Full text of Commercial and Financial Chronicle : April 15, 1911, Vol. 92, No. 2390

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I N C L U D I N G
B a n k & Q u o t a t io n S e c tio n

R a ilw a y &

R a ilw a y

B a n k e r s ’ C o n v e n tio n

E a r n in g s

S e c tio n

In d u s tr ia l S e c tio n

E le c tr ic R a ilw a y S e c tio n

S e c tio n

State

and

VOL. 92._________________ SATURDAY, APRIL 15 1911.
S i t e

C f a m

r i t l j e .

PUBLISHED WEEKLY.

1911.

Terms of Subscription—Payable in Advance
For O no Y e a r .............................................................................................................* 1 0 00
For S ix M o n th s .......................................................................................................... (5 0 0
E uropean S u b scrip tion (in c lu d in g p o s t a g e )................................................. 1 0 00
European S u b scrip tion s ix m on th s (in clu d in g p o s ta g e ).................. 7 50
A n n u al S u b scrip tion in L on don (in clu d in g p o sta g e )
,£2 14s,
3ix M on th s S u b scrip tion in L on don (in c lu d in g postago) .................... £ 1 11 s
Canadian S u b scrip tion (in c lu d in g p o sta g e ) ................................................. $ 1 1 5 0
S u b s c r ip tio n

in clu d es fo llo w in g S u p p le m e n ts —

11 IN K AND Q U O T A T IO N ( m o n t h l y )
I S l'A T E a n d C i t y ( s e m i - a n n u a l l y )
R a il w a y a n d I n d u s t r ia l (q u a r te r ly )
E l e c t r i c R a i l w a y ( :i t i m e s y e a r l y )
R a il w a y E a r n in g s (m o n t h ly )
|B a n k e r s ’ C o n v e n t io n (y e a r ly )

Terms of Advertising*—Per Inch Space
tr a n s ie n t m atter p er in ch space (14 a gate l in e s ).......................................... $ 4
( T w o M on th s
(•* t im e s ).............................. 22
M
audlin? Business
B u siness Pards
T h reMonths
o M on th s ((R
t im e s )..............................
29
......................... f)0
Manning
Cards )< six
' 20! times)'

20
00
00
00

( T w o lv o M on th s (52 t im e s ).............................. S7 CM)
C H IC A G O O F F I C E - P l i n y B a r t le t t ,513M o n a d n o ck B lo ck : T el. H a r ris o n 4012
A J N D O N O F F I C E —E d w ards & S m ith , 1 D ra p ers’ G arden s, E. O.
W lh L U n

P. O. B o x 958*

15. D A N .V

C O M P A N Y , I»u L I I s lio s ,

F ron t, l’ iu o u n d D c p ey s ter Sis.,

New Y ork,

Published every Saturday morning by W ILLIAM B. DANA COM PANY
Jacob Seibert Jr., President and Trcas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana, Sec. Addresses o f all, Office of the Company.

C L E A R I N G -H O U S E R E T U R N S .
T h e follow in g ta b le, m a d e up b y te le g ra p h , & c ., Indicates th a t th e total
hank clearings o f all clea rin g houses o f the U n ited S tates fo r w eek e n d in g
A p ril 15 h a v e been 5 2 ,8 2 0 ,4 0 4 ,6 0 8 , again st 5 3 ,221,213 ,321 last w eek and
5 3 ,338,247 ,801 the cor re s p o n d in g w eek last y e a r.
T h e c o m p a ris o n Is
s om ew h a t dl tu rb ed b y th e occu re n ce o f G o o d F rid a y In th e w eek this y e a r.
C le a r in g s — R e tu r n s b y T e l e g r a p h .
W e e k e n d in g A p r U 15.

P er
C e n t.

1911.

1910.

New Y o r k ....................................................

$1,388,939,475
123,279,418
94.873,632
23,928,346
229,075,799
65,002,088
15,179,919

$1,607,428,455
130,982,372
125,318,083
24,471,803
249,663,781
69,372,757
14,664,106

— 13.6
— 5.9
— 24.3
— 2.2
— 8.2
— 6.3
+ 3.5

Seven cities, 5 days............. ..
Other cities, 5 days......... .................

$1,940,278,677
473,210,984

$2,221,901,357
520,273,119

— 12.7
— 9.0

Total all cities, 5 days . .
All cities, 1 d a y ..........................

$2,414,525,661
405,968,947

$2,742,174,776
596,073,025

11.9
— 31.9

$2,820,494,608

$3,338,247,'801

— 15.5

Total all cities for week........................

T h e fu ll d eta ils for the w eek c o v e r e d b y th e a b o v e w ill b e g iv e n n e x t S at
u rday.
W c c a n n o t furnish them t o -d a y , clea rin gs bein g m a d e up b y th e
clea rin g h ouses a t n oon on S a tu r d a y , an d hen ce in th e a b o v e th e last d a y o f
th e w eek has to be In all cases estim a te d , as w e g o to press F rid a y n igh t.
W e presen t below d eta iled figures fo r th e w eek e n d in g w ith S a tu rd a y ,
n o o n , A p ril 8 , fo r fo u r years.
W e e k e n d in g A p r i l

8.

C le a r in g s a l —

1911.
N cw JY ork...........
Philadelphia-----Pittsburgh--------B a ltim ore...........
Buffalo..................
W a sh in gton -----Albany..................
R och ester...........
S cran ton ..............
S yracu se..............
Reading ..............
W ilm ington.........
Wilkes-Barre . . .
Wheeling ...........
Harrisburg . - - Y o r k ....................
E r i e ......................
O rcensburg.........
B ingham ton-----C h e s te r ................
A lto o n a ................
F ra n k lin ........... L a n ca ster...........

1910.

N o t e .— For

1909.

1908.

$
S
$
S
%
1,837,184,976 1,821,437,735
+ 0.9 1,727,311,719 1,177,451,407
161,584,932
155,500,184
+ 3 .9
110,780,922
100,532,395
56,143,348
47,933,440 + 17.1
42,222,155
41,125,225
34,381,907
29,403,577 + 16.9
23,550,892
21,196,838
10,652,875
10,217,795
+ 4.0
7,697,316
8,698,029
8,035,068
8,012,279
+ 0.3
6,980,998
6,064,976
5,547,750
5,887,929
— 5.8
4,567,973
5,686,045
5,470,319
4,354,169 + 2 5 .7
3,029,902
3.583,365
3,343,681
3,008.459 + 11.1
2,151,582
2,238,613
2,822,794
2,459,217 + 11.8
2,365,253
2,009,359
1,600,000
2,162,716 — 26.0
1,526,260
1,493,879
1,650,000
1,500,389
+ 5.7
1,139,828
1,126,969
1.558,220
1,587,527
— 1.9
1,301,913
1,135,599
1,670,212
1,889,086 — 11.0
1,480,781
1,337,005
1,680,685
1,575,467
+ 6.7
1,500,000
1,557,779
—3 .7
1,209,270
848,900
1,846,660
1,576,327 + 1 7 . 1
1,002,124
1,076,267
984,156
868,146 + 1 3 . 4
572,369
684,838
882,205
450,000 + 90.0
131,807
5 3 ,i 537
694,200
535,900 + 29.6
571,600
480,100
546,761
589,434
— 7.3
389,213
483,749
513,600
404,980 + 26.8
302,038
321,982
292,649
267,200
+ 9.5
232,257
273,709
1,966.170 + 3 9 .6
2,745,580
..............

Total M id d le.. 2,143,332,578 2,105,211.905
160,955,291
B oston..................
195,413.493
7,472,700
8,538,200
P rov id en ce _____
4,744,627
H a rtford ..............
4,753,599
3,104,848
New H aven.........
3,551,378
2,530,780
Springfield...........
2,558,150
2,003.320
P o r tla n d .............
2,333,371
2,225,234
W orcester...........
2,112,614
1,116,464
Fall R iver...........
1,249,376
957,217
New Bedford-----941,142
503,212
r.ow ell_________
556,172
590,403
H olyoke................
647,850
Total New Eng.

In c. or
D ec.

222,952,350

186,204,096

+ 1.8 1.913.508,585 1,382.729,270
+ 21.4
126,1S8,5 18
161,483,761
+ 14.3
6,701,400
5,521,300
+ 0 .2
3,183,284
3,092,599
4* 14.5
2,725,385
2,297.097
+ i.i
1.922,349
1,774,799
*+■16.5
1,009,210
1,61 1,000
+ 8 .1
1.475,145
1,402,459
+ 1 1 .9
1,232,314
783,992
— 1 .7
899,545
592,907
+ 1 0 .5
470,751
466,050
+ 9 .7
429.420
301,714
+ 19.7

182,701,912

144,186,750

Canadian clearings see "Commercial and Miscellaneous News.”




C h ica go................
Cincinnati...........
C levela n d ............
D etroit_________
Milwaukee...........
Indianapolis____
Columbus ...........
T o le d o __________
P e o r ia ..................
Grand Rapids__
D a y t o n ________
Evansville .........
K ala m a zoo_____
Springfield, 111 . .
Fort W a y n e ____
Rockford ______
Y ou ngstow n____
Canton__________
Akron _ .............
Q uincy....... ..........
South Bend.........
Bloom ington____
Sprlnglleld, O ___
Jackson ________
Mansfield_______
Decatur _______
Danville............. ..
Jacksonville, 111.
L im a ....................
Ann Arbor______
Adrian ...............
Saginaw________
Lansing................
Tot. Mid.West.
San Francisco___
Los Angeles_____
Seattle ................
Portland .............
Salt Lake C i t y ...
Spokane................
T a co m a ________
Oakland...............
Sacramento.........
San Diego...........
Stockton _______
F resn o..................
San J o s e . . . .........
North Yakima . .
l t c n o ....... .......... ..
Total P a cific..
Kansas C i t y ____
Minneapolis_____
Omaha....... ..........
St. Paul................
Denver..................
St. Joseph...........
Des M oin es_____
Sioux C ity...........
W ich ita ................
Lincoln ................
D avenport...........
Topeka ________
Cedar Rapids__
Sioux F a lls .........
Fargo --------------Colorado Springs
Pueblo ................
Fremont .............
Waterloo ______
H e le n a ..... ..........
B illin gs................
Aberdeen........... ..
Hastings .............
Tot. oth.W est.
St. Louis......... ..
New Orleans____
L o u isv ille...........
H o u s t o n _______
G alveston ______
Richmond .........
Fort W orth_____
M em phis_______
Atlanta ................
Nashville ...........
Savannah ______
N o r fo lk ......... ......
Birm ingham ____
Jacksonville____
Chattanooga . . .
Little R ock __ .
M o b ile ........... ..
K n o x v ille ______
Augusta .............
Charleston - .........
Oklahoma - .........
M a c o n ................
A u s tin ..................
V icksburg...........
W ilmington, N.C.
Jackson ................
M eridian.............
T u ls a _____ _____
M u skogee...........
Total Southern
Total all...........
Outside N. Y . .

$
276,361,840
30,696,900
24,117.899
17.796,327
14.237.79f
9,500,000
6,393,60c
4,537,157
3,339,865
2,371,795
2,649,705
2,454,325
785,287
1.211,041
1,123,952
803,537
1,148,275
1,186(536
1,477,726
783,700
755,210
561.29S
671,489
727,442
400,440
548,246
441,482
556,235
287,220
427,967
207,452
47,255
586,307
409,555,314
48,157,503
19,189,937
10,032,391
11,618,702
6,984,436
4,939,573
4,953,042
3,335,273
1,547,964
1,200,000
750,000
722,816
536.730
865,059
530,710
244,615
115.638,751
48,498,069
18,779,482
14,184,829
10,614,933
8,687,524
7.216,063
4,666,889
2,871,181
3,410,158
2,215,898
1 ,6 6 6 . 4 9 4
2,073,544
1,499,467
1,319,623
1,224,593
679,262
589,983
644,290
294,507
1,306,021
786,558
119,045
315,000
189,210
1 3,852.623
74.117,155
17,429,181
13,537,665
10,943,654
7,700,000
8,053,607
5.501,201
6,642,557
11,921,097
4,500,000
4,610,248
3,108,802
2,638,705
3,516.439
1,710,705
1,813,417
1,497,601
1,743,825
2,424,324
1,840,210
2,197,805
3,195,217
2,860,975
347,240
701.777
907,475
351,817
889,428
743,335
195.881,705
3 7 2 2 1 ,2 1 3 ( 3 2 1
1,384,028,345

S e c tio n

NO. 2390.
W e e k e n d in g A p r i l

C le a r in g s a l —

C ity

1910.
$
280.310,78a
26.346,000
22,769,266
10,630,014
13,332,771
8,878,774
6.824,90C
5,111,396
2,840,334
2,652,361
2,536.092
2,286,605
880,88S
1,176,014
1,209,382
823,532
731,986
1,058,182
1.200,000
1,046,000
681,025
547,726
613,691
559,480
412,500
516,272
622,520
552,698
284,563
393,513
202,298
32,600
546,937
N ot Included
404,617,144
43,729,002
16,340,909
11,279.284
10,800,000
6,823,308
4,850,947
5,020,011
3,081,581
1,275,963
1,001,000
629,555
739,824
476,404
800,000
521,863
304,261
107.673.9l2
54,025,416
19,390,427
16,481,211
11,277,387
9,553,868
7,420,491
4,730,844
3,027,544
3,215,248
3,251,208
1,809,692
1,911,932
1,351,827
i , 548,379
1,050,000
924,424
750,465
627,570
345,188
832,316
248,432
350,000
175,000
144,817,112
73,239,263
18,387,008
13,580,736
13,564,290
5,984,000
7,232,225
7,035.667
6,414,399
10,411,053
4,256,508
4,943,523
2,985,387
2,537,213
2,581,066
1,539,882
1,761,735
1,514,980
1,865,535
1,866,732
1,933,048
2,407,046
1,050,000
2,585,045
307,399
534,551
540,000
<308,957
Not Included
Not Included
191,365,248
8 , 139.S.VJ, 185
1.318.451.700

In c. or
D ec.
%
— 1.4

+ 16.5
+ 5.S
+ 7.C
+ 6.f
+ 7.C
+ 2 3 .J
— 11.2
+ 17.7
+ 3.C
+ 3 .7
+7.C
— 10.J
+3.C
— 7.1
— 2.4

8.
1909.

S
242,000.686
25,187,500
15,420,573
11,479,359
10,612,701
7,343,467
C,481,000
4,129,149
2.987,796
2.067.69C
2.173.24S
2,070,856
608,514
924,642
892.3U
734,796

1908.
$
213,169,003
24,387,300
13,547,990
12,066,420
9,512,675
7,312,765
4,591,200
4,051,462
2,307,108
1,964,929
1,688,774
1,728,890
457,602
760.289
805,074
671,616

+ 57.f
-i- 1 2 . 1
1,048,647
588,744
+ 23.1
1,035,751
589,200
— 25.1
750,000
518,000
+ 10.E
542,581
503,596
+ 2.5
474,172
429,555
+ 9.4
485,921
426,747
+ 30.C
547.184
412,052
— 2.9
375,000
401,843
+ 6.2
370,006
341,135
— 29.1
423,872
338,553
+ 0 .6
362.476
425,511
+ 0 .9
275,316
308,356
+ 8.8
315,055
280,000
+ 2.5
163,102
140.363
+ 44.9
28,699
28,333
+ 7 .2
In total
+ 1.2 342,030,029 305,425,870
+ 10.1
33,263,287
31,177,110
+ 17.4
12,411,617
9.799(02i
— 10.2
9.779,364
7,303(668
+ 7.9
9,579,188
6,106,527
+ 2.4
7,060.836
4,284,141
+ 1.8
3,667,749
2,457,240
— 1.3
3,870,603
4,234,649
+ 8.3
1,797,087
1,544,778
+ 2 1 .3
930,575
785,643
+ 19.9
770,000
700,000
+ 19.1
462,901
405,083
560,252
— 2.3
541,892
+ 14.8
443,451
458,447
+ 8.1
+ 1.7
414,274
— 19.6
+ 7 .4
85,111,184
70,797,899
— 10.2
43,387,665
34,793,864
— 3.2
14,236,428
18,938,677
— li.9
14,344.759
11,067,054
— 5.9
8,163,520
8,067,422
— 9.1
8,322,779
7.652,880
— 2.8
5.588,122
4,443.187
— 1.4
3,666,477
2,778,402
— 5.2
2.756,3S5
2,049,299
+ 6.1
2,674,478
1,351,273
— 31.9
— 7.9
1,732,296
1,086,941
+ 8.5
1,551,459
1,267,909
+ 11.0
1,380,472
987,998
1,170,002
— 14.8
957,117
+ 16.6
750,000
590,000
689,140
— 26.5
537,904
— 21.5
839,091
644,361
+ 2 .7
520,556
459,820
— 14.8
260,504
355.23S
— 3.9
— 5.5
907,973
674,756
— 52.1
180,415
125.000
— 10.0
+ 6.4
_______
— 7.6
113,220,255
99,081.488
+ 1.2
59,129,913
55,950,832
— 5.2
13,674,583
14,717,730
— 0.3
12,962,362
10,687,754
— 19.3
15,198,288
10,717,364
6,129,500
+ 28.7
5,982,500
6,224,754
+ 11.3
5,653,157
— 21.8
7,162,557
4,785,624
4,677,700
+ 3 .5
5.122.963
+ 4.9
4,713,568
4,478,799
+ 5.8
3,873,754
3,068,887
— 6.7
3,760,614
2,650,315
+ 4.1
2,032,026
1,870,904
+ 4.0
1,964,908
1,976,092
+ 36.2
1,651,294
1,583,385
+ 11.1
1,531,327
1,581,291
+ 3.0
1,755,487
1,487,113
— 1.1
1,394,239
1.405.099
— G.5
1,256,122
1,357,333
+ 30.0
1,688.729
1.268.972
— 1.8
1,573,734
1,200,000
— 8.7
1.5S0.957
928,631
+ 204.3
907,415
668,277
+ 1.1
894,461
601,235
+ 13.0
289,237
322,595
+ 3 1 .3
400,000
300,000
+ 79.2
338,000
+ 13.9
272,392
In total
In total
+ 2.4
140,366,852
158,667.921
+ 2.6 2.*24,109.150 2,142,189.015
+ 5 0 i ,0967797+37 964,7377608

988

THE CHRONICLE
THE FIN ANCIAL SITUATION.

f The decision of Judge Sanborn in the U. S. Circuit
Court at St. Paul, Minn., confirming the findings
announced last September by the Master in Chancery,
Judge C. E. Otis, holding invalid the reduced passenger
and freight rates prescribed by the Minnesota State
authorities, is an event from which much encourage
ment may properly be derived. It puts a quietus
upon attempts of State officials, State legislatures and
State commissions to force the carriage of merchandise
or passengers at non-compensatory rates. But it
really has a wider significance than that. It is useful
in defining the attitude of the courts towards any action
of that kind, whether at the hands of State authorities
or at the instance of the Federal authorities. Our
railroads are just now more in need of protection
against aggression by the Inter-State Commerce Com
mission than they are against hostile action by State
legislatures and State boards, for the latter have
abated their activity and in large measure ceased
troubling the carriers. The cases now coming up,
where the right of the States is being challenged, in
volve action taken several years ago.
We need hardly say it is unlikely that the courts
would take a different view of the fundamental ques
tions at issue where the Commerce Commission was
concerned than where the course of a State legislature
or a State board is involved. Hence the broad char
acter of the stand taken in this instance affords occa
sion for much satisfaction. It is true that one ground
upon which Judge Sanborn finds the acts of the Min
nesota authorities unconstitutional is that the natural,
necessary effect of the rate schedules which the State
sought to impose upon the carriers is to substantially
burden and directly to regulate inter-State commerce,
which lies beyond the province of a State. The de
cision goes much further than that, however. It con
siders the rates prescribed, in and by themselves, and
finds that they prohibit a fair return upon the value
of the lines in Minnesota, and are unconstitutional
because they take the properties of the companies
without just compensation, thereby violating the
Fourteenth Amendment to the U. S. Constitution.
Incidentally, some collateral points of great impor
tance are disposed of. For example, it is held that a
net income of 7% per annum upon the value of rail
road property in Minnesota devoted to the public use
of transportation is not more than the fair return to
which a railroad company is entitled under the Fourtenth Amendment to the Constitution. How the
ruling on this latter point is viewed by the defenders
of confiscatory legislation is seen in the remark made
by former Attorney-General Edward T. Young in an
interview with a reporter of the “ Minneapolis Tribune.”
Mr. Young says that “ the decision acknowledges the
right of the roads to fix their own valuation and
acknowledges their right to earn 7% on this valuation.”
This, of course, is not an accurate statement of the
facts. It is the caustic comment of a disappointed
litigant, who is allowing his feelings to obscure his
vision and judgment.
The Court did not acknowledge the right of the
roads “ to fix their own valuation.” Its action is tan
tamount merely to a declaration that a railroad valua
tion will be accepted where it is right, and likewise that
a State valuation will be rejected without any pala




[ V O L . LXXXXTI

vering when it is wrong. Some other public bodies,
besides the Minnesota authorities, might with advan
tage take notice of this. At all events, there is comfort
in the thought that in the last analysis the principles
proclaimed in the present instance are the test by
which all action hostile to the carrying interest will
be judged.
Representative Murdock of Kansas, one of the most
active of the few known as insurgents, has come
forward with a proposition so meritorious and so
potent as a test of sincerity, if not as alum pof leaven,
that it ought not to be treated jocosely. He would
have a new rule that whenever any matter not actually
delivered verbally in the House goes into the Congres
sional Record” under the abuse known as “ leave to
print” , the matter shall be accompanied by an intro
ductory line declarative of that fact. Instead of
having the printed page declare that Mr. So-and-so
“ said” what follows, he would have the declaration
of unvarnished truth that the Hon. Member had
“ leave to print.” It is notorious, said Mr. Murdock,
that the “ Congressional Record” is not a record but
“ has become largely a deplorably dull daily newspaper,
full of philosophical communications.” The Washing
ton correspondents have lately said that entire chapters
from books (for example, from Henry George's
“ Progress and Poverty” ) have been inserted in the
“ Record” as though having been read in course of a
delivered speech in the House.
Mr. Murdock wants to make the publication cease
conveying untruths. If any man, he says, is willing
to print a 6,000-word speech in the “ Record” without
having delivered a word of it on the floor of the House,
he ought to be willing to acknowledge that the matter
never was delivered. “ Debate in Congress is for the
purpose of convincing those who are present and
participating in the controversy, and not for the
benefit of the author of a set speech.” This must be
taken as an expression of courtesy, since it may justly
be questioned whether speeches in Congress have not
ceased to convince anybody and even whether they
are nowadays expected to do any convincing. Perhaps
some members would continue dumping undelivered
matter into the “ Record” even if the “ leave to print”
were attached; yet the tendency would be to somewhat
curb verbosity and irrelevancy. At least, here is a
test of sincerity in respect to the ceonomy which
everybody favors in the abstract and objects to in
respect to the particular aspect of the concrete which
affects himself. We should like to see members of
both branches of Congress go on the record of the
roll-call on the Murdock proposition.
“ A central office in New York City, to which all
advices of bills of lading issued are to be sent,” is the
arrangement proposed by interested railroad, shipping
and banking representatives, “ to handle the coming
cotton crop without friction and along lines satisfactory
to shippers, railroads, steamship companies, American
and foreign banking interests and cotton buyers.”
This scheme follows prolonged deliberation and dis
cussion of an extremely delicate problem. Various
methods of preventing a repetition of last year’s
fraudulent drawing of bills have been propounded,
but, though the matter seemed simple enough, objec
tions were raised to each. The latest solution was

APR.

15 1911.]

THE CHRONICLE

brought forward on Wednesday at a conference of
railway representatives and the sub-committee of the
Bill of Lading Committee of the American Bankers’
Association held at the Chamber of Commerce. The
proceedings lasted several hours, but finally an agree
ment believed to be acceptable to all parties associated
with the marketing of cotton was endorsed. The plan
provides for a sort of clearing house for all cotton bills
against which drafts are drawn on foreign banking
institutions, the railroads to supply a record of all
documents issued and validated, which record would
be available to bankers and others interested. By
this means the elimination of spurious bills, it is pointed
out, would be feasible. A report of the proceedings
is given in our “ Bank Items” columns on a subsequent
page.
Much pother has been raised in Great Britain by a
tome issued by the British Board of Trade on condi
tions affecting the working classes in the United States
as compared with Great Britain and other countries.
The bulky volume— it covers 533 pages— has been
seized upon by the protectionists as an unanswerable
argument in favor of tariff reform, while the free
traders contend that the facts disclosed justify the
retention of Britain’s present policy. We are not dis
posed to take the results of this inquiry quite as seri
ously as has been done by the political factions in
Britain, nor are we prepared to pass judgment as to
the deductions to be drawn. From the brief sum
maries cabled to this country it is gathered that the
conclusion readied by the investigators were as follows:
“ The cost of food and rent combined is 52% greater
in the United States than in England and Wales, but
these heavier relative charges on working-class income
have been accompanied with weekly wages which are
as 230 to 100.”
The comment is added that this ratio of earnings
“ makes possible a command of necessaries, conven
iences and minor luxuries of life that is both nominally
and really greater than that enjoyed by the corre
sponding class in this country, although the effective
margin in practice is curtailed by a scale of expenditure
to some extent necessarily, and to some extent volun
tarily, adopted in accordance with the different and
higher standard of material comfort.” The investi
gations were made in twenty-eight “ representative
towns” in the United States, though what these towns
were is not specified in the cable summaries. The in
quiries were conducted in 1910, when conditions here
were in an abnormal and transitory state, as a brief
for either protection or free trade, we look upon this
compilation as of no practical value in determining
which course Great Britain should follow. Obviously
it would be absurd to claim that high-tariff schedules
per se produce high wages, for Germany certainly does
not lack protection; yet we have never heard it alleged
that wages there equal those in the United States.
Basic conditions, such as the nature of the soil, the
mineral wealth, the climatic advantages, the character
and training of the people, the geographical situation,
the density of the population, &c., &c., must all be
taken into account in judging the applicability of
different fiscal systems and in drawing conclusions as
to the advantages or disadvantages of the workers in
one nation as compared with those in another. The
mistake is too often made of trying to compare things
which do not lend ■themselves to reasonable compari



989

son. The question might be put to those who would
upset the present policy of Britain: How comes it
that, under the “ effete” system of free trade, business
in Great Britain is breaking all records in volume and
value, whereas in the highly protected United States,
industries are lagging and dissatisfaction with con
ditions is rampant? What is good for one country is
not necessarily the best thing in the world for another,
nor may the same thing be equally advantageous at
every stage of a nation’ s development. The Board of
Trade’s elaborate volume, it seems safe enough to say,
has not changed the elemental facts.
A brief letter to the “ Sun” says that the recent de
cision of the Court of Appeals upon the “ compensation’’
law of last year ought to call attention sharply to
what the writer deems an anomaly, namely: “ the
power exercised by the judges when they examine legis
lation to determine whether, in their opinion, it con
flicts with the Constitution.” He is dissatisfied with
that decision, and predicts agitation for a Constitu
tional Amendment which will empower the Legislature
to do what the decision holds it cannot now do. This,
he says, would mean “ a struggle by the workers during
three to five years against the casualty companies,
the railroads and the street railroads.” So expensive
a struggle, he thinks, ought not be wastefully confined
to one subject, since “ other social legislation is needed,
such as laws for minimum wages, fire drills in factories,
old-age pensions and compensation for industrial
diseases.”
It is not necessary to include the insurance compan
ies in this “ struggle,” for they desire only to have the
legal status of their business clearly and permanently
defined; that once obtained, they will endeavor to fit
their rates to the risks, and all they ask. in the capacity
of underwriters, is liberty to earn some profit if they
can, after expressing their judgment, as citizens, upon
the principles which are wisest and most equitable.
It is true that the Constitution does not, in terms,
impose upon the Supreme Court the duty or give it the
power of invalidating measures which are obnoxious
to that document. Yet, inasmuch as criticism of this
power is becoming rife, it may be well to point out
that the Court does not, strictly speaking, “ invali
date” ; it declares, rather, that such and such a law or
portion of a law goes beyond the delegated power of
the lawmaking body (or, conceivably in some cases,
was not passed according to the Constitutional met hod),
and therefore never attained legal existence.
The power to pass upon such a question seems to be
implied by the very nature of the case. The function
of courts is to execute the laws by hearing trials and
deciding cases which arise under them. A law must
needs be interpreted before it can be enforced. The
courts are the natural and appropriate intei’preter; and
when the Court of last resort finds that some law, being
contrary to or beyond the prior and higher funda
mental law made by the people, was really void ab
initio, this is a part of the interpreting function.
No other interpreting authority has been estab
lished yet; but the writer of this letter—whose name
is found in the telephone directory as a practicing
lawyer in both this borough and Brooklyn—proposes
a short cut which, however, might be less final than he
imagines. “ The battle with the courts should be
fought once for all,” he says. To all constitutions,

99 0

THE CHRONICLE

[VO L. L X X X X I I .

mere fact of the Legislature’s laying down a distinctive
rule for railroads in respect to liability does not bring
the law within the Constitutional inhibition upon
“special” legislation.

State and Federal, he would add “ a section providing
that the legislature shall be the sole fudge of its oivn
poivers.” This may he classed with the “ recall” nos
trum of the day, and it indicates the monstrosities of
the program to which the rabid socialism of the times
The new law of New Jersey, which takes effect on
would carry this country.
July 4, is of great length and detail, yet constitutes
of only two sections, which are subdivided into many
Winter-wheat condition in the United States on paragraphs. The first provision is that in case of
April 1, as reported officially on Monday, was in line injury “ of which the negligence of the employer is
with general expectations in showing an improvement the natural and proximate cause,” the hurt man “ shall
over the corresponding date of the previous year, and eceive compensation from his employer,” if he was
consequently proved to be a comparatively negligible himself “ not wilfully negligent at the time.” Wilful
influence in tho grain markets of the world. The negligence by him is elsewhere in the law defined “ as
Government report made the average condition of the (1) deliberate act or deliberate failure to act operating
grain for the whole country 83.3 on April 1 1911, as as the proximate cause of injury, or (2) such conduct as
against 80.8 on the corresponding date in 1910, and evinces reckless indifference to safety or (3) intoxica
indicated that since December 1 1910 there had been tion.” There is an apparent fairness in this, and in its
a rise of eight-tenths of a point, whereas during the like terms it seems to cover such cases as disobedience of
interval of the previous season a deterioration of 3.1 orders—for example, in disdaining to use some safety
points had accrued. The improvement during the device; but in all actions brought under this first
winter of 1910-11 considered alone does not, of course, section the employer must prove the wilful negligence.
seem important, but when it is noted that deterioration This will be very difficult in practice; moreover, the
is then the rule, the contrary having been the case se tion expressly abolishes defense because of negli
only once or twice in the last quarter of a century, the gence by a fellow servant, and (very broadly) the
fact that the grain stands better now than it did last defense of voluntary assumption by the workman of
December argues much for the vitality of the plant.
all necessary risks.
That the plant is strong and vigorous all recent
Section 2, consisting of 24 paragraphs, relates to
advices of a reliable nature tend to indicate; but they “ elective compensation” . When master and man
at the same time denote that over much of the area have by an agreement, “ either express or implied,
the crop is less forward than usual. This backward accepted the provisions of the section, a very detailed
ness in growth, however, is in no sense an unfavorable scheme of compensation which need not be sketched
feature, as moisture has been quite generally sufficient, in its particulars comes into operation, and any
and with warmer weather development should be award obtained against the employer is put on the
rapid. Furthermore, there is reason to believe that the same preferential basis as is now given by law to unpaid
area subject to abandonment to other crops as a result wages of labor. The implication of acceptance of this
of injury from various causes will prove to be much section is very significant, the burden of proof beingless than in the spring of either 1910 or 1909. This is placed in its favor; for every contract of hiring made
an important item when it is remembered that last after the law takes effect is presumed to be an accept
year nearly 4 ^ million acres, or more than one-eighth ance of this section, and in the lack of a written notice
of the whole winter-wheat area, was given over in this to the contrary, it. is to be presumed that the parties
way. With, therefore, an area larger than ever have accepted the section and have agreed to be bound
before devoted to the grain, a condition improved thereby. Also, the same presumption of acceptance
during the winter, and better April 1 than at even and agreement is applied to contracts already in
date in either 1910 or 1909, and prospects of no existence, unless notice otherwise is given prior to
unusual abandonment, the outlook would seem now July 4.
When this section has been accepted by both parties,
to be for a winter-wheat yield in excess of the record
expressly
or by implication as specified, the compensa
total of 1906.
tion
scheme
applies, “ in all cases except when the
As regards the condition in the various States,
injury or death is intentionally self-inflicted, and the
Missouri is conspicuous for a condition of 91 on
burden of proof of such fact shall be upon the em
April 1 1911, comparing with 69 on the same date in
ployer.”
1910. Kansas records an improvement of 11 points,
Paragraph 24 is peculiar. In case any portion is
the contrast being between 75 and 64; Nebraska’s hereafter held to be unconstitutional, “ the same
current condition is 86, against 70 in 1910, and Iowa’s shall not be held to affect any other paragraph or
89, against 75; Oklahoma, on the other hand, due to provision of this Act.” In view of the rule as to not
failure of germination on account of drought, shows extending unnecessarily the scope of a finding upon
an appreciable deterioration.
Constitutional ty, this seems like surplusage; yet there is
a proviso added which declares that the two sections are
The employers’ liability law enacted in New Jersey in “ inseparable and if either section be declared void
1909 has been upheld by the Supreme Court of that or inoperative in an essential part, so that the whole
State, Chief Justice Gummers delivering the opinion. of such section must fall, the other section shall fall
The issue came up on a demurrer by the Lehigh Valley with it and not stand alone.”
This strikes us somewhat novel, and the whole law
Railroad, in case of a damage suit because of the
killing of an engineer. It was argued for the road that — differing so from the two laws of this State, yet aim ng
the new law is unconstitutional in abolishing the at the same end of a certain and automatic compensa
doctrine as to the responsibility of an employer for tion scheme— is one more example of how strange
negligence by a fellow servant, but the decision sus doctrines are struggling into the industrial and social,
tained it in this particular; the Court also held that the life of this country.



A p r . 15 1911.]

THE CHRONICLE

Cotton manufacturers to the number of upwards of
300 assembled in Huntington Hall, at the Massa
chusetts School of Technology, Boston, on April 12
and 13, in attendance upon the ninetieth semi-annual
meeting of the National Association of Cotton Manu
facturers. Franklin W. Hobbs, President of the
Association, in his opening address, devoted some atten
tion to the question of the necessity of a greater supply
of cotton and the efforts making in other countries to
increase production. He referred to the estimates
that have been made that in effect only about onethird of the available area within the cotton belt of the
United States is at present cultivated, future extension
depending upon the desire of our farmers. More
scientific methods of cultivation should also be adopted
resulting in a greater yield per acre. He expressed
the opinion that the country was capable of raising
50,000,000 bales of cotton and urged that everything
should be done to maintain our supremacy as a pro
ducer. On the subject of cotton exchanges Mr.
Hobbs referred to the Scott anti-option bill that passed
the House, but not the Senate, as too radical and
sweeping, and in his belief one whose effects would
have been disastrous. Maintaining that there arc
certain abuses of the legitimate functions of the
exchanges, he hoped for the amendment of rules that
will tend to discourage speculation and do away
with abuses, thus preserving the organizations for
the purposes they were intended to serve in the
industry.
The New York Cotton Exchange voted on Thursday
on the two amendments to the by-laws referred to by
us on April 1. They provided (1) for revision of the
differences between the various grades above and
below middling in February, as well as in September
and November, as heretofore; and (2) for the taking
of three sets of samples when cotton is delivered on
contract, instead of two, as has been the practice, one
of which sets will be delivered to the buyers of cotton
should they fail to receive the classification certificate
along with the bill on the day of delivery. The second
of these amendments was adopted, but the first,
which in many quarters was considered to be the most
important, as it would in a measure have met recent
criticism of the Exchange’s business methods, was
defeated. A third amendment, having to do with
withdrawals from warehouse, was also defeated.
At the meeting of the Board of Managers of the
Exchange on Monday last, the adoption of the Govern
ment standards of grades came up for discussion, but
no final action was taken. In fact, as we have before
pointed out, there are difficulties in the way which are
now a subject of consultation between the Exchange
and the Department of Agriculture. It was again
explained at the meeting of the Board that the Govern
ment standard types comprise cotton grown on the
alluvial and black lands of the Gulf States, including
Texas, and do not contain any cotton from the red
clay lands of the Atlantic States. The matter of the
absence of types by which to grade the millions of
bales grown on these red clay lands having again been
drawn to the attention of the proper officials of the
Department of Agriculture, it is believed the deficiency
will be supplied and the Government standard be
adopted. The need of these other types is too obvious
to be commented upon.



9!)1

Referring to the matter of classification and types
of American cotton, a very prominent member of the
New York Exchange has drawn attention this week to
the action taken-in 1874 to fix them, and which was
reported in.the “ Chronicle” of Sept. 5 of that year, on
page 251. A committee appointed by the National
Cotton Convention, held in Augusta, Ga., in June
1874, met in New York Sept. 1 following to fix the
American standard of classification and determined
types, duplicates of which were forwarded to the
various cotton exchanges of the country. The types
then fixed upon have ever since been adhered to by
the New York Exchange.
Mexico is still in the throes of rebellion. A telegram
from Madero’s camp on Tuesday stated:
“ Peace
overtures, for the first time since the Mexican insur
rection began, were laid to-dav before Francisco I.
Madero, the insurgent leader, at his camp, west of
Bustillos.” Madero was quoted as stating that he
could only repeat the demands already made by him,
which included as a sine qua non the retirement of
President Diaz. No intimation has come from Mexico
City that the aged President has reconciled himself to
such an end to his eventful career; but there are
growing indications that Porfirio Diaz will not long
retain control of the Republic which he, with all his
faults, has done much to develop in a way that has
raised its credit almost to the level of the older nations
of Europe. At the same time the Mexican M ar
Department is increasing its militant activities. lig h t
ing takes place periodically, but without decisive
results. A band of rebels not allied with tlu / mi cro
faction sustained a sanguinary defeat at the h mis
of Federal troops after they had caused much a n adv
ance' in Lower California.
The American troops succeeded in holding aloof from
the fighting in Mexico until Thursday, when, two
American citizens having been killed by stray bullets
and several seriously wounded in Douglas, on this
side of the border, a party of the United States First
Cavalry crossed the line and put a stop to the engage
ment in progress between rebels and the Mexican
Federal forces. What this incident may lead to
cannot be foreseen at this stage.
A new party, which has applied to itseli the name
Republican, and which has not been activety associated
with either the Diaz or the Madero side, has been
formed in Mexico and is endeavoring to accelerate
the restoration of peace. The leader, Dr. Fortunato
Hernandez, has pledged the party’s support to no
re-election, to universal suffrage and to the destruction
of class lines. Emphasis is placed upon the danger
of intervention by the United States unless hostilities
shortly be terminated. The new organization claims
to be non-political and animated solely by patriotism.
In a lengthy manifesto dealing with its policy, it says:

“Nature has seen fit to place us beside a powerful nation
of expansive and achieving temper, a nation that affords us
means of enrichment on account of being an inexhaustible
market for the products of our soil, and that holds up to us
a great object-lesson, owing to its practical genius and
democratic institutions, but at the same time constitutes
the greatest of our dangers. With peace disturbed here, in
tervention might come, and even the loss of our national
territory. . . . Divided, tearing and rending one
another in opprobrious civil wars, wasting our substance,
lives, good names—what resistance could we offer to any
enemy, how assert claims for justice before the world?

993

THE CHRONICLE

Were there no other motive, this alone should suffice to unite
us into solidarity, sacrificing pettinesses, animosities and
resentments.”

[VOL. LXXXXII

debit balances. The Cologne Cotton Spinning &
Weaving Company, for example, which showed a small
profit in 1909, after allowing £6,000 for depreciation of
The French Senate having on Tuesday passed a plant, closed its accounts for 1910 with a loss of over
resolution to withdraw the limitation placed in 1908 £16,000, including only £4,720 written off for depre
upon the area in which genuine champagne could be ciation.
produced, the winegrowers in the Department of
Retelling to the unsatisfactory results for the year
Maine, the home of the famous beverage, immediately the “ Frankfurter Zeitung’s” investigations disclose,
proceeded, apparently by pre-arrangement, to destroy a German correspondent of the Manchester (Eng.)
the establishments of.alleged spurious concerns in the
Guardian questions whether it would not have been
Epernay and Ay districts, and though thousands of bettei duiing a peiiod of undoubted depression, when
troops were rushed to the scene, great damage was cost of production exceeded the wholesale prices ob
done. The rioters were in a frenzied state of mind, tained, tor the manufacturers to have come to some
begotten by a conviction that their cause was just, arrangement with operatives on similar lines to those
and the soldiers were opposed and in some cases obtaining in England. Many of the companies, he
defied, the entrance of the cavalry into one town says, raise the question in their annual reports, but do
was blocked by women, who threw themselves pros not give it a conclusive answer.
trate upon the ground and challenged the soldiers to
The situation in Austria also, as may be inferred
ride over their bodies. So cleverly was the whole from the agreement to reduce production by 25%
program of destruction planned and executed that the from April 1 to the close of 1911, to which we referred
troops could not promptly restore order. Several recently, is quite unsatisfactory. Mr. Charles Denby,
millions of bottles of champagne were destroyed, Consul-General of the United States at Vienna, in fact'
numbers of wine presses were wrecked, buildings were reports that the cotton-manufacturing industry of the
burned and the straw protecting vines from frost tountiy has been carried on under depressing circum
was removed.
stances tor the past five years. The export boom of
Several years ago similar demonstrations occurred 1905-06, he says, led to a considerable increase in
and martial law had to be declared. It was then that manufacturing capacity only to encounter thereafter
a law was brought forward providing for the de a sciies of bad years. Not only did raw cotton cost
limitation of the district in which real champagne moie, laising of course the price of finished goods
could be manufactured and for the official labeling for export, but the general increase in cost of living
(by the Government) of the wine produced within the decieased the purchasing power of the home consumer.
lecognized area, where the conditions for growing As a result mills had many spindles idle and much stock
gi apes ol the proper quality are claimed to be unique. on hand. As a remedy for this condition, organized
The production within the prescribed territory could reduction of output was instituted, production being
not supply the world’s demands for champagne, and diminished by one-sixth during the last half of 1909,
many subterfuges were resorted to by growers to by one-fourth for eight months in 1910, and now a cur
have wine raised in other districts smuggled into the tailment of one-fourth for the remainder of 1911 has
favored area and passed by the Government as been agieed upon. While hopes are expressed that
genuine. Growers outside the so-called champagne the situation is now at its worst, the manufacturers
country were naturally opposed to the law, and more are considering a remedy more effective than idle
or less agitation against it had been brewing, until this spindles. It comprehends in effect the finding of a
week the Senate, as already stated, voted to remove demand abroad sufficient to permit constant full pro
the territorial restrictions. The Chamber of Deputies duction, and the working out of the problem is to be
debated the question on Wednesday and passed a vote committed to experts charged with the study of the
of confidence in the Government, thus upholding the subject on its broadest lines.
decision of Premier Monis to refer the modification
of the delimitation law to the Council of State, the
Ihe upward movement in London discounts which
supreme administrative court, which, the Premier set in at the opening of April has continued thoughout
claimed, could be depended upon to act with strict the present week, and is quite pronounced at the close
impartiality. This action has had a pacifying influ on account of the poor statement issued by the Bank
ence and the Government believes that the rioting of England. Although the Bank, along with India,
will not be resumed.
received all the $3,300,000 gold available on Monday'
rates at the fortnightly settlement were higher than
Ihe cotton-manufacturing industry of Germany ex on the previous occasion. The contango rate on
pel ienced in 1910 one of the worst years in its history, American stocks was 4% , while 3 ^ % was charged for
accoiding to the “ Frankfurter Zeitung.” The mills Stock Exchange loans. Discounts first went to 2j^%
weie notoriously working at a loss during a considera and since then have moved up to 2 % % for spot bills
ble portion of the year, says the “ Zeitung,” and it was and 2y2@>2ys% ^ for bills to arrive. The firmness
only by drawing upon the reserves of cash accumu has been intensified to some extent by the Easter
lated in prosperous seasons (1907 for instance) that ! holidays, which involve the withdrawal of more or less
man}/ of the corporations were able to make any dis cash fiom the banks) this movement, in fact, is second
tribution of dividends at all. Even at that, in most in importance only to that at Christmas. Our special
cases there was a very noticeable cutting down of the correspondent cables us that no less than $10,445,000
rate, and some companies that in earlier years paid of bullion was shipped to the interior of Great Britain.
out as much as 8 to 10% returned nothing to share At Berlin, there has also been an advance in discounts,
holders in 1910. Specific instances are given of estab neither spot Dills nor bills to arrive being negotiable
lishments that closed the year 1910 with undisguised under 3% . Paris, however, remains on a 2 j4 % basis.




A p r . 15 1911.]

THE CHRONICLE

993

The Bank of France on Thursday reported a loss of fallen off materially because of the present inactivity in
$1,800,000 in specie, but increases in the amount of trade and the hesitancy of commercial people to
bills discounted and in Treasury advances were offset enlarge their plans for the near future. Interest rates
by a reduction in note circulation. At Amsterdam have fallen at New York, Chicago, Philadelphia,
and Brussels a decline of % of 1% has occurred, the Boston and other centres. Even lower quotations
quotations there being now3% and 2 % % , respectively. than those established would probably have been wit
The turn events have taken has stopped all discussion nessed here had not a number of verypowerful institu
of any possible reduction in the official discount rate tions— trust companies as well as banks— abstained
at either London or Berlin, though the view held by from competing for business regardless of the rates
certain international bankers here is that the rise in obtained. Even so, the average rate for call loans has
private rates in London is most unlikely to go further, been below 2 % % , short-term money has been freely
available at 2 % % , and six months’ at 3 % , while the
despite the great trade activity in Great Britain.
The Bank of England for the second week in succes best commercial paper has been taken at as low as
sion reported a loss of more than £2,000,000 in total 3 % % . There is a marked difference between these
reserve and a heavy shrinkage in bullion on hand. quotations and the terms exacted from ordinary
But in this instance liabilities were not radically cur borrowers in most parts of the country. The need for
tailed, so that the effect upon the percentage of reserve exercising caution in granting loans in essentially
districts has abated, but
has# not wholly
carried was much more marked than a week ago. agricultural
tvt5
#
disappeared,
as
land
values
are
regarded
as quite high
The decrease in reserve amounted to £2,108,430, of
enough
in
comparison
with
the
prices
now
ruling for
which £1,832,025 consisted of bullion. The con
traction in loans reached only £293,010. Govern farm products.
Time money closes the week on the following basis:
ment deposits again fell off, to the extent of £1,935,000,
and ordinary deposits decreased £544,110. Whereas 2 % @ 2 % % for sixty days, 2 % @ 3 % for ninety days,
the total amount of bullion carried a lew weeks ago 3% for four months, 3 @ 3 % % for five and six months
was in excess of £40,000,000, the total on hand at and 3 % @ 4 % for over-the-year. As borrowers have
the close of business on Wednesday, our special cable usually experienced no trouble in finding facilities at
informs us, was only £36,074,832, which is less than the bid rates, very little has been done at the higher
was carried at this time in 1909, 1908 and 1905. The range. Call money has fluctuated between 2% and
ratio of reserve to liabilities fell from 45.23% last 2 % % . On Monday the maximum and ruling quota
week to 43.56% this week. This contrasts with 52% tion was 2 % % , with 2% as a minimum; on Tuesday, as
last month and with an average of 4 7% % at the on Thursday, loans were made at 2 % % , but on
middle of April during the last decade. It may be Wednesday the maximum was only 2 % % . The aver
noted, however, that since these figures were compiled, age rate for the four business days was 2 o-16%.
the Bank has bought £176,000 gold bars in the open The inquiry for the best class of commercial paper
market. On Wednesday the total amount of money has improved remarkably during the last two weeks.
in the form of bills, checks, &c., which passed through Banks have preferred the medium maturities, and in
the London Clearing House was £115,176,000, order to secure the right kind of names, they have
easily the highest figure ever recorded. At the begin accepted a 3 % % minimum. The range for sixty to
ning of the week about £500,000 new gold will arrive ninety days’ endorsed bills receivable and for excep
from South Africa. Our correspondent furnishes the tionally attractive four to six months’ single-name
following details of the gold movement in and out of bills is 3 % @ 3 % % , with 4 @ 4 % % quoted for good
the Bank for the Bank week: Imports, £533,000 single names.
(wholly bought in the open market); exports, £277,000
Foreign exchange rates opened the week lower
(of which £217,000 to Paris, £33,000 to South Africa
but
as money became dearer in London a recovery set in
and £27,000 to various destinations) , and shipments
and
did not stop until quotations closed yesterday
of £2,089,000 net to the interior of Great Britain.
at 4 86% for demand and 4 86% for cable trans
Quietness in business and stagnation in speculation fers. The inquiry was stimulated first by the require
having become more pronounced, the demand for ments of the London fortnightly settlement and later
money has diminished concurrently with an increase in by the demands arising from the April 15 dividend
the supply, both locally and at other domestic centres. payments. The serious loss of reserve disclosed by
The Easter holidays likewise tended to restrict opera the Bank of England’s weekly statement—the ratio to
tions during the last few days, while of course nothing liabilities is the lowest shown at the middle of April in
has been done in the Stock Exchange money market more than a decade—also was an influence. So, too,
since Thursday, owing to the double holiday. As a was a fresh decline in time money and discount rates
consequence, time accommodation has been obtained here. The March returns, covering our agricultural
on easier terms and commercial paper rates have also exports, did not tend to depress exchange, for the
weakened. Call loans, on the other hand, were slightly increase over the corresponding month of last year
firmer on Thursday, owing to the preparations for was insignificant as compared with the gains in
to-day’s heavy dividend and interest payments. The February and January, the recession being due wholly
easiness here has been stimulated by an inflow of cur to a decrease in cotton shipments following the
rency from the interior, where the banks are lending abnormal movement earlier in the season. Yesterday
very cautiously for near-by purposes on account of the the full monthly report appeared; though the exports
apprehensive feeling that prevails as to what may for the first time in the third month of the year reached
follow disturbing Supreme Court decisions and the 8161,924,563, the imports were also the heaviest for
prospective changes in the tariff. Moreover, the mer March with the sole exception of last year, so that the
cantile requirements throughout the country have net export balance was only 822,879,825, or below the



994

THE CHRONICLE

average. On the other hand, there has latterly been
considerable drawing of exchange against securities
sold by New York bankers in Paris. Continental ex
change has also been depressed by a rise in sterling on
the Continent. It is understood that other interna
tional bankers are in a position to draw large quantities
of bills whenever rates warrant this course. The large
operators, who were so busy in previous weeks, have
not been speculating so freely this week. There has,
however, been quite a keen inquiry for bills to go by the
Lusitania next Wednesday; the rate yesterday crossed
4 86 in the late afternoon. During the second
half of the week business was extremely restricted,
owing to the holidays, nor will normal conditions be
resumed until after Easter Monday. Opinions as
to the probable operations during the latter part of
Apiil are as divergent as ever. Europeans have
subsciibed for new bonds and notes in considerable
volume but have not bought stocks. No important
international movements of gold are in progress, al
though Paris continues to take small amounts from
London despite the unfavorable state of the exchanges.

[V O L . L X X X X I I .

1 he following table indicates the amount of bullion
in the principal European banks.
A p r il

B anks o f

England-.
France . .
Germany
Russia a . .
Aus.-IIunb
Spain____
Italy.d__
Noth lands
Nat.Belg.d
Sweden . .
Swltz'land
Norway . .

13 1911.

A p r il

Gold.

S ilver.

Total.

Gold.

£

£

£

£

36,074,832
128,917,920
38,678,750
145,782,000
55.239.000
16.500.000
39.755.000
10.971.000
6.458.000
4.523.000
6.114.000
1.834.000

36,074.832
162,537,200
53,949,900
153.223,000
68.188,000
47.434.000
43.292.000
13,187,100
9.687.000
4.523.000
6.114.000
................
1.834.000

33,619,280
15,271,150
7.441.000
12.949.000
30.934.000
3.537.000
2.216,100
3.229.000

33,829,487
137,630,120
39,799,250
140.597,000
55.776.000
16.195.000
38.862.000
8.195.000
4,266,667
4.462.000
5.277.000
1.733.000

I

14 1910.

S ilv er.

1

£

34,876,760
14,059,450
8,402,000
13.450.000
30.879.000
4,000,000
2,854,500
2,133,333

Total.
£

33,829,487
172,506,880
53,858,700
148,999,000
69.226.000
47.074.000
42.862.000
11,019,500
6.400.000
4.462.000
5.277.000
1.733.000

Total week
I’ rev. week ln2'?!Co?iC10;Uf)6>S30 600,014,032 486,622,52 1 110,655,043 597,277,567
497,672,310 HO.456,527 608,128.837|486,754,755 110,905,380 597,660,135

THE ITALIAN SEMI-CENTENARY.

Three semi-centennial celebrations of the present
yeai present some very extraordinary historical co
incidences and contrasts. The fiftieth anniversary,
last Wednesday, of the firing on Fort Sumter recalled
to all minds the fact that 1861 marked the outbreak
0 oui Civil W ai. On the American continent, there01 c, tie } eai embodied two political movements of
the first importance—disruption of the national Union
Compared with Friday of last week, sterling ex and insistence, by a newly organized government in
change on Saturday was firmer, with demand quotec aims, on perpetuation of human slavery. The very
at 4 8635 @ 4 8640 and sixty days at 4 8415 @ 4 8425; same year, 1861, witnessed Russia’s emancipation of
cabie transfers were unchanged at 4 8660 @ 4 8665.' the serfs, and witnessed also conversion of the
On Monday, after a firm opening, prices receded 5 to Italian communities from a group of weak and separate
10 points, and demand closed at 4 8625@4 8630, independent States into United Italy. This lastcable transfers at 4 8655 @ 4 8665 and sixty days at mentioned event, considered by itself and not in
4 8410 @ 4 8420. On Tuesday exchange ruled weak relation to the remarkable contemporaneous events
on dull trading; in the late afternoon there was a on the American continent, is now being celebrated
slight recovery, but closing prices were practically in the Italian cities; it is worth while to take the occa
unchanged at 4 8625@4 8630 for demand, 4 8655@ sion for recalling just what was meant by it.
4 8660 for cable transfers and 4 8410 @ 4 8420 for
No contrast could be more striking than the social
sixty days. Demand advanced on Wednesday, owing and political conditions which the United States left
to higher discounts in London, to 4 8630@4 8640 and behind it when it engaged in the Civil War, and the
cable transfers to 4 8660@4 8670; sixty days declined conditions which lay behind Italy at the establishment
to 4 8405@4 8415. On Thursday, forenoon rates of Italian union. Since the formation of our own
again advanced, demand moving up to 4 86)4 and Union undei the Constitution in 1789, the United
cable transfers to 4 86%; later in the day the market States had enjoyed a career of prosperity, welfare and
eased off, and the final range was 4 8635@4 8640 for political happiness wholly unprecedented in the history
demand, 4 8665@4 8670 for cable transfers and of the world. Italy, during a series of centuries prior
4 8405@4 8415 for sixty days. On Friday early to the episode of 1861, had been a constant prey to
weakness was followed by a sharp recovery in remit mutual dispute, jealousy and warfare between its
tance to go by Wednesday’s mail, as well as by to-day’s petty independencies, and a constant victim of foreign
steamer. The close was at 4 8610@4 8620 for aggression. The Eighteenth Century had been marked
60 days, 4 8645@4 8650 for demand and 4 8670@ by almost uninterrupted conflict between the half
4 8680 for cables. Commercial on banks was quoted dozen Italian governments, and finally, as a natural
at 4 83% @ 4 83% and documents for payment 4 83% result of these internal struggles, by Austria’s conquest
@ 4 84. Cotton for payment ranged from 4 83% @ and annexation of Lombardy and by the capture of
4 83% , grain for payment from 4 8 3 % @ 4 84.
Sicily, Naples and Milan by Spain. The foreign occu
pation was a yoke of tyranny. In 1800 Napoleon
The following gives the week’s movement of money Bonaparte erected out of the Italian States what he
called the Cisalpine Republic, he himself being chosen
to and from the interior by the New York banks.
as its ruler. But this, like his similar exploits in
Received b y
S h ip p ed by
N e t Interior
W e e k ending A p r i l 14 1911.
N . Y . B a n k s. N . Y . B a n k s.
Holland and Westphalia, was merely an episode in his
M o vem en t.
Currency _ _
§10,067,000
$5.398,000 Galn $4,669,000
own
selfish politics. The Italian kingdom, thus held
1.879,000
7 9 4 ,0 0 0 ^ ^
1,085,000
together by force of foreign arms, fell with Napoleon,
Total gold and legal te n d e r s
$11,946,000|
?6,192,000|GaIn $5,754,000
the old reactionaries and the old divided Italy were
restored. War between the separate States was suc
ceeded by war between the tyrannical rulers and their
subjects, culminating in King Bomba’s laying waste
In to
Out o f
N e t Change in
W e e k ending A p r il 14 1911.
B a n k s.
B a n k s.
of his own city of Messina, an event which aroused the
B a n k H oldings.
Banks’ Interior movement, as above
§11,946,000
$6,192,000 Gain S5,754,000
horror
and indignation of civilized Europe.
Sub-Treasury operations-.
38,900,000
39,400,000 Loss
500,000
Then
came the general uprising of Europe for popular
Total gold and legal tenders
$50,846,000 $15,592,000 Gain §5,254,000
liberty of 1848, which in Italy, at any rate, found a

With the Sub-Treasury operations, the result is as
follows.




A p r . 15 1911.

THE CHRONICLE

safe and competent leader. The career of Victor
Emmanuel of Sardinia was thenceforward the story of
Italian unity. While Garibaldi led the popular in
surrection against the South Italian rulers, Cavour
was shrewdly conducting the diplomatic relations be
tween Sardinia and the Northern Italian States. He
impressed his purposes on Louis Napoleon, gaining the
assistance of that restless ruler in a movement against
Austrian control. Sardinia and France together
entered the epoch-making campaign of 1859; Lom
bardy was wrested from Austria; Tuscany, Modina,
Parma and Romagna voted to join the Italian Fed
eration. In 1860 Central Italy was annexed, and in
February 1861— the very month in which our Southern
Confederacy was formed— Victor Emmanuel was pro
claimed King of United Italy at Turin.
It is interesting to ask, as Italy itself has been
asking during this month’s celebration, just what is
the history which it had to look back upon in its now
completed half-century of Constitutional Union. The
story, taken as a whole, is of prosperity quite un
paralleled in the history of the Italian States. Wisely
inspired and guided by its rulers and parliaments,
Italy remained free from those international am
bitions which so often entangle young European gov
ernments in the affairs of other States. It is true,
Cavour himself had set a bad example, on the eve of
Italian union, by committing Sardinia to the campaign
of France and England against Russia in the singular
Crimean War. But even this was only temporary,
and that seemingly unnecessary policy of Cavour had
the definite purpose of forcing his allies in arms to
recognize Italy’s aspirations for itself. It is also true
that the experiment of united Italy was conducted
with good fortune which could not have been wholly
reckoned on. Austria, at a time when it might have
made a move to recover its lost Italian dependencies,
was crushingly defeated in 1866 by Prussia; France,
which had subsequently turned to an attitude of pas
sive hostility against the new Italian Government,
was even more overwhelmingly defeated by Germany
in 1870. But even these favoring incidents go to
illustrate the wisdom of the Italian administrators in
keeping free on their own account from entangling
outside diplomacy.
On the other hand, Italy has escaped, during the
twenty or thirty past years, the colonial aspirations
which have made trouble for so many of its powerful
neighbors. It did, indeed, so far yield to the prevalent
craze for foreign possessions as to enter the Abyssinian
experiment in the early eighties; but the humiliating
reverses of its colonial army in that field, so far from
prompting a stubborn and unreasonable determination
to go on with the unwise exploit, taught it apparently
that it had made a blunder which would better not be
repeated. It never was repeated.
The consequence has been that, although taxes in
Italy are still high, and although the past few decades
have witnessed many cycles of severe financial dis
order and currency depreciation, the nation as a
whole is prosperous and happy. Indeed, even as re
gards the chaotic banking and currency conditions of
twenty years ago, there is much force in the remark
by Signor Canovai, Secretary of the Bank of Italy,
in his monograph published lately by our Monetary
Commission:
“ At the time of its political unification, Italy was
destitute of everything, and had to attack and solve
vast and difficult problems which involved enormous
expenditures. It had to organize the State Executive,




995

unifying the different systems in force in the various
pre-existing States; it had to provide for organizing
an army and navy; for building railroads and com
pleting public works made peculiarly costly by the
special characteristics .of the country, traversed from
end to end as it is by the Appennine and Alpine ranges.
Everything, then, had to be evolved from the existing
confusion in all that related to credit, circulation and
financial-economic institutions in general.
“ Even though, in taking the first steps of its national
existence, Italy was not able to advance rapidly and
surely in the high road, and if in accomplishing the
immense work that presented itself the nation did not
succeed in avoiding grave errors, it certainly deserves
all due allowance, because the great good it has ac
complished since then overcame the evil in such a
manner as to make it disappear completely.”
One serious problem still remains ahead of United
Italy; it is the problem which just now confronts with
the most menacing aspects every other State of Europe.
The burden of its rapidly mounting expense for arma
ment is becoming increasingly hard to bear. From
what we have said already, it should be obvious that
these extravagant preparations for war can have had
no such motive as is alleged in the case of the greater
European Powers—the theory that treaty commit
ments, mutual jealousies and conflicting ambitions
render such precaution indispensable. Italy, it is
true, joined the Triple Alliance with Austria and Ger
many during the re-alignment of European States
after the Franco-Prussian War. But even diploma
tists have long been inclined to look upon its partici
pation in this diplomatic league as in a way grotesque.
If any unpleasant sentiment has been left over from
the old days prior to Italian unity, it is the bitterness
of Italy’s citizens against Austria. To what extent
the serious diplomatic experts have given weight to
this aspect of the case, may be judged from the re
markable assertion, in a recent pro-Austrian article
in the London “ Quarterly Review,” that the increased
expenditure on Italian armament is apparently
directed against Austria. This is a new idea in the
theory of such expenditure; it adds its weight to the
general argument from absurdity, against the govern
mental craze of the day. But that this increase in
naval and military power is always subject to such
sinister interpretation may be further judged from
another very recent incident. The Hungarian Pre
mier having assured his Parliament that his Govern
ment wanted nothing but lasting peace with Italy,
a deputy asked what all the newspapers described as
the “ indiscreet question:” “ Then what are your arma
ments doing along the Italian frontier and in the
Italian seas?” The question was not answered; the
seemingly convincing explanation for the increased
armament of two members of a close international
alliance is that each one imagines the other’s prepara
tions to be aimed against itself.
It is at all events gratifying, in this aspect of the
matter, to observe that Italy is joining cordially in the
international movement for limitation of the increase
in naval expenditure. In this movement it will cer
tainly be encouraged by the vote of the German
Reichstag, after the Chancellor’s speech against Sir
Edward Grey’s proposed limitation policy instructing
him “ to declare his readiness and williingness to
enter into joint negotiations with other great Powers
as soon as proposals for the simultaneous and propor
tionate reduction of expenditure on armaments are
made by one great Power.”

99G

THE CHRONICLE

[V O L . L X X X X I I .
ATCHISON TOPEKA & SANTA FE.

FAR-REACHING CHARACTER

OF COMMERCE

COMMISSION’S RATE DECISIONS.
F IF T H

CHICAGO & NORTH WESTERN.
1910.
..$74,854,505

Dividends— Prefer

1907.
$68,659,009
44,640,050

—.
+$6,195,430
+ 8,249,325

In c . + D ec.

$24,019,013
2,464,734

— $2,053,889
+ 514,779

..

$18,985,611
2,457,002

$21,554,279
2,366,013

— $2,568,068
+ 90,989

..

$21,442,613
9,001,373

$23,920,292
7,954,720

— $2,477,679
+ 1,046,647

..$12,441,240

$15,905,566

— $3,524,326

.(8)81.791,600 (8)81,791,600
.(7)8,040,438 (7)6,118.578

+ 1,921,860

$9,832,038

$7,910,178

+ $1,921,860

- - S2,609,202

$8,055,388

— 85,446,186

As far as this road is concerned, it will be observed, it
is certainly not true that the year 1910 was anywhere
near as good as the fiscal year 1907. Gross earnings
increased from $68,659,069 to $74,854,505, but,
unfortunately, this was attended by an augmentation in
expenses of over $8,000,000, with the result that net
earnings for 1910 were only $21,965,124, as against
$24,019,013 for 1907. Increased taxes added half a
million dollars more to the loss in net, making it only
$18,985,611, against $21,554,279 three years before.
An addition of over a million dollars to fixed charges
encroached still further on profits. Besides this, the
call for dividends was nearly two million dollars larger;
not because of any increases in the rate of distribution,
but because the company had a larger amount of stock
outstanding— it having been heavily increased in
order to provide the means for the extra facilities
needed to handle the growing volume of business.
The final result is, that as against a surplus of $8,055,
388 above the dividend requirements in 1907, the
corresponding surplus for 1910 was only $2,609,202.
Do such results bear out the contention that “ from
the standpoint of net revenue and of dividends” the
latest year surpassed 1907 in the results disclosed ?
In the following we furnish a similar comparison
between 1910 and 1907 for the Atchison:




1907.
S75,792,605
45,749,240

...$31,025,848
- - 3.449,836

$30,043,359
2,127,508

+$982,489
+ 1,322,328

$27,576,012

$27,915,851
6,310,633

— $339,839
— 158,911

$33,733,734

$34,232,484
12,813,559

— $498,750
+ 449,655

$21,418,925

— $948,405

A R T IC L E .

We have already referred in an earlier article to the
statement in Commissioner Lane’s opinion 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 divi
dends 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.” We have
shown that the assertion has no foundation in fact as
far as the railroads as a whole are concerned. Let
us now apply the remark to the case of the Western
roads which formed the immediate subject of Mr. Lane’s
inquiry. The Atchison Topeka & Santa Fe and the
Chicago & North Western answer well for the purposes of
a test. Mr. Lane uses them in many different ways as
typical illustrations, and these two roads have certainly
prospered as much as, if not more than, any others in
the same territory. We begin with the Chicago &
North Western. Here is a table we have compiled
from the figures contained in the opinion. We make
a direct comparison between the results for 1910 and
1907 (omitting the intervening years) so as to put to
the test the truth of the assertion that the carriers in
the late year prospered more than they did in 1906-07.

P ro fits ............

1910.
Gross earnings................................................$S6.971,313
Operating expenses....................................... 55,945,405

.(5)85,708,090 (5)S5,708,690
.(6)9,648,030(5 >3)5,655,032
$15,356,720

—.
+ S 1 1 ,178,708
+ 10,190,219

I n c .+ D e c .

+ 3,992,998

$11,363,722

+ $3,992,998

$10,055,203

— $4,941,403

Here the same characteristics are in evidence.
There is an increase of $11,000,000 in gross, but
barely a million dollars of it has been saved for the
net, due to an augmentation of over $10,000,000 in
expenses. An addition of over 60% in the three
years to taxes has wiped out even this small increase in
net, leaving the latter actually less than three years
ago, notwithstanding the $11,000,000 expansion in
gross revenues. Fixed charges were larger and so
likewise were the dividend requirements. The rate
of dividend was only one-half of 1% higher, being
given as 6% in 1910, against 5j^ % in 1907, the growth in
the amount required for dividends being due in the
main to the large amount of new stock issued. In
the final result the surplus above the dividends for
1910 is found to be only $5,113,800, as against double
that figure in 1907. Does that evidence the continu
ance of the heyday of prosperity which we are told
existed in 1907?
We will now proceed a step further and present a
comparison covering the whole six Western roads
which the Commission uses for purposes of illustration.
The results are our own, but have been compiled
entirely from the figures for the separate roads given in
the appendix to Mr. Lane’s opinion.
1910.

s

C n & Q . 88,049,999
Mil & St POO,505,781
C R I A P 02,045,280
Ch & Alt 13,505,779
Atchison 80,971,313
Ch & N W 74,854,505

- N e t after T a xes -------- B alance above D i v s -

1907.

1910.

5

S

80,127,986
00,548,554
54,572,846
12,765.491
75,792,605
68,659,009

21,723.533
17,607,055
13.801,451
4,253,864
27,576,012
18,985,011

1907.

1910.

1907.

21,400,740 « 5 ,108,492 a0,083,G06
19,688,482
513,379 5,571,295
10,227,415 61,188,440 64,515,143
4,551,997cde/153,599 c l,010,229
27,915,851 d b . 113,800(110,055,203
21.554,279 2,009,202 8,055,388

393.132,063 352,466,551 104,008,120 111,404,764 14,379,714 35,290,804
After 8% In 1910 and 7% In 1907.
6 Dividends only 5% In 1910, against b f i % In 1907.
c No comparison possible as to rate of dividend, owing to changes In stock; but
amount paid In dividends In 1910 was $1,405,762, against $1,058,300.
d After 6 % on common In 1910 and b f i % In 1907.
a

This last, comprising the combined results for the
six leading systems, is a peculiarly instructive exhibit.
It will repay study in the light of Mr. Lane’s unqualified
statement that the fiscal year 1910 was the best the
railroads ever experienced, surpassing even 1907^
which he sets down as a year distinguished for results
of such a favorable nature that the carriers could have
no occasion for complaint. The figures reveal a situa
tion the exact contrary of that claimed by the Commis
sion. Gross earnings do show substantial improvement,
having risen during the three years from $352,466,551
to $393,132,663. But in face of this addition of
$40,666,112 to their gross revenues, the net results
from the business, after deducting expenses and taxes,
were only $104,008,126, against $111,404,764 in 1907.
With net thus reduced (and it deserves to be noted
that the experience of the whole six roads was exactly
alike, only one of them recording an increase in net,
and that for a very small amount, while the rest all
have larger or smaller losses) the different companies
had larger fixed charges to meet by reason of the in
crease in their indebtedness and they also had a larger

A p r . 15 1911.J

THE CHRONICLE

997

call for dividends owing to the additions to their been needed for its proper operation and develop
share capital during the three years.
_ ment ?
What the Commission has to say with reference to
The final outcome of these unfavorable conditions is
recorded in the last two columns, where is shown the the accumulation of surplus earnings by these six roads
balance remaining over and above the payments for is also open to criticism. A table is presented pur
dividends and fixed charges. In every case the porting to show that, whereas on June 30 1900 the
balance remaining is very much smaller than it was in six roads combined had a surplus of $62,551,274, by
1907. For the Milwaukee & St. Paul it is only $513, June 30 1910 the amount had been increased to $177,
379, against $5,571,295 in 1907; for the Rock Island 963,365. This table is based on the credit balances
only $1,188,440, against $4,515,143; for the Atchison to profit and loss, and we have already indicated that
$5,113,800, against $10,055,203, and for the Chicago such profit and loss balances furnish no clue to the
& North Western $2,609,202, against $8,055,388. surplus accumulated out of current earnings. The profit
For the six roads combined it is no more than $14, and loss account includes all sorts of adjustments
from year to year on both the debit and credit sides,
379,714, against $35,290,864.
With all the different companies thus revealing most of which have no reference whatever to current
identical results, their experience in this respect must income. For instance, profits may be credited from
be regarded as due to a common cause, which cause is the sale of securities or from some other source not
found in the circumstance that railroad operations connected with the transportation business.
The item may also include premium realized from
have been yielding poorer results with each succeeding
the
sale of new stock or bonds. Such premiums, of
period. It was this situation, combined with the great
course,
do not come out of the pockets of shippers.
advances in wages and the higher price of fuel and
We
have
an illustration to this latter effect in the case
some other items in the expense accounts, that made
of
one
of
the
very roads here covered. The Milwaukee
the managers so apprehensive and led them to en
&
St.
Paul
is
one of the roads where the Commission’s
deavor to bring about a slight increase in transportation
figures
of
surplus
for the two dates taken June 30
rates.
1990
and
June
30
1910—agree exactly with those in
In considering the great diminution in the balance
the
company’s
reports,
and where, therefore, an ex
remaining above the dividend requirements, it should
amination
of
the
profit
and loss account as given in
be distinctly understood that the falling off has
the
reports
from
year
to
year
enables one to see how the
followed only in very small measure as a result of
supposed
surplus
is
arrived
at.
In at least one of the
an increase in the rate of payment. The Burlington
years,
namely
1909,
we
find
$1,532,336
credited as
& Quincy is now giving its shareholders 8% per
premium
on
common
stock
sold
back
in
1901
and 1902.
annum as against 7% in 1907 and the Atchison is
However,
we
do
not
intend
to
enter
again
into
a dis
charged with 6% , as against 53di%; but on the other
cussion
of
the
objections
to
the
use
of
the
credit
bal
hand in the llock Island case the dividend in 1910
ance
to
profit
and
loss
account
as
an
indication
of
the
was only 5% , against 53^% in 1907. The amount
growth
of
surplus
accumulated
out
of
earnings.
We
paid out in dividends was larger in all cases, but
treated
the
subject
fully
in
a
previous
article.
But
almost solely because of the fact that the outstanding
share capital has been heavily increased. The new the Commission in this instance goes a step further in
stock went to provide additional facilities to take its endeavor to make it appear that these roads have
care of the growing volume of business. And in every been able to net an enormous surplus, besides meeting
case a full dollar in cash was paid for every dollar of their interest and dividend charges. It is not satis
new stock issued. We do not know of a single instance fied with the amount it gets by taking the increase in
where any new stock issued by these companies was the profit and loss balance during the ten years. Go
ing behind the returns, it finds that certain amounts
put out at less than par.
It is proper that this explanation with reference have been devoted each year (or at least whenever
to dividend payments should be made because certain earnings admitted of such a course) to the making of
statements and declarations' in the opinions of the additions and betterments, and certain other amounts
Commission, made to exaggerate the roads’ profits and have been set aside to meet sinking fund obligations
their prosperity, give a wholly erroneous impression on or to put in other special funds. Accordingly, it adds
that point. Here, for instance, is one such statement all such sums on to the increase in surplus disclosed
by a comparison of the profit and loss balance. In
which has been widely quoted.
this way it reaches the conclusion that the “ surplus
In 1901 these six roads paid dividends of $26,000,000.
Ten years later these roads paid more than twice that accumulated during the ten years ending June 30
amount in dividends. At the close of the first half of 1910” (20 I. C. C. Rep. 333) reached no less than $204,
the decade they were paying in dividends over $35, 050,421.
000,000, and at the close of the second half of the
The propriety of considering money put in non-pro
decade they were paying $20,000,000 in addition.
ductive improvements (or improvements of any kind
The purpose here obviously is to exaggerate. The which the managers feel cannot safely be charged to
fact of the matter is that in the main the increase in capital account) as surplus earnings may well be ques
the amount of the dividend payments follows as a tioned. But suppose the aggregate were not over
result of the great increase in the share capital of the stated, as it so clearly is, would there be any reason for
properties. And as the extra stock was put out at attaching any special significance to it, considering
full value, why should not dividends expand corres the magnitude of the mileage and territory covered
pondingly ? Is there any evidence of great prosperity (this latter including the whole Western half of the
in the fact that the roads were able to earn a return country), and the extent of the capital invested in
on such capital, the money represented by the added these properties? The amount of this capital, stock
capital having actually gone into the property and and debt, according to Commissioner Lane, is $2,



THE CHRONICLE

098

070,000,000. The surplus, at $204,050,421, would be
not quite 10% on this total of capital; and as the
period covered is ten years, this means less than 1% a
year. In other words, even on the basis of the Com
mission's own figures—swelled by every item which
could be fished out of the reports of the roads and
converted into the semblance of a surplus—the even
tual result at which we arrive is that the so-called ex
traordinary prosperity which these roads have been
allowed to enjoy consists simply of the fact that, in
addition to the dividends which they paid, they had
the equivalent of 1% more left over on their capital
to put back into the properties for their physical or
financial improvement.
Unfortunately, as with so many other of the figures
and statements of the Commission, the computation
of a surplus of $204,050,421 for the ten years is an
over-statement, even on the assumption that there is
warrant for considering income devoted to improve
ments and betterments as the equivalent of surplus.
It would be wearisome to attempt to take up each of
the six roads. Indeed, for some of the roads we have
found it impossible to determine how the figures were
arrived at. We shall confine ourselves, therefore,
entirely to the case of the Chicago Burlington &
Quincy. This company has always kept its income
surplus distinct from its profit and loss surplus, and
therefore, by comparing the aggregate of such surplus
for June 30 1910 with that for June 30 1900, we get the
exact amount of surplus income for the ten years. If,
now, we add the sinking fund appropriations each year
out ot earnings and the sum of the betterments charged
to earnings (these latter dating from 1908), we ought
to get a total closely approaching that which the Com
mission reports for this particular company. As a
matter of fact, this method yields a total which falls
far short of that given by the Commission. Here is
our total compiled in that way.
CHICAGO BU RLING TO N

&

QUINCY.

Income balance June 30 1900 .........................................S15.722.391
“
"
"
30 1910 ......................................... 41,785 373
Sinking fund appropriations—

1901 From earnings ..................................................
1902
1903
1901
1905
1906
1907
1908
1909

1910

526,062,982
S488.600
623.131
721,758
721.717
722,483
721.954
709.310
676,011
675,828
666,874

Betterments charged to earnings—
1908 ......................................................................... S3,186,415
1909 .............................................
2,237,081
1910 .......................
3,329,006

6,727,666

8,752.502
Grand t o ta l... ............................. ........................................ Sll.543,150
Amount reported by Commission..................................................... 52,134,709
Exces3.........................................-........................................... S10.591.559

The highest figure that can be arrived at on that
basis, it will be seen, is $41,543,150. The Commission
makes the total over 810,000,000 more, or $52,134,709.
Possibly the Commission has also added the yearly
accretions to the sinking fund. To include these
would be clearly wrong, for the Commission is seeking
to show how much has been contributed by shippers
to swell the surplus accounts of the roads. Hence,
it is only the amounts taken out of earnings each year’
and not the interest that may be earned on the invest
ments in the funds, that can be counted. But even
with these accretions added on, inadmissible as such
a process would be, the amount would still fall below
the total given by the Commission. The accretions to
these sinking funds during the nine years ending June
30 1909 (the 1910 amount has not been reported) were




[VO L. L X X X X I I .

$0,262,204. If the $41,543,150 shown in the fore
going table were increased by this sum, the aggregate
even then would be no more than $47,805,354, as
against the $52,134,709 reported by the Commission.
We do not know how the rest of the difference is ac
counted for. At all events, as the accretions to the
sinking lunds cannot be considered as a contribution
out of the pockets of shippers, there is an over-state
ment of the 10 years’ aggregate of surplus in the case
of this company in amount of over $10,000,000.
REVERSAL

OF THE “ DANBURY HATTERS”
DECISION.
lhe decision in the Danbury Hatters case, which has
now been reversed by the Federal Circuit Court of
Appeals, Judge Lacombo delivering the opinion and
Judges Cox and Noyes concurring, is the decision and
judgment obtained in the Federal Circuit Court in
Hartford on lo b . 4 ol last year. The case itself is a
very old one and has been quite vexatious, Judge Platt
(who rendered the decision which is now reversed)
having remarked at that time that he “ began to suffer
the trials and tribulations of this complaint in 1904.”
The Danbury firm of Loewe & Co., having had some
of the familiar difficulty with organized labor, decided
to follow the rule of the open shop and refused to
unionize its factory. Thereupon the local hatters’ union,
sustained by the American Federation of Labor, of
which it is a part, proceeded to put on the rebellious
firm the screws of the byocott, and thus the suit began.
The applicability of the Sherman Act to this case hav
ing been passed upon by the Supreme Court of the
United States, by the late Chief Justice Fuller, Judge
Platt took the case from the jury, leaving to them the
determination of damages. A verdict for $74,000 was
found, which was tripled under a distinct provision of
the Sherman Act. The boycotters were individually
liable, and attachments upon property in Danbury had
been issued in anticipation several years earlier.
Ibis was the status of the case 14 months ago. It
should be clearly noted that the reversal now is not in
any substantial sense a full victory for the unions.
No doubt is expressed as to whether the defendants
did in fact do the particular acts charged against
them, and no doubt is admitted as to the illegality of
those acts. After saying that a combination of in
dividuals “ to induce a manufacturer engaged in inter
state commerce to conduct his business as they wish
it should be” is a violation of the Sherman Act, Judge
Lacombe said that “ when such obstruction is shown
to have brought about an injury to a person’s business,
recovery may be had, although the impelling motive
of the combination was an effort to better the condition
of the combine, which, except for the Anti-Trust Act,
might be proper and lawful.”
So much as to the legal character of the acts com
mitted. As to the acts themselves, it had been shown
that persons (referred to in the decision as “ mission
aries” ) visited customers of the Danbury firm in other
States, avowing themselves to have come from the
United Hatters. To some of the persons called on
they said that unless these parties would cancel orders
given to the Danbury firm and promise to give no more
orders their own factories would be tied up by having
the men called out. To others, these missionaries
threatened to call on their customers and try to cut off
use of their goods unless they would drop the Danbury

APR.

15 1911.]

THE CHRONICLE

firm. In other cases the missionaries threatened boy
cotting and putting on “ the unfair list.”
This is as Judge Lacombe reviewed and condensed
the facts previously shown, and these do not appear
to be seriously disputed. It still appears to stand
as established that unlawful conduct was indulged in
by the United Hatters, in pursuance of their intention
to bring the Danbury firm to submission; the reversal is
now put upon technical grounds, the error being in the
conduct of the case on the part of the plaintiff firm.
The first error is found to be in Judge Platt’s taking
the case from the jury upon everything except the de
termination of damages; the objection of the defend
ants, that in so doing “ the trial Court assumed the
function of the jury in passing upon the credibility of
witnesses and weighing conflicting testimony,” is held
to be well taken.
The second error found was in admitting hearsay
evidence regarding threats made by the missionaries;
for instance, a salesman of the Danbury firm was al
lowed to testify that several customers told him that
at various times they had been visited and threats of
trouble to come had been made; this, Judge Lacombe
holds, is a re-telling of things said by some outside
parties not under oath and is inadmissible.
Judge Lacombe also dissents from the argument that
membership in and contributions to the United Hatters
make persons principals as to any and all agents that
union might employ. Its constitution provides that
certain of its officers “ shall use all the means in their
power to bring such shops into the trade,” but this
d ,'s not necessarily imply the use of other than law1:1 means. “ Something more must be shown; as, for
ustance, that with the knowledge of the members un
lawful means had been so frequently used, with the
express or tacit approval of the association, that its
agents were warranted in assuming that they might
use such unlawful means in the future; that the asso
ciation and its members would approve or tolerate such
use whenever the end sought could be obtained there
by.”
It seems well established, even if not yet shown by
legal evidence, that active agents or sympathizers of
organized labor have liberal notions about means
which may be justified by the end sought, and that
the approval by the rank and file of the membership is
at least tacit. Yet the reversal now obtained is so
clearly put upon the ground of errors in the conduct of
the trial that the case seems to be put back nearly
where it was before it was heard by Judge Platt; that
is, the unlawfulness of the boycotting acts is admitted,
and the commission of those acts should be suscepti
ble of proof; although there may be difficulty in fasten
ing them upon particular individuals.
RAILROAD GROSS EARNINGS FOR MARCH.
Gross earnings of United States railroads arc now
quite generally showing a falling off as compared with
the corresponding period in 1910. The fact stands
clearly revealed in the preliminary tabulations which
we present to-day for the month of March, covering
the roads which make it a practice to furnish early
estimates of their gross revenues in advance of the
completed statements which they issue when audited
figures of both earnings and expenses become avail
able. For some months gains in gross receipts though
continued have been gradually dwindling in amount,



091)

and now for March there is an actual falling off. Our
statement comprises 50 roads operating in 1911
88,447 miles of line and on this mileage there is a
decrease of $1,053,860, or 1.59%.
Actually, the showing, as far as the roads in this
country are concerned, is poorer than the comparison
given appears to indicate, for our totals include three
roads or companies in Canada in which country
conditions remain exceedingly favorable and the
roads, as a consequence, continue to record large
gains. The three companies are the Canadian Pacific,
the Grand Trunk of Canada and the Canadian
Northern. The three combined show an increase of
$1,434,016. It follows that with these roads excluded,
the loss for the United States roads, considered alone,
would be $2,487,876, or 4.61%.
It would not be correct to ascribe this falling off of
nearly 23^ million dollars entirely to business depres
sion. Trade reaction has certainly become increasingly
pronounced since the Inter-State Commerce Commis
sion announced its decisions February 23 adverse to
the carriers. But there have also been other adverse
conditions and influences to which the falling off in
revenues must in part at least be attributed. The
roads having a large coal traffic, whether situated in
Colorado, like the Colorado A; Southern and the
Denver & Rio Grande, or running through Virginia
and West Virginia like the Chesapeake & Ohio, or
through Illinois like the Illinois Central, are dis
tinguished for particularly large losses in revenues and
this calls attention again to a circumstance affecting
the comparisons to which we made reference in
reviewing the earnings for the month of February.
Last year widespread fears prevailed of a general strike
of the miners in the bituminous coal regions through
out the United States. On this idea everyone stocked
up with coal to guard against a possible dearth of
supplies should a strike actually materialize. Consequcntly, coal shipments for a time during the early
months of 1910 were on a prodigious scale. The
present year, on the other hand, shipments have been
unusually small, one reason being a loss of activity in
trade and another reason the fact that the winter
weather was exceptionally mild, whereas last year in
certain parts of the West, at least, it was more than
ordinarily severe. It appears also to be a fact that
supplies of coal on hand have been the present year
unusually large.
In its issue of March 18, the
“ Engineering & Mining Journal” of this city noted
that the bituminous mines in West Virginia, Penn
sylvania and Colorado are being operated at only
about '50% of their capacity, those of the Southwest
at about 60%, of Alabama about 55% and of Ohio.
Indiana and Illinois at only about 40%.
Some roads, too, had to contend with special draw
backs. On March 9 a strike of the white firemen on
the Cincinnati New Orleans & Texas Pacific Railroad
was begun, on less than 24 hours’ notice, because of
the refusal of the company to agree to discharge
within 90 days all the negro firemen employed. This
strike was not terminated until March 25 and in the
meantime business on all the lines making up the
Queen A Crescent route between Cincinnati mid
New Orleans was seriously interrupted
As it happened, too, neither the grain movement in
the West nor the cotton movement in the South came
anywhere near equaling in volume the corresponding

THE CHRONICLE

1000

movements of last year. Taking the grain receipts
at the Western primary markets for the five weeks
ending April 1 as a guide, corn is the only item showing
enlarged deliveries, while on the other hand, wheat,
oats, barley and rye all record large losses. In wheat,
the shrinkage at the spring wheat points, Minneapolis
and Duluth, was particularly marked. When the
different cereals are combined it is found that the
aggregate deliveries for the five weeks of 1911 were
only 48,135,834 bushels, as against 63,934,929 bushels
in the same five weeks of 1910, thus recording a loss
of nearly 16,000,000 bushels. The details of the
Western grain movement in our usual form are set out
in the table which we now insert.
W E STE R N G RAIN RE CEIPTS.
F lo u r
Five weeks end
W h ea t
C orn
O a ts
Ing April 1.
( b b ls .)
( b u s h .)
( b u s h .)
( b u s h .)
C h ic a g o —
1 9 1 1 ...........
483,493
640,500 10,313,500 6,051,200
1910_______ 1,124,584 1,561.500 9,307,650 8,865,825

B a r le y
( b u s h .)

R ye
( b u s h .)

2,069,600
4,325,500

133,000
96,000

M ilw a u k e e —

1911..............
1910..............

331,340
269,465

376,290
1,254,650

839,460
1,057,100

1,084,600
1,247,500

1,088,000
1,774,593

174,420
77,040

233,430
264,260

1,222,603
1,182,922

2,120,085
2,454,293

1,747,280
1,680,940

124,600
258,200

25,381
41,000

232,000
134,500

866,500
540,800

172,500
201,350

______

______
12,500

21,209
20,526

111,271
83,360

342,918
216,872

245,618
168,883

4,052
6,087

54,558
23.546

507,904
602,391

346,799
363,610

1,576
6,538

5,052

207.944
337.870

55,366
60,149

1,817,412
1.317,974

523,650
1,148,800

153,832
262,512

36,500
35,200

63,315
132,230

427,134
2,875,236

151,619

8,441
1,179,700

168,145
377,300

26,195
148,627

6,935,187
10,299,730

1,013,490
652,530

1,421,070
1,696,298

1,452,800
1,886,718

150,520
185,190

1,048,410
2,232,300

1,434,000
L692;550

419,900
3401000

than most others. The Louisville & Nashville, for
example, registers only a trifling decrease and the
Southern Railway actually has an increase of $137,710,
while in the case of the Seaboard Air Line, which since
its reorganization has been making rapid upward
strides, the improvement amounts to $216,477, or
over 10%. The Mobile & Ohio and some others also
have increases. The Texas properties, however, and
particularly the Texas & Pacific, have fallen behind.
Outside of the South and Canada, losses are large
and general and they come from all parts of the country.
Thus the Illinois Central has a decrease of $479,831,
the Missouri Pacific a decrease of $436,000, the Great
Northern a decrease of $376,977, the Chesapeake &
Ohio a loss of $342,643 and the Colorado & Southern
a loss of $316,206. In the following we show all
changes for the separate roads, whether increases or
decreases, for amounts in excess of $30,000.

S t. L o u is—

1911..............
1910..............
T o led o —

1911..............
1910..............
D e tr o it—
1911..............
1910..............
C levela n d —
1911..............
1910..............
P eo r ia —

1911..............
, 1910..............

[VOL. LXXXXII

P R IN C IP A L

CHANGES

C anadian P a c ific _________
C anadian N o rth e r n _______
S e a b o a rd A ir L i n e . .............
W a b a s h ........ ...............
S o u th e rn R a ilw a y ________
G rand T ru n k o f C a n a d a ..
M o b ile & O h io ____________
M issouri K an sas & T e x . .
C en tral o f G e o rg ia ...............

IN

R e p re se n tin g 9 ro a d s In
o u r c o m p ila t io n ________ 52,080,401

D u lu th — •

1911..............
1 9 1 0 ...........

Total of all—

5,058,553
8,891,361

546,016
600,609

O a ts
( b u s h .)

( b u s h .)

1,342,700 21,426,850 12,620,200
3.183.300 29,784,650 20,686,300

3,698,100
8,792,636

(hush.)
243,000
264,000

1911.............. 1,344,783 11,103,319 19,406,888 12,021,058
1910.............. 2,155,022 19,707.893 17,842,160 16,892,906

Jan. 1 to April 1

Chicago—

F lo u r
( b b l s .)

882,042
1911_______
1910.............. 2,440,953

W h ea t
( b u s h .)

C om
( b u s h .)

Barley

R ye

M ilw a u k e e —

547,205
743,280

836,200
2,066,450

1,962,680
2,985,900

2,083,774
2,914,000

1.770,380
4,123,293

241,710
240,040

443,600
709,150

2,406,203
3,891,227

4,187,065
7,789.242

3,439,350
5.704,940

404,404
800,300

41,881
104,000

356,000
442,500

1,399,900
1,196,250

370,500
489,100

_____

37,784
54.838

236,672
225,427

863,743
782,635

382,337
472,355

____ _
_____

8,093
22,597

80,509
84,731

750,245
2,250,112

673,299
887,620

25.076
38,421

6,128

396,520
_ 1910.............. 1,024,114

110,366
177,292

3,538,961
4,679,886

903,450
3,287,787

398,632
774,112

72,700
123,100

103,720
205,975

1,772,430
6,034,192

627,158

156,394
2,861,895

187,770
1,221,714

54,389
230,031

12,130,437
29,581,470

2,087,991
2,948,730

2,469,930
4,288,288

2,594,380
5.928,578

249,170
603,650

2,399,610
6,913,200

2,770,800
0,415,250

788,800
1,103,500

...........

............

1911..............
1910..............
St.

L o u is—

1911..............
1910..............
T o led o —

1911..............
1910..............
D e tr o it—

1911..............
1910..............
C le v e la n d —
1911..............
1910..............

1911..............

1911..............
1910..............
M in n e a p o lis—

1911..............
1910_______
K a n s a s C ity —

1911
1910..............
T o ta l

of

.........

_____

46,500

all —

902,880
1911_______ 2,418,964 21,671,127 39,615,393 23,888,034 9,078,742
1910.............. 5,200,907 52,599,789 58,832,655,42,695,785 21,679,054 1,617,449

E A R N IN G S

IN

M ARCH.

Illin ois C e n tra l____________
M issouri P a c lllc ___________
G reat N o r t h e r n .__
Ch esapeake & O h io _______
C olora d o & S o u th ern
Ctn N ew O rl & T e x P a c
M inn St Paul & S S M ____
D en ver & R io G ra n d e ____
C h icago G reat W e s te rn ___
T e x a s & P a c ific .......... ..
C h icago & A l t o n _________
D u lu th S o Sh & A t la n t ic .
A la b a m a G reat S o u th e r n .
B u ll R o c h & P i t t s . . ..........

Decreases.
$479,831
43 0 ,0 0 0
3 76 ,977
342 ,043
316 ,200
2 36 ,385
235,358
178,700
122,099
113,730
70,032
48,940
44,071
4 4 ,155

R e p re se n tin g 14 road s
In o u r c o m p ila t io n _____ $3 ,0 5 1 ,7 2 7

M in n e a p o lis—

1911_______
1910_______
K a n s a s City —
1 9 1 1 ............
1910 - -

GROSS

$981,000
330,500
210,477
173,788
137,710
110,510
51,337
35,933
31,200

In considering the decreases here revealed the fact
should not be overlooked that they follow, in most
cases, correspondingly large increases in the previous
year. In illustration of the general character of the
returns in 1910 we may note that in March last year
our early preliminary statement showed an increase
of no less than $8,795,473, or 15.61%. In March
1909, too, there had been an improvement, the
increase then having been $5,082,356, or 10.99%.
In March 1908, on the other hand, at the time of in
tense depression in trade, our early returns showed
a loss of no less than $9,150,668, or 14.36%. We fur
nish herewith a summary of the comparative totals
for March and the first quarter of each year back to
1897.

Mileage.
Year Yr.pre- InGiven. ceding, cr’se.
March.__ Roads Miles. Miles, j %
121

1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911

__
__
__
__
__
__
__
__
__
__
__
__
__
—

Gross Earnings.
Year
Year
Given. Preceding.

Increase (+ )
Decrease (-

$
S
3
%
92,737 92,048 0.75 36,730.150 36,574,594
+ 155,556 0.42
133 97,253 96,089 1.21 44,918,276 38,767,463 +6,150,813 15.87
119 94,333 93,235 1.18 45,851,636 43,192,673 + 2,658,963 6.15
112 99,388 97,468 1.97 54,226,229, 48,306,240 + 5,919,989 12.25
103 100,739 97,542 3.28 58,451,929 54,154,932 +4,200,007 7.93
89 92,041 90,481 1.72 53,947,913 50,750,057 ! 3,197,356 6.30
69 95,620 93,441 2.33 63,656,496 55,634,679 +8,021,817 14.42
69 85,636 83,386 2.68 54,218,287 54,355,422
— 137,135 0.25
62 80,134 78,881; 1.59 56,099,462 50,899,522 +5,199,940 10.21
58 83,228 81,448 2.18 60,824,758 55,489,877 + 5,334,881 9.61
66 92,828 91,100 1.90 77,540,501 71,896,303 + 5,644,198 7.85
55 83,468 82,332 1.38 54.549,532 63,700,200 —9,150,668 14.36
48 77,656 76,193 1.92 51,321,597 46,239,241 + 5,082,356 10.99
53 85,936 84,398 1.82 65,155,888 56,360,415 +8,795,473 15.61
50 88,447 86,208 2.60 65,239,119' 66,292,979 — 1,053,860 1.59

As regards the cotton movement in the South, the
shipments overland in March 1911 were 101,410 bales,
against 65,077 bales in March 1910 and 112,735 bales
in March 1909. The receipts at the Southern outports
were only 282,809 bales, against 391,122 and 497,670
bales, respectively, in the same month of the previous
Jan. 1__to Mch.
two years, as the following table will show.
120
1897
RE CE IPTS OF COTTON A T SO U TH E RN PO RTS IN M AR CH , AND FROM
JA N U A R Y 1 TO M ARCH 31 1911, 1910 AN D 1909.

Since January 1.

March.

Ports.
1911.

1910.

1909.

Galveston.................. bales. 105,333 113,650 182,968
Port Arthur, & c......... ....... 25,777 28,810 42,750
New Orleans................ ....... 67.013 130,447 127,760
M obile........ .........................
4,999 16,450 17,629
Pensacola, &c------------------9,405 7,475 11,120
Savannah.................... ....... 32,083 47,581 57,120
2,284 11,815 9,146
Brunswick.................... .......
2,088 7,425 9,995
Charleston............................
192
Georgetown...................... .
178
306
Wilmington.......................... 10,2671 7.419 12,397
N orfolk................................ 22,292 18,944 24,399
928 2,080
Newport News, A c_______

1911.
539,249
250,975
418,760
42,098
69,984
222,501
49,960
25,769
524
59,100
96,435
1,140

1910.

1909.

512,658
81,666
344,725
55,483
44,695
132,082
21,396
13,549
517
23,353
59,046
4,668

854,099
168,855
577,150
84,729
56,765
245,992
94,297
42,209
974
65,771
113,185
8,830

1898
1899
1900
1901
1902
1903
1904
1905
1006
1907
1908
1909
1910
1911

__
__
__
__
_ __
__

_
__
__
__
__
—

31.
92,598 91,907 0.75 104,287,357 107,550,519 —3,263.162 3.03
131 96,998 95,832! 1.21 126,755,310 109,339,374 + 17,415,936 15.93
118 93,875 92,777 1.18 126,102,007; 121,187,638 + 4,914,369 4.05
111 99,115 97,195 1.97 154,477,543 132,538,843 +21,938,700 16.55
103 100,739 97,542 3.28 167,574,617 154,125,350 + 13,449,261 8.72
89 92,041 90,481! 1.72 155.556.409 146.020.060 +9,536,349 6.52
69 95.620 93,441 2.33 181.463.231; 160.459.158 +21,004,073 13.09
69 85,606 83,386 2.68 152,071.336 153,791.510 — 1,720,174 1.12
62 80,134 78,881; 1.59 149,372,126 142,415,455 + 6,956,671 4.88
58 83,228 81,448 2.18 183,644,696 154,918.113 +28,726,583 18.54
66 92,828 91,100 1.90 214,200,964 204,957.203 +9,243,761 4.51
55 83,468 82,332; 1.38 149,515,630 168,209.991 — 18,694,361 11.11
48 77,656 76,193' 1.92 142.902.711 131,609,385 + 11,293,326 8.66
53 85,936 84,398. 1.82 179.172.331 155,045.813 +24,126,518 15.23
50 88,447 86,208 2.60 1S2,039,008; 180,487,121 + 1,551,887 0.86

Note.—We do not Include Mexican roads In any of the years.

To complete our analysis, we add the following
six-year comparisons of the earnings of leading roads
Total.................................. 282,809 391,122 497,670 1,776,495 1,293,838 2,312,856
arranged in groups. It should not escape attention,
Notwithstanding the smaller cotton movement, on an examination of these tables, that in many in
Southern roads make on the whole better comparisons stances the 1911 earnings do not differ much from




76;

those for 1907, four years ago, reflecting a lack of
progress in the interval.
e a r n in g s

March.

of no rth w estern

1911.

>

|

1910.

and

no rth

1909.

1908.

1906.

1907.

T o ta l............ 10,584,168.16,382,915 13.921,338 11,499,137 13,850,089 12.263,232
* Includes Mason City A Fort Dodge and the Wisconsin Minnesota & Pacific In
1911, 1910, 1909 and 1908. a Includes Chicago Division In 1911, 1910, 1909 and
1908; lor previous years we have combined Minn. St. P. & S. S. M. and Wisconsin
Central, b Actual figures of earnings are now used for comparison.

1911.

1910.

S
766,262
510,891

S
810,417
535.743

1909.

1908.

1907.

1906.

S
614,513
399,932

$
668,613
502,636

$
716,495
454,307

s

Buff Roch & Pitts
546,031
Chic Ind ALouisv
441,159
Gr Trunk of Can)
Gr Trunk West) 3,909.773 3,793,257 3,167,451 3,016,259 3,571,270 3,268,011
Dot Gr Ila v& M I
Canada A tl — j
Illinois Central.. 65,059,122 65,538,953 04,948,472 04,667,455 5,076,630 4,640,563
97,964
102,217
104,424
94,300
Toledo I’eo A W .
101,426
98,770
321,542
.344,545
284,745
288,901
Toledo St L & W
313,814
316,479
Wabash _______ 2,659,565 2,485,777 2,149,659 1,976,130 2,204,353 2,100,502

$
43,189
939,982
2,035,275
5,153,646
2/6,118
1,313,701
101,426
316,479
2,485,777
891,747

5
180
— 5,628
180
+ 24,317 1,499 1,476
+ 216,477 3,046 2,996
+ 137,710 7,039 7,050
+ 246
91
91
— 113,730 1,885 1,885
— 2,656
247
247
— 2,665
451
451
+ 173,788 2,514 2,514
+ 11,530 1,372 1,372

T o ta l (50 roads) . .. 65,239,119
N et decrease (1.59%)

66,292,979

— 1,053,860 88,447 86,208

Rio Grande Southern
St Louis S o uthw e st..
Seaboard A ir L in e ____
Southern R a ilw a y .
Tenn A la & G eo rg ia..
Texas A Pacific______
Toledo Peoria & \V_ _
Toledo S t I. A W e s t..
Wabash ____
.. .
Yazoo A Miss V a lle y .

Mexican roads (not Inc luded In tot al) —
769,259
838,814
Interoceanlc of Mexico
748,400
836,200
Mexican R a i l w a y __
5,740,586
5,487,753
N a t R ys of Mexico..a;

1911.

Name o f Road.

A labam a Great S o u th e rn ..
A la New O rl A Texas P a c ..
New Orleans A Northeast
Alabam a A Vicksburg —
Vicks Shrev A Pacific—

Central of Georgia—

E A R N IN G S OF SO U TH ER N GROUP.

A tl Blrra A A t l . .
Central ofGeorgla
Clies A O h io ___
Cln N O A T l ’ac.
Loulsv A Nash.S
Mobile A O h io ...
Southern l t y -Yazoo A Miss Val

1911.

1910.

1909.

1908.

1907.

1906.

S
326,098

S
370,769

S
285.050

S
249,583

S
314,978

S
331,009

322,977
141,970
118,958
255,901
1.176,900
2,886,698
793,924
4,790,530
932,388
2,035,275
5,153,646
891,747

273,847
133,486
113,262
204,824
1,010,380
2,249,643
656,139
3,907,398
837,584
1,775.400
4,608,154
818,762

226,533
132,572
121,853
118,696
961,842
1,940,931
603,714
3,548,760
746,357
1,444,597
4,160,731
0911,994

262,650
138,048
138,137
142,006
1,147,185
2,250,793
640,512
4,317,150
995,001
1,615,557
5,013,527
866,884

281,967
121,427
121.687
104,140
1,047,780
2,146,559
786,447
3,712,381
830,792
1,452,601
4,869,328
891,203

304,027
146,138
121,020
272,425
1,208,100
2,544.055
557,539
4,784,085
983,725
2,251,752
5,291,356
903,277 j

T o ta l............ 19,693.597^19,871,683 16,933,929 15,174,109 17,848,49416,703,381
1
1
Ste
a Includes, beginning with this year, some large Items of Income not previously
Included In monthly returns, b Includes Louisville & Atlantic and the Frankfort A
Cincinnati In 1911, 1910 and 1909.

Colorado A Sou*.
Dcnv A Itlo Gde.
In t A Gt North’n
Mo Kans A Tex.a
Missouri Pacific.
St Louis So W .. .
Texas A Pacific..

1910.

O
©
©

1911.

$
1,417.326
1,854,900
733,000
2,201,802
4,841.000
939,982
1,313,701

S
1,101,120
1,670,200
710,000
2,297,735
4,405.000
964,299
1,199,971

o
o
00

EAR N IN G S OF SO U TH W ESTER N GROUP.
March.

1,176,373
1,676,302
630,284
1,960,188
4,052,875
840,123
1,147.424

1,055,405
1,310,319
524,990
1,785,091
3,443,488
721,826
1,029,439

1907.

1906.

S
1,108,595
1,672.631
673,422
2,166,377
4.127,202
859,182
1,402,633

S
955,648
1,482,707
519,098
1,665,475
3,750,220
760,927
1,162,108

12,354,325 13,301,711 11,489,569 9,871,158 12,010,042 10,296,183
* Includes all affiliated lines except T rin ity A Brazos Valley ItR .
the Texas Central In 1911.
GRO SS E A R N IN G S A N D M IL E A G E I N M A R C H
1
Gross Earnings.
Name o f Road.

1911.
A la Great S o u th e rn ..
A la New O rl A T P—
New O rl A N or E ._
A la A Vicksburg ___
Vicks Shrcv A Pac.
A n n A rb o r___________
A tla n ta B lrm A A t l .
Bellcfontc C e n tra l____
B u ll Roch A P it t s ____
Canadian N orthern ..
Canadian Pacific---Central of Georgia--Chesapeake A O hio—
Chicago A A lto n ---Chicago Great W e s t..
Chicago In d A Loulsv
Cine New O rl A T ex P
Colorado A Southern .
D e tro it T o l A Iro n to n
D u l So Sh A A t l _____
Georgia Sou A F la . . .
Grand T r k of C an__
Grand T r k West .
Dct G r H a v A MU
Canada A tla n tic ..

1910.

$
326,098

5
370,769

304,027
146,138
121,020
176,900
272,425
5,128
766,262
1,270,600
8,648,000
1,208,100
2,544,055
1,096,460
1,023,353
510,891
557,539
1,101,120
1,676,200
108,981
115,527
230,162
208,485

322,977
141,970
118,058
193,832
255,901
6,200
810,417
934,100
7,667,000
1,176,000
2,880,698
1,172,492
1,145,452
535,743
703,924
1,417,326
1,854,900
117,768
136,211
279,102
211,584

3,909,773

3,793,257

4.290,666
5,059,122
710,000
304,800
161,000
4.784,085
16,960
05,96C
442,18C
1,645,007
2,207,735
4,405,00(
983,725
18,90f

4,667,643
5,538,953
733,000
328,926
157,000
4,700,530
14,404
69,870
414,427
1,880,365
2,261,802
4,841,001
932,388
31.85C

Illin o is Central .......
In tc rn a t A Gt N o rth .
Lo u is ville A N ashv.
Macon A Birm ingham
M in e ra l Range. .........
M lnneap A St Louis.
M in n St I> A S S M . _ .
M issouri Kan A T e x <
Ncvada-Cal-Orcgon .




Inc. ( + ) or
Dec. (— ).

S
— 44,671

+ 69,555
+ 87,800
— 252,833

1,035
361
6,147

1,018
340
6,166

GROSS E A R N IN G S F R O M J A N U A R Y 1 T O M A R C H 31.

a Embraces some large Items of Income not previously Included In monthly returns.
6 No longer Includes receipts for hire of equipment, rentals and other Items.

Ala & Vicks___

1910.

1911.

3
37,561
964,299
2,251,752
5,291,356
;/6,304
1,199,971
98,770
313,814
2,659,565
903,277

A tla n ta Birm ingham A A t l
Bellcfontc C e n tra l-----Bufialo Roch A Pittsburgh
Canadian N o rth e rn _______

Alabama Gt So..
Ala N O & T P—J

1910.

1911.

T o ta l............ 13,318,197 13,582,052 11,635,973 11,063,458 12,443,008 11,626.640

March.

Inc. ( + ) or
Dec. (— ).

a Includes the Texas Central In 1911 o n ly.
x Now Includes M exican In te rn a tio n a l In both years.
V These figures are for three weeks o nly In both years.

E AR N IN G S OF M ID D L E AN D M ID D L E W E S T E R N GROUP.
March.

Mileage.

Gross Earnings.
Name o f Road.

group.

p a c if ic

g
s
S
S
S
S
8,648.000 7,667,000 6,518,763 5,424,931 6,132,910 5,093,286
701,205
1,145,452
780,595
1,023,353
933,638
654,473
252,309
230,162
279,102
252,870
217.138
219,891
4,290,666 64,007,643 63,996,095 63,218,294 4,440,155 4,066,471
275,159
328,926
304,445
256,353
304,800
259,000
298,613
332,562
442,180
414,427
374,439
306,980
1,645,007 1,880,365 1,570,820 1,415,508 1,654,644 1.516,189

Canadian Pacific.
Chic Gt Western*
Dul So Sh A A tl.
Great Northern..
Iowa Central--Minn & St Louis.
MlnnStPAS S M a

1001

THE CHRONICLE

A rR . 15 1911.]

a Includes

Mileage.

1911.
309

1910.
309

196
— 18,950
143
+ 4,168
171
+ 2,062
301
— 16,932
661
+ 16,524
27
— 1,072
568
— 44,155
+ 336,500 3,386
+ 981,000 10,276
+ 31,200 1,915
— 342,643 2,225
— 76,032 1,025
— 122,099 1,495
616
— 24,852
336
— 236,385
— 316,206 1,944
— 178,700 2,541
360
— 8,787
441
— 20,684
610
— 48,940
395
— 3,099

196
143
171
301
640
27
568
3,224
9,916
1,915
1,939
998
1,487
616
330
2,032
2,541
347
441
599
395

+ 116,516

4,528

4,528

— 376,977
— 479,831
— 23,000
— 24,126
+ 4,000
— 6,445
+ 2,556
— 3,910
+ 27,753
— 235,358
+ 35,93.
— 436,001
+ 51,337
— 12,944

7,274
4,574
1,160
558
740
4,591
105
127
1,027
3,572
3,393
7,235
1,11/
184

7,129
4,551
1,160
558
737
4,598
105
127
1,027
3,424
3,072
6,491
1,114
184

---

Chicago Great W estern —
Chicago Im l A Louisville.
Cine New O rl A Texas Pac.
Colorado A So uthern__
D e tro it Toledo A Iro n to n ..
D u lu th South Shore A A t l.
Georgia Southern A Florida
Grand T ru n k of Canada— 1
Grand T ru n k W estern. )
Dct Gr H a v A M ilw ____1
Canada A tla n tic _______
Great N o rth e rn _____ —
Illin o is C e n tra l_____
. In te rna tio n al A Great N o r.
Iow a C e n tra l.. -------K a n C ity M cx A O rie n t--Lo uisville A N ashville —
Macon A B irm in g ha m ---

J

S
1,097,423
916,322
439,397
369,009
483,810
757,111
15,504
2,118,264
2,896,300
20,763,782
3,433,500
7,788,366
3,277,960
2,930,720
1,377,408
2,102,880
3,479,393
4,804,321
289,475
366,998
621,476
615,397
10,394,178

1910.

Increase.

5
1,071,003

907,271
9,051
420,790
18,607
360,277
8,732
520,937 _________
677,209
79,902
16,275 _________
2,121,976 _________
471,100
2,425,200
19,763,478 1,000,304
258,591
3,174,909
7,816,231
103,590
3,174,370
2,981,541
1,382,376 _________
2,257,368
.. _____
4,104,974
5,259,736
301,090
368,321
704,132
623,634
9,911,978

In

$

37,127
771
3,712

—

27,865
50,821
4,968
154,488
625,581
455,415
11,615
1,323
82,656
8,237

482,200

11,148,482 12,603,802
15,224,301 14,981,770
2,095,734
2,069,665
833,179
872,087
422,896
461,143
13,444,426 13,327,730
37,034
42,594
202,254
186,471
1,058,173
1,204,117
5,539,740
4,776,344
Mlnneap S t Paul A S S M .
6,298,727
6,879,261
Missouri K a n A T e xas.a.
12,637,867 13,132,563
2,637,681
2.759,254
85,486
45,580
137,907
109,210
2,695,251
2,956,455
St Louis S outhw estern.. _
6,055,097
5,459,902
Seaboard A ir L in e .. — .
Southern R a ilw a y ----- - 14,944,080 14,051,234
1/22,945
t/22,950
Tenn A la A Georgia---3,682,046
3,860,516
Texas A Pacific — ---307,675
309,826
Toledo Peoria A W e s te rn ..
861,943
877,475
Toledo St Louis A Western
6,944,368
7,118,137
2,551,921
2,864,760
Yazoo A Miss V a lle y ----T o ta l (50 roads) ------ 182,039,008 180,487,121
N e t Increase (0 .86% )---.............
total.
Mexican roads (not Include d
2,208.790
2.396.43C
Intcroccanlo of M exico. . .
2,035,800
2,270,900
N a t R ys of Mexlcor:_______ 15,996,868 15,711,710

Decrease.

S
26,420

242,531
26,069
38,908
38,247
116,696
5,5G0
145,944
580,534

1,455,320
_______ _
_______ _________
_________
15,783
763,396
¥94,696

121,573
261,204
595,195
892,846
5

173,769
312,839
6,010,417
1,551,887
187,640
225,100
285,158

39,906
28,697

178,470
2,151
15,533
.............
4,458,530

-- ----

a Includes the Texas Central In 1911 only, x Now Includes Mexican I n 
ternational In both years, v These figures are down to the end of the third
week only In both years.

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
—The public sales of bank stocks this week aggregate 2G1
shares, of which 251 shares were sold at the Stock Exchange
and 10 shares at auction. Transactions in trust company
stocks were limited to the sale at auction of one lot of 30 shares.
Except for an advance of 4 points in the price of Mechanics
& Metals National Bank stock, quotations are but slightly
changed from last week’s closing.
Last previous sale.
Shares. B A N K S — New York.

Low.

C ity Bank, N a tio n a l... --- 410
Commerce, N ational Bank of. 219
Mechanics A Metals N a t. B k . 257
P a rk B ank, N atio n a l------ 374
T R U S T C O M P A N Y — New York.
a30 Fu lto n T ru s t Co---------- 300

3
110
*87
61

High. Close.

410
220
263
376

410
219 H
260
374

300

300

* Of this am ount 10 shares were sold a t auction.

A p ril
A p ril
A p ril
A p ril

1911—
1911—
1911 —
1911—

412
220
256
375

Deo. 1909— 325 Vi
a Sold at auction.

—According to a special cable to the New York “Times”
yesterday, the transactions on the London Bankers’ Clearing
House on Thursday were the largest on record. The total
amount is reported as £115,176,000 ($575,800,000). The
total clearings on the preceding day were £44,477,000, and
the large showing of Thursday is attributed to the extensive
turnover involved in the settlement of an exceptionally
heavy 19-day Stock Exchange account, at least £70,000,000,
it is estimated, being due to that cause. In the case of the
New York Clearing House, a high record of $764,133,942
was established for a day’s transactions, on Nov. 3 1909.

1002

THE CHRONICLE

—The New York Stock Exchange adopted on the 12th
inst. the following resolution, bearing upon the rate of com
mission to be charged where orders for securities dealt in on
the New York Exchange are executed outside of the United
States and accepted by a member for the account of a non
member. In such cases the full commission of }/% of 1%
must be charged.
Resolved, W henever a non-member of this Exchange shall cause to be
executed In any m a rket outside of the U n ite d States any order or orders fo r
the purchase or sale of securities listed on this Exchange, other than Gov
ernm ent, State or m unicipal securities, and said purchase or sale shall be
accepted b y a member or a firm who are members of this Exchange, for th e
account of said non-member, X of 1% commission shall be charged said
non-member In addition to any commission charged by the p a rty or parties
m aking the transaction.
• •

[V O L . L X X X X I 1 .

attendance to a suggested plan providing for the formation
of a central checking office, intended to serve as a clearing
house for all cotton bills of lading against which drafts are
drawn on foreign bankers. The arrangement, it is under
stood, will provide that duplicates of all cotton bills issued
by the railroads be kept on file with the office, and through
the records which would be maintained by the bureau any
irregularity in the bills would be promptly and effectively
checked. The plan is said to havo been proposed by the
Liverpool Bill of Lading Conference Committee, and if
carried out will be operated in conjunction with the valida
tion plan adopted at the conference held last summer at
White Sulphur Springs. A committee has been named to
work out the details of the plan under which the central
checking office would be established, this committee consist
ing of I red. 1. Kent, Vice-President of the Bankers Trust
Co., Chairman; John E. Gardin, Vice-President of the
National City Bank; Charles S. Haight, representing the
Liverpool Bill of Lading Conference Committee; It. A. Brand,
Ireight Iraffic Manager of the Atlantic Coast Line Ry.;
A. P. Thom, General Counsel for the Southern Ry.; E. II.
Calef, Assistant General Freight Agent of the Missouri Pacific
Ity.; Charles R. Capps, Vice-President of the Seaboard Air
Line Ry.; J. W. Allen, General Freight Agent of the Missouri
Kansas & lexas Ry., and F. B. Bowes, of the Illinois
Central RR. Mr. Kent, who is Chairman of the sub-com
mittee on bills of lading of the American Bankers’ Associa
tion, gave out the following statement on Wednesday with
regard to the conference:

—George S. Terry, Assistant Treasurer of the United States
at New York, died yesterday at Aiken, S. C. Mr. Terry
had been in ill-health for some time, and had gone to Florida
in the hope of recuperating. More than a week ago he
started to return to New York, but was obliged to discontinue
the trip when he reached Aiken. Mr. Terry was named to
succeed Hamilton Fish (resigned) as Assistant Treasurer, in
November 1908. He was sixty years of age. He was Secre
tary of the Dock Board under Mayor Strong and Secretary
of the Park Board under Mayor Low. He had also formerly
been Secretary of the Union League Club.
—The intention of the Government to appeal from the
decision of Judge Noyes of the United States Circuit Court,
sustaining the demurrers to four of the counts in the indict
ments against James A. Patten and certain other cotton
operators, was announced on Monday. The indictment was
was held a t the Chamber of Commerce, 65 L ib e rty Street,
returned as a result of a Federal inquiry into an alleged New“A Ymeeting
o rk C ity, a t 3 o’clock Wednesday, A p ril 12, which was attended by
cotton pool, and four of the eight counts in the indictment representatives from the Southeastern and Southwestern cotton-carrying
railroads, the Liverp oo l Bills of Lading Cotton Conference and the sub
related to corners. Judge Noyes decided that while corners committee
of the B ill of Lading Commltteo of the Am erican Bankers’ Asso
are illegal, they cannot be deemed a combination in restraint ciation.
of competition; he also held that the combination passed "T h e meeting was called for the purpose of p uttin g In m otion plans which
would make It possible to handle the coming cotton crop w ith o u t fric tio n
upon does not belong to “that class of combinations in which and
along Hues satisfactory to shippers, railroads, steamship companies,
the members are engaged in inter-State commerce and Am erican
and foreign banking Interests and cotton buyers.
" A resolution was passed expressing approval of the form ation of a
enter into an agreement in restraint of competition.”
office In New Y o rk C ity, to which a ll advices of bills of lading Issued
—President Taft has withdrawn from entry 1,576,064 central
are to be sent, provided such an office can be established along satisfactory
A committee was appointed for the purpose of o utlin in g a system
aores of land in New Mexico, the withdrawal being made lines.
which such an office could be established, consisting of representa
in accordance with the recommendation of W. L. Fisher, the under
tives from each of the bodies present, vis.: the Southeastern cotton
new Secretary of the Interior, pending a field examination carrying lines, Southwestern cotton-carrying lines, the Live rp oo l B ills
Cotton Conference and the Bankers Committee.
of the lands and classification as to their coal value. Facts of “Lading
confidently hoped th a t a w ay has been found to p rop erly safeguard
gathered by the Geological Survey seem to indicate that these billsI t ofIs lading
Issued for cotton and make th e ir acceptance by financial
Interests both here and abroad Justifiable.”
lands contain valuable coal deposits.
ft —Two New York Stock Exchange memberships were The American Bankers’ Association was represented at
posted for transfer this week, the consideration in each case the conference by four of the six members of its sub-com
being $68,000. This is the same amount at which sales mittee on bills of lading, viz.: Gilbert G. Thorne, Vice-Presi
dent of the National Park Bank; John E. Gardin, Vice
have been made for several weeks past.
President of the National City Bank; Samuel Sachs, of Gold
—In addition to its observance of yesterday (Good Friday) man,
Sachs & Co., and Mr. Kent. The following were
as a holiday, the New York Stock Exchange remains closed among
cotton-carrying roads represented: the Illinois
to-day (Saturday), the Governing Committee having on Central, the
the Seaboard Air Line, the Central of Georgia, the
Wednesday decided to grant the petition of its members to Rock Island,
Southern Ry., the Louisville & Nashville,
suspend business from Thursday until Monday, as was the the Missouri the
Pacific
and the Missouri Kansas & Texas.
ease last year. Other important Exchanges which likewise Charles S. Haight represented
the Liverpool interests.
have a three days’ recess are the New York Cotton and
Coffee Exchanges, the Boston, Philadelphia, Baltimore, —John H. Miller, L. C. Steele and C. II. G. Linde, of the
Pittsburgh, Chicago and New Orleans Stock Exchanges. failed cotton firm of Steele, Miller & Co. of Corinth, Miss.,
The NewlYork Produce Exchange was closed on yesterday were found guilty on the 11th inst. of conspiracy in using the
mails to defraud. The acceptance of the verdicts was
only.
The London Stock Exchange and Liverpool Cotton Ex reported to have been agreed to earlier in the day, at a
change close on Monday next, in addition to Good Friday and conference between attorneys for the defense. When Court
convened the six indictments charging conspiracy were
to-day.
formal pleas of not guilty were entered, and
—It. H. Thomas has again been nominated for President consolidated,
the
jury
instructed
to return a verdict of guilty. The
of the New York Stock Exchange on the regular ticket, to attorneys for Miller on
day the verdict was rendered
be voted on at the annual election on May 8. Henry C. withdrew the demurrers the
and motions in arrest of judgment
Swords, the present Treasurer, is renominated for that office. previously filed. This was
so that sentences might be
—A bill requiring the National Monetary Commission to imposed. J. II. McKnight, who
associated with
make its final report to Congress not later than Dec. 4, and the firm, and had also been namedwasin also
the
indictment,
was
providing for the termination on Dec. 5 of the existence of the acquitted of the charges against him on the 11th, the Mem
Commission, was introduced by Senator Cummins on the phis papers stating that it developed that he was merely a
13th inst. The Monetary Commission was named under
and had in no way benefited. On the 8th inst. the
the provisions of the Aldrich-Vreeland Currency Act, passed clerk
Federal
jury returned a verdict of guilty against Miller
in 1908, which expires on June 30 1914. It was made to on a separate
indictment which concerned the circula
consist of nine members of the Senate and nine members of tion of bogus cotton
bills of lading through the mails. Two
the House, but its membership now includes seven ex- additional indictments
pending against him were nolle
Sonators and three ex-ltepresentatives.
prossed. He was sentenced on Thursday to pay a fine of
—The cotton-bill-of-lading question and the further safe $11,000 and to seven years’ imprisonment. Steele and Linde
guarding of such bills were discussed anew at a conference were each sentenced to two years’ imprisonment and to
held in this city on Wednesday between representatives of pay in each case fines of $10,000. The case was of inter
the Southeastern and Southwestern cotton-carrying roads, national interest, the suspension of the firm last spring,
the Liverpool Bills of Lading Cotton Conference and the Sub with its disclosure of numerous irregular bills of lading,
committee of the Bill of Lading Committee of the American having brought losses to many bankers abroad. It was
Bankers’ Association. Endorsement was given by those in as a result of this failure and that of Knight, Yancey &



A p r . 15 1911. j

THE CHRONICLE

Co., which also uncovered a number of irregular cotton bills
of lading affecting foreign interests, that the controversy on
the question of safeguarding such bills arose. It is stated
that in the case of Steele, Miller & Co. the losses involved
in the bogus bills of lading amount to something like $2,
500,000. As a result of the Knight, Yancey failure twentyfour suits against the Louisville & Nashville RR., for sums
aggregating $2,500,000, and thirteen suits against the
Southern R ll., for about $1,500,000, are said to have been
brought by English, American and German claimants, who
seek to collect moneys advanced on alleged spurious bills
of lading. Suits instituted by Italian, Canadian and French
interests are also understood to be pending.
—An action for the collection of penalties growing out of
the alleged violation of the stock transfer tax law has been
begun in the Supreme Court by the State Comptroller against
the members of the New York Stock Exchange house of
Sig. H. Rosenblatt & Co., which suspended last January.
The Comptroller, it is stated, seeks to recover $778,500 for
the use of alleged invalid or washed stamps on 1,557 cer
tificates of the Union Copper Mines Co. (a penalty of $500
in each case being exacted), and also to recover $1,094 as
the value of the stamps which should live been used.
—The election of Charles D. Norton as a Vice-President
of the First National Bank of this city occurred on Tuesday.
Mr. Norton withdrew a month ago as Secretary to President
Taft, to enter the bank’s management. Prior to becoming
the President’s Secretary on June 1 1910, he had for a year
served as an Assistant Secretary of the Treasury, and before
that had been General Agent in Chicago of the North Western
Mutual Life Insurance Co. In the First National he succeeds
Thomas W. Lamont, who resigned in January to enter the
firm of J. P. Morgan & Co. The directors of the bank have ap
pointed F. D. Bartow and F. G. Walton as Assistant Cashiers.
—The last official statement to the Comptroller of the
Citizens Central National Bank, 320 Broadway, shows that
its deposits reached $25,833,300 on March 7. The bank has
increased its surplus and profits from $1,494,204 June 30 1910
to $1,803,500 March 7 1911. Six per cent dividends arc
paid yearly on its capital stock of $2,500,000. Edwin S.
Schenck, the President of the Citizens Central National
Bank, comes of an aggressive family of bankers, of which
there are three brothers who preside at the present time as
executives over three of the city’s successful banks. His
brother, Frederick B. Schenck, is the President of the
Liberty National Bank, with $29,700,400 due depositors
March 7, and another brother, II. A. Schenck, is the Presi
dent of the Bowery Savings Bank, with $102,332,200 to the
credit of its depositors on Jan. 1 1911. Taken together, the
three members of this family are the directing heads of
institutions having combined deposits of $157,805,900 and
aggregate resources of $181,210,028. The Citizens Central
National Bank is patronized largely by the wholesale dry
goods and other trades in the vicinity of its banking offices
at 320 Broadway. Mr. Schenck’s official associates are
Francis M. Bacon, Vice-President; Albion IC. Chapman,
Cashier, and Jesse M. Smith, James McAllister and W. M.
Haines, Assistant Cashiers.
—John S. Whcelan was appointed an Assistant Cashier
of the Corn Exchange Bank of this city at a meeting of the
directors on Wednesday.
—The IIungarian-American Bank of this city moved on
Monday from 32 Broadway to 147 Fifth Avenue. The
change in location was contemplated several months ago.
—William Schramm, of the firm of Schefer, Schramm &
Vogel, has been elected a director of the Bank of the Me
tropolis of this city.
—Gustav E. Kissel, of the Stock Exchange house of
Kissel, Kinnicutt & Co., 37 Wall Street, died on the 10th
inst. after an illness of several months. Mr. Kissel was in
his fifty-seventh year. He was born in this city and entered
the banking business in early life. Besides the firm of which
he was a member, Mr. Kissel was associated as a director
with the United States Mortgage & Trust Co., the Morris
town Trust Co., the United States Casualty Co. and the
State Street Trust Co. of Boston. At a special meeting on
the 11th inst. of the directors of the United States Mortgage
& Trust resolutions expressing their sense of his worth were
adopted. Mr. Kissel had been identified with the company
as a member of its board since its organization in 1893, and
had served continuously during the same period on the
Executive Committee, as well as at different times on various



1003

sub-committees concerned with the administration of the
institution’s affairs.
.
—Henry F. Dimock, identified with a number of important
railroad and industrial interests, and a director of the
Knickerbocker Trust Co. of this city, died on the 10th inst.
He was sixty-nine years of age.
—George Prentiss Butler, senior member of the New York
Stock Exchange firm of George P. Butler & Brother, at
35 Wall Street, died suddenly from heart disease on the
7th inst. in London. Mr. Butler went abroad in January
partly in the interest of his health, and his death occurred
just after he had reached London from Naples, where news
of his month’s ill-health had been received, and as a result
of which he had planned to return home at once. Mr. Butler
was in his forty-ninth year. His firm, composed of himself
and his brother, Arthur W. Butler, was formed in 1898. He
had also been identified with a number of railroad reorgani
zations; in 1906 he was Chairman of the stockholders’ protec
tive committee of the Albany & Susquehanna RR., and was
President of the road at the time of his death.
—Some idea of the extent of the fiduciary business in this
city can be got by taking the Mercantile Trust Co., of which
William C. Poillon is President, as an example of one of the
large representative trust companies which have the facilities
to cater to this class of business. March 1 this year $851,
000,000 of securities were held in trust by that company for
individuals and corporations through its trust department,
and the same company was trustee under existing corporate
mortgages amounting to $1,619,000,000. The aggregate
proportions of this business in this city alone can only be
surmised. The Mercantile Trust Co. is well equipped to
handle fiduciary business, as the average length of service of
its office is over 21 years. Its capital, surplus and profits
are over $9,400,000. On March 1 1911 its deposits were
$52,447,447. Mr. Poillon’s associates are John T. Terry
and Harold B. Thorne, Vice-Presidents; Guy Richards, Sec
retary; George W. Benton, Treasurer; Bethune W. Jones,
Assistant Secretary, and Harry N. Dunham, Assistant Treas
urer. Isaac Michaels is Trust Officer and Horace E. Deubler,
Auditor.
—Robert Goodbody, a member of the New York Stock
Exchange since 1891 and senior member of the firm of Robert
Goodbody & Co., 80 Broadway, died at his home in New
Jersey on the 13th inst. Mr. Goodbody was born in Ireland
in 1850, and before coming to this city in 1885 he was a
partner in the Dublin Stock Exchange firm of Goodbody &
Webb. Prior to the establishment of the present partner
ship he formed in New York the firm of Goodbody, Glyn &
Dow.
—Authority to pay a 50% dividend to the creditors of the
failed Northern Bank of this city was granted yesterday to
State Superintendent of Banks Cheney by Supreme Court
Justice Blanchard. The approved claims aggregate about
$5,000,000. It is stated that the depositors will probably
receive their checks for this, the first payment, by Monday.
—In an appeal from the allowance granted the temporary
receivers of the Oriental Bank of this city under the report
of Referee D Cady Herrick, the Appellate Division of the
Supreme Court on the 8th inst., by a majority decision,
reduces the fees of the Carnegie Trust Co. as receiver from
$3,000 to $1,000 and the counsel fees to $2,000. As against
a total of $23,998 asked for in connection with the receiver
ship, Mr. Herrick, as referee, allowed $9,441 for the fees
and disbursements, the two receivers, the Carnegie Trust
Co. and Henry Schneider, having been awarded $3,000 and
$1,000, respectively. The counsels’ fees, it is stated, are
reduced from $3,750. The bank closed its doors in 1908, and
under an arrangement with the Metropolitan Trust Co. its
depositors were paid in full several months later. Presiding
Justice Ingraham, speaking for the Appellate Court, expresses
himself as opposed to the granting of any receivership fees
or disbursements from the assets of the bank, saying:

There was no possible object for the app oin tm en t of receivers except
th a t for the In d ivid u al benefit of the receivers the y would be able to appro
priate to themselves for the ir fees and expenses a large p art of the assets
w hich belonged to the creditors and stockholders, and no court adm inis
tering justice, if these facts had been brought before It, would even have
entertained an application for the appointment of receivers.

—At the annual meeting of the Boston Clearing-House
Association on Monday figures were presented to show the
standing of the national banks and trust companies of the
city at the present time, as compared with 1897. The latter
date was taken as a period of comparison, inasmuch as it
was just prior to the extensive liquidation of the city’s
national banks, which began in 1898. The national banks in

1001

THE CHRONICLE

[VOL. L X X X X II.

the Halsted State Bank, but the present title was adopted
soon after permission to organize was received. The man
agement of the institution includes William J. Itathje, Presi
dent; Robert Forgan, Cashier; D. B. Kennedy and II.
Schwerdtfeger, Assistant Cashiers. The directors are Messrs.
Itathje and Forgan, Edward Morris, J. A. Spoor, William
50 Banks.
23 Banks.
Increase.
C a p it a l. .................
$51,850,000
$23,800,000 *$28,050,000 A. Heath, Alexander Friend, C. M. Macfarlane and A. G.
S urp lus_____________________________ 20.963,000
30,725,000
9,762,000
Leonard. Mr. Itathje was formerly with the People's
Deposits ................... . _________ 202,711,000 275,238,000
72,537,000
Stock Yards State Bank; Cashier Forgan was connected
T R U S T C O M P A N IE S .
14 Trust Cos. 19 Trust Cos.
with the Toronto branch of the Bank of Nova Scotia;
C a p ita l_____________ _____ -..........$ 7 ,8 5 0 ,00 0
$12,250,000
$4,400,000
Mr. Kennedy was formerly manager of the savings depart
S u r p lu s . . . ----- -------------6,457,000
28,249,000 21,792,000
Deposits _________________________ 64,978,000
201,923,000 136,945,000 ment of the Drexel State Bank, while Mr. Schwerdtfeger was
Assistant Cashier of the Prairie State Bank.
* Decrease.
Thomas P. Beal, President of the Second National Bank, —Another new Chicago banking institution which had its
has been re-elected President of the Clearing-House Associa initial opening on Monday is the Home Bank & Trust Co.
tion, and Arthur W. Newell, President of the Fourth Na The institution has been formed as successor to the banking
and realty firm of R. I. Terwilligcr & Co., and its general
tional Bank, has been re-elected Secretary.
—The Exchange Trust Co. of Boston has opened its new banking functions will be augmented by savings and real
branch at 124 Boylston Street, in accordance with permis estate loan departments. The bank’s officers are It. I.
sion received by it from the Board of Bank Incorporators last Terwilligcr, President; Charles F. Hoerr, Vice-President;
December. The main office of the institution is at 31-33 L. II. Prybylski, Cashier, and William O. Conrad, Assistant
Cashier. Its quarters are at Ashland Avenue and Di
State Street.
—The Tacony Trust Co. of Philadelphia is said to have vision Street.
raised its annual dividend rate from 8 to 10%. The institu —The American State Bank of Chicago, with 8300,000
capital and 8 .0,000 surplus, has been organized, and has
tion has a capital of 8150,000.
headquarters at Blue Island Avenue and Loomis
—The question of reducing the capital of the Guarantee opened
Street. The management is made up of John Karel, Presi
Title & Trust Co. of Pittsburgh from 81,000,000 to 8500,000 dent;
Christian It. Walleck, Vice-President; J. F. Stcpina,
will lie presented to the stockholders for action on June 1. Cashier,
F. Smrz and Albert Sedlacek, Assistant
The commercial banking business of the company was taken Cashiers. andIt Emil
is stated that the institution, in addition to
over by the Duquesne National Bank a year ago; it still its banking features,
carry on the mortgage business
operates, however, its title, trust and mortgage departments. formerly conducted bywill
Mr. Stepina.
—The Commercial & Farmers’ National Bank of Baltimore —The new 81,000,000
capital of the Chicago Savings
was formally placed in voluntary liquidation by its stock Bank & Trust Co. of Chicago,
increased from 8500,000 with
holders on the 1st inst. The business of the institution was the stockholders’ approval in February,
became effective on
merged in March with the National Bank of Baltimore. It is the 6th inst. The surplus has been increased
8100,000
stated that the stockholders of the liquidating bank will re to 8200,000, the new stock having been soldfrom
8120 per
ceive par and whatever additional amount may be realized share. Iwo new members have been elected toat the
board
from the assets.
the institution, namely Angus S. Hibbard, Vice-President
—The Commerce & Deposit Bank of Cincinnati was closed of
and General Manager of the Chicago Telephone Co., and
on Monday, when its affairs were taken charge of, for the Leverett
who retires as Secretary of the bank
purpose of liquidation, by the State Banking Department. to enter Thompson,
its directorate. Edward J. Prescott, heretofore
The action, it is stated, was in accordance with the request Assistant Secretary, has been chosen Secretary.
of the directors and was induced by the loss of business. —The executive committee of the Oklahoma Bankers’
The bank was a small one; it was organized about two years Association has decided to hold the annual convention on
ago with 825,000 capital, and preparations were announced May 22 and 23 at Oklahoma City. W. B. Harrison of Enid
as under way several months ago for increasing the amount to is Secretary of the organization.
850.000. The statement of March 7 last is said to have —The Planters’ & Mechanics’ Bank of Oklahoma City,
shown total liabilities of 8120,982, of which 893,177 were Okla.,
closed its doors on the 6th inst., and is in charge of
deposits. County funds of 830,000 are reported to have the State
Banking Board. It had a capital of 850,000, and
been recently withdrawn, and since the March 7 statement
the deposits at the time of its last report are given as
a loss of about 838,000 in deposits occurred. J. Willard 8390,000.
Haley, who was at the head of the institution when it was
We are advised that reports which have been current to
started, subsequently became managing director, but this
office was abolished last fall, because, it was then stated, the effect that the International Bank of St. Louis plans to
“of a desire to act on the suggestion of the State Examiner increase its capital from 8200,000 to 8500,000 lack founda
tion. Our informant states “that there has been no action
to decrease the expenses.”
—A resolution authorizing the transfer of the business of by this bank on the increase of capital stock, nor is there one
the Union Safe Deposit & Trust Co. of Toledo to the Union contemplated.”
Savings Bank Co. was adopted by the directors of the first- —James E. Combs has been elected to succeed Ernest C.
named organization on the 5th inst. The Safe Deposit Co. Hartwig as Cashier of the First National Bank of Buchanan
was not, it is stated, empowered to conduct a general trust County at St. Joseph, Mo. Mr. Combs had for some years
company business, as is the case with companies chartered been Cashier of the Illinois State Trust Co. Bank of East
under laws enacted more recently; hence its decision to dis St. Louis, 111.
—The Citizens’ Bank of Charleston, S. C., commenced
continue.
—The proposition to increase the capital of the Fort business on the 10th inst., with A. W. Litschgi, President;
Dearborn National Bank of Chicago from 81,500,000 to John P. Deveaux, Vice-President, and C. It. I. Brown,
82.000. 000 was approved by the stockholders on the 12thCashier. The bank has a capital of 8100,000.
inst. The new issue is offered to the present shareholders —A 5% dividend was paid on the 5th inst. to the depositors
at 8125 per share, and the subscriptions are payable on or of the City Savings Bank & Trust Co. of Nashville, Tenn.,
before May 1.
which closed its doors in October 1909. This is the second
—The Lake View State Bank of Chicago, which has been payment; 10% was paid in the previous disbursement.
organized with a capital of 8200,000, began operations on — Under the authority of its stockholders, accorded at a
the 8th inst. The institution takes over the business of the meeting on the 10th inst., the Hamilton National Bank of
North Shore Exchange Bank, which was established last Chattanooga, Tenn., will increase its capital from 8500,000
May. The new bank occupies the quarters of its predeces to 81,000,000. The enlarged capital Will become operative
sor at 3160 North Clark Street; it has as officers George W. on June 1. The proposed issue is offered to the present
McCabe, President; Edward D. McCabe, Vice-President, and shareholders at 8140 per share, but the price to outsiders
Joseph E. Olson, Cashier.
will be 8150. The premium will serve to give the institu
—The Mid-City Trust & Savings Bank of Chicago, located tion surplus and undivided profits of approximately 8500,
at Madison and Halsted streets, began business on the 10th 000. The stockholders have also approved steps to re
inst. The institution has a capital of 8500,000 and surplus purchase the banking property now in course of erection at
of 850,000. The name originally chosen by those interested Seventh and Market streets, which was taken over a year ago
in the enterprise at the time of its projection a year ago was by the Hamilton Safe Deposit Co., a corporation formed for

Boston numbered 59 in 1897, when there were 14 trust
companies; at the present time there are 23 national banks
and 19 trust companies. The comparative statement is
as follows:
N A T IO N A L B A N K S .
1807.
toil.




A p r . 15 1911.

THE CHRONICLE

erecting and holding the building. The Hamilton National
will become the owner of the property on June 1. Provision
for seven additional directors, in the event that an increase
in the directorate becomes advisable, has also been made
by the shareholders.
—A report of the affairs of the State National Bank of
New Orleans was presented to its shareholders on the 4th
inst. by the committee representing the Clearing House
which was named in 1908 to conduct the voluntary liquida
tion of the bank. The closing of the institution was due to
the large withdrawals which occurred following the resigna
tion of its President, William Adler, who has since been con
victed of misapplying its funds. According to the “Pica
yune,” the depositors were paid in full long since by the
Clearing House, and the final obligation to the latter was
discharged a few weeks ago, thus, it is stated, wiping out all
outside indebtedness. There are, it is stated, remaining
assets of a face value of $800,000, which will be utilized for
the stockholders. The capital at the time the bank entered
liquidation proceedings was $300,000. The committee,
consisting of Warren Kearny, Louis Kohlman and Charles
A. Morgan, and representing the stockholders, will continue
in charge until all the assets have been realized on. The
original committee of six embraced, besides these three, the
following who represented the Clearing House: Charles Jan
vier, Vice-President of the Canal-Louisiana Bank & Trust
Co.; Charles Godchaux, President of the Whitney-Central
National Bank, and John H. Fulton, Vice-President and
General Manager of the Commercial National Bank.
—The growth of the Oakland Bank of Savings of Oakland,
Cal., by yearly periods from 1868 to 1911 is shown in a state
ment issued by the institution. Taking ten-year intervals
from Jan. 1 1870, we find that the deposits, then $164,597,
increased to $1,556,587 in 1880, $3,806,307 in 1890, $6,365,
526 in 1900 and $18,199,113 in 1910, and have since (Dec. 31
1910) risen to $19,610,795. The total resources at the latter
date were $21,586,507. The bank has a capital of $1,150,000
and surplus of $825,712. In addition to its banking func
tions, it is authorized to do a trust business. W. W. Garthwaite is President, the others in the management being W. B.
Dunning and Henry Rogers, Vice-Presidents; J. Y. Eccleston, Cashier and Secretary; Samuel Breck, F. A. Allardt
and Leslie F. Rice, Assistant Cashiers; J. A. Thomson and
A. E. Caldwell, Assistant Secretaries.
—The details of the tenth annual report of the National
Bank of Cuba (head office, Havana), presented at the annual
meeting on Feb. 15, have been issued in pamphlet form.
The total assets of the institution reached $33,278,303 on
Dec. 31 1910—having increased more than 24% during the
year. The deposits, at $22,310,246 (exclusive of $2,112,338
due to banks and bankers), show an increase over last year
of $6,800,000, or more than 43%. The regular 8% annual
dividend was paid, and the surplus increased to $1,000,000,
leaving $51,782 in undivided profits,after providing for bad
and doubtful accounts. The turnover in the exchange
department amounted to over $251,313,000—a gain of
$80,754,000 for the year. The cash movement at the head
office, not taking the branches into account, reached over
$1,023,790,000, or an average of $3,271,000 per banking
day for the entire year, which is an increase over 1909 of
over half a million dollars per banking day. Edmund G.
Vaughan is President of the institution; the Vice-Presidents
are Pedro Gomez Mena, Samuel M. Jarvis and W. A. Mer
chant. LI. Olavarria is Cashier.
TREASURY CURRENCY HOLDINGS.—The following
compilation, based on official Government statements, showsthe currency holdings of the Treasury at the beginning of
business on the first of January, February, March and
April 1911.
T R E A S U R Y N E T HOLDINGS.
Jan. I 1911. Feb. 1 1911. Mch. 1 1911 Apr. 1 1911-S
$
$
1 s
Net gold coin and bullion..........254.033,571 220,261.902 227,178,354 231,726,269
Net silver coin and bullion........ 17,779,501 24,318,749 21,801,235 27,760,068
Net United States Treasury notes
10,507
10,877
9,749
12,724
Net legal-tender notes__________ 9,268,762
8,532,313
5,718,382
5,665,946
Net national bank notes. __....... 23,614,689 37.863,433 31,472,797 27,560,025
Net fractional s liv e r................ 15,401,350 19,091,685 20,661,890 20,935,886
Minor coin, &c........................
508,679
899,353
1.442,406
1,369,308
Holdings in Sub-Treasuries—

Total cash In Sub-Treasuries..320.587,059 310.978,312 308 284,813<f315 030 22i
Less gold reserve fund........ ...150,000,000 150.000.000 150,000,000 lsoioooiooi
Cash balance In Sub-Treasuries.. 170,587,059 160,978,312 158,284,813 165 030 226
Cash In national banks------- 47,135,285 46,695,234 46 667,651 46’732’s32
Cash In Philippine Islands---- 6,427,103
6,437,830
6,194,992
5!26l|l44
Net Cash In banks. Sub-Treas.224,149,447 214,111,382 211,147,450 217 024 202
Deduct current llabllltles.a--- 134,755,975 128,644,553 125,621,748 127|569!o76
Available cash balance........ . 89,393,472
a Chlelly “disbursing officers' balances."

85,466,829

85,525,708

89,454,526

d Includes $3,708,138 70 sliver bullion

and 51,369,307 85 minor coin, &c., not Included In statement "Stock of Money.”




1005

I H m x v t n r r il © m m n e v e i a lJ ttL lH s T iJ L c iD B
------—
' ------------- ----- ------------>-------- -—:—
[F r o m

o u r o w n c o r r e s p o n d e n t .]

L on d on , S a tu rd a y , A p r il 8 1911.
Business upon the Stock Exchange has been less active
this week than for a couple of months past, partly because
the mid-monthly settlement for mining shares began yes
terday and for all other securities will begin on Monday, and
partly because Friday and Monday next will be Bank holi
days, while on Saturday the Stock Exchange will be closed.
Large numbers of persons, therefore, will leave the city, and
in anticipation of all this operators have been closing" their
accounts. Furthermore, money has been scarcer and dearer
than anybody expected. As the financial year ended with
Friday of last week, and as for some little time previous!v the
collectors of taxes, especially the collectors of the income tax,
had been by no means urgent in getting in taxes, it was sup
posed that the accumulation of money in the Bank of England
would bo smaller than it had been in any week previously
since Christmas, while the disbursements out of the Ex
chequer would be on an enormous scale. Therefore the in
ference was generally drawn that on Saturday last money
would begin to be plentiful and that this week it would be
quite easy.
As a matter ot fact, money has been scarce all through the
week, and even to-day rates are comparatively stiff. The
explanation is, firstly, that the Government holds an excep
tionally large amount of money which it has not yet paid out.
It has a surplus of revenue over expenditure of rather more
than 5 }4 millions sterling, and that money will have to be
expended in redeeming debt. Furthermore, there are Treas
ury Bills falling due which will be paid off, independent of
the
millions sterling. No doubt there are other sums
falling due against which the Government holds money.
The result is that the payments out of the Exchequer have
been much smaller than had been counted on. Therefore,
although the interest on the national debt was paid on
Wednesday and Thursday, and added 5 or 6 millions sterling
to the supplies in the open market, yet because the other dis
bursements from the Exchequer were so much smaller than
had been reckoned upon, the market found itself unable to
pay off all its debts to the Bank of England. On the con
trary, the open market had to borrow further from the Bank
of England, and, what is still more odd, on Friday the rate
of discount actually rose slightly.
It is to be further remembered that, as large numbers of
people will go away for the Easter holidays, there will be
an outflow of both coin and notes from London, which usu
ally amounts to about 3 millions sterling. After Easter, of
course, the Government balance at the Bank of England will
rapidly be reduced. But the unexpected scarcity of money
has taken operators by surprise, and has checked enterprise.
Moreover, there have been a great number of new issues since
Christmas. The issues are for the most part beyond excep
tion. The security is good, the purposes for which the
money is raised cannot be called in question, and, generally
speaking, the terms offered have been attractive. To be
sure, there have been exceptions. But in general the issues
have not been open to unfavorable criticism. Consequently,
the demands upon the market as the installments fall due
are very large, and when these are added to the heavy collec
tions of taxes up to the end of last week, and in addition the
fact is borne in mind that the Government is holding unusual
amounts of money, it is easy to understand that operators
are nonplussed.
For all that, the feeling throughout the City is very op
timistic. The revenue exceeds the estimates of the Ex
chequer, high as they were. It will be recollected that about
26 millions sterling which ought to have been got in in 1909
10 were not collected because the Budget was not passed.
Consequently, in the financial year just ended, not only was a
revenue of over 170 millions sterling to be got in, but in addi
tion there was the uncollected balance of the preceding year
of 26 millions sterling. Yet the whole amount estimated has
been paid in, and some 3 or 4 millions in addition. It is
plain, therefore, that the wealth of the country is growing at
an extraordinary rate. Trade is exceedingly active. Not
only do the revenue returns prove that, but the railway traffic
returns confirm the revenue returns. In every direction there

TH E C H R O N IC L E

1006

[VO L. L X X X X I I

to keep the mints busy for a long period, until, however, the precise method of pro
are signs of growing wealth and increasing enterprise. In cedure
Is known. It Is impossible to forecast how the silver markets will be affected.
all reasonable probability, then, when money becomes lacs
In the meantime, stocks in Shanghai continue to Increase and amount now to 150
sycee and 9,380 bars, a total of £3,000,000, while In addition there are 7,700,000
easier after Easter there will be a revival in the demand for of Mexican dollars. Shipments from San Francisco to Shanghai this week amount
to close on £80,000. 90 lacs of rupees have been transferred from the gold standard
British railway securities, and the buying of Government reserve
fund to the currency department, which in consequence shows an Increase on
week of 82 lacs. The silver In the gold standard reserve now amounts to 290 lacs.
debt for the sinking fund will, no doubt, also stimluate fur the
Price In India Is Rs. 61 15-16 per 100 tolalis. Arrivals— New York, £222,000.
Shipments— Port Said, £2,000; Bombay, £120,500; Shanghai, £10,000; Madras,
ther investment in gilt-edged securities JH
total, £140,000.
The India Council offered for tender on Wednesday 100 £7,500;
The
quotations for bullion are reported as follows:
lacs of its bills, and the applications exceeded 1,145 lacs,
GOLD.
6.
SILVER.
6.
30.
at prices ranging from Is. 4 l-32d. to Is. 4 3-32d. per rupee. Bar gold, fine, oz____ 77 9 77 930, Bar sliver,
24 5-16
fine, oz___ 24 7-16
S. gold coin, oz___ . 70 4% 76 4% “ 2 mos. delivery__ 24%
Applicants for bills at Is. 4 l-16d. and for telegraphic trans U.German
24 7-16
gold coin, oz. - 76 4
76 4
Cake sliver, oz............ 26%
26%
fers at Is. 4 3-32d. per rupee were allotted 10% of the Japanese
French gold coin, oz. . 76 5 % 76 5% Mexican dollars...........nom.
nom.
yen----------- 76 4
70 4
amounts applied for.
following shows the imports of cereal produce into
The following returns show the position of the Bank of theTheUnited
during the season to date, compared
England, the Bank rate of discount, the price of consols, with previousKingdom
seasons:
&c., compared with the last four years:
IMPORTS.
1910-11.
1909-10.
1907-08.
1908-09.
A pr.
s. d.

L o n d on Standard.

M ch
s. d.

London Standard.

Apr.
d.

M ch.
d.

-

T h irty weeks.

1911.
5.
£
28,375,850
19,786,882
42,065,559
15,136,152
36,460,624
27,981,607
37,907,457
A p r il

1910.
6.
£
28,932,180
10,672,921
46,863,758
18,474,532
33,983,250
22,764,675
33,246,855
A p r il

1909.
7.
£
30,007,635
14,253,185
44,824,444
15,988,412
32,896,989
27,914,895
39.472,530

1908.
8.
£
28,914,220
11,223,495
43,742,329
13,757,493
30,780,629
28,210,770
38,080,990

A p r il

A p r il

1907.
10.
£ .
28,771,900
9,101,045
48,508,233
15,447,423
34,905,151
25,134,744
35,450,044
A p r il

Circulation..............Public deposits-----Other deposits.........
Governm’t securities
Other securities____
Reserve,notes&col n
Coln&bull.,both dep
Prop, reserve to 11a43%
47%
blllttes______ p. c.
51%
39 9-16
45%
3
4%
4
2%
Bank rate_____p. c.
3
80%
85%
87 9-16
81 9-10
82
Consols, 2% p. c___
23 7-16d.
25 5-16d.
30d.
24 1-lGd.
24 %d.
Sliver_____ ________
Clear.-housc returns 335,072,000 398,103,000 295,820,000 239,869,000 254,683,000

The rates for money have been as follows:

A p r il 7.
3
Bank of England rate......... - .
Open market rate—
Bank bills— 60 days......... . 2 5-16@ 2%
— 3 months___ 2%
— 4 montlis___ 2%
— C montlis.. - 2%
Trade bills— 3 months.. . - 2 % @ 3
— 4 months__ - 2 % @ 3
Interest allowed for deposits—
By Joint-stock banks____ 1%
By discount houses—
2
At c a ll.-........................ .
7 to 14 days.................... 2%

M ch .

31.
3

2% @ 2%
2%
2%
2%
2%
2%

M ch.

24.
3

M ch.

17.
3

2%© 2 %
2% @ 2%
2 % @2 6-16 2 % @ 2 5-16
2 3-16© 2%
2%
2 % @ 2 3-16 2 % @ 2 3-16

2% @3
2% @3

2% @3
2% @3

1%

1%

1%

2
2%

2
2%

2
2%

T h e b a n k r a te s o f d is c o u n t a n d o p e n m a r k e t r a te s a t th e
c h ie f C o n t i n e n t a l
R ates o f
Interest at—

P a ris.............................
Berlin_______________
Hamburg......................
Frankfort....................
Am sterdam ..... ..........
Brussels ____________
Vienna ........... ............
St. Petersburg..............
Copenhagen________

c i t ie s h a v e

A p ril 8 .
H ank
O pen
R ate. M a rk et.

3
2%
4
3
4
3
4
2 15-16
3%
3%
2%
4
4
3%
nom.
5
3%
4%
4%

b e e n a s fo llo w s :

A p r il 1.
O pen
R ank
R ate. M a r k e t.

3
4
4
4
3%
4
4
5
4%
4%

2%
3%
3%
3 7-10
3%
2%
3%
nom.
3%
4%

M a rch 25.
bank,
O p en
R ale. M a r k e t.

3
2%
4
3%
4
3%
4
3%
3%
3%
4
2%
4
3 11-16
5
nom.
4%

4%

M a rch 18.
bank
Open
R ate. M a rk et.

3
4
4
4
3%
4
4
5
4%
4%

2%
3%
3%
3^
3%
2%
3%
nom.
3%
4%

Messrs. Pixley & Abell write as follows under date of
April 6:

GOLD.— There was £731.000 gold for disposal this week, and with the exception
of a small order for the Continent the Bank of England has been able to secure the
whole of the balance, after supplying India with £ 180,000 Since our last the Bank
has received £560,000 In bar gold and sovereigns to the value of £17,000 from Aus
tralia and £5,000 from Brazil. India has taken £100,000 In sovereigns and Egypt
lias taken £100,000, presumably to replace the gold which Is being repaid to France,
while other withdrawals for that quarter arc expected. £20,000 has gone to South
Africa and £13,000 for Paris. Next week we expect £656,000 from South Africa.
Arrivals—South Africa, £508,000; India, £110,000; Brazil, £12,500; West Indies,
£10,500; total, £731,000. Shipments— Bombay, £218,000.
SILVER.— Quotations have ruled somewhat higher during the past week. The
highest prices quoted were 21 %d. and 24% d. for spot and forward, respectively, on
the 4th Inst., when India sent some Important buying orders. Since then, with a
slacker demand, the spot quotation has sagged to 24 7-16d. The market Is quiet
and steady at the close. There has been but little Inquiry from China, where the
markets apparently are quiet. The buying from India was probably Influenced by
the expectation that the Chinese Government would shortly be a large buyer of
sliver for tho reform of Its currency. It Is probable that the convention between
China and the Treaty Powers for this purpose will shortly be ratified, but there ap
pears to be some doubt as to whether or not the Chinese Government has already
anticipated Its requirements and secured some silver. Should, however, it prove to
bo the case that the Government has so far made no purchases. It must not be for
gotten that there Is already In Shanghai a considerable amount of silver, now esti
mated at £ 1,500,000, and held by speculators, ready to meet the requirements of the
Government. Stocks of sycee and bars are now rather over £3,100,000, while In
addition there Is an Important quantity of dollars, estimated on the 17th of March to
amount to £690,000. The Indian Government has gained 40 lacs of silver rupees
during the past week, while stocks of silver In Bombay are reduced by 600 bars
only, the dally oft take having fallen to 95 bars a day. The French Government Is
engaged In coining large quantities of subsidiary currency, but as old coins are being
used for this purpose no new sliver will be required. The Bombay quotation Is Us.
62% per 100 tolahs. Arrivals— New York, £287,000; West Indies, £8,500; total,
£295,500. Shipments— Port Said, £1,000; Bombay, £290,000; Calcutta. £25,000;
Colombo, £1,000; total, £317,000.

Messrs. Pixley & Abell write as follows under date of
March 30:
GOLD.— The gold In the open market this week amounted to over £1,000,000.
India took £218,000 and the balance has been divided between the Bank of England
and Germany, the latter taking rather more than was anticipated. The Argentine
exchange Is down to a point which foreshadows gold shipments from that country.
Since our last tho Bank has received £108,000 In bar gold, while East Africa has
sent £ 15,000 in sovereigns and Australia £8,000. There have been no withdrawals.
Next week we expect £572,000 from South Africa and £110,000 from India. Ar
rivals—South Africa, £1.011,200; West Africa, £62,600; Brazil, £25,000; Australia,
£13,500; total, £1,112,300. Shipments— Bombay, £206,000.
SILVER.— There has been practically no alteration In sliver during the past week,
the price for spot remaining the same as on the 23d Inst., at 24 5-10d., while forward
Is l-16d. lower at 24 7-16d. India has been a buyer for the April settlement, and It
Is expected that upwards of £200,000 will be shipped this week, the up-country
demand Is better and has risen to 150 bars dally, stocks, too show a decrease on the
week of 2,500 bars and are estimated now at 18,000 bars, or about £2,160,000. The
largeness of the decrease may be attributed to shipments to China, and possibly also
to a recount of the bars held In Bombay. The demand from China still continues,
and although moderate In amount has been very regular. Trade conditions there
remain the same, but It is probable that the anticipation that tho Government will
before very long be In a position to commence the reform of her currency with Inter
national help, has during the last few days given some strength to that market. As
to this point, however, It must be remembered that, although doubtless China may
quire to buy some silver, still the amount of sycee In the country should suffice




Imports of wheat..................... cw t.54,906,200 56,266,340
Barley ................................................ 12,904,400 16,637,200
Oats....................................................... 8,134,100 10,833,200
Peas-..................................................... 1,264,558
1.385,967
B ean s..................................................
502,927
1,806,383
Indian corn..........................................27,360,500 23.094,200
7,413,300
Flour ................................................... 6,020,600

48.948,100
14,959,900
7,430,500
845,190
918,410
21.279,800
7,285,600

1910-11.
Wheat imported........................cw t.54,906,200
Imports of flour.................................. 6,020,600
Sales of home-grown-........................ 17,232,383

1908-09.
1907-08.
48,948,100 53,694,900
7,285,600
9.267,100
21,736,512 22,841,582

63.691.900
16,381,800
6,523,200
1,105,170
751,320
26.351.900
9.207,100

Supplies available for consumption (exclusive of stock on
September 1):
1909-10.
56,266,340
7,413,300
18,647,955

Total .................... ......................... 78.159,183
Average price wheat, week............ 30s. 3d.
Average price, season......................
30s. 5d.

82,327,595
32s. 9d.
33s. Id.

T h is week.

Last week.

77,970,212
36s. Od.
32s. 7d.

85,803,582
31s. 4d.
33s. 7d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:

Wheat ........................................ qrs.
Flour, equal to.......................... qrs.
Maize ..........................................qrs.

4,140,000
155,000
375,000

4,008,000
102,000
375,000

1910.
4,100,000
115,000
225.000

1909.
3,625,000
185,000
320,000

The British imports since Jan. 1 have been as follows:

1911.
Im p orts —
£
January.............................................. 62,694,771
February ......................................
56,069,390
March ................................................. 58,543,022
Three months.............................. 177,278,189

1910.

D ifferen ce.
£

£

55,909,684
51,150,942
58,108.947
165.163,533

+ 6,785,087
+ 4,918,448
+434,075

Per
C ent.

+ 1 2 .1
+ 9 .0
+ 0 .7

+12,114,650

+ 7 .3

D ifferen ce.

P er
C ent.

The exports since Jan. 11911.
have been1910.
as follows:

E x p o r ts —
£
January............................................... 37,730,831
February............................................. 35,653,120
March ................................................. 40,863,912

Three months...............................114,247.863

£
34,803,115
31,691,870
34,391,558

£
+2,927,716
+ 3,961,250
+ 6,472,354

+ 8 .4
+ 1 2 .5
+ 1 8 .8

100,886,543

+13,361,320

+ 1 3 .2

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
R e-exp orts —
January................................................
February..............................................
March ..................................................

1911.
£
8,641,472
9.994.156
9,174,666

Three months............................... 27,810,294

1910.
£
8,147.164
10,184,560
8,443,988

26,775,712

D ifferen ce.

P er
C en t.

£
+ 494,308
— 190,404
+730,678

+ 6 .0
— 1.8
+ 8 .7

+1,034,582

+ 3 .9

N o te . — The aggregate figures are official.
They Indicate that slight adjustment*
have been made In the monthly returns as Issued.

English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
L on d on .

Week ending A p r il 14.
Sat.
Silver, per oz....................__d - 24%
Consols, new, 2 % per cents..- 81%
For account..... ................ . 82
French Rentes (In Paris).fr . 90.17%
Amalgamated Copper Co___ . 64
(•Anaconda Mining........... .. - 7%
Atchison Topeka & Santa Fe.l 11 %
Preferred............................ .105%
Baltimore & Ohio................. .108%
Preferred ............................ - 90%
Canadian Pacific.................... .232%
Chesapeake & Ohio............. - 83%
Chicago Great Western____ . 22
Chicago Mllw. & St. Paul.. .124%
Denver & Rio Grande......... - 31%
Preferred_______________ - 72
E rie______________________ . 30%
First Preferred--------------- - 50
Second Preferred........... . 39
Illinois Central...................... .142
Louisville & Nashville_____ .149
Missouri Kansas & Texas.. - 33%
Preferred_______________ - 69%
Nat. RR. of Mcx., IstPref.. . 72
Second Preferred_______ . 36
N. Y . Central & Hudson Rlv. 111
N. Y . Ontario & Western.. - 42%
Norfolk & Western............... .111
Preferred .......................
. 91
Northern Pacific.................. .129
oPennsylvanla....... ..........
. 64%
altcading Company........... . 80
o l Irst Preferred............. .. - 46%
aSecond Preferred........... . 50
Rock Island.......................... - 30%
Southern PacIQc................. -118%
Southern Railway................ - 27%
Preferred.....................
. 66
Union Pacific.................... -181%
Preferred_________
- 97%
U. S. Steel Corporation____ . 79%
Preferred _________
.122%
Wabash .............................. - 17%
Preferred.......................... . 38%
Extended 4s...................... - 71%
a

Price per share,

6

£ sterling.

M o il.

T u e s.

Wed.

T h u rs.

24 9-10 24%
24%
24%
81 13-10 81 11-10 81 13-10 81 13-16
81 15-10 81 13-10 81 15-16 81 15-10
96.20 90.17% 90.07% 96.07%
64%
03%
64%
01%
7%
7%
7%
7%
111%
111%
111%
1H %
105
105
105%
105%
109
109
108%
108%
90%
91
91
91
232%
232%
232%
233%
82%
83
83%
83%
22
22
22
22%
124
124%
124%
125
31%
31%
31%
31%
72
72
72
71%
30%
30%
30%
31
49%
49%
49%
49%
38%
39
38%
38%
142
142
141
111%
149
149
148%
148
33%
33%
33%
33%
09%
69%
09%
69%
72
72
72
71
36
30
36
36
111%
109%
109%
110%
42%
42%
43
42%
110
111%
110%
110%
91
91
91
90%
127%
129%
129%
127%
64%
64%
64%
64%
79%
79%
79%
80
40%
46%
46%
40%
50
50
49%
60
30
30
30%
30%
118%
118%
118%
118%
27%
28%
27%
27%
65
65
65
60
182%
181%
181%
181%
96%
97
97
97%
79%
80
79%
79%
122%
122%
122%
122%
17%
17%
17%
17
38%
38
38%
38%
71
71
71
74

E r l.

<

A

1007

T H E C H R O N IC L E

A pt?. 15 1911.]

GPnnxwcvcial and 2J%Isccllaucons|Jcn)B

By Messrs. Samuel T. Freeman & Co., Philadelphia:
S hares.

$ p er sh.

B on d s.

P e r cent.

$300 City of Phila. 3 % a , 1932.......... 94 %
468 Plcasantvllle Water Co. of N. J.
(
J.ot,$40 $1,000 No. Springfield Water Co.
1st 5s. 1928.................... - ...............100
5 Elmira & Wmsport Ry. Co.,pf. 72
10 Phila. Life Ins. Co....... ............ - 1 0 % 31,000 Spgfd. Water Cons. 5s, 1926 100

FOREIGN TRADE OF NEW YORK—MONTHLY
STATEMENT.—In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our National Banks.—The following information regarding
New York Custom House.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
C ustom s Receipts
at N e w Y o r k .

M erch a n d ise M o ve m e n t to N e w Y o r k .

1910-11.
July.........
A u gu st..September
October . .
November
December.
January..
February.
March . . .

E x p o r ts.

Im p orts.

M o n th .

■3
69,966,872
81,340,437
67,590,019
70,317,977
75,083.744
76,681,915
74,513.315
66,677,912
84,252,892

1909-10.
$
68,687,013
68,295,105
73,362.959
76,749,472
85,658,842
84,103,875
78,656,123
77,826,788
102,955,233

1910-11.

1909-10.

1910-11. , 1909-10.

S
56,019,567
65,279,115
66,183,119
61,166,950
60,821,026
63,598,538
61,365,707
61,749,886
71,039,369

$
50,583,478
49,212,360
50,779,347
55,899,327
55,953,000
58,606,172
52.044,329
49,927,253
56,874,809

S
16,911,067
20,276,113
17,699,966
16.381,800
18.533,079
16,487,755
16,898,957
16,334.953
19,487,785

3
20,728,717
19,732,558
17.906,343
19.793,908
17,575,847
16,223,356
17,545.140
18,778.746
21,988,922

T o ta l... 666,415,673|716,295,410 651,012,228 480,480,075 159,011,475 170,273,537

The imports and exports of gold and silver for the nine
months have been as follows:
Gold M o ve m e n t at N e w
M o n th .

Y ork .

E x p o r ts.

Im p orts.

1909-10.

Im p orts.

E x p o rts.

1910-11.

1910-11.

1910-11.

1909-10.

3
4,906,446
9,335,389
431,581
689,290
746,321
1,881,121
1,325,148
632,423
1,158,724

3
470,018
600,563
481.945
685,147
1,093,967
515,727
421.946
1,912,799
2,425,426

$
$
177,490 13.405,800
276,000 2,847,470
335,620
134,500
132,185 1.974,125
256,900 8,877,100
387,610 8,017,750
871,445 3,113,576
351,125 2,786,542
436,292 1,644,417

376,817 4,272,445
1,007,193 3,931,438
424,670
693,062
482,644 2,684,265
696,077 3,779,193
747,747 4,393,262
875,816 4,858,076
604,167 3,585,088
970,394 4,764,044

Total.............. 20.106,443

8,607,538

3,023,547 43,002,400

6,453,917 32,693,081

Ju ly..................
August..............
September____
November____
December____
January _____
February ____
M arch......... ..

1910-11.

S ilver— N e w Y o rk .

C H A N G E OF T I T L E .
7,293— The National Bank of Norman, O kla., to "T h e Farmers’ National
Bank of N orm an.”
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 C H . 29 TO A P R IL 5.
9.975— The First National Bank of Muldrow, Okla. Capital, 3 2 5,000 .
R . W . Hines, Pres.; L . C. Moore, Vlce-Pres.; Ghas. Blackard,
9.976—

The Beckham County National Bank of Sayre, Okla. Capital,
$25,000 . H . A . Russell, Pres.; J. A . Faria, Vice-Pres.; O . M .
Marsh, Cashier; W . E . Simmonds, A sst. Cashier.
9.977—
Glen National Bank of W atkins, N . Y .
Capital, $ 5 0,000 . W m . E .
Lcfftngwell, Pres.; T . W . M cAnarney, Vicc-Pres.; W m . M . K lft,

9 , 078 — The First National Bank of K noxville, Pa.

Capital, $ 25,000 .
A . B . Hitchcock, Pres.; C. II. Lugg, Cashier.
Capital, $ 40,000 .
D. B.
W ilson, Pres.; F . P. Voter, Vlce-Pres.; Guy W ilson, Cashier; F . J.
Spence, A sst. Cashier.
9 980 — The First National Bank of Ilarrah, Okla. Capital, $ 2 5,000 . B . F .
Miles, Pres.; J. W . Miles, Vice-Pres.; O . G . McClurg, Cashier.

9 979 — The Laurel National Bank, Laurel, Neb.

V O L U N T A R Y L IQ U ID A T IO N S .

6 300 — The First National Bank of Collinsville, T e x ., M ch. 21 1911.
1 )374 — The Phenlx National Bank of New York City, M ch. 28 1911.
4 , 7 7 2 — The First National Bank of Cortland, Ohio, April 4 1911.

Canadian Bank Clearings.—The clearings for the week end
ing April 8 make a satisfactory comparison with the same
week of 1910, the increase in the aggregate having been
18.0%.
W e e k ending A p r il

1911.

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 York:
Shares.
P e r cent.
j cenL
1.000 Drcdnought Co. (310 each)..350 lot
Cons. Mg. & Mill.
30 Fulton Trust Co.......................... 300
Co. ($5 each)................60c. per sh.
B on d s.
P e r cent.
Hamilton Trust Co. of Pater
510.000 City of Mayaguez, P. R.,
son, N. J------------- ----------------400
6s, 1922; J. & J................100T3 & Int.
Paterson (N. J.) Sav. Inst------390
310.000 Del. & East. UR. Co. 1st
N. Y. & Bklyn. Brewing Co.,
5s; Jan. 1910 coups, attached.31,200 lot
pref......... ................... S10-S15 per sh.
350.000 Col. A Hock. Coal A I. Co.
N. Y. & Bklyn. Brewing Co.
6s (certf. of deposit)..... .................45 %
common_________ S 3 % - $ 4 % per sh
N. Y . Mtg. & Security Co____2 2 4 % 5100.000 Commercial Mg. * Mill.
Co. 1st 6s, 1931; all coups.att’d . $800
Mech.' & Metals Nat. Bank____ 2 6 0 %

Shares.
5 0 Guanajuato

80
40
30
600
15
10

By Messrs. Francis Henshaw & Co., Boston:

$ per sh.
10 Androscoggin Mills....................... 193
82 Merrimack Mfg. Co., com____ 61-61 %
5 Tremont A Suffolk Mills.............. 112
1 Dwight Mfg. Co. ($500 par)___ 1200
4 Lancaster Mills..... ..........................120
2 Boston Real Est. Tr. ($1,000 ea.)1185
50 48 Beacon St. Trust, com______ 75
20 Charlestown Gas & Electric Co.
($50 each).......... .........
121
2 Hartford Fire Ins. Co.................. 756

Shares.

B on d s.

P e r cent.

31.000 Medford, Mass., 4s, 1 9 2 2 ... 100M
51.000 Taunton, Mass., 4s, 1927.--100M
3500 Chicopee, Mass., 4s, 1924------100 %
$1,000 Braintree, Mass., 4s, 1921..100J4
51.000 Boston A Nor. St. Ry. ref.
4s, 1954.............................................. 92 %

Brandon -----------------------Saskatoon..........................
Brantford -------------------Moose Jaw........................

$
50.011,149
40,603,346
19,886,263
10,097,481
4,341,366
2,361,108
1,711,217
3,158,996
1,403,049
1,669,620
3,557,815
2,897,168
2,259,432
1,263,109
571,516
513,214
940,308
582,211
705,619

%
+ 20.3
+ 20.5
+ 19.0
+ 11.2
— 8.1
--- 5.5
— 2S.0
+ 7 2 .7
— 15.9
— 12.8
+ 2 3 .8
+ 5 2 .4
+ 6 9 .2
+ 61.3
— 2.5
d In tot
Not include d in tot
Not Include d in tot
Not include d In tot

Total Canada................ 145,792,635 123,557,011

B on d s.

By Messrs. Barnes & Lofland, Philadelphia:




P e r cent.
1912_____ 0 0 %

1908.

1909.

S
$
35,632,750 27,386,628
21,853,841 20,990,462
9,771,705
12,476,382
3,532,239
4,803,455
3,252,215
3,894,743
1,907,908
2,192,528
1,617,049
1,775,810
1,344,502
1,315,606
1,186,554
1,388,577
1,142,168
1,218,467
1.058,688
1,550,351
1,064,564
1,133,779
750,591
1,000,185

$
41,588,517
33,690,696
16,717,374
9,070,108
4,723,652
2,496,040
2,397,177
1,828,958
1,668,642
1,914,002
2,874,384
1,906,880
1,305,427
783,217
585,931

_________

________
al
al
al
al

+ 18.0

90,236,474

75,065,273

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:

Railroads (Steam)
Atch. Top. A S. Fe, com. (qu.) (No. 24).
Central RR. of New Jersey (quar.)..........
Clev. Cin. Chic. A St. Louis, pref. (quar.)
$2,000 City of Boston 4s,
3
Delaware Lack. & Western (quar.)............
31,000 Newburyp’t, Mass., 4s, 1919 100
4
Evansville & Terre Haute, pref--------------$6,000 Plymouth A Mlddleborough
1
Georgia
RR. & Banking (quar.)..............
RR.
Co.
1st
5s,
1912____________100
1
Grand Trunk, guaranteed........................ ..
$500 Pcre Marq. RIt. deb. 6s, 1912. 0 0 %
25
First and second preferred-----------------Third preferred_______________________
1
Great Northern (quar.).................................
2
Kansas
City Southern, pref. (quar.).........
2
Minn. St. Paul & S. S. M.. com. & pref..
M isso u r i K a n sa s * T ex a s, p r e f ....... ..........
Morris & Essex Extension, guaranteed..
3 per sh .
S hares.
$ per sh. Shares.
N. Y. Cent. & Hud. River (quar.)......... ..
8 Schuyl. A Middletown Canal
29 Real Estate Trust Co., pref. .100 53
Norfolk Southern (quar.).............................
($50 each)........... .............. Lot, $1
5 Southwestern Nat. Bank------118
Norfolk & Western, pref. (quar.)------------150 Union Canal Co. of Penna.
10 Mechanics’ National Bank,
Northern Pacific (quar.).................... ..........
Lot,
32
(350
e
a
c
h
)
........................
Trenton, N. J _____________ 151
Passaic * Delaware Extension, guar-----5 Ice Mfg. Co. of Germantown
20 Integrity Title Ins. T. & S.
Pitts. Cin. Chic. & St. L., com.&pf.(qu.).
(350 each).......................... Lot, $3
1). C o . . . .................
146-148
Reading Company, 2d pref---------------------5
Unagltated
Water
Freezing)
5 Wayne (Pa.) Title & Tr. Co.12034
St. Louis A San Fran., 1st pref. (quar.)..
Co. ($5 each) ...................._)Lot,«2
14 Southwark Nat. Bk. ($50 ea.) 71 %
Southern Railway, preferred....... ..........
150 Phila.Crude Ore Co.($10 ea) J
4 Phila. National Bank_______ 376
Toledo St. L. A West., pref. (quar.)..
1 Elec. Construction Co--------1
11 Fidelity Trust Co........... .........951
Utica Chenango A Susq. Valley, guar-----3 % Manahawken & Long Beach )Lot,S4
10 Guarantee Tr. A S. D. Co___103
Warren, guaranteed — ...............................
Trans.
Co............................
I
5 Tradesmen’s Trust Co........... 110
Western Maryland, preferred (quar.)-----1,350 Palmetto Co. ($25 each)...J
10 Wayne Junction Trust Co___115
Street and Electric Railways.
600 N .Y . * Interim. WaterCo. Lot, $150
100 Nat. Park Amusement Co___ 1
Auburn A Syracuse Elec. RR.. pref. (qu.)
10
Franklin
Institute
of
Phila..
1
12 Plilla. Bourse, com. ($50 ea.) 4 %
Boston Suburban Elec. Cos., pref. (quar.)
4 Phila Bourse, pf. ($50 e a .) ..
8%
Brooklyn City RR. (quar.)-------------------P e r cent.
13 N. Y. State Rys., 1st p r e f... 0 0 % B on d s.
Cln.Ncwp.ACov. L. A Tr.,com.Apf.(qu.)
31.000 Wllm. & Chester Trac. Co.
12 Spring Garden Ins. Co.($50ea.)88
Colum bus (Ohio) R y . , p ref. (q u .) ( N o . 46)
5s, 1918............................................. 0 2 %
24 American Fire Ins. Co......... .. 50
Detroit United R y . (q u a r .) -----------------------31.000 Scranton Ry. Co. 5s, 1932..100H
2 Fire Asso. of Phila. ($50 ea.)340
E ast S t. E . <& S ub. C o ., p fd. (q u .) ( N o . 20)
25 Delaware Ins. Co. ($10 ea.). 2 4 % 31.000 Bangor Ry. & Elec. Co. 5s,
Ft. Smith Lt. A Trac., pref. (quar.)-------1935..................................................- 99
2 1 3 th * 15th Sts. Pass. R y.-.251J3
Grand R apids R y . , p f . (q u .) ( N o . 42)-----20 2d & 3d Sts. Pass. I t y . . . 251-251 % $1,000 Central Car Trust Co. 6s, ’ 15 0 0 %
H avan a Electric R y . , com m on (q u a r .) -----26 West Phila. Pass. R y ......... 208-209 $2,000 Saginaw-Bay City Ry. Co.
Preferred (q u a r .) .........................................
5s, 1 935 ........................... ................. 90
14 Phila. City Pass. R y----------Manchester (N.II.) Tr., L. A P. (quar.)..
13 Buffalo & Lake Erie Trac
0 % .$1,000 East St. L. A Suburban Co.
Mllw. Elec. Ry. A Lt., pref. (qu.)(No.46)
5s, 1932........................ ..................... 97 %
2 Penna. Acad, of the Fine Arts 17
M ontreal Street R y . (q u a r .) ........... - - ..........
51.000 Peoria Light Co. 5s, 1 930 .. 0 3 %
6 J. G. Brill, pref........................ £0
Northwestern Elev. R R ., Chic.. pref.(qu.)
59.000 Lindsey W . Co., Punxa., Pa.,
1 Library Co. of Phila............... 21
Ottumwa (Iowa) Ry. A Lt., pref. (quar.)
5s, 1919...................... .............. ........ 60
10 Falrhlll Coal Co ($10 each).. 40
Philadelphia Company, common (quar.).
$7,000
Ind.
Col.
&
East.
Trac.
5s,
2 Young-Smyth-Fleld, p re f.-- 82
Public Service Invest., pref. (qu.) (No. 8)
1926 .............. ................................... 86
1,000 Weston & Wells Mfg. Co.
Quebec Ity., Lt. A Power, com. (No. 1).
(50 cents each) — ........... Lot, Si 58.000 Phila. Bourse 5s, 1913..........9813
R ailw ays C o . General (q u a r .) -----------------52.000
Phila.
Newtown
&
N.
Y
.
2 Hygienic Pub. Co. ($10 ea.)l
Rio de Janeiro Tram., L. A P. (quar.).
RR. 3s, 1942.................................. 7 8 %
,30 Knlckirbocker Anth. CoalJLot.Sl
Seattle Electric Co., com. (qu.) (No. 10)
$500 Altoona Gas Co. 5s, 1932------ 0 7 %
Co. ($10 each)....................J
Common (extra)........................ ..............
32.000
Springfield
Water
Co.
5s,
’26
100
20 San Francisco Land Co.
West Penn Traction, pref. (qu.) (No. 5 ) . .
Assn.'($500 each)--------- Lot, $2 $1,200 No. Spgfd. Water Co. 5s. '28 100
Wheeling Traction (quar.)..................
S100
Washington
Gas
Lt.
Co.
4s,’29
108
150 Wyoming Coal & Tr. Co.
fi_
($20 each)...........................Lot, $1 $1,000 N. J. Gas Co. 5s. 1940........ 92
3 per sh.
Nat. Shawmut Bank................. 400 %
Franklin Co., Lewiston, Me-------15114
IIIll Mfg. Co___________
110%
Amoskeag Mfg. Co..................... . . 3 2 1 %
Lanett Cotton Mills, West Point,
Ga
*110
Nashua A Lowell RR. Corp------ 2 4 0 %
Worcester Electric Light Co------ 2 7 0 %
Fifty Associates______________ 4000

In c . or
D ec.

1910.

N a m e o f C om p a n y.

By Messrs. R. L. Day & Co., Boston:

S hares.

8.

Clearings at —

P er
Cent.

1%

2

1%
2%
2%
3

62
62 %
6 %
1%

1

3%
2
2
1%
%

1

1%
2
1%
2
1
1
1
3
3%
1
1%

SI
2
1%
1%
1%
1%
1%
1%
1%
1%
2
1%
2%

1
1%
1%
1%
1

1
1%
1%
2
1%
1

W h en
P a yab le.

[Jline
May
April
April
Apr.
[Apr.
May
May
May
May
Apr.
Apr.
May
May
Apr.
May
May
May
May
Apr.
May
May
Apr.
Apr.
May
Apr.
April
Apr.
Apr.
April
Apr.
May
[June
May
Apr.
May
May
May
Apr.
May
May
Apr.
Apr.
May
May
Apr.
May
May
Apr.
Apr.
Apr.
Apr.

1 1
1 I
20 I
20 I
15 I
15 A
5 \
5 5
5 J
1I
15 I
15 1
10 I
1I
15 k
1 <’
18 T
1I
1 1
25 1
10
1
24
15
1
15
20

B ook s Closed.
D a y s In clu siv e.

to
to
to
to

Apr.
Apr.
Apr.
Apr.

14
20
20
20

to
to

Apr. 18
May 1

Mch.31a
Apr. 3a
April 16
Apr. 16
Apr. 15a
May 16a
1 ;
Apr. 15a
1
Mch. 31
15 :
Apr. 15a
1 ■
May 31
13
May 31
13
Apr. la
15
Apr ,20a
1
1 Holders of rec. Apr. 15
Apr. 18
to
18 Apr. 9
15 Holders of rec. Mch. 31
1 Holders of rcc. Apr. la
1 Uoldcrs of rec Apr.18a
15 Holders of rec . Mch. 31
Apr. 30
1 Apr. 21
to
1 Holders of rec April 15
15 Holders of rec. Mch. 13a
15 Holders of rec Mch. 13a
Apr. 16
to
15 Apr. 8
15 Holdeis of rec. Mch.3 la
15
15
15
15
1

THE CHRONICLE

1008
Name o f Company.

Per
Cent.

When
Payable.

Books Closed.
Days Inclusive.

Banks.
2
May
Pacific (q u a r.)..... ......................... —
1 April 18 to
April 30
4
Apr. 15 Holders of rec. Apr. 5
Produce Exchange. New York (No. 5 2 ) ..
Trust Companies.
1 Apr. 20
May
B roa d w a y (qua r. ) .................................
to
IX
Apr. 30
•
Miscellaneous.
Alliance Realty (quar.)------------------2
April 15 Holders of rec. Ar>rll 5
3
Amer. Agricultural Chem.. pref. (No. 24)
April 15 Mch. 22
to
Mch. 31
1
A m er. D lst. T eleg. o f N . J . (q ua r .)_ .
Apr. 28 Apr. 19
to
Apr. 27
Amer. Gas & Elec., pref. (quar.) —
May
1 Apr. 21
IX
to
May 1
A m erica n G lu e, com . ( N o . XI)----------------2
May 10 April 15 to
May 2
1
C om m on (extra) ( N o . 7 )...................
May 10 April 15 to
May 2
American Light & Traction, com. (quar.)
May
1 April 16 to
2X
April 30
Common (payable In common stock)..
May 15 April 16 to
2X
April 30
Preferred (quar.)________________
May
1 April 16 to
IX
April 30
American Locomotive, pref. (quar.).........
April 21 April 5
IX
to
April 23
American Malt Corp., preferred___
1
2 Apr. 16
May
to
May 2
American Malting, preferred.............
62c. May
2 Holders of rec. April 15
American Seeding Machine, com. (quar.)
Apr. 15 Holders of rcc. Mch.31a
X
Preferred. (quar.)..............................
Apr. 15 Holders of rec. Mch.31a
IX
American Shipbuilding, pref. (quar.)____
April 15 Mch. 29
IX
to
April 16
Amer. Smelt. & ltefg.. com. (quar.)
Mch. 25
to
Mch. 30
A m e r . Steel F ou n d ries (q u a r .) ........... .
May
Holders of rec. Apr. 29
Amer. Telep. & Teleg. (quar.)......... .
J * April
Holders of rec. Mch. 31a
Amer. Type Founders, com. (quar.)_____
1
April
Holders of rec. April 10a
Preferred (quar.)....................................__
April
Holders of rec. AprillOa
IX
Amer. Woolen, pref. (quar.) (No. 48)____
April
Mch. 28 to
April
IX
Anaconda Copper Mining (qu.) (No. 42). 50c. Apr.
Holders of rec. Apr. 7a
Associated Gas & Elec., pref. (quar.)____
Apr.
Holders of rec. Mch. 31
IX
Associated Merchants, 1st pref. (quar.)..
Apr.
Holders of rcc. Apr. 12a
ix
First preferred (extra)...............................
Apr.
Holders of rec. Apr. 12a
Second preferred (quar.)......... ................
Apr.
Holders of rec. Apr. 12a
1
8
Second preferred (extra)..........................
Apr.
Holders of rec. Apr. 12a
Bell Telephone of Canada (quar.)......... II
2 * Apr.
Holders of rec. Mch.25a
Bell Telephone of Pennsylvania (quar.). .
Apr.
6 to
Apr. 16
Apr.
IX
B i n g . ( N . Y . ) L . ,H . A P . , c o m . ( q u . ) ( N o . 18 )
Apr.
Holders of rcc. Mch.3 la
X
P referred (qua r.) ( N o . 25)___________ . .
Apr.
Holders of rcc. Mch.31a
IX
Butte Elec. & Power, pf. (quar.) (No. 39)
May
Holders of rcc. Apr.20a
IX
Canada Cem ent, p r e f. (quar.) ( N o . 5 )_____
May
May
1 to
May 10
IX
Canadian Car & Fdry.. Ltd., pref. (quar.)
April 25 Holders of rec. Mch.31a
IX
Central Coal & Coke, com. (quar.)______
April 15 April
1 to
April 16
IX
Preferred (quar.).................... ...................
April
April
1 to
April 16
IX
Chicago Pneumatic Tool (quar.)________
1
Apr.
Apr.
16 to
Apr. 25
Claflln (II. B .), common (quar.)___
April
Holders of rec.April 12a
IX
F ir st preferred (q u a r .) ....... ..............
May
Holders of rec. April 21
IX
Second preferred (q u a r .) ___________
May
Holders of rec. Apr. 21
IX
Commonwealth Edison (quar.)_____
May
Holders of rec. Apr. 15a
IX
Consolidated Ice of Pittsburgh, pf. (qu.).
April
Holders of rec. April 8
IX
Cuyahoga Telephone, pref. (quar.)______
Apr.
Holders of rcc. Apr. 15a
IX
Delaware Lack. & Western Coal (quar.)
April
Holders of rec. April la
2X
Detroit Edison (quar.)_____________
April
IX
Holders of rec. April la
Distillers' Securities Corp. (quar.) (No.34)
April
Holders of rec. April 8a
X
Distilling Co. of America, pref. (quar.)..
1
April
Holders of rec. April 8a
du Pont (E .I.) dc NemoursPowd.,pf.(qu.)
April
April 16 to
April 25
Edison Elec. III., Boston (qu.) (No. 88)
'May
Holders of rec, April 14
Electrical Secur. Corp. pref. (quar.)____
May
Holders of rec. Apr.27a
E lec. B o n d A Share, com . (quar.) ( N o 8)
2
April
Holders of rcc. Aprill3a
P referred (q ua r.) ( N o . 24)................
'
May
April 21
to
April 30
Elec. Utilities Corp., pref. (qu.) (No. 4)
Apr.
Holders of rec. Mch.31a
General Electric (quar.)________________
2
April
Holders of rcc. Mch. 4a
Goldfield Consolidated Mlnes(quar.)No.ll
30c. April
Holders of rec. Mch.3 la
Extra........... .................................................
20c. April
Holders of rec. Mch.31a
Harblson-Walker Refractories, pf. (qu.)
April
Holders of rec. April 10
IX
H om estake M in in g (m th ly.) ( N o . 437).
50c. Apr.
Apr. 21
to
..............
Illinois brick (quar.)......... ...........................
2
Apr. 5 to Apr. 15
Apr.
Intercontinental Rubber, com. (quar.)
April 22 to April 30
May
1
Internat. Button-Hole Sew. Mach, (quar.)
1
Holders of rec. April 5
April
Intcrnat. Harvester, com. (quar .) (No. 5)
Holders of rec. Mch.25a
April
IX
International Nickel, common (q u a r.)...
May 13 to June
1
June
2X
Preferred (quar.)_____________
April 13 to May
1
May
IX
International Paper, pref: (quar.) 11' I I 11
Holders of rec. Apr. 4a
Apr.
X
Internat. Smokeless Powd. & Chem., pref.
Holders of rcc. May 5a
May
4
Internat. Steam Pump, pf. (qu.) (No. 48)
Holders of rec.April 20a
May
IX
Kansas City Breweries, pref. (quar.)____
May
1 to May 15
May
IX
La Rose Consolidated Mines (quar.).........
April 1 to April 17
April
2
Massachusetts Gas Cos., common (quar.)
May
Holders of rec. April 15
SI
April
Massachusetts Lighting Cos. (qu.) (No.30)
Holdjrs of rcc. Mch.30a
Mexican Light & Power, common (quar.)
April
April 9 to April 15
M ich ig a n Stale T e l e p ., com . (q u a r .) ______
June
May 18 to June 1
IX
Preferred (quar.)___________ __________
May
April 16 to May 1
IX
P referred ( q u a r .) ............. ...........................
Aug.
Inly 16 to Aug. 1
IX
Mlnneap. Gen. Elec., com. (qu.) (No. 15)
May
IX
Holders of rec. Apr. 15a
National Biscuit, com. (quar.) (No. 5 0 ) -.
April 15| Holders of rcc. Mch.28a
IX
National Carbon, common (quar.)..........
April 15 April 6 to April 16
IX
National Fire Proofing, pref. (quar.)____
April
.
15 Holders of rec. April 3
New York Air Brake (quar)........................
April 28 Holders of rec. Apr. 5 a
New York Dock, preferred (quar.)...........
IX
April 15 Holders of rec. April la
Niagara Falls Power (quar.) (No. 5 ).........
2
April 15 Holders of rcc. April la
Niplsslng Mines (quar.)........................ ........
5
April 20
April1 to April 17
Extra ..................................... .......... ..........
2X
April 20
April1 to April 17
Northern States Power, pref. (quar.)____
IX
15 Holders of rec. Mch. 31
Nova Scotia Steel & Coal, Ltd., com. (qu)
IX
April 15,Holders of rec.Mch.3 i.17
Preferred (quar.)........... ...........................
2
April 15,Holders of rec. Mch.3 i.i7
Oklahoma Gas & Elec., pref. (quar.)____
Apr■ 15 Holders of rec. Mch. 31
IX
Otis Elevator, common (quar.)..................1 el
April
Holders of rcc. Mch. 31
Preferred (quar.)....................................... 1 I X
April
Holders of rec. Mch. 31
Pacific Coast, common (quar.)________
1 X May
Apr. 16 to
May 1
May
First preferred (quar.) .......................... ] I X
Apr. 16 to
May 1
Second preferred (quar.)....... ............ ..
IX
May
Apr. 16 to
May 1
Pacific Telep. & Teleg., pref. (quar.)____
IX
April
April 1
to
April 16
Pay-as-You-Enter Car Corp., pfd. (qu.)
IX
Apr.
H olers of rec. Apr. 10a
Pennsylvania Salt Mfg. (No. 96)................• 6
Apr.
Mch. 28 to
Apr. 14
Pittsburgh Coal, preferred (quar.)..........
IX
April
Holders of rec.April 12a
Procter & Gamble, preferred (quar.)____
2
April
Holders of reo. Mch31a
Quaker Oats, common (quar.)____________
2 X April
Holders of rec. April la
Preferred (quar.)...........................................
iy$ May
Holders of rec. May la
Reece Buttonhole Mach, (qu.) (No. 100)
2
April
Holders of rec. April 5
Extra ________________ _______________
2
April
Holders of rec. April 5
Rhode Island-Perklns Horseshoe. pf.(qu.) 1
April
Holders of rec. April 3a
San Diego Cons. Gas. & El., pref. (quar.)
IX
Apr.
Holders of rcc. Mch. 31
Shawlnlgan Water & Power (quar.).........
ix
Apr.
Holders of rec. Apr. 7
Southern California Edison, pref. (quar.)
IX
April
April 1 to
April 16
Southern New England Telephone (quar.) I l k
Apr.
Apr. 1 to
Apr. 16
Standard Milling, preferred (No. 16)____
2
April
April 6 to
April 16
Union Bag & Paper, pref. (qu.) (No. 48).
1
April
Mch. 16
to
April 16
United Cigar Mfrs., common (quar.)____
1
May
Holders of rcc. April 25
united Cigar Stores, Corp. of (quar.)____
i u April
April 2
to
April 16
Extra....... ............................................
April x
April 2
to
April 16
United Dry Goods, common (quar.)_____
2
May
Holders of rec.April21a
U n ited Electric Securities C o ., p r e f ............. $3.50
May
Holders of rec. Apr.15a
United Fruit (quar.)..................................
2April
Holders of rec. Mch. 25a
Improvement (quar.)_________
2 April
Holders of rec. Mch. 31
U. S. Envelope, preferred___
/ I X May
Holders of rec. April 22
U n ited States E x p r e ss ( N o . 155)
$3
Apr. 30
to
May 15
May
United States Glass (quar.)____’
1'
April 30 Holders of rec. April 10
U. 8. Radiator Corp., pref. (quar.)IIIIII
i«
to
Mch. 31
April 15 Mch. 22
U . s . R ea lty A I m p t. (q u a r .) ____
"
m
Holders of rec. Apr. 21
May
United States Rubber, first pref. (quar.)’
2
Holders of rec. Apr.14a
April
Second preferred (quar.)_____ _________
\ yc April
Holders of rec. Apr. 14a
U. S. Smelt., Ref. & Min., com. (quar.)
1
Holders of rec. Apr. 1
Apr.
Preferred (quar.)...........................
l jr Apr.
Holders of rec. Apr. 1
Va Carolina Chem., pref. (qu.) (No. 62)
2
April
April 1 to
April 16
..
\
x
vuican Detlnning, pref. (quar.).........
April
Holders of rec. April 10
Western Union Teleg. (quar.) (No. 168)
X
April
Holders of rcc. Mch.20a
Westlnghouse Elec. & Mfg., pref. (quar.)
IX
April
April 6 to
April 16
Preferred (extra)....................................... f i x
April
April 6 to
April 16
White (J. G.) & co., Inc., pref. (quar.)..
IX
May
Holders of rec. April 20
Worthington (Henry R .), inc., preferred.
3X
May
Holders of rec. Apr.20a

ix
ix
ix

}x

ix

“ K

er^
n.otc.,0«»e‘1- » Less Income tax. d Correction, e Declared 4 % ,
J
jnatallrnenui / On account of accumulated dividends.
Transfer books closed from March 22 to March 29, both Inclusive.




[VOL. L X X X X II.

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
April 8. The figures for the separate banks are 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.
Wt omit two ciphers (00)

_________________

Banks.
omitted.

Capital.

Surplus.

00s

Bank of N. Y _ .
2,000,0
3.638.6
Manhattan Co.
2.050.0
4,402,1
Merchants’ -----2,000,0
1.900.5
Mcch. & Metals
6,000,0
8.146.7
America............
1.500.0
6,012,4,
City . . .
25.000.
0
34.131.8
Chemical
3.000.
0
6.586.7
Merchants’ E x .
600,0
567,2
Gallatin_______
1.000.
0
2.534.0
Butch. & Drov.
300.0
158.0
Greenwich____
500.0
856.9
Am. Exchange.
5.000.
0
4.496.6
Commerce......... 25.000.
0
17.005.8
Mercantile____
3.000.
0
2.713.1
Pacific .
500.0
932.1
Chat’m & P'n’x
2.250.0
1.074.1
People’s
200.0
467.5
Hanover...........
3.000.
0
12,360,3
Citizens’ Cent..
2.550.0
1.803.5
N assau----------500.0
532.6
Market & Fult’n
1.000. 0 1.775.0
Metropolitan . .
2,000,0
1.544.6
Corn Exchange.
3.000.
0
5,438,7'
Imp. & Traders’
1.500.0
7.624.6
Park ..................
5.000.
0
12.728.2
East River____
250.0
98,8
Fourth . .
5.000.
0
5.683.3
Second . .
1.000.
0
2.196.9
First ............... .. 10.000. 0 20.738.3
Irving Excli__
2,000,0
1.850.9
Bowery .
250.0
800.5
N. Y . County. .
500.0
1.666.5
German -Amer.
750.0
689.0
Chase..................
8.382.9
5.000.
0
Fifth Avcnpe. .
100.0
2.183.1
German E xch..
883.4
200,0
Germania.........
200,0
1.034.7
Lincoln......... ....
1.000. 0
1.598.5
Garfield........... ..
1,000,0
1.238.8
F ifth ..................
523.4
250.0
Metropolis____
2.124.4
1,000,0
West Side.........
200.0
1.027.8
Seaboard______
1,000,0
2.025.1
Liberty .............
1,000,0
2,744,3
N. Y. Prod. Ex.
1,000,0
783.9
State ..................
1,000,0
850.7
14th Street____
1,000,0
310.6
Coal & Iron____
421.1
1,000,0
Union Exch__
1,000,0
945.9

in

all cases.

Loans.
Average.

Specie. Legals. Deposits.
Average. Average. Average.

S
20,816,0
31.750.0
21.029.0
52.221.5
26.975.6
177,647,7
29.668.0
7.121.6
9.509.3
2,467,9
8,162,8
43.021.0
154.193.5
14,000,4
3.850.1
15.390.2
1.927.4
73.703.2
21.997.6
8.648.1
9.161.7
10.199.0
45.473.0
25.836.0
87.790.0
1.408.2
35.266.0
13.272.0
124.262.6
25.009.6
3.423.0
8.036.8
4.059.1
81.037.0
12.729.0
3.500.0
5,413,7
14.851.7
8.558.1
3.392.0
12.281.8
4.335.0
23.124.0
20,679,8
8.032.9
15.282.0
6,027,4
6.075.0
8,834,6

3.964.0
9.291.0
4.327.0
14,105,2
4.792.9
55,040,8
5.297.5
1.579.9
1.602.5
429.1
2.059.0
6.742.6
28.245.7
2.103.5
418.8
2.407.3
342.2
13.724.8
5.085.4
1.440.1
1.305.6
2.482.3
8.428.0
4.255.0
22.243.0
235.8
6.741.0
3.296.0
28.437.8
5.248.3
842.0
1,405,8
852.2
16.713.0
2.634.7
320,5
1.081.0
3.457.1
1.982.8
603.3
1.395.2
998.0
5.853.0
4.748.9
2.144.5
4.552.0
1.332.2
944.0
1.120.0

R e
s've.

S
%
950.0
18.842.0 26.0
1.536.0
37.500.0 28.8
1.173.0
21.635.0 25.4
1.331.0
52.654.5 29.3
2.194.3
27.522.6 25.3
6.900.0 182,559,4 33.9
1,680,2
27.672.0 25.3
190.3
7.223.3 24.5
462.4
7,998,8 25.8
66,1
2,099,5 23.5
245.0
0,210,0 25.0
4.171.8
43.588.3 25.1
8,729,6 136.804.0 27.1
776.0
10.863.0 26.5
443,
3.348.4 25.7
1.140.5
15,064,8 23.7
151.2
2.172.5 22.7
7.792.1
84.028.5 25.6
333.8
21.233.7 25.6
1.155.4
10.218.5 25.3
951.5
9.039.0 25.0
10,9
10.240.4 26.5
5.132.0
53.753.0 25.2
1.772.0
23.369.0 25.7
1.300.0
92.879.0 25.3
100.3
1.515.7 22.1
2.610.0
36.786.0 25.4
147.0
13.384.0 25.7
1,848,3 120,491,2 25.1
1.661.6
26.945.8 25.7
62,0
3.582.0 25.2
702.8
8.254.6 26.0
210.9
3.086.2 26.6
4.485.0
88.006.0 24.0
1.055.9
14.168.5 20.0
600,2
3.553.8 25.9
503.4
6.287.3 25.1
944.7 16.216.5 27.1
277.0
8.682.3 26.0
347,2
3,664,2 25.9
1,705,6
12,364,4 25.0
236.0
5.032.0 24.5
1.773.0
27.815.0 27.4
1.067.5
22,263,3 26.1
273.7
9,635,3 25.0
325.0
19.300.0 25.1
514.5
6,595,5 28.6
735.0
6.347,0 26.4
1.130.0
8,780,5 25.0

Totals, Average 134,150,0 200,234,4 1351,451,9 298,052,3 74,135,1.1385,236,3 26.9
Actual

figures April 8 . .

1352,301,8 299,620,0 75,172,6 1388,068,1 27.0

On the basis of averages, circulation amounted to $46,139,000 and United States
o?S°^oS^ S cU^ e,d ln deposits) to $1,603,000; actual llgurcs April 8, circulation.
$45,728,600; United States deposits, $1,564,800.

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 BANKS AND TRUST COMPANIES.

W eek ended A p r il

8

Capital as oi Feb. 28____
Surplus as of Feb. 28____
Loans and Investments
Change from last week.

State B anks
T ru st C o s.
State B a n k s
Tru st C o s.
in
in
outside o f
outside o f
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .
$
23.975,000

63,206,000

38.886,100

175,811,500

11,274,643

11,328,963

283,246,100 1,055.607,600
+ 4,395,000 + 13,144,600

95,285,500
+ 146,400

145,260,500
+425,400

S

S
9,528,000

$

0,525,000

Specie .......................... ......
Change from last week.

49,156,900
+ 1,756,200

112,062,200
+3,760,000

Legal-tenders & bk. notes
Change from last week.

23.068,900
— 723,200

11,270,600
— 632,400'

....................

....................

Deposits ............................
Change from last week.

330,145.700 1,149,412,400
+ 6,490,600 + 14,262,400

100,878,500
+296,800

156,470,600
+ 1,963,900

Reserve on deposits_____
Change from last week.

96,584,800
+2,675,000

21,145,400
+ 144,700

25,491,800
+ 1,277,500

P. C. reserve to deposits.
Percentage last week..

29.8%
29.5%

130,002,900
+3,690,200
16.1%
15.8%

--------- -

—

21.8%
21.7%

17.0%
16.3%

+ Increase over last week. — Decrease from last week.
"Surplus’' includes all undivided profits. “ Reserve on deposits” Includes,
ror Doth trust companies and State banks, not only cash Items but amounts due
irom 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 locauon 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
r!»rkrol 2 5 y5 ’ Kand aj£? exc,U8,ve of time deposits not payable within thirty days,
^rtlflcates, and also exclusive of deposits secured by bonds of the
*w, ork* 1 ‘?e stftte banks are likewise required to keep a reserve varying
to ocatlon, the reserve being computed on the whole amount of deposits
1 *Le dePos,t,s not Payable within thirty days, represented by certificates
rvfCthId
t .h®Tame” dl^ent of 1910) and exclusive of deposits secured by bonds
oi tne state of New York.
R eserve R equired f o r Tru st Com pan ies
Tnwrtfm—

B ankS’

Total
Reserve

Manhattan Borough...................................
* 7 $ *
Brooklyn Borough (without branches"ln Manhat*)" 15%
Other Boroughs (without branches ln Manhattan) 15%
Brooklyn Borough, with branches In Manhattan.. 16%
Other Boroughs with branches ln Manhattan____15%
Elsewhere In St at e. . . .
.
.
.
.
.
.
10%

Of
which

10%
10%
15%
15%
5%

T o ta l* ^ an*Q f
R i serve

25%
20%
15%
209b
15%
15%

which
<*£S *'

15%
10%

7X %

20%
15%
6%

1009

THE C H R O N IC LE

APR. 15 1911.1

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 lea rin g and Philadelphia.
H ou se.
These figures are shown in the table below, as are
(00)
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each cor
responding item in the two statements, thus affording an
Boston.
S
$
S
S
S
S
aggregate for the whole of the banks and trust companies in Mch.
1 8 .. 40,200.0 220.211,0 26.286,0 2.900,0 269,535.0 7,747.0
166,353.4
Mch. 2 5 .. 40,200,0 218,311,0 25,735,0 2,935,0 264,312,0 7,612,0
150,794,0
the Greater New York.
April l . _ 40,200,0 215,841,0 24,696,0 2.884,0 262,315,0 7.031.0
1G9.765.9
W e om it tico ciphers

Capital
and
S u rp lu s.

B a n k s.

in all these fig u r e s .

S p ecie.

L o a n s.

C ircu 
lation.

D ep osits, a

Legals.

C lea rin gs.

*

NEW YORK CITY BANKS AND TRUST COMPANIES.
C le a r .-H o u se
H a nks.
A ctu a lF igu res

W eek ended A p r i l s .

Capital 1Nat. banks
J. March 7 __
State banks,
J Feb. ' 2 8 . . .

Surplus

C lea r.-H o u se
Hanks.
A verage.

$
134,150,000

$
134,150,000

200.234,400

200,234,400

State Hanks A
T ru st C o s. not
I n C .- l l . A ver.

Total o f all
Hanks& Trust
C o s. Average.

S
71,731.000

S
205,881,000

184,355,200

384,589,600

Loans and Investments 1,352,301,800 1,351,451.900
— 2,321,500
Change from last week — 2,594,500

1,135,431,900 2,180.883,800
+ 13,542,300 + 11,220,800

Deposits-------------------- 1,388,068,100 1,385,230,300 a l,093,055,000 2,478,291.300
— 7,378,50)
+ 18,281,100 + lb,902,000
Change from last week — 3,584,300
Specie — ............... —
Change from last week

299,620,000
+ 905,600

298,652,300
— 3,223,400

117,263,400
+ 3,761,800

415,915,700
+ 538,400

Legal-tenders — .........
Change from last week

75,172,600
— 423,700

74,135,100
--1,558,200

618,878,900
— 585,300

93,011,000
— 2,143,500

Aggr'te money holdings
Change from last week

374,792,000
+ 481,900

372,787,400
— 4,781,600

cl36,142,300
+3,176,500

508,929,700
— 1,605,100

Money on deposit with
other bks. & trust cos.
Change from last week
Total reserve,............
Change from last week

372,787,400
— 4,781,600

374,792,600
+ 481,900

Percentage to deposits
requiring reserve____
Percentage last week.

27.02%
26.92%

26.93%
27.14%

27,775,575

20.478,325

24,480,000
+ 1,344,500

24,480,000
+ 1,344,500

160,622,300
+ 4,521,000

533,409,700
— 260,600

17.7%
17.4%

April 8 _.
Phila.
Mch. 18. .
Mch. 2 5 ..
April 1 . .
April 8 . .

40,200,0

214,844,0

55,465,0
55,465,0
55,465,0
55,465,0

262,156.0
260,882,0
262,037,0
204,077,0

2,986,0

24,035,0

75,315,0
77,412,0
76,120,0
75,627,0

205,638,0

7.648,0

195,413,5

315.983.0
315,209,0
315,176,0
317,430,0

15,355.0
15,366,0
15,370,0
15,342,0

139,917.0
133,859,2
133,219,4
161,584,9

a Includes Government deposits and the Item "due to other banks.” At Boston
Government deposits amounted to S3,051,000 on April 8, against $3,040,000 on
April 1.

Imports and Exports for the Week.—The following are
the imports at New York for the week ending April 8; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT N EW Y O R K .
1910.

F o r W eek.

1911.

Dry Goods........... .....................

S2,413,088
13,115,165

S2,949,117
16,962,800

1909.

T o ta l......... ...........................
S in ce J an u a ry 1.
Dry Goods........... .......... ..........
General Merchandise......... ..

S15.528.253

S19,911,917

S19,637,510| $12,353,869

S44,428,l86
196,690,6)9

$50,713,004
227,731,669

$51,828,460
189,219,435

1908.

$3,685,850
15,951,654

$2,310,525
10.043,344

$3S,733,661
129,289,045

Total 14 weeks.................... $241,118,795 S278,444,673 $241,047,895 $168,022,706
1
1

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 8 and from Jan. 1 to date:
EXPORTS FROM NEW YO R K.

a These are the deposits after eliminating the Item "Due from reserve depositories
and other banks and trust companies In New York City” : with this Item Included,
deposits amounted to $1,250,108,300, an Increase of $15,562,000 over last week
In the case of the Clearing-House banks, the deposits are "net’' both for the average
and the actual figures. 6 Includes bank notes, c Of this amount State banks held
$12,809,500 and trust companies $123,332,800.

SI4,405,165
199,638,102

1908.

1909.

1910.

1911.
For the week............................
Previously reported........... ..

$12,020,119
162,500,022

S13,402,988
163,086,636

$11,914,083
187,004.202

The averages of the New York City Clearing-House banks Total 14 weeks....... ............ S214.043.267 3176.489,624 S175.120,141 $198,918,285
with those for the State banks and trust companies The following table shows the exports and imports of
in Greater New York outside of the Clearing-House compare specie
at the port of New York for the week ending April 8
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
1910 and 1909:
GREATER NEW YORK.
com bin ed

W e om it two ciphers in all these fig u r e s.
W eek
E n d ed .

Feb.
Feb.
Feb.
Feb.
Mch.
Mch.
Mch.
Mch.

4 ..

1 1 ..
18,
2 5 ..
4 ..
1 1 ..
1 8 ..
2 5 ..
1 ..
April 8 . .

Loans and
In v estm en ts.

$
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
2,475,663,0
2,486,883.8

D ep osits.

S
2.388.262.1
2,404.193,5
2,423.819,1
2,425,821.7
2,440,032,2
2,436,678,6
2.454,039.2
2,454,614,1
2,467,388,7
2,478,291,3

S pecie.

S
412,134,0
412,962.6
416,383.3
421,086.3
423,823.2
421,605,6
418,825,5
417,454,7
415,377,3
415,915,7

EXPORTS AND IMPORTS OF SPECIE AT N EW YO R K.
T o t. M o n e y E n tire lie s,
H old in g s. on D ep osit.

Legals.

$
93,720,2
95,663,8
95,146,0
95,844.4
94,347,3
92,672,5
93,920,0
95,035,9
95,157,5
93,014,0

S
505,854,2
508,626,4
511,529,3
516,930.7
518.170,5
514,278,1
512,745,5
512,490,6
510,534,8
508,929,7

S
529.947,6
531,387,6
534,354.6
53S, 907,1
539,423,4
538,078,2
536,800,6
535,638,5
533,670,3
533,409,7

Reports of Clearing Non-Member Banks.—The following is
the statement of condition of the clearing non-member banks
for the week ending April 8, based on average daily results:
W e om it two ciphers

Hanks.

C a p i
tal.

Sur
plus.

L oans.
D lsc'ts
and
Invest
ments.

(00) in all these fig u r e s .

S pecie.

Legal

D ep osit with

and
Hank
N o tes.

Clear
ing
A g e n t.

Other
Net
H anks, D eposits.

Ac.

N. Y. City
Boroughs of
M a n .A Hrx

Wash. H’ts
Century —
Colonial
Columbia . .
Fidelity - Jefferson. - .
Mt. Morris.
Mutual-----23d W ard..
Yorkvltte .
Bat.Pk.Nat.
Aetna Nat_

%

100,0
250,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0
300,0

Borough o f
B rooklyn .

200.0
252,0
1,000,0
750,0
300,0
Nat. C ity-200.0
300,0
First N a t..

Broadway .
Mfrs.’ Nat.

S

2.82,0
148,9
402,8
762,4
183,2
521,5
334,4
387,2
460,0
107,4
492,8
271,8
153,2
309,6

t

1,294,0
1,506,1
0,601,6
6,792,0
1,072,8
3,016,8
2.575,7
3,623,0
4,481,0
1.874,2
4.233,2
2,320,0
1,375,1
1,976,7

538,0 3,237,5
843,9 5,420,8
853,1 11,706,0
1,043,5 8,103.0
588,1 3,837,0
150,8 2,001,0
038,7 3,572,0

143,0
41,8
766,9
609,0
58,0
353,6
454,8
19,2
327,0
169,7
17,3
258.0
132,2
419,5

%

58,0
177.1
378,2
571,0
114,3
390,5
48,0
642,4
375,0
58,8
812,1
88,0
44,7
46,0

*
222,0
56,5
053,1
881,0
331,9
208,3
439,7
722,0
1,136,0
257,0
204,9
473,0
143,5
85,6

$
16,0
146,6
217,0
61,0
_____
393,3
57,0
_____
284,5
35,0
____
65,7

449,4
34,0
479,4
225,3
230,2 1,421.7
317,0
635,0
89,0
539,0
120,0
133,1
78,0
350,0

359,0
1,152,7
1,480,9
1,865,0
700,0
302.1
398,0

3,209,9 1,289,0
177,0
208, f
588,8
51,6

Third N a t. .

400,0
250,0
200,0

1,269,8
763,5
106,0

4,944,2
2,826,0
2,204,4

298,4
112,5
73,6

375,5
53,7
128,0

First Nat .
Second Nat

220,0
125,0

630,5
255,3

3,470,5
2,747,3

147,6
167,4

31,0
42,8

178,1
61,9 ;

s
1,351,0
1,640,2
7,874,9
7,810,0
1,129,5
4,845,6
3,349,5
4,624,0
5,754,0
2,163,2
5,468,7
2,826,0
1,210.9
1,877,5

355,0 3,850,6
203,0 6,347,8
209,0 15,189,6
......... 8,974,0
195,0 5,072,0
87,8 2,402,9
39,0 3,280,0

206,5
241.0

W eek .

S in ce J a n .

3,308,0
3,171,0

1

$22,753
436,466

1,366,330
................
561,464
104,000

3,410
34,291
83,714
80,932

872,008
112,697
803,594
722.407

$2,035,294
14,974,334
38,355,730

$206,750
122,808
114,193

$2,969,925
4,707,653
4,101,437

$1,067,527 $12,403,153
889,000
53,500
16,493
42,015
2,288

$5,325

$417,200
________
732
39,000

Total 1911...........
Total 1910...........
Total 1909...........

$456,932
7.431,200
525,000

17,463
1,200

3 40
163,4S7
2,708
71,437

S120.331
5,354
7,673
16,953
792,168
496,571
578,380

S I,123,525 $13,370,224
798,610 11,801,969
1,110,655 13,062,991

$243,297
121,971
73,402

S2.017.430
1,098,907
1,324.486

210

Total 1911____
Total 1910____
Total 1909____

1

$4,403

Great Britain.........
France ............... . .
Germany ................
West Ind ies...........
M e x ico ....... ............
South America-----All other countrles.

Silver.
Great Britain....................
France ________________
Germany ..........................
West Indies_____________
Mexico ........... ...................
South America............. . .
All other countries______

S in ce J a n .

Of the above imports for the week in 1911, .,GG0 were
American gold coin.
ja n litu g

R a ilr o a d

aucl ^ fin a n c ia l.

a n d

In d u s tr ia l

S to c k s

Let us send you our circular describing 110 ISS U E S of listed Rail
road and Industrial Stocks.
S p e n c e r

T r a sk

&

C o .

43 EXCHANOE PLACE. - - - NEW YORK.
Chicago. 111.
Boston, Alass.,
Albany. N. Y.
M em bers N ew

Y o r k S to c k E x c h a n g e .

8,319,5
2,767,2
2,023,0

Tot. Apr. $ 7,497,1 12,799,7 97.802,5 0,580,2 7,586.4 16,439.71 4,631,2 117236,6
Tot. Apr. I 7,497,0 12.799.7 96.542,2 6,575.1 7,428,5 15,441,7 4,208,5 114383,9
Tot. Mch.25 7,497,0 12,799,7 j 95,964.1 6,518,5 7.593,6 15,276,6 4,201,4 113873,2
1




Im p orts.

E x p o r ts.
W eek .

W

H

I T E ,

W

E L D

&

C O .

Members New York Stocl: Exchange.
5 NASSAU STREET.
NEW YORK

THE ROOKERY;
CHICAGO

1010

T H E C H R O N IC L E

[V O L . L X X X X I I .

ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER MARCH 7, 1911.
7 1011

N o . of
\Banks

C apita’ ,

46S

Eastern States__________________

1,625

Virginia ______________
West Virginia______ ”
North Carolina_______

S
8.175.000
5.235.000
5.210.000
30.007,500
22,950,000
6,700,250
10,914,200

S
3,383,000
2,818,686
1,911,264
16,983.720
18,400,000
3,889,400
11,159,300

93,851,050

5S.515,370

46,182,120
120,400,000
2,100,000
1,802.090
21.917.000
66,758,536
22.655.000
26.700.000
2,373,985
5,291,700
12,790,710
252,000
5.900,000

29,762,080
125.155.000
2,200,000
2,250,000
21,046,555
65,609,302
37.450.000
28.080.000
2,157,500
3,514,096
7,870,010
252,000
4,313,063

”

Georgia____________
Savannah ________
Florida___________
Alabama________
Mississippi______
Louisiana___
New Orleans..
Texas ......... ......
Dallas____
Fort W o r t h ..!!....................
Galveston . .
Houston___________
San Antonio..!
W aco________
Arkansas_____

335,123,051 329,660,206 2,011,114,946

5
479
4
8
3
6
6
6
45
138
8
99

Southern States_____

158,012,868

Ohio ..........................
Cincinnati_____
'
Cleveland_____
Columbus_____
Indiana......... ..........
Indianapolis____
Illinois......................
Chicago ,________
Michigan__________
Detroit__________
Wisconsin_________
Milwaukee_____ ”
Minnesota......... ..
Minneapolis_____ _
St. Paul_______
Iowa_______________
Cedar Rapids . . ! !
Des Moines____
Dubuque____
Sioux C it y ____ ”
Missouri__________
Kansas C ity___”
St. Joseph._____ !
St. Louis_________! ! ! ! !
Middle Western States.

2-0 »

Denver________
'
Pueblo___________ ' ! ! ! ”
New Mexico______
Oklahoma_________! ! ! ! ! ”
Muskogee________! ! ! ! ! !
Oklahoma City_________
Western States.................................

1.177

Tacoma_________
Oregon_____________
Portland________
California_________
Los Angeles______
San Francisco____
Idaho _________
U ta h ...................... ! .
Salt Lake City__
Nevada____________
Arizona_______
Alaska (Jan. 7 1911).
Pacific States____

^46

Resources.

$

916
53
180
32
80
2
221
47
51
167

s
S
“3 ft.

S s
16 216
1 1/
4 32
V
6 92
1
2 I 22
1 6
2 1 3
- - 3 19

$
21
2
6
1
22

245,613,061
915,917,556
20,818,230
15,584,656
131,729,203
322,221,575
216,024,6S8
139,133,164
9,791,490
25,283,926
59,753,535
813,530
21,045,465

622,201,489

13,173,598
^13,173,598

5,691,69.
5,551,170 1,199,917
58,332,554 162,834,950 1,184,986
521,468
1,575,020
77,943
187,255
835,050
91,937
1,951,230
3,024,880
056,588
9,004,114
7,290,130 1.961,839
9,827,341 12,382,990
619,090
0,021,968
7,984,5/0
9S5.988
143,425
94,360
71,868
470,534
505,990
133.824
356,673
2,307,910
179,219
8,060
60,350
1,375
50,007
1,G82,960
08,677
7,285,133 2,123,760,082 92,572,321 206,220,930 ~7 .2 3 3 , 231

L^qal
Tender

Notes.

8
33 4,GST
265,479
131,778
1,823,801
7,009,221
400,948
957,503

443,932
495,918
319,529
3,098,147
3,408,928
663,338
1,423,243

10,926,417

9,823,035

5,853,257
3,631,421
45,f>S0,0S3 51,180,138
109,217
1,012,657
1,108,009
727,650
4.075.217
2,750,859
7.272.218
4 ,C*. 7,915
2,895,880
5,470,704
5,818,326
3,150,530
205,652
246,899
071,659
365.933
2,380,996
510,990
18,060
26,320
SO1,70
538,308
69,744,252

81,210,021

7,805,036

14,958,701

1,510,408
1,278,803
381,513
194,012
398,466
16,715
436.920
573,258
123,930
187,318
635,099
2,369,466
306,160
302,400
97,440
550,339
343,728
115,428
368,211
850,798
316,011
1,235,048

272,850,200 135,728,354 1,438,550,521 12,814,821 1,587,688,675

9,234,618

49,290,311

5.285.000
4.140.000
10,045,000
1,000,000
3.600.000
1.050.000
10,567,500
500.000
300.000
400.000
4.845.000
1.685.000
6,527.500
3.450.000
500.000
2.070.000
8.771.000
700.000
1.750.000

1,738,280
1.131.200
3,820,750
330.000
2,257,500
370.000
4,297,890
250,000;
150.000
528.000
2,601,987
1.033.200
2,921,450
2,675,000
370.000
835,400
2,545,573
192.000
221.000

20,357,759
29,391,877
52,094,781
4,322,292
20,169,732
5,294,623
56.511.799
3,046,827
2,914,226
4,363,426
30.328.800
12,321,970
38.941,584
36.801,570
6,065,757
12,080,660
36.321,293
3,956,323
7,891,473

324,659
534,783
67,343
51,457
915,853
1,000
498,566
1,000
137,947
3,000
736,729
280,023
1-79,051
1,213,027
73,024
288,520
381,326
126,274
202,201

67,186,000

28,275,230

395,779,772

6.016,383

4.050.000
3.700.000
3.400.000
500.000
4.097.000
3.250.000
17,147,255
5.600.000
28,750,000
2.690.000
1.030.000
1.750.000
1.742.000
1.030.000
100.000

1,984,800
1.272.000
775.000
850.000
1,927,248
1.410.000
6,831,255
2.618.000
14,357,250
1.330,100
379,177
860.000
458,901
612,000
35,000

26.588.910
30,019,013
15.045.910
6,807,359
25,538,278
21,215,525
89,199,752
36,563,304
78,191,008
15,644,573
6,037,963
8,007,047
5,448,759
6,528,624
727,277

284,550
1,851,890
151,143
225,000
99,318
1,209,510
289,376
303,988
519.211
250.212
154,540
286,091
52,000
190,490
299,947

1G,400,818
19,519,534
1,693,552
23,770,411
5,360,810
13,691,905
2,189,565
5,049,586
1.209.420
18,728,066
2,301,110
16,585,803
5.999.420
75,894,472
6,133,579
35,208,569
0,715,970
101,563,592 11,531,363
13,896,825
976,933
5,566,789
439,885
7,659,116
949,876
4,969,133
411,070
4,979,539
313,725
481,968
115,260

78,836,255 36,230,731
610,000
195,441
20,000
100,000

371,564,290

6,173,200

347,598,308

40,281.538

1,203,728
185,953

435,186

1,280,577
167,652

1.389,081

435,180

230,472
405
236.877

<<3i
n

|

215,441

|
3
ft)

20,358,718
25,440,970
51,511,662
6,912,015
28,946,339
5,990,001
49,988,194
3,149,896
4,928,304
3,578,576
26,163,597
11.731,606
28,952,887
26,490.039
3.915,679
10,357,840
30,238,518
3,181,672
6,076,568
350,813,581

1,448,229

5?

55

S
40
(1
4
i
12

s
1/
3
4
i
18

26
3
3
l
13

8

i 1
8 a §
S;
fe

s
S 8 $ 8
139 60 21 3 20
18 9 6 4 1
34
8 5
2
21
3 3
2
39 18 7
7
2
14 3 2
2
4 2 1
1
6
4 4 2
3

1.749 56 32 415 281 108
120 2 2 23 27 13
171 3 3 42 33 10
48 2 1 1(1 16 8
706 31 7 166 82 29
695 11 18 168 122 46
9 1 1 __
I
2

Totals________

1.749 56 32 415 281 108 47 4 40




483,954,054

1,008,462
2,157,25S
179,472
359,033
042,082
642,793
554,815
708,006
51,052
106.136
635,424
1,000
259,000

12,058,101

Capital_______
Stir, ifc un. prof.
Circulation____
Due to banks..
Duo depositors.
Other liabilities

Totals______ _

'QabUTdes.

K
$

4,504,_109

S
3
570,300
137,884
222,500
151,238
122,140
117,630
1,301,910
734,418
8,900,130 1,884,095
447,150
103,019
845,540
331,378
12,469,970
12,469,970 3,439,092

Silver
Treasury

Certificates.

17,205,740 7,076,412

621,877
778,014
1,486,105
315,988
1,643,356
327,640
1,632,665
152,220
122,935
76,290
1,631,659
493,397
1,480,771
3,778,330
360,295
370,105
727,181
78,668
317,322

91,015,070 1,725,829 ~35.580.709 l l H i l s g
554,580
609,780
852,810
121,110
941.230
37.8G0
1,059,470
237,350
217.700
476,000
584,890
297,210
729.910
2,291,160
478.230
344.700
794,080
150.910
441,950

239.299
260,070
351,099
68.213
309,725
57,817
551,127
20,154
32,209
55,595
226,758
105,308
279,400
174,342
42,820
90,691
530,517
63,122
175,141

169,943
203,818
288,193
35,249
827,770
103,851
471,120
29,443
17,563
48,653
121,717
60,239
235,202
179,940
35,646
77.015
376,686
60,712
165,531

310,259
324,290
624,703
129,810
1,070,805
203,436
835,769
21,990
20,375
32,390
539,721
81,959
609,677
1,096,750
82,941
209,140
630,426
122,100
313,924

11,250,090 3.023,407 " 3,511,333

7.7S6.471

251, ISO
266,263
79,000
270,904
269,4S0
175,154
54,760
74,148
190,530
226,554
27,240
177,828
566.000
6^8,55.
230,460
339,838
2,564,350
469,558
199.000
14 1,408
37,910
75,162
472,650
162,557
47,400
36.171
114,980
54,670
56,550
15,899
5,161,490 3,179,671

03,280
30,000
116,607
2,882
56,492
20,605
165,164
148,154
65,374
67,190
11,992
37,740
5,146
42,116
23,075
855JG7

25,000

36,Sit
308

191
9,514

25,000

37,122

9,705

115,501
405,929
67,430
11,114
58,930
48,010
221,822
918,069
06,569
95,222
16,706
95,590
10,770
85,075
9,500
2,253,897
105

7,216 1 011,570,324
5
a

Totals f o r
Reserve Cities, & c.
I n M illion s.

S
32,507,507
17,274,000
17,342.058
125,701,037
190,322,322
30,322,720
6 1,4S3,810

662,776,121

710,000
... -

259,072
287,927
122,896
284,297
3,027,471
222,535
309,311

Silver.

186,504,859
44,993,838
37,214,744
20,051,563
102,798,941
20,663,361
187,995,273
189,269,209
80,493,635
28,223,717
86,083,393
40,707,507
89,484,714
36,368,437
27,102,852
97,478,310
2,555,503
6,238,525
2,219,560
6,201,350
28,786,934
39,325,025
6,319,429
71,409,782

Island Possessions.

Loans, dlsc.,&c.
U. S. bonds____
Stocks, b(ls.,&c.
Real estate. &c.
Due from banks
i Nat. bank notes
G o ld ..................
Sliver__________
Legal tenders-Other resources

77,067,220

262

North Dakota____
South Dakota___
Nebraska________
Lincoln_________
Omaha__________ ! ! ! ! ”
South Omaha__ _ !
Kansas___________
*
Kansas C ity___ !_
Topeka ______
Wichita............................
Montana___________

Gokl
Treasury
Certificates.

7,594,673
422,228
627,936
218,802
381,669
175,675
258,813
319,135
52,599
7.S28
247,133
433,558
179,902
2,000
59,980
52,000
303,726
40,002
89,814
739,461
1,094,394
733,230

113
2
44
81
32

Louisville____ ! .
Tennessee______

Loans
and
D iscounts.

Other.

463,723,392

128
106
74

~

United States..

D eposits.
Individual.

Maine___________________
New Hampshire” ! ” ” !
Vermont_________
.
Massachusetts.
Boston ______________
Rhode Island
” ”
Connecticut____! . ! ! ! ” !
New England States......................
New York............
New York City_____
Albany___________
Brooklyn _______ !__
New Jersey__________
Pennsylvania__________
Philadelphia
_____
Pittsburgh________ __
Delaware___________
Maryland______________
Baltimore__________!
District ot Columbia___
Washington

Surplus.

I M in n ea p olis.

M arch

47 4 to
6 1 5
5 1 3
5 1 3
11
5
24 1 17
2
i

8

|S
I
ft.

s

I

8
g
■s
*3
8
Q

s s
17 12
2 2
2

7 0
1
4 3
2 1
1 1
1 1
1 -3 2
__
70 82 53 32 21
2
2
2
1

—

6 7
4 7
5 3
14 28
41 16
_J 1

4
2 2
4
1 1
2
2 1
It 16 ll
28 11 6
1
1

70 82 53 32 21

«
j <
Cl
|I
o

8
•8
g
R 2
ft.

3

*

3
K
a
6 3 1
I |
Sfc Q o

1
Cj

i
8 .
3
*4 a
IS
1 ft

8

1

i
5
O
s S
$
S
6 30 in 43 17 35 102 6 2,831 2,757 5,588
1 4 2 6 4 6 22 2 278
484
702
1 11 1 5 3 6 15 1 416
927
fill
1
2
1 ft
138
110
213
4 16 6 it 7 13 43 6 783
050 1,439
l
1
1
17
29
46
' i 7 i 9 6 7 14 2 442
132
574
- . __ 1
1
112
162
50
'i 2
1
H7
55
172
2 270
53
323
-- 2 2 1 1 3
13 74 22 32 38 71 200 16 5,370 4,805 10241

s S s s * $

1 4 2 8 3 6
l 4 1 3 2 6
1 3 1 4 2 5
3 17 5 12 8 17
7 11 12 53 22 37
2

1 2

1

29
20
21
58
78

2 430
582 1,013
1 452
440
2 240
Ilf
441
3 1,960
259 2,225
8 2,256 3,094 5,350
32
75
43

13 74 >2 82 38j71 200 16 5,376 1.865 10241

THE CHRONICLE

A p e . 15 1911.]

IBautuers’ (Saxette.
W a ll S treet, F r id a y N ig h t, A p r il 14 1911.
The Money Market and Financial Situation.—Business
has again been very dull in the stock market, a new low
record having been established, so that a decision bv the
Governing Committee that the Stock Exchange remain
closed over Good Friday and Saturday was generally ap
proved and many well-known figures disappeared from Wall
Street before the holiday began. It is an interesting fact,
however, that the bond market has been relatively active,
and that prices for this class of securities have generally
been well maintained. This follows, as is well known, an
accumulation of unemployed capital and reflects the in
activity, so often referred to in this column recently, now
existing in general business and trade circles.
The Government crop report issued early in the week
attracted attention because of its importance. It con
firmed previously issued reports from private sources and
foreshadows the largest crop of winter wheat ever harvested
in this country. Rain has fallen this week in sections of the
spring-wheat belt where most needed and it is practically
certain that the acreage to be sown will, like that in winter
wheat, be unusually large, so that the outlook from an
agricultural standpoint is a hopeful one. Latest informa
tion in regard to the iron and steel industry does not, how
ever, indicate any improvement, and for some kinds of
finished product there is reported to be a disposition on the
part of manufacturers to make concessions in prices.
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)^%. Thursday's rates on call were 2^@ 2^% .
Commercial paper quoted at 'Sy2 @ ^ H % for 60 to 90-day
endorsements, ‘3 y @ ,4 % for prime 4 to 6 months’ single
names and 4 @ 4 y % for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,832,625 and the percentage
of reserve to liabilities was 43.55, against 45.22 last week.
The rate of discount remains unchanged at 3%, as fixed
March 9. The Bank of France shows a decrease of 7,200,000
francs gold and 1,800,000 francs silver.
N EW YO R K CITY CLEAHING-HOUSE BANKS.
1911.
A verages f o r
week ending
A p r il 8.

D ifferences
fr o m
pre io n s ivcck.

S

1910.

1909.

A verages f o r
week ending
A p r il 9.

A verages f o r
w eek ending
A p r il 10.

$
S
130,350,000
126.350.000
168,697,400
185.325.600
1.212,278,600 1,320,945,600
48,409,000
48,064,600
1,227,564,200 1,364,715,900
2,362,800
1,565,200
247.614.600 274,078,600
77,138,400
65,807,200

S
Capital............................
134,150,000
Surplus............................. 200.234.400
Loans and discounts.. . 1,361,451,900 Dec.
Circulation..... .................
46,139,000 Inc.
Net deposits.................... 1,385,236,300 Dec.
U. S. dep. (Incl. above)
1,603,600 Inc.
Specie ............................
298,052,300 Dec.
Legal tenders..................
74,135,100 Dec.

2,321,500
433,300
7,378,500
35,300
3,223,4C0
1,558,200

Reserve held..................
25% ot deposit..............

372.787.400 Dec.
346,309,075 Dec.

4,781,600
1,844,625

313,421,700
306,891,050

351.217.000
341,178,975

Surplus reserve.........

26,478,325 Dec.

2,936,975

6,530,650

10,038,025

26,879,225 Dec.

2,928,150

6,921,950

10,628,725

Surplus, excl. U. S. dep
N o te .— The

Clearing House now Issues a statement weekly showing the actual
condition of the banks 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.—The undertone has been strong
throughout the week and rates close at the top on the basis
of 4 86)^ for demand and 4 86% for cable transfers.
To-day’s (Friday's) nominal rates for sterling exchange
were 4 85 for sixty day and 4 87 for sight. To-day’s actual
rates for sterling exchange were 4 84%@4 84% for sixty
days, 4 8640 @4 8650 for cheques and 4 8670 @4 8680 for
cables. Commercial on banks 4 83%@4 83% and docu
ments for payment 4 83%@4 84. Cotton for payment
4 83%@4 83% and grain for payment 4 83% @ 4 84.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 21% less 1-16@5 21 % for long and 5 20@5 19%
less 3-32 for short. Germany bankers' marks were 94 11-16
@94% for long and 95%@95 3-16 less 1-32 for short.
Amsterdam bankers’ guilders were 40 27@40 29 for short.
The posted rates as quoted by a representative house
ruled daily at 4 84% for sixty days’ and 4 87 for sight.
Exchange at Paris on London, 25f. 30%c.; week's range,
25f. 31c. high and 25f. 28%c. low.
Exchange at Berlin on London, 20 m. 46%pf.; week’s
range, 20m. 46%pf. high and 20m. 45%pf. low.
The range of foreign exchange for the week follows:

Sterling, A ctu a l —
S ix t y D a y s.
High for the week................... 4 84%
I,ow for the week........... .......... 4 84
P a ris Hankers' F ra n cs —
High tor the week....................5 21%
I,ow for the week......................5 21%
G erm an y B ankers' M a r k s —
High for the week.................... 94%
Low for the week....................- 94%
A m sterd a m Bankers' Guilders —
High for the week------- -------- 40.16
Low for the week............. ........ 40.12

Cheques.

4 86%
4 8620
5 19 % less :t-32
5 20 less 1-32

Cables.

4 8680
4 86%
5 19% less 1-16
5 20

95%
95 1-16

95% less 1-32
95 3-16 less 1-32

40.29
„------40.26

40.33
™
.uu
40.30

The following are the rates for domestic exchange at the
under-mentioned cities at the close: Chicago, 35c. per 81,000
premium. Boston, offered at 10c. per $1,000 discount; no
sales. San Francisco, 30c. per $1,000 premium. Charleston
buying, par; selling, l-10c. per $1,000 premium. New
Orleans, commercial, 25c. per- $1,000 discount; bank, $1
per $1,000 premium. Savannah, sight, 2c. per $1,000



10 1 1

premium; telegraphic, 4c. per $1,000 premium. Montreal,
31 %c. per $1,000 discount.
State and Railroad Bonds.—Sales of State bonds at the
Board $265,000 Va. 6s def.^trust reepts. at 60% to 61%.
The market for railway and industrial bonds has been
relatively active and several issues advanced in price. The
transactions reached about $3,000,000 par value on at least
one day, the average for the week being above $2,000,000.
Some of the industrial issues have been stronger, notably
Bethlehem Steel 5s, which have advanced over 2 points,and
General Electric deb. 5s, which are a point higher than last
week. International & Great Northern 2nd 5s are con
spicuous, in the railway list, for an advance of 1% points
and several other issues are fractionally higher.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. Closing prices
were as follows; fo r y e a rly ran ge see th ird p ag e fo llo w in g .
Interest
P eriods

2s.
2s,
3s,
3s,
4s.
4s,
2s.

A p r il

A p r il

A p r il

A p r il

A p r il

8

10

11

A p r il

12

13

14

*101%
*101%
*101%
*101%
*114%
1*115%
*101

*101%|
*101%
*101%
*101%
*114%
♦115%
*101

II
O
L
I
D
A
Y

1930 ---------------registered Q— Jan * 1 0 1 X * 1 0 1 1 4 *101%
1930. ------------------- coupon:Q— Jan j*101% *101% *101%
1908 18............. registered Q— Feb .*101% ,*101% *101%
1908 1 8 ------------- coupon,Q— Feb j* 101 % *101 % *101%
1925
.registered :Q—-Feb ]*114% ,*114% *114%
......
1925. ...... .................coupon !Q— Feb j* 115...........
1936. Panama Canal regisjQ— Feb i*101

* This Is the price bid at the morning board: no sale was made.

I

Railroad and Miscellaneous Stocks.—The stock market
has again,-^as noted above, been exceptionally dull, the
protracted ■ Easter holiday, commencing at the close of
business on Thursday, having assisted other influences in
making the daily transactions throughout the week the
smallest in many years. There has been no change whatever
in the general characteristics of the market from day to day,
and although fluctuation have, in most cases, been very
narrow, the tendency has been steadily towards lower prices.
Notwithstanding the general downward movement,
Canadian Pacific has again been a strong feature and Northern
Pacific, Erie and Brooklyn Rapid Transit have recorded a
fractional net gain. All other active railway shares declined.
American Woolen preferred has been more active than
usual and closes 2 points higher than last week. Steel
preferred has advanced a point and Amalgamated Copper
is % higher; otherwise the industrial list, following the
course of the market, is lower.
F o r d a ily volu m e o f b u sin ess see page 1019.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W e e k ending A p r il

14.

I Sales
fo r
! W eek .

R an ge f o r W e e k .
Low est.

600| 54
Apr
Associated Oil..................
,750. 26c. Apr
Comstock Tunnel...........
E I du Pont Powd. pref.
30 *85% Apr
100: 44
Apr
Federal Sugar Refining.
General Chemical...........
10435
Apr
Preferred ____________
20 107% Apr
Homestake Mining_____ !
10: 86
Apr
Lackawanna Steel______ 1 300: 47
Apr
Miami Copper...................1 300i 18% Apr
M St P & S S M rights...! 6 ,408 7
Apr
Ontario Silver Mining___
200 1 % Apr
Pennsylvania rights------ 37 ,400 2 3-32 Apr
Pittsburgh Steel, pref—
570103
Apr
St L & S F-C & E 111 new
12 60
Apr
stock trust certfs.........
Underwood Typewriter.
545 66% Apr
345 104% Apr
Preferred....... .......... ..
212 103
Apr
United Cigar Mfrs, pref.
100, 4
Apr
U S Reduc & Refining..
400! 41% Apr
Virginia Ry & Power__

H igh est.

R an ge sin ce J a n .
Low est.

1.

I H igh est.

13 55% Apr
8, 28c. Apr
13 87% Apr
11 44
Apr
11135
Apr
12.107% Apr
13! 86
Apr
13 48
Apr
13 18% Apr
13! 8% Apr
10 1% Apr
13 2 5-32 Apr
13104
Apr

12| 48
134 20c.
12 82
11 35
111] 100
12 103%
13 84%
12 j 38
13 18%
10 7
10
1%
13 2 3-32
13 103

Mch 60%
Feb! 28c.
Jan1 87%
Jan! 46
Jan 135
Jan 108
Feb 86
Feb 48
Apr: 18%
Apr 8 %
Jan 1 %
Apr 2 5-32
Apr,104

Apr
Apr
Apr
Mch
Feb
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr

11 60
10. 67%
8105
8103
11 4
13 41%

11 59
11; 63
8 102%
12:101 %
lll| 3%
13 41%

Feb 62
Mch1 67%
Mch1105
Mch*104
Mch 4%
Apr 41%

Feb
Apr
A nr
Feb
Jan
Apr

Apr
Apr
Apr
Apr
Apr
Apr

Outside Market.—Extra holidays this week have been a
further restriction to an already exceedingly inactive “curb”
market, so that conditions have been about the dullest wit
nessed in some time. In keeping with this, price changes
have as a rule been insignificant. American Tobacco, how
ever, from 460 dropped to 449, moved up to 451 and ended
the week at 450. Intercontinental Rubber common im
proved fractionally to 32 but weakened to 31%. Standard
Oil gained 10 points to 665. United Cigar Mfrs. common fell
from 57 to 5 5 % but recovered to 5 5 % . Business in the bond
department continues good. Amalgamated Copper 5%
notes sold up from 100 5-16 to 100 13-32 and down to 100%.
Consolidated Rubber Tire 4s figured in the trading, advancing
from 39 to 4 1 % . Sales of Erie 6% notes were large at from
100545 to I01 and down finally to 100 15-16. Mo. Kan. &
Texas 6% notes moved up from 99 11-16 to 99% and back
to 99 11-16. Southern Bell Telep. 5s improved from 97)^
to 97%, then eased off to 97545- Texas Co. 6s advanced from
101 to 101)4 and end the week at 101
Western Pacific 5s
fell from 935s to 93 % but recovered to 93)4. N. Y. State
Canal 4s, “w. i.,” advanced from 104)4 to 104)4, but reacted
finally to 10454- Recent listings on the Exchange of so
many of the “curb’s” most substantial mining issues has
helped produce an especially stagnant condition in this
department. Miami Copper, after being traded in at 18)4
and 18M, was this week transferred to the Board where it
sold down from 1 8 % to 1854- Braden Copper was active
and advanced from 3 15-16 to 4 3-16. British Columbia
sold down from 554 to 5)4- Giroux declined from 6 to 554
and moved back to 6. Greene Cananea fell from 6)4 to 654Inspiration weakened from 7)4 to 7. Kerr Lake advanced
from 6 3-16 to 654- La Rose Consolidated moved up from
454 to 4 9-16 and eased off to 4)4Outside quotations will be found on page 1019.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
S T O C K S — H I G H E S T A H D L O W E S T S A L E P R IC E S .
Saturday
A p r il S

M onday
A p r il 10

T u esd a y
A p r il 11

W ed n esd a y
A p r il 12

Thursday
A p r il 13

F r id a y
A p r il 14

BAN KS
Banks
N ew

b id

A sk

175
600
237*2
105
132*2
400
300
190
155
138
150
500

180
620
2421120
140
415

York

A e tn a _____
America 11..
Amer Exch.
Audubon _ .
Battery Pk_
BoweryD___
BronxBorol
Iroux N at.
iryant Pk n
Jutch & Dr
ientury H ..

200
160
145
___
—

Banks
Chat&Phenlx
Chelsea Exl
Chemical . .
Citizens’ Ctl
City________
Coal & Iron
Colonial 1)..
Columbia 11.
Commerce .
Corn Ex 1)..
East River.
Fidelity 1|._
Fifth A veil-

ata

170

200

425
157
M10
150
400
375
f 2 19
330
115
165
4000

AND
Ast
175
435
162
160
400
t220
335
125
175
4250

TRUST

Sales o f
the
W eek
Shares.

PAGES

STOCKS
N E W Y O R K STOCK
EXCHANGE

Range since Jan uary 1.
On basis o f lOO-sAara lots.

Q

0
0
1
Q
W
O
O
A

<
B

100

800

100

5,825
2,225
1,800
1,850

100

1,300
3,100
55,210
1,500
1,801
1,800
550
3,800

1,200

50

100
200

400

Range f o r P revious
Y ea r 1910.

Highest.

-vail.' 1 ds
11,800 A tch Topeka & Santa FtDo pref
1.060 'A
200 Atlantic Coast Line H i t ..
2,160 B altimore & OI1I0 _______
l)o pret_____________
3,000 Brooklyn Rapid Trans11 .
11,450 / tanadlan Pacific________
V 'anada Southern_____ I
Central of New Jersey___
6,000 Chesapeake & Ohio . _
100 Chicago & Alton H R .I I "
Do pref______________
320 Chic Gt W es, trust ctfsl"
D o pret trust ctfs
100
10,750 Chicago M'lw & St Paul.
Do pret_______
250
415 Chicago & North VVesterii
Do pret_________
Chic St P Minn & Omaha
Do pret______________
Chic Un Trac ctfs stmpd
Do pret ctfs stm pd___
Cleve Cln Chic & St L___
Do pref______________.1
Colorado <fc Southern____
Do I t preferred_____.1
680
Do 2d preferred_____
275
110 D elaware & H u d s o n ...
elaware Lack & W cst.
300 Dcnver & Rio Grande___
Do pref____________
575
Detroit United . .
"*
229 Duluth So Shore & Atlan
Do pref_______ ____
100
0,180 t f r l e ..................................... I
700 1—* Do 1st pref_________
Do 2d pref_________I
200
7,910 Great Northern pref_____
Iron Ore properties . .
1,927
55 Green Bay & W , deb ctfll
Electric_______
H avana
Do pref____________
100 Hocking Valley......... ..........
900 I llinois Central_________
uterboro-Alctropolftan .
1,170
Do pref______________
1,820
400 Iowa Central_____________
Do pref________________
700
100 I / ' C Ft S & M tr cfs, prci
150 IVansas City Southern..
Do pref_____________
100
J ake Erie & W e.tern___
Do pret.
8.150
1.400
950
210 Ylanhattnn Elevated___
725 i'llnneapolls & St Louts
Do pret________________
30
3,870
Do pret________________
Do leased line ctfs____
100
900
Do pret.
100
75,760 Missouri Paclllc.
200 j^ a s h Chatt <5s St Louis.
at Rys of Alex 1st prel
Do 2d pref_________
500
Y Central & H udson..
6.400
Y Chic <So St Louis____
200
Do 1st pret
Do 2d pret_________
166
200 N Y N H & H a rtfo rd .Ill
Subscription receipts y . .
1,050 N Y Ontario <5c Western.
11,200 Norfolk & Western_____
Do adjustment p r e f.I"
Northern Ohio 'Trac & Lt
16,875 Northern Pacific.
Coast Co
P aclllc
Do 1st pref.
Do 2d prel.
27,040
500
Do pref___
88,700 R eading____
1 st pret.
2 d pref.
500
3,010 ock Island C
Do pref___
300

108l2 1087g 10838 10834 108 10S3g 108 1083g 108*8 IO8I 1
102*4 102*4 102*2 1021
102*g 1023S §102*8 1023S 1021- 1025,8
120 120
120 120 *1181- 121 *118*2 121 *120 121*
1053g 1057g 10534 10534 1051- 10553
106 106
105*2 1051
88*- *877g 88*2 *8778 88*;
*88
88*2 *88
88*2 *88
7734 7778 7734 7734
777g 78
7778 78
777S 78
2253s 226
225*2 226*_ 2245,, 225*- 225*4 2253,8 225*3 226
*6212 72*4 *6212 72*4 *62>2 72*4 *62*2 72*4 *023( 68*2
*270 278 *270 278 *270 278 *270 278 *270 278
807S 81
80*- 813g 80
80=g
81>3g 80'g
801- 807g
*2|34 30
*243t 30
26
26
*2134 25
*2434 30
*40
54
54
*40
*40
54 * ____ 54
54
* 2 H4 2158 *21*4 2134 21
2U4
21
21
* 2 l'
2 U2
44*4
*43
44
44
*43*2 4412 *4212 44
*43
44
121 121*s 1203g 12134 119*2 1205g 120 120 >s 120*3 1203s
*14734 150 *148 150
1477s 14773 *145 150
148 148
$145 145 §144 145
1437s 144 *144 145
144 144
*200 210 *200 210 *200 210 *200 210 *200 210
*135 110 *135 140 *135 140 *135 110 *135 140
*150 165 *150 165 *150 165 *150 165 *150 165
*2
3
3
*2*4
*2
4
*2
4
*2*3
4
8
8
*5*4
*5*4
5*4
5*4
*6
*5*4
7
7
*58
63
*58
63
*57
63
*57
60
60
*57
*9212 95
95
*93
*9212 95
*92*2 95
*92*2 95
*51U 52
* 5 1 1 - 52*2 *51*- 52
*5012 52*o *50*2 52*2
*74
76
75
75
75*2 76
76
§75*4 75*4 *75
*71
75
*71
75
7418 74*8 *72
73*- 73*2
74
*165 160 *165 170 *165 169 *165 170
167 167
*505 550 *505 550 *505 550 *505 550 *505 550
303| 3078 *3034 32
3034 3034 *30*2 32*4 *30*2 3134
$70
70
6958 70
6934 6934 *69
6934 69-34
70®4
____ 70*2
*1412 15*2 *1412 15*2
1412 14*2 *14*4 15*4 §14*4 14*4
*27
28*4 *27
26*3 26*3 *25*2 27*2 *26
281
28
293g 30
20*2 2078 297g 30*g
295,8 2934 297g 30*8
*473 i 48*2 48*2 48*2
4753 48
48
48*4
*47*2 48
*36*2 38*4
37*2
371
2
*37
37*2 37*2
38
*37
38*2
127 127*2 1273( 1283g 127*8 128 z l 2 G 126*4 126 126*4
62
62
6134 62
61*4 62*
6134 62
*61*2 63
15
15
14*
14
141
2
*1414 15
14
14
1412
■____ 97*2
971
9712
*128 129
128 128 * 126*2 129 *128 12812
*
129
137*2 137®g 13734 13734 137*2 137*
13634 137 * 136*34 ____
19
19
19
19
185S 18®3
185g 19
1812 185S
537g
53*8 53*3
53*2 54*4 *53
5234 53
53*4 B3ts
16*4 163S *16
16=s 16=8
16*
_ *16
1612 *16
16*2
*29
30
30*2 3012 30
30 I 30*8 30*8
30
74
74
*73
75
*73
75
*73 ~ 75 “ *73
75 ‘
*33-3g 3378 §33*4 33*, *33*4 34*8 *33
34
34
34*8
*66
67*4 *66
67-3,8 *66
66-3, 66-3.,
673,8 *66
671*15
20
*15
20
*15
20
*14
19
*15
20
*30
37
*30
37
*30
37
*30
*30
37
37
173*4 174
173*2 17378 1727g 174
173*8 173*- 1727- 173*4
*t>u
64
*60
64
*60
64
59*.i 60
58
58
144*2 14412 14412 144*2 1443g 14438 1143s 144.80 145 145*2
♦13b 138
137 137 *135 137 *135 139 *136 139
23*2 2334 22*2 223, *22
23
*22
23
*22
23
*36*2 38*2 §37-34 3734 *36*2 38*? *36
38*? *35
38*2
147^2 147 147*., 146 147
1441- 146 f 138
*156 160 *156 160 *155 160 *155 160 + 147 1387s
155
* 88*2 90
* 88*2 90
* 88*2 90
897g
*88
*32*4
323., 33
325,8 32-34 *32*s 323, *32
33
*67
00
69
67*2 671? *67
*67
*67
69
69
4773 49
467g 49
46=3 48
47-3g 4812 48
49
*144 145
144-3., 144-3. *144 146
145 145 *145 155
*69
72
*67
72
72
*67
72
*67
71
*69
35
35
*3434 35*4 *3458 35
35
*3434 35*,
35
106*2 lUUfy 106*4 106-3, 1053g 10638 106 106-38 106 lOfi-'ig
59*2 60
60
*58
*58
60
60
*58
60
*58
*100 107 *100 107 *100 107 *100 107 *102 107
*70
83
*79
83
83
*79
83
83
*79
83
*146 147*4 147 147
14634 146-34 *146*2 147 *144 14634
*145 147 *144 140 + 145 146 *145 147*- *143 146
4158 41®s
411. 4H41
41
41*2 415,
41*8 411108*3 108*2 107*2 108*2 100 *: 10 7(g 1067g 107*2 107 1071?
*85*- 88*2
*42*4 44
*423
4
44
*423
4
4334
44
*42*4
*42*4 45
123*2 124
124*4 125*8 12334 12434 1233,1 124*8 1235s 124*8
*95 105
*95 105
*95 105
*95 105
*93*2 103*2
*85 108
*85 n o
*85
no
*85 108
*83*2 108*2
*94 105
*94 104
*94 105
*94 104
*93*2 10 ,'il2
12553 126
125*3 12573 12434 125*4
12578 1257g 125-34 126
*92
95
*95*4 96>8 *95
95
95
95
96*8
95*4
* 110 116 *110 116 *110 110 *110 116 *10834 116
155 1555g 155*8 1557g 154*4 155*2 154-3,8 155*8 154-3., 155*8
*89
91
* 88*2 91
* 88*- 89
♦88*2 91
* 88*2 91
*90
99
971*96
98*2
97*4 97*2
96*4 96*4 *95
29-3g 29*s
29*s 293ft
29
29
28'3 29
29
*58*2 60
59
58
58
*57*2 59*2
59
* 57*2 59
*62
65
641- *62
65*2
65
*62
C312 6.310 *62
41
41
40-34 41
4034 40-3,1 *40-14 42
41
41
32
*30
32*2 *30
*30
32
321- *30
31
*30
*66
07
66*4 66*4
*06
67
*06*4 67
*66*4 67
115*4 1155s 115*8 llfiSg 1147« 1151- ll-Rg 1153s 115 llSIg
267S 27*8
26-3., 20-3.4 2078 27
27*4 273g
27
37*s
63
*63*2 65
63
63
63
63
62'8 627g
031*28
29
28
*27
27*4 37=8
27
26*2 27
27
10
*9
*9*2 10*4
*9*-. 101?
9*2
9110
*9
•___ ____
*63,
71?
*612 7
* 012
717*- * _
20-3, *18*2 1934
20=8 207g 20
197S 19)8
1978 PJlg
*48
46^4
49
4634 48*?
45
47
47
46
■17*4
*108 109=8 *108 109=8 *108*8 109=8 *108 10958 *108 109=8
*1341., 145 *13414 145 *134*4 145 *134*4 145 *134*4 145
176-38 177*8 1763g 177*4 175*2 1763., 1757j 17658 176*2 1767g
*11414 9434
94*4 9434
94=8 93f2 9334 93*2 943g
94
____ *40
413,
•*6
40
42*4
43*»
40
42
—
....
7H., 71*4
70
72
71*2 70
71N 72
16*2 16*2 *16*2 17
16*2 161- §1612 16*2
16*2 16*2
37*4 373g 37*4 377S 37
37*4
37*8 37*8
37*4 373g
*4934 50*4 497g 50
50
50*8 *49
50*4
50
50
♦74
70
*74
76
§70
76
*74
76
76
*73
5
*412
*412
5
*4
5
5
*4*2
5
*4*2
14
♦12
15
*12
15
14
*12
14
*12
6*8 0*4 *6
8
*6
7
*6
7
*6
7
69-34 70
*69
71
*66
71
*68
69169
69

TW O

H ighest.

100*8 Jan
1105s Mch 29
lOOlt Jan
103*8 Jan t
117 Jan
124 Feb
102 Feb
109*2 Jan 31
87 2 Mch21
91 Jan
747g Jan 3 79i2 Feb
195®8 Jan 3 227*4 Apr
62 Mch 3
65 Jan 10
270 Mch 10 2S5 Feb 21
80 Apr 11
8U34 Feb 8
25 Apr 7
30 Jan
62 Mch 17
53 Jan 19
21 Mch 9 243s Feb 6
43 Feb 24
49*4 Feb
19*8 Mch 3 133*2 Feb
147 Jan 3 155*- Feb
142*2 Jan 16 150 - Feb
§200 Jan 4 §209 Jan
I37i2 Jan 11 140 Alch 8
152 Feb 18 §160 Alch 27
2 Apr 7
33g Feb
5*4 Apr 11
7*4 Feb 6
60 Mch 2 66 Jan 18
C6'2 Mch 18
98 Feb 1
52 Mch
60 Jan 18
74ft Mch27
77 Jan 24
73*2 Jan 11 75*2 Mch 2
I 6-H4 Jan 3 172 Feb 3
510 Feb 9 545 Apr 6
28*4 Jan 3 35 Feb 15
68 Jan 5 74 Feb 21
67-3.J Jan 7
74 Feb 7
11 Jan 6
lo5g Mch 30
22 Jan 6 30*8 Mch30
27*4 Jan 11 32-14 Feb 20
453g Jan 12 51(8 Feo 20
35 Jan 9
40*2 Feb 20
122 Feb 21 131*2 Feb 1
56 Jan 5 6334 Feb 2
1358 Mch 2
15*4 Jan 17
95*2 Feb 11 16 Feb 17
93-3.1 Jan 12 95*2 Alch28
128 Mch 24 130 Alch 25
132 Jan 3 138*2 Mch 30
I 8I4 Mch 2
203g Feb 10
50*2 Mch 9
553gJan 4
197s Feb 3
16*4 Apr 8
30 Mch 3
33®s Jan 17
74 Apr 8
75*2 Mch 16
32 Jan 3
35*2 Feb 21
64i2 Jan 3
68 Mch 17
16*4 Feb
16*4 Feb 1
35*4 Atch31
40 Jan 13
17l>34 Mch 8 181*3 Feb 3
58 Apr 13
63 Jan 16
142*2 Jan 25 14834 Jan 18
134 Mch 28 141 Jan 6
2212 Apr 10
31 Feb 15
35 Mch 13 § 60 Feb 14
132*8 Jan 4 152*4 Mch 30
14734 Jan 6 160 Mch 30
883S M ch24
90*2 Mch 15
31 Feb 24
3633 Feb 8
63*2 Jan 16
68 I4 Mch 29
4534 Jan 11 63 Feb 15
140*4 Jan 19 145 Apr 7
6938 Mch 8 72-3g Jan 26
34 Mch 17
383g Feb 15
105*8 Mch 4 115*2 Feb 3
59*2 Mch 8 65 Jan 19
10H2 Feb 21 101®s Mch 20
83 Apr 7
90 Jan 27
14 634 Apr 11 151*8 Feb 23
146 Jan 17 149*2 Feb 27
407g Jan 11 44*8 Feb
IOOI4 Jan 3 IO934 Mch2S
90 Jan
90*2 Jan 18
39*2 Jan 3 43*2 Afch 6
116 Jan 3 12834 Feb 1
100 Jan 11 102 Jan 10
101

Jan 11

102

Jan 11

95 A p r i l
112 Feb 17
150*8 Jan 3
88 Alch 1
94 Jan 5
2834 Mch 3
68 Alch 3
62 Jan 10
38*2 Jan 3
24 Jan 13
Do pref.
5934 Jan 3
ZII 4I4 Jan 3
25*2 Mch 4
Do pref
do
61*4 Jan 11
25*2 Jan 3
bird Avenue (N Y ) ___
85g Mch 2
63.i Alch 27
197g Apr 12
Do pret.
45 Apr 11
108 Jan 11
Do p r e t _____
Tnion PacitlcI 6934 Jan 3
J
Do pref___
907s Alch 6
315gjan 3
Do pref_____
6034 Jan 3
.IJ abash _____
15*2 Jan 6
*»
Do pref.
327g Jan 11
/est Maryland
49*2 Mch 31
Do pref_____
75 Jan 14
*
4*4 Jan 27
Do 1st pref_____
12*2 Jan 11
Do 2d pref_______
5 Jan 5
Wisconsin Central.
57 Jan 3

100

17
17
7
3

12434 Apr 13 130*8 Feb 2
Jan
1 1 2 Feb
16134 Feb
91 Feb
99 Feb
337g Feb
65*-. Feb
68 Feb
44 Feb
34 Feb
69 Feb
121*4 Feb
29 Feb
66-3,1 Fob
30*4 Feb
12 Jan
8 1 -Jan
243, Feb
537s Jan
111 Feb

6

1
1

6
6

4
21
2
7
7
21
5
17

8

"
2

18Ug Feb 6
95*4 Apr 5
49 Feb 20
7631 Mch 22
183s Feb 23
403,s Feb 23
5134 Feb 1
77 Jan 6
GI4 Feb 3
175g Feb 3
8 Feb 7
72 Mch 30

C03| J’ly
z97 J'ly
192*- j ’ly
*00*4 Sen
87*i Sep
08*2 Feb
J73 Feb
60*2 J’ly
248 J’ly
65 Aug
237g J’ly
6 !(g J’ ne
19 J’lv
40 J’iy
11334 J’ne
143 Sep
*37*4 J’ly
203 J’ne
140 Apr
§160 Apr
2*g Dec
473 Sep
61 Nov
99 Sep
46 J ’ly
70 J ’ly
70 Aug
149*4 J’ly
490 J’ly
23*4 J ’ly
G25g J ’ly
45 J ’ly
10 J ’ly
17 J ’ly
19*2 J
35 J
26*| J ’
118 J ’
45 J’..
1 1 Aug
!>S*- Jan
92 " Alay
112 J'ne
124 J'ly
14*4 J ’ly
41*2 J ’ly
15 J'ne
25 J ’ly
08 Aug
23 J’ly
68 Aug
15 J ’ne
37*4 Dec
173*4 Dec
go J’ly
1 3 H2 J’ly
123 J ’ne
J’ly
Seo
J ’ly
J’ne
J86I4 Sep
27 J’ly
57 J ’ly
41 J ’lV
125 J ’ly
CO Feb
23i2 J’ly
i05's J'ly
55*-> May
§101

J'ly

8234 Apr
149 Apr
4143 J no
38*9 Aug
88*2

J ’ly

88 Feb
35 Feb
111** Aug
100 Oct
105

Feb

122*2 J'ly
89

J ’ly
110 Oct
1 305g J’ly
z85 Aug
87 J ’ly
227s J’ly
51 J ’ly
58 Aug
34*2 Aug
lSlo J ’ly
5 11 - J ’ly
103*4 J ’ly
18 J ’ly
43 J ’ly
22*2 J ’ly
5 - J ’ne
5*2 J’ ly
19 J’ly
423,( J’ly
103 J ’ly
145 Jari
152*4 J’ly
88*4 j ’ly
2334 J'ne
47 J’ne
125.8 J’ly
28*3 J’ly
40 J’ly
67 Aug
3 Apr
8 J'ne
4 J’ne
44 J’ly

124*3 Jan
104lj Jan
137*2 Jan
119*8 Jan
04 Jan
82-'-'-. May
202-*8 N ov
70 jan
212 Jan
92 Jan
663.1 Jan
69 Apr
367g Jan
64*8 Jan
1583s Jan
172*4 Jan
I82i2 Jan
225 Jan
162*2 Feb
} I70i4 Feb
53g Jan
1214 Jan
92*4 Alch
104 Jan
65'*.) Feb
8.* Alch
81 Jan
185 Jan
620 Alch
62 Jan
84 Jan
68 Deo
1834 ja n
845s Jan
34®s Jan
52-34 Alch
-12 Mch
1137,S ja n
80*2 jan
181g Alch
97*. Apr
99 Jan
140 Oct
147 Jan
25*2 Jan
027s Jan
30 Jan
54*4 Jan
80 Fob
44*4 Jan
71 Jan
2534 Jan
623.|ja n
186 N ov
70*4 Apr
15934 Jan
146 Oct
53«4 Jan
80 Feb
145 Moh
155*2 Mch
9234 Jaa
£1*8 Jan
7 458 ja n
735g May
140 Nov
72-3g Nov
37*2 N ov
128 Mch
6878 N ov
10934 Jan
98 Jan
162 Alch
)il51 Alch
50 Jan
108\s Afch
91*4 Alch
40*8 Dec
145=8 Jan
118-34 Jan
118 Jan
138*2 ARh
.’ O-lSgMch
116 Alch
172*4 Feb
93*o Feb
110*2 Jan
57*t Jan
92*2 Apr
73 Jan
60 Jan
34*2 Jan
77*2 Jan
138*4 Jan
3334 ja n
76 Jan
36-3.| Jan
19*2 Jan
1534 Jan
£433 jan
7214 Jan
117*2 Jan
145 Feb
201-34 Jan
103-3., ja n
421., Jan
723., Jan
11734 Jan
61 Jan
54-3gArch
77 Dec
10 Jan
33 Jan
13*2 Jan
64 Nov

C O M P A N IE S — B R O K E R S ' Q U O T A T IO N S .

Banks
Filth ..........
First .............
14th S t H „ .
Fourth . . . .
G a lla tin ___
G artlelil___
Germ-Am 1|
Germ’ n Exll
Germania 11.
G o t h a m ___
Greenwich H
Hanover___
H arrlm au ..

Hid

A sk

300
910
140
205
310
295
140
485
550
150
240
630
275

350
930
150
210
350
305
145
575
155
250
—

Banks
Imp & Trad
Irving N Ex
JeifcrsonD..
Liberty____
Lincoln____
ManhattauH
Mark’ t&Ful
Mcch&Met’s
Mercantile .
Merch Exch
Merchants'.
Metropolis fi
Metropol ’ nil

B id

580
210
140
COO
400
325
248
1257
155
165
178
390
200

At*
685
216
150
625
425
335
254
1263
170
182
410
205

Banks
Mt MorrlsU.
Nassau ”
New Neth'd
NewYorkCo
New York
19th Ward
PacMcH___
Park ._
PlazaU__"

Bid

250
285
300

A lt
260

Banks

b id

172
105

315
12th Vvard"
f373
....

A sk

....

275
130
150
177

YorkviUc H

•Bid and asked prices; no sales were made on this day. fE x-rlghts. § Less than 100 shares. TState banks, a Ex-dlvldend and rights
b New stock,
tSale at Stock Exchange or at auction this week. A First Installment paid, n Sold at private sale at this price, t 2 d paid, y 3d palil.
•' ■




A m . 15 1911.]

New York Stock Record— Concluded— Page 2

S T O C K S — H IG H E S T A N D
Saturday
A p r il 8

*240
*7%
*30
62%
*56%
*99
§43%
*95
*94%
*133
97s
83%
*52%
*115
69%

M onday
A p r il 10

245 *240
8
*7%
31
*28
623.)
02%
57
57%
10134 *99
43%
43%
97% *95
*94%
96
*133
10
934
833S
84%
53%
52
116% *115
59%
58%

245

T u esda y
A p r il 11

L O W E S T S A L E D E IC E S
W ednesday
A p r il 12

Thursday
A p r i l 13

F rid a y
A p r il 14

*240
*7%
*28
6112
5714
*99
4.'!
*95

BANKS
Banks

Bid

A sk

Broadway 1 385
Coney IsTdt
.First ............ 290
HlllsldcH___

400
155
310
125
115

B ro o k lyn

AND

B id

A sk

Nat C ity ... 285
North Side §! 150

300
170
105
150

B r o o k ly n

Homestead!
Manufac’ rs' 415
Mechanics’§ 225
Montauk ._
N assau ____

Banks

250

240
150
270

People’s ___ 158
Prosp’ctPk’ ! 140

N

Y C ity

335

Bankers’ Tr 640

345

tSale at Stock Exchange or at auction this week,




1rust Co’ s

A sk

B’ way T r . . 145
Central T r .. 1000
Columbia . . 305
Commercial 105
E m p ir e ___ 300
Eqult’ bto Tr 500
F'artn Lo&’l 1540
F id e lity ___ 215
F u lto n ____ t30J

148
1025
315
115
310

s

Range Since Jan uary 1.
O n basis o f 100-share lots.

Range f o r Previous
Y e a r (1910).

lliqhes .

Lowest.

C O M P A N IE S — B A N K E R S '
Bid

N

Trust Co’ s
As t o r _____

TRUST

STOCKS
N E W Y O R K STOCK
EXCH ANGE

Y C ity

225

Ex-stock dividend.

Trust C o’ s
GuaFty Tr.
Guardian Tr
H u d s o n ___
Knickerb'kr
Law T I&Tr
Lincoln Tr.
Manhattan
Mercantile .
Metro pot’ t’ n
M utual____
Alut All nee

A sk

815
123

830
130
160
235
255
149
400
750

290
248
130
375
725
440
130
125

§235
7%
-7
55%

Dec ;i /d Jan .
15 Jan
J ’ly
U 3 4 Jan
Aug
90-% Jan
J’ly
35 J ’ly
41% Oct
99% Apr
103 ja n
47% Jan
24 J’ly
89 J’ly
95% J’ne
: 2D Oct
91% N ov
119 J’ly
131% N ov
078 J lie
13% Jan
02 J’ly
82 % N ov
39% J’ly
727g Jan
109 J ns 120 Alch
62% J ’ly
693j Alch
100 Dec 107 Oct
§230 Dec §320 Jan
3% Sep
8% Jan
19 Sep
4773 Jan
10 -% Dec
29% Alch
10% J 'ly
)<34 Jan
26% J’ne
46% Jan
29 J’ly
62 % Jan ;
102% Aug 115 Jan
3% Dee
8 Feb
28% J'ne
48 Alch
82 J’ly
90% Jan
01% J 'ly
104 Jan
98% J ’ly
112% Jan
245 Nov 285 Apr
95% Jail
)i>2 Deo
38 J’ly
66 Jan
111% Oct
127% Feb
111% Dec
124 l-’eb
126*4 J ’ly Haig F'eb
90% J ’ly
953.1 Alch
25% J’ly
39% Alch
90% Dec 104 Alch
%c3%
21
49
125
s

J’ly
J nc
Aug
J’ ly
J’ne
28 J’ne
25 % J’ly
99% J ’ly

,04 Jan
34 7S Oct
60 Jan
164% Jan
18% Jan
63 Jan
4S34 Jan
109% Alch

2 2 % J’ly
122 % J’ly

to Jan
1603s Jan
23% Jan
86'% Jan
3G34 Jan j
60 Alch
88 Jan
16078 Jan
$9% Sep
120 % Jan
129 Jan
7% Jan
243s Jan
16 Jan
61% Jan
64% Jan
9034 Jan
H6% Jan ;
98 O ct 1
7834 Oct :
119% Deo .
128 Jan ■,
28% Jan
96% Jan
89% Jan
110% Jan
$2 23s Oct
95% Jan
84 Jan
43% Jan
46% Jan
ilo;i8 Jan
106% Jan
2734 Jan
85 Jan
5178 Jan
107% Jan

11% J'ne
703s J ’ly
25% J’ly
12 Oct
37 Oct
134 J ’ly
$734 Oct
s83% F’eb
rl 17 Aug
4% J’ly
12% J’ly
9 J ’ly
4 1 % J ’ly
36% J ’ly
78% J'ly
0334 J ’ly
79 J ’ly
71 J’ ly
100 Aug
11834 J ’ly
14 Sep
84 Oct
46% J’ly
1U134 J ’ly
S17 D J ’ly
59 J'ne
60% Nov
22/3 J ’ly
30 J’ly
103 J ’ly
: 4 J’ly
13 J ’ly
60% J ’ly
25 J’ly
00 J ’ly
155 J ’ne
28 J’ly
i90% Sep

200 Jan
617s Jan
107 Jan

27 J'ne
8234 J’ly
150 J’ ne
48% Dec
114 J ’ly
$1934 J’ly
134 Oct
83 Feb
6 J’ly
52% Dec
96 Aug
99% Aug
14% J’ly
49 J’ne
§93% Dec
6434 J’ly
27 J’ly
99 J’ly
59 % J’ly
61% J’ly
110 % J’ly
tf39% J’ne
47 Feb
117 J’ly
50 Sep
144% Dec
53 J’ly
49% J'ly
110 May

45's Jan
io4% Jan
190 NO'
86% Jan
11834 Fet
S40-'>3 Jan
144 Oct
95 Ala
13% Jan
73 Jan
122 Jan
1137s jan
32 Jan
84 Jan
145 Jan
£4i.i Jan
82% Jan
116% jan
84 jan
81 Jan
125% Jan
?60% Jan
G6% Oc!
129% Jan
73 jan
195 jan
78% AIcl
82% Jan
130 Fet

Q U O T A T IO N S .

Bid

130

I rust Co’ s
N Y Life&Tr
N Y Trust.
Savoy_____
Standard Tr
TltleGuft Tr
Tr Co of Am
Union Tr
US M tg& Tr
Unit States.
Washington
Westchester
Windsor . .

Bid

A sk

trust Co's

1090

1120
635
____ 105
400
410
495
500
337
345
1230 1260
470
480
1150 1170
360
375
150
160
97% 102%

'

Highest.

.iiuiisfii :ltc INisccIla.iccti.
Express____
235 Jan 20 §245 Apr 7
A damj
Uls-Chalmers_____
7% Jan 27
8% Jan 30
Do prei_________
27% Jan 6
34 Feb 3
12,750 Amalgamated C o p p e r'll
61 Jan 3
67% F'eb 6
1,960 \mer Agricultural Che'm
46 Jan 3
59% Feb 28
Do pre!_____________
101% Jan 27 103 F'eb 7
2,950 American licet Sugar____
39% Jan 12
47% Meh 1
Do o r e f ______________
P2% Jan 9
98 Alch 18
Amcr Brake Shoe ft Fdy'
90 Jan (
97 F'eb 27
Do prei________________ 128% Jan f 138 F'eb 23
87s Jan 6
3,700 American Can____________
10% Jan 25
Do
pref________________
77 Jan 5
8,000
84% Apr 7
50% Jan 3
900 American Car ft Foundrj
5/% F'eb 8
Do prei________________ 114% AIchl3 118% F'eb 14
300
55% Jan 11
6,000 American Cotton Oil____
02% F'eb 28
Do prei____________
1
104 " Alch 2 105% F'eb 16
170 American Express_______ §224 Jan 11 §255 Jan 27
3% Jan 25
American Hide ft Lcathci
4% Jan 31
Do pro!________________
20 Jan 10
300
25% Feb 8
17% Jan 17
25D Meh 14
200 American Ice Securities..
American Linseed___
12*i Feb 14
10% Jan 13
Do pret____________ _
30% Jan 16
100
34 Feb 14
1,060 American L o co m o tlv el..
42% Feo 1
36% Meh 2
Do prei______________
100
104% Apr 10 110% Jan 13
American Malt Corp____
3% Feb 17
4% Jan 18
Do pret________________
31% Alch 8
36% Jan 25
Amer Smelters Sec pret £
86 Alch 8
89 F'eb
723,1 Jan 3
5,700 Amer Smelt.ngft Refining
81% Feb 2
Do pret________________ 103% Jan 3 106 Feb 1
240
American snull__________
280 Feb 27 §290 F'eb 24
Do pret________________
99 Apr 6 102 Men 14
200
3934 Apr 7
52% Feb
1,840 Amer Steel Found (new).
113 Jan
American Sugar Rcfinin,
122% Feb 27
111 Jan 5 119% Feb 14
Do pref_______________
148
3,660 American Teieph ft Tel eg 140% Jan 3 147% Meh 28
93% Jan 4 100% Meh 14
300 American Tobac (new),pi
30% Jan 3 30% Meh21
2,200 American Woolen________
Do pret________________
4,910
86% Alch 29
96 Feb 8
2734 Meh 17
300 Amcr Writing Paper, prf.
34% Feb 15
200 jAnaconuaCopper P a r i Z b $37% Apr 12 $41 F'eb 6
IJethlehcin
Steel________
3,100
26% Alch 14
34% Apr 0
Do pret......................
850
59 Jan 3
64% Apr 7
Brooklyn Union Gas
135 Jan 3 142% Jan 9
Brunswick Term ft K y SeC
9 Jan 6
10'% Feb It
Butterlck Co_________ _
28 Feb 16
31 Alch 30
1,100 ( ’ entral Leather_______
26% Meh 14 3378 F'eb 2
Do nret_____________
510 o
99 Meh 13 105 Feb 10
7,900 dChlno Copper____ P a r ? 5 $21% Apr 7 $22% Meh 23
420 Colorado Fuel & iron . . 30% Apr 12
36% Feb 6
4,950 Consolidated Gas (N Y ) . 135% Jan 3 146% Alch 22
13% Jan 10
15 Jan
400 Corn Products Refining.
Do
pref________________
74%
Jan
10
80's Alch 30
1,050
323s Jan 11
38% Alch 1
1,600 Distillers' Securities Corp
hVdpral Alining
Minlncr .K
1734 Jan 28
Federal
ft- Smelt’g
36 F'eb 16
Do pref___
48% Jan 11
65% Feb 16
3,825 General Electric_________ rl4o% Meh 3 155% Feb 10
7'8 Jan 3
5% Jan 14
2,100 dGoldfield Con A I. P a r $10
600 I nt Harvester stk tr ctfs 109 Jan 3 121% Feb 20
Do pref stk tr ctfs___ 122% Jan 3 124% Apr 10
300
Int Aler Alarlne stk tr ctfs
4% Jan 18
578 Jan 30
Do pret________________
15% Jan 17
280
18 Jan 24
953 Apr 12 1338 Jan 31
1,150 International Paper_____
Do pref________________
400
47 Feb 21
5638 Jan 17
700 Internat Steam Pump___
39% Apr 11
44 Feb 8
Do pref________________
84% Jan 26
100
89% Alch 20
1,521 Laclede Gas (St L) com__ 4:102% Alch 27 114% Jan 20
Alackay Companies_____
91% Feb 24
95 Feb 2
Do pref________________
7434 Jan 18 77 Alch 7
3,225 N ational B iscu it_______ 117% Jan 16 141 Apr 4
Do
p
r
e
t
____________
124 Jan 20 130 F'eb 4
13
100 Nat Enamel’g ft Stamp’g
17 Jan 10
18% Alch 27
Do prei________________
85 Jan 6
90 Feb 18
200 National Lead___________I
51 Meh 4
59 Feb 2
Do pref______________
200
105% Alch 24 108% Jan 16
1,200 dNev Cons Copper. P a r $5 SI734 Apr 10 $20 Feb 6
New York Air Brake____
72% Jan 27
70 Alch 8
400 North American Co, new
72% AIeh21
64 Jan 10
____ p a cific Mall_____________
24 Meh 6
29% Jan
acilic Telep & T e le g ..
44 Jan 3
3,850
54% Jan 31
3,900 People's G L ft C (Chic). 103 Apr 5 109 Jan 19
900 Philadelphia Co (Plttsb’h) 100% Jan 3 109 Men is
2238 Alch 23
17% Jan 3
1,500 Pittsburgh Coa Co_____
Do pref________________
6734 Jan 4 82% Apr 7
2,300
30% Jan 3
580 Pressed Steel Car________
36% F'eb 6
Do pref_______________
92% Jan 3
350
99% F'eb 23
Pub Service Corp, of N J 116% Jan 31 120 F'eb 7
1.372 Pullman Company_______ 159 Jan 3 163 Jan 30
31 Jan 11
38 F'eb 3
400 R ailway Steel Sp rin g..
Do pret_____________
92 Jan 3 100 Feb 23
372
500 ciRay Cons Copper Par ?10 S1534 Apr 7 $17% Meh29
3 1 % Jan 4 35% F'eb 6
200 Republic Iron ft Steel___
Do prei
93 Jan 4 993s Feb 1
300 S ears, Roebuck & C o___ si 4 1 Meh 16 192 F'eb 6
50% Feb 6
50 Jan 26
300
loss-Sheffield Steel & Ir
Do pret_____________ 112 Feb 14 112 F'eb 15
1.900 dTennesseeCopper Par?25 832 Jan 11 $39% Feb 14
100 Texas Co (The)___________ 12S% Apr 5 136% Feb 1
Texas Pacific La mi Trust
92 Jan 24
87 Alch 3
Bag ft P a p e r ....
8 J an 25
9 Feb 9
U nion
Do pret_____________
5634 Feb 3
59% Jan 30
450 United Dry Goods C o s .. 100% Jan 27 106% Feb 20
Do prei________________ 102% Jan 5 107 F'eb 18
445
100 U S Cast I Pipe ft Foundr
15 Jan 10
19 F’ eb 23
154
Do prei________________
50 Jan 16 r61 F'eb 23
95 Jan 7 §105 Jan 27
211 United States Express..
65% Jan 25
1,050 U S Realty ft Improvem’ t
74% Apr 13
36 Jan 6
2,150 United States Rubber----47% Alch 1
Do 1st pret____________ 109% Jan 18 114% Apr 10
800
100
Do 2d pret____________
79 Alch 1
72% Jan 31
82% Feb 6
71% Jan 3
107,550 United States Steel______
3,284
Do pref________________ 116% Jan 3 120% F'eb 4
1,300 dUtah Copper___Par ?io
$43% Meh 4 $4738 Jan 9
10,350 Vlrginia-Caroilna C h e m ..
7038 Feb 28
62% Jan 3
200
Do pret________________ 1237s Jan 3 123% Alch 15
52 Jan 6
66 F'eb 11
10 V rglnta Iron Coal ft Coke
10 \17clls Fargo ft Co______ §150 Jan 18 166 F'eb 27
76% Jan 19
7134 Meh 8
700 »» estern Union T e le g ..
71 F'eb 15
65% Jan 12
300 Westlngh'seEl ftAlfg assen
Do 1st nref____________ 116 Jan 14 123 Jan 5
100

245 *240 245 *240 245
8
*7%
8
*71"
8
30% *27% 30% *29
30
62%
62% 62%
OlSg 02%
573|
57
57% *57
57%
1013) *99 10134 *90 103
43%
42% 43
43
43
961" *95
96% *95
96%
*9414 96
*9414 96
*94% 96
*132
____ *133
____ *133
____
9%
934
9%
*9% 10
9% 10
82*| 8314
83%
83% 83%
83l.i 83%
52% *5214 53U
52% 52% *52% 527g
116% *115 11512 *115 1151" 115% 110
591.1
56% 5812 57
57%
56% 50%
§105 105
*242 245
243 §244 *242 245 *241 245 §241* 241*"
*334
*33.1 4%
*334 4%
4%
*4
4%
*4
4I4
2234 223.) *223.1 24%
23
23
* 22 % 24
*22% 24
*23-% 24
*23% 24
*2312 24
23% 23%
23% 23%
12
*
10
%
12
%
*10U
12
*1012
*103s 12
*10% 12
*30% 33
*30% 32
3112 3112 *30
33
*30
33
37% 37%
37% 37
37
“
367s 367g
37
37%
*105 106
104% 104% *103% 10412 *104 106 *103% 105%
*334
4%
*334
4%
*33t
414
*33t
4%
*4
4%
333i 34
*323.i 34
34% 34U *33% 34% *31
33
*873.t 88% *87% 88I4 *871.i 88I4 *87% 88% *87% 88%
74% 74%
74% 741"
73% 74%
74
74
73% 74
*105 105% 105 105 *10434 1051.1 §105 105
105% 105%
*208
*268
*268
. . . *268
____ *268
...
*98% 102
100 100
101 101
*99% 102
*99% 102
3934 41
40% 41% *411.i 42
41% 44
44% 45
*117 120 *118 120 *117 120 *118 120 *118 120
116% 116% §116 116 §116 116 *110
118 *116% 118
14534 14534 145-3.1 146
145% 146
145% 1453, 145% 1457g
97% 97%
97% 971" *97
9712 *97
97% 97%
97%
34% 34%
34
34
34
341
34
34%
34
34%
89% 89%
89% 91
90
90% *90% 91%
90% 91%
297S 297g
29U 291" *291- 301s
*29% 30%
*37% 38%
373.1 373.1 *37% 38
37% 37% *37% 37?g
*33'% 34
33
33
34
33
34
33
33
*62
63%
62% 63*4 *6234 631.1 *02% 63
63
63
*140 142 *140 142 *139 142 *139 142 *1391" 142
*91" 10%
*91" 10%
*9% 10
*9% 10
*91" 10
*29% 31
*29
30% *29
30
*291" 31
30% *29
*2734 2S%
28
28
28
28
281" 28%
28% 23%
99
99
99
99
99
99% §99% 99%
*987s 99%
22
22%
221.1 22%
213.1 213,
22
22%
22% 22%
31% 31%
31
31
31
31
30% 30% *301.1 31%
1443S 144% 144 145
143% 144% 143% 111' *144 144%
14
14
14% 14%
14% 14%
14% 14% *137S 14%
79
79
78% 78% *78% 79% *78% 79%
78% 781"
*.'i41" 3534
34% 35
33% 341
31% 35%
34% 34%
*2434 35
*23
35
*23
*23'
35
*27% 35
*59
60
*59
05
*59
*59
65
*59% 65
150
150 1503g
152% 150% 152
150% 150% *150 151%
6
0
6
6
6
6
6
6%
*6
6%
*117 118
117 117% 117 117 *115% lis t- *11573 117%
*12234 124% 124% 121% 124 124 *123% 124% 124% 124%
*4%
* 4*2
5
5*8
*4%
5
*4%
5%
*4%
5%
17% 17%
17% 17% *17
*17% 17% *17
17%
10% 10% *101" 11
93., 10
9'% 958 *9% 10%
*47
49
49
*47
48
48
*47
49
48% 48%
*40
41
40
40
39% 40
*39% 40% *39% 40%
89
89
*8834 89
* 88% 89
*88% 89
* 88% 89
1027s 10278 102% 1023.) 102% 102% 102% 102% 102 % 102 %
*90% 93% *90% 93% *90% 93
*90% 93
*90% 93%
*761.| 77% *70% 77% *76% 77% *70% 77
*70% 77
136% 138
1373.1 139
130 1361.1 §136 130
138 139
♦1263.J 129% *126*4 129% §127% 1271 *127% 129% *127% 129%
*17
18
18
17
17
*16
18
*16
18
*17
*85
93
93
*85
*85
93
*85
91
*85
93
*52% 53 % *52% 54
*52
54
52% 52% *52% 52%
*105% 107 *105% 107
105*% 105'% 1057s 1057g *105% 107
*1734 181"
17'34 IS
173.1 1734 18
18
18
18
* ___
74 ♦
71
*67
70
*67
70
*65
70
*703.i 72%
70% 70%
71
71%
71
71
71% 71%
*21
25
*24
24% *24
251" *24
25% *24
25
*51
51%
51
50
51
51*3
50% 513g
51
51
103 103% 103% 1037s 10334 104% 10378 104% 103*4 104
106 106% 106 100 *104" ----- _ 105% 10534 *106 106%
21% 211"
21% 2178 21
21%
21
21
20% 21
81
81%
8 U0 813| 81% 81% a:80
80*i
81
31
327g 33
3234 32*4
32% 32%
32
32
*32
33
' 981.1 981.) *98% 99
98% 98% *98
99
98% 98%
*1193.1 1201.1 *119% 120% ■II934 120% * 11034 120% *119*i 120%
*159-34 101
1603.1 16037 1593i 160% 160 160
160 160
323.i 32*4
*32% 3334
32
32% *31% 32
*31% 32%
*99
100
§99% 100
99
99%
99% 99% *9!) 100%
157S 16
*1534 16
*1534 16
15*4 15*4 *1534 10
*32% 34
*32% 331"
32% 3234 *32
34
*32
331"
*94% 973.1 +94% 97*4 *95
98
*95
98
*95
97*i
146 146
146 146 *145% 146%
17
*145
.47% *144
5234 52% 52% *52
54
62
52*1 *52
*52
53
§112
11>
30% 37%
36
30
37% 37%
37% 37%
30% 367s
♦997g ,37 *126 131
128% 131% *128% 132
130 130
*88% 95
* 88% 95
*88% 95
*88% 95
*88% 95
*7
8
*7
8
*7
8
8
+7
*7
9
*581.1 59% +58% 59% *58% 59% *58% 59% *58% 591"
51043.1 10134 104% 10478 *104 105 *104 105 *104 105
105 105
10533 105% *104 105% +104 105% *104% 1051"
17% 17% *16% 18
*16% 17% *16% 17%
* 1012 18
*55
5834 557
*56% 583] §57
57
57
57
57
*98 100
*9.8 101
*99 100
*98 100
§99
99
573
73
73
*72% 73% *71% 7234 73
73% 74%
41% 4112 41% 413.1 403i 41
41% 41%
41% 411"
IH I 4 1141.1 114% 1147s 114% 1147g 114% 114% 2:112*1 112*1
77% 7712 *71
79
+76
79
*76
7 .8%
*77
79
77% 777g
77% 773.1
76% 77%
76% 773g
76% 77%
♦ 119 119% 119 119% 119 119% *119% 119% 110% 120
44
44
433t 4378 43% 43%
44
44
43% 43*4
66% G034 65-% 06% 0573 66% 65% 65*4
66% 66%
*124 127% *124 1271" 124% 124% 125 125 *124% 127
§60
60
*55
60
____
*55
60
*162 164% ♦162 164% § 1641*) 164% *162 164 *162 164
73%
7234 7234 *72% 73*1
73% 73%
72*t 72*4
67
*65% 66
60
00
*65
67
*65
66
*115 117% ♦116 117%
117 117 + 117 117%

8

31
0278
57%
10134
43*i
97%
98

Sales 01
the
W eek
Shares

1013

Bid

A sk

435
120
200

450
130
215

B r o o k ly n

Brooklyn Tr
C itizens'___
F’latbush . .
Franklin___
Hamilton
H o m e __. . .
Kings Co . .
L Is! L ft Tr
N assau____
People’s . .
Queens Co.

Ilianks marked with a paragraph ^ ) arc State banks?

270
100
505

295

ICO
300

110

200

:so
no

300

170
710
125

New York Stock Exchange -Bond Record, Friday, Weekly and Yearly
Jan.

1 1909, t h e E x c h a n g e m e t h o d o f q u o t in '] b o n d s lo a s c h a n g e d , a n d p r i c e s a r e n o w a l l — " a n d i n t e r e s t ’ ’ — e x c e p t f o r in c o m e and, d e f a u l t e d , b o n d s .

BONDS
N . Y. STOCK E X C H A N G E
W eek E nding A pril 13
U,
«loverm iieiii
tJ S 28 consol registered.cil 930
U S ‘2s consol coupon. ...<11930
17 S 3s registered.............. /c l9 l8
<J S 3s coupon..................... fcl018
0 S 3s cou small bonds..A.T918
U 3 4s registered..................1925
U 8 4s coupon....................... 1925
0 S Pan Can 10-30 yr 2s.fcl036

P b'ice
T h u rsd a y
A p r i l 13

^ Js

\JSid

l
|
\
\

W eek ’s
R an ge or
L a s t S a le

A sle L o ve

109
13
0Q

1.010

H ig h N o

101 % 101%
1 0 1 % .........
101% 102*3
i o i % ........

lO l*sA p r 11 . . . 101**
101**4 A p r'11 . . . . 101
102 A p r’ l l . . . '1 0 2
102% A p r’ l l . . . 1,102*4
101*4 J’l y ’ 10 . . .
■| i 1 4 % i i6 % 115 A p r ’ l 1 . . . 1i' 1 5 ' '
115*i 116*4 115% A p r’ 11 . . . 1 1 5 %
1, 101 101*3 100% Aug’1 0 ;...

F oreign (lovornm ent
Argentine— Internal 6s o£ 1909 M-S t 98*4 08% 99 Mar’ l l ’
Imperial J apancse Governin'!
Sterling loan 4 %s............1926 F-A 1 94 Sale
94
94%
Mil HunM
A loS
_______
.. 11U‘
9 22.»
5 J -J 1 93% Sale
2d
series 4%
s...........
0 3 78
94
88% A p r’ l l
Sterling loan - i s ............. 1931 J -J t 88% 89
Bepub ol Cuba 5s exten debt.; M-S 4 102-*4.
103 A p r’l l
External loan 4 % s _____ 1949 F -A I 07% 98% 99*3 Feb’ l l
Ban Faiuo(Erazil) trust6s 1919| J -A i* 97% .........I 97 Mar’ l l
U S o l M exico s t g 5s ol 189a Q-J * 90
97
96
90
Gold 4s Ol 1904.................1954 J-D
90*8 92 I 91 M ar’ l l
\ T h e s e a r e p r ices

S u ite mul City Securities
N Y City—4 % s .....................1960 M-S
4*^8 recta int l'ro Jan 24 1900 M-S
4% Corporate Stock........1959 M-Ni
4% Corporate Stock ....1 9 5 8 M-N
Now 4 *£S............................ 1957 M-N
N ew 4*38 ........................... 1917 M-N
4 *«% Corporate Stock ..1 9 5 7 M-N
4 %■'•„ assessmt b o n d s.... 1017jM-N
4% Corporate Stock___ 1957 M-N
N Y State—Canal Iuipt4s-1900 J-J
So Carolina 4 *28 2 U-4 u........ 1933 J-J
Tenn new settlement 3 s ..1913 J-J
Virginia fund dent 2 -3 s ... 1991 J-J
Os deterred Brown Bros otts.

iiu ilro u d
* luuurna Cent S ee So By
A l a l i a Midi S ee A t Coast Nine
Albany A Susa S ee Del A Hud
Ailcgneny Valley See Penn Bit
Alleg A W est S ee Bull B & P
Ann Arbor 1st g 4 s ........../tl096 Q-J
Atoli T A S Fe—Gen g 4s. 1995 A-O
Kegistered...........................1995 A-O
Adjustment g 43 ............ A1095 Nov
Kegistered................... A1U96 Nov
Stuinped........................./ilOOO M-N
Couv 4s issue ot 1 9 0 9 ... 1955 J-D
. Conv g 4 s .............................1965 J-D
: Conv 4s (issue of 1910). I960 J-D
10-year conv g 6 s ......... 1917 J-l)
Debentures 4s Serlos J .1 9 1 2 F-A
Serios K ............................1913 F-A
East Okla l)iv 1st g 4 s .. 1928 M-S
Short Bine 1st 4s g ......... 1958 J-J
5 Fe Pros A Pli 1st g 6s. 1942 M-S
Atl K nox A N S ee B A N
Atlantic Coast 1st g 4S.A1P52 M-S
Ala Mid 1st gu gold 6 s . .1928 M-N
, B ru u sA W i s t g u g 4s ..1 0 3 8 J-J
i Charles A Sav 1st g 7 s .. 1930 J-J
I B A N coll g 4 s ............... O1052 M-N
‘ S a v F A W 1st gold 0 s . . 1934 A-O
1st gold 6s.......................1934 A-O
; 8U Sp Oca & G g u g 4 s ..1 9 1 8 J-J
;Atlantic A Dun v S ee South By
A n s tih i& N W 6'eeSou Pacilie
j 1 Jolt A Ohio prior lg3*38.1925 J-J
>l i
Beglstored..................A1025 Q-J
i Gold 4 s . . . . . . . . . . . . . . . . ./il9 4 8 A-O
Kegistered................... A1948 Q-J
Pitts Juno 1st gold 0 s ... 1922 J -J
P J un A 61 Div l s t g 3*381025 M-N
if P B E A W V a S y sre f 4sl941 M-N
• Southw Div 1st g 3 *38...1 9 2 6 J-J
■
B egistered................... A1025 Q-J
Ceil Ohio B 1st c g4 *38. . 1930 M-S
. Cl Bor A W con 1st g 5s 1033 A-O
Monou B lv 1st gu g 6S ..1919 F-A
Ohio Blvor B B 1st g 5 s .1930 J-D
General gold 6 s.............. 1937 A-O
■ Pitts Clev A Tol 1st g Os 1922 A-O
, Pitts A W est 1st g 4 s ...1 9 1 7 J-J
Stat 1st By 1st gug4*3S 1943 J-D
Beech Creek s e e A 1 C * 11
‘ Bellov A Car S ee Illinois Cent
Bruns A W est S ee A ll Count B
Bullalo N V & Brio S e e Erie
Bullalo B A P gen g 5 s . . . 1937 M-S
Consol 4*as.........................1957 M-N
A ll A W est l s t g 4s g u ..1998 A-O
Cl A 61 ah 1st gu g 6 s . .. . l 9 4 3 J-J
Koch A Pitts 1st g Os...1 9 2 1 F-A
Consol 1st g Os..............1922 J-D
Bull A Susti 1st ret g 4s.dl051 J-J
Bur C B A N S ee C B I A P
1 ran So 1st ext O s ............. 1013 J-J
0 2 d 6 s................................... 1913 M-S
Begistered.......................1913 M-S
Caro A Shawn S e e 111 Cent
Caroluia Cent S ee Scab Air B
Cartilage A Ad S e e N y U A 11
Ced K la F A N S ee B O B A N
Con Branch lty S e e Mo Pao
Osnt ot Ga B B 1st g b s ..p l9 4 5 F-A
Consol gold 6s................... 1945 M-N
Begistered....................... 1945 M-N
1st pret income g 6s___ p l0 4 5 Oct
Stam ped...................................
2u pret income g 0 s ....p l 9 4 5 Oct
2d ptel income g 5s stamped
3u prot income g 6 s ....p l 0 4 5

0n

th e b

102
102
09%
99%
107*4
102%
107*2

102
Sale 101%
102
Sale 101%
09%
Sale
09%
9 0 ‘s
Sale
99*3
Sale 107*4 107 *«
102*3 102% 102*3
sale 1107*2 107*2
102
102% 102
"9*9% t’9% 99*2 A p r’l l
103 105 101% Feb’ l l
103*2 J’l y ’ 10
90% 97
97 M ar’ l l
03
86*2 Mar’ l l
61%
60 >2 Sale
6 0 ‘s

82
84
09 *a Sale
......... 98%
......... 91%

,
90% 01*2’ 01
..................... '108
108 *3 Sale 1108*3
104 Sale 103%
1 1 0 ** Sale .......

i ’ft i"
no%

99

93%
93%
87%
102*8
97%
97
06
91
o t $5

95%
95*4
90
104

10 0

97%
98
94%
to

08% 99%
106% 108

10 1% 10 2 %

106% 108
103
98% 09%
104% 104%

10 2

90
80%
40

97

78%
03
08
90%

85
09%
98%
92%

86 %
67%

12 90% 92*3
...J 105 109
63 105*4 H O 1!
136 10 2 >3 104*2
20,|108% 111* 2

P r ic e
T h u rsd a y
A p r i l 13

W eek E nding A pril 13

97®,
80

112% Mar’ l l . . . . U 2 % 1 1 3

1 0 8 % D ec’ io . . . j .................
07 Feb’ l l . . . . 07
07
103
115

J’l y ’08 . . . .
J’ ue’ 10 . . . .

72

Mar’ IO i....

1 1 6 % M ar’ l l ...J 116*2 116%

102% 103*4 102% 103 | 18 102% 103%
101 1 0 1 % 101 A p r ’ l l ,...i l 0 0 % 101%
* ....... 101 %'100% Jan 11 . . . . 1 100% 100%

1 1 4 % ..........114*2 M ar’ l l . . . . 112% 114%
108 108% 108
103 I 3 107% 109
113 A p r’0 6 ..............................
......... 108
106 108 106% 196 I 11 190 103
106 108 100% Mar’ l l . . . . 100% 100%
104 | 1 ' 95 196%
100 104 104
102 104 100 Mar’ l l . . . . 100 100
100 * 4 ' 83 102
98 102 100

A-O
J-J
J-J
M-N
F-A
F-A
F-A
F-A
J-J
J-J
J-J
J-J
FA
A-O
M-N
M-N
J-J
M-S

A-O
Gen funding A impt 5s. 1929 J-J
1st consol g 6s................... 1939 M-N
Begistered....................... 1939 M-N
General gold 4 %s..............1992 M-S
Begistered....................... 1992 M-S
Convertible 4 %s ..............1930 F-A
Big Sandy 1st 4 s .............. 1944 J-D
Coal Biv B y 1st gu 4s ..1 9 4 5 J-D
Craig Valley l s t g 5 s___ 1940 J-J
Potts Croek Br 1st 4 s . . 1046 J -J
B A A Div lstco n g 4 s ..l 9 8 9 J-J
2d consol g 4 s................. 1989 J-J
Warm Spr Val 1st g 6 s .. 1941 M-S
Greenbrier By l s l g u g 4s ’40 M-N
•luc A A lt B B ref g 3 s ...1 9 4 9 A-O
R a i l w a y 1st lien 3 % s ... 1950 J-J
Begistered....................... i960 J-J
Ihlo Burt A Q—Deny 1) 4s 1922 F-A
Illinois Div 3 *as................1949 J-J
Begistered.......................1940 J-J
Ills Div 4 s ..........................1949 J-J
Iowa Div uink fund 6 s ..1010 A-O
Sinking 1 uiid 4s.............. 1910 A-O
Nebraska Extension 4 s .1927 M-N
Begistered....................... 1927 M-N
Southwestern Div 4s___ 1921 M-S
Joint bonds S ee Great North
Debenture os..................... 1913 M-N
General 4 s ...........................1958 M-S
C lucA E ill rot A irnpg 4s 1955 J-J
1st consol g 6s................. .1934 A-O
General consol 1st 5 s___ 1937 M-N
Begistered....................... 1937 M-N
Chic A Hid C By 1st 5 s .1930 J-J
Chicago A K no s e e Erie
Clue G t W estern 1st 4 s ...1 9 5 9 M-S
Ohio In A Bouisv rei 6 s ...1 9 4 7 J - j
Belunding goh l5s........... 1947 J-J
Kefumling 4a Sories C .. 1 9 17 J-J
Bouisv N A A Ch 1st Os.1911 F A
Ohio Ind A Sou 50-yr 4 s ..1956 J -J
Clue MU A St P term g os 1014 J-J
General g 4s series A ..« 1 0 8 0 J-J
Begistered.....................ei.989
General g 3 %s sories B.elOdO
25-yr deben 4s ................ 1934 j - j
Ohio A B Su Div g 6 s ....1 9 2 1 j - j
Chic A Mo Biv D iv o s ... 1920 j - j
Ohio A P W 1st g os........1921 j - j
Dak A Gt So g 5s.............. 1916 j - j
Far A Sou assu g 6 s........1924 j - j
BaOroaae A D 1st 5 s ....1 9 1 9 J-J
W is A M ln n D i v g 5 s ....l 9 2 1 J-J
MU A N o 1st cons 6 s ....1 9 1 3 J-D
Extended 4 % s................1913 J-D
Chic A Nortliw cons 7 s ___ 1915
Extension 4 s..........1886-1926
Begistered............1836-1920 F-A
General gold 3% s..............1987 M-N
Begistered...................p l9 8 7 Q-F
Geuoral 4s .....................198/ M-N
Sinking fund 6 s ...1879-1929 A-O
Begistered........... 1879-1929 A-O
Sinking fund 5 s ... 1879-1929 A-O
Begistered........... 1879-1929 A-O
Debenture 5s..................... 1921 A-O
Begistered................. *1921 A-O
Sinking fund deb 6 s___ Il'J33 M-N
Begistered....................... 19 33 M-N
Mil B S A Wost 1st g 6s 1921 M-S
E x t A Imp slund g5a 1929 F-A
Ashland D iv 1st g 6 s ..1925 M-S
m-o
Mich Div Istg O a ......... 1924 J-J
in c o m e s........................ 1911:M-N
Chic Keck Isl A Pac 6 s ...1 9 1 7 J-J
Begistered......................1917 1J - J
General gold 4 s................. 1988 J-J
Begistered.......................1988' J-J
Belunding g 4 s ................19 34 A-O
CoU trust Series J 4 s___ 1912 M-N
I l l s ................................... 1915 M-N
N 4 s ................................... 1916 M-N
O 4s.................................... 1917 M-N
P 4 a ................................... 1918 M-N
Chic B 1 A Pao B B 4 s ..2002 M-N
Begistered......................2002 M-N
B 1 A rk A Bonis ls t4 % s 1934 M-S
Bur C it A N — l s t g 53.1931 A-O
Begistered................... 1934 A-O
C B I F & N W i s t gu 68.1921 A-O
M A St B 1st gu g 7 s ..1927 J-D
_ A G
_ gen g 5s_ .o!91U
_ _ _
Choc Ok
Consol gold 5 s............... 1952 M-N
.................
Keok A- Des
M 1st 5 s ....1.......
9 2 3 '. A-O
Ohio s t B A N O S ee III Cent
Olue St B A Pitts S e e Penn Co,
Ohio St P M A O con 63 ...1 9 3 0 J-D
Cons 6s reduced to 3 %s. 193*1 J-D

1 100% 102
100% 102

....

12

82%
78

io i '
80%
04%
102 78%
100%
46 103%
i

e Apr

100 Nov’ 10
104% 101%
102% 106%
111% 112
15! 111% 113%
1 1 2 % J an’ 10
100% 100% 48 100% 101%
101% J’no’ to
96
96% 105, 94
97%
87*4 Mar’ l 1
87% 89
85% Nov’ 10
10 2 % A p r’ l l
102% 103
90 J a n ’09
05% 90
96% 95% A p r’ l 1
95
01% 91%
03*, 91% Jan ’ l l
90
113% f o b ’05
101%
85
87 % 95 O c t ’ 10
72% 73%
73 %
73 %
73% Sale
69
69
68% 71%
♦69
71
75 Oct ’09
70
69
99 M a r'll
99
99%
99%
87% 88%
87% 87% 87% A p r’ l l
88% 83 S e p ’ 10
09% Sale
90% • 99%
99% 100%
1 0 4 % ......... 104% Deo’ 10
09% 09% 99% Mar’ l l
90% 99%
99
99
99% 99
96% 00%
98 *8Mar’ 11
98% 08%
99 Fob’ll
09
09
99 ........
104% 105*8
111% Sale
......... 111%
100% Sale
..........100%
06 Sale
87
87%
85
87 %
102% ...

101% Sale 101% 101% 351101
97 141 96%
9 6 71
97 % Sale
81
1 81
81%
81
82
127
127 Jau ’ l l
124% 126
110
„ 100%
110 110% 1 10
108% M ar’l l . . . J'108%
- 100%
109% 1 0 9 ’
109%

101%
93
83
127
111
108%
110%

84% 80%
80%
80%
127 Mar’ l l
127 127 %
1 1 4 D ec ’09
95
95%
95
95%
100*8 100%
100% Feb’ l l
92 % M ar’ 11
92% 93%
102% 102%
102% -Mar’ l l
98%
98%
98% 99%
<J>J%J au ’ l l
99% 99%
87 Mar’ l l
80% 88%
92%
92%
92
93
106% 107
106% 107% 1 0 0 % Mar’ 11
100
109 I
109
Mar’
l
l
108%.......
106% 107%
106% Sale 100% iuO%
103% 103%
103% 104% 103% Apr’ l l
117% J an ’ l l
117% 117%
116% . . . .
105%___ 105 % Deo’ 10
106% 107%
106 ... . 106% 106%
103% 103% !
103% .... 103% Fob’ l l
100% . . . .
110% 112 110% 110%
109% 112
99
98
99%
97% 93% 99
07% 98% 97 Mar’ l l
07
08%
87*«
86% 87% 87
87
88%
.......... 86% 03% A p r’09
99
90
00 Sale
62; 0 8 n< 99%
112 112
1 1 1 % ....... 112 J a n ’ l l
1 1 0 % ........ 111% Nov’ 09
100 106%
1 0 6 % ........ 106% A p r’ l l
1 0 5 % ......... 106 Mar’ 10
i o t i " io S ” ,
......... 106% 106 F e b ’ l l
106% Feb’ 10
108%108%
103 108% 103% A p r’ l l
107% 108%
108 ......... T07 % Apr’ l 1
115 115%
114% 115% 115% Mar’ l l
100% 110
109% 111 1110
110
117 ......... G 4 2 % Feb 02
1 18 118
118 J a n ’ l l
100% D eo’ 10
109% A p r’ l l ...J 109% n o
109 Aug’ 1 0 ___ 1
98
90%
90%
0 96
98% F eb’ 10 ....I
88%
8 8 % '169 83% 39%
97 % J’ly ’ 10 1___
90 D eo’ 10 ...J
94 D eo’0 0 !....!
94% May’ lo'i___
03% Aug’ 0 9 ___
73
71 % 202 72% 74%
74% Fob’ l l . . . . 74% 74%
93% Mar’ l l . . . . 03% 94
1 1 1 % Star’l l __ U l % 1 1 2 %
120% -Mar’ 0 3 ___
100% Fob’ l l ! ___ 106% 100%
80%
86
127%
107% 111
95 . . . .
100% . . . .
92
02
103 %
93% 03%
98
86% 874
92'a 92 %

102% 102%

102 ......... *102 % Mar’ 11!
106% 108% 109% Fob’ l l

109% 109%

100% 100% M ai'll1

100

100%

124% 124%
03 Deo’03'.

124

125%

B O N D S— Couliuued 011 N ext Pago.

1 102 104
60 82% 81%
1 102 103

....

Range
S in c e
J an ua ry 1

W eek’s
R an ge or
L a s t S a le

Cent ol Ga B B —( C o n )
R id
A sk Low
Jfirjh N o , L o w H i g h
3d prel income g 5s stamped.
102
98 ~
85% Oct ’ 10
Ohatt Div pur mou g 4s. 19 5 1 J-D
87
87% Feb’ l l
87% 87%
Mac A Nor Div 1st g 5s. 1946 J-J 106% 107 106% Mar’ l l
(1105% 106%
Mid Ga A A tl Div 5s___ 1947 J-J 105 % ........ 1 I 5 Nov’05
Mobile Div l s t g 5s........IO46 J-J 109%....... 108% F o b 'll
1*08% 1*0*8%
Ceu B it A B ot Ga col g 5s 1937 M-N 101 % 102% 103 A p r’ 11
101% 102
C e n to tN J geu’i gold 58.1987 J-J 122% Sale 122%
3 122% 123%
122%
Begistered.................. A1987
122% 123% 122% Mar’l l . . 122 123%
Am Dock A Imp gu o s ..1921 ?: i 107 108
107% M a r'll
107% 108%
Be A Hud B g o n g u g 5 s 1920 j - j 105 ........
""I
Boh A W ilks B Coal 5 s .. 1912 M-N 1 0 0 % ......... 100% 100% * l‘ : 1 0 0 % 10 0 %
N y A Bong Br gen g 4s 1941 M-S 100 ......... 99% D eo’ lo
out Pacitio S ee So Paoilio Co
Q-F
90% 91% 91% A p r’ l l
87% 92%

u

•N o price Friday; latest this week.




10i**
101%
103*4
102%

97%

iU IS C K E I- iA N E O U S

S treet H nil way
Brooklyn Bap Tr g 5a........1945
1st refund conv g 4 s ___ 2002
1 BkCity lstc o n 5 s .1916.1941
Bk Q Co A S con gu g 5s. 1941
Bklyn Un El l s t g 4-53.1950
,
Stamped guar 4-5a___ 1950
K ings Co El 1st g 4s-----1949
f
Stamped guar 4 s ......... 1949
Nassau Elec g u g 4 s . ...1951
Conu By A B 1st A r e lg 4 % s ’ol
Stamped guar 4 %s ......1 9 5 1
D et United 1st con g 4% a.l932
Havana Elec consol g 6 a .l9 o 2
Inter-M et coll 4 %s............. 1Jau
Inter Bap T 3-yr conv 68.1911
45-year 5s Series A . . . . . U o 2
Intermit Trac coll tr 4 s ..1949
Manila Elec 1st A coll Os.1953

H ig h

10 0 % 10 2
10 0 % 1 0 2 %
98% 00 %

83
99
98*2
91

BONDS
N. Y . STOCK E X C H A N G E

Lange
S in c e
J an ua ry 1

e

84%
79

102

82%
97%
79%
100%
103%

Duo Ma,

Street K n iliva y
Met St tty gen col tr g 5s. 1997
Bel g 4 » ...............................2002
B w ayA 7th A v I s to g S s 1943
Col A Uth A v l s t g u g o s .1993
liOX A v A P F 1st gu g 5s 1993
Third Avo K B eon gu 4s 2000
C eutT r Co cortfs stm pd...
Third A v e By 1st g 5 s ..1937
N Orl By A Bt gen 4% s ..193 5
St Jos By Bt H A P l s t g 5 s ’37
s t Paul City Cab con g os.1937
Trt-City By A Bt 1st 3 f 5s.l9 23
Underground of Bon 5 s ... 1920
4 % s ...................................... 1933
Income 6 s ..........................1048
Union El (Chic) 1st g 6 8 .. 1945
United ltys St B 1st g 4s. 1934
United K B s San Fr s f 4 s .1027

F-A
A-O
J-D
U-S
M-S
J-J
J-J
J-J
M-N
J-J
A-O
M-N
J-J
A-O
J-J
A-O

74 ......... 75 A p r i l
......... 46% 45% Mar’ l l
102 102% 102% M a r'll
100 Jaii’ U
......... 100
90% Mar l
99% 100
61 Mar' 11
01 % Sale
61*4
61%
109 109% UO J a n ’ l l
85 F e b ’ l l
98 N ov’08
1 0 6 % ......... 106% Apr il
97%
93
97% 98
98 A p r’09
03% A p r i l
93% 95
56 A p r’ l l
52
66
..................... 84 Get ’08
69

71

0D ae Oct

69%
p

69%

Due Nov

75
45%
102
100
93%
69
37 58%
109
. . . . 85

78%
46%
102%
101
100
61
61%
111
85

too ibti'%
97% 98%
.......
90% "0 4 %
___ 38% 53
. .. . ......... ........*
10

1

09%

•ns

« O ption Sale ,,

A pr . 15 1911. |
BONDS
N. Y. STOCK E X C H A N G E
W kkk Ending A pril 13

1015

New York Bond Record— Continued— Page 2
Price
Thursday
A p r il 13

Weekts
Range or
Last Hale

Range
Since
Jamtary 1

H tail
Ohio St P M A O - f Coni
«tn
Ask Low
L010 High
Ch tit 1’ Jb Minn lstgO s 1913 M-N 1 2 3 V ___ 124*4 A p r’ l l
124 125*8
Nor Wisconsin 1st Os...1930 j ..t 123V120 129Sg May’09
H IT , 112*4
tit P & ti City 1st 8 Os...1919 A-0 112'a 112^4 112** Mar’ l l
Chic Jb West Ind gen g Os9 1 9 3 2 ! q .m 109 V 109*4 109*4 Mar’ l l
109 109*4
Consol 50-year 4s............1952 J . J
92
92 V 92 *a
92 'a
92*8 93*4
C lu e * W Mich see Peru Mart]
Choc U Jb Gulf Hee C It I * P
Olu H Jb D 2d gold 4 *1 8 ...1937 J-J 1 0 ;
113 Oct. ’00
Cin D Jb 1 1st gu 8 o s ... 1941 M-N 103
103 5rar'l 1
102*4 104*4
87
C Emil Jb F t W 1st gu 4s c .’23 M-N
88 Alar’ 11
89
88
83
Cin 1 Jb W 1st gu g 48.1953 J-J
80*4 Oct ’ 10
80
Ind D e c * W 1st g 5 s ...1935 J..I 104 105 104 A p r’ 11
103 104
1st guar gold 5s........... 1935 J-J
107 V U eo’02
0 1 tit L <S>O ties C U O A S t l .
Olu ti Jb C Hee O C C S t l i
Olearlield <6 Alah Hee B It <fc P
Olev Cin C Jb St L gen g 4s 1993 J-0
03*2
93 V 941, 93*2
93*2 95
Cairo Ulv le t gold 4 s ....1939 J-J
92 V ........ 92 F e ll'll
92
02
Uln W Jb 51 Uiv 1st g 4s. 1991 J-J
93>8 Lee HO
91
92
Bt L Div 1st col tr g 4 s ..1990 M-N
92>e 93*» 92*4 A p r 'l l
92*4 94
Registered................... 1990 M-N
«0
...
91 O c t '07
Bur «te Col Uiv 1st g 4 s ..1940 MS
90*8...
90 D ec'09
W W Val Uiv 1st g 4 s ... 1940 J-J
91*4 ...
91 *2 U ec’ 10
0 1 tit L Jb C consol Os..1920 M-N 1 0 0 ...
106*4 F eb ’ 10
1st gold 4s................... *1930 Q-y
96V ...
97 Mar’ l l
96
97
R egistered.............. &1930
90 Aug’ 10
9 4 V ...
Oin » Jb Cl con 1st g 5s. .1928 3 :f 107 ...
106*4 Jan ’ l l
i o s " ib<;*4
0 C C * 1 con soles.........1914 J-D 107*4 ...
107 ** F eb ’ l l
107*8 107*8
Consol sink luud7s___1914 J-P
125*4 Eeb’ l l
General consol gold Os. 1934 J-J
125*4 125 *4
Registered..................1934 J J
" 9 4 " j"’lyv08
Ind Bl A W 1st i>rot 4 s.1940 A-0
O Ind <& W 1st pi Os...<11938 Q-J
90 *2
93
Peo Jb East 1st con 4 s ... 1940 A-0
90
91 V. 90 *2
54
Income 4s...................... 1990 Apr
64
63
64
61*2
Clov cfe .Marietta Hee Penn Rlt
Clov Ji Pitts Hee Penn Co
63
09
Col Midland 1st g 4s.........1947 J J
G3>4
OS’s G1
95*4
95V .Salo 95
OoloruiUdb Sou 1st g 4 s ...1929 F-A
947s 97*2
98
U8V Sale
Reluml Jb ext 4 V s .........1936 M-N
97*n 98*4
98*4
112*2 113
Ft W & Uen c ls t g O s ..1921 J-D 1 1 2 V 113 1 12 *2 Alar' 11
Colum Jb ureenv Hee tio lly
001 Jc ilock Val Hee Hock Vni
Col Jb Tol Hee Hock Val
Col Conn & Term Hee A & W
CJonu Jb Pas Rive 1st g 48.1943 a -0
100 May’ 10
Cuba R R 1st 60-yr 5 g ___1952 j . j
Jb Ut So nee G M Jb St P
D ak
alias Jb Waco Hee 51 K Jb 1
Del Lack & W estern—
Morris Jb Essex l s t 7 s . . . 1014 m -N 108 ....... 108*4 Mar’ l 1
103*4 108*4
1st consul guar 7a....... 1916 j . d 1107a Sale l i o v
n o 7*
1 . 1 1 0 7* 1 1 1 * 4
Registered................. 1915 j . p
9 L J a n ’ l l ___l| 91
90
1st ref gu g 3 Vs.......... 20ou j . d
91
N Y J^ack Jb W 1st Os...1921 J .J 115 110*4 110U Mar 1 1 . ..1 1 5 * 4 110*4
100 O c t ’ 10
Construction 6 s.......... 1923 E-A 107*.
97*. *89* 99 Alar’ 11
Term Jb Improve 4s___1923 m -N
99
99*2
102*8 Feb’03
Warren 1st ret gu g 3 V s.2000 e -A
87
Del Jb Hud 1st Pa Uiv 7 s .1917 M-s 1158g 116 V 120 Oct ’ 10
149 Atig’ 01
Registered.....................1917 si-s
99
99 Hale 98*.
10-yr conv deb 4s.......... 1910 j . d
20 1 98*» 90
1st lion equip g 4*as ....1 9 2 2 j . j 1 0 1 H 1 0 1 « 8
3 101 102
98 7s 50| 98*4 100*2
937» Sale 98**
1st Jbrof 4 s ...................... 1943 M-N
93*4
93*4 28 93 *4 94
93*8 94
Alb <S> tius con v 3 Vs....... 1940 A-0
Reus Jb Saratoga 1st 7 s .1921 m -N 124 ....... 124 J a n ’ l l ..J 123*4 124
Dol Rlv R R Bridge Hee Pa Rlt
92*4 94
92*4 03*2 92*4 A p r’ l l
Deny Ob R Gr 1st con g 48.1930 j . j
1 0 1 * 8 Uuc’ 10
Consol gold 4 Vs.............. 1930 J.J
99*2 ...
101 Alai’ 11
101
101
Improvement gold 6 s ...1928 j - u
92*. 691 90
93*8
92*8 Sale 92*2
1st Ob reluuding 6 s ........ 1955 F-A
101*4 Alar’ 11 . . . J 104*4 104*4
Rio Gr J UUO 1st gu g 6 s. 1039 J -D ........ 105
78 D ec’09
Rio Gr tio 1st gold 4s. ..1940 J .J
6 1 'a G3
85 Mar’08
Guaranteed...................1940 J-J ......... 85
91*4
92
90*8 92*4
Rio Gr West 1st g 4 s ....1939 j . j
Algo and col trust 4sA . 1949 A-0
83*4 85*2
83*4 84*2 86 Alar 11
97 J a n ’ 0 2
U ta h C e n tls tg u g 4 s 01917 A -0
Des 51oi Oil Et U Hee 51 Ja tit L
Sop ’04
Des AIoi Uu Ry 1st g 6 s ..1917 M-N
94 S e p ’ 10
Dot Jb Mack 1st lien g 43.1995 J-D
90
90
Gold 4s.............................. 1995 J-D
5: 8 8 * 2 90
Dot tio—O ti D lv 1st g 48.1941 M-S
72*2 74 Oct ’ 10
109 A p r’ l l
DulOb iron Raugo 1 st6 s..1937 A-O
108*8 109
1 0 0 * 2 Alar’ Ob
Registered........................1937 A-O
. 11.
104 E cb ’ l l
2d Os................................. 1910 J.J
104 104
Dul Short Line Hee N or Pao
Dol Ho Shore A A tl g 6 s .. 1037 J-J 1 0 0 * 4 109 108 J a n ’ l l ,...108 108
of AUnu Hee tit P 51 Ob M
E ast
ast Ton Va Jb Ga Hee So Ry
108*»Nov’ 10
Elgin Jol Ob East 1st g 5 s .1941 M-N. 1 1 0 ®«...
Elm CpctiSi JCiO
L-Oh
V
118*8 118*8
Erie lot consol gold 7 s . ...1020 M-S
6 118*2 1 2 0 * 8
100*2 A p r’ l l ...I 1 0 0 * 2 1 U0 * 2
N Y Ob Erie 1st oxt g 4a 1947 M-N
a 104*4 105*4
'
2d ext gold 6 s............... 1919 M-s 106*4 107*2 105** 105*4
3d ext gold 4 Vs............1923 M-S 102*4........ 102*4 F eb ’ l l ,..| 101*4 102*2
4th ext gold 6 s..............1920 A-O 105*4 108 105*2 Mar’ l l ..J 106 105*2
97 ........ 99*4 F eb ’ 1 0
5th oxt gold 4a..............1928 J-D
N Y L E J b W 1st g fd 73.1920 M-S ........ 118 '2 118 O c t ’ 10
85
847» 86 \ 84 \
Krio 1st con g 4s prior.. 1900 J-J
8 4 7» 80*4
82 >2 Alar’ 1 1
82*2 82*2
Registered................. 1990 J-J
75
75*2 48 73*2 70
75*8 Sale
1st consol gen Uen g 4 sl09 0 J-J
85*2 F eb’07
Registered................. 1990 J-J
88*« A p r ’ l 1
88*4
90
Ponn coll tr g 4s........ 1951 F-A
78 “a 79>s 78
79*8
79*4
60-year conv 4s A ....1 9 6 3 A-0
71
71
72
71
72
do
tioncs B.1953 A-0
1 1 0 * 4 J a n ’ l l ....1 1 1 0 * 4 1 1 0 * 4
Buft N Y A Erie 1 st7 s..1910 J-D
Ohio Ob Kno 1st gold 6 s..1982 M-N I l l *4 111 *2 1_1 1 * 2- A .p r’ l l .... 1 1 1 * 2- 113
Clov Ob Mahon Val g 6 s .1938 J-J 1 1 0 * 4 ........I l l l *8 Eeb’ l l . . . . 1 111*8 111*8
124*4 125
Long Uoett consol g Os..1935 A-O 124*4 125*2 125 M o r i l
II
Coal& RR 1st cur gu Os.1922 M-N 105 *8 109 *» 114 A p r ’ 101
Dock Ob Imp 1st cur Os..1913 J .J 1 0 1 * 2 ........ 100<V J a n ’ l l 1 . . . . 100*8 100*8
N Y Ob Groon L gu g 6 s. 1940 M-N 100 ......... 1 09 V-N ov’ 10
N Y tius Ob W 1st ret 68.1937 J-J 1 0 1 * 4 105 1 0 1 * 4 J a n ’ l l ' . . . i o i a4 101*4
2d gold 4 Vs................... 1937 F-A
80 ......... 1 0 0 * 4 U e c ’ OO
» ,j- General gold 6 s............ 1940 E-A
87 V
80
87*4; 87*4 E e b ’ l l
T o rm ln a lls tg o ld 5 s... 1943 M-N 109*8 1 1 0 * 2 1 1 0 *2 N o v ’ 10 •-•II 85,<
11
Mill of N J 1st ext 5s .. 1040 A O 110 ......... 1 1 0 * 4 U e c ’ 10
W llk Ob lia 1st gu g 5 s . . . 1942 J-D
9 9 * 4 1 0 0 * 2 101
M a r'll . . . . 100V 101
Kv Ob lu d 1st con gu gO s.,1 92 0 J-J 110*4 112*8 114 O c t ’09

122

63*4

1U«8 Doc’10

101*8 101*8

......100*2
91*4 Sale

110

100

118«a
100*4 118*4
101*4
83 .....

88*»

111 ....

BONDS
N. Y. STOCK E X C H A N G E
W bkk Endino A pr il 13

Price
Thursday
A p ril 13

Week's
Range or
Last Sale

Range !
Since
January l

112*8
.......101*2

High A’0 Low Hi ah
Eric Jb Pitts Hee Penn Co
Rid
Ask ' Loxo
1 1 2 * 8 .Mar’ l l
1 1 2 * 8 113
Evans & T H 1st cons Os.1921 J -J
102
1
101
1st general gold 5s.........1942 A-O
101k A p r’ l l
Alt Vernon 1st gold Os.. 1923 A -0 107*4 112 114 A p r’05
Suit Co Branch 1st g 5s. 1930 A-0
r 95 J ’ne’03
[Aargo Jb So Hee Ch M A St P
l liutifc PereAl Hee PeroAlar
Fla C A Penin See Sea A ir Line
95
Florida E Coast 1st 4 *2 8 . .1959 J-D
95^
95*8 95*8 A p r ’ l l
Fort St U U Co 1st g 4 *2 8 . 1 9 4 1 j . j
92 A u g ’ 10
95
Ft W Jb Rio Gr 1st g 4 s ... 1928 J -J
82*5 T o 82 V 84 V
84*2 82*5
/ *al Har & S A See So Pac Co
lY a l H <&H of 1882 lsto s.1 9 1 3 A-O
98V 98V
98 S. F e b ’ l l
96*2 ,
Georgia & A la See sea A Line
Ga Car Jb Nor Hee sea A Line
Georgia Pacltlo Hee So Ry
Gila V G & Nor Bee So Pao Co
Gouv Jb Oswegat Hee N Y Cent
Grand Rap & Ind Hee Penu Rlt
Gray’s Pt Term See St L S W
9 5 7»
90*4 182 93V 96*8
Gt N or—C R&CJcoU tr4s 1921 J -J
96*4 Sale
90*4
90*. . 4 95*8 96*4
R e g iste re d .* .................. 1921 Q-J
0
St Paul M & Man 4 s ....1933 J -J
!’ 3 »s Salts 98«s
98*8
98V 99
128»8 M a r’ l l . . . . 1 2 0
127*4
1st consol gold Os........ 1933 J -J
1 3 9 A p r ’ 09
Registered................ 1933 J -J
1 XU5 106
Reduced to gold 4 Vs 1933 J -J 105*4 105 7s 105*2 105*2
108*4 J ’ ne’ 09
Registered............. 1933 J -J
90*2 M a r’ l l . . .. 90 “ 98V
Mont ext 1st gold 4 s ..1937 J-U
9 5 1 4 ........
Registered................ 1937 J-U
96 ......... 1 0 0 * 4 Oct ’ 0 0
E Alum N orD ivlat g 4sl948 A-O *96*8........ 9 9 * 4 Jan ’ lu . 1 1 ...................
41tun Union l s t g O s ..1922 J -J n o ........ 110*a M ar’ l l
116V 116*4
Mont U 1st gu g Os___1937 J -J 128 ........ 128 A p r’ l l
127 128
Registered.................1937 J -J 125*2......... 130*4 May’OO :: : :
1st guar gold 6 s.......1937 J-J 112*2114 1 1 2 * 2 A pr’ l 1 .. .' 1 1 2 * 5 1 1 2 >j
Will «ib S F 1st gold 5s 1938 J-D 113*8........ 1 1 2 * 4 Feb’ l l ... 112*4 H2*«
Greenbrier Ry See Ches & O
Gulf Jb S i 1st ref Jbtg 5s 61952 J-J
38*8 90*2 89*8 A p r’ l l . J 89*8 91*4
Hee N Y N 11 & H
H ousatonio
102*8
18101*, 102Tg
ock Val 1st com. g 4 Vs. 1909 J -J 102^3 Sale 1 0 2
Registered....................... 1999 J-J
1 0 0 * 2 Sop ’08
94*4
04 Feb 11
Col Jb H V l s t e x t g 4 s ..1948 A-O
90 .
00 Feb’ l l
Col Jb Tol 1st ex 4 s .......1955 F A
llo u st E Jb VV T ex See tio Pac
11oust Jb T ex Cen See s o Pac Co
llo u s Belt & Term Ist5 s.l9 3 7
100 1 0 1 * 2 1 0 1 * 5 Feb’ l l . . . . 1 0 1 *2 1 0 1 'a
. 101*5103
Central 1st g 4 s ..1951
102 ........ 102 A p r’ l l
Llliuoia
107*8 Apr’07
Registered................... 1901
89*4 Alar’ 1 1
1st gold 3 * 2 8 ................... 1951'j . j
86*4
90*4
89
89
89
89
Registered................... 1951! J .J *
Extended 1st g 3 *2 S...... 1951 A-0
88*5
SO J ’l y ’09
1st gold 3ssterliu g........1961 M-S'
1 : 08
93*8
Coll Trust gold 4s......... 1952 A-0
08*5........
Registered................... 1952 A O
05
96*4 09 J’ne’09
1st ret 4 s ........................ 1955 M N
96*5
97
24 90*2 98
90*5 Sale
88
87
Purchased lines 3 * 2 8 __ 1952 j . j
85*4 80*5 87 F e b ’ l l
98*8 A p r’ 11
L -N O Jb Tex gold 4s ...1 96 3 M-N
97*2 98
97*2 98*i
Registered................... 1953 M-N
94*4 94*4 .
94*4 00*3 94't, J a n ’ l l
07*5 F eb ’ l l
Cairo Bridge goal 4s__ I960 J-D
90
97*2
90*4
8 5 * 2 Alar'11
IiOui3vUivJbTermg 3 *2 3 . 1 9 6 3 J .J
85*2 8 6 * 4
Middle D iv r e g o s ..........1921 F-A
7 7 * 4 Alar’ 10
Omaha Uiv l s t g 3s...... 1961 F-A
75*2
7 5 * 2 Jan ’ l l
tit Louis DivJbterui g3s.l9 61 J .J
75*2 75*2
75*8 77
Registered....................1961 j . j
Gold 3 *2 S....................... 1951J -J
80 Alar’ 11
80
86*1
86
86*2
Registered................ 1951' j - j
101*8 Oct ’99
Spring Uiv 1st g 3*28...1951 J .J
87 ........ 100 N ov’OO
Western Lines 1st g 4 s ..1951 F-A
95*5........ | 95“o A p r’ l 1
95*8 9 5 V
Bellov Jb Car 1st Os....... 1023 J-U
Carb & Shaw 1st g 4 s ...1932 M-S
94 ........1 95*4 Oct ’ 10
Cbic St L & N O g 6 s ...1951 J-U ........ 117
116 F e b ’ l l . . . . 116*2110*4
Registered....................1951 J-D 114 * 2 ........ 114
Eeb’ l l __.[(113 116
00 Oct ’09
Gold 3 * 2 8 ....................... 1951 j-u : 8 i®» .
07 *2 Mar ’ 1 0
93 ,
Aleinph Ulv 1st g 4 s ...1951 J-D
98 J ’l y ’ 0 8
St L Sou 1st gu g 4s___1931 M-S
04*5 .
lud Rl Jb W est Hee C C C Jb St L
A p r’ l l
00
Ind 111 Jb la 1st g 48.........1060 J -J j 95
95
96*1
96
107 *5 108*4
Int & G reatN or l s t g O s ..1019 M-N 108 108*4 108 A p r’ l l
112 115*«
115* A p r’ l l
2d gold 5s.........................1909 M-S .116
..
.119
..
t i ‘J 672 105 *2119
Trust Co certfs..................... ! ___ 118 7
Bale 117
Va Sale
3d gold 4s.........................1021 M-S
..............
13
21
18 A p r 'l l ...l| 15
30
.. . . . 1 0 1
A p r’ l l ...1102 103
Iowa Central 1st gold o s ..1938 J-I)
102
Gold 4s..............................1051'M-S
68
63
68
Sale
06* 1
James F Jb Clear 1st 4 s . . . 1959 J-D
94*8
94*2
»/ ui A J«j G R Hee L ti Ju al ti
I v a n & Alich Hee Tol Jb O O
K C Ft ti Jb M Hee tit L Jb ti F
1C C Jb Al R Jb B Hee tit Life S F
Kan C Jb Paciilo Hee Al K Jb T
Kan City Sou 1st gold 3 s.. 1950 A -0
73»» 74*i
7 3^ 73*5 73*8 733»
Registered....................... 1950 A-O ................... i 03 Oct ’00
Ref Jb im p t 6 s ........ A pr 1950 A-O 1 0 0 * 8 1 0 0 7a 1 0 0 * 4 1 0 0 * 4
Kansas City Term ! 1st 4s I960 j . j ♦97*4 98*4 98
■ 90*4 93
98
Kentucky Cent nee L Jb N
Keok Jb Des Aio Hee O R IJbP
Knoxville Jb Ohio Hee tio Ry
Erie Jb W I s t g 6 s ..l9 3 7
103*2 111*1
10S4 109 108*2 108 *5
L ako
4 104*2 104*2
'2d gold o s . . . . ...............1941
104*2 105*2 104*2 104 '2
North Ohio 1st gu g 5 s.. 19451A-O 108*t........ 108*8 Jan ’ l l . . . . 108 *» 108*1
L tiho Jb Alich ti Hee N Y Centi
Leh Val N Y 1st gu g 4*23.1940
. j 105
____ . J _.
106*4 100
100
6 105*2106*1
itoglstered
1940 J .J *104*4........ 104*4 Jan 111____1104 *» 104 *1
97*i
Lehigh Val (Pa) con sg43 .2......
0 0 3 ' m -N ........ 97*4 97- A p r’ l It....I 97
Len V Ter lty 1st _gu_ g 68.19 41'___
a -O___113*8 114
A p r’' l l .. .1 1 3 114*4
. *2. 114*4
.
Registered......................... 1941' a -O 113 ........ 113 Mar’ l l . . . . 113
113
Leh V Coal Co 1st gu g o s . 1933 j . j 107*4 ......... 103 N ov’OO_______ '!...........
Leh Jb N Y 1st guar g 4 s..1045 M-S ...................1 03*4Mar’ 10'____ II..................
Registered........................ 1945 M-3
93 ........ 1........................1____'*..................
El 0 Jb N 1st pt O s .......1914 A -0 102 ........ 101 >2 Eeb’ lO l...
Gold guar 5s.................. 1914 A -0 100*4......... 101 *4 ****1* ’00',
Loh Jb Hud R Hee Cent ot N J
Leh Jb Wiikeab Hee Cent ot N J
Leroy Jb Caney Val Hee Mo P
lxiiig Dock Hee Erie
Long Isl’ d—1st con g 5s./il931 Q-J 1 1 0 *8 1 1 2 * 2 1 1 0 * 2 F e b ’ l l ..
110*5 112V
1st consol gold 48......... /il931
00
.......
General gold 4s................1938 _ _
90 F eb ’ l l i . . . . I 96
90V
92 .......
Eerry gold4*2S................1922 M-S
98V
9 8 V 3 93V 98**
98 *2 Sals
99 *4 Oct ’O0I....II...................
Gold 4s.............................. 1932 J-D
92
95
95>*
Unillod gold 4 s ............... 1949 M-S1 ......... 9 4V 94 Mar’ l l l . . . . ' 1 94

JlISl!KLI.iAKEOU&> BONDS—Continued

94*2
90

120*8......

94*8 95
90*2......

93*5 May’09
98*8 08*g

102 ,

077*

123 May’OO

117*4...... 117*2 Alay’10

94*2 F4>2

20 100*8 102

n

011

N ext P a go.

103*i 103*4

(Ins anti E lcctrio Light
N Y G E L l i J b P g 5 s ...1948 J-D
J-D 102 V ........
103V 103V 17 102 103H
89
Purchase money g 4 s ...1949 F-A
M-N 107 V Sale 107*a 107*fc 2 0 i'05*4 io7V
87*4
88 V 23 87
88
Sale
j
.
j
Ed
El
111
1st
cous
g
5
s..
1995
U
I V A p r’ l l
111 111*4
A-O
60
61
........
1
1
1
V
1
60
V
59 V 60 V
00
100 101V
N YJbt) El LJbP 1st con g 5sl930 E-A 101 V ........ 101*4 Mar’ l l
J-J
N Y Jb Rich Gas 1st g 6 s .1921 M-N
97 V J’l y ’09
Detroit City Gasg6&........ 1923 j . j 100*8 100*4 100 V A p r’ l l . . . . 1 0 6 i o i
Pacific G Jb E lec Co Cal G * E
Dot Gas Co con 1st g 6 s. ..1918 F-A 1 0 0 ........ 95*8 Sep '08
eorp unifying Jb ref 5s 1937 M-N
8 91*4 95*4
05 V 3ale
95 V
95 V
105*4 Alar’ 11 . . . . 105*4 i05 *4
K qG L N I le t con g 6 s ..1932 M-S
Peo Gas Je U 1st con g Os.1943 A-0 115 V ........ 116 V Mar’ l l __ 116*8 110**
UasJb Kleo Berg Co c g 6 s.1949 J-l) 1 0 1 ........ 0 1 V Oct ’ 0 1
101*8 102
Refunding
gold
6
s
..........
1947
102
ADr’
l
l
M-S
F-A
1
0
1
V
1
0
2
........
1
0
0
100
Oct
’09
Ur Rap G L Co 1st g o s ...1916
C h G -L J b C k e lstg u g o s 1937 J-J 103 103 7t 103 A p r’ l 1 . . .. 102*4 103*.
Hudson Co Gas 1st g 6 s ..1949 M-N 103 V Sale 103 V 103 V V 103 104 V
Con G Co of Ch ls t g u g 5 s .'3 6 J-D 1 0 1 V 1 0 1 V 101v 1 0 1 V V 101 IOH 4
98 ........ 9 9 V Mar’ l l
99V 99 V
Kan City (M o) Gas 1st g 6 s 1922 A-0
90
Ind Nat Gas & Oil 30-yr Os ’30 M-N ......... 91V 90 Mar 11
91V
V 101 V 102 V
Kings Co Jtl L db P g 5 s . ..1937 A-O
102V
103
Mu Fuel Gas 1st g u g os.1947 M-N 1 0 1 V ........ 100 V Jau ’ l l
lo o v io o v
113*4 1)6
Purchase money Os..........1 9 9 7 A-O 113*4 115 113*4 Mar’ l
Philadelphia Co conv 5s ..1919 F-A ........ 108
108 V Mar’ l 1
104 10S*c
87 V 8 8
Ed K111 Bkn lstco n g 4s 1931 J-J
87*4........ 88 M ar’ l l
Syracuse Lighting 1st g 6 s.’51 J-D 1 0 1 ........ 98 Ang’ l 0
Lac Gas L ottit L 1st gos.elUHt O-F 102 V 102 V 102 V 102 V ***6 103 103
Union Elec LJbP Istg 6 s .l9 3 2 M S
99 ........ 96 Jan ’08
100
101
Ret and oxt 1st g 6 s ........1934 A-0 100*4 100 V 104 A p r’ l l
96*ei
93
93
1 93
93
95
Ref A ext 6 s .....................1933 M-N
90
91
90
90 V
Milwaukee Gas L 1st 4 s ..1927 M-N
1 104 105 ]
,J-D 104»a ........ 104V 101*,
100V100V
Newark Con Gas g 5s........1948 J-D 104 ..
* No prloe Ertdayj latest bid and asked this week, a S u e Jan 6 Due EM> d D u e Apr «Due May A D u e J ’ly fc Due Aug g D « * D e o s Option 8 e l* .___

G ns and E lectric Light
Atlanta G L Co l s t g 6 s ...1947
Bklyn U Gas 1st oou g 5 s .1045
Uutialo Gas 1st g 6 s ........... 1947
Columbus Gas 1st g 6 s . . . . 1932




105V107*4

102 ......

New York Bond Record— Continued— Page 3
Price
Thursday
A p r il 13

L one Island—(Con)
Debenture gold 5a.......... 1934
Guar ref gold 4s..............1 949
N X B A Al H ist Cong 58 1936
N Y <fc K B 1st g 58........1927
N or SUB 1st con ggu5.S0l932 Q-J
Louisiana «fe Ark 1st g 58.1927
Louisv & X asiiv gen g t>8.1930
Gold 5s...............................1937 M-N
Unilied gold 4s................ 1940 J -J
.Registered..................... 1940 J-J
Coll trust gold 5s.............1931 M-N
K 11 & Nash 1st g O s ....1919 J-D
1, Cin <fe Lex gold 4 >2 8 . . .1931 M-N
N O <& Al 1st sold Os___1930 J.J
N O <6 M 2d srold Us.......1930 J..1
i Paducali & Mein div 4s.. 194t F-A
Pensacola Div gold o s ...1920 M-S
St L Div 1st gold Os.......1921
■ 2d gold 3s...................... 1980 M-S
A tl Knox <fc Cm div 4 s.. 1955 M-N
A tl Knox <fc Nor I3 tg 5 sl9 4 0 J-D
H euder Bdge 1st s f g Os.1931 M-S
Kentucky Cent gold 4s.. 1987 J-J
L * X cfc M cfc A l1st g 4 %s 1945 M-S
Life N'-.South M join t4s. 1952 J .J
N 11a cfc S 1st gu g 5 s ...1937 F-A
N«fcC B dgogen gu g4%a 1945 J-J
Pons cfc A tl 1st gu g Os..1921 F-A
S cfc N Ala con gu g 6s.. 1930 F-A
L cfc J ell Bdgo Co gu g 4s.. 194 M-S
L X A A OU nee O X A L
Coal bee 1. S A M S
M ahon
annatlan ltycousoi 4s.l99o A-0
Registered................. i9ou A-0
stnijid tax exem pt..199o A O
Manila R R —Sou lines 4s. 1930 M-N
lU ou'pi A is v one x y cen t
Mox Cent cons g 4s........... 1911 J -J
1st cons mo g 3s......... (*1939 J’ ly
2d cons ino g 3s trust roots
Mox intermit 1st con g 4 s .1977 M-S
Stamped . . ..riuiteed.. .1977 M-S
M ienuent
1 Cent
Mid ot X J free Elio
MU L s A V» nee Cnlc A X V\
Mii A X ortii nee c u .u a s t i
Mum A ot 1. 1st gold 7 s.. 1927 J-D
Pacino i.x 1st gold 0 s ...1921 A -(>
1st cousoi gold 5s............. 1934 M-N
1st and rotund gold 4 s ..1949 M-S
Des M A Ft D 1st gu 4s... ’35 J-J
Minn a s t l gu nee B C R A X
M St P A S U M con g 4 1ut g u '38 J-J
U S S 51 A A 1st g 4 in tgu 1920 J-J
Minn U n nee s t l’ 51 A At
Mississippi Cent 1st 5 s ... 1919 J -J
Mo nan oc 1'ex 1st g 4 s ...1990 J-D
2d goal 4s....................... gr990 F-A
1st ext gold 6s..................1944 M-N
1st A rolund 4s................2004
Gon s t 4*g8................... 1930 J-J
St L Div 1st ret g 4s___2001 A-O
Dal A Wa 1st gu g Os. ..1940 Al-N
Kan C A Pao 1st g 4S...199U F-A
41o K A K 1st gu g 6 s ...1942 A-0
M K A Ok 1st gu 5s.......1942 M-N
Al K & T o t T 1st g u g 6s. 1942 M-S
Slier Sh A bo 1st gu g 5s. 1943 J-D
T ex A Okla I s t g u g 6 s ...l9 4 3 Al-S
Mo Pacific 1st con gOs ...1920 M-N
Trust gold 5s stamped.(*1917 M-S
j
R egistered ................. (U917 M-S
1st coll gold 5s................. 1920 F-A
i 40-year gold loan 4s.......1945 M-S
1 8d 7s extd at 4%.............. 1938 M-N
; 1st & ref conv o s ............1959 Al S
! Cent Br R y 1st gu g 4 s.1919 F-A
1 Ceu Branch U P l s t g 4 s .1948 J-D
Leroy A O V A L 1st g 5s 192G J-J
I Pao R of AIo 1st ex g 4s. 1938 F-A
2d extemlod gold 5s. ..1038
J
i 8 tL Ir M & S g e n co u g 6 slU 3 1 A-O
i
Gen con stamp gtd g 6s 1931 A-O
I tf lillied A ref gold 4 s..1929 J-J
I
lUv A G D iv 1st g 4s.. 1933 M-N
Vordl V I A W 1st g 53.1920 M-S
TMob & Ohio new gold 0a..l927 J-D
\ 1st extension gold 0s../(1927
General gold 4s................193a
H ontgom D iv 1st g 6 s ..1947 F-A
St L A Cairo ooll g 4 s..sl9 3 0
,
Guaranteed g 4s.......... 1931
M A O coU 4s nee Soutliorn
Mohawk A Mol n eeX V C A 11
Mouongahola R lv nee B A O
Mont Cent nee St P M A AL
Morgan’ s La A T nee S P Co
Morris A Essex nee Del L A W
Chat A S tL ls t 7 s .l9 1 3
N ash
1st consol gold 6s.........192c A-O
, Jasper Branch 1st g Os..1923 J-J
i M o il Al W A A 1 1st O s..1917 J-J
T A P Branch 1st Os....1917 J-J
Nash Flor A Shot nee L A X
Nat R ys ot A lexpr 14 \n 1957 J -J
Guar gen 4s......................1977 A O
N atot Alex prior non 4 %s.l920 J.J
1st consol 4s.....................1961 A-O
Now H A D nee X X' X 11 A 11
N J Juuo R R nee X' V Cent
N X Bkln A Alan Bch nee L 1
N X C entA 11 Riv g 3 'as. 1997 J-J
Registered.....................1997 J-J
Debcu g 4s...................... 1934 M-N
Lako Shoro coll g 3%*.._1U08 F-A
| Registered.....................199c F-A
Micli Cent coll g 3 * a s....l9 9 8 F-A
Registered.....................1998 F-A

M-S

II-S

n

j .j

Week’ s
kanqe or
Last Sale

5
j kanqe
Si nee
1 1 Janxiarii )

Urn

/is' Lav1
m an No
l|
’
% ....... 104% Dec ’OS
96
9 0 ' 90% Mar’ l l
95% 97
l0tfS8 ....... 110% X ov ’Olj
101 % .......
100
....... 100 A p r’ l l
103% 100
9 m 9 o3t 94% Mar’ ll
1 94% 94%
........ n o
116% 1101 115
110%
1 1 2 % .......
112% 112%
5 112 % 112 %
98% Sale
98%
98%
| 08% 99
.................
97% Nov’ K 1 0
109 ....... 109% Feb’ l l
109 109%
111% 11.) 111 % Mar’ l 1
111 112
104% 100 104% Mar’ l l
104% 104%
»‘2 2 % ........ 121% N ov’ id
118 118% 118% Fob’ 11
il8‘ % il8 %
........ 95 % 95 % D e c’ 1(J
1.......: . . . .
106 109 105% Mar’ 11
105%105%
1
114 ........ 113 S o p ’ ic
7 l % ........ 71% F ob’ l l
71% 71%
........ 93% 93 Mar’ l l
92
03 %
112 ........ 1 1 2 D eo ’ 1 0
1 05 % ........ 110 J a n ’09
94 % Sale. 94%
94%
90
a 94
103% ........ 103 D eo '1 0
........ 89% 90 A p r ’ l l
89
91
109% 111 110 A p r ’ l l
n o 112%
H>0%........
....
110% ........ h o J a n ’ l i
n o 110
110 % ........ 112 F ob’ l l
112 112
91% 90
94 Mar’ l l . . . . 92
94
103

90

90% 96%
96%
104 Apr 05
97
97

96% 9 7

9 9 % ........
70

........

99%
99%
3 1 % May’ lo
25 % A p r’09
77 Mar’ 10
79 JNov’ 10

130 ........ 130 J a n ’ l l
110 ........ 118 J a u ’o,
........ 107
106% Mar’ l l
00
09
09 A p r ’ l l
........ 83
81% Mat’ l l
97% 98
93 % ........
97 % salt
8^ l4 Bj
1U1% 102%
79% 80
80% Salt
73
79
105% ........
......... 90%
109% 110%
100 107
104%105
102 105%
. . . . . . 105
109 109%
101% 101%
101
78

101%
80
. 97
03% Sale
91% 94%
8 3 ^ ........
” 102
95

97

107% 108%
85 % sale
85% Sale
119 % 120
114% 110%
........ 87%
109% 110%
......... 83
93 ........

3

17

90

98%

90% OS's1

1 99% 100

RONDS
N. Y. STOCK E X C H A N G E

Wkkk Ksnixn April 13

-i j.

« n n.—i

97% A p r’ l l
98 % J a n ’ ‘ 0
03% Mat’ l l
97 %
97 % 21
84%
84%
1
191% 101%
1
79 L Mar’ 11
yoy4
80^4
2
78 Mar 11
105 J 'no’ 10
90 M ar’ l l
110
no
5
108 F o b ’ l l
101 A p r’ l l . . . .
105% A p r’ l l
105 J a il’ l l ....!
109
1 0 9 % 12
101% 101% 10
99
Mar’ lo
101%
1 0 1 % 30
78
78 N 13
0 5 % N ov’09
93%
«4% 131
93% Feb’ l l
87 % May’ lU
1io Mar’ 05
9 8 % F eb’ l 1
110 D oc’ 10
107% 107%
3
111 S o p ’ 09
85%
S5% 10
85%
8 0 % 20
1 0 2 % Jan ’ 1 u
120% Mar’ l l
110% F ob ’ l l
80 % J a n ’ 11
11U Mat’ l l
81 Mar’ l l
93% Mat’ l l

05% 97%
93 % 93 %
97% 98
101%
79%
85%
78

103%
81
80%
78

iio ^
109
107
102%
105%
105
109
100%

ih) *3
110-j
108
104
105%
106
111
102%

100%102
70% 82
91% 90%
02
93%
97’ % 98%
100% 108%
83% 87%
84 Sj 8£a8
120

122

116 ^ 1 ] l)a4
80% 8 6 -j
no 110%
81
81
93% 94%

e. un j

ueocli croon 1st gu v 4S.193G J .J
liegistorod................... 1930 J .J
2d gu gold 6s...............1930 j . j
Beech Cr Ext 1st i 3 *as5195] -\.o
Girt <fc Ad 1st eu g 4 s ... 1981 J o
Gou v <fc Oswe 1st iru ir 5s 1912 j . j )
Moll As Mai 1st gu g 4 s ..1991 M-S
N J Juno R gu 1st 4 s ...1980 F
N X <fc Harlem g 3 'as...2000 m -N
X' Y <fe X'ortli 1st g 5 s . ..1927 A-O
X V & I’ ll 1st coil gu g4.s 1993 A-O
N or & Mont 1st gu g os. 1910 A-O
Pine Crock reg guar Os. 1932 j - o
R Wife O con lstoxt5 s.A 1 9 2 2 A-O
Oswe <fc R 2d gu g 5 s ...<>1915 F-A
R W cfc O T R 1st gu g os. 1918 v . jj
Rutland 1st coil g 4 “as.. 1941 J . j
Og& 1iCham 1st gu 4s g 194 8 j . J
Rut-Cauad 1st gu g 4s. 1949 j . j
St Law As Adir 1st g 6 s. 1990 J . J
2d gold Os...................... 1990 A-O
Utica cfc Blk R iv g u g 4 s.l9 2 2 j . j
Lake Shore gold 3%s___ 1997 j.r>
Registered................. 1997 j . p
Debenture g 4s............1928 M-S
25-year g 4 s ..................1931 M-N
K a A .fc G R l8 tg u o 5 s .1 0 3 8 j . j
Mahon C’l R R 1st 5 s ..1934 j . j
Pitts ..fc L Erie 2il g 53.al928 A-O
Pitts AIcK<& X’ 1st gu Os.1932 j . j
2 d guar Os...................... 1934' j . j
M cKees .fc B V 1st g Os 19181j . j
Mich Cent 5s.....................1 9 3 1 m g
Registered.................1 9 3 1 q -M1
4 s - ....................................... 1919 J .J ,
Registered................. 19401j-J I
.1 L cfc 8 1st g 3 'as.......1951' m -S
1st g 3*as..................... 1952:M-N
29-yoardob 4s.............. 1 9 _„ A O
Bat c cfc Slur 1st g u g 3s. 1989 J-D
N X Chic .fc St L 1st g 4s 1937 A-O
Registered.....................1937 A-O
Dobontures 4s.............. 1931 M-N
W est Shore 1st 4s gu ...2301 J-J
Itegistered.....................2301 J.J

130 130
|
* |105% 109
81% 81%

Price
'
Week’ s
Thursday
Kanqe or
April 73
Last Sale

;

Ran qs
Sin ee
danuani I

AS>\ Lott'
//?'/*? Ao Low Hiqn
98 % ........ 08 % D o c’ l () . . ..
.........
93% N ov’ K,
i >0 % ........
84 % ........
........ 97 | 97 % A p r’ 09
........ .........
98% ........ 90% Alar’ ll
99
99%
95 100 105 o c t ’u*
90 .
99% F ob’ l l
90% 90 %
100 ........ 108 G o t’OH
95% 97
97% F e b ’ l l
07 % 07%
............
' 131 % Jan ’oo
........ .........
107% 111! 107% Mar’ l l
108
lo o 105 105 Jan ’ 0 103% ........ 104 J ’ ne’ iO
J
0 0 % ........ 102 % F o b 'l"
8 3 4 ........ 89 M ill'll
85 4 89 4
........
103
no
115 J ’ nc’09
125 F eb ’08 , •
iiio ........ lo o
lo o
1 1 0 0 1(HJ
“>9 S8 4 SKI
88% 88% 88 4
88
87% 83
88
M a rl 1 .... 8 8
8 8 %
93
93% 93%
03%
S'9
04
93 % Sal«, 93
03 %
93%
92%
-a
1 1 0 % ........
........ 111% M ai’ l l !___•119% 1111
197 ........ 100 D eo ’ 9 9 . . .. ...................
122 q ........ 130% Jan ’0 9 ...........................
120 . . . .
107 . . . .
110 115 110% O ct ’ l u ___
119 • i >’00 . ...
9 .% 99 I 99 Jan ’ l l __
. . ) 93 Dec *09___
80% 8s
J ’ ne 08
87 ' S3 ‘ 8 7', M a r'll
*7
87 %
91% 92
91% A p r’ l 1
91 4
c

BON DS
N. Y . STOCK E X C H A N G E
W kkk Ending A pr il 13

[VOL. L X X X X II.

k
T

1016

111 %
90s

99
99%
........100
90% 91
101 Sale
........ 98%

99 4
09 %
8 9 j % 100's
iOd D ec ’ 0 0
90% Mar’ i 1
91
100% 101
18 ii)!:% 101%
98 -j
98% 17 08 100%

Hee Erie
4 X X H .fc H —N on con 4s.’ 56 M-N
93% 94
Conv deben 3 %a............iP oU 'j j
97% Salt
Conv deben iis ............... 19481 j . J
133% Sale
lloiisaiom c It con g 5 s ..1937 M-N 112 4
N li cfc Derby con cy 58.1918 m -N 101 \
Providence bee deb 4 s.. 1957 M-N
80 % 87

’Regis
* Vw$5,009
w only.........gl992
JLJJLX
L\

M-S

M-N
•, ----- --- —
6 GO....... ..
M.N
M-N
lm provom ’ t<& ext g Os..1934 F-A
N ew River 1st g Os.......1932! a .O
N * W Ry 1st cou g 43.1990 A-O
Registered....................1996 A .Q
D iv’l 1st 1<fc gen g 4 s ... 1944 j . j
10-25 year conv 4s___1932 J o
Pocah C cfc C Joint 4 s ..l9 4 1 'j .n
CCcfc T 1st gu g 5s........ 1922' J.J
Scio V A N E 1st g u g 4s 1080 M-N

qj

Registered................. 1*1097 q- j
General lieu gold 3s___«2047 q -F
R egistered ................. a 2 0 4 7 q -F
St Paul-Dul Div g 4 s....1 99 0 jJ-D
-u
Dul Short L 1st gu 5 s.. 1910 M-S
C B <fc Q coll tr 4s AeeGtXori
St P A N P geu g Os....1923 F-A
Registered certiflo’s.,1923 o . F
St Paul A Dul 1st 5s___1931'F-A
? d,6 8 .............................. 1917 A-O
1st consol go ld 4 s........ 1908 J-D
Wash Cent 1st g 4 s .........1948 q-M
“
... ...........
‘
J-J

95% 96%
...................

100% 103
124% 126%
124% ........
123% 125
O’J Sale
93 Sale
107 Salt
89 % Sale
105% ........
90
96%

93%
3 93% 94%
93%
97%
0 7% 31 9 7% 100%
13 2 7e 133% 29 132% 124%
1 1 2 % Got ’ 10
107
80 A p r’ l 1
81% 87
90%
00%
94% F o b ’ l l

12
—

90%
05
94 % 04%

.... 121%103%
124%

103% Jan ’ l l ....1 0 3 %
124% A p r’ l l
120 Mar’ 10
125 J a il’ l l " " iiio*'
98%
99
19, 93
98 J a u ’ l l ....■
___ 98
„„
93
93%| 22 92
100% 108% 289 100%
88%
89%! 11, 88%
105 N ov’ lO
00% Alar’ 11
00%

m "*
9 9 %
98
93%
109%
90%
97%

1

99% Sale
08% 98%
70% Sale
70%
00
98

00%
99%’ 78
98% Mar’ l 1 . . .
Vo >8 18
70%
09% M ai’ 11
90 Mar’ l l . . .

99% 100%
98% 9 >
70% 71%
09%
90
90

110% ........ 110% M ar’l l ____ 110% 110%
................... 117 F o b ’ 1 0 .............................
1 07 % ........ 110 J ’ne’ l o l ....... ...................
102 % ........ 102% Fob’ l l ___ 102% 1 0 2 %
........ 90 I 90% A p r ’ 1 0 ...........................
90
92
91 % A p r’ 11 .... • 91% 91%
1 1 1 % ........ 'U l % J a u ’ l l ' . . .. 111% 111%

\ Ind A W nee O C C A St L
'h io R iv R li nee Balt A o
100% 100%
109% 110
115% .........
100% ........
100% .........

100 M a r 'll1
100 100%
HO A p r’ l l
109% 110%
115% X ov’ io
.......
108% D oo’ lo
113 J’l y ’U4 . . . ...................

Coast Co 1st g 6 s ....1 94 0
IJac
. ao of Missouri nee Mo Pao
*•

o AO. A tlu D

J-D

105% 107% 100% Mar’ l l .. .. 105% 108

101

.......'lOl %Mar'll .... 101%102

Cousoi gold os..........................1919M-S
........ 1 10 1109% Jail ’Oo
...................
Cousoi gold 4s..........................1943M-N
103% 103% D e c’ 10
Convertible g 3 %s...........1912 m -N1 99% sale
99%
9 9 'a 21 98% 9J %
03%
9 3 'J 38 92% 95%
93% Sale
Convertible g 3 %s...........1915 J-D
90%
97 1 7 9 90 >a 9 /
90% Sale
BttSjj 1 86
8 ljl<j 67*4 8(5 Vi
89%
Cousoi gold 4 s ................1918 M N 103 104 103
103
8 103
101%
100% 102% 100% Fob’ l 1
100% 100%
A lleg V al gen g u g 4 s ...1942 M-S
1 0 0 %Jau’ l l ....
99%
81% Mar’ l l
81% 83
81
83%
D R R R A B g o ls t g u 4 s g .’30 F-A
P liilaB alA W 1st g 4a..1943 M-N
.........103
102 1
" ll
Sod Bay cfc So 1st g o s ...1924 J -J
102% 102 J a n ’ 03
II
U X J R R A Cali geu 43.1944 M-S
......... 103 % M uy’ K)
83% Sale
88%
88% 14 87% 90
’ eun Co—Guar 1 s tg 4% s.l921 J .J 103% i 04 j103% M ar’ l l
........ 88 ! 87%
87%
1 80*4 89*^
Registered.................... 1921 J .J
......... 102% M a r 'll ,
If3 *4 12 92% 94
93% 93% V*3 ^4
Guai 3%s coll trust reg. 1937 M-S
87
90 A u g ’ lJ
79%
79
79% 70%
* 79% 80%
Guar3% scoll tr aer B ...1941 F-A
88 % M ar’ 11 ,
83 %
78% 10 78% 79%
78 % 7 9 % 78%
Tr Co cortU’s gu g 3 % s.l9 i0 M-N
97% 07% 97%
97%
97 %
97
79
Alar’
11
78
4
79^
78% 78%
Gu 3%s tr ctrs C ..............1942 J -D
87% 90 I 8 7 A u g ’ l o ,
78 i 9 70
78
78
79% 7 8
G u 3 % s t r c t fs D .............. 1944 J-D
89 I 91 D e o ’0 9 .
illlS C E L L 1NEOUS BON DS—Continued on N ext 1'age

100
100
102
100
102%
88

100%100%
1 102 102
103%
%
102%101
102%
88 %

Coil I and Iron
-Manufacturing
Industrial
96% 97
Bull A Susq Iron s 1 os ___1932 J-D
9 7 % ........ 97 F e b ’ l l
00
1 90
Debenture Os.............. a 1920 M-S
90
90
90 Sale
Allls-Chalmors 1st 5s.......1930 J -J
77
70% 77
77
24 70% 78%
97%
99
1
D01 v cfc 1 Co gen s I g 6 s .. 1942 F-A
97%
97%
97% Sale
Am A g Cliera 1st c 5s.......1928 A-O 101% Sale 101 % 101!-. 48 101% 102%
25 99% 100
Convertible deb g o s ___1911 bVA
Am Cot OU ext 4%s........... 1910 q-F
08% 25 97% 98 %
98
08
98%
79% Am Hide <fc L 1st s f g Os.. 1919 ii-S
10 75
Col Indulstcfc collOs gu.,1934 F-A
76
70
76 Salt
98 Sale
08
98
11 90 % l<)n
Uontin’ t a lC ls t s t gu osg .1 9 52 F-A
9 0 % ........ 107% D eo’ U4
Amor Ice Hecur deb g Os. .1925 A-0
70% 14 05
74% 70
70
70%
Br R iv Coal cfc C 1st g Os..1919 A-O
AinSmelt A R sub rets Os full pu
93 % ........ 102% A p r’OG
102 Stile 102
102
22 100% 102 %
Tell A Clear C A 11st g 5 s.1920 J -I)
107 May’ 97
Am Spirits M fg 1st g Os.. 19U M-S
100% 100% 100%
i 100 101
Kan cfc H C cfc C 1st s t g5s.l961 J-J
Am
Thread
1st
col
tr
4
s
.
.
l
9
iy
oo io i% 105% D eo’OO
J-J
92%
93% Mar’ l l
92% 93%
8*4"" "8 ft" Am Tobacco 40-yr g Os___ 1 9 4 4 A-O 107 Sale 106% 107 w 51 1U1% 108
Pocali Cou Collier 1st 3 f 5s.’ 57 J-J
85 sale
84
85 " 3
fcuuday Creek Co g 5s___1944 J.J
7S F o b ’07
4s........................................ 1951 F-A
85 Sale
85
85% 100 70% 80
103% 104% Am W ritg Paper l s t s f 5s. 1919 1 - J
J.’enu Coal gon 5s............. 1951 J-J ........104% 104 A p r’ l l
90 Sale
89%
90
12 89% 00%
, Tenn D iv 1st g Os....... al917 A -0 104% 105% 105
105 “ 4 105 105% Beth Steel 1 st ext s t 5s.. 1 U2 t J-J
02
93% Salt.
01% 309 80% 94%
101% 105% Cent Leather 2 0 -year g 5s. 1925 A-O
Birm D iv 1st consol Os.. 1917 J-J 101% 100 101% Mar’ l l
08%
00
98% Salo
40 08% 100
85
85
Cah O M Co 1st gu g Os. 1922 J -D 107 ........ 110 J a n ’09
Consol Tobacco g 4s.......... 1 9 5 1 F-A
85%
85%
85% rfale
1 81% 85 %
1 De Bar O A X Co gu g 6s. 1910 F-A
Corn Prod Ref s t g 5 a .... 1931 d-N
100 J a n '10
97
97
90
90% A p r ’ l l
90
87
88 %
fio to r Fuel 1st a f 6s........ 1953 J -J
1st 25-year s f 6 s .............. 1 9 3 4 Vl-N
88 Mar’ l l
96% 90 Alar’ 11
05% 97
y a lro n Coal A C o ls t g Os.1949 M-S
93 Sale
92%
03
13 92% 90% Cuban-Amor Sugar coll tr Os ’ 18 4-0
90
0 0 % 00% A p r’ l 1 . . . .
05% 07
l
price Friday; latest bid and asked. aD noJun 6 Duo Feb a Due May gD u e j ’ne A Due J’ly /oDuo Aug 0 Duo Oct v Duo Nov g Duo Deo /F la t.




100 100

BONDS
N. Y. STOCK K X O n A N O E
W bkk K nihnu A pr il 18

1017

New York Bond Record— Concluded— Page 4
Price
Thursday
A p r il 13

Bonds
• bold

A pr. 15 1911.]

Week?*
i
Range or
Last bale

Range
Since
January 7

AHU fjow
Hiah j\0 7,o« High
Pennsylvania Co—(C on)
Kid
93 H 98 Mar’ l l
Guar 15-25 year g 4 s .... 1931 A-O
97% f»S%
110 J a n ‘05
Cl te Alar 1st gu g 4*2 8 . . 1935 M-N
Cl & P gen g u g 4 4 s s e r A .’4‘2; J-J 106 *e........ 110% Jan *001. . . . ...................
Beries B ......................... 1942 A-O lOo % ........ 109% J’ ly ’ 09
01 ........ 96 Aug’ 09 . . . . ...................
Beries C 3 4 s ...............li)48!M -N
05
90 May’08
bones 1)3 * 2 8 .................1950' F-A
93
DO
9 0 4 A p r’ l 1
Erie te Pitts gu g 3 4s B. 1940 j j
9 6 4
oi
93
90
98s, Apr ’ 0 4
Bones C.........................1910 J - j
104
>4 Mar’ l l
Gr K & l ex 1st gu g 4 4s 1941 jJ - j 104*4.........
104% 104%
103 4 Mar’ l l
Pitts Ft W So C 1st 7 s ... 1912 J.J
1 0 . 1 4 104
2d7s................................ 1912 J-J 103*4........ 103% F eb ’ l 1
103% 103%
3d 7s.............................A1912 A-O 103 ........ 107 Ont ’ OK . . ..
pit tH Y& Ash 1st cou 5 s.l927 M-N 107 ........ 109 May’ 10
107 ‘-J t’ FlO’ l l
p (JCA St L gu 4 4 s A . . . 1940' A-O ........ 107
107 % i 07%
Berios B guar................1942 A-O ........ 100*1 107 % F eb’ 11
107 107%
107% D ec' 10 ****!
Series C guar................1942 M-N
98% D e c’ 10
se n e s 1) 4 3 guar.......... 1945 M-N
91*4 94
93 J a n ’ 11 . . . . 1 83
Genes K 3 4 guai V ....1949 F-A
93
98*8........ 99% Jan ’ l l . . . . 99% 99%
Scries G 4s gu ar........1957 M-N
C St B te P 1st con k 5a. 1932 A-O
113 F e b ’ l l
113 113
•—
j
Pensacola (So A tl bee L is Naaii
Peo So Bust bee C C C te St L
Pco «fc Pck Uu 1st g Os___1921 Q-F 109 ......... 112 F eb ’ 10
91
97
2u void 4 4 s .....................51921 M
93 4 J a n ’ l l .... 93 4 93 '■
M-N
7 5 Vj 70*i 75 4 A p r ’ 11
Pere Marquette—Ret 4 s.. 1955' j J
06
70%
7 5 3 4 Sale
Refunding guar 4 s ........1 955 j J
75%
75%
3 68% 76V
100
*4........
(Jli l\> SV M u* .................. 1921! J D
lO b% Fell’ l l
100*8 100%
Flint (So P J ig Os............. 1920 A O 110% ........ n n ) o r ’ i i
110 110%
1 st consol gold 5s........ 1939 m In
103 Mar’ l l
100 10*
Pt Huron B iv 1 st g os. 1939! A O 102 sale 102
102
i 10 L4 103 %
8 a•
- i’us te 11 la lg u g 4s. 1931 F-A
Phil B So W bee Penu l ili
S6% 87
Philippine Ry 1st 3u*yr s 14s’ 37 J .J
87 Mar’ l l — - 86% 88
Pitts cm A & t L Boo Pcun (Jo
Pitts Clove te Tol bee B te U
Pitts :■t W te Cli bee Penn (Jo
Pitta M cK eeste Y bee*\ Y Con
Pitts Bh So L, L 1st g 5 a ... 1940 A-O 112% .
112^2 J a n ’ l l
11241124
le t cousol gold 5s.............194.5 j . j
0 3 't J’ ly ’ u7
Pitta & West bee 13 & O
eading
Co
gou
g
4s........1997
*8 Sale
07
07 >, 133 96% 98*4
R Registered.....................1997 J-.11 97
07U M ai’ l l
J-J j 90% .......
97*4 97%
je rs e y Cent coll g 4 s ... 1961 A O ....... 97
96 Mar’ l l
96
97 4
Reusseiaer So Bar bee u A 11
Rich te Ban bee Boutli liy
Rich So M ock bee Bouthern
Rio Gr W est bee Don So Bio Gi
Rock c& Pitts bee B it 3b P
Romo Wat So Og bee N Y Cent
Rutland bee n Y Cent
^*ag Tus A H bee Pere Mara
O t Jo do Gt* isi 1st g 4S...1947 J-J
80*4 88
1 804 874
87%
87»8
St L So Cairo bee Mob So uluo
St L da iron Mount bee M P
St Jl<M Br bee T li li A ol Bt L
St Louis 3b B F— jleug Os..1931 J -J
118
118
5 118 119
General gold 5s............... 1931 J-J
1074 A p r ’ l l
107 108
St LAs S F lilt c o n s g 4 s ..'90 J-J ........ 90
90 Mar’ l l . . . . 90
904
Gon 15-20 yr 5s ..........1927 M-N
88 4 Bulb 87 \
88’, 172 8 6 4 88%
tiouthw JJiV 1st g 5 s ..1947 A-O . . . . . . 101 4 1 0 0 % M a r'll
100% 1014
Refunding g 4s............ 1951 J-J
8 2 *4 Hale
82*8
82i, 151 80% 8 2 * 4
K O F t t i A M con g Os.. 1928 M-N
110 Fell’ l l -r.-r-r 116 116%
80
Bale
K O F t B te M Ry ref g 4s 1930 A-O
79%
80% 42 77% 8 0 4
K O & M R <&B 1st gu 5s. 1920 A-O lu o ....... 100% D oc'09
Oz’ rk So Oil G 1st gu 5s g.1913 A-O
99*4 Sale
aos
«9
6 97 4 99 %
8 1 .Louis Bo bee Illinois Cent
Bt L B W 1st g 4s l>d otfa.1989 M-N
91*4 Sale
91%
01*4
7 80% 914
2d g 4s mo bond o t fs ...2)1989 J -J
HI A p r ’ i l . . . . 78
81
79*8 Bale 73 4
Consol gold 4s................. 1932 J-D
79*4 LOO 76% 79*4
Gray's P tT er ls t g u g 5 s 1947 J-D
973b ....... 101% A p r’07
St Paul & Bui bee 24or Pacilic
St P Minn & Man bee Gt N 0 1
St P So Nor Pao bee Nor Puc
SfcP So B’ x City bee C Bt P M <&0
8fl7a Bale 86%
86% 55 8 6 * 1 87
S A t e A Pass 1 stg u g 4 s ...1943
8 jf So N P 1st dVnk £ g 53.1919
100 ....... 104 Oct '09
Sav F te West bee A tl Coast L
Scioto Val So N E b e*N orte W
Seaboaril A L g 4s stamped ' 6 0 A O
87
87*, 87 A p r ’ l l
84% 87%
Coll tr refund g 5 s ........ 1911 M-N 1 0 0 luo*, 100% Mar’ 11
100 100%
78 ‘4 Bale
Adjustment 5 s ..............o l 9 4 9 F-A
77%
78% i v i 75
78%
80
80*, BO3, Mar’ l l
AU-Rirm 30-yrlst g 4a.el933 M-8
85% 86%
0 1 4 93
91% A p r’ l l . . . . 91% 91%
Oar Cent 1st con g 4 s ...1949 J-J
Fla Con So Pen 1st g 5s. 1918 J -J
102 F eb ’ l l
102 102
1st land gr ext g 5 s . . .1930 J-J 103
106% F eb ’ l l
Consol gold 58.............. 1943 J-J
io d io u ^
Ga te Ala Ry 1st con 5s 0 1945 J-J 104*4
104% Mar’ l l
104% 104%
Ga Car te N o l s t g u g 5s 1929 J .J 104 Hi
104 4 J a il’ l l
104 1044
SeabJb ltoa 1st 5s.......... 1920 J .J 105*4
106 A p r’ 10
Slier Skr te Bo bee M K So T
Sil Bp o ca te G bee A tl Coast L
Southern Pacilio Co—
92
92 *4 10 ! a m 9 3
Gold 48 (Cent Pao coll). £1949 J-B 013,
20-year couv 4 3 ............ f/1929 M-S 97 % Sait
97%
97 4 136 1 9 6 4 99%
96%
96% 18 | UU
Cent Pac 1st rot gu % 4s 1949 F-A 90*4 Hale
U7Hi
97 Feb ’ 1 0
Registered.....................1949 F-A
91 4 92
91% Mar’ l l
Mort guar gold 3 4 a ..k 1929 J-B
I 91% 92
....
93 % Jan ’ 1!
Through Bt L 1st gu 4s '54 A-O
1 92
93%
G 1 I & S A A l«fcP lst5 s..l93 1 M-N 107 1 9 /1 107Hi Mar’ ll
106 4108%
•__
104% r-ep ’bt
Gila V G & N l s t g u g 6 3 . 1 9 2 4 M-N
Horn* B. So W T 1st g 5 s .1933 M-N 1 0 5 "* ibM lOo % May’0 9 ___ •
1st guar 5s red.......... 1933 M-N 105*8....... 105 Alar’ 11
105 105
H te T C ls t g 6 s i n t g u ..l9 3 7 J-J 109 4 HU 1094 110 1 3 109% LIU
109% Mar’ l 11
Consol g Os int gu ar...1912 A-O
109% 109*4
94%
94%
Gen uoid 4s 111L guar.. 1921 A-O
954
i | 91
Waco te IS W div ls t g Os '30 M-N
1...................
107 S Jan 09
A te -N W 1st gu g 5 a ....1941 J-J 104 .
115 4 Mar’ l l ___ 116 4 115 4
Morgan’s l^a te T 1st 7 s .1918 A O 115*4 1st gold Os.....................1920 J-J
111 M ar’ l l . . . . 111 i l l
N o oi Cai guar g 5s.........1938 A-O
112 Fob’07 1___
___
Ore te Cal 1st guar g 5 s .1927 J-J
J -J lu l
100 J’ ue’ KJ . . . . ■
Bo Paco; Cal—Os E.........1912 A-O
A-O 101
• 103 J a il’ l l . . . . 102 102%
A-O 101
1st gold Os F ............... 1912 A-O
114 4 D eo'04 . . . .
M-N
1st con guar g 5s.........1937 M-N
116 May’0 7 ___
8 0 PaoCOHMl is lg u 4 a g.1937 J - J !
1 90 J ’ly '0 9 ....
San Frau Term11st 4 s.. I 9 6 0 A -o
! 92 4
92 4 10 92% 93%
T'oXikACtoauBivlst gOs. 1912 M-S,
101% Alar’ l 1 .. .. 101%101%
Con gold os...................1943 J - J
TU3 Feb’ l l . . . . 103 103

102 .......
91

io:i u loas
93
112

104Sc101 '

118
107 Hi1191*
108*
115 1183
81 82

102*8
100

93*

llrt
110%-

BONUS
N. Y. STOCK E X C H A N G E
W bkk Kxmrfu A pr il 13

Pr1c.A
Thursday
A p ril *3

-o Pac R R 1st rer 4s.........195 J-J
Southern—1st oon g 5s
1994 J-J
R egistered.....................1994 J-J
Develop te gen 4s Ber A . I960 A-O
Mob & Uluo coll tr g 4 s.. 1938 M-S
Mom B iv 1st g 4 4 -5 s...l# 9 U J-J
St lxm is div 1st g 4 s ....1951 J-J
A la Cen R 1st g Os.........1918 J-J
A tl Jb Banv 1st g 4s.......1948 J-J
2d 4s .............................1948 J -J
A tl & ia d 1st g g u a r 4 a .1949 A-O
Col te Greenv 1st Oa....... 1910 J-J
E T Vft te Ga B iv g 5 s.. 1930 J-J
Cou 1st gold 5s.............1950 M-N
E Ten reor lion g 5s.......1938 M-S
Ga Midland 1st 3s.......... 1940 A-O
Ga Pac Ry 1st g Os.........1922 J-J
K nox te Ohio 1st g Os... 1925 J-J
Mob<fc B ir prior lien g 5s 1945 J-J
M ortgage gold 4s........ 1945 J-J
Rich te Ban con g 08....191 J-J
Deb 5s stamped............192 A-O
Rich te M eek 1st g 4 s ... 1948 M-N
Bo Car te Ga 1st g 5s___1919 M-N
Virginia Mid ser C Os... 191, M-S
Berios B 4-5a................1921 M-S
Benes E 5 s ..................... 1920 iVJ- S
General 5s..................... 1930 VI-N
Uuur stamped.......... 1930 M-N
V a te Bo’ w’ t 1 st gu 53.2005 J-J
1st cons 50>year 6 a.. 1958 A-O
VV O te W 1st cy gu 4 s ..1924 F-A
W catN C 1st con g os.,1914 J-J
S & N A i a bee L te N
Spokane Internat 1st g 5s 1956 J -J
•|’er A oi Bt L 1 st g 4 4 s .. 1939 A-O
1 1st con gold 5a___ 1 8 9 1 - 1 9 4 4 F-A
Gou refund a r g i s .........1953 J-J
Bt L M B ge Ter gu g 5s. 1930 A-O
Tex te N O bee So Pac Co
Tex Ob Pac 1st gold 5s.......2000 J-D
2d gold inc 5s................. 7 20 0 0 Mai
La B iv B L 1st g 5s....... 1931 J-J
W Min VV N VVls t g u 6 s '30 F-A
Tol te O C 1st g 6 s..............1935 J-J
Western B iv 1st g 5 s ... 1935 A-O
General gold 5s............... 1935 J-B
Kan te M 1st gu g 4 s ....1990 A-O
2 d 20-year 5s ............... 1927 J-J
T ol P te VV 1st gold 4 s ....1917 J-J
Tol St L te W prtLen g 3 4S.1925 J-J
50-year gold 4s............... I960 A-O
Coll tr 4s g Ber A .......... 1917 F-A
Tor llam<& Hull l s t g 4s./il94U J-D
te B el 1st cou g 5s 1928 J-B
U lster
1st refund g 4s.......... 1952 A-O
U n P a c K K & l gr g 4a ...1947 J-J
Registered.................... 1947 J-J
20-yr couv 4 s.................. 1927 J-J
1st te ref 4s.....................j/2008 M-S
Ore R y te Nav con g 4s. 1940 J-B
Ore Short Line l s t g Os..1922 F-A
1st consol g 5s.............. 1940 J-J
G uarrelund 4a............1929 J-D
R egistered................. 1929 J-D
Utalieb N or gold 6 s .. 1920 J-J
Uni N J R R te C Co bee Pa RR
Utah Central bee Rio Gr Wes
Utab te N orth bee Un Pacilic
Utica te Black It bee N Y Cem
consol g 4s ....1 9 5 5 F-A
V andaiia
Consol 4s Series 13... 1957 M-N
Vera C ruzteP l s t g u 4 *as. 1934 J-J
Ver Vai lu d So VV bee Mu P
Virginia Mid bee South Ry
1st gold 5s....... 1939 M-N
W abash
2d gold 6 s................ 1939 F-A
Bebeuture series B ...... 1939 J .J
1st lien equip a Id g 5 s.. 1921 M-S
1st lien 50 yr g term 4s. 1954 J-J
1st ref and ext g 4s ....I 9 6 0 J-J
B et te Ch Ext l s t g 6 s ..1941 J -J
Bea Mom Biv 1st g 4 s.. 1939 J-J
Cm B iv 1st g 3*as.......... 1941 A-O
Tol So Ch B iv 1st g 4 s ... 1941 M-S
Wab Pitts Term 1st g 4s. 1954 J-D
Cent te Old Col T r CO certfa.
2d gold 4a......................... 1954 j -D
T rust Co cerIfs....................
W arren bee Bel L ie te West
Wash Cent bee N or Pac
Wash O te VV bee Bouthern
Wash Term ! 1st gu 3 *as.. 1945 F-A
West Maryland l s t g 4 s . . . 1962 A-O
VV Va Cent te P 1st g Os 1911 J -J
VVestN Y te Pa l s t g 5 s ..1937 J-J
Gen gold 4s......................1943 A-O
incom e 5s...................... <(1943 Nov
West N o Car
Bouth Ry
Wheel’ g te L E 1st g 5 s ...1920 A-O
Wheel B iv 1st gold 5 s.. 1928 J •J
Exteu te Imp gold 5 s ...1930 F-A
R R 1 st consol 4s..............1949 M-S
20-year equip a 1 5a ...1 92 2 J-J
Wilkes te East bee Erie
Wii te Bioux F bee St P 51 & MI
W iaCeiitoO-yr 1st gen 4a 1949 J.J
Sup& DuldivJb term la t4 s ’ 30 M-N

Weed's
ftantje or
Last, sale

»»«iW * Kale
Asa Lov
95 *8

; _2 1| Range
o
Since
' Januarv 1

5

^

Ao j
Hina
1
9 O*4 138 | 94*11 M6H
32:jl0l;3b 108
loo*** 1
110 May’ *)!
79^
79
'•9®h[424 70
79*8
SO
........ 87i4 89 M ar’ l l
108 Sep MO
108 1 1 0
8 7 \ M ar’ l l
80 *a 88
........ 87
107^1 Id s 1077fc NovMT
87
90 H, 93 N ov’ 10
82*4 82»4 82 Hi Oct ’ 10
8 OH2 ........
I 0 OS1 107 lOOHi Feb l l . . . ' 100 S 100^
107°!6.......
4 109*8 1114
110*n 110H
‘4
2;! 105 105^8
105 V
lOo*3* 100*4 105
05 N ov’ 09
........ 07
113‘a ........ 114 J a n ’ l l . . .1 1 4 114
J 1 0 * 4 ........ 11G N ov’ l
1054 ------ 105 \ N ov’ 10
82 N ov’03
. li>5*8 lt'5 aa
i 05 4 ib*5 105*^ Jan ’ l l
.'ilO iV 105
105 IOo'Vj 105 Mar’ l l
..1 71
7t
71 ........ 7 i M ai’ l l
l|ll03V 104
10-iV lo.i-v
I0 3 5e
O ct’0
1 0 0 *8 ------ 112
103 s ........ 108 *v Dec 'iin
100
1 1 0 0 .............
11*59*........ 100 Mar 1 1
107 * 4 ........ 107 Jan 11
-1107 107
105*8 - W m
109** IbS A p r ’ l l ' — l i e s l i u
__.. . 96**
>5%
o|| 9 4 4 97%
9 i ........ 91 Feb Me
104*2 105*2 1U4% 104*,;
1 0 0 *4

sale

88

110 ...... 110 Feb’lC

102 105 102 4 102%
2:102 202%
105*4 IOOHj, Lbo 4 A p r’ J 1 — '! 105 *8 105 4
1 12 % ........ 112% Mar’ l l . . . . 11 .% 112%
97 \
•7 % 98
........ 97*4 97*8
108 4 108 4
107*ij ........ 1084 F eb’ l l ' ,
no
1 1 0 %
n o 111%
70 M ai’ 10 .
99 4 A p r 11 .
“99 4 *99 4
106 4 Awv’04 .
108% i lO*8
109% 109 Hi 109% 109%
112 Sep ’ 09 .
I 0 IH2 ....... 1 0 1 4 Mar’ l l .....I IU1 4 1034
90%
90%
JLI 90
91%
90% ban,
97
97% 97% M a r 'll .... 96 4 07%
90
90 A pr 11 . . . . 90
90 . . .
89*a 89% 89% Mar’ l l . . . . 89% 89 4
74%
......... 70% 70 A p r ’ l l .. .. 69
8 1 4 : e b ’ l l .. .. 81 4 8 1 4
......... 81
90
87 Mai ’ l l ! ___! 8 /
100*4........ 105 4 Mar 111... .j 1 054 106
84*a »7*s 86 c c t ’ uul..... ...................
10U% 10U%; 31 100 101
99*4 Apr i l . . . . 99% 100%
105*8:136:103 4 1 0 6 %
i05*8 s ale 106
96%
96%! 22 96% 97%
90 *b -**le
9 /1
6 95
97
95% 90% 96 4
3 L*4% H5%
114*4 114% 114% IU %
112% Apr ’ l l ___1 114 113 4
93%
94
35i 92% 94
93% 94
94 J a u ’09
107% D e c’09
106

no
45
1U0

Bale
05

86%......
1007a8aJe

112%......

98 N ov’08
96% Mar’ l l
96 A p r ’ 1 0 !

96
96
91

96% 97 4

Sale
Sale
HA)
Bale
85
68% Bale
107% ___
81%
75
70
81 h 86

108
1084 11 108% n o
100*4 100 4
l 98 *4 1U1
86 J’l y ’ 10
104
i04
2 109 lt'4
83 D eo’ 10
69% 240 63% V1“»
66%
HIS’a 108%
108*4 Jan ’ 11
Mar’ l l
81
81
81
74
75%
75% F ob ’ l l
1
83 Bep ’ 10
41%
41*4
5 41% 48
41% 551 3t>4 4 3 4
4 L Bale
39 4
•j *4 l
6
♦........
74
64
■<*»
8
6
6% A p r’ l l
6%
v».
108%
100*4
95
IU4

8 8 4 90
8 6 4 Mar’l l
&7
86*4
8 6*
57 86
% .Mar’ l l
10U% 100%
109% 109 ‘g Alar’ 11
109% 110%
88% 88%
85 4 89% 88% Alar 11
29
34 i' e b ’o7

80%
100 4

88%

100

103 104% 104%
103% 104% i 04%
102
84% 82
82
97% 98% 9 8 4
92% Sale
92
92 4

Mar’ l l
A pr 11
j uc’ LU
82
Feb’l l

93
92%
92 A p r ’ l l

104 105
103 4 104%
'i

29

T clog t’iipli and T elephone j
Am Telep & Tel coll tr 4a 1929 J - J
90% 53
90 Bale 90
con vertible 4s................. 1930 M- s 103% 109 108% 103% 92
M icli State Telep 1st 5 s . .1924 F-A
9y 4 Mar’ 11 ....
K Y T elep 1 s t * gen s f 4*as.’39 M-N
99% 92
99 % 8am ' 99
Pac T el te T el 1st 5 s ........ 1937 J -J
9 7 4 Sale j 97%
97 4 17 J
West Union col tr cur 6 s. 1938 J-J 100 Sale I 99% 100 | 31
Fd and real est g 4 Has...I9 6 0 M-N
95
95 4_ 95% A p r’ l l . . . .
Couv 4s, Senes A .......... 1930 M-N 103% lU3% 103% 103% 16

98 4 09%

82
98 4

86
99%

U2Hi 9 3 4
92
93
69%
105
98
98%
97
99%
96
103

91
109%
99%
99%
97%
101
95%
103%

JllJiCLLLAN LOU -S 1U>N US—C oncluded.
M n n n la cta rin g & in d u strial
.Hnnutnctiii’ing & Industrial
Distil Bee Cor con v 1st g 5s.'27 A-O
77 4 Hale 7 7 4
7 84 113 7 6 4 79% J S steel Corp—j coup .<11963
Bl 10-60 yr os. ( reg ..<21963
E I du Pout Powder 1 *-.s.. 1936 J-D
83 4 84U 81
84
4 82% 84
79 4 82
uen r.iucu'ic i.eu y 3 4«*..l942 F-A
81
81
1 8L
81% / t-<;.ir Chera 1st iu -y ro s 1923
W est Electric 1st us Deo 1922
lo -y r g deb 5s.................. 1917 J-D 149*4 6aJt 143
151 100 145 151
Int Paper CO 1St con g 68.1918 F-A 101 102% Lo.j Mar’ l l
L02 4 104 4 «v eating House K te Ms 1 us ’31
84
86% 84 A p i’ l l
.iiiscdihiiicuiis
87
Cousin conv s t g 5s.......1935 J-J
84
Adams Ex col tr g 4 s .........1948
9 3 4 95
Tut Bt rum p 1st s f 5a---- 1929 M-S
93%
94% " 34 91%
Lack aw ateol 1st g 6a.. ..1923 A-O
98*4 934 98%
99
29 96% 99 % Armour & Co 1st real eat 4 4s’ 3y
JSat Enam & Stpg 1st 5 s .. 1929 J-D
94*4 95% 944 Afar’ 11
94 4 9 >4 Bush Terminal 1st 4s. ...1952
Consol 5s.................. ........1955
N Y A ir Brake 1st conv 6s ’ 28 M-N 102 102 4 102 4 A pr ’ 11
102 lo6
97% 97% 97% Mar ’ 11
R y Steel Bpgs 1st a f 5 s ... 1921 J -J
97% 97% Dot M So M ld gr incom es.. 1911
Repub 1 & B 1st ilb coltr os. 1934 A-O ........ 103*4 103 4 Feb’ l l .... 103 4 103 4 in s titlo r Irrig W ks 4 4s 1943
90 ........ 95 A p r’ l l
Union Bag te P lst'st 5 s ..1930 J J
90 4 95 4 Int Aleroan Alarmo 4 4 s .. 1922
lu t Navigation 1st a t 5 a.1929
Stam ped...................................
........ 97
96
92
96 .Mar’ ll
A tom s te Co 1st a t 448..1939
U b neath Co s f deb gOs.,1913 .vi-K 104% 104% 10i 4 A p r’ l l
103% 105
N Y Dock 50-yr l s t g 4 s..1951
90 Halt
90
U S Realty & I couv deb g 5 s ’24 j - j
26 89
H I ’l
Oil
70 ........ 75*4 Mar’ l l
Pub Serv Corp N J gen 5a. 1959
U si jLn i i u e tla t a t « uu.iaai j . j
75% 88
Wash Water P ow 1st 5 s.. 1939
U S liubber lO-yrooU tr Ga.’ lK J-D 103% 103% 103% 103% 29 103 104
*N o price Friday; latestbid ami asked this week, b Due Feb c tD u o A p r c Due -May .y B u e .in e A D u e J ’ly




M-N 105% Sale
Al-N 105 4 Hale
J -D 10 l % Hale
101% Bale
j -j
J-J
92 4 93

1054
105 4
101%
LUl%
92 4

105% 196 103\ } p 6 £
105% 25 UW», lbo 'a
101% 47 100 4 102
101% 17 100% 101%
92% 16 91% 93

2 87 4 91
87% 87 4 87 4
87 4
J-B
36 92 4
93 Balo
93
93
3 hi
A-O
93
23 90
93 Sale
93
93
J-J 100 SaJ*
31 97 100
98% 100
A-O ........ 40
35
35
35 A p r’ l l
.M-N
93 ........ 96 4 N ov’ l (;
A-O
66
60% LCD *64** *68 4
66% Halt
80
F-A
78
80
81 % 8 ) M a r'll
J-J
9 1 4 Alar' J1
91
92
91% 92
90
90 Alar'11
F-A ........ 90
90
A-O
94
94
31 93 4 96%
94 Hale
J-J 101 ........ 102 4 Mar’ l l .... 102 4 1 0 2 4
7cDuo Aug oDuo Oct p D a e N ov $ Option 8aU

CHICAGO STOCK EXCH AN G E—Stock Record— Daily, Weekly and Yearly
STOCKS— HIGHEST AN D LOWEST SALE TRICES
Saturday
April 8.
186
*2
♦5
*85
23%
*8*->
+4%
43,
*20*2
*67
*22
*67
22
*01
*69
10?8
♦Jo
10
84
*265
*128
*73
*111%
*145%
*51

Monday
April 10.

186
3
6
90
23%
9*2
5
5*8
22
69%
23
6912
22
66
70
107S
50

*185
*2
*5
*85
*23
*8*2
*4*2
4
*20*2
*68%
*21
*67
*21
*64
70
1078
*45

*76
1%
4
*52%
*119
*153
128*2

1%
1% 1*S
4
4% 41,
53
52% 52%
119% 1193s 120
155
155 155
128% 128 128*2

93% 94
67
*48
♦__ _

67%
49
96

14
94

67
49
96

9*2
8312
*265
*128
*73

STOCKS
CHICAGO STOCK
E XC H AN G E

Range for Year 1911

888

9*2
83%
___
___
74

*111 112%
...
50

50

934 934
83% 83*4
Last Sale 265
Last Sale 128
72
73
Last Sale 111
14538 1453S
50
50

Feb’ 11
Feb’ 11
Mch’ l l

75*2 75*2
*1
*4
52*2
120
*154
123

75*2 75*2
Last Sale
*1
ill
1%
4*o *4
4%
51
52*2 51
120
120 120
156 *154 156
128*8 126% 126*2
Last Sale 13s

Last Sale
93% 93*2 93*4 93%
Last Sale
64*4
66
‘ 66**8 06%
Last Sale
*48
Last Sale
94
<___
96
Last Sale
Last Sale
*136 137
135 135
*127 129
Last Sale
115% 115%

1377g 13778 *137*2 139*2
*128 130 *127 128
+115*2 HO
115% 115*2

+120
121 *120 120%
103*8 103*2 10333 103*2

120 120
10378 104

78

Feb’ 10
Jan’ l l

.01% Jan’ l l
17
49

Mch’ l l
Apr’ l l
June’07
Nov’09

130

Mch’l l

1037g 10378
Last Sale 11-16 Mch’09
145% 1*46*4 145% 146%

121*4 101*2
12Hi 101*4 101*2
101*4
140

Sales
of the
Week
Shares

434

94

67

Friday
April 14.

121*4 101%
121% 151% 1*0*1%
101*4
Last Sale 4

1403.1 146*8 14634
*12U4 122

*160 168
168 168
♦103*2 103*2 104 104
4?8 4?8
4% 5
773S 7734
+21
2134 *21
2134

*167*
104
47g
76%
19*2

77% 77%

Feb’l l

1*7*0** 169 169
104
104 104
47g
47g 478
767g 77
77%
19*2

Miscellaneous
420 American Can_______ 1 0 0
333 Do
pret___________too
American lln d la to r..l0 0
Do pret....................1 0 0
Amer Shipbuilding___ 1 0 0
Do pret....................1 0 0
50 Amer Telep & Teleg.
176 booth Fisheries c o m .I l l
50
Voting Trust e t t . . II
92
Do pret____________
,’al & Chic Canal & D .Io o
175 Chic Urevv’g & Malt’g .
130
Do pret___________ *
270 Chlo Pneumatic Tool 1100
152 Chicago T elephone...1 0 0
10 Chic lltle Jo T ru st.. 100
331 C om m onw 'th-E dlson.loo
Do r ig h t s ____
Corn Prod Ret Co co rn .II
Do
do
pret____
Diamond Match_____ 1 0 0
Do rights_________
Illinois Brick_________ 1 0 0
Masonic Tem pie_____ . . .
McCrum-Howell Co . . 1 0 0
Do pref_____________
MUw A Chic Brewing____
Do pret_______________
National Biscuit_____ 100
Do
pret__________ 100
37 National Carbon_____ 100
Do
pref__________ 1 0 0
43
350 People’s Gas LACoke.100
Do rights____________
1*,452 Sears-Roebuck c o m ..100
62 „ % , ft1* 1 ...................1 0 0
092
* Co.....................100
Do rights........................
"*35 The Quaker Oats C o .. 1 0 0
74
Do
pref----------------100
605 Unit Box Bd & P C o .100
700 United StatesSteel c o m ..
Western Stone_______100

10

C h icago B o n d R e c o r d

Jan

11

Price
Thursday
April 13

Week’s
Hangs or
last Sale

D'ds
Sold

Rangs
for
Year 1911

**20 100*2 100*2

High No. Low
Bid.
Ask Lour
High
Amor Strawb’d 1st 6 s .1911 1100*2 Jan’ l l
Armour & Co 4 !%s___1939 I
927g
*92?g Sale
92% 933j
93
Booth Fish Co D eb G 5s’ l7 J •
Mch’ l l
90*8 10O
Deb g 5 s .............. .1924 J •
Mch’ l l
90 100
Sink Fd DebOs tr r c c . . A ■
98%
99
98*8 99
Cal * So Ch Kv 1st 5 s .’ 27 c
J’ne’09
Gass A v A F O (St L) 5s 12 J ■
Oct’09
GfUc Board ot Trade 4sl927 J ■
May’07
Chicago City Ky 5s___1927 F •
1023( Sale
10234
102*8 1027s
Ohio Consol Br A Mlt 6s___ J ■
103
Apr" 04
Chlo Consol Trac 4 Hs 1933 J ■
50
Apr*09
9634 Jan’Ofl
Chic Auditorium lst5sl92C F ■
Ohio Jc K ll 1st M g 5 s .1045 .« 94% Deo’09
87
Ohio No Shore Elec 6 s.1912 A ■
Feb’0«
9l
Chic Pnc Tool 1st 5s.al921 J • t 91 . . . .
Apr’ 11
87% 91
93%
9938 Bale
9933
Chic Ry 5s.................... 1927
97% 99%
93
94
Chic ilys 4-5s series “ A " A 03%
93%
93% 9434
t 85% Sale
Ohio Kys 4-5s series " B ” J 85%
82*g 85%
Chlo Kys 4-5s series “ C” F 00% Mch’ 10
156% Sale
Chic Uys coll 6s___1913 F 100%
*99% 1*00%
Chic Uys Fund 6S..1913
Jan’ ll
100 100
Chic Uys Tern Ctfs 1st os
*99* Safe* 99
Apr’ 11
977| 9 9
Chlo K 1 & P Kit 4 s ..2002 III *
Aug’08
Collat trust g 5s___1013
July'08
Chic Telephone 5s____ 1923 J • t ___ 103
103
Mch’ l l
102 103
Commonvv-Edlson 5s. 1943
101% Sale
101»*
1007, 101%
10O7g Nov’ lu
Chic Edison deb 03.1913 J 1st g 5s____ July 1926 A Feb’ l l
100* 100*
Debenture os____ 1920
All*’ 09
Commonw Elect 5st>1943
Mch’ l l
1101
100% 101%
Dla Match Con d b O s.. 1920
1104*2 103*s 105% April 1
103% 105*8
Illinois Tunnel 5s____ 1928 J*- D
Dee’OS
Kan City Ky * Light
Go 5 s ......................... 1913 tl - N 1 97% 98*a 96% Jan’ l l
90% 96%
Knick’ b'ker Ice 1st 5s 1928 A - O 1 98% 100
97% Feb’ U
97*4 97%
Lake St El— 1st 5s___1923 J - J
82
Apr’ l l
77
82
Incom e 5s____ _____1925 Feb
16 May’05
Mctr W Side El—
1st 4s______________1938 F - A 8434 Sale
84%
84%
82*a 8«
Extension g «s____ 1938 J - J . 81% 83% 81*2 'Apr’ ll
Morris & Co. 4 15. ..1 9 3 9
J j 91% Sale
913*
911
9034 9134
North West El l s £ 43.1911 M- S t 987g »alo
06*8 99%
9874
99*8
No W G-L A Coke Co os'2S Q - M
99% Mch’ l l
99*2 99*2
Ogden Gas 5s________ 1945 M - N t 93* Bale* 93
92% 93l4
93
Pearsons-Tatt 5s_____ 1916 J - D 98*8 ___ 1003s Ueh’09
4 .4 0 s ________________
M- S 98 ___
96% Meh'10
4.603 Series E ..I I H H
M - N 95 ____ 97
Feb’ 10
4.80s Series F___
“ “ M - N 9 7 % ___
98% Mob’ 10
Peo (las L A C 1st 6sII§43 A - O
121% May’09
Refunding e 5s____ 1 9 4 7 it • S
101% Apr'II
Chic Gas LAO 1st 5sl937 ‘
J tl03 103% 103
103 103*2
103
Consum Gas 1st 5s. 1030 J - D t — .
101% Mch’ l l
101*2 101%
Mut’l Fuel Gas Ist5al947 M - N
South Side Elev 4H3-1924 J - J 94*8 Sale
*83* 9*4%
94*4
»4*i
Swift A Co 1st g 5 s ...1 9 1 4 '
J tlOO% 193% 100% Mch’l l
Union El (Loop) 6 s ..1945 A - O
83
Apr' 16
United Box Board col 6*’24
70
Apple
General mtsgo 6 s . . _____
” 3
80
Mch’ l l
80
60
- f
,\Tkstera Elec Oo 6 sl_1922
Ml
Ml
100-% 101
Note.— Accrued Interest must be added Vc
tolafl
ond prtoes.

100
1(H)
102
101%
100
102%

F-

85*s
100*2
100
66*2
66*2
101%
100
100%
101*2
80

F.11\l M
U--

---- 22

78*3 82

102 100% Ort'10

1100%1*0*1% Chicago b

4
85
23

Feb I
Apr 7
Apr 6
8 *2 Feb 27
4*2 Mch 1
37S Feb 2
20 Jan 30
67*2 Mch 8
19*2 Feb 1
65 Feb 1
2 1 * 2 Mch 10
60 Jan 11
68
Jan 9
9 Jan 16
45 Apr 6
8 % Jan
76~8 Jan
265 Jan 9
126% Mch 9
71% Mch 29
1 1 0 % Jan
141% Jan 7
40*2 Jan 23
3 9 * 2 Jan 19
G8 Jan 1 4
51 Jan 30
1*8 Mch 29
3% Moh27
41 Jan 3
115 Jan 25
151%Jan
113 Jan 1 9

13% Jan 11
78 van 18
92*2 Feb 1 0
.01 Jan 4
61 Feb 17
47 Jan 18
45 Alch 3
92 Alch 3
117% Jon
123 Jan
115% Jan
118 Jan
103% Apr

186

Highest

Apr

6 Mch 23
93 Jan 21
25*4 Feb 3
10 Jan 28
5 Feb 27
G Alch 1
25 Feb 23
72% Feb 25
24*2 itch 29
69% Alch 29
25 Alch 30
67 Mch 30
72 Jan 14
13% Feb 23
50 Jan 9
10*s Apr 6
84% A pr 10
205 Jan
130 Jan 14
79 Feb 6
112% Mch 18
146% Mch 23
59*4 Mch 8
57% Mch 9
82 Mcll 21
52 Feb 2
1*3 Mch 29
4% Apr 7
55% Feb 23
124 Alch 27
155 Alch 6
130% Alch 15
1473 Feb
78 Jan
97% Feb
.01 Jan
70 Jan
47 Jan
67 Jan
98 Feb

11

18
21
3
20
18
3
2

160 Oct
1*2 J ’ly
4 J’ly
603g Sep
11*4 Sep
8 Alay
3 Aiay
2*8 j ’ne
20 Aug
69 Feb
10 Jan
51 Feb
15 Apr
63 May
55% J ’ly
7 J ’ly
40
J ’ly

Mch
Jan
Jan
109 Jan
36 Jan
16 Jan
9% Jan
6*4 Aug
39 ,’ an
77-% Mch
25 J ’ne
72 J ’no
23 J ne
66 J ’ ne
72*2 J no
54-% Jan
104 Jan

6% J ’ne
62*2 J ’ly
240 Apr
1:0 J ’ly
72 Feb
107 Aug
131% J ’ly
J ’nc
29 Aug
J ’ rie
40 Dec
i Feb
3 Sep
25*2 J ’ly
110 Mav
142 Aug
108% J ’ ty
1*4 Jan
13*2 J'ly
79*4 Apr
82% Sep
.02 Dec
53 J’ ly
43*2 Mch
40 Mch
93 J ’ne

13% Jan
82
Jan
261 Deo
135 Apr
848 May
112 Jan
142% Mch
43 Deo
41 D ec
(4 Jan
55 Feb
1 Feb
3 Sep
41 Feb
137 Jan
163 Alch
121% Jan
2 Jan
22% Jan
82 Feb
127
.'an
,21 Dec
91 Mch
46 Jan
67*2 Deo
10234 Apr

185

0*2
7*2

17
3
11
18
8

1'40 Apr 7
130 A!ch31
120 Mch 14
120 Alch 23
108% Jan 19

101
118
104
112
103

Aug
J’ly
Feb
Feb
J ’ly

119 Deo
125 Jan
145 Oct
123 N ov
115% Jan

cl4134 Mch 15
119 Jan 11
1 0 0 % Mch 13
j Feb 3
165 Mch 7
102*-Feb 1
434 M chl6
72% Jan 3
19*2 Apr 12

19234 Jan 31
122 Mch 11
102% Mch 7
10 Jan 16
170 Jan 13
104 Jan 0
7 Jan 3
817S Feb 6
25 Jan 27

148 Feb
11612 Aug
100 Deo

186% N ov
122 Mch
100.% Jan

155

186 Feb
106 Jan
l£3j Jan

J ’ly
J ’ly
5*4 Apr

101

2638 Deo

C h icago B a n k s a n d T r u st C o m p a n ies

BONDS

CHICAGO STOCK
E XC H AN G E
Week, ending April 14

Range for Previous Year
(1910)

Highest
185

100

14*8

*48
*__ _

Thursday
April 1 3 .

*185

10
84

14%

Wednesday
April 12.

Exchange clo sed
Railroads
1903 *185Last190
Good Friday.
Chicago City R v _____ 100
*2
Sale 1*2 July’ 10
Chicago A O.-.k P a rk ..
*5
6
Lari Sale 0
Mch’ l l
Do pret _________100
*85
90 Last Sale
85
Apr" 11
Chic Ilys part ett ” 1 " ___
+23
23*2 *23
23*2
Chlo Flys part ctf ’ Z "___
*8*2
91
2 Last Sale
Mch'll
Chic Ilya part ctF ”3 " . .
*4*2 S*4
Last Sale
Mch’l l
Chic Uys part ett
434 Last
47, 47g
Chicago Subway_____ 100
22
*20*2
Sale 22
Apr’ l l
Kans City Ky & L t-_100
70*2 7012 70
71
105 Do prel ................... 100
*21*2
23
Last Sale 227s Mch’ l l
lletropol W S Elev___100
*67
69
Last Sale 08
Apr’ l l
Do p r e f___________100
2112 21*2
Northwestern Elev___100
*64
67
Last Sale
Apr’ l l
Do p r e l___________109
*68
70 69*2 70
406 South Side E levated.. 100
1034 103j 1034 11
IV Stable C L.100
*45
50 Last Sale 47 Apr’ l l 145 Streets
Do pret___________joo

190
3
6
90
23*2
9*2
5*4
5
22
72
23
68*2
22
66
70
107s
50

973 97S
84
8434
*265
129 *128 129
75
*72%
115 *111% 115
116 *115*- 116
53
50
51
51
51
77% 77*2 77%

14

Tuesday
April 11.

WI%102

100 1017s

NAiWE
Calumet National____
Chicago C ity__________
Contl’tal A Comm Nat
Corn Exchange National
Drexcl State__________
Drovers’ Dcp National.
Englewood State______
First National________
First Nat Englewood
Foreman ftroj B k’g Co
Fort Dearborn National
Hibernian B'k’gA sa’ n .
Kaspar State B a n k ...
La Salle St National . .
Live Stock Exeh'ge Nat
Monroe National______
Nat Bank of R ep u b lic..
National C ity__________
National Produce______
North Avenue State___
North Side State Sav’gs
North West State_____
People's Stk Yds State.
Prafrle S ta t e .._________
S e o u rlty______________
South Chioago Savings.
South Side State_____
State Bank ot C h ica go..
Stock Yards Savlibt*___
Union Bank of Chicago,
Washington Park N at’ l
Wendell State________
Oentral Trust Oo of III..
Chicago Sav 13k & T r . . .
Chicago '11tie & T ru st..
Cl UBeni T ru st A Savings
Colonial Trust & Savings
Cent A Comm Tr A Sav.
Drovers’T n iit ASavInga
Harwell Trust Oo______
First Trust A Savings..
F t.D eabornT rA S av Bk
Guarantee Trust A Sav.
Harris Trust A Savings.
IIIlnote Trust A Saving*
Kenwood T rait A Save*
f* k e View TruetASavge
Merchants' LoanATr Co
M« tro pol ItanTrua t A Sa v
Michigan Ave T.’ Co___
Northern Trust Oo_____
North-Western Tr&Sav
tv People’s Tr A Sav Bk
Pullman Trust A Savg*.
Sheridan Tr A Sav Bank
Standard Tr A S a v ... . .
Steefcmem’s Trust A »av
Union Truht Oo.
West’ n Trust A Saving*
West Side TrASavBoxk
W om Ha w i TrABavWant

Outstand
ing
Stock
t

Surplus
and
Profits
r

Dividend
In
1909

In
Per
1910 iod.

5100,000
545,838
6
6
Jan *11.6
500,001.
243.511
10
10
J-J Jan ’ 11,5
20.000,000 10.259,44;
Q-J Apr ’ 11,21a
3.000,000 5.606,407
12
16
Q-J Apr 'l l , 4
200,000
35,93!
\)
Q-J Apr '11,1%
8
600,000
435,901
10
Q-J Apr ’ 11,2%
10
200,000
43,496
6
6
Q-J Apr ’ l l , 1%
10,000,000 11,263,8H
124
12j Q-M Deo 31’ 10,3u
150,000
187,561]
10
10 Q-M Mck31’ll,2%
1,000,000
513,446
Prly ate Ba
Pi, 600,000
470,664
8
8
Q-J Apr '11.2
1,500,000 1,030.230
8 8+ 2
Q-J Apr '11,2
200,000
180,330
10
10 + 15 J-J Jan '11, 6
1 .0 0 0 . 0 0 0
252,715 Beg. b us. Mn y ’ 10 V.U0, p.1277
1,250,000
537,632
10
10 Q-M Me b a n 1 , 2 %
300,000
65.9S0
4
4
Q-U Feb ’ l l , 1
2,000,000 1,328.008
8
8
Q-J Mcll 31,’ l l , 2
r l,500.000
6
488,651
6
Q-J Men ’ l l , 1%
87.026
250,000
3
4
Q-J Apr ’ l l , 1%
69,432
200,000
6H
6)* Q-J Apr ’ l l , is4
6
60.UU0
32.030
6
Q-J M cb3Fll,l%
4
200.000
25,197
Q-J Apr ’ l l , 1%
300,000
110.632 _ _
7
Q-* Apr ’ l l . 2%
0
6 Q-M Dec30’ 10.1%
600,000
74.571
300,000
207.494
4H Q-J Apr ’ l l , 1%
200.000
6
94,000
7H Q-J Apr ’ 11.2
6
200,000
11,500
Q-J Apr ’ l l , 1%
1H
12
1,500,000 1,922,279
12
Q-J Apr '11, 3
8 Q-M Mch 31*11,2
250,000
8
193,197
6 M-N Nov '10, 3
200.000
43.113
6
100.000
8.494 See V. DO, p. 159
50.000
11,015 None None Q -11 Dec31’08,l%
2,000,000
945.794
7
7H UQ Apr ’ l l , 2
6
11500,000
6
112,237
Q-J Apr ’ 11,1%
5,000,000 t 1,627.998
6
7>4 Q-J Jan '11,2
4
60,000
6
10.053
Q-d Apr ‘11, 2%
600,000
8 + 2 Q-J Apr ’ l l , 2%
473,133 8 + 2
3,000,000
466,951
200,000
8
8
134,902
Q-J
1,600,000
3
223.720
6
Q-J
2,500,000 3,420,105
16
12 Q-M
250,000 ________ Beg. b us .Apr I’ l l
.92, p. 929
20U.OOO
26.611 Incorp orated 1908 .87, p .1133
1,250,000 1,636.301
9 Hi 11 + 5 Q-J
6,000,000 8,976,802 16 + 4 18 + 4
200,000
65.395
6 H 7+151 Q J
200,000
5
49,348
6>S Q-J
J.000,000 6,110,397
13
12
Q-J
750.000
229.803
6
6
QQ
200 000
60.426 Beg. b us. Oct 29’ 1
1.500,000 2,625.359
8
8
Q-J
200,000
73.760
0
0
500,000
149,758 Beg. b us. Deo 1 ’ 10 _____ p. 08
300.000
263.862
8
8
QJ Mch31'll,2
200.000
20.973 Bog. b us. J’ly 12'0
1 ,0 0 0 , 0 0 0
268.531 Comm onced bus.
200,000
36.984
5
J-J
1,200.000 1,225.974 *8 + 2
8 + 2 Q-M
1.250.000
0
187.857
a * Q-J
’ l l , Ug
2 0 0 .0 0 0
129.032
6 Q-M
II’ l l , 3,
200,9001
0
64.745
7H Q-J Jan •11.2 ;

1%

*Bld and asked prteea: no sales were mad* on this day. fMeh. 7 (doso ot business)
8 <°PcnlrlS
business) for State Institutions.
tolce Friday; latest priee this week, a Due Dee. 81. b Due June. * Also 20% In
V
<1«
.
t 0 9G000.009.
q Dividends wo paid Q-J. Wit*
tetrn payments Q-F. r Proposition to Increase capital to J2.000.000 ratilled Jan. 10. ^
thSJ»<»nlvaUat at 4% more earns from First
^ Savings Book. t Deo. 31 1910.
w t* addition the equivalent ot 1% came traas Elr'it^rrua*
^*rSo ? / ua" 7 ^
Ba« x .
v Proposal to tacreaso caDttAl to *2.000*000
m,tmcd. w Railway Exchange Bank absorbed by People’s Trust A Savings Bank. x7°S?i
V . 92> p. 851. c&X"«to«* dividend of
T iT v i




THE CHRONICLE

A pr . 15 1911.]

V o lu m e o f B u sin e ss a t S to c k E x c h a n g e s

1019

Ask
Rid Ask
Industrial and Miscel
1st
85
1 2 % 13
e Crucible Steel............ . 1 0 0
131
e Preferred_________ 1 0 0 ____ 78%
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
93%
Davls-Daly
Copper
Co.
.
.
1
0
* 1% 1 %
DAILY, WEEKLY AND YEARLY.
60
93
•e Diamond Match C o.. . 1 0 0
94
81)
duPont (E I) de Nem Po 100 155 160
90
e Preferred............ . 1 0 0 *S0% 87%
Stocks.
Railroad.
79
e Gold 4 Hs 1936... J-D 83% 84%
etc.,
U. S.
Week ending
Stale
34
Electric Boat___
100
Par value.
Shares.
Ronds.
Ronds.
Ronds.
April 11 1011.
G6
Preferred.. . .
.100
10
Empire Steel............ .100
77,420 $7,222,600 $1,403,500
15
$144,000
S a tu rd a y . .
£4
Preferred____
Telegraph and Telephone
169,57G 15,948,600
.100
57
2.036.500
103.500
M o n d a y ____
8 4 85 e General Chemical.. 100 130 135
e Amer ’l eleg it Cable__ 100
188,199 17,311,400
908.000
2,151,000
Tuesday----122
10/
e Preferred................ .100
e Central Sc So Amer___ 100
107,853
9,545,300
108%
225.000
2.052.500
W edn esday
Comm'l U11 Tel (N Y ).._2 5 105 ___ Gold Hill Copper.......... . . . 1
*716 «10
158,001
14,420,100
283.500
2.036.500
T h u r s d a y ...
6%
Empire & Bay State Tel. 100 65 ___ Greer,e-Cananea______ -.2 0
.IIOLI DAY
F r i d a y ______
50
40
Guggenheim Explor’ n. .100 1S8 193
Franklin _____________ 100
___ e Hackensack Water Co —
e Gold it Stock Teleg___100
86%
Ref g 4s ’52 op 1912 .J-J
e Northwestern Teleg____50 106 114
70
£0
Hall Signal Co com___ .100
Paclllo it Atlantic_______ 25 60
27
Week ending April 14.
Sales at
Jan. 1 to April 14.
4
98
Havana Tobacco Co__ .100
e Pao Telcp & Teleg pref 100 92
7
New York Stock
8
90 100
Preferred.................. .100
Southern
&
Atlantic____
25
15
1911.
| 1910.
Exchange.
1911.
1910.
1st g 5s June 1 1 9 2 2 .J-D / 59
61
Hecker-Jones-Jewell Milling
Companies
701,655
61,849,284 B * Ferry
3,827,704
Stocks—No. shares__
29,105,161
98
92
1st 6s 1922.............. _M-S 103 105
N Y 1st 6s 1911___ J-J
Par value_________ $64,448,000 $345,827,150 $2,579,878,100 $5,685,306,725 N Y & E R Ferry s t k ... 100
£0
Herring-Hall-Mar new. .100 20
32%
$25,100
$448,100
$35,700
Bank shares, par____
$767,200
GO
1st 5s 1922............... _M-N 50
Hoboken Land Sc Imp. .100 ___
Ronds.
103 105
98% 99%
N Y it Hob 5s May '46.J-D
1st 5s Nov 1930___
$149,500
$500
Government bonds__
$1 1 0 , 0 0 0
7% 8
Hob Fy 1st 5s 1946..Al-N 106 lo7
Houston Oil__________ .100
$1,664,000
19,446,200 N Y Sc N J 5s 1946........ J-J
1,214,000
39,250,500
99
97
Preferred . . ............ .100 50%
9,680,000
12,285,000
234,074,500 10th it 23d Sts F erry... 100 25
Rlt. and mlsc. bonds.
215,458,500
35
Hudson Realty_______ .100 —
65
75
1st mtge 5s 1919___ J-D
e Ingersoll-Rand com . .100 105 115*
$253,670,200 e Union Ferry stock___ 100 *24
Total bonds_______ $11,344,000 $13,499,500
$254,825,000
27
e Preferred_________ .100 94
98
e 1st 5s 1920________ M-N 95
Intercontinental Rubber 100 31% 32
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Internat’I Banking Co. .100
95
EXCHANGES.
International N ickel... .100 187 195
Short-Term Notes
92
Preferred________
Amal Cop 5s Apr 1 1913.. 1 0 0 1 ) 100%
95
1st g 5s 1932............ -A-O
93% y5
American CigarRoslon.
Philadelphia.
100% International Salt__ __ .100
4
Ser B 4s Mch 15 ’ 1 2 ..M-S
Week ending
8
/ 50
1st g 5s 1951..........
Balt Sc Ohio 4Hs 1913.J-D lOO^s 100%
April 14 1911.
Listed Unlisted
Rond
Bond
Listed
Unlisted
55
60
International Silver__ .100
Betldeh Steel 6s 1914..M-N IOD4 102
shares. shares.
sales.
80
shares.
sales.
shares.
Preferred............ ..... .100 112 110
Chic & Alton 5s 1913..Al-S 9 9 8 4 10J
9b% £9
111 1 1 2
1st 6s 1948_______
317,785 CIn Ham it D 4s 1913__ J-J
Saturday___________
1,245
6,795
3,224
1,768
$10,500
100% rnternat Smelt & Refg. .100 ___ 129
Monday____________
41,000 C O C * St L 5s, June 1911..
8.842
1,766
2,083
65.000
2,340
190 205
luo%
Internat
Time
Record.
.100
Tuesday___________
Erie
6s
Apr
8
1914_
_
A-OS
43,800
5.455
4,026
89.000
8,163
4,945
Preferred__________ .100 112 116
52,634 Hudson Companies
3,307
Wednesday_________
5,357
6,429
3,949
1 0 .0 0 0
101
Jones Sc Laughlln Steel Co
(is Oct 15 1911.......... A-O
4,552
34,737
Thursday__________
4,853
3,868
36,000
5,193
98
M-N
6s Feb 1 1913_______ F-A 97
DAY . . .
Friday ____________
Interb U T g 6s 1911..M-N
100% e Lackawanna Steel__ .100 47
4712
100%
e 1st con 5s 1950__ .Al-S 87% 90
19,2441
16,325 $189,956 K C Ry Sc Lt 6s '12___ M-S
Total ___________ 34,422
18,0691 $210,500
95
97
Minn Sc St L g 5s 1913..F-A
e Deb 5s 1915_____ .Al-S 959
93%
Mo Kan Sc Tex 5s May 1’ 13 99% 99% Lanston Monotype___ . 1 0 c
94%
4.30 Lawyers’ Mtge Co____ .lo t 255 260
e N Y C Lines Eq 5s ’ l l - ’22 !)412
64%
4.o() Leh & Wllkes-B Coal.. -.50 250 .75
4Hs Jan 1912-1925
1
o
038
c Lorlllard (P) pref____ 100 140 155
N Y Cent 4Ha 1914...M-S
All bond orlces nro now "and interest' exce.it where marked ' f.
40
Madison Sq Garden____ 100
60
N Y N H <t H 5s Jan 1912
85
2d 6s 1 9 1 9 ............. M-N
4Hs Mch 1 1912___ M-S 100>4
*J ’ l "
1U034 Manhattan Transit_____ 20
Street Railways
Street Railways
Pun Serv CorpNJ 5s'13.A-O
May Dept Stores_______ 100
67
St L & S F 4Hs '12 o p .F-A
Pub Serv Corp N J (Con) —
New York CUy
Preferred___________ 100 107Q 108%
89% 99%
5s Mob 1 1913.......... M-S
21
15
New’k Pas Ry 5s '30. .J-J 107'2 IO8I2 South Ry g 5s 1913___ F-A
Blocck St Sc Ful Fy stk.100
eMIaml Copper__________6
19
65
Rapid Tran St Ry___ 100 230 240
1st mtgo 4s 1950----------l-J 55
Monongahela R Coal____ 50
Tidewater 6s, 1913, guar__ 10134
8*4
1st 5s 1921............. A-O
B’y * 7th Avestk........... 100 124 131
Preferred .............. ....... 50
Wabash 4 Ha 1913___ M-N
99
J C Hob & Paterson—
2 d mtgo 5s 1914--------- J-J
114"
Mortgage Bond Co____ 100
West Telcp Sc T 5s '12.F-A 100% 101
4s g 1 9 4 9 ........... M-N
Con 03 1943—see Stock Exc list
70*2 77<2 Westlngh'se El it AI 6s 1913 101% 102
Nat Bank of Cuba_____ 100 107% 108%
10312
So J Gas El & Trae__ 100 136 138
B’way Surface 1st 5s gu 1924
«5% notes Oct 1917.A-O 94% 94% National Surety_______100 235
90
98
*3 »1 *
Gu g 5 3 1053........ Al-S
99
Cent’l Crosstown stock.. 100
Nev-Utah Min Sc Sm........ 10
No Hud Co Ry 6 s 1914 J-J 104
30
1st mtge 6 s 1922----- M-N / Vo” 85
e New Central Coal_____ 20
60
Railroad
5s 1 9 2 8 ..................J-J 104
15
5
Ceu Pk N ,t E ltlv stock. 100
Cldc Peor A St L—■
N Y Air Brake 6s—See Stock Exc list
93
1U
0
85
Ext 5s 1924.......... Al-N
Christoph'l & 10th Ststk 100
25
Prior lion g 4Hs "SO.Al-S / 87
e New York Dock_____ 100
30
Pat Ry con 6 s 1931..J-D 114
Col & 9th Ave 5s—See Stock Exc list
Con mtge g 5s 1930__ J-J ' . . . . 50
e Preferred _________100
68
10
2d 6 s opt 1914___ A-O 1 U0 103
Dry Dock E B Sc B—
Income 5s, July 1930___
N Y Mtge Sc Security__ 100 ____s 224%
I
ca
g
o
list
5%
So Side El (Chic)—See Ch
1st gold 5s 1932--------- J-D 95
*3% 5
Chicago Subway_______ 100
N Y Transportation........ 20
Scrip 5s 1914...............F-A / 30
40
95
Syracuse it T 5s 1916 ..Al-S
Northern Securities Stubs.. 100 106
Nlles-Bcm-Pond com__ 100
98
<35
Eighth Avenue stock...100 289 320
Trent P & II 5s 1913...J-D 97 100
Nlplsslng Mines........ ......... 5
Pitts Bess A L E ...............50 *30
1034
70
Scrip 6 3 1914_______ F-A / 95 1 0 0
Oblo Copper Co................. 10 *138
United Rys of St L—
Preferred........ ..............50 *60
1 0 l2 a
e Ontario Silver............... 100
42d & Gr St F’y stock.. 100
Com vot tr etts.......... 100
225
e Railroad Securities Co—
90
95
38
38*4
Otis
Elevator
com______100
42d St M Sc St N A v e ... 100
III C stk tr ctfs ser A__ 52
e Preferred _________ 100
70
98
1st mtge 6 3 1910___ M-S
Preferred ...................100
Gen 4s 1934—See Stock Exc list
Seaboard Company—
2d Income 6 s 1915___ J-J / 40
87% Pittsburgh Brewing____ 50
Unit Rys San Fran—See Stk Exc list
1st preferred........ ...... 100 85
*42
t
Exc
list
Preferred.......................50
Inter-Met—See Stock Exch ange
3512 3612
42%
Wash Ry & El Co.......... 100
Com & 2d pref—See Bal
89
Lex Av & Pav F 5s—See Stk Exc
e Pittsburgh Steel p r e f..100 10-% 103
Preferred.....................100
Seaboard Air Line—
55
4s 1951........................ J-D 85
Metropol St Ry—See Stk Exc
85>2
57
Coll 5s ext May 1911.M-S 100 100% Pope Mfg Co com_____ 100
75
Ninth Avenue stock___ 100 150
Preferred___________ 100
77
West Pao 1st 5s 1933..M-S 93% 93%
Socond Avenue stock__ 100
Pratt Sc Whitney pref.. 100 10212 105
(ias Securities
Industrial and Misccl
55
88% Producers Oil__________ 100
Consol 5« 1918......... .F-A / 45
125
Adams Exp g 4s 1947__ l-D / 87
New York
cRay Consol Copper—See S tk Bx list
Ahmeek Mining_________ 25 ♦165 175
* Sixth Avenue stock__ 100 1 2 2 130
85
75
Cent Un Gas 5.3 1927___ J-J 1C2
Sou Boulev 5s 1945___ J-J
3 4 Alliance Realty............... 100 120 125 Realty Assoc (Bklyn)__ 100 110 113
92
Con Gas (N Y ) —See Stock Exc list
10
Royal Bak Powd com__ 100 178 185
SoFer 1st 5s 1919_____ A-O
American Book________ 100 133 162
a Mutual Gas...................100 174 182
Preferred . . ________ 100 106 107
Third Avenue lilt—See Stk Exc list
American Brass________ 100 121 127
80
New Amsterdam Gas—
Safety Car Heat Sc Lt__ 100 123 124%
Tarry W P <t M 5s 1928. / 6 )
American Chicle com__ 100 235
1st consol 5s 1948___ J-J
85
Seneca Mining__________ 25
Y ’kers St R lt S3 1946 A-O 78
Preferred___________ 100 1U4 lt6
54
15
N Y it E R Gas 1st 5s ’44 J-J 103 105
25
Singer Mfg Co................. 100 2*90 310
28th & 29th Sts 5.3 ’9 6 ..A-O / 16
Am Graphophone co m .. 100
Consol 5s 1945.......... _J-J l,i0
25
3
South Iron Sc S com___ 100
Twenty-third St stock.. 100 190 215
Preferred___________ 100 22
50
60
131
N
Y
&
Richmond
G
a
s
..ICO
103
133
9
Preferred___________
100
Union Ry 1st 5s 1912__ F-A
Amer Hardware_______ 100
0912 10U2 Am Alaltlng Gs 1914___ J-D 100 lul
Nor Un 1st 5 3 1927___ M-N
75
Standard Cordage_____ 100
Westchester 1st 5 3 '43 J-J 65
*4
55
75
90
e Standard Gas com___ 100
£8
1st M g 5s '31 red___ A-O / *15
Amer Press Assoe'n___ 100
18
n
9
0
e
Prefe-red
.................
100
Adjust M 5s Apr 1 1931-.
Rrooklyn.
Am St Found now—See S tk Ex list
3
42
1st 5s 1930.................Al-N 103
Atlan Avenue Rlt—
Gs 1935...................... A-O 103
Standard Coupler com_100
45
70
72
Dob Is 1923................ 1
Con 5.3 g 1931.............A-O
Preferred___________ 100
16
Other Cities.
Standard Milling Co___ 100
97
American Surety________ 50 280 290
18
B B .t W E 5s 1933___ A-O
57
Am Gas & Elcc com........ 50 *55
American Thread pref___ 5 *434 511
Preferred___________ 100 48
50
Brooklyn City Stock........ 10 165
Preferred.......................50 *4212 43l2 Am Tobacco Co ooin___ 100 45o 455
1st 5s 1930_________ M-N 82
Con 5s—See Stock Exch ange
*284
C63
48
287
50
Amer Light Sc Tract___ 100
Amer Typefders com__ 100
Standard Oil of N J ........ 100
667
Bklyn Hgts 1st 5s 1911 A-O 98
Preferred.....................100 *105 106
Preferred___________ 100 100 103
Studebaker Corp com ..100 49
Bklyn Queens Co & Sul)—
50
*3g
Bay State Gas...................50
98% 100
Deb g 6s 1939.......... M-N
Preferred___________ 100 10134 103
*2
t 1st g 53 '41 op 1910 .J-J 08
Ulngh’ton (N Y) Gas Wks
Amer Writing Paper___ 100
1% 2% Swift Sc Co—See Boston Stk Exc list
e 1st con 5s '41 op ’ 16 M-N 07
96
99
1st g 5 3 1938............. .A-O
s Preferred— See Stock Ex ch’ge list
Bklyn Rap Tran—See Stock Exc
1st 5s. See Chicago Stk Exc list
Brooklyn Un Gas—Sec Stk Exo list
Coney Isl Sc Bklyn____ 100
45
Texas Company—See Stock Exc list
elst s f g 5s '19 red 105J-J 89% 90
3
Buffalo City Qas stock.. 100
78
5
1st cons g 4s 1918___ J-J
Atl Gif Sc W ISS Lines.. 100
9% 10% e Texas & Pacific Coal.. 100 £8
23
Con g 4s 1955________ (-J 75
1st 5s 1947—See Stock Exc list
Preferred.....................100 22
Title Ins Co of N Y .....1 0 0 135 140
72
72% Tonopah Min (Nevada)__ 1
*7% 7*4
Brk C & N 5s 1 939...J-J 98
Cities Servlco Co............. 100 65
Col tr g 5s 1959.......... J-J
4
40
Kings Co El 4s—See Stock Exc
Preferred.....................100 7614
Trenton Potteries com .. 100
Barney Sc Smith Car___ 100 «20
90
Nassau Elec prof_______ 100
Con Gas of N J 5s 1030 .J-J
Preferred new _______ 100 £0
Preferred.....................100 n8o 100
55
121 125
30
103
6 s 1944.......................A-O
Trow Directory............. .100
Consumers’ L II & l’ow—
Bliss Company com___ 50
1st 4s 1951—See Stock Exc
,5s 1938...................... J-D TOO
eUnderwood Typewriter 100
Preferred.................... 50 121 125
67%
N W 'b’g it Flat 1st ex 4H*
Denver Gas * Elec____ 100 190
^Preferred__________ 100 105 106
Bond A Mtge Guar____ 100 248 252
Stclnway 1st Os 1922.__ J-J 103
Gen g 5s 1949 op___ Al-N
91
Borden’s Cond Milk___ 100 120 121% Union Typewriter com .. 100 36
33
Elizabeth Gas Lt Co___ 100 300
1st preferred________ 100 105 110
Preferred___________ 100 168 110
Other Cities
Essex it Hudson Gas__ 100 144 1*4*6'
2d preferred............. ..100 100 105
British Col Copper____
5 *5% 5%
Buffalo Street Ry—
*50% 52
83
Gas it El Bergen Co___ 100
85
Butte Coalition Mining. 15 *16% 17% United Bk Note Corp__ 50
1st consol 5s 1931___ F-A 105 10512 e Or Rap 1st 5s 1915 ...F -A
3%
53%
Casein Co of Am 0 0 m___100
Preferred____________ 50 *52
56
105
Deb 03 1917...............A-O
60
Hudson Co Ga3 ________ 100 1*4*1 144
57
United Cigar Mfrs_____ 100
Preferred.......... .......... 100 £3
Columbus (O) St Ry___ 100
34
e Preferred__________ 100 102 104
Casualty Co of Amer— 100 125 140
8 Sl2 83% Indiana Lighting Co___ 100
36
4s 1958 op........ ......... F-A
3% *
Preferred...................100
65% 67
United Copper-------------- 100
Celluloid Co.....................100 128% 132
9
2
5
Colum Ry con 5s—See Plil la list
Indianapolis Gas
_____50
14
Cent Fireworks 0 0 m____ 100
Preferred___________ 100
Crosst'n 1st 5 3 1933..J-D
1st g 5s 1952...............A-O 77
30
U S Casualty...................100 215
Preferred___________ 100 10
76
74
Jackson Ga3 5s g 1937..A-0
e Conn Ry Sc. Ltg com__ 100
U S Envelope com_____ 100 68
92% Central Foundry_______ 100
81
e Lacledo Gas—See Stock E xch |1 St
e Preferred _________ 100 79
Preferred___________ 100 110 113*'
—
Preferred...................-100
U S Finishing__________ 100 92
1st & ref 4 A s—See Stock Exo list
e Preferred__________ 100 94
Deb 6s'19 redatl05.M -N r T o "
97
MadLson Gas 6 s 1926___A-O 103 108*
Chosebrough Mfg Co----- 100 700 800
Preferred___________ 100 105 110
Grand Rapidd Ry pref.. 100 SO 8 6
eClitno Copper Co— See Stoc k Exc 1i3t
1st g 0 3 1919________ J-J 100 105
« Loul.lv St 6,3 1930____ J-J IO6I4 10512 Newark Gas 6 3 1944____QQ 127 129
95
65
70
106%
1
00
Newark
Coasol
Gas.........
100
Con
g
5s
1929...............J-J
City Investing Co.......... 100
97
Lynn Sc Bos 1st 6 s 1924.J-D 104’ a
23
e Con g 5s 1948______J-D 104
27
e U S Indust Alcohol__ 100
Preferred___________ 100 100 102
2412 25
• New Or! Rys Sc Lgt__ 100
68I4 No Hudson L H & Pow—
e Preferred__________ 100 94 £9«
e Claflln (II B) 0 0 m......... 100 100 103
e Preferred__________ 100
95
53 1933...................... A-O
e 1st preferred----------- 100 £3
U 9 Steel Corporation—
Gen M g 4 Ha 1935—See S tk Ex list
e 3d preferred-----------100 95 —
Col tr s f 5s 1951 opt '11 . 114 114%
64%
«Pilb Serv Corp of N J— See Stk E xl 1st Padllo Gas Sc E, c o m ... 100 63
114 114%
Preferred ____________100 8812 90
Col tr s f 5s '51 not opt.
Col Sc Hook Coal Sc I pf.100
Tr otfs 2 % to 0 % perpet 105 106%
/
V
T
*7*6'' U S T ltG u Sc Indem----- 100 ____ 92%
Pat & Pas Gas * Elec.. 100 90
1st g 5s 1917------------ J-J
i . Col tr g b% notes '13 A-O IOOI4
95
75
Westchester & Bronx Title
Col tr 63 Oct I960------J-J / 4 5
e Con g 6 s 1949.........Al-S IOD2
1 North Jersey St R y ..l0 0
GO
15
Consol Car Heating----- 100
Sc Mtge Guar________ 100 160 16«
56%
,
1st 43 1948............ Al-N
91
84
77 "78" St Joseph Gas 5s 1937--J-J
2% 3% Westlngh’se Air Brake.. 60 *144% 145
Consol Rubber Tire----- 160
70!2
i Cons Tract of N J . . _100
76
22
Worthlngt’ n Pump pref. 100 105 110
Preferred_____ _____ 100 20
1st 6 a 1933.............J-D 104
42
__________________ J_______
Debenture 4s 1961..
1961..A-O
A-O / 41% 41
1 New stock. * Ex-dlv.
1 Kx-rlghta
;T*P«jr share. f> Basis. « tie 11s on Stock E xofiango/but not very active. / Flat price, n Nominal, s Sale prioe
Electric Companies
Rid
Chicago Edison Co—See Ch cago
Gr’t West Pow 5s 1940..J-J 82
e Klng3 Co El L & P Co. 100 130
Narragan (Prov) El Co__ 50 *91
N Y Sc Q El L & Pow Co. 100 50
Preferred____ _____ -100 75
United Electric of N J___100 85
1st g 4s 1949...............J-D 7S14
Western Power com____ 100 32
Preferred___________ 100 62

120OI
110

10

100

100
100
100-34
100
100

O u tsid e S e c u r itie s




102

10018 161
100%
1001
100>.
100%100%
100 100Q
102

101

102

100

101i2 102l2

200

88>2

66
181
***2212
112

*101-)
1%
681%1002
*21% 21%

IO I

101 101%
102

1011;

10*6*

102

88 210

00

100

10412
100 10012
101 10212

12 20
/ 88 80

68

100

10034
10434

102%

126

2
100 110
86

102
8
66%

BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Monday
Saturday
April 8 | April 10

Tuesday
April 11

Wednesday
April 12.

Thursday
April 13.

Friday
April 14.

Sales
of the
Week
Shares

STOCKS

BOSTON STOCK
E XC H AN G E

Range Since January 1.
On basts o f 100-share lots.
Lowest.

Kailronds
75 Atch Top <Ss Santa Fe. 10c 102U Jan 5
109*3 109's 108R 108*2 1077g 1077s *1081,8 108*8 10778 1077s Exchange
llo
pret__________ 100 IOII3 Jan 3
102ls 1021S *102 103 * 101*4 102R *101*4 102R '102 103
28
Closed.
Boston & A lbany____ 100 219 2 Apr 13
220 220
221 221
220 220
22012 22012 219R 220
Good
12712 127*2 127*2 128
128 128U 127R 127R
H27D 128
533 Boston Elevated______100 zl2 7 R F e b 3
Friday.
Boston & Lowell_____ 100 207 F e b 1
211 211 *210
____ 2IU 4 21H.1
1210
------ *210
115*2 11519 115*2 1151? *115 11512 115 115
83 Boston & Maine______100 114 A p r 7
l is t s 116
Boston & Pro vldence. 100 292 Me h 2 1
*____ 295
291*4 29434 29512 295R '295 296
1____295
14 M oh 1
Boston Suburban El Cos.
*14
15
*14
15
*14
15
*14
15
Last Sale 16
Mch’ ll
72 Jan 6
Do
pre£_____________
*71
75
75
*70
75
*72
____ *71
74
74
6 F e b 15
Boston & Wore Elec Ccs.
* 8R 11
* 8R 11
*812 11
*8
11
Last Sale 8l2 Mch’ l l
38*2 j a u 3
Do
pref_____________
44
4434 44*.i *4412 ____
44
*43t2 ____
185
45
45U
1157R ____ 13712 157*2 *15712 ____ +157R 15SU 157*2 15712
25 Chic June Ry & U SV . 100 156R A p r 5
Do
pref__________ 100 107 M ch 17
1108
____ * 10S12 ____ 10S 108*2 108 108
15
108 108
1269 272 *269 270 *209 270 *269 270
5 Connecticut Kiver___ 100 205 Jan 31
270 270
128 126
125 125
126 126
92 Fitchburg, pref_______ 1 0 0 125 A p r 10
126 126
'126 127
132 133 * ___
1____ 133
133*4 * ____133
50 Ua Hy & Electric____ 100 117R Jan 23
«___ 133*4
Do
pref__________ 1 0 0
85 F e b 20
90
91
91
*88*4 89*4
90
55
*89
90
*89
90
Maine Central________ 100 211 Mch 17
1
. 205
Last Sale 211 Mch’ l l
l.>i2 M ch 8
17
17
*17
____
’ 545 Mass Electric Cos____ 100
17lS 17*8
17
17"
* 16*4 17
Do
pref__________
1
0
0
833i
Jan 9
*8712 88
87*4 88
87*8 87*8
871? 87R
116
8712 8712
146R 147
14.6*4 147
146% 147
475 N Y N H & H artford. 10C 146*2 M c h 24
146R 1467S 146R 146*4
106 139 Jail 13
*141
5 Northern N H ___
114012____ *14012 —
____ 141 141
*141
Norwich & Wor pref. 100 210 Jan 20
211 211 *210
____
185 185
185 185 * __
185 *184
13 Old Colony__________ 1 0 0 183 M ch 15
■184 185
185
32 J an 26
Rutland pref_________ 1 0 0
40
24
*39
40
*39
*39
40
39
40
*39
40
Seattle Electric_______100 zlOO Jail 0
1106 107 *106 106R *106 106l2 *108 107
Last Sale 106 Mch’ l l
Do
pref__________ 1 0 0 z9 <R M ch 13
98
98 *___
1____ 98U
98 * ____ 98
" l9
98
98
123 Union P ad lie________ 100 171 Jan 3
17012 176D +176l2 176*4 17578 176
170 176
■176*4 176*4
Do
pref__________ 100
90 M ch 9
9419 *9312 94
*94t2 95
*94
91*4 *94
Last Sale 92-*4 Mch’ l l
Vermont & Mass_____ 100 150 M ch 21
1157
------ *157
*156
158 158
•158
____
West
End
St__________
D
O
89*2 F eb 1
136
S912 89R ♦89R 90
8912 8912 *8919 90
*89*8 90
Do
pref___________ 50 102 F e b 27
277
1103 103D 103U 103U 103 103U IO3I4 103U
/Miscellaneous
46R Jan 3
Amcr
Agricul
Chem._100
1,280
57
57
56*4 57R
57U 573i
57*2 5712
57
57*4
Do
pref__________ 100 99 Jan 0
496
101 101*8 101*s 101*8 IOII9 101*8 101R 101*8 101R 101*4
4R Jau 4
85 Amer Pneu Service____ 50
*4*4
5
4*4
♦45g
5
*4*4
5
*4*4
5
4*4
Do p r e f ................ 50 14 Jan 3
125
15*4 15*2
*15!S 16
*15*8 16
151* 15*8 *15>8 16
194 Amer Sugar Relin____ 100 113*4 Jail 5
119 119
118*8 119
110*2 119R 118*8 119R 118R 119
Do
pref................... 1 0 0 111*4 Jail 5
115
116R 1167g 116*4 117
llO R 117
116*2 117
1116 117
2,432 Amer Telco A T e!eg..10 0 140 Jan 3
14578 146
115*4 14618 145*8 1457g 145*4 1457« 145*8 145*4
American W oolen____ 100 31 Jan 4
*34
341_
35
31R 3412 *34
31
34
Do
prei______
100 zS6 Atch 29
2,925
907g
90
9012 9H2
9019 90*4
89
89*8 891.1 91
8Q Jan 17
25 Atl Gulf & W 1 S S I.. 100
9l3 919 *9*s I d s
*9-*g 1018
*0*4 1018
21 A lc h ll
Do
pref__________ 100
255
2219 *22
23
*22
23
*22
23
22
2212 22
5*2 Jan 13
Boston Land_____
10
812 *8
81- .*8
812
Last Sale
Mch’ ll
*8
81a *8
Dumb Tetep A TelegllOO 145U Jan 10
<148 152
150 150 *147 150 *149 150R *149 152
7U Jan 18
265 East Boston L and...........
978
*9*4 10
9*4
9I2 9*4
9*4
973
9*4
978
Edison E'ec Iliu m ., loo 2S2 A p r 3
1____300
284 284 *284
____ :284 284
*284
454 General E le ctric.. ..1 0 0 zl45*8 M ch 3
15178 152
149 15012 150*s 152
150 151
‘150 151
87*4 Jan 3
484 MassachusettsGasCos 1 0 0
91*4 92
92R 9219 92U 92li
*911.1 9134 91*4 91*4
95 J an 3
Do
pref__________ 100
__ *95U 96
90
96
*95
96
96
*95*4 97
74 .Mergenthaler LI 110 ___ 1 0 0 211 Jan 4
216 216 +215R 217 *216U 217
217 217
3*2 AlcU20
■Mexican Telephone.. 10
*:jio
4I2
3R
*312 4R
3*2
*312 4*9
*312
412
N E Cotton Yarn____100 110 Jan 3
112 112 *112 11319 *112
113R 112 112
106
Jan 3
Do
pref...................100
Last Sale
1112 1131" *112 113R *112 113*9 * ____ 114
Apr’ 11
N E Telephone_______100 137 Jan 14
141 141 *142 144
141 143
141 143
141 141
96 Jan 9
Pacific Coast P o w e r .. 100
1102 1031" 1101 10312 *100 103 *101
103
Las'. Sale
Apr’ 11
16012 16012 100 160R
"325 Pullman Co__________ 1 0 0 158 M ch 6
160 101
160 IGOR 160R 161
14R
130 Reece B u tton -H ole.. 10 z l2 Jan 5
14
14*4 *14
14U 14U
14U 14U
14U 14U
239 Swift A Co....... ............. 100 100 Jail 26
1101U 10U2 lOlU BUR lo lU 101R 101*9 lO lR
32R
32R
138 Torrlngton____________ 25 30 F e b 1
317S
3178
32
32
32*4 32*,
32
32
27 M ch 23
Do
pret___________ 25
*27R 28R *2719 29
27*4 28
28
28
28
28
617 United Fruit_________ 100 180 M ch 13
184R 18512 186 188
188R 190
187R 189
18712 189
54U Jail 13
Un
Shoe
Mach
Corp._
25
1,089
5412
5434
547S
54R 5412
55
55
55*2
55
55
28lg M ch 30
Do
pref___________ 25
434
*28U 2812 28*4 28*|
28U 281?
28*s 2812
28*8 28*8
7138 Jail 3
3,910 U S Steel C orp________100
76*4 77U
76*4 77
77U 77*4 77U 77*4
76*8 77
Do
pref__________ 100 116*4 Jan 3
118*4 H 9
119 119*8 119 120
118*8 llOU 118*8 n o
10i2 Jan 17
145 .Vest Telep A Teleg._10G
19*2 *1S12 20
* 19
20
*1812 20
19
19
19
89 Jan 23
Do
pret__________ 100
94
94
94
94
*93
94
*93*4 94
*93
94
Alining
5 M ch 25
271 Adventure Con________25
*5
5
5
5*8
5
5
*5
5U
6 Jan 24
185 Algomah M ining_______ 25
7R
7R
7*.|
7*8 7»s
7*4
7U
*7U
7U
7U
Ailouez________________
25
32
Apr 6
25
32
32
*
____
33
34
33
33
*32
34
*33
2,367 Amalgamated Copper lOO 61 Jan 3
6214
6212
61*4 62
61*4 62U
62U 02U
62U 62*8
23 Jan 27
45 Am Zinc Lead A 8 m . . 25
2419 24R *24
25
25
*24U 25 *__
*24R 25
13 Jan 12
272 Arizona Commercial- 25
1312 1312
13R
13
13U
13
13U
1312 13R *13
Atlantic ____________ 25
3 A p r 12
*3
3*4
3D
3
3
3R
*3
3R
312 *3
’ 10 .50 Jan 5
150 Bonanza Dev Co
.50
.50
.50
*.50
.60
.50
.60
* .50
.60 * .50
Bos
ACorbCop&SilMg
5
H
R Jan 13
105
♦
H
R
1219
12
11R
*1112
1U2
*11*4 12U
4*2 Jail 30
47S 47a
f>5 Uutte-Balaklava C op. 10
*4o«
5
5
5 1 15-lt
*4*4
5
17 A p r 7
160 Butte Coalition_____ 1 5
17U- 171
17*9
17*2 17*2 *17
i7 i2 1712
171.1 171.1
46 Jan 19
283 Calumet A A rizo n a .. 10
49*2 49U
49
49
48*4 SO
4912 4912 49R 50
Calumet A T le cla ... 25 470 F eb 27
485 488 *485 488
483 483 *481 485
♦480 490
Centennial____________ 2 5
♦ H R 12
1U2 J an 30
12
*11
12
*1U 2 12R *11
Cons Mercur Gold” ”
1 .05 Jan 6
Last Sale .07
____
* . 0 8 ____
Apr’ 11
* .08
* .08
. . - * .08
60 A p r 4
60U 0012 60U 00i2
1,164 Copper Range Con Co 100
61
60U 601?
60
60*8 60
Daly-W est____________ 2 0
412 412
3 F eb 8
*412
458
*412 4*4
*4U
*414
434
4*4
11*8 Jan 11
1134 11*4
1,953 East Butte Cop M in .. 10
11*4 12
12
1134 12U
12U
Last Sale .18 Mch’ l l
Elm River_____________12 ,15 Jan 30
7 Jan 21
9i2 91
9*8
9*8
"638 F ranklin______________25
912 9*2
9U
9U
9
9U
5*4 M ch 1C
5*4
6
5 13-16
1,410 Giroux Consolidated. 5
6 5 13-16 6
6
6
30 Jan 26
30l2 3012
30lo
151 Granby Consolidated. 100
*3012 3078 +30R 3078 30*2 3012 30
£5g M ch 10
854 Greene Cananea_____ 20
6*2
6%
612
6*8
6*8
612 6*s 6 7-16
18 Jan 24
22R
175 Hancock Consolidated 25
22
22
22
22*8 22*s
134
1 Jan 20
Helvetia Copper_____ 25
1*9
1*4 *112
* 119
13,
ID *112 1*1
1>2
HU Jan 30
12
12
165 Indiana Mining________25
12
12U *12
12*8 12*8
1212
Island Creek C o a l___
1 30*8 A p r 7
Last Sale 30*8 Apr’ 11
*30*4 31
*301.4 31
*30U 31
*301.4 31
Do pref__________ 1 87 F e b 3
88I.1 8812 8812
S8I9 88
88
88
8812 88R 88*9
12lg A p r 8
12*9 12*9 * 12U 13
460 Isle Royale C o p p e r.. 25
12R 12R
12*4 12*4
12*8 12R
6U A p r 3
5
1,375 Kerr Lake__________
6*5
6*8 6 5-16 6*8
5 5-16 6 5-16 *01.1 6 5-16
6*8
6*4
2 Jan 28
2U
21.4
85 Keweenaw C opper__ 25
*2
212
+2U
2*4
2U
2R
2*4
2U
31U A p r 12
32
255 Lake Copper Co_____25
3H 2 3H?
31U 3H 2 *31
3H 2 3H 2 3H» 31*,
La Salle Copper_____ 25
4 M ch IS
*4
41l
4
4
4U
4*s
4U
4U
4*4
4*4
Mass Consol___________ 25
0 M ch 30
Last Sale 6is
Apr’ 11
*6
6*2
*6
6*8
*0
63S *6
6*8
"260 Mayflower ___________ 25 .20 F e b 18
1
1
Us
1*4
1
1
*1
1*4
1U
1*4
Mexico Cons M A S - . 10 .01 Meh27
Last Sale .01
Mch’ l l
Miami Copper_______
5 18U A p r 6
Last Sale 18U Apr’ 11
*18*8 18*8 *18*8 1812 *18U 1812 *18U 18U
1*1 A p r 7
*H 2 2
150 Michigan______________25
*134
2
2
2
*11»
2
*13t
2
36*2 A p r 12
40 Mohawk_____________ 25
36i2 37
37
37
3612 37
*36
37U *3012 30*j
Nevada
Consolidated.
5 17'g A p r 11
651
18
18
177g 177g
*18
18U
18
177g 177g
18*4
212 Alch £
15 New Arcadian Copper 25
*2I2 3
*2R
au
*2I2
3U
3
2*4
23.1 +219
5 10*2 Jan 3
744 Nlpisslng Mines_____
10R 1034
10R 10I2 1012 1012
10->8 10*8
5,165 North Butte__________ 15 26*2 Jan 30
27*4 2814
2712 287g 281g 29
27U 28
27*4 27*4
5 Apr 5
485 North Lake___________ 25
512 5*4
5
5
5
5U
5
5
5*8
5*4
5 Jail 17
80 Ollbway Mining_____ 25
*534 6
6
5*4
*512 6
5U
512 *5R
6*4
465 Old Colony___________ 25 .50 Jan 5
1
1
*1
1
1
.99
1
*.85
1*8
1U
125 Old Dominion Co____25
36*2 A p r 1
*3612 38
37
37
*37
38
37
37
37
37
O sce o la _______________25 103R A p r 8
103R 10312 *100 105 *100 105 *103 105 *100 104
*11
11 Jan 26
105 Barrot Silver A C op . 10
*11
13
13
1112 m 2 l l l o 1112 *11U 13
72 Quincy________________ 25
65 Jan 25
6712 6712 68
69
69
*6712 09
69
*6719 69
177 Ray Consol C o p p e r.. 10
15*4 16*4 *15*8 ld g
I&5g A p r 7
*15*4 16U
16U 161s
16*4 16U
Santa Fe Gold A C op . 10
1 M ch 27
*1
Apr’ 11
Last Sale ll8
*1
Us
llg
1*8 *1
1*8 *1
10
"507 S h a n n on ______________ 10
10
10
10 Alch 30
10
10U
10
101,8 101.8
500 South Utah M A S---- 5 .76 A p r 12
.85
.81
.81
* .75
.85 * .75
.70
.76
.76
.76
34
33
7 Superior_____________ 25 33 A p r 7
*33
33
*33
34
*33
34
33
33
3
3
3
1,248 Superior A Boston Min 10 2 iU a A p r 7
3U
3
3*j
3
3
215-16 1*18
13*4 13*4
423 SuperiorAPitts C opp- 10
137g 14
13*4 13*4
13*2 Jail 3
13*.t 14
14
14
Tam arack____________ 25 36i2 A p r 6
*38
40
40
Apr’ l l
Last Sale 38
*38
40
*37
*37
40
4
242 Trinity_______________ 25
4
37g A p r 12
37g
4I4 *4
4U
4
4*8
4
4
34
34U
341.1 3419 3412 3412
915 U S Smelt Ref A Min. 50 33 U A p r 7
34
33
3312 34
45!2 45R
Do
pref__________ 50
45*4 45*.|
4534 4 5*4
45R A p r 4
047
45^4 45^4 45*9 45%
21?
2 Alch 10
300 Utah-Apex Mining---2R
2*8
2*8
*2*s
2 7-16 2 7-10
*2*8
1312 13R
13
13
13
9*4 Jail 20
237 Utah Consolidated---*13
1312 13
13
13
43*9 43*2
43l2 4312
48 Utah Copper Co_____ 10
44
44
43*8
43 A p r 11
43
*4378
ID
290 Victoria ______________25
*1 9-10 134
ID 1 9-16 1 9-16 1 9-16 19-16 *19-16 1 %
1*2 M c h 23
OR
6R
W in on a _____________ 25
012 6 2
*819
7
*Glo
6*2 A p r 12
*6*9
7
7
108 108
W olverine____________ 25 108 A p r 13
* ____ 110 *__
no
no
no *
no
1R
112 *1*4
VVyandott___________ 2 1 1U Jan 25
1*4
1*4
*1*4
158
1*8 *1U
1*8
* 131 j, and asked price', d New stock, e Ass’ t paid. 0 Ex-stock div, h Ex-rights, a Ex-dlv. and rights.




49
6
8

‘210 __

2

” 16

9*3 9*s

‘21712__
112 112

10H2 101*8

‘__ 518

45

” lS
20
111
10
110
‘211
122

221
110

102

12

12 12

6

1178 121a

120

6*8
*226*8 2212
12l8 1218

’ 100
"212
112

1012 1012

20

10 10

*2*8 212
I

00
11
110

Highest.

Range for Previous
Year (1910).
Lowest.

Highest.

CIR J ’ly
110*8 M ch 29
9 /I- Aug
103U F eb 1
226 F eb 15 118 J ’ ne
129'g Feb 1 5122 A u g
216 Jail 4 20 j J ’ ly
122*8 T e a 15 /Ills D ee
309 M ch 6 185 O ct
14 J ’ne
13 M ch 15
Vo J'ly
75 M ch 9
8 Alch
9 F e b H>
35 A u g
45U A p r 13
139 Sep
161 F e b 27
11 i F e b 20 109 O ct
270 A p i 13 260 O ct
12’47i Sep
130 Jan 4
131 Alch 15 104 .Jan
85 A p r
93 M ch 7
215 J a n 18 I 202 Fen
141.1 J ’ ly
l j F eb 1
75 J 'ly
88 Fen 2
149 A p r
151*3 F e b 23
142 Alch 6 139 Dec
210 M av
211 A p r i l
189 Jan 3 ls lb i Sep
2a May
43 F e b 21
112 F e b 27 101 A u g
08*4 Auv
10234 Jan 9
1807s F eb 6 i o j i .1 J 'ly
86i.i J ’ ly
94*8 F eb IG
15 , O ct
160 F e b 21
83 Sep
93 Alch 22
10 J 'ly
105 Jau 10

27J M cll
13JR Jan
123 O ct
90 O ct
218 D ec
219 N o v
86*4 N’ OV
102V Men
i 1 D ec
2I 2 Mch
;00 Jan
4 1R N o v
l i e Jail
1U0 Alch
201R Jail
103*3 Jau
1U& Jail
951 ■ Mch
109 F e b

5912 F e b 28
go J ’ly
IgR D ec
105 1 Alch 1
4 D ec
OR Jan 20
I3':, D ec
1 )i4 Jan 31
O ct
122 F e b 27 i l l
119 F eb 2 111*1 O ct
147*"’s Alch 29 I27‘.i J 'ly
26 J'ly
36 1 Alch 20
95*4 F eb 8
00Q D ec
7 Alch
10*2 Jan 25
16 May
20 Jan 31
4R J 'ly
8 Alch 7
151*4 Alch 13 !38 : J ’ly
l c 't F eb 26
77s A pr
292*9 F eb 3 .239 JiiU
155»s F eb 10 135 J ’ly
76*4 F eb
94 Jan 20
89 May
98 M ch 25
22H,t F e b 18 212R Dee
2*4 Jan
4*8 Jan 31
|l:7 Sep
119 Mch 14
93R Aug
116R Alch 1.
Y2J-> Aug
145 F e b 14
93'4 N ov
1)3 Alch 28
153 J ’ne
163 Jan 30
1H.| Jau
1134 A p r 4
10'J Jan
102*4 Alch 6
28 M ch
36 Jail 3
27 Jan
29 Jan 17
192R Jail 19
lUoR Jail
46*i J ’ ly
587s F e b 18
257i J ’ ly
29*4 Jau 31
61*8 J ’ ly
82*8 F eb 6
in
J ’ ly
120*2 F e b 2
14 Feb
2314 F e b o
81 A u g
07 F e b 3

•-9R O ct
1; 5 Sep
8 7; F eb
2-1 F eb
127 M en
121 M ch
1437g N o v
3VR Mcll
1941, Alch
H R Jan
28 Jau
si" Jan
152R Alcll
11»8 Jan
292l2 N o v
10JR Jan
91*8 N o v
07 Men
16 N o v
0*4 Alay
121 Jan
115 Jan
138*4 Deo
100 Jan
200 F e b
14 O ct
109*4 Jan
37 D ec
31 M ay
2c0 Sep
/I* , A pr
31 Jail
90*4 Jail
126*8 Jan
1,j*4 Sep
94 Jail

4 J ’ ly
734 D ec
31 J ’ ly
557| J ’ ly
t j r J 'ly
i 2‘. May
5 J ’nu
5 j M ch
10 May
410 N o v
15’,s J ’ ne
44*4 J ’ly
509 J ’ly
131) J 'ly
01 j ’ly
58 Feb
3R Sep
07i J ’ ly
.05 O ct
9 D ee
0 J ’ ly
20 J ’ly
6*8 Sep
14*i J 'ly
134 O ct
10 J ’ ly
3U*.i D ec
8414 N o v
13*2 Alay
zO Sep
3 J ’ ly
281? J ’ly
6*4 D ec
4*2 Atch
.35 O ct
.*,1 N o v
17 J l.v
3*4 D ec
43 J ’ ly
17*8 J ’ly
3R J ’ ly
9*4 Jan
18 J ’ne
6^4 D ec
5 Sep
.25 A u g
291? J 'n e
114 J ’ly
11 D ec
66 J ’ ly
I57i J ’ ly
17i N ov
8*4 J ’ly
1 Dec
36 J ’ ly
4% D ec
9 J ’ ly
45R J ’ ne
4R D ec
30 D ec
45*4 J ’ ly
2 D ec
12R D ec
7/39*4 J ’ no
2 Dec
5 J ’ ly
102 J ’ ly
lVi j ; i y

10 F eb
1434 Sep
F eb
60*.| Jan
4UR Jan
50*4 Jan
1214 Jan
,7U Alch
247i Jan
18i4 Alay
28R Jail
103 Jan
G85 Jan
38 Jan
.16 Jan
85 Jan
9 5f M ch
14 N o v
2R F eb
22R M ch
I2i2 Jan
1IU 4 Jan
117g Jail
33 Jail
67s Jan
44*4 Meh
33*4 O ct
90 N ov
28R Jan
11 Jan
6*1 Jan
94*2 Jail
*9 Jail
1UB8 O ct
l's Jail
6 Jan
29 Jan
s i2 Jan
75 Jan
27R Jail
10*8 Jan
12 Alay
50 Jan
257g M ch
1234 Jan
1*4 F e b
65 J an
106 Jail
21*j Jail
92 M ch
24*4 Mch
2*4 Jail
18 Jan
Jan
G8I4 Jan
18 Jau
10»g Jau
78 Jan
11*8 Jan
55 Jan
63is Jan
6i4 Jail
46 Jan
COR Jail

7 Jan 5
8*2 F e b 3
39 Jan 4
67 F e b (1
25*4 Jail 7
157s F eb 10
6I4 F e b 2
.55 F e b 16
13*4 F e b 3
6*2 Jan 14
19*4 F e b 6
55 F e b 3
545 Jan 4
IS R Jaa 4
.07 A p r 3
69*4 F eb 2
5 M ch 21
1314 F e b 2
.20 Jan 6
elOR Feb 20
8*i F e b 6
40*2 Jan 4
7 Jau 9
e243.i Mcll 1
2 Feb 4
137s F e b 6
34 Jan 9
90 Jan 9
16*2 Jan 4
7'g Jail 21
3R Jan 3
38 F e b 21
6 Jan 3
8 Jan 3
HlO Alch 31
.25 Jan 16
20*3 F e b 1
31? Jan 4
4 5R Jan 7
19*4 F e b 6
334 F eb 8
11*8 F e b 17
30*2 F e b 9
7*.| Jail 9
7H F e b 15
U4 M ch 30
42 Jan 13
124 J an 3
12*4 F eb 2
71 J an 3
18*s Jail 4
IR Jan 5
12*4 F e b 2
1 F eb 1
42*2 Jail 3
6 J an 7
15*8 F e b 3
52 Jau 3
5 Jan 3
37*2 F e b 4
48 M ch 1
3 Jan 5
15 M ch 14
46*8 I’’ eh 6
2*2 F e b 7
OR F eb 6
122 F e b 10
2 F eb 6

123R Jan
1041, Jau
231 ,a n
130*4 Jan
22/ Feb
152 F eb
3 0 N ov
H I, N o v
76 A p r
K R Sep
4. .1a a
160 D e c

ll>

Jau

bo

5*4

15
150

3*4

Jan
J an
Jan
Jan

1031

Boston Bond Record

A pr . 15 1911.]
BOSTON STOCK KXOH'GE
W kkk Knuinc. A pk :l 13

Price
Thursday
A p ril 13

u l

Wee/Js
Range or
Last Sale

BONUS.
BOSTON STOCK KXOH ’ GE
W kkk End i no A pkii. 13

S°
a5-e

1 lift d
Ask'I.ov>
Am Agrlonl Clicm 1st 5 s..1928 A-O ...................101 *i
Am T e le p * Tel coll tr 48.1929 J - j l 90*8 S a le) 90
Convertible 4s................ 1930M. 8 1 0 8 34 sale Il 0 8 34
Am Writ l ’aner 1st s 15s y 1919 J . j ................... 1 ill)
Am Zinc 1. & S deb Os.. .. 1915 M-N
Ariz Com Cop 1st conv Os 1920 J-D
Atoll T o p * S F eg en g 4 s ..1995 A-O 0 8 76 99*4
Adjustment g 4#...... J'ly 1995 Nov
9u**4 01'
Stamped ..~.......... J ’ly 1995 M-N
6 0 -yearconv 4s........... 1955 J-D
10-year conv 5s........... 1917 J-D
Atl Oult & W XSS L iu es5 s.’59 j - J
Boston Elect 1. consol o s .1924 Jl-S
Boston * Lowell 4s.......... 1910 J - J
Boston os .Maine 4 “as........ 19441J-J
Boston Terminal let 3*48.1947| F-A
Bur * Alo Kiv cons O s__ 1918 J - J
B u t t e * Boston 1st Os__ 1917 A-O
Butto Elec& Pow 1st g 5s. 1951 J-I)
Cellar Bap & .Mo it 1st 7 s .1910 M-N
Cent Vermt 1st g 4 s..M a y l9 2 0 .Q .F
C B & <4 Iowa Div 1st 58.1919 A-O
Iowa Dlv 1st 4 s .............1919 A-O
Debenture 5s..................1913 M-N
Denver Exten 4s........... 192 2 'F-A
Nebraska Exten 4 s ...... 1927 M-N
3 * S W 8 t 4s................ 1921
Illinois Div 3 >08 .............1949
Cnlo J o By * 8tu Yus 58.1915 J-J 1013,* sale
Coll trust reloading g 481940 A-O
SO'* 9 0 ’
Oil Mil & St T Dub D Os.. 1920 J -J
Oil M <fe Ht T W 18 V div 0sl929 J - J
Chic os No Mien 1st gu 58.193 d M-N
Ohio A W Mlcb gen i>8___ 1921 J D
Oonoonl <fc Mont cons 4 s ..1920 J -D
Oonti * Bass B 1st g 48... 1913' A-O
Cudahy Tack (The) 1st g 5s 1924 M-N
Current Uiver 1st 5s......... 1920 A-O
Dot Gr Bap <fc W 1st 4 s ... 194G1A-O
Dominion Coal 1st 8 t Os..1910 M-N
ffitouburg 4 s .......................1915 M-S
4 s ...................................... 19271M-S
Fromt E lk * Mo V 1st On. .1933 A-O
Unstainpeu let. Os........... 1033 A-O
Ot N oi C B * y coll tr 4s 192lj J - J
Uoglatored48................... 1921IQ-J I

102
83 ....85

....|
""
...J
1

1U3

103 *u

..............
87*-. 9o*u
... .

. 1 1U0**4 1 0 1 * 6
...J 99 ’4 1 0 0
U3;*6 18**6
99 *8 9 9 ‘s
87 ®8 83*4
13 1 0 0 1 0 1 3fc
'i. 8934 90 **4
! 1 14 1 1 1
. 1 113**6 1 13*8
4
98*u 1 0 1
100
lOl*^
— !
* 1 ■9 7 ” '9 7 "
87
.. . . 87
1 9534 Vt) ‘ 2
•••■*i
127*4 127
96 *u 90 82
95**8 95 7a

Illinois Steel deben 5s___1913 A-O
la F all8*S iou x C ist 7 s.. 1917 a -O
Kan C Clin * Spr 1st 5 s ... 1925 A O
Kan C Ft S * Gull ext 5s.. 19 11 J-I)
Kan C Ft Scott * M Os___1928 M-N
Kan O M * li gen 4s.......... 1934 M- S ;
Assented income 5s.......1934 M S:
Kan C * M B y * Br 1st 5slU29 A-O
Maine Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 s ...................... 1912 A-O
Maro llough * Ont 1 st Os.1925 A-O
.Mass Gas 4 'u s .....................1929 J .1
.\1 ich T elep lst 5 s................1917 J -J
.llinue Gcu Klee con y 5s 1929 J.J
N ew Eng Col Yarn 5s___1929 F-A
New Eng Telepli 5s.......... 1915 A-Ol
5s........................................ 1910 A-Oi
N ow England cons g 5s... .945 j - j
Boston Term 1st 4s.......1939 A-O!
N ew ltiver t’fh o ) conv 5s. 1934 J - J
N Y N H * 11 con deb 3 ‘uslooG j - J '
Conv deb Os ( e t t s )........ 1948 J-Ji
Old Colony gold 4 s ............1924 F-A
Grey By * Nav con g 48.. 194u J-l)
Greg Sh l.iue 1st g Os....... 1922 F-A
Tore Marquette deb g 08.. 1912 j - J
Bepub Valley 1st s XOs...1919 J -J
llutland 1st con gen 4*48.1941 J - J
Butlaml-Cauadian 1st 4sl949 J-J
Savannah Klee 1st cons 5s. 19521J - J
Seattle Eleo 1st g 5s........ 1930 F-A
Shannon.Ann 1st g Os
1919 .M-N
Terre Haute Klee g 5s.,..1929| J -J
Torrington 1st g 5s.......... 1918 M-S
Union X.’ac BB * 1gr g 48.1947 J-J
20-year conv 4s................1927 J -J
Uniteu Fruit gen s tl>-.8.1923 J .J
U S Coal * Oil 1st s 1 Os.. 193s M-N
U S Steel Corp 10-00 yr 5s. 1903 M-N
West End Street By 4a___1915 F-A
Gold 4 'us........................... 1914 M-S
Golu denenturo 4s.......... 1910 M-N
Gold 4s..............................191' F-A
Western Telepli * Tel 6s. 193 J-J
W isconsin Cent 1st gen 481949 J-J

N oth—Buyer pays aoorued interest In addition to the purchase price tor all Boston Bonds.

Frier
Thursday
A p r il 13

Week's
ra 3 ; Kangs
Range or Ig o
Since
Last sa te |=s‘ January l

HIII

ASH' /.oio
tillin', .vo J.otu High
...
Uioag A p r ’ l l . . . . 100 lO’i ^
.......... ”**‘ *'. 117 A|it’o8|.
___
s'4'4 Fell’ l l !, " * ’ 94<4 9 4 * 4
iob
lo o 's F eh ’ l l . .. . 100 >8 l o o s
1 1 5 '4 i V:i if
15*8 H o'*! 9 1 1 5 110V
92
92 s A pr '1 li. . . . 92
93 sj
s7
8s
88 A p r’ l l - . ... 88
90
102
102 .Mai’ l l . ... 102 103
___
102
F ob’ l l '. ... 1 0 2 34 1 0 2 ' 4
___
101'4 sep ’ o5l.
___
115 J’ ne’OS'.
9 9-. 100 100
100
2 99 *a 1 00‘s
................
97 A 'jg ’ lO'.
................ 1 0 -4 v<it'04l.
li)2*alOJ
102K A pr’ l l .
................. 101*4 51i l l 'l l . .. . 1 0 l 34 1 0 2
................
100 12>cp Util.
I
................
.................
.............. .
75 Oct 1 0
........ VI!
9 5 *2 Fel>’ l l 1
- 99*4 OJ-i
.................
I33**s Mar’ l 1
133 13434
................. l o i A p r ’oy;
................
93 h Sep ’ 09'
114*s Feb ID
11434 114’e
99 Mar’ 1 .1
103 Jan ’ l l .. .1 103
107*2 ■Mil ’U0| . .
102 Mill ’ 0 2 ..
/ Ul4 D e c ’ 10 .
,v
103*
104 *8 .Mar’ l 11.. .. 101 106
95
93 ApC’ l l .. .. 9 i
91
93
97
100*, 5l’a r't *•(..
lO O n A p r 'll .. . 100**8 100 S»
104"b F eb’ l 1 .. . . 10D*s 104:i8
90 Sale
90
' 1 15
' " DO7
-* —
97*4
105 Nov 101 .................
105 **8 Mar’ 11. . . . . 101*4
93 Ki M a r'11[I.... 98 K 98° s
100‘g Mar’ l lL .... I 0 » le 100*4
98*12 A pr’ 10) ..... ...........
98*8 J a n ’ l lL .. .. 98 ‘s 9 8 *8
10 ‘J0**4
93 Male 97 7s
98
93*4 J au ’ l ll .. .. 93*4 U3l4
1 li
ioo ^

III ibb” iba"

’lat prico.

" N o price F riday; latest bid and asked.

___

P h ila d e lp h ia a n d B a ltim o r e S to c k E x c h a n g e s — S to c k R eco rd , D a ily , W e e k ly , Y e a r ly
.--liaro

90
57
* ........

V43 *12
47
*12
63
32*2
73*2
*8 s
*28*4
92*4
8ti*>4
«21610
62*8
10*4
18*4
77*2
7 u ia
40
85*2

S i

Saturiia u 1
A p r ils

1 ’ rices—Not

| 'luesdau
A p ril 11

T or Com uiii l’ rico s
1Wednesday 1 Thursday | Friday
A p r il l i ' A p ril 13 ' A p ril 14

90
90
90
90
123*4 123*4
20
20*8 2 7
2 0*6
20**6
20*4
57 *2 6 8 * 2
67*4
67*4 57**6 67*4 6 8
*
____
<*18**8
18*12
*18**6
ib**4
IS »8
18*4
■*89*4 90
90
+........ L24

90

44

”

47
12*8
63
32*4
73*2
9 *2
2o3,
92*4
80*,
03
53*4
10*4
l 8"h
77*2
7*4
40
85*4

♦Vi" 'V i s
4034 4078
11*8 1 1 's
63
53
*3 2 °6 33
73
73
*8 *4 V
*28*.! 29
*92
93
87
s7
027% 03
5234 53
10*4 10*4
J8*s 18*s
77as 78
734 7 **4
40
40
S6 kj 8534

I’ ll 11,.VDEI,1*111A

89*4 90
^......... 90*4
it _<, , 124

V i”
4034
1178
53
1*32n8
*72 S
*3
‘ 23
U2n8
<86 *4
02?s
53
10*4
18*4
77*8
V's
40*8
85 *4
Bid

V i"
1137a
11 '6
63
33
73
9
28**4
92*4
80*>4
03
53
10*4
18*,
77**6
7°8
40*,
86*2

*"'Vi '4
40*4
‘ 1 1*>4
53
32*4
*72*4
*8
*28*4
9 2 *>8
‘ 80S
02l l io
62 s
10*4
18*4
77*4
*7®8
40*4
85*4

Ask ||

in a ctiv e .siocKs
Ameiicuu M illing.......10
Oam bria Iron ................60
Central Coal * Coke. 100
Troterrcd.................. 100
Consol Trao ol N J ...1 0 0

45”
40»»
12
b3
32 *4
73
9
28 ‘2
92**4
80**4
03
53
10*4
18*<4
77 **«
7->4
40*4
86*6

" 4 4 * 4 '41*4
40**4 40 76
li**4 11 *6
63
53
*32*4 33
*72*a 73
*8
9
28*4
2 8 '4
9 2 **4 92**4
8 0 s H0J4
02**8
53
53
10’, 10**8
+ 18*4 18*^
*70*>8 70°6
7 as 7»6
40*4 40*4
80
SO
.

I’ l l 11,A D E I ,I 'll! A

‘ Bid and asked; no sales on this day.

Bin Iluioi'O

a

145
100
04 Jan
Do pret............ .
100
89 Jan
142 Northern C entral......... 60 1 2 1 Jau
4,543
2 1
100
Jan
100
3f43 J|
43*4 Jau
435
60 I d s J an
2 10

1^1

!2 !
Q
H
to

Tliiludclpliiu

30 Duke su
235 Uetiigli'
390
2,309
1,117
3,154
101
1,180
1,123
3,34s
889

t
:
B id I A sk

B onds
Ihrices are a ll ‘ ‘ anil

V Ex-ri hts.

||jU5 paid.

00

034
4 1'6
195
75

«
O
1
Q
O
O
O
*1
W
M

84*4 85
9934
94
......

iis'*i

i'02*a iba
104*4
78
107
80**4 87
94
82
84
54
05
82
83
09
109*4 109*4
118 118*4
104
1 10*4
90*, 9U*»,
85
80
101*4
97 100

103

i o ‘i-4
97
103 *,
78
107
........

\lianye tor Previous
\
Year ( lUlO)

93
103
97*4
1U3**,
78 *4
107*8
100*4

$12*4 paid.

l’ U I L A D K L T U lA

Lowest | Highest
9
9
l
4
4
0

50 133, Apr 0
42 •Jau 5
50 42*4 Jan 3
10
1 1 S Jan 4
100
48*a Jan 3
31*4 Mar 4
100
100
72 Mar 0
50
8*4 Jau .2
100
27 7» Mar31
60 92*4 Feb .4
50 85**6 M ario
50 0 2 *SA pr .3
60 ioO Jan 3
25 1 0 Jan 9
50 1 8 *8 Apr V
60 75*4 Jan 3
1
7**,« Jan 4
50 43 Jau 3
50 80*4 Jan 3

"T o
944

100*4

Range Since
Jan 1 1911

A C T IV E S T D C K .s

°Week ( * o r Ilonas ana Inactive
Shares
Slocks see oeloto)

i
90
90
124 1 2 1
27*4 27*4
59*4 59 S
13
18**8

1
1*4
45
45*4
A lt & LVKleo 4i\ s’33. F-A
84 *4 85
A m Gas * Elec 5s’07. F-A
80
79
A m B ysoon v5 s 1911. J-D
Coll tru -t 6s 1917.A-O
Atl C Klee rel 5s ’ 3 8 . M-S
*2
K B org*K B rw lstG s’21 J-J
Highlander M ill* M g ..5
Betlile Steel Os 1 9 9 8 . Q-F
H untingdon * B T ___50
Choc * Me 1st 6s 1949 J-I
T ic le r r e d ....... .........50
Ch
& G gen 5 s ’ 19 J-I
........ C o nOTkra
co fN J 1 st 5 s.’33
Indiana Union T r ___100
20*4 ab**4 Del Coltys tr ctfi 4 s’ 4 9J-J
Insurance! Co of N A . .10
K * A 1st M 6 3 1920 M-N
Inter 8 m Tow & Cliem.60
Klee & Teo Tr stk tr otfs
8
Koystono Tolop v t c.,5 0
8*4
Gun Asphalt 6sl910.M-S
T referred................... 50
34
80
iudiaiiupolls By 4 s .1933
KoystonoWatciiCaso.lOO
Leh Vail Tran v t
8°e Interstate 4s 1943 ..F -A
8*,
21
Treferred v t c .......... 60
Keystone Tel os 1935.J-J
22
Lake Sup Corp inc os’ 24 O
10*4
Lit Brothers..................lo
17
Little Schuylkill.......... 50
Lehigh Nav 4*128 ’ 14.*2-1
00*4 01
Gen M 4 ‘us g.l92 4 .Q -F
Leh V C 1st os g ’3 3 .-J-J
Leh V ext 4s 1st 1948.J-D
Troiuireit.................luu
C onsoles 1923.......J-i)
N H aven i r o n * Steel.5
Consol 4*123 1923...J-D
A nnuity Os............. J-D
97
Gen cons 4s 2003.M-N
10*4 ib»s
Tennsyl warrants ..(w i)
Leh V Tran con 4 s ’35J-D
108*4
........
1st series B 5s 1935.M-S
N a tL H * T serB 5s’ 19J-J
108*4
4234 ” 4 3 " New Con Gas 6s 1948 J -D
N Y T h& No 1st 4s ’39 J-J
8 3^ 84
Incom e 4s 1 93 9 ..-M-N
NoOhioTrac cou5s’ 19.J-J
5^4
6 7e Tenu * 5Id steel con Os.
Tonopali Belmont Ilov. 1
Pa * N Y Can 5s ’39. A-O
242
Tenu Steel 1st 5 s ’ 17 M-N
........ ’ V i’
Tcoplo’s Tr tr certs 4s ’43
IIP* 11
T Co 1 st* col tr os’49 M-S
. . . . . . 40
C on * col tr 5s 1951M-N
64
Tliil Klee gold trust ctfs.
........
........ 11 Trust certifs 4s.............
8 l4 ^ T * K gon 51 5 g ’20. A-G
74
25 II Gcu M 4s g 1920..A&O
24




Sales

I Bid |Ask

M ario 4(5 Mar
Mar 17 so Mar
Jau 20 1L5 Jan
27 s Apr 13 J8 « 6 J ’ly
59 K A pr 13 40 Oct
1876 Aiar28 I 2 °h May
I

93
100

120*4

1

17^ Jau 4
4 5 >4 Jan 2 u
4s **4 i*eb IS
12 *4 Jau 14
50 Fob 2
3 4 34 Jan 1 0
837b Jau 30
9 ■* Jan 10
32 Feb 0
98 Jan 14
90*a Feb 3
05 F**b 2
64*4 Mar <7
107a Feb 1
21 ‘ 4 J an 20
SO*, Feb 10
8 'b Jan 17
48H, Jau 20
893sJan 9

17 Dec
41**, J ’lv
40*4 J ’lv
11*4 J ’ly
42 J ’ue
10*4 J ’ly
04 J'iy
7 J ’ly
15*4 J ’ne
80 J ’ne
02*4 J ’ly
J ’iy
42 J ’nt
♦13 78 FeL
15 Apt
05 *4 J'iy
0*4 Jan
33 Oct
79 J ’ly

04 *4 Dec
90 J ’ly
132 Feb
27 *4 J an
47 Jan
1 0 *4 Dec
28 Jan
60 Jau
53 *4 Jan
1 2 *a Jan
G4 *, Mar
3436 Dec
8 4 8 4 Jau
13 Jan
297a Deo
123 Jan
1 2 1 *, Mar
U93ie Mar
63 ‘4 Jan
10*, Mar
28 *a Jau
SO Fob
9i 10 May
52 *4 Jau
95 *s Jan

H A L T M IO ltK

I’ ll * Bead 2d 5s '33. A-G
E x Imp M 4s g ’47. A-O
Terminal 5s g 1941.(J-F
P W * B col tr 4s ’ 21. J -J
Portland B y 1st 5s 1930.
Bead Trao - st Os 1933 J-J
ltoch B y * Leon 5 s ’54J-J
Spanish-Am Ir Os ’27 J-J
Stall’d Gas * E Os ’25 5I-N
U Trac iu d gon os’ 19. J -J
Uu Bys T r otis 4s’49J*J
United Bys Inv 1st coll tr
s i 68 1920................51-N
Wolabach a f 6s 1930.J-D
Wlks-B G * E conos’ooJ -J
York B ys ist5 s 1937.J-D
liA h T h U O lIK
lu u c tiv o .Stocks
Ala Cons C oal* Iron. 100
P r e t ........................... 100
A tla n ta * Charlotte.. 100
Atla.n COiiatL (Conn) 100
Cantou Co................... 100
Cons Cot Duck C orp...5 0
P re fe rre d ...................50
Georgia S o u * F la ...100
1 st p ref.....................1 0 0
2 d pref...................... 1 0 0
G-B-S B row ing.......... 100
B onds
Prices are all “ and
interest.”
Anacostia * Pot 5a..........
AW Coast L(Ct)ctts 5s J-D
Ctfs ol indobt 4S....J-T
6-20 yr 4s 1925........ J-I
B a ltC i’ aas 1st 5 s ’ l l 51-N
Balt Fundg o s .1910 51-N
Exchange 3*128 1930 J-J
B a lt * P IstOs m i ’ l l A-O
B S T * C 1 st 4 *12s ’53F-A
Balt Trao 1st 6 s.. ’29 M-N
No Balt Div 5s 1942 J-D
Cout’ l lly coil5sl932 51-N
E x t * Imp 58.1932 M S
C hasCitylty l s t o s ’ 23 J-I

Chas By G * El os ’99 M-S
Chari C * A 2 d 7s’ 10 A-G
C it y * Sub 1st 5 s .. ’22 J-D
C it y * Sub(W as>l8t6s’48
Coal * I By 1st 5 s ’ 20F-A
120 125
C o l* G ru v lstOs.1910J-J
Consol Gas 5 s ..1939 J-D
9 9 *ai 00
Gen 4*ii8 1964........ A-O
101-*,' 102
Cons G E * P 4 *us ’35. J -J
F a ir* Cl T r 1st 5s ’38. A-O
77
77 *4 Ga * Ala 1st con 5s ’45 J -J
G a C a r * N l s t 5 s g ’29J-J
84
Georgia P 1st O s...’22 J-I
85
G a S o * Fla 1st 5s 1945J-J
89*4
G-B-S Brew 3-4s 1951M-S
101
2d income 5s 1951 M-N
93**4
Knoxv Trao 1st 6s ’28A-G
LakeB El 1st gu5s’42M-S
Macon B y * L tist5s’53 J -J
45
39
Memphis s t 1st 5s’ 45 J-J
74 100
MetSt( W ash)lstos’25F A
Mt Ver Cot Duck 1st os.
230
N pt N&O T 1st 5s’38 51-N
115 117
N o r& l’ orT r ls t o s ’ JOJ-D
20*4 N orlolk St 1st 6 s ’4 4 ..J-J
North C ent4 *i2S 1925 A-G
40
28
Series A 5s 1920__ J-I
Series B 5s 1920__ J-J
Tilt Un Trac 5s 1997. J-J
Toto Val 1st os 1941.. J-J
Sav F la * West 6 s ’34 A-O
Seab * Boau os 1920.J-I
South Bound J st 6s..A -O
U El L& T 1st 4 >i28’29 M-N
104
Un B y * El 1 st4 s ’49 51-S
Incom e 4s 1943.......J-D
92
Funding os 1930...J-D
100*4 . . . .
Va511d 2d ser Os ’ ll.M -S
3d senes Os 1910..51-S
93*4 ........
4tli ser 3-4-5s 1921.M-S
100*4
5tli series 5s 1920.51-S
96
97*4
Va (State) 3s now ’32.J-I
Fund debt 2-3s 1991. J J
W est N C coil Os 1914 J-I
Wes Va C&T 1st Og’ 1 1 J-I
W il & Weld 5s-.1935.J-I

1 $13 *a paid.

a B ecoipu. 6325 paid. cXSJOpaid. d $ 12 *11 paid.

iiiJ o p a id .

115

illti
1 0 0 * * 4 ........
116>« 117 *s
99<s 9y*a

101*8 101H,

90

101
90*4
" 98

103*4

88*"
99

104*4 105*4
ib o
4434 " 4 5 "
......... .........
90*4
97
100*4
72*4 73
87 *a 8 / 7»
105
1 10*4
1U5
i'ii'*4
92**4
83*4
02*4 G3
::::::
ib d \
........ ........
100

......

109H<

1022

T H E CH RON ICLE

[VO L. L X X X X I I

Investm ent and R ailroad Intelligence.
RAILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained, the first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. 1 he ret urns o f the electric ra ilw a y s are brought together sep a ra tely on a su bsequ en t pag e.
Latest Gross Earnings.
RO A D S

Week or
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

Latest Gross Earnings.
R O A D S.

Current
Year.

July 1 to Latest Date„

Previous
Year.

Ala N O & T ex P a c5
5
S
S
N O A N E a s t ... M a rch ____
304,027 322,977 2,761,875 2,621,888
N Y N II A H a r t f.. February . 4,182,774
Ala A Vtcksb____ M a rch ____
140,138
141,970 1,393,274 1,294,308
N Y Ont A Western February .
604,552
Vicks Shr A P a c. M a rch ____
118,958 1,182,744 1,113,871
N Y Susq A W e s t .. February .
310,652
A laT en n A N orth. _ February
Norfolk Southern . . February .
81.017
7,490
55.467
228,022
Ann A rbor______
1st wk Apr
30,737
Norfolk A Western . February . 2,503,080
38,659 1,532,007 1,475,003
A tch Topeka A S Fe February . 8,000,818 7,920,098 72,265,390 08,801,600
Northern P acific__ February . 4,058,532
Atlanta BIrm A Atl 4th wk Mch
82,839
Paciilc Coast C o__ February .
82,549 2,170,853 1,977,727
449,024
Atlantic Coast Line February . 2,952,543 2,709,004 20,570,014 10,249,901
Pennsylvania R R _. February . 11186442
g Baltimore A Ohio. February . 5,913,433 0,291,727 59,323,126 57,879,581
Balt Ches A Atl
February
.
13,006
B A O Ch Ter R R February .
823,050
Cumberland V ail. February .
92,411
107,952
900,603
213,565
Bangor A Aroostook February _
Long Island___
31,502, 201,895 2,058,201 1,916,942
February .
561,354
Boston & M aine.. February . 3,087,300 2,943,841 29,988.209 28,919,509
Md Del A Va
February .
6,231
Bridgeton & Saco R February .
35,981
34.467
3,909
N Y Phi la A Norf February .
3,929
220,907
Buff R och & Pittsb 1st wk Apr
100,841
Northern Central February .
136,875 7,210,345 6,903,561
881,428
Buffalo A Susa____ February
Phlla Balt A w _ _ February . 1,324,418
179.305
128.789 1.553,324 1,543,573
Canadian Northern. 1st wk Apr 328.300
West Jersey A S . February .
247.000 11,271,200 9,462,200
317,135
Canadian P ad lie
1st wk Apr 2,040,000 1,959.000 78,597,435 71,647,990
Pennsylvania C o.
February . 3,205,316
Central of Georgia
Grand Rap A Ind February . 380,303,
1st wk Apr 229.300
224,700 t o ,426,584 9,690,500
Central of New Jer. February . 2,003,991 2,087,904 19,310,409 18,670,0G6
Pitts Cin C A St L February . ,746,208 3,
2,605,021 2,503,971
Central Verm ont__ February .
V a n d a lla _______ February . 751,010
250.45
259,793
Ches & Ohio Lines. 1st wk Apr 527,990
Total lines—
580,984 25,274,521 24,057,029
Chicago & A lt o n ... 1st wk Apr 243,959
230,997 11,317,229 10,005,320
East Pitts A E February .
Chic Burl & Quincy February . 0,153,715 0,890,600 01,041.879 59,237,020
West Pitts A E February .
258,134 9,755,908 9,175,923
240,453
All East A West February .
V Chic Great W e s t .. 1st wk Apr
113,453 4,710,751 4,501,722 Perc M arquette____ February .
Chic Ind A Loulsv. 1st wk Apr
114,909
Chic Mlhv A St Paul February . 4,483,070 4,534,270 44,742,683 42,700,532
Raleigh A S o u th p .. February .
Ch Mil A P u g S d . February
1,090,267
Reacting Company
717,642 9,594,839
Chlc A North VVcst. February . 5,141,439 5,315,727 51,157,835 49,453*944
Phlla A R eading. February .
Chio St P M & O . . . February . 1,177,500 1,133,086 11,298,006 10,049,515
Coal A Iron C o .. February .
Chic T II & S o u th .. January . .
140,919
Total both co s __ February .
140,574 1,308,658 1,069,317
Cln Ham A Dayton February .
049,097
Rich Fred A Potom January . .
G34.344 0,411,100 0,299,807
Colorado M id lan d .. February
117,972
R io Grande June___ January _.
152,452 1,374,535 1,617,491
Colorado A S o u th .. 1st wk Apr 253,771
291,516 12,816,344 13,054,000 R io Grande S o u th .. 1st wk Apr
Copper R ange_____ January . .
47,040
Rock Island L in e s.. February .
417,306
447,916
50,917
C o rn w a ll__________ February .
10,568
134,293 St Jos A Grand Isl. January . .
109,088
17,433
Cornwall A Lcban. February .
18,829
298,614 St Louis A SanFran February .
228,971
20,704
Cuba Railroad_____ February .
Chic A East III.. February .
315,921
254,598 1,893,640 1,530,057
Delaware A Hudson February . 1,482,295 1,391,918 13,816,972 13,009,087
/ Evansv A Ter H February .
Del Lack & W e s t.. February . 2,477,778 2,556,902 23,890,108 23,874,120
Total of all lines. February .
Denv A R io Grande 1st wk Apr 402,900
421,800 18,188,939 18,052,313 St L R ocky Mt A Pac February .
St Louis Southwest 1st wk Apr
Denver N W & P ac. 4th wk Mch
14,757
19,757
Dot Toledo A Iront. 4th wk Mch
40,886
45,022 1,411,610 1,200,199 San Ped L A A S L . February .
908,278
925,540 Seaboard Air L in e .. 4 th wk Mch
Detroit & Mackinac 1st wk Apr
21,941
Dul A Iron R a n g e .. February .
106,720 5,365,800 6,683,902 Southern Pacilic Co February .
138,312
Southern R a ilw a y .. 1st wk Apr
Dul Sou Shore & Atl 1st wk Apr
55,607
62,103 2,412,031 2,480,037
Mobile A O hio___ 1st wk Apr
El Paso A Sou West February _ 507,110
502,974 4,858,448 4,730,992
Cin N O A T ex P . 4th wk Mcli
E r l o ______________ February . 4,001,893 3,997,016 37,804,843 30,589,794
10,009
10,234
Ala Great S outh. 4th wk Mch
Fairchild A Nor E__ February .
2,318
117,073
140,700
628,594
591,096
56,137
Fonda Johns A Glov February .
Georgia Sou A Fla 4th wk Mch
64,257
65,205
09,009
Georgia R a ilroa d .. February .
239,015 2,217,802 2,080,109 Tcnn Ala A Georgia 3d wk Mch
271,083
2,310
2,201
815,893 34,328,376 33,494.970 Texas A Pacific____ 1st wk Apr 229,088 251,021
Grand Trunk S y s t.. 1st wk Apr 857,797
190,590 4,050,092 4,574,118
Grand Trie W est. 4th wk Mch
Tidewater A W est. January . .
108,405
7,303
0,223
1,551,555
54,237
1,505,850 Toledo Peor A West 1st wk Apr
Dot Gr H av & Mil 4th wk Mch
51,633
18,273
15,452
57,862 1,416,343 1,523,677 Toledo St L A West 1st wk Apr
Canada A tlantic. 4 th wk Mch
52,850
64,921
00,558
Great Northern Syst M a rch ____ 4,290,666 4,667,043 45,972,079 17,502,310 Tom bigbee V a lle y .. February .
7,726
7,502
174,273 1,189,252 1,260,987
Gulf A Ship Island January . .
170,670
Union Pacific S yst. February . 5,027,673 6,326,705
577,162 5,088,380 5,190,707
418,981
H ocking Valley___ February .
Virginia A So W est. February .
114,829
94,928
Illinois Central____ M a rch ____ 5,059,122 5,538,953 40,833,925 44,356,555 W a b a sh ___________ 1st wk Apr 547,960
528,449
127.000 7,257,660 6,727,070 Western Maryland. January .
137.000
Internat A Gt N or. 1st wk Apr
508,618
559,121
180,237
180,310 0,877,446 6,467,904
a Interoccanlc Mex 1st wk Apr
Wheeling A Lake E February .
417,229
480,390
62,081
57,314 2,734,670 2,033,971
Iow a C en tra l.......... 1st wk Apr
W ichita Falls A NW January . .
108,977
55,003
187,542
210.951
2,117,039
February
_
Kanawha & M ic h ..
1,830,730 W rightsv A Tenn__ February .
30,800
23,017
790,730 0,970,438 6,259.348
Kansas City South February _ 749,938
Yazoo A Miss Valiey March
903,277 891,747
37,000
34,000 1,513,901 1,323,018
K C Mex A O rien t.. 1st wk Apr
February . 2,620,363 2,443,286 24,247,129 23,381,149
Lehigh Valley
37,444
29,087
330,169
Lexington A E a s t.. February .
287,270
Various Fiscal Years
Period.
118,994
102,844
Louisiana & Arkan February
963,423
848,818
98,927
91,295
Loulsv Hend & St L January . .
741,580
Delaware
A H udson__________
1 to Feb
s Louisv A N a sh v .. 1st wk Apr 992,175 977,795 42,381,451 40,254.784 e N Y Central A Hudson R iver. Jan
Jan 1 to Feb
16,900
14,404
Macon & Birm ’ham M a rch ____
122,831
119,157
Lake Shore A Michigan South Jan 1 to Feb
627,895 6,032,203 5.928.799
Maine Central____ February _ 633,066
n Lake Erie A W estern______ Jan 1 to Feb
27,787
24.341
Maryland A Pcnna February .
289.789
260,855
Chicago Indiana A Southern. Jan 1 to Feb
a Mexican R ailw ay. 4th wk Mch 252,400 255.900 0,402,100 5.938.800
Mlohigan Central____________ Jan 1 to Feb
157,465
141,500 1,113,275
a Mexico Nor West December.
675.090
Cleve Cin Chicago A St Louis. Jan 1 to Feb
14,459
13,591
Mineral R ange____ 1st wk Apr
580,800
Peoria A Eastern____________ Jan 1 to Feb
655,131
84,184
85.254 4,068,224 3,809,381
MInneap & St Louis 1st wk Apr
Cincinnati N orthern________ Jan 1 to Feb
436,897 17,051,197 18,619,142
Minn St P & S S Ml 1st wk Apr 397,855
Pittsburgh A Lake E rie____I Jan 1 to Feb
Chicago Division]
R u t la n d ___________
Jan 1 to Feb
72,725
70,497
Mississippi Central, February
618,995
580,529
New York Chicago A St Louis Jan 1 to Feb
427,159 23,257,402 20,882,726
u Mo Kan & Texas. 1st wk Apr 454.009
Toledo A Ohio Central______ Jan 1 to Feb
Missouri Pacific____ 1st wk Apr 986.000 970.000 41,319,244 41,172,653
Total all lines________________ Jan 1 to Feb
Nashv Chatt A St L February . 1,032,685 929,281 8,148,606 7,611,259
Pennsylvania Railroad________ Jan 1 to Feb
a Nat Rys of M e x .f. 1st wk Apr 1,240,187 1,259,705 49,181,243 45,243,145
Baltimore Chesapeake A A tl. Jan 1 to Feb
8,785
11,056
N evada-Cal-Oregon 4th wk Mch
250,189
350,536
Cumberland Valley__________ Jan 1 to Feb
0,926
3,762
N evada C entral___ February
57,103
47,381
Long Island_________________ Jan 1 to Feb
141,800
122,400 1,115,752
N O Great Northern February .
922,231
Maryland Delaware A V a____ Jan 1 to Feb
35.608
34,192 1,392,809 1,252,967
N O Mobile A Chic W k A pr 1
N Y Philadelphia A N orfolk. Jan 1 to Feb
7,113,781 0,937,298 07,838,544 65,020,477
c N Y C A Hud Rlv February
Northern Central_______ ___ Jan 1 to Feb
• Lake Shore A M S February _ 3,414,725 3,011,126 32,838,313 32,350,891
Philadelphia Balt A W a s h ... Jan 1 to Feb
420,333 3,779,549 3,721,593
386,494
• n Lake E A West February .
West Jersey A Seashore_____ Jan 1 to Feb
309,129 2,424,384 2.490,670 Pennsylvania Company________ Jan 1 to Feb
299,832
• Chic Ind A South February .
■ Michigan Central February . 2,185,321 2,129,866 20,257,651 19,113,007
Grand Rapids A Ind ________ Jan I to Feb
• Cleve C C A St L . February . 2,232,450 2,171.567 20,810,073 19,645,523
Pitts Cincinnati Chic A St L__ Jan 1 to Feb
Peoria A Eastern February .
252,550 230,771 2,502,987 2,194.075
V andalla____________________ Jan 1 to Feb
885,715
• Cincinnati N orth. February _
80,773
81,796
823,355
Total lines— East Pitts A E . . Jan 1 to Feb
• Pitts A Lake Eric February . 1,017,173 1,188,220 10,800,947 11,580.303
W est Pitts A E . . Jan 1 to Feb
• R u tla n d _________ February .
193,637 2,311,231 2,132,520
218,901
All hues E A W . Jau 1 to Feb
• N Y Chic A St L . February _ 827,204
806,330 7,507,627 7,150,483
Rio Grande Ju n ction --------------- Deo 1 to Jan
3,547,316
• Toledo A Ohio C . February .
304,027
284,138
2,072,429
Texas A Pacific________________ Jan 1 to Apr
• T ot all lines above February . 18314431 18432192 125513336 169201485

121,020
11,000

22,888

2,021

686,001

,054,907
,900,805
,131,231
837,103
010,475
,550,240
,577,378
558,077
181,404
,031,869
447,742
,718,273
023,017
,168,232
,540,274
25,980
400,510
,198,422
12,455
469,519
,910,101
,765,860
634,001
.623,167
775,779
.858,923
.570,140
,505,209
,438,570
,003,785
137,981
.011.134

2.707.904
14,428,388
7,485,003
844,944
004,041
4,287,970
4,495,804
503,570
170,390
2,523,990
400,145
1,745,748
001.077
38,241,083
35,057,440
23,453
445,777
1,007,310
11,173
459,860
1,959,827
2,657,303
592,271
7,741,724
739,539
6.454.905
1,000.070
33,883,7*9
17,154,04*
51,037,785
153,541
4,113,137

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W eekly Summaries.

4th week Jan

1st week Feb
2d week Feb
3d week Feb
4th week Feb
1st week Mch
2d week Moh
3d week Mch
4th week Mch
1st week April

(42
(42
(43
(42
(43
(44
(41
(41
(48
(36

roads)____
roads)____
roads)____
roads)____
roads)____
roads)-----roads)-----roads)____
roads)____
roads)____




Cur’nt Year Prev’s Year Inc. or Dec.
$
18,325,728
12,640,714
13,081,881
13,019.946
13,223,530
13,028,803
13,363,932
13,657,990
20.624,029
12.570,971

5
18,038,059
12,703,442
12,928,215
12,381,369
13,182,681
13,203,818
13,261,098
13,927,313
30,969,628
13,388,088

$
+ 297,669
— 62.728
+ 153,663
+ 638,577
+ 40.849
— 175,015
+ 103,234
— 269,317
— 345.599
+ 188,883

%
1.65
0.70
1.19
5.16
0.30
1.33
0.77
1.22
1.05
1.58

Monthly Summaries.
Mileage Curr. Yr. P rtv. Yr.
J u n e _______238.108 232.054
J u l y ...............238,109 233,203
A u g u s t ____238,403
S eptem b er.. 2 40,678 237,809
O c to b e r____241,215
237,835
N ovem ber. .2 4 1,272
237,645
December ..24 1 ,3 6 4 238,080
January ..2 2 5 ,8 6 2 221,941
F e b r u a r y __ 88,651
68.381
M a r c h _____ 88,447
16,208

239,404

Cur'nt Year Prev’s Year Inc. or Dec.
?
237,036,159
230,615,770
254,005,972
258.047,702
263,464,605
248,559,120
336,835.804
204,168.700
66.078,284
<5.230,119

3
209,270,887
217,603,354
235,726,000
240,335,580
260,821,540
247,664,470
220.870.151
109,166,255
55,363,388
66,292.979

3
4-27.705,279 13.77
+ 12.812,422
+ 18,279,072 7.08
+ 10,312,116 4.40
+ 3,643,059
+ 094,080 i :3 l
+ 15,965,153
+ 4,082,454
+ 714,898
— 1,053,860

5.10

g Includes the Clare*
Dodge and Wlsoqnsln Min**-

‘ Iaoludes the Mexican Inter*

1910.

1911.

First week of A p ril.
,
Ann A rb or------------------ - Buffalo Rochester A Pittsburgh
Canadian N orthern............
Canadian P a cific................... —
Central of Georgia------------------Chesapeake A O h io----------------Chicago & A lto n --------------------Chicago Great W estern----------Chicago Indianapolis A Loulsv
Colorado A S outhern------------Denver A R io Grande----------Detroit & M a c ld u a c ................
Duluth So Sh A A tla n tt' ............
Grand Trunk of Canada............
Grand Trunk W estern---------Detroit Grand H a ven * Mllw
Canada A tlantic____________
Interoceanic oC M exico.
Iow a Central--------------T.outsvillc & Nashville-----------Mineral R an ge-----------------------Minneapolis A St Louis---------Minneapolis St Paul A S S M . .
Chlcago Division----------------Missouri Kansas A T exa s-------Missouri Pacific______________
Mobile A O h io .______________
Rio Grande S ou th ern ..
St Louis Southwestern.
Texas A Pacific......... .................
Toledo Peoria A W estern_____
T oledo St Louis A W estern—
W ab a sh .................... .....................

S
38,659
130,875
247,600
1,959,000
224,700
586,984
230,997
258,134
113,453
291,516
421,800
22,888
62,163

9
1,078
23,966
80,700
87,000
4,600

857,797

815,893

41,904

12,962
1,516

137,000
180,257
62,081
37,000
992,175
14,459
84,184
397,855

127,000
180,510
57,314
34,000
977,795
13,591
85,254
436,897

10,000

454,069
986,000
211,709
1,240,187
10,460
199,915
1,185,824

427,159
970,000
196,054
1,259,765
9,866
196,707
1,143,634
251,62 1
15,452
66,558
528,449

26,910
16,000
15,655
______
603
3,208
42,190

12,570,971 12,388,088

413,639
188,883

18,273
04,921
547,960

T otal (36 roa d s)----Net Increase (1 .5 8 % ).

Increase.

$
39,737
160,841
328,300
2,046,000
229,300
527,990
243,959
240,453
114,969
253,771
402,900
21,941
55,607

4,767
3,000
14,380
868

2,821

58,994
17",681
37,745
18,900
947
6,556

1,070
39,042

19,578

22,533
1,637

19,511
224,756

1911.
0C

T otal (48 road s)........... ..........
Net decrease (1 .6 5 % )--------------

ho

Denver Northwest A Pacific—
Detroit Toledo A Ironton -------Georgia Southern A Florida—
Mexican R ailw ay_____________
Minneapolis St Paul A S S M ._
Chieago D ivision----------------N cvada-C allfornla-O regon-----Seaboard Air L ine....... .......... ..

T?
OC

Previously reported (35 roa d s).
Alabama Great Southern---------Ala New Orl A Texas Pacific—
New Orl A Northeastern-----Alabam a A Vicksburg---------Vicks Shrcvc A Pacific----------

1910.

5
18,643,831
140,760
117,673
$

119,027
56,138
48,020
82,839
199,328
14,727
40,886
65,265
252,400
504,169

131,977
54,970
48,958
82,549
261,572
19,757
45,022
69,609
255,900
631,659

8,785
660,911

11,056
572,008

20,624,029 20,969,028

Inrcease. Decrease.
5
673,352

1,168
290
______

$
863,322
23,087
12,950
938
62,244
5,030
4,136
4,344
3,500
127,490

2,271
............
763,713 1,109,312
345,599
88,903

Net Earnings Monthly to Latest Dates.—The table fol
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported tliis week:

-------Net Earnings-------------Gross Earnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
5
720
939
5,128
Hellcfonte Central. 1)___ Mch
692
def.341
16,275
15,504
Jan 1 to Mch 3 1 ______
836
3,929
3,909
Ilrldgeton A Saco R iv er.F eb
10,463
10,837
34,467
35,981
July 1 to Feb 2 8 ______
116,167
108,240
424,666
433,564
Cldc Ind A Louisville___Feb
1,308,815
July 1 to Feb 2 8 .......... 4,084,891 3,912,526 1,258,511
Little Falls A D olgcvlllc— b
„„
9,182
5,976
Oct 1 to Deo 31............
22,749
20,475
16,380
17,521
July 1 to Deo 31______
46,9o7
41,o97
188,411
138,909
Minn St P A S S M .a .- .F e b
895,326
843,090
July 1 to Feb 28______ 8,956,243 10,648,617 2,902,831 4,738,042
180,383
103,468
Chicago D iv ision .n __ Feb
618,024
652,754
1,653,577
July 1 to Feb 2 8 ______ 6,052,092 5,653,263 1,374,921
861,705
776,467
Missouri P a c i f i c .! ) _____ Feb 3,934,081
4,111,208
July 1 to Feb 28 ............35,928,244 35,361,653 8,909,531 10,542,800
d e f.1,284
11,404
Nevada-Cal-Orcgon .1)__ Feb
15,532
27,032
170,909
77,607
July 1 to Feb 28............
231,283
318,686
114,562
220,679
Texas A P a cific.b ______ Feb 1,159,412
1,185,533
377,888
012,361
Jan l to Feb 2 8 ______ 2,482,075 2,546,815
19,336
T oledo Peor A W e s t .b ..F e b
100,972
100,786
11,421
21,405
M a r c h ________
98,770
101,426
201,584
230,184
July 1 to Mch 31______
987,427
906,887

S
1.022

$
6,200

R oa ls.

$

20,021

IN D U S T R IA L C O M PA N IES.
-------Net Earnings------------Gross Earnings—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

$

$

$

277,287
471,630
419,859
Edison El 111 Co(Hoston) Mch
July 1 to Mch 31---------- 4,022,277 3,596,747 2,344,790
48,040
95,862
95,101
Keystono Tel A Tel Co .a Mch
431,018
835,662
July 1 to Mch 31............ 858,917
79,913
117,467
134.307
Minn Gen Elec C o .b ____Jan
a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.

$

232,165
1,988,935
47,611
414,834
70,051

Interest Charges and Surplus.

Iioads.
Hellcfonte Central----------Mch
Jan 1 to Mch 3 1 ---------Hrldgcton A Saco R Iver.F cb
July 1 to Feb 2 8 ---------Little Falls A Dolgcvlllc—
Oct 1 to Dec 3 1 ---------July 1 to Dec 31......... ..




—Int.. Rentals, & c.— -—Bal. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
5
$
$
089
484
250
236
def. 1,091
d e f.10
750
708
243
386
636
593
5,8 10
5,630
4,991
4,833
4,147
9,753

3,389
5,867

*2,075
*8,174

*0,077
*11,052

— In t., Rentals, & c.—
Current
Previous
Year.
Year.

8

Roads.

. $

— Bal. o f Net E arns.—
Current
Previous
Year.
Year.

$

$

4,378
3,612 *def.4,044
2:8,550
N evada-Cal-Orcgon......... Feb
July 1 to Feb 2 8
44,213
38,085
2:40,207 2:141,695
T oledo Peor A W e st______ Feb
26,343
25,575
*def3,789
2:4,196
March . . . . __________
23,534
25,658 * d cf 5,113 *d ef 1,557
July 1 to Mch 31_
223,694
221,136
2:8,845
2:27,935
IN D U S T R IA L C O M PAN IES.
— Int., Rentals, & c.— — B al. o f Net E arns.—
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
K eystono Tel A Tel C o. .M ch
24,351
25,061
220,124
228,264
July 1 to Mch 3 1 ..
Minn Gen Elec C o________ Jan
33,055
32,615
x A fter allowing for other Income received.

23,689
210,894
46,858

22,550
186,570
44,036

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.

For the fourth week of March our final statement covers
48 roads and shows l.G.5% decrease in the aggregate under
the same week last year.
Fourth weak of March.

. .
.

_

Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of April. The table covers 3G roads and shows 1'58%
increase in the aggregate over the same week last year.

Companies.

1023

T H E C H R O N IC L E

A pr . 15 1911-1

Latest Gross Earnings.
Week or
Month.

Current
Year.

Previou
Year.

5

Jan. 1 to latest dale.
Current
Year.

S

Previous
Year.

5

806,878
909,764
American R ys C o------ M a rch ____ 308,731 305,529
205,183
233,492
eAur Elgin A Chic R y February . 112,296 103,399
82,790
87,076
41,900
39,922
Hangor R y A El C o .. February .
17,494
18,187
8,351
Baton Rouge El C o .. February .
27,180
28,499
27,180
28,499
Bingham ton Railway January
13,471
6.590
13,891
6,420
Brock A Plym St R y February .
Bklyn R ap Tran Syst N ovem ber. 1764,648 1675,166 20,063,506 18,976,173
25,335
25,335
27,443
27,443
Cape Breton Elec C o. January . .
19,096
57,204
69,252
22,664
Carollna Pow A Lt Co M a rch ____
547,777
587,102
50,182
53,201
Cent Pk N A E River N ovem ber.
127,758
58,146
120,233
60,874
Central Penn T r a c .. February .
127,068
142,798
61,122
69,204
Chattanooga R y A Lt February .
Chicago R ys C o -------- January . . 1432,472 1020,613 1,432,472 1,020,013
39,785
44,167
18,701
21,053
Clev I’ alncsv A E ast. February .
133,907
154,513
03,567
74,406
Clove Southw A C ol. February
64,361
76,067
30,840
37.029
Columbus (Ga) El Co February
Coney Isl A Bklyn — N ovem ber. 104,156 102,360 1,392,035 1,378,786
223,921
259.339
Dallas Elect Corp — February . 119.965 105,200
Detroit United R y — 4th wkMch 232,474 226,494 2,045,540 1,858,037
575,112
565,383
50.381
51,082
D D E B A Bat (Rec) N ovem ber.
155,628
162,288
73,077
78,091
Duluth-Supcrtor Trac February .
3G3.427
357,404
East St Louis A Sub February . 168,080 175,234
111,797
116,619
53,839
54,850
February .
El Paso E lectric. —
75,923
102,126
36,473
49.763
Falrm A Clarks Tr Co February .
Ft W ayne A Wabash
123,255
131,783
Valley Traction Co January . . 131,783 123,255
42dStM ASN Av (Rec) N ovem ber. 124,449 111,165 1,320,760 1,232,502
186,530
211,094
99,928
89,899
G alv-IIouston El C o. February .
164,820
173.903
78,468
81,836
Grand Rapids R y C o. February .
558,246
639,604
43,417
47,649
H avana Electric Co . W k April 9
Honolulu Rapid Tran
72,075
76,745
36,536
37,824
February .
A Land C o . .
47,505
43,823
22,165
20,567
Houghton Co Tr C o .. February .
048,576
758,326
Hudson A Manhattan M a r c h ____ 263,048
910,836
February . 531,028 447,434 1,100,970
Illinois T raction Co
Intcrbor R T (S u b ). . N ovem ber. 1262,490 1201,087 12,640,558
Intcrbor R T (E lev). N ovem ber. 1295,789 1258,680 13,942.568
90.570
99,738
43,690
46,973
Jacksonville Elec Co February .
Kan City R y A Lt Co February . 599,951 553,543 1,256,558 1,165,462
149,871
160,827
76,258
70,877
Lake Shore Elcc R y . February .
177,033
190,198
13,930
13,379
Long Island E lectric. N ovem ber.
Metropolitan S t(R cc) N ovem ber. 1143,150 1110,615 12,926,107 12,679,029
732,898
788,490
Mllw El R y A Lt C o. February . 377,815 350,528
132,478
05,057
147,688
71,606
Mllw Lt l i t A Tr C o. February .
029.598
700,862
Montreal Street R y . . February . 330,737 303,977
148.598
161.903
Nashville R y A Light January _ . 161,903 148,598
New Orleans R y A Lt February . 559,812 521,184 1,138,876 1,065,263
158,060
211,506
14,747
N Y City Iu te rb o ro .. N ovem ber.
320.010
345,934
26,516
27,447
N Y A Long Island Tr N ovem ber.
907,519
75,893 1,037,548
88,652
November
N Y A Queens C o.
156,373
168,871
Norf A Portsm Tr Co January . . 168,871 156,373
35,563
12.764
Northam Easton A W M a rch ___
311,151
358,684
172,413 146,206
North Ohio Trac A Lt February
198,931
233,097
93,082
109,088
North Texas Elcc Co February
547,495
551,947
Northwest Elev C o .. M a rch ____ 194,448 193,62
105,446
107.887
3,640
3,383
Ocean Electric (L I ) . N ovem ber.
78,031
100,401
37,977
47,346
Oklahoma City R y . . February
41,512
42,492
20,705
18,771
Paducah Tr A L t Co. February
40,420
19,81
44,689
22,320
Pensacola Electric Co February
824,087
989.887
393,076
478,203
February
Port(Ore) R y.L A P C o
275,587
274,386
132,1351 131,219
Puget Sound Elec Co February
317,739
23,6831 23,115
Richm ond Lt A R R . N ovem berRlo de Janeiro Tram
Light A Power C o. February . ' 941,213 744,748 1,940,788 1,558,790
St Joseph (Mo) Rv Lt
168,579
174,114
79,271
83,126
Heat A Power C o_. February .
444,460
561.813
Sao Paulo Tr Lt A P . February . 279,457 215,624
94,028
105,103
45,130
51,300
February
Savannah Electric Co
898,774
907,286
Seattle Eiectrle C o __ February . 428,557; 431,074
786,723
780,802
69,503
68,830;
Second Avenue (Rec) N ovem ber.
83.765
102,548
7,589
8,856
Southern B oulevard. N ovem ber, j
26,249
28,641
13,122
14,057
Sou W isconsin R y Co February .
245,602
16,683; 16,569
Staten Isl M id lan d .. N ovem ber.
109", 64 5
110,559
57,335; 56,284
Tam pa Electric C o .. February .
Third Avenue (R e c ). N ovem ber. 283,368 254,491 3,247,060 2,789 743
290,188; 266,182 2,985,382 2,733,178
T oledo Rys A Lt C o .. December
632,265
693,854
T oronto R y C o .-------- February . | 335,010; 307,774
Twin City Rap T ran. 4th wk Mch; 196,6931 191,724 1,813,111 1,713,632
Underground El Ry
of London—
Three tube lines — W k April 9 £14,240 £13,140 £198,895 £186,740
Metropolitan D lst. W k April 9 £11,605 £10,802 £165,314 £151,192
£78,013
£73,870
Unlted Tram w ays. VVk April 9 £5,058, £5,610
Union (R e c )------------- N ovem ber. 173,024 157,197 2,055,186 1,861,918
506,468
February
_i
251,685,
242,593
528,067
UnlonRy GAECo(IU)
United R Rs of San Fr February . 577,582 570,983 1,215,894 1,198,649
411,206
36,434
490,487
W cstchcs Elcc (Rec) N ovem ber. 42,073
69,018
32,816
64,787
W hatcom Co R y A Lt February . 31,350;
-----Yonkers R R ( R e c ) .. N ovem ber.; 52,849) ---------7.145
February
.
15,867
13,169;
32,788
Youngst A Ohio Itlv .

8,110

21,001

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 those columns, and the latest statement of
this kind will be found in the issue of Mar. 25 1911. The
next will appear in the issue of April 29 1911.
Roads.

-------Gross Earnings--------------- Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

$

$

$

Cape Breton Elec
C o .b Jan 27,443
25,335
12,632
Carolina Pow A Lt
C o ..M ch 22,664
19,096
9-J84
Jan 1 to Mch 3 1 _______
69,2o2
57,204
28,561
T oronto R y Co
____Feb
335,010
307.774
153,077
Jan 1 to Fei) 28 _____
693,851
632,265
322.481
a N et earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.

89,873

19,655
138,532
290,165

1024:

THE CHRONICLE

Interest Charges and Surplus.
R oa d s.
C ape

B reto n

E le c C o ..

f f 1* "
C u rren t
Year.

& c -—
P r e v io u s
Y ear.

$

$

Jan

4 ,9 9 1

$

*

7 ,6 4 1

4 ,8 4 0

A f t e r a llo w in g fo r o t h e r In c o m e r e c e iv e d .

x

A N N U A L REPORTS;,

Annual Reports.—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n ot include reports in the issue of the “Chronicle” in which
it is published, the latest index will be found in the issue
of April1. The next will appear in that ofApril 29.
Pittsburgh Cincinnati Chicago & St. Louis Ry.
(R epo rt fo r F isc a l Y ea r en d in g D ec. 31 1910.)
The report of President McCrea, together with the income
account and balance sheet, will be found on subsequent
pages.
The usual comparative statistics of operations,
balance sheet, &c., were given in the “Chronicle” last week
on page 949.
Long Island Railroad Co.
(R epo rt fo r F isc a l Y e a r en d in g D ec. 31 1910.)
Pres. Ralph Peters, April 4 1911, wrote in substance:
G e n e r a l R e s u l t s .— T h e g r o s s r e v e n u e s f r o m r a i l r o a d l i n e s I n c r e a s e d $ 8 1 8 , 
7 2 0 , o r 9 . 1 4 % , d u e c h l c l l y t o a g e n e r a l I n c r e a s e In t h e p a s s e n g e r t r a f f i c a n d
t o th e o p e n in g o f th e P e n n s y lv a n ia tu n n e ls a n d th e c o n s e q u e n t o p e r a tio n

of A Inrtrn number of nnssemrpr trains to nnrl from the Dnnndirlonnio

<1x111 w it;
i c i l y tu i u c l u u t U l 0 ‘i l l l
i n SaiCl U O rO U p il
1 ills
I n c r e a s e w a s , t o a c o n s id e r a b le e x t e n t , o lT s e t, h o w e v e r , b y t h e r e s u lt in g
h e a v y lo s s In f e r r y e a r n i n g s , w h ic h u n d e r t h e n e w a c c o u n t i n g c la s s lt lc a t io n
a r e In c lu d e d in
o u t s i d e o p e r a t i o n s .” w h ic h lo s s w a s f u r t h e r I n c r e a s e d b y
t h e o p e r a t io n o f tr o lle y c a r s o v e r th e n e w Q u e e n s b o r o B r id g e .
Lh e f r e i g h t t o n n a g e s h o w s a n I n c r e a s e o f 6 . 1 % , t h e t o n m i l e a g e a n I n 
c r e a s e o f 3 . 2 /o a n d t h e f r e i g h t tr a in m i le a g e a n in c r e a s e o f 8 .3 %
The
g e n e r a l b u s i n e s s d e c l i n e d d u r i n g t h e l a s t h a l f o f t h e y e a r , p a r t i c u l a r l y In
fa r m p r o d u c ts , o w in g to a p r o tr a c te d d r o u g h t.
T h e n u m b e r o f passen gers
c a t r le d in c r e a s e d I - . 8 % ; tlie p a s s e n g e r m ile a g e in c r e a s e d 1 2 . 9 %
a n d th e
p a s s e n g e r tr a m m ile a g e In c re a se d 6 5 1 ,1 8 0 m ile s , o r 1 5 % .
4 9 0 .0 0 0 m ile s o f
t h e l n ? ^ » e t « a s tV a, ,I c b y e l e c t r i c t r a i n s , a l a r g e p o r t i o n o f w h i c h r e p r e s e n t s
!!L h
l C,Ci ° a n d f .r o 7 1 t h S P e n n s y l v a n i a s t a t i o n , i n M a n h a t t a n B o r o u g h
w h ic h w a s in a u g u r a te d o n S e p t 8 .
b
■ T h o o p e r a t in g e x p e n s e s , e x c lu d in g t a x e s , s h o w a n In c re a se o f 1 4 .2 8 5 , a n d
I n c lu d in g t a x e s . In c r e a s e d $ 1 ,1 1 7 ,9 4 0 , o r 1 4 . 1 % .
C h a r g e s to o p e r a tin g
e x p e n s e s o n a c c o u n t o f r e n e w a l s a n d d e p r e c i a t i o n a g g r e g a t e d $ 5 1 0 1 47
( a g a i n s t $ 3 9 2 , 4 1 5 In 1 9 0 8 - 0 9 ) , c h i e f l y f o r r o l l i n g s t o c k .
i. A f ,t c r P r o v i d i n g f o r t h e I n t e r e s t o n f u n d e d a n d o t h e r d e b t , a n d a l l o t h e r
lia b ilitie s , in c lu d in g a d v a n c e s t o th e M o n t a u k S t e a m b o a t C o . a m o u n t i n g
t o $ 3 7 ,9 9 0 , t h e r e s u lt fo r th e y e a r s h o w s a d e fic it o f $ 3 2 8 ,5 6 3 , a s c o m p a r e d
w i t h a s u r p l u s o f $ 3 1 6 , 7 8 0 In 1 9 0 9 .
I n t e r e s t C h a r g e .— T h e I n t e r e s t o n f u n d e d d e b t i n c r e a s e d $ 2 8 2 , 5 1 8 , c h l e l l y
d u e to th e fu n d in g o f th e flo a tin g d e b t th r o u g h th e Issu e o f d e b e n tu r e b o n d s ,
w h i c h e l l c c t e d a r e d u c t i o n In “ i n t e r e s t g e n e r a l a c c o u n t ” o f $ 1 5 3 , 8 8 3 a n d a
c o r r e s p o n d i n g I n c r e a s e In t h e c h a r g e s t o “ i n t e r e s t o n f u n d e d d e b t . ”
The
in te r e s t p a y m e n ts o n e q u ip m e n t tr u st o b lig a tio n s In c re a se d $ 9 ,2 2 7 a n d
c h a r g e s o n a c c o u n t o f h ir e o f e q u ip m e n t $ 4 5 ,0 7 8 .
O p e r a t i n g C o s t .— T h e l a r g e i n c r e a s e i n o p e r a t i n g e x p e n s e s w a s d u e c h l e l l y
t o t h e g e n e r a l a d v a n c e In w a g e s m a d e d u r i n g t h e y e a r , a l s o t o t h e I n c r e a s e d
tr a in s e r v ic e d u e t o t h e o p e n i n g o f th e P e n n s y lv a n ia s t a t i o n a n d e x t e n s io n
o f s e rv ic e In to N e w Y o r k .
P e r illin g t h e c o m p l e t i o n o f t h e I m p r o v e m e n t s a t
J a m a i c a , w h i c h i n c l u d e a t e r m i n a l f o r t h e s t e a m p a s s e n g e r t r a i n s , i t is n e c e s 
s a r y t o c o n t in u e th e r u n n in g o f th e s t e a m tr a in s to B o n g I s la n d C it y , th u s
d u p li c a t in g t h e tr a in m ile a g e w e s t o f J a m a i c a .
T h e r a ilr o a d p r o p e r ty a n d
e q u i p m e n t h a v e b e e n m a i n t a i n e d In e x c e l l e n t c o n d i t i o n a n d t h e s e r v i c e
s h o w s c o n tin u e d I m p r o v e m e n t
T h e r e w e r e l ,8 4 9 t o n s o f n e w s te e l r a il a n d
1 5 2 .6 1 1 tie s u s e d fo r r e n e w a ls .
T h e c h a n g e s In t h e p h y s i c a l c o n d i t i o n o f t h e r o a d I m p o s e m a n y b u r d e n s
w h ic h w ill c o n t i n u e t o u n f a v o r a b l y a f f e c t t h e o p e r a t i n g e x p e n s e s u n t il t h e
c o m p le te d I m p r o v e m e n ts p e r m it o f p r o p e r e c o n o m ic a l o p e r a t io n .
T r a in S e r v ic e in to M a n h a t t a n .— -I n p u r s u a n c e o f tr a c k a g e r ig h t s g r a n t e d
b y th e P e n n s y lv a n ia T u n n e l & T e r m in a l R R . C 9 . a n d th e P e n n s y lv a n ia R R
C o ., w h ic h o p e r a t e s Its r a ilr o a d a s a g e n t , t h e t r a in s o f y o u r c o m p a n v b e g a n
r u n n i n g t h r o u g h t h e E a s t R i v e r t u n n e l s t o t h e P e n n s y l v a n i a s t a t i o n In
M a n h a tta n B orou gh on S e p t. 8 1 9 1 0 .
T h e t r a i n s e r v i c e c o n s i s t s o f 1 01
t r a i n s In e a c h d i r e c t i o n , w i t h d i r e c t s e r v i c e t o t h e F a r R o c k a w a y B r a n c h
th e H e m p s t e a d B r a n c h a n d L o n g B e a c h , c o n n e c t i n g a t J a m a ic a w ith a ll
s t e a m tr a in s r u n n in g t o v a r io u s p o in ts o n th e I s la n d a n d a t W o o d s i d c w it h
a ll P o r t W a s h in g t o n b r a n c h a n d W h it e s t o n e b r a n c h tr a in s .
T h e se rv ic e
h a s b e e n v e r y s a t i s f a c t o r y , a lt h o u g h th e in c r e a s e d e a r n in g s e x p e c t e d fr o m
t h e o p e n i n g o f t h e t u n n e l s w e r e n o t a p p r e c i a b l e In 1 9 1 0 , i t b e i n g t o o l a t e
to b e n e fit b y th e h C a v y s u m m e r tr a v e l.
C e r t a in s t e a m tr a in s w ill c o n t in u e
t o r u n t o L o n g I s l a n d C i t y u n t i l t h e J a m a i c a t e r m i n a l Is c o m p l e t e d a n d t h e
e le c tr ific a tio n o f th e N o r t h S h o r e b r a n c h p e r m it s o f o t h e r a r r a n g e m e n ts
E l e c t r i c L i n e s .— T h e o p e r a t i o n o f t h e e l e c t r i f i e d l i n e s c o n t i n u e s s a t i s 
f a c t o r y , b o t h fr o m t h e s t a n d p o in t o f e c o n o m y a n d in c r e a s e d b u s in e s s
riie t r o l l e y l i n e s h e l d b y y o u r L o n g I s l a n d C o n s o l i d a t e d E l e c t r i c a l C o m 
p a n ie s a r e s h o w in g I m p r o v e d r e s u lt s .
N o e x t e n s i o n s w e r e m a d e In 1 9 1 0 ,
r,
a e w p a y - a s - y o u -e n t e r c a r s w e r e a d d e d t o t h e e q u i p m e n t f o r u s e o ii
th e O c e a n E le c tr ic R y .
— -P u r s u a n t

to

th e

fin a n c ia l p la n

a d o p te d

In

1909,

d eb en tu re

tf[ e a , Jl o ’i l 1A ° J , ? 8 , 0 6 2 , 9 5 2 b a v c b e e n I s s u e d b y y o u r c o m p a n y t o
f b c 1 c n n s y lv a n la R R . C o ., a n d fu r th e r a d v a n c e s a m o u n t i n g to $ 4 ,7 3 5 0 0 0
n ] a ,d e .b y
o e is s u e d in d u e

tu re s

d u rin g

th e

th e P e n n s y lv a n ia
cou rse.

R R .,

fo r

w h ic h

d e b e n tu re

bonds

— T h H c o n s tr u c tio n , e q u ip m e n t a n d rea l e s ta te e x p e n d i
y e a r h a v e a g g r e g a t e d $ 4 ,5 2 1 ,7 7 1 , n o t a b ly fo r

Bay Ridge im provem ent__ $205,737
E 1m B k l y n . g r a d e c r o s s i n g s 1 8 9 , 7 6 6
E le c tr ific a tio n
. _ .
575 957
R e a l e s t a t e _______________"
1 4 5 * ,7 2 1
M a i n lin e I m p r o v e m e n t
. . I 4 0 8 )6 0 3
J a m a i c a I m p r o v e m e n t ____ _ . 5 2 5 ) 8 6 6

G l e n d a l e c u t - o f r _____________________ $ 6 6 , 9 6 1
N o r t h .S i d e I m p r o v e m e n t ____
8 4 ,4 7 7
M o n ta u k fr e ig h t c u t -o ir
1 0 8 ,8 8 5
2 d , 3 d a n d 4 t h t r a c k s ______
. 1 8 1 ,5 6 8
F r e i g h t f a c i l i t i e s _____
__
1 5 3 ,4 2 7
P a s s e n g e r c a r s ________________
1 ,5 5 8 ,8 6 5
_

wni
w in

T h e w o r k o n th e B a y R i d g e I m p r o v e m e n t c o n s is t e d o f fin is h in g b r id g e s
a n d c a r r y in g o n a n ew s e c tio n o f th e w o rk b e tw e e n N e w L o t s a n d A t la n t ic
A v fT £ ° n « * t w o r k t o b e u n d e r t a k e n Is t h e t u n n e l u n d e r A t h m U c
a n d t h e h ill b e t w e e n t h a t p o in t a n d C e n t r a l A v c .

A ve

T h e I m p r o v e m e n t a n d e le c t r ific a t io n o f y o u r lin e s c o n s is t e d o f f in is h in g
t h e f o u r t r a c k s b e t w e e n t h e m o u t h s o f t h e t u n n e l s In S u n n y s l d e y a r d a n d
J a m a l e a , t w o t r a c k s o f t h e G le n d a le c u t -o ir , o n e tr a c k fr o m S p r in g fie ld
J u n c tio n t o V a lle y S t r e a m , tw o tr a c k s fr o m V a lle y S tr e a m to L y n b r o o k
a n d s in g le tr a c k L y n b r o o k t o L o n g B e a c h , th ir d tr a c k o n F a r I t o c k a w a v
B r a n c h a n d th e b u ild in g o f s u b -s t a t io n s a t W in fie ld a n d M in e o la
The
G l e n d a l e c u t - o f l a n d t h e M o n t a u k f r e i g h t c u t - o f l w e r e p u t In o p e r a t i o n
A c o n t r a c t Is b e i n g n e g o t i a t e d i n w h i c h t h e c i t y c o n t r i b u t e s $ 4 5 0 0 0 0
to w a r d s th e c o s t o t e lim in a t in g g r a d e c r o s s in g s b e tw e e n
W o o d s i d c a n il
W i n f i e l d , fin is h in g b r id g e s o n th e M a in L in e a n d e lim in a t in g g r a d e c r o s s in g s
t h r o u g h R ic h m o n d H ill a n d o n th e M o n ta u k D iv is io n .
T h e r e w ill t h e n b e
n o g r a d e c r o s s in g s o n th e M a in L in e d iv is io n b e tw e e n L o n g I s la n d C it y a n d
J a m a ic a , a n d th e o b je c t io n a b le c r o s s in g s o n th e M o n t a u k d iv is io n th r o u g h
R i c h m o n d III1 I a n d J a m a i c a w i l l a l s o b e a b o l i s h e d .
T h e P u b l i c .S e r v i c e C o m m i s s i o n a p p r o v e d y o u r a p p l i c a t i o n t o e l i m i n a t e
G 'c f r a d e c r o s s i n g s o n t h e P o r t W a s h i n g t o n d i v i s i o n t h r o u g h F l u s h i n g ,
a n d th e S t a t e a n d c it y w ill c o n t r ib u t e $ 4 0 0 ,0 0 0 t o w a r d s th is w o r k .
T h is
t b f c o m p a n y to a b o lis h a n u m b e r o f g r a d e c r o s s in g s , e x t e n d 2 d
tr a c k t o G r e a t N e c k a n d W h i t e s t o n e . a n d e le c tr ify b o t h b r a n c h e s ,
fo u rth
fo u rth

t? i le, a1g c
[ 'c r e a s e d 3 8 . 1 3 m i l e s , v i z . :
F ir s t , s e c o n d , th ir d a n d
t r a c k , 2 2 .2 1 m ile s ; y a r d s a n d te r m i n a ls , 8 .9 1 m .; s id i n g s , 7 .0 1 m .




Passenger ear equipment shows a net increase o 61.
- P
a ts, n? w uncier contract are received, the company will
Thoetr4M^v,tt oalP„aSS?nger car,s - of which 369 " ’111 be equipped w t h
Ihe fieight car equipment shows a decrease of 137
D e v e l o p m e n t o f T e r r i t o r y . — During the vear 7 068 dwelling houses
42
vlUogcsSalong vnur8 l
604 miscellaneous buildings were constructed In
inirM ^n'Of
out?ide of LonS Island City and Brooklyn, an
located -itf vi Sous^ooLo P a t o u s year. Thirty-four new Industries were
located at various points on the line durlner the vear
The (*xner!mental
C e n n Z u ^ T O n r ^ n S T h " 1 tln sttmulatinar agricufturaU levefopm ^t
h ; ^ n c ia i ,t)us,ness shows a healthy condition. The averM 1
1
KM,Io n
n o l 1? ' month shows an increase of from 6,387
were commute™
9 f the total numbcr of passengers carried, 2 8 .8 %
Beach<nassenvers rJ/Sl V ^ Cnl Pas|c"Kers on Atlantic A v c ., 4 .4 % Rockaway
nr^-e[aP
Rs husfnessf
to and
nmie tlCeyall
n1"points
1
> c'v on
Vol’k,
the remainder general
, ss
ouMness to
from
the and
Island
i,V ' ,Vil„
motors"
motors.

— D a l . o f N e t E a r n s .—
C u rren t
P re v io u s
Y ear.
Year.

5 ,0 3 3

[V o l . l x x x x i i .

a n c c with thc^i4euK 1 1o ns nf 1tn b? 1? nCQShcct has bccn Prepared In accordfigures for the nrpepfiV,?^'^2o 4 uC I'der-State Commerce Commission and the
Ilgutcs for the preceding year have been revised to permit of comparison.
O P E R A T IN G
O p e r a tio n s—
M i l e s o p e r a t e d _________

1910

399'

T o n s c a r rie d . N o . . .
' I 'o n s o n e m i l e , N o . _____
R a t e p er to n p er m ile .
P a sse n g e r s c a r rie d . N o .

3 814 209
9 2 ,9 5 1 )7 4 2
3 3 3 5 ’c t s 3 0 ,9 7 8 6 1 5

P a s s e n g e r s 1 m ile , N o . .4 5 9 ,7 9 9 ,3 1 4
R a te per p a ss, per m ile .
1 .3 7 4 c t s .
P a s s , p e r tr a in m ile , N o .
92 22
T o n s p e r t r a i n . N o --------1 5 9 .0 8
IN C O M E
L in e s

„
D ir e c tly O p .—

1910.

T o t a l o p e r. r e v . . . 9 ,7 7 9 ,1 1 6

8 .9 6 0 .3 9 5

O p e r a tin g E x p e n s e s —
M a ln te n . o f w a y . & c _ 1 ,1 5 4 ,4 4 4
9 8 9 ,5 1 9
M a ln t . o f e q u ip m e n t 1 ,3 9 1 ,9 9 1 1 ,2 4 6 ,1 8 7
T r a f f i c e x p e n s e s -------1 9 0 ,2 9 7
1 6 3 ,4 0 0
T r a n s p o r t a t i o n ______4 , 4 2 9 , 6 1 4 3 , 7 7 9 7 2 9
G e n e r a l ............................... 2 5 4 , 2 6 1
2 2 0 ,3 5 2
O p e r. e x p e n s e s ...7 ,4 2 0 ,6 0 7
N e t op er. re v e n u e . .2 ,3 5 8 ,5 0 9
O u t s i d e o p e r .— n e t . . » 7 5 3 , 7 8 7

6 ,3 9 9 ,1 8 7
2 ,5 6 1 ,2 0 8
* 8 8 4 ,6 4 6

T o t a l n e t r e v e n u e .3 ,1 1 2 ,2 9 6

3 ,4 4 5 ,8 5 4

5 5 5 ,7 5 3

5 0 1 ,8 3 6

------------------- -------------------_
.,
,
O p e r a tin g I n c o m e .. . 2 . 5 5 6 , 5 4 3 2 ,9 4 4 ,0 1 8

1910.
§

A ssets—

R o a d & c q u lp ’ t - .a 5 7 .0 3 7 ,6 3 7
S e c u r ’ s o f p ro p rie 
t a r y ,& c .,c o s .—
S t o c k s — p le d g e d
4 5 3 .6 7 9
B o n d s — p le d g e d
9 8 8 ,5 5 0
S to c k s — u n p l’ i l . 1 ,0 6 7 ,0 2 6
B o n d s — u n p l’ d _
2 1 6 ,3 3 5
S e c u r ’ s Is s u e d o r a s 

N e t o p e r a t 'g I n c o m e . 2 , 1 9 5 , 2 2 2
M ls c . In com e—
I n c o m e fr o m i n v e s t ’ s
H iv . & H a r b . T r . C o .

1909.
§

4 5 3 ,6 7 9
9 8 8 ,5 5 0
1 ,0 6 7 ,0 2 5
2 1 6 ,3 3 5

s u m e d — p le d g e d
9 5 6 .4 8 8
9 5 6 ,4 8 8
M a r k e ta b le se cu r’ s
5 4 ,2 1 5
54 215
M l s c e l. I n v e s t m ’ t s 6 4 , 0 7 5 , 8 6 2
4 ,1 8 5 ,5 5 1
C a s h ..........................
6 1 7 ,0 1 7
5 7 7 ,3 4 1
L o a n s & b i lls r e c _ .
5 2 6 ,6 6 7
5 2 6 ,6 6 7
M a t e r ia l & s u p p li e s
8 9 7 ,5 0 9
7 7 3 ,6 7 1
M ls c e l. a c c o u n t s . .
9 9 3 ,0 5 5
1 .0 6 9 ,4 8 3
T e m p o r a r y a d v ’ cs 3 ,0 0 6 ,8 5 2
3 ,0 5 6 ,3 3 0
O t h . d e f .d e b .I t e m s
3 5 ,8 5 7
4 0 ,1 3 2
L e a s e h o ld e s t a t e s . 5 .3 8 8 ,0 0 0
5 ,3 8 8 ) 0 0 0
P r o f i t a n d l o s s -------- e 3 ,0 8 9 , 9 5 7 c 2 , 7 2 5 , 8 5 7

1909.

S
2 ,9 4 4 ,0 1 8
3 2 6 ,2 9 2
2 ,6 1 7 ,7 2 6

2 1 2 ,9 9 0
6 2 ,0 6 1

2 0 4 ,5 2 2
7 6 ,0 8 6

T o ta l n e t i n c o m e .2 ,4 7 0 ,2 7 3

2 ,8 9 8 ,3 3 4

F i x e d r e n t a l s ,________
2 5 5 ,1
,0 9 5
I n t . o n b o n d e d d e b t . 2 ,0 8 5 ) 8 4 8
I n t . o n m o r t g a g e s ..
73 7 0 7
I n t ., general a cco u n t
109 0 4 0
H ire o f e q u i p m e n t ..
74 9 9 0
I n t . o n e q u ip , t r u s t s .
132 8 8 0
P r e m i u m o n e x c h ____
300
R e n t s .................................
28, 9 8 6
A d v a n c e s to M o n ta u k
S t e a m b o a t C o _____
3 7 ,, 9 9 0

2 5 5 ,1 2 7
1 ,8 0 3 ,3 3 0
7 4 ,2 0 7
2 6 2 ,9 2 3
2 9 .9 1 2
1 2 3 ,6 5 3
563
1 0 .3 6 8

D eduction s —

1 5 ,4 6 9

T o t a l ................................ 2 , 7 9 8 , 8 3 6 2 , 5 8 1 , 5 5 3
B a l a n c e .........................d e f . 3 2 8 ,5 6 3 s r . 3 1 6 , 7 8 0
E x t r a o r d . e x p e n il’ s .
_ . ------2 5 0 ,0 0 0

B ALAN CE

5 2 ,7 4 6 .1 3 9

1907.
392
3 ,3 0 0 ,6 1 1
8 1 ,4 3 3 ,7 8 9
3 .3 1 9 c t s .
2 3 ,0 5 0 ,5 4 7
3 6 3 ,2 9 8 ,9 6 6
1 .4 6 8 c t s .
8 3 .6 5
1 4 6 .5 3

1910.
5
.
.. i n c o m e . . . 2 . 5 5 6 ,5 4 .3
R e n t a l s (n e t r e v . ) .
3 6 1 ,3 2 1

‘ T o ta l r e v e n u e s o u ts id e o p e r a tio n s , $ 1 ,8 4 9 ,7 2 0
1 9 0 9 : e x p e n s e s , $ 1 ,0 9 5 ,9 3 3 , a g a in s t $ 1 ,0 5 3 ,3 2 9 .
GENERAL

908.
392
3 ,C
,0 7 2 ,5 2 l
7 9 , 8 2 2 ,4 9 5
3 . 11 7 9 c t s .
2 3 , 2 4 2 ,8 3 8
3 5 - 2 2 8 ,0 6 0
1 4 82 c ts.
8 5 .5 2
1 6 2 .5 6

ACCOUNT.

5

2 ,9 7 1 2 7 9
5 ,6 0 9 ,6 8 0
1 3 2 8 -1 2 0 3 ’869
4 2 ,7 2 5

.................................

1909.
391
3 ,5 9 5 ,6 5 7
9 0 ,0 4 1 ,4 9 6
3 .3 0 1 c t s .
2 7, . 4 6 6 , 7 6 1
4071270 611
1 . 3 9 8 ’c t s
u s tin
1 6 6 .8 4

1909.

S

F r e i g h t -------------------------- 3 , 0 9 9 , 1 8 3
P a s s e n g e r .........................6 , 2 2 5 , 5 3 2
O th e r tr a n s p ’ n r e v . .
1 4 5 ,9 7 7
N o n -tr a n s p .
rev e n u e 2 6 4 ,4 6 4
M a l l ...................
4 3 ,9 0 0

Taxes

STA T IS T IC S .

in

SH EET

1910,

DEC

a g a in s t $ 1 ,9 3 7 ,9 7 5

In

31.

1910.
1909.
L ia b ilitie s—
S
S
C a p i t a l s t o c k .............. 12 ,000,000 12,000,000
F u n d e d d e b t ..............5 1 , 2 3 1 , 6 5 4 4 9 , 2 3 1 . 6 5 4
E q u i p , t r u s t s _____ 3 , 3 2 2 , 0 0 0
3 ,3 2 2 ,0 0 0
R e a l e s ta te m t g e s . 1, 9 6 9 ,9 1 8
1 ,9 6 9 .9 1 8
C o n s tr u c tio n
and
3 5 ,8 4 0
e q u i p m e n t _____
2 ,0 6 0 ,8 4 0
L o a n s & b i lls p a y . 4 , 7 0 0 , 0 0 0
T r a ffic , & c ., b a ls .
4 8 5 ,6 8 3
3 8 4 ,5 2 1
V o u c h e r s & w a g e s 1 ,3 1 9 ,1 4 4
1 ,0 0 8 ,2 6 9
3 1 ,7 7 2
M a tu re d I n t e r e s t ..
2 6 ,9 0 3
M ls c e l. a c c o u n t s . .
3 8 8 .4 4 8
3 3 6 ,6 4 6
U n m a t u r e i l I n t ____
5 3 2 ,0 7 5
5 3 2 ,0 7 5
T a x e s a c c r u e d _____
1 0 0 ,1 7 2
5 2 ,0 7 3
D e f. c r e d it it e m s .
1 2 ,5 6 4
O u ts ta n d in g secu r
it ie s o f l e a s e d e s t . 3 , 8 8 8 , 0 0 0
3 ,8 8 8 ,0 0 0

T o ta l---------------80,004,706 74.825.463 I T o ta l.................. 80,004,706 74,825,463
« After deducting reserve for accrued depreciation, 8443 673
unpledged,CS$ P235,862property’ s:!0'0,l° ' and securitles-pledged, $410,000, and
Income'C— v % 2 l pg

° ^ ° for a<l'lltlons to property since June 30 1907 through

New York Chicago & St. Louis Railroad.
31 1910.)
President William H. Canniff says in substance:
(R eport fo r F isca l Y e a r en d in g D ec.

. S ' Va o t 0* Gf\Sultf '~t T I xc gross revenue shows an increase of $1,162,670 or
1 1 .0 4 /0 .
1 ne freight■ revenue Increased $1,001,273 or 1 2 . 1 0 % , and the
B m r e ^ e ^ fr$ i n 0 °2 8 J 0 2 ’ 612 or 7 0 2 % .
The operating expenses show an

Tiie other income was $280,339, an increase of $20,299 . The interest on
loans and deposits shows a decrease of $41,507, due to a reduction In the
amount of bills lcccivable, but this decrease Is ofTset by an Increase of $7,018
In the miscellaneous and rental accounts and by the hire of equipment ac
count, showing a revenue of $54,788 as against an expense of $133,304 In
the previous year.
This Is largely attributable to the additional freight
train cars purchased during the year.
The Interest on funded debt shows a decrease of S6 337 due tn 1 st vr
bonds retired by the sinking fund and to the reduction In the amount o f
^ an
v-*?tnS ’ ♦ The various rental accounts show a°n
elimination w o rk a i GrandCrossing I i e " US° ° f ° thCr r° adS dUrIng gra“ e'

4 3 rm f h ^ l m,f/n i^ v ? 0 nTr»Hr<fm tK,?-.fund’ amounting Dec. 31 1909 to $516,
436, there was expended for bridge-renewals $7,181; ballasting, $1 1,007,
and separation grades Grand Crossing, 111 ., $174 ,18 7, and there was charged

to special improv t fund $ -7 4 ,9 0 0 , leaving a balance available of $48,860.
In addition to the amount shown as expended and charged to the Im
provement fund for the separation of grades at Grand Crossing, 111., there
tas been expended on this work the sum of $217,867. which is held in sus
pense account pending the completion of the work at that place, the total
expenditures to Dec. 31 1010 amounting to $392,867.
,. ®n ticcount of the elimination of street-crossing grades and change of
andash^rtVCr fnn R v
c 'eveIan<1. Ohio, In connection with the Cleve‘ ®“ d Snort Line R > .. there has been expended $2,038,712, of which the
amount expended In 1910 was $835 ,65 5. This amount ($2,038,712) is
also held In suspense account pending the completion of the work.
U A A Ul™ l \ en,[r sif 7^ n ° i 4° v
equipment was added during the year at a
switch0 W ftm n M l'Z 302 nn5 ',,K3 tello Vhi el frclght locomotives, 5 six-wheel
a'cio 1 locomotives. ~00 automobile box cars, 800 box cars, 1,000 gon
dola cars, 10 passenger coaches anil 5 baggage cars.
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.
M i l e s o p e r a t e d ........................
O p e r a tio n s—
P a s s e n g e r s c a r r i e d ________
P a s s , c a r r i e d 1 m i l e ______
R a t e p er p a ss, p er m ile .
E a r n , p e r p a s s , tr a in m _
R e v e n u e fur w
e i g, u
h t. (nt o™
n s ), .

1909.
523

8 2 0 ,7 8 1
9 6 ,0 8 5 ,1 9 0
1 .6 3 c t s .
$ 1 .4 8
8
O ..6o 0u 8t l. .3a 5o 0o
R e v . fr e ig h t (to n s) 1 m . 1 8 3 9 3 6 1 0 0 9
R a te p er to n p er m i l e ...
0 .5 0 4 c t s .

1908.
523

523

7 7 0 ,6 1 1
7 6 4 ,8 5 6
7 8 8 ,5 4 6
8 9 ,9 5 8 ,7 1 2
9 9 ,9 6 9 ,3 5 7
8 2 ,5 0 4 ,0 6 7
1 .6 2 c t s .
1 .6 2 c t s .
$ 1 .3 9
$ 1 .2 4
77 ,,44 22 11 ,,22 00 44
66, 1, 10066, 2, 23322
7 ,0 7 9 ,5 8 6
1602562829
1488383257
16677702046
0 .5 1 6 c t s .
0 .5 1 0 c t s .
___________

IN C O M E A C C O U N T

YEAR

E N D IN G

1910.
$
9,275,437
1,563,918
354,879
14,643

E a r n i n g s -----

Mall, express and miscellaneous.
Other than transportation----------

31.
1909.
$
8,274.164
1,461,306
306,105
34,632
DEC.

$
7,587,789
1,339,420
261,853
32,394

11,238,877

10,076,207

9,221,456

General expenses.

1,172,200
1,406,772
601,888
4,462,919
185,877

904,834
1,173,155
560,092
3,910,821
170,473

895,643
1,081,172
526,176
3,816,321
156,066

P . c. of expenses to earnings.Net operating revenue-----------Net deficit outside operations.

7,829,656
(69.67)
3,409,221
22,191

6,719,375
(66.69)
3,356,832
17,954

6,475,378
(70.22)
2,746,078
11,872

Total net operating reven u e..
Taxes accrued------------------------------

3,387,030
348,480

3,338,878
343,011

2,734,206
343,369

Other Income.

3,038,550
280,339

2,995,867
260,040

2,390,837
92,662

3,318,889

3,255,907

2,483,499

25,516
161,349
1,168,950

5,100
133,304
24,085
123,651
1,175,287

98,000
800,000
420,000

. ■ 91,000
• 800,000
■ 420,000

36,109
267,896
30,874
79,596
974,115
64,000
43,000
800,000

E xpen ses—

Maintenance of way and str
Maintenance of equipment.
Traffic expenses------------------

D ed u ct—
Rentals leased lines -----------------Hire of equipment, A c . . . . . .
Interest on equipment contract
Joint facilities, A c ., rents-------Interest on funded debt------------Other deductions..... ........... .........

■ •

fd.)

l)lv. on preferred stock (5 % )
D lv. on common stock ( 3 % ) .

5,250

2,295,590
2,772,427
2,679,065
187,909
483,480
639,824
Balance, surplus____________
To the surplus for the year, $639 ,82 4, there was added amount to credit
of prollt and loss Dee. 31 1909 $1,7 7 2 ,5 2 7 , and amounts transferred from
sinking fund account, $98,000 ; total, $ 2 ,510,351; deducting cancellation
of uncollectible charges and sundry adjustments, $14,943 , leaves a balance
on lD cc. 31 1910 of $ 2 ,495,408.
..........................................................
G E N E R A L H A L A N C E S H E E T D E C E M B E R 31.
■ B ra ss
1909.
1910.
B
1910
1909.
S
Liabilities —
S
A sse ts —
S
S
Hoad & cqulp’t..«5 fi,770,866 54,509,716 Stock (see "R y . A
Iiul.” Section). .30,000,000 30,000,000
Securities owned. .61,500,000 61,500, 00
12,663 Funded debt_____29,081,000 29,243,000
12,663
Marketable secur’s
4E8,714 Vouchers A wages. 1,279,154 1,062,943
749,139
Materials A supp.
18,322
Int.,dtvs.,Ac.,unpd
20,909
Cash charged Treas
866,966 2,077,496 lilt., dlvs., Ac., ac
urer A to pay Int
crued— not due. 1 , 102,202 1,504,833
Loans A bills rec.. 3,000,002 4,451,650
c
242,731
C220.422 Traffic, Ac., bals.
641,729
Traffic, Ac., bale.
559,326
842,599
764,570 Mlsc. accounts____
613,006
Agents A conduc.
614,439 Appropriated surp.<f2,290,166 2.295,848
571,737
Mlsc. accounts-----7,010
9,118
699,884 Items in suspense.
514,651
Advances, A c-----Items In suspense. 2,122,528 1,174,174 Income account.. 2,495,408 1,772,527

T o ta l..................67.363.2S7 66,463,809

T o ta l.................67,363,287 66,463,809

(i Includes additions to road since June 30 1907, SI,911,928; to equipment,
$2,722,559; and general expenditures, $2,310.
6 Includes stocks of proprietary, affiliated and controlled companies pledged.
c Traffic and car service balances are stated as a net Item In 1909 under assets.
(I Appropriated surplus In 1910 Includes reserves not specifically invested, $48,860,
and additions to property through Income since June 30 1907, $2,241,306. V- 91,
p. 154.

.

Kansas City Mexico & Orient Ry.
30 1910.)
We have been favored with the following data:
(S ta tem en t fo r F isc a l Y e a r en d in g J u n e

The projected and completed line, as contemplated, will extend from
Kansas City, M o., to Topolobampo Hay, M cx., a distance of 1,659 miles,
with a cut-olT from San Angelo, T e x ., to Del Rio, T e x ., connecting there,
as well as at Chihuahua, M cx., with Mexican lines for Mexico City.
On June 30 1910 the total length of line In operation was 740.49 miles, viz.:
(b ) C o n tr o lle d th r o u g h S e c u r it ie s —
(a) O w n e d in F e e (723.36 M i l e s ) —
W ichita, K a n ., to Foley, Okla 178.08 Kansas City M cx. A O. R y. of T e x .,
Red River, T e x ., to San A n 
Ewing, O kla., to Altus, O kla. 68.73
gelo, T e x . . .
________ _ .2 3 7 .4 3
Altus, O kla., to Red River, Ok. 12.92
(c) T r a c k a g e rig h ts (17.13 M i l e s ) —
__
Marquez, M cx., to Tabalaopa,
_____________________
80.77 St. Louis A San Francisco R R .:
Foley, Okla., to Ewing. O k la.12.78
Mlnaca, M cx., to Sanchez, Mex 74.28
Chihuahua A Paclllc Ity .:
El Fucrte, M ex., to Topolobam po, M ex------ --------------- -- - 62.23 Chihuahua to Tabalaopa, M ex. 4.35
Mochls, M cx., to Mochls Jc.,M ex 2.92
Gauge
Rail (steel), 70, 75 and 80 lbs. Sidings, A c ., 93.08 miles.

4 Contracts have been let for grading on main line south of San Angelo
and also for similar work on branch from San Angelo to Del Rio* and wot k
has begun and will be pushed as fast as possible. The line front Swcctwatei
to San Angelo, T e x ., was built during year ended June 30 1910.
Il o l l in g S t o c k .— June 30 1910 (largely under equipment trusts— E d .)Locomotives, 65; Cars— passenger, 14; combination, 10: baggage, A c ., 10/
other passenger cars, 2; freight (box, 1,141; Hat, 277; stock, 291; coal, 53;
tank, 10; other freight, 94 ), 1,866; service, 74. Total cars, 1,976.
C a p i t a l S t o c k .— Authorized, $20,000 per mile each In common and pref.
Issued June 30 1910, $12,264 ,135 common (of which $2,400 In treasury)
and $12,500 ,000 pref. (of which $2,400 In treasury). Shares, $100. The
stock Is held In a voting trust for 10 years, expiring Jan. 1 1917, voting
trustees being A . E . Stilwcll, W . W . Sylvester, W . A . Rule, W . S. W oods,
Kansas City, Mo.; Robert II. Law, Chicago, 111.; Douglas .1. Neam c,Ilarohl
D. Arbuthnot, Lewis Rcndell, ilaron Iloxall and II. ,1. Chinncry of London,
Engiand.
Registrar of stock. Commerce Trust C o., Kansas City, Mo.
Transfer agent, U . S. A M cx. 'I'rust C o., Kansas City, M o. Annual meet
ing, llrst Tuesday In May at Kansas City, K an.
Of the $18,199,000 bonds outstanding June 30 1910, $3,489,000 were
held In the company’s treasury, $ 6 , 000,000 were sold, the balance, $8,7 1 0 ,
000, were owned by the Union and International Construction companies,
which arc building the road. The bonds arc secured by 259.73 miles of
road owned In the United States of America, 226.20 miles In Mexico and
237 43 miles of road of the Kansas City Mexico A Orient R y . Co. of Texas
(whose securities are owned or controlled): also all other property of what
soever description owned.
(Compare V . 91, p. 94, 1025, 1446; V . 92,
p. 395, 956.)
IN C O M E A C C T .

1025

THE CHRONICLE

A p r . 15 1911.]

YEAH EN D . JU N E

30 1910 ( A v g . M i l e s O p e r . 7 21.23).

G E N E R A L B A L A N C E S H E E T J U N E 30 1910.
L i a b i l i t ie s ($48,701,293) —
A s s e t s ($ 4 8 ,7 0 1 ,2 9 3 )Road A equipment, A c .a $ 4 3 ,6 4 7 ,7 5 4 Common stock____ $12,264,135
Treas. stocks A b o n d s ..
3,493,800 Preferred stock___ 12,500,000
7,229 Funded d ebt_______ 18,199,000
Advances to affil. co’s . .
Equip, trust obligations.
1,618,885
Unextinguished discount
1,150,836
900,000 Loans A bills payable___
on capital stock_______
17,582
60,000 Traffic balances_________
Unextlng. disc, on bonds
207,895
127,268 Vouchers A wages unpaid
Material and supplies___
610,888
19,750 Accounts payable_______
Agents and con du ctors..
142,329 Due to construction co’s
Accounts receivable______
and individuals In pre
27,644
Other working assets____
ferred A common stock 2,103,572
5,391
Prepaid insurance_______
28,500
Cash_______________________
40,803 Accrued taxes, not paid.
Profit and loss___________
229,325
a Includes cost of road (K . C. M . A O. R y .) , $29,594 ,354 : cost of equip
m ent, $ 2 ,968,732; amount of securities of K . C. M . A O. R y . Co. Issued to
acquire control of K . C. M . A O . R y . of Texas. $ 1 1,161 ,870 ; total, $ 43,
724,956; less reserve for accrued depreciation, $77,202: balance, as above,
$ 4 3,647 ,754 . See also statement and map, pages 73 and 74, of “ Railway
and Industrial Section.’ ’— V . 92, p . 956, 395.

Hudson & Manhattan Railroad Co.
31 1911.)
Pres. W. G. McAdoo, N. Y., April 12 wrote in substance:
(R epo rt fo r F isc a l Y e a r en d in g M a rch

A d d i t i o n s .— In August 1910 the new station at Henderson and Grove
streets, Jersey City, was opened, and in November the extension from 23d
St. and 6th A v . to Broadway and 33d St. was completed and put into
operation. The car-storage yard and repair shops at Henderson St. and
Railroad A v ., Jersey City, were completed In the fall of 1910.
The opening of the Broadway and 33d St. terminal, In the heart of the
business, shopping and theatre districts of N . V . City, has/greatly im
proved the company's position. A t this station facilities are provided
for the handling of baggage, mall and express matter, as has been done to
the Hudson Terminal at Cortlandt and Church Sts., but these sources of
revenue have not yet been tapped, and cannot well be until the connection
with Newark (now under construction) is completed. The Erie R R . and
the Lehigh Valley R R . have each established ticket offices on the Con
course floor, and similar provision has been made for other trunk lines.
H u d s o n T e r m in a l B u i l d i n g s .— 'These buildings have
maintained the
popularity, and there has been such a steady demand for space that on
May 1 1911, the beginning of the next “ leasing year, the buildings will be
9 9 .3 % rented. The gross Income from the buildings for the year ending
May 1 1912 will be $1,566,318, as against $1,509,628 for the year ending
M ay 1 1911. The amount payable for assumed leases for the year ending
M ay 1 1912 will be only $16,647 .
. . .
,
E q u i p m e n t .— The company has purchased 50 additional steel passenger
cars under a purchase agreement with the Guaranty Trust Co. of New \ ork,
which company has issued (§500,000) car-purchase certificates, Series 13,
against this equipment (V . 91, p. 1253). Orders for 36 more cars (for use
in the joint service to Newark) have been placed, and car-purchase certifi
cates covering these will also be issued.
.
.« .
N e w a r k E x t e n s i o n .— Work on the company s portion of the joint llg n specd line with the Pennsylvania R R . to Newark has progressed satisfac
torily, and this service should be inaugurated during the summer of 1911.
providing an additional station of great importance at or near the Boule
vard, Jersey City Heights, a promising residential section,
rhe Hudson
Terminal will then become the downtown terminal of the Pennsylvania
system, with connection for through traffic at the Manhattan Transfer,
just east of Newark. A new local station in the heart of Newark will be
an Important feature of this joint rapid transit line, from which a large and
constantly-increasing traffic may be confidently expected.
P r o je c t e d L i n e s .— Construction has not yet begun on the 42d St.-Grand
Central extension, for which a franchise has been granted. The present un
certainty about the new subway’ lines in N . \ . City makes it unwise to be
gin this work until the city has reached a decision on the main subway ques
tion, since this extension should dovetail with any new subways which may
be built. The extension from 6 th A v . to 4th A v . under 9th St. Is in some
what of the same category. The Public Service Commission has extended
the time for Its construction until June 15th 1913.
T r a f f i c .— There has been a gratifying growth of traffic.
For the year

not put into operation until July 19 1909. The number of passengers per
mile of road operated was 7 ,643,251, as against 6 ,799,373, an increase of
1 2 .4 % . This represents real growth, but it is not truly indicative of the
normal Increase of traffic. During September and October of both 1909
and 1910 the road was operated on practically the same mileage, and the
traffic of the latter period showed an increase of 2 4 % .
O p e r a tin g C o n d it i o n s .— Many reductions In the cost of operation have
been made, and when the system is completed and the operation becomes
more uniform, the ratios of operating expenses should show further decreases.
During the year covered by this report the company has operated an aver
age of 1 808 trains per day, making a total of 6,592,271 revenue car miles
in the year. Although these trains have been operated under a 90-second
headway during rush hours, and under a 2 J^-minutc headway during the
rest of the day, the percentage of trains on time was 9 9 .4 6 % .
I n t e r e s t .— A s Important portions of the system arc still unuer construc
tion and the operated portion represents only a part of the total capital ex
penditure and capacity, interest charges on bonded debt have been appor
tioned between operation and construction. There is now- being deducted
from operating Income interest on a total of $ 50 , 000,000 of bonds, and there
is being charged to construction the interest on $ 1 4 ,oOO,000 of bonds.
W ith the extension of service over those parts of the line now under con
struction, the amount of interest deductable from Income will be increased,
and the amount charged to construction will be progressively’ reduced,
is a universal practice to charge to construction the cost of money during
the period of construction, and the division of this charge between operation
and construction has been made we believe on a conservative basis.
A m o r t iz a t io n R e s e r v e s .— As required by the Public Service Commission,
this company has charged off and set up depreciation and amortization re
serves w ith‘a result that at March 31 1911, in addition to actual expendi
tures in maintaining the property, we have absorbed Into operating ex
penses and set up a reserve of $385,081. A better showing of net earnings
might have been made by less conservative methods.
I N C O M E A C C O U N T O F R A I L R O A D F O Il
R even u es —
Passenger fares—
Advertising...........
Other car A sta
tion privileges..
Sale of power.........
Mlsc. transp. rev.
Oth. mlsc. rev------

1910-11.
S
2,546,349
106,607
30,835
5,839
* 5.144
5,553
2,695,039

E x p en ses —
Maint. wayAstruc.. a201,763
Malnt. equipment 5117,171
40,490
Traffic expenses..
639,670
Transport, exp—
91,074
General expenses.

Total expenses. 1,090.168
Net oper. revenue. 1,604,871
167,462
Taxes ........... .........

Y E A R S E N D IN G

1910-11.
S
1,437.409

1909-10. !
$
1,728,741
49,460

et Inc. Hudson
861.025
Term. Bldgs___
2,837
18,977
13.7S1
3,091 Non-opcr. Income.
190
Gross Income_ 2,315,052
627

1,801,086

31.
1909-10.
$
838.250

M C I !.

734,897
3,252
10.865
1,587,264

D eductions —

Int. on cap.chargec l,387,830
ableagst. Inc_c2,098,816
nl82,606
582,948 Int. on car-purch.
agreements____
48,200
7.091
22,182
49,788
25.326
499,520 Rents, City N. Y .
73,625
86.226
127.841
yards, A c......... ..
3,402
31,772
860,882 Amort, debt dlsc’t
525
940,204
101,954
Total deducs___ 2,356,942 1,509,875
838,250 Balance ..............def ,S41,S90sur .$77,389

$410,189 Net oper. revenue__________ $114,118
Nctinc. RR.op. 1,437.409
12,050
1,259,606 Other incom e............... ..............
78,14o
rTTncludes $58,110 for depreciation in 1910-11, against $80,314 in 1909-10.
Gross Income______________$126,168
b Includes $29,601 for depreciation in 1910-11, against $50,004 In 1909-10.
C h a rges—
T o t a l ..............
$1,747,940
c After deducting chargeable to construction, $819,192 In 1910-11,
T
a
x
e
s
..........
....................
$78,842
E xpen ses—
against
$1,076,981 in 1909-10.
,
,
,
Maint. of way, A c ------------- $385,452 Int. on equip, trusts_________________ 76,696
l v o t e .— As additional property has been put Into operation, bond interest
Other Interest_______________
22,984
Malnt. of equipm ent--------------------------- 285,096
has been applied against Income as follows: April 1 1909 to J u l y 19 1909,
Joint
facilities_______________
9,161
’I'rafflo_____________________
65,459
on $13,512,000 bonds; July 19 1909 to Aug. 2 1909, on $ 1 8 , 6 9 1 ,000; A u g. 2
Transportation-------- ---------813,439
1909 to Sept. 20 1909. on $33,991,000; Sept. 20 1909 to Dec. 31 1909, on
T o t a l . . .....................................$1 8 7 ,6 8 3
G eneral..................................84,376
$35 028,000; Dec. 31 1909 to Dec. 31 1910, on $45,028 ,000 ; Dec. 31 1910
Balance, deficit_______________ $61,515
io March 31 1911, on $50,000 ,000 .
T o t a l ____________________$1,633,822

P a s s e n g e r .............................
F r eig h t____________________
M all, express A misccll__




102(i

THE CHRONICLE

E A R N S ., E T C ., O F H U D . T E R M . B L D G S . F O R Y E A R S E N D .M C I I . 3 1 .
R even u es—
1910-11.
1909-10.
E xpen ses—
1910-11. 1909-10.

Gross ren ta ls.$1,428,503 $1,214,926 M alnt. struc., & c. §36.985
MIscell. r e v s ..
25,332
21,358 Kxps. of oper------- 255,495
General expenses. 82,649

$26,462
236,684
70 475

Total rev s. .$ 1 ,4 5 3 ,8 3 5 $1,236,284

Total exps------ $375,129 $333,622
ating rCVenUC------------------------ - ................ - '- '. $ 1 , 0 7 8 : 7 0 6 $902,662
Assum ed leases In other buildings____
«oi 7?d
orfl
Depreciation of buildings and p l a n t . . .............I I I I I I I I
4o!o02 ? 64 28 1
Taxes .............................................................................................. H I 155’, 955
71)5 34
N et Income.

-$861,025 $734,897
BALAN CE

SH EET

M ARCH

31.

1911.
1910.
1911.
A s s e ts —
8
S
Liabilities —
8
Prop, acc’ts,hid
Common stock. 39,994.890
work
under
Preferred stock. 5,242,151
construction. 115,217,497 108,917,198 Stk. to redeem
Mat.&suppL.&c
723,288
767,629
outst’g sec’s of
Investm en t___
1,000
1,000
con. cos_____
12,909
Cash deposit
N .Y .* J .5 % bds. 5,000,000
(construction)
213,368
1,608,998 lI.& M .4^ % b d s. 64,379,000
Cur’ t cash acc’t .
219,605
188,467 Real estate M__
42,000
Acc’ ts receivable
161,424
202,358 Dof. car-purch.
Dep. with pub
Installment . .
1,236,000
lic depts.........
13,908
37,620 Loans payable..
350,000
Prepaid lnsur..
28,954
39,134 Cur’ t acc’ts pay.
274,144
Other prepay’ts
24,555
19,913 Accr’d bd. int.,
Acc’ts In susp..
13,927
pay. Aug. 1 ..
477,134
Unamort. bond
Accr’d taxes___
379,174
discount_____ 1,905,860
820,098 Contract Uabll’s,
Prof. & loss dcf.
*85,094
64,310
not due______
377,149
Mat’l & cons.
plant reserve.
356,049
Amort, reserve.
385,081
Other reserves..
37,452
Miscellaneous . .
61.421
T o ta l..............118,594,554 112,680.652

1910.
8
39,600,380
5,104,550
12,909
5,000,000
59,675,000
42,000
828,000
289,420
487,917
397,090
411,811
421,657
257,368
17,800
14,738

T o ta l..............118,594,554 112,680,652

• After crediting adjustments applicable to prior periods, net $ 2 1 , 1 0 6 .—

V .92, p. 595, 322.

Calumot & South Chicago Railway Co.
31 1911.)

n
, .
Passenger receipts_______ .
R eceipts from other sou rces..

1910-11.

YEARS

$9 25 420
6 o ’o 57

1008-09.
$782,182
57,114

T o ta l_____________________
Oper. exp ., taxes and renewals', as
per ordinance....................

$985,477

$881,177

$839,296

689,834

016,824

587,507

Net earnings............................................

$ 295,643

$264,353

$251,789

C O M P A N Y ’S

IN D IV ID U A L
E N D IN G

IN C O M E
J A N . 31

ACCOUN T

FOR

YEAR

1011.
In t. on capital, as certltlcd
Int. on bonds outstanding. .$ 227,674
by Hoard of Supervising
-e n g in e e rs ................. ............*$371,551
Net Income_______
$224,731
Other income_________
80 8 54 D iv id e n d s ___________________ 100,000
T ° t a l - ....................................... $452,405

Surplus......................................$124,731

1 r,* Trills eompares with $292,189 and $251,038 for the years ending Jan. 31
1910 and 1909, respectively.

1911.
A s s e t s ($ 13,276,520).
L i a b i l i t ie s ($13,276,520).
Purch. price of prop. In
Capital stock____________$10,000,000
terms of ordinance______ $7,888,013
1st M . gold bonds___
3,000,000
F ranchise_________________ 5,000,000 Horn! Int. & acc’ ts p a y ..
75,450
Cash on hand_____________
214,144 S u rp lu s_______ ______ _____
201,070
Accounts receivable_______
174,363
— V . 92, p. 880, 794.
BALAN CE

SHEET

JA N .

31

Philadelphia (Pa.) Electric Company.
31 1910.)
Presi. Joseph B. McCall April 12 wrote 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 . — Notwithstanding the charge for depreciation was in
creased $175,000 over last year, the net results show an Increase of $67 457
paid in cash dividends and $339,142 added to surplus account.
’
C o m p a r i s o n o ] C o n n e c te d L o a d D e c . 31.

Total connected load, 50 watt equ ivalent____________ 2 .1 7 8 <467
1 n?a V71
Number of consumers____________________________________
31,’783
” 27*818
It Is especially gratifying to report the increasing power business
The
gross Income from this source has more than trebled during the past six
years, and is at the present time more than 2 0 % of the total sales for nil
purposes.
A d d i t i o n s . — The amount added to the construction account durlncr the
year was $ 1,2 19,252, as follows:
A e r ia l------------------------------------ $ 1 8 5 ,9 5 7 )Meters, arc lamps, & c ._ .
$160,246
Underground------------------------ 317,361 Heal estate and buildings. . 122 533
Electrical -------------------------- -- 2 0 5 ,9 1 7 1Alisccllaneous____________ 227,238
The foregoing includes the erection of 1,160 additional street lights bv
ordinances of Councils, Including the ornamental standards and lamns In
the business sections.
S tr e e t L i g h t i n g . — A reduction was made in the bid for street lighting to the
city for the year 1911 of an average of $5 per lamp per year, amounting In
the aggregate to about $75,000.
.< C o n t r a c t s /o r C o n s t r u c t i o n . — Contracts have been made to Install In station
A , at Christian St. wharf, one 14,000 k.w . turbo-generator, with auxiliary
apparatus, and in station “ J ,” on the Delaware River, at Tacony, one 5,00(1k.w . turbo-generator, with auxiliaries, anil we shall also add any needed
construction to meet the growth of the business during the present year.
W e believe this can be financed without a call at tills time for further pay
ments upon the stock.
P u r c h a s e .— During the year we purchased the entire capital stock (at last
accounts $250,000 each of common and pref.) of the Delaware County
r)Ji-VlC tC C, ° ’ V ‘ 09s p ‘
V . 89, p. 1412). As we have only owned the
„ ror a I)ortl°n ° f the year, many changes and improvements being
, accessary, we have not Included in this report any statement of its
|)r<iscr*t earnings justify the purchase, the business Is
iu„ul A ! 10 future promising. (The company In 1909 au1909 ami
°i w'/oa’0,00, 5% . sold sinking fund bonds, dated A ug. 1
1909 and due A ug. l 1939, but redeemable at any time at 105 and int. Int.
last r e io r t s ,™ o o ,'o o 5 l-E d J
RESULTS

D cp' & Ins’ C o ” trustce’
FOR

CALENDAR

1910.
Connected load Dec. 31
(50 watt equivalent-_ 2,178,467
Gross Income, ail cos___ $5,946,026
D e d u c t—
Oper. exp ., taxes, fixed
charges and deprcc’n . $4,729,647
D lv. (on am t. paid in) *(6 % )8 7 7 ,2 3 7
Total deduction s____ $5,606,884
S u r p lu s................................
$339,142

YEARS.

1909.

1908.

1907.

1,926,171
$5,489,903

(?)
$5,244,964

(?)
$4,984,351

$4,287,642 $4,285,301
(6)809,780(5 y p 7 l 1,069

$4,075,002
(5)409,035

$5,007,422
$302,181

$4,574,037
$409,414

A s to extra stock dividend, see below.




° ut8tandlng at

$4,996,370
$248,594

T o ta l....... .......... 41,852,105 42,400,357

T o ta l..................41,852,105 42,400,357

Total advances to subsidiary companies for construction, S ll 569 630' deduct
loans duo to said companies, $2,642,549: balance, $8,927,081.
’
’
’
tor SMOO* 265Ct " S * St° Ck (llvldcna ot S1 50 l)cr share, paid March 15 1910, calling
x

,JiollLOUOinIUg,',tem3 apPpar oa the books of subsidiary companies:
Iteil and usedSn«^
^t0Cks f companies owned by subsidiary companies deposnamely- '*
3 bas 3 0t SSUC of B° <l certl6cate 5s outstanding (total $13,262,360),’
delnhH^Electrl^infd
C? ’ gc,I(1 trust certificate 5s, $1,994,300; Philaaeipnia Electric gold trust certificate 5s, $11,268,060.__V. 92, p. 885.

Rubber Goods Manufacturing Co., New York.
31 1910.)
lies. ElishaS. Williams, April 131911, wrote in substance J
{R eport fo r F isc a l Y e a r en d in g D ec.

rub b c r'm a rke t T i w V u ^ m 01111 wlith
t r >’ln «' conditions in the crude
u p r iv e r flne^^ara nibCcr
W e " t K e ^ a r itsofd'Vs high
thc^ year ‘{t
,lU C tU a tlo L- A t ° h e a< M
Nevertheless our v olume of trade g reatly Increased, surpassing a ll nrevlous years.
1he net earnings would undoubtedly have Increased in nroa nil ° m an u f ac t ured Cgoo! [s° raP1° mark‘ down 1,1 our Inventory of raw material

1909-10.
$821,754
59,423

”

31.
1909.
1910.
1909.
S
L ia bilities —
S
8
11,491,605 Capital stk. (amt.
4,181
called Dec. 31). 14,992,650 13,493,385
734,305 Amount subject to
15,031
assessment------ 9,995,100 11,494,365
19,403,834 Land Title & Trust
.....
Co. (trustee)...16,014 ,142 15,014,142
Accounts payable.
457,344
354,859
Notes payable____
500,000
8,228,358 Dividends unpaid.
" " " 534 '
Accrued (axes____ ]
88,8
1,396,565 Accrued payments!
571,847
165,779
on trust crefts..) 269.494J
528,764 Accrued sundries.J
4,948
I
20,064 Profit and loss____ 2/623,376 1,783,499
5,203

BALA N CE SHEET DEC.

1910.
S
Subs, to cap. s tk .. 9,992,700
1,033
Installments.........
Cash ......................
398,525
Charter & organ..
15,631
Stocks misc. cos-.19,721,203
Investment _____
38,000
Advanced subsidi
ary companies
for construction 28.927,081
Philadelphia Elec.
gold 4s------------- 1,396,565
Accts. receivable.
678,656
Supplies ------------656,944
Advanced paym’ts
20,522
Miscellaneous____
5,245
A s s e ts —

naratlveh-1 hm'1
ln inventoried values, due to the com I aratlvelj lov. pilcc of crude rubber In Dec. 1910 anil our conservative

{R epo rt fo r F isc a l Y e a r en d in g J a n .

J O IN T P A R T N E R S H IP IN C O M E A C C O U N T W IT H C IT Y FO R
E N D I N G J A N . 31.

[V O L . L X X X X I I .

tbn11u<lo-il!n ,^ fi‘?,*lfCC0f 10nllc? ll5r a,.1(1 effectively to manufacture and market
S l a t r ”n ■«Cnn°xr° 1V f«.ur. tlr8 c° It}Panles. wc organized tlie “ United
i 1 . .C V
(
' ’ State about fe b . 1 1911, with $500,000 of auth.
capital stock—-E d .), through which on March 1 1911 we commenced to sell
the entire production of “ Continental,” “ G. & J .,’ ’ “ Hartford” and "M o r
gan & W right” tires. Much progress Is being made on similar lines in
factory operations. A large increase In business m ay be expected from tills
concentration of the tire sales department.
Extensive Improvements have been made at several of our factories.
I N C O M E S T A T E M E N T F O R Y E A R E N D . D E C . 31.
[liu&fier G o o d s M a n u f a c t u r in g C o . a n d S u b s i d i a r y C o m p a n i e s .]
.
.
,
1910.
1909.
1908.
Net sales for year-------------------------$35,188,295 $25,629 ,593 $18,491,988
Earnings subsidiary companies--------- $2,169,326
$2,332,921
$2,203 519
Realized from sccur. heretofore eligd. otr . .
160 non
Income from Investm ents ____________
100,666
____

C O N S O L ID A T E D

T o t a l..
------------------------ . .
Expenses of home office_____ . _
Repairs and maintenance_____ ____

$ 2 ,269,326

$ 1 4 7 079

~ $2,492,921
$122,949

$2,203,519
*$51,176
104,335

Net profits________________
«■> 1 2 2 247
---------------------------- . . . . . .
$989;094
Dividends
Sinking fund____________
__
73 131
Adjust, of reserves for depreclaVlonll
2 ! 158

$2,369,072
$963,489
73,510

$2,048,008
$1,051,699
63,425

Surplus for p e rio d .. -------------------------- $1,056,664
I revlous surjilus and working capital 5,501,867

$1,332,973
4,168,894

$932,884
4,446,211

$6,558,531

$5,501,867

$5,379,005
1,210,200

Surplus and working capital Dec.31 $6,558,531

$ 5 ,501,867

$4,168,894

Chgd. off for deprcc. of plants, & c.

*For 9 months only.
C O N S O L ID A T 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.

[Rubber Goods M a n u fa ctu rin g C o . and S ubsidiary C om pan ies.]

1910.
1909.
A sse ts —
s
s
Plants & Invest’s . 25.449,286 24,786,194
Patents and trade
marks___________ 2,312,121 2,311,621
Manufact’d goods
and materials..13,844,878 12,917,184
Cash ......................
1,938,094 1.121,738
Hills * aects. rec. 3,853,620 3,611,417
Securities owned..
6,780
7,822
Stock In General
Rubber Co......... 1,000,000 1,000,000
Miscellaneous____
301,461
202.744

1900.
1910.
L ia bilities$
Preferred sto ck ... 10,351,400 10,351,400
Common stock.. . 10,041,700 10.941,700
Bonds of Mech’l It.
Co. and N. Y.
Belt. A Pack.
Co. (less amount
owned)........... ..
a774,004
Hills & accts. pay. 10,066,069
Sink, fund for bds.
661,980
Reserves ................ 6253,337
Fixed sur.(sub.cos.) 2,499,219
Surplus.................. 6,558,531

Total....................48,706,240 45,958,720
Total....................48,706,240 45,958.720
Of the above "surplus” minority stockholders ln two com
panies would be entitled to............................................. ............
135,768
127,380
„ The contingent liability for certain guaranties which are offset by corresponding
contingent assets are not Included.
o After deducting sinking fund cash in hands of trustee, S206.006.
«o) 4oP-?<7 VCilJn, 19! 9 hiclude $231,000 for new construction and plant repairs and
522,337 for Federal excise tax.— V. 90, p. 1236.

Detroit (Mich.) Edison Company.
ending D ec. 31 1910.)
Pres. Chas. W. Wetmore, N. Y., Feb. G1911, wrote in brief:
{R eport fo r F isc a l Y e a r

r, J ‘n lJ ,n if g s The gross earnings for the year show an increase of$8 3 1 ,0 6 4 ;
2 f „ 2 U ^ ’ i a? d n.ct .carninss an Increase of $385,518, or 4 1 .6 % . The sur^ o?ua^ er InLcrest charges was $708,382, an Increase of 7 1 .5 % .
9 658e nrn2S1f i ? ’ l l u ^ . T , 3 Duc’ 31 1910 was ™ ’ ’1 2 4 , an Increase of
92 4 ?n°u m a n Inr.rnVl tatal connected general light and power load was
the r?nhi ^ ' " n
n
of 20,438 k. w ., or 2 8 .4 % . This increase reflects

and espwilaUy^ln1d°Lralfle^trmumfacturcs!lb° r,nK tclTltory ln Population.
such\as thUer nptroR\fnit^?it w1Cllul? .t,JeJ oans of customers supplied In bulk,
and Internrhan*enr line* C«r5Ki,’ which buys current for the operation of city
for t l m p l c e t r k - d
Michigan Central R R „ which buys current
The atr^reffn^t
n
used in the Detroit River tunnels and approaches.

s p ^ la f S c f of^current. Is 9 % n0 k wCOmPany

P° WCr plants’ <U,C to thcso

in UteacaDRar^Dmk- f ^ mk o t rL 0nn F eb- 23 1 » “ > authorized an Increaso
« % convcrtilde^ehenti^n5.6,00.0 ’ 000 to Si)' ()00' 000 and an issue of 10-ycar
these bonds were offeren .b0^ 3 n.0t exceeding $ 3 ,000,000. $1,500,000 of
(V 90* n 7731
the shareholders and sold as of April 1 1910
vertlble dobimL’ire bomii'5;b ’
1911 Ulc remaining $1,500,000 of the conth is rnvWInJ m
bavc been offered to the stockholders and sold,

develS pm int w ork ( V % 2 . p.P 3 ^ ? n t ° f thc floaMng dcbt an“ tor f a t h e r
thc ycar (a) $86,000 1st M. bonds, leaving $ 1 ,ern ’MIchlgM Edfson Co.eaSUrjr: a" d (W $200’ 000 lst
h o d s of the E ast-

THE CHRONICLE

A p r . 15 1911.]

O f the $1,000,000 5-year 6 % convert blc debenture bonds maturing
Sept. 1 1911, $747,000 were converted into stock, leaving only $253,000 out
standing as of Dec. 31 1910. Since that date all but $95,000 have been
converted and these have been called for payment on March 1 1911.
D i v i d e n d s . — In July the annual rate was raised from 4 % to 0 % and with
the quarterly dividend paid Jan. 15 1911 the rate was established at 7 % •
C o n s t r u c t i o n . — The capital charges during the year 1910 for the develop
ment of the com pany's properties amounted to $ 2 ,156,803.
The largest Item of these expenditures was for the extension and addi
tional equipment of Delray power house N o. 2. A second turbo-generator
unit of 14,000 k .w .,o r 18,600 h. p. capacity, with Its equipment complete,
and the necessary boilers were Installed therein and an extension o f the
building well advanced, which will accommodate two more turbo-gener
ators of the same size. One of these is to be delivered in April next.
The cflcctlvc capacity of the two Delray stations Is now 48,000 k. w .,o r
64,000 h. p ., which will be increased In the current year by the Installation
of the third 14,000 lc. w . turbine Just mentioned to 62,000 k . w .,o r 83,000 h.p.
Five new substations (four of them being In the country districts) were
constructed and Important additions made to equipment of other sub-stat’ns.
The construction expenditures tor the year were larger than was antici
pated, because of the extraordinary manufacturing and commercial ac
tivity prevailing In Detroit and elsewhere in the territory tributary to our
operations.
By the U .S . Census of 1910 the population of Detroit was found to be
465,766 , an increase of 6 3 % since 1900; it is now the ninth city in size in
the United States. The population served by our suburban system has
also grown at an exceptionally rapid rate.
(I N C L U D . A L L C O N S T I T U E N T C O S .)
1910.
1909.
1910.
1909.
-$
$
8
S
Gross revenue........... 3,030,207 2,199,143 Int. paid & accrued. 601,701
511,702
Op.exp.,taxes <fc res.1,720,124 1,274,578 Dividends........... (5% )250, 000(2 ) 100,000

C O N S O L ID A T E D IN C O M E A C C O U N T

Gross income......... 1,310,083
924,565
Balance, surplus.. 458,382
312,863
N o te . — The dividends as above Include; In 1910, 1% each In Jan. and April and
1 H % each In July and October; In 1909, 1% each In July and Oct.; all on the former
amount of stock issued, viz.; $5,000,000. On Jan. 15 1911 \ % % was paid on the
then outstanding stock ($5,761,000) ns Increased by the conversion of debentures,
calling for $100,817 50; the same rate has been declared payable to-day.
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R

BETH LEH EM

STEEL

Bethlehem Steel Corporation.
31 1910,)
Charles M. Schwab, President and Chairman of the Board,
April 4 1911, wrote in substance:
( R eport fo r F isca 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 . — Notwithstanding the fact that the general market con
ditions in the iron and steel trade for the year were most unsatisfactory, the
figures reported show a steady advance in earnings, orders booked and unnilcd orders on hand. The diversity of the products manufactured by the
corporation Is undoubtedly an clement that makes for stability in earnings,
Its output consists of tonnage products, such as pig Iron, blooms, structural
shapes and rails; more highly finished commercial products, such as ma
chined forgings, large special machine tools, gas engines and the like, and
armor and ordnance material for our own and foreign governments. Our
plants have during this year been running at a better proportion of their
capacity than most of the other mills of the country, liven the rails and
structural shapes produced at Bethlehem arc In the nature of a specialty
In that the rails are rolled of open-hearth steel and the structural shapes
arc of a patented, special, economical section. During 1910 our rail and
structural mills have been operated to the fullest extent of their steel
making capacity. The production of steel for these mills has been the
factor which heretofore has limited their output, but tills will be at least
doubled by the new Bessemer plant now in operation.
Ordinary and extraordinary repairs and replacements to the amount of
approximately $2,320,000 have been charged against the earnings of this
year. [In addition, there was an appropriation of $670,000 for deprecia
tion and accruing renewals.— Ed.]
O r d e r s . — The estimated amount of orders booked during the year and
the uncompleted orders on the books Dec. 31 compare as follows:
1910.
1909.
1908.
Orders booked during year................. .$ 2 9 ,5 8 0 ,5 6 3 $28,696 ,517 $14,458,998
Uncompleted orders on hand Dec. 3 1 . 17,370,660
14,073,834
7,592,503
C o n tr o lle d C o m p a n i e s . — The earnings of the Bethlehem Steel Co. have
been secured In the face of serious labor troubles early In 1910 (the heavy
expenses of which have been absorbed In the year’s operations) and with
out the assistance of the Improvements now practically completed.
The earnings of the Union Iron Works C o., which in our early' years was
operated at a serious loss, have this year been a.material addition to the
combined earnings of your corporation, while the Ilarlan & Hollingsworth
Corporation has continued to show a handsome balance of profit.
A d d i t i o n s , & c . — The additions and improvements to the Bethlehem
plant for the purpose of increasing Its steel-making capacity have been
practically completed. One of the blast furnaces was blown In April 10
1910, the second during March 1911 and the third and last will be com
pleted about Julv 1911. This plant will then have four large, modern
blast furnaces and two smaller ones, with a productive capacity of about
750,000 tons of pig Iron per annum, sufficient to supply Its entire Bessemer
and open-hearth steel requirements.
The increase in steel-making capacity necessary to supply the full de
mands of the rolling mills has been provided by the addition of a Bessemer
plant, which was put Into operation Feb. 8 1911. W ith the completion of
the blast furnaces, this now gives a capacity of about 600,000 tons of rolled
material per annum, and places the Bethlehem plant in a position to realize
the maximum return from the Investment In the extension known as the
Saucon plant. [The “ Iron A g e " of N . Y . and “ Iron Trade R eview " of
Cleveland have had various illustrated articles regarding the plants.— Ed.]
This work practically completes the extensive program of additions and
Improvements that has been under way since the formation of your corpora
tion. A great economy still remains to be ellected by the electrification
of our smaller mills, to be driven by-current produced by the utilization, In
gas engines, of the waste gases from the blast furnaces; this will be proceeded
with as soon as deemed expedient.
C h a r te r f o r R a i l r o a d . — The Bethlehem plant has grown to such magni
tude that a further extension of Its railroad facilities Is deemed advisable,
and a charter has therefore been taken out for a railroad, to be known as
the Philadelphia Bethlehem & New England R R . [Incorporated In Pa.
April 24 1910, with $250,000 stock, to build 25 m llesof road from Durham
Furnace to Nazareth, Bucks Co., P a.—-Ed.] Survey of the main line has
been made and construction plans begun, with the ultimate purpose of
providing connections with other trunk lines than those which at present
reach the plant. The plan for financing this road contemplates only a
moderate direct investment by your corporation.
E m p l o y e e s . — The average number of employees In your various plants
In the United States (exclusive of Cuban mines) was during the year 11,034,
an increase of 2,251, and the wages paid thereto aggregated $ 8 ,211,839,
an Increase of $1,533 ,0 4 8 .
Including the Cuban mines, the total wages
paid In 1910 aggregated $8,691,036.
B o n d s a n d N o t e s o f B e th le h e m S te e l C o . — Of the $12,000,000 first extension
M . 5 % bonds, there were purchased and canceled $345,000, making total
bonds canceled for sinking fund to date $ 1 ,015,000. Three Installments
of $60,000 each were paid during the last three months of 1910 to the sinking
fund of tile 5-ycar 6 % secured goid notes [dated 19091, with which $123,000
of the notes were purchased, leaving $60,762 cash for further purchases.
Of the coupon notes Issued July 1 1907, $132,000 were retired: sufficient
funds are on deposit to retire the balance ($198,000) of this series.

C O R P O R A T IO N

A N D

S U B S ID IA R Y

COS.

31.
1908.
$
2,020,208
68,193
25,234
78,720

1907.
$
2,569,252
39,544
30,161

2,836,593

2 ,192,355

2 ,638,957

149,518

140,667

112,330

450,000

448,810

5,629
447,675

637,882

667,874

304,830

225,565
22,751
50,065

184,140

50,746

750,864
14,000
370,000
_______

1,717,747
98,959
----------111,810

C o n s o lid a te d I n c o m e A c c o u n t f o r Y e a r s e n d in g D e c .

1910.
$
4,216,160
62,091
8,661
56,950

1909.
$
2,654,457
35,620
24,027
55,385
67,104

Total Inc. (see note) .
4,343,862
D ed u ct—
Int. on notes & adv’ces
185,294
Int. on bonds, &o.—
Beth. Iron Co. bonds.
B . St. Co. pur. m . bds.
450,000
B .S t.C o .1st ext.M .bds.
634,697
(Incl. proper, dlsc’t)
B .S t.C o .6 % gold ontes
324,120
(Incl. propor. dlsc’ t)
25,000
San Fr. Dry Dks. 5 s . _
53,139
U n. Ir. W k s. D D .C o.6s
2,671,612
_______
670,000
_______

1,300,812
_______
500,000
_______

Net manufacturing profit
Dividends and interest.
Miscell., Includ. r e n ts ..
Prof, on purch. for sk.fd.
A d just, val. of invest’ t s .

Charged off_____________
Depreciation fund_____
DIvs. on pf. Stk. ( J £ % ).

Balance, surplus..........
2,001,612
800,812
366,864
1,506,979
N o t e . — During the year 1910 there was charged to cost of operations for
ordinary and extraordinary repairs and maintenance and for replacements
$2,322,197, against $2,189,596 In 1909; but this appears In the profit and
loss account above only In so far as material on which work was done during
the year was shipped.
C O N S O L ID A T E D

T o ta l..................20,543,920 17,994,263

* After deducting $310,000 appropriated for depreciation and $32,258 for adjust
ments, being mainly the annual proportion of discount on bonds.— V. 92, p. 661, 325.




U n i o n I r o n W o r k s D r y D o c k B o n d s . — The sinking fund for the Issue of
$1,000,000 6 % sinking fund gold bonds of Union Iron W orks Dry Dock Co.
purchased and canceled $38,000 of bonds of this Issue. The holding of the
Union Iron W orks Co. In said bonds have been increased from $89,733 to
$ 96,467 . This, together with the bonds canceled for the sinking fund,
makes a total of $134,467 of the bonds of Union Iron W orks Dry Dock Co.
owned or canceled out of a total issue O ct. 1 1909 of $1 ,0 0 0 ,0 0 0 .
D i v i d e n d s . — The aggregate net earnings of the subsidiary companies
for the year were about double the amount of a 7 % dividend on the pref.
stock of the corporation. The question of paym ent of dividends has had
careful consideration, with the result that It has thus far been considered
unwise to distribute any of the earnings.
P l a n to R e d u c e S i n k i n g F u n d C h a r g e . — Your board has had under con
sideration a plan for retiring its short-term obligations through an Issue of
long-term bonds with sinking fund obligations less burdensome than at
present. The sinking fund requirements, including the annual payment
of $720,000 on the 5-year 6 % sinking fund secured gold notes maturing
N ov. 1 1914 now amount to $ 1 ,020,000 per annum .

31.

1910.
1909.
1910.
1909.
Assets—
Liabilities —
S
3
S
$
Trop., plant, & c .J 1,690,268 15,870,111 Capital stock_____ 5,747,000 5,000,000
Securities In treas.
32,550
479,373 Funded debt_____12,292,000 11,161,000
Cash........................
851,808
750,616
451,627
422,458 Bills payable_____
Bills <fcaccts. rec..
432,783
357,661
523,454
398,740 Accounts payable.
Materials & supp..
29,671
27,527
489,502
420,688 Surety deposits___
271,532
259,342
Deferred charges..
347,758
355,463 Int. duo & accrued
412,394
47.504
Prepaid accounts.
8,767
13,165 Reserves......... —
390,613
............
34,265 S u rp lu s................. *506,738
Miscellaneous____
T o ta l..................20,543,926 17,994,263

1027

BALAN CE

Assets—
Property account Jan. 1 _______________
Additions during year________________
Special funds In hands of trustees____
Raw materials and supplies___________
W orked material and contracts In
progress, less bills rendered and re
serves for losses_____________________
Accounts and notes receivable_______
Miscellaneous Investments____________
Cash for coupons payable____________
Cash In banks and on hand___________
Deferred charges to operations (includ.
disc, on realization of Beth.Steel Co.
bonds & notes & expense of issue) _

SHEET

DECEM BER

1910.
$
48,946,018
5,359,917
a281,808
3,646,963

1909.
5
46,100,891
2,845,127
a 4 ,951,495
3,236,311

3,951,423
4,954,647
20,950
302,095
2,996,712

3,286,067
5,150,452
103,878
299,050
1,005,143

31.
1908.
5
44,450,881
1,650,010
3,407,953
3,372,119
2,732,668
258,045
299,170
1,133,895

1,799,202

1,909,953

1,588,554

72,259,796

68,888,368

58,893,295

14,908,000
14,862,000
10,918,000
198,000

14.908.000
14.862.000
11.330.000
330.000

14.908.000
14.862.000
11.667.000
2 .421.000

7,500,000
7,377,000
500,000
805,533
4,731,500
3,042,364
170,087
302,095
1,200,163
248,732
106,634
5,269,688

7.500.000
7.500.000
500.000
910,267
3,293,649
3,034,337
171,987
299,050
677,727
253,275
50,000
3,268,076

7.5 0 0 .0 0 0

T o ta l............................................................. 72,259,796

68,888,368

58,893,295

T o ta l.......................
L i a b i l i t ie s —
Preferred stock________________________
Common stock________________________
Beth. Steel Co. 1st ext. m tge. bonds.
6 % gold notes_________________________
Bethlehem Steel Co. purchase money
6 % gold bonds, due 1998___________
6 % sinking fund gold notes___________
San Francisco Dry Dock 5s___________
Union Iron W orks Dry Dock 6 s_____
Notes payable_________________________
Accounts payable_____________________
Bond Interest accrued________________
Coupons payable.....................................
Depreciation r e s e r v e .._____ _________
Reserves for re-llnlng furnaces, & c _ .
Contingent reserve, t e e ---------------------Profit and loss su rp lu s........... ................

2,455,667
1,699,639
75,000
299,170
400,000
106,524
32,031
2 ,467,264

Includes in 1910 $198,000 for redemption of Beth. Steel C o.'s 6 % gold
notes (against $330,000 in 1909), $23,106 under mtge. trust deeds (against
$17,953) and $60,762 for redemption of B. S. Co. sink, fund secured gold
notes.
In 1909 there was also included $4,603,542 for capital Improve
m ents.— V . 92. p. 958. 883.
a

Nova Scotia Steel & Coal Company, Limited.
{R eport fo r F isc a l Y e a r en din g D ec. 31 1910.)
At the annual meeting held on March 29 1911, President
Robert E. Harris, K. C., said in substance:
G e n e r a l R e s u l t s . — The past year has not been an Ideal one.
There has
been a fair demand for our various products, but prices have been below
the average, though better than the exceptionally low prices of the previous
year. There lias been some Improvement of late, and I think we can look
for further improvement In the Immediate future.
In spite of the low prices, the profits amount to $ 1 ,140,504, the largest
In the com pany’s history, being an increase over 1909 of upwards of 2 5 %
and over 1908 of upwards of 5 5 % .
W e have written oir all the discounts and expenses upon the £3 0 0 ,0 0 0
sterling bonds sold [In London] early In 1910.
F i n a n c i a l S t a t u s . — In future our interest charges on our bonds will be 5 % ;
with a sinking fund of only H o f 1 % , making a total of 5 J *% , as compared
with 8 % paid on our previous Issues. This saving will enable the com pany
to pay Increased dividends on the common stock.
In future years we shall
pay $25,000 annually as a sinking fund, so tliat the fixed charges will bo
$50,000 less than in 1908, with $1,500,000 of new money, which Is not
costing us anything, so far as fixed charges are concerned. Our current
assets, moreover, are $347,759 more than last year, while our current lia
bilities arc $444,069 less, an improvement of $791,828.
W a b a n a D e p o s i t s . — Our enormous submarine dcposltsof Iron ore are now
opened up, and we shall be shipping ore from these beds during 1911.
D i v i d e n d s . — I have no doubt that the placing of the common stock on
a 6 % basis has met with approval. W e have at the credit of profit and loss
upwards of $500,000, sufficient to pay dividends at the rate of 6 % for nearly
18 months, without taking Into account the earnings In the meantime.
N e w C o m m o n S t o c k . — You are asked to consider a resolution Increasing
the capital stock to the extent of $1,500,000 (from $7,030,000 to $ 8 ,5 3 0 ,0 0 0 ).
W e have no Intention of Issuing this new (common) stock In the Immediate
future, but It Is felt that the time m ay come when It would be extremely
Important that the directors should have the right to dispose of some
further stock either in payment for property or for cash.
Condensed Extracts from Report of the General Manager Jan. 25 1911
Bustness.— The output shows substantial increases, as follows (In tons):
C o a l.

1910
____ 847,176
1909...............8 0 9 ,3 1 1

W a b . O re.

532,058
460,387

C oke.

90,360
87,816

P i g I r ' n S te e l I n . S t 'l B i l l . B a r s ,& c .

65,484
58,676

73,019
64,240

59,244
52,931

50,915
45,090

THE CHRONICLE

1 0 2 8

The steel railway car axles forged numbered 34,736 pieces. The tota1
shipments of finished steel, forgings, & c., were 60,940 tons, against 58,515
in 1909. Pig Iron shipments were only 10,463 tons, against 12,402, the great
bulk of the pig iron made being converted into steel. The royalty paid to
the N ova Scotia Government on coal mined was $78,089. The amount
paid direct to the Intercolonial R y . on freight carried by that road was
$327,487 and on account of freight sent over other railways $40,792
Freight carried by steamers owned and time-chartered by the company.
1,016,000 tons.
For wages $2,847,441 was distributed.
Further economies resulted In a saving of about 50 cents per ton of output
Our total sales. Including coal, ore, Iron and steel products, were $6 082 075, of which the sale of coal and steel products alone was $2,272 ,2 5 4 ,
’
O r d e r s .— The total tonnage of orders for iron and steel products on our
books on Jan. 1 1910 was 12,214 tons; on Dec. 31, 14,166 tons
We
anticipate no difficulty in keeping all departments fully occupied during’ 1 9 1 1 .
W a b a n a .— The submarine slopes have been extended 1,456 ft
and the
face of the slope In our submarine territory now extends 2,765 ft (Jan 23)
beyond our southern boundary. Five additional diamond drill bore-holes
six in all. have been driven, showing that the lower seam has increased in
thickness and Improved In Quality. Early in the year it was determined
to drive a slope from the Scotia, or Upper, to the Lower, or Dominion, bed.
This slope has a length of 750 ft. and a vertical depth of 280 ft., and a level
s being driven oif to the eastward, which is now in a distance of 40 f t ., all
In solid ore of satisfactory analysis.
Work on the submarine areas has
greatly increased the quantity of proven ore in our submarine territory.
Levcis and working places are being driven oif on both sides of the slope
in the Scotia bed. A new low-level pier was built, and on It was installed
an electric power plant; also a coal-handling plant. Practically all the
pumping, lighting a considerable portion of the haulage and ventilation
in the underground and submarine territory is now done by electric power
generated In tills new power house on the south side of the island and con
veyed to the mine by high-tension alternating current.
E x t e n s i o n s a n d B e t te r m e n t s .— The blast furnace was blown out on May 1,
and, having been remodeled and re-lined, again went into blast June 24.
From this date to Dec. 31 the average daily output was 243 tons, being an
Increase of 83 tons daily.
Tile No. 2 Mill and new 9-inch guide mill at New Glasgow have been
com pleted.
I wo new buildings, of steel and brick construction, the larger
800 ft. in length by 75 ft. wide, for the manufacture of tie-plates, spikes,
bolts, rivets and polished bars, & c., the second 550 ft. in length and 75 ft.
wide, equipped wltii electric traveling cranes, for the storage of merchantbar material and shipping, will not be completed until the spring.
The total amount expended on capital account during the year at W a 
bana, Sydney Mines and New Glasgow was $908,362, the greater portion
of which was In development and equipment at W abana.
RESULTS

FOR

CALEN DAR

• Total profits. ............... $1,140,504
Balance brought forward
336,807
Deduct 2 0 % stock div.,
_________
declared Dec. 1909___
Total available_______$1,477,311
D ed u ct—
Interest on bonds, & c._
S248.000
Accrued Int. on b o n d s.Int. on deb. stock_______
' co",666
Deprecia’n & ren ew als..
79,371
D iv. on pref. stock (8% )
82,400
D iv. on common stock. (4 H) 270,000
Commissions&prem’s hi
218,103
T------------“w t3
Im prov’ ts&betterm
v., ),
Sink, fund and m isceil..
18,834
T o t a l ------------ -----------Surplus carried forward.
a
b

$976,708
$500,603

$907,949
1,219,221

1908.
$.>86,767
147,935

1907.
$760,581
179,210

$734,702
1,202,604

$939,791
1,180,783

I

$1,127,170

$1,937,306

$2,120,575

$247,837

$263,650
18,000

$248,886
18,000

30,000
76,746
77,669
82,400
82,400
(1)60,000 (1 43) 74,814
/ 184,453
86,808
1 52,174
115,667
55,830
$790,363
$336,807

$718,085
$1,219,221

158,905
82,400
(6)299,256
110,524

SH EET

DEC.

T o ta l_________________________________ $15 841,881 $14,585,759 $14,135,789
L ia b ilitie s—
Preferred stock__________
$1 ,030,000 $1,030,000 $1,030,000
Common stock_________________________
6 ,000,000
6,000,000
4,987,600
Bonds ...................
4 ,960,000
3,500,000
3,561,500
Debenture stock_________
1 ,000,000
1,000,000
General reserve_________ __________ ___
750,000
750,000
750,666
Sinking fu n d ..... .............................
607,459
438,507
Bills payable and cash advances__________ 930,183
304,597
Pay-rolls and acc’ ts not due_________
193,551
198,862
124,000
Coupons (January)____________________
87,500
75,000
Coupons not presented________________
843
30.000
Debenture stock interest Jan. 1_____
Dividend on preferred............... ..............
20,600
20,600
20,600
Dividend on com m on_________________
75.000
60,000
Accrued interest, not due____________
18,000
Interest on cons, bonds redeemed___
6,700
Reserve for depreciation, & c________
994,624
924,562
857,226
Fire insurance fu n d ._________________
45,280
51,614
42,390
Profit and loss_________________________
500,603
336,807
1,219,221

-’ "30,666

T o ta l............................................................ $15,841,881 $14,585,759 $14,135,789
— V . 92, p. 530.

Kansas Natural Gas Co.

{R epo rt fo r F isc a l Y ea r en din g D ec. 31 1910.)
Pres. Eugene Mackey, March 2 1911, wrote:
Since the last report the company has laid 3 miles of 4-inch,
miles of
6-lnch and 4 miles of 10-inch transportation lines and 38 miles of field lines.
It has m-’U&llcd three 1,350 h. p. compressor units In the Grabham Station,
it nas clrilled 80 wells, 17 of which were unproductive. Eighty wells were
abandoned as no longer producing.
W e now have 171,800.54 acres under
lease with 506 gas wells drilled thereon. In addition the company is oper
ating 28 miles of 18-lnch trunk line Into Oklahoma.
The number of consumers increased nearly 6 % and we now have 141,355
domestic and 906 manufacturing consumers, a total of 142,261.
Attention Is called to the Items of depreciation which have been written off
wholly from the value of the leases in Kansas. To ollsct this the company
made betterments during 1910 (in which Is included interests acquired in
other companies) of $1,251,198 and acquired contracts in Oklahoma for
the purchase of natural gas by the 1,000 feet, which. In the judgm ent of the
management, more than offset the depreciation in Kansas fields
During
1910 $550,000 bonds of the Kansas City Pipe Line Co. and $800,000 bonds
of your com pany were paid. Since the beginning of its business the com
pany lias retired $1,650,000 of the bonds of the Kansas City Pipe Line Co.
and $3,000,000 of the 1st and 2d m tge. bonds of your company.
The Kansas City Pipe Lien Co. (In which we own a one-half interest) has
an authorized issue of $5,000,000 bonds, series A to K , of which the four
series due in 1908, 1909, 1910 and 1911, being the aforesaid $1,650,000,

$34,000 , and “ K ,” $221,000, are unissued, making the amount outstand
ing Feb. 1 1911 $3,095,000. The Kansas City Pipe Line Co. is under lease
to the Kansas Natural Gas Co. for an annual rental sufficient to pay. Inter
alia, the above bonds and interest as they mature. The bonds arc not a
lien on the property of the Kansas Natural Gas Co.

CALENDAR

$509,560

82?4I 06fp 1-en tM sK 1 r g^
fiUercst8or
iu ls
i
M bonds
in n W 3! ™
Charged off* 858.941 ?

YEARS.

1909.
134,649

1908.
121,083

1907.
110,112

$3,946,911

$3,892,026

$3,019,519

928 704

834,205

784,206

1,434,191

1,509,185

1,028,246

$1,164,016

$888,635

$1,207,067

P
ln Kansas. $15,324; in Oklahoma.
T , ! ’ $764,954, and Marnet property, $36,454;
' Int; ° A 9 ur£ cnt tlcbt- $67,521; discount on 2d
°n
M b° nds’ $11’460’ arul b;ul accollIlts

COA D E N S E D B A L A N C E S H E E T D E C . 31 1910 ( C o m p a r e V . 90, p . 1486).
A s s e t s ($20,605,096 ) — S e e n o te b e lo w .
L i a b ilit ie s ($20,605,096).
Plant account---------------- a $1 5,674,349 Capital s t o c k . . _________ $ 1 2 , 000,000
377,953 First mtge. bon d s______
Material in stock________
2 ,200,000
Int. in oth. p ro p e rtie s...
1,4831983 Second mtge. bonds___
2 ,800,000
Disc, on 2d AI. bonds (to
Marnet M . Co. b o n d s .. . _
705,000
be charged oir yearly).
700,000 Current bills & pay-rolls.
154,047
Advance prop’ ty rentals
705,000 N otes-------------------------------1,203,024
Advance gas purchases..
185,000 Accr’d int., taxes, & c . . .
695,677
Cash -------------------------293,141 Other cos. notes, g u a r ...
220,000
A c c’ ts & bills receivable.
1,119,003 Consumers’ Sec. D e p t.,A c .
23,002
Sink, fund 1st M. bonds
66,667 Profit and loss___________
6604,346
reclaimed in '10 10 and addfng°$ i7°jr rd-c-p^cclf t‘011 ;uul $144,829 for material
previous yea,.s' o,"eraUons: ’

f° r dePrecla« ° a charged off on account of

noiVcom^iete<ic ^ S o n ' o f ‘V ^m s^ian N ? made w m w onn^r^yeaVs0 “ in
nayableter$ lV 4 2 2 3 ^ cashPan d3aee0Ckl was fj lvcn as $603,762; accounts
Sends (less l & e e ? ’ oath In sinking1 L m d ^ $ 2 ^ 3 3
bonds’
$3,200,000; stock, $12,000 ,000 .— V . 92, p. 606.
, a’
M ’ bonds’

Rogers-Brown Iron Co.

31 1910.)

{R eport fo r F isca l Y e a r en din g D ec.
IN C O M E

ACCOUNT.

Gross earnings------------------ $ 3 ,7 6 8 ,2 2 0 1Net profit
Oper. expenses and taxes. 3,138,658 j Bond interest..
Net profit_______________

$629,
SHE

A s s e t s ($15,591,026).
Property and p l a n t ...
$12,142
Invest’s in subsid’y c o s ..
1 , 588 ’
Stocks of ore, coke, pig
’
iron and material. _
970
Accounts receivable
490 ’
30fi!
Cash -------------------------------Acc ts paid In a d v a n ce ..
23
Discount on deb. bonds.
50 ]

— V . 92. p. 887.

$917,971
$1,202,604

31.

FOR

i , 346 /1 2 i <3H )42_°’ 000 ( 5 G 6 0 ’ 000

II

Balance, surplus---------

BALAN CE

A sse ts—
1910.
1909.
1908.
Property and mines
_______________ $13,490,554 $12,582,191 $12,219,538
Inventories ________ ______ ___________
1,245,682
1,134,259
1,291,213
Ledger acc’ ts and bills receivable____
606,857
662,2801
625,038
C a s h .......... ........................................ ..............
498,788
2 0 7 ,0 2 9 /




Depreciation

1,000,000

Under the A ct of April 27 1907 the Government bounties expire in 1910.
Commissions and premiums on converting bond issues written ofi.
BALAN CE

RESULTS

1910.
N o. consumers Dec. 3 1 .
142,261
Gross earns, from sales of
gas, oil. & c ................ .. $4,360,811
D e d u c t—
M aint., oper. exp ., rent,
drilling wells & taxes.
896,303
Rentals leased prop., gas
purch , Int., & c---------*1,608,826

YEARS.

................................
1910.
1909.
Profits for the year______ $1,140,504 • $799,978
Government bountles.a
_________ ■ • 107,971

[V o l . l x x x x i i .

$629 562
207 083

Su rplu s--------------------------DEC.

31

$422,479

1910.

L ia b i l i t ie s ($15,591,026).
Capital stock--------------------.$ 5,0 00,000
B. & S. Iron Co. 1st M .5s 2,600,000
B. & S . Iron Co. 5 % debs. 1,500,000
1st and ref. M . 5 s___________ 3 ,415,500
Notes & acc’ ts payable _ 1,233,347
D ivs. payable Jan. 1 1911
50,000
Accrued bond interest____
127,546
Liabilities, accr’ d not due
55|fi31
Res’ve for deple’n of p ro p.
99 586
Su rplus------------------------------ 1,509,116

American Piano Company.

31 1910.)
The report dated April 1 says in substance:
{R eport fo r F isca l Y ea r en din g D ec.

The company has prospered and grown during the year. Net profits
1 CtXPnn^ SoV antl i lfter paylng thc 7 % dividend on the pref. stock,
amounted to 6 .4 5 % on the common stock.
In view of the generally un
settled business conditions prevailing during the greater part of the year,
the increase in both volume of business and profits Is gratifying.
Economies In manufacturing operations and further savings in adminis
trative and selling expenses have been inaugurated. Sales for January and
February of this year show an increase of 4 0 % over thc corresponding
period of last year. Orders on hand indicate a substantial increase in
business for the current year.
A t the special meeting of stockholders, held Feb. 28 1911, formal action
was taken regarding thc 7,000 shares of common stock tieretoforc held In
the treasury as an asset. It was deemed best to cancel thc stock rather
than to hold it for future sale.
In addition to its long-established lines, the company now has on thc
market a full line of player-pianos.
31.

BALANCE SHEET DECEM BER

s

1910.

1910.
1909.
Liabilities —
S
S
Ileal estate, plants,
Preferred stock____ 3,858,600 3,858,600
mach., good will,
Common stock____ 3,161,100 3,861,100
A c ..................... . . . 5
5,490,785 Notes payable_____ 1,500,000 1,807.500
Investments............. 133,527
291,222 Accounts payable. 83,606
98,887
Cash....... ..................... 359,928
491,134 Accrued wages___
4,031
5,333
2,086,066 Preferred div., pay
1,612,212
able Jan. 1...........
67,525
67,525
Prepaid
Insurance,
Inventory reserve. 180,732
taxes, &c................
15,362
30,320 Surplus____________
472,600
303,490
A ssets—

— V. 92, p. 324.

1909.
S

10001.739

T o ta l.................... 9,329,490 10001,739

American District Telegraph Co., New York.
31 1910.)
Secretary I. B. Ferguson says in substance:
{R eport fo r F isca l Y ea r en din g D ec.

’

S t o c k .— Thc capital stock is still $ 3 ,844,700, of which $5,500 is In the
treasury.
G e n e r a l R e s u l t s .— The business shows an Increase In gross revenue of
$30,783 and in net revenue of $3,941. 342,821 more telegrams were de
livered and 214,817 more collected than in 1909, while In the distribution
department there were 6,540,882 pieces handled— an increase of 2,626,144
over the previous year. The call-box system was increased by installation
in 86 new buildings during the year and on Dec. 31 1910 there were 36,466
boxes in operation.
The outlook for increased net earnings ts somewhat uncertain, owing to
the additional cost of messenger labor made necessary by recent legislation,
together with increased expenses in other departments, anil an accurate
forecast must be deferred until a full investigation has been made Into thc
contract relations with other companies.
E A R N IN G S , E X P E N S E S

A N D

CHARGES.

Revenues, all sources —
Oper. exp ., constr’n, &c_

1910.
$580,008
491,503

1909.
$549,225
464,661

1908.
$492,890
424,789

1907.
$586 ,06 6
507,037

Net earnings___________
Dividends ( 2 % ) --------------

$88,505
76,888

$84,564
76,888

$68,106
76,888

$79,029
76,888

Balance, surplus----------$11,617
Miles wire-----------------------1,664
Offices ___________________
79
In stru m e n ts--------------------36,466
Messages delivered----------- 4,839,863
Messages collected _______ 2.854,625

$7,676
1,613
80
35,875
4,497,042
2,639,808

def.$8,782
1,596
79
34,990
4,168,247
2,451,394

$2,141
1,595
80
34,488
5,153,412
2.663.002

31.
1910.
1909.
1910.
1909.
Lia
bilities
—
S
8
A
s
s
e
t s
S
S
Plant, franchises.&c.4,145,909 4,120,530 Capital stock.............3,844,700 3,844,700
Sundry accounts pay
Stocks and bonds of
14,712
able______ ___________ 24,501
207,500
cos. not merged__ al90,550
1,439
______
Supplies ___________
16,506
15,084 Contingent liabilities
426
Sundry accts. rccelv.
45,770
48,795 Unclaimed dividends
508,771
Advances....................
3,658
3,743 Profit and loss......... 597,327
Due from agents, &c.
5,407
2,235
40,000
...................
Hills receivable.........
Cash in treasury-----19,094
31,735
BALAN CE SHEET DECEM BER

T o ta l...................... 4,460,954 4,429,022

T o ta l......................4,460,954 4,429,622

Includes 1,750 shares stock Holmes Electric Protective Co., $175,000; 55 shares
stock American District Telegraph Co., 85,500; 10 collateral trust bonds Western
Union Telegraph Co., $10,000; 1 share Westinghouse Elec. Mfg. Co., S50.— V. 92,
p. 397.
a

American District Telegraph Co. of New Jersey.
(R epo rt fo r F isc a l Y e a r en d in g D ec. 31 1910.)
IN C O M E

ACCO U N T FOR

CALEN DAR

YEARS.

1910.
____ ___________ $3,894,578
Gross
Expenses _______________
3,090,832

1909.
$3,038,928
2,756,770

1908.
$3,221,728
2 ,435,845

1907.
$3,017,174
2 ,304,215

$803,746
398,549

$882,149
398,490

$785,883
398,088

$712,959
390,899

$405,197

$483,053

$387,795

$316,060

N e t ,___________
Dividends ( 4 % ) .
S u r p lu s_______________

BALAN CE SHEET

1910.
1909.
As.scfs—
$
S
Properties acct.__ 13,208,340111 ,341,700
Securities owned..
197,038/
Vi.oj:;'
107,800
Cash........................
Accts. receivable..
63,625
218,590
Mfg. acc. Invcnt’y.
39,300
Deferred charges..
17,188
18,119
Supplies In stock..
03,958
73,598

DECE M HER

31.
1909.
S
1,905,351
404,000

1910.
L ia b llU d s —
S
Capital stock......... 9,905,351
389,000
Bonds____________
l’ urch.money mtgs
025,833
Accounts payable.
63,423
Bills payable_____
40,000
Pay’ts rec’d in adv
112,071
Dividends payable
99,638
Miscellaneous................ ..........
Surplus.................... 2,481,427

45.327
64,220
99*625

9,296

2,110,390

T o ta l...................13,770,743 12,704,214

T o ta l__________13,770,743 12,704,214
— V. 92, p. 883, 404.

Crocker-Wheeler Company.
31 1910.)

(R epo rt fo r F isc a l Y e a r en d in g D ec.
RESULTS
C a le n d a r
Year—

FOR

N eH b efo re
D epr’n
D e p r 'n ) .
R eserve.

1910
$344,175
1009 . . . ____ 101,497
1 9 0 8 . . ____ dcf30,581
1907
.
431,060
1900 ________ 339,579
1005 ________ 215,922
1904
29,021
1003
314,507
1002
233,021
1001
151,530
1000 ________ 130,841

1039

THE CHRONICLE

A P R . 1 3 1U11.

CALEN D AR
B a la n c e ,
N et P r o f.

D iv id e n d s
P a id .

T o ta l......... ........ 20,813,987 18,997,342
— V. 92, p. 320.

B a la n c e ,
S u r p lu s.

$00,031
$278,144
*46,240
115,257
*43,116 def73,097
*81,754
349,012
*94,931
244,648
70,0 11
145,281
93,214 def63,593
45,427
209,080
36,550
197,005
37,086
114,444
30,000
99,935

T o ta l.................. 20,813.987 18,997,342

Michigan State (Bell) Telephone Co.
31 1910.)
Chairman N. W. Harris says in substance:
(R epo rt fo r F isc a l Y e a r en d in g D ec.

One dividend at 6 % per annum and three dividends at 7 % per annum
have been paid on the common stock, the common stock having been placed
on a 7 % basis with the dividend paid June 1 1910. Two of the dividends on
the common stock were declared out of the earnings of 1909, the remaining
two dividends out of the earnings of 1910.
During the year 1910 there was expended In connection with the exten
sion, enlargement and Improvement of your property $1,385 ,9 8 7 , in com
parison with $1,013,165 expended during 1909 for the same purposes.
F IS C A L R E S U LTS.
N o . o f stations Dec. 3 1 . .
Miles of toll poll l i n e s ...
Miles of toll wire________
E a r n in g s—
Gross earnings_________
Oper. expenses, Includ
ing taxes and rentals.
Maint. & r e c o n s tr u c t--

1910.
147,980
0,407
38,818
$
4,225,174

1909.
132,270
6,384
38,104
$
3 ,819,630

1908.
113,725
6,299
37,056
$
3,413,280

1907.
102,250
0,237
35,952
$
3,0 9 2 ,2 2 6

1,868,506
1,411,914

1,734,557
1,229,558

1,429,119
1,072,732

1,340,552
975,890

94 1,751
27,908

855,515
-----------

911,429
- ---------

Net earnings_________
Net sundry earnings____

Total net Income_____
972,662
855,514
911,429
Special exp ., including
bond discount________
_______
30,264
29,229
Interest on bonds and
floating d e b t . . _______
464,928
443,260
417,595
Divs. on pref. stock (6 % )
130,992
136,972
136,958
DIvs. on com . stock_rz(7)242,095 a (6)207,510 a (5 )1 7 2 ,9 2 5
Balance, surplus_____

YEARS.

In t e r e s t
P a id .

B A L A N C E S H E E T D E C E M B E R 31.
1909.
1910.
1910.
1909.
S
Liabilities —
8
S
S
Construction_____1 ,379,724 15,790,796 Capital stock......... 13,027,700 3,627,700
420,000
Supply departm’t .
408,000
439,763
200,658 Bonded debt_____
Ileal estate..............
589,931
500,913 "Accounts payable. 0,742,396 14,897,819
51,823
Accts. receivable..
835.841
869,113 Reserves................
............
Cash, &e ................
322,278
345,511 Accrued liabilities.
4,201
Stock and bonds..
458,160
425,085 Unearned revenue.
31,690
Miscellaneous-----278,298
164,744
Reserve-----------------------39,919
Reserve for malnt.
509,992
654,602
A sse ts —

128,047

37,509

154,722

775,784
----------775,784
28,476
414,776
136,045
a (2)69,170
120,717

The common stock dividends deducted above are those paid out of
the earnings of the years 1907 to 1910, Inclusive, tills method differing
from that employed by the company in its statement of earnings. The divi
dends In 1910 Include those paid In Sent, and Dec. 1910 and M ch. 1911, and
that to be declared payable June 1911, presumably at the present 7 % rate.
a

$44,300 £$104,502
$129,342
33,324
09,228 d c fl7,295
20,460
09,228 def202,385
50,934
127,952
171,020
B A L A N C E S H E E T D E C E M B E R 31.
49,010
70,500
118,532
1910.
1910.
1909.
26,219
74,370
44,602
Liabilities—
8
$
19,938
84,404
d e fl6 7 ,935
Plant & property.20,198,527 18,738,146 Preferred stock__ 2,285,000
31,085
70,000
167,995
Common stock__ *6,000,000
Accts.& notes rec.,
22,780
49,854
124,425
Bonds, first mtge. 8,600,000
less reserve for
20,927
41,938
51,579
doubtful accts..
469.172
374,412 Notes & accts. pay 1,266,901
16,845
41,430
41,654
Material & supplies
164,985
184.885 Accrued Int., divi
Undistributed exp.
230,492
235.799
dends & taxes..
441,982
*In addition to reserve for depreciation as above, the following amounts
Cash........... ............
120.074
96,943 Operating reserves 1,707,869
were written oir: In 1909 and 1908, $115,990 and $79,147, respectively,
Surplus.................... £815,499
for designing, repairs and renewals of plant; in 1907, $29,030 for patents,
and in il)00, $41,753 for designing,
Dividends as above In 1910 include
Total ..................21,183,251 19,630,185
T o ta l..................21,183.251 19,630,185
6 % on the common stock and on the new 7 % pref. stock Issued during the
year. It Is announced that the present Issue of pref. stock recently offered
* Includes $2,500,000 of stock held under control of directors and not receiving
($510,000 ), of which $258,375 had been Issued Dec. 31 1910 (sec balance
dividends.
,
,
sheet below), has all been placed. Compare V . 91, p. 1032, 150.
x Against the total surplus Dec. 31 1909, $685,959, the company charges the two
B A L A N C E S H E E T D E C E M B E R 31.
quarterly dividends of 1H % and 1 % % , respectively, on the common stock paid
March 1 and June 1 1910, 8112,401, and adds the surplus remaining for the year
1910.
1909.
1910.
1909.
1910, 8249,095, after allowing for the two quarterly dividends, 3 H % , $121,047.
A sse ts __
S
§
L iabilities —
S
S
paid in Sept, and Dec. 1910, and deducts miscellaneous, $7,754, leaving the total
Plant & equipment.ol,348,367 1,321,210 Common stock...........1,700,000 1,700,000
urplus Dec. 31 1910, $815,419.— Ed.— V . 92. p. 729, 600.
Patents at cost......... 625,000
25,000 Preferred stock_____ 258,375
------------------Stocks and bonds___
24,021
Accounts payable___
22,399
178,895
Merchandise at cost. 730,031
792,366 Notes payable............ 057,500 712,500
Accts. & bills recelv. 787,947
284,720
598,445 Surplus______ _______ 414,061
Cash............................. 130,909
139,088
Y e a r e n d i n g D e c . 3 1 1 9 1 0 .)
(R ep o rt fo r
1909.
1908.
1910.
T o ta l......................3,052,335 2,876,115
T o ta l...................... 3,052,335 2,870,115
44,982
57,649
49,732
Number of sta tio n s.. ------ ___________
a After deducting reserve for depreciation, S547.904.
E a r n in g s—
$1,772,708
$1,808,518
Exchange serv ice---------- --. . . . ______ $1,881,769
6 After deducting $104,832 for depreciation.— V. 91, p. 1032.
144,254
..........
180,267
158,221
Toll service_____ _______
17,417
92,394
________
0,210
Miscellaneous . _______ . .

x

Bell Telephone Company of Missouri.

Missouri & Kansas Telephone Co.
31 1910.)
Pres. Chas. S. Glecd, Kansas City, Jan. 25 1911, wrote:
(R epo rt fo r F isc a l Y ea r en din g D ec.

The record for the year shows that the number of stations owned Increased
17,037, to a total of 1 11,285, an Increase of 18.83% . The total number of
stations both connected and owned increased 90,379, to a total of 377,596,
an Increase of 3 1 ,5 % . The revenue Increased $323,230, or 1 1 .3 % . The
expense, Including $408,788 for replacements, Increased $143,947, or 6 .1 % .
The amount added to capital account was $1,900,035.
In Kansas City a comprehensive Installation of Pupln loading colls on the
trunk cables was completed at a cost of about $17,000, and a new exchange,
“ Hlland office,” was established at a cost of about $75,000.
In Atchison
a new building was built to accommodate a new switchboard and the cable
system was re-arranged, all at a cost of about $102,000. The Independent
telephone company at Wichita was purchased and the two plants consoli
dated at an expense of about $400 ,00 0. The Independent telephone com
pany at Hutchinson was purchased, the two plants consolidated, and a new
building erected, at a cost of about $250,000.
O P E R A T IO N S

AN D

F IS C A L

RESULTS.

P la n t S ta t is tic s o n D e c . 3 1 —
1910.
1909.
1908.
1907.
1900.
N o. of cxcli’s, incl. branch offices
137
129
127
125
120
Number of stations . . _ . ..............125,760 107,235 94,207 88,003
75,481
N o . of sub-licensee stations, _ .2 5 1 ,8 3 6 179,982 144,477 135,000 100,000

Total number of Bell station s.377,596
Miles of toll pole line------------------ *7,267
Miles of toll w i r e ------------------------ 50,404

287,217 238,744 223,663 175,481
*7,330 *7,265
*7,250
7,080
47,013 46,355
45,567 42,468

* Decrease due to method of determining pole lines.
E A R N IN G S , E X P E N S E S

AN D

CHARGES.

1910.
$2,309,398
812,970
60,029

1909.
$2,022,385
744,685
92,091

1908.
$1,816,381
089,394
147,374

1907.
$1,073,995
609,591
145,307

T o t a l .............................. ..$ 3 ,1 8 2 ,3 9 7

E a r n in g s—
Exchange _____________
T o ll.
_____________
M iscellaneous_________

$2,859,161

$2,653,149

$2,428,893

$640,755
468,788
107,655
1,283,957

$686,152
293,613
105,984
1,271,459

$720,000

$390,000

Total ........................... ..$ 2 ,5 0 1 ,1 5 5
$081,242
Net earn ings.. . ------ -- . .
Deduct— In t. charges. . $530,032
Reserve for maintenance.
_______

$2,357,208
$501,953
$817,201

E xpen ses—

.

Repairs . . ---------------.
Taxes _________________ . .
O p e ra tio n _____________ . .

78,0441
1 ,3 0 3 ,8 2 4 /

1,350,071

$2,161,868
$491,281
$701,607

$1,740,071
$688,822
$659,697
28,705

$761,607
$817,201
Total deductions-----$530,632
Surplus or deficit______ .sur.31 14,610 def.$315,248 dcf.$270,320

$688,402
sur.$420




$1,984,156

$2,009,356

$765,085

$727,703

394.862
100,715
12,924

456,000
98,414
64,843

T o ta l. . ......................
. . ___________$1,491,720
Net earn ings________ ____ ___________
$576,526

$1,273,586
$710,570

$1,346,960
$662,396

Dividends_______________ . . _________ (6 % ) 527,280

(8)703,040

(8)061,988

$7,530

$408

T o ta l_____________________
E xpen ses—
General and taxes_________
Commercial
____ ___
T r a f fi c ________ ____ ____
M aintenance____ ___
Rights, privileges & use of
M iscellaneous_____________

...
___________
___________
___________
......
property.
___________

Surplus for y e a r ...................................

$2,068,246
$207,960)
303,943 V
338,075]
527,323
104,631
9,788

$34,190

BALANCE SHEET DECEM BER

31.

1909.
1910.
1910.
1909.
| L iabilities —
S
S
S
A sse ts —
S
Construc’n & prop..8,188,437 7,998,138 Capital stock_______ 8.7S8.000 8,788,000
407,035
281,258 Surplus........................ 441,225
Construc’n for year. 476,934
414,075138,983 Bills & accts. pay’le. 654,830
Supply department. 125,170
818,450 Accrued liabilities,
Real estate................
829,598
not due..................
527
2,051
Stocks and bonds__
1
15,577
Bills * accts. rccelv. 281,539
217,250 Unearned revenue..
46,747
94,405
Reserves___________
Prepaid expenses___
28,833
Cush......... ...................
64,052
199,727
T o ta l....................9,994,564 9,655,857
— V. 92, p. 797.

T o ta l...................... 9,994,504 9,055,857

Southern (Bell) New England Telephone Co.
(R epo rt fo r F isc a l Y ea r en din g D ec. 31 1910.)
Pres. John W. Ailing, New Haven, Feb. 7, wrote:
G e n e r a l R e s u l t s .— The total Income amounted to $2,706 ,0 1 3 , an increase
of $ 2 3 2 , 000 ; total expense, $ 2 ,148,667; increase, $221,723. After the
usual dividends (6% per annum) and a reservation not as yet equal to the
standard requirements for depreciation, there remained a surplus of $95,723,
or $10,943 greater than In 1909. The plant account Increased $952,548.
C h a n g e in A c c o u n t i n g .— For uniformity throughout the country we have
consolidated the accounts heretofore termed “ construction” and “ real
estate” Into the one main account termed "p la n t .”
W e have also consoli
dated the sub-accounts of “ general, operating. Insurance and the instrument
and service” accounts of the Am er. Tel. & Tel. C o.Into one main account
termed operation.
T e le p h o n e s C o n n e c t e d .— On D ec.31 there were 82,883 telephones connected
with our system In Connecticut, an Increase of 9 ,299, or 1 2 .6 % , as against
7 ,572, or 1 1 .5 % , In 1909. In this figure (82,883) there arc included 1,563

1030

THE CHRONICLE

telephones, termed connected stations (an increase of 1,220 during the
year), which, while connected with our system , arc neither owned nor
maintained by us. This increase was due chiefly to the making of agree
ments with the W oodbury and the Sharon companies on a similar basis
to that made with the Farmington Valley Telephone Co. late in 1909. W e
regard these operating agreements with much favor.
New Haven remains our largest exchange, with 12,730 telephones.
A d d i t i o n s . — The rapid development In Hartford has In recent years called
for large plant disbursements, and will do so again this year, notably a
modern six-story fireproof building on Pearl S t., to be equipped as the main
central office.
A new exchange was opened at Trumbull, making a total
of!58 exchanges owned and operated; total exchanges, Including exchanges
owned by others, 65. Of our telephones 78 y 2 % are equipped and operated
on the com m on-battery plan. This work will be continued to a consider
able extent during the year 1911.
T e n Y e a r s ' G r o w t h . — The population of that portion of Connecticut in
cluded in our operations has increased in the decade 199,391, or 22 2 %
During this same period the number of telephones connected with our
system has increased from 15,278 to 82,883, or 412 ' A % .
Likewise the
estimated yearly total of local calls from these telephones has grown from
19,000,000 to 120,000 ,000 , or 5 3 2 % . While in 1900 there was one telephone
to each 59 persons in the State, to-day there is one telephone to each
13. Our yearly revenue has Increased in the decade $ 1 ,966,620, or 2 6 6 % ;
the expense $1,577 ,1 7 2 , or 2 7 6 % ; while the increase In investment has
amounted to $6,7 8 1 ,7 2 6 , or 2 0 4 .6 % .
N e w S t o c k .— 'There was oirered to stockholders during the year $1,099,100
new stock, all of which was subscribed for, and 5 0 % has been paid In cash
since Jan. 1 1911.
W ith this we have paid all the floating debt. Total
number of stockholders, 1,511.
GROW TH

1910.
stations, all classes(N o.)82,883
Toll sta tio n s....................... 1,402
Stations with complete
underground se rv ice .. 14,761

OF S Y ST E M .

1909.
73,584
1,298
13,372

E A R N IN G S , E X P E N S E S
E a r n in g s-

Real e s ta te ______________
Miscellaneous service____
E x pen ses—
O p eratin g_________
Rental and roya lty.
M iscellaneous______
General exp en ses..
Taxes _____________

1910.
$2,080,967
018,573

1908.

6 6 ,0 12

1,233

12,354
A N D

1907.
60,735
1,140

1906.
52,476
1,021

1905.
41,829
826

11,523

10,485

8,867

6,473

7,170

1908.
$1,704,415
524,555
8,376
27,429

$2,706,013

$2,473,346

$2,264,775

$1,725,885
$538,890
461,605

$1,700,093
$423,615
402,025

$84,780

$77,285

$21,590

$463,773
91,636
8,802
298,019
773,394
64,469

* Includes “ long-distance service,” amounting to $65,269 and $60,817 in
1910 and 1909 respectively.
N o t e . — A s to changes In accounting, see text above.
B A L A N C E S H E E T D E C E M B E R 31.
1910.
1909.
1910.
1909.
A ssets —
S
$
Liabilities —■
$
$
P lan t...........
10,005,612 9,143,063 Capital s t o c k ____ 7,693,700 7,693,700
Supply department 311,939
393,830 Stock installments
33,650
Stocks and bonds.
44,025
41,400 Surplus....................
373,137
277,413
B1113 and.accounts
Bonded debt_____ 1,000,000 1,000,000
receivable
219,909
197,311 Dcprcc’n reserve. . 1,050,991
530,059
Cash......... ..
43,712
42,498
63,454
38,018 Other reserves-----499,651
262,738
Bills & accts. pay.
10,714,583

9,813,622

T o ta l.................. 10.714,583

9,813,622

Tennessee Coal , Iron & Railroad Co.
(1G eneral B alan ce S h eet October 31 1910.)

31 *10. J u ly 31 *07.
3
§
Mineral & oth.lcls.26,344,676 26,477,653
Plant and eqiilp..23,386,6l7 15,956,318
Invest. In stocks.. 2,119.917) 1,958,322
Advances_________ 2,530,543)
Treas. securities..
531,000
949,195
Trustees bd.s.k.fds. 183,987
36,564
Inventories---------- 4,387,171 2,398,410
Accts. & bills rcc. 3,312,304 2,066,747
Marketable secure.
55 ,205
............
Working funds and
special deposits.
133 ,838
...
674,
Cash ......... ............ 1,060 078
14,
223 ,503
Def. chgs. to oper.

Lia bilities —
Oct. 31 *10. J u ly 31'
Common stock__ 32,529,998 28,489.
1’ rcferrcd stock__
124,500
124,
Bonds
............. 13,310,000)
Ala. St. & S. Co.
114,562,
quar. bonds___ l.OiO.OOOJ
Ala. St. & S. Co.
prof, stock_____
440,000
440.000
Potter Ore Co. 1st
M.bds.joint. gu_
329,500
350.000
Loans from U. S.
Steel Corp_____10,167,708
...
Purch.money notes
............
826
Current liabilities.al,795,182 2 819’
Sink. & res've fds.61,036,559 1,506’
Profit and loss------ 3,498,392 1,4 1 1

T o ta l..................61,271,839 50,532,10S
_______

T o ta l.................. 64.271,839 50,532.108

Oct.

A sse ts—

Current liabilities as above In 1910, $1,795,182, Include accounts and
pay-rolls payable, $1,341 ,9 5 8 ; accrued Interest, $443,275; matured unpre
sented coupons and uncalled for dividends, $7,666; and accrued taxes, $2 2 8 4 . b Includes In 1910 extinguishment and depreciation, $726,201- con
tingent and sundry operating funds, $162,766, and Insurance fund $ 1 4 7 ,
592.
a

For earnings for 10 months ending Ocfc. 31 1910, see V. 91,
p. 1778.
Brunswick (Ga.) Terminal & Ry. Securities Co.
{R epo rt for F isca l Y e a r en d in g D ec. 31 1910.)
Pres.T. D. Rhodes, N.Y.,Jan. 18 1911, says in substance:

G e n e r a l R e s u l t s . — The fiscal year Just ended, being the first since your
company acquired th* public utilities of the city, was necessarily to some
extent a period of transition.
Brunswick has, moreover, in common w ith
other business communities, been alfected by the unfavorable general con
ditions, but to a less extent than many others, owing to Its natural advan
tages and the absence of “ boom” -l!ke growth. Several large manufacturing
plants have been induced during the year to locate In the city or Its environs,
and when these plants are In operation they will add materially to the busi
ness and population of the city. The completion of the Georgia Coast &
Piedmont R R . to the city seems now in a fair way to be consummated.
Instead of the annual deficit heretofore shown, the com pany’s acquire
ment of public utilities has enabled It to pay all the carrying charges on Its
property and to accumulate the nucleus of a surplus.
F i n a n c i a l . — The State Commission has authorized the capitalization of
the City & Suburban R y. Co. In the sum of 3175,000 bonds and $100,000
capital stock, which will be at once issued to cover the amount expended by
this company In the purchase of the property, together with the advances
for ex tensions and betterments; they will be a free asset in our treasury.
R e a l E s t a t e . — While conditions have not been favorable for marketing
any large amount of real estate, nevertheless our sales have realized In ex
cess of appraised values.
M u t u a l L ig h t & W a te r C o . — Improvements and betterments have been
made in the way of additional machinery and new mains and service con
nections. The business has been good, notwithstanding the cluli times
and the company has been able to pay a dividend of 12 % on Its ($86 750)
capital stock, which stands at an amount considerably less than it cost
C i t y & S u b u r b a n R y . C o . — $31,000 has been expended In extending and
Improving the property. The tracks have been extended over 4th Ave
connecting the tracks on A lbany and New Castle streets; on Norwich S t ’
from O St. to Q S t. to reach the new amusement park, and on Lee St out
L St. to Habersham six blocks to serve, an amusement park for coiored




Kansas City Breweries Co.
31 1910.)
President Jos. J. Heim in a letter says:
{R eport fo r F isca l Y e a r en din g D ec.

1910.
1909.
1010
1000
1910.
Barrels sold..........
329,096
319,508
D eductions (C o n .)—
Total income......... S2,547,712 $2,512,211 Sinking fund_____
$25,000
$25,000
Deduct—
Dlv. on pt. stock (6%)87,960 (3)43,980
Purchases & exp ..$ 2 ,111,409 $1,920,904.
______ ____________
Depreciation . . . .
82,274
95,852
Total deduc-------- $2,505,236 $2,284,450
Interest on bonds.
198,593
198,720 Bal., surp. for ycar
$42,476
$227 755
Balance brought forward.................................................................
762,612
534[887

$1,926,944
$540,402
461,022

— V. 92, p. 398.

T o ta l...................... 7,011,768 7.000,000
T o ta l.......................7,011,768 7,000,000
. ^ n t accounts In 1910, $53,267, Include bills receivable, $ 2 7,157 ; cash
In banks. $14,871, and Inter, and dividends due. $ 1 1,239 .— V . 92, p, 321.

$2,123,707

Total expenses________ $2,148,668
N et revenue_______________. $557,345
Dividends paid ( 6 % ) ____
461,622
$95,723

$498,076
97,167
25,742
191,041)
7 5 ,3 3 3 /
789,927
48,599

LOSS S T A T E M E N T .

10 M o s . end.
C a l. Y e a r 10 M o s . en d .
Ocf.31 *09.
1910.
O c t.31 *09,
SI,330 Taxes-........................... $6,375
$3,803
134 Building repairs.........
222
78
Fire Insurance............
169
155
$20,039
$1,464
Expenses.................... $2,576
SI,432
Total........................ $12,321
$6,301
Salaries........................ 2,979
833 Balance..................sur.$7,718 def.$4,837
B A L A N C E S H E E T D E C . 31.
1910.
1909.
1910.
1909.
A s s e ts —
s
§
Lia bilities —
$
$
Real estate................ 4,974,330 4,970,968 Capital sto ck ........... 7.000,000 7.000,000
Mutual Lt.& W . C o ..1,000,000 1,000,000 Real estate sales ac
City & Sub. Ry. Co. 954,000
950,000
count ____________
3,800
..........9,765
9,319 Mutual Lt. & Water
New buildings...........
Current accounts...
53,267
50,358
Co.............................
250
............
Real est. carry’g acct. 18,855
18,855 Profit and loss............
7,718
............
Miscellaneous...........
1,551
500
1910.
R ents.......................... $2,991
Interest and dlvs____17,048

,

.
103,309
. 1,075,000
In terest___________________.
63,678

Carried to surplus____

P R O F IT A N D
C a l.Y c a r

1907.
$1,565,096
527,673
6,248
24,691

($554,970
| 100,463
) 47,385
( 186,970
85,528
892,000
53,627

• $906,681

people. Six additional cars have been purchased. The company has
leased from the parent company the two plots for amusement parks above
referred to, and the results of their operation have been very satisfactory
both in car earnings and in gate and privilege receipts. The earnings of the
com pany have shown a gratifying increase, and your board believes the
property will yield a gratifying return on the amount invested.

D IV ID E N D S .

1909.
$1,887,270
578,900

V O L. LXXXXII

®ur showing does not come up to the previous year, there are various rea1 1 su,°tI as the Prohibition movement and the Increase In the cost of the
decrease of:\astIycarVCr' WC bellevc that tllls ycar wlu more than make up for the
R ESU LTS FOR C A L E N D A R

YEARS.

Total surplus Dec. 31...................................................................
S805.118
$762,042
B A L A N C E S H E E T D E C . 31.
1910.
1909.
1910.
1909.
/I ssets
S
S
Lia bilities —
$
$
Brewery plants, &c.a0,387,016 6,341,002 Common stock......... 1,557,000 1,557,000
Furniture & fixtures.
3,639
3,639 Preferred stock_____ 1,466,000 1,406,000
Outside real estate
First mtge. bonds. .c 3 ,119,000 3,198,000
agencies, & o _____ 148,490
119,385 Accounts payable &
30 IstM . bds. (cost)
19,430
19,4 30
accrued taxes____
85,566
99,608
Mater.,supp.,mtgs.,&c 591,804
542,538 Total surplus.............. 805,118
762,642
Cash ........................... 684,262
182,782 Sinking fund reserve 171,957
125,526
Total........................ 7,234,641 7,208,776

Total......................... 7,234,641 7,208,776

Brewery plants, properties and good-will include value prior to 1900, $5,743,634;
additions and Improvements, 1906 3226,599; 1907, $285,879; 1908, $258,000; 1909,
$195,015; 1910, $180,345; total, $6,889,478; less depreciation reserve, $502,462; bal.
S6.387.016. 6 Includes $5,444 building and sinking fund reserves and $78,818 gen
eral funds, c After deducting S159.000 bonds In sinking fund.— V. 91, p. 335.
a

Chicago Railway Equipment Company.
31 1910.)
President E. B. Leigh (successor of the late Frederick G.
Ely), Chicago, Feb. 7 1911, wrote in substance:
{R eport fo r F isca l Y e a r en din g D ec.

During the first half of the ycar the company secured a fair volume of
business, 'lh c efforts of the railroads to establish a schedule of freight
rates to meet their growing necessities for Increased revenue then precipi
tated a bitter controversy, the effect of which has been to cause great con
servatism on the part of railroad managers and a marked curtailment of
purchases, which still exists.
Each of your plants, however, has been operated with a fair volume of
w ork.
lh c earnings of the year have not only provided for the usual 7 %
dividend, but also a substantial amount carried over to surplus after setting
aside liberal reserves for possible contingencies and for depreciation or
accruing renewals.
Our new “ P . C. Crcco” brake beam, which withstands a load of 40,000
lbs. with only 1-16 of an Inch deflection, has found Its well-earned place In
modern equipment, as Is demonstrated by the fact that of the total number
of passenger cars built during 1910 having the most modern braking appa
ratus, 9 9 .7 % were likewise equipped with this new brake beam. The
latest standard requirements of the M . O. I). Association adopted In 1910
practically relegated to the scrap pile the solid and non-trussed types of
brake beams, and places the demands of the railroads along the lines of the
higher grade of devices for which your company has a well-earned reputation
S to c k h o ld e r s . — The number of shareholders is now 643.
V a lu e o f S t o c k . — With the close of 1910 your company paid Its 57th divi
dend, being the 54th consecutive quarterly dividend promptly paid without
reduction.
For the six years preceding Jan. 1 1901 your company paid In
cash dividends $113,410 and from Jan. 1 1901 to Dec. 31 1910 $ 1 ,724,222,
a total of $2,137,632 paid In cash to stockholders during Its history. From
Jan. 1 1901 to Dec. 31 1910 also the tangible value underlying your stock
(exclusive of patents and good-will) has been Increased more than $ 2,000,000.
Considering the general trend of values, your stock has not declined more
than, if as much, as many high-class securities. No doubt the compara
tively restricted market has been a potent factor.
Notwithstanding these
conditions, the prevailing market value has been extremely low. A t any
thing less than par, your stock Is sold for less than Its real worth.
The company holds not only a commanding but a leading position In Its
particular held, has demonstrated Its earning capacity In unfavorable as
well as In favorable years and has a surplus reserve from which additional
dividends could be paid even lt not earned, and, llnally, has an underlying
value (exclusive of patents and good-will) of practically par on Its out
standing stock.
B A L A N C E S H E E T S O F D E C E M B E R 31.
A ssets—
1910.
1909.
1908.
Real estate, buildings, m a c h in e ry ... $1,247,994
$1,216,781 a $ l , 180,211
Patents, good-will_____ __
_
767,720
750,000
759,098
Material on hand, Chicago, Detroit,
Jersey City, Grand Rapids, Marion,
Montreal and Walkervllle
642,658
579,589
655,186
Investments and advances
"
8,010
180,010
49,683
Accounts and bills receivable and cash
652,687
550,415
610,300
Deferred charges________
14,720
20,150
17,272
T o ta l............................................................ $3,345,878
L i a b i l i t ie s —
Stock outstanding— ....................
$2,485,000
5 % mortgage b o n d s ............ ..................
50,000
Accounts payable, & c________________
85,925
R e s e r v e s ..-------------------------------------_
201,926
Surplus account________________________
523,027

$3,308,320

$3,248,286

$2,482,500
100,000
192,192
131,909
401,710

$2,480,000
138.000
117,361
125.000
5387,925

T o ta l-------------- . . . ----------------------------- $3,345,878 $3,308,320 $ 3 , 248,286
Dividends paid during 1910, $173,906; 1909, $173,600, and In 1908 and
1907, $173 ,60 2, charged to surplus account.
a After writing off to surplus $2,412,478 for franchises, patents and good
will and $18,234 for obsolete and dismantled plants and construction and
lease rentals transferred and adding certain Items for adjustments, &c.
6’ Aftcr writing off $2.412,478— see foot-noteI« above.— V . 90, p. 1 1 0 8 .

Aril. 15 1911.)
(The) Butterick Company.

(R epo rt fo r F isc a l Y e a r en d in g D ec.
IN C O M E

31 1910.)

ACCO U N T.

1010.
1900.
1908.
1907.
1906.
P ro fits.......................................$559,002 $458,657 $341,547 $259,678 $360,511
DIv. on Rldgway Co. stock 86,814
19,700
_______
_______
_______
Net Income........................ $645,816 $473,357 $341,547 $250,678 $360,511
Dividends paid____________ 438,026 287,730
180,000 360,000 480,000
Balance, surplus..............$ 2 0 7 ,7 9 0 $185,627 $101,547*$100,322»$119,489
* Deficit.

577,427
1,802,130
1,390,470

31.
1909.
1909.
1910.
Liabilities —
S
3
S
283,332 Capital stock_____ .4,647,200 14,541,000
710,000
710,000
42,000 Mortgages payable
175,000
10,700 Bills payable-------227,733
Accounts payable.
246,248
600,000
600,000
2.541,000 Federal Co. bonds.
1,356,899 Reserve for depre526,127
640,056
182,600
elation ............. ..
Surplus___________ 1,289,492 1,081,701
535,946
1,750,709
1,197,250

9,786,065

9,786,065

BALAN CE SHEET DECEM BER

Bonds owned.........
Stocks owned-----Rldgway Co. stock
purchase--------Accts. receivable..
Taper In stock-----Mdse, manufact’d
Uk and In process..
Real est.& lmpr’ts
Machinery & plant
Patents, good-will.
contracts, copyrights,
trademarks, &c_____

1031

THE CHRONICLE

1910.
3
227,419
120,000
10,760
2,647,200
1,503,933
242,592

• For the ten months ended June 30 1910 the company reported a surplus
over all charges, rental, & c., amounting to $455 ,77 5. This showing is
altogether satisfactory when It is remembered that this ten m onths’ period
included an exceptionally severe winter extending through December,
January and February; the switchmen's strike at S t. Paul and Minneapolis,
and the coal miners’ strike lasting from April until the end of the fiscal year
and causing a considerable Increase In the cost of fuel for locomotives.
S ta te m e n t f o r H a l f - Y e a r E n d i n g D e c . 31 1910, S h o w in g F a v o r a b le R e s u l t s .
S ix
O p e r a tin g
T o t . I n c o m e R e n t a ls <fc
I n t . on
O th er
B a la n c e
M o n th s.

R even u e,

(a ft. T a x e s). H ir e E q u ip .

B on d s.

C h a rges.

Chicago Indianapolis & Louisville RR.—
—The company has sold to Potter, Choate & Prentice,
New York, $2,300,000 refunding mortgage 4% gold bonds,
due 1947, which were reserved to retire a like amount of the
Louisville New Albany & Chicago RR., Chicago & Indianapo
lis division, 1st M. 6s, due Aug. 1 next. On that date the
refunding 4s will become an absolute first mortgage on the
entire mileage owned, aggregating 509 miles of road. This
makes the entire $15,000,000 outstanding.—V. 92, p. 593.
Chicago Milwaukee & Puget Sound Ry.—
—The proposed increase in the authorized capital
stock from $100,000,000 (all outstanding and owned by
the Chicago Milwaukee & St. Paul) to $200,000,000, it is
stated, is made merely to conform with State laws which re
quire that the stock shall equal the authorizedbonds. There
is said to be no intention of issuing any more stock at pres
ent. The new stock when it is put out will no doubt be
given to the parent road on account of advances.—V. 92, p.
659, 593.
Chicago & North Western Ry.—
—W. K.
Vanderbilt Jr. has been elected a director to succeed Frank
Work, deceased.—V. 92, p. 794, 321.
Chicago Rock Island & Pacific Ry.—
—The
company has sold to Speyer & Co. $1,494,000 “first and re
funding mortgage” 4% bonds,due 1934, issued to retire an
equal amount of Choctaw collateral 4% bonds, Series
maturing May 1 1911.—V. 92, p. 593, 526.
Cincinnati New Orleans&TexasJPacificRy.
—Potter, Choate & Prentice, New York,
have purchased and, it is understood, have largely placed on
a4.60% basis$1,000,0004)^% 10-year equipment trust cer
tificates, series “C,” payable in 20 semi-annual installments.
R efu n d in g

F ou rs

O b je c t

S to ck

S o ld .

T o ta l..................18,307,996 17,686,561
T o ta l.......... ........ 18,307,996 17.686,561
The Illdgway Co., the greater part of whose stock Is owned, had outstanding
Dec. 31 1910 SI,000,000 stock, 3500,000 bonds and S152.335 bills payable. Ihe
profits lor the year 1910 were S120.431, against $102,093 In 1909; dividends paid,
3100,000 (10%) yearly; surplus lor year, $26,431 In 1910, against $2,093 In 1909.— I n c r e a s e .
V. 92. p. 727.

G E N E R A L IN V E S T M E N T N E W S

RAILROADS, INCLUDING ELECTRIC ROADS.
Baltimore & Ohio Chicago Terminal Transfer RR.—F a 
vorable D e c isio n . —The U. S. Circuit Court of Appeals at
Chicago on April 11 denied the petition of the minority
common stockholders to intervene in the foreclosure pro
ceedings brought against the predecessor company, the
Chicago Terminal Transfer RR., through which the Balti
more & Ohio obtained possession of the property.
The Court held that, while the complainants acted with promptness,
they did not press their suit until Feb. 3 1909, nearly two years after It was
filed. The only excuses offered, It was said, were that the B alt. & Ohio s
petition for a sale subject to the lease was pending, and that the complain
ants hoped for a satisfactory outcome of negotiations by Balt. & Ohio for
the purchase of their stock, but these were not deemed sufficient excuses
for delay. As to the request that the order of sale be vacated, the Court
stated that a re-salc would not bcnelit the common stockholders.— V . 90,
p. 1295.

Boston & Lowell RR.—$280,000 S lock a t A u c tio n . —R. L.
Day & Co. will sell at auction for the company in Boston at
11:30 a. m. April 26 $280,000 additional stock in blocks of
not less than 25 shares (par $100 each). V. 92, p. 593, 259.
Canadian Northern Ry.— N ew E q u ip m e n t B o n d s. Wm. A.
Read & Co., N. Y., Chicago, &c., and the Dominion Securi
ties Corporation, Toronto, &c., have purchased and, it is
understood, will shortly offer to the public, $3,500,000 equip
ment 4 1 s t M. gold bonds, series “A 1,” issued by the
Imperial Rolling Stock Co., Ltd., and guaranteed as to
principal and interest by the Canadian Northern Ry. Co.
Dated Feb. 1 1911 and due serially $184,000 semi-ann., Feb. 1
1912
to Aug. 1 1920, both inch, and $188,000 Feb. 1 1921.
Denominations $500 and $1,000 c * . Interest F . & A . at Canadian Bank
of Commerce, Toronto, New York and London. Principal payable at
Toronto and New York. Trustee, National Trust C o., Ltd*, loronto.
The rolling stock agreement, dated March 29 1911 and filed for record
on April i . It Is understood secures the foregoing Issue.

C on vertible D eben tu re S tock O ffered in L o n d o n . —Subscrip
tion lists were open in London April 10 to 12 for £1,543,209
(or $7,500,000) 5% income charge convertible deben
ture stock, offered at 98%, being the remainder of an
authorized issue of £3,086,419 (or $15,000,000), ranking
identically with the £1,543,209 (or $7,500,000) of similar
stock already issued in London and Toronto. (See full
description in V. 90, p. 1674, and map and statement in
“Ry. & Ind. Section.'')
A greem en t w ith Quebec cfc L ak e S t. J o h n B o n d h o ld ers .—See
that company below.—V. 92, p. 880, 794.
Chicago Groat Western RR.—B on d s O ffered . —Kissel, Kinnicutt & Co. and Potter, Choate & Prentice, both of New
York, are offering at a price to yield about 4%% the com
pany’s 1st M. 50-year 4% gold bonds, dated Sept. 1 1909 and
due Sept. 1 1959. Authorized, $75,000,000; outstanding,
$20,500,000. J. Pierpont Morgan, George F. Baker and
Robert Flemingare voting trusteesfor the stock till Sept. 1914.
Condensed Extracts from Letter of Pres. S. M . Felton. Chicago. Apr. 5 1911.
• Including the subsidiary roads, all of whose stocks arc deposited as partial
security for the above issue of bonds, the com pany’s system comprises 1.495
miles of standard-gauge railroad, exclusive of sidings. Its lines serve Chi
cago as their Eastern terminus, anil Kansas City, Omaha, bouth Omaha
Minneapolis and St. Paul as their W estern termini, and traverse Illinois
Iow a, Minnesota and Missouri, entering Nebraska and Kansas and formlag
a short and direct highway for transcontinental traffic. Manufacturing
centres and rich agricultural country are served.
(Sec m ap, page dd °J
” R y . & Ind. Section” ) . The company's terminals |arc among the most
Important in the Middle W est, offering splendid opportunities for the de
velopment of Interchange traffic with many East and W est connections.
|. About 9 % of the com pany’s tracks are ballasted with stone and about
9 1 % with gravel. There are 210 metal and concrete bridges on the line,
aggregating 24,140 lineal ft. In length. Over 5 .6 5 % of the original wooden
structures nave been either replaced with permanent structures or filled.
There still remains 28,360 lineal ft. of pile trestles, which arc gradually being
replaced by permanent structures.
. .
The financial plan provides ample funds for placing the property in a con
dition to handle its traffic expeditiously and economically. Of the proceeds
of the securities already Issued, about $10,000,000 was provided for addi
tions and Improvements and In payment for the equipment purchased.
Of this there was expended for additions and Improvements and for addi
tional equipment to June 30 1910, $6,559 ,8 6 7 .
From June 30 1910 to
Dec. 31 1910 there has been expended the further sum of $3,775,774 for
additions and Improvements of the road and for additional equipment.
The rehabilitation of the properly i,as nrogressed to a point where favorable
results are^alreadyiobscrvcd




S u r p lu s.

1 9 1 0 ____ $ 0 ,584,735 $1,719,479
$303,363
$755,303 $2,498 $658,315
1909 ____ 5,926,234 1,583,854
362,380
877,004 5.219
339,251
In the above six m onths’ period. In spite of Increased wages, the company
earned a balance over all charges equal to twice that reported for the cor
responding period of 1909.
G r o w th i n G r o s s E a r n i n g s p e r M i l e o f R o a d Y e a r s e n d in g J u n e 30.
1909-10.
1908-09.
1907-08.
1906-07.
1905-06.
1904-05.
$8,134
$7,338
$7,097
$7,855
$7,363
$6,392
W ith the steady growth of business, the Increased facilities, the decrease
In hire of equipment, & c., the com pany should find no difficulty In further
increasing Its margin over Its Interest and other charges. Compare V . 90,
p. 53. and V . 91, p. 1243, 1445.

N ew

o f

D ir e c to r .

S a le

o f B on d s.

“ I ,”

— S a le o f E q u ip 

m en t

C e r tific a te s.

These certificates are to be dated May 15 1911 and mature $50,000 semi
annually beginning N ov. 15 1911 and ending M ay 15 1921.
Bankers
Trust C o., New York, trustee. Int. M . & N . 15. They will be secured by
a direct first lien on 45 locomotives and 27 passenger cars, costing approxi
mately $1,254,527, of which $254,527 to be paid In cash.— V . 91, p . 1246. •

Cleveland Akron & Columbus Ry.—
—The
Pennsylvania
, which on Jan. 1 1911 owned $2,
237,500 of the $4,000,000 stock, has, it is reported, purchased
the Dutch holdings in the same at about 92.—V. 87, p. 282.
Cleveland & Pittsburgh RR.—
—The share
holders will vote June 15 on increasing the capital stock from
$22,000,000 to $40,000,000, the additional stock to be is
sued to the Pennsylvania RR. Co., lessee, in accordance with
the requirements of the lease, on account of expenditures
for improvements and additions.—V. 91, p. 1446.
Cleveland Short Line Ry.—
—Permission
has been granted to increase the capital stock from $3,750,000
to $7,375,000. The new stock will be given to the Lake
Shore (which owns the present issue) for advances. A new
mtge. has been authorized to secure an issue of $20,000,000
bonds, of which at least a part, it is expected, will be put
out shortly. The line is in operation for about 9J^ miles and
is expected to be completed for thd entire distance, 19 miles,
some time in 1912.—V. 91, p. 654.
Cleveland Underground Rapid Transit Co.
—Judge Estep at Cleveland on April 5 overruled the
demurrer to the answer interposed by the company in the
suit brought to prevent the construction of a subway termi
nal under the Public Square.
S a le

o f

S to c k .

C om p a n y

N ew

In crea se

S to ck .

o f S to c k .

— F a v o r a b le

D e

c isio n .

The decision Is regarded as establishing the validity of the franchises
under the several streets named In the ordinances. It was claimed that a
subway franchise falls under the statutes governing the granting of rights
to street railways, and that the obtaining of consents from property owners
and all other requirements Incidental to surface railway franchises apply in
regard to subway grants. It Is held, however, that subway franchises
are governed by statutes applying to steam roads. The Court waived aside
the contention that the building of a passenger terminal In the public square
would Invalidate the city's deed to the property, through the use of the
land for purposes other than that for which It was dedicated, quoting from
a similar case involving the Boston Commons about ten years ago. On the
contrary. It Is stated, the public use of the square would be greatly bene
fited by the proposed construction, as the congestion caused by the crowds
getting on and off the surface cars at the square would be greatly decreased.
— V . 91. p. 1385.

Columbus Mt. Vernon & Mansfield Traction Co.
—The Interurban Securities Co., Columbus Savings
& Trust Bldg., Columbus, O., is offering an issue of $750,000
of 5% gold bonds at $850 for each $1,000 bond, with a
bonus of $400 in the “fully paid non-assessable” stock.
— B onds

O ffe r e d .

C o n d e n s e d E x tr a c ts f r o m

C ir c u la r .

• The Columbus New Albany & Johnstown Traction Co. (V . 91, p. 1629)
was Incorporated In 1900 for the purpose of constructing and operating an
electric railway between Columbus and Johnstown, O ., via New Albany,
The Columbus M t. Vernon & Mansfield Traction Co. was organized In
Ohio (on July 13 1910, with $2,500,000 stock) to take over the line of the
Columbus New Albany & Johnstown Traction C o., which now runs from
Columbus, O ., to Gahanna, O . (8.8 miles, lncl. 2 H miles trackage rights In
Colum bus), to,com plete the lino to Johnstown and extend It to Mansfield

1033

THE CHRONICLE

via M t. Vernon. O . W ith the proceeds of $750,000 bonds the company Is
paying for the line of the Columbus New Albany & Johnstown Traction Co
from Columbus to Gahanna and constructing a new road from Gahanna to
Johnstown, O.
It Is also practically rebuilding the old line by putting In
new 70-lb. rails and replacing the old ties with new ones wherever reouired
[The total bond Issue, It was said, would be limited to $2,000,000.] 1
’
E a r n i n y s o f C o l u m b u s N e w A l b a n y & J o h n s t o w n T r a c tio n C o

1902.
Num ber of passengers-----------295,268
Passenger earnings-----------------$26,089
Freight. & c., earnings---------1,356

1904.
323,507
$28,426
3,533

1900.
574,688
$46,537
6,006

1908.
403 393
$34,982
4,744

1910.
631 815

$49’ o59
e ’ 289

Total earnings-............... ..$ 2 7 ,4 4 5
$31,959 $52,543 $39,726 $55,348
It is estimated that with the completion of this road to Johnstown it will
have a gross earning the first year of over $165,000; net, $57,750- Interest
on $750,000 bonds, $37,500; surplus, $20,250.
'
’
’
Directors: W D Bricked, President, and L . P. Stephens. V.-Pres. and
Manager, both of Columbus, O .; Augustus Van W yck, N Y C lt v E 13
Ruslcr. Johnstown. O .: Peter Brooks. Cincinnati. O .
•
•

Columbus New Albany & Johnstown Traction Co.—See
Columbus Mt. Vernon & Mansfield Traction Co. above.
—V. 91, p. 1629.
_ Cuba RR.—L is te d .—The New York Stock Exchange has
listed SI 12,000 additional 1st M. 5% 50-year bonds, due
1952, making the total amount listed to date $12,020,000.
The proceeds of the $112,000 bonds arc being used chielly in the construetion ol the Martl-oan Luis Layamo-AIanzanillo extension, which is now com pletcdand In operation, and for station buiidingsand additional equipments.
lh e negotiations witli the Cuban Government with reference to the
Bayam o lines having been consummated, the President of the Republic
" asllraadc a decree declaring that the Government is obliged to pay to the
Railroad Co. as a subsidy for building the Bayam o lines, under contract of
March 25 1909, the sum of $ 1 ,487,266, in six annual parts, viz.: $247,877 70
oil N ov. 4 yearly 1911 to 1916 inclusive. It lias also been arranged to
reduce the com pany’s present Indebtedness to the Cuban Government on
N ov. 4 1911 by the sum of $154 ,95 0, being at the rate of $5,000 per kilo
meter for 30.99 kilometers of the Bayam o lines built, before the subsidy
agreement was made on March 25 1909. The total completed main track
mileage now owned and In actual operation is now 602 miles. Compare
V . 9 1 , p. 1253.

Detroit Toledo & Ironton Ry,— N eg o tia tio n s. —Judge
Swan in the U. S. District Court at Detroit on April 10 post
poned for two weeks the granting of a decree of foreclosure
on the application of the attorneys for the general lien and
divisional and Ohio Southern division mtges.
A representative of the consolidated m tge. bondholders stated that a
tentative plan of reorganization was under consideration, providing a
large amount for the improvement of the property, which It was hoped
would be completed and approved by all Interests within the two weeks.
Rumors have been current that the road will be acquired by another sys
tem , possibly the Virginian R y .— V . 92, p. 794, 594.

l VOL. L XXXX II.

date $9,634,000, $366,000 of the $10,000,000 issued having
been canceled by the sinking fund.
P u r p o s e s f o r w h ich B o n d s J u s t L i s t e d h a v e b e e n I s s u e d .

To retire $331,000 1st M . bonds and against cash to retire the
remaining S <62,000 1st 5s called for payment on or before
.fan. l 19 12--------------------------------------"fu tu re corporate purposes” (“the"rem ainder'of '$ 27500,000 reserved therefor_____________________
Exchanged for $ 8 1,000 2d At. 6s, all of the S1,000 J)66 2d 6s being
held by the ^trustee of the consol. 5s________________ _

14 7 0 0 0
'

’

700 000
’
81,000

Hocking Valley "Ry.— D e c isio n .— 1The United States Supremc Court on Monday, through Chief Justice White, an
nounced an order denying the petition of Howard Mannington of Columbus, Ohio, and other stockholders for a writ
of mandamus directing the U. S. District Court for the
Southern District of Ohio to remand to the State courts an
action brought by the petitioners to restrain the officers and
directors of the Hocking Valley from taking action looking to
the merger of the Hocking Valley with the Chesapeake &Ohio.
re c e iv e d
I>rA yci1 f,or ln ttlc petition was the appointment of a
remrvvfvi f„ l .
t' 1 )vas begun in the Common Pleas Court at Columbus and
mnHnn
Federal Court Improperly, as the petitioners claimed, on
motion of the respondents.— V . 91, p. 1253.

Illinois Traction Co.— S a le o f P referred S to c k .—The Mont
real papers announce that a large block of preferred stock
has been sold to American bankers. Bodell & C o. of Provi
dence announce that they have placed $1,000,000 of the
preferred stock through the East and have arranged with
Mackay
& Co. for the New York market on the stock.—
V. 92, p. 881, 461.
f.n f 0^^ & Great Northern RR. L im it o f D e p o sits
w it/i I h ird M ortgage C om m ittee. —Notice is given by the
third mortgage bondholders’ committee (Alvin W. Krech,
Chairman) that the time within which deposits may be made
under the agreement dated March 30 1910 has been limited
to April 15, after which date bonds will be received only in
the discretion of the committee and upon the payment of
such penalties as may be imposed.
.

,n

a

—

naltlm orc Prcss dispatch says that several weeks ago R . Lancaster
W illiam s, of the firm of Middendorf, W illiams & C o., made an Inspection
trip over the road and was very favorably Impressed with the condition of
the property and that the third mortgage bondholders propose to bid In the
road at public sale on Afay 15 and reorganize the same. Tills report can
not, however, be confirmed In tills city.— V . 92, p. 595.

Detroit United Ry.—L is te d .— The New York Stock Ex
change has listed $1,066,000 additional 1st consol. M. 4j/£% Inter-State Railways, Philadelphia.—P rc f. S to ck F u lly
bonds, due 1932, making the total amount listed to date S u b sc rib e d .—President Rigg announced in Philadelphia on
April 6 that the entire issue of $1,000,000 6% cumulative
$12,433,000.
The $1,066,000 bonds were issued for 7 5 % of the cost of betterments and
pref. stock has been subscribed, $500,000 in cash by the com
mprovements, such total cost exceeding $ 1 ,4 2 2 ,0 0 0 .— V . 92, p. 956, 659.
mon stockholders and $500,000 in exchange for the overdue
Eagles Mere RR.—R e c eiversh ip .— J u d g e Orinerod at coupon
of the 4% bonds of the company. The “Philadel
Williamsport, Pa., on Feb. 6, on application of several bond phia
News Bureau” says:
holders, appointed H. L. Geyelin of Philadelphia receiver It Is understood that the leases of the com pany's various properties arc
operating In a highly satisfactory manner. Steps arc now being taken to
of this 10-mile narrow-gauge road extending from Sonestown obtain
the listing of the new pref. stock on the Phila. Stock Exchange.—
to Eagles Mere Park, Pa.
V . 91, p. 1512, 1711; V . 92, p. 261, 595.
The road Is leased to the W illiamsport & North Branch R R . for 99 years
Kentucky
& Indiana Terminal RR.—L iste d in L o n d o n .—
from March 1 1901 at $5,000 per year.
Bonds outstanding, $83,500 1st
30-year 5s, due Sept. I 1925: W est Philadelphia Title & Trust Co.. Phila.,
The
London
Stock Exchange has listed fully-paid scrip for
trustee. A suit by the State to collect about $5,000 back taxes was
£1,031,000 1st M. 4 ]/2% gold bonds. Compare V. 92, p,
It Is stated, begun several weeks ago.
1
East St. Louis & Suburban Co.—G u aran teed B o n d s. —See 187, 261.
Lehigh Valley RR.— D e c isio n . —The Supreme Court of
East St. Louis Light & Power Co. under “Industrials
New Jersey on April S (Chief Justice Gummere writing the
below.—V. 91, p. 397.
in overruling the demurrer in the suit of the admin
Fort Smith (Ark.) Light & Traction Co.— N o tes C a lle d . — opinion)
of one Quigley, an engineer, against the company,
All of the $650,000 6% gold notes dated Jan. 1 1910 have istrator
valid the Ackerman employers’ liability law of 1909.
been called for redemption at 101 and int. on May 1 at the held
The latter holds employers liable for acts caused by the acts of fellowContinental & Commercial Trust & Savings Bank in Chi servants,
thus changing the rules of the common law. It was also held
cago. Compare V. 92, p. 956, 881.
that the fact of a special rule of liability being applied to railroads, in dis
tinction from other employers, docs not render the A ct special legislation
Great Northern Ry.—F avo ra ble R ate D ec isio n . —Judge San so as to bring it within the Constitutional inhibition. The opinion Is of
general Importance In that It lays down principles applicable to similar
born in the United States Circuit Court at St. Paul, Minn., statutes.
Act will be superseded on July 4 by the more drastic Edge
on April 8 confirmed the report of Charles E. Otis, Master in law, which The
was enacted by the present Legislature.— V . 92, p. 956, 527.
Chancery, filed on Sept. 21 lash, holding that the reduced Lexington
& Interurban Railways.— H o ld in gs S o ld . —At
freight rates and two-cent passenger rates fixed by the Minne auction in Philadelphia
on April 7 the stocks and bonds
sota State authorities in 1906 and 1907 are unconstitutional pledged as_ collateral for the
$1,569,000 collateral trust 5%
and confiscatory, and interfere with intcr-State commerce. bonds, which have been in default
Feb. 1, were bid in
The enforcement of the rates is enjoined after June 1 1911. for $600,000 by the newly-organizedsince
Kentucky Securities Co.
An appeal will be taken to the United States Supreme Court. per plan in V. 92, p . 461, 725.
Compare V. 91, p. 790.
Maine Central RR.— N otes S o ld . —The company has sold
The Court holds that the Acts of the Legislature of Minnesota of April 4
to
F. S. Moseley & Co. $1,500,000 one-year 4 % notes, dated
1907, Chapter 97, reducing passenger fares within the State about 33 1 - 3 % ,
and of April 18 1907, Chapter 232, reducing com m odity rates within the
April 1 1911, the proceeds to be used to pay off the $1,500,
State about 7 .3 7 % , and the orders of Its Railroad and Warehouse Com
000 5% four-year notes maturing June l issued by the
mission of Sept. 6 1906, reducing general merchandise rates within the State
from 20 to 2 5 % , and of May 3 1907, reducing rates within the State to
Somerset Ry., which is now being merged with the Maine
distributing points, by their natural and necessary effect, substantially
Central RR.—V. 92, p . 725.
burden and directly regulate Inter-State commerce, create undue and un
just discriminations between localities In Minnesota and those In adjoining
Manitoulin & North Shore Ry.— M o rtga ge. —This com
States, violate the commercial clause of the Constitution, Article 1, Section
8 , and are void.
pany
(whose name will be changed to “Algoma Eastern Ry.”
♦ i,T h f^ A c ts and orders, It Is stated, prescribe m aximum fares and rates
as
soon
as the consent of the Canadian Parliament is
tv,Dr n r ro.m their respective Minnesota Intra-State businesses to the
obtained)
has made a mtge. dated March 1 1911 to the
Nortnern Pacific an annual net income of only 2 .9 0 9 % , to the Great
Northern only 3 .3 5 9 % and to the .Minneapolis
St. Louis 2 .4 7 6 % of the
United States Mortgage & Trust Co. of N. Y., as trustee,
respective values of their Minnesota properties devoted to those businesses,
with the Lake Superior Corporation as guarantor party,
prombit a fair return upon these values, take the properties of the companics without just compensation, violate the 14th Am endm ent to the
to secure an issue of not exceeding $3,000,000 5% 1st M. 50Constitution, and are void.
year gold bonds, guaranteed as to principal and interest by
A State, It Is held may regulate Intra-State commerce In so far as It does
not burden Inter-State commerce and no further, the Federal Government
said Lake Sup. Corp., per plan in V. 92, p. 396, 462, 527.
only having the right to regulate Inter-State commerce. To the extent
at

&

necessary completely and effectually to protect the freedom of and to regu
late Inter-State commerce, but no farther, the general Government, it Is
said, m ay by Its Congress and Its courts affect and regulate Intra-State
commerce.
The Court says a net Income of 7 % per annum upon the value of the
railroad property In Minnesota is not more than a fair return to which the
railroads arc entitled under the 14th Amendment to the Constitution and
also that “ under the evidence in these cases the cost of reproduction new
° t the Minnesota properties of the defendant companies devoted to the
public use of transportation Is more persuasive evidence of their value than
the market value of their stocks and bonds or the original cost of their
acquisition and construction.” — V . 91, p. 1446.

The bonds (c*) are Issuable In denominations of $500 and $1,000 or of
£ 5 0 0 and £ 1 0 0 , and 0 I 7 francs each; Int. payable March and Sept. 1 .—
V . 92, p. 527, 462, 396.

Meadville (Pa.) & Conneaut Lake Traction Co.—S u ccessor.
See Northwestern Penna. Ry. below.—V. 92, p. 187.
Midland Pennsylvania RR.—R ep o rts, dec.—Lewis J.
Grubb, Philadelphia, who is placing the company’s bonds,
has sent us a 15-page pamphlet containing statements by
the company’s President, \V. E. Harrington, and others
Havana Electric Ry.—L is te d .— The New York Stock Ex regarding the undertaking and its prospects.
pamphlet Includes a map (24x30 ln.) showing the location of the lino
change has listed $1,847,000 additional consolidated M. 5% The Lykens
Valley and the topography of the adjacent territory, Including
50-year bonds, due 1952, making the total amount listed to Inthetheanthracite
coal region.— V . 9 2 , p. 527.




A pe . 15 1911.1

THE CHRONICLE

New Orleans Railway & Light Co.—B on d s O ffered . —Seven
New Orleans banking institutions are offering at 87 % and
int., yielding about 5.80% income, $800,000 “refunding and
general lien 5% gold bonds,” dated Nov. 1 1909 and due
Nov. I 1949, but redeemable at 105 and int. on Nov. 1 1919,
or on any interest date thereafter. Int. M. & N. The
bankers say:
The proceeds of the bonds offered are to be used to reimburse the com
pany to the extent of 7 5 % of the cost of extensions and Improvements made
necessary by the expansion of business.
During the last six years approxi
mately $7,000,000 has been spent on construction and Improvements and
about $1,300,000 of this amount has been supplied from net earnings.
All preceding bonds oftlds Issue except $81,000 were printed only In French
and were sold in France (V . 89, p. 411), and, therefore, the bonds herein
described constitute the first public offering in America of tills “ refunding
and general lien" Issue. The $2,581,000 bonds of this issue heretofore out
standing are listed on the New Orleans Stock Exchange, and application
will be made to list thereon the 8800,000 bonds herein offered.
For the
year 1010 gross income applicable to Interest on the amount of “ refunding
and general lien” 5 % bonds outstanding was In excess of 7 'A times said
Interest.
(Compare V . 02, p. 795.)
[The bonds are offered by the Canal-Loulslana Bank ft Trust C o., Hibernia
Bank & Trust C o., Metropolitan Bank, Inter-.State Trust & Banking Co.,
Teutonia Bank & Trust Co., Morgan .State Bank and Whitney-Central
National Bank.]

N ew Director.-—Charles E. Allgeycr of New Orleans has
been elected a director, succeeding Prince Andre Poniatowski
of Paris.—V. 92, p. 795, 119.
New Orleans Terminal Co.—L is te d . —The New York Stock
Exchange has listed $14,000,000 1st M. 4% bonds, series
“A,” due 1953, with authority to add $1,000,000 additional
on notice of sale, making the total amount to be listed $15,
000,000. Compare bond offering, V. 92, p. 060.
Northwestern Pennsylvania (Electric) Railway Co.—S u c
cessor C o m p a n y — N ew B o n d s. —This company was incorpor
ated in Penna. in March 1911 as successor of the Meadville &
Conneaut Lake Traction Co., V. 92, p. 187 (a holding com
pany) and its controlled companies, the Meadville Traction
Co. (V. 92, p. 202), 29 miles of track, and the People’s In
candescent Light Co. of Meadville.
The capital stock authorized and outstanding Is $1,500,000 In $50 shares,
consisting of $1,000,000 common and $500,000 5 % non-cumulativc pref.
All the common stock is deposited in a voting trust.
A mtge. has been made to the Central Trust Co. of N . Y . , as trustee,
to secure an Issue of not exceeding $1,250,000 1st M . 30-year 5 % gold bonds
dated March 1 t o i l and due March 1 1941, but callable on any Interest
date at 105.
Int. M. ft S. at office of trustee. Par $1,000 (c*). T a xexempt In Penna. Of these bonds, $550,000 are outstanding and $150,000
arc reserved to retire an equal amount of People’s Incandescent Bight Co.
1st M . 5s dated Dec. I 1900 (trustee Dela. County T r ., Safe T)cp. ft Title
Ins. C o.). The remaining $550,000 are reserved for Improvements and
additions, $150,000 thereof In amounts not exceeding $50,000 yearly and
the remaining $400,000 only when net earnings exceed by 5 0 % the Interest
charges, Including the bonds proposed to be Issued. Annual sinking fund
beginning N ov. 1 1913 an amount equal to 1%, of outstanding bonds, bonds
retired to be kept alive. The mtge. covers, besides the railway, etc.,
owned In fee, the following stocks (entire Issues): Meadville Conneaut Lake
& Ltnesvllle St. R y. (Meadville to LIncsville). $300,000: Crawford ft Erie
Ity ., $350,000: People’s Incand. Lt. C o .,$145,000; Oak Park C o., $ 20,000.
Directors: H . W . Thornton, N. Y . City, Pres.: T . D. Rhodes, N. Y . City,
VIcc-Pres.: Chas. Fahr, Meadville. Trcas.; William Goodman, 30 Broad S t.,
N . Y . City, Secretary: G. A. Gaston, Cleveland: .7. II. McCrahan, Ralph
Buell and F. .1. LIsman, all of New York.
William G. Edinburg Is A sst.
Treas. and Asst. Secretary.

Oklahoma (Electric) Ry.— N ew M o rtga ge. —The company
on April 10 filed its new mortgage for $12,000,000 to the
Mississippi Valley Trust Co. of St. Louis, as trustee, of which
$3,000,000 is to be issued at present. John W. Shartel,
Vice-President and General Manager, says:

W e started In 1904 with $1,000,000 capital and Issued $1,000,000 In
bonds.
In 1906 we found that this was Inadequate and had to buy up the
old bonds at a premium. Increasing our capital stock and Issuing $3,000,000
In bonds. W e have now had the same experience again, and this time
decided to make the Increase large enough to care for the development for
some years to conic.— V . 92, p. 323.

Pennsylvania RR.—R igh t to S u bscribe fo r 10% N ew S to ck .
—A circular dated April 12 1911 states that the directors
have voted to offer to shareholders of record May 5 the right
to subscribe at par ($50 a share) at the Treasurer’s office,
Broad St. Station, Philadelphia, from May 31 to June 5, in
clusive, for an amount of new .stock (say $41,201,000 or
more) equal to 10% of their respective holdings. Subscrip
tions may be paid either in full at time of subscription or in
two equal installments, (1) between May 31 and June 5 and
(2) between Aug. 28 and Sept. 1 inclusive.
The proceeds of the new stock will “ provide the necessary capital for
substantial additions, betterments and Improvements to and In the com
pany's railroads, equipment, property and facilities, and the funds neces
sary to meet maturing obligations of the company and for other proper cor
porate purposes.”
Subscription warrants will be mailed about May 15 and these m ay be
subdivided on presentation cither at the Phlla. office or at the N . Y . office
(85 Cedar S t.).
Fractions will not be sold or purchased by the company.
Checks or drafts should be drawn In favor of “ The Pennsylvania Railroad
C o .,” and sent to the Treasurer, Philadelphia.— V . 92, p. 882, 726.

1033

O f the 1 5 % of gross earnings heretofore mentioned as necessary to ap
propriate for maintenance and renewals, approxim ately 1 0 % will be ex
pended In ordinary maintenance; an amount equaling 5 % of gross earnings,
being a sum In excess of $ 1 ,000,000 per annum, Is thus available for the
purpose of replacements and renewals.
The proposed $10,000 ,000 bond Issue would, If marketed at an average
price of 96, produce $ 9 ,600,000, of which approximately $1 ,600,000 wlil be
required to pay present outstanding capital obligations which mature dur
ing the next live years, leaving an amount approximating $8,000,000 avail
able for the capital requirements of the com pany.
The funds available for rehabilitation, including both renewals and the
acquisition of new and additional property during the five-year period
ending June 30 1916, will be $ 1 3 ,500 ,000 , as follows:
Net proceeds of bonds after deducting $1,600,000 to pay maturing
obligations, as aforementioned, approximately
___ $8,000,000
From earnings, through renewal account, approxim ately________ 5,500,000
E s t im a t e d W o r k to be C o m p le t e d D u r i n g S a i d E i r e

Y ea rs.

1,300 cars of the most modern type, with cross seats and centre
aisles, having nearly double the seating capacity, will be re
quired to replace present equipment, at an estimated cost of $6,500,000
150 miles of heavy standard track will be required to replace
worn-out tracks, where a lighter type of rail has proven inade
quate. This at an estimated cost o f____________________________ 4 ,500,000
Additional power, new track connections, and to the extent of
$229,000 for extensions, say______________ ______ ________________ 2 ,500,000
Approxim ately one-lialf of the first two Items, say $ 5 ,5 0 0 ,0 0 0 , represents
the additional cost of the new cars and track over that which Is to be re
placed, and therefore Is a proper charge to capital account, together with
the $2,500,000 for additional power requirements and extensions.
The proper development of an adequate power supply and the charges
for new track connections Incident to the re-routing of car lines, both of
which must be immediately undertaken, will consume such a large portion
of this available $2,500,000 as to make it unsafe to undertake extensions
In excess of those here estimated to cost $229 ,00 0.
Extensions and additions to property not embraced herein will neces
sarily require the issuance of additional securities, and only such should be
undertaken within the next three-year period as will add a sufficient amount
to the gross earnings to pay the Increased cost of operation, together with
interest on the added Investment.— V . 92, p. 8 82, 726.

The Phila. Stock Exchange has placed on the “unlisted”
$2,423,950 voting trust certificates issued by the Fidelity
Trust Co. of Phila., making the total amount listed to date
$18,951,250, representing the same amount of stock out of a
total outstanding issue of $30,000,000.—V. 92, p. 882, 726.
Pittsburgh Cincinnati Chicago & St. Louis Ry.—R e p o r t . —
See “Annual Reports.”
N e w D i r e c t o r . —C. S. Patterson has been elected a director
to succeed N. P. Short ridge.—V. 92, p. 949.
Quebec & Lake St. John Ry.— P l a n A p p r o v e d . —The hold
ers of the prior lien, first mortgage and income bonds, at a
meeting in London on March 17, by a large majority, ap
proved the provisional agreement dated Feb. 10, providing
for the exchange of their bonds with matured coupons for new
4% debenture stock, carrying interest from Jan. 1 1911 and
guaranteed as to principal and interest by the Canadian
Northern Ry.—V. 91, p. 791.
Reading (Pa.) Transit Co.—B o n d I s s u e . —This company
filed notice at Harrisburg, Pa., on April 13 of the authoriza
tion of a bond issue of $20,000,000.—V. 92, p. 726.
St. Louis & San Francisco RR.—Q u i c k l y S o l d . —Cables
from Paris state that the offering of general lien 5% bonds
met with quick success.—V. 92, p. 957.
San Jose (Cai.) Railroads.—S a l e . —See Southern Pacific
Co. below.—V. 90, p. 1297.
San Jose & Santa Clara (Elec.) Ry.— S a l e . —See Southern
Pacific Co. below.—V. 81, p. 1850.
Southern Pacific Co.— A c q u i s i t i o n s .—The company, it is
announced, has acquired control of the San Jose Railroads
and San Jose & Santa Clara RR., together about
60 miles in length. The consideration is reported as between
$3,000,000 and $4,000,000.—V. 92, p. 796, 597.
Toronto Ry.— A m a l g a m a t i o n . —See Toronto Electric Light
Co. under “Industrials” below.—V. 92, p. 876, 323.
Union Utilities Co. of Morgantown, W. Va.— D i v i d e n d s
B e g u n o n C o m m o n S t o c k . —The directors at their last meeting
declared a quarterly dividend of x/o , of 1% upon the $800,000
common stock.
The officers report that this stock is expected to be put oil a higher divi
dend basis before the end of the current year. The bonds were brought out
in 1909 by William Morris Imbrle & Co. of 45 B ’ w ay. Compare V . 90, p.
373.— V . 91, p. 342.

United Railways & Electric Co., Baltimore.—

—

R ep o r t.
Yea r—
G ross.
N et.
O lh . I n c . C h g s . , & c . E x t r a o r d ' y . D a l . . s u r .
1 9 1 0 _____ $7,687,895 $4,085,999 $2,490 $2,861,635
$864,049 $362,805
1909 _____ 7,209,984 3,848,112
2,490 2,734,188
1,013,413
103,001
— V . 92, p. 463.

Virginia Railway & Power Co.—L i s t e d . —The New York
Stock Exchange has listed $4,446,500 preferred and $7,
450,500 common stock, issued under the reorganization
plan, and has authorized the listing of $253,500 additional
Philadelphia Rapid Transit Co.—R eh a b ilita tio n P la n . —The pref. stock on notice of sale, making the total amount of
city authorities still have under consideration the company’s pref. stock authorized to be listed $4,700,000.
plan for a $10,000,000 bond issue. On Anril 10 Mr. Stotes- The proceeds of sale of the $253,500 additional pref. stock Is to be applied
part payment of the purchase of 3,291 2-3 of the 3,355 shares of capital
bury sent to Mayor Reyburn a letter from Thomas E. Mitten, Instock
of the Old Dominion Iron & Nall W orks purchased for $219,000, said
President of the Chicago Railways and Mr. Stotesbury’s $253,500
par value of pref. stock and $12 50 of pref. stock scrip, by reso
lution of the directors on Feb. 17 1911, being authorized to be delivered at
expert adviser.
8 5 % of the par value.— V . 92, p. 957.
A b s tr a c t o f E x p e rt M itte n ’ s L etter.
Wabash-Pittsburgh Terminal Ry.—R e c e i v e r s ' C e r ti f i c a t e s .
To Insure the proper maintenance and renewal of the property an annual
expenditure of an amount equaling 15% of gross earnings Is considered
—The $433,771 receivers’ certificates dated 1909 and due
necessary. The expenditure In this regard has not heretofore been In ex
March 11 1911 were extended for one year from that date.
cess of an amount equaling 1 2 % . The earnings are not as yet sufficient
to bear thccost of operation. Including said 15 % , In .addition to fixed charges;
the shortage for the current year ending June 30 1911 in this regard will
be In excess of $600,000. To meet this and the estimated shortage of the
two succeeding years a fund of $1,500,000 In current assets has been set
aside as per your requirement. This, when used, will entirely exhaust the
present available current assets.
The earnings for the year ending June 30 1914, as estimated, should be
sufficient to bear the 15% for maintenance and renewals, the Increased
fixed charges due to the Introduction of new capital at the rate of $2,000,000
annually, and also to pay the contribution to the sinking fund as required
by the city agreement. The earnings for the year ending June 30 1915
and thereafter, ns estimated, should produce an annually Increasing surplus.
The results as estimated arc based upon a 4 % annual Increase In gross
earnings; the actual Increase, 1902 to 1909, was at the rate of 4 .2 % per
annum. These rates of fare arc considered as fixed, no change being per
missible under the agreement without the consent of both city and com pany.




(6% ) C t fs . Issued b y I I . IF. M c M a s te r and F . I I . Skelding, R eceivers.
[By authority of U. S. Circuit Court for West. D st. of Penn, and confirmed by
S. Circuit Court for Nor. Dlst. of W . Va. and for Sou. Dlst. Ohio, East. Div.]
D a ted .
P u rpose —
A u th orized.
Sold.
D ate D u e .
R ed . a fter.
Mch. 11 1909-.500 steel hop. cars. S433.772
$433,772 zM ch.ll '12 Sept. 11 ’ l l
Nov. 1 1910/ Retire mat’d ctfs.\ 974,211/
875,0001Nov. 1 1912 May 1 1911
\ & gcn'l purposes]
1 *65,000]
Dec. 1 1910.-2,000 steel hop.cars 2,000.000
960,000 Dec. 1 1912 June 1 1911

R eceivers’

U.

Total
$3,407,983 $2,333,772
Reserved for further purposes............................ $1,074,211
Extended for one year from March 11 1911.
Compare V. 92, p. 727.— V. 92, p. 796, 882.

x

* Sold March 1 1911.

1034

THE CHRONICLE

Weatherford Mineral Wells & Northwestern Ry.—L is te d .
—The New York Stock Exchange has listed $160,000 addi
tional 1st M. 5% guaranteed bonds, due 1930, with authority to
list $120,000 additional on notice of sale, making the total
amount authorized to be listed $780,000.
The §280,000 bonds have been and are to be Issued at 514,000 per mile
for an extension of 20 miles from Mineral Wells, the road now extending
from Weatherford to Graford, T e x ., about 41 miles.— -V. 78, p. 3 4 4 .

Wrightsville & Tennille RR.— B o n d s O ffered a n d S o ld .—
Potter, Choate & Prentice this week offered and sold at a
price yielding about 4.90% a limited amount of the 1st M.
5% gold bonds due Jan. 1 1958, recently purchased by them.
Compare Y. 92, p. 957.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co.—R a te s f r o m N e w E n g l a n d P o i n t s R e 
d u c e d . —1
The company voluntarily reduced the rate be
tween New York and Brockton, Mass., and other New Eng
land points from $1 to 75 cents per 100 lbs., effective Feb. 6.
• This Is the rate In vogue prior to the absorption of the New York & Bos
ton Dispatch Express C o., and Is that recommended by the Inter-State
Commerce Commission after Its recent hearings in Boston on the complaint
of shippers. The Eastern commercial organizations are urging numerous
concessions before the Commission, claiming that in New England, for In
stance, since 1902 there has been a gradual upward revision of charges both
on shipments weighing 100 lbs. and those weighing less than that am ount.
U p to a few years ago the companies, It Is stated, accepted 5-lb. packages
for 15 cents where the rate did not exceed 75 cents per 100, while they now
charge 25 cents for 1 lb. and 30 cents for 5 lbs., or from 00 2-3 to 1 00% more,
the minimum rate being at present 50 cents except between Boston and
points within 50 miles of this city Instead of 25, 30, 35 and 40 cents, as pre
viously.— V . 00, p. 448.

American Gas & Electric Co.— S a l e o f A u b u r n L i g h t , I l e a l
—See Empire Gas & Electric Co. below.—V. 92,
p .397.
American Implement Co. of Chicago.— D e e r e M e r g e r C o m 
p l e t e d . —This company, organized in 111. to merge the allied
Deere & Co. enterprises, per plan outlined last week (V. 92,
p. 958), filed a certificate on April 7 increasing the capital
stock from $10,000 to $50,000,000, to consist of $20,000,000
common and $30,000,000 pref. The general officers are:
& P ow er C o .

W illiam Butterworth, Pres.; Willard Velle, Chairman of executive com m lttee; Charles C. W ebber, George N . Peck, George W . Mixtcr and Burton
F . Peek, Vice-Presidents; Schiller Hosford, Sec.; George Crarapton, Treas.

American Woolen Co.— P r o t e s t W i t h d r a w n — C o m m o n D i v i 
to be D e f e r r e d . —Atmore T. Baggot, of Carpenter,
Baggot & Co., who has been acting for the preferred stock
holders that protested against the proposed plan to retire
$10,000,000 of the $30,000,000 common stock, has issued
a letter which says:

den d s

The 53,000,000 common stock having been legally bought and paid for.
It is deemed Inadvisable to oppose the cancellation of this stock. In the
belief that ultimately It will be to the benefit of the company.
I have obtained a statement. In writing, from William M . W ood , Presi
dent, which, in m y opinion, fully protects the Interests of the preferred
stockholders and assures for them a continuance of the 7 % dividends for
years to come. President W ood agrees that at the special meeting of the
stockholders on the 28th Inst., he will announce that no declaration or con
sideration of dividends on the common stock will be opportune “ at least
before the next annual meeting In March 4912 .”
H e has further stated
that no action will be taken that might react on the preferred dividends and
that the company will continue Its policy to add to the surplus and protect
the preferred stockholders in every proper w ay.— V . 02, p. 797, 657.

Arlington (N. J.) Company.—S t o c k D i v i d e n d . —This com
pany, incorp. in N. J. Jan. 31 1899 to manufacture “pyralin” (a form of celluloid), late in Dec. 1910 increased its
capital stock from $2,000,000 to $4,000,000, in order to pay
a stock dividend of 100% out of the surplus earnings.

The capital stock at Incorporation, 5500,000, was on Jan. 16 1902 in
creased to 5 1 ,000,000, and on Dec. 12 1907 to $ 2 ,000,000. Pres., Henry S ,
Chapman, Glen Ridge: Sec., Edgar R . Brown, and Treas., Em m ett Schultz.
725 Broadway, New York.

[VOL. L X X X XII.

C o n s o lid a te d B a la n c e S h e e t

D ec.

31 1910. (E x c e p t that E f f e c t I s G i v e n to
1011).

a
J ? St i eA I H
i f s t o c k N o t A c t u a l l y M a d e u n t il M a r c h
JxSSBCS (yl<!,Uo7jUOo)- -

Real estate and buildings In Chicago, Long Island City Muske
gon, Toronto, Salt Lake City, Seattle, San Francisco, Los
Angeles, Kansas City and Elkhart_
$2 418 077
Timber lands, buildings, saw-mill, & c., at Big B ayYM lch.............
’3 1 7 ’337
Machinery, tools, lixtures, & c_________
"
"
766 625
Sundry loans and Investments_________
23 18 7 7
Unexplred insurance, & c ___________ I I I I I I I I I I I I
I
52 991
W ork in process, materials and supplies at or below cost 111111 4 .6 3 L 3 4 6
Accounts and bills receivable, less reserves
_ __
3 7 1 ,> 0 71
Cash In banks and on hand.
’ s n s ’ r.sa
L i a b i l i t ie s (512,997,008)—
.................
.....................................
°°°'
Preferred stock, 56,000,000; common stock, 56,000,000
_ $12,000,000
Minority stockholders interest in capital stock ofsub. cos
27.864
?!f! ^a t on, (Wabash A v c ., C hic.), due Dec. 1 1913
300,000
669 144
Accounts and bills pay able _____ __ _________
...... .
.
.
P f, the C o m b in e d C o m p a n i e s f o r C a le n d a r Y e a r s .
^ i n l i f * n s full provision for depreciation but before deducting Interest.]
1906.
1907.
1908.
1909
1910
A veran e
51,207,072
$1,561,478 $1,207,629 $1,384,749 51,268,690
$1,325,924
^ br A r a ^

L e tte r

fr o m

P res.

B.

H.

B e n sin g e r , C h ic a g o ,

M arch

20

1911.

tiaTvo ( I
S
,'nas f0UIK,lcl,1 in l 8 4 5 - 111 15^9 the J. M . Brunswick &
r ni ™ rtP ? ri h MCvrpora.teclM and Jn 1884 consolidated with the II. W .
nn
Y 'A !!<cr 6 a'vs of Dela.) with present name and a capital
so°nnn nno’ ^ 0; ? 00!
1
capital was Increased to 5 12,000,000 in Jan. 1911;
v
9, 000 of the increase has been accumulated from carninprs*
iv,.iv1'
wi t:h Hs subsidiary companies, now lias factories in Chicago,
F n d r u ? r TnrnntACn ^ 't H n?i!1I?at^
1, Denver, Salt Lake City, San Francisco,
Klknart, Toronto and St. DIzler, France, employing 4,000 mechanics and
ini'!f niuP'r'uY' f
37„acf efLP* (!00r sPace; also hardwood timber lands,
?£iWf i a m * Planlng-mlll at Big B ay, Mich. The largest manufacturer of
‘ “ J ” ,1 ' V)P,,wo!'k l- ,I o lty branch salesrooms in the U . S ., subsidiary
aloS• branch agencies in Mexico City and Canada and commis
sion agents In South America.
b? th as t0 Principal and dividend, and In case of
na?ddatsi™ nnr'W heth er vohintary or involuntary, the pref. stock must be
sto ck 1
accrued divs. before any payment on the com .
stock. No dividend can be declared on the common stock cxccnt Mftor
two years' dividends on the preferred have been^accu m u lated£n dttaS
assets are equal to at least twice the amount of the pref. stock.
No morti cn or encumbrance shall be created or valid unless the same shall
have been previously authorized by the consent of at least 7 5 % of the
outstanding pref. stock.
'
, . B . E . Bensinger, grandson of John M . Brunswick, is Pres., and has had
direct supervision since 1904; B. II. Brunswick. 1st V .-Pres.; Julius Balke.
V .-P res.; A . A . Irocscher, Treas., arc all sons of the original founders.
No change is contemplated in the management. Has always been a family
concern, no outside Interest prior to Jan. 1911.— V . 92, p. 190.

Bush Terminal Co., New York.—S to ck , B o n d s, G u a ra n ty ,
stockholders will vote April 24 upon authorizing:

& c. —The

(a) The proposed changes in the terms of the bonds issued and to be
issued by the Bush Terminal Bldgs. Co. under Its mortgage of April 1 1910,
and proposed m tge. supplemental thereto to the Columbia Trust Co., as
trustee, and the guaranty by this company of the due and punctual pay
ment of the principal and Interest of said bonds (V . 92, p. 797).
(b) The decrease of the capital stock of this company from $8,500,000 to
57,000,000 by means of the cancellation of the existing pref. stock, which
has been exchanged for common stock.
(c) The increase of the capital stock from $7,000,000 when so reduced
to $ 1 2 ,000 ,000 .
(d) The Issue of 55,000,000 preferred cumulative 6 % stock (being the
amount of the aforesaid increase), retlrable at any time at the option of the
company at 110% and accrued dividends.
(e) The authorization from time to time of similar additional preferred
stock not exceeding 55,000,000 thereof upon vote or written consent of a
m ajority of the directors and of a m ajority in Interest of the holders of all
of the capital stock, preferred and common, then outstanding.
( /) The authorization from time to time of similar additional preferred
stock not exceeding $5,000,000 if all the pref. stock above mentioned shall
have been Issued, upon the vote or written consent of a majority of the
directors and of a majority In interest of the holders of common stock and
of a majority In Interest of the holders of pref. stock outstanding at such
time or times.— V . 92, p. 952, 797.

Canada Cycle & Motor Co., Ltd., Toronto.—Yew; N a m e —
shareholders will vote April 18 (a) on
creating an issue of $800,000 7% cumulative convertible
preference shares, the present $800,000 of outstanding stock
to become common stock; (b) on changing the name of the
company to Russell Motor Car Co., Ltd., its automobiles
being now known as Russell cars. “Montreal Gazette” said:

P re f. S to c k .—The

The directors having been able to arrange for disposal of the new prefer
ence stock, feel warranted, In view of the large earning power which the
company has developed, in commencing at an early date the distribution
of dividends. The decision reached to-day was to place the present stock
upon a dividend basis of 7 % per annum, the (list payment to be on Aug. 1
next for the quarter commencing May 1. Compare V . 91, p. 1510.

Auburn (N. Y.) Gas Co.—See Empire Gas & Electric Co. Canadian Consolidated Felt Co., Ltd.— G u aran teed B o n d s—
below.—V. 81, p. 1851.
a r n in g s .—The $500,000 (closed issue) 1st M. 6s, which the
Auburn (N. Y.) Light, Heat & Power Co.—See Empire EInvestment
Co. of Montreal is placing at 98%, arc due
Coke Co. below and Electric Co. of Am. in Y. 73, p. 495. April 1 1940Trust
(not 1949) and are callable at 105.
Bell Telephone Co. of Pennsylvania.—B o n d s C a l le d .—The A b s tra ct o f L etter fro m P re s. D . L o m e M c G ib b o n , M o n tre a l, J a n . 16 1911.
of the Berlin Felt Foot C o., L td ., and the Ktm m cl Felt
remaining 1st M. 5% bonds of the Pennsylvania Telephone Co.,A consolidation
L td ., situated at Berlin, O nt., and the Elmira Felt C o., L td ., situated
Co. were called for redemption on April 1 1911 at 102 and at Elmira,
O n t., which companies manufacture felt boots, &o. The bonds
constitute a 1st M . on the real estate, factories, warehouses, buildings,
int. at the Harrisburg Pa. Trust Co., —V. 91, p . 1631.
ami plant of the above companies, whose total assets Dec. 31
Big Sandy (W. Va.) Coal Co.— N e w N a m e , & c . —Sec Sol- machinery
1910 were 5789 ,30 2, exclusive of good will. The bonds also have the un
conditional guaranty, as to prin., Int. and sinking fund (a sum equal to
vay Collieries Co. below.—V. 81, p. 1494.
2 % annually of the bonds outstanding) of the Canadian Consolidated Rub
C o., L td ., which controls the Felt C o., through stock ownership.
Bristol (Conn.) Water Co.—C h a n g e i n M a n a g e m e n t .— ber
net profits for the cal. year 1909 were $94,104 and for 1910 will bo
Charles T. Treadway some weeks ago was made President, overThe5100
,00 0. The net prollts of the Canadian Consol. Rubber Co., L td .,
and its subsidiaries, after depreciation, etc., were 5806,676 for 1908, $502,
succeeding Albert L. Sessions.
100 for 1909 and will be over 5500,000 for 1910. The average surplus after

The board was also Increased by adding Carlisle F . Barnes, W illiam II.
Carpenter, Ernest R . Burwell, Judge Roger S . Newell. These changes foltowed the purchase of the Sessions holdings, constituting about 2 4 % of the
$200,000 stock, by a syndicate headed by Mr. Treadway, who Is the son of
the former President of the company anti the President of the Bristol N at.
B ank. There Is a bonded debt of 5 1 00 .00 0.— V . 80, p . 2346.

Brunswick-Balke-Collender Co., (Billiard Tables, &c.),
Chicago.— P r e fe r r e d S t o c k O f f e r e d . —A. M. Kidder & Co.,
New York City, George H. Burr & Co., Chicago, &c.,
and George Eustis & Co., Cincinnati, are privately offer
ing at 105 and accrued dividend, yielding 6.66% income,
$3,000,000 7% cum. pref. stock, pref. both as to assets and
divs. (Q.-J.); subject to call, all or any part, at $120 a share
on or after Jan. 1 1921, and must be retired to the extent
of $1,500,000 by 1937, viz.: $600,000 before Jan. 1922 and
on the average $300,000 in each of the three 5-year periods
next following. The company manufactures billiard and
pool tables, bowling alleys and appurtenances, office fixtures
and general cabinet work, piano cases, large refrigerators
&c. Capitalization: pref. stock 7% cum., $6,000,000; com
mon stock, $6,000,000. All of the common stock is retained
byjpresent holders; and of the pref., $3,000,000 has been
taken by them or withdrawn from sale. No bonded debt.



payment of bond Interest and pref. dividends for the three years amounted
to $347,959.
(Compare V . 90, p. 1291: V . 88, p. 1375 .)— V . 92, p. 598.

Chicago Lumber & Coal Co., St. Louis, Mo — R e p o rt .—

Y e a r e n d in g
D e c . 31—

1910
1909

P r e v io u s
S u r p lu s,

P r o fits * R e-in v e n .
fo r Y e a r . In crea se.

n iv s .
P a id ,

T r a n s f e r 'd
t o l l e s 'v e s .

B a la n c e
E orw a rd .

............$ 1 ,0 1 4 ,9 2 8 5645,807 5121,669 $395,000 $300,000 $1,087,404
...........
705,845 676,558
09,037 395,000
71,512
1,014,928

* Increase In valuation of stumpage resulting from re-lnventory (Chicago
Lumber & Coal Co. s share).
Profits arc stated after deducting proportion of profits of controlled
companies applicable to stock not held by Chicago Lumber & Coal C o.,
providing for consumption of timber, bad debts and depreciation, and all
expenses of maintenance and marketing. Dividends Include yearly $60,000
(6 % ) on the 1st pref. stock. 535,000 (7 % ) on the 2d pref. stock and $300,000
(6 % ) on the com m on.— V . 90, p. 979.

Columbia Gas & Electric Co., Cincinnati.—The Knicker
bocker Trust Co. of New York, the mortgage trustee, has, it
is announced, purchased about $1,400,000 1st M. 5% bonds
as the result of the request for tenders recently made. The
prices paid ranged from 64 to 69%. Compare V. 92, p.
883, 797.
Consolidated Rubber Tire Co.—F avorable D e c isio n .—The
United States Supreme Court on April 10 in the suit brought
by the company and others against the Diamond Rubber

A pr . 15 191 l.j

THE CHRONICLE

Co. affirmed the decree of the Circuit Court of Appeals for
the Second Circuit, upholding the validity of the patent
granted to Arthur W. Grant for an improvement on rubber
tires. It is held that the Diamond Co. has infringed the
patent.—V. 90, p. 916.
(J. B. & J. M.) Cornell Co., Structural Iron and Steel Con
tractors, New York and Cold Spring.—B i d R e j e c t e d . —Judge
Holt, in the Federal Court, has rejected a bid recently made
by several bondholders and creditors for the assets.
The bidders, it Is stated, represented claims aggregating $225,000. The
Court based Its rejection upon the ground that no provision for compensa
tion of the receivers was made; that It cannot compel non-assenting credi
tors to accept 2 5 % of their claims, payable two years hence, as provided in
the bid; and that full compensation Is not provided for those who have
furnished labor, materials, & c., to the receivers.— V . 02, p. 661.

Creamery Package Manufacturing Co., Chicago.—P r e f .
—The directors have voted, subject to the approval of
the stockholders, that the $1,000,000 of authorized and un
issued common stock be converted into 6% cumulative pref.
and offeredatpar—$100asliare—to the holdcrsof the present
$3,000,000 stock,on which dividends of 8% per an.are paid.
S to c k .

A b s t r a c t o f O ff i c i a l C ir c u la r .

Constantly mowing business In the manufacture and sale of our specialties
and the Introduction of new lines, including refrigerating and ico-maklng
machines and ice-crcam-maklng machinery, has made necessary the use of
more capital than was used in former years. There has never been any
difficulty in borrowing through our bank connections, but the business in
these lines continuing during the entire year, prevents the indebtedness
from being paid up entirely at this period.
^
• The authorized capital is $4,000,000 of common stock, of which $ 3,000,
000 has been issued. The directors unanimously recommend the conversion
of the unissued portion— $ 1,000,000— into cumulative 6 % pref. stock,
subject to retirement after ten years, such pref. stock to be offered to present
stockholders pro rata at par, the funds received from the sale thereof to be
used as additional working capital and to retire present indebtedness.
Our business Is running ahead of a year ago and the prospects are ex
cellent. Compare V . 02, p . 185.

Crocker-Wheeler Co. (Manufacturers of Electrical Appar
atus), Ampere, N. J.—S a l e o f P r e f e r r e d S t o c k . —A. E. Butler
& Co., Chicago, 111., it is announced, has placed the unsold
portion of the present issue of $510,000 7% cum. pref. stock,
which he offered at 102 and accrued dividends. See “Annual
Reports” on a preceding page and V. 91, p. 1632, 156.
Delaware County Electric Co.—Sec Philadelphia Electric
Co. under “Annual Reports.”
Diamond Rubber Co., Akron, Ohio.— D e c i s i o n . —See Con
solidated Rubber Tire Co. above.—V. 91, p. 1162.
East St. Louis (111.) Light & Power Co .— G u a r a n t e e d B o n d s
O f f e r e d . —A. G. Edwards & Sons, New York and St. Louis,
are offering at 97j^ and int. the unsold portion of the present
issue of 8145,000 1st M. 5% gold bonds, dated June 1 1910
and due June 1 1940, but callable at 105 and int. on 30 days’
notice. Int. J. & D. in St. Louis. Par $1,000. Mercantile
Trust Co., St. Louis, trustee. Guaranteed, prin. and int.,
by endorsement by East St. Louis & Suburban Co. (see “Elec
tric Ry.” Section). A circular says in substance:
Controls the entire electric lighting and power business of East S t. Louis,
serving a population of 58,547. Liberal 09-year franchise granted in 1909.
Property represents an expenditure of $878,500 In cash, or over six times
the bonded debt. Additional bonds can be issued for 8 0 % of the cost of
additions and improvements, but only when net earnings arc at least 1 %
times the Interest charges, including the bonds to be Issued.
For the calendar year 1910 the gross earnings were $259,852; net (after
taxes). $75,813; interest on bonds. $7,250; bal., surp., $68,563, or over 9
times the Interest requirements. The East St. Louis & Suburban Co. owns
the entire capital stock except directors’ shares, and furnishes the company
with power under a contract extending beyond the life of these bonds.
Managers, E . W . Clarke & Co., Philadelphia.— V . 91, p. 399.

Electrical Securities Corp.—B o n d s O f f e r e d . —Jackson &
Curtis, New York and Boston, are offering at par and int.
the unsold portion of $500,000 collateral trust sinking fund
gold 5% bonds, ninth series, dated Feb. 1 1910, due Feb. 1
1940, but redeemable as a whole or in part at 103% and
int. on any int. day. Int. F. & A. at Standard Trust Co.
The sinking fund must retire before maturity $475,000 bonds of the total
Issue of $ 500 , 000 ; aggregate par value of collateral, $025,000. Since in
corporation In 1904 has Issued $7,000,000 collateral trust 5'% bonds; of
these there have been redeemed and canceled to March 1 1911 $ 3,192,000.
The paid-up capital stock consists of $1,000,000 5 % pref. stock and 5 2 ,
000 000 common stock, the latter owned by the General Electric Co. Sur1,1ns Dec. 31 1910, $1,000,013. Assets: Cash. $489,774; securities, ap
praised at $6,812,013; total, $7,301,787; o ve r twice the $3,308,000 coll,
trust bonds outstanding Dec. 31 1010.
Collateral for this Issue: Choctaw R y. & Ltg. C o., McAlester, O kla.,
1st M. 5s, due 1938, $125,000; Consolidated Power <Sc L t. Co., Deadwood,
S I).. 1st consol. M . 5s, $125,000; Northern Idaho & Montana Power Co.
1st M. sink, fund 6s, due 1949, $125,000; Nor. Ohio Traction & Light Co.,
Akron, Ohio, 1st consol. M . 4s, due 1933, $100,000; Penna. W ater & Power
Co McCall Ferry, P a., 1st M . 5s, due 1940, $150 ,00 0. A n y of the col
lateral may be withdrawn upon deposit with the trustee of cash or collateral
trust bonds (for cancellation) to amount of 9 0 % of the principal of the
securities to be withdrawn.
Income account for 12 m os. ending Dec. 31 1910: Bond int. rec. and accr.,

1035

532 net. Owing to competition between the electric and gas companies In
Auburn, extra expenses fer competitive canvassers, A c ., were incurred and
gross earnings were reduced by special low rates which the Public Service
Commission has declared Illegal and which have been abolished. It Is esti
mated that net earnings were thus reduced $25,000 below the normal and
both the electric and gas companies are showing Increased earnings from the
old business, besides contracting for additional business. Additions and
Improvements also have been and are being made.
A b s tr a c t o f l e tte r, F.dw . H . P a lm er, P r e s . F m p irc C o k e C o ., to M r. W e ls h .
These bonds are to be part of an issue of $ 5,000,000. of which the present
Issue of $1,300,000 is to retire various bonds and Indebtedness Incurred for
construction and to pay In part for acquisitions of new property
O f the
remaining bonds, $1,100,000 are reserved to retire, bond for bond, $500,000
bonds of the Inter-Urban Gas & Empire Coke system (V . 79, p. 215) and
$600,000 bonds of Auburn Gas system (V . 81, p. 1851); $300,000 bonds
can be Issued only for additions and betterments, when approved by you,
and the remaining $2,300,000 can be Issued under conservative restrictions .
for not over 8 0 % of the cash cost of permanent Improvements and additions
when net earnings for the year previous have been twice the interest charge,
Including the underlying bonds and the bonds to be Issued.
This new issue is to cover as a direct first mortgage lien all the properties
of the Auburn Light, H eat & Power Co. (see A m . Gas & E l. C o., V . 73, p.
495, and V . 87, p. 1661) and the Auburn Subway & Electric Co. and as a
collateral trust first lien on all the property of the Geneva Gas Improvement
Co.; also subject only to $500,000 bonds, the properties of the Empire Coke
Co., Inter-Urban Gas Co. and Seneca Falls <k W aterloo Gas Light C o., and.
subject only to $600,000 bonds (of which $47,000 arc hel l in the sinking fund
and more arc being retired each year), the property of the Auburn Gas Co.
The net earnings of the Auburn electric properties ere at a rate of more
than the whole of the interest on the $1,300,000 bon is now to be Issued.
The earnings of the Geneva Gas Improvement Co. are merged with those of
the Empire Coke C o., but are a considerable part of the total earnings, while
the net earnings of the rest of the properties are at a rate sufficient to pay
not only Interest on the $1,100,000 underlying bonds, but also interest on
the $1,300,000 bonds sold to you, so that this Interest Is being earned prac
tically twice over.
All the franchises In Auburn are perpetual. The franchises for gas In all
the rest of the territory arc perpetual except the franchise In Seneca Falls,
which runs until 1950. A ll are without burdensome restrictions
The Empire Coke Co. will own all the stock of the Empire Gas & Electric
Co. and also the stock of the Geneva Gas Improvement Co. until the latter
may be merged with the Empire Coke Co. These two companies are lo
cated Just outside of Geneva and manufacture the gas used by the other
companies of the system . All the other companies are to be merged In the
Empire Gas & E l. Co. The Inter-Urban Gas Co (whose stock Is now
owned by Empire Coke Co.) does the entire gas business of Geneva and
vicinity and owns a pipe line running front the works of the Empire Coke
Co. to Geneva and Aubnrn, via W aterloo, Seneca Falls, & c., approximately
25 miles. The entire gas business of Seneca Falls and W aterloo is done by
the Seneca Falls & W aterloo Gas Light Co. Auburn Gas C o., whose stock is
also owned by the Empire Coke C o., docs the entire gas business of Auburn.
Population served upwards of 75,000, steadily growing, and exceptionally
prosperous. [Empire Gas & Elec. Co. was Incorporated at Albany April 12
1911; stock, $900,000 — Ed.]
,
T„ ,
_T
_
Directors of Empire Coke C o.— Jervis Langdon. Elmira, N . \ .: Gen.
Austin Lathrop, Corning, N . Y .; Gregory O Kelly, Philadelphia, I’a .;
Irving Rouse and Frank Taylor, Rochester, N . Y .; U rn. Nottingham.
Syracuse, N . Y . ; Charles I . A very, Auburn, N . Y .: E II. Palmer, W . II.
Jordan, Theo. J. Smith and H , O. Palmer, Geneva, N . Y .

Hale & Kilburn Co., Philadelphia.—F ir st P re f. P la c e d .—
The present issue of $2,000,000 first pref. 7% cumulative
stock was brought out by Edward B. Smith & Co., Phila.
and New York, and Pomroy Bros., and has all been sold.
Dividend No. 1 on the pref. was paid April 1.

The “ Phila. Press” on March 10 said: “ One of the :ubsl laxle; the con
trol of which will pass to the new company Is the Railway Equ pment Cor
poration, having a capital stock of $1,3 7 5 ,0 0 0 , of which 5 2 % Is own d by
the Hale & Kilburn M fg. Co. The Railway Equipm ent Corporation has
plants worth $ 2,000,000 and has been doing a very lucrative business.”
(V . 85, p. 725; V . 86, p. 1347.)— V . 92, p . 959.

Hamilton Mfg. Co., Lowell, Mass.— P a r V alu e R ed u ce d . —
The shareholders having voted to reduce the par value of
the shares from $1,000 to $100 as of May 1, the Boston Safe
Deposit & Trust Co., the transfer agents, will on and after
that date exchange ten shares of new stock for each share of
old.—V. 90, p. 1365.
Indiana Quarries Co.— M erger —B o n d s. —This company,
recently incorporated in Indiana with $3,000,000 capital
stock, to merge (in the interest of the Cleveland Stone Co.,
see above and V. 91, p. 1330) the Perry-Matthews-Buskirk
Stone Co. and the Bedford Quarries Co., has filed a mtge. to
the Citizens’ Savings & Trust Co. of Cleveland and W. M.
Baldwin of Cleveland, as trustees, to secure an issue of
$2,000,000 “Cleveland Stone Co. and Indiana Quarries Co.
first and refunding” 6% bonds, due in 20 unequal annual
installments, but callable on any interest day at 101.
Bonds dated Dec. 1 1910 and due $75,000 each year beginning D ec. 1
1911, and $575,000 Dec. 1 1930, but callable at 101 In order of m aturity on
any int. date. Int. J. & D . at office of trustee. Par, $1,000.
The Citizens’ Savings & Trust Co. placed $1,108,000 of these bonds at
par. An additional $392,000 was reserved to retire a like amount of under
lying 1st M . 6s of the Bedford Quarries Co. dated 1906 and due $36,000
yearly on Jan. 1 from 1911 to 1917 and $35,000 yearly 1918 to 1921, but
callable on any int. date at 105 and Int. (V . 83, p. 4 9 4 .) .— V . 91, p . 1330.

International Cotton Mills Corporation.—E xch an ge o f C on 
directors of the
company on April 13, in pursuance of an understanding at the
time of the acquisition of the majority shares of the Conti
nental Cotton Duck Co., authorized the exchange Of the
minority common and pref. shares for 50% in those of the
International company of the same class, being the same
terms as the majority received. The exchange will be made
from April 17 to May 17.—V 92, p. 191, 62.
the year, $112,519; and surplus Dec. 31 1900, $004,204. Total, $ 1,210,043.
Pref. and com. stock dividends, $210,000; surplus Dec. 31 1010, $ 1,000,043.
George W. Jackson, Inc., Chicago.—P la ce d in H a n d s o f
— V . 91. I). 1772, 715.
redito rs’ C o m m itte e. —This company, one of the largest con
Empire Coke Co., Auburn, N. Y.—See Empire Gas & Ctracting
and engineering concerns in the country, turned
Electric Co. below.—V. 79, p. 215.
its affairs on April 7 to a committee “representing a ma
Empire Gas & Electric Co.-Empire Coke Co., Geneva, over
in amount of the unsecured creditors,” namely:
Auburn, &c., N. Y. — O ffering o f J o in t B o n d s .— jority
Ira M . Cobc, representing Cobe & M cKinnon, who have loaned consid
In excess of $100,000 to the embarrassed corporation; David N . Bar
Francis Ralston Welsh, 109-111 South 4th St., Philadelphia, erably
ker of Jones <5c Loughlin, which has an unpaid bill amounting to about $40,
companies, which embrace all of the properties supplying
electric light and power in Auburn and all the properties
supplying gas in Auburn, Geneva, Seneca Falls, Waterloo,
Cayuga and points between in the State of New York.
Bonds due March 1 1941, but callable at 102 and int. on any
int. day. Int. M. & S. Application will be made to list
these bonds on the Phila. Stock Exchange. Mr. Welsh says:

For tlm year 1910 the various prooertles to be covered by the mortgage
securing these bonds report aggregate earnings of $824,503 g.oss and $176,-




solida ted C otton D u ck M in o rity S to c k . —The

000 for structural steel; Herman W aldeck of the Continental & Commercial
N at Bank, a creditor to the extent of $100,000; John B . Russell of J. B .
Russell & C o., a New York firm to which was entrusted the floating of tke
recent bond Issue, and Lewis M . Freedman of Jollnc, Larkin & Rathbone,
lawyers representing New York Interests.
.
Statem en t b y C re d ito r s ’ C o m m itte e .
Thbibooks show that, while the company Is solvent, Its capital Is un
impaired, and it has a surplus, lt has used a large part of Its earnings
in expanding Its plant and business and now finds Itself in arrears on Its
payments for current indebtedness: that its notes for large amounts are
overdue and unpaid; that it lacks sufficient funds to complete cconomlcally
its existing contracts; that it has accumulated a large amount of debts which
arc past due and which the company cannot pay at the present time; and
that Its working capital, which should be available for current business. Is
largelyjtlcd up in extensions made to itsjplant, 1. e ., real estate, buildings.

1036

THE CHRONICLE

cq u lp m .,a n d ln reserve payments held back under unfinished contracts, &c.
Unless steps are Immediately taken to secure funds. It Is possible that
legal proceedings will be begun which will result In placing the company
In the hands of a receiver or a bankruptcy court. It Is the purpose of the
committee to secure sufficient funds to complete economically and promptly
the contracts on hand and to enable the company to convert Its assets Into
cash. After the repayment of the advances secured for the company by
the com m ittee, and the paym ent of the expenses of the committee, the bal
ance will be divided ratably among the creditors. It Is believed If this
course Is pursued the creditors will receive their claims In full and the present
Interests of the stockholders will be safeguarded. The plan as proposed will
not accomplish the desired result unless the creditors join therein.
[An official of the com pany pieces the assets at $5,500,000 and the lia
bilities at about $5,00 0 ,0 0 0 , viz.: Pref. stock, $900,000; common stock,
$ 2,000,000: bonds, $400,000; floating debt, $1,000,000; contractual and
- thcr liabilities, $700 ,00 0. Failure to float the $2,000,000 new stock made
the aforesaid action necessary. The business of the company, It Is said,
was about $ 4,000,000 last year, permitting dividends of 7 % on the pref.
stock and three dividends of 1 % each during the year on the common
stock. The last dividend on the pref. stock, however, was passed. Presi
dent Jackson was largely Instrumental In the building of the Illinois Tunnel
Com pany’s freight tunnels. Compare V . 92, p. 599; V . 91, p. 217, 41.
The future of the company Is said to depend largely on the ability, if
deemed advisable, of proceeding with the Yonkers aqueduct contract, on
which some $550,000 is said to have been expended for machinery and
labor, with small return thus far. A n outside estimate places the com
pany’s total assets at $1,500,000.]— V . 92, p. 599.

Great Northern Power Co., Duluth.—B o n d s O ffered .—
Kissel, Kinnicutt & Co., 37 Wall St., New York, are offering
by advertisement on another page SI,000,000 1st M. 5%
gold bonds, dated 1905 and due Feb. 1 1935, but subject to
call (as an entire issue only) at 110 and int. Authorized is
sue $10,000,000; outstanding, $6,500,000. Knick. Trust Co.,
N. Y., trustee. Int. F. & A. A circular says in substance:

The company owns and operates Important hydro-electric power prop
erties in and around Duluth, M inn., and Superior, W ls . Capacity of pres
ent development, 40,000 h. p. The bonds are a first lien on all property
now owned or hereafter acquired.
Additional bonds m ay be issued only for new construction In amount of 85 %
of its actual cost, but not unless the surplus earnings after fixed charges.
Including sinking fund, during the 12 months preceding shall exceed twice
the interest charges on the proposed amount of additional bonds.
A b s tr a c t o f L etter from V ic e -P r e s . R o b t . W . W a ts o n D u lu th , F eb. 28 1911.
P r o p e r t y . — The developm en t's situated on the St. Louis River and has
a tributary drainage area of 3,560 sq. miles. The capacity of the present
development Is 40,000 h. p ., which can be increased to 80,000 h. p. at a
comparatively small cost. The property consists of water rights over the
above area; two reservoir sites: a concrete dam across S t. Louis River at
Thom son; an earthen dam forming a storage reservoir at Rice Lake; a sub
stantial power station at Thomson, equipped with 40,000 h. p. hydraulic
and electrical machinery; sub-station at Duluth and land In fee at Fonddu-Lac sufficient for additional future power development equal to 15,000
h. p.; a double transmission line 14 miles long between power station and
D uluth, and distribution lines (those In Duluth being underground); also
additional transmission line 16 miles long and second sub-station and equip
ment at Superior, to be constructed from proceeds of present Issue of bonds.
Thi 3 will give a complete separate transmission line from the power station
to Superior and thence to Duluth, making in all three lines, each of full
40,000 h. p. capacity, and thus providing against any possible Interruption.
S i n k i n g F u n d .— A cumulative sinking fund begins In 1912.
If these
bonds cannot be purchased at not exceeding 105 and in t., bonds legal for
savings banks’ Investment in N .Y .S t a t e to be purchased. Over 5 0 % of
the $6,500,000 bonds outstanding should thus be met.
E a r n i n g s . — The company has contracts with the various public utility
companies of Duluth and Superior, and with other commercial enterprises,
which provide for full interest charges on these bonds. None of these con
tracts expires before 1915 and most of then run until 1917. Earnings from
existing contracts have produced in the past 12 months a substantial sur
plus over all Interest charges. The sales of power for the year 1910 show
an Increase over sales for the previous year of 2 1 % , and the earnings for
the last six months show an incr. of 3 0 % over first six months of this year.
Seventy-four per cent of the existing or estimated gross earnings comes
from five customers— the Duluth Street R y . C o., the Duluth Edison Elec.
Co., the Superior W ater, Light & Power C o., the Duluth pumping station
and the American Carbollte Co. Of the remaining 2 6 % , 19% Is derived
from contracts with large coal dock companies, leaving only 7 % from
miscellaneous business, a factor of great strength, since the public utility
oompanles served are largely Independent of general business conditions.
E stim a te o f G r o ss E a r n in g s b y

C o n s u lt in g E n g i n e e r .

1911
1912.
1913.
1914.
1915.
$512 169
$604,000
$707,000
$827,000
$915,000
Allowing $183,116 for operating expenses, taxes and Insurance In 1915
(an ultra conservative figure), the estimated gross earnings of that year
would produce net cranings of $731,884, as against interest charges of
$350 ,00 0, showing a surplus over charges of $381,884.
A ll of the com pany’s stock Is owned by the Northwestern Power C o., the
holding com pany, whose capitalization is $2,000,000 preferred stock and
$ 7,000,000 common stock.
,
,
,
,
„
,
,
The management and control Is In the hands of strong local interests.
Directors- C. A . Duncan (President), It. W . W atson (V .-P res.), M . II.
Alworth F A . Brewer, C. C. Cokefatr, T . F . Cole, formerly Pres, of Oliver
Mining Co. (U . S . Steel C orp.); Capt. Alexander Macdougal, A . M . Mar
shall Oscar Mitchell, W . A . McGonagle, Pres, of Dul. MIssabe & Nor. R R .
(U S . Steel C orp.); and F . A . Patrick, all of Duluth: Samuel L . Fuller
(Kissel, Klnnicut & C o .), N . Y .; J. Cooke 3d (Chas. D . Barney & C o.,
N Y & P h lla.), Philip L . Saltonstall (Tucker, Anthony & C o., N . Y . &
Boston), W . O. W arden, Philadelphia.
The combined population of Superior and Duluth is In excess of 122,000,
having Increased 4 5 % since 1900.— V . 85, p .866.

[V O L . L X X X X I I .

entire issue on any int. date at 105 and int., or for sinking
fund at 103 and int. Interest payable F. & A. at the office of
trustee, Continental & Commercial Trust & Savings Bank, of
Chicago (Frank H. Jones, co-trustee), and First Nat. Bank,
New York City. Par $100, $500 and $1,000 (c*).
A b s tr a c t o f L e tte r fro m P residen t R . 0 . H u g h e s . M c h . 15 1911.
C a p ita liz a tio n O u t s ta n d in g .

Capital stock, authorized and outstanding_____
$3,000,000
First m tge. bonds, authorized, $25,000,000; outstanding_______
600,000
Under the provisions of the mortgage $500,000 reserved bonds may be
Issued for the cash cost of permanent additions or extensions. The balance
m ay only be Issued up to 8 0 % of the cost of additions and extensions, pro
vided net earnings for the preceding year arc 1 % times the annual interest
on all bonds outstanding and those proposed to be Issued. The mortgage
provides (a) a sinking fund of 2 % of outstanding bonds annually, beginning
Feb. I 1916, for redemption of these bonds: (b ) a depreciation fund of at
least 2 % of outstanding bonds in the years 1911 to 1914, inclusive, and at
least 3 % ann. thereafter for additions, against which no bonds shall be issued.
These bonds are an absolute 1st M . on all property now owned or hereafter
acquired by the Kentucky Electric C o., which does an electric light and
power business In Louisville under a franchise extending to A u g. 29 1926,
which m ay be renewed under the laws of Kentucky. The property Includes
real estate with a frontage of 300 ft. on the Ohio River, a steam turbine
generating station of 2,250 k. w . capacity, and a distributing system con
sisting of 8 miles of underground conduits and 25 miles of pole lines. The
company has under construction, from the proceeds of these bonds, a new
central generating station In the heart of the city with an Initial capacity of
6,000 k . w. and designed for an ultimate capacity of 50,000 k. w . The cash
cost of the property, on which these bonds arc a 1st M ., Including new con
struction from the proceeds of these bonds, Is over $1,225,000.
E a r n i n g s f o r C a le n d a r Y e a r s (1910 T h r e e T i m e s th e In t e r e s t C h a r g e ) .
1910.
1909.
1910.
1909.
Gross earnings___$190,447 $132,317 In t. on $600,000
1st M . b o n d s -. $30,000
N et earnings, after
60,757
t a x e s ___________
90,757
54,294 Su rplu s___________
Louisville, by the Census of 1910, had a population of 223,938: population
within a radius of 5 miles of the company’s generating station is about
350,000 .
The city Is the commercial and financial metropolis of Kentucky,
an Important manufacturing centre, and noted as one of the great markets
for tobacco, whiskey and sole leather. The Kentucky Electric Co. shares
the field with an older lighting company, but notwithstanding this fact the
total amount of electricity used per capita In Louisville Is about one-half
that which should be consumed in the average city of Its size In the United
States. The situation afiords large opportunities for future growth.
[The company was chartered In Delaware In Jan. 1911 to take over and
develop the property and business of the Kentucky Electric Co. of Kentucky.
The present Issue of bonds was used In part to retire a small issue of bonds
of the predecessor com pany. The directors (and officers) arc: Pres., R . E
Hughes; 1st V .-P rcs., Lawrence Jones; 2d V .-P res., Chas. J. Doherty
(Pres. Louisville Heating C o.); Donald McDonald (Pres. Kentucky Heating
Co); A . J. Carroll, Baylor Hickman, Jas. G. Ktrwan, Fred Levy, Judge
M att O ’ Doherty, Louis Seelbach, Jas. Shuttleworth, all of Louisville; and
Warren N . Akers, W ilm ington, D el., of Corporation Trust Co. of America
(representing the Kentucky Electric Co. in Delaware].— V . 92, p. 265.

Kings County Electric Light & Power Co., Brooklyn.,
N. Y.— O ptio n to S u b scrib e. —A circular dated April 11 offers
to stockholders of record at 3 p. m. April 24 the right to sub
scribe at par, on the company’s warrants (issuable about
April 24) at the Franklin Trust Co., Brooklyn, until 3 p. m.
June 1, in amounts equal to 15% of their respective holdings,
for $1,500,000 of the $5,000,000 6% convertible coupon de
benture bonds authorized in 1909, of which $2,500,000 are
now outstanding. Subscriptions are payable by N. Y.
check to order of company at said trust company, either
50% June 1 and 50% Dec. 1 1911, or as stated below.
The bonds will be dated March 1 1910, will be convertible into stock at
option of holder, at par, on and after March 1 1913 and within 12 year,
from their date, and will mature March 1 1922. Denominations $1,000 and
$100. Bonds paid for as above will be Issued Dec. 1, carrying the March
1912 coupons; Interest to be adjusted. Stockholders m ay, if they prefers
pay In full June 1 and receive the bonds bearing the Sept. 119 1 1 coupons,
but such payment must be accompanied by a check for the Interest at
6 % on the amount of the payment from March 1 to June 1 ( 1 H % ) . Com
pare V . 92, p. 525, 959.

Lackawanna Steel Co.—Q u arterly S ta te m e n t. —The com
bined earnings of the company and subsidiaries for the three
months ending March 31 were:

T h ree
M o n th s.

T o ta l
In c o m e .

I n t . on B o n d s S k . F d . a nd
and N o te s.
E x h a u stio n .

1911 . . . $789,839
$437,500
$54,410
1910 ...1 ,4 1 6 ,0 9 1
395,833
90,212
1909 . . .
259,131
385,625
50>407. „ , ,
The unfilled orders on hand on March .'ll 1911
against 423,232 In 1910 and 291,560 In 1909.— V .

D e p r e c ia t i o n .& c .

B a la n c e .
S u r p lu s

$262,200
£35,729
344,103
§85,943
2 0 0 ’822 k def-377,723
w cic 244,o61 gioss tons
92, p . 798, 593.

(W. H.) McElwain Co., Boston.— D iv id e n d s B eg u n .— First
regular quarterly dividends of l } 4 % have been declared upon
the first preferred, second preferred and common stock, paya
ble May 1 1911 to stockholders of record April 15.

Kansas City Pipe Line Co.—See report of Kansas Natural agents. There are no bonds auth. or issued. Compare V . 92, p. 600, 729.
Gas Co. on a previous page.—V. 84, p. 1117.
Maverick Mills, Boston.—New; S to c k . —The shareholders
Kansas Natural Gas Co.— D ec isio n H o ld in g O klah om a G as on April 8 authorized $400,000 additional stock, half com
L aw I n v a lid A ffir m e d . —The United States Circuit Court of mon and half preferred, making the total auth. stock $950,
Appeals at St. Louis on April 7 affirmed the decision of the 000 6% pref. and $1,450,000 common.
The $200,000 new preferred (underwritten) will be offered to the pref.
lower Court granting a temporary injunction restraining stockholders
record April 10 until April 2o at par ($100 a share) to the
the enforcement of the Oklahoma law of 1907, intended to extent of oneofnew
share for each 3
shares now held,
rhe pref. stock
so Increased to $950,000 m ay be converted Into common, $ for $,
prevent the piping of oil and gas out of the State. Judge aswithin
5 years from July 1 1910, and $950,000 common will be reserved
Sanborn wrote the opinion. Compare Y. 89, p. 106.
for such conversion, the outstanding common stock being only $500,000.

Checks will be mailed by the Old Colony T r u s t Bo0,st° n ’„ ^ .atLsj®r

H

I t Is held that the law prevents Inter-State commerce in natural gas by
obstructing the building of pipe lines across public highways to transport
gas out of the State, and violates the Constitution of the United States,
and Is therefore void. The right of private citizens, by means of ownership
or mining leases, to draw gas or oil from beaeath the surface of the ground Is,
It Is stated, property, and the prevention of the sale of that property In Inter
State commerce Is In violation of Article 5 of the Am endments to the Con
stitution and Is not justified by the power of a State to conserve its natural
resources. Inter-State commerce In natural gas Is, the Court says, subject
to the rules of Congress, and laws which burden It are In violation of the
Constitution and void. Neither a State nor officers of a State m ay burden
commerce in natural gas by prohibiting Its transportation across highways
by means of police power. In the course of the opinion the Court says:
“ The State m ay refuse to allow foreign corporations to do business
within Its borders, but m ay not prevent them from carrying on Inter-State
commerce. The State has power of taxation and the power of Inspection
over corporations, but m ay not use those powers to Interfere with Inter
State commerce.”

R e p o rt. —See “Annual Reports" on a preceding page.
—Y. 92, p. 666.
Kentucky Electric Co., Louisville, Ky.— N ew B on ds
O ffered . —E. H. Rollins & Sons, Boston, N. Y., Chicago,
Denver and San Francisco, are placing at 97 and int., yielding
5.30% income, $600,000 1st M. 5% sinking fund gold bonds,
dated Feb. 1 1911 and due Feb. 1 1926, but callable as an




The mills began operations about five months ago and are now in full
operation, some 52,000 spindles and 780 looms.
The $200,000 new money
Is needed as working capital.— V . 89, p. 849.

Mexican Northern Power Co., Ltd., Montreal.—B o n d s, & c.
—Parr’s Bank, Ltd., London, was authorized by the pur
chasers to receive subscriptions until April 5 for $4,500,000
1st M. 5% 30-year gold bonds at 90, with bonus of 50%
in common stock. An advertisement says in part:
These bonds form part of an auth. Issue of $10,000 ,000 , all of which have
been Issued with the exception of about $457,000 required to retire a
similar amount of bonds of a prior Issue, the holders of which are bound to
bring In their bonds for exchange. Capital stock auth., $15,000,000; Issued
$12,600 ,000 (par of shares $100).
The bonds will be secured (a) by trust deeds (Montreal Trust C o., trustee)
on the whole of the Issued share capital of the Companla Agricola y do
Fuerza Electrlca del Rio Conchos Socledad Anonlm a a Mexican C o.; (6) by
mortgages on all of the power-houses, lands, concessions and other immov
able property of the Mexican Northern Power Co.
The bonds will be due Jan. 1 1939. In t. J. & J. in sterling at par of
exchange at Bank of Scotland, London, or In dollars at Royal Bank of
Canada, Montreal, or at their office In New York.
Denominations $1,000
(£205 9s. 7 d .) , $500 (£102 14s. 10d .), and $100 (£20 7 s .). Sinking fund.
2 % per annum on all bonds Issued, commencing In 1914, should redeem
entire Issue at maturity. The bonds are subject to call on any Interest
date at 110% on six months’ n o tice .................................. .... ......................................

THE CHRONICLE

A pr . 15 1911.]

E x tr a c ts from L etter A d d re s se d to Sperlin g & C o . b y P re s. Q .F .G re e n w o o d .
Incorp In Canada In 1909. Has perpetual concessions from Mexican
G ovt, and State of Chihuahua. Owns two sites on the Conchos River, one
at La Joya and the other at La Boquilla; at the former It Is estimated that
15.000 to 25,000 h. p. can be generated; at the latter 45,000 h. p. On the
L a Boquilla site will immediately develop hydraulically 45,000 h. p. and
install machinery capable of delivering 36,000 h. p. The site permits
construction of Ideal simplicity. A 205-foot masonry dam across a narrow
gorge of the Conchos River will form a lake 20 y$ miles long by about 6 miles
wide at the widest part, containing sufficient water to supply 45,000 h. p.
for an entire year, apart from the flow of the river, the turbines receiving
their water through sluiceways in the dam . Cost of power-house, trans
mission lines, 20 miles of railway, & c., estimated at about $8,50 0 ,0 0 0 .
In the district there Is now In use about 32,000 h. p ., operated by steam,
so that the company should have no difficulty In selling at once from 10,000
to 20,000 h. p ., and It Is hoped to secure contracts In advance to this amount,
and in view of the present cost of power ($175 to $300 gold per annum
per h. p .) , It Is expected to obtain $100 gold per annum per h. p. However,
assuming an average price of only $75, the earnings are estimated as follows:
20.000 h. p. at $75 gold, $1,500,000; net earnings, $ 1,300,000; interest
on $10,000,000 bonds, $500,000; bal., surp., $800,000. W ith the entire
output of 36,000 h. p. sold, at $75 per h. p ., the net earnings would be
$2,700,000; deduct oper. exp. (est.), $400,000; int. on bonds, $500,000;
sinking fund (commencing 1914), $200,000; b al., surp., $ 1,600,000, or
over 12% on the $12,600 ,000 common stock.
It Is estimated that the work will be completed and power delivered in
N ov. 1912, or at latest during the rainy season following, which usually
commences about M ay. Contractors, S . Pearson & Sons, Mexico; contract
guaranteed by S. Pearson & Son, L td ., of London.
Directors; G. F . Greenwood, President (late Managing Director Havana
Electric R y . C o .), Montreal; E . B . Greenshields, V .-P res. (Director Bank
of Montreal), Montreal; S. J. Moore (Pres. Metropolitan Bank), Toronto;
H on. B .F . Pearson, K .C ., Halifax, N . S .; Edwin Hanson, Montreal; John
D . Patterson, W oodstock, O nt.; S . M . Brookfield, Halifax: W . J. W hite,
K .C ., Montreal; L . MacFarlanc, Montreal; W . D . Ross, Toronto; James
Mitchell. Compare V . 89, p. 1414.

Miami Copper Co.— L is te d .—The N. Y. Stock Exchange
has listed $3,320,275 capital stock and has authorized $420,
905 additional to be listed on notice of issuance in exchange
for 1st M. 6% convertible bonds, making total amount auth
orized to be listed $3,741,180. Bonded debt $1,433,000 10year 6% first M. convertible 6s.—Y. 91, p. 592.
Michigan State Telephone Co.—See “ Annual Reports.”
L is te d . —The New York Stock Exchange has listed $1,
334,000 additional 1st M. 20-year 5% bonds due 1924, re
cently offered (V. 92, p. GOO), making the total amount listed
to date $9,715,000.
O ffice rs. —The following officers have been elected:
President, B. E . Sunny; Vice-Prcs. and Treas., A . Burt; VIce-Pres., B . W .
Traiford; Auditor, B. S. Garvey: Engineer, J. G. W ray; Gen. Counsel,
I . G. Richardson. All of the officials arc new except Mr. Trafford, Messrs.
Sunny and Garvey occupying corresponding positions with the Chicago
Telephone Co. The changes, it Is stated, represent a step In the standardi
zation of administration and operation among the Bell companies of the
Middle W e s t — V . 92, p. 729, 600.

New York Dock Co.—L is te d . —The New York Stock Ex
change has listed $750,000 additional 50-year 1st M. 4%
bonds, due 1951, making the total listed $12,550,000.

Between Aug. 1 1901 and Dec. 31 1910, property has been acquired and
Improvements made at a cost of $ 1,871,408, which, except for $220,000
bonds sold in 1905 and 1906, has been paid for out of earnings. The pro
ceeds of the bonds just listed will be used In completing a reinforced con
crete warehouse, 210 ft. x 100 f t ., 4 stories high, and in defraying the cost
of a series of manufacturing, storage and transportation buildings and other
improvements at Atlantic Basin.

E a r n in g s . —For

6 months ending Dec. 31 1910:

Gross earnings____________ $ 1 ,0 6 9 ,8 0 7 1Bond Interest. ____________
Net earnings_______________
422,806 |Balance, surplus--------------— V . 92, p. 798.

$236,000
186,806

Oklahoma Natural Gas Co.—R ep o rt.

Y e a r e n d in g

G r o s s O p e r a tin g

Gas

In t. on

D iv id e n d s

B a la n c e

F e b . 28—
E a r n in g s. E x p e n s e s . P u r ch .
B on d s.
(1 % )
S u r p lu s
1 9 1 1 _________ $683,831
$157,843 $78,316 $95,343
$40,000
$312,299
1 9 1 0 ____ . . . 4 11,606
106,267
61,585
92,677
_______
181,077
From the surplus as above in 1911, $312,299, there was deducted $12,631
for P. & L. suspense items and $96,173 for depreciation, leaving $203,495.
On March t 1911 $200,000 bonds were retired, leaving $1,391,400 out
standin g.— V. 01, p. 1577.

Packard Motor Car Co., Detroit, Mich.—P re f. S to ck O f
fe r e d .— Wm. A. Read & Co., New York, Boston, Chicago,
Baltimore and London, are offering by advertisement on
another page, at 108 and accrued dividend, netting about
6.40% income, the unsold portion of a block of $1,000,000
7% cumulative pref. stock, with preference also as to assets.
Subject to redemption at par on Aug. 30 1939, and may be
redeemed by the company at any time upon 90 days’ notice,
at $110 per share (par $100) and accrued dividend. A
circular says in substance:
C a p ita l

S to c k

A u t h o r iz e d

and

O u ts ta n d in g .

7 % preferred s t o c k .------------$5,000,000
C o m m o n stock____________________________
5 , 000,000
The company has no bonds authorized or outstanding, and there arc no
mortgages on any of its property or on the property of any of Its subsidiary
companies except a $500,000 mortgage on N . Y . c ity real estate valued
at over $1,000,000.
, „
.
Net assets on Jan. 1 1911 over and above all liabilities are re
ported to us as not less than___________________________________ $12,000,000
N et earnings for the last three years are reported to us as having
averaged annually not less than_________________________________
2,600,000
and for the fiscal year ended Aug. 31 1910 as in excess o f _______
3,150,000
The 1910 earnings arc thus shown as nearly two-thirds the amount of the
preferred stock outstanding and as equal to nine times the preferred divi
dends of $350,000 per annum. The earnings as shown arc after very large
deductions for depreciation.
The com pany’s physical property alone/ comprising real estate, buildings
and plants, represents an investment In excess of the amount of the pre
ferred stock outstanding. The preferred stock has all the voting rights of
the common stock except In the election of directors.— V . 90, p. 632

1037

.

Pittsburgh Steel Co.—L iste d . —The New York Stock Ex
change has listed the $7,000,000 7% cumulative pref. stock.
E a r n in g s . —For 6 mos. ending Dec. 31 1910 and year end
ing June 30 1910:
S a le s

N et

In t e r e s t o n

C om m on

B a la n c e ,

P e r io d C overed.
M ade.
E a r n s . B o n d s , & c - D iv id e n d s.
S u r p lu s.
6 m os. end. Dec. 31
1910 ---------------- $ 5,137,817 $476,554 $174,029 (4 % )$ 2 3 9 ,8 8 0 $62,645
Y r .end.June30’ 1 0 . 1 1 ,506,005 1,284,594 369,672
(8 % )4 7 9 ,5 2 0
435,402
Dividends on the $7,000,000 pref. stock which was Issued late In 1910 to
retire the $ 3 ,250,000 1st M . 6s and $500,000 gen. M . 6s call for $490,000
yearly. The first quarterly dividend was paid M ch. 1 1911. Compare
V . 9 1 . p . 1451, 1388.

Portland (Ore.) Flouring Mills Co.—S to c k . —On or about
Jan. 20 1911 a certificate was filed at Portland, Ore., increas
ing the authorized capital stock from $300,000 to $1,500,
000, for the purpose of merging a number of controlled cos.

This com pany’s mills have an aggregate dally capacity of about 9,000
bbls. of flour, viz.: (a) In Oregon— Portland, 3,000 bbls.; A lbany (Red
Crown 200 and Magnolia 150), 350; W aco, 200, and Condon, 350; (b ) In
W ashington— Tacom a, 2 ,200; Everett, 850; Spokane, 500; Harrington,
350; Odessa, 350; Lind, 350; Prescott, 250; D ayton, 2 5 0 .— V . 78, p . 346.

Railway Equipment Corporation.— C o n tro l. —See Hale &
Kilburn Co. above.—V. 86, p. 1347.
Russell Motor Car Co.— N ew N a m e . —See Canada Cycle
& Motor Co. below.
Shawinigan Water & Power Co.—L is te d . —The London
Stock Exchange about March 30 listed an additional $1,000,000
capital stock, making the total listed $8,500,000. Compare
V. 92, p. 878, 799; V. 91, p. 1635, 877.
Solvay Collieries Co., Syracuse, N. Y.—B o n d s O ffere d .—
The Syracuse Trust Co. recently offered at par, yielding
5 'A % income, this company’s “refunding and development
mortgage” 5 A % gold bonds, due March 1 1931 but subject
to call after five years at 105 (c*). An advertisement says:
This W est Virginia corporation, formerly known as the Big Sandy Coal &
Coke C o., whose stock Is owned by the Solvay Process Co. and the B y-Pro
ducts Coke Corporation, Issued on March 1 1911 $600,000 5J 4% sinking
fund gold bonds maturing in 1931, part of an authorized issue of $800,000
secured by mortgage on the properties of the company at Big Sandy and
Marytown, W . V a ., which have been owned for m any years, and upon
leasehold at Kingston, W . V a ., recently acquired. The Big Sandy and
M arytown property comprises 2,238 acres of land held In fee, of which about
1,300 acres are coal lands, and two fully equipped mining plants at the
above towns. The property in Kingston Is a leasehold, covering 3,400
acres, of which 2,200 acres bear at least two available seams of excellent
coal. This leasehold gives the company the right to mine coal for 35 years,
with the option of an extension to cover the mining or all the coal.
O f the proceeds of these bonds, nearly $500,000 will be expended for
the mining plant and development of the Kingston mines. A t this date
$125,000 has already been expended at K ingston, and the progress made
justifies an expectation of shipments in 1911 of from 100,000 to 150,000
tons of coal. Of the issue of $600,000 bonds, $120,000 will be held by the
M anhattan Trust Co. of N . Y . , trustee, under the mortgage, to meet an out
standing balance of a mortgage loan made In 1905 on the mines at Big Sandy
and Marytown, which matures during the next ten years, being payable
$12,000 each year (compare V . 91, p. 1494).
The sinking fund will be accumulated by the paym ent of the trustee of
annual amounts which, with their earnings, sh uld redeem the bonds at their
m aturity, with provision for extra payments based on tonnage mined.
The Big Sandy and Marytown mines are now producing from 300,000 to
350,000 tons of coal per annum. The Kingston mines will produce a simi
lar amount by the end of 1913. The coal supply contracts between the
Solvay Collieries C o., the Solvay Process Co. and the By-Products Coke
Corporation ensure a profitable operation of the mines, Irrespective of
the fluctuations of the coal market.

South Porto Rico Sugar Co.—L is te d . —The New York
Stock Exchange recently listed $100,000 preferred and
$100,000 common stock, making the total amounts listed
$3,949,500 pref. and $3,371,000 common stock.
The stock has been issued by vote of the stockholders on
Feb. 23 1911 to acquire $200,000 stock of the Central Romana (Incorporated), a Connecticut corporation, payment
for the remaining $250,000 to be made in cash.

The Central Romana, Inc., owns upwards of 18,000 acres In the Province
of Scybo, Santo Domingo, near the town of La R om ana, on the south coast
of the Island, and is negotiating for 30,000 acres more or less additional
land In said district (options on which have been secured), and plans are be
ing made for cultivating these lands to sugar cane and for developing them
b y the construction of rallroadlilnes, docks and other Improvements.

R e p o rt. —For

year ending Sept. 30, incl. subsidiaries:

Total,
In com e.

N e t a fte r

B ond

R e s 'v e

P r e f.

C om . D iv .

B a l.,

T a x .,A c .I n t ., & c . F u n d s.
D iv s.
(6 % ).
Surp.
$
$
$
$
$
$
$
1 909 -10_____5 ,120,765 1,404,427 71,303 765,793 264,880 196,260 106,190
1908 -09____ 3.385,726
957,862 57,574 440,099 374,080
86,110
Reserves as above include: In 1909 and 1910, $300,000 set aside as a re
serve fund and in 1910 $465,793 set aside for new machinery, working capi
tal, & c., against $140,099 in 1909.— V . 91, p. 721.
F isc a l
Y ear.

Spring Brook Water Supply Co., Wilkes-Barre, Pa.— N ew
Penn, corporation has increased its capital
stock from $5,000,000 to $7,500,000; par, $100 a share.

S to c k . —This

Incorp. in Pennsylvania March 2 1896 and acquired by purchase or lease
forty-three companies, comprising all the properties supplying water to
W ilkes-Barre, Pittston, W est Pittston, Plym outh, Kingston, a portion of
Scranton, & c., in the W yom ing Valley. Over 550 miles of pipe lines; reser
voir capacity 6,000,000,000 gals. The 1st M ., dated April 1 1896, secures
$5,000,000 5'% gold bonds, due April 1 1926, of which $4,990,000 is reported
to be outstanding and $10,000 is reserved to retire Rendham W ater Co. 1st
6s, due Jan. 1 1914. Int. A . & O . at N . Y . Trust C o., trustee. There are
two guaranteed Issues, viz.: Plymouth W ater Co. 1st M . 5s, due Jan. 1 1926,
$300,000; and North Mountain W ater Supply Co. 1st M . 5s. dated 1903 and
due Jan. 1 1933, $1,000,000 auth. and some $700,000 outstanding. Semi
annual dlvs. of 1% each were begun In July 1903. subsequently Increased to
4 % per annum, payable Q .-J.10 Pres., L . A . W atres, Scranton; V .-P res.,
J . W . Hollenback. and Sec.-Treas., S . H . Hicks, Wilkes-Barre, Pa.
Brooks & C o., Scranton, say: “ It is generally believed that the Increase
In the stock was made to anticipate any difficulties which might arise under
the proposed Public Service Commission. The stock continues strong,
sales having recently been made at 97. The earnings are reported to be
about 7 H % on the Issued capital.”

Peden Iron & Steel Co., Houston, Tex.— N ew S to ck — S tock
40%.—The shareholders voted on Jan. 16 to
increase the capital stock from $500,000 to $1,000,000, a Standard Gas & Electric Co. (Delaware).—B o n d s.— The
portion of the new stock to be issued at once to pay a stock Phila. Stock Exchange on April 8 listed $400,000 additional
dividend of 40% (in addition to the regular cash dividend of convertible gold 6s (increasing the amount listed to $2,150,
8%), and the remainder, it is said, was mostly subscribed 000) upon deposit of additional collateral, viz.:
for at the meeting.
Everett Gas Co. 1st M . 5s,$185 ,000; Muskogee Gas & Elec. Co. pref. stock,
$36,800; Mobile Electric Co. 1st M . 5s, $20,000 , and pref. stock. $50,000;
D iv id e n d o f

F o rm e d In T e x a s early In 1902 w ith $250,000 c a p ita l sto o k a n d t o o k o v e r
business o f P ed en & C o ., dealers In sheet Iron, tin p la te , h ard w are, & o. In
F e b . 1903 a u th . s to c k w as increa sed t o $500,000 an d in 1909, It Is u n d er
s t o o d , th e o u ts ta n d in g s to c k w as raised t o th a t a m o u n t, a s to c k d iv id e n d
o f 2 5 % b ein g th en p aid a lo n g w ith the usual 8 % In ca s h . O ffice rs; D . D .
P ed en S r ., P res.; E . A . P ed en , V .-P r e s . an d M g r.; D . D . P ed en J r ., S e c . &
T r e a s .; J o h n A . I la r v ln , V .- P . an d A s s t. M gr. C . D . G o ld in g , V .-P r e s .




Ottum wa R y . & Light Co. 1st & ref. At. 5s, $29,000, and pref. stock,
$10,200; Northern States Power Co. pref. stock, $37,000; Olympia Gas Co
1st M. 5s due Sept. 1 1945, $70,000: Consumers’ Power Co. 1st M . 5s
$ 196 .Q00 . Compare V . 91, p. 1708; V . 92, p. 193, 601.— V . 92, p .960.
F o r o th e r In v e s tm e n t N ew s see p a g e s 10 4 1 -1 0 4 2 .

THE CHRONICLE

1038

[V O L . L X X X X I I .

Imports an cl gacmucitis.
T H E PIT T S B U R G H CIN C IN N A T I C H IC A G O & ST. LOUIS R A IL W A Y CO M PANY

TWENTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1910.
Pittsburgh, Pa., March 22 1911.

S Y N O P S IS .

G B N E R A L IN C O M E AC C O U N T FO R T H E Y E A R B N D IN G D E C E M B E R 31 1910, C O M P A R E D W I T H

THE YEAR
— C o m p a r iso n
In crea se.

Rail Line* Directly Operated.
1910.
Freight revenue............................................................................................................................................. -$28,2 1 2 ,5 9 3 04
Passenger revenue_____ ________________ ____________________ _ _____________ ______________
7,988,548 33
Mall revenue_________________________________________ _ ________ _ ___
_____________
1,186,443 22
1,403,996 94
Express revenue_________________________________________________
Other transportation revenue_____________________________________________________________
1,555,807 61
Non-tranaportatlon revenue_______________________________________________________________
253,990 25

-

+ $ 3 ,5 0 5 ,9 9 3 34
+ 74 7 ,6 9 5 15

...
...

+ 119,889 08
+ 2 0 0 ,2 3 3 32
+ 58,188 50

Total operating revenues............... . ....................................................................................................................................
Maintenance of way and structures_____________________________ ______ __________________ $5,782,763 78
Maintenance of equipment
_
_ _________________ ______________________
7,591,803 85
*65,700 62
T r a f fi c .......... ............................................................................................................................................ ..
Transportation__________________ ___________________________________________________________ 14,888,503 82
General______________________ ___________________ ____________________________________________
773,213 32

$40,601,379 39
________________
________
_
________________
------------------------________________

Total operating expenses.

29,901,985 39

Net operating revenue rail lines directly operated.......... ...............................- ...............................- .......................
$7,238 25
'Total revenue______________________________________ ______
'Total expenses__________________ _______ ________________
17,954 19
•Outside operaUonsDeAcit
Total net revenue______________________________________________ _____ _____________________________
fP. C. C. & S t. L . R y . C o---------------------------------------------- $1,344,002 36
T a x e s ............. ......... ...................--iL c a s e d lines................................. ....................................................
227,744 82
Total taxes.
Operattng incom e---------------------------------------------------------------Rentals paid (roads operated on basis of net revenue).
N et operating Income of The Pittsburgh Cincinnati Chicago & St. Louis R y . C o---------------------------Dividends and interest on securities o w n e d ................
$233,443 40
Interest, general account-----------------------------------------------63,217 12
__________Sundry accounts__________________________________________
7,590 03
Other Income
T o ta l.
Gross Income .

Fixed charges

— $1,453 28

14
56
44
06
56
10

+ $ 5 ,3 2 6 ,8 2 6 72

$10,699,394 00
________________
________ _______

— $696 ,28 0 58
— $4,418 48
— 1,757 11

10,715 94

+ $2,661 37

$10,688,678 06
___________ .
________ _______

+ $186,578 62
+ 42,608 98

1,571,747 18

+ $229,187 60

$9,116,930 88
515,620 02

+ $3,613 57

$8,601,310 86
_____ ______ _
________________
_____________ 3 .

w ith 1909--------D ecrea se.

$698,941 96

— $928 ,12 9 5 5
— $931,743 12
— 57,032 00

+ $63,217 12
— 1,037 81

304,250 55

Interest on funded d e b t--------------------------------------------------- $2,574,397 23
244,688 57
Interest on equipment trust obligations............. ..............
(Interest, general account)------------------------------------ --------- -----------------------Fixed rental of leased roads...................
773,744 67
R en ts______________________________________________________
59,749 75
Hire of equipm ent----------------------------------------767,128 40
525,690 00
Appropriations to sinking funds.........................
Advances to Cincinnati Richmond & F t. W ayne
Railroad Com pany............... - ............................................ ..
28,797 88
Sundry accounts................
20,355 39
Total

Net lncom e.

+ $ 4 ,630,546
+ $854,357
+ 1,419,446
+ 00,079
+ 2,8 9 2 ,3 7 4
+ 70,560

1909.

$8,905,561 41
+ $17,377 23
+ 5,357
+ 1,882
+ 210,939
+ 33,540

17
42
72
00

_______________

+ 1 2 ,1 6 6 90

4,994 551 89

+ $ 1 5 8 ,8 8 5 25

$3,911,009 52

— $926,595 81
— $25,676 09
— 105,681 94

$1,085,481 06

From the Net Incom e— - - - - - - - - v— - - - - - -:— --------------------------------------------------------------------------------------------------------------------

amounts have been deducted for the following:
P ortion of principal of equipment trust obligations..... ......................................................................................
Dividends aggregating Avc per cent on preferred stock ______________ __________________________ __________ $1,373,777 50
Dividends aggregating five per cent on com m on s t o c k . ............................................................._ _ ............................
1,783,328 76

$3,911,009 82
$626,682 50
3 ,157,106 25
3 ,783,788 75

Balance transferred to credit of ProAt and Loss.

$127,220 77

P r o fit and L o s s A c c o u n t—
Am ount to credit of ProAt and Loss December 31 1909....................................................................................................................................... $3,805,070 47
Add proAt realized from sale of securities and settlement of sundry old accounts_____________________________ ______________
286,626 43
Balance of Income for the year----------------------------------------------------------------------------------------------------------------------------------------------------------127,220 77

Deduct E xtraordinary Expenditure In revising grades and alignment, and other outlay not properly chargeable to capital a ccou n t—

$4,308,917 67
675,267 62

Am ount to credit of ProAt and Loss December 31 1910------------------------------------------------------------------------------ . ----------------------------------------------------------

$ 3 ,633,650 05

•Under the Inter-State Commerce Commission’s classIAcatlon, the operations of grain elevators and other auxiliary railroad facilities are separated
trom direct rail results and reported as "O u tside Operations.”

C A P IT A L ST O C K .

FUNDED DEBT.

The amount of funded debt authorized in the articles of
The amount of capital stock authorized in the articles consolidation
is $75,000,000 and the amount outstanding
of consolidation is as follows:
December 31 1910, including unmatured funded debt of
Preferred, 300,000 s h a r e s .......................................................................? ? ? ’2 2 2 ’222 22
Common, 450,000 shares__________________________________ _____4,>,000,000 00
constituent companies, was $56,974,000, an increase of
$1,307,000 as compared with 1909, due to the issue of
T o ta l............._ _ _ ............................ ..........................................................$ 7 5 ,0 0 0 ,0 0 0 00
4,000 Pittsburgh Cincinnati Chicago & St. Louis Railway
Company consolidated mortgage 4% bonds, Series “G”,
The amount of capital stock outstanding December 31 the redemption of 726 Pittsburgh Cinicinnati Chicago &
St. Louis Railway Company consolidated mortgage 3^%
’1910 was as follows:
Preferred, 274,756 s h a r e s ..................................... $27,475 ,600 00
bonds,
Series “E", through the operation of the sinking
Preferred serin
225 00
fund, and the redemption of 1,960 second mortgage 7%
’ SCnp......................................
$27,475,825 00
bonds of the Jeffersonville Madison & Indianapolis Railroad
Common, 356,667 shares..........................
$35,666 ,700 00
Gommon, scrip..................
110 50
Company matured July 1 1910.
-------------------------- 35,666,810 50
$63,142,635 50

Issued 4,000 P. C. C. & St. L . R y . C o., consolidated mort
gage 4 % bonds, series ” G” . . ___________________________
§4,0 0 0 ,0 0 0 00
D e d u c t—

There was an increase of $4,625 74 in the preferred and
$7,016,159 60 in the common stock, or a total of $7,
020,785 34, due to the issue of $7,015,575 common stock,
the redemption of $240 90 preferred and $748 76 common
scrip, and to the conversion of $6,200 of securities.
In ’addition to the amounts of preferred and common
capital stock shown above as issued, there arc reserved to
retire outstanding stocks of the constituent companies
$87,856 49 preferred and $443,532 54 common stock, making
the aggregate capital stock $63,674,024 53.



726 P. C. C. & S t. L. R y . Co. consolidated
mortgage 3 lA % bonds, scries " E , ” re
deemed through sinking fund____________ $726,000 00
1,960 J. M . 8: I. R R . Co. second
mortgage 7 %
bonds, re
deemed at maturity, July 1
1 9 1 0 _________________ ______ $1,900,000 00
7 J. M . & I. R R . Co. second
mortgage 7 ”f. bonds, not
yet presented, and amount
thereof carried In the Item
“ Matured Mortgage, bonded
and secured debt unpaid.”
____ ___
In the balance sheet . . . .
7,000 00 1, 967,000 00 2,693,000 00
§ 1,307,000 00

THE CHRONICLE

A i r . 15 1911.1

1039

OAR T R U S T S .
Payments made under Car Trust contracts (unmatured) and balance due on account of principal December 31 1910.

Amount

N o. of

Cars.
Pennsylvania Steel Car Trust, Series F and K ------------------------------------------Pennsylvania Steel Equipment Trust, Series E ______________ ______ ______
Pennsylvania Steel I'lqulpmcnt Trust, Series F. G, H , I and K -------------Pennsylvania Steel Rolling Stock Trust, Series B , C and G -------------------Pennsylvania Steel Rolling Stock Trust. Series II, I and K -------------------Pennsylvania Steel Freight Car Trust, Scries A and B ---------------------------Pennsylvania Steel Equipment Improvement Trust, Series D , E and F.
Union Trust C o.— Pittsburgh & Eastern Coal Co. Cars---------------------------Pennsylvania General Freight Equipment Trust, Series D , C and E -----T o t a l.................... ................ ......... ............................ — ----------------- --------------------

PITTSBURGH CINCINNATI CHICAGO & ST. LOUIS
RAILWAY.
Main Idne, Including Steubenville Extension Penna. R R .
* (1.18 miles)_____________________________________________________
B ranches---------------------------------------------------------------------------------------Line used Jointly with other companies________________________

884.25 Miles
249.24
"
56.80
“

T o t a l ___________________________________________________________ 1,190.29 Miles
1910.
1909.
Operating revenues .$ 35,412,339 48 $31,338,044 37
Operating expenses. 26,384,044 50 21,523,059 58

In c r e a s e ( + ) o r
D e c r e a s ed — ) .

%
+ $ 4 ,0 7 4 ,2 9 5 11 13.00
+ 4 ,8 6 0 ,9 8 4 92 22.58

Net opr-r. revenue. $9,028,294 98
T a xes________________
1,344,002 36

$9,814,984 79
1,157,423 74

— $786,689 81 8.01
+ 1 8 0 ,5 7 8 02 16.12

Operating Income. $7,684,202 62

$8,657,501 05

— $ 9 73,20 8 43 11.24

The operating revenues increased $4,074,295 11, or 13
per cent, due to the increased tonnage and number of
passengers carried during the year. The operating expenses
increased $4,800,948 92, or 22.58 per cent, and taxes in
creased $186,578 62, or 16.12 per cent.
The revenue from freight traffic increased $3,173,227 68,
or 14.22 per cent, due to an increase in tonnage of 5,427,363
tons, or 19.44 per cent, and an increase of 19.45 per cent;
or 694,268,490, in ton mileage, partly offset by a decrease in
the revenue per ton per mile of 27-100 of a mill.
The revenue from passenger traffic increased $652,761 63,
or 10.50 per cent, due to an increase in the number of
passengers carried of 893,930, or 9.66 per cent, an increase
in the passenger mileage of 32,620,757, or 9.64 per cent,
and an increase in the revenue per passenger per mile of
14-100 of a mill.
There were twenty-one unfilled numbers in the locomotive
equipment at the beginning of the year and seventeen
vacancies were created during the year; to fill and replace
these, thirty-seven new standard locomotives were received,
and one excess locomotive was transferred to the regular
equipment, leaving no vacancies or unfilled numbers at the
close of the year.
The six coaches, five combination and fourteen postal
cars, mentioned in the report for 1909 as being unfilled,
were received in 1910. Three coaches, two combined passen
ger and one baggage and mail car were authorized during
the year, but remained unfilled at the close of the year.
There were two vacancies in the passenger car equipment on
December 31 1909, and during the year thirteen cars were
disposed of; to partially replace these, one passenger com
bination car, eight combination baggage cars and one postal
car of steel construction were received and four second-hand
coaches of wooden construction were purchased from the
Pennsylvania Railroad Company, leaving one vacancy at
the clqse of the year.
There were 594 freight and 15 cabin cars destroyed during
the year; to partially replace these 534 standard freight and
15 cabin cars were received, leaving sixty vacancies in the
freight car equipment at the close of the year. Final pay
ments having been made on 1,200 gondola and 100 flat cars
acquired under Car Trust arrangements, these cars became
the property of your Company and arc now included in the
statement of equipment owned. There were 1,500 gondola
cars acquired through a Car Trust arrangement during the
year.
There were used in construction of additional tracks
14,933 tons of new and 7,073 tons of partly worn steel rail
and 464,422 cross ties. The length of second, third and
fourth tracks increased 108.9 miles and the length of sidings
increased 14.2 miles. 212 miles of track were ballasted with
gravel, 85 miles with stone and 65 miles with cinders.
The charges for construction, &c., during the year, were
as follows:
C o n s t r u c ti o n , B i g h t o f W a y a n d B e a l E s t a t e —
Right of way and real estate. Pittsburgh, Indianapolis, Rich
mond, Logansport and Louisville Divisions_________________
$494,811 47
Second, Third and Fourth Tracks, Pittsburgh, Indianapolis,
Logansport and Richmond Divisions. . . . _________ ____ _ 3 ,200,773 94
Stations and other structu res.. ...................... ......... ............................
153,128 41
Interlocked, signals, telegraph and telephone lines_________
45,240 35
Track elevation In Chicago, Illinois-----------------------------------------287,734 41
Bridges at sundry points---------------------------------------------------------- 173,561 ‘48
Additional yard tracks, sidings, & c ._ -------------- ----------------------127,449 10

$4,482,099 10
E q u ip m e n t—
$561,008 44
L o com otives____________________________ _________
348,393 62
Passenger C a r s ......................... ......... ........... ......... —
Freight Cars________________ ___________ ___________ 1,946,450 90
10,240 05
W ork Cars.......... ........... ......................... ........... ..............
------------------- 2,872,093 07

LITTLE MIAMI RAILROAD.

$7,354,792 23

Main Line------------------------------ ------------------- --------------------------------------- 119.03 Miles
Xenia & Springfield Branch______________________________________ 19.32 “
Dayton & Western Branch................. ..................... ............. ................... 53.43
“
Cincinnati Street Connection R ailw ay---------- ----------------- -------------- 2.49
“
T o ta l.............................................................. - ............................................... 194.87 Miles




..

1,692

len gth
o f Trust . Matures,

B a l

ance.

P a id .

$636,756
193,378
2,37 3 ,2 5 5
U «5 8 ,5 1 6
1,084,987
807,819
846,810
200,000

80
08
22
57
18
00
05
00

$ 7 ,601,523 50

$159,189
48,344
1,017,109
625,078
1,084,987
807,819
846,810
600,000
1,630,074

20
68
38
53
18
00
07
00
28

Ten Years
“
“
**
"
"
“
“

1912
1912
1913
1913
1915
1915
1916
1916
1920

$ 6,809,412 32

In c rea se ( + )or
P er
1910.
1909.
D e c r e a s et— ) .
C en t.
Operating revenues---------$4,112,872 67 $3,6 4 2 ,4 9 0 63 + $ 4 7 0 ,3 8 2 04 12.91
Operating expenses--------- 3 ,011,204 31 2,618,311 22 + 3 9 2 ,8 9 3 09 15.01

Net operating revenue $ 1,101,668 36 $ 1,024,179 41
T a x e s ------------------------------173,934 18
140,631 91

+ $ 7 7 ,4 8 8 95 7.57
+ 3 3 ,3 0 2 27 23.08

Operating Income------Add—
Rent of joint facilities
and other property—
Miscellaneous In co m e .. .

$883,547 50

+ $ 4 4 ,1 8 0 68

48,234 63
8 ,205 17

— 4 ,077 52
— 1,135 29

$927,734 18
44,157 11
7,069 88

5.00

$978,961 17
$939,987 30
+ $ 3 8 ,9 7 3 87
D ed u ct—
-------------------------------------------------- -------------------------Hire of equipm ent_______ $125,570 12
$104,429 08
+ $ 2 1 ,1 4 1 0 4
Guaranteed rental_______
773,744 67
768,387 50
+ 5 ,3 5 7 17
Total charges_________

$899,314 79

$872,816 58

+ $ 2 6 ,4 9 8 21

P r o fit____________________

$79,646 38

$67,170 72

+ $ 1 2 ,4 7 5 66

The operating revenues increased $470,382 04, or 12.91
per cent, and the operating expenses $392,893 09, or 15.01
per cent; taxes increased $33,302 27, or 23.68 per cent, and
the operating income $44,186 68, or 5 per cent.
The freight revenue increased $321,068 74, or 15.41 per
cent, due to an increase in the tonnage of 637,336 tons, or
18.33 per cent, and an increase in the ton mileage of 44,
832,609, or 17.26 per cent; while the revenue per ton per
mile decreased 12-100 of a mill. The classified tonnage
items showing the largest increases were coal, stone, sand
and lumber.
There was an increase of $82,200 20, or 9.21 per cent, in
the passenger revenue, due to an increase of 74,568, or 7.01
per cent, in the number of passengers carried, and an increase
of 4,440,526, or 8.91 per cent, in the passenger mileage; the
average revenue per pass.per mile increased 5-100 of a mill.
The charges for Construction and Equipment during the
year aggregated $98,392 08.
GENERAL REMARKS.
There was an increase of 6,122,710, or 18.64 per cent, in
the tonnage handled, and of 992,165, or 9.27 per cent, in
the number of passengers carried, reflecting the prosperous
industrial conditions prevailing in the earlier months.
The total operating revenues, including revenues from
outside operations, increased $4,626,127 66, or 12.9 per cent;
the operating expenses and taxes increased $5,554,257 21,
or 21.4 per cent; and the operating income decreased
$928,129 55, or 9.2 per cent.
The substantial increase in gross revenues was largely
contributed to by increased coal traffic from mines con
tiguous to your lines, due to the shutting-down of mines in
Illinois and in the Irwin fields of Pennsylvania, which,
together with a considerable increase in merchandise and
passenger revenues, more than offset the decreases in revenues
in the latter part of the year resulting from the reduction
of the output of the iron and steel industries. This latter
condition, however, is more largely reflected in the decreased
revenues from coke traffic, although the volume of the
traffic was still further curtailed by a change in furnace
methods, in the Chicago district, whereby the coal is con
verted into coke at the furnaces instead of at the mines as
heretofore.
The very large increase in operating expenses was brought
about by various causes, chief among which is the advance in
wages which became effective on April 1st. To provide for
a part of this increase, your Company endeavored to moder
ately revise certain class and commodity rates, affecting
only a relatively small percentage of the total freight traffic,
and which, if approved by the Inter-State Commerce
Commission, would have resulted, based on the business of
1909, in an increased annual freight revenue of your lines
estimated at $1,500,000. The proposed slight increases in
rates met with pronounced opposition and the Commission
has recently refused to authorize the schedules filed with it
to secure the increased rates.
In the year 1907 the ton mileage of the lines directly
operated by your Company was about4,300,000,000 miles and
the average rate received per ton per mille was 6.3 mills,
or sixteen-hundredths of a mill more than the average rate
received in 1910. Had the average rate in 1910 been the
same as that of 1907, the freight revenue on the 4,596,298,830
ton mileage of last year would have been $735,000 greater.
The amount of wages paid has increased until it now
constitutes 66 per cent of the entire operating expenses and
the total wage advances during the year will amount to
about $1,700,000 per annum, or 8.5 per cent of the annual
pay roll. This sum, however, includes only the actual
increase in rates of pay, and does not take into account the
added cost for labor due to the various restrictive conditions
which were adopted to conform to the practice on other roads.
The Maintenance of Way expenses were further increased
by charges arising in connection with the double-tracking

1040

THE CHRONICLE

and practical rebuilding of a large portion of the line between
Richmond and Indianapolis and between Bradford and
Logansport.
The Maintenance of Equipment expenses were adversely
affected not only by the increase of wages, but through charges
for freight car repairs, your Company's proportion of the
total mileage of the Freight Car Pool lines of the Pennsylvania
system, the basis on which car repairs are apportioned,
having been greater than in the preceding year.
Transportation expenses are more largely affected by the
wage advance, and the ratio of transportation expenses to
gross earnings was made less favorable, owing to the increase
in one-way mineral traffic, which necessitated a large in
crease in the movement of empty cars.
Taxes increased $229,187 60, or 17.1 per cent. As
indicating the trend of railroad taxation, this item for the
year 1900 amounted to $842,470 40, and in 1910 it was
$1,571,747 18, an increase of 86.6 per cent.
It seems proper to note in this connection the increasing
number of items of expenses which are entirely beyond the
control of your management, and the general tendency in
this direction which is being brought about by regulation
through legislation, and which, though difficult to detect
in the ordinary year to ye ir comparisons of results of operamust, ntions, evertheless, be the subject of grave concern.
The various State and Federal laws enacted during the
past ten years have added heavy burdens to the annual cost
of operation, and while many of them arc intended to provide
for safer operation, and are supposed, therefore, to be in the
interest of saefty, it is becoming increasingly difficult to
meet this burden and also adhere to the high standard of
maintenance and operation which your Company has pro
vided for the public.
During a recent session of the Legislature of one of the
States in which your lines operate, some thirty additional
laws were passed affecting railroads, nearly all of which will
add either directly or indirectly to the cost of operation, and
some of which, while purporting to be in the interest of
safety, will result in radical and expensive changes in the
character of your equipment without accomplishing any
definite results. Similar legislation is also being considered
in adjoining States.
The recently enacted Federal legislation which requires
the changing of ladders and brakestaffs on freight cars will
cost the Freight Car Pool lines of the Pennsylvania System,
in which your Company participates to the extent of about
15 per cent, nearly five million dollars during the next five
years, with practically no benefit to the lines thus affected.
The State and municipal legislation covering the elimina
tion of grade crossings has already resulted in expenditures
of over $3,000,000 on the lines of your company, and with
the present tendency to place a larger share of this expense
on the railroads, the annual expenditures for this item are
likely to be still further increased in the future.
These various burdens, together with the general increase
in the cost of labor and material, are shared in common by
all roads to a greater or less extent, and there seems to be an
ill-defined idea that it may be possible to offset them by
greater efficiency in other directions. The results thus far
attained, however, in an earnest effort to profit by the various
suggestions are so meagre when compared with the definitely
known and ever increasing burden of expense which lies
beyond control, that it would seem unwise to build too much
on hopes for relief in this direction.
The gross income of the year was $8,905,561 41, a decrease
of $926,595 81, the total fixed charges were $4,994,551 89,
an increase of $158,885 25, so that the net income of your
company was $3,911,009 52, a decrease of $1,085,481 06,
or 21.7 per cent. The net income was sufficient to pay
dividends of five per cent on the preferred and common
stocks, to provide for one-hajf of the principal of maturing
car trusts, and to leave a balance of $127,220 77, which was
transferred to the credit of profit and loss account.
To provide funds for the heavy construction and equip
ment expenditures, and to repay the Pennsylvania Company
for cash advances, $7,015,575 of common stock was issued in
February, the stockholders, both preferred and common,

being given the right to subscribe for additional common
stock at par to the extent of 12 per cent of their respective
holdings.
The second mortgage seven per cent bonds of the Jeffer
sonville Madison & Indianapolis Railroad Company, amount
ing to $1,967,000, which matured July 1 1910, were redeemed
arid canceled, with the exception of seven bonds which had
not been presented at the close of the year. To provide
funds for meeting this obligation and for completing the
large amount of improvement work under way, especially
the double tracking of the Logansport Division, the balance
of the Series G 4% Consolidated Mortgage Bonds, amount
ing to $4,000,000, was issued and sold.
The double-tracking of the Logansport Division between
Horatio and Onward, 98.8 miles, was completed and put in
use at the close of the year with the exception of the line
running through Union City, and work is now in progress
upon the construction of additional sidings and the re-arrange
ment of present sidings along this division. In connection
with the double track work eighteen highway grade crossings
and one traction grade crossing have been eliminated. The
construction of a new double-track modern bridge at a new
location over the Wabash River east of Logansport is now
in progress.
The right of way is practically all secured for the double
tracking of the Indianapolis Division between Richmond
and Knightstown mentioned in the report of 1909, the
grading and masonry for the sections between Harveys and
Dublin and Dublin and Knightstown are almost completed,
a jtt '6 double-tracking of the section between Richmond
andHarveysispractically completed with 7.6 milcsin service,
•c
elevating the tracks from Taylor to Thirty?rs
ln
Cty of Chicago, mentioned in the report
tor 1J09, was practically completed at the close of the year
rr1 1 * four-track system between Western Avenue and
Halsted street, Chicago, is practically completed.
lhe increase in the charges to “Road” and “Equipment”
under Property Investment account in the balance sheet
represents the expenditures for right of way and real estate
*or- c°usfructJ°n of second, third and fourth tracks on
the mam line divisions, track elevation work in Chicago,
bridges, stations, additional sidings, yard tracks, &c., and
lor additions to and improvement of your locomotive and
car equipment, especially the addition of 1,500 steel gondola
cars which were acquired under car trust arrangements.
Under the terms of the Sinking Fund for the redemption
of your Consolidated Mortgage Bonds, $726,000 of these
securities were redeemed and canceled. There were,
however, $4,000,000 of the Series “G” Bonds issued during
the year, so that the amount of Consolidated Mortgage Bonds
outstanding at the close of the year was $51,843,000.
An opportunity having offered during the year, the 23,082
shares of Common Stock of the Hocking Valley Railway
Company held in your treasury were disposed of upon satis
factory terms and the proceeds used in defraying expenditures
made on capital account.
A table following gives the financial results of all the
Roads in which your company is interested, whether operated
under lease or under their own organizations.
The Cincinnati & Muskingum Valley Railroad, the capital
stock of which is owned by your Company, shows increases
in Operating Revenues, Operating Expenses and Taxes, and
Operating Income, and was able to pay a dividend of five
per cent and carry a substantial sum to the credit of surplus.
The Waynesburg & Washington Railroad, the control of
which is vested in your Company, shows increased Operating
Revenues, Operating Expenses and Taxes, and Operating
Income, and was able to pay the usual dividend.
The Pittsburgh Chartiers & Youghiogheny Railway, onehalf of which Company's capital stock is owned by your
Company, shows a slightly increased operating income, and
a dividend of four per cent was paid during the year.
The loss in operating the Chicago Indiana & Eastern Rail
way* was assumed
by its* owner,* the Pennsylvania
Company.
*
*
*
*
*
By order of the Board,
JAMES McCREA, P re sid e n t.

IN C O M E A C C O U N T S OF A L L C O R P O R A T IO N S FO R T H E Y E A R E N D IN G D E C E M B E R
R e s u lt s o f O p e r a tio n b y
O p e r a tin g C o m p a n y .

M ile 
age.

L i n e s O p e r a te d D i r e c t l y .

1,190.29
9.08
28.02
194.87
2.34
43.02

Pitts. Cln. Chlo. <&S t. L . R y
Ohio Connecting Railway .
Pitts. W heel. & K y . R R . . .
Little Miami R R .
.
_
Englewood Connecting R y .
Chicago Ind. & Eastern R y .

1,467.62

31 1910.

F i n a n c i a l R e s u l t s o f R e s p e c t iv e C o m p a n i e s M e n t i o n e d .

T o ta l.................... ....................
L i n e s O p e r a te d U n d e r T h e ir
O w n O r g a n i s a t io n s .
Cincinnati & Musk. V a l.R R .

148.46
20.56 Pitts. Char. & Yough. R y . .
28.16 W aynesb. & Wa.shlngt’ nR R

197.18
T o ta l-----------------------------------------------------------------------------Includes the surplus from operation of fixed rental road,
a Dividends guaranteed by The Pittsburgh Cincinnati Chicago & S t. Louis Railway Company
o|Excess of operating expenses and taxes over operating Income.




[V O L . LX X X X II.

A pe.

1041

THE CHRONICLE

15 1911. |

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.
L IA B IL IT IE S .

ASSETS.
p r o p e r ty In v es tm e n t—
Road and Equipment:
Investment to June 30 1907—
R o a d .......................................
$90,903,873 70
E q u ip m e n t__________________________________ 13,321,380 57
------------------------- $110,285,200 27
♦Investment since June 30 1907—
R oad______________
$13,044,579 58
12,488,564 07
Equipment _____________
-------------------------- 25,533,143 05

$135,818,403 92
Reserve for accrued depreciation (equipm ent)_________ Cr., 303,549 47
$135,454,854 45
Securities:
Securities of proprietary, affiliated and
controlled companies— unpledged—
Stocks--------------------------------------------------------- $1,890,514 31
150,000 00
Funded d ebt_____________________________
-----------------------Other Investments:
Advances to proprietary, affiliated and
controlled companies for construction,
$520,169 53
equipment and betterments____________
Miscellaneous Investments: Securities—
842,717 00
u n p led g ed ________________________________
---------------------

2,040,514 31

1,308,886 53

8,762,781 32

$174,987 44
83,884 48
485 81
564,619 91
823,977 04

$148,451,014 25

Total

00
00

00

00
00
00
00
00
00

00

$21,275 79
184,777 57

A p p r o p r ia te d S u r p lu s—
Additions to property since June 30 1907
through incom e____ ______ __________________ $5,485,798 37
Reserves from Income or surplus—
Invested In sinking and redemption funds 5,440,485 81

Prollt and Loss
Total

$03,674 ,024 53

00

A c c r u e d L i a b i l i t ie s N o t D u e —
Unmaturcd Interest, dividends and rents
payable______________________ _______ _______ $1,454,149 10
Taxes accrued_________________________________
1,039,034 86
D e fe r r e d C r e d it I t e m s —
Operating reserves_____________________ ______
Other deferred credit Item s----------------------------

D e fe r r e d D e b it I t e m s —

Temporary advances to proprietary, affili
ated and controlled companies____________
W orking funds______________________ _______ _
Cash and securities In sinking and redemp
tion funds______________________ _____________
Other deferred debit Item s__________________

M o r tg a g e , B o n d e d a n d S ec u r ed D e b t—
Con. M tg. 4 y 2 per ct. bonds, Series “ A ” P . C.
C. & S t. L . R y . C o., due 1940_____________ $10,000 ,000
Con. M tg. 4 y . per ct. bonds, Series " B ” P . C.
C. & St. L . R y . C o., due 1942_____________
8 .786.000
Con. M tg. 4 H per c t. bonds, Series " C " P . C.
C. & St. L . R y . C o., due 1942_____________
1.379.000
Con. M tg. 4 per ct. bonds.
Scries “ D ” P. C. C. & S t. I,.
R y . C o., due 1945_________ $ 5 ,120,000 00
Less 137 bonds In sink, fund
137,000 00
4 ,983,000
Con. M tg. 3 H per ct. bonds.
Series “ E ” P . C. C. & S t. L .
R y . C o., due 1949_________ $11,998 ,000 00
Less 5,303 bonds in sink. fd. 5 ,303,000 00
6 .095.000
Con. M tg. 4 per ct. bonds. Series “ F ” P . C.
C. & St. L . R y . C o., due 1953--------------------- 10,000,000
Con. M tg. 4 per ct. bonds. Series " G ” P . C.
C. & St. L. R y. C o., due 1957_____________ 10,000,000
1st M tg. (ext.) 5 per ct. reg. bonds, S . & I.
3 ,0 0 0 ,0 0 0
R lt . C o., due 1 9 1 4 _______________________
Con. M tg. 5 per ct. coup, bonds, C. St. L . &
1.195.000
P . R R . C o., due 1932______________________
Con. M tg. 5 per ct. reg. bonds, C. St. L . &
311.000
P. R R . C o., due 1932 ______________________
(2d M tg. 7 per ct. bonds, J. M . & I . R R . Co.,
matured July 1st 1910.)
1st M tg. 3 )4 per ct. bonds, Chartlers R y . Co.,
025.000
due Oct. 1st 1 9 3 1 ----------------------------------------

Equipment trust obligations__________________________________
W o r k in g L i a b i l i t ie s —
Traffic balances due to other companies____
$446,670 51
Audited vouchers and wages unpaid...............
2,392,892 23
Miscellaneous accounts payable_____________
712,668 16
Matured Interest, dividends and rents unpaid
104,843 38
Matured mortgage, bonded and secured
debt unpaid_________________________________
17,712 07
Other working liabilities_____________________
59,619 50

W o r k in g A s s e t s —

C a s h .....................
$2,573,233 54
Securities Issued or assumed— held In treasury
4 2 1,800 00
Marketable s e c u r itie s ..._____________________
100 00
Loans and bills receivable____________________
701,000 00
Traffic balances due from other com p anies..
075,052 24
Due from agents and ticket receivers_______
917,068 39
Miscellaneous accounts receivable___________
1,054,372 88
Materials and supplies________________________
2,409,732 56
Other working assets____ ______
9,221 71
--------------------------

C a p it a l S to c k —
Com m on____________________ •___________________$35,666,810 50
Preferred______________________________________ 2 7 ,475,825 00
Stock liability for conversion of outstanding
securities of constituent companies_______
531,389 03

56,974,000 00
6,809,412 32

3,734,405 85

2,493,183 96

206,053 36

10,926,284 18
3,633,650 05
$148,451,014 25

♦Does not include Additions and Betterments on leased lines for which the Pittsburgh Cincinnati Chicago & S t. Louis Railway Co. does not receive
cither stock or bonds, but were paid for out of its Income.

Express Co.— F avorable D e c isio n . —Justice
Syracuse (N. Y.) Light & Power Co.—L is te d . —The New UnitedonStates
Jan. 24 denied the second application of John L.
York Stock Exchange has listed $5,500,500 Syracuse Light Bischoff
Dudley and other minority stockholders for the appointment
ing Co. collateral trust 5% bonds due 1954.
ofThe
a receiver.
application was based on grounds similar to those advanced in the
E a r n i n g s o f S y r a c u s e L ig h t in g C o . f o r C a le n d a r Y e a r s .

Y ear—
C ross.
N et.
In t e r e s t .
D iv id e n d s.
B a l., S u r .
1 9 1 0 ______$1,427,332
$537,391
$327,060
$200,000
$10,331
1909 --------- 1,240,773
468,987
313,980
125,000
30,007
The earnings of the Syracuse L . & P. Co. for the 12 m os. were: Dividends
received on $975,400 Syracuse Lighting pref. and $2,936,550 common
stock (total outstanding issues $1,000,000 and $ 3 ,000,000, respectively),
$195,597; Interest received on $1,000,000 Syracuse Lighting 6 % debentures,
$60,000; lnt. on Syracuse Lighting "extension and Improvement” bonds,
$17,061; lnt. received on bank balances, $2,112; total Income, $274,769;
general expenses and taxes, $1,689; Interest on Syrac. I .. & P . collat. trust
bonds, $261,691; bal., net income, $8,389.
In addition to this net Income,
there was received $66,072 from the trust fund on deposit with the Trust
Co. of America.

revlous application, which Justice Guy denied In June last, the complaint
avlng since been amended. The Court says the allegation that the com
pany Is doing business without a license, which expired In 1864, is Incon
sistent with the com plaint, and finds the charges of waste and Improper
loans by the management to be unfounded. The claim that the directors
concealed losses of $1,000,000 Is also held to be untrue, this being, It Is
stated, due to a change In the system of bookkeeping ordered by the Inter
State Commerce Commission, under which an excess of outstanding dis
bursements over receipts became presently chargeable. Instead of being
carried over to a period of actual payment, as under the old system . In
regard to the charge that the management has been planning to partition
its business among its rivals. It is held that "th e facts show the company
is now operating over the greate t mileage in its history, and its gross earn
ings have greatly increased during the whole period of the management
now assailed.” — V . 91, p. 1384.

A p p lic a tio n . —The Syracuse Lighting Co. on April 8
applied to the Public Service Commission, Second District,
for authority to issue 8470,000 of its extension and improve United States Industrial Alcohol Co.—L is te d . —The New
York Stock Exchange has listed $6,000,000 7% cumulative
ment 6% 10-year gold bonds.
pref. and $12,000,000 common stock.
The proceeds arc to provide for the laying of trunk mains, for extensions
to the distributing system and Improvements at works and stations, and for
E a r n in g s . —For year ending Dec. 31 1910:
the reimbursement of moneys actually expended from income within 5

years for capital purposes. It Is proposed to spend $60,000 In the gas
department for supplying applicants not reached by the present distributing
system and for the additional meters necessary for new customers.— V .
88, p. 825.

Gross incom e________________ $863,599 I Pref. dividends ( 7 % ) ______ $420,000
Net In co m e_________________ 6 6 4 ,0 7 7 1Balance, surplus..... ................ 244,077
Total surplus Dec. 31 1910, $ 9 25 ,11 1.— V . 92, p. 393.

United States Light & Heating Co.— N ew D ire c to r. —F. P.
Taylor Iron & Steel Co., High Bridge, N. J.—C om m on Frazier as director succeeds Julius E. French, deceased.
S ta tu s . —D. W. Pye, formerly Vice-President of the Safety
S tock on 0% B a s is . —The common stock has been put on a
Car Lighting & Heating and Pintsch Gas companies, who
6% dividend basis as of the current year.
has assumed active management of the company, in a state
Dividends of 7 % per annum have been paid upon the pref. stock since
Its Incorporation in 1891. The 5 % sinking fund bonds were placed by
ment to the “Boston News Bureau’’ says:
William Morris Imbrle
In the summer of 1909. Compare V. 91, p. 877.
the practice of this company to Issue financial statem ents. The
company,
however, has been earning more than Its dividend on the $2,500,
Toronto Electric Light Co.—S a le to T oron to R y . In te re sts .— 000It Is notcum.
pref. stock, and this dividend has been regularly paid not
The directors voted on April 8 (a) to decline the offer of the withstanding necessarily
abnormal expenses In re locating Its manufacturing
at New York City, Buffalo and Milwaukee in one factory at
City of Toronto to pay $125 per share for the property (aside establishments
Niagara Falls, N . Y . , during a period of 8 to 10 weeks.
from liquid assets) and (5) to recommend to the sharehold Our company now owns 21 acres of land at Niagara Falls, and Its new
plant there, the largest of Its kind In the world, covers seven acres and con
ers the acceptance of an offer made by a syndicate represent tains
sq. ft. of lloor space equipped with the most modern
ing, it is understood, the Electrical Development Co., a sub devices.aboutThe169,000
company is In a strong strategical position on account of Its
sidiary of the Toronto Railway Co., to purchase not less than ability
to manufacture every detail of the equipment. For more than a
It has been pushed to meet orders for Its axle-lighting equipments, due
two-thirds of the stock at $135 cash per share, $20 per share year
primarily to Increasing popularity of electricity for train lighting.— V
on deposit of the certificates with the National Trust Co. of 89,
p. 1673.
Toronto, and the remainder in 6% scrip redeemable in three United States Rubber Co.—C irc u la r. —Swartwout & Appenor six months. This step is understood to foreshadow a zellar, at the request of the holders of a large amount of the
general amalgamation, if not a consolidation, of the electric common stock, have sent out a circular letter to the com
light, power and street railway properties of the city.—V. 92, mon shareholders in which they say that they have retained
p. 799, 730.
counsel and invite the co-operation of the holders of common
Union Bag & Paper Co.— N ew D irec to r. —Chauncey Mar shares in the endeavor to secure dividends on that class of
shall has been elected a director in class “A,” for 5 years, to stock, and also to obtain fuller information about the com
succeed the late Isaac H. Dixon, and Alfred Clifford succeeds pany than the annual statements convey.
Mr. Marshall as a director in class “B.” for one year.— B on ds o f C a n a d ia n A lly . —See Canadian Consolidated
Felt Co. above.—V. 92, p. 123.
V. 92, p. 952.
& C o.




7%

THE CHRONICLE

1012

United States Steel Corporation.—S u b s i d i a r i e s ' O rd e rs
31.—The report of orders given out on April 10 shows
unfilled orders on the books March 31 aggregating 3,447,301
tons, being an increase of 46,758 tons during March.
M a rch

Tonnage o f Unfilled Orders (00,000 omitted)— All on New Basis.
--------------1 9 1 1 --------------

----------------------------------------- 1 9 1 0 -----------------------------------------

1909

1907

5 ,9

4 ,6

M ch. Feb. Jan. Dec. N ov. Oct. Sept. A u g. July. Mch. Dec. Dec.
3 ,4
3 .4
3 .1
2 ,7
2 ,7
2 ,8
3 ,1
3 ,5
3 ,9
C o m p a r e V . 9 1 , p . 1 3 3 3 .— V . 9 2 , p . 7 3 0 , 7 3 1 .

5 ,4

1904

Sept.
2 )4

Western Electric Co., New York and Chicago.—L i s t e d .—
The New York Stock Exchange has listed the $6,250,000
additional 1st M. 5% bonds due 1922, recently sold to retire
the $5,000,000 2-year 4
collateral gold notes which were
paid off on Jan. 1 last, and for additions and improvements,
making the total amount listed $15,000,000. Compare V.
01, p. 1578, 1636; V. 92, p. 954.—V. 92, p. 954, 799.
—The stock and bond house of Wakefield, Garthwaite &
Co., San Francisco, has just taken possession of large new
offices on the ground floor of the Mills Bldg., 232 Montgom
ery St., in that city. The firm has greatly enlarged its busi
ness and now has four distinct departments—brokerage,
investment, oil and statistical—under separate heads. Mr.
Wakefield, as a member of the Stock and Bond Exchange,
is taking personal care of all Exchange matters, while the
investment department is under the supervision of Mr.
Garthwaite. Ralph II. Butler, a practical engineer, is at
the head of the new oil department, having had many years’
experience in the oil fields, and Russell L. Dunn, consulting
engineer and statistical expert, is in charge of the important
department of statistics. The firm is well equipped to take
charge of all matters entrusted to it.
—Lybrand, Ross Bros. & Montgomery, the well-known
certified public accountants of New York, Philadelphia,
Pittsburgh, Chicago and London, have recently moved their
Now York City offices from 165 Broadway to a larger and
more attractive suite in the Liberty Tower Building, 55
Liberty St. The company has an extensive practice in all
branches of accountancy, but its confidential work in auditing
the business of trust companies, banks and Wall Street bank
ing firms is favorably regarded in financial circles. The firm
has many big clients among the banking institutions of this
city and Philadelphia. Its partners are: William M. Ly
brand, T. Edward Ross, Adam A. Ross, Robert II. Mont
gomery and Joseph M. Pugh.
—The bond investment firm of Francis Ralston Welsh,
109-111 South Fourth St., Philadelphia, is to-day advertis
ing in the “Chronicle” an advance offering of $1,300,000
Empire Gas & Electric Co. and Empire Coke Co. joint first
and refunding mtge. 5% bonds, which are due 1941, callable
at 102 and interest on any interest day and are tax-free in
New York. Price 973^ and interest, to yield 5.16%. See
advertisement on another page and our “General Invest
ment News” Department for further particulars.
—Kissel, Kinnicutt & Co., 37 Wall St., New York, have
issued an interesting and suggestive circular entitled “An
analysis of the present earnings and future earning possi
bilities of the Southern Railway Company.” The circular
shows that for the half-year ended Dec. 31 1910 the company
earned a sum applicable to dividends equal to 20% on the
market price of the pref. stock at its high point (about 65),
contrasting with from 1% to 12.8% on the maximum prices
for the fiscal years ending June 30 from 1900 to 1910.
—The old-established bond house of Morris Bros., Port
land, Ore., has just opened a branch office in this city at
141 Broadway, under the management of F. E. Calkins. Mr.
Calkins was for fourteen years with N. W. Harris & C o . as
one of the associated heads of their municipal department.
The firm also maintains a Philadelphia branch at 1421 Chest
nut St. Morris Bros, have been largely identified for many
years with high-grade Pacific Coast securities.
—The new firm of J. A. Clark & Co. has opened an office
at 52 William St. (Kuhn, Loeb Bldg.), this city, to conduct
a general investment business in bonds and other securities.
The firm is the Eastern correspondent of the bond depart
ment of the Chicago Savings Bank & Trust Co. Through
its Chicago connections J. A. Clark & Co. offer exceptional
facilities for the purchase and sale of Western issues.
—Wollenberger & Co. of Chicago are trading actively in
the new Chicago Railways securities, which were issued in
connection with the purchase by the Chicago Railways Co.
of the old lines within the city limits of the former Cliicago
Consolidated
Traction Co. See advertisement on another
page.
C. II. Hughes & Co., engineers, of 82 Beaver St., New
York, are incorporating their business and forming a stock
company. For several years (he company has been engaged
in making expert reports and acting in the capacity of de
signing engineers for electric railroads and lighting companies.
—Fielding J. Stilson & Co. of Los Angeles, Cal., arc now
occupying their handsome new quarters on the ground floor
of the II. W. Heilman Bldg., 115 West Fourth St. The firm
have a membership in the Los Angeles Stock Exchange and
are well-known dealers in California securities.
—W. S. Macombcr, formerly of Rhoades & Co., 45 Wall
St., has become associated with the bond department of
Farson, Son & Co., 15 Broad St., N. Y.



[ VOL. L X X X X I I .

T he (Eom m e m a i Thmeg,
C O M M E R C IA L E P IT O M E .

F r id a y N ig h t, A p r i l 14 1911.
Though the underlying conditions of business in this coun
try are not considered really bad as a rule, it is none the less
true that actual transactions are still on a very restricted
scale. Everybody prefers to keep close to shore. The out
look promises an increased wheat crop, and otherwise the
prospects for the next harvest, whether of grain or cotton,
seem favorable.
LARD has continued to decline on very moderate trans
actions. Prime Western here 8.35c., City 7%c., refined for
the Continent 8.55c., South America 9.85c., Brazil in kegs
11c. Lard futures have shown a declining tendency in sym
pathy with a lower drift of prices for live hogs, and specula
tion is not particularly active at the present time.
D A IL Y

C L O S IN G

P R IC E S

Sat.
M a y d e liv e r y
J u ly d e liv e r y
D A IL Y

C L O S IN G

8 .0 9
8 .1 4
P R IC E S

uut,.
M * a y d e l i v e r y _______________ 7 . 9 0
J u l y d e l i v e r y _______________ 7 . 9 7 y j

O F

L A R D

F U T U R E S

IN

N E W

YORK.

M on.

Tues.

Wed.

Tliurs.

7 .9 1

7 .9 4

8 .0 0

8.0 2

7 .9 0
8 .0 5

8 .0 7
8 .1 5

O F

L A R D

F U T U R E S

Mon.

Tues.

Wed.

7 .7 5
7 .8 5

H o li
day.

7 .8 0
7 .9 2 ^

IN

F ri.
H o li
day.

CHICAGO.

Tliurs.
7 .9 2

'4

8 . 0 2 34

F ri.
H o li
day.

PORK on the spot has been in light demand and lower.
Mess $19 50@$20, clear $17 50@$19 and family $21@$21 50.
Cut meats in poor demand. Pickled hams llj^@12% c.,
pickled bellies, clear, 12@14c., and pickled ribsTl y 2 @ ll i c .
Beef has been quiet; mess $13 50@$14, packet $14@$14 50,
family $15@$15 50 and extra India mess $22@$22 50. Tal
low has been quiet and lower at 5%c. for city, Stearines
have been quiet at 7 1 4 c. for oleo and 9j^c. for lard. Butter
in good demand at some decline; creamerv extras 20@20><jc.
Cheese easier; export sales good; State, whole milk, colored,
Sept., fancy, 13@,13>£c. Eggs steady; Western firsts 1 7 )^0 .,
with a good business.
OIL.—Domestic linseed has been quiet and steady; City,
raw, American seed, 92@93c.; boiled 93@94c., Calcutta,
raw, $1. Cottonseed has been in moderate demand; winter
6.20 @6.80c., summer white 6.10(5)6.80c., crude 5.07(3)
5.14c. C'ocoanut has continued quiet; Cochin 7%@8c., Cey
lon 7 % c . Corn 6.10(3)0.15c. Olive has been lower and
quiet at 88@90c. Lard has been comparatively steady,
with supplies not at all burdensome and the demand fair;
prime 90c., No. 1 extra 65@70c. Cod steady and in fair
demand; domestic 53@55c., Newfoundland 57@58c.
COFFEE on the spot has declined, with light sales; Rio.
No. 7, nominally ll%@12c.; Santos No. 4, 12%@12%c.
Futures have been irregular, latterly, however, showing some
upward tendency both at home and abroad, after declining
at one time. On the surface, at least, the statistical position
is by some considered rather strong. Closing prices were
as follows:
A p r i l ________ _ 9 . 8 G @ 9 . 8 8
M ay
....................9 . 8 6 @ 9 . 8 8
J u n e ------------------ 9 . 8 6 ( 5 ) 9 . 8 8
J u l y ____________9 . 8 9 @ 9 . 9 0

A u g u s t _______ 9 . 8 4 ( 5 ) 9 . 8 5
S e p te m b e r . . 9 .7 4 @ 9 .7 5
O c t o b e r _______ 9 . 6 0 @ 9 . 6 2
N o v e m b e r _ _ 9 .5 5 @ 9 .6 0

D ecem ber
_ _ 9 .5 0 @ 9 .5 2
J a n u a r y ______9 . 5 2 @ 9 . 5 3
F e b r u a r y ____ 9 . 5 4 @ 9 . 5 G
M a r c h _________ 9 . 5 7 @ 9 . 5 8

SUGAR.—Raw has been quiet and steady, though trade
has been in a kind of deadlock, and latterly European cables
have been rather weaker; receipts are rather large. Cen
trifugal, 96-degrees test, 3.86c.; muscovado, 89-degrees test,
3.36c.; molasses, 89-degrees test, 3.11c. Refined in only
moderate demand and still about steady. Granulated 4.75
@4.80c. Teas sell moderately only, with prices steady.
Spices firm, with only a routine business.
PETROLEUM.—Prices have been steady, with trade,
however, rather dull. Refined, barrels 7.40c., bulk 3.90c.
and cases 8.90c. Gasoline has been in light demand but
steady; 86-degrees, in 100-gallon drums, 18 %c.; drums $8 50
extra. Naphtha has been steady, with moderate sales; 73(3)
76 degrees in 100-gallon drums lOjktC.; drums $8 50 extra.
Spirits of turpentine has fallen to 87c. in response to a de
cline at Savannah. Rosin quiet; common to good strained
$8 15.
TOBACCO.—Trade still keeps within narrow limits.
While there has been some business in Sumatra leaf, it has
been small, owing to the firmness at what is regarded as a
high level. The spirited German buying ot the recent Am
sterdam sale is largely accountable for the existing state of
things as regards Sumatra tobacco. It is of interest to re
call that one German manufacturer bought at the last sale
nearly 700 bales of various grades of Sumatra at the highest
prices ever known, being favored as compared with American
bidders by the relatively low German tariff on tobacco.
COPPER has been dull and still depressed, with stocks
increasing. Lake 12.30(3)12%c., electrolytic 12j^@12^c.,
casting 12c. Prices for copper arc at present largely nominal.
Tin has been rather more active at lower prices. London has
declined. Spot 41.70(3)41.80c. Lead has been quiet but
steady at 4%(34 }A c. Spelter has been selling more freely at
5.50c. on the spot and 5.30c. for May and June. Iron has
been quiet and devoid of new features of particular interest.
No. 1 Northern $15 75@$16, No. 2 Southern $15 25. Foun
dry interests are operating only about 60% of their’capacity.
It was the dullest week since January so far as iron and steel
are concerned, all centres reporting a falling off in trade.

Arii. 15 r j i i. j

THE CHRONICLE

1043

COTTON.

On Shipboard, Not Cleared for—

Friday Night, April

14 1 9 1 1 .
T H E M O V E M E N T O F T H E C R O P a s in d ic a t e d b y o u r
t e l e g r a m s f r o m t h e S o u t h t o - n i g h t is g i v e n b e l o w .
F o r th e
w e e k e n d in g th is e v e n in g , th e t o t a l r e c e ip t s h a v e r e a c h e d
3 7 ,1 9 0 b a l e s , a g a i n s t 3 7 ,8 5 3 b a l e s l a s t w e e k a n d 6 0 ,1 8 2
b a le s t h e p r e v i o u s w e e k , m a k i n g t h e t o t a l r e c e i p t s s i n c e
S e p t . 1 1 9 1 0 7 ,9 2 8 ,5 9 5 b a l e s , a g a i n s t 6 ,5 7 3 ,6 4 8 b a l e s f o r
th e sa m e p e r io d o f 1 9 0 9 -1 0 , s h o w in g a n
in c r e a s e s in ce
S e p t . 1 1 9 1 0 o f 1 ,3 5 4 ,9 4 7 b a l e s .
Receipts at—

Sat.

Galveston _ ____
Fort A rthur____
Texas City, & c_.
New Orleans____
G u lfp o r t_______
Mobile ________
Pensacola ______
Jacksonville, &c.
Savannah ...........
Brunswick . . . .
C h a rleston _____
G e o rgetow n ____
W ilm in g to n ____
Norfolk _____
.
N’ port News, &c.
New Y ork ______
B o s t o n ________
Baltimore
.
P h iladelph ia.. .

M on.

Tues.

Thurs.

Frl.

Total.

747

1,950

0,305

896

1,916

1,553

13,367

670

1,755

4,802

1,909

3,676

483

13,301

15

59

67

173

201

991

221
650

1,228

200
653

104
1,350

019
1,350
121
5,545

47
79
92
50
30

2
74
150
249

—
157
220

03

. . . .

—

Totals this w eek.

Wed.

5,012

857

il

31

70
70

117
173

107

12,940

160
579
804

—

09

—

—

2,727

1,166

69

576

299
570

3,701

37,190

—

4,153

8,657

_ T h e fo llo w in g s h o w s th e w e e k ’s to ta l r e c e ip t s , th e to ta l
s i n c e S e p t . 1 1 9 1 0 a n d t h e s t o c k s t o - n i g h t , c o m p a r e d w it h
la s t y e a r :
1010- 11.

Receipts to
A p ril 1 4 .
G a l v e s t o n ___________
P o rt 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 la
. . . . .
J a c k s o n v ille , & c .
S a v a n n a h .......... .........
B r u n s w i c k ................
C h a r le s to n
..............
G e o rg e to w n
_ .
W ilm in g t o n
______
N o r f o l k _______________
N 'p o r t N e w s , & c _
N ew Y ork ..
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 ______

Since Sep

1 3 ,3 6 7

2 ,0 3 6 ,7 7 7
2 0 2 ,2 7 7
3 5 8 ,8 7 0
1 ,4 1 1 ,4 6 7
3 4 ,2 3 9
2 3 4 ,9 9 8
1 1 2 ,8 4 3
2 2 ,7 0 2
1 ,3 4 6 ,0 2 6
2 2 0 ,1 8 4
2 7 4 ,7 0 0
1 ,4 2 4
3 9 5 ,8 5 2
5 2 3 ,7 3 7
3 ,9 2 4

1 3 ,3 0 1
_____
619
1 ,3 5 0
421
5 ,5 4 5
_____
160
74
579
804

T o t a l ...........................

Stock.

1 9 0 9 -1 0 .

This
Week

1 1910.

8 ,2 1 1

95
299
576
—

3 5 ,0 9 5
1 0 4 ,8 9 4
315

3 7 ,1 9 0

7 ,9 2 8 ,5 9 5

This
Week

Since Sep
1 1909

2 9 ,8 6 6 2 ,3 4 5 ,9 8 9
1 3 2 ,8 3 2
497
7 3 ,4 1 8
2 5 ,5 3 5 1 ,1 0 0 ,9 1 5
8 ,2 6 4
3 ,2 0 1
2 3 2 ,1 1 4
5 ,5 1 0
1 3 2 ,6 4 2
77
3 8 ,3 7 9
7 ,3 0 2 1 ,2 5 2 ,0 9 8
1 ,4 5 0
2 1 8 ,7 0 0
298
2 01 ,01 0
50
1 ,3 5 1
1 ,2 5 1
2 9 8 ,8 2 9
4 ,7 9 0
4 3 9 ,3 4 2
1 0 ,8 0 3
744
7 ,3 8 4
1 0 ,4 7 1
485
897
6 0 ,7 9 0
37
1 ,6 5 1
8 2 ,4 1 0

1911.

6 ,5 7 3 ,6 4 8

1910.

7 1 ,3 8 6

6 9 ,5 7 1

9 9 ,7 7 8
2 ,1 7 7
0 ,5 0 0

1 1 9 ,3 1 7
l ,0 0 6
2 8 ,5 0 7

4 5 ,8 3 4
4 ,7 1 2
1 8 ,5 5 5

4 7 ,4 7 2

4 ,2 1 3
1 4 ,8 0 7

tS , 7 0 1
3 0 ,2 2 7

1 8 3 ,2 4 1
7 ,9 7 5
4,111
3 ,1 8 8

1 4 3 ,3 4 1
7 ,9 9 2
5 ,7 7 9
2 ,7 0 5

4 6 6 ,5 4 3

4 8 1 ,7 5 2

1 0 ,7 4 1

I n o r d e r t h a t c o m p a r is o n m a y b e m a d e w ith o t h e r y e a r s ,
w e g iv e b e lo w th e t o t a ls a t le a d in g p o r t s f o r s ix s e a s o n s :
Receipts at—

1911.

G a l v e s t o n ____
l ’ 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 ic k . ..
C h a r le s to n . & c
W i lm i n g t o n ..
N o r fo lk . . .
.
N 'p o r t N . , & c
A l l o t h e r s ______

1910.

1 3 ,3 6 7
1 3 ,3 0 1
019
5 ,5 1 5
234
579
804

T o ta l th is w k .

2 ,7 4 1

7 ,7 5 0

3 7 ,1 9 0

8 2 ,4 1 0

S in c e S e p t . 1 . 7 ,9 2 8 ,5 9 5

j

j

1909.
3 1 ,3 8 2
1 3 ,5 2 2
2 5 ,1 7 3
4 ,8 3 4
2 2 ,1 6 1

2 9 ,8 6 6 ,'
497:
2 5 ,5 3 5
3 ,0 2 1
7 ,3 0 2
1 ,4 5 0
348 j
1 .2 5 1
4 ,7 0 0

1

1008.

1907.
3 2 ,1 2 2
1 1 ,4 5 3
1 6 ,2 7 5
1 ,1 0 4
8 ,5 6 9
1 ,2 1 8

2 3 ,8 5 0
2 6 ,2 4 8
1 ,8 8 3
1 0 ,1 2 7

2 ,1 0 0

J

1 ,4 5 3
7 ,1 7 0
8 ,6 4 4
948i
1 ,4 0 2 ]

418
1 ,2 2 4
3 ,1 9 1

1 2 1 ,7 9 5 ;

0 9 ,5 9 5

2 ,6 4 8

6 ,5 7 3 ,6 4 8 8 ,8 1 0 ,2 2 5 7 ,4 9 7 ,8 1 3

1900.

290
4 ,9 1 5
308
2 ,5 6 2

3 0 ,9 2 4
316
2 8 ,8 0 0
2 ,4 5 2
2 0 ,2 3 8
988
804
1 ,9 1 5
7 ,8 6 0
198
0 ,2 8 7

7 9 ,4 8 1

1 0 0 ,7 8 8

9 ,1 1 3 ,5 4 7 0 ,9 5 7 ,3 8 6

T h e e x p o r t s f o r t h e w e e k e n d i n g t h is e v e n i n g r e a c h a t o t a l
o f 6 5 ,3 3 9 b a l e s , o f w h ic h 1 4 ,3 8 3 w e r e t o G r e a t B r i t a i n ,
1 ,1 3 9 t o F r a n c e a n d 4 9 ,8 1 7 t o t h e r e s t o f t h e C o n t i n e n t .
B e lo w a r e th e e x p o r t s fo r th e w e e k a n d s in c e S e p t . 1 1 9 1 0 .

Exports
from—

Week ending April 1 1
Exported to—

1911.

Great j
|ContiHrltain. F t nee: 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 it y , & e.
N e w O r le a n s ..
M o b i l e ..................
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 -------C h a r l e s t o n _____
W i lm i n g t o n ...
N o r f o l k ________
N ’p ort N e w 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 ila d e lp h ia . .
P o r tla n d , M c ._
H an F r a n c is c o .
S e a t t l e ................
T a c o m a ...............
P o r tla n d , O r e . 1
P e m b i n a .............
D e t r o i t ..................

6,740
—
—
87
___
1,350
___
___
—
—
—
—

___
___
___
—
___
—

5 ,0 3 5

1 ,1 3 9

0.

___
—
___
___
___

400

100

T o t a l ............... 1 1 4 ,3 8 3

From Sept.

1 1 9 1 0 to April
Exported to—

Great I
Eritaln. 1France

12,689 19,435 932,696 204,783
___
----44,898 54,969
___
----- 211,719. 56,933
18,203 18,290 785,474120,034
5,396 5,390
03,039] 41.009
___
1,350
45,641 30,595
___
----0,271! 1.1,338
4,691 4,091 311,838 111,217
___
----- 100,077]
___
—
----18,832 9,900
___
----- 120,171 32,015
—
----10,645'
...
7 ,8 0 2 ,

150
200'

1 4 ,5 7 0
05
550
300

050
30,

050
30

2 0 4 , 7 4 lj 8 1 , 4 0 0
9 1 ,0 5 3
1 7 ,0 5 9 ;
7 ,0 1 8
4 0 ,0 4 0
609
_____

Conti
nent.

14 1 9 1 1 .

Total.

9 7 5 ,0 5 4 2 , 2 0 2 , 5 3 3
1 0 2 ,4 1 0
2 0 2 ,2 7 7
3 3 ,2 2 4
3 0 1 ,8 7 0
3 0 4 ,4 0 9 1 ,2 7 5 .9 7 7
0 5 ,5 2 4
1 0 9 ,5 7 2
3 0 ,7 0 8
1 1 2 ,9 4 4
0 ,4 5 3
3 2 ,0 0 2
4 1 2 ,7 8 1
8 3 5 ,8 3 0
1 7 8 ,4 0 2
7 8 ,3 2 5
9 3 ,1 0 1
1 2 1 ,8 3 3
2 1 3 ,2 2 0
3 7 1 ,4 1 2
3 ,7 9 3
1 4 ,4 3 8
2 0 4 ,7 4 0
8 ,1 5 0
0 5 ,8 5 8
1 2 ,4 8 8

8 (h 2 5 5
4 3 ,0 5 0
1 1 ,7 5 2

5 5 0 ,9 5 3
9 9 ,8 0 3
8 9 ,9 3 5
5 8 .5 3 4
009
8 0 ,2 5 5
4 3 ,0 5 0
1 1 ,7 5 2

A p ril

14

at—

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 t s .. _

1 1 ,5 5 3

. . .
1 ,9 0 0
350

400

200

T o ta l 1 9 1 1 ..'
T o ta l 1 9 1 0 . _
T o ta l 1 9 0 9 .

1 0 ,6 8 2
1 1 ,8 1 9
5 6 ,0 2 2

5 ,2 5 5
7 ,4 4 5
1 2 ,3 3 8

1 ,1 3 9

4 9 ,8 1 7 ; 6 5 ,3 3 9 3 ,0 7 9 .9 9 4 8 0 5 ,2 7 7 2 ,8 1 1 ,9 0 7 0 ,7 5 7 ,2 3 8
5 5 , 0 3 2 1 2 9 ,0 5 7 1 . 9 8 5 , 5 3 1 8 4 5 , 3 2 1 2 , 3 5 2 , 9 5 2 5 , 1 8 4 , 1 0 4

I n a d d i t i o n t o a b o v e e x p o r t s , o u r t e l e g r a m s t o - n i g h t a ls o
g iv e u s th e fo llo w in g a m o u n ts o f c o t t o n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r t s n a m e d .
W e a d d s i m i l a r fig u r e s f o r
N ew Y ork




1 ,5 7 5
3 ,0 8 0

1 ,7 0 7

6 ,3 2 9
1 0 ,2 3 6

1 ,4 4 3
9 ,5 8 3

279]
1 ,0 7 C j

2 1 ,1 7 9
2 5 ,6 8 2

400

2 ,2 6 6
200

" 266;
7 ,0 0 0 ,
______
______]

2 ,4 3 8
7 ,0 0 0
5 ,5 0 0
1 ,1 5 0

7 8 ,5 9 9
4 5 ,7 0 4
4 5 ,8 3 4
1 8 ,5 5 5
4 ,0 6 8
7 ,8 6 7
1 7 7 ,7 4 1
2 5 ,2 2 6

1 9 ,0 3 1
1 2 ,8 1 0
2 7 ,5 5 2

1 3 ,4 2 6
2 2 ,9 5 3
3 3 ,5 5 7

6 2 ,9 4 9
7 8 ,2 7 3
1 4 7 ,5 1 9

4 0 3 ,5 9 4
4 0 3 ,4 7 9
4 5 6 ,2 1 3

I F '

1 17 2

Reaving
Stock.

1 ,0 6 6

r,o6o

8 ,5 5 5
2 3 ,2 4 6
1 8 ,0 5 0

Speculation in cotton for future delivery has at times
shown rather more animation, but the net changes in prices
during the week were small until Thursday, when a sudden
rise occurred, especially in August. Reactions have occurred
nov and then, but they have been moderate and transient.
Loading bulls have apparently in one or more cases liquidated
large quantities of May and July cotton, but it was sold with
out seriously affecting prices. Trans-Atlantic straddles in
volving purchases of May in New York have been freely
liquidated, and at times the sales in Liverpool, inevitable
in such cases, have temporarily depressed prices there.
But on the whole the effect has been slight. Shorts have
also shown a certain eagerness in covering, which has of it
self tended to prevent any serious decline. A factor of prime
importance has been the reports of an active trade at Man
chester, with considerable business even with China, as
well as India. On the Continent of Europe, where trade is
evidently not in altogether satisfactory shape as yet, there
are signs of improvement reported. The receipts at the
Southern ports and interior towns are small. Stress is laid
on this fact. At New York the certificated stock is steadily
decreasing. The supply in the world at large is disappearing
much faster than it was a year ago. There are some com
plaints of too much moisture in the Eastern and central por
tions of the belt. Southern spot markets have continued
firm, although they are generally reported quiet. Some re
ports state that certain cotton goods are beginning to show
more steadiness, the more so that prices are understood to
be unprofitable. Some insist that in the speculative cotton
market a considerable short interest remains to be covered.
Others question this. The May premium over July has
disappeared. Many doubt whether a serious “corner” in the
May options was ever contemplated, with indictments still
in existence with reference to a “corner” in the past. Mean
time, most of the news in regard to the weather and the crop
outlook appears to be favorable. Trade is so dull that many
experienced people think there will be more than enough cot
ton to supply the needs of the mills. On the recent marked
advance the short interest has undoubtedly been consid
erably reduced. An extra session of Congress has begun;
and it is believed that cotton-goods schedules arc certain to
receive legislative attention. Unless the plant meets with a
serious setback, the next crop may possibly be the largest
ever raised by the South and mark the opening of a new
epoch in cotton culture in this hemisphere. On Thursday
August ran up over $1 a bale on covering of shorts, and other
months also advanced. Light receipts at the South, spot
sales in Liverpool of IS,000 bales, American and Continental
and Manchester buying there and reports of continued ac
tivity in Manchester’s trade, with the nervousness of shorts
here, were the chief factors. Leading bulls sold, it is be
lieved, on the rise. Spot cotton has advanced to 14.85c.
for middling uplands, a rise of 25 points for the week, with
a better business on Thursday.
The rates on and off middling, as established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a ir ..................... c . 1.50 on M id d lin g............... c . Basis G o o d m i d . t i n g e d . c E v e n
Strict mid. fair------- 1.30 on Strict low. m id____ 0.25 off S t r i c t m i d . t i n g e d . . 0 . 1 5 o ff
Middling fair............. 1.10 on Low middling_____ 0.75 oil M i d d li n g t i n g e d ____0 . 2 5 o ft
S t r i c t g o o d m i d ______0 . 0 0 o n Strict good o rd ___ 1.20 oil
S t r i c t l o w . M i d . t i n g . 0 . 7 5 o ff
Good middling___ 0.44 on Good ordinary_____2.00 o ft L o w m i d . t i n g e d . . . 1 . 7 5 o ff
S t r i c t m i d d l i n g ______0 . 2 2 on Strict g’d mid. tgd.0.3 5 on M
1 i d d li n g s t a i n e d ____1 . 0 0 o ff

The official quotation for middling upland cotton in the
New
YorkAmarket
each day
forMon.
the past
week has been:
A pril 8
p ril 14—
Sat.
Tues. W ed. Thurs. Fri.
to

M id dlin g u p la n d s -----------------------1 4.65

14.75

1 4 .7 0

14.65

14.85

NEW YORK QUOTATIONS FOR 32 YEARS.

1 9 1 1 .e
1910 _
1909.
1 9 0 .8
1 9 0 7 _____
1906.
1 9 0 5 _____
1 9 0 1 ______

.1 4 .8 5
1 5 .1 0
. .1 0 .4 5
. 10.00
. 11.10
..1 1 .8 0
..
7 .8 5
.1 4 . 2 5

1 9 0 3 .c
1 9 0 2 ...
1901.
1 9 0 0 ...
1 8 9 9 .._
1 8 9 8 ...
1 8 9 7 .._
1 8 9 6 ______

.1
. .
_
. .
._
..
. .
._

0 .5 0
9 .1 9
8 .3 1
9 .8 1

6 .1 2
6 .1 9
7 .4 4
7 .8 8

1 8 9 5 . C ______
1 8 9 4 _________
1 8 9 3 .................
1 8 9 2 _________
1 8 9 1 ..............
1 8 9 0 _________
1 8 8 0 _____
1 8 8 8 _________

.
.
.
.
.
.1
.1
.

6 .5 6
7 .5 6
8 .2 5
7 .1 2
8 .0 4
1 .7 5
0 .6 9
0 .7 5

H

1 8 8 7 .c ______ 10.62
1 8 8 6 __________9.25
18 8 5 ________ 11.00
18 8 4 _____
11.94
1 8 8 3 ..
10.25
1 8 8 2 ______ ..1 2 . 2 5
1 8 8 1 ...............1 0 .8 8
1 8 8 0 _________11.88

MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.

2 ,5 2 5

T o ta l 1 9 0 9 -1 0 . ' 6 1 .9 1 5 1 1 ,5 1 0

Great
Ger
Other Coast- |
Rritccin. France many. Foreign telse. | Total.

Spot Market
Closed.
S a t u r d a y ____
M onday. . .
T u esd ay —
W ed n esd ay.
T h u rsday .
F r i d a y ____ .
T o t a l ______

Q
Q
Q
Q
Q

u ie t,
5 p ts. a d v
.
u ie t, 10 p t s . a d v .
u ie t,
5 p ts . d e c ..
u ie t,
5 p ts . d e c ..
u ie t, 2 0 p t s . a d v .

Futures
Market
Closed.
F ir m
F ir m
S te a d
S te a d
S te a d
H O

. . .
. _
.............. .............
y _________
_
y _____________
y.
................
L ID A Y

SALES.
Spot.

Conlr’ct

5 ,3 9 8

5 ,3 9 8

1 ,1 0 0

—
6 ,4 9 8

T otal.

1 .1 0 0

—
0 ,4 9

1044

T H E C H R O N IC L E

[ VOL. L X X X X I I

FUTURES.—The highest, lowest and closing prices at AT THE INTERIOR TOWNS the movement—that is,
New York the past week have been as follows:
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year—is set out
in detail below.
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Tj o . *
a?S
“ R gE o a
*<3 o “2^ E = . O a
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 are brought down to Thursday
This year's figures estimated.
evening. But to make the total the complete figures for to
night (Friday), we add the item of exports from the United ; The above totals show that the interior stocks have d e
cre a se d during the week 19,011 bales and are to-night 14,399
States, including in it the exports of Friday only.
bales
more than at the same time last year. The receipts
A p ril 14—
1911.
1910.
1909.
1908.
Stock at L iverpool------------- bales
737,000 1,331,000
959,000 at all the towns have been 10,076 bales less than the same
Tf n« .1,113,000
7,000
Stock at London ---------- -----------.
5,000
9,000
8,000
53,000
Stock at M anchester'.................... .. 100,000
72,000
79,000 week last year.
T otal Great Britain s to c k ..........1,220,000
795,000 1,412,000 1,046,000
OVERLAND MOVEMENT FOR THE WEEK AND
7,000
7,000
11,000
Stock at H am burg______________ .
19,000 SINCE SEPT. 1.—We give below a statement showing the
291,000
484,000
Stock at B rem en ------------------------. 253,000
455,000
332,000
322,000
251,000 overland movement for the week and since Sept. 1, as made
Stock at H a v re -------------------------- . 320,000
2,000
2,000
4,000
4,000
Stock at Marseilles........................ .
up from telegraphic reports Friday night. The results for
.
22,000
7,000
42,000
44,000
Stock at Barcelona ....................
54,000
23,000
45,000
28,000 the week and since Sept. 1 in the last two years arc as follows:
Stock at Genoa _______ ________ .
jh

Stock at T rie s te ............................. .

9,000

5,000

2,000

22,000

Total Continental stocks--------- .

667,000

657,000

920,000

823,000

Total European stock s----------- .1,887,000 1.452,000 2,332,000 1,869,000
217.000
India cotton afloat for E u r o p e .. . 134,000
142,000
108,000
222,565
269,236
Amer. cotton afloat for E urope. . 211,382
296,803
37,000
Egypt.Brazil, & c.,aflt.for Europe .
20,000
31,000
32,000
129,000
256,000
Stock In Alexandria, E g y p t------ . 199,000
222,000
718,000
457,000
Stock In B om bay, Ind ia.............. . 580,000
607,000
481,752
603,732
526,052
Stock In U . S. p o r t s _____ _____ . 466,543
424.186
579,256
Stock In U. S. Interior towns — . 438,585
435,162
1,831
19,607
33,615
32,011
U. S. exports to-d a y ____________ .
T otal visible supply....... ............ .3,955,341 3,784,110 4,703,839 4,128,028
TTQf the above, totals of American and other descriptions are as follows:
Am erican—
672,000 1,219,000
835,000
Liverpool stock -------- -----------bales. a 093,000
41,000
61,000
82,000
67,000
Manchester s tock ________________
617,000
881,000
747,000
Continental s to c k ........... ................ 621,000
322,565
269,236
296,803
American afloat for E u rop e_____ 211,382
603,732
481,752
526,052
U. S. port stock s------- ---------------- 466,543
424,186
579,256
435,162
IJ. S. Interior stocks...................... 438,585
33,615
32,011
19,607
1,831
U . S. exports to-d a y .......................
Total A m e r ic a n ......... ................. 2,814,341 2,578,110 3,646,839 2,939,028
East Indian, Brazil, & c.—
112,000
124,000
65,000
Liverpool stock _____ _________ . 120,000
8,000
9,000
5,000
London s t o c k . . ..............................
7,000
12,000
11,000
Manchester s tock ________________
12,000
18,000
76,000
40,000
39,000
Continental stock .............................
46,000
142,000
108,000
India afloat for E u r o p e _______
217,000
134,000
31,000
32,000
20,000
E gypt, Brazil, &e., afloat_______
37,000
222,000
Stock In Alexandria, E g y p t___
256,000
129,000
199,000
Stock in Bom bay, India........... ..
457,000
607,000
718,000
580,000

W eek.
6,661
3,213
41
2,398
536
1,398
2,798

13,019 1,170,333

17,045

001,514

970
586
1,014

148,515
53,771
39,158

2,163
473
515

80,302
38,733
47,181

2,570
T otal to be d educted.................. 2,570

241,444

3,151

166,216

10,449

028,889

13,894

735,298

Week.
4,588
2,056
32

Vla R ock Island .
Via Cincinnati_____
Via Virginia points.

Deduct shipments—
Overland to N. Y .. Boston, & c ..
Between Interior tow ns__________

* Including m ovem ent b y rail to Canada.

The foregoing shows the week’s net overland movement
has been 10,449 bales, against 13,894 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 193,591 bales.
In Sight and Spinners’
Takings.
Receipts at ports to April 14_____
Net overland to April 14_________
Southern consum ption to April 14

---------1909-10--------Since
Week.
Sept. 1.
82,410 0,573,648
13,894
735,298
40,000 1,663,000

Week.
37,190
10,449
49,000

. 96,639 10,372,484
.*19,01 1
387,807

T otal East India, & c_........... . 1,141.000 1,206,000 1,057.000 1,189,000
T otal American ...................... .. 2,814,341 2,578,110 3,646,839 2,939,028
T otal visible supply.................... .3,955,341 3,784,110 4,703,839 4,128,028
7.90d.
Middling Upland, L iverpool-------7.8 Id.
5.54d.
5.57d.
Middling Upland, New Y ork -----14.850.
15.25c.
10.60c.
9.90c.
io ;-jd .
8 %d.
E gypt, Good Brown, L iv erp ool..
16 Hd.
8 %d.
ll.OOil.
7.75d.
Peruvian, Rough Good, Liverpool 1 l.2 5 d .
9.85d.
7^d.
5 5-16(1. 5 3-1 Od.
7 y-i d .
Broach, Fine, L iverpool— .........
7 ? id .
7 l-16d.
Skid. 4 15-16(1.
Tlnnevelly, Good, L iverpool------

-1009-10Since
Sept. 1.
344,172
154 019
20,085
94.727
40,901
122,135
135,475

-1010—11
Since
Sept. t.
453,648
190,844
25,862
120,254
684
62,696
157,913
1,489
159,116

A pril 14—
Shipped—

. 77,628
North, spinners’ takings to A pr. 14 17,502
* Decrease during week.

10,760,201
1,829,478

142,304
*39,523

8,971,946
341,023

102,781
_____
14.708

1,838,346

0,312,969

Movement into sight in previous years:

Week—
1909— April
1908— April
1907— April
1906— April

Bales.
1 6 ........................143,604
18...................... 95,551
19...................... .108,306
2 0 . . ...........
141,253

Since Sept. 1—
Bales.
1908-09— April 16_______ 12,011,781
1007-08— April 18___
.10,122,229
1906-07— April 1 0 . . .
9,611,941
1005-06— April 2 0 _______ 11,100,409

Continental imports for the past week have been 78,000
bales.
. The above figures for 1911 show a decrease from last week QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 164,069 bales, a gain of 171,231 bales over 1910,1 a MARKETS.—Below are the closing quotations of middling
decrease of 748,498 bales from 1909, and 'a loss ofjl72,687 cotton at Southern and other principal cotton markets for
bales from 1908.
. . ;.
each day of the week.



A pr . 15 1911. J
Week ending
A pril 14

TH E C H R O N IC LE

WORLD’S SUPPLY AND TAKINGS OF COTTON.

Closing Quotations fo r Middling Cotton onSat’ dag.

Monday. Tuesday. Wed’ dag. Thursd’g. Friday.

G a lv e s to n -------New Orleans. . _
M o b ile _________
Savannah --------

14^
I t 7-10
14 X
14 5-16

14 %
1 4 'A

N o r fo lk ----------B a ltim o r e -------Philadelphia —
A ugusta-----------M em p h is---------St. Louis-------H o u s t o n ---------Little H ock------

14 9-16
14 X
14.90
14 %
14 X
14%
14 H
14 X

14 7-10

44%
14%
14 5-10
14 %

14%
14%
14 5-10
14%

14 X
14%
14 5-10
14 %

14 5^
14%
15.00
14 %
14 %
14 X
14 ‘A
14 %

14 %
14 X
14.95
14 X
14 %
14 X
14%
14 5-16

14%
14%
14.90
14 X
14%
14 X
14 %
14 5-16

14 X
14%
15.10
14X
l5
It X
14 %
14 5-16

M M

Cotton Takings.
Week and Season.

HO L IDAY.

Deduct—
Visible supply April 14. _____

Week.
o
o
o
1©

ROLL
DAY.

— @ — — @ — — @ .76 — @ — — @ —
12.74-.76 12.75-.77 12.74-. 74 12.72-.74 12.80-.82
12.63-.76 12.72-.80 12.72-.82 12.70-.72 12.76-.8 1
12.75-.76 12.78-.79 12.72-.73 12.72-.73 12.80-.81
— @ — — @ — —- @ — — @ — — @ —
12.78 — 12.80-.82 12.74-.76 12.74-.70 12.82-.84

WEATHER REPORTS BY TELEGRAPH.—Telegraphic
reports to us this evening from the South are in the main
of a satisfactory tenor. Rain has been quite general and
rather heavy at a few points and this interfered to some
extent with farm work especially in the early part of the
week. On the whole, however, cotton planting has made
good progress.
Galveston, T exa s. —We have had no rain during the week.
The thermometer has ranged from GO to 72, averaging 60.
Abilene, T exa s. —The week’s rainfall has been sixteen
hundredths of an inch, one one day. Average thermometer
58, highest 68 and lowest 48.
Palestine, T exas. — We have had rain on three days of the
week, the rainfall reaching one inch and seventy-seven
hundredths. The thermometer has averaged 64, the highest
being 76 and the lowest 52.
San A ntonio, T exas. —It has been dry all the week.
The thermometer has averaged 61, ranging from 52 to 70.
Taylor, T exa s. —There have been showers on two days
during the week, to the extent of six hundredths of an inch.
The thermometer has ranged from 56 to 70, averaging 60.
Shreveport, Louisiana. —It has rained on three days of
the week, the rainfall reaching one inch and eighty-two hun
dredths. The thermometer has ranged from 44 to 86.
Vicksburg, M is siss ip p i. —Rainfall for the week five inches
and twenty-two hundredths. The thermometer has averaged
64.5, ranging from 45 to 84.
Charlotte, North Carolina. —It has rained during the week,
the precipitation being seventy-two hundredths of an inch.
Average thermometer 58, highest 80, lowest 07.
Helena, Arkansas. —We are having almost too much rain.
There has been rain on three days during the week, the
rainfall being two inches and fifty-two hundredths. The
thermometer has ranged from 41 to 80, averaging 59.
M ob ile, Alabama.—Cotton planting proceeded slowly the
early part of the week on account of the rain, but latterly
it has made good progress. General crop prospects are very
satisfactory. We have had rain on four days the past week,
the rainfall being two inches and seventy-three hundredths.
The thermometer has averaged 67, the highest being 76 and
the lowest 52.
M ontgom ery , Alabam a .—Rains have interefered with farm
work. It has rained on two days of the week, the rainfall
reaching one inch and forty-five hundredths. The ther
mometer has averaged 63, ranging from 48 to 84.
Selma, Alabama. — We have had rain on four days during
the week, the rainfall being one inch and fifty hundredths.
The thermometer has ranged from 44 to 87, averaging 77.
Savannah, Georgia.—We have had light rain on five days
of the week, the rainfall reaching one inch and ninety hun
dredths. The thermometer has averaged 64.
Charleston, South Carolina.—It has rained on three days
of the week, the rainfall reaching one inch and one hundredth.
The thermometer has averaged 66, ranging from 47 to 84.
M ad ison , Florida .—The week’s rainfall has been seventyfive hundredths of an inch on two days. Average ther
mometer 70, highest 85 and lowest 55.
fSftNew Orleans, Louisiana.—We have had rain on two days
the past week, the rainfall being five inches and ninety-two
(hundredths. The thermometer has averaged 68.

417,192 11,150,881

1909-10.

Bombay—
1910-1l . .
1909-10..
1908-09..
Calcutta—
1910-11..
1909-10..
1908-09..
Madras—
1910-11_
1909-10..
190S-09-.
All others—
1910-11..
1909-10..
1908-09-.

Week.

Since September 1.

5.000
2,000
1,000

2,666

Since
Sept. 1.

Week.

1,730.000 94,000!2,563,000 62,000 1.635,000

Great
Britain.

4,000 18,000 18,000 -‘0,000
9,000 10,000 103,000 122,000
17,000 9,000 26,000
1,000

1908-09.

Since
Sept. 1.

1

For the Week.

12.67-.80 12.77-.84 12.74-.88 12.74-.80 12.82-.87
12.79-.80 12.83-.84 12.76-.77 12.77-.78 12.84-.85




1 3,955.341

Since
Sept. 1.

Great Conti Japan
Britain. nent. &Chlna Total.

from—

14.53-. 63 14.65-.77 14.62-.78 14.61-.69 14.76-.84
14.62-.63 14.75-.76 14.67 — 14.68-.69 14.79-.80

Steady.
Steady.

3,955,341

1910-11.

Bombay................................

— @ — — @ — — @ — — @ — — @ —
14.62-.64 14.74-.76 14.65-. 67 14.66-. 68 14.77-.79

Steady.
Steady.

1,931,022
9,312.969
2,563,000
283.000
648.000
197.000

INDIA COTTON MOVEMENT FROM ALL PORTS.

14.52-.60 14.62-.72 14.54-.71 14.54-.62 14.66-.75
14.39-.60 14.69-.70 14.59-.60 14.6l-.62 14.71-.72

Steady.
Steady.

Season.

Total takings to April 14_____
332,397 11,524,469 3,784,110 3,784,110
Of which A m e r ic a n .______
230,697 8,739,464
248,192 8,188,881
Of which o t h e r ____________ ! 101,700 2,785,005
169,000 2,962,000
* Embraces receipts la Europe from Brazil, Smyrna, W est Indies, &c.

April 13.
Receipts at—•

Firm.
Steady.

1909-10.
Week.

Season.

Visible supply April 7 ____
. 4,119,410
3,971,521
Visible supply Sept. 1 ._
______ 1,495,514
American In sight to April 14 .
102,781
77,628 10,760,291
B om bay receipts to April 13
.
60,000 1,730,000
94.000
Other India shlp’ ts to April 13. .
18,700
282,005
29.000
Alexandria rCcelpts to April 12 8,000
988,000
1,000
Other supply to April 12*____ 4,000
224,000
3,000

— @ — — @ — — @ — — @ — — @ —
14.45 — 14.55 — 14,48-.50 14.50 — 14.60 —

Steady.
Steady.

1910-11.

Total supply________________ . 4,287,738 15,479,810 4,201,302 14,934,991

Sat'day, Monday, Tuesday, Wed’dag, Thursd'y, Friday,
A p ril 8. A p ril 10. A p ril 11. A pril 12. A pril 13. A p ril 14.

13.89-.05 14.13-.18 14.08-.26 14.07-.18 14.22-.29
14.03 — 14.13-.14 1 4 .ll-.1 4 14.17-.18 14.27-.28

•

W eek.

NEW ORLEANS OPTION MARKET.—The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

A p ril—
Range ---------Closing---------M a y—
R a n g e ............
Closing...........
June—
Range ............
Closing______
J u ly—
R a n g e ______
Closing______
August—
R a n g e ______
Closing______
October—
Range ______
C losing______
November—
Range ______
C losing______
D ecem ber—
Range ............
C losing______
January—
Range ............
C lo s in g _____
T one—
Spot _______
O p tio n s .........

1045

3,000
3,000'
4.000;

___
1,000
1,000

9,000
1.000 23,000
1,000 9,000

3,700 12,700
24,000
5,666 15,000

Japan
cfc China.

29,000^ 587,000
78,000 689,000
19,000. 456,000

6,000
4,000
1,000

1.000
1,000

Conti
nent.

Total all—
1910-11.. 5,000 27.000 26,700 58,700
1909-10. . 10,000 36.000105,000 151,000
1908-09.. 1.000 27,000 15,000 43,000

Total.

370,000 986,000
671,000 1,438,000
478.000 953,000

24,000
29,000
28,000

18,000
36,000
27,000

45,000
68,000
59,000

8,000,
18,000
4 ,0 0 0 ;
10,000
3,000
16,000
1
27,000 179,000
19,000 179,000
14,000j 141,000

5
1,000
2,000

26,005
15,000
21,000

5,000
2,000
19,000

211,000
200,000
174,000

67,OOoj 808,000
907,000
40,000 641.000

393,005 1,268.! 05
710,000 1.721.000
520,000 1.207,000

1 0 1 ,0 0 0 ;

ALEXANDRIA RECEIPTS AND SHIPMENTS.

Alexandria, Egypt,
A p ril 12.

1910-11

1909-10.

1908-09.

38,000
7,412,071

5,500
4,858,076

22,000
6,510,411

This
Since
Week. Sept. 1.

This
Since
Week. Sept. 1.

This
Since
Week. Sept. 1.

1,250 187,363
192,158
'666 329,418
400 98,786

3,250 136,650
112,352
4', 500 252,669
400 57,100

6,000 157,485
7.250 164,383
3,750 268,785
2.250 64,138

Receipts (cantars) —
This week . ____________
Since Sept. 1 ____________

Exports (bales) — #
To
To
To
To

L iverpool____________
Manchester ..................
C o n tin e n t................
A m erica_____________

1o

■ T otal exp orts_________ 11,650 807,725

8,150 558,771 19,250 654,791

MANCHESTER MARKET.—Our report received by cable
to-night from Manchester states that the market is quiet for
yarns and firm for shirtings. Manufacturers are generally
well under contract. We give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison._____________________________________
1910.

1911.

8 % lbs. Shirt Col'n
ings, common Mid.
to finest.
Upt’s

32s Cop
Twist.
Feb.
24
Mch
3
10
17
24
31
Apr.
7
14

d.
107-16

d. s. d.
11M 5

107-16® u %
10%
11%
10% <14 tl A
10% «
11%
10 % <a 1 1 %

s. d.

d.

d. s. d.

d.

7 @10 1 0 % 7.51 10 7-10 3

5 7 @10 1 0 %
5 ti% a-10 10
5 11 @11 0
5 11 f o i l 0
5 11 <311 0

10 9-16® 11 9-16 5 11
10 9-16® 11 9-16 5 11

@11
@11

0
0

7.64
7.6»
7.75
7.73
7.70

814 lbs. Shirt Cot'n
ings, common Mid.
to finest.
V p lj

32s Con
Twist.

I0?t
10 %
10 %
10 %
10 %

@
@
@
(a.
©

7.83 1 0 % @
7.96 10 9-16@

11K 5
%
%
11 %
11%
11%
11
11

11
11

5

s. d.

5 6 @10
5 6 @10
5 6 <3 10
o 6 % a 10
5 7 @10

% 5
%5

d.

@9 10% 7.99
0
0
0
ltf
1%

7% ® 10 3
7%<Z10 3

8.07
8.05
8.17
8.15
7.96
7.92
7.81

GEORGIA INDUSTRIAL ASSOCIATION.— Annual M eet
—The Secretary of the Georgia Industrial Association,
which includes all the cotton mills of the State, informs us
that the organization will hold its annual meeting at Warm
Springs, Ga., on Thursday and Friday, June 15 and 16 1911.
An interesting program is being arranged and noted speakers
will address the convention on each of these days on matters
pertaining to the cotton-manufacturing industry. A large
attendance is believed to be assured, and the meeting will be
of great importance, as steps will be taken looking to the
matter of curtailment on account of the depressed condition
of the cotton goods trade.
EGYPTIAN COTTON CROP.—Under date of Alexan
dria, March 17, Messrs. Eugen C. Andres & Co. of Boston
have the following:
in g .

Reports from the Interior continue favorable and planting Is progressing
satisfactorily, with the exception of a few provinces which are somewhat
backward.

Advices of March 25 were:

Preparations are In advance, thanks to favorable weather. The Ministry
of the Interior, In conjunction with the Department of Agriculture, are
more than ever alive to their responsibility, and. In view of the splendid
results obtained last year, are preparing to organize a b od y of expert In
spectors, Jwho will see to the carrying out of Instructions In connection with
the destruction of the cotton-w orm and all other points necessary to obtain
the best results.

EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.—Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of March,
and since Oct. 1 1910-11 and 1909-10, as compiled by us
from the British Board of Trade returns. It will be noticed
that we have reduced the movement all to pounds.
Yam & Thread.

Cloth.

Total o f All.

omitted. 1910-11 1909-10 1910-11. 1909-10. 1910-11. 1909-10. 1910-11. 1909-10.
Yds.
515,615
463,326
482,827

Lbs.
96,729
95,167
102,041

Lbs.
95,964
86,232
89,870

Lbs.
116,808
113,173
121,636

Lbs.
117,278
106,683
107,938

1st qr. 57,680 59,833 1,578,440(1,461,813

Oct . . .
N o v __
Dec-----

Lbs:
20,079
18,006
19,595

[ VOL. I . X X X M 1.

TH E C H R O N IC LE

1046

Lbs.
21,314
20,451
18,068

Yds.
519,432
511,047
547,961

293,937

272,066

351,617

331,899

497,747
469,525
475,819

102,439
95,317
114,837

89,733
84,645
85,780

123,808
114,614
138,979

107,612
102,826
104,333

2d qr. 64,808 54,613jl,733,433|l.434.091

312,593

260,158

377,401

314,771

6 m os.. 122,488 114,4463,311,8732,904,904

606,530

532,224

729,018

646,670

656
23,443

540
21,505

753,117

668,715

Jan . . . 21,369 17,879
Feb___ 19,297 18,181
March.. 24,142 18,553

568,228
529,007
636,198

Total exports of cotton manufactures___

- - - ........

Total bales.
3 E W Y O R K — T o Hamburg— April 11— Bluecher, 200____________
200
T o Barcelona— April 8— A ntonio Lopez, 2,000; Germania, 1 5 0 .. 2,240
350
T o Genoa— April 7— Friedrich, 50__ April 11— Ham burg, 300.
T o Naples— April 7— Friedrich, 500
April 11— Ham burg, 100
600
T o Japan— April 11— Jeserlc, 300_______________________________
300
G A LV ESTO N — T o Manchester— April 10— R am on de Larrlnaga,
6,746 ______________________________________________________ _ 6.746
T o Bremen— April 8— K oln, 7,789; Middleham Castle, 2 , 2 4 3 . . 12,032
T o Antwerp— April 8— Middleham Castle, 557_________________
557
T o Ghent— April 8— Middleham Castle, 1 0 0 .___________________
100
N E W O R L E A N S — T o L ondon— April 11— Alexandrian, 8 7 ________
87
T o Hamburg— April 7— Barrister, 1,550________________________ 1,550
T o R otterdam — April 7— Balaclava, 200_______________________
002
T o Christiania— April 8— N ordkyn, 250________________________
250
T o Barcelona— April 7— Emilia, 1 ,9 0 0 .. .A pril 10— Miguel M.
Pinlllos, 1,701__________________ . . . . .
_________________ 3,601
T o Venice— April 7— Emilia, 6 1 3 ...A p r il 11— Carolina, 7 0 5 . .. 1.318
T o Trieste— April 7— Emilia, 1,7 1 9 .. .A p ril 11— Carolina, 100 . . 1,819
T o Flume— April 7— Emilia, 3 9 8 _______________________________
398
T o Genoa— April 11— Principcssa Laetttla, 2 ,0 6 7 __ April 12—
Slcanla, 6,900
______________________________________ 8,967
100
T o Naples— April 12— Slcanla, 100___________________ _________
M O B IL E —T o Bremen— April 10— Lincolnshire, 5,396___________ _ 5,396
P EN SACO LA— T o Liverpool— April 12— Gracia, 1,350________ ___ 1,350
200
SA V A N N A H — T o Bremen— April 12— Brlka, 2 0 0 __________________
T o Hamburg— April 8— Mendlbil Mendl, 2,710______ __________ 2,710
T o Barcelona— April 13— L odovlca, 1 ,7 8 1___________________ . 1,781
B OSTON — T o Liverpool— April 10— Cymric, 6 5 ____________________
65
400
B A L T IM O R E — T o Liverpool— April 7— Ulstermorc, 400___________
T o Bremen— April 13— Hannover, 50__________________________
50
100
T o Hamburg— April 10— W aldersec, 100_______________________
P H IL A D E L P H IA — T o Manchester— A pril 8— Manchester Corpora
tion, 100___________________________________ ________
_
100
T o H amburg— April 7— Yheranga, 2 0 0 . .
___ _______________
200
SAN FRANCISCO— T o Japan— April 6 — Tenyo Maru, 100__ April
12— Persia, 550______________. . .
__________________________
650
36
S E A T T L E — T o Japan— April 11 — A w a Maru, 3 6 .................... ...............

The foregoing shows that there has been exported from
the United Kingdom during the six months 753,117,000 lbs.
of manufactured cotton, against 668,715,000 lbs. last year, T otal -------------------------------------------- ------------------ -------------------------------65,339
or an increase of 84,401,000 lbs.
A further matter of interest is the destination of these LIVERPOOL.—By cable from Liverpool wc have the fol
exports, and we have therefore prepared the following state lowing statement of the week’s sales, stocks, &c., at that port:
,
Atell. 24.
Mch. 31.
A p ril 14.
ments, showing the amounts taken by the principal countries „ . of. the
A p ril 7.
week______ bales.
60,000
55,000
48.000
64.000
during March and since Oct. 1 for each of the last three Sales
Of which speculators t o o k ..
4,000
4,000
5.000
1,000
Of which exporters t o o k . . .
3,000
4.000
years.
2,000
Sales, A m erican....... ...........
54,000
50,000
43.000
60.000
4 ,0 0 0

March.
Piece Goods— Yards.
(000s omitted.)

1911.

1910.

East Indies................... .....
Turkey, Egypt and Africa.
China and Japan.......... .....
Europe (except Turkey)__
South America. ...... .........
North America....................
All other countries________

265,359
115,485
SO,756
47,601
51,405
32.322
43,267

211,144
74,327
42,245
45,061
36,380
30,707
35,955

October 1 to March 3 1.
1909.

1910-11.

1908-09.

1909-10.

202,673 1,389,582 1,317,3S7 1,026,056
93,126 615,273 476,567 523,828
63,450 352,964 230.352 291,862
38,865 227,428 219,975 172,579
31.775 309,760 256,879 192,198
27,865 180,298 196,798 167,863
35,113 236,568 206,946! 196,300

Total yards...................... 636,198 475,819 492,867 3,311.873 2,904,904 2,570,686
Total value...................... £8,605 £6,143 £5,703 £44,406 £36,210 £31,117
Yarns—Lbs. (000.? omitted).
Holland ..............................
Germany _____________
Oth.Europe(exceptTurkey).
East Indies_____ ________
China and Japan................
Turkey and E g y p t ...........
All other countries........ .....

4,815
5,284
3,564
3,850
193
1,041
3,373

4,298
4,165
2,561
2,019
62
809
2,411

22,735
22,422
16,398
16,382
304
5,193
15,055

17,792
18,715
18,706
14,853
4,197
9,056
113,834

111,081 • 98,549
£7,980
£6,092

97,153
£5,112

22,631
28,627
17,588
18,597
626
5,552
17,460

4,258
3.271
3,599
2.995
864
1,829
2,762

Total pounds.................... 22,120 16,355 19,578
Total value.................. . £1,565 £1,060 £1,025

Actual e x p o r t . . --------------------18,000
83,000
lo rw a rd c d -----------Total stock— Estim ated______1,222,000
Of which A m erican............... 1,104,000
Total Imports of the w eek____
55,000
Of which A m erican________
46,000
Am ount a f lo a t ----------------------- 119,000
Of which A m erican________
83,000

6,000
72,000
1,187,000
1,069,000
43,000
33,000
1 2 2 ,0 0 0

85,000

11,000
78.000
1.139.000
1.019.000
40.000
30.000
109,000
62.000

10.000
61,000
1,113,000
993,000
42.000
29.000
83.000
45.000

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:
Spot.

Market,
12:15
Y. M.

Saturday. \ Monday. ! Tuesday.
1
)
Good
J demand.

Mid. Upl’ds

7.85

Sales........
Spec.&exp.

1 0 ,0 0 0

1,000

Futures.
Market

Steady at
1 1 point
/ advance.

Wednesday.; Thursday, j Friday.

|
Good
i
demand. \ Steady.
7.87
!

12,000
1,000

j

Good
1 Hardenlng.
demand.

7.95

7.89

7.96

8,000
1.000

14,000
1,500

18,000
2,000

HOLI
DAY.

Steady at Barely st’y Barely st’y Steady at
3@ 5 pts.
2@4 pts. i 2@ 5 pts. i a t l p t .
advance.
advance.
advance. ! decline.

DOMESTIC EXPORTS OF COTTON MANUFACTURES. opened
—We give below a statement showing the exports of domes Market 1 Quiet at !Very
Steady at
ste’dy Barely st’y Quiet at
2@3 pts. !a t4)4@8)4 at )4 p.dec. 2@3 )6 pts. 3)4) @ 8 pts.
tic cotton manufactures for February and for the eight P.4 M. J1 advance.
1 pts. adv. to 1 p. adv. 1 decline. 1 advance. 1
months ended Feb. 28 1911, and, for purposes of comparison,
like figures for the corresponding periods of the previous year The prices for futures at Liverpool for each day arc given
are also presented:________________________________
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Quantities of Manufactures o f Cotton Month ending Feb. 28. ^8 Mos. ending Feb. 28.
(colored and uncolored)
Exported to—

United Kingdom.............. ...y a rd s .
Canada.............................................
Central American States and British
Honduras________............... .......
Mexico .............. ......... ............. .......
Cuba .................................................
Other West Indies and Bermuda.. .
B r a z il............. ...............................Chile........................................... .......
Colombia .................. ........... ...........
Other South America........................
A d e n ............................................ .
Chinese Empire .................. .............
British East Indies............................
British Oceania.............. ..................
Philippine Islands...... ................. .
Other Asia and Oceania....................
Other countries__________________

The prices are given In pence and 100ihs.

1911.

| 1910.

i 1910-11.

147,223
865,945

142,874! 1,064,247
814,106( 6,985,168

1,724,755
6.298,331

2,234,684
173,427

1,344,795 22,881,874
123,942
1,151,974
472,838 11,308,227
2,496,390 30.533.726
134,501
1,313,943
284,916 7,507,172
1,465,846 10,905,004
1,023,214 10,182,095
467,950! 11,867,859
17,271 ■ 39,494,420
1,060 4,604,457
130,711 6,201,585
4,727,650 36.609,034
218.037| 2,188,693
492,944 7,886,604

16,855,149
853,331
10,436,486
28,431,414
1,590,558
5,815,990
10,431,619
11,244,915
5,963,320
59,524,309
5,746,337
4,719,296
20.044,171
2,795,988
9,709,749

2,955,202
132,057
1,169,473
1,468,597
1,629,759
3,705,154
3,854,800
1,346,298
642,157
3.079,665
247,329
839,654

Thus, 7 58 means 7 58-100d.

1909-10.

Total yards ot above___________ 25,804,880 14,359,045 212,636,088 202,785,718
Total values of above.................. $1,845,893 $970,415 $15,069,745 $12,745,089
$.0680.
$.0709
$.0629
Value per yard.................................
$.0715

Fri.
| Mon. i Tucs. ! W ed.
Apr. 8 i
Sat.
Thurs. j
to
Apr. 14. j12 H 1 12 M 12 Hi 4 |12M S 4 |l2M| 4 1| l2Hl 4 112 \i\ 4
!p.m ; p.m. jp.m . p.m . p.m . p.m . p .m .'p .m .1p.m . jp.m. p.m . p.m .
7 53 )4 61 'A 66 169 |05>6!02)4!02)4i07)4
A p r i l ____
65
68
62
61 )4 167
7 57 )4 60 'A 65
A pr .-May.
68
65
7 57 y, 60 H 65
62
61 )6 67
May-Junc
63)4 60
58
57)<I 63
7 52 Vi 56 [60
June-July
7 47 ■51 155 158)6 !55)6 53)6 53
58 )6
July-A ug35 133
7 23)4 27)4 32
31
30
A ug.-Sep.
36)6
6 04
97 )<j 99 ])6 02
02
Sep .-Oct .
99)4 99 197
6 79 )4 83
85 187)6 85
O ct.-N ov84)6 82)6 87
.16 75 j78 A 80]16183
82
80)4 80 i78
N ov.-D ec.
6 74 |77 'A 79 182 178
78 34 70 y. 80
Dec .-Jan .
6 74 !77)4 79 '81 )4 |78 )4 178 )6,76)4 80 Vs
Jan .-F e b .
80)4
6 74 )4 77 'A 79 ‘82
79 177
Fcb.-M ch.
79
6 75
Mch .-A p r. —
78
79 16 82 )4 70
79 )6 77)4 81

y,

B R E A D S T U F F S .

70
69
69
65
60)4
H O LI
38
DAY.
03
87
82
80
80
80)4
81 __________

F r id a y N ig h t, A p r i l 14 1911.
Flour has been quite steady here as a rule, but as for trade,
$782,092 it has been for the most part as quiet as ever.
$72,508 $1,102,194
Moderate
$96,713
2,742,752
364,ISO 3,349,141
466,726
sales of this, that or the other description have now and then
Total.
$563,439 $436,688 $4,451,335 $3,524,844 been reported, but in nine cases out of ten the buyer has
preferred to adhere to the policy of buying from hand to
Waste, cotton.
$373,620 ! $273,874 $2,377,972 $1,741,711
Yarn ..............
The promising report of the Government on the
268,869 mouth.
46,811,
404,740
45,310
All other........
310,499 3,330,972 2,523,796 outlook for the wheat crop certainly did not tend to make
409,996
him abandon this policy. At the West largo sales have been
Total manufactures o f..................$3,238,258 $2,044,287 $25,634,770S20,801,309
reported
the big mills, but lower prices are mentioned
SHIPPING NEWS.—As shown on a previous page, the as havingamong
been
in
some cases the incentive, and the smaller
exports of cotton from the United States the past week have mills have found trade
reached 65,339 bales. The shipments in detail, as made Wheat has advanced,quiet.
mainly owing to a rounding-up of
up from mail and telegraphic returns, are as follows:
the May shorts. The premium on May over July, which a
Total bales. short time ago was % c ., has risen during the week to 3 } 4 CN E W Y O R K — T o Liverpool— April 7— Baltic, 158 u p la n d ... 50 Sea
It was at a substantial discount under July not long ago. Not
Island; Canadian, 3,883 upland, 74 fo r e ig n ...A p r il 13—
Caronla, 188 foreign------------- --------------------------------------------------- 4,353
only have the shorts been covering in May and transferring
T o Manchester— April 7— R om ney, 433 upland, 148 Sea Island.
581
T o London— April 7— Minnetonka, 500------------------------------------500 their “bear” accounts to July, but a good many straddles
T o Hull— April 12— Marengo, 201---------------------------------------------201
between Chicago and other markets have been liquidated by
T o Havre— April 11— Tuskar, 50 upland, 25 Sea Island, 5
On the rise very prominent in
foreign— April 12— Niagara, 1,050----------------------------------------- 1,139 buying May at Chicago.
terests have been heavy sellers. One of the bullish factors,
T o Bremen— April 12— Prlnz Friedrich W ilhelm , 4,112________ 4,112
Value o f Other Manufactures of
Colton Exported.
Clothing and other wearing apparel
Knit goods ...................................
All other........................




1
*

1047

THE CHRONICLE

curiously enough, was the Government crop report of April
10. It was expected to give the condition as 85%. It
really gave it at 83.3%. This caused covering of shorts, al
though on the acreage it indicated a crop variously estimated
at from 510,000,000 to 541,000,000 bushels. But the re
ceipts have continued light. The Northwestern and South
western cash markets have been rising under the spur of a
better demand. Northwestern stocks have been decreasing.
European markets have at times been advancing. Some oi
the foreign crop advices have been a little less favorable.
Much stress, however, has been laid on the small receipts,
particularly at the Northwest and notaoly at Duluth. On
Wednesday, for example, the receipts at that market fell
off almost to the vanishing point, viz., 13,790 bushels,
against 143,562 bushels on the same day last year. On the
other hand, however, the world’s shipments have been large,
the weather at the West has been generally favorable, and the
manipulation of the May option alone, in the judgment of
not a few, prevented prices from declining. The Govern
ment report, pointing to a crop of winter wheat of at least
510,000,000 bushels (and according to the Produce Exchange
calculation 541,415,000), against 404,044,000 last year, may
be ignored by bull manipulators, but if the prospects con
tinue good, they will be apt to tell on the price in the future.
The export trade lias died out. Argentine prices have latlerly declined, a fact which has had its effect in Europe.
Also, Australia has been offering wheat freely to Europe at
relatively low prices. The visible supply in the United
States, however, decreased for the week 1,572,000 bushels,
against an increase for the same week last year of 207,000
bushels. On Thursday prices again advanced. The^ May
shorts were again covering and that option ended on Thurs
day 3)4c.-over July. There was much evening-up previous
to the Easter holidays. On Friday the Exchanges were closed.
D A IL Y CLOSING PR IC E S OF W H E A T FU TU RE S IN NEW YO RK .
Sat. M on . Tues. Wed. Thurs. L ri.
N o. 2 red w in t e r __________________ 91 % 93 %
94 %
93% 94
IIolIMay delivery In elev a tor_________ 93%
9 4%
94%
94% 94 %
day.
93 %
93 % 92 % 93
July delivery In e le v a to r __________93 %
D A IL Y CLOSING PR ICE S OF W H E A T FU TU R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. F ri,
May delivery In elevator___________ 87
8 8%
Holl88% 89
IIolIJuly delivery In e le v a to r__________ 8 5 %
80%
day. 8 5% 8 5%
day.
September delivery In elevator____85%
8 0%
8 5% 85%

Indian corn has advanced, partly in sympathy with the
rise in wheat and partly because of continued wet weather at
the \Vrest, which has cut down the receipts and imparted
noteworthy firmness to the cash markets. Moreover, there
has been a decrease in the visible supply. There seem to be
no signs of a cessation of the rainy or unsettled weather at
the West. Also, Buenos Ayres quotations have shown a
significant rise, owing to the very scanty surplus supply re
maining in that country. Shorts have covered freely. On
Thursday prices were again higher. Offerings were light at
Chicago. Wet weather is said to be delaying planting.
D A IL Y CLOSING P R IC E S OF NO. 2 M IX E D CORN IN NEW Y O RK .
Sat. M on. Tues. Wed. Thurs. F ri.
.........
. . ............... - 58%
IIollCash co m In elevator_____________ 55%
May delivery In elevator___________ 55%
50
57
50%
------day.
D A IL Y CLOSING PR ICE S OF CORN FU TU R E S IN CHICAGO.
Sat. M on. 'Tues. Wed. Thurs. F ri.
May delivery In elevator___________ 48%
49%
IIoII- 49
49 % IIolIJuly delivery In elevator___________ 49% 50%
day. 50
50%
day.
September delivery In elevator____51
51%
51
51%

Oats have advanced in company with other grain. Shorts
have been very noticeable buyers. Field work at the West
has been delayed by persistent rains. The supply here is
only 530,102 bushels, against 1,024,929 a year ago. Chi
cago’s stock is steadily decreasing. Shorts have been the
principal buyers and commission houses the chief sellers.
It is stated that from 75 to 90% of the planting has been done
in Illinois and Indiana. Cash oats have sold in Chicago at
) 4 c . over May. The shipments there have been exceeding
the receipts. On Thursday prices moved upward on cover
ing.
.
D A IL Y CLOSING PR ICE S OF OATS IN NEW YO RK .
Sat. M on. Tues. Wed: Thurs. F ri.
Standards ................. ....................... 37%
38%
38% 39
39
IIolINo. 2 white _____________ ________ 37%
38%
38% 39%
39%
day.
D A IL Y CLOSING PR ICE S OF OATS F U TU R E S IN CHICAGO.
Sat. M on. Tues. Wed. Thurs. Frt.
May delivery In elevator. ......... ........ 31
3 1%
Holl- 31%
31%
llollJuly delivery In e le v a to r.......... ..... 31
31%
day. 31%
31%
day.
Septem ber delivery In eleva tor____31
3 1%
31% 31%

The following arc closing quotations:

FLO U R .
W inter, low (Trades------$2 75@ $ 3 25] Kansas straights, s a c k .54
Winter patents....... .......... 4 55(S> 4 70 Kansas clears, sacks___3
Winter stra ig h ts ............ 3 8 0 © 4 00 City patents....................... 5
Winter clears..................... 3 4 3 ® 3 70 Rye liour______________ 4
3
Spring patents......... — 4 8 5 © 5 2 Graham Hour..............
Sprl g straights.................4 4 0 © 4 05 Corn meal, kiln d rie d ..
Spring c le a r s .................. 3 7 0 © 4 151
G R A IN
Corn, per bushel—
W heat, per bushel —
No 2 ............... levator
N. Spring, No. 1............. ..5 1 05%
S tea m er_______elevator
N. Spring. No. 2 ............. . . 1 0 5
94
No. 4 . . . _ . elevator
lied winter. No. 2 — . . . .
99% Rye, per bushei —
Hard winter. No. 2 ......... . .
Cents.
No. 2 W estern........... .
Oats, per bushel, new—
39
State and Pennsylvania
Standards.......................... . .
39% Iiarley— M a lt in g _______ 1
No. 2 white-----------------38%
No 3 w h ite .................... . .

25@ $4
00© 4
00© 0
00© 4
90© 4
2 05

50
00
00
75
00

Cent58 %
55 %
53
93
Nominal
08 @1 12

AGRICULTURAL DEPARTMENT REPORT.—The re
port of the Department of Agriculture, showing the condition
of winter grain on April 1 , was issued on April 1 0 , as follows:

The Crop Reporting Hoard of the Bureau of Statistics of the United
States Department o f Agriculture estimates, from the reports of corre
spondents and agents ot the Bureau, that the average condition of winter
wheat on April 1 was 83.3
of a normal, against 80.8 on April 1 1910,
82.2 on April 1 1909 and 80.9 the average condition for the past ten years
on April 1. There was an advance In condition from Dec. 1 1910 to April 1
1911 of 0.8 points, as .compared with an average decline In the past ten
years of 4.4 points between these date3.




The average condition of rye on April 1 was 89.3% of a normal, against
92.3 on April 1 1910, 87.2 on April 1 1909 and 90.2 the average condition
for the past ten years on April 1.
Comparisons for winter wheat and rye States follow:
RYE.

W IN T E R W H E A T .

Con
Condition A p ril 1.
Con
dition
dition
10- Yr. Dec. 1
10-Yr. Dec. 1
1910. A ver. 1910. 1911. 1910. Aver. 1910.

Condition A p ril 1.

STATES.

1911.
Kansas__________
N e b r a s k a ---------In d ia n a ------------Illinois ------------Missouri ... -----Pennsylvania —
Ohio
------------W a s h in g to n -----O kla h om a ---------M ich ig a n ----------C a lifo rn ia ---------Oregon _ -------M aryland. -------Idaho __ — .

75
86
86
82
91
87
84
97
55
88
88
97
81
98

New York _____
T en n essee---------Kentucky -------M o n ta n a ______
North Carolina.
Texas -----—
West Virginia —
South Carolina.
U t a h ----------Io w a _____ _____
C o lo r a d o _______
Georgia . ______
New Jersey
—
Arkansas ______
Delaware ______
W isco n sin ______
A la b a m a _______
W y o m in g ______
Mississippi______
M inn esota............

85
86
89
96
89
85
85
87
95
89
92
90
89
87
84
85
91
95
86
--

64
70
84
84
69
89
85
94
87
84
98
93
92
97
90
94
84
84
97
90
89
88
88
94
75
96
86
91
90
96
95
85
97
90
--

83.3

80.8

United States.

87
90
84
88
88
88
82
90
85
83
93
92
88
90
86
90
86
84
89
78
84
88
90

73
90
84
82
83
90
91
96
58
94
90
98
80
95
81
96
80
83
97
83
71
83
87
87
92
90
88
91
82
75
96
89
100
92
--

88
89
87
88
90
88
__
88
-86.9 1 82.5

89
92
90
93
91
90
86
94
87
88
93
97
91
97
87
91
87
86
96
89
76
87
88
100
95
89
90
91
88
89
94
89
95
-90

75
80
92
90
92
90
8G
95
65
90
96
98
84
98
88
88
88
91
93
88
95
87
88
98
92
82
90
91
88
85
91
88
98
__
85

70
84
90
93
80
91
87
98
87
91
96
97
90
99
91
96
86
88
97
90
82
90
89
99
92
93
88
93
87
94
98
90
97
__
96

89.31

92.3

90.2

74
88
92
91
85
91
93
98
70
95
99
97
82
94
83
90
87
89
98
84
80
82
92
94
93
88
90
93
80
86
98
91
100
-88
92.6

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been _
Receipts at—

Wheat.

Flour.

Barley.

Oats.

Corn.

1

Rye.

bbls. 19616s. bush. 60 lbs. bush. 56 lbs. 'bush. 32 lbs. bushASlbs. bu. 56 lbs}
19,500
301,500
1,067,400
1.188,700
147,700
Chicago----98,608
22,400
244,000
103,200
92,660
117,520
55,600
Milwaukee-109,550
7,146
10.380
33,780
370,720
127,720
Minneapolis.
1,153,560
70,360
______
______
1S.000
T oledo........
41,000
104,900
__ ___
______
21,286
Detroit____
3,927
2.080
122.477
1)85
9,861
75,010
3,399
42,830
168.199
10,919
St. Louis__
274,100
400,750
6,600
51,200
20.855
150,700
P eoria------109.400
54,000
144,000
280,800
Kansas City.
70.700
Total wk. ’ 11
Same wk. ’ 10
Same wk. ’09

263,530
286,973
342,883

1,907,746
3.204.038
2,241.624)

2,323,835
2,528,075
1,960,336

2.054.066
2,369,408
2,082,360

1,096,689
1,234,383
935,511

85,479
77,117
66,520

Since Aug. 1
1
1910-1l __ 11,466.421 176.590.920 217.522,122 141,373,110 55,313.010 4,565,697
1909-10... 15,654,988 213.240.488 141,615.828 50,018,890 66,203,717 5,779,125
1908-09... 14,853,140 192.036,133 111.522,117 125.790,317.70.928.848 5,545,121

Total receipts of flour and grain at the seaboard ports for
the week ended Apr. 8 1911 follow:
Rye',
Barley,

Receipts at—
New Y o r k ---------B oston..................
Philadelphia____
Baltimore.......... .
New Orleans *___
Galveston..............
Montreal................
St. John................

Flour,
bbls.
142,228
27,556
6,000
41,955
46,518
25,220
429
*7,818
6,602
5,000

Wheat.
bush.
204,000

132,000
41,000
29,980
29,000
45,100
250,000

Corn,
bush.
234,250
6,100
104.000
55,786
197,038
131,100
1,000
12,737
4,140
17,000

Oats,
bush.
472,750
66,872

bush.
234,450
1,262

bush.
2,300
1,000

128,730
73,976
48,000

.........

9,982
.........

16,034
110,000

9,065
.........

.........

Total week 1911.. 309.326
731.080
763.151
916.362 244.777 13.282
Since Jim. 1 1911..4.991,597 13,288.906 34,006,337 11,896,592 1728,973 200,325
Week 1910______ 325,498 1.054,279
466.110
791.236
76,337 20,286
Since Jan. 1 1910-.4,921.036 16,235,144 15,381,982 11,313,493 991.129 301.962
* Receipts do not Include grain passing through New Orleans for forelgnjports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Apr. 8 1911 arc shown in the annexed statement:

Wheat,
bush.
Exports from—
New Y o r k --------- 396,063
Portland, Me----- 132,000
7,000
B oston........ .......
Philadelphia......................
Baltimore.-........
79,898
New Orleans.......................
Galveston_______ ______
Mobile.................................
Norfolk................
..........
St. John, N. B . . 250,000
Total week___
iVcck 1910..........

Corn,
bush.
123,324
104.000
51.478
378.000
200,613
168.000

Flour,
bbls.
68,405
6,000
20.695
18.500
33.065
22,025
3.000
7,818
429
5.000

110,000

864,961 1,055,152 184,937
823,401
879,364 165,836

1X4,535
89,587

12,737

T7.666

Oats,
bush.
2,495

Rye,
bush.

Barley,
bush.

8,930

34,000

Peas,
bush.
118
5,000

40
2,000

The destination of these exports for the week and
July 1 1910 is as below:

5,118
1,722

---------Flour--------Since
Week
July 1
■:xports for ucck and Aprils.
1910.
Since July 1 to—
bbls.
bbls.
United K in g d o m ...112.509 3.396,152
Continent................ 31,280 1,501,047
3ou & Cent. Amer. 21.S14 835.348
West Indies............ 18.309 1,012,190
Brit. Nor. Am. Cols. 1,000
70,097

-WheatSinee
Week
July 1
A prils.
1910.
bush.
bush.
405,950 27,843.583
459,011 15,186,591
...........
281,702
..........
7,549

Total
.............. 184,937 7,014,564
Total 1909-10..........165,S36 7,798,394

864,961 43,314,425 1,055,152 41,227,733
823,401 69,441,114 879,364 24,700,796

25,000

-ComSince
IFrc/fc
July 1
April 8.
1910.
bush.
bush.
515,999 17 ,9S2,042
457,128 19 ,807,363
47.240 2 ,201,764
34,161 1 ,194,225
14,104
50
574
27,935

The world's shipments of wheat and corn for the week
ending Apr. 8 1911 and since July 1 1910 and 1909 are
shown in the following:

1048

THE CHRONICLE
Wheat.

Exports.

1910-11.
Week . Since
April 8. j July 1.

North Amcr.
Russia........
Danube___
Argentina _.
Australia. . .
In d ia ..........
Oth. countr's
T o ta l-----

Bushels.
Bushels.
1.872.000 100,475,000
3.384.000 170,448,000
1,128,000! 77,352,000
3,768,000; 61,602,000
3.608.000 44,584,000
968,000; 37,686,000
56,000 j 6.4S0.000

[ VOL. L X X X X I l .

Corn.
1909-10.
Since
July 1.

1910-11.
Week
April 8.

Since
July 1.

1909-10.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
114.985.000 1,072,000 37.800.000 24.032.000
170.480.000 604.000 15.771.000 13.889.000
10.354.000 833.000 59.268.000 18.160.000
42.284.000
8,000 55.346.000 60,009,000
31.892.000
/ _____
/36,912,000 1 ..........
________

New York to A p ril 8—
Great B ritain____________

W eek.
8
10

India .
Arabia
A frica .

.

625

.

622
46
398
681
428

.
.

14784000 498,627,000 412,907,000 2,517,000 168,185,000 116,090,000

v”

- 10 10 —
Since

Since
Jan. l.
210
206
20,598
5,507
10,057
1,494
10,833
588
5,241
18,107
11,444

Jan. 1.
803
311
200
1,637
4,131
1,399
7,805
388
2,233
14,101
12,285

Week.
11
77
1,254
1,238
263
656
43
280
974
2,378

-6,036
45,293
84,285
7,174
WiVjilul lu oXllbl, (f itlli Jl I u lo DLbll

or

The quantity of wheat and corn afloat for Europe on dates $6,;U0,957 in 1911, against $3,564,587 in 1910.
mentioned was as follows:
Domestic cotton goods displayed little activity; most of the
business done consisted of small lots for prompt delivery,
Wheat.
Corn.
and few new bulk transactions were noted. A moderate
demand was reported for bleached goods, some fair orders
United I
United
Kingdom. |Continent. Total.
being received from the West; the firmer tendency in some
Kingdom. Continent.
Total.
quarters has created more confidence iti the stability of
Bushels.
Bushels.
Bushels.
Bsuhels.
Bushels.
Bushels.
April 8 1911-. 24,368,000,34,010,000 58.984.000 3.094.000 5.389.000 8.483.000 prices, but recent substantial purchases were apparently
April 11911.. 25.088.000 32,008,000 58.056.000 2.975.000 6.350.000 9.326.000
The
April 9 1910.. 34.880.000 15,000,000 50.480.000 1.190.000 2.720.000 3.910.000 sufficient to meet buyers’ needs for the present.
April 10 1909.. 20.200.000 18,800,000 48,000.000 2.805.000 3.740.000 0,545,000 better grades of unbranded bleached cottons, wide sheetings
April 11 1908.. 31,300,000 23,700,000 55.120.000 1.880.000 2.760.000 4.640.000
and tickings continued to move steadily, though in lighter
The visible supply of grain, comprising the stocks in volume, while staple prints were called for in limited quanti
granary at principal points of accumulation at lake and ties. Ginghams were in fair request. Linings have ruled
extremely dull. Business with China, India and miscel
seaboard ports Apr. 8 1911, was as follows:
laneous ports showed no material expansion, only moderate
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
Barley, orders being received.
Rye,
The print cloth market was quiet,
bush.
bush.
bush.
bush.
bush.
New York . . .
..
768,000
380,000
530,000
37.000 but the firmer tone previously noted on various wide goods
IJoston_____
..
169,000
182,000
26.000 was still in evidence; standard gray goods, 38}^-inch, are
3,000
Philadelphia _
15,000
254,000
35,000
Baltimore___
..
171,000
974,000
168,000
19,000
16,000 quoted unchanged at 5c., although some sales are reported
New Orleans 3,000
319,000
118,000
slightly above that figure.
76,000
35,000
WOOLEN GOODS.—There was a fair inquiry' for men’s
Buffalo .
..
910,000
1,000
323,000
4,000
365,000
Toledo _
..
928,0.00
360,000
132,000
wear light-weight woolen and worsted fabrics, but the market
Detroit.
..
318,000
173,000
91,000
8,000
1,000
generally
was less active than recently. Efforts to dispose
.. 4,808.000
2,927,000
6,475,000
..
115,000
1,510,000
of
stocks
of
undesirable styles or colors at substantial con
-118,000
538,000
313,000
3,000
133.000
. . 5,670,000
792,000
991,000
381.000 cessions continued in evidence; in fact, the movement to
40,000
221.000
realize
on
slock
goods that have not sold freely became
281,000
1,508,000
261,000 more general.
61,000
Clothiers arc sending in duplicate orders on
. . 1,288,000
267,000
93,000
3,000
70,000
.. 3,263,000
600,000
114,000
heavy-weight fabrics for fall, but such business has not yet
19,000
Peoria..........
132,000
1,432,000
3,000 reached large proportions.
In dress goods, about the only
..
179,000
Indianapolis.
494,000
26,000
nf
°
fP'};orthy
development
was
the call for prompt shipment
Total April 8 1911. ..32,580,000 10,259,000 12,375,000
98,000 1.514.000
Total April 11911. .34,152,000 11,166,000 13,129,000
114,000 1.190.000 of light summer fabrics, particularly serges, and an increased
demand
irom
cutters
for
the
new rough materials, princi
Total April 9 1910. .29,211,000 13,444,000 10,048,000
607,000 3.079.000
CANADIAN GRAIN STOCKS.
pally
woolens,
which
are
being
featured by both domestic
Wheat,
Corn,
Oats.
Rue.
Barley, and foreign mills.
bush
bush.
bush.
bush.
bush.
Montreal........................
268.000
487.000
FOREIGN DRY GOODS.—Imported woolens and wors
73,000
Fort William................ 5,840,000
2.631.000
teds, especially the new styles in medium and fine grades,
“
afloat............
318,000
240.000
Port Arthur............ — 4,555,000
wore taken more freely for fall delivery; demand for broad
3.086.000
Other Canadian............. 1,473,000
cloths also increased and these goods are reported well sold
ahead.
Linens continued firm, with spring and summer
Total April 81911.-12,454,000
7,000
6.444.000
73.000
Total April
11911.-11,966,000
9,000
7.025.000
Burlaps for future delivery were
77.000 lines in most request.
Total April 9 1910.-10,187,000
30,000
316,000
57.000 active and strong in sympathy with Calcutta, but the spot
SUMMARY.
?• •
Wheat,
Com,
market showed little change; light-weights were quoted a
Oats,
Rye,
Barley,
bush.
bush.
bush.
bush.
tSUXH. shade easier at 3.85c. and 10J^-ounco at 5.20c. nominal.
32,580,000 10,259,000 12,375,000
American ______
98,000 1,514,000
Canadian____ _____ ..12,454,000
7,000
6,444,000
73,000 Importations and Warehouse Withdrawals of Dry Goods.
b fl N 00 b
co io n ©©
PI b 1/3 O H co ©
Total April 8 1911.-45,034,000 10,266.000 18.819.000
_ . H COO ^T*b
<D © P
98,000 1.587.000
© © ffi rHCO
CO
COT © I'- i.O to ©
Total April 1 1911.-46,118,000 11,175,000 20.154.000
2
’ f i ’. o n n
b- rj* © © © ©
T©
114.000 1.267.000
Total April 9 1910.-39,308,000 13,474,000 10.364.000
w*
o o c 'f ©co’ 1/5©
co eo* b-" ©* ©
607.000 3.136.000
-® ~a « O w w « ©
PlHM fflb
©
rH
oO
©
©
^ rt oo o
«
tO PI *1* © PI
© PI CO© CO
H <o «o
Q
TH E DRY GOODS T R A D E .
<
b H O rf CO
C5 00 CD ©1/0
N e w Y o r k , F r id a y N ig h t, A p r i l 14 1911.
rH© P| © P| © ©
b 115N OJ b
O 1^ © M
© Tf Tf © Cl b- rH
rt O COG T
O COrH Off
Cotton goods markets were steadier and in certain lines
©
NOOPJOV
to*
©’ CO00*b-*
somewhat firmer this week, owing more to increased curtail
ft*
Q
ment, the strength of raw material and the unwillingness of
o PI © rf © CO
b
b (OM
H fflH (OTf n ©
mills and agents generally to accept much additional busi &
NfO
N M n to© © ©
aa •fTJ. TIJ11©CO©n OoO
oo co
rr ©
rness for distant deliveries at current prices, rather than to <1" S' H ’ij tOMoooOiO(O© bffi© Mco
°.
Tl* CO
a
any material increase in the demand. The firmer tendency yO "Q C5 5* HCDbOOfflCON05 flb
© oo
© rH
aa
was particularly noticeable in the print cloth division, where y, a ©
offerings of spot goods were less numerous and tenders of 553? . © © © © b.
f l t l r t PCoc © OC
rr © COPI t- © CO
05 b- PI 05 ©
business on convertibles for late shipment, it is understood,
eo
©
'T © © COrH © ©
« to © tI'-c'i
a I© PI
T © © CO © PI
were in many cases declined. As foreshadowed last week 55 W O 0CrH05
standard lines of 4-4 bleached goods were advanced 1 4 c.a
M 05O I/Ohi
yard, although certain well-known descriptions remained W
■n
n n Cb
© rH
»/5 TT** M eo
©OM* ©«o
© © ci © ©
©
OC OCO OOT
to © © ©00
unchanged. Trading for the most part continued of the aa>
M to co ci © rH©
■VTT 0005 O Cl
rH© © i/5CO © ©
r
H
©
‘
b.'
b."
o'
hand-to-mouth variety, with demand spasmodic, unevenly
b «^ bM
© © CO lOr©
rr © © Cl ©
O OS 'f PI c
f eo b» © ri ©
rH© © © © b* ©
distributed, light in volume and confined principally to
b- ©
8
seasonable lines for quick or near-by shipment. New busi
ness came forward slowly; there was little disposition in any
M eo O IO CO
O to b* to
b* © © CO O ©
1/3 O MO PI
i «T i ©
© Cl ci © © PI bquarter to operate for the long future, buyers generally pre
O rH© ©
HOOrt © ©
03 x n b CO O ©
■t*- eo’ oc’ i'.’
ferring apparently to got along with minimum stocks until
eo © © ©
$ 0,
the outlook in various directions becomes clearer. Ob
a
servance of the Jewish holidays, which began towards the
M
Mb
'T I'- tO ©
O©
o b*
© eo «- oo ’f
ff b P3 T 00 C
© r«
o n o
week end, was an addtional cause of dulness in both primary
a Cocl C©col I'© X©*r CTccD © PI
Is- © © v co © ©
W
©
*
©
’
o
c
’
©
’
-f*
and secondary markets. Jobbers did a fair amount of ’<3« £ PrHI tOb PI© CHOCPI
pa
©©
© OC
business, as retailers were in the market for spot supplies to y kJ«o
a
round out stocks for their Easter trade, while moderate O 3
a
h
orders were received for spring merchandise; cool weather
woa Ct-rHO©-© opbhowever, has retarded distribution. Cotton yarns ruled OKs ' (ft,|
ay
o
quiet, but somewhat steadier, as a result of firmer staple
CO
aa
Eand less pressure of stocks from spinners. Demand for aa
a
a
a
o
light-weight silks, such as foulards, &c., is expanding, and
<
some of the larger mills report a satisfactory volume of a
73g |3
business done on the better qualities. Woolen and worsted Efabrics, both men’s wear and dress goods, were quiet, with a
o J
o ; | !| '
W
out particular feature.
itei
4) i1 » i i S3
<s :1
15
3 ! ' : !8
3 .
DOMESTIC COTTON GOODS.—The exports of cotton
i—sT
fl ' ' £3
goods from this port for the week ending April 8 were 8,036
■3XJ
I
&O U
£
t; “ /j o
3 ,0 i d P3 O 3 £
packages, valued at 8386,205, their destination being to’the
o 3
u 55 a w
U
V)
points specified in the table below:
aS a
3
a



00

h

3h

t pi

00

cq

pi

od

h

©

©

oc

00

00

h

/5

<0 /5

l

h

h

pi

1/5

h

anufact
W ool .

s j m

Total

anufact
W ool .

h

2

THE CHRONICLE

A pr . 15 1911.

News Items.

Birmingham, Ala.— C ity C o m m is s io n e r s A p p o in te d . —Gov.
O’Neal has announced the appointment of Judge O. A. Lane
and James G. Weatherly as associate commissioners, who,
with Mayor Exum, will form the first commission under the
commission form of government provided in the bill recently
passed by the Legislature.
Colorado.— V o te on In c o m e T a x A m e n d m e n t. —We are
advised that the vote on the resolution passed by the Legisla
ture ratifying the proposed Income Tax amendment to the
Constitution of the United States (V. 92, p. 823) was as
follows:
In the Senate Feb. 9— 30 " fo r ” to 3 "a g a in st," 2 not voitng.
In the House Feb. 15.— 63 “ for” to none "ag a in st,” 2 not voting.

The resolution was signed and became ratified on Feb. 21.
Idaho.— V o te o n In c o m e T a x A m e n d m e n t. —The vote on
the resolution passed by the Legislature, ratifying the Fed
eral Income Tax, was as follows:
Senate— .Tan. 19 1911— “ A yes" 22, “ nays” none: absent one.
H ouse— Jan. 20 1911— “ A yes” 55, “ nays” none; absent four.

Marshalltown, Marshall County, Iowa.—C o m m is s io n P la n
o f G o v e rn m e n t. —According to local papers this city installed
the commission form of government on April 5.
Massachusetts.—L e g is la tu r e R e je c ts E q u a l S u ffr a g e A m e n d 
m e n t. —By a vote of 31 to 6 the Senate this afternoon de
feated the woman’s suffrage resolve. The House voted
against the measure on April 4, as stated in V. 92, p'. 973.
Mississippi.— C o u rt C o m p e ls P a y m e n t o f B o n d C o u p o n s .—
In an opinion written by Judge W. A. Henry of the Seventh
Circuit Court District handed down April 5, the contention
of the Governor that the $600,000 State bonds were sold at
“par,” as the law directed, is sustained, and a writ of man
damus ordered commanding the Auditor to issue warrants
upon the Treasurer for the payment of the coupons due
Jan. 1 1911. The bonds are dated July 1 1910, but as a
large part of them were not sold until some time after that
date, the Treasurer refused to pay the Jan. 1 interest, holding
that as the State did not receive accrued interest from July 1
the bonds were sold below par in violation of the statute
authorizing their sale. See V. 92, p. 131. Judge Henry
says in part:
By commercial usage, as testllled to in this "case, and as Is well known,
the word “ par value” means the face of the bond only, and Interest Incident
to the bond, and evidenced by coupons, is not Included in the term. If any
holder of stock In a bank or join t stock com pany Is asked the par value of
his share, he responds by giving the denom ination of a share. A holder
of bonds gives a like response. Suppose A says to B: " I hold fifty shares
of stock, each share of the denom ination of $100, In the bank of C; I need
m oney; you m ay have It at p ar.” B accepts. W ould not $5,000 pay for
the stock? Must surplus and undivided profits of bank be included to
determine the par value of the stock? Suppose a State holds bonds for
sale and says: “ I need m oney. Take them at par.”
W ould Interest from
date of bonds to time of delivery be Included to determine the par value of
the bonds, when the Interest was evidenced by coupons, separate and dis
tinct entitles from the bonds, as much so, ns the surplus and undivided
profits of a bank are separate and distinct;from the capital of a bank?
Must earnings be excluded In the one case and Included in the other, for
Interest Is but earnings?

Montgomery, Ala.—C o m m iss io n F o rm o f G o v e rn m e n t. —
This city’s new commission form of government was formally
inaugurated April 10 when the Commissioners, W. A. Gunter
Jr., F. Stollenwerck Sr., E. B. Joseph, W. R. Brassell and
C. P. McIntyre, took the oath of office. E. B. Joseph was
made Vice-President of the commission.
Nebraska.—L e g is la tu r e A d jo u r n s . —The Legislature of this
State adjourned April 10.
North Carolina.—L e g isla tu re R a tifie s In c o m e T a x A m e n d 
m e n t. —The Secretary of State advises us that the Legislature
has ratified the Income Tax amendment to the Federal Con
stitution. See V. 92, p. 273.
North Dakota.—L e g isla tu re R a tifie s F e d e r a l In co m e T a x .—
A concurrent resolution ratifying the proposed amendment
to the Federal Constitution, allowing Congress to tax incomes,
was passed by the House on Jan. 24 by a vote of 98 “ayes” to
1 “nay,” 4 absent; and by the Senate on Feb. 16 by a vote
of 45 “ayes” to 1 “nay,” 3 absent.
Pittsburgh, Pa.—C o u rt F ix e s A m o u n t o f D eb t to be In c u rr e d
W ith o u t a V o te o f the P e o p le . —The bill brought by Charles A.
Schuldice, a taxpayer, to enjoin the city from issuing $81,000
bonds and also from proceeding with the widening of Dia
mond Street, Oliver Avenue and Cherry Way, as authorized
by an ordinance passed by Councils, was dismissed April 6
by Judge Robert S. Frazier in Common Pleas Court No. 2.
The suit was brought at the instigation of City Comptroller
E. S. Morrow, who contended that these improvements with
the bond issue would cause the bonded debt to be incurred
without a vote of the people to exceed the limit of 2 % of the
assessed value fixed by law. The Court holds that the city
may incur an additional indebtedness of $2,(514,016 11 be
fore this limit is reached, and finds this margin sufficient to
cover the expense of the proposed improvements.
The valuation of taxable property upon which the decision Is based Is
$751,220,965, 2% of which Is $15,024,539 30. The Indebtedness already
Incurred without the consent of the voters Is $19,664,641 05. The Court
finds that there should be deducted from this am ount, however, the fol
iowing Items: Itallroad com prom ise bonds, $2,183,201 87; Penn Avenue
refunding bonds, $2,134,600; funding bonds Issued in 1872, $121,000; bonds
In sinking fund, $1,566,400; cash in hands of sinking fund commission,
$865,938 92; preliminary estimates for paving, &c., $382,977 07; total of
deductions, $7,254,117 86, leaving a balance of $12,410,523 19, which, de
ducted from $15,024,539 30— this being 2% of the assessed value— makes
the present borrowing capacity $2,614,016 11. The bonds deducted by
the Court were put out before the 2% limit was fixed.




1049

Salina, Kan.—C o m m iss io n P la n D e fe a te d . —We see it
stated that the proposed commission form of government
was defeated at the election held April 4. See V. 92, p. 541.
Temple, Texas .— C o m m iss io n F o rm o f G o v e rn m e n t D e
f e a te d . —The election April 10 to vote on the new charter
enacted by the Legislature, providing for the commission
form of government, resulted, it is stated, in a vote of 146
“for” to 630 “against.”
Tennessee.— V o te o n In co m e T a x A m e n d m e n t. —The vote
on the resolution passed by the Legislature ratifying the pro
posed Income Tax amendment to the Federal Constitution
was as follows, according to the Nashville “Banner”:
In
In

th e
th e

S e n a te o n A p r il 6 — 2 0
H o u s e o n A p r il 7 — 8 3

“ ayes” , 4
“ a y e s ,” 3

“ n a y s .”
“ n a y s .”

United States .— H o u se o f R e p r e s e n ta tiv e s P a s s e s R e so lu tio n
P r o v id in g f o r E le c tio n o f S e n a to r s b y D ir e c t P o p u la r V o te . —A

resolution proposing a Constitutional Amendment so as to
provide for the election of U. S. Senators by .direct popular
vote, instead of being chosen by the State legislatures as at
present, was adopted in the House of Representatives on
April 13 by a vote of 296 to 16. An amendment offered by
Representative Young of Michigan, giving Congress the
power to prescribe the times, places and manner of holding
such elections was defeated by a vote of 190 to 121. A
resolution containing a similar amendment was defeated by
the Senate during the regular session. See V. 92, p. 611.
Washington.—I n itia tiv e a n d R e fe r e n d u m . —Chapter 42 of
the Laws of 1911, approved by the Governor March 10, pro
vides for the submission to the voters at the general election
in Nov. 1912 of a constitutional amendment providing for
the initiative and referendum. The proposal referred to is
printed in full below:
C H A P T E R
[H .
A N

B .

42.

153J

A C T t o a m e n d S e c tio n 1 o f 'A r t i c l e I I . o f th e c o n s t it u t io n o f th e S t a t e
o f W a s h in g t o n , r e la tin g t o le g is la t iv e p o w e r s , p r o v id in g fo r t h e in it ia 
tiv e a n d r e fe r e n d u m , a n d s t r ik in g S e c t io n 31 o f s a id A r t ic le I I . , r e la tin g
t o th e t i m e w h e n la w s t a k e c tr e c t
B e it e n a c te d b y th e L e g is la t u r e o f th e S ta t e o f W a s h i n g t o n :
S e c t i o n 1 . T h a t a t t h e g e n e r a l e le c t i o n t o b e h e ld In t h is S t a t e o n t h e
T u e s d a y n e x t s u c c e e d i n g t h e f ir s t M o n d a y in N o v e m b e r 1 9 1 2 , t h e r e s h a ll
b e s u b m it t e d t o th e q u a liilc d e le c to r s o f th e S t a t e fo r a d o p t i o n a n d a p p r o v a l
o f [o r] r e j e c t i o n a n a m e n d m e n t t o A r t i c l e I I . o f t h e c o n s t i t u t i o n o f t h e
S ta t e o f W a s h in g t o n , r e la tin g to
le g is la t iv e p o w e r s , b y
s tr ik in g
fr o m
A r t i c le I I . a ll o f S e c t i o n s 1 a n d 3 1 , a n d i n s e r t in g in lie u t h o r e o f a s S e c t i o n 1
th e fo llo w i n g , s o t h a t t h e s a m e s h a ll r e a d a s fo llo w s :
A r t i c le I I . , S e c t io n 1 . T h e le g is la t iv e a u t h o r i t y o f th e S t a t e o f W a s h i n g 
t o n s h a ll b e v e s t e d in t h e L e g i s l a t u r e , c o n s i s t i n g o f a S e n a t e a n d H o u s e o f
R e p r e s e n t a t i v e s , w h ic h s h a ll b e c a lle d t h e L e g is l a t u r e o f t h e S t a t e o f
W a s h i n g t o n , b u t th e p e o p le r e s e r v e to th e m s e lv e s th e p o w e r t o p r o p o s e
b ills , la w s , a n d t o e n a c t o r r e je c t th e s a m e a t t h e p o lls , in d e p e n d e n t o f th e
L e g is la t u r e , a n d a ls o r e s e r v e p o w e r , a t th e ir o w n o p t i o n , t o a p p r o v e o r
r e je c t a t t h e p o lls a n y a c t , i t e m , s e c tio n o r p a r t o f
a n y b i ll, a c t o r la w
p a sse d b y th e L e g is la tu r e .
(a ) I n i t i a t i v e : T h e f ir s t p o w e r r e s e r v e d b y t h e p e o p l e is t h e I n i t i a t i v e .
T e n p e r c e n t u m , b u t in n o e a s e m o r e t h a n f i f t y t h o u s a n d , o f t h e le g a l v o t e r s
s h a ll b e r e q u ir e d to p r o p o s e a n y m e a s u r e b y s u c h p e t it io n , a n d e v e r y s u c h
p e t it io n s h a ll in c lu d e t h e fu ll t e s t o f t h e m e a s u r e s o p r o p o s e d .
In itia tiv e
p e t it io n s s h a ll b e file d w it h t h e S e c r e t a r y o f S t a t e n o t le s s t h a n fo u r m o n t h s
b e f o r e t h e e le c t i o n a t w h ic h t h e y a r e t o b e v o t e d u p o n , o r n o t le s s t h a n t e n
d a y s b e fo r e a n y r e g u la r s e s s io n o f th e L e g is la t u r e .
I f file d a t le a s t fo u r
m o n t h s b e f o r e t h e e le c t i o n a t w h ic h t h e y a r e t o b e v o t e d u p o n , h e s h a ll
s u b m it th e s a m e to th e v o t e o f th e p e o p le a t t h e s a id e le c t io n .
If su ch
p e t i t i o n s a r c H ie d n o t le s s t h a n t e n d a y s b e f o r e a n y r e g u .a r s e s s i o n o f t h e
L e g is la t u r e , h e s h a ll t r a n s m i t t h e s a m e t o t h e L e g is la t u r e a s s o o n a s It
c o n v e n e s a n d o r g a n iz e s.
S u c h I n it ia t iv e m e a s u r e s h a ll t a k e p r e c e d e n c e
o v e r a ll o t h e r m e a s u r e s In t h e L e g i s l a t u r e e x c e p t a p p r o p r i a t i o n b i lls a n d
s h a ll b e e ith e r e n a c t e d o r r e je c t e d w it h o u t c h a n g e o r a m e n d m e n t b y th e
L e g is la tu r e b e fo r e th e e n d o f su c h r e g u la r s e s s io n .
I f a n y su c h In itia tiv e
m e a s u r e s h a ll b e e n a c t e d b y t h e L e g is l a t u r e , It s h a ll b e s u b je c t t o th e
r e fe r e n d u m p e tit io n , o r it m a y b e e n a c t e d a n d r e fe r r e d b y th e L e g is la tu r e
t o th e p e o p le fo r a p p r o v a l o r r e je c tio n a t t h e n e x t r e g u la r e le c t i o n .
I f I t is
r e j e c t e d o r If n o a c t i o n is t a k e n u p o n I t b y t h e L e g i s l a t u r e b e f o r e t h e e n d
o f s u c h r e g u la r s e s s io n , t h e S e c r e t a r y o f S t a t e s h a ll s u b m it it t o t h e p e o p le
fo r a p p r o v a l o r r e je c tio n a t th e n e x t e n s u in g r e g u la r g e n e r a l e le c t io n .
The
L e g is la tu r e m a y r e je c t a n y m e a su r e s o p r o p o s e d b y In itia tiv e p e titio n a n d
p r o p o s e a d if f e r e n t o n e d e a li n g w it h t h e s a m e s u b j e c t , a n d in s u c h e \ e n t
b o t h m e a s u r e s s h a ll b e s u b m it t e d b y th e S e c r e ta r y o f S t a t e t o th e p e o p le fo r
a p p r o v a l o r r e je c tio n a t th e n e x t e n s u in g r e g u la r g e n e r a l e le c t io n .
W hen
c o n f li c t in g m e a s u r e s a r e s u b m i t t e d t o t h e p e o p le t h e b a llo t s s h a ll b e s o
p r in te d t h a t a v o te r c a n e x p r e s s s e p a r a te ly b y m a k in g o n e c ro ss ( X ) fo r
e a c h , t w o p r e fe r e n c e s , fir s t, a s b e tw e e n e ith e r m e a s u r e a n d n e ith e r , a n d
s e c o n d ly , a s b e tw e e n o n e a n d th e o th e r .
I f th e m a jo r it y o f th o s e v o t in g
o n t h e l lr s t I s s u e Is f o r n e i t h e r , b o t h f a i l , b u t in t h a t c a s e t h e v o t e s o n t h e
s e c o n d Is s u e s h a ll n e v e r t h e le s s b e c a r e f u l ly c o u n t e d a n d m a d e p u b l i c .
If a
m a j o r i t y v o t i n g o n t h e f ir s t I s s u e Is f o r e i t h e r , t h e n t h e m e a s u r e r e c e i v i n g
a m a j o r i t y o f t h e v o t e s o n t h e s e c o n d Is s u e s h a ll b e la w .
(0 ) R e f e r e n d u m : T h e s e c o n d p o w e r r e s e r v e d b y t h e p e o p le Is t h e r e f e r e n 
d u m , a n d It m a y b e o r d e r e d o n a n y a c t , b ill, la w , o r a n y p a r t t h e r e o f p a s s e d
b y th e L e g is la tu r e , e x c e p t su c h la w s a s m a y b e n e c e s s a r y fo r th e I m m e d ia t e
p r e s e r v a tio n o f th e p u b lic p e a c e , h e a lth o r s a f e t y , s u p p o r t o f th e S t a t e
g o v e r n m e n t a n d Its e x i s t i n g p u b lic I n s t it u t io n s , e ith e r b y p e t it io n s ig n e d b y
th e r e q u ir e d p e r c e n ta g e o f th e le g a l v o t e r s , o r b y t h e L e g is la t u r e , a s o th e r
b ills a r e e n a c t e d .
S i x p e r c e n t u m , b u t in n o c a s e m o r e t h a n t h i r t y t h o u 
s a n d , o f t h e le g a l v o t e r s s h a ll b e r e q u ir e d t o s ig n a n d m a k e a v a l id r e fe r e n 
d u m p e titio n .
(c ) N o a c t , l a w , o r b i l l s u b j e c t t o r e f e r e n d u m
s h a ll t a k e e ffe c t u n t il
n in e t y d a y s a f t e r t h e a d j o u r n m e n t o f t h e s e s s io n a t w h ic h It w a s e n a c t e d .
N o a c t , l a w , o r b ill a p p r o v e d b y a m a j o r i t y o f t h e e le c t o r s v o t i n g t h e r e o n
s h a ll b e a m e n d e d o r r e p e a le d b y t h e L e g is la tu r e w it h in a p e r io d o f t w o y e a r s
fo llo w in g s u c h e n a c t m e n t .
B u t su ch en a ctm e n t m a y be a m en d e d or reI p e a le d a t a n y g e n e r a l r e g u la r o r s p e c ia l e le c t i o n b y d ir e c t v o t e o f t h e p e o p le
I th e re o n .
U l) T h e f i l i n g o f a r e f e r e n d u m p e t i t i o n a g a i n s t o n e o r m o r e i t e m s , s e c t i o n s
o r p a r t s o f a n y a c t , l a w o r b ill s h a ll n o t d e l a y t h e r e m a i n d e r o f t h e m e a s u r e
fr o m b e c o m in g o p e r a t iv e .
R e fe r e n d u m p e titio n s a g a in s t m e a su r e s p a s s e d
b y tlie L e g is la t u r e s h a ll b e file d w it h t h e S e c r e t a r y o f S t a t e n o t l a t e r t h a n
n i n e t y d a y s a f t e r t h e fin a l a d j o u r n m e n t o f t h e s e s s io n o f t h e L e g i s l a t u r e
w h i c h p a s s e d t h e m e a s u r e o t w h i c h t h e r e f e r e n d u m is d e m a n d e d .
The
v e to p o w e
o f t 't e G o v e r n o r s h a ll n o t e x t e n d t o m e a s u r e s i n i t i a t e d b y o r
r e fe r r e d to th e p e o p le .
A :1 e le c t i o n s o n m e a s u r e s r e f e r r e d t o t h e p e o p le
o f t h e S t a t e s h a ll b e h a d a t t h e b ie n n ia l r e g u la r e le c t i o n s , e x c e p t w h e n t h e
L e g is la tu r e s h a ll o r d e r a s p e c ia l e le c t i o n .
A n y m e a s u r e in itia te d b y th e
p e o p le o r r e fe r r e 1 t o t h e p e o p le a s h e r e in p r o v id e d s h a ll t a k e e f f e c t a n d
b e c o m e t h e la w If it is a v a r o v e d b y a m a ) o r i t y o f t h e v o t e s e a s t t h e r e o n :
P r o v i d e d , T h a t t h e v o t e c ,s t u p o n s u c h q u e s t i o n o r m e a s u r e s h a ll e q u a l o n e t h ir d o f t h e t o t a l v o t e ; c t s t a t s u c h e le c t io n a n d n o t o t h e r w i s e .
Such
m e a s u r e s h a ll b e In o p e r a t i o n o n a n d a f t e r t h e t h ir t i e t h d a y a f t e r t h e
e l e c t i o n a t w h i c h It is a p p r o v e d .
T h e s t y l e o f a l l b ills p r o p o s e d b y I n it i a t iv e
p e t it io n s h a ll b e : " B e it e n a c t e d b y t h e p e o p le o f t h e S t a t e o f W a s h i n g t o n .”
T h is s e c t io n s h a ll n o t b e c o m t r u e d t o d e p r i v e a n y m e m b e r o f t h e L e g is l a t u r e
o f t h e r ig h t to in t r o d u c e a n y m e a s u r e .
T h e w h o le n u m b e r o f e le c to r s w h o
v o t e d f o r G o v e r n o r a t t h e r e g u la r g u b e r n a t o r ia l e le c t i o n la s t p r e c e d in g t h e
filin g o f a n y p e t i t i o n fo r t h e I n i t i a t i v e o r f o r t h e r e f e r e n d u m s h a ll b e t h e
b a s is o n w h ic h t h e n u m b e r o f le g a l v o t e r s n e c e s s a r y t o s ig n s u c h p e t it io n
s h a ll b e c o u n t e d .
A l l s u c h p e t i t i o n s s h a ll b e H ie d w i t h t h e S e c r e t a r y o f
S t a t e , w h o s h a ll b e g u i d e d b y t h e g e n e r a l l a w s in s u b m i t t i n g t h e s a m e t o t h e
p e o p le u n t il a d d it io n a l le g is la t io n s h a ll e s p e c ia lly p r o v id e th e r e fo r .
T h is
s e c t i o n is s e l f - e x e c u t i n g , b u t le g i s la t i o n m a y b e e n a c t e d e s p e c i a ll y t o f a c i l i 
t a t e Its o p e r a t i o n .
.........................................................................................................................................

1050

THE CHRONICLE

Tho Legislature shall provide methods of publicity o f all laws or parts
o f laws, and amendments to the constitution referred to the people with
arguments for and against the laws and amendments so referred, so that
each voter o f the State shall receive the publication at least fifty days
before the election at which they are to be voted upon.
Sec. 2. The Secretary o f State shall cause the amendment proposed In
Section 1 of this A ct to be published for three months next preceding the
said election therein described In some weekly newspaper In every county
where such newspaper Is published throughout the State.
Sec. 3. There shall be printed on all ballots provided for the said election
the words:
"F o r the proposed amendment of Section 1 of Article II . of the constitu
tion of the State of W ashington, relating to legislative powers and providing
for the Initiative and referendum .”
"A gain st the proposed amendment o f Section 1 of Article II of the
constitution of the State o f W ashington, relating to legislative powers and
providing for the initiative and referendum.”
"F o r the proposed amendment of Article II. o f the constitution of the
State o f W ashington, by striking Section 31 therefrom, which relates to
the time when laws take effect.”
Q j / ^ f nw ^ M ^ ? P0SCK amte" d,ment of Article II. of the constitution of the
State o f W ashington, by striking section 31 therefrom, which relates to
the tim e when-laws take effect.”
m S « w t f/^ ff thn,shalliuPPieaV fllom
ballots cast at the said election that a
a
clcct0l:s yortns upon the question of the adoption
o f the said amendment havo voted In favor of the same, the Governor shall
make proclam ation of the same In the manner provided by law, and the
said amendment shall be held to have been adopted and to have been apai^ o f the constitution from the date of such proclam ation.
Passed the House February 14 i o n
Passed the Senate March 1 1911.
A pproved b y the Governor March 10 1911.

[V O L . LXXXX11.

„
, ITI„ T
Improvement Bonds.
Capitol Hill Im provem ent District No. 5, Bonds Nos. 46 to 48, inclusive.
Cherry Creek Im provem ent District N o. 1, Bond No 37
East Denver Im provem ent District No. 4 , Bond N o ’ 49*
East Side Im provem ent District N o. 1, Bonds Nos. 38 to 42, Inclusive.
East Side Im provem ent District N o. 2. Bonds Nos. 27 and 28.
Highlands Im provem ent District No. 1 , Bonds N «s. 63 to 110, inclusive.
North Side Im provem ent District N o. 1,
Bonds Nos. 75to 77,Inclusive.
North Side Im provem ent District N o. 2, Bonds Nos 30 and 31
North Side Im provem ent District N o. 4,
Bonds Nos'. 19t o 3 3,inclusive.
North Side Im provem ent District N o. 6,
Bond N o 29
South Broadway Im provem ent District N o. 2, Bond No T>
South Capitol Hill Im provem ent District No. 1 , Bond No.“ {)2.
^,?ut.hT?ldc Im provem ent District No. 1, Bonds N os. 86 to 91, inclusive.
W est Denver Im provem ent District N o. 1, Bonds Nos. 122 and 123
..................
.
Paving Bonds.
A lley Paving District N o. 12, Bond No 1 2
A lley Paving District N o. 14. Bond No. 1 2 !
, ,,, , , ,
Curbing Bonds. ’
South Side Curbing District N o. 3, Bonds Nos. 30 and 31.
Parle Bonds.
Highland Park District, Bond N o. 280.
Upon the request o f the holders of any o f the above bonds received ten
days before the expiration of this call, the Treasurerw ill;arrange for their
paym ent at the Mercantile Trust C o.. New York City, but Aot othcrwlsc

Dubuque, Dubuque County, Iowa.—B o n d C a ll .—The City
Treasurer has called for' redemption 840,000 4U% water
works’bonds.
Japan.—B o n d C a l l — Agfent^Motoyuki Tokieda, of the
The Legislature has also made provision for thq^ubmission Yokohama Specie Bank, Ltd., 56 Wall Street, announces
to the voters in Nov. 1912 of a proposed amendment to the that thetfollowing bonds haVfe beerftcalled for redemption by
State Constitution authorizing the recall o f any elective the Japanese Government on May 25 in Japan at par:
public officer. The bill passed by the Legislature follows: Imperial Japanese Government excl^quer bonds, mark “D,”
C H A P T E R 108.
issued in 1905, third series; Imperiqj Japanese Government
,
,
[H. B . 62.]

An A ct to amend article one (1) of the Constitution,qf the Stftte of W ashing
ton, authorizing and empowering the voters to hall a special election at
any time to recall and discharge any elective p iblloj offices and to elect’
his successor, by adding thereto at the end of sa1 1 article one? (1) two new
sections which shall be numbered sections 33 and 34 o f said article one (1).
B e it enacted by the Legislature o f the State o f II*p.shingto\
Section 1. That at the general election to b e lt pld Ifj this Stake on the
Tuesday next succeeding the tlrst M onday In Nbttembei 1912 t h » e shall
be submitted to the qualified electors of the StatcV for their adoption and
approval or rejection, an amendment of article ohc\(l) ofc the Constitution
o f the State of W ashington, authorizing and ettmowerlftg the v o t e r s to
call a special election at any time to recall and discharge any elective public
officer and to elect his successor, b y adding thereto $thhe end of said artlcld
sections 33 and 34 o f said article one (1), and which «l?ull. rcafo.as follows:
A R T IC L E 1.
Section 33. E very elective public officer In the sta ie of W ashington
except judges of courts o f record is subject to recall anA-JHscharge by t' ‘
legal voters of the State, or o f the political subdivision oTSThc State, fro
which |he was elected, whenever a petition demanding his ruftvU, rccitjhg
that such officer has com m itted some act or acts of malfeasance-or jnlsfeasance while in office, or who has violated his oath of office, sthtlng thd.
matters com plained of, signed b y the percentages of the qualilled electors
thereof hereinafter provided, the percentage required to be com puted from
the total number of votes cast for all candidates for his said office to which
he was elected at the preceding election. Is filed with the officer with whom
a petition for nom ination, or certificate for nom ination, to such office must
be filed under the laws of this State, and the same officer shall call a
special election as provided b y the general election laws o f this State, and
the result determined as therein provided.
Section 34. The Legislature shall pass the necessary laws to carry out
the provisions of section thirty-three (33) o f this article, and to facilitate
Its operation and effect without delay; provided, that the authority hereby
conferred upon the Legislature shall not be construed to grant to the Legis
lature any exclusive power of law-making nor In any way limit the initiative
and referendum powers reserved b y the people. The percentages required
snail be, State officers, other than judges, senators and representatives,
city officers o f cities o f the first class, school district boards in cities of the
first class; cou nty officers o f counties o f the first, second and third classes,
twenty-five per cent. Officers of all other political subdivisions, cities^
towns, townships, precincts and school districts not herein m entioned, ana.
State senators and representatives, thirty-five per cent.
Sec. 2. The Secretary of State shall cause the amendment proposed In
section one of this A ct to be published for three weeks next preceding the
said election therein described In some weekly newspaper In every county
where a newspaper Is published throughout the State.
Sec. 3. There shall be printed on all ballots provided for the said election,
the words:
“ For the proposed amendment to article one (1) of the constitution, b y
adding thereto at the end of said article one (1) two new sections, to be
numbered sections 33 and 34 of said article one (1) authorizing and providing
for the recall and discharge o f any elective public officer and election of his
successor.” “ Against the proposed amendment to article one (1) of the
constitution, b y adding thereto at the end of said article one (1) tw o new
sections to be numbered sections 33 and 34 of said article one (1 ), authorizing
and providing for the recall and discharge of any elective public officer and
election o f his successor.”
Sec. 4. If it shall appear from the ballots cast at the said election that a
m ajority o f the quallelid electors voting upon the question of the adoption
of the said amendment have voted In favor o f the same, the Governor shall
make proclam ation o f the same in the manner provided b y law, and the
said amendment shall be held to have been adopted and to have been A
part of the constitution from the time of such proclam ation.
Passed b y the House March S' 1911.
Passed b y the Senate March 9 1911.
£
v
Approved b y the Governor March 17 1911.

\the agent is authorized to purchase them on or after May 25
at the current rate of exchange on Japan, or, at the option of
the holders to m isapplication to exchange them for the
4% Internal loumbhnds, first series, stt the rate of yen 95 per
i, ’ ,a,fc.32^ , ,ne before '(3f »ftgr t!lie date of redemption.
«
bolder wisKTto anticujate the redemption of any
of tjbtf bonds mentioned,' Agerft Tokieda is authorized to
Pfmum 46 them SU )Ject d isco u n t at the rate of 5% per
Bond Proposals and Negotiations this week
have been aa follows:

Adams County (P. 0. Hettinger), No. Dak.—B o n d S a le .
On March 27 82,500 7%^-year grain-seed bonds were
awarded to the Union Investment Co. in Minneapolis at par.
Denomination $500.. Date April 1% 911. Interest semi-annual.
Albany, Athens County, Ohio.—B o n d O ffe r in g . —Propos
als will be received until 12 m. May 8 by John Lindley, Village
Clerk, for 82,250 6 % coupon Wilkes Street improvement
bonds.
A
\
A uthority Sections 95 ct al of Municipal Code. n&nomlnatf6ri‘'$450.
Date March 1 1911. Interest semi-annual. M aturity §45ft” y'carly on
Sept. 1 froth 1912 to 1916, Inclusive. Bonds to be jOellvered'-arid paid for
within 10’Uays from date o f delivery. Certified chqriftTfor $300, payable to
i& o V illage’Treasurer, 1^-required. Purchased to, Ray accrued Interest.

Amanda School District (P. 0. Amanda), Fairfield
County, Ohio.—B oncT & Sale.— O n April 8 the 820,000 5%
Si^year (average) coupon school-building bonds described
in V. 92, p. 747, were awarded to tKe Bremen Bank Co. in
Bremen at 104.255 and accrued interest — a basis of about
4.16%. The following bids were received:
Bremen Bank C o.. h re m .S 2 0 ,8 jt 00 Otis & Hough, Cleveland 1$20,650 00
Hayden, Miller & C o., Cle_ 20,833 00 R .K leyboltcC o.,Inc,,CIn . 20,650 0 0
Stacy & Braun, T o le d o
■20,832 30 New lsfc'N at.Bk., C olum , 20,574 00
First N at. Bank, C lev c.^ 20,818 25 Spltzcr, Rorlok & C o .,T o l. 20,554 30
Security Savings BaniC &
Farmers’ & Merchants’
T r u s t e e .. T oledo
. . . 20,776 00
Bank C o., A m and a. JL, 20,487 50
Maturity $1,000each six mouths from April 1 1912 to Oct. 1 192U ncluslve

Anadarko School District (P. O. Anadarko), Caddo
County, Okla.—B o n d s N o t Y e t S o ld . —No sale has yet been
made of the 816,500 bonds offered but not sold on Dec. 5
See V. 92, p. 203.
Anaheim, Orange County, Cal.—B o n d S a le .— On April 6
the two issues of 5% 1-40-year (serial) gold coupon bonds
described in V. 92, p. 895, were awarded as follows:
Winston-Salem (P. 0. Winston-Salem), Forsyth County, $90,000
sewer bonds to J. H . Adam s & Co. o f Los Angeles at 100.563 and
No. Caro.—C o m m is s io n F o r m o f G o v e rn m e n t D e fe a te d . —An
Interest— a basis of about 4 .9 5 7% .
election held April 10 is reported as resultinadn a vdfe of 481 8,500 accrued
electric-light bonds to the American Savings Bank In Los Angeles
at 100.623 and accrued Interest— a basis of about 4 .9 5 2% .
“for” to 587 “against” the proposition'to T«fclopt the commission plan of government.
The following bids were received:
bonds.

$ 9 0,0 00

Bond Calls and Redemptions.

Abington Township, Montgomery County, Pa.—B o n d C a ll.
—The following bonds have been drawn for redemption
May 1 (on which date interestAvill cease) by the Jenkintown
National Bank at Jenkintown) Pa.
Loan o f 1893 — Class D . —71, 72- 73, 74, 75, $500 each; $2,500 00.
D.—276, 277, 278 ,279, 280, 281, 282, 283, 284, 285, 286, 287,
in
, fS5!’ 290'291 •292- -’93, P4, 205, 296, 297, 298, 299, 300, 301, 302,
3?3- 394, 395,300, 307, 308, 309, 310, 311, 312, 313, 314, 315, 310, 317,
3 *3, 319, 320, 321, 322, 323, 324, 325, 326, 327, 328, 329, 330, 331, 332,
each- $7'l0056(f38’ 337' 338, 33°' 340, 841*342' 343’ 344, 345, 346—5100
Denver, Colo.— B o n d C a ll .—The following bonds have been
called for payment April 30:
. . ., _
,,,
Storm Sewer Bonds.
o 1 A< ,T \ cl7,t<?.rrn Sewer District N o. 1, Bonds Nos. 190-222, inclusive,
oi. *i!r
,,
North Denver Sewer District N o. 1, Bond N o. 5.
South Capitol Hill Storm Sewer District N o. 2, Bonds Nos. 44 to 58,
Inclusive.
’
.
, o •<.„ c
Sanitary Sewer Bonds.
■ East Side Sanitary Sewer District No. 1, Bonds Nos. 192 to 205, Inclusive.
^ S u b -D istrict N o. 8 of the East Side Sanitary Sewer District No. 1. Bond




r

tt

. ,

J. H . Adam s & C o., Los Angeles__________________ $90,507 00
American Savings Bank, Los Angeles____
W m . R . Staats C o., Pasadena___ _____ _________ '* 90)463 50

$8,500
bonds.
$8,525
8,553

Anderson Independent School District (P, O. Anderson),
Franklin County, Tex.—B o n d s R e g is te r e d . —On March 29
the State Comptroller registered 85,000 5 % 20-40-year
(optional) bonds.
Arapahoe, Furnas County, Neb.—B o n d s D e fe a te d .— An
election held April 4 resulted in the defeat of a proposition
to issue 814,000 bonds.
Arkansas City, Cowley County, Kan.—B o n d s V o te d .—According to reports, an election held on April 4 resulted
in favor of a proposition to issue 850,000 manual-trainingschool bonds.
Ashley County Drainage District No. 1 (P. O. Wilmot),
“ r “ -— B o n d O ffe rin g . —The Board of Drainage Com issioners, W. B. de Yampert, Secretary, will sell at public
auction 12 m. June 1 an issue of about 890,000 bonds.
Athens School District (P. O. Athens), Clarke County, Ga.
— B o n d s P r o p o s e d . —Reports state that the Board of Edu-

A pr . 15 KM 1.1

T H E C H R O N IC L E

cation has recommended the issuance of $125,000 school
building bonds.
Athol, Worcester County, Mass.— Tem porary L oa n .—It
is stated that a loan of $50,000 due Oct. 5 1911 has been
negotiated with Loring, Tolman & Tupper of Boston at
3.33% discount.
Auburn, Maine.— Tem porary L oa n .—The loan of $60,000
due Nov. 12 1911 offered on April 11 (V. 92, p. 974) was
awarded on that day to the First National Bank of Boston
at 3.25% discount.
Audrain County (P. O. Mexico), Mo.—Bonds Voted.—An
election held March 16 resulted in favor of a proposition to
issue $15,000 5% poor-house-building bonds. Maturity 1 to
5 years, inclusive.
Bark River Township (P. O. Bark River), Delta County,
Mich.—Bonds Voted.—An election held April 3 resulted in
favor of a proposition to issue $6,300 road-improvement
bonds. The vote was 134 to 18.
Bassfield, Jefferson Davis County, Miss.—Bonds Author
ized.—We see it reported that the Board of Aldermen on
April 7 issued 6% 20-year water-works bonds voted on Apr. 3.
Beach City, Stark County, Ohio.—Bond Election.—Accord
ing to reports, an election will be held on April 25 to vote on
a proposition to issue $15,000 school bonds.
Beaver Falls, Beaver County, Pa.— Bond Sale. — Re
ports state that on April 10 the $12,200 refunding and the
$1,600 First Ave. improvement 4 lA % coupon bonds de
scribed in V. 92, p. 974, were awarded to the Mellon National
Bank of Pittsburgh.
Beggs School District No. 4 (P. O. Beggs), Okmulgee
County, Okla.—Bond Sale.—On April 7 the $7,000 6%
school-building bonds described in V. 92, p. 974, were
awarded to Speer & Dow of Ft. Smith, Ark., at 103. A bid
of $7,157 (102.241) was received from John Nuveen & Co.
of Chicago.
Denomination $500. Date April 1 1911. Interest January and July in
New Y ork. Maturity $2,000 April 1 1921 and $5,000 April 1 1931. Total
debt, tills issue. Assessed valuation $700,000.

Bell County Common School District No. 42, Texas.—
—This district is offering at par and accrued
interest $2,000 bonds. These are part of the $4,000 5%
5-40-year (optional) bonds, $2,000 of which have been
disposed of as stated in V. 92, p. 407.
Beliefontaine, Logan County, Ohio.— Bonds Authorized.
Ordinances have been passed providing for the issuance of
the following coupon bonds:

B o n d Offering.

$1,150 4 y2% Linden Street improvem ent assessment bonds. Denomina
tion $100. Maturity $100 yearly on March 1 from 1912 to
1920, inclusive, and $250 on March 1 1921.
2,500 5%
sidewalk-construction (city’s portion) bonds. Denomination
$500. Maturity March 1 1916.
,
Date March 1 1911. Interest semi-annually at the City Treasurer s office.

Bells, Crockett County, Tenn.—Bond Election.—An elec
tion will be held April 29 to vote on the question of issuing
$16,000 railroad-aid bonds.
Berkeley, Alameda County, Cal.—B ond Election.—OnMay 6
an election will be held to vote on a proposition to issue
$940,000 i l/ 2% 1-40-year (serial) bonds.
. Berwick, Columbia', County, Pa. —Bond Election.—An
election is to be held in this borough, it is stated, in the
near future to vote on the question of issuing $25,000 school
building bonds.
Blakely, Early County, Ga.— Bond Election.—It is re
ported that an election will be held on April 22 to vote on a
proposition to issue $60,000 sewer-construction and schoolimprovement bonds.
Bloomer Township School District No. 2 (P. O. Carson
City), Chippewa County, Mich.—Bond S ale.—On April 4
the $3,500 4 y z% 1-7-year (serial) coupon school bonds de
scribed in V. 92, p. 895, were awarded to I. Koohn of Carson
City at par and accrued interest. Purchaser also to pay
attorney’s fee and furnish blank bonds. Other bids were
received from the People’s State Bank and the Union Trust
Co. of Detroit at par and H. W. Noble & Co. of Detroit at
par less $50 for expenses.
Blount County (P. O. Maryville), Tenn.— Bonds Author
ized.—Reports state that on April 4 the County Court
authorized the issuance of $300,000 5% pike-road-construc
tion bonds due part yearly from 10 to 40 years.
Blue Creek Township School District (P. O. Tipton),
Paulding County, Ohio.—Bond Offering.—Proposals will be
received until 4 p. m. April 22 by the County Auditor (P. O.
Paulding) for $4,000 6% school bonds.
A uthority, Section 3992, Laws of Ohio. Denomination $800. Date
May 1 1911. Interest semi-annual. Maturity 3800 yearly on May 1 from
1912 to 1916 Inclusive. Peter Mumy is Clerk of the Board of Education.

105i

bridge-construction bonds carried by a vote of 893 to 229 at
an election held April 4.
Bridgeport Independent School District (P. O. Bridgeport),
Wise County, Tex.— Bond Offering.—Proposals will be re
ceived at any time by J. B. Henderson, Secretary Board of
Education, fnr $i0,000 5% coupon school-building bonds.
Denomination $1,000. Date April 15 1911. Interest annually at the
National Park Bank or elsewhere at option of holder. M aturity 40 y<#rs,
subject to call after 20 years. No debt at present. Assessed valuation for
1910 3685,000.

Brookshire Independent School District (P.O.Brookshire),
Waller County, Texas.—Bonds Registered.—The State Comp
troller on April 7 registered $800 5% 20-40-year (optional)
bonds.
Bucyrus, Crawford County, Ohio.—Bond Offering.—Pro
posals will be received until 12 m. May 2 by H. A. Barth,
City Auditor, for the $23,500 4)^% coupon street-improve
ment assessment bonds described in V. 92, p. 748.

A uthority Sections 3912 et seq. of General Code. Denomination $500.
Date April 20 1911. Interest on March 20 and Sept. 20 at the City Treas
urer’s office. M aturity $1,000 each six m onths from March 20 1912 to
Sept. 20 1914, inclusive, and $1,500 on March 20 and $1,000 on Sept. 20
each year from 1915 to 1921, inclusive. B onds to be delivered and paid
for on May 15. Certiiled check for $100, payable to G. Goldsmith, City
Treasurer, is required. Purchaser to pay accrued interest.

Buffalo, N. Y — Bond Sale.— On April 11 the $160,000 4%
20-50-year (optional) registered park bonds described in
V. 92, p. 974, were awarded to the Marine National Bank in
Buffalo at par and accrued interest. No other bids were
received.
Bonds N ot Sold. —No bids were received for the $250,000
grade-crossing, $250,000 building and $80,000 refuse-disposal
4% bonds also offered on April 11 (V. 92, p. 974).
Burlington, Burlington County, N. J.—Bond S a le.—An
issue of $20,000 4 j^% city-hall bonds has been disposed of at
par as follows: $10,000 to the Union National Bank in Mt.
Holly, $5,000 to the Morristown Trust Co. in Morristown
and $5,000 to Geo. A. Allenson of Burlington.
Burlington Junction, Nodaway County, Mo.—Bonds N ot
to B e Offered at P resent. —This place is not yet prepared to
offer for sale the $8,500 light-plant-purchase bonds voted on
Jan. 24. See V. 92, p. 335.
Butler School District (P.O. Butler), Butler County, Pa.—
Bond Election.—An election will be held on April 18, according
to reports, to vote on the question of issuing $25,000 bonds.
Cabarrus County (P. O. Concord), No. Caro.—Bond Of
ferin g . —Proposals will be received until 12 m. May 9 by this
county for $105,000 4)^% funding bonds. Interest semi
annual. Certified check for 2% of bid is required. C. W.
Swink is County Treasurer.
Caldwell County (P. O. Lockhart), Tex.—Bonds Voted .—
An election held recently is reported as having resulted in
favor of the proposition to issue the $50,000 Precinct No. 2
road-construction bonds mentioned in V. 92, p. 896.
Cambridge, Dorchester County, Md.—Bond Sale.—On
April 11 the $50,000 5% coupon street-improvement bonds
described in V. 92, p. 896, were purchased by Alexander
Brown & Sons of Baltimore at 103.63 and accrued interest.
Maturity $2,000 yearly on July 1 from 1911 to 1935, inclusive.
Bonded'debt, not including this issue, $5,000. Floating debt
(additional), S15,000. Assessed valuation $2,825,281.
The following proposals were submitted:
A lex. Brown & Sons, B alt____103.63 ITownsend Scott & Son, IlarnRlggs & M cLane, B a ltim o r e ..102.31
bleton & Co. and Baker,
| W atts & C o., B a ltim o r e ..1 01.151

Cameron, Milam County, Texas.— Purchasers o f B ond s.—
The $15,000 6% sewer-construction bonds sold on March 25
(V. 92, p. 974) were awarded as follows: $5,000 to the
Citizens’ National Bank, $5,000 to the First National Bank
and
$5,000 to the Cameron State Bank,all in Cameron,at par.
Denomination $1,000. Date July 1 1911. Interest semi-annual. Ma
turity July 1 1951, subject to call after 20 years.

Canton, Stark County, Ohio.—Bond Sale.—On April 3 the
seven issues of 4j^% improvement bonds, aggregating $43,
180, described in V. 92, p. 748, were sold, it is stated, to Hay
den, Miller & Co. of Cleveland and Weil, Roth & Co. of Cin
cinnati at their joint bid of $43,645 40, or 101.077.
Bond Offering.—Proposals will be received until 12 m.
April 24 by Emmet C. Brumbaugh, City Auditor, for the
following
4)^% bonds:
$16,300 North Walnut Street bonds. Denomination $1,000, except one
bond for $300. Maturity $4,000 on March 1 In 1913, 1914 and
1915 and $4,300 on March 1 1916.
6.700 South Hex Street bonds. Denomination $1,000, except one bond
for $700. Maturity $1,000 on March 1 in 1913 and 1914, $2,000
on March 1 1915 and $2,700 on March 1 1916.
3.700 general street-im provem ent bonds (city’s p o rtio n ). Denomination
$1,000, except one bond for $700. Maturity $3,700 March 1 1916.
1.700 Trump A ve. sewer bonds. Denominations $1,000 and $700. Ma
turity $1,000 on March 1 1915 and $700 on March 1 1916.
Date March 1 1911. Interest semi-annual. Purchaser shall furnish at
his own expense the necessary blank bonds. Certified cop y of the abstract
showing the legality of the issue will be furnished upon application to the
City Auditor. Bonds to be delivered and paid for within 10 days from time
of award. Certified check on a bank in Canton for 5% of bonds bid for,
payable to the City Treasurer, is required.

Bowling Green, W ood County, Ohio.—Bond Sale.—An
ordinance was passed on April 6 authorizing the issuance of
$40,000 4% coupon park-improvement bonds to be delivered Canton Union School District (P. O. Canton), Stark
to Spitzer, Rorick & Co. of Toledo. A like amount of bonds
Ohio.—Bond Offering.—Proposals will be received
was disposed of on March 15 to Seasongood & Mayer of County,
until 12 m. April 28 by the Board of Education for $39,000
Cincinnati V. 92, p. 748. If these are the same securities, 4%
public-school-site-purchase
bonds.
we have not yet been advised why the first sale failed to A uthority,
Sections 7629 and 7630 of General Code. Denomination

consum m ate.
Denomination $500. Date March 1 1911. Interest semi-annually at
the City Treasurer’s office. Maturity March 1 1919, subject to call, how
ever, $5,000 on March 1 each year from 1912 to 1918, inclusive.

.—•
issuing $100,000 4% 5-40-year (optional)

Brazoria County (P. O. Angleton), Tex.— Bonds Voted
question of

The




$1,000. Date April 28 1911. Interest semi-annually at Kountze Brothers'
banking house in New York City or at the office of the Treasurer Board of
Education, at the option of the purchaser. M aturity April 28 1931.
Bonds to be delivered and paid for within 10 days from time o f award.
Certiiled check for $1,000 on a bank in Canton is required. No bid will be
considered unless the same be made on blank forms furnished by the Board
of Education. Purchaser shall furnish blank bonds at his own expense.
C. W . Lane Is Clerk Board of E ducation.

1052

TH E C H R O N IC L E

Catasauqua School District (P. O. Catasauqua), Lehigh
County, Pa.— B ond S a le.

—On April 10 the $45,000 4%
5-30-year (optional) high-school-building bonds described
in V. 92, p. 974, were awarded to the National Bank of Cata
sauqua at par. Denominations $100 and $500. Date
July 1 1911.
Charlotte, Eaton County, Mich.— Bonds Voted.—Local
papers state that the election held on April 3 resulted in
favor of the question of issuing $18,000 public-improvement
bonds.
Cherry vale, Montgomery County, Kan.— Bonds Proposed.
—It is stated that this place proposes to issue $50,000 re
funding bonds.
Cheyenne School District No. 1 (P. O. Cheyenne), Lara
mie County, W yo.— Bond Sale.—On April 8 the $50,000
school-building bonds voted March G (Y. 92, p. 748)
were awarded to the “State of Wyoming” at 100.20 and int.
Denomination $1,000. Date May 1 1011. Interest semi-annual.
turity May 1 1931, subject to call after 10 years.

Ma

Chippewa Falls, Chippewa County, W is.— C om m ission

[V O L . L X X X X I I .

awarded, it is stated, to Seasongood & Mayer of Cincinnati
for $118,922—the price thus being 106.178.
^ Decatur, Morgan County, A la—Bond Sale.— On March 21
$25,000 5% 30-year city-hall-building bonds were awarded
to J. B. Weakley of Birmingham at par.
Denomination $500. Date April 1 1911. Interest semi-annual.
De Kalb County (P. O. Smithville), Tenn.— Bonds Author
ized.
On April 3 the County Court adopted a resolution, it
is stated, providing for the issuance of $30,000 bridge
building bonds.
Deport, Lamar County, Texas.—Bond Election.—Local
papers state that an election will be held to vote on a propo
sition to issue $20,000 school-building bonds.
Dexter, Dallas County, Iowa.—Bond Sale.—The Town
Clerk advises us that an issue of gas-plant bonds has been sold.
Divide County (P. O. Crosby), No. Dak .— Bond Sale.—
We are advised that the $25,000 7% grain-seed bonds offered
on March 22 (V. 92, p. 749) were disposed of the following
day to Beiseker & Co.

Denomination $500. Date April 1 1911. Interest semi-annual. Ma
Plan Defeated.—An election held April 4 is reported as having
5 years.
resulted in a vote of 212 “for” to 773 “against” a proposition turity
Dublin, Erath County, Texas.—Bonds Registered.—The
to adopt the commission form of government.
State Comptroller registered on April 7 $20,000 5% 10-40Cincinnati, Hamilton County, Ohio.— B ond O ffering .— year (optional) street-improvement bonds.
Proposals will be received until 12 m. May 8 by Ernst Von xjuuuque uounty [ r . u. uuDuquej, lowa.—Bond Offering.
Bargen, City Auditor, for $250,000 4% coupon Gilbert “This county will offer at public auction at 10 a. m. June 5
Avenue viaduct-construction bonds.
an issue of $185,000 4)^% warrant funding bonds.
A uthority Section 3939 of General Code. Denomination $500. Date

April l 1011. Interest semi-annual. M aturity 30 years. Bonds ate
exem pt from taxation. Bids must be made on printed form furnished by
the A uditor. Certified check for 5% of bonds bid for, payable to the City
A uditor, is required.

Clarence School District (P. O. Clarence), Shelby County,
Mo.— Bonds Voted.

—According to reports, an election held
April 4 resulted in a vote of 259 to 57 in favor of a proposition
to issue $25,000 school-building bonds.
Clarendon County School District No. 20, S. Caro.— Bond
Offering. —Proposals will be received until 12 m. April 26 by
Davis & Wcinburg, attorneys for Board of Trustees (P. O.
Manning), for $5,100 school bonds. Bids to be based on
bonds bearing interest at 5%, 5J^% and 6%. Interest
semi-annual. Certified check for $200 is required.
Cloverdale School District (P. O. Cloverdale), Putnam
County, Ohio.—Bond S ale.—On March 15 $8,000 5% 1-16year (serial) school-house-construction bonds were awarded
to the Security Savings Bank & Trust Co. in Toledo at
105.6625 and accrued interest—a basis of about 4.20%.
Denomination $500. Date March 15 1911. Interest semi-annual.
Collegeport School District (P. O. Collegeport), Mata
gorda County, Tex.—Bond Election P roposed.—The tax
payers of this district have petitioned the County Court to
call an election to vote bonds for a $12,000 brick school
building.
Colorado Springs, El Paso County, Colo.— Bonds Voted .—The proposition to issue the $22,000 4% 15-20-year (optional)
sewer-system-extension bonds mentioned in V. 92, p.896,
carried by a vote of 1095 to 546 at the election held April 4.
Commerce, Hunt County, Tex.—Bonds Voted.—It is re
ported that the election held on April 4 resulted in favor of
the question of issuing $5,000 water bonds.
Concordia, Cloud County, Kan.—Bonds Voted.—According
to reports, the election held on April 5 resulted in favor of
the question of issuing $20,000 high-school-building-im
provement bonds.
Cook County School District No. 148 (P. O. Dolton), 111.—
Description o f B on d s. —The $35,000 5% 12J^-year (average)
school bonds, awarded on March 28 to the First Trust &
Savings Bank of Chicago at 105.20 and interest—a basis of
about 4.453% (V. 92, p. 975)—are in denomination of $1,000
each and are dated June 1 1911. Interest semi-annual.
Maturity $2,000 yearly on June Lfrom 1916 to 1925, inclus
ive, and $3,000 yearly on June 1 from 1926 to 1930, inclusive.
Among the bidders were the following:
First Trust & Savings Bank,
|Continental & Commercial Tr
Chicago
_________$36,820
& Savings Bank, C h ica go..$36,760
W m . It. Compton C o., C hic. 36,815 |Emery, Feck A Rockw ood,C hic 36,730
National City Bank, C hicago. 3 6 ,7 8 5 | E .H . Rollins & Sons, C h ic .. 36,725

Corning, Perry County, Ohio.—B ond Election.—On May 6
a vote will be taken, it is stated, on the question of issuing
$5 000 city-hall and jail bonds.
Coshocton, Coshocton County, Ohio.—Bond S a le.—On
April 1 the four issues of coupon improvement assessment
bonds, aggregating $11,400 and described in V. 92, p. 897,
were awarded to II. D. Beach Co. of Coshocton for $11,445 50
(100.399) and accrued interest. Other bids, all at par, were
received from Weil, Roth & Co. of Cincinnati, Commercial
National Bank in Coshocton and Seasongood & Mayer of
Cincinnati.
Dallas, Dallas County, Tex.—Bonds Voted.—The propo
sition to issue the $250,000 public-school-building bonds
carried by a vote of 5,199 to 888 at the election held April 4.
Dansville, Livingston County, N. Y .— Bonds to B e D is
posed o f Locally.—We are advised that the $3,200 watersystem bonds mentioned in V. 92, p. 479, will be disposed of
to local banks.
Dayton, Montgomery County, Ohio.—Bond S ale.—On
April 11 the'three issues of 4 j^% coupon improvement bonds,
aggregating.$112,000, and described in V. 92, p. 749, were




A uthority Section 403, Code Supplement of 1907. Denomination $ 1 ,0 0 0 .
□ate July 1 1911. Interest semi-annually at the County Treasurer’s ofticc.
rity $6a ,000 on July 1 1921 and $ 12 ,000 yearly on July 1 from 1922 to
1931, inclusive. Bonds are exem pt from taxation. Certilled check for
S o ,000, payable to "D u b u q u e C ounty,” is required. T heo. Scharle is
County A uditor.

East Auburn School District, Placer County, Cal.— B ond
—The $7,500 5% 1-15-year (serial) bonds voted on
Feb. 4 (Y. 92, p. 479) have been sold, according to reports,
to James II. Adams & Co. of Los Angeles at 101.01—a basis
of about 4.847%.
East Liverpool, Columbiana County, Ohio.— Bonds D e
feated. —A proposition to issue $175,000 water-works bonds
was defeated at an election held March 27. The vote was
903 “for” to 599 “against”—two-thirds being necessary to
authorize.
Easton, Northampton County, Pa.—Bonds Defeated .—
The ordinance providing for the issuance of the $97,000
permanent-improvement bonds mentioned in V. 92, p. 274,
was defeated at the last meeting of the Common Council.
East Orange, N. J.—Bonds N ot Sold .—No bids were re
ceived on April 10 for the $100,000 30-yeav water-supply
“Series No. 5” and the $100,000 40-year grammar-schoolconstruction “Series W” 4% coupon (with privilege of regis
tration) bonds described in V. 92, p. 975.
Bond Offering.—The water bonds mentioned above will be
re-offered on May 8.
El Dorado, Butler County, Kan.—Bond Election.—It is
stated that an election will be held April 25 to vote on the
question of issuing $40,000 high-school-building bonds.
Elizabeth City, Pasquotank County, No. Caro.—Bond
Sale. —On April 5 the $120,000 5% 30-year street-improve
ment bonds^described in V. 92, p. 898, were sold to S. A.
Kean of Chicago, it is stated, at 101.02—a basis of about
4.935%.
Ellis County (P. O. Waxahachie), Texas.—Bonds Regis
tered.—The State Comptroller on March 10 registered the
$25,000 5% Drainage District No. 1 bonds mentioned in
V. 92, p. 543. Maturity $1,000 yearly.
Bond Sale. —Reports state that $544,000 road bonds have
been disposed of to a St. Louis firm at par. ;'. :'. ;
Elmore County (P.O. Wetumpka), Ala.—Bond Offering .—
Proposals will be received until 12 m. May 2 (postponed from
April 6) by M. D. Still, Judge of Probate, for the $170,000 5%
gold coupon road-improvement bonds voted Feb. 20.
Sale.

A uthority Sections 158 to 174, Code of A labam a. Denomination $1,000.
Date Jan. 1 1911. Interest semi-annually at the American Exchange
National Bank in New Y ork. Maturity 30 years. Bonds are exem pt
from ail taxation. Certilled check for 2 % , payable to the County Treasurer,
is required. No debt at present. Assessed valuation for 1910, $5,232,517.
Tile legality of the bonds has been approved by S torey, Thorndike, Palmer
& Dodge, of Boston.

El Paso County (P. O. Colorado Springs), Colo.—Bonds
—The election held Nov. 8 1910 resulted in a voto
of 1,263 “for” to 1,886 “against” the proposition to issue
the $110,000 road-improvement bonds mentioned in V. 91,
p. 1197.
Ely, St. Louis County, Minn.—Bonds Voted.—The propo
sition to issue the $30,000 sewer bonds mentioned in V . 92,
p. 898, carried by a vote of 236 to 108, it is stated, at an elec
tion held April 4.
Elyria, Lorain County, Ohio.— Bonds Authorized .—An
ordinance has been passed providing for the issuance of$22,000 4J^% coupon police and fire-department-improvement
bonds.
Defeated.

.. Denomination $1,000. Date Feb. 1 1911. Interest semi-annually at
the office of the United States Mortgage & Trust Co. in New York City.
Maturity $2,000 yearly on Feb. 1 from 1930 to 1940 inclusive.
An ordinance has also been passed, it Is stated, providing for the Issuance
of $50,000 water-works-improvement bonds.

Emanuel County (P. O. Swainsboro), Ga.— Bond Election
—Reports state that a resolution has been adopted
by the people requesting the County Commissioners to call
Proposed.

APR. 15 1911.

THE

C H R O N IC L E

an election to vote on the question of issuing bonds for
good roads.
Emmons County (P. O. Linton), No. Dak.—Price Paid
fo r B on d s. —The price paid for the $20,000 7% 2-year coupon
grain-seed bonds awarded to the Union Investment Co. of
Minneapolis on March 28 (V. 92, p. 975) was 101.70.
Erin, Houston County, Tenn.—Bond S ale.—On April 6
the $10,000 5% 10-20-ycar (optional) coupon school-building
bonds described in V. 92, p. 898, were awarded to C. II.
Coffin of Chicago at 100.20. Other bids received were as
follows:
Coffin & Crawford, Chicago_____ $10,206 25 for 6s.
S. A . Kean & C o., C h ica g o _____ 10,110 00 tor 6s and $10,000 for 5s.
John Nuveen & C o., C h i c a g o
10,013 00 for 6s.

1053

Galveston County (P. O. Galveston), Tex.— Bonds Author

—Local papers state that the issuance of $500,000 5%
20-40-year (optional) causeway bonds has been authorized.

ized.

Interest April 10 and O ct. 10 at the Chase National Bank In New York,
the State Treasurer’s office or the County Treasurer’s office.

Garden City, Finney County, Kan.— Bonds Authorized.—

An ordinance has been passed providing for the issuance of
the $42,000 5% 20-year coupon funding bonds recently
awarded to the Commerce Trust Co. of Kansas City, Mo.
V. 92, p. 976.
Denomination $1,000. Date April 15 1911. Interest semi-annually at
the Kansas fiscal agency, the State Treasurer’s office, In Topeka.

Geneseo, Livingston County, N. Y .— B ond Offering.—

Proposals will be received until 2 p. m. to-day (April 15)
William A. Stevens, Town Clerk, for $8,732 06 registered
Escanaba, Delta County, Mich.—Bonds Voted.—The pro by
bonds at not exceeding 5% interest.
position to issue the $30,000 gas-plant-construction bonds highway-construction
Denomination $500, except one bond for $732 06. Date M ay 1 1911.
mentioned in V. 92, p. 898, was favorably voted upon, it is Maturity
$732 06 on F eb. 15 1912 and $500 yearly on F eb. 15 from 1913
stated, at the election held April 3.
to 1928, Inclusive.
Euclid School District (P. O. Euclid), Cuyahoga County, Geneva, Ashtabula County, Ohio.— Bonds Authorized.—
Ohio.— Bonds Voted.—A proposition to issue $100,000 4J^% It is reported that ordinances have been passed providing
school-building bonds carried by a vote of 123 to 105 at an for the issuance of the following bonds: $42,500 to improve
election held on April 11. Maturity 25 years, the first bond Main St.; $32,500 to improve Broadway and $10,800 to pay
the village’s portion of improving these streets.
to mature in 1921.
Eureka School District (P. O. Eureka), Humboldt County, Glen Cove, Nassau County, N. Y .— Bonds Defeated.—The
Cal.—Bonds Defeated.—It is stated that a proposition to propositions to issue the $10,000 Garvey’s Point highway and
issue $150,000 polytechnic-high-school bonds was defeated $10,000 Prospect Ave. improvement bonds mentioned in
at a recent election.
V. 92, p. 825, failed to carry at the election held April 4.
Fairview School District, Glenn County, Cal.—Bond Glendive, Dawson County, Mont.—Bond Offering.—C. C.
Election. —It is stated that the election to vote on the question Hurley, City Clerk, will offer at public auction at 10 a. m.
of issuing the $5,000 building bonds mentioned in V. 92, May 1 an issue of S15,000 gold coupon city’s water-supply
p. 749, will be held April 20.
bonds at not exceeding 6% interest.
A uthority election held March 18. Denomination $1,000. Date Jan. 2
Falls City School District (P. O. Falls City), Richardson 1911.
semi-annually at the City Treasurer’s office or on a bank
County, Neb.—Bonds Defeated.—A proposition to issue In New Interest
Y ork City designated by the purchaser. M aturity $1,000 yearly
Jan. 1 from 1914 to 1928, inclusive. Certified check for $750, payable
$40,000 5 Y z% bonds was defeated at an election held April 4. on
City Treasurer, Is required.
Fancy Prairie School District (P. O. Fancy Prairie), to the
Glennville, Tattnall County, Ga.— Bonds Defeated.—An
Menard County, III.—Bond S ale.—The $3,000 bonds voted election
held on March 15 resulted in the defeat of a proposi
on March 25 (V. 92, p. 976) have been sold to local investors, tion to issue
school bonds.
we are advised by the Clerk.
Rock, York County, Pa.— Bonds Voted and Sold —
Farmville, Prince Edward County, Va.— Bond Election .— TheGlen
question of issuing the $8,000 4% water-supply-exten
On April 18 an election will be held to vote on the question
bonds mentioned in V. 92, p. 976, carried by a vote of
of issuing $65,000 5% 20-year water-works-purchase bonds. sion
to 115 at the election held on April 11. Maturity 10,
Fayotto County Common School District No. 61, Tex.— 130
15, 20 and 25 years. We are advised that these bonds have
Bonds Registered.—On Jan. 20 the State Comptroller regis
all been sold to local people.
tered $8,000 5% 40-year bonds dated Aug. 9 1910.
Fulton County, N. Y .— Bond Sale.—On April
Findlay School District (P. O. Findlay), Hancock County* 11Gloversville,
the $18,700 4
2%-year (average) street-improvement
Ohio.—B id s.—Other bids received for the $10,000 4 % % bonds
in V. 92, p. 750, were awarded to Adams &
15-year (average) refunding bonds awarded on March 28 to Co. of described
York at 100.15 and accrued interest. A bid of
the Commercial Bank & Savings Co. in Findlay,at 102.80 100.14 New
was also received from Isaac W. Sherrill of Pough
and accrued interest (V. 92, p. 898), were as follows:
keepsie. Maturity on Feb. 1 as follows: $4,500 in 1912,
First Nat. B k.. C levelan d_$l0,2l4 75 Scasongood & Mayer, CIn____$10,183
Davles-Bertram C o.. CIn. 10,210 00 Amer. Nat. Bank, F in d la y .. 10,176 $4,000 in 1913, $3,500 in 1914, $3,500 in 1915 and $3,200 in
1916.
S tacey & Iiraun, T o le d o .. 10,208 00 W eil, Roth & C o., C In______ 10,170
New First N. B k., Columb. 10,205 00 Buckeye Nat. Bank, Findlay. 10,155
Goshen, Orange County, N. Y . —Bond Offering.—W. A.
Spltzcr, Horlck & C o., T ol. 10,201 50 Breed & Harrison, Cincinnati 10,110
R ud.K leybolte Co.,Inc.,Cln. 10,185 00
Wells, Village Treasurer, will offer at public auction at
Florence, Louderdale County, Ala.— N o Action Y et Taken. 12 m. April 17 an issue of $10,000 coupon water-improve
—No action has yet been taken looking towards the issuance ment bonds.
of the $15,000 5% 20-ycar school-construction bonds voted tional
Denomination $500. Date May 1 1911. Interest at the Goshen Na
Bank In Goshen. Maturity “ after 5 years.”
on Feb. 7. Sec V. 92, p. 480.
Grand Junction, Mesa County, Colo.—Bond Sale.—On
Florence, Douglas County, Neb.—Bonds Defeated.—An April
7 the SI 18,000 6% paving bonds dated Jan. 1 1911
election held Feb. 15 resulted in the defeat of a proposition and described
V. 92, p. 976, were awarded to Wm. E.
to issue $5,000 6% 20-year fire-department bonds. The Sweet & Co. of inDenver
at 98. A bid of 96 was also received
vote was 80 “for” to 94 “against.”
Fort Lupton, Weld County, Colo.—Bonds Voted.—It is from Jas. H. Causey & Co. of Denver.
reported that a proposition to issue $25,000 water-works Grand Rapids, Kent County, Mich.— Bonds Authorized .—
bonds carried by a vote of 69 to 5 at an election held on An ordinance has been passed providing for the issuance of
$34,000 4% coupon school-building and site-purchase bonds.
April 4.
Denomination $1,000. Date Sept. 1 1911. Interest semi-annual.
Fort Towson, Choctaw County, Okla.—Bond Sale.—Geo. Maturity
1 1922.
I. Gilbert, of Oklahoma City, has been awarded $10,000 6% GrandSept.
Rapids,
W ood County, W is.— Description o f B onds.
25-year water-works-extension bonds.
—The two issues of 5% water-works and sewer-improvement
Denomination $500. Date Feb. 23 1911. Interest semi-annual. Mr.
Cdlbert was also awarded last winter $13,000 6% 25-year water-works bonds bonds, aggregating $45,000, awarded to E. H. Rollins &
dated June 1 1910.
Sons of Cliicago on March 27 (V. 92, p. 976) are in the de
Fort Worth, Tarrant County, Texas.—Bonds Registered.— nomination of $1,000 each and dated Nov. 1 1910. Interest
On April 8 the State Comptroller registered $15,000 electric- semi-annual.
light-extension, $40,000 street-extension and improvement, Granite County (P. O. Philipsburg), Mont.— Bonds N ot
$150,000 water-works-funding, $30,000 police-station, $35, Sold .—The County Commissioners have been enjoined from
000 fire-hall, $30,000 storm-sewer and $200,000 water-works- selling the $50,000 4
court-house bonds, propos
extension and improvement 5% 20-40-year (optional) bonds. als for which were asked coupon
until April 4. See V. 92, p. 899.
These securities arc part of the $2,000,000 bonds mentioned In V . 92,
We are informed that the case has been taken to the Supreme
p. 898.
Francis, Pontotoc County, Okla.—Bond S a le.—R. J. Court.
Greenacres School District, Spokane County, W ash.—
Edwards of Oklahoma City was awarded the $50,000 6% Bond
Offering.—Proposals will be received until 10 a. m.
water-works bonds mentioned in V. 92, p. 976,at par.
April 24 by Z. Stewart, County Treasurer (P. O. Spokane),
Denomination $1,000. Date Jan. 1 1011. Interest semi-annual. Ma
for $2,000 school-building-completion bonds.
turity Jan. 1 1931, subject to call, however, before that tim e.
Denomination $500. Date May 1 1911. Interest semi-annual. Ma
Franklin County (P. O. Columbus), Ohio.—Bond S a le .— turity
May 1 1921, subjec* to call after 5 years. Bonds are exem pt from
On April 12 the $55,000 4% 1-11-year (serial) King Avc. taxation.
No deposit required. Bonded debt $10,756. Floating debt
bridge and $25,000 4 lA % 1-5-year (serial) Wilson Ave. $2,018 76. Assessed valuation for 1910, $260,678.
bridge bonds described in V. 92, p. 898, were awarded to the Greer County Consolidated School District No. 1, Okla.—
New First National Bank in Columbus for $80,438 80 Bond Sale.—An issue of $12,000 6% 20-year bonds has been
(100.548) and accrued interest.
purchased by the Greer Bond & Investment Co. of Mangum.
Fremont, Sandusky County, Ohio.—Bond Offering.—Pro The bonds were voted on April 1.
posals will be received until 12 m. April 25 by the Clerk of Greensburg, Kiowa County, Kan.— Bonds Voted.—Re
Council for $2,000 4^% coupon Linden Street improvement ports state that the election held on April 4 resulted in favor
(city’s portion) bonds.
of a proposition to issue $15,000 municipal electric-lightDenomination $100. Date May 1 1911. Interest on April 1 and O ct. 1 plant bonds.
at the office of the Trustees of Sinking Fund. M aturity $100 each six
months from April 1 1912 to O ct. 1 1921, Inclusive. Certified check on a F> Greenville, Hunt County, Texas .— B o n d s R e g i s t e r e d .—
bank In Fremont for $200 Is required. Bids must be unconditional and In
The State Comptroller on Feb. 21 registered the $50,000 5%
clude accrued Interest.




1054

TH E C H R O N IC L E

water-works-extension bonds sold on Dec. 17 1910 (V. 92,
p. 408).
Greenville County (P. O. Greenville), So. Caro.—Bond
Election. —On Aug. 8 this county will vote on the question of
issuing $100,000 court-house-building bonds, according to
local papers.
Gresham, Multnomah County, Ore.—Bond Sale.—On
April 4 the $15,000 water-works-system and $5,000 sewerconstruction 6% 20-year gold bonds described in V. 92, p.
750, were awarded to E. H. Rollins & Sons of Denver at
101.0425 and accrued interest—a basis of about 5.914%.
Morris Brothers of Portland offered par and interest and
blank bonds. A bid was also received from John Nuveen
& Co. of Chicago. Bonds are dated April 4 1911. Total
debt these issues. Assessed valuation in 1910, $299,505.
Guadalupe County (P. O. Seguin), Texas.—Bonds Regis
tered.—The State Comptroller on Feb. 23 registered $25,000
5% 10-30-year (optional) road bonds.
Guthrie, Logan County, Okla.—B ond Election.—The
Mayor has announced that an election will be called for
May 3 to vote on the question of issuing $100,000
bonds to equip and promote Mineral Wells Park.
Hamblen County (P. O. Morristown), Tenn.—Bonds P ro
posed. —A proposition to issue $25,000 bonds will come up
for consideration on May 15.
Hamilton, Butler County, Ohio.—B onds Authorized .—
Ordinances have been passed providing for the issuance of
the following 4^% coupon sanitary-sewer-construction
assessment bonds:
$4,207 80 Sycam ore Street bonds. M aturity $420 78 yearly tor 10 years.
1,527 90 Sixth Street bonds. M aturity $152 79 yearly for 10 years.
1,626 10 Eighth Street bonds. Maturity $162 61 yearly for 10 years.
Date Jan. 1 1911. Interest semi-annual.

Harlem Township, Delaware County, Ohio.— Bonds D e
fea ted . —The voters of this township on March 15 defeated
the proposition to issue the $14,000 school bonds mentioned
in V. 92, p. 614, according to reports.
Hastings, Barry County, Mich.— Vote.—We are advised
that the vote cast on the $120,000 4J^% water and light
bonds authorized at the election held April 3 (V. 92, p. 976)
was 676 “for” to 330 “against.”
Hastings, Adams County, Neb.—Bond Sale.—An issue
of $50,000 5% 5-20-year (optional) coupon paving bonds
has been taken by the State Treasurer; the bonds to be
delivered as the money is needed. These securities take the
place of the $50,000 bonds disposed of on Jan. 23 to H. T.
Holtz & Co. of Chicago (V. 92, p. 408). The Chicago firm,
it is stated, agreed to release the city from its contract so
that the bonds could be sold in the manner mentioned above.
Helena, Mont.—B ond Sale Postponed.—The State Court
on April 11 denied the application of certain taxpayers to
restrain the city from selling on April 12 the $600,000 5%
water bonds offered on that day (V. 92, p. 750) and Federal
Judge Gilbert at Portland also decided in the city's favor,
denying the application for an injunction. In view of these
decisions, the City Council ordered that the time for opening
bids for the bonds be extended until 8 p. m. on April 20. As
previously stated, the Montana Supreme Court on Feb. 23
upheld the validity of the election held Jan. 9, when it was
voted to issue $650,000 bonds for a municipal plant.
Henry County (P. O. Napoleon), Ohio.—Bond Offerings.—
Proposals will be received until 1 p. m. April 20 by C. C.
Meekison, County Auditor, for $6,000 4J^% coupon roadimprovement bonds. This offering was inadvertently re
ported in last week’s issue under the head of N apoleon,
H en ry County, O h io. —For other details of bonds and terms
of offering see V. 92, p. 978.
Proposals will also^be received until 10 a. m. April 28 by
C. C. Meekison, County Auditor, for the following 4J^% cou
pon bonds, aggregating $182,500.
$10,000 R oad Im provem ent N o. 90 (Harrison Township) bonds. Maturity
$1,000 each six months from May 1 1913 to N ov. 1 1917, Inclusive.
29.000 R oad Im provem ent N o. 90 (Monroe Township) bonds. Maturity
$1,000 May 1 1912, $1,000 N ov. 1 1912, $1,000 May 1 and $2,000
N ov. 1 yearly from 1913 to 1919, Inclusive: and $2,000 each six
months from May 1 1920 to May 1 1921, Inclusive.
30.500 R oad Im provem ent N o. 103 (Marlon .Township) bonds. Maturity
$500 May 1 1912; $1,000 each six months from N ov. 1 1912 to
May 1 1914, Inclusive, and $2,000 each six m onths from N ov. 1
...
J914 to N° v . 1 1920, Inclusive.
12.500 R oad Im provem ent No. 104 (Marlon Township) bonds. Maturity
$500 May 1 1912 and $1,000 each six months from N ov. 1 1912 to
May 1 1918, Inclusive.
25.500 R oad Im provem ent N o. 104 (Pleasant Township) bonds. Matur. 7 A 5J)0«,May 1 1912- 51,000 N ov. 1 (1912 and $1,000 May 1 and
„ „ „ „ „ 52.000 N ov. 1 yearly from 1913 to 1920, Inclusive.
15.000 R oad Im provem ent No. 105 (Marlon Township) bonds. M aturity
$1,000 each six months from May 1 1913 to May 1 1920, Inclusive.
10.000 R oad Im provem ent No. 106 (Richfield Township) bonds. Ma
turity $1,000 each six months from May 1 1913 to N ov. 1 1917,
Inclusive.
10.000 R oad Im provem ent N o. 106) (Damascus Township) bonds. Ma
turity $1,000 each six months from May 1 1912 to N ov. 1 1916,
Inclusive.
17.500 R oad Im provem ent N o. 107 (Washington Township) bonds. Ma
turity $500 May 1 1912 and $1,000 each six months from N ov. 1
1912 to N ov. 1 1920, inclusive.
22.500 R oad Im provem ent No. 108 (Liberty Township) bonds. Maturity
$500 May 1 1912, $1,000 each six months from N ov. 1 1912 to
May 1 1916, Inclusive, and $2,000 each six months from N ov. 1
1916 to N ov. 1 1919, Inclusive.
A uthority Section 6, page 96, Laws of 1894. Denomination $1,000, ex
cept 5 bonds of $500 each. Date May 1 1911. Interest semi-annual.
Certified check (or draft) on the First National or Napoleon State Bank in
N apoleon for $1,000 is required with bids for the entire amount olfered.
Ulus must be made on each block of bonds separately.

Proposals will also be received until 10 a. m. April 25 by
the County Auditor for the following 4j^% coupon Maumee
River bridge-repair bonds.




[VoL. LXXXXI1.

$17,000 bonds for bridge at Napoleon. Maturity $1,000 each six m onths
from May 1 1912 to May I 1920. Inclusive.
13,000 bonds for bridge at Florida. Maturity $1,000 each six months
from May 1 1912 to May 1 1918, inclusive.
A uthority Sections 5643 and 5644, General Code. Denomination $1,000.
J 191 / • Interest semi-annually at the County Treasurer’s office.
Certified check (or draft) on the Napoleon State or First National Bank ill
Napoleon for $1,000 is required with bids on the entire amount offered.
Bids must be made on each block of bonds separatey.

High Point, Guilford County, No. Car .— Bond Sale.— On
April 10 the $20,000 5% 30-year gold coupon funding bonds
described in V. 92, p. 899, were awarded to W. N. Color <fc
Co. of New York City at 103.67 and accrued interest—a basis
of about 4.769%. Other bids received were as follows:
. *v . Aiaiocy a c o . , in. )! _ _$>JU,OUO Union S. B. & T r. C o., C In ..$20,212
W ell, Roth & C o., CIncin___20,410 S. A . Kean & C o., C h ica g o .. 20,130
W achovia Loan & Trust C o.,
Harris, Forbes & C o., N. Y ._ 20,116
W inston-S alem ___________ 20,400 A . J H ood A C o., D e tro it.. 20,021
Western-German Bank, CIn . 20,315 Commercial National Bank,
Seasongood & Mayer, C in _._ 20,252
High P oint________________ 20,000
Cutter, May & C o., Chicago. 20,216 John Nuveen & C o., Chicago 20,000
All bidders offered accrued Interest In addition to their bids.

Holden, Johnson County, Mo.—Bonds Defeated.—A propo
sition to issue sewer bonds was defeated April 4, it is stated.
Holtville, Imperial County, Cal .— Bond Sale.— The $6,000
6% water-system and fire-apparatus bonds offered on
April 5 (V. 92, p. 899), were awarded to the First National
Bank at par.
Hood River, Wasco County, Ore.-1—Bond Sale.—On April 4
the $90,000 coupon wafer-works bonds described in V. 92,
p. 480, were awarded to Ulen & Co. of Chicago and Morris
Bros.of Portland on their joint bid of $90,650(100.722) and
accrued interest for 6s. Other bids received were as follows:

S. A . Kean & C o., Chicago (for 6 s ) ..
$ 9 0 918
Invest. Secur. C o., Des Moines (for 5 H s j. 90,465

Check on own bank
Subject to approval b y
W ood & Oakley.

Morris Bros., Portland (for 6 s)____
90 225
Farson, Son & Co., Chicago (for 6 s)_____ 9o|lOO

Check on own bank.

M a ° S m y ‘ r n ^ t o 193°100'

Interest

t Horton, Brown County, Kan.—Bonds Voted.—A proposi
tion to issue $55,000 5% water-works and electric-light
bonds carried by a vote of 391 to 76 at an election held
April 4. Bonds will be subject to call after 10 years.
n Indiana, Indiana County, Pa .— Bond S a l e — On March 20
$10,000 4J^% paving bonds were awarded to Lawrence
Barnum & Co. of Philadelphia.
Dat°

AprU

1

1911’

semi-annual.

Iowa City, Johnson County, Iowa.— N o Action Y et Taken.
IT ©o
7°^ keen done looking towards the issuance of
the $2,436 25 6% paving bonds mentioned in V. 92, p. 481.
Iroaton, Lawrence County, Ohio.—Bond Offering.—Pro
posals will be received until 12 m. May 2 by Clyde K. Turley
City Anditor, for $15,000 4% Cedar Alley storm-watcr-sewerconstruction bonds.

. A uthority Section 2835, Revised Statutes, known as the “ Longworth
A ct, Section 3939 of General Code. Denomination $1,000. Date May 1
1911. Interest semi-annual. Maturity 20 years. Bonds to be delivered
and paid for within 10 days from time of award. Certified cheek for $500,
payable to the City Treasurer, Is required. Purchaser to pay accrued
inteiesc.

Bond Sale.— On April 11 the $10,460 5% 1-10-year (serial)
coupon Fourth Street improvement-assessment bonds, de
scribed in V. 92, p. 750, were awarded to Weil, Roth & Co.
of Cincinnati at 103.891 and accrued interest—a basis of
about
4.20%. The following bids were received:
W ell, R oth & C o., CIncin___$10,867 I First N at. Bank, Ironton.$10,763 35
Western-German Bank, CIn. 10,831 | F .J . Kennedy, I r o n to n .. 10,470 00

Ironton School District (P. O. Ironton), Lawrence County,
Ohio.—Bond Offering.—Proposals will be received until
12 m. May 6 by P. C. Sloane, Clerk Board of Education, for
$4,000 4% coupon school-building-completion bonds.

A uthority Section 7629 of Revised Statutes. Denomination $1,000.
Date July 1 1911. Interest semi-annually at the National Park Bank In
New York City. Maturity $1,000 yearly on July 1 from 1913 to 1916, In
clusive. Bonds to be delivered and paid for within 10 days from time of
award. Certified check for $100, payable to the Treasurer of Board of
Education, Is required. A ccrued Interest to be paid by purchaser.

Isanti County (P. O. Cambridge), Minn.—Bond Sale.—On
March 16 the $12,963 40 5% 5%-year (average) coupon
drainage bonds described in V. 92, p. 675, were awarded to
Wells & Dickey Co. of Minneapolis for $13,205 40 (101.866)—
a basis of about 4.631%.
Jasper, Pickens County, Fla.—Bond Election.—An election
will be held April 28 to vote on the question of issuing $3,000
5% 30-year coupon bonds.
Denomination $1,000. Date “ day of Issuance.”
Interest annually In
Uondcd d cb 6 not Including this Issue, $7,000. Floating debt,

$1,500.

Jefferson County (P. O. Birmingham), Ala.—N o Action
Up to April 6 no action had yet been taken
looking towards the holding of an election to vote on the
$1,000,000 road-improvement bonds mentioned in V. 92,
p. 336.
Jefferson County Common School District No. 7, Texas.—
Bond S a le — On April 4 $20,000 5% school bonds were
awarded to Cutter, May & Co. of Chicago at par and interest.
Denomination $1,000. Maturity 40 years, subject to call after 30 years.
Johnstown, Licking County, Ohio.—Bonds Authorized .—
Ordinances have been passed providing for the issuance of
the following 5% coupon street-improvement bonds.
$6,670 38 State Street Improvement bonds (village's portion). A uthority
Y et Taken.

Section 53, A ct of General Assembly, passed O ct. 22 1902. De
nomination $500, except one bond for $670 38. Maturity $500
yearly on July 1 from 1912 to 1919, Inclusive, $1,000 on Jan. 1
„ 192° and $1,670 38 on July 1 1921.
18,394 67 State Street Improvement-assessment bonds. A uthority Section
9,)’ A ct of General Assembly, passed O ct. 22 1902. Denomina
tion $500, except one bond for $894 67. Maturity $1,500 yearly
on July 1 from 1912 to 1918, Inclusive, $2,500 on July 1 In 1919,
and 1920 and $2,894 67 on July 1 1921.
A uthority Sections 3918, 3919 and 3920, General Code. Date July 1
1911. Interest semi-annual.
■
. . . .

A pr . 15 1911.1

1055

THE CHRONICLE

Josephine County School District No. 24, Ore.—Bonds N ot
—A letter received by us on April 13 stated that the
310,000 5% 20-year school-building and furnishing bonds
which were offered without success on Oct. 3 1910 (V. 92, p.
330), were still unsold.
Jourdanton School District (P. O. Jourdanton), Atascosa
County, Tex.—Bond Election.—An election willl take place
about May l to vote on a proposition to issue 322,000 5%
40-year school-building bonds.
Kansas.—Bonds Purchased by the State during M arch .—
During the month of March the following bonds, aggregating
$71,818 80, were purchased by the State of Kansas at par:
Y et Sold.

Place Issuing Bonds. Amount.
Purpose.
Date.
Rate.
D exter____- ________ $3,000 00 Light
April 1 1910 5
Man hattan— B oar cl
of E d u ca tio n ____30,000 00 School-house Feb. 1 1911 5
P hllllpsburg________ 17,425 00 Refunding
Jan. 1 1911 5
Roscdalc __________ 5,053 80 Im provem ’t Feb. 1 1911 6
S e n e c a _____________ 15,000 00 W ater-exten. Jan. 1 1911 5
ShennanCo.S.D.No.9
740 00 School-house Mch. 1 1911 5
All of the above bonds are subject to call at any time.

Maturity.
April 1 1920
Feb.
Jan.
Feb.
Jan.
Jan.

1 1931
1 1931
1 1921
1 1930
1 1918

Lewis County School District No. 9 (P. O. Chehalis),
Wash.—Bond Sale.—On April 7 the $93,000 5-20-year
(optional) coupon warrant-fundihg and high-school-building
bonds described in V. 92, p. 900, were awarded to the Davis
& Struve Bond Co. of Seattle for $93,938 (101.008) and
accrued interest for 5s—a basis of about 4.275% to the
optional date and about 4.922% to full maturity.
Lexington Township (P. O. Alliance), Stark County, Ohio.
— Bond Offering.—Proposals will be received until 12 m.
May 6 by R. E. Collar, Township Clerk, for the $5,000
Alliance-Harrisburg and $5,000 Alliance-Lexington 5% cou
pon road-improvement bonds mentioned in V. 92, p. 900.
Denomination $500. D ateM ay 15 1911. Interest annually at the Town
ship Clerk’s office. Maturity $1,000 yearly for 10 years. Bonds to be
delivered and paid for within 10 days from time of award. Bonds arc
exem pt from taxation. Certified check for 10% of bonds bid for, payable
to the Township Treasurer, is required. Purchaser to pay accrued Interest.
No debt at present. Assessed valuation, $1,101,120.

Liberty Township School District, Clinton County, Ohio.—
—Proposals will be received until 12 m.May 9
.1. R. Brown, Clerk Board of Education (P. O. Port
Kearney, Buffalo County, Neb.—Bonds Voted.—An elec by
William), for $25,000 4% 13-year (average) school-building
tion held April 4 resulted in favor of a proposition to issue and
site-purchase bonds.
840,000 school-building bonds.
A uthority Section 7625, General Code. Denomination $500. Date
“ day of sale.”
Interest semi-annual. Certified check for 1% of bonds
Kenton, Hardin County, Ohio.—Bonds Voted.— The bid
Bonds to be delivered and paid for within 10 days
election held on April LI resulted in favor of the proposition fromfortimeis required.
of award. Purchaser to pay accrued Interest.
to issue the $40,000 water-works-plant bonds mentioned in Lincoln, Lancaster County, Neb.—Bond Offering.—Local
V. 92, p. p. 977.
papers state that the City Clerk has been instructed to adver
Kernes Independent School District, Texas.—Bonds Regis tise for sale $50,648 07 bonds at a rate of interest not to
te r e d .—The State Comptroller registered on March 23 $16,800 exceed 5%. The bonds will be issued for the following paving
5 % 25-40-year (optional) bonds.
districts: No. 66, $8,773 92; No. 174, $3,241 39; No. 148,
Key West, Monroe County, Fla.—Bonds Authorized.—An $4,094 10; No. 177, $16,384 80; No. 55, $2,348 21; and
issue of $60,000 park bonds has been authorized. We are repaving District No. 40, $14,861 29; and No. 34, $944 36.
informed that they will not be issued until the 1911 tax-book Lockney Independent School District (P. O. Lockney),
is completed, as the present assessment will not permit it. Floyd County, Tex.—Bonds N ot Y et Sold.—We are advised,
Knox County (P. O. Knoxville), Tenn.—Bonds Authorized. under date of April 7, that no sale has yet been made of the
—It is reported that the County Court has authorized the $13,500 5% 20-40-year (optional) building bonds mentioned
issuance of $50,000 school bonds.
in V. 92, p. 208.
La Grange Graded Common School District (P. O. La Long Beach, Los Angeles County, Cal.—Bonds N ot Sold.—
Grange), Oldham County, Ky.—Bond Offering.—Proposals No bids were received on April 7 for the $75,000 Series No. 1
will be received on or before May 1 by this district for the and $50,000 Series>No. 2 4^% 1-40-year (serial) coupon
$12,500 5% school bonds I’ecently declared valid by the municipal pier repair and construction bonds offered on that
Court of Appeals (Kentucky Reporter, Vol. 142, page 739). day. V. 92, p. 900.
_
Bonds of Series No. 1 arc In denominations of $1,000, $750 and $125, and
Denomination $100. Interest from May l, payable annually on Jan. 1.
Maturity 20 years, subject to call after one year. U. S. Morris Is President
and R . O. Duncan Secretary Board of Trustees.

Bond Offering.

bonds of .Scries N o. 2 In denominations of $1,000 and $250.
Date June 1 1910. Interest semi-annually at the City Treasurer s office.

Lake Charles First Sewerage District (P. O. Lake Charles), Longmont, Boulder County, Colo.—Bonds V o te d — It is
that a proposition to issue $46,000 electric-light
Calcasieu Parish, La.—Bond Sale.—On April 8 $125,000 5% reported
carried by a vote of 10 to 1 at an election held on
gold coupon sewer construction bonds were awarded jointly bonds
to Ulen & Co. and the Hanchett Bond Co., both of Chicago. April 4.
Los Angeles, Cal.— Sales of Owen River B on d s.—According
These bonds were offered without success on March 11.
to the San Francisco “Commercial News” of April 8, C. H.
Maturity on Jan. 1 as follows:
1945
1935 I$35,000
$5,000______ 1915 I$15,000______1925 I$20,000
1950 Ilance, City Treasurer, has compiled a statement of the sales
1940 I 30,000
10,000______ 1920| 20,000______ 1930 | 25,000
the Owens River Aqueduct bonds which shows that out
Lake County (P. O. Lakeview), Ore.—Bond Offering .— of
the $23,000,000 of bonds authorized, $17,659,500 have
Proposals will be received until June 1 by F. O. Ahlstrom, of
sold in fifteen different deliveries, leavng $5,340,500
County Treasurer, for $24,000 5% coupon school-building been
to be disposed of when the requirements of the aqueduct
bonds.
construction demand more money. See V. 92, p. 408.
Denomination $1,000. Date July 2 1911. Interest semi-annual. Ma
Loving School District (P. O. Loving), Young County,
turity 20 years, subject to call after 10 years. Certified check for 10% of
bid is required.
Tex.—Bonds Voted.—An election held April 1 resulted, it is
La Junta, Otero County, Colo.—Bonds Voted.—Reports stated, in a vote of 52 “for” to 6 “against” the issuance of
state that the election held on April 5 resulted in favor of the $3,500 school-building bonds.
question of issuing $10,000 reservoir-building and water-main McAlester, Pittsburgh County, Okla.—Bond Election .—
extension bonds.
On April 22 an election will be held to vote on a question of
Lancaster, Erie County, N. Y.—Bond Sale.—On April 10 issuing $80,000 5% 25-year auxiliary water-supply bonds.
the $43,600 paving bonds described in V. 92, p. 977, were McCulloch County (P. O. Brady), Tex.—Bonds N ot Sold .—
awarded to A. B. Leach & Co. of New York at 100.10 and We arc advised that the $43,000 5% 5-40-year (optional)
accrued interest for 4.40s. Other bids were received from bonds registered on Feb. 4 (V. 92, p. 482) have not yet been
It. M. Grant & Co., Harris, Forbes & Co., Adams & Co., all of sold. Denominations $1,000 and $500. D ate Dec. 10 1910.
New York, and the Bank of Lancaster in Lancaster.
Interest annually in April.
Landsdowno, Delaware County, Pa.—Loan Election.
County Common School District No. 29, Tex.-—
Papers state that Council adopted and the Burgess has signed McCulloch
Sale. —The $800 5% 5-20-year (optional) bonds regis
an ordinance providing for the submission of a highway loan Bond
tered
on
Feb.
1 (V. 92, p. 482) were awarded to the Brady
of $80,000 to the voters on May 16.
Independent School Fund at par and accrued interest. De
Laurinburg, Scotland County, No. Caro.—Bond Offering. nomination $100. Date April 1 1910. Interest annually
—Proposals will be received until April 25 by M. L. John, on April 10.
Mayor, for $37,500 5% registered or coupon municipal bonds. McDowell County (P. O. Welch), W. Va.—Bonds N ot Y et
Denomination as purchaser m ay desire. Maturity 20 years. Printed Sold. —Up to April 10 no award had yet been made of the
bonds to be furnished by the purchaser.
and $30,000 5% coupon road-improvement bonds,
Lawrence, Mass.— Tem porary L oan s.—On April 11a tem $50,000without
success on Jan. 5. See V. 92, p. 482.
porary loan of $100,000, payable Oct. 26 1911, was nego offered
Madelia, Watonwan County, Minn.—Bond Sale.—The
tiated with R. L. Day & Co. at 3.25% discount and a pre $6,000
5% water-works bonds offered on April 10 and
mium of $6.
described
in V. 92, p. 900, were awarded to Kane & Co.,
Lebanon, Linn County, Ore.—Bond Sale.—On April 4 the Minneapolis,
$70 000 6% 20-year gold coupon sewer-system-construction are the bids: at 102.925 and accrued interest. Following
bonds described in V. 92, p. 900, were awarded to Morris Kane & C o., Minneapolis----- $6,1751 First Nat. Bank, M adelia------- $6,010
St Paul ___
S. A . Kean & C o., C hicago— 6,036
Bros, of Portland and Ulen & Co. of Chicago at their joint F Magraw
& Crawford C h ica go .. 6,063 State Bank of Madelia, Madelia 6,006
bid of 102.18 and accrued interest—a basis of about 5.81%. Coffin
iVuthorlty vote of 231 to 61 at election held March 14. Denomination
$1 000
Date May 1 1911. Interest semi-annually at the State Bank of
Four other bids were received.
Madelia in Madelia. Maturity $1,000 yearly on May 1 from 1921 to 1926,
Lee County (P. O. Marianna), Ark .— Bond Offering.— Sinking
Inclusive. Bonded debt at present, $19,000. Floating debt, $2,900.
fund. $4,000. Assessed valuation, $357,001.
Proposals will be received up to and including May 1 by R. L.
Mixon, Chairman of County Road Commission, for $100,000 Madison, Dane County, Wis.—Bond Sale.—On April 10
the $26,000 4% 20-year coupon water-works-extension and
5% road-improvement bonds.
Denomination $1,000. Interest annually at place designated b y pur improvement bonds described in V. 92, p. 900, were awarded
chaser. Maturity 30 years. Certified check for 2 % is required.
to N. W. Halsey & Co. of Chicago at par and accrued interest,
Le Mars, Plymouth County, Iowa.— Bonds Defeated.—The less $490 for expenses. Other bids received were as follows:
election held on March 27 resulted in the defeat of the propo J.Harris
'l'rust & Savings Bank,C h ic a g o ..$26,000, less
$495 for expenses
. De W olf, Milwaukee________ 26,000,
less
$850 for expenses
sition to issue the $75,000 water bonds mentioned in V. 92, E . E II.
Rollins & Sons, Chicago____ 26,000,
less
$995 for expenses
p. 826. The vote was 848 “for” to 525 “against”—a two- AFarson,
. B. Leach & C o., Chicago______ 26,000,
less $1,030 for expenses
Son & C o., Chicago____________ 26,000, less $1,219 for expenses
thirds majority being necessary to authorize.




e

6,100

105(»

THE CHRONICLE

Madison Lake, Blue Earth County, Minn.— Bonds to be
—We are advised that this village expects to
sell to the State of Minnesota the $6,000 water-works bonds
voted on Feb. 6 (V. 92, p. 482).
Madras, Crook County, Ore.— Bonds Voted.—This town is
reported as having voted to issue $10,000 water-system
bonds.
Manchester, Meriwether County, Ga.—Bond Sale.— The
$10,000 5% 11-20-year (serial) gold coupon school-building
bonds described in V. 92, p. 826, were sold on March 28 to
John W. Dickey, of Augusta, at 96.50—a basis of about
5.336%.
Manchester School District (P. O. Manchester), Cal.—
Description o f B on d s. —The $5,000 school-improvement bonds
awarded to J. C. Holliday for the Bank of Point Arena in
Point Arena on Feb. 8 at 102.02 (V. 92, p. 900), bear interest
at 5% and are in the denomination of $1,000 each. Date
March 7 1911. Interest annual. Maturity $1,000 yearly
from 1912 to 1916 inclusive.
Marble, Itasca County, Minn.—Bond Election Postponed .—
A bond election which was to have been held April 7 was
indefinitely postponed.
Margate City (P. O. Atlantic City), N. J.—B ond Offering.
—Proposals will be received until 2p. m. April 17, dispatches
state, for $25,000 30-year water and $40,000 27-year (aver
age) school-building 5% bonds.
Marinette, Mich.—Bonds Voted.—The proposition to issue
$50,000 bonds to be used for this city’s share of the construc
tion of a bridge in conjunction with the city of Menominee
(V. 92, p. 826) carried at the election held April 4. The
vote is reported as 1,004 “for” to 870 “against.”
Marion School District (P. O. Marion), Marion County,
Ohio.—B ond S ale.—On April 7 the $12,500 4^% bonds
recently refused by Otis & Hough of Cleveland (V. 92, p. 900)
were re-awarded, it is stated, to Seasongood & Mayer of
Cincinnati at 102.56.
Marlborough, Mass.— Tem porary L oa n s.— On April 11 the
following loans were awarded: $15,000, payable Nov. 15
1910, to the First National Bank of Boston, Mass., at 3.25%
discount, and a premium of 50c.; $10,000 payable Dec. 1 1911
to Bond & Goodwin at 3.38% discount, and $15,000, pay
able March 1 1912, to Blake Bros. & Co. at 3.53% discount.
Martin County (P. O. Fairmont), Minn.—Bond Offering .—
Proposals will be received until 1 p. m. April 25 by H. P.
Edwards, County Auditor, for $45,000 Judicial Ditch No. 7
bonds
at not exceeding 6% interest.
Denomination $1,000. Maturity $3,000 yearly from 1916 to 1919 In

Minnesota.—Bonds Purchased by the State during M a rch .—
The following 4% municipal, school and ditch bonds, aggre
gating $631,107, were purchased by the State of Minnesota
at par during the month of March:

Taken by State.

clusive, $4,000 In 1920 and 1921, $3,000 yearly from 1922 to 1928 Inclusive
and $2,000 In 1929 and 1930. Certified check for $1,000, payable to the
County Treasurer, Is required. Purchaser to furnish blank bonds. Bonded
debt. Including this Issue, $295,550. N o other Indebtedness. Assessed
valuation for 1910, $9,366,534.

Mason County (P. O. Ludington), Mich.—Bonds Voted .—
Early returns show the proposition to issue $100,000 roadimprovement bonds carried on April 4.
Medina School District (P. O. Medina), Orleans County,
N. Y.—B ond Election.—An election will be held to vote on
the question of issuing $135,000 building bonds.
Melrose, Stearns County, Minn.—Bond Offering.—Propos
als will be received until 8 p. m. to-day (April 15) by the City
Council for $10,000 6% coupon sewer-construction bonds.

■ A uthority Section 126, Chapter 8, Laws of 1895, Chapter 235, Laws of
1907, and Chapter 10, Laws of 1905. Denomination $100. Interest on
Jan. 1 and July 1 at the City Treasurer’s office. Maturity $1,000 yearly
on July 1 from 1913 to 1922, Inclusive. Bonds arc exem pt from taxation.
Certified check or cash for 5% of bid, payable to the City Treasurer, Is
required. Present bonded debt. $25,500. Floating debt, $5,000. As
sessed valuation for 1910, $457,0 10. F. W . W elscn Is City Clerk.

Meridian, Lauderdale County, Miss.—Bond Offering.—
Proposals were asked for until yesterday (April 14) for
$100,000 school and $75,000 city-hall bonds. The result of
this offering was not known to us at the hour of going to press.
Miles City School District No. 1 (P. O. Miles City), Custer
County, Mont.— Bond Sale.—On April 10 the $50,000 18^year (average) coupon school-building bonds described in
V. 92, p. 615, were awarded to Wells & Dickey Co. of Min
neapolis at 101.90 and accrued interest for 5s—a basis of
about
4.844%. Other bids received were as follows:
Union Invest. C o., M!nneap_$50,940 C. II. Coffin, Chicago_______ $50,511

W ell, Roth & C o., C h ica g o.. 50,875 Harris Tr. & Sav. B k .,C h Ic_ . 50,510
A . B. Leach & C o., C h ica g o .. 50,783 H . T . Holtz & C o., C h ica g o .. 50,411
C l . Childs & Co., C h ica g o .. 50,760 S. A . Kean & C o., C h ica g o.. 50,050
1 n ? . ’ I3o|Scr Co., Chicago- 50,755 A . J. H ood & C o., D e t r o it .. 50,027
Bids were also received from the Continental & Commercial Trust &
Savings Bank, Cutter, May & Co. and N. W . Hlascy & Co. of Chicago.
25 years, redeemable as follows: $10,000 in 1921, $10,000 In
1926, $15,000 In 1931 and $15,000 In 1936.

Milwaukee, Wis.—Bonds Authorized.—A resolution has
been passed, it is stated, providing for the issuance of $470,
000 school bonds voted a year ago.
Minneapolis, Minn.— Bond Offering.—Proposals will be
received until 2 p. m. May 4 by the Committee on Ways and
Means of the City Council, at the office of Dan C. Brown,
City Comptroller, for $150,000 4^% coupon (with privilege
of registration) park bonds.
Of this amount $50,000 will be dated March 1 1911 and mature March 1
1941 and $100,000 will be dated April 1 f o i l and mature April l 1941.
Denominations, $50, $100, $500 or $i,0 00 , to suit the purchaser. Interest
semi-annually at the fiscal agency of Minneapolis in New York City
Cer
tified check for 2 % of bonds bid for. made payable to C A . Bloom quist,
City Treasurer. Is required. Official circular states that the city has never
defaulted In the paym ent o f principal or Interest.

The official notice o f this bond offering will be fou n d among
the advertisements elsewhere in this Department.




[ VOL. L X X X X I I .

Place Issuing Bonds—•
Amount.
Place Issuing Bonds—
Am ount.
A lbertLea S.D.,FreebornCo_*$52,000 Martin C o .S . D. No. 11____ a$40,000
Beltrami C ounty____________ a30,000 Meeker Co. S. D. N o. 52____ 3,000
Ilcitrami C ounty___________ 25,000 Morrison Co. S. D. N o. 1 3 3 ..
800
Beltrami Co. S. D . No. 74
800 Morrison Co. S. D. No. 1 3 4 ..
600
Benton Co. S. D. No. 25____ 1,200 Murray Co. S. D. N o. 1 1 1 . .. 1,500
Big S t o n e C o . S. D . N o. 1 1 . _ 3,000 Nobles Co. S. D . No. 17____2*3,000
Blue Earth Co. S. D. N o. 1 . . 65,000 Nobles Co. S. D. No. 64____
1,600
Crow W ing Co. S. D. No. 7 . . 1 1 , 0 0 0 Pennington C ounty_________ 2 1 0 , 0 0 0
Crow W ing Co. S. D. No. 6 5 . 2 , 0 0 0 Pipestone & R ock Counties!
Crow W ing Co. S. D. N o. 104 3,000
Joint S .D s. Nos. 54 & 6 7 .J 20,000
Douglas Co. S. D. No. 2 ____ 30,000 Polk C ounty_________________ «6,027
Douglas Co. S. D. No. 6 2 . . . 1,500 Pope C ounty________________ a 2 2 , 0 0 0
Faribault Co. S. D. N o. 7
5 000 Pope C ounty......... ...................... a8,500
Grant Co. S. D . N o. 3 4 . . .
l'o o o Pope Co. S. D. N o. 08_____
500
H ubbard Co. S. D. N o. 3 .
2,200 Red Lake Co. S. D. N o. 1 0 . .
700
2,000 Red Lake Co. S. D . N o. 3 3 . . 1 , 0 0 0
Isanti Co. S. D . N o. 66.........
J a s p e r.. ....... .............. ..........
8,500 R lchw ood Co. S. D. N o. 2 1 . .
2,400
Kanabac Co. S. D. No. 27
300
ichw ood Co. S. D. N o. 103. 1 , 1 8 0
Kanabec Co. S. D . No. 5 3 .. 1 000 R
Rose, Ram sey C ounty______ 2*3,000
Kanabec Co. S. D. No. 5 4 .. 2,500 St. Louis Co. S. D. N o. 2 3 . . 1,500
Kandiyohi Co. S. D. No. 3 4 . 2.500 St. Louis Co. S. I). N o. 1 7 .. 45,000
Kathls T w p ., Millelacs C o___ 2 6 , 0 0 0 Sherburne Co. S. D. N o. 3 5 . . 3,000
Kittson S. D. No. 5 0 _____
l 5 0 0 Sherburne Co. S. D. N o. 4 5 ..
900
Lac Qul Parle S. D. No. 3 4 . . 50.000 Steele Co. S. D. N o. 6 ______
5,000
Lake Co. S. D. No. 2 _____
5 5 000
Sibley Co. S. D. N o. 63_____ 20,000
Mahnomen Co. S. D. No. 13. 1 . 4 0 0 Steele C o u n t y _____ _________ a 2 0 , 0 0 0
Mahnomen Co. S. D. No. 14. 1,500 Swltt Co. S. D. N o. 3 7 .........
2,00 0
a o ’nnn Todd Co. S. D. N o. 142_____
Marshall C ounty______ _
500
Marshall Co. S. D. No. 53”
’500
T odd Co. S. D. N o. 38______
500
Marshall Co. S. I). No. 143.
600 Tracy, L yon C ounty________215,000
Marshall Co. S. D. No. 115
1 000 Traverse Co. S. D. N o. 1 0 ..
1,000
Martin Co. S. D.
No.
021 W
200
aseca Co. S. D. N o. 7 2 ____ 1 8 , 0 0 0
Martin Co. S. D.
No.
07l ’W
soo
aseca C ounty______________«12,000
Martin Co. S. D.
N o.
118.Wright
2*000 Co. S. D. N o. 1 3 6 . .. 1,000
a I or ditch purposes. 2 For municipal purposes.
others M a r c h ‘ i n n W Vr>,an aster,1s>k <*> are dated March 24 1911 and the
otheis March 16 1911. They are all subject to call. As reported In V. 92,
p. 747, the State also purchased $8,000 4% bonds of Anoka, Minn.

Monmouth School District (P. O. Monmouth), Polk
County, Ore. Bonds Voted .—The proposition to issue the
$20,000 school-building bonds mentioned in V. 92, p 901
carried by a vote of 132 to 23 at the election held on April 8’
according to reports.
Montgomery County (P. O. Dayton), Ohio.—Bond Offer
ing .—Proposals will be received until 10 a. m. April 20 by
the County Auditor for $1,200 4)^% coupon Behnken
ditch-improvement bonds.
A uthority Section 6489 o f General Code, and all other sections o f General
C ode pertaining thereto. Denomination $200. Date May 1 1911. Inter
est semi-annually at the County Treasurer’s office. Maturity $200 yearly
on May 1 from 1912 to 1917, Inclusive. Bonds to be delivered and paid for
on May 1 1911. Certified check on a bank or trust com pany for $100,
payable to the County A uditor, is required. Bids must bo unconditional.
J . O . Donovan is County Clerk.

Moran Independent School District (P. O. Moran),
Shackleford County, Texas.—Bonds Voted .—This district,
at a recent election, voted favorably on a proposition to issue
$10,000 5-40-ycar (optional) school-house bonds.
Morning Sun School District (P. O. Morning Sun), Preble
County, Ohio.—Bond Sale.— On April 8 the $7,000 4^%
10-year school-building bonds mentioned in V. 92, p. 827,
were awarded to the First National Bank in Cleveland at
101.521—a basis of about 4.311%. The following bids
were received:

*
‘ ’ l*u‘
VlLVLldlUl,^ / »lUO OU R . K ! e y b o I t e C o . , I n c . , C l n ___$7,070 00
Seasongood & Mayer, Cin
7,082 00 Davlcs-Bcrtram C o., C ln._ 7,037 00
Security Savings Bank &
College Corners Banking
Trust C o., T o le d o _____ 7,077 50
C o., College Corner_____ 7,000 00
Denomination $700. Date April 8 1911. Interest semi-annual.

Morrisville School District (P. O. Morrisville), Bucks
County, Pa.-— Bond Sa le.—The $12,000 5% 2-25-year (serial)
school-building-addition bonds have be.-n disposed of to
local investors at par. Denomination $500. Date March 1
1911. Interest semi-annual.
Morton, Tazewell County, 111.—Bond Sale.—An issue of
$4,000 water bonds has been sold.
Muskogee, Muskogee County, Okla.—Bond Election .—
Local papers report that an election will be held April 18 to
vote on the question of issuing $160,000 school-building and
site-purchase bonds and $15,000 bonds to build an addition
to the Dunbar Manual Training High School for negroes.
Nassau County (P. O. Mineola), N. Y — Bond Offering.—
Proposals will be received until 12 m. April 22 by John Lyon,
County Comptroller, for $46,000 4 y 2% gold coupon or re
gistered road-construction bonds, Series “K.”
h ,P

JL* 9 9 ’ ,,P atc Frc ” 1 1911. Interest scm l-annuallv at
3 off
nPJatur*ty’ 51°.<100 yearly on F eb. 1 from
lnc)us*yc, and $6,000 on iFeb. 1 1931. Certified check or casli
i m r P - .A ,- r ! ' ! K! 3 „b 1 l°e, payable to the County Treasurer, Is required.
Purchaser to pay accrued Interest.

i

l?Ta

Newark, Essex County, N. J.—Bond Offering.— Public
bids will be received by Tyler Parmly, City Comptroller, at
12 in. April 19 for the following 4% registered or coupon
bonds:

uu™ ». q a te April 1 19111. M aturity so years.
water-main and $100,000 high-pressure-water-system bonds.
Date M ay 1 1911. Maturity 20 years.
510,000,
at option of purchase
'P.nP1? 1 fr.?m J;dXatl(?n - Certified check for 2 H % of bonds bid for Is re
quired. Purchaser to pay accrued interest.
X X ’ XXX

50,000

New Bremen School District (P. O. New Bremen), Au
glaize County, Ohio.—Bond Election.—An election will be
held April 29, according to reports, to vote on the question
of issuing $5,000 school-improvement bonds.
New Decatur, Morgan County, Ala.—Bonds Authorized .—
Papers state that the City Council has authorized the issuance
of $7,400 street-improvement bonds.
Newell School District (P. O. Newell), Buena Vista
County, Iowa.— Bond Sale.— We are advised that this dis-

A pr 15 1911.1

T H E C H R O N IC L E

trict has sold an issue of $20,000 building bonds to Geo. M.
Bechtel & Co. of Davenport.
New Haven, New Haven County, Conn.— Bond Sale.—
On April 11 the $100,000 21-25-year (serial) street-pavement
and the $75,000 23-25-year (serial) bridge-construction 4%
coupon or registered bonds described in V. 92, p. 979, were
awarded to Blodget & Co. of Boston at 100.439 and accrued
interest. Other bids received were as follows:
$100,000
Bonds.
Blake Bros. & C o., B o s t o n . .,......... .................................$100,150
H ayden, Stone & C o., B oston ............................................ 100,125
E . H . Rollins & Sons, B oston_______________________ 100,080
Samuel H em ingw ay___________________________________ 100,069
Adam s & C o., B oston __________
100,031
Hlncks Bros. & C o., B rid g ep ort.-----------99,177
Perry, Coffin & Burr, B oston ________________________ 97,868
Connecticut Savings Bank, New H aven_____________
______

10 5 7

Norwood, San Miguel County, Colo.—Bonds Voted.—The
election held on April 4 resulted, according to reports, in
favor of a proposition to issue $12,000 water-works bonds.
Nottingham, Cuyahoga County, Ohio.— Bond Offering .—
Proposals will be received until 12 m. April 29 by J. C.
Steinicke, Village Clerk, for $14,593 80 5% water-mainconstruction-assessment bonds.

Denomination $500, except one bond for $593 80. Date M ay 1 1911.
Interest payable Jan. 1 and July 1.M aturity on N ov.
1 as follows:
$75,000
2 bonds in 1911 I 2 bonds in 1914 I 3 bonds in 1917 I 4 bonds In 1919
Bonds.
3 bonds In 1912
3 bonds in 1915
2 bonds In 1918 4 bonds in 1920
$75,112 50 3 bonds In 1913 | 3 bonds In 1916 |
I
75,093 75 Bonds to be delivered and paid for within 10 days from time of award.
75,080 00 Certified check for 5% o f bonds bid for, payable to the Village Treasurer,
75,051 75
75,023 25 Is required. Purchaser to p ay accrued Interest.
74,382 75
Bond Sale.
73,313 00
75,037 50

Oakley (P. O. Cincinnati), Ohio.—
—Reports
state that on April 11 the $41,402 23 Columbia Road and the
sidewalk 5% 1-10-year (serial) improvement as
New Haven Township (P. O. New Haven), Huron County, $2,151 71 bonds
described in V. 92, p. 979, were disposed of,
'Ohio.—Bond O ffering.—Proposals will be received until sessment
former issue to Seasongood & Mayer of Cincinnati for
12 m. April 29 by F. H. Long, Township Clerk, for $11,500 the
$43,000
01
(103.858)—a
basis of about 4.207%—and the
5% coupon bonds.
latter issue to the Western-German Bank of Cincinnati for
Authority Sections 6976 to 7018 of General Code. Denomination $500Date May 1 1911. Interest annually at the People's National Bank In $2,216 81 (103.025)—a basis of about 4.375%.
Plym outh. M aturity $1,500 on May 1 1921 and $2,000 yearly on May 1
Oak Park School District No. 97 (P. O. Oak Park), Cook
from 1922 to 1926, Inclusive. Bonds are exem pt from taxation. Certified
«h c ck for 5% of bonds bid for, payable to the Township Treasurer, is re County, 111.—Bond Sale. — The following bids were received
quired. Bonded debt. Including this Issue, $38,500. No floating debt.
Assessed valuation 1910, $16,000,000. Bonds to be delivered and paid for on April 7 for the $65,000 4 )^ % 12)4-year (average) sitepurchase and school-building bonds described in V. 92, p. 902:
wltaln 10 days from time f award. Purchaser to pay accrued Interest.
City B an k,C hic.z$66,995 50 II. T . H oltz & C o.. C h ic ..$66,366 00
New Lexington, Perry County, Ohio.— Bond Offerings.— National
W m .R .C o m p to n C o .,C h lc. 66,345 56
ery, Peck & R ockw ood,
Proposals will be received until 12 m. May 1 by Harry J. EmChicago
_______________ 66,878,50 Farson, Son & C o., C h ic .. 66,245 00
B . Leach & C o., C h ic .. 06,833 00 Allerton, Green & C o.,Chic 65,928 00
Stalter, Village Clerk, for the following 4J^% street-improve AE ..II.R
ollIns& S on s.C h lC .. 66,657 50 Thos. J. Bolgcr C o., C hic. 65,860 00
ment-assessment bonds:
Harris T r. & Sav. B k., Ch. 66,651 00 John Nuveen & C o., C h ic. 65,851 00
$7,807 42 Mill Street bonds. Denomination $780 74. M aturity $780 74
yearly on March 1 from 1912 to 1921, inclusive.
695 37 School A ve. bonds. Denomination $69 53. M aturity $69 53
yearly on March 1 from 1912 to 1921, Inclusive.
1,095 69 Tow n Hall A lley bonds. Denomination $109 57. Maturity
$109 57 yearly on March 1 from 1912 to 1921, Inclusive.
1,489 53 Church A ve. bonds. Denomination $148 95. Maturity $148 95
yearly on March 1 from 1912 to 1921, Inclusive.
714 80 Jackson Street bonds. Denomination $71 48. M aturity $71 48
yearly on March 1 from 1912 to 1921, Inclusive.
2,314 00 Park A v e . bonds. Denomination $231 40. M aturity $231 40
yearly on March 1 from 1912 to 1921, Inclusive.
A uthority Section 3914 o f General Code. Date March 1 1911. Interest
semi-annual. Bonds to be delivered and paid for within 10 days from time
of award. Certified check for 10% of bonds bid for, payable to the Village
Treasurer, Is required. Purchaser to pay accrued Interest and furnish
blank bonds at his own expense.

Newton, Newton County, Miss.—Bond Sale.—The Bank
of Newton was the successful bidder on April 4 for the $11,000
6% 20-year coupon electric-light-plant bonds described in
V. 92, p. 901. The price paid was $11,175, or 101.59—a
basis of about 5.86%.
Niles, Trumbull County, Ohio.—Bond Sale.—On April 11
the $20,500 4J^%
year (average) coupon Sewer District
No. 6 assessment bonds described in V. 92, p. 752, were
awarded to the Dollar Savings Bank in Niles at 101.181 and
accrued interest—a basis of about 4.145%. The following
bids were received:

S. A . Kean & C o., Chicago
N. W . Halsey & C o., C hic.
Continental & Commercial
Trust & Sav. B k., C hic.
W eil, R oth & Co., Chicago
x Successful bidder, the

66,560 00 McCoy & C o., Chicago___ 65,715
66,560 00 H anchett Bond C o., C hic. 65,661
C. II. Coffin, C hicago____ 65,651
66,540 00 R . K leybolte Co., In c.,
Cincinnati_____________ 65,604
66,527 50
price being 103.07 and interest, a basis

00
00
00

50
of

abMaturlty7 $20,000 yearly on June 1 from 1922 to 1924, inclusive, and
$5,000 June 1 1925.

Oklahoma.—Bond Offering.—Proposals will be received
until 4 p. m. May 1 by Robert Dunlop, State Treasurer, at
Oklahoma City for $750,000 5% coupon public-building
bonds.
Denomination $500, $100 and $50. Interest May 1 and N ov. 1 at the
State Treasurer’s office or the fiscal agency of the State In New York C ity.
Maturity $125,000 yearly on May 1 from 1929 to 1934, inclusive. Bonds
are non-taxable In Oklahoma, and, according to the official advertisem ent,
are proper Investments for the capital and surplus o f State banks, trust
and Insurance companies In that State and are legal collateral for deposits
of all State and municipal funds. Deposit In cash or a certified check for
2% of bid Is required.

Oklahoma City, Okla.—Bonds Authorized.—Ordinances
have been passed providing for the issuance of the $125,000
sewer-extension, $250,000 water and $25,000 hospital 5%
25-year coupon bonds, which were awarded on March 20 to
A. J. McMahan of Oklahoma City. V. 92, p. 902. Inter
est is payable semi-annually in New York City.
Olathe, Montrose County, Colo.—Bonds Voted.—-Accord
Dollar S a v .B k .C o ..N ile s ..$20,742 30 First N at. Bank, C I c v e . ..$20,655 75 ing to reports, the election held on April 4 resulted in favor
20,628
65
Niles
Trust
Co.,
Niles____
Stacy & Braun, T o le d o .. 20,732 00
Citizens’ N . B k., W ooster. 20,723 55 Breed & Harrison, CIn— 20,623 00 of the question of issuing $56,000 municipal water-works
Davles-Bcrtram C o., CIn. 20,712 00 Provident Savings Bank &
bonds.
Trust C o., C in cinnati.. 20,623 00
Security S. 11.& T r.C o.,T ol 20,701 10
Orange, Essex County, N. J.—Bond Offering.—Further
New First N. Ilk., C olum . 20,687 00 Hayden,Miller & Co.,Clcv. 20,620 00
Otis & Hough, Cleveland. 20,610 00 details are at hand relative to the offering on April 17 of the
Ttllotson & W olcott C o.,
C lev elan d _____________ 20,664 00 Seasongood & Mayer, CIn. 20,605 00
Maturity $4(500 on O ct. 15 1912 and $4,000 yearly on O ct. 15 from 1913 $55,000 4J^% coupon school-addition bonds mentioned in
to 1910. Inclusive.
V. 92, p. 979. Proposals will be received until 8 p. m. on
Noblesville, Hamilton County, Ind.—Bonds Authorized .— that day by the Common Council, care of Willett B. Gano,
Reports state that the City Council has passed an ordinance City Clerk.
$1,000. Date April 1 1911. Interest semi-annually In
for the issuance of $20,000 3-10-year (optional) Denomination
Eroviding
Maturity April 1 1941. Certified check for 2% of bonds bid for,
onds for the purchase of sites for a Carnegie Library and a Orange.
payable to Frank G. Coughtry, Collector of Taxes, is required. Bonds
be certified as to genuineness b y the United States Mortgage & Trust
city building, and also for the erection of a city building. will
Co. of New York City, and their legality approved b y Caldwell, Masslich &
Noble Township (P. O. Belle Valley), Noble County, Ohio. Reed, o f New York City. Blank forms for bids furnished b y c ity .
Orange County (P. O. Orange), Tex.—Bond Election P r o 
— Bond Offering Rescinded.—The offering of $11,500 5%
bonds, which was to have taken place April 28, has been re posed.—According to reports, preparations are being made
to vote on the issuance of $100,000 good-road bonds.
scinded.
Norfolk, Madison County, Neb.—Bond Election Proposed. Orange County Navigation District, Tex.— Bond Election.
—There is talk of calling an election to vote on the question — We are advised under date of April 8 that an election will
be held in about thirty days to vote on the question of issu
of issuing $55,000 light-plant bonds.
ing $43,000 5% 10-40-year (optional) coupon additional
North Andover, Essex County, Mass.—Bonds Proposed .— deep-water
bonds.
We are advised that $30,000 4% coupon school-house bonds Orange Township,
Cuyahoga County, Ohio.— Bond O 'ferwill be issued this year.
in g. —Proposals will be received until 2 p. in. May 6 by J. F.
North Attleboro, Bristol County, Mass.—T em porary Loan. Teare,
Township Clerk (Gates Mill), or by the Board of Trus
—This place has borrowed $100,000 from Loring, Tolman & tees (Orange
for $6,000 4J^% coupon highwayTupper of Boston at 3.29% discount. Loan matures Nov. 15 improvement Centre),
bonds.
1911.
A uthority, Section 3295 o f General Code. Denomination $500. Date
1 1911. Interest on April 1 and Oct. 1 at the Chagrin Falls Banking
North Dakota.—Bonds Purchased by the State During Mav
Co In Chagrin Falls. Maturity $500 yearly on April 1 from 1912 to 1923
M arch . —During the month of March the following 4% Inclusive. Bonds to be delivered and paid for within 10 days from tim e
Certified check on a bank other than the one making bid for
school-building bonds, aggregating $31,600, were purchased of10%award.
o f bonds bid for. payable to the Township Treasurer. Is required.
by the State of North Dakota at par:
Purchaser to pay accrued Interest.
Maturity.
Date.
Place Issuing Bonds—
Amount.
Orland, Glenn County, Cal.—Bond Election.—The-election
Apple Creek S. D . N o. 39, Burleigh C o.$ 1,500 M cli. 1 1911 M ch. 1 1921
Feb. 1 1911 F eb. 1 1931
Beach S. D . No. 3. Billings C ounty------ 12,000
to vote on the issuance of the municipal improvement bonds
C a r ro lls . D. N o. 8, Billings C o u n ty .. . 1,000 Jan. 3 1911 Jan. 3 1931
mentioned in V. 92, p. 483, will be held, it is stated, on
C on n erS . D. N o. 21, Billings C o u n ty ..
900 Jan. 3 1911 Jan. 3 1931
Dolphin S. D . N o. 10, Williams County 2,500 Nov.15 1910 Nov.15 1930 May 2. It is further reported that the bonds, if authorized,
Feb.
l
1931
Feb.
1
1911
Dymond S. D. N o. 89, Mountrail C o . . . 2,000
will be used for the installation of a municipal water-works
Eagle Nest S. D. N o. 21, Dunn C ounty. 2,000 Nov.15 1910 Nov.15 1920
and for a new sewer system.
F lasherS . D. No. 39, Morton C o u n ty .. 2,500 Jan. 3 1911 Jan. 3 1931
Feb.
1
1921
Johns L a k e s . D. N o. 22, Sheridan C o .. 1,000 Feb. 1 1911
Owego, Tioga County, N. Y.—Bond Offering.—Proposals
July 1 1910 July 1 1920
Liberty S. D . No. 26, Bottineau C o ------3,000
Jan. 3 1911 Jan. 3 1931
Lark S. D. N o. 43, Morton C ounty------ 1,400
will be received until 12 m. April 29 (to be opened at 2 p. m.
Scandinavia S. D . No. 43, Williams C o.
800 Feb. 1 1011 Feb. 1 1921
May
1) by Charles J. V. Redding, Village Treasurer, for
Sunset B u tteS . D . N o. 23, Bowman Co. 1,000 F eb .15 1911 F e b .15 1921
$25,500
4^% coupon fire-station-construction bonds.
North Yakima, Yakima County, Wash.— N o Bond Election. of AConsolidated
uthority Article 5. Sections 128 and 129 o f Village Laws, and Chapter 64
and Acts am endatory thereof. Denominations: loO
—Up to April 3 the city had not yet called an election to vote bonds o f $100 eachLaws
21 bonds of $500 each. Date May 1 1911. Interest
on the question of issuing the $80,000 city-hall bonds men annually on Sept. and
1 at the Tioga National Bank In Owego. M aturity
$1,000 yearly on Sept. 1 from 1912 to 1936, Inclusive, and $500 on Sept 1.
tioned in V. 92, p. 483.




1058

THE CHRONICLE

1937. Bonds arc exem pt from taxation. Blank forms for bidding- furnisjied by the village. Certified check or draft on a bank In New York
S tato for-2 %. of bonds bid for, payable to the Village Treasurer is required
Present bonded debt, 546,000. No floating debt. Assessed valuation'
52,9^4,120.

Palestine, Anderson County, Te x — Bond Election.—If
the $20,000 5% school-building bonds to be voted upon April
18 are authorized on that day, they will mature in 40 years,
but will be redeemable after 10 years. They will be dated
May*1*1911 and interest will be payable semi-annually at the
City Secretary’s office or at the National Park Bank in New
York City, or at the Austin National Bank in Austin, at the
option of the holders.
Pasadena ^School District (P. O. Pasadena), Los Angeles
Countyr CaN— Bonds Voted.—The election held March 24
resulted in favor of the propositions to issue the following
4)^%'bonds"mentioned in V. 92, p. 752:
54751000 hlgh-school-bulldlng bonds. Vote, 2,555 to 879. Maturity as
ilo T Y 81 A 1.,0 -0.00 yearly from 1919 to 1922, inclusive, 515,000 from
1J-3 to 19-6, inclusive, 520,000 yearly from 1927 to 1931, inclus„ „ „ lv c ’ and $2,5>°00 yearly from 1932 to 1942, inclusive.
7o,000 gram m ar-school-building bonds. Vote, 2,606 to 498. Maturity
55,000 yearly from 1917 to 1931, inclusive.

Pekin School District (P. O. Pekin), Tazewell County, 111.
—-An election will be held, it is stated, to
vote on the question of issuing school-building bonds.
Pelham Manor, Westchester County, N. Y.—Bond Offer
in g . —Proposals will be received until 8:30 p. m. April 17 by
the Board of Trustees for $13,000 registered sidewalkextension
bonds.
Denomination 51,000. Date June 10 1911. Interest (rate to be named
B ond Election.

in bid) scnd-annually at the Central Trust Co. in New York City. Ma
turity 52,000 yearly beginning June 10 1916. Bonds are exem pt from all
taxation. Certified check for 5 % , payable to the "V illage of Pelham Man
o r ,” is required. Ilcnry N. B abcock Is Village Clerk.

Pleasant Ridge, Hamilton County, Ohio.—Bond S a le .—
On April 5 the $2,860 34 5% 1-10-year (serial) coupon Cortelyou Street assessment bonds described in V. 92, p. 902,
were awarded, it is stated, to the Atlas National Bank in
Cincinnati for $2,952 34, the price thus being 103—a basis
of about 4.38%.
^ Polk County (P. O. Benton), Tenn.— Bonds Authorized.—
The County Court on April 3 authorized, it is stated, the
issuance of $50,000 bridge and $25,000 high-school bonds.
Polytechnic, Tarrant County, Tex.—Bonds Voted.—An
election held recently resulted in favor of a proposition to
issue $30,000 5% 10-40-year (optional) water-works bonds.
Portage Township (P. O. Port Clinton), Ottawa County?
Ohio.—Bond Sale.—On April 10 the $8,000 5% 1-16-year
(serial) town-hall-construction bonds described in V. 92,
p. 980, were awarded to the First National Bank in Cleveland
at 105.953 and accrued interest—a basis of about 4.162%.
The following bids were received:

[ v <>L. I X X XXII.

Quinn School District (P. O. Quinn), Pennington County,
So. Dak.— Description o f B on d s .—The $4,000 building bonds
awarded to the State of South Dakota at par (V. 92, p. 980)
bear interest at 5% and are in the denomination of $500 each.
Date March 1 1911. Interest semi-annual. Maturity on
March 1 in each of the years 1921, 1926 and 1931.
Reading School District (P. O. Reading), Berks County,
Pa. N ot to be Issued at Present.—The Secretary advises us
that the $70,000 3)^% 1-30-year (optional) tax-free school
bonds, recently authorized (Y. 92, p . 903) will not be issued
for about six months.
Red Cloud, Webster County, Neb.—Bonds Defeated.—An
election held April 3 resulted in the defeat of a proposition to
issue $6,000 water-system bonds.
Redmond School District (P. O. Redmond), Sevier County,
Utah. Bonds Voted .—Local papers state that the election
held on April 3 resulted in a unanimous vote in favor of the
proposition to issue the $12,000 school-house bonds mentioned
in Y.92, p. 903.
Roberta, Crawford County, Ga.—Bonds Voted.—We are
advised tint the proposition to issue the $5,000 5-20-year
nnolIOn i- S(;hool-improvement bonds mentioned in V.92, p.
903, carried by a vote of 51 to 4 at the election held April 3.
Rochester, N. Y — Note Sale.— On April 10 the $307,000
2-months notes described in V. 92, p. 980, were awarded to
Bonbright & Hubbard of New York City at 2.75% interest.
Other bids received were as follows:
Union Trust C o., New Y o r k ...............

2.75% interest

m

*

«=

H. Lee A nstcy, New Y o rk _____________ 3.25% Interest!
Geo. IT. Burr & C o., New Y o r k -----------3.50% interest and $30 premium

Note Offering.— Proposals will be received until 2 p. m.
Apl1ci1nr>YmnChaS7
F‘ Pond’ City Comptroller,
and $100,000 water-works-improvement
notes. for $175,000
t h e 1nnnCiln n 1T^ilt,nr'«re1t A 1-11 be payable eight months from April 19 1911 at
f b e C m o n Trust Co. In New Y ork. Denomination of notes and rate of
Intelest desired is to be designated b y the bidder.

Rockingham County (P. O. Wentworth), No. Caro.— No
—Up to April 10 no action had yet been
taken looking towards the holding of the proposed election
to vote on the question of issuing the $500,000 road bonds
mentioned in V. 92, p. 485.
Rogers School District (P. O. Rogers), Benton County,
Ark. / urchaser oj B onds .—We are advised that Lewis W.
1 homson of St. Louis was the purchaser of the $35,000 5j^%
high-school construction bonds, the sale of which was men
tioned in V. 92, p. 547.
Action Yet Taken.

, .J b e bonds arc dated March 1 1911 and mature part yearly from 1916 to
1930 inclusive. Interest semi-annual.

Romney, Hampshire County, W. Va .— Bond Offering.—
Proposals will be received until 8 p. m. May 1 by A. N.
McKcever, Mayor, for the $15,000 5% coupon water-worksbonds mentioned in V. 92, p. 980.
Port Clinton, Ottawa County, Ohio.—Bond Sale.—On system
Denomination 5100. Date .May 1 1911. Interest annually In Romney.
April 10 the $17,000 5% 1-17-year (serial) town-hall-con .Maturity
May l 1931. Certified check for 2% o f bid, payable to the
struction bonds described in V. 92, p . 980, were awarded to Mayor,
is required. No bonded debt. Assessed valuation, 5625,000.
value (estim ated), 5750,000. These bonds were previously olfered
the First National Bank in Cleveland at 106.532 and accrued onActual
March 1. V . 92, p. 547.
interest—a basis of about 4.125%. The following bids Roseburg
School District No. 4 (P. Q. Roseburg), Douglas
were received:
County, Ore.—Bonds Defeated.—An election held March 18
First Nat. Bank, Cleve___518,110 50 W eil, R oth & C o., CIn___517,956 25
Prov.S.B .& Tr.C o.,C in____ 18,105
Otis & H ough, Cleveland. 17,930 00 resulted in a vote of 85 “for” to 101 “against” a proposition
Security S .B .& Tr.C o.,T oI 18,010 50 Seasongood & Mayer, CIn. 17,901 00
to issue $20,000 grade-school bonds, according to reports.
First N . B k., Port Clinton 17,988 00 Hayden, Miller & C o.,Clcv 17,894 20
R .K ley bolte C o.,Inc.,C !n_ 17,960 50 Stacy & Braun, T o le d o .. 17,817 17
Russell School District, Los Angeles County, Cal.— BoiuiO
Port of Si islaw (P. O. Florence)-, Lane County, Ore.— Sale^— lhe $11,000 5% 1-11-year (serial) school bonds voted'
Bond Sale.—Portland papers state that $115,000 6% harbor- on Feb. 11 (V. 92, p. 617) have been sold, it is stated, to the
improvement bonds have been awarded to a syndicate of Equitable Savings Bank of Los Angeles for $11,318 59—the
price thus being 102.896—a basis of about 4.445%.
Eugene capitalists at par.
St. James, Phelps County, Mo.— Bonds Voted .—Reports
Port of Tillamook (P. O. Tillamook), Tillamook County, state
that the election held on April 4 resulted in favor of a
Ore.— Bonds Voted.—According to reports, an election held proposition
to issue $3,000 school-building bonds.
March 29 resulted in favor of propositions to issue $214,000
St. Lawrence County (P. O. Canton), N. Y .— Bond Sale.—
water-front
and
channel
and
$236,000
bar-improvement
bonds.
On April 1 the First National Bank in Canton was awarded
par the $50,000 4% coupon or registered highway-im
Portsmouth, Scioto County, Ohio.— Bonds Authorized .— at
bonds mentioned in V. 92, p. 547.
An ordinance has been passed by the Council providing for provement
Salina, Saline County, K a n .— Bond Sale.— On March 20
the
issuance
of
$6,000
sewer-construction
(city’s
portion)
the $40,000 4^% 20-year city-hall-building and $25,600 5%
bonds.
pp?~ycar (scrial) South St. paving bonds described in V. 92,
Pretty Prairie School District No. 149 (P. O. Pretty p. 7o3, were awarded to the H. C. Speer & Sons Co. of Chi
. ,
sw 'n nl1 ®,eno County, Kan.—Bond Sale.—On April 10 the cago at 100.50 and accrued interest.
$l-.,000 4j^% 71^-year (average) coupon school-house con- a S??nb u y ’3 , 0! an County, No. Caro.—B ond Sale.—On
strucuon bonds described in V. 92, p . 903, were awarded to Apul 10 the $o0,000 5% 40-year coupon funding and refund- ,
the hirst National Bank in Hutchinson at 98.33 1-3 and ac ing bonds described in Y. 92, p . S28, were awarded,' it is
crued interest—a basis of about 4.7677%. Other bids stated,
to S. A. Kean & Co. of Chicago at 101.02—a basis of(
received were as follows:
about 4.942%.
F 1CH Ho^Hns Ah& h V i ----- 5 } } .6501Cutter, May & C o.. C h ica go.511,550
San Angelo, Tom Green County, Texas.—Bond Offering.—
V616' cToffln & Crawford, C hicago. 11,416
M aturity 5.>oo each six months from Jan. l 1913 to July 1
. inclusive.
1 roposals will be received until 8 p. in. May 1 by A. C. Me
Providence, R. I. Notes to be Disposed o f to the Sinking bond/ * ^ ^ ®ecrotary> f°r §20,000 5% street-improvement
Fund.
We are advised that the $150,000 playground notes „
Revised Statutes o f 1895, as amended In 1909, and
mentioned in \ . 92, p . 484, will be disposed of to the Sinking an„i„
1? 5,io n --31 T
atl
Oct. 6V
20 1910. uuiiunuiuiuoii
Denomination .>i,UUU.
,
.
.V
* electl°n
* “ held uut.
Fund Commissioners as the money is needed.
Hate l e o . 1 1911
Interest semi-annually at the Seaboard National Bank
ln New York
oik City, the *lrst ‘National
Bank in
In ^
Chicago or the
'•tvttuiirti DiiiiK
trie State
o ia ic TreasneasQuincy, Norfolk County, Mass.—Bond Offering.— Propos
t ,urs i?nn Maturity 30 years, subject to call after 15 years.
ct nC^c c ^ *?if ®5dd., 's required. Official circular states that there Is
als will be received until 12 m. April 18 by John Curtis, City no litigation
pending or threatened as to the corporate existence of this city
Treasurer, for $30,000 4% coupon sewer bonds.
or as to the corporate limits of same, or as to the legality of this Issue or
any other issue of outstanding bonds, nor has any contest or question ever
First N at. Bank, Cleveland.58,476
Security S.Bk.ffc T r.C o.,T ol 8,442
Otis & Hough, C lev elan d ,. 8,440
R .K ley bolte C o.,Inc.,C in__ 8,440
Seasongood & Mayer, C in ._ 8,410

25
25
00
00
00

First N. B k ., P t. C lin ton ..58,407 01
W eil, R oth & C o., Clti___ 8,401 60
Hayden, Miller & Co.,Clcv_ 8,100 00
S tacy & Braun, T oled o___ 8,372 00

00

1924

1

t

51 00 0

iiichku

Denomination 51,000. Date April 1 1911. Interest semi-annuallv in
Boston. Maturity 52,000 yearly on April 1 from 1912 to 1926, Inclusive
1he bonds will be certified as to genuineness by the Old Colony Trust Co
which will further certify that the legality of this Issue has been approved
by R opes, Gray & Gorham, of Boston, a cop y of w-hose opinion will accom 
pany the bonds when delivered, without charge to the purchaser.




been raised as to the title of any officer of this city to their respect!*'i
offices. 1 he city, It Is said, has never defaulted in the payment of any t
its obligations.
* J

San Francisco, Cal.—Additional Sales o f Geary Str
Local papers of April 4 state that of the $660,000

B on d s—

APR.

15 1911.]

1059

T H E C H R O N IC L E

4 y ^ % Geary Street railway bonds mentioned in V. 92, p. 903,
$287,000 have been disposed of to date. This makes a total
of $194,000 bonds sold since our last report.
San Juan County School District No. 1 (P. O. Silverton),
Colo.—Bonds Voted.—This district has voted to issue $60,000
10-20-year (optional) school bonds.
San Marcos, Hays County, Tex.—Bonds Voted.—The
election held on April 4 resulted in favor of the question of
issuing the $4,000 5% 10-40-year (optional) street-improve
ment bonds mentioned in V. 92, p. 485.
Scottville, Mason County, Mich.—Bond S a le.—R. S.
Filley, a local investor, has been awarded the $5,000 5%
refunding park and improvement bonds described in V. 92,
p. 485.
Maturity 51,000 yearly on March 30 from 1915Ito 1019, Inclusive.
Seattle, Wash.—Bond Offering.—Proposals will be re
ceived until 12 m. May 4 by Wm. J. Bothwell, City Comp
troller, for the following coupon (with privilege of registra
tion) bonds mentioned in V. 92, p. 904:
a51.000,000 park bonds. Date, “ day of Issuance.” M aturity 20 years.
Certified check for 515,000 Is required.
#400,000 gold refunding bonds. Date July 1 1010. Maturity 523,000
yearly on July 1 from 1912 to 1031, Inclusive. Certified check
for 510,000 Is required.
a400,000 gold refuse-dlsposal-plant-constructlon bonds. Date July 1
1010. M aturity 520,000 yearly on July 1 from 1911 to 1030,
Inclusive. Certified check for 510,000 Is required.
alOO.OOO muntcipal-llght-extenslon bonds. Date, “ day of Issuance.”
Maturity 20 years. Certified check for 510,000 Is required.
£46,000 Georgetown funding bonds. Date, " d a y o f issuance.” Ma
turity 20 years. Certified check for 55,000 is required.
a Interest rate not to exceed 4 ^ % . x Interest rate not to exceed 5 % .
Denomination 51,000. Interest payable semi-annually at fiscal agency
o f State o f W ashington in New York City. The Interest on the 546,000
funding bonds may also be payable at the City Treasurer’s office. Certified
checks to be on a Seattle bank, payable to the City Comptroller and exofflclo City Clerk. Official circular states that this city has never defaulted
In either principal or interest, having always met Its obligations prom ptly.

Sentinel, Washita County, Okla.—Bond Offering.—Propos
als will be received until 8:30 p. m. April 28 by the Board of
Trustees for the $12,000 electric-light and $3,000 waterworks-extension 6% bonds voted on Feb. 24 (V. 92, p. 828).

Denomination 51,000. Date March 1 1911. Interest annual. M aturity
March 1 1936. Certified check for 5% o f bid Is required. J. M. Terry Is
Tow n Clerk.

Shackelford County Common School District No. 16,
Texas.—Bonds N ot Sold.—No sale has yet been made of the
$2,500 5% 10-20-year (optional) bonds offered at par and
accrued interest, as stated in V. 92, p. 486.
Shakopee, Scott County, Minn.—Bonds Voted.—The
proposition to issue the $10,000 water-main-extension bonds
at not exceeding 5% interest, mentioned in V. 92, p. 828,
carried by a vote of 233 to 141 at the election held April 4.
Sharon, Walworth County, Wis.— Bonds Defeated.— The
election held April 4 resulted in the defeat of a proposition
to issue $7,000 light bonds. The vote was 81 “for” and
161 “against.”
Silverton, Hamilton County, Ohio.— B ond Sale.—On
April 6 the $8,500 4)^% 25-year coupon water-main (vil
lage’s portion) bonds described in V. 92, p. 904, were
awarded to Seasongood & Mayer of Cincinnati at 104.117
and accrued interest—a basis of about 4.233%. The bids
received
were as follows:
Seasongood & Mayer, C in.58,850 OOlAtlas National Bank, C tn ..58,627 50
New First N. B k., C o lu m .. 8,845 00 First N at. Bank, N orw ood . 8,524 99
W ell, R oth & C o., Cin____ 8,671 70|Oakley Bank, O akley_____ 8,523 73

Silverton School District No. 1 (P. O. Silverton), Briscoe
’minty, Texas.—Bonds N ot S old .—No sale has yet been
m de of the $25,900 5% 30-40-ycar (optional) coupon school
building bonds offered on April 1 and described in V. 92,
p. 904.
Smithville, Bastrop County, Tex.—Bonds Voted.—The
question of issuing the $3,000 5% 5-30-year (optional)
bridge bonds mentioned in V. 92, p. 618, carried by a vote
of 92 to 27 at the election held April 4. The bonds will be
offered, we are informed, in the near future.
Soper School District No. 4 (P. O. Soper), Choctaw
County, Okla.—Bond Sale.— On April 11 $12,000 6% school
building
bonds were awarded to Speer & Dow ot Fort Smith.
Denom ination 5500. Interest semi-annually In New Y ork . Maturity

sition to issue the $10,000 sewer bonds mentioned in V. 92,
p. 904. The vote was 115 “for” and 151 “against.”
Sully County (P. O. Onida), So. Dak.—Bond Sale.—On
April 7 $30,000 5% court-house-construction bonds were
awarded to F. A. Magraw of St. Paul for $30,277, the price
thus being 100.923.
Denomination 5500. Date about April 15 1911. Interest semi-annual.
M aturity 20 years, subject to call in 5, 10 and 15 years.

Summerville, Chattooga County, Ga.—Bonds Voted .—
The election held on March 30 resulted in favor of the propo
sitions to issue the $30,000 water-works and sewerage and
$45,000 street-improvement 5% bonds mentioned in V. 92,
p. 618. The vote was 94 to 0. Maturity July 1 1941.
Sumter, Sumter County, So. Caro.—Bond Sale.—On
April 10 the $25,000 5% 20-40-year (optional) coupon streetimprovement bonds described in V. 92, p. 981, were awarded
to E. H. Rollins & Sons of Boston at 102.167 and accrued
interest—a basis of about 4.868% to the optional date and
4.877% to the full maturity. The following bids were
received:
E .H .R ollins & S o n s,B o s .-525,541
W eil, R oth & Co., C i n . . . 25,502
Seasongood & Mayer, C in. 25,405
R . M. Marshall & B ros.,
C h a rleston ------------------- 25,312
Coffin & Crawford, C h ic ..*25,168

75 Cutter, M ay & C o., C hic. .525,127 30
00 C. H . Coffin, C hicago____*25,126 00
00 HUlyar Trust C o., Atlanta 25,106 00
Field, Longstreth & C o.,
50
Cincinnati_____________ 25,100 00
00 A . J. H ood & C o., D etroit.*25,026 00

* Bids not considered, no certified check being enclosed.

Swarthmore School District (P. O. Swarthmore), Dela
ware County, Pa.—Bond Offering.—Proposals will be re
ceived until 8:30 p. m. April 27 by the School Directors for
the $60,000 4^% coupon school-building bonds voted on
Nov. 8 1910. V. 91, p. 1345. Alternate bids are requested,
(1st) the bonds to be delivered on June 1 1911 and (2nd)
one-half of the issue to be delivered on June 1 1911 and the
remainder on Oct. 1 1911, purchaser to select the maturities
to be taken for each settlement and to pay the accrued inter
est and cost of printing the bonds.
Denomination 51,000. Date June 1 1911. Interest semi-annual. Ma
turity on June 1 as follows: 520,000 In 1926, 52,000 yearly from 1927 to
1931 Inclusive and 53.000 yearly from 1932 to 1941 Inclusive. The bonds
are tax-exem pt In Pennsylvania. T otal bonded debt. Including this Issue,
590,000.

The official notice o f this bond offering will be found among
the advertisements elsewhere in this Department.
Bond

Syracuse, Onondaga County, N. Y.—
Sale. —On
April 13 the $100,000 park and $100,000 sewer 4J^% 1-20year (serial) registered bonds described in V. 92, p. 981, were
awarded to Curtis & Sanger of Boston at 103.30—a basis
of about 4.10%.
Tacoma, Wash.—Bond Sales fo r M arch .—The following
7% 5-year bonds, aggregating $58,133, were disposed of
during March:
Am ount.
Purpose.
Date.
55,337 4 5 . .G rade and w a l k ..----------------- ---------------------------------Mch. 8
7,357 0 0 . . W ater-main _____________________________________ Mch. 8
229 1 0 ..G rade _________________________ __________________M ch. 14
40,686 3 0 . . W ater-main _____________________________________ Feb. 21
4,523 1 5 . . Concrete w a lk _____________________________ _______M ch. 21

1911
1911
1911
1911
1911

The above bonds are subject to call part yearly.
Talent School District (P. O. Talent), Jackson County,
Ore.—Bonds N ot Sold— Bond Offering.—No satisfactory bids
were received on April 1 for the $27,000 gold coupon school
building and site-purchase bonds offered (V. 92, p. 618) on
that day. Proposals are again asked for these bonds and
will be received, this time, until April 22.
Teilman School District, Fresno County, Cal.—Bonds
Voted.—This district, it is stated, has voted to issue $10,000
school-house bonds.
Tipton County (P. O. Tipton), Ind.—Bond Sale.—On
March 14 $59,540 4^% road bonds were awarded to J. F.
Wild & Co. of Indianapolis for $59,640—the price thus being
100.167.

Date March 6 1911. Interest May 15 and N ov. 15. Maturity part each
six months from May 15 1912 to N ov. 15 1921 Inclusive.

Tod Township (P. O. Oceola), Crawford County, Ohio.—
—Proposals will be received until 12 m. April
by Frank Cristee,Township Clerk, for $10,000 4}^% pikeSpartanburg, Spartanburg County, So. Caro.— Bond 27
road-improvement bonds.
O ffering. —Further details are at hand relative to the offer
A uthority, Sections 7004 and 7005 o f General Code. Denomination
ing on May 1 of the $11,000 4j^% coupon refunding bonds 5500.
Date April 1 1911. Interest semi-annual. M aturity 52,000
on Oct. 1 from 1927 to 1931 Inclusive. Bonds to be delivered on
mentioned in V. 92, p . 981. Proposals will be received yearly
May 13. Certified check (or cash) for 5200, payable to the Township Treas
until 12 m. on that day by J. B. Carlisle, City Clerk and urer, Is required. Purchaser to pay accrued Interest and expense of
Treasurer.
printing bonds and co p y of record of proceedings.
A uthority Volume 1, Section 2015, Revised Statutes. Denomination
Toledo, Ohio.—Bonds Authorized.—Ordinances have been
5500. Date July 1 1911. Interest semi-annually In New Y ork . Maturity
assed providing for the issuance of the following coupon
July 1 1931. Certified check on a national bank for 5% o f bonds bid for, E
payable to the City Treasurer, is required.
onds:
bonds to construct a bascule lift draw for a new bridge.
Spokane County School District No. 81, Wash.—Bond 5150,000 00 4 % Denomination
51,000. Date M ay 1 1911. Interest Is
Sale. —N. W. Halsey & Co. of Chicago were awarded the
payable at the United States Mortgage & Trust Co. In
New
York
C
ity.
Maturity 10 years.
$500,000 20-year school-building bonds offered on April 10 18,746 67 5% bonds for the im provem
ent of B roadway N o. 7. D e
and described in V. 92, p. 828, at 101.60 and accrued interest
nomination 51,885, except one bond o f 51.781 67. Date
Jan. 20 1911. Interest Is payable at the Northern Na
forA 4syndicate
^ s—a com
basis
of
about
4.38%.
tional Bank In T oledo. Maturity one bond each six
posed of 15. II. Rollins & Sons, A . B . Leach and the
Jan. 1 1931.

Continental & Commercial Trust & Savings Bank, all o f Chicago, agreed
to take the bonds at 101.35 and accrued Interest, this offer being second
out of a total of six bids received.

Springfield, Robertson County, Tenn.—Bonds V oted .—
A proposition to issue $15,000 school-building-improvement
bonds was favorably voted upon, according to reports, at
an election held on April 1.
Stanton, Stanton County, Neb.—Bonds Defeated.—The
election held on April 4 resulted in the defeat of the propo




Bond Offering.

months from March 20 1912 to Sept. 20 1916, Inclusive.
Interest Is payable semi-annually.

Topeka, Kan.—Bonds Proposed.—This city, we are ad
vised, will offer about July 1 $175,000 improvement bonds.
Trenton, N. J.—Bonds Authorized.—An ordinance was
passed on April 6 providing for the issuance of $45,000 cou
pon or registered water-front-park-improvement bonds at
not exceeding 4^% interest. Denomination $100 or multi
ples thereof. Interest semi-annual. Maturity 30 years.

1060

TIIE CHRONICLE

Trenton School District (P. 0. Trenton), Grundy County,
Mo.— B o n d s V o te d . —On April 4 this district voted to issue
$15,000 school-building-repair bonds.
Trinity County (P. 0. Groveton), Tex.— B o n d E lection
P r o p o s e d . —At the May term of the County Court it will be de
cided whether or not an election will be held to vote on the
question of issuing $150,000 road bonds.
Troy School District (P. O. Troy), Miami County, Ohio.—
B o n d s D e fe a te d . —The proposition to issue $12,500 building
bonds was defeated at an election held April 4. The vote
was 380 “for” and 392 “against.”
Tulia, Swisher County, Texas.—B o n d s V o te d .—A favor
able vote was cast recently on propositions to issue $22,000
water and $5,000 light 5% 4-20-year (optional) bonds.
Tulsa, Tulsa County, Okla.— N o B o n d E lectio n at P r e s e n t .—
The Auditor writes us under date of April 8 that the city does
not anticipate holding an election in the near future to vote
on the question of issuing the $100,000 city-hall bonds men
tioned in V. 92, p. 486.
Tyler County (P. O. Middlebourne), W. Va .—B o n d E lec
t io n . —On April 22 a vote will be taken in Ellsworth District
on the question of issuing $125,000 railroad bonds to aid the
construction by the Clarksburg & Northern RR. Co. of a
railroad from New Martinsville to Middlebourne.
Union, Union County, Ore.—B o n d s N o t S o ld . —No sale
has yet been made of the $95,000 5% 10-20-year (optional)
gold coupon water-works, electric-light and refunding bonds
offered on Feb. 15 and described in V. 92, p. 410.
Utah.— L e g isla tu re A u th o r ize s B o n d Is s u e s f o r H ig h iva ys
an d B rid g es an d M a in U n iv e r s ity B u ild in g . —The Legislature
recently passed Acts authorizing the issuance of $260,000
coupon bonds for the construction of roads and bridges and
$300,000 coupon bonds for the erection and equipment of a
main building for the University of Utah. Interest not to
exceed 4%, payable Jan. 1 and July 1. Bonds are to run
not longer than 20 years and are exempt from taxation
within the State.
Vacaville, Solano County, Cal.—B o n d s V o ted an d D e fea te d .
—At the election held in this city on April 4 (V. 92, p. 905)
the voters authorized the issuance of $2,500 septic-tank and
$15,300 bridge bonds, but defeated a proposition to issue
$18,800 street bonds. The securities voted carry 5% inter
est. Date of offering not yet determined.
Vermilion County School District No. 69, 111.—B o n d S a le .
—On April 1 $9,000 6% 5)4-year (average) school-building
bonds were purchased by the Hanchett Bond Co. of Chicago
at 101.666 and interest—a basis of about 5.647%. There
were five other bidders.
Vermillion Independent School District No. 5 (P. O. Ver
million), Clay County, So. Dak.— B o n d S a le . —On April 4
the $29,000 5% high-school-building bonds described in
V. 92, p. 618, were awarded to Ira C. Calef of Washington,
Vt., at 100.775. The following bids were received:
Irn, C. Calef, W a sh ’n, V t .$ 2 9 ,2 2 5 00
Minn. L . & T r. C o., M lnn_a29,301 50
W . G. De Celle & C o., C hlc629,i83 70
C. H . Coffin & C o., Chic . .629,151 00
If. C. Speer & Sons Co.,Chi 29,150 00
Ulcn & C o., Chicago_____ 29,011 75
Union Invest. C o., M in n .a 2 9 ,035 00
a

Cutter, May & C o.. C hlc.a$29,000
Coffin & Crawford, Chic. .a 2 8 ,916
John Nuveen & Co., Chic. 28,787
H . T . Holtz & C o.. C h ic .. 28,711
A . J. Ifood & C o., Dctroit628,503
Invcs. Sec.Co., Des Moines 28.500
S. A . Kean & C o., Chicago 2 8,275

00
23
00
00
00
00
00

Bid for bonds in $500 and $1,000 denominations Instead of $250.

6 No certified check enclosed with bid.

Wakefield, Middlesex County, Mass.— B on ds

A u th o rized .

—The issuance of $5,500 bonds has been authorized. We
are informed, however, that in all probability no arrange
ments will be made for the placing of the bonds until the
latter part of the year.
Waseca, Waseca County, Minn.— B on ds V o ted . —An elec
tion held April 4 resulted in favor of the question of issuing
$15,000 water-works-extension bonds.
Washington County (P. O. Bartlesville), Okla.— B on d
S a le . —Geo. I. Gilbert of Oklahoma City has been awarded
$150,000 5% court-house and jail bonds.

[VO L. L XXXXI 1.

Village Treasurer’s office. Maturity $363 97 on O ct. 1 1911 and $375 each
six months from April 1 1912 to April I 1921, Inclusive.
Bonds to be
delivered and paid for within ten days from time of award. Ccrtiliod check
for $200, payable to the Village Treasurer, Is required.

Webster Groves School District (P. O. Webster Groves),
St. Louis County, Mo.— B o n d O ffe r in g .—Proposals will be
received until 8p. m. May 4 by F. B. Miller, Secretary Board
of Directors, for $28,000 4)4% school bonds.

ouojcoi tu ^aii cutet u> years, ucruncci <
$ 1 , 000 , payable to "W eb ster Groves School D istrict,” is required.

Weeping Water, Cass County, Neb.-—W a rra n ts V o te d .—
The question of issuing electric-light warrants carried by a
vote of 98 to 52 at election held April 4. It has not been
determined what amount of warrants will be issued.
Wellington, Lorain County, Ohio.— B o n d O ffe r in g . —Pro
posals will be received until 12 m. May 8 by J. B. Murray,
Village Clerk, for the $20,000 5% coupon street-improvement
(village s portion) bonds voted on March 11 (V. 92, p. 829).
n Dw1?nIT1!n^ )lon *1 ,0 0 0 . Date May 20 1911. Interest semi-annually at
Y-!!!a? e } reasurer s office. Maturity $1,000 yearly on O ct. 1 from 1915
to 1920, inclusive, and $1,000 each six months from April t 1921 to Oct. 1
19 - 7 , inclusive. Bonds to be delivered and paid for within 10 days from
time of award. Certilied check for 5 % of bonds bid for, payable to the
Village Ireasurer, Is required. Purchaser to pay accrued Interest.

Wellsburg School District (P. O. Wellsburg), Brooke
County, W, Va.-— B on d s V o ted . —Reports state that the
election held April 11 resulted in favor of the proposition
to issue the $85,000 school-building bonds mentioned in V.
92, p. 982. The vote was 609 “for” to 377 “against.”
Wetzel County (P. O. New Martinsville), W. Va .— B o n d
E le c tio n .
An election will be held in Magnolia District on
April 19 to vote on a proposition to issue $100,000 bonds to
aid in the construction of a road from New Martinsville to
Middlebourne by the Clarksburg & Northern RR. Co. See
“Tyler County” above.
Wexford County (P. O. Cadillac), Mich.—B on d s V o te d .—
The proposition to issue the $50,000 5% court-house-con
struction bonds mentioned in V. 92, p. 138, carried at the
election held April 3, the vote being 1,734 “for” to 866
“against.” Maturity from 1912 to 1921 inclusive.
Wharton, Wharton County, Te x .— B o n d S a le .— Hoehlcr
& Cummings of Toledo have purchased at par the $15,000
street-improvement and $1,995 water-works-improvement
5% 10-40-year (optional) bonds recently registered by the
State Comptroller. See V. 92, p. 487 and 983.
Wheeling, W. Va.— B o n d E le c tio n . —On April 11 the Second
Branch of the City Council adopted the ordinance men
tioned in V. 92, p . 905, which provides that a vote be taken
at the coming city election on the question of issuing the
$300,000 4)4% 34-year filtration bonds.
White Plains, N. Y.—B on d S a le . —On April 3 the three
issues of registered bonds described in V. 92, p. 755, were
awarded to R. M. Grant & Co. of New York City as follows:
$10,000 4 H % 20-year water bonds at 104.078— a basis of about 4 .1 9 7 % .
14,000 4 >^% 5-year current-indebtedness bonds at 100.078— a basis of
about 4 .2 8 1 % .
0,500 20-ycar llre-departmcnt bonds at 100.178 for 4.25s— a basts of
about 4 .2 3 7 % .

Whitman County School District No. 104 (P. O. Colfax),
Wash.—B o n d S a le . —On April 1 $20,000 school-building
bonds were awarded to the State of Washington at par for
5)4s. Other bids received were as follows:

W m . D . Perkins & C o., Seattle (for 5>Js).................................. ................ $ 20,000
C. H . Coffin, Chicago (for 6s ) ________ ________________________________ 20,051
Denomination $1,000.
Interest semi-annual. M aturity 20 years, sub
ject to call at any Interest-paying period.

Wichita, Sedgwick County, Kans.— B on d S a le . —The fol
lowing 5% bonds have been purchased by Ulen & Co. of
Chicago:
$9,000 bridge bonds, d
A u g. 1 1908 and due In 1918.

20,000

lnternal-Improv m nt bonds, dated N ov. 1 1909 and due $ 2,000
on N ov. 1 1913 $4,000 yearly on N ov. 1 from 1914 to 1917, inclus
ive, and $2,000 on N ov. 1 1918.

B o n d E le c tio n . —A proposition to issue $70,000 rail
road-aid bonds will be submitted to a vote, it is stated,
on May 22.
Wilmington School District (P. O. Wilmington), New
Castle County, Del.— B o n d S a le . —On April 10 the $20,000
Denomination $1,000.
Date M ay 1 1911. M aturity one-tenth each
4)4% 12-ycar coupon school-house, Scries E, bonds de
year beginning 1922.
Washington County (P. O. Brenham), Tex.— B o n d S a le .— scribed in V. 92, p. 906, were awarded to Seasongood &■
Mayer of Cincinnati for $20,457 50 (102.287) and accrued
The $5,700 5% levee-construction bonds mentioned in V. 92, interest,
a basis of about 4.256%. Other bids received were
p.Denomination
212, have been
awarded
to
R.
L.
Leonard
at
par.
as
follows:
$1,000.
Date Jan. 2 1911.
Interest semi-annual. Ma
turity 3 to 40 years.
N . VV. Halsey & C o., P h lla _ $ 2 0 ,2 0 6 1F. D . Lackey & C o., W l lm ..$ 2 0 ,1 0 7

Waterloo, Blackhawk County, Iow a.— B o n d s

R e-A iva rd ed .

—Local papers state that the $45,000 4)4% 20-year warrant
funding bonds awarded on Feb. 27 to the Investors’ Securi
ties Co. of Des Moines (V. 92, p. 755) were re-awarded on
April 7 to George M. Bechtel & Co. of Davenport. This
action was approved by the Council, subject to the bonds
being legalized at this session of the Legislature. The legal
ity of the issue is questioned, it is said, for the reason that
some of the outstanding warrants which this issue is intended
to take up have been outstanding for seven years.
Waterville, Marshall County, Kan.— B on d s V o ted . —It is
stated that the election held on April 3 resulted in favor of a
proposition to issue $30,000 electric-light and water-works
bonds.
Wauseon, Fulton County, Ohio.— B o n d O fferin g . —Propos
als will be received until 7:30 p. m. May 1 by L. H. Deyo,
Village Clerk, for $7,488 97 4)4% Birch Street improvement
assessment
bonds.
• Authority Section 2835 of Revised Statutes. Denomination $375, except
one bond for $363 97.

Date April 1 1911.




Interest semi-annually at the

Bonds are dated April 1 1911.

Wilson Creek, Grant County, Wash.—B o n d O ffe r in g .-—
Proposals will be received until 7:30 p. m. May 1 by Anton
Schumacher, Town Treasurer, for the $9,000 gold coupon
warrant-funding
bonds
mentioned inInterest
V. 92,(notp.to829.
Denomination $500.
Date May 1911.
exceed 6 % ) !{}

January and July at Wilson Creek. Maturity May 1921. subject to can
after 10 years.
Bonds are exempt from taxation. Certilied check for 2 /o.
payable to the Town Treasurer, Is required. Bonded debt at present.
$7,000. Floating debt, $9,0 0 0 . Assessed valuation, $203,000.

Winfield, Cowley County, Kan.— N o B o n d E le c tio n . —We
are advised that the election held in this city on April 4 was
for the purpose of voting “for” or “against” establishm& a
public library and reading-room, and not on $ 1 5 ,0 0 0 library
bonds, as was reported in some of the newspapers. The vote
on the library proposition was 1,071 to 547.
Winston (P. O. Winston-Salem), No. Car.—B o n d S a le .—
The $100,000 30-year gold coupon refunding bonds described
in V. 92, p. 829, have been disposed of at 100.085 and interest
to the Security Trust Co. of Spartanburg as follows: $45,000
bonds as 5 per cents and $55,000 bonds as 4)4 per cents.

Winterset School District (P. O. Winterset), Madison
County, Iowa.—Bond, S a le . —An issue of $14,000 5% 1-10year (serial) school-refunding bonds was awarded in March
to Geo. M. Bechtel & Co. of Davenport. Denomination
$500. Date April 1 1911. Interest semi-annual.
Wood County (P. O. Quitman), Tex.— B on d s V o ted .—
Papers state that an election held in Mineola Precinct on
April 8 resulted in a vote of 231 to G9 in favor of a proposition
to issue $30,000 40-year road bonds.
Woodbury County (P. O. Sioux City), Iowa.— B o n d S a le.
—An issue of $75,000 6-10-year (serial) Garrctson Drain
age District No. 1 bonds, offered on April 4, was purchased
by the Wm. R. Compton Co. of St. Louis for $75,985 (101.313)
for 5 Ks- The bonds are dated May 1 1911. Interest semi
annual.
Woonsocket, Providence County, R. I .— B o n d s A u th o r
iz e d . —An ordinance has been passed providing for the issu
ance of $250,000 4% and $250,000 4 % % 30-year funding
bonds in denominations of $1,000 each.
Woonsocket School District (P. O. Woonsocket), Sanborn
County, So. Dak.— N o B on d E lection a t P re se n t. —We are
informed that the matter of holding an election to vote on the
question of issuing the $15,000 school-building bonds men
tioned in V. 92, p. 906, has been indefinitely postponed.
Yorktown, Dewitt County, Tex.—B on d E le c tio n . —A vote
will be taken on May 6, it is reported, on the question of
issuing $6,000 water-main-extension bonds.
Youngstown, Ohio.—B on d S a le . —The following bids were
received on April 10 for the four issues of 5% street-improve
ment bonds described in$24,500
Y. 92.' p.$15,345
830: $2,045 $10,505
bo n d s.

Stacy & Braun, T oledo____ a $ 2 5 ,l6 8 05
Breed & H a r r i s o n , C I n c l n _ . 25,026 75
Seasongooil & Mayer, C in e .. 25,145 00
H ayden, Miller & C o., C le v .. 25,140 00
Citizens’ N at. B k ., Wooster 25,132 10
Davles-Bcrtram C o., Cincln 25,126 00
It. K leybolte& Co.,Inc.,C ine 25,112 50
25,106 75
First N at. 11k., Cleveland.
W ell, Roth & C o., C in c l n ... 25,039 00
Otis & Hough, Cleveland___ 25,011 00
W est.-G erm . Bank, C in c ln .. 24,978 00
a

Successful bidders.

1051

THE CHRONICLE

A p r . 15 1 9 1 1 . 1

bon d s.

bon d s.

$15,764 07
a l5 ,7 7 4 01
15,740 00
15,755 00
15,699 25
15.722 00
15.722
15,682
15,670
15,629

50
60
00
00

b o n d s.

$2,088 48a$10,881 87
-- 10.822 70
2,086 00 10,874 00
__
10,877 00
a2,095 00 10,833 40
2,085 25 10,845 00
2,090 75 10',850‘ 75
....
10,817 50
__
10,805 00
2,066 00 10,791 00

All bids include accrued Interest to date of delivery

Yorkville, Oneida County, N. Y.—B o n d S a le . —The follow
ing bonds, described in V. 92, p. 900, were awarded to W. N.
Coler & Co. of New York City as 4.35s:
$22,000 sewer-system bonds at 1 00.14. M aturity $1,000 yearly on April 15
from 1916 to 1937 Inclusive.
12,500 W hltesboro Street im provem ent bonds at 100.168 . M aturity
$500 yearly on April 15 from 1913 to 1937 Inclusive.

C a n a d a . its P ro v ia c ta and M u n icip alities.

Black Lake, Que.— D e b en tu re O ffe r in g . — Proposals will be
received until May 1 by Dr. C. D. Paradis, Mayor, for $30,000
5% debentures.
Denomination $500. Interest semi-annually at the office of the Quebec
Bank In Black Lake. Maturity 35 years.

Calgary School District, Alberta.— D eb e n tu r e S a le . —On
Feb. 16 $160,000 4
school-building debentures were
awarded to the Imperial Bank of Canada at 98.61.
Estevan School District No. 257, Sask.— P r ic e P a id f o r
D eb en tu re s. —The purchase price of the $5,500 5% 30-install
ment debentures awarded on March 25 to Nay & James of
Regina (V. 92, p. 984) was $5,363 50, or 97.51. Debentures
are dated April 1 1911. Interest annually in November. ,
Galt, Ont.— D eb en tu res V o te d . —The proposition to issue
the $25,000 4J^% hospital-improvement debentures men
tioned in V. 92, p. 906, carried by a vote of 463 to 384 at
the election held April 8. Interest semi-annual. Maturity
April 18 1931. We are advised that these debentures will
not be offered for sale for some time.
Harriston, Ont.— D eb en tu re S a le . —On March 15 the $35,
000 5% water-works-system debentures offered on that day
(V. 92, p. 620) were awarded to the Canadian Debenture
Corporation, Ltd., of Toronto for $35,272—the price thus
being
100.777.
The debentures are dated Sept. 30
Interest annually
1911.

Traders’ Bank of Harriston.

th e

—On April 5 the $60,000
5% 40-installment coupon water-works debentures described
in Y. 92, p. 907, were awarded to the Canada Investment
Co. in Montreal at par and accrued interest.
Macklin, Sask.— D eb en tu re O ffe r in g . —Proposals will be
received until April 24 by Jas. Nichol, Secretary-Treasurer,
NEW LOANS.

NEW LOANS

NEW LOANS*

at

M aturity part yearly for 30 years.

Lachute, Que.— D eb en tu re S a le .

$ 6 0 ,0 0 0
$ 2 5 0 ,0 0 0
8 8 0 ,0 0 0
D a v id so n C o u n ty , T e n n e sse e , C IT Y O F S H R E V E P O R T , L A ., S w a rth m o re S c h o o l D istr ict,
(P. 0. Swarthmore) Delaware County, Pa.,
i y 2% GOLD BONDS
BONDS
4J^% COUPON BONDS
Sealed bids are hereby Invited for $250,000
Public Improvement (Serial) Bonds by the Secre
Bonds in the amount of $80,000 00, tary-Treasurer,
Sealed proposals will be received until 8:30 p. m .
at his office In City H all, Shreve
L a ., until M A Y 9T II, 1911, at 10 o'clock A P R IL 2 7 th, at which time they will be opened by
bearing a rate of interest not exceeding port,
A . M. (these bonds are to take the place of like the School Directors at the Public School Build
five per centum per annum, to mature amount
ing, Swarthmore, for $60,000 new-school-convoted in 1909 bearing 4 % interest.)
Date of bonds M ay 1, 1911. These bonds are structlon 4 ($ % coupon bonds authorized at the
in twenty-five years, payable in the City exempt
last general election. Denomination $ 1 ,0 0 0 .0 0 .
from taxation.
Nos. 1 and 2 due M ay 1, 1912, Date June 1st, 1911. Interest semi-annual.
of New York, will be sold to the best Nos.Maturities,
3 and 4 In 1913; Nos. 5, 6 , 7 in 1914; Nos. 8 , Maturities, $20,000 .00 June 1st, 1926; $2,000.00
1915; Nos. 11. 12, 13 In 1916; Nos. 14, 15. June 1st of each subsequent year up to and in
and highest bidder on April 20, 1911, at 9,16 10In in1917;
Nos. 17, 18, 19 in 1918; Nos. 20, 21, 22 cluding June 1st, 1931; $ 3,000.00 June 1st each
19 1 9 ; Nos. 23, 24, 25 In 1920; Nos. 20 to 29 In year thereafter up to and including June 1st, 1941.
ten o'clock a. m., at the office of the In1921;
subject to call. Exem pt from taxation In
Nos. 30 to 33 in 1922; Nos. 34 to 37 In 1923;
45
1925; the State of Pennsylvania. Total of School Dis
County Judge, in the Court House, in Nos.
38 to 41 in 1924 ”Nos. 42 to
'
" ’In -------Nos. 46 to 49 in 1926 Nos. 50 to 54 In 1927; trict Bonds, Including this Issue, $90 ,0 0 0 .0 0 .
Nashville, Davidson County, Tennessee. Nos. 55 to 59 in 1928 Nos.
Nos. 60 to 64 In 1929; Borough valuation 1911, $1,983 ,0 0 0 .0 0 .
Alternate bids required, first, for paym ent for
70 to 74 in 1931;
Nos. 65 to 69 In 1930
Each bidder will be required to deposit Nos.
75 to 80 in 1932 Nos. 81 to 86 in 1933; entire issue of bonds June 1st, 1911; second, pay
Nos. 93 to 98 In 1935; ment for one-half of the issue June 1st, 1911, and
Nos.
87
to
92
In
1934
a certified check for $250 00.
Nos. 99 to 105 In 1936; Nos. 106 to 112 in 1937; the other half October 1st, 1911, buyer to select
the maturities
to be taken for each settlement, and
113 to
119in
1938; Nos. 120
to 127In1939;
The right is reserved to reject any and Nos.
to pay
theInaccrued
interest and cost of printing
Nos. 128 to
135In
1940;Nos. 136
to 143
1941;
Nos. 144 to
152in
1942; Nos. 153
bonds.to 161In1943;
all bids.
Nos. 162 to
171in
1944; Nos. 172
to 181In1945;
All communications will be addressed Nos. 203
182 to
191in
1946; Nos. 192
to 202 In1947;
to
213in
1948; Nos. 214
to 225 in1949;
to W. M. Pollard, County Judge, Nash Nos.
Nos. 226 to 237 in 1950; Nos. 238 to 250 In 1951.
Interest payable semi-annually, M ay 1 and
N A T IO N A L L IG H T ,
ville, Tennessee, or Thomas J. Nance, November
1.
Both principal and Interest payable at the
Chairman, care Remy-Nance Printing Seaboard
National Bank, New York City. No H E A T &. PO W ER C O M P A N Y
bid will be considered for less than par and
Company, Nashville, Tennessee.
accrued Interest. All bids must be accompanied
by a certified check for 2 % of the amount of the
T. J. NANCE, Chairman,
made payable to the Secretary-Treasurer of
GS
f
A„ ,„ ue$
W. M. POLLARD, County Judge bfd,
the City of Shreveport.
Certified checks of unsuccessful bidders will be
SAMUEL N. HARWOOD,
County Attorney,
The Council reserves the right to reject any
Nashville, Tennessee. and all bids. L . H . B A K E R , Secretary-Treasurer. A . H . B i c k m o r e & C o . ,
N ot

re tu rn e d .

BANKER6

30 Pin© Street,
ESTABLISHED 1885

H. C. SPEER & SONS CO
First Nat. Bank Bldg., Chicago
SCH O O L,

CORPORATION AND
MUNICIPAL BONDS

COUNTY AND MUNICIPAL BONDS FIRST NATIONAL BANK BUILDING
CHICAGO
T hom as

J.

B o lg e r

M U N IC IP A L BO N D S

C o.

BLODG ET & CO.
BONDS

Legal for Savings Banks,
Postal Savings and Trust Funds

60 S T A T E S T R E E T , B O S T O N

SEND FOR LIST

80 P I N E S T R E E T , N E W Y O R K

19 South La Salle St.,



New York

C h arles M. Sm ith & Co.

CHICAGO STATE, CITY & RAILROAD BONDS

A d r ia n H . M u l l e r & S o n ,
AUCTIONEERS.

Regular W eekly S ales
OF

S T O C K S and B O N D S
EVERY WEDNESDAY
Office. No. 55 WILLIAM STREET.
Corner Pine Street.

THE CHRONICLE

1062

for $6,500 (first issue) 5% debentures. Debentures are re
payable in fifteen annual installments.
Maidstone, Sask.— D eb en tu re O ffe r in g . —Proposals will be
received until May 1 by A. C. Elliott, Secretary-Treasurer,
for $1,000 6% debentures, repayable in 15 annual install
ments.
Melville, Sask.— M a tu r ity o f D eb en tu re s. —Nay & James
of Regina write us that the $17,000 5 } 4 % permanent im
provement debentures awarded them during March (V. 92
p. 985) mature in 20 years.
Neepawa, Man.— D eb en tu re S a le . —The $7,185 70 5% 20year coupon local-improvement debentures described in
V. 92, p. 757, were sold on April 7 to the Canadian Deben
tures Corporation, Ltd., of Toronto at 99.544 and interest__
a basis of about 5.037%. The following bids were receivedCanadian D eb.C orp..L td.,T o r .57.153 IJ.G .M ackin tosh& C o.,H alifax.S7,078
W o o d , Gundy & C o., T or-------* 7 ,196[Ontario Securities C o., T o r___ 7,077
•“ Subject to change of date.”
All bidders offered accrued Interest In addition to their bids. The deben
tures are In denominations of 5500 each, except one of 5 18 5 70.
Debenture
debt- Including this issue, 590,589 41. Floating debt (additional), 5 2,000.
Assessed valuation, 51,071,651.

Niagara Falls, Ont.— D eb en tu re S a le . —Papers state that
$19,422 95 5% 20 and 30-installment debentures have been
sold to Nay & James of Regina.
North Vancouver, B. C.— D eb en tu res V o te d . —Papers state
that the following by-laws have been passed by the rate-pay
ers: Schools, $46,000; Rice Lake, $20,000; ferry shares,
$80,000; city hall additions.
Pembroke, Ont.— D eb en tu re O ffe r in g . —Proposals will be
received until to-day (April 15) by W. H. Bromley, Chair
man Finance Committee, for the $65,000 4^% coupon wa
ter-works-improvement
debentures described in V. 92, p.679.
Date April 4 1911.
Interest annually on April 3 at the agency of the
Dank of Ottawa in Pembroke.

Maturity 30 years.

Prince Albert, Sask.— D eb en tu re S a le . —On March 31 the
following coupon debentures aggregating $283,700, described
in V. 92, p. 757, were purchased by Nay & James of Regina
at 100.505 and interest: $110,000 4^% 40-year debentures,
$92,400 5% 30-year debentures, $76,300 5% 20-year deben
tures and $5,000 5% 10-year debentures. The following
bids were received:

[VOL. L X X X X I I .

N ay & James, Regina_____ 5288,134 Imperial B ank_______________ 5280,863
Dominion Securities CorpoAemilius Jarvis & C o., T o r . 278,451
ration. L td ., Regina_____ 284,068 Ontario Securities C o.. T o r . 277,157
W o o d , Gundy & C o., Regina 281,714

Ridge town, Ont.—L o a n E le c tio n . —Reports state that an
election will be held April 24 to vote on a by-law providing
for a loan of $35,000 for water-works.
South Vancouver, B. C.— D eb en tu res V o te d . —It is stated
that by-laws aggregating $1,660,000 have been passed by the
ratepayers as follows: $1,050,000 for road improvements,
$260,000 for school purposes, $50,000 for sidewalks, &c.;
$300,000 for water-works system.
Stamford Township (P. O. Niagara Falls South), Ont.—
D e b en tu re O ffe r in g . —Proposals will be received until April
22 by the Municipal Council for $2,280 5% local-improvement
debentures. Maturity 20 years. James E. Jones is Town
ship Clerk.
Tolman School District No. 2204 (P. O. Tolman), Alberta.
;— D eb en tu re S a le . —An issue of $1,600 6% school-building
debentures has been awarded to the Western School Supply
Co.Dateof Jan.
Regina
at 100.125.
15 1911. Interest annual. Maturity Jan. 15 1921.
Tyvan, Sask.— D e s c r ip tio n o f D e b e n tu r e s . —We are in
formed that the $1,000 improvement debentures awarded
last month to Nay & James of Regina (V. 92, p. 985) carry
5/4j% interest and mature in 15 years.
Warren School District No. 740, Man .— D eb en tu re S a le .—
Brent, Noxon & Co. of Toronto, it is stated, have purchased
the $10,000 5 ^ 2 % 20-installment debentures mentioned in
V. 92, p. 71.
Wawota, Sask.— M a tu r ity o f D e b e n tu r e s . —Nay & James
of Regina inform us that the $1,000 6}^% debentures
awarded them last month (V. 92, p. 985) mature in 8years.
Wentworth County (P. O. Hamilton), Ont .— D eb en tu re
S a le . —Brent, Noxon & Co. of Toronto are reported as the
purchasers of $14,000 4>^% house-of-refugc debentures.
Maturity part yearly for 20 years.
Whitby, Ont.— D eb en tu re O ffe r in g . —Proposals were re
ceived until to-day (April 15) by Joseph White, Town Clerk,
for $8,500 5% local-improvement debentures dated May 1
1911 and payable in 20 annual installments.

NEW LOANS.

NEW LOAMS.

$ 1 5 0 ,0 0 0

$ 3 0 ,0 0 0

NEW LOANS.

$ 6 7 5 ,0 0 0

C ity o f M i n n e a po l i s , M i n n . ,
Union Free School District No. 22,, A T L A N T IC C IT Y , N. J.,
4
PARK BONDS
BONDS
Town of Oyster Bay, Nassau County, N. Y.,
Sealed bids will be received by the Committee
5315,000
maturing in 35 years: 525,000 In 33
5% BONDS
on W a y s and Means of the City Council of the
years: 5250,000 in 30 years; 575,000 In 20 years,
City of Minneapolis, at the office of the under

signed, THURSDAY, MAY 4 th. 1 9 1 1 . at 2 o ’clock
p. m ., for tile whole or any part of 3150,000.00
Park Bonds to be dated as follows:
550.000 00 dated March 1, 19111 Payable March 1,
1941: and
100.000 00 dated April 1, 1911; Payable April 1.
1941.
Bonds to bear Interest at the rate of four and
one-quarter (4Ji) per cent per annum, payable
semi-annually.
The right to reject any or all bids is reserved.
A certliled check for two (2) per cent of the par
value of the bonds bid for, made to C. A . Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon application.
D A N C. B R O W N , City Comptroller.

H. AMY & CO.
bankers

44

and 46 Wall Street, New York.

Notice Is hereby given that the Board of Edu
cation of Union Free School District No. 22 of the
Town of Oyster Bay, Nassau County, New York
offers for sale to the highest bidder therefor bonds
of the said Union Free School District in the
amount of Thirty Thousand Dollars, Issued for
the erection of a new school building, said bonds
to be thirty in number and in the amount of One
Thousand Dollars each, maturing one each Janu
ary 1st In each of the years 1921 to 1950, both
Inclusive. Interest at the rate of live per cent
per annum, payable semi-annually.
Sealed bids for the same will be received by the
undersigned up to April 19th. 1911, at 7:30 p. m .,
at the Annex School Building, Farmingdale,
L . I ., in writing, and accompanied by a certliled
check to the order of the Board of Education of
Union Free School District N o. 22, In the amount
of Five Hundred Dollars on account thereof.
Checks of all unsuccessful bidders will be returned
upon the acceptance of a bid.
The Board of Education reserves the right to re
ject any or all bids received.
E R N E S T H A C K W IT Z ,
Clerk, Board of Education.
Dated at Farmingdale, L. I ., March 31st, 1911.

IN V E S T M E N T SKOU BITIJas

611!* of Bicnante

and 510,000 in 10 years, all bearing Interest at the
rate of 4
per annum.
Atlantic City Bonds are legal investment for
New Jersey, New York, Connecticut,
Rhode
Island, Vermont and New Hampshire savings
banks.
...
.
...
The City Comptroller will receive bids for these
bonds until 12 o’clock noon of

SATURDAY, APRIL 22, 1911

Reserving, however, the right to reject any or
all bids and subject to the approval of City Counell
interest and principal payable at the Hanover
National Bank, New York.
Legality of bonds
will be approved by Dillon, I homson & Clay be
fore delivery, at the expense of the city.
The
bonds will be engraved anil certliled as to genu
ineness by the Columbia 'Trust Company of New
Y °rk .
. .
. . . .
.
Circular letter, containing blank form of pro
posal, will be forwarded on application, said cir
cular giving full particulars as to these bonds and
the financial condition of Atlantic City.
No proposal will be received except on the of
ficial form, and bids must be acpompanled by cash
or certified check in the sum of 5 1 0 , 000 .
A . M . H E S T O N , Comptroller.

letters of Credit

R. T, Wilson & Co.
33 WALL STREET
NEW YORK

MUNICIPAL AND RAILROAD

BO N D S
L IS T ON A P P L IC A T IO N

SEASONGOOD & MAYER
Mercantile Library Building
M U N IC IP A L B O N D S
CINCINNATI
4areat tnveatmenta
QY - / /
Write fo?
tnown. Yielding from
/ O t " U fO
circular
U L E N & CO.
HODENPYL, WALBSIBGE S CO
a

x

bankers

n v

Ch ic a g o

£ & * Gkrxrsx-txmctti Jtjcjccnm taixi
P. O. BOX 27. MAIN OFFICE.
WASHINGTON. D. C.
O F F IC IA L O R G A N O F T H E A S S O C IA T IO N OF
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 TO
A C C O U N T IN G A N D F IN A N C IA L O F F IC E R S
O F M U N IC IP A L IT IE S , B A N K S , R A I L 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 .
TO 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



7 Wall St., Naw York

Railroad, Street Ry., Gas & Elec. Light

$16 9,0 00

M OB I L E C O U N T Y , A L A .
6% REFUNDING BONDS.
The Board of Revenue and Road Commissioner*
of Mobile County respeotfuliy calls for bids for
5169,000
Refunding Bonds, Issued to retire a
like amount of bonds maturing June 1st, 1911.
These bonds will bear Five (5 % ) Per Cent interest
and run for twenty (20 ) years, straight. Bids
will be oponed at Noon of M O N D A Y , A P R IL
17T H , 1911. For particulars address the under
signed,
G E O . E . S T O N E , Treasurer.
Mobile, Ala.

S E C U R IT IE S
F. W M . K R A F T
C. B. V an

N o strand

LAWYER

•

Specializing in Examination of

96 W A L L S T R E E T

Municipal and Corporation Bond*

IN D U STRIA LS

1312 FIRST NATIONAL BANK BLDG..

CHICAGO, ILL.
Full text of Commercial and Financial Chronicle : April 15, 1911, Vol. 92, No. 2390

FRASER
