5H HBIIIPIllllllMH Ss&dlti&isZ &&ipfbimtgilk ' 0$r v EVENING' PUBLIO OGEDGER-PHICADEEPHIA1, THURSDAY, JANUARY 1913 47 ' saw GOSSIP OF THE STREET I BEAT INCOME TAX BY BOND SELLING was in- I very hopeful for much xwttcr conditions during 1919. Charles H. Howell wilt lie admitted to membership In the firm of Elklns, Mor rlii A Co. today. Wllllnm n. Potts will bo admitted to membership In the Arm of William C. House, Jr. & Co. today, Deltige of Security Sales for Reg- t . f w e . . fj- lBiertng Losses tor iasi P" Year Any one who had been observing the trend of tho security market for several Ldiyi past was not at all surprised at the delute of selling which occurred early In the week, when on one day a record of closo to $45,000,000 of bonds were sold on the New Tork Stock Exchange. Almost everyone knew that the last two days of the year furnished the climax of a, liquidating market for which there was only one explanation the register ing of losses for the last year In antlcl- Btaatlon of Income-tax returns. Hln the ordinary course of business Monday was the last day on which se- 'iritles could be sold for that purpose. i ISrtain banker pointed out that any one who intended taking this method of establishing hl Inioa could not' do 80 pon Tuesday as, according to the rules. settlements on sales and purchases are made the following day. and as yester day was a holiday the transactions weuld have to go over till the following bus nets day. which Is today, this -would bring It Into the new year and therefore would ndt accomplish what tended. A the wave of llauldatlon continued, especially. during the early part of the session on Tuesday, a new reason nao t be found. It was then discovered that many transactions were being car ried out In cash. In fact It was said there were more transactions In cash than ever before In tho history of the B-New Tork Stock Exchange K As to the validity of this method of Establishing losses, a well-known banker Eld he waa not certain that there had ever been a ruling on that particular phase of the subject by the Treasury department, but he believed the cub- om during the last few years had be oma so prevalent that the best legal advloe had no doubt been obtained, and hat the practice was within the letter the law. Last year, however, he dded, it had assumed the nature of an DUse, and always when that happens. Be sua, now legislation is enactea to bvereome the abuse. Several brokers expressed the opinion that many of those selling were also try- ig to buy back again as soon as their t tosses had been registered and that this movement had created the advance In 9nHiH In vfrfllallv thn whn! list in "the latter part of the session on Tues- lay, a movement which they anticipated ' "would continue for some time after the opening of the stock market this morn ing. This opinion, which waa pretty gencr- ' ally held In the street, was predicated on .a similar condition last year on a smaller scale, when a number of In vestors registered their losses In the ama way, and before they could buy k their securities again the specu- ators Jumped In and put up prices to paint which nullified any advantage lined from selling to establish a loss. ' i A broker who was asked his opinion to whether the same situation was ely to be created this year said that waa nearly always a safe bet at the market will not do what every me expects It Is going to do. For that eason he did not look for any sensatlnal developments so long as the money com mittee remains In control. "The Corn Exchange," that up-to-date monthly published by the equally up-to-date National Bank bearing the same name, has the following In its December 11 issue over the signature of Its pres- I. ident: lti . Will likely bring closer relations between employer and employes In many American plants. When the Standard Oil and other large corporations that have always been successfully managed establish Elans for co-operation and mutual eneflt of company and men : when such an association of business men as represent the Chamber of Com merce of tho United States demote a large portion of an important conven tion to the careful study of this sub ject, we may well believe the leaven Is working and many others will be come Interested. A few days ago we were talking to Mr. Blumenthal, of New York, who told us an Interesting fctory of his ex- ?erlence. His people had saved 10,000 in one year by reducing the amount of seconds formerly consid ered as a necessary loss In manufac turing plushes. Half went to the men and half to the company. Mr. Blu menthal's only objection to the plan in operation In his mill was his difficulty in, measuring up to his employes' high opinion of him. We have from time to time pub lished articles on this subject and have information regarding several successful plans in operation. If you are interested in learning what other are doing, let us know. When the news came oer the ticker (n Tuesday of the sale of a seat on the aw TorK siock racnange ior iu.uuu tin advance of 12000 over the last pre ceding sale r well-known 'broker here said it was the best evidence of on im proved sentiment he had seen for sev eral days. A seat has been sold on tho exektuige during the past year for 149, 000, he remarked, and If my recollec tion Is correct, it was sold about the time things looked worst for the Allies In Europe. Another thing, he said, which argues well . for greater confi dence in the New Year Is the Increasing strength In Liberty, Bonds, He said Its believed the fund which was provided by the Government to tai!llte the market for the bonds was belni", used to an extent, but that, he said, would not altogether account for the Increase In prices In the face of the large number of transactions, many of which were for large amounts. m He aald that as In the case of stocks many of these transactions were for cash, and It waa evident that In rqany Instances they would be bought In again. The principal of a large investment house which deals extensively In high grade rails and equipments, called at tention to a comparison between the ctoelng prices In such stocks ua North ern Pacific. New York Central. Reading and Union Poclflo in 1918 as compared with the closing quotations for 1917 and remarked that It was a most gratifying exhibition for investors who still pre fer that class of securities. It la also very satisfactory In the face of the present confused rail road sltualton, but It goes a - long way to show that the Investing pub- Ilo If looking beyona me discussions over the future of the roads, and Is placing Its confluence In the actual values behind the securities which no amount of talk can harm. Another banker called attention in tnis onnectlon to the fact that not the high- class rails alone, but many indus trial Issues, made a better showing by emnarlson In the closing quatuiong or HIT and lll tnan me rauroaas. n BUSCi aueniion so Allien v-r ji4 onndrv. which showed an Increase in tilt of 2414. United States Steel an In- i of 4 Hi American Agricultural an Increase of 22 H, etc. Others who were spoken to along the ma lines expressed inemseivea as wen ttefted.wlth the closing market con tton, It was pointed out, they are being used by many the same as cash in paying for goods, etc Another factor In tho bond market which attracted considerable attention was the heavy selling of New York traction Issues. New low records were established for the 11. It. T., nnd lnter borough Issues, the B. It. T, 7s of 1921 Harold M. Pelrson withdrew from tlio selling ilowfn to around 83: Interbor firm of Brown & Pelrson on December Jl, The business of the firm will con tinue under the came name, On December 31, Stephen Jonas re tired from the firm of Louchhelm, Mln ton & Co. New York, and William H. Schubert was admitted to membership In the firm. As previously announced the firm of Charles D. Dnrney & Co. dissolved on December 31, The new firm of Charles D. Barney & Co." consists of Henry E. Butler, John' P. drier, Philemon Dickin son and Edward H. Lewis, with J. Hor ace Harding and Henry Sanderson as special partners J. Atkinson Bates, of Cnssatt & Co, whoso pleasing address nnd ver' exten sive clientele aro the.envy of many bond experts, has Just been promoted to tho position of salesmanager for Cassatt & Co. for the Philadelphia district. All previous records of bond trans actions on the New York Stock Ex change have been broken by the con tinued heavy selling of Liberty Loan bonds during the past few dajs. Tho bonds sold down to the lowest quotations since tho arlous Issues were first placed with American Investors. While there Is Borne diversity of opinion as to the future course of the market for the Liberties, some of the most careful obserters entertain the belief that with the turn of the New Year a change for thfi. better. will take. place and a' steadier tone will be maintained. These bonds are highly attractive at the present level of quotations, but by reason of their unusually wide dlstrlbu- ough-Met 4 Vis to below 40 and the first and refunding 6a to below 70, while New York Hallways adjustment Incomes were quoted at around 11, Foreign government Issues were trong, but less actlvo than on some previous days during tho past fort night. Prices were a shade better, al though no Important changes In this respect were noted. $150,000,000 LOSS IN RAH OPERATION ARGENTINE CROP FORECAST Wheat Shows a Reduction Jnl919 of 889,460 Acres In the course of a report presented to the Minister of Agriculture by the Director General of Itural Economy and Statistics the following preliminary es timates were given of the areas placed under grain In Argentina during the agricultural jear 1918-19: Wheat Linseed Oats Provinces Acres Acres Acres Butnos Aires. 11.7411,17 014.41.1 2.214. OSS Confab. 4.86IVIVI1 7B1 M 185.007 Santa T ... 2880.499 l,804.7tt 74,181 rampa 2 879.015 11,118 252.34 Kntre- Rlos .. 1,111,070 642,471 2J7.104 Other. 404,209 87.000 SS.4ST Total 18 870,070 3.410.039 3.080.078 According to Doctor Lahltte, the Di rector of Itural Economy and Statis tics, the area under wheat shows a re duction of 819,460 acres, as compared to 1917-18; -that under linseed shows an Increase of 188,328 acres, while that under oats represents a decrease ot 219 922 acres Figure Does Not Include Big Sums Loaned Carriers SIX MONTHS TO RECOUP Loss Complete if Roads Ar.e Released at Early Date Wahlniton, Jan. 2. The Govern ment's loss In operating the railroads In 1918 Is calculated by railroad admlnls tratlon omclals t less than $160,000. 000. This represents the difference be tween tho aggregate- amount the Gov. ernment will bo compelled to pay rail road companies as rental for tho use of their properties the so-called guaran teed return and the net Income which the Government will receive from the railroads. It will take six months more of re ceipts from the increased freight rates to permit the Government to recoup Its losses, officials' believe. If Congress does not approve the proposed five-year ex tension of Federal control, and as a con sequence President Wilson carries out his announced Intention of returning the roads to private management at an early date, the Government's loss will not be made up. This deficit does not Include the big sums between 1150,000,000 and $200, 000,000 which have been loaned to railroads to help them pay for tho ex tensive program of Improvements nnd purchase of new cars and locomotives. Thcso loans will be repaid eventually. Compensation Is 8980,000,000 Tho Government's loss cannot be stated exnetly until tho compensation of each road Is finally determined and until the Interstato commerce commission compiles figures on earnings and ex penses for November and December. Of ficials believe however, that tho aggre gate Government compensation for all roads will bo about 1360,000.000, and that the net Incomo from railroad opera tions, credited tb tho Government, will be a little more than $800,000,000, For the ten months up to November 1 the Government's net Income Ifrom the rail roads, as reported by the Interstate Commerce Commission, was $605,000,000. Operating revenues for tlio entire year. officials calculate, probably amounted to $4,800 000,000, more than ever bc?o.e In railroad history, and operating ex penses probabty ran up to $3,800,000, 000. This left $1,000,000,000 of net rev enue, which was cut down more than $200,000,000 by deductions for ordinary taxes, rentals for equipment not owned by railroad companies and other Inci dental losses. War taxes and expenses of maintain ing financial and other corporato offices. Including salaries of officers not actually employed In physically operating the railways, must be paid by the railroad companies out of tho $950,000,000 which tho Government guarantees them. All Reeerds Broken For the railroads, 1918 wns a year which broke all records of revenues and expenses Although receipts were near ly !0 per cent greater, expenses were even more. It took 80 per cent of the operating revenues to pay operating ex penses, although only 70 per cent was taken for this purpose In 1917. Op erating expenses, which, with, estimated figures for the last two months, amount ed to $3,800,000,000, were $1,000 000, 000 more than In 1917, Increased wages are estimated variously to have been responsible for between $600,000,000 and $800,000,000 of this billion. In the ten months ended No vember 1, for which the Interstate Com merce Commission has compiled definite reports, receipts from freight, passenger and other revenue sources, were $4,032,. 000,000, or a llttlp less than the $4,041.- 000,000 revenues for the entire jear of 1917. In the ten months $2,818,000,000 camo from freight and $860,000,000 from passenger traffic. Operntlng expenses for the ten months amounted to $3,247,000,000, or about 40U,ouu,uoo more man the $2,152,000,. 000 expense-) for tho entire year of 1917. So-called transportation expenses, lm ciuuins; mo uuik oi me cost or running mo trains, amounted to 11,686,000.000 maintenance of cars and locomotives cost $897,000,000, nnd maintenance of tracks, roaaway ana structures cost $621,000,' 000. Most of theso figures probnbly will be raised 20 per cent by returns for the last two months. Tho reports do not Include small roads with less than $1,000,000 revenues a ear. Eastern roads In tho ten months re ported $1,828,000,000 revenues and $1,551,000,000 expenses; western roads. 51, 349,000,000 revenues and $890,OOOr 000 expenses; and southern roads $642.. 000,000 revenues, and $493,000,000 ex penses. 30 U. S. Chasers Arrive at Malta Inlettn, Island of Malta. Jan. 2 Thirty American submarine chasers have arrived here from Corfu They will leave here for homo January 7 or 8. L0VETT QUITS, URGES R. R. COMPACTION Roads 'Should Compete in Service, but Not Rates, He Says New lork, Jan. 2. Opposition to Gov ernment ownership of railroads, on the ground that competition In service and facilities, but not In rates, should be preserved, was voiced In a statement Issued by ltobert S. Lovett, when his resignation as director of the division of capital expenditures of the railroad administration became effective yesterday. After asserting that "there Is nothing so essential to the financial peace and the commercial and Industrial welfare of this country as a definite governmental railroad policy," Mr. Lovett declared that the necessity for exclusive national control, as against State regulation, was now too obvious for discussion nnd thtt "the only debatable question Is whether such control shall be through Government ownership or by exclusive Federal regulation of private owner. ship " "I believe In thorough regulation by the national Government of all comnetl tlon In service and facilities, with power to check It where It amounts to an evil." he said. "I should permit consolidations subject to Government approval where the public benefit would plainly be pro moted, particularly In the absorption ot nnanciauy weak lines of minor Im- . portance? whtre by so doing the com munities dependent thereon could .be better served. But I would steadily pre serve competition between the large sys tems and pursue a policy of widening the competitive areas between such large systems wherever practicable." In giving his reasons for opposing Government ownership, Mr, Lovett as serted that "if we carefully analyze the relative merits of efficiency from uni fication and the ndvantnges from com petition In service facilities, I believe we will find that the latter will be very much better as a national policy. GOLD AND SILVER OUTPUT OFF 1918 Production of Precious Metals Lowest in Years Washington, Jan '.'. Gold production In the United States In 1918 fell to 3,313,000 fine ounces, worth $68,493,000, the lowest In twenty years, and silver production dropped to 67,879.000 fine ounces, worth $67,879 000 at the stand ard Government prkv ' $1 nn ounce, the smallest record slncej 1, according to the Joint preliminary ck ate of Dlreo. tor of the Mint Raker a, the Geologi cal Survey. Ilapid mounl f of the cost of mining and reflnemerVls assigned ns the cause of the decline, which Is shown by comparison with the 1917 pro duction of $83,770,000 worth of gold and 71,740,000 ounces of silver. California led as a gold-producing State, the estimate showing 838,389 ounces, valued at $17,207,000, while Colo rado ranked seoond with 621,791 ounces, valued at $12,853,000. Texas Is cred ited with having produced five ounces valued at $100 Montana, with 16,341, 000 ounces, was the principal silver-pro-duclng State, while Utah gave 13,439,000 ounces, Idaho 10,188,000 and Nevada, 10,113,000. THE PROVIDENT Life and Trust Company of Philadelphia FOURTH AND CHESTNUT STREETS Member of the Federal Reserve System 71 The Company publishes the following Statement of its Assets and Liabilities at this date: ASSETS Insurance Department: Real Estate i $909,69085 Mortgage Loans and Ground Rents 26.69S.14S 73 Loans on Collateral Security 2,315,005.00 Advances on Policies of this Company 11,230,733.43 Premium Notes 121.76 Bonds at present Market Value (see list). 53,328,471.50 Excess of Amortized Value (New York standard) of Bonds over Market Value 5,957,009.39' Cash 31,34007 Accrued Interest 1,276,577.23 Overdue Interest 107,809.78 Deferred and Uncollected Premiums, etc, less Cost of Collection 2,108,787.56 -$103,960,69230 i Apart from Insurance: Real Estate 200,10000 Mortgage Loans 753,25000 Loans on Collateral Security... 8,492,11819 Bonds and Stocks at Present Market Value (see list) 10,714,89875 Accrued Interest, less Accrued Taxes, etc.. 82,48938 Miscellaneous Assets 95,16654 Cash 2,311,146.47 LIABILITIES Insurance Department: Insurance Reserve, computed by American Table, 354 $91,914,16200 Additional Insurance reserve for possible change to 3 reserve basis 4,206,778 00 Reserve on Supplementary Contracts 1,058,35000 Death Claims awaiting proof, etc 606,411,37 Advance Premiums and Miscellaneous Liabilities 1,411,77551 Surplus to Policyholders apportioned but unpaid, including estimated amount for 1919 2,740,98358 Contingency Reserve (not including Capital Stock) 2,022,23184 $22,649,169.33 $126,609,861.63 Apart from Insurance: Deposits $10,521,925 02 Bills Payable with Federal Reserve Bank.. 3,500,00000 Unpaid Dividends 100,000.00 Miscellaneous Liabilities 5,013 50 Capital and Surplus: Capital Stock . . ., $2,000,000 00 Surplus (including accrued in terest) on basis'of present market values 6,522,230 75 ?S,522,230 75 $103,960,69230 $22,649,169 33 $126,609,861.63 PHILADELPHIA, First Month 1st, 1919. BUSINESS OF THE COMPANY FOR 1918 17,355 Policies issued in 1918, insuring $53,997,244.00 160,714 Policies outstanding Twelfth Month 31, 1918, insuring 419,627,227.00 Distribution of Surplus on Pqjicies 2,328,174.11' Endowment Policies matured and paid during the year 3,307,534.26 Total amount paid for matured Endowment Poticfes since organization of Company in 1865 '. 52,270,672.66 Losses by death during the year (1325 deaths) 4,679,05600 Total amount paid for Death Claims since organization of Company in 1865 53,324,742.42 Premiums and Annuities received during the year 14,860,728 35 Interest on Insurance Fund 4,650,682.14 Trust Funds (kept entirely separate from Company's assets) Investment for Trust Accounts $77,315,191.27 Investments for Corporate Trusts 18,984,893.32 Uninvested 670,555.41 -$96,970,640.00 INSURANCE BONDS 1919 , 1919 i3i: 1938 GOVERNMENT, STATE. COUNTY and MUNICIPAL BONDS Par Value Present Market Dollars ... a.iuo 299,000 United States of Anier. Ctfs. of Indebt. of 9-17-18, tH "7. 473,500 United States of Amer. Ctfs of Indebt. of 10-1-1918, 4ft; 750,000 United States of America 2d Liberty Loan, Conv., i'lK 2,000,000 United States of America 3rd Llbertr Loan, M, 1928 1,600.000 United States of America 4th Liberty Loan, 4H. 1938 8,600,000 United States ot Amer. 4th Liberty Loan (SOtt Pd.). iKVc 373.000 United states or Mexico, uom. 4. I9t4 152.000 County of Allegheny, Pa.. County Road, Series 4, 4, 1934.... 900,000 City of Boston, 3ro, 1929 to 1945 223,000 Clouceeter City. N. J. 4. 1919 to 1933 36,000 City of Lynchburg. Va, Itfdir, 4H. 1927 300,000 Massachusetts. Commonwealth of, (Gold). 3V, 1934 32,000 City of Mobile. Ala., Waterworks and Sewerage, 4H. 1039 25,000 City of New York, Assessment, Gold, 4, 1919 919,000 City of New York, Corp Stock Gold, 3M, 1953 and 1954 .... 400,000 City of New York, Corporate Stock, Gold, 4. 1955 to 1957... 100,000 City of New York, Corporate Stock, Gold, 4H. 1957 29,900 City of Philadelphia. 3, 1919 to 19J1 140,100 City of Philadelphia, 3H7o. 1919 to 1931 117,000 City of Philadelphia, 4. 152 and 1943 150,000 City of Portland, Muitnomaltt Co . Oregon, Bridge, 4, 1934.. 4,000 Port of Portland. Oregon. 5rA 1922 100,000 City of Richmond. Virginia, 6, 1921 100,000 Rait Lake City, Utah. Itfdg , 44 'T,. 1924 47,000 City of an Diego. California. Sewer Bonds, 4. 1919 to 1933 100,000 School District. Borough of Thropp. Lackawanna Co , Pa,, Bulldlns Loan, 6. 1919 to 107 RAILROAD BONDS (Including Stmt Railway) 260,000 Allegheny Valley Railway, Gen'l Mtge.. 4. 1942....... 25.C00 Altoona & Logan Valley Klec Ry. Co., Consol. Mtge 299.000 00 473.500 00 712,500 00 1,920,000 00 1.425.000 00 1,662 COO.OO 186.500.00 143.640 00 801,000 00 216.306 00 35,640 00 274.500 00 30,720 00 24.875 00 781,150 00 372,000 00 101.000 00 28,924.00 140,610 00 114.480 00 139,500 00 4.020QO 100,500 00 , 99,500 00 40.382.50 101,610 00 (Gtd. bv the American Rwys. Co.)Pa.), 46rl. 1933.... exa anu sama i'e iuuiway o . Gold, 4, 1'Jiiu Gold I.... 100-yr. AUJ. 200,000 Atchison, Topeka and Santa Fe 700,000 Atchison, Topeka nnd Santa I Ry, Co (KaBtern Oklahoma D1V., 1st Aige, -o-yr viuiu, ,,, ito. "00 000 Atchison, Topeka and Santa Fe Itwy. Co. Callfornla-Arliona " ' Lines. 1st and Ref. Mtge, 4HTr. 1962....... ."- 331 000 Atlantic Coast Line R. R. Co. 1st Con. Mtge 50-yr. 4, 1952 75 000 Atlantic Coast Line R R Co , L & N. Coll 4-. 1952 i.nnnn nalilmnra & Ohin R. R. Co . 1st Mtge . 4P. 1948 1 639000 Baltimore & Ohio R. R, Co. Prior Lien. 3, 1925........... 26.000 Balio. & Ohio R. R. Co. (Pitts. June. & Mid Dv.) 1st 3Tr, 1925 217.J0OO0 12,750 00 159,220 00 C44.O00 00 170,000 00 279,695 00 691,250 00 224,000 00 1,466,905 00 1,760.00 500 000 Balto.&onio K. Jt .o. r , u i e w.vu.j. jus. oiise, i-v, u .na.uuuuo 1615 000 Balto. & Ohio R R. Co. (S. W. DlV.l. 1st Mtge, 3H 1925... 1,388,900 00 421000 Balto & Ohio Knulp. Trust of Feb, 1912. 47r. 1919 to 1922.. 409.845 00 ?cA'nnn -nitn X- nhln r.nufn Trust of 1913. iViTe. 1919 to 1923 153.78500 S29.'000 Balto & Ohio Equip Trust of 1916. 4H, 1919 to 1926..... 70 000 Buffalo & Susquehanna R. R. Corp. lBt Mtge, 4, 1983,, 490'000 Cent, of Georgia Rv. Co. Consol. Mtge., 5. 1945 18 000 Central of Georgia Rv. Kqulp Trust. Berles'L. 4Vi, 1922.... !..!! r':! T..in i- rv. dmp mi tr.iA v IcL irus "10000 Central Pacinc Rv. Co. Gold Mtge. (Gtd.), 3. 12 200000 Central Pac. Ry. Co (Through Short Line), 1st, 4S, 1954 (Gtd.) ioo'ooO Chesapeake & Ohio Ry. Co , 1st Consol. Mtge. SO.yr., 6, 1939 658,000 Chesapeake. & Ohio Ry. Co. Gen Mtge 4 HJ. 1992... 40.000 Chesapeake & Ohio Ry. Co, Equip .Series N, , 1919 "50 000 Chicago & Alton R. R. Co , Rfdg. 50-yr., 3. 1949 SSOJOOO Chlcago& Alton Ry. Co. 1st Lien 50-yr., 31950.... ...... 6 000 Chicago, Burlington & Qulncy HR Co, Iowa Dlv, 4. 1919.. 100000 Chicago & Hast. 111. R. R. Co., Jtfdg & Impt. (Mtge.) 4"t, 195S 400000 Chi" Ind. & St. Louis Short Line Ry. Co. 1st. 42, 1053 (Old.) 50000 Chicago. Mil, St. P. Ry., Gen'l Mtge. 4, 1925 500 000 Chtcago.,MII & St. P. Rv.." Gen'l Mtge.'Ser. C. 4H 1989.... isOOOO Chicago. Mil. & St. P. Ry. Co . Chicago & Pacific West Dlv. "' 40-yr. 1st Mtge, 57c, 1921 80 000 Chic. & Northw. Ry. Co, Equip. Tr. of 1912. 4U, 1919 to 1923 170 000'Chlcaeo Rys Co, Consol Mtge, 20-yr.. Series B. 5, 1927.... 875.910 00 1)3,200 00 460,600 00 17,190 00 416,000 00 179,550 00 160,000 00 99,000.00 623.110 00 39,600 00 138.750 00 100.000 00 5,940 00 25,000 00 260,000 00 40,000 00 425,000 00 147,000.00 78.100.00 83,300 00 Par Value Dollars 60,000 Chicago, Rock Island & Pacific Ry Co. 1st & Rfdg, 4rJ, 1934 150,000 Chicago, St. Ixuls & New Orleans R. R. Co. (Gtd.), IS'J. 1951 84,000 Chicago, St Louis & New Orleans Equip , Series A (Gtd. by the Illinois Central Railroad Co), 6, 1919 and 1920... 200,000 Chicago Union Station Co, 1st Mtge, 4 V6 cc-, 1963 644,000 Chicago & Western Indiana R. R. Co. Consol. Gtd. 4rt. 195J. 400,000 Cleveland, Cincinnati, Chicago & St. L Ry Co. Gen. 4i, 1993 149,000 Cleveland Terminal & Val. It. It. Co, 1st Mtge. (Gtd ), 4, 1995 250.000 Connecting Ry. Co, 1st Mtge, 4, 1951 300,000 Consolidated Traction Co. 1st Mtge. (N. J,), 6. 1933 438,000 Kaston & Amboy R. R. Co, 1st Mtge (Gtd), 5, 1820 300,000 Elgin. Joliet & Eastern Ry. Co, 1st Mtge, 5. 1941 148.000 Erlo Ry. Co, Consol Mtge, 7. 1920 297,000 Erie R. R. Co.. 1st Consol. Prior Lien, 4, 1996 800,000 Erie R. R, Co , 1st Gen Lien, 4, 1998" 400,000 Erie R. R. Co, Pennsvlvanla Coll , 50-yr. 4, 1951 20.000 Erie Railroad Enuin Trust. Series AA 5. 1920 260,000 Erie Railroad. Equip. Trust, 4V4, 1919 to 1925 80,000 Evamivllle & Terre Haute R. R. Co, 1st Gen Mtge. S'i, 13.000 Georgia Pacific Ry Co. 1st Mtge, 6", 1922 360,000 Great Northern Ry.'Co, Coll. Tr. 6 Notes. 1920 135.000 Hocking Valley Rv. Co. 1st Consol. Mtge. V,T.. 1999. L.ien lirag. Mtge . 6 1942. 1957 129.500 Hudson & Manhattan R. R. Co. 1st L 126.000 Hudson & Manhattan It. R Co. AdJ Income. 5. 1957.. 5,000 Illinois Central R. R. Co. Equip Trust, Series A. 4H. 1919.. 138,000 Illinois Cent. R. R. Co. Equip. Trust. Series B, 6, 1919 to 1923 76,000 III Cent. R. R. Co, IJqulp Trust. Series C. 4H. 1919 and 1920. 167,000 Jefferson R. It. Co, 1st Mtge. Extended. 6, 1919 69,000 Jersey City & Bergen R. R. Co. 1st Mtge., Extended, 4HW. 1923 43,000 Kansas Cy Ft, Scott & Memphis R. R. Co , Cons, 6, 1928., 250,000 Kansas Cy.. Ft. Scott & Mem. Ilja Co. Rfdg. (Gtd.), 4, 1936. 140,000 Kansas City Rys. Co, 1st Mtge, 6. 1944 38,000 Kansas City Southern Ry. Co , 1st Mtge., 60-r. 31. 1950 100,000 Lake Shore & Mich. Southern R. R. Co, 3V,r.. 1997 1,824,000 Lake Shore & Mich. So. Rv. Co. (Deb), 4 1928 and 1931... 90.000 Lehigh Valley R. R. Co., Consol, 4 HI, 1923 79.000 Lehigh Valley R. It. Co , Consol. Mtge. 6, 1923 200,000 Lehigh Valley R. R. Co, Gen. Consol. Mtge. 41, 2003 658.000 Lehigh Vnllev It R. Co. Coll Trust. 4. 1910 to 1923 200,000 Long Island R. R. Co, Rfdg. Mtge (Gtd ). 4, 1949 84,000 Long Island R, R. Co. Ferry, 1st Mtge, 4H, 1922 350,000 Louisville fe Nashville R. It. Co., Unified Mtge, 4 To, 1940 64.000 Louisville & Nashville R. R. Co , St. Louis Dlv., 1st, 6. 1921.. 200,000 Louisville & Nash South'n (Monon. Coil ). Jt . 4""o. 1952 200,000 Mnnhattan Rwv. Co. Consol Mtge. (N. Y.), 4, 1990 133,000 Market Street Elev. Pass Ry. Co., 1st Mtge. (Gtd ), 41, 1965.. 240,000 Mason City & Ft. Dodge R. R. Co . 1st Mtge, 60-vr.. 4. 1956.. 100.000 Metropolitan West Side Elev, Ry. Co. 1st Mtge., 40-yr., 4, 1938. 200,000 Minneapolis. St. Paul & Sault Ste. Marie Ry Co. 1st Consol. 50-yr. Gold (Int. gtd. by Canadian Pacific Ry Co.). 4, 1938 136,000 Missouri Pacific R. R. Co., 1st & Rfdg, Ser. 11. 5, 1923 500,000 Missouri Pacific R. R. Co , 1st & Rfdg.. Ser. C. 6. 192G 239.000 Missouri Paclfla R. R. Co. Consol. 1st Mtge. 6, 1920 8,000 Monongahela Rlv. R. R. Co. 1st Mtge. (Gtd.). 5, 1919 100.000 Nassau Electric R. R, Co.. 1st Consol. Mtge. (Gtd.), 4. 1951.. 1,405,000 N. Y. Cen. & Hud. R R. Co . 1st Rfdg. Mtge. 3H. 1997 600,000 N. Y. Cen. & Hud Rlv. R. R. Co. 30. r. Deb, 4. 1934 382.000 N. Y. Cen. & Hud. Rlv. R. R. Co , Mich. Cen. Coll . 3n. 199S.. 243,000 N. V. Central Lines. Equip. Tr. of 1910, 4, 1919 to 1924,. 105,000 N. Y. Central Lines, Equip. Tr. of 1912. 4V4'"o, 1919 to 1924.. 282,000 N. Y. Central Lines. Equip. Tr. of 1913. 4V4. 1919 to 19.'5.. 56,000 New York & Erie R. R. Co. Extd. (2rt) Mtge, 6, 1919 160.000 New York & Erie R. R. Co, Extd (3d) Mtge, 4, 1923.... 67,000 New York & Erie R. R Co , Extd. (4th) Mtge.. 5. 1920 460,000 N. V.. Lackawanna & Western R R. Co. 1st Mtge.. 6". 1921.. 37,000 New York Rys. Co. 30-yr. 1st Ileal Est. Ref., 4. 1942 112,000 New York Rys. 30-vr. adj. Mtge. Income, 5, 1942 50,000 Norfolk & West Ry. Co. 1st Cons. Mtge, 4, 1996 260,000 Norfolk & Wes. Ry. Co, Dlv. 1st Lien and Gen. Mtge. 41. 1944 181,000 Norfolk & West. Ry. Co. Equip. Tr., Ser. 1914. 4W. 1919 to 1921 Present Market Value 37.750 00 97,500.00 93,250 00 172,000 00 337.280 00 284.000 00 111,750 00 216,000.00 270.000 00 433,620 00 297,000 00 148.740 00 210,570 00 428,000 00 312,000.00 19.700 00 241.450 00 52,000 00 13,110 00 344.750 00 113,400 01) 71,226 00 20 625 00 4,975 00 135 300 00 73,875 00 155,430 00 63,480 00 41 (!4" 00 185,000 00 110,600 00 23,940 00 73,000 00 1,630.910 00 86,400.00 81,370.00 160,000 00 639 635 00 154,000.00 75,600 00 308,000 00 64,000 00 150.000 00 150,000,00 110,390 00 117,600 00 54.500 00 177.000 00 129,200 00 465,000 00 236,610 00 8,000 00 60,000 00 997,550.00 610 000 00 263,580 00 235,160 00 100,805 00 271,005 00 54,320 00 135,000 00 64 990 00 466,750 00 15,910 00 13,440 00 42,250 00 202,500 00 179,480 00 Par Value Dollars 200,000 Northern Pacific Ry. Co, Gen. Lien, Ry, & Land Grant. 37c 2047 Miii.niin Northern Pacific ll Co. Prior Lien A Land Grant, 41. 1997.. 320,000 Northern Pac. Ry. Co. (St. Paul-Duluth Dlv.), 4. 1996 750,000 Northern Paclflc-Gt Northern (C, B. & Q ), Joint 41. 1921.... 660.000 Oregon Short Line R. R. Co. 25-yr. Rfdg. (Gtd.), 41. 1929... 250.000 Oregon Short Line Ry. Co. 1st Mtge. (Int. Gtd). 61, 1922.... 171,000 Passaic & Newark Kite Trac. Co 1st Mtge. (Gtd.). 51, 1937.. 1,061.000 Pennsvlvanla Co, 1st Mtge., 4H. 1921 1,120,000 Pennsvlvanla Co.. Gold Ixan of 1916, 4,i1. 1921 616,000 Pennsylvania Co. (Coll. Trust), 15-25-yr. (Gtd), 41, 1931.... 289.000 Tenna Co. Gold Trust Ctfs. 3H, 1942 and 1944 200,000 Penna. & N. Y. Canal & R. R. Co . den. Cons. (Gtd.), 41, 1939 10.000 Pennsylvania R. R, Co, Consol Mtge.. B, 1319 46,000 Pennsjlvanla R. R Co., Consol. Mtge, 41. 1943 97.330 Penn It. R Co, Consol. Mtge, Sterling (20.000). 3H1. 1945. 158,000 Pennsjlvanla R R. Co . Consol. Sterling. SHI (Stamped), 1945 2,697,000 Tenna, R R. Co . Consol. Mtge, 4. 1918 350.000 Pennsjlvanla R. It. Consol Mtge. 4 HI. 1960 800.000 Pennsylvania R. It. Co. Geni Mtge. 4H1. 1965 707,000 Pennsylvania Gen'l Freight Equip. Tr., 4, 1919 to 1922 (Gtd ) 4 69,000 Pennsylvania Gen'l Freight Equip. Tr., 4 HI. 1919-1923 (Gtd.) 260,000 I'thlla,. Balto & Washington It. R. Co. 1st Mtge. 4. 1943.... 68,000 Phllirdelphla & Erie R. R. Co. General 1st Mtge, 41. 1920... 162,000 Phlla. & Erie R. It.. Gen. Mtge.. 61. 1920 301,000 Phlla. ft Erie R. R-, Consol, General 1st Mtge., 61. 1920 78,000 Phlla & Reading R. R. Co. Sink. Fd Ext.. 4, 1932 (Gtd.)... 1,276,000 Plttshgh . Cln , Chi. & St. Louis Ry. Co. Cons, 4 H. 1940 & 1943 46,000 Pittsburgh, Cln . Chi & St. Louis Rv. Co, Cons, 51,1945 (Gtd ) 780,000 Reading Co. and Phlla. ft Reading Coal & Ir. Co . Gtn . 41, 1997 232.000 Reading Co. Equip Trust. Scries F, 4 HI. 1919 to 19i6 715.000 Reading Co. (Jersey Central Coll.). 41, 1951 100,000 Rio Ornnde Western Ry. Co, 1st Tr. Mtge. 50-r.. 41. 1939.. 100,000 Rio Grande Western Rv. Co. 1st Cons Mtge. ED-yr.. 41. 1949. 250.000 St. L. Iron M'n & So Ry. Co. (Rlv. & Gulf Dlvs.). 1st. 41, 1933 416,000 South Carolina & Georgia R R. Co. 1st Mtge. 5 1919 600.000 Southern Pacific R R Co, 1st Rfdg. Mtge. 41. 1955 (Gtd.).. 96,000 Southern Pacific Equip, Tr, Series A, 4H1, 1919 to 1921 60,000 Southern Pacific Equip Tr., Series B, 4i, 1920 nnd 1921... 60 000 Southern Pacific Enulp Tr.. Series C. 4H1, 1919 nnd 1920.... 225,000 Southern Ry. Co. (St. Louis Dlv.), 1st Mtge , 50-yr., 41. 1961. 82,000 Southern Ry. Equip. Trust, Series L, 44. 1919 to 1921 250,000 Southern Ry. Equip. Trust. Series R, 51, 1910 to 1021 360,000 Southern Ry. liulp. Trust, Series S. 6, 1919 to 1921 500,000 Terminal R. R. Asso. of St. Louis. Gen. Mtge , Rfdg. Sink. Fd , 41. 1963 (Int and Sink. Fd. gtd) 250,000 Union Pacific R. R. Co. 1st Lien Rfdg., 41, 2008 60.000 Union Traction Co. of Indiana. 1st Gen. Mtge, 51. 1919 200,000 Union Traction Co. of Phlla . Sk. Fd Coll. Trust Mtge, 4, 1952 349.000 Wabash R. R. Co, 1st Mtge, 5, 1939 175 000 Washington Terminal Co.. 1st Mtge.. 3H, 1945 (Gtd.) 58.000 West Jersey & SeaBhorn It It Co. 1st Cons, 3H1, Ser. B, 1936 132,000 Western Pennsjlvanla R. R. Co . Consol. Mtge. 4, 1928 75,000 Wilmington & Northern R R Co . Stock Tr. Ctfs, 41. v 100,000 Wisconsin Central Rwy. Co, 1st Gen. Mtge, 41, 1919 MISCELLANEOUS BONDS 200,000 Connecticut Ry. & Ltg. Co. 1st & Rfdg. 4H. 1951 (Int. Gtd) 90,000 East Pittsburgh Improvement Co. 1st Mtge, Gold, 5, 1931. . 232,000 Gloucester Ferry Co, Ut Mtge. 5. 19J8 60,000 Kansas City Light and Power Co. 1st Mtge. 61, 1944 143,000 Lehigh Coal & Navigation Co. Coll. Trust. 4H. 1921 239.000 Lehigh Coal & Nav. Co, Fund & Impt 41, 1948. Series A.... 116,000 Lehigh A Wllkes-Barre Coal Co. Consol. Mtge, 41, 1920 350,000 Nor. & W. Ry. Co Pocahontas CI & C. Co . Joint 1st, 41, 1941 50,000 Springfield Ry. & Light Co. Coll. TruBt, 5. 1933 100,000 Welsbach Co, 30-r. Sink. Fd. Coll. Trust Mtge., 5, 1930.... Total Present Market Value. Present Market value 121,430.00 420,000 00 249,600.00 716.260.00 '659,000.00 263,750 00 159,030 00 1,034,475 00 1.080,800.00 539,000 00 220,440.00 176,000 00 9,900.00 41,400.00 80,000 00 132.720 00 2,379.460.00 332.50O.0O 708.000 00 690,970 00 463,875 00 226,000,00 65,680.00 149,720.00 301,000.00 68,640.00 1.179.105.0O 40,600.00 666,900 00 225,095.00 618,475 00 73,000 00 69,000 00 192,600.00 411,810.00 415,000.00 95,326 00 58,800.00 69,300.00 166,500.00 81,015 00 244,375.00 351,645.00 390,000 00 206,250 00 37.500.00 166,000.00 335,040 00 138.250 00 46,240.00 121.440 00 63,750 00 79,000 00 177,000.00 40.000 00 174.000.OO 48,000.00 137.280.00 210,320 00 142.100.00 302.750.00 32.500.00 94,000 00 .$53,328,471.50 BONDS AND STOCKS APART FROM INSURANCE GOVERNMENT. STATE. COUNTY and MUNICIPAL BONDS Par Value Preaenj,arket 376 360 IT. R. of America 1st Liberty Loan. Converted 4',i, 1947.... 362.212.75 100 600 U 8. of America 3d Liberty Loan. 4U4. 1928 96.676.00 797:000 U S TreasVy Ctfs of Indebtedness, 4H. 1-1S-19 to 6-20-19 797.000.00 100000 City of Chicago. 4. 119 !;";iii"'Yi'il J?2'2S2'22 250.000 City of-New York, Corporate Stock, 4, 1955 and 1958, 232,500.00 t RAILROAD BONDS (Including Street Railway) r.fi (in I) Atlantic City R. R, Gold. 51, 1919 65,440 00 21,760 00 107,500.00 390,220.00 2,640.00 79.800 00 96,120 00 83,000.00 4,275.00 40,000.00 83,000.00 107,840 00 15,1.00 476,00.00 426,000.00 275,200.00 " s- sW'ottf BatoVft OhE R CorvPbgh. JcLft MldTDIvXl-stV IXZ. 25 125 000 Balto. & Ohio R. IV Co. (S. W. Dlv.). Ut Mtge, 3V4. 1925... 436,000 Baltimore & Ohio R. R. Co.. Prior Uen, 3H54. 1925........... 3 000 Brooklyn. Bath & West End R. R. Co, Gen. 6. 1933 (Gtd.).. munnn itiifrlln & Husauehanna R. R. Corp. 1st Mtge. 4. 1963..... 103,000 Central of Oeorgle, Consol. Mtge, 5, 1945............ 100 000 Central Pacific Ry. Co, let Rfdg. Mlge. 4, 1949 (Gtd.) 6,000 Central Pacific ny. Mtge., 3H. im.... 100,000 Chicago ft Alton Ry. Co., 1st Lien 60.yr.. 3H. I960 100,000 Chicago, Burlington & Qulncy R. R. Co., Gen. Mtge, 4, 1958.. 138.000 Chicago. Milwaukee ft Puget Sound lty . lit Mtge., 4, 1949.. 21,000 Chicago, Mllw. ASt. P. Ry. Co, Gen. ftRfdg, Ser. A, 4H. 101 617,000 Chicago, Mllw, & St. Paul Ry, Co., Gen. Mtge., Ser. A, 47a, 19 500,000 Chicago, Mw, ft St Paul Ily., Gen. Mtf0., 4V4, lilt .'. . Y V J.Vm.9ffJHtJt. Par Value 331 000 Chicago, Mllw. & St. P. Ry. (Chic. & Pac. West. Dlv.), 61. 1921 46,000 Chicago & Northwestern Ry. Co, Coll Tr. Ext'd. 41. 1926.... 90,000 Columbus Connecting ft Terminal R. R, 1st Mtge., 5, 1922,. 20,000 Kaston & Amboy R. R. Co., 1st Mtge.. 5. 1920 250,000 Erie Railroad Co., 2 -jr. Sec. Notes, 61, 1919 306,000 Erie Railway Co. 1st Consol, 71. 1920 71,000 Great Northern Ry. (Canada), 1st Mtge, Gold, 4, 1934 (Gtd ) 129,500 Hudson ft Manhattan R. R. Co., 1st Lien Rfdg. Mtge 6, 1967 126,000 Hudson ft Manhattan It. R. Co., Ad. Income, 6, 1957 200.000 Kansas City Terminal Ry. Co, Secured Notes, 4Vi1. 1921 352,000 Lake Shore & Mich. So. Ry. Co, 25-yr. (deb.), 4, 192 in e ..o.,... 1920 (Gtd) 60.000 Lehigh ft Hudson River Ry. Co, Gen, B, 1920 (Gtd; san.nnn Lehlrh Vallev R. R. Co.. Gen. Consol. Mtge. 4. 2003 60,000 Milwaukee, Lake Shore ft Western Ry., 1st Consol. 6, 1921.. 66,000 Nassau Electrio R. R. Co. 1st Consol. Mtge. 4, 1951 (Gtd.).. 100,000 N. Y. Cent. A Hud. River R. It Co, 30-yr. Deb. t, 1934 41,000 N. Y. ft Erie R. It. Co. (Ext'd) 2d Mtge., 51, 1919 59,000 N. Y. ft Erie R. R, Co. (Ext'd) 3d Mtge.. 4H. 1923 18,000 N. Y. & Erie R. R. Co. (Ext'd) 4th Mtge., 5, 1920 160.000 N. Y. ft Erie R. R. Co (Ext'd) 5th Mtge., 4. 1928 25,000 N. Y., Lackawanna A Western R. R. Co., 1st Mtge, 81, 1921.. 300,000 N. Y., Lake Erie A Western It. It. Co, 1st Consol., 7, 1920... 108,000 Northern Paclfla Ily. Co, Prior Lien, 4, 1997 101,000 Northern Pacinc Great Northern (C, B. ft Q ), Joint 4. 1921 371.000 Oregon snort un n. jt jo, Kistr.. 4, :.., ............. I8,09 penn. to. jw Mttt., , itirfc M alette- tod of. tho -year, and ju I 344409 Chicago, Mllw, .ft St. .Paul lty. Qo. Present Market value 324.380.00 42.320.00 87,750 00 19,800.00 237,500 00 306,525.00 39,060 00 71,225.00 20,625 00 191.000 00 316,800.00 59,100.00 240,000.00 49,760 00 39,600 00 85,000 00 39,770 00 63,100.00 17,460 00 130,500 00 25,376 00 300,000.00 90,720.00 882,3(5.00 325, 640.00 15,100.00' Par Value Present Market Dollars Value 419,000 Pennsylvania R. R. Co, General Mtge, 4H1, 1966. 370,815 00 100,000 Participation In Purchase of 84,887,000 Philadelphia Ilapid Transit Co., 50-yr. S. F. 51 Bonds. 1920 100,000.00 57,000 South Carolina & Georgia R. It. 1st Mtge. 6. 1919 66,430.00 125,000 Southern Ry. Co. (St. Louis Dlv.), 1st Mtge, 50-yr., 41, 1951.. 92.(00 00 100,000 Southern Ry. Co, 2-yr. Sea Notes. 51, 1919 98.500.00 100,000 Terre Haute, Indpls, & Eastern Trac. Co, 1st & Rfdg, 51, 1945 84.000,00 250,000 Union Pacific it R. Co, 1st Lien & Rfdg. 4. 2008 206,250.00 95,000 Union Trac. Col of Phlla, Sink. Fd. Coll. Trust Mtge, 41,-1953 78,850.00 100,000 Wisconsin Central lty. Co. 1st Cen. Mtge, 41, 1949 79,000.00 MISCELLANEOUS BONDS 20,700 East Pittsburgh Improvement Co, 1st Mtge., 5, 1931 , 69,000 Public Service) Corp. N. J., 6-yr. Coll Notes. 6, 1919 zov.uuu t. josepn ny.. i-i.. neat i to., isi citge., ovt.. iji 250,000 United Gas Improvement Co, Gold Notes, 61, 1919 STOCKS 30,000 300 shares Central National Bank (of Philadelphia) 420,000 4200 shares Federal Reserve Bank ot Philadelphia. t0 Paid. (0,000 600 shares Missouri Pacific It, R. Co., Pfd. V. T. Ctfs....,..., 100,000 10,000 shares The United Gag Improvement Co,,...., jf Total Present Market VaJue.fi.. ... tltMtt 9,200.00 67,(20 00 , 176.000 00 .,- ? OOOJi'SrE , f- .if' 124.600.0lM 91A ooa aa-c . 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Significant historical Pennsylvania newspapers