year ended June 30 1912. freight facilities are now in operation and the offices will be PROPERTY INVESTMENT AND MORTGAGE DEBT. ready for occupancy about Jan. 1 1913. During the year the Company acquired or contracted for The investment in physical property, exclusive of depre­ 4o locomotives, 37 passenger-train cars, 2,990 freight-train ciation, has been increased 85,309,301 07, of which 82,702,­ cars and 11 pieces of road service equipment, all of modern 595 39 was in Roadway and Structures and 82,000,765 08 type and standard capacity. In addition 900 gondola cars, in Equipment. This increase represents net additions made which had passed the stage of economical operation, are in during the year. (Sec pages 24 and 25 of pamphlet report.) course of conversion into steel underframe ventilated box The outstanding Mortgage and Collateral Trust Bonds cars at the Lenoir Car Works. increased during the year 820,000, while the Equipemnt Trust Obligations decreased $1,009,000. (See page 28 of MEMPHIS UNION STATION COMPANY. pamphlet report.) Under an 'agreement entered into between Louisville & je^There were retired during the year, through the sinking Nashville Railroad Company, Nashville Chattanooga^&TSt fund provisions of the mortgages, $29,400 Charlottesville & Louis Railway, Southern Railway Company, St. Louis'Iron Rapidan Railroad Company First Mortgage Six Per Cent M o u n t a in & Southern Railway Company and St."ILouis Bonds and 80,000 Franklin & Pittsylvania Railroad Com­ Southwestern Railway Company, the Memphis Union Station pany First Mortgage Six Per Cent Bonds; and, as provided Company was formed for the purpose of constructing ade-

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27 quate passenger terminal facilities at Memphis, Tenn., which Brick Works------Cotton-Seed OH Mills------20 were completed and placed in operation on April 1 1912. Fertilizer Works------26 The capital stock of the Station Company is ownpd in equal Flour and Feed Mills------25 Lumber Mills------59 parts by the five named companies, all of which arc tenants Furniture Factories______12 and joint users. Other Wood-Working Plants______19 Iron Industries______22 BLUEMONT BRANCH. Stone Quarries, Coal and Other Mines 38 Tanneries ______— ...... 1 Under an agreement effective July 1 1912, Southern Rail­ Textile Mills______16 way Company leased to the Washington & Old Dominion Miscellaneous...... 183 Railway Company, for a period of fifty years, that part of Total 448 its line known as the Bluemont Branch. The Washington & Old Dominion Railway Company commenced operation of The number of industrial plants under construction at the this property on July 1 1912. close of the year was 73, and the number to which additions were made during the year was 197. THE RELATIONS OF THE COMPANY TO THE The year has been one of reviving activity in the cotton PROGRESS OF THE SOUTH. textile industry of the Southeastern States. The official Agricultural and industrial development in the territory report of the United States Census Bureau shows that for traversed by the Company’s lines has continued throughout the year ended Aug. 31 1912 the consumption of cotton in the th e y e a r . mills of the cotton-growing States was in excess of any Agriculture: previous year, amounting to 2,712,622 bales. It is noteworthy that during the year the cotton-growing Southeastern farmers are appreciating more fully their States consumed 57,573 more bales than the mills of all the manifold opportunities, and progressive men in all parts of other States combined. The importance of this to the the section are demonstrating the practicability of greatly Company is indicated by the fact that out of a total of increasing the average yields per acre of all the staple farm 11,585,839 spindles in the cotton-growing States reported crops. Notable work in this direction has been done by the by the Census Bureau as of Aug. 31 1912, there were, as of Company’s Cotton Culture Department, mentioned in last Jan. 1 1912, 8,530,723 spindles in mills tributary to the years report. Southern Railway lines. The Cotton Culture Department, having demonstrated its efficiency not only against the boll-weevil but also in securing Immigration: increased yields per acre, has been merged into a larger There is no practical method for obtaining exact infor­ Department of Farm Improvement Work, created for the mation concerning the number of families from outside terri­ purpose of extending the same system of co-operative farm tory who have settled along the Company’s lines, but a con­ demonstration work over all of the territory traversed by the servative estimate, based upon information available, shows lines of Southern Railway Company and the railway com­ that a substantial number of settlers purchased lands and panies associated with it. Its object is to demonstrate to located along the Company’s lines during the year. farmers methods by which the average yields of the staple During the year there was an increase in the number of crops of each locality m ay be increased, not on experimental real estate agencies and colonization and land companies or demonstration farms under special conditions and with operating in Southern Railway territory. exceptional resources, but on their own farms and with their Road Improvement: own resources. The Department will work in harmony and Recognizing the importance of good country highways as co-operation with the State Commissions of Agriculture, factors in the development of the territory and as feeders to State Agricultural Colleges and Experim ent Stations, and the railways, the Company is continuing its policy of active United States Department of Agriculture. participation in the movement for road improvement in the During the year special attention has been given to the territory traversed by its lines. During the fiscal year a six- upbuilding of the dairy industry along the Company’s lines. m onths’ tour of a special good roads train over the Company’s In Jan. 1912 a dairy instruction car, especially arranged and lines was completed. This train, which was operated in fully equipped for lecture and demonstration work, was co-operation with the Office of Public Roads in the United placed in operation under the direction of the Company’s States Department of Agriculture and the American Associa­ Dairy Agent. Ninety-nine points were visited and 12,906 tion for Highway ImprQvement, carried models of the best people attended the lectures and demonstrations. The op­ types of modern road construction, and illustrated lectures eration of this car has resulted in increasing dairy farm herds, were delivered by expert road builders. During the tour of and in the general improvement of conditions surrounding the the train 251 lectures were delivered in 210 counties and dairy industry. As a means of encouraging all branches of 46,733 people attended the meetings. Good Roads Associa­ the live-stock industry, a Live-Stock Agent is employed to tions were organized in 78 counties and interest in road im­ give information and advice as to the raising, feeding and provement was greatly stimulated. The work of highway marketing of live-stock. improvement is proceeding in a gratifying manner in every During the year the Company operated agricultural trains State traversed by the Company’s lines, and the statistics in co-operation with various State Boards of Agriculture. of tlie United States Office of Public Roads show that during Stops were made and meetings held at one hundred and the calendar year 1911 the total amount available from eleven cities and towns, the total attendance being estimated legislative appropriations, local county and district bond at approximately 60,850. The operation of these trains issues and local road taxes for road improvement in the aroused interest in better agricultural methods, and it is Southeastern States traversed by the Company’s lines was believed that the results will be beneficial to the farmers and 821,884,433. to the Company. Land and Industrial Department: Broader Solicitation: The Land and Industrial Department of the Company, A noteworthy policy adopted during the year has been while separate from the Department of Farm Improvement that of greatly broadening the fields of the Company’s W ork, operates in close co-operation with it, each supplement­ Freight and Passenger Traffic Departments. Additional ing the other. In addition to securing the location of indus­ agencies have been established in the Northwest, in the tries along the Company’s lines, the Land and Industrial De­ Middle W est, on the Pacific Coast and in Canada, making the partment is actively engaged in the solicitation of farm immi­ scope of these Departments nation-wide. grants from other parts of the United States and from Europe. The Freight Traffic agencies outside of the Company’s ter­ One of its duties is to advise the Department of Farm Im ­ ritory serve the double purpose of soliciting the routing of provement Work as to the location of farm settlers in terri­ freight over its lines into and out of the Southeast and of co­ tory traversed by the Company’s lines, in order that they operating for the development of markets for Southeastern m ay have the benefit of expert advice as to the best methods products. The latter phase of their work is being made most to be pursued in their new locations. helpful to manufacturers and other producers and to the Manufacturing: C o m p a n y . _ The outlying Passenger Traffic agencies are charged with The development of manufacturing is proceeding more the duty of developing business and tourist travel over the rapidly in the Southeastern States traversed by the Com­ Company’s lines to and from the territories in which they are pany’s lines than in the United States as a whole. The located and with the further duty of co-operating with the latest report of the United States Census Bureau of Manufac­ immigration solicitation work of the Land and Industrial tures in the United States shows that the total value of the Department. The Passenger Traffic Department in the products of manufacture in the Southeastern States traversed Southeast and in other sections is working effectively to make by the Company’s lines in 1909 was 81,455,927,000, an in­ the resources, opportunities and attractions of the locali­ crease over 1899 of 8754,871,000, or 107.68% , as compared ties along the Company’s lines better known and to develop with an increase of 79.49% for all the other States. The an increasing flow of travel. Passenger solicitation of all figures by States are as follows: Percentage kinds is being most effectively aided by the policy of the 1000. 1800. of Increase management to keep its passenger-train service, both Virginia ...... $210,704,000 $108,644,000 102.30 North Carolina...... 216,636,000 85,274,000 154.07 through and local, fully abreast of the requirements of the South Carolina-...... 113,236,000 53,336,000 112.30 traveling public as to frequency of trains and character of Georgia ______203,863,000 94,532,000 114.59 Florida" 72,890,000 34,184,000 113.22 e q u ip m e n t . Alabama ...... - ...... 145,062.000 72,110,000 102.42 Mississippi...... 80,555,000 33,718,000 138.90 PANAMA CANAL AND LATIN-AMERICAN TRADE. K en tu ck y...... 223,754,000 126,509,000 76.86 Tennessee______180,217,000 92,749,000 94.30 No part of the United States should benefit more from the $1,455,927,000 $701,056,000 107.68 approaching completion of the Panama Canal than the r The number of new industrial plants completed during the territory traversed by this Company’s lines. The geographi­ fiscal year at points on the Com pany’s lines was 448, classified cal relation of the Canal to the South Atlantic and Gulf ports as follows; ... erved by these lines is advantageous; and conditions are

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favorable for the production in the Southeast of many of the THE SERVICE OF EMPLOYEES. manufactured products which are in demand in the markets It is a source of much pleasure to the Board to renew its of Central and South America, Asia and the Pacific Islands, expression of appreciation of the loyal and efficient service to which the Canal will open a more direct route. rendered during the year by officers and employees in all Increased attention is being given to the development of departments of the Company in the performance of their direct trade with the markets of the Atlantic side of South duties. America, as well as those that will be reached by way of the Canal. During the fiscal year regular steamship service was established between New Orleans and the ports of Rio de Details of the operations of the Company are set forth in Janeiro and Santos, Brazil, and Buenos Ayres, Argentina; the report of the Vice-President and General Manager. and since the close of the fiscal year regular service has been Statements of the accounts and statistics of the Company inaugurated between Mobile, Ala., and the ports of Monte­ in the usual detail will be found in the tables hereto annexed. video, Uruguay and Buenos Ayres, and Rosario, Argentina. The accounts have been examined, as usual, by Certified The success which has attended the solicitation of traffic for Accountants, Messrs. Patterson, Teele & Dennis, and their these lines has been such as to encourage the hope that certificate is made a part of this report. similar service may be established from other ports served Respectfully submitted, by order of the Board, by the Company’s lines. W. W. FINLEY, President.

TABLE 1.— INCOME STATEMENT FOR YEAR ENDED JUNE 30 1912, COMPARED WITH YEAR ENDED JUNE 30 1911.

1911. OPERATING REVENUES— $39,498,903 01 Freight Revenue______$41,508,300 38 10,050,303 70 Passenger Revenue______10,939,811 36 292,100 40 Miscellaneous Passenger-Train Revenue______326,202 88 1,370,741 78 Mall Revenue______1,352,298 0 1,810,970 04 Express Revenue______. ______1,948,950 80 891,104 43 Other Transportation Revenue______870,357 79 418,818 50 Revenue from Operations other than Transportation _ 638,401 07 $00,345,062 64 TOTAL OPERATING REVENUES...... $03,590,328 90 OPERATING EXPENSES— $7,404,910 42 Maintenance of Way anil Structures------$7,841,220 15 9,400,750 74 Maintenance of Equipment______10,108,072 84 1,549,403 98 Traffic Expenses------1,745,353 05 20,002,085 84 Transportation Expenses______22,081,653 47 1,789,027 10 General Expenses------1,919,336 88 40,926,790 08 TOTAL OPERATING EXPENSES. 43,696,236 39 119,418,272 56 NET OPERATING REVENUE------$19,894,092 51 O UTSI DE O ITERATIONS— NET REVENUE - 64,754 67 42,027 75 OUTSIDE OPERATIONS—NET DEFICIT-. - $19,370,244 NETREVENUE- $19,958,847 18 2,212,907 TAXES______1,452,328 28 $17,163,276 94 OPERATING INCOME-...... $17,506,518 90 OTHER INCOME— $17,499 Rents Accrued from Lease of Road------$20,000 00 137,342 Hire of Equipment— Balance------31,206 88 200,131 Rents Accrued from Joint Tracks, Yards and Terminals - 204,635 85 148,970 Misccllancous Rents______131,993 72 194,268 Miscellaneous Incom e------165,795 03 2,059,249 Income from Investments______,757,645 38 445,055 Miscellaneous Interest and Commissions______208,797 40 3,802,518 26 TOTAL OTHER INCOME. 3,580,074 86 $20,905,795 20 TOTAL GROSS INCOME-...... $21,086,593 76 DEDUCTIONS FROM TOTAL GROSS INCOME— ' ...... Income from Operation, Southern Railway Company Lin Mississippi, Alabama State $34,440 49 Line to Columbus, Miss------$50,950 88 1,887,748 90 Rents Accrued for Lease of Other Roads (see Table 2, pamphlet report) 1 1,865,927 33 799,001 91 Rents Accrued for Joint Tracks, Yards and Terminals______898,444 10 00,017 72 Miscellaneous Rents______30,242 83 170,390 39 Separately Operated Properties______HI 180,701 01 125,814 78 Discount on Securities Sold— Proportion charged to Income______60,043 25 83,709 70 Miscellaneous Deductions______87,463 46 3,167,189 95 TOTAL DEDUCTIONS. 3,179,772 80 $17,793,605 25 TOTAL AVAILABLE INCOME $17,906,820 90 $10,234,505 00 INTEREST ON BONDS AND NOTES (see Table 2, pamphlet report). $10,204,481 66 667,228 70 INTEREST ON EQUIPMENT TRUST OBLIGATIONS (see Table 2. pamphlet report).. 712,414 18 DIVIDENDS ACCRUED ON SOUTHERN RAILWAY-MOBILE & OHIO STOCK 220,808 00 TRUST CERTIFICATES______. ______220,808 00 11,128,601 76 11,143,703 84 $6,070,003 49 BALANCE OF INCOME OVER CHARGES______$6,763,117 06 FROM WHICH DEDUCT— $000,000 00 Dividends Nos. 21 (1%) and 23 (2%) on Preferred Stock______$1,200,000 00 Dividend No. 22 (1%) and Reserve for Dividend No. 24 (2 '-% ) on Preferred Stock, 000,000 00 payable in October 1912______.... ----- .. ______1,500,000 00 1,200,000 00 TOTAL DIVIDENDS. 2,700,000 00 $5,470 003 49 BALANCE OVER DIVIDENDS ON PREFERRED STOCK- $4,063,117 06 00 045 71 ADDITIONS AND BETTERMENTS______44,989 42 $5,403,957 78 BALANCE CARRIED TO CREDIT OF PROFIT AND LOSS. $4,018,127 64

The Decrease in Interest on Bonds and Notes amounting to______. $30 083 34 consists of the following: INCREASES— Interest for twelve months tills year on $1,500,000 First Consolidated Mortgage Five Per Cent Bonds sold March 1 1911 to retire $1,580,000 Virginia Midland Railway Serial Mortgage Six Per Cent Bonds, Series B, as against interest for four mouths on such bonds in preceding year. ------.. . ______$50,000 00 Interest on $50,000 Southern Hallway-Mobile & Ohio Collateral Four Per Cent Bonds issued in exchange for a like amount of Mobile & Ohio Railroad General Mortgage Four Per Cent Bonds______1,066 66

D E C R E A SE S-™ IncreaSC — - ...... - ...... 551,066 66 Interest on Virginia Midland Railway Serial Mortgage Six Per Cent Bonds,Series B, retired March 1 1911_____ $63,200 00 Interest on Charlotte Columbia & Augusta Railroad Second Mortgage Seven Per Cent Bonds, retired Oct. 1 1910 8,750 00 interest on Richmond York River & Chesapeake RR. Second Mortgage 4>^% Bonds, retired November 1 1910 7,500 00 Interest on Divisional Prior Lien Bonds retired during the year______1,700 00 Total Decrease------81,150 00 Net Decrease, as shown______$30,083 34

The Increase in Interest on Equipment Trust Obligations amounting to______$45,185 42 consists of: INCREASES— Interest on Equipment Trust N______$70,142 08 Interest on Equipment Trust O______40,429 60 Interest on Equipment Trust P ______12,59375

DECREASES—tal InCrCaS° ...... *...... — - ...... - $ i ^ 7 l ^ Interest on Equipment Trust E ...... $13 230 00 Interest on Equipment Trust II______. . . ______20 250 00 Interest on Equipment Trust K " " ...... 11 200 01 Interest on Equipment Trust L______. . . ' ______27’000 00 Interest on Equipment Trust M______'"11111.1 6,300 00

Total Decrease______77 ggg Net Increase, as shown...... $45,185 42

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TABLE 3.— PROFIT AND LOSS FOR YEAR ENDED JUNE 30 1912. Balance at Credit of this Account June 30 1911______511.445,905 0* Add:—Credit Balance of Income for the Year______4,018,127 04 515,404,092 72 Deduct:— Discount on Securities charged off during the year 51,050,030 54 Net Miscellaneous Debits______50,520 05 ------1,707,150 59 Credit Balance June 30 1912______513,750,930 13 TABLE 4.— GENERAL BALANCE SHEET JUNE 30 1912 AND JUNE 30 1911

June 30 1911. ASSETS. June 30 1912. PROPERTY INVESTMENT— Iioad and Equipment: Investment to June 30 1907: 5318,243,507 04 R o a d ------5318,243,507 04 47,790,405 54 Equipment (Including Trust Equipment)______47,796,465 54 5300,039,973 18 5300,039,973 18 Investment since June 30 1907: 515,047,735 43 Road - - — — ______518,350,330 82 15,233,501 83 Equipment (Including Trust Equipment)______17,900,267 51 30,881,237 26 30,250,598 33 5396,921,210 44 Total Road and Equlomcnt______5402,200,571 51 12,912,296 92 13,770,492 93 5384,008,913 52 5388,511,078 58 Securities.’ Securities of Proprietary, Affiliated and Controlled Companies— Pledged: p 52,487,086 26 Stocks______. _____ . 52,487,080 20 t 21,502,921 74 Bonds ______21,508,920 74 523,990,608 00 523,990,007 00 2,000,000 00 Bonds Issued or Assumed— Pledged______2,000,000 00 fej Securities of Proprietary, Affiliated and Controlled Companies— Unpledged: j® 5125,880 21 Stocks ______5110,887 21 673,410 75 Bonds ______084,418 75 799,305 96 801,305 96 526,789,913 96 T ota l______520,707,912 96 Other Investments: Advances to Proprietary, Affiliated and Controlled Companies for Construction, 5589,749 37 Equipment and Betterments ______5419,193 34 Miscellaneous Investments: 5374,587 70 Physical P roperty______5355,590 07 33,468,143 91 Securities—Pledged ______33,588,943 91 9,598,039 18 Securities— Unpledged ______- ______9,450,980 28 43,440,770 85 43,395,514 86 544,030,520 22 Total ...... - ...... 543,814,708 20 WORKING ASSETS— 510,377,361 16 513,048,782 30 10,101,800 00 22,331,800 00 Marketable Securities: 5250,522 00 Stocks ______5250,522 00 179,059 04 Bonds ______179,059 04 53,955 00 Miscellaneous______------51,455 00 489,536 04 487,030 04 137,128 77 448,483 55 500,332 38 762,026 42 415,424 63 467,025 40 2,875,491 45 2,237,325 52 3,837,425 42 4,210,084 90 535,542 30 722,674 10 535,336,042 15 544,715,238 23 ACCRUED INCOME NOT DUE— 5938,693 31 51,002,490 26 DEFERRED DEBIT ITEMS— 5745,771 25 Tmporary advances to Proprietary, Affiliated and Controlled Companies------. 5730,882 15 108,804 50 Working Funds______130,428 19 1,013,232 37 Other Advances______. ______1,003,764 13 2,318 43 Rents and Insurance Paid in Advance______2,046 61 i 23,528 45 Taxes Paid in Advance- - . ______29,150 03 1,688,029 79 Unextinguished Discount on Securities______; 4,536,641 48 Special Deposits______- ______2,923,331 19 31,830 58 CashandSecuritics in Sinking and Redemption Funds------3,525 00 801,380 12 Cash and Securities in Insurance Reserve Fund------015,941 37 1,569,663 48 Other Deferred Debit Items______1,377,920 99 10,524,270 45 7,182,095 6« 5501,628,353 61 5512,084,423 89

June 30 1911. LIABILITIES. June 30 1912. CAPITAL STOCK— 5120,000,000 00 Com m on______5120,000,000 00 60,000,000 00 Preferred------00,000,000 00 5180,000,000 00 5180,000,000 00 MORTGAGE, BONDED AND SECURED DEBT— 5103,986,300 00 Mortgage Bonds— Outstanding------5190.950,900 00 18,309,800 00 Mortgage Bonds— Held by Company------24,539,800 00 5212,290,100 00 T ota l------5218,490,700 00 519,682,700 00 Collateral Trust Bonds— Outstanding------519,738,700 00 42,000 00 Collateral Trust Bonds— Held by Company------42,000 00 19,724,700 00 T ota l------19.780,700 00 10,107,000 00 Notes— Outstanding______10,107,000 00 5242,127,800 00 Total (See Table 5 ) . . ------8248.384,400 00 17,389,000 00 Equipment Trust Obligations (See Table 0)— ----- — ______— ----- _ ' 16,380,000 00 $259,516,800 00 Total __ 204.704,409 00 OUTSTANDING SECURITIES ON LEASEHOLD ESTATES 33,099^666 66 WORKING LIABILITIES— 5470,339 36 Doans and Bills P a y a b le .______5445,000 00 650,868 35 Traffic and Car Service Balances due to other Companies______817,608 07 4,861,646 68 Audited Vouchers, Accounts and Wages Unpaid______5,984,377 17 207,897 90 Miscellaneous Accounts Payable, ______344,295 59 2,870,213 70 Matured Interest, Dividends and Rents Unpaid, including amounts due July 1 __ 2,880,202 44 29,300 00 Matured Mort., Bonded and Secured Debt unpaid— Bonds not presented for Red. 3,400 00 1,129,355 26 Other Working Liabilities______1,035,256 55 10,231,621 25 12,120,130 82 ACCRUED LIABILITIES NOT DUE— 51,713,954 50 Unmatured Interest and Rents Payable------______51,697,303 31 909,467 07 Taxes ------953,013 02 2,623,422 17 2,050,316 33 DEFERRED CREDIT ITEMS— 52,245,362 71 Operating Reserves------51,083,983 09 742,381 11 Other Deferred Credit Items------032,206 61 2,087,743 82 Total - ______. - 2,916,189 70 APPROPRIATED SURPLUS— 5600,000 00 Reserves for Div. No. 22, 1%, and No. 24, 2 16%on Prcf. Stck., pay.Oct., 1911& T2 51,500,000 00 319,411 17 Additions to Property since June 30 1907, through Income______- 301,500 54 804,390 12 Insurance Reserve Fund------015,041 37 1,723,801 29 2,777,441 91 111445,965 08 PROFIT AND LOSS-- ______. . _____ 13,756,936 13 5501,628,353 61 Grand Total------5512,084,423 89

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 975 ERIE RAILROAD COMPANY

SEVENTEENTH ANNUAL REPORT— FOR THE FISCAL YEAR ENDING JUNE 30 1912.

New York, 1912. The bituminous tonnage was 7,701,263 tons, a decrease To the Bond and Share Holders of the Erie Railroad Company: of 878,231 tons, or 10.24 per cent less than the last year. The following report of the operations of your Company The coke tonnage was 848,526 tons, a decrease of 458,742 for the year ending June 30 1912 is respectfully submitted tons, or 35.09 per cent. by the Board of Directors: The cessation of operations in the anthracite coal fields MILEAGE. in the State of Pennsylvania April 1st to May 22d 1912 caused a reduction in the tonnage of anthracite coal trans­ Table No. 1 shows in detail the mileage of road operated ported and the consequent effect upon your Company’s June 30 1912, from which you will note that the Company: income is reflected in the decrease in gross revenue from the Owns in fee or controls by ownership of entire stock______1,673.-10 Miles Controls by ownership of a majority of stock______160.58 “ transportation of coal and coke of 81,256,285 16, or 7.92 Leases______276.06 “ per cent less than the last year. Has trackage rights over------146.73 “ The coal and coke tonnage was 47.84 per cent of the total Total mileage operated______2,257.67 “ tonnage transported. Has restricted trackage rights over______131.20 “ Owns and leases to other companies------15.12 “ GENERAL FREIGHT TRAFFIC. Leases and re-leases to other companies______2.35 “ Controls lines operated independently------37.87 “ The total revenue freight traffic of the Company during the year, including merchandise, coal and coke, was 36,­ Total mileage controlled but not operated------186.54 “ 961,686 tons, a decrease of 608,976 tons, or 1.62 per cent. Grand total------2,444.21 “ The number of tons carried one mile was 6,823,560,318, — of which 974.02 miles, or 39.85 per cent, have second track, a decrease of 2,021,638 ton miles, or .03 per cent. 18.47 miles have third track and 18.42 miles have fourth 1 he total revenue derived from the transportation of track. j freight was 839,791,526 24, as compared with 839,936,­ The decrease of 6.63 miles in track owned is due to the 548 96 for the year 1911, a decrease of 8145,022 72, or abandonment of the Daguscahonda and Elk Branch, 5.81 .36 per cent. miles, the revision of curves between Hutchins and Mid- The general average freight rate per ton per mile was mont, Pa., .34 miles, and to corrections decreasing the mile­ .583 cent, as compared with .585 cent the last year, a de­ age of the Nypano Railroad, .78 miles, and increasing the crease of .002 cent, or .34 per cent. Columbus & Erie Railroad .30 miles. In addition to the above tonnage, 4,670,967 tons of Com­ The decrease of .67 miles in track leased represents cor­ pany’s freight were hauled, making the total tonnage handled rections decreasing the Niles & New Lisbon Railroad .48 41,632,653 tons. miles, the Sharon Railway .32 miles, and increasing the In hauling this tonnage, 12,937,376 train miles were run, Youngstown & Austintown Railway .13 miles. a decrease compared with the last year of 159,170 train miles, To restricted trackage rights have been added 22 miles due or 1.22 per cent. to the use of the tracks of the Northern Central Railway be­ The average distance each ton was carried was 184.612 tween Chemung Junction and Coal Point, N . Y . miles, an increase of 2.939 miles, or 1.62 per cent. The increase of 30.64 miles in second track is due to the The revenue per freight train mile was S3 08 as compared construction of additional second track as follows: Erie & with S3 05 the previous year, an increase of 3 cents, or .86 Wyoming Valley Railroad, .81 miles; between Tallmadge per cent. The average train load of revenue freight was and Akron, O., 3.18 miles; Barberton and Sherman, O., 527.43 tons, an increase of 6.26 tons, or 1.20 per cent. 2.55 miles; Creston and QN Tower, near West Salem, O., Including Company’s freight, the average train load was 11.08 miles; West Salem and Polk, O ., 5.99 miles; Milton 580.64 tons, an increase of 9.46 tons, or 1.66 per cent. The and Summit, O., 5.74 miles; to corrccti9n in mileage of the average carload of revenue freight was 20.17 tons, a de­ Nypano Railroad, 1.82 miles, less revision of curves between crease of .27 tons, or 1.32 per cent. Including Company’s Hutchins and Midmont, Pa., .34 miles, and corrections in freight, the average carload on the system was 22.21 tons, Westerman Railroad, .02 miles; Sharon Railway, .05 miles; a decrease of .19 tons, or .85 per cent less than last year. Cleveland & Pittsburgh Railroad, .12 miles. PASSENGER TRAFFIC. OPERATING REVENUE AND EXPENSES. The total number of passengers carried during the year The following statement shows the gross operating reve­ was 26,205,266, an increase of 751,105, or 2.95 per cent. nue, operating expenses and operating income of the system The number of passengers transported one mile was 611,­ for the fiscal year: 548,871, a decrease of 15,286,900 passenger miles, or 2.44 REVENUE. per cent. Increase (+ ) or 1012. 1011. Decrease (— ). The decrease in gross revenue therefrom was S194,840 77, Merchandise____ 525,182,784 40 $24,071,521 06 +51,111,262 44 or 1.98 per cent. Coal------14,603,741 84 15,865,027 00 — 1,256,285 10 Passenger______0,623,115 41 0,817,050 18 — 101,840 77 The average fare received from each passenger per mile Mail------421,820 22 431,348 06 — 0,527 84 was 1.574 cents, an increase of .008 cent, or .51 per cent. Express------1,533,500 23 1,444,550 47 + 89,030 70 Milk ______037,100 42 002,765 63 + 34,343 70 The average distance traveled was 23.34 miles, a decrease Miscellaneous___ 1,401.301 11 1,286,874 02 + 114,426 10 of 1.29 miles, or 5.23 per cent.

Revenue— Rail Opcr_.-$53,708,408 03 $53,820,050 22 — $111,581 59 rIhe average revenue received from each passenger was Revenue— Outside Oper. 2,783,900 09 2,820,858 02 — 45,057 03 36.72 cents, a decrease of 1.85 cents. Gross Operating Rev.--$56,492,309 62 $50,049,008 24 — $157,538 02 The passenger train mileage was 10,166,507 train miles, an increase of 2.23 per cent. EXPENSES. Increase ( + ) or The revenue per passenger train mile was 81.247, a de­ 1012. 1011. Decrease (— ). crease of 2.98 per cent. Maintenance of Way and Structures______$5,920,920 01 $5,720,899 92 + $200,020 00 The average number of passengers in each train was 60.15, Maintenance of Equipment 0,012,450 08 9,104,017 04 + 447,533 04 a decrease of 2.88 passengers, or 4.57 per cent. Traffic Expenses______1,393,543 98 1,400,209 00 — 0,666 01 The average number of passengers in each car was 16.46, a Transportation Expenses.- 19,561,599 38 18,467,370 00 + 1,004,219 48 General Expenses-...... 1,204,108 60 1,006,434 52 + 107,084 08 decrease of .47 passengers, or 2.78 per cent. Operating Expcnscs- Of the total number of passengers carried, 25,559,726 were Rall Operations__ -$37,701,088 05 $35,840,801 37 + $1,851,700 68 local and 645,540 were through passengers, the local traffic Outside Operations - 3,089.33S 07 3,005,020 81 — 15,791 14 showing small increases, both in number of passengers and -$40,690,920 72 $38,854,021 18 + $1,830,005 54 in the average revenue received per passenger per mile. - 1,817,320 07 1,300,379 87 + 420,946 20 Slight changes are shown in the through traffic transported; the number of passengers decreased, while the average reve­ -$42,508,252 79 $40,245,301 05 + $2,2 02,951 74 nue received per passenger per mile shows a small increase. -$13,084,110 83 $10,404,607 19 — $2,420,400 30 MAIL. l­ Revenue from the Transportation of United States Mails )- decreased S9.527.84, or 2.21 per cent. crating Revenue. _ 75.25% 71.04% +4.21% i- EXPRESS. penses to Operating Revenue from the Transportation of Express amounted to R e v en u e------_ 72.03% 68.59% +3.44% 81,533,596 23, an increase of 889,039 76, or 6.16 per cent. MERCHANDISE. MILK. The merchandise tonnage for the year was 19,281,168 tons, Revenue from the Transportation of Milk was 8937,109 42, an increase of 1,188,914 tons, or 6.57 per cent. an increase of 834,343,79, or 3.80 per cent. The increase in revenue from the transportation of mer­ MISCELLANEOUS. chandise was 81,111,262 44, or 4.62 per cent more than the last year. Revenue from Miscellaneous Sources was SI,401,301 11, an increase of 8114,426 19, or 8.89 per cent. A detailed statement of the commodities transported is shown in Table No. 18. OPERATING EXPENSES. COAL AND COKE. MAINTENANCE OF WAY AND STRUCTURES. The total coal and coke tonnage for the year was 17,680,518 The expense of Maintenance of Way and Structures was tons, a decrease of 1,797,890 tons, or 9.23 per cent less than 85,929,926 01, an increase of 8209,026 09, or 3.65 per cent. the last year. As indicated in Table No. 10, showing the details of this The anthracite tonnage was 9.130,729 tons, a decrease account, the principal items increased are rails, track main­ of 460,917 tons, or 4.81 per cent less than the last year. tenance, care of roadbed, station and shop buildings and an

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 976 THE CHRONICLE [VOL. LXXXXV.

increase of 65 per cent in the cost of removal of snow and ice. ADDITIONS AND BETTERMENTS— EQUIPMENT. 28 bridges were reconstructed or are in the course of re­ Capital Account has been charged during the year with construction. $5,759,583 35 for additional equipment as follows: 2,543 tons of new 100-pound, 29,848 tons of new 90-pound 55 Locomotives ______$1,100,104 45 and 520 tons of new 80-pound steel rails were laid, with the 1.000 Box Cars______900,951 35 2.000 Coal Cars______1,808,107 92 necessary frogs, switches, etc. 200 Refrigerator Cars______281,489 51 1,118,671 cross-ties and 2,745,208 feet of switch timber 000 Flat Cars ______551,580 7ft 300 Automobile Cars______302,428 88 were used in the track, with 1,041,920 tie plates. 40 Passenger Cars------.. ------404,500 55 307.327 miles of track were fully ballasted and 28.583 25 Express Cars______190,163 70 1 Locomotive Crane------13,000 00 miles of track were partially ballasted. 1 Fueling Scow------3,300 OO’ 60 miles right-of-way fences were built. Final Payment on 5 Locomotives______2,602 60 30.09 miles of passing and other sidings and 6.66 miles of Partial Payment on 5 Passenger Cars------2,962 63 Partial Payment on 2 Electric Cars______1,707 62 industrial side tracks were constructed. Adjustment on 1 Track Inspection Car ...... Cr. 1,132 59 New passenger stations were built at Town Line, Gowanda, Adjustment on 1 Car F loat...... — Cr.250 00 and Green Camp. Restaurants were put in stations at Port Total - ...... - ...... - ...... $5,759,583 35 Jervis, Elmira, Kent and Huntington. Those at Jersey From Dec. 1 1895 to June 30 1912 $47,796,761 37 has been City, Susquehanna, Hornell, Buffalo, Meadville and Cleve­ expended for new equipment charged to Capital Account, land received repairs. and represents the purchase or partial payment on account of: MAINTENANCE OF EQUIPMENT. 572 Locomotives ______— $0,523,125 30 10,501 Box Cars------Maintenance of Equipment expenses were 89,612,450 08, 17,500 Coal Cars------an increase of $447,533 04, or 4.88 per cent more than last 700 Refrigerator Cars------year, due to maintaining equipment in accordance with 784 Flat Cars------100 Furniture Cars------33,857,784 90 higher standards of efficiency and complying with laws as 300 Automobile Cars------to safety appliances. The details are shown in Table No. 10. 20 Caboose Cars------6 Milk Cars------The total tractive power of locomotives is 42,143,180 500 Low-side Gondola Cars— ------J pounds, an increase of 1,982,382 pounds. 210 Passenger C ars...... ------1 1 Parlor Car------The total number of locomotives at the close of the fiscal 2 Dining C ars...... ------year was 1,429, an increase of 26. 62 new locomotives 8 Baggage Cars------I ____ _ 107 Express Cars------^ 2,720,510 2ft were received, 26 old locomotives were scrapped and 10 10 Horse Express Cars...... — ------were sold. 1 Business Car------3 Combined Express Baggage and Mall Cars----- The average age of locomotives is 14 years 4 months, one 8 Motor Cars and Equipping 6 Trailer Cars with lights month less than at the close of last year. and Heaters------7 Derrick Cars— ------.------1 The average mileage made by steam locomotives was 23,­ 1 Locomotive Crane------873 miles, an increase of 168 miles, .7 per cent. 1 Track Inspection Car------115,228 41 The average mileage made by motor cars was 33,721 miles, 1 Rotary Snow Plow...... 4 Lake Steamers------) a decrease of 4,274 miles, 11.2 per cent. 1 Fueling Scow - ______i 1,129,847 80 The floating equipment in New York Harbor and the 3 Ferry Boats------I 3 Tug Boats______J Great Lakes was fully maintained. . 257 Canal Boats______1 The changes in equipment during the year are shown in 37 Barges______447,236 40 10 Open Lighters______Table 14. 4 Car Floats______TRAFFIC EXPENSES. Miscellaneous Equipment______3,028 24 The expenses of fast freight lines increased. Reduced T ota l...... $47,790,761 37 expenditures for advertising and printing tariffs explains ADDITIONS AND BETTERMENTS— INCOME. the decrease of $6,666 01, or .48 per cent, in Traffic Ex­ penses. During the year $582,451 98 has been appropriated from Incime for additions and betterments to the property, as TRANSPORTATION EXPENSES. fo llo w s: Transportation Expenses were $19,561,599 38, an in­ Right of Way and Station Grounds------Cr. $17,266 14 crease of $1,094,219 48, equal to 5.93 per cent, which is due Bridges, Trestles and Culverts------113,230 72 to higher rates of wages paid employees, increase in cost of Increased Weight of Rail------114,000 83 Improved Frogs, Switches and Track Fastenings------220,018 45 fuel for locomotives and expenses incident to severe weather Additional Ballast______450,968 42 during the winter. The details of this account are shown in Main Tracks, Sidings and Yards. ------150,767 23 Elimination of Grade Crossings------20,487 60 Table 10. The charges to the account “ Injuries to Persons” Interlocking and Signal Apparatus------51,806 03 show a decrease of 32.5 per cent. Station Buildings and Fixtures------180,890 Oft Shops and Engine Houses...... - 53,755 02 The number of tons of freight moved decreased 1.62 per Shop Machinery and Tools.- — ...... 27,585 37 cent. The number of passengers carried increased 2.95 Water and Fuel Stations------0,000 10 Grain Elevators and Storage Warehouses------04,849 10 per cent. Dock and Wharf Property. ------20,993 70 The number of tons of freight carried one mile decreased Other Road Additions and Betterments...... 15,315 97 .03 per cent. The average distance each ton was moved dur­ 7 Locomotives______01,033 40 10 Box Cars...... - ...... 7,948 47 ing the current year was 184.612 miles, an increase of 1.62 8 Special Freight Cars------10,300 17 per cent as compared with the previous year. 50 Refrigerator Cars______35,371 60 2 Combined Cars______13,225 14 GENERAL EXPENSES. 3 Locomotive Cranes------41,017 74 2 Harbor Tugs______- 00,443 97 General Expenses were $1,204,168 60, compared with Miscelaneous Equipment------01,523 50 $1,096,484 52 for last year, an increase of 9.82 per cent. $1,806,267 2ft TAXES. Less credits account equipment destroyed The Taxes for the year, on both rail and outside opera­ or sold as follows: tions, were $1,817,326 07, an increase of $426,946 20. A Locomotives______$95,073 77 portion of this increase is due to the New York State Mort­ Passenger Cars------„Z5'29I 22 gage Tax upon bonds issued during the year and an increase Floating Equipment------20^,710 7J Other Equipment...... __ 33.030 03 j 223 81g in the Federal Corporation Tax. Also from new methods of taxation in the States of New Jersey and Ohio, the culmi­ Total...... — - ...... $582,451 08 nation of several years’ agitation for increased taxes. EQUIPMENT TRUSTS. ADDITIONS AND BETTERMENTS— ROAD. Of the Equipment Trusts created prior to The Capital Account Additions and Betterments for the this fiscal year year is charged with $2,153,299 39, representing a portion There was a balance on June 30 1911 o f------$9,700,372 54 of the expenditures for additions and betterments made to Upon which payments have been made during the property. These improvements consist chiefly of: the year, amounting to______l.soi.iuu 34 IjUiIIU i . Leaving a balance of------$7,890,269 20 Additional Tracks and Sidings, Elimination of Grade Crossings, During the year Equipment Trusts have been Grade Reductions and Changes of Line, made covering Yard, Stations and Buildings, Interlocking and Signal Apparatus, 1.000 Box Cars...... - ...... Dock and Wharf Property. 2.000 Gondola Cars______500 Flat Cars______From Dec. 1 1895, the date of the organization of the Com­ 300 Automobile Cars...... - . _ pany, to June 30 1912, $19,514,405 53 has been expended in 200 Refrigerator Cars______^4,000,000 00 35 Passenger Cam------additions and betterments to the property and charged to 5 Passenger and Baggage Cars...... Capital Account, as follows: 55 Locomotives ...... $3,180,008 50 25 Express Cars______190,000 00 Grade Reductions and Changes of Line--. 1.49G.510 75 $4,790,000 00 Bridges, Trestles and Culverts------204,850 31 Upon which payments have been made to Additional Tracks and Sidings------4,443,370 02 June 30 1912 amounting t o ...... 140,000 00 Elimination of Grade Crossings------2,220,702 58 Interlocking and Signal Apparatus------427,040 97 Leaving a balance of______4,541,000 0ft Telegraph and Telephone Lines...... 11,342 74 Yards, Stations and Buildings------3,014,510 37 Making the total Equipment Trusts outstanding as of Shop Machinery and Tools------1,020,092 20 June 30 1012______$12,440,209 20 Water and Fuel Stations— :------90,429 09 The total payments account of Equipment Trusts made dur- Grain Elevators and Storage Warehouses 407,721 09 lng the year amounted to ______$2,110,103 34 Dock and Wharf Property. - ...... 808,414 53 Electric Power Transmission------230,922 34 CAPITAL STOCK AND FUNDED DEBT. Development of Coal Property------1,838,738 17 Miscellaneous------33,818 55 No change has been |madejin the outstanding Capital Stock, which is as follows: Total. $19,514,405 53

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 977

Authorized. Issued. The amount invested in materials and supplies shows an Non-cumulatlvc 4% First Preferred------§48,000.000 §47,892,400 Non-cumulatlve 4% Second Preferred ------10,000,000 16,000,000 increase of 8870,249 03. C om m on --.______153,000,000 112,378,000 The decrease of 85,831,309 52 in the account “ Temporary Total______$217,000,000 $176,271,300 Advances to Proprietary, Affiliated and Controlled Com­ Of the Prior and General Lien Bonds secured by the First panies,” is principally due to the credit allowed the Erie Consolidated Mortgage Deed, an additional $1,000,000 & Jersey Railroad Company and the Genesee River Railroad General Lien Bonds have been issued during the year. Company for bonds received from them during the year as The total amounts of bonds issued under that mortgage, previously explained, less additional amounts advanced to the Erie Terminals Railroad Company. now outstanding, are: A reduction in the amount of advances to the Erie Des­ Prior Lien Bonds------$35,000,000 General Lien Bonds------49,724,000 patch Fast Freight Line and the establishment of a fund Of the Convertible Fifty-Year Gold Bonds secured by the for the European traffic agency explains the net decrease General Mortgage of April 1 1903, 810,000,000 have been of 81,429 02 in “ Working Funds.” issued during the year, making the total amount of these There is an increase of S716,069 46 in the account “ Cash bonds issued to June 30 1912, 832,000,000. and Securities in Sinking and Redemption Funds,” repre­ The statements herewith show in detail the Company’s senting increased balances in the Chicago & Western Indiana entire funded debt, rentals of leased lines and other fixed Railroad, Akron & Barberton Belt Railroad and the Pennsyl­ obligations as of June 30 1912. vania Collateral Sinking Funds. The increase in Mortgage Bonds, Collateral Trust Bonds INCOME STATEMENT. * and Equipment Trust Obligations has been heretofore ex­ Gross Operating Revenue______62 Operating Expenses and Taxes...... - ...... 4^,508,252 79 plained. The increase of S293,632 in “ Miscellaneous Funded Obli­ Operating Income______513,984,116 83 Income from Securities Owned, Rentals, &c------4,745,439 19 gations” is chiefly due to obligations for construction work between Hutchins and Midmont, Pa., and at the ore docks Gross Corporate Income ------95 Interest, Rentals, &c , paid------3,i3 16 at Cleveland, Ohio, less reduction in amount due the city of Buffalo for grade crossing construction. Net Income______$3,377,202 86 Appropriated for Additions and Betterments...... 582,451 98 The increase of 8636,862 55 in the account “ Reserves from Income or Surplus Invested in Sinking and Redemption Balance to Credit of Profit and L oss.-...... $2,794,750 88 Funds” represents 10 cents per ton on coal mined from the FINANCIAL. mines of tne Pennsylvania Coal Company during the fiscal The financial condition at the close of the fiscal year is year, together with interest on the bonds purchased by the shown by the General Balance Sheet, Table 4. Trustee and held in the Trust Account. During the year your Company has received from the All of the securities for construction purposes turned over Trustee 81,000,000 General Lien Bonds, being the thirteenth by the Erie Reorganization Committee have been converted million of the 817,000,000 of General Lien Bonds reserved into cash, as follows: Value as placed on the Cash Realized for construction purposes, and also has received from the Books January 1897. from Sale. Trustee of the General Mortgage an additional 810,000,000 $115,200 00 Buffalo & Southwestern RR. Second Lien Bds. $126,720 00 of Convertible Bonds. 405.000 00 Eric RR. Co. Prior Lien Bonds______414,000 00 364,055 22 N. Y. & Greenwood Lake Ry. Prior Lien Bonds 385,570 22 On 1911 84,550,000 Three-Year Five Per Cent 1,034,400 00 Erie RR. Co. General Lien Bonds______1,214,908 93 Collateral Gold Notes were issued and the proceeds thereof 630.000 00 Delaware & Hudson Exclusive Car Trust Certs. 630,000 00 202.000 00 Car Trust of New York Certificates______202,000 00 applied toward the retirement of a corresponding amount of notes of the Erie & Jersey Railroad Company and Genesee $2,750,655 22 $2,973,199 15 River Railroad Company, payment of which was guaran­ In addition to these securities, there have been certified teed. Your Company has received in reimbursement the by the Trustee of the Erie Railroad Company First Consoli­ First Mortgage Bonds of the Erie & Jersey and Genesee River dated Mortgage Deed and turned over to your Company, in Railroad Companies. reimbursement for expenditures already made, 85,000,000 00 Three-Year Five Per Cent Collateral Gold Notes ainount- Erie Railroad Company Prior Lien Bonds and 813,000,000 00 int to 810,000,000 were issued on April 1 1912, to provide Erie Railroad Company General Lien Bonds; and by the available funds for double track, reduction of grades and Trustee of the Erie Railroad Company General Mortgage other improvements on the line between Salamanca and 832,000,000 00 Erie Railroad Company Convertible Bonds. North Judson. Of these securities the following have been converted The interest paid on bonds of certain leased roads and in­ into cash: cluded in reports of previous years as “ Interest on Bonds’ ’ Cash Realized is now shown under the heading, “ Rental of Leased Lines.” Par Value. from Sale. $5,000,000 00 Erie Railroad Co. Prior Lien Bonds______$4,539,884 27 These bonds are not obligations of the Erie Railroad Com­ 3,000,000 00 Erie Railroad Co. General Lien Bonds______2,484,111 11 pany, and therefore the amount, 823,335,500, has been 21,015,000 00 Erie Railroad Co. Convertible Bonds______19,215,000 00 eliminated from statement of Bonded Debt of the Erie $29^015,000 00 $26,238,995 38 Railroad Company and “ Road and Equipment” account leaving still owned by the Company: reduced accordingly. For purposes of comparison the 1911 Erie Railroad Co. General Lien Bonds______$10,000,000 00 figures for “ Road and Equipment” and Funded Debt” have Eric Raiiroad Co. Convertible Bonds______$10,985,000 00 been re-stated. From December 1 1895 to June 30 1912 the Company Statements of charges to “ Additions and Betterments” has received cash from all sources for Construction and shown herein explain the increases in the accounts “ Invest­ Equipment purposes as follows: ment since June 30 1907” and “ Miscellaneous Investments, $500,000 00 Sale of Erie & Wyoming Valley Railroad Co. Capital Stock. Physical Property.” 500.000 00 Settlement of old account with the National Transit Co. The depreciation on existing equipment accruing during 4,343,850 13 From the Eric Reorganization Committee. 2,973,199 15 Proceeds of sale of securities received from the Erie Reor­ the year was 81,070,824 22, as shown by the increase in the ganization Committee. account “ Reserve for Accrued Depreciation— Cr.” 7,023,995 38 Proceeds of sale of securities received from the Farmers’ Loan & Trust Co., Trustee. In reimbursement for amounts advanced for construction 19,215,000 00 Proceeds of sale of securities received from the Standard purposes in previous years there were received Erie & Jersey Trust Company of New York Trustee. 230,227 05 Proceeds of sale of securities received for the purchase of Railroad Company’s First Mortgage Bonds and Genesee Erie * Wvotnlng Valley Railroad Equipment. River Railroad Company’s First Mortgage Bonds which are 2,500 00 Sale of Pittsburgh Charticrs & Youghlogheny Railroad Co. pledged under the Collateral Indentures of October 2 1911 Bonds acquired from the Receivers of the New York Lake Erie & Western Railroad Co. and April 1 1912, which explains the increase of 811,100,000 457,867 50 Sale .June 1 1899 of Capital Stock of the Northern Railroad in the account “ Securities of Proprietary, Affiliated and Con­ Company of New Jersey, originally paid for by the Erie Reorganization Committee from Construction Funds. trolled Companies— Pledged, Funded Debt.” 200.000 00 Sale of the Union Dry Dock franchises, etc. The increase of 811,000,000 in “ Securities Issued or 107,989 22 Special Tax deposit made by Erie Reorganization Com­ Assumed— Pledged, Funded Debt,” is due to 81,000,000 mittee, returned June 14 1901 by the English Government General Lien Bonds and 810,000,000 Convertible Bonds re­ $35,554,628 43 ceived during the year in reimbursement for expenditures ac­ This amount has been used to partially reimburse the count of construction and pledged under the Collateral In­ Company for the following expenditures: denture of April 1 1912. $457,867 50 Purchase of Northern RR. Co. of New Jersey Capital Stock. In the account “ Securities of Proprietary, Affiliated and 1,729,611 68 Old New York Lake Erie & Western Car Trusts. 65,000 00 Payment of Mortgages on Real Estate. Controlled Companies— Unpledged,” the increase in “ Stocks” 348,377 50 Disbursed on account of Union Steamboat Co. In liquidation $20,400, represents additional shares of capital stock of the of its affairs and in building or acquiring additional property. Sharon Railway, and the change in “ Funded Debt,” 835,000, 111,241 84 Liquidating Receivership New York Lake Erie & Western is on account of increase in holdings of Chicago & Western Railroad Company. Indiana Railroad Company’s bonds. 16,646,518 45 New Construction. 36,679,492 17 New Equipment. “ Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and Betterments,” $56,038,109 14 increased 851,389 36, representing amounts advanced to Your Company has expended from current cash for Long Dock Company, Penhorn Creek Railroad Company liquidating the receivership of the New York Lake Erie & and the Columbus & Erie Railroad Company. Western Railroad Company and for construction and equip­ The account “ Miscellaneous Investments,” “ Securities—• ment purposes from December 1 1895 to June 30 1912, Unpledged,” increased 89,699 55, due to the acquisition 820,483,480 71, for which it is, or will be, entitled to be reim­ of notes of the Mutual Terminal Company of Buffalo and other bursed from the sale of either Erie Railroad Company Gen­ miscellaneous securities, less miscellaneous securities dis­ eral Lien Bonds or Erie Railroad Company Convertible Bonds. posed of during the year. The amount shown as expended for new Equipment in­ The decrease in “ Marketable Securities— Miscellaneous,” cludes payments aggregating 811,975,150 40 for cars and is on account of various small notes paid during the year. locomotives, which are covered by new Equipment Trusts.

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Construction expenditures on properties covered by Penn­ securing the payment of $10,000,000 Three-Year Five Per sylvania Collateral Trust Indenture to June 3 0 1 9 1 2 amount Cent Collateral Gold Notes, all of which arc sold. The pro­ to $1,692,749 49; $1,439,461 14 has been realized from the ceeds are to be used in the construction of additional second sale of securities obtained from the Trustee of the Indenture, track and reduction of grades between Salamanca, N. Y ., leaving $ 3 3 6 ,0 0 0 Pennsylvania Collateral Trust Bonds owned ans Meadville, Pa., and between Marion, Ohio, and North by the Company. The Company has expended from its Judson, Ind. The grade reductions provide for the elimina­ current cash for construction purposes to June 3 0 1 9 1 2 tion of street grade crossings at Jamestown, N. Y . $253,288 35, for which it is or will be entitled to be reim­ Additional second track between Kent and Mansfield, bursed from the sale of Eric Railroad Company Pennsyl­ Ohio, aggregating 28% miles, was completed during the year, vania Collateral Four Per Cent Bonds. and work has begun on the double-tracking and grade-reduc­ Ihe amount the Company has not been reimbursed from tion of the Meadville Division and the Chicago & Erie Rail­ the sale of bonds for expenditures made under the terms of road, as above mentioned. the First Consolidated Mortgage Deed, the General Mortgage The improvements at the Jersey City Terminal for handling and the Pennsylvania Collateral Trust Indenture is $ 2 0 , ­ the passenger traffic of the New York Susquehanna & West­ 736,769 06. ern Rxiilroad Company (to which reference was made in the GENERAL REMARKS. preceding report) have been completed, and a satisfactory agreement has been made with that company for its use of Additions and Betterments to the property and equipment the passenger terminal facilities. of the Company, aggregating $8,495,334 72, have been made The bascule drawbridge over the Hackensack River is during the year, as per tables shown. c o m p le t e d . As noted above, your Board authorized the issuance of Your Company has secured property on the Hackensack $4,550,000 Three-Year Five Per Cent Collateral Gold Notes, Meadows and with the consent of State and United States dated October 2 1911, which were sold, and the proceeds used authorities is now constructing a canal one and one-fourth to pay and discharge outstanding notes of the Erie & Jersey miles in length, through which the waters of Berry Creek Railroad Company and the Genesee River Railroad Company, will be diverted to the Hackensack River. This will do away for the payment of which your Company was liable. A with the drawbridge at Berry Creek. Collateral Indenture, dated October 2 1911, was created, $25,051,917 76, or 61.57% , of the Total Operating Expen­ under which were pledged First Mortgage bonds of the com­ ses was paid by the Company direct to Labor, being distribu­ panies named of the total par value of $7,000,000. ted among 38,327 employees. Owing to the unsatisfactory condition of the bond market, The efficient services of the officers and employees are your Board has considered it inadvisable to authorize the hereby acknowledged. sale of bonds which were issued during the year to reimburse By order of the Board, the treasury for construction expenditures. These bonds Respectfully submitted, are pledged under a Collateral Indenture, dated April 1 1 9 1 2 , I. D. UNDERWOOD, President.

TABLE 4 - -CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE—JUNE 30 1912 AND JUNE 30 1911.

June 30 1911. ASSETS. June 30 1912. PROPERTY INVESTMENT— Road anil Equipment— $271,099,017 24 Investment to June 30 1907 ___ . _ . ______. $271,099,017 24 Investment since Juno 30 1907: 6,672,980 90 Road ______5,894,753 17 Equipment _. ______10|727!335 35 $291,970,520 84 4,585,151 23 Reserve for Accrued Depreciation— Cr------5,001,975 45 $286,308,545 39 Securities— Securities of Proprietary, Affiliated and Controlled Companies— -Pledged— 30,683,650 00 Stocks...... ______. 35,600,200 00 Funded D eb t______Securities Issued or Assumed— Pledged— 14,160,000 00 Funded Debt______. ______Securities of Proprietary, Affiliated and Controlled Companies— Unpledged— 295,738 44 Stocks ______140,472 73 Funded Debt______600,000 00 Miscellaneous ______Other Investments: A-dvanees to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and 4,754,790 20 Jjctterments ______Miscellaneous Investments: 1,647,186 89 Physical Property______27,520,481 00 Securities— Pledged______. 6,563,072 33 Securities— Unpledged ______WORKING ASSETS— 35,931,991 05 7,198,749 28 C ash ______Marketable Securities: 18,653 32 Miscellaneous . ------971,898 12 Traffic and Car-Service Balances Due from Other Companies 1,088,542 80 1,075,015 01 Net Balance Duo from Agents and Conductors. ______2,250,080 75 Miscellaneous Accounts Receivable.. .______• 3,322,513 34 Materials and Supplies------ACCRUED INCOME NOT DUE— 25,119,872 68 1,778,162 00 Unmatured Interest, Dividends and Rents Receivable____ DEFERRED DEBIT ITEMS— ------Advances: 10,379,594 20 Temporary Advances to Proprietary, Affiliated and Controlled Onmnini.w 11*5,045 44 worKing Funds______. ______. $4,548,284 77 4,659,901 19 39,886 83 Rents and Insurance Paid in Advance______379,940 00 Special Deposits ______4,125,301 68 ( ash and Securities in Sinking and Redemption Funds____ 4,841,371 14 300 00 Cash and Securities in Insurance and Other Reserve Funds... 300 00 85,700 04 Other Deferred Debit Items______87,386 93 $432,804,017 86 $467,449,596 50 LIABILITIES. STOCK— Capital Stock: $112,378,900 00 Common ______47,892,400 00 1st Preferred Non-cumulatlvc.- 47,892,400 00 16,000,000 00 2d Preferred Non-cumulatlve____ 16,000,000 00 MORTGAGE, BONDED AND SECURED DEBT— $176,271,300 00 Funded Debt: 153,110,900 00 Mortgage Bonds______$164,1 10,900 r 0 50,199,500 00 Collateral Trust Bonds------64,749,500 00 9,760,372 54 Equipment Trust Obligations...... 12,440,269 20 1,359,886 60 Miscellaneous Funded Obligations. ______1,653,518 60 WORKING LIABILITIES— 242,954 187 80 1,724,644 58 Traffic and Car-Service Balances Due to Other Companies.._ $1,699,629 84 3,666,264 50 Audited Vouchers an l Wages Unpaid_____ 4,931,467 90 729,930 23 Miscellaneous Accounts Payable...... 2,570,814 11 2,250,530 62 Matured Interest, Dividends and Rents Unpaid 1,998,404 93 11,200,316 78 ACCRUED LIABILITIES NOT DUE— 2,186,915 69 Unmatured Interest, Dividends and Rents Payable ______2,434,022 23 DEFERRED CREDIT ITEMS— ...... 14,438 66 Unextinguished Premiums on Outstanding Funded Debt___ 142,608 15 Other Deferred Credit Items. ------$9,230 42 APPROPRIATED SURPLUS— 3,034,554 65 Additions to Property Since June 30 1907, through Income__ Reserves from Income or Surplus: $3,617,006 63 4,342,638 85 Invested in Sinking and Redemption Funds______8,596,508 03 PROFIT AND LOSS— 24,099,532 79 B alance______$432,894,017 86 $467,440,596 50 ------...

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TABLE 2—INCOME STATEMENT (ENTIRE SYSTEM) FOR THE YEAR ENDING JUNE 30 1912.

Operating Expenses— Operating Revenue— Rail Operations: Rail Operations: Maintenance of Way and Structures------$5,929,926 01 Merchandise______$25,182,784 40 Maintenance of Equipment------9,012,450 08 C o a l______14,608,741 84 Traffic Expenses------1,393,543 98 P assenger______9,623,115 41 Transportation Expenses------19,501,599 38 M a il...... 421,820 22 General Expenses------1,204,108 00 E xpress______. 1,533,596 23 $37,701,088 05 M ilk ______937,109 42 Outside Operations. Miscellaneous_____ 1,401,301 11 Water R ou tes______$2,403,380 28 $53,708,468 63 Coal Storage and Shipping Plants------198,294 07 Outside Operations: Miscellaneous . ------387,563 72 2,989,238 67 Water Routes______$2,115,813 91 Coal Storage and Shipping Plants. 339,160 02 Total Operating Expenses...... $40,690,926 72 Miscellaneous______328,921 06 Taxes ------1,817,320 07 2,783,900 99 Total Operating Expenses and Taxes...... $42,508,252 79 Gross Operating Revenue______$56,492,369 62 Deductions— Other income— Interest Accrued on Bonds (sec Table 5). $8,070,766 00 Dividends Declared on Stocks Owned or Interest Accrued on Collateral Gold Notes. 1,033,125 00 C ontrolled______$1,613,496 50 Interest Accrued on Equipment Trusts__ 536,001 53 Interest Accrued on Bonds Owned or Con­ Interest Accrued on Mortgages ------37,429 49 trolled ______987,038 54 Interest Accrued on Construction------18,653 85 Interest on Other Securities,’ Loans and Other Interest______35,299 98 A ccou n ts______1,199,162 06 Rents Accrued for Lease of Other Roads Rents Accrued from Lease of Road 15,000 00 (see Table 7 )______2,251,708 82 Other Rents—Joint Facilities _ _ 627,695 06 Other Rents— Separately Operated Properties, Profit--- 131,436 99 Hire of Equipment (Balance)------093,878 59 AUscellaneous Incom e______171,609 44 Joint Facilities______638,057 72 Miscellaneous Rents------800,420 20 Total Other Income. 4,745,439 19 Sinking Funds Accrued______453,882 55 Other Deductions— ...... 23,033 34 Total Deductions------$15,352,353 10 Net Incom e______3,377,202 86 $61,237,808 81 $61,237,808 81 Net Income for Year...... ------$3,377,202 80 Appropriated for Additions and Betterments. 582,451 98 Balance for Year Transferred to Credit of Profit and Loss------$2,794,750 88

The net Income of companies whose capital stock is owned by tills Company, during the current year, was $3,089,467 18, of which $1,500,000 In dividends and $600,000 as interest on advances, was paid to this Company, both of whicli amounts arc included in the income of the current year.

TABLE 3.—PROFIT AND LOSS STATEMENT, YEAR ENDING JUNE 30 1912.

Debits— Cm (lit 9__ Loss on equipment destroyed or sold------$462,671 59 $24,099,532 79 Abandoned properties______78,964 34 Balance for year transferred from Income Discount on securities issued______470,698 40 2,794,750 88 Cancellation of uncollectible bills------23,245 88 14,294 50 I.oss from sales miscellaneous securities— 7,040 00 Miscellaneous debits------15,475 90 $1,058,096 17 B alance______25,850,482 00 $20,908,578 23 $26,908,578 23

TABLE IS—ANALYSIS OF TRAFFIC REVENUE AND EXPENSES (ENTIRE SYSTEM) FOR THE SIX YEARS ENDING JUNE 30 1907, 1908, 1009, 1910, 1011 AND 1912.

1907.* 1908. 1909. 1910. 1911. 1912. Mileage of road operated.. 2,150.937 2,171.160 2,230.814 2,227.032 2,2 64.961 2,257.606 Freight Traffic— Number of tons of merchan- disc freight carried 20,911,586 16,258,427 15,953,788 19,634,804 18,092,254 19,281,168 Number of tons of coal and coke carried.. 18,258,031 17,371,279 10,843,417 19,128,796 19,478,408 17,680,518 Total number of tons of all freight carried 39,169,617 33,629,706 32,797,205 38,763,600 37,570,662 36,961,686 Total number of tons of all freight carried one m ile.. 6,275,629,877 5,601,538,181 6,008,714,174 0,414,731,680 0,825,581,956 0,823,560,318 Av. distance hauled per ton 160.217 168.349 183.208 165.483 181.673 184.612 Total freight revenue______$38,550,092.47 $33,946,340.67 $35,180,788.82 $38,410,130.25 $39,936,548.90 $39,791,526.24 Av. rev. per ton per mile__ Cents .614 Cents .600 Cents .586 Cents .599 Cents .585 Freight rev. per mile of road $17,922.46 $15,035.12 $15,774.42 $17,247.23 $17,032.34 $17,625.07 Freight rev. per train mile. $2.89707 $2.78751 $2.74697 $2.80316 $3.0494 $3.0757 Average number of tons of freight in each train_____ 471.62 404.90 469.05 494.87 521.17 527.43 Average number of tons of freight in each loaded car 19.57 20.30 20.51 20.37 20.44 20.17 Average number of tons of freight in each train, in- eluding co's material____ 504.84 501.13 516.86 540.70 571.18 580.64 Passenger Traffic— No. of passengers carried__ 24,199,723 23,054,436 23,084,283 25,277,283 25,454,161 26,205,266 No. of pass, carried 1 m ile.. 039,792,610 039,524,474 597,317,730 627,788,837 626,835,771 611,548,871 • Av. distance per passenger. 26.438 27.036 25.220 24.836 24.626 23.337 ■ Total rev. from passengers. $9,458,281.07 $9,489,448.73 $8,880,034.32 $9,459,963.21 $9,817,950.18 $9,623,115.41 Average revenue per passen- ger per mile______Cents 1.478 Cents 1.484 Cents 1.487 Cents 1.507 Total passenger train rev__ $11,218,098.25 $12,054,020.13 $11,505,227.52 $12,308,328.25 $12,786,155.90 $12,681,863.00 Passenger train revenue per mile of r o a d .. ______$3,215.45 $5,551.88 $5,184.31 $5,553.73 $5,045.20 $5,617.24 Passenger train revenue per train m ile____ . $1.21429 $1.22970 $1.17402 $1.25746 $1.28570 $1.24742 Average number of passen­ gers in each train__ ... 69.25 05.24 60.04 63.83 03.03 60.15 Average number of passen- gers in cacli car______18.72 17.45 16.50 17.13 16.93 10.40 Revenue and Expenses— Freight anil passenger r e v .. $48,008,374.14 $43,435,780.40 $44,070,423.14 $47,870,093.40 $49,754,505.14 $49,414,641.05 Freight and passenger reve­ nue per mile of road.___ $22,319.75 $20,005.80 $19,755.31 $21,495,02 $21,967.05 $21,887.49 Gross revenue, all sources rail operations_____ . _. $51,194,113.45 $46,740,435.90 $47,514,858.74 $51,830,719.93 $53,820,050.22 $53,708,168.03 Gross rev. per mile of road. $23,800.84 $21,530.03 $21,299.34 $23,273.45 $23,702.02 $23,789.38 Gross rev. per train m ile__ $2.27075 $2.13252 $2.10273 $2.28042 $2.34407 $2.33347 Operating expenses, rail op- oration s______$33,579,958 52 $30,409,512.21 $32,694,025.26 $34,454,709.34 $35,849,891.37 $37,701,088.05 • Operating expenses per mile of ro a d ------$15,611.78 $16,797.20 $14,655.05 $15,471.16 $15,828.04 $10,099.41 Operating expenses per train m ile ...... - ...... - $1.48940 $1.6637 $1.44684 $1.51592 $1.5614 $1.63802 Net operating revenue, rail operations — ...... — $10,171,350.59 $10,276,893.69 $14,820,833.48 $17,375,950.59 $17,970,158.85 $16,006,780.58 Net rev. per mile of road — $7,518.28 $4,733.37 $0,643.69 $7,802.29 $7,933.98 $7,089.97 ■ Net rev. per train mile------Cents 71.729 Cents 46.882 Cents 65.588 Cents 76.450 Cents 78.267 Cents 69.545 •

•Many of the statistics for the year 1907 arc not true comparisons with the figures for following years on account of the changes In the classification prescribed by the Inter-State Commerce C o m m is s io n ...... 1 ......

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THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY

SEVENTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING JUNE 30 1912.

Office of The Atchison Topeka & Santa Fe Railway System, 869,989 29, as compared with 8609,287,764 18 at June 30 N o . 5 Nassau Street, Neiv York City. 1911, an increase during the year of §12,582,225 11, which S e p te m b e r 10 1912. analyzes as follows: To the Stockholders: Construction and acquisition of new mileage. Including the acquisition o^ Your Directors submit the following report for the fiscal bonds and stocks of other railway and terminal companies: California Arizona & Santa year July 1 1911 to June 30 1912, inclusive. Fe R y ...... $23,858,989 28 The Lines comprising the Atchison System, the operations Less: Investment in the property and securities of which are embraced in the following statements, are as of companies mergedin follows: The C. A. & S. F. R y. Co., reported in previous June 30 1912. June 30 1911. years...... 22,379,112 52 8,200.86 miles 7,549.69 • $1,479,876 76 Rio Grande & El Paso Railroad. 20.21 “ 20.21 Concho San Saba & Llano Valley R R ...... 4,323 06 Gulf Colorado & Santa Fe Railw 1,596.06 “ 1,537.48 Eastern Railway of New Mexlco. 225.21 Dodge City & Cimarron Valley R y ...... 354,077 49 478.67 " 296.12 Eastern Ry. of New Mexico______944,727 86 54.24 “ Grand Canyon R y ______8,669 72 Pecos River Railroad______54.24 Gulf Beaumont & Great Northern R y ...... 1,888 16 Santa Fe Prescott & Phoenix Railway___ 364.24 Southern Kansas Railway of Texas.. 124.92 " 124.92 Gulf Beaumont & Kansas City R y ------3,484 00 125.80 “ Gulf Colorado & Santa Fe R y ------763,263 67 Texas & Gulf Railway______96.14 Sunset R y . . ______$386,343 94 Gulf & Interstate Railway of Texas. 71.97 “ 71.97 60.15 “ Less: Investment In securi­ Concho San Saba & Llano Valley Railroad 60.15 ties of Sunset RR. and 10,732.88 “ Sunset Western Ry. con­ 10,400.37 solidated into the Sunset Increase during the year 332.51 miles. Ry., reported In previous years...... 303,415 78 The average mileage operated during the fiscal year end­ 82,928 16 ing June 30 1912 was 10,027.92 miles, being an increase of Union Terminal Co. of Dallas. 3,000 00 Wichita Union Terminal R y.. 10,000 00 277.79 miles, as compared with the average mileage operated $3,656,238 88 during the preceding fiscal year. Additions and Betterments— System Lines: Right of Way, Station Grounds and Real The mileage formerly operated as the Eastern Railway of Estate...... $59,909 69 New Mexico and Santa Fe Prescott & Phoenix Railway was W idening Cuts and Fills, Including Protec- tectlon of Banks...... — 206,828 73 operated by the Atchison Topeka & Santa Fe Railway on Grade Reductions and Changes of Line------298,783 48 June 30 1912 and therefore is so shown as of that date. Bridges, Trestles and Culverts...... — 628,382 08 In addition to lines covered by this report there were com­ Ballast, Including cost of spreading and put­ ting under track — ...... 1,272,127 75 pleted on June 30 1912 50.92 miles of additional line, all of Increased Weight of Rail...... 438,770 69 which will be ready for operation in the near future. Frogs, Switches, Track Fastenings and Ap­ purtenances ------660,516 41 The Company also controls, through ownership of stocks Additional Main Tracks...... 1,546,793 78 and bonds, other lines aggregating 63.58 miles, and is inter­ Sidings and Spur Tracks...... 292,504 87 Terminal Yards...... 331,019 59 ested jointly with other companies in 599.43 miles. Track Elevation, Elimination of Grade Crosr- For detailed statement of present mileage and of changes ings and Improvements of Over and Un­ der Grade Crossings...... Cr. 75,834 09 in mileage since last Annual Report, see pages 42 to 46 of Interlocking, Block and Other Signal Ap­ pamphlet report. paratus . . — ...... 33,861 14 Telegraph and Telephone Lines...... 20,531 99 INCOME STATEMENT. Buildings, Shops, Dock and Wharf Property 904,094 81 Shop Machinery and Tools...... 169,382 96 The following is a summary of the transactions of the Additional Equipment...... - ...... 3,231,531 13 System for the years ending June 30 1911 and 1912. Betterments to Equipment...... 133,833 80 Other Additions and Betterments...... 123,945 46 1911. 1912. 10,276,981 27 Operating Revenues______$107,565,115 62 $107,752,359 91 Fuel Lands and Other Properties: Operating Expenses______70,768,251 57 71,273,202 97 Fuel Lands...... $8,000 00 Ice Plant, Belen...... ___ _ 134,556 55 Net Operating Revenue.. $36,796,864 05 $36,479,156 94 Santa Barbara Tie & Pole Co__ ...... 1,013 47 T a x e s ------3,474,606 88 4,206,453 85 Tie and Timber Lands______53,530 49 Real______Estate held for future use. 206,257 61 Operating Income______$33,322,257 17 $32,272,703 09 Miscellaneous Ite m s...... Cr. 38,191 15 Other Income------2,207,366 07 2,569,968 22 365,166 97 Other Investments . 944,956 17 Gross Corporate Income $35,529,623 24 $34,842,671 31 Rentals and Other Charges 1,446,236 38 1,521,570 56 Total Charges...... $15,243,346 29 Reduction of Book Values: $34,083,386 86 $33,321,100 75 Garden City Gulf & Northern R R ...... $12,000 00 Fixed charges, including accrued interest Gulf Beaumont & Kansas City R y ...... 3,500 00 on Adjustment Bonds______12,712,319 31 13,660,859 50 Houston Belt & Terminal R y ...... 21,620 80 Santa Fe Paclllc RR.— Land Sales______200,000 00 Net Corporate Income (representing Ice Plant, San Bernardino______39,145 71 amount available for dividends and Texas Tie & Lumber Preserving C o ------1,697 62 surplus and for necessary but unpro­ Reserve for Accrued Depreciation...... 2,383,157 05 ductive or only partially productive ------2,661,121 18 expenditures) ______$21,371,007 55 $19,600,241 25 Net Increase In Capital Account during the year... $12,582,225 11 From the net corporate Income for the year the follow­ ing sums have been deducted: Dividends on Preferred Stock— ADDITIONS AND BETTERMENTS. No. 27 (2 'A%) paid Feb. 1 1 9 1 2 ______$2,854,345 00 No. 28 (2 Yi %) paid Aug. 1 The Additions and Betterments, aggregating $10,270,­ 1912 ______2,854,345 00 984 27, are classified in accordance with the rules of the ------$5,708,690 00 Dividends on Common Stock— Inter-State Commerce Commission and relate to expenditures No. 25 (1^3%) paid which under the Commission’s rules cannot be charged to Sept. 1 1911______$2,538,907 50 operating expenses. But the use of the term “ Additions No. 20 (1 l/i%) paid Dec. 1 1 9 1 1 ______2,538,982 50 and Betterments” does not indicate that all such expenditures No. 27 (1 Yi%) paid Mar. 1 are or will be productive. To keep a great railroad property 1912 ------2,539,912 50 No. 28 (lJ-2%) paid and its equipment up to date and to meet the increasing June 1 1 9 1 2 ...... 2,550,382 50 demands of the public, it is essential to make many so-called ------10,108,185 00 Appropriation for Fuel Reserve Fund_____ 390,959 94 additions and betterments which are either wholly unpro­ Appropriated for Additions and Better­ ductive or only partially productive or productive only at ments (See comments on “Additions and Betterments” below)______3,300,000 00 the expiration of many years from the time they are made. ------— ------19,573,834 94 It will be noted that $3,300,000 of the $10,276,984 27 of Surplus carried to Profit and Loss...... $86,406 31 Additions and Betterments has been appropriated from the Surplus to credit of Profit and Loss corporate income for the year (see Income Statement). June 30 1911______$20,566,706 03 Discount on Bonds written o ff...... — 182,996 95 ------20,383,709 08 MAINTENANCE OF EQUIPMENT. Surplus to credit of Profit and Loss June 30 1912...... $20,470,115 99 The following statement shows the sums charged to Income from sources other than earnings from operation Operating Expenses for Maintenance of Equipment during consisted of interest on cash in banks and sums collected as each year since July 1 1896: interest and dividends upon bonds and stocks of companies Average Operated Total Expenditure the operations of which arc not included in the System Year ending June 30— Mileage. Expenditure. Per M ile. 1897 . ______6,443.81 $3,443,884 82 $534 45 accounts. 1898 ___ 6,936.02 4,659,277 99 671 75 During the fiscal year the sum of $200,000 in cash was 1899______7,032.62 4,810,705 64 684 07 1900______7,341.34 5,267,832 40 717 56 received as the net proceeds of sales of land embraced in the 1901______7,807.31 6,257,456 57 801 49 Santa Fe Pacific Land Grant, but this was directly written off 1902 7.864,951 25 1,001 22 1903...... 7,965.13 8,510,543 09 1,068 48 the book value of Railroads, Franchises and Other Property, 1904...... 8,179,59 10,006,135 41 1,223 31 and the transaction does not appear in the Income Account. 1905______..8,305.40 10,914,864 47 1,314 19 1906______8,433.99 10.720,040 43 1,271 05 CAPITAL EXPENDITURES AND REDUCTION OF 1907______.9,273.15 11,779,846 64 1,270 34 1 9 0 8 ...... ___ 9,415.01 14,246,621 44 1,513 18 BOOK VALUES. 1909______9,794.86 13,903,897 37 1,419 51 The total charges to Capital Account, as shown by the 1910______9,916.33 15,560,047 44 1.569 13 1911...... 10,350,13 16,686,145 45 1,612 17 General Balance Sheet at June 30 1912 aggregated $621,- 1912______. . 10,627.92 16,521,231 41 1,551 51

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 9 8 1

For the year ending June 30 1912 maintenance charges, The following is a consolidated statement of the business including renewals and depreciation, averaged as follows: of the System for each fiscal year during the period since Per lo c o m o tiv e ------54,381.72 January 1 1896: Per locomotive mile------.1591 Per passenger car, Including mall and express...... 1,009.64 Per passenger car mile------— .0111 Gross Expenses, Per freight car------100.47 Revenues, including Per freight car mile------...... 0095 Fiscal Year Average including Taxes, Interest on Xet Ending Miles Income Jrom Rentals and Bonds. Corpor'te The foregoing average maintenance charges include a pro­ June 30. Operated Other Other Revenue. portion of unlocated expenditures for Maintenance of Equip­ Sources. Charges. ment charged to Superintendence, Shop Machinery and 1897 (18 m os.)_. 6,443 544,532,628 536,038,455 58,440,387 553,785 Tools, Injuries to Persons, Stationery and Printing, Other 1898 ...... 6,936 39,396,126 30,513,553 7,045,988 1,836,584 1899 ______7,032 40,762,933 29,332,964 7,241,972 4,187,997 Expenses and Maintaining Joint Equipment at Terminals. 1900 ...... 7,341 46,498,899 29,414,427 7,345,166 9,739,304 Beer and refigerator cars are not taken into consideration in 1001______7,807 54,807,379 34,502,039 7,830,810 12,474,529 1902 ______7,855 60,275,944 36,272,432 8,438,985 15,564,526 arriving at the foregoing averages, such cars being operated 1903 ______7,965 63,668,390 40,635,576 9,134,485 13,898,329 by the Santa Fe Refrigerator Despatch Company, which 1904 ______8,179 60,419,975 44,641,434 9,418,770 15,359,771 bears the expense of their maintenance. 1905 ______8,305 69,189,739 47,835,883 9,611,510 11,742,346 1906 ...... 8,433 79,390,749 51,035,355 10,622,184 17,733,209 The following charges were made to Additions and Better­ 1907 ______9,2/3 94,436,574 61,779,916 11,487,934 21,168,723 ments in respect of additional equipment purchased and built 1908 ...... 9,415 91,289,770 65,031,582 12,579,301 13,678,886 1909 ______9,794 95,424,091 61,458,010 13,548,081 20,417,990 during the year and in respect of payments made for equip­ 1910 ...... 9,916 107,543,250 75,133,314 11,984,151 20,425,784 ment received during prior years: 1911 __ 10,350 109,772,481 75,089,094 12,712,319 21,371,007 1 912 --- 10,627 110,322,328 77,001,227 13,660,859 19,660,241 122 L ocom otives______52,996,980 50 46 Passenger-Train Cars______539,531 10 186 Freight-Train Cars*______184,155 73 The following statement shows the gross operating revenues 213 Miscellaneous Cars______233,409 27 Ferry Boat (additional charges)------8,504 40 of the System (exclusive of income from other sources) per mile of road operated for each fiscal year since July 1 1896: 53,982,581 00 Less—Value of equipment retired during the year as follows: Year ending June 30— Gross Operating Average per 38 Locom otives______5131,966 62 Revenues. Mile o] Road. 6 Passenger-Train Cars------12,019 72 1,141 Freight-Train Cars------563,835 06 1897 530,621,230 10 54,752 04 22 Miscellaneous Cars------5,841 18 1898 39,214,099 24 5,653 69 Adjustment of value of equipment trans­ 1899 40,513,498 63 5,760 80 ferred between system lines, represent­ 1900 46,232,078 23 6,297 49 ing depreciation accrued to date of 1901 54,474,822 61 6,977 41 tra n sfe r...... 17,387 29 1902 59,135,085 53 7,527 97 ------731,049 87 1903 02,350,397 28 7,827 92 1904 68,171,200 18 8,334 31 53,231,531 13 1905 68,375,837 25 8,232 70 1906 78,044,347 25 9,253 55 •The Company has an order to be delivered during the present calendar 1907 03,683,406 91 10,102 65 year about five thousand freight-train cars. 1908 90,617,796 38 9.624 82 1909 94,265,716 87 9.624 00 A statement of the locomotives in service and of their 1910 104,993,194 67 10,587 91 tractive power will be found on page 41, pamphlet report. 1911 107,505,115 62 10,392 63 1912 107,752,359 91 10,138 61 MAINTENANCE OF WAY AND STRUCTURES. The following statement shows the sums charged to The following statement shows the development of the Operating Expenses for Maintenance of Way and Structures freight and passenger revenues of the System since July 1 during each year since July I 1890: 1896: Year Ending Average Operated Total Expenditure June 30— Mileage. Expenditure. Per M ile. Year Ending June 30— Freight Passenger 1897______...... 6,443.81 $6,282,023 15 5975 03 Revenue. Revenue. 1898______...... 6,936.02 8,281,397 88 1,193 97 1899______7,032.02 7,072,107 62 1,090 93 1897 ______$22,067,680 77 $5,574,288 31 1900______. ... 7,341.34 0,354,372 10 805 50 7,347,361 59 1901...... 7,807.31 6,433,840 36 824 08 1899 ______29,492,580 65 8,126,141 85 1902------______7,855.38 6,141,466 39 781 82 1900 ______33,729,332 83 9.334.661 57 1903 ______- ______7,965.13 9,304,802 04 1,108 20 1901______39,052,557 43 11,678,017 25 1904------______8,179.59 9,170,234 07 1,121 11 1902 ______41,815,607 05 13,439,384 57 1905------...... 8,305.40 11,385,418 33 1,370 85 1903 ______1900...... 44,622,438 71 13,469,985 78 ------8,433.99 12,475,407 97 1,479 18 1904 ______47,702,653 23 15,433,773 63 1907______9,273.15 15,286,062 06 1,648 42 1905 ______1908 ...... 47,408,982 36 16,045,380 27 ______9,415.01 14,120,828 02 1,499 82 1906 ______54,598,902 82 18,013,988 56 1909______9,794.80 12,884,406 81 1,315 43 1907 ...... 1910______65,500,309 42 21,171,629 08 ------9,916.33 17,807,136 20 1,795 74 1908 ______61,848,638 51 21,643,427 49 1911______...... 10,350.13 10,059,786 90 1,551 65 1912...... 1909 ...... 64,212,638 10 22,734,505 32 10,076,833 75 1,512 70 1910...... 71,194,055 59 25,437.181 98 1 911______71,787,200 89 27,204,867 66 COMPARISON OF OPERATING RESULTS. 1912______71,529,574 67 27,453,525 41 The following is a statement of revenues and expenses of the System for the fiscal year ending June 30 1912, in com­ parison with the previous year: CAPITAL STOCK AND FUNDED DEBT. Year Ending Year Ending Inc.{+) or The outstanding Capital Stock (deducting stock in treas­ „ ,, „ June 30 1912. June 30 1911. Dec. (— ). ury) on June 30 1911 consisted of: Operating Revenues— $ $ 5 71,529,574 07 71,787,200 89 — 257,026 22 Common ...... 5168,430,500 27,453,525 41 27,204,867 66 + 248,657 75 P referred ...... 114,173,730 8,573,047 07 + 190,212 70 5282,604,230 8,769,259 83 Issued during the year: Total Operating Revenues. 107,752,359107,75 91 107,565,115 62 + 187,244 29 Common Stock issued in exchange for Convertible Bonds retired______1,699,000 Operating Expenses— Maintenance of Way and Capital Stock outstanding June 30 1912: Structures...... 16,070,833 75 16,059,786 90 + 17,046 85 Common ...... 5170,129 500 Maintenance of Equipment.. 16,521,231 41 16,086,145 45 — 104,914 04 P referred ...... 114,173,730 2,410,746 40 2,249,898 69 + 166,847 77 -5284,303,230 33,733,607 00 33,183,520 09 + 550,146 97 2,524,724 29 2,588,900 44 — 04,170 15 The outstanding Funded Debt of the System (deducting bonds in treasury) amounted on June 30 1911 to...... 5329,101,820 71.273,202 97 70,708,251 57 + 504,951 40 The following changes n the'Funded Debt occurred during 30,479,156 04 30,790,804 05 — 317,707 11 the year: Ratio of Operating Expenses Obligations Issued: to Operating Revenues____ 66.15 • 65.79 + .30 Callfornia-Arizona Lines First and Refunding Mortgage 414% Bonds...... 518,299,695 Ob igations Purchased or Retired: The following averages are deducted from tables set forth Serial Debenture 4% Bonds, on pages 36 and 39, pamphlet report. Series J ...... 51,032,000 Series K ...... _ ...... 1,710,000 The average tons of freight (revenue and company) per Series L ------312,000 loaded car mile decreased from 18.74 to 18.52, or 1.17 Convertible 4% Bonds...... 1,642,000 Convertible 5% B onds______57,000 per cent. Miscellaneous Divisional Bonds______3,500 The average tons of freight (revenue and company) carried ------4,756,500 per freight-train mile (freight, mixed and company-supply) Increase of Funded D ebt...... 513,543,195 increased from 394.72 to 399.94, or 1.32 per cent. The average freight revenue per revenue freight-train mile Total System Funded Debt outstanding June 30 1912______5342,645,015 increased from S3 19 to 3 26, or 2.19 per cent. Interest charges for the year ending June 30 1913 will The average passenger revenue per revenue passenger- be approximately 814,040,000, or an average monthly train mile decreased from SI 21 to SI 18, or 2.48 per cent. charge of about $1,170,000. The average passenger-train revenue per revenue passen­ ger-train mile decreased from SI 51 to SI 47, or2.65 per cent. TREASURY. The tons of freight carried one mile (revenue and company) Neither this Company nor any of its auxiliaries has any decreased 96,347,956, or 1.07 per cent, while miles run by notes or bills outstanding. freight cars (loaded and empty) in freight, mixed and com­ The Company held in its treasury on June 30 1912 $41,­ pany-supply trains decreased 6,169,042, or .90 per cent, and 906,232 86 cash, and had available $3,780,000 General the mileage of such trains decreased 538,434, or 2.36 per cent. Mortgage Bonds, including bonds not yet certified by the The number of passengers carried one mile increased Trustee. The Company also has in the treasury unpledged 5,111,995, or .40 per cent, while miles run by passenger cars a large amount of stocks and bonds of other companies, of in passenger and mixed trains increased 5,657,442, or 4.29 which part are carried in the balance sheet as Investments and per cent, and the mileage of such trains increased 773,537, part are included under Railroads, Franchises and Other or 3.44 per cent. Property.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 8 2 THE CHRONICLE [VOL. LXXXXV.

The Atchison Topeka & Santa Fe Railway Company PORT BOLIVAR IRON ORE RAILWAY. and the California Arizona & Santa Fe Railway Company This road, thirty miles in length, was constructed by pri­ (more particularly referred to below) executed an inden­ vate parties for the purpose of developing certain iron ore ture dated March 1 1912, by which the latter company properties north of Longview, and is being operated by this mortgaged its properties to secure an issue of Four and company under a temporary arrangement terminable at One-Half per cent California-Arizona Lines First and Re­ the pleasure of either party. funding Mortgage Bonds of the Atchison Topeka & Santa Fe Ry. Co. for $50,000,000, maturing March 1 1962. $18,­ SUNSET. RAILWAY. 299,695 of these bonds have been issued and sold. Pursuant to an agreement between the Sunset Railroad Company and the Sunset Western Railway Company, these FUEL RESERVE FUND. two lines were consolidated under articles of incorporation The fund has been increased during the year by earnings and consolidation filed March 20 1912, the new company so derived from sundry fuel properties, and decreased by certain formed being known as the Sunset Railway Company. One- payments for fuel properties as follows: half of the capital stock of the new company was vested in Amount to credit of Fund June 30 1911______$1,431,077 35 your company and the other half in the Southern Pacific Added during the year______390,959 94 Company. The consolidation was made in the interest of $1,828,037 29 economy of operation. Deduct sums paid for fuel properties______701 71 In Fund June 30 1912...... - ...... $1,827,272 58 WEST TEXAS CONSTRUCTION. The lines in West Texas under construction at the date of On June 30 1912 there remained in the treasury of the the last annual report have been completed during the year. Cherokee & Pittsburg Coal & Mining Company an un­ The entire line between Coleman and Lubbock was opened for expended cash surplus amounting to $74,058 20, so that the traffic on December 1 1911 and the line Lometa to Eden was total amount available for replacement of fuel properties in completed into the latter point and opened for traffic Jan­ which your Company is interested is $1,901,330 78. uary 1 1912. The extension of the Colcman-Lubbock Line NEW MEXICO & ARIZONA RAILROAD COMPANY from the latter point to Texico, N. M ., a distance of 89 miles, AND SONORA RAILWAY COMPANY, LIMITED. has been authorized, and it is expected that this line will be completed and opened for traffic by the close of the present During the year the securities of the above companies fiscal year. The construction of this extension will complete owned by your company were sold to the Southern Pacific the new through line between the Pacific Coast and the Gulf Railroad Company. The railways of these companies have of Mexico via Belen and Texico. been operated by the Southern Pacific Company under lease, the term of the lease running until September 1 1979. ADDITIONAL MAIN-TRACK MILEAGE. THE CALIFORNIA ARIZONA & SANTA FE RY. CO. The mileage of second track in operation on June 30 1912 was 801.90 miles, as compared with 687.58 miles at the close This company was organized during the year and acquired of the preceding fiscal year, being an increase of 114.32 miles. from the Southern Pacific Railroad Company the line between The second-track work on the Missouri Division is being Needles and Mojave, California, and acquired also the lines carried on in connection with the reconstruction of the bridge formerly owned by the Arizona & California Railway Com­ over the Missouri River at Sibley, which it is expected will be pany, Barnwell & Searchlight Railway Company, Bradshaw completed by the close of the current fiscal year. All the Mountain Railroad Company, the California Eastern Railway work in progress on the Lines West of Albuquerque will be Company, Fresno County Railway, Fullerton & Richfield completed by January 1 next, making a total on that date Railway Company, Kings River Railway Company, Oakland of 896.05 miles of second track in operation. & East Side Railroad Company, Oakdale Western Railway Company, Perris & Lakeview Railway Company, Prescott TAXES. & Eastern Railroad Company, Randsburg Railway Company, Attention is called to the increasing burden of taxation, and Santa Fe Prescott & Phoenix Railway Company. The as shown by the following table for the System: lines so acquired are located in California and Arizona and aggregate 834 miles in length. % Net NEEDLES-MOJAVE LINE. Year Total Operat­ Net Operating Operat­ Operated Ending Taxes. ing Revenues. Revenue. ing Mileage. During the year this line, between Needles and Mojave, J ’ne 30. Revenue. California, a distance of 242.19 miles, which has been oper­ 1907____ $2,502,650 49 $93,683,406 91 $34,815,505 07 7.19 9,350.28 ated under lease as a part of your main line between Chicago 1003____ 3,244,595 81 90,617,796 38 20,793,832 77 10.89 9,430.60 1909 3,015,218 ______53 91,265.716 87 36,770,521 68 8.20 9,792.50 and the Pacific Coast, was acquired from the Southern Pacific 1910 4,006,418 ______83 104,993,194 67 35,231,374 79 11.37 9,961.25 Railroad Company, title being vested in the California Ari­ 1911 3,474,606 ______88 107,565,115 62 36,796,864 05 0.44 10,400.37 zona & Santa Fe Railway Company. 1912 4,206,453 ______85 107,752,359 91 30,479,150 94 11.53 10,732.88

DODGE CITY & CIMARRON VALLEY RAILWAY. Percentage of Increase in five years. Taxes______68.1 per cent In order to serve the needs of Southwestern Kansas, this Total Operating Revenues ------15.0 “ company was organized to construct a line extending from Net Operating Revenue------4.8 “ Dodge City, Kansas, in a generally southwesterly direction, Operated Mileage------14.8 “ and the construction of about 60 miles of the projected line Your Directors again acknowledge with pleasure the has been undertaken and at this date is practically completed. faithful and efficient services rendered during the year by the An additional 60 miles will be constructed during the present officers and employees of the Company: fiscal year. EDWARD P. RIPLEY, GALVESTON CAUSEWAY. P r e s id e n t. In May of this year this structure, connecting Galveston Island with the Texas mainland, was formally opened for GENERAL I3ALANCE SHEET—EXHIBIT A—RAILROADS, FRAN­ traffic, having been under construction since September CHISES AND OTHER PROPERTY. 1909, pursuant to an agreement between the County of Gal­ Amount June 30 1911, as published in Annual R ep ort...... $564,050,536 67 veston, the Gulf Colorado & Santa Fe Railway Company and Expenditures for Construction and Equipment during Fis­ certain other transportation companies entering Galveston. cal Year ending June 30 1911...... 32,o68,774 94 The causeway has a total length of 10,642 feet and consists T otal...... $507,219,311 61 of a steel lift-bridge over the channel about midway across Transferred from Exhibit C: _ Perris & Lakeview Ry,...... <.9,350 72 the bay, fourteen seventy-foot reinforced concrete arches and sand embankment approaches protected by reinforced con­ $597,218,662 33 Deduct: crete. The causeway carries two steam railroad tracks, with Investment prior to July 1 1911 in property and securities additional space for electric railroad and county highway. relinquished in connection witli the acquisition of the securities of The California Arizona & Santa Fe Ry • Co.: Arizona & California R y ...... $3,440,830 72 NORTHWESTERN PACIFIC RAILROAD. Atchison Topeka & Santa Fe R y ...... 6,718,000 00 As set forth in this company’s Twelfth Annual Report, Barnwell & Searchlight R y ...... 277,H ? 51 Bradshaw Mountain R R ...... 1,053,711 9o certain properties in Northern California owned by your com­ California Eastern R y ...... 279,02? 77 pany and the Southern Pacific Company were consolidated Fresno County R y ...... , 75*25\ Fullerton <5c Richfield R y ...... 5? into the Northwestern Pacific Railroad Company, one-half Kings River R y ...... 222-7J« of the capital stock of which was vested in your company and Oakdale Western R y ...... 5Z’5'?5 si Oakland & East Side H R ...... 1-067,843 88 the other half in the Southern Pacific Company. One of the Perris & Lakeview R y ...... 29,350 72 objects of this transaction was to insure the construction of Prescott & Eastern R R ...... 432,917 66 a link connecting certain of these properties between Wil- Randsburg R y ...... — 200,000 00 Santa Fe Prescott & Phoenix R y ...... 8,123,489 81 lets and Shively, California, a distance of 105.67 miles. Con­ 22,379.112 52 struction of this line has been in progress throughout the $574,869,549 81 year, 39.52 miles have been completed, and work is being Add: pushed on the remaining 66.15 miles. When this work is The California Arizona & Santa Fe Ry. Co- . 22,379,112 52 completed the Northwestern Pacific RR.will have a continuous $507,248,662 33 line from Sausalito, on San Francisco Bay, to Eureka and Deduct: Par amount of bonds of controlled lines included in Sys­ Trinidad, in Northern California, which, with its branch tem obligations as of July 1 1906, retired by purchase lines, will make a total of 511.67 miles. The new line will during year: , G. B. & K. C. R y. Co. IstM tge. 6% Bonds------$2,500 00 run through what is practically virgin territory, and its con­ G. B. & K. C. Ry. Co. 2d Mtge. 5% Bonds------500 00 struction should materially increase the traffic now inter­ G. B. & K. C. Ry. Co. 2d Mtge. 6% Bonds------500 00 changed by your company with the Northwestern Pacific 3,500 00 Company. $507,245,162 33

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis HIE CHRONICLE 983

GENERAL BALANCE SHEET—EXHIBIT B—EXPENDITURES FOR ADDITIONS AND BETTERMENTS CONSTRUCTION AND OTHER CAPITAL PURPOSES DURING FISCAL YEAR ENDING JUNE 30 1912.

Additions and O tiler Betterments. Construction. Expenditures. Atchison Topeka & Santa Fc R a ilw a y ------$2,485,493 15 Cr.$96,544 60 $2,388 953 55 Atchison Topeka & Santa Fe Railway (Coast Lines)______2,123,313 90 10,131 53 2,133 .450 43 California Arizona & Santa Fe Railway ------535,567 75 1,479,876 70 2,015 ,444 51 Cane Belt R ailroad ______Cr.98,916 13 Cr.98 ,916 18 Concho San Saba & Llano Valley Railroad ------Cr.4,450 61 $3,969 17 Cr .127 55 Dodge City & Cimarron Valley Railway ------354,077 49 3f ,077 49 Eastern Railway of New .Mexico System------342,411" 99 944,727 86 1,287 ,139 85 Garden City Gulf He Northern Itailroad______Cr.12,000 00 Cr.12 ,000 00 Gulf & Inter-State Railway of T e x a s ..------CrTl 02,808 29 Cr.lu2 ,808 29 Gulf & Inter-State Railway of Texas—Santa Fc Dock & Channel Co______166,604 13 166 ,064 13 Gulf Beaumont & Great Northern R ailw a y______1,397 53 1,888 16 3 285 69 Gulf Beaumont & Kansas City Railway ------. _ Cr.230,270 37 3,184 00 Cr.226 ,786 37 Gulf Colorado & .Santa Fe R ailw a y______1,299,793 64 Houston Belt & Terminal R a ilw a y ______"" 763,263 07 2,063 ,057 31 Cr.21,620 80 Cr.21 620,80 Jasper & Eastern Railway ______" 10,2 05’ 3 5 10 ,205 35 Rio Grande & El Paso Railroad ______15,307 94 Santa Fe Pacific Railroad ______~~ 15 307 94 iob" 66 100 00 Santa Fe Land Improvement Company______3,611,3 2 b" 17 3,011 320 17 Southern Kansas Railway of Texas ______125,358 81 125 358 81 Texas & Gulf Railway ______Cr.3,474 04 C r.3 474 64 W ichita Union Terminal Railway______"* 10,000 00 10 000 00 Union Passenger Depot Co. of Galveston______" 583 07 583 07 Union Terminal Co. of Dallas ______3,000 00 000 00 $10,270,984 27 $2,066,038 19 DEDUCTION. $1,379,252 01 $13,722,274 47 Land Sales during Fiscal Year 200,000 00 $13,522,274 47

GENERAL BALANCE SHEET—EXHIBIT C- -INVESTMENTS—NE VV GENERAL BALANCE SHEET— EXHIBIT E—FUNDED'-’DEBT ACQUISITIONS. JUNE 30 1912. Expenditures to June 30 1911, as shown in Annual Report--$11,981.209 36 Transferred to Exhibit A: Int. Perris & Lake View R y .. ______29,350 72 In Class of Bond. Rate. Issued. Treasury. Outstanding. $11,954,918 64 General Mortgage— Expenditures during the Fiscal Year ending June 30 1912- Due Oct. 1 1995______4% $152,562,500 $1,928,000 $150,634,500 Grand Canyon R y ...... $3,069 72 Adjustment Mortgage— Santa Fc Land Improvement Co.: Due July 1 1995______4% 51,728,000 382,000 51,346,000 Chamlor-Canficld Midway Oil C o ...... 8,000 00 Convertible— Ice Plant. Belcn...... 134 553 55 Due June 1 1955...... 4% 20,638,000 977,000 19,061,000 Tie and Timber Lands ______53,530 49 Convertible- Santa Barbara Tic & Pole Co.. . 1 013 47 Due June 1 1960______4 % 43,686,000 43,036,000 Sunset Ry ...... ------82,928 16 Convertible— Ralls arid Fastenings leased to various parties 47,538 85 Due June 1 1917...... 5% 15,213,000 ...... 15,213,000 Real Estate held for future use...... 206,257 61 Transcontinental Short Line— Due July 1 1058------4% 17,000,000 17,000,000 $542,491 85 Callfornia-Arizona Lines— Deductions: Due March 1 1962...... 1 Vi% 18,299,095 13,299,095 Santa Fo Land Improvement Co.: Serial Debenture— ...... Ice Plant, San Bernardino____$39,145 71 $2,500,000, due Feb. 1 of Texas Tic & Lumber Preserv­ each year until 1914 .. 4% 2,978,000 2,978,000 ing C o...... 1,697 62 Eastern Oklahoma Division— 40,843 33 Due March 1 1928...... 4% 9,603,000 9,603,000 501,051 52 San Francisco & San Joaquin Valley Ry.— $12,456,570 16 Due Oct. 1 1940...... 5% 6,000,000 6,000,000 Chicago & St. Louis Ry.— GENERAL BALANCE SH EET— E X H IB IT -CAPITAL STOCK Due March 1 1915...... 6% 1,500,000 1,500,000 JUNE 30 1912. Santa Fe Prescott & Phoenix Issued.* In Treasury. Outstanding. R y .— C o m m o n ...... $170,174,000 $44,500 Due Sept. 1 194 2 ...... _ 5% 4,940,000 4,940,000 $170,129,500 Miscellaneous Divisional_____ Preferred ...... 114,199,530 25,800 1 14,173,730 ... 1,784,850 1,030 1,783,820 ______$284,373,530 $70,300 $284,303,230 $345,933,045 $3,288,030 $342,045,015 * Not including $17,280,470 Preferred Stock placed in special trust for certain purposes by the Reorganization Committee and not used. l or comparative balance sheet of System and traffic statistics, a preceding page under heading “ Annual Reports.”

THE WESTERN UNSON TELEGRAPH COMPANY INCORPORATED.

ANNUAL REPORT— FOR THE YEAR ENDING JUNE 30 1912.

To the Stockholders: and to an increase in plant value by reason of new con­ I beg to submit for your consideration the following annual struction and equipment added amounting to $794,675. report of the condition of your company as of June 30 1912, The company’s plant, exclusive of the ocean cables leased, and of its earnings and expenses during the fiscal year which has been extended during the past year by 1,709 miles of ended upon that date. poles and 25,115 miles of copper wire and 4,857 miles of INCOME ACCOUNT FOR YEAR ENDING JUNE 30 1912. iron wire, a total addition of 29,972 miles of wire. On Gross Telegraph and Cable Earnings______$40,857,768 91 June 30th there were 25,392 Western Union offices. Miscellaneous Earnings------803,670 57 REAL ESTATE. Total Earnings...... $41,661,439 48 Deduct— The Executive Committee, after full consideration of the Operating Expenses, including rent of Leased company’s requirements for office space, authorized the Lines, Reconstruction, Repairs, Miscel­ laneous Interest, e tc...... -.$35,350,422 30 improvement of the company’s property at 14, 16 and 18 Taxes ...... 713,413 80 Dey Street (75 ft. x 77 ft.) by the construction of a 30-story —------36,063,838 10 office building. It is hoped that this building will be fin­ B a la n ce...... $5,597,603 38 ished before January 1 1914. Add— The increase in Real Estate over that of the preceding Income from Loans and Investments, including Rentals from Real Estate...... 1 gog 357 57 year has been principally caused by preliminary disburse­ ments on the new building. Net Profits______$6,923,971 05 Deduct— PATENT ACCOUNT. Interest on Bonds of the Western Union Telegraph Company...... _ ...... $1,670,416 79 The net increase represents new patents purchased during ♦Appropriation for Reserves for Repairs and Reconstruction of Land Lines _____ 1,250,000 00 the year, less the amount written off in amortization of all Dividends— the patents. It is proposed to further reduce this account Paid 1911______$747 ,906 f 00 by such yearly appropriations as your Board of Directors January 15 1912.. ____747’ c ,931 50 AprU. 15 1912------___I 74 . ..7, ,978£ 00 may deem necessary until the Patents are written down to a July 15 19121912______...... 748,0087.10 ( 00 nominal amount. ------2,991,823 50 ------— 5,912,240 20 STOCK OF TELEGRAPH, CABLE AND OTHER ALLIED COMPANIES Balance transferred to Surplus Account______..... _ $1,011,730 76 The changes are caused by the transfer of our investment •This appropriation is In addition to the six months’ appropriations from in Anglo-American Telegraph Company’s stock from the January 1 to June 30 1912. not leased account to the leased account. PROPERTY ACCOUNT. SINKING FUND. Telegraph Lines and Equipment is less this year by The increase in this fund is due to the annual contribution •S2,502,087, due to the sale, on March 1 1912, of the Bay of 832,600 referred to in the last annual report, plus accumu­ Roberts cable to the Anglo-American Telegraph Company lated interest. for $3,297,362*, as referred to in the last annual report, MISCELLANEOUS INVESTMENTS. •The difference between the amount given In last year’s report $3 334 - 402 »?. and tbr- nmount realized Is made up of certain adjustments made at Have increased during the period by $1,159, representing the tim e of transfer...... changes of small amounts in various securities. ; - .

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PURCHASE MONEY, NOTES AND OBLIGATIONS. continuance of this plan for creating reserves will for some The American Telephone & Telegraph Company liquidated time to come preclude any increase in dividend rate, al­ their open account of §10,500,000 on May 1 1912, which sum, though stockholders should not lose sight of the fact that it pursuant to agreement, was used in retiring §10,000,000 of is only by a steadfast adherence to this policy that the prop­ convertible 4 % redeemable gold bonds, 1936, at 105. Your erty will be strengthened and future increase in dividend company held §2,000,000 of these bonds in its treasury, assured. and this amount was loaned to the American Telephone & GENERAL. Telegraph Company at 4 34% for six months. The gross telegraph and cable earnings show a gratifying The premium of 5 % , or §400,000, paid in retiring the increase this year over the previous year of §6,182,000. The $8,000,000 of convertible bonds in the hands of the public increase in land-line message tolls was §4,357*373, or 15.57% . was charged to Surplus. There has also been a large increase in cable tolls, in part . CURRENT ASSETS. from natural growth, but largely by the inclusion of the The increase of §1,220,702 in accounts receivable can be revenues of the Anglo-American Telegraph Co. and the Direct generally attributed to the increase in gross revenue. Ap­ United States Cable Co., from January 1 1912. proximately §400,000 of tliis increase represents additional While the company’s gross revenue has largely increased, advances to the field for current operations. The total there is a decrease again this year in the net profits which amount of accounts receivable is stated after deducting amounts to §181,386, or 2 .5 % . Salaries and wages have an ample reserve for bad or doubtful accounts. increased over last year by §2,697,318, or 1 9 .9 % , including The Treasurer’s balances show an increase of §1,483,003. the cable employees taken over from the Anglo-American This addition to available cash can be ascribed to the in­ and Direct cable companies, but this is not out of proportion crease in our business, as the money received from the Anglo- to the increase in gross revenues. The expenses of conduct­ American Telegraph Company in their purchase of the Bay ing the cable business generally do not as yet reflect the Roberts cable was used to pay off the temporary secured benefits which will obtain by the consolidation of the opera­ loan of §3,500,000 appearing on the balance sheet of June 30 tions of the companies. 1911. Last year the company received a stock dividend from LIABILITIES. one of its affiliated companies, and this year there was a The §10,000,000 of convertible 4 % bonds has been dealt substantial reduction in the amount of interest received with above. The total of collateral trust bonds, 1938, out­ from the American Telephone & Telegraph Company when standing has been increased by §38,000. During the past the open account was closed. These transactions have year §20,000 of collateral trust bonds were exchanged for caused a decrease in income credits of §344,000. The Mutual Union bonds, this transaction reducing the bonds charges for repairs and reconstruction of land lines arc greater of subsidiary companies by the same amount. The §18,000 by §558,788 than the previous year, due to the policy adopted of collateral trust bonds previously held in the treasury of improving the plant and building up reserves. have been sold and the proceeds invested in plant. LOANING MONEY TO EMPLOYEES. The increase in accounts payable reflects, in part, the increase in our business, and also the accrual of quarterly The plan of loaning money without interest to worthy rentals due the Anglo and Direct cable companies, which employees in distress, which was inaugurated January 1 1911, were paid in . has had a beneficial effect in breaking up usurious practices, TAXES. and recent legislation has, so far as New York State is con­ Accrued taxes is less by §325,919. cerned, put an end to this nefarious practice. The total of loans to employees outstanding on June 30th last was $19,­ RESERVES. 313, and thus far the company has lost only §200 as un­ There has been added to Reserve for Maintenance of the collectible. American Telegraph & Cable Company’s cables and the PENSIONS AND SICK BENEFIT. Western Union cables from Canso to New York during the past year the sum of §135,000 in monthly installments, and On July 1 1912 the company, after more than a year’s care­ also §149,198, the latter amount being the value of cable ful study by a Pension Committee, consisting of employees recently salvaged in connection with the laying in 1910 of the of over 40 years’ standing, inaugurated a Pension Plan shore ends to Penzance, England, the cost of which was affecting all of the direct Western Union employees. The charged to the reserve of $2,000,000 set up on June 30 1910. Board of Directors has made suitable appropriation, charge­ There has been charged to the Reserve Account during the able to working expenses, for the care of those who are year the sum of §32,237 for repair of cable. Special pro­ eligible for the pension, and it is believed that the company vision has been made in the leases with the Anglo-American can now reward in a measure those who have been long in Telegraph Company and Direct United States Cable Com­ its service, as well as relieve its staff of those whose age or pany for the maintenance of renewal funds in connection infirmities justify their retirement from active service. with their cables leased to the Western Union Company. To the end that those actively engaged should receive These reserves have been maintained during the year out some benefits in the event of illness or death, each employee of earnings. has been asked to signify his or her preference with respect Reference was made in the last annual report to the de­ to the creation of a sick benefit or a life insurance fund. sirability of providing an adequate depreciation reserve out The replies to date would seem to indicate a preponderance of earnings until such a time as the fund would, in the opinion in favor of the sick benefit, and it is the company’s intention of your Directors, admit an increase in the dividend rate. to inaugurate, at an early day, relief for those who have To this end a budget was prepared and submitted to the become ill in the service of the company. Board of Directors, who, in , voted to appro­ NEW SERVICES—REDUCED RATES. priate out of earnings in equal quarterly installments during the year, commencing with January 1 1912, the sum of The Western Union Telegraph Company has not cut or §3,400,000 for repairs and maintenance, and further to reduced rates for the regular service of either the land lines appropriate the sum of §5,000,000 in such quarterly install­ or cables, nor has it established any unprofitable services. ments as should be determined by the Directors for re­ It is engaged in a study of the plant and operating facilities construction and depreciation reserve. and business conditions, having in view the establishment The amount stated on the balance sheet as Other Reserves of different classes of service of different values to the public represents, for the most part, the balance remaining in re­ as fast as it can be done at a reasonable profit and without serve for contingencies and a small balance on reserve for disturbing any services of established value and necessity. pensions, which latter was set up for the purpose of equal­ Formerly rates and services were considered from the stand­ izing the monthly charges to operating account. point of expedition only. While for important social and business correspondence expedition must be considered and AUDIT. sufficient facilities maintained for the average maximum The Treasurer’s accounts were audited by the General demand, the business is negligible during a considerable Auditor as of June 30 1912; the bank balances were verified part of the 24 hours and uneven during the working hours. by certificates from the banks of amounts on deposit, and If the business of the telegraph and cable is to be confined the securities in the Treasurer's possession by an actual in­ to immediate business only, then the charges for this business spection. The accounts and securities were found to be in must bear all the cost of the idle facilities, which is large. order and in agreement with the books. Whatever can be earned by utilizing these idle facilities will All advance accounts in the hands of Superintendents enable broader and larger service to be given to the public were examined and proved by the Division Auditors within and soon bring the telegraph and cable into still closer bene­ the four months preceding the close of the year. ficial relations to all and hasten the time when some read­ DIVIDENDS. justment of all rates can be made. In last year’s report it was stated: “ In order that public The statistics of the present business compared with that confidence may be strengthened, not only in the ability of of a year ago show that there has been the normal increase your company to continue any dividend disbursement which in the regular business and that the new services have not may be established in the future, but also confidence in its been used as a substitute for the old, while the telegraph- possibility to restore your company to a reasonable dividend­ letter service is at the rate of over 15,000,000 messages per paying basis, it is proposed to carry to depreciation reserve annum. . all earnings over and above the present dividend, to charge This rapid development of new services, mostly communi­ such construction to that reserve as the Directors may deem cations of considerable length, created new traffic and plant expedient, and to continue this procedure until such a time conditions which have been successfully met. The general as the fund would, in the opinion of your Directors, admit effect has been to equalize and steady the day load and greatly of an increase in your dividend rate.” augment the night load. As the examination of the plant proceeds and the urgent Both these new services show great capacity for growth, necessity for extensive repairs and rebuilding is more fully and as their value as a means of quickened communication understood, the wisdom of this procedure is confirmed. The is more fully realized, a large increase will no doubt follow.

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COMPLEMENTARY OPERATION. stead of Tuesday morning, and Cable Letters will be delivered During the year under review the number of telegrams at the convenience of the company within twenty-four hours sent to our offices from telephone stations and delivered to of the time of filing. This reduction of the minimum charge, telephone subscribers continues to show a steady increase. coupled with quicker delivery, should add to the popularity The one impediment to greater progress appears to arise of these special services and enable the company to fully ex­ from unauthorized persons receiving telegrams by tele­ ploit this class of business. phone. It is suggested to those who have experienced difficulties in this direction that certain persons be delegated TELEPHONE AND TELEGRAPH RELATIONS. in each office or household to receive telegrams to the end Some confusion, tending to mistaken and misleading that the Telegraph Company may ascertain before delivering conclusions, appears to exist to some extent as to the rela­ a telegram whether an authorized person is available. tionship between the Western Union Telegraph Company Plans have been completed and are being put into effect and the American Telephone & Telegraph Company, and as fast as the details can be arranged for the opening of at the risk of repeating some things that have been said several thousand additional offices, making the telegraph before, it is deemed desirable to succinctly state (1) the service of the Western Union still more general and compre­ relations and (2) the differences between the properties hensive. from the telegraph standpoint, in order that the stock­ CABLES. holders and the public may have an accurate and unpreju­ There are six companies owning trans-At'antic cables: diced understanding thereof. The Commercial Company, six cables; the German Company, I. The relations are primarily based on the comple­ two cables; the French Company, two cables; the Anglo- mentary character of the two services and the opportunity American Company, five cables; the Direct. Company, one offered for the joint use of the plant and the avoidance of cable, and the American Telegraph & Cable Company, two serious economic waste. cables, the latter leased to the Western Union. II. The differences are in the characteristics of the These cable companies, excepting the French Company, two services. which operates independently of the others, form two prin­ Both telegraph and telephone lines consist of wires strung cipal groups with about equal cable facilities. on poles or placed in cables underground. The differen­ The Mackay group, consisting of the Commercial Cable tiation between the telegraph and telephone begins with the Company and the German Cable Company, operated by the circuit. Technically a circuit, whether telegraph or tele­ Mackay Company in close and exclusive physical connection phone, is the path over which the electrical transmitting with the Mackay land telegraph system. current passes, and consists of an outgoing and returning The Western Union group consists of the Anglo-American path. The telegraph uses the wire for the outgoing path and the Direct and the American Telegraph & Cable Company, the earth for the returning path. By means of the duplex or or Western Union cables, operated heretofore by their re­ quadruplex system, two to four outgoing paths for the tele­ spective companies, but under agreement in close and ex­ graph circuit can be made over one wire; that is, four mes­ clusive traffic but not physical connection with the Western sages can be sent over the same wire at the same time. Union land telegraph system. . . The path of the telephone circuit must be of wire both To secure the best service, particularly to interior points, outgoing and returning, because the electrical disturbances it is necessary that the cables shall be operated not only in of the earth interfere with the delicate transmitting current close traffic connection with the land lines, but in actual of the telephone. These two wires, the outgoing and re­ physical connection under a common operating control. turning paths of the circuit, must also be arranged that This has always existed in the group operated by the Mac­ each wire must be exposed to all disturbances in the same kay Company and was the principal factor in the success degree, and for talking any considerable distance either the of that system. wires must have more copper per mile or have special auxil­ The fact that common control of operation or physical iary appliances, or both, to enable speech to be transmitted. connection did not exist in the Western Union group made There is as yet no method of duplexing the telephone circuit the service unsatisfactory. Negotiations were commenced so that each telephonic conversation requires the exclusive nearly three years ago to bring about a more satisfactory use of two wires during the conversation. operating arrangement. These negotiations resulted in an The two wires which are necessary for one telephone cir­ arrangement which, while it did not change the ownership cuit can, by multiplexing, be made into four, six or eight or the traffic x-elations of the Anglo-American and Direct telegraph circuits, and can be used for both telegraph and companies’ cables, did bring them under a common operating telephonic transmission at the same time. control with the Western Union lines, to the very material A single telegraph circuit or wire cannot be used for tele­ benefit of the cable service. phonic purposes, but two telegraph wires, by arranging them In addition to the betterment of the cable service, it has the same as telephone wires, can be used for a talking circuit. given the Western Union an opportunity to institute some The next differentiation between the telephone and the new cable services at popular rates. It is an axiom that telegraph service is in the character of the service. full loads make cheap operation. We have discussed dse- Telegraph service consists of the collection, transmission where the effect of irregular loads in the telegraph business and delivery of written messages or communications for and the economic necessity for larger and more uniform others by the operating telegraph staff. In this service average loads. The same reasoning applies to the cable the patron takes no part. traffic, and business has been created which cannot pay for The operating staff of the telegraph consists largely of immediate or instantaneous expedition, but can pay for operators skilled in transmitting and reading telegraph cable transmission which can * be uniformly distributed signals, who transmit and receive for others the telegraph over otherwise idle facilities. messages, and of an auxiliary organization for the collec­ The difference in time on the two sides of the Atlantic tion and delivery of messages. gives but a few common business hours on both sides. This Telephone service consists of making up talking circuits by makes minutes, and even seconds, important, and increases which patrons are in telephonic connection with each other. the value and necessity of the greatest expedition for the The circuit is for the time being for the exclusive use of the more important business, and also greatly increases the un­ users, during which time it can be used for no other tele­ evenness of the load, and, in consequence, the idle facilities. phonic purposes, and since the users must be personally The cable business has been developed entirely on the lines present, this use has all the characteristics of and is in fact of the utmost expedition, and consequently the rates have a personal interview. borne the burden of the costs of unused facilities. The operating staff of the telephone consists largely of The new services are not in any sense of the word “ rate switchboard operators who make the necessary connections cutting,” and do not in any way interfere with the expe­ between the different circuits and turn them over to the dited or immediate business, but are intended to establish users. varied services at rates commensurate with the value of Full-rate telegraph messages are transmitted as received such services, in order that the varied demands of busi­ and must have expedition, or immediate dispatch. For ness and social communication may be served. It is in­ this reason the plant and operating facilities must be at least tended to make the cable service of the greatest possible equal to the average maximum demand of this class of busi­ benefit to the public consistent with a fair return. The ness at any time. This class of service, being confined company believes and has demonstrated that there is a largely to the working hours of the day, results in an uneven growing field for an inexpensive deferred service. Those load, which has been overcome to a considerable extent already introduced have shown a steady growth and have and the load spread more uniformly over the twenty-four helped to modify the abrupt traffic curves which have here­ hours by the introduction of various classes of service which tofore characterized cable business. do not require immediate transmission. Urged by the British and Canadian governments, and The capacity of a telegraph circuit is several thousand in response to a general request, the Atlantic cable rate for messages for the twenty-four hours, and of a telegraph press messages between the United States and Canada on wire, because of multiplex working, many times more. the one hand and the of Great Britain This makes the cost per message, due to the plant charges, and Ireland on the other was, commencing September 1 relatively small. On the other hand, the cost per message 1912, reduced from ten cents to seven cents per word during for the collection, transmission and delivery is almost con­ the hours of maximum demand and to five cents per word stant, varies little with distance, and is relatively a large during other hours; and, commencing about part of the cost per message. 1912, the rate for deferred cablegrams between the same Telephone service, since it requires the personal pres­ countries will be reduced from twelve and one-half cents ence of the users, must be immediate, and cannot be deferred. to nine cents per word. Effective the same date, the tariff This restricts the use of a telephone circuit to that part of for Cable Letters will be reduced to seventy-five cents for the day when people are at their accustomed business or twelve words and to SI 15 for twenty-four words in Week End social places. The facilities must be equal to the maximum Letters, while the latter will be delivered on Monday in­ demand at any time, resulting in uneven load, with high

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peaks of service, alternated by many idle intervals even in to the object to be accomplished, and it cannot be accom­ the busy hours. The capacity of a toll circuit of any con­ plished in any other way. There certainly can be no com­ siderable distance is at the best but thirty or forty conver­ plaint so long as such a service is conducted, as it must sations in the twenty-four hours. As this circuit consists of necessarily be, under public control and regulation, and on two wires, the cost of service per conversation due to plant a line of policy which does not intend to offer any service costs is very large and increases rapidly with the distance, or give any facilities which, as a whole, are not remunerative, while the operating cost of making the connection is relatively and at the same time place at the disposition of the public small and varies but little with the distance. all the advantages which can only be obtained where facili­ The telegraph plant consists of trunk and branch lines ties are not wasted. connecting the large centres of trade with each other and It is an axiom that the cost of operating and the cost of with the more important tributary points. construction and maintenance of plant facilities must be The telephone plant consists, for the greater part, of borne by the service. If, then, plant facilities are only exchange plants made up of telephone circuits connecting partially utilized, the cost of service is greater, and so must sV]?scr^:)ers’ stations at offices and dwellings with central be the charges. If additional use of facilities is made, then offices equipped with apparatus necessary to connect these the cost of service is less and the charges can be reduced. circuits with each other, and for the smaller part of trunk If the public insist upon a duplication of plant for each kind lines connecting these exchanges with each other, and of of service, then the cost of these plants must be borne by branch lines connecting rural centres with the general sys­ the service, and the public must pay the cost. If you hire tem (toll, or long-distance lines). The exchange plant rep­ two carriages to carry two loads that one would carry as well, resents in cost many times the trunk and branch-line plant. the two carriages must be paid for. No individual or cor­ The large message cost for collection, transmission and poration can be expected to, nor can they be required to, delivery, and the relatively small message cost due to plant, provide a permanent service to the public at less than cost makes the telegraph message expensive for short distances and a fair profit. Waste of facilities and waste of duplica­ and relatively cheap for great distances. tion come out of the public, either through the additional The small operating cost per telephone conversation cost of service which must be maintained, or through the loss and the large cost due to plant makes the telephone cheap of the investment made on the facilities which were unneces­ for short distances and relatively expensive for great dis­ sary. tances. Respectfully submitted, These considerations show clearly the radical differences THEO. N. VAJL, President. between the two services. For the results of the year and comparisons with previous years, see Independent of the personal attention necessary to a Annual Kcports on a preceding page. telephone conversation, which is not required in sending a telegraph message, the telegraph and telephone each has its peculiar functions and use, and, except in cases of pref­ Western Union Telegraph Co.— New Directors.— . c - Willcver, Mgr. of cable service, and Lewis Cass Ledyard have been erence or convenience, one service does not take the place of elected directors to succeed Col. John Jacob Astor, deceased, and to All a the other. vacancy, v. p. 685, 425. No telegraph company could go into the telephone business Wisconsin Gas & Electric Co., Kenosha and Racine, W is. without substantially reconstructing its telegraph plant to — New Navic— Purchases— New Securities.— This company, adapt it for toll or long-distance use,and, in addition, build­ successor of the Racine Gas Light Co., by change of name and ing exchange plants involving an investment many times amendment of articles of incorporation, has acquired the that of its telegraph plant, and also creating or acquiring property and business of the Kenosha Gas & Electric Co. telephone-operating organization. and Kenosha Electric Ry. Co. (V. 94, p. 1249), and has in­ No telephone company could go into the telegraph busi­ creased its auth. capital stock from $500,000, all one class, ness without creating an entirely independent telegraph to $2,000,000, $1,000,000 of which is common stock and operating organization. It is generally conceded that tne $1,000,000 6 % cum. preferred. The company has issued cost of creating an organization to operate any plant is $2,000,000 5 % 40-yr. 1st M. gold bonds, due June 1 1952, greater than the cost of the plant. Harris Trust & Savings Bank, Chicago, trustee. These The joint use of a common plant for telephone and tele­ bonds, it is understood, have been sold to Harris, Forbes & graph purposes, because of tne complementary character Co. and Spencer Trask & Co., of N. Y . Practically all of the two businesses, is, however, quite a different matter. the outstanding stock is owned by the North American Co. Bearing in mind that a telephone plant is necessarily idle for the greater part of the time, particularly at night, and F. W . Woolworth & Co., New York.— Total Sales.— ,,1 9 1 2 -—Sept.— 1011. Increase.I 1012— 0 M os.— 1011. Increase.. that a telegraph plant cannot be used for telephone pur­ §30,031,643 834,865,525 14.53% $4,730,140 $4,466,605 5.80% poses without reconstruction, but that a telephone plant — V. 05, p. 685, 425. can be used for telegraph purposes, such a joint use would virtually make one plant answer for both purposes, and _ -—The National Motor Indemnity Co. is to be incorporated would save to the public the investment charges, the main­ in New York to insure automobiles against loss or damage, tenance and depreciation costs of the duplicate plant, all except loss by fire, and for the latter insurance the National of which charges must be cared for in the rates. Motor Insurance Co. will be organized. Both companies The complementary character of the two services is will have the same management and will undertake certain illustrated by the use of the telephone system for the col­ other insurance in addition to automobiles. The board lection and delivery of telegraph messages, particularly of directors will include representatives of leading auto­ the all-night telegraph service, virtually making each sub­ mobile manufacturers and the following financiers: Wm . B. scribers’ station a branch telegraph office. Joyce, Jas. C. Colgate, Win. A . Tucker, Franklin Q. Brown, This is further illustrated by the growing use of branch Alex. M. White, Chas. II. Sabin, II. C. Wright, Wm. A. telephone toll lines for extending the telegraph service into Gaston, E. V. R. Thayer, Ernest H . G reenwood and Henry the rural districts. E . Cooper. It is proposed to have the auto manufacturers The Western Union has some 25,000 offices; of these sell insurance direct to the buyer. It is computed that there the gross revenue of over 20,000 is not sufficient to pay the were in use in the United States on January 1st 1912,616,000' expenses of the office. Eighty-five per cent of the gross motor cars of all classes of an average value of $900 each, telegraph business of the country is between less than 5,000 a total value of $554,400,000 of insurable property. The towns and cities; that is, four-fifths of the offices of the West­ annual output of motor cars in this country, according to the ern Union and fully one-half of its wire mileage is maintained estimate of the National Association of Automobile Manu­ at a loss in an effort to give that general and comprehensive facturers, is now 260,000, of an average of $1,000 each, thus tetegraph service which the business and social interests of creating each year $260,000,000 of insurable value. the country require. There are estimated to be less than about 5,750,000 rural — Jay Herndon Smith and Charles Moore have resigned habitations in this country. The Bell System has over 3,­ from A. G. Edwards & Sons of St. Louis to form a co­ partnership under the name of Smith & Moore, to deal in 200,000 rural telephone stations; that is, more than half the rural habitations are connected by exchange wires with stocks and bonds. The new organization will start on Janu­ ary 1st. Mr. Smith was Vice-President of A . G. Edwards central offices of rural centres and these central offices, by means of branch telephone lines with, and form part of, & Sons and had charge of its bond department. Mr. Moore the Bell Telephone System. These branch lines extend to was Secretary and was Mr. Smith’s assistant in the bond substantially every rural centre. They are not used to department. A. G. Edwards & Sons will not be affected by nearly their capacity. The lines and the operating staff these withdrawals, but will continue with George L. Ed­ have to be maintained for one purpose. Under a joint wards, President; Harry F. Knight, Vice-President, and working between the telegraph and telephone, these facili­ W . Arthur Stickney, Treasurer. ties, both plant and operating, could be utilized without — “ Rollins’ Magazine” for October contains an interesting appreciable extra cost for telephoning the occasional tele­ article on the “ Sherman A ct,” by Prof. Maclaurin, Presi­ graph message. In this way a telegraph service could be dent of the Massachusetts Institute of Technology, and an­ given to practically every centre of population in the coun­ other on “ The Taxation of Inheritances” by Frank C. Mc­ try, and, by means of the rural telephones, made to reach Kinney. nearly every habitation. If the public desire, as they do, not only improved facili­ — C. D . Parker & Co., Boston, have issued in pamphlet ties, but additional methods of intercommunication, and form, under title of “ Facts and Figures,” financial informa­ eventually cheaper rates, these benefits can only be obtained tion regarding fifteen companies, chiefly public service cor­ through a combined use of plant, and to bring about such porations or holding companies controlling such corporations. a combination, not only the purpose, but the reasons, must — H . C. Gibbs & Co., Boston, are offering at 103)43 7 % be understood, and if it results in a broad combined system, cum. pref. shares of the Norcross Bros. Co. of Worcester. extending over the whole country, such a system is inherent Compare V. 94, p. 830.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICL 987

COTTON. 3 I k e ( & ® m n w x t m l < Friday Night, Oct. 11 1912. ■ COMMERCIAL EPITOME. TH E M OVEM ENT OF TH E CROP, as indicated by our telegrams from the South to-night, is given below. For the Friday Night, Oct. 11 1912. Trade is still active, labor is scarce, the car supply short week ending this evening the total receipts have reached wheat exports are the largest in four years, collections are 421,208 bales, against 460,366 bales last week and 373,946 better and there is an insistent demand for the prompt de­ bales the previous week, making the total receipts since livery of merchandise. The war cloud in the Balkans, how­ Sept. 1 1912 1,814,490 bales, against 2,025,791 bales for the ever, is a more or less sinister feature, which has depressed same period of 1911, showing a decrease since Sept. 1 1912 securities and caused stronger rates for money. At the same of 211,301 bales. time it has stimulated exports of grain at higher prices. The Receipts at— Sat. M on. Tues. Wed. Thurs. F ri. Total.H corn, oats and spring-wheat crops surpass in volume anything ever before known in this country. An increasing produc­ Galveston______25,541 26,420 41,124 26,785 27,743 37,797 185,410 Texas City____ 6,230 8,168 10,051 4,038 3,270 9,065 40,822 tion of iron and steel hardly keeps pace with the enormous Aransas Pass,&c. . 4,286 4,286 demand. New Orleans___ 3~260 6",439 5',279 7", 591 6',261 7661 36,491 Mobile ______1,549 2,317 1,671 900 1,983 1,590 10,010 . a with a good demand. Prime Western Jacksonville, &c. 1,056 1,056 |12 reJ ned Continent $12 75; South America $13 25; Savannah . _ _ _ 8', 770 lO", 562 12',793 10", 573 9~687 12,214 64,599 Brunswick - 7,500 950 8,450 Brazilian $14 25. Speculation has been active and prices Charleston____ 2,972 4~,364 2,472 3,333 4^007 4,332 21,480 have risen to new high levels. Europe and shorts have Wilmington___ 2,816 3,167 4,623 4,893 4,396 4,209 24,104 Norfolk______2,993 5,038 5,845 2,204 3,844 3,443 23,367 been the buyers. Packers and bull speculators have been N’port N., &c-_ ___ 186 186 good sellers on the rise. Hogs have been advancing. In Boston — ___ — — '166 — 100 products, the trading has been mostly in January and May. Baltimore______— "847 847 The cash business has been good. Totals this week. 54,131 66,475 83,858 67,917 61,191 87.636U21.208 DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Frt. nu; tuuuwmg suuws uie weex s total receipts, tne total 11.47 'A 11.67 11.77 >4 11.85 11.75 11.90 since Sept. 1 1912, and stocks to-night, compared with 1911: December delivery 1 1 .1 7 y; 11.40 11.45 11.55 11.42 V4 11.60 January delivery.. 10.92 'A 11.12'A 1 1.17 M 11.25 11.05 11.20 May delivery_____ 10.42 'A 10.60 10.65 ____10.70 10.52B______10.70 1912. 1911. Stock. Receipts to P O R K — Firm; mess $20@ $20 50, clear $21 25@ $23 50, . This I Since Sep This Since Sep family $22@ $23. Beef steady, and fairly active. Mess Week. 1 1912. Week. 1 1911. 1912. 1911. $17@$18, packet $18@$19, family $22@$22 50, extra India Galveston______185,410 950,604 129,936 796,259 309,442 143,360 mess $36@ $36 50. Cut meats strong; pickled hams, 10 to Texas City_____ 40,822 141,093 31,099 64,599 62,132 13,018 20 lbs., 1 2 ^ @ 1 3 % c ., pickled bellies, 6 to 12 lbs., 14c. Aransas Pass, &c. 4,286 31,830 13,521 2,979 New Orleans___ 36,491 100,06S 3l" 500 105,653 77,690 65,388 Butter, creamery extras 3 0 % @ 3 1 c . Cheese, State, whole M obile______1 0 ,0 1 0 36,435 16,194 56,986 28,083 42,255 milk, new white specials 1 7 ^ c . Eggs, fresh-gathered extras, Pensacola______3,695 10,346 22,860 Jacksonville, &c. 1,056 1,654 4,014 5,518 ""■428 31@ 34c. Savannah______64,599 256,455 125,435 588,281 101,533 188,440 • C IL .—-Linseed easier with a fair demand for jobbing quan­ Brunswick______8,450 52,700 8,750 60,155 1,831 3,735 Charleston______21,480 79,611 20,182 106,000 43,636 48,304 tities. A good business in futures has been reported re- Georgetown ______135 eently. City, raw, American seed, 64c.; boiled 65c., Cal­ Wilmington ___ 24,104 87,443 22^80 97,986 25",675 2l",096 N orfolk ______23,367 66,610 28,033 101,409 26,727 30,566 cutta 75c. Cottonseed oil firmer. Winter 6 .75 @ 7 .25c,; N’port News, &c. 186 2,454 238 366 i . white 6.50@ 7.10c. Cocoanut oil steady; Cochin New Y o rk ______362 120,423 85L695 1 0 M @ llc ., Ceylon 9 * 4 @ 9 % c . Chinawood firm at 9@ 10c. Boston______1 6 6 1 ,6 1 1 194 319 1,528 2,746 Baltimore______847 2,827 3,028 5,382 4,227 6,341 Corn easier at 5.95@ 6c. Cod firmer at 42@ 44c. for do­ Philadelphia___ — 7,915 1,090 mestic. Total______421,208 1,814,490 431,129 2,025,791 814,249 656,034 COFFEE has been firm but in only moderate demand on the spot. No. 7 Rio 15c. jWIild coffee has been We give below the totals at leading ports for six seasons: firm, with a fair business. Fair to good Cucuta Receipts at— 1 6 ^ @ 1 7 c . Speculation [in; coffee futures has been rather 1912. 1911. 1910. | 1909. | 1908. 1907. quiet, though latterly it has expanded somewhat and prices Galveston__ 185,410 129,936 159,7061 141.308: 139,431 51,087 have risen in response to higher quotations in Brazilian and Texas City, &c 45,108 31,099 11,152 1,629 249 394 New Orleans. 36,491 31,500 35,858 58,059 64,178 37,744 European markets. The receipts at Rio and Santos have Mobile______10,010 16,194 11,201 16,497 15,631 13 939 been moderate. The weather of late in Brazil has been re­ Savannah __ 64,599 125,435 89,179 110,724 81,752 82,800 Brunswick__ 8,450 8,750 14,560 21,800 4,218 4,386 ported colder. There are still reports of damage to the crop Charleston.&c 21,480 20,182 18,910| 18,410 10,936 14,107 by the recent cold weather. Shorts have covered freely, Wilmington. _ 24,104 22,180 27,3651 24,530 28,211 30,159 N orfolk____ 23,367 28,033 28,126! 35,585 22,579 22,899 thus impairing in a measure the technical speculative po­ N’pdrt N., &c 186 238 2881 176! 178 247 sition, and manipulation of the markets is one reason given All others___ 2,003 17,582 3,835, 14,365, 3,400 10,111 by bears for the advance. Closing prices were as follows: Total this wk. 421,208 431,129 400,089| 424,783! 370,763 267,873 O c t [email protected] I F eb [email protected] "Ju n e_____14.55@ 14.57 Nov ------14.36® 14.37 Mch _____ [email protected] J u ly _____14.56@ 14.57 Since Sept. 1. 1,814,490 2,025,791 1,676,499' 1,955,911 1,734,833 1,248,451 D ec------14.35® 14.36 A p r ______14.50® 14.52 Aug _____ 14.56® 14.57 J a n ------14.33® 14.351M a y _____ [email protected] Sept ______14.56® 14.57 The exports for the week ending this evening reach a total SU G AR.— Raw quiet and easier. Atlantic port receipts of 276,689 bales, of which 115,814 were to Great Britain, have been lighter, being 35,360 tons for the week, as con­ 39,274 to France and 121,601 to the rest of the Continent. trasted with 45,067 last week and 15,961 last year. Beets were firmer abroad, owing to covering on the war scare. Week ending Oct. 11 1912. From Sept. 1 1912 to Oct. 11 1912 Ihe weather has been favorable, however, for harvesting Exported to— Exported to— Exports and growing, and a high-record crop is expected in this coun­ from— Great I Conti- Great Conti­ try. Centrifugal, 96-degrecs test, 4.11c.; muscovado, 89- Britain.j France.I nent. Total. Britain. France. nent. Total. degrees test, 3.64c.; molasses, 89-degrees test, 3.39c. Re­ Galveston. . 41,773 0,184! 57,627 108,584' 273,139 98,533 234,299 605,971 fined was quiet; granulated 4.95@ 5c. Texas City. 2 0 ,0 1 2 13,357| . . . . 33,369 51,254 27,956 79,210 Aran. P’s,&c 12.155 12,155 10,366 12,155 ’ " " 2 6 6 22,721 PETROLEUM .— Refined was firm. The domestic con­ New Orl’ns. 6,721 3,520 8", 102 18,343 10,004 7,760 14,630 41,394 sumption is increasing. There has been a good deal of char­ Mobtle______5,541 ______5,541 Pensacola.. ___ .... 3,695 3,695 tering of freight room for export lately. Barrels 8.35c., Savannah.. 23,684 23,684 ; 24,787 13,871 56,926 95,584 bulk 4.75c. and cases 10.25c. Naphthas firm and active; Brunswick. 8,732 ___ 8,732 31,057 ____ 18,217 49,274 73 @ 7 6 degrees, in 100-gallon drums, 22c.; drums $8.50 ex­ Charleston . 6,700 5,166 11,800 11,700 15,000 26,700 Wilmington 9,242 ___ 12,392 21,634 18,349 11,915 28,656 58,920 tra. Spirits of turpentine 42c. Common to good strained Norfolk___ 5,300 5,300 5,300 5,300 rosin $6.55. New York. 10.958 l',058 6,572 18,588 60,525 6,254 44,425 111,204 Boston___ 7,944 ______7,944 24,374 423 24,797 TO BACCO — There is the usual routine business notice­ Baltimore.. ______1,496 _____ 14,532 16,028 able at this time of the year and prices are generally firm. Philadelphia 3,732 ___ 3,732 5,S32 _____ 5,832 San Fran.. ______2,385 ______Binders are held with special confidence. Filler, on the 2,385 ’ 9,780 9,780 Port Towns. — — 439 439 — ...... 439 439 other hand, is rather dull and stocks are somewhar large. Total___ Little trade is being done in Pennsylvania and Ohio. Rela­ 115,814 39,274! 121,601 276,689 541,119 178,444 442,827 1,162,390 tively high prices have been paid for Wisconsin and Connecti­ Total 1911. 97,848 23,2151122,1381243,201 667,660 181,546 572,245 1,421,45 cut tobacco, and a very considerable portion of the new crop has been already disposed of. Sumatra has been rather slow. In addition to above exports, our telegrams to-night also For Cuban leaf there has been a fair demand from manufac­ give us the following amounts of cotton on shipboard, not turers. Taken as a whole, the market has been devoid of cleared, at the ports named. We add similar figures for striking features. Prices are generally steady, with an ordi­ New York. nary business in progress. COFPER has been somewhat weaker of late with Lake On Shipboard, Not Cleared for— 17% c. and electrlytic 17.40@ 17.50c. The demand has sub­ Great Ger­ Other Coast­ Leaving sided somewhat, and speculators have been liquidating hold­ Oct. 11 at— Britaii. France many. Foreign wise. Total. Stock. ings in foreign markets. London quotations have declined. New Orleans. . 3,917 5,320 3,622 5,276 399 18,444 59,246 Tin firmer after some reaction at 50c.; trade is quiet. Lon­ Galveston___ 87,385 15,826 30,868 16,894 3,250 154,223 155,219 Savannah ___ 22,300 4.000 5,011 600 31,911 69,622 don prices have latterly risen. Lead steady at 5.10c. and Charleston___ 2,000 4,000 6,000 37,636 spelter at 7.60c. Iron and steel have shown great activity Mobile . 4,941 3", 438 1,900 "888 11,167 16,916 and prices arc firm. Northern forge at furnace $15 7 5 @ N orfolk______12,500 12,500 14,227 New York___ 4~66o "500 3",700 2 ,100 10,300 110,123 $16. No. 2 foundry Eastern $16 50@ $17. There have been Other ports__ 17,000 3.000 21,000 2,000 43,000 63,715 large sales of structural steel material. Consumption of Total 1912.. 141,543 31,994 70,101 26,270 17,637 287,545 526,704 pig iron and of all forms of steel is increasing. Much of the Total 1911.. 87,542 28,354 53,235 27,328 13,114 209,573 446,461 business for delivery this year will be carried over to 1913. Total 1910.. 79,889 24,279 63,463 33,880 19.530 221.041 343.484

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 988 THE CHRONICLE [VOL. LXXXXV

Speculation in cotton for future delivery has been on a FU TU R E S.— The highest, lowest and closing prices at fairly active scale at declining prices for the most part. The New York the past week have been as follows: decline was due to fine weather, large receipts, the war news tfS I « 1 -r | w 1 2 I 3 1 3 I 11 11 w 1 81 11 from Southeastern Europe, and finally heavy general selling, © o rH largely by the South. The actual cotton has been pressing © o MO 11 OrH COM i s 11 and Liverpool. It has involved large purchases. Memphis a . IS 11

and other Southern houses have bought to some extent and 5 § 7 ®T © 7 © 7 § 7 © 7 ©1 © 7 ©1 @ i M —• o o o -i*-i* oooo o o IO VT3 f l 15— 1

with the approach of the Columbus Day holiday on Satur­ aturdc Oct. d o ©rH o o d d day, October 12th, not a few of the shorts have deemed it IS 1 i 11 i s 11 uS a * jig1 advisable to cover. It is recognized, too, that this is largely b£.S fcc.2 be.2 , to.S be5 bfl.9 be.2 tef: s i , a weather market and, therefore, while good weather may §S|3|l§|-igi|§S lilie s §S| cja om — ! .— .— Range.; Range. Range. Closing Closing Closing Closing Ko have a tendency to depress prices, bad weather, which may "S vl ft i—, a a Dec Oct N ov. come at any time, would bo likely to advance quotations. .Tan The crop in the eastern part of the Belt is believed to be some weeks late and if frost should occur, in the next two THE VISIBLE SUPPLY OF COTTON to-night, as made weeks, the opinion of many is that it would greatly curtail up by cable and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week’s returns, and conse­ the crop in that section. Killing frost, too, coming on a quently all foreign figures are brought down to Thursday market heavily short, might easily, it is argued, cause a evening. But to make the total the complete figures for sudden and sharp advance. The cotton goods business is to-night (Friday), we add the item of exports from the in an excellent condition. Some take the ground that the United States, including in it the exports of Friday only.

big consumption of last year is very likely to be equaled O c to b e r 11— 1912. 1911. 1910. 1909. Stock at Liverpool...... — bales,, 489,000 260,000 260,000 002,000 during the present season whatever may be said to the Stock at London______13,000 8,000 4,000 12,000 contrary. To-day, prices advanced on the fear of frost Stock at Manchester______53,000 19,000 15,000 35,000 over the Columbus Day holiday, and Sunday, but later on Total Great Britain stock------. 555,000 287,000 288,000 649,000 Stock at Hamburg.-. ------. ,5*2928,000 12,000 10,000 11,000 declined sharply on local and Southern selling. Liverpool Stock at Bremen______. 145,000 43,000 71,000 92,000 Stock at Havre______83,000 48,000 55,000 149,000 spot sales of late have been 12,000 to 14,000 bales, and Stock at Marseilles------3,000 2,000 2,000 2,000 Manchester has been active and firm. Sentiment here is Stock at ------12,000 1-/000 11,000 7,000 9,000 Stock at Genoa______3,000 13,000 17,000 8,000 bearish, however. Spot cotton ended at 11c. and for Stock at Trieste...... 5,000 4,000 2,000 3,000 middling uplands showing a decline for the week of 25 points. Total Continental stocks...... 259,000 136,000 164,000 273,000 The rates on and off middling, as established Sept . 11 1912 Total European stocks------. 814,000 423,000 452,000 922,000 by the Revision Committee, at which grades other than India cotton afloat for Europe.- 41,000 20,000 55,000 320,000 middling may be delivered on contract, arc as follows: Amer. cotton afloat for Europe. . 806,063 855,354 657,273 779,584 Bsrypt.Brazil,&o.,allt.for Europe- 45,000 20,000 52,000 38,000 Fair - ...... c.1.50 onMiddling...... c. Basis Good mid. tinged.c. Even Stock In Alexandria, Egypt. . 110,000 54,000 82,000 84,000 Strict mid. lair----- 1.30 on Strict low mid...... 0.35 off Strict mid. tinged. .0.15 off Stock in Bombay, India----- . 318,000 273,000 232,000 101,000 Middling fair_____ 1.10 on Low middling...... 0.80 off Middling tinged...0.30 off Stock in U. S. p orts...... 814,249 814,249 656,03t 564,525 743,832 Strict good mid___ 0.63 on Strict good ord___ 1.40 off Strict low mid. tlng.0.80 off Stock in TJ. S. Interior town . 350,349 429,139 290,714 401,231 Good middling----- 0.40 on Good ordinary___ 2.15 off Low mid. tinged...1.90 off U. S. exports to-day------43,799 59,856 38,164 36,409 Strict middling----- 0.21 on Strict g’d mid. tgd.0.35 on Middling stained...0.90 off The official quotation for middling upland cotton in the Total Visible supply...... 3,343,060.3,343,060 2,799,383 2,423,676 2,799,383 2,423,676l1,138,056 New York market each day for the past week has been: OX th above, totals of American and other descriptions arc as follows: American— Oct. Stood. 11— Sat. Mon. Tues. Wed. Tluirs. Fri. Liverpool stock______bales.. 347,000 153,000 204.000 022,000 Middling uplands______11.25 11.10 11.10 11.05 11.10 11.00 Manchester stock------38,000 11,000 10,000 27,000 Continental stock______. 232,000 97,000 121,000 245,000 NEW YORK QUOTATION EOR 32 YEARS. American afloat for Europe------. 800,663 855,354 657,273 779,584 The quotations for middling upland at Now York on U. S. port stocks______. 814,249 656,034 564,525 743,832 U. S. Interior stocks------. 350,349 429,139 290,714 401,231 Oct. 11 for each of the past 32 years have been as follows: U. S. exports to-day...... 43,799 59,856 38,104 36,409 1912-C____ 11.00 1904.C_____10.55 1896.c ____ 7.94 1888_c____ 9.81 1911______9.75 1903______9.60 1805...... 9.12 1887______9.44 Total American______2,261,383 1,885,676 2,755,056 1910_____ .14.75 1902...... 8.85 1894______6.12 1886______9.31 East Indian, Brazil, A c .— 1909...... 13.65 1901______8.44 1893______8.38 1885...... 9.81 Liverpool stock______. 142,000 107,000 65,000 80.000 1908...... 9.10 1900...... 10.00 1892...... 8.06 1884...... 10.00 London stock______13,000 8,000 4,000 12,000 1007______11.75 1809______7.25 1891______8.75 1883______10.75 Manchester s to c k ...... 15,000 8,000 5,000 8,000 1906...... 11.40 1808...... - 5.38 1890. 10 38 1882 1 1 .14 Continental stock______27,000 39,000 43,000 28,000 1905...... 10.25 1897______6.44 1889------10.02 ! 1831 ...... 11.06 India afloat for Europe____ 41,000 20,000 55,000 32,000 Egypt, Brazil, &c., afloat__ 45,000 29,000 52,000 38,000 MARKET AND SALES AT NEW YORK. Stock in Alexandria, Egypt- 110,000 54,000 82,000 94,000 The total sales of cotton on the spot each day during the Stock in Bombay, India___ 318.000 273,000 232,000 101,000 week at New York arc indicated in the following statement. Total East India, &o_____ 711,000 538,000 538,000 383,000 For the convenience of the reader we also add columns which Total American______2,261,383 1,885,676 2,755,056 show at a glance how the market for spot and futures closed Total visible supply______3,343,060 2,799,383 2,423,676 3,138,036 on same days. Midfiling Upland, Liverpool------«?'5n5’ i8/S ( ‘ Middling Upland, New York------*Ac992 A '???’ 13.90c. Egypt, Gooa Brown, Liverpool.- 1 0 *£tfd. Saturday..- Quiet ------Steady...... ------Continental imports for the past week have been 80,000 Monday----- Quiet, 15 pts. d ec.. Barely steady-- 1,600 MOO Tuesday . Quiet ------Very steady.-. ___ bales. Wednesday. Quiet, 5 pts. d e c ... F irm ______The above figures for 1912 show an increase over last week Thursday . - Quiet, 5 pts. adv__ Very steady__ 100 100 200 of 349,813 bales, a gain of 543,077 bales over 1911, an ex­ Friday...... Quiet, 10 pts. d ec.. Weak...... — 500 500 cess of 919,384 bales over 1910 and a gain of 206,404 bales Total----- 100 2,200 5.300 over 1909...... g

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1812.] THE CHRONICLE 9^9

A T T H E IN T E R IO R TO W N S the improvement—:that is, NEW ORLEANS OPTION MARKET—The highest, the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New for the week and the stocks to-night, and the same items Orleans cotton market for the past week nave been as follows: for the corresponding period for the previous year— is set Sat’day, Monday, Tuesday, Wed'day, Thursd’y, Friday, out in detail below. Oct. 5. Oct. 7. Oct. 8. Oct . 9. Oct. 10. Oct. 11...... H ...... £ > - •> October— ...... S *Sq S 2 -_ ? ...... H ■ ‘ ? W * Range ------11.16-.17 10.81-.88 10.80-.91 10:77-.87 10.87-.00 10.88-.01 5 “ p o o ’ Closing...... 11.03-.05 10.80-.82 10.92-.94 10.85-.87 10.97-.99 10.84-.86 November— Range ...... — © ■——• @ ■——• @ — 10.75-.77 — @ — — @ — Closing...... 11.04-.06 10.80-.82 10.91-.93 10.83-.85 10.94-.96 10.80-.82 December— Range ------11.06-.23 10.82-.95 10.80-.94 10.75-.85 10.78-.97 10.80-.01 Closing...... 11.09-.10 10.83-.84 10.93-.94 10.83 — 10.95-.96 10.80-.8l January— ffiT^f^l! fill! rill! Range ...... 11.10-.27 10.85-.98 10.84-.97 10.78-.89 10.81-.01 10.83-.05 Closing______11.14-.15 10.85-.86 10.96-.97 10.87-.88 10.99-.00 10.83-.84 February— t\5©CO»-* Range ______— @ —— @ — — @ — — © — — @ ■— —■ @ — OJ*«cnVM*oiU £*© j*coCoo>o>t\3Vioc*o wojVjVio»co© oooa too Closing______11.16-.18 10.87-.89 10.98-.00 10.90-.92 11.01-.03 11.87-.89 March— Range------11.27-.45 11.01-.20 11.00-.14 10.94-.05 10.99-.17 11.01-.20 Closing______11.31-.32 11.02-.03 11.13-.14 11.03-.04 11.16-.17 11.01-.02 M ay— ct OT O tN5 “ Range ______11.39-.57 11.14-.27 11.16-.26 11.10-.15 11.12-.30 11.15-.31 OCO-400»00»'-*0*UiUM'v|i-*^C»^'^0>OT4CO^OOt^.H-*03tOM009H^COo M rfi. 0» <0 0> M 09 V| is» o 09 co o> O « h* ">-* ts9 h* 09 ^ o M oi o> o> o Closing______11.42-.43 11.14-.15 11.2 5-.26 11.15-.16 11.27-.28 11.14-.15 ^OSOJO'lOOOOOOOCOMOoO^OHM^ti^OJM ^>h-^COCiOiH*COOOO July— Range ______11.58-.64 11.34-.37 11.25-.37 11.20-.29 11.23-.41 11.28-.43 5 )2 Co M Cl CH-*Mtv9OCMs9MC9K-»O00 Closing______11.53-.54 11.25-.27 11.37-.38 11.27-.28 11.40-.41 11.27-.29 M090C1000 ^J0>O00^OM»UOH*»-‘ 0>*400C0H*MC>090>r0-400C0C0C0 Tone— WO^OCiOJWMMOOVCiNMCCDWCCMCO^OOOMOCiOCiCnMtUOJ Spot ______Steady. Steady. Steady. Quiet. Firm. Steady. WM<00 0 0>OO^OMOOO^O>M«0 00 0>COOO«O^ONOJCiOC»f«06 0>CI Options_____ Steady. Steady. Very sty. Steady. Steady. Weak. MO>t\3CO03t- = t § OlOOl-‘OmO,d^OOC0305(D^CD Qts9Q3>-*OTt\9O0C>O9 COOOOOM^O W E A T H E R REPORTS B Y TELE G R A PH .— Our reports by telegraph from the South this evening indicate that with dry weather or very light rainfall over practically the whole cotton belt the past week, the gathering of the crop has pro^ OOOiUOOOMCCOOOMCO^iUCcni- ^M-q^OOWhSMOW^WC gressed rapidly in most localities. Cotton is being freely marketed. M»-»M 09 Galveston, T ex.— We have had no rain the past week. The thermometer has averaged 80, the highest being 85 ■^Qoq>ro»-tocQo09ts909q>roooo>-*ooq>ci>uc«ctc^cU‘^i^ and the lowest 74. Abilene, Tex.— Rain has fallen on one day the past week,, t\9 09 t\9 09 M CV9 03 O ls9M 00»lM sis the rainfall reaching seven hundredths of an inch. Minimum ©rf*t\9CHCOOn 0-^^-40>09MC»09C9 C* tN9 CO*^ O O 09 ts3 0C& & Q 0 CO^.UOCHMI HOW^OMMCXOW^MOOCOONtnMOO^O^O ai? thermometer 66. *4 00 O O l\9 09 I OQOt\3bJ^^Clt^J>.COtOClt\9^t\3 0C^09 0TOOO>^OC^O Brenham, Tex.— There has been no rain during the week. O on »-* m ►-* >-» to *-» c»00 0»*U00 00 00 0TC0t\9 09 0St*-k09 00Ci»-‘ Ot-‘ -^lts9 The thermometer has ranged from 64 to 94, averaging 79. ^»-*ttkOtOC009H-*t-‘C«^900*^ltv9C9C»OCOCOiUC»0>090>~l,,^0*-»OiOOCi^lCT C> 09 C'O O CO 09 O’ to bs3 tvj <0 Vl (\J t\3 09O*^f^300t\3C>>-*C0"^Ot\3>-‘ tNj03C5O Cuero, Tex.— Rain on one day of the week to the extent of W^CflOO»^COWWOMOOCOMO>^t9 3>W090^0J^M090WOCOtO<0 two hundredths of an inch. Average thermometer 80, high­ • Last year's figures were for Louisville, Ky. est 98, lowest 62. Henrietta, Tex.— Rainfall for the week two inches and OVERLAND MOVEMENT FOR THE WEEK AND thirty hundredths, on one day. The thermometer has aver­ SINCE SEPT. 1.—-We give below a statement showing the aged 81, the highest being 96 and the lowest 66. overland movement for the week and since Sept. 1, as made Dallas, Tex.— There has been no rain the past week. up from telegraphic reports Friday night. The results for The thermometer has averaged 79, ranging from 60 to 98. the week and since Sept. 1 in the last two years are as follows: Huntsville, Tex.— We have had no rain the past week. October 11 Since Since The thermometer has ranged from 66 to 98, averaging 82. Shipped— Week. Sept. 1. Week. Sept. l. Via St. Louis-...... - ...... 5,028 12,048 7,337 13,773 Kerrville, Tex.— There has been no rain during the week. Via C airo______- ...... 2,291 ' 3,947 6,328 16,268 Average thermometer 80, highest 92 and lowest 68. Vlu Hock Island------50 ___ 100 3,382 992 4,857 Luling, Tex.— There has been no rain during the week. Via Cincinnati...... - 653 2.085 489 1,600 The thermometer has averaged 81, the highest being 96 Via Virginia points______. . 1,498 5,493 5,268 10,212 and the lowest 66. Via other routes, &c...... 6,426 17,143 4,819 16.050 Nacogdoches, T ex.— We have had no rain during the week. Total gross overland...... - -.17,032 44,142 25,233 62,860 The thermometer has averaged 74, ranging from 56 to 92. Dedu'Act shimpents— Palestine, Tex. Ov rland to N. Y., Boston, &c. . . 947 3,838 3,222 6,063 — We have had no rain during the week. Between interior towns______... 783 3,625 536 2,412 The thermoipeter has ranged from 64 to 92, averaging 78. Inland, &c., from South...... 762 9,017 627 7,787 Weatherford, Tex.— Rain on one day of the week, with rain­ Total to be deducted______. . 2,492 16,480 4,385 16,262 fall of six hundredths of an inch. Average thermometer 79, highest 94, lowest 64. Leaving total net overland *___ ..14,540 27,662 20,848 46,598 $ San Antonio, Tex.— Rain on one day of the week to the * Including movement by rail to Canada. extent of fourteen hundredths of an inch. The thermometer The foregoing shows the week’s net overland movement has averaged 80, ranging from 68 to 92. has been 14,540 bales, against 20,848 bales for the week last Longview, Tex.— There has been no rain during the week, year, and that for the season to date the aggregate net over­ The thermometer has ranged from 60 to 90, averaging 75. land exhibits a decrease from a year ago of 18,936 bales. Paris, Tex.— It has been dry all the week. Average ther­ X i7 1 L* X »11 mometer 77, highest 94, lowest 60. \~i In Sight and Spinners’ Since Sine Takings. Week. Sept. 1. Week. Sept. l. Ardmore, Okla.— There has been rain on one day during ..421,208 1,814,490 431,129 2,025,791 the week, the precipitation reaching eight hundredths of an .. 14.540 27,662 20,848 46,598 . S6.CC0 328,CCO 45,000 230,OCO inch. The thermometer has averaged 78, the highest being 97 and the lowest 60. .491,748 2,170,152 496,977 2,302,389 .. 78,646 253,313 60,436 328,702 Marlow, Okla.— There has been rain on two days of the past week, the rainfall reaching one inch and twenty-two ..570,394 566,413 2,423,465 2,631,091 hundredths. The thermometer has averaged 77, ranging from 60 to 94. North, spinners’ taklngsto Oct. 11 38,556 160,840 74,435 227,710 New Orleans, L a .— Rain on one day of the week to the ex­ Movement into sight in previous years. tent of fifty-eight hundredths of an inch. The thermometer TVeefc— Bales. Since Sept. 1— Bales. has averaged 69, ranging from 57 to 90. 1910— Oct. 14______535,927 1910— Oct. 14------,171,766 1909— Oct. 15______592,444 1909— Oct. 1 5 ...... -2 ,645,201 Shreveport, La.— We have had no rain the past week. The 1908— Oct. 17______532,142 1908— Oct. 17...... 2 ,410,951 thermometer has averaged 76, the highest being 89 and the QUOTATIONS FOR MIDDLING COTTON AT OTHER lowest 62. M A R K E TS.— Below are the closing quotations of middling Eldorado, Ark.— There has been no rain during the week. cotton at Southern and other principal cotton markets for The thermometer has ranged from 57 to 91, averaging 74. each day of the week: Helena, Ark.— Picking is late. There has been no rain since Sept. 27. Average thermometer 72.3, highest 85, Closing Quotations for Middling Cotton on— lowest 57. TVecfc Ending Little Rock, Ark.— There has been no rain during the week. Sat'day. Monday. Tuesday. Wed’day. Thursd'y. 1 Friday. Oct. 11. The thermometer has averaged 75, the highest being 90 Galveston____ 11 3-16 11 1-16 11K 11 1-16 11K Ill 1-16 and the lowest 60. • New Orleans__ 11 3-16 11 11 10K 10K 10K M obile...... 11 1-16 11 1-16 10K 10K 10K 10 13-16 Vicksburg, M iss .— Dry all the week. Average thermom­ Savannah ____ 10 15-16 10K 10 11-16 10 11-16 10K 10K eter 76, highest 88, lowest 65. Charleston------10 13-16 10 K 10 13-16 10 13-16 11 10 13-16 Mobile, Ala Wilmington----- 10 K 10 K 10 K 10 H 10K 10K .— Fine weather and picking is progressing N orfolk...... 11 K 11 11 11 11 11 rapidly. Rainfall for the week eighty-three hundredths of Baltimore------ii k 11 K 11 H ii y» UK 11K Philadelphia — 11.50 11.35 11.35 11.30 11.35 11.25 an inch, on one day. The thermometer has averaged 76, Augusta...... - 11 3-16 10 15-16 io v% 10 13-16 10 13-16 11 the highest being 88 and the lowest 63. Memphis______n k 11K 11K UK UK UK Montgomery, Ala.— Rain has fallen on one day the past St. Louis...... 11 K 11K n % ii k 11 K 11 K H ouston______ii k 11 1-16 11 1-16 11 1-16 11 3-16 11 3-16 week, tne rainfall reaching three hundredths of an inch. The Little Hock----- ii 11 10 13-16 10 13-16 10 13-16 10K thermometer has averaged 75, ranging from 61 to 88.

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Selma, Ala.— Wc have had no rain the past week. The SHIPPING^NEW S.— As shown on a previous page, the thermometer has ranged from 59 to 84, averaging 72. exports of cotton from the United States the past week have Savannah, Ga.—-Rainfall for the week thirty-two hun­ reached 276,689 bales. The shipments in detail, as made dredths of an inch, on one day. The thermometer has aver­ up from mail and telegraphic returns, are as follows: aged 72, the highest being 85 and the lowest 60. Total bales. NEW YORK— To Liverpool— Oct. 4— Carmania, 2,294...O ct. 9—■ Charleston, S . C .— It has rained on one day of the week, Celtic, 8,054 upland, 60 Sea Island______10,408 the precipitation reaching five hundredths of an inch. The To Hull— Oct. 4— Galileo, 50______so To London— Oct. 5— Minnewaska, 500______soo thermometer has ranged from 63 to 83, averaging 73. To Havre— Oct. 5— Niagara, 858; Jethou, 200______1,058 Svartanburg, S. C.— There has been no rain during the To Antwerp— Oct. 4—-Lapland, 1,000______1,000 To Genoa— Oct. 4—Berlin, 2,349; Mendoza, 1,038______3,387 week. The thermometer has averaged 69, the highest being To Naples— Oct. 4— Berlin, 300; Mendoza, 300______600 89 and the lowest 50. To Leghorn— Oct. 4—Calabria, 100______loo To Venice— Oct. 5—Martha Washington, 1,000______1,000 Gainesville, Fla.— There has been rain on one day of the To Trieste— Oct. 5—Martha Washington, 485______485 past week, the rainfall reaching nineteen hundredths of an GALVESTON—To Liverpool— Oct. 4—Statesman, 13,314...O ct. inch. The thermometer has averaged 72, ranging from 54 5— Comedian, 11,325__ Oct. 7— Centurion, 8,518; Jamaican, 8,616------41,773 to 9 0 . To Havre— Oct. 7— Swanley, 642...O ct. 8—Mlramlchi, 8,542 9,184 9* Madison, Fla.— We have had no rain the past week. To Bremen— Oct. 5— Barbarossa, 9,367...O ct. 10— Torrldgc, 14,437 ------23,804 The thermometer has ranged from 60 to 86, averaging 74. To Hamburg— Oct. 5—Parklands, 2,425______2,425 Memphis, Tenn.— We have had no rain the past week. To Rotterdam— Oct. 7—Osceola, 1,718______1,718 To Antwerp— Oct. 4—Mlddleham Castle, 1,775__ Oct. 7—■ The thermometer has averaged 72, ranging from 58 to 86. Elswick Manor, 2,496______4,271 Charlotte, N . C .— Farmers are picking and marketing cot­ To Ghent— Oct. 4— Mlddleham Castle, 1,634__ Oct. 10— Pen­ ton freely. Dry all the week. Average thermometer 69, rith Castle, 7,511______9,145 To Barcelona— Oct. 5— Catalina, 6,568------9 ______6,568 highest 88, lowest 50. To Genoa— Oct. 10— Prlncipessa Lactltla, 0,696______9,696 TEXAS CITY— To Liverpool— Oct. 4— Poylemore, 9,190__ Oct. 7 WORLD’S SUPPLY AND TAKINGS OF COTTON. — Istrar, 10,822______20,012 To Havre— Oct. 5— Beachy, 13,351------13,351 ARANSAS PASS—To Havre—Oct. 7—Swanley, 12,155______12,155 Cotton Takings. 1912. 1911. NEW ORLEANS—To Liverpool— Oct. 7— Commodore, 6,721___ 6,721 Week and Season. To Havre— Oct. 4— Louisiana, 3,520 ______3,520 Week. Season. Week. Season. ' To Bremen— Oct. 5—Japancsec Prince, 8,102______8,102 SAVANNAH— To Bremen— Oct. 9—Adclheid Menzcll, 6,039; Cam- Visible supply Oct. 4 ______2,993,247 2,540,442 byscs, 10,015______. __ 16,054 Visible supply Sept. 1______2,135,485 1,603,418 To Hamburg— Oct. 9—Arkansas, 1,005 1,005 American In sight to Oct. 11 — 570,394 2,423,465 566,413 2,631,091 To Rotterdam— Oct. 9—Adelheid Menzcll, 1,100 1,100 Bombay receipts to Oct. 10___ 4.000 27.000 9.000 29.000 To Barcelona— Oct. 5— Lodovlca, 1,275 1,275 Other India ship’ts to Oct. 10.. 2.000 34.000 6.000 39.000 To Trieste— Oct. 5—Lodovlca, 4,250___ . ___ . . . 4,250 Alexandria receipts to Oct. 9 — 35,400 92,400 9,400 44,600 6,000 BRUNSWICK—To Liverpool—Oct. 8— Colonial, 8,732...... 8,732 Other supply to Oct. 9*...... 38.000 11,000 43.000 CHARLESTON—To Liverpool— Oct. 8— Cralgard, 6,700. _____ 6,700 To Bremen— Oct. 4— Cundall, 5,100___ ...... 5,100 Total supply.------3,611,041 4,750,350 3,142,255 4,390,109 WILMINGTON—To Liverpool— Oct. 4—Ovcrdalc, 9,242______9,242 Deduct— To Bremen— Oct. 9—Marlston, 12,392______12,392 Visible supply Oct. 11------3,343,060 2,709,383 2,799,383 NORFOLK—To Brcmen^-Oct. 5— Norton, 5,300 ______5,300 BOSTON—To Liverpool— Oct. 5— Winlfredian, 5,444...Oct. 7— Total takings to Oct. 11------267,981 1,407,290 342,872 1,590,726 Cymric, 2,500______. ______7,944 Of which American ------211,581 1,156,890 293,472 1,222,126 PHILADELPHIA—To Liverpool— Oct. 4— Merlon, 3,7 32...... 3,732 Of which other ...... 56,400 250,400 49,400 368,600 SAN FRANCISCO—To — Oct. 5— Persia, 2,385______2,385 * Embraces receipts in Europe from Brazil, Smyrna, West Indies, tcc. PORT TOWNSEND—To Japan— Oct. 5— Mexico Maru, 439____ 439

INDIA COTTON MOVEMENT FROM ALL PORTS: Total ______...276,689 LIVERPOOL.— By cab'c from Liverpool we have the fol­ . l ; 12. 1911. 1910. lowing statement of the week’s sales, stocks, & c., at that port: Receipts at— Since Since Since Sept. 20. Sept. 27. Oct. 4. Oct. 11 Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. Sales of the week______..bales. 46,000 30,000 61,000 61 00* Of which speculators took...... 1,000 2,000 2,000 2,00* Bombay ...... 4,000 27.000 9,000 29,000 3,000 24,000 Of which exporters took__ ...... 1,000 1,000 2,000 1,00# Sales, American______...... 32,000 27,000 48,000 44,000 Actual export______...... 3,000 3,000 4,000 4,00# For the Week. | Since September 1. Forwarded ______69,000 69,000 ?g75,0C« Total stock—Estimated____ . . . . .516,000 507,000 487,000 .489,000 from— Great Conti­ Japan Great Conti­ Japan Of which American______...... 362,000 352,000 339,000 .347,000 Britain. nent. dbChina Total. Britain. nent. & China. Total. Total Imports of the w cek ... ______45,000 62,000 52,000 80,00# Of which American______...... 24,000 49,000 Bombay— 46,000 72,000 29,000 Amount afloat...... 187,000 234,000 357,000 418,00# 1912___ 2,000 2,000 2,000 25,000 2,000 Of which American______...... 155,000 196,000 313,000 365,000 1911___ 11,000 5,000 16,000 1910___ 23,666 2;6o6 25,000 1,000 74,000 10,000 85,000 The tone of the Liverpool market for spots and futures Calcutta— 1912___ • - 3,000 3,000 each day of the past week and the daily closing prices of 1911___ 1,000 1,00( 3,000 3,000 spot cotton have been as follows: 1910___ 1,00C ___ 1,000 1,666 3,000 4,000 Madras— 1912___ 1,000 1,000 Spot. Saturday. Monday. Tuesday. Wednesday. Thursday. Friday. 1911___ 2,000 2,00( 1,000 3,000 4,000 1910___ ’ ___ ...... 3,000 3,000 Market, 1 Fair All others— 12:15 Good business Good Good Good Good 1912___ 1,000 1,000 2,000: i,ooo 28,000 1,000 30,000 P. M. J demand. doing. demand. demand. demand. demand. 1911___ 2,000 1,666 3,00( 2,000 30,000 32,000 1910___ 3,000 — 3,000 1,000 20,000 21,000 Mid. Upl’ds 6.46 6.36 6.28 6.31 0.26 6.30 1 Sales...... 10,000 8,000 12,000 10,000 10,000 14,00# 1912___ 1,000 3,000 4,00( 3,000 57,000 3,000 01,000 Spec.&exp...... 500 500 500 500 2,000 1911___ 2,000 4,666 6.00C 3,000 47,000 5,000 55,000 1910___ 1,000 26,000 2,666 29,000' 3,000 100,000 10,000 113,000 Fu ures Steady, Steady, Steady. Steady, Steady, Quiet, Market \ 5 points 5@6 points 3@4 points 1@1 H Pts. 34 @1 point 3 points opened / decline. advance. advance. ALEXANDRIA RECEIPTS AND SHIPMENTS. advance. decline. advance. Market, 1 Quiet, Quiet, Steady, Easy, Steady, Steady, 4 13@434 pts. 934@10 1@2 points 5@G points 234@334 3 1 1 pts. Alexandria, Egypt, advance. advance. . 1912. 1911. 1910. P. M. J1 decline. pts. dec. decline. decline. The prices of futures at Liverpool for each day are given Receipts (cantars)— This w eek...... 270,000 140,000 240,000 be’ow. Prices are on the basis of upland, good ordinary Since Sept. 1------693,089 334,584 776,176 c la u s e , u n le ss o th e r w is e s t a t e d . ______

This Since This Since This Since O ct. 5 Sat. M on. T u es. W ed . T h urs. F r i. Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. to O ct. 11. 12 K 12H 12 4 12 34 4 12 li 4 12 34 4 12H 4 To Liverpool------4.750 12,537 2.500 10,478 6,150 18,860 p.m. p.m . p.m. p.m. p.in. p.m . p.m. p.m. p.m. p.m. p.m. p.m . To Manchester ------5.750 10,500 2,750 7,879 8,500 15,000 To Continent and India.. 6,500 20,523 4.500 17,547 7,250 24,426 a. d. a. d. d. d. d. d. d. d. d. d, To America______400 2,900 1,600 1,000 2,819 October.. 6 19 14 09 06 08 08 34 02 04 04 34 08 34 08 Oct .-Nov. 6 14 H 09 04 34 0134 03 34 04 34 07 34 00 34 01 05 05 Total exports------17,400 46,460 9,750 37,504 23,000 61,135 Nov.-Dcc. 0 08 34 03 H 99 9534 97 98 34 0134 9134 05 09 90 95 Note.— A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs. Dcc.-Jan . 0 08 >4 03 34 99 95 34 97 98 34 9134 94 34 99 99 Jan.-Feb . 6 10 04 34 00 96 34 98 34 00 93 06 06 34 00 34 00 34 08 02 M ANCHESTER M AR KET.— Gur report received by cabie F'cb.-Mch. 6 1134 06 0134 98 00 0134 94 34 07 34 02 Mch.-Apr. 6 13 07 34 03 99 01 0 02 34 96 99 99 34 03 34 03 34 to-night from Manchester states that the market continues Apr .-May 6 14 08 34 04 00 34 02 34 04 07 34 00 34 01 05 05 quiet for both yarns and shirtings. The demand for both May-Junc 6 15 09 34 05 0134 03 34 05 08 34 0134 02 06 06 June-July 6 15 09 34 05 0134 03 34 05 08 34 0134 02 06 06 India and China is improving. W e give the prices for to-day July-Aug. 6 15 09 34 05 0134 03 34 05 98 34 0134 02 06 06 below and leave those for previous weeks of this and last year for comparison. BREADSTUFFS. 1912. 1911. Friday Night, Oct. 11 1 9 1 2 . Flour has met with the same routine demand as hereto­ 8 x u>s. Shirt­ Cot’n 834 lbs. Shin- 32s Cop ings, common Mid. 323 Cop ings, common Mid. fore and on the whole has been steady, despite the compara­ Twist. Twist. to finest. Upl's to finest. Upl’s tive indifference of buyers. A few days ago it was reported 1. d. s. d. s. d. d. d. n. 3. d. a. d. d. that prices at the Northwest had been reduced 20 cents a Aug. barrel. It looks as though not a few were holding off for 23 9 H @ 10H 6 3 @11 4 6.60 OH @ 10 H 5 8 @10 8 6.88 30 OH @ 10 H 6 2 @11 1 6.40 OH @ 10 % 5 834@10 9 6.95 the Government report on the 9th inst., and even more Sept for an increase in the receipts at the Northwest, which has G 0% @ 1034 6 2 @11 1 6.62 10% 5 9 @10 10 7.32 OH @ been very generally expected whenever the weather should 13 9 %i @ 1034 6 234@ll 2 6.75 OH @ 10 H 5 9 @10 103^ 7.18 20 10 @ 11 6 2 ©11 2 6.79 J ll-16@ 10H 5 9 @10 10J4 6.80 improve in that section. There has been an idea, too, that 27 J 13-16© 1034 6 2 @11 2 6.59 9 7-16 @ 1 OH 5 834@10 OH 6.11 WL 1* . the wheat reports by the Government would point to so 4 OH @ 10K 6 1 @11 134 6.32 9 H @ 10 5 7 34® 10- 5.59 large a crop of spring wheat that the effect on flour 101$ 6 6.30 5 11 9 © 1 @11 134 9 @ OH 7 @10 7 H 5.31 as well as wheat would bo depressing. European war

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DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. news, however, has offset bearish factors. The production Sat. M on. Tues. Wed. l'hurs. Fri. at Minneapolis, Duluth and Milwaukee was 478,000 barrels, December delivery in elevator.cts - 32% 32% 32% 32% 32% 32% against 473,385 on the previous week and 445,465 last year. May delivery In elevator ...... 34 % 34 % 34 % 35 34 % 34 % July delivery In elevator. . 34% 34% 24% 35 34% 34% Northwestern business has fallen off noticeably. Wheat has latterly been strong, owing to a declaration of Closing prices were as follows: war by Montenegro against Turkey and reports that Greece, FLOUR. Winter, low grades___ $3 60@$3 95 Kansas straights, sac Its .$4 30@ 4 4« Bulgaria and Servia were also about to declare war on thc__ Winter patents______5 25© 5 40Kansas clears, sacks__ 4 00(h) 4 25 . The effect was some excitement in Euro­ Winter straights______4 60(h) 4 70City patents------6 20© 6 5* Winter clears______4 25(8) 4 50Rye flour------3 85© 4 1* pean markets, particularly in Liverpool. The shipments of Spring patents______4 70@ 5 00 Graham flour______4 00@ 4 70 wheat from Southeastern Russia from Aug. 4 to Oct. 5 Spring straights...... 4 60(2) 4 75Buckwheat, cwt------Nominal amounted Co 28,044,000 bushels, against only 15,720,000 Spring clears------4 50© 4 75 during the same time last year. But, although nearly GRAIN. Wheat, per bushel—f. o. b Corn, per bushel— Cents double those for the same time last year, they show an im­ N. Spring, No. 1, new .. -$1 01% No. 2...... elevator Nomina portant decrease compared with the same period two years N. Spring, No. 2, new .. . nom. Steam er______elevator Nonima Red winter. No. 2, new. 1 05% No. 3 ______c.l.f. Nomina ago, when they reached 49,568,000 bushels. It i§ Hard winter, No. 2___ 1 01 % Rye, per bushel— feared that the outbreak of the war in Southeast­ Oats, per bushel, new— Cents. No. 2 ...... 68@69 Standards______nom. State & Pennsylvania. nom. ern Europe may have the effect of shutting off No. 2, w h ite______nom. Barley—M alting______58@70 supplies to a very large extent from Russia at the No. 3 ...... 38% @39 expense of the importing countries of Western Europe. AGRICULTURAL DEPARTMENT’S OCTOBER RE­ Latterly prices have risen noticeably in Liverpool, Paris, PORT.— The report of the Department of Agriculture for , Berlin and Antwerp. Also, there have been re­ Oct. 1 respecting cereal crops in the United States was issued ports in this country of an increase in the export trade. The on Oct. 9 as follows: other day there was a rumor that nearly 120 loads of ocean freight room had been engaged. At the same time there Condition Oct. 1, or at Time were reports that from 30 to 90 loads had been taken for of Harvest. Acreage, 1912. export on new business. This seemed to show alarm over CROPS. 10- Yr. Sept. 1 P . C. of the situation in the Balkans. A t the same time reports 1912. 1911. Average. 1912. 1911. Acres of poor yields in parts of Russia were received. It is a fact C orn------82.2 70.4 80.4 82.1 102.2 108,110,000 worthy of comment that the visible supply in the United Buckwheat .. 89.2 81.4 83.3 91.6 100.2 835,000 States increased for the week only 1,027,000 bushels, against Potatoes_____ 85.1 02.3 76.2 87.2 101.9 3.689.000 Tobacco ___ 81.8 80.5 83.3 81.1 117.9 1,194,200 an increase of nearly 4,000,000 bushels in the same time last F la x ------83.8 69.0 *77.9 86.3 108.5 2.992.000 year, and this despite recent large receipts at the primarypnar- Rice ...... 89.2 85.4 84.8 88.8 102.0 710,100 A p ples------kets. The unavoidable inference is that there is alarge absorp­ 67.8 59.8 53.7 67.9 ’ Nine-year average. tion of wheat in this country, to say nothing of what is The yields indicated by the condition of crops on Oct. 1 1912, or at the beingexported to Europe. Last Monday the clearances from time of harvest, and the final yields In preceding years, for comparison, American ports amounted to 638,763 bushels. And the follow: ______contract stock at Chicago is only 2,022,000 bushels, against Yield per Total Production in mil­ fnc.(H-) 11.591.000 bushels a year ago. Ocean freights have been Acre. lions of Bushels. or declining at New Orleans, and it is possible that this may Dec.(— ) CROPS. 1911. 1906­ 1911. 1910. in Pro- be the entering wedge. They have also eased somewhat on 1912.a Final. 10 A v. 1912 .a Finnl. Final. pects dur'g the Atlantic Seaboard. Sept. On the other hand, the world’s shipments for the week Bus. Bus. Bus. Per cent. were 11,688,000 bushels, against|]13,968,000 in the pre­ 27.9 23.9 27.1 3,016 2,531 2,886 +0.7 Buckwheat - ­ 21.4 21.1 19.5 18 18 18 +015 vious week and 11,024,000 last year. Of late the receipts White potatoes 108.8 80.9 96.8 401 293 349 +0.7 at Northwestern points have increased. The world’s Tobacco ..lbs. 816.0 893.7 828.0 974 905 1,103 — 0.2 7.0 8.7 29 19 visible supply increased for the week 10,926,000 bushels, Rice______33.4 32.9 32.4 24 23 25 + 2.'l against an increase for the same time last year of only a Interpreted from condition reports, b Based on average for 1905-09. 5.753.000 bushels. Russian exports for the week were Preliminary estimates of production have been made as follows: nearly 4,000,000 bushels, against 1,336,000 last year, and those from India over a million bushels, against 592,000 in Yield per Acre. Production (000s omitted). the same week last year. To-day prices advanced on war CROPS. 1912. 1911 1906-10 1912. 1911. 1910. news, reports of export trade and covering by shorts on the Final. A t . Final. Final. eve of Columbus Day (Saturday October 12th) holiday. DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Bus. Bus. Bus. Bushels. Bushels. Bushels. Sat. Mon. Tues. Wed. Thurs. Fri Spring wheat...... 17.2 9.4 13.4 330,391 190,682 200,979 No. 2 red...... cts.104% 103 % 103 % 104% 105 105 % Winter wheat____ 15.1 14.8 15.5 389,942 430,656 434,142 December delivery In elevator----- 99% 99% 99% 100 7s 100% 101% All w heat...... 16.0 12.5 14.6 720,333 621,338 635,121 May dolivery In elevator______103% 103% 103% 104% 104% 105% Oats...... — 37.4 24.4 28.4 1,417,172 922,298 1,186,341 Barley------29.7 21.0 24.8 224,619 160,240 173 832 DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. R y e ...... 16.9 15.6 16.3 35,422 33,119 34,897 Sat. Mon. Tues. Wed. Thurs. Fri. Tons. Tons. Tons. Tons. Tons. Tons. December delivery In elevator___ 91% 91% 91% 93% 92% 93% 1.47 1.14 1.42 May delivery In elevator...... 95 % 95 % 96 % 97 % 96 % 97 % Ilay (tame)...... 72,425 54,916 69,378 July delivery in elevator...... 93% 93 % 93% 94% 93% 94% The quality of spring wheat Is 88.7%, compared with a 1 0 -year average of 86.8; oats, 91%, compared with a 10-year average of 86.7; barley, 86.2%, Corn has sympathized more or less with wheat and lias compared with a 10-year average of 87.1. also been strengthened by wet weather over much of the The statements of the movement of breadstuffs to market corn belt. Dry, warm weather is needed. The contract indicated-below are prepared by us from figures collected by stock at Chicago is very small. Supplies of old corn in this the New York Produce Exchange. The receipts at Western country are believed to be down to a very low ebb. At lake and river ports for the week ending last Saturday and times, however, cash and October corn have shown weak­ since August 1 for each of the last thee years have been: ness under pressure to sell. The world’s exports for the week reached 6,562,000 bushels, against 2,471,000 in the same Receipts at— Flour. Wheat. Com. Oats. Barley. Rye. week last year. There have also been predictions that the Mils. 19616s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA8lbs. bu. 56 lbs. new crop would move to market at an unusually early date. Chicago___ 199,255 1,122,700 2,700,000 4,078,800 691,600 194.700 Bulls, however, deny that there is any likelihood of an ex­ Milwaukee 88,640 416,300 66,080 450.000 562,900 128.700 3,100 3,595,660 113,408 568,501 78,333 ceptionally early marketing of the crop. They predict a Minneapolis. 2,952,050 17,510 506,260 870,330 230,520 good demand which will absorb all the old corn available 57.000 78,900 148,500 before good dry new crop can lie obtained in any large quan­ 7,000 12.000 55,100 105.000 Cleveland .. 8,604 15,942 35,505 24,814 926 500 tity. Liverpool has advanced sharply. To-day prices ad­ St. Louis__ 84,630 623,197 218,535 612.000 78,400 4,490 vanced in sympathy with wheat, rains at the West and cov­ Peoria...... 31,700 35,000 331,934 198,075 119,800 15,600 Kansas City. 1,526,800 61,200 193,800 ering. 234,000 99,000 384,300 DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Sat. Mon. Tues. Wed. Thurs. Fri. Total wk. ’ 12 422,929 10,590,649 3,663,764 6,814,957 2,892,457 652,843 Cash corn -...... cts. nom. nom. nom. nom. nom. norn , Same wk. ’ 11 326,058 8,157,809 2,545,482 3,822,706 3,378,510 367,922 December delivery in elevator----- nom. nom. nom. nom. nom. nom. Same wk. ’10 426,031 7,047,138 2,912,136 3,408,212 2,484,489 159,993 DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO. Sat. Mon. Tues. Wed. Thurs. Fri. Since Aug. 1 December delivery in clevator.cts. 53% 53% 53% 53% 53% 53% 1912____ 3,360,658 99,066,252 34,065,569 57,087,365 15,627,380 4,696,698 May delivery in elevator...... 62% 52% 52% 53 52% 52% 1911____ 3,213,360 64,863,163 32,560,901 39,490,228 20,772,657 2,487,122 July delivery In elevator...... 52% 52% 52% 53% 52% 53% 1910...... 3,698,801 81,371,790 37,419,254 59,287,917 14,387,589 1,567,908 Oats have latterly been stronger in sympathy with other Total receipts of flour and grain at the seaboard ports for grain. Cash houses and shorts have been the chief buyers. the week ended Oct. 5 1912 follow: It is significant, too at a time when war clouds hang over Flour, Wheat, Com, Oats, Barley, Rye Europe, that export sales are reported to be increasing ma­ Receipts at— bbls. bush. bush. bush. bush. bush. terially. The forage crops of Europe arc said to be defi­ New York ...... 188,396 1,305,600 153,557 594,750 144,150 2,300 Boston ...... 33,393 438,906 9,000 105,773 ..... cient, or at any rate in poor condition. Big armies in the Philadelphia___ 54,577 334,779 47,000 277,317 __ 2 00 field would require large supplies. Last Tuesday there were alttmo r e ...... 45,343 265,518 43,105 1,479,371 __ 6,999 New Orleans 38,959 o l,047,000 127,700 175.500 __ rumors that some 600,000 bushels had been sold for export Newport News------290,000 ------to Europe. The primary receipts have been large and the Norfolk...... 1,000 ...... Galveston...... 281.000 19,000 1,000 ...... 2,000 visible supply exhibited an increase of about 300,000 bushels M obile______4,000 ------1,000 ------last week, but the total visible stock in this country is less Montreal...... 24,716 1,596,159 65,400 633,714 42,601 than half of what it was a year ago. To-day prices advanced St. John...... - 1,000 ...... on covering before the holiday. The cash demand, more­ Total wools'1912^ 391,384 5,268,962 474,762 3,557,425 186,811 13,699 over, was good. Since Jan. 1 1912.13,131.070 98,205,456 28.194,414 49,079,357 3683.664 481,494 DAILY CLOSING PRICES OF OATS IN’ N E W Y O R K . Week 1911...... 493,161 2,257,306 334,651 993,801 145,730 107,277 Sat. M on. Tues. Wed. Thurs. Fri. Since Jan. 1 1911.14.476.657 63,614,279 55,499.973 42,801,040 3332,150 097.467 Standards...... cts.. 39 38% 39 39% 39% nom. * Receipts do not Include grain passing through New Orleans for foreign porS No. 2 white___ .... ______nom. nom. nom. nom. nom. nom. on through bills of lading, a Two weeks’ receipts. 83

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 993 THE CHRONICLE [VOL. LXXXXV.

The exports from the several seaboard ports for the week eries is still the chief matter of concern, and is likely to con­ ending Oct. 5 are shown in the annexed statement: tinue so for some time. Labor troubles in the face of ex­ Wheat, Corn, Flour, Oats, Rye, Peas, Barley, ceptionally heavy bookings have prevented the mills from Exports from—- bush. bush. bbls. bush. bush. bush. bush. New Y ork____ .1,279,318 63 49,780 288,769 34,836 42,991 1,539 catching up. The lateness in deliveries is also causing buy­ Boston...... 78,835 10,057 ers to be more active in placing orders against their spring Philadelphia — . 448,000 20,000 210,000 Baltimore_____ 400 5,989 591,100 requirements than they otherwise would be. Manufacturers, New Orleans__ . 2,8,000 12,000 17,000 4,200 on the other hand, are filled with orders up to the turn of the Newport News.. . _____ 290,000 Galveston_____ . 663,000 5,000 year, and at the moment are not much concerned with busi­ Mobile...... 10,000 4,000 ness beyond that time. The uncertainties of the labor situa­ Montreal______.1,051,000 50,000 443,000 42,000 95,000 tion and future cost of raw material are causing them to act St. John...... 1,000 10> ...... conservatively. Regardless of the decline in cotton and the Total week__ .3,728,153 22,403 163,826 1,827,069 78,836 137,991 1,63(j warmer weather during the past week, the cotton goods Week 1911...... 1,884,673 948,042 338,808 97,576 ...... 2,088 market has been very firm. On many lines, such as ging­ The destination of these exports for the week and since hams, for next spring, the opening prices were practically at July 1 1912 is as below: cost, and jobbers are finding that they displayed good judg­ ment in placing their orders early. The fact that the cost Since Since Since Week July 1 Week July 1 Week July 1 of labor and the price of cotton are both higher than this Exports for weekand Oct. 5. 1912. Oct. 5. 1912. Oct. 5. 1912. time a year ago, combined with the steady expansion in since July 1 to— bbls. bbls. bush. bush. bush. bush. United Kingdom__ 97.4:52 1,043,951 1,921,234 19,566,271 92,167 trade throughout the country, following a long period of Continent...... 25,484 284,314 1,799,419 15,944,556 14,000 depression and curtailment, leaves little hope for any reces­ South & Cent. Amer. 10,087 326,331 7,500 234,230 2,000 259,371 West Indies...... 23,704 435.854 4,875 20,463 411,010 sion in values in the near future. The heavy demand from Brit. Nor. Am. Cols...... 19,352 2,625 retailers and jobbers for additional supplies of fall merchan­ Other Countries___ 1,119 68,418 4,000 14,439 dise continues to be unabated, witli manufacturers in no 2,178,220 3,728,153 35,253,932 22,463 794,212 position to adequately meet the demand. This demand is 2,783,927 1,884,673 24,031,150 948,042 7,843,520 chiefly for lines of fall and winter underwear and hosiery, The world’s shipments of wheat and corn for the week initial.stocks of which were supposed to be large but are now ending Oct. 5 1912 and since July 1 1912 and 1911 are shown found to be badly broken. In staple cottons, several addi­ in the following: tional lines have been placed at value. Commission houses and jobbers are getting numerous requests from all sec­ Wheat. Com. tions of the country for further supplies. Buyers are Exports. 1912. 1911. 1912. 1911. looking further ahead and are realizing that, as the mills are now filled up until the end of the year, there is likely to be Week Since Since Week Since Since Oct. 5. July 1. July 1. Oct. 5. July 1. July 1. the same difficulty for the first half of next year. They are consequently willing to place their requirements for the early Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. North Amer. 5.840.000 53.346.000 45.858.000 16,000 205,000 0,648,000 part of 1913 at current prices where obtainable. In men’s Russia___ _ 3.944.000 37.043.000 28.810.000 272.000 4.464.000 17.020.000 wear and dress goods lines urgent requests for prompt ship­ Danube___ 2.480.000 20.500.000 25.439.000 230.000 7.815.000 21.880.000 ment of fall goods, as well as fair orders for additional sup­ Argentina .. 1.064.000 22.034.000 16.320.000 6,044,000 83,084,000 60,000 Australia__ 160,000 6.560.000 13.096.000 plies, continue to be received. Manufacturers of ready-to- India_____ 1.032.000 26.152.000 15.450.000 wear garments complain that they are being severely handi­ Oth. countr's 168,000 2.606.000 2,819,000 capped and arc unable to meet their contracts, owing to Total___ 14688000 168,246,000 147,792,000 6,562,000 95,568,000 45,608,000 the lateness of deliveries. An active interest is also being The quantity of wheat and corn afloat for Europe on dates displayed by buyers in all lines of spring wear. mentioned was as follows: DOMESTIC COTTON GOODS.— The exports of cotton goods from this port for the week ending Oct. 5 were 8,803- Wheat. Corn. packages, valued at 8606,300, their destination being to the United United points specified in the tables below: Kingdom. Continent. | Total. Kingdom. Continent. Total. ------1012------1011------Bushels. Bushels. | Bushels. Bushels. Bushels. Bushels. Since Since Oct. 5 1912. 18.480.000 20.208.000 38,688,000 10,974,000 20.103.000 31.077.000 New York to Oct. 5— Week. Jan. 1. Week. Jan. 1. Sept. 28 1912. 18.920.000 19.896.000 38,816,000 8.942.000 21.768.000 30.710.000 Great Britain ______------17 3,439 20 677 Oct. 7 1911. 18.928.000 13.136.000 32,064,000 1.734.000 4,106,000 5,840,000 Other European______...... 19 1,520 29 940- Oct. 8 1910. 15.528.000 25.296.000 40,824,000 8.169.000 15.462.000 23.631.000 China______54,601 2,156 82,164 India ______1,504 23,140 2 20,313 The visible supply of grain, comprising the stocks in A r a b ia ______------1,885 42,070 194 16,072 granary at principal points of accumulation at lake and A fr ic a ______------517 23,142 63 11,232 West Indies______544 35,539 541 30,971 seaboard ports Oct. 5 1912, was as follows: M e x ic o ______181 2,541 41 1,826 UNITED STATES GRAIN STOCKS. Central America______278 16,722 387 15,502 * Amer.Bonded Amer. Amer.Bonded Amer. Amer.Bonded -South A m erica______1,404 55,909 558 45,042 Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. Other countries______2,454 57,722 1,257 31,944 In Thousands—• bush, bush bush. bush. bush. bush. bush. bush. New York...... 1,070 41 74 1,401 8 56 9 1 T otal ______8,803 316,345 5,257 256,683 Boston______223 11 G 109 2 4 ___ Philadelphia...... 392 37 6 271 ...... The value of these New York exports since Jan. 1 has been Baltimore...... 986 1 70 1.926 11 1 ___ 820,562,239 in 1912, against $18,409,139 in 1911. New Orleans...... 898 194 127 ...... Galveston______633 ___ 7 ______Notwithstanding the downward tendency of markets for Buffalo...... 462 72 320 388 32 157 ___ raw material, domestic cottons hold steady, with demand Toledo...... 1,483 ___ 81 648 ___ 102 ...... Detroit...... 234 ___ 59 95 ___ 9 ...... moderate. In fact, it is stated that in the Northwest and Chicago ...... 5,680 1,105 2,049 74 73 ___ Middle West the trade, as compared with last year, is particu­ Milwaukee...... 128 48 324 111 52 ___ Duluth...... 3,724 111 ___ 87 39 181 1,140 24 larly good. In addition to good orders received for heavy Minneapolis...... 3,794 4 578 400 725 ___ colored cottons, with requests for early deliveries, inquiries St. Louis...... 3,575.....___ 28 312 9 - ...... -­ are steadily increasing. Blankets, flannellettes and napped Kansas City...... 5,618 40 55 ______Peoria...... 3 84 513 ...... goods arc among those most wanted. Cotton dress goods, Indianapolis ...... 404 222 339 ...... wash fabrics and mixed materials have been in better demand Omaha...... 638 180 246 14 22 ___ On Lakes...... 2,640 ___ 409 ...... 102 444 ___ from retailers, there also being an increase in mail orders. On Canal and River__ 94 9 88 ...... A more active trade is noted in fine cloths, and it is claimed Total Oct. 5 1912..32,685 273 2,946 9,556 47 1,103 2,708 25 that orders received for forward shipment will make up for Total Sept. 28 1912..31,658 258 3,101 9,260 59 1,062 2,217 22 the dulness which existed in this department during the Total Oct. 7 191t..56,698 ___ 5,141 21,272 ___ 629 3,424 . Total Oct. 8 1910.-34,309 ___ 4,422 18,737 ___ 406 2,630 . months of August and September. A feature also worthy of CANADIAN GRAIN STOCKS. mention is the steady demand for miscellaneous goods for Canadian Bonded Canadian Bonded Canadian Bonded manufacturing purposes. Reports regarding the export Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. business for domestic cottons are more encouraging. A In Thousands— bush. bush. bush. bush. bush. bush. bush. bush. Montreal ...... 625 21 529 10 67 ___ quiet trade is being transacted, and it is estimated that dur­ Ft. William & Pt.Arthur 3,650 — — 375 — — ing tha past fortnight upwards of 15,000 bales have been ^Total Oct. 5 1912..4.275 21 901 10 67 ___ sold to the Far East, the bulk of the sales consisting of p Total Sept. 28 1912.. 4,230 2 898 __ _ 52 112 ___ heavy sheetings. Print cloths and convertibles are steady, j Total Oct. 7 1911.. 5,455 394 2,846 31 ___ Total Oct. 8 1910.-9,077 — 121 728 — — 38 ___ with the trade moderate. Gray goods, 38J^-inch standard, SUMMARY: are unchanged at 5 3-16@5h£c. Bonded Bonded Bonded Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. WOOLEN GOODS.— Markets for men’s wear and dress In Thousands— bush. bush. bush. bush. bush. bush. bush. bush. American...... 32,685 273 2,946 9,556 47 1,103 2,708 25 goods show little change. Mills manufacturing fancy light­ Canadian______4,275 ___ 21 904 ----- 10 67 ___ weight men’s wear are said to be so well sold up that in Total Oct. 5 1912..36.960 273 2 ,9 7 7 10,460 47 1,113 2,775 25 many instances they are unable to book further business. Total Sept. 28 1912..35,888 258 3,103 10,158 59 1,114 2,329 22 Cloakings, overcoatings and certain varieties of heavy suit­ Total Oct. 7 1911..62,153 ___ 5.535 24,118 ----- 629 3,455 Total Oct. 8 1910..43,386 ___ 4,543 19,465 ----- 406 2,688 ___ ings are in active demand for prompt delivery. Mote.—The Produce Exchange announces that hereafter Canadian visible figures will not be issued with this report. We shall, however, endeavor to continue a FOREIGN D R Y GOODS.— A moderate trade is reported statement of Canadian visible supply. in linens, the demand being mostly for spring goods. Many merchants are short of supplies, and deliveries, which have THE DRY GOODS TRADE. been backward all season, show little sign of improvement. Prices remain firm, with the tendency upward, owing to New York, Friday Night, Oct. 11 1912. the high cost of production and the increasing cost of raw Quiet strength prevailed in the dry goods market through­ material. Burlaps, while firm, have been quieter during the out the week, with a steady demand from both jobbing and past week. Prices are quoted nominally at 6.8 5@ 6.90 c. retail sources. The backwardness of mills in making deliv­ for lightweights and.j8.35c. for heavyweights.JJj

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis O c t . 12 1912.] THE CHRONICLE 993

Loan Proposed.— The Board also adopted the following resolution on Oct. 8 recommending a permanent loan of $5,000,000: “ That the Board of Education recommends at the November meeting News Items. the creation of a permanent loan of $5,000,000, to be negotiated as needed and expended as promptly as possible for slte3, buildings and additions for Connecticut.— Opinion of Attorney-General on Bank .In­ both elementary and high schools.” vestments.— The Hartford “ Courant” says that the Attorney- Shreveport, La.— Mayor and Commissioner Recalled.— General on Sept. 23 gave an opinion for Bank Commissioner The election held Oct. 7 resulted in favor of the recall of Fred. P. Holt concerning Paragraphs 9 and 10 of Section 3428 Mayor Eastham and Commissioners Rivers and Fullilove of the General Statutes, as amended by Chapter 147 of the (V. 95, p. 766). Public Acts of 1903. In the opinion he says: “ Interpret the statute to mean that no bond of any railroad corporation Spokane, Wash.— Supreme Court Affirms Ruling Ordering named shall be a legal investment for a savings bank while Vote on Abolition of Commission Government.— The State or at the time such corporation, or the system of which it is Supreme Court on Oct. 3 affirmed the action of Judge J. a part, fails to pay dividends on all of its capital stock. Stanley Webster of the Superior Court in granting a writ of Therefore, I am of the opinion that the payment of a divi­ mandate on Aug. 17 compelling the City Commissioners to dend after default, ipso facto restores said bonds to the eligi­ call a special election to allow the voters to decide whether ble list for investments for savings banks.” they wish to abandon the commission form o government, The opinion was in answer to an inquiry received by the in effect since , and return to the councilmanic Bank Commissioner concerning the mortgage bonds of the system. The Court says in part: “ Finding no reason In the constitution of the general laws of the State St. Louis Iron Mountain & Southern R lt. Co., River and for the denial of the right of the people of the city of Spokane as voiced by Gulf Division. . the petition to vote upon the proposed charter amendments within the time fixed In the charter, the Judgment and order of the lower Court are affirmed . Florence, So. Car.— Election on Commission Form of It is expected the election will be called for Nov. 5. See Government.— The question of establishing a commission V. 95, p. 496. form of government will be submitted to the voters on Nov. 12. Georgia.— Constitutional Amendments Adopted.— Returns Bond Proposals and Negotiations this week from the election held in this State on Oct. 2 show that the have been as follows: voters adopted all five of the proposed constitutional amend­ ADA SCHOOL DISTRICT (P. O. Ada), Hardin County, Ohio,— BOND SALE.— Otis & Co. of Cleve. have purchased at par and lnt. the $28,000 ments submitted. These increase the borrowing power of 4% 7 H-year (av.) refunding bonds offered on June 21 (V. 94, p. 1640.) • the State to supply deficiencies in revenue from $200,000 to ADAMS COUNTY (P. O. Natchez), Miss.—B O N D S A L E .— On Oct. 7 $500,000, authorize certain changes in the school law, the the $150,000 5% 50-year road bonds (V. 95, p. 434) were awarded. It Is creation of Bleckley County, abolition of justice courts in stated, to Well, Roth & Co. of Cincinnati for $154,535 (103.023). AGAWAM, Hampden County. Alass.— BOND OFFERING.— Proposals certain cities and requiring that all corporations making tax will be received until 4 p. in. Oct. 15 by J. W. Hastings, Town Treas., for returns to the Comptroller pay their taxes before Sept. 1 of $30,000 4% copuon water loan Act of 1905 bonds. Denom. $1,000. Date Oct. 1 1912. Int. A. & O. at the Old Colony Trust Co., Boston. Due each year. See V. 95, p. 560. $1,000 yearly on Oct. 1 from 1913 to 1942 incl. Bonds will be certified as Proposed Constitutional Amendments.— Amendments to to genuineness by the Old Colony Trust Co., which will further certify that the legality has been approved by Ropes, Gray & Gorham, Boston, whose the constitution providing for the creation of Wheeler County opinion will accompany bonds when delivered, without charge to the from a portion of Montgomery, and giving the Legislature purchaser. authority to exempt from taxation for a period of one year AKRON, Summit County, Ohio.—BOND ELECTION.— It Is stated that farm products in the hands of the producer, will be voted the voters will have submitted to them at the November election the ques-. tlon of Issuing $254,000 bonds. upon in the November election. BO N D S A L E .— On Oct. 10 the $1,000,000 4% 30-year water-works bonds (V. 95, p. 768) were awarded to the Cleveland Trust Co., Cleveland, Glen Rock (P. O. Ridgewood)- Bergen County, N. J.— at 102.23 and int.— a basis of about 314%. Other bids follow: Commission Form of Government Defeated.— An election held Otis & Co. and Hayden, Miller & Co., Cleveland------$1,019,121 Mayer, Deppe & Walter, Cincinnati------1,012,705 recently resulted in the defeat of the commission form of BONDS AUTHORIZED.— Ordinances were passed Sept. 23 providing government, it is stated. for the issuance of $7,500 street-repair and $8,500 sewer-ditch and drain- age-lmpt. 444% coup, bonds. Denom. $1,000; odd bonds $500. Date Manitowoc, Wis.— Election on Purchase of Light Plant.— Oct. 1 1912. Int. A. & O. at office of City Treasurer. Due Oct. 1 1918. ALGONA SCHOOL DISTRICT (P. O. Algona), Kossuth County. Iowa. The question of purchasing the electric-light-plant will be — Bonds Voted.— By a vote of 121 to 11 the question of issuing $15,000 submitted on Nov. 5. ■ hlgh-school-bldg. and equip, bonds csrrled at the election held Oct. 4 (V. 95, p. 767). New York State.— Opinion of Attorney-General on Attempt ALLIANCE, Stark County, Ohio.—Bond Sale.— On Sept. 16 the f o l to Evade the Mortgage T a x.— In an opinion rendered Sept. 26, lowing bonds (V. 95, p. 560) were awarded to Stacy & Braun of Toledo: $40,000 4 water-works-ref unding bonds for $42,856 45 (107.141) and Attorney-General Carmody holds that an agreement filed int. Denom. $1,000. Date July 5 1912. Int. J. & J. not to record a mortgage is subject to a tax to the amount Due $15,000 July 15 1932 and $25,000 July 15 1933. 600 5% special assess, bonds for $601 42 (100.236) and lnt. Denom. which would be imposed upon the mortgage at its face value. $200. Date Sept. 1 1912. Int.M . & S. Due $200 on Sept. 1 ■ The mortgage In question was taken on lands situated In Nassau County In 1913, 1914 and 1915. and amounted to $5,100. The parties to It agreed not to record the mort­ * 930 5% special assess, bonds for $931 71 (100.183) and lnt. Denom. gage as long as the terms thereof were compiled with, or until It was desired $310. Date Sept. 1 1912. Int. M. & S. Due $310 on Sept. 1 to place another mortgage upon the property. This Instrument was pre­ In 1913, 1914 and 1915. sented for record to the County Clerk of Nassau County. The State Board 9,850 5% special assess, bonds for $10,070 (101.218) and lnt. Denom. of Tax Commissioners Immediately applied to Attorney-General Carmody (15) $500 and (5) $470. Date Sept. 1 1912. Int. M. & S . for an opinion as to Its validity and whether a tax should be collected upon Due $1,970 yrly. Sept. 1 1913 to 1917 lncl. the Instrument as a condition for recording It. ALHAMBRA, Alhambra County, Cal.— BIDS REJECTED—BOND "If the paper,” Attorney-General Carmody held In regard to the wrjlWen OFFERING.— Reports state that all bids received for the 6 Issues of 5% agreement, “ under any theory Is entitled to be recorded In the County Clerk's coupon bonds, aggregating $173,000, offered on Sept. 28 (V. 95, p. 767), office, It Is only upon the theory that it Is a conveyance of real estate and were rejected. It Is further reported that these bonds will be offered for that the record thereof will give notice to subsequent purchasers and sale to-day (Oct. 12). encumbrances. Either the paper should not be recorded at all, or. If re­ corded, it should be treated In the same manner as the recording of the A L T A M O N T , Effingham County, III. — BOND SALE.— O n Sept. 24 the mortgage Itself, such recording evidently being supposed to answer the same $11,000 sewer and $9,000 water 5% reg. bonds (V. 95, p. 700) were awarded purpose so far as notice Is concerned, as would be served by recording the to Cook, Holtz & Co. of Chicago at 100.285. mortgage itself. I can see no purpose that the parties had In making the ALTAMONT UNION FREE SCHOOL DISTRICT NO .l, Franklin County. agreement and then recording It except that they supposed that thereby N . Y . —BO N D S A L E .— We have been advised that on July 16 the following they would avoid the payment of the mortgage tax. I do not believe 5% reg. bonds were awarded to Adams & Co. of New York for $29,615— that the parties have been successful In devising a plan which could easily making the price 101.075: be followed by -11 mortgages and would do away entirely with the ne­ $25,000 school-building bonds Due $2,000 yrly. Sept. 1 from 1914 to cessity of paying a recording tax.” 1925 lncl. and $1,000 Sept. 1 1926. 4,300 school-site bonis. Due $2,009 Sept. 1 In 1913 and 1914 and $300 Ohio,— Ex-Member of Legislature Pleads Guilty to Bribery Sept. 1 1915. Other bids follow: Charge.—-On Oct. 9 George B. Nye, Representative in the Tupper Lake National Bank, Tupper Lake______$29,425 last Legislature from Pike County, pleaded guilty to the Isaac W. Sherrill, Poughkeepsie______29,400 Douglas Fenwick & Co., New York______29,315 charge of having solicited a bribe from the author of a bill Date Aug. 1 1912. Int. ann. in New York exchange. Bonded debt re-districting Pike and Adams county judicial districts. (Including this Issue), $32,300. Assess, val. $767,982; actual val. (est.) Mr. Nye, who was indicted on this charge on June 9 1911, was $2,000,000. AMSTERDAM, Jefferson C o u n t y . O hio—BOND OFFERING.— Propos­ also indicted on May 3 1911, charged with soliciting a bribe als will be received until 12 m. Oct. 21 by R. Jones, Village Clerk, for the of $500 from State Printer Crawford, but acquitted by a jury following 5% bonds: $9,471 State road, Market and Main St. paving assessment bonds. Denom. on June 1 1911. Y. 95, p. 187 and V. 94, p. 576. (1) $471, (9) $1,000. Due $471 Sept. 1 1914 and $1,000 yearly on Sept. 1 from 1915 to 1923, Inclusive. Philadelphia School District, Pa.— District Assumes 943 State road, Market and Main St. paving (village’s portion) bonds. School Debt of City.— The Board of Education on Oct. 8 Denom. (1) $193, (5) $150. Due $193 Sept. 1 1914 and $150 yearly on Sept. 1 from 1915 to 1919, Inclusive. assed the following resolution acknowledging its responsi- Auth. Sec. 3939, Gen. Code. Date Sept. 1 1912. Int. M. & S. Cert, gility for previous school loans negotiated by the city: check tor 10% of bonds bid for, payable to the Village Treas., required. "Resolved, by the Board of Public Education of the School District of Bonds to be delivered and paid for within 10 days from time of award. Philadelphia, that the said sum of $7,983,284, with the benefit of the appli­ Purchaser to pay accrued Interest. cation of said sum of $1,005,203 11, being the net amount of $6,978,080 89, ARTESIA, Eddy County, N. Mex.—Bond Offering.— Proposals will be be, and the same Is, hereby recognized and acknowledged as the amount received until 7:30 p. m. Oct. 22 for the $10,000 6% 20-39-yr. (opt.) water­ of the debt of the City of Philadelphia, to which the School District of Phila­ works and street-impt. bonds. Auth. vote of 102 to 7 at the election held delphia has succeeded and which Is obligated to be assumed by said School Sept. 7 (V. 95, p. 767). District by, and in accordance with, the directions of the said Act of ASHLEY, Delaware County, Ohio.— BO N D S A L E .— On Sept. 20 the Assembly, and which debt, with the stipulated Interest thereon, the said $8,954 16 5/o coupon street-impt. bonds (V. 95, p. 700) were awarded to School District of Philadelphia Is thereby charged with, and obligated to the New First Nat. Bank of Columbus for $9,231 1 6 ,making the price 103.09. liquidate and pay.” , At the suggestion of John G. Johnson, the Board solicitor, there was added ATTALA COUNTY (P. O. Kosciusko), Miss.—BOND SALE.— We are to this resolution this provision. advised that the $50,000 5% 25-year coupon road-Impt. tax-free bonds “ That nothing herein contained shall be taken as Interfering with the offered on Sept. 2 (V. 95, p. 434) have been awarded to Wm. J. Flournoy discretion of the Board tvs to deferring the payment of the principal till the of Do Funiack, Fla., for $50,199 50 (100.399). respective times of maturity of the earlier liquidation of the same. If such AUGUSTA, Kennebec County, M e.—BOND SALE.— On Oct. 8 the earlier liquidation shall hereafter be desired by It and so decided.” $33,000 4% 1-10-year (serial) school-building bonds (V. 95, p. 917) were The taking over of this indebtedness was a formality awarded, It Is stated, to the Kennebec Savings Bank at 100.5925. BAKER, Baker County. Ore.— Bond Sale.— On Sept. 30 the following necessary since the passage last year of the School Code, bids were received for the two Issues of bonds aggregating $18,179 91 which made the Board of Education an independent body. (V. 95, p. 843):

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For the $5,120 54 issue. |Tillotson&'WolcottCo.,Cle- $5,127 54 $1,000 and $500. Due 8 years. Terry, Brlggs&Slayton,Tol.$5,150 511 For the $13,057 37 issue. 3,500 Cook & Wiliams St. lmpt. bonds. Denom. (3) $1,000 and (1) $509. Sec.Sav.Blf.&Tr.Co., T o l.. 5,146 54 I Union Tr.&Sav.Bk., Spok 13,702 37 Due $1,000 in 2, 3 and 4 years and $500 in 5 years. Baker Ln.&Tr. Co., Baker_*5,145 54|BakerLn.&Tr.Co., Baker.*13,107 37 600 coup, (city’s portion) Cook & Williams St. lmpt. b°nds. Due 8 yrs. Date Sept. 1 1912. Int. semi-ann. Cert, check on a solvent bank in ♦Successful bids. * Canton for 5% of bonds bid for, payable to the City Treasurer, Is required. BALDWINSVILLR, Onondaga County. N. Y .— BO N D S A L E .— On Purchaser to furnish blank bonds. Sept. 24 $2,500 5% lmpt. bonds were awarded to John J. Hart of Albany CAPE GIRARDEAU, Cape Girardeau County, Mo.— Bonds Defeated.— at 100.023 and lnt. Denom. $500. Date July 1 1012. Int. J. & J. An election held Oct. 1 resulted In the defeat of the proposition to issun Due $500 yearly July 1 1014 to 1018, Inclusive. $250,000 water and light bonds. The vote was 203 ‘‘for” and 748 BARNES VI LLE, Belmont County, Ohio.— BOND OFFERING.— Pro* "against.” posals win be received until 12 m. Oct. 28 b y F. W. HIllcs, VU. Clerk, for CAREY, Wyandott County, Ohio.— BO N D S A L E .— On Oct. 7 the $8,500 the following 5% assessment bonds: 5% Vance St. lmpt. (village’s portion) bonds (V. 95, p. 767) were awarded $3,266 20 No. Lincoln Avc. lmpt. bonds. Denom. (1) $116 20, (9) $350. to the First Nat. Bank of Cleve. for $8,842 80 (104.032) and lnt. Other Due $116 29 on Nov. 23 1913 and $350 yrly. on Nov. 23 from bids follow: 1914 to 1022 Inch Davies-Betram Co., Cln..$8,841 00 Citizens’ Sav. Bank, Up.S’y$8,792 06 2,538 00 No. Broadway St. lmpt. bonds. Denom. (1) $338, (9) $250. E. H. Hawlces, Toled . . . 8,824 85 Tillotson&WolcottCo.,Cle. 8,783 90 Due $338 oh Nov. 23 1913 and $250 yrly. on Nov. 23 from 1014 Hayden,Miller&Co., C le... 8,823 00 Stacy & Braun, Toledo__ 8,770 49 to 1022 incl. Weil, Roth & Co., Cln___ 8,820 00 Prov. Sav. Bank & Trust 987 00 Laws St. impt. bonds. Denom. (1) $87, (9) $100. Due $100 Seasongood & Mayer, Cln.. 8,818 00 Co., Cincinnati______8,734 60 yrly. on Nov. 23 from 1913 to 1921 Incl. and $87 Nov. 23 1922. Sec.Sav.Bk.&Tr. C o.,Tol.. 8,815 75 Spltzer, Rorlck & Co., Tol. 8,719 30 Date Nov. 23 1912. Int. M. & N. Cert, check for 5% of bonds bid CARROLLTON SPECIAL SCHOOL DISTRICT (P. O. Carrollton), for, payable to the Vil. Treas., required. Bonds to be delivered within 10 Carroll County, Ohio.—BOND ELECTION .—An election will be held days from time of award, t • M MS Nov. 5 to submit to the voters the proposition to Issue $50,000 school­ B A Y , O h io.—BOND OFFERING.— Proposals will be received until building bonds. 7:30 p. m. Dec. 3 by C. Powell, Village Clerk (P. O. West ), for the $10,000 4. Int. ann. In Sept. 3.500 sanltary-sewer-constructlon bonds. Denom. (3) $1,000, (1) $500. Date March 1 1012. Due $1,000 yearly on March 1 from 1914 to COOK COUNTY (P. O. Chicago), 111.— BOND ELECTION.— Local 1916, incl.. and $500 March 1 1917. , papers state that the propositions to Issue $1,000,000 tubcrculosis-lipspltal- Int. M. & S. at office of City Treas. Copy of abstract showing legality bldg $500 000 county-bldg.-lmpt. and $500,000 detention-hospital-const, of Issue will be furnished upon application to the City Aud. Purchaser to bonds (V. 95, p. 844) will be submitted to a vote at the Nov. election. furnish necessary blank bonds at his own expense. Cert, check on a Canton CORDELE, Crisp County. da.—BOND BALE.—The four Issues of bank for 5% of bonds bid for, payable to the City Treas., requirod. Bonds bonds, aggregating $95,000, offered but not sold on Aug. 21 (V. 95, p. 551), to be delivered within 10 days from time of award. have been awarded, we are advised, to Woodln, McNear & Moore of Chic. Proposals will be received until 12 m. Oct. 14 by C. E. Brumbaugh, City Auditor, for the following 4M% bonds: CORSICANA, Navarro County, Texas.—BOND ELECTION.— It te $8,800 Aultman and Scott Ave. lmpt. bonds. Denom. (8) $1,000 and (1) stated that the City Council has ordered an eleotion for Oct. 29 to deckl# $800. Due $2,000 in 2 years, $1,000 from 3 to 7 years Incl. and whether or not this city shall issuel$20,000 strcct-p&ving)bond3.&4&3 $1,800 In 8 years. ** CORTI.AND’ SCHOOL DISTRICT (P. O. Cortland). Gage'County, Neb.— 1.500 coup, (city’s portion) Aultman & Scott Ave. lmpt. bonds. Denom. BOND ELECTION.— On Oct. 22 the voters will have »vbtnRfcod to them

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the Question of Issuing $18,250 5% bldg, bonds. Due $250 yearly from 1915 FOND DU LAC, Fond du Lac County, W is —BOND SALE.— O n Oct. 8 to 1919 lncl., $500 In 1920 and 1921, $750 yearly from 1922 to 1925 , Incl. the $25,000 5% water-works bonds (V. 95, p. 768) were awarded to the and $1,000 yearly from 1920 to 1932 lncl. >■* - . V iH --M vv | > First Trust & Sav. Bank of Chic, at 102.98 and blank bonds. Other bids COSHOCTON SCHOOL'DISTRICT. Ohio.— BOND ELECTION .— The follow: question of Issuing $8 0 ,0 0 0 bldg, bonds will be voted upon on Nov. 5. • • • Cont. & Comm. Trust & Merchants’ Loan &Tr. Co.$25,387 50 Sav. Bank, Chicago-.*$25,610 00 E. H. Rollins &Sons, Chic. 25,330 00 COTTON CREEK IRRIGATION DISTRICT, Saguache County, Colo.— S. A. Kean & Co., Chicago 25,550 00N. W. Halsey & Co., Chic. 25,326 00 BONDS NOT SOLD.— No award was made on Sept. 30 of tile $69,000 C% Harris Tr. & Sav. B., Chic. 25,517 50 John Nuveen & Co., Chic.*25,257 50 bonds (V. 05, p. 701)...... / ...... Emery, Peck & Rockwood, Rudolph Kleyboldt Co., CROWLEY SIXTH WARD DRAINAGE DISTRICT (P. O. Crowley), Chicago ______25,510 00 Inc., Chicago______25,257 50 L a —-BIDS REJECTED.— All bids received on Sept. 28 for the $60,000 A. B. Leach & Co., Chlc..*25,506 00C. H. Coffin, Chicago____ 25,156 00 5% 1-31-year (serial) drainage-system bonds (V. 95, p. 708) were rejected. Ulen & eo., Chicago____ 25,487 50 Bolger, Mosser & Willa- man, Chicago______*25,062 50 DAIRYVILLE SCHOOL DISTRICT, Tehama County, Cal.— BOND Chapman,Mills&Co., Chic. 25,470 00 SALE.— On Sept. 25 the $3,000 6% bldg, bonds recently voted (V. 05, p. II.C.Speer&Sons Co..Chic.*25,390 00 435) were awarded to W. P. Johnson for $3,170, making the price 105.66. * And blank bonds. Denom. $300. Date Sept. 6 1912. Int. aim. in Sept...... FORT LEE, Bergen County, N. J.—BOND SALE.— The $74,500 5% DAYTON, Montgomery County, Ohio— BONDS AUTHORIZED — sewer bonds offered on (let. 9 (V. 95, p. 845) were awarded to Harris, An ordinance was passed Aug. 30 providing for the Issuance of $4,200 6% Forbes & Co. of New York for $75,388 04—making the price 101.19. Fountain Ave. lmpt. assess, bonds. Auth. Sec. 3914, Gen. Code. Denom. Douglas Fenwick & Co. and R. M. Grant & Co., both of New York, sub­ (3) $1,000, (1) $1,200. Date Sept. 1 1912. Int. M. & S. Duo $1,200 mitted bids of $75,313 and $74,628 14, respectively. Due $5,000 yearly Sept. 1 1911 and $1,000 yrly. on Sept. 1 from 1915 to 1917 Incl. Oct. 1 1914 to 1927 Incl. and $4,500 Oct. 1 1928. BO N D S A L E .— On Get. 7 the following bids were received for the two FRIO COUNTY (P. O. Pearsall), Tex.— BOND E L E C T IO N .— An elec­ issues of coupon bonds (V. 95, p. 768): tion will be held In Dec.to vote on the proposition to issue $80,000 5% 20-40- $15,200 $2,700 yr.- (opt.) road bonds. Tills election was Inadvertently reported under 4% 4 y2% Trio County, Texas,” in last week’s "Chronicle.” Issue. Issue. GALLATIN COUNTY (P. O. Bozeman), Alont.—BOND ELECTION.— Dayton Savings & Trust Co., Dayton...... *$15,455 00 $2,755 00 At the November election the voters will decide, reports state, whether Seasongood & Mayer, Cincinnati______15,452 00 2,781 54 or not this county shall Issue $50,000 bonds for lilgh-school purposes. A. E. Aub & Co., Cincinnati...... - ...... - ...... 15,443 20 ...... Diced & Harrison, Cincinnati...... 15,432 56 ------GEDDES UNION FREE SCHOOL DISTRICT NO. 2. Onondaga County, Provident Savings Dank & Trust Co., Cincinnati— 15,417 36 ------N. Y.— BOND OFFERING.— Proposals will be received until 7:30 p. m. Hayden, Miller & Co., Cleveland______15,408 00 2,773 00 Oct. 14 by Ch. O. Richards, Dlst. Clerk (206 Orchard Road, Solvay), for Davics-13ertram Co., Cincinnati------15,401 00 ...... $150,000 4 ’ i"o coup, or reg. site-purchase bldg, and equip, tax-free bonds. Stacy & Draun, Toledo...... - ...... 15,401 00 - - - - - — Autli., Chap. 140, Laws of 1910 and amendments thereto and Chap. 16, Atlas National Dank, Cincinnati...... - ...... 15,391 00 2,782 35 Consolidated Laws. Denom. $1,000. Date Oct. 1 1912. Int. A. & O. at the Chase Nat. Bank in N. Y. City. Due $2,000 yrly. on Oct. 1 from Well, Roth & Co., Cincinnati.-...... - ...... 15,378 00 ------1914 to 1918 Incl. and $7,000 yrly. on Oct. 1 from 1919 to 1938 incl. Of­ ficial circular states that this district has never defaulted In payment of Its * Successful bids. obligations, principal or Interest, and that there Is no litigation or contro­ DEDHAM, Norfolk County. Mass.— BO N D S A L E .— The three Issues of versy pending or threatened concerning the issuance of these bends. If a 4% bonds, aggregating $10,000, bids for which were rejected on Sept. 7 bid is for the entire issue, acert. check for $4,000, payable to the District (V. 95, p. 636), were, we have been advised, sold during that month at will be required: if a bid is for a portion of the issue, then the cert, check private sale. should be for 3% of bends bid for. Bonds to be delivered within 15 days DEER CREEK. Tazewell County, III.—BOND ELECTION.—A vote from time of award. Bonded debt, $42,000. No floating debt. Assess, will be taken on Oct. 28 on the proposition to issue $3,150 water-works val. 1912, $6,110,770. system-constr. bonds, according to reports...... ■ • ■ • ■ GENESEE INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O Genesee). ""bl-S IILER,"Henry County, Ohio.—B O N D OFFERING.— Proposals will Latah County, Idaho.— BO N D S A L E .— On June 20 the $10,000 5% be received until 12 m. Oct. 30 by A, M. Samsel, Village Clerk, for the fol­ 10-20-ycar (opt.) bldg, bonds voted Feb. 14 (V. 94, p. 578) were awarded lowing 4 'A% (assess, and village's portion) bonds: to Wells, Dickey & Co. of Minneapolis at 100.11, Interest and blank bonds. $10,700 East Main St. itnpt. bonds. Denom. (10) $840 and (10) $230. Denom. $1,000. Date July 1 1912. Int. J. & J. 7,200 East Ave. lmpt. bonds. Denom. (20) $360. Date Sept. 1 1912. Int. M. & S. Due Sept. 1 1922. Cert, check for GENEVA, Kane County. III.—B O N D S A L E .— On Oct. 5 the $15,000 5% 5% of bonds bid for. payable to the Vil. Trcas., required. Donds to be city-hall bonds (V. 95, p. 845) were awarded to the Harris Trust & Sav. delivered and paid for within 10 days from time of award. Purchaser Bank of Chicago for $15,375 25 (102.34) and Int. Other bids follow: to pay accrued Interest. f**j John Nuveen <5c Co., Chlc.$15,304 50IA. II. Leach & Co., Chic..$15,153 00 N. W. Halsey & Co., Chic. 15,240 00] Bolger, Mosser & Wll.,Chic.l5,105 00 DETROIT, Mich.— BOND OFFERING.— Proposals will be received E.II.Rollins & Sons, Chic. 15,213 001 Ulen & Co., Chic .... 15,104 00 until tl a. m. Oct. 28 by D. E. Ileineman, Compt., for $300,000 public C. II. Coffin, Chicago__ 15,201 001 school, $150,000 sewer, $100,000 grade-separation, $100,000 library and Denom. $500. Date Sept. 1 1912. Int. seml-ann. Due $1,000 yearly $65,000 public-bldg, 4% coup, (with prlv. of registration) tax-free bonds. after Sept. 1 1913. Denom. Sl.ooo. Date Nov. 15 1912. Int. M. & N. at the current official GLENDALE. Cal—BOND ELECTION.— An election will be held bank of the City of Detroit In New York City or at office of City Trcas. Oct. 29, it Is stated, to vote on the question of Issuing $225,000 water bonds, Due Nov. 15 1912. Cert, check (or cash) on any national bank or a State part of which will be used to purchase the systems of the Verdugo Springs bank In Detroit for 2% of bonds bid for required...... Water Co., the Verdugo Pipe & Reservoir Co., the Glendale Consolidated DODGE CITY SCHOOL DISTRICT (P. O. Dodge City), Ford County, Water Co. and the Miradero Water Co. and part for the laying of additional Kans. —BOND ELECTION.— An election to vote on the question of Issuing mains. $45,000 high-school bond3 will be held on Nov. 5, according to reports. On the same day a x’ote will be taken on propositions to issue $20,000 DONIPHAN, Ripley County, Mo.—BO N D S A L E .— We havo just been bonds for additional flre-flghtlng apparatus and $5,000 for street-working advised that the $12,000 sewer and $4,000 water-main 10-20-yr. (opt.) machinery. 5% coup, bonds offered on May 21 (V. 94, p. 1399) were awarded on June 4 GRANT COUNTY SCHOOL DISTRICT NO. 25, W ash—BO N D S A L E . to the Little & Hays Investment Co., St. Louis. Int. payable in St. Louis. — On Sept. 28 $3,000 5-10-yr. (opt.) gold coup, tax-free bldg, bonds were DOUGLASVILLE, Douglas County, (ia.— BONDS VOTED— By a. vote .awarded to the State of Wash, at par for 5Ms. Other bids follow: of 103 to 5 the voters authorized the issuance of the $14,000 water-works Win. D. Perkins & Co., Seattle______$3,020 50 tor 6s and $6,000 elec.-light 5% bonds at the election held Oct. 3 (V. 95, p. 636). Causey, Foster & Co., Denver...... 3,000 00 for 6* Due 30 years from Jan. 1 1913. Denom. SI.000. Int. ann. In New York. DOVER CITY SCHOOL DISTRICT. Cuyahoga County. Ohio—BOND „ GRAYLING TOWNSHIP SCHOOL DISTRICT NO. 1 (P. O. Grayling). OFFERING.— Proposals will be received until 12 m. Oct. 31 by .1. A. Darr, Crawford County, Mich.— BONDS NOT SOLD.— No award was mad# Dlst. Clerk (P. O. Canal Dover), for $5,000 4% site-purchase and bldg, on Oct. 1 of the $5,000 bonds offered on that day. bonds. Auth. Sec. 7629, Gen. Code. Denom. $500. Int. A. & O. be­ GREENE COUNTY (P. O. Catskill), N. Y.— BOND SALE.— On Oct. 7 ginning Oct. 1 1912. Due $1,000 yrly. Oct. 1 from 1917 to 1921 incl. the 2 Issues of 4% hlghway-lmpt. (county's portion) bonds, aggregating T mVv ER SCHOOL DISTRICT (P. O. Dover). Alorris County. N. J.— $52,500 (V. 95, p. 845) were awarded to local parties at par and Int. LOAN DEFEATED.— Local papers state that the election held Sept. 30 GREENFIELD. Adair County, Iowa.— BOND ELECTION.— An elec­ resulted In the defeat of the proposition providing for a loan of $7,000 for tion will be held on Oct. 21 to decide whether or not this town shall issu* »chool-bldg.site-purchase bonds. $9,000 electrlc-llght-lmpt. bonds. DUNKIRK SCHOOL DISTRICT (P. O. Dunkirk), Hardin County, Ohio. GRENADA COUNTY (P. O. Grenada), Aliss.—BOND SALE.—O* —BOND SALE.— The $1,800 4 y2 % coupon tax-free building bonds Sept. 2 the $45,000 5% 20-yr. road and bridge bonds (V. 95, p. 435) were offered on Oct. 1 were sold to Lillie Henderson of Dunkirk on Oct.3, It is awarded to John Nuveen & Co. of Chic, for $45,920 (102.044) and blank stated, for $1,815, making the price 100.844. Denom. $300. Date Oct. 4 bonds. 1912. Int. payable at Dunkirk. Due $300 yearly Oct. 4 from 1914 to GUIN SCHOOL DISTRICT (P. O. Guin), Marion County, Ala.—BONDS 1919, incl. Bonded debt (tills Issue). Assessed val. for 1912, $938,200. N OT SO LD .— No bids were accepted on Oct. 1 for the $6,500 5% 10-yr. EAST AND WEST OKANOGAN IRRIGATION DISTRICT (P. O. Oro- building bonds. ville). Okanogan County. Wash.— BONDS NOT SOLD.— No award was HANCOCK COUNTY (P. O. Findlay). Ohio.— BOND OFFERING.— made on Oct. 1 of the $600,000 Irrigation bonds (V. 95, p. 844). We are Proposals will be received until 12 m. Oct. 16 by the Board of Commissioner* advised that these bonds will be held for private sale. for the following 5% coupon road-lmpt. bonds. EAST CHICAGO SCHOOL DISTRICT (P. 0. Esat Chicago). Lake $3,500 Edson Line road bonds. Due $500 yrly. Nov. 1 from 1913 to 1919 County, Ind.— PURCHASER OF BONDS.—The purchaser of the $75,000 Inclusive. S% coupon tax-free bonds sold on Aug. 14 (V. 95, p. 768) was J. T. Elliott 3.500 E. E. Bush road bonds. Due $500 yrly. Nov. 1 from 1913 to 191* & Hons of Indianapolis for $76,075 75, making the price 101.434. Denom. inclusive. $1,000. Due from 1916 to 1922. 8.000 B. A. Rinehart road bonds. Due $1,000 yrly. Nov. 1 from 1913 t« EAST LIVERPOOL. Columbiana County. Ohio.— BONDS DEFEATED. 1918 Incl. and $500 yrly Nov. 1 from 1919 to 1922 Incl. — The election held Oct. 1 resulted In the defeat of the proposition to Issue 7.000 E. E. Urban road bonds. Due $1,000 yrly. Nov. 1 from 1913 to 191* the $250,000 water-works bonds (V. 95, p. 497.) incl. and $500 yrly. Nov. 1 from 1917 to 1922 Incl. . . 3.500 T. L. Peterman road bonds. Due $500 yrly. Nov. 1 from 1913 t« EAST YOUNGSTOWN, Alahoning County. Ohio.— BOND OFFERING.— 1919 Inclusive. Proposals will be received until 12 m. Nov. 1 by p. j , Carney, Vil. Clerk, 3.500 Wm. Fogler road bonds. Due $500 yrly. Nov. 1 from 1913 to 1919 for $36,000 5% Wilson Ave. paving assess, bonds. Date Nov. 1 1912. Inclusive. Int. M. & N. Due 93,000 yrly. on Nov. 1 from 1913 to 1919 Incl. and 6.000 B. F. Fickle road bonds. Due $1,000 Nov. 1 In 1913 and 1914 and $5,000 yr!y. on Nov. 1 from 1920 to 1923 incl. Cert, check for 2% of $500 yrly. Nov. 1 from 1915 to 1922 Inclusive. bonds bid for, payable to the Vil. Trcas., required. Bonds to be delivered Auth. Sec. 6949, Gen. Code. Denom. $500. Date Nov. 1 1912. Int. within 10 days from time of award. Pureh. to pay accrued hit. M. & N. at the Co . Treasurer's office. Cert, check (or cash) for $50, pay­ ECORSE, Wayne County, Alich.—BOND ELECTION PROPOSED.— able to the Co. Treasurer, Is required for each issue bid for. Reports state that an election will be held to decide whether or not tills HANOVER, York County. Pa.-—BOND ELECTION .— On Nov. 5 th« village shall Issue $9,500 water-maln-ext. bonds...... voters will have submitted to them the question of Issuing $50,000 engin*- EL PASO, El Paso County. Texas.—BOND ELECTION.— An election house-bldg. and refunding bonds. JV1* bo neia 39 to vote on the issuance of $200,000 water-works-ext., „ HARLEYVILLE SCHOOL DISTRICT NO. 9. Dorchester County, So. $lo(),000 sewer-system-ext. and $50,000 street bonds, according to reports. Car.— B O N D S A L E .— On Oct. 2 $3,500 6% 20-yr. school bonds wer* SCHOOL DISTRICT, Mariposa County. Cal.— BOND awarded to Cooke, Holtz & Co. of Chic, for $3,512 50 (100.35) and Int. ELECTION . An election eill be held Oct. 22 to vote on the Issuance of Denom. $500. Date Aug. 1 1912. Int. F. & A. $3,500 bonds, reports state. HARRISBURG SCHOOL DISTRICT (P. 0. Harrisburg), Dauphin ESCANABA, Delta County. Alich.— BOND ELECTION.—According County. Pa.— LOAN ELECTION.— On Nov. 5 the voters will have sub­ to reports the Question of Issuing $37,543 30 sewerage bonds will be sub­ mitted to them the question of Issuing $1,000,000 school-bldg, bonds. mitted to the voters at the November e le c tio n ...... HARRISON COUNTY (P. O. Marshall), Tex.—BON D ELECTION PRO­ .. EUGENE, Lane County, Ore .—BOND SALE.— We are advised that POSED.— It is stated that this county Is contemplating calling an election t lc, I,!iV , 10-yr clty-hall-slte bonds^offered on May 13 (V. 04, p. 1204) have been s o l d ...... to vote on the Issuance of $500,000 road bonds. KANSAS CITY, Mo.— BOND OFFERING.— Proposals will be received EXETER Tulare County. Cal.—BOND ELECTION .— An eloctlon will until 2 p. m. Oct. 15 by F P. Gossard, Sec., It Is stated, for $17,438 6% grarmiiar-schooLbldg.1 bonds ' t0 V° tC ° n tho quest,on oI ,ssulnK $25'000 1-10-yr. (ser.) So. Park Dlst. assess, bonds. Int. seml-ann. KUTZTOWN, Berks County. Pa.— LOAN ELECTION PROPOSED.— n/o'vFairnort), Lake County, Ohio.— | Utls & Co. of Olevc. have purchased at 100.06 and Int. tho A proposition providing for a loan of $4,000 to Improve the town hall and $3,000 4 Yi /o 4 ki-yr. (aver.) coupon bldg, bonds olfered on June 1 (V. 94. fire-station will probably be submitted to the voters, according to reports, ri p...... LAWRENCE, Douglas County, Kans.-—B O N D S A L E .— On Oct. 5 th* FORREST COUNTY (P. O. Hattiesburg), Miss.— BONDS DEFEATED. following 5% coupon tax-free streetMmpt. bonds were awajrdcd to the ■ I he proposition to issue the SoO.OOO 5% road-lmpt. bonds failed to carry Merchants Nat. Bank for $25,284 03 (100.39) and Int. ■ It is stated, at the election held Sept. 26 (V. 95, p. 702) $4,120 34 bonds. Denom. $412. . BONDS PROPOSED.— It is also reported that a $100,000 bond Issue 21,063 69 bonds. Denom. $528. - ■ Isbclng contemplated...... Date July 1 1912. Int. seml-ann. Due part yearly for 10 years. : •] ) d'-ORT BEND COUNTY (P.'O. Richmond), Tex.— BOND ELECTION.— LETART TOWNSHIP, Meigs County, Ohio.— BO N D S A L E .— On An election will be held In Hoad District No. 1 on Nov. 5, it Is stated, to Sept. 9 the $1,100 6% cemetery bonds (V. 95, n. 499) were awarded t* vote on the Issuance of $350,000 road bonds. Gilmore & Ashworth for SI, 150, making the price 104.54.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 908 THE CHRONICLE [VOL. LKXXXV

LEWISTON, Nez Perce County, Idaho—BOND SALE.— On [Oct. 2 the A10NTEBELLE SCHOOL DISTRICT. Los Angeles County, Cal.— $35,000 bridge constr. and $43,000 park 5% 10-20-yr. (opt.) gold coupon DESCRIPTION OF BONDS.— The $16,000 5% 5-20-yr. (ser.) bonds bonds (V. 95, p. 846) were awarded to Well, Roth & Co. of Chic, at 100.77. awarded on Sept. 10 to Torrance, Marshall & Co. of Los Angeles at 102.375. Other bids follow: (V. 95, p. 770) arc In the denom. of $1,000 each and dated Sept. 1 1912. John Nuveen & Co., Chic.. .$78,312 Washington Tr. Co., Spokane.$78,100 Int. M. & S. Woodln, McNear & Moore.Ch. 78,110 E. H. Rollins & Sons, Denver 78,025 Merch. Sav. & Tr. Co., Port. 78,1081 Idaho Trust Co., Lewlstown. 78,000 A10NTG0A1ERY TOWNSHIP, Ashland County, Ohio— BOND SALE.— On Sept. 28 the $10,000 4)4% road-lmpt. bonds (V. 95, p. 638) were LEWISTOWN, Mifflin County, Pa.—BONDS A UTHORIZED.— Reports awarded to the First Nat. Bank of Ashland at 104.01 and Int. Other bids state that the Boro Council has passed an ordinance providing for the Issu­ follow: ance of $24,000 street and bridge impt. bonds. AshlandBk.&Sav.Co.,Ash.$10,387 00 I Hayden,Miller&Co.,Cleve_$10,182 00 LEXINGTON, Fayette County, Ky — BOND ELECTION— On Nov. 5 Seasongood & Mayer, Cin. 10,204 0 0 Prov.S.B.&Tr.Co.,Cln----- 10,089 00 the voters will have submitted to them the question of Issuing $50,000 4% First Nat. Bank, C leve... 10,201 90 | Weil, Roth & Co., Cin----- 10,076 00 40-year park bonds. MORRISTOWN SCHOOL DISTRICT. N. J.—BOND VOTE RE­ LORAIN COUNTY (P. O. Elyria), O hio—BOND OFFERING.— Pro­ SCINDED.—The propositi m to rescind the vote of July 17, which resulted posals will be received until 10 a. m. Oct. 26 by the Board of Road Commrs., In favor of the issuance of bonds, carried at a recent election, we are advised, F. R. Fauver, Secy., for $75,000 4 }4% coupon Road DIst. No. 1 road-lmpt. by a majority of 174. . bonds. Denom. $1,000. Date Sept. 1 1912. Int. if. & S. at office of NASHVILLE, Berrien County, Ga.—-BONDS NOT SOLD.— The Town Co. Treas. Due $20,000 Sept. 1 1928; $30,000 Sept. 1 1929; and $25,000 Treas. advises us, under date of Oct. 5, that the $12,000 5% 30-year sewer Sept. 1 1930. Cert, check on a national bank for $1 ,0 0 0 , payable to the bonds offered on Sept. 10 (V. 95, p. 638) have not yet been sold. Co. Treas., required. Bids must be made on blank forms furnished by the Secretary upon application. NAVARRO COUNTY (P. 0 . Corsicana), Texas.— BOND ELECTION PROPOSED.— According to reports, this county is contemplating calling LOST MILLS SCHOOL DISTRICT (P. O. Bakersfield), Kern County. an election to authorize the issuance of $300,000 road bonds. Cal.— NO ACTION YET TAKEN.— We arc advised that no action has yet been taken looking towards the Issuance of the $10,000 5% bonds voted NEW ARK, N. J .— B O N D S A L E .— Tills city has disposed o f the following Aug. 12 (V. 95, p. 499). 4% bonds: $150,000 city-hospital bonds. Due Apr. 1 1912 to 1942. LOS GATOS, Santa Clara County, Cal.—BONDS VOTED.— An election 561.000 school bonds. Due April 1 1962. held Sept. 30 resulted n favor of the proposition to Issue the following 5% 25.000 high-pressure water bonds. Due May 1 1912 to 1932 . bonds: $10,000 town-hall bonds, denom. $500; $6,000 public-park bonds, 100.000 dock bonds. Due part yearly until June 1 1057. denom. $300; $30,000 sewer bonds, denom. $1,500, and $35,000 street- 50.000 water bonds. Due June 1 1932. lmpt. bonds, denom. $1,750. Int. seml-ann. 100.000 water bonds. Due June 1 1942. LOUISVILLE, Ky.—BONDS AUTHORIZED.— On Sept. 30 the City NEW BERLIN, Stark County, Ohio.— BOND SALE.— On Sept. 24 the Council passed an ordinance, It Is stated, providing for the Issuance of $50,­ two issues of 4 y2% coup, bonds (V. 05, p. 562) were awarded as follows: 000 hospital-erection bonds. $15,000 15-yr. water-works-system-constr. bonds to C. A. Kolf, Canton, LUVERNE, Rock County, Minn.—BOND SALE.— We arc advised by for $15,866 23 (105 774) T the City Clerk that the $10,000 electrlc-llght-plant bonds (V. 95, p. 846) 20.000 20-yr. sewerage-system-constr. bonds to the New First Nat, Bank have been purchased by the State of Minnesota. of Col. at 105.115. A1AMARONECK, Westchester County, N, Y.—BOND SALE— On NEWPORT, Lincoln County. Ore.— BOND ELECTION PROPOSED.— Sept. 26 the two issues of bonds aggregating $59,000 (V. 95, p. 770) were Local papers state that an election will be held to submit to the voters tne awarded to Harris, Forbes & Co. of New York at 100.02 and Int. for 4.55s. question of Issuing $10,000 water-works-system impt. bonds. MARION, Marion County, Ohio.—BOND OFFERING .— Proposals will NEWPORT NEWS, Warwick County, Va.— B O N D O FFER IN G .— Pro­ be received until 12 m. Oct. 23 by H. E. Mason, City Aud., fot the following posals will be received until 12 m. Oct. 24 by F. A. Hudgins, City Clerk, tax-free bonds: for the $250,000 4 J4% 40-year harbor and pier-construction bonds (V. 95, p. $2,100 4 >2 % funding bonds. Denom. (3) $500, (l) $600. Due $500 770). Denom. $1,000. Int. seml-ann. at office of City Treas. Cert, yearly on March 1 from 1914 to 1916, lncl., and $600 March check for $5,000 required. Bids must be made on blank forms to be fur­ 1917. Certified check for $100 required. nished by the City Clerk, on application. 6,000 4H % fire-engine house construction bonds. Denom. $500. Due $500 each six months from March 1 1915 to Sept. 1 1920, lncl. Certified check for $500 required. 14,591 4% refunding bonds. Denom. (28) $500, (1) $591. Due $1,000 each six months from March 1 1918 to Sept. 1 1924, and $591 March 1 1925. Certified check for $500 required. of bonds, payable to the City Treasurer, required. Date Sept. 1 1912. Int. M. & S. Certified check must be payable to OAKLAND. Alameda County, Cal.—BOND SALE.— On OctTiythe City Treasurer. $772,350 4H % 1-38-year (serial) municipal Impt. bonds (V. 9;>, p. 846) BONDS AUTHORIZED.— An ordinance was passed Sept. 23 providing for the Issuance of $17,800 4 ><% coupon refunding bonds. Denom. (35) were awarded to E. H. Rollins & Sons of San Fran, for $774,744 29 (100.31) $500, (1) $300. Date not later than Sept. 1 1912. Int. M. & S. Due and Interest. $500 March 1 and Sept. 1 1914; $1,000 each six months from March 1 1915 ORANGE. Essex County, N. J.—BOND SALE.— This city has disposed to 1922, lncl.; $500 March 1 1923 and $591 Sept. 1 1923. of the following 5% 1-10-yr. street-lmpt. bonds: MARION COUNTY (P. O. Marion), Kan.—BO N D S A L E . The County $26,164 01 bonds. Date Mch. 1 1912. Int. M. & S. Clerk advises us that $200,000 bonds were issued on July 1 to the Ildellty 4,472 89 bonds. Date May 1 1912. Int. M. & N. Trust Co. at par. 2,625 75 bonds. Date Aug. 1 1912. Int. F. & A. MARION SCHOOL DISTRICT (P. O. Alarion), Alarion County. Ohio — OGDEN, Utah.—BO N D S A L E .— E. H. Rollins & Sons of Denver have BOND ELECTION PROPOSED.— According to reports, the propostilon purchased $50,000 4)4% 10-20-yr. refunding street-lmpt. bonds at 98. to Issue $100,000 bldg, bonds will probably be submitted to the people. OLEAN. Cattaragus County, N. Y .— BO N D S A L E .— This city has dis­ MARTINS FERRY, O hio—BOND ELECTION PROPOSED-Ae- posed of $16,353 Wash St., $5,769 S. 3d St., $9,189 Second St. and $30,­ coedlng to Wheeling newspapers, the voters will probably have submitted to 218 85 W. Henley St. 4 M% bonds, due part yearly on April 1 from 1913 them at an election to be held about Nov. 5 the question of Issuing $2,000 to 1921 Inclusive. Hoyle Field purchase bonds. MATAGORDA COUNTY DRAINAGE DISTRICT NO. 1, Tex.—BOND OPELOUSAS. Saint Landry Parish, La.— BOND ELECTION— On SALE.— We are advised that on April 24 the $103,669 43 5% drainage Oct. 30 the voters will have submitted to them the proposition to issue bonds registered by the State Comptroller on Aug. 12 (V. 95, p. 499) were $16,000 sewerage-system bonds, reports state. awarded to J. B. Arpln & Co. at par and Int. Denom. $1,000. Date OR ISKANY FALLS, Oneida County. N.Y.— BOND SALE.— 1Tills village, April 10 1912. Interest A. & O. we arc advised, has issued $8,000 4)4% reg. water-system bonds. Int. In MEDFORD, Jackson County, Ore BOND SALE.— On Sept. 27 the Jan. Due from 1917 to 1940. $20,000 5?,', 20-year coup, bridge bonds dated Sept. 1 1912 (V. 95, p. 703) were awarded to Well, Roth & Co. of Chic, at 100.155, Int. and blank bonds. OWEN COUNTY (P. O. Owenton), Ky.—BO N D S A L E .— This county Other bids follow: . has disposed of $30,000 5% refunding bonds at par. Due In 1942. S. A. Kean & Co., Chicago------$20,260 John Nuveen & Co., Chicago------20,100 and blank bonds. PASADENA, C al—BOND SALE.— On Oct. 1 the $1,250,000 4 H% water-plant-purchase bonds (V. 95. p. 771) were awarded, It Is stated, $1,­ A1EDINA. Alcdina County, Ohio.—BOND OFFERINGS .—Proposals will be received until 12 m. Oct. 21 (date changed from Oct. 14) by A. O. 000,000 to the Union Nat. Bank of Pasadena at 100.02 and $250,000 to the Van Deusen, Vll. Clerk, for the $2,000 5% coup. E. Wash. St. Impt. (vll. State Board of Control at par and Int. portion) bonds (V. 95, p. 846). Auth. Sec. 3820-3821, Gen. Code. Denom. PATERSON, Passaic County, N. J.—BOND OFFERING.— Proposals $500. Date Sept. 15 1912. Int. ann. at office of Vll. Treas. Due $500 yearly on Sept. 15 from 1915 to 1918 lncl. Cert, check for 5% of bonds bid will be received until 4 p. m. Oct. 24 by J. J. Brophy, Clerk Bd. of Finance, for, payable to Vll. Treas., required. Bonds to be delivered and paid for for $200,000 4 >4% gold coup.or reg. tax-free sewer funding bonds. Denom. within 10 days from time of award. $1 ,0 0 0 . Date Nov. 1 1912. Int. M. & N. at the Hanover Nat. Bank, Proposals will also be received until 12 m. Nov. 4 by the VII. Clerk for N. Y., or the City Treas. office. Due Nov. 1 1942 Cert, check (or cash) $5,000 5% coup. E. Liberty St. Impt. assess, bonds. Auth. Sec. 3914­ 3924, Gen. Code. Denom. $500. Date July 15 1912. Int. ann. in March on an Incorporated bank or trust company for 5% of bid, payable to the at office of Vll. Treas. Due $500 yearly on March 15 from 1914 to 1923 City Treas., required. lncl. Cert, check for 5% of bonds bid for, payable to Vll.Treas.,requIred. Bonds will be certified as to genuineness by the U. S. Mortgage & Trust Bonds to be delivered and palJ for within 10 days from time of award. Co. and will be approved as to legality by Hawkins, Delafleld & Longfellow Purchaser to pay accrued Interest. of N. Y., whose opinion will be furnished to the purchaser. AIEDINA COUNTY. Ohio.— BOND OFFERING.— Prop3sals will be re­ ceived until 1 p. m. Oct. 26 by C. P. Dlckerman, Sec. Bd. of Road Comm’rs, Tne official notice of this bond offering will be found among the advertise­ (P. O. Mallet Creek), for $10,000 4% coup. Road Dlst. No. 1 Impt. bonds. ments elsewhere in this Department. Auth. Sec. 4757-16 and 22d Rev. Sts. Denom. $500. Date Oct. 1 1912. Int. A. & O. at Old Phoenix Nat. Bank. Medina. Due $1,500 Apr. 1 and PENN YAN SCHOOL DISTRICT NO. 1 (P. O. Penn Yan), Yates County. Oct. 1 1921; $42,000 Apr. 1 and Oct. 1 1922 and $1,500 Apr. 1 and Oct. 1 Pa.— BONDS NOT YET SOLD.— No award has been made of the $25,000 1923. Cert, check (or cash) for 2% of bid, payable to the Sec. of the Board, 4)4% 1-25-year (serial) reg. building bonds offered without success on required. Bonds to be delivered within 10 days from time of award. Aug. 5 (V. 95, p. 638). Purch. to pay accrued Int. Blank bonds to be furnished by the Board. PERRYSBURG. Wood County, Ohio.—BOND S A L E .— On Oct. 8 the MILLS COUNTY (P. O. Goldthwaite), Tex.—BOND OFFERING.— three Issues of 4 14% coup, bonds aggregating $31,oOO (V. 9;>,p 704) were Proposals will be received until 12 m. Oct. 17 by S. H. Allen, County awarded to Stacy & Braun of Toledo for $32,298 78 (10-.53o) and Int. Other Judge, It Is stated, for the $55,000 5% 10-40-yr. (opt.) court-house bonds voted Sept. 21 (V. 95, p. 846). Cert, check for $5,000 required. Int. Otis & CoW,' Cleveland___ $32,371 3 5 ISpltzcr, Rorlck & Co., Tol.$31,993 90 seml-ann. Hayden, Miller & Co.,Cle. 32,368 50 Prov.Sav.Bk.* lr.Co.,Cln. 31,965 85 AVILWAUKEE COUNTY (P. O. Milwaukee). VVis.— B O N D S A L E .— Seasongood&Mayer, Cin. 3 2 , 3 0 5 0 0 |Sldney Spltzcr & Co., Tol. 31,940 00 On Oct. 8 the $220,000 4)4% county-home bonds (V. 95, p. 770) were awarded to the Harris Trust & Sav. Bank of Chicago and the First Sav. & PETERSBURG, Va .—BOND SALE.—-This city has disposed of the Trust Co. of Milwaukee, jointly, for $222,885 (101.311) and Int. Other $300,000 4 *-4% 40-yr. permanent publlo-lmpt. bonds recently authorized bids follow: (V. 95, p. 704). Date Oct. 1 1912. S. A . Kean & Co.. Chicago__101.301 John Nuveen & Co., Chlo-.100.6709 PHILADELPHIA, Pa .—PURPOSES OF $7 000,000 LOAN —The First Tr. & Sav. Bk., Chic____100.91 [A. B. Leach & Co., Chicago.100.65 ordinance passed Oct. 3 providing for a vote on Nov. 5 on a $7,000,000 AVINEOLA, Nassau County, N. Y.— BON D S A L E .— On Oct. 4 the permanent loan stipulates that the proceeds shall be used as follow®.11 $5,000 3-12-year (serial) water-raaln-ext. bonds (V. 95, p. 770) were main sewers, $400,000: for the construction of branch sewers, $400,000; awarded to Geo. M. Hahn of N. Y. at 100.17 for 4.65s. Other bids follow: for the erection of new bridges, $2 0 0 ,0 0 0 ; for grading streets, $600,000; for Douglas Fenwick & CO., New York------.$5,007 50 for 4.70s paving Intersections and In front of unasscssable property, $150,000; for re­ Adams & Co., New York ...... - ...... 5,006 50 for 4.75s surfacing asphalt streets, $500,000; for improving country roads, $300,000 ; John J. Hart, Albany...... 5,005 50 for 4.80s for repairs to streets, $200,000; for the improvement of the water supply A1INNEAPOLIS, Alinn.—BOND SALE.— On Oct. 3 the $15,775 1-15-yr. of West Philadelphia, $300,000; for the acquisition of land for harbor Im­ (ser.) special street acquisition and Impt. bonds (V. 95, p. 770) were awarded provements and the construction of wharves, &c., $1,600,000, for the to the Minn. Loan & Trust Co. and Wells & Dickey Co. of Minneapolis improvement of South Delaware Ave., $250,000; for the acquisition of land jointly at par and int. for 5s. and construction of buildings for the Philadelphia Hospital for Contagious BONDS NOT SOLD.— All bids received at the same time for the $50,000 Diseases and the Home for the Indigent, $250,000; for the purchase of fire 4% 30-yr. Bassett’s Creek-Impt. bonds (V. 95, p. 770) were rejected. apparatus, $100,000: for the erection of new and the Improvement of BOND OFFERING.— Attention is called to the official advertisement existing police and fire stations, $2 0 0 ,0 0 0 ; for the erection of a machine shop, $50,000; for the Improvement of f alrinount and other parks, $500,­ elsewhere In this Department of the offering on Oct. 24 of $200,000 4% 000; for the payment of mandamuses, $900,000; and $100,000 for chil­ high-school bonds. For details of bonds and terms of offering, see V. 95, dren’s playgrounds. p . 919. PHOENIX, Ariz.— NO BONDS SOLD.—The $269,000 bonds reported AlODOC COUNTY (P. 0. Alturas), Cal.—BOND ELECTION.— At the sold to the New York Life Ins. Co. of N. Y. (V. 95, p. 847) are not new November election the voters will have submitted to them the proposition securities, we are advised but part of an Issue of $400,000 4 >4% sewer to issue 5% court-house-constr. bonds. According to reports, the amount bonds disposed of during 1911. of bonds to be voted upon will probably be $60,000. PITTSYLVANIA COUNTY (P. O. Chatham), Va — BOND OFFERING. AlONROE, Sevier County, Utah.— BO N D S A L E .— The State of Utah — The Board of Supervisors will offer at public auction at 12 m. Dec. 3 was awarded at par In »Scpt. $10,000 5% light bonds. Denom. $500. Date $50,000 of the $100,000 Don River Magisterial District road-lmpt. bonds July 31 1912. Due July 31 1932, opt. after 10 years. voted Sept. 3 (V. 95, p. 638).

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Oct. 12 1912.] THE CHRONICLE 91)7

PI.RASANTVILLI*, Westchester County, N. Y .—BONDS AUTHOR­ ROOSEVELT, Wasatch County, Utah.— BOND SALE -During Sept. IZED.— This village, we are advised, has authorized the Issuance of the State of Utah purchased at par $4,100 6% school bonds. Denom. $100. 520,000 water bonds. Date Aug. 1 1912. Due Aug. 1 1932, opt. after 10 years. POMONA SCHOOI. DISTRICT (P. O. Pomona), Los Angeles County. RYEGATB SCHOOL DISTRICT (P. O. Ryegate). Musselshell County. C a l.— RONDS PROPOSED.— Reports state that a petition Is being cir­ M on t.— BOND SA L E .— Reports state that an Issue of $12,000 bldg, bonds culated asking the City Council to submit to the voters the question of has been purchased by Wells & Dickey Co. of Minneapolis for $12,407— Issuing school-construction bonds. making the price 103.391. PORTLAND. Ore.— ROND SA LE.— On Oct. 8 the $250,000 4% 25-yr. ST. CHARLES. Kane County, III.— BOND SALE.— We are advised that gold park and boulevard bonds (V. 05, p. 704) were awarded to C. E . Denl- an issue of $80,000 sewer-system bonds will be disposed of to Dearborn ft son&Co. ot Cleve.anl Morris Bros, of Portland, Jointly,at 93.44 and hit. Jackson, contractors, of Cedar Rapids, la. We arc not advised as to the result of the offering at the same time of the ST. PAUL. Alinn.— BOND SA LE.— On Oct. 2 seven Issues of local Im­ $315,000 bridge bonds. provement bonds, aggregating $16,911 54. were disposed of, according to ROND OFFERING.— Proposals will be received until 11 a. m . Oct. 21, reports. It Is stated, by A. L. Barbur, City Aud., for $250,000 4% 25-yr. water bonds. Int. semi-ann. Cert, check for 5% required. SALINE. Washtenaw County. Alich.— BONDS VOTED— The pro position to issue $30,000 4% 30-yr. water-works bonds carried by a vote of PORT OP NEHALEM (P. O. Nchalcm), Tillamook County, Ore.— ROND 209 to 106 at an election held Oct. 1. We are advised that the date for the SALE.— The First Nat. Bank of Clove, was awarded on Sept. 28 at par and odcrlng of these bonds has not yet been decided...... int. $235,000 6% 10-20-yr. harbor-im pt. bonds. SANTA CLARA, Cal.— BOND SA L E .—The State Board orControl has PORT OP SEATTLE (P. O. Seattle), Wash.— ROND OFFERING.— purchased an issue of $36,264 16 5% school bonds at par and Int., according Proposals will be received until 12 m. N ov. 14 by the Port Commission, to reports. It. Bridges, Sec., for the following 4 % gold bonds (V. 95, p. 917, 130): $250,000 of the $1,000,000 Smith’s Cove lmpt. bonds. Due $2,000 In SCHENECTADY COUNTY (P. O. Schenectady), N. V.—BIDS REJEC­ 1 and 2 years, $3,000 from 3 to 9 years incl., $4,000 from 10 to TED.—All bids received on Oct. 5 for the $200,000 4 i(% coupon or reg. 10 years Incl., $5,000 from 17 to 22 years Incl., $6,000 in 23, 24 site-purchase court-house and Jail bonds (V. 95, p. 847) were rejected. • ■ and 25 years, $7,000 in 20, 27 and 28 years, $8,000 in 29, 30, 31 SEATTLE, King County, Wash.— BOND SA LE.— We are advised that and 32 years, $9,000 In 33 and 34 years, $10,000 in 35 and 36 this city has disposed of the following bonds: years, $11,000 in 37, 38 and 39 years, $12,000 In40and 41 years, $190,000 sewer bonds. Date July 1 1912. Int.J. &J. Due $9,000 yearly and $1,000 In 42 years. July 1 1913 to 1931 incl. and $19,000 July 1 1932. 500.000 of the $850,000 East W aterway lmpt. bonds. Due $0,000 in 1 205,000 5% water bonds. Date July 1 1912. Int. J. & J. Due $10,000 year, $5,000 in 2 and 3 years, $0,000 in 4 years, $5,000 in 5 years, • _„ yearly July 1 1913 to 1931 and $15,000 July 1 1932. $7,000 in 6, 7, 8 and 9 years, $0,000 in 10 years, $7,000 in 11 and BOA D SA L E .— During September this city disposed of the following 6% 12 years, $6,000 in 13, 14 and 15 years, $8,000 in 16, 17 and 18 special improvement assessment bonds: years, $9,000 in 19 years, $10,000 in 20 years, $11,000 in 21 and $362 42 walk and curb bonds. Date Sept. 9 1912. Due Sept. 9 1922, opt. 22 years, $12,000 in 23 years, $11,000in 24 years, .$ 12,000 in 25and beginning one year. 26 years, $14,000 in 27 and 28 years, $16,000 in 29, 30, 31 and 32 2,825 58 sewer bonds. Date Sept. 10 1912. Due Sept. 10 1917, opt. years, $18,000 in 33 years, $19,000 In 34 years, $22,000 in 35 and • • • beginning one year...... 36 years, $23,000 in 37 years, $24,000 in 38 years, $23,000 In 39 SENATOBIA CREEK DRAINAGE DISTRICT (P. O. Senatobia) ,rTate years, $2G,000 in 40 years, $24,000 in 41 years and $2,000 In County. Miss.— RONDS NOT SOLD.— No award was made on Oct. l of 4 2 y e a r s . the $10,000 5% 20-yr. bonds (V. 95, p. 704). We are advised that these 275.000 of the Salmon Bay lm pt. bonds. Due $2,000 In 1 year, $3,000 In bonds are still being offered for sale. • 2 years, $2,000 in 3 years, $3,000 in 4 and 5 years, $4,000 In 6 SEVILLE. Aledina County. Ohio.— BON’ D SALE.— On Oct. 7 $2,810 49 years, $3,000 in 7 years, $4,000 In 8 years, $3,000 in 9 years, 5% 6 M-yr. (av.) bonds were awarded. It Is stated, to the Savings &’Deposlt $4,000 in 10 and 11 years, $5,000 in 12 years, $4,000 in 13 years Bank of Medina for $2,815 49 (100.17) and i n t ...... $5,000 from 14 to 20 years incl., $6,000 in 21, 22 and 23 years, $7,000 in 24 and 25 years, $8,000 in 26 years, $7,000 in 27 years, SHENANDOAH, Schuylkill County, Pa.— BONDS AWARDED TIN $8,000 in 28 years, $9,000 from 29 to 33 years, $10,000 in 34 and PA R T .—AN c are advised that of the $35,000 4 % 30-yr. tax-free water-works 35 years, $11,000 in 36 and 37 years, $12,000 In 38 and 39 years, bonds offered on June 1, $15,000 have been awarded to local parties at $13,000 in 40 years, $14,000 in 41 years and $3,000 In 42 years. par and Int. Denom. $100. Date Junejl 1912. Int...... 250.000 of the $750,000 Central W ater Front lmpt. bonds. Due $2,000 SIBLEY INDEPENDENT SCHOOL DISTRICT (P. O. Sibley). Osceola in 1 year, $3,000 in 2 years, $2,000 in 3 years, $3,000 from 4 to 8 County. Iowa.— BOND SALE.— On May 22 the $13,000 5% 9 H-yr. (av.) years, $4,000 In 9 years, $3,000 in 10 years, $4,000 from 11 to 15 funding bonds (V. 94, p. 1344) were awarded to Geo. M. Bechtel & Co. of years Incl., $5,000 in 16 years, $4,000 in 17 years, $5,000 in 18, Davenport at par and I n t ...... 19 and 20 years, $6,000 in 21, 22, 23 and 24 years, $7,000 from • SAT ITH LAND. Woodbury County, Iowa.— BOND OFFERING.— Pro­ 25 to 29 years incl., $8,000 in 30 and 31 years, $9,000 In 32, 33, posals will be received until 8 p. m. Oct. 14 by J. F. Yockey, Town Clerk, 34 and 35 years, $10,000 in 36 and 37 years, $11,000 in 38, 39 for $7,000 5H% coupon water-works bonds. Auth. Sec. 1306. Code o f and 40 years, $12,000 In 41 years and $1,000 In 42 years. 1907. Denom. $500. ’ Date Nov. 1 1912. Int. M. & N. at place to be 1,000,000 of the $3,000,000 Harbor Island lm pt. bonds. Due $10,000 In agreed upon. Due Nov. 1 1932. opt. $3,500 after 10 years and $1,750 after 1 and 2 years, $11,000 In 3 and 4 years, $12,000 in 5, 6 and 7 15 years. Cert, check for 3% of bid, payable to the Town Treasurer, re­ years, $14,000 in 8, 9 and 10 years, $15,000 in 11 years, $14,000 quired. • No debt at present. Assessed val. 1912, $160,124...... In 12 years, $16,000 In 13 years, $17,000 in 14 years, $16,000 In 15 years, $18,000 In 16 years, $19,000 in 17 and 18 years, $20,000 SAIYTH COUNTY (P. O. Marion), Va.— ROND ELECTION PROPOSE!!’ in 19 years, $21,000 In 20 years, $22,000 in 21 years, $23,000 In — Reports state that the Board of Supervisors will ask the Circuit Court at 22 years, $24,000 in 23 and 24 years, $26,000 in 25 years, $27,000 Its November term to order an election to vote on the question of issuing In 26 years, $28,000 in 27 years, $29,000 in 28 years, $30,000 in $150,000 Marlon Magisterial District and $75,000 St. Claire Magisterial 29 years, $31,000 in 30 years, $32,000 in 31 years, $34,000 in 32 District 5% 30-year roadibonds. • ■ ■ years, $35,000 In 33 years, $36,000 In 34 years, $38,000 in 35 SOUTH CONNELLSVILLE SCHOOL DISTRICT (P. O. South Connells- years, $39,000 in 36 years, $41,000 in 37 years, $43,000 In 38 ville), Fayette County, Pa.— BOND SA LE.—The $15,000 building bonds years, $44,000 in 39 years, $48,000 in 40 and 41 years and $3,000 offerred without success on Aug. 26 (V. 95, p. 639) were sold at private In 42 years. ' sale on Oct. 9...... 75,000 of the $150,000 Lake Washington Ferry bonds. Due $1,000 In 1 and 2 years, $1,000 from 4 to 13 years, $2,000 In 14 years, ■ SPRINGFIELD. Hampden County, Alass.— BOND OFFERING.—Vro- $1,000 in 15 and 16 years, $2,000 In 17 years, $1,000 In 18 years posals^wlUJbeTecelved’^intll 12 m .'O ct.r:18;jby E. T . Tlfft. City Treas., for $2,000 in 19 years, $1,000 in 20 years, $2,000 In 21 years, $1,000 $525,000j[4%rgotd coupon or reg. municipal-bldg, loan of 1912 tax-free In 22 years, $2,000 from 23 to 29 years incl., $3,000 in 30 years bonds. (V. 95, p. 639.) Denom. $1,000 or multiples thereof. Date $2,000 in 31 and 32 years, $3,000 from 33 to 40 years incl., $4,000 in 41 years and $1,000 in 42 years. Nov. 1 1912. Int. M. & N. at First Nat. Bank In Boston or at office of Dcnom . $1,000. Int. semi-ann. at the County Treas. office or the State City Treas. Due $14,000 yrly. on Nov. 1 from 1913 to 1917 incl. and fiscal agency in N. Y. Cert, cheek for 1% of bonds bid for, payable to the $13,000 yrly. on N ov. 1 from 1918 to 1952 Incl. Cert, check for 1% of Port Commission, is required. Bonds will be certified as to genuineness by bonds bid for, payable to the city, required. Purchaser to pay accrued the Colum bia-Knlckcrbockcr Trust Co. in N. Y. and the legality of these bonds will be passed upon by Caldwell, Masslich & Heed of N. Y., whose interest. Bonds will be certified as to genuineness by the Old Colony Trust opinion will be furnished upon request. The Port of Seattle has no bonded Co., Boston, and the legality of the Issue will be approved by Storey, debt at present. Assessed valuation of the Port District (King County), Thorndike, Palmer & Dodge of Boston. • . $258,640,374. The official notice of this bond offering will be found among the advertise­ POSEY COUNTY/(P. O. Mt. Vernon), Ind.— ROND SALE.—On O c t . 7 ments elsewhere in this Department...... the 53.120 4 'A% coup, road bonds (V. 95, p. 847) were awarded to the First SPRINGFIELD, Clark County, Ohio.— BOND SA L E .— On Oct. 8 Sea- Nat. Bank of New Harmony for $3,130 (103.205) and Int. A bid of $3,125 songood ft Mayer of Cincinnati were awarded. It Is stated, the following and Int. was also received from the People’s Bank ft Trust Co. of M t. V ernon. 4 X% bonds (V. 95, p. 704): JOINT SCHOOL DISTRICT, Cal — ROND ELEC­ $25,026 47 17-yr. (av.) (city’s portion) street-lmpt. bonds for $26,751 47 TION .— On Oct. 19 the voters will have subm itted to them the question of (106.892) and Int. i .1 . Issuing $40,000 bonds, according to reports. 18,443 80 23-yr. coup. Mill Run lmpt. r • n/-fv A^L> i DISTRICT (P. O. Price), Carbon County. Utah.— STAA1FORI). Delaware County. N. Y .— BOND SA LE.— On Oct. 10 the BOND S A L L . Reports state that an Issue of $45,000 higli-scfiool-bldg. $ 12,000 6 H-year (av.) coup, or reg. State road bonds (V. 95, p. 920) were bonds has been purchased by E. II. Rollins & Sons of Denver. awarded to Douglas Fenwick & Co. of N. Y. for $12,013 (100.108) for 4.65s.

QUINCY. At ass.— BOND S A L E .— On Oct. 10 $150,000 4% coup, fund­ STATESBORO. Bullock County. Ga.—BOND ELECTION PROPOSED. ing loan 1912 were awarded to Lee, Higginson ft Co. of Boston at 100.35 — An election will probably be held Nov. 14 to vote on the proposition to and interest. Other bids follow: Issue $60,000 bonds for sewers and other Improvements, reports state. • |.J N .W .H arris ft C o.,Inc.,B ost. 100.1461 Adam s & Co., Boston ______1 0 0 1 0 3 SULPHUR SCHOOL DISTRICT, Murray County, Okla.—ROND SALE. Blodget ft Co., Boston ------100.111 R. r,. nay & Co., Boston ______1 0 0 .0 7 9 — We have Just been advised that this district disposed of $2,697 86 6% Curtis ft Sanger, Boston ------1 0 0 . 1 1 1 1 B l a k e B r o s , B o s t o n ______1 0 0 .0 5 funding bonds on April 16. Int. A. ft O. In N. Y. Due April 16 1937.*~-J - Denom. $1,000. Date Sept. 3 1912. Int. M. ft S. at the Eliot Nat. Bank in Boston. Due $15,000 yearly on Sept. 3 from 1913 to 1922 incl. SUAITER COUNTY (P. O. Sumter), So. Car.— BOND S A L E — On Oct. 1 the $10,000 4 }/jTo 20-yr. road-lmpt. bonds (V. 95, p. 704) were awarded to RACINE, Racine County, W i s . — NO BONDS TO BE VOTED.— L o c a l the Provident Sav. Bank ft Trust Co. of Cln. at par and Int. less $150 for papers state that the question of Issuing the $185,000 trunk sewer bonds expenses. Other bids follow: (V. 9o, p. 376) will not be submitted to the voters at the Novem ber elec­ Scasongood & Mayer, Cln ___ $9,800jNew First Nat. Bank, Col____$9,200 t i o n . Well, Roth ft Co., C ln______9,700 Rids for 5% Bonds. „,H !-D °N r?,0 BEACH, Los Angeles County, Cal— BOND ELECTION R. M. Grant ft Co., N. Y ------9,625|john Nuvcen ft Co., Chicago. 10,087 PROPOSED .— According to local papers the proposition to Issue $2 0,000 A. J. Hood & Co., Detroit------9,442|I*'lrst Nat. Bank, Sum ter.. ..10,000 harbor-im pt. bonds will probably be submitted to a vote of the people. SUSQUEHANNA. Susquehanna County. Pa.—BONDS VOTED—An REFUGIO COUNTY (P. 0. Refugio). T e x a s . — BONDS VOTED.— A t a n election held Oct. 4 resulted In a vote of 483 to 66 In favor of the question clc£tJ?,n 11 , kept. 24 the proposition to issue $25,000 road bonds (V. 95, of Issuing $15,000 paving bonds. We are advised that these bonds will p. 704) carried, it is stated, not be Issued before next spring. SUTHERLIN, Douglas Couuty, Ore.— PURCHASER OF BONDS.— RICHMOND, Contra Costa County. Cal.— BOND ELECTION.— Reports The purchaser ot the $30,000 0% 10-20-year (opt.) water-system-constr. state that the voters will have submitted to them at the November election bonds (V. 95, p. 771) was Causey, Foster & Co. of Denver at par. Denom. the proposition to Issue $1,000,000 harbor-impt. bonds. $1,000. Date Feb. 1 1912. Int. F. & A...... _ ^ ,T?U.FIEH ?..oSSn DISTRICT. C a l . — BOND ELECTION .— O n TERRELL. Kaufman County, Texas.—BONDJSALE.—The $6,000 5% O ct. 22 the voters will decide whether or not this district shall Issue $7,000 10-40-yr. (opt.) street-impt. bonds registered on Aug. 22 (V. 95, p. 563) bonds, according to reports. have been sold...... ROCHESTER, N. Y.~ BOND S A L E .—This city has disposed of the TEXAS COUNTY (P. O. Guymon), Okla.— R O N D ELECTION PRO­ following bonds: POSED .—Reports state that petitions are being circulated calling for an $350,000 4% reg. school bonds Date June 1 1912. Int. J. ft D. Due election to submit to the voters the question of Issuing $30,000 court-house- June 1 1942. c o n stru c tio n b o n d s...... ; ...... 125,000 3 Ai% llrc-house-equlp. and constr. bonds. Date May 1 1912. TOLEDO SCHOOL DISTRICT (P. O. Toledo), Lucas County. Ohio.— Int. M. ft N. Due May 1 1924. ROND SALE.—On Oct. 9 the $400,000 4% 27-36-ycar (serial) building 49,600 4% voting-machine bonds. Date Aug. 1 1912. Int. F. & A. b onds (V. 9 5 , p . 772) were awarded to Hayden, Miller ft Co. and Otis & Co. Due Aug. 1 1922. of C leveland Jo intly a t 1 0 2 .9 0 5 2 5 , it is s t a t e d ...... ROCHESTER. Beaver County, Pa.— ROND S A L E .— On Oct. 7 the three TRENTON, Ohio.— BOND ELECTION.— The proposition to Issue water- Issues or 1 h „ coupon tax-free bonds, aggregating $80,000 (V 95 n 847) works-system bonds will be voted upon at the November election, reports were awarded to Otis & Co. of Cleveland for $80,010 (100.762) and int s ta te . • D enom . $ 5 0 0 ...... Other bids follow: TRENTON UNION FREE SCHOOL DISTRICT NO. 3, Oneida County. LawrcnceBarnum&Co.,Pltts-$80,6101 Newberger, Henderson ft Loeb N. Y.— BOArI)S NOT SOLD.—No bids were received on Sept. 23 for the O’Connor & Kahler, N. Y. . 80,610| Philadelphia...... $80 051 $1,500 (not $3,000 as at first reported) 5% bonds (V. 95 p. 704). ■ A bid was also received from J. S. ft W. S. Kuhn, Inc., of Pittsburgh. RONDS TO RE OFFERED SHORTLY .—We are advised thatrthis n „ROCKPORT VILLAGE SCHOOL DISTRICT, Cuyahoga County, Ohio.— district will soon Oder for sale $2,500 bonds...... • BOND SA LE.— On May 1 the $20,000 5% 19 1-3-year (av.) building bonds TRINCHERA IRRIGATION DISTRICT. Castilla County.^Colo.— (V. 94, p. 932) were awarded, we have Just been advised, to the First N at. BONDS VOTED.—According to reports, the voters authorized the issu­ Bank of Cleveland at 110.3295. ance of $350,000 reservoir, ditch and lateral bonds at an election held Oct. 5.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 9 9 8 THE CHRONICLE [VOL. LXXXXV

TUNICA. Tunica County. Miss.— BOND S A LE .— On Sept. 15 $10,000 awarded to the Security Sav. Bank

NEW LOANS. NEW LOANS. NEW LOANS.

$ 5 2 5 ,0 0 0 $ 4 0 ,0 0 0 $200,000.00 City of Sprin^f ield, Mass. CITY OF SOUTH AMBOY, CITY OF PATERSON, N. J.

4% COUPON OR REGISTERED Middlesex County, New Jersey SEWER FUNDING BONDS

GOLD SERIAL BONDS SCHOOL BONDS Sealed proposals will be received by the Board of Finance of the City of Paterson, N, J., until 4 o’clock P. M. on THURSDAY. OCTOBER 24th, p' City Treasurer’s Office, October 9, 1912. Sealed proposals will be received by the Common 1912, for the purchase of all or any part of $200,009 r In pursuance of an order of the City Council, Council of the City of South Amboy, Middlesex 4 Yi % Coupon Sewer Funding Bonds of the City •! approved by the Mayor, the undersigned. Treas­ County, New Jersey, at Eight O’clock P. M. on Paterson, N. J.; said Bonds to be of the dcnomlm- urer of the City of Springfield, will receive until TUESDAY. THE FIFI'EENTH DAY OF OCTO­ tion of $1,000 each, dated November 1, 1912, and twelve o’clock M., FRIDAY, , 1912, BER, ONE THOUSAND NINE HUNDRED AND to mature November I, 1942, with Interest payable •ealed proposals for the following-described bonds: TWELVE, at the City Hall lnjsald City of South on the first days of May and November In each $525,000 Springfield Municipal Building Amboy, for the purchase of any or all of an Issue year until the payment of tho principal. of bonds as follows: Both principal and Interest of said bonds will be L o a n . Forty Thousand ($40,000) dollars of the payable at the Hanover National Bank, New authorized Issue of Fifty-five Thousand ($55,000) York City, N. Y., or at the office of the City Act of 1912 dollars of School Bonds, which will be dated The bonds for this loan will be dated Novem­ Treasurer in Paterson, N. J., at the option of the October First, One Thousand Nine Hundred and holder, In gold coin. The Bonds may be regis­ ber 1, 1912, and be payable $14,000 thereof on Twelve. The bonds will bear interest at the rate the first of November in each of the years 191J to tered as to principal only, or converted into fully of Five (5%) per cent per annum. They will be registered bonds, payable, both principal and 1917 Inclusive, and $13,000 thereof on the first Issued as coupon bonds, with the right of registra­ •f November in each of the years 1918 to 19o2 Interest, to the registered holder. A sinking fund tion as to principal, or principal and Interest, and Is provided for the payment of said Bonds at Inclusive. , ■, will be numbered from One to Forty Inclusive, Said bonds will bear interest at the rate of four maturity, as provided by law. Proposals should and will be in the denomination of One Thousand be addressed to the Board of Finance, John J. ■er cent (4%) per annum, payable semi-annually ($1,000) dollars each. The first bond, to wit, •u the llrst days of May and November of each Brophy, Clerk, City Hall, Paterson, N. J., and No 1 will be redeemed on October First, Nineteen each proposal must be accompanied by a certified Hundred and Fifteen, and thereafter said bonds 7 Tills loan will be issued In either coupon bonds check on an Incorporated bank or trust company, will be redeemed seriatim at the rate of Two (2) payable to the order of the City Treasurer of th« •f One Thousand dollars ($1,000) each, with bonds per year. . , . . . , interest warrants attached, both principal and City of Paterson, N. J., for Five (5%) Per Cent of No bid will be accepted for less than par and the par value of the bonds bid for, and all pro­ Interest being made payable at the First National accrued interest. The Common Council of the Bank, Boston, Massachusetts; or in registered posals must provide for the payment of accrued City of South Amboy reserve the right to allot Interest on the bonds to the date of delivery. bonds of One Thousand dollars ($1,000) each or to any bidder either the whole or any part of the Said bonds will be prepared and certified as »• any multiple thereof, the principal and Interest bonds bid for by said bidder, and to select the genuineness by the United States Mortgage f* being made payable at the City Treasurer's office. bonds to be delivered to the bidder In the event Trust Company and will be approved as to legality Holders of coupon bonds may at any time more of his bid being accepted. than one year before maturity exchange same for by Hawkins, Delaflcld & Longfellow, attorneys, All particulars concerning the Issue aforesaid of New York City, whose opinion will bo furnished registered bonds. may be obtained from Richard M. Mack, City Both the principal and Interest on this loan will to the successful bidder. Clerk, South Amboy, New Jersey, or Frederic M. The right to reject any or all bids Is reserved. be payable In Gold Coin of the United States of P. Pcarse, City Solicitor, 738 Broad St., Newark, America of the present standard of weight and WILLIAM BERDAN, New Jersey. „ P resident. fineness or Its equivalent. ,,, RICHARD M. MACK, JOHN J, BROPHY, • The City Treasurer now transmits by mall In­ City Clerk. terest on all registered bonds. Clerk, These bonds are exempt from taxation In Dated, October 10th, 1912. Massachusetts. , , , The bonds will be certified as to their genuine­ ness by the Old Colony Trust Company of Boston, MUNICIPAL AND RAILROAD and the legality of the issue will be approved by Messrs. Storey, Thorndike, Palmer & D odge. b o n d s F. WM. KRAFT Proposals must Include accrued interest to date LIST ON APPLICATION •f delivery of bonds, and must be accompanied LAWYER. by a certliled bank check for one per cent (1 % ) of tho amount of loan bid for, mado payable to the SEASONGOOD & MAYER Specializing in Examination of City of Springfield. , All proposals will be opened In the Mayor s Ingalls Building Municipal and Corporation Bond* Office Friday, October 18, 1912, and tho right Is reserved to reject any or all bids. CINCINNATI 1037-9 FIRST NATIONAL BANK BLDO.. Address proposals to the undersigned, Indorsed "Proposals for Municipal Building Loan, 1912. CHICAGO, ILL. ELIPHALET T. TIFFT, City Treasurer, Springfield, Mass. Descriptive Circular upon Application. H0DENPYL, HARDY & CO. TERRITORY OF HAWAII 4% PUBLIC IMPROVEMENT BONDS 14 W all St., New York Due Sept. 3, 1942-32 @ 102.75 and Interest. Tax Free Throughout United States Accepted at par for Govt, and Postal Deposits JOHN H. WATKINS Railroad, Street R y., Gas & Elec. Light NO. 2 W A L L STREET S T A C Y & BRAUN INVESTMENT BONDS SECURITIES T oled o, 0 . Cincinnati, 0.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis UOT. \'Z 1912.] THE CHRONICLE 9 9 9

ANTELOPE PARK (Rural .Municipality No. 322), Sask.— DEBENTURE . Name of District— Amount. SALh'.— On Sept. 14 the $6,000 5 lA% 20-yr. road-lmpt. debentures (V. 95, Tat. Date. Price. Anthill S. D. No. 2663...... $1,500 « Aug. 6'12 100 p. 640) were awarded to Brent, Noxon & Co. of Toronto for $5,953 (99.216) Beauvallon S. D. No. 2235...... 1,000 and hit. Other bids follow: c Aug. 5’ 12 100 BroadlandsS. D . No. 2593...... 1.800 6 Aug. 26'12 99 Olirran Bros., Regina...... $5,950 I Wood, Gundy & Co., Toronto.$5,890 Gardner S. D. No. 2215...... " 1.600 Nay & James, Regina...... 5,937 | 0 Aug. 2*12 100 Glenwlllow S. D. No. 2636...... I 1,500 ft Aug. 22’ 12 99 BASSANO, Alta.—DEBENTURE SALE .—The $150,000 5% 30-yr Happy Home S. D. No. 2687...... 1,800 ft Aug. 0’ 12 97.50 water and sewer debentures offered on Sept. 16 (V. 95, p. 439) have been Island Hill S. D. No. 2642...... 1,500 ft Aug. 26'12 98 awarded to Henry C. Ulen of Chicago at par and Interest. Kimberley S. D. No. 2689...... 1,706 6 A ug. 27’ 12 98 Philorum S. D. No. 2665______1,000 6 Aug. 31'12 99 BIGNFAIT, Sask .— DEBENTURE SALE .—During Sept. $3,500 de­ Rowley S. D. No. 2680...... 1,800 ft Aug. 6*12 98 bentures were awarded to Nay & James of Regina. Seadon S. D. No. 2224...... 1,000 ft A ug. 2*12 97 BOWMANVILLE, Ont.— DEBENTURES V O T E D — By-laws providing School districts in Province of Saskatchewan: for the Issuance of $111,000 water and $40,000 sewer debentures carried Gcrrond S. D. No. 661...... $1,200 ft Aug. 31*12 100 It Is stated, at an election held Oct. 8. Kinntstlno S. D. No. 42 l 500 ft Aug. 6*12 100 Ogcma S. D. No. 2760...... ’ 600 ft Aug. 1*12 98 BRIDGEWATER, Rockingham County, Va.— BOND S A L E .— The Plateau S. D. No. 528...... 1 . 1 . 1,200 6 ______. . . $25,000 5% 20-yr. water-works and sewer bonds offered on Sept. 23 (V. 95, Aug. 31*12 100 p. 635) have been purchased by the New First Nat. Bank of Columbus, Twenty-five Issues, Aggergating $36,200, Purchased in September. Ohio, at par, less $1,250 for expenses. The bonds are dated Oct. 1 1912. School districts In Province of Alberta: Name of District—— Amount Int. Date. Price. CANORA, Sask.— DEBENTURES NOT SOLD.— No award was made Goose Creek S. D. No. 2782...... $l,50o’ on Oct. 2 of the three issues of 5 H % debentures, aggregating $29,100. o x Sept. 13*12 100 (V. 95, p. 772.) Gwynneth S. D. No. 2738.. 1 200 6 Sept. 5*12 97.50 Hills Green S. D. No. 2610 . 2’000 6 Sept. 3*12 99 COCHRANE, Ont. DEBENTURE SALE .— Reports state that the $30,000 Kclvindale S. D. No. 2446 1’500 6 Sept. 11*12 99.80 water-works and sewer debentures voted July 15 (V. 95, p. 70) have been Kunsame S. D. No. 755 ...... '600 6 Sept. 30*12 97 awarded to Brent. Noxon & Co. of Toronto. Little Gem S. D. N o. 2551 " ” 1 500 ft Sept. 9*12 100 COLDSTREAM. B. C.— DEBENTURES PROPOSED.— According to Luffleld S. D. No. 2757...... 4 non ft Sept. 21*12 100 reports, the burgesses will have submitted to them to-day (Sept. 12) the McCafferty S. D No. 2729.. . l’ooo 6 Sept. 24*12 100 propositions to issue $2,000 water-works-impt. and $3,000 road-construc­ Manvllle S. D. No. 2599______l ’soo 6 Sept. 11*12 98.50 tion debenture*. Mizpah S. D. No. 2644______l ’ 200 6 Sept. 3*12 99 Sentinel Hill S. D. No. 2608____ i c o o 6 Sept. 28*12 98 COLDWATER, Oni—DEBENTURE SALE— The Municipal Treasurer Tawatlnaw S. D. No. 2473____ ’son 6 Sept. 21*12 100 advises us under date of Oct. 9 that the $2,200 cemcnt-sldewalk-construc- Waldron S. D. No. 2723____. 1 200 ft tlon bonds (V. 95, p. 564) have been sold. Sept. 21*12 100 Warry Plain S. D. No. 2511____1...... 500 6 Sept. 9*12 100 CORONATION, M in—DEBENTURE ELECTION PROPOSED.— An School Districts In Province of Saskatchewan- election will be held, it Is reported, to vote on a by-law providing for the Battle River S. D. No. 585_____ $1 500 ’ ft Sept. 23*12 100 • issuance of $45,000 clectrlc-liglit and water-works-system construe, debs. Craiglands S. D. No. 745______I I I " l ’ soo 6 Sept. 19’ 12 100 Flat Lake S. D. No. 839______. l ’ soo DOMINION OE CANADA.—SALES OF SCHOOL DISTRICT DEBEN­ 6 Sept. 23*12 98 TURES.—The Alberta School Supply Co. of Edmonton was awarded the Gibson Creek S. D. No. 645______l ’ 500 6 Sept. 3'12 99 following 10-Installment school-district debentures: Hazcldene S. D. No. 489______. 1 800 0 Sept. 27*12 97 Thirteen Issues, Aggregating $16,300, Purchased in July. Llglltwood S. D. No. 825______1 000 ft Sept. 4*12 98 School Districts In Province of Alberta: Montcalm S. D. No. 508...... 1 200 ft Sept. 0*12 99 • Name of District— Amount. Newvlllc S. D. No. 610______1 000 ft Sept. 12*12 100 • Int. Date. Price. Wanganui S. D. No. 600______1,800 C ollholm cS. 1). No. 2572 ...... $2,000 6 July 6’ 12 100 ft Sept. 3*12 98 • Cooking Lake S. D. No. 2625______1,000 Whitcbcech S. D. No. 761____ 1 200 ft Sept. 20*12 100 • 6 >4 July 13'12 100 Z*lma S. D. No. 577______1,200 Holmberg S. I). No. 2630______800 6 July 9'12 100 ft Sept. 21*12 99 I.H .L.Sch. Dlst.No.2677 ______1,300 6 July 30’ 12 90 Jensen S. D. No. 2666 ______800 6 July 22' 12 100 EASTMAN, Que. DEBENTURES PROPOSED.— Reports state that Lonbutte S. D. No. 2607 ______1,500 the burgesses will have submitted to them a by-law providing for the issu­ 6 July 8'12 100 ance of $15,000 water-works-system debentures. Neldpath S. D. No. 2623______2,000 6 July 1'12 99 Plateau S. D. No. 2692______. _ l ,fl()0 6 July 31 ’ 12 98 EDMONTON, Alta.— DEBENTURES AUTHORIZED .— On Sept. 2# Whittaker S. D. No. 2659______. . . 1,200 6 July 13'12 99 the burgesses voted by-laws providing for the Issuance of $50,126 67 40-vr Wideawakes. D. No. 2711____. _____ 1,400 6 July 24*12 98 car-barn site-purchase; $25,100 20-yr. bridge; $21,900 40-yr. telephone School Districts In Province of Saskatchewan- sub-station-purchase; $ld0,380 40-yr. park and driveway-lmpt. and $66 000 Castletown 3. D. No. 118 - 900 6 July 11*12 100 40-yr. warehouse and storage-yards debentures at not exceeding 5% in­ Oxford Centre 3. D . No. 2589 600 6 July 13*12 100 terest (V. 95, p. 502). Int. semi-annual. Tiger Lily 3. D , No. 638 ...... 1,200 6 - July „22'12 ._ 98 DEBENTURES DEFEATED .— A by-law to Issue $770,880 gas-plant- Fifteen Issues, Aggregating $20,700, Purchased in August. construction debenturcsAvas defeated at an election held Sept 20 accord­ School districts In Province of Alberta: ing to reports. •

NEW LOANS BOND CALL. ACCOUNTANTS.

$ 2 0 0 , 0 0 0 B O N D C A L L LYBRAND, CITY OF MINNEAPOLIS, Pontchartrain Levee District New Orleans, September 28th, 1912. R O S S B R O S & To the holders of the outstanding 6% bonds. BONDS Series C, of tile Board of Commissioners, for the Pontchartrain Levee District. MONTGOMERY Notice Is hereby given by tho above-named PfSealed bid* will be received by tho Committee Board of its Intention to redeem all of Its out­ Certified Public A ccountant* on Ways and Means of the City Council of Minne­ standing 6% bonds. Series O, maturing on the (Pennsylvania) apolis, Minnesota, at the office of the undersigned, First day of November. 1912. Payment will be THURSDAY, OCTOBER 24TM, 1912, at 2 o'clock made at the Whitney Central National Bank. New NEW Y O R K , 55 Liberty St. 1*. M., for the whole or any part of $200,000 High Orleans, together with all accrued Interest. PHILADELPHIA, Morris Bldg. School Bonds, dated October 1, 1912, payable Holders of said bonds are notified to present PITTSBURGH, Union Bank Bldg, October 1, 1942, bearing interest at the rate of them for payment at said Bank on the lsfday of f*ur (4%) per cent per annum, payable semi­ CHICAGO, First Nat. Bank Bldg. November, 1912, on which day all Interest on SAN FRANCISCO, Kohl Bldg. annually, and no bid or proposal will be enter­ said bonds will cease. tained for a sum less than 95% of the par value HUNTER C. LEAKE. President. SEATTLE, Central Bldg. of said bonds and accrued Interest on same to LONDON. 58 Coleman St. date of delivery. The above bond* are tax-exempt in the State •f Minnesota. The right to reject any or all bids is hereby PARIS, TEXAS reserved. A certified check for Two (2%) Per Cent of the B O N D C A L L . par value of the bonds bid for, made to C. A. PARK, POTTER & CO. Bloomqulst, City Treasurer, must accompany The city of Paris, Texas, hereby exercises Its each bid. option to call In for cancellation Water Works CERTIFIED PUBLIC ACCOUNTANTS Circular containing full particulars will be Bonds, Second Series. These bonds bear In­ terest at 6% per annum, payable semi-annually mailed upon application. New York, Chicago, Cincinnati and By order of the Committee on Ways and Means on the 10th day of January and July, are dated at a moctlug heki September 26th, 1912. , 1887, optional October 15, 1912, London, England. DAN C. BROW N, at tho Fourth National Bank, New York City. Holders of said bonds will present them as above AUDITORS FOR FINANCIAL INSTITU­ City Comptroller. mentioned at Fourth National Bank for payment. TIONS, INDUSTRIAL AND The numbers of said bonds begin with 61 and MINING COMPANIES run to and Include 83. ED. H. McCUISTION, Mayor. Investigations, Financial Statements; Periodical Audits and Accounting Bolger, Mosser & Willaman MUNICIPAL BONDS Legal for Savings Banks, BLODGET & CO. . Postal Savings and Trust Funds. BONDS SEND FOR LIST. 00 STATE STREET, BOSTON Adrian H. Muller & Son, 29 South La Salle St., CHICAGO 80 PINE STREET, NEW YORK AUCTIONEERS, STATE, CITY & RAILROAD BONDS Regular Weekly Sales Charles M. Smith & Co OF CORPORATION AND STOCKS and BONDS MUNICIPAL BONDS NATIONAL LIGHT, EVERY WEDNESDAY FIRST NATIONAL BANK BUILDING Office. No. 65 WILLIAM STREET. CHICAGO HEAT & POWER COMPANY Corner Pine Street. GUARANTEED BONDS AH Issues ESTABLISHED 1«M. H. C. SPEER & SONS CO. A. H. Bickmore & Co., First Nat Bank Bldg,, Chicago BANKERS B. W. Strassburger SCHOOL, 30 Pin* Street, New York SOUTHERN INVESTMENT SECURITIES COUNTY AND MUNICIPAL BONDS MONTGOMERY, ALA .

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 1 0 0 0 THE CHRONICLE [VOL. LXXXXV

ELMIRA, Ont.— DEBENTURES AUTHORIZED .— The burgesses, it is RAPID CITY, Man.— DEBENTURES PROPOSED— It is stated that stated, recently authorized a by-law providing for the issuance of $20,000 on Oct. 23 the burgesses will decide whether or not this place shall issue debentures, to meet current expenses. $12,000 electric-powcr-works-constructlon debentures. ELMVALE, Ont.— DEBENTURE ELECTION .—On Oct. 2t the rate­ REGINA, Sask .—DEBENTURES AUTHORIZED .— Reports state payers will have submitted to them a by-law providing for the Issuance of the Council has authorized the issuance of $750,000 street-railway debs. $7,000 hydro-electric-power debentures, according to reports. RESCALL SCHOOL DISTRICT. Sask.— D EBEN T URE SA LE — Nay OADSBY, Alta.— DEBENTURE SALE .— Nay & James of Regina were & James of Regina were awarded $1,200 debentures in September. awarded in Sept. $2,500 debentures. ST. ANDREWS (Rural Municipality) (P. O. Clandeboye). Man\ — BONDS H A M IL T O N . Ont.—DEBENTURE ELECTION PROPOSED.— It is VOTED.—-At an election held Sept. 3 the proposition to issue $18,000 4 /0 stated that the Council ordered an election for next January to submit to 30-installment hlghway-impt. debentures carried by a vote of 56 to 10. the rate-payers the question of issuing $130,000 debentures to purchase We are advised by the Secy.-Treas. that these debentures will not be the face of the mountain. offered before 1913. IM P E R IA L , Sask.— DEBENTURES NOT SOLD— No award was made ST. JEROME, Que.— DEBENTURE S A L E .—Reports state that St. on Oct. 1-of the $6,000 6% 15-year skating and curling rink debentures Cyr, Gonthier et Frigon have purchased an Issue of $50,000 5% 50-yr. debs. (V. 95; p. 706.) SOUTH VANCOUVER. B. C —NO DEBENTURE ELECTION .— The KINDERSLEY, Sask.— DEBENTURE SALE .— Nay & James of Regina Municipal Clerk advises us that the reports stating that an election would have been awarded at 98 the $90,000 water debentures recently voted be held to vote on the proposition to issue the $67,000 road debentures (V. 95, p. 502.) (V. 95, p. 503) arc erroneous. LONDON SCHOOL DISTRICT NO. 220. Alta.— DEBENTURE OFFER­ STAFFORD, Ont— DEBENTURE SALE .— An issue of $2,000 deben­ ING .— Proposals will be received, according to reports, by R. Conn, Sec.- tures has been purchased, it is stated, by Nay & James of Regina. Treas., for $15,000 10% school debentures. TURNBERRY TOWNSHIP. Ont.—DEBENTURE OFFERING.— It is jMARQUIS (RURAL MUNICIPALITY) NO. 191. S a s k BONDS A U ­ stated that proposals will be received until Oct. 21 by J. Burgess (P. O. THORIZED —According to reports, the Council Board has been authorized Biuevale), for $10,000 5% 20-year debentures. to issue $5,000 permanent Improvement uebentures. W A D E N A Sask.—DEBENTURE OFFERING— Proposals will be NEW HAMBURG, Ont .—DEBENTURES PROPOSED— This place received for $25,000 street-lmpt. and $20,000 electric-light debentures, Intends issuing, it is stated, $41,000 debentures as a bonus to the Silver­ reports state. smiths' Co., Ltd. WATERLOO, Ont.— NO DEBENTURE ELECTION .— We are advised NORTH BATTLEFORD. Sask.— DEBENTURE OFFERING —Pro­ that the reports stating that an election would be held to vote on the posals will be received until 8 p. m. Oct. 21 by the Secy-Treas. for the question of issuing the $25,000 road bonds (V. 95, p. 565) are erroneous. $100,000 5 \i% coupon high-school and collegiate debentures (V . 9o, p. >>03.) Denom. $1,000. Date July 2 1912. Int. J. & J. at North Battleford, W E L L A N D , Ont.— DEBENTURES NOT SOLD.— No award was made Toronto and Montreal. Due in 30 years. Legality of Issue will be ap­ on Sept. 9 of the $75,000 30-yr. water and $29,598 63 10-yr. sewer and walk proved by J. 13. Clarke. K. C., of Toronto, whose opinion wl be furnished 4M % debentures. (V. 95, p. 503.) to the purchaser. Total debenture debt for all purposes (including un- WEST VANCOUVER. B. C .— DEBENTURES VO TED.—According to s>ld debentures) $449,839 08. Assessed val. 1912 So,607,ii7. reports, a by-law providing for the Issuance of the $100,000 ferry debentures ONTARIO COUNTY (P. O. Whitby). Oat.— DEBENT URE ELECTION. carried at the election held Sept. 21 (V. 95, p. 774). — The proposition to issue the $20,000 municipal impt. ucoentuies (v. Uo, WYNYARD SCHOOL DISTRICT NO. 2499, Sask.— DEBENTURE p. 923) will be submitted to the rate-payers on Dec. 20, reports state. SALE .— Curran Bros, of Regina have been awarded $16,000 5% 30-yr. PELEE TOWNSHIP. Ont.— DEBENTURE ELECTION PROPOSED — debentures. Denom. $1,000. Date Sept. 1 1912. Int. ann. in January. Reports state that a vote will be taken some time In the near future on a by­ Y O R K T O N , Sask.— DEBENTURES VO TED.— On Sept. 27 the rate­ law providing for the issuance of $4,423 drainage debentures. payers voted by-laws providing for the issuance of the $91,000 clectric-llght- PETERBOROUCiH. Ont.—DEBENTURE ELECTION .— On Jan. 1 the system-ext. and impt., $1,000 collegiate grounds, $1,000 land-rc-water- rate-payers will vote on a by-law providing for the Issuance of $88,000 works, $48,000 outfall sewer and $18,000 water-works-extension debentures debentures for hydro-electric purposes, according to reports. (V. 95, p. 774), reports state.

MISCELLANEOUS. MISCELLANEOUS.

OFFICE OF THE

AMERICAN MFG. CO. ATLANTIC MUTUAL INSURANCENew York, COMPANY. January 23d, 1912. The Trustees, in conformity with the Charter of the Company, submit the followiny statement of its affairs on the 31s/ of December, 1911. . . The Company?s business Xas been confined to marine and inldhd transportation insurance. MANILA, SISAL AND JUTE Premiums on such risks from the 1st January, 1911, to the 31st December, 1911...... $3,653,325 18 Premiums on Policies not marked oft 1st January, 1911------______CORDAGE Total Premiums...... $4,527,005______55 Premiums marked off from January 1st, 1911, to December 31st, 1911...... $3,773,578 22 Sales O ffice! Interest on the Investments of the Company received during the year----- *333.897 03 Interest on Deposits in Banksjmd Trust Companies, etc------JJ, 24 Rent received less Taxes and Expenses...... 153,167 b0 526,692 93 Noble & West Sts., Brooklyn, N. Y. Losses paid during thc, ^ r r - V - ^ - : ; - — R^nsuranles ...... 205,151 34 425,855 86 $959,530 60 ■Returns of Premiums ______$196,936 89 Expenses, including officers’ salaries and clerks’ compensation, stationery, advertise­ ments, etc...... 570,472 la FINANCIAL REVIEW 1 9 1 2 I S S U E a dividend of interest of fix per cent on the outstanding certificates of profits will be paid to the holder* thereof or their legal representatives, on and after Tuesday the sixth of February next. A Year Book of Financial Information *“ W^rhn mitatandine certificates of the issue of 1906 will he redeemed and paid to the holders thereof, or thel* legateere^m atives, C<3n and after Tuesday the sixth of February next, from which date all interest thereon wfil cenw The certificates to he produced at the time of payment and canceled. . , ,, . 300 Pages > will cease ine ce per cent is declared on the earned premiums of the Company for the year ending 31st ■rnber!1911,whichareentitled to participate in dividend, for which, upon application, certificates will he December Comprehensive Statlstlcsjor a Series of Years Issuedd on and after T ^ 'Y rd e ^ o T lh e Boardlay n

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