The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fin a tir ta l
T V
o m tm r r i#
I N C L U D I N G
R a ilw a y &
B a n k & Q u o t a t i o n S e c tio n
R a ilw a y
E a r n in g s
V O L .
B a n k e r s' C o n v e n tio n
S e c tio n
S A T U R D A Y ,
92.
(Elxvamtlx.
PUBLISHED WEEKLY.
Terms of Subscription—Payable in Advance
E le c tr ic R a ilw a y S e c tio n
I n d u s t r i a l S e c tio n ^
A P R IL
S ta te
S e c tio n
1
and
C ity
N O .
1911.
S e c tio n
2388.
Week ending March 25.
Clearings al1910.
Inc. o r
Dec.
1908.
%
S
257,194,629 273.353,234 — 5.9 246,666,395 223,947,83$
C h ica go......... ..
22,135,100
20,972,050 + 14.0
23,684,800
23,899,450
Cincinnati.........
+ 4.5
15,254,770
15,285,575
15,884,640
15,976,020
C le ve la n d ---------99
E u rop ean'S iil)scripV ion‘ Vincl«<VinK p o s t a g e )...........- - - - - - ...........................
15,657,024 + 11.2
12,087,158
11,248,246
17,417.465
D etroit________
E uropean Subscription s ix months (including postage).......................
7 BO
+ 0.6
10,096,840
12,005,993
8,708,465
12,077.454
Milwaukee-------Annual S u b s crip tio n in L on don (in clu d in g p osta ge).. ......................f f
'
—10.2
5,968,119
8,023,048
5,794,507
7,208.518
Indianapolis-----Six M on th s S u b s crip tio n in L on don (in c lu d in g p o s t a g e )........................- t t l i e
5,939,800
5.435,700 — 7.9
4,342,800
5,004.700
Columbus . .
Subscription (including p o s t a g e )............................................ uu
4,289,641
+ 7.8
4,326,096
3,413,005
4,661,854
T o le d o .........
2,465,057
2,915,685 + 11.7
2,570,880
3,256,331
Subscription includes follow ing Supplements
P e o r ia ......... ........
+ 6.0
1,948,180
1.704.679
2,234,478
2,367,174
Grand R apids__
B VNK AND QUOTATION (m o n th ly )
! S path AND C it y (sem i-an n u a lly)
1,236,42#
1,622,509
2,003,963 + 0.06
2,005,181
D
a
y
t
o
n
-----E lkcthio R ailw ay (3 times yearly)
r a i l w a y a n d I n d u st k ia l (q u a rte rly )
1,699,290
1,579,942
1.963.636 + 10.9
2,177,126
vansvllle .
B
an
kers
’
convention
(yearly)
442,002
R a il w a y E a r n in g s (m o n th ly )
401,243'
617,852 —0.9
612,430
Kalamazoo .
+
5.4
934,090
740,000'
1.016.637
1,071,539
Springfield, 111 -
725,617
758,819’
1,023,521 —6.1
961,869
Fort W a y n e -----657,303
547,648’
686,090 + 49.0
1.022,207
Transient matter per inch space (14 agate linos)...................................... f f 20
exlngton . .
716,783
880,629'
791,572 +28.6
( Tw o Months
(* tim es).......................... 22 00 Y ou ngstow n-----1.017,807
772.276
730,181
907,379 + 10.5
Three Months
(13 tim es).......................... 29 00 Rockford . .
1,002,645
Standing Business Cards
642,039
545,391
+ 6.9
Six Months
(20 tim es).......................... g() 00
607,980
649,915
Bloomington
471,292'
534,689
728,326 — 12.3
Tw elve Months (52 tim es)............................
on
639,002
Q uincy.........
575,000
420,000'
2.6
886.150
863,400
CHICAGO O F F IC E —Pliny B artlett,513 Monadnock Block; Tel. H arrison 4012 A k r o n _____
577,490
373,380'
—9.4
999,376
905,154
Canton_____
LONDON O FFIC E —Edwards & Smith, 1 Drapers’ Gardens, E. C.
342,399
394,050
450,340 —9.4
409,162
D e c a t u r ___
329,868
427,648
512.188 — 15.3
W I L L I A M : IS. D A N A C O M P A N Y , I » u b H B li e r s ,
433,770
Springfield, O ___
303,046
381,984
+ 5.3
453,043
476,868
South Bend.
P.
958.
F r o n t , P in o a n il D e p e y s t e r S ts .,
N ow Y o r k .
275,023
264,365
357,857 — 7.5
330,872
Mansfield_______
259,874
328,708
448,170 — 2.7
435,911
Danville____
271,990*
315,814
+
10.0
350,000
Published every Saturday morning by WILLIAM B. DANA COMPANY
385.000
Jackson ____
226,102
245,510
297,834 + 15.0
Jacob Seibert Jr., President and Treas.; George 8. Dana and Arnold G. Dana
342,579
Jacksonville, 111.
100,074
153,107
—
9.8
208,096
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company
[
187,644
Ann A r b o r ..
34,877
33,168
65,034
20,191 +222.0
Adrian ________
255.000
239,623
237,287 + 17.7
279,161
L i m a ______
+
0.9
594,809
600.000
Saginaw . . .
372,855 Not Included In total
L ansing____
C L E A R I N G -H O U S E R E T U R S .
365,938,571 376,371,100 —2.8 339,482.474 312,234,713
Tot. M id.W est
The following tabic, made up b y telegraph, & c.. Indicates that the total
25,742,114
bank clearings of all clearing houses of the United States for week ending San Francisco___
32,846,111
40,913,901 + 13.5
46,454,525
8,320,227
April 1 have been $2,772,032,009, against $2,738.4o0,24o last week and Los Angeles_____
12,179,446
16,100,000 + 11.7
17,995,527
6,563,729
9,282,457
12,249,524 — 17.1
10,156.583
Seattle -----5,417,060
6,611.522
8,330,841 + 28.8
10,729.578
P o r tla n d __
3,822,354
5,380,629
+ 6.7
5.751.317
6,137,738
Salt Lake City___
Per
2,666,640
Clearings—Returns by Telegraph.
—
15.2
3,545,595
3,925,041
4.625,746
Spokane..............
Cent.
1910.
1911.
3,758,725
5,063,094
Week ending April 1.
5,190,094 — 10.9
4,626,101
T a co m a ----------1,228,731
2,784,621
1,632,485
2,729,490
$1,576,039,183 — 22.7 Oakland________
$1,217,968,860
623,141
+
14.2
1,227.065
801,158
1,401,825
New York........
148,733,489 — 10.6 Sacramento____
133,018,014
750,00#
1,305,224 + 18.8
640,939
1,550,000
B oston_______
San D iego.........
—
15.4
123,314,826
104,265,581
— 13.4
992,161
859,524
Philadelphia . . .
Pasadena_______
— 1.4
24,272,029
23,830,856
458,064
+ 6.9
679,780
726,546
Baltimore_____
F resn o________
—
8.7
232,574,657
212,416,088
332,934
381,573
461,441 + 27.2
C hicago---------587,030
— 4.0 Stockton ............
57,564,347
55,243.362
390,147
St. Louis..........
511,397 — 13.7
441,335
—9.9 North Yakima .
15,529,674
13,995,747
378,379
347,605
+ 2.3
New Orleans- -427,571
437,477
San Jose..............
204.304 + 14.2
233,386
$1,760,738,508 $2,178,028,205 — 19.2 R e n o ........... —
Seven cities, live days.
59,604,034
79,563,625
+ 7.1
108.991,706 101.754,987
— 1.8
489,746,374
Total Facifle.
481,017,263
Other cities, live days----32,221,036
41.677,845
52,114,772 —6.9
48,531,715
Kansas City —
17,819,024
16,674,449
$2,667,774,579 — 15.9 Minneapolis____
17,808,869 —3.3
$2,241,755,771
17,225,406
Total all cities, five days.
17.022,191
—
24.5
13,976,411
702,318,911
—
16.9
530,276,298
17.290.978
14,367,547
All cities, one day................
O m a h a..............
8,339,428
9,952,608
10,605,532 + 13.1
11,995,854
St.
Paul.............
6,757,190
9,071,078
$2,772,032,069 $3,370,093,490 I — 17.7 D e n v e r .............
9,524,910 — 17.9
7,819,876
4.996,335
6,244,021
+
13.2
6,925,810
7,837.445
The full details for the week covered b y the above will be given next Sat St. Joseph-------2,886,268
3.441,220
4,378,853 —3.8
4,210,915
Des
M
oin
es___
urday. W e cannot furnish them to-d ay, clearings being made up b y the
2,256,568
2,689,430
—27.1
3,394,460
2,473,743
clearing houses at noon on Saturday, and hence In the above the last clay of Sioux C ity-----1,508.065
2,532.386
+ 2.7
3,049,648
3,133,278
W ich ita ...........
the week has to be In all cases estimated, as we go to press Friday night.
3,534,844 — 27.0
2,582,471
D
uluth..............
YVe present below detailed llgurcs for the week ending with Saturday
1,244,771
1,368,652
—
11.7
1,513,697
1,336,133
Lincoln ______
967,582
noon, March 25, for four years.
1,269.925
1,459,998 — 13.4
1.272,054
D avenport...........
843,993
1.098,922
1,365,308 + 15.6
1,578,284
Topeka ________
721.277
839,228
—
26.4
1,476,205
1,086,041
Cedar R a p id s___
Week ending March 25.
600,000
553,803
560,966 — 5.2
531,825
Colorado
Springs
Clearings «f—•
480,950
488,205
—
7.5
622,325
575,206
Pueblo — .........
Inc. or
314,564
337,916
—34.1
372,873
245,613
1908.
1909.
F r e m o n t............Dec.
405,089
846,691
898,105 —24.3
680.061
Fargo ..................
480,000
560,000
850.000 +31.7
1,119,468
Sioux F a lls .........
%
S
1,005.418 + 15.7
1,163,815
,476,033,620
,315,617,490
W
aterloo
...........
—
8.7
1
660,762,705
1,520.933.679
New York..........
509,732
802,327
+
7.8
780,841
842,126
107,817,674
104,599,634
Helena
________
+8.0
133.859.191 123,930,451
Philadelphia___
137,981
173,392
200,080 — 56.4
87,218
46,770,209
38,533,738 B illin g s................
44,046,441 + 11.0
50,475,075
Pittsburgh..........
+5.1
180.000
189,179
23,820,725
20,233,766
H
a
stin
gs_______
+
19.9
24,388,912
29,256,336
Baltimore_____
—2.1
376.612
368,797
7,820,732
6,937,349
Aberdeen_______
+ 2.7
8,822,269
9,058,834
Buffalo________
95,512,030
5,023,723
5,083,583
—6.4 114,598,509
6,581,767 —2.8
131,252,070 140,224,899
6,397,274
Tot. oth .W cst.
Washington___
4,126,992
4,877,327
56,390,770
5,129,911 — 3.7
58,858.812
4,940,874
+ 4.7
Albany________
68,917.205
72,128,254
2,805.433
2,550,621 St. Louis..............
14,423,053
+3.7
3,052,155
13,875,463
+ 11.5
Rochester_____
3,166,558
15,242,986
16,988,734
New
Orleans-----2,336,848
1.908.707
10,018,744
2.172,958 + 16.6
12,225,808
Scranton.......... .
+
16.8
2,533,854
11,669,302
13,626,604
1,711,546
1,759,448 L o u is v ille -----10,905.363
1,823,182 + 11.8
14,504,460
Syracuse..........
2,039,415
12,868,758 — 16.1
10,800,000
H
o
u
s
t
o
n
.........
1.345.959
1,242,699
+ 1.8
6,182.000
1,373,016
Reading_______
1,398,690
6,265,500
+
8.8
6,328,500
6,884,500
G
alveston
-----1.213.959
1,125,793
+ 2.1
5,175,857
1,383,914
Wilmington____
1.412,262
5,883,109
—
3.8
7,255.604
6.978.390
1,205,288
1,031,429 Richmond .........
4,444,214
1,148,222 + 12.8
Wilkes-Barre . .
1,295,403
5,649,406
6,481,230 — 14.0
5,573.250
Fort
W
orth.........
1,285,271
1,199,473
4,861,164
1,984,235 —20.0
Wheeling ........
1,588,591
5.117,596
—9.2
6,471,046
5,879,005
M em phis____
1,237,765
+ 5.0
3,821,625
1,225,383
1,280.949
Trenton ______
4,422.840
9,524,217 + 13.5
10,812,498
1,120,039
~84L24,’ A tla n ta .........
+2.2
2,620,203
979,934
1.000,000
Harrisburg----3,297,653
+ 3.9
3,731,939
3,592,325
Savannah
............
745.824
700,227
2,860,434
859,500 —2.6
836,462
3,980.602
York ................
4,116,322
3,410,354 +20.7
614,970
507,237 Nashville ............
671,562 + 14.1
1,914,360
766,316
2,762,060
E rie__________
3,202,360
2,744,813 + 15.4
396,300
394,900 N orfolk . . .
1,868,877
367,100 + 27.3
4071900
Binghamton;...
1,945,615
—0.3
2.315.000
2,322,861
Birm
ingham
-----350,000
361,688
+ 9.3
481,346
1,296,748
526,107
1,934,076
Grecnsburg----+
30.9
2,293,248
1,752,012
484,624
Augusta------------410,53
1,317,541
553,040 — 13.9
476,570
1,653,889
Chester............
2,719,529
2,195,831 +23.9
322,376
357.799 Jacksonville - 1,246,234
1,255,100
309,462 + 10.3
407,915
+
1.0
Altoona............
1,345,300
1,343,301
211,797
228,935 M o b ile _______
1,357.404
219,551
1,576,601
222,803 — 1.5
+
12.9
Franklin..........
1,813,445
1,605,076
K noxville ...........
1,117,705
1,396,781
+ 6.7
1,717,583
1,610,125
Little
ltock
1,175,792
1,054,860
+ 1.1
Total Middle- 1,774,343,806 1,898.330,361 —6.5 1,689,407,740 1,510,503,628 Chattanooga —
1,693,986
1,675,860
1,166,160
1,267,685
—11.8
1,760.892
1,552,793
151,302,414 —0.4 145,436,531 120.437,990 Charleston .
923,049
150,793,
1,365,913
Boston ..............
2,262,929 —12.0
1,990,641
5,806,900
4,847,200 Oklahoma - 473,147
6,675,500 —3.9
6,413,
617.911
+
263.2
Providence____
850.000
3,087,425
2,984,291
M a c o n .........
2,630.76::
+6.0
3,764,
3,552,469
462,339
545.456
Hartford_______
1,308.168 + 91. ‘
2.500.000
A
u
s
tin
..................
2,064,417
1,706,745
+
9.0
2,210,151
275,000
2.442,
+27.7
307,490
New Haven____
500,661
639,278
W
ilm
ington,N
.C
.
1,694,400
1,532,235
+ 8.7
1,890,545
2,054,
276,580
— 25.2
245,848
318,641
Springfield_____
238,304
Vicksburg
1,289,873
1,354,050
1,451,880 + 25.9
1,827,
292,520
Portland_______
425.000 + 10.
468,000
Jackson
------------1,234,500
1,242,33
—
1.1
2,122,857
2,092,
+
3
.
202,480
Worcester______
281,405
290,082
957,631
846,367 M eridian______
888,997 +36.1
1,209,
Fall River_____
_ _
Not Included In total
592,904
686,040
685,078 T u ls a _________
1,008,571 —20.0
855,
New Bedford__
629,663 Not Included In total
449,589
362,659 M u sk o ge e .........
+ 3.2
559,230
577,
Holyoke..............
+6.
152,617,600
423,170
IS5.3S6.470 ~ 171.749.192
376.347
509,555 —0.6
Total Southern
506
Lowell_________
— 4.4 2.538,7577296
2,738,450,245 2,863.758,708
Total
all-----Total New Eng. 172,537,622 172.322,169' + 0.1 103.087,348 136.021.768
-1.7T.065.523.676 934.720,986
1,217,516,500 1.196.995,9 43
Outside N. Y
For Ono Year ................................................................ 00
Canadian
Terms of Advertising—Per Inch Space
—
O. Box
—2.0
Note.__For Canadian clearings see "Commercial and Miscellaneous News.”
T H E C H R O N IC L E
834
[VO L. L X X X X I I .
t h a t D e m o c r a t ic v ic to r ie s c o n tin u e n e a r ly a ll o v e r t h e
THE FINANCIAL SITUATION.
c o u n t r y , a t lo c a l e le c tio n s o f o n e k in d o r a n o t h e r , n o t
R u m o r is a g a in a s s e r t iv e , a n d th e p o s itiv e s t a t e m e n t
w it h s ta n d in g t h a t t h e D e m o c r a t s h a v e d o n e n o t h in g
is b e in g m a d e t h a t t h e lo n g -a w a it e d d e c isio n s o f th e
to d e se r v e t h e m .
U n it e d
th e s u r fa c e c a n fin d re a so n s e n o u g h fo r th e a t t it u d e
S t a t e s S u p r e m e C o u r t in t h e ca se s in vo lv in g -
B u t a n y o n e w h o ch o o se s to lo o k b e lo w
in te r p r e ta t io n s o f t h e A n t i -T r u s t L a w o f 1 8 9 0 w ill b e
o f t h e v o t in g
fo r t h c o m in g n e x t M o n d a y .
m in e d o p p o s itio n t o th e p o litic a l p a r t y w h ic h h a s b e e n
A s a c o n s e q u e n c e a fe e l
c o m m u n it y in m a n ife s tin g su c h d e te r
in g o f n e r v o u s n e s s is a g a in m a n ife s t a s t o w h a t m a y
d o m in a n t so lo n g in a ffa irs.
f o ll o w th e a n n o u n c e m e n t o f th e s e im p o r t a n t d e c isio n s.
o f la s t y e a r a n d
W e see n o r e a s o n w h y a n y d ire c o n s e q u e n c e s sh ou ld
s io n ’ s
r e s u lt .
m a k in g lo ts o f o p p o s itio n v o t e s .
If
th e j u d g m e n t
o f th e
C o u r t s h o u ld
be
in
f a v o r o f th e fo r m o f in d u s tr ia l o r g a n iz a tio n w h ic h h as
g r o w n u p in th is c o u n t r y , all w e ll a n d g o o d .
r u lin g s
th e
under
T h e n e w R a ilr o a d L a w
I n t e r -S t a t e C o m m e r c e C o m m is
th e
sa m e
have
m ade
and
a re
T h is h a s r e fe r e n c e
n o t m e r e ly t o th e la rg e in v e s to r w h o fe e ls t h a t h is in
That
te r e s ts a re b e in g je o p a r d iz e d , b u t is tr u e a lso o f th e
w o u ld b e o n e c lo u d r e m o v e d fr o m th e in d u s tria l h o r iz o n ,
s m a ll in v e s to r s , w h o in d ir e c tly are d e e p ly c o n c e rn e d in
t h o u g h it m a y w e ll b e d o u b te d w h e th e r , u n d e r p r e se n t
th e w e lfa r e o f th e ra ilr o a d s b y r e a so n o f th e fa c t t h a t
c o n d it io n s , a n y
of
t h e s a v in g s in s tit u tio n s in w h ic h t h e y h a v e d e p o s ite d
T h e p r e se n t
th e ir m o n e y h o ld la rg e a m o u n ts o f r a ilr o a d s e c u r itie s .
in e r tia h a s d e e p c a u s e s a n d th e d is p o s a l o f th e A n t i
I n N e w E n g la n d a n d t h e M id d le S t a t e s s a v in g s d e p o s it s
im m e d ia te
or
pronounced
a c t i v i t y c o u ld e v e n t h e n b e c o u n te d o n .
r e v iv a l
T r u s t ca se s w ill h a r d ly b e s u ffic ie n t in a n d b y its e lf
are v e r y la r g e , b u t it is p r e c ise ly th e
to rem ove th e m .
S t a t e s t h a t h a v e b e e n r o llin g u p a lo n g lin e o f D e m o
I f , o n th e o th e r h a n d , th e c o n c lu
s io n s o f th e S u p r e m e C o u r t s h a ll b e d e s tr u c tiv e o f th e
fo r m
o f in d u s tr ia l o r g a n iz a tio n
le a s t
doubt
w ill h a v e
been
w ill g o o n ju s t th e s a m e .
a s it n o w
rem oved
and
e x ists,
th e
c r a tic v ic to r ie s a t lo c a l e le c tio n s .
T h e n th e r e is t h e C o r p o r a tio n T a x , w h ic h h a s j u s t
w o r ld
b e e n s u s ta in e d b y th e U n it e d S t a t e s S u p r e m e C o u r t .
T h e p r o b le m o f p r o v id in g a
w a y o u t o f th e d ile m m a w ill b e fo u n d .
E n g la n d
at
s a t is fa c t o r y s u b s tit u te m a y b e a d iffic u lt o n e , b u t s o m e
t i m e , n o o n e w ill lo se h is p r o p e r t y .
N ew
I n th e m e a n
I f le g is la tio n is
I his h its n o t a lo n e th e b ig c o r p o r a t io n s , w h ic h
can
e a s ily s t a n d th e t a x , b u t it h i t s , t o o , th e s m a ll p r iv a t e
c o r p o r a tio n s ,
w h ic h
are
th r o u g h o u t th e la n d .
so
num erous
everyw h ere
M o r e t h a n th e t a x its e lf , t h is
n e c e s s a r y t o h e lp a lo n g , C o n g r e s s w ill b e in s e ssio n t o
l a x L a w is re se n te d b e c a u se it is re g a r d e d a s a n in tr u
p r o v id e it.
sio n
The
m e r c a n tile
and
fin a n c ia l
c o m m u n it y
has
re
upon
th e
p r iv a c y
of
e v e r y -d a y
c o n d u c te d in th e c o r p o r a te f o r m .
b u sin e ss
w hen
T h is r e s e n t m e n t is
c e n t ly b e e n c a lle d u p o n t o e n d u r e a n u m b e r o f s e v e r e
d e e p , a n d w e p e r s o n a lly k n o w o f m a n y R e p u b lic a n s w h o
b lo w s a n d h a s n o t s u c c u m b e d
r e g iste re d
w ill
in
lik e
m anner
s u r v iv e
u n d e r t h e s tr a in .
th e
sh ock
d o w n b lo w in t h e A n t i -T r u s t c a s e s .
c a se s
s e t t le d
w h ic h
th e
I n t e r -S t a t e
s ix
w eeks
ago
r e a lly
of
a
It
knock
T h e ra ilr o a d r a te
C om m erce
i n v o lv e d
C o m m is s io n
q u e s tio n s
of
as a r u le , p r o c la im
e ffe c tiv e .
sh o u ld
p r e t a tio n o f th e A n t i -T r u s t L a w , t h o u g h w e h a v e no
Law
in te n tio n
b u s in e s s
th e
im p o r t a n c e
o f th e
la t t e r .
W i t h a fa tu o u s n e s s t h a t is d iffic u lt t o u n d e r s t a n d , th e
p r o te s t
la st
N ovem ber
a g a in s t
th e
S u c h p e rso n s d o n o t ,
th e ir in te n tio n s fr o m
th e h ou se
t o p s , b u t g o q u ie tly to th e p o lls a n d m a k e th e ir v o t e
fa r g r a v e r im p o r t t h a n th o s e e m b r a c e d in th e in te r
o f b e lit tlin g
th e ir
p a r t y r e sp o n sib le fo r t h a t la w .
I f , n o w , th e U n it e d S t a te s S u p r e m e C o u r t
fin d it im p o s s ib le to
excep t
in su c h
c o n str u e th e A n t i -T r u s t
a w ay
o r g a n iz a tio n s ,
as t o
th e n
we
sh atter
m ay
be
our
la rg e
su re
th a t
th e lo n g p r o c e ssio n o f o p p o s itio n v o t e r s w o u ld b e fu r
C o m m is s io n h a s e x e r c is e d th e a u to c r a tic p o w e rs c o n
th e r in c re a se d .
fe r re d u p o n it in a w a y t h a t c a n n o t fa il fo r a t im e to
b e a n y le ss ra d ica l th a n th e R e p u b lic a n s h a v e p r o v e d
N o o n e im a g in e s th e D e m o c r a t s w o u ld
e n g e n d e r d o u b t s a s t o th e s t a b i li t y o f ra ilr o a d in v e s t
th e m s e lv e s to b e , b u t th e r e is c o n fid e n c e t h a t in th e
m en ts.
w o r st
I n th e d is p o s itio n s h o w n t o lim it p r o fits , e v e n
t o t h e e x t e n t o f c u tt in g o ff in c o m e t o h e lp p a y in p a r t
p o s s ib le
c ir c u m s ta n c e
th e y
c o u ld
not
be
any
m o r e r a d ic a l, a n d in th e m e a n tim e th e o p p o s itio n v o t e r
fo r th e la rg e s u m s r e q u ir e d fo r c u rr e n t im p r o v e m e n t s
e n jo y s th e c o n sc io u sn e ss t h a t h is v o t e is b e in g m a d e
a n d b e t t e r m e n t s , t h e s t e a m r a ilr o a d fie ld h a s c e r ta in ly
e ffe c tiv e
b e e n m a d e less a t t r a c t iv e fo r c a p it a l.
a re th e ca u se o f all th e t r o u b le .
B u t every one
in
k e e p in g
out
of
pow er
th o s e
w h o se
a cts
is a lr e a d y t r y in g t o a c c o m m o d a t e h im s e lf t o th e n ew
s itu a tio n .
every
T h e s t a t e m e n t s o f e a r n in g s fo r th e m o n t h o f F e b r u
d ir e c tio n a n d th e e ffo r t w ill b e t o r e d u c e th e ill e ffe c ts
The
a r y issu e d th is w e e k b y th e E a s t e r n t r u n k lin es a n d
t o a m in im u m .
r a ilr o a d s
are
r e tr e n c h in g
in
D u ln e s s a n d s t a g n a t io n are t h e in
e v it a b le c o n s e q u e n c e s o f s u c h a s t a t e o f t h in g s .
C om
th e P a c ific ro a d s are v e r y d e p r e s s in g , b u t lo sse s t o th e
e x t e n t h ere d isc lo se d are n o t lik e ly , w e m a y b e s u r e ,
p e n s a t io n , h o w e v e r , is b e in g s o u g h t in o th e r d ir e c tio n s .
to c o n tin u e m u c h lo n g e r .
I n p referen ce t o s t e a m ro a d s c a p ita l is s e e k in g in v e s t
S ta te
m e n t fo r th e tim e b e in g in e le c tric r a ilw a y s a n d lo c a l t r a c
a d v a n c e r a te s w ere n o t a n n o u n c e d u n til th e la s t w e e k
C om m erce
T h e d e c isio n s o f th e I n t e r
C o m m is s io n
d e n y in g
a u t h o r it y
to
t io n p r o p e r tie s , a n d in e le c tric lig h t a n d p o w e r c o n c e rn s;
of F ebruary.
a ls o in m u n ic ip a l s e c u r itie s , th e o u t p u t o f w h ic h is o n
r e p r e se n t
a la r g e r sc a le t h a n e v e r b e fo r e .
I n th e m e a n t im e it is
h o p e o n th e p a r t o f r a ilro a d o ffic ia ls t h a t p e r m is s io n
w e ll e n o u g h to r e m e m b e r t h a t th is is a n a t io n w ith a
w o u ld b e g iv e n to o ffse t th e tr e m e n d o u s rise in o p e r a t
p o p u la t io n
o f o v e r n in e t y -fo u r m illio n s a n d t h a t th e
e v e r y - d a y w a n t s o f su c h a p o p u la t io n are su c h a s to
T h e r e tu rn s fo r t h a t m o n t h , t h e r e fo r e ,
o p e r a tin g
c o n d itio n s
w hen
th e r e
w as
in g c o st b y s lig h t ly h ig h e r s c h e d u le s o f r a t e s .
h o p e is n o w g o n e , a n d w h e th e r th e
m an agers
s till
That
lik e it
k e e p b u s in e s s fa ir ly a c t iv e e v e n if n e w e n te r p r ise is
o r n o t , t h e y w ill h a v e to c o n fo r m t o th is a lte re d s t a t e
fo r th e m o m e n t k e p t in t h r a lld o m t o th e p r e v a ilin g fe a r .
o f t h in g s .
T h is
m e a n s t h a t a d r a stic p o lic y
o f re
t r e n c h m e n t a n d e c o n o m y w ill h a v e t o b e in a u g u r a te d
We
T h e p o litic a l c o n s e q u e n c e s m a y b e m o r e s e r io u s .
w ith th e v ie w to lim itin g th e lo ss in n e t in e v e r y w a y
h a v e se e n n o a t t e m p t m a d e t o e x p la in th e fa c t
t h a t th e w it a n d in g e n u it y o f m a n c a n d e v is e .
>
835
THE CHRONICLE
A pr . 1 1911.1
a loss in
h o b b le t h e
g ro ss o n t h e E a s te r n lin e s o w n e d , o p e r a te d a n d c o n
dow n w ard.
T h e P e n n s y lv a n ia r e p o r ts fo r t h e m o n t h
b e tte r
fe w
in s te a d
and
keep
its le v e lin g
A n o t h e r c o n s id e r a tio n is t h a t t h e la r g e s t
tr o lle d o f $ 9 8 0 ,8 9 9 , w h ile a t th e s a m e t im e e x p e n se s
number
in c re a se d $ 3 0 , 3 5 4 , so th e lo s s in n e t o n t h e s e E a s te r n
th e id e a l o f o r g a n iz e d la b o r as th e la r g e s t e ffic ie n c y a n d
roads
r ea ch e s
$ 1 ,0 1 1 ,2 5 3 .
On
th e
W e ste rn
s y s te m
(a lso c o m p r is in g all ro a d s o w n e d , o p e r a te d a n d c o n
o f person s
t h e h ig h e s t w a g e .
at
w ork
p a id ;
t h e y d e m a n d a b o litio n o f
w a s fo u n d p o s s ib le to re d u c e e x p e n s e s t o t h e e x t e n t
o f $ 2 7 3 ,0 7 7 ,
m a k in g th e lo ss
in n e t $ 6 1 9 ,9 0 6 .
as
m uch
I n t h is in s ta n c e , t h e s tr ik in g b r ic k
m o n t h — in a m o u n t o f $ 8 9 2 ,9 8 3 — b u t
case it
been
la y e r s a re s o r r y t o s t r ik e , sin c e b o n u s e s fo r sp e e d w e r e
tro lle d ) th e r e h a s lik e w is e b e e n a lo ss in g ro ss fo r th e
in t h is
h a s lo n g
b u t th e in c o m p e te n ts m u s t b e p r o t e c t e d , a n d so
th e “ ta lly ” m ea su rem en t of
w o r k a n d r e tu r n t o t h e “ fla t ” r a t e .
The
For
a s s u m p tio n
w h ic h u n d e r lie s t h e n o t io n
about
s y s t e m , th e r e fo r e ,
“ p r e d a t o r y ” w e a l t h , a n d t h a t w h ic h see s a n in ju r y t o
E a s t a n d W e s t , w e h a v e a lo ss fo r t h is s in g le m o n t h o f
w o r k e r s in g e n e r a l t h r o u g h p e r m it t in g in d iv id u a l w o r k
F ebru ary
ers t o
th e
w h o le
P e n n s y lv a n ia
in
am ount
R a ilr o a d
of
no
le ss
th a n
$ 1 ,8 7 3 ,8 8 2
in
b e p a id
a c c o r d in g t o
th e q u a n t it y
a n d v a lu e
g ro ss a n d o f $ 1 ,6 3 1 ,1 5 9 in n e t .
T h e s h o w in g fo r th e
o f th e ir w o r k , r e st u p o n th e s a m e f a ll a c y ;
N ew
th e
a g g r e g a te q u a n t it y o f w e a lth in t h e w o r ld a n d o f w o r k
Y ork
C e n tr a l
is
of
m uch
sam e
c h a r a c te r .
th a t th e
T h e C e n tra l its e lf r e c o r d s a n in cre a se in g ro ss o f $ 1 7 6 ,
t o b e d o n e is a fix e d m a x i m u m .
4 8 4 , b u t a s th is w a s a tt e n d e d b y a n a u g m e n t a t io n in
th e r e w o u ld b e s o m e c o m m o n se n se in th e so c ia lis tic
I f th is w e re t r u e ,
e x p e n s e s in a m o u n t o f $ 7 5 3 ,1 4 8 , n e t h a s b e e n re d u c e d
d o g m a t h a t a c c u m u la tio n b y
in th e s u m o f $ 5 7 6 ,6 6 4 .
t io n t o a n o t h e r , a n d th e r e fo r e th e r e m u s t b e r e -d iv is io n s
I n c lu d in g th e a u x ilia r y a n d
c o n tr o lle d r o a d s , th e w h o le g o in g to m a k e u p th e N e w
System,
Y o r k C e n tra l
th e re is a lo ss in g ro ss fo r th e
all a ro u n d p e r io d ic a lly ;
a n d if t h e a g g r e g a te o f w o r k
to b e d o n e h a d a fix e d l i m i t , t h e n w h a t o n e g e t s w o u ld
be
m o n t h o f $ 1 3 7 ,7 6 1 a n d in n e t o f $ 1 , 7 4 1 ,6 2 0 .
o n e p e rso n is d e p r iv a
so
m uch
fr o m
w h ic h
so m e
o th e r
is
d ebarred .
th e t r a n s c o n t in e n ta l r o a d s , th e
S t ill, it is u se fu l t o h a v e a c o n c r e te e x a m p le o f t h e
A t c h is o n T o p e k a & S a n t a F e m a k e s a v e r y g o o d e x
re sista n c e w h ic h th e “ scien tific m a n a g e m e n t ” t h e o r y is
h ib it , in a s m u c h as th e fig u res r e g is te r a s m a ll in cre ase
b o u n d t o m e e t a s s o o n as a t t e m p t is m a d e t o a p p l y it
in b o t h g ro ss a n d n e t .
t o in d u stria l c o n d itio n s a s t h e y e x is t .
W ith
r eferen ce t o
P a c ific
and
th e
N o t s o , h o w e v e r , th e U n io n
S o u th e r n
P a c ific .
The
S o u th e r n
P a c ific fa lls $ 4 9 0 ,3 8 0 b e h in d in g ro ss a n d w a s a b le to
o ffse t th is b y a r e d u c tio n in e x p e n s e s o f o n ly $ 7 4 , 9 0 1 ,
le a v in g a lo ss in n e t fo r th e m o n t h o f $ 4 1 5 ,4 7 9 .
The
The
s h o r t ly
N ew
Y ork
upon
C o tto n
a m e n d m e n ts
Exchange
w ill
t o th e b y -la w s
v o te
th e
very
adop
t io n o f w h ic h , it is e x p e c t e d , w ill la r g e ly if n o t w h o lly
U n io n P a c ific lo s t $ 6 9 9 ,0 9 2 in g ro ss a n d c o n c u r r e n tly
a lla y c r itic is m o f its b u sin e ss m e t h o d s .
exp en ses
p r o d u c in g a lo ss in n e t
c o m p la in t t h a t m o r e fr e q u e n t re v isio n s o f t h e d iffe r
I t is to b e h o p e d t h a t
en ce s b e tw e e n th e v a r io u s g r a d e s a b o v e o r b e lo w M id
in c re a se d $ 4 5 , 5 5 7 ,
in th e s u m o f fu lly $ 7 4 4 ,6 4 9 .
we
have
see n
th e
la s t
e x h ib it s
o f su c h
e x t r e m e ly
T o m eet th e
d lin g sh o u ld b e m a d e , th e B o a r d o f M a n a g e r s w ill s u b
m it a n a m e n d m e n t p r o v id in g fo r re v isio n in F e b r u a r y
b a d c h a r a c te r .
as w e ll a s in S e p t e m b e r a n d N o v e m b e r .
T h e o b je c
A c c o r d in g t o a s p e c ia l d is p a tc h to th e “ T i m e s ,” fifty
t io n t o th e p ro fo r m a b ill is p r o p o s e d to b e m e t b y t h e
b r ic k la y e r s e n g a g e d o n th e w a lls o f a n e w p a p e r m ill a t
t a k in g o f th re e se ts o f s a m p le s w h e n c o t t o n is d e liv
H u d s o n F a lls , n e a r th e h e a d -w a te r s o f th e r iv e r o f t h a t
ered o n c o n t r a c t , in s te a d o f t w o , as n o w ,o n e o f w h ic h
nam e,
e x a m p le
w ill b e d e liv e re d t o th e b u y e r s o f c o t t o n s h o u ld t h e y
o f th e p r a c tic a l d iffic u ltie s o f in tr o d u c in g th e scien tific
fa il t o r e c e iv e th e c la ssific a tio n c e r tific a te a lo n g w ith
have
ju s t
fu r n is h e d
an
im p r e s s iv e
o p e r a tio n o f in d u s tr ie s , o f w h ic h c o n s id e r a b le h a s b e e n
th e b ill o n th e d a y o f d e liv e r y .
la t e ly s a id .
n e n t m e m b e r o f th e E x c h a n g e r e m a r k s , w ill c u re all
T h e c o n tr a c to r h a s p u b lis h e d in a tr a d e
v o lu m e th e r e su lts o f h is s tu d ie s in to th e p a r tic u la r
th e
w o r k o f b r ic k la y in g , w h ic h he s a y s h a s p r o ce e d e d w ith
th e lo n g d e la y in h a v in g c o t t o n c la sse d a fte r d e liv e r y
n o c o n s id e r a b le c h a n g e s d u r in g th e p a s t t w e n t y c e n
w as m ad e.
tu r ie s .
c o m p le t io n o f a n e w
H e fo u n d t h a t th e o r d in a r y w o r k m a n m a k e s
e ig h te e n
b o d il y
m o v em en ts
b e tw e e n
s e le c tin g
each
b r ic k a n d le a v in g it s e c u r e d in its p la c e , a n d he h a s
t r o u b le
w h ic h
w as
T h i s , as a v e r y p r o m i
e x p e r ie n c e d
la s t
sum m er
in
I t is o f in te r e s t to s t a t e t h a t th e r e c e n t
c la ssific a tio n r o o m
on th e roof
o f th e E x c h a n g e b u ild in g w ill g r e a t ly fa c ilita t e w o r k
h e r e a fte r .
su c c e e d e d in re d u c in g th e e ig h te e n m o v e m e n t s to fiv e ,
T h e o th e r r e fo r m s u r g e d in th e r e so lu tio n s o f la s t
t h e r e b y e n a b lin g a fir s t-c la s s w o r k e r t o la y 3 5 0 b r ic k s
w e e k are b e in g d is c u s s e d , b u t n o d e fin ite a c tio n h a s
p e r h o u r , w ith less fa tig u e t h a n a th ir d o f t h a t n u m b e r
b een ta k en
p r o d u c e d u n d e r th e a n c ie n t m e t h o d .
U n d e r h is a p p li
a d o p tio n o f th e a m e n d m e n t s t o b e s u b m it t e d A p r il 4 ,
c a tio n
th is m ill w o r k ,
t h e m o s t im p o r t a n t m a t t e r s c o m p la in e d o f w ill h a v e
of
c a r p e n te rs
th e im p r o v e d
w ho
had
m eth o d s to
been
e a r n in g 3 5
c e n ts
an
hour
ex cep t as a b o v e sta te d .
b e e n a d ju s t e d .
S t i ll, w ith
th e
A s r e g a r d s th e a d o p tio n o f t h e G o v
g e t 3 8 , a n d m o r e s k ilfu l o n e s rea ch 4 5 a n d 5 0 .
The
e r n m e n t s ta n d a r d s o f g r a d e s , it is c o n te n d e d t h a t a s
la y e r s o f b ric k s p e r m it te d th e m e t h o d t o b e tr ie d ;
but
th e n in e t y p e s o ffic ia lly fix e d a re a p p lic a b le o n ly t o
a fe w w h o w ere r a te d a t th e m in im u m o f 5 5 c e n ts a n
c o t t o n g r o w n in t h e G u lf a n d S o u th w e s te r n S t a t e s , a
h o u r b e c a m e je a lo u s o f th o s e w h o g o t 6 5 a n d 7 5 , a n d
G o v e r n m e n t s t a n d a r d h a s n o t in r e a lity b e e n e s t a b
th e y
lis h e d .
got
th ro u gh
th e
u n io n
a
v o te
a g a in s t
it
and
I t is h o p e d , h o w e v e r , b y c o n fe r e n c e w ith t h e
D e p a r tm e n t
fo llo w e d th is u p b y s t r ik in g .
T h e e x p la n a tio n is n o t c o m p le x .
I n a n y o c c u p a tio n
of
A g r ic u lt u r e ,
to
d e te r m in e
sta n d a rd s
t h a t w ill c o v e r fu lly all th e s ta p le ra ise d in th e c o u n t r y .
th e
F o r th e p u r p o se o f a c q u a in tin g th e n a tio n a l le g is
m i n o r i t y , a n d th e u n io n d e p e n d s fo r its o w n e x is te n c e
la to r s w ith th e ir v ie w s re g a r d in g v a r io u s b ills in im ic a l
u p o n th e m a j o r i t y .
th e
m ost
co m p eten t
and
m ost
e n e rg e tic
are
T o a id a n d sp u r th e m o r e b a c k
to o p tio n tr a d in g t h a t h a v e b e e n in tr o d u c e d , t h e m e m
w a r d to th e lin e o f th e b e t te r fe w is p r o g r e s s , b u t it is
b e rs o f th e C o t t o n E x c h a n g e te n d e r e d a b a n q u e t t o
n o t p le a s a n t a n d n o t e a s y ;
m em bers
h u m a n n a tu r e p refers to
o f C o n g r e ss
fr o m
N ew
Y ork
S ta te
at
th e
THE CHRONICLE
S3 6
W a l d o r f - A s t o r i a o n T h u r s d a y e v e n in g .
T h e o c c a s io n
[V O L . l x x x x i i .
D o m in io n , m o r e o v e r , h a s a re g u la r fo r c e o f m e n le c
v a r io u s
t u r in g in E n g la n d o n th e a d v a n ta g e s t h e c o u n t r y h o ld s
a s p e c t s o f m a t t e r s t h a t h a v e b e e n t h e s u b je c t o f d is
o u t , a n d t h e ir w o r k is s u p p le m e n t e d b y th e a c t iv it ie s
p e r m it t e d
an
in te r c h a n g e
of
v ie w s
on
c u s s io n a n d d e b a t e a t W a s h i n g t o n .
th e
T h e r e s u lt , it is
b e lie v e d , w ill b e h e lp fu l in d e te r m in in g th e co u rse o f
o f th e
e m ig r a tio n
B e a r in g u p o n
a g e n ts
o f th e
C a n a d ia n
r a ilw a y s .
th is m is s io n a r y w o r k in E n g l a n d , th e
c a b le a n n o u n c e d la s t w e e k th e d e p a r tu r e o f 2 5 0 l a n d -
le g is la tio n .
see k e rs fo r C a n a d a , n o n e o f w h o m p o sse sse d le ss t h a n
T h e m o v e m e n t o f a lie n s in to t h e U n it e d S t a t e s c o n
tin u e s u p o n a r e s tr ic te d s c a le .
T h i s is in d ic a te d n o t
$ 2 ,0 0 0 .
T h e y in te n d s e t t lin g o n fa r m s in A l b e r t a .
F rom
A n tw e rp
it
is r e p o r te d
th is
w eek
th a t
th e
o n l y b y th e o ffic ia l fig u re s fo r F e b r u a r y fo r th e w h o le
d iv e r sio n o f E u r o p e a n im m ig r a t io n fr o m
c o u n t r y , b u t b y th e r e tu r n s w h ic h w e h a v e c o m p ile d
S t a te s t o C a n a d a is m a t e r ia lly a ffe c tin g th e t r a ffic o f
fo r t h e p o r t o f N e w
A t la n t ic s t e a m s h ip lin e s .
C o n c u r r e n tlv
Y ork
fo r th e m o n t h
o f M arch .
th e r e t u r n m o v e m e n t o f fo r e ig n e rs h a s
fo r s o m e lit tle t im e b e e n r a th e r a b o v e th e n o r m a l.
It
fo ll o w s , t h e r e fo r e , t h a t th e in c re a se in p o p u la t io n fr o m
The
R ed
t h e U n it e d
S t a r lin e , th e r e
fo r e , h a s tu r n e d o v e r tw o o f its la r g e s t e a m s h ip s , h e r e
to fo r e
p ly in g
b e tw e e n
o p e r a te fr o m
A n tw e rp
R o tte r d a m
and
N ew
Y ork ,
to
t o C a n a d ia n p o r ts .
t h is s o u r c e is c o m p a r a t iv e ly m o d e r a t e fr o m m o n t h to
m o n th .
A c c o r d in g
to
th e
th e
G r a in circles o f th e c o u n t r y e x p e c t t h a t t h e in itia l
w e re o n ly 5 1 ,4 9 0
r e p o r t o f th e D e p a r tm e n t o f A g r ic u lt u r e o n fa ll-s o w n
o ffic ia l
a r r iv a ls o f a lie n s in F e b r u a r y 1 9 1 1
sta te m e n t,
( m a d e u p o f 4 2 , 8 7 0 im m ig r a n t s a n d 8 , 0 7 0 n o n -i m m i
c r o p s , d u e to a p p e a r o n M o n d a y , A p r il 1 0 , w ill r e v e a l a
g ra n ts),
c o n d itio n
t h is
c o m p a r in g
w it h
o f 1 9 1 0 a n d 8 1 , 9 9 2 in 1 9 0 9 .
0 0 ,0 7 2
in
th e
m o n th
T h e m o s t m a r k e d fa llin g
fo r A p r il
1 m uch
th e s a m e t im e a y e a r a g o .
m ore
f a v o r a b le
th a n
at
T h is o p t im is m is r e fle c te d in
o ff w a s in th e in flu x o f P o le s , w h ic h w a s o n l y 2 , 8 7 5 , or
th e m a r k e ts fo r w h e a t , w h ic h h a v e la t t e r ly d e v e lo p e d
b a r e ly
a s a g g in g
o n e -q u a r t e r
o f th e
1910
to ta l.
m o n t h s o f th e c a le n d a r y e a r 1 9 1 1
F o r th e
tw o
th e in w a r d m o v e
o ffic ia l
te n d e n cy .
report
m e n t o f a ll c la sse s o f a lie n s w a s 9 5 , 1 0 0 , a g a in s t 1 2 3 ,5 4 4
a n t ic ip a t io n ,
to
but
It
r e m a in s , o f c o u r s e , fo r t h e
a u t h o r it a t iv e ly
p e n d in g
its
c o n fir m
cu rren t
appearance
p r iv a t e
fo r th e p e rio d in 1 9 1 0 a n d 1 3 6 ,9 0 7 in 1 9 0 9 ; a n d fo r th e
a d v ic e s o f a re lia b le a n d
e ig h t m o n t h s e n d e d F e b . 2 8 t h t h e r e s p e c tiv e r e s u lts fo r
a ssu r in g .
t h e th r e e y e a r s w ere 6 2 4 , 4 7 9 ,
4 4 3 ,1 3 2 .
th e w h e a t fie ld s in th e e a r ly sp r in g e a c h s e a s o n fr o m
A g a in s t th is in flo w th e o u t w a r d m o v e m e n t o f a lien s
a lte r n a te fr e e z in g a n d t h a w in g , b u t th u s fa r th is y e a r
c o n t in u e s
fr e e ,
as
in tim a t e d
6 2 7 ,4 8 7
above,
and
th e
d e p a r tu r e s
o f ste e r a g e p a s s e n g e r s fo r th e e ig h t m o n t h s o f th e fiscal
c o n s e r v a tiv e
c h a r a c te r
a re
T h e r e is n a t u r a lly m o r e or le ss d a m a g e t o
th e in ju r y h a s a p p a r e n tly b e e n le ss th a n u s u a l.
A fe a tu r e o f t h e w in te r w a s th e e x t e n s iv e s n o w fa ll in
y e a r 1 9 1 0 -1 1 (J u ly l t o F e b . 2 8 , in c lu s iv e ) h a v in g b e e n
C e n tra l a n d W e s t e r n
a p p r o x i m a t e ly
e x t r e m e s o f t e m p e r a tu r e a n d c o n t r ib u t in g m a t e r ia lly
3 4 0 ,0 0 0 ,
th is
c o m p a r in g
w it h
o n ly
r e g io n s, g iv in g p r o te c t io n fr o m
2 3 3 ,7 7 9 in th e lik e in te r v a l o f 1 9 0 9 -1 0 a n d 2 9 0 ,0 6 3 in
to s u b -s o il m o is t u r e .
1 9 0 8 -0 9 .
a s m a ll a re a s h o w in g so lo w a v it a l i t y as t o n e c e s s ita te
D e d u c t in g th e s e t o t a l s fr o m th e a g g r e g a te s
I n f a c t , th e r e se e m s t o b e o n ly
o f a rr iv in g a lie n s , w e le a r n t h a t th e r e h a s b e e n a g a in
a b a n d o n m e n t t o o th e r c r o p s .
of
th e
tru e t h a t in a fe w lo c a litie s m o r e m o is tu r e w o u ld b e n e fit
a g a in s t
c o n d itio n a n d p r o m o te d e v e lo p m e n t , M a r c h w e a th e r
2 8 4 ,4 7 9
U n it e d
in
S ta te s
3 9 3 ,7 0 8
in
th e
th e
in
fo r e ig n -b o r n
th e
la t e s t
p o p u la t io n
e ig h t
of
m o n th s,
c o r r e s p o n d in g p e rio d
of
1 9 0 9 -1 0
and
been
g ro w th .
1 5 3 ,0 6 9 in 1 9 0 8 -0 9 .
N a t u r a l l y , w ith th e a p p r o a c h o f s p r in g , th e m o v e
m e n t o f a lien s in th is d ir e c tio n
fin d
has
fr o m o u r c o m p ila t io n
in c re a s e s .
Thus we
o f re s u lts fo r th e
port
of
N e w Y o r k t h a t t h e a r r iv a ls in M a r c h w e re m u c h h e a v ie r
q u it e
g e n e r a lly
U n d e r th e
F u r th e r m o r e , w h ile it is
c o n d u c iv e
c ir c u m s ta n c e s
to
s a t is f a c t o r y
e x p e c t a t io n
w in te r -w h e a t c o n d itio n p e r c e n ta g e fo r A p r il
of
a
1 b e tte r
th a n t h a t o f a y e a r a g o or 1 9 0 9 s e e m s w a r r a n te d .
It
sh o u ld b e n o t e d , m o r e o v e r , t h a t la s t fa ll’ s so w in g w a s
2 .5 %
in e x c e ss o f th e p r e v io u s y e a r .
•
t h a n in F e b r u a r y , a lth o u g h a p p r e c ia b ly le ss t h a n in th e
F u r t h e r m o r e , th e e x o d u s
T h e q u a r te r ly p e rio d ‘e n d e d la s t n ig h t h a s e n t a ile d
h a s b e e n la rg e r th is y e a r , s o t h a t th e c o m p le t e o ffic ia l
n o t th e s lig h te s t d is tu r b a n c e a t a n y o f th e im p o r t a n t
fig u re s fo r th e c o u n t r y as a w h o le s h o u ld s h o w a m u c h
fin a n cia l
sm a lle r n e t g a in t h a n th e 1 2 1 ,1 2 6 o f M a r c h 1 9 1 0 a n d
d u rin g th e n e w w e e k .
th e
s e ld o m
s a m e m o n t h o f 1 9 1 0 or 1 9 0 9 .
1 1 2 ,4 9 0
A s id e
of M arch
fr o m
th e
1909.
m e r e s t a t is tic a l
r e s u lts ,
th e r e
are
d e v e lo p m e n t s in t h is im m ig r a t io n q u e s tio n fr o m tim e
t o t im e t h a t p o ssess m o r e o r le ss g e n e r a l in te r e s t.
One
o f th e m o s t im p o r t a n t o f t h e s e a t th e p r e s e n t t im e is
cen tre s,
nor
in A m s t e r d a m a t 3 % %
in N e w
Y ork
fr o m W a s h i n g t o n .
been procu red a t 4 %
d u r in g
th e
ten
m o n th s
a le v e l t h r o u g h o u t
2% % ,
a n d in B r u sse ls a t 2 % % ; w h ile
call m o n e y h a s a v e r a g e d o n ly a sh a d e
above
th a t
fo r
in L o n d o n a t 2 % , in P a ris a t 2 % % , in B e r lin a t 3 % ,
a v a ila b le
I t s e e m s fr o m r e p o r ts m a d e b y th e
lo o k e d
B e g in n in g t o - d a y , b ills c a n b e n e g o t ia t e d
w h ic h d o e s n o t s h o w in th e o ffic ia l s t a t e m e n t issu ed
G overn m en t
c o m p lic a tio n s
fin ish e d M a r c h o n so lo w
th e w o r ld .
th e m o v e m e n t h e n c e t o C a n a d a a cro ss th e b o r d e r , a n d
C a n a d ia n
are
T h e q u o t a t io n s fo r m o n e y h a v e
s ix
at 3 % ,
m o n th s’
12
lo a n s
m o n th s’
have
u s u a lly
fa c ilitie s h a v e
been
la tt e r ly
a n d c o m m e r c ia l p a p e r h a s b e e n
d is c o u n te d n o t in fr e q u e n tly a t 3 % % .
T h e b a n k in g
e n d in g F e b . 2 8 la s t n o less t h a n 1 0 2 ,0 1 7 c ro sse d fr o m
p o s itio n in L o n d o n is u n u s u a lly s t r o n g .
th e U n it e d S t a t e s , th is b e in g a n in cre a se o f 2 6 %
over
o n h a n d is still n e a r th e $ 2 0 0 ,0 0 0 ,0 0 0 m a r k , th e re
T h is is th e
se r v e o n h a n d e x c e e d s $ 1 5 0 ,0 0 0 ,0 0 0 a n d th e ra tio o f
t h e lik e p e rio d o f t h e p r e v io u s fiscal y e a r .
r e su lt o f th e m e a n s C a n a d a e m p lo y s t o in d u c e im m ig r a
re se rv e
t io n .
w h ic h h a v e b e e n b u t r a r e ly e x c e e d e d a t t h is se a s o n in
sta te d ,
T h e C a n a d ia n D e p a r t m e n t o f I m m i g r a t i o n , it is
m a in t a in s
sev en tee n
a g e n cie s
in
th e
U n it e d
S t a t e s , s c a tte r e d fr o m B o s t o n t o S p o k a n e , p r e p a r e d a t
all t im e s t o fu r n is h n e e d e d
in fo r m a tio n t o
th o s e in
te n d in g t o t a k e u p re s id e n ce in th e D o m in io n .
The
to
lia b ilitie s
fo r m e r y e a r s .
sta n d s
at
T h e b u llio n
4 6 % % — all
fig u res
F r a n c e h as all a lo n g e n jo y e d a b u n d a n t
su p p lie s o f c h e a p m o n e y a n d h a s b e e n a b le t o t a k e
a d v a n ta g e o f th e h ig h e r r a te s w h ic h h a v e r u le d d u r in g
recen t m o n t h s
in
B e r lin
and
L o n d o n , th o u g h
w it h -
A m . 1 191 l.J
d r a w a ls h a v e b e e n m a d e fr o m t h e la tt e r c e n tr e .
p u t e h e n c e fo r th b e tw e e n a n y E n g lis h -s p e a k in g p e o p le s
I t is
le a r n e d t h a t a s h ip m e n t o f u p w a r d s o f $ 4 0 0 ,0 0 0 co n
im p o s s ib le
siste d o f E n g lis h s o v e r e ig n s , t h e lo a n h a v in g b e e n re
d is c r e d it a b le .”
it
w as
g r a n te d .
The
sta te
o f th e
and
b e tw e e n
any
o th e r
c iv iliz e d
n a t io n s
P r e s id e n t T a f t s e n t h is fe lic ita tio n s .
T h e p u b lic r e sp o n se in b o t h c o u n tr ie s t o t h e s u g g e s
im b u r s e d b y t h e B a n k o f E n g la n d in t h e s a m e coin in
w h ic h
837
T H E C H R O N IC L E
t io n t h a t a p e a c e p a c t b e e n te r e d in to h a s b e e n a n d
exchanges
b e tw e e n L o n d o n a n d P a r is d o e s n o t s u g g e s t a d d itio n a l
c o n tin u e s to b e m o s t e n t h u s ia s t ic .
g o ld m o v e m e n t s fo r t h e p r e s e n t.
I n t h e B r itis h P a r
T h e B a n k of F rance
lia m e n t a g e n e r a l c o m m it t e e r e p r e s e n ta tiv e o f a ll p a r
th is w e e k r e p o r te d a lo s s o f $ 1 ,9 0 0 ,0 0 0 g o ld a n d in
tie s is b e in g fo r m e d t o s u p p o r t t h e m o v e m e n t , w h ile in
crease s o f $ 4 0 , 0 0 0 , 0 0 0 in b ills d is c o u n t e d , fu l ly $ 2 0 ,
th is c o u n t r y t h e p r e ss a n d th e p e o p le a re a w a it in g th e
0 0 0 ,0 0 0 in n o t e c ir c u la tio n a n d $ 2 7 , 5 0 0 , 0 0 0 in gen eral
p u b lic a t io n o f th e t e n t a t iv e d r a ft o f t h e t r e a t y w it h th e
d e p o s it s ,
k e e n e st p o s s ib le in te r e s t.
th e s e
changes
r e p r e s e n tin g , o f
c o u r s e , p re
lim in a r y a r r a n g e m e n ts fo r t o - d a y ’ s s e t t le m e n t s .
B u t w h a t h a s C h a n c e llo r v o n
The
B e t h m a n n -H o l l w e g ,
Im p e r ia l B a n k o f G e r m a n y h o ld s a s u b s t a n t ia lly la rg e r
h o ld e r o f th e o ffic e o n c e fille d b y B is m a r c k , to s a y o f
a m o u n t o f sp e c ie t h a n it h e ld a t th is t im e la s t y e a r ,
all d r e a m s o f a r b itr a tio n a n d th e lim it a t io n o f a r m a
w h ile its lo a n s a n d n o t e c ir c u la tio n a re w e ll b e lo w th e
m e n ts ?
t o t a l a t t h e c lo s e o f M a r c h 1 9 1 0 .
su c c e sso r to t h e m a ile d fis t .
N e x t w e ek ’ s sta te
H is m ig h t b e d e s c r ib e d as “ th e m a ile d v o i c e ,”
“ G e n e r a l d is a r m a m e n t
m e n t m a y b e e x p e c t e d t o d is c lo s e a m a r k e d e x p a n s io n
is a n u n s o lu b le p r o b le m so lo n g as m e n a re m e n ,” h e
in th e se t w o a c c o u n t s , b u t th e fa c t t h a t le a d in g b a n k e r s
d e c la r e d .
in B e r lin a rc r e d u c in g th e ir d is c o u n t r a te s fr o m 3 ) ^ %
w e a k w ill b e th e p r e y o f th e s t r o n g .
to
fe els t h a t it is u n a b le lo n g e r t o s p e n d c e r ta in s u m s fo r
3%
th a t
a t t h e o p e n in g o f t h e n e w
th e y
a n t ic ip a t e
prom p t
q u a r te r in d ic a te s
r e la x in g
of
And
a g a in : “ I t w ill r e m a in tr u e t h a t t h e
I f a n y n a t io n
d e fe n s iv e p u r p o s e s , it w ill in e v it a b l y d r o p to t h e s e c o n d
th e
m ild
I n th is c o u n t r y th e b a n k s a re w e ll s it u a t e d ,
th e
t a k e its p la c e . W e G e r m a n s , in o u r e x p o s e d s it u a t io n ,
r e tu r n s c o m p ile d b y t h e C o m p tr o lle r o f t h e C u rr e n c y
c a n n o t s h u t o u r e y e s to th is d ire r e a lit y , o n l y so fa r
g iv in g t h e c o n d itio n o f all n a tio n a l b a n k s o n M a r c h 7 ,
as w e c a n m a in t a in p e a c e .”
p u b lis h e d
arm am en t h ad been p rop osed , he p roceed ed.
ran k .
t e n s io n .
th is
w eek,
sh ow
an
in c re a s e
w it h
M arch
in
lo a n s
of
T h e r e w ill a lw a y s b e a s t r o n g e r o n e r e a d y to
“ but
b u t in d iv id u a l d e p o s its h a v e g r o w n d u r in g t h e s a m e
s im u lta n e o u s ly w a n t s a su p e rio r o r e q u a l fle e t.
Any
p e rio d $ 7 6 , 7 7 2 , 5 3 5 , a n d th e r e h a s b e e n a g a in in c a sh
c o n fe r e n c e o n th is s u b je c t is b o u n d to b e fr u it l e s s .”
o f $ 7 3 , 1 4 1 , 0 4 0 , so t h a t th e s h o w in g is n o t u n fa v o r a b le .
W ho
I 11 v ie w in g th e A m e r ic a n
A n y c o n c e iv a b le p r o g r a m
as
com p ared
m oney
a
year
m arket and
ago,
c a lc u
w ish e d
th e
lim ita tio n
of
G reat
a rm a m e n ts,
$ 1 2 5 ,9 4 5 ,8 5 5
B r it a in
N o p r a c t ic a l p la n fo r d is
w o u ld c o n tr o l t h e in d iv id u a l S t a te s ? h e a s k e d .
w o u ld b e s h a t t e r e d o n t h e
la tin g th e o u t lo o k fo r th e c u rr e n t y e a r , it is im p o r t a n t
q u e s tio n
t o n o t e t h a t o u r b a n k e r s p o s s e s s g e n e r o u s c r e d its in
c e llo r n a iv e ly a d d e d t h a t G e r m a n y w a s w illin g t o a c
E urope
c e p t th e E n g lis h p r o p o s a l fo r a n e x c h a n g e o f in fo r m a
fr o m
and
th e
th a t
s te r lin g
g o ld -im p o r t
exchange
le v e l.
is n o t
S h o u ld
very
th e
fa r
tio n
S u p rem e
a n d s h o u ld t h e y p r o v e t o b e a s ig n a l lo r t h e r e s u m p tio n
a c tiv ity
th e r e
on
s h o u ld
le g it im a t e
th e
be
S to ck
no
la c k
E xchange
of
and
e ls e w h e r e ,
a c c o m m o d a t io n
fo r
re g a r d in g
navy
b u ild in g
T h e C han
program s,
as h e
“ ac
c e p te d th e id e a o f a r b itr a tio n in p r in c ip le ” — a c u rio u s
C o u r t d e c is io n s in th e t r u s t ca se s b e r e n d e re d s h o r t ly ,
of
o f th e e x e r c ise o f th is c o n t r o l.
all
p o s t s c r ip t .
c ia list
Y e sterd a y
m o t io n
th e
r e q u e s tin g
R e ic h s t a g
th e
“ im m e d ia te s te p s le a d in g t o
r e je c te d
G overn m en t
an
to
a So
ta k e
in te r n a tio n a l a g r e e
m e n t c o n c e rn in g u n iv e r s a l lim it a t io n o f a r m a m e n t s a n d
e n te r p r is e s .
th e a b o litio n o f th e r ig h t o f c a p tu r e a t s e a .”
I t is n o t
and
b e lie v e d fo r a m o m e n t t h a t G e r m a n y ’ s a t t it u d e w ill
o f t h e U n it e d S t a te s h a v e th is w e e k c o r d ia lly e n d o r s e d
d e te r B r it a in a n d th e U n it e d S t a t e s fr o m p r o c e e d in g
th e m o v e m e n t fo r p e r m a n e n t p e a c e b e t w e e n th e t w o
to p e rfe c t a n a r b itr a tio n t r e a t y a s o r ig in a lly p r o p o s e d .
G overn m en t
n a t io n s ,
but
r e p r e s e n ta tiv e s
th e
G erm an
of
G reat
C h a n c e llo r
B r it a in
on
T h u rsday
p o u r e d c o ld w a t e r o n “ id e a ls im p o s s ib le o f r e a liz a t io n ,’ ’
a m o n g w h ic h lie n u m b e r e d u n iv e r s a l a r b itr a tio n .
The
N e g o t ia t io n s
D ia z
fo r a fo r m a l c o n fe r e n c e b e t w e e n
A d m in is t r a t io n
and
th e
in su rr e c to
le a d e r s
th e
a re
c e le b r a tio n in L o n d o n th is w e e k o f th e t e r c e n te n a r y o f
u n d e r s t o o d to b e in p r o g r e s s , b u t n o t h in g d e fin ite is
t h e p u b lic a t io n o f t h e K i n g J a m e s V e r s io n o f th e B ib le
y e t k n o w n a s to th e p r o p o s e d te r m s o r th e a t t it u d e o f
w a s th e fittin g o c c a s io n a v a ile d o f b y th e E n g lis h -s p e a k
F r a n c is c o I .
in g s t a t e s m e n to a d v o c a t e th e c u lt iv a t io n o f in te r n a
r e sig n a t o n o f th e M e x ic a n C a b in e t , th e fo llo w in g re
t io n a l p e a c e .
c o n s tr u c te d M in is tr y w a s a n n o u n c e d o n M o n d a y :
referrin g t o
The
P r im e M in is te r o f G r e a t B r it a in ,
A m e r i c a ’ s o v e r tu r e s fo r
s a id : “ T h e r e s u r e ly
c o u ld
not be
a peace tre a ty ,
a m o re w o r th y ,
a
m o r e a p p r o p r ia te , a m o r e s p le n d id m o n u m e n t o f th is
t e r c e n te n a r y y e a r , th a n t h a t it s h o u ld w itn e s s th e s e a l
in g o f a s o le m n p a c t b e tw e e n u s w h ic h w o u ld p u t an
e n d o n c e fo r all to th e h id e o u s a n d u n th in k a b le p o s s i
b ilitie s o f fr a tr ic id a l s t r i f e .”
A m b assador
W h ite la w
R e i d , h a v in g d e s c r ib e d th e B ib le as “ th e g r e a te s t s in
g le g u a r a n t y fo r th e p e a c e a n d p r o g r e ss o f th e w o r ld ,”
a d d e d : “ I n f a c t , fr o m th e m e n a n d fr o m th e
p e o p le s
n u r tu r e d o n th e p r e c e p ts o f th is B o o k , a n d m a in ly in
M a d e r o , th e r eb el c h ie f.
I o lio w in g th e
Foreign Relations—Francisco Leon de la Barra.
Interior—Pending
Justice—Demetrio Sodi.
Public Instruction—Jorge Vera Estanol.
Fomento—Manuel Marroquin y Rivera.
Communications and Public Works—Norbeto Dominguez.
Finance—Jose Yves Limantour, incumbent.
War and Marine—General Manuel Gonzales Cosio, in
cumbent.
T h e su c c e sso r to F r a n c is c o L e o n d e la B a r r a as A m
b a s s a d o r to th e U n it e d S t a t e s is Z a c a m a c o n a E . I n c la n .
R u m o r s h a v e b e e n in c ir c u la t io n t h a t P r e s id e n t D ia z is
th is V e r s io n , c a m e th e re c e n t s t a t e s m a n lik e p r o p o s a l o f
p r e p a r e d to r e tir e , b u t n o t u n t il th e r e b e llio n h a s b e e n
th e P r e s id e n t o f th e U n it e d S t a te s a n d th e in s p ir in g
e ith e r fin a lly c r u sh e d o r p e a c e h a s b e e n e t s a b lis h e d ; h e
re sp o n s e o f K i n g G e o r g e , t h r o u g h S ir E d w a r d G r e y ,
r e fu se s, it is s a id , to s t e p a sid e w h ile th e R e p u b lic is
w h ic h p r o m is e to m a k e w a r a s a s e t t le m e n t o f a n y d is
in th e th ro e s o f c iv il w a r .
838
THE CHRONICLE
President Taft has had interviews with several prom
. nent members of Congress for the purpose of explainng fully to them his reasons for having rushed troops
to the Mexican border; but the public are still without
one word on the subject from the President. Criticism
of the Administration has been modified by the turn
events have taken in Mexico, particularly the resigna
tion of the Diaz Cabinet and the growing disposition
of the Federal authorities to treat with the Madero
faction. At this stage rumors are so rife and estab
lished facts so few that prudence forbids lengthy or
dogmatic statements on any phase of the rebellion
or America’s action.
After much tergiversation, China, wholly unpre
pared to combat threatened military occupation, has
capitulated to Russia unreservedly on all the points
originally raised, and the fears of hostilities which had
disturbed European bourses have subsided.
The
Pekin authorities persisted in their characteristic
policy of procrastination until the Russian Govern
ment sent an ultimatum demanding a satisfactory
reply by Tuesday last. The ultimatum concluded:
[VOL. L X X X X I I .
of the constitutional crisis over the introduction of the
Zemstvo measure. On Tuesday no Ministers appeared
in the House, and an interpellation was supported by 174
votes to 83, accusing the Government of unconstitu
tional practice in promulgating this bill. Discontent
is intense among certain sections of the people, and
further trouble is regarded as probable.
Ihe Cabinet crisis in Italy was quickly overcome by
the expected selection of Giovanni Giolotti as the new
Premier to succeed Luigi Luzzatti. Seven of the mem
bers of the old Ministry were retained, as follows:
Foreign Affairs Marquis A. di San Giuliano.
Treasury—Francesco Tedeson.
Finance—Signor Facta.
War—General Spingardi.
Public Instruction—Signor Credare.
Public Works—Signor Sacchi.
Posts and Telegraphs—Signor Ciuffelli.
1 he now members chosen were: Justice, Signor
Finacchiaro, who succeeds Signor Fani; Marine, Ad
miral Cattolica, replacing Admiral Leonardi, and Agri
culture, Signor Mitti. Premier Giolotti offered the
pos tion of Minister of Agr culture to the Socialist
leadei,
feignoi Bissolati, who had been in consulta
In view of the absolutely futile character of such
negotiations, during the course of which the Chinese tion with the King, but this influential politician,
Government has sought only to restrict Russia’s treaty while expressing his sympathy with the proposed
rights by advancing arguments which it afterwards policy of the new Government, declined office on the
abandoned, the Russian Government sees itself obliged
ground that he could not bring himself to adopt “ the
to end this procrastination, for which there is no justi
outward
forms required of Cabinet members, such as
fication, and requests the Chinese Government formally
to admit that all the points in the note of February 16 wearing a uniform on public occasions.” The new
are valid and conform to the treaty stipulations.
Premier, who takes the portfolio of Minister of the
Only after such admission can the Russian Govern Interior, wields great influence, and his diplomatic
ment agree to enter into negotiations on the questions
attitude towards the Socialists may win for him the
of the introduction of customs duties, the establish
ment of a special regime for the tea trade, or any other support of that group in Parliament.
King Victor Emmanuel on Monday opened the In
partial modification of the treaty of 1881.
It an exhaustive and satisfactory reply to all six ternational Art Exhibition in Rome and on Wednes
points of the note of Feb. 16 is not received by March 28, day opened an industrial exhibition at Turin, where in
Russia reserves to itself freedom of action, and will 1861 his grandfather assumed the title of King of Italy.
make the Chinese Government responsible for the
I hose expositions constitute part of the celebration of
obstinacy displayed by it.
the jubilee of Italian unity. The occasion has been
The Chinese reply was presented on Monday and enthusiastically entered into by the Italian people.
left no excuse for aggressive action by Russia. It not 1 he United States has not been unrepresented; a promi
only signified readiness to comply with Russia’s in nent part was played by J. P. Morgan, President of
terpretation of the 1881 treaty, but, according to St. the I oreign Committee of the exhibition in Rome, who
Petersburg dispatches, explained that this had been conducted the royal party over the American section,
the intention all along, though evidently the language which is described as a notable feature of the exhibition.
employed had not been clear enough to be properly President Taft cabled to King Emmanuel his “ sincere
understood. Russia accepted the reply as satisfac congratulations on the fitting commemoration of the
tory. The net result is that China has gained noth fiftieth anniversary of Italian unity,” and expressed
ing by her evasive diplomacy. Whether the Russian the hope that “ as a result of the exposition held at
Government has enhanced its popularity abroad and Turin and Rome our countries will be united still moro
at home by the course it has pursued is another closely by the fraternal ties of commerce, literature and
matter.
art.
Ilis Majesty replied: “ I thank you heartily for
Ihe affairs of Government have not been running your felicitations and wishes. They have been par
smoothly in Russia. An Imperial ukase promulgating ticularly gratifying to me, and so they will be to the
the Zemstvo bill was issued with the Emperor’s acqui Italian people, as being the expression of the cordial
escence on Sunday, and cable advices from St. Pe sentiments which unite our two nations.”
tersburg added that: “ M. Stolypin’s assumption of
An earnest effort is being made by the Italian author
what are virtually dictatorial functions has struck the ities to improve the condition of the poorer classes,
politicians with amazement, and has produced what particularly in Southern Italy and Sicily. An ex
is regarded as a grave constitutional crisis. The resi haustive Parliamentary inquiry has been conducted
dence of M. Durnovo, the dismissed Minister of the and work is being done in the way of bettering sani
Interior, has become the centre of a political revolt tary and other conditions. The investigators lay
in which it is sought to unite both chambers and nearly stress upon the benefit which has accrued to Italy from
all parties against the Government.” The President emigration. No foreign country has reaped more ad
of the Duma, Alexander Gutchkoff, has resigned, and vantages from the emigration of its subjects to the
that assembly was prorogued for three days on account United States than Italy, nor, it might be added, has
A pr . 1 1011.1
THE CHRONICLE
839
any other foreign nation supplied a more useful class powerful downtown institutions decided to hold aloof
from the market unless borrowers were willing to pay
of workmen for the development of our resources.
2) 4 % as a minimum. At least four leading national
Lower discount rates are this week recorded at the banks and two influential trust companies have re
three leading European centres, notwithstanding that fused to compete for business in the call-money market
to-day marks the opening of a new quarter. For during the period that 2)4% has been the prevailing
several days London accepted spot bills at 2)4% and rate. Rather than lend at such a figure, these insti
bills to arrive at 2% , though yesterday a slightly tutions have kept their surplus funds in their vaults.
higher figure was sometimes quoted. At Paris In the same way, no efforts have been made to put out
the private rate was lowered on Thursday from time money at the lowest levels of the last month.
2 Y s% to 2 )4% .
Berlin bankers are now quoting Rather than do so, purchases have been made of mer
3% for bills to arrive, a reduction of )4 of 1% from cantile paper at (usually) 4% , though latterly this
last week; the spot rate has remained unchanged at return has not always been available in' the case of
3)4% - Amsterdam again quotes 3 )4 % and Brussels exceptionally attractive names. The plethora of
2)4% • On Thursday the Bank of Bengal reduced its money has likewise stimulated the absorption of
rate from 8% to 7% and the Bank of Bombay may short-term notes, the yield on which is appreciably
be expected to announce a similar change now that better than on collateral loans. The policy of these
the busiest season has passed. The possibility of banks and trust companies is beginning to be reflected
lower Bank rates in Europe may come up for dis by a slight stiffening in money rates. Since Wednes
cussion before the new month ends, inasmuch as every day no sixty-day accommodation has been offered be
thing points to a period of pronounced easiness in low 2 % % , 3% has been asked for ninety-days and
3) 4 % for six months. The Stock Exchange demand
money.
The Bank of England was not allowed to take all has remained extremely limited, the output of highthe £1,000,000 offered in the open market on Monday, grade commercial paper has not been extensive and
Germany having secured £250,000. No intimations new financing has been held back pending the opening
were received during the first half of the week that of the new quarter. The financial world is acting cau
the Bank’s supply of gold was being drawn upon to tiously and may continue quiet until the anxiouslyany large extent, and some slight surprise was there awaited Supreme Court decisions have been handed
fore expressed when Thursday’s statement disclosed down. Under these circumstances the money market
a decrease in bullion of £066,761. Our special cor is likely to move uneventfully until capital knows what
respondent in London advises us by cable that this it may and may not do under the Sherman Law.
The range for time money at the close of the week is
reduction was due entirely to the demands from the
interior of Great Britain. Circulation increased to an as follows: 2 )4 @ 2 % % for sixty days, 2 )4 @ 3 % for
extent sufficient to cause a shrinkage of £1,102,030 ninety days, 3 @ 3 )4 % for four, five and six months
in total reserve. In contrast with the previous week’s and 4 @ 4 )4 % for over-the-year. Commercial paper
return, however, liabilities showed marked curtail is being negotiated at a wide range of quotations. A
ment; loans decreased £1,288,100, Government de few bills have been taken by leading institutions at
posits £395,052 and ordinary deposits £1,990,000. as low as 3 )4 % , but most of the business in prime four
These changes served to protect the percentage of to six months’ single names and in sixty to ninety
reserve,the ratio at the close being 46.71% this week, days’ endorsed bills receivable is done at 3)4@4% >
against 46.69% last week. The total amount of while for less well-known paper the range is 4 )4 @ ^ M % bullion on hand, £39,653,236, is comfortably above
That foreign exchange rates would in all probability
the average at the end of March, as is also the pro
decline
materially during April was a belief widely held
portion of reserve. Next week’s statement will nat
by
local
bankers; the break has come sooner than
urally reflect the extensive demands incidental to
anticipated—
that is, in the closing days of the old
to-day’s settlements, but the low terms quoted for
bills shows very clearly that money is expected to be month. This week demand sterling fell to 4 8590
in abundant supply. Our correspondent furnishes and cable transfers touched 4 86)4, though yes
the following details of the gold movement in and terday there was a recovery of )4c. Quite fre
out of the Bank for the Bank week: Imports: quently fluctuations in exchange cannot be satis
£180,000 (of which £8,000 from Australia, £15,000 factorily explained , but on this occasion operators
from East Africa and £157,000 bought in the open are not in the dark. As we have repeatedly pointed
market); exports, nil, and shipments of £847,000 net out, our international bankers sold large amounts of
new bonds and notes in Europe, and money was also
to the interior of Great Britain.
lent there when rates were higher than in New York.
No more striking demonstration of the stagnant con These credits have this week been freely drawn upon
dition of the money market could be afforded than the to meet dividend and interest payments now falling
response this week to the demands incidental to the due, so that the inquiry for remittance here has been
large disbursements around the first of April. Call below normal for the end of the quarter. Not only so,
money ruled at only 2)4 % on the first three days of but a clique of speculative operators have aggressively
the week, on Thursday at 2 % % and yesterday at depressed the market by selling short, their intention
2 /4 % • Up to the last day of the month no loans were being to cover during April on advantageous terms.
made above 2)4% . Yesterday the maximum was London both bought and sold stocks in this market
again only 2)4 % and business was done at as low as during the week. Instead of temporary firmness in dis
2)4 % •The average rate for the week has been only a frac counts abroad on the eve of the extensive settlements,
tion above 2 )4% . Low as these rates are, they would rates have actually weakened, and money rates here
have been still lower had not quite a number of very have been a shade firmer during the last two days.
THE CHRONICLE
840
All this has served to precipitate a fall in foreign
exchange. Whether the movement will continue
without interruption next week is regarded as open to
question, inasmuch as efforts may be made to cover
short contracts, and not every remitter can effect
settlements in the manner adopted by leading private
banking houses and large institutions having big
balances abroad. At a juncture like the present it is
peculiarly unsafe to indulge in predictions as to how
exchange may move, for every year rates fluctuate
more and more erratically, and, it might be added,
unseasonably. For quotations to break sharply
during the closing days of March was most uncommon;
but, knowing how conditions of doing business have
changed, bankers have not been greatly astonished at
what has occurred. It can be safely stated that
there is no general desire to see sterling decline to a
basis rendering an inflow of gold unavoidable. London
could no doubt spare a considerable amount, did
circumstances demand such a movement, but as money
is already superabundant here, no useful purpose
would be served by augmenting the supply through im
ports of the precious metal. Canada has this week
taken $800,000 gold coin from New York to strengthen
its banking position preparatory to compiling the
March 31 statements, and it is possible that additional
shipments may be made later in connection with Euro
pean subscriptions for Canadian secruities. Yester
day $150,000 gold coin was sent to Hayti.
Compared with Friday of last week, sterling ex
change on Saturday was practically unchanged, with
rates at the close on the following basis: demand,
4 8610@4 8015, cable transfers 4 8645@ 4 8050 and
sixty days 4 8405@4 8415. On Monday exchange
opened firm on an active inquiry in connection with
the April 1 settlements, demand selling as high as
4 8025 during the forenoon; later in the day this in
quiry subsided and quotations closed only slightly
higher than the previous day’s level, at 4 8615@4 8020
for demand and 4 8410@4 8420 for sixty days; cable
transfers were unchanged at 4 8045 @ 4 8050. De
mand declined on Tuesday, after a firm opening, to
4 8610@4 8015, cable transfers were still quoted at
4 8045@4 8050, while sixty days advanced to 4 8415@
4 8425. On Wednesday demand broke on easier dis
counts in London, but towards the close the undertone
was slightly firmer, the final range being 4 8595@4 80
for demand, 4 8035@4 8040 for cable transfers and
4 8405@4 8415 for sixty days. On Thursday rates
again declined, extensive drawing of exchange against
foreign credits causing demand to fall to 4 8590@
4 8595, cable transfers to 4 8620 @ 4 8630 and sixty
days to 4 84@4 8410. On Friday afternoon an ad
vance occurred and the market closed at 4 S410@4 8420
for 00 days, 4 86@4 8005 for demand and 4 8035@4 8640
for cables. Commercial on banks was quoted at
4 83% @ 4 83% and documents for payment 4 8 3 % ®
4 83% . Cotton for payment ranged from 4 83 @
4 83% , grain for payment from 4 8 3% @ 4 83%.
The following gives the week’s movement of money
to and from the interior by the New York banks.
W e e k ending M a r c h
31 1911.
Gold .........................................................
R eceived bg
Shipped by
N . Y . R an ks. N . Y . R an k s.
N e t Interior
M o ve m e n t.
$10,015,000
2,094,000
$6,000,000 Gain $3,955,000
761,000 Gain
1,330,000
$12,109,000
$6,824,000 Gain $5,285,000
[VOL. L X X X X I I .
With Sub-Treasury operations result is as follows.
W e e k e n d in g M a r c h
I n to
R a n k s.
31 1911.
Banks’ Interior movement, as above.
Out o f
R a n k s.
N e t C h a n g e in
R a n k H o ld in g s.
$12,109,000
25,300,000
$6,821,000 Gain $5,285,000
8,349,000
33,649,000 Loss
$37,409,000
$10,473,000 Loss S3,064,000
The following table indicates the amount of bullion
in the principal European banks.
M a rch
30 1911.
M a rch
31 1910.
Ranks o f
England-.
France . .
Germany
Russia . _.
Aus.-Hun.
Spain-----Italy ____
N etherl’ds
Nat.Belg. _
Sweden . .
Swltzerl’d.
Norway . .
G o ld .
S ilv er .
£
£
39.653,236
129,645,920
43,563,600
146,589,000
55.338.000
16.490.000
39.703.000
10.878.000
6,279,333
4.509.000
6.166.000
1,847,000
33,577^460
16,081,850
7.265.000
12.957.000
31.094.000
3.575.000
2,408,100
3,139,667
T o ta l.
|
G o ld .
£
39,653,236 33,588,975
163,223,380 138,354.840
59,645,450 42,185,950
153.854,000142,509,000
68.295.000 56,153,000
47.584.000 16,183.000
43,278,000; 38.862,000
13,286,100, 8,939,000
9,419,000, 4,227,333
4,509,000 4,466,000
6,166,000: 5,278,000
1,847,000; 1,620,000
£
S ilv er .
£
34,93U080
14.495,900
8,202,000
13.471.000
31.080.000
4,000,000
2,990,400
2,113,667
1
T o ta l.
£
33,588,975
173,285,920
56,681,850
150,711,000
69.624.000
47.263.000
42.862.000
11,929,400
0,341,000
4.466.000
5.278.000
1.620.000
Tota week 500,662,089 110,098,077610,760.166492,367,098111,281,017 603 651 145
Prev.week 500,436,577 109,378,350 609,814,927 494,008,365110,910,060 004,924',425
1
1
1
THE EXTRA SESSION.
The extra session of the Sixty-second Congress,
elected last November, having been called for April 4
by President Taft on the recent adjournment of the
Sixty-first Congress, will convene at W ashington next
Tuesday. The event is bound to be interesting, first
because of the radical change in political majorities
which occurred at last November’s elections;
next, because an extra session is somewhat unusual
in itself, and, third, because of the possibility that
extremely important legislation may be taken in
hand. In the Congress whose term ended by limita
tion on the 4th of March, the Republican Party
had a plurality of 20 in the Senate and 38 in the House.
In the Congress which will convene next Tuesday the
Senate is Republican by a plurality of 10, the House
Democratic by a plurality of 67. It is thus a divided
Congress on all questions of a strictly partisan charac
ter; but it is commonly recognized that on many ques
tions, possibly not excluding revision of the tariff, the
so-called insurgent Republican vote in the Senate
might go with the Democrats and thus upset the
Senate Republican plurality.
In his proclamation calling this extra session,
President Taft set forth that, whereas the Reciprocity
Treaty with Canada which lie submitted to Congress
during the past session,although passed in the House,
had failed of a vote in the Senate, and whereas the
agreement with Canada had stipulated that each gov
ernment would use its utmost efforts to bring about
concurrent legislation, therefore the extra session of
both Houses was called “ to the end that they may con
sider and determine whether the Congress shall by the
necessary legislation make operative the agreement.”
The call, in other words, virtually asked that Con
gress consider in this extra session no other legislation
than Canadian reciprocity. There seems to be no
doubt that this attitude will again be taken by tho
President in his message of next week to the special
session. During the fortnight past, Washington
statements, clearly emanating from the White House,
set forth the Administration’s purpose that no other
large subject but Canadian reciprocity should be con
sidered in the extra session, and that even in future
sessions no tariff schedule should be revised except
after recommendation by tho Tariff Board.
But the Administration’s purpose in the matter
does not necessarily determine the action of Congress
A pr.
1 1911J
THE CHRONICLE
841
itself. Once assembled, there is nothing to prevent weather. But beyond all this, there invariably arises,
the House and Senate from engaging at once in any especially under political conditions such as now exist,
legislation which suits its wishes. There is nothing the question of lack of organization and of political
to prevent its revision of the tariff quite outside of Ca uncertainty. Indeed, the only two extra sessions in
nadian reciprocity, and the more or less prevalent the above-quoted list which were called for general
idea in certain quarters has been that the extra session revision of the tariff (those of 1909 and 1897) occurred
will at any rate take in hand some schedules of the when the Congress summoned by the President was
existing tariff, with the view to reducing duties. No overwhelmingly of one political complexion in both
formal or official statement has come from the Demo Houses. As we have seen, the case of the Sixtycratic majority. The Democratic members of the second Congress is distinctly different.
In the ordinaiy course of things, therefore, it would
future Ways and Means Committee of the House are
be
reasonable to expect that the extra session would
understood to have been busily at work since the
do
no
more, so far as regards the enactment of legisla
opening of the year; that body seems, in fact, to be
tion,
than
to vote on Canadian reciprocity and perhaps
acting as a “ steering committee.” Mr. Champ Clark,
attend
to
some minor legislative matters left over in
who is slated to be elected Speaker of the new House of
the
end-of-the-session
confus on of the Sixty-first
Representatives, has declared in public interviews
Congress.
There
are,
moreover,
some large and inter
his belief that not only should Canadian reciprocity
esting
questions
of
political
tactics
which may govern
be endorsed, but that reciprocity should be also ar
decision
in
the
matter,
even
suppos'ng
pressure on the
ranged with all other countries where such arrange
new
Democratic
majority
to
p
oceed
at
once to general
ment is feasible. But preparation of reciprocity laws
tariff
legislation.
For
one
thing,
there
is the coming
takes time, for the obvious reason that they must be
Presidential
election
of
1912
it
may
be
an
open question
preceded by negoti tion between the two executives.
whether
even
a
party
unanimously
disposed
toward
In the absence, then, of definite information as to
tariff
revision
would
find
it
w
se
to
proceed
at
once
the program of the new Democratic majority, and in
to
enactments
of
the
sort,
m
advance
of
the
regular
advance of the assembling of the extra session, it may
not be unprofitable to ask what the prospect is of a session which will meet on Dec. 4 and which will
general overhauling of the tariff in this extra session. stretch forward into a part of the Presidential cam
If precedent is to be taken as a guide, there is very paign. Ordinarily, when a political revolution such
slight likelihood of such a program. During the four as that of last November has occurred, a good deal of
past decades, there have occurred oidy six extra time is needed to prepare for the winter session, and
sessions of Congress, and of those there were two—in it is not always easy to pursue such plans of organi
1877 and 1903— which were merely called a few weeks zation advantageously until Congress is at Washing
ahead of the regular December date. Of the four ton. The Democratic Party obviously has its own
other extra sessions which were called in the spring difficulties, in the tariff matter, of harmonizing sec
or summer months, there was in every case a special tional differences and consolidating party opinion.
reason for the calling, and the resultant session was As to the influence which the business situation now
confined to the legislation for which it had been sum or hereafter might exert on the plans of Congress in
moned. Those extra sessions were in 1909, 1897, such matters, that is another consideration which
1893 and 1879.
The extra session which met will have its weight.
We shall presently see what the temper of the new
March 15 1909 was summoned, as every one re
Congressional
leaders is. No doubt, even if circum
calls, to consider revision of the tariff; it passed
stances
point
plainly
to postponement of the tariff
such a bill and then at once adjourned.
The
debate
until
the
end
of
1911, there will be speeches,
extra session of March 15 1897 was similarly
resolutions
and
propositions.
That anything much
called to revise the tariff in the direction of
more
extensive
than
this
will
be achieved (outside
higher duties; the necessary legislation having been
enacted, Congress adjourned until December. In of Canadian reciprocity) we doubt. Meanwhile it is
the celebrated extra session called for Aug. 7 1893, worth while to keep in mind that in 1909— notwith
standing the strong belief then expressed in financial
the repeal of the Silver-Purchase Bill was the single
circles that revival of business could not go ahead with
question which really came before House and Sen
tariff revision under way or imminent— as a matter
ate; nothing else of the slightest consequence was
of fact the trade recovery did make distinct and de
done before adjournment. The extra session called
cided progress during the very months when Congress
for March 18 1879, was summoned merely because the
was in session. Of recent years, indeed, a good many
previous session had adjourned without making the thoughtful men have been revising their previous
usual appropriations for public expenses, and it con opinions concerning even the great unsettlement of
fined its actual work to enacting those fiscal bills.
1894, when the Wilson tariff was being passed by Con
In other words, there is no record during all this gress Regarded in historical perspective, it has be
period of an extra session which so enlarged its scope come an intere ting question whether the corn crop
of activities as to engage in extensive legislation outside failure of 1894, the railway insolvencies, the disordered
the immediate purpose of the call. Nor is this an national finances and the labor uprisings may not of
accident. Every Congress called for a spring or sum themselves have been sufficient to account for the
mer extra session was aware that the time at its com troubles in financial and industrial markets during
For the future there will
mand was short; none of such sessions in the past half that unlucky season.
century has lasted more than four months— too short remain, moreover, among other things, the discussion
a time for any variety of legisla ion. Dislike to a of Mr. Taft's plan to revise the tariff only after investi
Washington session in midsummer has undoubtedly gation of a given schedule or schedules by a competent
played its part; Senators and Representatives are but and unbiased expert commission; and the discussion is
human, and the average man likes his vacation in hot bound to be interesting.
842
THE CHRONICLE
[VOL. L X X X X I I .
duplications, but suppose we cut out $1,400,000,000
FAR-REACHING CHARACTER OF COMMERCE
of the amount, making the increase $5,000,000,000,
COMMISSION’S RATE DECISIONS.
or $500,000,000 per year. This would give for the
T H I R D A R T IC L E .
eight years an addition to stock and debt of $4,
In support of its statement that “ at no time in the
000,000,000 and 5% on this would consume about
history of American railroads have they yielded such
the whole of the $200,000,000 remaining increase in n et.
profits, or was their prospect more fair than in the
The marvelous prosperity of the railroad industry lies,
fiscal year that closed June 30 1910/’ the Commission
therefore, in the fact that it is able to show about 5%
presents a table intended to show the advance in the
earned on the new capital invested in it. The bearing
revenues of United States railroads year by year since
of this on the question whether, now that annual
1901. The table' is accompanied by the following
expenses have been enlarged over 100 million dollars
comment (201. C.C. Rep., p. 320) which we quote, as
a year by higher wage schedule, the roads should be
indicating on what basis the contention of the Com
allowed to put slightly advanced freight rates in
mission rests:
effect, is obvious.
The magnitude of this increase may be appreciated
But it is the more recent course of earnings that
when one considers the column headed “ Net operating
deserves
closest examination, as that reveals the
revenues.” A gain of over $109,000,000 in net
revenue was made by the railroads of this country in current tendency. With a great show of triumph
the last year. A sum four times as great as the total the Commission reports a gain of $109,000,000 in net
paid by the United States for Alaska, the Louisiana revenue in the latest fiscal year— “ a sum four times
Purchase, and Florida combined, was added to the
as great as the total paid by the United States for
net profits of our carriers in one year over and above
Alaska,”
Louisiana, Florida, &c. Mr. Lane does not
the profits of the preceding year. And the mileage
operated was but 3,000 miles greater in the one year direct attention to the fact that this increase represents
than in the other. With an increase of 38,000 miles in considerable part merely a recovery of the tre
between 1902 and 1910 the net revenues received mendous loss sustained by the railroads of the United
from the operation of our railroads increased over
States in the panic year 1907-08. According to Mr.
$300,000,000.
Lane’s own table, the net revenues after having
In a previous article we have already referred to the reached $874,621,081 in 1907, dropped to $732,
irrelevant character of the reference to the Louisiana 967,612 in 1908, made partial recovery in 1909 in a
Purchase and the other political events named. Let total of net of $823,333,083, but not until 1910 got
us now examine the figures themselves. In eight back again to the figures of 1907,and made sufficient
years, we are told, there has been an increase in net increase above this previous maximum to reach a total
revenues of over $300,000,000; in exact figures the of $932,848,978.
increase has been from $629,182,794 to $932,848,978.
Obviously, in order to ascertain whether reve
It should be noted in the first place that these are nues have recently been expanding commensur
the net revenues before the deduction of taxes. In the ately with the growth in capital and growth in the size
seven years from 1902 to 1909 the taxes increased from of the system, the proper course is to compare the
$54,465,437 to $90,529,014, and while no aggregates 1910 figures with those for 1907, the last previous
have yet been given out for the calendar year 1910, it year of full results. In this way, we get an increase of
appears from the monthly bulletins of earnings and $58,000,000 for three years instead of an increase of
expenses issued by the Commission that for the twelve $109,000,000 for a single year. But even this presents
months ending June 30 1910 the taxes actually the situation too favorably. It does not allow for the
reached $103,631,272. The increase for the eight additions to taxes which have risen in the three years
years, therefore, has been almost $50,000,000 and from $80,312,375 to $103,631,272. In brief then, the
this cuts down the $300,000,000 increase in net to increase in net revenue for the whole three years has
$250,000,000. No doubt larger payments in the actually been less than $35,000,000. In the same
shape of rents on real estate, terminals, &c., and other three years the amount of new capital put out in the
charges of like nature that increase with the growth shape of stock and bonds has been of very large extent.
and expansion of the system would draw this down To bring out the three-year comparison in statistical
$30,000,000 to $40,000,000 more, leaving the actual form, we introduce here the following table. We use
amount of increase available in the net not much above the figures given by Mr. Lane, though they vary from
$200,000,000. In a later part of Commissioner Lane’s those in the statistical report of the Commission.
opinion (I. C. C. Report, p. 326) we are told that
1910.
1907.
In crea se.
227,454
10,957
or 4 .8 0 %
“ the railroads of the United States in ten years floated Miles of road................. 238,411
5
$
5
Gross
earnings--------2
,818,411,419
2
,564,701,422
253.709
,997
or
9 .8 9 %
mortgage bonds upon their property to the extent of
Operating expenses. 1,885,562,441
1,690,080,341
195,482,100 or 1 1.57%
upward of 4)4 billions of dollars.” This is an over
932,848,978
874,621,081
58,227,897 or 6 .6 5 %
statement, as we shall show later on, but the additions T a x e s ........................... 103,631,272
80,312,375
23,318,897 or 2 9 .0 4 %
Net earnings------- 829,217 ,706
794,308 ,706
34,909,000 or 4 .3 9 %
to bonded indebtedness were undoubtedly very large,
and this carried with it an enormous increase in fixed
It will be observed from the foregoing that the ratio
charges. Mr. Lane might have gone a step further of increase in net revenue after deducting taxes has
and have said that during the same interval there been only 4.39% , or at the rate of less than 1y2%
had been an increase, according to the statistical per annum, and this, too, with an addition of nearly
Report of the Commission, of $2,100,000,000 in the 5% in the extent of road operated. Do such com
share capital of the roads; and nearly all stock parisons as these indicate such a flourishing state of the
put out in recent years has been at par or better. railroad industry that it can in justice be asked to
This makes the increase in stock and bonds combined bear an increase of over $100,000,000 a year in wages
for the ten years $6,400,000,000, or at the rate of without compensation in the shape of higher rates or in
$640,000,000 per year. The figures include extensive some other way?
A pr.
1 1911.
THE CHRONICLE
i
But Commissioner Lane presents figures regarding
the dividend payments of the United States railroads
which are equally deceptive and misleading. We in
sert here that part of the table relating to the more
recent years, which he has inserted in the opinion
and which he uses to bolster up his argument.
P e r C ent
Y ea rs—
1900 .................
1 9 0 1 .................
1902 .................
1903 _________
1904 _________
1905 . . ............
1900 .................
1907 ________
1908 ____ . .
1909 ________
1 9 1 0 ...............
...
...
...
...
...
...
.
...
...
...
..
A v era g e R a te
o f S to c k
A m ount of
Am ount
P a id on
P a y in g
S to c k P a y i n g
D iv id e n d s.
D iv id e n d s.
P a id in
D iv id e n d s.
P a y i n g S to c k
45.60
51.27
55.40
56.06
57.47
62.84
66.54
67.27
65.69
64.01
67.20
$ 2 ,6 6 8 ,9 6 9 ,8 9 5
2 ,9 7 7 ,5 7 5 ,1 7 9
3 ,3 3 7 ,6 4 4 ,6 8 1
3 ,4 5 0 ,7 37,869
3 ,6 4 3 ,4 2 7 ,3 1 9
4 ,1 1 9 ,0 8 6 ,7 1 4
4 ,5 2 6 ,9 5 8 ,7 6 0
4 ,9 4 8 ,7 5 6 .2 0 3
4 ,8 4 3 ,3 7 0 ,7 4 0
4 ,9 2 0 ,1 7 4 ,1 1 8
5,424,114,782
$139,597,972
156,735,784
185,391,655
196,728,176
221,941,049
237,964,482
272,795 ,974
308,088 ,627
390,695,351
321,071 ,626
405,131 ,650
D iv id e n d -
5 .2 3 %
5 .2 6 %
5 .5 5 %
5 .7 0 %
6 .0 9 %
5 .7 8 %
6.03 %
6 .2 3 %
8 .0 7 %
6 .5 3 %
7 .4 7 %
Neither the table itself nor the comments which are
made upon the same by the Commission will bear
scrutiny. Here is what Mr. Lane ventures to say in
drawing inferences from the same (I. C. C. Rep.,
p. 321):
Coming to the year 1900 we find 45% of the stock
paying dividends amounting to $139,600,000. These
dividends were paid upon stock having a par value of
$2,669,000,000, upon which the average rate paid was
5.23% . In 1910, however, the amount of stock
paying dividends had increased to nearly $5,500,000,
000, or more than double what it was in 1900; the
actual amount paid in dividends had increased to
$405,000,000, or nearly three times the amount paid in
1900, and the average rate had increased over 42%.
Thus we see that at the very time that the carriers in
the East and in the West were taking united action
to increase their rates, they were compiling their
annual statements, which show, from the standpoint
of net revenue and of dividends upon stocks, the
railroads of the United States as a whole have never
before prospered—not even in the heyday of 1907—
as they did in 1910, which, be it remarked, was but
two years removed from the financial panic of 1907-08.
The foregoing is pure vaporing, though we very
much fear that as the results are presented in such a
plausible fashion and few persons are sufficiently
versed in the statistics to be able to detect their un
reliability, they will find wide acceptance. We have
already seen that for the three years from 1907 to
1910 the addition to net revenues has been only
$58,000,000, and of this augmented taxes consumed
$23,000,000, leaving an actual gain in net for the
three years above taxes of only $35-,000,000. This is
the equivalent of only 5% on $700,000,000 of new
capital, whereas for the three years the amount of new
capital put out in the shape of stock and bonds reached
two or three times that amount, according to the
figures of the Commission, even after making enormous
deductions to allow for gross exaggerations in the same.
What, then, becomes of the contention that the
railroads of the United States have never before
prospered— not even in the heyday of 1907— as they
did in 1910? So far from this having been the case,
their net revenues have not increased enough in the
three years to net a decent return on the amount of
new capital put into the properties to enable them to
meet the requirements of the service.
Entirely apart, however, from this fact, the veriest'
tyro knows that conditions in the railroad world have
not been such that the carriers could increase the sum
distributed in the shape of dividends on outstanding
holdings of stock from $139,597,972 in 1900 to
$237,964,482 in 1905, then to $308,088,627 in 1907,
843
and then to $405,131,650 in 1910. We are asked to
believe that with net revenues increased, as already
shown, only $35,000,000 between 1907 and 1910, divi
dend payments have increased almost $100,000,000,
or from a total of $308,088,627 to $405,131,650. The
very absurdity of the suggestion ought to have put the
Commission on inquiry before it undertook to
spread such preposterous figures broadcast. The
truth is, as we pointed out in our issue of Feb. 25,
Mr. Lane’s totals include duplications and triplications
to an enormous extent. This is so because through
the whole of the last decade very large amounts of the
share capital of the railways passed into the control of
other railroads. For instance, the Union Pacific owns
nearly all the stock of the Oregon Short Line and the
Oregon Navigation companies and a large amount of
the stock of the Southern Pacific. It also owns
a large interest in the Baltimore <fc Ohio and has larger
or smaller shareholdings in still other roads. These
controlled companies pay dividends of their owa which
go into the Union Pacific treasury and form the basis
of the Union Pacific’s own dividend payments. In
deed, the Union Pacific has such large investments in
other railroad companies that a distinct part of the
dividends each year is expressly stated as coming
from investments, this being in contradistinction from
the other portion derived from the transportation
service.
In like manner the New York Central owns the
greater part of the stock of the Lake Shore & Michigan
Southern and the Michigan Central, while the Lake
Shore in turn owns stocks of the New York Chicago &
St. Louis, the Cleveland Cincinnati Chicago & St.
Louis, the Pittsburgh & Lake Erie, &c. It is
apparent that in these cases the dividends count two
and three times. There is no way of ascertaining how
much of the $405,131,650 which the Commission
asserts was paid in dividends in the year ending
June 30 1910 includes payments of that kind, since
the Statistician’s report for that period in the ordinary
course will not be due for ten months to come. But
of the $321,000,000 reported as paid out in 1909
(according to the Statistician’s report for 1909, page 72)
no less than $84,269,940 represented “ dividends
receivable by railways from railway stock owned or
controlled” ; and of the $390,695,351 (the statistical
report gives the amount as $390,456,434, and there
are similar slight differences in the other years between
Mr. Lane’s figures and those in the report of the Statis
tician) reported as having been paid in 1908, no less than
$162,859,364 represented (see the statistical report for
1908, page 83) dividends received “ by railways from
railway stocks owned or controlled.” In other words,
instead of $390,695,351 having been paid in 1908 in
dividends on stocks in the hands of the public,only
$227,597,070 was paid in that year, and instead of
$321,071,626 having been paid in 1909, only $236,620,
890 was actually paid in that year. The 1910 total has
been swelled to still larger proportions (being reported
at $405,131,650) by similar duplications and triplica
tions, and in fact may be said to be even more grossly
exaggerated than the totals for previous years.
We cannot understand how the Commission could
have permitted itself to use results so plainly erroneous
and deceptive. On page 72 of the Commission’s
Statistical Report for 1909 there is an income account
of the railways in the United States “ considered as a
THE CHRONICLE
844
system /’ and this shows clearly that the net dividends in
1909 were only $236,620,890. Corresponding figures
for previous years appeared in preceding reports. If
the Commission had made these latter figures the basis
of its comparisons, it would have found that there had
been no great change in the amount of dividends paid
on stock in the hands of the public for several years
past, the total arrived at in this way for 1908 havingbeen $227,597,070, for 1907 $227,394,962 and for
1906 $213,555,081. Back in the fiscal year 1900-01
the total of the net dividend payments was $131,626,*672. If we compare this with the $236,620,890 for
1909 (we cannot compare with 1909-10, the latest
fiscal year, since the Commission’s report giving the
figures will not be available for ten months to come),
we get an increase of only a little over $100,000,000 in
the amount of dividends on outstanding stock for
eight years instead of an increase of $100,000,000
in three years, as the Commission tries to make
it appear.
From the foregoing the reader will get an idea of the
extent of the exaggerations in the tabular statement
contained in the report of the Commission. If the
reader will stop to consider that an increase of 8105,
000,000 in eight years means a yearly addition of but
$13,000,000 in the dividend payments, equivalent to
less than 6% on $220,000,000 of new stock, and that
the average yearly issue of new stock put out at par, or
above, could not have been less than that, he will
readily perceive that so far from the carriers having
prospered and flourished to an unusual extent, they
have barely distributed enough in the shape of added
dividend payments to net even a moderate return on
the amount of new stock sold.
In the following we compare the dividend payments
as given by the Commission with the actual net pay
ments each year as drawn from the yearly reports
of the Commission’s Statistician. The reason for
starting with 1901 is that from that time on the net
payments began to diverge more and more widely with
each succeeding year from the gross dividend distribu
tion. Why this is so will appear when it is recalled
that it was not until 1898-99 that the New York
Central took over the stock of the Lake Shore &
Michigan Southern and that of the Michigan Central,
while later came the remarkable operations of Mr.
Harriman in acquiring for the Union Pacific the
Northern Pacific (as likewise the Southern Pacific),
and later selling the same and re-investing the pro
ceeds in shares of railroad properties all over the
United States.
D IV ID E N D P A Y M E N T S B Y U N IT E D S T A T E S R A IL R O A D S .
C o m m issio n
Year —
F ig u r e s.
1 9 0 1 ..............
$150 ,73 5,78 4
1902 ............................
185,391 ,655
1903 .......................
196,728,176
1904 ..............................
221,941 ,049
1905 ..............
237,964 ,482
1906 ............................
272,795 ,974
1907 ................................
308,088 ,627
1908 ..............................
390,695,351
1909 .......................................... 321,071 ,626
1 9 1 0 .................................
405,131 ,650
True
F ig u r e s.
$131,626,672
157,215 ,380
166,176 ,586
183,754 ,236
188,175,151
213,555,081
227,394 ,962
227,597 ,072
2 3 6 ,620 ,800
(1)240,000,000
O ver
s ta te m e n t.
$25,109,112
28,176,275
30,551,590
38,187,813
49,789,331
59,240,893
8 0 ,693,665
163,098,279
8 4 ,450,736
165,000,000
The amount of the net payments for 1910 we
cannot fill in for the reason already stated, but pre
sumably it did not vary greatly from the amount for
the preceding year, and thus we find that instead
of these dividend payments having increased from
$156,735,784 to $405,131,650, the increase has actually
been only from $131,626,672 to, say, $240,000,000.
[VOL. L X X X X I 1 .
But even the net total of payments would seem to
be too favorable as an indication of the sum that the
roads were able to pay out of current earnings. From
the statistical report for 1909 (page 72) we see that the
gross total of dividend payments included $53,203,989
not paid from current income, but declared out o^
surplus, and from the report for 1908 we ascertain that
the gross payments for that year included no less than
$85,284,404 declared out of surplus. How much of
these amounts would app ly as against the net payments,
we do not know, as there is nothing in the report that
tells. The point which deserves emphasis is that in
these years, as current revenue failed to come up to
the requirements, the companies were obliged to draw
upon accumulated surplus to make up the amounts
needed.
It also deserves to be noted that in 1908, when the
gross total of the dividend payments for the first time
reached such an unusual total, even the Statistician to
the Commission deemed it important to explain the
nature of the increase. He accordingly inserted a
statement (page 65 of the Commission’s statistical re
port for 1908) showing that eight certain named roads
(the whole eight, with two minor exceptions, being
controlled by other companies) had paid very excep
tional amounts of dividends—so much so that their
dividend payments for 1908 aggregated $112,812,135,
as against only $30,331,432 in 1907. These dividends
contributed to swell the duplications of that year, and
they also had no relation to the year’s income, the
Oregon Short lane having paid a dividend of 110%
and the Oregon Railroad & Navigation Co. 79% (both
being owned by the Union Pacific), and the other roads
equally exceptional amounts.
In 1909, when the most of these exceptional divi
dends were not again repeated, the gross total of the
dividend payments at once fell away (as Commissioner
Lane’s statement shows) nearly $70,000,000; in 1910,
on the other hand, with exceptional payments of the
same nature by other companies (several of the
Vanderbilt lines made very heavy payments, the
Mahoning Coal R R ., for instance, paying 50% extra
and the Pittsburgh & Lake Erie 40% extra, while the
Oregon Short Line made another special declaration
of 50% having no reference to current earnings), the
gross total of dividend payments again ran up, and
this time to still larger figures even than in 1908.
All of which goes to show that the gross totals of the
dividend payments, even if they were not absolutely
valueless by reason of the duplications and triplica
tions included therein, would nevertheless be uselcs
as an indication of the course of current revenues. The
average rate of the dividends on dividend-paying stocks
has in like manner been raised by the large special divi
dends referred to, many of which are merely book
keeping entries, and yet count in the Commission’s
totals. Obviously, also, the amount of stock paying
dividends is prodigiously exaggerated for the same
reason. Commissioner Lane says that in 1910 divi
dends were paid on nearly $5,500,000,000 of stock, as
against payments on only $2,669,000,090 in 1900. The
1910 total is correct only if we include the stock held
by other roads and which use the dividends so received
to make payments on their own stock. Here, as in
the case of the yearly dividend distributions, it is only
the net amount on which dividends arc paid that could
I be used if the desire be to get at the truth. Unfor-
A pr . 1 1911.
THE CHRONICLE
845
tunately there is no information available on that
THE DECISION ON THE “ DANGEROUS
point in the statistical reports.
EM PLOYM ENTS” LAW.
Up to 1907 it was the custom for the Statistician to
The new laws of this State concerning compensation
give statistics each year indicating the investments by for industrial accidents have been now held in part in
one company in the shares or debt of other companies. valid by the Court of Appeals. The particular law in
But beginning with 1907 statistical information in that volved is Chapter 674, relating to compensation “ in
regard was conveniently dropped. The misleading certain dangerous employments.” It provided for a
gross total of the dividend payments should have been specific scale of compensation, in case of an injury in
dropped at the same time, but this offered too ready a any of the described employments, whenever th6 injury
weapon to use against the carriers, and accordingly is was caused or contributed to, wholly or partly, by one
being continued notwithstanding its misleading charac of two contingencies, of which the first was “ a necessary
ter. As indicating, however, how enormously the risk or danger of the employment or one inherent in
holdings of stock in other companies have been added the nature thereof.” On Sept. 2, the first day after
to in recent years, we may note that between 1899 and the law took effect, a railroad employee sustained
1906, the last year for which the statistics are given, an injury and at once sought benefit fiom the law.
the stock held by other companies increased over Naturally, he chose the broader and the moie unquali
$1,000,000,000, rising from $1,207,498,299 to $2,257, fied of the two contingencies just referred to, and
175,799. The further additions in the four years from founded his claim upon the necessaiy and inherent
1906 to 1910, when the movement was particularly danger of the employment.
#
active, we leave to the imagination of the reader.
The Special Term of the Supreme Court decided this
How absurd it is under such circumstances to say that test case in the plaintiff’s favor, in the same month, the
$5,500,000,000 of stock received dividends in 1910, Appellate Division soon heard it and sustained the
against only $2,669,000,000 in 1900.
decision; the case reached the Court of Appeals in Jan
Another point is worth noting. Mr. Lane emplia- uary. The opinion is now given by Judge Werner,
sizes the fact that on the basis of his figures (dupli all his associates concurring. While expressing full
cated and triplicated in the way mentioned, as sympathy with the object sought, he finds the law
we have seen, out of all semblance to the tiue facts) unconstitutional in that it assails inherent property
the per cent of stock paying dividends during the ten rights by punishing men who have committed no fault
years has increased from 45.66 to 6/ .20. If thoie had beyond the assumed one of engaging in a dangerous
not been the counting of the same item over and over employment. Said he:
again, this advance in the proportion of stock receiving
“ If such economic and sociological arguments as are
dividends might truly be accepted as a gratifying fact. here advanced in support of this statute can be allowed
As it is, it possesses absolutely no significance. Mr. to subvert the fundamental idea of property, then
Lane should have gone a step further and pointed out there is no private right entirely safe, because thcie is
that the aggregate of stock receiving no dividends no limitation upon the absolute di cretion of legis
latures and the guaranties of the Constitution aic
remains practically the same as it was ten yeais ago
a mere waste of words.
or twenty years ago. We have no details for 1910,
“ If it is competent to impose upon an employer, who
but if $5,424,114,782 of stock (including duplications) has omitted no legal duty and has committed no wiong,
received dividends, and this constituted, as Mi. Lane a liability based solely upon a legislative fiat that his
states, 67.20% of the whole, it is obvious that the business is inherently dangerous, it is equally compe
tent to visit upon him a special tax for the support of
total of all stock, dividend-paying and non-dividend
hospitals and other charitable institutions, upon the
paying, must have been $8,071,600,000, and that, theory that they are devoted largely to the alleviation
therefore, $2,647,500,000 of stock received no divi of ills primarily due to this business.”
dends at all. Turning to previous years, we find
The contention that the law is valid because of the
that in 1900 the amount of stock receiving nothing reserved power in legislatures to alter or repeal corporate
was $3,176,609,698 and in 1891 $2,654,258,391. In
charters he deems irrelevant, for the law applies to
the following we show the record of non-paying stock eight enumerated occupations or industiies without
at five-year intervals:
considering by whom they are carried on. Theie is
no reference in the law to corporations; “ the liability
sought to be imposed is based upon the nature of the
From the foregoing it appears that while the aggre employment and not upon the legal status of the
gate of stock receiving no dividends has fluctuated employer.”
Judge Werner admits that all the occupations enum
more or less, the amount for 1910 was practically the
erated
“ are more or less inherently dangerous to a
same as it was twenty years ago in 1891. In other
degree
which
justifies such legislative regulation as is
words, notwithstanding the phenomenal prosperity
properly
within
the scope of the police power” of the
which the Commission asks us to believe the rail
State;
but
the
purport
of his decision is that the law
carrying industry has been enjoying at the assumed
cannot put upon an employer, irrespective of any
expense of shippers, absolutely no advance whatever
has been made towards putting this large amount of fault on his part, a specific liability growing out of the
_
non-dividend-paying stock on a productive basis. In mere fact of an injury.
Now, the law thus condemned does not in terms
1910 the huge aggregate of 2% billions of stock was
abrogate the defense of contributoiy negligence, nor
still receiving absolutely nothing in the way of return.
does it even contain those words. The section on
The carriers may have put some of their earnings back
the “ basis of liability” covers injuries caused or con
into the properties, diminishing the call for new
tributed to by the inherent danger of the employ
capital to that extent, but they have been giving noth
ment, “ or” by failure of the employer or any servant
in" to the owners of this vast total of stock.
1010.
$ 2 ,047,500,000
ST O C K R E C E IV IN G NO D IV ID E N D S .
1005.
1000.
$ 2 ,4 35,470,337
$3,170,600,008
1801.
$2,054,258,301
846
THE CHRONICLE
of his to exercise due care . . . provided, that
there shall be no liability for an injury “ caused in
whole or in part by serious and wilful misconduct of
the workman.” The other of the two laws of the same
date, which has a more general application, was not
before the Court,and still stands,except so far as it in
volves the same liability without fault of the employer.
This one (Chapter 352) contains many specifications
and qualifications which tend to an increased liability,
but need not be re-statecl now. It nominally retains
contributory negligence as a factor by providing that
“ contributory negligence of the injured employee
shall be a defense to bo pleaded and proved by the
defendant” ; yet it hedges this about by other clauses
that leave it of inconsiderable value practically.
There are differences of opinion as to the bearing
of the decision upon this other law, for that does, upon
the face of it, retain and recognize the factor of negli
gence as above quoted, and also by the words “ when
personal injury is caused to an employee who is
himself in the exercise of due care and diligence at the
time;” whereas Judge Werner pointed out that the
effect of the law before him is to abrogate the con
tributory negligence rule and the fellow-servant doc
trine. The remaining law, in terms, permits the
employer to escape by proving contributory negli
gence; whether this will be held to practically punish
the employer who has been guilty of no fault remains
to be seen.
Two things, however, are clearly noticeable. First,
this decision is wholesome and timely in declaring for
strict Constitutional limitations. The right of prop
erty, it says, does not rest on theories or impulses,
but “ has its foundation in the fundamental law; that
can be changed by the people, but not by legislatures.”
The other deduction— emphasized further by the
dreadful affair of last Saturday— is what the “ Chroni
cle” has already urged: that law and public feeling
ought to bend direct to preventing industrial accidents
instead of providing compensation for them. An
automatic and specific scheme of paying for lives and
members does not compensate in any just sense, and it
tends towards fostering accidents by removing natural
incentives to precaution.
[VO L. L X X X X I I
hearth process is regarded and the development of
steel production along that line, to the detriment of
the old established Bessemer works, constitutes one
of the phenomena connected with the recent history
of steel-making in this country. As has been many
times pointed out in these columns, open-hearth steel
production in the United States during the last dozen
years or more has advanced by leaps and bounds. In
1897 the make of open-hearth steel, which even at
that time had been steadily increasing year by year
for a long while, still amounted to only 1,608,671 tons.
In the ten years from 1897 to 1907 the total increased
nearly sevenfold, the product for 1907 reaching 11,
549,736 tons; and during the whole of this decade
there was not a single year that failed to record ad
vance over its predecessor. Even in 1903 and 1904,
when depression in the steel industry was very marked,
and when, as a consequence, the Bessemer product
suffered noteworthy contraction, the open-hearth
output continued to expand, though, of course, only
in a small way. In 1908, under the unparalleled
industrial depression which the United States then
experienced, there came the first break in the longcontinued series of yearly gains, and the open-hearth
output suffered a sharp falling off, the total for that
year dropping to only 7,836,729 tons. But the set
back, as subsequent events have shown, was only tem
porary. With the recovery in the steel trade in 1909,
the previous year’s low figure was nearly doubled and
a new high record established at 14,493,936 tons.
This previous record has now been left over 2,000,000
tons behind in an open-hearth product for 1910, as
already stated, of 16,504,509 tons.
It was in 1908, at the time of the big decline in out
put, that the open-hearth make for the first time ex
ceeded the Bessemer make, the latter having experi
enced a larger falling off than the former; but the
excess in favor of open-hearth steel that year was not
quite 1/4 million tons. In 1909 the excess was in
creased to over 5,000,000 tons and for 1910 openhearth steel has a lead of over 7,000,000 tons. In the
following we show the open-hearth product for each
of the last fifteen years. It is proper to say that of
the total of 16,504,509 tons for 1910, 15,292,329 tons
were made by the basic process and 1,212,180 tons
MAGNITUDE OF THE COUNTRY’S
by the acid process, and of the whole amount 863,351
STEEL PRODUCTION.
tons were direct castings and 15,641,158 tons were
Complete statistics of the steel production in the ingots.
■to
Y ea r.
T ans. Y ea r.
T on s. Y ea r.
T on s.
United States have now been published for the calendar 189G..................
1.208,700 1901
.. 4,656,309 1906 ...............10,080,413
1897
_ 1,008,671 1902
...
5,687,729
1907 ............ .1 1 ,5 4 9 ,7 3 6
year 1910 by James M. Swank, of the American Iron 1898
_ 2,230,292 1903 ............ __ 5,829,911
1908 _______ 7,836,729
1899
___ 2,917,316 1904 ............ __ 5,908,166 1909 ..........- .1 4 ,4 9 3 .9 3 6
& Steel Association. They disclose two chief features 1900
... 3,398,133 1905
... 8,971,376 1010...................16,504,5011
of interest. In the first place, the output for the
The fact that a special demand has sprung up for
twelve months is found to be of unexampled magni open-hearth rails within the last three years accounts
tude, notwithstanding that trade conditions the last for the extra large spurt in the open-hearth make of
half of the year were not altogether favorable owing steel during that time. The same circumstance will
to the slackening of activity in certain lines of business. account for the retrograde course of the Bessemer
The second point of interest is the further growth in steel product, which at 9,412,772 tons for 1910 falls
the production of steel by the open-hearth process.
several million tons below the make of Bessemer steel
Taking up the latter feature first, we find that the in such active years as 1905, 1906 and 1907. Figures
open-hearth product now exceeds the Bessemer which we gave in our issue of Feb. 25 showed that in
product in amount of over 7,000,000 tons. In other 1910 1,715,899 tons of rails were rolled out of openwords, only 9,412,772 tons of Bessemer steel were hearth steel, as against 1,256,674 tons in 1909, only
made, while the open-hearth product reached no less 571,791 tons in 1908 and no more than 252,704 tons
than 16,504,509 tons. I he Bessemer make of steel in 1907. On the other hand, the Bessemer rails (pro
shows only a trifling gain over the year preceding, but duced for 1910, at 1,917,900 tons, while showing re
the open-hearth make has advanced over 2,000,000 covery from the low totals of 1909 and 1908, compare
tons. The increasing favor with which steel by the open- with a total of 3,380,025 tons of Bessemer rails made
A p r . 1 1911.
THE CHRONICLE
in 1907 and 3,791,459 tons made in 1906. In the past
Bessemer steel has gone quite largely into the pro
duction of rails and into railroad work generally, while
open-hearth steel has in great measure been employed
for general and miscellaneous purposes. Under the
preference which railroad managers are now displaying
for open-hearth rails, open-hearth steel is getting a
hold on the railroads, too, and threatening to supplant
Bessemer steel in that field also.
With reference to the country’s total steel produc
tion, this has now reached a marvelous total. Besides
the Bessemer and the open-hearth product, a small
amount of steel is made by other processes. The out
put of crucible steel in 1910 was 122,303 tons and the
steel made by the various minor processes, including
the electric process, amounted to 55,335 tons. Add
ing these on, the grand total of steel production in the
calendar year 1910 is found to have been over 26
million tons— that is, 26,094,919 tons. This is an im
provement of over 2,000,000 tons as compared with
the year preceding and contrasts with a steel produc
tion in the phenomenally bad year of 1908 of only
14,023,247 tons. The previous high records were
23,398,136 tons in 1906 and 23,362,594 tons in 1907.
We add herewith a comparative table showing the
steel production by each leading process for the years
from 1899 to 1910, inclusive.
S T E E L P R O D U C T IO N IN U N IT E D S T A T E S IN GROSS T O N S .
C a le n d a r
Y ea r.
B essem er
S te e l.
1890------------------------------ 7.580,354
1900------------------------------ 0,084,770
1001------------------------------ 8,713,302
190 2 _________________ 9,138,363
1903 _________________ 8,592,829
1904 _________________ 7 ,859,140
1905 .......
10,941,375
100 6 ____________________12,275,830
1907 __________________11,667,549
1908 _________________ 0,110,755
1909 _________________ 9,330,783
1010_________
9,412,772
O pen H e a r th .
2 ,947,310
3,398,135
4,650,309
5,087,729
5,829,911
5,908,160
8 ,971,376
10,980,413
11,549,730
7,830,729
14,493,936
16,504,509
A l l O th er
S t e e l.
T o ta l I n g o t s
a n d C a s tin g s .
100,187
105,424
103,984
121,158
112,238
02,581
111,190
141,893
145,309
69,703
130,302
177,638
10,039,857
10,188,329
13,473,595
14,947,250
14,534,978
13,859,887
20,023.947
23,398,130
23,302,594
14,023,247
23,955,021
2 6,094,919
That the 1910 steel production should have been so
large, notwithstanding multiplying evidences of re
action in general business as the year progressed, and
that the product should have so greatly exceeded the
best previous year’s results in that particular, is
evidence that the year after all was a good one in the
steel trade. Another circumstance is worth noting.
The new high record was attained in spite of the fact
that the railroad demand for steel was not up to the
maximum. As our readers know, the railroad-carrying
interest was subjected to many unfavorable influences
during the course of the year— so much so that in the
latter part of the period orders for all the many
things that the roads need in the conduct of their
business had to be materially curtailed. This cur
tailment will be felt in the 1911 steel figures, but even
the 1910 output of the products used by the railroads,
representing to a large extent orders placed before the
unfavorable influences affecting the railroads had be
come very pronounced, fell considerably below the
proportions reached in other good years. We may
take the rail production for illustration. In 1910
3,634,029 tons of rails were made, which was a great
improvement on the small output of 1908 and was a
considerable increase also over the make of rails in
1909; but it compares with a rail product in 1906 of
3,977,887 tons. With the demand for steel for rail
making purposes thus much below the maximum, the
country’s make of steel in 1910 was nevertheless
26,094,919 tons, as against only 23,398,136 tons in
1906. The conclusion from this would seem to be that
the railroad demand for steel does not exercise the
same
did.
ment
being
847
commanding influence in the steel trade it once
And that is a circumstance of some encourage
now that the railroad industry is for the time
under a cloud.
ITEMS ABOUT BANKS, EANKERS AND TRUST CO.’S
—The public sales of bank stocks this week aggregate
1,098 shares, of which 1,083 shares were sold at the Stock
Exchange and 15 shares at auction. The auction sales
also included 20 shares of trust company stock. National
Bank of Commerce stock was again actively dealt in at the
Stock Exchange, the transactions reaching a total of 745
shares. The price advanced to 22414 and then tended
gradually downward until the close at 217. National City
Bank stock shows a net gain of 14 points over last week’s
closing price and 10 shares of First National Bank stock
were sold at 910—12 points higher than the sale price last
week.
B A N K S— N ew Y ork
Low .
Chemical National B a n k .. - 435
Cltizens’-Central N at. Bank . 160
City Bank, N ational............ . 408
Commerce, N at. Bank o f . . . 2 16 y3
First National B ank_______ . 910
Fourth National B ank____ . 203
Gallatin National B a n k ... . 343
Park Bank, N ational_____ . 374
B A N K — B r o o k ly n .
10 Nassau National B ank____ . 260
TR U ST C OM PANY— N ew Y o r k .
20 Savoy Trust C o ..................... .
80
S h a res.
H ig h .
C lo se .
L a s ' p r e v i o u s s a le .
*10
5
•57
*745
*10
*41
*200
*20
435
160
420
224 K
910
205
343
375
435
160
419
217
910
205
343
374
Dec.
Jan.
M ch.
Mch.
Mch.
Mch.
Feb.
Feb.
1910—
1910—
1911—
1911—
1911—
1911—
1911—
1911—
424
162 H
405
220
898
203
350
370
260 K 260 >4 Feb. 1911— 251
80
80
May 1910—
75
* Sold at the Stock Exchange.
—Conferences extending over several days were held this
week between the Currency Committee of the American
Bankers’ Association and the National Monetary Commission
on the plan of currency reform outlined by Nelson W. Aldrich.
While it is stated that the bankers generally view with favor
the proposal suggested, advices from Washington indicate
that there are several points in the plan concerning which
changes are advocated. The question of the admission to
the National Reserve Association, created under the plan, of
State banks and trust companies was one which developed
considerable discussion, resulting in the naming of a com
mittee, it is understood, to further consider the matter and
to report at a subsequent conference with members of the
Monetary Commission. This committee is stated to consist
of Festus J. Wade, President of the Mercantile Trust Co. of
St. Louis; John Perrin, Chairman of the Board of the FletcherAmerican National Bank of Indianapolis, and Joseph Talbert,
Vice-President of the National City Bank of New York.
Another point on which discussion converged related to the
arrangements for the taking up by the Reserve Association of
the Government bonds held by the banks. Nothing definite
or tangible has developed on this point.
—The record of the business of the postal savings banks for
the first two months of their operation—from Jan. 3 to
Feb. 28—is furnished in a report issued last week by Post
master-General Hitchcock. Since the inauguration of the
system 3,923 accounts have been opened in the forty-eight
offices which have been designated as depositaries; of these
259 accounts have been drawn out or closed, making the
total number of open accounts on Feb. 28, 3,664. The de
posits at the close of February aggregate $133,869, Leadville,
Colo., heading the list with deposits of $21,253, and New
berry, S. C., having the least amount of deposits to its credit,
viz.: $199. It is pointed out that the total population of the
forty-eight towns in which the depositaries are located is only
about 370,000. An appropriation of $500,000 for the exten
sion of the system was authorized by Congress at the late
session, and, in accordance with his plan to establish 250
additional depositaries, the Postmaster-General has named
45 new depositaries in addition to the 48 already in operation.
The new offices are as follows:
Anniston, A la .; BIsbee, A riz.; Helena, A rk .; Santa Cruz., C al.; Canon
City, Colo.; Bristol, Conn.; S t. Augustine, F la.; Rom e, G a.; La Salle, 111.;
G ary, Ind .; Centerville, Iowa; M anhattan, K a n .; Madlsonville, K y .; Alex
andria, L a .; Watervllle, M e.; Havre dc Grace, M d.; Rockport, M ass.;
Ironwood, M ich.; S t. Cloud, M inn.; Greenville, Miss.; Hannibal, M o.;
Kallspcl, M ont.; Alliance, N eb.; Tonopah, N ev.; Dover, N . H .; Burlington,
N . J.; Silver City, N . M .; North Tonawanda, N . Y .; Elizabeth C ity, N . C .;
Devil’s Lake, N . D .; Bellalre, Ohio; Shawnee, O kla.; Astoria. O re.; Berwick,
P a .; W esterly, R . I .; Anderson, S . C .; Clarksville, Tcnn.; Temple, T e x.;
Bingham Canyon, U tah; Barre, V t .; Alexandria, V a .; H oqulam , W ash .
A list of the offices with which the system started was
published in our issue of October 29.
—An amendment to the Erdman Act, which was provided
in a provision attached to the Sundry Civil Appropriation
848
THE CHRONICLE
bill approved March 4 1911, authorizes the President to
designate from time to time any member of the Inter-State
Commerce Commission or of the Court of Commerce to act
as mediator, with the Commissioner of Labor, in controversies
which may arise between carriers and their employees.
President Taft lias since named Martin A. Knapp, Presiding
Judge of the Commerce Court, as one of the mediators under
the Act. Previous to the adoption of the amendment the
settlement of such differences rested with the Chairman of
the Inter-State Commerce Commission and the Commissioner
of Labor. The text of the amendment follows:
The President of the United States, from and after the passage of this
A c t, is authorized to designate from time to time any member of the Inter
State Commerce Commission or of the Court of Commerce to exercise the
powers conferred and the duties Imposed upon the Chairman of the Inter
State Commerce Commission by the provisions of the "A c t concerning
carriers engaged in inter-State commerce and their em ployees,” approved
June 1 1808; and the member so designated, during the period for which
he Is designated, shall have the powers now conferred by said A ct on the
Chairman of the Inter-State Commerce Commission.
—The right of the State of New York to collect a stock
transfer tax on voting trust certificates representing the
shares of a corporation is upheld in a decision rendered
by the Court of Claims at Albany on March 20. The
plaintiff in the action was the United States Radiator
Corporation which, following its incorporation last year,
purchased the property and assets of four other companies,
for whose stockholders it set apart 52,100 shares of its stock.
Under an agreement entered into a trust company was made
voting trustee of this stock for five years. In a suit against
the State Comptroller to recover the money paid for the
stamps used, Judge Murray decides that the certificates
contain all the elements of taxability as provided in the
statute. They were, he stated, proof of the holders’ rights to
share in the profits or dividends of the corporation and they
represent shares or certificates of stock which the holders
can transfer to others.
1 he rule of the Mew York Stock .Exchange which requires
that the proceeds of the sale of a seat of a member must first
be applied in the liquidation of claims of creditor members
of the Exchange, or a firm which holds Stock Exchange
membership, is upheld in a report filed in the Supreme Court
on March 28 by Referee Charles F. Brown. Mr. Brown,
was appointed referee by the Court in the suit of Frank
Sullivan Smith, as assignee for the creditors of Henry
Marquand, against Rudolph Keppler, ex-President of the
Stock Exchange. An assignment had been made to the
plaintiff by Mr. Marquand in June 1901, and following the
sale of the latter’s seat the Exchange had approved the
claims of Stock Exchange houses which were his creditors.
The action of the Exchange with respect to three houses
which it decided were among those having prior claim in the
matter was disputed by the assignee, but Referee Brown
holds these to be proper, and recommends their approval by
the Court.
I he Vereinsbank, at Frankfort-on-the-Oder, Germany,
which suspended on Nov. 28, following a run, was declared
bankrupt on March 7. Cable announcements to the
daily papers reported estimated losses of $1,000,000, involving
the total capital of $025,000, and from 50 to 60% of the
deposits, which amounted to $1,250,000 when the run was
instituted.
The Bank of Karl Neuburger, at Berlin, is said to have
suspended payment on the 7th ult. The liabilities are stated
as $2,12o,000. The bank had thirty-five provincial branches.
Its capital is given as $1,250,000.
—The new State Bank of Hayti, at Port-au-Prince, was
opened on March 8. The institution, whose organization
is said to have been made possible by American, French and
German capital, is expected to assist in placing the finances
of the republic on a more secure footing.
A bill, agreed on in conference, amending the Oklahoma
banking law was signed by Gov. Lee Cruce on Feb. 25, fol
low ing its adoption by the Senate and House on February
23d and 24th, respectively. The “Oklahoman” states that
the important changes which it makes in the present law
are as follows:
The banking board of five State officers [namely, the Governor, the Lieu
tenant-Governor, the President of the Board of Agriculture, State Treas
urer and State Auditor] gives way to a banking board composed of the
Governor and two members appointed by him.
The banks are to retain their premiums as special deposits, on which they
pay the State 4 % Interest, which are subject to the Instantjdemand of the
State Banking Board.
B T h e Bank Commissioner Is to get a salary of $4,000 a year instead
of $ 2,500.
Trust companies, or trust and banking companies, are divorced from the
benefits of the law, which means practically that trust companies must go
out of the banking business, at least the State banking business. They
[VOL. L X X X X I I .
are given until Sept. 1 to drop their banking departments.
few such institutions in Oklahoma, however.
There are but
Since signing the bill Gov. Cruce has appointed J. D.
Lankford of Atoka as State Bank Commissioner to succeed
E. B. Cockrell, resigned.
Reports which have recently been current to the effect
that the State banks operating under the Oklahoma depositguaranty law are losing their enthusiasm for the plan would
seem to be borne out by the number of changes from the
State to the lederal system which has been witnessed during
the past month. A report of Commissioner Lankford show
ing the condition of the State banks on March 7 indicates a
net loss of but five among these institutions since Jan. 7,
the nationalization of 18 State banks, it is stated, having
been offset by the organization of a dozen or more new State
banks, which are said to number 690against 695 in January.
It is nevertheless reported from Washington that, following
the assessment of 1% made upon the banks early last month,
some sixty of the State institutions have decided to abandon
the State system and take out Federal charters, their appli
cations now awaiting the Comptroller’s action. From the
report of Commissioner Lankford the individual deposits
of the guaranteed banks arc shown to have fallen off $5,032,
603 during the two months—or from $54,756,581 on Jan. 7
to $49,723,978 on March 7. According to the newspapers,
nn n eP^ l S T 5 ? W ,0Wer than at " V time since November
. . , a unig i e number of banks, it is pointed out, are
now considerably larger than at that period. Some remarks
on the guaranty law, emanating from former State Bank
Commissioner E. B. Cockrell, were recently published in the
“Bank Deposit Guaranty Journal” and reprinted in the
“Oklahoman.” Mr. Cockrell, who is now President of the
New Continental Trust Co. of Oklahoma City, in referring
to the depletion which has occurred in the fund saysThe State banks generally arc in good condition, and thcre'arc no immi
nent losses of any magnitude which will require additional funds
How
ever, a special assessment of one-haif or three-quarters of 1 % will be re
quired to carry out the agreements of the banking board with the men who
have reorganized two falling institutions, thereby p r e v e n t i n g a m u c h ^ e r
of th
re"eaL rtcrsa
of 1 / 0 will take
i ^ care
CaS\of° these
VCr the
cou^ r . and
A nleave
assessment
of
three-quai
tors of
obligations
a good
working balance In the hands of the banking board; besides they have a
arge amount of paper which has been taken from failed and reorganized
banks upon which a considerable amount of money will be realized
Had It not been for the operations of two men whose^speculatTons cost
the guaranty fund nine-tenths of the amount the fund has been depleted
the losses would have been a mere bagatelle, and as banking history proves
that such disastrous failures only occur once or twice in a lifetime, there is
evety reason to believe that when we recover from the cUccts of the financial
aeronautics of the two men above referred to, we will be able to build up
ci guaranty fund without any more special assessments.
Mi. Cockrell also states that the bankers endeavored to
have enacted legislation authorizing the Banking Board to
issue 6% negotiable warrants against collectible assets taken
from failed banks, but, while favorably reported by the
House Committee on Banks and Banking, the House rejected
the proposed measure. He claims that had the bill become
a law, a special assessment would not now be necessary, as
the Board will have collectible assets in a sufficient amount
to retire warrants which they might have issued. Mr.
Cockrell also holds that the State banks should be relieved
of the payment of any other tax—that they should not be
subject to any taxation except for the protection of deposit
ors. Continuing, he says:
thpfSMtpLM i f atU|ei 7 111 lncorP °rate these provisions mentioned into law,
h ^ ,fr tatev ba" ks whI?h now are preparing to nationalize on account of too
take Stafe ch lrte M 1 dAumt h n Statc ,banks aml other national banks would
taitc state cbaitcrs. Ail the amendments to the banking law which have
toSh >
b hCn cJla? tccl by the Legislature are decided improvements and it Is
to be hoped the members of that honorable body will yet see the necessity
of giving the State banks full Justice by enacting into law the provisions
referred to above. The guaranty principle is right and gives depositors
.absolute Protection. It prevents financial disturbances and ndustda
depressions, and t only remains to make such changes in the law as wUl
and at the sa™
* "» • pay reasonable
Bank Commissioner Dolley, of Kansas, has authorized
the payment by the State banking institutions of a maximum
rate of 4% on time certificates not payable in less than three
months, and not extending for more than two years having
definite date of maturity, and on which interest shall cease
at maturity. For two years, the Topeka “Capital” states, the
rate permitted has been 3%. The new rate results from the
enactment of a law which went into effect Feb. 28 authorizing
the Commissioner to fix the rate of interest to be allowed
Tim national banks arc said to have in some instances been
paying the higher rate, and the change has been made to
permit the State banks to avail of that privilege also in locali
ties where the 4% rate prevails. A telegram sent to the
banks, advising them of the increase which has been made in
the maximum rate, has been supplemented by a letter from
the Commissioner, which we reprint from the Topeka
“Capital”:
API?. 1 1911. J
THE CHRONICLE
Confirming m y wire of the 14th, this Is to advise you that supplemental
to the letter from this Department under date of March I , and effective
March 15 1011, the maximum rate of 4 % per annum, to apply only on time
certificates not payable In less than three months and not extending for
more than two years, having a definite date of maturity and on which In
terest shall cease at maturity, Is hereby approved. The maximum rate of
3 % per annum heretofore approved applies to all other forms of deposits.
This Department holds to the view that the maximum rate of 4 % on time
certificates, as approved herein, should not prevail In communities where
the average loaning rate Is less than 8 % per annum, and that the public
Interests would be best conserved by reducing the loaning rate In preference
to paying the maximum rate of 4 % where conditions will permit. In order
to preserve the well-earned reputation of the State banks of Kansas for
conservatism and safety, this Department advises that the maximum rate
herein approved be used with discretion and only where necessary to meet
competition.
—Formal and permanent organization of the Curb market
has recently occurred, following the adoption of a consti
tution under which its business will in future be regulated.
The association is designated the New York Curb Market,
and its officers, elected on March 10, by its first board of
representatives, are as follows: J.L. McCormack, Chairman;
E. S. Mendels, Secretary, and Washington Content, Treasurer.
The various committees, namely, Finance, Commissions,
Admissions, Listings, Complaints, Arbitration, Law and
Constitution, were named on the23rd ult. A clause in the
Curb’s constitution provides that “any person who shall be
connected, directly or indirectly, or by a partner, with any
association other than the New York Stock Exchange, in
the city of New York, which permits dealing in any security
or property admitted to dealing in any department of the
New York Stock Exchange, shall be ineligible for member
ship.” Rumors that this would in effect bar members
of the Consolidated Exchange from participation in the
outside market have elicited the following response from
Mr. Mendels: “So far as the Consolidated Exchange is con
cerned, we shall trade with its members just as we shall
trade with anybody who appears satisfactorily on the Curb.
Our refusal to admit them to membership in our association
does not mean that we shall not trade with them in perfect
freedom.”
—The proceedings under which the Chatham National
and Phenix national banks were merged in February were
formally ratified by the stockholders of the two institutions
on Tuesday last, March 28. The following new members
were this week added to the board of the consolidated Chat
ham & Phenix National Bank: Elbert II. Gary, Chairman
of the board of the United States Steel Corporation; Pierre
S. du Pont, of the E. I. du Pont do Nemours Powder Co.;
August Belmont, of August Belmont & Co.; F. D. Under
wood, President of the Erie HR. Co.; Edward Shearson, of
Shearson, Hammill&Co.; Hamilton F. Kean,of Kean, Tay
lor & Co.; H. Stuart Hotchkiss, Vice-President and Treasurer
of the L. Candee Rubber Co.; Desmond Dunne, of the Des
mond Dunne Co.; John Ringling, of Ringling Bros.; Adrian
H. Joline, Edward E. Loomis, President of the Delaware
Lackawanna & Western Coal Co.; John M. Hansen, Presi
dent of the Standard Steel Car Co.; Parmley W. Herrick,
Waldo II. Marshall, President of the American Locomotive
Co., and George Coffing Warner. The above, with the fol
lowing, now constitute the full board of the bank: George
M. Hard, Chairman; Horace E. Andrews, Daniel J. Carroll,
William B. Conrad, O. G. Fessenden, Frank J. Heaney,
August Ileckscher, Franklin S. Jerome, William A. Law,
Frank R. Lawrence, Charles C. Lloyd, Henry F. Shoemaker,
Sanford II. Steele, John I). Vermeule, Samuel Weil, Frank
S. Witherbee, Joseph II. Wright, and Louis G. Kaufman,
President.
—Alvin W. Krech has purchased from the Equitable Life
Assurance Society a practically controlling interest in the
capital stock of the Equitable Trust Co. of this city, of which
he is President. The Equitable Life’s holdings amounted to
14,531 shares, for which $500 a share has been paid, or $7,
265,500. In announcing the change, Mr. Krech said to our
representative that lie is distributing this stock so that there
shall be no paramount influence in any one banking direc
tion. Mr. Krech also stated that this distribution would be
made in such a manner that the company would remain an
absolutely independent concern. On Feb. 28 the Equitable
Trust Co. had deposits of $35,278,578 67 and aggregate re
sources of $49,826,185 96. Its capital stock is $3,000,000,
surplus $10,000,000 and undivided profits $1,181,316.
Lawrence L. Gillespie and Frederick W. Fulle arc Vice
Presidents.
—Charles E. Meek, Secretary of the National Association
of Credit Men, was this week appointed an Assistant Cashier
of the Fourth National Bank of this city. Mr. Meek will
have general supervision of the secretaryship of the Credit
849
Men’s Association until the naming of his successor at the
annual meeting in June.
A banquet in honor of James G. Cannon, President of the
Fourth National, was given on Monday evening last at the
Union League Club by twenty-two graduates of the bank,
many of whom now have important positions in other finan
cial institutions. A testimonial expressing the appreciation
of those who had served with him was presented to President
Cannon. The other guests of the evening were the following
officers of the Fourth National: Samuel S. Campbell and
Charles H. Patterson Vice-Presidents; Daniel J. Rogers,
Cashier, and Ernest W. Davenport, Assistant Cashier.
—James G. Cannon, President of the Fourth National
Bank of this city, was on the 24th ult. elected a member of the
executive committee of the United States Mortgage &
Trust Co. The directors of the latter also declared the
regular quarterly dividend of 6%, payable March 31 to
holders of record March 25.
—The new Harriman National Bank (which is the title
assumed by the Night & Day Bank at Fifth Avenue and
44th Street with its conversion to the national system), began
business on March 20, on which date its Federal charter
was issued. The plan to change the bank into a national in
stitution was undertaken several months ago. The Harrimans and affiliated interests control the institution, and it is
in honor of the late E. II. Harriman that it has been named.
The bank formed an intimate relationship with the Mer
chants’ National Bank in January and the two institutions
have a number of directors in common. The officers of the
Harriman National are: Joseph W. Harriman, President;
Bryan L. Kennedy, Thomas B. Clarke Jr. and Frederick
Phillips, Vice-Presidents; and John A. Noble, Cashier. The
capital of the bank continues at $200,000. Its deposits on
the 20th ult. were $4,161,255. Originally open continuously
night and day (except Sundays and holidays), the institution
curtailed its working period last June to sixteen hours
daily, or from 8 a. m. to midnight. With its advent to the
National system it has still further reduced its hours of busi
ness, and now remains open from 8 a. in. to 8 p. m.
—A quarterly dividend of 5% has been declared by the
Chase National Bank of this city, payable April 1 to holders
of record March 31. Previous payments have been 3% each
quarter, with extra distributions of 8% in January 1911 and
6% in January 1910.
—John S. McLean, formerly President of the Greenwich
Bank of this city, died on the 26th ult. in his eighty-fifth
year. Mr. McLean had officiated in the presidency of the
bank from 1876 until 1902, when he retired from active busi
ness; he had also at one time been a Vice-President of the
Greenwich Savings Bank.
—Another postponement of the annual meeting of the
Nineteenth Ward Bank of this city occurred this week, an
adjournment until May 27 having been taken. It is an
nounced that the plans which have been under consideration
for the merger of the Twelfth Ward Bank with the Nineteenth
Ward Bank have not as yet been perfected.
—Percy Winslow Sherman, who was a member of the
New York Stock Exchange firm of Judson & Judson, which
suspended on Dec. 17, died suddenly on the 29th ult. Mr.
Sherman was about 40 years of age. He is said to have been
distantly related to Vice-President Sherman. Prior to his
affiliation with the Judson firm Mr. Sherman had been a
partner in the brokerage house of McKinley & Sherman.
—The indictments which were returned in 1908 against
Edward R. Thomas and Orlando F. Thomas were dismissed
on March 22 by Justice Blanchard in the Criminal Branch
of the New York Supreme Court. The indictments had
alleged violations of the insurance law while they were in
control of the Provident Savings Life Assurance Society,
having charged misdemeanor under Section 36 of the insur
ance law, prohibiting officers or directors of insurance com
panies from being pecuniarily interested in loans made by
companies with which they are connected. Justice Blanch-j
ard maintained that the company had the legal right to place
its surplus on deposit in the custody of various banks, and
stated that in so far as the terms under which the banks held
such moneys coihpelled them to deal with the Provident
Society in the capacity of a depositor, and the money was
payable immediately upon demand, a perfectly legal rela
tionship existed between them. He added:
“ I am unable to see how the defendants could have been guilty of mal
feasance of their duties, unless the terms of the contract by which they
deposited the moneys of the association whose care was Intrusted to them
was such as to prevent an Immediate withdrawal of the sums so transferred.
It Is arparent from the evidence that the basis for all the transactions
85 0
THE CHRONICLE
between the Provident Life Insurance Association and the banks was
certificates of deposits, or, as In one case mentioned, a ‘ plain deposit,' and It
follows that the money was returnable Immediately upon demand. The
facts that the loans were obtained either prior or subsequent to these
deposits, from these banks, did not affect the liability of the banks toward
the Insurance association, but solely constituted a relationship between the
defendants and the banks themselves; and I do not think, In view of m y
opinion as to the rules of construction of the statute which m ust preval ,
that the liability of the defendants can attach unless the terms under which
the money was returnable Indicate them to have had the legal characteris
tics necessary to definitely establish them as loans.”
----An indictment, based on an alleged violation of the law
Telating to the misconduct of officers of corporations, was
returned on Tuesday against Joseph B. Reichmann, formerly
President of the failed Carnegie Trust Co. of this city. Mr.
Reichmann served in the presidency of the institution from
December 1909 until October 1910. He pleaded not guilty
to the charge against him and was released under $10,000
bail, furnished by the National Surety Co. The indictment,
according to a statement made in the matter by the District
Attorney’s office, charges that on September 8 1910 Mr.
Reichmann “knowingly concurred in making and publishing
a certain report and statement of the affairs and pecuniary
condition of the trust company containing material state
ments which were false.” The principal false statement, it is
alleged, was that on August 31 1910 the institution had no
liability for borrowed money, when, in fact, it is asserted, it
was liable on a demand note to the Northern Bank for
$130,000 secured by certain collateral. It is claimed that
the Carnegie Trust had borrowed this sum from the Northern
Bank on August 23, giving its demand note signed by Mr.
Reichmann as President, and delivering as security two notes
of Joseph S. Marcus, aggregating $213,000, together with the
collateral held as security for the Marcus notes. The note
was authorized by a resolution passed at a meeting of the
trust company on August 23. The statement continues:
W hen the time came for verifying the quarterly report of the trust
com pany, showing Its condition at the close of business A u g . 31, It became
evident that the results to the trust company would be serious If this
$130 ,00 0 Item for borrowed money showed In the report. It was, therefore,
arranged between the Northern Bank and the Carnegie Trust Co. that
the form o f the transaction should be changed and that the demand note
should be surrendered and the Northern Bank should receive In lieu thereof a
participation to the extent of $130,000 In the Marcus loan which had been
made by the Carnegie Trust Co.
- The Northern Bank continued to hold all the collateral— a most unusual
circumstance If the transaction was In reality a participation. The form
o f the transaction having been changed, M r. Reichmann then signed the
report to the Superintendent of Banks, which was drawn up as though the
transaction of A u g. 23 had originally been a participation Intsead of a
demand note. This wiped off the $130,000 debit Item. In order to pre
clude so far as possible the discovery of the false Item, apparently the
minutes of the meeting of the Executive Committee of the Carnegie Trust
C o. on A u g . 23 were altered and the participation agreement, which was
actually executed on Sept. 8, was dated back.
Mr. Marcus, it is said, only recently came into knowledge
of the transaction in which the Northern Bank appeared as
participating in the loan, and has since paid the amount of
his loan and taken over his collateral.
In furtherance of the ihquiry, now in progress into the
affairs of the Carnegie Trust Co., subpoenas were served at
the direction of the District Attorney upon a number of
officials of State and national banking institutions, who were
cited to appear before the Grand Jury to make known whether
any relation existed between their loans and deposits of the
city. In all some twenty-fiVe questions bearing on such
borrowings were attached to the subpoenas.
At the request of District Attorney Whitman sentence upon
Joseph G. Robin, which was to have been imposed March 27,
has been deferred until April 27. His presence, it was
urged, was needed for a proper presentation of the investi
gation which is being made into the Carnegie Trust Co.
Robin was indicted on charges alleging the larceny of
$27,000 of the funds of the failed Washington Savings Bank.
—Charles A. Belling, formerly Third Vice-President of the
Bronx National Bank at 149th Street and Bergen Avenue,
Bronx Borough, was sentenced on March 3 to a prison
term of not less than one year and three months nor more
than nineteen years. Belling, who was arrested last Novem
ber on a charge of forging a certificate of the bank’s stock
and obtaining thereon $3,000 from the Knickerbocker Trust
Co., pleaded guilty on Feb. 20 to an indictment charging
forgery in the first degree. At the request of his counsel in
December, a commission was appointed by the Court to
inquire into the mental condition of the accused, the exami
nation resulting in a decision declaring him sane.
—Charles E. Covert, formerly Secretary of the Williamsburgh Trust Co.tof Brooklyn Borough, now in liquidation,
has become Manager of the Queens County Branch, at
Jamaica, of the United.States Title Guaranty &Indemnity Co.
—John E. Backus, President of the Queens County Trust
Co. of Jamaica, L. I., and one of the organizers of the inst
[VOL. LXX X X II.
tution, died on the 23d ult. He was First Deputy Bridge
Commissioner of Queens County under Mayor Van Wyck
in 1898, and was Treasurer of the Citizens’ Water Co. of
Newton. Mr. Backus was sixty-five years of age.
—A new banking institution, to be known as the Carteret
Trust Co., is to be established in Jersey City. A charter
for the prospective organization has been granted by State
Bank Commissioner Vivian M. Lewis. The company is to
have a capital and surplus of $100,000 each. It is stated
that it will open early in September and will locate at Wilkes
St. and Sip Ave. The incorporators are William C. Heppenheimer, Robert E. Jennings, Charles L. Coppinger, William
L. Pyle, John Mehl Jr., Walter M. Dear, George T. Smith
and J. Hollis Wells.
.
—Frederick H. Lee has resigned as Cashier of the Mt.
Holly National Bank, of Mt. Holly, N. J., and has been suc
ceeded in the post by Albert B. Walters, heretofore Assistant
Cashier. Mr. Lee is reported to have been a borrower from
the institution; a statement issued by two of the directors
says that his total indebtedness is less than $10,000, and it is
amply secured. His borrowings, it is said, were made with
the knowledge and consent of several of the directors. The
indebtedness, according to newspaper reports, had been
somewhat larger than the amount named above, but was
reduced when objections were made by the bank examiner
a short time since. Henry B. Wright, a director, has been
elected a Vice-President of the institution.
—The Mount Vernon National Bank of Mount Vernon,
N. Y., suspended business on March 24, the action in closing
the bank, according to a statement issued by its directors,
having been due to a run which seemed imminent with the
news of the suspension of the First National Bank of Oneonta,
N. Y. Herbert T. Jennings, Vice-President of the latter,
is President of the Mount Vernon National. The statement
given out by the Mount Vernon National said:
By reason of the closing of the First National Bank of Oneonta, N . Y . ,
with which Mr. Jennings was Identified, several large withdrawals Indicated
that this bank— the Mount Vernon National— would not bo able to stand
what might develop Into a run, and the board of directors deckled to suspend
temporarily to protect and conserve the best Interests of all parties con
cerned. The board of directors express themselves that there Is no ques
tion as to the ability of the bank to pay all depositors one hundred cents on
the dollar. The directors declare that the bank Is absolutely solvent. A
notice of the closing of the bank was sent to the Banking Department at
W ashington this afternoon.
The Mount Vernon National began business in 1907.
Mr. Jennings was one of its organizers; he was originally
Vice-President and became President in 1909. The insti
tution had $200,000 capital, and in response to the January
call of the Comptroller of the Currency gave its deposits as
$563,834. The city of Mount Vernon has $116,000 deposited
with the company, for which it holds as security two bonds
of $50,000 each. The Mount Vernon Trust Co., through
its President, Archibald M. Campbell, has offered to relieve
the city of any embarrassment which the closing of the bank
might cause.
—Announcement of the closing of the First National Bank
of Oneonta, N. Y., by order of its directors, was made on
March 23 by National Bank Examiner Benjamin Marcuse,
as the representative of the Comptroller of the Currency.
It is stated that there had been during the past year a gradual
withdrawal of deposits and an increase in loans and dis
counts; the withdrawals, it is said, were more extensive for
the past sixty days. The bank was established some forty
years ago and had a capital of $100,000. Its July 1910
statement is said to have shown deposits of over $1,000,000.
Arthur W. Cutler, it is reported, succeeded M. L. Keyes in
the presidency of the institution three months ago. Control
of the bank was purchased from Mr. Keyes about a year ago
by new interests, who, according to report, were represented
by Herbert T. Jennings, Vice-President of the institution.
Mr. Jennings was also President of the Mount Vernon Na
tional Bank of Mount Vernon, N. Y., which suspended busi
ness on the 24th ult., as noted in another item.
—James De Peyster Lynch has succeeded James S. Sher
man as Vice-President of the Utica City National Bank
of Utica, N. Y.
—Under action taken by its stockholders on March 1,
the People’s Bank of Troy, N. Y., increases its capital from
$50,000 to $100,000. The new capital will become effective
on April 1. The additional stock has been sold to the
existing shareholders at par—$100.
—Nathaniel Thayer, prominent in railroad, industrial and
banking affairs, died at his home in Boston on March 21.
He was sixty years of age. Mr. Thayer was President of the
Boston Clinton Fitchburg & New Bedford RR. Co. before its
A p r . 1 1911.]
THE CHRONICLE
merger in 1883 with the Old Colony RR. At the time of his
death he was a Vice-President and director of the New
England Trust Co., a director of the Old Colony Trust Co.,
the Bay State Trust Co. and the Merchants’ National Bank
of Boston, his other connections of recent years being as
director of the American Bell Telephone Co., the American
Telephone & Telegraph Co., the Old Colony RR. Co., the
United States Steel Corporation, and as Vice-President and
director of the Chicago Junction Railways and Union Stock
Yards Co., &c., &c.
—The question of increasing the capital of the Bay State
National Bank of Lawrence, Mass., from $375,000 to $400,
000 will be submitted to the stockholders for ratification on
April 18. The stockholders will also be called upon to decide
whether the par value of the bank’s stock shall be changed
from $75 to $100 shares. Another proposition on which
action will be taken concerns an amendment to the by-laws
which will increase the limit of the board’s membership from
fifteen to thirty-five.
—The Lawrence National and the Merchants’ National
banks of Lawrence, Mass., were placed in voluntary liqui
dation on March 4. Their business was merged in the newly
formed Merchants’ Trust Co., organized with a capital of
$300,000 and surplus of $150,000. In its statement made
to the Bank Commissioner on March 7 the institution re
ported deposits of $1,753,460 and aggregate resources of
$2,801,233. George F. Russell is President and H. L.
Sherman, Treasurer.
—Adam P. Leighton has become President of the Chap
man National Bank of Portland, Me., succeeding Seth L.
Larrabee. Henry B. Pennell replaces Mr. Leighton as Vice
President, and Charles S. Chase has also been chosen to a
vice-presidency of the bank.
—Frederick T. Chandler was elected to succeed George
Stevenson, retired, as Vice-President of the Philadelphia
Stock Exchange at a meeting of the Governing Committee
on the 20th ult. Mr. Chandler is an ex-President of the
Exchange. He is a member of the committee which was
recently named to consider the question of removal, and is
said to be one of those who advocate a change of location
for the Exchange.
—The Mellon National Bank of Pittsburgh, which by its
latest statement showed a capital of $4,000,000 and a sur
plus fund of $3,300,000, has declared a stock dividend to
its shareholders of 50% of its capital from the surplus fund,
making the present capital $6,000,000 and leaving $1,300,000
the surplus. The surplus fund, prior to the increase, repre
sented the earnings of the bank since its organization under
in the national system July 1 1902, exclusive of cash dividends
paid, which amounted to $1,200,000 for the same period.
The capital stock of this bank was increased from $2,000,000
to $4,000,000 by a cash subscription at par Jan. 1 1905.
The officers of the bank are: A. W. Mellon, President; R. B.
Mellon and A. C. Knox, Vice-Presidents; W. S. Mitchell,
Cashier; B, W. Lewis, A. W. McEldowney and H. S. Zimmer
man, Assistant Cashiers.
—The changes referred to in our issue of Feb. 18 with re
spect to the proposed reduction in the capital of the Colonial
Trust Co. of Pittsburgh were ratified by the stockholders of
the institution on March 16. The plan approved concerns
the segregation of the stock of the Columbia National Bank
and the Germania Savings Bank from that of the Colonial
Trust Co., and under the readjustment arranged each of
these institutions will be conducted as a separate organiza
tion with individual stockholders, instead ,of the Colonial
Trust Co. being the single stockholder. Each stockholder
of the Colonial Trust will hold three certificates, one each for
the Colonial Trust, the Columbia National Bank and the
Germania Savings Bank. The basis for the readjustment
of the stock is $200 per share for that of the Colonial Trust,
$240 for that of the Columbia National and $621 for that of
the Germania Savings Bank. The change became operative
March 31.
—John W. Blauth, teller and bookkeeper of the Evans
ville Trust & Savings Co. of Evansville, Ind., was arrested
on the 23d ult. on a charge alleging embezzlement. He
pleaded not guilty and was released from custody under a
bond of $7,500. It is reported, according to the Indianapolis
“News” of March 24, that experts who have been engaged
in examining the books of the accused have placed the short
age at $43,168. A statement appearing in that paper on
March 22, made by Philip C. Decker, President of the insti
tution, said:
851
The loss sustained by the Evansville Trust & Savings Co. through one
of its employees has been ascertained. After charging oil the full amount
of that loss this company has In Its surplus and undivided profits more than
$35,000 In addition to the unimpaired capital of $100,000 and the liability
of Its stockholders for an additional $ 10 0 , 000 .
•
So far as depositors are copcerned, the resources of this trust and savings
company In cash and In securities of unquestionable value are more than
$235,000 In excess of the amount of all Its deposits.
The bookkeeper, who is thirty-three years of age, had
never, it is said, been absent a day during the ten years he
had charge of the books. As a teller and bookkeeper he
had access to both the books and the cash, and his plan of
manipulation, as reported by the Indianapolis “News,”
was “ to receive deposits, either in checks or in cash, and place
the deposits and the certificate of deposits in his pocket.
At the close of the day’s business he would post his ledgers
from the deposit slips, and, keeping in his head the record
of the amounts taken that day, he would manipulate the
totals on the ledgers so as to make them correspond with the
amount of business actually passing through the teller’s
windows. Thus, when a pass-book was handed in, any of
the several bookkeepers would take it to the ledgers and find
them to correspond exactly. All the while, however, the
actual cash was short.”
—The Railway Exchange Bank of Chicago was taken over
on Tuesday by the People’s Trust & Savings Bank of that
city. The latter has been in operation only a few months,
since Dec. 1, but has already (March 8) succeeded in estab
lishing a deposit line of over $4,000,000, to which another
$1,000,000 will be added as a result of the present absorption.
George Merryweather, President of the Railway Exchange
Bank, retires. A. M. Rode, its Cashier, R. B. Upham and
H. T. Griswold, Assistant Cashiers, will become identified
with the People’s Trust & Savings Bank. The Railway Ex
change Bank (capital $250,000) began business in 1906 as a
reorganization of the Jackson Trust & Savings Bank, which
dated from 1903.
—The question of increasing the capital of the Security
Bank of Chicago from $300,000 to $400,000 will be placed
before the stockholders for action on April 11. The new
stock will be disposed of at $200 per $100 share and the
premium added to surplus. A permit to organize the Second
Security Bank, which is to be an adjunct of the Security
Bank, as stated in these columns Feb. 4, was issued by the
State Auditor of Public Accounts on March 4.
—Permission to organize the Hyde Park Trust & Savings
Bank of Chicago has been granted to M. Smith, Richard W.
Saunders and Charles L. Norton. The institution is to have
a capital of $200,000 and will take over the business of the
Hyde Park Bank, a private institution on East 53d Street,
owned by Messrs. Norton and Saunders, which has been in
operation more than twenty years.
—The Continental & Commercial Trust & Savings Bank
of Chicago has removed from its old quarters in the American
Trust & Savings Building to the structure occupied by the
Continental & Commercial National Bank, corner of Clark
and Adams streets. The entire capital stock of the Conti
nental & Commercial Trust & Savings Bank is owned by the
stockholders of the Continental & Commercial National,
and with the trust company occupying quarters in the
National Bank building it is hoped to bring about a more
complete unification of the two institutions and a closer co
operation than has heretofore been possible. The trust,
savings and bond departments all have spacious accommo
dations and modern equipments. The Fort Dearborn
National Bank has taken possession of the trust company’s
former quarters on Monroe and Clark streets.
—Herman F. Wolf, heretofore Cashier of the Wisconsin
National Bank of Milwaukee, has succeeded Charles E.
Arnold as Second Vice-President. Mr. Wolf’s successor in
the cashiership is L. G. Bournique, who advances from the
office of Assistant Cashier.
—The resignation of Lewis A. Battaile as a Vice-President
of the Mechanics’-American National Bank of St. Louis is
announced, his withdrawal being occasioned by ill-health.
With the formation of the Mechanics-American National in
1905 Mr. Battaile served first as its Cashier, later advancing
to a vice-presidency. The board has adopted resolutions in
which is expressed its regret at the severance of his connec
tion with the institution. Frank O. Hicks has been elected
to succeed Mr. Battaile as Vice-President, and assumes
his new office April 1. Mr. Hicks, who has for some years
been a national bank examiner, retires as Chairman of the
group of examiners known as the Eighth District, with
headquarters in St. Louis.
852
THE CHRONICLE
[Vox..
LXXXXII.
—W. B. Wells, Vice-President of the Third National Bank
of St. Louis, died on March 14. Mr. Wells, who was
sixty-three years of age, had been connected with the insti
tution since 1897. For the past two years he was the Man
ager of the Third National Bank Building. He had been one
of the directors of the World’s Fair at St. Louis and had also
been a director of the old Lincoln Trust Co.
—The annual meeting of the Arkansas Bankers’ Associa
tion is scheduled for April G and 7, and will be held at
Little Rock instead of at Eureka Springs, as originally
planned.
—Clint C. McClarty, who resigned the presidency of the
First National Bank of Louisville in 1908, was indicted by
the Federal Grand Jury on March 10 on charges alleging
the making of false entries, misappropriating funds and
conspiring to defraud. The Louisville “Courier-Journal”
states that—
R. M. Welch, of the Savings Union Bank of San Francisco
is Secretary of the Association.
—Since Jan. 7 the deposits of the United States National
Bank of Portland, Ore., have increased from 810,48S,2S2 to
810,992,477, the latter being the amount shown in the new
statement of March 7. The total resources at the latest date
are 813,678,565. The capital is 81,000,000, the surplus
8500,000 and the undivided profits 8355,399. The institu
tion is ably officered by J. C. Ainsworth, President; R. Lea
Barnes, Vice-President; R. W. Schmeer, Cashier; A. M.
Wright and W. A. Holt, Assistant Cashiers.
—With his resignation as President of the Union Bank
& Trust Co. of Helena, Mont., George L. Ramsey has been
elected Chairman of the board of directors of the institution.
Mr. Ramsey’s retirement from the presidency follows a re
quest, made some months ago, that he be relieved from the
administrative details, and in accepting his resignation the di
“ The Indictment ot M r. McClarty grows out of the deal whereby Louisville rectors have adopted resolutions giving expression to their
capitalists attem pted to gain control of the Provident Savings Life Assur
sense of loss in his withdrawal from the office. The new
ance Society of New York about two years ago. It Is alleged that Mr.
President is S. McKennan, who has been associated with
M cClarty, as President of the old First National Bank, entered Into a
conspiracy whereby the bank was to finance the deal, Involving about
the institution since 1901 and who advances from the office
$33 1 ,0 0 0 , without proper protection being afforded the bank; that he
of 1 reasurer. A. P, Curtin continues as Vice-President,
misappropriated funds in that he sanctioned the drawing of checks for
and I*rank Bogart, who had heretofore been Cashier, has
$331,000 of the bank’s money for use In the purchase of stock of the Provi
dent Savings Life Assurance Society, and that he made false entries In that also been made a Vice-President.
R. O. Kaufman is now
he did not Inform those under him at the old First National Bank that funds
Cashier and Secretary and C. B. Pfeiffer is Assistant Cashier.
of the Institution had been drawn from New York depositaries, permitting
them to credit the bank In Its books with money which the bank no longer
J. V . Spangler, Manager of the credit department of
had on deposit in New Y o rk .”
the
Dexter
Horton National Bank of Seattle, has been elected
Control of the First National passed in 1909 to the Ken an active Vice-President
of the Seattle National Bank.
tucky Title Savings Bank & Trust Co. of Louisville.
Mr. Spangler is Secretary of the Seattle Clearing-House
—The Bank of Commerce & Trusts of Richmond is re Association and Vice-President of the National Association
ported to have increased its annual dividend rate from of Credit Men.
5 to 6%.
—An increase for the year of 81,000,000 in its deposits
—An agreement is said to have been entered into on the is shown in the report for Dec. 31 1910 of the Northern Crown
29th ult. between the directors of the Citizens’ Bank and Bank (head office Winnipeg). The bank is a consolidation
those of the l1irst National Bank of Bristol, Tenn., whereby (in 1908) of the Northern Bank of Canada and the Crown
the business of the first-named institution is merged with Bank of Canada, and the development of the united insti
that of the First National. The Citizens’ Bank had been tution is shown by comparison of its figures for the past
placed in receiver’s hands on the 28th ult. under a general four years. Under the latest statement the total assets are
creditors’ bill. An inspection of the assets of the Citizens’ has 817,064,791, as against 815,417,542 Dec. 31 1909, 813,148,
it is stated, convinced the directors of the First National that 620 on the same date in 1908 and 87,163,714 on the last day
they are satisfactory, but as a precautionary measure the of 1907. The paid in capital is 82,203,640 and there is a
directors of the Citizens’ have been required to furnish an Rest Fund of 8150,000.
indemnity bond of 880,000. The First National, it is an —William Baxter, New York agent of the Chartered Bank
nounced, will be ready to meet any demands of the depositors of India, Australia and China, announces the receipt of the
of the Citizens’ Bank within ten days.
following information in a cablegram from the bank’s head
The American Trust & Savings Bank of Birmingham, office at London: “At the approaching meeting of the share
Ala., contemplates the erection of an eighteen-story steel fire holders the directors will recommend, after paying a bonus
proof bank and office building on the site of its present loca of 10% to the staff, that a dividend be declared for the past
tion. The capital stock of the company will be increased on half-year at the rate of 15% per annum, free of income tax
April 1 from 8200,000 to 8500,000 and the surplus to (making a dividend for the year 1910 of 14%); £25,000 to bo
8250,000, 3,000 additional shares having already been sold added to the reserve fund; £10,000 to officers’ superannua
at 8150 per share. The institution has deposits of 83,500,000. tion fund; £25,000 written off bank premises account, and
W. W. Crawford is President, H. L. Baldwin, Vice-President, £126,363 13s. 6d. carried forward as undivided profits.”
and C. M. Williamson, Cashier.
favorable action on the question of increasing the
—The deposits of the First National Bank of Birmingham, capital of the Yokohama Specie Bank, Ltd. (head office,
Ala., have increased over 8300,000 since the January call, and Yokohama), from 24,000,000 yen to 48,000,000 yen (or from
on March 7 totaled 810,310,000. This institution, of which 812,000,000 to 824,000,000) was taken by the stockholders
W. P. G. Harding is the well-known head, is the largest in at their annual meeting on March 10. From the year’s
the Southern States, outside of New Orleans. It has a profits 250,000 yen were added to the reserve fund, raising
capital of 81,500,000, surplus and profits of 81,496,034 and the total from 16,600,000 yen to 16,850,000 yen. Two new
members were added to the board, which is now composed
resources of 814,197,735.
of
ten instead of eight members, as heretofore. The new
. —The Leinkauf Banking Co. of Mobile, Ala., suspended directors
Baron K. Iwasaki and J. Inouye; the lastbusiness on March 20, inability to realize on re-discounts, named wasareformerly
Managing Superintendent of the New
because of the stagnation in the lumber and timber trade, York agency of the Bank
of Japan.
being reported as the reason for the action. H. B. Pake has
been named as assignee. The institution was established in
1883, and was a member of the Mobile Clearing-House Asso
DEBT STATEMENT FEB. 28 1911.
ciation. A petition for the appointment of a receiver of the
bank presented by the Attorney-General of the State, in The following statements of the public debt and Treasury
behalf, it is said, of some of the creditors, was refused by cash holdings of the United States are made up from official
Judge Saffold Berney in the Court of Law and Equity at figures issued Feb. 28 1911. For statement of Jan. 31 1911
Mobile on March 23. Judge Berney stated that as no charges see issue of Feb. 18 1911, page 434; that of Feb. 28 1910, see
of unfitness had been made against the assignee, he saw no March 12 1910, page 673.
reason for the latter’s removal.
INTEREST-BEARING DEBT Feb. 28 1911.
----------------------—The Central Irust Co. of Mobile, Ala., is now operating
an up-to-date bond department, handling all classes of high- 2s. Consols o f 1930-- -Q.-J.
s
S
S
s
9 ^ ’H50-150 6H .944.550 4.305,600 040,250,150
grade Southern bonds and stocks. The company has a 3s, Loan of 1908-18.......... QQ.-F.
.-F. 198,792,600
43.199,040 20,740,420 03,945,400
3s,
Loan
of
1925.........
........
Q
.-F.
102,315,400
98,759,100 19,730.800 118,489,900
capital of 8250,000 and surplus of over 8100,000. R. O. 4s. Pan. Canal Loan 1900.Q.-N. 54,631.980 54,605,240
20,740 54.031,980
Harris is President, G. B. Thames, Vice-President, S. A. 2s, Pan. Canal Loan 1908.Q .-F. 30,000,000 29,029,720 370,280
30,000,000
Tonsmeire, Secretary, and A. L. Staples, Trust Officer.
Aggregate Int.-bearlng d ebt. .1,091.990.190 868,137,050 45.179,840 913,317/190
of bonds arc: Of $20, loan of 1908, coupon and registered;
—The 1911 convention of the California Bankers’ Associa of, $50. all—DenomlnatIons
Issues except 3s of 1908; o f 5100, all Issues; of $500, all Issues; of SI.000,
tion will be held at Lake Tahoe, Cal., on June 15, 16 and 17. $50 TOO%c"lsW^e^'2s ofrCl1)3oeret* ^S’ an<1 4s: of ^ 10,000, all registered bonds; of
Am oun t
T it le o f L o a n —
In te r e s t
P a ya b le.
.
Issu ed .
A m o u n t Outstanding
R e g is te r e d .
Coupon.
T o ta l.
853
THE CHRONICLE
D E B T ON W H IC H IN T E R E ST HAS CEASED SINCE M AT U R ITY.
F e b . 28.
J a n . 31.
Funded loan of 1891, continued at 2 % . called May 18
______
S7.000
1900, Interest ceascdAug. 18 1900------------------------ - S7.000 00
23,650
Funded loan of 1891. matured Sept. 2 1891....................
23,650 00
13,450
Loan of 1904, matured Feb. 2 1904---------------13,450 00
997,100
Funded loan of 1907, matured July 2 1907-------1,023,050 00
14,920
Refunding certificates, matured July 1 1907--------------14,920 00
Old debt matured at various dates prior to Jan. 1 1861
and other Items of debt matured at various dates
905,515
subsequent to Jan. 1 1861................................................
906.025 26
Aggregate debt on which Interest has ceased since
m a tu rity________________________________________ S I,988,095 26
D E B T B E A R IN G NO IN T ER EST .
J a n . 31.
United States notes................- ................... - .............. S346.68l.O l6 00
Old demand notes.................................................... ..
53,282 50
National Bank notes— Redemption account-------- 33,496,928 00
Fractional currency, less S8,375,934 estimated as
lost or destroyed....................................... - ..............
6,858,435 93
Aggregate debt bearing no Interest-.................... S387.089.662 43
28 1911.
S913,317,490 00
1,961,635 26
389,422,372 43
F eb.
26
F e b . 28.
$346,681,016 00
53,282 50
35,830,168 00
6,857,905 93
S389,422,372 43
In crea se
D ecrea se
31 1911.
S913.317.490 00
1,988,095 26
387,089,662 43
Jan.
( + ) or
(— ).
— S26.460 00
+ 2,332,710 00
M e r c h a n d is e .
M o n th s.
E x p o r ts .
1 9 1 1 ...
191 0--.
1 9 0 9 ...
1908-__
1 9 0 7 ...
1 9 0 6 ...
S ilv e r .
G o ld .
E xcess |
! E xcess
1
1E x c e s s
of
E x p o r ts I m p o r t s
of
E x p o r ts I m p o r ts
of
Im p o rts.
E x p o r ts
E x p o r ts j
|
' E x p o r ts
S
i
373,0801
269,019
282,765
373,871
348,814
312,369
S
S
252,254 120,826
5,231
263.78S
222,231 60,534
169,750 204,121
249,591: 99,221
210,754 101,615
i
1
S
s i s
1,349 15,347/13,998
5,194 3.906
9,100
16,726 6,997 9,729
2,412 13,646/11,234
3,578 6,001 / 3 , 023
14,228 4,686 9,542
1
1
S
10,104
9,086
9.395
8,257
9,611
13,952
S
7,449
7,403
7,174
7,074
7,379
9,167
S
2,655
1,683
2,221
1,183
2,232
4,785
.
In these tables of totals, gold and silver in
ore for all years
are given under the heads respectively of gold and silver.
The following shows the merchandise balance for each year
back to 1875:
/E x c e s s of Imports.
EXCESS OF M ERCH AN DISE IM PO RTS O R E X P O R T S .
2 n w n lh s e n d in g F e b . 28
8 m on th s en d in g F e b . 28—
........................... Exports S7,035,lo o 1875................- .......... Exports $4,802,668
- .............Exports 52,742,971 1876............................. Exports 23,163,873
1876
1877
: . ..........Exports 156,531,197 1 87 7............................Exports 43,275,516
67,066,295
..E x p o r ts
187 8............. - ............. Exports 169,025,994 1878
p orts
.......................... ..E x55,348,872
18 7 9
________ Exports 104,793,927 1879
..............Exports 16,097,887
1 8 8 0 " ' ___________Exports
----------- 152,618,305 1880
X881
Exports 210,481,170 1881------------------------- Exports 48.768.418
5,744,434
1882
.....
Exports71,084,147
I
1 8 8 2 ...
Exports
1883 " ' .................. Exports 88,539,245 |1 8 8 3 ----.....................Exports 33.963,776
I S M " ! ......................Exports 88.275,090 1884................ - .......... Exports 26,215,009
50,224,220
1885
Exports159,572,935
1885-----------Exports
1886
___
Exports50,859,322
1886Exports 5,791,800
1887
Exports66,157,377
1887.............Exports 15,203,807
5.633.419
1 8 8 8 " : ......................Exports 27.939,274 1888.............................Impor s
2,905,317
1889
....
Exports30,830,296
1889...........Exports
19,207,051
.........
Exports106,446,689 1890---------------Exports
1890
1891
......
Exports82,052,261
1891-----------Exports 29,226,076
58.673,653
1892
Exports214.123,927
i
1892.
Exports
18,299,727
1893
Exports29,799.441
j
1893-Imports
1 8 9 4 " " : . ............... Exports 218,061,932 1894..............
Exports 45,799,639
1895
Exports 91,652,052 1895------------------------- Exports 11,348,817
1896
Exports61,412,040
1896-----------Exports 33.546,216
1 8 9 7 : : : : : ................ Exports 312,482,849. 1897........................ ...E xp orts 63,181,574
1898_____
Exports 419,593,681 1898------------------------- Exports 99,441,764
1899............................Exports 416,231,433 1S99-------------------- ...E xp orts 90,930,374
Exports 92,293,090
1900 ______________ Exports 364,219,897 1900
1 9 0 E ......................... Exports 491,655,144 1901....... ..................... Exports 115,473,836
1902
Exports379,770,656 1 9 0 2 ............
Exports 8 3 ,.2 6 ,..4
................ Exports 301,296,303 1903.........
Exports 91,781,261
1903
19 0 1 . . ........................... Exports 393,584,442 1904------------Exports §9.233,086
1905
_________Exports 279.061,882 1 1905............................Exports 29,040,876
1906
............. Exports 398,433,863 1906..........- .............. .Exports 101,615.207
1907.........................E xp orts 356.480,012 |1907.................
Exports 99,220,847
1908
...E xp orts 515.206,781 1908------------------------- Exports 204.121,585
1909
Exports 341,649,551 1909.....................
Exports 00,534,549
m o . : : : : . : . : : ____ Exports 187,933,250 1910.....................
Exports
5,231,207
19 11
Exports 418,145,155 1911.............................Exports 120,825,649
18 7 5
The foregoing figures show a gross debt on Feb. 28 o
$1,304,701,497 (59 and a net debt (gross debt less net cash
in the Treasury) of $1,069,175,789 80.
TREASURY CASH AND DEMAND LIABILITIES.—
The cash holdings of the Government as the items stood
Feb. 28 are set out in the following:
L IA B IL IT IE S .
ASSETS.
T r u s t F u n d [ .la b ilit ie s —
S
T ru st F u n d H o ld in g s —
S
Gold c o in .. .................... 940,079,609 00 Gold certificates_______ 940,079,669 00
Silver dollars...............
478,686,000 00 Silver ccrtlflcates._____ 478,686,000 00
3,388,000 00
Silver dollars of 1890—
3,388,000 00 Treasury notes of 1890.
Total trust fund_____1,422,153,609 00
G en era l F u n d H o ld in g s—
Gold coin and bullion—
Gold certificates.............
Silver ccrtlflcates...........
Silver dollars....................
Silver bullion.
United States notes-----Treasury notesof 189 0..
National bank n o t e s ...
Fractional sliver c o in .. .
Fractional currency-----Minor coin ........................
Bonds and Interest paid
46,710,173
30,468,180
6,485.117
12,301,132
3,014,986
5,718,382
9,749
31,472,797
20,661,889
126
1,417,100
25,178
9S
00
00
00
05
00
00
36
64
77
37
64
Total trust liabilities. 1,422,153,669
G e n .F u n d I A a b illtlc s —
National Bank 5% fund
23,259,471
Outstanding checks and
drafts ..........
12,890,063
Disbursing officers’ bal
79,462,161
ances .......................... Post O ffice Department
a c c o u n t_______ ______
8,949,458
Miscellaneous Items-----1,060,595
Tot. gen. liabilities..
00
28
10
20
02
00
125,621,748 60
.
+82,247,371 11
* Includes $150,000,000 reserve fund.
.
Total net d e b t . . ................51,069,175,789 80 S I,060,928,418 69
.
+ S2.306.250 00
+ 58,878 89
_
Total gross d e b t . . . ........... S I,304,701,497 69 S I,302,395,247 69
Cash balance In Treasury*-.
235,525,707 89
235,406,829 00
_
.
Interest-bearing d e b t...........
Debt Interest ceased.............
D ebt bearing no Interest____
00
00
00
00
00
S I,961,635 26
R E CA PITU LA TIO N .
C la s s i fi c a t i o n —
Similar totals for two months since January 1 for six
years make the following e x h i b i t : ________ _
. .
A p r . 1 1911.]
IP kjoRetar
m m evctal
our own correspondent.]
London, Saturday, March 25 1911.
Although the final settlement upon the Stock Exchange
for March was concluded only last evening, the improvement
Total In banks...........
46,667,651 46
in gilt-edged securities and in British railway stocks has
—
InTreas. of Philippine Islands—
Total
cash
and
reserve..
235,525,707
89
CredlttTreasurer of U. S.
2,908,756 48
made further progress. Generally there is a very confident
Made up of—
Credit U. S. dls. officers
3,286,235 74
feeling and everybody is looking forward to a considerable
Available S85.525.707 89
and
Total In Philippines..
6,194,992 22
increase in business. For the moment, however, prudent
Reserve Fund—
—
people are holding back because money, though cheap, is not
Gold coin and bullion___ 150,000,000 00 Gold&bulU50,000,000 00
very abundant. The uncertainty respecting the decision of
Grand total......... ........ 1,783,301,125 49
Grand total..................1,783,301,125 49
the Supreme Court in the trust cases is also exercising a re
straining influence, and both Paris and Berlin are quiet.
In Paris the failure of an agent de change_some weeks ago
IMPORTS AND EXPORTS FOR FEBRUARY.
involved the other agents d: change in his liabilities, and led
The Bureau of Statistics at Washington has issued the to difficulties outside. It is hoped that the consequent liqui
statement of the country’s foreign trade for February, and dation is now ended, and there has been some improvement
from it and previous statements we have prepared the in Paris, especially in gold-mining shares, in which lie was
most largely interested. Still it will be some time probably
following interesting summaries:
before Paris quite recovers, for not only have the losses been
FO RE IG N T R A D E M OVEM ENT OF T H E U N IT E D STATES.
heavy, but there is still much dissatisfaction with the new
(In the following tables three ciphers (000) are In all cases om itted.)
Government, and more particularly with its decision to push
-1 9 0 9 -1 0 --------------1 910-11— -----------the Income-Tax Bill. Moreover, the agitation in the Depart
S
S
S
ment of the Aube is alarming the property holders. One
S
S
Alcrcliandlsc.
8
350,597
+
22,455
373,052
372,938 +45,229
Ju ly-S ept________ 418,167
result
of this is that there has been during the week much
•106,927
+160,247
567,174
390,542
+252,092
O ct.-D ec__________ 642,634
133,670 +10,791
more
buying
here in London on French account than for a
144,461
130,488 + 66,594
J an u ary__________ 197,082
130,118
—
5,560
124,558
121,760 +54,230
F eb ru ary................ 175,99b
considerable time past.
, ,
In Berlin at the end of last week there was a good deal ot
T otal......... ........... 1,433,879 1,015,734 +418,145 1,209,245 1,021,312 + 187,933
closing of accounts, as it was feared that at the settlement
Oold and Gold 111 Ore.
10,970 + 22,469
33,439
Ju ly-S ept........... ..
5,801
26,294 — 20,493
at the end of the month and the quarter it would be difficult
12,982 + 22,626
35,608
O ct-D e c ..............
3,457
13,540 — 10,083
+ 4,0 3 2
to carry them over. The liquidation continued for the first
2,131
6,163
J an u ary...................
924
9,541
- 8 ,6 1 7
— 120
3,063
2,937
February . . . ____425
5,806
— 5,381
two days of this week. Since then there has been a change
of feeling, though it is not probable that there will be much
29,146 +49,001
78,147
55,181 — 44,574
10,607
T otal________ . . .
activity until March is over. Thursday and I riday next it is
Silver ami Silver in Ore.
+ 3,5 6 1
10,368
13,929
+ 3,355
11,356
expected that the demand for banking accommodation will
Ju ly-S ept................
14,711
12,948
+ 1,356
14,304
+
2,9
7
5
12,621
O ct.-D ec........... ..
15,596
4,248
+ 260
be on an enormous scale. But it is hoped that in April
4,498
+ 2,100
3,551
January ..................
5,651
3,155
+ 1,423
4,589
+555
3,898
money will rapidly flow back to the Reichsbank, and atter
F eb ru a ry ................
4,453
30,719
+ 6 ,6 0 0
thatIn that
easeeverybody
will supervene.
37,319
+ 8,985
31,426
40,411
T o t a l . . ......... . . .
London
is satisfied that next month we shall
+ Excess of exports. — Excess of Imports.
not only a further reduction of the Bank rate, but very
We subjoin the totals for merchandise, gold and silver for see
arcat abundance of money, with consequent cheapness.
eigiit months since July 1 for six years:
_______
This week the Bank of England has not added much to its
gold holdings, for when India and the trade were satisfied
the remaining gold offering in the open market was taken for
Germany. Next Monday about a million sterling will be
offered The general feeling is that a good part of this gold
will come into the Bank of England, and that it will rapidly
S
S
S
S
S
S
S
$
1
s
gain in strength. There is no demand for the metal for
/44.57I 40,411 31,426 8,985
1910 II 1,433,879 1,015,734 418,145 10,607 55,181
37,319
6.600
30,719
South America. After next week it is expected that there
1909 10 1,209,245 1,021,312 187,933 78.147 29,146 49,001
7,461
28,257
1908 09 1,157,803 816,153 341,650 44,424 30,865 13,559 35,718
will be no demand for the Continent, and the belief is very
40,664 30,591 10,073
1907-08 1,356,848 i 841,641 515,207 21,327 135,576 /114249
27,930 9,201
strong that the Indian demand is nearly satisfied.
1906 07 1,289,215 932,735 356,480 18,676 99,642 /80,96b 37,131
46,384
29,933
16,451
/17.179
38,370
21,191
398,43
1905-06 1,198,391 799,957
’ Gold is now coming back from the interior in Egypt to
Cairo. The Egyptian banks, therefore, are supplying the
Tot.In Sub-Treas'Ies. 158,284,812 81
In Nat.Bank Depositaries
Credit Treasurer o f U. S.
35,460,190 49
Credit U. S. dls. officers
11,207,460 97
C a sh b a la n ce a n d r e s e r v e
R eserv e F u n d H o ld in g s
E x p o r ts .
Im p o rts.
E xcess.
E x
p o r ts .
Im
p o r ts.
/ Excess of imports.
Im p o rts.
E xcess
of
E x p o r ts
E x
p o r ts .
Im
p o r ts .
E xcess
S ilv e r .
G o ld .
M e r c h a n d is e .
E ig h t
M o n th s.
E x p o r ts .
E xcess
of
E x p o r ts
E x
p o rts.
Im
p o r ts .
E xcess
of
E x p o r ts
854
THE CHRONICLE
Indian banks with all the metal they require. Moreover
gold which was obtained from Paris earlier in the year is now
being repaid by Egypt, and it looks at present as if some
of the gold sent out would come back to London. Altogether
everything points to an immense accumulation of the metal in
London in the early future. Therefore, it is everywhere
assumed that the certainty of international peace and of
very cheap and abundant money will give a stimulus to
business on the Stock Exchange, and that, consequently the
remainder of this year will see greater activity than has been
witnessed for a long time.
The India Council offered for tender on Wednesday 80 lacs
of its bills, and the applications exceeded 1,043 lacs at
prices ranging from Is. 4 l-32d. to Is. 4 3-32d. per rupee
Applicants for bills at Is. 4 l-32d. and for transfers at Is
4 l-16d. per rupee were allotted 4% of the amounts applied
for, and above in full.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols
&c., compared with' the last four years:
’
1911.
22.
£
27,367,410
25,780,660
41,450,820
15,137,633
39,045,460
31,402,587
40,319,997
1910.
23.
1909.
24.
£
28,684,650
20,039,112
42,533,393
15,140,327
35,058,549
30,712,251
40,946,901
1908.
25.
£
28,262,015
19,843,292
43,704,084
13,759,916
37,248,467
30,951,373
40,763,388
1907.
M a rch 27.
£
Circulation------------28,777,365
29,259,810
Public deposits____
7,257,771
15,916,604
Other deposits_____
42,423,119
43,046,586
Governm’t securities
13,976,401
15,419,756
Other securities-----30,428,958
37,808,949
Reserve.notes&coln.
23,590 570
24,186,432
CoIn&bull.,both dep
33,917,935
34,990,242
Proportion assets to
liabilities------ p .c . 46 11-16
47%d.
49
48*6
41
Bank rate--------p. c.
3
4
3
3
5
Consols, 2% p. c . . . 8115-16
81%
83 9-16
37%
85 7-16
24% d.
23%d
Silver............- ..........
23 3-16d.
25%d.
Clear.-house returns.263,010;d00 284,476;d6b 20^693J)0<j 200,34lfoOO 2 8 0 ^ 0 0 0
M a rch
M a rch
£
M a rch
M a rch
The rates for money have been as follows:
M a rch 24.
M a rch 17.
M a r c h 10.
M a r c h 3.
3
Bank of England rate______
3
3
3%
Open Market rate—
Bank bills— 60 days........ 2 % @ 2 %
2% @2%
% @ 2 % 2 11-16@13-16
— 3 months------ 2 % @2 5-16 2 % @ 2 5-16 2
2 7 -1 6 @ 2 % 2 7-16@ 2%
— 4 months------ 2 3-16® 2%
2%
2 5-16
2 5-10
f „
, , — « m o n th s.... 2 % © 2 3-16 2 % © 2 3-16
2 3-16 2 3-16@ 2%
Trade bills— 3 months___ 2 % @ 3
2% @ 3
3
3%
— 4 months____ 2 % @ 3
2% @ 3
3
3%
Interest allowed for deposits—
By Joint-stock banks.........
1%
1%
1%
By discount houses:
At call...............................
2
2
2
2%
7 to 14 days....................
2%
2%
2%
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
M a rch 1 8 .
Rates o f
H a nk
O pen
Interest at—
R ate. M a r k e t.
2%
£ a r ? ......... ................... 3
B e r lin ...------------------ 4
3%
Hamburg......................
Frankfort....................
Amsterdam ------------Brussels ......................
Vienna ........... ............
St. Petersburg...........
Madrid -------------------Copenhagi n ................
4
4
3%
4
4
5
4%
4%
3%
3^
3u
2%
2%
nom.
3%
4%
M a rch 11.
Bank
Open
R ate. M a rk et.
3
4
4
4
3%
4
4
5
4%
4%
2%
3%
3 3-16
3%
I*
3%
nom.
3%
4%
M a rch 4.
B ank
O pen
R ate. M a rk et.
3
4
4
3%
3%
4
4
412
4%
4%
F e b . 18.
Bank
Open
R ate. M a rk et.
2%
3%
3%
3 11-16
3%
2%
3 11-16
nom.
3%
4%
3
4%
4%
4%
3%
4%
4%
5
4%
5
2%
2%
2%
3
3%
3
3 15-16
nom.
3%
4
[VOL. L X X X X I I .
on the Government of India being speedily compelled to resumo the coinage of
rupees on an expensive scale. Closely associated with this unexpected strength hi
our currency reserve are two other notable features In the yMr^TfiSmce and with
a few remarks on them I shall bring my speech to a close The flrst Is thc relatively
small Import of Sovereigns as compared with the gold bullion which has been coming
gold lnall formswas K o n £ l o non mn°, moilths of the year tho total Imports of
were^i n c o i n u T d f e r S l . ’S
? 10 'n. value, out of which less than £3,000,000
the whole of tlmse £ 3 ono nlm
b£d comc t0 regard aa normal, virtually
and Treasuries
x e t i afor
n bave
beenAsPresented
at our
currency
ana
treasuries, 6and
ana 3 ’e
exchanged
rupees.
a fact the
greater
shareoffices
of it
does not appear to have come to us either directly or Indlrectlv arnl h ls heVve l
Uo^oT%P
o?dSbunorn
i°kwe
^ nSUm,,tl0nthlswVth’
uon
or gold
Duiiion,glttm
I think
may assumeGombfnhlg
that a change
slowthe*;heavy^absorp^
it mav ho hut of
no small economic moment, Is coming over the savings T t h e pTopl™ It is unsafe
to speculate how far the coined gold which we import Is working Into Ltlve rtr!
fn o'use Su lnga he S
SKS**** ° f hlthert0, lnert ^
necessity for further addltinns t
’ see,ms lncnlltf.stable, and to that extent tho
ArNrals— NewYork f l n nnn w
c?,lna" f' Rom new sliver has been averted.”
Port Said £ 2 SOn-Rnmhav^’f l ^ n n ^ d es> £ 5 -00(k total, £235,000. Shipments—
Port Said, £2,800, Bombay. £60,700; Calcutta, £15,000; total, £78,500.
The quotations for bullion are reported as follows:
GOLD.
M c h .2 2 . M c h .lf)
s.
d.
s.
d
L o n d on Standard.
Bar gold, fine, oz_______ 77 9
U. S. gold coin, o z .......... 76 4%
German gold coin, o z ...7 6 4
French gold coin, oz__ 76 5%
Japanese yen................. .76 4
77
76
76
76
76
SILVER.
M c h . 23. M c h . 16.
d.
d.
London Standard.
9
Bar silver, fine, oz........ 24 5-16
4% ” 2 mos. delivery........ 24%
4
Cake silver, oz...............26%
5% Mexican dollars________ nom.
4
24%
24%
26 3-16
nom.
The follovving shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
„
,
IMPORTS.
Tw en ty-eight weeks.
1910-11.
1909-10
Imports of wheat.................... ..c w t .5 1 ,185,900 53,162 340
Barley ................................... - .......... 12,455.100 14,371,800
g ats........................................................ 7,486,800 10.181,200
£ pas..................................... - .............. 1,218,695
1,322,748
B e a n s . . . . ...........................................
485,277 1,782,913
F lour" COrn" ...............................
25,685[400
F lo u r ....... ...................- ..................... 5,742,800
7,098,300
1908-09.
44,130,800
14,167,900
6,919,500
804,970
910,260
22j)28!500
6,908,400
1907-08.
48,932,100
16.096,200
5.782,600
1.059,630
718,990
20,144j)00 25,229)400
8,636,500
xvh
,
1910-1.
Wheat Imported...................... cw t.51,185,900
Imports of (lour.....................
5,742,800
Sales of home-grown........................ lo, 127.288
1909-10.
53.162,340
7,098,300
17.348,622
1908-09.
44,130,800
6,908,400
20,650,188
1907-08.
48,932,100
8,636,500
22,071,740
To ta l.. ..........................................73,055,988
Average price wheat, week--------- 30s. Id.
Average price, season--------- -------30S. 5d.
77.609,262
32s. Od
338 ld ;
71,689,388 79,640,340
35s.^ 8d. ^ 31s. 3d.
____
32s. 5d.
33s. 9d.
w. f
T h is w eek.
qrs. 3,860,000
W heat....... ..........................
Flour, equal to............................ qrs. 130,000
Ma,ze ..........................................qrs.
415,000
Last week.
Supplies available
for consumption (exclusive of stock on
September
1):
The following shows the quantities of wheatTflouTand
maize afloat to the United Kingdom:
3,670,000
170.000
465.000
1910.
1,790,000
120.000
285.000
1909.
4,035,000
165,000
330,000
The British imports since Jan. have been as follows:
Im p orts —
19£ 1'
January................................................ 62,694,771
February........................................... 56,069,390
1910.
£
55.909,684
51,150,942
D ifferen ce.
£
+ 6.785.087
+4,918,448
+ 1 2 .1
+ 9 .6
118,764,161
107,060,626
+11,703,535
+ 10.0
„
1911.
E x p o rts —
£
January................................................ 37,730,831
February............................................ 35,653,120
1910.
£
34,803,115
31,691,870
D ifference.
£
Per
C ent.
+ 2,927.716
+3,961,250
+ 8 .4
+ 12.6
Two months...........................
Per
Cent.
The exports since Jan. 1 have been as follows:
66,494,985
+6,888,966 + 10.3
Messrs.
The re-exports of foreign and colonial produce since Jan. 1
March
16: Pixley & Abell write as follows under date of show
the following contrast:
TnHia
oo?w PU1 ,n tbe market amounted to £675,000 and after supplying
India with £203,000 there remained £470,000 which will find Its way Into the Bank
There Is no sign as yet of any foreign competitor. The much talked
or £1,090,000 has arrived from Brazil, and so far there Is no news of any further
5. =
althou«h more Is expected. Since our last the Bank has also received
£546,000 In bar gold, while Australia has sent £13,000 In Soverlgns. Withdrawals
are £100,000 for Paris and £30,000 for Batavia. Next week we expect £515,000
from South Africa and £70,000 from India. Arrivals— South Africa, £653,000:
Brazil, £22,000: total, £675,000. Shipments— Bombay, £206,000.
SILVER.— The market reached Its highest point on the 13thInst., when quotations
were 24%d. and 24 ll-16d. for spot and forward respectively. This further advance
was again due to purchases for China, but tho Continent has also bought
The
Indian Bazaars have done little, their quotations keeping a little under the parltv
of London prices. Yesterday advises from Ch na were weaker and on some selling
from that quarter we fell to 24 %d. and 24 %d. and this decline has been followed
by another of % d. to-day, the closing quotations being 24%d. and 24 %d with
a very quiet tone to the market. In the near future the market depends’ uDon
business from China. Without this support It Is difficult to see how prices can hi
maintained. In Bombay the stock Is reduced to 19,000 barn, whilst the last mints!
‘ •on from there Is Rupees 61% for 100 Tolahs.
The visible supplies of silver In
Shanghai, Bombay and London now stand as under and are compared with those
at the end of December as given In our last annual circular. Arrivals— New York
£270,000. Shipments, Port Said, £2,500; Bombay, £116,000; Shanghai £90 000:
Calcutta, £5,000; total, £ 243 ,500 .
. o i»ugmu, *uu.OUO,
Messrs. Pixley & Abell write as follows under date of
March 23:
nn/?OL? -T-The free gold this week amounted to over £600,000. India took £206 ooo, and the balance, contrary to general expectation, was taken by Berlin
Next
week £1,011,000 Is expected from South Africa, and It Is an open question whether
nPiTL011’ at !?11 eventH' wlu not be taken for the same quarter. Since our last the
Bank has received £ 193,000 In bar gold, while France has sent £5,000 In Sovereigns
On the other hand £80,000 has been withdrawn for South America, £30,000 for
j® 1
; ) ! 1;1.' and £..0,000 for Malta. Arrivals— South Africa, £518,500: India, £70.000£ 1 0 7 son- £ 8,3l0,0,0: ' Vpst Intllcs* £18,000; total, £689,500. Shipments— Bombay,’
®92.:„Calcutta- £6,000: total, £203,500.
mmiei.Tti =;77ThK " lark°l during the past week has been quiet and business on a
American Tu,,?' bl'J 08 ther« has becn ><“ *« selling except tho regular offerings of
fluetiifatVnnJ f ’ tbe ‘ ?ne, hM been steady and closing quotations, after trifling
r n d fm fn m , slightly higher than those of last week at 24 5-16d. for spot and
this week^s^settufm'e
In<lla, and Chlna bave bcen smaU buyers, the former for
of 1 M h m S n
steamer for Bombay. Stocks In Bombay show an Increase
about 70 haA nni now stands at 20,500 bars. The dally offtake Is reported to be
from IndmChlna y'h Th7 e antl a half million dollars have arrived In Shanghai
tha?a fmthe?^mn,m»Cr5 herR ,ls a redundancy of silver coin, and It Is expected
dollars wU1 "n r o h o m S * s,\ ? nd a balf million pieces will be shipped shortly. These
whet her these°don!i.r<!b® mcl ted Into Sycee. Though it Is not as yet known here
R Is evident*that thi« l m V par,1 of them have already been actually sold, still
n one of the nHnrln-ll
? carly jE900’000 t0 tbe visible supplies of silver
auo^atlons" hSw^ver
° 7 th.°Jvorld must have lts eftect- Recent exchange
Stes?ouotatlo^7mrn^i?nmhoan8,lai .have not 80 far Indicated any weakness. Tho
ment Md* Rupees 6 ^ !? fmb? w r°tR« pee3 61% per 100 To,ahs for tho April settle^ the Finance Member of the r°n uIa£
TbF fol,owln* extract from the speech
/ S
b« ud a Council when Introducing the Budget for
of 23rd F e b r u a r y -"In th f L«t ih l tm e and bears out °ur remarks In our circular
l w f 1onftband yiono the n e t *
V n ” of normaI exchange, for example, viz.,
1905, 1906 and 1909, the net loss of Rupees from our currency reserve between
A Pr anil December was 10 Crores. 13 Crores and 9 Crores respectively
Between
April and December 1910, so far from a large absorption there has actually been
a small net return of Rupees from circulation. This entire revera^ofth e usual
order of things has left us In an infinitely stronger silver posUion tton the ordlnTv
student of our financial system could ever have anticipated and I fear that It has
been a grlevlous disappointment to those Interests ln the ma?ket wWch elucidated
Two months................................... 73,383,951
„
1911.
R e-exports —
£
January------ *...................................... 8,641,472
February ...........- .....................
9,994,156
1910.
£
8.147,164
10,184,560
Two months................................... 18.635.628
18.331,724
N o te .— The aggregate figures are official.
have been made In the
i S '" ^ * 0
D ifference.
£
P er
Cent.
+494,308
— 190,404
+ 6 .0
— 1.8
+303,904
+ 1 .7
S" gbt adl U3“
English Financial Markets— Per Cable.
I he daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London .
W eek ending M a rch 2 1 .
Sat.
M on.
T u e s.
W ed .
Th u rs.
EH.
Silver, per oz . ---------------d. 24%
24 5-16 24 5-16 24 5-16 24 5-10 24%
Consols, new, 2% percents.. 81 15-16 81 13-168 1 %
8 1%
8 1%
8 1 1 1 -1 6
Foraccount.
82
81%
81 13-16 81 11-16 81 13-16 81 11-16
French Rentes (In Paris), fr. 96.60
96.47% 96.45
96.37% 96.35
96.47%
Amalgamated Copper C o .. . 64%
65%
66
...................................
65%
65
65%
b Anaconda Mining Co.........
7%
7%
8
7%
7%
7%
Atchison Topeka & SantaFe. 112 %
112%
113%
113%
113%
112%
Preferred...............................106
106
'106‘
106
105%
105%
Baltimore & Ohio.................... loo
106%
107%
107%
107%
107%
Preferred............................ .. 90
90
90
90
90
90
Canadian Pacific........................ 226
226%
229%
231%
231%
228%
Chesapeake <fc Ohio................84%
*4%
84%
84%
83%
84
Chicago Great Western.......... 22
22
22%
22%
22
22%
Chicago Mllw. A St. P a u l... 125
125
125%
126
125%
125%
Denver & Illo Grande........... 3 2 %
32%
32%
32%
33
32%
Preferred.................................. 73
73
72%
73%
73
73
E rie............................................... 30
30%
30%
30%
31%
32
First preferred....................49%
49%
49%
49%
49%
51
Second preferred................38%
38%
39
39
39
41
Illinois Central......................... 139
139
140
140%
142
142
Louisville & Nashville............ 149
149
150
150
150
150
Missouri Kansas & Texas.. . 34 %
34 %
34%
35%
34%
35
• Preferred..........................
69
69
69%
70
70
70
Nat. RR. of Mex., 1st pref-. 71
71
72
72
72
72
Second preferred________ 36%
36%
36%
36%
36%
36%
N. Y. Cent. & Hudson River. 111%
111%
111%
111%
111
111%
N. Y. Ontario & W estern ... 42%
42%
43
43%
43
43%
Norfolk & Western................ 110%
110%
112
113
112
112
Preferred....... ......................... 91
91
91
91
91
91
Northern Pacific................ ...1 2 7 %
127%
128%
129
128
128%
Pennsylvania......... ............... 65
65
65%
65%
64%
65
Reading Company............. 80%
*0%
81%
81%
80%
80%
a First preferred..................45%
45 %
46%
46%
46
46
a Second preferred_______ 50
50
50
50%
50
50
Rock Island.............................. 30%
30%
30%
30%
30%
Southern Pacific....................... 118%
118%
119%
119%
119%
M
Southern Railway........... ..
27%
27u
27%
27 %
27%
27%
Preferred......... ...................... 67
67
67
67%
67
67
Union Pacific........................... 181
ls i
182%
183%
182%
182%
Preferred.........................
94 94
04
97
96
96
U. S. Steel Corporation......... 80%
80%
81%
81%
80%
80%
Preferred............... ............... 1 2 2 %
12 2 %
122%
123%
123
122%
17%
17%
17%
17%
Preferred ............................ 38 %
39 %
39%
39%
40
39%
Extended 4s...........................72%
7 2 ^*
72%
72%
72%
72%
a P rice per share,
b £ sterling.
Apr.
1 1911.'
THE CHRONICLE
©mixmcuciat and M% i s ccIta n cans ilcitf£
BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.—We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for February 1910
will be found in our issue for March 5 1910, page G04.
B on d s and Legal Tenders
on D ep osit f o r
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mch.
28____
31____
31____
30____
31-----30____
31-----31-----30-----31____
30____
31____
Circulation A flo a t Under —
B on d s.
Legal
T en ders.
S
697.088,760
696.706,300
695,663,920
096,693,100
694,926,070
691,961,800
689.813.710
688,458,280
080,974,880
685,671,510
684,943,460
083.675.710
$
35,815,326
33.506,185
34,335,925
33,160,390
33,538.463
32,638,029
30.188.728
27,561.375
27,913,720
29,477,138
30.206.728
31,947,510
B on d s.
S
693,119.715
692,939,203
693,370.056
693,695,443
691,335,845
68S,157,577
687,132,323
684.468,093
685,517,013
682,765,703
683.254,858
685.311,486
Legal
T en ders.
Total.
S
35,815,326
33,506,185
34,335,925
33,160.390
33,538,463
32,638,020
30.188.728
27,561,375
27,913,720
29,477,138
30.206.728
31,947,510
$
728,935.041
720,445,388
727,705,981
726,855,833
724,874,308
720,795,606
717,321,051
712,029,468
713,430,733
712,242,841
713,461,580
717,258,996
855
Assistant Cashier. Conversion of the People’s State Bank of King
fisher.
9 ,955— The Harrlman National Bank of the City of New Y ork, N . Y ,
Capital, $ 2 00 ,00 0. Joseph W . Harrlman, President; B . I ,. K ennelly, Frederick Phillips and Thomas B . Clarke, Jr., Vice-Presi
dents; John A . Noble, Cashier. Conversion of the Night & D ay
Bank of New York.
9 ,0 5 6 -The Florida National Bank, Florida, N . Y .
Capital, $ 25,000 .
Joel W . H ouston, President; John K . Roc, Vice-President; C. P .
D eK a y, Cashier.
9 ,9 5 7 -The First National Bank of Maricopa, Cal. Capital, $25,000 .
Clinton E W orden, President; F . F . W eed and W illiam S . Tevis,
Vice-Presidents; W . \ . W hite, Cashier.
9 ,9 5 8 -The First National Bank of Pukwana, S. D . Capital, $25,000 .
11 • R - Sanborn, President; J. S. Sanborn, Cashier; S. S . Stovvell
and A . It. Newman, Assistant Cashiers.
9 ,9 5 9 -The First National Bank of Sayre, Okla. Capital, $25,000 . E . K .
Thurm ond, President; I . C. Thurm ond, Vice-President; Guy Ford,
Cashier; C . C. Cabiness, Assistant Cashier.
9 ,9 6 0 -The First National Bank of Olustee, Okla. Capital, $25,000 .
J. M . Norton, President; A . D . Smith and J. W . Edwards. Vice
Presidents; It. It. Jackson, Cashier. Conversion of the First State
Bank of Olustee.
9 ,961 -The Auglaize National Bank of W apakoneta, Ohio. Capital,
$100,000.
F . I I . H am an, President; W . T . Copeland, Vice-Presi
dent; A . A . Klipfel, Cashier.
9 ,9 6 2 - ■The Lawton National Bank, Lawton, Okla. Capital, $100 ,0 0 0 .
A . B . Dunlap, President: N . T . Gilbert and P . T . Bcnbow, Vice
Presidents; Frank L . Ketch, Cashier: Lee II. Madden and E . E .
Cones, Assistant Cashiers.
The following shows the amount of each class of bonds
Bank Clearings.—The clearings for the week end
held against national bank circulation and to secure public ingCanadian
March
25
at Canadian cities, in comparison with the same
moneys in national bank depositories on Feb. 28.
week of 191 0, shows an increase in the aggregate of 14.5%.
U . S . B on ds H eld F e b .
B on d s on D eposit
F e b . 28 1911.
28 to S ecu re —
W e e k ending M a rch
B ank
Circulation.
P u blic Deposits
in B a n k s.
\
Total
H eld.
1911.
4% loan of 1925..................
3% loan of 1908-1918
2% consols of 19.10 . .
2% Panama of 1930 ....................
2% Panama of 1938 .............................
4% Philippine loans..........................
4% Porto Rico loans..................
3.65% District of Columbia..............
Various. Territory of Hawaii.............
4% Philippine Railway_____________
Various, State, city and railroad____
Total............................ .........................
S
20,542,000
15,442,540
582,134,200
51,169,180
27,800,240
:::::::::
097,088.760
$
4.766.000
4,179,300
24,738,900
2.824.000
1.405.000
4.442.000
944,000
872.000
663.000
136.000
1,884,000
S
25.308,600
19,621,840
;
606,873,100
| 53,993,180
29.205,240
!
|
4,442,000
914,000
■
872.000
663.000
i
i
136.000
1,884,000
40,854,200
743,942,960
|
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Feb. 1 and
March 1, and their increase or decrease during the month of
February:
N a tion a l D a n k N o tes— Total A flo a t —
Amount alloat Feb. 1 1911......... ....................... ...............................................§720,445,388
Net amount Issued during February.-......... .................................................
2,489,653
Amount of bank notes afloat March 1 1911......... ................................. $728,935,041
Legal-T en der N o tes —
Amount on deposit to redeem national bank notes Feb. 1 1911............$33,506,185
Net amount of bank notes Issued In February..............................................
2,309,141
Amount on deposit to redeem national bank notes March 1 1911—
S35,815,326
STOCK OF MONEY IN THE COUNTRY.—The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circula
tion, on the dates given. The statement for March 1 1910 will
be found in our issue of March 12 1910, page 675.
Stock o f M o n e y M c h .11911.
I n U n ited
H eld in
Slates.
T rea su ry. A
Gold coin and bullion...
Gold certlilcates.a...........
Standard silver dollars..
Silver certificates.a____
Subsidiary silver......... ..
Treasury notes of 1890..
United States notes____
National bank-notes___
$
$
-*1,730,461,293 196,710,174
............................. 30,468,180
- - 564,889,508 12,301,132
6,485,117
. . bl56,369,541 20,661,890
..
3,388,000
9,749
. . 346,681,016
5,718,382
. . 728,935,041 31.472.797
----- M o n e y in Circulation ----M a rch 1
M a rch 1
1911.
1910.
S
S
593,671.450
597,798,938
817,628,579
909,611,489
72,801,345
73,902,376
472,200,883
479,237,073
135,707,651
142,426,878
3,829,714
3,378,251
340,962,634
310,774,594
697,462,244
679,596,129
Total..................................3,530,724,399 303,827,421 3.226.896,978 3,134,093,250
Population of the United States March 1 1911 estimated at 93,493,000’ circulation
per capita, $34 51 (Sec note).
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted In the statement for Aug. 1 1907. There was a reduction of $135,000,000.
b A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted In the statement of Sept. 1 1910. There was a reduction of
$9,700,000.
a For redemption of outstanding certificates an exact equivalent In amount of the
appropriate kinds of money Is held In the Treasury, and Is not Included In the
account of money held as assets of the Government.
d This statement of money held In the Treasury as assets of the Government does
not Include deposits of public money In National Bank Depositaries to the credit
of the Treasurer of the United States, amounting to $35,460,190 49.
N o te .— The figures representing the population of the United States during the
past ten years have been estimated upon the basis of the Census of 1900. The figures
for this statement arc estimated upon the basis of thcCensus of 1910, representing
the population of continental United States.
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
|
In c . or
j D ec.
1910.
25.
1909.
1908.
Canada—
1
$
j
S
! %
1
s
Montreal . ............. ......... 42,945,491! 43,697,745
— 1.7 28,777,207
Toronto.................... ......... 30,964,6971 25,426,109 + 2 1 .8 22,582,798
Winnipeg........... .... _____ t 19,371,655! 11,299.473 + 3 5 .5 10,744,233
Vancouver............. _____ | 9,731,605
8,671,250 + 12.2
5,006,748
Ottawa ............. ...... ......... ' 4,034,223
4,107,203' — 1.8
3,040,759
Quebec.................... ......... | 2,035,655
1,980,054
2.103,674
— 3.2
1,452,216
1,676,420 — 19.2
Halifax.................... .........
1,355,059
Hamilton................ ......... i 1,912,360.
1,542,796 + 24.0
1,176,980
St. John.................. .........
1,382,301
1,298,020!
1,224,895
London .................. ......... 1 1,254,839
1,133,596 + 10.7
939,369
Calgary ................. _____ 1 3,684,792'
2,482,592 + 48.4
1,343,355
Victoria.................... ..........
2,720,193
1,696,958 + 60.3
971,290
Edm onton............. .........
1,017,864 + 100.2
769,610
2.038,337
_____ . . .
1,054,464!
Regina..................... .........
718,710 + 46.6
______
Brandon.................. ......... 513,185i
405,000 + 26.7
Lethbridge______ _ .........
748,782 Not Include d In tot al
Saskatoon..... .......... _____ l
916,722 Not Include d in tot ial
Brantford ............. ......... i
484,532 Not Include d In tot lal
Moose Jaw ............ ......... |
682,098 Not Include d In tot !al
S
26,876,086
17,193,174
9,234,506
2,991,675
2,546,171
1,919,181
1,496,482
1,106,053
1,044,600
885,257
946,636
1,042,596
640,625
________
________
+ 14.5 J 80.085.514
67,923,042
Total Canada... ......... 1124,998,856^109,153,700.
Auction Sales.—Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction
in New York, Boston and Philadelphia.
.................
By Messrs. Adrian H. Muller & Son, New Y ork:.................
P e r cent. I Shares.
P e r cent.
150 Cummlns-Bennett Co. pref.l
10 Nassau Nat. Dank of Bklyn_260K
10 N. Y . Mtg. & Security C o ...2 1 8
125 The Duncan Co........... ........ i82,000 ;
150 Tenn. Packing & Stock|
5 The St. Nicholas Hotel Co. of
Cincinnati, $1,000 each___$100 lot
Yards Co. preferred--------- J
5 Citizens-Cent. Nat. Bank____160
55 Texas Land Syndicate No. 3,
20 Savoy Trust Co........................ 80
$32 25 per share
1 N. Y . Law Institute (all
P o n d s.
P e r cent.
dues paid).................................S76
$3,000 Georgia Coast & Piedmont
500 Gardner Crusher Co. prcf.-l
1,494 Gardner Crusher Co. com. _J$3,500
RR. 1st 5s, 1946. M. & S ..6 0 & Int;
Shares.
By Messrs. Francis Hensliaw & Co., B oston:.................?•;
$ per sh.\ Shares.
S per sh .
5 Androscoggin Mills........................185
418 Pepperell Mfg. Co____________261
1 Dwight Manufacturing Co------- 1250 | 10 Hereford Railroad.................. 90
5 Atlantic Cotton Mills.................. 65 8 Hartford Fire InsuranceC o .. .755
25 Harmony Mills, preferred.......... I l l
2 Border City Mfg. Co..Fall R lv. 140M B on d s.
P e r cent.
35 Great Falls Mfg. Co........... -187 K - A j $5,000 Pere Marquette RR. deb. 6s,
19 Hartford Carpet Co., pref........... 122
191298K
6 Bates Manufacturing Co.............250 181,000 Nodaway Vail. RR. 7s, 1920 93 Ys
Shares.
By Messrs. R. L. Day & Co., Boston:
$ p er sh.
$ per share.
5 Lyman Mills............................ 131H
Shawmut Bank.............400 tx-dlv.
Arlington Mills........................130M •
7 Concord & Mont.
RR..
Class 1.............................. 154 ex-dlv.
Boston Belting C o ... 188H ex-div.
Jackson Co. (unde posited)
10 Bay State Hardware Co......... 95
($1,000 each).______________ 985
10 Mass. Real Est. Co., Taunton 35}£
20 Merrimack Mfg. Co., pref__ 101 'A
2 Boston Wharf Co......... .......... 111K
16 Amoskeag Mfg. Co_________ 320
P o n d s.
P e r cent.
11 Great Falls Mfg. Co-------------- 1S8K $2,000 Somerset Hotel Tr. 4s, 1921.100
S hares.
5
30
3
4
By Messrs. Samuel T. Freeman & Co., Philadelphia:
S per sh . iB on d s.
Phlla. City Passenger................162
$1,000
Republic Water Co_________ lot 10
!
Columbus Securities Co----------1
1,000
North Amer. Mines & Mills Co. 1 ;
Shares .
16
200
140
400
P e r centj
North Springfield Water Co.
1st 5s. 1928_______ ________100 ’’1
Springfield Water Co. cons.
34
5s, 1926.................. .................100.13
By Messrs. Barnes & Lofland, Philadelphia:
A P P L IC A T IO N S TO C O N V E R T A P P R O V E D .
Shares.
$ per sh. Shares.
$ per sh .
4 Plilla. Bourse, com. ($50 each) 4 3-t
10 U. S. Light & H t. Co., co m .. i y 2
The Farmers’ & Traders’ Bank of Wakefield, N cbr., into "T h e Farmers’
20 Kensington Nat. Bk. ($50
12 J. B. Stetson, com..................480
National Bank of W akefield.” Capital, 3 10 , 000 .
20 Am. Pipe & Construction____95
each)......... ........................... 99K -100
The McKechnle Bank of Canandaigua, N . V ., into the “ County National
10 Penna. Co. Ins. on Lives, &C.566H
25 Morris Canal & Bkg.. pref - - . 160 :
Bank of Canandaigua.”
Capital $100,000.
22 Chelten Tr. Co. ($50 rach).75-75Is
10 Morris C. <!t Bkg., Consolld’tcd62
The Citizens’ Bank of Coal Creek, T en n ., Into "T h e First National Bank
9 Fire Ass’n of Phlla. ($50 each)339% j
25 Tr. Co. of N. Am. ($25 each),112
o f Coal C reek." Capital, $ 25,000 .
2 Manufacturers’ Nat. B ank.. 125y . B on d s.
P erc en t,
C H A R T E R S ISS U E D TO N A T IO N A L B A N K S M AR C H 16 TO 22.
20 Jenkintown Tr. Co. ($50 each) 135
$10,000 Peoria Ry. 5s, 1926......... 94
9 .9 5 0 —
The First National Bank of East Aurora, N . Y .
Capital, $50,000 .
1 Delaware Co. Nat. Bk. (Ches
600 City of Phlla. 3}$s, 1913. 97J4
A . S. Griggs, President: f f m . Tackbary, Vice-President; G. E . Mer
$10,000 Montgom. Lt. & Water
ter) .............................................. 273
rill, Cashier.
15 Phlla. Gtn. & Nor. RR. (S50
Power. Co. 5s. 1943......... 82
9 .9 5 1 —
The Lcnapah National Bank, Lcnapah, Okla. Capital, $25,000.
10.000 Buff. &L.E.Tr.5s, 1936 .. 82
each)........... ............ - .................150
Geo. A . Elrod, President; J. H . M . Holmes, Vice-President; George
3 Provident Life & Trust Co— 805 H
10.000 Jacksonv. Gas5s, 1 9 3 7 ... 92
W . Hunter, Cashier.
15 Fidelity Trust Co......... ...........953 A
10.000 Lafay. & Logansp. Trac.
9 .9 5 2 — The First National Bank of Elk C ity, Okla. Capital, $50,000 .
13 Girard Trust Co......... - ............ 925
5s. 1936.......................
88
E . K . Thurmond, President: I. C. Thurmond, Vice-President;
13 Nat. Security Bank------350-350 K
1.000 Springfield Water Co. 5s,
A . L. Thurm ond, Cashier: H . (.!. Ford, J. P. Thurmond and Phil S .
50 Continental Title & Tr. Co.
1926 ...........................
100
Hooker, Assistant Cashiers.
($25 paid)..............- .................48 .
1.000 North Springfield Water
9 .9 5 3 — The First-Second National Bank of Akron, Ohio. Capital, $650 ,
25 People’s Nat. Fire Ins. Co.
100
Co. 5s, 1928______
000. O . C. Barber, President: C. I. Bruner, Geo. D . Bates and
(825 each)................................... 40
| 188,000 Lex. & Interurb. Ry. 5s,
II. B . Mauton, Vice-Presidents; L . 1). Brown, Cashier; A . A . Valen
200 Mechanics’ Ins. Co. ($25 each) 4 5 \
1956 ..................- ................. 55
tine, G . A . Dodge and L. It. Relfsnlder, Assistant Cashiers.
5 Second & Third Sts. Pass. Ry 250 K
6.000 The Central Kentucky
9 .9 5 4 —
Tho People's National Bank of Kingfisher, Okla. Capital, $30,000. 10 I’rankford & South.Pass.Ry. 370
Trac. 5s, 1937.................... 85
B . .1. Conley, Vice-President; J. M. Spelce, Cashier; Chas. T . Spelce,
1 Library Co................................. 20
1.000 City of Phlla. 3 ^ 8 . 1919. 96 H
THE CHRONICLE
856
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
D i v i d e n d s a n n o u n c e d th is w e e k a re p r i n t e d i n it a lic s .
N am e o f C om pan y.
Railroads (Steam)
Atch. Top. & S. Fe, com . (qu .) (N o. 2 4 ).
Beech Creek, guaranteed (q u a r .)................
Boston & Maine, com mon (q u a r.)............
Boston & Providence (q u a r.)____________
Canadian Pacific (quar.) ( N o . 5 9 ).........
Extra (from proceeds o{ land s a le s )..
Preferred _____________________________
Central H it. of N. J. (q u a r.)......... - ............
Chicago Burlington A Quincy (quar.) —
Chicago & East ills., pref. (q u a r .)---------Chicago & North Western, com . (q u a r.).
Preferred ( q u a r .).----------- ------------------Colorado & Southern, 1st & 2d pref.........
D e la iv a r e L a c k a w a n n a A
W e ste r n (q u a r .).
Evansville & Terre Haute, pref..............
Georgia IUt. A Banking (qu ar.)................
G r a n d T r u n k , g u a r a n t e e d ...............................
F i r s t a n d s e c o n d p r e f e r r e d ........................
T h i r d p r e f e r r e d . .........................................
Interborough Rapid Transit (qu ar.).........
Kansas City Southern, pref. (q u a r.).........
Keokuk A Des Moines, pref. (annual)-----Maine Central (qu ar.)...................................
Manhattan R y .. guar, (quar.) (No. 108).
Minn. St. Paul A S. S. M.. com . A p r e f..
Leased line stock--------------------------------Newark A Bloom field----------------------------N. Y . Cent. A Hud. River (qu ar.)..............
New York & Harlem, com . and pref.........
N. Y. Lackawanna A Western (quar.) —
N o r f o l k S o u t h e r n ( q u a r . ) ...............................
Norfolk A Western, pref. (q u a r.)..............
N o r t h e r n P a c i f i c ( q u a r . ) ...............................
Northern IUt. of New Hampshire (quar.)
Norwich & W orcester, pref.|(quar.)-------Old Colony (q u a r.)....... ................................
Philadelphia & Trenton (qu ar.)..................
Plttsb. Bessemer & Lake Erie, c o m m o n ..
Pitts. Cln. Chic. A St. L., com . & pf.(qu .)
Plttsb. Ft.W ayne A Chlc.,rcg. guar, (qu.)
Special, guaranteed (qu ar.).................. ..
Pittsburgh Wheeling & K entucky..............
E x tra ------------- ------------------- ----------------Railroad Securities, preferred....................
Reading Company, 2d pref..........................
St. Louts A San Francisco—
Chic. & East. 111. pf. tr. ctfs. (q u a r .)..
K. C.Ft. S. <Sc Mem. pf. tr. ctfs. (q u a r.)
Southern Pacific (quar.) (N o. 18)..............
Southern Railway, preferred____________
Mobile & Ohio stock trust ccrtfs...........
Toledo St. Louis A Western, pref. (quar.)
Union Pacific, common (qu ar.)_________
Preferred (qu ar.)_____________________
United N. J. R R . A Canal, guar. (qu ar.).
Warren, guaran teed____________________
West Jersey A Seashore........................ ......
P er
C e n t.
IX
1
IX
2 X
IX
X
2
2
2
IX
IX
2
2
2K
2 X
3
i2
i2 X
i X
2X
1
2 y<x
2
IX
■■sx
2
3
IX
IX
IX
X
1
IX
IX
2
IX
B 2 X
IX
i x
IX
IX
3
3
2
2
IX
1
IX
1
2
1
2X
2
2 X
3 X
2X
W h en
P a ya b le .
B o o k s C lo s e d .
D a y s In c lu siv e .
1 Holders of rec. Apr.28a
1 Holders of rec. Mch.23a
1 Holders of rec. Mch. la
1 Holders of rec. Mch.20a
1 Holders of rec. Men, la
1 Holders of rec. Mch. la
1 Holders of rec. Mch. la
1 Holders of rec. Apr. 19a
1 Mch. 28
to
April 3
1 Holders of rec. Mch. 17a
1 Holders of rec. Mch.13a
1 Holders of rcc. Mch. 13a
1 Mch. 23
to
April 2
20 Holders of rec. April 4a
15 Hold of rec. Sep. 151910
15 Apr. 2
to
Apr. 14
5 Mch. 18 to
Apr. 20
5 Mch. 18 to
Apr. 20
5 Mch. IS to
Apr. 20
1 Holders of rec. Mch.25a
15 Holders of rcc. Mch.3 la
1 Holders of rec. Meh.24a
1 Holders of rec. Mch. 15a
1 Holders of rec. Mch.15a
15 Holders of rcc. Mch.31a
1 Holders of rcc. Mch. 20
1 Holders of rec. Mch.22a
15 Mch. 30
to
April IS
1 H oldersof rec. Mch. 22a
1 Holders of rec. Mch. 15a
1 April 16 to
May
1
18 Holders o f rec. Apr.29a
1 Holders of rec. Apr. 7a
I Holders of rec. Mch. 6a
1 Mch. 19
to
Mch. 31
1 Holders of rec. M eh.1 la
10 Apr. 1 to
Apr. 10
1 Holders of rec.SMch. 1.5
25 Holders of rec.?Apr.l5a
4 M ch. 12 t o A p r. 4
1 Mch. 16 to
A p r. 2
1
1
1 Holders of rec. Mch.31a
April
May 10 Holders of rec. Apr.22a
June
April
April
April
April
April
April
May
April
April
April
April
April
April
April
Apr.
May
May
May
April
April
April
Apr.
April
April
April
April
April
Apr.
April
May
May
May
Apr.
Apr.
April
Apr.
April
April
April
April
April
April
April
April
April
April
April
April
Apr.
April
April
IlM ch. 18
to
April 2
1 Mch. IS
to
April 2
1! Holders of warr’ t No. 18
24 Holders of rec. April la
1 Mch. 16
to
Mch. 31
15 H old, of rec. Mch. 31«
1 Holders of rcc. Mch. la
1 Holders of rec. Mch. la
to
Mch. 31
10 Mch. 21
15 Holders of rec. April 5a
1 Holders of rec. Mch. 15a
N am e o f Com pan y.
Amer. Cities R y.
A Light, pref. (q u a r .)..
S yra cu se F le e . R R ., p r e f. ( q u .) .
Elgin A Chic. R R ., com . (qu ar.).
1 Mch. 22
to
April 2
April
Apr. 15 Holders of rec. Mch.3 la
Aurora
April 10 Holders of rec. Mch. 23
Preferred (qu ar.).......................................
April 11) Holders of rec. Mch. 23
Bangor R y. & Elec, (qu ar.)........................
1 Holders of rec. Mch.25a
April
B o sto n S u b u rb a n E lec . C o s ., p r e f. ( q u a r .).
April 15 Holders of rec. April 3a
81
Brazil Railway, preferred (q u a r.).............
April 4
5 April 1 to
April
IX
Brooklyn Rapid Transit (q u a r.)................
1 Holders of rec. Mch. 10a
April
IX
to
Mch. 31
1 Mch. 15
Capital Traction, Washington. D C. (qu.)
April
IX
1 Holders of rec. Mch.29a
Carolina Power & Light, pf. (qu.) (N o.8)
Apr.
i x
to
Mch. 31
Central Pennsylvania Traction......... ........
1 Mch. 17
April
3
1 Holders of rcc. Mch.15a
April
Chattanooga R y. & L t., pf. (qu.) (N o. 7)
i x
1 Mch. 19
to
Mch. 31
April
Cln. & Ham. Tract., com . (qu ar.)_______
X
1 Mch. 19
to
Mch. 31
April
Preferred (quar.).......................................
i x
Apr. 16
Apr. 15 Apr. 1 to
C in . N e w p . A C o v . L . A T r .,c o m .A p f .( q u .)
IX
1 Mch. 17
to
Mch. 31
April
Cincinnati Street Ry. (qu ar.).................... IX
1
1 V)
Citizens’ R y. & Lt., Muscatine, la ., pref.
1 Meh. 21
April
to
Mch. 31
City R y ., Dayton, O ., com . (qu ar.).........
IX
1 Mch. 21
April
to
Mch. 31
IX
Preferred (q u a r.).......................................
1 Holders of rec. Mch. 18a
Apr.
IX
Cleveland R y. (qu ar.)...................................
1 Mch. 25
April
Col. (O .) N e w .* Zancs. El. Ity., pf. (qu.)
to
Mch. 31
i x
3
April 10 Holders of rec. April 3a
D a lla s E le c tr ic C o r p . , 1st p r e f . ( N o . 4 ) -----2
April 10 Holders of rec. April 3a
S e c o n d p r e fe r r e d ( N o . 7 ) - - ......................
2
April 10 Holders of rec. April la
Denver & Northwestern R y. (q u a r.)-----April
1 Holders of rec. Mch. lfa
Duluth-Superior Traction, com . (quar.)
i x
1
April
1 Holders of rec.M ch.15a
Preferred (qu ar.).......................................
Apr. 15 Holders of rec. Mch. 31
F t . S m i t h L ig h t A T r a c . , p r e f . ( q u a r . ) -----IX
i Holders of rec. Mch. 15a
Frankford A Soutlnv’ k, Phlla., guar, (qu.) $1.50 Apr.
4 Mch. 15 to
Germantown Pass. R y ., Phlla. (q u a r.)--S l . 3 \ X April
April 3
1 Mch 21
2
April
Halifax Elec. Tram .. Ltd. (quar.) (N o .57)
to
Apr. 1
April
1 Holders of rec. Mch.15a
Houghton County Traction, com. (No. 4)
2 X
April
1 Holders of rec. Mch.15a
3
Preferred (No. 6 ) .......................................
April
1 Holders of rcc. Mch.15a
Illinois Traction, preferred (qu ar.)............
IX
1 Holders of rec. Mch.31a
K okom o Marlon A Western Trac., p re f-.
3
April
1 Holders of rcc. Mch.21a
Apr.
Lake Shore Elec. R y ., 1st pref. (q u a r .)-.
IX
1
L a n c a s tc r C o . ( P a . ) R y . A L t . , p r e f . ( q u .)
l X April
1 Mch. 11
Louisville Traction, com mon (q u a r.)____
1
April
to
Mch. 15
Preferred......................................................
April
1 Mch. 1 l
2X
to
Mch 15
L o u ls v . A N o r . R y . A L t g ., p r e f. A A B ( q u .)
1 Mch. 26
Apr.
to
Mch. 31
X
M a n ch es te r ( N . I I .) T r ., L . A P . ( q u a r . ) . .
Apr. 15 Holders of rec. Apr. la
Manila Elec. R R . A Ltg. Corp. (q u a r .)..
1 Holdersof rec. Mch. 26a
Apr.
i x
M e m p h i s S tr e e t R y . , p r e f . ( q u a r .) ________
Mch. 31 Mch. 23
to
Mch. 31
IX
M ilw a u k e e E le c . R y . A L t ., c o m . ( q u a r .) ..
Mch. 31 Holders of rcc. Mch.20a
i x
P r e fe r r e d ( q u a r .) ( N o . 4 0 )......... ............
1 Holders of rcc. Apr. 20
May
IX
Nashville Ry. A Light, com mon (qu ar.).
1 Holders of rec. M ch.2 la
April
X
Preferred (qu ar.)........................ ...............
1 Holders of rec. Mch.21a
I K April
New Orleans Ry. A Light, pref. (q u a r .)..
IK April 10 April 1 to April 10
New York State Rys., com . (qu ar.)_____
Apr.
1 Holders of rec. Mch.18a
IX
Preferred (qu ar.)...................... ................
1 Holders of rcc. Mch. 18a
Apr.
IX
Norf. A Portsmouth Trac., pref. (quar.).
I K April 10 H oldersof rec. Mch 3 Ida
Northwestern Elev. R R ., Chic. pref. (qu.)
1
April 18 April 9
to
April 18
Omaha A Council Bluffs St.Ity .,com .(qu .)
1
April
1 Mch. 19
to
Mch. 31
Preferred (quar.)........................................
1 Mch 19
to
Mch. 31
IK April
Ottawa Electric R y ..
1 Holders of rcc. Mch.31a
2 K April
O t tu m w a ( I o w a ) R y . A u , ' , ' p r c f f ( q u a r .) ' . ' .
IK Apr. 15 Holders of rcc. Mch. 31
Philadelphia Company, common (q u a r.).
May
l Holders of rec. April la
IX
Philadelphia Traction............................
$2
1 Hold, of rec. Mch. 10a
April
Portland (Me.) R l t ......... .............................
2
1 Mch. 26
to
Mch. 31
Apr.
Porto ltlco Itys., Ltd., pref".'(’q u a r.)"I *
to
Mch. 31
April
1 Mch. 22
IX
P u b l i c S e r v i c e C o r p . o f N . J . ( q u a r . ) ____I
Mch. 31
IX
Quebec R y ., Light A Power, com. (No. I) .1
April 15 Holders of rcc. Mch. 31
Ridge Ave. Pass. R y., Phlla. (quar.).
$3
to
April 2
1 Mch. 17
April
St. JOS. R y .,L .,I I .A P .,p f. (qu.) (No. 34)
1 Holders of rcc. Mch.15a
I K April
Sao Paulo Tram .. L. A P. (qu.) (No. 36)
1 Holders of rec. Mch. 15a
April
2X
Scioto Valley Traction, 1st pf. A pf. (qu.)
1 Mch. 26
_______
to
April
IX
Seattle Electric Co., com . (quar.) (N o .10)
Apr
IX
15 Holders of rec. Mch 13a
Common (extra )------------------------------ -2
April 15 Holders of rcc. Mch. 13a
Preferred (N o. 21) — ........................ ......
3
April
1 Holders of rec. Mch. 13a
2d A 3d Sis Pass. R.v., Phlla. ( q u a r .)... $:*
1 Holders of rec. Mch. 6
April
S p r in g fie ld ( O .) A X e n i a R y . , p r e f. ( q u .) .
I K Apr.
Stark Electric R lt. (qu ar.)......... ................
Apr.
X
1 Mch. 26
to
April 1
Syracuse Rapid Transit, pref. (quar.) —
1 X April
1 Holders of rec. Mch.25a
Terre Haute Ind. A East Trac., pf. (qu.) S I.25 April
l a M ch.22 to Mch. 31
IX
IX
X
IX
i x
P er
C e n t.
Street and Electric Railways (Concl.)
Toronto Railway (qu ar.).................... ........
I X
Tri-City R y . A Light, pref. (qu ar.)...........
I X
Twin City Rapid Transit, com . (q u a r .)..
IK
IX
Preferred (qu ar.)------------------ -------------Union R y ., Gas A Electric, pref. (qu ar.).
1K
Union Traction of Indiana, p ref................
United Light A R ys., 1st pref. (No. 2 ) . . .
1K
Second preferred (No. 2 ) . ........... ..........
X
United Trac. A Elec., Providence (quar.)
Washington Water P ow ., Spokane (quar.)
Western Ohio Ity., 2d pref. (q u a r.).........
West End St. R y ., Boston, com m on____ s i . 75
IX
West India Elec. C o..Ltd. (quar.) (N o .13)
W e s t P e n n T r a c t i o n , p r e f . ( q u a r .) (N o. 5)
W h e e l i n g T r a c t i o n ( q u a r .) ......... ...................
2 X
Winnipeg Electric R y ___________________
2
IX
2
IX
IX
1
Y o u n g s to w n A
O h io R i v e r , p r e f . ( q u a r . ) . .
Banks.
A e t n a N a t i o n a l ( q u a r . ) ................................
B r o a d w a y , B r o o k l y n ( q u a r . ) ........................
Century (qu ar.)........... ..................................
C h a s e N a t i o n a l ( q u a r .) _________ .-_______
Chelsea Exchange (qu ar.)__________ ____
Citizens’ Central National (qu ar.)_______
Coal A Iron National (q u a r .).....................
Colonial (q u a r.).............................................
Commerce, National Bank of (qu ar.)____
Fifth Avenue (quar.)_.............................. ..
F i r s t N a t i o n a l , B r o o k l y n ( q u a r .) ..................
First National (quar.)......... ............ ............
First Security Co. (quar.)..................... ......
Fourth National (quar.)........... ...................
G a lla tin N a t i o n a l ( q u a r .) ( N o . 157)...........
Hanover National (qu ar.)______________
Irving National Exchange (qu ar.)_______
Liberty National (qu ar.)______ _________
Manufacturers’ National, Bklyn. (quar.).
Market A Fulton National (qu ar.)______
Mercantile National (qu ar.)__________
Metropolitan (qu ar.)____________________
Mount Morris (quar.) (No. 45)___________
Nassau National, Brooklyn (qu ar.)______
New Netherland.............................. ..............
Park, National ( q u a r .)..............................
P r o d u c e E x c h a n g e , N e w Y o r k ( N o . 5 2 )___
Prospect Park, Brooklyn (qu ar.)________
Seaboard National (qu ar.)..........................
Second National (qu ar.)------------------------Washington Heights, Bank of (qu ar.)__
Trust Companies.
Bankers (q u a r.)........... ..................................
Brooklyn (q u a r.)...........................................
Central (qu ar.).......................... - ...................
E q u it a b le ( q u a r . ) ........... ........................... —
Lawyers’ Title Ins. & Tr. (qu.) (No. 50)
Long Island Loan & Trust (qu ar.)...........
Mechanics’ of N. J. (quar.) (N o. 47).........
Mutual Alliance (qu ar.)..............................
Trust Company of America (qu ar.)______
Union (qu ar.)........... - ............ - .....................
Washington (q u a r.)........... - .........................
Eire Insurance.
Hanover Fire (quar.) (N o. 118)...............
N e w Y o r k .C i t y o f ( q u a r .) ............................
Street and Electric Railways.
A ubu rn A
[V()L . I . X X X M I .
Miscellaneous.
Alliance Realty (q u a r.)................................
Amer. Agricultural Chcm.. pref. (No. 241
Amer. Beet Sugar, pref. (qu.) (No. 4 7 ) ..
American Can, preferred (qu ar.)------------American Caramel, pref. (q u a r .)..............
Amer. Car * Fdry., com . (quar.)(N o. 341
Preferred (quar.) (No. 48)____________
American Express (q u a r .)..........................
American Gas & Electric, com . (q u a r .)..
Preferred (qtiar.)_.....................................
Amer. Iron A Steel M fg.,com .& pf. (qu.)
American Locom otive, pref. (qu ar.)_____
American Malt Corp., preferred................
American Malting, p referred......................
American Plano, pref. (quar.) (No. 1 2 )..
Amer. Pipe & Construction (quar.)______
Amer. Power A Light, pref. (qu.) (No. 6)
A m e r i c a n S e e d in g M a c h i n e , c o m . ( q u a r . ) .
P r e fe r r e d ( q u a r . ) .............................. ..........
American Shipbuilding, pref. (qu ar.)____
Amer. Smelt. & Refg., com . (quar.)_____
Preferred (qu ar.).......................... ............
American Snuff, common (quar ) ..............
Common (extra).........................................
Preferred (qu ar.).......................................
Am. Sugar Refining, com . A pref. (quar.)
Amer. Telep. A Teleg. ( q u a r .)............. ..
American Tobacco, pref. (qu ar.)________
Amer. Type Founders, com . (quar.).........
Preferred (qu ar.)..... .............. .............. ..
Amer. Woolen, pref. (quar.) (No. 48)____
American Writing Paper, p referred.__
A n a c o n d a C o p p e r M i n i n g ( q u a r .) ( N o . 42)
A s s o c ia t e d G a s A E le c tr ic , p r e f . ( q u a r . ) . .
A s s o c i a t e d M e r c h a n t s , lsf p r e f . ( q u a r . ) . .
F i r s t p r e fe r r e d ( e x t r a ) .................................
S e c o n d p r e fe r r e d ( q u a r . ) ........................ ..
S e c o n d p r e fe r r e d ( e x t r a ) ............... ............
Bell Telephone of Canada (qu ar.).............
Bell Telephone of Missouri (qu ar.)...........
B e ll T e l e p h o n e o f P e n n s y l v a n i a ( q u a r . ) __
Bliss, E. W ., com mon (q u a r .),............. ..
Preferred (qu ar.).......................................
Brooklyn Union Gas (quar.) (No. 40)___
Butte Elec. A Pow ., com . (qu.) (No. 26).
Cambria I r o n ___________________________
Canadian Car A Fdry.. Ltd., pref. (quar.)
Canadian Cons’d Rubber, com . (q u a r .)..
Preferred ( q u a r .)....................................
Canadian Gen. Electric, Ltd., com . (qu.)
Preferred ............- ......................................
Canadian Westlngh.. Ltd. (qu.) (N o. 25)
Celluloid Company (qu ar.)______________
Central Coal A Coke, com . (qu ar.)______
Preferred (qu ar.).......................... ............
Central Leather, preferred (qu ar.)______
Central & Sou. Amer. Teleg. (q u a r.)___
Chattanooga Gas, pref. (quar.) (No. 17).
Chle. June. Rys. * U .S tk .Y ds.,com .(qu .)
Preferred (qu ar.)______ _______________
C h ic a g o P n e u m a t i c T o o l ( q u a r .) ....... ..........
Cincinnati Gas & Electric (qu ar.)_______
Cine. A Suburban Telep. (qu ar.)________
Cities Service, com mon (m onthly)______
Preferred (m on th ly)......... .............. ........
C it iz e n s ' G a s o f I n d ia n a p o lis ( N o . 3 ) _____
City Investing Co . pref. (qu ar.)...............
Columbus (O .) Gas A Fuel, pref. (quar.)
Colum bus(O .) Lt., lit. * P o w ., com. (qu.)
Preferred (qu ar.)................................
Commonwealth Edison (quar.)
Cons’d Gas, E. L. A P.. Balt., com . (qu.)
Preferred and prior Hen stock..................
X
2
4
I X
5
2
I X
IX
2 X
2
25
7
3
2
7
4
2
5
5
3
ix
2
3
3
2 X
4
4
IX
3
3
2
4
6
6
9
3
3
5
IX
3
12X
3
4
2H
2
3
IK
B o o k s C lo s e d .
D a y s In c lu siv e .
W h en
P a ya b le.
April
Apr.
April
April
April
April
April
April
April
April
April
April
April
Apr.
Apr.
April
April
Holders of rcc.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.
Mch. 26
to
Mch. 28
to
Mch. 28
to
Mch. 15 to
Holders of rec.
Holders of rec.
Mch. 23
to
to
M c h .24
to
Apr. 8
Holders of rec.
Holders of rcc.
Holders of rec.
Apr.
Apr.
Apr.
Apr.
April
April
ADrll
April
April
April
Apr.
April
April
April
Apr.
April
April
April
April
April
April
April
April
April
April
April
April
Apr.
April
April
Apr.
Holders of rcc. Mch. 28
Mch. 22
to
Mch. 31
Mch. 24
to
Mch. 31
Holders of rec. Mch.31a
Holders of rcc. Mch. 30
Holders of rcc. Mch.30a
Holders of rec. Mch. 8
Holders o f rec. Mch. 20
Mch. 23
to
April 2
Holders of rec. Mch.31a
Mch. 25
to
Mch. 31
Holders of rec. Mch.31a
Holders of rec. M ch.3 la
Mch. 22
to
Mch. 31
Holders o f rec. Mch. 29
Mch. 22
to
Mch. 31
Mch. 22
to
April 1
Holders of rec. Mch.31a
Mch. 25
to
Mch. 31
Mch. 22
to
Mch. 31
Mch. 26
to
April 2
Mch. 19
to
Mch. 31
Mch. 21
to
Mch. 31
Mch. 26
to
Mch. 31
Holders of rec. Mch.31a
Holders of rec. Mch. 21
Holders of rec. April 5
Mch. 29
to Mch. 31
Holders of rec. Mch. 25a
Holders of rec. Mch.30a
Apr. 1 to
Apr. 2
1
1
1
1
1
1
1
10
1
1Mch. 24 to
1Holders of rec.
Mch. 15a
Mch. 23
Mch.11a
Mch.15a
Mch.20a
April 2
Mch. 31
Mch. 31
April 2a
Mch.15a
Mch. 31
April 2
April 2
Apr. 16
Mch.31a
Mch.20a
Mch. 31
April
Holders of rec. Mch.27a
April
Holders of rec. Mch. 21
April
Holders of rec. Mch.24a
Mch. 31 Mch. 28
to
Mch. 31
April
Mch. 16
to
April 2
April
Holders of rcc. Mch. 18a
April
Mch 30
to
Mch. 31
April
3 Holders of rcc. M ch.316
April
Holders of rec. Mch.25a
April
April 6 to
April 9
April
Holders of rec. Mch. 24
April
Apr.
April
April
April
April
IX
2
April
April
X
April
IX
S3
April
April
IX
May
IX
April
ix
April
IX
1
May
62c. May
I K April
2
April
I K April
April
X
I K April
IK April
1
April
I K April
April
5
2
April
I K April
IK April
2
April
IK April
1
April
I K April
I K April
1
April
50c. Apr.
I K April
IK Ap.
Apr.
X
I K Apr.
Apr.
X
2
April
1
April
I K April
2 K April
2
April
I K April
April
IX
2
April
IK April
1
April
I K April
1
April
3 y<i April
I K April
1 y .2 April
ix
April
i x
April
I K April
l X April
I K April
April
I K April
1
Apr.
April
IX
2
April
April
X
April
X
3
Mch.
I K April
IK April
IK April
I K April
I K May
April
IX
3
April
April 1
Mch. 29
15 Holders of rcc. April 5
15 Mch. 22
to
M ch . 31
Holders of rcc. Mch.21a
Holders of rcc. M ch.17a
Mch. 12
to
Mch. 31
Holders of rec. Mch. 10a
Holders of rec. Mch. 10a
Holders of rec. Feb.28a
1 Mch. 24
to
April 2
1 April 21
to
May 1
1 Holders of rec. Mch.21a
April 5
to
April 23
Apr. 16 to
May 2
Holders of rcc. April 15
1 Mch. 11
to
April 2
1 Holders of rcc. Mch. 15a
3 Mch. 26
to
April 2
15 Holders of rec. Mch.31a
15 Holders o f rcc. Mch.3 la
to
April 16
15 Mch. 29
15 Mch. 25
to
Mch. 30
1 Mch. 11
to
Mch. 19
1 Holders of rcc. Mch. 15a
1 Holders of rec. Mch. 15a
1 Holders of rec. Mch. 15a
3 Holders of rec. Mch la
15 Holders of rec. Mch. 31a
1 Holders of rec. Mch 15a
15 Holders of rec. AprlUOa
15 Holders of rcc. AprlUOa
15 Mch. 28
to
April 9
1 Holders of rec Mch,15a
19 Holders of rcc. Apr. 7
15 Holders of rec. Meh. 31
15
1
1
1
1
1
1
21
2
15
15
15
Holders of rcc . Mch.25a
April 2
Mch. 26 to
April 6
to
April 16
Mch. 31
Mch. 25
to
Mch. 31
Mch. 25
to
Mch. 19 to
Mch 31
Holders of rec. Mch.20a
Holders of rec Mch. 15a
Holders of rec. Mch.31a
Holders of rec . Mch. 18
Holders of rcc . Mch. 18
Mch. 31
Meh. 16
to
Mch. 31
Mch. 16 to
April 9
April 1 to
April 2
Mch. 8
to
April 16
April 1 to
April 16
April 1 to
1: Holders of rec. Meh. 10a
7 Holders of rec. Mch.31a
l i . . _ ....................
1 Holders of rec..M ch’ 13a
1 Holders of rec..Meh. 13a
Apr. 25
25 Apr. 16
to
1 Mch. 15
to Mch. 2 Iff
Mch. 31
Mch. 25
to
Holders of rec . Meh. 20
Holders of rec . Mch. 20
Mch. 31
Mch. 16
to
Holders of rec . Mch. 27
Holders of rec . Mch. 15a
Mch.
15a
Holders of rec.
Holders of rec . Mch.15a
Holders of rec . Apr. 15a
1 Holders of rcc . Mch. 28
1 Holders of rec
A pr . i 1911.]
N am e o f C om pany.
Miscellaneous (Concluded).
Consumers Power pref. (qu ar.)___
T H E C H R O N IC LE
P er
C e n t.
W h en
P a y a b le .
H o o k s C lo sed .
D a y s I n c lu s iv e .
Holders of rec. Mch. 22
April
Holders of rec. Mch. 2
Mch.
Mch.
Holders of rec. Mch. 27
Corn Products Refining, pref. (qu ar.)___
April
Holders of rec. Mch.31a
Preferred (extra )..........................
April
Holders of rec. Mch.3 la
Cuban-Amerlcan Sugar, pref. (q u a r .)..
April
Holders of rec. Mch.25a
Cumb. Telep. & Teleg. (quar.) (No. 110).
April
Holders of rec. Mch. 18
C u y a h o g a T e l e p h o n e , p r e f . ( q u a r . ) ____
Apr.
Holders of rec. Apr. 15a
D e la w a r e L a c k . A W e s t e r n C o a l ( g u a r .)
April
Holders of rec. April la
Detroit Edison (q u a r .).......................
April
Holders of rec. April la
Distillers' Securities Corp. (quar.) (N o.34)
April
Holders of rec. April 8a
Distilling Co. of America, pref. (q u a r .)..
April
Holders of rec. April 8a
Dominion Iron & Steel, Ltd., pf. (N o.20)
April
Holders of rec. Mch.20a
Duluth Edison Elec., pref. (qu .) (No. 20)
April
Holders of rec. Mch.20a
du Pont (E .I.) de N em oursPowd.,pf.(qu.)
April
April 16 to
April 25
du Pont Internat. Powder, pref. (quar.)
April
Holders of rec. Mch.22a
Eastman Kodak, com . (qu ar.)..................
April
Holders of rec. Feb. 28
Common (extra )____________ . . . _____
April
Holders of rec. Feb. 28
Preferred (qu ar.).....................................
April
Holders of rec. Feb. 28
Edison Elec. 111., Boston (qu.) (No. 88).
May
Holders of rcc, April 14
Electrical Secur. Corp. pref. ( q u a r .) ...
May
Holders of rcc. Apr.27a
E l e c . U t ilitie s C o r p . , p r e f . ( q u .) ( N o . 4 ) .
Apr.
Holders of rec. Mch.3 la
Electric Storage Batt., com . A pf. (quar.)
April
Holders of rec. Mch. 25
General Chemical, preferred (q u a r .)_____
April
Holders of rec. Mch.21a
General Chem. of California, 1st pf. (qu.)
April
Holders of rec. Mch. 21
General Electric (q u a r .)_________ _______
April
Holders of rec. Mch. 4a
General Motors, preferred._____ _________
April
Holders of rcc. Mch. 15
Goldfield Consolidated M lnes(quar.)N o.li
30c. April
Holders of rcc. Mch.31a
E x tra ______ _________________ _______
Holders of rec. Mch.3 la
20c. April
Gorham Manufacturing, pref. (q u a r.)” ”
April
Holders of rec. Mch.27a
Great Lakes Towing, pref. (qu ar.).
Holders of rec. Mch. 15
April
Guggenheim Exploration (quar.) (N o. 33)
Mch. 16 to
April 2
April
I l l i n o i s P r i c k ( q u a r . ) _______________
Ap. 5 to
Apr. 15
Apr.
Intercontinental Rubber, com . (q u a r .)..
April 22 to
April 30
May
Internat. Harvester, com . (quat ) (No. 5)
Holders of rec. Mch.25a
April
International Nickel, com m on (quar.) . .
May 13 to
June
1
June
Preferred (qu ar.)....... ................................
May
April 13 to
May
1
In te r n a t io n a l P a p e r , p r e f . ( q u a r .) ” ” ! " "
Apr.
Holders of rec. Apr. 4a
International Sliver, pref. (q u a r.)_______
April
Feb. 22 to
April 2
Preferred (extra )........................ I ............
April
Feb. 22 to
April 2
Internat. 8m . Pow d.& Chem,, com .(qu .j
April
Holders of rec. Mch.22a
P referred...... ............ .......... .......... ............
May
4
Holders of rec. May 5a
K a n s a s C ity P rc w cries, p r e f. ( q u a r .) .- . .
May
Kansas Gas A Elec., pref. (qu.) (No. 4 ) ..
April
Mch. 28
to
April 2
April
Knickerbocker Ice. preferred (N o. 24)__
3
Holders o f rec. Mch. 15a
Laclede Gas Light, common and preferred
April
Holders o f rec. Mch 27
La Porte (In d.) Gas Lt. (quar.) (N o. 20)
April
La Rose Consolidated Mines (q u a r.).........
April
April 1 to
April 17
Mackay Companies, com . (qu.) (N o. 23).
April
Holders of rec. Mch. 11a
Preferred (quar.) (No. 2!))......................
April
Holders of rec. Mch. 11a
Massachusetts Lighting Cos. (qu.) (N o.30)
April
Holders of rec. Mch.30a
May Department Stores, pref. (q u a r .)..
April
Holders of rec. Mch. 23
Mexican Telegraph (q u a r.)_ ........... ..........
April
Holders of rcc. Mch.31a
Michigan Light, pref. (qu ar.)......... ..........
April
Holders of rec. Mch.20a
Michigan State Telephone, pref. (quar.)
May
April 16
to
May 1
Mlnneap. Gen. Elec., com . (qu.) (No. 15)
May
Holders of rec. Apr. 15a
Mortgage-Bond Co. (qu ar.)________
April
Holders
of
rec.
Mch.
24
National Biscuit, com . (quar.) (N o. 50)
April
Holders o f rec. Mch.28a
National Carbon, common (qu ar.)____
April
April 6
to
April 16
N a t i o n a l F i r e P r o o f i n g , p r e f . ( q u a r . ) __
April
Holders of rec. April 3
Nat. Gas, El. Lt. A P., pref. (qu ar.)____
April
Mch. 26
to
April 1
N a t i o n a l L ig h t , H e a t A P o w e r ( q u a r . ) ____
Apr.
Mch. 26
to
Mch. 31
National Sugar, pref. (qu ar.).........
April
Holders of rec Mch. 20
National Surety (q u a r .)..................
April
Mch. 23
to
April 2
E x t r a .................................................
April
Mch. 23
to
April 2
Nebraska Telephone (qu ar.).............
April
Aorll 5
to
April 10
New York Air Brake (quar)...........
April
Holders of rec. Apr. 5a
New York Dock, preferred (qu ar.).
April
Holders of rce. April la
Ncw York Mtge. A Security (qu ar.)_____
April
3
Holders of rec. Mch. 25
April
Niagara Falls Power (quar.) (No. 5 ) .........
Holders of rec. April la
Nlpissing Mines (q u a r.)____________ _____
April
5
April 1 to
April 17
Extra ........................ .................................
April
April 1 to
April 17
North American Co. (qu ar.)___________ _
April
Holders of rec. Mch.16a
N o r t h e r n S ta te s P o w e r , p r e f . ( q u a r . ) ______
Apr.
Holders of rcc. Mch. 31
Nova Scotia Steel & Coal, Ltd., com . (qu)
April
Holders of rec. Mch 31a
Preferred ( q u a r .) .._______ ___________
April
Holders of rec Mch.31a
O k la h o n u i G a s A E l e c . , p r e f . ( q u a r . ) _____
Apr.
Holders of rec. Mch. 31
Otis Elevator, common (qu ar.)________ _
April
Holders of rec. Mch. 31
Preferred (qu ar.)_____________________
April
Holders of rec. Mch. 31
P a c i f i c C o a s t , c o m m o n ( q u a r . ) . ......... ........
May
Apr. 16 to
May 1
F i r s t p r e fe r r e d ( q u a r . ) . . . ........................
May
Apr. 16 to
May 1
S e c o n d p r e fe r r e d ( q u a r . ) ............. ............ ..
May
May
1
Apr. 16 to
Pacific Telep. A Teleg., pref. (qu ar.)____
April
April 16
April 1 to
P a y -a s -Y o u -E n t e r C a r C o r p ., p fd . ( q u . ) . .
Apr.
Holders of rec Apr. 10a
P e n n s y l v a n i a S a lt M f g . ( N o . 9 6 )........... ..
Apr.
Holders of rec. Mch. 27
Procter A. Gamble, preferred (qu ar.)____
April
Holders of rec. M ch3 la
Quaker Oats, common (qu ar.)___________
April
Holders of rec, April la
Preferred (qu ar.).....................................
May
Holders of rec. May la
R e e c e B u t to n h o le M a c h , ( q u a r .) ( N o . 100)
April
Holedrs of rec. April 5
E x t r a ...................... ......................................
April
Holders of rcc. April 5
Republic Ir. * Steel, pref .(qu ar.)(N o.37)
April
Holders of rec. Mch.16a
Safety Car Heating A Lighting (q u a r .)..
April
Holders of rec. Mch. 15a
S a n D ie g o C o n s. G a s A E l ., p ref. ( q u a r .) ..
Apr.
Holders of rec. Mch. 31
Scranton Electric Co., pref. (qu ar.).........
April
Mch. 23
to
Mch. 31
Scars. Roebuck * Co., com . (pay. In stk.) 33 l-3e April
Holders of rec. Mch.15a
Preferred (q u a r.)......... ........ .....................
April
Holders of rec. Mch. 15a
Shawlnlgan Water A Power (qu ar.)_____
Apr.
Holders of rec. Apr. 7
Sloss-Sheffield Steel A Iron, pref. (quar.)
April
Holders of rec. Mch. 18a
Apr.
S o u t h e r n N . E . T e l e p . ( q u a r . ) ____________
Apr. 1 to
Apr. 16
April
South Porto Itlco Sugar, com . (qu ar.)__
Mch. 22 to
April 2
April
Preferred (qu ar.).......................... ............
Mch. 22 to
April 2
Standard Milling, preferred (No. 16)___
April
April 6 to
April 16
Subway Realty (qu ar.)__________________
April
Holders of rec. Mch.25a
Sulzberger A Sons Co., pref. (qu ar.)____
April
Mch. 17
to
Mch. 31
Swift A Co. (quar.) (N o. 9 8 )......................
April
Mch. 12
to
April 3
Underwood Typewriter, preferred (quar.)
April
Holders of rcc. Mch20a
Union Bag A Paper, pref. (qu .) (No. 18).
April
Mch. 16 to
April 16
Union Switch A Signal, com . A pf. (qu.)
April
3
April 1 to
April 10
Union Typewriter, 1st pref. (qu ar.).........
April
Holders of rcc. Mch.18a
Second preferred (q u a r.)....... .......... ........
4
April
Holders of rec. Mch.18a
United Bank N ote Corp., pref. (q u a r .)..
April
Mch. 16 to
Apr.
2
United Cigar Stores, Corp. of (qu ar.)____
April
April 2 to
April 16
E x tra.............................................................
April
April 2 to
April 16
United Fruit (q u a r.)..... ...............................
April
Holders of rec. Mch. 25a
United Gas Improvement (qu ar.)..............
April
Holders of rec. Mch. 31
United Shoe Mach. Corp., com . (q u a r .)..
April
Holders of rec. Mch.15a
Preferred (q u a r.)........................ ...............
April
Holders of rec. Mch.15a
U. S. Envelope, preferred________” ” ”
May
Holders of rcc. April 22
U. S. Finishing, com . (quar.) (N o. 9 )___
April
Holders of rec. Mch. 21
Preferred (quar.) (N o. 4 7 )....................
April
Holders of rcc. Mch. 21
U n i t e d S ta te s G la s s ( q u a r . ) ............. ............
April
Holders of rec. April 10
U. S. Printing of Ohio (q u a r.)_______ ""
April
Mch. 21 to
April 2
U. S. Radiator Corp., pref. ( q u a r . ) . . . ! ”
April
Mch. 22 to
Mch. 31
U . S . S m e l t ., R e f . A M i n . , c o m . ( q u a r . ) . .
Apr.
Holders of rec. Apr. 1
P r e fe r r e d ( q u a r . ) .........................................
Apr.
Holders of rec. Apr. 1
U ta h G a s A C o k e , p r e f . ( q u a r . ) ---------------Apr.
Va.-Carolina Chem.. pref. (qu.) (N o. 62)
April
April 1 to
April 16
V u l c a n D c t i n n i n g , p r e fe r r e d ( q u a r .'i --------April
Holders of rec. April 10
Western Union Teleg. (quar.) (N o. 168)
.. April
Holders of rcc. Mch.20a
Westlnghouse Air Brake (qu ar.)--------------i 2\ct April
Apr. 1
April 10
Extra ........................................................... I 1U April
April 10
Apr. 1
Special ......................................................... | 1
April
Apr. 1
to
April 10
Westlnghouse Elec. A Mfg., pref. (quar.): 1 K April 15 April 0
April 16
to
Preferred (extra )........................................ 1 /i l K April 15 April 6 to
April 16
C o n tin e n t a l P a p e r P a y , c o m . (q u .) ( N o . 24)
P r e fe r r e d ( g u a r .) ( N o . 4 3 )______
IK
1 14
1
1
1
2IK
IK
2A
IK
1A
3K
IK
IK
IK
2K
5
IK
3
IK
IK
1
IK
IK
2
3K
IK
IK
2K
2
1
IK
2K
IK
K
IK
1K
IK
IK
elOstk.
1
2
IK
1
IK
IK
2K
IK
IK
IK
IK
IK
IK
1
IK
IK
2IK
1
IK
IK
IK
2
2K
IK
IK
IK
2
IK
/1
IK
IK
IK
IK
IK
IK
6
2
2K
IK
2
2
2IK
IK
IK
IK
IK
IK
IK
1
2
2
IK
IK
IK
IK
1
3K
IK
IK
K
2
2
2
IK
fflK
1
IK
1
IK
IK
1
IK
IK
2
IK
K
a Transfer books not closed, b Transfer books closed from Mch. 26 to April 2.
both Inclusive, d Correction, e Payable In common stock. /D e cla re d 4 % , p a y
able In quarterly Installment:', g Payable to holders of record March .31. /; On ac
count of accumulated dividends. 1 Less Income tax. k Transfer books closed
from March 22 to March 29, both Inclusive.
857
Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending
Mch. 25. The figures for the separate banksare the averages
of the daily results. In the case of the totals, the actual
figures at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 85, p. 836.
(00) i n a ll ca se s.
W e o m it tw o c ip h e r s
Banks.
0 0 s omitted.
Capital.
Surplus.
1
Loans.
Average.
$
Specie. Legals.
Average. •Average
s
Deposits. ReAverage. s*ve.
$
S
S
S
1
%
Bank of N. Y _.
2 ,0 0 0 , 0
3,638,1
20,854,(
3,961,0
907,0
18,862,0 25.8
Manhattan Co.
2,050,0
4,402,1
30,300,(
8,473,0 1,582,0 35.200.6 28.5
Merchants’ ___
2 ,0 0 0 , 0
1,900,5 20,248,(
3,743,0 1.482.0 20.575.0 25.3
Mech. A Metals 6 ,0 0 0 , 0
8,146,7
50,670,6 14,452,
1,417,0 51,558,5 30.7
Am erica..........
1,500,0
6 ,0 1 2 ,(
26,404,8
4,736,- 2,140,1
26,855,6 25.6
City _________ 25,000,0 34,131,1 181,627,C 54,710,2 7,000,0 186,599,7 -33.1
Chemical..........
3,000,0 6,586,7 31,388,C 5,616,6 2,271,1
30,263,0 26.1
Merchants’ Ex.
600,0
567,2
7,396,6
1,727,9
239,0
7,733,8 25.4
Gallatin_____
1 ,0 0 0 , 0
2,534,(1
9,353,5
1,546,5
482,5
7,819,6 25.9
Butch. A Drov.
300,0
158,6
2,415,0
448,8
61,6
2,114,5 24.1
Greenwich___
500,0
856,9
8,018,1
2,079,5
2 1 0 ,1
9,069,9 25.2
Am. Exchange.
5,000,0
4,496,6
43,329, 1 7,531,7 3,561,6
44,133,8 25.2
Commerce____ 25,000,0 17,005,8 158,992,7 29,329,9 8,057,2 141,541,7 26.5
Mercantile___
3,000,0 2,713,1
14,217,3
1,758,9 1,070,0
11,035,5 25.6
Pacific .......... ..
500,0
932,1
3,731,7
368,4
458,7
3,214,2 25.7
Chat’m A Ph’x .
*450,0 2,622,2
14,727,8 3,060,0
829,5
15,043,1 2 b'. 1
People’s _____
2 0 0 ,0
467,5
1,818,3
462,7 i 145,7
2,095,9 29.0
Hanover_____
3,000,0 12,360,3 73,593,4 13,504,7 . 7,992,3
84,009,2
Citizens’ Cent..
2,550,0
1,803,5 21,833,6
5,358,3
323,5 21,508,8 26.4
Nassau_______
500,0
532,6
8,362,3
1,505,4 1,004,9
9,848,3 25.4
Market & Fult’n 1 ,0 0 0 , 0
1,775,0
8,983,2
1,699,8
990,0
9,277,1 29.0
Metropolitan . .
2 ,0 0 0 , 0
1,544,6
10,169,6 2,375,7
245,5
10,090,0 25.9
Corn Exchange 3,000,0
5,438,7
44,377,0 8,297,0 5,389,0
52,789,0 25.9
Imp. & Traders’
1,500,0 7,624,6
26,019,0 4,047,0 1,891,0 23.479,0 25.2
P a rk _________
5,000,0 12,728,2 87,841,0 22,134,0 1,367,0 92,723,0 25.3
East River___
250,0
98,8
1,396,0
301,1
103,8
1,564,4 25.8
F ou rth ............
5,000,0 5,683,3 35,421,0
7,072,0 2,476,0
37,045,0 25.7
Second . . __
1 ,0 0 0 , 0
2,196,9
13,103,0 3,113,0
154,0
12,796,0 25.5
First ................ 1 0 ,0 0 0 , 0 20,738,3 120,670,9 31,309,5 1,666,3 119,571,0 27.5
Irving Exch__
2 ,0 0 0 , 0
1,850,9 24,724,7 5,151,9 1,794,4 26,496,8 26.2
Bowery _____
250,0
800,5
3,402,0
806,0
61,0
3,535,0 24.5
N. Y. County..
500,0
7,921,6
1,666,5
1,351,0
675,4
8,076,7
German -Airier.
750,0
689,0
4,068,0
806,6
2 1 0 ,6
3,983,9 25.5
Chase................
5,000,0 8,382,9 82,008.0 19,453,0 4,606,0 91,662,0 26.2
Fifth Avenue..
1 0 0 ,0
12,287,2 2,397,0 1,031,1
2,183,1
13,602,1 25.2
German E xch ..
2 0 0 ,0
883,4
3,510,6
323,8
590,3
3,560,8 25.6
Germania........
2 0 0 ,0
503,2
1,034,7
5,203,5
1,159,8
6,161,7 27.0
Lincoln ______
14,905,4 3,032,1
1 ,0 0 0 , 0
849,2
1,598,5
15,668,1 24.7
Garfield............
1 ,0 0 0 , 0
2,149,4
8,687,7
1,238,8
228,9
8,918,3 26.6
Fifth ............ .
523,4
250,0
3,293,4
597,5
374,4
3,773,6 25.7
Metropolis___
1 ,0 0 0 , 0
2,124,4
12,327,4
1,457,4 1,646,1
12,399,4' 25.0
West Side........
2 0 0 ,0
1,027,8
4,301,0
1,084,0
238,0
5,059,0 26.1
Seaboard..........
1 ,0 0 0 , 0
2,025,1
23,024,0 5,415,0 1,738,0 27,207,0 26.3
Liberty........ ..
1 ,0 0 0 , 0
2,744,3
21,078,0 5,054,6
980,5 22,855,8 25.4
N. Y. Prod. Ex.
1 ,0 0 0 , 0
7,999,2 2,193,5
783,9
266,0
9,507,3 25.8
State........ .......
1 ,0 0 0 , 0
850,7
15,033,0 4,653,0
332,0
19,131,0 26.0
14th Street___
1 ,0 0 0 , 0
310,6
611,2
5,936,7
1,072,7
6,587,8 25.5
Coal A Iron___
1 ,0 0 0 , 0
421,1
6,061,0
959,0
6,283,0 25.8
667,0
Union Exch__
1 ,0 0 0 , 0
945,9
9,085,8
1,041,7 1,173,3
8,829,8 25.0
Totals, Average 132,350,0 201,782,5j 1352,120,4 304,883.9 74,095.0 1391,715,7 27.2
Actual figures
Mch. 25.
11357,860,7
304,525,1 75,716,3 1397,685,5 27.2
* New capital subscribed awaiting approval of the Comptroller, 81,800,000.
On the basis of averages, circulation amounted to $46,518,900 and United States
deposits (included In deposits) to $1,634,500; actual figures March 25, circulation
$46,614,500; United States deposits, $1,566,200.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “Chronicle,” V. 86, p. 316.
STATE BAN KS AND TR U S T COMPANIES.
W e e k en d ed M a r c h
25-
Capital as of Feb. 28 ____
Surplus as of Feb. 28____
S ta te H a n k s
T ru st C os.
S ta te H a n k s
T ru st C o s .
in
in
o u ts id e o f
o u ts id e o f
G rea ter N . F . G rea ter N . Y . G rea ter N . Y . G re a te r N . Y .
S
23,975,000
$
63,206,000
S
*8,998,000
38,886,100
s
9,525,000
175,811,500
*11,245,739
11.328,963
Loans and Investm ents,.
Change from last week.
277,810,400 1,031,658,800
— 4,509,900
— 302,700
95,397,200
+ 523,100
145,138,100
+ 51,800
Specie ________ ________
Change from last week
47,855,000
+ 1,620,600
107,434,000
— 1,106,000
23,543,000
+ 165,600
13,128,900
— 76,900
....................
....................
322,874,400 1,124,878,700
— 4,821,700
+ 9,625,000
100,965,400
— 441,500
154,173,500
+ 226,000
Legal-tenders A bk. notes
Change from last week.
Deposits .......................... ..
Change from last week.
Reserve on deposits_____
Change from last week.
P. C. reserve to deposits.
Percentage last w e e k ..
93,760,600
+ 831,100
126,833,000
— 977,600
21,379,500
— 633,600
23,764,200
+ 236,700
29.6%
28.9%
16.4%
16.0%
21.9%
22,5%
16,0%
15,9%
+ Increase over last week. — Decrease from last week. * As of N ov. 10 1910.
N o t e . — “ Surplus” includes all undivided profits.
“ Reserve on deposits” Includes,
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to loca
tion as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive o f time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds of the
State of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within thirty days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State of New York.
— T r u s t C o s .—
— S ta te B a n k s —
R eser v e R e q u ir e d f o r T ru st C o m p a n ie s
a n d S la te H a n k s .
L o c a t io n —
T o ta l
R eserve
R e q u ired
-15%
15%
15%
.15%
.15%
- 10%
Of
T o ta l
w h ich R e s e r v e
in C a s,h .R eq u ired .
15%
10%
10%
15%
15%
5%
25%
20%
15%
20%
15%
15%
in
Of
w h ich
C a sh .
15%
10%
7K %
20%
15%
6%
858
T H E C H R O N IC L E
[ VOL. LX X X XII.
The Banking Department also undertakes to present Boston and Philadelphia Banks.—Below is a summary of
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-House banks of Boston
trust companies in the Greater New York, n o t in the C le a rin g and Philadelphia.
H o u s e . These figures are shown in the table below, as are
We omit two ciphers (00) in all these figures.
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each cor Banks. Capital
and
Loans.
Specie. Legals. Deposits, n Circu Clearinis.
Surplus.
responding item in the two statements, thus affording an
lation.
aggregate for the whole of the banks and trust companies in Mch.
Boston.
S
S
$
5
$
%
$
4 .. 40,200,0 218.391,0 24,536,0 3,167,0 267,557,0 7,749.0 163,675,0
the Greater New York.
Mch. 11. . 40,200,0 218,634,0 25,051,0 3,006,0 263,782,0 7,761,0 145,690,0
NEW YO RK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear .-House State Banks & Total o f all
Banks.
Banks.
Trust Cos. not Banks A Trust
ActualFl'gures
Average.
in C.-H. Aver. Cos. Average.
Week ended March 25.
)Nat. banks
Capital f March 7__
IState banks
Surplus JFeb. 2 8 .........
S
132.350,000
S
132.350,000
S
71.731.000
S
204,081,000
201,782,500
201,782,500
184,355,200
386,137,700
11
Loans and Investments 1,357.860,700 1,352,120,400
Change from last week +10,605,000
+ 6,242,800
1,110,581,100 2,462,701,500
+ 2,990,800
—3,252,000
D eposits...................... 1,397.685,500 1,391,715,700 a l.062,898,700 2,454,614,400
Change from last week + 11,881,200
+ 7,339,600
+ 575,200
—6,764,400
304,525,100
—553,100
I Change from last week
SB
Legal-tenders..............
Change from last week
■m i
Aggr’ te money holdings
Change from last week
304,883,900
+ 233,200
40,200.0 2 2 0 ,2 1 1 , 0 26.2S6.0 2,900,0 269,535,0 7,747,0
40,200,0 218,311,0 25,735.0 2,935,0 264,312,0 7,612,0
55,465,0 260,856,0
76,392,0
317.115.0 15.500.0
55,465,0 262,779,0
75,400,0
314.600.0 15.359.0
55,465,0 262,156,0
75,315,0
315.983.0 15.355.0
55,465,0 260,882,0
77,412,0
315,269,0 15,366,0
74.095.000
+ 1.270,400
620,940,900
— 160,500
95.035,900
+ 1,115,900
380.241,400
— 1,616,300
378.978,900
+ 1,509.600
cl33,511.700
— 1,764,500
512,490,600
— 254,900
Money on deposit with
other bks. & trust cos.
Change from last week
..................
..................
23,147,900
— 907,200
23,147,900
— 907,200
Total reserve-----------Change from last week
380.241.400
— 1,616,300
378,978,900
+ 1,509,600
156,659,600
— 2.671,700
535,638,500
— 1,162,100
Percentage to deposits
requiring reserve----Percentage last week..
27.23%
27.35%
27.25%
27.29%
17.6%
166,353.4
150,794,0
174,711,5
143,129,4
139,917,0
133,859,2
a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $3,043,000 on March 25, against S3 058,000 on
March 18.
Imports and Exports for the Week.—The following are
the imports at New York for the week ending Mch. 25; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
417,454.700
— 1,370,800
112,570,800
— 1,604,000
75,716,300
+2,169,400
30,820,025
Mch. 18-Mch. 2 5-.
Mnila
Mch. 4 ..
Mch. 11..
Mch. 18. .
Mch. 25--
For Week.
1911.
1910.
1909.
Dry goods.......... ..................
General merchandise............
$2,830,472
14,288,207
$3,271,554
16,326,371
$3,665,976
13,355,075
Total................ ................
Since January 1.
Dry goods..............................
j
1908.
$2,155,546
10,607,173
$17,118,079 $19,597,925 $17,021,051 $12,762,719
$39,358,587 $44,476,426 $44,794,889 $34,370,810
160,148,248 191.767,005 159,854,800 104,379,464
Total. 12 weeks.................. '$205,506,835 $230,244,331 $204,040,689 S138.750.274
________________ I
I
|
I he following is n statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch. 25 and from Jan. 1 to date:
31,049.975
•+• increase ,.ver last week. — Decrease from last week.
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust compinles In New York City” ; with this Item Included,
deposits amounted to SI.223,901,200, an Increase of $5,143,100 over last week.
Injthejcaso of the Clearing-House banks, the deposits arc "net” both for the average
and the actual figures, b Includes bank notes, c Of this amount State banks held
$12,948,800 and trust companies 5120,562,900.
EXPORTS FROM NEW YORK.
1911.
Previously reported. . ..........
1910.
1909.
1908.
$16,410,490 $16,036,487 $12,526,569 313,110,791
168,500,593 135,987,960 137,119,267 173,465,406
The averages of the New York City Clearing-House banks Total 12 weeks___ .......... $184,911,083 $152,024,447 $149,645,836 $186,585,197
c o m b in e d with those for the State banks and trust companies
in Greater New York outside of the Clearing-House compare The following table shows the exports and imports of
specie at the port of New York for the week ending Mch.25
as follows for a series of weeks past:
and since Jan. 1 1911, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
1910 and 1909:
________________ We omit two ciphers in all these figures.
Week
Ended.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mch.
Mch.
Mch.
Mch.
..
2 8 ..
4 ..
1 1 ..
18
2 5 ..
4 ..
11..
18..
2 5 ..
21
Loans and
Investments.
Deposits.
S
2,314,241,8
2,346,919,6
2,400.531,9
2,412,497,9
2,432.389.8
2,429.340,1
2.441,291,1
2,442,555.5
2,459,710,7
2,462,701,5
$
2,278.042,7
2,325,565,5
2,388,262,1
2,404,193,5
2.423,819.1
2,425,821.7
2.410,032,2
2,436,678,6
2,454,039,2
2.454,614.4
Specie.
S
391,052,4
402,126,1
412,134.0
412,962.6
410,383,3
421,086.3
423,823.2
421,605,6
418,825,5
417,454,7
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
$
95.099.7
97,910,8
93,720.2
95,663,8
05,146,0
95,844.4
94,347,3
92,672,5
93,920,0
95,035,9
$
486.152,1
500,037.2
505,854,2
508,626.4
511,529,3
516,930,7
518,170,5
514,278.1
512.745,5
512,490,6
S
508,071,6
521,788,0
529,947,6
531,387,6
534,354,6
538,907,1
539.423,4
538,678,2
536.800,6
535,638,5
Reports of Clearing Non-Member Banks.—The following is
the statement of condition of the clearing non-member banks
for the week ending Mch.25, based on average daily results:
Exports.
Gold.
Week.
France .............................
Germany .............. ..........
West Indies............ ..........................
Mexico ......................
All other countries...... ................. ...
Total 1911..............
Total 1910................
Total 1909.....................................
Silver.
We omit two ciphers (00) in all these figures.
Banks.
N. Y. City
Boroughs o]
Man.ib Brx.
Wash, llgts
Century __
Colonial__
Columbia ..
Fidelity . . .
Jefferson__
Mt. Morris.
Mutual___
Plaza ____
23d Ward. .
Yorkvlllc . .
New Nettl'd
Batt.Pk.Nat
Aetna Nat.
Borough of
Brooklyn.
Broadway .
Mfrs.’ Nat.
Mechanics'
Nassau Nat.
Nat. C ity..
North Side.
First N at..
Jersey City.
First N at..
Hud. Co. Nat
Third N at..
Hoboken.
First N at..
Second Nat.
Capi
tal.
$
1 0 0 ,0
250,0
400,0
300,0
2 0 0 ,0
500,0
250.0
2 0 0 ,0
1 0 0 ,0
2 0 0 ,0
1 0 0 ,0
2 0 0 ,0
2 0 0 ,0
300,0
2 0 0 ,0
252,0
1 ,0 0 0 , 0
750.0
300,0
2 0 0 ,0
300.0
400,0
250,0
2 0 0 ,0
2 2 0 ,0
125,0
Sur
plus.
S
282,0
148,9
1 0 2 ,8
762,4
183,2
521,5
334,4
387,2
460,9
107,4
492,8
271,8
153,2
309,6
Loans.
Dtsc'ts
and
Invest
ments.
$
1,288,0
1,485,1
6,400,2
6,663,0
1,072,4
3,761,2
2,571,5
3,607,4
4,125,0
1,919,2
4,240,1
2.331,0
1,395,7
2.010,7
Legal
Tender
Specie. and
Bank
Notes.
$
138,0
33,8
831,0
582,0
61.1
254,7
449,0
15,9
324,0
168,2
41,3
259,0
143,2
444,5
S
55,0
193,5
393,1
539,0
114.7
427,2
51.6
658,8
453,0
57,4
812,5
87,0
45,9
47,4
S
198,0
97,6
618,3
656,0
165,8
282,0
359,0
568,1
1.377,0
238,4
214,3
346,0
154,2
155,5
Other
Net
Banks, Deposits.
&c.
$
1 .8 , 0
157,8
249,5
49,0
____
584,2
71.5
____
284,3
35,0
6 6 ,1
$
1.313,0
1,590,4
7,740.0
7,377,0
1,117,4
4,837,2
3,266,6
4,456,1
5,692,0
2,185,3
5,449,4
2,706,0
1,265,2
1.987,7
538,6
843,9
853,1
1,043,5
588,1
150,8
638,7
3,295,5
5,328,1
11,590,7
7,629,0
3,892,0
2,028.7
3,464,0
32,4 471,6
496,7 217,9
250.8 1.406.3
611,0 306,0
89,0 499,0
133,6 123,7
339,0
80,0
283.4
1,016,0
1,503,1
1,417,0
557,0
224,0
520,0
302,7 3,793,8
193,0 6,081,8
208.5 14,985,0
7,994,0
174,0 4,914,0
85,2 2,343,7
39,0 3,272,0
1,269.8
763,5
406,0
4,895,9
2,805,9
2,113,1
296,3
149,5
63,5
307,2
50,6
118,2
2,949,8
403.1
680,3
752,0
347,3
51,6
7,582,1
2,847,6
2,660,5
630,3
255,3
3,356,2
2,714,5
151,0
160,0
30,8
46,2
196,3
96,4
315,6
217,1
3,309,5
3,110,9
Tot. Mch.25 7,497,0 12,799,7 95,964,1 6,518,5 7,593,6 15,276,6 4,201,4 113878,2
Tot. Mch. 18 7,497,0 12,799,7 95,086.7 6,572,9 7.527,5 20,185,6 3.895,0 117884,3
Tot. Mch. 11 7.497,0 12.734.8 95,009.3 6,528.0 7,855,2 15,444,2 3,559.4 112730,9
.......... .
$3,200
83,500
798,095
..........
360,000
65,000
Week.
Since Jan. 1
$38+000
$18,350
431,641
2,140
5,153
59,235
46,532
866,681
78,181
692,919
571,123
$3,200 SI,226,595
7,438,318
1 ,0 0 2 , 0 0 0
9,603,250 37,316,730
$499,060 .$2,058,895
104,036 2,963,014
623,067 3,908,652
$1,023,074 $10,502,288
52,700
800,000
16,493
464
38,681
$115,006
5,354
4,141
16,055
577,118
488,263
482,580
Deposit with
Clear
ing
Agent.
Imports.
Since Jan. 1
300
$336
46,260
90,023
12,698
17,253
1 ,2 0 0
Total 1911..................................... $1,076,538 $11,375,915
Total 1910.......... ...............
989,656 10,280,217
902,529 11,139,786
$149,317 $1,688,517
904,993
72,859
1,140,628
199,876
Of the above imports for the week in 1911, $3,370 were
American gold coin a n d ___ American silver coin.
ganliim ) and f i n a n c i a l
Railroad and Industrial Stocks
Let us send you our circular describing
road and Industrial Stocks.
lio
ISSUES of listed Rail
Spencer Trask & Co.
43 EXCHANGE P L A C E .- - - NEW YO RK ,
Chicago, 111.
Boston, M ass.,
Albany. N. Y.
Members New York Stock Exchange.
WHITE,
WELD
&
CO.
Alembers New York Stocl: Exchange.
5 NASSAU S T R E E T ;
NEW Y O R K
THE RO O K ERY.
CHICAGO
859
T H E C H R O N IC L E
A pr . 1 1911.)
fla n k e r s ’
(S a s e tte .
W a ll S tre e t, F r id a y N ig h t, M a r c h 31 1911.
The Money Market and Financial Situation.—During the
early part of the week prices in the security markets drifted
to a slightly higher level, but there was no force and very
little logic behind the movement and it was therefore soon
spent. The turning point was reached on Wednesday, since
which, with more or less irregularity, the tendency of prices
has been to return to about last week’s level. The truth of
the matter is that there are forceful and logical reasons for
the caution and timidity which now exists, especially among
capitalists and investors, who are generally interested in
railway securities, and therefore the accumulation of enor
mous sums of money available for investment purposes is
ignored and a state of lethargy prevails such as has rarely
been seen in Wall Street in recent years.
Rain has fallen this week in some sections of the winterwheat belt, and the prospects for that crop have still further
improved. As a consequence of this and also of the ex
pected increase in spring-wheat acreage, wheat has dropped
to the lowest price in a long time. The money market, as
mentioned above, continues extremely easy, and rates for
both long-term and call loans remain very low. Foreign
bank statements for the week show no important changes
in the financial situation abroad, and the April 1 quarterly
settlements will cause practically no disturbance on either
side of the Atlantic.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 2 y 2% . To-day’s rates on call were 2 y @ 2 l/ 2% .
Commercial paper quoted at 3 x/z @ 4 % for GO to 90-day
endorsements, 3j^@4% for prime 4 to 0 months’ single
names and 4^@4%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £660,701 and the percent
age of reserve to liabilities was 46.71, against 46.69 last week.
The rate of discount remains unchanged at 3%, as fixed
March 9. The Bank of France shows a decrease of 9,500,000
francs gold and 25,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1911.
Averages for
week ending
March 25.
Differences
from
previous week.
1910.
Averages for
week ending
March 26.
1909.
Averages for
week ending
March 27.
S
S
S
S
128.350.000 126,350,000
Capital.......................... 132,350,000
182.627.500 168,258,900
Surplus.......................... 201,782,500
Loans and discounts__ 1,352,120,400 Inc. 6,242,800 1,241,813,300 1,298,602,100
48,537,800
48,299,800
21,700
46,518,900 Dec.
Circulation....................
Net deposits--------------- 1,391,715,700 Inc. 7,339.600 1,243,087,200 1,345,398,900
2,507.800
1,581,000
20,700
1,634,500 Dec.
U. S. dcp. (Incl. above)
233,200 260.678.000 271,694,800
Specie .......................... 304.883.900 Inc.
81,434.600
64,336,500
74.095,000 Inc. 1,276,400
Legal tenders.......... —
Reserve held................
25% of deposits..........
378.978.900 Inc.
347,928,925 Inc.
1,509.600
1,834,900
325.014.500
310,771,800
Surplus reserve____
31,049,975 Dec.
325,300
14,242,700
31,458,600 Dec.
330,475
14,637,950
Surplus, cxcl. U. S. dcp
353.129.400
336,349,725
16,779,675
1
17,406,625
IKNotc.—The Clearing House now Issues a statement weekly showing the actual
condition of the hanks on Saturday morning as well as the above averages. These
figures, together with the returns of the separate banks, also the summary Issued by
the State Banking Department, giving the condition of State banks and trust com
panies not reporting to the Clearing House, appear on the second page preceding.
Foreign Exchange.—After moving downwards during the
greater part of the week, rates recovered to-day
from
the minimum.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 84^ for sixty day and 4 87 for sight. To-day’s
actual rates for sterling exchange were 4 8410 @4 8420 for
sixty days, 4 8G®4 8610 for cheques and 4 8G30@4 8640
for cables. Commercial on banks 4 83K@4 83% and docu
ments for payment 4 83K@4 83%. Cotton for payment
4 83 @4 83)4 and grain for payment 4 83 y @4 83%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 21% less 1-1G@5 21% for long and 5 20 less l-32@
5 20 for short. Germany bankers’ marks were 94%@
94 11-16 for long and 95% less 1-32@95% for short. Amster
dam bankers’ guilders were 40 25@40 27 for short.
The posted rates as quoted by a representative house have
remained daily at 4 84 % for sixty days and 4 87 for sight, a
level that has prevailed for a fortnight.
Exchange at Paris on London, 25f. 29%c.; week s range,
25f. 30c. high and 25f. 27%c. low.
Exchange at Berlin on London, 20m. 44pf.; week’s range,
20m. 44%pf. high and 20m. 42%pf. low.
The range of foreign exchange for the week follows:
Sterling, Actual—
Sixty Days.
High for the week................. 4 84%
Low for the week....................4 84
Paris Bankers’ Francs—
High for the week_________ 5 21%
Low for the week.............. ..... 5 21%
Germany Bankers’ Marks—
High for the week__________ 94 11-16
Low for the week........ ........... 94%
Amsterdam Bankers' Guilders—
nigh for the week..................40 15
Low for the week....................40 12
Cheques.
4 8630
4 8590
.
5 19% less 1-16
5 20 less 1-32
Cables.
4 8660
4 8620
_
,
,
e 19% es3
o 20
95 3-16 less 1-32 95 5-16 less 1-32
95 1-16
95 3-16 less 1-32
40 27
40 24
40 31
40 28
The following are the rates for domestic exchange at^ the
undermentioned cities at the close of the week: Chicago, 30c.
per $1,000 premium. Boston, 10c. per $1,000 discount.
San Francisco, 60c. per $1,000 premium. New Orleans,
Commercial, 25c. per $1,000 discount; bank, $1 per $1,000
premium. Savannah, buying, 3-16c-. per $1,000 discount;
selling, par. Charleston, buying, par; selling, 1-10c. per
$1,000 premium. St. Louis, 40c. per $1,000 premium. St.
Paul, 75c. per $1,000 premium. Montreal, 46%@51%c.
per $1,000 discount.
State and Railroad Bonds.—Sales of State bonds at the
Board are limited to $123,000 Virginia 6s deferred trust re
ceipts at 56% to 58%.
There has been a little more activity in the market for
railway and industrial bonds this week, owing to an increas
ing demand day by day. Fluctuations have generally been
narrow and of a list of 30 active issues, 17 are higher,Slower
and 5 unchanged.
Wabash-Pitts. Term, lsts have been the strong feature of
the week, selling 2 points above last week’s closing price.
Norfolk & Western conv. 4s and Bethlehem Steel 5s are a
point or more higher.
United States Bonds.—Sales of Government bonds at the
Board, $11,000 3s coup, at 102%. The following arc the
daily closing quotations; f o r y e a r ly ra n g e see th ir d p a g e fo llo w
in g .
Interest
Periods
2s,
2s,
3s.
3s.
4s,
4s.
2s,
1930 ____ __ registered Q—Jan
1930_____
1908-18... __ registered Q—Feb
1908-18 . . . ........ coupon Q—Feb
1925 .........
1925........ . ........ .coupon Q—Feb
1936.Panama Canal rcgls Q—Feb
Mch.
25
Mch.
27
Mch.
28
Mch.
29
Mch.
30
Mch.
31
♦101%
*101%
*101%
*101%
*115
*115%
*101
*101%
*101%
*101%
♦101%
*115
*115%
*101
*101%
*101%
*101%
*101%
*115
*115%
*101
*101%
*101%
*101%
102%
*115
*115%
*101
*101%
*101%
*101%
*101%
*115
*115%
*101
*101%
*101%
*101f^
*101%
*115
*115K.
*101
* This Is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—Stock market con
ditions are practically unchanged. Daily transactions haye
averaged barely 250,000 shares and fluctuations have again
been generally unimportant. The market displayed a little
strength early in the week, but this did not continue and
many of the fractional advances then made were subse
quently lost.
Canadian Pacific and its subsidiary lines have again been
conspicuous and exceptional. The former sold on Wednes
day 6 points above last week’s highest price, the “Soo Line”
and Wisconsin Central about 4 points. Erie has also been
active and strong and Lehigh Valley was, when at its
highest, 3 points above our last quotations.
A few issues have, on the other hand, been weak. At
lantic Coast Line is down over 2 points, New York Central
1% and others are fractionally lower. National Biscuit has
been the strong feature of the industrial list. In addition
to the 1%% dividend which came off on Tuesday, it closes
1% points higher than last week. Steel common is a point
lower.
F o r d a ily v o lu m e o f b u s in e ss see p a g e 867.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Mar. 31.
Sales
for
Week.
Range for Week.
Highest.
Range since Jan. 1.
Lowest.
2,900| 48 Mch 28' 62% Mch 31s 48
Associated Oil..........
20121 Mch 281122 Mch 30; 116
Cent & So Am Telegraph
500 21c. Mch 30J 21C. Mch 30 20c.
Comstock Tunnel____
215 70 Mch 28, 70 Mch 28 60
Crex Carpet__________
95 85% Mch 271 87 Mch 31 i 82
E I du Pont Powd., pref.
100 68 Mch 30: 68 Mch 30a 60
Evans & Terre Haute..
120!l31% Mch 291131% Mch 29H00
General Chemical —
360,107 Mch 27,107% Mch 28,103%
Preferred........ —
Homcstake Mining..
100, 85% Mch 29 85% Mch 29: 84%
M St 1’ & S S M, pref rts.
2001 8% Mch 31 8% Mch 31,: 8%
Quicksilver Mining..
200; 2% Mch 29, 2% Mch 29 2%
Underwood Typewriter.
3001 63 Mch 29, 63 % Mch 31: 63
Preferred..............
130103 Mch 29.103 Mch 29 ,102%
I Highest.
Mch 52%
Jan 122
Feb! 26c.
Jan 71
Jan 87
Feb 08
Jan 135
Jan 107%
Feb 85%
Mch 8%
Mch 2%
Mch 63%
Mch 103
Mch
Mch
Feb
Mch
Mch
Mch
Feb
Mch
Mch
Mch
Jan
Mch
Mch
Outside Market.—There was no change in the character
of speculation on the “curb” this week, and except for activ
ity in a few scattered issues, trading has been as dull as ever.
Changes in prices were slight. American Tobacco lost 5
points to 450 but advanced subsequently to 463. General
Motors common appeared in the trading at 36, sold up to
37% and down to 37. The preferred moved up from 75%
to 77% and sank to 76%. Intercontinental Rubber common
from 3l% went down to 31% and up to 32%, the close to-day
being at 32. Standard Oil improved 3 points to 658, dropped
to 650 and moved upward again, resting at 651. United
Cigar Mfrs. common declined from 58% to 57. Pennsyl
vania “rights” sold between 2 3-16 and 2 9-32 and M. St. P.
& S. S. M. rights up from 7% to 8% and down to 8. Addi
tional sales of the latter were made on the Exchange to-day at
8%. Bonds were steady. Mo. Kan. & Tex. 5% notes sold
at 99% and N. Y. State Canal 4s, “w. i.,” at 104 and 103%.
Southern Bell Telep. 5s moved up from 97% to 97% and
back to 97%. Texas Co. 6s from 101% reached 102%,
reacted to 101 and closed to-day at 101%. Western Pacific
5s cased off from 93% to 93% and recovered to 93%. Cop
per stocks were neglected. British Columbia sold down from
6 to 5%. Giroux advanced from 6 1-16 to 6% and ends the
week at 6%. Greene Cananea declined from 6 9-16 to 6%
and finished to-day at 6 7-16. Inspiration moved down from
7% to 7 7-16 and up to 7%. Miami rose from 19% to 19%
and reacted to 19%. La Rose Consolidated weakened from
4% to 4 7-16 and sold to-day at 4% cx-div. Nipissing
dropped from 11% to 10%.
%.
'. >'4
: Outside quotations will be found on page 867.
4
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS—HIGHEST AND LOWEST SALE PRICES
Saturdai
March 25
Mondau
March 27
1083, 109%
* 1 0 2 1 2 1 023*
*11912 1211
103 10314
*87
8 8 I4
78% 78%
219 2191o
*02 69
$275 275
81-% 817s
*24% 32
54
21% 2 H4
44
44
1093,s
10212 102%
119 1201,
....
10338 10H4
*87% 8 SI4
78% 78%
2197S 22138
*6212 69
*270 284
81% 82
*2434 30
Tuesday
March 28
\Vcdriesdan
March 29
March 30
Friday
March 31
Sales 01
the
Wee’Shares.
TW O
PAGES
STOCKS
NEW YO RK .STOCK
E XC H AN G E
January
0 0 -s/iare
1.
lots.
Hit hest.
Ramie for Previous
Year 1910.
Lowest.
It Ighest.
10934 HOlo 10934 11058 109% 110% 109% 1101,
A Santa Fe 109% Jan 3 1 1 0 % Mch 29
TO) J ’ly i ‘J4* Jan
A tchDoTopeka
10238 102S8 1 0 2 % 1 0 2 1 " 02%1021 1 0 2 -% 1021 50,350
pref......... ............ 100% Jan 3 103% Jan
2,650
IV7 J 'ly lull •Jan
120 120% 12038 120% 1
119% 120
H878 1187g 2,550 Atlantic Coast lane U R .. 117 Jan 3 124 Feb 37
7
13/1 Jan
1 .12 ' J ’ly
101
10 11
104% 104% 104 104
10373 104
3,110
102 Feb 1 1 1))!-. Jan 2 1
nyi Jan
TO' Seu
*87% 8 8 % *87% 8 8 % *87% 8 8 % *87% 8 8 %
1 ) 0 prcf.
__
87 % Mch 21 91 Jan 4
G4 Jail
37% Sep
78% 783,, 78
78% 78
78% 777S 78% 7,775 Brooklyn Rapid T rans't.
747s Jan 3
791* Feb 6
G»l- Feb
Mi ’ Maj
2 2 2 % 224
221 226% 2 2 3 8 3 2 2 5 8 3 2 2 1 223 51,775 j 'anadlan Pact lie_______ 195%
Jan 3 226% Mch 29 !7J E’eb 2 0 2 *. N ol
*62% 69
*62% 69
*62% 6 6
*621, 6 6
V anada Southern______
62
Mch
3
Go Jan 1 0
7u trtll
60'; J'ly
*270 284 *270 284 *270 284 *270 284
10 Central of New Jersey___ 270 Mch 10 285
Feb 21
L48 J'ly ole •‘an
8134 821
81% 82% 8 1 % 8 IS3 81
81% 11,915 Chesapeake & Ohio_____
80% Jan 3
8J34 Feb 8
02
05 Aug
Ja 11
*24% 30
*2434 30
*2434 3 0
*2434 30
.'Idea;c «5c Alton UK____
30
Jan
9
30 Jan 9
uu Jan
J ’ly
54
*40
54
*40
54
De pret______________
54
*40
52 Mch 17 53 Jan 19
J
'
ne
oy
64%
*21%
* 2 1 to 2
2 21% 21% *21%
22 *2 1 % 2 2
200 hie Ct Wes, trust c t f s .! 21 Mch 9 24% Feb 6 11) J ’lv oli/8 Apr
Ja n
*44
41% 44% 441.1 44% *44
45
L)o pret trust c t f s ___I
441
*44
1,300
43 Feb 24 49% Feb 6
40 J ’ly
04% Jan
121% 121% 12138 121% 122 122% 1213
8 122% 1213S 1 2 2
1207S 122
11,800 Chicago MTw A St i’a u '.. 119% Mch 3 1)3 Feb 7 113% J ne 158 a Jan
*119 152 1150 152 *145 152% §147 147 *147 151 *147 151
Do p rcf_____________ ’
75
147 Jan 3 1551* Eeb 2 14 » Seu 172% Jan
14434 1 (4% 145 145% 145 145% 145 1456 145 145
144% 1451
2,685 Chicago A North Western 142% Jan 16 150 l*'eb 1 137% J ’ly 16212 Jan
*200 210 +200 210 *200
210 *200 210 *200 210 *200
l)o pret____________
210 "
§200
Jan 4 § 2 0 0 Jan 7 LOI .Jn e 225 Jan
*135 140 *135 140 *135 140 *135 1 1 0 *135 140 *133
Chic St P Mlnu A Omaii
140
137% Jan 11 140 Mch s 140 Apr 162% E'eb
*150 165 §160 160 *150 163 *150 165 *150 163 *150 165
Do pref______________
40
152 Feb 18 >160 Mch 27 160 Apr i / 0 % Feb
*2
2%
*2
3
*2
*2
3
*2
2%
Chic Un Trac ctfs stmpd
*2
3
3
2 % Jan 2 0
3% Feb •I
Jan
*5% 7% *5% 7
2 % Dec
*5% 7
*5
7% *5
Do pref ctfs stm pd___
8
7% * 5
67g Feb 4
HI Jan
/% Feb 6
*58
03
4% Sep
*58
63
*6 8 % 63
*58% 63
Cleve Cln Chic A St L
*58
63
*58
63
6) Mch 2 6 6 Jan 18
Nov
92%
61
*93
961 *93
Mch
96% *93
90% *93
Do
pref_____________
96% *95
*95
96
96
I 6 ? Mch 18 98 Feb 1
10 1
Jan
99 Sep
*5210 54
*52% 53
*52
53
*52
53
*52
53
*521" 53
Colorado A Southern___
52 Mch
60 Jan 18
4G J ’lv
747S 7478
E'eb
74% 74% *74
76
*74
76
Do 1 t preferred_____
75% 75% *74% 76
397
74% Mch27 77 Jan 24
J 'ly
8 ,
,0
*72
Mch
75
*71
*71
75
74
*71
75
Do 2d preferred____I
*71
75
*71
75
'3% Jan 1
7o!2 Mch 2
81
VO Aug
*167% 168% *167 169
167% 168% *167% 168% 1673g 167'% *167 169
110 D elaware A H u d son .,
164% Jan
172 E'eb 3 149% J 'ly
135
*505 550 *505 550
*505 550 *505 550 *505 550
e aware Lack & W est
..........
510
Feb
542% Jan 11 490 J ’ly
20
*31
32% *313g 32% 32
Mch
32
32
32% *31% 321 §31% 31%
460 Denver A Rio Grande.
2 8 % Jan
35 Feb 16
2 J 1.1 J 'ly
*7034 71% *70
71% 71
*703., 71%
900
Do pref___________
71
71% 71% 71% 71
68 Jan
74 E'eb 21
i,!
0 2 % J ’ly
71
72
*67
Detroit United_______
*67
72
72
*69
6734 Jan
74
Feb 7
45 JTy
68 Deo
14% 14% *14
14% *14
15
14% 15% 15
15% 15% 15% 2,510 Du'uth So Shore A Atlan
II Jan
1.^3 Mcll 30
lu J ly
18%
*2634 27
27
27
27% 27% 27% 2834
Do pref________
28% 30% 27% 283, 14,150
22
Jan
30% Mch 30
17 J ’ lv
34% Jail
29
29
29% 29% 2 0 % 29% 297S 29% 31% 30% 31% 84,100 Is’ rle .................................
29
27% Jan 1
J ly
34%
Jail
*47% 4778
48
48
■18% 48% 48% 48%' 50
48
483, 4978 8,900 To Do 1st pref_______
45% Jan 12 517S Feo 2 0
J'ly
52% Mcll
*37% 38
38
38
*38
38% 37% 39% 38% 38% 1.100
Do 2d pref_______
*373s 38
35 Jan
40i? Feo 20
26% J ’ly
■12
Mch
127 127
126% 127% 127% 127% 127 12753 127 127% 1203, 127
9,660 Treat Northern p r e f.. .
122
Feb
131% Feb 1 118 J ’ly 14J's .Jan
62
62% 62% 63% 62% 63% 62
63% 62
62% 60% 621 10,760
Iron Ore p ro p e rtie s"
56 Jan
6 ;3| Feb 2
•15 J ’ly
8 Ui- Jan
*14% 14% *14% 14%
14% 15
14-% 15
15
15
*14
15
42 Green Hay & tV, deb ctfU
13%
Mch
2
15%
Jan
17
Aug
1 2 % Mch
*93%
*94
avana Electric
951- Feb 1
t'6 Feb 17
881 Ja.
___
67:. Apr
*91
95% 95%
95%
200 H Do pref____
93-34 Jan 12 95% Mch 28
92 May
99 Jan
128 130 1*128 134 *128 134
134 *127
128 128
300 1 lock In, Valley___ ____ 128 Mch 2 130 Mch 25 112 J Tie
140 Oct
135 135
13534 136% 136% 136G 1361 138
137% 138% 138% 138% 3,520 I l.lnols Central. .
132 Jan , 138% Mch 30
J'ly
*1838 19
14/ Jan
18% 18% 18% 19 “
18'% 18% 18% 19
18'% 18% 1,700 Intcrboro-Aletropolltan I
1S% Men 2 2()38 Feb 10
1 4 % J'ly
25% Jail
53
53
53% 53% 53% 53% 53 % 537g 53
537s 53
Do
pref_____________
53%
3.100
50%
Mch
9
55-% Jan
4 1 % J ’ly
w% Jan
1631 1 0 % 167S 1678 1678
16% 16-% *16
163, 163, *16
163,
Iowa
C
e
n
tr
a
l___
500
16%
Men24
15
J'ue
19's
Feb
30"8 30% 30% 30% 31
30
Jail
31% *30
31% 31
311, 3 1 % 31%
1.100 Do pref______________ 30 Moti
33% Jan 17
25
J ’ly
64% Jan
*73
75
75
§75
*73
75
*73
75
*73
75
10
C
Ft
S
&
M
tr
cfs,
prcl
75 Feb 24 75% Mch 16
08 Aug
K
345 *34
*34
80
Feb
35
34% 34% 34% 34% *34% 34% 34% 34%
900
ansas City S outhern.. 32 Jan
35% Feb 21
2.3
J 'ly
*66 68 *66% 68 *67% 68 6 8 6 8 *663, 6 8 % * 6 6 671,
44% Jan
100
Do pref. __________
64% Jan
Aug
68 Mch 17
71 Jan
*15
19
*15
20
*15
20 *15 2 0 *15 2 0 *15 2 0
ake Erie & Western__
16% Feb
J'ne
i 6% Feb 1
I
25%
Jan
*35
40
36
36
40
*35
40
*35
40
*35
) Do prof.
35% 35% ' * " 3 6 6
35% Arch 31 40 Jan 13
37% Dec
62% Jan
172% 173% 173% 174
173?3 I 75 84 175 17638 174% 1753s 174 175
35,220 Lehigh Valley
170-34 Mch
181% Feb 3 1731.1 Dec 1 8 6 Nov
*60
65
*60
65
*60
65
*60
*60
63
65
*60
Long Isla n d ...
______
65
60%
Feb
63 Jan 16
60
J ’ly
/o% Apr
*144% 145% *144% 145
145 1451 145% 1457g 145% 145% 144% 145
1,750 Louisville A Nashville__ 112% Jan 25 14834 Jan 18 131IJ ’ly
t5'j'% Jan
*136 139 *135% 139
134 1361* §136-% 13683 *136% 139 *136% 139
860 M anhattan E lev a ted .,
134 Mch 28 141 Jan
123 J ’ne 146 Oct
24
24
24% 24U 24% 24R *24
233, 233, 233, 2378
25
850
inneapolls A St Lout
23% Mch 17 31 Feb 15
J Ty
3% Jail
*39
40
*39
40
39% 397g 3 9 8 4 3934 * ___
Do pref___________ .
40
500
*37
391,
35 Mch 13 § 5 ) Feb 14
Sen
80 Feb
147 147
147% I 47 83 147-‘>3 14S3g 148% 15088! 150 152% *140 148% 19,347 Minn St P A S S M a rie ... 132%
Jan
J ’ly 145 Men
152% Mch 30
*154 160 *154 160
‘“
160
Do prci
______ 14734 Jan
154 160 | 160 160 *156% 156%
258
Mch 30
J ’ne 15. % Mch
89
89
*88
89% *883, 891, *883, 8 9 8 4 ! * 8 8
90
*8 8 % 90%
100 Do leased line ctfs____ 88% Mch 24 ISO
90% Mch 15 *861.1 Sep
92% Jan
*33% 33% 3334 33% 337g 343g 333, 31%; 337g 337S 33% 331;
4,400 Mo Kansas A Texas_____
31 Feb 24 363g Feb 8
27 J ’ly
. 1% Jan
*65
68
*67
68 1 6 8
Do pret___________
69
*66
68
6 8 % 68%
'
6
8
68
515
63% Jan 16 68% Atch 29
/ i% Jan
67 J'ly
51% 52% 52
52% 52% 53
22,160 Missouri Pa ci lie_____
51% 5278| 51% 52% 51% 52
45 3 4 Jan 11
63 Feo 15
/)% May
41 J ’lv
*140 146 *140 146
ash Chatt A St Louis
146 *140 146 *140 146 * 1 1 0 146
14011 Jan 19 143 Feb 2
N
125
J ’ly I t) Nov
*67
72
72
72
*63
*58
at Rys ot Mex 1st prel
*68
72
72
*66
*69
72
69%
Mch
8
72% Jan 26
01)
Feb
72% Nov
*34% 351
_ 35
Do 2d pret________
35% 35% 35% 3573 35% 35-%
35
35
35
1,100
31 Mch 17 38% Feb 15
2 3 % J ’ly
3 7 * 2 Nov
10778 108
107% 108
106% 107
108% 108% 4:106% 107% 106% 107
11,950 N Y Central A H udson.. 105% Mch 4 115%
Feb 3 1 0 5 % J ’ly
i _ 8 Mch
*60
61
*60
611 *60
*601, 611
60
60% 60
60
62
600 N Y Chic A St Louis____
59% Mch 8 65 Jan 19
55!" May
1. 8 % Nov
*100 107 *100 107 *100 107 *100 " 107 *100 107 *100 107
Do 1st pret
101% Feb 21 101% Mch 20 j lui J ’ly IJJ% .Jail
*80
87
*80
87
*80
87
*80
87
*80
86
*80
87
Do 2d pref____________
87 Feb 24 90 Jan 27
82% Apr
us ja il
*144 147% *146 147% 147% 147% *1 173, 1481, 148% 148% 1481, 1483,
600 A Y N H & H a r tfo r d .I .. 117% Mch 16 151%
Feb 23
49 Apr
*143 1451 *110 148% *144% 1481, *145 148t, *145 148% 146% 147%
02
Mch
400 Subscription receipts i/_. 146 Jan 17
149% Feb 27 114 3 J ue 151 Mch
41% 111
413g 41% 413, 42
413, 42
4178 417g 413, 417g 1,500 v Y Ontario <3: Western
4078 Jan 11 41% Feb 6
381' Aug
Jan
• 107% 107% 1075S 108% 1087g 10934 1083, 109% 1083, 109% 108% 1037S 46,900 Norfolk A W e s te rn ____
Jan 3 109% M ch28
88 ? J ’ly
6 8 . Mch
. *81
91
§90% 90%
10 Do adjustment pref ’ 100%
90 Jan 5 90% Jan 18
.88 Feb
9 H.1 Mch
, *42% 43% *42% 45'
*421, 431' *42% 423, *42% 42%
Northern Ohio Trac A Lt
39% Jan 3 43% Mch
35 Feb
40% Deo
• 123% 123% 123% 124% 124% 126
124 124% 123% 124% 12"4l6 Northern Paclllc......... ......
. 6l
124 125
113 Jan 3
Aug Ma-s Jan
• *94 104
*94 104
*94 104
*94 104
*95 104
*94 104
Taellic Coast Co_______ 10J Jan 11 102 Jan 10
I
100 ' Oct
1 13-1' Jan
1 *85
108
*85 108
*85 109
*85 108
*85 105
*85 105
Do 1st prcf_____ 1.1
*94 104
*94 104
*94 1 0 1
*94 104
*94 104
*94 104
Do 2d i>re;________
101 Jan 1 102 Jan 11 105 Feb
113 Jan
126% 12638 126 1 265,3 126 12638 126 1261 126 126% 126 126% 23,184 P ennsylvania______
' 12 4 7 3 Mch
130% E'eb 2
122%. J ’ly 13.8% M< h
98
98
983g *96% 987g *96% 98
97-% 98
977g 98% *97
1,600 P ltt'b Cln Chic A St L*"
96 Mch
100
Jan
17
J
’ly
89
*110 115 *110 1141 *110 1141 *110 1141 *110 1141 *110 1141
0 1 % Mch
Do pref__________
112 Feb 17 112 Feb 17 n o Oct
I lu Mch
156% 156% 156% 157%. 15733 158
156'38 158
156% 157% 1553, 157 15*0*626
_ ! 150% Jan
R eading.........................
161% E’eb 7 *30% J'ly
'72 11 Feb
*87
89
89
90
*90
923g 90
90
*89
90
*88
90
1st pret_________ ! . !
1,600
88 Mch
91 E'eb 3 *85 Aug
231? Fob
*97
98
*97% 98
977g 977g *97% 98
*97
98
*97% 98
2d pref____________
100
91 Jail
99 Feb 6
87 J'ly
1 'oi ’ Jan
2934 29% 2973 297S 30
297s 30% 29% 30
301
29% 30% 6,700 Hock Isltjnd C o m p a n y ..'
28% Mch 3 33”s E'eb 1
57i.j Jan
J ’ly
*59
601 *59
60% 60% 60% 60
60
*59% 601
60% 601,
Do pret____________ ”
500
5 . Mcll 3 6 jii E'eb 1
/) 1 J ’ly
*62
65
“ 2 ; Apr
*62
66
64
*62
65
*62
65
*63
*62
tJt L A Son E’r. 1st lire!.
66
02 Jan 10 68 E’eb 6
58 Aug
42% 42% * 11 % 42% 411, 42% 42
Jan
42% 42% 42% 41% 42
Do 2d pref......... ........
’ 1*966
33%
Jan
44 E’eb G 3412
*31% 32% *31% 32% *31% 32% *31% 321 *31% 321
so Jan
31% 3U
300 St Louis S o u th w e ste rn "!
24 Jan 13 34 Feb 1
13!"
*67
'4% Jan
68 *67 68 671, 67% * 6 6 % 671 *6 8 % 67% *66% 671
200 Do p ref_____________
59% Jan
69
Feb
21
511"
116% 116% 1167g 117% 117% 118% 117U 118
<1 % Jan
117% 1181.3 *115% 116-% 26,610 Southern Paclllc Co
*114% Jan
121% Feb 2 103%
138* 1 Jan
*2611 2634
26% 2634
26'% 26% 263.1 27% 26% 27% 267g 27% 4,550 Southern v tr cfs stmpd"
25% Mch I 29 E'eb 7
1.3 J ’ly
*633, 65
33% Jan
65
65
65
Do prcf
65% 65% 651
64% 641 *63% 631
1,800
61%
Jan
11
66%
E
’en
7
J
’ly
43
*28% 29
*2S34
( j Jan
29
29% 283, 2878 283, 283,
1,200 'exas & Paclllc.
28% 29
25% Jan 3 30% Feb cl
*10 11 *10% 29
36% Jan
1 0 -% 1 0 '%
11
bird Avenue (N Y>___
01 * 1 0 101 *10 10% 200 1 IT
10% 1
8% Mch 2
12 Jan 5
5
* 6 % 71
684
'9% Jan
7% *63,
71
400 Toledo Railways & Light
7% *7
*7
7%
7% *7
I
'%
Mch27
8%
Jan
17
6l.>
21% 217| 2 1
i.--% Jan
2178
21% 21%
213, 213, 2 1 % 2 1 % 21 21% 1,900 Toledo St L A W estern..
21 Mch 27 243 j E'eb 8
19 JTy
4934 50% 4 9 8 4 4973 4934 503, 51
2 4 % Jan
Do pref_______ ______
51% 50% 503S *48
49% 3,300
*43 Mch31
53<3 Jan 5
423.i
*107 109% *107 10938 *108% 109% *108 109% *10S 109% *108% 109%
/2% Jan
Twin City Rapid Transit 103 Jan 11 111
Feb
2
10{ JTy
*134% 115 *131% 14
1 17% Jan
*134% 145
Do p r e t _____________
134% 145
145 *134% 145
—
1753s 17 58 4 175.83 176% 177% 178% 17633 178% *134%
Jan 145 Feb
1763, 178% 1761, 177^3 165,650 U nion Paclllc_________
109% Jan 3 18118 E'eb 6 115
9H2 91% *91
92
-v4% Jan
92% 94% 93
Do pref....... ..............
93
933, 8,050
94
93
931,
9()7g Mch 6 94% E’eb 6 1521.1
4634 463
- 4 4684 47% *47
'03% Jan
"
48
45'T 461
453, 46
'‘
457,3 4573
1,200 Unit Rys In v’ t ot San Fr 31% Jan 3 4 ) E’eb 20 88%
74% 74% 74% 74% 75
23%
42% Jan
75% 74
743, 74%
Do pret______________
75% 73
2,185
75
00% Jan 3 761, Mch 22
*16% 17% 17
47 J ’ ne
72% Jan
17
*17
17% 17% 17%
17
800 W a b a s h ______________
17% 17% 17
15% Jan 6 18% Feb 23
*37% 38% *37% 381, 37% 38% 38% 39
12% JTy
27% Jan
Do pret..................
38%
6,000
37%
3S%
38%
32%
Jan
11
*1884
40% Feb 2 3
50% *4 884 50% 50% 50% 503g 503g 50% 501? 49% 50%
28% JTy
ul
Jan
We
t
Maryland
R
y
.
.........
1,800
49% Mch 3 1
*74
*74
51% E’eb 1
76
40 J ’ly
76
•4% Mch
*74
76
*747S 76
Do prat.........................
300
75
75
75 Jan 14 7 ‘ Jan 6
*11, 765 I *74
*41" 5
6/ Aug
*4%
77
Dec
*41,
*4%
5
Wheeling
A
Lake
E
rie
..
*41,
5%
4%
Jan
27
*12U 16% * 1 2 % 16% *121, 16% * 1 2 % 16% 14% 14% *13 “
5% E’eb 3
Apr
U Jr.n
100 Do 1st pret___________ 12% Jan 11 17%
E'eb 3
*6 "
7% * 6
8 J ’ue
7% * 6
2J Jan
7% * 6
Do 2d p r e f ....................
*G
*
6%
7%
7%
5
Jan
5
663,
*65
67%
67341 67
8 E'eb 7
4 J ’nc
67
677g 71% 70% 72 1 69%
13% Jan
Wisconsin Central______
57 Jan 3
72 Mch 30
44 J ’ly
64 N ov
109
BANKS
Banks
New Yor!i
A e tn a _____
America ]|._
Amor Exch.
Audubon . .
Battery Pk
J3owery]|___
Bronx Horo]
.Bronx Nat.
Bryant Pk tl
Hutch A Dr
L'cntury ]|_
Chase ___
Hid
Ask
Banks
Cli’.tAPhenlx
180 Uhclsca Ex]
175
COO 625 Chemical . .
237% 2421* Citizens’ Cti
C ity_______
105
120
132% __ .. Coal A Iron
Colonla 1|. _
40)
415
„
Columbia 1|.
300
19)
200 Commerce .
155
100 Corn Ex ||..
131
East R iver.
145
150
___ Eldelity ]|._
£00
Fifth A veil.
AND
Hut
Aik
170
175
2)0
1435
1160
M0,8 1420
1150
160
400
375
400
1216% 1224%
327% 335
115
125
165
175
1000 4250
TRUST
C O M P A N I E S — B R O K E R S ' Q U O T A T IO x N S
md
.300
1910
14th S t ]!-.. 150
Fourth 1__ 1203
G a lla tin ___ 1343
G a rtleld __ 295
Germ-Am * 110
Germ’ n Exl] 485
Germania ];. 55)
Gotham _ .
150
Greenwich ]| 240
H a n over..
030
Harrlma i._ 265
As*
350
Banks
HUl
Ask
Banks
Imp & Trad 572% 580
Mt Morrlsir
Irving N Ex 210
216
Mutual ]j__
155
Jcirersonll.. 145
155
Nassau
*205
Liberty____ 600
025
New N eth’cl
Llncol 11____ 40.)
425
New YorkCo
305
Manhattan]] 325
335
New York.
145
Mark’ tAE’ ul 250
251
19th Ward!
Uech&Met’s 248
255
Pacinei)..
575
Mercantile . 153
Park . . . *
155
VIerch Exch 1105
170
People’s ii
250
Merchants'. 173
132
P la z a ] ] ....!
640
Metropolis ]i 300
410
Metropol *ny 200
205
•Bid and asked prices; no sales were made on this day. JEx-rights
§Less than 100 shares
UStatc in n i !
7T
tttele at btock Exchange or at auction this week, h First Installment k i d . « Sold at prlvate sale at thls prlce
_
—
Hanks
E’l th . . .
Hid
250
285
300
210
925
307%
___
240
1374
215
625
A lt
260
295
-1.0
315
240
240
1375
—
Banks
Prod Exch !
R e s e rv e __
■>eaboard . .
s e c o n d ____
Slier m an__
State 1]____
12th VVard.
23d W a r d ..
Union E xc.
Wash I l’ ts ]
West Stdo ]!
Yorkvilie ]|.
Hid A s k
170
175
loo 110
415
385
1.35
250
275
120 140
170
275
05J
500
140
7TT\--- ]------- i-------------6 Now stock*
i Jd
New York Stock Record— Concluded— Page 2
A p r . i i9 ii.|
STOCKS--HIGHEST AND LOWEST SALE / II ICES.
Salu
Marc/ 25
March 27.
March 28.
March 29.
March 30
ay
Marc h 31
Sales ot
the
Week
Shares.
STOCKS
N EW YO R K STOCK
E XC H AN G E
801
Range Since 'January 1.
On basis o f 100-sAnrc lots.
Lowest.
Highest.
Range lor Previous
Year (1910).
IjOlCCSt.
Hights .
m u iis t n i.; AUscsiia..cci:.
235 .Tan 20 §24*) Feb 2
t\ Ills-Chalnicr---------------7*s Jan 27
l)o prei____________
27*s Jan 6 34 Feu 3
5 .3 4 Jan
. 7 Aug
000
*30l.i 32l2
31
31
01 Jan 3 07>8 Feb 0
103.- .j tin
551. JTy
15,500 Amalgamated Copper__
6314 63*4 62140 Jan 3 59->s Feb 18
35 JTy
-M» Oct
58*8 3,400 Amer Agricultural Cbem
571.i 5734 57
101*1 Jan 27
30*4 Jan 12 471- Mch 1
24 JTy
4,i ; Jan
4414 44% 451S 45*1 44*8 45
44<8 4 4 1 *441- 4419 4373 44U 3,050 American lleet Sugar____
Do nref______________
921- Jan 9 98 Mch 18
89 JTy
(5 '- .J’n<
971; *95
971- *95
0712 *95
*1)5
971- ♦95 “ 971“> *95
971: 21- Oct
90 Jan t
9 / Feb 27
Amer Ilrake Shoe & Fdy.
9U- Xor
*911.1 90
*9H.i 96
*9-H.t 90
*<) Ha 90
* 941.1 96 ~ *941.1 90
12Ms Jan 5 133 Feb 23 119 JTy 13U- No\
lJo pret______________
*13514 1303, *13514 130*4 *135l.i 1303.1 *13514 13034 * 1 3 5 1 4 136 *13514 130
07s J ne
8*sJan 6 1018 Jan 25
J?m
300 \mertcan Can___________
91- 91- *91.1 9*s *91.1 9*4 * 9 1 4
9*8
01.1
9 I4
9*8 9*8
62 JTy
J)o pret______________
77 Jan 5 82*8 Feb 9
12 i4 Nov
80*8 8073 so/s 81
8 U4
803.1 81
801- 2,700
807, 80
501- Jan 3 5 /12 Feb 8
39'? JTy
5334 533,
72*3 Jail
5312 581? 531- 531- 54
1,400 American Car & Foundry
511- 53*4 54
531- 531109 .I n ;
l)o pret______________
1181- Feb 1:
♦115 116% ♦115
121,s J ’ ly
55% Jan 11 02*s Feb 28
oi'” Meh
00 '
00
59*4 603jj
00
5934 59% 1ill's
60% 3,050 American Cotton o i l ____
00
Do pret______________ 104 - Mch 2 1051- Feb 10 1 0 ,) Dec 107 Oct
*102
105 *102 105 *102 105
245 5245 245 *243 247 ♦244 247 *244 247
245 American Express_____ §224 Jan 11 >255 Jan 27 §239 Dee §320 Jail
5 2 4 3 ) 4 2431.1 245
3-*4 Jail 25
414 Jan 31
3D Sep
4
SR Jan
4
328 American Hide Cc Leather
41.1 54
4
*4
4
§414
41.1 ♦ 4
4
411
20 Jan 10 25 •>Feb 8
19 Sep
*23
KDs Dec
17*4 Jan 17 25l2 Mch 14
-y>i Meh
2334 23*34 237s 24
2434 4,150 American lee Securities..
23 " *231- 24
23
2378
24
American L inseed______
10*8 Jan 13 12*4 Feb 14
♦11
iu ' s J ly
r/=* a u
12
12
•.51 - J ’ ne
Do pret______________
30i4 Jan 10 31 Feb 14
Jan
32
32
*32
33
200
*32
34
*3H- 34
32 ’ 32
♦32
34
29 JTy
0 2 1 ? Jan
30U Mch 2 42*4 Feb 1
030 American L ocom otive__
38
*3714 381- 381g 381s *371- 38*4 38*4 3834 38
*37
38
Do pret______________ 1061- Mch 21 1101-Jan 13 lOD* Aug ill) Jan
5107 107 *107 IO8 I4 *107 108 5 1 0 8 108
100
10719 10712 ♦10519 108
American Malt Corp____
314 Dee
3*s Feb 17
41 - Jail 18
*331 41.1 *334 41.1 *334 41- *3*4 41- *334 412
8 Feb
41Do prel______________
LSI? J ne
3112 Men 8 36>2 Jail 25
♦333.J 34
48 Mch
34
*33
*33
200
34
33*4 3334 33% 33% *32
33*4
Amer Smellers Sec prel 1. SO Mch 8 89 Feb 2
) 2 JTy
90*8 Jan
88
*87
*87
88
*87
88
88
88
*87
♦87
72*4 Jan 3 81ig Feb 2
7434 7434 75
61*s J Ty 104 Jan
75U 75"s 761.1 751- 703g 75 14 75*i 747g 751.1 10,000 Amer Smelt ng<k Helmin '
Do prel______________ 10318 Jan 3 19,1 Feb 1
10434 IO434 1017g 105
112 --' Jan
98 14 JTy
1051s 1051a 105U 10514 105 ' 105 *1041- 1051g 1.900
American Snutl__________ 280 Feb 27 §290 I'cb 24 245 N ov
*208
*208
Do prel______________
100ig Jan 30 102 Men 14
*99 102
#99 102
♦99 IO2" ”
43*4
Jan
3
5212
Feb
9
38 JTy
06 Jan
48
4 7 1 - * 471.1
700 Amer Steel Found (new ).
4712
471- 471- 47 14 471- ♦47
47l«> 47
17
*110
1271- Feb
120
*118 120
119 II 9 I4 119 110 ♦HS3o 116 lo 5119 119
855 American Sugar Rciinln. 113 Jan 6 1221- Feb 27 11 Us Oet
Do pref......... ................. 111 Jan 5 11912 Feb 14 l l l i - Dec 1 2 1 Feb
1153, 1153s 116 1 Ids 110 n o
*1 1 5 1 4 117
11 p.
lift ” *1151.1 117
500
1203.1
JTy
140U 14034 1403.1 147
143*8 Feb
147 1471- 147 1471- 1471c 1473c
1451.1 9,705 American leieph 6c Teleg 1 4 0 I4 Jan 3 147 2 M ch28
901? JTy
93i2 Jan 4 100l4 Mch 14
1)9*4 Mch
98
*97
902 American Tobac (newi.pl
071- 971- 97?g 9778 971- 97196*8 907, 971$ 98
301- Mch21
•. Mcb
32^4 32%
Do pret______________
I0ig Deo 104 ' Mch
86i2 Mch 29 90 Feb 8
88% 891.1 3J505
* 9 3 ) 3 941.i z91i4 9218 90
91
88
89
8012 90
2
.
8
4
Mch
17
341Feb
15
30
201.1
38l3 381, 381- 3812 38I4 387g 3812 3812 *381,1 3834 381S 3814 1,200 (A iiacondacoppei Par'yda 38 ’ Feb 24 41 Feb 0 , 0 3 1 ? JTy io i Jan
21
Jne
2 0 * 3 Mch 14
337g Feb 1
347s Oct
323, 3214 321- 3 2 I4 321- 32
*31
321- *31
700 IJethlehem Steel_______
33
*31
32
49 Aug
59 Jan 3 61 Feb 14
05 Jan
017,
(ill,
0112
02
03
OHs
*00lg 63
0U2 OH- 2,000 t> Do prel____________
03*8 ♦ooig
Brooklyn Union Gas___
135 Jan 3 1421-Jan y 1 2 0 J ly 104i2 Jan
* 1401o 1411- *140 112 *1401- 142 *141 142 *140 142 *140 142
a J'nc
9 Jan 6 1 0 *4 Feb 1 :
181S Jan
11
*10)1 11
1014
1014 *93., 11
*9*4 1012
200 Brunswick Term 6: Ky Se^
*1014
*9*4 n
28 J ’ne
28 Feb 10 31 Mch 30
33 Jan
*2934 30
500 Butterlck Co____________
31
30
30
*29
3H*29
29U *20
30
31
48*4 Jan
25 14 JTy
26 >8 Mch 14 33*8 Feb 2
291- 287g 291.1 287S 287s 1,900 ( ‘ entral Leather_______
*281.( 29l.| *281- 291.1 20
291- 20
Do nref______ ____
99 Mch 13 105 Feb 10
1091* Mch
99*4 J ’K
9 9 I4
99*8 99*i 99*8 993.1 991.1 991- 99's 991g 1,700 '
99*8 99is *90
dCHlrio Copper____ Par 55 Sl2's M ch25 S22*s Mch 23
2 2 *- J Ty
31 Jan 3 30*8 Feb 6
Jail
331, *31
331, *31
321- 311.1 311- 311- 311- *311- 321♦31
500 Colorado fuel <x n o n ___
] go' s Jan
115 115's 1457s 1401.1 1447g 140
145 145
145 1451- 1441- 1451- 12,300 Consolidated Cas (N AT. 135*4 Jan 3 1461- M ch22 12212 J ’ly
ill- J ut
2 3 I4 Jan
13'2 Jan 10 15 Jan 5
14
14
14
14
IHs 1H,
141g 143.1 14*8 14*8 3,500 Corn Products u e iln ln g ..
14's 111,
Do pret______________
70*8 JTy
741-Jan 10 80 ~ 3 Mch 30
80**8 Jan
80
80*s 8 OI4 803a 80*3 807s x7H
78
1,050
*78)4 7914 791- 797,
32*8 Jan 11 38i4 Meh 1
2 6 L JTy
3034 Jan
30*8 301- 307g 36l2 36*8 3512 35*4 35
3534 2,000 Distillers’ Securities Corp
*351- 3C2 30
Federal Mining & Smelt’g
12 Oet
17*4 Jan 28 36 Feb 10
*201- 33
*201- 33
*20
35
30
00
Mch
*25
*201- 39
*261- 35
Do pret______________
481-Jan 11 65*8 Feb 16
37 Oet
88 Jan
00
04
*00
*50
65
00
*00
*00
100
*57
05
65
05
825 General Electric_______ x\4 Jg Mch 3 1551- Feb lo 134 J ’ly 1007g Jan
1181- 148*4
1481- 1481- *1473.1 148*4 1481- 1481- 148*s H 9 I4 ♦148U 149
5i2 Jan 14
3 7 * 4 Oct
7*8 Jan 3
0*4 0*8
0*3 610*8 <)12
14,130 dGoldlleld Con SI.Par $10
5 9 1 4 Sep
0*8 012 2:5*14
OI4
118 1183,
1,450 3 no Harvester stk tr ctfs 109 Jan 3 12H? Feb 20 sS3i,- Feb I2a*.: Jan
*11510 1101- 1161- 1101- 1171- 1171- 1173S 117*8 1171.1 119
Do pref stk tr ctfs___ 1 2 2 I4 Jan 3 1 2 4 1 4 Feb 0 xl 17 Aug 120 Jan
640 1
124 ~ 124 *123*8 1241.1 *123*8 124U I2 H4 i2414 *1233, 125 *123*8 125
Int
Mer
Marine
stk
tr
etts
4i2
Jan
18
4
'4
JTy
578
Jan
30
5
♦
4U
200
*11*5
5
*41*43.( 518
51,t
/i- Jan
514
5*8
51S
Do p rei. ____________
151- Jan 17 IS Jan 24
12*8 JTy
(i00
243g Jan
♦103.1 173, *17
17*4 171.1 17*8 1 713 17!2
17*8 17*8 171- *17
10 Mch 13 13*8 Jan 31
9 JTy
10-3.i 10*i * 1 0 1 - 11
400 international Paper_____
11
10
Jan
103( 1034 *101- 11
*10
*10*8 11
Do pref______________
47 Feb 21 56*8 Jan 17
4U -JT y
49
*48
400
o n -J a n
*48
491.1 49
49
*483i 49
49
*48
*48
49
30>S JTy
39*4 Jan 20 44 Feb 8
41U 4114 *4012 •11*8 40*4 40*4 40*8 41
500 [nternat Steam P um p__
64's Jan
*4014 IU4 *4012 4 H4
Do pret......... .................
841- Jan 20 893s Mch 20
73'- JTy
00-14 Jan
200
♦881? 89
89
89
*8812 89
*88
89
8812 881♦881- 89
9 3 1 4 JTy
1 1 0 1 - Jan
10334 1041s 103% 1033.1 103 1031- 6,575 Laclede Gas (St L) c o m .. rl02i4 Mch27 1141-Jan 20
10314 104
11115 1113, rl02lj 103
79 J'ly
9U- Feb 24 95 Feb 2
98 Oct
93*4 * 9 1
9334 *91
250 Muckay Companies_____
*901- 933t *901- 93*4 9112 911- *91
93*4
'il JTy
Do pref______________
7434 Jan 18 77 Meh 7
70 ^4 Oct
707g 77
77
*701- 771- 1,100
701.1 70lj
77
7578 70
70*4 77
ational B is cu it______ 117*4 Jan 16 135 Meh 30 100 Aug 119*2 Dec
0.410
13218 134
130*j 1311- rl29 129ti 1291- 13234 132 135
130 ~ 130
Do p r e f ___________ 124 Jan 20 130 Feb 4 118*j JTy 1 2 0 Jan
050 IT
128 12934 *12034 129
127 127 *125 1271- 120 120
*120 128
400 *Nat nnamci k & btam pg
14 Sep
17 Jan 10 18'2 Meh 27
28i2 Jan
1812 *171.1 181- *17
18118*3 181- *171- 181- *17
181*17
Do prei______________
81 Oct
85 Jan 0 90 Feb 18
*80
94
uoi2 Jan
94
*80
94
94
94
*80
*80
♦80
94
*80
1,300 'National L,eau___________
51 Mch 4 59 Feb 2
4 3 1 - JTy
89*8 Jan
5314
53I2 5334 531- 531- 53
53
*521- 53
531- 5234 623,
nil34 JTy 1loi- Jan
10.53, 1053. *105 107 *1051- 1001- *1051- 107
300
11° Pref........................... IO0 I4 M ch24 1081- Jan 1 0
107 107 *105*8 107
18*g 18-8 1812 18*8 18*8 183,
18*8 185,
181- 18*8 18
18*8 2,100 UNcv Cons Copper. Par $5 518 Mch 31 520 Feb 0 Sl7i- J ’ly $2 2 % Oct
New Aerk Air Brake____
70 Meh 8 72's Jan 27
59 1 ne
74
74
73
04 Jan 10 721- Mcll21
713i *70l4 713, *701- 713j 09*4 093., ' 7 0 1 - 71
34 Jan
*70
0(38
711- 72*8 1,250 North American Co. new
24 Mch 0 291- Jail 4
22*8 JTy
247g 241, 24t, *24
243.1
431.1 Jan
2Hs 21 ls ♦241g 247s 241- 2H- *24
305 |9 acTlc Mall____________
44 Jan 3 54*8 Jan 31
523.i 523., 52
80 JTy
523.i 523,
401.1 Jan
52
53*s 52
511- 4,410 I- aelilc lelep & T e le g ..
50*4 5134
1067g 107
107*1 107 108
10711 1077, 10734 108
107
107*1 108
7,000 People's G L <5e C (Chic). 1 0 3 1 - Mch 2 109 Jan 19 1 0 9 JTy 1 1 0 * 3 Jan
84 JTy
100i2 Jan
*103 10834 IO8 I4 IO8 I4 *1081, 108*4 *108 108*4 *108 10812 *1001- 107
100 Phlla.ielplui Co (Plttsb’b) 10012 Jan 3 109 Mch IS
1714 Jan 3 223g Mch 23
13 JTy
27*4 Jan
22
22
221.1 22
22
22*8 22
221g 21*t 217S 2H- 211- 3,700 Plttsnurgb Coa C o-------07 3 4 Jan
4 79 14 Mch 28
D;; pret_____ _________
OOI4 JTy
85 Jan
70
781- 79*1 78I2 791- 7834 783, 78>4 78*4 4,708
781- 781- 78
301-Jan 3
36*4 I" eb 6
25 JTy
517g Jan
*321- 331- *3234 33 14 *33
331- 33>g 33*8 33
33
300 Pressed steel Car_______
33
33
Do nref_____ _________
92i4 Jan 3 9918 Feb 23
90 JTy 1071-Jan
*971- 98
98
508
98
250
98
*98
+981, 90
98
98
♦119 1103 j
Pub Service Corp, of N J HOig Jan 31 120 Feb 7
100
1,720 Pullman com p a n y ______ 159 ~ Jan 3 103 Jan 30 155 J ’ne 2 0 0 Jan
1591- 100 *159 100 *159 100
100 ' 159l2 15933 159 100
31 Jan 11 38 Feb 3
28 J ’ly
51*8 Jan
♦321o 35
34
34
250 1) all way Steel S prin g..
34
*34
35
*34
34
35
*3212 34
.
Do p re i_____ . .
92 Jan 3 100 Feb 23 zOOU Sep
107 Jan
99
90
100 IV
*98 100
*98
*97
*98 100
*98 100
100
1 7 I0
4,800 dRay Cons Copper Par $ 10 §16*4 Mch 27 5171- Mch 29
17
17
17
17*s 1634 17
3U4 Jan 4 3 5 1 4 Feb 6
27 J'n?
3 3 ‘ 33 Is
1,200 i(epuulic Iron is Steel___
43*8 Jan
*321- 34
33*8 33*8 33*8 33*8 3 3 1 4 337s *321- 34
Do pret _____ _______
973.1
300
93 Jan 4 99*8 Feb 1
8234 JTy
10414 Jan
97*1 *90
*90
OS
971- 971- 971- 971- 97*4 07*4 *90
C cars, Roebuck & C o__ s 14 1 Mch 15 192 Feb 6
♦145 1481? ♦145 148 ♦145 14 71•>
*52
54 “
100 C loss Sheffield Steel & Zr 50 Jan 26 5 6 I4 Feb 6
54
*52
53
63
4SU Dec
S0i2 Jan
54
*53
*53 " 54
*53
1 )0
pret____________ 112 Feb 14 112 Feb 15 i l l JTy 1183) Feb
__
112
111 *
387S 3878 2,400 nennessecCnpper Par52.' 832 Jan 11 S39i4 Feb 14 519*4 JTy 540*3 Jan
381- 3812 39
38t( 381.1 381.1 38*8 381.1 3814 *38
1,100 I exas Co (T he)__________ 129 Mch31 130i2 Feb 1 134 Oct
129 1291144 Oct
1345s 1345s *1321- 134
132 1321- 130 1307S *I2912 132
lexas Paciile Laud Trust
87 Meh 3
95
*88
92 Jan 24
S3 Feb
*88
95
*38
95
95 May
*88
95
♦88
95
*88
95
| 1ulon Bag 6e Paper____
8 Jan 25
*7
8
0 JTy
9 Feb 9
9
1314 Jan
8
8
♦7
*7
8
*7
8
*7
*7
50
200 United Dry Goods C o s .. 1001- Jan 27 100*4 Feb : 0
90 Aug 18-’ Jan
►165
1 0 0 1 - *105 4 100t2 *105
iddi2 105ls 1051- *105 1001- *105 1 0 0
Do pref______________
10218 Jan 5 107 Feb 18
200
99U Aug 113*3 Jan
►
1043. 1053. *1043.1 1053i *1043,1 1053.1 105 105
105 10.5 *1013, 1053i
15 Jan 10 1J Feb 23
* 101 - 18
IBs J ’ly
110 U S Cast I Pipe & Foundr
82 Jan
*101- 18 ‘
*101- 18
18
17*8 173s *17
18
*17
Do pref______________
4.1
J ’ne
50 Jan 16 r61 l'e b 2o
*55
59
170
84 Jan
*54
59
*50
59
*50
59
6 8 I4
00
5S14 *55
95 Jan 7 §105 Jan 27 §93 - Dec 145 Jan
*98 102
*98 103 510()li lOOti *99 102
135 United States E xpress..
*98 102
90 5102
841.1 Jan
65ig Jan 25 7.J2 Mch 30
04*4 J ’lv
74
750 11 S Realty & Itnprovcm't
721- 721- *72
731.1 73*8 *721- 731- 7312 7312 721- 723,i
30 Jail 0 47*8 Mch 1
27 JTy
42
42U
42
42ti
4214 421- 41*4 42t| 42
62i2 Jan
4314 42*4 43*i 7,100 c lilted States R ubber___
Do 1st prel___________ 1091- Jan IS 11 4 1 3 Mch 1
99 JTy 110!2 Jan
300
►
1123s 11338 113 113 *112 114 *112U 111
114 114 *112 114
Do 2d pref___________
721- Jan 31
77
70 Mch 1
77
77«2 771- 1,150
59 ' JTy
84 Jan
771- 7712 *771- 79
7012 701- *701- 77
713S Jan 3 82ig Feb 6
70
701- 7S*s 701- 781s 79
771- 781- 200,800 United States Steel_____
011,8 J ’ly
t l Jan
78's 783s 78ti 70
116i4 Jan 3 1207s Feb 4 1131- JTy
l)o pref______________
12’5*3 Jan
11910 1191s 11918 11012 119*2 119*8 1191- 119*, 119*8 1191- 119 110*8 3,235
4
13,
S433g
Mch
4
447s
S47*s Jan 9 1539*8 J ’ne SGO'a Jan
44% 443S 44*8 45
451.1 4412 45
5,500 dUtah Copper___l ‘ar 510
4H4 441- 441g
02*8 Jan 3 70*8 Feb 28
47 Feb
ooig Oct
0018 001.1 OOI4 00*8 66% 00*8 001- 66% 001- 00*4 06*8 07*8 11,020 Virgin.a-CaroTna C h en i..
Do nrct______________ 123*8 Jon 3 12S12 Mch 15 117 J ’ly I2 9 I4 Jan
791
►
120l2 127
120U 12612 1201- 127 *120 1271- 1271- 1271- *124 12012
52 Jan 6 60 Feb 11
02
50 Sep
V rglnla Iron Coal 6c Coke
73 Jan
*50
*57
*57
03
02
02
02
*57
*57
104 101
501 \ \ f ells Fargo 6: C o_____ §150 Jan 18 160 Feb 27 144'- Dee n195 Jan
►102 1637s 103 10378 5103 164 5104 104 *162 164
71*4 Mch 8 761-Jan 1 9
5 i JTy
78U Mch
731- 7312 741,
73
723.1 72*4 73
731- 73*s 731.1 731.1 0,085 h estern Union T e ie g ..
72
651- Jan 12 71 Feb 15
491- J ly
00I2 061? 1,600 AVesttngh'seEl <&Mfg assen
82i- Jan
07
67
07
07
001- 07
00l2 0 0 1 *00
07
Do 1-t nref.................... 110 Jan 14 123 Jan 5 110 Mav 130 Feb
310
►
120 1201- *11912 1201- 51201- 1201- 1201- 121 *119 1211.1 *120 121
*:n
32l2
03
*5G7jj 571-
811
321- 3210334
03 14
C7<8 571.)
3Hs 311s
037s OH4
57*8 58
31
31
6314 04
571S 571-
BANKS AND TRUST COMPANIES—BANKERS' QUOTATIONS.
Banks
Hrookiyn
i road wav §
irooklyn '
onev i slTlT
ir s t ______
Ullsldtl _.
lotnesteadl
lanufac’ rs'
lechanics §
Jontank ._
►lassau____
Hid
At*
385
400
100
290
310
125
115
155
415
230
|2J012
245
150
Hid
Banks
llrooklyn
Nat C it y ... 285
North Side § 150
People’s __ 158
Prosp’c t l’ k’ 140
Ask
300
170
150
Trust Co’ s
N Y City
A s t o r ......... 335
Bankers' Tr 050
345
1rust Co ’ 3
N Y City
B’ wny T r ..
Central ir__
Columbia . .
Com merclal
E m p ir e __
Uqlilt’ ble Tr
Farm Lo& l
Fidelity —
Fu’ t o n ____
Hid
145
1000
31)0
195
300
485
1550
215
290
ds.t
I rust C o's
Guar'ty Tr.
Guardian Tt
118
H u d s o n __
1025
K nlekerb'kt
Law T I iScTr
115
310
Lin oin Tr
Manhattan
4 95
1.28)
Mercantile .
225£ M otropolt’ n
M utual____
Mut AHnei
Hid
800
290
248
130
375
725
*140
13.)
125
.1 j k
150
100
2J712
255
149
400
750
130
Trust Co’ s Hid Ask
NY Llfe&Tr 1100 1125
N Y Trust. ___ 035
Savoy........ f SO
Standard IT 400
410
lTtleUu& Tr 490
50)
Tr Co oi Am 340
350
Union T r__ 1240 1270
US Mtg& 1 r 470
480
Unit States. 1145 1100
\Aashlngton 300
375
Westchester 159
100
Windsor . .
971? 102l2
I rust Co's
Hrookiyn
Brooklyn lr
C itizens'___
Flatbush _ .
Franklin__
Hamilton . .
H o m e _____
Kings Co . .
L Isl L & ’Tr
N assau____
People’s . .
'Jueens Co.
Hid
430
120
200
270
100
505
290
ICO
300
110
130
215
205
2S0
110
302
170
310
125
•Bid anil asked prices: no sales on this day. 5 Less than 100 shares, t Ex-rlghts. fiN e w sto ck . c E x-illv. and rights, d Now quoted dollars per shara.
tSalc at Stock Exchauge or at auction this week, s E x-stock dividend. HlJanks marked with a paragraph (1) arc State banks.
New
Y o r k
S to ck
E x ch a n g e — B o n d
R e co rd ,
F r id a y ,
W e e k ly
a n d
Y e a r ly
Jan. I 1909, the Exchange method of quoting bonds ions eh an gel, an l prises are now all—"a n l interest’’ —except tor income and de/aulted bonds.
BON DS
X. Y. STOCK E X C H A N G E
W kkk E nding m a r c h 31
U. J% K iiv fiiim cn
u 8 2s consul registered ,£<1030
U S 2s consol co u p on ... .<<1030
U S Os registered.......... ,/CIOIS
U S 3 s coupon................. .telOlrf
U S 3s cou small bonds. /t io ia
U 8 4s registered............ ..1026
CJ a 4s cou p on ................. ..1020
U 3 Pan Can 10-30 yr 2s *1030
Fries
brut an
March 31
y -j
y .J
Q-F
Q-F
q -f
Q-F
Q-F
Q-N
F o reig n (governm ent
Argentine—Internal oso£ 1009 M-S
Imperial Japaneso Governing
Sterling loan 4% s.......... 1926 F-A
2d senes 4 Vs............... 1023 J . J
Sterling loan 4 s ............ 1031 J -J
S eou l)ol Cuba os exlen d eb t.. M s
E xternal lean -l % a........ 1949 F-A
8an Paulo (Brasil) trust us 1919] J-J
U a ot .Mexico s 1 g us ol 1899 O-J
Gold 4s ot 1904............... 1034' J-D
I I
S ta te and City S ecu rities j
N Y City—4*4s .................. 1990 M-a
4 l4s re cts in t lr o J a n 2 4 19tio.M-S
4% Corporate StocK.......1959 M-N
4Vo Corporate stoea ....1 9 5 8 ,\1-N
X ew 4 ^ .........................1957j.VI-N
New 4 % s.........................1.1Y M-N
4%% Corporate Stock ..1957 M-N
4 V o assessiut bonds___1917 M-N
4% Corporate Steen___1907 M-N
N Y state—Canal irupt is. 1900 J . J
bo Carolina 4 'as 20-4o....... 1933 j •J
Tenu new settlement 3 s.. 1913 J-J
Virginia tuud debt 2-3s ...1 9 9 i J-J
tie deterred Brown Bros ctfs.
K uilrond
a laoama Cent See So liy
iXlabaA lidl See A lC oa stL in e
Albany 4s ausq bee uelCs Hud
Allegliony Valley Nee Penn Bit
Alleg & West Nee Bun It & P
Ann A rbor 1st g 4s........./tlOUu Q-J
Atcli TAj a Fe—Gen g 4s. 1995 A O
Begislered........................ 1995 A-O
Adjustment g 4s.......... A1005 Nov
B egislered ................./tlOOu Xov
atamped...................... A.1D05 M-N
Conv 4s issue ot 1909...1955 J-D
Conv g 4s..........................1955 J-1J
Conv 4s (issue ot 1910). 1000 J-D
10-year conv g 5a ........ Iul7 J U
Debentures 4s aeries J.1912 ¥ A
aories K......................... 1913 S -A
East ok la l)iv 1st g 4a..1928 M S
Sliort Line 1st 4s g ........ 1958 J-J
a p e Pres A Pli I s t g 5s. 1942
Atl K n ox & X Nee L <& X
Atlantic Coast 1st g 4s.A 1952 Al-S
Ala Mid 1st gu gold 5s ..1928 M-N
Bruns & VV 1st gu g 4s .. 1938 J-J
Charles Jo 8av 1st g 7a..1930 J-J
L Jo X coil g 4s..............01952 M-N
8av F Ai W 1st gold Os.. 1934 A-U
1st gold 5s..................... 1934 A-C
Sii tip Uca Ai G gu g 4s ..1918 J J
Atlantic «fc Danv Nee aouth By
Austui A> X W Neeaou Pacrlic
Ohio prior lg 3 *as. 1925 J-J
B aitBAiegislered................A1926
tJ-J
Gold 4 s ........................... A1918 A -0
Begiaterefl..................A194S y-J
Pitts J uno 1st gold O s... 1922 j - j
P J u u * M Div l s t g 3%»192u M-N
P L E J a VV Va ays ret 4sl941 M-N
Southw Div 1st g S % s ...1920 J-J
B egislered ..................A1925 y-J
Cen d u o B 1st o g 4 % s ..l9 3 u M-S
Cl Lor Ai W con 1st g 6a 1933 A-O
Mouou Biv 1st gu g 5 s ..1911 F-A
Ohio Biver B it 1st g Os. 1930 J-D
General gold 6s.............1937 A-O
PlttS Clev <12To! 1st g Os 1922 A-O
■ Pitts As West 1st g 4 s ...1917 J-J
Btat ls l By 1st gug4*us 1943 J-D
Beeoh Creek Nee X Y C <k 11
Believ * Car Nee Illinois Cenl
Bruns A; West Nee A tl Coast L
BuOalo X Y Aj Erie Nee Erie
Buflaio B Ai P gen g o s ...1937 M-S
Consol 4 % s...................... 1957 M-N
A l l * West l s t g 4s g u ..1998 A-O
Cl Aj Mali 1st gu g 58....1 94 3 J-J
Booh * Pitts 1st g Os...1921 F-A
Consol 1st g Os.............1922 J -D
Bull * ausq 1st ret g 4b.£<1061 J-J
Bur C B Aj X Nee C B 1 * P
u n ao 1st ext O s
1913 J-J
*2d Os................................ 1913 M-S
Begiatered.....................1 9 1 3 M-S
Garb * atiawu Nee 111 Cent
Carolina Cent NeeSeah A ir L
Carthage * Ad Nee X Y C Jb 11
Cod it la F A N tsee B C it Aj X
Cen Branon By Nee Mo Pao
Cent ot Ga B B 1st g 68..1)1945 F-A
Consol gold 5s..................1945 Jl-N
Beglstered.....................1945'A1-N
1st pret income g 6s . . . . » 1 9 4 6 Uct
Btamped .............. .................
2u prex income g 5sV.'.’. p itfid
2 d piet income g 5s stamped
3d prot inoome g 6 » . . . . p i 9 4 5
C
............
Week’s
Range or
Last sale
Its'
0 0
Range
Since
January 1
BONDS
X . Y. STOCK E XC H AN G E
VVkick Ending M a h c u 31
dhrice
hriUau
March 31
Weckts
J'ange or
Last sale
?■«
s-s
Range
Since
Jani/ary 1
Jiia
Ask Loin
High A’o how JUgh C entoi Ga BB —(Von)
Sia
A sk Low
High TVo Low J/igh
3d pret income g 6 3 stamped.
101 *4 1014, l o i *8 Feb 1 1 ___ 1 0 1 lg 1 0 1 lg
05
06
85 % Oct ’ 10
Chatt la v pur men g 4 3 .1051 J-D
101*4 .........101 <6 FeU’ l l
- 101
101 ie
87
87% Feb’ t 1
87% 87%
Mac Aj X o r DlV 1st g 6s. 19413 J-J 1 05 % ........ 106% 106%
lo l% 102% 103% F e b ’ l l ... 103 103*4
105 % I 0 6 %
101%
‘ .......7 102*4 102
Mid Ga Aj A tl Div 6 3 ___1947 J-J 105% ........ 115 Nov’05
11 102*4 102*,
-Mobile Div l s t g os....... 104(3 J-J 109% ........ 108% F ob’ l l
101*4 J ’ly 'id
108% 108%
116 116 110 F ob ’ l l . . . . U (j iio ” ' Cou B li Aj B ot Ga col g us 1937 M-N 101 % 103 1 0 1 % Mar’ l 1
101%102
1 1 0 * 4 1 It) l4 H I 3# f e n 'l l . . . . U 6% U0%
C entot X J geu’ lg o ld 5 s .1987 J -J 122% 123% 122% 1-^2%
122*4 123%
101
101 %
B egistered................. al987
122% 123% 122% 122%
122 123%
Am D ock Aj Imp gu 6 s ..1921 ?:5 107 108 107% M ar’ l l
107% 108%
Le Aj llud it gen gu g us 1929 j - j 100%.....
1 98% 9 9
1-eh Aj Wilks B Coal 6 s ..1912 M-N 100%..... loot-, F e b ’ 11
99 Mar’ l l ' . . . . 1 97*4 99
100%
100%
X Y <fc Long Br gen g 4s 1941 M-S
0 9 % ........ 99% D e c’ 10
) 03% 93 %
Cent Pacino Nee bo Paeilio Co
} 9 ^ Sait.
03*
00%
01%
•2 93% 95*4 Cent Vermont 1st g u g 4s.el92U Q-F
87% 92%
91%
91%
1 88 %
%
ChasAjaav Nee A tl Coast Line
33 87% 90
1102*8 102% 103
Ches Aj d u o gold tis.........ttl9 ii A-O
37 102% 104
100 X o v ’ tO
t ........ 98*-! 99% Feh’ l l ___ 97% 100
Gen lundtug Aj u n p t5 s.l9 2 9 J-J 105 107 105
l0 2 7g 106%
100
t 97% 07% 9<
1st consol g us..................1939 M-N 112%112%112
97 ‘4i Oj 97
97%
112 113%
112
1 95
97
B egislered..................... 1939 M-N ........ 11 1% 1 1 2 % J a n '10
97 Mar’ l l ! . . . . I 97
98
90
92
General gold 4 %a.............1992 M-S 10U
91 Mar’ l l - 9 1
9 4 %
%
H
ilo
100% 1007,
ib'6% ib’ i %
hese a re pr ices 0 n the Uusis 0 1 $u to &
Begistered.....................1992 M-S ..... 100 1 0 1 7fc J'ne ’ 1 0
Convertible 4 %s ............ 1930 F-A
96% Hale
01
97 %
05%
96%
101%101% 101% 101%
nig sanity 1st 4 s .............1941 J-D
87% 87% 8 7 * 4 Mar’ l 1
J
0
0
%
101%
87*4 89
10 2 % bale 102
Coal B iv By 1st gu 4s ..I94u J-D
102%
85
100%
102%
87* 83% N ov’ 10
9U8a --ale
99%
Craig Valley l s t g 5s___1940 J -J 102%
99%
98% 99%
103 103
103
103
99 % Sale
99 %
Potts Creek Br 1st 4 s..lb 4 b J -J
99 %
98% 99%
84
90 J a n ‘09
197% bait 19 7*4 107%
it Aj A DlV 1st cou g 4 s.. 1989 J-J
10(3% 108
93
96% 9 5 % Mar’ l l
95*4 96
2d consol g 4 s ................1989 J-J
........ 102*4 UE % 101%
101%
101%
90% 93
91% Jan ’ l l
91% 91%
Warm apr Val l s t g us..1941 M-S 10i%
107*4 1 07‘a 107% lu7 %
10(3% 108
113*4 i-eb’05
Greenbrier By l s t g u g is ’40 M-N
..... 102*4 102 Mar’ l l
102 103
85
05 O c t ’ 10
99 Hi Sale
99%
99%
98% 99% Clue As A lt B B rot g 3 s ...1949 A-O
73
74
73%
73%
72% 73%
103 104% 101% Fob’ l l
R ailw ay 1st lien 3 % s ...I 9 6 0 J -J
09
104% 104%
69% 7 0 % M ar'l 1
69% 71%
Begistered.....................i 9 6 0 J-J
U.3 % J ’l y '10
75 Get ’09
9 0 % : ::: :: 97 Mar’ l l
Ohio
B
ut
IA
j
y
—Den
v
D
4s
1922
09
*96” *07
99V 00
F-A
99
0l)“
”99%
8(3% M a r'll
Illinois D iv 3 % s.............. 1949 J-J
87% Salt
8(5% 80%
87%
87%
87% 88%
Begistered.....................194u J-J
68 bale
513%
58%
40 07 %
88% 88 S e p ’ 10
Ills Div 4 s ....................... 1949 J -J
99% saiti
99%
99%
iiU% 100%
Iowa Div euiK lund 5 s ..1919 A-O 101%
104% D ec’ io
a in k m giu n il4 s............ 1919 A-O
99% 09% 9 9 % Mar’ l 1
99*4 «0%
X ebraska Extension 4 s .1927 M-N
98% 90
99 Mar’ l 1
96% 99%
Begistered.................... 1927 M-N
98% Mar’ 11
08% 98%
boutliwestern Div 4 s ....1921 M-S
09 ...
99 F o b 'l l
09
09
Joint bunds See Great Xortli
83
Doueuture
6a...................1913
83
1 7S% 85
84% 83
)VI-N 101%101% 101% 101*4 20 101 101%
General 4s....................... 1 9 5 a M-S
to Sale
98%
99*8 85 98
99%
UG% bale
96%
97
67, 06% 08
97
98% 98% Mar’ l l . . .
98
98% Ohio Aj E ill rot Aj imp g 4s 1955 J -J ......... 80
81
Mar’ l l
81
83
1st consol g (3s.................1934
91% 9U%
91*6 14 90% 92%
124% 126 127 J a n ’ l l
127 127
Gouerai consol 1st 6 s .... 1937 A-O
92 Jan ’ 10
110
bale 110
M-N
110
109%
111
Begistered....................
1
0
3
7
9 1 *4 bale
90%
91% 78 90% ” 02%
M-N
ClneAj in d C By 1st us. 193b J-J 1 1 0 % S-Ue 108% M ar’l l . . . 108% 108%
103 Mar’ l l . . . . 105 109
110*4 *10*4 2 110 110*4
110 aale 109*4 11U
10o%110*4 Chicago Aj Erie see Erie
101%sale 103% 104% 204
Ohio
G
t
W
estern
1st
4
s
...1959
102% 104%
8 0 % Sale
M-S
83%
86 I 961 84% 86
111 bale 110% 111% 527
128 108% 111% Ciuc in aj euuisv roi o a ...lu 4 / J •j 1 27 % ........ 12 7 Mar’ ll! ....
127 127%
Betundiug gold us.......... 1947 J-J 107% 111
93% Jan ’ 10
114
D ec’ 0 9
Baiun ding 4s Series C ..1 9 i7 J-J
98% Feb’ 10
93
04% 95 O c t ’ 10
96% 97% 90% Mar’ l l
EouisV A A Aj Eh rat o a .l9 l 1 F-A 100%..... 100%
90*4 97%
Feb’
l
l
.... 100%100%
02% Side 92% 93%
92
0 2 % 92% Mar’ l l
92% 93% Ohio Ind Aj bou 50-yr 4a..1950 J -J
,..J 92% 93%
1U8 110 109% D ec’ io
Chic MU Aj at P term g 6a 1914 J-J 1 0 2 % Salt
102*4 102% 10 102*4 102%
General g 4s series A .,«19ao J-J
08 % 0 8 ’
98%
08% 26 98% 99%
Begistered................... al989
93% 8ale
93%
94*8
93% 94%
........ 08
99 % Jan ’ l l
99% 90%
Generalg 3 %a series B .ei389
107% 109 108
108
108 108
87 Salo 87
86% 88%
25-yr (leoen 4s ................ 1934 j - j
9 5% .......
95 *4 Mar’ l l
02 02% 92 87
95% 95*4
02%
92
93
133 .......
Chic Aj L bu Div g 6 s....1921 j - j 106% 107% 106%
Mar’ l l
106%
107
Clilo Aj M o B iv D iv 6 3 . . . I 0 2 O j - j 1 08 % ....... 100 Mar’ l l
94
94% 07, 92% 90%
94 'a Sait
100 109
Clue Aj P VV l s t g 5 s ....... 1921 j - j 106 % Sait 1 0 6 % 1 0 6 %
124*4 124% 124% 124%
1 121% 125
. 106% 107%
liak Aj Ut bo g 6a.. . . . . . . 1916 j -j 103% 104 103% F e b ’ l l
110*4 111 111 Mar 11 .. .1 1 1
111*.
Far Aj bon assu g 6a....... 1921 j - j 116 ....... 117% J a n ’ l l ...! 103% 103*4
95 ®i
95 J’l y ’ 10
LaCrosao Aj 1> 1st 5s.....1919 j - j 105% ....... 105*8 Deo’ io . . . 1 117*4 117*4
Wia Aj Minn Div g 5s’. . ..1021 j - j lOU ....... 107 % Feb 11
106% 107%
M il Aj X o 1st cons 6S....1913 J-D 103% ....... 103%
92%
92% 14 92% DC
92% Sale
F ob ’ l l
103% 103%
E xtendod 4%s.............. 1913 J-D 1 0 0 % .......
91*4 Oct ’ 09
(.'bio
A
j
North
w
cons
7a___1915
98% balb
98%
98%
'.'9% I
O-F 1 1 0 % aale 110% 110%
109%112
0 6 y 98% 0034 ila r’ l l
1*8*81 Extension 4s.........1886-1926 F-A
........ 98% 98 ‘a F eb ’ l l
99% 99%
Begiatered.......... 1886-1926 F-A
112
. . . . 11‘2 *» D eo’ io
97% 99
97 Mar’ l l
97
98%
'Jenorai
gold
3
%a............1987
89 % .......
88
88%
87*4 83 s
8 7 % Sale
M-N
87
87 %
87
88%
B egistered................. nl9S7 Q-F
91
9 i%
91% balo
91
02),
85% 8 6 % 93% A p r’09
General 4 s ........
iy g , M-N
99%
90
90 % bulb
88% 91
98% 0 0
98%
99
46 | 98% 99%
89% A p r’ 10
90 .......
bunting luud 6 a ...1879.1929 A-O 1 1 1 % .. .. 112
Jan ’ l l ... 112 112
109 % ....... 103 Mar’ 10
Begislered.......... 1879-1929 A-O 1 1 0 % . . . . ; ;
*4 X o v’09
110
Dee’ lO
bulking lund 6 a... 1879-1029 A-O 100‘s ............. 111
106% Mar’ l l
106 106%
102%..... 102% Feb’ l l
Begistered.......... 1879-19
102% 102%
A-O 1 0 ^ % ........
109% 110% 112 D e c’OU
Debenture 5a.............
ly^ l A-O .........107% 106 Mar’ 1 0
106 l o b ’ l l
i
o i i " ib o “
105 110% 107 J a n ’ l l
107 " i b * f
Begistered...........IIIIIl021 A-O
Fob’ lo
113 % F eb ’ l 1
113 ...
Siukuig tuna dob o s .- .i l i o jo M-N lU3 100 106%
113% 113%
108% Mar’ l l
108% 108%
9 7 % ...
97% F e b ’ l l
Begistered.....................jyyy Wl-N ........ 108% 108%
97% 97%
Mar’l l
108% 108%
100 X o » ’04
80 ...
MU L b A- West 1st g 6s 1921 M-S 111% ........ 115% -Mar’ l l
115 115%
E xt Aj imp stund g be 1929 F-A 109% 111 109% Feb 11
100% lit)
AslUand Uly iat It (is..1925 M-S i 17 ......... 142% F eb’02
Mich L it l s t g Os .........1924 J-J 117 ......... 118 J a u ’ l l
118 118
in co m e s ............
i y n M-N 100 ........ 1 0 0 % D ee’ lO
111%113 113% 112%
112% 113
Ohio Boek is! Aj Pao 6 s;” l917 J -J 1 0 9
100% Mar’ l l
ioi)% i i o “
106% ........ 108%, D ee’ lu
Begistered.....................1917 J-J 109 ........ 109 Aug’ 10
97 % ........ 97 r e o ’ l l
’ iff** ”97*
General gold 4a................1988 J-J
96
06% 96%
*9*8** *98**
96*4
J
’ly
’08
103
1 08 % ........
Begistered.....................1988 J-J ........ 97
0 8 % F eb’ l 0
113 % ........ 115 J ’ ue’ 10
Betundiug g 4 s .............. 1934 A-O
83% aaio
88% 88%
”88% ” 80%
116 ........ 116%.M ar’ l l
110% 11#%
CoU trust b on es J 4 s....1912 M-N
97% J ’l y ’ 10
Mar* 10
•W-is................................ 1915 M-N
. U8
96 Deo 10
■X 4s.................................1 ‘j irt M-N
. 06% 01 D eo ’ 0 0
103% Sale 103% 103%
1 102% 103%
O 4s................................ 1917 M-N * ......... 94% 94*4 May’ 10
101 bate 101
101
10 100% 101%
P 4 s................................ 1913
93 % Aug’09
101% 109% J a a ’ l l
100%100% Chle B I Ai Pao BB 4 s ..2002 M-N
M-N ’ 73% bale* 73%
71*4
72% 74&*
Begistered....................2002 M N
7 4 * 4 Feb’ l l
74*4 74%
B I A rk A) Louis 1st 4 %s 1034 *M-S
92% 94
03% Mar’ l l
03*4 94
Bur C it A> N— l s t g oa. 103-1 A-O 11 l* i 112 111% 111 %
111%
112%
Begistered..................1934 A-O
1 2 0 % Mar’03
C B IF A j X VV 1st gu 6s. 1921 A-O
106% F e b ’ l l
106% 108%
114% Sale 114% 114V
1112*4114%
M Ai a t L l s t g u g 7 s ..1927 J.J)
107% 100 108
103 1 3 107*4 109
Choo Ok A) G geu g 5s .olOlO J-J 102 ...
102% Mar’ l l
102% 102%
........ 108
113A p r’00 ...JJ........................
Consol gold 5 3 ........... ..1952 M-N 106*4 108% 109% F ob ’ l l
100% 109%
103
bale 103
103 1 2 100 104
Keok A: Des M 1st 6 s ....1923 A-O
99*4...
100 100%
100% Mar’ l l
108 106 100% Mar’ l l ____ 100% 100% Ohio at L Ai X O See 1U Cent
100
bale 100
100 I 211 V6
101
Jlno at L Ai Pitts see Penn Co
100
101 100 Mar’ l l . . . . '100 100
hlo bt P M Jb O con 6 s ...1930 J-D 124% 125 % 124% 124%
2,124 125%
00
Hale I 05
09 126. 86
00
Cons 6s reduced to 3 % s.!93oJj -D
85 . . . . . . 0 3 “ D eo’oJ
‘4
%no
iHLaCKLLiANEOUS liO N US—Continued on N ext P a g e .
(street U nihvay
Brooklyn Bap Tr g 5a....... 1 9 4 5 A-O
1st refund conv g 4 s ....2002 J-J
JJkCity 1st con 5s. 1916.1041 J-J
Bk y Co A, b con gu g 6*. 1 0 4 1 VI-N
Bkiyn Uu El 1st g 4 -5s.l05o F-A
Stamped guar 4-5s___ I960 F-A
K ings Co El le t g 4a . . . . 1 0 4 0 f - a
Stumped guar 4s _____ 1949 F-A
Nassau Else gu g 4 s . ...1961 J J
Conn By A) L le t A* ret g 4 %s ’5 1 J - J
Stamped guar 4 % s ......... 1951 J-J
Dot United le t con z 4%s.lU32 J-J
Havana Eleo c o e s o lg 6s. 1962 F A
Inter-Met coll 4%s.............1056 A O
Inter Bap T 3-yr conv 6s. 1911 M X
46-year 6s Series A .......1952 M-N
Internet 'l’rao call tr 4 s..1040 J-J
Manila Eleo 1st <& coll 6a. 1963 M-8
*. *N o prioo Friday; latest this week.
S treet R a ilw a y
Met St By gen ool tr g 0 3 .1997 F-A
102% 3010 102% 102% 10 109 104
84% bale
84% 247 82% 84%
Bet g 4a________ _______2002 A-O.
84%
B w a y A i7 th A v la to g 6 s 1943 J-D
.........102% 102 Mar’ l l
102 103
__m
m .......
C o l* 0UiAV le t gn g 58.1993 il-S
98 D ee’ lfl
190% 8aJ» 100% 100*,
Lex A v * P F 1st g u g os 1093 M-S
6 ‘l t» % 102
Third A ve B B oou gu4s 2000 J-J
100% 102 100%Mar’ l l
109% 102
C on tT r Oo eertfs attnpd............
........ #4
84% D se’ ld
Third A r e By 1st g 5 s ..1937 J-J
83
......... #2*4 82%
82% 84%
73% 70
N Orl By
Lt gen 4%a 1935 J J
78%
78%
78
79
........ 102% 102% Mar’ ll)
at Jos By Lt H A) P 1st z 5a ’ 37 A1-N
101 102 101%F eb '1 1
St Paul City Cab cen g 5 s .1937 j -j
101% 102
........ M% 81% Mar’ l l
86% 82% Trt-City By * Lt 1st s I 58.1923 A-O
*96% 07
97 Mar’ l 1
94% 97% Undergreand el Lon 5s__ 1820 M-N
78*4 Sale
4% e........ ........................... 1933 J.J
7#% 79%
76% JO
7«%
100% ........ 100% 109%
100%
100% Inoeme 0s........................ 1948
103% bale
( % 103% l i t ll#3% 103% Union El (Chle) 1st g 6s..194s A O
67% Mar ’ 1 0
United Bye St L le t g 4B.10S4 J-J
08 May’0
May* 066 ___j } . „ „ ............ United K
—.............. 9**
ltB
B s San F r s I 4 e.l927
s .1927 A-O
UFlat. aDuo Jan d Due Apr « Dae May p D u e J ’ ne AD as j 'ly fcDae Aug
..
1 18
.
75
75%
......... 47%
75% M ar’ l l
46%
46%
102 102% 1 0 2 %
..... 100 1 0 0
99% 100
6 8 % ........
6 0 * 4 .......
109 111
03% l o i
1 0 6 % ............
«8
03%
88% Salt."
66% Hale
69%
71
oDae Oct
09%
M ar’ l l
J a n ’l l
99 %
61
M ar’ll
60%
61*4
110 Jan’ll
85
98
106
08
98
03%
62
84
80
70
F e b ’ll
X o v '0 4
F e b ’ll
98%
13
A p r 'O O
04%
0’i
58
178
O o t ’0 8
A n z ’ 10
70
10
9D ae X o v
j
75
45%
102
100
90%
69
58%
100
85
78%
46%
102%
101
100
61
61%
111
85
106
98
10#
03%
90*4 94*«
38% 6#
70
72%
Option Sale
A p r . 1 1911.
KOMIS
N. Y. S T p Q K E X C H A X fil!
W kick E nding M a r c h 31
863
New York Bond Record— Continued— Page 2
£
Price
Frtdan
March 31
Week? a
Range or
Last Sale
Range
o ] Since
January 1
'f i<‘
A s k L o ir
H i f /t i
Ohio S tP M tSo O—(X oil)
Lo io H i g h
Cli a t P A Minn 1at « 6s 1918 M-N 124 4 ........ 1 25 4 Jan ’ l l
124 1254
N or Wisconsin 1 s t 6 s...193(1 J.J 124 126 129**8 May’09
at p & y City 1st g 6 s ... 1919 A O 1124 112 4 112 4 112 4!
lY * 4 1*12*4
Clnctfe West 1mlgen g Urn? 1932 Q-M 169's 112 109 4 1 "9 4
109 109 4
Consol 50-year 4s........... 1952 J . J
92 4 Sale I 92 4
92V
92 4 934
Chic Aj W Alicli see Per** Marq
Choc O &i Cult See O R 1 it P
OLu K <fc L) 2d gold 4 4 s ...1937 J-J 1 0 0 4 101 113 Oct '00
Cm D it i 1st gu g 5a. ..1941 M-N 103 101»4 103
103
1024 1044
86
C Find i£s Ft W Jst gu 4s " .’ 23 M-N
HH Mar’ J1
88
88
83
90
Cin i & W 1st gu g 4 s .1953 J-J
8 6 * 4 Oct TO
104
105 104
Ind Dec ifc W 1st g 5 s ... 1935 J-J
104
3 103 104
1st guar gold 5s............1935 J-J
107 4 Deo ”02
C 1 a t L do C See C C C A a t LI
Oin a & c
c c c at l
Cleartield & Mali See R K & P|
Clev Cm C «So a t Lgeu e 4 s 1993 J-D
94
9 3 4 94
04
1
93*4 95
92 4
Cairo Div 1st gout 4 a .... 1939 J -J
92 F eb ’ l l
92
92
Cin W & M Div 1 s t g 4 s . 1991 J-J
92 4 94
93 4 Lee TO
at L Div 1st col tr g 4 s .. 1990 M-N
Mar’
11
92 4 934 924
*924 *94**
Registered.....................1990 M-N
90
91 Ucr '07
S n r& C ol Div 1st g 4a.. 1940 M-S
90 4
96 D ec'09 .. .. ...................
W W Val Div 1 stg 4 a ... 1940 J .J
91*4
9 1 4 D ec’ 10
0 1 a t Life C consol Os.. 1920 M-N 106
105 4 Feb TO
!'4->.
1st gold 4s................... /d93G Q-F
97 M a r'll .. .. 96
97
93»*
R egistered.............. /cl930 Q-F
96 Aug’ l 0
Cin a A Cl con 1 stg 5s. .1928 J.J 107
1064 Jan ’ l l
rn
ioe»4
0 C C ifc i cou sol7 s.........1914 J-D lu ?^
1074 F e b ’ l l
10741074
Consol sink tund 7s___1914 J-D
....
General consol gold 6s. 1934 J-J 1264
126 4 F eb ’ l l
*1254 1*2*54
R ogistcrod................. 1934 J.J
Ind 111 A W 1st pro! 4s. 1940 A-0
94 J ’i y ’ 08
O ind A W 1st pi 58...<(1938 Q-J
UO
Peo A Last 1st con 4 s ...1940 A-0
90 4
914 90 4
2
90
93
Incom e 4s...................... 1990 Apr
69
60 Fob’ l l .. .. 59
614
Ulov it Marietta See Penn RR
Olev it Pitta See Penn Co
Col Midland 1st g 4s.........1947 J. j
64 4
C4-4 644 644
1
6 4 4 09
Colorado it Sou 1st g 4 s ...1929 F-A
95 Sale ! 95
95 4 31 9 4 4 9 74
Reluinl it ext 4 4 s .........1935 M-N
98 4 36 97*4 984
98 4 Sale ! 98 4
Ft W it Den C 1st g 6s..1 9 2 1'J-D 112 4 113 112 4 112 4 25 1124113
Colum it Uroenv See So Ry
Col it llo ck Val See llock Val
Col it T ol Sec H ock Val
Col Conn it Term See N A W
Conn it Pas liiva 1st g 4a. 1943'A .o
.100 May’ 10
Cuba UR 1st 60-yr 5 g ....l 9 6 2 J -J
it G LSo see O M it at Pi
D ak
allaait Waco See M lv it T
Del Lack it W estern Morris it Essex 1st 7 s ...1914 M-N' 10734 ........ 1084 M a r'll
106*4 10854
1st consol guar 7s....... 1915|j-I)j 110*4 1114 111 Mar’ l l !!!! 1 1 1 l l l =4
Registered..........................1916J-l)
........1114 , D eo’ 10
1st rot gu g 3 4 s ........... 2000 J-D *9*6" .........I 91 Jan ' l l ___ 91*
91*
N Y L a ok it W 1st 6 s ...1921 j J .J 115 1104 1164 Mar 1 1 __ 115*4 1164
Construction 5s........... 1923 F-A 107 4 ........ 1100
Oct '10
93
Term it Improve 4s___ 1923 M-N
99 ! 99 Mar’ 1 1 — -|) 09
9 » ii
85 ........ 102', i b o b ’03
Warren 1st ret gu g 3 48.2000 F-A
Del
So llu il' le
............
' t Pa Div 7s. 1917 11-S 1154 1 10 4120 Oct ’ 10
Aug’Ol
Registered.................... 1917 M-S
118V Mb
98 4 23 9 8 4 99
10-yr conv deb 4s.......... 1916 J-D **984 99 ! 98ffs
1st lieu equip
101
lo*j
_ _ _g _4 4_ s____1922 J •J 1 0 1 4 1014 1014 Mai’ l l
98 s ' * 6 9 84 100 4
1st ifcrot 4 s ............................... 1943M-N98 4 9 8 V 9 8 4
93 4 1 G 93 4 94
9 3 4 94 i 934
Alb So Sua con v 3 4 s .......1946 A-0
123*4 124
Reus it Saratoga 1st 7 s .1921 M-N 124 4 ........ [124 J a n ’ l l
Del itiv R R Bridge See Pa RR
934
93 4 Sale | 93
9 2 4 91
D e n v it it Gr 1st cou g 48.1936 J-J
99 4 ........ 1014 Dec ’ 10 j
Consol gold 4 4 s .............. 1936 J-J
1014 1 0 1 Alai'11
i bi 101
Improvement gold 5 s ... 1928 J-l)
9 2 4 *3*9 90
98<4
1st .t relundm g 5s.........1955 F-A
92 4 Sale 92 4
l 10441044
1044 Alar’ 11
Rio Gr J uuo 1st gu g os. 1939 J-D
78 D e c'09 *..J
. 63
Rio Gr So 1st gold 4s. ..1940 J-J
1
85 Mur’08
Guaranteed................... 194o J-J
. 85
914 1 2 90^4 92*4
91
91 Sale
Rio Gr West 1st g 4s___1939 J -J
85
2
85
M geam tcollruat 4sA.1949 A -0
83 4 85 4
854 65
97 Jan '02
Utah Cent 1 stgu g 4s a l9 l7 A-O
Des Mol it Ft D see M it St ij
D esM oi Uu R y 1st g 5 s..1917 M-N 100 ___ 1 1 0 S o p ’ 04
Dot it Alack 1st lien g 4s. 1995 J-D
94 S e p ’ 1 0 . . . .
90 Alar’ 11
Gold 4s............................... 1995 J-D " 9 * 6 ...........
*83 4 *9*6*
72 4 74 O c t '10
Dot So—U S Div 1st g 48.1941 M-S
109
Dni it iron Range 1st 5 s..1937 A-O 109 Sale |109
1 1 0 8 4 ioii
Registered........................ 1937 A-O . . . . . . . . . . . . 1 06 4 Mar'dh ...J
2d 6s..................................1916 J.J . . . . .......... 104 F ob ’ l l . . . . 104 104
Dul Short Lino See N or Puo
I
Dui So Shore So A tl g 5 s ..1937 J.J 1 0 6 4 1 0 9 T 0 8 J a n ’ l l
108 108
s t o t Allan See St P A1 it A1
1/o
bast Ten Va i& Ga -See So Ry
Elgin Jol Jo lfiast 1st g 6 s.l9 4 l M-N 1 1 0 4 ........ 1 08 4 jNoy’ 10
Elm Cort it N o See 1joh So N Y
Erie 1st consol gold 7 s ....1920 M-S 1 184 Sale 1 184 H fi3( 24 1184120*8
N Y & Erie 1st ext g 4s 1947 M-N 1 0 0 4 ........ TOO J’ ne’ lo
2d ext gold 6s................1919 A1-S 105 4 1064 1044 Jan '11
104 4 104 4
3d ext gold 4 4 s .............1923 M-S 103 4 .........102 4 F ob ’ l l
1014 102 4
4th ext gold 6s.............. 1920 A-O 105 4 1064 100 4 Mar’ l l . . . . 105 105 4
96
99
!
994
b
W
l
u
J-D
5th ext gold 4s.............. 1928
N Y E E i t W l s i g Id 7s. 1920 M-S ........ 1 18 4 1 1 3 Oct T o
8 6 4 sale I 83
80 _ 95: 85
864
Erie 1st con g 4a p rior.. 1996 J-J
82 4 82 4
R egistered ............... 1996 J-J . _______ I 8 2 4 Mar ’ 11
754
2 j 73 4 76
1st consol gen lien g 4sl99G J-J
75
7 5 4 j 76 <4
86 4 Feb’ 07
R egis ter ed..................1996 J-J
Ponn coll tr g 4s........ 1961 F-A
88 . *8 8 4 ! 88 4 83 4 3 80 884
7 94
76 4
70*4 83! 73
60-year conv 4" A ....1 9 6 3 A-O
7 8 4 Sals
72 Sale
724
704
79*4 427! 69
do
Series B.1963 A-0
ButlN Y & Erie 1st 7 s ..1916 J-D 111 113 1110 4 Jan '11 . . . . UO** 1104
Ohio So Erie 1st gold 6 s.. 1982 M-N 1114112411^4 1124 1 1 11 4 113
Ulov it Alalion Val g 6s. 1938 J-J 111 4 ........ i l l 3®F eb '11 . . . . 1114 U l»*
Long D ock consol g 6 s..1936 A-O 124*4........ 125 M a i'11 . . . . 1244 1‘26
Coal it R lt latcnrguGB.1922 M-N 1 0 5 4 1 0 9 4 114 Apr *1<1
Dock it Imp 1st eur 6 s.. 1913 J-j| 101 4 ........ 1004 J a n ’ l l . . . . 1 0 0 4 1 0 0 °.
N Y it Green L gu g 6s. 1946 M-N 100 ........ 1 9 9 4 N ov'lO
N Y S ub So W 1st ret 5a.1937 J-Ji 1 0 3 1 0 5 1I O P 4 J a n ' l l . . . . 1014 101*4
2d goiu 4 * 2 8 ................... 1937 F-A1 8 0 .............1 0 0 4 D e o ’ o o
General gold 6a............ 1940 F-A
80
87 4
8 7 4 S”a b ’ l J
8 5 4 874
Terminal 1st gold o s ...1943 M-N 1 0 9 ^ 1 1 0 4 1 1 0 4 N e v ’ l 0
M id of N J 1st ext 5s ..1940 A -0 1 1 0 ............. 1 10 34 D e o ’ 1 0
W llk it Ea 1st g u g 6 s ...1943 J-D. 1 0 0 1 0 1 4 1 0 1
M a r’ l l .... 1 0 0 4 1 0 1
E v it Ind ls t c o u g u g 6a..1926 J -J 1 1 1 0 1 1 2 4 1 1 * O c t ' 0 9
RONDS
N. Y. STOCK E XC H A N G E
WfCKK Ending AIakch 31
Price
AyLi a v
March 31
Erie it PUls See Peun Co
Evans <t T H 1st cons 0s.l9 __ J-J
1st general gold 5 3 .........1942 AO
Alt Veruon 1st gold 6 s.. 1923 A-O
Suil Co Branch lsc g os. 1930 A-0
J/argo it ;so See Cli Ai it a t P
» lint it PereM See Pere Alar
Fla C<t Penin see
Air Lin*'
Florida E Coast 1st A 4 s .. 1959 J-D
Fori St U D Co 1st g 4 4 s. 1941
J
Ft W it Rio Gr 1st g 4 s ... 1928 J-J
/ ' al Har it 8 A see 8 0 Pac Co
* Tili H & H 0 tlS 8 2 1 sl Ss.UilS A-0
Georgia A Ala See &ea A Line
Ga Car <fe Nor See ;?oa A Lme
Georgia Pacilio See 8 0 Ry
Gila V G So Nor See 8 0 Pan Co
Gouv it Oswegat See N Y Cent
Grand Rap it Ind se^Penn RR
Gray’ s Pt Term See s t L S W
G tN o r—C L it Q coll tr4s 1921 J -J
Registered. A ................... 1921
J
St Paul Al it Mail 4 s . . . . 1933
J
1st consol gold 6s.........1933
Registered..................1933
Reduced to gold 4 4s 1933
Registered.............. 1933
Mont ext 1st gold 4 s..1937
Registered..................1937
B Minn Nor Div 1st g 4s 1943
Minn Union 1st g 6 s..1922'
Mont C 1st gu g 6s___1937
Registered..................1937
1st guar gold 6s....... 1937
Wi 11it 8 F 1st gold Ga 1933
Greenbrier R y See Clios it o
Gulf it to 1 1st rot it t g 5s 619o2
See N Y N 11 So 11
H 0ousatonlc
0 k Val 1st cons g 4 48.1999
J
Registered........................ 1 9 9 9
J
Coi So H V 1st ext g 4 s ..1948
O
Col So Tol 1st ex 4 s ....... 1955 F A
Houst E it W T ex See 8 0 i ’ac
Houst it l ex Ceil See So PucCo
ILous Belt & Term 1st 5s. 1 937 J-J
I llinois Central 1st g 4 s ..iu o l j.j
*- Registered.....................1951 J-J
1st gold 3 4 s .....................1951 J-J
Registered.....................1961 J-J
Extended 1st g 3 4 s ....... 1951 A-0
1st gold 3s sterling.........1951 M-S
Coll T rust gold 4s.......... 1952 A-0
Registered.....................1952 A-0
1st ref 4 s ......................... 1955 M-N
Purchased lines 3 4 s . . . . 195 2 [J . j
J-.N O dj l e x gold 4s ...1 9 5 3 M-N
Registered.....................1963 M-N
Cairo Bridge goal 4 s ....1950 J-D
LoutsvDiVitTerm g3 4 s.l953 J-J
Middle Div reg 5s.......... 1921 F-A
Omaha Div 1st g 3s.......1961 F-A
8t Louis D ivitterui g3s.l951 J-J
Registered.....................1P51 J-J
_________
____ _ 1951 J. j
Gold
3 4 s ......................
Registered.................1951* J •J
Spring Div 1st g 3 4 s . .. 1951 J-J
W estern Lines la t g 4 s..1961 F-A
Bollcv
6 s....... 1923 j -d
H i p it
" Car
H i 1st
...................
Garb So Shaw 1st g 4 s ...1932 -M-S
ChioSt L & N U g 5 s ...1951 J-D
Registered.....................1951 J-D
Gold 3 4 s ........................1951 J-D
Meinph Div 1st g 4 s ... 1951 J-D
St L Sou 1st gu g 4s___1931 M-S
Ind Bi it West see C C C it St L
in d il l it la 1st g 4s.........1959 j . j
ln t So Great N or 1st g 6 s .. 1919 M-N
2 d gold 6 s..........................1909 Al-S
T rust Co ce rtfs.....................
3d gold 4s..........................1921 M-S
Iowa Central 1st gold 5 s.. 1933 J-D
Gold 4s...............................1951 M-S
James F So Clear 1st 4 s ... 1959 J-D
al A it G r See L & it al
an it Alich See Tol So O C
1CC Ft S So M see St L it S F
1C O it Al R it B tfe e S tL & S F
Kan c So Pacilio See Al K & T
Kan City Sou 1st gold 3 s.. 1950 A-0
Registered........................ 1950 A-O
R e fit impt 6 s ........ A pr iy&0 A-O
Kansas City Torrnl 1 st 4s I960 J-J
Kentucky ce n t oee l it N
Keok & Des Mo See C R IitP
Knoxville So Ohio see So Ry
Erie it W 1st g 5 s.. 1937 J-J
i Jako
2d gold 6 a...................... 1941 J-J
North Ohio 1st gu g 6 s .. 1946 A-O
L Sho it Mich S see N Y Cent
Leh Val N Y 1st g u g 4 4 s. 1940 J-J
Registered........................ 1 9 4 0 J -J
Lehigh Val (Pa) cons g 4 s .2003 M-N
Leh V Ter Ry 1st gu g 6 a .l J41 A-O
Registered........................ 1 9 4 1 A-O
Leli V Coal Co la tg u g 5s. 1933 J-J
Leh it N Y 1st guar g 4 s.. 1945 M-5
Registered........................ 1945 M-S
El O it N 1st pf 6 s .......1914 A -0
Gold guar 6 s ................. 1914 A-0
Leh So Hud U See Cent of N J
Leh db Wllkesb see C eutol N J
Leroy it Cauey Val See Mo P
i.oug Dock See Erie
Long Isl’ d—1st cou g 5 s./il9 5 i Q-J
1st consol gold 4s.........A1931
General gold 4s................1938 n
Ferry gold 4 4 s ................1922 M-S
Gold 4s...............................1932 J-D
Uallied geld 4 s ................1949 M-S
Week's
Ranae or
Last sat-e
Range
Since
h -Q January I
A sh Low
Hia> So Lo>c Hiah
1124113
1 1 2 * 8 ---- ;i 124 M srT '
101
102
........ 101*4 1014 Mar”l:
............ .
106 1 1 2
114 Apr '05
105 .......
95 J 'n c’08
...................
Lid
95 Sale
90
05
......... S 1>4
95
92
84
9 0 4 ........
98
4
95
3
A u s’ K
Mar’ l l . . ..
95
95
81
844
Feb’ l l
984
984
90 Sale
954
90 237 9 5 4 9 6 4
95*8 Salb
964
9^4
954 064
8
93
9 9 4 99 F eb ’ l l
98 4 99
126*8........ isa'v, iau»„
7 126 1 274
105 4 105*8 105 4
9 6 4 08 4
95 ........
96 4 ........
116 ........
128 ........
125 4 ........
112 4 113*4
113=4........
90
8 3 '» 80
1014 102 4 1102 4
1 0 0 4
94 4
96
95
96 4
105 4
2
94
96
M a r 'll ...J
1 014 Feb’ l l
1 014 1014
ij
........ 107\ Anr’ u7
»9=, Mar’ l l
90
94 8ep ’o*J . . . .
89
........ 9 3 4 May’09
SO J 'ly '09
98 ......... 98 J a n ’ l l
95
064 99 J’ ne’ 09
964
96 *« 15
9 6 4 97
85 4 86 4 87 F e b ’ l l
98
97*8 98 4 98
1
0 4 4 96 4 944 J a n ’ 11
964 97 4 97 4 F e b ’ l 1
85 4 Mai’ 11
102 ......... 123 May’99
75 4 ........ 774 Mar’ lb
7 5 4 Jan ’ l l ....j
7 5 4 77
100
.........
........
88 4
8*7* ........
95 4 ........
1 1 7 4 .........
*94 ........
1104 U 7
114 - j .........
8 1 4 ........
93 ........
9 1 4 .........
86 Alar’ 1 i
1 01 4 Get ’99
10 0 N ov’ OO
9 6 4 Deo TO
117 4 May’ lO
95 4 Oct TO
116 I 'e b ’ l 1
ill
F ob ’ l l
90 Oct ’09
97 4 Mar’ lo
98 J ’l y ’ 08
95
90
1074 109
113 1154
113 4 Sale
17
27
.......102
64
66
......... 9 4 4
9B
107=4
112
113 '4
15
1 02 4
654
944
86
4
90
102 4
3 1014
Sen 08
Feb 11
94
F eb ’ l l . . . . 96
100
1 0 14
1 0 0 4 102
85 4
L05
106
9 8 4 Alar’ 1 1
96
98 4
I 0 0 4 *'ct ’ 0 6
9 9 4 Jan T i> . . ..
116 •_M ar’ l l
1 164 U 6 4
127 J a n 'l l
127 127 4
130'4 Mm’ UO
1124 D ec’ 10
1124 Feb’ l l .. .. i i 7 =j 1 1 2 = 4
91=4
1 0 2 4
94=4
96
10141014
1014103
864
904
98
98
96 4
86
974
944
96
854
98
87
984
944
97 4
364
75 *a 75>a
8(i
864
115 4 1 1 6 4
L13 115
95
1 95
107=4
4 107 4
F eb’ l l
112
113 *3 36 1054
Feb 11
15
F eb’ l l
102
63
05 4
M ax'll .. .. 9 4 4
964
1084
U2
1134
16
103
69
96
73
71
73=a
73=»
1 734 744
63 Oct 'Ol;
i b o s iu i 1 0 0 4 1 UU4 12 1 0 0 4 102
97=8
3 7'» 37 5a 97=8
4 9 6 4 97*»
109
109 109 Sj 109
7 109 1114
104 4 104 4
104 4 105 4 104 % Mar’ l l
103'a ........ 108 4 J an '11 ....! 108 4 1 0 8 4
104 106
1064 .........
97
97 4
114 Sale
H l> 8 ........
107 4 ........
106 Mar’ l l
1044 Jan 'l l
97
97 4
113®a
113 M a r'll
105*8 1064
1 104 4 104 4
97 4
8 97
2 113 114
113 113
934 Alar TO
i b i ......... 101 4 F eb ’ l 0
’ 09
1 0 0 4 ......... 1 014
1 0 9 4 1 1 2 4 1 104 F e b ’ l l
92
96
9 8 4 100
93
96
........ U1-,
96
98 4
99 4
91
11041124
F eb ’ l l
96
964
Mar’ l l
934 984
Get ’ 06
Mar’ l l . . . J 94
964
L)118(J^LLAiS£0(j3 UOND.i—Continued on N ext P a g e .
tin s and E lectric Light
Atlanta G L Co 1st g 5 s ...1947 J-D 1 0 2 4 ........
Bkiyu U Gas 1st con g 6s.l046 M-N i u t s k t ?3* 1074 1074
Builalo Gas 1st g 6s.......... 1947 A-O
60 4 Sale
•04
60 4
Columbus Gas 1st g 6 s . . . . 1932 J.J
Detroit City Gas g 6a.»....192,*> J-J 100 4 1 0 0 4 1004 Mar’ l l
Dot Gas Co con 1st g 6 s ...1913 F-A 10U ......... 954 Sep '08
Eq G L N Y 1st con g 6 s ..1932 .*-8 1 0 5 4 1 0 8 4 1054 Mar’ l l
Uun& E lec Berg Co c g 6s. 1949 J-D
91 ......... 0 1 4 Oct ’01
Gr Rap G L Co 1st g 6 a ...1015 F-A
9 9 4 101 100 Oot ’09
Hudson Co Gua 1st g 6 s ..1949 M-N 103 4 1 0 4 4 1044 104 4
Kan City (M o)G aslB tg 6s 1922 A-O 99 100
9 94 Mar’ l l
K ings Co El L A P g 6 s ... 1937 A-O 102 ..... 102 4 F eb ’ l l
P ur cl wise money 6s........ i997 A-O 1134 1164 1134 113*4
8 « ........ 88 Mar’ l l
Ed El H Bkn 1st cou g 4s 1939 J-J
L a oG a sL olttt L lB t gO s.eld la q -F ........ 1024 10-2 4 Mar 1 1
Ret and ext 1st g 6s....... 1934 A O 100 100 4 1004 Mar’ n
90
9 0 4 UOfls Mar’ l l
Milwaukee Gas L 1st 4 s.. 1927 M-N
Newark Con Gas g 6s....... 1948 J-D 104 . . .
1004 J a n 'l l
* N o price Friday; latest bid and asked this week, a Duo Jan
C o e am i E le ctric Light
N Y G E L U i & P g 6S...1948 J-D
Purchase money g 4 s...1949 F-A
Ed El HI 1st cons g 6 s ..1995 J - j
N YifcC jE lL & P lst-coug5sl930 F-A
N Y * Rich Gas 1st g 58.1921 M-N
Pacific G So Eleo Ce Cal G & E
Cory unifying A ref 5s 1V37 Al-N
Peo Gas db C 1st ceu g tfs.1943 A-u
Refunding gold 6 s..........1947 M-S
C hG -L A Cks 1st g a g 6 s 1937 J-J
Con G Co of Ch luiffu g 6 s .’3S J -D
Ind Nat Gas «fc Oil 30-yr 6 s ’ 38 R-N
Mu Fuel Gas 1st ga g 5 s .194 7 J-N
Philadelphia Go to u r 6 s ..1919 P-A
ayraonae Lighting 1st g 6 1 . ’ 61 J -U
Umon JCLeo L A P ls tg o s .1 9 8 ‘2 H U
Kef Si ext 6 s ...................193* AN
W estchester L igh t's g 6s.l96u J -D
dD aeA pr
«D ae Aley A D a e J T y
1034
103>. sale 103
834
88^4
88 S &ale
1 1 1 4 ........ 1 1 L Mar’ l l
1014
1 0 1 4 ........ 1 0 1 4
97 4 JTy ‘09
62
16
102
87
111
i 100
1034
89
111
1014
9 6 4 Sale
93
954 56 914 9 6 4
1 1 5 4 ........ 1164 Mar’ l l
1164 I I 0 4
101 Hi 102 S 1014 Mar’ l l
101410 2
103 103 1024 Mar 11
1024 1034
101=8 102 H, L014 1014
1 LO1 LU14
90
......... 9‘2 4 90 Mar 11
a is
10041004
1 0 1 4 ...... . 1004 Jan ’ l l
1074 108 108 4 Mar’ l l
LU4 1 084
97 ......... 98 Aug’ l 0
99 ........ 96 Jan ’08
93
97
95 Mar’ l l
964
2 104 106
1044 Sale 1044 1014
fcDae vug ?D u e D e o s Option iinlt
864
HON l)S
N. Y. STOCK E X C H A N G E
W kkk ending M akch 31
Long Island—(C on)
Debenture gold 5 s ..........1934 J-D
Guar ref gold 4s...............1949 M-S
N Y B A M B 1st c o n g a s 1935 A-O
N Y & K B l s t g 5s....... 1927 M-S
N or Sh B 1st con g guos ol932 Q-J
Louisiana A A rk 1st g o s .1927 M-S
Louisv A Nastiv gen g 68.1930 J-D
Gold 5s............................... 1937 M-N
Unified gold 4s................ 1940 J -J
R egistered..................... 1940 J-J
Coll trust gold 5s.............1931 M-N
E H * Nash. 1st g 6s___1919 J-D
LOln A Lex gold 4 4 s . .. 1931 M-N
N O A M 1st gold 6s___1930 J.J
N O A M 2d gold Os.......1930 J .1
P adu:ali& Mem d iv 4 s..) 940 F-A
Pensacola D iv gout 6 s .-.1920 M-S
St L Div 1st gold 6s....... 1921 M-S
2d gold 3s.......................1980 M-S
A tl Knox A Oin div 4 s.. 1955 M-N
A ll Knox A N or 1st g 5sl946 J -0
Heuder B d g e ls t s f g6 s .l9 3 1 M-S
Kentucky Cent gold 4 s.. 1987 J -J
L A N A M A M l s t g 4 4 s 1045 M-S
L A N-South M joint 4S.1952 J .J
N Fla A S 1st gn g 5 s ... 1937 F-A
N A O Bdge gen gu g 4 4s 1945 J-J
Pons * A tl 1st gu g 6 s..1921 F-A
S A N A la con gu g 5s.. 1936 F-A
L & Jett Bdge Co g u g 4 s.. 1945 M-S
LNAACh A w O U L
Coal See L 8 A M 8
M ahon
anliattan Ky consol 4s. 1990 A-0
uegistered..................1990 A-O
Stmpd tax exem pt.. 1990 A-O
Manila Kit—Sou lines 4s. 1936 M-N
a l o K 'p i * B V see N 1 Cent
Mex Cent cons g 4s.......... 1911 J -J
1st cons mo g 3s........ al939 J’ ly
2d cons ino g 3s trust rects..
ile x in ternet 1st con g 4s. 1977 M-S
Stamped guaranteed___1977 M-S
Mlou ce n t see N 1 Cent
Mid of N J See Erie
Mil L S & VV See Clilo A N VV
Mil A North See Ch M A St F
Minn A St L 1st gold 7 s ..1927 J-D
Pacific E x 1st gold 6 s...1921 A-O
1st consol gold 6s.............1934 M-N
1st and refund gold 4 s ..1949 M-S
Des M A F t D 1st gu 4 s... ’35 J-J
Minn A St L gu See B O K A N
M St P A S S A1 con g 4 m t g u ’38 J.J
M 8 S M A A 1st g 4 int gu 1926 J-J
Minn Uil See s t P M A il
Mississippi Cent 1st 5 s ... 1919 J.J
Mo nun co Tex xsl g 4 s ...1990 J-D
2d gold 4s..............
01990 F-A
1st ext gold 5s..................1944 M-N
1st & refund 4s................2004 M-S
Gen s I 4>a8................... 1936 J-J
8t L DIV 1st ret g 4 s ....2001 A-O
Dal A Wa 1st gu g 5 s ... 1940 M-N
Kan U A Pao 1st g 4 s ...1900 F-A
Mo K A E 1st gu g 6s. ..1942 A-O
M K A Ok 1st gu 5s.......1942 M-N
M K A T ot T 1st gu g 6s. 1942 M S
Slier Sh A So 1st g u g 5 s .l9 4 3 J-D
T ex A U k la ls tg u g o s .,.1 9 4 3 M-S
vto Pacitlc Istco u g 6s ...1 92 0 M-N
Trust gold 5s stam ped.al917 M-S
K egistered ................. al917 M-S
1st coll gold 5s..................1920 F-A
40-year gold loan 4s.......1945 M-S
3d 7s extd at 4%.............. 1938 M-N
1st A ref con v 5 s ............i960 M S
Cent Br Ky 1st gu g 4 s .1919 F-A
Uen Branch U P 1st g 4s. KG* J-D
L eroy A C V A L ls t g S s 1926 J .J
Pao K of Mo 1st ex g 4s. 1938 F-A
2d extended gold 5 s ...1938 J-J
St L It A1A Sgeu con g 5sl931 A-O
Gon con stamp gtd g 5s 1931 A O
U nltledA rel gold 4 s ..1929 J-J
KlV A G DlV 1st g 4 s ..1933 M-N
Verdi V 1 A VV 1st g 5S.1926 M-S
Mob A Ohio new gold 6 s.. 1927 J -0
1st extension gold 6 s../il9 2 ?
General gold 4s................1938 u
Moulgoiu D iv 1st g 6 s ..1947 F-A
St L A Cairo coll g 4 s..el93 0
Guaranteed g 4s.......... 1931
M A O coll 4s See Southern
Mohawk A Mai See N V C A 11
Mouougahela Klv See B A O
Mont ce n t See St P M A M
Morgan's La A T See S P Co
Morris A Essex See Del L A VV
Chat A St L 1st 78.1913 J-J
N ash
1st consol gold 5s.........1928 A-O
Jasper Branch 1st g 6 s..1923 J-J
McM M W A A 1 1st 6 s..1917 J-J
T A P Branch 1st 6 s ....1917 J-J
Nash Flor A Shot See L A N
Nat Kys of M ex p r 14 4s 1957 J .J
Guar gen 4s......................1977 A-O
Natot Mex prior lien 4>2S.1926 J-J
1st consol 4s.....................1951 A-O
New 11 A D See N V N 11A 11
N J J unc ItK See N Y Cent
N V Bkln A Man Boh See L 1
N Y Cent A H Klv g 3 >28.1997 J-J
Kegistered.....................1997 J-J
. Deben g 4s...................... 1934 M-N
Lake Shore coll g 3 >23...1998 F-A
Kegistered.....................1998 F-A
Mich Cent coll g 3>23___ 1998 F-A
Kegistered.....................1998 F-A
New York Bond Record— Continued— Page 3
Price
fYidav
March 3 7
WceWi
Range or
Last Sale
II
Ilia
Ash
103 4 ........
9 6 V Sale
103*8........
101*8........
103 4 104 4
94*s
115
n u
98a4 Sale'
Range
Since
January /
BONDS
N. Y. STOCK E X C H A N G E
W eek E ndino M arch 31
[VOL. L X X X X I I .
Price
WeekTs
I'ridai) \ Range or
March 31 I Last Sale
Range
Since
January 1
Low
High Ho Low High. N Y Cent A H K—(Con)
Bin
Ash Low
High
Low H igh
1044 D ec’08
Beech Creek la t g u g 48.1936 J-J
9 8 4 ....... 1 98 V D e c ’ 1 0
21 "d'SK ‘ 97‘
Kegistered....................1936 J .J
964
97
.......| 9 3 4 N ov’ 10
1104lN ov’0G . . . .
2d gu gold 6s...............1936 J .J
1064 105 A p r’ 07
B eechCr Ext 1st g 3 4 s 61951 A-O
84 4 103 4 103 4
1 I*''*' *
Cart A Ad 1st gu g 4 s ...1981 J-D
. 97 I 97 4 A p r’ O'
...I 94 4 94 >8
G o u v A O s w e ls t g u g o s 1942 J-D ’ 1094
116 >8 Mar’ l l ..J 1154 116 >8
Moh A Mai 1st gu g 4 s..1991 M-S
98*4 ........ I 99 4 Mar’ l l
99
994
112 >8 Mar ' 1 1
>81124 N J June K gu 1st 4 s ...1986 F-A 95 100 1105 <><* '02
984
98 S 48! US>8 99
N Y A Harlem g 3 4 s . . .2000 M-N
90 ........ I 9 0 4 F ob ’ l l
9 0 4 ’ 9 6 4
97*4 Nov’ 10
N Y A North 1st g 5 s ...1927 A-O 106 107 108 Oct ’ 09
109 110 109*4 Feb’ l l
! lo ir 109*4
N Y A Pu 1st con g u g 4 s 1993 A-O
97 4 9 74
95 4 97 I 97 4 F e b ’ l l
111 113 1114 Mar’ 11
iu i
112
Nor A M ont 1st g u g 5s. 1910 A o
104 106 104*8 104;V
Jl04*i, 104*8
Pino Creek reg guar 6s. 1932 J-D
Jan ’09
1314
122 1532 >‘s
1 121-’ s, N ov’ 10
K W A Ocon Is te x t5 s ./il9 2 2 A-O 1074 n o
107 4 108
107 4 Mar’ l l
118 118*8 U S 8* Feb’ l l
il 8 V 118*8
Os we A K 2d gu g 5s...<;1915 F-A 10O 105 105 Jan 'Os
96 4 9 54 D ec’ 10
K W A O T K 1st g u g 63.1018 M-N 1 0 3 4 ........ 104 J ’ne’ io
i b K 109 105*, Mar’ l l
Rutland 1st con g 4 4 s .. 1941 J .J
100*4 1054
96*4........ 102 4 Feb T o
114
113 S e p ’ io
OgALCham l s t g u l s gl94S J.J ........ 87
85 4 89 4
89 Mar’ l l
71 4 F eb ’ l l
714
■7T4 7 1 4
Kut-Canad 1st gu g 4s. 1949 J-J
92 j ’ ne’ 09
9l»« 9388 93 Mar’ l l
92
Sc Law A Adir 1st g 5s. 1996 J - J iiis" i " 115 J ’ ne’09
03 4
112 .... 112 DeoTO
2d gold 6s......................1996 A-O
125 Fob’08
1057e ....... n o Jan ’09
Utica A Bik K lv g u g 4 s .1922 J-J 100 ....... 100 Nov’ iO
........ 96
Mar’ l l
94
94
96
Lake Shore gold 3 4 s ___1997 J-D
89
88 78 Sale
47 8 3 4 90
103 4 ....... 103 D ec’ ll)
Uegistered.................1997 J-D
88 88 88*8
88
88
88
88 4
........ 90
89 Mar’ l l
89
91
Debenture g 4s............1928 M-S
93 4 Sale
93V
93 4 94
934
108 111 112*4 F eb’ l l)
26-year g 4 s ..................1931M-N
93 4 Sale
112*8 112*8
92*4 93 4
03 4
93 4
1004
Ka A A G K 1st gu o 5s. 1938 J - J 110 4 .......
1 1 0 4 ........ n o J a n ’ l l
iio n o
Mahon C’ l liK 1st os.,1 9 3 4 1J -J 1 1 1 4 .........11114 1114
110*8 1114
1 1 0 4 ........ 1 1 2 F eb ’ 1 1
112 1 1 2
Pitts A L Erie 2d g 6 s.a l9 2 8 'A -0 1064..... '100 D eo’ 09
94 Sale
94 I
94
92
04
Pitts M cK A Y ls t g u 63.1932; J-J 122 4 ......... 11304 Jan ’ 09
2d gu ar6s......................1934'J-J 120 ........ 1..........
MolCees A B V ls t g 6 s 1918 J-J 107 ...................
96
97
9 6 4 Mar’ l l
9 64 98*b
Mich Cent 58.................... 1931 M S
1 1 0 4 Oct TO
104 Apr'<>5|
Kegistered..................1931;Q-M 109*8.......... 119 j ue’ 06
9
7
4
M
a
i’
l
l
.
.
..
964 97*8
964 984
4s.................................... 1940’ J-J
97 <4 99 I 99 Jan ’ l l
66
Kegistered.................1940! J-J 1 96 4 .......... 98 D oo’ oy
J L A S 1st g 3 4 s .......1951 M-S
86 4 86 4' 90 J ’ ue 08
994
9 94
99*4 100
99 S 100
1st g 3 4 s ..................... 1052 M-N I 87
88
87 4 Mar’ 11
87
8 74
3 l*g M ay lu
20-year deb 4s............ 1929 A-O ........ U IV 91V Mar’ l l
9 1 4 92 4
254 Apr’UU
Bat o A Slur 1st gu g 3 s'. 1989 J-D
77 Mar’ 10
76
N Y Ohio A St L 1st g 4s 1937'A-O
9978 100 18; 99 4 1 0 0 4
9 9 4 Sale
79 N ov’ 10
Kegistered.................... 1937 A -o
100 Deo’ uy
Debentures 4 s .............. 1 9 3 1 M-N
9 0 4
91
0 0 4 Mar’ l l
90 4 91
West Shore 1st 4s g u ...2361 J-J 100 101 101
101
1004 1014
Kegistered.................... 2361
“
98*i Sale
98*4
99 4
9 84 100 4
N Y A Greemv Lake see Erie
130 130
N Y A lia r See N Y C A Hud
1313s . . . . 130 J a n ’ l l
N Y Lack A VV See D L A W
110 . . . . 118 J a n ’07
106 4 Mar’ l 1
N Y L E A VV’ See Erie
.........107
1054 109
70 Mar’ l l
N Y A Long Br See Cent of N .1
70
74
65 >s 69
80
8 1 4 8 1 4 Mar’ l l .
8 1 4 8 1 4 N Y N H A H—Non con 4 s.*56 M-N 93
93*4 Mar’ 1 1
93*4 9 4 4
Conv deben 3 4 s .............rypu j . j
I 93*0
i- 8 4 “ 65 98 >4 100 4
Conv deben o s ................ 1948 J-J
97 «e Sale
9 74
!>7V 12 95*4 97<b
133
133*4 45 133 124*4
984 Jau ’ lu ...J
H ousatom c K con g 6s..J037:M-N
' 112 4 Oct ’ lo
N H A Derby con cy os.1918 M-N
'107 Aug’09
Providence s e c deb 4 s.. 1957 M-N 85 4 86 I 8 6 4
91
034
934
934 934
85 4
4 84 4 97
Sale
N
Y
A
North
See
N
Y
u
a
11
I
97>»
b7*i,
9 7 4 98
97V
N Y O A VV ret l s t g 4 s..gl0 9 2 M-S
8 34 86
84 4
S44
84 >4 85
«6*4
96
96* 1 95*4
1 95
06*4
Itegls $5,000 only.........ol992 M-S
1014 103 4
1 94 4 F e b ’ l l
1014 1024 191 4 M a r 'll
94 4 94 4
N Y A Put See N Y C A H
7 9 4 Mar’ 11'
79 4 81
79 4 80
N Y A K B See Loug Island
86*4
8 6 4
8 6 4 Sal6
864
N Y S A W See Erie
78
78
78
78
78
70
N Y T ex A M See So Pac Co
105 J ’ne’ 10!
1054
90 M ar’ l l
.. 9 0 4 9 0 4 N or A South l s t g 6 s .........1941
1004103 103 4 J a n ’ l l . . . . 1 0 3 4 1 0 3 4
1 1 0 9 110 4 Nort A West gen g 6 s ....... 1031 M-N 124 4 126 4 125 D eo’ lo
109 4 109 4
1094
linprovein’ t A e x t g 6 s ..1934 F-A 124 4 ........ 126 Mar’ 10
108 F e b ’ lT ...J.107 108
106
N ew K iver 1st g Os.......1932 A-O 123 4 125 125 J a il’ l l
11102*4 1034
125 125
103 4
103*8
N A W Ky 1st con g 4s. 1996 A-O
110 4 A p r’09
994
984
98 '6 10 98
105
98*6 salt
Kegistered.................... 1996 A-O
105 1054 105 J a n ’ l l ....'1 0 5 105
9b J a il’ l l
98
98
D lv’l 1st 1A gen g 4 s ... 1944 J - J
93
93 4 ! 5 92*s 93*4
109 4 109 4 11094 109 V 11 109 111
10-25 year conv 4s___1932 J-D
1 0 1 4 ; 10 10041 0 2 4
1 074 109 4 1033 1 0 0 4 1094
100=8 i o i 4 |i o i
99
Mar ’ 1 0
Pocah O A C Joint 4 s.. 1941 J-D
S8=g 88*»| 2 88 4 90 4
C C A T 1st gu g 5s.........1922 J-J
105 N ov’ 1 0 ___:
ioo*I 101*8 100*4 1004 21 1 0 0 4 102
784
7 8 4 32 1 7 6 4 83
Scio V A N E la t g u g 4s 1989 \1-N
0 0 4 Mar’ l l 1___ 9 6 4 97*
7 b 4 Sale
954 N ov’OO
North Illinois See Chi A N W|
97
95 4 172 1 9 14 9 6 4 North Ohio See L Erie A W
95 sale 96
9
3
*
4
F
e
b
'l
l
.
.
.
.
'
92
93*4
Nor Pac—Prior lieu g 4 s ..1997 Q J
91*4 04 >8
9 9 4 219 99 4 100*4
87 4 May’ 10
834
Kegistered.....................1997 (3-J
98 4 99
110 Mar’05
General lien goiu 3s___«2047 O-F
70 4 7 1 4
98*4
F
eb
’
l
l
"9 5 4
97 4
...|| 97*4 98*4
K egistered ................. <*2017 o -F
09 4 6 04
1084 109 110 D e c ’ lU
Paui-Dul Div g 4 8 ....1 99 6 J-D
96
96
108 6 1064 ilia 4 St
1U8-4 Sale 108
Dul short L 1st gu 5 s.. 1016 M-S
111 S e p ’09
C B A 0 coll tr 4s See o t Nor
86
85*4 23 |834 874
85*4 85 >4
P A N P gen g 6 a___1923 F-A
1164 116*4
86>. Sale 8 5 4 8 64 ' 251844 884 StKegistered
c e r tifie s..1023 Q-F
1 0 2 4 J a n ’ lo'
St Paul A Dul 1st 5s___1931 F-A
119 4 i ‘2 0 4 1 2 0 4 5Iar’ l l III' i’ *’ i' "
a*‘ 6 s ...............................1917 A-O
j102*4 102*4
1144 1164 116*4 F eb ’ l l ...‘ 1164116*4
1st consol g old 4 s.........1968 J-D
87*4 8 6 4 Jan ’ l l ... I
4
Wash Cent 1st g 4 s .........1048 Q-M
109 4
no
n o I 4 110 1104 Nor Pao Ter Co 1st g 6 a ..lU 3 3 J-J
liYiv in*8
81 Mar’ l l ... I 81
83
81 N or Ky Cal see s o Pao
'9 3 4
93 4
93
934 914 Nor Wis See U St P M A O
Nor A Mont See N Y ce n t
1 v inu A W See O O C A St L
V_/hlo Kiv HU See Halt A U
Ore A Cat See So Pao Co
Ore Short Line nee Un Pao
Oswego A Koine see a Y C
106 1064 1 0 0 1 0 6
5 106
10 64
la o Coast Co 1st g o s ....1 94 6 J-D 1 0 5 4 1 07 V 1064 Mar’ l l .
1 0 5 4 108
109*s ilO 109 4 Mar’ l l . . . . 1 0 9 4 1 1 0 4 I ao of Missouri see .Uo Pac 1
I
116*8 . . . . 1 16 4 Nov ’ 1 0 .........................
Penn KK 1st real e s tg 4s. 1923 M-N
99*g 1 0 2 1 0 1 4
10 1 4
3 1 0 1 4 1 0 2
1067s . . . . IO8 4 D eo’ i u .. .
Consol g o ld o s ................. 1919 M-S 103 110 1094 Jan ’0 9 ...........................
1 0 6 4 ___ 113 J’l y ’0 4 ..... .....................
Consol gold 4s................. 1943 M-N ........ 103 4 103 V D eo’ lo .........................
Convertible g 8 4s..........1012 M-N
0 9 4 0 04 9 94
99 V
1! 93*4 99 4
93 4 Sale 93
937g 27 92*4 95 4
Convertible g 3 4 s.......... 1916 J-D
96s* sale ; 9 0 4
96*8 101 ' 06 4 90*8
8 6 4 87 4 85 4
8 64
4 85
89*4
Consol gold 4 s ................1948 M N <03 104 103
103V 68 103 1014
____ 101
1 0 0 * 4 F eb’ l l ___ 1 0 0 * 4 1 0 0 * 4
A lleg Val gen gu g 4 s ...1942 M-S, 9 94 100 ;100 4 J a n ’ l l . . . . 1004 1004
8 1 4 83 4 81 4 Mar’ l l .. .. 3 1
8 3 4
D K U K A BgO 1st gu 4 s g .’30 F-A 1 0 0 ....... .........
'...................
PhiluBal A W l s t g 4 s ..1043 M-N, 1 0 2 4 ........ 1UI*4 D eo’ lo
Sod Bay A So 1st g 5 a... 1924 J •J j 100 .........102
J a n ’03
...................
U N J KK A Can gen 4 s.1944 M-S * 100 ........ 103 4 May’ 10 .
..................
88
S84
81 8 7 4 90
83 Sale
Peun Co—Guar l s t g 4 4 s .1921 J -J lu3=g saib 103*8 103V
8 10341014
87
87
2
8
6
*
4
8
9
4
Kegistered.....................1921 J- J; 1 0 2 4 .......... 1027« Mar’ l l . . . . 1027a 10278
........ 8 8 4
93
93
14 92 4 94
93 Sale
Guar 3 4 s coll trust reg. 1037 M-S
87 ........ 90 Aug’ 1 0 ...........................
794
1 8 79*8
8 0 4
G u a r 3 4 s co litr ser B ...1941 F-A 1 S3
. . .. 8 8 4 Mar’ l l . . . . , 8 8 4 8 8 4
........ 79*8 79*8
78*8
79
5 784 79**
T r Co certil’s gu g 3 48.1916 M-N 1 07*4 07V 97 4 Mar’ l l ___ 97
......... 78
9 74
Gu 3 4 s tr ctfs C .............. 1942 J-D! 8 7 4 90 i 87 Aug’ 1 0 ___ '....................
7 8 4 ......... 79 Mar’ l l . . . . 7 8 4 7 94
76
Gu 3 48 tr Ctfs D .............. 1944 J -D 1 ........ 89 1 91 D eo'0 9 ..... ...................
78
78 ' 76 F e b ’ l l . . . . 76
...'■ 112
10
no ns
102
>4
20 22
86 864
2
1U ISC E L L IN KOU S BON U s —Continued 011 N ext P a ge
Coni and Iron
Bull A Susq Iron s 1 5s___1932
Debenture 5s...............a 1926
C0 1 £ A 1 CO gen s t g 5 s ..1943
Convertible deb g 5s
1911
CoJ Iniiu IstA coll 5s gu 1 9 3 4
Contin’ t a lc 1st s r g u 6 s g .l9 o 2
Gr Kiv Coal A C l s t g 6 3 . .1919
Jett A Clear O A 11st g 5s.l92n
Kan A H C A C 1st s f g 53.1981
Pocah Con Collier Ists i 5s.’5<
Sunday Creek Co g os — 194 1
Tenn Coal gen 5s.......... 1951
l’enn Div lst g 6s......«1917
Birm D iv lstco n so l 6 s..1917
Cali C M Co 1st gu g 68.1922
De Bar C A l Co gu g 6s.l01b
Victor Fuel 1st s t 5s........ 1953
V alron C oal A C o ls t a o s .1949
....
. ...
.Vlnuuincturing &• Industrial
J-D
964 9 7
9 7 4 ........ 07 F e b ’ l l
Allis-Chalmers 1st 5s....... 1936
M-S
90
92 4 90 D eo’ 10
Am A g clioin 1st c 6s.......192,'
974 9 9
F-A
UGV 9 9 4 98 4 M a r 'll
9.1*4 100
Am Cot Oil ext 4 4 s .......... 1916
F A l o o 1 0 0 4 100 Mar' 11
V' 75
Am H ide A L 1st s f g 6 s ..l9 ii'
F-A
7 9 4
75
76
76 4
76
Anier
Ice Secur deb g 6s.. 1926
F-A
9 0 4 ........ i 07 «s D ec’04
........ •.......
an 4
A m sm elt A It sub rets 6s fullpu
A-O
102*8 A p r’06
Am Spirits Mtg 1st g 6 s ..i 0 l ..
J-D
107 May’ 97
Am Thread 1st col tr 4s..I9l;>
J-J ! ! ! ! ! ' i o i v 1054 D ec’06
Am Tobacco 40-yrg 6s___1941
J-J
83 J ’ nt’ 10
82 4 85
J J
4s. ....................................... 1951
73 F ob ’ 07
J.J i o i " i ’0‘ 4 4 104
104 ’ Tc U)d*4 104 4 Am Writg Paper Ists 15s. 19U
103 105>* Join oleei 1 st ext s l o s .. 1 9 2 1
A-O 104*4 106 105 Mar’ 11
J-J 104*4 106 1047g M a r'll
101 ^ 105 V ient Loather20-year u 5s.l92t
J-D 107 ........ l l o J a n ’09
Cons 1 Tobacco g 4 s . ___ 193,
F-A
Corn Prod Kef s f g 5s__ 193
100 Jan to
J-J
87 *88 4
88 Mar’ l 1
1st 25-yearst fls............. 1934
M-S *93“ ' I ' i ' ' 94
94
96 >v Cuban. Amor Sugar colltr 6s T b
' 8 04
* N o p n ce Friday; latest bid and asked. a O u oia n b Due Feb e Due May Q Dnn <’ nd h Dus , iy ADue 1
....... ......
,... ........
........
...... ........
....... ........
J -J
A-O
4-F
JJ-S
A-O
7 74 31 76V 7 8 4
76 4 Sale
764
1014 101V 1014 1014 63 1014 102*»
97 4 93 4 93
98
4 97 4 98
08
98 Sale
98
7 96 4 100
75
75 8a it
75
75
8 65
101*4 Sal 6 101*4 101V 03 1 0 0 * 4 1027a
100 101
M-S
99 4 101 100 4 Mar’ l 1
J-J
93 4 "V, 92 4 93 4
92 4 9 34 934
A-O 107*. Mile 107 4 107*4 90 104*4 107*4
FA
85 >8
85*4 102 7 9 4 H!5*«
85*8 Sale
89 4
1-J
89 V 18 89 4 90 >4
89*4 OUlt
J-J
88 >s
8 94 61 8 6 4 89 4
89 4 Sale
4-0
99 Sale
99
99 4 83 90 1 0 0
F-A
85 4
8 5 4 Mar’ l l . .. . 8 1 4 8 0 4
06 071
41-N 95
96*4 96 Mar 11
Vt-N
96 >4 96
"3 95 4 ^7
96
95 4 97
1-0
96 ” 9 64 964 Mar’ 11
Due ucc u Due \ov g Due Deo /F la t.
A pr . 1 1911.]
lI D M I s
N. Y . STOCK E X C H A N G E
W eek ending m ar ch 31
New York Bond Record— Concluded— Page 4
P r ic e
F r id a y
M a rch 31
W eek?*
R an ge or
L a s t S a le
i,« 3 l
R ange
S in c e
o .5
January 1
*3
Pennsylvania Co—( C o n )
Hid
A sh Low
High Ao low H i g h
Guar 15-25 year g 4 s ___ 1031 A O
08 i 3 | 0734 0334
USE 08
Cldb Mar 1st gu % 4*28..1035 M-N 102
110 J a n '05
Cl & P gen gu g 4 4 s ser A . ’42 j . j
1 103^ Jan MO
106*8
Series 14............................ 1042 A-O 100 *«
lOO3, J’l y ’OO
Series O 3 ‘as................... 1948 M-N
00
00 Aug’OO
Series D 3 4 s ................... 1050 f -A
91
05
00 M ny'08
Erio & Pitts gu g 3 •as H. 1040 j j
1)1
03
01 Alai’ 11
Series C............................ 1040 J . J
00
03
0SJ4 Apt '04
Gr K<fc 1 ex 1st gu g 4 ‘as 1041 J . j 104 >4 105 *, 1 0 4 >4 Mar’ l l
104*4 104 '4
Pitts f t W & C 1st 7 s ...1 0 1 2 ,T. j 1 0 3 4 104 103 H Alar’ 11
103 H. *<)4
2d 7s................................... 1012 J .J 103 ‘4 ....... 1037* b’e b ’ l l
103 7g 1037g
3(t 7 s ............................... A1012 A O 103 ....... 107 Oct ’08
Pitts Pdi Asli 1st con 5 s .1027 M-N 107 ....... 100 May’ 10
f C C A St B g U 4 4 s A ...1 0 4 0 A-O .........107
107*8 1073,
107i2 b’e b ’ l l
Series IS guar.................. 1042 A-O ......... 107
107 1073,
107 >8 Fob’ l l
Series C guar.................. 1042 M-N
107*8 IHC’ IO
Series 1) 4s guar............. 1045 M-N
98 Hs
98** D ec’ 10
Genes E 3 Ha guar g____ 1040 F-A
91*4 ,
03 J a n ’ l l
03
03
Series G 4s guar........... 1057 M-N
98 4 .
00 »8 J a n ’ l l
09*8 0 0 °8
C St E A P 1 st eon g 5 s .1032 A-O 112 .
113 F e b ’ l l
113 113
Pensacola di A tl S ee E & Nasn
Peo di East S ee C O C di St ij
Peo a* Peg Uu 1st g Os___ 1021 „ . r 100
1 1 2 Feb’ l 0 . . . .
2u gold4 ‘as.......................51021 M-\
01
)3 Hi J a n ' l l ___ 1 03*2 03 *•;
07
Pere Alaniuottc— Kef 4 s . . 1955 j . j
75 u, 70 Hi 7<>
7(3'4
70*8 45 06
Rebinding guar 4 s ..........n-55 j . j
70
70 H; 70
7**4 27 08*2 763s
Oil
w .11 o s ..................... 1021 J -D 100 ‘4
loo's F o b 'l l ....I 100*8 100*8
Ellul di 1* Al g Os................ l ‘J20 A-O 1103s i ’n l| 1l()3g Alai ’ l l . . . 1 10 1103,
1st consol gold 5 s......... 1030 M-N
10 1
100 4 l o i s 103 Atari 1 ___ ;100
Pt Huron Div 1st g 5s. 1030 A-O 102*8 loo
1 0 1 J, Alar’ 1 1 . . . . 101 Hi 1033g
Sag Tils ib 11 1 st gu g 48.1031 F-A
Phil B di W S ee Penn Kit
|
Philippine Ky ls i 30-yrs 1 ls ’37 J - j
87
SO3, 87
863, 88
87
Pitts Cm <& s t B See Penn Go
Pitts Clove di Tot S ee Ji * o
Pitls i’ L \\ di Ch Sea Penn Co
Pitts M cKees di V S e e X V een
Pitts Sh A C C 1st g 6 s ...1 0 4 0 A-O 1 1 2 ’ ,
112 Hi J a n ’ l l
1 1 2 H, 112*2
1043 T. i
1st consol gold 5a........
93 *8 J’l y ’»7
Pitts di W est S ee i i a o
I > oadiug Co gen g 4s........1007 j . j
07
0 7 *8
06*4 08*4
07 Sale
LV Kegistered............
1007 j . j
97 i, Alai’ ll
07*4 0734
0 6*2.......
jersey Cent coll g 4's.\"l051 a O ......... 07*4 90 Alar 11
06
07 Hi
tleusseiaer * Sar S ee D & n
Ulcli <2 l)an S e e South Ky
Uicii & Aleck S ee Southern
Kio Gr W est S ee Hen at itio Ur
Koch di Pitts S e e B K di P
Koine W at * Og S ee X V Cent
Rutland Sea n 1’ Cent
o a g Pus di 11 S ee Pore Marq
CH Jo di Gr lsi 1st g 4 s ...104 7 j . j
87 Alar
.. . . 86*2 87H.
87
88
St 1. di Cairo S ee Mot) di Uhio
St 1. dto Iroii Mount S ee Al P
St L M Hr S ee X UU A oi St 1.
St Louis * S F— Jeug Os. 1031 J-J 118 1194 n o
119
119 119
General gold 6 s ...................1031 J .J 107 Hi 108*4 107Hi Mar’ l l
107 108
St B di s F UK cons g 4 s .. ’00 J - j ......... 00
00 Alar’ l li
00
OOHj
Gen 16-20 yr 5 3 ...........1027 M-N
87»4‘
87*x 87 a4 87*s
86*2 88
Southw Div 1st g 6 s . . 1047 A-O ......... 101 Hi 10 0 a4 Alar l i 1
1003, 101*2
Kefuuding g 4 s ...............1051 J-J
82
8 i 7s Sale
IH
80®b 82*2
K C f t S da At cong O s..1028 M-N ........
116 F e b ’ l l
116 116*8
79 \
K U Ft S di Al Ky rer g 4 s 1930
~
70*4 7 0 7s 70*4
77*8 U
K C di Al Kdi B l s t g u 68.1020
10 0 ........ 100*4 D ec’On
Oz’r k d i C h U l s l x u 5 s g .l 9 1 3 A-O
00*8 Mar’ ll
0 8 7* 00
07H) 00*8
St Bouts So S e e Illinois Ceut
8 t E S W 1st g 4s bd ctls.1080 M-N
01
0 1 *s
91 Hi Sale
80 7g 91 Hi
2d g 4s ino bond o tfs...p l08U J-J
81
81
81
82
78
81
Consol gold 4 s ................... 1032 J-D
78
78*,
78 Sale
76*e 79
101*8
A
p
r’07
Gray’s Pt Ter 1st gu g 6 s 1047 J-D
07*4........
St Paul & Dul S e e Nor Pacilio
St P Alinu & Alan S ee G t Nor
St P di Nor Pao S ee Nor Puo
at p di S’ x City S ee C St P Al «fcO
8 A<& A Pass 1 s t g u g 4 s ... 1043
86 7s 11 8 6 4 8 7 4
803a 86 7g 8634
8 Ji’ di N P 1st sink ? g 68.1010
104 O o t’0 0 '.. . .
100 ...
Sav F & W est s e e A tl Coast E
Soioto Val di N E S e e Nordi W
Seaboard A E g 4s stamped ’ 5 o A O
86 7e
87*8
86 7e Sale
8434 87 ®8
Coll tr refund g 6 s ......... 1011 M-N 100 100's 100‘» Alar’ 11 .
100 1 0 0 4
Adjustment 5 s ............... ol040 b’ -A
7534
lo y
75 7» Sale
75
7734
Atl-Birm 30-yrlst g 4s.el933 M-S
■SO
803g SO3, Alar’ l l .
853, 86 7s
Car Cent 1st con g 4 s ...1 0 4 0 J-J
02 O o t'lp i.
02
08
Fla Ceil di Pen 1st g 68.1018 J-J 1 0 2 *8 .
102 F eb’ l l .
102 102
1 st land gr ext g 6 s . ..1 0 3 0 J-J 102*8 .
Consol gold 6s................1043 J-J 105H..
10638 Fob’ l l .
106 106**8
Gadi A la Ky 1st con 5 so l0 4 5 J-J 104*2 .
104*4 Mar’ l l .
104 4 104 4
Ga Car di N o 1st gu g 6 s 1020 J-J 104 V
104*2 J a u ’ l l
104 1 0 4 4
Seab & ltoa 1st 6s............1020 J-J
100 A p r’ 10,,
1043,
Slier Shr di So S ee M K & X
811 Sp Goa di G S ee A tl Coast E
Soutnern Pacilio Co—
Gold 4s (Cent Pao coll).*1040 J-D
02*4 42 01*4 93
OI3, 02*2 02
20-year couv 4 s ............. y 1020 M-S
07«a
0 8 ‘s 133 0 6 4 09*4
0 7 7s Salt
Cent Pao 1st ref gu g 4s 1040 b’-A
00*8
003b 411 06
06*8 sale
074
07
Fob’ lo
Kogistered................................ 1040 b'-A
Mort guar gold 3 4 s . . *1929 J -D
01*2 1*2 4 Ol<*s Alar’ l l
0 1 4 02
03*4 J a n ’ l l
Through St B 1st gu 4s ’64 A-O ......... 03
02
03 4
G U d i S A A l dip l s t 6 s . . 1031 M-N 106 107 Hi 1 0 7 “2 M ar’ l l
1064 1084
1043, Sep '00
Glia V G di N 1st gu g os. 1024 M-N
Houa E di W T 1st g 5 s .l0 3 3 M-N 105 10534 106*4 Muy’OO
1st guar 6 s red............ 1033 M-N 105 .......... 106
.105 I 2 106 105
H & X 0 1st g 5s lilt g u .,1037 J - J 1097« 110
10034 J a n ’ l l . . . . lOO3, lOO3,
Consol g Os int g u a r... 1012 A-O 108*2 HO** 109-4 Mar’ l l . . . . 100 4 100 4
Gen gold 4s int g u a r ..1021 A-O
04 Alar’ l l . . . . j 04
943a 05
064
Waco di N W dl v 1st g Os ’30 M-N 116 ......... 1 110*4 Mar io
A <& N W l s t g u g 6 s . . ..104 1 J-J 104 ......... 107*2 Jan 09
Morgan’s Ba di T 1st 7s. 1018 A u 115 116 115*2 115*2
1 116 4 116 4
1st gold Os............................... 1020 J-J1 1 0 34 _____ 111 Alar’ l i
..1 1 1
111
N o o t Cal guar g 5 s.......... 1038 A-O
1 1 2 Fob’07
Ore & Cal 1st guar g 6 s .1027 J-J i o i " " " I ! 100 J’no’ lo
So Pao of Cal—Os E.......... 1012 A-O
........ 102 J a n ’ l l
102 102 4
1st gold Os b'...........................1912 A-O
10134 ......... 114*2 D eo'04
1st eon guar g 6s .......... 1037 M-N 107 ° 8 ......... 116 May’07
So Pae Coast ls t g u 4s g. 1037 J -J
84
03 1 00 J ’ly '0 9
Sau FranTerrnl 1st 4 s ..io o o A -o
02*4 02H» 92Hi Mar’ l l
. I 02**8 03 4
TexdiN O SabD ivlst gOs.1912 Ai-S
........ 10 1 Bg Alar’ l l
101 ®» 1 0 1 4 ,
Con gold 6 s.................... 10431J - J 10 1 105
103 Feb’ l l
. 103 103
’11
110
8 1
8 ’2
10134
101 *2
J iU sC E K E A N E O U S
W eek E nding AIa r c h 31
s *£
0 Pae Hit 1st ref 4s.......... 1955
Southern—1st con g 5 s___ 1004
Kegisterou....................... 1004
Develop & gen is ser A . 1950
Mob di Ohio coll tr g 4 s .. 1038
Mem Div 1st g 4 4 - 5 s ... 1006
St Bouis div 1st g 4 s___ 1051
Ala Cen K 1st g Os.......... 1018
Atl di Dauv 1st g 4 s.........1048
2d 4 s ..................................1048
A tl di Pad 1st g guar 48.1940
Col d. Greeny 1st 6 s.........1016
E T Va di Ga D iv g 5 s .. 1030
Con 1st gold 5 s .............. 1056
E Ten reor lieu g 5s.........1038
Ga .Midland 1st 3s............ 1010
Ga Pao lty 1st g Os...........1022
Knox A Ohio 1st g 6s . . . 1925
Mob di Kir prior non g 5s 1045
-Mortgage gold 4 s........ 1045
Kich di Dan con g Os____1015
Deb 6 s stamped.............. 1027
P r ic e
P r id a v
M a rch 31
H ia
J-J
J .J
J-J
A-O
.M-S
J-J
J-J
J-J
J-J
J-J
J-J
J-J
.M-N
M-S
J-J
J-J
J-J
J- j
J-J
A-O
M-N
M-N
M-S
M-S
M-S
M-N
M-N
J-J
A-O
F-A
J-J
Series E 5s....................... 1926
General 5s....................... 1930
Guar stamped........... 1936
Va<te So’ vv’ l 1st gu 5 s .2003
1 st cons 50-year 6 s .. 1058
W O <Sc W 1st cy gu 4 s ..1024
W est N C 1st con g 6s . .1011
8 & iN Am s e e B * N
Spokane Internut 1st g 5s 1056
J
A ol St E 1st g 4 4 s . .1030 A-O
I er
1st con gold 5 s ....1 8 0 4 -1 0 4 4 F-A
Gen rotund s 1 g 4 s ......... 1053 J-J
St B Al Bge T ergu g 5 s .1030 A-O
Tex di N O S ee So Pao Co
Texdi Pao 1st gold 5s..... 2000
J-D
2(1 gold luo o s.................. y2000 Mar
Ba Div B D 1st g 5 s........1031 J .J
W Min W <&N W 1st gu 5s ’ JO F A
Tot di O C 1st g 5s................1035
J
Western Div 1st g 6 s ...1 0 3 5 A-O
General gold 6 s ..................1935 J-D
Kan di Al 1st gu g 4 s___ 1090 A-O
2 d 20 -year 5s ._ .............. 10 27
J
Tol P di W 1st gold 4 s ....1 0 1 7
J
T o lS tB d i W prlien g 3 4 s . 1025 J-J
50-year gold 4 s..................i 960 A-O
Coll tr 4s g Ser A ........... 1017 F-A
Tor Uaindi B u ttls tg 4 s ./il9 4 0 J-D
di Del 1st con g 6 s 1028 J-D
U lster
1st refund g 4 s ........... 1052 A-O
Un Pao K K <fc 1 gr g 4s ...1 0 4 7 J-J
Kegistered....................... 1047 J-J
20-yr conv 4 s .....................1927 J . J
1st di ref 4 s...................... 412008 M-S
Ore Ky <& N av con g 4 s .1046 J-D
Ore Short Bine I s t g 6 s ..l 0 2 2 F-A
1st consol g os................1046 J-J
Guar reiund 4 s..............1020 J-D
Kegistered................... 1020
Utahdi N or gold 6 s . . 1026
Uni N J HU & C Co S ee Pa KK
U tali Central S ee Klo Gr Wes
U tail di North S ee Un Pacilio
U tlca & Black K S e e N V Ceut
consol g 4 s ___ 1055 F-A
V andalia
Consol 48 Series B ...1 0 3 7 -VI-N
Vera CruzdiP l s t g u 4 4 s 1034 J -J
Ver Val lnd di W s e e Mo P
Virginia Mnl S ee South Ky
1 st gold 5 s........1030 M-N
W abash
2 d gold 5s................... 1030 F-A
Debenture series B ........ 1030 J-J
1 st lieu equip s fd g 5s . . 1 0 2 1 M-S
1st lien 50 yr g term 4 s .1054 J.J
1st ref and ext g 4s ___ 1056 J-J
Det di Ch Ext 1st g o s ..1041 J-J
D esM oin Div 1st g 4 s ..1030 J-J
Om Div 1st g 3 4 s ........... 1041 A-O
Tol di Oh Div 1st g 4 s ... 1041 M-S
Wab Pitts Term 1st g 4s. 1954 J-D
Cent & Old Col T r Co certls.
2d gold 4 s ............................ 1954 j - i i
Trust Co certis........................
Warren s e e Del Bac di West
Wash Ceut S ee Nor Pac
Wash O
W S e e Southern
Wash Terrnl ls t g u 3 4 s . . 1045 F A
W est Maryland l s t g 4 s . . . 1052 a -O
W V u C en td i P 1st g 6 s 1011 j . j
SVe s tN P di Pa 1st g 6 s ..1037 j . j
GOU gold 4 s .........................1943 A-O
Income os.........................,11913 Nov
W est No Oar s e e soutn lty
Wheel’ g di B E 1st g 6 s ...1 0 2 6 A-O
Wheel Div 1st gold 6 s ..1 0 2 a j . j
Extendi Imp gold 5S...1U3U F-A
KK 1st consol 4s............... 1040 M-s
20 -year equip s t 6 s .. .1 0 2 2 j . j
Wilkes ds East S ee Erie
W il di Bioux F S e e St P M <fc M
W isOeutoU-yr is t g e u 4 8 1040 j . j
S updi Duldivdb term l s t 4 s ’30
T e leg rap h anil Telephone
Am Telop ifc Tel coll tr 4s 1020 j . j
Convertible 4s....................1036 M- S
M leli State Telep 1st 6 s ..1 0 2 4 f _a
N Y T olep 1st di gen s f 4 4 s . ’39 .M-N
Pao Tel <fc Tel 1 st 5 s ......... 1937 j . j
W est Union col tr cur os. 1038 J-J
Fd anil real est g 4 4 s . . .1050 M-N
Conv 4s, Series A ........... 1036IM-N
05
107
W e e k 's
R a n g e or
L a s t S a le
A sit L o w
Sale
Sale
78 % 8 ale
h *4
107 4 109*4
.........
.........
”0
107*8 1 10 4
8 *
00 4
82 4 82a4
80 4 .........
106 4 107
10? 4 .......
1 iO 4 Balt
105 4 lOO*,
......... 07
113*8.........
1 1 0 4 .........
105 4 .........
i 0 5 4 103
105 Sale
71
.........
103*8 105
10 0 x8
103*4 . ..
105*4
107*4 . . .
1054 ___
.........100
......... 07 4
01
104*8 105*8
.........
...
.........
iu.i-iiw a
105*8 105 4
1123b H2«g
074
107 4 .........
s2
OO
l i iu a N o
R ange
S in c e
J an ua ry 1
Low
- -.
........................
106 4 Feb 11
1 10 1 ell’ ll,
110 4
110**4
105*8 Feb 11
....
1064 100*8
2
114 J a n ’ l l
110 Nov ’ 10
105 4 Nov’ 10
109*8 111 4
105 105*8
114
‘4
.......... 08 Nov’08
0 7 4 90**4 Mar’ l l
......... 00 A p r’ 10
1084109
00*4 100 4
05 100
1 0 3 4 .........
.......... 82
70 sale
I 0 734 .........
81 .........
70
75*8
81
86
4 ) 4 Sale
0 4 Sale
7
b
114
105*8 J a u ’ l l
105*8 105*8
12 101*8 105
104*8 1**5
71 M at’ l l
71
71
10J34 Mar’ l l
103*8 104
112 Get ’06
108 4 D ee’06
106 Alar 11
100 100
107 Jan 11
107 107
105*8 Nov 10
11 0 F e b ' 11
Uu
l l .1
00*4
06
1 04 4 1*7 4
0 1 Feb’ l 6
104 4 M ar’l l — •! 1 0 1 4 105
iu 2 *\)Jan-ii ___ 102 I(J2 S«
105 *8 Alar’ 1 1 ___ ' I 0 5 4 hi5 4
1 [-23,, I I2*8
1 112**8 11238
08 Feb’ l l ___II
108 4 Feb’ l l ___ 108 4 108 4
110*4 110*4
1104
70 Mar’ lo
193 Sep ’0 9 ___
1 0 6 4 Nov’0 4 ___
1087e 100 4 10S»4 108 7s| 8 108*4
112 Sep 'uu1___
l u l 4 ......... 1 0 1 4
1014
5 1014
80 4 Ol*, 01*4 M a r 'l l '.... 00
07
07a, U7°8 M ar’l l
06 4
00
92 4 90
uo
00
80 4 80 4 80 4
89 4
894
60 Salt
69
70
69
......... 81
8 1 4 Fob’ l l
814
SO3, .......
87
al
87
106 ....... 195 4 M a r 'll
105 4
84 4 80 4 86 Oct ’ 00
100 4 Sale 1 0 0 4
10 1 137 100
......... 00 H 100 M ar’ l l ___ 00 4
10 l 7a Sale 1044 10541322 103 4
06*4
06*4 06*e 06*4
3 064
00 Sale
06*4
06
22 06
114 4 salt 11 4 4
H434 32 1 1 4 4
112*8 Sale I12»g 112<4
1114
04 Sale
9 3 7*
04
29 92*4
04 J a n ’00
ib o ” " I " 107 4 D eo’00
90
06
01
H ig h
04 *8
05 4 205 04 4 953g
100 *8 K)7
10 1003b 108
IK) Alay’Oy
783^
’, 8*8 442 70
7 S na
S 3 A f a r 'n ___ 80
88
108 S e p ’ 10
$7**
^ 7 °e
3 86 4 88
107*t Xov’ D
03 N ov’ 10
8 2 4 Get ’ 10
1104 Salt
......... 80
9 9 4 .......
96*4
111*8
HO*
103*
91*
97 '■*
00
>9*
74*
81*
00
106
10 1
10 0 4
100 4
974
07
1104
1134
94
97 4
109
1084
1084110
100
100
984101
86 J’l y ’ lO .
100 F e l l 'l l .
10 0 10 0
83 D e c ’ 10 . .
70
7 o V o48 6 3 *8 ' 7 1 4
l o 8 4 J an ’ l l
1084 1084
81
81
81
81
76*4 F eb’ l l
74
75*4
83 S e p ’ 10
16 M ar’ l l
44
48
14
40
434 484
64
04
6
74
7<*8
73*
0
8
.-
8 8 4 89
8 8 4 Mar’ l l
»038 Sale
86 4
86 4
109 4 ......... 1 0 0 4 Mar’ l l
8 8 4 90
80
87
100**8 1 0 0 4
109*8 110 4
8 8 4 88 a4
lOU^e 110 Ilt)9 'g 109*8
8 8 4 8 9 4 8 8 * 4 Mar 11.
......... ........... : 34
F eb’07 .
103 1 0 1 4 1 0 4 4 Alar’ l l . ...I 101 105
I 0434 ......... 103 4 F e b ’ l l . . . 1 0 3 4 10 3 4
..................... '102 J’ ue’ tO
82
81*8 84 4 M ar’ l l '
84
86
9734 utj jj 0 8 -4 F o b 'l l
98 4 9 9 4
024
02*8
92 4
9 2 4 Sale : 02 4
92*»
924
1 1 * 024 034
4 02 *8 03
......... 90 4 8 3 4
0 3 7e 701 8 0 4 91
103*8 Sale 103
103 % 607 105 100
0 3 4 ......... 1 09 4 Mar’ l l ...J 98
994
1)34 salt | 9 8 4
0 8 4 05 9 8 4 09 4
9 7 4 Sale
97 4 07 4
97
U77e
0 0 4 Sale ! 0 0 4 0 0 4
90 4 loo
95
05 4
96
05
95
95*4
1 0 3 4 Sait 1U3-4 1 0 3 4
8 103 103a4
B O N D S —Concluded,
34
32
07
Js
h
82
4
6
1
*1
12
Jlnnuiactui’ing
In d u stria l
7 6 4 70 7b U S Stool Cotp— ( coup .111063
SI 10-60 yr os. ( reg ..a i 0 0 3
82*8 83*4
81
81*4 Va-Our Choni 1st 15-yr 6 s 1023
W est Electric 1st 6s Dec IO22
115 151
102 4 104 4 ■Vesliughouse E di als 1 5s ’31
.Miscellaneous
87
84
01**8 93*4 Adams Ex col tr g 4s..........104s
00*8 00 v vrniourdiCo ls tie ;u e s t4 4 s’ 3 a
04 4 05 4 ilusli Terminal 1st 4s____ 1052
Consol 6 s .............................. 1055
102 106
97 4 0 7 H Det Aldi M idgr incomes..1911
103 4 103 4 instittor Irrig W as 4 4 s 1913
90 4 06 4 Int Meroan Alurine 4 4 s . .1922
int Navigation 1st s 1 5s.192V
96
92
.Morris di Co 1st s i 4 4 8 ..1 0 3 9
103*4 105
89
90
X P Dock 60-yr 1st g 4 s ..1051
7 54 88
Pub serv Corp X J gen os. 1059
103 101
Wash Water Pow 1st 5 s ..l0 3 0
Due Apr n i n e lay yDua . lie i Due , iy
M-N
M-N
J -D
J-J
J-J
d-b
J-l)
A-O
J-J
A-O
.M-N
A-O
F-A
J.J
F-A
A-O
J-J
105 4 Sale 106 4
1053s
101*8 Sale 101**8
100*4 100*8 iuu34
023, sale
92 4
.........
.4°
cC
00
78*V
7 8 4 Sale 78
83*4
83«g
8 3 4 84
81 F eb ’ l l
81
82
147 4 Salt 147*4 148
1 0 0 4 1 0 2 4 103 Mar’ 11
81 Sale
81
84
03*8 Sale
U3*e
03 4
08 34 yy
00
00
04
00
ill H
04 4
102 4 1 0 3
102 4 Afar’ 11
074
J........................
7
97 4
102 v ......... 103 4 Feb’ l 1
*......... 05 1 05
Mar’ ll
>......... 07
06
1)6
1 0 1 4 1043, 1014 I 0 4 4
80
00
8U'V
90
75
s|
75'4 Mar’ 11
103*8 Salo 103*8 103**4
17
• No price Friday; latest lnd and asked this week. 0 D110 . ■)» a
•v> 0
Sc
H un ulucliiriiig iV Industrial
Distil Sec Cor conv 1st g 6 s .’27
E I duPout Powilor -14 s .. 1936
Gen Electric deb g 3 4 s . .1012
10-yrg dob 6 s ....................1017
Int Paper Co 1st con g Oa.IOl
Consol couv s f g 6 s........1036
Int St Pump 1st s i 6s. ...1 0 2 9
Backaw Steel 1st g 6 s ....1 0 2 5
Nat Enam di Stpg lsi 5 s .. 192
N P Air Brake 1 st couv 6s ’ 28
Ky Steel Spgs 1st s f o s .. .1 0 2 1
Kopub 1 di S Istife coltr 6s. 1034
Union Bag & P 1st st 5 s ..1030
Stam ped.......................................
U s Beath Co s f deb g 6 s ,.1 0 l3
U S ltealty & I conv dob g 5s ”24
U S lied di Kef 1st s f g Os.1931
U S Kubber lO yrcoll tr Cs.’ ib
BONDS
N. Y . STOCK E X C H A N G E
365
sale
92 4 03
01 *8
0 ,’ 4
35
40
88**8
92 4
92 4
35
96 4
66*4
6t>34 Salt
7 9 4 81 4 80
01*4 91*8 9 1 4
90
00
01
95 4 04
101
102 4
93
10334
103*8
100 4
100*4
91*8
105 7g
105*4
102
101
03
89
8S*>8
93*, 74 92 n
90
02 H il
Mar’ l l
97
35
35
u
Nov 11
07 4 40 04
Mar'l 1
78
Alar 11
*»1
Alar’ l l
90
Mar 11
93 4
M a r 'll
;02 4
91
93 4
92 4
98*4
35
105 *h 190
106 4
10134
4
101
46
92 *>, 25
...
08 4
80
92
90
96*4
1024
*-Dad vug oDuo o c t p Due Nov sOntion sale
CHICAGO STOCK EXCHANGE—Stock Record-Daily, Weekly and Yearly
S T O C K S — H IG H E S T A N D L O W E S T S A L E P R IC E S
Saturday
M a rch 25.
190 *186 190 *186
*2
*2
3
3
*5
7
*6
7
901- *89
*80
9012 *89
24121*4
2418 *24
24
91? *9
012
*812 10
*H 2
5
*412
*412 6
*4t2
4*2
413
412 43.|
*22
21
2214 22 ' 1 *22
69
*68
*68
69
♦63
2334 2334 2334
2312 231?
*6812 69 14 *6812 69*4 *68
*22
23
23
*22
221643,
641? *63
643,
*62
72
7H.1 7 II4 *70
71
1134 117* *111,
*1U8 12
60
*48
*45
50
*43
*186
*2
*512
91? *012
912
80->8 8U:>s 8034
*265
*265
* ____ 123 *
*72
73
*72
*11212 115 * 1 1 1
*146 147 *146
56 ♦____
*55
♦____
561S ____
80
80
80*8
938
934
80-3)
81
____ *265
128
128
713,
73
114 *111*4
147 *147
56
54
____ *5313
80
79
*1
1*8
Hr *1
*2
3
31?
334
5134
6 U4 5 H4 *51
W ed n esd a y
M a rch 29.
T u esd a y
M a rch 28.
M onday
M a r c h 27.
*1
190 *188
*2
3
6*2 *5*2
901? *89
211?
21*2
10
10
5
5
45S *412
24
22
70
70
2334 23/3
69*4
69*4
23
221,
0
613)
71
71
113, *11*4
50
*45
95,s
81
190
3
7
90124110
5
434
241?
70
241693,
24
65
72
12
50
Thursday
M a rch 30.
Last Sale
L ast Sale
Last Sale
*90
*24
*9
*4
4-3
22
*68
2414
69t2
24
65t2
*71
*11
93
25
10
5
43s
22*4
70
24*4
693,
25
67
72
12
L ast Sale
F rid a y
M a rch 31.
C34
93s
958
*9*2
9*s
912
81*3 81*8
8O-3 81
805s
SO-s
*265
Last Sale 265
Feb’ 11
* ___
128 *127 12S
128
128
71-3 72
72
72
128
72
115
1 1 1 111 * 111 112 ♦ 1 1 1
112
1471- *147 148
140 148
145
145
64
5312 53*2 50
50
50
513,
____
55
Last Sale 57
Mch’ l l
793,
77*2 80
7812 79*4
7412
7412
1*8
4
53
122
153
128
1*8
4
5212
121*2
153
128
1*8
1*8
4
4*8
5234 521S
123
122
153 *151
129*2 1283)
1'8
1*8
20
130
*126
*119
*119
1067s
130
128
120
120
107
147H 148
121 121
lOOTj 101
*127
*123
120
*11812
107*s
130
130
128 *126
120
120
120 *11812
1073s U07li
148 1481?
121 121
1007g 101
1303,
128
*119
*119
107
130
128
120
120
108
14712 1483)
1203i 121*4
1007s 101
♦166 169
166 166 -*166
101 104
104 101
104
*43,
47g
5
*434
5
78-3, 7834 79*3
IS'4
l
?
'4
213, *21
*21
22
*21
14734
12Hs
1007g
170 *106
104
103*2
5
473
79*s
791S
2134 *21
InterISl
P -r i o l
1303j 133
128 *129
120
119
120
119
10734 107*2
1*8
Nov'09
135
130
130
130
119
119
119
119
1077g 1073, 108
U-16 Mch’09
148*4 147*4 147*2 14614 147
121*3 *121 12H- I 2 U4 I 2 U4
101
10078 10Hi 101
101*8
1
Feb* 11
170 *164 166 *164
160
101
104
104 *10312 104
478
4?8
47S *434 5
783S
783S 78*8 777g
79*4
2134
L ast Sale 2134 Mch’ l l
P rice
F rid a y
M a rch 31
b id
W eek 's
Range or
Last Sale
A s k Low
Range fo r P reviou s
H igh
Tea
Loicest
Low est
H ighest
10
82*4
265
130
70
Jan 25
Feb 2
Jan 9
Jan 14
Feb 0
11234 Mch 18
146*2 Mch 23
59>4 Mch 8
5734 Mch 9
82 Mch21
52 Feb 2
1*8 Mch 29
4is Mch 30
55 - Feb 23
124 Mch 27
155 Mch 6
130*4 Mch 15
147g Feb
78 Jan
97*4 Feb
.04 Jan
70 Jan
47 Jan
67 Jan
98 Feb
11
18
21
3
20
18
3
2
135
130
120
120
Mch 30
Mch 31
Mch 14
Mch 23
1085s Jan 19
*192*4*jan'31
122 Mch 11
10213 .Mch 7
10 Jan lu
170 Jan 13
104 Jan 6
7 Jan 3
817S Feb 6
25 Jan 27
Highest
160 Oct
U- J’ly
•1 “ J ’ly
603s Sep
11*4, Sep
8 May
May
£>s J ns
20 Aug
69 Feb
16 Jan
51 Feb
15 Apr
63 May
55*., J’ly
7 J’ly
40 J’ly
185
63, J’ne
621? J’ly
£40 Apr
1:0 J ’ly
72 Feb
107 Aug
131*4 J ’ly
31 J’no
29 Aug
56 J ’ne
43 Deo
1 Feb
3 Sep
251- J’ly
UO Mav
142 Aug
108'- J’ly
114 .Inn
131 ? J’ly
7914 Apr
821- Sep
.02 Dec
53 J’ly
431? Mch
40 Mch
03 J’ne
133s Jan
82 Jan
261 Deo
135 Apr
84*l May
112 Jail
142*3 Mch
43 Deo
41 Deo
74 Jan
65 Feb
1 Feb
3 Sep
41
Feb
l.’U Jan
163 Mch
12U2 Jan
2 Jan ,
2234 Jan
82 Feb
127 .’ an
.21 Deo
91 Alch
46 Jan
67*2 Deo
101
119
118
104
112
103
Aug
J’ly
Feb
Feb
J'ly
* i « " Feb
116 1 - Aug
Mch
21- Jan
71 - Jan
109 -Jan
36 Jan
13 Jan
9>s Jan
OI4 Aug
:>9 .’ an
77*i Mch
25 J’ne
72 J’no
23 J no
60 J’na
721- j no
H i's Jan
101 Jan
1023, Apr
Deo
125 Jan 1
145 Oct
123 NOV
115*4 Jan
1863*4*N ov
122 Mch
100*8 Jan
100
Dec
155
101
J’ly
J’ly
6*4 Apr
186 Feb
106 Jan
l£*s ja n
15
J’ne
26*3 Deo
Chicago Banks and Trust Companies
B 'd s
Sold
No.
Rangs
fo r
Y ea r 1911
Low
H igh
..II
IIII
now, i*o*r
1911
(1910)
714
10012 100 *Amer Strawb’d 1st 6 s -1 9 1 1 F - A - - - • . . . . 100*2 Jan’ i l ____
1 J • I) ____ ____
93
Mch’ l l . . . .
92*8 93*8
Mch’ l l . . . .
I J - J ____ ____ 100
90*8 100
l J - J ____ ____ 100
Mch’ 11
90 100
98 Sale 98
. A - O
981; 68~
98*8 98*2
> e
a
. . . . . . . . 102
J’ne'iJy
! J - J . . . . ____ IOU4 Oct'O'J ____
’ J - I) ____ ___
100 May’07
’ F - A 102*2 Sale
102 I2
10234 ” 40 10218 1*02*75
. J - J
------ ------ 103
____ ____
Apr’04 ____
1 J - D .... ....
50
Apr’09 ____
1 F - A — - ____
____ ____
9J3.J Jan’06 . . . .
i M - s ____ ____
____
91*2 Dec’09 ____
A - O ____ ____
87
Feb’ 06 ____
Chic Pne Tool 1st 5s.ol921 J - J { 89
____
91
Mch’l l
*873s 01
Chic Hy 5s_____________1927 F - A t 98l2 Sale
98*4
973S 9812
93i2 *‘ l 2
Ohio Hys 4-5s series " A " A - U X____ 93
9334 9434
9334 Mch’ U
Ohio liys 4 -5s series ’’ B ” J - D
84 Sale
84
12
841s
82*3 84*3
Chic Hys 4-5s series "C ” F - A ____ ____
.... ....
90*2 Mch’ li) __
Chic Rys coll 6s___ 1913 F - A U 00*4 Sale 100*4
2
9958 1003s
100*4
Chic Hys Fund 6 s . .1913 F - A _ _ ___
100
Jan’ ll
100 100
Chic Rys Tem Ctfs 1 st 5s
: 93*8 - i 9773 98*4
98*4 Mch’ l l . . . .
Chic H 1 & P H R 4 s . . 2002 M **N ____ ____
66*2 Aug’Ot . . . .
.... ....
Collat trust g 5s___ 1913 v l- S ____ ____
66*2 July’OS . . . .
• ....
Chic Telephone 5s____ 1920 •I - D X____ 103
103
Mch’l l
102 103
Commonw-Edison 5s. 1943 1 1 - s 10ll 2 Sale 101*4
1007g 101*2
io n - " ‘ io
Ohio Edison deb 63 .1913 J - J ____ ____ 1007j Nov’10 ____
.... ....
A - U X 997S ------ 100
100 100
Feb’ l l . . . .
s ____ ____ 1003S Aug 1)9
Commonw Elect 5s519t3 n - a 1101*2 Sale IOH3
!50*4 101*2
101*2
Dla Match Con db 8s . . 1920 ____ 1104*2 Sale 1041a
5 103*4 1015*
1011Illinois Tunnel 5s____ 1»23 J - D ------ -----80
.... ....
Dee'Oj —
Kan City Ry & Light
9638 9638
Co 5 s _______________ 1913 i l - N X 97*2 98t2
96*3 Jan’ l l
Knlck'b'ker Ice 1 st 5s 1928 A - O X 9814 100
9734 97*4
97*2 Feb’ l l . . . .
Lake St El— 1st 5s.__1928 J - J t 80
77
80
82
79
Mch’l l ____
Income 5s__________ 1925 Feb
------ ----------- -----16
May’05 —
Metr VV Side Ei
8(3, Sale
29
lat 43......................... .1938 P - A
8434
82*s 85
85
Extension g 4 s____ 1938 J • J
22
781s 82
8H2 Sale
(82
81«3
Morris & Co. 4 U
1039 J - J X------ 91*2
9034 9134
91*2 Mch’ l l ____
North West El 1st 4 s . 1911 M - 8
OS’s
987s Sale
96*8 99*«
99*8 120
No VV G -L 4 Coke Co 5s'28 Q - M
99*2 99*2
9912 Mch’ l l . . . .
Ogden Gas 5 s .___
1045 U - N
6
8212 931*
93 ’ Sale"
93
93
Pearsons-Tatt 5s_____ 19 10 J - L)
. . . . ____
98ia ____ 1003s Mch’09 . . . .
4 . 4 0 s .........................
VI- s
96
____
96U Mch’ 10 —
....................
4.60s iSeries E _______
'
Feb‘10
95
____
97
4.80s Series F_______
.... ....
VI - N
9 7 * 2 ____
98*2 Mch'10 ____
Peo Gas L & C 1st 6s l i 943 A - O ____ ____ 121*4 May’09 . . . .
.... ....
Refunding g 5s____ 1947 M * S
10134 102
Mch’l l
102
Chic Gas LosC 1st 5sl937 J - J 110372
103*4 103*t
103M Mch’ l l ____
Cousum Gas 1st 5 s .1936 J - D
____ 101*2
10 1 U 25 10 11 2 10 11 ____ ____
Mut’l Fuel Gas lst5sl94T M - N
100*4 Oct’ It) ____
South Side Elev 4 )4 s .l9 2 4 J - J
20
93
94
94
93*2 Sale*
9312
Swift & Ce 1st g 5s___ 1914 J - J UOU4 ____ 100*4
6 100 1017g
100*4
Union El (Loop) 5 s ..1045 A - O ____ ____
Apr’ 10 —
83
.... .....
United Bex Board col 6T26
Apr’ 10 . . . .
70
.... ....
General ratgo 6s________ J - J ___
Mch’ l l . . . .
58
60
60
Western Eleo Co 5s— 1922 J - J
1003a
5 100*4 100*4
100*4
N o t e — Aecrued interest must be added to all Chicago t>
prices.
tioi
Range fo r Y e a r
Miscellaneous
8-3, Jan 3
580 Vtnerlcan Can_________100
Do pret...................... 100
76-8 Jan 7
585
American Kadtator__100 265 Jan 9
Do pret.............. ........100 126*2 Mch 9
'■ *8
71-8 Mch 29
525 Amer Shipbuilding___ 100
Do pret____________ 100 llO i, Jan 6
50
1415s Jan 7
25 Amor Telep & Telcg_____
135 Booth Fisheries com____
40*2 Jan 23
Voting Trust ctt_______
39i2 Jan 19
Do pret______________
*350
08 Jan 14
Cal & Chic Canal & D .100
61 Jan 30
'275 Chic Urew’g <5: Malt’g ____
ll8 M ch29
Do pret_____________
..
355
3*2 Mch 27
1,108 Ohio Pneumatic Tool-100
41 .Ian 3
318 Chicago Telephone . .1 0 0 115 Jan 25
74 Chic Title & Trust___ 100 15H -Jan 6
2,226 Common w'th-Ed! son . 100 113 Jan 19
Do r ig h t s ......................
‘ l05 Corn Prod Hef Co c o m ...
133, Jan 11
Do
do
pret____
78 Jan 18
*155 Diamond M atch______ 100
92i2 Feb 10
Do rights......................
.01 Jan 4
1*630 ll'tnols Hrlclr__________100
61 Feb 17
Masonic Tempie___
47 Jan 18
178 MeCrum-Ilowell C o ..1 0 0
45 Mch 3
Do prof________
60
92 Mch 3
Milw & Chic Brewin
Do pret___________
_
Jan 17
355 National Biscuit______100 II
Do
pret___________ 100 123 Jan 8
4
75 National Carbon_____ 100 ll5 t2 Jan 11
Do
pret___________ 100 118 Jan 18
10
1,050 People’s Gas L&Uokc.lOO 1 0 3 -M c h 3
Do right?_____________
3*653 Scars-Itocbuck c o m ..1 0 0 c l 413," Mch 15
Do
pret___________ 100 119 Jan 11
221
1,742 Swift & Co....................... 100 100i8 Mch 13
Do rights...............
1 Feb 3
* " i i l’he Quaker Oats C o . . 100 165 Mch 7
Do
pret___________ 100 1021-Feb ,
116
235 Unit Box Bd & P C o .100
43, Mch 16
1,400 United StatcsSteel c o m ..
72i,Jan 3
V\ cstern stone-----------loo
21 Jan 16
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
W e e k e n d in g M a rch 31
STOCKS
CH IC AG O STOCK
EXCHANGE
tfa.'roads
185 Mch’ 11
Chicago City K y_____ 100 185 Jan 11 185 Jan 11
1*2
July’ 10
Chicago & Oak l’a r k .,1 0 0
6
Mch’ 11
Do pret __________ loo-i
4 Feb 1
6 Mch 23
00
90
90 Mch 31
10 Jhlc Hys part ctt " i ’ ___
93 Jan 21
241?
241300 Chic Kys part ctt * 2’ ___
23*2 Jan 12
25*4 Feb 3
*9
10
11 Chic Hys part ctl " 3 ” ___
8*2 Feb 27 10 Jan 28
*4
5
15! Chic Kys part ctt " 4 " . . .
4-2 Men 1
5 Feb 27
4t2
412
265 Chicago Subway______ 100
37s Feb 2
6 Mch 1
262 Kans City Hy & L t-_100
20 Jan 39
25 Feb 23
*68
70
Do p ret.................. .1 0 0
30
671- Mch 8 72*- Feb 25
227s
24
1,035 •ictropol \V S Kiev— 100
19*2 Feb 1 24*- Mch29
Do p ret.................. .1 0 0
790
65 Feb 1
6934 Mch 29
23
24
1,145 Northwestern Kiev___ 100
21*2 Mch 10
25 Mch 30
68
60
Do p ret......................100
350
60 Jan 11
07 Moll 30
*71
72
68 Jan 0
635 ;-outh Side E levated..1 0 0
72 Jan 14
11*4
1H4
100 Streets W Stable C L.10U
9 Jan 16
1314 Feb 23
Do pret............ ..........100
50
Mch’l l
49 Jan 9
50 Jan 9
413
4*s
4U
52*8
52
521,
*12212 1231? 123 124
122*2 12212 1221153 153
153 *151
*151 153
153
12712 128
129
1275S 128
127*2 129
138
Feb’ 10
145s 1403
14114178
"Jan’ l l
04
93
93
*93
9312 93*2 9373 937S 9312 94
93*4
93*4
L ast Sale .OH- jan’ l l
0638 6758 66*2 67"
65
66*8
663s
6512 63l4 653,
60*2 67
47
Mch'11
483.J 48-3) :<___
50
49
4938
49*4 49*2 4933 493? ♦48
60
96 +___
96 * ____
96 * ___
96
*95
*95
97
95
95
37*
5134
122
*151
12733
Sates
o f the
W eek
Shares
and
NAA1E
Outstand
ing
Stock
t
D ividend Record
Surplus
anl
P rofits
In
In
T
1909
1910
Per
iod.
Last Patti
%
Calumet National_____
$ 100,000
$45,838
6
0
An Jan '1 1 ,6
Chicago City____________
500,000
243,513
10
10
J-J Jan ’ l l , 5
Qontl’ tal & Comm Nat 20 , 000.000 10.259.443 ____
Q-J Apr ’ l l , 2lg
Corn Exchange Natlona 3,000,000 5.666.407
12
'io *
Q-J Apr ’ l l , 4
Drexel S t a t e ...................
200,000
35,938
9
8
Q-J Apr ’ l l , lig
Drovers’ Den National.
600,000
435,906
10
10
Q-J Apr ’ l l , 2ig
Englewood State_______
200,000
43.496
6
6
Q-J Apr ’ l l , lig
124
First National_________ 10, 000,000 11,263,810
124 Q-M Dec 31 ’ 10,314
Q-M Dec31’ 10,21g
150,000
187-,559
10
10
First Nat Englewood___
Prlv ate Ba 11k ________
Foreman Bros B k’g Co. 1 ,000,000
643.440
8
479,664
8
Q-J Apr ’ l l , 2 i
Fort Dearborn National r l ,500,000
8 8+2
Hibernian B 'k’g Ass’n__ 1,500,000 1,030,239
Q-J Apr ’ 1 1,2 1
10
Kaspar State Bank____
200,000
180.530
10 + 15 J-J Jan ’ 11. 6
252,715 Beg. b ua. Ma y ’10 V.90, p.1277
La Salle St National . . 1 .000.000
537.632
q -u Mch31’ ll,21*
10
10
Live Stock Exch’ge Nat 1,250,000
4
Q-F Feb ’ l l . 1
4
Monroe N a t io n a l...___
65,980
3UO.OOJ
8
Nat Bank ot R epu blic.. 2 ,000,000 1,328,008
8
Q-J Mch 31,’ l l , 2
6
National City___________ r 1,500,000
488.551
6
Q-J Men ’ l l , Hg
National Produce_______
4
250,000
87.026
3
Q-J Apr ’ l l , It*
North Avenue State___
69,432
200,000
5>*
6)4 Q-J Apr ’ l l . 1*4
North Side State Sav'gs
Q-J Mch31Tl.lt*
60,000
6
32,040
6
North West State_____
Q-J Apr ’ l l , 1*4
200,000
4
25,197 ____
People's Stk Yds State.
300,000
0-1 Apr ’ l l . 2*2
110.632 ____
7
Prafde State____________
600,000
Q-M Dec30’ 10.1l*
6
74,571
6
to Hallway E x c h a n g e ...
250,000
33,308 None None
Jan ’08. 2
Security . . . . . _________
300.000
207,494
4H Q-J* Apr ’ l l , 11*
i-yi
South Chicago Savings.
200,000
6
94,000
7H Q-J Apr ' l l , 3
South Side State.............
2)0,000
6
11,566
iyi
Q—1 Apr ’ l l , 11*
State Bank ot Chicago.. 1,540,000 1,922.279
12
12
Q-J Apr ’ l l . 3
Stook Yards Savings___
260,000
8
8
Q-M Mch 31T 1.3
193.197
Union Bank of Chloago.
200,008
6
M N Nov ‘ 10.8
43,113
6
Washington Park N at’ l
100.00J
8,494 See V. 90, P. 159
Wendell State_________
60,000
11,015 None None Q-M I)ec31’0*,ll*
Con krai Trust Co o t I II.. 2,000,000
7
945.794
7)4 Q-J Apr ’ l l , 3
Chicago Sav Bk & Tr___
n500,009
6
6
Q-J Apr ’ l l , 11*
112,237
Chicago Title & T r u s t.. 6,000,000 1 1,627,998
6
7)4 Q-J Jan '11,8
Cltiaons Trust & Savings
60,000
4
10,053
6
Q-J Apr ’ l l , 21*
Colonial Trust & Saving,
600,000
8 + 2 Q-J Apr ’ l l , 21*
473,133 8 + 2
Cont & Com m Tr 3s Sav. 3,000,000
466.951
Drovers’ lrust&Savlagi
200,000
8
134,902
8
Q-J Apr ’ l l , a
f’arwoll Trust Co_______ 1,500,008
3
6
223.720
Q-J Apr ’ l l , 11*
First Trust * S avin gs.. 2,500,000 3.420,105
16
12
Q-M Dec31’ 10,4
Uuaranteo Trust & Sav.
200,000
26,611 (ncorp orated 1908 V.87, p.1133
Harris Trust & Savings. 1,250,000 1,636.301
9)4 11 + 5 Q-J Apr ' l l , 3
Illinois 'Trust & Savings 5,000,000 8,976,802 16+4 16+4
q
Apr ’ l l , 4
Kanwood Trust & Savgs
200.000
65.395
6?4 7 + IK QJ Apr* 11, 1*4
Lake View Trust&Savgs
200,000 ' 49,348
5
6)4 Q-J Apr ’ l l , 11*
Merchants' L o a a tT rC o 3,000,000 6,110,397
12
12
Q-J Apr ’ l l , 4
Metro polltanTTustASav
750,000
229,803
6
0
Q-J Mch ’ l l , H*
Michigan Ave T : Co___
200.000
60.426 Beg. b ua. Oct 29’ 1 0V91.P.1231
Northern Trust Co.......... 1,500,000 2,525,359
8
8
Q-> Mch 31*11,3
North-Western Tr&Sav
200.000
6
6
73.769
J-J Jan ' l l , 4
to People’ s Tr & Sav Bk
500.000
149,768 Beg. b us. Dec l ’ lO V. 92. p . M
Pullman Trust & Savgs.
300,600
263,862
8
8
Q-J Mch3 l'H .2
Sheridan Tr & Sav Bank
200.006
2J.973 Beg b ua. J’ly 1 2 ’0 9 V.89.P.141
Standard Tr A Sav______ 1,000,000
263.531 Comm enceil bus. Sept 6 1810
Stockmen's Trust <fc Sav
200,000
36,984
5
6)4 J-J July TO. 3
Union Trust Co________ 1,200.000 1,225,974 * 8 + 2
8 + 2 Q-U Mchai’ ii.a
W est’ n Trust A Saving, 1.240,000
6
187.857
6
Q-J Apr ’ l l . H*
West Side Tr&SavBank
200,000
129,032
6
Q-M Meh 8 1 ’l l . a
Wood lawn Tr&Savltan
200.800
64.745 * 6*
7)4 Q-J Jan ’ l l . 2
•Bid and asked prloes: no sales were made on this day. IMch. 7 (dose of business) for national banks and Mch. 8 (opening of business) for State Institutions. JNo
price Friday; latest price this week, a Duo Dec. 31. b Due Juno. * Also 20% In stock, n Capital to bo Increased to SI,000,000. 0 Dividends are paid Q-J. with
extra payments Q-F. r Proposition to Increase capital to $2,000,000 ratlfled Jan. 10. See V. 92, p. 96. s In addition the equivalent of 4% more came from First
Trust Jc Savings Bank, t Dec. 31 1910.
u In addition the equivalent of 1% came from First Trust & Savings Bank.
v Proposal to Increase capital to $2,000,900
recommended, to Railway Exchange Bank absorbed by I’eople’a Trust <fc Savings Bank. eEx-atoox dividend of 33>*%
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE N EW YORK STOCK EXCHANGE
DAILY, W EE K L Y AND YEARLY.
Stocks.
W eek ending
M arch 31 1911,
Shares.
Saturday -----------------
58,270
148,755
341,097
272.185
254,148
247,816
P ar value.
Railroad,
& c ..
B on d s.
U. S.
B on ds.
Stale
B on d s.
$52,000
158,500
170,000
198,000
404,500
39,000
11,000
_____ ...........
T o ta l................... . . I 1.322.277 S122.iiSS.500 $12,941,300: $1,088,000'
S11.000
Tuesday............. ..........
Wednesday ________
Thursday____________
Friday ........................
Sales at
N ew York Stock
Exchange.
S to ck s — N o . sh ares—
l ’ a r v a l u e -----------------B a n k sh a re s , p a r ---------B on d s.
G o v e r n m e n t b o n d s ___
S t a t e b o n d s -----------------I I R . a n d m ls c . b o n d s .
Total bonds..............
867
TH E CH RON ICLE
A m , 1 1911. |
$5,280,100
13,588.000
31,722.700
25,509,300
24,014,800
22.871,600
W eek ending M a rch
1911.
31.
1910.
1.322,277
2.777,890
S122.986.500 $244,772,075
$108,300
S16.200
S11.000
1.088,000
12.941,500
$14,040,500
SH.500
3.140.500
11,491,500
$14,643.5001
$838,000
2.050.000
2.088.000
2,722,000
2,813,000
1,830,500
Jan.
1 to M a rch 31.
1910.
1911.
27.434.611
$2,429,080,350
$636,100
55,783,281
$5,036,888,675
$391,500
SOS,500
36,223.500
194,072,000
$149,000
17,238.700
211.414.500
S230,364,000l_ $228,802,200
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
A sk
B id
Electric Companies
Chicago Edison Co— S ee Ch cago list
Gr’t West Pow 5s 1 946 ..J-J
80
83
e Kings Co El L it P Co. 100 1290 13U>2
Narragan (Prov) El C o.. 50 *4911; 93'2
N Y ,t (1 El L & Pow Co. 100
55
»0
8)
Preferred....................... 100
75
90
United Electric of N J___100
85
1st g 4s 1949_________J-D
78
79
Western Power com____100
37
34
Preferred..... ............... .100
62
64
Telegraph and Telephone
Amur a cleg it Cable___loo
80
Central it So Amer___ 100 •El 19
Comm’l Un Tel (N Y ) __ 25 105
65
Empire it Bay Slate Tel. 100
Franklin _____
100
40
e Gold & Stock Teleg___100
110
112
e Northwestern Teleg-.
60
Paclilc & Atlantic_____
e Pac Telep & Teleg pref 100 Z95
90
Southern A Atlantic___
e
e
Ferry Companies
B A N Y 1st 6s l'J ll___ J-J
N Y it E R Ferry s t k ... 100
1st 5s 1922__________ M-N
N Y & Hob 5s May ’4 6 .J-D
Hob Fy 1st 5) 1948...’.l-N
N Y it N J 5s 1916_____J-J
10th it 23d Sts F erry... 100
1st mtge 5s 1919____ l-D
e Union Ferry stock___ 100
e 1st 53 1920_________M-N
92
10
50
9-<2
104
97
20
65
23
94
85
121
98
20
60
991;
107
35
/o
26
97
Industrial and iMiscel
Shorf-Term Notes
9938 9978
Amal Cop 5s Apr 1 1913
American Cigar—
991i 100
W eek ending
Ser B 4s -\leh 15 T2..M -S
Pond
M a rch 31 1911.
Listed
Unlisted
99's 100ls
Balt .t Ohio 4 I«s 1913. J-D
Ilond
Listed | Unlisted
sates.
shares,
share o.
9818 tSl_
Bethleh Steel 6s 191 4 ..M-N
sales.
shares.
shares.
99*s '.912
d i e <t Alton 5s 1913.-Al-S
Oil* 99
$26,362 Ola Ham A D 4s 1913....J-J
Saturday____________
3,455
2,050
495
$15,000
7,287
56,562 C O C it St L 53. June 1911.
100
Monday_____________
10.732
1,080
3.487,
60,000
8,975
49,082 Eric 6s Apr 8 1914...A -O S 100>8 1003s
Tuesday____________ 17,088
7.975
6,17/,
47,500
6,190
137,787 Hudson Companies—
Wednesday_________
4,205
3,792:
14,599
71.000
6,109
51,470
Thursday___________ 16,315
5,606
3,741
63 Oct 15 1911........... A-O 1C03|
5,682
102.000
43,306
Friday______________
970 k758
6s Feb 1 1913.............. P-A
10,327
6,049]
4,277
9,575
46,000
Inter!) R T g Os 19U ..M -N 100
Total ____________ 72,510
43,8181
23,638 $364,575 K C Ry it Lt 6s ’ 12____M-S 100 1093*
25,20()| S350.500
9534 9Jl4
Minn «t St L g 5s 1913--F-A
99>s 9938
Mo Kan A Tex 5s May 1’ 13
a N Y C Lines Eq 5s ’ l l - ’22 h412% 1*4%
6412% 4*4%
4Hs Jan 1912-1925
N Y Cent 4 Hs 1914...A l-S
9978 1U018
All bonJ prices are now "and interest’ exce.H where marked "1 .”
N Y N H & H 5s Jan 1912 10012 lol
4>ijs Mch 1 1912____M-S 100*4 1001*
B id
A sk
B id
As*
Street Railways
Street Railways
PuoservCorpNJ 5 s ’ 13.A-0 ICO leCSs
St L <t S F iV iS ’ 12 op.l-'-A
9934 1001*
Bub Serv Corp N J (Con) —
N ew York CU\j
5s Mch 1 1913........... M-S
S8’-2 iJ\)
21
15
New’k Pas Ry 5s '30. .J-J 10712 IO8I2 South Ry g 5s 1913___ F-A
Bleoek St A Ful Fy stk.100
l 934 100
05
Rapid Tran St Ry__ .100 240 250
1st intgo Is 1950_______ P-J 55
10U* lu2
Tidewater 6s, 1913, guar..
____
131
102
1st 6) 10 2 1 .. ___ A-O
B’y * 7th Ave stk............ 100 121
Wabash OSs 1913___ M-N
19 101
J C II )!> & Paterson
2d mtge 53 1914----------J-J
We3t Telep it T 5s ’ 12.F-A 100 ‘ ICOI4
7512 77
4s g 1919........... .. M-N
Con 53 191 . — s e e Stock Exc list
Westlngh’se El & M 6s 1913 10134 102
So J Gas El A True.. 100 135
B’way Surface 1st 53 gu 192! 102 1031*
9334 .95
e5% notes Oct 1917.A-O
98
90
9S>2
Gu g 5s 1953_____ )l-fc
Cent’l Crosstown stock.. 100
85
No Hud Co Ry 0s 191 J-J 103 U5
1st mtge 6l 1922____M-N / 80
Railroad
____
103
15
5
5s
1
9
2
8
................
.J-J
Ceil Pk N .t E Rlv stock. 100
Chic Poor it St L—
____
98
S5 ICO
Ext 5s 1921______ <l-N
Chrlstoph’l A 10th St stk 100
Prior lien g 4 Its ’3 0 .Al-S / 37
Pat Ry con 63 1931. J-D 114 ____
Col * 9th Ave os— S ee Stock Exc list
50
Con mtge g 5s 1930__ J-J
luO
103
A-O
2d 6.S opt 191 1-----Dry Dock E B A B—
Income 5s, July 1930____
434
So Side El (Chic)— See Ch Icago list
95 100
1st gold 53 1932............J-D
Chicago Subway________100 1 ~
102
40
Syracuse Ij T 5.s 1916 . . M-S 101
Scrip 53 1914................ P-A t 30
Nat Rys of Mexico— S ee S t Exc list
97 100
Trent P Ac 11 5s 1943.. J-D
Eighth Avenue sto ck ... 100 283 320
Northern Securities Stubs.. 100 105
.,6
/ 05 100
United Itys of St I,—
Scrip 6s 1914............. F
l’ ltts Bess A L E ................ 50 *62
11
11'4
70
Com vot tr ctfs......... 100
42<1 it Gr St F’jr stock.. 100 200 225
Preferred........................ 50 *65
3934 e Railroad Securities Co—
39
____
e Preferred ________ .100
42d St M A St N Ave. . . 100
____
90
85
Gen 4s 1931— See Stock Exc list
1st mtgo 6s 1910____M-S
III C stk tr ctfs ser A ___52
60
Unit Rys San Fran— S ee Stk Exc list
2d Income 63 1915____ 1-J / 40
Seaboard Company—
3412 36
Wash Ry Ac El Co......... .100
82
8312
Inter-Met— S ee Stock Exch angc list
1st preferred................ 100
88I4 89I2
Preferred__________ . 10 c
Lex Av it Pav F 5s— S ee Stk Exc list
Com it 2d pref— See Bai t Exc list
85
80
4s 1951........................ J-1)
Metropol St lty — S ee Stk Exc list
Seaboard Air Line—
Ninth Avenue stock____100 U.O 175
Coll 5s ext May 1911.Al-S 100 10018
10
8
Second Avenue stock___100
935* 93*4
d as Securities
West Pae 1st 5s 1 9 3 3 ..M-S
55
Consol 5s 1948______ .P-A / 45
♦ Sixth Avenue stock___100 122 130
N ew Y o rk
Industrial and Miscel
85
75
Sou Boulev 5s 1945____J-J
Cent Un Gas 5s 1927__ .J-J 101 103
Adams Exp g 4s 1 947 ..J-D / 87
S8I2
92
88
Con Gas (N Y ) — S ee Stock Exc list
SoFcr 1st 5s 1919........... A-O
Alnncek Alining............ . .. 2 5 *1(35 1/5
182
125
e .Mutual Gas.................. .100 174
Third Avenue UR — S ee Stk Exc list
Alliance Realty_________ 100 120
81)
163
1.8
New
Amsterdam
Gas—
American
Book.................100
Tarry W P & M 5s 1928.. / 3)
85
1st consol 5s 1948__ .J-J 101 102
78
Y ’kersSt UR 5s 1940 A-O
American Brass......... .......100 123 127
25
N Y Ac E R Gas 1st 5s ’ l l J-J 102 105
28th A 29th Sts 5s ’9 6 . . A-O / 15
American Chicle c o m ... 100 23 3 236
99 102
Consol 6s 1945........... J-J
Twenty-third St stock.. 100 100 215
Preferred____________ 100 105 10/
50
60
15
N Y it Richmond Gas. . 100
Union Ry 1st 5s 1942___F-A 10U2 103
Am Graphophor.o com .. 100
75
99<2 IOU2
30
05
Nor U11 1st 5s 1927___ M-N
2b
Westchester 1st 5s ’43 J-J
Preferred____________ 100
55
75
e Standard Gas com__ 100
Amer Hardware________100 130 133
____ Am Malting 0s 1914____ J-1) 100 101
e Preferred________ Kill n 90
B rooklyn .
1st 5s 1930.................. M-N 104 107
95 100
Atlan Avenue RR—
Amer Press As3oc’n____100
Con 5s g 1931.............. A-O 100 102
Ain St Found new— S ee S tk Ex ilst
Other e lite s .
9 / 102
B B ,t W E 5s 1933____A-O
0s 1935.........................A-O 103
56
Am Gas Ac Eleo com__ -.5 0 ♦53
Brooklyn City Stock_____ 10 165 170
Deb Is 1 9 2 3 ...............P-A
6912 701*
4312 American Surety_________50 280 285
Preferred___________ ..5 0 *42
Con 5s— See Stock Exch ange list
Amer Light Ac Tract__ .100 292 295
98 102
*43j
Bklyn Ilgts 1st 5s 1941 A-O
American Thread pref____5
50
Preferred___________ .100 106 10/
Bklyn Queens Co & Sub—
Am Tobacco Co com____100 461 4 ,3
*lo
98 100
Bay state Gas________ ..5 0
r>8 Amer Typef’ders com___100
40
e 1st g 5s ’ ll op 1916 .J-J
47
98
Ulngh’ton (N Y) Gas Wks
97
a 1st con 5s ’41 op ’ 16 M-N
99 101
96
99
1st g 5s 1938________ A-O
Bklyn Rap Tran— S ee Stock KXC list
Deb g 6s 1939...........Al-.N
9812 100
60
45
Brooklyn Un Gas— See Stk Exc list
Coney Is! * Bklyn_____ 100
H*
Amer Writing Paper__ 100
**4
83
3
78
Buffalo City Gas stock. .100
1st cons g 4s 1948____J-J
414
♦Preferred— S ee Stock Ex cli’ge list
80
75
Con g 4s 1955_________ l-J
1st 5s 1947— S ee Stock Exc list
90
89
elst s f g 5s ’ 19 red 105J-J
101
67
69
Brk C A N 53 1 9 3 9 ...J-J
98
Cities Service Co......... .. .100
978 10lS
Atl Git A W I SS Line
77
80
Kings Co El 4s— S ee Stock Exc list
Preferred ................. .. .100
22
____ Con Gas of N J 5s 1936 -J-J
00
92
Nassau Elec pref________ 100 _ ,
72
71
Col tr g 5s 1959______ J-J
105
5s 1944.........................A-O 103
Coasumers’ L H Ac Pow
40
«20
1st 4s 1951— S ee Stock Exe list
5s 1938...................... .J-D 100
U85 100
92
87
N W ’b’g & Flat 1st ex 4J^s
100
tk Ex list
89
91
Steinway 1st 6s 1922___J-J 102 104
Gen g 5s 1949 op____ M-N
Bliss Company com____
121 125
....
Elizabeth Gas Lt Co__ .100 300
121 125
Other C ities
Essex it Hudson G as.. .100 144 147
245 252I2
82
Buffalo Street Ry—
85
Gas it El Bergen Co__ .100
120 120D
1st consol 5s 1931____P-A 10412 IOGI2 e Gr Rap 1st 5s 1915 . . .F-A
9912 101
1U7 109
Deb 6s 1917................ A-O 103 106
*53]
6
Hudson Co Gas............. .100 141 144
British Col Copper......... 5
Columbus (O) St Ry____100
3412 36
9U2 0412 Indiana Lighting Co__ .100
Butte Coalition Mining. 15 *1734 1812
Preferred....................... 100 993.| 1011.]
Is 1958 op......... .......... F-A
6512 6 1
234 314
Colum Ry con 5s— See Phi la list
15
20
Indianapolis Gas...........
Preferred____________ 100
60
53
Cro3St’n 1st 5s 1933..J-D 101 10212
79
1st g 5s 1952________ A-O
85
Casualty Co of Amer___100 125 140
♦ Conn Ry it Ltg com— 100
76
75
Jackson Gas 5s g 1937.. A-O / 88
9212
128>2 132
e Preferred ...................100
79
81
Cent Fireworks com__
e Laclede Gas— S ee Stock E xch II St
1st & ret 4 Hs — S ee Stook Exe list
e Preferred.................. .100 100
104
82
(Hand Rapids Ry pref.. 100
85
Madison Gas 6s 1920.. A-O 103 108
♦ Loulsv St 5s 1930--------J-J 105 106
Newark Gas (is 1944___ -Q-J 127
Lynn A Bos 1st 5s 1924.J-D 1041* tOttij Newark Consol Gas____ .100
98
99
Deb6s’ 19 redat 105.A1-N / Yo“
26
261?
« New Orl Rys A L g t..-100
104
e Con g 5s 1918_____ .J-D
700 800*
71
m , No Hudson L H Ac Pow
♦ Preferred.....................100
k Exc list
5s 1938...................... .A-O 100
60
65
Gen M g 4Hs 1935— S ee S tk Ex list
98 100
63
64
♦Pub Serv Corp of N J— See Stk E XI 1st Pacino Gas A E, com .. .IOC
98 105
Tr ctfs 2% to 6% perpel 104 1051*
Preferred___________ .10C
87
89
9J-34 100>2 Pat A Pas Gas A Elec. .10C
Col tr g 6% notes ’ 13 A-O
90
92
93
95
60 ____
North Jersey St I ly ..l0 0
e Con g 5s 1949____ M-S 102
103
93
79
78
St Joseph Gas 5s 1937 .J-J
1st 4s 1948.............. M-N
90
94
76
Cons Tract of N J____100
75
/ 45
75
1st 5s 1933.............. J-D 104 105
75
/ 45
54
57
• Per share. f> Basis. ♦ Sells on Stock Exchange, but not very active. / Flat price. n Nominal,
s Sale price.
< New stock,
1)os ton.
Philadelphia.
Outside Securities
____
....
.
....
E id
A**
1
Consol Rubber Tire____100
17
10
Preferred____________ 100
42 ■
Debenture 4s 1951 ..A -0 ’ 36
13'1
13
e Crucible Steel_________ 10L
79>s
79
e Preferred___________ 100
Davls-Daly Copper Co___10
*1SS 134
92C 9.31j
e Diamond Match Co___100
duPont (E I) de Ncm Po 101. 155 160
S4'2 87
e Preferred___________ 100
83*2 84
e Gold 4 54s 1936____J-1
Electric Boat___________ 100
Preferred____________ 100
lo
Empire Steel.....................100
14
57
Preferred____________ 100
131 135 ,
e General Chemical_____1U0
e Preferred___________ 100 10 jE 108
*1*
Gold Hill Copper__________ 1
61*
Greene-Cananea_________ 20
Guggenheim Explor’n ..l0 0 185 195
e Hackensack Water Co—
16’2
Ref g 4s ’52 op 1)12 ..J-J
25
30
Hall Signal Co com......... 100
4
7
Havana l'obaceo Co____100
8
15
Preferred____________ 100
02
1st g 53 June 1 1922 .J-D / CO
II ee kcr-Jones-J ewe11 Mil 11n:
1st 6s 1 9 2 2 ................ A1-. 103 105
20
321]
Herring-Hall-Mar new.. 100
Hoboken Land A Im p.. 100
10Y "
1st 53 Nov 1930.............
Houston Oil____________ 10 7
7 I4
Preferred .......................10C
5012 51
Hudson Realty.................lot.
95
e Ingersoll-Rand com__ 100
94
e Preferred___________ 100
32
3214
Intercontinental Rubber 100
Internat’l Banking C o .. 100
05
International Nickel____100 185 195
92
Preferred______ ______ 100
94
93
1st g 5s 1932_________A-O
95
4
International Salt........... 100
8
1st g 5s 1 9 5 1 ........... A-O 1 50
55
50
International Sliver____100
110
Preferred....................... 100
115
1st 6s 1948.................. J-D 111 112 1
Intcrnat Smelt Ac R efg..l00 122 130
DO
Internat Time Record..100
190
Preferred....................... 100 112 116
Jones A Laughlln Steel Co
102
1st s f g 5s 1939......... Al-N
1021*
45
e Lackawanna Steel____100
e 1st con 5s 1950____Al-S
bS»S
951.
957*
e Del) 5s 1915.............. Al-8
93
Lanston Monotype......... 100
95
Lawyers’ Mtge Co.............. 100 260 265
Leh Ac Wllkes-B Coal_____ 50 250 .75
e Lortllard (P) pref............100 140
Madison Sq Garden______ 10C 25
Yo”
2d 6s 1919.............. ...M-N
8o
'V
Alanhattan Transit_______ 20
_
Alay Dept Stores_________ 100 65
651*
100 107 108
Preferred..... ...........
Monongahela R Coal______ 50 *9
9N
24
Preferred ................
51 *23
Mortgage Bond Co_______100 112 114
Nat Bank of Cuba________100 107 109
National Surety_________ 100 217 225
Nev-Utah Alin Ac Sm_______10 * 15
1
e New Central Coal_______ 20 30
60
N Y Air Brake 6s—Nee Stock Exc list
e New York Dock_______ 100 25
30
e Preferred _________ 100 x ____
66
N Y Mtge & Security... 100 219 223
N Y Transportation______ 20 *4
5
Nlle3-Bem-Pond com____100 95
98
Nlplsslng Mines____________ 52*10
1034
Ohio Copper Co....................10 *1
1»1,
e Ontario Silver________ 100
1*2
2
Otis Elevator com_______ 100 02'_
6312
Preferred........................100 97<2 981*
Pittsburgh Brewing............50 *24
2414
Preferred......... ............... 50 *43
43U
Pittsburgh Steel pref____ 100 101 i0U a
Pope Mfg Co com_______ 100 65
57
Preferred_____________100 75
77
Pratt Ac Whitney pref..100 102' 105
Producers OH....... ............. 100 125 135
eRay Consol Copper— See S tk Ex list
Realty Assoc (Bklyn)____ 100 110 120
Royal Bak Powd com____100 178 185
P r e fe r r e d .................... 100 106 107
Safety Car Heat Ac Lt____ 100 123 12413
Seneca Mining___________ 25 * ___
58
Singer Mfg Co......... .........100 300 310
South Iron Ac S com_____ 100
3
6
Preferred_____________ 100
9
12
Standard Cordage______ 100
___
>4
1st M g 5s '31 red_____ A-O/ 18
191a
Adjust M 5s Apr 1 1931..
/2
Standard Coupler com .. 100
42
45“
Preferred____________100 100
110
Standard Aiming Co_____ 100 16
18
Preferred_____________ 100 48
50
1st 5s 1930.................... M-N 86
88
Standard Oil of N J______ 100 650 652
Studebaker Corp com .. 100
49
50
Preferred____________ 100 10134 102
Swift Ac Co— See Boston Stk Exc list
1st 5s. S ee Chicago Stk Exc list
Texas Company— S ee Stock Exc list
e Texas A Pacific Coal.. 100
97>_
Title Ins Co of N Y _____ 100 13712
Tonopah Min (Nevada)___1
*75g
Trenton Potteries com .. 100
4
Preferred new________ 100 50
55
Trow Directory_________ 100 30
♦Underwood Typewriter 100
64
65*
♦Preferred____________ 100 1031 104
Union Typewriter com .. 100 36
38
1st preferred_________ 100 105 110
2d preferred............. ..1 0 0 100 105
United Bk Note Corp___ 50 *5012 62
Preferred ...................... 50 *5112 521]
United Cigar Mfrs_______ 100 57
571|
e Preferred____________ 100 102
104
United Copper__________ 100
334 414
Preferred_____________ 100
9
14
U S Casualty____________ 100 215
U S Envelope com______ 100 52
54*
Preferred_____________ 100 112
U S Finishing____________100 92
97*
Preferred_____________ 100 105 110
1st g 5s 1919................. J-J 100 105
Con g 5s 1929................. J-J 95 100
U S Steel Corporation—
Col tr s f 5s 1951 opt '11 . 114 1143]
Col tr s f 5s '51 not o p t.. 114 1143]
U S Tit Gu & Indem____100
...
921]
Westchester A Bronx Title
Ac Mtge Guar................. 100 160 166
Westlngh’se Air Brake.. 50 *143 1441]
Worthlngt’n Pump pref. 100 105 110
-
r Bx-iltv.
j. E x-righ t,
BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
S H A R E E R IC H S — N O T P E R C E N T U M
Saturday
M a r c h 25
M onday
M a r c h 27
T u esda y
M a r c h 28
W ed n esd a y
M a r c h 29
P R IC E S
Th ursday
M arch 30
F rid a y
M arch 31
Sales
o f the
W eek
Shares
STO CKS
B O STO N STO C K
EXCHANGE
R ange Since Jan uary 1.
On basis o f 100-share lots.
Highest.
Range J ot Prevto-.is
Y ea r (1910).
Highest.
Uailroads
109% 110% 1103g 110*8 110 110
1097g 10978
121 Atch Top & Santa Kc. 101 102% Jan 5 110% Mch 29
■JIG J’ly
123 % Jan
102 102 *102% 102-% *102
*10238 103
102%
— All.’ 10 1 % Jan
971
15
Do
prel___________ 101 101 % Jan 3 103% Feb 1
224 2241- 224 225
224 224
221% 2233?
178 Boston & Albany____ lot
2 2 1 % Mch31 226 Feb 15 218 J'ne 234 ,'an
129 1293.1 129% 1293. 12934 129-% 128% 129
Aug
13J.%
Jan
129*8
Feb
1
1122
498 Boston Elevated______lot xl27%I*’ eb
____ 212 212
*210
212 212 *210
216 Jan 4 2()J J'ly
36 Boston & Lowell______lo t 207 Feb
22 / Feb
116-% 117
116 117
116% 117
116% 1163)
152 Feb
655 Boston & Maine______101
114% Mch 18 122 % Feu 15 /1 118 Deo
295 295
294 294 *295
____ *295
3 0 Nov
7 Boston & Providence. 10 (. 292 Alt h 21 0UJ Alch 0 :85 Oct
* ____
15%
15
15
15
16
*14
16
14 J'ne
itif N ov
114 Boston Suburban El Cos.
16 Mch 15
14 Mch
*73
75
75
75
*74
____ *73
70 J'ly
13
Do
prcl_______________
76 Apr
72 Jan
75 Alch 9
*8
10
*8
10
*8
10
*8
10
8
K% Sep
Men
50 Boston & Wore Elec Ccs.
9 Feb 1
6 Feb 15
*41
____ *41
Last Sale 42
Mch’ ll
____
Do pref________ __
.
4; .inn
35 Aug
42 Mch 20
38i- ja n
* ____ 158 * ___
158
158 158 *
156
1 1 Chic June Ky & USY 101 157 Jan
160 Dec
139 Sep
161 Feb 27
*10/
109 . 109
109 109
108% 108% 108% 108%
50
Do
pref....................1Ot
Us jau
107 Mch 1
113 Feb 2u 109 Oct
*264
*260
____ *264
L ast Sale 265
Feb’ 11 ____Connecticut Itiver____ lo t 265 Jan 31 265 Jan 31 260 Oct
27J Melt
127%
127% 128
127% 128
127 127
127
127
333 Fitchburg, pref_______ I 0 i. 126' - Feb
133% Jau
124% Sep
130 Jan
*133
132% 132% 133 133 *132% 134 *
1331-»
31 Ga Ky & Electric____ 101
J23 Oct
104 Jan
117% Jan 23 134 M chl
*90
90
90
91% 91% * ____ 91 *
911?
70
Do
pref___________
lot
85
Apr
90 Oct
86
Feb
20
93
Mch
* ____
*
* ____205
203
L ast Sale 211
Atch’ 11 ____Maine Central__________ 10 ( 211 Men 17 215 Jan 18 .02 Fen 218 Dec:
*17117
17
*17%
17% 17%
17%
171-1
128 Mass Electric Los_____ ini2 lu N o v
1 1 % J'ly
lo% Mch
19
Feb
88
87% 88
8734 88
88
88
873.1
88 ” 1,011
Do pref___________ lot
833.|Jan 9
I 3j N’ OV
88 Feo
76 J'ly
146%
117 148% 148 148% 148 148% 148
148*2 2,522 N Y N H & H artford.lot 146% Mch24 151% Feb 23
149 Apr
16-'3g Men
140%
140% 140% 141 141 *141
____
76 Northern N H _________lo t 139 Jan 13 142 Moll
139 Dec 141 Dectill XX ____Norwich & Wor pretllOO
210 Jan 26 210 Jan 26 210 Aiav 212 Men
*185% ____ 186 186
187 187
186 186
186 187
38 Old Colony___________ 100 183 Mch 15 189 Jan
185% 1S6
: on Jan
131% Sep
40
40
41
*40
40
40
*40
41
40
40
94 Kutland pref__________ 100
39 "
40
32 Jan 26
2a Aim
43 Feb 21
44% Nov
*108
109 *108 109% 107 108
106 107
106 106
106
106
161 Seattle Electric________ lo t 2106 Jan
1 1 2 Feb 27 103 Aug 116 jar.
98% 981- *98
98%
98
98 *
98 * ____ 98 *
60
Do pref____________ io< x9, % Mch 13 102% Jan
98
98% A UP 106 Alcll.
*175% 175% 17i 1/6% 1773g 178% 176.% 1773- 177 177% 177
1,000 Union Pacific_________lo t 171 Jan
177
180% Feb
15j% J ’ly 204% Jn 1
in* 2 *91
91% *93% 94
93% 93%
92-% 92.%
27
Do pref........................lot
90 Mch 9
94% Feb 10
10338 Jan
89% J’ly
*158
—
*158
____ *158
____ *158
____Vermont & Mass_______ lo t 156 Mch 21 160 Feb 21
L a st Sale 156
Mch’ l l
jo 1 Oct
168 .1 .. 1
91
91
90
90
90% 91
90% 91
323 West End St___________ 5 (
90% 91
90%
90%
8j% Feb 1 93 Men 22
Sep
UoI VIf IV
103% 103% 103 103
103 103
103 103
187
Do pref..................
5t 102 Feb 27 105 Jan 10
103 103% 103
103
J'ly
129 Feb
Miscellaneous
57
57%573f
57%
573,
57
5634
57% 577s
57% 577g
58% 1,603 Amer Agrlcul Chein._10t
46% Jan
591- Feb 28
66 J'ly
491;- Oct101% 101G 101% 102
101% 101% 101% 1013 i 101% 101% 10 1 % 101%
638
Do pref...................... l o t
99 Jan
105m Mch 1
08% Dec 105 Sep4%
5
*43.,
S
5
*43»
*4%
*4-%
5
140 \nier Pneu Service___ 5t
6%
4% Jail
5%
6% Jan 20
4 Dec
Fen
10
16
*15% 16% *15% 16
*15% 16
16
10
330
Do prer..................... 51
15%
15%
14 Jan
la% Jan 31
13 % Dee
24 Feb
*119 120
118% 1191- 118% 119% 119 119% 118% 119
118% 118% 1,289 Ymer Sugar Keiln____ Kt
lDJSj Jan
122 Feb 2i
•u
Out
12 / . Men
116% 1161- 116 116
116 116-% 116
679
Do pref...................... lot
115% 116
115% 116
11134 ja n
117
119 Feb 2
II H; Oct
121 Mch
1461- 146% 146% 147
147 1471- 1467g 147-g 147% 1473g 2145
145% 13,878 Amer Telep & Teieg._10(i 140 Jan
1475s Mch 21
12701 J'ly
14378 N ov
*35% 36
34% 35%
2,731 American Woolen____ 1 Ot
35% 36
32
32131%
31% 34132
31 Jan
36% AIC02U
26 J’ly
o'Jl- .vlch
93-% 94% 291% 92
90
9 !•% 86
8S34
Go p re i._ ............... . l o t 280 Meh 29
901.1
87% 89%
89% 4,763
96% Feb
90%
Dec
194% Alch.
10
10
10% *10
10
10% , *97g 10%
10
10
50 Atl Gulf & W I S S I_100
8% Jail 17
10% Jan 25
/ Mch
11% Jan
22% 2L>lo *22% 23% * 2 2 % ____ *22
227g 23
205
Go pref_____________lo t
21 Mch 11
26 Jan 31
16
Ala;.
28 Jan
8
*7
8
8
*8
81*
Si.
*8
*8
81*8
60 Boston Land____
10
8%
5% Jan 13
8 Men 7
4% J'ly
si- Jan
*147
150 *147 149% 147 147G *147 1481- *147% 148% *147
10 Dumb Telep & T eleg 'lO f 145% Jan 10 151% Alch 13 >38%’ J’ly
14811521- Alt'll
*9% 10 %
*934 10 %
*97g 10
570 East Boston Land
*9% 10
10
934 10%
9%
7% Jan 18
10% Feb 20
1 % Apr
11% Jan
286 286
286 280
287 288
289 290
288% 289
284
327 Edison E'ec Iliu m .."lO O 284 Mch 31 292% Feb 3 .239 Jai'.
287
*147% 148
148 148% 148% 1481- 148% 149
597 General Electric.
'10 0 2145% Mch 3 15558 Feb 10 135 J’ly 292% N o v
148% 148% 148% 149%
169%Jan
91% 91%
91% 913j
91% 92%
92-% 923g
92% 92%
92%
92% 2,359 MassachusettsUasCos*lot3734 Jan 3 94 Jail 20
76% Feb
9l3g NOV
97% 98
97% 97%
97% 97%
97% 97-s
97% 9734
686
Go p r e f . . . ............. jo t
97%
97%
95 Jan 3
89 May
98 Mch 25
97 Men
*210% 217
216% 217
216 216
216 216
2151- 216
112 Wergenthalcr Lino . . .1 0 0 211 Jan 4 221% Feb Is 2 12 % Dec
215
215
226 N oe
4
*3%
*3%
* 31?
O'
*3%
414
*3%
4%
10 Mexican Telephone, lo
3%
3%
3% Mch 20
2% Jan
4's Jan 31
6-% May
♦113% 114%, 113% 111
113% 113% 113% 113% 1131- 113% *113
63
N
E
Cotton
Yarn____
lo
t
115
HO Jan 3 119 Mch 14
107 Sep
124 Jan
*115% 116 *115% 116
lib
116
116 110 * ____ 116 *114
84
Do pref....................... 100 106 Jan 3 116% Mchl..
116
99% Aug 115 Jau
144 1441
144 1411- 144 145
144% 145 *144% 145
195 N E Telephone............. 100 137 Jan 14 145 Feb 14 1291144% 144%
Aug 13834 Dee
*1021- 1031? *102I2
103 103 *102% . . .
35 Pacific Coast P o w er.. 100
103 103 *102%
96 Jan 9 193 Alch 28
06% Nov 100 Jan
159U 1591? 159 159% 159 160
159 1591
159% 1,089 Pullman Co............. . . . 1 0 0
159 159% 159
158 Mch 6 I 63 Jan 30 159 J’ne 200 Feb
*13
13%
13% 13% *13
13-% 14
13%
14
14
323 Keece B u tto n -H o le .. 10 212 Jan 5
14
14
11% Jau
14 Mch 29
14 Oct
100-3, 101
100% 101
401 Swift & Co_____________100 100 Jan 26 102%
1007g 1007g
100% 101
100% 101
1003i 101
Alch b 10J Jan
109% Jan
31% 3112 *31
3H» *31
648 Torrlngton______________25
31%
3134
31% 31%
31% 31%
30 Feb 1 36 Jan 3
32
28 Mch
37 Dec
*2714 28
27% 27% *27
17
Do pref...................... 25
28
*27
28
*2734 28
27 Mch 23
27
27
27 Jau
29 Jan 17
31 May
181 182
181 182% 182 182% 181 182
989 United Fruit.................... 100 180 Mch 13 192% Jan 19 165% Jan
181%
181 1811
181
2 to Sep
56% 5612 56% 5612 56
880 Un Shoo Mach C o r p .. 25
56%
56% 56%
56
56
55
54% Jan 13
55
587s Feb 18
46-% J’ly
7i% Apr
2812 2812 28% 28%
636
Go pref_____________ 25
28% 28%
2834
281.1 28%
28% 28%
28%
28% Mch 30
25 % J ’ly
29% Jan 31
31 Jan
78*4 78%
78% 79
783g 7,507 U S Steel Corp................ 100
79% 791
78% 79%
7734
78% 787g
71% Jan 3
82% Feb 6
61 % J’ly
903, Jan
118% 118% 119 1191; 119% 119% 119% 119% 119 119% 119% 119%
285
Go pref...................... 100 II 634 Jan 3 120% Feb
I
I
I
J’ly
126% Jan
*20% 21
95 West Telep & T e le g ..lO t
*20
21
201- 2012 20% 201.1 20
20%
16% Jan 17
14 Feb
23% Feb 6
L% Sep
93% *92I2 94
93
304
Go pref...................... 100
92% 93
92-% 9234 93% 94
93%
93%
89 Jan 23
81 Aug
97 Feb 3
94 Jan
. ,
Alining
270 Adventure Con............. 25
5
5
5
5
5
5
*5
5%
5
5
5 Mch 25
7 Jan
4 J’ly
10 Feb
7%
900 Aigomah Mining . . ___25
7%
7%
734
712
77g
8
7%
77g
734
734
6 Jan 24
734
8% Feb
734 Dec
1484 Sep
135 Allouez_____________
25
3212 3212 *32% 331 •> *32% 34
32%
32%
32% 32%
*32% 34
32% Mch24
39 Jan
31 J ’ly
68
Feb
62% 627g
62-8
637g 64%
6334 64
63% 3,644 Amalgamated Copper* 100
63% 637g
63% 63%
61 Jan 3
67 Feb
55% J’ly
60% Jan
2434 2434
170 Am Zinc Lead & S m ._ 25
25
25
*25
25%
25
25%
25% *25
23 Jan 27
255.1 Jan
19% J'ly
40% Jan
14
*14*
14
14
14
14
14% 14%
*14
200 Arizona Commercial. 25
1412 *14
14%
13 Jan 12
15% Feb 10
12 % Maj
5034 Jan
..
Atlantic . . .
25
*4
Mch'll
4%
*4
*4
L ast Sale l
*4
4%
412
4*2
3% Feb 16
5% Feb 2
5 J ’ne
12% Jan
* .5 0
.60
.60
*.50
.60 *.50
200 Bonanza Dev C o**” 10 .50 Jan 5 .55 Feb 16
.60
.50
.50 * .50
.60 * .50
60 Meh .70 Aleb
12%
12%
*12
12%
* 12 % 13
* 12 % 13
12% 12% *12% 13
170 Eos&CorbCop&SlIMg
5
11% Jan 13
10 May
1334 Feb 3
24%
Jan
5
5
5
5
5
5
5
514
*5
*5
t%
5%
260 Butte-Balaklava C op. 10
4% Jan 30
6% Jan 14
4% Nov
18% Afay
*17% 18
18
18% 18%
18
*1712 18
1,200 Butte Coalition.
15
18% 183s1 18% 18%
17% Mch 9
16% J’ne
19% Feb
28% Jan
*50
50%
51
50% 507g
50
501.4
51
50% 503S1 50% 50%
1,187 Calumet & A r iz o n a " 10
46 Jan 19
44% J’ly
55 Feb
103 Jau
*490 495
482
495 49934 *490 495
500 500
495 495
490
72 Calumet & H e c ia ..
25 470 Feb 27 545 Jan
£09 J’ly 685 Jan
*12
*12
13
12% *12%
*12% 13
13
13
13
13
121
118 C en ten n ial...
25
ldi- J’ly
11% Jan 30
15% Jan
38 Jan
.06 * .05
.06
* .0 5
*.05
.06 * .05
.06
.06
.06 * .05
.06
100 Cons Mercur Gold
* 1 -05 Jan 6 .06 Feb
04 J’ly
.16 Jan
64
64
63% 63%; 6334 6334 6334 64
63%
63% 64
63%
722 Copper Kange Con Co’ lOO
63% Mch 24
68 Feo
69*4 Feb 2
85 Jan
434
5
4
*4%
47g
*3%
47g
5
5
5
47*
5
1,088 Galy-W est.................... 20
3%
Sep
3
Feb
f
5
Mch
21
9 % Atch
12
12%
12% 12%
12%
4
12% 12%! 12% 12%
.12% 1,983 East Butte Cop A lin .. 10
6% J’ly
11% Jan 11
13%
Feb
14 Nov
L ast Sale .1 8
M c h 'l l
____Elm Klver_____
12
15 Jan 30 .20 Jan
.05 Oct
1% Feb
*9
9%
9% 9% *9
9
*9
9%
*9
9%
9%
220 Franklin . .
"25
7
Jan
21
9
Deo
el0% Feb 20
22% Mch
63g .
6 3-16 6%
6%
6%
6.% 6 5-16 6 7-16
1
6%
1,255 Giroux Co nso fida ted I 5
5- % Mch 10 »% Feb 6
6
J
’ly
12%
Jan
*33
34
31 i *32% *3*4**
31
*32
34
32% 32%
32% 32%
41 Granby Consolidated. 106
30 Jan 26
20
J ’ly
40% Jan
H 1 % Jan
0% 6 7-16 (3 7-16 2,324 Greene Cananea_____ 2 t
6%
6 9-16 6 9-16
6%
6%
3
6%
6%
6% AlchlO
63g Sep
7 Jan
IDs Jan
22
22
22
22% 22% *2212 23
22% 22%
22%
22% 23
550 Hancock Consolidated 25
18 Jan 24 e2434 Mch 1
143. J'ly
3.; Jan
*11
-*lt»
134 ____
1%
*112
13.4
11- 1 9-16 1 9-16
1%
100 Helvetia Copper_____ 25
1 Jan 20
134 Oct
2 Feb
6% Jan
*12
12 *■' 12
12
12%
1 12
12% 12%
*1*2**
12%
12%
300 Indiana Alining............. 25
11% Jan 30
10
J'ly
13% Feb 6
44% Atch
*301
31
30%
*30% 31
*30% 31
30% 30% *301- 31
30%
32 Island Creek C o a l___
1
30% Mch 22
3034 Dec
34 Jan ~
33% Oct
87
87
87%
87% 877g 87%
2 *87
873,
87
87
87%
919
Do pref___________
1
87 Feb 3
84%
Nov
90
Jan
10 Nov
131_ 14
137g
i
13% 141,1
133
13% 13% *1334 14%
505 Isle Hoyale C op p e r.. 25
12% Mch 3
13%. May
16% Jan
■' % Jan
6% 6 7-16
6% 6 7-16 6 7-16
6%
638
63,s 1,208 Kerr Lake......................
2
6%
5
6-% Mch
26 Sep
77s Jan 21
It Jau
*2
2%
*2
2%
2
2
*2
21100 Keweenaw Copper___25
2 Jan 28
3
J’ly
3%
Jan
6-14 Jan
♦3334 34%
34
32
33% *32% "32*34 1,640 Lake Copper Co_____ 25
34
34 “
1 34
32 Mch30
28% J ’ly
38 Feb 21
£4%
Jan
*4%
4%
4%
4%
4%
4%
4
4
1
4%
4
723 La Salle Copper---------25
4 Mch 18
6% Deo
6 Jan 3
10 Jan
*6%
.*
6%
6
6-%
6
6
6%
6
135 -Mass Consol_____________25
6-8 *
6 Mch 30
4%.
Mch
8
Jan
3
10% Oet
*1
1% 1 5-16
1% 1 7-16 1,745 Mayflower ..................
1%
25 -20 Feb 18 l%a Alch 31
1
1%
1%
1%
i%
.35 Oct
1% Jan
.01
____Mexico Cons M & S___ 10
.01 Mch27 .25 Jan 16 .01 Nov
;. Jan
*i5fg *19% 19-%
1 19% 19% *19
19% *19% 19%
19%’ 19%
500 Miami Copper________
1858 Jan 28
20% Feb
17 J'ly
29 Jan
2
2
*2
21*2
2%
*2
21 21 - . 105 Michigan_______________ 25
*13.J
2 Mch 27
3% Jan
3% Deo
i.% Jan
41
41
*38
40
37
40
40
40
40
40
124 Mohawk________________ 25
37
37 Mch 31
45% Jan
43 J'ly
75 Jan
. 18% 183.,
18%
1 18% 18%
18% 18%
18% 18%
18%
5
18%
183g Jan 5
525 Nevada Consolidated.
19*4 Feb
17% J’ly
27 % Jan
*213
3
3%
*2%
*23.)
1
3%
3%
3%
200 New Arcadian Copper 25
2%- Mch 9
334 Feb
3% J'ly
lu% Jan
11
11% 11%
107g 11
1034 1,345 Nlplsslng Mines
11
1 11
11%
I d - Jan y
1 1 % 210 %
•934 Jan
113s Feb 17
12 Alay
28% 28%
28% 281 ; 2834 29
28% 29
28% 28% *28
28% 1,057 North B u t t e .............- 15
30% Feb 9
18 J ’ne
60 .Jan
6
6
6
6
6
25
*5
6
6
6 Alch 6
*5
6
60
734 Jan 9
6% Dec
25% Mch
*6
63g
6
6
6-% 6%
*6
25
6%
6
6
*6 *
175
6**
Jan 17
7% Feb If
5 Sep
12% Jan
* .80
1
.90
.90
.95
1 * .80
25 .50 Jan 5
1
1 1-16 1 %
1 % 2,130
1%
1% Alch 30
.25 Aug
1% Feb
*37
38%
37
38
*37% 38% *37% 381- *37
25
37
38 *
37
Alch 27
359
42 Jan 13
29%
J’ne
15
Jan
108 108
109 109
108 :1P9
10 s :103
108 10 S
107
222 O sceola_______________ 25 105 Feb 20 124 Jan 3 114 J’ly
107
*111- 13
♦ l u 13
109 Jan
*12
10
13
12
11 Jan 26
12
* 1 1 % 121 - * 1 1 %
13
50
12%
Feb
11 Dec
2*134 Jau
6734 673.
es
68
67% 68
25
*67
68
65
*68
69
Jan
25
68
121
68
71 Jan
0:> J ’ly
92 Alch
17
17
17
17
17
17
*17
10
17%
16 Jan 27
17
17
245
18% Jan
15 % J’ly
*1
24% Meh
1
*1
1%
1%
1
10
1%
1
1 Mch 27
*1
300
Hi "* i*
**i%
1% Jan
1% Nov
10% 10’
2% Jan
10-% 10-%
10110%
10
10%
10
10
10
%
10 %
Mch 30
10 % 1,125
l ? 8 .92 "
12 1 Feb
8% J’ly
18 Jan
.90
.86
.86
.90 ** .85
* .85
5 .80 Jan 16
____
.90
*.85
.90 ____
150 South Utah AI & S —
1 Feb
1 Dec
33j Jan
*35% 36
*351, 36
*35% 36
*351- 36
25
351;
L
a
st
Sale
353
4
Alch’
11
42% Jan
*4
36 J’ly
08% Jan
*4
4%
4%
4'.1
4%
41g
4%
4%
4
4 Jan 19
4
*390 Superior* Boston Min 10
4%;
6 Jan
4% Dee
14% 14%
14% 14%
14% 14%
14% 14%
13 Jan
14% I43g| 14%
13% Jan 3
141 2,434 Supenor&Fitts Copp. 10
1538 Feb
9 J’ly
10% Jan
*39
40
*38
40
*39
40
40
40
T a m arack______________ 25
*38
40
40
Jan
5
40
175
40
52 Jan
451- J’ne
78
Jau
*4
*4
4%
4%
4%
4%
4%
4%
Trinity__________________25
4
4 1 4
281
4
4 Jan 19
5 Jan
41- Dec
34% 34%
*34%
*34% 35
35
IE’ s Jan
34% 347g 341 341 z3 t
325 U S Smelt Kef & M in. 50
33% Mch 4 37% Feb
31
30 Dec
55 Jan
47
473g 47%
47% 47%
47
47%
Do
pref___________ 50 z-16% Mch31
4714
47% 471. *46%
4631 1,651
48 Mch 1
45% J ly
53% Jan
2%
2%
*2%
23,
212%
2%
6
2%
*2%
855 Utah-Apex Alining___
2% 2 7-16 2 7-16
2 Mch lo
3 Jan 5
2 Dec
13% 137s
137g 137g
6% Jan
13
13
*13
13%
13% 13% I 13%
14
515 Utah Consolidated___ £
9% Jan 20
15 Atch 14
12% Dec
4478 45
443, 443,
46 Jan
♦44% 447g
45% 45%
140 Utah Copper Co_____ 1C 43% Mch 4 46%
44% 441Feb 6 fi39-% J '110
COi- Jan
*1%
134 *1%
1%
*1%
2
178| *1%
1%
13.1 .150 Victoria .................... .. 25
*1%
1%
1%
Mch
23
2%
Feb
7
2
Dec
534
Jan
8
*7%
7%
8
*7%
7%
*7%
,
7%
7%
195! W inona_____________ Zj
7
7%
7 Atch 9
9% Feb 6
5 J’ly
16 Jau
*112 115 *112 115
112 112 *____ 112
z 5 110 Mch3o| 122
110 n o *110
70 W o lv e r in e ...
“ Feb 10
102
J’ly
60
Jan
*1%
11,
1%
1%
1%'
*!•%
2501
u
yantlo
t
___________
25
1%
1%
1%
1 % 1 *1%
*1%
1% Jan 25
2 Feb 6
1 % J’ly
3*4 Jan
'
* Bid and asked price . d New stock. eAss'c p.Ud. o Ex-stock div. /1 E.c-rigats. a Ex-diy. and rights.
*108%
102%
225
129
*210
117%
* __
*15%
*73
*8%
*41
109% *109% 109-%
1023,8 *102% 103
225
224 224
129
129 129%
210 210
117% 117 117%
300 * ___ 300
10
*15% 16
75
75
*73
£%
____
8%
____ *41
____
158 * ____ 158
108
108 1081____ *264
____
127% 127% 127%
134 *132% 133%
91
92
*90
210 * ____ 210
17^4 *17% ____
88
87% 87%
147
146% 147
140% 140 140
869
Boston Bond Record
A pr. 11911.]
BUMU&
BOSTON STOCK K X O H ’ GE
W kbk ending M arch 31
W eek ’ s
R a n g e or
L a s t S a le
P r ic e
P rid a v
M a rch 31
r§ 3
iSail
Range
S in c e
J an uary
BOSTON STOCK E X C H ’ UE
w ekk
I
E nding
march
31
j-5-i!
tr ic e
F rid a y
M a rch 31
|
W eek’ *
R a n g e or
o j S in c e
! 4 iJ a n u a ry l
l
| L a st S a te
R i g a , .Vo L o w
tlig h
iR ta
a s h , Low
H i g h N o ,1L o w H i g h
100 4
5 iOO 102%
101% 26, 101% 102 4 Illinois Steel ileben 5 s___ 1913 A-O 1 0 0 % ......... 100% i»r»UW
!
A p r’08
89% 61 | 89 4 90% la F a lls*S io u x C is t 7 s .. 1917 A-O ..................... 117
108 4 105 l().->% 109 ! Kan C Clin & Bur 1st 5 s . . .1925 A O ......... .......... | !'4% Feb’ l l . ... 94% 94%
1 90
Kan C Ft S da Gull ext o s .. 1911 J-C 100 ......... (100% F e b ’ l l . ... 100% i00%
90
Am W rit l ’auer lo t s 16s g 1910 J . j ..................... 90 F o b’ 11
3 115 116%
I(o%
Am Zinc 1j * S dob 6 s___ 191 j M-N ...................... 102 V Mar’ l 1 ....1 loo 1 0 2 4 Kan C Ft Scott * M O s...‘ .1928 M-N ......... 1 15 %1115 %
Kan C M * B gen 4 s........... 1934 M-S
93 4
92 ......... | 92 4 Mar’ 1 1 . ...i 92
89
|
1
84
Ariz Com Cop 1st conv 0a 1920 J -D
SI
8(3
85 Mar’ l l
l i 88
90
88%
88 %
99 4 1 Assented income 5 s.........1934 M-S ......... 90
«-i I 3 | 98
99
Aten T o p & S F 'e gen g 4 s .. 1995 a o
99 Sale
5 102 103
102
Adjustment, g 4 s___J’ ly 1995 Nov
904 914
91 M a r 'll ___ '1 9 1 4 91% Kan C * M By * Br 1st 5 s l9 2 9 A-O 102 102%'102
9 1 %; Maine Cent cons 1st 7 s ...1 9 1 2 A-O ..................... '102% F eb’ l l ! . ... 102% 102%
Stam ped................ J ’ ly 1995 M-N
9 0 s, 9 1 4 91 M ar’ i 1 - r- r'l1 91
Cons 1st 4 s .................................. 1912 A-O
..................... 1101% Sep ’0 5 1.
2 109% 109%
60-year conv 4s.............1955 J-D ..................... 109**
i09%
115 J’ne’OS;.
s .............1917
_10-year
J-year conv 5
os..............i
o n J-D
J-D ......................1110%
..................... il 10% Mar I t '___ 'T08% 110% Mara Hougli * Ont 1 st Os.1925 A-O
Mass Gas 4 4 s ....................... 1929 j J
99% 10 | 9 9 4 1 0 0 %
99 4
99 4 99
Atl Quit & W 1 S 3 lanes 5 s .’ 59' j . j | 72
7 2 4 72
i2% 17|(38
To
97 Aug’ 10 .
Boston Elect L consol o s .1924 M-S ..................... 110 Feb’0 4 ------ '!..................... i\i ich T eiep lst o s .................1917 J- J
Minne Ueu Elec con g 5s 1929 J.J
102 4 A u g ’ 0 4 ; ------ 'I........................
Boston & laiwell 4s........... 1910 J - J ........................ 1 0 0 4 Mar’09
New Eng Cot Yarn 5s____1929 F-A
1024
3 100 103
102 4 102 4
Boston <fc Maine 4 4 s ......... 1944 J -J . ...................... T01 4 Oct ’08 . . . .
New E n gTeleph 5s............ 1915 A-O
101% M ai’ l l . . . . ’ 1 0 1 % 102
Boston Terminal I s l 3 4 s .l 9 4 7 F-A ..................... ' l l ‘2 4 J a n ’0 3 '------'
6s......................................................1910 A-O
100 4 sep * 0 8 ___i!....................
J a u ’ l l 1. . . . 1103 103 4
Bur * Mo ltiv cons Os . . . 1918 J-J .....................103
New England cons g 5 s ... 1945 J - J
B u t t e * Boston 1st Os-----1917 A-O ......................IlOO J ’ne’0 1 1. . . . ;
Boston Term 1st 4 s .........1939 A-O
Butte Elec & Bow l s t g 5 s .l 9 o l j-l>
New Uiver (Tlio) conv os. 1934 J - J
76 Oct '10
Cedar Kap * Alu It 1st 7 s .1910 M-N
113 4 May’ 10
9 » 4 Feb’ l l
.J! 90% 99 4
87 4 90 4 N Y N H & 11 con deb 3 481956' J-J
Cent Vermt 1st g 4 s..A la y l9 2 0 %-F
91%
91%
Conv deb Os ( e t t s )...........1948' J-J
133% 133%
6 133 134%
C B * % Iowa JJiv 1st 53.1919 A-O
II103 O c t ’ 0 7 ' . . . . 1
Old Colony gold 4 s ........................1924 F-A
lo t A p r ’09
Iowa Civ 1st 4 s ................1919 A-O
09 F eb’ l l 1___ 1
98% Sep ’09
Debenture 6 s.....................1913 M-N
lo i 'g
io iy
1 ; 100% 101 % Greg By <fc Nav con g 4 S ..1940 J-C
Oreg Sh Line 1st g Os........1922 F-A
114% F e b 'll
. . 114% 114%
99% 100
Denver Exten 4s..............1922 F-A
99 M ar’ l l 1. —
Nebraska Exten 4 s ........1927 M-N
9 8 % -Vlar’ l l 1. . . . ' 98% 98% Pere Marquette deb g Os.. 1912 j - j
103 Jun’ i l
103 103
8 * 8 W s t 4s................... 1921 M-S
99% Fob’ l l — 1 99 4 99 4 Kepub Valley 1st s t Os...1 9 1 9 J - J
107 4 •N
’ov’Ud ....1
Illinois Civ 3 4 s ................1949 J - J
87% M at’ ] 1 -----1 87% 88% Rutland 1st con gen 4 4 s . 1941 J-J
Kutlaud-Canailian I s t 4 s l9 4 9 J-J
102
Mat *02
1..................
U1 4 28 100 101%
Chic Jo Uy & Stk Yds 5s .1915 J-J 1 0 1 sail 101
,0 % Dec TO
7 89% 90% Savannah Elec 1st cons os. 1952' J-J
Coll trust relunding g i s l 9 4 0 „A -0
„
89
88% 89% 89
Seattle Elec 1st g 5 s .......... 1930 F-A
104%
fU4%
4 104 106
..'1 1 4
1U
Jll Mil * Bt 1> Cub C Os.. 1920 J - J
111 Jail’ l l
M-N
Sliaunon-Atiz
1st
g
Os____1919
93
M ar’ l l
93
93
..'(113%
113%
h M & Bt T W h V div 0sl920 J -J
'113% F e b -ll
Terre Haute Elec g 5 s ....l9 2 9 | J -J
97 A p r ’u7
........
9 8 4 101
Ohio * No Alien ls i gu 5s. 1931 M-N
..
99 4 100 4 100 Mar’ l l
100% Mar’ 10
O h io * W M idi gen 5s___1921'J-D
1 0 1 % ......... 101% Mar’ l l . . 10 0 1 0 1 % Torrington 1st g 6 s............ 1918 M-S
Union Pac KB ifc 1 gr g 43.19-17! J - J
100% Jan ’ l l . . . 100% 100%
Jonconl * Mont oons 4S ..1 9 2 0 1J -U
91 C eo’OVi___ 1..........
20-year conv 4 s .................1927'J - J
104% F eb’ l l . . . 101% 104%
112% J a n ’03 . . . . .........
(onn & Bass It 1st g 4 s ... 1943! A-O
95%
06
Umteu Fruit gen s 1 4 4 8 .1 9 2 3 J .J
95% Sale
6 95% 97 4
100% Aug’0 9 !. . . . ' .........
Cudahy Pack(Tho)lst g 5s 1 9 .4 M-N
U
S
Coal
*
Oil
1st
s
l
Os..
1938
M-N
1U5
Nov 10
97
97 M at’ l l ' . . . . 1 97
Ourrent uiver 1st 5 s......... 1920 A-O
U S Steel Corp 10-00 yr 5s. 1963 M-N
105%
K'5% " j i ’0 4% Iu5%
87
87 F e b ’ l l . . . . ' 87
Dot Ur Ban & VV 1st 4 s ... 1940 A-O
98 4 Mar' 1 1 ...8 03 4 98%
95% M ar’ l l ___ 95% 9 0 4 West End Street By 4s___ 1915; F-A
Dominion Coal 1st s 1 6 s ..1940 M-N
100% .Mar’ l l . . . 1 0 0 % l o o s *
Gold 4 4 s ................. . . . . . . . 1 9 1 4 M-S
103 4 A p t ’05 . . . . .....................
mien burg 4 s ........................1916 m - s
98 4 Apt ’ 10
Uolu deoenturo 4s............ 1910 M-N
00 A p r’08 . . . . .....................
4 s ......................................... 1927IM-B
08% J a n ’ l l
Gold 4s........................................... 1917 F-A
98% 9a %
127% J au ’ l l . . . . 127% 127%
Promt Elk * Mo V 1st Os..1933 A-O
t'7%
97 4 97 ‘u
6! 96% 99
A p r’0 6 .............................. Western Teleph & Tel 6 s .1932 J.J
Uustampcu 1st Os........... 1933 A -0 ......................140
03% J a u ’ l l
13% 93%
96% 16 95 4 90 4 Wisconsin Cent 1st gen 4 sl9 4 9 J - J
G tN 'otC B * 14 coll lr 4s 1921! J - J
95% Sale
96 .
95% 95%
"1
B egislereiH s....................192l|Q-J| .......................| 96% Mar’ l l
i
j
91%
.J
r
Norn— Buyer pays accrued interest in addition to the purchase prioo tor all Boston Bonds.
* No price Friday; latest bid and asked.
1i Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S to c k s see b e l o w )
93%
*23
63
99%
90% 92
91
91
96
96
9a % 99 %
•123% 24
*123 4
♦24 4
24
24
*62%
18% 18%
18% 18%
44
<‘ 43 4 44
47%
47% 4/0,
12
13
*54 V» 54 4 *63%
33
33 4 33 4
♦71
♦74
75
*9 ..........
29%
♦29% 30
♦1)4
94 4 ♦94
86%
*86% 8 6 4
03
63% 63%
64
♦64
64 %
16%
16% 16%
J9%
19% 19%
783ia 7S®iu 78%a
8%
»%
47%
47 4 47 4
67%
87% b7 %
44
48
12%
64 4
34
74%
9%
29%
914
86%
03%
64
16%
784
47^
b7%
904
90
123%
23 4
63%
18%
90 4
»0
123%
23%
63%
18%
*
90 4 <•69 4
*......... 96
96
*06
123
123 4 ♦123 124
24
24 4
2 14
544
64
64%
13% 18% ♦ 1 8 4
44
44
•743 4 44
47% 47%
47% 48%
12
12
12
12
54
64 4
64% 64%
33 4
33%
74
74 4
74 % 74%
v8 4
9%
9%
29 4 29 4
*29 4 30
93% 91
9 4 4 94 4
87 % 07«,„ 87u io 88%
ti<i6i(j
Oi
03%
63
64 hj 54%
04% 64 %
10 % 10%
16% 10 l4
19 4 19%
19% ID'S
78% 7d‘ *i 9 783i<i 78%a
8%
8% 8*ie'
4 7 4 47 ‘u 47 % 47%
87% 87%
87 % 87%
P ll I LADKLP1I IA
in active SlocK s
American .Milling........10
Cambfia Iron................. 60
Central Coal & Coke. 100
Prelirved....................100
Consol Trao ot N J ...1 0 0
Ft Wayne & W V ........100
Uermanlown Pass........60
Highlander M i l l * M g ..6
lluutingoon * B T .. .. 5 0
Preferred....... ............50
Indianapolis S t........... 100
Indiana Union T r___ 100
Insurance Co ol N A . . 10
Inter Sm l ’ ow * Chem.50
Keystone Telephone ..5 0
preferred.....................60
Keys! one Watch Case. 100
Leh Vail Tran v t C ...50
Preferred v t c ...........50
Lit Brothers................... 10
Little Schuylkill........... 50
MineliUl * Scliuyl H ..6 0
Nat Gas Elec L t * Po 100
Proicircil................... lou
N ilavou iron * Steel.6
Noitheru Central......... 50
North Pennsylvania..50
Pennsylvania Salt........50
Pennsylvania s te e l..100
Prelerred................... 100
Phiia Co (Pitts) prof...50
Phil Germun & N orris.60
Plula Traction............... 50
Railways General........10
Tonopah Bclniont D ev.l
U niuuT i ui lu u ......... 100
United Cos ol N J ___ 101
Unit Trao Puts p re l..5 t
Warwick I r o n * Steel.10
R id
A sk
1%
1%
46
45
84 4 85
80
79
76
.........
20%
84
33
105
84
*22 Si
......
.........
.
4
rr».........
106 4
42^
8 14
6%
239%
io%
40
534
.........
144
41
47%
12%
644
33
74 4
9%
29%
94%
b7a4
63%
64%
16%
19%
78 4
6%
47 4
87 4
||
PHILADELPHIA
1
Bonds
♦15
+43 Sa
47%
+ 12
62%
33
74
164
12%
63%
33
74
9
28%
*84
*27%
♦93 4 9 3 %
87% 87%
63%
03
*83%
10 l4
19 4
7713ia
*7%
7%
47 %
0)86%
liid
10
23
1,263
168
317
1,116
280
II Mo paid,
Philadelphia
2,668
148
1,09
1,458
721
629
1,661
2,519
6,13o Tonopah Mining
1,408
1,740
A sk
P r i c e s a r e a l l “ a n il
in te r e s t
1. Kx-ri-lits.
pret.
1 ,7 8 2
A l t * L V Eleo 1 4 s ’33.F-A
86%
85
A m Gas & Elec 5 s’07. F-A
09 4 100 4
Am B ysconv5s 1 9 1 1 . J-D
04
93
Coll tru-.t 5s 1917 .A-O
96%
Atl U Eleo ref 6s ’ 3 8 . M-S
B e rg * EBrw l s t 6 s ’ 21 J-J 1 0 0 %
Betide Steel 6s 1 9 9 8 .0 -F 115% ___ ,
.........
C h o c * M e 1st 5s 1949 J -J
Ch Ok * G gen 5s T 9 J -J
Con Trao of N J 1st 6 s .’33 104%
78
20% D el Coltys tr ctfs 4s’ 4 .•J -J
107
E * A 1st M 6s 1920 M -N
86 4 87
Elec * Peo Tr stk tr ctfs
9
82 4 84
Iuiliauapolis By 4s. 1933
36
54%
Interstate 4s 1943 ..F -A
82
Keystone Tel os 1936.J-J
9
6 9 4 70
Lake Sup Corp inc 5s’ . 4 O
£3
Lom gU N av 4 4 s T 4 .0 -J
Geu 51 4 4 s g,1924.<4-F
57
1094
61
Loll V C 1st 6s g ’3 3 ..J-J 109
Leh V ext 4s 1st 1948.J -D
Consol 6s 1923........J-D 104
Consol 4 4 » 1 9 2 3 ...J -D
Annuity 6 s ...............J-D 146
*128 4
97%
Ueu cons 4s 2 0 0 3 .-M-N
Leh V Tran con 4s M5J-D
102
1st series B 5s 1935.M-S
LOO
97
N a t E l I * 1’ serll 5s’ 19J-J
43
Now Cou Gas 6s 1948 J -D
N Y P h * N o 1st 4s ’39 J J
income 4s 1 9 3 9 ...M -N
.........
NoUluoTrac con5s’ 19.J -J ......... ..........
61*19 Penn * Md Steel con 6s.
Pa * N Y Cau 5s ’39. A-O
Con 4s 1939............. A-O
Pen lis t e d 1st 6s T 7 M -N
11
People’s Tr tr certs 4s ’43
41
P Co 1 s t * col tr 5s’ 49 M-S i'0 2 ’4 103
61
97% 97%
C o n * col tr 5s 1951M -N
Plnl Elec gjuld trust ctfs. 103% 104 ~
78
78%
Trust certits 4 s...............
108%
8 4 P * 17 geu M 6 g ’20. A-O 107
26
Geu M 4s g 1 9 2 0 ., A * 0
8
24
'•B id and asked; eo sales on this day.
144
♦ 13 4
*47 4
‘ 12
*53%
33
*74
*84
29
93 4
87 *18
63
51
16*8
19%
7 saie
8 l 18
47 %
87%
i)o
t $12% paid,
P H IL A D E L P H IA
64
89
60 121
100 21
100 43%
60 I 6 4
Jan
Jan
Jan
Jan
Jan
Jan
R id
A sk
j
.........1
116
1 (10 % - . . . . .
117 117%
.........
.........
120 125
Atlan Coast L iConn)100
227 4 230
120
110
6
6
20
20 4
30
96
93
72 4 74
2
14
Prelerred....................50
ls t “ pref...................... 100
100
10 1 4 1 0 1 %
10 1 4 102
77
77 4
85 S* 85%
89%
101
93
93 4
.........
P r ic e s are a il “ a n d
in t e r e s t .’’
Anacoatia * Pot 5 s...........
A tl Coast LtCt)ctts 5s J-D
100 4 101
104 4
6-20 yr 4s 1925......... J-J
92 .........
Balt C Pass 1st 5s T 1 Al-N 100
100%
Balt-Fumlg 58.1916 M-N 103
104
Exchange 3 4 s 1930 J-J
93 4 94
B a lt * P 1st 6s m l ’ l l A-U loo
B S P * C 1 st 4 48 ’ 53F -A
96
96 4
Balt Trao 1st 5s. . ’29 M -N 107
108
No Balt Div 5s 1942 J-D 109
109 4
Ceut’l B yeon5sl932 Al-N 105
E x t * Imp 68.1932 M S 105
Chaa City By ls t o s '2 3 J-J 103 i o i
t $13 4 paid.
} $ 3 5 paid,
0 93
9 100
L126 4
4 25
4 65
y 18%
50 14 4 Mar30
60 42 -Jan 5
50 42 4 Jan 3
10 1 1 4 Jan 4
100 4 8 4 Jan 3
10U 3 1 4 Mar 4
100 72 Atari 0
50
8 4 Jan 2
.100 27% MarJt
50 92% Feb .4
60 85% Alar 10
50 62 4 Alar 4
50 XOi) Jan 3
25 16 Jan .9
50 1 8 4 Jan 3
6u 7 0 Jan 3
1 v%« Jan 4
6(1 43 Jau 3
60 85 4 Jan 3
Pll & Bead 2d 5s '3 3 . A-O
E x Imp M 4s g ’4 7 .A-O
Terminal 5s g 1 9 4 1 .Q-F
P W * B col tr 4 s ’2 1 .J-J
Portland By 1st 5s 1930.
Bead Trao <816s lst33 J-J
Koch B y * L c o u 5 s ’61J -J
Spanish-Am ir 6s ’ 27 J-J
Stau’it Gas * E Os '25 Al-N
U True ln d g en 5s’ 19.J-J
Un Bys Tr ctls 4s’49J *J
United Bys Inv 1st coll tr
s 16s 1926.................Al-N
Welsbacli s f 5s 1 930 .J-D
W lks-B U * E c o u 5 s ’55J-J
York B ys <st 6a 1937.J-D
ILV LT I.U O itK
Inactive 8>tocUs
Ala Cons C oal* Iron.100
Pref
........................100
a
Year ( 1 9 1 0 )
H ig tle si
L ow est
100
97|
|R a n g e l o r P r e c i o u s
R a n g e S in c e
J a n 1 il) 11
A C T IV E S T O C K S
11uj n est
iso tveaC
i
AlarlO 46
Alarl7i 80
Jan 26 115
Feb 18 18%
Feb 18 40
Mar2b 12%
Alar
Alar
Jau
J’ly
Oct
A1ay
64 k Deo
90 J’ly
132 Feu
27 % Jan
47 Jau
16 c Deo
17 4 Jan 4^ 17 Dec
45 4Jan 2u j 41% J’ly
4a% Feb 18 40% J’ly
12 4 Jan 141 11% J’ly
66 Feb 2 42 J'ne
3134 Jau 10 19% J’ly
83% Jau 30 64 J’ ly
9 % Jan luj
7 J’iy
32 Feb 6 1 5 4 J’ne
98 Jau 111 86 J’ne
9 0 4 Feb 3 (52 ^ J’i.y
65
F*>b 2 til1116 J'ly
54% Alar 17 42 J’ne
16% Fob 1 U 3 % u'eu
16 Apr
21 % Jan 20
80% Fob 10 65 4 J’ly
8% Jan 17
0 4 Jan
48 4 Jau 20 38 Oct
89% Jan 9 79 J’ly
28
50
53 e Jan
12 4 Jau
64% Mar
314 Deo
81V, Jau
13 0 an
2 9 7 Oeo
123 Jan
12 l *< Alar
liy-%a Mar
63 s Jan
16* Mar
23 4 Jau
Feb
91(6 May
(>2'i jau
95 % Jan
UALTLUOKK
R id
A sk
Chaa By G * El 5s ’99 Al-S
Chari c * A 2d Vs’ 10 A-O
C it y * Sub 1st 5 s .. ’22 J-D
C it y * s u b (W a s )ls t5 s ’48
C o a l* 1 By I s t O s ’ JOF-A
C o l*G ru v lst0s.l91G J-J
Consol Gas 5 s ..1939 J-D
Gen 4 4 s 1954......... A-O
Cons G E & P 4 ns ’35. J -J
F a ir * CITr i s t 5 s ’38.A -0
U a * Ala 1st cou 6 s ’46J-J
U a C a r * N ls t o s g '2 9 J -J
Ueorgfa P 1st Os.. . ’22 J -J
U a S o * Fla 1st 5a 1945J-J
G-B-S Brew 3 -4s 1951M-S
2d income 5s 1951 M-N
Knox v Trac 1st 6s ’28A-U
Lakell El 1st gu6s’42Al-S
M a e o u U y * E tis l5 s ’53J-J
95
96
___
106 4 105%
10 2
103%
1 0 1 % toi:
106
1U7
109
109 4
96% 90 4
81 % &7%
98 4 99
106
105%
104% 105 4
112
115
106
1064
45 % 45 4
6
8
101 100
108 n o
07
V9
87
Aletst( W ash)lslds’25 F A 106 107
Alt Ver Cot D uck 1st 6s.
72% 73
N pt N * G P 1st 5s’38 M-N .........
N or& P orT r lstS s’ JUJ-D
834
__
Norlolk St 1st 5s ’4 4 ..J-J 105
North C e n t4 4 s 1925 A -u 102 4
Senes A 63 1 9 2 6 ....J-J 110
Senes B 5s 1 9 2 6 ....J-J 1 10
Pitt Uu Trac 5s 1997.J-J 102 4 ____ r•
Polo Val 1st 6s 1 9 4 1 ..J-J 105
Sav F l a * W est o s ’34 A-O 110
1104
Seab * Boau os 1 926 .J-J 107
109
South Bound 1st 5 s..A -O 107 108 4
U El L& P 1st 4 4 s ’ 29 M-N
92
924
Uu B y * El 1 s t 4 s ’49 M-S
84
84
Income 4s 1949........J-D
63 4 03%
86% 86
Funding 6s 1 9 3 6 ...J-D
Va Mid 2d ser 6s T l.A I .S
3d senes 6s 1 9 1 6 ..AI-S 104
UH
5th senes 5s 1926. Al-S 106
85
Va (State) 3s n ow ’ 3 2 .J-J
86
85
F'unddeht2-3s 1991.J-J
86%
W est N C cou 6s 1914 J J 1044 105
W osV aC & P lstG g’ l l J-J 100% 100 4
W i l * Weld 5 s . . 1935 .J-J 110 112
Receipts. 6$25 paid. c$.)0 paid. d $42 4 paid.
870
T H E CH RO N ICLE
g m re stra e n l
and
[VO L. L X X X X I I
jE a r lr a a tl l u t e l l i q e t i c c .
R A IL R O A D GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month and the last two
columns the earnings for the period from July 1 to and including such latest week or month We add a subnlementarv
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e retu rn s o f the electric ra ilw a y s are brought together se p a ra te ly on a subsequent paqe
L a te s t G r o s s E a r n i n g s .
W eek of
M o -n th .
C urrent
Y ear.
P r e v io u s
Year.
July 1 to L a te s t D a t e .
C urren t
Y ear.
P r e v io u s
Y ea r.
Al.a N O & Tex P a cS
S
S
N 0 4 N E a s t . . . 1st wk Mch
66.000
61,000 2,523,848 2,359,911
Ala & Vicksb____ 1st wk Mch
28,000
29.000 1,275,136 1,181,338
Vicks Shr & Pac. 1st wk Mch
22,000
24.000 1,083,724 1,018,931
Ala Tcnn & N o r th .. January . _
12,277
8,557
70,017
47,977
Ann Arbor_________ 3d wk Mch
38.017
44,197 1,431,463 1,388,349
Atcii Topeka & S Fe February . 5,060,818 7,920,698 72,265,390 63,801,600
Atlanta Blrm A Atl ltd wk Mch
60,961
5 7 ,7 8 ' 2,097,014 1,895,178
Atlantic Coast Line January _ . 2,700,486 2,566,712 17,623,470 16,540,358
g Baltimore & Ohio. February . 5,913,433 6 ,291,72, 59,323,126
57,879,581
B & O Ch Ter R R January . .
106,213
94,568
904,102
715,104
Bangor & Aroostook February .
281,502
264,895 2,058,261 1,916,942
Boston A M aine___ February . 3,087,860 2,943,841 29,988,209 23,919,509
Bridgeton & Saco R January . _
3,888
4,299
32,07
30,538
Bull Roch & P ittsb. 3d wk Mch
171,191
182,997 6,895,105 6,635,084
Buffalo A Susq____ January . .
178.971
156,350 1,373,957 1,414,784
Canadian Northern. 3d wk Mch
297,900
221,500 10,457,500 8,887,700
Canadian Pacific— 3d wk Mch 1,972,000 1,723,000 73,500,435 66,956,090
Central of G eorgia.. 3d wk Mch
272,100
268,000 9,832,484 9,087,660
Central of New Jcr. January . .
,294,549 2 149,690 17,312,477 16,582,161
Central Verm ont___ J a n u a r y ____
301,251
265,948 2,345,823 2,444,514
Chattanooga South. 2d wk Mch
2,301
1,762
68,473
62,971
Ches A Ohio Lines. 3d wk Mch
561,064
666,271 23,733,709 22,472,836
Chicago & A lton ___ 3d wk Mch
279,789
304,239 10,766,037 10,064,066
Chic Burl & Quincy J a n u a r y _ _ 6,621,904 6,935,803 54,883,164 52.346,420
p Chic Great W e s t .. 3d wk Mch
264,529
309,321 9,251,896 8,616,485
Chic Ind & Loulsv. 3d wk Mch
114,398
123,889 4,418,965 4,271,765
Chic MU & St Paul. J a n u a r y __ 4,736,624 4,253,668 40,259,014 38,166,256
Ch Mil A Pug S d . January . .
991,072
831,831 8,504,572
Chic A North W e st. February . 0,141,439 5,315,727 51,157,835 49,453,044
Chic St P M & O . . . February . 1,177,500 1,133,08° 11,298,066 10,049,515
CIn Ham A Dayton January . .
756,517
687,5811 5,761,403 5,665,523
Colorado M id lan d .. February .
117.972
152.4
1,374,535 1,617,491
Colorado & S o u th .. M wk Mch
254,59
321,07 i 2,229,82S 12.276.794
Copper R ange_____ January . .
4 7 ,0 -9
50,0 1^ | 417,306
447,916
C orn w all___________ J a n u a r y ___
12,268
21,43."
98,520
116,861
Cornwall & Leban. January _ .
20,907
210,142
33,537
268,820
Cuba Railroad_____ February .
315,921
1,893,640 1,530,657
254.5
Delaware A Hudson February . 1,482,295 1,391,818 13,816,972 13,009,087
*90 108 23,874,120
Del Lack A W e s t .. February . 2,477,778 2 ,5 5 6 ,9 5 2 '’’ O.890,108
Deny A Rio Grande 3d wk Mch
368,600
433,50; 17,189,70 10,978,231
Denver N W & Pac. 3d wk Mch
14,482
14,392
Det Toledo & Iront. 3d wk Mch
25,246
33,575 1,371,139 1,155", 177
Detrolt & Mackinac' 3d wk Mch
23,62°
852,489
26,703
863,950
Dul A Iron R a n g e .. January . .
154,909
100,906 5,227,488 6,577,242
Dul Sou Shore A Atl 2d wk Mch
5 2 ,1 8 ;
62,637 2,222,473 2,269,888
El Paso A Sou W est January . .
638,381
600,141 4,291,338 4,174,019
E r i e _________ ______ February . 4,05 l ,893 3,997,016 37,864,843 36.589.794
Fairchild & Nor E . . February .
16,069
2,318
16,234
2,024
Fonda Johns & Glov January . .
628,594
58,137
591,096
64,257
Georgia R ailro ad .. February .
239,015 2,217,802 2,080,169
271,683
Grand Trunk S y st. . 3d wk Mch
841,719 32,108,200 31,329,330
875,309
Grand Trk VVest. 3d wk Mch
142,695 4,487,687 4,383,522
131,994
35,546 1,499,922 1,451,613
Det Gr H av A Mil 3d wk Mch
38.51C
35,322 1,363,493 1,465,815
37.4 1?
Canada A tlantic. 3d wk Mch
Great Northern Syst February . 3,670,480 3,873,314 41,779,892 42,834,666
174,273 1,189,252 1,260,937
176,673
Gulf A Ship Island. January _ .
4 6 4 ,7 JI
568,355 4,669,405 4.613,545
Hocking V alley____ January . .
Illinois Central____ February . 4,762,09 . 1,529,768 4 1 ,774,S03'381817^602
163,000
176,000 6,862,126 6,340,405
Internat A Gt N or. 3d wk Mch
a Interoceanlc M e x . 3d wk Mch 176,500 171,942 6,424,090 6,017,145
76,82 3
80,095 2,538,816 2,486,281
Iowa Central_______ 3d wk Mch
233,930
Kanawha A M ic h .. January . .
227,138 1,929,497 1,613,779
759,938
Kansas City South. February .
790,936 6,970,438 6,259,348
K C Mex A Orient. . 3d wk Mch
38,600
3 8 ,I f f 1,430,806 1,243,161
Lehigh Valley_____ February . 2,626,336 2,443,286 24,247,129 23,381,149
Lexington & E a s t .. January . .
37,760
33,051
292,725
257,584
Louislana & Arkan. J an u ary__
121,394
106,891
844,429
745,074
Loulsv Hend & St L January . .
98,927
91,295
741,580
686,001
s Loulsv A N a s h v .. 3d wk Mch 1,096.325 1,095,225 30, . 21,894 37,731,838
Macon & Birm’ham February .
13,096
10,598
105,871
104,753
Maine Central_____ January . .
672,016
630,691 5,399,137 5,300,904
Maryland A Pcnna. February .
27,787
24,341
289,789
266,855
a Mexican R ailw ay. 3d wk Mch
186,100
173,300 6,209,700 5,682,900
a Mexico Nor W e s t. December.. 157,465 141,500 1,113,275
075,690
Mineral R ange_____ 2d wk Mcli
536,446
15,410
15,502
604,040
Minneap A St Louis 3d wk Mch
113,014
105,400 3,852,846 3,001,679
Minn St P & S S Ml 3d wk Mch
389,954
444,127 16,075,601 17,533,045
Chicago Division/
72,725
Mississippi Central, February .
70,497
618,995
580,520
506,139
473,656 21,927,069 19,008,243
u Mo Kan A Texas. 3d wk Mch
Missouri Pacific____ 3d wk Mch
951,000 1,092,000 38,847,103 38,409,445
983,429 7,115,921 6,081,077
Nashv Chat A St L . January . . 1,127,811
a Nat Rys of M c x .l. 3d wk Mch 1,280,140 1,271,499 15,997,007 42,023,842
Nevada-Cal-Oregoa 1st wk Mch
2,376
6,779
233,316
326,896
Nevada Central____ January __
4,567
6,551
50,177
43,619
N O Great Northern January __
136,987
128,359
973,953
799,825
N O Mobile A Chic. W k Mch 18
36,401
33,738 1,32 1 ,0 1 C 1.185.669
I N Y C & Hud Rlv February _ 7 ,1 1 3 ,7 8 ' ’.,937,298 67,838,544 65,020,477
Lake Shore & M S February . 3,414,72:: 3,611,126 32,838,313 32,350,891
n Lake E & W est February .
386,494
420,333 3,779,549 3,721,593
Chic Ind A South February .
299,832
369,129 2,424,384 2.490.670
Michigan Central February . 2,185,321 2,129,866 20,257,651 19,113,067
Clove C C & St L . February . 2,232,456 2,171,567 0,819,073 19,045,523
Peoria & Eastern February .
252,550
239,771 2,502,08'. 2,194,075
Cincinnati N orth. February .
81,796
823,355
885,715
80,773
Pitts A Lake Erie February . 1,017,173 1,188,226 10,800,947 11,580,303
R u tlan d ____
February .
218,901
193,637 2,311,231 2,132,520
N Y Chic & St L . February .
827,264
806,339 7,507,027 7,150,483
Tolcdo & Ohio C . February .
284,138
304,027 3,547,316 2,972,429
__ Tot all lines above February . 18314431 18452192 125513336 169201485
L a te st G r o s s E a r n i n g s .
ROADS.
W e e k or
M o n th .
C urren t
Y ea r.
July 1 to L a te s t D a t e .
P r e v io u s
Y ear.
C urren t
Y ea r.
P r e v io u s
Y ea r.
N Y N II & H a r t f.. F e b r u a r y
N Y Ont & Western J a n u a r y _
N Y Susq A W e s t .. F e b r u a r y
Norfolk A Southern F e b r u a r y
Norfolk A W estern. J a n u a r y .
Northern Pacific___ F e b r u a r y
Pacific Coast Co___ J a n u a r y _
Pennsylvania R R _ _ F e b r u a r y
Balt Ches A A t l . . F e b r u a r y
Cumberland V ail. F e b r u a r y .
Long Island_____ F e b r u a r y .
Md Del A V a ____ F e b r u a r y .
N Y Phlla A Norf F e b r u a r y .
Northern Central F e b r u a r y .
Phlla Balt & W _ . F e b r u a r y .
W est Jersey & S . v e b r u a r y .
Pennsylvania C o ___ F e b r u a r y . 3,205,316 3,767,354
Grand Rap A Ind F e b r u a r y .
380.303
366,497
Pitts Cin C A St L F e b r u a r y . 2,746,208 3,093,952
V a n d a lla ________ F e b r u a r y .
751,616
736,490
Total lines—
East Pitts & E F e b r u a r y .
W est Pitts A E F e b r u a r y .
All E a ; t& W cst F e b r u a r y .
Pcre M arauette____ F e b r u a r y .
Raleigh A S o u th p .. F e b r u a r y .
Reading Company
• Phlla & Reading.
• Coal & Iron C o ..
• Total both cos___
Rich Fred A Potom
Rio Grande June___
Rio Grande S o u th ..
Rock Island Lic.c«. .
St Jos A Grand Tsl.
St Louis & San Fran
Chic & East 111..
/ Evansv A Ter H
Total of all lines.
St L Rocky Mt&Pao
St Louis Southwest.
San Ped L A & S L .
Seaboard Air L in e ..
Southern In d ia n a ..
Southern Pacific Co
Southern R a ilw a y ..
Mobile A O h i o ...
■ Cin N O & Tex P .
Ala Great South.
Georgia Sou & Fla
Texas & Pacific____
Tidewater & W e s t.
Toledo Poor A Wes.
Toledo St L A W est
Tombigbee V a lle y ..
Union Pacific S y st.
Virginia & So W e st.
W a b a s h ____________
Western Maryland.
Wheeling & Lake E
W ichita Falls & N W
W rlghtsv A T e rm ..
Yazoo A Miss Valley
V a r io u s F isc a l Y e a r s.
P e r io d .
Delaware A Hudson_________ _
e N Y Central A Hudson R iver.
Lake Shore A Michigan South
n Lake Erie A W estern_______
Chicago Indiana A Southern
Michigan Central___________
Cleve Cin Chicago A St Louis
Peoria A Eastern_____
Cincinnati Northern___
Pittsburgh A Lake Erie.
R u t la n d ___________
New York Chicago A St Lo'uis
Toledo A Ohio Central
Total all lines________
I
Pennsylvania R a ilr o a d _____ "
Baltimore Chesapeake A Atl
Cumberland Valley___
Long Island.............................
Maryland Delaware A V a . . "
N Y Philadelphia A N orfolk.
Northern Central__________
Philadelphia Balt A W a sh .
W est Jersey A Seashore___
Pennsylvania C o m p a n y _____
Grand Rapids A Ind_____
Pitts Cincinnati Chic A St L
Vandalla_________________
"
Total lines— East Pitts A E
W est Pitts A E __
All lines E A W .
Rio Grande Junction________
Texas A Pacific________
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Feb 28 3,054,907
Feb 28 14,900,865
Feb 28 7,131,231
Feb 28
837,103
610,475
Feb 28
Feb 28 4,550,240
Feb 28 4,577,378
Feb 28
558,677
Feb 28
181,404
Feb 28 2,031,869
Feb 28
447,742
Feb 28 1,718,273
Feb 28
623,017
Feb 28 38,168,232
Feb 28 23,546,274
Feb 28
25,980
Feb 28
466,510
Feb 28 1,198,422
Feb 28
12,455
Feb 28
469,519
Feb 28 1,916,101
Feb 28 2,765,860
Feb 28
634,061
Feb 28 6,623,167
Feb 28
775,779
Feb 28 5,858,923
Feb 28 1,576,140
Feb 28 32,585,209
Feb 28 15,438,576
Feb 28 48,003,785
Jan 31
137,981
Mch 21 3,252.007
2,767,904
14,428,388
7,485,003
844,941
694,041
4,287,970
4,525,844
503,570
170,296
2,523,999
400,145
1,745,748
661,077
38,241,082
15,057,446
28,507
465,777
1,067,310
11,173
459,866
1,959,827
2,657,303
592,271
7,741,724
730,539
0,454,991
1,607,079
33,883,709
17,154,040
51,037,755
152,541
3,444,937
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W e e k ly S u m m a r ie s.
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
week Jan (43
week Jan (44
week Jan (42
week Feb (42
week Feb (43
week Feb (42
week Feb (43
VVCC1V Mch
1UVH V(44
week
week Mch (41
week Mch (41
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
i uuuo/-----roads)____
roads)------
!P r e v ’ s Y e a r , | I n c . o r D e c .
$
l
1
12.398,591,1
12,958,296
18,325,728
12,640.714!i
13,081,881 ■
13,019,946
13,223,530
,
i
13,657|996
S
11,925,053
12,428,232
18,028.059
12,703,442
12,928,215
12,381,369
13,182,681
13,203,818
13.261,698
13,927,313
S
+ 473,538
+ 530,064
+ 297,669
— 62.728
+ 153,663
+ 638,577
+ 40,849
— 175,015
+ 102,234
— 269,317
%
M o n th ly S u m m a r ie s.
M ile a g e C u rr. Y r .
3.97
4.27
1.65
0.70
1.19
5.16
0.30
1.32
0.77
1.22
M a y ................237.560
J u n e _______ 238,108
J u ly ................238,169
A u g u s t ____ 238,193
S ep tem ber.. 240,678
O ctober____ 241,215
N o v e m b e r ..241,272
December ..2 4 1 ,3 6 4
January ..2 2 5 ,8 6 2
February . . 88,651
C u r’nl
Y e a r P r e v 's
Year
I n c . or D e c .
P r e v .Y r .
232,494
““
232,054
233,203
239,401
237,809
237,835
237,545
238,080
221,941
86,351
201,069,381 +33,241,261 16.53
209,270,887 4-27,765,272 13.77
5.10
........... .....................
7.05
246,335,586 + 1 0 ,3 1 2 ,1 1 6 4.49
..............................
1.01
0.50
7.23
2.57
1.62
A pr . 1 1911.|
T H E C H R O N IC L E
871
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the third week
of March. The table covers 41 roads and shows 1.22%
decrease in the aggregate under the same week last year.
----- G r o s s E a r n i n g s -----C urrent
P r e v io u s
------- N e t E a r n in g s ------C urren t
P r e v io u s
..
„
R oa ds.
Year.
Y ea r.
Y ea r.
Y ea r.
N Y Cent & Hud Riv ( C o n ) —
S
$
S
S
Cleve CinCh A St L .b .F c b 2 ,232,456
2,171,567
515,273
407,283
Jan 1 to Feb 2 8 _______ 4,577,378
4,525,844
773,010 1,121,635
Peoria & E a s t e r n .b ...F e b
252,550
239,771
28,858
53,370
T h ir d w eek o f M a r c h .
1911.
D ecrea se.
558,677
Jan 1 to Feb 2 8 .............
1910.
In c r e a s e
503,570
84,245
133,931
Cincinnati N o r t h .b - .- F e b
81,796
80,773
2,773
21,923
$
S
5
5
Jan 1 to Feb 2 8 _______
181,404
170,296
12,783
39,323
Alabam a Great Southern.
60,409
79,81(1
19,401
Ann Arbor.......... ................ ..
Plttsb & Lake E r ie .b .F e b '1,017,173
38,017
1,188,220
464,247
6,180
631,702
44,197
Jan
1
to
Feb
2
8
_______
2,031,869
60,961
2,523,099
905,879
57,784
3,177
1,461,793
B u ffa lo R o c h e s te r & P itts b u r g h
171,191
11,806
182,997
R utland. b ...................... Feb
218,901
193,637
15,977
40,113
C a n a d i a n N o r t h e r n __________________
297,900
221,500
76,400
Jan 1 to Feb 2 8 _______
447,742
400,145
45,284
85,094
C a n a d i a n P a c i f i c ........... .............................
1,972,000 1,723,000
249,000
N Y Chic A St L . b ___Feb
827,264
806,339
C e n t r a l o f G e o r g i a ____________________
160,884
220,877
272,100
268,000
4,100
Jan 1 to Feb 2 8 _________1,718,273
1,745,748
C h e s a p e a k e & O h i o __________________
339,261
572,275
561,064
105,207
666,271
C h i c a g o <5s A l t o n ______________________
Toledo & Ohio C e n t.b .F e b
284,138
279,789
24,450
304,239
304,027
41,012
82,990
C h i c a g o G r e a t W e s t e r n _____________
Jan 1 to Feb 2 8 _______
623,017
264,529
44,792
309,321
601,077
105,401
216,997
C h ic a g o I n d ia n a p o lis & L o u i s v .
114,398
9,491
123,889
Total
all
Lines
b
-------F
e
b
l8
,3
1
4
,4
3
1
18,452,192
3
,
402,824
5,204,444
C in c N e w O r l & T e x a s P a c i l l c . .
71,243
113,603
184,846
Jan 1 to Feb 2 8 ----------- 38,168,232 38,241,082
7 ,360,808 11,006,309
C o l o r a d o & S o u t h e r n ________________
254,594
67,078
321,672
D e n v e r & R i o G r a n d e _______________
N Y N II & H artford _b .F eb 4 ,182,774
4,238,942
1 , 1 5 0 ,4 1 1
1,337,082
368,600
64,900
433,500
July 1 to Feb 2 8 ----------- 4 1 ,325,715 39,823,940 14,261,399 14,813,643
D e n v e r N o r t h w e s t & P a c i l l c ____
14,482
14,392
90
D e t r o i t & M a c k i n a c _________________
23,629
20,703
3,074
N Y Susq & W e s t e r n .a .-F e b
310,652
278,582
117,133
95,953
D e t r o i t T o l e d o & I r o n t o n ________
25,249
8,326
July 1 to Feb 2 8 ----------- 2,5 1 6 ,2 5 4
2 ,289,789
807,629
639,829
33,575
.............
G e o r g i a S o u t h e r n & F l o r i d a ____
46,243
1,082
47,325
Northern Pacific b . ------ Feb 4,058,532
4,6 2 0 ,7 5 5
1,190,868
1,276,227
G r a n d T r u n k of C a n a d a _________
July 1 to Feb 2 8 -----------4 4,791,999 4 9 ,280,000 17,715,375 19,430,239
G r a n d T r u n k W e s t e r n _________
875,309
841,719
33,590
Pennsylvania Lines—
D e t r o i t G r H a v & M i l w ______
C a n a d a A t l a n t i c __________________
Pennsylvania R R . a . .F e b l 1,186,442 12,149 287
1,756,008
2,550,838
I n te r n a tio n a l & G t N o r t h e r n .!
163,000
Jan 1 to Feb 2 8 ----------- 23,540,274 15,057,446
176,000
13,000
3,652,096
5 ,494,704
I n t e r o c e a n i c o f M e x i c o _________
170,509
171,942
4,567
Balt Ches & A tI a n .a ._ F c b
13,066
11.572
d
e
f.1,545
d c f.1,876
Io w a
C e n t r a l ________________________
76,895
80,095
3,200
Jan 1 to Feb 2 8 _______
25,980
28,507
def
.2,009
K a n s a s C it y M e x ic o & O r ie n t
def. 1,810
38,600
38,100
500
L o u i s v i l l e & N a s h v i l l e ________
Cumberland V a lle y .a .F e b
213,565
219,848
1,096,825 1,095,225
73,422
80,592
1,000
M i n n e a p o l i s & S t L o u i s _________
Jan 1 to Feb 2 8 _______
466,510
465,777
113,014
154,127
156,612
105,400
7,614
M i n n S t P a u l & S S M ___________
Long I s la n d .a _______ Feb
561,354
524,436
d
ef.114,960
def.
46,877
C h i c a g o D i v i s i o n ______________
389,954
Jan 1 to Feb 2 8 _______ 1,198,422
444,127
54,173
1,067,310 d ef.161,905 def. 95,001
M i s s o u r i K a n s a s & T e x a s ______
500,139
478,656
27,483
Maryland Dei & V a .a .F e b
0,231
M is s o u r i P a c illc
_
5,291
def .2,063
d e f.1,841
951,000 1,092,000
141,000
12,455
Jan 1 to Feb 2 8 _______
M o b i l e & O h i o ___________ I I I
11,173
d e f.3,432
d ef.3.224
217,225
206,926
10,299
N a tio n a l R y s o f M e x ic o
N Y Phila & Norfolk.a.Feb
229,907
1,280,140 1,271,499
229,798
29,124
8,641
53,016
R i o G r a n d e S o u t h e r n _________
Jan 1 to Feb 2 8 _______
469,519
9,783
459,866
72,966
801
10,584
105,999
S t L o u is S o u ttiw e s t e r n .
_
226,321
220,928
5,393
Northern C entral.a . .- F e b
881,428
945,255 d e f.33,216
75,544
S e a b o a rd A ir L in e ..
546,496
494,227
52,269
Jan 1 to Feb 2 8 _______ 1,916,101
1,959,827 def .21,847
178,753
S o u t h e r n R a i l w a y _________
1,173,718 1,154,431
19,287
Phila Balt & W a s h .a .F c b 1,324,418
Texas & Pacillc. . . .
1,280,045
136,771
117,656
275,525
31,951
307,476
Jan 1 to Feb 2 8 _______ 2,765,860
T o le d o P e o r ia & W e s t e r n
2 ,657,303
292,828
320,446
21,093
20,947
746
T o le d o S t L o u is & W e s te r n
W est Jcrs & S c a s h .a .-F e b
317,135
___________
315,944 d e f.30,533 def
80,426
83,256
2,830
.25,213
W a b a s h ........................
Jan 1 to Feb 2 8 _______
034,001
543,026
590,754
47,728
592,271 d e f.92,509 d e f.79jl09
Pennsylv’a
C o m p a n y - a .-F e b 3,205,310
,767,354
428,593
738,084
Total (41 r o a d s )..
13,657,990 13,927,313
504,756
774,073
Jan 1 to Feb 2 8 _______ 0,623,167
7,741,724
828,940
1,657,347
Net decrease ( 1 .2 2 % ) .
269,317
Grand Rap A I n d .a .-F e b
380,303
366,497
17,660
32,087
Jan 1 to Feb 2 8 _______
775,779
739,539
44,451
50,919
Pitts CIn Ch & St L .a .F e b 2,746,208
3,093,952
383,411
653,087
Jan 1 to Feb 2 8 _______ 5,858,923
6,454,991
975,587
1,489,318
V a n d a lla.a____________Feb
751,616
736,499
104,215
114,944
Jan 1 to Feb 2 8 ............. 1,576,140
230,857
1,607,079
337,154
----- G r o s s E a r n i n g s -----Total E of P A E . a -F e b l 5,4 6 4,8 52 16,441,751
------ N e t E a r n i n g s -------1,737,695 2,748,948
C urrent
P r e v io u s
Jan 1 to Feb 2 8 _______32,565,209 33,883,709
C urren t
P r e v io u s
3,761,391
6,004,303
R oa ds.
Y ea r.
Y ea r.
Yea r.
Year.
Total W of P A E .a .F e b 7,372,863 8,265,846
1,596,344
976,439
8
8
8
8
Jan
1
to
Feb
2
8
-----------15,438,576
17,154,046
2
,151,770
3,649,375
Atlanta Birin & A tlan tic.F eb
240,570
210,049
00,580
;)8,502
Grand total all lln es.a .F eb 22,837 ,716 2 4 , 7 1 1 ,598 2,714,133
July 1 to Feb 2 8 _______ 1,907,428
1.721,820
4,345,292
492,785
406,088
Jan 1 to Feb 2 8 -----------48,003,785 51,037,755
5,913,161
9,652,678
Atch Top & Santa F e .b .F c b 8 ,000,818
_____________
, ____,„ „ „ .12,245,607
7,920,698
J2,290,185
Reading Company—
July 1 to Feb 2 8 ------------ 72,205,390 68,801,600 J25.082,095 ] 2 Z . 332A 64
Phila & R ead in g .b . . . F e b 3,233,079 3 ,501,360
1,086,130
1,345,562
6,291,727 1,465,756 1,392,832
Baltimore & O h l o .b --------Feb 5,913,433
July 1 to I'Cb 2 8 ----------- 29,996,449 29,564,341 10,714,655 11,474,320
July 1 to Feb 2 8 ________59,323,126 57,879,581 15,908,474 18,083,208
Coal & Iron Co b
- .F e b 2,306,915 2,715.967 def24,998
139,886
Bangor & Aroostook-------- Feb
281,502
264,895
94,830
113,995
July 1 to I'eb 2 8 ----------- 22,489,665 2 2 ,296,207
286,869
937,431
July 1 to Feb 2 8 ------------ 2,058,261
1,916,942
702,259
754,845
Total both COS.b.......... Feb 5,539,994
6,217,327
1,061,132
1 485 448
Boston & M a in e .b _____ Feb 3 ,087,860
2,943,841
441,093
581,201
July 1 to Feb 2 8 ............. 52,486,114 51,860,548 11,001,525 12,411 *751
July 1 to Feb 2 8 -----------29,988,209 28,919,509
7,157,553
8,506,797
Reading Com pany____ Feb
131,031
134,288
Buffalo Roch & P itts .b .F c b
644,342
055,634
227,006
247,648
July 1 to Feb 2 8 _______
1,162,312
1,163,811
July 1 to Feb 2 8 ------------ 6,289,242
6,016,269 2 ,325,697 3,239,708
Total all companies___ Feb
1,192,163
1,619,736
803,100
698,900
135,800
131,500
Canadian Northern----------Feb
July 1 to Feb 2 8 _______
12,163,837 13,575,562
July 1 to Feb 2 8 ----------- 9,672,300
8,280,500 2 ,728,500 2,362,000
Ho Grande Ju nction.. .Jan
62,050
70,546
* 1 8 ,6 1 5
*21 ,1 6 3
Canadian P a c i n c .a - - .- .F e b 6 ,375,570
5,992,052 1,144,707 1,487,020
Dec 1 to Jan 31.
137,981
152,541
* 4 1 ,3 9 4
*45 ,7 6 2
July 1 to Feb 2 8 ---------- 67,903,435 62!o2R 990 24|417’ 533 22I87.L492
.F
eb
4,864,795
4,872,234
1,018,469
938,921
Central of G eorgia.b____ Feb 1,119,929
1,018,174
(13G2,497
(1316,549
____
46,709,485
44,693,148
13,469,274
13,047,196
July 1 to Feb 2 8 _______ 8,989,184
8 .288,960 (12,934,025 (12,866,308
.F
eb
936,079
840,735
166,133
128,560
Chicago & A lt o n .a _____ Feb 1,036,990
1,013,971
S190.042
5220,427
8,448,858
7,548,500
2,207,493
2,015,340
July 1 to Feb 2 8 _______ 9,976,810
9,201,832 82,307,979 83,058,595
.
Feb
9,614,726
10,105,106
2,504,838
2,920,316
Chicago Great Western b Feb
957,877
956,717
184,765
156,601
-------90,741,535 90,452,592 30,308,850 33,048,831
July 1 to Feb 2 8 ............. 8,492,102
7 ,772,337 2,183,220
1,988,814
Southern R a ilw a y .b ..- .F eb 4,783.284
4,417,369
1,338,137
1,312,341
Chic & N orthw estern .b.Fcb 5,141,439
_____
____
___
5_________
,315,727
1,309,458
1,462,659
____ 40,752,081 38,181,881 13,234,161 12,698,552
July 1 to Feb 2 8 _______ 51,157,835 49,453,944 15,007,207 14,454,590
. Feb
841,648
810,560
197,110
2 1 3 ,91T
Chic St Paul M & O .b . . Feb 1,177,500
1,133,086
395,694
361,986
July 1 to Feb 2 8 . .
7,342,145
0,926,555
2,107,531
2,140,210
July 1 to Feb 2 8 ..............11,298,066 10,049,513
'
4,042,108
3,484,751
CIn N O & Tex P a c.b .Feb
759,004
720,991
259,394
287,064
Colorado M id la n d .a ____ Feb
117,972
152,452
dcf.5,761
def3,581
6,355,453
5,906,037 2,410,733
2,220,447
July 1 to Feb 2 8 _______ 1,374,535
1,617,491
157,248
248,109
378,377
.Feb
329,195
108,206
104,858
Colorado & So u th ern .b .F cb 1,001,559
1,293,325
234,775
450,395
July 1
3,090,641
2,724,188
930,218
835,759
July 1 ta Feb 2 8 _______ 11,461,453 11,345,101
4,036,978
4,333,025
.Feb
209,379
206,745
54,376
40,732
Cuba Railroad_____ _____Feb
315,921
254,598
149,273
122,339
1,637,915
1,597,596
401,861
406,522
July 1 to Feb 2 8 _______ 1,893,640
1,530,657
813,309
590,629
Toledo St L &
.Feb
260,432
268,328
P49.475
P47.373
Delaware & H u d s o n .b -.F c b 1,482,295
1,391,918
436,675
428,148
2,539,294 2,536,867
P687.494
P816.032
Jan 1 to Feb 2 8 _______ 3,054,907 2,767,904
952,808
850,330
Union Paclftc.a____
Feb 5,627,673
1,621,895 2,366,544
6,320,765
Delaw Lack & W e s t .b -.F e b 2,477,778
2,550,962_
893,377
1,079,924
July
1
to
Feb
28.
____
61,762,805
28,346,830
60,687,757 25,509,852
July 1 to Feb 2 8 _______ 23,890,108 23;8 7 4 ’, 120 9,727,194 11,345,878
Jan
108,977
55,603
45,448
30,825
Detroit & M ackinac, a ..F e b
87,056
93,579
6,307
15,597
710,368
352,086
243,363
427,487
July 1 to Feb 2 8 . ...........
777,356
784,884
191,567
160,873
Feb
230,866
223,017
7,276
12,660
Eric . a . . . . . —
_ _ _ _____Feb 4,061,893
3,997,016
956,820
924,127
2229,184
2213,115
91,444
82,388
10,4191848 10.13R 477
July 1 to Feb 2 8 ------------ 37,864,843 36,589,794
.Feb
911,320
763,383
301,847
147,700
F a ir c h ild & N o r t h e a s t .b .F c b
2,024
2,318
664
7,592,661
6,956,506
1,339,948
2,299,917
Jan 1 t o F e b 2 8 -----------16.069
16,234 dcfl2,498
def2,054
I N D U S T R IA L C O M P A N IE S .
Georgia R ailro ad .b ----------Feb
271,683
239,015
5 8 ,13 7
46,180
July 1 to Feb 2 8 ----------- 2,217,802
2,080,169
575,544
--------G r o s s E a r n i n g s ----------------- N e t E a r n i n g s ------577,324
C urrent
P r e v io u s
C u rren t
P r e v io u s
I l l i n o i s C e n t r a l a . .................... F e b
4,762,097 4,529,768 1 , 055,589
977,288
C o m p a n ies.
Y ea r.
Y ea r.
Year.
July 1 to Feb 2 8 ............. 41,774,803 38,817,602 10,462,291
8 ,014,509
S
$
$
g Interoceanic of M exico.Feb
774,405
695,297
293,193
255,408
American Express C o .b .D e c 2,323,386
1,962,678
574,844
491,482
July 1 to Feb 2 8 ----------- 5,858,395
5,518,335
2,174,326
1,933,496
July 1 to Dec 3 1 _______ 11,626,021
9,970,425 2,0 3 1 ,5 7 5
1,878.458
Iowa C entral.a . ............ Feb
269,679
250,906
h 44 , 60 l
*32,742
Atlantic Gulf A W est Indies
July 1 to I-eb 2 8 . .......... 2 ,367,795 2,247,731
*486,979
*473,650
Steamship Lines_______Jan 1,408,553
1,291,619
272,463
261,286
M i n n c a p & St L o u i s . a . . - F e b
359,932
3 2 1,0 9 3
* 5 4,16 0
*25,970
Cumberl’n Tel & T e l.b -.F e b
542,358
576,034
227,256
236,609
July 1 to Feb 2 8 ............. 3,541,859
3,309,698
*921,528
*919,949
Jan 1 to Feb 2 8 _______ 1,097,261
1,108,166
465,133
492,995
Mississippi C entral.b-------- Feb
72,725
70,497
31,697
29,203
Keystone Tel & Tel C o .a .F c b
94,484
95,194
47,826
45,847
July 1 to Feb 2 8 ..............
018,995
580,529
261,532
234,753
July 1 to Feb 2 8 .............
763,055
740,560
382,979
367,221
M i s s o u r i K a n & T e x a s . a . F e b 2,229.683
1,921,341
470.843
256,303
g Mexican Lt A Pow C o ..F e b
660,370
517,592
420,655
380,224
July 1 to Feb 2 8 -----------20,505,598 18,193,765
5,787,606
5,073,363
Jan 1 to Feb 2 8 ............. 1,368,117
1,081,409
951,006
831,156
g N at Rys of Mexico-------- Feb 5,025,832
4,952,359 1,717,139
1,030,473
North Caro Pub S e r v .b .F e b
18,743
15,761
7,469
6,133
July 1 to Feb 2 8 ----------- 42,453,303 38,242,794 17,103,402 l-V,713’,872
Wells Fargo E x p r e s s .b ..D e c 1,414,103
1,541,317
366,476
499,584
cN Y Cent & Ilud R iv .b .F e b 7,113,781
0,937,298
1,027,544
1,604,209
July 1 to Dec 3 1 . .......... 7,022,104
7,795,466
1,426,834
1,939,403
Jan 1 to Feb 2 8 . ........... 14,900,865 14,428,388
2,309,417 3,390,982
Lake Shore & M S . b . .F e b
3,414,725 3,611,120
840,591 1,195,024
a Net earnings here given arc after deducting taxes.
Jan 1 to Feb 2 8 ............. 7,131,231
7,485,003
1,755,627 2,508,833
b Net earnings here given are before deducting taxes,
c Includes the New York & Ottawa, the S t. Lawrence & Adirondack and
eLake Erie A W c s t .b .F c b
386,494
420,333
40,729
123,134
the Ottawa A New York R y ., the latter of which, being a Canadian road,
Jan 1 to Feb 2 8 _______
837,103
844,941
114,504
225,001
does not make returns to the Inter-State Commerce Commission.
Chic Ind A S o u t h .b -.F e b
299,832
369,129
65,500
142,620
d After allowing for outside operations and taxes, operating Income for
Jan 1 to Feb 2 8 . ..........
610,475
004,041
128,115
243,520
beb 1911 was $325,239, against $272,646; from July 1 to Feb. 28 was
Michigan C e n t r a l.b ...F e b 2,185,321
2,129,800
369,426
573,209
$2,619,868 In 1911, against 52,527,175 last year.
Jan 1 to Feb 2 8 . .......... 4,550,240 4,287,970
789,233
1,116,849
e Includes the Northern Ohio R R .
Net Earnings Monthly to Latest Dates.—The table fol
lowing shows the gross and net earnings of STEAM railroads
and industrial corporations reported this week:
—
T H E C H R O N IC LE
872
(7 These results arc In Mexican currency.
h For February 1911 additional income is given as showing a deficit of
$ 15,021 , against a deficit of $12,121 in 1010, and for period from July 1 to
Feb. 28 was a deficit of $26,864 in 1911, against a deficit of $23,297 last year.
.7 The company now Includes the earnings of the A tch . Top. & Santa Fe
R y .. Gulf Colo. & Santa cF R y ., Eastern R y. of New Mexico System,
Santa Fc Prescott & Phoenix R y ., Southern Kansas R y. of Texas, Texas
& Gulf R y ., G. & I. R y . of T . and C. .S S. & L . V . R R . in both years.
For February taxes amounted to $308 ,64 4, against $318,705 in 1910; after
deducting which, net for Feb. 1911 was $1,Q 81,541, against $1,926,902 last
year
For period from July 1 to Feb. 28 taxes were $2,288,105 In 1911,
against 8 2 ,473,859 in 1910.
A; For February 1911 additional Income was $8,093, against $1,196
1910, and for period from July 1 to Feb. 28 was $81,839 in 1911, against
$89,430 last year.
n These figures represent 3 0 % of gross earnings.
p For February miscellaneous charges and credits to income were $4,753
charge, against $9,227 credit in 1910, and for period from July 1 to Feb. 28
were $90,329 credit in 1911, against $379,380 In 1910.
s After allowing for miscellaneous charges to Income for the month of
Feb. 1911, total net earnings were $157 ,95 7, against $177,739 last year, and
for period from July 1 to Feb. 28 tvere $1,766,324 this year, against $ 2 ,
701,942 .
2 Includes $81 other income for Feb. 1911, against $76 In 1910, and tor
period from July 1 to Feb. 28 includes $736 in 1911, against $736 last year.
Interest Charges and Surplus.
— I n l . , R e n t a ls , <&c.—
C urrent
Y ea r.
R oa ds.
P r e v io u s
Year.
— D a l . o f N e t E a r n s .—
C urrent
Y ea r.
P r e v io u s
Year.
S
$
$
$
Bangor & Aroostook___ .F e b
96,025
83,214
£7,573
£42,190
July 1 to Feb 2 8 . -------768,876
671,469
£69,019
£202,006
168,315
Buff Roch & Pittsb____ .F e b
169,151
£134,868
£148,321
July 1 to Feb 2 8 . . ------- 1,398,873
1,339,537 £1,508,481 £1,287,978
Chicago Great W estern. .F e b
215,641
217,674 £def22,9 18 £dcffil ,8 17
July 1 to Feb 2 8 . ____ 1,685,436
1,846,901
£576,234
£159,529
Colorado M idland_______ .F eb
29,820
29,820
cdef5,030
cdcf8,920
July 1 to Feb 28 ._____
238,560
2 3 8 ,560cdefl 16,741 cdef52,676
Colorado & Southern. _ . .F e b
275,706
256,541
C185.205
cdef7,l 11
July 1 to Feb 28 . . ____ 2.171,271
2,036,876 c l , 870,801 c2,438,551
Cuba Railroad ............ ....F eb
59,625
36,667
85,673
80,0 18
July 1 to Feb 28
308,086
____
339,250
288,544
479,119
Georgia Railroad............ .F e b
69,414
60,897 £dcf.2,531 £dcf .5,708
July 1 to Feb 2 8 . . ____
£168 ,58 7
603,331
483,610
£45,418
Missouri Kan & T exas. .F e b
516,989
485,845 £ d ef.5,018£d f.22 1,079
July 1 to Feb 2 8 . . ____ 4,049,900
£1,462,338
3,718,294 £ 2 ,009,018
719,765
885,000
307,163
Reading Com pany.......... .-Feb
899,971
6,375,704
July 1 to Feb 28 . .. ____ 7,080,000
7,199,768
5,083,837
12,830
8,333
10,282
Rio Grande Junction . _ . .Jan
8,333
29,096
16,666
24,728
Dec 1 to Jan 3 1 . . ____
16,666
£22,248
£3,220
175,742
170,884
St Louis Southwestern. .F e b
£999,033
1,379,556 £1,084,037
July 1 to Feb 2 8 . . ____ 1,405,844
I N D U S T R IA L C O M P A N IE S .
— I n t . , R e n t a l s , & c .— — D a l . o f N e t E a r n s . —
C urren t
Y ea r.
C o m p a n ie s.
A tl Gulf & W I SS Lines .Jan
Cumber! Tel & Tel Co_ . .F e b
Jan 1 to Feb 2 8 . . ____
Keystone Tel & Tel Co. .F e b
July 1 to Feb 2 8 . . ____
Nor Car Pub Service C o .F eb
c
x
P r e v io u s
Y ea r.
$
158,186
47,199
95,340
24,267
195,774
4,542
$
163,780
51,901
104,192
25,702
203,221
3,332
C urrent
Y ea r.
$
114,277
180,057
369,793
23,559
187,205
2,927
P r e v io u s
Year.
$
97,507
184,708
388,803
20,145
164,000
2,801
After allowing for miscellaneous charges and credits to income.
After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
L a te st G r o s s E a r n i n g s .
Nam e of
R oad.
American Rys C o___
cAur Elgin & Chic R y
Bangor R y & Elec Co
Baton Rouge El C o _.
Binghamton Railway
Brock & Plym St R y
Bklyn Rap Tran Syst
Cape Breton Elec C o.
Carolina Pow & Lt Co
Cent Pk N & E River
Central Penn Trac —
Chattanooga R y & Lt
Chicago Rys C o..........
Clev Painesv & E a st.
Clcve Southw & Col
Columbus (Ga) El Co
Coney Isl & B klyn___
Dallas Elect Corp___
Detroit United l t y ___
D D E B & Bat (Rec)
Duluth-Superior Trac
East St Louis & S u b .
El Paso Electric_____
Falrm & Clarks Tr Co
Ft W ayne & Wabash
Valley Traction Co
42dStM & SN Av (Rec)
Galv-IIoust Elect C o.
•Grand Rapids R y C o.
Havana Electric Co .
Honolulu Rapid Tran
& Land C o...............
Houghton Co Tr C o ..
Hudson & Manhattan
Illinois Traction C o ..
Interbor R T ( S u b ) ..
Interbor R T (Elev)..
Jacksonville Elect Co
Kan City R y & Lt Co
Lake Shore Elec Ry
Long Island Electric.
Metropolitan St(Rec)
Milw El Ry & Lt C o.
Milw Lt lit & Tr C o.
Montreal Street Ry
Nashville R y <k Light
New Orleans Ry & Lt
■N Y City Interboro.
N Y 4 Long Island Tr
N Y & Queens C o._
Norf & Portsm Tr Co
Northam Easton & W
North Ohio Trac & Lt
North Texas Elec C o .
Northwest Elev C o ..
Ocean Electric (L I ) .
Oklahoma City R y . .
Paducah Tr & Lt C o.
Pensacola Electric Co
Port (Ore) R y.L & P C o
Puget Sound Elect C o
Richmond Lt & R R .
W e e k or
M o n th .
C urren t
Y ea r.
■Tan.
1 to latest d a te.
P r e v io u s
Y ea r.
S
268,217
601,033
103,399
233,492
42,868
45,176
9,384
9,836
27,180
28,499
6,875
7,471
1675,166 ) 0,063,506
27,909
326,010
20,161
23,850
50,182
587,192
58,146
127,758
61,122
142,798
1054,168 1,420,384
18,701
44,167
63,567
154,513
33,521
39,038
102,366 1,392,035
118,721
139,374
146,791 1,648,974
50,381
565,383
73,077
163,288
188.193
188,724
57,958
61,769
36,473
102,126
January . .
Novem ber.
January . .
February .
W k Mch 26
January . .
January ._
Novem ber.
December
Novem ber.
Novem ber.
January . .
February .
February
Novem ber.
N ovem ber.
February
February
February
January .
February _
November.
Novem ber.
Novem ber.
January ._
January . .
February .
Janifary . .
February .
Novem ber.
January . .
January . .
January . .
February
January . .
N ovem ber.
131,783
124,449
111,166
81,836
44,190
123,255
111,165
96,631
78,468
38.591
131,783
1,320,760
111,166
173,903
549,394
38,921
23,256
2,322,029
6,216,104 5,363,384
12,646,558
13,942.568
46,880
52,765
1,256,558 1,165,462
149,871
160,827
177,633
196.198
12,926,107 12,679.029
732,898
788,490
132,478
147,688
629,508
700,862
148,598
161,903
1,138,876 1,065,263
158,060
211,506
320.610
345,934
907,510
1,037,548
156,373
168,871
10,757
11,927
311,151
358,684
105,849
124,009
353,873
357,499
105,446
107 887
53,055
40,054
21,787
22,741
22,369
20,608
989.887
824,087
142,251
144,368
317,739
[VO L. L X X X X I I
L a te s t G r o s s E a r n i n g s .
N am e of
R oad.
W e e k or
M o n th .
Rio de Janeiro Tram
Light & Power C o.
St Joseph (Mo) Rv Lt
Heat & Power C o ..
Sao Paulo Tr Lt & P .
Savannah Electric Co
Seattle Electric C o___
Second Avenue (Rec)
Southern Boulevard.
Sou Wisconsin R y Co
Staten Isl M id lan d ..
Tam pa Electric C o ..
Third Avenue (R ec).
Toledo Rys & Lt C o ..
Toronto R y C o_______
Twin City Rap Tran.
Underground El Ry
of London—
Three tube lines___
Metropolitan D ist.
United Tram ways.
Union (R e c)_________
UnIonR y,G& ECo(U l)
United R R s of San Fr
Westches Elec (R e c).
W hatcom Co R y & Lt
Yonkers R R ( R e c ) ..
Youngst & Ohio R iv .
C urren t
Year.
P r e v io u s
Year.
Jan.
1 to la test d a te .
C urren t
Y ea r.
P r e v io u s
Y ea r.
$
$
$
$
February .
941,213
744,748
1,940,788
1,558,790
February .
February .
January . .
January . .
Novem ber.
Novem ber.
February .
Novem ber.
January . .
November .
December
December.
3d wk Mch
83,126
279,457
53,803
478,729
69,503
8,856
14,057
16,683
53,224
283,368
290,188
79,271
215,624
48,898
467,700
68,830
7,589
13,122
16,569
53,361
254,491
266,182
168,579
444,460
48,898
467,700
786,723
83.765
26,249
141,608
135,039
174,114
561,813
53,803
478,729
780,802
102,548
28,641
245,602
53,224
3 ,247,060
2,985,382
4,377,116
1,616,418
53,361
2,789 743
2,733,178
3,926,828
1,521,908
£ 170 ,23 5
£ 141 ,61 9
£0 3 ,2 7 0
2,055,186
276,382
1,215,894
490,487
33,437
£ 1 6 0 ,2 2 5
£ 129 ,83 6
£ 6 4 ,4 6 5
1 ,861,918
263 ,8 7 5
1,1 9 8 ,6 4 9
411,206
36,202
16,921
'13,976
W k Mch 25 £13,995' £1 2 ,0 0 0
Wk Mch 25 £ 1 1,695 £ 10,303
W k Mch 25
£6,2 4 7
£ 5 ,3 8 5
Novem ber. 173,024 157,197
January . . 276,382 263,875
February _ 577,582 570,983
Novem ber.
36,434
42,073
January . .
33,437
36,202
Novem ber.
52,849
January . .
13,976
16,921!
c These figures are for consolidated com pany.
Electric Railway Net Earnings.—The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of March 25 1911. The
next will appear in the issue of April 29 1911.
------- G r o s s E a r n i n g s ----------------- N e t E a r n i n g s -------C u rren t
Y ea r.
R oa ds.
P r e v io u s
Yea r.
C urren t
Y ea r.
P r e v io u s
Y ea r.
$
$
$
$
Clove Southw & C o l.b
Feb
74,406
63,567
28,697
18 423
Jan 1 to Feb 2 8 ---------154,513
133,907
60,518
40,630
Duluth-Sup Tr C o .b ----------Feb
78,091
73,077
28,443
25,940
Jan 1 to Feb 2 8 ---------162,288
155,628
60,288
57,988
Fairmont & C la rk sb .b _.F eb
49,763
36,473
33,106
21,338
Jan 1 to Feb 2 8 ---------102,126
75,923
66,862
46,093
Interborough R T C o .a ..F e b 2,433,469 2,239,567
1,258,599
1,326,133
July 1 to Feb 2 8 ---------- 19,380,110 18,851,861 10,106,790 10,503,190
Lake Shore Elect R y .a ..F e b
76,258
70,877
28,126
23,601
Jan 1 to Feb 2 8 ------------- . 160,827
149,871
63,338
54,056
^Mexican Tram w a ys----------Feb 467,234
422,677
239,249
214,671
Jan 1 to Feb 2 8 ---------970,471
883,558
497,152
444,663
Montreal Street R y .b . . Feb
330,737
303,977
103,133
99,721
Oct 1 to Feb 2 8 ---------- 1,830,922
1,656,039
694,934
659,845
Tri-City R y & Lt Co. a ..F e b
220,269
194,630
91,275
78,907
Jan 1 to Feb 2 8 ---------462,730
408,372
192,523
166,223
Twin City R T C o . b ----------Feb 576,935
536,955
271,450
255,337
Jan 1 to Feb 2 8 ---------- 1.195,871
1,120,917
553,595
536,667
Underground Elect R ys, London—
Metropolitan D istrict-Feb
57,739
54,178
30,586
27,129
'
Jan 1 to Feb 2 8 _______
120,128
111,726
65,015
57,608
London Elect Rys C o ..F e b
60,594
58,027
30,770
28,294
Jan 1 to Feb 2 8 ______
128,658
122,803
67,909
61,997
London United T ram .F eb
21,394
21,299
4,084
4,508
Jan 1 to Feb 2 8 _______
44,928
45,052
9,132
10,513
United R R s of San Fran.Feb
577,582
570,983
233,807
227,104
Jan 1 to Feb 2 8 _______ 1,215,894
1,198,649
511,990
491,019
United Rys of St Louis.a.Feb
863,990
804,314
256,747
217,151
Jan 1 to Feb 2 8 _______ 1,784,909
1,686,275
543,096
470,967
a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.
g These results arc In Mexican currency.
Interest Charges and Surplus.
— I n l . , R e n t a ls , & c .—
C urren t
Year.
R oa ds.
Clevc Southw & Col____ Feb
Jan 1 to Feb 2 8 _______
Duluth-Superior Tr C o ..F e b
Jan 1 to Feb 2 8 _______
Fairmont & Clarksburg. .F eb
Jan 1 to Feb 2 8 _______
Interborough R T C o ____ Feb
July 1 to Feb 2 8 _______
Lake Shore Elect R y ____ Feb
Jan 1 to Feb 2 8 _______
Montreal St R y __________ Feb
Oct 1 to Feb 2 8 _______
Trt-Clty Ry & Light C o ..F e b
Jan 1 to Feb 2 8 _______
Twin City R T C o________Feb
Jan I to Feb 2 8 _______
United R ys of St Louis. .F eb
Jan 1 to Feb 2 8 ______
$
30,174
59,894
22,042
44,083
14,315
27,142
874 ,653
7,096,981
34,782
69,410
41,974
182,783
C61.194
c l 2 1 ,090
C140.079
C280.158
230,689
462,249
P r e v io u s
Year.
— D a l . o f N e t E a r n s .—
C u rren t
Yea r.
P r e v io u s
Y ea r.
$
$
5
29,794
£def638 £ d efl0,678
59,588
£2,179 £d efl7,578
19.417
6,401
6,523
38,833
16,205
19,155
12,069
18,791
9,269
24,106
39,720
21,987
869,792
£409,863
£486,319
7,028,865 £ 3 ,235,420 £ 3 ,763,256
34,847
dcf6,656 defl 1,246
69,117
dcf6,072 defl 5,061
61,159
59,846
39,875
171,910
512,151
487,935
C57.828
30,081
21,079
71,433
50,220
C116,003
131,371
115,108
C140.229
C280.458
273,437
256,209
£29,350 £def 12,837
233,113
£88,266
£11,175
466,738
£ After allowing for other Income received.
c Includes dividends on preferred stock.
ANNUAL REPORTS,
Annual Reports.—The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since Feb. 25.
This index, which is given monthly, does not include re
ports in to-day’s “Chronicle.”
A pr . 1 3911
T H E C H R O N IC LE
R ailroads—
P a ge.
Baltimore Chesapeake & Atlantic Ily_724
Buffalo A Susquehanna By. & Hit.
(Receiver’s report for half-year)__ 590
Chicago City R y_........... ............
792
Chicago Indiana A Southern U R ____794
Cincinnati Northern U R ...................... 794
Clcv. Cine. Cldc. A St. Louis B y.,792, 807
Delaware Lackawanna A West. R R.655
Green Bay & Western B B ___________ 795
Huntington A Broad Top Mountain
BB. A Coal Co................................... 590
Lake Erie A Western B B .......... .........795
Lake Shore & Mich. Sou. B y ..791, 80.'!
Maryland Delaware A Virginia B y .. 795
Michigan Central B B __________ 792, 805
N. Y. Central A Hud. Itlv. B B ., 791, 800
Northern Central R y_____ ______523, 531
Pennsylvania B B ------- -------------- 655, 662
Pittsburgh A Lake Erie B R ------------- 795
796
Rutland B B . . . ..........
Texas A Pacific B y ................................. 720
Underground Electric Rys. Co. of Lon
don, Ltd. (half-year)......... ............... 720
West Jersey & Seashore B B ................ 727
Electric R ailw a ys —
Commonwealth Power By. it Lt. C o ..794
Easton Consolidated Electric Co____794
Lehigh Valley Tr. Co., Allentown, Pa.523
Mllw. Elec. By. A Light C o .......... ...7 2 5
Pueblo Sub. Trac. it Ltg. Co................ 796
Porto Blco Railways, Ltd.................. .726
Toledo By. it Light Co.......................... 500
Twin City Rapid Transit C o ...
793
Union By. Gas A Electric Co., Spring
field, 111__________________
528
Washington By. A Electric Co______ 590
Winnipeg Electric Street B y______ 598
West India Electric Co., Jamaica. . 727
In dustrials —
Am. Felt Co., (Balance Sheet Dec. 31)658
American Light & Traction... .
591
American Radiator Co____
591
American Snuff Co...........
057
American Sugar Beflnlng'co_________657
Am. Tetep. «t Tcleg. Co______ 793, 810
American Tobacco Co................ ...........658
American Woolen Co................ ...........657
Associated Merchants Co.................
592
Bell Telephone Co. of Canada_______ 598
Bell Telephone Co of Pennsylvania.528
Buffalo Gas Co.......................................... 797
Buffalo General Electric C o ................ 528
727
Buttcrlck Co......... ..................
Cambria Seel Co............................ 664, 657
Central Leather Co......... ........................658
Colorado Bell Telephone Co.................. 728
Industrials (Concluded )—
Page.
1910.
1909.
1908.
1907.
Consolidation Coal Co______ ________ 728
S
S
$
$
Per cent of ex p . to earn.
Crow’s Nest Pass Coal Co., Ltd........... 798
(76(82)
(74.44)
(76.18)
(77.98)
.. _ . _
Taxes ______
Dayton Breweries Co........... .................529
568,749
552,366
526,564
498,564
Net
earnings.
________
Delaware Lackawanna & Western
3 .840,185
3,931,618
3 ,314,632
3,300,777
Deduct net earns, rentals
445,026
Coal Co. (For 17 mos. end. Dec. 31) 523
1,059,690
937,798
747,296
Diamond Match C o ............. ........ 723, 459
B ala n ce_______________
(E. I.) du Pont de Nemours Powder
3,395,159
2 ,871,928
2,376,834
2,553,481
Add—
C o ___________
524. 532
Inc. from Investm ents..
967,995
Electric Storage Battery Co.................. 722
794,766
739,201
717,659
Int. on sink. fd. sccur’es.
19,003
Empire Steel & Iron Co...........................728
35,991
Interest general acct, Ac
14,050
Garland Corporation, Pittsburgh------724
Rents
_____________
_____
(b)
(6)
Great Northern Iron Ore Properties. .723
(6)
25,391
Havana Tobacco Co......... .............
658
Total net Income.
4,396,207
3,702,685
International Sliver Co................
722
3,116,035
3,296,531
A
p
p
l
i
c
a
t
i
o
n
o
f
N
e
t
I
n
c
o
m
e
—
Kansas City Stock Yards Co., Mo____529
rlxed rentals____________
366,970
Kings Co. Elec. Lt. & Pow. Co Bklyn.525
20,038
41,781
Interest on bonds_______
1,070,833
1,100,000
Lac awanna Steel Co..............
603, 593
900,000
900,000
Interest— general a c c t ..
15,090
316,333
Lehigh Coal A Navigation Co________ 723
303,703
Interest on mortgages
Manufacturers’ Lt. A Heat Co., PItts.524
and ground rents____
17,631
17,175
15,675
Michigan State Telephone C o ...............729
14,496
Payment of principal of
National Biscuit Co.................................656
car trusts____
______
8,763
17,526
National Candy Co.......................
592
17,526
17,526
Hire
of
e
q
u
ip
m
e
n
t____
5326,227
6151,735
National Carbon Co...............
524
6135,065
33,845
Rents _ . . . . _____
6376,195
6282,521
6261,986
National Fireproofing Co., Pitts_____721
M iscellaneous___________
7,192
8,365
9,480
National Lead C o__________
722
13,829
Dividends, 4 % _________
1,005,520
1,005,520
New York Telephone C o ....................... 601
1,005,519
972,630
Extraordinary expend’s.
271,619
122,281
433,513
998,720
New York & Queens Electric Light &
750,000
500,000
Power Co......... .......
730 Additions A betterments
North America Co. (Preliminary
T o ta l____ ____ . ______
4,200,950
3,220,213
3 ,116,035
3,296,531
Statement)________
722
Balance, surplus.. ._
195,257
482,472
Osceola Consolidated Mining Co......... 530
Otis Elevator Co., N. Y . ................ ...7 9 3
Classification changed, certain Items formerly included in operating
Pacific Gas A Electric Co___________ 793
Pioneer Tel. A Tel. Co...........................666 expenses being charged against Income.
Pittsburgh Coal Co____________
724
G E N E R A L B A L A N C E S H E E T D E C . 31.
Provident Loan Society of N. Y ......... 530
1910.
1909.
1910.
Quaker Oats Co., Chicago___________ 592
1909.
*\ ssets
S
S
L iabilities —
$
Railway Seel Spring C o........................ 592
S
Road and cquipt.a48,507,397 48,251,118 Capital stock......... 25,138,050 25,138,050
(Win. A.) Rogers, Ltd., Toronto____730
Securities of prop.,
Funded debt_____24,000.000 25,000,000
Sloss-Sheffleld Steel A Iron Co______ 721
Ac., companies—
Equip, tr. obllg’ns
165,978
Standard Chain Co...................
592
193,641
Stocks, unpledged l1,911,063 6,146,952 Mtges. and ground
Toronto Electric Light Co___________ 730
Bonds, unpledged 578,003
642,350
rents___________
325,123
359,623
Union Elec. Lt. A Power Co., St. L ..731
Marketable securs. : ,899,350 1,899,349 Loans & bills pay’le 137.641
147,033
Union Natural Gas Co_______________ 524
MIsccl. securities
Vouchers & wages 1,041,367 1,673,373
Union Switch A Signal Co.................... 593
unpledged.........
2
........... Unmaturcd Int., &c. 309,648
309,900
Union Typewriter Co., N. Y ................ 793
Cash _____________
,677,862 1,856,012 Taxes accrued____
83,825
141,245
United Bank Note Corporation _____ 723
Loans & bills rec’le
______
240,200 Miscellaneous____ 1,053,293 1,774,491
United Gas Improvement Co., Phlla.602
526,606 Operating reserves
Agents & conduct’s 522,161
169,000
34,580
United States Envelope............ ...........592
123,392
432,237 Oth. def. cred. Items
674
United States Steel Co______________ 731,721MIsccl. accounts..
______
Material & supplies 897,277
659,663 Appropriated surp.63,143,132 2,598,401
Washington Water Power Co., Spo
Temporary adv’ces 555,333
672,876 Profit and loss____e6,144,919 4,473,418
kane, Washington.....................
591
Sinking fund.........
......... ..
500,000
Welsbach Co. (8 months ending Dec.
39,536
17,666
31 1910)........
738 Oth. def. deb. Items
Western Elec. Co., N. Y. and Chicago 799
T o ta l_________ 61,711,976 61,845,029
T o ta l..................61,711,976 61,845,029
Western Telephone & Telegraph_____ 738
Yukon Gold Co........................................723
a After deducting reserve for acrucd depreciation of equipment, $963,105.
Appropriated surplus In 1910 Includes additions to property since
June 30 1907, through Income, $1,727,154; car trust principal charged out
In advance, $ 1 6 5 ,9 7 8 ,and reserve for additions and betterments, $1,250 ,0 0 0 .
c After adding stock dividend and extra cash dividend of Delaware R R .
and redemption of bonds due June 1 1910 and sundry credits, $ 2 ,585,162, and
deducting amount applied In reduction of cost of securities and adjustment
of sundry accounts, $1,1 0 8 ,9 1 8 .— V . 92, p. 726.
b
Philadelphia Baltimore & Washington RR.
{R eport fo r F isca l Y e a r en din g D ec. 31 1910.)
President James McCrca, Philadelphia, March 10 1911,
says in substance:
G e n e r a l R e s u l t s .— The gross revenue Increased 8 .4 3 % over 1909, due to
Increased business, but the operating expenses show an Incrcascof 1 1 .8 9 % ,
due principally to Increase In wages granted employees and the greater
general outlay required for the renewal, replacement and upkeep of the
roadbed, structures and equipment.
The net operating Income shows a large Increase, chlelly caused by the
transfer of the Delaware R R . from roads operated on the basis of net
revenue to a iixed rental basis: this also Increases fixed charges.
The net Income after paying all fixed obligations was §2,231,159 (an
Increase of 4 .8 6 % ) out of which were paid the regular semi-annual dividends,
aggregating 4 % , and after applying $271,619 to the payment of a portion
of the extraordinary expenditures for the year and $8,763 to the payment
of a portion of equipment trust principal, $750,000 was transferred to the
reserve for additions and betterments, heretofore designated as the extra
ordinary expenditure fund. The remaining $195,257 was transferred to
the credit of profit and loss.
P r o f i t a n d R o s s .— 'flicrc was also credited to profit and loss an amount of
$1,498 ,0 2 7 , being the stock and extra cash dividends declared by the
Delaware R It. Co. In conjunction with the cancellation of the short-term
lease, which has been superseded by the new long-term lease and an amount
of $1,003 ,3 2 3 , resulting from the maturity and payment of the debenture
bonds due June 1191 0 and the consequent termination of their sinking fund.
This enabled the company to elfcct a reduction aggregating $951,271 In
the book value of certain securities owned by It to conservative figures,
and also to make sundry adlustments and leave the amount standing to the
credit of prollt and loss $6,144,919, an increase of $1,671,501.
A d d i t i o n s , c!fee.— The aggregate construction, equipment and real estate
expenditures for the year were $ 7 1 1 ,0 5 6 ,which were charged as follows:
Income, $280,382: capital, right of way and real estate, $184,975, and
construction, $245,699. The chief expenditures were for the continuation
of work In progress In 1909.
Under the regulations of the Inter-State Commerce Commission there
has also been included In the cost of equipment and shown on the general
balance beet, new equipment costing $247,414 purchased out of the reserve
for accrued depreciation of equipment, created by charges forming part of
the operating expenses to provide against depreciation.
C o n tro lle d
C o m p a n i e s — ’I’ lie Phlla. A B alt. Central R R . Co. shows an
Increase In gross revenue, although after meeting all charges there Is a
deficit of $57,613 as compared with a deficit of $26,326 for 1909. The
Phlla. * Delaware County R R . shows a deficit of $6,104 and the Del. Md.
A Va. R R . Co. a deficit of $61,856 In meeting their obligations. The
continued failure of these companies to discharge their Indebtedness must
Inevitably lead to some action by your company to seek reimbursement for
advances made to them. The Columbia A Port Deposit R y. Co. shows an
Improvement In both gross and net revenue.
B on d s.—The $1,000,000 5 % debenture bonds of the Phlla. Wilmington
A Balt. R R . Co. which became due June 1 1910 were paid off through the
operations of the sinking fund provided for that purpose.
C h a n g e In A c c o u n t i n g .— The general balance sheet has been prepared in
accordance with the accounting regulations of the Inter-State Commerce
Commission, and the figures for the preceding year have been revised to
permit of a proper comparison.
O P E R A T IO N S
O p e r a ti o n s —
AN D
F IS C A L
RESULTS.
1910.
.
1909.
1908.
1907.
Miles operated. ------------713
717
716
714
Passengers carried-------- 13,442,571
12,108,492
12,087,963
12,412,399
Pass, carried 1 m ile____ 384,142 ,970 361,409,136 347,443,265 376,766,716
Rate per pass, per m ile.
1.904 cts.
1.956 cts.
1.947 cts.
1.929 cts.
Tons carried
15,700,559
14,942,288
13,708,293
15,855,905
Tons carried 1 m ile. .1,12 1 ,2 3 5 ,2 7 9 975,913,623 837,851.164 898,449,521
Rato per ton per m ile—
0.863 cts.
0.897 cts.
0.923 cts.
0.937 cts.
E a r n in g s—
$
$
$
$
Freight__________________
9,645,597
8,651,984
7,596,7151
Passenger
._ . . .
7,503,350
7,032,707
6,739,326
15,948,618
Miscellaneous . . . . . . . .
323,331
358,364
370,605
Non-transporta’ n r e v ..
173,271
131,420
115,006
Express t r a f f i c ..............
1,021,745
988,609
899,678
882,763
Transportation of m alls.
354,410
380,289
404,520
424,191
Total earnings............... 19,021,707
E xpen ses—
M alnt. Of way & S tru c..
2,955,939
M alnt. of equ ipm en t.. 3 , 18 8 ,28 1
Traffic .............................
340,112
Transportation . _____
7,704,209
General expenses_______
418,232
Total expenses.......... ..
14,012,773
873
17.543,373
16,126,570
17,255,572
2 ,450,285
3,018,245
277,183
6 ,933,343
380,334
1,991,906
2,086,535
262,130
6,992,555
352,248
2,234,184
3,100,547
291,236
7,508,696
321,507
13,059,390
12,285,374
13,450 231
b
West Jersey & Seashore Railroad.
31 1910.)
President James McCrea March 10 1911 wrote in part:
{R eport fo r F isc a l Y ea r en din g D ec.
G e n e r a l R e s u l t s .— The gross revenue shows an Increase of 1 0 .8 7 % , bu
the net operating revenue decreased 3 .0 2 % , due principally to Increases in
the wages. The net Income was $732,838, a decrease of $22,624, and after
paying dividends of 6 % on the special guaranteed stock and 5 % on the
common stock (an Increase of Vi of 1% compared with 1909), providing
$1,325 for a portion of principal of equipment trusts and applying $143,193
towards the extraordinary expenditures, the sum of $100,000 was appro
priated to the reserve for additions and betterments for future necessary
Improvements.
A d d i t i o n s , & c .— The construction, equipment and real estate expendi
tures during the year aggregated $343,743, principally for additional sid
ings and station facilities necessary to handle the traffic, and the completion
of improvements explained in previous reports.
Of the aforesaid total ($343,743), $144,518 was charged against the sur
plus Income of the year, $100,000 against the extraordinary expenditure
fund provided out of income In 1909, and $71,057, covering right of way
and real estate, were charged to capital. Cost of equipment also Includes
$28,169 for equipment purchased since June 30 1907 out of the reserve
for accrued depreciation.
The only Important piece of construction work under way during the year
was the completion of the elevation of the tracks from W right A v e. to
Spruce S t., Camden.
B a la n c e S h e e t .— The general balance sheet has been prepared In accord
ance with the accounting regulations of the Inter-State Commerce Commis
sion, and the llgurcs for the preceding year have been revised to permit of a
proper comparison.
IN C O M E ACCO U N T .
1910.
1909.
1910.
1909.
Miles operated____
353
356
$
8
R even ues —
S
273,242
Taxes ........................ 278,733
S
Passengers________ .3,808,779 3,473.458 Operating Income___1,106,249 1,154,886
Freight....... .......... .. .1,798,906 1,585,731 Add miscellaneous..
65,681
50,656
Miscellaneous ____
373,988
362,245
Total ...................... 1,171,930 1,205,542
T o ta l.................... .5,981,673 5,421,4.34
E x pen ses —
Deduct —
Malnt. of way, Ac .1,045,667
918,331 Int. & hire of equip. 369,143
375,694
Malnt. of equlpm’t .
731,514
680,852 Rental........................
5,030
18,724
146,302 Sinking
64,919
Traffic....................
179,696
_ fund..............
.
55,663
Transportation . . . 2,452,436 2,168,957 Dlv. on common.(5)482,080(4H )‘*33,872
General......... ..........
101,490 Dlv. spec. gu.stk.(O)
6,240
121,403
6,240
Prin. of ear trusts__
1,325
2,650
T o ta l................... 4,530,716 4,015,932 Extraord’ y expend.. 143,193
177,788
Net oper. revenue . 1,450,957 1,405,502 Add’ns A betterm’ts 100,000
100,000
Outside oper. net.. def65,975 sur22,626
T o ta l...................... 1,171,930 1,170,631
Total net revenue 1,384,982 1,428,128 Surplus......................
...........
34,911
G E N E R A L B A L A N C E S H E E T D E C E M B E R 31.
1910.
1909.
1910.
Liabilities—
$
Assets—
$
$
Road & equlpm’t «19,513,027 19,525,331 Stock (see “ By. A
A Ind.” S e c.).. 9,747,305
Stk. of prop., Ac.,
164,665
164,345 Funded debt_____ 8,093,000
cos., unpledged.
.90,000
. . . Equip, trusts____
Marketable secur’s
24,150
548,645
416,571 Beal est. mtges___
Cash ......................
46,300
245,808
200,953 Vouchers A wages
Agents A conduc.
262,225
167,462 Miscellaneous____
Material A suppl’s 284,046
676,588
141,941
83,959 AccFd Int. A rents
162,074
Miscellaneous____
Accrued taxes____
Temporary adv’ces
268,307
302,960 Def. cred. Items..
to prop., Ac.,cos. 300,653
142,243
14,255
13,040 Approp’ted surp.. 6956,524
Oth. def. deb.Items
Profit and loss____ C924.323
Total
.303,040 20,874,621
Total
1909.
S
9,747,305
8,158,000
28,175
46,300
505,895
460,950
163,340
263,642
45,814
613,199
842,001
11,303,040 20.874,621
a After deducting reserve for accrued depreciation of cqulp’ t, $352,727.
b Includes additions to property since June 30 1907, through income,
$538,420; Invested in sinking and redemption funds, $293,954; car trust
principal charged out In advance, $24,150: reserve for additions and bet
terments, $100,000.
c After adding sundry net credits for the year, aggregating $ 8 2 ,3 2 2 .—
V . 92, p. 727.
THE CHRONICLE
874
Rutland Railroad.
31 1910.)
President William C. Brown says in substance:
{R epo rt fo r F isc a l Y e a r en d in g D ec.
G e n e r a l R e s u l t s . — The to ta l operating revenues were $3,339,834, an In
crease of $237,401. Freig ht revenue was $1,847,074, an Increase of $126,
309, due to Increased tonnage of different commodities, p articu larly those
grouped under products of .agriculture, products of mines and products of
forest. Passenger revenue was $1,101,147, an Increase of $57,585. M ilk
on passenger trains revenue was $93,744, an increase of $42,741, indicating
a satisfactory grow th of the m ilk traffic which was developed by the estab
lishm ent of through m ilk- train service between Ogdensburg and New Y o rk
C ity on M a y 30 1909.
I m p r o v e m e n t s .— Expenses for the year Include extrao rd in ary items ag
gregating $ 112 ,2 0 6 , on account of heavier rails, ballasting, &c. There
has also been charged to income for sundry additions and betterments
$21,029. F ro m the net income, $270,000, lias also been appropriated for
Im provem ents, consisting of new steel rails, ballasting, reconstructing
bridge masonry, elim ination of grade crossings, extension of existing and
construction of new passing sidings, new bridges, new equipment, &c.
• 'I'hc following expenditures were made from surplus for the year ($204,
005) and money appropriated in 1908: New sidetracks and extensions for
creameries, $27,966; new boiler shop a t R utlan d , $35,563; new tools for
shops, $10,781; eight locomotives, $135,905; p artial paym ent on account
100 new Hat cars, $54,108; total, $264,323.
O P E R A T IN G
O p e r a tio n s —
S T A T IS T IC S .
1910.
1909.
1908.
1907.
468
468
468
1,644,249
1,567,231
1,621,104
46,8 4 0 ,1 9 7
4 3,941,452
44,5 2 0 ,7 0 0
2.23 c ts .
2 .2 5 cts.
1,993,725
1,759,502
2 ,135,828
244 ,0 9 8 ,7 4 0 180 .124 ,29 5 229 ,8 3 9 ,4 0 6
0.70 Cts.
0.79 Cts.
—
M iles operated_________
468i
Passengers carried _____
1,670,3621
Pass, carried 1 m ile ____ 48,759,442:
R a te per pass, per m ile .
2.26 cts..
Tons rev. f r ’t carried
2,120,6 >
>
0.73 cts..
R a te per ton per m ile —
ACCO UNT.
_
.
.
..
1910.
$
1,847,674
1,101,147
330,541
60,472
1909.
5
1,721,305
1,043,562
281,631
55,934
1908.
$
1,476,478
972,118
250,755
55,853
E a r n in g s —
M a ll, express and miscellaneous.
O th er than tran sp o rtatio n ______
1908.
$
8,840,381
1,165,684
320,702
55,853
. 17,052,697
5,007,164
202,526
Interest on loans, &c.
.
.
8,779,628
299,224
8,214,288
247,423
4,804,638
78,719
.
9,078,852
8,401,711
4,883,357
.
.
.
.
.
.
543,690
220,000
4,804,091
108,474
16,781
2,100,000
556,396
220,000
58,568
11,149
1,499,993
517,591
220,000
2,743,906
52,209
9,758
1,000,000
100,000
.
-
7,853,036
1,225,816
2,340,106
6,115,605
4,543,464
339,893
648,948
71,499
* Also $20 e xtra dividend paid from accumulated surplus Feb. 1 1910
and $12 50 Mch. 31 1911— sec below.
From the surplus for the year 1910, $1,225,816, there have been deducted
sundry uncollectible charges amounting to $5,075, leaving $1,219,841;
am ount to credit of profit and loss Dec. 31 1909 was $10,470,796; total,
$11,699,637, as shown In balance sheet; from the last-named am ount there
has been declared the e xtra dividend of $12 50 per share (25%) paid Mch.
31 1911, $5,250,000.
•
G E N E R A L B A L A N C E S H E E T D E C . 31.
1910.
1909.
1910.
1909.
_
©
S
L ia b ilitie s —
S
Cost of road....... al7 ,031,686 13,794,681 Capital stock.......21,000,000 15,000,000
Cost of cquipm’t.a lS ,319,207 9,689,101 Prem. on stk. sold
285
285
Advances to lessor
Funded debt....... 4,000,000 4.000,000
961,990
and other cos__
937,177 Vouchers A wages 1,221,013
957,853
Stk. in sundry cos. 1,545,584 1,381,234 Loans A bills pay.
75,000
75,000
Bds. in sundry cos.
104,200
646,534
104,200 Traffic bals. pay..
413,031
Other Investments 64,232,772 64,232.772 Int. accr’d, Ac__
86,510
85,000
Mat’l and supplies 1,573,532 1,018,766 Dlvs. declared___ 1,050,000 6,750,000
Cash ................. 5,663,935 8,176,112 Sundry acc’ts pay.
57,824
64,023
13,242
Bills receivable...
46,830
12,628
46.830 Def. credit Items..
Traf. bal. recclv’le 662.033
97,953
391,718
694,838 Reserves________
Agents A conduc’s 258,424
310,499 Additions to propMlscell. accounts. 1,733,409 1,114,939
erty from income
since J’ne 30 ’07cl0,050,103 5,186,012
Other advances__
398,350
107.225
Sink., Ac., funds.
51,248
50,238 Profit and loss___ 11,699,637 10.479,796
Items In suspense.
185,473 1,926.101
.
.
801 ,656
57,240
786,281
52,791
074,461
45,986
918,896
839,072
720,447
19,000
13,071
480,358
19,597
291,029
19,000
8,303
484,183
23,581
204,005
19,000
c r . 7,287
489,785
26,463
20,987
DEC.
S
1909.
1910.
1909.
5
L i a b ilit ie s —
S
S
199,400
199,400
20,131,552 Common stock__
Stocks and bonds. 1,698,380 1,748,380 Preferred stock__ 9,057,600 9,057,600
Cash on hand, Ac.
383,601
457,998 Bonds (see "R y. &
Ind.” section).. 11,295,000 11,338,000
Mat’l & supplies..
267,714
213,110
323,000
323,000
Loans & bills pay.
Loans & bills rec’le
70,000
374,713
368,958
Items In suspense.
52,299
38,347 Vouch. & wages..
53,035
67,655
Sinking funds___
11,500
68,500 Traffic bal. pay’le.
58,522
61,395
37,624 Int., Ac., accrued
Ag'ts & conduc’rs.
45,129
10,599
10,599
Matured lnt.&dlvs.
Sundry collectible
92,609
115.157
297,389 Items in susp.,Ac.
accounts....... .
406,325
585,051
33,075 Appropriated surp. 898,051
Miscellaneous___
15,384
942,011
918,825
Profit and loss___
1910.
T o ta l............. 23,324,206 23,025.975
— V . 92, p. 796, 528.
Pittsburgh & Lake Erie Railroad.
1909
$
13,087,637
1,337,826
345,627
07,858
ACCO UN T.
E a r n in g s —
8,414,925
200,637
Operating income____
Interest, dividends, &c.
31 1910.)
President William C. Brown, New York, says in substance:
{R eport fo r F isc a l Y e a r en d in g D ec.
1910.
$
F re ig h t .......................................... . 15,011,437
Passenger___________ __________ _____ . 1,584,880
M ail, express, A c __________________ .
369,808
O ther than tran spo rtation __________ .
86,572
IN C O M E
1,132
1,164
’ ______
9,101,004
321,376
1 ,981,767
(71.93)
773 ,437
98,976
23,025,975
3,546,736
73,795,258
.
.
2 ,2 0 1 ,8 4 5
(70.97)
900,587
114,306
A ssets—
3,269,038
67,356,268
0.706 cts.
1,058
1,092
1.731 cts.
$54,288
Passengers carried_____
4,807,794
3,829,005
Passengers 1 m ile ______ 92,822,085i 77,693,592
F r ’t earns, per ton p.mile 0.748 cts.,
0.729 cts.
1,2071
Ton load (revenue)_____
1,192
Ton load (a ll)__________
1,256i
1,230
Earns, per pass. p. m ile. 1.707 cts.,
1.722 cts.
Gross earns, per m ile ___
$89,164;
$77,589
N e t operating revenue______
Taxes accrued_________________
2 ,3 5 6 ,2 5 6
(70.55)
983,578
121,922
839,072
M iscella n eo u s—
1800590979
10,478,649
5,014,854
3,675,400
1,924,032
5,372,068
(51.75)
5,009,952
2,788
.
.
.
.
SH EET
T o ta l carried 1 m ile . . 2089562918 1852257873 1293292960
9,612,412
7,911,206
Bitum inous coal_______ 11,181,850i
5,731,264
3,074,672
C o k e _____ ______
6,093,188
2,497,210
4,655,487
O re s ___________________
4,585,341
1,334,353
Stone, sand, &c_______
1,992,025.
1,877,829
6,419,205
(43.26)
8,419,743
4,818
P. c. oper. exp. to carnlngs.
N c t operating revenue........
Taxes accrued_____________
896,913
21,983
T o ta l tons___________ 33,979,536> 30,280,639 20,522,582 29,252,535
Carried one mile ______ 2006824483 1794746804 1252900802 1808467643
Co’s freight 1 m ile ______ 82,738,435> 57,511,069 40,383,158 52,129,336
7,946,066
(46.60)
9,106,631
5,627
General expenses.
B ALA N C E
27,796,080
1,450,455
.
.
.
.
392,507
361,526
69,933
1,088,119
69,682
C O N S O L ID A T E D
19,215,998
1,306,584
T o ta l expenses__________
P. c. expenses to earnings.
N e t revenue ra il operations
D ellcit, outside operatlons.
2,7 5 5 ,2 0 4
T o ta l deductions.
Balance, surp lus__
1907.
191
T o n s C a r r ied —
1,374,007
963,970
152,897
2,644,931
236,857
468 ,164
459 .087
79,099
1,124,892
70,003
100,000
1908.
191
E a rn in g revenue_______ 31,378,435> 28,232,941
Company’s fre ig h t_____
2,601,101.
2,047,698
T raffic expenses.
Transportation c.'
General expenses.
3 ,102,432
100,000
YEARS.
1909.
191
10,382,620
467,671
482,609
80,408
1,247,796
77,712
cr.
CALEN D AR
191
1,496,196
1,331,357
164,449
3,188,159
239,044
3 ,3 3 9 ,8 3 4
Rentals leased lines........... ..... ..........
H ire of equipment, car mileage, &c._
In terest on bonds____________ ______
O ther Interest_______________________
Im provem ents and e q u ip m e n t........
E quipm ent sinking fu n d .... ........ .....
FOR
1910.
14,838,948
.
D ed u ct—
R ESU LTS
Miles operated______
1,977,521
1,529,326
184,224
3,981,563
273,432
..
.
_
.
.
Gross corporate Income...... ........ .
on account of leased lines, $4,864,091 (chiefly $3,471,093 on account of
4,000 steel freight cars, $505,176 for right-of-way and $323,839 for sidings).
S u b - C o m p a n i e s . — The revenues of the Pittsburgh C aartlers & Youghiogheny R y . were sufficient to pay the expenses, fixed charges and a 4%
dividend. The revenues of the Monongahela R R . enabled it to pay a d iv i
dend of 6% and c arry on the Improvements being made to the p rop erty.
.
.
.
.
.
E xp en ses—
Maintenance of equipm ent.
T ra ffic expenses___________
[VOL. L X X X X II.
E xp en ses—
D ed u ct—
Rentals leased lincs.
In tercst on bonds. .
H ire of eq uipm ent----J o in t facilities, rents, &c_
Anopto
s
C a p i t a l i s a t i o n . — There was issued d uring the year $6,000,000 stock (th®
shareholders being perm itted to app ly to paym ent therefor th e ir4 0 % e x trcf
43,644,774
T o ta l............. 49,768,673 43,044,774
cash dividend paid Feb. 1 1910.— Ed.) V . 90, p. 168, m aking the to ta 1
am ount outstanding Dec. 31 1910 $21,000,000 and leaving authorized b ut
a
Includes
addition
to
road
since
June
30 1907, $6,763,713, and to equip
not Issued $9,000,000. [Of this last named am ount, $4,200,000 was offered
a t par to shareholders of record March 17 1911 in amounts equal to 20% of ment, $8,677,246.
6
L ittle Kanaw ha syndicate, $4,050,000; Greene County R R . syndicate,
th e ir respective holdings and the 25% e xtra cash dividend payable M arch 31
$125,000; real estate not used In operation of road, $57,772.
1911 was applicable In p art to paym ent for same. V . 92, p. 660.— Ed.]
c Includes additions to road, $3,421,704, and to equipment, $6,628,399.—
A c q u i s i t i o n . — On June 6 1910 this company acquired by purchase 1,500
shares of the capital stock of the Beaver & Elhvood R R . Co., being the V . 92, p. 795, 660.
entire Issue of same; also the remaining 40 shares of the capital stock of the
Peoria & Eastern Railway.
Ellwood Connecting R R . Co. The board has authorized the merger of the
two properties.
A g r e e m e n t w i t h W e s t e r n M a r y l a n d I t y . — A n agreement has been entered
into w itli the W estern M aryland R y . Co., p roviding for a connection w ith
1908.
1909.
1910.
this company’s line a t Connellsvllle, Pa., and the establishm ent of through Miles operated............. ............. ...
352
352
352
routes and Joint rates for a term of 99 years from Jan. 14 1910 (V. 92, p. 120;
Revenues—
$
$
$
V . 91, p. 1707).
Fre ig ht ........................................... $2,571,487 $2,122,977 $1,868,532
E x t e n s i o n o f M o n o n g a h e l a R R . — A resolution was passed N o v. 23 1910
Passenger...... ........ ..................
676,604
645,341
718,415
authorizing the advancing of this company’s proportion of the funds neces M ail, express and miscellaneous..
204,999
199,681
224,257
sary to extend the Monongahela R R ., owned Jointly w ith the Pennsylvania O ther than transportation reven ue..
14,600
22,275
21,909
R R . Co., to the Penna.-W. Va. State line, a distance of 7 K miles, and this
company’s proportion of the funds necessary for the extension of the BuckT o ta l operating revenues........... . $3,536,068 $3,026,855 $2,728,154
hannon & N orthern R R ., now owned by the L ittle K anaw ha syndicate,
Expenses —
company is a half-owner, from said State line and connecting Maintenance of w ay and s truc tu re s..
$335,080
$363,016
$454,762
w ith the Monongahela R R . to R ivesvllle, 31 miles.
Maintenance of equipm ent__________
394,036
527,281
577,811
T ra ffic expenses....... ................
. f ’S! ‘Y
■— 'l'ho gross revenues were $17,052,698. an Increase of
59,828
64,216
70,844
$2,213,750. brelght revenue Increased $1,923,800, there being an increase Transp ortatio n expenses__________
1,149,502
1,116,355
1,393,352
In almost every class of freight carried, the heaviest In coal, coke and manu- General expenses................ ..............
56,008
66,351
59,275
lActured articles, and a decrease in ores. Passenger revenue Increased
$247,0o4, showing a heavy volume of traffic in a ll classes of the passenger
T o ta l operating expenses............... $2,563,120 $2,130,143 $1,995,654
business.
P. c. of expenses to revenue.........
(70.39)
(70.37)
(72.49)
The expenses of operation were $7,946,066. an Increase of $1,526,861, due N et operating revenues________
$732,500
$972,948
$896,712
to higher prices for m aterial and supplies, increases in the num ber of em 'Faxes accrued._____ ________________
102,490
104,594
113,078
ployees and the increased wage scale In effect A p ril 1 of this year. The
percentage of operating expenses to revenue was 46.60%, as compared w ith
Operating Income_______________
$630,004
$792,118
$859,870
43.26% in the previous year. Taxes increased $120,740, chtelly due to O ther Income____________________
18,842
18,824
28,011
the operation of the new Federal Income ta x law of 1% on the net revenue.
O ther income amounted to $299,224, an Increase of $51,802, account of
Gross corporate Income.........
$648,846
$810,942
$887,881
Interest on deposits and loans.
Deduct—
E x t r a o r d i n a r y E x p e n d i t u r e s . — These were as follows: A dditions to prop
$122,207
H ire of equipm ent______________
$80,197
$165,330
e rty charged to cost of road and equipment. $4,002,961 (notably $1,752,762 Jo int facilities, Ac., re n ts .........
58,547
*
53,338
52,752
on account of 2,000 steel freight cars, $636,820 for right-of-way, $471,992
413,215
Interest on funded debt, A c ............I
405,651
405,670
for th ird and fo urth track, $387,128 for sidings, $279,745 for depots and Additions and betterm ents.......
90,349
“
30,024
81,040
buildings and $227,293 on account of 15 consolidation locomotives); and Interest on Income bonds (4 % )........ I
160,000
160,000
for additions to p roperty charged against reserve funds, $646,398 ($267,109
of this on account of 2,000 steel cars). From the net corporate Income
$684,318
T o ta l deductions...... ........ ...........
$864,792
$729,210
there has been deducted for new construction and additional equipment
Balance, surplus or d e fic it.......... ..... sur.$23,089 sur.$81,732 def.$35.472
{R eport fo r F isca l Y e a r en din g D ec.
31 1910.)
THE CHRONICLE
A pr . l 1911.]
G E N E R A L B A L A N C E S H E E T D E C . 31.
1909.
1910.
1910.
1909.
S
Liabilities—
S
S
Assets—
S
Road A equlp’t._a24,283,070 24 ,304,332 Common stock__ 10,000,000 10
,985,100
125,000 Mortgage funds__ 9,985,100
Stock, unpledged.
125,000
40,500 Income bonds___ 4,000,0()0
78,000
Funded debt do
94,833
22,520 Sinking funds___
99,890
34,088
Physical property.
304,331
Add’ns to prop’ty . 6385,372
Marketable stock.
44,708
112,106
74,280 Def. credit Items. ..........
Advances............
238,506
99,890
94,833 Profit and loss___
261,793
Sinking funds--CO NDENSED
1
,000,000
,000.000
1
T o ta l............. 24,732,155 24,007,478
T o ta l............. 24,732,155 24,007,478
a A fte r deducting equipment replacement fund, $102,302.
6 Additions to property through Income since June 30 1907.— V . 92,
p. 795, 463.
Lake Erie
&
Western Railroad.
31 1910.)
President William C. Brown, New York, says in substance:
{R eport fo r F isc a l Y ea r en din g D ec.
G e n e r a l R e s u l t s . — The operating revenues were $5,513,320, an Increase of
$409,337. The freight revenue was $4,339,190, an increase of $300,780,
due to Increased movement in n early a ll commodities. The passenger
revenue was $875,703, an Increase of $72,010,due to Increased numberof
passengers carried In local, Intcr-lInc and excursion traffic.
The operating expenses were $4,297,093, an increase of $438,650. M ain
tenance of way and structures showed an increase of $99,952, due to in
creased expenditures for general repairs to roadway and track, buildings,
and for renewals of rails and tics; also Increase In rates of pay of employees.
Maintenance of equipment showed an increase of $51,019, due p rincipally
to heavier charges for repairs to locomotives, passenger, freight and work
equipment, also Increase in rates of pay of employees. Traffic expenses
were $178,702, an increase of $34,911, due to increased expense of m ain
taining fast freight lines, outside agencies and p rinting tariffs. T ransporta
tion expenses were $2,070,035, an increase of $232,529, due principally to
Increased rates of pay of employees, increased station and tra in service, fuel
for locomotives, Ac., in connection w ith handling heavier volume of traffic.
Deductions from income amounted to $988,859, an increase of $70,302,
due to heavier charges for hire of equipment and miscellaneous rents. The
net corporate Income was $110,955, a decrease of $37,115.
The charges for additions and betterments, deducted from net corporate
Income during the year, aggregated $130,704. notably: bridges, trestles
and culverts, $19,939; Increased weight of rail, $43,087; sidings and spur
tracks, $30,159. A fte r deducting said charges, the net deficit was $25,809,
w hile in 1909 there was a surplus of $91,105.
D uring the year main track was renewed w ith steel ra il as follows: 0.28
miles w ith 75-lb. rail, 15.01 miles w ith 80-lb. rail and 4.11 miles w ith 90-lb.
steel ra il; 182.5 miles of main track were ballasted w ith gravel; 9.5 miles
of new sidings were b uilt; 4.0 miles of sidings were removed and 345,175
cross-ties and 192 sets of switch-ties were laid. 870 lineal feet of wooden
trestle were replaced w ith six steel bridges on concrete masonry and six
permanent concrete culverts; and 308 lineal feet of wooden trestle were
replaced w ith steel bridges on pile supports.
Tw o steel bridges on concrete masonry are about 80'% completed; this
w ill replace 270 ft. of pile trestle. 104 lineal ft. of iron bridge were replaced
w ith stee' bridges of heavier construction; 1,570 lineal ft. of wooden trestle
were renewed In kind and live tem porary culverts were replaced w ith per
manent Iron pipe culverts.
O P E R A T IN G S T A T IS T IC S .
1908.
1909.
1910.
886
880
.
880
1,020,297
. 1,753,290
1,008,019
. 55,039,499 51,009,510 48,909,725
...
1.57 cts.
1.58 cts. 1.58 cts.
R ate per passenger per m ile ___
$0.72
$0.68
$0.70
Earnings per passenger tra in m ile ___.
3,090,081
. 4,938,818
4,487,722
.001,394,292 578,094,919 468,311,700
0.715 cts.
0.686 Cts.
Average rate per ton per m ile ______ . 0.056 cts.
$2.11
$2.25
.
$2.28
Earnings per freight tra in mile
$4,921
$5,692
.
$0,221
Earnings per m ile of ro ad _____
295.28
347.64
328.05
Average train-load (revenue) tons___.
Operations—
Miles operated Dec. 31------Passengers carried ----------
IIIA R G E S , & C.
Earnings-
O ther than transportation.
Expenses —
Taxes accrued.
1910.
.:$4,339,19C
..
875,703
..
262,395
..
35,972
1909.
$3,972,410
803,753
230,580
31,247
1908.
$3,347,580
771,040
219,483
22,449
..$5,513,320
$5,043,990
$4,301,158
.. $869,039
.. 1,032,747
..
178,702
.. 2,070,035
..
140,510
$769,087
981,127
143,851
1,843,506
122,872
$778,337
797,790
132,499
1,818,057
133,110
..$4,297,093
.. (77.94)
..$1,216,233
..
224,482
$3,800,443
(76.54)
$1,183,547
217,424
$3,000,393
(83.93)
$700,705
213,050
$991,751
108.003
$960,123
100,504
$487,115
101,833
..$1,099,814
$1,066,627
$588,948
$125,000
135,095
555,080
103,370
56,965
$125,000
71,208
501,538
71,642
..
..
Deduct—
..
..
O ther Interest_____________
Additions and betterm ents.
$125,000
247,749
551,525
04,585
136,704
$975,522
$829,388
$1,125,623
.def.$25.809 sur.$91,105 def.$240,440
The deficit for the year 1910 as above was $25,809; crediting am ount to
credit of profit and loss Dec. 31 1009, $17,581, and making sundry adjust
ments, $2,351, leaves balance to debit of p ro llt and loss Dec. 311910,as per
balance sheet, $10,578.
GENERAL BALANCE SHEET DECEMBER 31.
1909.
$
3
Road A cqulp’t..a35 ,905,385 35,936,103
1910.
Assets—
Securities owned..
Oth.physical prop.
Advances to con
trolled, &c., oo's
Cash___________ _
Material A supplies
Traffic and other
accts. receivable
Miscellaneous___
Items In suspense.
162,506
20,699
137,506
20,099
64.935
562,772
502,380
01,137
622,149
373,440
380,030
14,429
78,403
332,032
10,890
54,937
T o ta l............. 37,697,611 37,554,899
5
1909.
1910.
3
Common stock__ 11,840,000 11.840.000
Preferred stock__ 11,840.000 11.840.000
Mortgage bonds..10,875,000 10.875.000
230,012
Equip, tr. obltg'ns 145,252
1,180,010
Bills payable____ 1,180,010
891,623
Vouchers A wages. 975,741
94,398
Mlsc.accts.payable 169,570
270,550
Matured Interest..
274,875
252,755
Accr.taxesAml.se. 214,007
Add to prop., Inc.
56,965
since June 30 '07
193,728
Prollt and loss...deb.10,578
17,581
Liabilities—
T o ta l..............37,697,611 37,554,899
a After deducting reserves for replacement of property, $167,482.—V. 92, p. 795.
Chicago Indiana & Southern Railroad.
31 1910.)
President William C. Brown says in substance:
{R eport fo r F isc a l Y e a r en din g D ec.
M ileage .— Discontinuance of suburban passenger service between H am
mond, In d ., and G ary, In d ., decreased the mileage of road operated 11.85
miles.
Funded Debt.— There has been placed upon the general books of the com
pany Its pro rata lia b ility in connection w ith the certliicatcs Issued under
the New Y o rk Central Lines equipment tru s t agreements of 1907 and 1910,
$4,91 1,587, which am ount has been decreased by the paym ent on Nov. 1
of the company’s pro rata of the th ird Installm ent on the equipment tru s t
certliicatcs of 1907, $251,99.8; net, $4,662,589. (V . 90, p. 977, 1677; V . 91,
p. 1447, 1630.)
General Results .— Operating revenues increased $516,355. F re ig h t rev
enue was $3,360,980, an Increase of $470,032, a ttrib u ta b le to the greater
tonnage handled, there being an Increase in p ractically a ll commodities
w ith the exception of products of animals and bitum inous coal, the decrease
in the la tte r being due to the closing, for a large p art of the year, of the
mines in the Illino is coal fields. Passenger revenue Increased $25,835.
Operating expenses were $2,818,354, an Increase of $390,278. Transporta
tion expenses increased $270,608, largely due to higher rates of pay granted
road, ya rd and station employees and increase in tonnage handled. The
strike of bituminous coal miners in the Illino is fields d uring the greater p art
of the year forced the company to obtain fuel from other fields a t a consid
erably advanced cost, which p a rtia lly explains the large increase in the
fuel for locomotives item .
Additions, & c .— There was expended for additions and Im provements
$014,813, including $320,204 for additional main track, St. John to Schnei
der, Shelf to Morocco, Sloan to Allison and Allison to Campbell.
Balance Sheet.—-The "cost of road and equipment” has been increased
as follows: For additions and improvements, $614,813; to show the cost
of the equipment acquired under the N . Y . Central Lines equipm ent trusts
of 1907 and 1910, $6,035,462, and for miscellaneous, $36,727.
R E SU L T S FO R C A L E N D A R Y E A R S .
Allies operated---------------- . .
Revenues—
Fre ig ht __________________________ . .
Passenger................... ................. . .
M all, express and miscellaneous — . .
O ther than tran sp o rtatio n _________ .
341
$
3,360,986
273,931
72,891
31,800
1909.
353
$
2,890,954
248,096
71,074
13,189
1908.
353
$
2,371,597
219,907
61,264
21,423
T o ta l operating revenue------ . .
Expenses —
Alalntenance of way, & c-------- __
Maintenance of equipm ent........... . .
T raffic expenses--- ------ ---- . .
T ransportation expenses__________ . .
General e xp e nse s----- ------- . .
3,739,608
3,223,313
2,674,191
488,817
705,843
107,643
1,412,797
103,254
489,809
604,839
90,079
1,142,189
94,559
359,033
487,285
89,390
1,074,019
96,113
..
..
..
.
2,818,354
(75.36)
921,314
040
2,428,075
(75.33)
795,238
608
2,105,840
(78.75)
508,351
13,402
T o ta l net operating revenue--- . .
Taxes accrued__________ _________ . .
921,960
161,093
795,846
149,503
581,753
137,542
Operating revenue---------- . .
H ire of equipment, rents, A c ---- . .
O ther Income____ ________________ . .
760,267
619,664
41,195
646,343
477,607
9,409
444,211
419,092
45,020
Gross corporate Income_________ . .
Deduct—
In terest on equipment certlftcates. . .
Rents, Joint facilities, A c _________ . .
Interest on bonds_________________ . .
O ther In te re s t_____________ _______ . .
1,421,126
1,133,419
009,323
192,116
71,427
800,000
42,785
174,299
67,041
800.000
42,000
174,091
54,946
791,417
41,705
T o ta l expenses_______ __________
P. c. of exp. to earnings___________
N et operating revenue---- ----N e t outside operations— ........—
1910.
1,106,328
1,083,340
1,002,159
T o ta l deductions _ ----- ----- . .
sur.50,079 def. 152,836
Balance, surplus or deficit------ . .Sur.314,798
To the surplus for the year 1910, $314,798, there was added net credit due
to adjustm ent of sundry accounts, $19,954, and am ount to credit of profit
and loss Dec. 31 1909, $237,236; total, $571,988: deduct discount, commis
sion and expenses on account of N. Y . Central Lines equipment tru s t cer
tificates of 1910, $35,645, in itia l paym ent of 10% on tru s t equipment of
1910, $182,007, and Installm ents for 1910 on equipment tru s t certificates
of 1907 and 1910, $301,239; total, $578,951; balance to debit of p rofit and
loss, Dec. 31 1910, $0,963.
C O N D E N S E D G E N E R A L B A L A N C E S H E E T D E C . 31.
• Revenue freight o nly.
F rc ig ht . . .
Passenger..
875
1910.
1909.
1909.
1910.
S
Liabilities—
S
S
Assets—
S
Road A cqulpm’t_47,115,540 41,482,799 Common stock__ 15,000,000 15,000,000
Preferred stock__ 5,000,000 5,000,000
D. A I. II. RR.
Funded debt.......20,000,000 20,000,000
stock unpledged
1
135,990 Equip, trusts___ 4,602.589
.........Agents A conduc’s 153,145
814,284 Vouch. A wages.. 2,343,214 2,108.100
809,717
Cash ___________
25,200
69,300
119,590 Int. A rent, accr'd
Remlt’ces In trans.
52,373
700,000
Miscellaneous___ 1,042,325 1,108,416 Adv. due oth. cos. 1,200,000
Traffic bals. pay..
529,439
391,809
Accr’d Int., Ac__
37,627
550,368
506,120
398.902 Miscellaneous___
Mat’l and supplies 579,996
543,306
_______
12,583 Add'ns to prop’ty .
Def. debit Items.56,429
Profit and loss___ deb.6,963
237,236
1
Total ............. 49,847,153 44,072,505
— V . 92, p. 794.
Green Bay
&
T o ta l............. 49,847,153 44,072,565
Western Railroad.
{R epo rt fo r F isc a l Y e a r en din g D ec.
Gross Earnings —
31 1910.)
1910.
$413,474
160,377
85,710
1909.
$375,395
157,967
55,557
1908.
$384,389
159,316
58,401
1907.
$445,144
140,843
80,851
T o ta l earnings..........
Operating Expenses —
Maintenance of way, Ac.
Maintenance of cqulpm ’t
T raffic expenses-----Transp ortatio n expenses
General expenses______
Taxes ________________
$059,561
$588,919
$602,106
$666,838
$114,539
89,767
5,547
202,647
28,015
26,876
$98,813
85,474
5,738
175,813
25,436
24,735
$103,431
94,102
4,496
168,297
24,782
24,901
$130,123
81,856
2,511
182,552
23,177
22,041
T o ta l oper. expenses.
N e t earnings___________
$467,991
$191,570
14.471
$416,009
$172,910
$420,069
$182,037
$442,260
$224,578
20.000
Balance . . _______ Paid on del). “ A ’s” , 5%
$182,037
$204,578
$172,910
$177,099
$30,000
$30,000
$30,000
$30,000
125,000
125,000
125,000
125,000
.000 (H % ) 17,500 ( H % )26,250 (H % )35,000
F r e ig h t _______ ________
Passenger--------- .
M all, express and m lsc ..
Paid oil deb. “ B ’s” ____( H
$190,000
• B a la n ce_____________ def.$12,901
$172,500
$410
$181,250
$787
$190,000
$14,578
G E N E R A L B A L A N C E S H E E T D E C . 31.
1909.
1910.
1910.
Liabilities—
S
$
$
9.951.650 10,067.087 Capital stock____ 2,500,000
12,085 “A ” debentures..
600.000
10,695
0,903 "B ” debentures.. 7,000,000
6,170
29,693 Pay-rolls________
19,019
29,093
42,949 Accounts payable.
28.821
42,383
227,030 Replacem’t funds.
93,694
Chas.W Cox.Treas. 326,313
11,090 New rail account.
21.045
General Auditor..
1,404 Old rail sold........ _______
1,404
P. O. Department
965 Due to railways..
8,024
1,010
U. S. Express Co.
7,894 li e account_____
8,908
8,110
28,014 Sundry accounts..
9,505
34,884
97,272 Dividends due Feb
190,000
97,578
94,174
12,203
Profit
and
loss___
New rail acc’t --4.618
2,383
Insur. prem., Ac.
T o ta l............. 10.552,145 10,537.064
— V . 92, p. 795, 201.
S
1909.
2,500,000
600,000
7,000,000
16,739
15,488
70,770
4.920
40,185
6,051
2,590
746
172,500
107,075
T o ta l............. 10.552.145 10,537,064
876
THE CHRONICLE
Toronto Railway.
Sloss-Sheffield Steel & Iron Company.
31 1910.)
President Sir William Mackenzie says in substance:
G e n e r a l R e s u l t s .— T h e passen ger earnings s h o w an Increase o f 845 8 ,2 2 3 .
T h e p a y m e n ts m a d e t o th e c it y a m o u n te d t o 872 7 ,4 8 0 , bein g an Increase o f
8 8 7 ,1 0 9 , or 1 3 .6 % .
N otw ith s ta n d in g an increase In w ages gran ted the
e m p lo y e e s , w e w ere en a b le d to tran sfer 865 1,16 0 to the cr e d it o f p rollt & loss.
A d d i t i o n s .— E x p e n d itu r e s agg re g a tin g 8 6 3 3,78 6 w ere m a d e d u rin g the
y e a r u p o n ca p ita l a c c o u n t . T h e n e w c a r-h o u se on L a n s d o w n e A v e . w ill be
c o m p le t e d In a few m o n th s . T h e c o n s tr u c tio n o f 100 m ore d o u b le -tru ck
cars has in v o lv e d a large o u tla y ; 30 h a v e been p la ce d In co m m issio n and
w o rk u p o n th e rem a in d er is be in g p u sh e d . T h e la y in g o f new tracks has
b e e n c o n tin u e d ; a d d itio n a l e lectrical e q u ip m e n t has been installed a t N o . 3
s u b -s ta tio n , a n d an a ir-co m p re sso r plan t a t L a n sd o w n e A v e . car-h ou se.
STA TE M E N T
FOR
YEARS
1902-1910.
1910.
1909.
1908.
1906.
1904.
1902
5
5
8
3
8
8
G ross in c ..4 ,3 7 7 ,1 1 6 3 ,9 2 6 ,8 2 8 3 ,6 1 0 ,2 7 3 3,1 0 9 ,7 3 9 2,4 4 4 ,5 3 4 1 834 908
N et e a r n s . . 2 ,1 3 9 ,9 2 8 1 ,9 3 0 ,9 1 4 1,721,226 1,463,224 1,020,355
8 19 ,547
RESU LTS
FOR
C ALE N D AR
YEARS.
1 91 0P a ssen gers c a r r ie d ---------- 1 0 9 ,415 ,26 4
T ra n sfers ----------4 2 ,6 3 0 ,7 5 6
G ross e a rn in g s------------------ 84,3 7 7 ,1 1 6
O p era tin g ex p en s es-------2,2 3 7 ,1 8 8
1909.
9 8,117.991
3 8 ,1 5 1 ,5 9 6
8 3 .9 2 6 ,8 2 8
1 ,995,914
1908.
89,1 3 9 ,5 7 1
3 2 ,7 0 0 ,5 7 6
83,6 1 0 ,2 7 3
1 ,889,047
1907.
85,5 7 4 ,7 8 8
3 1 ,3 7 0 ,8 2 5
8 3 ,5 1 1 ,1 9 8
1,8 9 3 ,2 3 6
N et e a r n i n g s . .. ............ 82,1 3 9 ,9 2 8
F ix e d ch arges
..........
*8797,585
D iv id e n d s p a id ---------------- (7 )5 6 0 ,0 0 0
C ost o f p a v in g . ...............
131,183
C on tin g en t a c c o u n t ...............................
8 1 ,9 3 0 ,9 1 4
*8756,404
(7 )5 6 0 ,0 0 0
82,128
150 ,000
8 1 .7 2 1 ,2 2 6
869 2 ,8 7 0
(6 )4 7 9 ,5 1 4
81,1 5 8
150,000
81,6 1 7 ,9 6 2
8640,809
(6 )4 7 3 ,3 7 8
8 0 ,994
125,0 00
„ T o t a l . .....................
S u r p l u s ..................
8 1 ,5 4 8 ,5 3 2
838 2,38 2
8 1 ,4 0 3 ,5 4 2
831 7,68 5
8 1 .3 2 0 .1 8 7
8297,781
n
8 1 .4 8 8 ,7 0 8
865 1 ,1 6 0
* In clu d es p a y m e n ts o f th e c i t y ’s p e rce n ta g e , 859 6 ,2 9 7 , as c o m p a r e d
w ith 8507,827 th e p re v io u s y e a r.
BALAN CE SHEET DECEM BER
31.
1909.
S 8,000,000
S
,000,000
3.998,327
1910.
1909.
1910.
A s se ts—
S
3
L ia b ilitie s —
Hoad and equip
Capital ........... ...... 8
m ent....... ............. 14,674,057 14,110,973 Bonds outstanding 3 ,998,327
Advances to sub
M ortgages..............
70,000
sidiary cos......... 1,590,457
768,742 Accrued interest..
69,743
Stores on hand___
212,963
311,998 Accounts A wages.
254,526
Accounts recelv’le.
313,746
121,400 Unredeem. tickets
98,994
304,073
637.324 A c c r .s .f.T o r .P .C o
Cash........................
121,667
Injuries fund.........
84,500
D ividend................
140,000
Renewal reserve..
637,879
Profit and loss____3 ,619,660
T o t a l ..................17,095,296 15,950,436
30 1910.)
The full report of President J. C. Maben for the late fiscal
year, issued this week, with the balance sheet and income
account, will be found at length on a subsequent page of
this issue.
The usual comparative statement of earnings and balance
sheet was given in the “Chronicle” of March 18 on page 721
—V. 92, p. 721.
{R eport fo r F isc a l Y e a r en din g N o v .
{R epo rt fo r F is c a l Y e a r en din g D ec.
S T A T IS T IC A L
70,375
69,743
163,383
75,483
109,456
52,790
140,000
302,379
2,968,501
Eastman Kodak Co., Rochester, N. Y,
The Secretary says:
T h e ba la n ce sheet show s carried to surplus fo r th e 12 m on th s the a m ou n t
o f $ 7 9 8 ,8 4 5 , a fte r ch a rg in g o il liberal am ou n ts fo r de p re cia tio n an d p a y
ing fo u r q u a rte rly d iv id e n d s o f 1 J^% each on the p re f. s to ck an d fo u r qu a r
te r ly d iv id e n d s o f 2> S % each and ex tra d iv id e n d s a m o u n tin g to 3 0 % on
the c o m m o n s to c k .
C O M P A N Y
* Includes $56,483 expended In replacement of turbine runners.— V. 92. p. 323.
The Duluth (Minn.) Superior (W is.) Traction Co.
31 1910.)
President C. G. Goodrich, Jan. 25 1911, wrote in substance:
{R eport fo r F isc a l Y e a r en din g D ec.
C o n s t r u c t i o n .— T h ere w as e x p e n d e d in n ew c o n s tr u c tio n du rin g th e year
$ 1 4 5 ,2 0 0 , d istrib u ted as fo llo w s : new cars an d e q u ip m e n t, $38 ,692 ; new
tra ck s, $ 47 ,538 ; feed w ires an d c o n d u it , $ 38 ,337 ; bu ildin gs and fixtures,
$ 7,211; m iscella n eou s, $1 3 ,4 2 3 .
R e n e w a l s T h ere w as e x p e n d e d d u rin g th e year In renew als and ch a rged
a gain st renew al fu n d s , $ 5 5 ,9 8 8 . T h e d ire ct a p p ro p r ia tio n to this fu n d was
$ 5 4 ,5 7 9 . T h e ren ew al fu n d n o w a m o u n ts to 8 30 9,10 3.
D i v i d e n d s .— O n S e p t. 1 th e d ire cto rs Increased the regular q u a rte rly d iv .
o n th e c o m . s to c k fro m 1 % to 1 H % . thus p la cin g the c o m . sto ck on a 5 %
ann u al d iv id e n d basis.
Y o u r d ire cto rs belie v e the c o m p a n y will be able
to m ain tain this rate o f d iv id e n d .
D uring F eb ru a ry b oth th e c o m m o n and p referred s to c k o f the c o m p a n y
w as listed on the N ew Y o r k S to c k E x ch a n g e .
B o n d s .— U nder d a te M a y 1 1 9 1 0 T h e D ulu th S treet R y . C o. (th e o p e ra tin g
c o m p a n y ) issued its m tg e. se cu rin g an issue o f $ 2 ,5 0 0 ,0 0 0 gen . M. 2 0 -y c a r
5 % g o ld b on d s, d u e M ay 1 1930: o f these b o n d s $39 0,00 0 have been sold;
th e p roceed s fro m th e sale o f $ 3 0 0,00 0 w ere used to establish a reserve fund
b y in vestm en t in h igh -gra d e 5 % b o n d s an d s h o rt-tim e n o te s; the proceeds
o f th e rem ain in g $90 ,000 b o n d s w ere ap p lie d t o n ew co n s tr u c tio n .
ACCO U N T.
1910.
R e v e n u e passengers c a r r ie d .................. .2 1 ,6 2 4 ,0 3 9
T ran sfers r e d e e m e d _____________________ 4 ,0 3 6 ,8 1 5
R even u es—
T ra n sp o rta tio n r e v e n u e ________________ $ 1 ,0 8 2 ,8 1 5
O th er r e v e n u e _____ _________
8,767
1909.
19,431,381
3,7 7 8 ,7 8 0
1908.
17,661,560
4 ,275,087
$972,509
25,097
$88 4,21 3
8,425
T o ta l r e v e n u e ________________________ $ 1 ,0 9 1 ,5 8 2
E xp en ses—
W a y and s t r u c t u r e s .__________________
$49 ,994
E q u ip m e n t ______________________________
52,872
T r a f f i c __________________________________
786
C on d u ctin g t r a n s p o r ta tio n ____________
366 ,1 8 5
G eneral a n d m iscella n eou s......................
134,238
$ 9 9 7,60 6
$892,638
$42,571
47,457
910
345 ,873
122,999
$45,626
48,751
T o ta l expenses...............................
$604,075
B a la n ce , s u r p l u s . . . ................................
$79,228
BALAN CE SHEET DECEM BER
$559,811
8 4 3 7,79 5
$17 2,36 6
60,000
(2 )7 0 ,0 0 0
$ 1 3 5,42 9
90
334,158
123,155
$55 1,78 0
834 0,85 8
$159,201
60,000
$12 1,65 7
31.
$
$
1910.
1909.
1909.
1910.
A s se ts—
$
$
L ia b ilitie s —
toadwav, equip., Ac8 592,327 8.411,276 Common stock ........ 3 ,500,000 3.500.000
teserve fd .( invested) 273,493
____
Preferred stock ____ 1 ,500,000 1.500.000
47,968
lash on hand--------133,275 First M. 5% b o n d s ..2 ,500,000 2.500.000
5,933
iccounts receivable,
10,051 General mtge. bonds 390,000
55,465
54,762 Approved vouchers.
laterial & suppllcs.
118,790
50,339
1,594
'repald Insurance—
1,920 Accrued int. A taxes
60,040
68,146
1,123 Renewal, A c., funds 338,834
nvest't, real estate.
328,843
2.740
Miscellaneous______
2,943
Surplus........................ 626,518
601,994
T o t a l ...................... 8,976,780 8.612,407
— V. 92. p. 186.
IT S
S U B S ID IA R IE S — IN C O M E
ALTE
XTN
ATDTtAAR7J VTA
T>SC?.
C A
Y E AAR
T o t a l ...................... 8,976,780 8,612,407
ACCO U N T
FOR
1909.
$ 7 ,8 5 2 ,5 7 5
1908.
$ 7 ,472,519
1907.
$ 7 ,0 1 5 ,4 2 3
$369,942
5 ,856,210
(3 0 % )
1,0 0 0 ,0 0 0
$369,942
3 ,9 0 4 ,1 4 0
$36 9,94 2
4 ,8 9 1 ,5 5 0
(2 5 % )
750 ,000
T ota l
................. ..
S u r p l u s _________________
$ 7 ,2 2 6 ,1 5 2
862 6,42 3
$ 5 ,274,082
$ 2 ,1 9 8 ,4 3 7
$ 6 ,0 1 1 ,4 9 2
S I , 0 0 3 ,931
$ 8,176,332
$79 8,84 5
(20%)
1,000,000
E A S T M A N K O D A K CO . O F N E W J E R S E Y A N D S U B S ID IA R Y C O M
P A N I E S — C O M B I N E D B A L A N C E S H E E T D E C . 31.
1910.
1909.
A s se ts—
$
$
P la n t, paten ts,
g o o d -w ill, & c2 7 ,213 ,050 2 6 ,1 5 2 ,1 4 3
S u p p li e s -------- 6,628,251
5,7 5 5 ,8 1 7
A c c ’ ts & bills
r c c 'b le (net) 2,282,716 2,1 1 4 ,6 2 9
B o n d s A stkS-i/2,678,572 2,8 2 8 ,3 8 8
C a s h --------------- 3 ,882.384
3 ,4 5 1 ,3 1 7
M isce lla n e o u s.
95,657
99,062
1910.
L ia b ilitie s —
S
C o m m o n s to c k l9 ,5 1 2 ,3 0 0
P ref. s t o c k . . 6,1
6 ,1 6 5 ,7 0 0
Pref.
A c c 'ts p a y a b le
888,931
P ref .d iv . J a n . 1
92,486
C o m .d iv . Ja n . 1 979 ,310
R c s ’ v c fo r d e p r .,
re n cw ’ ls.ca p .
pu rposes, A c .5,930,032
S u rp lu s.......... .. 9,211,871
T o t a l .............4 2 ,7 8 0 ,6 3 0 4 0 ,4 0 1 ,3 5 6
V
§
1909.
19 ,520,700
6 ,165,700
741,358
92,486
489 ,6 5 5
,978,431
,413,026
T o t a l _______4 2 ,7 8 0 ,6 3 0 4 0 ,4 0 1 ,3 5 0
M arket va lu e D e c. 31 1910. 8 2 ,9 2 4 ,5 5 7 .— V . 91. p. 874 .
Midvale Steel Co., Philadelphia.
{R eport fo r F isc a l Y e a r en din g O ct.
RESULTS FOR
N et.......................................................................................................... df.$61,692 sr$20,025
N et earn in gs------------------------------------------- 8487,507
$190,779
In terest and t a x e s _____________________
P referred divid en d s ( 4 % ) _____________
60,000
C om m o n d iv id e n d s ________________ (4 1 4 % ) 157,500
A N D
1 91 0.
N et p r o llt s ---------------------- $ 8 ,9 7 5 ,1 7 7
D iv s . p aid and a c c r u e d —
O n p re f. s to c k ( 6 % ) . .
$ 3 6 9,94 2
O n c o m m o n s t o c k ____
7 ,8 0 6 ,3 9 0
D o rate per c e n t ____
(4 0 % )
R e se rv e fo r ren ew als___
. ______
Total ..................17,095,296 15,950,436
Toronto & York Radial Railway.
1910.
1909. I
1910.
1909.
Total incom e________ $399,616 8351,460| Int. on bonds A loan s.SI 13,096 $108,412
N etearnings.................. 169.094 150,575| Net su r p lu s .................. 55,998
42,133
The Toronto Power C o., Ltd.
1910.
1909.
1910.
1909.
Gross from leased prop$662,957 $651,831 Rentals, paid & accr’d$500,134 $498,680
From invest'ts, A c . . . 124,162 119,121 Operating exp., A c . . .*215,477 142,609
Int. on deb. stock,
133,200 109,638
loans, & c ..............
Total Income______ $787,119 $770,952
31 1910.)
{R ep o rt fo r F isc a l Y e a r en d in g D ec.
R E S U L T S F O R C O N T R O L LE D C O M P A N IE S .
IN C O M E
[VOL. LXXXXII.
Y E A R S E N D IN G
1909-10.
Profits over all costs, charges and
expenses, Incl. depreciation.. $1,411,181
D e d u c t — Dividends
........... ........ *$367,500
Fire insurance fund___________
100,000
A djust’g value of bar s te e l..
'
Balance, surplus for y e a r . .. .
$943,681
31 1910.)
OCT.
1908-09.
31.
1907-08.
$555,347
$150,000
$306,272
$75,000
102,751
167,122
$405,347
$68,521
$541,557
$914,929
$206,250
! As to 1,200% stock dividend see below.
BALANCE
1910.
$
Prop’ ty A equlp’ t . 10,488,534
P a tte r n s ................
200,000
Worked materials. 1,551,825
Raw material____
822,474
Mdse., coal, A c . . .
444,115
Bills A accts. rec’ le 1,151,278
Investments In bds. 200,000
C a s h ....... .............
383,893
A s se ts—
SHEET
OCT.
31.
$
200,000
1909.
1910.
1909.
L ia b ilit ie s —
$
S
9,621,375 Capital stock......... 9,750,000
750.000
Bills payable......... 1,250,000
,125,000
1,983,073 Accounts payable.
432,626
371,202
527,910 M iscellaneous____
4,372
164
369,398 Fire Insur. fu n d ..
200,000
1,101,009 S u rp lu s..................£3,605,120 11 ,665,812
100.000
100,000
109,412
__T o t a l ....... .......... 15,242,119 14,012,178
T o t a l __________ 15,242,119 14,012,178
. Z 'U tcrd e d u ctln g stock dividend of 1,200% paid to stockholders of record Feb. 23
1910, calling for $9,000,000 — V. 92, p. 798, 466.
May Department Stores Company.
31 1911.)
President David May is quoted as saying in part:
{R eport fo r Y e a r en din g J a n u a r y
Since J a n . 31 1911 the c o m p a n y has en tered into an agreem en t fo r th e
acq u isitio n o f the en tire c a p ita l s to c k o f the W illiam Barr D ry G o o d s C o.
o f S t. L ou is [ " in v o lv in g ,” It is said, " a b o u t 8 2 ,0 0 0 ,0 0 0 .” — E d .] A deal
has also been clo se d fo r a leasehold on the entire b lo ck b o u n d e d b y S ix th ,
S e v e n th , L o cu st and O live streets, In S t. L ou is, fo r a period o f 40 years.
Tills Is tile site w h ich has been o ccu p ie d b y the B arr C o. fo r th irty years.
A new b u ild in g w ill be e re cte d on the p r o p e r ty .
O ur s to c k s o f m erch an dise arc clea n , o u r business Is co n s ta n tly gro w in g ,
anil the sales o f o u r v a riou s stores, e x clu siv e o f th e W illiam Barr D ry G ood s
C o ., d u rin g F e b . 1911 h a v e e x ce e d e d the sales d u rin g F eb . 1910 b y m ore
than $ 1 0 0 ,0 0 0 .
I h ave, therefore, reason to b eliev e that the present y e a r
w ill be a p rosp erou s o n e .
P R O F I T A N D L O S S A C C O U N T Y E A R E N D I N G J A N . 31 1911.
In clu d in g o p e ra tio n s o f v e n d o r c o s . p rio r to d a te o f orga n iza tio n o f th e
c o m p a n y [the c o m p a n y w as in co rp o ra te d Ju n e 4 1910— E d.]
N et p ro llt from tra d in g, 81.7 2 5 ,1 5 8 an d interest, ba la n ce o f
a c c o u n t , $ 1 4 ,3 2 3 -------------- . . . . . . --------------------------------------------- $1,739,481
D ed u ct—
O f f i c e r s 'salaries, 7 H m o s. at 860 ,000 per a n n u m , $ 3 7 ,500general expen ses, in cl. taxes an d o th er e x p s . o f in co rp o ra tio n ,
8 35 ,479 ; Federal co r p o r a tio n ta x , $14,503; bad d e b ts , 813 ,092 ;
reserve fo r trad in g stam ps un redeem ed, $ 25 ,000 ; total
$125 574
D ep reciation o f buildin gs and fixtures and a m o rtiz a tio n o f leases
173 099
P ercen ta ge o f sales to Ju n e 15 1910, paid to v e n d o rs in lieu o f
profits fo r p eriod prior to the o rgan ization o f this c o m p a n y
511 084
P referred d iv s . (O c t . 1910 an d J a n . 1911, 1 ;q % e a c h ) _______ _
175,000
T o ta l d e d u c t io n s _____ r -..... .. ...................... ......................
B a lan ce, surplus, as per balance sheet _________________ _______
B A LA N C E
SH EET
JA N U A R Y
Assets— ($21.377,229)—
Real est., good-will, A c ____1 $17,438,545
Investments......... .................. 151,100
In ven tories______ _____ ____ - 2,385,889
Accts. A bills receivable____ .
488,427
Delivery horses, equlpt., Ac 32,910
Sundry debtors............... ....... 77,787
Prepaid exps., Insur., A c . . 44.132
Loans, secured by collat____ 275,000
Cash in banks and on hand. . 483,439
$984,757
$754,724
31 1911.
L ia b ilitie s — ($21,377,229)—
Preferred stock (7% c u m .). . .$ 5,000,000
Common stock............................. 15,000,000
Sundry personal accts. for
deposits, A c .............................
389,814
Sundry creditors A accts. p a y .
133,341
Res. for trading stamps, coupons
and corp. ta x .....................
99,350
Surplus.........................................
754,724
Consists o f real estate, leases, Im provem en ts, fu rn itu re an d fixtures,
g o o d -w ill and trad e nam es, In S t. Louis, M o .: C levelan d , ( ) .: and Denver,
C ol° r .c.°.3t o f A cqu isition at F eb . 1 1910, $17 ,5 0 0 ,0 0 0 : a d d itio n s du rin g
year, 811 1,61 1; to ta l, $17 ,6 1 1 ,6 4 4 ; d e d u ct reserve fo r d e p re cia tio n o f b u ild
ings and fixtures and am o rtiz a tio n o f leases, $17 3,09 9; ba la n ce, as above,
$ 1 7 ,4 3 8 ,5 4 5 .— V . 91, p . 720 ,
.................................................................................
A pr . 1 1911.1
THE CHRONICLE
Phelps, Dodge & Co., New York.
31 1910.)
President James Douglas, New York, March 1 1911, wrote:
(R ep o rt fo r F isc a l Y ea r en d in g D ec.
The copper selling: departm ent has marketed during the year: Company’s
product, 130,207,409 lbs.; outside copper sold on commission, 54,84 1,289
lbs.: total, 194,138,098 lbs. The average price realized has been 12.826 cts.
per lb. net cash f. o. b. New Y o rk. Of this q u a n tity 100,819,254 lbs. have
been sold In Am erica and 93,319,444 lbs. have been shipped to Europe.
Fo ur dividends of 2 ' A % each, aggregating 10%, and an e xtra dividend
of 2% , have been distributed, am ounting In to tal to $5,399,875.
R e p o r t o f (icn cra l M an ager W a lter D o u g la s . B is b c e , A r iz .. F eb . 20 1911.
The com pany’s mines produced 1,644,541 tons of ore, and the company’s
tw o smelting establishments reduced of ores and concentrates from the
Phelps, Dodge & Co.’s mines 787,891 tons and of custom ores 131,050
tons, giving a to tal of 918,941 tons. From this m ate rial there was recovered:
Pounds Copper.
F ro m com pany’s ores--------- 116,888,070
From custom ores..... ............
21,917,582
Ounces Silver. OuncesGold.
941,798.9
453,705.7
14,057.51
6,354.54
1,395,504.6
20,412.05
O r a to ta l o utput o f------- 138,805,652
In addition to this,‘1,381,457 tons of coal were mined and disposed of by
th e Stag Canon Fuel Co.
There was extracted from the Copper Queen mine In 1910 596,193 tons
of ore and precipitates, or only about 40 tons less than the previous year,
and yet the furnace yield was 3,538,415 lbs. less, which represents a decline
In the percentage of the ore smelted of 0.86% . This reduction Is not due
to a decline in the average grade of ore in the mine, b u t to the policy
heretofore adopted th a t when a reduction In the cost of m ining or smelting
is sectored, a corresponding reduction In the grade of the ore to be smelted
shall be made.
W h ile the cost of m ining during the past year has not yet been notably
reduced, owing to difficulties necessarily Involved in p uttin g the improved
systems of underground haulage, Ac., into perfect operation, the cost of
smelting has been lowered. Though these ameliorations liave not quite
compensated for the reduction In production, they w ill probably more than
compensate for It In the future.
I t Is safe to say th a t the development In new deposits during the past
year and the extension of previously known ore bodies, have more than
kept pace w ith the extraction.
The Moctezuma Copper Co. contributed 113,294 tons of ore and concen
trates to the Douglas smelter, which produced 22,681,472 lbs. of copper, a
decrease from the previous year of 2,133,275 lbs., due to the shortage of
w ater supply for the concentrator. T his deficit, however, was more than
supplied from the Increase In custom ores, which Increase amounted to
13,592,471 lbs. of copper.
The production of the D etro it Copper M ining Co. for 1910 was 1,53 1,729
pounds less than for 1909, though s lig h tly more ore was m illed. The de
cllne Is due to the decline In the yield of copper from 2.605% to 2.332%.
The reduction, however, as In the case of the Copper Queen Co., Is com
pensated for by lower operating costs. The operations of the B urro M oun
tain Copper Co. have consisted exclusively of development work, which
has resulted In Increasing the available reserves of ore In sight on the 4th
level. Churn d rillin g by the Savanna Copper Co. In the v ic in ity of the
prop erty has developed good ore to a depth previously unlooked for.
The construction anticipated during the coming year w ill consist of the
addition of a reverb erato ry p lant to the cupola plant a t the Douglas Sm elting
W o rks and of a new steel tipple for mines Nos. 1 and 2 at the Stag Canon
Fuel Co. The substitution of reverberatory furnaces for cupola furnaces
at Morenol, where the supply of lum p ore has declined to 5% of the total,
Is an Im provem ent which Is unavoidable, but w ill probably not be carried
out d uring the coming year.
IN C O M E S T A T E M E N T .
1910.
1909.
1910.
1909.
$
S
Dlvs. from sub. cos.8,787,815 5,769,355 Dividends, 12%-- 5,399,875 5,396,652
Commiss’ns & mlsc. 312,095 256,385 Exp., taxes, Ac___ 252,521
182,529
T o ta l................ 9,099,910 6,025,740
Balance, surplus. .3,417,514
416,559
Y E A R E N D IN G D EC. 31.
• |Thc dividends In 1910 shown below were of course paid In p art from the
arge accumulated surpluses.— E d .!
877
Detroit Copper Mining Co.
1910.
1909.
8
S
Mines A m’g claims. 592,430 592,430
Plant A construction 414,244
414,244
Options on oth. prop. 454,775 339,838
L o a n s ____ _______
10,000
Ores, bullion, general
supplies, Ac....... 603,227
944,171
Bills receivable.......
37,581 1,000,000
Accts. receivable__ 532,808 281,753
Cash .......... ......... 850,965 695,829
Assets—
1909,
1910.
S
Liabilities—
8
Capital stock____ ..1,000,000 1,000,000
Pay-rolls A accounts 194,572 206,354
Plant renewal___ .. 960,000 840,000
1,505
Contingency fund. ..
1,505
S urp lus............. .*1,339,953 2,220.406
T o ta l............... .3,496,030 4,268,265
T o ta l........ .
* After deducting S120.000 for plant depreciation.
-.3,496,030 4,268,265
Moctezuma Copper Co.
1910.
1909.
1910.
1909.
a\ssets
§
S
Liabilities—
$
8
Mines A m’g claims. 993,456 992,771 Capital stock.......... 2,600,000 2,600,000
Plant A gen. con... 1,607,229 1,607,229 Vouchers and drafts
Real est. A con’ns.. 108,395
30,974
payable, A c ........ 125,035 169,628
Inventories............ 125,728 513,249 Plant renewals........ 312,000
.
Bills A accts. rec’le. 917,521 600,152 S urplus................. *1,496,731 2,161,430
C a s h ..... ..............
5.5,418
97,655
Deprcc’n susp........ 726,018 1,089,027
T o ta l___________ 4,533,766 4,931,058
T o ta l.................4,533,766 4.931,058
* After deducting plant depreciation, S675.009, and adjustments. 82,381.
Stag Canon Fuel Co.
1910.
1909.
1910.
1909.
Assets—
8
S
Liabilities—
8
8
Mines A m’g claims. 500,000 500,000 Capital stock... 3,000,000
500,000
Improv. A constr’n. 230,103
129,346 Accts., Ac., payable 398,772 173.219
Securities owned___ 2,177,009 2,175,009 Bills payable_______
______ 2,100,000
Mlsc. Investments.. 186,727
28,682 Reserve accounts_ 140,018
78,777
Current assets......... 511,145
457,827 Dawson Fuel Co...................
235,309
Cash .................... 407,511
138,110 S urp lus---- -----*473,706 341,671
T o ta l.................4,012,496 3,428,975
T o ta l.................4,012,496 3,428,975
* After deducting depreciation, 846,543, and adjustments, S I,626.
The Stag Canon Fuel Co. prod used 1,381,457 tons of coal (an Increase of 293,689
tons over 1909), which was disposed of as follows: Used for steam purposes at
mines, 2,908 tons; sold to employees, 3,557 tons; sold to railroads, 670,724 tons;
commercial sales, 114,548 tons: used for coking, 589,720 tons. The net earnings
were $360,204 (against S256.459 In 1909); deduct depreciation, 846,543, and divi
dends paid In 1910, 8180,000; balance, surplus, for year, $133,661.— V. 92, p. 122.
American Ice Securities Co.
(B alan ce S h eet o f D ec.
31.)
1910.
1909.
1910.
1909.
^1sscts
$
S
Liabilities—S
S
Prof. stk. Am. Ice 14.340,700 14,340,100 Stock Issued.......19,043,100 19,042,500
Com. stk. Am. Ice *4,702.380 *4,702,380 Debentures........ 3,000,000 3,000,000
Scrip .................
20
20 Accrued Interest..
44,598
______
Bonds In treasury.
26,919
26,919 Accounts payable.
44
44
Notes receivable..
20,000
______ Surplus............. 2,846,992 2.216,457
Accu’n pref. dlvs.
of Am. Ice Co.. 5,843,835 5,162,436
629
26,135
Cash .................
250
1,011
Miscellaneous___
T o ta l............. 24,934,734 24,259,001
* 70,535.7 shares Am. Ice common sto<
T o ta l............. 24,934,734 24,259,001
at 866 2-3 per share.—V. 90, p. 974.
E A R N IN G S O F CO N TR O L LE D COS. FO R
Copper Queen Consolidated M ining Co.
1910.
N et Income. __________ $4,623,856
Dividends paid _________ 6,300,000
Surplus .
_def.$1,676,144
1909.
$5,271,278
4,025,000
1908.
$4,015,237
3,000,000
1907.
$4,231,137
3,800,000
$1,246,278
$1,015,237
$431,137
1903.
$952,016
480,000
1907.
$694,874
80,000
$472,016
$614,874
1908.
$522,826
1907.
$833,837
130,000
Detroit Copper M ining Co.
N e t Income_______
Dividends p aid ___
...
...
1910.
1909.
$1,079,547 $1,153,269
1,840,000
760,000
S urp lus------------- dcf.$760,453
$393,269
Moctezuma Copper Co.
1910.
$480,691
468,000
1909.
$1,004,454
988,000
The Consolidation Coal Co., Baltimore, Md.
(R epo rt fo r F isca l Y ea r en din g D ec. 31 1910.)
President J. H. Wheelwright, Baltimore, March 15, wrote
in substance:
Coal and Coke. — The coal tonnage handled b y the Cumberland & Penn
sylvan ia R R . ($1,500,000 capital stock, a ll owned by the Consol. Coal Co.)
was d uring the year 3,481,149 tons (an Increase of 828,025 tons as com
pared w ith 1909) distributed as follows: B. A O. H it., 2,485,753; Penn. R R ..
310,099; Chesapeake A Ohio Canal, 170,856; W estern M arylan d R y .,
415,816: local, 98,625.
C O N S O L ID A T IO N CO A L A N D S U B S I D I A R Y C O M P A N I E S .
-- Coal M in ed. -— Coke M f .--- Alined by Lessees.
Tonnage—
1910.
1909.
1910.
1909.
1910.
1909.
M arylan d D iv is io n .2,326,300 1,649,457
---397,442 348,794
West V irg in ia DIv.5,328,461 4,125,300 56,534 45,013 124,350 113,789
Surplus . . . ____
$12,691
$16,454
$522,826$703,837
Stag Canon Fuel Co.’s net Income for the year ending Dec. 31 1910 Pennsylvania D Iv . .1,715,872 1,550,366 40,158 17,428
3,066
3,504
amounted to $360,204; dividends paid, $180,000; surplus, $180,204.
T o t a l ___________ 9,370,633 7,325,123
96,692 62,441 524,858 466,087
O U T P U T O F C O M P A N Y 'S M I N E S (in pounds).
Year—
Cop. Queen M in e. M o d .M in e .
Detroit M in e.
Total.
Kentucky Purchase. — The stockholders Dec. 12 1910 approved the
1910 ___________ 76,428,908
23,728,647
23,056,292
123,213,847 purchase of 100,000 acres of coal lands, at $45 per acre, in Letcher, Pike
1909 ___________ 84,429,791
26,487,776
24,591,021
135,508,588
and K n o tt counties, K e n tu c ky, known as the “ E lk h o rn Field ” In pay
1908 ___________ 76,125,162
15,522,580
24,223,172
115,870,914
ment of this tract It was arranged w ith the vendors to take at par $4,400,000
1907 ___________ 63,341,055
9,640,390
17,974,581
90,956,026 of the capital stock of yo ur company, p articipating In dividends declared
after J u ly 31 1912.
P R O D U C T IO N OF R E D U C T IO N W O R K S I N 1910.
■Amounts Recovered ----Tons Ore
A prom lncntenglneerhasstated th a t this tract w ill contain In Its several
Silver, Oz. Fine Cop ..Lbs.
Treated.
Gold, Oz.
scams at least 12,000 tons per acre from p ractically self-draining mines and
579,334.90
71,028,357
13,340.223
Cop. Q’n ores A preelp .589,900
th a t fu lly 600,000,000 tons of the highest grade coal m ay be mined from
717.284
362,463.95
22,681,472
Moctez. ores A concent’s. 113,294
one seam alone. For coking and by products It Is not excelled. A d d itio n al
453,705.75
21.451,273
8,354.548
Custom o re s .............. ..129,120
prospecting by diamond d rills and crop openings has demonstrated tha t at
least one of the additional seams w ill produce coal of sim ila r character and
T o ta l 1 9 1 0 ._______ ...832,314 20,412.055 1,395,504.60 116,061,102
q u a lity as the main seam, which w ill Increase the q u a n tity of m inable coal
T o ta l 1909..........
.735,400 32,152.668 2,579,810.68 108.512,9'64 of tills grade at least 50% , or to a total of 900,000,000, or probably
1,000,000,000 tons of coal of this q u a lity . (V . 92, p. 464.) The actual
M E T A L S T O C K S (ORES A N D C O N C E N T R A TICS) ON H A N D JA N . 1 ’ l l
w ork of opening mines, w ith an ultim a te capacity of 4,000,000 tons per
Tons.
Gold, Oz.
Silver, Oz. Copper, Lbs.
annum w ill be commenced by M ay 1 1911 and the company w ill be pre
Ore and s lim e s ...........119,200.118 2,494.453 161,830.76 15,652,815
pared to ship coal from these mines by the tim e the two railroads th a t are
Increase over Jan. 1 1910 14,212.297
813.170
28,984.72
786,119
now being b u ilt Into this Held are completed. The Lo uisville A N ashville
PHELPS, DODGE & CO. BALANCE SHEET DEC. 31.
R R . Co. Is pushing construction from Jackson, K y ., a distance of about
1909.
1910.
1910.
1909.
100 miles Into the Southwestern side. The Sandy V a lle y A E lk h o rn R y .
Liabilities—
S
S
Co.
has let a contract for the completion w ithin one year of a railroad from
C a s 'r t * ! ...................... 3 ,8 1 8 ,6 1 9 2,1 1 4 ,8 1 1 Due to subsidiary
the Big Sandy R iv e r through the heart of the property, a distance of 30
cos. and others. 5,395,221 3,939,496 miles, connecting w ith the Chcsapeabe A Ohio R y . at Its northeastern
Bills receivable.. .
18,862
18,862
Accts. receivable. 1,464,173
764,739 Capital stk., Issued45,000,000 44,989,605 term inus and w ith the extension of the L . A N. R R . on the southwest.
446,559
Stocks owned___ 48,987.640 46,477,245 Surplus............. 3.894,073
New Stock.— The stockholders on Dec. 12 1910 voted to Increase the
capital stock from $20,000,000 to $25,000,000. Of the additional stock
T o ta l..............54,289,294 49,375,600 T o ta l............... 54,289,294 49,375,600 $600,000, together w ith the $974,000 treasury stock, In all $1,574,000, was
Stocks owned in 1910, $48,987,640, include Copper Queen Cons. Mining Co., 827. ottered to stockholders of record Dec. 15 1910, a t par, this stock to c arry
000,000; Moctezuma Copper Co.. 88,000,000; Detroit Copper Mining Co., 86,000,000; dividends declared after Jan. 31 1911. The rem aining stock, $4,400,000.
was deferred as to dividends declared u n til after J u ly 31 1912. Both
Stag Canon Fuel Co.. 86,500,000; Burro Mountain Copper Co., S I,487,640.
offerings were taken. (Compare V . 91, p. 1514.
BALANCE SHEETS OP SU BSIDIARY COM PAN IES DEC. 31.
New Bonds. — The stockholders on Dec. 12 1910 authorized an Issue of
not exceeding $40,000,000 "firs t and refunding mortgage” 40-ycar gold
Copper Queen Consolidated Mining Co.
bonds dated Dec. 1 1910.
Under the terms of the mortgage, $4,000,000
1910.
1909.
1910.
1909.
bonds have been Issued to the company since Dec. 31 1910 In exchange
S
Assets—
S
Liabilities—
8
S
for a like am ount of bonds held In the treasury of the company anil $9 Mines and mining
Capital stock_____ 2,000,000 2,000,f
000,000 have been disposed of to the N atio nal C ity B ank of New Y o rk and
852,764 Accts. and drafts
847,776
cla im s________
K u h n , Locb A Co., the proceeds of which w ill be used, so far as m ay be
Plant & real estate 2,126,021 2,282,500
payable_______ 1,349,207 1,210,1
required, In the redemption of the outstanding bonds of the S o m e rse t Coal
Stocks, bonds, Ac. 2,387,537 2,395,007 Contingent exp ...
14,937
14,1
Co.,
the Clarksburg Fuel Co. and the K e n tu c ky 1st M . of yo ur company,
378,711
368,172
Loans and mtges.
Plant renewal____ 1,920,000 1,680,1
and the remainder In the development of the E lk h o rn Field.
485,656 S urp lus............. .*7,962,177 10,142,1
Bills & accts. rec’le 1,312,815
Of the rem aining bonds authorized, $6,000,000 arc specially reserved
Cash ................. 2,102,349 3,069,772
for the development of the E lk h o rn property; $10,876,000 for the redemp
Ores, bull. A sup. 4,101,651 5.583,237
tion of the outstanding bonds (Consolidation Coal Co. 1st M . 4 %% , $413,000
and refunding mortgage 4 ';% ,, $5,141,000; Fairm ont Coal Co. 5% , $5,
T o ta l............. 13,246,321 15,047,647
T o ta l.............. 13,246,321 15,047,647
232,000; B ria r 11111 Coal A Coke Co. 5% , $90,000) and $10,124,000 for
* After deducting 8451,282 for depreciation of plant and S53.017 for adjustments.
futu re uses of the company. V . 91, p. 1514; V . 92, p. 464, 529, 599, 728,
N e t Income.
________
Dividends p aid ________
878
THE CHRONICLE
R E S U L T S F O R Y E A R E N D I N G D E C . 31 (IN C L . S U B S ID IA R IE S .)
Depreciation m ining p la n t.
T o ta L
Deduct—
In te re st on Consol. Coal bonds.
S inkin g fund Consol. Coal bonds.
Taxes
_______________
In te re st and exchange.
Insurance_____________
R o y a ltie s _____________
Cash dividends_______
.. .
.. .
...
ent
1910.
$
12,712,256
9,186,013
251,410
59,607
1909.
5
10,223,087
7,144,567
206,647
68,491
1908.
$
9,682,301
6,726,194
184,556
73,529
. .
...
--
9,497,030
3,215,226
197,848
7,419,705
2,803,382
277,815
6,984,279
2,698,022
388,392
...
3,413,074
3,081,197
3,086,414
263,529
...
650,376
650,610
...
108,950
79,930
i-194,444
165,631
169,213
37,850
25,140
197.335
. . (6)1,141,552a(6) 1009,883
242,572
633,552
85,567
144,672
154,647
84,965
32,022
166,415
61,060,000
2.599,121
482,076
2,604,412
482,002
Balance, surplus.
a Also 60% stock dividend calling for $6,150,000 paid M arch 1909 from
accumulated surplus, the profit and loss surplus, including subsidiaries, on
Dec. 31 1909 after such paym ent being $6,406,421.
6 Includes 8% on the Consolidation Coal Co. stock and 2% on the F a ir
m ont Coal Co. stock.
c Cumberland & Pennsylvania R R . depreciation am ounting to $102,325
In 1910 and Insurance $3,949 Is charged to operating expenses In accordance
w ith Inter-State Commerce Commission classification.
_
C O M B IN E D G E N E R A L B A L A N C E S H E E T D E C . 31 1910.
Liabilities— ($48,086,705) —
$
Assets— ($48,086,705)—
S
Property account............... (137,808,060 Capital stock and scrip______19,026,000
Bonded debt....................... 18,569,000
Advance payments on coal land
purchases.......... .....
894,144 Car trust bonds—assumed by
Stocks of allied companies___ y2,846,688
C. & P. R R . ....................
608,000
99,449
Other Investments__________
41,400 Purchase money obligations..
650,000
Sinking funds..... .................
727,138 Bills payable.......................
668,307
Coal and coke........... .........
380,179 Accounts payable.................
Materials, supplies and stores. 789,185 Payrolls........................ . .
291,292
Bills receivable...........
19,939 Royalties payable...............
162,449
Accounts receivable..... ......... 3,271,119 Bond Interest and dlvs. due..
18,069
Cash In banks and on hand.. 1,129,444 Bond Interest accrued_______
331,003
Cash for bond Int. and dlv's due
18,069 Sinking funds accrued.........
138,341
Special deposits to cover royal
Dlv. No. 52, pay. Jan. 31 1911 285.388
ties payable______________
161,340 Individuals and companies—
355.561
Profit and loss...................... 6,883,846
a P ro p e rty account ($37,808,060) Includes: coal lands and other real est.,
$26,530,047, less reserve for exhaustion, $2,127,406, bal., $24,402,641;
m in ing plants and equip., $10,695,496, less reserve for deprcc., $2,008,242.
bal., $8,687,254; Cumberland & Penn. R R ., $3,234,402, less sink, fund for
redem ption of bonds, $585,593, bal., $2,648,807; Cumberland & Penn. R R .,
equip., $1,791,717, less reserve for deprcc., $351,475, bal., $1,440,242;
floating equip., $1,117,277, less reserve for deprcc., $488,163, bal., $629,114.
V Stocks of other companies owned Include 13,500 shares N orthw estern
Fuel Co. com. stock, 2,700 shares N orthw estern Fuel Co. pref. stock and
5,011 shares M etro po litan Coal Co. com. stock.— V . 92, p. 728, 599.
General Railway Signal Company.
31 1910.)
President W. W. Salmon and Vice-President and Treasurer
George D. Morgan say:
{R epo rt fo r F isc a l Y e a r en d in g D ec.
As of'Jan. 1 1910 the com pany had’on hand unfilled’contracts and orders
aggregating $1,147,379; during the year 1910 additional contracts and
orders were secured aggregating $2,130,973, m aking a to tal of $3,278,352.
Contracts and orders were executed during the year 1910 am ounting to
$2,630,469, leaving w o rk on hand Jan. 1 1911 (exclusive of work not y e t
ordered Installed under N . Y . C . & H . R . R R . elec, zone contract), $647,883.
Of the new contracts and orders received during the year the m ajor por
tio n was taken during the earlier months. Owing to un c erta inty as to the
disposition which w ill Anally be made of the application of the railroads
for an increase of rates, they have generally withheld during the la tte r part
of the year placing orders for new equipment and extensions. B y reason
of this policy new business has m a te ria lly fallen off, and It Is anticipated
th a t this condition w ill not substantially Im prove u n til this question Is
disposed of.
In view of this condition and In fu rth e r consideration of the rap id grow th
of the com pany’s business under norm al conditions, the directors decided
th a t, notw ithstanding the satisfactory earnings shown for 1910, the best
interests of yo ur com pany would bo served by refraining from paym ent of
any dividends a t the present tim e. There Is every reason to anticipate
th a t upon the re tu rn of norm al business conditions, the company w ill be
able to show earnings correspondingly favorable to 1910, and thereupon to
resume and continue satisfactory dividend payments.
D urin g the year a num ber of costly patent litigations which have been
carried on for a considerable tim e have been settled and disposed of. The
m anufacturing facilities of the com pany havo been m a te ria lly added to
and Its organization Im proved.
INCOME ACCOUNT.
Deduct—
1910.
1909.
1910.
Gross prof.on sales,Ac.$828,781 $233,434 Deprec'n and extraor
dinary charges___ ♦$135,323
Operating expenses__ 216,534 182,869
1909.
$15,054
Net earnings........ $612,247 $50,565
Total deductions...$195,594 $58,872
Deduct—
Interest paid........... $60,271 $43,818 Balance............sur. S416.653 def$8.307
♦Patent development. $19,389; H all suits, $7,776; equipment scrapped, $7,855;
obsolete materials. $2,084; drawings. 10% written off, $6,011; patents and good
will, $50,000; Young system Land electric traction block development account,
$42,207; total. $135,322.
BALAN CE SHEET DEC. 31.
1910.
1909.
1910.
1909.
Assets—
$
$
Liabilities—
$
$
Cash ....................
83,181
54,267 Preferred stock....... 2,000,000 2,000,000
Bills A accts. recelv. 742,671 325,315 Common stock....... 3,000,000 3,000,000
Cent. Tel. C. bonds. 85,550
85,550 Pneumatic Signal Co.
Material In stock, In
bonds ...............
68,000
process, Ac........ 842,371 893,595 General Ry. Signal
Mach., tools A fixt’s. 748,230 655,794
Co. bonds .......... 540,000 529,000
Factory bldgs., land
Bills payable.......... 482,802\ 526,195
and Improvements 736,962 729,349 Accts. payable....... 141,899/
Patents, Incl. Young
Employees’ bond pay
System............... 3,348,077 3,332,089
ments ...............
5,131
Miscellaneous.........
14,066
11,860 Accrued Interest on
Bond disc, and tax,
b o n d s__________
1,360
1,760
being charged off.
48,649
51,047 Reserve..... ...........
95,656
Profit and loss______ ______
6,088 Surplus.................. *314,909
88,000
T o ta l.................6,649,757 6,144,955
T o ta l................ 6,649,757 6,144,955
* After deducting $95,656 transferred to reserve account for depreciation of plant
and equipment.— V. 90, d . 1616.
Shawinigan Water & Power Co.
{R epo rt fo r F isc a l Y e a r en d in g D ec. 31 1910.)
President J. E. Aldred, Montreal, on Jan. 30 said in part:
Income .— A comparison of the gross Income w ith 1909 shows a gain of
$171,858; net revenue a gain of $85,950.
New Station .— A fte r careful consideration It was decided to proceed
w ith a h yd ra ulic development. In a separate station, capable of u ltim a te ly
producing 75,000 h. p. This, w ith the present station capacity of 55,000
[VOL. LXXXXII.
h. p., w ill e ve n tu ally give a to ta l Installed capacity of 130,000 electrical
h. p., w hile the com pany’s capacity available for sale .as water-power
exceeds 50,000 h. p. In addition. The w o rk on the upper level Is now
completed, Including a concrete bulkhead, steel and brick gate-house, and
It provides for five In take pipes, of a capacity of 15,000 lx. p. each. A t the
outset it is proposed to complete the power-house foundation and super
struc tu re to provide for three-fifths of the ultim a te capacity. M achinery
of a capacity of 30,000 li. p. Is under contract for d e live ry In the early
sum mer of 1911, so th a t we m ay confidently expect to have the p la n t
ready to deliver power In the fall of 1911.
New Contract— Montreal Light, Heat & Power Co .— The futu re use of this
p la n t is provided for b y arrangements th a t have been made whereby the
M ontreal L ig h t, H eat & Power Co. w ill obtain Its entire futu re supply of
hydro-electric power from this company. A contract has been entered Into
covering the eventual use of 40,000 h. p. in addition to the present amount
of power sold In M ontreal, nam ely 23,000 h. p. I t is expected th a t In tim e
a ll M ontreal power w ill bo drawn from this second development, which w ill
generate 60-cycle current, th a t being the form of current used In M ontreal.
B y generating this form of energy the interventio n of the converting station
In M ontreal w ill be avoided, thus effecting economy to both companies.
T o make the new system complete an e n tire ly new transmission system
w ill be Installed between Shawinigan Falls and M ontreal.
I t w ill be seen b y statement below th a t yo ur com pany’s holdings of shares
In the M ontreal L ig h t, H eat & Power Co. nave, during the year, Increased
to a to ta l of 10,000 shai-es. As th a t company is also a large shareholder In
yo u r company, It w ill be represented on yo ur board of directors during tho
ensuing year
I t is confidently expected th a t the frie n dly relations thus
established w ill result to the m utual advantage of the companies.
General Construction .— The construction w o rk carried on during the year,
a part from the new development w o rk previously referred to, embraced:
In power-house No. 1, a u n it previously developing 5,000 h.-p. has been
re-constructed, thereby Increasing Its output to 9,000 h.-p. a t an exceedingly
low capital cost. A b o ut 20 miles of high-tension transmission line has been
erected between Shawinigan Falls and Three Rivers, thus giving additional
security. A t Three R ivers a fire-proof distrib uting station has been
erected w ith capac ty of 2.500 li. p. A t Black Lake the C ontinental Co.
has erected a d istrib uting station, capacity 3,000 h p
Shawinigan Falls Terminal R y .— A t Shawinigan Falls’ the T e rm in al R y .
has been changed to operate at 6,600 volts A . C., and an electric locomotive
of modern design Is now operating on th a t basis, a demonstration of much
Interest to railroads considering electric operation in substitution for steam.
Finances .— io fund the debt of somewhat over $1,000,000, shown in the
last annual statement, and to finance the extensions and w o rk outlined In
this report, it has been necessary to make fu rth e r Issues of debenture and
common stock. A n issue of $500,000 of 4>*% debenturo stock was dis
posed of in J u ly last a t a higher flgxire than ever before obtained. In Sep
tember yo ur directors offered to the shareholders an am ount of $ 5 00 ,000
of common stock, a ll of which was taken up (V. 90, p. 1558; V. 91, p. 157,
721, 877)*
• In December last yo ur directors considered It advisable to make a fu rth e r
Issue of $1,000,000 of the common stock, which. In accordance w ith yo ur
authorization of J u ly 8 1910, was disposed of at a premium by p rivate sale,
w ith the resultant Increase of stock holdings In M ontreal, where vo ur com
pany does a substantial part of its business.
Outlook .— O ur gross revenue Is now at an annual rate of over $1,000,000,
d e live ry of about 5,000 h. p . under contract having begun very late In
1910. The company w ill fu lly benefit from this source In 1911. In addi
tion to this, other contracts, such as the Shawinigan Cotton Co., and the
Increased capacity of the Wabasso Cotton Co., came Into operation o n ly
late In the year. The gross Income for 1911 w ill also be Increased b y the
added Income from our investments in the shares of allied companies.
Contracts have also been made w ith the Gres Falls Co. for the operation
? u Pi m 1 a£ T1)ree Rjvcrs, and w ith the VVeyagamack Pulp Co., whose
m ill Is also to be erected In Threp R ivers. These contracts cover large
blocks of power. The N o rth Shore Power Co., which controls the electric
business In Three Rivers, is owned b y yo ur company.
Shawinigan Falls .— Conditions In the town of Shawinigan Falls are
e n tire ly satisfactory; all works have operated during the year to th e ir fu ll
capacity. The in itia l operations of the Shawinigan Cotton Co. (V. 91,
p. 877) have been attended w ith success: both spinning and k n ittin g
branches are now in fu ll operation. The steady grow th of Shawinigan Falls
as a m anufacturing centre Is necessarily increasing tho value of yo ur land
reserved fo r town-site purposes.
I N C O M E A C C O U N T FO R C A L E N D A R
YEARS.
1910.
Gross earnings, a ll sources
(Incl. in t. from sub. cos.,
bonds, &o.) .............. ...$991,029
Op. exp., gen. exp. & m a ln t 127,386
1909.
1908.
1907.
$819,171
118,048
$706,244
97,360
$581,193
90,263
N e t earnings_____________$863,643
Deduct—
In t . on consol. M . bonds___$250,000
In t. on debenturo stock___ 139,201
Interest, g e n e ra l__________
67,187
Dividends ..................(4%)286,378
$701,123
$608,884
$490,930
$250,000
108,660
21,157
(4)260,000
$250,000
52,763
36.702
(4)260,000
$239,073
0,606
35,464
(2)130,000
$599,465
$639,817
$414,143
T o ta l deductions...........$742,766
$9,419
$70,787
Balance, s u rp lu s .............$120,877
.$61,306
...
.
Surplus as above, $120,877; balance carried forward from 1909, $2,876;
total, $123,753; set aside for contingent rebates, $15,607; transferred to re
serve fund, $85,000; bal. a t credit of p rofit A loss Deo. 31 1910, $23,147,
BALANCE SHEET DECEMBER 31.
Assets—
1910.
$
$
1909.
1910.
1909.
Liabilities—
Real cat., prop. A
power develop’t. 10,677,321 10.293,717
Machinery.......... 1,681,699 1,561,123
Transmission lines 914,192
853,916
Sec’s oth. cos. for)
deb.stk.(below) 1*3.920,7391 1,793,949
Sec’s other cos. In I
(
treas. (below).)
[ 872,314
Mat’ls, supp., Ac.
44,994
41,678
Accts. receivable.
239,986
263,103
Prepaid charges..
.........
7,664
Cash & bills recelv.
237,460
718,150
Capital stock....... 8 ,500,000 7.000.
5% cons. M. bonds 4,846,500 4,900,000
4 K % deb. stock.. 3 ,500,000 3.000.
554,495
Loans ag’st secur’s
222,170
Bills payable....... 1 20M 38 /
265.273
Accounts payable./
Accrued bond Int.
125.000
125.000
due Jan. 1.......
85.000
65,000
Dlv. pay. Jan. 20.
35,131
18,300
Contingent fund..
150.000
185.000
Reserve fund.......
Sinking fund.......
102,500
157,575
Deprec., Ac., fund
50.000
2,876
Profit & loss acct.
23,147
Total............... 17,716,391 16,405.615
Total..............17,710,391 16,405,615
1
*Securities in Other Companies Owned.
(1) Pledged as security for debenture stock. (2) In treasury.
--- 1. Pledged---- 2 .Treas.
Stock. 1st M .B d s.
Stock.
.$100,000 $159,140
. 300,000
360,000
. 874,800
706,500 $50,100
. 790,000
500,000
. 89,800
58,500
- 56,700
M on treal Lig h t, H e at & Power Co.
1,000,000
50,000
— V . 92, p. 326, 799.
Akron , Ohio.
31 1910.)
President George R. Hill, Jan. 27 1911, says: .
{R eport fo r F isc a l Y e a r en din g D ec.
The report Is much more satisfactory than the one presented last year.
There are several reasons to account for this, viz.: O ur eirorts have been
concentrated on increasing the physical value of our plants, operating them
to.thefullestcapaclty, therebyenabllngus to produce m aterial at a m inim um
cost, notw ithstanding the deplorable conditions existing In the trade tho
past year— the low prices which prevailed— as well as tho large Increase In
the cost of raw m ate rial and advance In wages.
The physical condition of the properties has been kept up to the fullest
extent during the past year by the expenditure of over $170,000 for m ain
tenance. W e have also added a pp roxim ately $32,000 In perm anent Im
provements b y the purchase of additional rca estate, Ac.
000
000
A pr . 1 1911. j
THE CHRONICLE
W e are doubling the capacity of our factory located a t B razil, In d ., so
as to enable us to reach the Canadian m arkets; also changing one of the
plants Into a "facc-brick” factory, for which m aterial there is a large de
mand, and transform ing one of the Idle plants Into a paving-brick factory.
The demand for brick pavements— both c ity and country— is ra p id ly in
creasing, and we anticipate larger sales of this m aterial in the im m ediate
future . W e tru s t th a t these im provem ents can a ll be made w itho ut the
necessity of securing additional capital.
The profits for the year were $150,315; interest paid on
bonds, and bills payable, $98,389, leaving balance, net
profits, of $51,926.
B A L A N C E S H E E T D E C . 31.
$
S
1910.
1909.
r,
1910.
1909.
Assets—
Liabilities—
s
S
Cost prop., less depr.i 1,729,750 8,697,423 Capital stock Issucd.7,000,000 7,000,000
Cash ....................
93,548
93,076 Bonds outstanding..1,318,000 1,327,000
Accts. & bills rcceivAccts. & bills payable 412,789 315,864
aole (less reserve). 371,325 249,340 Wages accrued.......
30,749
25,008
Materials & supplies. 728,139 743,971 Int. & taxes accrued 35,560
35,757
......... S urp lus................. 1,132,107 1,080,181
6,443
Def. charges to oper.
Total____ _____ ..9,929,205 9,783,810
Total.................. 9,929,205 9,783,810
,D ll r l " !’ Jf n l°
ine„rc redeemed b y the sinking fund and can
celed, m aking a total of $766,.>00 canceled to Dec. 31 1910. On the date
,lc treasury or deposited as collateral to bills
w , „c $i4nn7 5ftnrib
r P v l»
of 3,% ycavly wcrc paid from J u ly 1904
V 90 d «°247 and
0 c t - 1907 antl a£aln Jan. 1908; none since.—
American Pipe & Construction Co.
(R ep o rt fo r Y e a r en din g D ec.
31 1910.)
Net earns. D iv .p a id .
1910...................$473,75
1909................. 506,482
1908---629,078
1907..........
615,983
1906---------- $618,013
$400,000
400.000
400.000
420.000
$480,000
Net earns. D iv .p a id .
1905---------1904---------1903---------1902----------
588,669
414,654
338,047
320,787
352,482
240,000
240,000
202,565
879
C O M B IN E D O P E R A T IN G R E S U L T S FO R N E W Y O R K T E L E P H O N E
CO. A N D I I S A S S O C IA T E D C O M P A N I E S .
(Not including local connecting companies— Inter-company items eliminated.)
$
49,183,462
35,546,758
N e t telephone earnings________________
nas v n
-m
15,068,711
O ther lnc me---------------------- - I I I I I 1 1 . i 1,306,670
,’3061670
13,636,704
1,417,055
15,053,759
1,285,508
9,133,830
utti. mi sur. auuis. auu reserves io r contingencies. 4,372 749
4 614 4 *>l
N e t additions to construction account d urin g 1910, $10 416 857 v Vr •
real estate, $813,871; telephone equipment, $4,903,182; telephone’ lines'
$4,699,804.
•
'
On Dec. 31 1910 there were 787,564 stations in the system d ire c tlv ODerated by yo ur company and its local connecting companies, an increase
during the year of 73,423. Including the associated and connecting com
panies, there were in service in the whole system a t the end of the year
1,363,770 stations, an Increase during the vear of 158,530 stations
’
IN C O M E A C C O U N T O F N E W
Y O R K T E L E P H O N E CO.
1910.
1909.
1910.
1909.
S '
$
Exchange scrvlce.27,856,733 24,999,955 Net earnings.......10,619,166 9,202,553
Toll service........ 8,497,166 8,071,240 Dividends and In
terest earnings. 3,840,605 1,253,541
T o ta l.............. 36.353,899 33,071,195 Miscellaneous earns. 36,944
115,885
Expenses—
General..............
670,826 1,342,473
.14,496,715 10,571,979
Operating........ . 9,685,353 8,161,235
. 2,150,714
981,229
Maintenance--- 10,767,670 10,023,257
. 8,712,488 5,633,330
R entals------- 2,682,241 2,495,767
Insurance...........
96,139
96,686
T axe s................. 1,832,504 1,749,224
S
Revenue—
is 3,633,513
1910.
1909.
Assets—
$
S
Liabilities—
Plant ............... . 91,055,265 87,858.448
Real estate........ 15,288,697 14,606,939
Stocks & bonds... 72,242,000 34,892,041
Bills & accts. rec. 19,931,170 7,117,869
Supplies..... ....... 3.402,634 2.552,584
Prepaid expenses.
152,102
Sinking fund......
172,520
174,456 Surplus
C ash................ 3,862,447
936,200
T o ta l............... 11,463,837 9,965,695
T o ta l................11,463,837 9,965,695
N ote .— N o t included in the above statement of assets for 1910 were
42,879 shares of the capital stock of other companies, chiefly w ater com
panies, par value $4,058,850; factory buildings, machinery, &c.— V . 91,
p. 718.
T o ta l............206,196.835 148,138,537
— V . 92, p. 601.
The Chicago Junction Railways & Union Stock Yards Co.
31 1910.)
President Nathaniel Thayer (who recently resigned), and
was succeeded by Frederick H. Prince) says in substance:
(R ep o rt fo r F isc a l Y e a r en d in g D ec.
There has been a fa ir Increase in the receipts of cattle and sheep, b u t the
decrease in hogs continues heavy. The receipts of hogs a t the six principal
m arkets of the cou ntry decreased for the year something over 3,000,000 and
tnc receipts for the past two years a t the same markets have decreased
about 6,oOO,000. I t is believed th a t a steady increase in hogs m ay be
looked for in the future.
Statement o f Live Stock and Car Receipts for Years ending Dec. 31.
....
Cattle.
Calves.
Hogs.
Sheep.
Horses.
Cars.
J919............. 3,052,058 499,941
5,580,858 5,220,294 83,439 251,080
1009------- 2,020,805 400,714
0,610,018 4,441,424 01,411 252,712
Ino. or d e c . . +123.153 4-00,227 — 1,032,160 +787,870 — 7,072 — 1,632
. f ho statement of the combined earnings of the Chicago Stock Yards and
of the Chicago Junction.Hallw ays Co.for the year 1010 shows an Increase in
gross earnings of both companies of $233,029 and an increase in net earnings
or •pitOwo.
The w o rk on the elevation of tracks has progressed steadily and should be
completed during 1911. The total sum expended for this account to date,
which has been provided out of earnings, amounts to $0 6 6 ,8 0 6 .
C O M B IN E D
E A R N I N OS O F S T O C K Y A R D S CO. A N D
J U N C T IO N R Y .
.
CH ICAG O
1910.
VJlWOO w t ilin g s ------- . $5,201,009
Expenses, In t. and taxesl 3,140,917
1909.
$5,057,981
2,009,487
1908.
$5,202,471
3,012,547
1907.
$5,903,372
3,676,686
$2,150,092
$2,148,494
$2,189,024
$2,226,687
1908.
$1,545,327
1907.
$1,314,025
IN C O M E ACCO U N T .
1910.
xi urn pruv. year’ $2,141,437
•D lv s . from investm ’ts,
In t. on deposits, <Scc._ 2,008,809
1909.
$1,843,043
1,978,391
1,914,489
1.861,893
$4,150,246
$3,822,334
$3,459,816
$3,175,918
$47,871
742,702
520.000
390.000
$50,727
720,170
520.000
300.000
$45,873
660,000
520.000
390.000
$55,590
660,000
520.000
390.000
5,000
$1,680,807 $1,615,873
$2,141,437 $1,843,043
$1,630,500
$1,545,328
Payments —
General expenses, &o._
In te re s t____________
Common dividend (8%)
Preferred dividend (6%)
M iscellaneous.... ........
T o ta l . . . . . .
§1,700,573
Surplus to bal. S h e e t ... $2,440,673
Jun c tio n *'^yf w h o lly from Un,on Stock Yards & T ra n s it Co. and Chicago
B A L A N C E S H E E T D E C . 31.
1910.
1909.
1910.
1909.
Assets—
$
$
Liabilities—
S
%
Investment acct..30,171,261 29,520.891 Stock, common... 6,500,000 6,500,000
669,890
Cash ............. I I
787,778 Stock, preferred.. 6,500.000 6,500,000
Accts. receivable.
40,427
25,000 B onds.............. 15,455,000 15,225,000
Mtge. trust accts.
93,225
93,225 Accounts payable...............
§12
Coupon account..
258,816
254,935 Dividends unpaid.
1,780
1,568
229,280
Dividend account.
229.068 Accrued Interest..
329,198
315,367
Miscellaneous___
252
788 Dividends declared 227,500
227,500
Inc. and exp. acct. 2,449,073 2,141,437
T o ta l............. 31,463,151 30,911.684
— V . 92, p. 400.
T o ta l.............31,463,151 30,911,684
New York Telephone Company.
31 1910.)
President Union N. Bethell wrote in substance:
(R ep o rt fo r F isc a l Y e a r en din g D ec.
A t the end of the year the company owned 508,093 shares of the (600 000
shares, par $100, V . 85, p. 865; V . 02. p. 528) capital stock of the B ell
Telephone Co. of Pennsylvania, of which 472,275 shares were acquired
during 1010. T h a t company, together w ith its associated companies
serves a large and im p o rta n t te rrito ry adjacent to and closely connected’
com mercially and socially, w ith the te rrito ry d irectly served by yo ur com pany’
T he combined operations of yo ur company and Its associated companies
cover the States of New Y o rk, Pennsylvania, New Jersey, Delaware
M arylan d , the D is tric t of Columbia and parts of Connecticut, V irg in ia
W est V irg in ia and Ohio.
3,957,420
B A L A N C E S H E E T D E C . 31.
1910.
1909.
1010.
1909.
Assets—
s
S
Liabilities—
$
S
Bonds, book value. 8,172,093 7,268,887 Capital stock (par,
323,260 203,744
Stocks--- ----$100) ............... 5,000,000 5,000,000
Unfinished contracts 1,025,273
566,038 Coll, trust certfs... 1,800.000 1,900,000
Ileal estate (clear of
Undivided profits-. 2,289,710 2,215,957
Incumbrance)__
73,160
67,797 Temporary loans..
163,500
Acc’ts receivable-.
509,303
409.671 DIv. due Jan. 1___
100,000
Bills receivable___
859,629 1,047,528 Bills payable......................
600,000
Merchandise on hand
93,167
65,644 Acc’ts payable___
110,627
149,738
Cash on hand.......
407,946 336,386 Notes due 1912--- 2,000,000
100,000
1909.
. 16.375,381
. 2,396,600
- 9,606,031
Total expenses.25,734.733 23,868.642
B A L A N C E S H E E T O F D E C E M B E R 31.
$
1910.
54 « 16 062
Telephone earnings------ ------------Telephone expenses----------------- m : ; ; : S o l i a i l l s i
1909.
1910.
$
$
125,000,000 85,672,800
.52,304,000 28,461,000
. 1.760,196 4,043.583
i” 1,034,395 3,504.528
.11,778,819 10,615,992
114,319,425/ 2,248,922
/
113,591,712
T o ta l............206,196,835 148,138,537
Pittsburgh Plate Glass Co.
(R epo rt fo r F isc a l Y e a r en d in g D ec. 31 1910.)
Chairman John Pitcairn, Pittsburgh, Feb. 14 1911, wrote:
New Stock .— C ircular letters during the year explained to you the neces
s ity for an Increase In capital stock. The entire Issue ($5,250,000 or 3 0 % __
see V . 90, p. 1682; V . 91, p. 876) was taken by the stockholders, w ith the
exception of the stock reserved for sale to employees.
(This Increased
the stock from $17,500,000 to $22,750,000, of which $150,000 is pref.)
Earnings .— The earnings ($2,540,167) m ay be regarded as satisfactory;
n view of the fact th a t b y the Are at Ford C ity we sustained a heavy indi
rect loss of profits on eight months’ o utpu t of the p lant having the largest
production and lowest cost. The burned portion has been re b u ilt on mod
ern lines, and the plant is again in operation. The sum of $600,000 was
charged o il on account of the fire loss, $379,230 thereof being taken from
earnings and the rem ainder from the Insurance reserve fund, leaving a credit
to th a t fund of $100,000. The sum of $713,835 has been charged to depre
c iatio n . Considering the large portion of our assets Invested in new fac
tories, coal and gas properties, it Is believed th a t this is ample allowance.
The volum e of our business increased from $19,760,847 for 1909 to $22,
874,934. or 15.7% . O u r Investm ent In the Courcellcs, Belgium, factory
continues to be profitable. O ur Kokom o and C rystal C ity factories are
completed and In operation.
Outlook.— In times of e x trao rd in ary p rosperity the glass in d u s try has not
shared proportionately in the general expansion, and In times of depression
i t has been allected In a smaller degree than m a ny other industries
Your
board has endeavored to place the company In a position where i t w ill be
able to cope w ith any conditions th a t reasonably m ay be expected.
O P E R A T IO N S A N D F IS C A L R E S U L T S .
1910.
P ro f its ............................ $2,540,167
D ivs. on pref. (1 2 % )___
18,000
D ivs. on common (7 % ). 1,284,232
Depreciation ...............
713,835
F ire loss N o v. 4 _________
379.230
1009.
$1,913,036
18,000
1,214,500
594,506
1908.
$1,313,275
18,000
1,214,500
610,811
1907.
$2,219,469
18,000
1,208,133
797,071
Balance, sur. of dcf.sur.$144,870 s u r.$86,030 def.$530,036sur .$196,265
B A L A N C E S H E E T D E C . 31.
1910.
1909.
1908.
1907.
$18,887,139$17,057,972$16,298,913
In vestm en t ................. $20,599,800
Treasu ry .stock_________
182,700
Plate glass, &c_________ 2,860,344
2,939,439
2,923,255
3,003,337
Materials, Ac., accounts 1,814,201
1,507,003
1,766,103
1,488,672
Cash _______ __________
1,098,8571 5.590.363
4,650,531
5,447,233
B ills & acc’ts receivable. 5,369,805/
B al. stock s u b s c rip ts ._
416,200
Assets —
T o ta l
.................... $32,341,907 $28,923,944 $26,307,861 $26,238,155
Liabilities—
Common stock............. $22,600,000 $17,350,000 $17,350,000 $17,350,000
Preferred stock.............
150,000
150,000
150,000
150,000
Bills & acc’ts p a ya b le ..
4,276.868 6,132,842
3,646,793
3,009.388
Insurance reserve______
100,000
225,932
275.829
226,241
S inkin g fund— buildings
50,650
45,650
41.750
39,000
S u rp lu s ........................ 5,164,390
5,019,520
4,933,489
5,463,526
T o t a l ....................... $32,341,907
— V . 01, p. 876.
$28,923,944
$26,397,861$26,238,155
International Time Recording Co., New York.
(R epo rt fo r F isc a l Y e a r en d in g D ec.
R E S U L T S FO R C A L E N D A R
31 1910.)
Y E A R 1910.
A c tu a l sales in U. S ---- $1,115,327 Chgd. off from p at’t acct.
A c tual sales in E n g la n d ..
80,061 In t. and p rem ium on bds.
Ao tua l sales in G erm any.
71,670 D ividends ......................
$100,000
19,861
134 ,427
$1,267,058
T o ta l deductions.......... $631,470
Gross profit on sales........ $857,714 Surplus for y e a r............... $226,244
Deduct—
Surplus Jan. 1 1910........
494,732
Selling expense___________ $283,518
General expense__________
80,121
Surplus Jan. 1 1911___ $720,976
Office expense--------13,543
B A L A N C E S H E E T J A N . 1 1911.
Assets ($2,845,976) —
Real estate and bldgs., $166,157: real estate. Bingham ton. $7,500 $173,657
Mach..tools & appliances. $269,483; office furn. & flx t., $8,497..
277 980
Mdse.: Stock on hand, $289,626; statlon ’y, advert!s’g,&c.,$10,685
30o!311
Cash, $12,324; accts. & bills rec., $177,049: London acct..$57.919
247 292
Patents, trade-marks and good-will, $1,510,996; Dey business
$216,100: Syracuse business, $119,640
' i s,846,736
Liabilities ($2,845,976)—
............ ’
Capital stock............................. ................................................. $2,075,000
Bond account.................................................
50 000
surplus —
..................................... .............. ............ : : : : :
720 ;976
— V . 92, p. 397.
THE CHRONICLE
880
Quincy Mining Co.
31 1910.)
President Wm. R. Todd, New York, Feb. 20 1911, says:
{R ep o rt fo r F is c a l Y e a r en d in g D ec.
D in in '1- 1910 wc purchased from the St. M a ry ’s Canal M in eral Land Co.
800 acres of m in eral land Im m ed iately adjoining our present te rrito ry and
c arryin g the extension of the Pewablc vein upon which we have long op
erated
T h is assures us of a large increase in reserves of copper-bearing
ground and a prolongation of the life of the mine for m any years. The cost
of this p ro p erty was $000,000, of which $150,000 was paid in cash, leaving
$450 000 to be paid w ith o u t interest In equal annual Installm ents during
this and the tw o following years.
[VOL. LXXXXII.
American Hardware Corporation, New Britain, Conn.
{R esu lts fo r F isc a l Y e a r en din g J a n . 1 1911.)
BALAN CE SHEET A M E R IC AN HARDW ARE CORPORATION.
1911.
1910.
1911.
Liabilities—
§
Assets—
S
S
Capital stock iss’d 9,889,200
Stock in subsidiary
cos. at cost___ 10,300,000 7,669,054 Due constit. cos..
259,151
198,189
Acc’ts receivable.
46,540
40,729 S urplus.......... .
183,099
183,099
133,406 Balance.............
Cash ______
Total ............. 10,529,639
7,843,189
T o t a l. . . . ....... 10,529,639
1910.
S
7,416,900
281,151
11,732
133,406
7,843.189
C o n d e n s e d E x tr a c ts fro m R e p o rt o f G en. M gr. C h arles L. L a w to n .
STATEM E N T OF SU BSID IARY COM PANIES JA N . 1.
T he operations have been ve ry like those of the preceding year. The
1911.
1910.
1910.
1911.
Conner rock sent to the stam p m ills was p ractically the same tonnage, as
Liabilities—
S
Assets
—
S
also the vle ld of ingot copper. T he development— the lineal feet of opening
w o rk done— was again greater. A ll the shafts have been sinking, and each Real est.,mach.,&c.5,986,543 6,030,373 Cap. stk. sub. cos. 2,000,000 2,600,000
159,647
174,385
Mat’l & sup. (Inv.) 3,582,336 3,341,825 Bills & acc’ts pay.
has produced thro ug ho ut the year Its fu ll quota of copper rock.
Ad d itio n s have been made to the reserves, while the value of the copper Bills & acc’ts rec.. 2,427,275 2,335,153 S urp lus------- *9,494,362 9,251,167
303,463
272,593
rock continues about the same, though the percentage of mass copper has Cash .......... ......
Increased s lig h tly to 21% of the to tal m ineral produced.
T o ta l_________12,268,747 12,010,814
T o ta l............. 12,268,747 12,010,814
Construction a t mine, stamp m ills and smelter has continued tow ard
Im proved efficiency. A t the mine a new Am erican steam regenerator and
* After deducting adjustments of $298,429.
a General Elec tric Co. low-pressure steam turbine, w ith a 400 h.p. electric
generator have been installed at No. 2 hoist to u tilize exhaust steam; suffi
EARNINGS OF SU BSIDIARY CO M PAN IES FOR CALENDAR YEARS.
cient power should thus be recovered to operate a ll lightin g about the mine
1910.
1909.
1908.
p la n t and furnish power for the rockhouse crushers and 20 underground
$593,866
tra m m in g locomotives. A t the smelter a new reverb erato ry furnace Is Net earnings........................ ...... .............. $1,245,437 $1,089,166
550,296
Dividends paid....................................... .
703,811
596,250
about completed, having a capacity double th a t of any now in use there.
A n in d u stria l ra ilw a y is being constructed to connect a ll parts of the yard.
$541,623
$492,916
S43.570
Balance, surplus............. .......................
There Is no special change In conditions underground. The openings
-V. 91. D. 1448.
have been kep t increasingly ahead of the sloping, developing reserves equal
to if not s lig h tly better in value than, those mined In form er years. Much
copper is showing throughout the mine to Its utterm ost parts. A ll costs of
production have had a tendency towards reduction.
Pontiac or No. 9, shaft has reached a depth of about 1,200 feet, and Is
1909.
1910.
steadily sinking to the copper-bearing ground below. A t a depth of about
1910.
1909.
Assets—
$
S
Liabilities—
500 feet a d rift to the north was d riven 900 feet, run n ing under a ll the old
Real est. & bldgs.. 1,683,225 1,588,474 Capital stock........ 7,600,000 7,600,000
Pontlao workings, and considerable copper has been encountered th a t w ill
In ve n to ry------ 3,826,260 3,378,836
become available when the shaft Is equipped for m ining operations. D rifts
(Compare V.87,p.
fro m No. 8 shaft have been d riven out underneath to meet the projection Cash and bank dep. 357,041 246,959
1608; V. 85, p.
B ills * acc’tsrecelv. 2,012,214 1,455,417
of Pontiac shaft a t a depth of 2,000 feet, and w ill give much ve n tila tio n.
923, 1007; V. 76,
T he stam p m ills have made th e ir best record In regard to efficiency, cost Branch balances................... 701,073
p. 814, 708; V.
Investments........
1,126,464
905,178
72, p. 187.)
of operation and tonnage stamped.
, , ,
,
Office fur. & fixtures 168,049 174,801 Accounts payable..
285,843 371,550
The m ine now owns an extensive acreage of m ineral lands, situated in
the heart of the Lake Superior Copper m ining d istrict, traversed b y n early Mach. & lab. appar. 974,127 901,657 Surplus fund ........ 2,296,887 1,527,151
44,992
(Compare V.S7,p.
a ll the know n productive copper-bearing lodes, which extend underground Patents........ -............. ......
101,314
1603; V. 85, p.
to great depths. There Is w ith in its boundaries, on the Pewablc lode, more Auxiliaries...........................
35,350
---923, 1007.)
tha n three times the copper-bearing ground th a t has been stoped during Treasury stock___
the SOjycars of the active existence of the company. The cost of a ll sup
Total ............. .10,182,730 9,498,701
Total ............... 10,182,730 9,498,701
plies has Increased, and labor now receives greater compensation.
On the other hand, notw ithstanding the c on tinu ally Increasing depth of
Regular dividends of 2 H % quarterly are now paid. In De«. 1910 an extra divi
the mine, the increased handicaps have been met b y the In stallation of more dend of 5% was also declared, against 2J$% in 1909 and 3% in 1908. Compare
m achinery and appliances, of higher efficiency, and there has simultaneously V. 91, p. 1634; V. 89, p. 1608 — V. 91, p. 1634.
been an actual decrease in the cost, not o nly of hoisting and crushing a ton
of rock, b u t also in the cost of m ining It; In fact, the costs have lessened In
the whole process of production.
$
$
Parke, Davis & Co., Detroit.
{B alan ce S h eet D ec. 31 1910.)
P R O D U C T S . E A R N IN G S , E X P E N S E S , E T C .
1910.
M in era l produced, lb s .. 34,177,380
Refined copper, lbs--- 22,517,014
Gross Income_____________$2,974,086
M in in g expenses-----1,762,313
Opening m ine expense -219,647
Sm elting, transp’n, & o.
209,522
Taxes paid In M ichigan.
56,733
1909.
35,025,225
22,511,084
$3,034,810
1,765,965
216,131
206,461
58,749
1908.
32,754,745
20,600,361
$2,796,230
1,980,867
1907.
31,339,170
19,796,058
$3,717,501
2,012,085
175,081
47,010
164,289
55,276
T o ta l expenses......... $2,248,215
N et p ro fit_______________
$725,871
O th er Income__________
28,732
$2,247,306
$787,504
12,756
$2,203,858
$592,372
16,393
$2,231,650
$1,485,851
21,521
Total net Income___
Co;a
5 .lo.,
$754,603
§800,260
$008,765
$1,507,372
$210,700
Balance, surp lus_____
$147,693
$193,850
$64,160
$141,672
G E N E R A L S U M M A R Y OP R E C E IP T S F R O M O R G A N IZ A T IO N TO
D E C . 31 1910 A N D 1909.
To 1911. To 1910.
To 1911.
To 1910.
Receipts from —
8
S
Expenditures for— S
$
Stock (82.750.000)
Real estate & per
and scrip_____ 2,150,000 2,150,000
manent Improv. 6,793,855 6,531,945
108,598
108,598 Copper & sliver..*68,168,774 65,194,688
Miscellaneous___
407,802
392,816
Oper. expenses__ 43,681,310 41,433,101 In te re st........—
360,100
346,354
Dividends_______ 19,440,000 18,890,000 Sale real estate&c.
Net current assets. 1,062,908 1,120,214
To tal............... 71,086,677 68,083,858
Total................71,086,677 68,083,858
•Represents sales of 457,903,404 lbs. of copper.
N o t e — On Jan. 11911 the current assets, including cash, copper, supplies
and Investments amounted to $1,370,166; accounts, & c..payable, $307,259;
balance, net current assets as above, $ 1 ,0 6 2 ,9 0 8 .— V . 91, p. 1451.
American Brass Co., Waterbury, Conn.
{R epo rt fo r F isc a l Y e a r en d in g D ec. 31 1910.)
(PAREN1 CO.)
1909.
1910.
S
161,958
Curr. expend., & c.. 192,833
Paid for stocks in
25,000
other companies..
Dividends (6% )--- 900,000 900,000
88,104
Exp.for bllls&acc.rec.
RESULTS OF A M E R IC AN
1910.
1909.
$
5
BRASS
Divs. from sub. cos.1,069,860 1,075,481
Pd.on acct.by sub.cos 40,000
______
Interest received___ 118,419
______
Accts. receivable.&c.
8,676
9,123
Cash bal. Jan. 1 1910
27,626
4,980
Total . . .
'
1.264.581 1,089,584
CO.
$
Total deductions..1,205,937 1,061,958
58,644
27.626
Balance___________
BALANCE SHEET J A N U A R Y 1.
1911.
1910.
1911.
1910.
Liabilities—
S
, . * nnn
Assets—
$
s
58,644
27,626 Capttal stock....... 15,000,000 15.000,000
Cash..................
28,984
40,023
Due from sub. cos. 2,304,756 2,344,756 Surplus...............
Bills receivable...
128.036
49,000
Accts. receivable..
12,468
10,399
BIrm.Brass Co.lnv...............
108.162
Stock subsld. cos.12,525,080 12,500,080
T o ta l.............. 15.028.984 15,040,023
T o ta l............... 15.028.984 15,040.023
COMBINED RESULTS OF SU BSID IARY CO M PAN IES.
$
1910.
$
1909.
I
s
1910.
$
1909.
Earnings for year. 1,887,006 1,767,5461 Total income....... 13.320.593 12,509,067
Previous surplus.. 11,433,587 10,741,5211Deduct dividends. 1,069,860 l,07o,480
T o ta l............. 13,320,593 12.509,067[
Balance, surp.. 12.250,733 11,433.587
COM BINED BALAN CE SHEET SUBSIDIARY CO M PAN IES J A N U A R Y 1.
$
1911.
Assets—
Real estate, macli.
and tools *.......
Cash.......... " . . .
Accts. receivable..
Bills receivable__
Stock of other cos.
Patents ...........
Material & supplies
S
1910.
9.203,293 9,182,415
902.925 1,083,502
3 ,97b,374 3,541,364
456,653
421,819
3,135,651 3,130,401
1.000
1,000
5,154,278 4,831,481
$
1911.
S
1910.
Capital stock____ 5,550,000 5,550,000
Loans from parent
company.......... 2,304,756 2.344,756
Current accounts &
bills payable... 1,689.856 1,898,473
Reserve for contlngencles.......... 1.000,000 1,000,000
S urp lus............. 12,250,733 11,433.587
T o ta l..............22,795,345 22.228,816
T o ta l............. 22,795.345 22,226.816
* After deducting In both years $500,000 for depreciation.—V. 90, p. 696.
S
$
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Bartlett & Florence RR.—S a le M a y 29.—This property, it
is stated, will be offered at public auction in Georgetown,
Tex., May 29, under order of the District Court.—-V.91,p. 396.
Boston & Albany RR.— N eiv T rackage A rra n g em e n ts. —
Referring to current rumors, Pres. Mellen of the N. Y. N. II.
& H. RR. Co. on March 29 stated:
T he New Y o rk New Haven & H artfo rd has n ot bought, or sought to buy,
the Boston & A lb a n y R R ., and has no control over Its operation.
The New H aven, however, has entered into arrangements w ith the New
Y o rk Central looking to an Increased traffic b y w ay of Boston & A lb a n y
junctions, and w ill probably in the near futu re perfect arrangements by
which it w ill ru n its own trains w ith Its own power over portions of the
Boston & A lb a n y lines, notab ly between South Fram ingham and Boston,
between Ashland and South Fram ingham , between Ludlo w and Springfield
In connection w ith the projected Ham pden R R . extension of the Central
Massachusetts division, and between Pittsfield and N o rth Adam s.—
V . 91. p. 945.
British Columbia Electric Ry .—-D eben tu re S to c k . —Sub
scription lists were opened March 22 for £600,000 4)4% Per_
petual consolidated debenture stock, making £1,930,000 of
the 4)4% stock offered todate. Compare Y.91, p.1024,1327.
Calumet & South Chicago Ry.—S a le o f B o n d s. —Chicago
bankers offered this week at 99 and int.,and it is announced
have sold, a block of 1st M. 5% gold bonds due Feb. 1 1927.
The bonds were offered b y M erchants’ Loan & T ru s t Co., N o rth e rn T ru s t
Co., Union T ru s t Co., N. W . Halsey & Co., N atio nal C ity B ank. H ibern ian
Banking Assn, and C ontinental & Commercial T ru s t & Savings B a n k, a ll
of Chicago.— V . 92, p. 794.
Canadian Northern Ry.—F u lly S u b sc rib e d . —The two
blocks of debenture stock, aggregating £1,006,140, which
were offered in London, as stated last week, have, it is un
officially announced, been “fully subscribed.” The issue was
underwritten firm. Compare V. 92, p. 794.
Charleston Consolidated Ry., Gas & Electric Co.— N ew
S to ck . —The shareholders voted March 22 to increase the
capital stock from $2,000,000 to $3,000,000, by raising the
common stock from $1,500,000 to $2,500,000, to cover the
cost of additions.—V. 92, p. 593.
Chesapeake & Ohio Ry.— N ew M o rtga ge. —The share
holders will vote April 29 on authorizing (a) a new issue^ of
not exceeding $125,000,000 mortgage gold bonds, bearing
interest at rates not to exceed 5%, and (b) the making of a
mortgage covering all property now owned or hereafter ac
quired “to secure not only such bonds, but also, in pursuance
of covenants heretofore made by the company and other
wise, to secure, in such manner and to such extent as may
be authorized or approved by the board of directors or stock
holders of the company, not exceeding $37,200,000 4)^%
20-year convertible gold bonds issued or issuable under the
trust indenture bearing date April 28 1910 between the com
pany and the United States Mortgage & Trust Co., as trustee.
(V. 90, p. 771, 848; V. 91, p. 870, 945.)
Chairman Frank Trumbull says in substance:
The last rep ort (V . 91, p. 802) contained a retrospect showing:
Retrospect for Two Decades—
For 10 Yrs. F or 20
Increase In gross operating revenue................... 133.1%
33!Mo?
Increase in revenue ton m iles----------107.7% 6 0 8 .4 /0
Increase In passengers carried one m ile ______
66.9%
210
The extension during 1910 of the company’s lines to Chicago anu to
Toledo la id foundations th a t had been needed for years, and has brougnt
new opportunities and responsibilities. The development of large re w coal
properties In yo ur te rrito ry Is being Inaugurated this year, and tho dircotors
lo o k c o n fid e n tly to grow th In general bu siness. A co n sid e ra b le p e rce n ta g e
o f ou r earnings Is d eriv ed fro m th e h au ling o f c o a l.
1 he re p o rts o f the U . 8 .
e c o lo g ic a l S u rvey show th a t co a l p r o d u c tio n In th e U nited States n early
d ou b les e v ery ten yea rs. T h e facilities o f th e C h ica go line (th e C h esapeake
i o h l ? R y C o o f In d ia n a ) , alth ou gh in g o o d c o n d it io n fo r a railroad In Its
class are n ot a d e q u a te for h e a v y tra ffic o r e x p e d itio u s fre ig h t o r passenger
s erv ice, and th e Im p rov em e n t o f th a t line is b ein g p u sh ed .
In con sid erin g fu tu re req u ire m e n ts, y o u r d irectors th in k it b e st t o a v o id
fu rth er division al m ortg a ge an d t o p r o v id e a c o m p re h e n siv e m o rtg a g e
w h ich w ill furnish a unified an d co n v e n ie n t m ed iu m fo r fin a n cin g ,
in
ord er th erefore, t o p r o v id e fo r a d d itio n a l y a r d s , term inals, equ ip m e n t
an d oth er a d d ition s , im p ro v e m e n ts an d b etterm en ts, and to a cq u ire or
co n s tr u c t branch o r c o n n e c tin g lines, also t o retire ce rta in equ ip m e n t an a
oth er o b lig a tion s, Inclu din g $1 1 ,0 0 0 ,0 0 0 "g e n e r a l fu n d in g an d im p ro v e
m e n t " bon d s (w h ich m ay be ca lle d fo r r e d e m p tio n at a n y tim e) and rot
oth er c o r p o r a te pu rp oses, th e d ire cto rs re co m m e n d th e cre a tio n o f a m o rt
gage u n d er w h ich b on d s m a y b e Issued, lim ited to $12 5,00 0,0 00, to m ature
In 20 years, an d t o b e a r such ra te o f Interest, n o t e x ce e d in g 5",',, as tne
d irectors or e x e c u tiv e co m m itte e m a y fro m tim e t o tim e d eterm in e.
I t is p rop osed th a t th e m o rtg a g e be m ade a first Hen u p o n certa in securi
ties n ow held In the treasu ry, In clu din g all b o n d s an d s to c k o f the Chesa
peak e & O h io R y . C o. o f In d ia n a , w h ich ow n s 261.7 m iles o f road; a general
lie n (s u b je ct to p rior liens and u p o n a p a rity , re sp e ctin g lines o f railroad
ow n ed o n A p ril 28 1910, w ith th e c o n v e r tib le b o n d s und er the c o m p a n y s
tru st Indenture o f th a t date) u p o n th e ra ilro a d s, e q u ip m e n t and franchises
n o w ow n ed b y y o u r c o m p a n y , an d b e c o m e a lien u p o n a n y p r o p e r ty a c
qu ired b y the use o f b o n d s issued th e re u n d e r.— V . 92, p . 525, 394.
Cincinnati Bluffton & Chicago RR.— A g a in A d jo u rn e d .
The foreclosure sale was again adjourned March 25 for 10 days.
A special d esp a tch to th e “ In d ia n a p o lis N ew s” says there will bo fu rth er
p ostp on em en ts until a b o u t A p ril 25, w hen the ro a d w ill be taken o v e r b y
a p a r ty o f E a stern ca p ita lists, w h o will d e v e lo p th e lin e .— V . 92, p . 7 - o, o j .
Copper River & Northwestern RR.—C om p letio n o f R oa d .
The last spike in the 1 ne from Cordova, Alaska, on tidewater,
to Kennecott, in the Bonanza copper fields near the Clutina
ltivcr, 197 miles, was driven on March 30, and it is expected
to begin the shipment of ore from Kennecott early next week.
—V. 92, p. 394.
Delaware & Eastern RR.—S a le A sk e d . —Clyde C. Taylor,
of Pittsburgh, successor of the Empire Trust Co. as trustee
under the §1,000,000 mortgage made in 1900, filed suit in
the U .S. Circuit Court at New York on March 29 asking that
the property be sold under foreclosure proceedings, the
income from operations during the last 11 months not having
been more than sufficient to meet operating expenses (com
pare V. 82, p. 804; V. 89, p. 721; V. 90, p. 020, 097).
V. 91, p. 402.
Denver Northwestern & Pacific Ry.—New; O fficers. —
W. G. Evans, President of the Denver City Tramway, has
been elected also President of the Denver Northwestern &
Pacific Ry., to succeed the late David H. Moffat, bred
G. Moffat has been chosen Vice-President and Gerald Hughes
a director.—V. 91, p. 1440.
Fort Smith (Ark.) Light & Traction Co - R e - f i n a n c i n g .—
II. M. Byllesby & Co., Chicago, have arranged for a re-fmancingof the company, and the entire 5 % refunding issue (82,200,
000, dated Mch. 1 1911 and due Mch. 1 1930, but callable
all or any on any int. date at 105 and int.) has been taken
by Lee, Iligginson & Co., who are offering the bonds at
9314. The 81,500,000 consolidated 5s due 1944 and the
8050,000 0% notes due 1913 will be called and paid oft at
once at 102 and 101, respectively, out of the proceeds.
Year.
(Int. on $ 2 ,2 0 0 ,0 0 0 ls f 5s Calls for $ 11 0,00 0.)
1910.
1909.
1903.
.1 9 0 7 .
G ross e a rn in g s____________________$183,911
$408,241
$344,706 $32 1,23 9
N et a fter t a x e s _________________ . . 193,366
162,207
134,778
119,114
T h e new m ortg a g e is lim ited to $ 6 ,0 0 0 ,0 0 0 u n d e r co n s e rv a tiv e re stric
tion s.
F ollow ed b y s to c k h a v in g a present m ark et v a lu e o f $ 1 ,4 4 4 ,0 0 0
T h e $92 0,00 0 p ref. Is p a y in g d iv id e n d s o f 7 % per a n n u m . C om p a re V .
90, p . 30 3 .— V . 90, p . 914.
Earnings for Cal.
Galveston-Houston Electric Co.—S o ld . —All the 8600,000
6% convertible notes offered by Lee, Iligginson <fe Co. were
readily sold at par. See V. 92, p. 794.
Geary Street Park & Ocean RR., San Francisco. B on ds
S o ld by C ity . —See “San Francisco” in “State and City
Department on a subsequent page, and also V. 92, p. 07/.
V. 91, p. 790.
Grand Trunk Pacific Ry .- -C o n tr a c ts — A Canadian press
despatch states that the company has awarded contracts for
8 branches in the Western part of Canada, to be completed
this year, aggregating 619 miles, as follows:
C a lga ry, 143 m iles; B a ttlc fo r d , 59 m iles; M elville R eg in a , 68 m iles;
A lb e rta C oal, 68 m iles; R e g in a H o u n d a ry, l it ) m iles; M oose Ja w , 49 m ilts,
P rin ce A lb e rt, 72 m iles; llig g c r to C a lga ry, 50 m iles. T h ere w ill also be
laid 265 miles o f m ain line tra ck ,
V . 92, p . 725.
tec.—
Great Western Ry., Colorado.— O w ned by B eet S u g a r C o . —
See Great Western Sugar Co. under “Industrials” below.
Honolulu Rapid Transit & Land Co.—R ep o rt. —For year:
Other Int..Taxes, P f. Die. Com. IHv. Balance,
Cal.
Cross
Net
Surplus.
(4%).
(6%). $32
Income. Depr., &c.
Year. Earns.
Earns.
,000
$75,313
$21,000
$6,854
$101,279
1 9 1 0 .$453,853 $222,738
32,000
21,000
55,440
7,637
104,366
1 9 0 9 . 413,025
205 ,169
— V . 92, p . 795 .
Houston & Texas Central RR. B o n d s C alled, hirst
mortgage bonds of 1890, aggregating 885,000, have been
drawn by lot and will be redeemed at 110 and interest on
presentation at the company’s office in the Equitable Bldg.,
this city, interest ceasing June 1 1911. See numbers in our
advertising columns on another page.—V. 91, p. 336.
Hudson Companies.—O p tio n .—The privilege of exchang
ing the 6% notes due Oct. 15 1911 (of which 83,992,500 were
outstanding on March 22 1911) for new 6% notes maturing
Oct. 15 1913, 8 for 8, and 815 ca h with each 81,000 note,
will be withdrawn to-day. See advertisement. On Mar. 22
1911 86,141,500 of the new notes were outstanding.
The new notes fire dated Dee. 1910 (in t. A . & 0 .1 8 ) and they are subject
to call at par and In t. T hey w It be secured by thei same col lateral as the
present Issue, viz.: $1,500 Hudson & M anhattan R R . Co. 1st M . ■
4 A /o
bonds, due Feb. I 1957, tor each $ 1,000 note
T h e y .will carry the privilege
of conversion a t par Into Hudson & M anhattan R R . bonds at the following
prices for the bonds: D uring 1911 a t 85, 1012 a t 87 H aJ)do 1913 a t 90.
Notes not extended w ill be paid o il when due.—-V. 92, p. 3-2.
• ■•
881
THE CHRONICLE
APR. 1 ID11.|
Illinois Traction Co.— P re f. S tock O ffered . —Mackay & Co.,
N. Y. City, are offering a limited .amount of the 6% cumu
lative pref. stock at 93 and int., yielding 6.45% income.
Extracts from the Bankers’ Circular.
Outstanding ■
Capital Stock —
Authorized.
$ 5 ,2 6 4 ,0 0 0
6% cum ulative preferred stock------------- $6,000,000
9 ,9 6 4 ,0 0 0
Common stock_________________________________ 10,000,000
The company has no bonded debt, b u t there are outstanding $24,000,000
bonds of subsidiary companies. The 111. T rac tion Co. serves a population
of over 1,500,000, d istributed in 20 of the most progressive towns In I l l i
nois Iow a and Kansas. I t owns and operates 12 in te ru rb a n railro ad prop
erties street ra ilw a y companies in 11 cities, electric-light and power com
panies In 5 cities and heating companies in 5 cities. 'Die balance applicable
to dividends on the pref. stock as reported for the year 1910 was equal to
n e arly three times the am ount required. (See earnings In V . 92, p. 461.)
R ep o rted O ffer. —Press
reports from Montreal Mch.27said;
I t Is reported th a t the Sun Life Insurance Co. lias received a bid of $65
., share for the company's block of Illin o is T rac tion Co. stock. The Sun
L ife holds a controlling Interest am ounting, i t Is believed, to a par value
of at least $5,000,000.— V . 92. p. 461.
Indianapolis & Cincinnati Traction Co.— S ta tu s — N ew S e
—Charles L. Henry, Pres, and Gen. Mgr., Rushville,
Ind., under date of March 17 1911, favors the “Chronicle”
with the following:
cu rities
The nronertles of "T h e Indianapolis & Cincinnati Traction Co." and In
dianapolis & Southeastern Traction Co. remained In the hands of the reeeivV-V fm- operation u n til N ov. 21 1910. Since th a t tim e they have been
operated by this new ly organized company, "In d ian ap olis & C incinnati
Traction Co.,” which acquired the same by purchase under the receivership
proceedings
This company has been operating the properties for so short
? tim e th a t a statement of Its receipts would not am ount to anyth ng
The p r o n e ly
"In d ian ap olis & Southeastern Traction Co..” which was
h eld bv lease to “ The Indianapolis & Cincinnati Traction Co., is to be
transferred to and become the absolute property of the new company (the
capital stock being canceled), subject to the paym ent of the Intel cst and
dividends on the following securities outstanding issued by Indianapolis &
Southeastern Traction Co. and its predecessor, Indianapolis. S he lb yaille <So
Southeastern Traction Co., to w it: $1,000,000 of o o bonds. Intel cst J. & J..
and $600,000 of 5% pref. stock, dividend payable A . & O •
The new company Is organized _ w ith a „„capUa^ s t o c ^
of
-
‘ —
J u ly 1 1911
thereafter,
payable a . « u .; nou-ruiuumffvc. h w j
- » k ° nd Issue
lim ited to $1,850,000 (to be dated J u ly 1 1911 and due J u ly 1 1961),
.Si 300 000 of which outstanding, $200,000 are available for any coiporate
purposes and $100,000 arc available for special betterm ent items (these
$300,000 now being in the treasury); the remainder, $3,250,000, is to be
certified and used for construction or acquisition of new lines o nly when the
net earnings (after operating expenses) are sufficient to pay taxes and nterest on bonds outstanding and show a surplus of o0% of the am ount or in te r
est on bonds outstanding.
,, T „ t *
[The mortgage is dated Dec. 26 1910, Interest payable J. & J. at Central
T ru s t Co
N Y ., the trustee. Of the bonds, $1,300,000 arc class A ,
$200,000 class H and $3,350,000 class C. A ll the bonds arc equal ;unong
themselves in respect to rig h t of paym ent of principal and Interest w ith o u t
regard to date of issuance of bonds. The entire series of bonds of each class
Is subject to call on o r before J u ly 1 1913 at par ($1,000) and Int., and after
J u ly 1 1913 at 105% of par and in t. on any in t. date.— Ed.]
Directors.— Charles L . H e nry, Rres., Indianapolis; Theodore F. Rose,
Vice-Pres., Muncie; John J. Appel. Sec., and John F. W ild , Treas., both of
Indianapolis; J. W . A lfo rd . W . T . D urbin, of Anderson; George A . Hall,
of Muncie; Claude Cambern, of Rushville, and John T . Hcasley, of Terre
Haute, In d . Office, 123-5 E . M arke t St., Indianapolis.— V . 92. p. 322.
Indianapolis Newcastle & Toledo (Electric) Ry.—F ore
Vinson Carter in the Superior Court
at Indianapolis on March 24 ordered the property to be sold
under foreclosure of the first mortgage (Knickerbocker Trust
Co trustee), the amount due for principal and interest
being 82,998,437 and to satisfy mechanics’ liens of about
825,000. The “Indianapolis News” of March 25 said:
closure D ecree. —Judge
George A B u s k lrk and Lewis F. S m ith, as trustees for the bondholders,
brought the action against the company. The receiver, the Union T ru s t Co.
of Indianapolis, has claims said to am ount to more than $550,000, which
w ill have p rio rity over the mortgage, and the mechanics Hens. [At last
accounts the receiver’s certificates outstanding amounted to $460,000.]—
V . 91, p. 1254.
Jacksonville Electric Co.—R e-in co rp o ra tio n .— The “Jack
sonville Traction Co.” was incorporated under Massachusetts
laws on or about March 1 with the same authorized capital
stock as the old company, namely 81,000,000 common and
8500,000 6% pref. cum. The existing stock will be exchanged,
share for share, or the holders will, if they prefer, be paid
8100 a share in cash.
The new company w ill have an authorized issue of $5,000,000 first con
solidated mortgage 5% bonds, of which $1,250,000 w ill be reserved to
take up a like am ount of bonds of Jacksonville Electric which m ature in
1927; $750,000 w ill be sold for additions and improvements and the balance
of $3,000,000 bonds m ay be Issued only at 80% of the cash cost of future
permanent additions and Improvements. Stockholders of Jacksonville
Electric are asked to deposit the ir stock w ith the State Street T ru s t Co. of
Roston on or before A p ril 12 1911. the date of the special stockholders’
meeting called to authorize the transfer. The shares of the new company
w ill be tax-exempt in Massachusetts.— V . 92, p. 261.
Kansas City & Memphis Ry.—C o n solid atio n — S ta tu s —
This company, of which Geo. D. Locke, Rogers, Ark., is
Pres, and Gen. Mgr., will, it is announced, absorb the Arkan
sas Oklahoma & Western RR. (V. 8(5, p. 107; V. 90, p. 235)
and the Monte Ne Ry. companies about April 10. President
Locke on March 25 wrote in substance:
Lines Completed.— D ec. 31 1910, Rogers, A rk ., to Siloam Springs, A rk .,
11 miles- Freeman A rk ., to Monte Ne, A rk ., 6 miles: total, 37 miles.
Gauge, 4 ft. 8 H inches: ra il, 60-lb. steel.
R olling stock: 5 locomotives,
3 Chartered I n Arkansas6 Dec. 17 1910 as successor of the Arkansas O kla
homa & W estern R R . and the Monte Ne R y . companies. The road is pro
jected from Rogers, A rk ., to Memphis, Tenn., 294 miles, which is now under
construction, and connecting w ith the St. L . & S. F. a t Fa ye tte ville . A rk .;
■it Searcy w ith the Missouri & N o rth Arkansas; at Jodsouia w ith the Iro n
Mountain- at Augusta w ith the Iro n M tn.; at Cherry V a lle y w ith the Cotton
lic it and’a t Memphis w ith a ll the lines diverging. T he first section of 20
miles from Cave Springs, A rk ., to Fayetteville, A rk ., w ill be comp eted
„ ;,1 In oneratlon by Sept. 1 1911. The line Is also projected from Siloam
S p ring s?A rk., to Wagoner, Okla., where it w ill connect w ith the M . K . & T „
Iro n M tn . and the M . O. & G.
Operations Year Ending Dec. 31 1910.
E arnings— Pass., $7,892; freight, $38,153; m ail and express, $2,845;
miscellaneous, $3,401; to ta l------- --- ---------- ---- -........
N et earnings (after operating expenses, $27,188)--------- ------ f o . i u j
D eductions— Taxes, $1,927; In t. on bonds, $18,000----- ------ - 19,927
Capita I*stock'* $6,000,000, in shares of $100 each. Funded debt, a utho r
ized bond.' Issue, $6,000,000 5% 50-year gold mtge. bonds, dated M ay 1
in I t due M av 1 1901. Interest M . <5c N . at office of company, 30 Hroad St.,
N Y C ity and a t Mississippi V alle y T ru s t Co.. S t. Louis, trustee. Par,
s i nob e*
Issuable a t not exceeding $18,000 per mile, of which $15,000 is
for b uilding and equipping the line and $3,000 reserved for betterments.
Issuable when the earnings of the company have during one fiscal year
883
THE CHRONICLE
equaled the Interest charges of bonds Issued and outstanding and 50% In
excess thereof. Of this issue $300,000 Is reserved to retire $300,000 1st M .
6% 40-year gold bondsof A . O. & YV., due Jan. 1 1947.— (V. 86, p. 107.)
Directors.— Geo. D. Locke, Pres. & Gen. M gr.; J. YV. YValker and A . L.
YVUliams, Vice-Presidents; R . C. Hobbs, Sec. and Traffic M gr.; YV. 13. Felker, Treas.; J. S. McLeod, F. F. Freeman, a ll of Rogers, A r k . A n n ua l
meetings 2d Tuesday in Jan. Gen. offices, Rogers, A r k . New Y o rk
office, 30 Broad St.
Lehigh Valley Transit Co.— O ffer A cc ep te d . —See Q.uakerto\vn Traction Co. below.—V. 92, p. 725, 523.
Minneapolis St. Paul & Sault Ste. Marie Ry.— O ptio n to
S u b scrib e f o r N ew S to c k . —In our advertising columns on a
previous page will be found further details of the terms on
Yvhich the stockholders are permitted to subscribe for $2,187,
400 pref. and $4,374,800 com. stock referred to in the “Chron
icle” of March 18, last, page 725.—V. 92, p. 795, 725.
Missouri Kansas & Texas Ry.— N otes C a lle d . —The $10,
000,000 “one-year 5% secured gold notes,” dated Aug. 1
1910, have been called for redemption at par and int. on
May 1 1911 at the Union Trust Co. of N. Y., No. 80 Broad
way. Compare V. 92, p. 795, 725, 726.
Missouri Pacific Ry.—S a le o f E q u ip m e n t O bligation s o f
C on tro lled C o m p a n y . —See American Refrigerator Transit Co.
under “Industrials” below.—V. 92, p. 750, 726.
New York New Haven & Hartford RR.— T ra ck ag e A gree
m en t. —See Boston & Albany RR. above.—V. 92, p.660, 527.
Norfolk Southern RR.—S econ d D iv id e n d . —A quarterly
dividend of }/% of 1% has been declared on the $16,000,000
stock, payable May 1 to holders of record April 15, being the
same amount as on Feb. 1 last, the initial payment.
B o n d s. —The $90,000 Suffolk & Carolina Ry. 1st 6s, due
April 1, will be paid to-day at the banking house of John S.
Gittings & Co., Baltimore.—V. 92, p. 660, 595.
Norfolk & Western R y .— C on version o f B o n d s. —Of the
$25,569,000 4% convertible bonds, over $2,000,000, it is
stated, have been exchanged for common stock during the
past 3 months. The total thus far exchanged is reported as
about $4,600,000 and heavy conversions are still taking place.
The privilege expires June 1 1917.— V. 91, p. 1026.
Northern Ohio Traction & Light Go .— P re f. S to c k .— The
shareholders at the adjourned meeting on March 27 voted to
authorize the $1,000,000 preferred stock already sold pro
visionally. Compare V. 92, p. 595.
Old Colony Street Ry .— N ew S to c k . —The Mass. RR. Com
mission granted the company permission to issue at par
$292,000 of the proposed $300,000 additional common stock
on account of extensions, equipment, &c. (Compare Mass.
El. Cos., Y. 91, p. 1570, 1574; V. 92, p. 118.)—V .91,p.1768.
Pennsylvania RR.— N ew S to ck . —More than 60% of the
stock was voted at the election March 28 in favor of increas
ing the limit of capital stock issue from $500,000,000 to
$600,000,000.—V. 92, p. 726, 662, 655.
Philadelphia (Pa.) Electric Co.— N ew D ire c to r. —Edward
B. Toland, of Philadelphia, has been elected a director to
succeed the late John V. Shoemaker.—V. 90, p. 1047, 1042.
Philadelphia Rapid Transit Co.— V otin g T ru st —The Phila.
Stock Exchange has placed on the “ unlisted” $1,541,600 ad
ditional voting trust certificates issued by the Fidelity Trust
Co. of Phila., making the total amount listed to date $16,
530,300, representing the same amount of stock out of a
total outstanding issue of $30,000,000.—Y. 92, p. 726, 660.
Public Service Corporation of New Jersey.— D iv id e n d R ate
R a ise d fr o m 5% to 6%.—The directors March 29 declared a
quarterly dividend of 13^% on the $25,000,000 stock, pay
able March 31, on shares of record March 31, increasing the
annual rate from 5% to 6%.
Complete Annual Dividend Record.
1907.
1908.
1909.
3%
4%
4^%
— V . 92, p. 203, 726. 795.
1910.
5%
1911
M arch., 1 M %
(quar.)
Quakertown Traction Co., Pennsylvania.— P la n O pera tive.
—It was announced on March 25, upon expiration of the time
fixed for the acceptance of the offer of the Lehigh Valley
Transit Co., that a sufficient number of the $300,000 bonds,
or “considerably more than the $242,000,” originally assent
ing, had been deposited to make the plan operative. Com
pare V. 91, p. 1096; V. 92, p. 660.
Quebec Railway, Light, Heat & Power Co.— D iv id e n d s
B eg u n . —The directors on March 23 declared an initial divi
dend of 1% on the capital stock ($9,500,000 reported out
standing), payable April 15 to shareholders of record Mch. 31.
It is intended to continue the distributions quarterly.
Q u ebec-S agu en ay L in e . —An authoritative statement says:
The road w ill be constructed under the concessions and cha rter of the
^ Saguenay R y . Co., and It w ill be operated by steam.
„ The to tal Issue of $3,000,000 of Quebec & Saguenay 5% bonds, w ith $250,
000 of common stock, has been bought by thc-Quebec R y ., L ., I I . & P. Co.,
and this company In tu rn has issued 13,000,000 francs ($2,500,000) of
Its own bonds to pay for same. These are the bonds recently sold In France.
T he Issue Is to be redeemed b y purchases on the Bourse or at par when draw n
b y lot d urin g 30 years from Aug. 1 1911. Coupons payable F .& A . w ith o u t
deduction fo r the French Impost (the first coupon for Frs. 11.10 payable
Aug. 1 1911) a t the offices of J. H . A yn a rd , 33 Boulevard Malesherbcs, and
Rodolphe Forget, 60 rue de Provence, Paris.
' The bonds (par value 500 francs each), w ill be a first mortgage on
the 56 14 miles of new ra ilw a y (to M u rra y B ay), estimated to cost $1,
820,000, and equipment to cost about $166,500; total, $1,986,500.
T h e y w ill be fu rth e r protected by subsidies from the Federal G overnm ent
am ounting to $379,600, which are to be used to redeem said bonds, and by
land grants valued a t $840,000.
The East Canada Power & Pulp Co., tho B aylis Pu lp & Lu m b e r Co. and
tran spo rtation of tourists and other passengers at 3 cents per m ile (this bank ,
of the St. Lawrence being a favorite summer resort as w ell as the home of
well-to-do farmers) Is estimated to yield $217,350; m all, $3 500; to ta l estl-
[VOL. LXXXXII.
mated receipts, $482,350; net earnings. $315,511; Interest on these $2,500,
000 bonds, $125,000; balance, surplus, $190,511, or 1.9% on the stock of tho
A*v,P ‘ Co- E,v e n tu ally the line m ay be extended to
th,c P?out3? ?f the Saguenay R ive r, and possibly to the
Seven Islands opposite A ntico sti Island.
[For Jan. 1911 the parent com
pany reports gross receipts of $109,194; net, after op. exp., $51,758; cont r a s tin e w lth $||887696Qnd ?30l820> respectively, in Jan. 1910.— Ed.] See
Southwestern Street Ry., Pennsylvania.—S a le A p r il 21.
“ ■ ThisProP9r*Y Vs advertised to be sold under foreclosure at
the Phila. City Hall on April 21. The upset price—at first
$300,000
and later $250,000—is notv $175,000.—V. 90,
p.
JL4U1, llUo.
Spokane Portland & Seattle Ry,— N ew M o rtga ge. —This
company, controlled jointly by the Great Northern Ry. and
Northern Pacific Ry., voted on Jan. 28 to increase its capital
stock from $25,000,000 to $62,500,000, and has noiv made a
new $125,000,000 mortgage to the Central Trust Co. of
New York, as trustee, securing 5% 1st M. gold bonds,dated
March 1 1911 and due March 1 1961, but subject to call at
i2
L anc
^ fterThe
rn,March
1 1931 • mortgage
Denominations
$500
and,1^$100.
$100,000,000
made in$1,000,
1908
no doubt has been or will be dsicharged of record.
5125,000,000 New Donds A re Issued or <»n
Reserved.
msuabie lo r corporate purposes_____
nno nno
Reserved for acquisitions, stocks and bonds in other compani**
’
’
Interests in depot te rm in al and transfer companies in S p ^
kane, P ortland and Seattle, & c______________________
05 000 000
Reserved for Im provements, &c., but not exceeding $1,000 0"''
’
’
issudiDic ci. year
ye
2 0 0 00,0 00
Compare V . 92, p. 396, 3 2 3 .
,
Tri-City Railway
&
Light
Co.—
R e p o rt. —For cal. years:
Gross
Net (after Iht., Sink.
mm
Earnlnoa
-----------$2,513,487
19° 9 ------- 2,039,488
— V . 91, p. 1448.
Taxes).
$1,031,520
898,580
Fund.& c.
$531,408
522,388
P f.D iv .
(6 % ).
$169,572
169,572
Balance,
Surplus.
$330,540
206,620
Underground Electric Railways Co. of London, Ltd.—
O ffic ia l S ta te m e n t— At
the half yearly meeting held in Lon
don on March 15, the Rt. Hon. Sir Edgar Speyer, Bart, in
the chair, having referred to the results of operations already
published (V. 92, p. 720), said in part:
On the London E lectric R y . three and four-car trains arc being worked;
the ra ilw a y Is designed for trains of nearly twice th a t num ber of cars. On
the M etropolitan D is tric t R y . n e arly a ll the trains can be worked
w ith additional carriages, and b y alterations to the signaling system the
num ber of trains per hour considerably Increased; experts are now consider
ing schemes having for th e ir object not o nly an Increase of speed, b ut also
an Increase In the num ber of trains per hour. M an y m illions more passen
gers can be carried from year to year on these railw ays, and no step w ill be
neglected which w ill bring about such result. In the half-year under re vie w
we have m aintained the dividend a t the rate of 1 % per annum on the in
come bonds, and the outlook Justifies the hope th a t the d istrib ution w ill be
somewhat Increased In tho near future .
YVlth regard to tho proposed sale of the Lots Road power station (V . 92,
P- £20) .w hich Is now owned by this company, the railw a y companies [Metro
politan D is tric t R y . and London E lectric Ry.J are ve ry desirous of ow ning
the power station from which they obtain the supply of electrical energy
for w orking the railw ays. They now own all the sub-stations and cables,
for which they paid app roxim ately £800,000. The scheme provides for tho
form ation of a Joint committee of the tw o railw ays, which w ill bo empowered
to Issue re n t charge stock for the purchase of the power station. No d e lln lte
figure has been arranged, b ut this company would be w illin g to sell the sta
tion provided satisfactory terms can be come to. YVhcn the ra ilw a y com
panies obtain s ta tu to ry powers for the purchase of the power station, the
terms of the purchase must be approved at a general meeting of each of the
three companies and by the trustees fo r the bondholders and debenture
holders of tills company.
, 81“ “ *hls report was Issued, the company has, through the sale of £1,2o0,000 London Electric R y . preference stock from Its treasury, been able
to announce the redemption on Sept. 1 n e xt of the whole of the outstanding
issue of £1,000,000 p rior lien bonds. (V . 92, p. 597.) Through this reoos?tPed °b V the1nn'oereroffnnf n 933 bccomc,a first lien on the securities deK
E.rKir<Jund Company under the trust, deed, and the lien
ah-pidv h a v b . J ? 3 a‘so ad,v anced proportionately. The announcement
evidenced w th? hiSh B * ° ! enhancing the credit of the company, as Is
evidenced by the higher m arket prices of Its securities.
n n d f h iw J ,11!0 y ?rar.t19,1rS thc M etropolitan D istrict, the London E le c tric
l -,ona° h U n lte d l ram ways carried the enormous total of 230,000,000
s’ a'ld I th in k we m ay look forward to a substantial Increase In this
number for the current year. The Coronation festivities w ill undoubtedly
a ttra c t a large number of visitors to London, and the railw ays and tram w ays
are making preparations to deal w ith a record traffic.— V . 92, p. 720.
United Light & Railways, Grand Rapids, Mich.— D iv i
d en d s. —The
directors have declared dividends of lj^% on
the first pref. and ^ of 1% on the second pref. stocks of rec
ord March 27, payable April 1. CompareV. 91, p. 96, 519.
Virginia Railway & Power Co., Richmond, & c .— L iste d in
P h ila d e lp h ia . —The Phila. Stock Exchange has listed the
$4,446,500 pref. stock and $7,450,500 common stock.—
V. 92, p. 456, 528.
Wabash-Pittsburgh Terminal Ry.— S a le o f B on d s H eld by
W abash R R . —The Wabash RR. this Yveek sold to Bernard
M. Baruch of this city the remainder of its original holdings of
$6,600,000 first M. 4% bonds, amounting to $3,128,000.
The other $3,472,000 bonds were, it is said, sold in the open
market at an average price reported as about 46
The
Wabash RR. still holds thc $10,000,000 stock— V. 92, p. 796.
Wabash RR.— S a le o f W a b a sh -P ittsb u rg h T e rm in a l B o n d s.
—See that company above.— V. 92, p. 324, 264.
West Jersey & Seashore R R .— B on d s R ed eem ed .— The
sinking fund has redeemed $145,000 1st consol. 3^ s, re
ducing the amount outstanding to $1,355,000.—V. 92,p.727.
Wheeling (W . Va.) Traction Co.— Yew; S to c k .— 'The com
pany during January 1911 increased its capital stock from
$2,000,000 to $2,500,000, all of one class. None of the new
stock has yet been issued, but when issued it will be sold for
cash.—V. 88, p. 1561.
York (Pa.) Railways.— N o tes. —The shareholders at York,
Pa., on March 21 authorized an issue of $700,000 of 1-2-year
6% collateral trust gold notes secured by pledge of the com
pany’s 5% gold bonds. (Compare V. 87, p. 40.)—V.90, p.169.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Consolidated Coal, Iron & Steel Co.— In corpo ra
tio n — P o ssib le M e rg er. —This
company Yvas incorporated in
N. J. on March 10 Yvith nominal ($2,000) cap. stock (its NeYV
THE CHRONICLE
A pr . 1 1011. |
Jersey representative being the Corporation Trust Co.), with
a view to carrying out the proposed merger, now, it is said,
in a fair way of being consummated, of the Alabama Con
solidated Coal & Iron Co., the Southern Iron & Steel Co., the
Lake Borgne Canal Co. (as a means of carrying company’s
products to tidewater), and other neighboring concerns.
883
Central Union Telephone Co. (Indiana).— R e p o r t .—
Cal. Year—
Gross.
Net.
Int. on Bds.,&c. Surplus.
1 91 0------------------------------ $5 ,5 9 7 ,2 4 0
$ 1 ,4 8 4 ,8 2 4
$ 1 ,4 8 2 ,9 4 7
$ 1 ,8 7 7
V.363,362
1,36 3 ,2 7 2
90
1 90 9------------------------------ 4 ,9 9 9 ,4 2 4
E x ch a n g e sta tio n s, 189 ,772 ; p r iv a te b r a n c h e x c h a n g e s ta tio n s, 1 3,559;
e x te n s io n sets, 11,092: se rvice sta tio n s, 3 ,8 5 4 ; p r iv a te line s ta tio n s, 4 ,5 6 9 ;
c o n n e c te d sta tio n s, 476 ,0 3 0 ; to t a l, 698 ,876 ; n e t gain fo r 1910 109.648 —
V . 9 1 , p . 1514.
Citizens’ Gas Co. of Indianapolis.—In c r e a s e o f S to c k .—
The company has filed notice of increase of its authorized
Alton (111.) Gas & Electric Co.— S to c k . —This Illinois corp., stock from $1,000,000 to $2,000,000.
Is t o b e Issued a t p r e s e n t, b u t o n ly as
wholly owned by the East St. Louis & Suburban Co. (p. 46 re qNuoiren ed o fof thr eexntee nwsios tnosc ka, nItd IsI msaid.
p r o v e m e n ts .— V . 92, p . 727 .
of “Electric Railway Section.’’), filed a certificate March 21 City Electric Co., San Francisco.—
. —See Great West
increasing the auth. cap. stock from $500,000 to $600,000. ern Power Co. below.—Y. 88, p. 1439,S a le233.
—V. 79, p. 1643.
Columbia Gas & Electric Co., Cincinnati.— B o n d s . —It
American District Telegraph Co. of New Jersey — R e p o r t. seems
that the money ($1,330,863) which the company is
about to use for the redemption of 1st M. 5s (V. 92, p. 797)
1 9 1 0 ....................
$ 3 ,894,578 $3,09 0 ,8 3 2 $ 80 3,74 6 $ 39 8,54 9
$405,197
was obtained largely, if not wholly, from the sale of East
190 9_______________ 3 ,6 3 8 ,9 2 8
2,75 6 ,7 7 9
8 82 ,149
3 98 ,496
483,653
Ohio Gas Co. bonds (V. 92, p. 661; V. 90, p. 620) received
— V . 92, p . 464.
sale of the Cleveland Gas Companies (V. 90, p. 845).
American Refrigerator Transit G o .— O ffe rin g o f E q u ip m e n t inTthe
h e C o lu m b ia G as & E le ctric C o. o n D e c. 31 1910 h a d o u ts ta n d in g $ 1 7 ,
T h e new c o m p a n y , It is said, w ill Issue 5 1 0 ,0 0 0 ,0 0 0 o f p r e f. s to c k and
$ 2 0 ,0 0 0 ,0 0 0 o f c o m m o n s t o c k . A m o h g th ose in terested a rc Cecil A . G ren
fell o f L o n d o n , J . F . S h a w o f B o s to n a n d H . H . M elville o f N ew Y o r k .
C a len d a r
Year—
G ross
E a rn in g s.
O p e r a tin g
E xp en ses.
N et
E a r n in g s.
D iv id e n d s
P a id .
B a la n c e ,
S u r p lu s
N o te s— C a p ita l S to c k O w n ed b y M is s o u r i P a c if ic R y . a n d I ts
2 39 ,500 o f Its 1st M . 5s ($2 5 ,0 0 0 ,0 0 0 a u t h .); o f these $ 1 ,4 0 3 ,5 0 0 w ere In th e
tre a su ry an d $15 ,8 3 6 ,0 0 0 in han ds o f p u b lic.
In la st w e e k ’ s ite m (V . 92,
p. 7 9 7 ), In p la c e o f a “ r e d u c t io n o f $ 1 ,0 0 0 ,0 0 0 ," re a d “ a large r e d u c t io n ."
D ir e c to r s . —At the recent election, we learn—an d J . C. M c D o w e ll w ere r e -e le c te d d i
the total authorized issue of $1,188,000 equipment 5% gold re cJto. r s , anW adlteJ orh nF rleO mb ewrg,a k cN..anSd. TKheeitho . Clauss
e re e le cte d t o su c c e e d H . A .
notes, dated June 1 1911 and due in 20 installments ranging E v e re tt an d R . A . H arm a n o f C le v e la n d .— V . w92,
p . 797.
from $61,000 to $57,000, payable semi-annually from Dec. 1 Connecticut Valley Lumber Co.—B o n d s , E a r n in g s , & c .—■
1911 to and including June 1 1921. Par $1,000 (c). Stand Ilornblower & Weeks, Boston, New York, &c., on or about
ard Trust Co. of New York, trustee. Int. J. & D. A cir March 15 1911, offered at par and int. $300,000 1st M. 6%
cular says in substance:
bonds, dated 1908, due Aug. 15 1933; auth., $3,000,000; out
standing, $2,716,000; retired by sinking fund $284,000.
o b l i g a t i o n o f t h e c o m p a n y I s s u e d In c o n n e c t i o n w i t h t h e p u r c h a s e
o f 1 ,0 0 0 n e w 3 0 - t o n c a p a c i t y s t e e l u n d e r - f r a m e r e f r i g e r a t o r c a r s f r o m t h e
A m e r i c a n C a r & F o u n d r y C o . , $ 1 2 6 , 4 0 0 t o b e p a i d in c a s h , t h e s e n o t e s f o r
th e b a la n c e .
O n D e c . 3 1 1 9 1 0 th e c o m p a n y o w n e d 2 ,0 3 3 r e fr ig e r a to r c a r s
v a l u e d b y i t a t $ 2 , 3 7 1 , 2 6 2 , a b o u t $ 1 1 , 0 0 0 e q u i p m e n t n o t e s , d u e in A p r i l
b e in g th e o n ly fu n d e d d e b t . W i t h th e n e w e q u ip m e n t th e c o m p a n y
w ill h a v e a b o u t 3 ,0 3 3 r e fr ig e r a t o r c a r s c a r r ie d a t a b o u t $ 3 , 6 9 1 , 2 6 2 .
T h e c o m p a n y r e p o r ts th a t d u r in g th e la s t liv e y e a r s th e p a y m e n ts o u t o
In c o m e fo r p r in c ip a l a n d in te r e s t o f e q u ip m e n t n o te s a n d d iv id e n d s to s to c k
h o ld e r s a g g r e g a t e d $ 1 ,4 4 5 ,1 1 0 , o r a n a v e r a g e o f $ 2 8 9 ,0 2 2 p e r a n n u m .
The
m a x im u m a n n u a l c h a r g e s o n t h e n e w n o t e s w ill b e fo r in t e r e s t , $ 5 7 ,8 7 5 ; fo r
p r in c ip a l, $ 1 2 2 ,0 0 0 .
T h e c o m p a n y ’s e a r n in g c a p a c i t y w ill b e g r e a t l y in
c r e a se d u p o n r e c e ip t o f th e n e w c a r s .
D e c . 3 1 1 9 1 0 it s b a l. s h e e t s h o w e d
(1 ) a n a c c u m u la t e d s u r p lu s o f $ 2 ,0 1 7 ,2 9 5
a n d (2 ) a b o o k v a lu e f o r th e
$ 5 0 0 ,0 0 0 c a p it a l s to c k o f o v e r $ 5 0 0 p e r s h a r e .
T h e c o m p a n y w a s o r g a n iz e d in 1 8 8 1 , it s e n t ir e c a p it a l s t o c k b e in g o w n e d
b y t h e M is s o u r i P a c ific a n d a s s o c ia t e d r o a d s .
I t fu r n is h e s r e fr ig e r a to r c a r
s e r v ic e t o t h e p r o p r ie t a r y c o m p a n ie s , t h e p r o fits b e in g d iv id e d a m o n g th e
s to c k h o ld e r s o n th e b a sis o f th e m ile a g e tr a v e le d b y t h e r e fr ig e r a to r c a r s o n
th e ir r e s p e c tiv e lin e s .
T h e p r o p r ie ta r y c o m p a n ie s th u s se c u r e th e ir re
f r i g e r a t o r c a r s e r v i c e a t c o s t , a n d n a t u r a l l y u s e t h i s c o m p a n y ’ s e q u i p m e n t in
p r e fe r e n c e to t h e c a r s o f a n y o th e r r e fr ig e r a to r lin e .
T h is c o m p a n y a ls o
h a s o p e r a t in g a r r a n g e m e n t s w it h m o s t o f t h e o th e r p r in c ip a l tr u n k lin e s .
T h e c o m p a n y s e r v e s s u c h a n e x t e n s i v e t e r r it o r y t h a t t h r o u g h o u t t h e y e a r it s
c a r s a r e c o n s ta n tly r e q u ire d to m o v e th e d a ir y a n d p a c k in g -h o u s e p r o d u c ts
a n d p e r is h a b le c r o p s to m a r k e t .
D u e t o t h e r a p i d in c r e a s e In t h e t r a n s p o r
t a t io n o f p e r is h a b le p r o d u c t s , t h e b u s in e s s o ffe r e d h a s e x c e e d e d Its c a p a c i t y .
Bessemer Coal, Iron & Land Co.— B o n d s O ffe re d .—Otto
Marx & Co., Birmingham, Ala., are offering for sale the total
auth. issue of $350,000 1st M. 6% gold sinking fund bonds,
dated Feb. 1 1911, due Feb. 1 1931, but callable at 105 and
int. on any int. date. Int. F. & A. at Guaranty Trust Co.,
N. Y. City. Par $1,000 and $500. Cap. stock, $1,719,000.
Abstract of Letter from President H. L. Badham.
T h e b o n d s w ill b e s e c u r e d b y p r o p e r t y v a lu e d a t $ 3 ,3 6 2 ,5 0 0 , v i z .:
1 s t M . o n 4 , 0 0 0 lo ts in B e s s e m e r a n d 1 ,5 0 0 a c r e s in a n d a d j a c e n t
to c it y —
--------------------------------$ 1 ,7 0 0 ,0 0 0
E n tir e c a p it a l s to c k o f W i n d H o c k C o a l C o . (m in e s n e a r W i n d
R o c k , T c n n ., o u tp u t o f 2 5 0 ,0 0 0 to n s p e r a n n )— [c o n tr o l p u r
c h a s e d I n 1 9 0 5 . — E d . ] _____________________________________________________________
5 0 0 ,0 0 0
C o a l l a n d s , 1 , 0 0 0 a c r e s , I n S h e l b y C o u n t y , A l a ________________________
1 5 0 ,0 0 0
R e d h e m a tite o re la n d s , 5 0 0 a c r e s , o n R e d M t n ., n e a r B ir m in g
h a m , J c l f e r s o n C o u n t y , A l a ____________________________________________________
5 0 0 ,0 0 0
C o a l la n d s in B ib b C o u n t y , A l a . , 1 0 ,0 0 0 a c r e s , p a r t ia l l y d e v e l
o p e d , o u t p u t a t p r e s e n t 2 0 0 , 0 0 0 t o n s o f c o a l p e r a n n u m ______
5 0 0 ,0 0 0
C o a l l a n d s , 5 0 0 a c r e 3 , i n T u s c a l o o s a C o u n t y , A l a ---------------------------------1 2 ,5 0 0
T h e c o m p a n y o w n s o v e r $ 4 5 0 , 0 0 0 b ills
r e c e iv a b le ,
m o s tly se c u re d b y
m o rtg a g es on real e sta te .
T h e c o m p a n y h a s p a id d i v i d e n d s o n Its s t o c k , n o w $ 1 , 7 1 9 , 0 0 0 , a t r a t e
o f 4 % p e r a n n u m fo r p a s t fo u r y e a r s .
D u rin g th e p a s t s ix y e a rs th e a v e r a g e
n e t e a r n in g s h a v e b e e n in e x c e s s o f $ 1 2 5 , 0 0 0 p e r a n n u m .
S in k in g fu n d fo r r e d e m p tio n o f b o n d s , 5 5 % o f th e g r o ss p r o c e e d s fr o m
la n d s a le s , m a d e a fte r F e b . 1 1 9 1 1 .
T h e c o m p a n y m u s t r e tir e a t le a s t
$ 1 5 ,0 0 0 o f th e b o n d s p e r a n n u m , b e g in n in g F e b . 1 1 9 1 3 .
T h e p r o c e e d s o f th e s e b o n d s w ill b e u s e d t o p a y a ll f lo a t in g d e b t a n d f o r
im p r o v e m e n t s , s o t h a t th is issu e w ill c o n s t it u t e t h e o n ly d e b t o f t h e c o .
T h e c o m p a n y ow n s m ills lo ca te d a t M t. T o m , M ass., o n e o f th e
m o s t po w e rfu l plants in N ew E n gla n d; also th e title to a b o u t 30 0 ,0 0 0 acres
o f tim b e r lands In N orthern N ew H am p sh ire a n d N orth ern V e r m o n t, u p o n
w h ich there are m ore th an 2 ,2 8 2 ,0 0 0 ,0 0 0 f t . o f m a rk e ta b le sp ru ce tim b e r ,
w o rth a p p ro x im a te ly $ 1 8 ,3 6 3 ,0 0 0 , an d 5 0 0 ,0 0 0 ,0 0 0 f t . o f a ccessib le b irch
an d m a p le , w o rth o v e r $ 1 ,5 0 0 ,0 0 0 .
Jam es J . P h elan , o f B o s to n . Is P re s.; T h o m a s H . V a n D y k e , o f B ellow s
F alls, V t ., V .-P r c s .; G eorge S . L ew is, o f H o ly o k e , M a ss., G en. M gr. an d
T re a s .; an d G . F red S m ith , o f H a r tfo r d , C o n n ., S e c .
31.
190 8-0 9.
191 0-1 1.
190 9-1 0.
$28 0,84 3
G ross e a rn in g s___________________________ $52 6 ,7 8 0
$ 42 6,84 6
184,832
N et e a rn in g s_____________________________ 3 21 ,512
24 9 ,3 3 6
Earnings for Years ending Jan.
Balance Sheet February 1 .
1910.
$
Liabilities— 1911.
$
P r o p e r ty a ccts . a 6 , 521,862 6,621,162 C a pital s t o c k . . . 2 ,5 0 0 ,0 0 0
Assets—
1911.
$
1910.
$
_______
8 11 ,977
8 80 ,000
103,649
2,073
2 ,5 0 0 ,0 0 0
First m tg e . b d s . 2 , 7 16 ,000 2 ,8 8 0 ,0 0 0
A c c t s . p a y ’ le a n d
a ccru e d In t___ 105 ,207
185 ,12?
D u e M t.T o m Sul.
& P u lp C o ___
.............
5 6 ,927
D u e o n 1910 c o n
ttra
r a cts
c t s _________
63,554
N otes p a y a b l e . .1 ,4 4 3 ,7 9 8 1,40 5 ,2 0 9
S u r p lu s ---------------1 ,8 7 5 ,5 3 7 1 ,8 8 2 ,3 9 0
T o t a l _________ 8 ,7 0 4 ,0 9 6 8 ,9 0 9 ,6 5 4
T o t a l_________ 8 ,7 0 4 ,0 9 6 8 ,9 0 9 ,6 5 4
394 ,824
In v e n to r ie s _____
Cash c o s t t o d a te
J o g a cco u n t 14. 159 ,687
C urrent a s s e t s .. 6770,153
B o n d s In tr e a s . _ 84 0 ,0 0 0
S to c k In c o r p ’ n s .
c3,649
M isce lla n e o u s___
13,921
490,793
In clu d e s real esta te, w ater p o w e r u n e n cu m b e re d , $3 2 6 ,9 2 7 ; tim b e r
lands and m ills s u b je c t t o 1st M ., $ 5 ,9 8 8 ,6 5 7 ; lo g g in g , e q u ip m e n t a n d
team s, $63 ,144 ; a n d horses o n h a n d , $ 1 4 3 ,1 3 4 . 6 C u rrent assets in clu d e:
C ash, $15 ,902 ; a c c o u n ts re ce iv a b le , $ 58 1,26 5; n o te s re ce iv a b le , $ 1 7 2 ,9 8 6 .
c T h is Is th e “ L y m a n B rid ge C o r p o r a t io n ." — V . 91, p . 874.
a
Consumers’ Gas Co., Toronto.— N ew S to c k . —The com
pany will on April 18 sell at auction, on account of exten
sions, $500,000 new stock or 10,000 shares of $50 each.
Compare V. 91, p. 1326.
Corn Products Refining Co., New York.— O ffic e r s . —E. B.
Walden has been elected President and W. H. Nichols Jr.
has been made a director, both to succeed J. B. Reichmann,
recently President of the Carnegie Trust Co.
P u r c h a s e . —It was announced on Jan. 27 that the company
during 1910 bought control of the Novelty Candy Co., which
has factories in Jersey City, Pittsburgh, Chic, and Memphis.
It Is u n d e rs to o d th a t th e C orn P r o d u cts R e f . C o . p u rch a se d th e e n tire
$50 0,00 0 c a p ita l s to c k a t a b o u t par, p a y in g th e re fo r o u t o f s u rp lu s. T h e
c a p a c it y o f th e c o m p a n y has been d o u b le d , a n d It w ill be fu rth e r Increased
u n til th e to ta l d a lly o u tp u t rises t o 30 0 ,0 0 0 lb s . o f c a n d y , selling a t a b o u t
12 cen ts a lb .
N ew D ir e c to r . —A. A. Smith of New York has been elected
a director to fill a long-standing vacancy.—V. 92, p. 465.
Cal. Net Mfg. Other
Total
Int. on Deprecia- Balance,
Denver Reservoir Irrigation Co.— W o r k s to B e C om p leted
Year. Profits. Income. Income. Bonds, &c. lion. Surplus. by F r e n c h In terests —N ew S ole R e c e iv e r . —An agreement was
ciosed on March 16 with French interests represented by the
Banque Franco-Amercaine, of Paris and New York, for com
Bond & Mortgage Guarantee Co., New York.— N e w O f pleting work on the properties, which was suspended last
May, Arthur Day, the New York agent of the bank, being
f i c e r s .—The following changes are announced:
appointed sole receiver to replace the receivers formerly
appointed. The contract with the Kenefick Construction Co.
calls for the completion of all earth-work by Oct. 1 and
concrete work by Dec. 1 1911.
Bethlehem Steel Corporation.—R e p o r t .—For cal. year:
1 9 1 0 ______$ 4 , 2 1 6 , 1 6 0
1 9 0 9 ______ 2 , 6 5 4 , 4 5 7
— V . 91, p. 1771.
$ 1 2 7 ,7 0 2
1 8 2 ,1 3 6
$ 4 ,3 4 3 ,8 6 2
2 ,8 3 6 ,5 9 3
$ 1 ,6 7 2 ,2 5 0
1 ,5 3 5 ,7 8 1
$ 6 7 0 ,0 0 0
5 0 0 ,0 0 0
$ 2 ,0 0 1 ,6 1 2
8 0 0 ,8 1 2
C la r e n c e I I . K e ls e y e le c te d P r e s id e n t , s u c c e e d in g W a ld r o n P . B e lk n a p ;
F r a n k B a ile y , 2 d V .-P r c s . a n d G e n . M a n .; J o h n L . S h e r w o o d , 3 d V .- P r e s .,
a n d J o se p h M . W a r d 4 th V .-P r c s .
W i llia m B . C la r k w a s
e le c te d S e c r e
ta r y a n d H a r o ld H o y t a n d R a n d a ll S a lis b u r y , A s s is ta n t S e c r e ta r ie s .
F e lix M . W a r b u r g o f t h e lin n o f K u h n , L o c b & C o ., a n d R i c h a r d M .
H o c w e r e e l e c t e d d i r e c t o r s t o f i ll t h e v a c a n c i e s c a u s e d b y t h e r e s i g n a t i o n o f
J a c o b I I . S c h lll a n d W a l d r o n P . B e lk n a p .— V . 8 8 , p . 1 5 6 2 .
Canadian General Electric Co., Ltd., Toronto.— R e p o r t .—
Calendar
Year
Operating Deprec'n and Com. Dlv.
Profits.
Interest.
—
1910
................ $ 9 1 1 , 2 0 8
1909.
.
. . .
0 2 5 ,9 9 0
— V . 90, p. 910.
$ 2 6 4 ,9 0 8
1 4 2 ,7 5 3
(7 % ).
$ 3 5 4 ,6 2 5
3 2 9 ,0 0 0
Pref. Dlv.
(7 % ).
$ 1 4 0 ,0 0 0
1 4 0 ,0 0 0
Balance,
Surplus.
$ 1 5 1 ,6 7 5
1 4 ,2 3 7
Canadian Westinghouse Co., Ltd.—R e p o r t .—For year:
Cal. Year—
Net Earns.
Dividends. Dep'n Reserve. Bal.,Sur.
T h e B a n q u e F ra n c* -A m e rlca ln e w ill a d v a n c e $ 2 ,0 0 0 ,0 0 0 t o finish th e
S ta n d le y L a k e Irriga tio n C o. an d I le n r y ly n Irrigation p r o je c t s , ta k in g as
s e c u r ity b o n d s o f th e H e m y ly n d is trict.
A b o u t 40,000 acres o f la n d , it is e x p e c te d , w ill b e Irrigated this y e a r, and
fro m th e w ater ta x c o lle c te d an d th e assets o f th e D e n v e r R e s e rv o ir Irriga
tio n C o. th e in terest o n th e Irrigation d is trict b o n d s w ill be p a id . T h e irri
g a tio n sy ste m , a c c o r d in g t o th e orig in a l p la n s, w as t o h a v e su pplied w ater
fo r 2 10 ,000 acres o f lan d near D en ver a t an e s tim a te d c o s t o f $ 1 0 ,0 0 0 ,0 0 0 .
O n e a c c o u n t states’ th a t all th e s to c k fo r m e r ly h e ld b y t h e T r o w b r ld g e N lv e r C o. o f C h ica g o , w hich fo rm e r ly o w n e d a large in terest in th e p r o p e r ty ,
has been c a n ce le d , an d th e C h ica g o c o m p a n y b e co m e s m e re ly a c r e d ito r ,
h a v in g agreed, a lo n g w ith o th e r cre d ito r s , n o t t o push Its cla im s u n til th e
w o rk o n th e system ca n b e c o m p le te d . C o m p a re V . 92, p . 465.
Eastern Tennessee Power Co.— N ew E n te r p r is e — P r e fe r r e d
—E. W. Clark & Co., Phila., and Hodenpyl,
Walbridge & Co., New York, are offering the 6% pref. stock
Central & South American Telegraph Co.— P a r tly E s ti of
this new company at par ($100 a share) with a bonus of
m a te d E a r n in g s .—For quarters ending March 31:
in common stock. The bankers say in substance:
Mos.— Total Inc. Net Inc. Dies. (
Bal.,Sur.
Total Sur. 50%
In c o r p o r a te d In T en n essee J u ly 16 1910 t o co n s tr u c t an d o p e r a te h y d r o
1910
______________________ $ 6 9 7 , 3 9 3
( 7 % ) $ 3 0 6 ,3 6 2
$ 1 3 0 ,0 0 0
1909
. . . . . ____________ 4 9 8 , 3 8 0
( 6 % ) 2 6 1 ,5 4 0
7 0 ,0 0 0
F r o m t h e s u r p l u s a s a b o v e in 1 9 1 0 — $ 2 6 1 , 0 3 1 — $ 7 0 ,5 2 2 w a s
p r o p e r ty a n d p la n t, le a v in g $ 1 9 0 ,5 0 9 .— V . 9 0 , p . 9 1 6 .
3
1 9 1 1 ______$ 4 2 1 , 0 0 0
1 9 1 0 ______ 4 4 0 , 5 0 0
— V . 91. p. 1771.
$ 2 6 1 ,0 3 1
1 6 6 ,8 4 0
w r itt e n o ff
S tock O ffe r e d .
1 H % ).
$ 2 5 5 ,7 5 0
2 7 6 ,0 0 0
$ 1 4 3 ,5 6 5
1 4 3 ,5 6 5
$ 1 1 2 ,1 8 5
1 3 2 ,4 3 5
$ 2 ,3 4 5 ,6 5 9
1 ,8 8 5 ,2 2 8
ele ctric plants o n th e O co e e R iv e r In P o lk C o u n ty . T c n n ., an d t o sell e lec
t r ic ity th r o u g h o u t th e S ta te . O w ns a p p ro x im a te ly 8 ,0 0 0 acres In th e
THE CHRONICLE
884
v a l le y o f t h e O c o e e R i v e r a b o v e P a r k s v llle , P o lk C o u n t y , a b o u t 4 4 m ile
f r o m C h a t t a n o o g a , a n d h a s s e c u r e d t h e w a t e r r ig h ts a lo n g 6 m ile s o f th
r i v e r i n p l n c e s w h e r e It d o e s n o t o w n t h e I c in d .
A b o v e I n r k s v llle th e O c o e
d r a in s a s e c t io n o f 6 0 0 s c iu a r c m il e s .
G o v e rn m e n t reco rd s sh o w th a t th l
r e g i o n h n s t h e g r e n t e s t m ln f o .l l In t h e U n i t e d S t & t c s , w i t h t h e e x c e p t i o n
o f th e P a c ific N o r t h w e s t .
,,
, .
. _
. _
.
..
T h e f i r s t t lc v c lo 'p m e r it o c c u p i e s o .n id e o .1 l o c a t i o n o ,t P o > r lc s v Ille » I n t h e
n a rr o w g o r g e w h e r e th e O c o e e R iv e r b r e a k s th r o u g h th e B e a n M o u n ta in s .
T h e d a m w ill b e 1 1 0 f t . h ig h , f o r m in g a la k e 7 m ile s lo n g a n d a b o u t 3 ,0 0 0
a c r e s in e x t e n t
T h e f o u n d a t i o n s , b u i l d i n g a n d p e n s t o o k s fo r t h e fir s t
p o w e r s ta t io n w ill b e c o n s tr u c t e d fo r a t o t a l g e n e r a tin g c a p a c it y o f 2 5 ,0 0 0
h
p
t h a t c a n b e d e liv e r e d th e y e a r r o u n d ; a t p r e s e n t m a c h in e r y fo r o n ly
20 000 h
p w ill b e in s t a lle d .
P r o v is io n h a s b e e n m a d e fo r th e I n s ta lla t io n
o f 1 0 0 0 0 s e c o n d a r y l i . p . (I. e . , d e li v e r a b le s u b j e c t t o I n t e r r u p t i o n s ) , w h ic h
can
b e c o m p le te d a t a n y tim e th e c o m p a n y m a y d e s ir e .
T h e secon d
d e v e lo p m e n t w ill b e m a d e w h e n b u s in e s s j u s t if ie s It a t a s it e a lr e a d y o w n e d ,
o n t h e O c o e e R i v e r 13 m ile s a b o v e t h e fir s t p l a n t .
W h e n c o m p le te d th e
t o t a l g e n e r a t in g c a p a c it y w ill b e 8 0 ,0 0 0 p r im a r y a n d 1 0 ,0 0 0 s e c o n d a r y h . p .
T r a n s m i s s i o n lin e s w ill b e b u il t to C le v e la n d , a d is t a n c e o f 1 6 m ile s , t h e n c e
t o C h a t t a n o o g a , 2 8 m ile s , a n d t o K n o x v il l e , 8 9 m il e s ; t o t a l 1 3 3 m ile s ;
p a s s in g th r o u g h A t h e n s , S w e e tw a te r , L o u d o n . & c .
T h e c o m p a n y h a s a 3 0 -y c a r c o n tr a c t w ith th e C h a tta n o o g a R y . & L ig h t
Co
f o r t h e s a le o f c u r r e n t , u n d e r w h ic h It w ill r e c e iv e a m in im u m a n n u a l
p a y m e n t o f $ 1 2 5 ,0 0 0 , a n d h a s th e r ig h t to u se t h a t c o m p a n y ’s s te a m p o w e r
s ta t io n s o f a c a p a c it y o f 9 ,4 0 0 h . p . a s a s te a m r e s e r v e .
A ls o o w n s a n d
o p e r a t e s th e C le v e la n d ( T e n n .) E le c tr ic L i g h t C o ., a p r o s p e r o u s m a n u f a c
tu r in g c i t y o f 6 ,0 0 0 I n h a b it a n t s lo c a te d 2 8 m ile s n o r t h e a s t o f C h a t t a n o o g a .
T h e r e a r e in C h a t t a n o o g a a n d K n o x v i l l e m a n u f a c t u r i n g p l a n t s u s in g a
t o t a l o f 1 7 ,5 0 0 h . p . , g e n e r a te d b y s t e a m , fo r a la r g e p a r t o f w h ic h t h e P o w e r
C o . s h o u ld b e a b le t o s u b s t i t u t e Its e le c tr ic c u r r e n t .
C a p i t a l i z a t i o n .— A m o u n t O u ts ta n d in g (P a r o f B o n d s $ 1 , 0 0 0 , S h a r e s $ 1 0 0 ) .
1 s t M . 5 % g o ld b o n d s (to ta l a u t h . $ 1 5 ,0 0 0 ,0 0 0 d a te d A u g .I 1 9 1 0 ] _ 5 1 ,6 0 0 ,0 0 0
6 % p r e f. s t o c k , c u m . a fte r J a n . 1 1 9 1 2 [w it h p r e f. a s t o a s s e t s , a n d
c a l l a b l e a t a n y t i m e a t 1 0 5 . — E d . ] __________________________________________ 1 , 0 0 0 , 0 0 0
C o m m o n s to c k (c o m . & p r e f. sh a re s h a v e s a m e v o tin g p o w e r ) .. 3 ,0 0 0 ,0 0 0
[ T h e b o n d s a r e d u e in 1 9 4 0 b u t a r e c a l la b le a t 1 0 5 % .
P a r $ 1 ,0 0 0 .
S in k in g fu n d 1 % o f b o n d s o u ts ta n d in g , b e g in n in g 5 y e a r s fr o m c o m p le tio n .
T r u s t e e , F id e lit y T r u s t C o ., P h ila d e lp h ia .
T h e $ 1 3 ,4 0 0 ,0 0 0 u n is s u e d b o n d s
a re r e s e r v e d fo r im p r o v e m e n t s a n d a d d itio n s a t 8 5 %
of c o st.
N o p r io r
li e n s .— E d .]
E s t im a te d E a r n in g s d u r in g th e F i r s t
Year
o f O p e r a tio n .
G r o s s r e c e i p t s _________ __________ $ 2 6 0 , 0 0 0 1 I n t e r e s t o n b o n d s -------------------------- $ 8 0 , 0 0 0
N e t (a fte r $ 1 5 ,0 0 0 t a x e s ) . . 1 8 5 ,0 0 0 | 6 %
d l v s . o n p r e f . s t o c k --------- 6 0 , 0 0 0
B a l a n c e f o r c o m m o n s t o c k _______________________________________________________________ $ 4 5 , 0 0 0
T h e w o r k a l r e a d y a c c o m p li s h e d I n c lu d e s c o n s t r u c t i o n o f a 6 - m l l e s t a n d a r d g a u g e r a ilr o a d fr o m th e L . & N . I t R . to P a r k s v llle ; th e I m p r o v e m e n t o f th e
h ig h w a y fr o m C le v e la n d to P a r k s v llle ; th e o p e n in g o f a lim e s t o n e q u a r r y ;
th e c o m p le t i o n o f o ffic e , & c ., b u ild in g s , a c e m e n t c r u s h e r , & c .
T h e c o ffe r
d a m , r u n n in g th r e e -q u a r te r s o f th e w a y a c r o ss th e r iv e r , a n d th e e x c a v a tio n s
f o r t h e p o w e r s t a t i o n a n d t h e fir s t s e c t i o n o f t h e d a m h a v e b e e n c o m p le t e d
a n d a c o n s id e r a b le a m o u n t o f c o n c r e te la id .
T h e c o n s t r u c t i o n w o r k is
u n d e r th e s u p e r v is io n o f J . G . W h i t e & C o . o f N e w Y o r k .
T h e fir s t d e v e l o p
m e n t w ill p r o b a b l y b e In o p e r a t i o n b y M a r c h l 1 9 1 2 .
T h e p r o p e r t y w ill b e u n d e r o u r d ir e c t m a n a g e m e n t .
[P r e s ., C . A . P e a r
s o n J r .: S e c .- T r c a s ., G . R . N ic h o ls .
O f f i c e , 3 2 1 C h e s t n u t S t . , P h l la .]
Great Eastern Telephone Co.— D e c is io n .—The Court of
Appeals at Albany on March 28 affirmed the decision of the
lower Court denying the application of the New York^Electric
Lines Co. for a mandamus to compel the Empire City Sub
way Co. to grant space in its conduits for the plaintiff’s
wires. Compare V. 91, p. 1773, 1098.
Great Falls (Mont.) Power Co.— S a le o f B o n d s .—This com
pany, organized by John D. Ryan (President of the Amalga
mated Coppe Co.), has sold 34,000,000 5% 30-year bonds to
the Guaranty Trust Co. of New York.
T h e c o m p a n y h a s d e v e lo p e d o n th e M is s o u r i R iv e r a t G r e a t F a lls , M o n t .,
a b o u t 4 7 ,0 0 0 h . p . , a n d h a s t r a n s m is s io n lin e s t o B u t t e a n d A n a c o n d a , Its
p r in c ip a l m a r k e t s fo r p o w e r ; It a ls o o w n s a p p r o x i m a t e ly
1 0 0 ,0 0 .) h . p . ,
u n d e v e lo p e d o r p a r t ly d e v e lo p e d .
T h e s e p o w e rs a re lo c a te d a d v a n ta g e o u s ly
f o r t h e d e l i v e r y o f p o w e r t o t h e r a i l r o a d s c r o s s i n g t h e R o c k y M t s . , a n d i t is
b e lie v e d t h a t w it h in a fe w m o n t h s c o n t r a c t s fo r e le c tr ic a l P p W c r fo r r a il
r o a d o p e r a t io n w ill b e e n t e r e d In to t h a t w ill r e q u i r e a la r g e p a r t o f t h e p o w er
n o w u n d e v e lo p e d .
The
d e v e lo p e d
pow er
Is
p r a c tic a lly
a ll
s o ld
.a n d
t h e b o n d is s u e h a s b e e n m a d e t o c o v e r t h e a c t u a l c o s t o f th (! d e v e l o p m e n t .
T h e c o m p a n y , i t Is s t a t e d , h a s d e v e l o p e d i t s p o w e r a t a l o w c i c o s t p e r
h o r s e p o w e r t h a n a n y o t h e r o f th e la r g e w a te r p o w e r s o f t h e c o u n t r y .
A sso
c ia t e d w ith M r . R y a n a r e M a r c u s D a l y , 1 . F . C o le a n d J o h n G . M o i o n y ,
P r e s i d e n t o f t h e D a l y b a n k s In M o n t a n a , a n d s t r o n g N e w
Y o r k In te re sts.
fT h e co m nan v
It is u n d e r s t o o d , w a s I n c o r p o r a t e d a t
lr e n to n , A . J .,
o n N o v . 8 1 9 0 9 w it h $ 1 7 ,0 0 0 ,0 0 0 o f a u t h o r iz e d c a p it a l s t o c k (d iv id e d in to
$ 1 0 0 0 0 0 0 0 7 " , ', c u m u l a t i v e p r e f e r r e d a m i $ 7 , 0 0 0 , 0 0 0 c o m m o n ) , a s a n a l l y
If n o t a s s u c c e s s o r t o p r o p e r t y o f th e G r e a t F a lls W a t e r P o w e r & T o w n s lt e
Co
C om p are V
87
p . 5 4 8 ; V . 8 8 , p . 1 6 2 4 , a n d se c d e s c r ip tio n o f R a in b o w
F a i l s d e v e l o p m e n t in “ E n g . R e c o r d ” o f N . Y . f o r M a r c h 12 1 9 1 0 .]
[V O L . L X X X X I I .
J o h n s to w n , b e in g n e a r ly m id w a y b e tw e e n th e C o lo r a d o & S o u th e r n a n d
th e U n io n P a c ific R y .
O p e r a t e d th e e n t ir e y e a r , h a s g r e a t ly f a c ilit a t e d
t h e b e e t - s u g a r i n d u s t r y a n d is a p a y i n g
in v e s tm e n t.
[N o
b o n d s .— E d .]
(0 ) I n g l c s l d e L i m e s t o n e C o . — I n c o r p o r a t e d in 1 9 0 7 t o p u r c h a s e l a n d a n d
q u a r r y l i m e s t o n e , a l a r g e q u a n t i t y o f w h i c h is u s e d i n t h e r e f i n i n g o f b e e t
su gar,
(c ) I m p e r i a l L a n d C o . — O r g a n i z e d t o a c q u i r e f a r m l a n d s I n t h e
N o r t h P l a t t e V a l l e y a n d a t o t h e r p o i n t s . (</) N o r t h e r n C o n s t r u c t i o n C o .
U p to A p r il 1 9 0 9 th e s t o c k w a s c lo s e ly h e ld w ith le ss t h a n 7 0 p r e f . s t o c k
h o ld e r s , w h ile a y e a r la te r th e n u m b e r w a s In c re a s e d t o a b o u t 7 0 0 .
The
c o m p a n y h a s n o b o n d e d o r o th e r in d e b te d n e s s m o r e th a n c u r r e n t b ills .
I t is i n e x c e l l e n t f i n a n c i a l c o n d i t i o n , h a v i n g a c c u m u l a t e d a l a r g e s u r p l u s .
T h e p r e f . h a s p a id 7 %
e v e r s in c e in c o r p o r a t io n , w h ile th e c o m m o n s t o c k
b e g a n d l v s . In J a n . 1 9 1 0 .
T h e p r e f . s t o c k is p r e f e r r e d a s t o a s s e t s a s w e ll a s
d iv i d e n d s a n d c a r r y fu ll v o t i n g p o w e r .
A ll d iv id e n d s a r e p a y a b le Q .- J . 2 .
T h i s is t h e l a r g e s t b e e t - s u g a r c o m p a n y i n t h e w o r l d .
It d o e s a g ro ss b u s i
n e ss o f a p p r o x im a t e ly $ 1 2 ,0 0 0 ,0 0 0 a n n u a lly
a n d lia s p a id o v e r $ 5 , 0 0 0 , 0 0 0
in d i v i d e n d s .
C om p are V . 9 1 , p . 157 7 .
D ir e c to r s : C . 8 . M o r e y , P r e s , a n d G e n . M g r .: W . A . D ix o n , 1 st V . - P . ,
a n d C h a r le s B o e ttc h e r , 2 d V . - P . , D e n v e r ; M . D . T h a t c h e r , T r e a s ., a n d A l v a
A d a m s , o f P u e b lo ;
G o d fr e y S c h ir m e r a n d J . I I . P o r te r , D e n v e r ;
R . M :
B o o r a e m , F t . C o llin s , C o l o .;
H o ra c e Ila v e m e y e r , N . Y . C ity ; S a m u e l C .
H o o k e r , P h ila d e lp h ia ; A . V . I l c e l y , P la in fie ld , N . J .— V . 9 1 , p . 1 5 7 7 .
Hudson County (N. J.) Water Co.— N e w R e c e iv e r .—Judge
John Itellstab at Trenton, N. J., on March 27 appointed
Ephraim M. Carroll of New York in place of Harry Hubbard
as co-receiver with William N. Leonard of New York, ap
pointed some time ago. Mr. Hubbard retired on account of
poor health.— V. 91, p. 1773.
Hudson River Electric Power Co.—E a r n in g s .—The com
bined earnings of the allied companies, as reported by the
receiver, were:
S even
O p e r a tin g
M o n th s—
R even u e.
1910
..................$ 4 7 7 , 0 7 0
_________
4 5 5 ,4 6 2
1909
— V . 91, p. 1713.
N et O per.
In com e.
$ 2 2 6 ,7 8 1
2 0 6 ,7 3 5
N o n -O p e r .
N et In com e.
$ 2 3 ,2 9 1
1 6 ,8 2 8
In te r e s t.
$ 3 2 9 ,8 0 3
3 3 0 ,3 3 0
B a la n c e ,
D e ficit.
$ 7 9 ,7 3 1
1 0 6 ,7 6 7
Indian Refining Co., Cincinnati.— B o n d s O ffe re d . —Hallgarten & Co., N. Y., are offering, at 101, for the series of 1912,
1003/6 f°r series of 1913 and par and int. for the remainder,
the unsold portion of 34,000,000 1st M. serial G% gold bonds
dated April 1 1911 and due in 20 half-yearly installments of
3200,000 each, beginning April 1 1912, but callable for the
sinking fund or as an entire issue on any interest date at
102 and int. Mercantile Trust Co., N. Y., trustee. Par,
31, .00 (c*j. Int. A. & 0.
C a p ita lis a tio n .
F irst M . Serial 6 % b o n d s a u th ., $ 5 ,0 0 0 ,0 0 0 ; reserved fo r fu tu re
Issue (m a tu rin g In sem i-ann ual installm ents o f $10 0,00 0 from
A p ril 1 1917 to O c t . 1 1921), $1 ,0 0 0 ,0 0 0 ; present issu e _______$ 4 ,0 0 0 ,0 0 0
S t o c k ($ 3 ,0 0 0 ,0 0 0 is 7 % p r e fe rr e d )______________________ _________ 6 ,0 0 0 ,0 0 0
Abstract of Letter from Pres. Richmond Levering, N. Y., March 24 1911.
I n c o r p . in 1905 an d is engaged in p ro d u cin g , tra n sp o rtin g an d refin in g
cru d e oil an d In m an u factu rin g lu b rica tin g oils, paraffin e w a x , greases, e t c .
Sells c h ie lly gasolin e, kerosene, fuel an d cru d e o il.
Its “ liqu id a s p h a lt ,”
“ Ila v o lln e OH” an d " P a c k a r d O il” arc being e x te n s iv e ly d is trib u te d .
H as b u ilt refining pla n ts at L a w rcn ce v ltlc, 111., and G e o rg e to w n , ICy.,
ow n s entire s to c k o f a refin ery at N ew O rleans, and op erates refineries at
E a st S t. L ou is an d P itts b u r g h :a n d , through subsidiaries (entire-stock o w n e d ) ,
has large sto ra g e sta tion s a t N ew O rleans anil Jersey C ity fo r e x p o r t bu si
n ess. A lso has m a n y distrib u tin g station s in tlds co u n tr y an d E u ro p e a n d ,
o p e ra te s u n d er e q u ip m e n t trusts, A c ., 1,182 tan k ears. Its oil lands an d
oil leases arc e x tre m e ly v a lu a b le . C o m b in e d c a p a c ity o f all refineries o w n ed
o r o p e ra te d , 13,500 barrels per d a y .
T h ese b o n d s a rc a 1st M . u p o n su b sta n tia lly all p r o p e r ty n o w o w n ed or
th ereafter a cq u ir e d , e x c e p t for p u rch a s e -m o n e y m ortg ages a ggre ga tin g
$50 ,0 0 0 and o u ts ta n d in g car tru sts. A ll o il-p r o d u c in g leases o w n e d b y the
su b sid ia ry B rid ge p o rt O il C o . h a ve been co n v e y e d to the c o m p a n y an d are
d ire ctly u nd er the m o rtg a g e .
P ro p e rty c o v e r e d e s t . at a b o u t $ 1 4 ,0 0 0 ,0 0 0 .
S in k in g fund for re d e m p tio n o f the bon d s a t o r b efore m a tu rity , 6 0 % o f
th e net v alu e o f the o il p ro d u ce d (gross va lu e n o t to be tak en at less than
50 c t s . per b a rre l): such p a y m e n ts m ust aggregate $50 0,00 0 per ann um
a n d need n o t ex ce e d $250,000 each q u a rte r.
N o d iv id e n d s to be d ecla red
unless sin k in g fund p a y m e n ts h a ve aggregated .$125,000 fo r each q u a rte r.
S in k in g fund to be increased u p o n Issue o f b on d s In excess o f $ 1 ,0 0 0 ,0 0 0 .
A v e ra g e annual net earnings d u rin g the last throe years (a fte r g iv in g
e ffe ct to the present sale o f b on d s an d th e retirem en t o f the c o m p a n y ’s
$2,5 0 0 ,0 0 0 n otes an d the $ 1 ,2 0 0 ,0 0 0 d eb en tu res o ( the B rid g e p o rt Oil C o.
from the pro ce e d s th ereof) w ere a b o u t $ 1 ,0 0 0 ,0 0 0 , o r o v e r fou r tim es th e
Interest on these b o n d s. T h e net earnings for 1910 on a b o v e basis a m o u n te d
to a b o u t $ 1 ,2 0 0 ,0 0 0 , w ith o u t a n y ben efit fro m the new refin ery at L aw r cn e cv llle . 111., an d o th e r Im p rovem en ts, w h ich sh o u ld c o n s id e ra b ly In
crease the earn in gs.
H as paid annual d iv id e n d s o f 7°,', on the p re f. s to c k
since Its cre a tio n and o f 12°,', on the co m m o n s to c k since J u ly 1 9 0 8 .
P resent m ark et value o f the o u tsta n d in g sto ck s is a b o u t tw ice this issue.
[W e ll, R o th & C o . are o ffe rin g th e b o n d s in C incinnati and C h ica g o .]
See also V . 92, p . 599, 529.
Great Western Power Co., California.—3150,000 P a id on
3150,000
which has been on deposit pending negotiations for the pur
chase of the City Electric Co. of San Francisco has, it is re
ported, been paid over to Herbert and Mortimer Fleish- International Agricultural Corporation.— P re fe rr e d S to c k
hacker, who have contracted to deliver at least two-thirds O ffe re d —E a r n in g s . —White, Weld & Co., New York and Chi
of the capital stock to the Great WesteraPower Co. interests. cago, arc recommending,at the market price (about 99 bid,
100 asked), the 7% cum.pref. stock (voting trust certificates)
paying semi-annual divs. of 3)A% each, the last on Jan. 15
1911. A circular shows (compare V. 91, p. 1515):
P u rc h a s e o f C ity E le c tric C o. o f S a n F r a n c is c o .—'I he
T h e c a p i t a l s t o c k o f t h e C i t y E l e c t r i c C o . Is $ 5 , 0 0 0 , 0 0 0 a n d t h e p u r c h a s e
p r ic e is $ 8 0 a s h a r e , p a r $ 1 0 0 .
A l l s h a r e h o ld e r s w e r e o ffe r e d t h e r ig h t t o
p a r t i c i p a t e In t h e s a l e b y d e p o s i t i n g t h e i r h o l d i n g s w i t h t h e F l e l s h h a c k c r s .
w h o w e r e t o r e t u r n t h e s a m e In c a s e t h e s a l e s h o u l d n o t b e c o n s u m m a t e d
by A u g. 1 1911.
T h e r e a re o u ts ta n d in g $ 1 ,7 0 0 ,0 0 0
1 st M . 3 0 -y e a r 5 s,
d a te d 1 9 0 7 , d u e J u ly 1 1 9 3 7 , b u t c a lla b le o n o r a ft e r J u ly 1 1 9 1 2 a t 1 0 5 .
I n t . J . & J . a t S a n F r a n c isc o .
T r u s t e e , C e n t r a l T r u s t C o . , S a n I* r .
A u th .
$ 5 ,0 0 0 ,0 0 0 .
S . fd , 1913
to ’ 1 7 , 1 % a n n . o f b o n d s o u t; 1 91 8 to 2 2 , 1 H %
1 9 2 3 to ’3 2 . 2 % : 1 9 3 3 to ’ 3 7 , 2 ) ( % .
D u rin g 1 9 1 0 th e c a p a c it y o f th e C it y
c o m p a n y ’s e le c tr ic p la n t a t M a s o n a n d B e a c h S t s ., S . F r ., w a s in c r e a s e d
fr o m 1 5 ,0 0 0 to 3 0 ,0 0 0 h .p . a n d th e m o n t h ly d iv id e n d w a s In c r e a se d fr o m
2 5 to 3 0 c ts. per sh a re .
F o r c a i . y e a r 1 9 0 9 t h e C i t y C o . , I t Is s a i d , h a d g r o s s
e a r n s , o f $ 7 8 8 ,9 0 9 : n e t . a fte r o p e r . e x p ., $ 3 9 7 ,4 4 9 .
(S e e a ls o V . 8 a , p .
1 4 0 4 ; V . 8 8 , p . 2 3 3 . 1 4 3 9 .)
N e g o t ia t io n s fo r a le a s e o f th e h y d r o -e le c t r ic
p la n t o f th e G r e a t W e s t e r n P o w e r t o t h e P a c lllo G a s & E le c t r ic C o . r e c e n t ly
fe ll t h r o u g h .
S e e W e s t e r n P o w e r C o . In V . 9 2 , p . 5 3 4 . — V . 9 1 , p . 1 1 6 3 .
Great Western (Beet) Sugar Co., Denver, Col.— S to c k
O ffe re d . —Boettcher, Porter & Co., Denver, are offering the
company’s 7% cum. pref. shares at 103 and the common
shares at 63, in each case plus accrued divs. A circular says:
I n c o r p . In N . J . in 1 9 0 5 .
T h e a u t h . c a p i t a l s t o c k is $ 1 5 , 0 0 0 , 0 0 0 c o m m o n
a n d $ 1 5 ,0 0 0 ,0 0 0 p r e f.
O u ts ta n d in g :
$ 1 0 ,5 4 1 ,0 0 0 c o m m o n , $ 1 3 , 0 3 0 , 0 0 0
p r e f.
P ar o f sh a res, $ 1 0 0 .
T r a n s fe r a g e n t . F a r m e r s ’ L o a n & T r u s t C o .,
N . Y . C it y ; r e g is tr a r , F r a n k lin T r u s t C o ., N . Y . C it y .
C o m p a n y o w n s 9 b e e t - s u g a r f a c t o r i e s In N o r t h e r n a n d E a s t e r n C o l o r a d o ,
w ith a t o t a l p r o d u c t iv e c a p a c it y e s tim a te d a t 2 6 6 ,9 2 0 ,0 0 0 lb s . fo r 1 2 0 -d a y
c a m p a i g n , r u n n in g a t fu ll c a p a c i t y , v i z . :
E a t o n , 2 0 ,0 0 0 ,0 0 0 l b s .; G r e e le y .
1 7 ,5 0 0 ,0 0 0
l b s .;
W i n d s o r , 2 0 ,9 0 0 ,0 0 0 l b s .;
F o r t C o liin s , 5 1 ,7 0 0 ,0 0 0 lb s .
L o v e la n d , 4 4 ,3 0 0 ,0 0 0 lb s .: L o n g m o n t , 4 7 ,5 0 0 ,0 0 0 lb s .: S te r lin g . 2 2 ,1 0 0 ,0 0 0
lb s .;
B r u s h , 2 1 , 5 0 0 ,0 0 0 l b s .:
F o r t M o r g a n , 2 1 ,4 2 0 ,0 0 0 lb s .
T h e gu aran
t e e d s l i c i n g c a p a c i t y o f t h e s e f a c t o r i e s f o r e a c h 2 1 h o u r s Is 7 , 2 0 0 t o n s .
T h e c o m p a n y o w n s a ll o f th e c a p it a l s t o c k o f t h e B illin g s S u g a r C o ., B ill
in g s , M o n t ., a n d S c o t t s b lu f l S u g a r C o ., S c o t t s b lu lf, N e b ., s lic in g c a p a c it y
1 , 2 0 0 t o n s e a c h , m a k i n g t h e t o t a l s l ic in g c a p a c i t y o f a lt f a c t o r i e s a p p r o x i
m a t e ly 1 0 ,0 0 0 to n s p e r 2 4 h o u r s .
T h e c o m p a n y a ls o o w n s a ll o f th e c a p ita l s to c k o f th e :
(a ) T h e G r e a t
W e s t e r n R y . , w h ic h n o w h a s a m ile a g e o f 7 1 .4 m ile s , e x t e n d in g fr o m E a t o n
t o L o n g m o n t , c o n n e c t in g E a t o n , W i n d s o r , L o v e la n d a n d L o n g m o n t , w ith
a s p u r t o V V c lt y , w e s t f r o m J o h n s t o w n , a n d a s p u r t o M l l l l k c n e a s t f r o m
C a p ita lis a tio n —
A u th o r ise d .
O u ts ta n d in g .
In
T rea s.
U n issu e d .
$ 11 ,694 ,30 0
$ 62 ,500
$ 2 4 3,20 0
7?f, cu m . pref. s t o c k ____$1 2 ,0 0 0 ,0 0 0
C om m on s t o c k
______ 12,000,000
7,4 4 8 ,8 0 0
1,0 8 2 ,5 0 0 3 ,4 8 8 ,9 0 0
P ra ctica lly all o f b o th s to ck s Is s u b je c t t o a v o tin g tru st w h ich runs until
S e p t. 14 1914. T h e c o r p o r a tio n Itself has n o bon d ed d e b t, an d d isre ga rd in g
$6,500 o n o n e sm all p r o p e r ty , the o n ly b o n d s o f its subsidiaries are $ 6 ,0 0 0 ,
000 p u rch ase-m on ey b on d s o f the Vtlas P h osp h ate C o ., w hich are secu red
b y d e p o s it o f the en tire s to c k o f th e P ra irie P e b b le P h o sp h a te C o.
SO
Y e a r s e n d in g J u n e
— 1 9 1 0 -1 1 I n c l . 4 M o s . O f f i c i a l l g E s t i m a t e d .
1909-10. 1910-1 H e s t ) I
1909-10. 1910-1 l ( e s t )
N et e a r n in g s .$ 1 ,0 1 7 ,5 0 4 $ 1 , 8 0 0 , 0 0 0 S u r.o ve r p f.d iv $ 3 8 0,23 3 3 1 , 0 2 0 , 0 0 0
7 %
p re f. ill v..
437 ,271
780 ,000 |P . C . o n com .
0.78
13.6
— V . 9 2 , p . 599.
■
E a rn in g s fo r
La Crosse (Wis.) Water Power Co.—In te r e s t P a y m e n t
B e ca u se o f D r o u g h t. —President W. J. Ferris has
issued a circular notifying the bondholders that the com
pany is not prepared to pay the coupons due to-day and will
avail itself of the six months’ grace allowed by the deed of
trust. The rainfall of 1910 was only about one-half the
normal amount, and it was therefore necessary not only to
reduce die output of power, but also to make large use of
the auxiliary steam plants costing for coal alone $92,000.
D e ferre d
O u t l o o k a s S t a t e d b p P r e s i d e n t .— " T h e o u t lo o k Is far m ore p rom isin g. T h
p re cip ita tio n for 1911 to the present tim e Is a b o v e n o rm a l. O n M arch 10
the use o f steam reserve plants w as d is c o n tin u e d , and the c o m p a n y Is n o w
fulfilling Its c o n tr a c ts w ith p o w e r gen erated b y w ater, an d at c o n t r a c t rates
th e gross Incom e th erefrom Is In excess o f all op e ra tin g and interest ch arges.
T h e d irectors h ave, th erefore, g o o d g rou n ds fo r their c o n fid e n ce th a t th e
present defau lt w ill be rectified fro m the earnings w ithin the s ix -m on th s
g r a c e p e r io d .”
*
THE CHRONICLE
A m . 1 1911.]
A W i s c o n s i n c o r p o r a t i o n , o r g a n i z e d In 1 9 0 5 a s t h e L a C r o s s e E le c t r i c
I Itrh t & P o w e r C o .
In J u ly 1 9 0 7 a c q u ir e d c o n tr o l o f th e W i n o n a R y . A
L t
C o . , a n d e a r l y In 1 9 0 9 c o m p l e t e d n e a r H a t f i e l d , W l s . , o n t h e B l a c k
R i v e r a n 8 ,0 0 0 h . p . liy d r o -e le c t r lc p l a n t a n d t r a n s m is s io n lin e s t h e n c e to
W in o n a (4 8 m ile s ), L a C ro sse (4 7 m ile s ), & e .
( S e e “ I 'll. W o r l d ” o f N . Y . ,
M a r c h 3 1 1 9 1 0 .)
A u t h . c a p . s t o c k , $ 5 ,0 0 0 ,0 0 0 , In c h $ 1 ,5 0 0 ,0 0 0 p r o f; p a r
S 100 a sh are.
A u t h . b o n d e d d e b t , $ 2 ,0 0 0 ,0 0 0 1st M . b o n d s d a te d 1 9 0 6 a n d
d u e A p r i l 1 1 9 3 1 , b u t c a l l a b l e In 1 9 2 0 ; I n t . A . & O . a t S t a t e B a n k ( t r u s t e e ) ,
C h ic a g o , a n d 1 st N a t . B a n k , N . Y . ; o u t s t a n d in g a t la s t a c c o u n t s , $ 1 ,0 0 0 ,0 0 0
5 U s a n d $ 4 2 1 ,0 0 0 5 s .
P r e s , a n d G e n . M g r ., W . J . F e r r is ; V . - P . a n d T r e a s .,
E
G
B o y n t o n ; S e c ., O r la n d o
H o lw a y .
O ffic e , L a C r o s s e .
T h c -e
bonds
w e r e flo a te d b y th e T r o w b r id g e & N lv e r C o . o f C h ic a g o .
885
Niagara Falls Power Co., New York.— N e w S to c k . —The
company having received atithority (in December last)£to
issue §1,534,000 capital stock, in order to provide for the re
tirement of the remainder of its outstanding debentures
due or callable this year, offers to the holders of its outstand
ing stock (§4,197,500) of record April 7 the right to sub
scribe at par until 3 p. m. May 10 at the Bankers Trust Co.,
N. Y., on warrants to be issued about April 7, for the afore
said new stock to the extent of 36 shares for each 100 shares
of their registered holdings.
Lake Superior Iron & Chemical Co., Detroit.— P re fe rr e d
Bros. & Co., Mon eT hord
e su b scrip tio n s w ill b e p a y a b le In o n e a m o u n t In N e w Y o r k fu n d s to
e r o f B ankers T ru st C o ., 7 W a ll S t ., N . Y . , o n o r b e fo r e M ay 10
treal, are offering at 80, yielding 8%% on the investment, th1911.
pa re V . 9 2 , p . 258 .
the unsold portion (less than §200,000) of a block of §300,000 NovaC omScotia
Steel & Coal Co.— In c r e a s e o f S to c k A u th o r iz e d .
7% cum. pref. stock, carrying a 25% common stock bonus. —The stockholders
on March 29 authorized an increase in the
The bankers say in part:
common stock from §6,000,000 to §7,500,000. None of the
new stock, it is said, is to be issued at present.—V. 92, p. 530.
Parker Cotton Mills Co., Greenville, S. C.— M e rg e r Plan
S u c c e s s fu l— G u a ra n te e d S to c k O ffe re d . —A large part of the
present issue of §1,750,000 7% guaranteed stock having been
placed, Curtis & Sanger, Boston, New York and Chicago,
are offering by advertisement on another page the unsold
portion at par (§100 a share). This stock is preferred as to
assets and earnings, and dividends thereon are cumulative
from April 1 1911, payable quarterly. The mills in the
merger have a total spindlcage amounting to about 357,952
spindled, with an estimated valuation of about §9,000,000.
The guaranteed stock is issued (at the rate of about
§4 90 per spindle) to retire all floating debt and provide
S500,000 working capital.
This company was incorporated Feb. 10 1911 in South
Carolina witli a capital stock of $12,000,000, to bring
under one ownership or control the nine South Carolina
mills named below. These, with the exception of Greers
Co., had been largely under the management of Lewis
Manufacturers’ Light & Heat Co. of Pittsburgh.— P r o Mfg.
p o se d P la n R e je c te d .—The stockholders on March 29, by a W. Parker, the President of the new corporation.
$ 7 ,0 0 9 .9 0 0
vote of 32,299 in favor to 329,629 in opposition, rejected
d t o preferen tial d iv id e n d s o f 7°J per
the proposed plan to issue §8,500,000 bonds to retire out a n n u m ( Q .-J .) , se un title
b je c t t o re tirem en t o n a n y d iv id e n d d a te at
p er share w ith a ccru e d d iv s . an d in t ., w ith p r o v is io n
standing bonds, liquidate the floating debt and provide work $120
a 5 % r e d e m p tio n fu n d . A rra n g em en ts h a ve heen m ade
ing capital. George Crawford, A. C. Warne of Washington, tforo sell
the p resen t Issue at par to p a y oir d e b ts o f th e several
0 w o rk in g ca p ita l. T h e issue
Pa., and S. Y. Ramage of Oil City were appointed as a com c o m p a n ie s and p r o tvoid e$3,0$500 00,00
,0 0 0 b y sale a t p a r ,fo r ca s h , fo r
mittee to confer with the directors in regard to a satisfactory ma dadyitiob en aIncreased
l p r o p e r ty ; b u t b e y o n d this o n ly on v o t e o f 8 0 % o f the
gu ar, s to c k .
T h e gu ar, s t o c k Issue m u st n o t e x c e e d o n e -th ird
plan.—V. 92, p. 729, GOO.
o f tile p re f. Issue. A u th o riz e d , $ 2 ,0 0 0 ,0 0 0 : present issue _ .8 1 ,7 5 0 ,0 0 0
d t o a c u m u la tiv e d iv id e n d o f 6 % per an
Mexican Telegraph Co.— P a r tly E s tim a te d E a r n in g s .—For n u m , p a y a b le enq utitle
a rte rly , c o m m e n cin g J u ly 1 1911, In preferen ce
quarters ending March 31:
t o th e c o m m o n s to c k , and co n v e r tib le u p on a n y d iv id e n d d a te
Into c o m m o n s t o c k , share fo r share, b u t th e h olders o f th e c o m
S to c k T r u s t C e rtific a te s O ffe re d .—McCuaig
■ O f t h e a u t h . I s s u e o f $ 1 0 , 0 0 0 , 0 0 0 c o i n , s t o c k , $ 8 , 3 7 5 , 0 0 0 Is o u t s t a n d i n g
a n d $ 1 6 2 5 , 0 0 0 w ill b e r e t a i n e d in t h e t r e a s u r y fo r t h e r e t i r e m e n t o f t h e p r e f .
s t o c k . ’ T h e $ 1 , 6 2 5 , 0 0 0 p r e f . s t o c k ( a l l I s s u e d ) is e n t i t l e d a s f r o m A p r i l 1
1 9 1 1 t o c u m . d l v s . a t r a te o f 7 % p e r a n n u m , a n d ta k e s p r e c e d e n c e o v e r a ll
o th e r c la s s e s o f s t o c k .
H o ld e r s h a v e th e r ig h t t o c o n v e r t It In to th e c o m .
s t o c k , s h a r e fo r s h a r e (p a r $ 1 0 0 ) , a t a n y t i m e . B o n d s Is s u e d a n d lis te d o n
L o n d o n S t o c k E x c h a n g e , $ 6 ,5 0 0 ,0 0 0 ( V . 9 1 , p . 1 7 7 1 ).
F r o m th e s a le o f b o n d s a n d s t o c k $ 1 ,0 0 0 ,0 0 0 h a s b e e n p r o v id e d fo r e x t e n
s i o n s a n d I m p r o v e m e n t s a n d $ 1 , 6 7 5 , 0 0 0 f o r w o r k i n g c a p i t a l , a n d I t Is c s t m a t e d t h a t w h e n t h is m o n e y h a s b e e n e x p e n d e d t h e e a r n in g s w ill b e s u f f i
c ie n t to p a y th e p r e f. s to c k d lv s . s ix tim e s o v e r .
B u t to In su r e th e c o n tin u
o u s p a y m e n t o f th e p r e f. s to c k d l v s ., p e n d in g th e im p r o v e m e n t s a n d a d d i
tio n s, th ere
lia s b e e n d e p o s i t e d w it h t h e M o n t r e a l T r u s t C o . a s u f f i c i e n t
s u m t o p r o v id e fo r th e p a y m e n t o f d l v s . fo r a fix e d p e r io d o f tw o y e a r s fr o m
A p r il l 1911 o n th e s to c k n o w o ffe r e d .
S u b s c r ib e r s fo r th is b lo c k o f s t o c k
w i l l r e c e i v e d i v i d e n d - b e a r i n g t r u s t c e r t i f i c a t e s I s s u e d b y t h e M o n t r e a l '1 r u s t
C o . o n w h ic h t h e y w ill p a y d l v s . A p r il 1 a n d O c t . 1 .
O n A p r il 5 1 9 1 3 , u p o n
s u r r e n d e r o f th e s e c e r t if ic a t e s , t h e s a id t r u s t c o m p a n y w ill d e liv e r t o th e
h o ld e r a c c r tlllc a t o fo r th e s a m e n u m b e r o f s h a r e s o f th e 7 % c u m . p r e f .s t o c k .
'P h e c o m p a n y w a s o r g a n i z e d In N . Y . S t a t e t o p u r c h a s e 6 c h a r c o a l p l g - l r o n
fu r n a c e s , t o g e t h e r w it h c e r t a in c h e m ic a l a n d c h a r c o a l p la n t s lo c a t e d
as
s h o w n b e lo w , th e ir t o t a l a n n u a l c a p a c i t y in p l g -lr o n b e in g 1 9 8 ,0 0 0 t o n s , v i z . :
A s h la n d , W l s ., 4 6 ,0 0 0 to n s ;
M a n ls t iq u e , M i c h ., 4 0 ,0 0 0 t o n s ;
N ew berry.
M i c h ., 2 8 ,0 0 0 to n s :
B o y n e C i t y , M i c h ., 2 7 ,0 0 0 t o n s ;
E lk R a p i d s ,M i c h .,
3 2 ,0 0 0
t o n s ; C h o c o la y , M i c h ., 2 5 ,0 0 0 t o n s ,
'l 'h e l a r g e s t p r o d u c e r o f c h a r
c o a l p lg -lr o n in t h e r j . S . a n d w ill b e t h e la r g e s t p r o d u c e r o f w o o d - a l c o h o l a n il
a c e t a t e o f lim e In t h e U . S .
S e c .a ls o V . 9 1 , p . 1 7 7 4 ; V . 9 2 , p . 6 6 6 .
P r e s e n t C a p ita l S to ck o f M e r g e r C o m p a n p ,
G u a ra n teed sto ck ,
— O rd er o f P r io r itg .
P r e fe r r e d sto ck
N et.
M e x . G o v t . D l v s . ( .2 1 4 % )
$ 1 9 2 ,3 9 2
$ 1 1 ,5 0 0
$ 8 9 ,7 3 5
1 8 8 ,5 0 0
9 ,5 0 0
8 9 ,7 3 5
1 9 1 1 , $ 2 ,6 7 6 ,2 7 4 .— V . 9 1 , p . 1 7 7 5 .
3 M o s .—
G ross.
1 9 1 1 _______ _________$ 2 0 7 , 5 0 0
1 9 1 0 _______________ 2 0 5 , 0 0 0
T o t a l s u r p lu s M a r c h 3 1
•B
a l .,S u r .
$ 9 1 ,1 5 7
8 9 ,2 6 5
Milwaukee & Chicago Breweries, Ltd.—R e p o r t .—The re
port for the year ending Sept. 30 1910 shows the following
results for the American company:
.
_
F is c a l
T o ta l
D e p r e c 'n ,
I) tv id . to
B a la n ce ,
S a les .
Year—
P r o f i t s . R e p ’ r s ,& c . I n te r e s t. E n g l t s h C o . S u r p l u s .
( B a r r e ls .)
1 9 0 9 - 1 0 $ 8 8 0 ,6 3 1
$ 5 2 7 ,0 4 6 $ 1 7 2 ,9 1 7
$ 1 6 5 ,0 0 0
$ 1 5 ,6 6 8 $ 1 ,0 3 1 ,5 8 0
1 9 0 8 -0 9 . . .
9 0 7 ,2 1 1
5 0 6 ,5 6 9
1 7 0 ,1 9 7
2 2 2 ,5 0 0
1 ,6 4 5
9 4 0 ,9 2 5
1 0 0 7 -0 8
. . . 6 1 9 ,0 3 0
2 3 6 ,7 5 5
1 9 2 ,9 7 6
2 1 9 ,0 0 0 d c f .2 9 ,7 0 1
9 7 3 ,5 0 6
1 9 0 6 -0 7 9 4 2 ,3 1 5
5 0 7 ,0 5 3
1 7 5 ,0 0 0
2 5 5 ,0 0 0
5 ,2 6 2
1 ,0 0 9 ,2 8 2
T h e E n g l i s h c o m p a n y p a i d 3 > 4 % In d i v i d e n d s f o r t h e y e a r 1 9 0 9 - 1 0 ( I n
c lu d in g 1
p a id N o v . 1 9 1 0 a n d 2 % d e c la r e d p a y a b le A p r il 1 9 1 1 ) , c a lli n g
f o r £ 2 9 , 8 3 7 ( 5 % h a v i n g b e e n p a i d In 1 9 0 8 - 0 9 , c a l l i n g f o r £ 4 2 , 6 2 5 ) , l e a v i n g a
s u r p lu s o f £ 5 4 4 to b e c a r r ie d fo r w a r d a fte r d e d u c t in g e x p e n s e s a n d a d d in g
£ 3 4 9 b r o u g h t fo r w a r d fr o m 1 9 0 8 -0 9 .— V . 9 0 , p . 8 5 3 .
New Departure Manufacturing Co., Bristol, Conn.— B o n d s
O ffe re d .—Stedman & Redfield and Francis R. Cooley, botli
of Hartford, are offering for sale the unsold portion of a total
issue of §750,000 1st M. 6% gold bonds dated March l 1911
and due serially §75,000 annually, March 1 1912 to March 1
1921, inch Par §1,000 (c*). Int. M. & S.
T r u s t e e , C o n n e c tic u t T r u s t & S a fe D e p o s it C o .
P r in c ip a l a n d In te re st
p a y a b l e in N e w Y o r k .
T h e b o n d s a r c o l l c r c d a t p r i c e s t o y i e l d f o r 1.) 1 3
m a tu rity , 5
1 0 1 4 to 1 0 1 8 m a tu r itie s , 5 .1 5 to 5 . 4 5 % ; 1 0 1 9 to 1 0 2 1 , o % ' / 0
A b stra c t
of
L e tte r
fr o m
T reasu rer
C h a r le s T . T r e a d w a y ,
A la r c h
21
1911.
P a r t o f t h e p r o c e e d s o f t h e b o n d s h a v e b e e n u s e d In r e t i r i n g p r e v i o u s
b o n d I s s u e o f $ 5 0 9 , 0 9 9 a n d t h e b a l a n c e is t o b e u s e d I n r e d u c i n g f l o a t i n g
d e b t a n d p r o v id in g fo r e x te n s io n s to p la n t a n d e q u ip m e n t .
1 lie b o n d s
c o v e r a n a p p r a is e d v a lu a t io n J u ly 1 1 9 1 0 o f $ 1 ,3 7 5 ,0 0 0 .
S in c e J u ly l 1 9 1 0
$ 1 6 5 , 0 9 0 h a s b e e n e x p e n d e d In p l a n t a n d e q u i p m e n t a d d i t i o n s .
O r g a n iz e d u n d e r s p e c ia l A c t o f th e G e n e r a l A s s e m b ly o f C o n n e c t ic u t :
b e g a n b u s i n e s s in 1 8 8 9 .
In O c t . 1 9 0 9 $ 5 0 0 ,0 9 0 7 % c u m u la tiv e p r e f. s to c k
w a s s o l d to s t o c k h o l d e r s , t h e p r o c e e d s , w it h a ll s u r p l u s e a r n in g s , h a v in g
b e e n u s e d In d e v e l o p i n g t h e b u s l n c s s , I n c r e a s i n g t h e a n n u a l s a l e s u p t o
$ 1 ,8 0 0 ,0 9 0 fo r th e U s e d y e a r e a i n ? J u ly 1 9 1 0 .
m o n s to c k m a y a fter A p ril 1 1921 te rm in a te this c o n v e r t ib le _
p rivilege u p o n 6 m o s .’ n o tice . A u th ., $ 8 ,0 9 9 ,0 0 0 . P resen t issue 5 ,2 5 0 ,0 0 0
— A u th o rize d , $ 1 ,0 0 0 ,0 9 9 .
Issu e d --------------------------N one
In a d d itio n to th e “ r e d e m p tio n f u n d ,” p ro v is io n is m a d e fo r a reserve
fo r d e p r e c ia tio n , t o b e m ain tain ed b e fo re a n y d iv id e n d s are paid on th e
c o m m o n s to c k , b y s e ttin g a side a ce rta in a m o u n t y e a rly begin n in g A p r il 1
1917.
N o m tg e . e x c e p t w ith co n s e n t o f 8 0 % o f gu ar, s to c k .
In th e e v e n t o f tw o y e a rs’ d e fa u lt in th e p a y m e n t o f Interest o n th e g u ar
a n te e d s to c k or th e se ttin g aside o f the re d e m p tio n fu n d , th e h old ers o f a
m a jo rity o f the gu aran teed s to c k shall n o m in a te d ire cto rs , w h o sh all th ere
u p o n b e co m e d ire cto rs, an d w h o shall e le ct th e o ffice rs o f th e c o r p o r a t io n ,
such right to be c o n tin u e d until all a ccru e d d iv id e n d s shall h a v e b e e n p a id
and all d eficiencies in the r e d e m p tio n fu n d shall h a ve b e e n m ad e g o o d .
T h e a v e ra g e n et earnings fo r past five years o f all th e m ills e x c e p t B e a v e r
D am an d G reer M fg. C o. (earnings n o t a v a ila b le ), a f t e r p a y m e n t o f in te re s t,
a m o u n t to $53 1 ,0 9 9 . F o r the last llscal y e a r the c o m p a n ie s s h o w e d n e t
earnings o f a b o u t $65 0 ,0 0 0 . O u t o f th e p ro ce e d s o f the presen t Issue o f
gu aran teed s to c k , the floating d e b t will be r e tire d , Increasin g th e e a rn in g s
av a ila b le fo r d iv id e n d s .
C om m on stick
S p in d lea g e ;
T o ta l
B A L A N C IO S H E E T
($ 3 ,1 4 2 ,7 0 9 ).
Cash, hills & a c c ’ ts r c c ’l c .
$513,409
In vestm en ts ________. . . .
D c f. charges to o p e r a t ln g .
P la n t a t c o s t, less d e p r e c .
136,399
21,347
1,122,588
A ssets
O F J UL Y
a lso
R ecen t
C a p ita liz a tio n
am t
T erm s
of
E xchange
T h er e fo r .
- E xch a n ge, per S h .N am e—
S p in d le a g e . — C a p ita liz a tio n — N e w C o m . N e w P r e f .
V ic to r M fg . C o ., G r e e r s .. 5 9 ,1 3 6 ' P r e f.
$ 1 3 1 ,2 0 0
........—
$100
_
) Com .
7 5 0 ,0 0 0
$109
1 3 3 1 -3
M o n a g h a n M ills , G r e e n v .
6 0 ,0 0 0 C o m .
1 ,0 5 0 ,0 0 0
75
1162 -3
A p a la c h e M ills , G r e e r s .. 1 9 ,7 1 2 / P r e f.
1 5 0 ,0 0 0
--------------100
1 Com .
3 5 0 ,0 0 0
50
100
O ly m p ia C o tt o n M ills ,
1 1s t p r e f. 1 ,5 8 6 ,0 0 0
15
100
2 d p r e f.
6 6 0 ,0 0 0
100
..................
C o l u m b i a ...................................1 0 0 , 3 2 0 <
l
C om .
3 9 2 ,0 0 0
33
1 -3
--------------G r a n b y C o t t o n M ills ,
f Bonds
7 7 0 ,0 0 0
x
x
C o l u m b i a ......................................5 7 , 3 1 2 (
1 st p r e f.
3 0 0 ,0 0 0
100
.................
I 2 d p r e f.
2 3 2 ,5 0 0
50
---------------l Com .
1 7 1 ,3 0 0
20
--------------R ic h la n d C o t t o n M ills ,
( Bonds
4 2 5 ,0 0 0
x
x
C o l u m b i a __________
2 6 ,1 1 2 1 P r e f .
1 3 5 ,0 0 0
69
--------------l C om .
1 3 9 ,7 0 0
15
..................
C a p it a l C it y M ills ,
1 5 ,0 0 0 / P r e f.
2 3 2 ,5 0 0
60
75
C o l u m b i a _______ ________ l Com .
2 3 ,3 0 0
100
--------------B e a v e r D a m M ills , E d g e
fie ld
___________
1 0 ,1 2 0 C o m .
1 9 3 ,3 0 0
75
662 -3
G r e e r s (S*. C . ) M f g .
C o . 1 0 ,2 4 0 C o m .
1 7 6 ,9 0 0
6 5 2 -3
3 3 1 -3
.............................................3 5 7 , 9 5 2
$ 7 ,8 7 1 ,7 0 0
1 1910.
L ilt)liltie s ( $ 3 ,1 4 2 ,7 0 9 ) .
C o m m o n s to c k ( $ 1 ,0 0 0 ,0 0 0 ) $ 9 6 0 ,9 0 0
P r e f . 7 % c u m . s t o c k ..............
5 0 0 ,0 9 0
B ills
p a y a b l e . . . ........................
9 8 7 ,6 9 0
A c c o u n t s p a y a b l e -----------------1 3 4 ,2 8 1
S u r p l u s ____________________________
5 5 9 ,9 2 8
T h e b ills p a y a b l e a r e t o b e r e d u c e d b y t h is b o n d Is s u e (s e e a b o v e ) .
T h e p r e s e n t b u s i n e s s Is t h e m a n u f a c t u r e o f b i c y c l e a c c e s s o r i e s , n o t a b l y
th e "N e w
D e p a r t u r e ” c o a s t e r b r a k e ( u s e d in a ll p a r t s o f t h e w o r l d ) : a ls o
b i c y c l e , (Ir e , a u t o m o b i l e , c a r , d o o r a n d c a l l b e lls a n d c y c l o m e t e r s , s t e e l b a l l s
a n d b a ll b e a r in g s .
In tin ; a b o v e s t a t e m e n t , p a t e n t s , t r a d e -m a r k s a n d g o o d
w ill a r c n o t I n c lu d e d , a lt h o u g h o u r n u m e r o u s p a t e n t s y ie ld la r g e r o y a lt i e s .
T h e s e r o y a lt ie s d u r in g th e n e x t liv e y e a r s , b a s e d u p o n th e r e c e ip t s o f th e
p a s t fe w y e a r s fr o m th is s o u r c e , s h o u ld a m p ly p r o v id e fo r I n te r e s t a n d
p r in c ip a l r e q u ir e m e n t o f th e b o n d s .
Y ea r e n d in g —
G ross P ro fit. D ep rec.
In te r es t.
S u r p lu s.
S e p t.
1
1 9 0 6 _____________
.$ 2 1 6 ,0 9 0
$ 3 0 ,8 7 5
$ 1 ,3 5 4
$ 1 8 3 ,8 6 1
J u ly
31
1907
(1 1
m o n t h s ) 2 4 2 ,0 1 3 3 1 ,8 0 5
4 ,1 7 7
2 0 6 ,0 3 1
June 39
1903
(1 1
m o n t h s ) 1 7 6 , 0 6 5 .3 9 ,2 3 5 1 4 , 8 2 7
1 3 1 ,0 0 3
June 30
1 9 0 9 .................. ______________ 1 8 0 , 1 3 5
4 5 ,8 6 5
1 4 ,9 0 8
1 1 9 ,3 6 2
June 39
1 9 1 0 . . . _____
4 3 1 .3 4 3
4 1 ,2 7 9
5 6 .4 4 3
3 3 3 ,6 2 1
' l 'h e a v e r a g e a n n u a l p r o i l t a p p l i c a b l e t o I n t e r e s t c h a r g e h a s b e e n $ 2 1 3 , 1 1 5 .
x I t Is p r o p o s e d t o m a k e a n o f f e r o f e i t h e r p a r t c a s h , p a r t p r e f e r r e d s t o c k
(a t p a r ) a n d p a r t c o m m o n s t o c k (a t p a r ) , o r w h o lly p r e f. a n d c o m . s t o c k s
(a t p a r ) fo r th e b o n d s a n d o th e r In d e b te d n e s s o f R ic h la n d a n d G r a n b y .
V i c t o r M f g . C o . , M o n a g h a n M i l l s , A p a l a c h e M ills a n d C a p i t a l C i t y M i l l s
m a n u fa c tu r e “ f a n c i e s ."
T h e o t h e r m ills m a n u fa c t u r e " p r i n t c l o t h s .”
D e p o s it s o f s to c ic u n d e r t h e p la n w e r e r e c e iv e d a t O l d C o l o n y T r u s t C o .,
B o s t o n , M a s s ., u n t il M a r c h 3 1 .
In th e c a s e s o f V ic to r M f g . C o . a n d A p a la c h e M ills , th e p a r t ia lly a c c r u e d
d iv i d e n d s o n t h e p r e f . s t o c k s t o A p r il 1 1 9 1 1 w ill b e p a id in c a s h t o s t o c k
h o ld e r s o f r e c o r d w h e n t h e e x c h a n g e Is e l f c c t e d .
U n til c o m p le t e c o n s o li d a t io n , t h e P a r k e r C o t t o n M ills C o . w ill h o ld t h e
v a r io u s s to c k s a c q u ir e d a n d r e c e iv e th e d iv id e n d s th e r e o n .
P r o p o s e d D ir e c to r s .— J o h n K e r r B r a n c h o f T h o m a s B r a n c h & C o ., R i c h
m o n d . V a .; E d w in P : F r o s t,
C h a r le s to n . S . C .: 11. J . l la y n s w o r t h , G r e e n
v ille , S . C .; I t . F . H e r r ic k a n d T h o m a s M o t le y (o f C u r tis & S a n g e r ), B o s t o n ;
L e w is W . P a r k e r (P r e s id e n t ) a n d T h o m a s F . P a r k e r ( V I c c - P r e s .) , G r e e n
v i l l e , ,S . C . : E d w i n W . R o b e r t s o n , C o l u m b i a , S . C . ; I t . P . S n c d l l n g .
.
-
Philadelphia Electric Co.— N e w D ir e c to r . —Edward D.
Toland has been elected a director to succeed John V. Shoe
maker, deceased.—V. 90, p. 1017.
• New 'fork Edison Co.— R e s u lts .— or calendar year, as re Rocky Mountain Bell Telephone Co.—R e p o r t. —For year:
ported to the Public Service Commission:
C a le n d a r
O p e r a tin g
N e t (a fte r N o n -O p e r .
I n te r es t
D lv s.
B a la n c e ,
Y ear.
R even u e.
T a x es, A c .)
In co m e.
C iv ic s . ,<t-c.
(6 % ) .
S u r p lu s.
1919
$ 1 8 ,0 5 1 ,1 0 0 $ 7 ,3 6 5 ,8 0 4 $ 1 ,1 5 0 ,5 0 9 $ 2 ,6 9 5 ,0 2 7
$ 2 ,8 9 7 ,1 0 0 $ 2 ,9 2 4 ,2 4 6
1909
10 5 5 3 2 5 8
6 7 1 2 ,7 0 2
1 ,0 0 4 .0 2 9
3 ,0 2 0 ,9 2 3
2 ,7 0 3 ,0 6 0
2 ,0 1 6 ,7 4 8
T o ta l* su r p lu s D e c . 31
1 9 1 9 , a fte r c r e d itin g s u n d r y a d ju s t m e n t s a g g r e g a tin g
$ 5 3 7 ,1 1 0 , w a s $ 2 0 ,3 8 1 ,8 3 9 .— V . 9 0 , p . 5 6 2 .
C a le n d a r
T o ta l
M et (a fte r
T a xes
In te r es t
B a la n c e ,
Year.
R even u e.
M a i n t .,& c .) .
P a id .
P a id .
S u r p lu s.
1910
$ 2 ,0 5 3 ,5 0 2
$ 6 1 5 ,6 1 5
$ 1 0 5 ,0 9 7
$ 3 6 1 ,2 7 5
$ 1 7 6 ,3 3 3
1 9 0 9 ..I . . .
1 ,8 5 5 ,6 8 9
5 2 3 ,2 2 3
1 0 0 ,1 7 5
3 1 1 ,1 7 9
8 1 ,5 6 8
In 1 9 1 0 $ 6 6 9 ,5 1 0 w a s a p p r o p r ia te d o r e x p e n d e d fo r m a in te n a n c e a n d
d e p r e c ia t io n , a g a in s t $ 5 9 3 ,2 9 3 In 1 9 0 9 .— V . 9 2 , p . 4 6 7 .
For other Investment News see page 837.
886
THE CHRONICLE
fjjk p w r t s
;n u l
[V O L . L X X X X I I .
jD o n m ie u t s .
SLOSS-SHEFFIELD STEEL AND IRON COMPANY
ELEVENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED NOVEMBER 30TH 1910.
PRESIDENT’ S REPORT.
T o th e S to c k h o ld e r s o f the S lo s s -S h e ffie ld S te e l
Ir o n C o m p a n y :
The course of the iron market, both as to price and pro
duction, for the year 1910 was just the reverse of that of 1909.
Your fiscal year of 1909 opened with but little promise of
satisfactory business, but in the second quarter the price of
iron began to advance, and by November was S3 a ton above
the low price of the previous months. This encouraged an
increased production, so that for the last half of the year the
increase over the first half was 3,700,000 tons, which caused
an output for the year greater than any previous year. On
the contrary, 1910 opened with the promise of a good year
with marked activity, notwithstanding the large increase in
production for the last half of the previous year, as the de
mand for iron, as well as prices were satisfactory; but within
sixty days of the beginning of the fiscal year the market be
gan to feel the effects of the heavy increase in output and the
proposed radical legislation regarding railroads and industrial
corporations, and the demand slackened and prices weak
ened, and by midsummer there was a decline of $3 50 per
ton from the market price in December; while production
for the second half of the year, just the reverse of 1909,
showed a decrease of 2,050,000 tons. Yet, notwithstanding
this decrease in output in the second half, the year ended
with a new record of production established, it having ex
ceeded the banner year of 1909 by one and a half million tons.
We delivered during the fiscal year 120,000 tons less iron
than in 1909, which caused us to add largely to the accumu
lated stock of iron on our furnace yards. The result of the
year’s business of your company was not satisfactory, but
this was due, not so much to the conditions of the trade as
to the misfortune which overtook the company near the close
of the last fiscal year, in the flooding of the two slopes of its
Sloss ore mines, to which reference was made in the last
annual report; and there is reason for believing that but for
this the business of 1910 would have proven about as satis
factory as for 1909. No ore was taken from these mines
from the beginning of the fiscal year until June, when we
began producing a limited amount from No. 2 slope, which
forced us to use ore not carrying sufficient lime to flux the
furnace burden, and lean ores which we were compelled to
buy from others to keep even three of the Birmingham fur
naces working, which increased the cost of our iron very
much at a time when the pig-iron market was depressed and
prices declining. Had we had the use of the Sloss ore, even
in an amount equal to what we are now receiving, we could
have met the market and showed a reasonable profit on iron.
The output of these mines is now steadily increasing, and we
hope before long to have the output up to normal. While
the output has not as yet reached the tonnage for producing
the best furnace results, either as to production or cost, we
are receiving sufficient tonnage of this ore to reduce the cost
of iron for January in the Birmingham furnaces over $1 50
per ton below the average cost of the first six months of the
year. The poor results of business must, therefore, be
charged, not against the property or plants, but to the mis
fortune which befell the Sloss mines, and which is being
overcome.
The fiscal year closed with over 74,000 tons of iron on our
furnace yards, and this tonnage has been considerably in
creased since then, which has caused the creation of a float
ing debt, from which the company, with the exception of a
temporary loan in 1907, has been entirely free for six years.
The working capital showed a decrease in the year of $446,
000, which is due to decline in the market value of securities
as of November 30th, the heavy expenditures necessitated
by the flooding of the ore mines, the opening of the third
iron ore mine at Irondale, refitting Nos. 1 and 2 furnaces,
and a deficit for the year of $172,000 after dividend pay
ments.
During the year an appropriation was made for the im
provement of No. 1 furnace. The work was completed and
the furnace put in blast in September, and has since been
doing satisfactory work. An appropriation was also made
later in the year for the improvement of No. 2 furnace which
had been in blast four years. Besides re-lining, new jackets,
cooling plates, etc., 2,800 horse-power Stirling boilers are
being erected, which, with the 2,000 horse-power boilers
erected earlier in the year, when No. 1 was under repair, will
give 4,800 horse-power new boilers for Nos. 1 and 2 furnaces.
In the last annual report your attention was called to the
fact that the Hattie Ensley furnace was then in its seventh
year of blast on practically the same lining. This furnace is
still in blast, now in its eighth year, and it is at this time pro
ducing as good results, both as to output and cost, as it did
during its best years. The renewal fund charged against the
cost of iron during its blast is sufficient to cover all of the cost
of repairs when made in 1903, as well as a new hot-blast stove
built, addition to its boiler plant, an electric plant installed,
and leave a good margin towards the cost of refitting when it
B L A ST
next becomes necessary. During this blast, up to the close
of the fiscal year, it has made over 505,000 tons of iron. Its
record is remarkable.
Four of your furnaces are now in blast; one in good order
and ready to be fired up, but it has been deemed best not to
put it in blast yet, owing to the condition of the iron market;
one now being repaired, and one awaiting repairs. The daily
output of iron is evidence that such of your furnaces as are
working are in good condition. An average of 60% of the
furnace capacity was in operation during the entire year.
C O A L
M IN E S .
Such expenditures as it was deemed advisable to make a t
your coal mines during the year were charged directly to the
cost of coal, except about $8,800 00. No new mine was
opened. The output of coal shows a small decrease as com
pared with the previous year, which was the largest in any
year, except one, in the life of the company, and the cost was
somewhat higher, due to the advance made (which we
thought unnecessary) in the rate for mining in May, and again
a few months afterwards. The production of coke also shows
some falling off as compared with 1909, when the production
was the largest by a good deal that the company had ever
had.
The flooding of your Sloss mines and the length of time it
took to free them of water and put them in order so that they
might be worked was a serious matter to the company, in
volving as it did, directly and indirectly, a very heavy loss,
to be followed by the depression in the iron trade; but we
trust that the trouble is behind us, as we have installed an
electric pumping plant with two centrifugal pumps, which
should be more than ample to handle the water; in fact, one
of these pumps has been able to easily prevent any accumu
lation of water in the mines. We began getting some ore
from No. 2 slope last June, and the output has been steadily
increased each month until now it is producing about a nor
mal output. We did not succeed in getting the water under
control in No. I slope until towards the close of the fiscal
year, and then it was necessary to build large sumps to catch
the water where it comes in some distance up the slope,
and to clean up the slope and entries, so that we did not
begin to get any ore from this slope until after the close of
the fiscal year, and the output is still limited, but will show
a steady increase as we make more territory, which is rapidly
being done. The cost of the ore on the cars is now about
20 cents a ton less than the average for 1909 before the water
broke in, which is some compensation for our heavy loss,
and will, if_ present cost can be maintained (and we believe
it can be), in a few years repay our losses.
The third mine at Irondale, to which some reference was
made in the last annual report, was opened and equipped
during the year. Having three mines there, we were short of
dwellings for miners, and additional houses were built during
kke year. Although the new mine did not begin producing
until the year was well advanced, the three mines produced
about 42,000 tons more ore than in 1909.
Ihe only expenditure at the Russellville brown ore mine
which was not charged directly to the cost of ore was the in
stallation of a 350 horse-power turbine pump to supplement
the pumping plant. As your Lady Ensley furnace went out
of blast during the latter part of the year, it became necessary
to close down two of the washers in October, and stop the
other three for a day or two at a time occasionally, as we
were overstocked with ore.
Annexed you will find the usual financial statements.
All of which is respectfully submitted by order of the
Board of Directors.
J. C. MABEN, P r e s id e n t.
Birmingham, Ala., March 1911.
O R E
F U R N A C E S .
M IN E S .
BALANCE SHEET
S L O S S -S H E F F I E L D
S T E E L
&
IR O N
C O M P A N Y ,
E N D IN G
N O V E M B E R 30
1910.
F IS C A L
Y E A R
R esou rces.
P r o p e r t y A c c o u n t ........................................................................... .......................................... $ 2 1 , 9 9 8 , 4 0 1 7 2
T r e a s u r y S e c u r i t i e s ____________________ ______________.
2 4 4 2 4 3 4 ‘1
S to c k s a n d B o n d s o t o th e r C o m p a n i e s ..
'
3 9 9 ’ l 57 17
C a s h , B ills a n d A c c o u n t s R e c e iv a b le
9 3 3 ’ l 49 0 3
S u p p l i e s , R a w a n d F i n i s h e d M a t e r i a l s a t c o s t .........................................
9 7 o ’ .r) 0 0 1 2
S t o c k s In C o m p a n y ’ s s t o r e s a n d w a r e h o u s e s a t c o s t
7 s ! 4 0 0 18
E x t r a o r d in a r y R e p a ir a n d R e n e w a l F u n d
l i o 4 00 22
I n s u r a n c e a n d T a x e s u n e x p l r e d ........
........................
6 341 74
$ 2 4 ,7 4 1 ,8 1 0
22
L ia b ilitie s
C a p i t a l S t o c k . P r e f e r r e d ________
“
C o m m o n ________
..$ 6 ,7 0 0 ,0 0 0
..10,000,000
------------------------ $ 1 6 , 7 0 0 , 0 0 0
S lo s s Ir o n & S te e l C o m p a n y :
M o r tg a g e 6 %
B on ds, 1920,
“
4 ^ %
“
1918,
00
$2,000,000
2,000,000 4,000,000 00
C u rren t A c c o u n ts:
B ills P a y a b le a n d A c c o u n t s P a y a b le ( c u r r e n t m o n t h ) . .
P a y R o l l s ( c u r r e n t m o n t h ) __________________________
P r o f l t a n d L o s s ______________________
$ 2 4 ,7 4 1 ,8 1 6
22
A pr . 1 1911.1
THE CHRONICLE
STATEMENT SHOWING EARNINGS
S L O S S -S I I E F F I E L D
S T E E L
E N D IN G
& IR O N C O M P A N Y F O R
N O V E M B E R 30 1010.
Y e a r ’s
$ 4 7 4 ,4 0 6
1 1 3 ,1 8 9
1 5 9 ,4 0 1
61
64
01
2 1 9 ,0 2 9
09
55
50
50
$ 1 1 9 ,4 7 9
00
$ 8 8 1 ,5 2 2 5 5
2 1 0 ,0 0 0 0 0
J
„
, ,
$ 6 7 1 ,5 2 2 5 5
D iv id e n d s P a id :
O n P r e f e r r e d S t o c k ..................................... ................................... . $ 4 6 9 , 0 0 0 0 0
‘ Com m on
--------------- ------------------------------------------------- 3 7 5 , 0 0 0 0 0
8 4 4 ,0 0 0
D e fic it.
............................................................... ...........................................................................
S u r p l u s N o v e m b e r 3 0 1 9 0 9 .................................................. ...................... ................
S u rp lu s N o v e m b e r 3 0
00
$ 1 7 2 ,4 7 7
3 ,2 7 9 ,5 2 1
45
89
1 9 1 0 .................................. ................... ....................................$ 3 , 1 0 7 , 0 4 4 4 4
WORKING CAPITAL
N O V E M B E R
30
1910.
C a s h , B i l l s a n d A c c o u n t s R e c e i v a b l e ............................................... ...................
R a w a n d F i n i s h e d M a t e r i a l o n h a n d , a t c o s t ___________________________
M e r c h a n d i s e a n d S u p p l i e s In C o m p a n y 's s t o r e s a n d w a r e
h o u s e s ________________________
I n s u r a n c e a n d T a x e s , u n e x p l r c d ______________________________________________
T r e a s u r y S e c u r i t i e s , S t o c k s a n d B o n d s , a t m a r k e t v a l u e ________
„
C o n tr a —
$ 9 3 3 ,1 4 9
8 7 1 ,2 9 3
63
74
1 7 8 ,0 3 3 2 7
6 ,3 4 1 7 4
5 6 9 ,5 8 0 0 0
$ 2 ,5 5 8 ,9 9 8 3 8
P ay
R o lls a n d
A c c o u n ts P a y a b le
(c u rr e n t a c
c o u n t s ) , I n c lu d in g a c c r u e d in t e r e s t o n b o n d s ,
u n a d j u s t e d f r e i g h t s , s u p p l i e s , & c ____________________ $ 5 5 9 , 7 7 1
B i l l s P a y a b l e ------------------------------------------ -------------------------------------------- 3 7 5 , 0 0 0
B a l a n c e W o r k i n g C a p i t a l In
78
00
9 3 4 ,7 7 1
78
B u s i n e s s ___________________________________$ 1 , 6 2 4 , 2 2 6 6 0
COMPARATIVE STATEMENT SHOWING GROSS
RECEIPTS, EXPENDITURES AND NET SURPLUS
F O R
Y E A R S
E N D IN G
N O V E M B E R
30 1909 A N D
1010.
O p e r a tin g
E xpen ses, T axes
and
M a i n t e n a n c e ____________________ ______
N O V E M B E R
1909.
$ 6 ,3 9 7 ,9 6 1
4 ,0 0 1 ,5 8 4
30 1910.
D ecrea se.
$ 1 ,3 7 7 ,7 8 4
4 ,9 0 6 ,2 4 1
9 0 4 ,6 5 7
$ 1 ,4 9 1 ,7 2 0
$ 4 7 3 ,1 2 7
N e t E a r n i n g s _________________
F i x e d C h a r g e s ______________________ ______
2 1 0 ,0 0 0
2 1 0 ,0 0 0
B a l a n c e ________________________ ______
D e p r e c i a t i o n ________________________ ______
$ 8 0 8 ,5 9 3
1 3 7 ,0 7 1
$ 1 ,2 8 1 ,7 2 0
1 5 4 ,7 7 3
$ 4 7 3 ,1 2 7
1 7 ,7 0 2
$ 6 7 1 ,5 2 2
$ 1 ,1 2 0 ,9 4 7
$ 4 5 5 ,4 2
Rogers-Brown Iron Co.— R e p o r t. — For calendar year:
G ross
e a r n i n g s ----------------------- $ 3 , 7 6 8 , 2 2 0 1 B o n d I n t e r e s t ____________________ $ 2 0 7 , 0 8 3
6 2 9 , 5 6 2 B a l a n c e , s u r p l u s _______________ 4 2 2 , 4 7 9
N e t p r o f i t ( a f t e r t a x e s ) ____
— V . 90, p . 1176.
Royal Electric Co., Montreal.— C a ll .—Debenture 4}^s,
£7,700, drawn for payment, will be paid to-day at Bank of
Montreal, London or Montreal, at 105%, par £100.
O u t s t a n d in g a ft e r s a id p a y m e n t , £ 3 0 , 8 0 0 .
E n tir e c a p ita l s t o c k o w n e d b y
M o n tr e a l L ig h t , H e a t & P o w e r C o .— V . 8 2 , p . 6 3 2 .
Sealshipt Oyster System.— D iv id e n d N o w Q u a r te r ly .—A
quarterly div. of 1%% on the pref. stock will be paid April 5
to holders of record March 31. Compare V. 92, p. 601.
Tamarack Mining Co.—R e p o r t .—For calendar years:
C a le n d a r
Year—
M in e
R e c e ip ts .
1 0 1 0 ...............$ 1 , 4 3 5 , 0 3 5
1 9 0 9 ------------ 1 , 8 0 6 , 8 7 8
1 9 0 8 ------------ 1 , 7 1 6 , 9 7 4
1 9 0 7 ................
6 I n c lu d e s
1 ,8 3 5 ,9 7 0
$ 4 9 ,5 3 8
T o ta l
E xp en ses.
N et
E a rn in g s.
D io s, on
S to c k .
$ 1 ,5 4 4 ,6 1 5 d c f.$ 1 0 9 ,5 8 0
1 ,8 3 9 ,3 8 6
d e f.3 2 ,5 0 8
1 ,8 7 0 ,1 9 1
d c f.1 5 3 ,2 1 7
1 ,7 5 1 ,8 3 5 s u r .
fo r
8 4 ,1 3 5
c liff e x p lo r a t io n s ,
C 2 4 0 .0 0 0
c 16%
on
N ew
C o n str.
B a la n ce ,
D e fic it.
$ 6 2 ,6 6 7
4 4 ,6 1 4
6 8 2 ,3 8 9
$ 1 7 2 ,2 4 7
7 7 ,1 2 2
2 3 5 .6 0 6
9 3 ,4 1 0
2 4 9 ,2 7 7
$ 1 ,5 0 0 ,0 0 0
stock .
T o t h e n e t l o s s a s a b o v e In 1 9 1 0 t h e r e w a s a d d e d f o r b a l a n c e o f i n t e r e s t
p a id $ 1 9 ,1 0 2 , a n d $ 3 3 4 fo r re a l e s t a t e p u r c h a s e d , a n d d e d u c t e d $ 7 7 0 ,3 1 5
r e c e iv e d f r o m s a le o f C lllf b o n d s , t im b e r la n d s a n d o t h e r I n c o m e : a ls o a
d i v id e n d o f $1 p e r s h a r e ($ 2 5 ,0 0 0 ) r c o c l v c d o n L a k e S u p e r io r S m e lt in g C o .
s t o c k , l e a v i n g a n e t I n c r e a s e In a s s e t s f o r t h e y e a r o f $ 6 0 3 , 6 3 3 .
F in e c o p p e r p r o d u c e d , 1 1 ,0 6 3 ,6 0 6 lb s . In 1 9 1 0 ( o f w h ic h 1 0 ,0 3 9 ,9 7 0 lb s .
s o l d d u r i n g 1 9 1 0 ) , a g a i n s t 1 3 , 5 3 3 , 2 0 7 l b s . In 1 9 0 9 , 1 2 , 8 0 6 , 1 2 7 l b s . I n 1 9 0 8
a n d 1 1 , 0 7 8 , 6 0 4 l b s . In 1 9 0 7 ; a v e r a g e p r i c e r e c e i v e d , 1 2 . 9 4 c e n t s In 1 9 1 0 ,
a g a i n s t 1 3 . 3 2 c e n t s i n 1 9 0 9 , 1 3 .3 9 c e n t s i n 1 9 0 8 a n d 1 8 . 3 8 c e n t s In 1 9 0 7 . —
V . 90, p. 714.
^ Telephone, Telegraph & Cable Co. of America.—Assets
Mch. 28
at public auction to Henry S. Kearny of New York.—
V. 92, p. 730, 530.
Thompson-Starrett Co., New York.— N e w S to c k .—The
directors are reported to have recommended an increase in
the common stock from $1,000,000 to $1,500,000, common
shareholders of record June 15 1911 to have the right to sub
scribe therefor until July 1 1911.—V. 90, p. 918.
Utica (N. Y.) Knitting Co .— O ffe rin g o f P re fe rr e d S to c k in
N e iv C o n so lid a te d C o m p a n y .—Spencer Trask & Co., N. Y.,
Albany, Boston and Chicago, as stated last week, are offering
at par and accrued div. the unsold portion of $500,000 of 7%
cum. pref. stock; par, $100 a share. Dividend Q.-J.
S o ld .—-The company’s assets were sold for $75,000 on
Abstract of Letter from Treas. and Gen. Mgr. Quentin AlcAdam, Utica,
March 14 1911.
T h e la r g e s t m a n u f a c t u r e r o f k n i t u n d e r w e a r In t h e U . S .
C o m b in e d o u t
p u t f o r p a s t y e a r In e x c e s s o f 1 0 , 0 0 0 , 0 0 0 g a r m e n t s .
W e o p e ra te 45 000
s p in d le s d a y a n d n ig h t , p r o d u c in g fr o m s ix t o s e v e n m illio n lb s . o f c o t t o n
a r n p e r a n n u m , n e a r ly a ll u s e d in o u r o w n b u s in e s s .
O u t p u t c o n s is ts o f
I g h -g r a d e u n d e r w e a r fo r m e n , w o m e n a n d c h ild r e n , la r g e ly m a n u fa c t u r e d
o n p a t e n t e d m a c h in e r y a n d e x t e n s iv e ly a d v e r t is e d u n d e r o u r t r a d e -m a r k s
A c o n s o l i d a t i o n In 1 9 1 1 u n d e r l a w s o f N . Y . S t a t e o f t h e U t i c a K n i t t i n g
- o . (e s t a b lis h e d 1 8 9 1 ) w it h t h e W a lo n t h a T e x t i le C o ., R i c h f i e ld S p r in g s
S
a ll o f w h o s e c o m m o n
sto ck
has been
ow ned
by
th e
U tic a
K n ittin g
c a P lta * s t o c k , $ 1 , 3 0 0 , 0 0 0 7 % p r e f . s t o c k , a ll o u t s t a n d i n g .
•2 0 0 , 0 0 0 c o m m o n s t o c k , o f w h i c h t h e r e w i l l b e o u t s t a n d i n g $ 1 , 0 0 0 , so 5 1 3 5 ,0 0 0 1 s t M . 5 % b o n d s , d u e 1 9 2 0 , a n d c a lla b le a t
lO o a n d l n t . , $ l o , 0 0 0 t o b e p a id e a c h J a n . 1 ; o r ig in a l Is s u e w a s $ 3 0 0 , 0 0 0 .
I h e c o m p a n y o p e r a t e s 6 m ills , 3 a t U t ic a , N . Y . . 1 a t O r is k a n y F a lls ,
i ' ^
S h e r b u r n e . N . Y . , a n d 1 a t R ic h fie ld S p r in g s , N . Y . ; a ls o u n d e r
le a s e a k n it -g o o d s m ill a t P h o e n i x M i lls , n e a r U t i c a , N . Y .
A p p r a is e d v a lu e
°* jt
e n*
s a n t* p r o p e r t i e s , $ 1 , 7 9 7 , 6 6 1 , n o t I n c lu d in g c a p i t a l s t o c k
s id ia r y c o m p a n ie s , t r a d e -m a r k s a n d lic e n s e r ig h t s .
C o m b in ed B a la n c e S h eet a s o f N o v . 3 0
o f su b
1910.
[ A ft e r a d ju s t m e n t t h r o u g h s a le o f p r e s e n t $ 5 0 0 ,0 0 0 p r e f. s to c k a n d $ 2 0 0 ,0 0 0
I n t e r e s t -------------------------------------------------------------------------------------------- --
Bond
Y E A R
3 4 ,9 7 5 2 0
$ 1 ,0 0 1 ,0 0 1
$ 5 1 ,1 9 3
6 8 ,2 8 5
Y .,
,
F IS C A L
P r o ilt o n P ig Ir o n s h ip p e d :
A f t e r c h a r g e s a g a in s t c o a l, fo r d e p r e c ia t io n o n Iro n o r e ,
t w e n t y - l i v e c e n t s ( $ 0 .2 5 ) p e r t o n o n ir o n f o r e x t r a o r d i n a r y
r e p a ir s a n d r e n e w a ls a n d t h i r t y -f i v e c e n t s ( $ 0 .3 5 ) p e r
t o n p r o i l t o n c o k e m a n u f a c t u r e d _______________________________
P r o f i t o n c o a l a f t e r c h a r g e s f o r d e p r e c i a t i o n _______
_
"
P r o i l t o n c o k e --------------------------------------------------------------------------------------------------1
R e n t s (a fte r d e d u c tin g r e p a ir s ), R o y a lt ie s , S to r e s a n d o th e r
r e v e n u e s . . . -------------- -- ------------------------------------------------------------------------------------I n t e r e s t a n d E x c h a n g e ____________________________________________
_
,
D e d u c tio n —
G e n e r a l E x p e n s e n o t c h a r g e d I n C o s t S h e e t s ______
T a x e s a n d L i c e n s e ..................................... ......................... ......................
N .
887
.
,
A s s e ts ( $ 3 ,4 2 9 ,7 6 4 ) —
a d d it io n a l c o m m o n s t o c k .]
L ia b ilitie s ($ 3 ,4 2 9 ,7 6 4 ) —
------------------z ------------ $ 1 3 9 , 0 6 9 B i l l s & a c c o u n t s p a y a b l e . . $ 2 5 7 , 6 0 2
4 ,1 1 3
B ills & a c c o u n t s r e c e iv a b le
3 8 1 ,5 9 2 I n te r e s t a c c r u e d ,
& c . ..............
In v e n to ry
------------------------------------9 6 9 , 9 3 4 F i r s t m o r t g a g e b o n d s ________________________ 1 3 5 , 0 0 0
P r e p a i d I t e m s -----------------4 9 ,2 8 3 P r e fe r r e d
s t o c k __________ ________ 1 , 3 0 0 , 0 0 0
P la n t, m a c h in e r y ,
& c ---------- 1 , 7 9 7 , 6 6 1 I C o m m o n s t o c k .............................. 1 , 0 0 0 , 0 0 0
7 3 3 ,0 4 9
C a p it a l s t o c k in s u b . c o s . . .
9 2 , 2 2 4 1S u r p l u s ........................................ .............
G r o w th o f C a p ita liz a tio n , S a le s a n d N e t P r o f i t s — Y e a r s e n d in g N o v . 3 0 .
[ P r o f i t s a f t e r A l l o w i n g f o r S a v i n g In I n t e r e s t f r o m U s e o f N e w C a p i t a l .]
_,
,
„ 1300.
1903.
1906.
1909.
1910.
f , t o c h - ...................
$ 5 5 0 ,0 0 0
$ 7 5 0 ,0 0 0
$ 7 5 0 ,0 0 0
$ 1 ,3 2 5 ,0 0 0 $ 1 ,5 0 0 ,0 0 0
B o n d s -------------------------- 3 0 0 , 0 0 0
2 4 0 ,0 0 0
195 0 0 0
1 5 0 ,0 0 0
1 3 5 ,0 0 0
S a l e s .............. ...................... 6 3 3 , 0 4 3
2 ,0 6 7 ,5 7 0
3 ,0 3 6 ,2 2 0
3 ,6 0 1 ,7 5 1
4 ,1 1 0 ,6 3 4
N e t p r o f i t -----------------------N o t sta te d
2 4 2 ,9 5 8
£ 3 6 5 ,5 2 6
£ 2 1 4 ,8 6 8
£ P r o fit s o f W a l o n t h a C o . a r c in c lu d e d f o r 7 m o s . in
1909 and year
1910.
N e t a v . p r o fits la s t s ix y e a r s , $ 2 4 0 ,7 5 2 .
P r e f . d i v . c h a r g e Is $ 9 1 0 0 0
S u b s ta n tia l d iv s . h a v e b e e n p a id o n th e c o m m o n s to c k e x c e p t d u r in g ’ fo u r
y e a r s w h e n n e w m i l l s w e r e b u i l d i n g : f o r p a s t s i x y e a r s 8 ",', p e r a n n u m
p r e f. s t o c k Is s u e d w it h o u t c o n s e n t o f 7 5 % o f p r e f. o u s t t a n d in g .
A fte r 8 %
o n c o m m o n , o n e - h a l f o f t h e s u r p l u s e a r n i n g s , a f t e r d e p r e c i a t i o n . Is t o b e
u se d fo r b e tt e r m e n ts o r a d d itio n s o r fo r th e p u r c h a s e a n d c a n c e lla tio n o f
p r e f. s to c k .
D iv s . u p o n c o m m o n s to c k ca n e x c e e d 8 %
p e r a n n u m o n ly
a f t e r a c c u m u la t io n o f a s u r p lu s r e s e r v e o f $ 2 5 0 , 0 0 0 , w h ic h w ill b e m a in
ta in e d o r a p p lie d to c a n c e lla tio n o f p r e f. s t o c k .
P a y m e n ts on co m m o n
s t o c k w ill b e m a d e s o le ly f r o m t h e e a r n in g s r e c e iv e d s in c e N o v . 3 0 1 9 1 0 .
T h e e x e c u t i v e c o m m i t t e e Is c o m p o s e d o f P r e s . W i l l i a m T . B a k e r , C h a r l e s
B .
R o g e r s (P r e s , o f th e F ir s t N a t . B a n k o f U t i c a , a n d m y s e lf a s T r e a s . a n d
G e n . M g r . o f th e c o m p a n y .— V . 9 2 , p . 7 9 9 .
Western Power Co., California.—P u r c h a s e .—See Great
Western Power Co. above.—V. 92, p. 534.
Westmoreland Coal Co., Philadelphia.—C o a l O u tp u t,& c .—
The total output of coal in 1910 was 1,906,797 net tons.
T h e c o m p a n y Is p a y i n g t o - d a y a s e m i - a n n u a l d i v i d e n d
$ 5 ,0 0 0 ,0 0 0 s to c k .
T h is c o n t r a s t s w ith 5 %
s e m i-a n n u a lly
1 9 0 4 ).
T h e re a re n o b o n d s o u ts ta n d in g .
V . 92, p. 799.
of 2 J ^ %
o n Its
s in c e 1 9 0 3 (n o t
Wheeling (W. Va.) Steel & Iron Co.— P ro p o se d C o n s o lid a
Pittsburgh dispatch states that the proposed
merger of the company and the LaBclle Iron Works was
called off at a meeting of directors of the latter at Steuben
ville, ()., on March 27.—V. 92, p. 666; V. 91, p. 1256.
—The selling staff and correspondents of F. J. Lisman &
Co., Spen er Trask & Co. and J. & W. Seligman & Co. of this
city gathered here yesterday morning from all parts of the
country to make a tour of inspection of the Bush Terminal
Co.’s properties in Brooklyn. The object of the visit was to
familiarize the sales force of these firms with the extensive
and economical warehousing, distributing and shipping facili
ties of the Bush Terminal plant and the value of the security
behind the $4,000,000 50-year 1st intge. 5% sinking fund
gold bonds of the Bush Terminal Buildings Co., which will
soon bo offered to investors. These bonds are part of an
authorized $12,000,000 issue, guaranteed, principal and in
terest, by the Bush Terminal Co. by endorsement.
—Attention is called to the offering at par and interest by
the Mercantile Trust Co., G. H. Walker & Co. and William
R. Compton Co., St. Louis, of Crawford and Sebastian
counties, Ark., Fort Smith and Van Buren Bridge district
5% gold bonds. This district includes over 500 square miles
of territory and takes in the cities of Fort Smith and Van
Buren and a number of smaller places. Population of dis
trict, 60,000. Assessed value of taxable property, $30,000,
000; total bonded debt, $600,000. See further particulars
in advertisement on another page.
— Redmond & Co. are offering a choice list of securities for
April investment—see advertisement on another page. The
April investment circular, containing a list of railroad bonds,
public service issues and short-term notes will be mailed
upon application.
—Gilbert Eliott & Co., bond brokers at 34 Pine St., this
city, announce that they have recently established a branch
office in Montreal, Canada, and are prepared to deal in all
Canadian municipal and industrial issues. The Montreal
office of the firm is in the Merchants’ Bank Building.
—White & Co., bankers, at 25 Pine St., New York, have
prepared a carefully selected list of first mortgage bonds
to yield an average income of 5^% - The essential informa
tion necessary to determine the relative safety of these issues
will be sent on application.
—J. E. Thatcher succeeds J. D. White as Michigan rep
resentative of the bond department of the Continental &
Commercial Trust & Savings Bank, Chicago, with head
quarters at Detroit. Mr. White has been transferred to the
Illinois field.
—N. W. Halsey & Co. are advertising in this issue of the
“Chronicle” an extended list of securities, to which attention
is invited. The list includes municipal, railroad and corpora
tion bonds.
—Brown Brothers & Co. are offering, at par and inter
est, City of Tacoma, Wash., Electric Light & Power Fund
5% bonds. A descriptive circular will be sent upon request,
—Chandler Bros. & Co. of Philadelphia announce that
they will remove to their new offices at 1338 Chestnut St.
on Monday, the 3d inst.
tio n O ff .—A
THE CHRONICLE
888
T h e
(C o m m e r c ia l
J E im e s .
C O M M E R C IA L E P I T O M E .
F r id a y N ig h t, M a r c h 31 1911.
Trade as a rule is of moderate volume, though the situation
is not without elements of an encouraging nature, i. e., the
recent noteworthy increase in the foreign balance of trade
in favor of the United States, the reduction in the cost of
food, some increase in certain branches of the iron and steel
trade, the improved financial condition and, finally, thefavor•able outlook for the crops.
LARD on the spot has continued to decline. The move
ment of live hogs is still on a liberal scale and the demand
for product has been light. Prime Western 8.75c., Middle
Western 8.55@8.60c. and City steam 85^c. A further de
cline has also occurred in refined lard. Continent 9.15c.,
South America 10c. and Brazil in kegs 11c. The market for
lard futures has weakened, owing mainly to the free market
ing of live hogs at declining prices. There has been heavy
selling of lard futures at the West by leading packers. There
has also been heavy long liquidation.
D A IL Y
C L O S IN G
M ay
J u ly
P R IC E S
Sat.
d e l i v e r y ________________ 8 .87 .57 5
d e l i v e r y _______________. 8 . 6 0
M ay
J u ly
P R IC E S
S a t.
d e l i v e r y ________________ 8 .86 .56 5
d e l i v e r y _______________. 8 .85 .75 7 H
O F
M
8
8
L A R D F U T U R E S IN
W e d‘ .
T ubs.
on
8 .5 0
8 .7 0
.8 0
8 .4 5
8 .7 5
.8 0
N E W
Y O R K .
F r i.
Th
' u rs.
8 .5 5
8 .4 5
8 .5 5
8 .4 0
IN
C H IC A G O .
O F L A R D
F U T U R E S
T h u rs.
F r i.
W ed.
T u es.
M on .
8 . 3 7 Yi
8 .3 0
8 .5 5
8 .4 2 ^
8 .6 5
8 .4 0
8 .3 5
8 . 2 7 J-S
8 .5 2 H
8 . 6 2 Vi
[V O L . L X X X X I I .
CO TTO N .
F r id a y N ig h t, M a r c h 31 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
00,182 bales, against 48,770 bales last week and 58,244
bales the previous week, making the total receipts since
Sept. 1 1910 7,853,552 bales, against 6,409,393 bales for
the same period of 1909-10, showing an increase since Sept.
’ 1910 of 1,444,159 bales.
R e c e i p t s a t—
S a t.
G a l v e s t o n __________
P o r t A r t h u r ______
T e x a s C ity , & c ._
N e w O r l e a n s ______
G u l f p o r t ___________
M o b ile
........................
P e n s a c o l a __________
J a c k s o n v ille , & c .
S i v a n n a h __________
l l r u u s w l c k ________
C h a r l e s t o n ________
G e o r g e t o w n ______
W i l m i n g t o n ______
N o r f o l k _____________
N ’p o rt N e w s, & c.
N e w Y o r k __________
B o s t o n _______________
B a l t i m o r e __________
M on .
4 ,3 1 5
2 ,4 4 9
2 ,3 7 6
1 .1 2 1
______
1 ,8 7 1
3 ,0 5 9
3 ,4 0 7
2 ,4 8 7
301
110
589
’ Il4
513
3 ,8 4 6
115
616
2
111
’ 230
15
“
927
__
’ 955
78
1 9 ,9 6 3
9 ,0 0 0
160
1 4 ,8 6 1
____
1 ,3 6 3
3 ,8 4 6
165
5 ,2 2 4
5 ,5 9 8
9 ,0 0 0
160
2 ,9 1 6
1 ,2 7 2
50
941
102
102
35
177
403
195
563
178
251
784
2 ,5 2 6
153
77
288
79
898
—
’ 487
290
808
—
2 0 ,8 6 8
6 0 ,1 8 2
“
110
57
460
______
127
547
______
" ’ 6
5 ,0 1 4
110
"1 6 3
______
—
146
387
______
46
16
—
—
” ’ 9
—
—
1 0 ,1 1 7
9 ,6 7 3
7 ,3 3 3
—
—
P h ila d e lp h ia ____
“
T o ta l.
F r i.
T h u rs.
W ed.
2 ,6 7 1
______
‘
_
T o ta ls this w e e k .
T u es.
2 ,5 5 4
______
81
318
______
—
—
7 ,1 7 7
PORK on the spot has been in light demand and easier. The following shows the week’s total receipts, the total
Mess $21 50@$21 75, clear $17 50@$19 and family $21 @ since
Sept. 1 1910 and the stocks to-night, compared with
$21 50. Cut meats have been in moderate demand and easy, last year:
though without quotable change. Pickled hams 1 2 } 4 @
1 2 % c ., pickled bellies, clear, 12@14c., and pickled ribs
HK@ 13c. Beef has been quiet and steady; mess $14@
14 50, packet $15@$15 50, family $15 50@$16, and extra
India mess $24 50@$25. Tallow has been quiet and easy
at 6 @ 6 ) 4 c . for City. Stearincs have been quiet and easy at
7 ^ c. for oleo and 9J/£c. for lard. Butter has declined;
creamery extras 20J^@21c. Cheese has been easy, with
domestic business quiet and export trade active; State,
whole milk, colored, Sept., fancy, 13^@14c. Eggs in
moderate demand and easier; Western firsts 16J^@17c.
OIL.—Domestic linseed has declined. Trade increased
noticeably for a time at the lower prices, but of late it has
diminished. City, raw, American seed, 92@93c.; boiled
93@94c. Calcutta, raw, steady at $1. Cotton-seed has
____
been more active; winter 6.86@7c.; summer white 6.20@
6.60c.; crude 5.20@5.30c. Cocoanut has been quiet and
easy; Cochin 834@8%c.; Ceylon 7%@8c. Corn has been
—
moderately active and easier at 6.25@6.30c. Olive has been
quiet and steady at 90@95c. Lard has been steady despite
the decline in the raw material; trade quiet, but stocks light; In order that comparison may be made with other years,
prime 95c.@$1; No. 1 extra 65@70c. Cod firmwith a we give below the totals at leading ports for six seasons:
good trade; domestic 53@55c.; Newfoundland 57@58c. _
COFFEE on the spot has been quiet and steady. Rio
No. 7, 12J^@12%c.; Santos No. 4, 13^@ i3% c. Some
expect an increased demand after the valorization sale on
April 1. It is stated that 300,000 bags of this coffee have
been sold secretly to large New York interests. The specu
lation in future contracts has been largely a waiting affair
with small transactions and corresponding fluctuations in
prices. Spot interests have been the chief purchasers.
Closing prices were as follows:
1 9 1 0 -1 1 .
R e c e i p ts to
M ch . 31.
T h is
W eek .
G a l v e s t o n ___________
P o r t A r t h u r ..............
T e x a s C it y , & c ._
N e w O r l e a n s ______
G u l f p o r t .....................
M o b i l e ...........................
P e n s a c o l a ___________
J a c k s o n v ille , & o .
S a v a n n a h .....................
B r u n s w i c k ..................
C h a r l e s t o n _________
G e o rg e to w n
______
W i l m i n g t o n --------N o r f o l k ----------------------N ’port N ew s, & c .
N cw
Y o r k __________
B o s t o n ..................—
B a l t i m o r e . ..................
P h i l a d e l p h i a ______
1 0 .4 5 c .
1 0 .4 5 c .
1 0 .4 3 c .
1 0 .4 0 c .
A u g u s t --------------------- 1 0 . 3 8 c .
S e p t e m b e r ________1 0 . 1 9 c .
O c t o b e r ____________ 1 0 . 0 0 c .
N o v e m b e r ____________ 9 . 9 6 c .
D ecem ber
______i . 9 . 8 9 c .
J a n u a r y ..................... 9 . 8 9 c .
F e b r u a r y __________9 . 9 0 c .
M a r c h .................... . .
9 .9 1 c .
SUGAR.—Raw has been quiet and easier. Cuban ship
pers have offered more freely. Centrifugal, 96-degrees test,
3.86c.; muscovado, 89-degrees test, 3.36c.; molasses, 89degrees test, 3.11c. Refined has been quiet and steady.
Granulated 4.80c. Teas have been quiet with prices gen
erally steady. Spices steady with a fair demand from grinders.
PETROLEUM.—Prices have been steady with trade
quiet. Refined, barrels, 7.40c., bulk 3.90c. and cases 8.90c.
Gasoline has been in good demand and steady; 86-degrees, in
100-gallon drums, 1 8 % c .; drums $8 50 extra. Naphtha has
been steady with an increased trade; 73@76-degrees, in 100gallon drums, 16%c.; drums $8 50 extra. Spirits of turpen
tine has been irregular, with small sales of late at $1 10@
$1 11. Rosin quiet and firm; common to good strained$ 8 50.
TOBACCO.—There is only the ordinary business. Manu
facturers are still buying but sparingly, very evidently pre
ferring to await the issue of events before materially increas
ing their purchases. Meantime they are working on their
old supplies. There is believed to be some possibility of a
firmer market in the not very distant future, judging by the
fact that the supply of good binder is admittedly small
Little business is being done in 1910 Pennsylvania or Ohio
It is of interest to observe, however, that the samples of new
Sumatra are attracting wide attention and that they are of
noticeably fine quality, a fact which explains the high prices
paid packers and well-known manufacturers.
COPPER has been quiet and easy. Surplus stocks con
tinue to accumulate. Lake 12.30@12%c., electrolytic 12.20
@ l ‘2 ) 4 c -> casting 12@12.15c. Tin has been firmer, with an
increased consumption; spot 41.30c. Lead has been quiet
and easy at 4.40@4j^c. Spelter has been dull and easier at
5.50@5.60c. Iron has been steady. Some contracts have
been given out by a locomotive concern. No. 1 Northern
$15 75@$16; No. 2 Southern $15 25.
T h is
W eek .
1 9 ,9 6 3 2 ,6 0 7 ,8 8 7
9 ,0 0 0
2 0 2 ,2 7 3
160
3 5 8 ,8 7 4
1 4 ,8 6 1 1 ,3 8 8 ,2 8 5
3 4 ,2 1 1
1 ,3 6 3
2 3 3 ,6 8 2
3 ,8 4 6
1 1 1 ,4 9 3
165
2 2 ,1 4 1
5 ,2 2 4 1 ,3 3 6 ,4 4 0
102
2 1 9 ,4 1 0
403
2 7 3 ,4 0 6
S to c k .
S in c e S ep
1 1909.
110
1 ,2 2 2
784
2 ,5 2 6
3 9 4 ,6 7 5
5 1 9 ,5 8 9
3 ,9 2 4
7 ,8 4 9
3 4 ,5 3 2
1 0 3 ,3 4 4
315
2 0 ,8 8 7 2 ,2 9 2 ,7 5 8
994
1 2 2 ,0 1 4
3 ,7 9 8
7 2 ,6 7 4
3 2 ,6 7 5 1 ,0 5 2 ,3 4 0
8 ,2 6 4
3 ’, 7 9 6
2 2 5 ,3 9 1
7 ,5 3 6
1 2 7 ,1 3 2
14
3 8 ,3 0 2
1 1 ,3 3 6 1 ,2 3 7 ,0 0 7
8 ,1 6 5
2 1 6 ,1 7 0
941
2 0 0 ,4 1 5
75
1 ,3 0 1
1 ,7 0 0
2 9 4 ,6 4 4
3 ,7 3 0
4 2 8 ,1 0 7
467
1 6 ,6 5 5
1 ,7 0 7
6 ,0 8 6
674
9 ,7 9 3
2 ,4 0 5
5 8 ,8 5 9
154
1 ,4 8 1
T o t a l . . ..................... 1 6 0 , 1 8 2 7 , 8 5 3 , 5 5 2
1 0 1 ,0 5 4 6 ,4 0 9 ,3 9 3
R e c e i p t s a t—
A p r i l _________________
_________________
M ay
J u n e _________________
J u ly
_________________
1 9 0 9 -1 0 .
S in c e S e p
1 1910.
487
290
898
1 9 ,9 6 3
9 ,1 6 0
1 4 ,8 6 1
1 ,3 6 3
5 ,2 2 4
2 0 ,8 8 7
4 ,7 9 2
3 2 ,6 7 5
3 ,7 9 6
1 1 ,3 3 6
8 ,1 6 5
1 ,0 1 6
1 ,7 0 0
3 ,7 3 0
467
1 2 ,4 9 0
3 6 ,5 7 7
3 ,8 1 3
2 3 ,6 7 0
3 ,5 7 6
1 2 ,9 5 1
950
2 ,8 9 5
2 ,4 7 0
4 ,1 1 7
1 ,9 8 6
2 ,0 7 7
1910.
8 7 ,9 6 5
9 4 ,7 1 4
1 0 8 ,4 8 6
2 ,1 4 9
1 2 ,1 8 8
1 6 4 ’, 2 3 8
1 ,0 0 6
2 4 ,8 2 2
5 3 ,7 3 1
4 ,7 1 1
2 1 ,2 6 6
6 4 ’, 7 6 5
5 ,8 5 5
1 1 ,8 7 6
3 ,2 2 8
1 4 ,9 7 5
1 3 ,6 8 3
2 7 ,7 5 5
2 0 8 ,2 2 3
7 ,7 3 0
4 ,0 0 9
2 ,1 7 5
1 1 3 ", 0 5 8
7 ,9 3 9
5 3 0 ,8 3 6
5 3 7 ,0 5 6
6 ,2 2 0
1 ,1 2 5
1907.
1908.
1909.
1910.
1911.
1911.
3 7 ,8 5 *
50
2 5 ,0 5 3
3 ,4 7 4
1 2 ,1 6 1
1 ,2 1 4
664
1 ,9 9 7
6 ,2 5 1
128
9 ,8 4 0
1906.
3 4 ,2 2 8
3 7 ,6 7 3
1 7 ,0 1 8
2 5 ,1 1 0
1 ,6 0 7
0 ,2 8 3
5 ,8 2 9
1 ,1 5 6
778
5 ,3 1 3
522
4 ,7 1 9
G a l v e s t o n ____
P t .A r t h u r ,& c .
N e w O r le a n s .
M o b i l e __________
S a v a n n a h ____
B r u n s w i c k ____
C h a r le s t o n ,& c
W i lm in g t o n ..
N o r fo lk
.
.
N ’p o rt N ., & c
A l l o t h e r s ______
” 5 ', 6 8 6
T o t a l th is w k .
6 0 ,1 8 2
1 0 1 ,0 5 4
9 5 ,0 8 2
9 8 ,6 8 3
1 0 9 ,0 0 8
1 0 0 ,2 5 3
S in c e S e p t . 1 . 7 ,8 5 3 ,5 5 2
6 ,4 0 9 ,3 9 3
8 ,6 0 1 ,7 6 4
7 ,3 2 8 ,5 2 8
8 ,9 2 0 ,4 8 1
6 ,7 5 4 ,9 9 7
102
513
784
2 ,5 2 6
3 2 ,2 0 6
2 ,3 6 6
2 4 ,3 2 2
2 ,1 4 8
1 ,8 0 7
1 ,7 3 1
6 ,7 2 0
598
3 ,3 1 7
The exports for the week ending this evening reach a total
of 79,503 bales, of which 24,539 were to Great Britain,
8,932 to France and 46,032 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910.
Exports
from
—
W e e k e n d tn n A r c h . 3 1
E x p o r t e d to—
1911.
______ j 8 ,5 8 9 . 1 2 ,0 0 2
_______ !
_____ 1 9 ,0 0 0
■ _____
_____
1 8 ,5 9 2
5 ,3 8 1
_____
607
2 ,0 3 7
Y .8 0 9
2 0 ,5 9 1
9 ,0 0 0
F r o m S e p l . 1 1 9 1 0 to M c h . 3 1
E x p o r t e d to—
1 ContiGreat 1
Great ;
Conti- |
Britain.
Fr’nce nent. ; Total. Britain. \France.• nent.
G a l v e s t o n _____
P o r t A r t h u r ___
T e x a s C i t y , & c.
N e w O r l e a n s .. '
M o b i l e .................j
P e n s a c o l a _____
G u l f p o r t ______
S a v a n n a h ------- !
B r u n s w i c k ------- j
C h a r l e s t o n ------W i l m i n g t o n . ..1
N o r f o l k ................ 1!
_______
_______
_______
_______
_____
io o
_____
_____
_____
_____
_____
_____
_____
2 3 ,9 7 3
607
3 ,8 4 6
_____
9 ,0 3 4
9', 0 3 4
_______
.............
_______
_______
552
" 652
1911
Toted.
9 2 5 ,9 5 0 2 9 4 ,7 8 3 |
4 4 ,8 9 8 , 5 4 ,9 6 9
2 1 1 ,7 1 9 5 6 ,9 3 3 |
7 7 9 ,7 1 4 1 2 5 ,7 4 0 ,
6 3 ,0 3 9 4 1 ,0 0 9 ,
4 4 ,2 9 1 3 0 ,5 9 5
6 ,2 7 1 ! 1 9 ,3 3 8
3 1 1 ,6 1 7 1 1 1 ,2 1 7 j
1 0 0 ,0 7 7
|
9 ,9 0 0
1 8 ,8 3 2
1 2 6 ,1 7 1 3 2 ,0 1 5 ;
_______
1 0 ,6 4 5
9 4 4 ,0 9 1 2 ,1 6 4 ,8 2 4
2 0 2 ,2 7 3
1 0 2 ,4 0 6
33,2241 3 0 1 ,8 7 6
3 4 1 ,2 6 6 1 ,2 4 6 , 7 5 0
6 0 ,1 2 8 ; 1 6 4 ,1 7 6
3 6 ,7 0 8 , 1 1 1 ,5 9 4
3 2 ,0 6 2
6 ,4 5 3
8 2 5 ,7 3 8
4 0 2 .0 0 4
1 7 8 .4 0 2
7 8 ,3 2 5
1 1 9 ,2 8 3
9 0 .5 5 1
3 7 1 ,4 1 2
2 1 3 ,2 2 6
1 4 ,4 3 8
3 ,7 9 3
2 5 6 ’ 0 7 2 7 9 ,3 9 4
9 1 ,4 3 8 1
1 6 ,6 5 9
7 ,0 1 8
4 5 ,8 4 6
_______
669
5 2 6 ,6 4 9
1 91 *18 3
9 9 ,6 0 7
8 ,1 6 9
64,8331 1 8 8 ,5 1 0
5 8 ,0 3 4
1 2 ,1 8 8
669
7 9 ,6 0 5
7 9 ,6 0 5
4 3 ,6 1 4
4 3 ,6 1 4
1 0 ,7 5 3
1 0 ,7 5 3
500
500
N ew p ort N ew s
N e w Y o r k -------B o s t o n _______ B a l t i m o r e _____
P h i l a d e lp h i a . .
P o r tla n d , M e . .
S an F ra n c isc o .
S e a t t l e ................
T a c o m a ------------P o r tla n d , O r e .
P e m b i n a .............
D e t r o i t ----------------
_______
T o t a l ................
2 4 ,5 3 9
8 ,9 3 2 ; 4 6 ,0 3 2
7 9 ,5 0 3 3 ,0 5 6 ,4 3 3 * 8 6 2 ,9 1 1 2 ,7 2 3 ,95o| 6,6 4 3 ,2 9 4
T o t a l 1 9 0 9 - 1 0 . ' 4 6 ,4 6 4
5 ,2 0 4 ’ 2 0 .7 6 0
7 2 ,4 2 8 1 ,8 9 9 ,7 5 2 'S 2 0 .0 8 3 2 .2 4 8 ,1 5 6 '4 .9 6 7 ,9 9 1
2 ,6 5 3
200
350
343
_______
_______
_______
_______
_______
_______
_______
_____
_____
_____
_____
_____
_____
_____
—
.............
_____
-
7 ,0 6 0
26
lb",0 5 6
226
!
350
‘ "624
624
_______ 1
383
383
161
161
" _____
_______
_______
- - - - -
_______
.............
I --------
________
________
2^525
.............
_______
________
................
_______
2 .5 2 5
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
on
M c h . 31
a t—
G reat
B r ita in
N e w O r le a n s
G a l v e s t o n --------S a v a n n a h --------C h a r l e s t o n --------M o b i l e ------------ -- N o r f o l k -------------N e w Y o r k --------O th e r p o r ts —
1 ,8 0 2
4 ,0 7 3
T o ta l 1911 . .
T o ta l 1 9 1 0 ..
T o ta l 1909 . .
9 ,1 7 5
2 1 ,7 0 1
4 0 ,7 2 2
S h ip b o a r d , N o t C le a r ed f o r —
G er
Fran ce ! m a n y.
2 ,9 7 7
7 , 9 17
1 6 ,7 1 7
C o a st
w ise .
O th er
F o reig n
‘ 266
‘ 800
3 ,1 7 7
1 6 ,3 3 0
2 0 ,6 5 7
3 2 ,4 7 8
2 4 ,1 6 2
3 0 .6 8 0
T o ta l.
"1 6 6
7 ,5 0 0
6 ,5 1 4
7 ,5 0 0
5 ,7 0 0
1 ,9 0 0
8 ,9 7 2
2 3 ,5 0 4
1 7 ,6 5 4
2 3 ,9 8 6
2 5 ,8 7 4 I 1 7 ,8 0 8
7 7 ,3 0 6
1 0 3 ,8 3 3
1 3 5 ,7 4 1
2 ",7 0 0
FUTURES.—The highest, lowest and closing prices at
___
New York the past week have been as follows:
8 3 ,6 4 3
5 7 ,4 1 6
5 3 ,4 3 1
2 1 ,2 6 6
5 ,6 7 4
7 ,4 7 5
2 0 2 ,5 2 3
2 4 ,8 4 3
3 0 ,5 4 9
300
1 ,1 0 0
800
L e a v in g
S to c k .
32
1 ,0 4 0
300
1 2 ,0 8 5
8 ,7 1 9
5 '. 9 1 4
‘ 500
2 " ,6 6 6
2 2 ,1 0 2
4 5 3 ,5 3 0
4 3 3 ,2 2 3
4 7 0 ,8 7 3
Speculation in cotton for future delivery has been moder
ately active at irregular prices, ending with May and July,
especially July, lower. There has been from time to time a
pressure to liquidate long cotton by traders manifestly dis
couraged by the failure of the market to advance, as so often
predicted by bulls under the stimulus of what is superficially
at least an increasingly strong statistical position, the steady
disappearance of the New York stock, the continued light
receipts at the ports and interior towns, the relatively liberal
.spinners’ takings, some revival of activity in Manchester s
trade, the large spot, sales in Liverpool, and Anally the fear
of a squeeze in the May option. As to the May deal it is of
interest to note that whereas recently the premium on May
over July fell to 12 points, it has latterly risen to 28 points.
It is predicted in some quarters that the May deal will be
carried through by the strong interests which are supposed
to have it in charge, though no attempt to advance prices
materially may be made until it is impossible to bring any
large quantity of cotton to New York except by railroad.
Other incline to the view, however, that there arc such serious
obstacles in the way of carrying through the deal that it is
likely to be abandoned. The short interest of late has been
more or less reduced. A good deal of liquidation of straddles
has taken place through the buying of May here and selhn„
of May-Juno in Liverpool. Others have been covering May
and selling July here. According to a current rumor, which
may here be given for what it is worth, large Southern inter
osts which for many months have been identified with the
bull side have latterly sold much, if not all, of their holdings
of July while still retaining their interest in the May deal.
The understanding is that large spot interests, some of the
Southern speculative element and certain prominent people
in the metal trade arc chiefly interested on the bull side of the
May option. Yet, as near as can be gathered, the concensus
is unfavorable to a rise of prices at this time. Trade, for one
thing, continues slow, and prices of some descriptions of cot
ton goods have undergone a noteworthy decline during the
past week. The tendency would appear to be toward an ex
tension of the curtailment of production both at New England
and at the South. Texas and the section east of the Missis
sippi has had beneficial rains, and the preponderance
of evidence seems to show that the condition of the soil at
the South is generally favorable, that the sales of fertilizers
are unusually large and that preparations are being made
for the planting of a greatly increased acreage in sections
where this is possible, and that so far as can now be seen the
outlook points to a record-breaking crop if the plant meets
with no serious setback. There is some apprehension that
at the approaching extra session an attempt will be made
to pass an anti-option law. The New V ork Cotton Exchange
is thoroughly alive to the danger that such legislation may
be passed and at a meeting of some of its members recently
resolutions were adopted looking to the compliance with
some of the recommendations made several years ago by the
Department of Corporations at Washington which investi
gated the condition of the American cotton trade. These
resolutions in other words, favored a monthly revision of
differences and the adoption of the Government sample
standards As to the future of prices there is much un
certainty, owing to what is regarded by some as the strong
statistical position and the threatened May deal on the one
hand and on the other the dulness of trade, the favorable
outlook for a big crop and (he fear of traiif and anti-option
legislation. To-day prices declined on disappointing Liver
pool cables, favorable weather and crop reports from the
South, local selling and long liquidation. Middling uplands
closed at 11.40c., a decline for the week of 20 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
M e l t . 2 5 to M e n . 3 1 —
S a l.
M i d d l i n g u p l a n d s . ---------------------------- 1 4 . 5 5
M on.
1 4 .4 0
T u es.
1 4 ..1 .»
W e il. T h u rs.
1 4 .4 .>
1 4 .4 5
NEW YORK QUOTATIONS FOR 32 YEARS.
1 0 1 1 _ C _______ I t • 10
1 0 1 0 _________ . . 1 5 . 1 0
1000______»•»•>
1 0 0 8 _______ . - 1 0 . 5 0
1 0 0 7 ____________ 1 0 . 0 5
1908. . . ___ 11 .65
1 0 0 5 _____________ 8 . 1 5
1 0 0 4 ____________ 1 5 . 3 5
889
THE CHRONICLE
A pr. 1 1911.1
1 9 0 3 c ________9 . 9 5
1902
H im
_________ 8 . 1 9
1900
................. 9 . 6 2
1859
..
. . .
6 .3 1
1 8 9 8 ___________ 6 . 1 9
1 8 9 7 ___________ 7 . 3 1
1 8 9 6 ___________ 7 . 9 4
1 8 9 5 .c .
1894. .
1893
1 8 9 2 ...
1 8 9 1 ...
1 8 9 0 ...
1889. . .
1 8 8 8 ...
_
6 .4 4
7 .7 5
8 .6 2
6 .6 1 )
9 .0 0
_ _ .1 1 .4 4
____ 1 0 . 1 9
. . 1) .9 4
F r l.
1 4 .4 0
1 8 8 7 . 0 ________ 1 0 . 5 6
1 8 8 6 ___________ 9 . 1 2
1 8 8 5 ____________ 1 1 . 1 2
1 8 8 4 ____________ 1 1 . 4 4
1 8 8 3 ____________ 1 0 . 0 6
1 8 8 2 ____________ 1 2 . 1 2
1 8 8 1 ____________ 1 0 . 6 9
1 8 8 0 ____________ 1 3 . 0 0
MARKET AND SALES AT NEW YORK.
S p ot M arket
C lo se d .
S a tu r d a y - . - Q u ie t,
5 p ts.
Q u ie t, 1 5 p ts .
M onday
5 p ts.
T u esd ay . Q- u i e t ,
W e d n e s d a y - Q u ie t.
T h u r s d a y . . Q u ie t
i p ts.
F r i d a y ________Q u i e t ,
dec.
dec dec.
dec —
T o ta l--
F u tu res
M arket
C lo se d .
S t e a d y _____________
B a r e ly s t e a d y . _
V e r y s t e a d y ____
S t e a d y _____________
S t e a d y . . ..................
S t e a d y .............. —
S A L E S .
S p o t.
6 ,2 0 0
1 ,0 2 0
—
7 ,2 2 0
C o n tr 'c t
T o ta l.
2 ,6 0 0
8 ,8 0 0
200
1 ,0 2 0
200
900
1 ,9 0 0
900
1 ,9 0 0
5 ,6 0 0
1 2 ,8 2 0
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse
quently all foreign figures arc brought down to Thursday
evening. But to make the total the complete figures for to31—
1 9 1 1*
L i v e r p o o l ........................b a l e s . 1 , 1 8 7 , 0 0 0
7 ,0 0 0
L o n d o n _______________________
M a n c h e s t e r __________________
1 1 3 ,0 0 0
1910.
8 3 2 ,0 0 0
5 ,0 0 0
5 8 ,0 0 0
1909.
1 ,3 8 2 ,0 0 0
9 ,0 0 0
8 4 ,0 0 0
1908.
:1 , 0 2 7 , 0 0 0
9 ,0 0 0
8 2 ,0 0 0
T o t a l G r e a t B r i t a i n s t o c k ________1 , 3 0 7 , 0 0 0
S t o c k a t H a m b u r g ____________
4 ,0 0 0
S t o c k a t B r e m e n ________________________
2 7 9 ,0 0 0
S t o c k a t H a v r e ____________________________
3 2 9 ,0 0 0
S t o c k a t M a r s e i l l e s ----------------------------------2 ,0 0 0
2 1 ,0 0 0
S t o c k a t B a r c e l o n a -------------------------------S t o c k a t G e n o a -------------------------4 8 ,0 0 0
S t o c k a t T r i e s t e ------------------ -----------------4 ,0 0 0
8 9 5 ,0 0 0
7 ,0 0 0
3 2 1 ,0 0 0
3 6 1 ,0 0 0
3 ,0 0 0
1 ,4 7 5 ,0 0 0
:1 , 1 1 8 , 0 0 0
1 3 ,0 0 0
4 4 1 ,0 0 0
2 6 3 ,0 0 0
4 ,0 0 0
4 7 ,0 0 0
3 5 ,0 0 0
1 8 ,0 0 0
M arch
S to c k a t
S to c k a t
S to c k a t
8 ,0 0 0
5 3 ,0 0 0
4 ,0 0 0
1 1 ,0 0 0
4 9 8 ,0 0
3 5 0 ,0 0
4 ,0 0
4 5 ,0 0
3 8 ,0 0
0
0
0
0
0
2 ,0 0 0
6 8 7 ,0 0 0
7 5 7 ,0 0 0
9 4 8 ,0 0 0
8 2 1 ,0 0 0
T o t a l E u r o p e a n s t o c k s -------------------1 , 9 9 4 , 0 0 0
I n d ia c o tt o n a llo a t fo r E u r o p e —
1 4 6 ,0 0 0
A m e r . c o tt o n a llo a t fo r E u r o p e ._
3 1 2 ,0 0 8
E g y p t , B r a z i l,& c .,a llt .f o r E u r o p e .
3 3 ,0 0 0
S t o c k i n A l e x a n d r i a , E g y p t -----------2 1 8 ,0 0 0
S t o c k I n B o m b a y , I n d i a -------------------^ 4 4 ,0 0 0
S t o c k I n U . S . p o r t s ----------------------------S t o c k I n U . S . i n t e r i o r t o w n s ______
4 8 2 ,4 2 5
U . S . e x p o r t s t o - d a y ___________________
1 0 ,0 1 3
1 ,6 5 2 ,0 0 0
2 3 3 ,0 0 0
3 1 0 ,9 2 3
1 9 ,0 0 0
1 4 3 ,0 0 0
7 6 0 ,0 0 0
5 3 7 .0 5 6
5 0 0 ,8 8 6
1 1 ,6 6 8
2 ,4 2 3 ,0 0 0
1 1 7 ,0 0 0
3 1 5 ,2 3 7
2 9 ,0 0 0
2 8 4 ,0 0 0
4 6 5 ,0 0 0
6 0 6 ,6 1 4
6 4 9 ,3 6 5
3 ,2 2 1
1 ,9 3 9 ,0 0 0
1 3 6 ,0 0 0
2 8 7 ,5 0 6
3 6 ,0 0 0
2 3 3 ,0 0 0
6 0 6 ,0 0 0
5 9 0 ,1 7 1
4 8 5 ,7 1 2
4 ,7 7 1
4 ,1 6 7 ,5 3 3
4 ,8 9 2 ,4 3 7
4 ,3 1 8 ,1 6 0
T o t a l C o n t i n e n t a l s t o c k s . ..............
O f th e a b o v e , t o t a ls o f A m e r ic a n a n d o th e r d e s c r ip tio n s a r c a s fo llo w s :
L i v e r p o o l s ^ o c k _______b a l e s . 1 , 0 6 9 , 0 0 0
M a n c n e s t c r s t o c k ________________
9 4 ,0 0 0
C o n t i n e n t a l s t o c k ________________
6 4 6 ,0 0 0
A m e r i c a n a l l o a t f o r E u r o p e ________
3 1 2 ,0 0 8
U
S . p o r t s t o c k s _________________
5 3 0 ,8 3 6
U . S . i n t e r i o r s t o c k s __________________
4 8 2 ,4 2 5
U . S . e x p o r t s t o - d a y ___________
1 0 ,0 1 3
7 5 8 ,0 0 0
6 8 ,0 0 0
7 0 1 ,0 0 0
3 1 0 ,9 2 3
5 3 7 ,05G
5 0 0 ,8 8 6
1 1 .G G 8
T o t a l A m e r i c a n _______________________________________ 3 , 1 4 4 , 2 8 2
E a s t I n d i a n , B r a z i l , & c .—
L i v e r p o o l s t o c k ------------------------------------------L o n d o n s t o c k --------------------------------------------M a n c h e s t e r s t o c k ...................
C o n t i n e n t a l s t o c k -------------------- ------------- -I n d i a a l l o a t f o r E u r o p e ----------------------E g y p t , B r a z i l , & c . , a l l o a t ___________
S t o c k I n A l e x a n d r i a , E g y p t -----------S t o c k i n B o m b a y , I n d i a . . ..................
T o ta l E a s t In d ta . & c
T o t t l A m e ric a n
1 1 8 ,0 0 0
7 ,0 0 0
1 9 .0 0 0
4 1 ,0 0 0
1 4 6 ,0 0 0
3 3 ,0 0 0
2 1 8 ,0 0 0
5 4 4 ,0 0 0
7 4 .0 0 0
5 ,0 0 0
10.000
5 6 .0 0 0
2 3 3 .0 0 0
1 9 .0 0 0
1 4 3 .0 0 0
7 6 0 .0 0 0
9 0 3 ,0 0 0
7 0 ,0 0 0
7 4 G .0 0 0
2 8 7 ,5 0 6
5 9 0 ,1 7 1
4 8 5 ,7 1 2
4 ,7 7 1
1 .2 5 7 ,0 0 0
6 8 ,0 0 0
9 1 2 ,0 0 0
3 1 5 ,2 3 7
G O G ,6 1 4
G 4 9 .3 G 5
3 ,2 2 1
2 ,8 6 7 ,5 3 3
3 ,8 1 1 .4 3 7 3 ,0 8 7 .1 6 0
1 2 4 .0 0 0
9 ,0 0 0
1 2 5 .0 0 0
9 ,0 0 0
1 6 ,0 0 0
3 6 .0 0 0
1 1 7 .0 0 0
2 9 .0 0 0
2 8 4 .0 0 0
4 6 5 .0 0 0
12,000
7 5 .0 0 0
1 3 6 .0 0 0
3 6 .0 0 0
2 3 3 .0 0 0
6 0 6 .0 0 0
.1 ,1 2 6 ,0 0 0 1 ,3 0 0 ,0 0 0 1 ,0 8 1 ,0 0 0 1 ,2 3 1 ,0 0 0
. . 3 , 1 4 4 , 2 8 2 2 ,8 6 7 ,5 3 3 3 ,8 1 1 ,4 3 7 3 ,0 8 7 ,1 6 0
T o t a l v i s i b l e s u p p l y .............. ............. 4 , 2 7 0 , 2 8 2 4 , 1 6 7 , 5 3 3 4 , 8 9 2 . 4 3 7
7 .7 0 d .
7 .9 6 d .
5 .1 3 d
M i d d l i n g U p l a n d , L i v e r p o o l --------1 4 .4 0 c .
1 4 .9 5 c .
9 .9 5 c
M id d lin g U p la n d , N e w
Y o r k --------1 0 H d . 16 1 1 -lG d .
8 5 -1 6 d .
E g y p t, G ood B row n,
L iv e r p o o l.
1 1 .2 5 d .
ll.O O d .
7 .7 5 d
P e r u v ia n , H o u g h G o o d , L iv e r p o o l
7 7 -lG d .7 9 -lG d . 4 1 5 -1 6 U .
B r o a c h , F i n e , L i v e r p o o l -------------------7 5 -lG d .
7 K d .
4 % d
T l n u c v c l l y , G o o d , L i v e r p o o l ---------
4 ,3 1 8 ,1 6 0
5 .7 3 d .
1 0 .5 0 c .
8 ^ d .
.
lO .lO d .
5 5 -1 6 d .
.
5 l-1 6 d .
.
.
Continental imports for the past week have been 61,000
bales.
The above figures for 1011 show a decrease from last week
of 96,931 bales, a gain of 102,749 bales over 1910, a de
crease of 622,155 bales from 1909, and a loss of 47,878
bales from 1908.
S90
THE CHRONICLE
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year—is set out
in detail below.
Movement to Match 31 1911. | Movement to April 1 1910.
Receipts.
Receipts.
Ship . Stocks
Ship Stocks
ents. 1March
ments. April
1Week. |Season. m
Week. 31.
Week. 1Season. Week. 1.
Eufaula,
Alabama __
17,009
Montgomery,
“
___
113,346
Selma,
“
._
97,745
Helena,
Arkansas__
53,835
Little Rock,
“
___
162,889
Albany,
Georgia _____
23,599
Athens,
“
__
.99,534
Atlanta.
“
__ ..
120,015
Augusta,
“
_____ .
312,977
Columbus,
“
__
54,413
Macon,
“
...........
53,006
Rome,
“
__
40,922
Louisville,
Kentucky, net__
7,449
Shreveport,
Louisiana __ __
88,831
Columbus,
Mississippi______
31,443
Greenville,
“
__
..
63,218
__ ___
Greenwood,
“
79,420
Meridian,
“
______
65,647
Natchez,
“
_____ _
14,400
Vicksburg,
"
- - __ _
43,879
Yazoo City,
“
___
____
40,681
St. Louis,
Missouri _ _____
359,221
Raleigh,
North Carolina____
12,283
Cincinnati,
Ohio__________
113,952
Greenwood,
South Carolina __
13,526
Memphis,
Tennessee__ ____
712,772
Nashville,
“
__ . . .
12,842
Brenham,
Texas__ ____ _
8,369
Clarksville,
“ ______ . __
23,618
Dallas,
“ __ _______
55,902
Honey Grove,
“ ________ _
20,926
Houston,
“ ______ _
1,611,057
Paris,
“ ___ ____
80,598
Total, 33 towns__ ___ _____
43,971j
67,182 482,425
500,886
O^fO
OO«iO
oO
iO
OO
OOOrO
O
O
N
rtO
HOC
cO
o iItT
f1
O
TfO
CO
lO
O
ocO
cc
MOC
H
oO
C
V
1oO
0M
UO
QO
M
W
COO
O
O^a
(X 1
iIt©
QO
fOO
CCC
CxiO
CflHlOoOH
O
O3O
M
txH
O
rfH
MO
OO
M
M
x. 1ox. ,i
CVJ
O
O
r
H
T
fe
O
r
x
C
iC
O
M
1
-4
4
0
T
fM
O
M
’
^
O
O
O
C
O
T
fC
N
J
lO
r
H
r
H
'
'o
TJ1 rHiqi t-4 ifH
r~i r4HH 1-4 Tl< rH i—
!
t>. 1
lO
O
^
O
C
O
lO
O
fO
O
iO
O
cC
O
O
O
C
JO
H
O
iO
O
M
M
Q
O
O
I©
irf
1©
C
Op-©
xrC
fiO
-4 lOHrHlx.CiC
'lO
C
C
OC
O
CO
M
lxOO
O
rflx
Or-H
OO
rH
CJO
OO
i-H
Otx
t'-C
OO
i—
»0i—
«>O
0«O
\|O
*tO
fC
q’li Ii©
CJ IiJO
N
. ,I ©
tx.
H « ’tHHrt
COr-i
1-trx. Cl eCgl
1 'txT
1
r-t rtP
^
•**l
C
CO
©
C
O
©
-H©
V
|C
l•O
rf l*
»O©©O
MrH
©.T
t^f©
THC
0©.r}io
C0»H©r-4o0O
0CC
©©cO
i-4C
©O
© l©
|©
T
—
©C
i©-H
t'-»O
©
g1
ii 0
0
T?C
\J
O
O IH
HOi-u
rf »O
Htx
HO
OC©
5©
Ctx
500HO<0^C
O'H
O
CiO
HOOM
li©
rHiireH
©
eg HH
© Cl 00 1 1th 1 ©
CO
Towns.
_
_
©0©
cgcocoix.cii-4©
oc©
©©
©o©
©cO©
»O
ci05cocotx-oO
co©©i-4
i© IiC
txO
.1c-o4
0
50©0©
OtO
i-4
cot0x*0s5o0©
oo©
r-•
i*tx
r*..©
©it©
tx.tx
-eg0o0o5o»0
o©©
ix©
.tx
.arx©.©
eg©oi.Oi-H
cir-it-H
ocb-lx©- ii©
uo i©
co
cg^
-^
O
C
-r
t
X
i
©
u
."
O
r
-t
rf
C
O
r
H
C
O
©
tx
©
C
I
t
—
4
©
C
l
C
O
r
H
ci
1
r
H
1
rf
rH Cl rHTj*rH rH ClrH rHrHC] Cl Tj«
O
tO
'rT
C
1-0x
"fT
—
11
l©lrH
©
C
ll.O
C
©1©
.©
T
fTfTM
t«T
o 1© 1©
© Itx. 1
1
lO
<C
H
5M
C
C
l0lC
0C
O
-<\©
G
txl©
*T
H
0tX
CO
©
ClT
lt«
C
5n
1
©
CO
Ocofr©
1C
00
©
CO
lC
O
OrC
JO
rH
C
V
l©.©
©
CO
OlC
OrHC
rHC
H
|© 1Cl 1
i© !IH
-\] 1
CO rH tH
tH rH rH rH O
O Cl '0© 1 ' '© '
ooc*o©
co-rrH
C2©rH
©o©io-f^
TrTT
7<»or^cjcoc3C
5©©>o©©©©c5rr C
*O
*
-f©
rx.©
coo©
co»o©
tx.ooo©
cvirH
©coix-rrrx».otx.ci>
©
©ci©
rx.©
rH
©oc©©
Toc©
f©T»o©
f»or«*O
TH©racrH
©rN.oa
ocorH
i.ooo©©co--iX'r*ooo C
O
tx
.©
©
0
0
O
rH
C
irx
.0
0
C
lrt,r-©
C
0
©
©
C
l^
frH
C
0
©
C
lrH
t-4
C
0
©
O
0
0
©
0
0
C
lC
0
C
l
©
rH1—
M
fxr.rH
COrfrr ©
CO©©OOrHT^rJri©
©
rH tC
*©lO©
ClCl©
rH
HeO
rH
jlrHr©
Hr-<G
O CO©COO
HH
xO
Cl to
»•
*'©
tx.O
CO1
ci(0 1
1C
Cll0
0-©
rHr©
tx.O
tH©
©tx
r>.H
tx«C
Cllo©
oI©
THC
O
©©
CO
1(»0 Il©
C
l»1((0
I©
I1C
O
»1
r©
HC
O
q
x
O
X
©
T
^
©
C
J
tX
t
x
©
0
1
©
K
0
W
OCOrH
tx* iClW
0©Cl ClCl00 rT©
ClrH© 1© 1Cl li.O 1
^
fx.’ CO'tx." ’rH '© 1
The above totals show that the interior stocks have d e
during the week 23,211 bales and are to-night 18,461
bales less than at the same time last year. The receipts
at all the towns have been 4,389 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.—We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years arc as follows:
c re a se d
M a rch 31—
S h ip p e d —
V i a S t . L o u i s ______ _____________
V i a C a i r o ___________________________
V i a R o c k I s l a n d ..............................
V i a L o u i s v i l l e ____________________
V i a C i n c i n n a t i __________________
V i a V i r g i n i a p o i n t s . _________
V i a o t h e r r o u t e s , & c _________
T o t a l g r o s s o v e r l a n d ________
D ed u ct sh ip m e n ts—
O v e r la n d to N . Y . , B o s to n ,
B e t w e e n I n t e r i o r t o w n s ______
I n l a n d , <fcc., f r o m S o u t h ____
T o ta l to
L e a v in g
-----------1 9 1 0 - 1 1 ----------S in c e
W eek .
S e p t. 1.
_______ 8 , 1 2 4
4 4 2 ,6 8 5
________4 , 3 8 4
1 8 6 ,5 1 2
2 5 ,8 3 0
1 1 3 ,8 1 5
________ 2 , 5 6 2
6 1 ,1 8 1
______
420
1 5 5 ,2 5 7
________ 1 , 9 6 2
1 5 5 ,4 6 5
________3 , 9 8 5
________2 1 , 4 3 7
& c ._
_______
________
1 ,1 4 0 ,7 4 5
2 0 ,0 0 3
8 6 6 ,3 0 9
1 4 6 ,0 4 0
5 1 ,9 8 8
3 6 ,9 1 8
4 ,9 4 0
333
1 ,7 0 1
7 6 ,2 1 9
3 7 ,2 7 6
4 5 ,2 1 5
1 ,6 7 5
1 ,3 6 4
887
b e d e d u c t e d ______ ________3 , 9 2 6
to ta l
net
* I n c lu d in g
o v e r la n d
m ovem ent
by
* . ________1 7 , 5 1 1
r a il
to
-----------1 9 0 9 - 1 0 ----------S in c e
W eek .
S e p t . 1.
7 ,5 3 5
3 2 9 ,4 3 0
2 ,8 4 7
1 4 7 ,0 4 4
290
1 9 ,9 9 4
2 ,4 7 1
9 0 ,4 3 6
511
3 9 ,5 4 1
3 ,3 7 6
1 0 9 ,6 4 8
2 ,9 7 3
1 3 0 ,2 1 6
2 3 4 ,9 4 6
6 ,9 7 4
1 5 8 ,7 1 0
9 0 5 ,7 9 9
1 3 ,0 2 9
7 0 7 ,5 9 9
Canada.
The foregoing shows the week’s net overland movement
has been 17,511 bales, against 13,029 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits an increase over a year ago of 198,200 bales.
In
1 9 1 0 -1 1 S in c e
S ig h t a n cl S p i n n e r s '
. T a k in g s.
W eek .
R e c e ip ts a t p o r ts to M c h .
3 1 ______ 6 0 , 1 8 2
N e t o v e r l a n d t o M c h . 3 ! ______________
1 7 ,5 1 1
S o u th e r n c o n s u m p tio n to M c h . 31 _ 4 9 ,0 0 0
S e p t. 1.
7 ,8 5 3 ,5 5 2
9 0 5 ,7 9 9
1 ,4 1 7 .0 0 0
T o t a l m a r k e t e d ........... ................................. 1 2 6 , 6 9 3
1 0 ,1 7 6 ,3 5 1
I n t e r i o r s t o c k s I n e x c e s s _______________ * 2 3 , 2 1 1
4 3 1 ,6 4 7
W eck.
1 0 1 ,0 5 4
1 3 ,0 2 9
4 0 ,0 0 0
S in c e
S ep t. 1 .
6 ,4 0 9 ,3 9 3
7 0 7 ,5 9 9
1 ,5 7 1 ,0 0 0
1 6 0 ,0 8 3
* 3 5 ,2 1 7
8 ,6 8 7 ,9 9 2
4 1 7 ,7 2 3
C a m e In to s ig h t d u rin g w e e k ... 1 0 3 , 4 8 2
T o t a l I n s i g h t M a r c h 3 1 _______________________
..................
1 0 ,6 0 7 ,9 9 8
1 2 4 ,8 6 6
__________
9 ,1 0 5 ,7 1 5
N o r t h , s p in n e r s ’ ta k in g s to M c h . 3 1 4 9 ,4 9 7
1 ,7 9 1 ,0 6 7
2 7 ,5 8 4
1 ,8 0 6 ,3 9 5
* D ecrease
d u rin g
w eek.
Movement into sight in previous years:
W eek—
1 9 0 9 — A p r il
1 9 0 8 — A p r il
1 9 0 7 — A p r il
1 9 0 6 — A p r il
2
4
5
6
B a le s.
1 2 5 ,3 2 5
1 4 4 ,6 4 7
1 6 3 ,5 8 8
1 4 1 ,9 3 9
S in c e S
1 9 0 8 -0 9 —
1 9 0 7 -0 8 —
1 9 0 6 -0 7 —
1 9 0 5 -0 6 —
ep t. 1—
A p r il 2 .
A p r il 4
A p r il 5
A p r il 6
B a le s.
1 1 ,7 4 3 ,5 4 7
9 ,8 9 1 ,6 0 4
1 1 ,9 4 7 ,0 7 3
9 ,3 3 1 ,7 2 6
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
[V O L . L X X X X I I .
C lo s in g Q u o ta tio n s f o r
W e e k en d in g
M arch 3 1 .
G a l v e s t o n ________
N e w O r l e a n s ____
M o b i l e _____________
S a v a n n a h ________
W i l m i n g t o n ____
N o r f o l k ___________
B a l t i m o r e ________
P h i l a d e l p h i a ____
A u g u s t a ___________
M e m p h i s _ ______
S t . L o u i s _________
H o u sto n _ .
. .
L i t t l e R o c k ______
S a t ’d a y .
14
14
14
14
53
9 -1 6
%
53
1413
1413
1 4 .8 0
1 4 51
14%
14%
14%
14 5 -1 6
M onday
W e d ’da y
T liu r s d 'y
1 4 53
14%
14 3 - 1 6
1 4 53
14%
I t 53
1 4 53
1453
1 4 53
14
14
14
14
14 %
i 4 53
14 %
1 4 .7 0
14 %
14 %
1 4 54
1 4 53
1 4 51
1 4 53
1 4 .6 0
1 4 51
14JI
1 4 54
14 %
14%
-------- ^
on—
14%
14%
14%
14%
14%
1 4 .6 5
14%
14%
14%
14%
14 5 -1 6
T u esd a y
........................... .. 1
M i d d l i n g C o tto n
F r id a y .
%
%
53
%
1 4 53
14 7 - 1 6
14 %
1 4 53
14 %
1 4 .7 0
1 4 53
1 4 54
1 4 54
14 5 -1 6
1 4 54
14%
1 4 54
1 4 .6 5
1 4 53
1 4 54
14 %
14 5 -1 6
'4 5 4
1 4 54
NEW ORLEANS OPTION MARKET. —The lighest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t’d a y,
M o n d a y , T u e s d a y , W e d ’d a y , T liu r s d ’y , F r i d a y ,
M ch . 25. M ch . 27. M ch . 28. M ch . 29. M ch . 30. M ch . 31.
M arch —
R a n g e _________
1 4 .3 8
C l o s i n g _________ 1 4 . 2 6 - . 3 0
A p r il—
R a n g e _________ —
®
—
C l o s i n g _________ 1 4 . 3 0 - . 3 1
M ap—
R a n g e _________ 1 4 . 3 6 - . 4 3
C l o s i n g _________ 1 4 . 3 6 - . 3 7
Ju ne—
R a n g e _________
@
—
C l o s i n g _________ 1 4 . 4 0 - . 4 1
J u ly —
R a n g e _________ 1 4 . 4 2 - . 5 0
C l o s i n g _________ 1 4 . 4 2 - . 4 3
A u g u st—
R a n g e _________ 1 3 . 8 0 - . 8 1
C l o s i n g _________ 1 3 . 7 6 - . 7 8
O cto b er—
R a n g e _________ 1 2 . 5 2 - . 5 6
C l o s i n g _________ 1 2 . 5 2 - . 5 3
N ovem ber—
R a n g e ________
—
®
—
C l o s i n g _________
i 2 .4 6 -.4 8
D ecem ber—
R a n g e _________ —
1 2 .4 9
C l o s i n g _________ . 2 . 4 3 - . 4 4
T one—
S p o t ........................
F ir m .
O p t i o n s ____ ___
S te a d y .
—
1 4 .1 8 -.3 0
1 4 .1 5 -.1 8
1 4 .1 6 -.1 7
1 4 .1 6
—
—
@
- -
—
®
—
1 4 .2 1
—
—
@
—
—
1 4 .2 7 —
@
—
1 4 .1 9 -.2 1 1 4 .2 7 -.3 0
1 4 .1 7
1 4 .1 7
—
—
1 4 .2 2 -.2 4
—
@
1 4 .0 6
—
—
1 4 .2 5 -.4 0
1 4 .2 5 -.2 6
1 4 .1 7 -.2 8
1 4 .2 6 -.2 7
1 4 .1 9 -.3 3
1 4 .2 9 -.3 0
1 4 .1 9 -.3 7
1 4 .3 8 -.3 7
1 4 .2 0 -.3 6
1 4 .2 2 -.2 3
—
®
—
1 4 .2 8 -.3 0
—
®
— —
<Jb —
1 4 .2 8 -.3 0 1 4 .3 0 -.3 2
—
®
—
1 4 .3 6 -.3 7
—
1 4 .2 9 -.4 6
1 4 .3 0 -.3 1
1 4 .2 0 -.3 2
1 4 .2 9 -.3 0
1 4 .2 3 -. 3 6
1 4 .3 2 -.3 3
1 4 .2 0 -.3 7
1 4 .3 6 -.3 7
1 4 .2 1 -..3 2
1 4 .2 2 -.2 3
1 3 .6 2 -.7 0
1 3 .6 3 -.6 4
1 3 .6 0
—
1 3 .6 2 -. 64
1 3 .6 6 -.7 3
1 3 .6 6 -.6 8
1 3 .7 3
1 3 .7 5
1 3 .6 4 -.7 3
1 3 .6 6
—
1 2 .4 7 -.5 5
1 2 .4 8 -.4 9
1 2 .4 8 -.5 6
1 2 .5 4 -.5 5
1 2 .5 3 -.5 8
1 2 .5 8 -.5 9
1 2 .5 1 -.6 0
1 2 .5 9 -.6 0
—
@
—
1 2 .4 2 -.4 4
—
@
— —
®
- 1 2 .4 8 -.5 0 1 2 .5 2 -.5 4
—
@
— —
®
—
1 2 .5 4 -.5 5 1 2 .4 5 -.4 6
1 2 .4 0 -.4 6
1 2 .3 9 -.4 0
1 2 .4 2 -1 5
1 2 .4 6 -.4 7
1 2 .4 9 -.5 2
1 2 .5 0 -.5 1
@
—
1 2 .4 3 -.5 0 —
1 2 .5 1 -.5 3 1 2 .4 3 -.4 4
Q u ie t.
S te a d y .
Q u ie t.
V ’y s t’y .
Q u ie t.
S te a d y .
1 4 .2 5 - .2 8
1 4 .3 0
—
—
—
(3)
—
—
®
—
1 4 .2 2 -.2 3
1 2 .5 1 -.5 9
1 2 .5 1 -.5 2
Easy
WEATHER REPORTS BY TELEGRAPH.—Reports to
us by telegraph this evening from the South denote that
with the weather in the main favorable farm work is making
good progress quite generally and planting is under way in
many districts. While in some districts of Texas it has been
dry during the week, elsewhere there has been as a rule
light to moderate precipitation.
G a lv e s to n , T e x a s .—It has rained on one day of the week,
the rainfall reaching twenty-two hundredths of an inch. The
thermometer has ranged from 60 to 68.
A b ile n e , T e x a s .—Dry all the week. Mean thermometer
46, highest 54, lowest 38.
P a le s tin e , T e x a s . —We have had no rain the past week.
The thermometer has ranged from 44 to 58.
b a n A n to n io , T e x a s .—We have had rain on one day of the
week, the rainfall being thirty-six hundredths of an inch.
I he thermometer has ranged from 44 to 68.
l a y l o r , l e x a s . ’there has been light rain on one day
during the week, the precipitation reaching four hundredths
of an inch. The thermometer has ranged from 44 to 66.
b h r e v e p o r t, L o u is ia n a . —Rain has fallen on one day of the
week, the precipitation reaching eighty-seven hundredths
of an inch. The thermometer has ranged from 42 to 80.
V ick sb u rg , M i s s is s i p p i . —Rain has fallen on three days
during the week, the rainfall reaching one inch and ten
hundredths. The thermometer has ranged from 44 to 76,
averaging 60.
H e le n a , A r k a n s a s . —Cotton planting has commenced. It
has rained on two days of the week, the rainfall reaching one
inch and twenty-one hundredths. The thermometer has
ranged from 38 to 74, averaging 55.
M a d is o n , F lo r id a . —It has rained on two days of the week,
the rainfall reaching two inches. The thermometer has
ranged from 50 to 79, averaging 63.
M o n tg o m e r y , A la b a m a . —There has been rain on three days
during the week, to the extent of one inch and thirteen
hundredths. The thermometer has averaged 60, ranging
from 44 to 76.
S e lm a , A la b a m a . —We have had rain on three days of the
week, the precipitation reaching one inch and sixteen hun
dredths. The thermometer has averaged 5 6 the highest
being 75 and the lowest 38.
S a v a n n a h , G e o rg ia . —It has rained on two days of the
week, the rainfall reaching one inch and twenty-one hun
dredths. 59.
The thermometer has ranged from 43 to 74,
averaging
C h a rle sto n , S o u th C a r o lin a .—Rain has fallen on two days
of the week, the rainfall reaching one inch and thirteen hun
dredths. The thermometer has ranged from 43 to 73.
C h a rlo tte, N o r th C a r o lin a .—It has rained during the week,
the rainfall reaching ninety-five hundredths of an inch.
Average thermometer 52, highest 73 and lowest 32.
M o b ile , A la b a m a . —Reports from the interior indicate that
cotton planting is progressing and will become general next
week. There has been rain on four days the past week, the
precipitation reaching two inches and sixty-nine hundredths.
The thermometer has averaged 64, ranging from 50 to 79.
Neiv O rle a n s, L o u is ia n a . —We have had rain on two days
of the past week, the rainfall reaching one inch and thirtyfour hundredths. The thermometer has averaged 67. •
.
S te a d y .
S te a d y .
S te a d y .
891
THE CHRONICLE
A pr . 1 1911.)
COTTON CONSUMPTION AND OVERLAND MOVE
M e m p h is , T e n n e s s e e .—Crop preparations are active. We
have had rain on three days of the week, the precipitation MENT TO APRIL 1.—Below we present a synopsis of the
reaching one inch and ten hundredths. The thermometer crop movement for the month of March and the seven months
has averaged 55, the highest being 72 and the lowest 38. ended March 31 for three years:
M e m p h is , T e n n e sse e .—Crop preparations are active. We
have had rain on three days of the week, the precipitation
reaching one inch and ten hundredths. The thermometer
has averaged 55, the highest being 72 and the lowest 38.
WORLD’S SUPPLY AND TAKINGS OF COTTON.
1 9 1 0 -1 1 .
C o tto n T a k in g s .
W e e k an d S eason.
W eek .
1 9 0 9 -1 0 .
S ea son .
S ea son .
W eek .
V is ib le
s u p p ly
M arch
2 4 ---------- 4 , 3 6 7 , 2 1 6
V i s i b l e s u p p l y S e p t . 1 ----------------------A m e r i c a n In s i g h t t o M c h . 3 1 —
1 0 3 ,4 8 2
B o m b a y r e c e ip ts to M a r c h 3 0 . _
7 9 ,0 0 0
O th e r I n d ia s h ip ’ts to M c h . 3 0 .
6 ,0 0 0
A l e x a n d r ia r e c e ip t s t o M c h . 2 9 .
9 .0 0 0
O t h e r s u p p l y t o M c h . 2 9 * --------------4 .0 0 0
1 ,4 9 5 ,5 1 4
1 0 ,6 0 7 ,9 9 8
1 ,5 9 4 ,0 0 0
2 4 8 ,3 0 5
9 7 5 .0 0 0
2 1 6 .0 0 0
1 0 2 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
2 ,0 0 0
1 ,9 3 1 ,0 2 2
9 ,1 0 5 ,7 1 5
2 ,3 8 7 ,0 0 0
2 1 7 .0 0 0
6 4 6 .0 0 0
1 9 2 .0 0 0
T o t a l s u p p l y ........... .................................... 4 , 5 6 8 , 6 9 8
1 5 ,1 3 6 ,8 1 7
4 ,4 7 1 ,7 3 8
1 4 ,4 7 8 ,7 3 7
D e d u c t—
V i s i b l e s u p p l y M c h . 3 1 --------- ----------- 4 , 2 7 0 , 2 8 2
4 ,2 7 0 ,2 8 2
4 ,1 6 7 ,5 3 3
4 ,1 6 7 ,5 3 3
3 0 4 ,2 0 5
1 6 2 ,2 0 5
1 4 2 ,0 0 0
1 0 ,3 1 1 .2 0 4
7 ,6 9 2 ,2 0 4
2 .6 1 9 ,0 0 0
T o t a l t a k i n g s t o M c h . 3 1 __________
____
O f w h ic h A m e r ic a n
. . .
O f w h ic h o t h e r .
__________________
4 ,2 2 9 ,8 7 2
2 9 8 .4 1 6
1 8 5 .4 1 6
1 1 3 ,0 0 0
* E m b r a c e s r e c e ip t s in E u r o p e f r o m
1 2 4 ,8 6 6
1 0 ,8 6 6 ,5 3 5
8 ,2 5 7 ,2 3 0
2 ,6 0 9 ,3 0 5 1
B r a z il, S m y r n a , W e s t In d ie s .
& c.
INDIA COTTON MOVEMENT FROM ALL PORTS.
M a rch 3 0.
1 9 1 0 -1 1 .
R e c e i p t s a t—
1
W eek .
B o m b a y ................................................
G reat
B r it a in .
B om bay—
1 9 1 0 -1 1 ..
1 9 0 9 -1 0 ..
1 9 0 8 -0 9 ..
C a lc u tta —
1 9 1 0 -1 1
2 ,0 0 0
7 ,0 0 0
C o n ti
n en t.
2 8 ,0 0 0
5 6 ,0 0 0
9 ,0 0 0
W eek .
7 9 ,0 0 0 1 ,5 9 4 ,0 0 0
T o t a l a ll—
1 9 1 0 -1 1 . .
1 9 0 9 -1 0 ..
1 9 0 8 -0 9 ..
1 0 2 ,0 0 0 2 ,3 9 7 ,0 0 0
5 6 ,0 0 0
1 ,5 2 8 ,0 0 0
T o ta l.
6 6 ,0 0 0
3 6 .0 0 0
5 3 , 0 0 0 1 1 6 ,0 0 0
1 0 ,0 0 0
1 ,0 0 0
C o n ti
n en t.
G reat
B r ita in .
&
2 5 ,0 0 0
6 0 ,0 0 0
1 7 ,0 0 0
5 4 7 ,0 0 0
6 5 2 ,0 0 0
4 1 1 ,0 0 0
Japan
C h in a .
T o ta l.
3 5 2 ,0 0 0
9 2 4 ,0 0 0
5 6 8 ,0 0 0 1 ,2 8 0 ,0 0 0
3 8 7 ,0 0 0
8 1 5 ,0 0 0
1 ,0 0 0
2 ,0 0 0
2 1 ,0 0 0
3 ,0 0 0
1 ,0 0 0
1 ,0 0 0
3 ,0 0 0
4 ,0 0 0
2 5 ,0 0 0
2 7 ,0 0 0
1 3 ,0 0 0
2 5 ,0 0 0
2 5 ,0 0 0
3 6 ,0 0 0
5 3 ,0 0 0
5 6 ,0 0 0
_____
_____
_____
_____
_____
_____
8 ,0 0 0
1 8 ,0 0 0
9 ,0 0 0
1 5 ,0 0 0
5
4 ,0 0 0
3 ,0 0 0
1 ,0 0 0
2 ,0 0 0
2 6 ,0 0 5
1 4 ,0 0 0
2 7 ,0 0 0
1 7 ,0 0 0
1 3 ,0 0 0
1 5 8 ,0 0 0
1 3 1 ,0 0 0
_____
5 ,0 0 0
9 ,0 0 0
5 ,0 0 0
3 6 ,0 0 0 7 2 ,0 0 0
5 3 , 0 0 0 1 2 8 ,0 0 0
1,0001 1 6 ,0 0 0
6 2 ,0 0 0
8 4 ,0 0 0
3 7 ,0 0 0
7 4 4 ,0 0 0
8 1 7 ,0 0 0
5 6 3 ,0 0 0
_____
_____
_____
_____
5 ,0 0 0
9 ,0 0 0
4 ,0 0 0
--------
2 0 ,0 0 0
1 ,3 0 0
1 8 6 .3 0 0
1 5 0 ,0 0 0
1 3 4 ,0 0 0
2 ,0 0 0
1 1 ,0 0 0
1 1 0 ,0 0 0
1
2 ,0 0 0
3 4 ,0 0 0
7 ,0 0 0
6 8 ,0 0 0
1 1 ,0 0 0
1 ,0 0 0
S in c e
S e p t. 1.
3 ,0 0 0
_____
_____
1 ,0 0 0
S in c e
| S e p t . 1.
S i n c e S e p t e m b e r 1.
Japan
& C h in a
1 .0 0 0
1 9 0 9 -1 0 -1 9 0 8 -0 9 ..
M ad ras—
1 9 1 0 -1 1 ..
1 9 0 9 -1 0 ..
1 9 0 8 -0 9 ..
A ll o th e r s —
1 9 1 0 -1 1 ..
1 9 0 9 -1 0 ..
1 9 0 8 -0 9 ..
W eek .
1
F o r th e W e e k .
E xp orts
rom —
1 9 0 8 -0 9 .
1 9 0 9 -1 0 .
S in c e
S e p t. 1.
3 6 6 ,3 0 5 1 .1 7 2 ,3 0 5
5 9 6 ,0 0 0 1 ,4 9 7 ,0 0 0
4 2 5 ,0 0 0 1 ,0 2 5 ,0 0 0
ALEXANDRIA RECEIPTS AND SHIPMENTS.
G r o s s o v e r l a n d f o r M a r c h _____________ b a l e s
G r o s s o v e r l a n d f o r 7 m o n t h s ____ ____________
N e t o v e r l a n d f o r M a r c h ________________________
N e t o v e r l a n d f o r 7 m o n t h s ____________________
P o r t r e c e i p t s I n M a r c h __________________________
P o r t r e c e i p t s I n 7 m o n t h s ______________________
E x p o r t s In M a r c h --------------------------------------------------E x p o r t s In 7 m o n t h s ----------------------------------------------P o r t s t o c k s o n M a r c h 3 1 _________________________
N o r t h e r n s p i n n e r s ’ t a k i n g s t o A p r i l 1 ____
S o u t h e r n c o n s u m p t i o n t o A p r i l 1 ___________
O v e r la n d t o C a n a d a fo r 7 m o n t h s (in
c l u d e d I n n e t o v e r l a n d ) ______________________
B u r n t N o r t h a n d S o u t h I n 7 m o n t h s ______
S t o c k a t N o r t h , In te rio r m a r k e t s A p r il 1 .
C a m e I n s i g h t d u r i n g M a r c h __________________
A m o u n t o f c r o p In s i g h t A p r i l 1 _____________ 1
C a m e I n s i g h t b a l a n c e s e a s o n _________________
T o t a l c r o p _______________________________________________
A v e r a g e c r o s s w e i g h t o f b a l e s -------------------------A v e r a g e n e t w e i g h t o f b a l e s . ...............................
1010- 11.
1 9 0 9 -1 0 .
R e c e ip ts (c a n ta rs) —
T h i s w e e k ______________________
S i n c e S e p t . 1 _______________
6 0 ,0 0 0
7 ,3 0 9 ,8 9 6
4 ,8 4 1 ,6 3 1
6 5 ,0 0 0
6 ,4 5 6 ,0 1 5
T h is
S in c e
W e e k . S ep t. 1.
T h is
S in c e
W eek . S ep t. 1.
T h is
S in c e
W eek . S ep t. 1.
(b a le s ) —
E x p o rts
T
T
T
T
o
o
o
o
L i v e r p o o l __________________
M a n ch ester .
. . .
C o n t i n e n t _________________
A m e r i c a ______ ___________
T o ta l
e x p o r t s _____________
N o t e .— A
c a n t a r Is 9 9
6 ,0 0 0
2 .2 5 0 1 8 3 ,0 7 4
6 .2 5 0 1 8 5 ,4 0 8
4 .7 5 0 3 0 8 ,4 6 6
1 .7 5 0
9 5 ,4 3 1
3 ,0 0 0
1 5 ,0 0 0 7 7 2 ,3 7 9
6 ,9 5 0
lb s .
E g y p tia n
1 0 0 8 -0 9 .
1 3 2 ,0 0 8
1 0 9 ,3 8 9
3 ’, 2 5 0 2 4 1 , 2 7 6
700
5 6 ,0 8 6
b a le s
5 3 8 ,7 5 9
w e ig h
1 4 7 ,2 8 2
8 ', 2 5 0 1 5 7 , 0 5 7
2 5 0 ,9 6 1
. 5 8 ,5 9 7
6 ,5 0 0
1 4 ,7 5 0 6 0 3 ,8 9 7
about 750
lb s .
1 9 0 0 -1 0 .
1 9 0 8 -0 9 .
1 0 1 ,4 1 0
1 ,1 4 0 ,7 4 5
7 0 ,8 1 0
9 0 5 ,7 9 9
2 7 9 ,8 2 2
7 ,8 5 3 ,5 5 2
4 1 9 ,5 2 1
6 ,0 4 3 ,2 9 4
5 3 0 ,8 0 6
1 ,7 9 1 ,0 6 7
1 ,4 1 7 ,0 0 0
6 5 ,0 7 7
8 6 3 ,8 8 3
4 5 ,1 1 6
7 0 5 ,5 0 6
4 0 1 ,8 9 5
6 ,3 9 1 ,2 6 0
4 2 5 ,4 8 5
4 ,9 5 6 ,3 2 3
5 3 6 ,4 4 6
1 ,8 0 4 ,6 2 4
1 ,5 6 3 ,0 0 0
1 1 2 ,7 3 5
1 ,3 4 4 ,0 8 2
9 6 ,5 8 4
1 ,1 5 1 .0 9 6
5 0 5 ,8 3 5
8 ,5 7 6 ,7 5 7
5 1 7 ,0 3 9
7 ,0 1 3 ,2 1 6
6 4 2 ,9 8 3
2 ,2 3 1 ,3 8 1
1 ,3 8 5 ,0 0 0
1 2 6 ,4 7 9
22
2 0 ,2 5 8
4 5 8 ,2 8 5
0 ,6 0 7 .9 9 8
5 1 0 .5 2
4 8 6 .5 2
9 0 ,4 7 2
9 3 ,8 6 4
1 ,9 1 5
1 4 ,4 2 3
2 0 ,2 0 8
5 0 9 ,0 1 1
7 1 8 ,4 1 9
9 ,0 7 9 ,7 6 6
,7 0 3 ,2 1 3
1 .5 7 1 ,1 9 5
2 ,1 2 5 ,6 3 3
1 0 ,6 5 0 ,9 6 1 1 3 ,8 2 8 ,8 4 6
5 0 6 .5 0 1
5 1 4 .1 2
4 8 2 .5 0 !
4 9 0 .1 2
SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 79,503 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
T o ta l b a le s.
Y O R K — T o L iv e r p o o l— M c h . 2 4 — L a u r c n tlc , 3 2 1 u p la n d , 4
■
f o r e i g n _____________________________________________________________________________________
325
T o L o n d o n — M c h . 2 5 — M i n n e h a h a , 1 , 8 0 3 ----------------------------------------------------1 ,8 0 3
T o H u l l — M c h . 2 5 — I d a h o , 5 2 5 ___________________________________________________
525
T o H a v r e — M c h . 2 9 — C a r o l i n e , 3 4 3 f o r e i g n _______________________________
343
T o B r e m e n — M c h . 2 9 — G e o r g e W a s h i n g t o n , 2 , 1 8 9 ____________________ 2 , 1 8 9
T o C o p e n h a g e n — M c h . 2 9 — H e l l l g O l a v , 3 0 0 . . ...............................................
300
T o A n t w e r p — M c h . 2 4 — L a p l a n d , 2 7 5 ........... ..........................................................
275
•
T o R o t t e r d a m — M c h . 3 0 — C a m p a n t l l o , 5 4 6 ____________________ ________ _
546
T o B a r c e l o n a — M c h . 2 4 — M a d o n n a , 2 , 3 0 0 _________________________________ 2 , 3 0 0
T o G e n o a — M c h . 2 8 — C r e tic , 3 5 0 . .
_ __________________________
350
T o N a p l e s — M c h . 2 5 — K o e n i g i n L u i s e , 6 0 0 ______ __________ ______________
600
T o J a p a n — M c h . 2 9 — S u r u g a , 5 0 0 _______________ ___________________________
500
G A L V E S T O N — T o H a v r e — M c h . 2 5 — M o n o m o y , 8 ,5 8 9
..
___________ 8 , 5 8 9
T o A n t w e r p — M c h . 2 5 — M o n o m o y , 5 0 8 . . . M c h . 2 8 — T h u r la n d
_
__
________2 , 6 6 5
C a s tle ,
2 , 1 5 7 __________________________________________
T o G h e n t— M c h . 2 8 — T h u r la n d C a s tle , 1 ,5 0 0
.
____ 1 , 5 0 0
T o B a r c e l o n a — M c h . 2 9 — C e r e a , 1 , 6 5 2 _______________ _______________________ 1 , 6 5 2
T o G e n o a — M c h . 2 9 — C e r e a , 6 , 1 8 5 ______________________
__
6 ,1 8 5
P O R T A R T H U R — T o B r e m e n — M c h . 3 1 — W in lle ld , 9 ,0 0 0
. .
9 ,0 0 0
N E W
O R L E A N S — T o L iv e r p o o l— M c h . 2 4 — C u s t o d ia n , 1 1 ,0 9 2
1 1 ,0 9 2
T o B e l f a s t — M c h . 3 0 — R a t h l i n H e a d , 7 , 5 0 0 _______________________________ 7 , 5 0 0
T o G enoa— M ch
2 7 — D o r a B a l t c a , 2 , 3 4 2 ________________________
_
2 ,3 4 2
T o B a r c e l o n a — M c h . 2 4 — P l o I X , 2 , 1 5 0 __________________________ I _________2 , 1 5 0
T o V e n i c e — M a r c h 2 5 — P a r a n a , 8 8 9 __________________________________________
889
607
M O B I L E — T o L i v e r p o o l — M c h . 2 5 — C a s t a n o , 6 0 7 ____________________________
P E N S A C O L A — T o L i v e r p o o l — M c h . 2 5 — V l v l n a , 2 , 0 3 7 ___________________2 , 0 3 7
T o B r e m e n — M c h . 2 5 — V i v i n a , 1 , 8 0 9 ________________________________________
1 ,8 0 9
S A V A N N A H
T o H a m b u r g — M c h . 2 5 — C a ta lo n c , 9 6 3 . ..M c h . 2 7 —
S t o r s b a d , 8 , 0 7 1 . . ________
9 ,0 3 4
N O R F O L K — T o L i v e r p o o l — M c h . 2 9 — E a s t P o i n t , 1 0 0 ____________________ .
100
T o H a m b u r g — M e n . 2 2 — G e o r g i a , 5 5 2 ----------------------------------------------------------552
B O S T O N — T o L iv e r p o o l— M c h . 2 4 — W ln lfr e d la n , 1 1 6 —
M ch. 28—
•
•
S a g a m o r e , 8 4 __________________________________________________________________________
200
T o A n t w e r p — M c h . 2 5 — M a n l t o u , 2 6 __________________________________________
26
B A L T I M O R E — T o L i v e r p o o l — M c h . 2 5 — V e d a m o r e , 3 5 0 --------------------------350
P H I L A D E L P H I A — T o C o p e n h a g e n — M c h .2 3 — D a n l a , 6 2 4 --------------------624
S A N F R A N C I S C O — T o J a p a n — M e h . 2 9 — A m e r i c a M r a u , 3 8 3 --------------383
S E A T T L E — T o J a p a n — M c h . 2 5 — S a d o M a r u , 1 6 1 ____________________________
161
N E W
T o ta l
A le x a n d r ia , E g y p t,
M arch 2 9 .
1010- 1 1 .
____________________ ________ ___________________ _______________ ___________________________7 9 , 5 0 3
The exports to Japan since Sept. 1 have been 131,010 bales
from Pacific ports and 6,979 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
L i v e r p o o l _______________
M a n c h e s t e r ___________
H avre
..................................
B r e m e n _________________
H a m b u r g _________
A n tw e rp
_______________
G h e n t, v ia A n tw e r p
lte v a l
____ __________
G o t h e n b u r g -----------------B a r c e l o n a _______________
G enoa
__________________
T r i e s t e ____ ______________
J a p a n ____________________
S a t.
13
15
23
25
25
A lo n .
18
15
23
25
25
T u es.
18
15
23
25
25
W ed .
18
15
23
25
25
7 'h u r s .
18
15
23
25
25
F r i.
18
15
23
25
25
20
20
20
20
20
20
26
26
26
26
26
26
2754
2754
30
18
35
45
2754
2754
2754
30
18
35
45
2 7 54
2754
30
18
35
45
2 7 54
2 7 54
30
18
35
45
2 7 54
2754
30
18
35
45
2754
30
18
35
45
■
The statement shows that the receipts for the week were
00,000 cantars and the foreign shipments 15,000 bales.
MANCHESTER MARKET.—Our report received by cable LIVERPOOL.—By cable from Liverpool we have the fol
to-night from Manchester states that the market is quiet for lowing statement of the week’s sales, stocks, Ac., at that port:
yarns and firm for shirtings. Demand for both India and
China is improving. We give the prices for to-day below
and leave those for previous weeks of this and last year for
6.000
10.000
comparison.
1911.
8 5 4 k w . S h ir t trig s, c o m m o n
to f i n e s t .
325 C op
T w ist.
d.
1910.
d . H.
d.
s.
d.
C o t 'n
MM.
U p l 's
d.
8 5 4 lb s . S h t r lin ys . com m o n
to fin e s t .
32s Con
T w ist.
d.
d . s.
d.
1154 5
11 54 5
1154 5
6
5
5
@ 9
© 9
© 9
1154 5
1154 5
1154 5
ll? 4 5
1154 5
6
6
6
@ 10 0
© 10 0
@ 10 0
8 . ( 1.
C o t 'n
M id .
V p lj
d.
Feb.
10
10 H
17
24
105-8
@
10 7 - 1 6 ©
3
0
1 0 7 -1 6 ©
©
10
10 H
17
24
31
10 'A
1054
1 0 'A
©
©
©
U K
U H
Ills
5
S
5
8
© 11
1
754© 11 0
7 © 1 0 1054
7 .7 7
7 .6 1
7 .5 1
©
1054
10 7 - 1 6 ©
10 7 - 1 6 ©
1054
1 0 54
1054
8 .1 5
8 .1 0
M c li. 1 0 .
4 0 ,0 0 0
S a l e s o f t h e w e e k _________ b a l e s .
O f w h ic h s p e c u la t o r s t o o k . .
1 ,0 0 0
O f w h i c h e x p o r t e r s t o o k ____
2 ,0 0 0
S a l e s , A m e r i c a n ____________________
3 8 ,0 0 0
A c t u a l e x p o r t .............. ........................
8 ,0 0 0
F o r w a r d e d _____________________________
6 4 .0 0 0
T o t a l s t o c k — E s t i m a t e d _________1 , 2 9 0 , 0 0 0
O f w h i c h A m e r i c a n ____________ 1 , 1 6 8 , 0 0 0
T o t a l I m p o r t s o f t h e w e e k ______
6 -1 ,0 0 0
O f w h i c h A m e r i c a n ___________
6 2 ,0 0 0
A m o u n t a f l o a t ______________________
1 6 2 ,0 0 0
O f w h i c h A m e r i c a n ___________
1 2 3 ,0 0 0
7 © 1 0 1 0 54
6 5 4 © 10 1 0
11
11
11
© 11
© 11
© 11
0
0
0
7 .6 4 1054
7 .6 6 105 4
7 . 7 5 1 0 54
7 . 7 3 1 0 54
7 .7 0 105 4
©
©
©
(at
©
654 © 1 0
7
@ 10
154
154
1,222,000
1 ,1 0 4 ,0 0
5 5 .0 0
4 6 .0 0
1 1 9 ,0 0
8 3 .0 0
0
0
0
0
0
M ch . 31,
5 5 .0 0 0
4 .0 0 0
4 .0 0 0
5 0 .0 0 0
7 2 .0 0 0
1 .1 8 7 .0 0 0
1 .0 6 9 .0 0 0
4 3 .0 0 0
3 3 .0 0 0
122,000
8 5 .0 0 0
7 .9 9
8 .0 7
8 .0 5
8 .1 7
8 .1 5
7 .9 6
EGYPTIAN COTTON CROP.—Under date of Alexan
dria, March 2, Messrs. Eugon C. Andres & Co. of Boston
have the following:
N e w C r o p . — T h e .a d v i c e s o n s o w i n g a r c t o t h e e f f e c t t h a t A b a s s l w i l l p r o
b a b l y d is a p p e a r e n t i r e l y : Y o a n o v t c h w ill d i m i n i s h , b u t S a k e ll a r ld l s w ill b e
p l a n t e d l a r g e l y : In f a c t , s o l a r g e l y t h a t I t w ill b e I m p o s s i b l e t o b e a ll o f t h e
s e le c t e d s e e d , a n d w e fe a r m u c h w ill b e m ix e d w it h Y o a n o v l c h .
T h is la tte r
m i x t u r e w ill n o t b e a b a d o n e . b u t It w ill n o t b e t h e s t r a i g h t S a k e ll a r ld l
w h i c h h a s f o u n d s u c h g r e a t f a v o r w i t h s p i n n e r s In r e p l a c i n g S e a I s l a n d s .
N u b a r l w ill b e r e p la c e d to a g r e a t e x t e n t b y A f t f l , w it h w h ic h I t Is , t o a g r e a t
e x te n t , a lr e a d y m ix e d .
T h e ir r e p o r t o n M a r c h 10 w a s a s fo llo w s :
“ T h e w e a t h e r Is n o w g o o d
a n d p r e p a r a tio n s fo r p la n t in g so fa r a r e g o o d a n d , w it h g o o d G o v e r n m e n t
B s ls t a n c o , a n o t h e r r e c o r d c r o p is lo o k e d f o r . ”
7 8 .0 0 0
1 ,2 6 8 .0 0 0
1 ,1 5 0 ,0 0 0
6 4 .0 0 0
5 1 .0 0 0
1 3 9 .0 0 0
1 0 6 .0 0 0
M ch . 24.
6 0 ,0 0 0
4 .0 0 0
3 .0 0 0
5 4 .0 0 0
1 8 .0 0 0
8 3 .0 0 0
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
[ij-j
S a tu r d a y.
S p o t.
5
1U 4 5
11 H 5
11 ^ 5
1 i> 4 5
11M
M ch . 17.
5 2 .0 0 0
3 .0 0 0
5 .0 0 0
4 8 .0 0 0
M a r k e t,
1 2 :1 5
P. M .
1
|
j
D u ll .
M onday.
T u esd a y.
W ed n esd a y.
T h u rsd a y.
F r id a y .
Good
dem and.
F a ir
b u s in e s s
d o in g .
S te a d y .
Good
dem and.
S te a d y .
M id . U p l’d s
7 .7 7
7 .7 1
7 .6 6
7 .6 9
7 .6 6
7 .7 0
-------S a le s
S p e c .& e x p .
4 ,0 0 0
300
1 2 .0 0 0
1 0 ,0 0 0
1 2 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
1 2 ,0 0 0
1 ,5 0 0
F u tu res.
M arket
I
opened
/
S te a d y a t
1 @ 2 p ts.
advan ce.
S te a d y a t
M a r k e t,
4
P. M.
Q u ie t a t
1 @ 2 p ts.
advance.
1
)
500
1 ,5 0 0
3 ,0 0 0
4 54 0 5 5 4
p ts. d ec.
Q u ie t a t
2 5 4 @ 5 p ts.
d e c li n e .
S te a d y a t
3 0 4 p ts.
advance.
Q u ie t, u n c h a n g e d to
54 p t . a d v .
S te a d y a t
2 @ 3 p ts.
advan ce.
D u ll a t
5 5 4 @ 7 p ts.
d e c li n e .
Q u ie t a t
Q u ie t a t
1 @ 2 5 4 P ts.
advance.
S te a d y a t
540554
p ts. dec.
B a r e ly s t y .
u n c h . to
2 p ts. dec.
540254
p ts. a d v .
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
T H E C H R O N IC L E
893
Mch,25
to
M c h .31.
Sat.
12 Ki 1 2 A
p.in.
p.m .
March
M ch.-A pr.
Apr.-M ay.
May-June
June-July
July-A ugA u g .-S c p .
S ept.-O ct
O ct.-N ov .
N ov .-D ec
D ec .-Jan
Jan .-F cb •—
7
7
7
7
7
7
7
6
6
6
6
6
Mon.
T u es.
T h urs.
W ed.
F r i.
4 12 A 4 12 A 4 12 Mi 4 12 A 4
12K
p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m . p.m. p.m .
53
46 A
53
46A
52 A 46 'A
52 A 46 A
48 M 43
43 A 68
20H 15
87 A 82
74 A 69
70
64 A
69 A 64
69
63 A
46
46
46
46
42 A
37 A
14 A
82
69
64 A
64
63 A
42
41 A
41
42
41
42
42
41
37
38
33
34
11 44 1l
81 A 81
68 A 68
64
64
63
63 A
63
63
45 a
45
45
45
41
37
15
84 A
71 A
67
66 A
66
42 A
42
42
42
38
34
12 A
83
70 A
66
65 A
65
42 A
42
42
42
38
34 A
13 A
85
72
67
66 A
66 A
43 M 46
45
43
45 A
43
45 A
39
41 A
34 A 37
15
15 Yi
87
84 A
71 A 74
67
69 A
66 A 69
66
68 A
____
43
42
42
38
33 A
11 A
83
70
64 A
64 A
64 A
BRHADSTUFFS.
F r id a y , M a rch 31 1911.
Prices for wheat flour have been easy and in some de
scriptions are lower for the week. As is usually the case in a
heavy market, the purchasing has been on a very restricted
scale. It is still difficult to obtain shipping directions.
This applies not only to the local market, but is also true of
most of the important milling centres of the country. Itye
flour aad corn meal have been steady, with moderate sales.
Wheat has declined to some extent, mainly owing to bene
ficial rains in the Northwest. Moisture had been needed in
that section for some little time. Also, there have been fa
vorable rains in the Southwest. The May option has fallen
to a noteworthy discount under July. Favorable crop ac
counts have been received from most sections of the coun
try. Foreign markets have declined, that is, both in Europe
and South America. At times, it is true, prices have rallied
on the covering of shorts. The primary receipts, too, have
been relatively small. At one time there was a good milling
demand for choice grades of wheat at Minneapolis. There
has been some new buying, especially of the September op
tion. Now and then have come reports that the green bug
had made its appearance in the Southwest, coincident with
buying of September by well-known operators, who, having
met with poor success in the May deal, are understood to have
now taken hold of September. Severe dust storms in Kan
sas and Oklahoma have been duly chronicled. Some think,
too, that a decline of 20 to 30 cents below the prices of a year
ago means that all the bearish factors have been abundantly
discounted. The world’s available stock has decreased
within a week 1,300,000 bushels, against an increase for the
same week last year of 208,000 bushels. Lighter exports
are predicted from Australia. But the opinion of very many
is that eventually prices must reach a still lower level throug
the operation of the law of supply and demand. In spite o
some decrease in world’s stocks within a week, they are still
178,500,000 bushels, or close to 30,000,000 bushels more than
at this time last year. The stock of contract wheat at Chi
cago is, to be exact, 4,951,000 bushels, or more than double
what it was a year ago, when the total was only 2,096,000
bushels The “Northwestern Miller says that the springwheat situation has so much improved as to make the crop
prospects of the most promising character. Despatches from
the Southwest are of a similar tenor. Export trade is still
in abeyance. Though there arc likely to be rallies from time
to time at the expense of the short interest, many believe,
as already intimated, that the general trend of prices must
lie downward. To-day prices declined on favorable weather
and crop reports from most sections, dulness on the spot,
[VOL. LX XXXIi.
D A IL Y CLOSING PR ICES OF OATS IN NEW YORK.
S a l.
M on . Tues. Wed. Thurs. F n .
Standards _ ................ ......................... 36 4
36
36
4
36
N o. 2 w hite_______________________ 36 24
36
4 37
3737364
D A IL Y CLOSING PRICES OF OATS F U T U R E S IN C H I C A G O .
S a t.
M on.
May delivery in elevator................ 30 26
July delivery in elevator-------------- 30 4
Septem ber delivery in elevator------ 30 4
T u es.
W ed . T h u rs. F r i.
30
30
30
2630
4 30
2430
The following are closing quotations:
4
JS
%
30
30
30
FLOUR.
W inter, low grades____32 7 5@ $ 3 25 Kansas straights, saclr.$4 25@ S4 40
W 'nter patents_________ 4 55® 4 70 Kansas clears, sacks___ 3 6 0 ® 4 00
Winter s tra ig h ts______ 3 9 0 @ 4 10 City patents___________ 5 8 0 ® 6 20
Winter clears__________ 3 5 0® 3 75 R ye flour______________ 4 0 0 ® 4 75Spring patents_________ 4 9 0 @ 5 25 Graham Hour.................. 3 90 @ 4 00
2 65
Sprl g straights_______ 4 5 0® 4 80 Corn meal, kiln d r le d ..
Spring clears___________ 3 9 0 ®
4251
G R A IN
Cents
W heat, per bushel—
Corn, per bushel
52 X
No. 2 new _______t.o .b .
N . Spring. No. 1.................. SI 04
Nominal
No. 2 m ixed -------f.o .b .
N. Spring, No. 2 __________1 02
Nominal
No.
2
w
hite_____
f.o
.b
.
Red winter. N o. 2 _________
92 26
R ye. per bushel1—
98
Hard winter. N o. 2.
31 00
No. 2 W estern-----------Oats, per bushel, new—
Nominal
State and Pennsylvania
36 4
Standards____________
36 24 Barley— Malting_________ 1 10@ 1 14
N o. 2 white__________
N o. 3 white__________
35 4
Cents.
The statements of the movement of breadatuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been: t
Receipts at—
Flour.
Total wk. ’ 11
Same wk. ’ 10
Same wk. '09
274.266
381,985
375,678
Rye.
Barley.
Wheat.
bbts.imbs. bush. 60 lbs.
140,600
93,692
Chicago----103,960
64,690
Milwaukee-.
68,193
9,535
Duluth----1,364,850
Minneapolis.
51.000
T oledo------25,050
3,085
Detroit........
11,210
164
Cleveland . .
324,017
47,700
St. Louis__
15.000
55,400
P eoria____
252,800
Kansas City.
2,356,680
3,192,985
3,053,503
750,545
672.498
408,000
1,194,900
328,100
3,567
242,640
33,000
42,445
16,210
323,000
128,850
64,600
4,893,147
2,845,395
2,931.490
2,377,312
3,337,937
2,552,507
2.357,250
183,060
5,026
134,840
166,200
102,818
112,010
bushA&lbs.
379,500
252,100
35,737
233,220
:. 56 lbs.
30,000
32,640
46
34,300
23,800
26,000
11,000
2,200
950,357
1,777.826
1,754,477
110,186
77,551
102.196
Since Aug. 1
1910-11__ 10,935,977 172,494.930 211,674,923 136,791,303 53,135,734 4,344,149
1909-10__ 15,054,918 206,721.333 127,520,167 45,145,409 63,419,951 5,620.592
1908-00__ 14,140,130 186,898.585 107,365,877 121.568,037 68.729,544 5.391.897
Total receipts of flour and grain at the seaboard ports for
the week ended Mar. 25 1911 follow:
Rye.
Receipts at—
New Y o r k ............
B oston__________
Portland, Me____
Philadelphia........
Baltimore.............
New Orleans *___
Newport News___
Norfolk-................
Galveston..............
Mobile...................
Montreal_________
St. John................
Flour,
bbls.
158.026
34,629
6,000
44,038
67,143
24,742
714
3,571
11,000
2,049
14,932
7,000
Total week 1911-- 362,844
SlnceJan. 1 1911.-4,295,320
Week 1910............ 321,391
Since Jan. 1 1910..4,183.747
Corn,
Wheat,
bush.
280,800
199,955
144,000
102,610
76,413
2,400
49,100
307,000
bush.
300,375
41,067
Oats,
bush.
242,475
75.1S3
142,426
251,019
124,800
103,242
40,514
84,000
86,000
9.000
1.000
13,200
11,000
bush.
Barley,
bush.
6,900
175,721
1,600
1,600'
8,257
4.000
28,092
9.000
1,173,278 979.887
586,506 193,881 10,757
11,398,44232,360,825 10.2S0.369 1458,787 177,630
686,833 1,053,020
691,464
54,325 12,465
13,714,224 13,979,581 9,623,755 872,394 250,603
The exports from the several seaboard ports for the week
ending Mar. 25 1911 areCorn,
shown
in theOats,
annexed
statement:
Rye, Barley, Peas,
Flour,
Wheat,
bbls.
bush.
Exports from—
bush.
173,450 95,072
New York .......... 343,574
Portland, Me___ 144,000
weakness in Liverpool and general selling.
•
B oston-------------- 95,118 310,181 16,221
24,000 298,500 11,500
Philadelphia . . . .
D A IL Y CLOSIN G P R IC E S O F W JIE A T FU T U R E S IN N E W J O R K .
8,547
55,936 515,388
Baltimore___ _
19.000 15,539
1,090
New
Orleans___
j*4 M 94
94
9 2 A 92 A
N o. 2 m l winter....................................94 A
714
Newport News__
940
179,000
Galveston............
2,049
13,200
Mobile____ _____
D A IL Y CLOSIN G PR ICE S O F W H E A T F U T U R E S ^ N CHICAGO.
3,571
9,000
Norfolk................................
.
St. John. N. B . . . 307,000
--------7,000
M ay delivery in elevator----------/— - * | j $
5Z !1
S ff
July delivery in elevator--------------------88
K 88
87 M
86/6 87 A 80.4
Total
week___
970,718
1,603,719
167,153
Septem ber delivery in elevator------ 88 2-4
88
A
87
87 4187
Week
9 14087
- - "4" 464!o43 1,104,229 108,518
bush,
10,340
6,000
»'«
bush.
bush.
........
bush.
4,303-
1,200
86.000
4.000
9.000
24,510
4,696
4,303
1,569
Indian corn futures in the local market have lacked The destination of these exports for the week and since
features of interest. At the West the trading has been July
1 1910 is ---------Flouras below:
active. At times prices have sagged, owing to depression
Since
Since
Since
in wheat, increasing supplies of contract grade at Chicago
July 1
July 1
Week
Week
Week
July l
1910.
and selling by elevator interests of prominence. There has Exports for week and Mch.25.
1910. Mch. 25.
1910. Mch. : 5.
bush.
bush.
bush.
bush.
Since July 1 to—
bbls.
bbls.
been considerable liquidation also by some tired longs. On United
26,403,231
781,140
K ingdom ..- 64,496 3,185,206 706,335
recessions, however, good buying has been noticeable. 1he C ontin ent.--..........
36,137 1,420,713 238,833 14,407,829 771.927 2,132,469
8,280
25,550
256,552
consumption is large and of late the country has not so d Sou. &Indies_______
Cent. Amer. 33,126 794,762
41,774 1,127,378
7,549
30,645 963,557
14,354
freely. There has also been active covering of shorts, partly West
Brit. Nor. Am. Cols............ 69,097
27.361
598
15,000
by provision interests. To-day prices declined on the de Other Countries___ 2,749 166,919
pression in wheat, dulness on the spot, selling by cash inter Total................... 167,153 6,600,254 970,718 41,150,161 1,603,719
464.043
67,712,383 1,104,229
ests and commission house liquidation.
Total 1909-10......... 108.518 7,456,712
.
.
D A IL Y CLOSING PR IC E S OF NO.^2 %
ED T u e f w f d . ^ m r s F r i K ‘
The world’s shipments of wheat and corn for the week
May delivery Vn elevaTorl 11111111 55 4
5^
5524 ^
D A IL Y CLOSING PR IC E S O F ^ O R r ^ F U T U R E S m ^ C m C A G O .^
M ay delivery in elevator............— 47 4
48 4
July delivery In elevator....... .......... 49 3
A 49 H
September delivery in elevator____ 50 H 51
48 4
4 9
0 O/ 3
47 4
MA
A
47 4
OH
• >/\
47
49 4
50 4
Wheat.
Exports.
1910-11.
|
1909-10.
Since
|
12,940
8,000
Corn.
1910-11.
Week
Since
1909-10.
Since
July IJuly 1.
July 1.
Mch. 25.
Mch. 25. July 1.
Oats for future delivery in the Western market have
Bushels.
moved much of the time in company with corn. I he trading
Bushels.
Bushels. |Bushels.
Bushels.
Bushels.
22.523.000
Amer. 2.308.000 94,915,000 111.435.000 1,389,000 31.908.000 13.421.000
has been of moderate volume. There has been covering at North
......... 2.744.000 161,861,000 162.920.000 1,258,000 14.359.000 17,335,000
times of late for account of prominent cash interests. New DR ua nssia
u b e ------ 1.072.000 75,010,000 15,938,000 612,000 57.695.000 59,991,000
55,210,000 38,510,000! 161,000 55.338.000
Argentina
buying, however, has not been much in evidence. Supplies Australia___. . 4.632.000
39,112,000
in the country are heavy and the stock of contract grade at I n d ia ......... - 2,000,000
1.552.000 36,182,000 \ ’
’
1/ ..........
— ::::
..............
\ ............
Chicago continues large, amounting to 6,507,000 bushels, or Oth. countFs 32,000 6,376,000 j3 5 ,192,000
over 5,000,000‘.bushels more than at this time last year T o t a l ____ 14400000 471,699.000 392,807,000 3,420,000 102.300,000 113,270,000
New crop pMpeots are favorable. To-day prices were
easier, owing to weakness in wheat and corn, good crop news mentioned was as follows:
and liquidation.
Week
Since
4
89.1
TH E C H R O N IC L E
A pb . 1 1911.1
The value of these New York exports since Jan. 1 hasbeen $5,220,724 in 1911, against $2,795,947 in 1910.
Further reductions in prices of bleached cottons of to
Continent. Total.
Total.
%c. per yard have been made during the week, bringing
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. I Bushels.
the goods affected into line with the reductions previously
Mch. 25 1911-- 25.144.000 31.896,000 57.010.000 3.545.000 7.064.000 10,609,000
9.851.000
Mch. 18 1911 — 24.088.000 30,312,000 54.400.000 4.182.000 5.669.000 5.695.000 announced.
2.805.000
2.890.000
32,720.000,16,880,000
49.600.000
Mch. 26 1910-Agents report a good response to the new prices and in an
Mch. 19 1910-- 31.760.000 i15,440,000 47.200.000 2.720.000 2.975.000 5.695.000
occasional
instance they have disposed of all they are willing
Mch. 27 1909-- 32.080.000 21,280,000 53.360.000 2.635.000 2.635.000 4.270.000
4.280.000
2.960.000
Mch. 28 1908-- 33.800.000 22,440,000 56.240.000 1.320.000
to sell thereat, taking further orders “at value only.” Brown
The visible supply of grain, comprising the stocks in sheetings and drills show no change in the character of the
granary at principal points of accumulation at lake and home demand, but further sales are reported for China, and
within recent weeks there have been, it is estimated, from
seaboard ports Mch. 25 1911, was as follows:
10,000 to 12,000 bales sold for that market. Under the
AMERICAN GRAIN STOCKS.
Barley,
Rye,
Corn,
Wheat,
Oats,
influence of these sales the tone at the close is somewhat
bush.
bash.
bush.
bush.
bush.
steadier, as manufacturers are less inclined to accept forward
53.000
9,000
572,000
691.000
New York — .......... - 1,106,000
20.000
164,000
1,000
468,000
business on current basis. Coarse, colored cottons are, as a
864,000
38,000
190,000
Philadelphia . - .......... .
rule, in very fair shape so far as stocks go, and although the
18,666
140.000
Baltimore-............ .. .
218,000
1,470,000
115.000
demand continues of very moderate proportions, prices rule
New Orleans-----------3,000
695,000
Galveston....................
36,000
71,000
Staple prints sell indifferently at the moment, an
4,000
223,000 steady.
327.000
Buffalo...................... . - 1,502,000
1,000
impression being abroad that reduced prices are likely to
160.000
643,000
154.000
T o led o................ ....... - 1,059,000
327,000
named on these in the near future. Leading printers,
21,000 1,000 be
127.000
D etroit............ ........... - 247,000
226.000
however, state that reduction in the price of staple prints is
“
alloat........ . .
100,000
6,851,000
2,430,000
Chicago.. ...... ........... - 4,999,000
not likely. Fine printed fabrics and good grades of woven
1,348,000
“
alloat...........
96.000 patterned dress goods are generally well sold,|with a steady
404,000
577,000
Milwaukee............ ..... .
111,000
360.000
1,035,000
819,000
Duluth...... ................. . 5,605,000
current demand. Some improvement is noted in the call
221.000
The print cloth market contin
275,000 for heavier napped fabrics.
57,000
1.948.000
412,000
Minneapolis ........ ... _.13,913,000
72.000
3,000
164.000
258,000
ues quiet; it was further tending in buyers’ favor early in
St. L ou is____ ______ . 1,368,000
114.000
561,000
Kansas City.......... ..... - 3,576,000
the week, but at the close was somewhat steadier; 38 j^-inch
1.480.000
208,000
16,000
Peoria..........................
64-squares, unchanged at 5c. Cotton yarns are less irregular
12,000
482,000
168,000
Indianapolis................ .
and steadier to that extent.
136.000 1.345.000
* Total Mch. 25 1911. .35,149,000 11,754,000 13.701.000
160.000 1.361.000
Total Mch. 18 1911 .36,562,000 12,535,000 14.500.000
WOOLEN GOODS.—The demand for men’s wear woolens
2.801.000
685.000
9.662.000
14,176,000
Total Mch. 26 1910- .27,620,000
504.000 3,240.000 and worsteds in lightweights has again been a feature in this
9.067.000
6,755,000
Total Mch. 27 1909. .36,412,000
division, and as agents are as a rule carrying limited stocks,
CANADIAN GRAIN STOCKS.
Barley.
Rye,
Oats,
Corn,
Wheat,
prices have been well maintained. Business in heavy
bush.
bush.
bush. .
bush.
bush.
89,000
weights shows no new features of interest beyond the fact
606.000
4,000
2.454.000
_ 4,624,000
that some leading lines of fancy woolens have had more
240.000
attention paid to them. Overcoatings are being moderately
2.808.000
561.000
ordered. In men’s wear generally the demand has been
89.000 better from the tailoring end than from woolen jobbers.
6.669.000
4,000
Total Mch. 25 1911- .11,262,000
82.000
5.000
6.663.000
Total Mch. 18 1911 - .10,131.000
Buying of dress goods has run mainly to the better grades
48.000
297.000
28,000
Total Mch. 26 1910. .10,672,000
98.000 in both worsteds and woolens, the demand for higher-priced
194.000
28,000
Total Mch. 27 I960-.. 7.710,000
broadcloths
being a feature. Low qualities are in indiffer
SUMMARY.
Barley,
Rye,
Oats,
Corn,
Wheat,
Carpets are quiet, but blankets are in some
bush. ent request.
bush.
bush.
bush.
bush.
136,000 1,345.000 what better request.
..35,149,000 11,754,000 13.761.000
89.000
6.669.000
4,000
Canadian......................11,202,000
FOREIGN DRY GOODS.—Some fair orders are reported
136.000 1.434.000 for the better qualities of fancy worsteds for men’s wear and
Total Mch. 25 1911.-46,411,000 11.758.000 20.430.000
160.000 1.443.000
Total Mch. 18 1911.-46,693,000 12.540.000 21.063.000
2.849.000
the higher grades of both woolen and worsted dress goods
685.000
9.959.000
Total Mch. 26 1910..37,2 (2,000 14.204.000
422,000 have also had rather more attention paid to them.
504.000
9,261,000*
6.783.000
Total Mch. 27 1909.-44,122,000
Silks
614.000 3.366.000
5.989.000 10.006.000
Total Mcli. 28 1908.-38,082,000
are
quiet
and
ribbons
in
fair
request.
Linens
are
in
moderate
9.396.000 1.441.000 2,349,006
Total Mch. 30 1907.-47,207,000 11.977.000
Total Mch. 31 1906.-46,470,000 11.391.000 21,332,000 2.126.000 3.606.000 demand for forward delivery at previous prices, but the
1912 spring trade is still restricted by the prevailing range
of values. Burlaps are further advanced somewhat, with
THE DRV GO->DS TRADE.
a fair amount of business reported.
N ew Y o rk , F rid a y N ig h t, M a rch 31 1911.
General conditions have undergone no material change Importations and Warehouse Withdrawals of Dry Goods.
this week; reductions in prices of cotton goods reported have
H
H g
been simply a moving into line and do not betoken any
Sa S'*=)“£ o2- o'< es H
<5
or*O 3-«3 o£i-3
further weakening of the market. Reports of the volume
o PP
: £s =o c!
*3O
g
£.
S'
p. H p3 i op To °2*
of business brought out by the reduced prices of the past
Hi
2
"
two weeks are regarded as encouraging, showing that buyers
w
c3
3 s*1 irf o 1 •; op
rl7T oo 3*Br 73, ; i 03
have been quite willing to purchase liberally where values
M
8
have got to a parity with their ideas. In other directions
M
f3 p ' 1 ' ^
ev
XH
the hand-to-mouth policy is being strictly adhered to and
e*
;
1
;
;
;
11
no fresh encouragement is forthcoming for manufacturers,
H
j
i
'
■o
»
33
with the exception, possibly, of continued buying of small
H
lots of heavy brown goods by exporters on China account.
O
It is still a matter of complaint with the mills that nearly
Ufc,
O
the whole of the business they are now doing, apart from
W
a M*1U
M ti (O «
M
M C.T
co Zj to to o
06 *1 .
OG{OtoM
KD06 ? ^a n o«
some specialities, is well below parity witli the price of
H p H Mo
00 i—o
OOWM O X
o
cotton, and as a result, while quite willing to part with
H
. to M X
goods off the loom and even to accept orders for near de
5JH toCI ©to
lo
M
*1
*1
M
to <3
to
C
D
(o
C
M
liveries, they are reluctant to book anything in the shape
d *■!
0000©*- Ci.
O V00o **© t-» V O to CO
to
of distant contracts. They arc not being much pressed in
toto «©cid ©
vj
O
tn
**
A
Vo to *1
O comi £
Cl -I >-* Q >“* to *.
■*
1
to
C
O
O
to
c
M
COC* CI -4 ©
this direction; but still have enough offers to decline to to |o to ©©d MCO
© ** '1 o - ' *O
indicate their disposition. The course of raw material is still
X
without material influence as a factor in the goods market,
oo to © CO
OCOS*d■*! Vto-» 0O
CO
*1
but reports of increased acreage and good planting prospects
*•4 o COCl CO
** ** ci to
■
*****
o53
to® O * to
I—
0©C.I
to Cl © © © '
COto Cl •-* CO
for the new crop have some effect. In the woolen goods
to* toGOto© SO
CO
division the financial affairs of the American Woolen Com
to
Co *- © H- t° •
pany, whilst having no effect upon the merchandising of
H
© © co co ©
© to
NO O O
O *4 O
to Co
© Co © ©
their output, have been a topic of prime interest with the
-* 00 *** *0
to to ►
Co ©
4* *1 Cl O o ^ S. *-*
Co c« M Go© 00
trade. Business in men’s wear and dress goods lias been of
V00o©Mo©C©O r>2 mH
o
" : to bo
•4to o>
C>COCO
o «•!to © ** a
to w ci
about recent average in volume. Domestic silks are irregular,
©<©**■©©
O©©COlo •
4- © © © •*! Cl
X
with reports of some stocks being closed out to jobbers at
2
N >X
©
d
X
low prices.
►
-*
©
©
oe
o
©^1"sod S*-*OCi—H*© ©- 1to©
© CO 00 00 to 00 ** a
CO03 o *4 c
VI to d to 00 ©so
DOMESTIC COTTON GOODS.—The exports of cotton
v**4**d © ' s l g
COCo CO4. CO"vl Cl
ci
CO30 d ood
goods from this port for the week ending March 25 were
• tJi X
5,400 packages, valued at $427,001, their destination being
CO**•VI *4 to « ® 3 O
il» C © *1 W r ;
to the points specified in the tables
below.
C
o
©
v*
C
o
to
co
S
too sod NOOMOw
1910------------ ion-----©©be ©"co o ^ >
Since
°>©-* 7*toCO ©ci** O© to^ ®co© cito
Since
-J to £* © to
ClCO»*to to * X
Jan . 1.
56CClOCJ
W eek .
Jan. 1. W eek.
New York to March 25.
783
12
182
6
Great
Britain____ ____
232
14
185
27
Other Europe................
©to to*->-* Hrr,I
“v
l
00
200
92
17,461
1,721
Co *.| to © **
© OO o to **
** ** o ©to co ci
33
5,018
40
co
o
oo
bo
d
India________
to
*»
©
"
~
j
"
co
■
—
L
*
'so
C
l
I
2.893
ooto co►-»*■*©*
©VItoto _•to-*o»Cl •Os-nrjj
00 CO Co MQOW M
882
7,758
Arabia_______
CO© © ©©Cl H
CO00 Co toto *»
1,097
1,206
46
50
Africa.....
........
6,574
007
0,434
930
West
Indies__
324
37
472
40
**Cl©to
Mexico_______
1,914
85
4,494
603
V| ci Vj to o
Central
America.
*> © V C
oHo©*1loCS
O rfa to ■*! **•
12.769
© Cl -4 CO,
800
00 Cl Cl to CO
to ** *. ©O
15,874
. 1,862
South
America
_
H--1- O
ci » M4
jvl
0
0
C
I
C
o
oo
©
rf*
©
C
O
*.
v*
C
O
0,071
445
9,464
187
Other countries.
oo
oo
V
o
co
c»
*NO’-4**4b
CO O *4 f3
©>l
to
o
©►-•©© to
to,© Cl © O CI *-1
36,490
3,026
**COtotoci!-*m©
. 5,466
71,548
00 toCl©CI
© ©00 ©to 00
Total.............
Corn.
Wheat.
United 1
Kingdom. Continent.
Cott
Silk
Flax
Iscell
United
Kingdom.
00
0
0
*4
© CI co ■'t oo
00
h
mi
-1
00 00
m
•-* * - d o o
894
TH E C H R O N IC L E
J te lW T M tN T .
N ew s Item s.
California.—Legislature A djourns.—The Legislature of this
State adjourned March 27.
Cameron, Milam County, Tex.—C o m m issio n P la n D eje a te d . —An election held March 24 is said to have resulted in
a vote of 47 “for” to 245 “against” the proposition to adopt
the commission form of government.
Claremore, Rogers County, Okla.—E lectio n on the C o m m is
sio n P la n o f G o vern m en t. —At the regular spring election to be
held April 4, a vote will be taken, it is stated, on the ques
tion of adopting the commission form of government.
Delaware.— L eg isla tu re A d jo u r n s . —The Delaware Legis
lature adjourned March 30. Just prior to adjournment a
joint resolution was passed validating the present city ad
ministration of Wilmington. The State Supreme Court had
declared the present officials—Democrats—were not legally
elected because of a defect in a bill passed by the Legisla
ture.
Glasgow, Barren County, Ky.—B on d s D eclared V a lid .—
The Louisville “Times” of March 25 states that Judge S. E.
Jones in the Circuit Court decided on March 25 that the $15,
000 refunding bonds voted last November are valid. The
case will be taken to the Court of Appeals.
Illinois.— S ta te S en a to r B roderick A c q u itte d . —State Senator
John Broderick, charged with bribery in connection with the
election of William Lorimer as U. S. Senator, was acquitted
by a jury in the Sangamon County Circuit Court on March 24.
On March 28 an investigating committee of the State Senate
started an inquiry into the alleged bribery of members of the
Legislature at the time Mr. Lorimer was elected.
Indiana.—G ravel R oa d B on d s E x e m p ted fr o m T a x a tio n . —A
law recently passed by the Legislature, and which became
effective March 4, provides that all bonds hereafter author
ised by any county or township for the construction of free
gravel or macadamized roads, and which bear not higher than
4:^4% interest, shall be exempt from taxation. We have
been unable to obtain a copy of the law from the Secretary
of"State,
but print the same below as it is given in local papers.
A bill for an A ct to exem pt from taxation all bonds hereafter Issued for
the purpose of raising funds to construct free gravel or macadamized roads.
In any county In the State of Indiana.
"Section t. Be It enacted by the General Assembly of the State o f
Indiana, that all bonds hereafter authorized by any county or township In
the State of Indiana, for the purpose of building, constructing and paying
for the construction of any free gravel, macadamized or other improved
roads, shall be exem pt from taxation: Provided, said bonds shall not bear
a greater rate of Interest than four and one-half (4 'A) per cent Interest per
annum, payable semi-annually.
“ Sec. 2. Whereas an em ergency exists for the Immediate taking clfect
o f this A ct, the same shall be In full force and effect after Its passage.”
Kansas.—Legislature Adjourns.—The Kansas Legislature
ended its 1911 session on March 11.
Governor vetoes Inheritance Tax B ill. —The amended inheri
tance-tax law recently passed by the Legislature was vetoed
by the Governor on March 14. The Governor's reasons for
this action are set forth in the following message to the
Legislature:
“ T h e r e t r o a c t i v e p a r t s o f t h is b i l l , w h i c h e x e m p t s w e a l t h y e s t a t e s f r o m
p a y i n g a n I n h e r ita n c e t a x a r e r e p u g n a n t t o e v e r y la w o f J u s tic e a n d d e c e n c y .
“ S e c t i o n 8 , w h ic h c o n t a i n s t h is v i c i o u s p r o v i s i o n , w a s v o t e d u n a n i m o u s l y
b y t h e S e n a t e c o m m i t t e e t o b e e x c l u d e d fr o m t h e b ill a f t e r h a v i n g h e a r d t h e
a r g u m e n t o f t h e a t t o r n e y o f o n e o f t h e b ig e s t a t e s In f a v o r o f s u c h a p r o v l
s lo n .
T h r o u g h a c c i d e n t o r o t h e r w i s e , t h is p r o v i s i o n w a s r e p o r t e d t o t h e
S e n a te as a c o m m itte e r e c o m m e n d a tio n , a n d b e c a m e a p a r t o f th e a m e n d
m e n t s p a sse d b y th e L e g is la tu r e .
“ I a m e a r n e s t ly In f a v o r o f e x e m p t i n g fr o m t h e p r o v i s i o n s o f t h is b ill
d ir e c t h e ir s o f a ll p e r s o n s o f s m a l l e s t a t e s u p t o $ 2 5 , 0 0 0 .
I a m a ls o in f a v o r
o f t h e L e g i s la t u r e r e f u n d in g t o t h e s m a l l e s t a t e s t h e In h e r ita n c e t a x m o n e y
t h a t h a s a lr e a d y b e e n c o lle c t e d o n a m o u n t s b e lo w t h a t e x e m p t i o n , b u t I
b e l i e v e It w o u ld b e a lo n g s t e p b a c k w a r d t o d e c id e t h e w e a l t h o f t ills S t a t e
s h a ll n o t b e a r it s fu ll s h a r e o f t h e b u r d e n o f t a x a t i o n .
“ T h e I n h e r ita n c e t a x la w Is t h e o n l y l a w u p o n t h e s t a t u t e s o f t h is S t a t e
t h a t a t te m p ts to t a x w e a lth a c c o r d in g to m o d e r n t h o u g h t a n d se n se o f
ju s tic e .
I f t h e S t a t e s d o n o t p a s s a n In h e r ita n c e t a x la w a n d m a i n t a i n i t ,
t h e F e d e r a l G o v e r n m e n t w i ll, a n d I a m In f a v o r o f K a n s a s e n a c t i n g a n In
h e r it a n c e t a x la w t h a t w ill n o t b e b u r d e n s o m e t o t h e s m a l l e s t a t e s , b u t t h a t
w ill p r o p e r ly t a x la r g e a c c u m u l a t i o n s o f w e a l t h , w h ic h h a v e b e e n p r o t e c t e d
a n d f o s t e r e d a n d m a d e p o s s ib le b y t h e la w s a n d w it h t h e a i d a n d s u p p o r t
o f t h e p e o p le o f th is c o m m o n w e a l t h .
O n l y a fe w d a y s a g o t h e l i t t l e S t a t e
o f U t a h c o lle c t e d a n I n h e r ita n c e t a x f r o m t h e I l a r r l m a n e s t a t e o f t h r e e f o u r t h s o f a m il lio n d o lla r s .
W h y s h o u ld K a n s a s b e e x c l u d e d fr o m p a r t i c i
p a t i n g In h e r r ig h t f u l s h a r e o f t h e w e a l t h c r e a t e d b y t h e c o m m e r c e o f t h is
S ta te ?”
Maine.—Legislature Ratifies Federal Income Tax Amend
ment.—On March 28 the House rejected the proposed
Amendment to the Federal Constitution empowering Con
gress to levy an income tax and subsequently accepted the
favorable report of the Committee on Taxation on a bill for a
State income tax. Like action was taken by the Senate on
Thursday morning (March 30). After a conference between
the Governor and the Democratic leaders of the House and
Senate, however, a motion to reconsider the previous vote
was made in the Senate, and the Federal Tax Amendment
was ratified while the State income tax measure was killed.
Later the House also receded from its previous position and
concurred with the Senate.
Massachusetts.— Legislative Committee Favors Income Tax.
—The joint Committee on Federal Relations in executive
session March 29 voted 7 to 4 to report favorably the bill for
the ratification of the amendment to the Constitution of the
United States authorizing taxes on incomes. Both branches
voted against the tax at the 1910 session.
Michigan.— Legislature Ratifies Income Tax Amendment.—
House Joint Resolution No. 1, ratifying the proposed amend
ment to the Federal Constitution giving Congress power to
tax incomes, passed the House Jan. 24—“yeas” 92 and
“nays” 1—and the Senate Feb. 23—“yeas” 23 and “nays” 1.
[ VOL. LXXXXI1.
Minnesota. House Ratifies Income Tax Amendment.—
Press dispatches from St. Paul state that the House on
March 2& passed a joint resolution ratifying a proposed
amendment to the lederal Constitution providing for an in
come tax law by a vote of 9 i to 0. The resolution will now
go before the Senate for action.
Senate Defeats Women’s Suffrage B ill. —On March 29 the
Senate, it is stated, defeated the women's suffrage bill bv a
vote of 32 to 30.
J
Nashville, Tenn.— Governor Vetoes Charter Bill.—The bill
passed by the Legislature providing for a new charter for the
City of Nashville has been vetoed by Governor Hooper. In
a message to the Legislature on March 27 the Governor states
that a bill involving practically a new form of municipal
government for a city as large as Nashville should not be
enacted without first submitting the matter to the voters.
The Governor also says:
T h i s n e w c h a r t e r n o t o n l y c o n fe r s g r e a t l y e n la r g e d p o w e r s u p o n t h e
p r e s e n t M a y o r a n d h is m a c h i n e , b u t it p r o v id e s a t e r m o f fo u r y e a r s f o r t h e
M a y o r in s t e a d o f t w o , a n d t h a t w it h t h e r i g h t t o a s e c o n d t e r m .
F u r t h e r m o r e , t h e r e is n o q u e s t i o n b u t t h a t t h e r e c a ll fe a t u r e o f t h e p r o
p o s e d c h a r t e r is u n c o n s t i t u t i o n a l , f o r t h e r e a s o n t h a t it Is m a d e t o a p p l y
t o e x i s t i n g o ffic e s c r e a t e d b y p r e v io u s la w s a n d fille d b y I n c u m b e n t s e l e c t e d
l o r v a r io u s fu t u r e p e r io d s .
Nassau County (P. O. Mineola), N. Y.
The Brooklyn,
N. Y., daily “Eagle” states that Justice Jaycox in the Su
preme Court for Nassau County on March 29directed John
Lyon, the County Comptroller, to advertise and issue the
bonds on the Babylon-llempstead Turnpike and Centennial
Avenue. The Comptroller had refused to offer the bonds on
the ground that the roads to be improved were not the lead
ing market roads of the county.
r, New Jersey. House Ratifies Income Tax Amendment.—
The Mathews joint resolution fav ring the proposed amend
ment to the Constitution of the United States giving Congress
the right to impose an income tax was unanimously passed
by the House on March 29. As stated last week, the Senate
rejected the proposed amendment March 20—8 to 12.
_New York State. State Capitol Partly Destroyed by F ire .—
the State Capitol at Albany was partly destroyed by a
lire which started about 2 o'clock last Wednesday morning
(March 29) in the Assembly reference library. The property
loss is variously estimated to be from 5 to 7 millions. Thou
sands ot law books, records and historical documents, in
valuable to the State, were partially or totally destroyed.
Pennsylvania. Constitutional Amendment to Exclude from
Debt Limit Bonds Issued by Philadelphia for Subway Con
struction.—The Legislature recently passed the proposed
amendment to Section 8 of Article 9 of the State constitution,
which was als? adopted at the 1909 session. The proposed
amendment will be submitted to the voters at the general
election next November,and, if approved, will allow the city
of Philadelphia, in ascertaining its borrowing capacity, to
exclude such debt as may be incurred for the construction or
development of subways for transit purposes or for the con
struction of wharves or docks owned or to be owned by the
city and which produce revenue sufficient to pay the interest
and principal of such debt. We print Section 8 below, itali
cizing the lines to be added should the amendment receive
the approval of the voters.
— Supreme Court
Orders County Comptroller to Sell Bonds .—
S e c tio n 8 . T h e d e b t o f a n y c o u n ty , c i t y , b o r o u g h , to w n s h ip , sc h o o l
d i s t r i c t , o r o t h e r m u n i c i p a li t y o r In c o r p o r a t e d d i s t r i c t , e x c e p t a s h e r e in
p r o v i d e d , s h a ll n e v e r e x c e e d s e v e n p e r c e n t u m u p o n t h e a s s e s s e d v a lu e
or t h e t a x a b l e p r o p e r t y t h e r e in , n o r s h a ll a n y s u c h m u n i c i p a l i t y o r d is t r ic t
In c u r a n y n e w d e b t , o r in c r e a s e Its i n d e b t e d n e s s t o a n a m o u n t e x c e e d i n g
tvvo p e r c e n t u m u p o n s u c h a s s e s s e d v a lu a t io n o f p r o p e r t y , w i t h o u t t h e a s s e n t
o f t h e e le c to r s t h e r e o f a t a p u b lic e l e c t i o n , In s u c h m a n n e r a s s h a ll b e p r o
v id e d b y l a w : b u t a n y c i t y t h e d e b t o f w h ic h n o w e x c e e d s s e v e n p e r c e n t u m
o f su c h a s s e s s e d v a l u a t i o n m a y b e a u t h o r i z e d b y la w t o In c r e a se t h e s a m e
th r e e p e r c e n t u m , in t h e a g g r e g a t e a t a n y o n e t i m e , u p o n s u c h v a l u a t i o n ,
except that anu debt or debts hereinafter incurred by the city and county o f
Philadelphia for the construction and development o f subways fo r transit pur
poses, or for the construction o f wharves and docks, or the reclamation o f land to
be used in the construction o f a system o f wharves and docks, as public improve
ments, owned or to be owned by said city and county o f Philadelphia, and which
shall yield to the city and county o f Philadelphia current net revenue in excess
o f the interest on said debt or debts and o f the annual installments necessary fo r
the cancellation o f said debt or debts, may be excluded in ascertaining the power
o f the city and county o f Philadelphia to become otherwise indebted: Provided.
That a sinking fund fo r their cancellation shall be established and maintained.
— Voters Approve Commission
Form o f Government.—
Saratoga Springs, N. Y.
The election held March 28 (V. 92,
p. 823) resulted in 1,294 votes “for” to GG9 “against” the
new city charter providing for the commission form of govern
ment with the initiative and referendum and the recall. If
the Legislature passes the necessary bills, the charter will be
put in operation, it is said, on Jan. 1 1912.
Tennessee.— House Ratifies Income T ax.—On March 27 the
House adopted a resolution ratifying the proposed Income
Tax Amendment to the Constitution of the United States.
On March 28 the Senate referred the House resolution to
the Committee on Constitutional Amendments.
Utah.—Senate Ratifies but House Defeats Resolution Favor
ing Income T ax. —The Secretary of State advises us that the
proposed Income Tax Amendment to the Federal Constitu
tion was ratified by^the Senate but rejected by the House.
B o n d P r o p o s a ls a n d N e g o t ia t io n s this week
have been aa follow s:
Adams County (P. O. West Union), Ohio.— Bonds A u th o r
—A resolution has been passed providing for the issuance
of $20,000 court-house-construction bonds, according to
reports. Denomination $500.
ized.
APR. L 1911.]
Alameda County (P. O. Oakland), Cal.—B on d E lection
papers report that the Board of County
Supervisors has instructed the District-Attorney to prepare
the necessary papers providing for an election to vote on the
question of issuing about $500,000 infirmary-building bonds.
Albany, Dougherty County, Ga.—B o n d E lectio n P ro p o sed .
—Reports state that an ordinance is being prepared calling
for an election to vote on the question of issuing $50,000
municipal-gas-plant, $15,000 Tift Park improvement, $10,
000 Oakview Cemetery enlargement, $12,500 water and
sewer extension and $12,500 street-improvement (city’s por
tion) bonds.
Allegheny County (P. O. Pittsburgh), Pa.—B o n d O fferin g.
— Papcrs.state that proposals will be received until 11 a. m.
April 6 by R. J. Cunningham, County Comptroller, for
$300,000 4% 30-year juvenile home bonds. Interest semi
annual. Certified check for $5,000 is required.
Americus, Sumter County, Ga.— B o n d E le c tio n . —Propo
sitions to issue $40,000 sewerage-extension and $25,000
water-works-improvement bonds will be submitted to a
vote on April 4.
Anaheim, Orange County, Cal.—B on d O fferin g . —Propo
sals will be received until 8 p. in. April G by Edward B.
Merritt, City Clerk, for the $90,000 sewer and $8,500 electriclight 5% gold coupon bonds voted on Jan. 30 and men
tioned in V. 92, p. 747.
P ro p o s e d . —Local
The $00,000 Issue consists of 80 bonds of $1,000 each and 40 bonds of §250
•each, and the $8,500 Issue of, 40 bonds of $212 50 each. Date April 1 1911.
Interest semi-annually, at the City Treasurer's office. Maturity onefortieth of each Issue yearly on April l from 1912 to 1951 Inclusive. Certi
fied check for $5,000, payable to the City Treasurer and drawn on some
•ibank In California, Is required.
Anaheim School District (P. O. Anaheim), Orange County,
Cal.— B on d s D efea ted . — We see it reported that an election
lie Id March 18 resulted in the defeat of a proposition to issue
$5,500 school bonds.
Archer City, Archer County, Tex.— B on ds V o ted . —The
proposition to issue the $12,000 0% 5-40-year (optional)
water-works bonds mentioned in V. 92, p. 747, carried by a
vote of 72 to 13 at the election held March 25.
Ashburn, Turner County, Ga.— B o n d E lection P ro p o s e d .—
Papers state that the City Council has been petitioned to call
an election to vote on the question of issuing $15,000 bonds.
Asherton School District (P. O. Asherton), Dimmit County,
Tex.—B on d s V oted. —The proposition to issue the $15,000
5% 5-20-year (optional) school-building bonds mentioned in
V. 92, p. 748, carried by a vote of GO to 2 at the election held
March 18.
Ashland School District (P. O. Ashland), Ashland County,
Ohio.—B o n d S a le . —On March 24 the $50,000 4J^% 1434year (average) school-building and site-purchase bonds
described in V. 92, p. 748, were awarded to the First National
Bank in Ashland at 105.99 and accrued interest—a basis of
about 3.943%. Other bids received were as follows:
Farmers’ Hank, A shland--------105.oO
R . K leyboltc Co. In c., C Inc.-104.56
New First Nat. B k., Columbus 104.43
A shland 15k. & Sav. C o., A sh . 104.39
Provident.S. 15. A T r. C o.,C ln .l0 4 .3 7
H ayden, Miller & C o., C l c v c . .104.30
Maturity $1,000 each six months
■Inclusive.
Breed & Harrison, Cincinnati.104.17
Tillotson & W olcott C o., C lev.104.14
W ell, R oth A C o., Cincinnati. 104.04
Stacy A Braun, T oled o----------103.81
Seasongood A Mayer, Cine— 103.31
S. A . Kean A C o., C h ica g o ...1 0 3 .0 1
from March 1 1913 to Sept. 1 1937,
Bakersfield, Kern County, Cal.—B o n d E le c tio n . —This
■ city, according to San Francisco papers, proposes holding
an election to vote on boulevard-levee bonds.
Baltimore, Md.—L oa n E lection P ro p o se d . —On March 27
the First Branch of the City Council passed an ordinance pro
viding for the submission to a vote on May 2 of a proposition
to borrow $5,000,000 for paving purposes. Thq ordinance
will go to the Second Branch at its next meeting.
Barnesville, Pike County, Ga.—B o n d E le ctio n . —An elec
tion will be held April 18, it is stated, to vote on the question
-of issuing $35,000 Gordon Institute improvement and $15,000
water, light and sewer bonds.
Bedminster Township School District (P. O. Peapack),
Somerset County, N. J.—B on d S a le . —An issue of $6,000
434% 1-6-year (serial) school-building bonds offered on
March 28 was purchased by John Opdyke at 100.50—a basis
-of about 4.344%. Among the bidders were:
-Tohn O p d y k e_________________ $6,030|Second National Bank, SomcrFirst Nat. Bank, S om erville.. 6,0 1 0 j ville----------------------------------- $6,00(5
Denomination $500. Date April 1 1911. Interest semi-annual.
Beeville Independent School District (P. O. Bee ville), Bee
County, Texas.— B on ds R eg istered . —The State Comptroller
on March 23 registered the $30,000 5% 10-40-year (optional)
bonds voted on Sept. 14 1910 (V. 91, p. 817).
Bellaire, Belmont County, Ohio.— B o n d E lection P ro p o sed .
— Reports state that the City Council has recommended the
passage of a resolution providing for an election to vote on
the question of issuing $2 5 ,0 0 0 hospital-construction bonds.
It is further reported that the Board of Education will also
ask the voters to approve an issue of bonds for a new schoolhuildings.
Beltrami County (P. O. Bemidji), Minn.—B on d O fferin g . —
Proposals will be received until 2 p. m. April 14 by J. L.
George, County Auditor, for the following 5% Judicial Ditch
bonds, $20,000 of Ditch No. 3, $20,000 of Ditch No. 4 and
$20,000 of Ditch No. 12.
A uthority Chapter 230, Section 18, General Laws of 1905, as amended
b y Section 3, Chapter 367, General Laws of 1907, and Section 7, Chapter
469, General Laws of 1909. Denomination $1,333, except one bond of
<each Issue of $1,338. Date March 10 1911. Interest April 1 and O ct. 1 in
895
T H E C H R O N IC L E
B em idji. M aturity $1,333 of each Issue yearly on April 1
inclusive and $1,338 of each Issue on April 1 193?- Certified check for
$500, payable to George French, County Treasurer, Is requircd wlth bld for
each Issue. Purchaser to furnish blank bonds and pay a c c r u e d f Sor
Official notice states that the county has never defaulted on pHnc pal or
interest of any bonds, nor Is there any litigation or controversy riending or
threatened concerning these bonds, the boundaries of the municipality r
the titles of the officials to their respective offices.
Bennington, Ottawa County, Kan.—B o n d E lectio n . A
proposition
to issue1-v $2,000
city-hall bonds will be voted8 upon
n 4- „
L d A rvt'il Q nn nnrriim r f A
Benton County School District No. 6, Wash .— B on d O ffer
i n g . —Proposals will be received until 11 a. m. April 5 by
J. Kelly De Priest, County Treasurer (P. O. Prosser), for
S24,000 coupon school-building and furnishing bonds at not
exceeding 6% interest.
„1
A uthority Sections 288, 289, 290, A c., Code o f Public Instruction, Laws
of 1909, pages 76 et. seq. Date day o f Issue on llrst of some m onth, at
option of bidder. Interest annually at the County Treasurer s office.
Maturity 20 years, subject to call after 10 years. Bonded debt at present,
$15,000. Warrants outstanding, $5,874 39. Cash on hand March 1 1911.
$504 19. Assessed valuation for 1910, $802,579.
Benton County School District No. 17, Wash .— B o n d
—Proposals will be received until 11 a. m. April 4
by J. Kelly De Priest, County Treasurer (P. O. Prosser), for
$50,000 coupon school-building and furnishing bonds at not
exceeding 6% interest.
O ffe r in g .
A uthority Sections 288,289, 290, A c., Code o f Public Instruction. Laws of
1909 pages 76 et. seq. Date, day of Issue or first o f som e m onth, at option
of bidder. Interest annually at the County Treasurer's office. Maturity
20 years, subject to call after 10 years. Bonded debt at present. $18,900.
Warrants outstanding, $18,177 42. Cash on hand March 1 1911, $5,647 07.
Assessed valuation for 1910, $1,973,890.
Benton Harbor, Berrien County, Mich.— B o n d E le c tio n .—
We see it reported in local papers that an election will be
held April 3 to vote on the question of issuing $100,000
water-works-improvement bonds.
Beshach School District, Merced County, Cal.— B o n d
E le c tio n . —It is stated an election will be held April 4 to vote
on a proposition to issue $3,000 5% bonds.
Bessemer, Gogebic County, Mich.—B o n d S a le . —On
March 20 the $15,000 5% 1-10-year (serial) coupon sewerconstruction bonds described in V. 92, p. 542, were pur
chased by E. II. Rollins & Sons of Chicago on a basis of
about 4.40%.
Bibb County (P. O. Macon), Ga.— B o n d E le c tio n P o s tp o n e d .
—The election which was to be held May 10 to vote on the
question of issuing the $75,000 court-house, $200,000 bridge
and $100,000 public-road-improvement bonds, mentioned
in V. 90, p. 1503, has been postponed indefinitely, according
to local papers, in order to have an amendment to the bill
passed at the coming session of the Legislature, providing
for an additional issue of $50,000 school-building bonds.
Bismarck School District No. 1 (P. O. Bismarck), No. Dak.
— B o n d S a le . — We are advised that an issue of $50,000 4%
20-year bonds has been sold to the State of North Dakota.
This information was received in reply to our request for the
result of the election held March 18 on the issuance of $45,000
bonds. See V. 92, p .748.
Black Mountain, Buncombe County, No. Car.— B o n d
E le c tio n . —An election will be held, it is stated, to vote on a
proposition to issue $15,000 water and sewer bonds.
Blackwell, Kay County, Okla.—B o n d E le c tio n . —An elec
tion will be held, it is stated, to vote on propositions to issue
S75,000 school-building and $13,000 city-park bonds.
Blaine County (P. O. Hailey), Idaho .— B o n d O ffe r in g .—
Proposals will be received until April 12 by W. F. Horne,
County Clerk, for $12,000 6% 10-20-year gold coupon bonds.
A uthority Section 1960, Idaho Codes. Denomination $1,000. Date
July 1 1911. Interest payable In Hailey or New Y ork C ity. Bonds are
exem pt from all taxation. No deposit required.
Bloomer Township School District No. 2 (P. O. Carson
City), Chippewa County, Mich.—B o n d O ffe r in g . —Proposals
will be received until 7 p. m. April 4 by C. R. Culver, Secre
tary Board of Education, for $3,500 4^% coupon school
bonds voted on Feb. 20.
Denomination $500. Date April 1 1911. Interest annually at the Car
son City State Bank In Carson C ity. Maturity $500 yearly on April 1 from
1912 to 1918 Inclusive. No debt at present. Assessed valuation in 1911.
$600,000.
Bluefield, Mercer County, W. Va .— N o B o n d E le c tio n .—
We are advised that the reports stating that this city pro
poses to hold an election to vote on the question of issuing
$45,000 water, sewer, street and school bonds are erroneous.
Bradley\ County (P. O. Cleveland), Tenn.— B o n d s P r o
p o s e d . —This county proposes to issue $16,000 bridge bonds
and also'some school bonds.
Brady,"McCulloch County, Tex.—B on d s V o te d . —The pro
position to issue the $40,000 5% 10-40-year (optional) water
works bonds mentioned in V. 92, p. 611, is said to have been
favorably voted upon at the election held March 25.
Bremen, Fairfield County, Ohio.—B o n d S a le . —On March
15 thej$20,000 5% water-works bonds described in V. 92, p.
542, were awarded to the Bremen Bank Co. in Bremen at
109.26 and accrued interest. Other bids received were as
illows:
Hayden, Miller A Co.. Clev.$21,362 00
N at. B k., W o o s t e r ...$21,633
!t.
taS a vB k A T r C o T o l . . 21,410
ell,
R othUK.,
A C o.,
Cln____
rsi iNai.
^ levcia.uiIrst
N at. Bpart
k.. ClevelandMaturity
yearly on
:bt) Including this issue,
112. Assessed valuation
50
00 First N at. B k., B re m e n .. 21.001'00
Seasongood A Mayer, C ln. 20,110 00
21,405
x-x..,™ 00 S. A . Kean A C o., Chicago 20,106 25
21,390 175from 1913 to i935 inclusive. Bonded
March
$23,900. Floating debt $1,700. Sinking fund
1910 $355,000.
BristoRCounty.^Mass.—B id s . —The following bids were
iceived on March 24 for the $30,000 4% 3-5-year (serial)
896
THE C H R O N IC L E
[VO L. L X X X X I I .
building notes awarded on that day to the Machinists’ Na ing for the issuance of these bonds at 4% interest and the
tional Bank of Taunton at 101.17—a basis of about 3.684% proposition will be passed on by the voters, it is reported, on
(V. 92, p.824):
April 4. If authorized, the securities will carry semi-annual
Machinists’ N at. B k ., T a u n t.101.17 Curtis & Sanger, B oston____100.631
interest and mature $43,000 yearly on May 1 from 1912 to
Blodget & C o., B oston ........... 101.039 Blake Bros. & C o., B o s t o n ..100.59
1930 inclusive and $58,000 May 1 1931.
Adams & C o., B o s t o n .......... .100.91
R . L . Day & C o., B oston ____100.589
Bristol Co. S av .B k ., T auntonl00.733
Circleville, Pickaway County, Ohio.—B o n d S a le .— The
Brownsville, Cameron County, Texas.—B on d s V o ted .— $62,5.00
bonds offered on March 21 and
The election held March 14 resulted in favor of the question described in V.street-paving
92,
p.
543,
were
awarded to Seasongood &
of issuing the $80,000 street-paving, $35,000 water-system- Mayer of Cincinnati at 102.021 and
improvement, $15,000 electric-light-system improvement, Other bids received were as follows:accrued interest.
$12,000 market-place and city-hall-improvement and the P rovident Savings Bank &
Otis & H ough, C levelan d.$63,500 00
Trust C o.. C incinnati..$63,693 75 S. A . Kean & C o., Chicago 63,125 00
$3,000 slaughter-house 5% 20-40-year (optional) bonds Stacy
& Braun, T o le d o .. 63,643
W es tern-Germ an Bank,
mentioned in V. 92, p. 542.
Breed
&
Harrison,
C
I
n
...
63,562
50
i
.
ou
Cincinnati--------------------62,976 oo
00
Cincinnati_____________ 62.U70
Bryan, Brazos County, Texas.— P u rch a ser o f B o n d s .— Co^o^°Cincinnati**
^ °* ®64,068 75 was also received from W eil, R oth &
According to reports, the purchaser of the $33,000 4% 20-40- inch w ivety 53,125 each six months from March 1913 to Sept. 1 1922
year (optional) coupon water, light and sewer-plant bonds
mentioned in V. 92, p. 478, was the First National Bank of Clarksville, Montgomery County, Tenn,—B o n d s A u
Bryan. The purchase price was par and accrued interest. th orized
. The Board of Mayor and Aldermen have authorized
Burlington School District (P. O. Burlington), Des Moines the issuance of $60,000 water-works bonds. The issue has
County, Iowa.— N o B o n d s V o ted . —The reports stating that still to be authorized by the Legislature.
this district voted on March 13 to issue $65,000 bonds are
Heights, Cuyahoga County, Ohio .— B on d S a le . —
erroneous, we are advised by the Secretary. The money I heCleveland
eight issues of 4^% coupon assessment bonds, aggre
will be raised by a direct tax.
gating $30,850, described in V. 92, p. 543, were sold on
Cache County (P. O. Logan), Utah.—B on d E le ctio n . —An March 28, it is stated, to the Tillotson & Wolcott Co. of
election will be held in this county April 11, accodring to Cleveland.
reports, to vote on a proposition providing for the issuance Cohasset, Norfolk County, Mass.—Note O fferin g .— Pro
of $15,000 county-school bonds.
posals will be received until 5 p. m. April 6 by Newcomb B.
Caldwell County (P. O. Lockhart), Texas.—B on d E le ctio n . lower, town Treasurer, for $60,000 funding notes.
—Reports from Luling, Texas, are that the Commissioners’ . f 5?',000 nati2
ns■ 2 notes of $4,000 each, 5 notes of $8,000 each and 2 notes
Maturity as follows: $4,000 in 1912 and 1913, $8,000
Court has approved a petition calling for an election in this yearly fromcaish.
1914 to 1918, inclusive, .and $6,000 In 1919 and 1920.
Precinct to vote on the question of issuing $50,000 road- Cohasset, Itasca County, Minn.—B o n d O fferin g . —Pro
construction bonds.
will be received until 1 p. m. April 26 by the Village
Calhoun County (P. O. Marshall), Mich.—B o n d S a le . —On posals
Council
for $4,700 refunding bonds at not exceeding 6% int.
March 27 the $9,000 lj^-year (average) coupon vault-con i,™
" S‘ , Certified check for $250, payable to P . O’ Dell, Vil
struction bonds described in V. 92, p. 612, were awarded to lage Treasurer, YIs5required.
M. H . Jones Is Village R ecorder.
the Farwell Trust Co. in Chicago at 100.032 and accrued Coitsville Township School District (P. O. Station “A,”
interest for 4 ^ s. Other bids were received for 5s as follows: Youngstown), Mahoning County, Ohio.—B on d S a le .— On
City Bank, Battle Creek. .$9,033 2 5 1Cutter, May & C o., C hic. .$9,011 00
March 25 the $20,000 4)^% 3-22-year (serial) coupon school
Ulen & C o., Chicago______ 9,017 50IC. F. Childs & C o., C h i c ... 9,010 00
building and repair bonds described in Y. 92, p. 749, were
Maturity $4,000 April 1 1912 and $5,000 April 1 1913.
New First National Bank in Columbus at
Calvert, Robertson County, Texas.—B o n d E le c tio n . —The 104.035 and accrued
interest—a basis of about 4.085%.
election to vote on the question of issuing the $25,000 city- Other
bids received were as follows:
hall-construction and public improvement bonds mentioned T . H . Saunders,
Cleveland. _$20.787 IOtis & Hough, C in cinnati.. .$20,632
n V. 92, p. 543, will be held April 4, it is stated.
Stacy & Braun, T oled o-------- 20,738 Seasongood & Maver Cine
N at. Bank. Cleveland. 20.632 W eil, R oth & Co Clnclnnati ’ 0 525
Cambridge, Dorchester County, Md.—B on d O fferin g .— First
$1,000 yearly on April l from 1914 to 1933 Inclusive
’
Proposals will be received until 8 p. m. April 11 by the Com Maturity
Collin County Common School District No. 84, Texas.—
missioners of Cambridge for $50,000 5% bonds.
B o n d S a le . —The $1,500 5% 10-15-year (optional) schoolA uthority Chapter 486, A cts of 1910. Denomination $500. Date July 1
1910.
Interest semi-annual. Maturity $2,000 yearly on July 1 from 1911 house bonds registered on Feb. 14 (V. 92, p. 612) were pur
to 1935 inclusive. Bonds are exem pt from State, county and municipal chased during February with county funds at par.
Date
taxation. Purchaser to pay accrued Interest, if a n y . W m . E . Hearn is
April 10 1910. Interest annual.
Tow n Clerk and Treasurer.
.
Camden, Camden County, N. J .— B on d S a le .— On March Colonial Beach, Westmoreland County, Va.—B on ds to B e
27 the $218,000 4 % % 30-year coupon or registered refunding O ffered S h o r tly .— The Town Clerk advises us under date of
that the $37,000 6% 25-year coupon sewerage bonds
bonds described in V. 92, p. 748, were awarded to J. R. Ma March in13 January
(V. 92, p. 274) will be offered for sale in
goffin of New York at 106.12—a basis of about 4.14%. voted
the
near
future.
Other bids received were as follows:
Kissel, KInnIcut & C o.,N .Y .105.615 Seasongood & Mayer, C in e ..105.12
Colorado Springs, El Paso County, Colo.—B on d E le ctio n .—
VV. N . Color & C o., N . Y . . . 104,78
R .M .Grant& Co. and O’ Con
Reports state that an election will be held April 4 to vote on
Harris, Forbes & Co., N . Y _ . 104.599
nor & Kahier, N. Y ______ 105.538
A . B . Leach & Co. and
Estabrook & C o., N . Y ___ 105.522
a proposition to issue $22,000 sewer-system-extension bonds.
Blodgett & C o., N Y _____ 104.33
Parkinson & Burr, N. Y ___105.4453
Henry & W est______________ 103.36
Kountze Bros., N. Y ______ 105.317
Colquitt, Miller County, Ga.—B on d s V oted . —Propositions
N. VV. Halsey & Co., N. Y . .105.273 D evltt, Trem ble & C o.,
providing for the issuance of the following bonds were favor
C h ic a g o ___________________101.85
Camden Safe Deposit &
ably voted upon, it is stated, at an election held March 11:
Trust C o., Cam den______ 105.15
Cedar Rapids, Linn County, Iowa. -Ronds P ro p o se d . —We $7,500 to extend the water system, $7,500 to erect and equip
see it reported in local papers that the city proposes to issue an electric-light plant and $7,000 to build a school.
$30,000 5% tax-exempt storm-water-sewer bonds.
Columbia Township, Lexington County, So. Car.—B on d s
Chadron School District (P. O. Chadron), Dawes County, V o te d — We see it reported that a proposition to issue $75,000
bonds carried by a vote of 453 to 82 at an election
Neb.—B on d E le c tio n . —A vote will be taken on April 4, it is free-bridge
stated, on the question of issuing $20,000 school-diouse bonds. held March 14.
Chappell, Deuel County, Neb.—B o n d O fferin g . —Proposals Columbus Grove, Putnum County, Ohio.—B o n d O fferin g.
will be received until 10 a. m. April 24 for the $11,500 6% —Proposals will be received until 12 m. April 3 by W. B.
Lafferty, Village Clerk, for $5,000 4}^% street-improvement
(with privilege of registration) water-system bonds men bonds.
tioned in Y. 92, p. 612.
94
o j ooz
1
20
Authority vote o f 75 to 29 at an election held F eb. 18 1911. Date
April 1911. Interest semi-annually at the State Fiscal agency In New York
C ity. Maturity 20 years, subject to call after 5 years. Bonds are taxexem pt to holders outside o f State. A deposit o f $500, payable to the
Village Treasurer, Is required. There are no bonds Issued and outstanding
at this time. Bonded debt, Including this Issue, $12,950. Assessed valua
tion 1910, $58,890. Actual valuation (est.), $300,000. Official circular
states that there Is no controversy or litigation pending affecting these
bonds and that there Is no further issue of bonds contem plated within the
next twelve m onths. F . M. Johnson Is City Clerk.
532
A uthority Chapter 6 of General Code. Denomination '$500. Date
April 1 1011- Interest annual. Maturity $500 yearly on March 1 from
1913 to 1922 inclusive. Certified cheek for 5% of bonds bid for, payable
‘ “.A1!0 y i u? ge Treasurer, is required. Bonds to be delivered and paid for
within 1 0 da,ys from time of award. Purchaser to pay accrued interest and
furnish blank bonds.
Concord, Cabarrus County, No. Caro.—B on d O fferin g .—
Further details are at hand relative to the offering on April 19
the $50,000 5% coupon water-works-improvement bonds
Charlotte, Eaton County, Mich.—B on d E le ctio n . —A vote of
mentioned in V. 92, p. 749. Proposals for these bonds will
will be taken at the spring election, it is stated, on the ques be
received until 12 m. on that day by Chas. B. Wagoner,
tion of issuing $19,000 street-improvement bonds.
Mayor.
Cheyenne County (P. O. Sidney), Neb.—B on d s V oted .— Denom ination $1,000. Date "d a y of issue.” Interest semi-annually In
Y ork. Maturity 30 years. Bonds are exem pt from city taxes.
The proposition submitted at the election held in this county New
on March 21 to vote on the question of issuing the $50,000 Certified check for 2% of bid, payable to the Mayor, Is required.
5% 5-20-year (optional) court-house and jail bonds men Connecticut.—B on d O fferin g P o stp o n e d .— The offering of
tioned in V. 92, p. 748, carried, according to reports.
$2,000,000 3J^% coupon or registered general bonds, which
was to have taken place March 28 (V. 92, p. 824), was post
Chicago, 111.—B o n d E le ctio n . —On April 4 an election will poned.
date of the new offering has not yet been deter
be held to vote on a proposition to issue $4,655,000 4% mined. The
Concerning the taxability of these bonds, the
bridge-construction bonds to mature serially until Jan. 1 Attorney-General,
Jno. H. Light, in an opinion rendered
1931.
March 23, states:
Chicago, 111.—Lincoln Park District.—B on d E le ctio n . —On PTJmntufn
o ?inot ?xA resJ ly Provided a m ethod for allowing the
March 21 the Governor signed the bill recently passed by the
t? xaHon. ° t ttlc ^tate bonds, when held b y corporations
Legislature authorizing the submission to the voters of a
thP
4 4 o f ,{hc Public Acts of 1905. so I believe it to be the
nd<!? l Eiqua zatlon to ProvIl,e such a m ethod. In m y oplnproposition to issue $875,000 coupon bonds for the purpose of Pin* a 0vtnnUiH?r.a
a ®lm Plc matter to permit each corporation to subtract the
enlarging and improving Lincoln Park. On March 22 the p ^ ?A r! tct’i Jo.b<l
) tatC ,b? n(ls, held among Its assets from the value of all of the
Commissioners of Lincoln Park passed an ordinance provid tax on the^em j*e*jcrm ’ nccl by the Board of Equalization, and to pay the
A pr . 1 1911.1
T H E C H R O N IC LE
Conshohocken, Montgomery County, Pa .— Bond, O ffer
be received until April 6 by R. H. Bate,
Chairman, H. T. Woodland and F. Marks, Ways and Means
Committee, for $75,000 4 \ i % coupon street-improvement
bonds.
in g .—Proposals will
Denomination $1,000. Date Feb. 28 1911. Interest on March 1 and
Sept. 1. Maturity on March 1 as follows: 55,000 In 1916 and 1921, $10,
000 In 1926, $15,000 In 1931 and $20,000 In 1936 and 1941. Principal and
interest are free from all deductions for taxes. Certified check or draft
for 5% of bonds bid for Is required. Purchaser to pay accrued Interest.
Coming Union High School District, Tehama County, Cal.
—B o n d E le ctio n . —An election will be held April 7, according
to reports, to vote on the question of issuing $46,000 schools
building bonds.
Corona, Riverside County, Cal.—B on d s P r o p o s e d — This
city is contemplating the issuance of about $125,000 streetimprovement, parks and city-hall bonds.
Corpus Christi, Nueces County, Texas.—B o n d s R egistered.
—The State Comptroller on March 14 registered the $75,000
5% 10-40-year (optional) sewer bonds mentioned in V. 91,
p. 1789.
B on d s V oted .— The election held March 21 resulted in favor
of the question of issuing the $50,000 5% 10-40-year (op
tional) municipal-wharf-construction and equipment bonds
mentioned in V. 92, p. 749. The vote was 364 “for" to
17 “against.”
Coshocton, Coshocton County, Ohio.—B o n d O ffe r in g .—
Proposals will be received until 12 m. April 1 by Evan O.
Evans, Secretary of Sinking Fund Trustees, for the following
coupon improvement bonds.
$9,000 4 %
...
400 4/o
,
1,200 4 ]^ %
...
800
Locust St. paving bonds. Denomination $500. Maturity
*rom I,012 to 1921 Inclusive.
Second and Elm Sts. sewer bonds. Denomination $100.
Maturity from 1911 to 1914 Inclusive.
Water and Mulberry Sts. sewer bonds. Denomination $100.
Maturity from 1911 to 1914 Inclusive.
East Main St. sewer bonds. Denomination $100. Maturity
from 1911 to 1913 Inclusive.
_ Interest semi-annually at the City Treasury. The bonds are tax-exempt.
Certified check for 10% of bonds bid for, payable to the Sinking Fund Trus
tees, is required. Purchaser to pay accrued interest.
These are not new issues but bonds held by the Sinking
Fund as an investment.
Covington, Kenton County, Ky.— B on d s A u th o rize d . —An
ordinance has been adopted, according to reports, providing
for the issuance of the $100,000 park-improvement bonds
voted on Nov. 8 1910 (V. 91, p. 1399). An ordinance has
also been passed, it is stated, providing for the issuance of six
issues of street-improvement bonds aggregating $9,761 78.
Covington, St. Tammany Parish, La.—B o n d s V o ted .— An
election held March 21 resulted in favor, according to reports,
of a proposition to issue $18,000 5% 6-year school-houseconstruction bonds.
Crawford County Road District No. 1 (P. O. Bucyrus),
Ohio.—B o n d S a le . —On March 21 the $15,000 5% coupon
road-improvement bonds described in V. 92, p. 612, were
awarded to the Farmers’ & Citizens’ Bank & Savings Co. in
Bucyrus for $16,164 45 (107.763) and accrued interest.
The purchaser also agrees to increase the price to $16,226
if delivery is made by April 1 instead of July 1. The follow
ing bids, all based on July delivery, were also received:
P rovident Savings Bank &
Trust Co., Cincinnati...$16,153 50
Seasongood&Mayer, CIn._ 16,062 00
Stacy & Braun, Toledo... 15,957 00
Second Nat. Bank, Bucy. 15,820 50
Maturity Sept. 1 1922.
Western German B k ., Cin.$15,800
S. A . Kean & C o.. C h i c ... 15,782
R .K le y b o ltcC o .,In c.,C ln . 15,750
Bucyrus City Bank, B ucy. 15,736
First National Bank. Bucy 15,705
00
50
00
50
25
Cross Creek Township (P. O. Fayetteville), Cumberland
County, No. Caro.—B on ds V o ted . —An election held March 22
resulted in favor of the question of issuing $50,000 school
bonds, according to reports. The vote was 294 to 75.
Cuyahoga County (P. O. Cleveland), Ohio.—B o n d O fferin g.
—Proposals will be received until 11a.m . April 5 by John F.
Goldenbogen, Clerk Board of County Commissioners, for the
following 4)^% coupon Wooster Pike Road No. 3 improve
ment bonds:
$24,465 (county’s portion) bonds. Denomination $1,000, except one bond
of $465. Maturity $465 on Oct. 1 1911, $1,000 each six months
from April 1 1912 to Oct. 1 1918, Inclusive, and $2,000 each six
months from April 1 1919 to April 1 1921, Inclusive.
2,800 assessment bonds. Denomination $250, except one bond of $50.
Maturity $50 Oct. 1 1911, $250 yearly on Oct. 1 from 1912 to 1918,
Inclusive, and $500 on Oct. 1 In each of the years 1919 and 1920.
Authority Sections 2294, 2295, 6912-1 and 6913, General Code. Date
April 1 1911. Interest semi-annually at the County Treasurer’s office.
Bid must be made on each Issue separately and be accompanied by an uncon
ditional certified check for 1% of bonds bid for, made payable to the County
Treasurer.
Dallas, Dallas County, T e x .— B o n d E le c tio n . —The election
to vote on the question of issuing the $25,000 public-school
building bonds mentioned in V. 92, p. 642, will be held on
April 4. Interest rate not to exceed 6%.
Dallas County (P. O. Dallas), Te x .— B on d s A u th o rize d .—
An ordinance was passed on March 20 providing for the issu
ance of $5,000 bridge-repair bonds.
Davenport School District (P. O. Davenport), Scott
County, Iowa.—B on ds V oted . —A proposition to issue school
building bonds carried by a vote of 422 to 41 at an election
held March 11.
Davidson County (P. O. Nashville), Tenn.—B on d O fferin g.
—Proposals will be received until 10 a. m. April 20 by W. M.
Pollard, County Judge, or Thomas J. Nance, Chairman, care
of Remy-Nanco Printing Co., in Nashville, for the $80,000
bonds for a Normal Agricultural School for Negroes. See
V. 92, p. 543.
Interest rate not to exceed 5 % .
check for $250 Is required.
897
Maturity twenty-five years.
Certified-
T h e o fficia l n otice o f th is bond offerin g vrill be fo u n d am on g ■
the a d v ertisem e n ts elsew here in th is D ep a rtm e n t.
Dawson County School District No. 58 (P. O. Yates),
Mont.—B on d O fferin g . —Proposals will be received until
April 10 for $50,000 6% school-building bonds.
A uthority vote o f 37 to 2 at an election held F eb. 25.
e ct to call after 1916.
Maturity 1921. sub-
Dayton, Columbia County, Wash.—B o n d S a l e — The $60,
000 10-year (average) refunding water bonds dated May 1
1911 and mentioned in V. 92, p. 274, were sold on March 20
to McCoy & Co. of Chicago at 101.875 and interest for 5J/£s—
a basis of about 5.2567%. Eleven bids were received.
Devil’s Lake, Ramsey County, No. Dak.—B o n d E le c tio n . —
An election will be held on April 3 to vote on propositions to
issue $10^000 fire-hall and $30,000 refunding 5% bonds.
B on d s P ro p o se d . —We are advised that a refunding issue of
$28,000 or $30,000 will be made at an early date.
Dolgeville, Herkimer County, N. Y .— N o B on d s V oted —
Referring to the reports that an election held March 21 re
sulted in favor of the issuance of $12,000 sewer bonds, the
Clerk informs us that the proposition oted authorized the
village to extend the sewer system from time to time at a cost
not to exceed that amount. He further states that in all
probability no bonds will be issued, as it will only be a matter
of from $500 to $900 for each extension.
Dorris, Siskiyou County, Cal.— B o n d O fferin g .— Proposals
will be received until May 1, it is stated, for $12,500 watersystem-construction bonds.
Dunkard School District, Fresno County, Cal.—B o n d s
V o te d — By a unanimous vote this district recently author
ized the issuance, it is stated, of $3,500 school-building bonds
Durham, Durham County, No. Caro.—B o n d S a le .— The
$145,000 (amount reduced from $180,000) 4>£% 30-year
coupon refunding bonds described in V. 92, p . 749, were sold
on March 25 to Hambleton & Co. and Baker, Watts & Co.
both of Baltimore, at their joint bid of $145,860 31 (100.593)
and interest—a basis of about 4.465%.
Eagle Lake, Colorado County, Tex.— B o n d E le ctio n . — We
see it reported that the City Council has called an election
to decide whether or not the people are in favor of issuing
$30,000 water-works-plant and sewerage-system bonds.
East Baton Rouge Parish (P. O. Baton Rouge), La.—B on d
E lection P ro p o se d .— There is talk of circulating petitions
among the people requesting the Police Jury to call an elec
tion to vote on propositions to issue court-house and road
bonds aggregating $375,000.
East Cleveland, Cuyahoga County, Ohio.—B o n d S a le .—
Reports state that on March 28 the three issues of 5% coupon
street-improvement assessment bonds aggregating $98,000
and described in V. 92, p. 825, were awarded to Tillotson &
Wolcott Co. of Cleveland for $100,739—the price thus bein
102.795.
Easthampton, Hampshire County, Mass.—B o n d s A
th o rized. —This town has authorized the issuance of $38,0
4% coupon high-school-building bonds.
Denomination $1,000
Date Sept. 1 1911. Interest semi-annually a
the First National Bank o t B oston. Maturity $2,000 each year
Th
bonds are tax-exem pt.
*
East Lake (P. O. Decatur), De Kalb County, Ga.—B on d
Mayor advises us that an election
will probably be held in July to vote on a proposition to issue
$12,000 5
sewer bonds.
Easton, Talbot County, Md.—B o n d O fferin g .— Proposals
will be received until 4 p . m . April 15 by John S. McDaniel,
Town Clerk, for the $40,000 4% coupon sanitary-sewer
bonds voted on Feb. 23 (V. 92, p. 543).
E lection P ro p o se d . —The
Denomination $1,000. Date March 1 1911. Interest semi-annual
Maturity $1,000 yearly from 1 to 40 years. Bonds are exem pt from m u
nicipal and cou nty taxes. Certified check for 2% of bonds bid for, payable
to the Town Clerk, required. No bonded debt at present. Floating debt
(about) $5,000. Assessed valuation for 1910, $1,945,000. Purchaser to
pay accrued Interest. Bids to be made on blank forms furnished by tow n.
East Orange, N. J .— B on d s N o t S o ld .— N o bids were re
ceived on March 27 for the $100,000 water-supply, Series No.
5, 30-year and the $100,000 grammar-school-construction,
Series W, 40-year 4% coupon (with privilege of registra
tion) bonds described in V. 92, p . 749.
B on ds A u th o rized . —Ordinances have been passed provid
ing for the issuance of the $20,000 and $5,000 school bonds
mentioned in V. 92, p. 543.
East Whittier School District, Los Angeles County, Cal.__
D escrip tio n o f B o n d s. —The $15,000 5% school bonds dis
posed of on Feb. 27 to James II. Adams & Co. of Los Angeles
at 105.64—a basis of about 4.55% (V. 92, p. 675)—are in
denominations of $1,000 each and mature one bond vearlv
beginning 1913.
El Dorado, Butler County, Kan.—B o n d E lection P ro p o se d .
—It is stated that the School Board has decided to petition
the Council to call an election to vote on the question of
issuing $12,000 5% 20-year school bonds.
Elgin, Union County, Ore.—B on d s V o te d - —An election
held recently resulted in favor of a proposition to issue $80,000
municipal bonds, according to reports.
Elizabeth, Union County, N. J. -B ond S a le .—On March30
the two issues of 4% coupon bonds aggregating $36,000
and described in V. 92, p. 825, were awarded to John Kean
at par and accrued interest. Other bids were received'at
898
T H E C H R O N IC L E
par and accreud interest as follows: Union County Savings
Bank in Elizabeth for $15,000 sewer bonds; Win. H. Luster,
executor, for $4,000 dock bonds, and John W. Whelan for
$7,000 dock bonds.
Elizabeth City, Pasquotank County, No. Caro.—B on d
O fferin g . —Proposals will be received on or before 8 p. m.
April 5 by Z. Fearing, Mayor, for $120,000 5% street-im
provement bonds.
D enom ination $1,000 or more. Interest semi-annual. Maturity 30
years. Certified check lor $5,000, payable to the City Treasurer, Is re
quired.
Elizabeth City County (P. O. Hampton), Va.—B o n d S a le .
— On March 29 the $14,000 5% llj^-year (average) coupon
refunding bonds described in V. 92, p. 613, were awarded to
the First National Bank in Hampton for $14,300 (102.142)
and accrued interest—a basis of about 4.756%. Other bids
received were as follows:
Cutter, May & C o., C hlcago.$14,200|C . H . Coffin, C hicago............$14,071
H om e Fire Insurance C o____ 14,1001A . J. H ood & C o., D e t r o it .. 14,025
Date July 1 1011. Interest payable at the County Treasurer’s office.
Bonds are exem pt from local taxes. Maturity $1,000 yearly on July 1
from 1918 to 1929 Inclusive.
Elmore County (P. O. Wetumpka), Ala.—B o n d O fferin g .—
Proposals will be received until 12 m, April 6 by M. D. Still,
Judge of Probate, for the $170,000 5% gold coupon roadimprovement bonds voted Feb. 13 (V. 92, p. 543).
A uthority Sections 158 to 174, Code o f Alabama. Denom ination $1,000.
Date July 1 1911. Interest semi-annually at the American E xchange
National Bank In New Y ork. Maturity July 1 1941. Bonds are exem pt
from all taxation. Certified check for 2 % , payable to the C ounty Treas
urer, Is required. N o debt at present. Assessed valuation for 1910,
$5,432,000.
Ely, St. Louis County, Minn.—B on d s P ro p o s e d . —Accord
ing to reports, the City Council has instructed the City Attor
ney to take the necessary legal steps looking towards the
issuance of $30,000 sewer bonds.
Erin, Houston County, Tenn.—B o n d O fferin g . —Proposals
will be receive until 12 m. April 6 by W. M. Adams, Mayor,
for $10,000 5% coupon school-building bonds.
Denomination $500. Date "d a y o f delivery.” Interest January and
July at the Bank of Erin. Maturity 20 years, subject to call after 10 years.
No deposit required. No debt at present. Assessed valuation $265,000.
Escanaba, Delta County, Mich.—B on d E le c tio n . —A pro
position to issue $30,000 municipal-gas-plant bonds will be
submitted to a vote on April 3.
Fairburn, Campbell County, Ga.—B on d S a le . —The $30,
000 5% 1-30-year (serial) water and light bonds voted on
Jan. 19 (V. 92, p. 274), have been awarded to the J. B. Mc
Crary & Co. of Atlanta.
Fairfield, Jefferson County, Iowa.— P ro p o sed B on d E lec
tio n C an celed . —All steps looking towards the holding of a
proposed election to vote on the question of issuing $60,000
water and light bonds have been dropped.
B o n d s V o ted . —A proposition to issue $26,000 10-year hos
pital bonds carried by a vote of 1,371 to 921 at an election
held March 27.
Fairmount, Richland County, No. Dak.— B on d s V o ted . —
A proposition to issue $2,000 10-year water bonds carried by
a vote of 72 to 5 at an election held March 21.
Fairport School District (P. O. Fairport Harbor), Lake
County, Ohio.—B on d S a le . —This district has sold $15,000
4J^% coupon school-house bonds.
Date Jan. 16 1911. Interest March and Septem ber at the Cleveland
Trust Co. In Patnesvlllo. Maturity from 1917 to 1947 Inclusive. The
bonds are tax-exem pt.
[VOL. LXXXXII.
advertisement on a preceding page the Mercantile Trust Co.,
Geo. H. Walker & Co. and the VVm. R. Compton Co., all of
St. Louis, are offering to investors at par and interest
$600,000 5% gold bonds of this district.
Fort Worth, Tarrant County, Tex.—B o n d s A w a rd e d in
P a r t. —Of the nine issues of 5% bonds aggregating $2,000,
000, described in V. 92, p. 675, $1,000,000 were disposed of
on March 18 to Rufus Coy, Vice-President of the Western
National Bank of Fort Worth, representing a syndicate com
posed of the Commerce Trust Co. of Kansas City and others.
The price paid was 100.01 and interest. We are advised
that the remaining $1,000,000 bonds will be sold later. Ma
turity 1951, subject to call after 1931.
Francis, Pontotoc County, Okla.—B on d s A p p r o v e d . —We
see it reported that the Attorney-General has approved an
issue of water-works bonds.
Franklin County (Carnesville), Ga.—B o n d E le ctio n P ro
p o se d . —Local papers state that the county authorities have
been requested to call an election to vote on the issuance of
$50,000 road bonds.
Franklin County (P. O. Columbus), Ohio,—B on d O fferin g.
—Proposals will be received until 12 m. April 12 by the Board
of Commissioners, John Scott, Clerk, for the following bonds:
$55,000 4 % King A ve . bridge bonds. Maturity $5,000 yearly on April 1
from 1912 to 1922 Inclusive.
25,000 4 J4% Wilson A ve . bridge bonds. Maturity $5,000 yearly on
April 1 from 1912 to 1916 Inclusive.
A uthority, Sections 5643 and 5644, General Code. Denom ination $1,000.
Date April 1 1911. Interest semi-annually at the County Treasurer’s
office. Certified check on a national bank or trust com pany In Franklin
C ounty for 1% of bonds bid for, payable to F. M. Sayre, County A uditor,
Is required.
Freeport School District (P. O. Freeport), Harrison
County, Ohio.—B on d O fferin g. —Proposals will be received
until 12 m. April 1 (date changed from March 29) by Boyd
Kerr, Village Clerk, for the $12,000 5% school-building
bonds mentioned in V. 92, p. 613.
A uthority Sections 7625, 7626 and 7627 o f General Code o f Ohio, 1910;
also election held Jan. 31 1911. Denomination $400. Date April 1 1911.
Interest semi-annual. Maturity $400 yearly on Oct. 1 from 1913 to 1942
Inclusive. Certified check for 10% of bonds bid for, payable to the Village
Treasurer, Is required. Bonds to be delivered and paid for within 30 days
from time of award. Purchaser to pay accrued Interest.
Frisco Independent School District, Texas.—B o n d s V oted .
—By a vote of 89 “for” to 5 “against” this district recently
authorized the issuance of $13,500 school bonds, according
to reports.
Gainesville, Alachua County, Fla.—B on d O fferin g . —Pro
posals will be received until 4 p . m . April 3 by H. E. Taylor,
Chairman, or I. E. Webster, Secretary, Board of Public
Works,
for $50,000 5% gold coupon municipal bonds.
Denomination $1,000. Date Jan. 1 1906. Interest from Jan. 1 1911
semi-annually In Gainesville. Maturity $10,000 on Jan. 1 1931 and $40,
000 on Jan. 1 1941. Certified check for 5% of b id, payable to the Chair
man Board of Public W orks, Is required.
Garrison School District (P. O. Garrison), Benton County,
Iowa.—B o n d S a le . —An issue of $10,000 building bonds re
cently voted has been sold,
Glendale, Los Angeles County, Cal.—B o n d s V oted . —The
issuance of the $18,000 city-hall and public-library bonds
mentioned in V. 92, p. 613, was authorized by the voters on
March 17, according to reports
Glendale, Douglas County, Ore.—B on d O fferin g . —Propos
als will be received until 1 p. m. April 19 for $3,000 water
works
bonds.
Denominations $100 to $500. M aturity 2 to 5 years. R . R . Cook Is
R ecorder.
Falls County (P. O. Marlin), Texas.—B on d O fferin g . — CityGoliad
County (P. O. Goliad), Tex.—B on d s P ro p o se d . —
Proposals will be received until April 1 by W. E. Hunnicutt, Papers
that the issuance of $50,000 good-roads bonds
County Judge, for the $18,000 5% gold registered bridge- is beingstate
agitated.
construction bonds mentioned in V. 91, p. 1049.
Gordon, Wilkinson County, Ga.—B o n d E lection P ro p o se d .
A uthority Article 877, Statutes o f 1895. Denomination $1,000. Date
Deo. 1 1910. Interest April and O ctober at Marlin and Austin. M aturity —Reports have stated that an ordinance would be introduced
40 years, subject to call after 10 years. Certified check for $500, payable
to the County Judge, Is required. These bonds were registered b y the at the meeting of the City Council providing for the holding
State Comptroller on Feb. 23.
of an election to vote on the issuance of $45,000 bonds.
Farmersville, Collin County, Tex.—B on d E le c tio n . —Re Graham County (P. O. Robbinsville), No. Car.—B on d
ports state that an election will be held April 11 to vote on E lection P o stp o n e d . —The election which was to have taken
the question of issuing $10,000 permanent-street-improve place Feb. 14 to vote on the question of issuing the $50,000
ment bonds.
5% 20-year railroad-aid bonds, mentioned in V. 92, p. 408,
Farmville, Pitt County, No. Caro.—B o n d O fferin g. —Pro was postponed.
posals will be received until 12 m. April 15 by T. C. Turnage, Grand Island, Hall County, Neb.— B on d E le ctio n . —At the
Mayor, for $5,000 5% electric-light, water and street-im coming spring election the voters will decide, according to
reports, whether or not $10,000 water-main bonds shall be
provement bonds.
Denomination to suit purchaser. Interest semi-annual. M aturity 30 issued.
years from A pril 1 1911. Certified check for $50 Is required.
Grand Rapids, Kent County, Mich.—B id s R ejected . —The
Fern School District, Imperial County, Cal.—B o n d E lec following bids received on March 20 for the $200,000 4%
tio n . —A vote will be taken on April 11, according to reports, 20-year rapid sand-filtration coupon bonds were rejected:
A . 15. Leach & Co. and E . H . Rollins & Sons, Chicago_________$200,271 00
on a proposition to issue $2,000 5% school bonds.
First National Bank, Cleveland________________________________ 200,079 50
Findlay School District (P. O. Findlay), Hancock County, the
Denomination $1,000. Date March 1 1911. interest seinl-annually at
City Treasurer’s office. These bonds were previously ollered without
Ohio.—B o n d S a le .— On March 28 the $10,000 4M% 15-year success
13 and on March 6. v .
, p. 675.
(average) refunding bonds described in V. 92, p. 825, were B o n donE March
n . —An election will be held April 3, it is stated,
awarded, it is stated, to the Commercial Bank & Savings to vote onle ctio
the question of issuing $125,000 20-year bridgeCo. in Findlay at 102.80.
construction bonds at not exceeding 4j^% interest.
M aturity $1,000 April 1 1923, $2,000 on April 1 In 1924 and 1925 and
$1,000 yearly on April 1 from 1926 to 1930 Inclusive.
Grandview Heights (P. O. Columbus), Franklin County,
Flatonia School District (P. O. Flatonia), Fayette County, Ohio.— B on d S a le . —On March 21 the four issues of 4J^%
Texas.—B o n d O fferin g . —Proposals will be received until 12 coupon sewer and water bonds aggregating $60,000, described
m. April 15 by C. E. Nesesta for the $12,500 5% school bonds in V. 92, p. 544, were disposed of, it is stated, to the new
First National Bank of Columbus at 102.50.
registered on March 10 by the State Comptroller.
Denomination $100. Interest from Jan. 2 1911, payable annually.
Grandview Heights School District (P. O. Grandview
M aturity 40 years, subject to call after 10 years. Certified check for 2 %
o f bid, payable to ” C. E. Nesesta, for school bonds,” is required. Bonds Heights), Franklin County, Ohio.— B on d O fferin g . —Pro
will be delivered May 1 1911.
posals will be received until 12 m. April 1 by D.S. Field,
coupon school
Fort Smith and Van Buren Bridge District, Crawford and Clerk Board of Education, for $50,000 4
Sebastian Counties, Ark.—B on d s O ffered b y B a n k ers. —In an building and site-purchase bonds.
9 2
Am
1 1911.1
T H E C H R O N IC L E
A uthority, Section 3991, R evised Statutes (Sections 7625 and 7626
General C od e). Denomination $500. Date April 1 1911. Interest semi
annual. M aturity $2,500 yearly on April 1 from 1916 to 1935 Inclusive
Certified check for 1% o f bonds bid for, payable to the District Treasurer, Is
required. Bonds to be delivered and paid for within 10 days from time of
award.
Granite County (P. O. Philip sburg), Mont.—B on d O fferin g.
—Proposals will be received until 10 a. m. April 4 by F. E.
Wileman, County Clerk, for the $50,000 4J^% coupon
court-house bonds.
• Denomination $1,000. Interest Jan. 1 and July 1 at the County Treas
urer’s office. Maturity 20 years, subject to call after July 1 1921. Certified
check for $1,500, payable to W m . D ingw all, Chairman Board of County
Commissioners, Is required. These bonds were offered on Feb. 21, but, as
stated In V . 92, p. 613, were not sold on that da y, owing to a defect In the
advertisem ent.
899
holder. Maturity 30 years. Bonds are exem pt from city taxes. Certified
check or cash for $500, payable to the City Treasurer, Is required. Bonds
to be delivered on April 17 1911. The opinion o f Dillon, Thom son & Clay
of New Y ork as to the validity o f these bonds will be furnished to purchaser.
Holgate, Henry County, Ohio.—B o n d S a le . —On March 27
the three issues of 4J^% 1-10-year (serial) paving bonds ag
gregating $18,000, and described in V. 92, p. 825, were
awarded to the Tiffin National Bank in Tiffin for $18,330
(101.833) and accrued interest—a basis of about 4.124%.
Other bids received were as follows:
Citizens’
Security
Trust
A bid
Nat. B k., W oos’r$18,296 8 6 1New First N at. B k., C ol. .518,018 00
Savings Bank &
First N at. Bank, Clevel’ d . 18,156 60
C o., T oled o-------- 18,201 50|0tls & Hough, Cleveland. 18,018 00
was also received from the Vinton Banking Co. In Vinton.
Holtville, Imperial County, Cal.— B o n d O fferin g . —Pro
Greene County (P. 0. Springfield), Mo.—B o n d E lection . — posals will be received until 7 p. m. April 3 by the City Clerk,
An election will be held April 18 to vote on the question of according to reports, for the $6,000 6% water-system and
issuing $150,000 4J^% court-house-construction bonds.
fire-apparatus bonds recently voted. Denomination $1,000.
Denominations: 250 bonds of $100 each and 250 bonds of $500 each. Interest semi-annual.
Interest semi-annual. M aturity $75,000 In five years and $75,000 In ten
years. This cou nty has no debt at present. Assessed valuation $26,000,
Homer, Calhoun County, Mich.— B o n d S a le . —The $20,000
000. A ctual value (estimated) $75,000,000.
4J^% 30-year water-works bonds mentioned in V. 91, p.
Greenville, Greenville County, So. Caro.— B on d O fferin g. 1115, were awarded to the Commercial Savings Bank in
—Proposals will be received until 8:30 p. m. April 4 by A. E. Marshall at par.
Sussex, City Clerk, and Treasurer, for $7,000 5% coupon re Denominations $1,000, $500, $300, $200. Date D ec. 1 1910. Interest
semi-annual.
funding bonds.
A uthority, Section 2015, V ol. 1, Code o f 1902. Denomination $1,000.
Hominy, Osage County, Okla.—B o n d S a le . —This town
Date April 1 1911. Interest semi-annually at the Fourth National Bank
of New York City. M aturity April 1 1931. Bonds are exem pt from city has awarded $36,500 6% water and sewer bonds to the
taxes. Certified check for $175, payable to the City Clerk and Treasurer,
O’Neil Construction Co. of Oklahoma City at par.
Is required.
Denomination $500. Interest January and J uly. M aturity 25 years,
subject
to call after 10 years.
Greenwich, Huron County, Ohio.— B on d S a le . —March 20
$2,020 5% coupon West Main St. improvement (village’s Hood River Irrigation District, Hood River County, Ore.—
portion) bonds were awarded to H. B. Knapp for $2,099 93 B on d O fferin g . —This district will sell at 2 p. m. April 17 at
(103.956) and accrued interest—a basis of about 4.20%. the office of R. W. Kelly, District Secretary, $70,000 6%
Other bids received were as follows:
completion bonds. Interest semi-annual. Maturity 20 years.
First N at. B k., S om erset.-$2,049 28|FirstN at. B k., C lev elan d ..$2,049 25
Houston County (P. O. Crockett), Tex.— B on d s V o ted . —
A uthority Section 3,821 of General Code. Denomination $202. Date
F eb. 1 1911. Interest annual. Maturity $202 yearly from 1912 to 1921 The proposition to issue the $150,000 5% 40-year Road Dis
Inclusive.
trict No. 3 improvement bonds mentioned in V. 92, p. 826,
Groesbeck, Limestone County, Tex.—B o n d s V o te d .—An was favorably voted upon at the election held March 25.
election held recently resulted in favor of a proposition to Houston School District (P. O. Houston), Tex.—B o n d
issue $12,000 street-improvement bonds.
E lection P o stp o n e d . —A petition to the Mayor and City Com
calling for an election to vote on the question of
Hagerstown, Washington County, Md.—B o n d s V o ted .— missioners
The election held March 27 resulted in favor of the propo issuing $500,000 bonds is being circulated.
sition to issue the $50,000 4% public-park bonds mentioned Hudson, Columbia County, N. Y.—B o n d O fferin g . —This
in V. 92, p. 825. The vote was 1,036 ‘‘for” to 432 “against.” city will offer at public auction at 2 p. m. April 18 $25,000
Denomination $5,000. Maturity $5,000 yearly after 10 years. 4J^%
coupon or registered street-improvement bonds.
The bonds will be dated May 1 1911 and will be delivered on that d a y.
Hall County (P. O. Memphis), Tex.— B on d E le c tio n . —The Interest
Maturity $5,000 yearly on May 1 from 1921 to 1925;
Commissioners’ Court has ordered an election, it is stated, Inclusive.semi-annual.
The successful bidder will be required to deposit with the City
Immediately after the sale a certified check for 2% o f the bonds
to vote on the question of issuing $25,000 Precinct No. 1 Treasurer
made payable to the said Treasurer. W m . W ortinan is City Clerk.
road improvement bonds.
e o fficia l n otice o f th is bond offering w ill be fo u n d am on g
Hamilton County (P. O. Chattanooga), Tenn.— B on d S a le. theT ah dvertisem
en ts elsew here in th is D ep a rtm e n t.
—The $500,000 4 % % 30-ycar coupon highway-improvement
bonds offered on March 25 (V. 92, p. 750) were purchased by Huntsville, Madison County, Ala.—B on d s A u th o rize d . —
the Chattanooga Clearing-House Association at 101.5122. A resolution has been adopted calling for an election to vote
Denomination $1,000. Date April 1 1911. Interest semi on the question of issuing $100,000 municipal-building
bonds, it is stated.
annually at the National City Bank in New York City.
Hutchinson, Reno County, Kan.—B o n d E le ctio n P ro p o se d .
Hamler School District (P. O. Hamler), Henry County, —This
according to reports, is considering the advisa
Ohio.— B on d s D efea ted .—A proposition to issue $5,000 bility ofcity,
on the question of issuing $125,000 conven
school-improvement bonds was defeated by a vote of 73 to tion-hall voting
bonds.
27 at an election held March 11.
Ind.—B on d s N o t S o ld . —No sale was made
Hammond, Tangipahoa Parish, La.— B o n d E lection P ro Indianapolis,
Feb. 27 of the $200,000 3 XA % 30-year coupon fire-protec
p o se d .—We are informed that the proposition to issue the on
tion bonds described in V. 92, p. 544. An ordinance has
$100,000 improvement bonds mentioned in V. 91, p. 1661, been
introduced increasing the interest rate to 4%.
will probably be voted upon at the April election.
Irene, Clay County, So. Dak.— B on d E lection P ro p o se d . —
Hardeman County Common School District No. 27, Texas. This
village is considering the advisability of calling an elec
— B on d S a le .—The State School Fund was awarded $4,000
to vote on the question of issuing water bonds.
5% 5-40-year (optional) bonds on March 10 at par and ac tionIron
County (P. O. Crystal Falls), Mich.—B o n d E le ctio n .
crued interest.
question of issuing $150,000 good-road-construction
Hardin County (P. O. Kountze), Tex.— P ric e P a id fo r —The
bonds will be voted upon April 19, according to reports.
B o n d s .—We are advised that the price paid for the following
Iron Mountain School District (P. O. Iron Mountain),
5% bonds recently sold to W. A. Myrick of Beaumont for Dickinson
County, Mich.—B on d s D efea ted . —An election held
Spitzer, Rorick & Co. of Toledo (V. 92, p. 750) was par and March 8 resulted
in the defeat of a proposition to issue $100,
interest.
000 high-school bonds. Reports give the vote as 177 to 189.
$100,000 20-year R oad District N o. 3 Improvement bonds voted on Jan. 14.
•
V . 92, p. 275. Date April 10 1911.
Itasca, Hill County, Texas.—B on d s R eg iste red . —On
35,000 10-30-year (optional) R oad District No. 2 bonds registered b y the
State Comptroller on A ug. 29 1910. V . 91, p. 742. Date March 9 the State Comptroller registered $35,000 5%
•
A ug. 10 1910.
10-40-year (optional) city-hall and fire-station bonds.
: Denomination $1,000. Interest semi-annual.
..........................
Jackson School District (P. O. Jackson) Jackson County,
Harrison, Clare County, Mich.—B o n d s P ro p o s e d .—This Minn.—
d s V oted. —An election held March 14 resulted in
city proposes to issue $4,800 water-works-improvement and favor of Ba on
proposition to issue $30,000 4% 5-20-year (optional)
$3,000 lighting bonds. The water bonds mature $800 in school-building
bonds. The vote was 300 “for” to 64 “against.”
1912 and $1,000 in each of the years 1914, 1916, 1918 and It is expected these
will be sold to the State.
1920, and the lighting bonds arc due $1,000 in each of the Jackson Townshipbonds
(P. O. Wapakoneta), Auglaize County,
years 1915, 1917 and 1919.
B on d S a le . —On March 6 the $4,000 5% coupon
Hastings, Barry County, Mich.—B on d E le c tio n .—A vote Ohio.—
town-hall-improvement
bonds described in V. 92, p. 614,
will be taken on April 3 on the question of issuing $120,000 were awarded to the Citizens’
Bank in Minster.
4J^% water and light bonds due part yearly from 1913 to Other bids were received from the Security
Savings Bank & Trust C o .,
1930 inclusive.
T oledo; New First National Bank, Columbus; Somerset Bank, Somerset;
Hayden, Miller & C o., Cleveland; Rudolph K lcybolte C o., In c., Cincinnati,
Hemet School District (P. O. Hemet), Riverside County, and
Seasongood & Mayer, Cincinnati.
Cal.—B on d s D efea ted .—A proposition to issue $15,000 addi Junction
Geary County, Kan.—B on d S a le . —Spitzer,
tional school bonds was defeated at an election held Feb. 25. Rorick & Co.City,
of Toledo were awarded at 103.0638 on March 7
The vote was 64 “for” and 76 “against.” It is expected that $30,000 6% improvement
bonds.
the matter will again be voted upon in the near future.
Denomination $500. Date March 1 1911. Interest semi-annual. Ma
High Point, Guilford County, No. Caro.—B on d O fferin g — turity
from 1 to 10 years.
Proposals will be received until 2:30 p. m. April 10 by Fred. Kenesaw, Adams County, Neb.—B on d s V o te d . —An elec
N. Tate, Mayor, for $20,000 5% gold coupon funding bonds. tion held Feb. 28 resulted in a vote of 123 to 48 in favor of
• A uthority, A ct o f Legislature Feb. 24 1911. Denomination $1,000. a proposition to issue $18,500 6% 5-20-ycar (optional) water
Date April 1 1911. Interest semi-annually at the H anover National Bank 1
In New York City or at the City Treasurer’s office, at the option o f th 1 works bonds.
900
T H E C H R O N IC L E
Kingman, Kingman County, Kans.— B o n d E le ctio n . —An
election will be held April 4, it is stated, to allow the voters
"to determine whether or not bonds shall be issued to pur
chase a $4,400 park.
Knox County (P. 0. Vincennes), Ind.—B on d S a le . —On
March 25 J. F. Wild & Co. of Indianapolis purchased the
$50,000 4% coupon monument bonds described in V. 92,
p. 614, at 100.502 and interest. The following bids were
received:
J . F . W ild & C o., Indianapolis......... , __________________________ $50,251
Fletcher-Amerlcan N at. Bank, Marion Trust Co. and Gavin L.
Payne & C o., Indianapolis____________________________________ 50,231
Joseph T . Elliott & Sons, Indianapolis_____ ____________________ 50,105
Meyer-Klscr Bank, Indianapolis__________________________ ______ 50,010
Maturity $5,000 yearly on Dec. 1 from 1911 to 1920 Inclusive.
00
50
50
00
Lackawanna County (P. O. Scranton), Pa.—B on d S a le . —
On March 30 the $250,000 4% 10-year (average) road-im
provement bonds mentioned in V. 92, p. 826, were awarded
to Graham & G o. of Philadelphia at 100.14—a basis of
about 3.998%.
Denomination $1,000. Date April 1 1911. Interest
Maturity $100,000 April 1 1921 and $150,000 April 1 1931.
semi-annual.
La Cygne, Linn County, Kans.—B on d E le ctio n . —The
election to vote on the propositions to issue the $23,000
water-works and $7,000 electric-light-plant bonds will be
held April 3 and not April 4 as at first reported. Denomina
tion not exceeding $1,000 nor less than $100. Interest not
to exceed 5%. Maturity not more than 30 years nor less
than 10 years.
Lakewood, Cuyahoga County, Ohio.—B on d O fferin g . —
Proposals will be received until 12 m. April 24 by B. M.
Cook, City Clerk, for $15,000 5% water-works extension
and improvement bonds.
Denomination $1,000. Date “ day of sale.” Interest on April 1 and
Oct. 1. Maturity O ct. 1 1920. Certified check for 5% o f bonds bid for,
payable to the City Treasurer, is required.
Lamberton School District No. 31 (P. O. Lamberton,)
Minn.—B on d s V oted. —At an election held March 8, sixteen
votes were unanimously cast in favor of a proposition to issue
$14,000 4% bonds due part yearly from 1916 to 1930inclusive.
We are informed that the bonds will be purchased by the State
of Minnesota.
Lamont School District (P. O. Lamont), Buchanan
County, Iowa.—B on ds V oted . —An election held March 15
resulted in favor of the proposition to issue the $4,000 8-year
school-building addition bonds mentioned in V. 92, p.676.
The vote was 36 to 12.
Lamont School District (P. 0. Lamont), Whitman County,
Wash.— B on d O fferin g . —Proposals will be received until
April 1 for $20,000 school-building bonds.
A uthority, vote o f 73 to 28 at an election held Feb. 23. Interest rate
to be named In bid. Maturity 1933, subject to call after 10 years.
[V O L . L X X X X I I .
Lexington County Free School District No. 15 (P. O. Leesville),sSo. Caro.—B o n d fiffe r in g .—Proposals will be received
until May 1 by D. A. Quattlebaum, Clerk Board of Trustees,
for $6,000 6% coupon refunding and school-improvement
bonds.
Denom ination $.>00. Date April i r u n . interest annually .......... ..
H anover National Bank In New York City. Maturity April 1 1931. Bonds
arc exem pt from all taxation. Certified check for $500, payable to the
91*5
of Trustees, is required. Bonded debt, including this Issue
$18,.>00. No floating debt. Assessed valuation for 1910 $325,000.
Lexington Township (P. O. Alliance), Stark County, Ohio.
B on d s A u th o rize d .—A resolution has been passed providing
for the issuance of $5,000 Alliance-Harrisburg and $5,000
Alliance-Lexington 5% 1-10-year (serial) road bonds. Inter
est annually at the Township Clerk’s office.
Lincoln, Neb.—B on d E lection P ro p o se d .—The question of
calling an election to vote on the issuance of $50,000 bonds
for Antelope Park is being considered, according to reports.
Lincoln School District (P. O. Lincoln), Lancaster County,
Neb. B on d E le ctio n .—Reports state that an election will be
held to vote on a proposition providing for the issuance of
$350,000 school-building bonds.
Long Beach, Los Angeles County, Cal.—Rond O fferin g.—
Proposals will be received until 7:30 p. m. April 7 by the
City Clerk, according to reports, for $75,000 pier and $50,000
repair and construction 4>^% bonds.
Luray, Page County, Va.—B on ds V oted . —The proposition
to issue the $10,000 water-works bonds mentioned in V. 92,
p. 545, is said to have been favorably voted upon at an elec
tion held March 25.
McAlester, Pittsburgh County, Okla.— B on d E le ctio n .—
Reports state that the City Council has decided to call an
election to ascertain whether or not the voters are in favor
of issuing $150,000 bonds to build an additional dam and
construct a water pipe line.
McCulloch County (P. O. Brady), Tex.—B on ds V oted .—
The proposition to issue the $75,000 5% 5-40-year (optional)
Brady Precinct road-improvement bonds mentioned in
V. 92, p. 615, carried by a vote of 294 to 60 at the election
held March 25. We are advised that these bonds will be
offered for sale about July.
McKinley School District, San Jose County, Cal.— B on d
V o ted .—It is reported that this district recently voted to
issue $10,000 bonds.
Madelia, Watonwan County, Minn.—Rond O fferin g .—
Proposals will be received until 7:30 p. m. April 10 by the
Village Council for $6,000 5% water-works bonds.
A uthority, vote o f 231 to 61 at an election held March 14. Maturity
$1,000 yearly beginning In 1921. Ccrtllied check for 10% Is required.
A . Massey is Village Recorder.
Maddock, Benson County, No. Dak.—B on ds V o ted .—The
proposition to issue the $3,000 4% warrant funding bonds
(V. 92, p. 751) carried by a vote of 51 to 2 at the election
held March 21. Maturity 1931.
Malden, Mass.— T em p o ra ry L o a n . —A loan of $150,000
due Oct. 30 1911 was negotiated on March 30, it is stated,
with the First National Bank of Boston at 3% discount and
$1 50 premium.
Manchester, Coffee County, Tenn .— B on ds V oted .—It is
stated
that the proposition to issue the $30,000 water and
Edtrerly & Crocker. B o s t o n .............3% discount and $1 26 premium.
electric-light-plant bonds mentioned in V. 92, p. 208, was
Blake Bros. & C o., Boston _______ 3.05% discount and $1 30 premium.
favorably voted upon at a recent election.
Esterbrook & C o., Boston . . . . __ 3.05% discount and $1 00 premium
Bond & Goodwin, B oston __ . .. .3 ,4 4 % discount.
Manchester School District, Cal.— B on d S a le . —J. C.
Lebanon, Linn County, Ore.— B on d O fferin g . —Proposals Holliday
of Point Arena is reported as having purchased
will be received until 8 p. m. April 4 by J. R. Green, City $5,000
bonds at 102.02.
Recorder, for not more than $70,000 6% gold coupon sewersystem-construction series “A” bonds.
Madison, Dane County, Wis.— B on d O fferin g. — Pro
Authority, vote o f 224 to 127 at an election held Dec. 5 1910. Denomi posals will be received until 3 p. m. April 10 by O. S. Norsnation $1,000. Date June 1 1911. Interest semi-annually at such bank
in New York, Chicago or San Francisco as purchaser may designate. Ma man, City Clerk, for $26,000 4% coupon water-worksturity June l 1931. Certlllcd cheek for 5% of bonds bid for, payable to the extension and improvement bonds.
City Recorder, is required. Official circular states that there Is no litigation
Lancaster School District (P. O. Lancaster), Lancaster
County, Pa.— B on d S a le . —On March 21 $25,000 4% 30year bonds were awarded to Wurts, Dulles & Co. of Phila
delphia at 102.663—a basis of about 3.85%. Denomination
$1,000. Date April 1 1911. Interest semi-annual.
Lawrence, Essex County, Mass.—T em p o ra ry L o a n . —
This city has negotiated a temporary loan of $100,000 with
the Old Colony Trust Co. of Boston at 2.92% and a premium
of $1 05. Loan matures Nov. 18 1911.
Other bids received were as follows:
pending and no controversy over this Issue. No debt at present. Assessed
valuation for 1910, $084,000. Actual value (estim ated), $1,400,000.
Lebanon, Lebanon County, Pa.—B on ds R efu sed . —Accord
ing to reports, Graham & Co. of Philadelphia have refused
to accept the $110,000 4% sewerage bonds awarded them on
March 1. V. 92, p . 676.
Leola, McPherson County, So. Dak.—B on ds N o t S o ld .— It
was stated in the newspapers some time ago that $4,500 5%
water-works bonds were sold to S. A. Kean & Co. of Chi
cago. We are now advised that this issue has not been dis
posed of.
Lewis County School District No. 9, Wash.— B on d O fferin g.
—Proposals will bo received until 2 p. m. April 7 by B. F.
Arnold, County Treasurer (P. O. Chehalis), for $93,000
coupon warrant-funding and high-school-building bonds at
not exceeding 6% interest.
A uthority Chapter 97. page 321, Laws of 1909; also vote of 295 to 13 at
an election held March 4. Denomination $1,000. Date May 1 1911.
Interest semi-annually at the County Treasurer’s office or at the llscal
agency of Washington In New York City, at the option of the purchaser.
Maturity 20 years, subject to call after 5 years. Certlllcd check for $930,
payable to the County Treasurer, Is required. Bonded debt at present.
$23,600. Warrants outstanding, $69,521 62. Cash on hand N ov. 30 1910,
$1,651 70. Assessed valuation 1910, $2,332,814.
Lewistown, Fergus County, Mont.—B on ds V o ted . —The
election held March 14 resulted in favor of the question of
issuing the $100,000 5% water-works bonds, mentioned in
V. 92, p. 614. Tho vote was 95 to 16. Maturity 1931, sub
ject to call $10,000 Jan. 1 1918, $25,000 Jan. 1 1921 and
$65,000 Jan. 1 1926.
Authority Sections 926-11 and 9 13 of Revise 1 Statutes, as am ended.
Denomination $500. Date April 1 1911. Interest annually at the First
National Bank In Madison. Maturity April 1 1931. Ccrtllied check for
$500 Is required.
Madison County (P. 0. London), Ohio.— B on d S a le .—On
March 20 the 9 issues of 5% coupon improvement bonds,
aggregating $22,900 and described in V. 92, p. 615, were
awarded to the Madison National Bank in London at 102.663
and accrued interest. The following bids were received:
Madison N at.B k.,L ondon $23,510 00 Seasongood& M ayer,C lnc.$23 , 4 2 0 0 0
First Nat. Bank, C le v e .. 23,491 25 C ltlzens'N at.Bk.,W ooster 23,338 23
Madison Parish School District No. 1 (P. O. Tallulah), La.
According to reports a proposition to issue
$15,000 school-building bonds was favorably voted on at an
election held March 21.
Marianna, Washington County, Pa .— B on d E le c tio n .—
It is reported that an election will be held April 10 to vote
on the question of issuing $35,000 school, $20,000 sewersystem and $15,000 street-improvement bonds.
Marion School District (P. 0. Marion), Marion County,
Ohio.—B on ds R efu sed .—Papers state that Otis & Hough of
Cleveland have refused to accept the $12,500 i } 4 % bonds
awarded them at 103.096 and interest on March 15. See V.
92, p . 751.
Marysville, Union County, Ohio.—B on d S a le .—Reports
state that the Tillotson & Wolcott Co. of Cleveland, offering
$18,336, or 101.866, was the highest bidder on March 25 for
$18,000 4^% paving bonds offered on that day.
— B o n d s V oted.
A pr . 1 1911.]
901
TH E C H R O N IC L E
Mecklenburg County (P. O. Boydton), Va.— B o n d E le c tio n . Mt. Vernon, Westchester County, N. Y.—B o n d O ffe r in g . —
—The residents of the South Hill District have Proposals will be received until 8 p. m. April 18 by the
appointed a committee, it is stated, to petition the Circuit Common
Council for $128,000 4)4% West First Street
Court to call an election to vote on the question of issuing widening coupon
bonds.
good-road bonds.
A p ril 1 1911. In te re st se m i-a n n u a lly a4
Mercer County (P. 0. Trenton), N. J .— B o n d S a l e — O n th eD Ce nityo mTinreaa tiosunrer’$ 1s,0o0ffic0 . e . D ate
M a tu r ity $ 8 ,0 0 0 o n A p ril 1 1931 an d $10,000
t o 1943, In clu sive.
B id m u st be m ad e on a
Jan. 2 $30,000 4% park-tunnel-building bonds were awarded yfoerma r lyfuornn ishA pedril b1y frothme c1932
it y an d be a c c o m p a n ie d b y a ce rtifie d c h e c k for
to the Mercer County Sinking Fund Commission at par.
$ 1 ,0 0 0 , m ade p a y a b le t o th e " C i t y o f M t. V e r n o n .”
T h e genuineness o f the
P roposed .
D e n o m in a tio n $ 1 ,0 0 0 .
M a tu r ity J a n . I 1 9 4 1 .
D a te J a n . 2 1 9 1 1 .
I n t e r e s t In J a n u a r y a n d J u l y .
Merrill School District (P. 0. Merrill), Klamath County,
Ore.—B o n d E le c tio n . —It is stated an election will be held to
vote on a proposition to issue $30,000 high-school bonds.
Middlesex County (P. O. Lowell), Mass.—T e m p o r a r y
L o a n . —The loan of $100,000, due Nov. 7 1911, and mentioned
in V. 92, p. 826, was awarded on March 28 to the Old Colony
Trust Co. in Boston at 2.94% discount and 85 cents premium.
Middlesex County (P. O. New Brunswick), N. J .— B on d
O ffe r in g . —Proposals will be received until 2 p. m. April 6 by
C. II. Hagerty, County Collector, according to reports, for
$10,000 4% 14-year (average) renewal bonds. Interest
semi-annual. Certified check for $200 is required.
Mifflin Township School District (P. O. East Columbus),
Franklin County, Ohio.—B o n d S a le .— On March 4 the $20,
000 4 34% 1- 20 -year (serial) school-construction bonds de
scribed in V. 92, p . 482, were awarded to the New First
National Bank in Columbus at 103.195 and blank bonds.
Miles City School District No. 1 (P. O. Miles City), Custer
County, Mont.— B o n d O ffe r in g . —At 2 p. m. April 10 this
district will offer at public auction $50,000 coupon school
building and furnishing bonds at not exceeding 5% interest.
A u t h o r i t y . A r t i c l e 19 C h a p t e r 7 o f T itle 3 , l 'a r t 3 o f P o lit ic a l C o d e ; a ls o
b y v o t e 0 1 3 3 t o 4 a t a n e l e c tio n h e ld F e b . 11 1911 .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te J u ly 1 1 9 1 1 .
I n t e r e s t s e m i -a n n u a l l y a t t h e o ffic e o f t h e C o u n t y
T reasu rer.
T h e b o n d s a r e r e d e e m a b le a n d p a y a b l e a s f o llo w s ; $ 1 0 , 0 0 0
r e d e e m a b le In 1 9 2 0 a n d p a y a b l e In 1 9 2 1 , $ 1 0 , 0 0 0 r e d e e m a b le In 1 9 2 5 a n d
p a y a b l e in 192(5, $ 1 5 , 0 0 0 r e d e e m a b le In 1 9 3 0 a n d p a y a b l e in 1 9 3 1 a n d
$ 1 5 , 0 0 0 r e d e e m a b le In 1 9 3 5 a n d p a y a b l e In 1 9 3 6 .
A d e p o s i t In c a s h o r
c c r t llle d c h e c k f o r 5 % o f h id is r e q u ir e d .
O ffic ia l c ir c u la r s t a t e s t h a t t h e r e
Is n o c o n t r o v e r s y o r l it ig a t io n p e n d in g ; o r t h r e a t e n e d a ir c c t in g t h is d is t r ic t
o r t h e v a l i d i t y o f t h e s e b o n d s In a n y w a y ; a ls o t h a t t h e p r in c ip a l a n d in te r e s t
o f p r e v io u s Issu es h a v e n e v e r b e e n c o n t e s t e d a n d h a v e a l w a y s b e e n m e t a t
m a tu r ity .
J . U . C o llin s Is C le r k H o a r d o f T r u s t e e s .
Milford School District (P. O. Milford), Dickinson County,
Iowa .— B o n d E lectio n P r o p o s e d .—There is talk of calling an
election to vote on the question of issuing $15,000 building
bonds. Up to March 24, however, nothing definite had
yet been done.
Millersburg, Holmes County, Ohio.— B on d S a le . —On
March 17 the $1,000 4% Wooster Street sewer assessment
bonds described in V.92, p. 615, were awarded to the Farmers’
& Merchants’ Bank in Millersburg at 100.10 and accrued
interest. There were no other bidders. Maturity $200
yearly from 1912 to 1916 inclusive.
Milwaukee County (P. O. Milwaukee), Wis .— B on d s
A u th o r ize d . —It is stated in local papers that the Board of
County Commissioners has authorized the issuance of $125,
000 bonds to be used for the purchascmf land in the town of
Wauwatosa for an additional poor farm.
Monmouth School District (P. O. Monmouth), Polk
County, Ore.—Bond, E le c tio n . —An election will be held
April 8 to vote on the question of issuing $20,000 building
bonds, according to reports.
Monroe School District (P. O. Monroe), Monroe County,
Mich.— B on d s V o ted . —7This district has voted to issue $50,000
school-building-completion bonds. It is expected that they
will be placed on the market in June or July.
Montclair, Essex County, N. J. — B o n d O ffe r in g . —Accord
ing to reports, proposals will be received until 8 p. m. April 24
by S. II. Wenck, Town Treasurer, for $66,000 4)4% 30-year
refunding bonds. Interest semi-annual. Certified check for
2 % is required. These bonds were ofFered without success
as 4s (V. 92, p. 209) on Dec. 12 1910.
Montpelier, Williams County, Ohio.— B i d . —A bid of
$23,162 50 (105.284) and accrued interest was received from
the Security Savings Bank & Trust Co. in Toledo for the
$22,000 4)4% street-improvement assessment bonds ofFered
on March 25. (V. 92, p. 483.) Maturity 1930.
Morehead City, Cartaret County, No. Caro.— B o n d S a le .—
On March 6 the $20,000 5 )4% 30-year coupon water-works
system bonds dated March l 1911 and described in V. 92, p.
483, were sold to Cutter, May & Co. of Chicago at par and
accrued interest.
Moundsville, Marshall County, W. Va . — B o n d S a le . — Re
ports state that on March 23 the $166,900 5% sewer-systemconstruction bonds described in V. 92, p. 615, were awarded
to the National Exchange Bank of Wheeling at par.
Mountain Home, Elmore County, Idaho.— B o n d s V oted —
O ffe r in g . —The election held March 20 resulted in favor of
the proposition to issue the $35,000 6 % 10-20-year (optional)
coupon water-system bonds mentioned in V. 92, p. 545.
According to reports, the vote was 93 to 28. These bonds
will be offered for sale, it is stated, on April 17.
Mount Pleasant School District (P. O. Mt. Pleasant),
Sanpete County, Utah .— B o n d S a le . —On March 13 the $25,
000 5% 5-10-year (optional) high-school-building bonds men
tioned in V. 92, p. 676, were awarded to the State Land
Board of Utah at par less cost of bonds and attorney’s fees.
Other bids were received as follows:
J a m e s N . W r i g h t & C o . .D e n . $ 2 4 , 5 0 0 1U t a h S a v . & T r . C o ., S a l t L a k e . $ 2 4 . 4 0 0
D e n o m in a t io n $ 5 0 0 .
D a te A p ril 1 1 9 1 1 .
I n t e r e s t s e m i -a n n u a l .
b o n d s w ill be ce rtifie d t o b y th e U n ite d S ta te s M o rtg a ge & T r u s t C o . o f
N ew Y o r k C ity, and their le g a lity a p p r o v e d b y C a ldw ell, M assllch & R e e d ,
also o f N ew Y o r k C ity, w h o se o p in io n w ill b e d e liv e re d t o the p u rch aser.
T h e b o n d s w ill be deliv e re d on or b e fo re A p ril 25 1911. A c c r u e d Interest t o
be p aid b y the su ccessfu l b id d e r .
E d w in W . FIske is M a y o r an d A . W .
R e y n o ld s is C ity C lerk.
T h e o ffic ia l n otice o f this bond o ffe r in g w ill a p p e a r a m on g the
ad vertisem en ts elsew here i n this D ep a rtm en t n ext w eek .
Nederland School District No. 7 (P. O. Nederland), Jeffer
son County, Tex.—B on d s V o ted . —An election held Feb. 4
resulted in favor of a proposition to issue the $20,000 5% 30
40-year (optional) school-building and site-purchase bonds
mentioned in V. 92, p. 209. The vote was 32 to 13.
New Bedford, Bristol County, Mass.— B o n d O ffe r in g . —
Proposals will be received until 7:45 p. m. to-day (April 1) by
William S. Cook, City Treasurer, for $26,552 58 4% regis
tered
wharf bonds.
A u th o rity C h apter 110 A c ts o f 1911.
D e n o m in a tio n $1,000 o r a n y m ul
tip le th e re o f.
D ate A p ril 1 1911.
In terest s e m i-a n n u a l. M a tu rity
$3,552 58 o n A p ril 1 1912, $ 3 ,000 y e a r ly o n A p ril 1 fro m 1913 to 1917,
Inclu sive, a n d 52,000 y e a rly o n A p ril 1 fro m 1918 to 1921, In clu sive. C ertified
c h e c k on a n ation a l b a n k or trust c o m p a n y fo r 2 % o f b o n d s bid fo r , p a y a b le
to th e “ C ity o f N ew B e d fo r d ," Is r e q u ire d .
L ega l o p in io n b y S to r e y ,
T h o rn d ik e , P a lm er & D o d g e o f B o s to n .
New Castle, Newcastle County, Del.—C e r tific a te O ffe r in g .
—Proposals will be received until 8 p. m. April 3 by William
E. Rothwell, President of City Council, for $30,000 434%
improvement
certificates.
A u th o rity C h apter 494, V o l. 16, p a ge 655, L a w s o f D e la w a re .
D e
n o m in a tio n s 20 certificates o f $1,0 0 0 each an d 20 o f $500 e a c h .
sem i-a n n u a l. M atu rity 20 years.
In te res t
New Castle, Lawrence County, Pa.—B on d s A u th o r iz e d .—
An ordinance was passed by the Common Council on March
13 providing for the issuance of the $47,000 434% coupon
street-repaving bonds mentioned in V. 92, p. 276. Denomi
nation $ 1,0 0 0 .
New Decatur, Morgan County, Ala.—B on d s A u th o r iz e d .—
An ordinance has been passed, according to reports, pro
viding for the issuance of $20,000 storm-sewer bonds.
New Lisbon, Juneau County, W is.—B o n d S a le . —The
State of Wisconsin was awarded the $20,000 water and light
bonds mentioned in V. 92, p. 616 as 334sNew Orleans, La.—B id f o r $7,000,000 P u b lic Im p ro v em en t
B o n d s . —According to local newspapers the Mayor has re
ceived from the Inter-State Trust & Banking Co. of New Or
leans an assurance that when the $7,000,000 4% public im
provement bonds are advertised for sale, that bank will bid
not less than 94 for the same, with the understanding that
the bank shall receive the deposits of the proceeds of the sale
and the balance of the public improvement fund, and pay the
city on such deposits not more than 1% per annum. The
bonds were ofFered for sale last October but failed to attract
any bidders. See V. 91, p. 1050. Subsequently the Legis
lature passed an Act permitting the deposit of the proceeds
of the sale of the bonds in such bank as may purchase the
same at a rate of interest to be fixed by the Board of Liquida
tion of the City Debt. In November 1908 a Constitutional
Amendment was adopted allowing the sale of the bonds at par
less a commission of not more than 6 %.
New Rochelle, Westchester County, N. Y.—B o n d S a le . —
On March 28 the $21,000 434% fire department and 814,500
5% North Avenue widening registered bonds aggregating
$35,500,and described in V. 92, p. 827, were awarded to
Adams & Co. of New York for $36,153 (101.839) and accrued
interest. Other bids received were as follows:
P a rk inson & B u rr. N . Y _ .$ 3 6 ,1 2 7 531 B lo d g e t & C o ., N ew Y o r k .$ 3 5 ,8 8 6 45
Ferris & W h ite , N ew Y o r k 3 6 ,078 76 H arris, F o rb e s
&
C o ..
R . M . G rant & C o ., N . Y . 35,993 6 5 1 N ew Y o r k _______________ 35.-690 00
Newton, Newton County, Miss.—B o n d O ffe r in g . —Pro
posals will be received until 4 p. m. April 4 by the Mayor and
Board
for $11,000 6 %D atecoupon
electric-light-plant
bonds.
D en om in a tion $ 1 ,0 0 0 .
A p ril 4 1911.
In terest s e m i-a n n u a lly lln
C h ica go o r N ew Y o r k .
G . M . B ea ver Is M ayor.
M atu rity A p ril 4 1931.
N o d e p o s it re q u ir e d .
Newton Township (P. O. Pleasant Hill), Miami County,
Ohio.— B on d S a le .— On March 27 the $3,000 434% 15-20year (serial) coupon public-hall and office-building bonds,
described in V. 92, p. 827, were awarded to the First Na
tional Bank in Cleveland at 104.825 and accrued interest—
a basis of about 4.111%.
Noble Township (P. O. Belle Valley), Noble County, Ohio.
—B on d s N o t S old — B on d O ffe r in g . —No award was made on
March 4 of the $4,000 4% highway-construction bonds de
scribed in V. 92, p. 483. This issue will be re-offered on
April 15.
Nolan County (-P. O. Sweetwater), Texas.—B o n d S a le . —
The $100,000 5% 40-year coupon Road District No. 1 bonds
described in V. 92, p. 483, were awarded, according to re
ports, to a Chicago firm at par.
Norfolk, Va.—C orrected B o n d S a le . —Of the three issues of
4)4% 30-year coupon (with privilege of registration) bonds,
aggregating $690,000, offered on March 23, $21,000 were dis
posed of to the Sinking Fund at par and $110,000 were
awarded to Harris, Forbes & Co. of New York City at 98.03
and interest—a basis of about 4.622%. A 60-day option
903
T H E C H R O N IC L E
[V O L . L X X X X I I .
was also granted to the latter firm on the remaining $559,000
bonds at the same price. We were erroneously advised last Old Forge, Lackawanna County, Pa.—B o n d O ffe r in g . —
week that Harris, Forbes & Co. had purchased the entire Proposals will be received by John H. Bonner, Attorney and
issue. See V. 92, p. 827. The following proposals were sub Counsellor, at Scranton, for $30,000 5% 1-30-year (serial)
mitted:
coupon paving and sewer bonds dated April 1 1911. Inter
H a rris, F o r b e s & C o .. N ew Y o r k — (a) $11 0 ,0 0 0 at 9 8 .0 3 . w ith a 6 0 -d a y
est semi-annual.
o p t io n on th e b a la n c e o f th e issue at th e sam e p rice , o r (6) $327,000 at
9 7 .5 7 8 , w ith a 6 0 -d a y o p t io n o n th e b a la n ce o f th e Issue, o r (c) $69 0,00 0
Omaha, Neb .— B o n d E lectio n P r o p o s e d .—This city, accord
N o rfo lk S in k in g F u n d C om m ission ers— $ 21 ,000 b o n d s a t p a r.
ing
to local papers, is considering holding an election to vote
M o t tu & C o ., N orfolk— $ 6 9 0 ,0 0 0 b o n d s a t 97.
on the question of issuing $ 10,000 hospital-building bonds.
C a p ta in J o h n T w o h y — $ 2 5 ,0 0 0 b o n d s at 97.
County (P. O. Orange), Texas.— B on d E le c tio n
Norfolk School District (P. O. Norfolk), Madison County, Orange
p o s e d . —It is expected that an election will be called soon
Neb.—Bond, E le c tio n . —An election will be held on April 4, Ptor ovote
on the question of issuing $43,000 bonds to complete
it is stated, to vote on the question of issuing $25,000 6 % the improvement
of the Sabine River and Sabine-Niches
20 -year school-building bonds dated May 1 1911. Interest
channel.
semi-annual.
County Navigation District (P.O. Orange), Tex.—
North Charleroi School District (P. O. Charleroi), Wash oOrange
n d s A w a rd ed in P a r t . —Of the $100,000 5% 10-40-year
ington County, Pa.—B o n d s N o t S o ld . —The $22,000 4J^% B(optional)
coupon improvement bonds mentioned in V. 92,
building bonds offered on March 7 (V. 92, p. 546) have not p. 136, $2,000
have been purchased by the Sinking Fund.
yet been sold, we are advised under date of March 17.
B o n d s P r o p o s e d . —We are advised that in addition to the
North Mankato (P. O. Mankato), Blue Earth County, above-mentioned
unsold bonds, amounting to $98,000, the
Minn.—-B on d s V o ted . —The election held March 14 resulted, district also proposes
issue $50,000 bonds, making a totai
it is stated, in favor of the proposition to issue the $20,000 of $138,000 available to
improvements.
water-works-system bonds mentioned in V. 92, p. 483. Otter Tail County for(P.water
Fergus Falls), Minn.—B o n d
Reports further state that the vote was 135 “for ’ to 65 O ffe r in g . —Proposals will beO.received
until 2 p. m. April 18
“against.”
by the County Commissioners for $35,000 ditch or drainage
North Tonawanda, Niagara County, N. Y.— N o B on d bonds.
Certified check for $500, payable to the County
E le c tio n .— T h e City Treasurer informs us that the reports
in some of the papers stating that the Council would call an Treasurer, is required. Win. Lincoln is County Auditor.
election to vote on the question of issuing street-improvement Palo Alto, Santa Clara County, Cal.—B on d E le c tio n .— 'This
place on April 8 will submit to the voters, it is stated, a
bonds are incorrect.
North Wildwood (P. O. Anglesea), Cape'May] County, proposition to issue $63,000 municipal-improvement bonds.
N. J.—B o n d E le c tio n P r o p o s e d .— There is talk of calling an Pasadena, Los Angeles County, Cal.—B o n d E le c tio n .—•
The latter part of April this city, according to reports, will
election to vote on the question of issuing road bonds.
an election to vote on the question of issuing $ 100,000
Norton, Wise County, Va .— B o n d O f f e r i n g — Proposals will hold
be received until 4 p. m. April 15 by John Roberts, Mayor, bridge bonds.
for $20,000 sewer and $5,000 street 5% gold coupon (with Pasadena School District (P. O. Pasadena), Los Angeles
privilege of registration) bonds. These securities are part County, Cal.—B o n d s V o ted . —The election held March 24
of the $70,000 bonds which failed to sell on May 10 1910. resulted in favor of the propositions to issue the $475,000
high-school-building and $75,000 grammar-school 4
See Y. 92, p. 278.
D e n o m in a tio n $ 50 0. D a te Ju n e 1 1910. In te re st se m i-an n u ally a t the
bonds mentioned in V. 92, p. 752. The $175,000 bonds ma
B a n kers T ru st C o . in N ew Y o r k C ity . M a tu rity Ju n e 1 1940. Certified
ture part yearly from 1919 to 1942, inclusive, and the $75,000
c h e c k fo r $50 0, p a y a b le to th e T o w n T reasu rer, Is r e q u ire d . T h is to w n has
bonds
mature part yearly from 1917 to 1931, inclusive.
n o d e b t a t p resen t. R ea l v a lu a tio n (e s tim a te d ), $ 1 ,5 0 0 ,0 0 0 . O fficial
circu la r states th a t there is n o litiga tio n p en d in g a fle ctln g t his issue o f b o n d s.
Pelham,
Mitchell County, Ga.—B on d s V o ted . —The propo
Nowata, Nowata County, Okla.—B o n d s A u th o r ize d . —An
to issue the $ 11,000 power-plant-enlargement, $ 6,000
ordinance has been passed providing for the issuance of sition
water-system-extension, $2,000 light-system-improvement
$75,000 water-works-system construction bonds, according and
$6,000 jail and fire-department-building 5% bonds
to reports.
(V. 92, p. 616), carried by a vote of 128 to 3 at an election
Norwood (P. O. Norwood Station), Delaware County, Pa. held March 18. Date July 1 1911. Interest semi-annual.
—B o n d O ffe r in g . —Proposals will be received until 8 p. m. Maturity July 1 1941.
April 13 by Arthur W. McClellan, Clerk of Council, for
Madison County, Ind.— D e s c r ip tio n o f B o n d s . —
$50,000 4 ]^% coupon (with privilege of registration) street- ThePendleton,
$6,000 electric-light bonds awarded on March 11 to the
improvement and sewerage-system bonds voted on Nov. 8 Pendleton
Banking Co. of Pendleton at 102.083—a basis
1910
(V. 92, p. 209).
,
„ , of about 4.13% (V. 92, p. 752) bear interest at 4)^% and
D e n o m in a tio n $ 1 ,0 0 0 . D a te M a y 1 1911. In te re st s e m i-a n n u a lly at
are in the denomination of $600 each.
th e D elaw are C o u n ty T ru s t, S afe D e p o s it & T itle In su ra n ce C o . In C hester,
A l l b id d e r s o ffe r e d t o p a y t h e le g a l a n d p r i n t i n g e x p e n s e s In
t o t h e ir b i d s .
a d d itio n
j
w ith o u t d e d u ctio n fo r S ta te t a x , w h ich is assum ed b y the b o r o u g h . M atur
ity 30 yea rs, s u b je c t t o call a fte r 20 y e a rs . Certifted c h e c k fo r 5 % o f bon d s
b id fo r is r e q u ire d . P rese n t b o n d e d d e b t , $ 1 9 ,0 0 0 . A ssessed v a lu a tlo
$ 1 ,0 0 5 ,7 0 4 50.
Nye County (P. O. Tonopah), Nev.—B o n d s P r o p o s e d .This county, it is expected, will issue $50,000 bonds in the
near future.
Oakdale School District No. 11 (P. O. Oakdale), Antelope
County, Neb.—B o n d O ffe r in g .— Proposals will be received
at any time by C. H. Brainard, Secretary Board of Educa
tion, for $20,000 5% school-building bonds.
A u th o r it y , A c t o f L egislatu re, F e b . 26 1879. D c ?.0 '5 i I?®!;,9 no f ] ’ ?,0 0 ’
D ate M arch 1 1911. In tere st a n n u ally a t the a g e n c y o f N ebrask a in N ew
Y o r k . M a tu rity M arch 1 1931, s u b je c t t o call a t a n y Interest p a y in g d a te .
N o d e p o s it r eq u ired . N o d e b t a t p resen t. A ssessed v a lu a tio n fo r 1910
$ 2 1 1,716.
Oak Park School District No. 97 (P. O. Oak Park), Cook
County, 111.—B o n d O ffe r in g .— Proposals will be received
until 7:30 p. m. April 7 by the Board of Education, W. II.
Hatch, Secretary, for the $65,000 4J^% site-purchase and
school-building bonds.
A u th o r it y v o t e o f 46 t o 3 a t an e le ctio n held J a n . 27.
D e n o m in a tio n
$ 1 ,0 0 0 .
D a te M a y 1 1911.
In terest se m i-a n n u a lly a t th e Illin o is T ru s t &
S a v in gs B a n k In C h ica g o. M a tu rity $ 20 ,000 y e a rly o n Ju n e 1 fro m 1922
t o 1924, in clu siv e, a n d $ 5,000 o n Ju n o 1 1925. D e p o s it o f $ 1 ,0 0 0 is re
q u ire d . P u rch a ser t o prin t a n d furnish bla n k b o n d s.
O fficia l circu lar
states th a t there is n o litig a tio n a ffe ctin g th is issue an d th a t th e B o a rd o f
E d u c a tio n has n ev er d efa u lte d in th e p r o m p t p a y m e n t o f p r in cip a l o r in ter
est on its In debtedn ess.
O’Brien County (P. O. Primghar), Iowa.—B o n d S a le .—
On March 9 $3,141 6 % serial bonds were awarded to Geo. M.
Bechtel & Co. of Davenport for $3,159 84, the price thus
being 100.599. Date April 1 1911. Interest semi-annual.
Oklahoma City, Okla.—B o n d S a le .— A . J. McMahan of
Oklahoma City was the successful bidder for the $125,000
sewer-extension, the $250,000 water and the $25,000 hos
pital 5% 25-year bonds, bids for which were received on
March 20. Local papers state that the price paid was
100.8125 and interest, the bonds to be delivered as follows:
$150,000 immediately, $75,000 in one month, $75,000 in two
months, $25,000 in three months, $25,000 in four months,
$25,000 in five months and $25,000 in six months. Pur
chaser to pay all legal and printing expenses. It is further
stated that the following bids were received:
A . J . M cM a h an , 0 k la h o m a /$ 4 0 2 ,2 5 0 | 0 k la h o m a C ity N a t. B a n k ,
O k la h o m a C it y ----------------- $402,005
C i t y ______________________ 1*40 3,25 0
J o h n N u veen & C o ., C h ic__ 402,1761 VV. A .^ B r o o k s — .................
401,023
R . J. E d w a rd s, O kla . C i t y - - 4 0 2 ,0 2 7 !
* F o r d e la y e d ' deliv eries.
D a te F e b . 15 1 9 1 1 .
I n t e r e s t s e m i -a n n u a l .
F e b . 15 fr o m 1 9 1 3 t o 1 9 2 2 i n c lu s iv e .
M a tu r ity
$600
y e a rly
on
Philadelphia, Pa.—L oa n E le c tio n . —At meetings of the
Councils held March 30 it was decided to increase to $11,500,
000 the new permanent loans to be voted upon next May.
Phoenixville School District (P. O. Phoenixville), Chester
County, Pa.—B on d s N o t S o ld . —No bids were received on
March 20 for the $36,000 4% coupon or registered school
building bonds described in V. 92, p. 616.
Pittsboro, Chatham County, No. Caro.—B o n d s V o te d . —
The question of issuing the $5,000 6 % 30-ycar street-im
provement bonds was favorably voted upon at the election
held March 11. (V. 92, p. 616.) The vote was 44 to 2. We
are advised that the bonds will be offered for sale in the near
future.
Pleasant Ridge, Hamilton County, Ohio.— B on d O ffe r in g .
—Proposals will be received until 12 m. April 5 by II. B.
Hayden, Village Clerk, for $2,866 34 5% coupon Cortelyou
Street assessment bonds.
A u t h o r it y , S e c tio n 3 8 4 5 o f G e n e ra l C o d e .
D e n o m in a tio n $ 2 8 6 6 3 . D a t e
F e b . 18 1 9 1 1 .
I n t e r e s t a n n u a l l y a t t h e F ir s t N a t i o n a l B a n k In C i n c i n n a t i .
M a t u r i t y o n e b o n d y e a r l y fr o m 1 t o 1 0 y e a r s .
B o n d s a re e x e m p t fr o m
ta x .
C e r t ifie d c h e c k f o r 5 %
o f b o n d s b id f o r , p a y a b l e t o t h e V i l l a g e
T r e a s u r e r , is r e q u i r e d .
B o n d s t o b e d e liv e r e d a n d p a id fo r w i t h i n 1 0 d a y s
fr o m t im e t h e y a re r e a d y fo r d e liv e r y .
A c c r u e d in t e r e s t t o b e p a id b y
p u rch aser.
Ponca School District (P.O. Ponca), Kay County, Okla.—
—The $35,000 school-building bonds
awarded on Jan. 25 (not Feb. 6 , as mentioned in V. 92,
p. 753) to John Nuveen & Co. of Chicago at par, bear interest
at 5%, and are in the denomination of $1,000 each. Date
Feb. 1 1911. Interest semi-annual. Maturity 25 years.
Port Hope Township, Beltrami County, Minn.—B id s R e
je c t e d .—All bids receiyed for the $6,000 bonds offered on
Dec. 12 1910 were rejected. These bonds were originally
offered on Dec. 5 1910 but the sale was postponed. V. 91,
p. 1529.
Port Huron, St. Clair County, Mich.—B o n d s A u th o r iz e d . —
An ordinance has been pasred providing for the issuance of
$35,000 bonds at not exceeding 4>^% interest. The bonds
will be issued for the following purposes: $5,000 for sewers,
$5,000 for general roads, $8,000 for public buildings, $2,000
for bridges and $15,000 for repaving purposes.
D e s c r ip t io n o f B o n d s .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te M a rc h 1 1 9 1 1 .
I n t e r e s t s e m i -a n n u a l l y a t
t h e H a n o v e r N a t io .u a
B a n k in N e w Y o r k C i t y .
T h e $ 1 5 ,0 0 0 re p a v in g
b on d s arc d u e A u
12 a n d th e o th e r b o n d s m a tu r e A u g . 1 1 9 1 3 .
APR. 1 1911.)
903
T H E C H R O N IC L E
Port Jervis, Orange County, N. Y.— B o n d S a le .—On
March 29 the $85,000 4
lOj^-year (average) refunding
sewer bonds described in V. 92, p. 753, were awarded to
Spitzer, Rorick & Co. of New York at 102.17G and accrued
interest—a basis of about 4.242%. Other bids received were
as follows:
N . C olcr
C o ., N . Y . . .1 0 2 .1 5
J a m e s R . M a g o f f i n , N . Y _____ 1 0 1 .0 1
W .
*
E s ta b r o o l c & C o . , N . Y ________ * 0 0 . 8 2
P a r k i n s o n & B u r r , N . Y -------- 1 0 1 .6 8 5 3
H a r r is , F o rb e s & C o ., N . Y . .1 0 0 .3 ^ 8
R . M . G ran t
C o . , N . Y . . 1 0 1 .5 7 7
F a r s o n , S o n & C o . , N . Y _____ 1 0 0 .2 5 6
A d a m s & C o . , N . Y ------------------1 0 1 .1 9 2
J o h n J . H a r t , A l b a n y -------------1 0 1 .1 7
M a t u r i t y o n .J u ly 1 a s f o l l o w s : .$ 3 ,0 0 0 In e a c h o f t h e y e a r s 1 9 1 2 a n d 1 9 1 .1 ,
&
C o . . C l n _____ $ 1 8 , 2 5 2 0 0
N e w F ir s t N . B k . , C o l u m . $ 1 8 , 3 2 7 0 0 W e l l , R o t h
H a y d e n ,M i l l e r & C o .,C l e v e . 1 8 , 2 8 8 0 0 S e c u r i t y S .B k .& T r .C o ..T o l . 1 8 .2 2 7 5 0
S t a c y & B r a u n , T o l e d o ____ 1 8 , 2 8 7 0 0 F ir s t N a t . B a n k , C l e v c l ’ d - 1 8 , 2 0 7 5 0
B r e e d & H a r r i s o n , C l n ____ 1 8 , 2 5 2 0 0 P r o v . S .B .& T r . C o . , C l n . . 1 8 ,2 0 1 6 0
D a v le s -B e r tr a m C o ., C l n . 1 8 ,2 5 2 0 0 S e a so n g o o d & M a y e r , C ln - 1 8 ,0 5 0 0 0
In te r e s t p a y a b le a t t h e R ic h w o o d B a n k in g C o . in R ic h w o o d .
B onds
a r e e x e m p t f r o m a ll t a x e s .
T h e o r ig in a l s a le o f t h e s e b o n d s o n N o v . 1 9
1 9 1 0 ( V . 9 1 , p . 1 4 6 9 ) w a s n e v e r c o n s u m m a t e d f o r t h e r e a s o n t h a t t h e Is s u e
w a s n o t p r o p e r ly a d v e r t is e d .
M a t u r i t y $ 1 , 0 0 0 o n A p r i l 1 In 1 9 1 2 a n d 1 9 1 3
a n d $ 2 ,0 0 0 y e a r ly o n A p r il 1 fr o m 1 9 1 4 t o 1 9 2 1 In c lu s iv e .
Roberta, Crawford County, Ga.— B o n d E le c tio n P r o p o s e d .
—There is talk of calling an election, according to reports,
to decide whether or not $5,000 school-building bonds shall
$4,0 0 0 y ea rly from 1914 to 1919, in clu sive , $5,000 y e a r ly fro m 1920 t o 1924,
foe issued •
In clu sive, and $6,000 y e a rly fro m 1925 t o 1929, In clu sive.
■
a le .—On March 27 the $549,000
Portland, Ore.—B o n d O ffe r in g . —Proposals will be received Rochester, N. Y.— N o te S notes
due Dec. 1 1911, and
until 2 p. m. April 11 by A. L. Barbur, City Auditor, for water-works-improvement
in V. 92, p. 827, were awarded to Bonbright &
$500,000 4% gold Broadway Bridge construction bonds, (not described
Hibbard of Rochester for Wm. Salomon & Co. of New York
water
bonds, as at first reported).
City at 3.70% interest. Other bids received were as follows:
D en om in a tion $ 1 ,0 0 0 . D a te J a n . 2 1911. In terest s em i-an n u ally at th e
&
C ity T reasu rer's o ffic e . M a tu rity 30 yea rs. C ertitled c h e c k o n a ban k In
P o r tla n d for 5 % o f b o n d s bid fo r , p a y a b le to th e M a y o r, Is requ ired .
These securities were awarded on Jan. 24 to Farson, Son
& Co. of New York (V. 92, p. 278), but that firm has now
refused to accept them. The bonds are part of an issue of
$2,000,000 for the construction of the Broadway Bridge.
Both the State Legislature and Congress have passed Acts
permitting and legalizing the building of this bridge.
Posey County (P. O. Mt. Vernon), Ind.— D e s c r ip tio n o f
B o n d s . —The $7,800 Robb Township gravel-road-construc
tion bonds awarded on March 15 to E. M. Campbell’s Sons
& Co. of Indianapolis at 102 (V. 92, p. 827) bear interest
at 6 % and are in the denomination of $390 each. Date
March 15 1911. Interest May and Nov. Maturity 10 years.
Pottawatomie County (P. O. Tecumseh), Okla.—B on d s
A u th o r iz e d . —An issue of $85,000 5J/6% 20 -year funding
bonds has, it is stated, been authorized by the Board of
County Commissioners.
Prescott School District (P. O. Prescott), Walla Walla
County, Wash.—B o n d E le c tio n . —The School Board has
called an election, according to reports, to vote on the ques
tion of issuing $35,000 school-house bonds.
Pretty Prairie School District No. 149 (P. O. Pretty
Prairie), Reno County, Kan.—B o n d O ffe r in g . —Proposals
will be received until 2 p. m. April 10 by D. E. Krehbiel,
District Clerk, for $12,000 4p6% coupon school-houscconstruction
bonds.
A u th o r it y , v o t e o f 86 t o 5 at ele ctio n h e ld Ja n . 2 4 . D e n o m in a tio n $500.
F i r s t T r u s t & S . B k . , C h i c --------- 3 . 7 %
G . I I . B u rr & C o ., N e w Y o r k . 3 .7 1 %
B a n k fo r S a v i n g s , N . Y . (fo r
$ 3 5 0 ,0 0 0 ) -----------------------------------A l l i a n c e B a n k , R o c h e s t e r --------- 3 . 7 3 %
3'7IT?
U n io n T r u s t C o ., N e w Y o r k . 3 . 7 4 %
S u t r o B r o s . & C o . , N . Y _____ 3 . 8 7 5 %
B o n d & G o o d w i n , N . Y ______ 4 %
R o ch e ste r T r u s t & S a fe D e
p o s i t C o . , R o c h e s t e r ________ 4 %
N o te O ffe r in g . —Proposals will be received until 2 p. m.
April 5 by Chas. F. Pond, City Comptroller, for $300,000
local-improvement and $ 100,000 water-works-improvement
notes.
D e n o m in a tio n o f n otes and ra te o f interest d esired t o b e d e s ig n a ted b y
b id d e r . N o te s w ill be p a y a b le e ig h t m o n th s fro m A p ril 10 1911 a t th e U n ion
T rust C o. in N ew Y o r k C ity.
Rockford, Winnebago County, 111.—Rond E le c tio n .—
Local papers state that a vote will be taken on a proposition
to issue $200,000 water-works bonds.
Rocky River, Cuyahoga County, Ohio,—B o n d S a le .—On
March 17 the $5,000 4^% fire-department-building bonds
described in V. 92, p. 485, were awarded to Otis & Hough
of Cleveland at 102.20 and accrued interest—a basis of about
4.10%.'. '.Other bids received were as follows:
• •■
H a yd e n , M iller & Co., C le v c.$ 5 ,1 0 8 00 F arm ers' & M erch an ts’ B a n k , • • •
F irst N a t. B a n k , C levelan d 5,103 25
W o o s te r - - - - - - - - - - - ^
T illo ts o n & W o lc o t t C o .,
Sec. S a v . B .& T r .C o ., T o le d o o ,0 8 5 oO
C levelan d _______ _________ 5,090 50 S eason gootl & M ayer . C l n .- 5,051 00
M atu rity $500 each sfx m on th s fro m A p ril 1 1915 t o O c t . 1 1919 In clu siv e
Roscoe, Nolan County, Texas.—B o n d s V ot d . —A vote of
56 “for” to 13 “against” was, it is stated, polled at a recent
election on the question of issuing water-works bonds.
Roseau County (P. O. Roseau), Minn.— B o n d S a le . On
March 27 $43,000 5% 5-year refunding bonds were awarded
to
the Security Trust Co. in St. Paul at a premium.
D a te M ay l 1911. In terest s em i-an n u ally at th e K ansas llscal a g e n c y In
D e n o m in a tio n $ 1 ,0 0 0 . D a te J u ly 1 191 1. In te re st se m i-an n u al.
T opeka.
M a tu rity $500 each s ix m o n th s from J a n . 1913 t o J u ly 1024,
In clu sive.
T h e b on d s a rc t a x -e x e m p t . Certified ch e ck fo r $ 1 ,0 0 0 , p a y a b le
Rusk County (P, O. Ladysmith), Wis.— D e s c r ip tio n o f
t o F . C . F ield , D irector, Is re q u ire d .
B o n d e d d e b t, th is issu e.
N o lo a tin g
B o n d s . —The $10,000 5% road and bridge bonds, awarded to
d e b t . A ssessed v a lu a tio n fo r 1910, $ 1 ,0 0 4 ,4 9 0 . O fficia l a d v e rt sernent
states th a t n o q u estion has e ver been raised as t o th e v a lid ity o f this issue;
the Harris Trust & Savings Bank in Chicago at par and ac
also th a t p rin cip a l and Interest o n all p re v io u s Issues h a v e a lw a y s been paid
crued interest (V. 92, p. 753), are in the denomination of
p r o m p t ly . A full certifie d tra n scrip t o f p ro ce e d in g s w ill be fu rn ish ed the
$2,000 each and are dated Feb. 1 1911. Interest annually in
s u ccessfu l b id d e r.
Pueblo, Pueblo County, Colo.—B o n d S a le . —The Harris March. Maturity $2,000 yearly on March 16 from 1912 to
Trust & Savings Bank of Chicago has purchased $350,000 1916, inclusive.
4^% 10-25-year (optional) Water District No. 2 bonds, St. Johns, Multnomah County, Ore.—B o n d S a le .— An
dated July 2 1906, at 94.06 and interest.
issue of $30,000 improvement bonds has been disposed of
Pueblo School District No. 20 (P. O. Pueblo), Colo.— as follows: S20,500 to the First National Bank, $2,000 to
B on d s N o t S o ld . —No award has yet been made of the the Peninsular Bank and $1,000 to Kilkenny Bros., all of
$190,000 building and $35,000 funding coupon bonds de St. Johns, and $6,500 to A. H. Maegley of Portland.
scribed in V. 92, p. 33S.
St. Matthews, Calhoun County, So. Caro.—B o n d E le c tio n .
Quincy, Mass.— T em p o ra rg L o a n . —On March 27 a loan of —On April 12 this town will vote on the question of issuing,
$100,000 was negotiated, it' is stated, with Blake Bros. & it is stated, $20,000 bonds for the purpose of aiding the
Co. of Boston at 3.54% discount and a premium of $1 35. county in erecting public buildings, including court-house
Maturity March 23 1912.
and jail.
Rapides Parish (P. O. Alexandria), La.— B o n d E lectio n Salem, Essex County, Mass.— T e m p o r a r y L o a n .— On
P r o p o s e d . —There is talk of calling an election to vote on the March 31 $100,000 was borrowed from Edgerly & Crocker of
Boston until Oct. 20 1911, it is stated, at 2.85% discount and
question of issuing road and bridge bonds.
.
Reading, Berks County, Pa.—B o n d s A u th o r iz e d . —The $1 32 premium.
School Board has passed a resolution providing for the issu San Augustine, San Augustine County, Texas. B o n d s
ance of $70,000 3 j/6% 1-30-year (optional) tax-free school N o t S o ld .— The $25,000 5% 20-40-year (optional) water
bonds.
works bonds offered on March 21 (V. 92, p. 485) have not
Reagan County (P. O. Stiels), Texas.— B o n d s R eg istered . yet been sold, we are advised by the Mayor.
The State Comptroller on March 6 registered $20,000 4% San Bernardino County (P. O. San Bernardino), Cal.—No
10-40-year (optional) court-house bonds.
d E lectio n at P r e s e n t . —It has been decided to do nothing
Redmond School District (P. O. Redmond), Sevier County, B o nthis
time in the matter of voting on the issuance of the
Utah.—B o n d E le c tio n . —An election will be held to vote on at
of records and county hospital bonds mentioned in
a proposition to issue $ 12,000 school-house bonds, according hall
V. 92, p. 210.
to reports.
Redondo Beach, Los Angeles County, Cal.—B o n d E lectio n San Diego, San Diego County, Cal.—B on d S a le .— O n
P r o p o s e d .— Reports state that petitions are being circulated March 27 the $340,000 water and the $193,000 sewer 4 y f f o
40-year coupon bondp described in V. 92, p. 547, were
asking the city trustees to call an election to vote on the issu awarded
to James II. Adams & Co. of Los Angeles for
ance of $50,000 public-library-site, building and equipment $535,625—the
price thus being 100.492—a basis of about
bonds.
•
Red Springs, Robeson County, No. Caro.—B o n d O fferin g 4 474%.
B on d s A w a rd ed in P a r t .— Of the $1,000,000 4K% 40-year
—Proposals will be received until 11 a. m. April 27 at the coupon
bonds, also offered on March 27 (V. 92, p. 547),
Mayor’s office for 835,000 water-works and sewerage-im $250,000park
were sold to the Bank of Commerce & Trust Co. in
provement
bonds
at
not
exceeding
5 } 4 % interest.
San Diego at 100.04.
D e n om in a tion $500.
D ate Ju n e 1 1911. In terest se m i-an n u al. M a
tu r ltv 30 years. Certiftccl ch e ck fo r $500, p a y a b le to th e T o w n T reasurer
San Francisco, Cal.—B on d s A w a rd ed in P a r t . —San
Is req u ired . A . II. Pearsall Is C h airm an B oa rd o f P u b lic W o r k s .
Francisco papers state that of the $600,000 4 x/ i% Geary
Rice School District (P. O. Rice), Navarro County, Texas. Street
bonds offered on March 20 (V. 92, p. 617)
__B o n d s V o te d .—An election held recently, according to $93,000railway
were disposed of on that day at par and interest
reports, resulted in favor of a proposition to issue school as follows:
$25,000 to the Mutual Savings Bank at San
bonds.
$10,000 to the First Federal Trust Co., $2,000 to
Richwood, Union County, Ohio.—B o n d S a le . —On Mch. 25 Francisco,
$1,000 to Kalman Seidl, $25,000 to John
the $18,000 4>^% 6-year (average) coupon North Franklin John Callahan,
$25,000 to Wm. Caesar and $5,000 to Chas.
Street improvement assessment bonds described in V. 92, McGahey,
Fisher.
The
remaining
$507,000 bonds will be sold over the
p 617 were awarded to the Tillotson & Wolcott Co. of counter at par. Maturity
$30,000 yearly on July 1 from
Cleveland for $18,336 ( 101 .866 ) and accrued interest—a basis 1915 to 1934 inclusive.
of about 4.146%. Other bids received were as follows:
904
T H E CH R O N ICLE
San Jose, Santa Clara County, Cal.—B o n d E l e c t i o n __A
proposition to issue $200,000 5% school bonds will be voted
upon on April 11 , according to reports.
Santa Monica, Los Angeles County, Cal.—B o n d E lection
P roposed .
It is reported that the Fire Commissioners have
recommended that the City Council call an election to vote
on the question of issuing $25,000 automobile-fire-engine
bonds.
&
Saratoga Springs, Saratoga County, N. Y .— B o n d S a le —
On March 31 the $100,000 5-29-year (serial) registered mu
nicipal bonds described in V. 92, p . 828, were awarded to
Estabrook & Co. of New York City at 100.45 for 4)^s.
Scranton Lackawanna County, Pa .— B o n d S a le .— The follv V1oo b0 nS o ? fuered ,without success as 4s on March 15
lr ' %York
’ ^ X53)
Purchased by Kountze Bros, of
New
City as 4.25bcen
per cents:
525 .0 0 0 registered
p a v in g
“9?3uEK&"f»00K
s trcct-In tcrs e ctlo n ,
eov- 1 1 0 2 2
2d
Scries
19 0 9
bonds
« •“ » £ 2 “ '<>»” k r a
210 .0 0 0 co u p o n or registered ju d g m e n t fu n d in g . 3 d Series, b o n d s. M a
cs
t it
’,000 on J a n - 2 e v e r y five years fro m 1916 to 1941, Inclu sive.
Seattle, Wash.—B on d s to be O ffered S h o r tly . —This city will
be on the market towards the latter part of April with the
following bonds: $ 1,000,000 for parks, $400,000 to construct
a refuse-disposal-plant, $ 100,000 to extend the municipallight plant, $460,000 for refunding purposes and $46,000 for
funding purposes. The last-mentioned issue bears 5%
interest and the other bonds bear 4>£% interest. With the
exception of the $460,000 refunding bond issue, bids on the
above bonds were received last January. As explained in
V. 92, p . 824, however, no sale was consummated.
Silverton, Hamilton County, Ohio.—B o n d O ffe r in g . —
Proposals will be received until 12 m. April 6 by A. A.
Sprague, Village Clerk, for $8,500 4)^% coupon water-main
(village’s portion) bonds.
A ll*h° rJt y ’ S ection s 3939 t o 3954 In clu sive o f G eneral C od e.
D e n o m in a
tio n $50 0.
D ate D e c. 10 1910.
In te re st s em i-an n u ally a t the F irst
N a tion a l B a n k in N o rw o o d . M atu rity 25 yea rs. B o n d s are ta x -fre e
C ertified ch e ck fo r 5 % o f b o n d s b id fo r. p a y a b le t o th e V illa g e T reasu rer Is
req u ired .
B on d s to be d eliv e re d an d p aid fo r w ith in 10 d a y s fro m tim e
o f a w a rd .
Pu rchaser to p a y a ccru e d in te re st. B o n d e d d e b t at present
$ 8 ,2 1 0 . A ssessed v alu ation 1910, $ 1 8 5 ,7 6 0 .
^
Silverton School District No. 1 (P. O. Silverton), Briscoe
County, Tex.—B o n d O ffe r in g . —Proposals will be received
until April 1 by the School Board, J. A. Bain, Secretary, for
$25,900 5% coupon school-building bonds.
D e n o m in a tio n $100.
D a te A p ril 10 1911.
In terest a n n u a lly at A u stin
o r S ilv e rto n . T e x a s , o r at th e H a n o v e r N ation a l B ank in N ew Y o r k
Mi
tu r ity 40 years, s u b je c t to call b e fo re 30 years. C ertified c h e ck fo r s i non
p a y a b le t o th e S ecreta ry S c h o o l B o a rd , is re q u ire d .
B o n d e d d e b t at
p resen t. $ 2 5 ,9 0 0 .
N o floa tin g d e b t .- A ssessed v a lu a tio n , $ 7 7 9 , 4 5 4
Sisson, Siskiyou County, Cal.—B o n d E le c tio n .— An
election will be held, according to reports, to vote On the
question of issuing $40,000 municipal-improvement bonds.
Slidell, Saint Tammany Parish, La — B o n d O ffe r in g .— Pro
posals will be received until 12 m. April 7 by John Frederick
Town Clerk, for $20,000 5% coupon school-building bonds’
voted at election held Feb. 7.
A u th o r it y , A c t 256, A c t s o f 1910.
D e n o m in a tio n SI 0 0 0
nnt-p
1911.
In terest a n n u ally at th e S t. T a m m a n y B a n k & T ru st Co in D o l i n g
to n
M a tu rity $1 000 y e a r ly in M arch fro m 1916 t o
ln clu sl v f
B on d s a rc e x e m p t from t a x a tio n . C ertified c h e c k fo r 51 000 p a y a b le to
1935
[ VOL.
LXXXXII
improve streets already provided for by ordinances, $6 200 to
construct new fire-engine houses, $7,000 to pave Plum’street
and $9,000 to grade and pave Prospect Avenue.
Stonewall, Pontotoc County, Okla.— B on d s N o t S old —No
sale has yet been made of the $30,000 6 % 25-year coupon
water-works bonds offered on March 6 and described in V . 92
p. 618.
Sumter County (P. O. Sumter), So Caro.—B o n d S a le .—
The $ 10,000 4)^% 20-year coupon road-improvement bonds
offered on March 7 (V. 92, p. 279) were purchased by the
Union Savings Bank & Trust Co. of Cincinnati at par and
interest.
T h e b o n d s are d a te d A p ril 1 1911. In te re st Is p a y a b le in S u m te r . B on d ed
d e b t, n o t in clu d in g this issue, $ 3 0 ,0 0 0 .
F lo a tin g d e b t, $ 6 ,0 0 0 . A ssessed
va lu a tio n fo r 1910 $ 7 ,4 8 7 ,8 1 7 .
Sunnyside Irrigation District (P. O. Weiser), Washington
County, Idaho.— D e s c r ip tio n o f B o n d s .— The $150,000 water
bonds voted on Jan. 31 (V. 92, p. 486) bear semi-annual
interest at 6 % and are dated July l 1911. Maturity 1 l to
20 years.
Superior, Nuckolls County, Neb.—B on d s N o t to B e R e
o ffered at P r e s e n t .— We are advised that th e $4,000 bonds
(the unsold portion of the issue of $20,000 5 % 5-20-year,
optional, water-works bonds mentioned in V. 92, p. 211)
will not be re-offered for salo until the money is needed.
Swainsboro, Emanuel County, .Ga...-B ond, E l e c t i o n — A
proposition to issue $40,000 5% water-works and electriclight
17. bonds will be submitted to a vote, it is stated, on April
Tarboro, Edgecombe County, No. Caro.—B o n d E le c tio n .—
Terra Bella School District, Tulare County, Cal.— B on d s
s$16,000
’ ii ™ 5%/ So20-year
!StriCt school-building
° 1,1 M*r°h 17 voted to issm°, it is Stated,
bonds.
T«™
^Ue,,ScV
°
l
Di^trict
(P>
°TeaSue),
County,
lexas.—B on d s V oted .— The election held Freestone
March 6 resulted,
r?£or&. in favor of the proposition to issue the
$«in°nnnlg
10,000 school-building bonds mentioned in V. 92, n. 5H3
I he vote was 197 “for” to 47 “against.”
Texarkana School District (P. O. Texarkana), Miller
County, Ark.—B on d s to be O ffered S h o r tly . —This district
we
are advised,
school
bonds. will soon offer for sale $70,000 to $S0,000
’ 5%
/0
Texas Township, Crawford County, Ohio.—B o n d O fferVf'J ■' Proposals will be received until 12 m. April 4 by M. C.
Huddle, Township Clerk (P. O. Sycamore R. F. D. No. 3 ),
for $8,000 4)^% coupon road-improvement bonds.
n ^ utli ? rit5I ^ c c t *ons 7094 anil 7005 o f G eneral C od e.
D e n o m in a tio n $500.
u a te i M arch 1 1911.
In terest sem i-a n n u a l. M a tu rity 5500 each six
m o n th s fro m M arch 1 1920 to S e p t. 1 1927. In clu sive. C ertlllcd c h e ck for
$ 1 U0 , p a y a b le t o V . D . C a m p b ell, T o w n s h ip T reasu rer, is r e q u ire d .
B onds
t o lb e d eliv ered and paid fo r in B u cy ru s w ith in 10 d a y s fro m tim e o f a w ard .
I urchaser to p a y a ccru e d Interest.
Tishomingo County (P. O. Iuka), Miss.—B o n d E lectio n
—There is talk of calling an election to vote on the
question of issuing road bonds.
Toledo, Ohio.— B o n d S a le . —The $41,570 4% coupon wa
ter-plant-improvement (city’s portion) bonds described in
V. 91, p. 1664, have been sold. Maturity Dec. 1 1927.
Troy, N. Y.—B o n d S a le . —On March 24 $5,300 4J^%
public-improvement bonds were awarded to the Sinking
Fund at par and accrued interest.
P roposed .
Smithtown, Suffolk County, N. Y .— B o n d E le c tio n .— A n
election will be held on April 4 to vote on a proposition to
issue $9,000
town-hall-construction
bonds. Maturity
$1,000
yearly 5%
beginning
1912.
c Snohomish, Snohomish County, Wash.—B o n d S a le .— The
$ 110,000 20-year water-works bonds, proposals for which D en om in a tion $ 2 ,6 5 0 . D ate M arch 24 1911. In te re st an n u a l. M atu rltv
were asked until March 21 (V. 92, p . 618), were purchased $2,650 in 1912 a n d In 1913.
y
by the Atlas Construction Co. of Everett at par for 6s. De Troy, Latah County, Idaho.— B o n d O ffe r in g .—Proposals
nomination $ 1, 000 . Date day of issuance. Interest' semi will be received until April 14 for $12,000 water-works bonds
annual.
at not exceeding 6 % interest.
South Jacksonville, Duval County, Fla.—B o n d E le c tio n . __ years,
A u th o rity , v o t e o f 54 to 4 a t an e lection held M arch 14. M a tu rltv 20
s u b je c t to call a fte r 10 years.
Papers state that an election will be held April 6 to vote on
the question of issuing $60,000 sewerage-system and electric- Turlock, Stanislaus County, Cal.— B o n d E lectio n P r o p o s e d .
light bonds.
—Reports state that the trustees of this place have been peti
tioned to call an election to vote on the question of issuing
Sparks, Washoe County, Nev.—B o n d E lectio n P r o p o s e d .— bonds
for a modern gas plant.
Petitions are being circulated, according to reports, request
ing the City Council to call an election to vote on the question Twin Falls School District No. 1 (P. O. Twin Falls) Twin
Falls County, Idaho.—Road S a le .— The $55,000 10-20-year
of issuing $25,000 sewer bonds.
(optional) gold coupon high-school bonds offered on Feb 27
Spartanburg School District (P. O. Spartanburg), Spar and
in V. 92, p. 547, were awarded to John Nuveen
tanburg County, So. Caro.—B o n d s V o te d . —The proposition & Co.described
of Chicago as 5 f 6 s .
to issue the $50,000 4J^% 30-year school-building bonds
mentioned in V. 92, y. 754, is said to have carried by a vote Tyler, Smith County, Tex.—Ronds W ith d raw n from, the
of 184 to 45 at the election held March 2 1 .
M a r k e t.— T h e $ 11,000 5% water-main bonds mentioned in
v- J~, p. 138, have been withdrawn from the market indefi
Springdale, Allegheny County, Pa.—B o n d s V o te d . —An nitely.
election held March 28 resulted in favor of the question of
issuing $50,000 water-works, $12,000 sewerage and $40,000 Union Township (P. O. Rutherford), Bergen County, N. J.
street-improvement bonds.
• , , 0,rrf c^ on-—Ifc vvas inadvertently reported in the “ChronSpur School District (P. O. Spur), Dickens County, T ex__ Rutherford)
u C.u°ffMa,rsChwas
25 (V‘ 92 ’ P- 828) that Union Township (P. O.
in Union County. The Union Township
B o n d E le c tio n .— Whether or not $18,000 school bonds shall
be issued is to be decided by the voters, it is stated, on April 3 . referred to is in Bergen County.
? n’ Heston County, Wyo .— B o n d s V o te d .— An election
Stanton, Stanton County, Neb.— B o n d E le c tio n . —An elec i W March
resulted in favor of the,question of issuing
tion to vote on a proposition to issue $ 10,000 sewer bonds Son
$20,000 water15 bonds.
will be held April 4, according to reports.
School District No. 1 , Weston County, Wyo.—
Steubenville, Ohio.—B o n d s A u th o r iz e d . —Ordinances pro onUpton
d S a le.
An issue of school-house bonds was sold on
viding for the issuance of the following bonds, aggregating BMarch
13,
we are advised.
$59,700, were passed by the City Council on March 7 : $16,000 Utica, Lasalle
County, 111.—B o n d s D e fe a te d . —An election
for grading and paving Pennsylvania Avenue, $4,000 to pave held 1 eb. 7 resulted
I ark Street, $5,000 to pave Wellsley Avenue, $12,500 to water-works bonds. in the defeat of a proposition to issue
A pr . l lull.
905
T E E CH R O N ICLE
Utica School District (P. O. Utica), Ness County, Kans.—
—Of a total of 106 votes cast at a recent election,
reports state that only 4 were against a proposition to issue
$5,000 school-building bonds.
Vacaville, Solano County, Cal.—B o n d E le c tio n . —An
election will be held April 4 to vote on a proposition to issue
$36,600 bonds, it is stated.
.
Valley Township School District, Guernsey County, Ohio.
— B o n d O ffe r in g . —Proposals will be received on or before
12 m. April 1 by W. H. Spaid, Clerk Board of Education, for
$ 12,000
4
school bonds.
D e n om in a tion $50 0. In terest M arch 5 a n d S e p t. 5. M atu rity $500
B on d s V o ted .
Waterville, Kennebec County,' Me.— T e m p o r a r y L o a n .—
A loan of $40,000 was negotiated on March 30 with Bond &
Goodwin of Boston, it is stated, at 3.66% discount. Ma
turity Oct. 7 1911.
.........................
Waverly School District, Spokane County, Wash.—B on d
O ffe r in g . —Proposals will be received until April 15 by the
County Treasurer (P. O. Spokane) for $10,000 school-building
bonds
at not exceeding 6 % interest.
A u th o r it y , v o t e o f 74 to 47 a t an e le ctio n h eld M arch 4 . M a tu rity 20
y e a rs, s u b je c t t o call a fte r 10 yea rs.
West Allis, Milwaukee County, Wis.—B o n d S a le . —On
March 21 the $35,000 llj^-year (average) coupon school
bonds described in V. 92, p. 678, were awarded to the Wis
each six m on th s fro m M arch 5 1912 to S e p t. 5 1923 in clu s iv e .
B on ds to
b e d eliv ered at B u lla lo, O .
consin Trust Co. of Milwaukee at 100.892 and interest for
Venice, Los Angeles County, Cal.— N o B o n d O ffe r in g .—
—a basis of about 4.40%. The following bids were sub
The City Clerk informs us that there is no truth in the reports, mitted for 5% bonds:
n sin T r . C o ., M lh V -.$ 3 6 ,8 8 0 20 T h o s . J . B o lg e r C o ., ^ u iu .^ o o .u u o uu
which appeared in some of the newspapers, stating that NWaisco
tio n a l C ity B a n k , C h ic .a 3 6 ,319 50 Farw eil T ru s t C o ., C h i c . . 3 5 ,880 00
proposals would be received until March 21 for $100,000 H arris
C o ., K a n . C ity , M o.a35,776 50
T r .& S a v .B k ., C h ic .a 3 6 ,288 00 U len
S . A . K e a n & C o ., C h ica go 3 6 ,2 6 0 00 P a rso n , S o n & C o ., C h ic ._ a 3 5 ,770 00
bonds.
W e il, R o t h & C o ., C in c in .a 3 6 ,1 5 6 00 C . I I . C o ffin , C h ic a g o ____ a35 ,701 00
Ventnor City (P. O. Atlantic City), Atlantic County, N. J. N . W . H a lse y & C o ., C h ic .a 3 6 .0 6 0 50 E . H . R o llin s & S o n s, C h i. 3 5 ,6 3 3 50
— B o n d O ffe r in g . —Proposals will be received until 8 p. m. M ilw . M e ch a n ics’ In s . C o . 3 6 ,0 5 5 00 F . E . M agraw , S t . P a u l___ a 3 5 ,4 0 0 00
April 5 by E. S. Royal, City Clerk, it is stated, for $30,000 InAterest
n d b la n k b o n d s.
Is p a y a b le a t th e F irst N a tio n a l B a n k in W e s t A llis . M a tu rity
5% 30-year water and sewer bonds. Certified check for 2% $1,000 y e a rly
on M arch 1 fro m 1912 t o 1916 Inclu sive a n d $2,0 0 0 y e a rly on
is required.
M arch I fro m 1917 t o 1931 i n c l u s i v e . ........................................................................
Victoria, Lunenburg County, Va.—B o n d s V o te d . —This West Bridgewater, Plymouth County, Mass.—B on d s
town on March 22 voted unanimously in favor of issuing ,it is A u th o r iz e d . —The issuance of $12,000 water bonds has been
authorized.
stated, $9,000 high-school-building bonds.
West Mansfield, Logan County, Ohio.— B o n d S a le . —The
Washington County (P. O. Washington), Pa.—B o n d s four
issues of 5% coupon assessment bonds, aggregating
P r o p o s e d . —The Road Supervisors have passed a resolution
offered on March 22 and described in V. 92, p. 618,
requesting the County Commissioners to petition the next $31,000,
awarded, according to reports, to the new First National
Grand Jury which meets in May for authority to issue were
Bank of Columbus for $31,749 50—the price thus being
$250,000 highway-improvement bonds.
.
,
.
Washington County (P. O. West Bend), Wis.—B o n d S a le . 102.415.
Wheeling, W. Va. —B on d E lectio n P r o p o s e d . —The First
—On March 1 $20,000 5% 2 )^-year (average) insane-asylum Branch
City Council has passed an ordinance provid
bonds were awarded to the First National Bank in Hartford ing that ofa the
vote be taken at the coming city election on the
atD 101.35—a
basis
of
about
4.425%.
question of issuing $300,000 4J^% 34-year filtration bonds.
en om in a tion $ 1 ,0 0 0 .
D ate M arcli l 1911.
In terest an n u a l.
Ma
The matter will come before the Second Branch at its next
tu rity $5,000 yea rly from 1912 to 1915 Inclu sive.
Watertown, Jefferson County, Wis.—B o n d S a le . —An meeting. These securities take the place of the $200,000
issue of $6,500 4% bonds recently authorized has been sub bonds mentioned in V. 92, p. 755, that amount being con
sidered too small.
scribed for by local investors.
&
a
NEW LOANS
NEW LOANS.
8 8 0 ,0 0 0
Davidson County, Tennessee,
BONDS
Bonds in the amount of $80,000 00 ,
bearing a rate of interest not exceeding
five per centum per annum, to mature
in twenty-five years, payable in the City
of New York, will be sold to the best
and highest bidder on April 20, 1911, at
ten o’clock a. m., at the office of the
County Judge, in the Court House, in
Nashville, Davidson County, Tennessee.
Each bidder will be required to deposit
a certified check for $250 00.
The right is reserved to reject any and
all bids.
All communications will be addressed
to W. M. Pollard, County Judge, Nash
ville, Tennessee, or Thomas J. Nance,
Chairman, care Remv-Nance Printing
Company, Nashville, Tennessee.
T. J. NANCE, Chairman,
W. M. POLLARD, County Judge
SAMUEL N. HARWOOD,
County Attorney,
Nashville, Tennessee.
MUNICIPAL AND RAILROAD
BO N D S
L IS T ON A P P L IC A T IO N
S T A T E
N E W
EXEMPT FROM TAXATION
7 Wall St., Naw York
Railroad, Street Ry., Gas & Elec. Light
S E C U R IT IE S
Due January 1, 1961
AMOUNTING TO
Dated January 1. 1911
8 1 0 , 0 0 0 , 0 0 0
Issued in Coupon or Registered Form
For the Improvement of the Erie, Oswego and Champlain
Canals
W IL L BE SO LD FR ID A Y, APR IL 1 4 , 1911
AT 2 O’CLOCK P. Ah
AT THE STATE COMPTROLLER’S OFFICE, ALBANY, N. Y.
THESE
BONDS ARE
LEGAL
INVESTMENTS
FOR TRUST FUNDS
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to
the order of the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
All proposals, together with the security deposits, must be scaled and en
dorsed “Loan for Canal Improvement,” and enclosed in a sealed envelope directed
to the “Comptroller of the State of New York, Albany.”
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids which are not in
his opinion advantageous to the interests of the State. _
Circular descriptive of these bonds and of outstanding State bonds, sinking
funds, &c., will be mailed upon application to
W IL L IA M
SO H M ER , State Comptroller, Albany, N . Y .
Albany, March 22, 1911.
IJ Ita (G jc w e v tt w jc t x t J o c jc jc r u n ta n t
E S T A B L I S H E D 1886
H. C. SPEER & SONS CO
First Nat. Bank Bldg.. Chicago
SC H O O L ,
HODENPYL, WALBRIDSE & CO.
Y O R K
4 Per Gent Canal Improvement Gold Bonds
S E A S 0 N G 0 0 D & M A YER
Mercantile Library Building
CINCINNATI
O F
COUNTY
AND
M U N IC IP A L
BONDS
Bank and Trust Company Stocks
NEW
Y O RK AND BROO K LYN
BOUdHT AND SOLD
CLINTON
GILBERT
2 WALL ST.. NEW YORK.
P. O. BOX 27. MAIN OFFICE.
WASHINGTON. D. C.
O F F I C I A L O R G A N O F T H E A S S O C I A T IO N O F
A M E R IC A N G O V E R N M E N T A C C O U N T A N T S.
A M O N T H L Y M A G A Z IN E O F IN T E R E S T T O
A C C O U N T IN G A N D F I N A N C I A L O F F I C E R S
O F M U N IC IP A L IT IE S , B A N K S . R A IL W A Y S
A N D O T H E R P U B L IC S E R V IC E C O R P O R A
T IO N S .
T O B E F O U N D IN A L L L E A D IN G C E R T IF IE D
P U B L IC A C C O U N T A N T S ’ O F F IC E S .
Sample Copy 15 cents. Per Annum $1 50
906
T H E C H R O N IC L E
Whitesboro, Oneida County, N. Y.—L o a n E le c tio n .—At an
election to be held April 4, the voters will decide whether or
not $19,400 shall be raised for the paving of certain streets.
O f this a m o u n t $7,5 0 0 shall b e b o r r o w e d b y th e Issuance o f b o n d s. T h e
securities w ill bea r in terest a t a ra te n o t to e x ce e d 5 % , p a y a b le sem i-an n u
a lly an d m atu re $500 y e a r ly fro m 5 t o 19 years, Inclu sive. T h e ba la n ce o f
th e loa n ($ 1 1 ,9 0 0 ) Is to be raised b y special assessm ents on th e p r o p e r ty
b en etlted , a n d su ch assessm ents a rc t o be p aid w ith in 10 d a y s a fte r the
p r o p e r ty -o w n e r s h a v e re ce iv e d n o tice o f the sam e. A t th e e x p ira tio n o f
th a t tim e b o n d s o r c c rtlllca te s to bear interest a t a rate n o t to e x c e e d 5 %
a n d t o m atu re p a rt y e a r ly fro m 1 t o 5 yea rs. Inclusive, m a y be issued fo r
th e a m o u n t o f assessm ents th en rem ain in g u n p aid .
Whiteville, Columbus County, No. Car.—B o n d S a le .—
On March 20 the $10,000 6 % street-improvement bonds
described in V. 92, p. 018, were awarded to F. M. Stafford
<&Co. of Chattanooga at 103.55 and accrued interest.
. Willow, Glenn County, Cal.—B o n d s R e fu s e d .— The three
issues of 5% 1-40-year (serial) bonds, aggregating $40,000,
awarded on Marchl to E. H. Rollins & Sons of San Fran
cisco (V. 92, p. 755), have been refused by them, according
to reports.
Wilmington School District (P. 0. Wilmington), New Cas
tle County, Del.—B o n d O ffe r in g .—Proposals will be received
until 8 p. m. April 10 by the Board of Education, Harry J.
Guthrie, Secretary, for the $20,000 4 ^% coupon schoolhouse bonds, Series E, mentioned in V. 92, p. 829.
A u th o r it y an A c t o f th e G eneral A s s e m b ly , bein g C h apter 93, V o lu m e 23,
C aw s o f D elaw are, as a m e n d e d a t th e 1907 session o f th e G eneral A s s e m b ly .
D en om in a tion $ 1 ,0 0 0 .
In terest A p ril 1 an d O ct. 1 at th e U n ion N ation a l
B a n k In W ilm in g to n .
M a tu rity A p ril 1 1923.
B id m ust be m a d e o n a
b la n k fu rn ish ed b y th e d is trict.
T h e genuineness o f th e b o n d s w ill be
certified t o b y th e U n ited S tates M ortg age & T ru st C o. o f N ew Y o r k C ity
a n d their leg a lity a p p ro v e d b y J o h n W . B ra d y . C ity S o licito r o f W ilm in g
to n , fcw hose o p in io n w ill a p p e a r o n each b o n d . T h e securities will be
d e liv ered o n A p ril 29 1911.
Woonsocket School District (P. O. Woonsocket), Sanborn
County, So. Dak.—B o n d E lectio n P r o p o s e d . —A proposition
to)jvote $15,000 school-building bonds at an election to be
held in this district April 18 is being urged, it is stated, by the
voters.
Wyoming, Hamilton County, Ohio — B o n d O ffe r in g —
Proposals will be received until 5 p. m. April 24 by W. A.
Clark, Village Clerk, for $8,500 4% street-improvement
bonds.
D e n om in a tion $50 0.
D a te A u g . 31 1910. In terest s e m i-a n n u a l. M a
tu r ity 50 yea rs. C ertilled c h e c k fo r 1 0 % o f b o n d s bid fo r , p a y a b le to the
V illa ge T reasu rer, is r e q u ire d . B on d s to b e p aid fo r w ith in 30 d a y s fro m
tim e o f a w a rd . P u rch a ser to p a y a c c r u e d Interest.
Yorkville, Oneida County, N. Y .— B o n d O ffe r in g . Pro
posals will be received until 4 p . m. April 5 by the Board of
Trustees, Edward M. Coughlin and Morris C. Copeland for
the following bonds at not exceeding 5% interest:
$22 ,0 0 0 sew er-system b o n d s .
D e n o m in a tio n $ 1 ,0 0 0 . M a tu rltv $1 000
y e a r ly o n A p ril 15 fro m 1916 t o 1937 in clu sive .
7 * ’ 0
12,500 W h ite sb o ro S tre e t Im p r o v e m e n t b o n d s .
D e n o m in a tio n $500
M a tu rity $500 y e a rly o n A p ril 15 fro m 1913 to 1937 Inclusive
A u th o r it y , S e ctio n s 128, 129, 260 a n d 261 o f V illage L a w s, S e c tio n s 6
an d 9 o f G eneral M u n icipa l L a w , an d e le c t io n h eld M arch 21 1 9 1 1
D a te
A p ril 15 1911.
In te re st se m i-a n n u a l.
W illia m E . C o op er Is V llla eo
P r e s id e n t.
6
Youngsville Township (P. O. Youngsville), Franklin
County, No. Car.—B on d s N o t S o ld . —No bids wore received
on March 21 for the $25,000 5% 30-year registered roadconstruction bonds described in V. 92, p. 756.
Canada, its Provinces and Municipalities.
Calgary, Alta.—B y -L a w s V o te d .—Reports state that the
following by-laws have been endorsed by the ratepayers:
Electric light, $380,000; water-works, $245,000; conduit,
$60,000; paving plant, $2 0 ,000 ; incinerators, $ 120,000 ; fire
hall, $75,000; sewers, $40,000.
Cranbrook, B. C.— L o a n D e fe a te d .—Papers state that a
by-law providing for a loan of $ 100,000 to construct a sewer
age system has been defeated by the ratepayers.
Davidson, Sask.— D eb en tu re S a le . —An issue of $4,000
b lA % 10-year debentures has been disposed of, it is stated,
to the Ontario Securities Corporation of Toronto.
Elton School District No. 2619 (P. O. Mortlach), Sask.—
D eb e n tu r e S a le .— On Feb. 1 $1,250 G A % debentures were
awarded to the National 1'inance Co. of Toronto at 100.28.
Date leb. 1 1911. Interest annually in December.
Fernie, B. 0 .— L o a n E le c tio n .—Reports state that a bysubmitted to the ratepayers providing for a loan
of $45,000 for school-building purposes.
Galt, Ont.—Loan. E le c tio n . —A by-law will be voted upon
April 8 , it is stated, providing for a loan of $25,000 for hos
pital improvements.
NEW LOANS.
NEW LOANS
NEW LOANS.
825,000
8100,000
8169,000
C ITY OF HUDSON, N. Y „
Street Improvement Bonds.
• T h e C ity o f H u d s o n , N . Y . , w ill sell a t p u b lic
a u c tio n , at th e M a y o r ’s o ffic e . In sakl c it y , on
A P R I L E I G H T E E N T H , 1911, at tw<s o ’ c lo c k
P . M ., T w e n t y -liv e T h o u s a n d D ollars o f th e b o n d s
o f said c it y , to be k n ow n as S tre e t I m p r o v e m e n t
B on ds.
In terest 4 M P er C en t per a n n u m ; the
first Interest p a y a b le M ay F irst, 1912, an d there
a fter p a y a b le sem i-a n n u a lly .
T o bear d a te , be d eliv ere d o n an d draw interest
fro m M a y 1st, 1911, an d w ill b e p a y a b le $5,000
o n each M a y 1st, 192 1-1925. T h e b on d s to be
eith er c o u p o n o r registered, at o p t io n o f purch aser.
T h e su ccessfu l b id d er w ill be requ ired to de p o sit
w ith the C ity T reasu rer, im m e d ia te ly a fte r the
s a le ,f a certified c h e c k , p a y a b le t o his o rd e r, fo r
t w o per c e n t o f th e par v alu e o f th e b o n d s. T h e
rig h t Is reserved to r e je c t a n y o r all bids.
W IL L IA M W O R T M A N ,
C ity Clerk.
MUNICIPAL BONDS
AQL.
/U
S a fe s t In v estm e n ts
k n o w n . Y ie ld in g irom *"**
ULEN
tn
ftfiK .
D
/O
&
CitySchool District, Mansfield, Ohio
4% BONDS
Sealed b ids w ill be re ce iv e d at th e o ffic e o f thi
B o a rd o f E d u ca tio n o f the C ity S c h o o l D lstrlc
o f th e C ity o f M ansfield, O h io, u n til 12 o ’ clo c l
n o o n , A P R I L 21, 1911, fo r th e p urchase o f bond;
o f said s ch o o l district In th e sum o f O ne H undret
th o u s a n d D ollars ($ 1 0 0 ,0 0 0 ); these bein g Im p rove
m ent b o n d s a u th o rize d b y v o t e o f the p e o p le am
bearing 4 % in terest per a n n u m , p a y a b le send
a n n u ally, M arch an d S e p te m b e r. T h e y are h
den o m in a tio n s o f F iv e H u n d re d D ollars ($500
each and p a y a b le s em i-an n u ally fro m M arch 10
1913. to S e p te m b e r 10, 1928.
N o hid w ill he co n sid e re d fo r less th an p ar anc
accru ed Interest to d a te o f d e liv e ry o f the b o n d s.
AH bids m ust he a c c o m p a n ie d b y a certlfiei
ch eck on a M ansfield, O h io , ban k fo r 1 0 % o f th(
a m o u n t o f b on d s bid fo r.
N o c o n d itio n a l bids w ill be co n sid e re d .
T h e B oa rd o f E d u c a tio n reserves th e rig h t t<
r e je c t a n y o r all bid s.
A d d ress all c o m m u n ic a tio n s to
J O H N II. B R I S T O R , Clerk,
M ansfield, O ., B o a rd o f E d u ca tio n
Hand-Book of Securities
INCOME
Price of Single Copies
PRICES
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
BLODGET & CO.
DIVIDENDS
. . .
To Subscribers of the Chronicle
.
.
.
BONDS
$1 or
rn
The H a n d -B o o k Is Issued to B ankers an c
Brokers w ith th eir card s le tte r e d In g ilt on th.
outside c o v e r (In q u a n tity ) a t sp ecial rates.
Front, Pine and Dcpeyster Sts,
NEWiYORK
F. W M .
KRAFT
LAWYER
Specializing in Examination of
Municipal and Corporation Bondi
00 S T A T E S T R E E T , B O S T O N
Vdrian H. Muller & Son,
AUCTIONEERS.
Regular W eek ly Sales
OF
STOCKS and BONDS
EVERY WEDNESDAY
80 P I N E S T R E E T , N E W Y O R K
STATE, CITY & RAILROAD BONDS
Office. No. 55 WILLIAM STREET.
Corner Pine Street.
Thomas J. Bolger Co.
MINING ENGINEERS
M UNICIPAL
Commercial & Financial ChronicU
% REFUNDING BONDS.
M. S m i t h & Co
J a n u a ry 1 9 1 1 E d itio n .
DESCRIPTION
6
T h e B o a rd o f R e v e n u e an d R o a d C om m issioners
o f M ob ile C o u n ty re sp e ctfu lly calls fo r b ids for
$16 9,00 0 R e fu n d in g B o n d s, Issued t o retire a
like a m o u n t o f b o n d s m atu rin g Ju n e 1st, 1911.
T h ese b o n d s will bear F iv e (5 % ) P er Cent Interest
and run fo r tw e n ty (20) years, s tra ig h t. B ids
w ill be o p e n e d a t N o o n o f M O N D A Y , A P R I L
17 T H , 1911. F o r particu lars address th e u n d er
sign ed.
G E O . E . S T O N E , T reasu rer.
M o b ile , A la .
CHICAGO, ILL.
Charles
CHICAGO
MOBILE COUNTY, ALA.
1312 FIRST NATIONAL BANK BLDfl..
W r ite to
Circular
CO.
BANKERS
t
[VO L. L X X X X I I
BONDS
L egal fo r S a v in gs B a n k s,
P osta l S av in gs an d T ru st Funds
8KND FOR LIST
153 La Salle St.,
CHICAGO
H.
M.
CHANCE
Consulting Alining Engineer and dcologist
COAL AND MINERAL PROPERTIES
Examined, Developed, Managed
837 Drcxel Bldg .
PHILADELPHIA. PA.
907
T H E C H R O N IC L E
A pii. 1 1911.)
Guelph, Ont.— D eb en tu re E le c tio n . —An election will be
held in the near future, it is stated, to vote on the question
of issuing fire-department debentures.
Hull, Que.— D eb en tu res V o te d . —By-laws providing for
tho issuance of $25,000 water-works and $25,000 sewer
bonds at not exceeding 5% interest carried at an election
held March 13. The vote was 367 “for" to 97 “against”
the former proposition and 286 “for” to 158 “against” the
latter proposition. Maturity 30 years. Date of offering
not yet determined.
Kingston, Ont.—L o a n E le c tio n . —We see it reported that a
vote will be taken on April 4 on the question of borrowing
$30,000 to purchase the Cataraqui bridge and construct a
span in the centre.
Kirkfield Park, Man.— D e b en tu re O ffe r in g . —Proposals will
be received until April 10 by Frank Ness, Secretary-Treas
urer, for $7,383 local-improvement debentures, repayable
in seven annual installments.
Lachute, Que.— D eb en tu re O ffe r in g . —Further details are
at hand relative to the offering on April 5 (not April 3 as at
first reported) of the $60,000 5% coupon water-works deben
tures mentioned in V. 92, p. 831. Proposals will be received
until 8 p. m. on that day by James W. Raitt, SecretaryTreasurer.
In terest M ay 1 an d N o v . 1 a t th e T o w n S e c r e ta r y ’ s o ffic e . M atu rity
part y e a rly fo r 40 years.
B o n d s are ta x -e x e m p t .
D e b e n tu re d e b t a t
presen t $ 8 ,4 0 0 .
N o b o a tin g d e b t . A ssessed v a lu a tio n $02 6 ,0 0 0 .
Port Hope, Ont.— D eb en tu re S a le . —It is stated that th*
Dominion Securities Corporation, Ltd., of Toronto, was re
cently awarded $20,000 4)^% refunding debentures, due
part yearly for 40 years.
Quebec, Que.— N ew L o a n . —It is reported that the Bank
of Montreal has underwritten an issue of $1,050,000 4% de
bentures and that they will shortly be offered to the public
in London at about 100.50.
Regina, Sask.—B y -L a w s V o te d . —Papers state that the
following by-laws have been passed by the ratepayers:
Power extensions, $100,000; water-works, $15,000; sewerage,
$15,000; markets, $3,700; fire-protection, $7,500; street
cleaning, $22,000; Y. W. C. A., $15,000.
Renfrew, Ont.— D eb en tu re S a le s . —According to reports,
$82,000 4)^% water-works debentures have been disposed of
to Brent, Noxon & Co. of Toronto. Maturity part yearly
for 30 years. It is further reported that this firm has also
purchased $2,535 5% local-improvement debentures, due
part yearly for twenty years.
St. Paul, Ont.— D eb en tu re S a le . —We see it reported that
$6,000 5% debentures, due March 1 1931, have been pur
chased by Wood, Gundy & Co. of Toronto.
Tofield, Alberta.— D e b en tu re S a le . —This town recently
sold $4,600 53^% 20-year debentures, it is stated, to Nay &
James of Regina.
Tyvan, Sask.—L o a n A u th o r iz e d . —According to reports,
a loan of $3,000 has been authorized for permanent im
provements.
Vancouver, B. C.—L o a n E le c tio n . —It is stated that a vote
will be taken in the near future on a loan of $300,000 for sur
face drainage and the completion of the sewer system.
Waterloo, Ont.— D eb en tu re S a le . —The following hydro
electric, water-works, gas and local-improvement debentures
have
been sold, it is stated, to II. O’Hara & Co. of Toronto:
$41 ,457 4 M % de b e n tu re s, d u e p a rt yea rly lo r th irty y e a rs.
Mammoth School District No. 1379, Alberta.— P r ic e P a id
—The purchase price of the $3,100 6 % deben
tures awarded to Nay & James of Regina (Y. 92, p. 831) on
March 1 was 100.60. Maturity part yearly on March 1 from
1912 to 1921 inclusive.
Oak Bay, B. C.— D eb en tu re S a le . —The Dominion Securities
Corporation, Ltd., of Toronto is reported as having pur
chased $50,000 5 % local-improvement debentures.
Oshawa, Ont.— D eb en tu re S a le . —The Ontario Securities 12,000
d eben tu res, d u e part ye a rly fo r th irty y e a rs.
4
% de b e n tu re s, d u e p a rt y e a rly fo r tw e n ty y e a rs.
Corporation of Toronto has purchased $5,700 4^% de 4,664
5,923 4 H % d e b e n tu re s, d u e p a rt y e a rly fo r fifteen y e a r s .
bentures, due in 20 and 30 installments, according to reports. Wexford School District No. 480 (P. O. Canora), Sask.—
Owen Sound, Ont.— D eb en tu res D e fe a te d . —An election eb en tu re O ffe r in g .— Proposals will be received by Paul Han
held March 25 resulted in the defeat of the proposition to issue Dson,
Secretary-Treasurer, for $1,500 7% 15-year debentures.
$15,000 debentures.
f o r D eb en tu re s.
4>A%
V,
MISCELLANEOUS.
ENGINEERS.
OFFICE OF THE
J.
G .
W
H
I T
E
&
C O
Engineers, Contractors
43-49 Exchange Place, NEW YO PK
Chicago, Ills.
San Francisco. Cal.
Investigations and Reports on Electric
Railway, das. Electric Light and Power
Properties, Irrigation S y s te m s . &c., for
Financial Institutions and Investors. -
Electric Railways, Electric Light and Power
Plants, Gas Plants, Financed,
Designed and Built.
London Correspondents:
J . G . W H I T J® & C O ., L im ited ,
ATLANTIC MUTUAL INSURANCE COMPANY.
N ew Y o r k , J an u ary 2 0 th , 1911.
The Trustees, in conformity with the Charter of the Company, submit the following statementof its affairs
on the 31 st of December, 1910.
Prem ium s o n M arine R isks fro m 1st J a n u a ry , 1910, to 31st D e ce m b e r, 19 1 0 ____________ $ 3 ,9 8 1 ,9 9 7 35
Prem ium s o n P olicie s n o t m arked o il 1st J a n u a ry , 191 0------------------------------------------------------685 ,546 90
T o ta l M arine P re m iu m s________________________________________________________________________ _
Interest rece iv e d d u rin g the y e a r ........................................................ oi°
R e n t less T a x e s an d E x p e n s e s ............................................................ 146,586 JI
Losses o c c u r re d , estim a ted an d paid In 1910---------------------. .. 1 ,0 2 1 , 3 5 6 12 $1,5 2 0 ,6 6 7 46
Less S a lv a g e s__________________________ $195,931 27
R e-ln su ran cea____________ ___________
402 ,106 63
Engineering and Construction
Plans,
Methods,
Operation
Public Utilities and Industrial.
Reports for Financing
SIXTY
WALL ST.,
NEW YORK
Mem. Am, Soc. C. E.
H . U. W A L L A C E
E N G IN E E R
$132,651 56
$363,223 39
LIABILITIES.
ASSETS.
Y O U N G
598,037 90
$ 9 2 7,62 9 55
rtetu m s o f P re m iu m s.................................................- ................ — - ...........................
E xpenses, Inclu din g o ffic e r s ’ salaries and clerks’ c o m p e n s a tio n , s ta tio n e ry .
uew spapers, a d v e rtise m e n ts, e t c ------------------------------------------------------------------
G .
di
g a z o . u a 41
Losses p aid d u rin g th e y e a r w h ich w ere estim ated In 1909
9 Cloak Lane. Cannoa St., E. C.
C .
25
Prem ium s m arked o il fro m 1st J an u ary, 1910. to 31st D e ce m b e r, 1910-------------------------------$3,793,863 88
I’ nited States & S tate o f N ew Y o r k
S to c k , C ity , B ank an d o th e r Se_
c u r lt le s _________________ $5,418.792
00
Special d ep osits In Banks A T rustC os. 1,200.916 66
Heal E state co r. W all & W lUlaraSts.,
& E x ch a n g o P l a c e .$4,2 9 9 ,4 2 6 04
O th er R eal E state &
claim s d u e the c o m
pan y ...........................
75,000 00 4 ,3 7 4 ,4 2 6 04
Prem ium n otes and Bills R e ce iv a b le
Cash In th e hands o f E u rop ean
Bankers to p a y losses under poli
cies pa ya b le In foreign c o u n tr ie s .
Ca«h In Bank an d N . Y . C ity re v
enue b o n d s _____________
1 ,134,448 70
210 ,435 74
E stim ated Losses an d Losses U n
settled ____________________________ $2 714 ,035
873 .6 8 0
P rem ium s o n U n term in ated R is k s .
Certtlieate8 o t P ro llts an d In terest
262 ,4 2 7
U npaid ----------------------------------------146,084
R e tu rn P rem ium s U n p a id --------------R eserve fo r R e -In su ran ce P re m iu m s
& C laim s
o t se ttle d . In clu din g
160 ,000
C o m p e n s a tio n , e t c ------------------------C ertificates o f P rofits O rd ered R e
d eem ed , W ith h e ld fo r U npaid
2 2 .469
P r e m i u m s ________________________
Certificates o f P ro fits O u tsta n d
i n g . . .......................................................
7, 4 41 ,100
4 0 0 ,0 0 0
R eal E sta te R e se rv e F u n d ____
--
88
37
75
03
00
61
00
00
935,478 76
A g g re g a tin g ______________________ $ 13 ,274 ,49 7 P0
A g g re g a tin g _______________________$1 2 ,0 1 9 ,7 8 7 64
A d iv id e n d o f Interest o f Six per cent on the o u tsta n d in g certificates o f profits w ill be paid to tho
Examinations, R e p o rts , S u rv e y s, S u p erv ision ot
construction and o p era tion o f E le ctric and Steam holders th ereof, o r their legal represen tatives, on an d after T u e sd a y the s e v e n th o f F eb ru ary n e x t.
T h e o u tsta n d in g certificates ot the Issue o f 1S05 w ill be redeem ed and paid to the holders th ereof,
Railroads, Power P lants, T ran sm ission lines.
Central S ta tion s and Irriga tion p r o je c t s , & c. or their legal re p re se n ta tive s, on and after T u e sd a y the se v e n th of F ebru ary n e x t , trom w h ich d a te all
Ex-Supt. Illin ois C entral B R ,; C hief En gin eer Interest th ereon w ill cease. T h e certificates to he p rod u ced at the tim e o f p a y m e n t and ca n ce le d .
A d iv id e n d o f F o rty per ce n t Is declared on the earned prem iu m s o f the C o m p a n y fo r the year
Illinois Central R R .; and G en ’ l M anager C h icago
ending 31st D e ce m b e r, 1910, w h ich are e n title d t o p a r ticip a te In d iv id e n d , fo r w h ic h , u p o n appli
Lake Shore & S o u th B en d E lc c trlo R a ilw a y .
ca tio n . certificates w ill be Issued on and a fte r T u e sd a y the secon d o f M ay n e x t.
Marauette Bldg.
CHICAGO. ILL.
By order of the Board.
Q. STANTON FLOYD-JONES. Secretary.
TRUSTEES.
F r e d e r i c k
H .
L e w i s
Civil and Mechanical Engineer
C o n s u ltin g
Brown-Marx Bldg.
E n g in e e r
Birmingham, Ala.
E stab lish ed 1889
A. L. R E G IS T E R &, CO .
ENGINEERS— CONTRACTORS
Philadelphia
F R A N C IS M . B A C O N ,
JO H N N . B E A C H .
E R N E S T C. B L IS S .
VERN ON H. BRO W N .
W ALDRON P. BROW N .
JO H N C L A F L I N .
•
G E O R G E C. C L A R K ,
CLEVELAND H. DODGE.
C O R N E L IU S E L D E R T .
R IC H A R D H . E W A R T .
P H I L I P A . S. F R A N K L I N ,
CH ARLES M. P R A T T .
H E R B E R T L . G R IG G S .
D ALLAS B. P R A T T ,
C L E M E N T A . G R IS C O M ,
G E O R G E W . Q U I N T ARD,
AN SON W . H A R D .
.
A. A. RAVEN,
T H O M A S II. H U B B A R D .
JO H N J. R IK E R ,
L E W I S C A SS L E D Y A R D ,
C H A R L E S D . L E V E R IC H ,
D O U G L A S R O B IN S O N .
LE AN D E R N. LO VELL,
G USTAV H . SCH W AB,
GEORGE H. M ACY,
W IL L IA M S L O A N E ,
CH ARLES H. M ARSH ALL,
L O U IS S T E R N ,
W IL L IA M A . S T R E E T .
N IC H O L A S F . P A L M E R .
GEO RG E E. T U RN U RE .
H E N R Y P A R IS H ,
ADOLF PA VE N STED T,
A. A. RAVEN.
C O R N E L IU S E L D E R T ,
W A L T E R W O O D P A R S O N S . 2d Vice-President.
C H A R L E S E . F A Y , 3d
„
President. Vice-President.
Vice-President.
JOHN H. JONES STEW ART. 4fft Vice-President
THE CHRONICLE
908
Q vn& t
[Vol,. LXXXXll
© jo r r o p a u ie s .
UDiiGi m s w
© o w p a u ie s .
f im a i or pow Tort,
Chartered 1853
4S a n d 4 7 W A L L
CAPITAL,
.
.
.
.
SURPLUS AND UNDIVIDED PROFITS
.
S T H E IS T
.
-
$2 , 0 0 0 , 0 0 0 . 0 0
$1 3 , 7 7 2 , 6 6 7 . 7 0
.
-
T h i s C o m p a n y a o ta a s E x e c u t o r , A d m i n i s t r a t o r , G u a r d i a n , T r u s t e e , C o u r t D e p o s i t a r y a n d In
o t h e r r e c o g n iz e d t r u s t c a p a c i t i e s .
I t a llo w s I n t e r e s t a t c u r r e n t r a t e s o n d e p o s i t s .
I t h o l d s , m a n a g e s a n d I n v e s t s m o n e y , s e c u r it ie s a n d o t h e r p r o p e r t y , r e a l o r p e r s o n a l, l o r e s t a t e s
c o r p o r a t i o n s a n d I n d i v i d u a ls .
M an h attan
T rv s t
C om pany
W a ll
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres. HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS, 2d Asst.Sec.
W . B a y a r d C u ttin g ,
W illia m R o c k e fe lle r ,
A le x a n d e r E . O rr,
W ill ia m H . M a c y J r .;
W illia m D . S lo a n c ,
flh is ta v H . S c h w a b .
F
id e l it y
P a y n e W h itn e y ,
E d w a r d W . S h e ld o n ,
C hauncey K eep ,
G eorge L . R iv e s ,
A r th u r C . J a m e s,
W illia m M . K in g s le y ,
W illia m S te w a r t T o d ,
O g d e n M i ll s ,
E g e r to n L . W In th ro p
C o r n e liu s N . B li s s , J r .
T
r u st C o m pa n y
N EW A R K , N. J.
T em porary
General Banking and Savin gs D ep a rtm en ts.
Bond D epartm ent tor
purchase and sale of m unicipal and public utility securities.
Safe D eposit
D ep a rtm en t.
CENTRAL TRUST
CO M PA N Y
of N E W Y O R K
54 Wall S treet
C a p it a l a n d
S u r p lu s,
Fourth & Pine Sts., St. Louis.
CAPITAL, SURPLUS l o p
n fifl
and PROFITS j >0 4 U >U U U
Authorized to act as Executor, Trustee, Administrator or Guardian.
Receives Deposits, subject to check, and allows Interest on D aily Balances,.
A c ts as Transfer A g e n t, Registrar and Trustee under M ortgages.
1864
U n io n T ru s t C om pany o f N e w Y o rk
(e a r n e d )
&
In d u s tr ia l T r u s t C o m p a n y
Providence, R. 1.
CAPITAI.................................................. $3,000,000
SU R P LU S.................................... ......... 3.000.000
O F F IC E R S .
C y r u s P . B r o w n , P r e s id e n t
A r t h u r L . K e l l e y , V i c e -P r e s i d e n t
I I . M a r t i n B r o w n , V i c e -P r e s i d e n t
O t i s E v e r e t t , V i c e -P r e s i d e n t
J o s h u a M . A d d l e m a n , V i c e -P r e s i d e n t
W a r d E . S m ith , T reasu rer
C h a s. H . M a n ch ester, S ecretary
H . H ow ard P ep p er, A s s t. T re as.
F r e d e r ic k B . W i l c o x , A u d i t o r
OF
D IR E C T O R S .
Chairman
Uptown Office : 425 Fifth Avenue, corner 38th S treet,’
W ith Modern Safe Deposit Vuults
S u r p lu s
DIRECTORS.
H e n r y S e m p le A m e s , V i c e -P r e s i d e n t .
W i l l i a m i i a g n c l l . P r e s id e n t B a g n e ll T l m i c r C o .
J o h n 1. B e g g s , P r e s id e n t M i lw a u k e e L l g f H e a t &
T r a c tio n C o .
E u g e n e H , B c n o is t.
W ilb u r F . B o y le , B o y le
P r ie s t.
J a m e s E . B ro ck , S ecreta ry .
M u r r a y C a r l e t o n , P r e s id e n t C a r le t o n D r y G o o d s C o
C h a r le s C la r k .
H o r a t i o N . D a v i s . P r e s id e n t S m l t l i & D a v l s M f g .C o .
J o h n D . D a v i s , V i c e -P r e s i d e n t .
D a v id R . F r a n c is , F r a n c is , B r o . & C o .
S . E . H o f f m a n , V i c e -P r e s i d e n t .
B r e c k in r id g e J o n e s , P r e s i d e n t .
W m . G . L a c k e y , V i c e -P r e s i d e n t a n d B o n d O f f i c e r .
W J . M c B r id e . V .-P r c s . H a s k e ll & B a r k e r C ar C o .
N e ls o n
VV.
M cLeod,
V i c e -P r e s i d e n t
G rayson M cL eod L u m ber Co.
S a u n d e r s N o r v c l l , P r e s id e n t S t o v e s & H a r d w a r e
P u b lis h in g C o .
R o b e r t J . O ’ R e illy , M .D .
w m . D. O r t h w e i n , P r e s id e n t W m . D . O r t h w e ln
G r a in C o .
H e n r y VV. P e t e r s , P r e s id e n t P e t e r s S h o e C o .
H . C . P ie r c e . C h a ir m a n B o a r d W a t e r s -P le r c e .O I l jC o .
A u g u s t S c h la fly , A u g u s t S c h la lly
S on s.
R . H . S t o c k t o n , P r e s id e n t M a l c s t l o M f g . C o .
J u liu s S . W a ls h , C h a ir m a n o f th e B o a r d .
R o lla W e l l s .
BOARD
MAIN OFFICE; 80 BROADWAY.
Capital $1,000,000
G E N E R A L F IN A N C IA L A N D F ID U C IA R Y
B U S IN E S S T R A N S A C T E D .
&.
$ 1 8 ,0 0 0 ,0 0 0
(o f which $ 1 7 ,0 0 0 , 0 0 0 has been earned)
CHARTERED
O ffic e s
Mississippi Valley Trust Co
A
B eal E state throughout N ew Jersey.
N assav
113 B R O A D W A Y
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
A c ts as E xecu tor, T ru stee, A d m in istrator and in all fiduciary capacities.
T a k es entire charge of Real and Personal E s ta te s.
Guarantees Titles of
C o rn er
Designated Depositary for State.
City and Court Funds.
Accepts Deposits subject to Cheque
Payable through New York Clear
ing House.
Allows interest on Balances.
Issues Certificates of Deposit pay*
•fable as desired.
TRUSTEES.
Chairman of the Board.
JOHN A . STE W A R T,
F ran k L y m a n ,
J a m e s S tillm a n ,
J o h n C la t lln ,
J o h n J . P h e ip s ,
L e w is C ass L e d y a r d ,
L y m a n J* . G
~ ave,
S tre e t
$ 7 ,8 0 0 ,0 0 0
ALLOWS INTEREST ON DEPOSITS.
Acts as Executor, Guardian, Trustee, Adm inistrator and In ull Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.
S a m u e l P . C o lt,
O ln e y T . In m a n
R ich a rd A . R o b e rtso n
Josh u a M . A d d c m a n
J am es M . S co tt
W illia m H . P erry
A r th u r L . K e lle y
H . M a r tin B ro w n
G eorge F . B a k er
G eorge M . T h o rn to n
C yru s P . B row n
C h a s . C . H a r r in g to n
L o u is H . C o m s to c k
H erb e rt N . Fenn er
E n g le h a r t C . O s t b y
J . M i lt o n P a y n e
E b o n N . L lttlc lle ld
O t is E v e r e t t
C . P r e sc o tt K n ig h t
J esse I I . M e tc a lf
John J . W a tso n Jr.
C h a r le s I I . A l l e n
J oh n B . B ran ch
W i l l i a m P . C h a p in
A n gu s M oLcod
E z r a D ix o n
H o w a r d O . S t u r g is
E d w a rd D . P earce
1850
T h e
illt n o t e £?>uretp C o m p a n y
1911
U n ite d
S ta te s
L ife
In su ra n c e
C o .
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts
H om e O ffic e , 2 0 6 La S a lle S tre e t
C H IC A G O
JOHN P. MUNN, M. D., President
W RITES A L L CLASSES S U R E T Y BONDS
Court— Fidelity— Contract— Miscellaneous
C L A R E N C E H . K E L S E Y , P r c s . T i t l c G u .& T r . C o .
W M . II . P O R T E R , B anker.
E D . T O W N S E N D , P r e s .I m p . & T r a d e r s N a t . B k .
T h e m otto o f the I l l i n o i s S u r e ty C o m p a n y i s “ P r o m p t S e r v ic e *•
both In the h a n d lin g o f Its b u s in e s s a n d th e a d ju s tm e n t o f i t s lo s s e s
Finance Committee.
G o o d m e n , w h e t h e r e x p e r ie n c e d In life In s u r a n c e
o r n o t . m a y m a k e d lr e o t c o n t r a c t * w it h t h is C o m
p a n y , fo r a l im it e d t e r r it o r y If d e s ir e d , a n d s e o u r e
f o r t h e m s e l v e s . In a d d i t i o n t o fir st y e a r ’ s c o m m i s
s io n , a r e n e w a l I n te r e s t In s u r in g a n I n c o m e f o r t h e
fu tu r e .
A d d r e s s t h e C o m p a n y a t Its H o m e O f f i c e ,
N o 2 7 7 B r o a d w a y , N e w Y o r k C ity .
@FedFRASER