Full text of Commercial and Financial Chronicle : April 30, 1910, Vol. 90, No. 2340 [Copy 2]

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IN C L U D IN G
Bank & Quotation Section
Railway Earnings. Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 90.
’£ \ w

SATURDAY, APRIL 30 1910.

Chronicle.
1910.

S u b s c r ip tio n in c lu d e s fo llo w in g S u p p le m e n ts —

B ank and quotation (monthly)
j spate and City (semi-annually)
Railway and industrial (quarterly) electric R ailway (IS times yearly)
Railway E arnings (monthly)
[ B ankers’ Convention (yearly)
T e r m s o f A d v e r tis in g — P e r In c h S p a c e
Transient matter per Inch space (14 agate lines).................................... $4 20
( Two Months
(s times)...... 22 00
Standing Business Cards (
Months (13 times).......................... 20 00
) Six Months
(20 times)........................... 50 00
V. Twelve Months (52 times).......................... H7 00
CHICAGO OFFICE—Pliny Bartlett,.M3 Monadnock Block; Tel. Hairison4012
LONDON OFFICE—Edwards <&Smith, 1 Drapers’ Gardens, E. O.
W i L U A J I IS. D A N A C O M P A N Y , P u b l l s l i e r s ,
1’. O. Box 0 5 8 .
F ro n t, F in e mid D ep cy ster S ts.,
N ew Y«»rU.
Published every Saturday inornin r by WILLIAM B. DANA COMPANY
William B. Dana, President; Jacob Seibert Jr., Vico-Pres. and Sec.; Arnold
CL Dana, Troas. Addresses of all, Olllco of the Company.

CLEARING-HO USE R E T U R N S.
The following table, made up by telegraph, Ac., Indicates that the total
bank clearings of all clearing houses of the United States for week ending
A p ril 30 have been $3,111,337,808, against $3,087,070,068 last week and
$3,032,468,047 the corresponding week last year.
C le a r in g s — I le i n r n s b y T e le g r a p h .
W ee k e n d in g A p r i l 30.

Per
C e n t.

1010.

1909.

31,502,828,463
118,036,324
119,550,554
23,617,646
228.452,377
58,171,600
11,414,468

31,551,778,130
142,369,306
105,528,911
22,025,699
213,837,361
53,958,211
12,507,974

—3.2
—16.7
+ 13.3
+ 7.2
+ 6.8
+ 7.8
+ 15.2

32,065,671,432
490,217.681
Total all cities, 5 days..................... S2,555,889,116
All cities, t day...................................
555,448,092
Total all cities for week.
33,111,337,808

32,102,005,598
399,843,204

—1.7
+ 22.0

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

NO. 2340.
W e e k e n d in g A p r i l

PUBLISHED WEEKLY.

T e r m s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
For One Year ...........................................................................................$10 00
For Six Months......................................................................................... 0 00
European Subscription (Including postage).......................................... 1 3 00
European Subscription six months (including postage)..........
7 50
Annual Subscription in London (including postage)......................... 1 £2 14s.
Six Months Subscription in London (including postagoj......... "....... j £ i 1 1 8‘
Canadian Subscription (including postage) ..........................50 "

New York...
Boston------Philadelphia .
Baltimore___
Chicago____
St. Louis__
New Orleans-

Electric Railway Section
State and City Section

Chicago...........
Cincinnati___
Cleveland____
Detroit.............
Milwaukee___
Indianapolis . . .
Columbus........
Peoria.............
Grand ltaplds..
Dayton ........
Kalamazoo . . . .
Springfield, i l l .
Fort Wayne . _.
Youngstown___
Akron......... .....
Bloomington .
Quincy...............
Decatur . . . .
Canton___ ___
South Bend.. ..
Springfield, Ohio
Jackson_____
Danville.............
Mansfield_____
Jacksonville, 111.
Ann Arbor..........
Adrian ______
Lima .................
Tot.Mid.West.
San Francisco...
Los Angeles.___
Seattle .............
Salt Lake City..
Spokane.............
Tacoma.............
Oakland______
Helena .............
Sacramento___
San Diego..___
Stockton ............
Fresno...............
San Jose ............
North Yakima..
Hillings........... .
Pasadena...........

23.

I n c . or
D ec.

1909.
$
S
%
3
289,399,32, 1 257,203,34 6 +12.5 221,146,261 233,716,726
25,957,05 1 23,397,40 0 +10.9
20,391,700
25,807,300
18,834,69
14,532.37 1 +29.6
11,571,573
14,698,861
17,630,09:
12,899,15 +36.7
12,101,846
11,540,777
12,348,69'
10,148,20 + 21.7
8,881,160
10,280,341
8,442,42
7,030,08 : +20.1
0,162,582
7,051,972
5,735,701
5,877,30
—2.4
4,305,100
5,573,300
4,692,83!
3,834,00 + 21.4
3,591,795
4,645,822
2,905,317
2,415,13 +20.3
2,284,455
2,876,590
2,853,16'
2,223,77' ' +28.3
1,922,593
2,200,953
2,245,52.
2,007,76' ' +11.8
1,441,947
1,791,159
2,326,56:
1,998,02 + 16.4
1,625,420
1,829,372
1,554,540
1,272,88: + 22.2
887,062
906,108
977.02C
963,36
+ 1.4
783,320
802,829
1,038,985
1,018,185 + 2.0
768,474
800,647
541,595 + 13.1
612,29
521,254
575.000
874,870
688.38S +27.1
664,158
706,782
667,052 + 86.8
1,236,387
547.632
079,729
1,184,70(
695,001 + 70.5
530.000
704.000
571,660
4S0.772 + 18.9
432,053
444,950
688,637
561,751 + 22.3
417,204
344,055
367,30;
340,90C +7.7
402,097
326,255
1,120,57(
794,41C + 41.1
379.633
493,473
532,8 It
440.23S + 21.0
387,594
466,145
433,305
371,01 + 10.8
357,822
370,942
450.00C
442,172 + 1.8
347,465
300,790
395,635
297,395 +33.0
510,670
406,182
337,864 +38.0
311,041
339,493
268,278
188,218 + 42.6
174,767
204,235
161,446
132,78f + 21.6
127,526
111,983
37,60S
18,49.: + 103.7
19,773
23,000
333,020
266,512 +25.0
245.000
335,000
406,682,703 354,0:15,416 + 14.9 304,360,977 330,953,989
44,327,929
35,316,678 + 25.5
29,460,970
42,876,691
18,090,203
13.305.27C +36.0
9,072,228
12.370,629
11,554,853
10,165,293 + 13.7
7,582,422
9,656,450
11,937,273
6,923,021 + 72.4
5,376,694
6,833,141
7,327,782
7,355,172 —0.4
4,273,249
5,357,970
5,284,280
3,687,842 + 43.3
2,582,373
2.746,106
4,871,458
4,332,053 + 12.4
3,928,557
4.396,986
2,954,302
1,727,131 + 71.0
1,231,011
2,891,359
991,639
673,775 + 47.2
620,592
710,761
1,187,724
886,683 + 33.9
841,753
1,550,000
1,495,000 +3.7
1,000,000
539,630
493,987 + 9.2
412,445
709,105
465,711 + 52.3
107,596
431,910
437,161 —1.2
343,900
405,342
520,799
120,000 + 25.4
300,010
231,447
183,165 + 26.4
178,466
1,024,119 Not Included In totel

87,167.942 + 29.1
Total Pacific.. 112,510,370
67,612,346
88,209,447
Kansas City___
47,207,921 + 13.4
53,520.580
34.47S ,8 53 30,305,962
Minneapolis........
19,084,435
16,148,003 + 18.2
18,513,155
19,496,058
33,032.468,047
+ 2.6 Omaha_______
15,685,153
12,878.613 +21.8
10,058,887
10,419,049
10,559,044
Paul............
7,852,280 + 34.5
8,236,280
9,788,889
The full details for the week covered by the above will be given next Sat St.
Denver...............
9,770,916
8,737,342 + 11.8
8,197,713
7,076,876
urday. Wc cannot furnish them to-day, clearings being made up by the St.
8,100,000
6,081,210 +33.2
4,224,700
5,899,598
clearing houses at noon on Saturday, and hence in the above the last day of Des Joseph------Moines___
4,473.686
3,711.429 + 20.5
2,862,587
2,673,135
tho week has to he In all cases estimated, as wc go to press Friday nltrht
Sioux
City_____
2,950,828
2,350,533
+25.5
1,739,730
2,128,414
Wo present below detailed figures for the week ending with Saturday Wichita______
2,902,951
2,743,561 + 5.8
1,216,309
1,324,380
noon, April 23, for four years:
Lincoln .............
1,287,120 +3.6
1,333,775
955,607
1,317,944
Davenport .......
1,374,269
1,409,127 —2.5
988,793
1,115,037
Topeka __ ____
1.440,016 + 5.5
1,519,275
W e e k e n d in g A p r i l 23.
979,493
871,083
1.200,308 + 11.0
Cedar Rapids...
1.339,264
781,592
602,988
687,571
553,994 + 24.1
In c. or
Colorado Springs.
723.404
730,000
621,525
581,739 + 6.8
Pueblo .............
1909.
D ec.
1910.
482,923
1908.
510,145
1907.
295,936
219,426 + 34.9
Fremont......... .
166,703
210,118
968,098
790,654 + 22.4
Fargo . . . ____
108.022
500,642
$
.?
8
%
S
New York____ 1,790,550,262 2,026,303,034 —11.3 1,156,554,235 1,577,474,763 Sioux Falls.. ..
500,000 + 90.0
950,000
435,000
366,105
Philadelphia . . . 148,809,995 134.204,022 + 10.9 111,639,375 138,310,180
2,708,000 + 21.7 .
3,294,753
Pittsburgh.........
40,901,200
60,704,214
45,614,615 + 33.1
61,307,90)
Baltimore.........
Tot.other West 139,432,059 118,406,682 + 17.8
95,509,587
28,412,696
20,850,705
95,522,423
24,681,514 + 15.1
20,432,703
Buffalo...............
9,700,891
7,096,107
8,361,535 + 10.7
7,899,878
Washington . .
73,895,333
02,069,711 + 19.1
6,073,848
53,051,020
4,964,410
50,624,518
5,935,136 + 12.4
5,558,138 St. Louis_____
Albany...............
17,301,001
15,342,652 + 12.8
0,095,416
13,818,296
14,819,175
4,841,424
5,591,655 + 9.0
7,296,092 New Orleans__
Rochester____..
3,426,221
14,100,150
11.370,117 + 24.1
10,220,531
3,138,000 + 9.2
11,797,794
2,753,097
2,758,554 Louisville ____
Scranton...........
2,52.3,187
11,521,766
13,279,853 —13.2
10,023,495
8,068,756
2,32.3,163 + 8.0
2,223,472
2,138,192 Houston .........
Syracuse...........
2,120,994
5,689.000
5,420,000 + 5.0
1,764,749 + 20.2
4,808,500
1,562,400
1,751,420 Galveston
5,921,000
Heading.............
1,012,525
0,834,559
6,378,943 + 7.1
1,616,242 —0.2
4,914,786
1,350,085
1,436,306 Richmond ___
5,491,974
Wilmington.......
1,537,045
6,476,646
6,179,944 + 4.8
1.316,407 + 16.8
3,678,926
1,082,659
1,338,858 Fort Worth ___
3,391,532
1,400,030
Wilkes-Barre__
Atlanta______
5,052,971
*10,188,438'
1,279,007 + 9.5
+ 101.7
3.734,062
1,111,686
1,141,102
3,843.255
Wheeling............
1,686,053
5,625.414
5,465,477 + 2.9
1,511,658 + 11.6
4,148,636
992,478 Memphis......... .
4,078,942
1,301,832
Trenton ......... .
1,699,994
Savannah
.
4,181,331 — 17.0
3,472,315
1.433,473 + 18.6
2,511,873
3,020,768
1,251,222
Harrisburg........
1,232,008 + 1.6
3,862,248
3,768,489 + 2.5
2,930,084
3,722,844
1,093,176 Nashville .........
1,165,039
1,006,317
York.................
823,442 + 22.2
Norfolk .............
2,845,599
2,899,287 —1.9
1,668,778
2,767,675
933,334
827,582
Erie .................
580,927 +41.0
2,008,604 + 16.3
2,335,901
1,909,564
2,160,679
677,007 Birmingham ...
567,095
433,300 + 15.8
501,800
Binghamton___
2,416,069
1,593,696 + 51.0
1,510,617
1.345,758
455,700
489,800 Jacksonville ..
360,172 + 21.2
Altoona.............
436,721
Augusta.______
1,934,587
1,842,546 + 5.0
1,475,026
1,197,108
453,684
382,149 + 70.2
1,351.443 + 18.4
Oreonsburg.. ..
650,744
1,600,000
1,461,868
1,234,717
415,011
1,974,885 Chattanooga ...
Chester . . . . . . . .
486,028 +23.2
1,499.108 + 6.8
1,600,599
598,959
1,430,004
1,598,554
445,733
452,947 Knoxville_____
Franklin ...........
1,826,439 + 15.2
250,397 —8.9
1,527,407
1,189,898
228,020
1,577,029
255,222
270,309 Mobile .........
1,410,112 + 18.3
Charleston____
1,067.945
1,170,581
1,244,900
Total Middle.. 2,078,520,742 2,249,928,943 —7.6 1,362,956.581 1,840,764,873 Little Rock.......
1,565,026
1,500,407 + 4.3
1,239,160
1,112,756
2,500,000
1.401,537 + 71.0
Oklahoma____
940,600
897,779
776,422 + 22.4
Boston ............. 144,033,137 160,646,694 —10.3 112,340,826 163,792.391 Macon_______
950,000
499,723
636,022
510,000
515,079 — 1.0
Providence____
7,658,01)0
6,604,500 + 16.0
5,607,700
458,025
519,034
6,955,100 Beaumont ........
606,947 f 102.2
Hartford...........
1,228.397
4,003,900
3,367,497 + 18.9
3,257,752
400,000
3,499,449 Austin_______
New Haven.. . .
287.152
251,726 + 14.1
2,705,341
2.759,831 —2.0
2,127,702
232,800
2,317.725 Vicksburg..........
390,411 + 69.4
Springfield.. . . .
2,157,031
561,321
1.786,405 +20.8
1,621,465
248,324
2,255,994 Wilmington, N. C
Portland ..
420,000
318,000 + 32.1 ..
1,644,420
1.414,208
1,324,124 + 24.2
1,786,995 Jackson ...........
Worcester ..........
318,672
271,993 + 17.1 ..
2,044,701
1,386,915 + 47.4
1,208,377
1,751,051 Meridian........ .
Fall Klvcr.........
751.303
937,3091
931,747 + 0.0
915,727
New Bedford___
Total Southern 183,241,554 158,533,545 + 15.6 127,721,018 139,991,988
1,139,068
647,041
966,546 + 17.9
746,537
laurel l ......... ..
459,186
465,731
417,058 + 2.7
518,729
Holyoke.............
Total all_____ 1,087.679,068 3.148,756,973 —1.9 22,087,962,576 2,680,504,331
502,947
359,902
413,128 +21.7
521,933
Mi
Total Now Eng 167.285.040 180.034.445 —7.4 129.802.007 185.061.631
Outside N. Y. . 1.291.122 806 1.122.453.030
931.408.341 1.103.029.588
S o l e .—For Canadian clearings see “Commercial and Miscellaneous News
* This year's clearings considerably increased by out-of-town clearings department.




32,501,848,862
530,620,085

+ 2.2
+ 4.7

♦

THE CHRONICLE

1126

“RAILW AY AND INDUSTRIAL SECTION.”

A new number of our “Railway and Industrial
Section/' revised to date, is sent to our subscribers
to-day. In the editorial columns of the same will be
found articles on the following subjects: “The Situa
tion in Terminal Building,” “Switch and Signal
Apparatus,” “Monster-Locomotive Year” and “The
Hydraulic Jets for Railway Building.”
THE FINANCIAL SITUATION.

The New York Legislature has it within its power
to render a real service to the community before ad
journment. It should repeal the new holiday created
last year—Columbus Day, October 1 2 . Outside of
a few Italian societies, who may well be pardoned for
revering the name of Columbus, this is a holiday not
wanted by anybody. It was established at a time
when sentiment was very enthusiastic regarding the
Hudson-Fulton celebrations. The day was legalized
as a holiday before any considerable number of persons
knew anything about it. The very first experience
with it, however, showed that it was not in accord
with the desires of the people. The banks necessarily
kept closed, and the mercantile and stock exchanges,
which are dependent upon the facilities extended by
banks and financial institutions, also transacted no
business. This necessarily kept certain parts of the
population in enforced idleness. But all who could do
so continued their vocations the same as before, only
that they were greatly handicapped in the effort by
reason of the fact that the existence of the day as a
holiday interfered with full freedom in that respect.
Business cannot be carried on unhindered, even if the
community is unanimous in the desire, so long as a
legislative decree renders it impossible for a portion of
the population to remain active. In no real sense of
the word was the day truly observed as a holiday,
in spirit or in deed, and in every sense of the word did
the action of the Legislature in making the day legally
a dies non prove disturbing. The Legislature, there
fore, should retrace its step and strike the Act off the
statute books.
The strongest objection to this new holiday is that
it comes at a time of year when no one is anxious to
stop work and when there are already too many holi
days. It occurs at the end of the summer season.
During the hot weather, or say for the three months
from the middle of June to the middle of September,
all work is necessarily reduced as far as possible and
activity kept at a minimum. With the return, how
ever, of cooler weather at the beginning of October,
every one is anxious to get to work again, and holi
days are a nuisance and a bore. This is true of the
laboring man and wage earner as well as of the business
man. In the great majority of cases the wage earn
ers get holidays only at their own expense. The legis
lator may think he is conferring a boon upon the wage
earner when he creates an extra holiday, but the truth
is that, except among very limited classes of the popu
lation, the creation of a holiday means simply doing
the laboring man out of a day’s pay. The wage earner,
no more than the business man, wants any days off
in October. He has taken his holidays as far as his
means permit during the warm season, and now is
anxious to earn all he can to fortify himself and his



lVOL. LXXXX.

family against the extra drain upon his income that
comes during the long winter months.
As it happens, too, notwithstanding that the autumn
and the winter are the seasons best adapted for work,
we are already oversupplied with holidays at that per
iod of the year. Columbus Day is Oct. 1 2 . It is
necessary to repeat that' statement because very few
would otherwise know it. This being the date, it
follows of course that Labor Day, which comes in
September, lies close behind. On the other hand,
Election Day is only three weeks ahead. Nor is
Election Day the only holiday in November; Thanks
giving Day occurs in the same month. Then come in
regular sequence Christmas Day, New Year’s Day,
Lincoln’s Birthday and finally Washington’s Birth
day. Do not these seven holidays from September
to the end of February furnish enough interference
with business, and is it right to ask a patient commun
ity to put up with still another day of obstruction
labeled a holiday ?
We refer to the matter at this time because it is ex
pected that our Legislature will complete its present
session within the next two or three weeks and also
because one or two men at Washington are trying to
impress upon the House Judiciary Committee that
Congress should also make the day a national holiday,
and thus irrevocably fasten it upon the country.
These men are using the fact that several States last
year enacted such a law as an argument that a wide
spread demand exists throughout the country for such
legislation. The truth is, the New York Legislature
acted, as we have already seen, under the impulse of
the excitement created by the Hudson-Fulton cele
bration, and the other States which joined in the
movement simply followed in the wake of New York.
The ties connecting the different commonwealths
in the matter of business are so close and intimate
that when one State blots out a business day the neigh
boring States are apt to take a similar course as the
best way of preventing the inconvenience arising out
of interrupted intercourse between contiguous com
munities.
We showed, in discussing this new holiday last Octo
ber, that neighboring States all acted after New York.
In this State the Act creating Columbus Day became
a law on March 23 last; in New Jersey it did not be
come a law until April 2 1 ; in Pennsylvania not until
April 29, and in Illinois not until May 1 0 . Thus the
movement originated in this State and then spread to
the other States. As events showed, too, other States
evinced no more liking for the day than did New York.
In Philadelphia, this dislike was openly and generally
expressed. Our Legislature should pass a repealing
Act without delay. We know it is not easy to recall
legislative blunders of this kind, but if New York should
retrieve its error in that respect there would be a
strong inducement for other States also to pass re
pealing Acts—not necessarily the present year, since
some of the legislatures have already adjourned, but
soon after New York shall have taken the lead.
Active efforts have been made the present week to
depress prices on the Stock Exchange, and our security
markets have been in a state of great depression. De
clines in prices have been large and general, though
yesterday some recovery ensued. There have been
some new disturbing elements, and these, added to

A nt, 30 1910.

THE CHRONICLE

1127

those previously existing, have furnished the oppor mining has been suspended since the first of April,
tunity which those working for lower prices have not gradual progress is being made in the resumption of
been slow to avail of. With the drop in prices there work. This applies more particularly to Pennsyl
has come a great increase in the volume of business, vania, the latest accounts saying that 26 coal operators
but whether this represents genuine liquidation or sim out of a total of about 31 in the Pittsburgh district
ply aggressive bear selling it is not possible to say thus have signed the wage scale demanded by the miners
early. A sort of crop scare—based upon reports of and are getting ready to resume operations. About
damage from frosts and severe cold weather early in 40,000 miners in Central Pennsylvania have returned
the week, extending over wide areas of the West and to work, this including 10,000 in the Pittsburgh dis
South—has undoubtedly been the most potent factor trict. In a few districts of Ohio, also, a two-year wage
in the descent in prices on the Stock Exchange. scale has been agreed upon.
That some, and perhaps considerable, damage has been
done by the frosts and cold weather would seem to be
Hie United States Steel Corporation gave the public
beyond doubt; but it is equally true that the reports a surprise this week in the treatment of the dividend
have been very greatly exaggerated, and the import question on the common stock. It had been gen
ance of the matter as an influence upon Stock Ex erally expected that the dividend rate would be further
change values has been magnified out of all proportion increased, bringing it up to a basis of 5 % per annum,
to the actual truth. In the case of cotton, admitting and speculation had concerned itself chiefly with the
extensive killing of young plants in two or three of question whether the added dividend would come in
the States east of the Mississippi, there is ample time the shape of an extra payment or would form part of
for replanting, and thus for retrieving any loss that the regular payment. The stock has now been defi
may have been occasioned by the cold. We discuss nitely put on a 5% basis through an increase in the
the cotton situation more at length below. In the case quarterly dividend from 1 % to 1 % % •but the directors,
of winter wheat, the disposition quite generally is to far from discussing a supposed possibility that the
believe relatively little harm has been done. Fruit 5% rate cannot be maintained, confine themselves
has undoubtedly suffered severely in some of the States. entirely to the question of dividend payments beyond
March was a warm month, and thus blossoming came 5%. Along with the quarterly return, Chairman Gary
much earlier than usual, affording opportunity for gave out a statement indicating the views of the man
much mischief from frost and low temperature. In agement with reference to such payments.
considering the bearing of this, however, upon Stock
The statement referred to was made by the Finance
Exchange values, the fact seems to be overlooked that Committee to the board of directors. In it it is pointed
fruit does not cut much of a figure in the freight traffic out that during the nine years of the existence of the
of the great majority of the roads.
corporation ended April 1 1910 the net earnings over
The latter part of the week rising money rates have and above all charges and 7% dividends on the pre
been used as an additional influence in depressing ferred stock have averaged about Sy2% per annum
prices. On Thursday call money touched 7 % and on the common stock, while the dividends actually paid
6 /4 % was again reached yesterday;
but there on the common stock have averaged only 2.3%. In
is nothing mysterious in this rise in interest rates, and making only small distributions of profits on the
it furnishes no occasion for alarm or uneasiness. It common shares the Finance Committee, it is stated,
is the natural result of our large export movement of acted on the belief that the interests of the holders
gold. This week $14,500,000 more gold was shipped, of common stock would be best promoted by the use
and such a large outgo of the metal, coming after the of large sums of money in extending and fortifying
heavy shipments in previous weeks, was bound to the properties and business of the companies. Ac
diminish the supplies of money and to send up the cordingly, large amounts have been so used which
rates for it, at least temporarily. With the trade bal otherwise would have been available for dividends.
ance i mining against the country, it is hard to avoid It is now felt that a point has been reached where con
exports of gold in settlement of our indebtedness. ditions justify an increase in the dividend on the com
It should nevertheless be remembered that dear money mon stock to the rate of 5%. As to the future, no
comes in the nature of a corrective, and is the only policy is definitely fixed, since the membership of the
thing that can put a stop to the continued outflow of Finance Committee may change from time to time;
the metal. With money rates on a higher level, ship but it is given as the “opinion of the present members
ments will certainly be on a reduced scale, and per ot the I inance Committee that if and when hereafter
haps further engagements of large magnitude can be earnings shall justify further increases in distributions,
altogether prevented.
they should be declared in the shape of extra dividends.”
In the meantime it is well enough to remember that
With reference to the showing of earnings, reports
our industries continue in a state of great activity, had been circulated that profits for the three months
even though the feeling of buoyancy may not lie so would be between $39,000,000 and $41,000,000.
pronounced in certain lines as it was two or three Actually, the earnings turn out to have been $37,616,
months ago. Nor does it seem likely that this favor 876. Hence certain critics have declared the exhibit
able state of things can be disturbed except by adverse unsatisfactory. It certainly is not unsatisfactory
legislation or unwise Government action. What the when compared with the earnings for the first three
future may bring forth in these latter respects cannot months of last year, which were only $22,921,268. It
be stated, though President Taft’s regulative and re should be noted, too, that while in January and
strictive measures in Congress do not appear to be February the earnings were less than $ 1 2 ,0 0 0 ,0 0 0 each
having altogether smooth sailing. In an industrial month, for March they were $14,684,001, or at the
way it is pleasing to note that in the bituminous coal rate of over $44,000,000 per quarter. The total of
regions of the Central and Western States, where unfilled orders on the books of the corporation on .



1138

THE CHRONICLE

March 31 1910 was 5,402,514 tons, against 5,927,031
on Dec. 31, and this also has been referred to as an
unfavorable feature by speculators on the Stock
Exchange. The fact appears to be, however, that the
unfilled orders generally diminish between December
and March. A year ago, for instance, there was a
decrease from 3,603,527 tons to 3,542,595 tons. In
any event it will be observed that the aggregate for
March 1910 stands nearly 2,000,000 tons larger than
for the corresponding date in 1909. As for the
statement of profits, the corporation had available
$24,191,231 for dividends for the three months, while
the call for dividends at \%% on the preferred and
1 1 4 % on the common together was only $12,658,700,
leaving, therefore, a surplus of $11,532,531 for the
three months. Out of this latter $5,000,000 was
appropriated on account of expenditures for additional
property and new plants, and even then an undistrib
uted balance of income for the three months remained
of $6,532,531.
We are inclined to join in the general praise which is
being bestowed upon President Taft for his appoint
ment of Gov. Hughes to fill the vacancy in the United
States Supreme Court occasioned by the death of
Justice Brewer. Mr. Hughes is a man of unusual
probity of character and has been exceedingly con
scientious in the discharge of his duties. We say this
the more readily as we have not been in entire accord
with him in his political policies. He has always had
the courage of his convictions and has never failed to
be guided by them. He has not been afraid to attack
evils even if thereby he incurred the enmity of men
who were in position to harm him politically. Indeed,
his independence of attitude and of judgment has been
quite remarkable. Evidence of the former is found in
his continued and unswerving hostility to abuses
tolerated by the political leaders, and indication
of his independence of judgment he gave quite recently
in his message regarding the proposed Income Tax
Amendment to the Federal Constitution. This amend
ment is one of the measures particularly desired by
President Taft, but Mr. Hughes has advised the
Legislature against its adoption because the scope
of the language of the proposal is so broad—it giving
Congress “ power to lay and collect taxes on incomes
from whatever source derived"—that even interest re
ceived by holders of State and municipal bonds would
be liable to the tax, thus impairing the borrowing
power of the State and its municipalities. It reflects
credit upon the President that he did not allow the
fact that he and Mr. Hughes differed regarding that
amendment to interfere with his appointment of the
Governor to the Supreme Court. The sturdy stand
Mr. Hughes has taken in this instance on behalf of the
State may be accepted as proof that he will uphold
the Constitutional rights of the States when he sits
on the Bench. Besides his other qualifications, Mr.
Hughes will bring to the Supreme Court a wide
knowledge of public affairs and keen powers of analysis,
both of which are of great service to a judge. There is
every reason to think, therefore, that he will make
an enviable record for himself in the Supreme Court,
just as he has in the Governor’s chair.

[VOL LXXXX.

the low temperature of Sunday and Monday last, have
been current during the week, but at the close there is
a disposition quite general to considerably modify
earlier statements. Cold weather was the rule over
most of the cotton belt on the dates mentioned, with
snow in localities as far south as Central Alabama and
heavy frosts in some portions of every cotton State.
It is quite evident, however, as already stated, that
reports as to the extent of the damage done have been
largely exaggerated. There is no question that where
cotton was up and freezing weather occurred, im
portant injury to the plant resulted, rendering neces
sary a comparatively large amount of replanting.
This is particularly true of Louisiana, Mississippi,
Alabama and North Georgia.
At the same time it must be remembered that at
this early date planting is not by any means completed
and that much the greater part of the crop has not
yet come up. Such being the case, it is clear that
where reports are current that all cotton that was up
was killed, it becomes very necessary to know what
proportion had come up to understand the situation.
For illustration, we have the spring of 1897, when not
only was the general work of planting hindered by
unfavorable weather conditions, but extensive floods
in the Mississippi Valley and adjacent territory delayed
the putting in of seed over a considerable section until
June. Notwithstanding these setbacks, that season’s
crop turned out to be the heaviest on record up to that
date, exceeding the previous year’s yield by nearly
million bales, or over 28%, from an increased planting
of less than 6 %. This is cited merely to show that
late planting is not necessarily to be considered such
a serious drawback as the many fear. At present
there is also, as usual under conditions such as have
arisen this spring, complaint of lack of seed for re
planting. But this situation can in no sense be con
sidered as general; the prudent farmer naturally holds
some seed for just such a contingency. Still, arrange
ments have already been made by the oil mills at the
South to stop crushing of seed until they have met any
demand that farmers may desire to make upon them.
Unquestionably, when all is said and done, theSouth
has suffered a setback; but, as already stated, not an
irreparable one. With an instance of the kind noted
above, we are prepared to find, when sufficient time
has elapsed to get at the real facts, that, while the
cotton crop has suffered, the harm has been very much
less serious than at first reported. Our own investiga
tions lead us to that conclusion. It is worthy of note
as an important fact that no complaint has come from
Texas, except from very limited sections in the ex
treme north; moreover, advices from other States
furnish evidence of absence of any damage whatever
in some districts. Damage has been done, of course,
and we have no desire to minimize its extent; but it
has certainly been much less disastrous than the early
reports put afloat require us to fear and is not irre
parable. The season’s replanting may be done and the
injury therefore fully retrieved without more serious
consequence than delay in the maturity of part of
the crop, and with generally favoring conditions even
that lateness can be made up.

Gold production returns for the first quarter of 1910,
Reports of extensive damage to the growing cotton as far as they have been obtainable, do not indicate
crop in various sections of the South, as a result of anv special development in mining thus far this year.



A p r . 30 1910.]

THE CHRONICLE

1129

Africa, notwithstanding a decrease in yield from the less temporary, and seem rather unlikely to recur in the
Rand mines, shows a nominal increase over a year immediate future. To understand the position it may
ago, better results having been secured in the outside be necessary to go back to last Saturday’s bank state
districts of the Transvaal and in Rhodesia. Likewise, ment; it showed an actual loss in surplus reserve of
in Australasia the loss in W est Australia has appar $2,581,275, bringing the total down to $12,387,900,
ently been slightly more than counterbalanced by which is somewhat below the average carried at this
gains in other districts, and in India the product for season. Then there set in a gold outflow of most un
the first quarter of 1910 seemingly was a little in excess usual proportions, no less than $14,500,000 going to
of that for the like interval of 1909. From countries London by Tuesday’s and W ednesday’s steamers;
other than those mentioned few actual returns have this sum, it will be noted, was greater than the whole
been received, but such information as has come to excess reserve held by the banks on Saturday. To
hand leads us to conclude that some increase in output aggravate matters, the operations with the Sub
from the mines of the United States, Mexico and Treasury were daily showing an adverse balance, the loss
Canada may be looked for this year. Taken alto up to Thursday morning having reached $2,609,000.
gether, however, the present outlook does not seem Receipts of currency from the interior fell off and in not a
to promise much more than a nominal gain in yield few instances there were out-of-town calls for consider
able sums for use at the end of April. When, therefore,
from' the world’s mines in 1910.
As regards Africa, the Witwatersrand district has the New York financial institutions began to reduce
presented less satisfactory results in recent months, their loans in preparation for the first of May dividend
mainly due to the running into poorer ores'in the lower and interest payments, the effect upon interest rates
levels, and in consequence the yield for the quarter was instantly reflected. The situation was not helped
ending March 31 1910 was only 1,712,064 fine ounces, by the necessity of providing funds to take up extensive
against 1,735,036 fine ounces in the three months of deliveries of cotton on May 1. B ut, as will readily be
1909. Outside districts of the Transvaal, however, noted, these influences are not of permanent character.
showed a gain of 19,250 fine ounces during the period, Sterling rates, following the Bank of England’s re
and there was an increase of 15,533 fine ounces in duction in the price of eagles to 76s. 5d., fell half-a-cent
Rhodesia. West Africa, on the other hand, exhibits per pound below the gold-export basis; the dividend
a small decrease. These results show in the aggregate and interest payments will promptly return to banking
for the whole of Africa 2,015,742 fine ounces for the channels; there has been drastic liquidation in the
quarter’s yield is the current year, against 2,014,081 stock market, and a fall in quotations to the lowest
fine ounces in 1909, or a gain of only 1,661 fine ounces. level of the year; the cotton demands will abate after
Australasian gold fields have in the aggregate, as the opening of next week and the higher interest rates
intim ated above, done apparently a little better this will quickly cause funds to gravitate towards New
year than last, for, while in Westralia the three months’ York from other centres, especially as mercantile de
product was 26,536 fine ounces less than a year ago, mands are still below the average. This must not be
each of the other districts has increased its output, construed, however, as implying that money rates
Queensland most largely. The result for the whole must at once return to former low levels either for
of Australasia (not including the small fields of South daily or long-term use; indeed, the best opinion still is
Australia and Tasmania, for which no returns are at that time accommodation is worth more than it has
hand) for th e first quarter of 1910 is, therefore, ap lately commanded, and the statem ent may be re
proxim ately 748,000 fine ounces, against 745,000 fine iterated this week that certain highly influential
ounces in the corresponding period of 1909. Com interests are not for the present loaning freely, inas
bining the totals for Africa, Australasia and India, we much as better rates are looked for by and b y .
have an aggregate for the three months of 1910 of
The passing of the British Budget by the House of
2,892,000 fine ounces, which compares with 2,889,000
fine ounces in 1909, and shows an exceedingly small Lords has, in conjunction with extensive issues of
increase—only about 1-10 of 1%. Later develop Treasury bills, special as well as regular settlem ents
ments may, of course, show better and more im on the Stock Exchange and preparations for the heavy
May 1 monetary requirements, entailed an unusual
portant additions.
A feature of recent months has been the efforts by drain upon the London money market this week; yet
leading European banks to augment their reserves of no serious tension has been experienced in the money
gold. It is to be noted, however, that only in the case or discount markets proper. True, as high as 8%
of the Bank of Russia does the present stock exhibit was charged for carrying over the rubber and oil shares
any important gain over a year ago. In another now so violently active anti American stocks were
direction there has been a steady and important ab forced to pay a contango rate of 6% , which is ab
sorption of gold going on for some little time. We normal, but ordinary Stock Exchange loans were
refer to the Argentine conversion fund, which at the made at 4%% and discounts have at no tim e exceeded
close of March 1910 had reached $231,367,932, against the Bank rate of 4%; as a matter of fact, spot bills
only a little over $200,000,000 on Jan. 1 of this year. are now negotiable at 3 ^ % and bills to arrive at a
On March 31 1909 the fund was $190,000,000 and a fraction less, a decline of % of 1% from last week.
year earlier $150,000,000. In two years, therefore, The weekly Bank of England statem ent did not quite
th at fund has absorbed not far from 10% of the world’s fulfill hopeful expectations; the gain in reserve ($3,
565,000) was less than anticipated, while the ex
product for the period.
pansion in loans ($8,475,000) and ordinary deposits
The causes that led to an advance in call money ($11,240,000) served to counterbalance this improve
rates on Thursday to 7%, the maximum recorded ment, the ratio of reserve to liabilities being the same
since the first week of the current year, were more or as in the previous week—50.69% , against 50.68% ,




1130

THE CHRONICLE

to be exact. The exhibit had a depressing effect upon
speculation and upon gilt-edged investm ents, while
the New York stock market, which was very weak on
Thursday, the day the return was issued, also mani
fested uneasiness over London’s position.
The fears .that acute stringency will be created by
the paym ent of taxes unenforcible in the absence of
a Budget would appear to be inadequately founded;
as we pointed out last week, the Bank of England has
been fortifying itselt against these special demands,
and its reserve is now comfortably above the average
foi the fourth week in April, while another favorable
consideration is to be found in the imminent arrival
in London of the $14,500,000 gold shipped from New
York on Tuesday and W ednesday. Moreover, the
Continental exchanges are in London’s favor, Brazil’s
importation of gold has subsided and there is no com
petition, apart from India, for the new bars arriving
each Monday from South Africa. The prospect there
fore is that a marked upbuilding of metallic reserves
will shortly be witnessed and that on the completion
of the May disbursements— May 2 is a Stock Exchange
holiday— there will be a relaxing of the tension, a
possibility that is fully expected by bankers, as the
lowering of rates for bills to arrive clearly indicates.
Yesterday discounts in London were marked down to
the lowest level of the week.

[V o l .

lxxxx

.

impartial eye upon the strange maneuvers and sinister
combinations and joining of forces not to carry on the
business of the country, but to destroy its immemo
rial C onstitution.” He contended that the Govern
ment really desired that a majority in the House of
Commons, however produced, should be the absolute
master of the whole Constitution from the sovereign
down— a revolution such as the United States and the
I’ rench Republic had taken care to guard themselves
against. He doubted whether Great Britain would
be “ mad enough” to consent to the Cabinet’s pro
posals.
A minor but interesting feature of European mone
tary developments during April has been the phe
nomenal advance in discount rates at Amsterdam,
where both the official and the private charges are
higher than at any other important Continental centre.
The advance in the Dutch Bank rate from 3% to 4%
and then to 5% followed the withdrawal of a moderate
amount of gold, but it now transpires that the situa
tion in Amsterdam has been exciting considerable
discussion there because of the strain entailed upon the
Bank by Government financing. The increase of
Treasury bills that the Bank has been called upon to
accept has been so marked, and has caused so much
inconvenience, that an agitation has arisen in favor
ot a return to the old system of offering Treasury bills
for public subscription, as is done in England and in
certain other countries. It is argued that were the
Government to offer its bills publicly, part of them
might be subscribed for by foreigners and thus m iti
gate the necessity for exporting gold when exchange
rates tended towards the shipping point.
Such an
arrangement, it is also pointed out, would obviate the
locking up of an undue percentage of the Bank’s liquid
rescources at a time like the present, when there is
a bioad demand for funds. The open market charge
for discounting bills in Amsterdam has ruled within
a fraction of 5%, or more than 1% above any other
Continental city’s rate. Dutch stock market opera
tors have become actively interested in oil and rubber
shares, although the speculation apparently has not
assumed dangerous proportions. The Netherlands
Bank at the end of last week held $6,920,000 less gold
than at the same time in 1909, its total stock being
under $41,000,000; hence the plea for an alteration in
the existing system of meeting heavy Governmental
requirements.

The House of Lords on Thursday night passed the
British Budget which, when originally presented by
the House of Commons, they refused to endorse
without a mandate from the electorate. Premier
Asquith and Chancellor of the Exchequer David
Lloyd-George had previously succeeded in placating
the Nationalists and the Labor Party so far as to win
their support for the Finance Bill, the third reading
of which was carried by a majority of 93 in the Lower
Chamber on W ednesday evening amid much Minis
terial rejoicing. The Prime Minister took occasion,
before the resolution was voted upon, to point out that
its rejection last year by the Lords had cost the
nation $6,500,000 “ in actual m oney,” a sum well
below all previous estim ates. The spring recess of
Parliament, which began on Thursday, will last until
May 26, when the Upper Chamber will take up Lord
Rosebery’s proposals for reforming that body. There
after— in June— the Commons are expected to address
themselves to the same problem of curtailing the
powers of the Lords. The final outcome is, at this
stage, obscure, but another general election before
1910 ends is regarded, at least by the financial com
The French general election for the Chamber of
munity, as one of the not remote possibilities.
Deputies brought no notable developments. There
; The reforms favored by the Asquith Cabinet excite were no fewer than 3,000 candidates for 597 seats, a
the opposition not only of a majority of members of list that, appears large to electors who are accustomed
the House of Lords but of the conservative element in sim ply to two dominating parties. In France there is
the House of Commons. This opposition was voiced a mixture of parties; the chief are the Radicals, the
by ex-Prime Minister A. J. Balfour this week in open Radical Socialists, the Independent Socialists, the
ing a meeting of the Primrose League, a politico- Unified Socialists, the Republicans, the Progressists,
social organization of large membership, including the Nationlists, the Liberals and the Conservatives.
women of Unionist or Conservative sympathies. Premier Briand was returned to power, along with
Mr. Balfour did not clothe his arguments in smooth all his Ministers with the exception of M. Millefand,
words. “ We are threatened with a revolution,” he Minister of Public Works, in whose constituency a
declared emphatically, using a word less frequently second ballot, it was announced, would lie necessary.
heard in Great Britain than in Continental countries The changes among the various parties revealed no
or the less tranquil States of South and Central Amer significant trend of public opinion.
ica. Hie m agnitude o f the grave issues, he went on,
M. Briand has outlined his program. He intends
is “plainly apparent to; every man who looks with an first of all to pass the Income Tax Bill which has




Apr .

30 1910.]

THE CHRONICLE

1131

shares of the New York New Haven & Hartford and
President James McCrea is one of the directors. The
New York New Haven & Hartford controls the Boston
& Maine, but notwithstanding these common ties a
serious freight war is threatened.
For many years the established rates on imports
from Philadelphia were on a basis of 69 cents per 100
lbs. for first-class commodities to Chicago and 75 cents
by standard lines from Boston, while the rate from
Boston via Canadian lines was 70 cents. Last year
the Boston & Maine reduced its rate from Boston,
and the cut was promptly met by the Pennsylvania
and the Baltimore & Ohio in order to preserve for
Philadelphia and Baltimore the differentials which
long-established custom had allowed those ports.
The cutting kept on, back and forth, until the atten
tion of President Taft was attracted to the fact that
the low freight rates resulting were undermining the
The action of the Province of Quebec in prohibiting tariff by enabling imports to be delivered at Chicago
the exportation of unmanufactured timber cut on at a less cost than domestic goods shipped from At
Crown land has been received with widespread disap lantic seaboard cities could be delivered for.
President Taft brought the matter to the notice of
pointment, both in Dominion political circles and
among official and commercial interests in the United the members of the Inter-State Commerce Commis
States, who fear that the stand taken may impede the sion, and requested them to intercede so that the tariff
reciprocity negotiations the governments of the two would not be nullified. At the request of the Com
countries had hoped to take up at an early date. We mission, the railroads stopped their warfare, but the
do not share this despondent view of the admittedly rates agreed upon pending a settlem ent left Boston
unfortunate incident; we are hopeful, rather, that the with a material advantage over Philadelphia, the Bos
anomaly thus emphasized will hasten remedial meas ton rate being the same as from Baltimore, 67 cents,
ures in Canada as well as at W ashington. The course while the rate from Philadelphia was 69 cents.
The railroads tried to have the trades bodies of
followed by Sir Lomer Gouin, Premier of Quebec, has
been no less distasteful to Sir Wilfred Laurier than to Boston, New York, Philadelphia and Baltimore agree
President Taft, according to advices from Ottawa, upon a schedule of differentials, the railroads giving
and it may lead to consideration of the relations be their assurances that they would accept whatever
tween State and Dominion authorities on such mat schedule the trades bodies might agree upon. Rep
ters. The inconvenience and loss imposed upon resentatives of the trades bodies have been unable to
manufacturing interests in this country may spur our come to an agreement. Members of the Trunk Line
tariff negotiators to action, with a view to bringing Association then considered the subject, without re
about the friendly and neighborly relations advocated sult, and finally a joint session of representatives of
by the head of the Dominion Government and by the railroads interested and of the trades bodies of the
several cities was held on Thursday.
President Taft.
Finding that an agreement was out of the question,
The clause in the new Quebec timber regulations
which prohibits the exportation of wood pulp to the the Freight Traffic Manager of the Pennsylvania Rail
road announced that his company would restore the
United States reads:
All timber cut on Crown land after the 1st of May 1910 differentials by making rates for Philadelphia 6 cents
must be manufactured in Canada; that is to say, converted below the Boston rate and for Baltimore 8 cents be
into pulp or paper, into bales or boards, or into any other
articles of commerce or merchandise as distinguished from low. In that position the Pennsylvania is supported
by the Baltimore & Ohio and the Philadelphia &
timber in its raw or unmanufactured state.
Tt m ay be here recorded that Canada’s total foreign Reading. This step will no doubt bring before the
trade for the fiscal year ended March 31 last reached Inter-State Commerce Commission the whole question
a new high-water mark, namely $677,142,189, an of differentials for adjustment. The inquiry will not
increase of $117,506,238, or fully 20%, over the pre be apt to stop with an investigation of the relations
vious twelve months and about $26,000,000 ahead of between Boston, Philadelphia and Baltimore, but
1907-08, theretofore the banner year. Imports totalcc New York will be included, and the question of rates
$375,783,660, a gain of $77,659,868, while exports of from each of the cities named to Chicago will receive
domestic products reached $279,211,537 an increase attention with the object of effectually settling the
of $36,607,951. At the moment Canada is prospering whole problem of differentials.
New York has contended that Philadelphia and
and is looking forward with confidence to an accelera
Baltimore
have been given unfair advantages on ac
tion in its rate of expansion through the unprecedented
count
of
the
differentials allowed those cities. This
influx of high-class farmers from the United States.
contention will no doubt receive full consideration as
Considering the close relations between the Penn the inquiry progresses. A protracted and bitter con
sylvania Railroad and the New York New Haven & test will be waged before the Commission, in which the
Hartford, it seems strange that the differences be railroads will play a minor part, as the parties most
tween the Pennsylvania and the Boston & Maine concerned in the result are the commercial interests
regarding westbound rates on imports could not .be of the cities of the North Atlantic seaboard.
amicably adjusted. The Pennsylvania owns 13,125

already received the approval of the Chamber but is
still before the Senate. He proposes to bring forward
a measure defining and regulating the position of all
State employees. He favors electoral reform with a
view to enlarging the constituencies, the scrutin
d’arrondissement having become too small and
cramped to meet modern requirements; this new
policy received endorsement at the polls. He inclines
to a scheme for extending the period of a Deputy's
tenure of office, being apparently friendly to the elec
tion of only one-third of the Chamber every three
years. The Prime Minister also nurtures plans calcu
lated to improve the financial and legal status of
laborers, including one for the organization of labor
credit banks. The French security markets have been
mildly unsettled by the elections, but the outlook is
regarded as not specially disturbing.




1133

THE CHRONICLE

Foreign discount rates have not been stiffened by
the approach of the month-end settlem ents. At
London spot bills are quoted 3%% but bills to arrive,
it is encouraging to note, can be placed a little lower; a
decline of % of 1% as compared with a week ago.
Paris is little disturbed by repeated moderate losses
of gold; the Bank of France on Thursday reported
another decrease (of $3,150,000) in gold on hand, an
increase of $22,605,000 in bills discounted and expan
sion in Treasury advances and circulation; yet the
private discount charge remains stationary at only
2% % , or % of 1% below the Bank rate. At Berlin
the banking position again shows improvement, the
Reichsbank having this week added $11,322,000 to its
specie holdings and curtailed its liabilities; but a
change is evidently looked for next week, as the charge
for accepting bills to arrive has been raised to 3% % ,
against 3%% for spot bills— a quotation slightly
above last week’s. Amsterdam is still on a high
discount basis— 4%%; the banking position there is
touched upon in another paragraph. Brussels is a
shade easier at 3%%.
The Bank of England again participated in the new
gold arriving in the open market this week and after
$14,500,000 gold had been engaged here for shipment
to London early in the week, the Bank lowered its
price for American eagles one penny per ounce, a step
that was hailed as indicative of the management’s
confidence in their ability to handle local monetary
demands w ithout further assistance from New York.
According to our special cable from London, the
proportion of reserve to liabilities rose from 50.68%
last week to 50.69% this week; the Bank gained
£404,036 bullion during the week and held £36,140,963
at the close of the week. Our correspondent further
advises us that there were large purchases in the open
market, mainly of United States gold coin. Other im
ports were very light. Exports were almost wholly
to South Africa. The details of the movem ent into
and out of the Bank were as follows: Imports, £ 1 ,0 0 1 ,
000 (of which £5,000 from Australia and £996,000
bought in the open market, including £770,000 United
States gold coin); exports, £320,000 (£300,000 to
South Africa, £5,000 earmarked Straits Settlem ents
and £15,000 to various destinations), and shipments
of £277,000 net to the interior of Great Britain.
The local money market began on W ednesday to
show signs of impending firmness. On that day
call loans touched 4% , a rate not once exceeded since
January, and it was noticeable that down-town banks
were not free lenders of time funds at the quotations
which had been ruling up till then. On Thursday the
first loan was made at 4% , and after renewals had
been arranged at that figure there came so keen a
demand for facilities that the rate quickly ran up to
7%, a charge not before levied since the first week
of 1910, when 12% was recorded. The squeeze had
two instantaneous effects: it caused stocks to be
hurriedly liquidated at falling prices and it brought
about a sharp break in foreign exchange from 4 88%
to 4 87% for sight drafts, thus relieving fears of gold
exports. The banks (as is explained on another page)
were obliged to call loans in order to strengthen
themselves for the monthly settlem ents, while their
cash accounts had been weakened by the abnormally
heavy shipments of gold as well as by paym ents to




[Y o l .

lxxxx

.

the Sub-Treasury and demands incidental to deliveries
of May cotton. The flurry, however, it is thought, is
unlikely to be prolonged; in fact, although the opening
rate yesterday was 6% % and renewals were made at
6%%, there was a swift decline in the afternoon to
2%%, with 3% quoted at the close. The market on
Monday and Tuesday was without special feature, the
maximum having been 3% . The rise during the
second half of the week lifted the average ruling rate
for the week to almost 4%.
Time money was influenced only moderately by
the abrupt advance in call loans. Lenders marked
rates up % of 1% for most maturities and showed less
disposition to grant concessions in order to stimulate
business, this being particularly true of the largest in
stitutions. During the last two days the inquiry has
quickened and most loans have been recorded at the
asking quotations. The range at the close of the
week is as follows: 60 days, 4%; 90 days and four
months, 4@ 4%%; five and six months, 4%@4%%;
over-the-year, 4% @5%. The drawing of commercial
paper is on a scale smaller than is customary at this
season. In several mercantile lines there is pronounced
aversion to laying in large supplies of merchandise at
current prices, the feeling being that things are at the
top and that a decline may set in at any moment.
This hand-to-mouth policy means less necessity for
putting out bills. If is very notable in the dry goods
division, the offerings of this class of bills being at a
minimum. Discounts are slightly firmer than they
were a week ago, owing, of course, to dearer money.
The range for the choicest four to six months’ single
name bills is 4% @5% and for less desirable bills
5% @6%. Sixty to ninety days’ endorsed bills
receivable are quoted 4% @5%.
Foreign exchange rates, after gold shipments aggre
gating $14,500,000 had been made this week, broke
on the advance in call money to 7% onThursday.
Another important incident was a reduction of Id. per
ounce in the Bank of England’s price for American
eagles; in order to stim ulate gold imports the London
institution earlier in April raised its price for American
and certain other coin, eagles being paid for at the
rate of 76s. 6cl. per ounce. New York has this month
sent a total of $32,000,000 gold coin to London, thus
aiding materially in raising the London bank’s ratio
of reserve from below 40% to above 50%. It is
peculiarly encouraging, therefore, that the Governors
of the institution should see fit now to withdraw
special inducements, and the deduction is drawn that
the urgent need for augmenting reserve has passed.
All elements of uncertainty have not been removed in
London—speculation is still rampant and Treasury
demands upon the money market will be quite heavy
—but the banking position is strong enough to remove
occasion for alarm over the Bank’s ability to handle
the situation. Bills for acceptance next week can be
discounted at a fraction below the current rate for spot
bills.
The reduction on Tuesday of Id. per ounce in the
price of eagles is equivalent to about 50 points in
sterling exchange; in other words, whereas gold could
be shipped around 4 87% for demand, the level has
been raised to not less than 4 88%. The Bank’s
action caused an immediate rise in quotations here
of almost %c. per pound, as the inquiry for remittance

A p r . 30 1910.]

THE CHRONICLE

1133

had not been satisfied by any means. What would
With the Sub-Treasury operations and gold exports
have happened in exchange had not a flurry arisen in the result is as follows.
our money market can only be conjectured; but it
N e t C h a n g e In
Out o f
I n to
R a n k H o ld in g s .
W e e k e n d in g A p r i l 29 1910.
R a n k s.
R a n k s.
may not be amiss to state that certain authorities
Banks’ Interior movement, as above. $11,647,000
54.322.000 Gain $7,325,000
were inclined to look for an early resumption in the Sub-Treas.
oper. and gold exports..
63.800.000 Loss 18,200,000
45,600,000
gold outflow, owing to the necessity for meeting heavy
Total gold and legal tenders_____
$57,247,000 $68,122,000 Loss $10,875,000
maturing obligations abroad and to the fact that
The following table indicates the amount of bullion
money was worth more in London than in New York.
At the moment rates are at least %c. under the new in the principal European banks.
gold-export basis, but the immediate future will be
A p r i l 28 1910.
A p r i l 29 1909.
R anks of
largely governed by developments in the money
G o ld .
S ilv e r .
T o ta l.
T o ta l.
G o ld .
S ilv e r .
£
markets here and in London. The supplies of com
£
£
£
£
£
England.. 36,140,963
36,140,963 39,481.609
39,481,609
France . . 136,580,120 35,037,760 171,617,880 144,519,360 35,599,880 180,119,240
mercial remittance have not yet been materially in Germany
. 43,025,600 15,013,200 58,038,800 41,668,250 13,574,050 55.242.300
Russia.
140,597,000 8.402.000 148,999,000 122,879,000 7.879.000 130,758,000
creased by the decline that has taken place in various Aus.-Hun
55.660.000 13.551.000 69.211.000 53.785.000 12,811,000 66.596.000
16.205.000 31.085.000 47.290.000 15.900.000 32,524,000 48.424.000
commodities, while imports show no falling off. The Spain___
Italy. . . 38.904.000 4.020.000 42.924.000 38.232.000 4.703.000 42.935.000
Neth’lands 8,200,000 2,707,600 10,907,600 9,580,400 3,858,900 13.439.300
very low rates for money in France are enabling our Nat.Belg. 4,279,333 2,139,667 6.419.000 4,193,333 2,096,667 6.290.000
Sweden . .
4.461.000 4.342.000
4.342.000
bankers to sell short-term securities there and to Swltz’land 4.461.000
5.287.000
5.287.000 4,742,100 ________
4,742,100
Norway. .
1.807.000
1.807.000 1.627.000
1.627.000
obtain credits on attractive terms.
Total week 491,147,016 111,956,227 603,103,243 480,950,052 113,046,497 593,996.549
The shipment of $14,500,000 gold, all to London, on Prcv. week 190,527,194 111,265,213 501,792,407 477,902,526 112,244,517 590,147,243
Tuesday and Wednesday was made by the following:
Guaranty Trust Co., $5,000,000; National City Bank,
NEX T MOVE I N ENGLAND’S
$4,000,000; Kidder, Peabody & Co., $2,500,000;
PA R LI A ME N TA RY STRUGGLE.
Hanover National Bank, $1,500,000, and Heidelbach,
Last Wednesday the British Budget of taxation—
Ickelheimer & Co., $1,500,000.
over which has been fought the prolonged political
Compared with Friday of last week, sterling exchange battle since last autumn, when the measure was first
on Saturday was stronger, the basis being 4 8440@ enacted by the Commons and the Lords’ concurrence
4 8445 for 60 days, 4 8775 @4 8780 for demand and was refused—was formally re-enacted in the Commons
4 8815 @4 8820 for cable transfers. On Monday rates by a majority of 93. The Budget went at once to the
were little changed, except for 60 days, which fell to House of Lords, where it was agreed to on Thursday, in
4 84 *4- On Tuesday the reduction in the price accordance with last autumn’s promise of the peers to
of eagles in London caused rates to rise sharply, 60 concur in the Budget unless the Asquith Ministry
days not being offered under 4 84% nor demand under should be defeated in the January election. Except
4 88, while cable transfers reached 4 8840@4 8845. for removal from agricultural lands, under certain
Demand and cable transfers receded 5 to 10 points on prescribed conditions, of the 20% tax on increment in
Wednesday, and on Thursday, when call money went value—largely a concession to the Irish P arty—the
to 7%, rates fell to 4 8440@4 8450 for 60 days, Budget as now enacted is substantially what it was
4 8770@4 8780 for demand and 4 8820@4 8830 for when it passed the Commons last autumn.
So far is this adoption of the Budget, however, from
cable transfers. On Friday there was a decline of 10
bringing the political episode to a close, that the
points in demand and cable transfers.
The following shows daily posted rates for sterling keenest possible interest converges on two phases
of the situation which must immediately follow the
exchange by some of the leading drawers.
votes of the present week. The first of these concerns
M o n .,
F r i .,
T u e s .,
W e d -.
T h u r s .,
F r i ..
the next move in the Parliamentary struggle over the
A p r . 22 A p r . 25 A p r . 26 A p r . 27 A p r . 28 A p r . 29
85
85
jflO days 1 85
85
Brown
85
85
powers of the House of Lords. The second has to do
88 ZS
Briw. * C o_____ ._ /S igh t. - 1 88 ZS
88 ZS
88 ZS
88 ZS
88 ZS
85
85
/IIO days l 85
85
Kidder.
85
85
with
the financial effects of collecting the large arrears
88 ZS
I*catx>dy A C o ... ../S ig h t .- I 88 ZS
88 ZS
88ZS
88 ZS
88 ZS
85
nr,
85
Hunk of British
/ 60 days l 85
85
85
of
unpaid
taxes accumulated during the postponement
./S
ig
h
t..
North America
1 88 ZS
88 ZS
88 ZS
88 ZS
88ZS
88 ZS
nr,
85
85
/60 days 1 85
Bank of
85
85
of the Budget.
88
88
88
M on treal......... . ../S ig h t .. 1 88
88
88
85
85
Canadian Bank
J60 days 1 84 ZS
85
85
85
As to the first of these considerations, a very extra
88 zs
Commerce . . . . . . ../S ig h t .. 1 88 ZS
88 ZS
88 ZS
88 ZS
88 Hi
85
Heidelbach, Ickel/GO days 1 85
85
85
85
85
hclmcr <Jc Co......... ../S ig h t .. 1 88 ZS
88 ZS
88 ZS
ordinary situation has developed. The Premier, in
88 ZS
88 ZS
88 ZS
/GO days 1 85
85
85
Laxard
85
85
85
88
KrcrcH ................. ../S ig h t. I 88
88
88
88 H
88 ZS
his speech defining the issues in the recent electoral
Merchants’ Dank
/GO days 4 85
85
85
85
85
85
of Canada............. ../S ig h t .. 4 88ZS
88 ZS
88 ZS
88 ZS
88 ZS
88 ZS
campaign, declared emphatically that he would not
resume office without “satisfactory assurance” that
The market closed on Friday at 4 8440@4 8450 for
the veto power of the Lords would not be allowed
60 days, 4 8760@4 8770 for demand and 4 8810@
thereafter to interfere with the policies of the Com
4 8820 for cables. Commercial on banks was quoted
mons. This pledge, probably made in anticipation
at 4 8405@4 8415 and documents for payment at
of a sweeping Liberal majority, became somewhat
4 83% @4 84%. Cotton for paym ent ranged from
awkward when it developed that the Premier could
4 83-%(a)4 83% and grain for payment from 4 84% @
not control the House of Commons without the assist
4 84%.
ance of the Irish Party. Mr. Redmond, as spokesman
for that faction in the House, demanded from MrThe following gives the week's movement of money
Asquith, in the opening days of the present session,
to and from the interior by the New York banks.
whether he had such assurances in hand. The Premier
R e c e iv e d b y
S h ip p e d by
N e t I n te r io r
then replied that he did not deem it possible to appeal
N . Y . R a n k s. V . Y . R a n k s.
W eek e n d in g A p r i l 29 1910.
M o v e m e n t.
$9,047,000
Currency . _____
$3,375,000 Gain $5,672,000 to the Crown for promises of creation of new peers
Cold ...................
2,600,000
947,000 Gain
1,653,000
whereby a hostile majority in the Upper House could
Total gold and legal tenders_____
$11,647,000
$4,322,000 Gain $7,325,000
be reversed; his argument being that this would inject



1134

THE CHRONICLE

the Sovereign into party politics. The Irish faction
nevertheless remained obdurate, and refused to sup
port the Budget unless the Ministry were to commit
itself in regard to the House of Lords. Mr. Asquith,
therefore, two weeks ago adopted yet another policy,
which he thus set forth
“If the Lords fail to accept our policy or decline to
consider it when it is formally presented to the House,
we shall feel it our duty immediately to tender advice
to the Crown as to the steps which will have to be
taken if that policy is to receive statutory effect in this
Parliament. What the precise terms of that advice
will be it will, of course, not be right for me to say
now, but if we do not find ourselves in a position to
insure that statutory effect will be given to this
policy in this Parliament, we shall then either resign
our offices or recommend a Dissolution of Parliament.
And let me add this: that in no case would we recom
ment Dissolution except under such conditions as will
secure that in the new Parliament the judgment of the
people as expressed in the election will be carried into
law .”
The situation as it stands, then, is that two sets
of resolutions reforming the House of Lords will be
subm itted. One, embodying the proposals of the
Ministry, refuses the peers the right to vote on financial
bills, and limits rigidly their veto power over other
legislative propositions. Lord Rosebery’s plan, pro
posed in the House of Lords itself, provides that the
future House of Lords shall consist of members “ chosen
by the whole body of hereditary peers from among
themselves and by nomination by the Crown; sitting
by virtue of offices and qualifications held by them;
and chosen from the outside.” Lord Rosebery’s plan,
of course, presumes that the House of Lords, as thus
reorganized, will possess equal powers of legislation
with the Commons. As matters stand, it would seem
at least possible that the House of Commons will reject
the plan of the Lords, and that the Lords will reject the
Ministry’s proposal.
In the absence of any such compromise as the inter
ests of both parties would certainly appear to suggest,
the Asquith Ministry would approach the Crown. As
to how King Edward would see fit to deal with this
highly delicate dilemma it is impossible to guess.
There are more ways than one of refusing a request for
such wholesale creations' of new peerages. If the
Ministry’s request were not to be conceded, and if the
Premier does not change his mind again, then another
general election, probably in the autumn, will be in
evitable. What will be the conditions under which
that election would be fought, it is extremely difficult
to say; because of the great uncertainty as to whether
the Opposition party will, or will not, inject the
tariff issue into the campaign.
Hardly less interesting than these political uncer
tainties are the uncertainties created in London’s
money market by the enactment of the Budget. As
most people are aware, this budget is retroactive;
that is to say, many of the taxes imposed in the former
Budget, but not collected, will now have to be cleared
up as arrears. No exact estim ate of the amount thus
reckoned on is possible; but some idea of the amount
involved may be gained from the fact that receipts
from the property and income tax during the fiscal
year ending with March were £13,295,000, as against
the Exchequer’s estim ate last October of £37,100,000.
Here is a difference of $ 120,000,000, a large part of
which represents uncollected arrears.




[V O L . L X X X X -

The important aspect of this question lies in the
well-known fact that a good part of this tax money
has been deposited in London banks with a view to its
ultimate payment, and has there been used for tem
porary loans, largely upon the Stock Exchange. Just
what effect the collection of these large sums by the
Government will produce, it is difficult to say. When
collected it will go into the Bank of England; but it
will there appear, not mainly in the form of actual
cash, but as Government deposits. Of this the result
might be a large increase in the Bank’s liabilities
without a proportionate increase in its cash reserves,
and that possibility suggests why the Bank of England
during the past two weeks has displayed so great
activity in fortifying its reserve beforehand.
On the other hand, the money thus paid by the
other London banks into the Bank of England will,
at least to some extent, necessitate calling of the
temporary loans in which it has hitherto been invested,
and this has a bearing on the curious situation in
financial London. The fortunate consideration is that
the craze on the London Stock Exchange abated
distinctly last week, and that this week’s London Stock
Exchange settlem ent showed a reduced account in the
highly speculative shares. It may be, therefore, that
financial London will find that the situation has
been largely prepared for in advance. To what extent
the average tax-payer, who will now be called upon to
turn over to the Government not only this year’s taxess
but last year’s as well, will also have anticipated the
situation, is possibly even more interesting a question.
We have not many precedents *for determining whether
the every-day citizen in so extraordinary a situation
as the postponement for a year of the tax collection#
will save up the money for its ultimate payment or
will spend it as a windfall of good luck.

THE MOVEMENT TOWARDS UNIFORMITY IN
LEGISLATION.
Mr. Kingsley of the New York Life has delivered
another address in which he urges, persistently and
ingeniously, that Federal control of insurance will
and should come. It is his contention that no amend
ment to that end is necessary, but that insurance is
in fact inter-State commerce and the Supreme Court
will doubtless so declare at the first opportunity.
In the case, over forty years ago, when the contrary
was held, Justice Field said that insurance contracts
are not ponderable merchandise, subject to barter
and sale in market and having an existence and
value independent of the parties to them; therefore,
“are not articles of commerce in any proper meaning
of the word.”
It is not impossible that the Court may revise
this view; yet the call for Federal control (which
has been drawing to it one company manager after
another) is a counsel of desperation, born of the
desire for some relief from the burdens of forty or
more varying and sometimes inconsistent requirements
by the States. Sometimes one State actually forbids
what another commands, and it is hardly possible
to exaggerate the waste and difficulties in obeying
these many masters. Yet the objections to the pro
posed mode of escape are that it cannot be successful,
and that it looks directly away from the slow though
sure mode of real relief.

A p r . 30 1910.

THE CHRONICLE

For, whatever Congress and the Supreme Court may
do, and however indifferent the people may be to
the notion of State sovereignty, it is as certain as
anything in the future can be that the States will
not let go of the power to tax insurance— not as an
abstract proposition, of course, but because that
subject of tax-raising will not be parted w ith. With
the power to tax go (and will certainly be joined and
asserted) some rights of control; therefore, Federal
supervision means adding one more master.
The other and even deeper objection is that the
call for Federal assumption turns away from a slow
movem ent which has made some progress already
towards uniformity of legislation and requirements,
and it is for this reason that the subject seems per
tinent for mention just now. Notwithstanding all
the acts and efforts in public policies which are so
deplorable and dangerously wrong, there is also an
unobtrusive and little-noticed movement towards
unity of policy between the States. Insurance is
probably the only important business for whose
regulation a special and local bureau exists in nearly
all the States, and although these constituted super
visors were almost ignored by the emotional rush of
restrictive legislation which occurred in 1906-07,
they have since begun to assert themselves and been
steadily increasing their power, not merely locally,
but collectively and towards unity. This is an
under-surface movement which has escaped general
notice, yet it is real notwithstanding. These official
supervisors are improving in their average personal
quality and in their standard of duty. They main
tain a national organization, with regular meetings;
they have standing committees; they are really study
ing the subject; and it is especially encouraging that
they are aiming at uniformity and more reasonable
ness in taxation and uniformity in legislation. They are
acquiring weight as they approach unity themselves,
and they have already gained some preliminary steps.
An example in point is furnished by something now
going on in Albany. After discussions in successive
annual conventions of the associated supervisors, a
so-called “ model” bill was adopted by them last
summer providing standard policy forms for accident
and health insurance. Here we may remark that the
companies justly object to having any standard
statutory form, inasmuch as com petition will amply
take care of the policy-holder; probably the super
visors have not reached this view, or, if they had, they
would show practical sense in recognizing the drift
of the times, while the companies, on their part, are
ready to accept the best they can get. This “ model”
bill has been presented to several legislatures, but the
draft of it now pending in the Senate at Albany varies
by om itting one important clause. Upon retention
of this clause the companies are now insisting. It is
not necessary to take space to explain the clause;
suffice it to say that not one reasonable word can be
said against retaining it for its own sake, and that
the companies base their contention also on the import
ant fact that if the “ model” draft is departed from the
example of New York is very liable to be followed by
this or that change in other States, so that the result
will become patch-work again and the partial ground
gained towards uniformity will be lost.
Now there is in this a large public interest which
extends beyond the important business of insurance.



1135

and with it we may connect in thought the discussions
and meetings already had for setting up what is called
the House of Governors. There is a fair prospect that
this particular “ House” may continue its sessions; and
although there is much fussy activity nowadays to
reform the world in a hurry, very valuable and very
lasting results may come from this movement towards
unity, if it is only left to go moderately.
It should not be viewed diseouragingly because it is
slow and under the surface, nor should anybody
declare concurrence among the States impossible. It
will not be upon all subjects, since the parts of the
country differ in ambitions, present objects of desire,
and on such traditions as our national youth permits;
but it may be upon some subjects, and it must have
a beginning. It must come slowly, in the nature of the
case, and by a very gradual crystallization of opinion.
Notwithstanding the insurance men incline to pessi
mism about it, we think the President of the Connecti
cut Mutual is nearer right in saying, of uniform legisla
tion in the States, that “these results are entirely
practicable and are in sigh t.” Time, patience, con
tinued effort, and no abandonment in favor of some
thing which suggests a temporary relief, are necessary.
This is a change which must grow, solidifying itself
as it grows. And we may profitably remember that it
involves many wholesome things; for instance, uni
formity in legislation tends to sim plicity, caution and
sanity in legislation, and as we approach these qualities
we shall approach integrity also.

TIIE SCOTT BILL, REGULATING DEALINGS IN
COTTON FUTURES.
In the Scott Hill, which has been favorably reported
by the Committee on Agriculture of the House of
Representatives at W ashington, cotton alone of all
the commodities is singled out as th at in which future
contract trading is to be outlawed. The word out
lawed is used advisedly, because a close scrutiny of the
bill shows clearly that the effect of such a measure,
if enacted into law, would be to strike a death blow
to the system of future contract trading in cotton as
used by the cotton trade in this country.
Briefly summarized, the bill provides that “it shall
be unlawful for any person or firm to send or cause
to be sent any message offering to make or enter into
a contract for the purchase or sale for future delivery
of cotton without intending that such cotton shall be
actually delivered or received,” and the transmission
of such a message is declared to be an interference with
commerce among the States and Territories and with
foreign nations. The bill further provides that “it
shall be the duty of any person sending any message
relating to a contract or to the making of a contract
for future delivery of cotton to furnish” to the trans
mitter of the message an affidavit stating that he is
the owner of such cotton and that he 1ms the intention
to deliver such cotton or that such cotton is at the
time in actual course of growth on land owned or con
trolled by him, or that he is legally entitled to the
right of future possession of such cotton under and by
authority of a contract for the sale and future deliv
ery thereof previously made by the owner of such
cotton, together with other specified details in regard
to the particular transaction.
In any prosecution under the provisions thus out
lined the proof of failure to make an affidavit as re-

1186

THE CHRONICLE

quirecl is to be prima facie evidence that the message
related to a contract prohibited by the proposed
Act, and the proof of failure to deliver or receive the
cotton called for in any contract for future delivery of
cotton is to be prima facie evidence that there was no
intention to deliver or receive such cotton when the
contract was made. The penalties to be inflicted for
violations of the various sections of the proposed law
range from a fine of not less than $100 nor more than
$5,000, or imprisonment for not less than one month
nor more than two years, to both fine and imprison
ment. The bill even provides a similar penalty for
any person who mails a book, newspaper, pamphlet,
letter, writing or other publication “tending to induce
or promote the making of such contracts? as come
under the ban of the proposed law. This would seem
to make it unlawful even to publish quotations for
future options.
While in no sense an Administration measure, the
mere fact that such a bill, sectional in scope, unsound
economically and of doubtful constitutionality, has
even been reported from a committee of the House of
Representatives has been sufficient to arouse earnest
protests from the cotton interests of New York and
of New Orleans, the two cities in the United States
where this proposed national law, if enacted, woidd
become of real force and effect. Opposition to the
measure, though, is by no means confined to the cot
ton interests of these two cities. The New York and
the New Orleans cotton exchanges, which perform
functions vital to the welfare of the cotton trade of
the world, would undoubtedly be crippled to a certain
extent by the passage of the Scott Bill; but the real
object of the measure is to prohibit absolutely dealing
in future contracts in cotton, and the chief sufferers
would be the army of interior buyers and the Southern
banks from whom they have been accustomed to
borrow money at profitable rates of interest to carry
on the business of buying the producer’s cotton.
As every well-informed cotton man knows, it is the
interior spot buyer who makes a home market for the
farmer or planter of cotton. This factor in the trade
buys small lots of cotton here and there, either from
the producer or local merchant who has made ad
vances on the crop. In turn, the interior buyer sells
this cotton either to the spinner direct or to exporters
in New Orleans or Galveston. As a rule, the interior
buyer is a man of comparatively small means, whose
chief asset is his business integrity. He depends for
his profit upon his commissions and uses the contract
market as an insurance against loss either in his buying
or selling operations. Doing a safe business, he is able
to borrow money from interior banks in the South to
finance his limited operations in cotton. If he re
ceives an offer from a spinner for a certain lot of cotton
of a specified grade to lie delivered within a certain
time, even though the cotton may still be in the fields,
he can, by use of the contract market as a hedge,
accept this offer. When he is able to buy the actual
cotton, the contract which he had bought either in
New York or New Orleans to insure himself against
loss, is closed out. When the cotton is paid for he
cancels his loan from the bank, pockets his commission
and the deal is successfully closed.
This is how the cotton business of the South in the
interior is actually conducted to-day. Under the
provisions of the Scott Bill, such business would be



[VOL. LXXXX.

impossible. It stands to reason that if the interior
buyer were forced to receive the actual cotton on
contract that he had bought as a hedge in New York
or New Orleans, it would be manifestly impossible for
him to take the cotton that he would like to buy in
odd lots from the producers to fulfill his committment
to the spinner or exporter. Or if he sold a contract
as a hedge against cotton that he had bought in the
interior before he had a buyer in sight, the cotton
which, under present conditions of the trade, he could
ship direct to the spinner or exporter and buy in his
hedge contract, would have to be shipped to either
New York or New Orleans, although the cotton might
actually be intended for delivery to a spinner not
more than a hundred miles away from the place where
the cotton was actually produced.
Some idea of what such a measure as the Scott Bill
would mean to Southern cotton buyers may be gained
by recalling to mind the deplorable conditions that
existed in the trade prior to the establishment of the
system of future trading in cotton in the United States.
Buyers in those days were forced to assume the risk of
a decline in the price of the raw material between the
time that the cotton left the gin and the time that it
was placed in the hands of the English buyer in
Liverpool. The long list of failures in that period,
due to unexpected breaks in the market, bears silent
testimony to the danger that once attended the carry
ing on of business in spot cotton. Out of these condi
tions necessarily developed the system of trading in
cotton contracts for future delivery, wherein the risk
attendant upon the moving and marketing of cotton
has materially decreased. The enactment of the Scott
Bill, which in its operations and effect, as already
stated, practically outlaws dealing in future contracts
in cotton, would simply mean a restoration of the con
ditions that prevailed in the cotton trade forty years
ago. Economically speaking, it would be a return to
chaos in the cotton trade. Nearly half a century of
progress would be wiped out and the accumulated
wisdom of the time would count for naught.
In criticizing the Scott Bill, we do not seek to defend
the abuses that have recently been brought to light as
a result of the excessive speculation carried on, in
violation of all economic considerations, in the cotton
market. These are merely excrescences, it might be
said, of the system of future trading in cotton. An
enlightened public opinion, sufficiently aroused to the
necessity of correcting the abuses complained of,
would seem to be all that is needed to deal with such
evils. It has recently been seen how the New York
Stock Exchange, aware of the extent to which its
facilities were being abused, has amended its rules,
and applied coercive measures such as lay within its
power to adopt. At all events, the Scott Bill, in
destroying the cotton future business, would strike a
blow at legitimate trade.
BUILDING SUBWAYS WITH PRIVATE
CAPITAL.

The Public Service Commission for the First District
has the present week submitted one of the forms
of contract on which bids are to be invited for the
building of what will be known as the Tri-Borough
Rapid Transit RR. This form provides not only for
the construction but the equipment and operation
of the Tri-Borough subway, and it is an invitation to

A pr . 30 1910.]

THE CHRONICLE

private capital to build, equip and operate this
subway route. The coming week another form of
contract will be submitted providing simply for the
construction of the subway, the funds to be derived
from the sale of city bonds. Every thoughtful citizen
must rejoice that an opportunity is to be afforded to
outside capital to come in and shoulder the burden
of these tremendous subway undertakings. Under
the amended law of last year the city has the option
of providing the funds itself, either by the use of the
general credit of the city or by assessment on the
property benefited, or of letting private capitalists
furnish the money and take the risks, and yet assuring
to the city ultimate ownership.
For some time past there has been such a hue and
cry against the building of subways with private
means, and the opposition has been expressed in such
vehement language, that it is decidedly refreshing to
find the Public Service Commission, in conjunction
of course with the city officials, availing of the
privilege contained in the new law and inviting outside
capital to submit proposals. As already stated, pro
posals will also be asked for the construction of these
new subways with funds derived from city bonds, and
the authorities will thus be in position to judge be
tween the two. We have always taken the position
that the municipality should not go into the business
of providing rapid transit roads, and at the present
time the argument against so doing is stronger than it
has ever been before. It is not so long ago that the
city could float bonds bearing only 2)4% interest.
Now it is obliged to pay 4)4% for money borrowed
on long-term bonds, a sale of $50,000,000 434%
bonds in March having yielded only a slight premium.
The city is under the necessity of raising large sums
of money from year to year in so many other ways
that to add to the aggregate would be decidedly
unwise. New York City obligations of any kind with
the faith and credit of the municipality behind them
will of course always remain unquestioned. The
mere volume of the debt, however, and the yearly
additions where they are of such magnitude as in this
city, are certain to affect the borrowing capacity
adversely. There is a limit even to the absorbing
capacity for gilt-edged securities. The tendency
of interest rates is upwards anyway, and it behooves
those charged with the duty of preserving the credit
of the municipality not to do anything to accelerate
the movement.
For the city itself to undertake the building of
subway and rapid transit lines would mean, as can
readily be seen, tremendous additions to the new bond
issues. No one can tell what the ultimate cost of the
Iri-Borough Rapid Transit RR., which is now to be
definitely launched, will be, and the present will prob
ably be only the first step in gigantic schemes for
subway construction which are being urged upon the
city authorities on every hand. “ Tri-Borough” is the
name adopted for the undertaking because it is to
extend through three of the boroughs of the city,
namely the Borough of Manhattan, the Borough of
the Bronx and the Borough of Brooklyn. The southern
ends of the route are located at Fort Hamilton and
Coney Island and the northern ends at Pelham Bay
Park and Woodlawn Road. The cost of mere con
struction will run well above $100,000,000, and if,
after the road has been built, the city should find it



1137

impossible to get private parties to operate and equip
the road on satisfactory terms, over $100,000,000 more
would undoubtedly be necessary to equip the road
with rolling stock, power houses, machinery, wires,
tools, implements, &c., &c. Allowing for everything,
the ultimate outlay might be $250,000,000 and even
more.
It is therefore evident that the city should not itself
embark upon the venture unless private capital can
not be obtained upon reasonable terms. We would
go further and say that if private capital cannot be
obtained, the project should be abandoned altogether,
for the city ought not to assume risks which the shrewd
capitalist declines to take. But we know that that
is not the popular view. The public demands addi
tional subways at whatever cost, and all the city of
ficials have pledged themselves to the creation of ad
ditional subways in response to this unreasoning pub
lic demand. All that there is any use in urging, there
fore, is that private capital should be allowed to do the
work if it shows desire to assume the task. There
is all the more reason for adopting such a course, since
the end aimed at, namely ultimate municipal owner
ship and control, will be attained by the city even un
der private construction—and without the munici
pality advancing the money in the first instance. It
seems to us that the form of contract now submitted
by the Public Service Commission will accomplish
these desirable ends, and hence that if proposals based
upon the same can be obtained the whole problem
will have been solved. The arguments commonly
made against letting private capital provide the funds
is that large profits, which the city might obtain for
itself, go to outsiders, and that as any contract with
the private capitalists would necessarily be for a term
of years, the city is obliged to yield up control of a
money-making venture for a considerable period of
time.
The present contract, however, has been drawn in
such a way as to overcome all objections of that kind.
In the first place, under this contract the municipality
retains the right to take possession of the road, and in
the second place, there are express provisions allowing
it to participate in the profits. In other words, the
city is to have the right to terminate the contract for
the equipment, maintenance and operation of the road
at any time after the expiration of ten years from the
date when operation of any part of the road shall
actually begin. If the city elects to avail of this op
tion, it is to purchase the road and equipment at not
to exceed the actual cost, plus 15%; but this 15% is to
decrease as the life of the contract diminishes. Fur
thermore, the contract provides that after allowing
for all payments, including a return on the capital
investment, any amounts remaining shall be divided
equally between the contractor (that is, the party
building, equipping and operating the road) and the
city. What is contemplated in that respect is indi
cated in Article II, Chapter I, of the proposed con
tract. This reads as follows: “Any and all income
and increase derived by the contractor or on his behalf
in any manner from the enterprise of constructing,
equipping, maintaining and operating the railroad
constructed hereunder shall, after deducting operat
ing expenses, taxes, payments to reserve and amor
tization funds, and interest upon the actual cost to
the contractor of the construction and equipment

u;38

THE CHRONICLE

of the railroad as in hereafter provided, be divided,
share and share alike, between the contractor and the
city as provided in Chapter III hereof.” Thus, it is
clear that the city will participate in the profits, should
there be any, to half their extent.
The contract, too, as regards the fundamental con
ditions that must influence prospective bidders, is
drawn in such a manner, it seems to us, as will elicit
bids. Objections in the past to private construction
have centered mainly upon the length of the franchise
which the operating company, or contracting party,
was to receive. Those favoring municipal construc
tion and operation have always manifested opposition
to granting a franchise for longer than, say, 25 or 30
years at the outside. On the other hand, private
capitalists have been loath to come in under any such
short limit, not necessarily because (as seems to be
thought by many) they wanted a longer period
of enjoyment of yearly profits, but because a longer
period was deemed necessary in which to provide for
the repayment of the cost of construction and equip
ment. For, under a 25-year contract, a sinking fund
or amortization scheme would have to be provided
liquidating the cost of the undertaking within that
period and making the city the owner of the property
at the end thereof. With the term 50 years, those
furnishing the funds would have 50 years within which
to repay themselves for the original outlay. It can
readily be seen that, with a requirement of a yearly
sinking fund of only l@l y/ i% through a long-term ar
rangement, the chance of successful working would be
very much greater than with a yearly sinking-fund re
quirement of 3@3j^% under a short-term scheme.
The form of contract now submitted avoids all ob
jections on that score. The expression “franchise”
does not appear at all. Instead, bidders are asked to
specify in their proposals the term of years during
which the contractor is to have the right to use, main
tain and operate the road—subject, of course, to the
city’s option of earlier termination after 10 years.
Bidders are also to state in their proposals the per
centage of the cost of construction of the road to be
set aside annually to amortize such cost of construction.
This would seem to allow bidders to separate the sink
ing-fund term from the period of operation, though
the language is not entirely clear on that point. The
distinction might be a desirable one. In certain con
tingencies, certainly, it is contemplated that the time
for amortization of the debt may be longer than the
term of operation. This would seem to follow from
the declaration that “ the contractor shall amortize the
cost of construction of the railroad to be constructed
by him at the rate specified, and at the end of the term
the contractor shall surrender possession of the rail
roads to be operated by him to the city without compen
sation to the contractor, except the portion that at such
rate should be unamortized of the cost of additions
to and changes in the railroad, as provided in the con
tract.” Bidders are also allowed to specify the annual
interest desired upon the cost of constructing and
equipping the lines, it being provided, however, that
this must not exceed 6% per annum.
The city is now constructing in Manhattan and in
Brooklyn what is popularly known as the loop line,
connecting the termini of the different bridges in the
two boroughs, and is also prosecuting work on a por
tion of the Fourth Avenue line in Brooklvn. Bidders



[VOL. LXXXX.

are to operate these as parts of the Tri-Borough Rapid
Transit scheme, but here again the city’s interests
are zealously guarded. For the city-built portion of
the Fourth Avenue line the rental to be paid by the
contractor is to be a sum equal to the annual interest
upon all bonds issued by the city to pay for the
construction of the same, and also upon all bonds
issued for the acquisition of interests in real estate
therefor, and in addition a further sum equal
to 1% of the whole amount of bonds. In the case of
the loop line there is the additional proviso that the
term of the use of the tracks is to be limited to five
years.
Numerous funds arc established to ensure that the
road to be built shall always be kept in prime condi
tion and up to a high standard of efficiency, so that
when, with the completion of the sinking-fund term, the
city becomes the absolute owner, it will get a valuable
piece of property and possession of a going concern.
The amortization fund, as we have already seen, is
for the purpose of liquidating the cost of the undertak
ing. There is also, however, to be a fund to pay off
discounts. An amount is to be set aside sufficient,
with accrued interest and any premiums which the
contractor may have received from the sale of stocks
or other securities, to pay off any discount on bonds
or other evidences of indebtedness issued to pay for
construction within a period of ten years from the
date when operation shall begin. Any balance in
this fund after the payment of such discount is to be
divided equally between the city and the contractor.
There is likewise to be a contingent reserve fund.
This is to consist of 1% of the revenue, and, with in
terest and accretions, is to be invested and reinvested.
Said fund is to be used to meet deficits in the operation
of the road and for such other purposes as may from
time to time be permitted by the Commission. When
this fund equals 5% of the cost of construction and
equipment, further credits to such fund are to be sus
pended and interest thereon included in the gross re
ceipts.
Provision against impairment or the running down
of the property is made by a depreciation fund. Dur
ing the first three years of the term of operation, ex
penses of maintenance are to be paid as a part of the
expense of operation. At the end of the three years
the Commission is to prescribe an annual percentage
of the revenue which the contractor is to deduct and
credit to the depreciation fund. Out of this the cost
of all repairs to road and equipment and of replace
ments and renewals of the equipment, due either to
its wearing out or obsolescence, is to be chargeable
to and payable from the fund. The amount of the
annual contribution for depreciation is to be subject
to readjustment by the Commission from time to
time. If at any time the Commission shall determine
that any part of such fund is no longer needed for the
purposes for which it was set aside, such part is to be
transferred to the contingent reserve fund.
With the city’s interests thus safeguarded in every
way, with the right assured to it of sharing in the
profits, and with provision that it shall ultimately own
the property, would it not be the heighth of folly for
the city itself to assume the burden of constructing
the road out of moneys derived from the sale of mu
nicipal bonds—always supposing, of course, that pri
vate capital can be found to undertake the task.

A pr . 30 1010.J

THE CHRONICLE

There is one clause in the proposed contract which will
undoubtedly have to be changed, but, as the contract
is still open to alteration, this change can readily be
made. We have reference to the proviso that the
maximum fare to be charged for a continuous ride
over the whole or any part of the road, including the
loop lines, is not to exceed 5 cents, unless the Commis
sion shall consent to a higher rate. As, apparently,
it is contemplated that the Tri-Borough road shall be
operated as a whole, that would mean that passengers
would have to be carried all the way from Pelham
Bay through the Borough of the Bronx, the whole
length of Manhattan Island and then through the
Borough of Brooklyn to Fort Hamilton and Coney
Island for a single fare of 5 cents. This, of course, is
an absurdity. If the limit were fixed at 5 cents for
the Borough of Manhattan and the Bronx combined
and 5 cents additional within the Borough of Brook
lyn, it would be more nearly within the bounds of rea
son. At the hearing on this form of contract, to be
held on May 9, the matter will undoubtedly receive
careful attention, and the necessary alterations made
to attract bidders. Other conditions can also be
modified, if needful, for some of them appear rather
hard and may make capital reluctant to come in.
IMMIGRATION FIRST QUARTER 1910.
Immigration results for March 1910, taken as a
measure of conditions in the United States, would
seem to indicate that our commercial and industrial
affairs are in the main again upon a normal basis.
According to the official statement issued this week,
the movement of aliens to these shores during the
month was not only noticeably greater than in the like
period of 1909, and over four times that of 1908 (when
the effect of the 1907 panic depressed all our industries),
but almost up to the record total for March 1907.
Furthermore, during April 1910 the arrivals have
continued large, promising for the full month to closely
approximate the heavy movement of the corresponding
month in 1907 or 1906. The aggregate arrivals
of immigrant aliens through all ports of the country in
March 1910 were 136,745, comparing with 113,038 in
the month last year, only 32,517 in 1908 and 139,118 in
1907. For the quarter ending March 31 this year
the influx was 244,967, against 224,060 in 1909 and
83,118 and 259,076, respectively, in 1908 and 1907.
With immigration appreciably increasing, it is but
natural to expect that the details of the movement
would show a quite general participation by the various
nationalities that go to make up any important part
of the total. That is true in the main this year, the
arrivals of Poles, Germans, Scandinavians, Hebrews,
English, Scotch, Austria-Hungarians and Greeks all
being greater than in the previous year. But it is a
noticeable and frequently remarked fact that the inflow
from Italy—the country from which much of our
ordinary labor has been drawn of recent years—is
comparatively restricted. This seemingly anomalous
situation, however, is explained by a director of the
Labor Information Office for Italians, in this city, as in
considerable measure due to the high and increasing
cost of food here. He states, likewise, what of course is
quite well known as a fact, that to a very great extent
Italian immigrants are unskilled laborers, and therefore
are not benefited by the increased wages that mechan
ics, &c., receive. Furthermore, very little railroad



1139

work is now being prosecuted. On the other hand,
Canada, he says, is attracting large numbers of Italians,
as they get higher wages, or say about $2 50 per day
against $1 50 here. The reason is, there is more work
offering of the kind Italians supply than in the United
States. In addition to the matter of wages, and in
conjunction therewith, the greater cost of transporta
tion from the other side (about 50%) acts as a deterrent
to emigration, last year the cost being 100 francs,
against 150 francs this year. Finally, the official
referred to above remarks that the provision of the
immigration laws forbidding the bringing in of laborers
under contract militates against the efforts made to
bring into the country Italians of the agricultural class,
who, being without capital to tide them over a season,
are thus debarred from taking up that for which they
are best fitted. As it is on our farms that a shortage
of labor is most frequently experienced, it would be
greatly to the interest of the country to amend the laws
to fit such cases, especially in view of the recent and
continuing, and moreover, somewhat important, exodus
of farmers from the United States to Canada.
In addition to the arrivals of immigrant aliens, the
movement of foreigners into the country includes
former alien residents returning from trips abroad.
These non-immigrant aliens aggregated 15,275 in
March 1910, against 22,002 in the like period of 1908;
30,597 in the three months, against47,947; and 103,466
for the nine months of 1909-10, as compared with
136,449 in 1907-08. The March arrivals of all aliens,
therefore, it will easily be seen, exceeded 1909 or
1908, the latter very largely, and nearly equaled that
of 1907. For the three months also the current year’s
aggregate is well up to any former year, and for the
nine months is greater by over 200,000 than in 1908-09,
almost equals 1907-08 and falls 116,771 below 1906-07.
In contrast with the inflow, the outward movement
of aliens (emigrant and non-emigrant) continues light,
reaching only about 15,000 for the month of March.
50,000 for the three months of the current calendar'
year and 246,000 for the nine months since July 1
1909—in each case being smaller than for the corres
ponding periods of the three preceding years. De
ducting the totals of these aliens who have departed
from the aggregate arrivals, we find that in the three
months ended March 31 1910 our net gain in foreignborn population was 225,564 and in the nine months
ended with the same date reached 533,507. For the
corresponding periods of the previous year the increases
were 216,296 and 265,569 respectively, but for the
three months of 1908 there was a net loss of 47,568, and
for the nine months of 1907-08 the gain was 252,752.
We have referred above incidentally to the migration
of farmers from the United States to Canada. That
movement has been in progress for some little time,
mainly from the Northwest, and does not show in the
official statements. From Canadian sources, however,
we learn that during the eleven months ended March 1
this year no less than 95,370 persons crossed the border,
going mainly into the wheat-growing regions of Mani
toba, Saskatchewan and Alberta. Within the past
few weeks, it develops, a return movement of some
proportions has set in. At least that is the purport
of a dispatch from Sweetgrass, Mont., of date April 24,
which notes the return of several hundred families
who have taken up government lands in that State.
Some of these are stated to have remained in Canada

1140

THE CHRONICLE

[VOL. LXXXX.

believes every one of these can be made worth $100
per acre in two years by right methods of treatment.
The Government of Canada has stated that in the
past year 163,798 persons went from the United States
to Canada, and he “knows” that more than 2,000 fam
ilies moved thither from Iowa alone. According to
the Conservation Commission, there are now in this
country 10 million acres of practically abandoned
farm land. From 1890 to 1900 the improved farm
land in this State decreased 12.2%, the unimproved
AGRICULTURAL IMPROVEMENT AND THE
increased 16.3% and the average value per acre de
RAILROADS.
Several incidents of recent occurrence with reference creased 11.7%.
It is not necessary to accept absolutely these gener
to the subject of increased food supply culminated in
a special meeting at the Produce Exchange on Wednes alized statistics in order to agree with Mr. Brown that
day. During the week beginning May 9, the New the subject of more intelligent and effective farming
York Central will dispatch another educational agri overshadows in importance the questions of public
cultural train through the five great counties which policy which are so much talked of. For certainly we
form the northernmost section of this State, the work do not need any commissions of inquiry to show us that
to be done under the auspices and with the assistance the chief cause of the rise in the cost of living is that
of the faculties of the several agricultural colleges. consumption is outrunning production; this would be
The lines pursued will be a combination of practice deduced from known natural laws, anti the statistics
with theory. The Delaware Lackawanna & Western of the two processes agree with it.
It is vain to preach to anybody that duty to others
road has also joined the others in taking up agricultural
propagandism, having just issued a work entitled requires him to go back to the land and produce things.
The lure of the city cannot be talked down; but it can
“ Facts for Farmers, by a Farmer, for the Farmer.”
Mr. Ralph Van Vechten, Vice-President of the Com be met by an increased lure of the land outside. Con
mercial National Bank of Chicago, writes to the gestion in cities will naturally make living harder and
“Journal of Commerce” to correct an impression that harder there, while improved methods and results in
$200 per acre for the best Iowa and Illinois farm lands growing farm products (notably garden stuffs for near
is a fictitious value. On the contrary, he says, such by city consumption) will gradually draw people
values have been created by slow and steady advances away to a promise of better living. Only this week
during many years; during the past year, he thinks, some prominent Hebrews have been telling the people
the advance has not been over 10%, which is fully of the congested East Side that their surest relief from
justified. But wheat is not and could not be grown tuberculosis, as well as improved existence otherwise,
on such high-priced lands, as a commercial proposi can be had by moving to the suburbs. Here we
tion; using it for oats, grass and corn, and turning should remember that new means of transit are rein
those products into horses, hogs and cattle, can bring a forcing such advice,and are re-distributing population
good return, even on such land. The most significant in a degree which is not yet understood. Looking to
opinion he offers is that the increased production, more distant sections, the introduction of the rural
“as the result of work by the agricultural colleges,” telephone, the rapid adoption of the automobile by
has been a strong factor in advancing land values in the farmer class and the certain improvement in roads
the older States. Those institutions have done won are causes which will co-operate with the increased
ders for the Middle West by introducing effective profits of farming to remove much of the old isolation
methods of soil analysis and selection of seed. This and barrenness of life that have made the young peo
makes farming more scientific than ever before, thus ple desert the land for the city.
This food problem will adjust itself, in course of
causing increased production, which is reflected in
time, by natural workings; yet, it is of vast use to push
higher prices for land.
The Produce Exchange meeting was held largely on this process of agricultural improvement, and noth
at the instance of President Brown of the Central road, ing is more encouraging in that than the wise energy
who has taken hold of the subject with well-directed with which the railroads are taking it up. In the
enthusiasm. He exhibited a chart which indicates best sense of a slang phrase, they mean business; and
that by 1913 wheat production and consumption in they are going at the problem in a practical way
this country will just balance each other, thus sug which will produce results and make business.
gesting that thereafter we may have to go abroad, like
Europe, for food supply. In connection with this THE GENERAL ELECTRIC COMPANY REPORT.
Our larger industrial concerns were quick to re
forecast, an opinion by the Chairman of the Cunard
Company, at its annual meeting in Liverpool only a spond to the revival in business which came in the cal
few days ago, is worth noting. The fast-growing endar year 1909, and particularly is this true in the case
population of the United States, said Chairman Booth, of the companies engaged in the manufacture of iron
will so absorb the food product as to leave no surplus and steel and their products, or, as in the present in
for export; therefore, he sees slight prospect for strictly stance, in the manufacture of electrical apparatus
cargo steamships, and the cross-Atlantic freighting and supplies. The annual report a few weeks since
of the U. S. Steel Corporation furnished a typical il
must be in combination passenger and freight vessels.
President Brown cited several farms in the interior lustration going to show how quick is the rebound
counties of New York which are now offered at $15 to when good times come, and the report issued last week
$22 an acre (in one instance the price not covering by the International Harvester Co. afforded testi
more than the value of the buildings on it), and he mony to the same effect. Now comes the report of

long enough to prove up their homestead, but the
greater part of them have apparently come back with
out waiting to obtain title to their Government lands.
But whether these farmers are to apply their energies in
the United States or Canada is of less importance than
the fact that as a result thereof there should be a
welcome and much-needed addition to the volume
of the world’s grain supply.




Apr . ho 1 0 1 0 .]

THE CHRONICLE

1141

the General Electric Co., showing (as would be ex 293 has been written off, leaving a net charge on the
pected) that in the line of electrical goods noteworthy books of only $10,372,430. This, added to the $3,
recovery has likewise succeeded the previous year’s 958,528 reported as the book value of the factory
shrinkage and contraction.
plants on Jan. 31 1893, makes the present total of
As we pointed out in reviewing the preceding annual $14,330,958.
report of the General Electric Co., conditions in 1908
In other respects, also, the same conservative meth
were such as to test the endurance and strength of all ods as in the past have been continued. During the
the large industrial enterprises in corporate form which eleven months there was expended in acquiring sun
have been such a feature of modern times. The test dry patents, for cost of applications and licenses under
was a severe one, since the depression was unparal patents and in patent litigation and miscellaneous
leled in magnitude and extent. And on the whole expenses not very much less than a million dollars—
these industrial corporate undertkaings stood the test in exact figures $904,207. The entire amount was
well. The General Electric Co. fell only a little short, charged to profit and loss, and accordingly the whole
even in such a year of intense business depression, of of the company’s patents (which must be of great
earning the 8% dividends which are being paid upon value), as also its franchises and good-will, are still
its capital stock of somewhat over $65,000,000. For carried on the books at the nominal figure of $1.
1909, of course, with the renewal of trade activity,
While the company’s business greatly increased
results are vastly better. As a matter of fact, the during the year, it did not by any means get back to
company in eleven months earned $1,279,318 in excess its previous maximum, and the large surplus shown
of the dividend call for the full twelve months. We above the year’s dividend requirements is the more
use the figures of earnings for the eleven months because noteworthy on that account. The company is pre
the present report covers only that length of time. sumably the biggest manufacturer in the world of
The fiscal year of the company in the past covered the electrical supplies and equipment. The total sales
twelve months ending Jan. 31. Now, however, the billed for the eleven months aggregated $51,656,631,
year is made to close a month earlier, so as to have it against only $44,540,676 in the twelve months pre
terminate with the calendar year. Consequently, ceding and $70,977,168 in the year ending Jan. 31 1908.
the report is only for the eleven months since the pre The orders received were $54,360,562 for the eleven
vious report on Jan. 31 1909. The change grows out months, against $42,186,917, $59,301,040 and $60,
of the enactment of the Federal Corporation Tax Law, 483,659, respectively, in the twelve months of the
the tax-levy under which is based on the calendar year’s three years preceding. Vice-President J. It. Lovejoy
income.
points out that the orders received during the past year
For the eleven months to Dec. 31 1909 the profits, were 89.9% of those received in the year ending Jan. 31
after deducting all patent, general and miscellaneous 1907, the largest on record. Other figures, however,
expenses, fixed charges, allowances for depreciation, which he gives make it plain that in the latter part of
losses, &c., were $6,493,670, against profits for the the year business was on a scale never previously
twelve months ending Jan. 31 1909 of only $4,802,252. equaled, thus furnishing a very promising outlook for
The comparison is even better than appears by the 1910. He says that during the first six months of the
face of these figures, inasmuch as in the later period eleven months’ period the orders received were at the
the amount written off from factory plants before ar yearly rate of $49,769,000, but for the last five months
riving at the profits was $2,447,984, whereas in the were at the yearly rate of $69,670,000. This latter
previous period the deduction on that account was has never previously been reached in any period of
only $1,524,295. President C. A. Coffin points out twelve months. Nevertheless, according to the state
that a larger percentage than in previous years was ment of President Coffin, factory facilities are not
written off from factory plants, owing to the fact that fully employed even yet. Mr. Coffin states that the
a greater proportion of the year’s extensions thereto capacity of many of the departments in the company’s
was for other than strictly productive purposes, such factories is still considerably in excess of the present
as real estate, storage, warehouses, &c. The General rate of production. It is thus evident that the pros
Electric Co. has always followed very conservative pect is for further improvement in earnings whenever
methods in the valuation of factory plants and ma the country’s industries shall be in such a state of
chinery. During the eleven months the cost of addi activity as to give full employment to the company’s
tions to factory plants was no less than $2,878,942, facilities.
$685,830 being for real estate and buildings, $1,830,032
During the period under review, as also in the pre
for machinery, $73,534 for patents and $289,546 for ceding twelve months, the company made no additions
fixtures and sundries. Of this whole cost of $2,878, to its capitalization, but during the two years ending
942, $2,447,984, as already noted, was charged to ex Jan. 31 1908 it added, roughly, $11,000,000 to the
penses (written off) and only $430,958 added to the amount of its outstanding stock and put out nearly
book value of factory plants during the eleven months. $13,000,000 of debentures. This was in the main to
These factory plants (including all lands, buildings provide the large amount of cash needed to cany on
and machinery) are down on the books for no more its expanding operations. As business increased, the
than $14,330,958. But during the seventeen years stock of materials and supplies on hand necessarily
from Jan. 31 1893 to Dec. 31 1909 the aggregate out also increased, and more money became locked up in
lays for land, buildings and additions to and replace goods in process of manufacture, thereby adding greatly
ments of machinery, fixtures, furniture, &c., including to the merchandise inventories. When business fell
cost of acquiring the Pittsfield plant (over and above off in 1908, these inventories were once more reduced
all ordinary expenditures for the maintenance and re and outstanding accounts also decreased, while the
pair of buildings and machinery) aggregated no less company’s holdings of cash were greatl3r increased,
than $36,295,723. Of the whole amount, $25,923,- so that on Jan. 31 1909 they amounted to $22,233,671;



1142

THE CHRONICLE

against only $12,250,721 Jan. 31 1908 and but $3,
910,709 Jan. 31 1907. Now, with renewed growth in
the company’s business, the inventories are again
rising, and notes and accounts receivable are also
likewise slowly increasing. The total of the inven
tories Dec. 31 1909 was $25,150,035, against $18,
393,899 Jan. 31 1909. Nevertheless, cash still stands
at the large figure of $17,623,466.
ITEMS ABOUT BANKS, BANKERS AND TRUST GO’S.
— T h e p u b lic s a le s o f b a n k s to c k s th is w e e k a g g r e g a te 2 3 3
s h a r e s , o f w h ic h 147 sh a re s w ere so ld a t th e S to c k E x c h a n g e
a n d 8G sh a re s a t a u c tio n . O n ly o n e lo t o f tr u s t c o m p a n y
s t o c k , a m o u n tin g to 25 sh a r e s, w a s s o ld . T h e p r ice s a t
w h ic h th e b a n k s to c k s w ere so ld w e re q u ite g e n e r a lly lo w e r
th a n r e c e n t sa le p r ic e s. T h e sa le of tr u s t c o m p a n y s t o c k ,
2 5 sh a re s o f C arn eg ie T r u st C o. a t 1 5 0 , w a s m a d e a t a n a d 
v a n c e o f 4 p o in ts o v e r la s t w e e k ’s p r ice .
S h a r e s . BANKS — N e x u Y o r k .
Low .
H i g h . C lo s e . L a s t P r e v io u s S a l e .
April 1010— 248
244
244
*5 Amer. Exch. Nat. Bank__ . 244
Mch. 1010— 420
400
400
*5 City Bank, N a t io n a l.,__ . 400
April 1010— 200
203
210
*122 Commerce, Nat. Bank of. . 203
Feb. 1010— 320
318
318
*5 Corn Exchange Bank____ . 318
April 1010— too
108
108
*10 Fourth National Bank. . _ 108
April
1010— 100
104 M 100
46 Northern Bank__________ . 100
Mch. 1010— 116
105
105
40 Reserve Bank, National__ . 105
TRUST COMPANY— N e w Y o r k .
April 1010— 146
150
150
25 Carnegie Trust C o............ . 150
* Sold at the Stock Exchange.
— G o v ern o r C h a rles E . , H u g h e s of N e w Y o r k S t a t e h a s
a c c e p te d th e a p p o in t m e n t offered h im b y P r e s id e n t T a ft a s
A s s o c ia te J u s tic e o f th e U n ite d S t a t e s S u p r em e C o u rt, to
s u c c e e d th e la t e D a v id J . B r ew er . T h e n o m in a tio n w a s
s e n t to th e S e n a te for c o n fir m a tio n o n th e 2 5 th in s t .
Mr.
H u g h e s ’s te rm o f o ffic e a s G o v ern o r d o e s n o t e x p ir e u n til
D e c . 31 1 9 1 0 .
H is a p p o in t m e n t to th e S u p r e m e B e n c h w a s
te n d e r e d a n d a c c e p te d on th e u n d e r s ta n d in g th a t h e w o u ld
n o t b e r eq u ire d to a ss u m e h is ju d ic ia l f u n c tio n s u n til th e
o p e n in g o f th e O cto b er term o f th e C o u rt, o n th e se c o n d M on
d a y in O cto b er , a n d t h a t h e m ig h t c o n tin u e in th e G o v er n o r 
sh ip u n til t h a t tim e .
L ie u t .- G o v . H o ra c e W h ite w ill a c t
a s G o v ern o r d u rin g M r. H u g h e s ’s u n e x p ir e d te rm of o ffic e .
— A r e s o lu tio n in tr o d u c e d in th e N e w Y o r k L e g is la tu r e
b y A s s e m b ly m a n T o o m b s , p r o v id in g for th e a p p o in tm e n t
o f a c o m m is s io n to in v e s t ig a t e th e N e w Y o rk ' S to c k E x 
c h a n g e a n d a ll o th e r e x c h a n g e s th r o u g h o u t th e S t a t e w a s
k ille d b y th e A s s e m b ly o n th e 2 6 th i n s t ., w h e n , b y a v o t e
o f 9 2 to 10, it r efu sed to w ith d r a w th e r e s o lu tio n fro m th e
W a y s a n d M ea n s C o m m itte e . L e a d e r M erritt is q u o te d a s
s t a t in g t h a t th e r e s o lu tio n h a d b e e n fa ir ly c o n sid e r ed b y th e
c o m m it t e e , a n d w a s d e e m e d u n w o r th y o f a fa v o r a b le r ep o rt.
— T h e s t a t e m e n t , c r e d ite d in th e d a ily p a p er s o f th e 22d
in s t . to C h a rles D . N o r to n , A s s is ta n t S e c r e ta r y o f th e T r e a s
u r y , to th e e ffe c t t h a t th e r e is a t p r e s e n t no la w o n th e s t a t 
u te b o o k s b y w h ic h a su b o r d in a te in a n y of th e S u b -T r e a s
u r ies o f th e U n ite d S t a t e s c o u ld b e p u n ish e d for m a k in g
a w a y w ith p u b lic fu n d s , h a s d r a w n fro m M r. N o r to n th e
f o llo w in g s t a t e m e n t in th e m a tter :
“ It is not necessary to deny the statement published In some of this
morning’s newspapers that thieves and embezzlers in Sub-Treasuries
are Immune. The records of Federal penitentiaries prove the contrary.
“It Is true that the Treasury is urging changes in the laws affecting
Sub-Treasury operations and Is making important changes in the business
methods, physical arrangements and ttic system of bonding employees in
Sub-Treasuries. As a matter of fact, for more than one hundred years
the Treasury and Sub-Treasury officials and employees of all grades have
handled their trust with remarkable skill and fidelity, even under trying
and difficult conditions. Congress is showing every disposition to co
operate with the Department In Its elfort to Improve these conditions.
"The manufacture, distribution and custody of our money must be
managed with the utmost possible safety to the Treasury, convenience to
the public and regard for the health of employees.”
T h e rem a r k s in q u e s tio n w ere r ep o rte d to h a v e b e e n m a d e
b y M r. N o r to n d u rin g a h e a r in g on th e q u e s tio n a s to w h e th e r
th e C o m m itte e o n E x p e n d itu r e s in th e T r ea su r y D e p a r t
m e n t sh o u ld u n d e r ta k e a n in v e s t ig a t io n o f a n a lle g e d sh o r t
a g e o f $ 0 1 ,5 0 0 in th e S t . L o u is S u b -T r e a s u r y , sa id to h a v e
o ccu rred b e tw e e n 1903 a n d 190 6 , a n d lo sse s a t o th e r S u b 
T r e a su r y c e n tr e s . T h e C o m m itte e o n E x p e n d itu r e s is a lso
s a id to h a v e sta r te d a n in q u ir y in to S u b -T r e a s u r y c o n d itio n s
w ith a v ie w to r e c o m m e n d in g th e p a s s a g e o f a la w m a k in g
m o re e ffic ie n t th e c o n d u c t o f su ch in s t it u t io n s . S e c r e ta r y
o f th e T r e a s u r y M a cV e a g h , in a c o m m u n ic a tio n to th e H o u se
o n th e 2 3 d , c a lle d a t t e n t io n ’ to th e * fa ct t h a t e x a m in a tio n s of
th e S u b -T r e a s u r ie s are m a d e o n ly b i-e n n ia lly , for w h ic h
th e r e is a n a n n u a l a p p r o p r ia tio n o f $ 3 ,0 0 0 . M ore fr e q u e n t
e x a m in a tio n s , h e s t a t e s , are to b e m a d e in th e fu tu r e , a n d to




[VOL. LXXXX.

ca rry o u t h is p la n s in th is r e s p e c t a la rg er a p p r o p r ia tio n is
so u g h t.
— O n e o f th e c h a r ts p r e p a r e d b y D r . A . P ia t t A n d r ew a n d
g iv e n o u t o n M o n d a y b y th e N a tio n a l M o n e ta ry C o m m is
s io n d e a ls w it h th e v a r ia tio n s in th e v a lu e o f G o v e r n m e n t
b o n d s of th e U n ite d S t a t e s a n d o f th r e e o th e r im p o r ta n t
c o m m e r cia l P o w e r s — G rea t B r ita in , F r a n c e a n d G er m a n y .
T h e d ia g r a m o f a v e r a g e n e t p r ice s se e m s to in d ic a te t h a t th e
m a r k e t fo r E u r o p e a n g o v e r n m e n t b o n d s w a s s u b j e c t to d if
fe r e n t f lu c tu a tio n s in so m e c a se s from th o s e fe lt in th e m a r
k e t in A m e r ic a . T h e fo llo w in g is th e s u m m a r y g iv e n o u t:
The United States 4 per cents touched their maximum average price, of
about 128, In 1880. This was also the period of the maximum annual average
of German Imperial 4s, which were above 108. British consols, then paying
3%, were near their maximum In 1807, but French 3 per cents were then
below 80 and were only beginning their upward course, which culminated in
1807 at 103. The United States 4s fell between 1880 and 1803 below 108,
partly as the result of approaching maturity and partly because of the
panic of that year. The year 1806 was the year of the culmination of the
prices of German 3 and 3 \ i per cents, the former going close to 105 and
the latter near par. English consols also touched their high point, above
112, in 1887, and then began their downward movement, which, In 1001, left
them below 05 and carried them in 1007 below 85, after their reduction in
1003 to a 2H% basis. The pressure upon the money markets caused by
the Boer War and other Influences affected all European Issues in 1000.
They enjoyed a considerable recovery during the next few years, but
suffered again in the panic of 1007. The United States 2% bonds advanced
to nearly 100 in 1002, but then began the downward course which has
carried them, with the 3s, nearly to par.
The influence of these changes is brought out, perhaps, more clearly by
a table In which the issues of the four countries dealt with are reduced to
a 3% basis. In this table, notwithstanding variations due to particular
causes, there Is a general movement upward from 1884 to 1880, which
persisted In the case of European Issues until 1807. In the United States
there was a marked decline in values In 1806, which would have put the
4% bonds below par upon a 3% basis. Between 1807 and 1000 German
and British loans declined materially, and French rentes declined slightly,
while American issues recovered. Then set in, about 1002, the decline in
all the securities quoted, at the time of the large demands for capital arising
from competing Issues of railway and industrial securities, culminating In
the stringency of 1007.
A chart Indicating the real interest earned upon Government Issues shows
more variations In the case of the United States than In that of Great
Britain, France or Germany. The net Interest rate upon German Imperial
securities, while showing less variation than in the case of France or the
United States, Is higher than that of either of these countries, standing for
the 4s in 1007 above 3 % % . French rentes, which In 1884 earned nearly
4%, declined In earning power as their price rose until their net return
was below 3% In 1807, but with the fall In price In 1007 showed an Increase In
earning power to about 3.25%. English consols, which In 1807, at the
period of their highest price, paid less than 2M%, stood In 1007 practically
at a 3 % basis. The earning power of American securities in 1008 makes
a showing under 2
for the 4s of 1025, and about 1 H % fortlic2% bonds.
— U n d e r d a te of th e 19 th in s t ., I n te r n a l R e v e n u e C o in m issio n e r R o y a l E . C abell issu e d to h is a g e n t s th e fo llo w in g
in s tr u c tio n s w ith referen ce to th e e x a m in a tio n o f b o o k s a n d
p a p er s b e lo n g in g to c o r p o r a tio n s , j o in t-s to c k c o m p a n ie s a n d
o th e r o r g a n iz a tio n s s u b je c t to th e c o r p o r a tio n ta x :
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C., April 10 1010.
To Internal Revenue agents:
The following Instructions are issued for the guidance of internal revenue
agents in the matter of examining the books and papers belonging to
corporations, joint-stock companies, associations, and insurance sompanies,
subject to the special excise tax Imposed by Section 38, Act of Aug. 5 1000:
On receiving from collectors, or from this office, a list of corporations,
&c., which have failed to lile the required returns, or which have filed
defective or unsatisfactory returns, agents will at once proceed to make
the investigation provided for in the fourth paragraph of said Section 38.
They will in each case, after calling the attention of the proper officer of the
corporation to the provisions of the statute, request the production of
such “books and papers bearing upon the matters required to be Included in
the return of such corporation” as may be found necessary In making the
examination here directed.
In most cases the errors in the returns rendered arc probably due to a
misapprehension on the part of the officers of the corporation as to the
requirements of the law and regulations respecting the preparation of such
returns. See T. D. 1606 for list of the various questions which have arisen
under the law, and the decisions thereunder.
In conducting their examination the agents will, except in glaring cases
of misrepresentation, proceed on the assumption that all errors In the
returns rendered are unintentional: and they will, so far as possible, make
their examination In such manner as not to Interfere with the company’s
business, either as to the use of Its books or In the general conduct of Its
affairs. Contentions with officers, employees or representatives of cor
porations are to be carefully avoided and no action that may cause friction,
that is not necessary In the proper performance of their duties, must
be Indulged In by officers making these examinations.
Ordinarily no very extended examination of the company’s books will be
necessary, as the verification of the particular Items to which attention has
been called will be sufficient. Where, however, a thorough examination Is
found to be necessary, and the accounts are so kept as to Involve much
labor In their examination, the agent may assign two assistants for this
purpose.
Where discrepancies between the company’s books and the return made
arc discovered, the officers of the company should be given full opportunity
to explain the same, and to furnish, If so desired, a sworn statement In
reference thereto. In such cases the agent will. If deemed necessary,
require the attendanceofanyofflceroremployeeof thecompany, andjthere
examine such officer or employee respecting the matter under Investigation
as provided In said Section 38. The witnesses in such cases should be duly
sworn by the agent, as specially provided In said Section 38, and In case
of refusal of any such officer or employee to testify, or In case of refusal to
produce the books and papers called for, the agent will at once report
the fact to this office.
A separate report of the Investigation of each|case should be made, and
where an additional tax Is found to be due a copy of such report should
be furnished the collector of the district.

A p r . 3() 1010.'

T H E

C H R O N IC L E

1143

T h e .a tte n tio n of a g e n ts a n d th e ir a s s is ta n ts is sp e c ia lly ca lled to p a r a 
g ra p h 7 of s a id S e c tio n .38, m a k in g It u n la w fu l fo r a n y o ffic er o r em p lo y ee
of th e U n ite d S ta te s to d iv u lg e o r m a k e k n o w n , in a n y m a n n e r n o t p ro v id e d
b y la w , a n y In fo rm a tio n o b ta in e d fro m a n y d o c u m e n t re c e iv e d , e v id en ce
ta k e n , o r r e p o rt m a d e u n d e r th e p ro v isio n s of t h a t s e c tio n .
,
R O Y A L E . C A B E L L , C o m m issio n er.
A p p ro v e d :
F R A N K L I N M a c V E A G II, S e c re ta ry of th e T re a s u ry .

A t th e r e q u e s t of W . D . N e s b itt, of B irm in g h a m ; W . J . Y a n c e y , o f
M em p h is, a n d I t. H . N e s b itt, of S p a r ta n b u r g , S. C ., n o n -re s id e n t p a r tn e r s
of K n ig h t, Y a n c e y & C o ., I m a k e th e fo llo w in g s ta te m e n t: P r io r t o th e
fa ilu re of K n ig h t, Y a n c e y & C o . m y n o n -re s id e n t c o -p a rtn e rs d id n o t
p a r tic ip a te a c tiv e ly In th e c o n d u c t of m y a r m ’s a ffa irs, a n d , so fa r a s I
k n o w , h a d n o k n o w le d g e of th e c o n d itio n s of th e b u sin ess sin ce th e s u m m e r
of 1909 a n d p r io r to th e fa ilu re .

— Through the co-operation of State and Federal au
thorities which Comptroller of the Currency Lawrence O.
Murray has planned, the organization of new State and
national institutions and the conversion of cither class into
the other will be subjected hereafter to more searching
inquiry. The institutions to which this stricter super
vision will apply are those which, having failed in their
efforts to organize as State banks, seek to obtain national
charters, or vice versa, and national and State banks which
desire to change from one system to the other because of dis
satisfaction with their treatment under the system in which
they are operating. The “ Journal of Commerce” states that
overtures were made some time ago to Comptroller Murray
by some of the State Bank Commissioners, who inquired
whether he would be willing to advise them of the names and
circumstances attendant upon all applications for bank
charters that are rejected by the national authorities, on
condition that in return the State Commissioners would
give him the same items of information regarding rejected
applications for State charters. The Comptroller assented
and the plan has shown such satisfactory results that the
Comptroller has now suggested it to the Bank Commissioners
of other States. The same authority also states that the
Comptroller has further proposed to State bank superin
tendents that they shall submit to him the names of State
institutions intending to convert to national banks, with a
report on the operations of each, while he will do the same
with regard to national banks proposing to become State
institutions. This, it is stated, will give the national and
State authorities ground for refusing to convert a bank
provided its record seems to warrant such refusal.

Ihc
Advertiser” of the 27th inst. is authority for the
leport that the above statement has been augmented by
another which indicates that the period during which the
thit'e partners named had had no active participation in its
affairs extends back to 1906. It was stated during the latter
part of the present week that the liabilities are likely to prove/
gieatly exaggerated, owing to the duplication of items.

— The failure last week of the cotton firm of Knight,
Yancey & Co., said to have been one of the largest cotton
concerns in the South, appears to have been of wide-reaching
proportions. The firm, which had offices at Decatur, Mo
bile, Huntsville, Birmingham and other Southern cities,
went into voluntary bankruptcy on the ‘20th inst. At the
time the banrkuptcy proceedings were entered upon, its
liabilities were placed at $5,777,908 by Jere Murphy, referee
in bankruptcy, and its assets estimated at about $500,000.
The creditors, it was said, hold securities amounting to
$411,157. The failure is alleged to have uncovered in Europe
irregular bills of lading issued against cotton purported to
have been shipped from the United States, numerous foreign
interests being thereby affected. Advices to the Mont
gomery “ Advertiser” from Liverpool on the 22nd inst. stated
that “ the alleged fraudulent methods, it was said, involved
cotton valued at $2,500,000, and in addition to 80 Liverpool
concerns, it was stated that several Continental cotton houses
were heavy losers.” W . D. Nesbitt, a member of the firm
of Knight, Yancey & Co., gave out a statement on the 23d
inst.'in which he said; “ Thirty-odd thousand bales of cotton
were invoiced with spurious bills of lading and drawn on,
for which, upon investigation, we could find no actual cotton.
I will not attempt to say who is responsible for the spurious
bills of lading. I have an idea, but it is not for me to say.
There is no doubt but that spurious bills of lading have been
dealt with.” The heaviest losses, according to the “ Adver
tiser,” will fall on foreign cotton concerns, and on individuals
in Alabama and adjoining States. The bankers of all the
principal cities of Alabama claim to be amply protected, one
announcement of this kind coming from E . J.Buck, President
of the City Bank & Trust Co. of Mobile, Ala., who says:
F o llo w in g th e r e p o r t t h a t th e re w ere fra u d s In th e d e a lin g s of th e firm In
th e w a y of fo rg ed hills of la d in g , a n In v e s tig a tio n w as a t o n ce m a d e b y local
b a n k s , a n d It d e v e lo p e d t h a t all w a reh o u se re c e ip ts h eld fo r c o lla te ra l In
M obile a re g e n u in e , a n d t h a t th e re Is $800,000 w o rth of c o tto n In M obile
a s s e c u rity fo r a n y lo a n s m a d e , th e lo a n s a m o u n tin g to less t h a n tw o - th ir d s
of th e v a lu e of th e c o lla te ra l, th e re b ein g a lw a y s th e p re c a u tio n of a safe
m a rg in . A b a n k In D e c a tu r w hich holds m u c h c o tto n a s c o lla te ra l w as
c a u g h t s h o r t of re a d y m o n e y In th e fa ilu re , a n d to a c c o m m o d a te It a
M obile b a n k fo rw a rd e d $90,000 In c u rre n c y , ta k in g w a reh o u se re c e ip ts fo r
c o lla te ra l a s s e c u rity .
A ll w a re h o u se re c e ip ts h a v e been ch e ck ed a n d fo u n d g e n u in e , a n d th e
u n d e r s ta n d in g h ere Is t h a t th e forgeries w ere In fo re ig n bills of la d in g , a
c o m p a ra tiv e ly e a sy m a tte r , a s th e Arm se c u re d w ide c re d it. T h e se bills
a r e h eld a b r o a d e x c lu s iv e ly , o ne R u s sia n lin n b ein g c a u g h t fo r $750 ,0 0 0 .

Another cotton firm, Steele, Miller & C o ., with headquar
ters at Corinth, Miss., and branches at Columbus and other
Mississippi towns, went into bankruptcy yesterday. The
fiim is said to have been attached in the Federal Court by
Cohm & Sons, of Bremen, Germany.
It is also stated that
since the failure of Knight, Yancey & Co., foreign dealers in
cotton have refused to pay drafts on bills of "lading this
affecting Steele, Miller & Co.
— We are informed that the Bankers’ Deposit Guaranty A
Surety Co. of Kansas, with headquarters at Topeka, has
been doing a considerable business since its opening several
months ago and that the prospects for future success are
very good. The organization of the company was perfected
in June 1909, on Jan. 6 1910 the company received authority
from the State Insurance Commissioner to operate, and it
began business immediately. The company is owned and
controlled by Kansas bankers. It has a capital of $500,000,
made up of contributions of an amount equal to 2 ^ % of the
capital and surplus of the banks becoming members. The
rate for deposit insurance, payable when liability is finally
determined, was fixed in the prospectus at 50 cents per an
num per thousand for deposits up to the amount of capital
and surplus and $1 per annum per thousand for deposits
in excess of capital and surplus, payable semi-annually in
advance. Besides offering protection to deposits of both
'•State and national banking institutions desiring to insure
under it, the company engages in a general surety business.
It is under the direction of E . E . Ames (Cashier of the
Central National Bank of Topeka), President; W . H . Burks
and W . J. Bailey, Vice-Presidents; George S. Murphey,
Treasurer, and John T. Morrisey, Secretary.
— A bill has been passed by the Oklahoma Legislature,
fixing the legal rate of interest at 6 % and the maximum rate
at 1 0 % , and imposing severe penalties for violations of its
strictures. It is reported that many of the State institu
tions are opposed to the measure, which became a law with
the Governor's approval on March 31. The text of the bill
is as follows:
TO D E F IN E U S U R Y AND TO R E G U L A T E IN T E R E S T .
n r It E nacted by the P eo p le o f the State o f O klahom a:

S ectio n 1 . T h a t th e leg al r a t e of I n te re s t sh a ll n o t e x c eed six p e r c e n tu m
In th e a b s e n c e of a n y c o n tr a c t a s to th e r a t e of In te r e s t, a n d b y c o n tr a c t,
p a rtie s m a y a g ree u p o n a n y r a t e n o t to e x c eed te n p e r c e n tu m p e r a n n u m !
S a id r a te s o f six a n d te n p e r c e n tu m s h a ll b e , r e s p e c tiv e ly , th e leg al r a t e
a n d th e m a x im u m c o n tr a c t r a te s of I n te re s t.
S ec. 2 . T h e ta k in g , re c e iv in g , re s e rv in g o r c h a rg in g a r a t e of I n te re s t
g r e a te r t h a n Is allo w ed b y th e p re c e d in g S e c tio n sh a ll be d e e m e d a fo rfe itu re
of tw ic e th e a m o u n t of In te r e s t w h ich th e n o te , b ill, o r o th e r ev id e n c e of
d e b t c a rrie s w ith It, o r w h ich h a s b een a g re e d to be p a id th e r e o n . In
case a g r e a te r r a t e of in te r e s t h a s b ee n p a id , th e p e rs o n b y w h o m it h a s
b een p a id , o r his leg al r e p r e s e n ta tiv e s , m a y re c o v e r fro m th e p e rs o n , firm
o r c o rp o ra tio n ta k in g o r re c e iv in g s a m e , in a n a c tio n in th e n a tu r e of a n
a c tio n of d e b t, tw ic e th e a m o u n t of th e In te re s t p a id ; P r o v id e d , su c h a c 
tio n sh a ll be b ro u g h t w ith in tw o y e a rs a f t e r th e m a tu r it y of s u c h u s u rio u s
c o n tr a c t; a n d , P ro v id e d f u r th e r , t h a t befo re a n y s u it ca n be b ro u g h t to
re c o v e r su c h u s u rio u s In te re s t th e p a r t y b rin g in g su c h s u it m u s t m a k e
w r itte n d e m a n d fo r th e r e t u r n of s u c h u s u r y .
S ec. 3 . I n a ll cases w h ere a n a c tio n Is b ro u g h t b y a n y p e rs o n to re c o v e r
th e p e n a lty p re s c rib e d b y th is A ct, th e p re v a ilin g p a r t y In s u c h a c tio n
sh a ll, In a d d itio n to th e a m o u n t fo u n d to be d u e , be e n title d to re c o v e r a s
p a r t of th e co sts a ju d g m e n t a g a in s t th e o th e r p a r t y to su c h a c tio n fo r a
re a s o n a b le a t to r n e y fee in a su m n o t less t h a n te n d o lla rs ($ 10), to b e fixed
b y th e c o u r t, fo r th e u se a n d b en e fit of th e a t to r n e y of re c o rd of th e p r e 
v a ilin g p a r t y , to g e th e r w ith all co sts.
S ec. 4 . All law s a n d p a r ts of law s In co n flict h e re w ith a r e h e re b y
r e p e a le d .
A p p ro v e d M arch 3 1 st 1910.

-— The efforts of State Bank Examiner and Inspector
Charles A . Taylor of Oklahoma to obtain access to the
records of the defunct Columbia Bank & Trust Co. of Okla
homa City have again proved unsuccessful. In the St.
Louis “ Globe-Democrat” it is reported that the Supreme
Court of Oklahoma refused on the 20th inst. to issue an alter
nate writ of mandamus compelling the State Bank Com
Besides Mr. Nesbitt, the other members of the firm were missioner to allow the State Inspector to examine the records
J. W . Knight, W . J. Yancey and R . H . Nesbitt. In an an of the institution. The petition was filed by Attorneynouncement given out by Mr. Knight on the 25th, and quoted General W est, who, it is stated, contends that a satisfactory
herewith, his partners are said to have had no knowledge report of the bank’s condition has never been made. The
of the affairs of the company since the summer of 1909:
institution suspended last September.




1144

T H E

C H R O N IC L E

— The following communication respecting balances with
banks other than national institutions, received from the
Comptroller of the Currency by William E . Hawkins, Com
missioner of Banking and Insurance, was published in the
Houston “ Post” of the 15th inst.:
“ I n re p ly to y o u r le tte r of A p ril 6 , y o u a re a d v is e d t h a t It Is n o w h eld
t h a t b a la n c e s w ith b a n k s o th e r th a n n a tio n a l a re n o t lo a n s w h ere th e
b a la n c e Is s u b je c t to w ith d ra w a l a t w ill b y th e d e p o s ito r, a n d d o es n o t
r e p r e s e n t a n a c tu a l lo a n to th e b a n k h o ld in g It. T h e c irc u m s ta n c e s in
c o n n e c tio n w ith e a c h b a la n c e w ill d e te rm in e w h e th e r o r n o t it is a lo a n , a n d
a s s u c h s u b je c t to th e lim it p re s c rib e d b y la w .”

W ith the publication of the letter, the “ Post” comments
on the matter as follows:
H e re to fo re a ll b a la n c e s c a rrie d b y n a tio n a l b a n k s w ith S ta te b a n k s w ere
co n sid e re d lo a n s a n d , a c c o rd in g to th e n a tio n a l la w , w ere lim ite d to 1 0 %
of th e c a p ita l a n d s u rp lu s of th e n a tio n a l b a n k . T h is ru lin g of th e C o m p 
tr o lle r is q u ite f a v o ra b le in t h a t It p e rm its n a tio n a l b a n k s to c a rr y d a ily
ch e c k in g b a la n c e s w ith S ta te b a n k s to th e sa m e e x t e n t t h a t n a tio n a l b a n k s
m a y c a rr y s u c h b a la n c e s w ith o th e r n a tio n a l b a n k s . N a tio n a l la w d o es n o t
p re s c rib e a n y lim it to b a la n c e s of th is c h a ra c te r . I t m a y re a d ily b e seen
t h a t th e S ta te b a n k s a rc b e in g p u t u p o n a n e q u a l fo o tin g w ith n a tio n a l
b a n k s , a n d it is p re d ic te d t h a t e v e n tu a lly S ta t e b a n k s w ill b e reco g n ized
b y th e n a tio n a l d e p a rt m e n t to th e e x t e n t of a p p ro v in g th e sa m e a s r e s e r v e
a g e n ts fo r n a tio n a l b a n k s .
T h is h a s th e e ffec t of p la c in g th e S ta te b a n k s o n a n e v e n fo o tin g w ith th e
n a tio n a l b a n k s in th e m a tte r of c a rry in g d a lly ch e c k in g b a la n c e s .

— The establishment of a new position in the New York
State Banking Department is announced— that of real estate
appraiser. Martin McHale, late a Vice-President of the North
ern Bank of this city, has been appointed to the post, in
which he will be called upon to appraise for the Department
the real estate holdings of liquidating banks. The appraisal
of the real estate assets of three Brooklyn institutions, the
Lafayette Trust Co., the Union Bank and the Borough Bank,
are part of the work entailed by the new office. Mr. McHale
is said to have already had experience in this line, having
appraised all the real estate embraced in the assets of the
Hamilton Bank (which now forms part of the Northern
Bank) during its suspension in 1907. He was also for some
years Superintendent of the real estate department of the
United States Mortgage & Trust Co.
— The simultaneous examination of the local and foreign
offices of trust companies conducting an international busi
ness has been arranged for by State Superintendent of Banks
O. H . Cheney. Mr. Cheney’s plan provides for the exami
nation of foreign branches by chartered accountants in the
employ and under the direction of the State Banking Depart
ment. Heretofore the facts desired were obtained through
correspondence. The Farmers’ Loan & Trust Co., the
Guaranty Trust Co., the Trust Company of America and the
Equitable Trust Co. are among those which have established
foreign offices, and all, it is stated, indorse the proposed
movement.
— The criticism which the Insurance Department, in its
report made public last week, directed against the settle
ment of the suits brought by the Mutual Life Insurance Co.
against the McCurdys, has called forth from Joseph H .
Choate a letter addressed to Charles A . Peabody, President
of the company, in which Mr. Choate expresses himself as
willing to assume entire responsibility for the settlement.
The settlement was effected by a committee composed of
trustees of the company, which acted under the advice and
approval of Mr. Choate and James McKeen, the company’s
counsel having the matter in charge. The committee, none
of whom was connected with the company during the period
in which the claims arose, consisted of Benjamin F . Tracy,
Edwin S. Marston, H . R . Duval, Henry W . Taft and Fred
erick II. Eaton. They decided, after a careful consideration
of the whole situation, that acceptance of a proposed offer
of compromise would be for the best interests of the com
pany and of its policyholders, and accordingly authorized the
President to accept the proposition and make a settlement
on the basis of it, involving releases of the defendants and a
discontinuance of the various actions. This settlement was
approved by Messrs. Choate and McKeen. The committee
recommended the settlement of all the cases for $750,000,
in addition to which a claim against the company on which
an action had been brought by L. W . Lawrence for supplies
delivered but not paid for was to be released. The $750,000,
the report shows, was to come from Charles H . Raymond &
Co., Robert McCurdy and Richard A . McCurdy, each con
tributing $250,000— Messrs. Raymond & Co. paying the
difference between $250,000 and a counter claim of $656,
527 97, and Robert McCurdy the difference between $250,000
and a counter claim of $330,821.53. It was thus charged
in the report that the company, having allowed claims of
$987,349 50 to offset the $750,000, “ actually paid out more
than it received in cash in the final settlement of these
claims the sum of $237,349 50.
“ W hether,” it stated,




[V o l .

lxxxx

.

“ the settlement made by the company was advantageous or
not, the fact is that the settlement was made upon a state
ment of facts by the committee which is untrue in at least
two particulars and deceptive in one more.” In further
commenting on the settlement the report stated that “ it
seems to us either the committee did not know the facts or
purposely misled the board of directors.” Mr. Choate’s
letter in the matter is as follows:
M y D ea r M r . Peabody:
I h a v e y o u r le tte r of A p ril 22 en c lo sin g a co p y
of th e r e p o r t of M r. H a d le y , th e e x a m in e r of th e I n s u r a n c e D e p a r tm e n t.
I h a v e c a re fu lly p e ru s e d th e p o r tio n of it w h ic h r e la te s to th e s e ttle m e n t
of th e M cC u rd y s u its , s o -called , in w h ic h a r e s e t f o r th th e r e p o r t of th e
sp e c ia l c o m m itte e to th e b o a r d of tr u s te e s , of th e s e ttle m e n t w h ich w as
a p p ro v e d b y J a m e s M cK een a n d m y s e lf, a n d th e e x a m in e r ’s c ritic is m s
th e r e o n .
T h e s e ttle m e n t w as n o t m a d e b y th e b o a rd of tr u s te e s u p o n a n y s t a t e 
m e n t m a d e b y th e c o m m itte e , b u t th e c o m m itte e h a v in g rece iv ed a b s o lu te
a u t h o r ity to m a k e th e s e ttle m e n t e x e rc ise d t h a t p o w e r a n d m a d e Its r e p o r t
a c c o rd in g ly .
O n r e -p e ru s in g th e r e p o r t of th e c o m m itte e i t a p p e a r s to m e to s ta t e w ith
s u b s ta n tia l a c c u ra c y th e fa c ts of th e s e ttle m e n t, a n d I a m s u re t h a t in th e
lo n g c o n s id e ra tio n of th e m a tte r b y th e c o m m itte e fit th e ir v a rio u s m e e tin g s
b e tw e e n th e d a te of th e ir a p p o in tm e n t a n d th e m a k in g of th e ir r e p o r t, a t
all of w h ic h I w as p r e s e n t w ith M r. M c K e e n , th e te r m s of th e s e t t l e 
m e n t w ere p e rfe c tly u n d e rs to o d a s s ta t e d in th e r e p o r t, a n d t h a t th e $ 7 5 0 ,
000 re c e iv e d in s e ttle m e n t w as to com e $2 5 0 ,0 0 0 in ca sh fro m M r. M cC u rd y ,
$ 2 5 0 ,0 0 0 fro m C. H . R a y m o n d & C o. b y a c re d it o n tiie a m o u n t s ta n d i n g
d u e th e m o n th e c o m p a n y ’s b o o k s a n d $2 5 0 ,0 0 0 fro m R o b e r t H . M cC u rd y
b y a s im ila r c r e d it o n c o m m issio n s co m in g to h im u n d e r his c o n tr a c t, to w h ich
w as to be a d d e d $6 5 ,0 5 0 73 , th e a m o u n t of th e 1)111 fo r s u p p lie s re c e iv e d
fro m L a w re n c e . All d is p u te a s to th e v a lid ity of th e se c o n tr a c ts w as of
co u rse e n d e d b y th e s e ttle m e n t, a n d so It w as u n d e rs to o d b y a ll p a r tie s .
T h e r e p o r t sh o w s t h a t th e c o m m itte e c a re fu lly c o n sid e red a n d u n d e r s to o d
th e w h o le s itu a tio n , a n d th e r e p o r t Itself a n d th e n a m e s a n d c h a ra c te r of
th e c o m m itte e a re a s u ffic ie n t r e f u ta tio n of th e c h a rg e t h a t th e y m isled
o r In te n d e d to m islead th e b o a rd of d ire c to rs .
I n m y o p in io n , th e re fo re , n e ith e r y o u n o r th e c o m m itte e a r e ca lled on to
m a k e a n y f u r th e r re p ly to th e c ritic is m s of th e e x a m in e r th a n t h a t w h ic h
y o u a n d G en . T r a c y h a v e a lr e a d y m a d e . F ro m m y k n o w led g e of th e
s itu a tio n I a m w illin g to ta k e th e e n tir e r e s p o n s ib ility fo r th e s e ttle m e n t
re c o m m e n d e d b y th e c o m m itte e a s a w ise o n e a n d a s b e t te r fo r th e c o m 
p a n y a n d th e tr u e in te r e s ts of th e p o lic y h o ld e rs th a n to h a v e c o n tin u e d th e
litig a tio n , a n d M r. M cK een co n c u rs w ith m e in th is v ie w . Y o u rs v e ry tr u l y ,
N ew Y o rk , A p ril 2 6 .
J O S E P H H . C II O A 1 E .

— A resolution calling upon the Attorney-General to carry
the investigation now under way into the alleged cotton pool
a step further, so as to determine who sold the cotton short,
was adopted by the Senate yesterday. It was submitted
by Senator Smith on Monday, and reads as follows:
“ R e s o lv e d , T h a t th e A tto r n e y - G e n e r a l b e a n d h o is h e re b y d ire c te d
to in q u ire fu lly a s to th e n a m e s of th e p a r t y o r p a r tie s o r c o rp o ra tio n s
t h a t s o ld th e c o tto n a lleg ed to h a v e b een b o u g h t b y a p o o l o r p u rc h a s e r
w h o a r e now u n d e r in v e s tig a tio n b y th e D e p a r tm e n t of J u s t ic e , a n d a t
w h a t p ric es th e s e p a rtie s so ld th is c o tto n , a n d w h e th e r o r n o t th e y o w n ed
c o tto n a t th e tim e o f th e sa le th e re o f, a n d th e p ric e of s p o t c o tto n in th e
S o u th o n th e d a te of th e m a k in g o f th e s e c o n tr a c ts o r th e sale o f th e se
c o n tr a c ts , a n d r e p o r t th e sa m e a t th e e a rlie s t p o ssib le m o m e n t to th e
S e n a te ."

-— Contrary to expectations, the directors of the Fourth
National Bank of this city have decided not to erect a new
building on its property on Nassau, Cedar and Pine streets
at this time. The present building, however, will probably
be remodeled and alterations made to the banking room,
so as to provide additional space. M. Orme Wilson was
this week elected a director of the institution, to succeed
his father, Richard T . Wilson, who is retiring from his active
financial connections because of poor health.
— The partnership of Moffat & W hite, bankers, of 5 Nas
sau S t., this city, having expired by limitation to-day, and
George Barclay Moffat having retired from active business
on account of continued ill-health, the banking firm of W hite,
Weld & Co. has been formed to continue the business. The
general partners are Alexander M. White, Francis M. W eld,
Harold Benjamin Clark, former partners in Moffat & W hite,
and Ray Morris, who has been managing editor of the
“ Railway Age Gazette” since 1903. George Barclay Moffat
becomes a special partner. W hite, Weld & Co. will have
membership in both the New York Stock Exchange and the
Chicago Stock Exchange. The Chicago office, as hereto
fore, will be under the management of W . McM. Rutter. __
— The Columbia Trust Co. of 135 Broadway, this city,
has sho'wn a steady increase in the volume of its business
since its organization, about four and a half years ago. Its
deposits have grown to approximately $ 1 2 ,0 0 0 ,0 0 0 , accord
ing to the latest report, and it has accumulated undivided
profits of $577,000. Early in its history the company
established a monthly-statement system of handling its
deposit accounts, which has been the means of attracting a
considerable number of new depositors. This system does
away with the balancing of pass books. Of late several other
banks and trust companies have installed or have taken
steps to install similar systems. In addition to affording
great convenience to depositors, such systems provide a
verification of every depositor’s account once a month.
Willard V . King, who was an active member of the com
mission appointed by Gov. Hughes to investigate the

A n t. 30 1910.!

T H E

C H R O N IC L E

1145

methods of the various trade exchanges, is President of the
company; Howard Bayne is Vice-President and Treasurer,
Langley W . Wiggin is Secretary, Fred. C. Marston Assistant
Secretary, Park Terrill Manager of the Municipal Depart
ment and George E . Warren Trust Officer.

been fraudulently concealed is about $309,000. An assess
ment of 10 0% has been made upon the $100,000 capital,
and it is stated that for the benefit of those who may be
unable to make immediate payment, installments as follows
will be allowed: 2 5 % by May 7, with three similar payments
— The Northern Bank of New York, Frank L . Grant, on or before the 7th of each of the three succeeding months,
President, will remove its branch office, now at 692 Broad the final payment to be made Aug. 7. It is estimated that
way, to new quarters on the northeast corner of Broadway between 50 and 7 0 % will be finally paid to depositors in the
and Astor Place. The institution has nine branches in the event that the receiver is successful in collecting 7 5 % of the
boroughs of Manhattan and Bronx, besides the main office assessments, and that the assets will yield 7 5 % of their face
at 215 W est 125th St. The Northern Bank was established value. William J. Keliher was arrested on the 22d inst.
in 1888 and on March 25 last its total deposits were $6,649 , charged, it is said, with aiding and abetting bookkeeper
881, capital stock $700,000, surplus and profits $195,307 Coleman in misappropriating funds of the bank. He was
and aggregate resources $7,562,335, of which cash on hand released on Tuesday under $25,000 bail. The Federal
and in banks amounted to $2,087,460. Mr. Grant's official Grand Jury returned indictments on the 27th inst. against
associates are William L. Brower, Vice-President; William Keliher in which charges of aiding Coleman in such mis
H . Mills, Cashier, and I. S Voorhis and C. J. Wallace, application were made.
Assistant Cashiers. Mr. Wallace was added to the list of
— The Philadelphia National Bank of Philadelphia, Pa.,
officers yesterday. Another change which occurred yester has placed its stock upon a 1 5 % basis, in the declaration
day was the resignation of Martin McHalc as a Vice-Presi of a semi-annual dividend of 7 J ^ % , against 6 % heretofore.
dent, Mr. McHalc having entered the employ of the State The bank has a capital of $1,500,000.
Banking Department, as noted in another item.
— The new Independence Trust Co., in the North Ameri
— Charles C. Lloyd has succeeded Emil Schwarz as Vice
President of the Audubon National Bank of this city.

can Building, Philadelphia, has increased its deposits from
$1,134,073 April 16 1909 to $2,192,088 April 18 1910, a gain
— Leonard J. Field, of the brokerage firm of L. J. Field & of $1,058,015, or nearly 1 0 0 % , in a year. The company’s
Co., 74 Broadway, was indicted by the Grand Jury on the capital stock is $2,000,000 and surplus and profits April 18
26th inst. on charges said to allege larceny and perjury, in 1910 are $628,500. Charles B. Dunn is President; Rodman
connection with the loan on Heinze copper stock effected Wanamaker and J. Ernest Richards, Vice-Presidents; JohnJ.
through Sterling Birmingham, formerly with the Windsor Collier, Secretary and Treasurer, and Allan Hunter, Assistant
Trust Co. of this city. Donald L. Persch, who was also in Treasurer.
— M. C. Cameron has succeeded Robert Ostermaier as
volved in the matter, and whose trial last week resulted in
a disagreement, was released on the 23d under $50,000 Vice-President of the Metropolitan National Bank of Pitts
bail, pending the argument on a writ of habeas corpus next burgh and H . B. Stewart is successor to George Seebick in
Tuesday. Charles Katz, who is under indictment in connec the cashiership of the institution.
tion with the transaction, was placed on trial this week.
— Andrew H . McClintock has advanced from the vice
— A booklet reflecting, in the superior tone of its make-up, presidency to ’the presidency of the Wyoming National Bank
the dignity of the institution presenting it, has been issued of Wilkes-Barre, Pa., succeeding in his new office the late
by the Albany Trust Co. of Albany, N . Y . The brochure, George S. Bennett. Irving A . Stearns is Mr. McClintock’s
attractively bound, bearing the seal of the company on its successor as Vice-President.
cover, undertakes to acquaint the reader with facts perti
— The newly organized Central National Bank of York,
nent to the institution— its general functions, &c., including Pa., began business on March 30. The bank has a capital
its facilities for the transaction of banking by mail, intro of $125,000; there is no surplus at present, its stock having
duced for the convenience of its out-of-town patrons. A been disposed of at par, $100 per share. The selling price of
foreign exchange department, as well as banking and trust the stock is now $105. The management of the institution
departments, is a feature of the institution. During the consists of David P. Klinedinst, President; D. S. Peterman,
past two years the company has experienced noteworthy Vice-President and John S. Hauser, Cashier.
growth, its deposits having risen from $4,584,496 on
— Another increase in the capital of the Fifth-Third
Jan. 1 1908 to $7,107,647 on Jan. 1 1910— an increase of National Bank of Cincinnati, the second this year— is
$2,523,151. Its officers are George C. Van Tuyl Jr., Presi proposed. In January the bank’s capital was raised from
dent; Frederick A . Mead, Vice-President; Charles II. $2,700,000 to $2,750,000, $50,000 additional stock having
Bissikuinmer, Vice- President and Secretary; Alonzo P. been issued with the absorption of the banking house of
Adams Jr., Treasurer; Philip Fitz Simons Jr., Assistant S. Kuhn & Sons. It is now planned to bring the capital
Treasurer, and James H . Wallace, Assistant Secretary.
up to $3,000,000 and to offer the $250,000 of new stock to
— The new Broome County Trust Co. of Binghamton, the present shareholders, pro rata, at $200 per share. The
N . Y ., in which Vice-President James S. Sherman is an premium will be applied to the surplus fund, making it
officer, began business on March 29. The company has a $1,550,000. The proposition will be ratified by the stock
paid-in capital of $200,000 and a surplus of $100,000. The holders on May 9.
management consists of Frank B . Newell, President; James
— A 2 % dividend was paid to the creditors of the Com
S. Sherman and J. Fred. Sands, Vice-Presidents; Martin II. mercial wank of Cincinnati on the 21st inst. by Trustee
Sawtelle, Treasurer, and Theodore It. Tuthill, Secretary.
Edgar Stark.
— Henry L. Wilcox has become Cashier of the National
— On May 1st the Union Bank of Chicago will remove
Bank of Commerce of Providence, R. I ., succeeding the late from the corner of La Salle and Randolph streets to the
John Foster.
bank floor of 115 Dearborn Street, the former quarters of the
— The National Union Bank of Boston, Mass., has just failed National Bank of Illinois. The interior has been
had installed by the York Safe & Lock Co. of York, P a ., one entirely reconstructed and modernized. The lobby is large
of the largest and most complete steel safe deposit vaults in and light; the vaults commodious; the counters are built of
New England, to be used solely by the bank. This institu statuary marble, mahogany and brass; and there are two
tion, incorporated In 1792 (the oldest bank in Boston), will reception rooms— one for men and one for women. The
shortly make extensive improvements to its banking room following table of deposits each year, shows steady growth:
so as to provide for its increasing business. It has a capital May 1st, 1905, $4,436; May 1st, 1906, $390,300; May 1st,
of $1,000,000, surplus of $1,000,000 and deposits of $10, 1907, $650,498; May 1st, 1908, $795,863; May 1st, 1909,
000,000. Henry S. Grew is President, Theophilus Parsons $890,733; April 11th 1910, $1,005,201. Charles E . Schlyand Charles P. Blinn Jr., Vice-Presidents, and William tern is President ; F. A . Lindstrand and John S. Rydell are
Vice-Presidents; G. Hallbom is Cashier and Chilton C.
S. B. Stevens, Cashier.
— In a statement issued by John L. Bates, receiver of the Collins is Assistant Cashier.
— Albert B. Dick has been elected a director of the Farwel \
National City Bank of Cambridge, Mass., the “ ascertameu
liabilities are placed at $423,816, while the face Trust Co. of Chicago to fill the vacancy caused by the resig
value of the assets is given as $238,834. The bank closed on nation of Robert W . Chapin. Mr. Chapin is the London
Feb. 23 as a result of a shortage in its accounts, and its former correspondent of the Farwell Trust Co., and now becomes
book-keeper, George W . Coleman, has since been indicted on a member of its Advisory Board.
charges alleging the misappropriation of its funds. The
— The Michigan Bankers’ Association will assemble for its
Boston “ Transcript,” in referring to the receiver’s report, annual convention at Port Huron on Tuesday, June 21, and
states that the amount of liabilities which appears to have the meeting will continue until noon of the following day




1146

T H E

(W ednesday). The program calls for addresses by Prof.
Jenks of Cornell, Congressmen Edward B. Vreeland and
J. Sloat Fassett of New York. After the business of the
meeting has been concluded, the bankers will start on a
pleasure trip, which will take in Georgian Bay, Lake Muskoka
and the Thousand Islands. The trip will terminate Saturday
afternoon, when the bankers are due to arrive in Detroit.
— The Oklahoma Stock Yards National Bank is the title
of a proposed bank to be established in Oklahoma City and
which is to have $250,000 capital. The principals in the
enterprise are W . W . Borders, of Chicago, Edward Morris,
Thomas R . Buckman, Thomas E . Wilson and Charles M.
Macfarlane.
— The organization of the Corn Exchange Bank of Omaha,
N eb., as a national institution has been perfected. Its
conversion to the Federal system is effected under the name
of the Corn Exchange National Bank, its capital remaining
at 8000,000. As a reorganization of the Hayden Brothers
Bank, the Corn Exchange Bank began business in July
1909. Joseph Hayden is President; T . E . Stevens, Vice
President and J. W . Thomas, Cashier.
— S. R . Nelson, Vice-President of the Bank of Chillicothe,
at Chillicothe, M o., and a former President of the Missouri
Bankers’ Association, is reported to have committed suicide
on the 28th inst. He was a brother of S. G. Nelson, Vice
President of the Seaboard National Bank of New York.
— An addition to the banking institutions of Nashville,
Tenn., has been made with the opening on the 18th inst. of
the Cumberland Valley National Bank. The institution
began its first day’s business on Tuesday the 19th inst., the
previous day having been set apart for a public inspection
of its quarters in the Jackson Building, equipped with up-todate features, including modern safe deposit vaults. The
organization of the bank was planned nearly a year ago. It
has a capital of 8300,000. The officials are J. N. Sperry,
President; R. E . Donnell and L. Jonas, Vice-Presidents;
T . G. Garrett, Cashier; andV. J. Alexander, Assistant Cashier.
— The capital of the Atlanta National Bank of Atlanta,
G a., became 81,000,000 on the 6th inst. The amount has
been increased from 8500,000, under the authority of the
stockholders, whose action with regard thereto has hereto
fore been referred to. The bank, with its enlarged capital,
combined with its surplus and undivided profits of 8970,000,
now practically enters the $2,000,000 class. Its total
resources exceed $8,000,000.
— William Hurd Hillyer of the Hillyer Investment Co.,
has been elected President of the newly-organized Sixth
Ward Bank of Atlanta, Ga.; Herbert L. Wiggs has been
chosen Vice-President and William Mauldin, Cashier. A
board of directors, consisting of nine members, has also been
elected. The institution, which expects to open for business
on May 2, has been formed with a capital of $25,000 and a
surplus of $5,000.
— F. Adams has replaced Bion I I . Barnett as President
of the Barnett National Bank of Jacksonville, Fla. G. R.
De Saussure, heretofore Cashier, succeeds John G. Christian
as Vice-President, and R. E . Wheeler has been assigned to
the cashiership to fill the vacancy caused by Mr. De Saussure’s promotion.
— The City Bank & Trust Co. of Birmingham, Ala.,
recently increased its capital from $50,000 to $100,000.
The new stock, we are advised, was immediately subscribed
and paid for. The bank began business on January 14 1909.
Its officers are George M. W ebb, President; Carl II. Seals,
Vice-President; E . C. Dunn, Cashier, and II. S. Davis,
Assistant Cashier. In its statement for M archl4 1910 the in
stitution reported a surplus of $15,000 and deposits of
$289,553.
— For its annual convention, which takes place at El Paso,
Texas, on May 10, 11 and 12, the Texas Bankers’ Asso
ciation has secured a number of prominent speakers. Fred.
E . Farnsworth, Secretary of the American Bankers’ Asso
ciation, will address the meeting on “ The Value of Bankers’
Associations;’’ Joseph T . Talbert, Vice-President of the
National City Bank of New York will discuss “ Our National
Vice;” and Fred. I. Kent, Vice-President of the Bankers'
Trust Co. of New York, will take up the subject of “ Bank
Money Orders.” State Bank Commissioner William E.
Hawkins, likewise appears among the speakers, with M. A.
Traylor of the First National Bank, of Ballinger, Texas, who
has selected for his topic “ Our Profession,” and F. H.
Welch, Vice-President of the First National Bank of Taylor,
Texas.




[VOL. LXXXX

C H R O N IC L E

— John T . McCarthy, formerly Cashier of the Merchants’
National Bank of Houston, Texas, has accepted the cashiership of the American National Bank of Houston, and will
take active charge of the latter on May 1. As Cashier of the
American, Mr. McCarthy succeeds Frank W . Vaughan, who
recently became President of the Central Bank & Trust Co.
of Houston. The complete list of officers of the American
National is now as follows: W . E . Richards, President;
Sterling Myer, Vice-President; J. T . McCarthy, Cashier, and
II. M. Wilkins and D. O. Fitzgerald, Assistant Cashiers.
Mr. McCarthy has been engaged in the banking business for
the past twenty-seven years, and before locating in Houston
two years ago was connected with the Texas Bank & Trust
Co. of Galveston for over twenty-five years. The Merchants’
National of Houston, of which he had lately been Cashier,
consolidated last month with the Union Bank & Trust Co.
of Houston.
— The Commonwealth National Bank of Dallas, Texas,
announces the purchase by it of the assets of the Union
National Bank of that city. President John W . Wright of
the Commonwealth is quoted as stating that the transac
tion is not a merger, but an outright sale. The transfer was
completed on the 19th inst. There is no change in the man
agement or capital of the Commonwealth. The latter has
a capital of $500,000. A year ago the consolidation of the
Gastin National Bank with the Commonwealth was effected.
The Union National, which now terminates its existence,
was formerly the Union Bank & Trust Co.; it was converted
to the national system in 1908. It had $200,000 capital,
surplus and profits in the neighborhood of $6,000 and deposits
of about $750,000.
— The United States Bond & Mortgage Co. recently
began business in Dallas, Texas. Its organization came
about through the expansion in the mortgage business of the
Dallas Trust & Savings Bank, it having been found necessary
to form a separate company to care for that class of the
bank’s business. The company is under the same manage
ment as the bank, with II. A . Kahler, President; Alex.
Sanger, Vice-President; William G. Breg, Active Vice-Presi
dent, and R. S. Geen, Secretary.
— II. A . Greer has been elected President of the Gulf
National Bank of Beaumont, Texas, succeeding the late A . L.
Williams. Mr. Greer was previously a Vice-President of the
b an k ,and is succeeded in that position by P. B. Doty, who
also continues as Cashier of the institution.
— James K . Lynch, Vice-President of the First Nat
ional Bank of San Francisco, Cal., is one of the speakers
on the program to be presented at the annual convention of
the California Bankers’ Association, which opens for a
three days’ session on Thursday next at Riverside. Mr.
Lynch will discuss “ The Government and Money Power.”
Stoddard Jess, Vice-President of the First National Bank of
Los Angeles, will likewise address the convention, the topic
which he has chosen being “ Uniting the Work of Receiving
and Paying Tellers.” Alden Anderson, State Superinten
dent of Banking, W . C. Ralston, U . S. Sub-Treasurer at
San Francisco, John Cunningham, Manager of the Safe
deposit vaults of the Crocker National Bank of San Fran
cisco, and J. M. Henderson Jr., Cashier of the Sacramento
Bank of Sacramento, Cal., are among the other names
appearing on the program.
— George A . Kennedy has been elected an Assistant
Cashier of the First National Bank of San Francisco.

D E B T S T A T E M E N T M A R C H 31 1910.

The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued March 31 1910. F o r s t a t e m e n t o f F e b . 28 1910,
s e e i s s u e o f M a r c h 12 1910, p a g e 673; t h a t o f M a r c h 31 1909,
s e e A p r i l 24 1909, p a g e 1040.
IN TK IIEST-B EA R IN G D E B T MARCH 31 1910.
A m o u n t ----------- Amount Outstanding---------Title o f Loan—

2s,
3s.
Is,
2s,
2s.

Interest
Payable.

Consols of 1930..............Q .-J.
Loan of 1908-18...........Q .-F.
Loan of 1925..........
.Q .-F .
Pan. Canal Loan 1908.Q .-N.
P an . Canal Loan 1908.Q .-F.

Issued.

Registered.

Coupon.

Total.

8
S
$
S
46,250,150 611,391.500 4,855,650 646,250,150
98,792,660 41,934,840 22,010,620 63,945,460
62,315,400 98,035,900 20,454,000 118,489,900
54,631,980 51,600,500
31,480 54,631,980
an non nnn 20.556.020
443.980 30.000.000

Aggregate lnt.-bearing d ebt . 1,091,990,190 865,521,760 47,795,730 913,317,490
N ote. — D enominations of bonds arc:

Of
Of
Of
Of
Of

$20, loan of 1908, coupon and registered.
$50. all Issues except 3s of 1908; of $100, all Issues.
$500. all Issues: of $1,000, all Issues.
So.000. all registered 2s. 3s and Is; of $10,000, all registered bonds.
$50,000, registered 2s of 1930.

A pr . 30 1010.]

T H E

D E B T ON W H IC H IN T E R E S T HAS CEASED SINCE M ATURITY.
March 31.

Feb. 28.

F un ded loan of 1891, continued a t 2% , called May 18
1900, interest ceased Aug. 18 1900............. - ...............
S32.000 00
F u n ded loan of 1891, m atured S ept. 2 1891__________
23,750 00
Loan of 1904, m atured Feb. 2 1901......... .........................
17,450 00
F u n ded loan of 1907, m atured July 2 1907___________ 1,203,250 00
R efunding certificates, m atured Ju ly 1 1907_________
17.2S0 00
Old deb t m atured a t various dates prior to Jan . 1 1861
and other Items of debt m atured a t various dates
subsequent to Jan . 1 1801__________________ _____
909,135 20

S32.000
23,750
17,450
1,217,700
17,200

00
00
00
00
00

90S,285 20

A ggregate d eb t on which Interest has ceased since
m a tu rity ............. .......... ............ .......... ......................... $2,262,805 20

$2.210,445 26

D E B T BEA R IN G NO IN T E R E ST .
U nited S tates notes.................... ............ ......................... ............ .................$346,681,016
Old dem and notes............. ....................... ........................... - .......................
53,282
N ational bank notes—Redem ption account------------ ----------------------- 31,938,253
F ractional currency, less $8,375,934 estim ated as lost or destroyed- 0,859,222

00
50
00
28

Aggregate d eb t bearing no Interest_______________ - ....................... $385,531,773 78
R ECA PITU LA TIO N .
Increase ( + ) or
Decrease (—).
Classification—
March 31 1910.
Feb. 28 1910.
Interest-bearing d e b t____ $913,317,490 00
$913,317,490 00
— $10,420 00
D ebt Interest ceased_____
2,246,445 20
2,202,805 20
+ 1,812,102 50
D ebt bearing no Interest__
385,531,773 78
383,719,011 28
T otal gross d e b t________$1,301,095,709 04 S I,299,299,906 54
Cash balance In T reasury*.
238,885,205 49
230,571,812 72
Total net d e b t . ......... ......$1,002,210,443 55

$1,008,728,153 82

+ $1,795,742 50
+ 8,313,452 77
— SO,517,710 27

T R E A S U R Y CASH A N D D EM AN D L IA B IL IT IE S .—
The cash holdings of the Government as the items stood
March 31 are set out in the following:
ASSETS. S3
fsl
L IA B IL IT IE S . •
• j J
Trust Fund Holdings—
8
Trust Fund Liabilities —
S
Gold coin........................... 852,877,809 00 Gold c e r t i f i c a t e s . . . . . . . 852,877,869 00
Silver dollars___
489,834,000 00 Silver certificates_____ 489,834,000 00
T reasury notes of 1890. . 3,800,000 0Q T reasury notes of 1890..
3,800,000 00
-t ----------------------Total tru s t fu n d ____ 1,340,511,809 00
T otal tru s t liab ilities.1,340,511,809 00
General Fund Holdings—
Gen. Fund Liabilities —
Gold coin and b u llio n ...
51,899,504 91 N ational B ank 5% fu n d . 25,212,910 42
Gold certificates..............
45,070,010 00 O utstanding checks and
Silver certificates...........
5,088,438 00
d r a f ts - _____ _______
12,481,343 17
Silver dollars....................
2,025,453 00 Disbursing officers’ bal
Sliver bullion....................
3,235,124 53
ances .............................
76,003,887 04
U nited S tates n o te s.......
5,801,740 00 Post Office D epartm ent
7,055,950 57
T reasury notes of 1 8 9 0 ..
18,01900 a c c o u n t______________
1,246,233 34
N ational bank n o te s___
21,596,041 40 Miscellaneous Item s___
F ractional silver coin__
21,384,170 92
F ractional currency___
130 25 Total gen’l lia b ilitie s ... 122,000,324 54
Minor coin........................
1,022,457 18
Bonds and Interest p aid .
17,25325
T ot. In Sub-Treas’les. 158,425,014 50
In N at. B ank D epositaries
Credit T reasurer of U. S .
35,474,723 25
Credit U. S. dls. officers.
12,128,602 44
Total In b a n k s ______
47,003,385 09
In Treas. of Philippine Islands—
C redit T reasurer of U. S.
2,347,890 73
Cash Balance ana Reserve—
Credit U .S . dls. officers.
2,509,293 11 Total cash and re s e rv e .. 238,888,205 49
Made up of—
T otal In P h ilip p in es..
4,857,189 84 A v ailab le.. 88,885,265 49
and
Reserve Fund Holdings—
Reserve F u n d —
Gold coin and b u llio n .. _ 150,000,000 00 Gold&bull. 150,000,000 00
G rand to ta l......... ........1,707,397,459 03

G rand to ta l..................1,707,397,459 03

T R E A S U R Y C U R R E N C Y H O L D IN G S — The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury on the first of January,
February, March and April 1910.
TR E A S U R Y N ET H OLDIN G S
Jan. I ’10. Feb. 1 ’10.
M ch. 1 ’10. April 1 ’10S
S
$
$
N et gold coin and bullion_______ 241,989,339 220,250,704 220,050,329 247,570,175
N et sliver coin and bullion........... 18,141,817 20,148,092 15,527,542 10,949,015
N et U nited States T reasury notes
8,102
9,751
20,280
’ 18|oi9
8,402,090
5,900,422 5,861,746
N et legal-tender notes____ _____ 7,814,753
N et national bank n o te s ............... 23,240,419 37,293,444 30,420,739 21,596,041
19,703,483 21,389,008 21,384,171
N et fractional silver....... ................. 15,832,549
Minor coin, &c................................. 1,009,470
1,174,060
1,240,412 1,039,847
Holdings in Sub-Treasuries—

In Paris, just as in London, there is a furious boom in
rubber shares, and not only is the French investing public
buying largely at home, but they are buying largely in Lon
don on an almost unprecedented scale. There is also a minor
boom in Paris in oil shares, and Pekin Syndicate shares are
likewise in strong demand. In Germany, on the other hand,
business is very restricted, owing partly to the feeling that
speculation last month was carried too far, but chiefly to the
impression made by the Socialist demonstrations against
the Prussian Franchise Bill and to the threatened great
strike in the building trade. Here at home confidence is
exceedingly strong. Everybody is looking forward to an
increase of business in every department, and the members
of the Stock Exchange, with their staffs,are hardly able to
perform all the business that is crowding upon them.
This week, like last week, there was a report that the
Bank of England would on Thursday put up its rate of dis
count to 5 % . Apparently the report originated in the fact
that the 4 millions sterling of Treasury bills offered for ten
der on Wednesday were placed at an average rate of dis
count of a little over 3 % % . The charge to the Treasury
was so much greater than the market expected, that some one
instantly set going the report that the Bank of England
would the next day put up its rate of discount. Nothing of
the kind happened, and, so far as can be seen, there is not
the slightest reason to believe that a rise in the rate will be
necessary in the immediate future. It is true, of course,
that last year’s budget will now soon be passed and that then
the taxes not yet got in will be collected. But there is no
reason to believe that that will cause any serious trouble.
The Bank of England will get greater control of the outside
market than it has at present, which will insure that the 4 %
rate will be kept effective while the collection is going on;
but that is all. It is also true that everybody is expecting
a dissolution of the present Parliament in the course of a few
months. But the recent election showed that whatever
may have been the case formerly an election now does not
take money in any considerable amount from the Bank of
England. Indeed, the Bank received from the interior
more coin and notes during the recent election than it sent
out to the interior.
Apparently, then, there is no ground for believing that
there will be any need for putting up the rate of discount
during the spring or summer. What may happen in the
autumn it would be useless to inquire now. In the mean
time the rate of discount which had been declining during
Monday and Tuesday and the early part of Wednesday
sharply rose again on Wednesday afternoon after the an
nouncement of the Treasury allotment, and since then the
rate has been well maintained. But the supply of bills for
discount is small and the great foreign banks in London are
eager bidders. It will therefore, require constant attention
to prevent the rate from falling off again.
The India Council offered for tender on Wednesday 90 lacs
of its bills, and the applications exceeded 832 lacs, at prices
ranging from Is. 4 l-32 d . to Is. 4>£d. per rupee. Appli
cants for bills at Is. 4 l-16d . and for telegraphic transfers at
Is. 4 3-32d. per rupee were allotted about 9 % of the amounts
applied for, and above in full.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:

Total cash In S ub-T reasuries..308,090,509 300,987,090 301,160,738rf308,425,014
Less gold reserve fu n d ....................150,000,000 150,000,000 150,000,000 150,000,000
Cash bal. In S u b -T reasu rie s... 158,090,509 150,987.690 151,100,738 158,425,014
Cash In national banks ............. . 47,920,877 48,353,942 48,018,090 47,003,380
5,631,184
4,725,885
4,243,930
4,857,190
Cash in Philippine Islan d s_____
Net Cash In banks, Sub-Treas 211,654,570 210,007,523 204,028,758 210,885,590
D educt current liab ilities.a..........127,065,704 129,100,059 123,450,945 122,000,325
Available cash balance.............. 84,048,800
a Chiefly “disbursing officers’ balances.”

80,900,864

80,571,813

88,885,205

d Includes $3,235,124 53 silver bullion.

$1,039,840 08 m inor coin, &c., not included In statem e n t "S tock of M oney.”

p t 0 t t gtu.vai<jPo m m jc y jc ta X g ttg U g ltS ^ je tg g
[F ro m o u r o w n c o rre s p o n d e n t.]

London, Saturday, April 16 1910.
After a short pause of about a week or little more, the boom
in rubber shares has begun again, and is proceeding even
more furiously than before. The boom in oil shares has been
comparatively moderate. But the appearances at present
are that it is about to attain much larger proportions. The
chief business of the Stock Exchange at present is confined
to these two departments. But there is undoubtedly more
activity in the market for Rhodesian gold shares, and there
is also a larger investment in British railway stocks. Out
side of these four departments very little is doing. Trans
vaal gold shares, which used to be such great favorites not
only in London but also in the chief Continental centres, are
at present entirely neglected. So are West African shares.
And there is little doing comparatively even in diamond
shares.



1147

C H R O N IC L E

1910.

1909.

April 13.

April 14.

£
28,055,075
10,658,228
43,052,987
18,474,532
29,324,252
23,023,812
33,829,487

£

1907.

1908.
April 15.

April 17.

£

£

1906.
April 18.

£

C irc u la tio n .............
29,495,200 29,130,715 28,550,400 28,875,305
Public d ep o sits___
9,894,059
14,243,902 10,601,153
9,044,391
O ther d eposits____
43,109,628 41,442,601 48,634,110 43,502,080
G overnm ’t securities
15,988,412 13,757,493 15,447,423 15,977,281
O ther securities___
31,178,807 30,033,292 34,325,702 31,870,305
Reserve, notes Acoln
27,935,710 26,114,425 25,794,490 23,370,031
C oln& bull.,both dep
38.980,970 36,801,140 35,894,896 33,795,396
Prop, reserve to 11ab llltles........... p. c.
44
43)4
48*4
44%
50
B ank r a te ____ p. c.
4
4H
3
2 )4
3 >4
Consols, 2 )4 p. c . . .
81 3-10
86 3-16
85 11-10
87 Vs
90)4
S ilv e r -----------------24 9-16d.
30>4d. 29 15-16d.
23 9-I6d.
25)4 d.
Clear.-house returns 263.183,000 171,334,000 :2 56,466,000 278,743,000 182,932.000

The rates for money have been as follows:
M ch. 24.
April 2.
“ A pril 15.
April 9.
B ank of E ngland r a t e __ ’. . .
4
4
4
4
Open Market rale—
B ank bills—00 d a y s .........
3 13-10
3 13-16
3)4
3)4
3 13-10
3 13-10
— 3 m o n th s___
3 11-10(2)3)4
3)4
3)4
— 4 m o n th s___ 354@3 13-10 3 11-16 @3 54 3)4 @3 11-•10
3 9-10
3 7-10
—0 m o n th s___ 3 9-16@ 3)4
3)4
4@4 M
4@4)4
4)4@ 4)4
T rad e bills—3 m o n th s___
4)4
4)4
— 4 m on th s___
4)4
4)4@ 4)4
4)4
Interest allowed for deposits —
By Joint-stock b an k s____
2)4
2)4
2)4
2)4
By discount houses:
At call............................
2)4
2)4
2)4
2)4
7 to 14 d a y s................. ..
2)4
2)4
2)4
2)4

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates o f
Interest at—

P a r i s ........................ . . .
B erlin........................ . . .
H am b u rg ................. . . .
F ran k fo rt ............... . . .
A m sterdam -------- . . .
B r u s s e ls ....... .......... . . .
Vienna ................... . . .
S t. P etersb u rg -----. . .
M adrid---------------- ■
Copenhagen ............ . .

April 16.
Bank Open
Rate. Market.

3
4

4
4
5
4)4
4

5
4) 4

5

2)4
3)4
3)4
3
3)4
3)4
3*4
nom.
4
5

April 9.
Hank Open
Rate. Market.

3

4
4
4

5
4)4

4

5
4) 4

5

2)4
3
3
3
3)4
3)4
3)4
nom.
4
5

A pril 2.
Rank Open
Rate. Market.

3

4
4
4
4
4) 4

4
5

4)4

5

2)4
3)4
3)4
3 7-16
3)4
3)4
3)4
nom.

4
5

March 20.
Rank Open
Rate. Market.

3
4

4
4
4
4)4

4
5

4)4

5

2)4
3 9-10
3 9-16
3)4
2)4
2)4
3 7-16
nom.
3)4
5

1148

T H E

[VOL. LXXXX

C H R O N IC L E

Messrs. Pixley & Abell write as follows under date of
April 14:

(Lxmimcvctal a m i

G OLD.— A part from the arrival of the U. S. gold purchased last week, the B ank
has n o t succeeded In m aking any m aterial Improvement In Its position this week.
O u t of the gold In the open m arket, am ounting to £715,000, India takes £225,000.
R ussia ab o u t £80,000, and th e balance has been secured by the B ank, while In addld ltlon to tills £500,000 has been purchased from New York and £300,000 Is ex
pected from G erm any to-m orrow. India continues to absorb all the gold th a t E g y p t
can sp are, and has purchased during the week £200,000. Of the eagles purchased
la st week, £1,572,000 have now arrived and there a r e £800,000 due early next week,
b u t the exchange makes fu rth er shipm ents unlikely, and In view of the probable
Am erican requirem ents In the au tu m n . It seems a doubtful expedient to p u t ourselves
rig h t by m eans of gold from th a t q u arter. In addition to the eagles mentioned
above, the B ank has received £-101,000 In bars since our last and £8,000 In sover
eigns from A ustralia, while £30,000 have been w ithdraw n for A rgentina, £25,000
for South Africa and £20,000 for India, and £7,500 has been set aside for the S traits
S ettlem ents notes and gold reserve. N ext week there Is only the small am o u n t of
£302,000 due from S outh Africa and £70,000 from India. F o r the week: Arrivals:
—S outh Africa, £066,000; New Zealand. £20,000: A ustralia, £18,500; Singapore,
£8,000; W est Africa, £2,500; to tal, £715,000. Shipm ents—Bom bay, £190,250;
Goloinbo, £17,500; to tal, £207,750. For m onth of March: A rrivals—G erm any,
£9,000; France, £369,000; S outh Africa, £3,489,000; India, £186,000; E gypt, £104,
000. Shipm ents—G erm any, £637,000; France, £880,000; A rgentina, £315,000;
In d ia, £1,754,000; E g y p t, £500,000.
S IL V E R .—The m arket has rapidly recovered from the tem porary set-back of last
week, and to-day's price of 24Vid. shows an advance of Vid. The buying has
come m ainly from India and to a large extent from C alcutta, where a very confident
feeling prevails as to the future of silver. So far as this Is based on the prospect of
the Indian G overnm ent buying In the near future, It Is no doubt prem ature; but w ith
a good harvest the probability of their being in the m arket is so strong th a t It Is not
surprising th a t speculators are paying a good deal of atten tio n to the m etal. There
have been orders, too, for the Continent, and the volume of business has been very
la rg e. China has sold p retty freely, and but for this the rise would have been greater.
China has probably by now exhausted all the silver of which it was "long,” and
fu tu re sales will entail the risk of having to bring the silver homo from China, which
necessitates a larger m argin In the exchange. A t present this m argin exists, and
China Is taking full advantage of it, b u t as every sale of silver requires to be covered
by the sale of exchange. It Is Improbable th a t any reaction In silver will be followed
by a corresponding fall In exchange. Subject to the position in China, the tendency
of the m arket m ay still be regarded as good. Stocks In India are now down to 4,400
bars, b u t It is not clear how much silver is left in bond in Bom bay. Currency figures
show a reduction of over one crore. The price In India Is Its. 62 9-16 per 100 toiahs.
F or the week: A rrivals—New York. £185,000: Mexico, £5,000; A ustralia, £1,500;
to tal, £191,500. S hipm ents—Bo.nbay, £315,000; Colombo, £2,500; C alcutta,
£5,000; P o rt Said, £3,500; total. £320,000. For m onth of March: A rrivals—Ger
m any, £5.000: U. 8 . A., £1,055,000. S hipm ents—Russia, £137,000; G erm any,
£131,000; India, £245,000; China, £851,000.

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

The quotations for bullion are reported as follows:
GOLD.

A pr . 14.
s. d.

London Standard.

B ar gold, fine, oz. . . .
U . S. gold coin, cz . .
G erm an gold coin, oz. .
French gold coin, oz.
Japanese y e n ............ .

77
76
76
76
76

9
5
5
5
4

Apr. 7. |
$. d. |

77
76
76
76
76

9
5
5
5
4

SILV ER .

A pr. 14.
d.

London Standard.

I B ar sliver, fine, o z ___ -24 Vi
| " 2 mo. delivery, oz..24 Vi
| Cake silver, o z........... ..26 7-16
| Mexican d o llars_____ _nom.
1

A pr. 7
d.

24
24 1-16
25 Vi
nom.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IM PORTS.
Thirty-two weeks.
1909-10.
Im ports of w h eat............. ........c w t.60,405,140
16,971,200
Barley ..............
11,585,400
O a ts -------------P e a s ......... ............................................. 1,495,107
B e a n s ------------1,811,531
In d ian c o r n .....................
.21,063,900
Flour ...................
7,735,000

190S-09.
1907-08.
1906-07.
53,970,800 57,566,500 51,130,100
15,709,100 16,692,900 15,6509,30
8,339,700
6,972,500
6,601,000
903,2G0 1,129,690
1,216,480
928,920
820,380
599,440
22,373,900 26,898,100 31,482,700
7,735,300 9,758,500
8,540,600

Supplies available for consumption (exclusive of stock on
September 1):
1909-10.
W heat im p o rted ____ ______ c w t.60,405,140
Im ports of flo u r________________ 7,735,000
Sales of hom e-growu........... ............. 19,526,403

1908-09.
1907-08.
1906-07.
53,970,800 57,566,500 51,130,100
7,735,300
9,758,500
8,540,600
22,646,599 23,700,000 18,789,000

T o tal ......... .......... ......................... 87,666,543 84,352,699 91,025,000
Average price w h eat, w eek _______ 33s. Od.
37s. 4d.X;li 131s. 2d.
33s. Id .
32s, l i d . • 33s. 6d.
Average price, s e a s o n ......... ............

78,459,700
26s. 9d.
26s. 4d.

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

Last week.

W h e a t . . . _____ ____________ q rs, 4,205,000
4,100,000
F lour, equal to ........................... q rs.
155,000
115,000
Maize -----------------------q rs . 145,000
225,000

1909.
3,505,000
115,000
330,000

1908.
3,745,000
175,000
235,000

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:
London.
Week ending A pril 29.
Sal.
Silver, per o z ...................... d. 24 Vi
Consols, new, 2 Vi per c e n ts .. 80Vi
For account_____________ 81
French rentes (In P a r is ) ..f r . 98.60
A m algam ated Copper C o ___ 76 Vi
b Anaconda Mining C o .. _ . . .
9Vi
Atchison Topeka A S an ta Fe 115
Preferred ___________ ___ 105
Baltim ore A O hio................... 113 VS
Preferred _______ _______ 93 Vi
C anadian Pacific...................... 186 Vi
Chesapeake A O hio ----------- 88 vi
Chicago Milw. A St. P a u l ... 145
Chicago G reat W estern......... 28 Vi
D enver A Rio G rande. - ....... 42 H
Preferred ............................ 82
E r i e ....................................... .. 29 Vi
F irst preferred............. ...... 48
Second preferred............... 38
Illinois C entral........................ 142 A
Louisville A N ashville_____ 153 VS
Missouri K ansas A T exas__ 43 Vi
Preferred _____ _____ ___ 75
N at. UR. of M ex., 1st p re f.- 65 Vi
Second preferred............... 28 Vi
N . Y. Cent. A Ilu d . R iv e r ... 125
N. Y. O ntario A W e ste rn ,. . 4 5 Vi
Norfolk A W estern............. .... 105 Vi
Preferred ........... ................ 92 Vi
N orthern P a c i f i c . . ............... 137 Vi
a P en n sy lv an ia....................... 69Vi
a R eading Co......... .................■ 83 Ji
a F irst preferred.................. 47
a Second preferred.
. 52 Vi
Rock Island.........
48
Southern P acific.. .
.128 %
S outhern Ity . _ .............
27 Vi
Preferred _______ .
65
Union Pacific_____
188 Vi
Preferred ......... ......
99 Vi
U . S. Steel Corporation . . . . 85 Vi
Preferred .......................... .123 Vi
W abash ............. .....................• 21 Vi
Preferred ............................ • 17 Vi
E xten ded Is......................... 72

aP rlce per share,

b £ sterling.




Mon.

Tues

Wed.

24 11-•18 24 Vi
24 Vi
80 15-16 81 Vi
80 Vi
80 15-•10 81
81 3-16
98.55
98.65
98.60
75 Vi
74 Vi
75 Vi
9
9 Vi
9 Vi
113Vi
1 13 Vi
113 Vi
105
105
105
U 3 Vi
111Vi
111 Vi
93 Vi
93 Vi
93 Vi
186 Vi
186 Ji
186 Vi
86 Vi
88 Vi
86 Vi
114 Vi
143 Vi
143 Vi
29
29
29 Vi
42 Vi
41 Vi
4 1Vi
82
81
81 Vi
29 Vi
29 Vi
29 Vi
46
47 Vi
4 6 Vi
38
36
36
142
111
140
150 Vi
152 Vi
151 Vi
42
42 Vi
43 Vi
74
75
75
64
65
64
28 Vi
28 Vi
28 Vi
124
124 Vi
123 Vi
45
45
45 Vi
105
105 Vi
105 Vi
92 Vi
92 Vi
92 Vi
137
136 Vi
135 Vi
69 Vi
68 Vi
68 Vi
82 Vi
82 Vi
83 Vi
47
47
47
52 Vi
52 Vi
52 Vi
46 Vi
47 Vi
45 Vi
126 Vi
127Vi
126 Vi
20 Vi
27 Vi
27Vi
04
65
64 Vi
186
186 Vi
187 Vi
99
98 Vi
98 Vi
85
85
85 Vi
123
123 Vi
123 Vi
20 Vi
20 Vi
21 Vi
4.6
47 Vi
45 Vi
72
72 Vi
71 Vi
c Ex-dtvidend.

Thurs.

Frt.

24 15-16 24 13-16
81 Vi
81 Vi
81 3-16 81 3-16
98.57 Vi 9S.52Vi
73 Vi
c71 Vi
8Vi
8 Vi
112
cl 10 Vi
105
105
109 Vi
109 Vi
93
91 Vi
180 Vi
186 Vi
86
85 Vi
139 M
140 Vi
28
28
40
39Vi
79
80 Vi
28 Vi
28 Vi
46
45 Vi
36
35
140
139
149
149 Vi
U Vi
40Vi
74
73 Vi
64
64 Vi
28
28 Vi
122 Vi
121 Vi
44
44 Vi
104 Vi
102 Vi
92 Vi
92 Vi
133
131 Vi
68
67 Vi
81
81 Vi
47
4 6 Vi
52
50 Vi
44 Vi
43 Vi
124 Vi
123 Vi
26
25 Vi
62
62
184 Vi
183 Vi
98
97
83 Vi
82 Vi
122 >i
120 Vi
20
19 Vi
43
45Vi
69
70 Vi

is ce l Luxe oxxs IJn x rs

N A T IO N A L B A N K S O R G A N IZ E D .
A p r il 14 to A p r il 19.
T h e F ir s t N a tio n a l B a n k of D o w n e rs G ro v e , 111. C a p ita l, $ 3 5 ,0 0 0 .
J . W a rre n R o g e rs , P re s .; A u g u st J . S c h o en c ck e, V Ice-P res.
9 .7 2 6 — T h e F ir s t N a tio n a l B a n k of A rg o s, I n d . C a p ita l, $ 2 5 ,0 0 0 . E a r l R .
T a b e r , P re s .; A lfred A. H u ll,V Ic e -P re s .; D u n h a m C . P a r k e r , C ash ie r.
9 .7 2 7 — T h e G r a n th a m N a tio n a l B a n k , G r a n th a m , P a . (P . O ., R . F . D .
v ia M e c h a n tc sb u rg , P a .) . C a p ita l, $ 2 5 ,0 0 0 . A. B . M u sser, P re s .;
H e n r y W . F Ish e l, V Ice-P res.; P . A. F is h e l, C ash ie r.
9 .7 2 8 — T h e F ir s t N a tio n a l B a n k of C o llin s, M iss. C a p ita l, $ 2 5 ,0 0 0 . J . J .
S tu b b s , P re s .; C. H . R a m s a y , V Ic e -P re s .; H . A. D av is, C ash ie r.
C o n v ersio n of th e M e rc h a n ts & P la n te r s B a n k of C o llin s.
9 .7 2 9 — T h e G eo rg ia N a tio n a l B a n k of A lb a n y , G a. C a p ita l, $ 1 0 0 ,0 0 0 .
F . F . P u tn e y , P re s .; W . R . B a ld w in , .1. M . M c In to s h a n d W m . L .
D a v is , V ic e -P re sid e n ts; J . E . T o o le, C a sh ie r. C o n v ersio n of
G eo rg ia B a n k in g C o m p a n y .
9 .7 3 0 — " C o rn E x c h a n g e N a tio n a l B a n k of O m a h a ,” N eb . C a p ita l, $ 3 0 0 ,
000. J o s e p h H a y d e n , P re s .; T . E . S te v e n s , V Ice-P res.; J . W .
T h o m a s , C ash ie r.
9 .7 3 1 — T h e C ity N a tio n a l B a n k of C re te , N e b . C a p ita l, $ 2 5 ,0 0 0 . H . S .
F u lle r , P re s .; R a lp h D . B ro w n , V Ice-P res.; C. W . W e c k b a c k ,
C ash ie r; F . A. N o v a k , A s s is ta n t C ash ie r.
9 .7 3 2 — T h e P la n te r s N a tio n a l B a n k of E m p o ria , V a . C a p ita l, $ 2 5 ,0 0 0 .
W . W . G re e n , P re s .; J . \V . W e b b , F ir s t V Ice-P res.; R . L . P a ir ,
S eco n d V Ice-P res.; J . L . S u ite r , C ash ie r.
9 .7 3 3 — - " N a tio n a l B a n k of S u ffo lk ,” V a. C a p ita l, $ 1 4 0 ,0 0 0 . J a m e s L .
M cL c m o re, P re s .; R . A . P re tlo w , V Ice-P res.; A. W o o lfo rd , C ash ier;
C. E . H a r g r a v e , A sst. C a s h ie r. C o n v ersio n of B a n k of S u ffo lk .
CH A N G E O F C O R PO R A T E T IT L E .
6 ,1 6 9 — T h e C itize n s N a tio n a l B a n k of L iv in g s to n , T e x a s , c h a n g e d to th e
" F i r s t N a tio n a l B a n k of L iv in g s to n .”
L IQ U I D A T I O N .
5 ,9 8 3 — T h e F ir s t N a tio n a l B a n k of J a c k s o n , A la ., A p ril 18 1910.
9 .7 2 5 —

— “ Serving a State” is the title of a pamphlet just issued
by the office of D. Arthur Bowman, investment bonds,
Third National Bank, St. Louis, Mo. It describes in detail
the property of one of the leading Western corporations fur
nishing gas, electric light, heat, power and transportation
to over 6 0 % of the population of a State. The bonds on the
property in question are recommended strongly from an
investment standpoint, and pay a handsome revenue.

Canadian Bank Clearings.— The clearings for the week end
ing April 23 at Canadian cities, in comparison with the same
week of 1909, show an increase in the aggregate of 1 7 .0 % .
Week ending April 23.

1910.
C anada—
M ontreal ..........................
T oronto_______________
W in n ip eg _____________
V ancouver ........................
O ttaw a ..............................
Q u e b e c ..............................
H a lifa x _______________
H a m ilto n ..... ................ ..
St. J o h n ....... .......... ..........
L o n d o n ....... .......... ..........
C algary ---------------------V ictoria..............................
E d m o n to n ____ _______
R e g in a ____ _________
B randon ................. .... .

S
36,753,563
30,164,933
17,880,384
9,237,654
4,318,934
2,161,252
1,978,469
1,998,781
1,508,010
1,284,185
5,118,594
1,822,950
1,207,980
751,090
524,414

In c. or
De c.

1909.

1908.

1907.

$
$
$
%
35,296,303
+ 4.1 20,990,486 20,085,353
+ 8.0 19,952,002 22,075,978
27,939,463
13,855,536 + 29.0
7,815,045 11,077,948
5,068,745 + 82.2
2,842,975 3,433,833
4,115,261
+ 4.9
2,333,960 3,090,309
2,206,077
— 2.0
1,746,883
1,701,656
1,755,933 + 12.7
1,673,734
1,505,356
1,498,236 + 33.4
1,306,757
1,610,134
1,288,988 + 17.0
998,520
1,243,202
1,047,751
1,151,108 + 11.6
1,265,119
897,119
1,399,672
1,784,330 + 186.9
853,831
1,682,502
+ 8 .3
1,214,596
592,888
1,122,389
1,030,531 + 17.3
Not include d In tot ell.
N ot include d In tot al.

T otal C anada................ 115,435,695 98,673,613

+ 17.0 62,943,573

74,472,862

Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian II. Muller & Son:
lionds.

Stocks.

40
40
46
9
187
40
240
25

Blrclnvood Invest, cert, of int_ -$55
American Mail Steam ship C o .$335
N orthern B ank of N. Y __ 100-l04Vi
Amer. Round Bale Press. Co.
pref. and S84 37 sc rip ........... 2 Vi
Amer. Round Bale Press Co.
common and S50 scrip ____ S29
N at. Reserve B ank, N. Y......... 105
Title Insur. Co. of N. Y____ 140-141
Carnegie T ru3t Co......................150

$1,000 Calum et Club Bldg. Assn, of
Chicago 6s, due 1 9 0 1 .............. -.8 3 1 0
$200,000 C arbon Fuel A Iron Co.
1st 6s, 1929, M. A S.. March 1910
Coupons o n ..................... ......... $22,500
$2,800 Amor. Round Bale Press Co.
1st 6s, 1915, F. & A. and $12 50
s c rip _______ ________ — ............. 27 Vi
S I,000 Carbon Coal A Coke Co. 1st
5s, 1955, O ct. 1909, coup, a t ta c h .$32
$33,000 N ortham pton Portland Ge- _
m ent Co. 2d 5s, due 1 9 0 6 ........ $125

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

Dividends announced this week are ■printed in italics.______
Name o f Company.

R ailroads (Steam ).
A tch. Top. A S. Fe, com. (qu.) (No. 20)A tlantic Coast Line R R ., preferred_____
Central of New Jersey (q u a r.)---------------

Per
Cent.

When
Payable.

Hooks Closed.
Days Inclusive.

June
1 Holders of rec. April 29
May 10 April 30 to
May 10
May
2 April 12 to
May 2
Cleveland A Pittsburgh, reg. guar, (quar.).
1 Holders of rec. May 10
Juno
Special guaranteed (quar.) _____ ______
1 Holders of rec. May 10
June
Cripple Creek Central, p ref. (qu.) (No. 18)
1 Holders of rcc. May 20
June
Ga. Sou. A Florida, 1st and 2d p ref.........
to
May 10
May 10 May l
G reat N orthern (q u a r.)........... ...................
1H May
2 Holders of rec. April 9a
Mexican Railway, first preference.............
April 21
4
April 23 April 4 to
Second p referen ce.................................
April 21
1 7-16 April 23 April 4 to
Missouri K ansas A Texas, preferred . . .
May 16 Holders of rcc. Aprll30a
2
Morris A Essex Extension, g u a ra n te e d -. 2
2 Holders of rcc. Apr.25a
May
N ashua A Lowell. - ............. .........................
2 Holders of rec. AprlUSa
4 Vi May
Norfolk A Western, common ........................
lVi Juno 17 Holders of rec. May 31
Preferred (q u a r.)___________________
l
May 18 Holders of rec. April 30
N orthern Pacific (q u a r.)......................
2 Holders of rec. A prlll2a
1 Vi May
R eading Company, second preferred___
2
May 10 Holders of rec. Aprll22a
Holders of rcc. April 30
Rome W atertow n A Ogdensburg (quar.)
16
May
lVi
2 Holders of rec. Apr 15a
St. Louis A San F ran ., 1st prer. ( q u a r .) ..
1
May
2 Holders of rec. Apr. 15a
U tica Chenango A Stisq. Valley, g u ar’teed
May
3
V andalla ( q u a r .) ------------------ -------------lVi May 25 Holders of rec. May 14
Electric and Street R ailways.
2 Holders of rec. April 16
Cape Breton Elec. Co., pref. (No. 8) . . . . 3
May
2 Holders of rec. April 15
C olum bus(0.)R > \, p ref.(quar.) (No. 42)
1 « May
C onnecticut R v. A L tg .. com .A nref.(nu.)
Mav i t Mav 1 to
May 15
I
lVi
2 Vi
2
IVi
1
1
2 Vi

A p r . 30 1910.J

Name o f Company.

T H E
Per
Cent

Whea
Payable.

Books Closed.
Days Inclusive.

Electric and S tree t Railw ays (Concl.).
Dartmouth ifc Westport St. Ry. (quar.) ___

E ast S t. Louis & S ub., pref.(qu.) (N o.16)
G rand R apids R y ., pref. (quar.)(N o. 38)
H avana Electric R y ., com. (quar.)(N o. 6)
P referred (quar.) (No. 17)....... ..............
Lincoln Traction, pref. (quar.) ____ _____
Met. West Side Kiev., Chicago (quar.) ___
Mexico Tram w ays (q u a r.)........... ..............
Milwaukee E l. Ry. & L ., pf.(qu.)(N o.42)
M ontreal S treet Ity . (q u a r.)......................
Ohio Traction, preferred (quar.) _________
Philadelphia Com pany, com. (q u a r.)___
Public Service la v ., pref. (quar.) (No. 4)
Quebec R y ., Light & Power, p referred-.
Railways Co. General (q u a r.)..................
Rio de Janeiro T ra m .,L .& P .,L td .(au a r.)
Springfield & X enia R y ., pref. (q u a r.)..
T am pa Electric Co. (No. 2 1 ) ............... ..
Twin City R . T ., M lnneap., com . (q u .)_ .
Union St. R y., New Bedford (quaf.) ____
W est Penn R ys., pref. (quar.) (No, 1 8 )..
ttan k s.
A merican Exchange N ational....................
Bow ery (q u a r.)--------------- ------------------E x t r a ....... ......................................- ..........
Chemical N ational (b i-m o n th ly )---.........
City, N ational................- .............................
Corn E xchange (q u a r.)....... .........................
F id e lity ------------ ---------------- ----------------G e rm a n ia --------------- --------------------------E x tra ........................ ............ .....................
Greenwich (quar.) ........... .......... .......... ..........
Lincoln National (quar.) ...................... ........
Metropolis, Bank o f the (quar.). . ................
Nassau (N o. 114)_____________________
Pacific (q u a r.)............................ .......... ........
T rust Companies.
A stor (q u a r.)............................................... ..
Broadw ay (q u ar.)..................... ..................
C entral (e x tra)......... .....................................
F arm ers' Loan & T ru st (q u a r.)................
H am ilton, Brooklyn (q u a r.)........... ..........
Kings County, Brooklyn (q u a r.)...............
N assau, Brooklyn (q u a r.)____ _____ ____
People’s, Brooklyn (m onthly)....................
Miscellaneous.
A m algam ated Copper (q u a r.)....................
American Chicle, common (monthly) ____
Common (extra) .............................. ............
American District Telegraph o f N . Y ____
Am. Gas & E l., pref. (quar.) (No. 1 3 )..
AmerlcanGlue, common .................................
Common (extra) ....................- .....................
American Light & Traction, com. (quar.)
Common (stock dividend)......................
Preferred (q u a r.).......................................
American M alt Corporation, p re fe rre d .. .
American M alting, preferred ............... —
American Radiator, common (quar.) ____
Preferred (quar.) .........................................
American Steel Foundries (quar.) -----------American Telegraph A Cable, guar, (quar.)

Bergner & Engle Brewing, pref-------------

Bond A Mortgage Guarantee (quar.) ...........

Brill (J. G.) Co., pref. (q u ar.)....................
B ritish Columbia Packers' Ass’n, p re f..
Butte Coalition (quar.) ...................................
B utte Elec. & Pow ., pref.(qu.) (No. 35).
C am brla Steel (q u ar.)......... ............ ............
Casein Co., pref. (quar.) (No. 40).............
Claflln (II. B.) 1st pref. (q u ar.)........... ..
Second preferred ( q u a r .) - .- ..................
C omm onwealth-Edlson (q u ar.)..................
C om puting Scale (q u ar.)..............................
Consolidated Gas o f N . Y . (quar.) ________
Consolidation Coal (q u ar.)..........................
D istillers’ Securities Corp. (qu.) (No. 30)
Edison Elec. 111.,Boston (quar.)(N o.84)_
E x tra ............. ........ ....................................
Electrical Securities, preferred..................
Elec. Bond & Share, pref. (quar.) (N o.20)
Klcclric Properties, pref. (quar.) (N o. 14).
Fcderal Sugar Refining, pref. (q u ar.)___
General Chemical, common (quar.) ..............
G orham M anufacturing, common (quar.)
G reat Lakes Towing, com m on__________
G uanajuato Pow. & E l.,p f.(q u .) (No. 7 ).
Ingersoll-Rand, common (No. 1)................
Internat. Harvester, pref. (quar.) (N o. 13)
In tern atio n al Nickel, common ( q u a r .) .,.
Common (e x tra )..........................................
P referred (q u a r.)_____ _____________
In te rn a t. Smokeless Pow. & Chctn., pref.
In tern at.S team P u m p , pref.(qu.) (N o.44)
K ansas C ity Stock Yards (q u ar.)...........
Lehigh Coal A Navigation (No. 126)____
Mexican L ight & Power, preference----Michigan S tate Telephone, com. (q u a r .) ..
Prefcrred (q u ar.).......................................
Preferred (q u a r.).......................................
Mobllo E lectric Co., pref. (q u ar.)_____
M ontreal Light, H eat & Pow er.(q u ar.). Municipal Gas, Albany, N . Y . (quar. ) . . .
N ational L ead, preferred (q u ar.)_____
N evada-Caltfornla Power (quar.) (No. 7)
New C entral Coal....... ................ ...................
New England C otton Y arn, pref. (quar.)
Pacific Coast, com. (q u a r.)...........................
Common (e x tra )-.......................................
F irst preferred ( q u a r . ) __ I . ...................
Second preferred (quar.)
Second preferred (e x tra).........
"
Pennsylvania Steel, p r e f e r r e d ...! .” ” "
People’s G as Light & Coke ( q u a r.)..
Pope M anufacturing, prof, (q u a r.)____
Portland(O re.)G as& Cokc, pf. (q u .)(N o .lj
Pressed Steel Car, pref. (quar.) (No. 4 5 )..
P rocter & G am ble, common (q u a r.)____
Pullm an Company (quar.) (No. 173)----Q uaker O ats, pref. (q u a r.)..........................
Sears, Roebuck & Co., com. (q u a r.)----Siegel Stores Corporation, pref. (q u a r .) ..
Silversmiths Company (quar.) ............. ........
U nited Cigar Mfrs., com. (a u a r.)................
U nited D ry Goods, com. (q u a r.)................
U nited Electric Securities, preferred----U . S. Bobbin & S huttle, pref. (q u a r.)..
U. S. E xpress (No. 153)..............................
U. S. R ealty & Im provem ent ( q u a r.)..
U nited S tates R ubber, 1st pref. (q u a r .) ..
Second preferred (q u a r.)_____________
U. S. Steel Corp., com. (quar.) (No. 26)-Preferred (quar.) (No. 36)........................
W altham W atch, preferred..........................
W arwick Iron & Steel............. .....................
W hlte(J.G .) A C o.Inc., pref. (qu.) (No28)
W orthington (H enry It.), Inc. p ref-----

IX
IX
IX
IX
IX

X
IX

IX
2X
IX
IX
IX
3X
1
1

IX
4
IX

2

ix
5

3
5
2X
5
4
3
10
2X
2X
2X
4
4
2

l'A
12X

3
4
2
1

1
I
1

X

IX

2
1

2X
b2 X

IX
2X

$1 56
2
IX
IX
IX

S4
3

IX
3X

25c

IX
IX

2

IX
IX
IX
IX

1

IX
X
2X
X
2X
IX
IX
IX
IX
2X

2

IX
5
IX

1

X
ix
4
IX
IX
4
3X
IX
IX
IX
IX
IX
2X
IX
1
2
IX
IX
1
IX
IX
1
3X
IX
IX
elX
IX
3
2
IX
IX
IX

IX
ix

2
3X
IX

3

IX
2
IX
IX
IX

3
3
IX

3X

May
Holders of rec April 21
Holders of rec, , April 15
May
Holders of rec, April 15
May
April 23 to
May
May 31
April 23 to
May
May 31
April 27 to
May
May 1
May 18
May 31
June
to
April 16 to
April 30
May
April
Holders of rec. April 20
May
Holders of rec. April 13
May
Holders of rec. April 25
Holders of rec. April 1
May
_ Holders of rec. April 20
May
2 April 19 to
May
May 1
1 April 21 to
May
April 30
2 April 15 to
May
April 30
5 May 1 to
May
May 5
May 16 Holders of rec. May 2
May
2 Holders of rec. April 13
May
2 Holders of rec. April 21
May
2 April 22 to
May 9
May
May
May
May
May
May
May
May
May
May
May
May
May
May

Holders of rec. April 20
May 1
April 28 to
May 1
April 28 to
April 26 to
May 1
April 22 to
May 1
Holders of rec. April 22
April 29 to
May 2
Holders of rec. April 21
Holders of rec. A pril 21
April 27 to
May 1
Holders of rec. April21o
April 29 to
May 1
Holders of rec. April 30
April 20 to
May 1

May
May
May
May
May
May
May
May

Holders of rec. ApriI27a
April 21 to
April 30
Holders of rec. Aprll23a
April 24 to
May 1
Holders of rec. April 25
April 26 to
May 1
April 29 to
May 1
Holders of rec. April 30

May
May
May
May
May
May
May
May
May
May
May
May
June
May
May
June
May
May
May
May
June
May
May
May
May
May
May
May
June
April
April
May
May
May
May
May
May
June
May
June
May
April
June
June
June
May
May
May
May
May
May
June
May
Aug.
May
May
May
June
May
May
May
May
May
May
May
May
May
May
April
May
May
May
May
May
May
April
May
May
May
May
May
May
May
April
April
June
May
June
May
May
May

Holders of rec. April 30
May 15 to
M ay 20
May 15 to
May 20
Holders of rec. M ay la
M ay
April 24
May
April 27
M ay
April 27
April 17
May
April 17
May
April 17
May
April 16
April 16
May 2
June 23
J u n e 30
May 8
M ay 15
May
May 15
Holders of rec. M ay 31
Holders of rec. April 28
Holders of rec. May 7
April 28 to
May 1
May 10 to
May 20
May 18 to J u n e 7
Holders of rec. A prlllSa
Holders of ree. A pril 30a
May 1 to
M ay 9
Holders of rec. A pril 22
Holders of rec. April 22
April 21 to
May 2
April 21
to April 30
Holders of rec. May 18
April 24 to
May 1
Holders of rec. April 9a
Holders of rec. April 18
Holders of rec. April 18
Holders of rec. April 30
April 19 to
May 1
May 3 to
May 10
Holders of rec. Aprll29a
Holders of rec. M ay 20
Holders of rec. M ay 9a
May 17 to
Ju n e 1
April 21 to
M ay 1
Holders of rec. April 15
J 10
1 May 14 to
Ju n e 1
1 May 14 to
June 1
2 April 14 to
May 2
14 Holders of rec. April 30
2 April 20 to
May 10
2 Holders of rec. AprlU5a
27 Holders of rec. A pril 30
1 April 23 to
April 30
1 May 18 to
Ju n e 1
1 April 17 to
M ay 2
1 July 17 to
Aug. 2
14 May 1 to
May 10
15 Holders of rec. April 30
2 April 26 to
May 2
15 May 21 to
M ay 24
2 April 27 to
May 2
2 April 28 to
May 2
1
May 2
2 April 17 to
May 2
2 April 17 to
2 April 17 to
May 2
May 2
2 April 17 to
May 2
2 April 17 to
2 Holders of rec. April 16
25 Holders of rec. May 3
30 Holders of rec. April 23
2 April 26 to
May 1
25 May 5 to
May 24
14 Holders of rec.
16 Holders of rec. April 30
31 Holders of rec. May 2a
14 Holders of rec. April 30
30 Holders of rec. April 15
16 Holders of rec. May 10
1 Holders of rec. April 26
2 Holders of rec. April 22
2 Holders of rec. April21a
2 April 21 to
May 1
16 May
2 to
May 16
2 Holders of rec. April 22
30 Holders of rec. A p rill 5a
30 Holders of rec. Aprl!15a
29 June 10 to Ju n e 29
28 May
6 to
M ay 31
1 H olders of reci. May 10a
16 May
1 to May 16d
2 Holders of rec..April 22a
2 April 21 to

a T ransfer books not closed, b Payable In common stock, d Correction.
eThe above dividend Is for the q u arter ending April 30 1910: also declared a dividend
a t the ra te of 7% per annum for period from J a n . 10 1910 to J a n . 31 1910, gg|




1149

C H R O N IC L E

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending April 23.
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.
W e omit two ciphers (00) in all cases.
Banks.
00* omitted.

B ank of N. Y _.
M an h attan Co.
M erchants’ ___
Mech. & Metals
A m e ric a _____
P h e n ix _______
C ity --------------Chem ical_____
M erchants’ E x .
G allatin ______
B utch. & D ro v .
G reen w lch ___
A merican Exch.
Commerce.........
M e rc a n tile ___
Pacific .............
C h ath am _____
People’s ...........
H a n o v e r_____
Citizens’ C e n t..
N assau .............
M arket & F u lt.
M etropolitan ._
Corn Exchange.
Im p . & T ra d ers’
P ark’ .................
E a st R iver___
F o u r t h _______
S e c o n d ..............
F i r s t ..... ............
Irving E x c h ...
Bowery ...........
N. Y. C o u n ty ..
G erm an-A m er .
C hase_________
F ifth A v en u e..
G erm an E x c h ..
G e rm a n ia ____
L in co ln _______
G arfield______
F i f t h _______
M e tro p o lis__
W est Side____
S eaboard...........
L ib e r ty ___ .
N. Y JP ro d . E x.
S tate .................
14th S tree t___
Coal & Iro n ___

Capital.

Surplus.

S
2,000,0
2,050,0
: 2 ,000,0!
6,000.0!
1,500,0;
1,000,0;
25,000,0
3,000,0;
600,01
1,000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,0;
3,000,0
2,550,0!
n 500,0,
1,000,0;
2,000,0,
3,000,0;
1,500,0!
3,000,0!
250,0
5,000,0
1,000,0
10,000,0,
2,000,0
, 250,0
500,0
750,0;
5,000,0;
100,0,
200,0!
200,0;
1 ,000,0;
1,000,0;
250,0
1,000,0
200,0
1 ,000,0;
1,000,01
1,000,0
1,000.0
1,000,0
1,000,0

$
$
$
S
S
%
3,494,1
18,803,0
3,159,0 i 1,049,0
16,235,0 25.8
4,222,0
30,900,0
7,473,0i 1,680,0
35,000,0 26.1
1.770,6
19,183,0 3,597,0 1,422,0
19,464,0 25.7
7,796,6
53,755,2 12,683,7 1,180,2
53,136,5 26.0
5,931,1
23,825,3
3,856,6 1,907,2
23,359.4 24.6
713,0
7,167,0
1,269,0
6,089,0 26.2
288,0
30,897,3 170,688,7 34,547,3 4,960,0 156,483,6 25.2
6,295,2
28,557,5
4,745,1 2,095,1
26,507,7 25.9
566,0
6,710,2
1,720,4
175,4
7,015,5 27.0
2,507,0
7,990,4
1,090,2
433,8
6,020,7 25.3
157,7
2,320,2
576,5
2,441,0 26.3
66,6
813,4
7,725,9
1,892,1
196,7
8,665,8 24.1
5,366,2
29,092,7
3,903,7 2,053,7
22,157,9 27.0
16,381,0 142,126,6 22,385.2 8,363,1 119,051,1 25.9
2,627,2
13,848,2
1,687,1
997,4
10,237,4 26.2
905,5
3,717,1
597,7
450,5
3,500,0 29.9
1,050,7
7,279,2
830,1 1,110,6
7,729,0 25.1
468,7
2,048,2
502,9
128,7
2,167,1 29.1
11,581,1
62,504,5 12,876,5 7,051,7
72,017,6 27.9
1,600,9
23,842,9
5,991,1
322,9
24,139,6 26.3
502,9
955,2 1,029,3
7,001,8
7,932,3 25.0
1,692,5 1 8,607,8
1,426,9 1,080,4
8,611,0 29.1
1,444,6
11,097,3
2,504,5
202,3
10,830,5 25.0
5,395,3
41,136,0
9,351,0 4.837,0
50,132,0 28.3
7,539,5 25,993,0 3,919,0 2,352,0
23,871,0 26.2
10,290,4
78,504,0 20,902,0 1,523,0
87,240,0 25.7
108,4
1,408,0
387,0
88,0
1,635,3 29.0
5,614,5
24,500,0 3,712 0 2,100,0 22,173,0 26.6
1,998,6
13,425,0
13,337,0 25.4
3,149,0
250,0
20,302,4
98,887,4 20,580,0 1,809,3
86,548,5 125.8
26,671,2! 25.1
23,663,4
1,619,1
5,469,1
993,6
3,671,0! 25.6
823,1
3,449,5 M 880,0
61,0
7,964,9 24.3
1,643,7
1,269,2
7,983,5
634,6
211,9
3,812,6 25.3
4,020,1
753,6
673,9
80,003,0; 29.8
69,709,1 19,824,3 4,032,1
7,606,8
14,711,91 26.0
2,207,4
13,091,5 2,783,2 1,047.1
4,225,7 i:27.3
620,7
532,5
911,9
3,810,7
5,718,6,:24.8
516,7
1,021,8
4,978,0 r 902,8
17,008,3!:25.2
694,7
1,472,6
15,709,8 3,606,2
270,4
8,141,5 24.8
1,754,4
1,178,2
8,227,1
3,801,0,25.7
336,0
r 1489.9
3,518,6 e 641,0
11,132,8 25.5
656,3 2,184,7
2,067,6
11,262,6
5 ,0 33,025.6
222,0
1,069,0
1,057,4
4,379,0
4,027,0 1,473,0 21,188,0;25.9
1,900,2
18,550,0
18,897,6 i26.5
944,1
4,064,5
2,705,9
18,121,3
9,815,6 24.2
242,8
762,2
2,140,3
8,328,7
17,794,0|25.9
305,0
830,5
4,265,0
14,337,0
6,7 9 9 ,l|2 6 .0
682,6
325,2
1,129,6
5,944,7
5,542,0,26.4
505,0
349,6
960,0
5,589,0

Loans.
Average.

Specie.
Legals.
Average. Average.

Deposits. RcAverage. s’ve .

T otals, Average 130,350,Oj 185,325,6 1217,319,7 248,998,8 67,181,9 1204,660,3|26.2
Actual figures

April 2 3 .| ........... -

1220,871,7 245,890,0 68,136,7 1206,555,2|26.0

On th e basis of averages, circulation am ounted to $48,324,900 and U nited .S tates
deposits (Included In deposits) to $1.563,500: actu al figures April 23, circulation, $48
316,100; U nited S tates deposits, $1,570,000.

The State Banking Department also now furnishes weekl
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.
STA TE BANKS AND T R U S T CO M PA NIES.

Wee* ended A pril 23.

Trust Cos.
State Banks
State Banks
Trust Cos.
outside o f
outside o f
in
in
Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .

C apital as of M arch 2 5 . . .

S
26,225,000

S
64,625,000

S
•8,758,000

38,980,900

174,728,300

*10,719,766

Loans an d In v estm en ts..
Change from last w eek.

290,881,200 1,090,267,000
+ 130,900 + 5,521,600

91,479,000
+ 214,600

Specie .............
Change from la st w eek.

48,649,300
+ 1,971,400

120,703,000
+ 52,600

Legal-tenders & bk. notes
Change from la st w eek.

25,193,000
+ 88,800

12,487,900
— 177,000

Surplus as of M arch 2 5 .. .

Deposits _____ ________
Change from last week.

337,992,300 1,136,224,500
+ 1,840,100 + 14,137,000

95.767,400
+ 247,600

Reserve on deposits.........
Change from la st week.

94,709,900
+ 1,918,300

138,656,400
+ 42,400

19,271,100
+ 124,000

P . C. reserve to deposits.
P ercentage la st w eek ..

*28.3%
28.0%

15.6%
15.6%

20.8 % \
20.7% i g

S ’***'* (
*7,975,000
. .«
^
*10,652,956
;
.
136,192,700
+ 27,000
-»I

142,357,200
—45,900
K4|
18,814,000
+ 80,500
4 .i
13.9% i
13.8% ;]

+ Increase over la st week.

— Decrease from last week. * As of Nov. 16 1909.
“ Reserve on deposits” In
cludes, for both tru s t companies and S tate banks, n o t only cash Items, b u t am ounts
due from reserve agents. T ru st companies in New Y ork S tate are required by
law to keep a reserve proportionate to th eir deposits, th e ratio varying according
o location as shown below. The percentage of reserve required Is com puted on
the aggregate of deposits, exclusive of moneys held In tru s t and n o t payable w ithin
th irty days, and also exclsuive of tim e deposits n o t payable w ithin 30 d ay s, repre
sented by certificates, and also exclusive of deposits secured by bonds of the S tate
of New Y ork. The S tate banks are likewise required to keep a reserve varying
according to location, b u t In this case th e reserve Is com puted on th e whole am ount
of deposits, exclusive of deposits secured b y bonds of th e S tate of New Y ork.
— Trust Cos .—
— State Banks—
N ote. — ’’Surplus” Includes all undivided profits.

Reserve Required fo r Trust Companies
and State Banks.
Location —

Total
Of
Tntnl
Of
Reserve
which Reserve
which
Required in Cash.Required, in Cash.

M anhattan B orough.................................................. .-15%
B rooklyn B orough(w lthout bran cle? In M an h at.).-15%
O ther Boroughs (w ithout branches in M anhattan) •15%
Any Borough w ith branches In M an h attan ........... ..15%
Elsewhere In S ta te — ................................................ .10%

15%
10%
10%
15%
5%

25%
20%
15%
25%
15%

15%

10%
7X %

15%
6%

THE CHRONICLE

1150

T h e B a n k in g D e p a r tm e n t a lso u n d e r ta k e s to p r e s e n t
s e p a r a te fig u res in d ic a tin g th e t o t a ls for th e S t a t e b a n k s a n d
tr u s t c o m p a n ie s in th e G re a ter N e w Y o r k not in the Clearing
House. T h e s e fig u res are s h o w n in th e ta b le b e lo w , a s are
a lso th e r e s u lts (b o th a c tu a l a n d a v e r a g e ) for t h e C learin g
H o u s e b a n k s . I n a d d itio n , w e h a v e c o m b in e d e a c h corre
sp o n d in g it e m in th e tw o s t a t e m e n t s , th u s a ffo r d in g a n a g g r e 
g a te fo r th e w h o le o f th e b a n k s a n d tr u s t c o m p a n ie s in th e
G rea ter N e w Y o r k .
NEW YORK CITY BANKS AND TRUST COMPANIES.
W eek ended A p r il

C le a r .-H o u s e
H anks.
A c t u a lF lg u r e s

23.

C le a r .-H o u s e S ta te B a n k s A
T r u s t C os. not
B anks.
A verage.
in C .-H . A v e r.

T o ta l o f a ll
B anks A T ru st
C o s. A v e r a g e .

S
S
S
■l
$
74,900,000 205,250,000
Capital |Nat. banks | 130,350,000 130,350,000
| March 2 |
183,344,700 368,670,300
Surplus IState Banks) 185 325,600 185,325,600
1 March 25. J
Loans and Investments 1,220,871,700 1,217,319,700 1,180,045,000 2,397,364,700
Change from last week + 7,167,200 —9,163,300
+ 5,500,300 —3,663,000
Deposits..................... 1,206,555,200 1,204,660,300 a l,138,036,100 2,342,696,400
Change from last week +7,376,700 —7,802,500
+2,398,300 —5,404,200
Specie------------------Change from last week

245,890,000
—2,404,700

248,998,800
+ 986,900

127,143,800
+ 88,000

376,142,600
+ 1,074,900

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

68,136,700
+ 1,667,600

67,181,900
+ 1,098,100

621,063,900
—269,600

88,245,800
+ 828,500

Aggr’te ssoney holdings
Change from last week

314,026,700
—737,100

316,180,700
+ 2,085,000

cl48,207,700
—181,600

464,388,400
+ 1,903,400
23,481,400
—85,100

316,180,700
+ 2,085,000

23,481,400
—85,100
171,689,100
—266,700

Money on deposit with
Change from last week
314,026,700
—737,100

Total reserve-............
Change from last week
Percentage to deposits
requiring reserve---Percentage last week.

487,869,800
+ 1,818,300

17.1%
17.2%

26.06%
26.28%

26.27%
25.93%

12,387,900

15,015,625

4- Increase over last week. — Decrease from last week.
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 $1,248,670,700, an Increase of $13,914,600 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
$15,016,800 and trust companies $133,190,900.
T h e a v e r a g e s o f th e N e w Y o r k C le a r in g -H o u s e b a n k s
combined, w ith th o s e fo r th e S t a t e b a n k s a n d tr u st c o m p a n ie s
in G rea ter N e w Y o r k o u ts id e o f th e C lea rin g H o u s e c o m p a r e
a s fo llo w s fo r a se r ie s o f w e e k s p a st:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e o m i t tw o c ip h e r s i n a ll th ese f ig u r e s . _____________
W eek
E nded.

Feb.
Mch
Mch.
Mch.
Mch.
April
April
April
April

Loans and
I n v e s tm e n ts .

26..
5 ..
12..
19..
26..
2 ..
9 ..
16..
23..

S
2,380,174,4
2,391,964.9
2,400,819,5
2,403,002,1
2,408,505,6
2,427,633,6
2,419,123,5
2,401,027,7
2,397,364,7

D e p o s its .

S p e c ie .

S
2,348,306 4
2.353,110,9
2,360,577,2
2,360.803,1
2,366,456,3
2,388,538,1
2.369,347,3
2,348,100,6
2,342,696,4

$
390,026 0
386,325,8
385,469,1
383,205,5
385,423,9
382,307.5
373,442,8
375,067,7
376,142,6

T o t . M o n e y E n t ir e R e s .
H o l d in g s . o n D e p o s it.

L e g a ls .

S
88,380 7
85,917,9
84.186.8
84,008,7
85.002.2
87,242.2
87,125,7
87,417,3
88,245,8

$
478,406 7
472,243,7
469,655.9
467.214,2
470,426.1
469,549.7
460,568,5
462,485,0
464,388,4

S
501,339,3
496,517,7
494,387,6
490,676,7
494,531,6
494.252,7
485,728,8
486,051,5
487,869,8

Reports of Clearing Non-Member Banks.— T h e fo llo w in g is
th e s t a t e m e n t o f c o n d itio n o f th e c le a r in g n o n -m e m b e r b a n k s
fo r th e w e e k e n d in g A p ril 2 3 , b a s e d o n a v e r a g e d a ily r esu lts:
W e o m i t tw o c ip h e r s (00) i n a ll th ese f ig u r e s .
L oans.

to

B anks.

C a p i
ta l.

S ur
p lu s.

and
In v e st
m e n ts .

Legal
b ruler
A tflULI
S p e c ie .
and
Bank
N o te s .

D e p o s it w ith
C le a r 
in g
A g e n t.

O th er
N et
B a n k s , D e p o s its .
A c.

W e o m i t ttco c ip h e r s
C a p ita l
and
S u r p lu s .

B anks.

Boston.
Apr. 2 ..
Apr. 9 ..
Apr. 16. .
Apr. 23..
Phlla.
Apr. 2 ..
Apr. 9 ..
Apr. 16. .
.Apr. 23..

S
Wash.Hgts. 100,0
200,0
Century . . .
Colonial . . .
400,0
Columbia. . 300,0
Fidelity . . . 200,0
Jefferson-.. 500,0
Mt. Morris- 250,0
Mutual ___ 200,0
Plaza ____
100,0
23rd Ward. 200,0
Union Exch 1,000,0
Yorkvllle . . 100,0
New Neth’d 200,0
Batt.Pk.Nat 200,0
Aetna Nat. 300,0

L oans.

$
40,300,0
40,300,0
40,300,0
40,300,0

5
207,979,0
211,367,0
211,049,0
212,715,0

56,315,0
56,315,0
56,315,0
56,315,0

262,251,0
264,302,0
262,973,0
260,017,0

(00) i n

a ll th es e f ig u r e s .

S p e c ie .

L e g a ls.

S
22,196,0
23,470.0
24,047,0
24,275,0

$
3,800,0
4,093,0
4,591,0
4,530,0

D e p o s its ,

70,746,0
68,524,0
67,906,0
69,784,0

a

C irc u 
l a tio n .

C le a r in g s .

$
263,066.0
255,085,0
259,272,0
258,985,0

$
7,117,0
7,135,0
7,126,0
7,111,0

$
190,750,6
160,955,3
163,596,1
144,033,1

309,636,0
307,811,0
307,382,0
305,006,0

16,349,0
16,348,0
16,340,0
16,324,0

159,676,5
155,506,2
152,914,7
148,810,0

a Including Government deposits and the Item "due to other banks.” At Boston
Government deposits amounted to $3,036,000 on April 23, against $3,026,000 on
April 16.
Imports and Exports for the Week.— T h e fo llo w in g are
th e im p o r ts a t N e w Y o r k for th e w e ek e n d in g A p ril 23;
a lso to ta ls sin c e th e b e g in n in g o f th e first w e e k in J a n u a ry :
FOREIGN IMPORTS AT NEW YORK.
$1,715,482
10,979,348

$2,900,549
14,749,971

$2,434,377
17,317,818

1907.

1908.

1909.

1910.

F o r W eek.

Dry Goods................. .........
General Merchandise_____

$2,950,779
14,719,525

Total .
$19,752,195 $17,650,520 $12,694,830 $17,670,304
S i n c e J a n . 1.
Dry Goods______________ $55,638,610 $57,378,892 $42,529,818 $63,136,949
General Merchandise.-........ 261,128,015 218,090,283 151,113,500 231,071,354
Total 16 weeks................. $316,766,625 $275,469,175 S193,643,318 $294,208,303
1'
T h e fo llo w in g is a s t a t e m e n t o f th e e x p o r ts ( e x c lu s iv e o f
sp e c ie ) from th e p o r t o f N e w Y o r k to fo r e ig n p o r ts for th e
w e ek e n d in g A p ril 23 a n d from J a n . 1 to d a te :
EXPORTS FROM NEW YORK FOR THE WEEK.
1910.
1908.
1907.
1909.
For the week__
$13,541,729 $14,569,011 $12,629,348 $14,849,398
Previously reported
.... ......... 188,208,091 184,989,861 211,252,876 198,172,983
Total 16 weeks............. . $201,749,820 $199,558,872 $223,882,224 $213,022,381
T h e fo llo w in g ta b le sh o w s th e e x p o r ts a n d im p o r ts o f
sp ec ie a t th e p o r t o f N e w Y o r k for th e w e ek e n d in g A p ril 2 3
a n d sin c e J a n . 1 1 9 1 0 , a n d for th e c o rr esp o n d in g p e r io d s in
1 909 a n d 1908:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Im ports.

E x ports.

Qold.

Week.

Since Ja n .

1

W eek.

Since Ja n .

I

Great Britain________________ $3,500,000 $14,150,000
S7.115
France ____
3,345,375
Germany .......................................
4,455 .............
’ ' 97",967
West Indies.......................... .........
200 3,236,787
62,052
Mexico _____ _______________
$1,481
970,279
South America________________ 3,118,020 8,191,852
45,465
25,500
386,698
All other countries_____________
5,485
$52,431 $4,869,486
Total 1910-...................... .......... $6,618,220 $25,608,594
111,286 4,393,816
Total 1909.................................. 2,600,250 41,536,080
72,103 9,088,655
Total 1908............. .................... 0.567,335 8,461,764
Silver.
$9,459
Great Britain ___
$596,137 $12,118,563
644
720,150
53,300
France 6,535
421,345
Germany _________
21,863
$272
833
32,416
West Indies____
336,966
6,355
Mexico _____________________
430,915
2,473
South America
14,805
374,087
936
1,450
700
All other countries.............. ..........
Total 1910...................................
Total 1909...................................
Total 1908...................................

$10,036 $1,180,469
82,316 1,430,749
50,100 1,041,596

$650,970 $13,308,729
729,870 14,648,877
907,968 13,270,772

O f th e a b o v e im p o r ts for th e w e e k in 1 9 1 0 , $ 2 6 5
w ere A m erica n g o ld c o in a n d $ .... A m e ric a n silv e r c o in .
O f th e e x p o r ts d u rin g th e sa m e tim e , $ 6 ,5 8 9 ,0 0 0 w ere A m eri
ca n g o ld c o in a n d $ 9 0 0 w e re A m e ric a n s ilv e r c o in .

N. Y. City
B o roughs o f
M a n . A B rx.

[VOL. LXXXX

gitnHtutj an d f i n a n c i a l
t

259,6
154,3
334,3
447,5
168,0
510,2
307,7
353,4
433,2
109,0
936,4
445,7
257,5
149,8
319,1

B o ro u g h o f
B r o o k ly n .

$
$
$
1,339,0 135,0
76,0
1.510,1
18,8 191,5
5,906,2 778,7 440,0
5,699,0 650,0 591,0
1,265,9 111,8
66,6
22,3 537,7
3,645,2
30,1
2,943,3 546,6
32,0 612,5
3,811.4
4,203,0 322,0 427,0
51,3
1,832,3 152,9
8,349,3 1,101,0 1,000,0
42,3 739,4
4,108,5
85,0
2,372,0 255,0
35,7
1,201,5 240, li
30,9
1,866,7 390,8

542,4 3,195,9
Broadway . 200,0
807,3 5,778,6
Mfrs.' Nat. 252,0
887,9 10,922,9
Mechanics’.. 1,000,0
985,0 6,957,0
NassauNat. 750,0
604,0 3,837,0
Nat. Clty.. 300,0
140,6 1,826,1
North Side. 200,0
591,3 3,389,0
First Nat.. 300,0
Jersey City.
First Nat.. 400,0 1,249,2 4,775,6
740,3 2,687,7
Hud.Co.Nat 250,0
Third N at.. 200,0
389,7 1,962,3
Hoboken.
First Nat.. 220,0
630,5 2,798,3
Second Nat. 125,0
243,9 2,649,0

$
192,0
75,0
784,2
879,0
188,0
334,3
415,4
567,6
737,0
190,4
235,0
293,9
305,0
139,8
134,8

359,9
29,0 497,7
835,6
522,4 233,1
305,2 1,171,9 1,307,0
560,0 276,0 1,178,0
586,0
107,0 589,0
262,1
129,8 105,9
469,0
70,0
316,0
291,2 354,4 2,031,7
225,5
30,4
118,9
398,4
52,4 113,3
105,3
89,3

26,4
97,2

111,2
67,9

Tot. Apr. 23 | 8,447,0 12,997,8 100832,8 7,425,8 ’8,480,0 13,303,7
Tot. Apr. 16 8.447,0 12,997,8 100141,2 7,461,1 8,560,7 13,791,3
Tot. Apr. 9, 8,447.0 12,907,8 99,849,3 7,425,4 8,746,1 14,817,3

$

27", I

$
1,354,0
1,711,2
7,289,2
7,266,0
1,154,7
3,779,9
3,824,8
4,533,9
5,160,0
2,031,3
8,352,0
5,295,4
2,623,0
1,278,1
1,695,1

303,0
127,0
225,6
__
129,0
101,9
, 38,0

3,822,8
6.369,2
13,749,0
7,105,0
4,817,0
2,166,9
3,160,0

203,1
___
199,9
100,8
5,3
___
255,3
20,0

189,0 6,123,3
130,7 2,407,4
22,8 2,189,1
170,5 2,495,6
261,3 2,933,0
2,510,3 114686,9
2,587,3 114554.7
2,740,2|U5882,1

Boston and Philadelphia Banks.— B e lo w is a su m m a r y o f
th e w e e k ly to t a ls o f th e C le a rin g -H o u se b a n k s o f B o s t o n a n d
P h ila d e lp h ia .




INVESTMENT SECURITIES
Our eight-page circular No. 687 describes several Issues of sound
investm ent bonds yielding about 4 f t to 5 H % •

Spencer T ra s k

&

C o*

43 EXCHANQE PLACE. - - - NEW YORK
Branch offices: Chicago, III.. Boston, Mass., Albany. N. Y.

M

f f a t
& W
h i t e
BANKERS
Members New York Stock Exchange
5 NASSAU ST R E ET .
TH E R O O K E R Y .
NEW YORK
CHICAGO
o

BANK ING and EXCHANGE of every description In connection with

EXPORTS & IMPORTS

International Banking Corporation
60 Wall St.. New York.
BRANCHES and

CAPITAL

&

T H E IN T E R N A T IO N A L
Organized under the Laws of N. Y. State.
Accounts Invited.

SURPLUS. 56,500,000

AGENCIES throughout tho W ORLD.

BANK
60 Wall St., New York

Interest paid on Term Deposits.

THOMAS H. HUBBARD. President.

A pr . 30 1910.]

THE CHRONICLE

jg a ttk m *

(£ > tiz e tU «

Wall Street, Friday Night, April 2!) 191 0 .
T h e M o n e y M a rk et a n d F in a n c ia l S it u a t io n .— T h e b u sin e ss
o f th e w e e k in W all S tr e e t h a s b e e n carried o n u n d e r d e p r e ss
in g in flu e n c e s . O n M o n d a y rep o rts o f e x t e n s iv e d a m a g e to
th e c o tto n a n d fr u it cro p s in th e S o u th a n d o f th e e n g a g e m e n t o f a v e r y la rg e a m o u n t o f g o ld for e x p o r t c a u se d a
sh a rp d e c lin e in p r ice s a n d th e m o v e m e n t w a s a u g m e n te d
la te r in th e w e ek b y a n a d v a n c e in call lo a n r a te s to 7 % , th e
h ig h e s t q u o ta tio n s sin c e e a r ly in J a n u a r y .
T h e lo ss o f u p w a r d s o f $ 3 0 ,0 0 0 ,0 0 0 o f g o ld e x p o r te d
d u rin g th e m o n th , th e n ear a p p ro a c h o f M ay 1st s e t t le m e n t s
a n d th e e x is t in g s t a t e o f a ffairs in th e c o tto n m a r k e t h a v e
m a d e i t d e sir a b le , or n e c e s sa r y , for b a n k s to r ed u ce th e ir
lo a n a c c o u n ts a n d th e r esu lt h a s b e e n c o n sid e r a b le m ore or
le s s fo rced s e llin g o f se c u r itie s a n d a c o rr esp o n d in g d e c lin e in
v a lu e s . T h is d e c lin e carried p rices in a c o n sid e r a b le n u m b e r
o f c a se s, a s n o te d in d e ta il b e lo w , to a n ew low record for th e
year.
T h e rep o rts o f crop d a m a g e Were, o f c o u r se , e x a g g e r a te d
a n d th e g o ld -e x p o r t m o v e m e n t s e e m s , for th e p r e se n t at
le a s t, to h a v e co m e to a n e n d . F ro m w h a te v e r c a u se , th e r e
is a n im p r o v e m e n t in th e to n e o f th e m a r k e t to -d a y a n d a
su b s ta n tia l r ec o v er y from th e lo w q u o ta tio n s o f T h u r s d a y .
M o reo v er, call lo a n r a tes are e a sier th is a fte r n o o n a n d th e
e x p e c te d e x c it e m e n t a t th e C o tto n E x c h a n g e d id n o t m a te r i
a liz e .
T h e o p e n m a r k e t r a te s for call lo a n s a t th e S to c k E x c h a n g e
d u rin g th e w e ek o n s to c k a n d b o n d c o lla te r a ls h a v e ra n g e d
fro m 'lYi to 7 % . T o - d a y ’s r a te s o n call w ere 2 K @ 6 % % .
C o m m ercia l p a p e r q u o te d a t 4 j^ @ 5 % for 60 to 9 0 -d a y e n 
d o r s e m e n ts , 4 Y @ 5 % for p r im e 4 to (> m o n th s ' sin g le n a m e s
a n d 5 J 4 @ 6 % fo r g o o d s in g le n a m e s.
T h e B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
sh o w e d a n in c re a se in b u llio n of £ 4 0 4 ,0 3 6 a n d th e p e r c e n ta g e
o f reser v e to lia b ilitie s w a s 5 0 .7 0 , a g a in s t 5 0 .6 8 la s t w e e k .
T h e r a te o f d is c o u n t r e m a in s u n c h a n g e d a t 4 % , a s fix ed
M arch 17. T h e B a n k o f F r a n c e sh o w s a d e c re a se o f 1 5 ,7 5 0 ,
0 0 0 fr a n c s g o ld a n d a n in c re a se o f 1 ,1 7 5 ,0 0 0 fr a n c s s ilv e r .
NEW YORK CITY CLEARING HOUSE BANKS.
1910.
A verages f o r
w e e k e n d in g
A p r i l 23.

D iffe r e n c e s
fr o m
p r e v io u s w e e k .

1909.
A verages f o r
w e e k e n d in g
A p r i l 24.

1908.
A verages f o r
w e e k e n d in g
A p r i l 25.

S
S
S
S
Capital - ......... ...........
130,350,000
126,350,000 124.350.000
Surplus____________
185,325,600
168,697,100 159.984.000
Loans and discounts... 1,217,319,700 Dec. 9,163,300 1,339,585,500 1,190,518,200
Circulation.................
48,324,900 Dec.
89,700
49,260,500
59,365,500
Net deposits_______ 1,204,000,300 Dec. 7,802,500 !,389 ,383,700 1,250,903,800
U. S. dcp. (lnei. above)
1.563,500 Dec.
5,500
2,371,700
43,534,900
Specie . _
.
248,998,800 Inc.
986,900 280,513,500 304,738,100
Legal tenders . . ____
67,181,900 Inc. 1,098,100
76,909,800
66,972,600
Reserve held.............. 316,180,700 Inc. 2,085,000 357.453,300 371,710,700
25% ot deposits_____
301,165,075 Dec. 1,950,625 347,345,925 312,725,950
Surplus reserve........
15,015,625 Inc. 4,035,625
10,107,375
58,984.750
Surplus, cxcl. U. S. dcp
15,406,500 Inc. 4,034,250
10,700,300
69,868,475
N o t e . —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 separate banks, also the summary Hsucd by the
State Banking Department, giving the condition of State banks and trust companies
not reporting to the Clearing House, appear on the second page preceding

F o r e ig n E x c h a n g e .—-G reat irr e g u la r ity h a s c h a r a c te r iz e d
fo r eig n e x c h a n g e f lu c tu a tio n s th is w e e k , o w in g , first, to a
r e d u c tio n in th e p rice o f A m e ric a n e a g le s in L o n d o n a n d la te r
to a rise in call m o n e y h ere to 7 % . T h e u n d e r to n e a t th e
c lo se is, h o w e v e r , q u ite firm .
T o - d a y ’s ( F r id a y ’s) n o m in a l r a te s for ste r lin g e x c h a n g e
w ere 4 8 5 fo r 6 0 -d a y a n d 4 8 8 Y for s ig h t. T o - d a y ’s a c tu a l
r a te s fo r s te r lin g e x c h a n g e w ere 4 8 4 4 0 @ 4 8 4 5 0 for 60 d a y s ,
4 8 7 6 0 @ 4 8 7 7 0 for c h e q u e s a n d 4 8 8 1 0 @ 4 8 8 2 0 for c a b le s .
C o m m ercia l o n b a n k s 4 8 4 0 5 @ 4 8 4 1 5 a n d d o c u m e n ts for p a y 
m e n t 4 83% @ 4 84 j/£. C o tto n for p a y m e n t 4 8 3 ^ @ 4 8 3 ^
a n d g ra in fo r p a y m e n t 4 8 4 % @ 4 8 4 % .
T o - d a y ’s ( F r id a y ’s) a c tu a l r a te s for P a ris b a n k e r s ’ fr a n c s
w ere 5 1 9 % @ 5 18% le s s 1-10 for lo n g a n d 5 17% le s s 1 -3 2 @
5 17% fo r s h o r t.
G er m a n y b a n k e r s’ m a r k s w ere 9 4 % @
9 4 1 3-16 for lo n g a n d 95 3 -1 6 le s s l- 3 2 @ 9 5 3 -1 6 fo r sh o r t.
A m s te r d a m b a n k e r s ’ g u ild e r s w ere 4 0 .2 9 @ 4 0 .3 l for sh o r t.
E x c h a n g e a t P a r is on L o n d o n , 2 5 f. 2 5 c .; w e e k ’s r a n g e,
2 5 f. 2 7 c . h ig h a n d 2 5 f. 2 4 % c . lo w .
E x c h a n g e a t B erlin on L o n d o n 2 0 m . 5 0 p f.; w e e k ’s ra n g e ,
2 0 m . 5 0 % p f. h ig h a n d 2 0 m . 4 9 % p f. lo w .
T h e ra n g e o f fo r eig n e x c h a n g e for th e w e ek fo llo w s:
C h e q u e s.
S te r lin g . A c t u a l —
S ix ty D ays.
C a b le s.
4 8810
High for the week_________ 4 85
4 8800
4 8760
Low for the week................... 4 81%
4 8805
D a r ts H a n k e r s ' F r a n c s —
High for tlie week __...............5 18% lest 1-10 5 10% less 1-16 5 1 0 %
Low for the week____ ___ 5 1 0 % less 1-16 5 1 7 % less 1-32 5 1 0 % less 1-10
G erm a n y H ankers' M a rk s —
05%
High for the week................. 91 13-16
05%
Low for the week.................. 0 4 %
94 3-16 less 1-32 0 5 % less 1-32
A m s t e r d a m H a n k e r s ' G u ild e r s —
40 34
High for tlie week............... _ 40 1-16
40 .37
Low for the week................... 40
40 29
40 32
T h e fo llo w in g are th e r a te s for d o m e stic e x c h a n g e a t th e
u n d e r -m e n tio n e d c itie s a t th e clo se of th e w eek : C h ica g o ,
5 c . per $ 1 ,0 0 0 p r e m iu m .
B o s to n , 5 c . p er $ 1 ,0 0 0 d is c o u n t
a n d p a r for c a sh . S a n F r a n c isc o , 2 0 c . p er $ 1 ,0 0 0 p r e m iu m .




1151

S a v a n n a h , b u y in g , 3 -1 6 d isc o u n t; s e llin g , p a r. S t . L o u is ,
3 0 c . p er S I , 0 0 0 p r e m iu m . C h a rle sto n , b u y in g , par; s e llin g ,
1-10 p r e m iu m .
N e w O rlea n s, c o m m e r c ia l, SI p er S I , 0 0 0
d isc o u n t; b a n k , 9 0 c . p er S I , 0 0 0 p r e m iu m . S t . P a u l, 5 0 c . p e r
S I , 0 0 0 p r e m iu m . M o n trea l, p ar.
S ta te a n d R a ilro a d B o n d s .— S a le s o f S t a t e b o n d s a t th e
B oard in c lu d e S 6 ,0 0 0 N e w Y ork S ta te 4 s, 19 6 0 , a t 1 0 6 ^ to
1 0 6 ^ , a n d $ 1 0 ,0 0 0 V irg in ia 6 s d eferred tr u s t r e c e ip ts a t
45 a n d 4 6 .
T h e m a r k e t for r a ilw a y a n d in d u stria l b o n d s h a s. in s y m 
p a t h y w ith th e sh a re s d e p a r tm e n t, b een w e a k .
T h e tr a n s 
a c tio n s in c re a se d from d a y to d a y a s p r ic e s w e n t d o w n , b e 
g in n in g w ith le s s th a n $ 1 ,8 0 0 ,0 0 0 , p ar v a lu e , o n M o n d a y a n d
in c r e a sin g to o v e r $ 3 ,4 0 0 ,0 0 0 o n T h u r s d a y .
P rices fell off
g e n e r a lly from 1 to 3 p o in ts or m o re, th e c o n v e r tib le issu e s
le a d in g in th e m o v e m e n t.
W a b a sh ref. a n d e x t . 4 s h a v e b een u n u s u a lly a c t iv e a n d
c o v e r e d a r a n g e o f 4 p o in ts .
N o r fo lk & W e ste r n 4 s c o v e r e d
n e a r ly 3 p o in ts , A tc h is o n 3 % a n d o th e r a c t iv e b o n d s a n a r 
row er r a n g e.
U n it e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s a t th e
B o a r d are lim ite d t o $ 2 ,0 0 0 3 s, c o u p ., a t 1 0 2 % . T h e fo l
lo w in g are th e d a ily c lo s in g q u o ta tio n s; for yearly range see

third page folloiving.

In te r e s t
P e r io d s

2s,
2s,
3s,
3s,
4s,
4s,
2s,
2s,
*

1930 ........ . . . registered Q —Jan
1930_____ ......... coupon Q—Jan
1908-18... — registered Q—Feb
1908-18... ......... coupon Q—Feb
1925 ........ . . . registered Q—Feb
1925..........
Q—Feb
1936.Panama Canal regis Q—Feb
1938.Panama Canal rgels Q—Nov

A p r il

23

A p r il

25

A p r il

26

A p r il

27

A p r il

28

♦100 %
*100%
* 102 %
* 102 %

♦100% *100% *100%
*100% *100% *100%
*102% *102% *102%
102 % *102 % *102%
* 1 1 4 % *114% *114% *114%
*m% *114% *114% *114%
*100% *100% *100% *100%
♦100% *100% *100% *100%

A p r il

29

*100% *100%
*100% *100%
*102% *102%
*102% *102%
*114% *114%
*114% *114%
*100% *100%
*100% *100%

This Is the price bid at the morning board; no s a le was made.

R a ilro a d a n d M is c e lla n e o u s S t o c k s .— F o r r ea so n s n o te d
a b o v e th e s to c k m a r k e t h a s b e e n e x c e p t io n a lly w e a k .
L iq u id a tin g s a le s c a u se d a s te a d y in c re a se in th e tr a n s a c tio n s
from a b o u t 5 7 8 ,0 0 0 sh a re s o n M on d ay to o v e r 1 ,2 8 6 ,0 0 0
sh a re s on T h u r s d a y . T h e d e c lin e in p r ice s, a m o u n tin g t o
from 3 to 7 p o in ts , in c lu d e d all c la sse s o f s to c k s — in d e e d , w a s
u n iv e r sa l— a n d a c o n sid e r a b le n u m b er o f im p o r ta n t is s u e s
reco rd ed o n T h u r s d a y th e lo w e s t q u o ta tio n s o f th e y e a r .
A lis t of th e la tte r in c lu d e s A tc h is o n , S t . P a u l, N o r th W e st
ern , N o r th e rn P a cific, S o u th e r n P a cific, U n io n P a cific a n d
B a ltim o r e & O h io of th e r a ilw a y g ro u p a n d A n a c o n d a M in in g ,
A m a lg a m a te d C op p er, S te e l p referred , G en eral E le c tr ic a n d
C o n so lid a ted G as o f th e in d u str ia ls . B e fo r e th e c lo se o n
T h u r s d a y th e r e w a s a s lig h t r e c o v e r y fro m th e s e p r ice s, a n d
t o - d a y th e r e h a s b e e n a s u b s ta n tia l g a in , a m o u n tin g in a fe w
c a se s to 3 p o in ts . N o tw ith s ta n d in g th is r e c o v e r y , all a c t iv e
s to c k s clo se to -n ig h t a n a v e r a g e o f from 2 to 3 p o in ts lo w e r
th a n la s t w e e k .
For daily volume of business see page 1159.
T h e fo llo w in g s a le s h a v e o ccu rred th is w e ek o f sh a re s n o t
r e p r e se n te d in o u r d e ta ile d lis t o n th e p a g e s w h ic h fo llo w :
STOCKS.
W e e k e n d in g A p r i l

23.

S a le s
fo r
W eek

R a n g e fo r W eek.
L o w e s t.

H ig h e s t.

R a n g e s in c e J a n .
L o w e s t.

Atcli Top & S Fe rights. 1,323 3-64 Apr 26 3-64 Apr 27 1-32
Batopllas Mining____
500 82% Apr 20 32% Apr 26 82%
Buff Roch & Pitts, pref.
100 125 Apr 23 125 Apr 23 125
Colorado Fuel & I, pref.
100 114% Apr 25 114% Apr 2£ 110
General Chemical.........
310 95 Apr 28 95% Apr 21 91
Preferred.... . ..........
100 103 Apr 28 103 Apr 21 103
Kanawha & Michigan__
50 90 Apr 26 90 Apr 26 90
Trust receipts_____
150 91 Apr 27 91 Apr 2 52
New York Dock, pref__
110 82% Apr 27 82 % Apr 2', 82
X Y N II & II subscrip’n
receipts, 1st paid____
900 145 Apr 28 148 Apr 23 145
St Jos & Gr laid, 2d pfd.
100 38 Apr 28 38 Apr 28 38
Sears, Roebuck & Co... 1,200 *155% Apr 29 162% Apr 26 rl55%

j

1.

H ig h e s t.

Apr
%
Mch S3 %
Apr 133
Feb 116
Apr 110
JanllO/
Apr 99
Fe> 91
Jan 85

Mch
Jen
J n
Jan
Mch
A
A
M

Jan 151
Me
Feb 40
Feb
Apr 166% Apr

O u tsid e M a r k e t.— F or th e m o s t p a r t o f th e w e e k th e m a r 
k e t for o u ts id e s e c u r itie s c o n tin u e d d u ll, w ith p rice c h a n g e s
s m a ll a n d th e t e n d e n c y d o w n w a r d . T h u r s d a y ’s m a r k e t
sh o w e d d e c id e d w e a k n e s s , p r ice s b r e a k in g s h a r p ly o n an in 
c rea sed v o lu m e o f b u s in e s s .
B r itish C o lu m b ia d e c lin e d fro m
6% to 5 % . B u tte C o a litio n w e n t d o w n from 2 1 % to 20 a n d
u p fin a lly t o 2 0 % . C h in o C op p er d r o p p ed fro m 12% to 1 0 % ,
b u t r e c o v e r e d to 1 1 % . F ir st N a tio n a l w e a k e n e d from
2 1 1 -1 6 to 2 % . G ifa C op p er a d v a n c e d from 6 % to 6% a n d
r e a c te d to 5 % . G iro u x lo s t a p o in t to 7 a n d c lo s e d to - d a y
a t 7 % . G reen e C a n a n e a , a fte r a n e a r ly a d v a n c e from 9 t o
9 % , ran d o w n to 8 % a n d e n d s th e w e e k a t 8 % .
M iam i
C op p er lo s t o v e r 2 p o in ts to 2 1 % , th e fin al q u o ta tio n t o - d a y
b e in g 2 1 % . N e v a d a C o n so lid a te d im p r o v e d from 2 0 % to
2 0 % , th e n sa n k to 19, th e clo se t o - d a y b e in g 1 9 % . G o ld 
field C o n so lid a te d m o v e d d o w n from 8 3 -1 6 to 7 1 3 -1 6 , r e 
c o v e r in g fin a lly to 7 % . L a R o s e C o n so lid a te d a d v a n c e d
from 3 % to 4% a n d r e a c te d to 4 3 -1 6 .
O f th e in d u s tr ia ls ,
A m e ric a n T o b a c c o g a in e d 3 p o in ts to 4 4 5 , t h e n s a n k to 4 3 0 ,
tr a n s a c tio n s t o - d a y sh o w in g a fu r th e r lo ss to 4 2 6 .
G uggen
h e im E x p lo r a tio n d ro p p ed from 191 to 1 7 7 . I n te r -C o n ti
n e n ta l R u b b er im p r o v e d s lig h t ly in th e b e g in n in g o f th e
w e e k from 2 4 to 2 4 % , b u t fe ll b a c k s t e a d ily , r e a c h in g 2 2 %
t o - d a y . S ta n d a r d O il lo s t 10 p o in ts to 630 a n d U n ite d C igar
M frs. c o m m o n 2 p o in ts to 6 8 . C h ica g o S u b w a y s o ld d o w n
fro m 2 % to 2 % .
B o n d s w e re d u ll a n d e a s ie r .
N . Y . T e le p .
4% s d e c lin e d from 9 7 % to 96 % a n d r e c o v e r e d fin a lly to
9 6 % . W e ster n P a c ific 5s w e a k e n e d from 9 5 % to 9 5 % .
O u tsid e q u o ta tio n s w ill b e fo u n d o n p a g e 1 1 5 9 .

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO
S T O C K S --H IG H E S T
S a tu rd a y
A p r i l 23.

M onday
A p r i l 25.

AND

T uesday
A p r i l 20.

LO W EST
W ednesday
A p r i l 27.

SALE

P R IC E S ,

T hursday
A p r i l 28.

F rid a y
A p r i l 29.

'•'ales ot
W ee k
S h a re s.

PAGES

STOCKS
NEW YORK STOCK
EXCHANGE

R a n g e S in c e J a n u a t y l.
O n Oasis o f lO tt-sh a rs lots

R a n g e /o r P r e v io u s
Y e a r (19093

Railroads
25 Feb 25 36 Mch 2 TO Mch
Mch
Arbor______
*30 38 *30 33 *30 38 *30 36 *30 35 *30 38
A nnDo
48% Feb 23 72'- Mch 8
70 70 *70 72 *70 72 *70 71 *70 72
nref...............
*70 72
200
112 112% 110 112 1097# 111% 1097s 111% 108% 109’s 11073- 108-3. 112,050 Atch Topeka & Santa Fe *107% Apr 29 124%Jan 3 it//8 Jan 126%Oct
§102% 102% *1031 , 102-3, 102% 102% 102% 103 102 102 101% 102% 1,110
Do prof_________ ___ 10112 Apr 29 1041.1 Jan 10 10014 Jan lOO-ij J’na
*128 130 12734 1281- 125 120% 125 125 1227s 124 123 123
107'- -Inn 143% Aug
1,550 Atlantic Coast Line U R .. 1227s Apr 2; 137i2 Jan
110% 111 108% 110 10S% 1093s 106% 109% 103 107 107 1081- 20,000 Oalttmore & Ohio_____ 106 Apr 28 119's Jan
lOT- F'eb 122 %J’ly
91 ' Nov
*90 92 *90 92 *88 91 *88 91 *88 91 §88 88
90 Apr
50 1» Do pret..................... 90 Feb 4 94 Jan
797, 80% 77% 80% 77 78% 77l8 7834 7434 77% 75-3, 77% 86,805 Brooklyn Rapid Transit. G8%Feb 7 82 Apr 1
8278 J ’no
67 Jan
182% 182%, 181% 181-3., 181% 181% I8I-3 183 181 18134 181-3.1 182-3.! 5,450 /"lanadtan Pacific______ 1784.1 Feb 8 1841.1 Apr 1 rl65 Mch 1893s Get
70% NOV
*6434 67
65 05
65 Apr 25 70 Jan
00'., Jail
05 65% *65 67 *65% 67
65%
500 vJanada Southern_____
215 Feb 323% Sep
*285 300 280 280 *280 300 *275 300 *275 295 *275 295
100 Central of New Jersey__ 280 Mch29 312 Jan
92 Jan
86% 867s 84% 86
84 8534 84 86% 82% 84% *83% 84% 54,300 Chesapeako ft Ohio____
91% Deo
771s Feb
5553 Jan
5034 51
*50-% 53
5773 Feo
5014 Apr 6 00-34 Jan
7434 Apr
507, 50% *___ 52-34 *
400 Chicago & Alton RR___
53 *47% 50
70 Nov
Do pref____________
69 Apr 1 09 Apr
*----- 70 *70 *___ 70 *___ 70 *
78i- Mch
70
70 *
3U- Dec
28 28% 28 28
23 28
27% 23
37% Dec
27 27% 27% 27% 2,200 Chic Gt VVcs; trust rtfs.. 27 Feb 7 30%Jan
*54 55 *51% 54 *52 5-1 *52 64 <52 52 *52 54
52 Feb 8 64ig Jan 10 583, Dec
6-13, Deo
15 Do pret trust ctfs___
141 Feb 105% Sep
141% 1417s 139-38 141% 1391., 14074 137 140% 135% 137% 138% 139 64,450 Chicago MIlw & St Pau'.. 135% Apr 28 158%Jan
157% 158% 157 158 157% 157% *157 1581- 1,900 Do pret____________ 150 Apr ; 1721.1 Jan
15S%Mch 1S1 Aug
*157% 158 158% 101
173 %F’eb 1981- Aug
151-% 1513,i 150 152 150 151 149 151 146% I49!j 147-3, 149% 9.61E .’hicago & North Western 14014 Apr 25 182%Jan
208 Mch §230 Aug
Do pret____________ 205 Apr 2’ 225 Jan
205 205 *205 210 *200 210 *200 210 *200 210 *200 210
100
144 144 *145 155 §140 140 *140 150 140 141
112 142
700 Ihlc St P Minn & Omaha 140 Apr 28 102'- Feb 23 148 Apr 167 Aug
*100 167 §160 100 §100 100 *160 167 :<150 170 *160 167
60 Do pref____________ §10J Apr 25 §1701.1 Feb 18 1001, Jan §189 J’ly
31- Dec
7 Jan
533 Jan
4
4
*4
4 Jan 28
4% *4
5
*4
4% *3%
*334 4%
100 Nile Un Trac ctfs stmpd
73', Deo
18% Jan
*8 10
*9
10
7%Feb 7 1214 Jan
*9 10% *9 10
100 Do pret ctfs stm p d .._
8% 81- *8 10
831., Deo
85 85 *S-I 85
84 84% 81 8434 80 82
79% 81% 2,700 Neve CIn Chic ft St L __ 77 Jan 20 921., Mch IS 68 Jan
♦100 110 *100 110 *100 110 *100 110 *100 110 *100 110
Do pref____________ lOOUFeb 4 104 Jan 15 100 Jan 105 Mch
51 Dot
541- Feb 5 05% Feb 25
*59 00
5838 591.1 58% 5834 58 583S 57% 58
68% Jan
57-3, 58
4,025
Do l i t preferred_____
78 Apr 19 83 Men 4 76i2 Jan
*79 80 *78 80 *78 80 *78 79 *76 79 *77 80
80 May
Do 2d preferred_____
78*4 Apr 12 81 Jan 0 730, Jan
*77 78 *77 78 *77 78 *77 78 *75 78 *76 78
84% Jan
185
Jan 3 16734 F'eb 200 ’ -May
173% 175 1707s 173% *170 174 170 170 16.8% 170 108% 1697s 2,100 D elaware & Hudson__ 168% Feb 3
elawaro Lack ft West. 570 Apr 29 020 Mch 21 635 Feb 080 Apr
590 590 580 585 *575 595 *575 595 575“ 575 570 570
600
52 Jan 3 37%Jan
41% 41% 40% 40% 40 41
51 Apr
391.1 41% 3734 39'.- 37’, 39% 8,911 Denver & Rio Grande__ 30 Feb
761- Feb 8 8-1 Jan 3 79'2 Jan
700 Do pref_____ ____. . .
90 F'eb
783, 79
78-14 7S34 76% 78% 771- 78
*79% 80% §80 80
69'- Apr 28 66 Jan 27
*60 02 *00% 04 *60% 64
50 Jan
400 Detroit United________
71% Aug
00% 60% 59% 593, *59% 61
Duluth
So
Shore
&
Atlan
1
8
-7
.4
Jail
3
14
Feb
147s 147s *14
120
1414
Nov
21 Jan
15 §143S 14% *14% 15 *143s 15 *14% 15
21 Feb 3 34%Jan 4 28 Feb 30% Jan
620 Do pref.. . . . . . . . . . . .
*20 28 *20 28 *25% 28
20 20% 25 26 §26 20
25«4 Feb 8i 34*3 Jan 5 22%Mch 39 J’no
277s 29
27 27', 16,495
29 29% 28% 237s 2833 29
27% 28
R
rl°Do'
1st
'pref
Z
Z
Z
Z
Z
!
41%
Feb
7
62-34
Mch
8
44% 46
3,550
*46% 47
45 401,, 44% 46
43% 443.1 43% 41
3612 Mch 56% Aug
Do 2d pref_____
32% F'eb 8 42 Mch S 281- Mch 40 Aug
347g 351, 34 34
35 36
1,000
*35 37% 347* 30
34 34
zl30% J..n 19 1437s Jan 3 136%Feb 1577s Aug
1303, 137 135% 137 13434 135-% 133-7.1 1353, 131% 1333., 1317- 133 % 29,955
Iron
Ore
properties__
01 Apr 28 80%Jan 4 65%Mch 88% Allg
65 65% 64 66
67 67
65 00
62% 63% 8,950
61 64
" y ft W, del) ctfU 14 Apr 28 18%Mch 22
15 *15 ___ 15 15
15
131- Nov 21 ’ Deo
15 15
14 15
14 14
24
881* Jan 20 97*2 Apr 14 39 “ Feb 103 DCO
*___ 99% __ 99% *___ 97% *___ 97% * _ 95
92 92
100 I I avana Electric_____
Do pref_________
*___ 9734 * - 973., *___ 9734 *___ 9734
83% Feb 100 Deo
941- Jan 25 99 Jan 4
973.,
973, *__
*
97 May 120 Aug
102 Feb 7 133 Mch 21
*120% 124% 120 120% 120 120 *___120
120
300
120
88 Feb 7 10 1 %Apr 15 88 Apr 941- J no
*101%___ *101% ___ *101%___ *101% . . . . *101%
*90 10078
♦138 140 137% 133 130% 137 137 137% 134 130% 133% 134% 3,500 Illinois Central............... 133% Apr 29 147 Jan 5 137 F'eb 102%Aug
1 1 %Mch 25% Deo
18 Feb 3 251-Jan 11
2233 22% 22 22% 21 22% 203, 217;, 19 203; 19% 20-3, 44,300 J-nterboro-Metropolltan .
Do pref________ . . .
45% F’eb 8 G278 Jan 12 303., Mch 63% Deo
683s 68*3 5634 583s 54% 57% 54% 56% 5H- 55
52% 63% 45,370
19 Feb 8 30 Jan 3
263., Nov 36 Apr
22 22% *21
22
21% 21V 21 22 *18 21
20 20% 1,200
59 Feb r 64<4 Jan 3
48 Sep
41 41% 41 41
40 40% 4078 41 *38 41 *39 41
62 Apr
1,400 Do pref.
Ft S & At tr cfs, pref 76 Apr 5 80 Feb 18 7434 F'eb 82 Sep
*75 78 *75 78 *74 73 *74 78 *75 78 *74 78
K O
ansas City Southern.. 32 Apr 28 4-414 Jan 3 37 Feb
*35 36% 35 35
3434 35
3334 35
f0% Aug
32 33% 32% 33% 3,100
Do pref.
64 Apr 28 71 Jan 4 677, F'eb 75%Aug
*60 69 *00 68
66 60
65% 65% 64 64
900
64 64
151.1 Apr 2i 2534 Jan 6 191- F’eb
§20 20
19% 19% *18 20 *18 22 *15 20
875
15% 17
29% Aug
Do pret.
*55 00 *55 00 *55 60 *50 GO *50 58 *45 65
647, J’no
55 Feb 8 6234Jan 3 48* Jan
603, 663,1 651., 65% 65% 66
62 Feb 3 70'4 Apr 14 5-i Jan
*66 70
7 1 %Deo
1,900 Long Island..
65 65
65 65
14973 14!)78 148 149% 140 149 145% 147% 144% 146 145 146% 11,250
141'4 Feb 3 15934 Jan 5 ,rl2l -ian 162% Aug
*135 137 *135 137 136 136 135 135 134 134% 134 134
600 \/Ianhattan E levated... 134 Feb 9 139 Mch 8 137 Deo 153 %Jan
iTlctropolItan Street__
15 Mch 2, 25 Jan 14
42 Jan
18 J'ly
*34 36% *;n
37
34% 34% 35% 3534 343., 343, *32 34%
910 Minneapolis & St Louis.. 32 Apr 15 5334 Jan 4 51 Sep
65 Jan
Do pref________ . . . . x 68'- Apr 29 80 Feb 24
*05 70 *65 70 *68 70 *64 70 *f>4 70
7n
s 1 Mch 90 Jan
130>4 Jan 19 145 Mch 3 132%Jan 149%Jan
*138 139 138 138% 133% 138% 13034 13734 134 13634 135% 138-% 3,780
Do pref___ - ________ 150 Jan 20 1551-Mch 2 147 Apr 16 1 %Aug
*140 152 *146 151 *146 152 *140 151 *147 151 *148 151
88i2 Apr 27 9234 Jan 3 89 J iy
*8834 89% *88% 89% *881- 89% 88% 88% *
120 Do leased line ctfs__
89 *883, 89
94 Deo
42 42-3, 407S 42% 40% 41% 40% 42
39 40% 393, 41 35,700 Mo Kansas ft Texas___ _ 38 F'eb 8 El's Jan 5 35% F’eb 50% Oct
691- Jan 25 74*s Jan 5 71 Feb
*72% 73 *71% 74 *71% 73% 72% 72% 71% 71!., 268% 6812
300 Do pref____________
78% Oct
6934 693.| 68% 69
67% 683j 67 67% 66% 671- 6,400 Missouri Pacific___ ____ 05'.j Feb 3 73 Mch 9 05 Feb 77% Aug
68% 69
VTasli Chatt & St Louis. 130 Jan 25 139 Jan 8 1221- Jan 142 Deo
♦132 140 *132 140 *132 137 *132 137 *131 140 *132 137
44% Apr 64 Dec
G3 63 *62 64
*62% 65 *62% 65 *61 64
62 02
900 Ls at Rys ot Alex 1st pref 60 F'eb 3 651- Mch 24
Do 2d pref_______
24%Jan 15 28-3 Jan 20 21 Dec
*2734 2.8 *27% 28
27% 27% 2734 28% 27 271“ 27% 283- 5,285
20% May
114-3 F'co 3 128 Mch 9 1201- F’eb 14734 Aug
1213., 1221., 120% 122 120% 121% 1187a 122 118 119% 118% 120% 47,060
56 Apr 29 051- Jan 4 48% Mch 69 Nov57 67 *56
58 58% *57 59 *57 60
56 58% 1,000
Do 1st pret.
1093.1 Jan 21 10934 Jan 21 100 Feb 100 Feb
*100 110 *100 111) *100 110 *100 110 *100 110 *100 110
82% Apr 28 93 Jan 19 76% Apr 95 Nov
*82% 87 *82% 87 *82% 87 *82% 87
823, 823, *82% 87
200 Do 2d pret..
149 Apr 28 162 Mch 14 :i54 Nov 17434 J’no
*151% 153 *150 154 1515, 151V 15H- 152 149 ‘ 151 150 150
1,800
55%J’ne
425g Apr 28 50 Jan 5 421., F’eb
§44% 44% 43% 44% 4334 44-3, 43% 443S 42% 43% 42-3, 43% 5,050
102-3, 103 102% 103 102% 103% 101% 10334 99 102% 993. 1003, 39,382 Norfolk ft Western____
05 Jan 25 10833 Mch 21
81% Jan 102 Dec
Do adjustment p ref... 88 Feb 2 OH4 Mch 10 85% Mch 92%j'ly
*88 93 *88 90 *89 93 *89 93 *90 93
134 134 132 133% 132 133 130-3 133-34 128% 1307s 129% 13073 39,441
12834 Apr 28 145%Jan 3 133% Feb 159% Aug
111 111 *110 111 *110 114 H09 114 *100 110 *107% no
120 P acific Coast C o ...__ 107 F’eb 15 1183., Jan 12 76 Mch 110% Dee
Do 1st pref____ . . .
*95 108 *95 108 *93 110 *93 110 *93 103 *93 108
100 Mch §100 “ Sep
Do
2d
pro:______
_
*112 111 *108 111 *110 111 *110 114 *106 113 *108 114
105 Feb 14 118 Jan 3 88 Mch 115 Deo
135-3, 130 1.34 135% 133% 134-5, 133% 1343, 131% 133% 1317, 133% 146,262 Pennsylvania-------------- 129D Feb 8 128'- M^h 9 126% Feb 151% Sep
10134 10134 101 101-3., 100-34 101% 100% 101
95 Feb 8 104%Mch 22
86% Jan
99% 1001, 9934 100' ? 5,710
907, Deo
Do pref____________ 114 MchlO 116 Mch 1 101 Feb 110% Sep
*114 110 *110 116 *110 116 *110 115 *105 115 *105 116
163% 164% 100 163-14 160% 162% 159% 102% 1561,, 15.>3- 156% 159% 374,410 R eading........................... x154 Jan 27 172i4 Feb 18 118 F'eb 1733S Sep
1st pret_______ . . .
___ ___ *9034 92% *90% 92% *90% 92
9034 803 §90% 90%
220
90 >s Feb 7 931- Feb 17 89 Meh 00 Aug
2d prof.................
___ *101 102 100 100 100 100 *93 100
98*4 Apr 29 1101-Jan 3 90 Feb 117% Deo
800
981., 981,
46% 47
44% 45% 4433 45% 43 4534 41% 43% 42% 433, 69,SIX) Rock Island Company__ 38%Jan 20 5 7 Ja n 3 2078 Feb
81 Deo
90% 90% 89% 90 *88 90
84% 88
Si Jan 25 921-Apr 9 57%Feb
943., Deo
80 87i.i 87 87
3,500 Do pref____________
*68 71 *68 71 *09 71 *08 71
G87S 6S78 *67 70
125 S t L & San Fr, 1st pref_ 68% Feb 3 73 Jan 6 65% Mch 74 Deo
Do 2d pref________
*48-3, 50
47 48
48 48% 45 46
45 Feb 8 60 Jan 5 30 l-'cb 0034 Sep
473s 49
45 43% 3,600
*2.8% 28-7, 28-7, 29
2834 28-34 2734 28% 271., 271., 27 27% 1,700 St Louis Southwestern__
24'2 F’eb 8 341-Jan 3 20%F'eb 353s Deo
*721., 72-3.1 713., 72% 71% 7134 7134 72
82 Dec
69-3.1 Feb 7 771-Jan 3 471- Jan
71 71-3, 717, 72% 1,800 Do pref....................
125% 120 122 125% 122% 124% 12134 124 119% 121% 120', 122 104,300 Southern Pacific Co____ 119U Apr 28 rl38% Jan 4 1 1 1 %Feb 139% Aug
27 27
20% 267s 2534 26% 253a 20V 25 25%
2534 11,550 Southern v tr cfs stmpd. 25 Apr 28 3334 Jan 3 22 F'eb 34 Aug
*03% 633, *02% 63% 62 62-3, 00% 62
do
2,970 Do pret
75% DCO
60 60
69'- Apr 28 75 Jan 3 00 Jan
59% 60
*311- 32 % *31 32
31 31% 31 31% 30% 31
6,700 'Pexas ft Pacific____ __ 201-Feb 7 3034 Jan 3 30 F’eb
40% Aug
3T- 31
0'3 6-7., *6% 7
6% 6% 0% 0% 6
12% Deo
42%Jan
6
6 Mch 10 191-Jan 7
*512 6% 1,800 JLMlrd Avenue (N Y)__
*9 103.1 *10
11
7 May- 153s Jan
*9% 10% 9
9
100 Toledo Railways & Light
1534 jan 12
*819 Apr 2
*8% 10'
4134 43
43 43
42% 42-3, *40 42
547, Oct
1,500 Toledo St L ft Western.. 39'- Apr 29 543s Jan ‘ 43 F’eb
40 40’,; 3912 493
Do
pref_________
_
0434
F'eb
65% 65% 05 65
64% 65
65 60
02% Feb 4 7214 Jan
74% Jan
03 64% 64 64 .\ 2,800
♦113% 111 113 113 113 113 112 112% *112 113% §113 113
555 Twin City Rapid Transit t i l l Jan 25 1171-Jan 3 97 Jan 110% Deo
184% 185'., 181 1833,| 181 183% ISO 183 177% 180% 178% 181% 136,735 U nion Pacific___ _____ 177'- Apr 28 2043, Jan 3 172% F'eb 219 Aug
90-7., 96% 90 96% 90 96
Do pref________
9578 96% 94 95
94% 95
3,375
94 Apr 28 10334 jan 7 r94 Mch 118% Aug
*30 37
100 Unit Rys lnv’t ot San Fr 33 Jan 25 42i4 Jan 3 30 Feb
34% 34%
47 Sep
*61 65
Do pref__________
56'-Jan 25 72%Jan S 60% Feb 77 Sep
♦2078 21% 20 207# 20 203, 19% 20% 18% 193, 19 105- 9,200 W abash__________
2734 Jan 3
isi4 Apr 2
15 F’eb 2778 Deo
40% 46% 44% 40
44% 453.1 44 4534 41% 433., 4178 43% 30,020
61 Jan 3 41 F'eb 01-14 J’ne
Do pref..............
3934 Feb
40 40
46*^8 46% 40 40
400 West Md rects 4th paid. 45 Feb . 543S Mch 12 :21 Oct
45% 45%
50 Deo
*46 47
4578 45% 4534 46% 45% 45% 44 45
41 Apr 28 54%Mch 12
44 44*% 2,200 West Maryland Ry__ __
*4
4% 4% 4% 4
3 Apr 28 I lo jan 3
41,
3% 3% 3
3
334 3% 1,100 Wheeling ft Lake Erie..
12 /3' jan
6 j'ljr
*9 10
Do
1st
pret__
_______
*9 10% 8% 9
934 934
81J Apr 26 23 Jan 3
2578 Jan
8% 8'.,
800
8% 9
151 , J’iy
*434 5% *434 6% 478 478 *43., 5
41- Apr 28 131-Jan 3
4% 4% *4% 5
15%Jan
200 Do 2d pret.....................
0%J''y
037, Apr
49% 491- *49% 501., 49% 49% *48% 50% 48 48% 49% 49%
500 Wisconsin Central_____ I 4512 Feb 4 I 50'-Mch 7 357, Jan
B A N K S A N D T R U S T C O M P A N IE S — B R O KER.S' Q U O T A T IO N S .
B ia
A sk
B id
BUI
A sk
A sk
Banks
Banks
Banks
B id
A sk
As*
B id
Banks
Banks
N ew Y ork
Prod Exch 1] 170 180
Chatham _. 325 335 F if t h ......... 300 350 JofTcrsonH..
175 Nassau 1)... 240
Aetna____ 17G 180 Chelsea Exlf 200
New Neth’d 200 2*2*0** Reserve__ nos ■....
. . . . First ........... 900 920 Liberty----- 6*2*5**
___ Chemical __ 445 455 ' 14th S tfl... 150 165 Lincoln----- 400 4*2*5** NcwYorkCo 900
mmm.
America 1%. 020
Seaboard . . 390
Amcr Exch. f 244
Citizens’ Cti 160 165 Fourth___ 108 202 ManhattanH 330 340 New York. 320 3*3*0*’ Second___ 400
....
Audubon . . 111) 120 City______ 1400
Sherman__ 135
Gallatin__ 350 365 Mark’t&Ful 255 265 N’ht ftDaylf 225
- ..
Battery Pk. 120 130 Coal ft Iron 150 165** Garfield . . . 290 300 Mech&Met’s 205 275 19th Ward.
3*7*5” State I]----- 275 200
Bowerylf__ 375
___ Colonial 1).. 350
Germ-i\m JT 140 150 Mercantile . 160 170 Northern . . tioo* 1104% 12th Ward.
155
Bronxllorot 300
___ Columbia If. 320 34*0** Germ’ri Exit 450 405 Morch Exch 160 170 PacificH___ 230 240 23d Ward.. 1*40”
Bronx Nat. 190 200 Commerce . f203 1210 Germania 1|. 550 675 Merchants'. 175 151 Park_____ 445 455 Union Exc. 180 fod”
Bryant Pk if 155 160 Corn Ex If.. f318
Greenwich u 255 265 Metropolis If 390 410 People’s fl._ 270 290 Wash H’ts 11 275
Butch ft Dr 140 150 East River. 155 125* Hanover__ 635
Metropol ’nil 200
Phenlx___ 200 210 West Sldo 1| 650
Eentury 1).. 170 175 Fidelity If.. 165 175 Imp ft Trad 500 6*7*5" Mt Morrtsfl. 250 2*6*0** PlazaIf......... 625
Yorkvillo 1|. 600
111!
Chase____ 430 405 Fifth Aveil. 4200 4500 Irving N Ex 205 210 Mutual If... 280 290
•Bid and a-ked pr.ces: no sales were made on this day. f Ex-rights. iJLessthau 100 shares. IlStatc banks, a Ex-diviilen 1 and rights, ft New
tSale at Stock Exchange or at auction this week li First Installment paid « Sold at private sale at this price. 3 2d paid. i/3d paid.

Banks

h id

A sk




A pe. 30 1910.]

New York Stock Record—C on clu ded — P a g e

H H ST
S a tu rd a y
A p r i l 23

M onday
A p r i l 25

AND

T u esd a y
A p r i l 26

LO W EST
W ed n esd a y
A p r i l 27

SALK

P1U C ES

Thursday
A p r i l 28.

T ’r ld a y
A p r i l 29

Sales o{
W ee k
S h a r e s.

STOCKS
NEW YORK STOCK
EXCHANGE

1153

2

Ita n q e S in c e J a n u a r y 1
O n b a m of luO-share lo t

Hanot to’ t-rrmout
rev

lndusfrir.l* MiscHlancou*
*248
*248 . . . *243
*248
*248
A dams Express____ __ 1250 Jan 3 5270 Jan
*248
♦lOU 11% *10 11
10% 10% 10 10
10 10
1,000 Txlils-Chalmer;___
10 10
9%Mch~4 15 Jan
*3612 37% 37 37
36>g 3/1. 37% 37*. 34 36% *32 35
Do pref___
1,200
34 Apr 28 6434 Jan 5
7.1
7434
72 743
72% 73% 71% 74
68% 71% g68% 70% 238,850 Amalgamated Copper’ "
6s% Apr 28 9034 jan
*45 48
45 45
45 45
44% 45
43% 44
43 43
1,100 Amer Agricultural Chem. 49% Feb
49 Jan
*99% 102 *99% 192 *99% 103 *99% 105 *95 105 *99% 105
Do pret........... ............
991.] Apr 8 103 Jan
*3812 39% 37% 38
37% 38% 37 381- 35-% 363, 35% 361- 5,380 American Beet Sugar..”
31% Feb 8 47%Jan lo
*92 95% *91 95' *92 95% *92 95 *92 95% 92 93
300 Do pret______
89% Jan 25 95 Mch 16
10 10% 9>g 10 % 834 9-% 9% 93,, 9,300 American Can___
♦Iff* 11
8% Apr 28 13%Jan
73I2 737*
72% 733. 73% 73% 71% 721, 71% 723., 5,420 Do pref_______
71% Apr 29 81%Jan
*03 631 61 62’'; 6OI4 61% 59% 62
56% 69% 5734 59 12,600 American Car & Foundry 56‘g Feo 8 1 2%Jan
*H5 1175* 116 116 *115 117 115% 116 116 116 *116 110
500 Do pref____
115 Feb t 120 Mch
*65 67
64 65
65 66
03% 641- 58 62% 60 61
7,500 American Cotton Oil
57 Feb
6934 Mch
*102 106 *102 105 *101 1041- *101 1041- *101 104% *101 104%
Do pref____
101 Feb 1 106 Apr 19
*270 290 280 280 *285 30) *260 285 *260 285 *260 280
100 American Express
270 Apr 13 uUO Jan i
*6-Ti 7
*034 7
6% 6% 0% 6% 1,300 American Hide & Lea’th’er
6>g 6% 0% 67g
6 Feb 2
8%Jan 5
29% 323., 30% 32
*3412 36% 34% 341; 34% 35
33 34
4,335 Do pref___ . . . ______ 29% Apr 28 47%jan 3
23% 26% 23 24
26 26
3,075 American Ice Securities”
26 26 *25% 261- 26 26
2u Feb
29%
Mch 8
1234 12-34 1,465 American Linseed____
*13 14
13% 131 13% 131- 133g 13% 1234 13
12*4 Apr 28 17340 an 3
33 34% 32% 33
36 36
*3612 38 *36 39 *30 38
’ 32% Apr 29 46%Jan 3
900 Do pret______ __
46% 48-% 4734 483., 9,900 American Locomotive... 45% Feo
51 51
49% 503 48% 50% 48% 50
62%Jan 3
111) 110% *109 111 *_
Ill
200 Do pref__________
*11212 113% *112 113 *111 l i t
110 Feb / 115 Jan 7
6
534 ft3,
5->g 634
*6
6% *6
400 American Malt Corn___
61; $5% 5% 6
5%Jan 26
8 Feb .8
37% 37% 36% 37
37% 37L *38 39
38 38 *37 40
Do
pref____________
900
33 Jan 2o 48 Mch 21
88 *871., 88% *87% 88%
*8714 88% *87 881 *87% 881., *37
Amer Smelters Sec pret B 8634 Feb 8 90%Jan 3
79-% 81% 79 813, 76% 79% 76-% 79 176,300 Amer Smelt.ng& Rellnlng 75% Feb 8 104
82lg 827*
Jan 3
104% 105% 105 105 104 1041- 102% 103% 4,100 Do pref____
*105 10534
102% Apr 29 II 234 Jan 3
*250 300 *250 300 +285 300 285 285 *250 310 *250 300
100 American Snuir
277 Apr 4 2h5 Apr 27
98% 98% *97 99
*97l2 100 *97% 100 *98 101) *97 102
95%Ja.l 13 9»*g Apr 28
100 Do pref____________
5734 581 58 58
58% 60
59 60
57% 68
57-3a 59
7,527 Amer Steel Found (new). 54% Feb 4 06 Jan 10
123% 123% 123 124 *122 123% 122% 12334 121 122% 120% 1215* 3,950 American Sugar Reilnlng 118% Feb 7 128%
Feb IS
*122 123 *121 123 *121 123 *122 123 121 122 *120 122
200 Do pref_____ _______
Feb 10 124 Feb 28
136% 13634 135% 136% 135% 135% 135 135% 133% 1347g 134% 135 13,060 American Teieph & Teleg 1119%
3
Apr
28
143%
Feb
2
*95 98
96 96
96 90
95 96
93% 94
94 94
1,501 American Tobac (new) ,pf 91 Feb 3 993] Mch 1:
37 37 *30% 3 7 . 36 30% 35 60% 31% 34% 32% 33
American Woolen
31 FeD 8 39% Mch 18
99-% 99% *991t 100% 99% 99% 99 993g 97% 98% 97% 97% 3i400
1,331 Do pret____ __ __
97% Apr 29 104 Mch 7
44% 45% 4334 45
«'8 44% 43 44% 40% 43
40% 42«g 14,200 dAnacondaCopper p ' a r l z l $40% Apr 28 $54 Jan 3
*28 30 *28 31
30 30
29% 30% 29% 29% 29% 29%
Oethlehem
Steel
900
26% Feb 3 34 Jan 3
*
5934 *----- 5934
5934
60 ♦
69% *
Do pref___
53
53 Feb s 65 Jan 19
*147 150 *147 152 *145 152 *145 152 13934 1401- *140 150
650 Brooklyn Union Gas.
13934 Apr 28 1641- Jan
*12 14 *12 14 *12 11 *12 14 *12
14
12 12
100 Brunswick Term & Ky Sec 12 Apr 29 18%Jan
30% 307* *30% 361 *30-34 35*4 *3034 3534 *3034 353., *30% 353,,
100 Buttcrlck Co______
3034 Feb 8 33 Jan
4334 447* 42 4334 42 43% 42 433, 41 41% 41% 42% 46,170 / antral Leather______
35% Feb o 4834 Jan
1107 107 107% 1... 107% 107% *107 108 107 107 107 107
670 VJ Do pref__________ 105% Feb 7 109% Mch
39% 39% 38 38% 38 39
3534 37
373* 7,400 Colorado Fuel & Iron__ 32% Feb I 50 Jan
37% 39
37
1434 *----13 ’!«__
11
7
*8% 10% *8% 1434
7
100 Col & Hock Coal & Iron.
7 Apr 27 92%Jan
30o. 30c.
600 Comstock Tunnel.P a r $2 26c. Feb 1 36c. Jan
30c. 30c. 30n. ant*
140% 14*1
13734 139% 13634 139 134 13034 134% 1303g 24,400 Consolidated Gas (N Y). 134 Apr 18 1603g Jan
14% 15% 14% 15
1C12 16%
6,200 Corn Products Henning.. 14% Apr 28 23% Jan
15% 16
15% 16
74 75
*77 78
75 75
1,850 Do pref_______ ___ _ 74 Apr 28 863g Jan
76
76 76% 70 76
*53 00 *53
Crex Carpet___________
*53 CO *53 60 *53 60 *53 60
55 Apr 20 62% Feb 25
29 $0% 23% 29% 28 28% 28 28% 4,700 Distillers^ Securities Corp 27 Feb J 3634 Jan 10
30% 30%
41 41 *30 41 *30 41 *30 41 *30 41
*30 42
100 Federal Mining & Smelt’z 40 Mcb22 60 Alch »
*68 72
68
08 *60 711- *0.) 73 *65 73 *60 70
100 Do pref____________
53 Apr 6 88 Jan 3
*14934 151 149% 150 148-3,, 149% 148 149% 140 148% 146 148% 5,320 General Electric_______ 146 Apr 28 I607g Jan 0
*40 100
Granby Cons M S A P - . 40 Apr
%Jan 6
94
9434 93'% 93% 923, 9334 92% 94
90 92% 90 913g 8,629 I nt Harvester stk tr ctfs *83% Feb 8 112
I257g Jan lo
122% 122% *121% 123 121% 122 122 122 121 122 121 121
Do
pref
stk
tr
ctfs__
950
120
Feb
17
129
Jan 4
*534 6
534 534 *5.14 01- *5*4 6% 6% 534 *5% 534
800 lut Mer Marine stk tr ctts
5%Apr 28
7%Jan 5
16% 17% 16% 17
*18 20 *18 20 *17 1934 *17% 20
1,200 Do pref____________
16% Apr 26 243gJan 5
*12% 13% *12% 14 *12% 14 *12% 1234 12 12% *11 12
900 International Paper____
12 Apr 28 16 Jan 3
*52 54
50% 52 *51 53 *50 52
60% 50% 60 50% 1,200 Do pret____________
Mch 28 61%Jan 3
"
43 44
42% 42% 42 421;. 42% 421- 1,810 Intcrnat Steam P u m p ... 48%
*45 46% *44 47
42 Mch 28 54%jan 7
*82 85 *82 84% *82 84 *81 841- *80 84 *80 84
Do pref____________
82
%
Feb
0034 jan 17
102% 102% 101*4 102 1013g 101% 101 101% 100 100% 100 100% 2,200 Laclede Gag (St L) com .. ! 7 Feb 77 110%
Jan 10
*887* 90% *SS7| 90 *88% 90 *88% 90
88% 88% *85 881100 Mackay Companies____
85 Jan 17 91% Jan 6
*70 77% *76 77% *78 77 *76 77
76 76% 75% 761633 Do pref____________
75%
Apr
29
78%
Jan
10
*108 109 107% 10834 *106% 108 108 106 106 106 *101 107
COO N ational Biscuit_____ 101 Feb 4 115 Jan 5
*122 12434 *122 130 *122 12334 *122 12334 *122 12334 122% 122%
Do p ref................... 121 Feb 23 125 Jan 17
100
2 1 % 22
*20% 23% *20% 23 *20% 23
20% 2034 *20% 21
1,550 Nat Enamel'g & Stamp’g 20%Feb 8 28%Jan 3
*82 94 *80 90 *80 90 *80 90 *80 90 *82 90
Do pref_____ _______ 90% Feb 5 96%Jan IS
*81 821- 79% 80%, 79-34 803g 7834 80% 75% 783, 76% 78 10,900 National Lead_________
74 Feb 8 89%Jan 4
$108% 108% *108% 109% *108% 109% *108% 109% 103% 108% *107% 109
400 Do pref______ . . . __ 107 Jan 20 110%Jan 17
78 78
76 76
75 76
74 75
73 7384 73 73
2,380 New York Air Brake___
72 Feb 8 95%Jail 3
7234 72-34 72% 73% 70% 72
*73 75
74% 74'
71 713, 3,300 North American Co. new 70% Apr 28 84 Jan
27 27% 26% 273., 24 2634 24% 25% 6,400 P aclllc Mall..................... 24 Apr 23 43%Jan
♦28% 30
27% 28
*36% 39 *36 39 *36 39
36 36
35 35% *34 39
300 aclllc Telep & Teleg.. 33 Jan 26 46%Jan
109% 110 109% 1093s 10S% 109 109 1093g 10734 108% 108% 108% 7,610 People’s G L & C (Chic). 105% Feu 3 110%Jan
*99% 101% *99 101%. *99% 101 *99% 101
99 99% *98 100
200 Philadelphia Co (Plttsb’h) 97 Feb 8 100%Jan
19 19
20% 20% 19 20 *19 21
18% 183., 18 18
1,400 Pittsburgh Coal Co____
18 Apr 29 2734 Jan
70 70% 70 70% *09 72
71 71
71 71
69% 69% 1,200 Do pref____________
66%Feb 8 85 Jan
3934 403., 38 383., 37% 38
40 40
*40% 41% 40 40
2,960 Pressed Steel Car_____ _ 35% Feb 8 51%Jan
*101 102 100 100 *99% 100 *99 100
99% 99% 99% 99%
Do
pref
700
99% Apr 28 107%Jan 190% 19134 191 191 190-34 19034 189 190% 188 189% *156% 157% 1,949 Pullman Company
* 156 %Apr 29 200 Jan U
*3
4
*3
4
3% 6-4 *3
4
*3
33.|
3% 3%
300 Quicksilver Mining
2%j an 9
3%Apr 6
*27S 334 *27g 334
434 4% *3
3’4 412
412 434
5
Do pret.__ ___ . . . . .
800
3% Apr 7
4% Apr 28
3934 40
39 39% 39 39% 38 38
40 40
37% 37% 2,950 R ailw ay Steel Spring.. 35 Feb 7 51%j an 3
*100% 104% *100% 1047g 104% 104% *100% 104% *100% 104% 100% 100%
'350
100% Apr 29 107 Jan 17
35% 8538 337g 35
33->g 34 >8 3334 35% 32 33% 32% 33
8,900 Republlo Iron jfe’stccil”
32 Apr 28 457gJan 3
99 99
*99% 101
99% 99% 99 99
97 98% 93 98
1,820 Do pref
97 Apr 28 104% Jan 3
73% 731- 73
73% 74
74
75 75
72% 74
73 74
1,600 Closs-Sheffleld Steel & Ir 71% Feb / 86%Jan 3
*118 12 1 % ___ ___ $120 120 *110 121
*118 12 1 %
50
Do
pref
115
Jan 19 11834 Feb 1
2334 29% 20% 28% 25
2934 29% 30 30
30 30
27% 6,600 dTennessecOopper P a r s 25 $25 Apr 29 $40%Jan 3
87 87 *84 83
*86% 83
*86
88 *86
88
86% 86%
400 Texas Paclflo Land Trust 83 Feb 8, 92 Mch 9
8
*3
9
*8
9
*3
8
9
7% 7% 8
8
600
nion Bag & Paper___
77g Apr 28| 13%Jan 10
60% 00% 60 60
60 60 *55 00
*61 64
60 62
1,200 U Do pret..................... CO Apr 25 73 Jan 17
114 *110 %1 lO-lj *1101- 113% 109% 110% 104% 108% $103% 1031COO United Dry Goods Cos_ 104% Apr 28 122 Jan 3
*108% 109% *108 109% *103% 109% 109 109 109 109 108% 108L
419 Do pref___ _________ 108% Apr 8
Jan 4
21
20% 21
21 21% 1,910 U S Cast I Pipe & Foundr 20% Apr 26 1137s
*20
22
20*4 203., 20% 21% 21
32 Jan 3
72% -<2'l *70 76 *70 76
70 70
*70 76 *70 76
415 Do pret____________
70
Apr
29
84
Jan
10
♦1 1 1 116 no 113 107% $110 107% 107% 107 107 +103 110
975 United States Express..
Apr 28 145 Jan 10
*7519 77 *75 77
7534 753, 75% 751- 75 751- 72% 721- 1,100 U S Realty & Improvem’t 107
72 Feb 8 84%Jan 4
*6
*534 6% 5% 63.,
7
*5-14 7
6% 6%
6
6
700 U S Reduction & Rctlntng
5% Mch 30 11 Jan 14
$17 17 *16 27% +17 27% *17% 30 *17% 30 *17% 25'.,
10 Do pref____________
21 Mch 1 29%Jan 3
433g 43% 42% 423., 42 42
38 40
37% 39
42 42
3,800 United States Rubber__
35 Feb 7 621? Jan 3
*112 %114 *112 114 112 112 111% 112 110 110% 103 109
1,600 Do 1st p r e f ...____
108 Feb 5 116%Jan 10
*78 80 *76% 80 *76% 80 *76% 80
200 Do 2d pref_______
70 76% *75 76
76 Feb 7 84 Jan 3
83% S-13g 81% 84% 81% 84
813., 84% 79-% 82% 80 82% 1215960 United States S teel...
75 Feb 8 91 Jan 3
1203] 12()3.| 1193] 121
1191- 120% 119% 120% 11534 119% U734 1181- 25,180 Do pref______ ______ 11534 Apr 28 125%
3
45%» 46% 443., 453, 44% 451- 431- 451- 401, 43% 41% 423, .29,850 dUtah Copper__ P a r S10 $40% Apr 28 $60% Jan
Jan 6
58 58% 57'g 593s 58 MU 57% 59
573., 56 57% 35,300 Virgin. a-CaroMna Chem.. 47 Feb 3 61% Mch 22
55*4
12219 122 % 12210 1221- 122% 122% . 122 122 *121 126
*122 126
500 Do pret____________ 121 Feb 11 129%Jan 4
59 50 K
60 *57 60 *57 60 *57
60
100 Virginia Iron Coal & Coke 58 Apr 22 73 Jan 8
*18 22 ♦ is’ 22 *18 22
*1,3 22 *18 22 *15 21
Vuloan Detlnnlng____
15 Feb 4 $25 Jan 15
*64 71 *64 71 *04 71 *04 71
*64 71
70
Do pref__________
60 Feb 4 80 Jan 0
*172 178 *172 178 *170 176 172 172 $170 170 *165 174
110
152 Feb
ells Fargo & C o...
al95 Jan 4
70 70l.| 69% 70
70 70
69% 70
68% 69% 07% 68% 3,110 W estern Union T eleg.. 67% Apr 29 78% Mch 4
02% 63% 01 02% 01 62% 6,700 Westlngh’seEI&Mfg assen 61 Apr 28 82%Jan 3
64% 64% 02 63% 02*2 63
*110 130 *105 125 *100 125 *105 130 *105 125 *105 125
DO 1st nref_______
120 Jan 25 130 Feb 24

aooyi

Dowesi

Itiqhesi

190 Jan
1234 Feb
38 Feb
65 Feb
33% Jan
95% Jan
20% Jan
82 Jan
7%Feb
71% Feb
44% Feb
107% Feb
42% Jan
9s Jan
$205 Feb
6%Feb
34 Feb
18% Jan
12 Feb
29 Jan
49 Feb
109% Feb
5%J'lf
38 Nov
80 Jan
7734 Feb
101 Jan
225 Mch
y5 Alch
347g Feb
U53S Nov
118 Nov
125 Feb
90%Feb
26 Feb
9334 Jan
$3734 Feb
18% Alc h
47 Feb
118 Jan
17% Dec
237g Jan
26% Mch
9934 Apr
29 Feb
21 %Feb
21c Apr
114% Feb
16% Feb
73% Feb
45 Jan
321- Feb
55 ’ Alch
50 Feb
150% Feb
91 Men
62 «)an
109% Jan

(250 Nov
16% Aug
57% Nov
96% NOV
50 Aug
103 Aug
49I9 Aug
98 ’ Oct
15% Nov
86 J’na
76% Nov
12434 Aug
79)4 Nov
107% Nov
JU0 Dec
10 Sep
51% Aug
42% Apr
20 J’ne
4734 J’ne
69% Aug
122 Aug
11%J ’ne
69 Sep
92% Aug
105%Nov
11634 Aug
$285 Nov
105 Alay
66%Nov
136% Sep
131 Apr
145% Sep
104 Alay
40%Aug
10734 J’ne
$54% Deo
36% Sep
69% Sep
164% Dec
19%Dec
37 Nov
6134 Oct
111 Sep
63 Dec
91% Dec
37c Oct
165% Jan
2619 J ’ne
93% J ’no
63 Deo
41%Jan
9519 May
94 Aug
17234 AUg
110 %Deo
US34 Dec
128 Deo
9 Oct
27% Jan
19%Jan
6934 Aug
54% Nov
91 Sep
1133g Dec
95% Nov
77.%Deo
120 Sep
130 Sep
30% Deo
99% Sep
94 AUg
11334 Aug
97% Nov
87% J’ne
48% Nov
64 Oct
120 AUg
103 Dec

6%<J‘ly

18%J’ly
9%Mcb
4734 Mch
33i? Feb
82% Jan
104 J’ne
70 Jan
091- Jan
961■>jan
118 D jan
12%Feb
82 Jan
71% Feb
10234 Apr
80 Feb
72 Jan
29% Feb
45% Nov
IOH9 Jan
99%Dec
10 Apr
40 Feb
30% Feb
96 " Feb
169 Jan
1 %jan
3 Mch
32% Mch
97% Feb
16% Feb
67% Feb
68 Feb
107% Feb
$33% Oct
80% Feb
9% Feb
66 Jan
115 Oct
*109 Sep
24% Feb
70 Mch
82 Feb
64 Feb
10 Mch
24 Feb
27 Feb
98 Jan
G7%Feb
41% Feb
107 Feb
$39% Feb
40%Feb
114 Jan
67 Feb
6 Feb
45 Jan
300 Jan
04 Feb
74 Feb
110 Mch

293g NOV

87%Deo
56 Aug
1I134 Aug
200 Aug

9%J ‘ly

lo May
54% Aug
109 Aug
49% Sep
110 %J’ly
94% Oct
120 Sep
$49 Jan

93
%J ly
153* j ’n?

81% J’no
12519 Deo
114 Dec
35% J'ne
87% Aug
$111 Dec
87 Sep
17%J no
39% Aug
57%Aug
123% Aug
89% Aug
C4%Oct
m oct
867% NOV
56% Dec
128 Dec
75% Sep
37% Nov
9134 Nov
1670 Deo
85% Nov
90 Aug
145 Sep

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

nut

Banks
H r o o k iy n

B r o o k ly n

Broadway !
Brooklyn !_
Coney Isl’dV
First___ i .
Hillside!__

A sk

375
___
140
295
___
___
415
235
___
240

. __
145
15a
___
125
115
___
245
150
200

Nat City__
North Side !
People's__
Prosp’ctPk’:
Terminal 11-

B id

A sk

295
150
158
145
----

305
160
___
155
100

Irust Co’s B i d A s k
Irust Co’s B i d A s k
N Y C ity
Guar’ty Tr. 870 890
Carnegie . . tl50
Guardian Tr 175 185
Central Tr. 1030 1040* H udson__ 175 185
Columbia . . 290 295 Knlckerb’kr 335 340
Commercial 120 127% Law T I&Tr 285 290
Com wealth 150
__ Lincoln Tr. 145 155
Empire . . . 300 310 Manhattan 390 410
__
Kqult'ble Tr 490 500 Mercantile . 740
Earin LodcT 1800 1330 Metropol’t’n 620 535
F idelity__ 200 210 Mutual___ 130
Fulton___ 290
132%
« ... Mut AU’nce . _
NY Ltte&Tr 1100 1120

1rust Co’s
N Y Trust.
S avoy..___
Standard Tr
TRIeGu&Tr
Tr Co ot Am
Union Trust
US Mtg& Tr
Unit States.
Van Norden
Washington
Westchester
Windsor . .

B id

A sk

Irust Co’s

645
90
400

655
100
410
530
355
1375
485
1250
240

B r o o k ly n

B id

A sk

Brooklyn Tr 415 435
Citizens' ___ 135 145
Flatbush . . 200 215
845*
Franklin__ 220 230
1350
Hamilton_ 270
....
H o m e s tc a d y
475
Home____ 108
M n n u f a c ’r s ’
Irust Co’s
1225
Kings Go . 500
N Y C ity
M e c h a n i c s '!
230
L IsT L & Tr 305 817
M o n ta u k . .
A d o r ____ 375 385
375
Nassau . . . . 175 185
N a s s a u _____
Bankers’ Tr 090 710
150
People's . . . 305
B’way T r.. 147 152
125 135” Queens Co. n o
120'
VVHllameb’g 80 100
*Bid and asked prices: no sales on tins day, 4 Les3 than 100 shares. tEx-rlzhts. > New stock c Ex-div and rignts. d Now quoted dollars per share,
1Sale at Stock Exchange or at auction this week, s Lx-stock dividend. 1| Banks marked with a paragraph (!) are State banks




New York Stock Exchange—3ond Record, Friday, Weekly and Yearly
Jan.

11909) ,

t h e E x c h a n g e m e t h o d o f q u o t i n g b o n d s w 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 i n c o m e a n d d e f a u l t te d b o n d s .

■MO
BONDS
BONDS
r r ic e
W e e k 's
R ric e
W e e k 's
Range
H ang.
H ange or
N. Y. STOCK EXCHANGE
N. Y. STOCK EXCHANGE
F r id a y
b in c e
F r ir ta u
R ange or
So I S in c e
A
p
r
i
l
2
‘
9
L
a
s
t
H
a
le
A p r il 29
L a s t b a le
W eek Endino A pkil 29
January l
Week Ending A pril 29
R id
A sk Low
H i g h A ’o L o w H i g h Cent a t Ga Rlt — ( C o n )
C.
Governiiieii.
Low
H i g h A’o L o v ) H i g h
U S 28 consol registered.idl930
1003 , 1 0 1 % 101*4 Mar’10 .... 100*4 101*4
Cliatt Div purmou g 4 s.1951 J-I)
90% Sep ’09
92
U S 2s consol coapon....i(11930
100 %....... 100*4 Feb ’ 1 0 ___ 100*4 1 0 p*4
Mao cto Norl»iv 1st g 5s. 1946 J-J *104% . . . . 104% J;ue 08
U S 3a registered.......... /citns
102*3 103*3 102*3 Mar’10 .... 101% 102*4
Mid Ga(to AU D iv6s__ 1947 J-J *104%
115 N’ov'05
U S 8s coupon................ 7cl918
102*3 103 *3 102 *3 102 *3 1 2 101 %103
Mobile Div 1st g os.......1946 J-J 109
110 Jan ’1
"no n o
U y 3s cou small bonds. /cl 918 Q-F ..................102*3 Mar* 1 0 ___ 102*3 102*2 (Jen RR & B ot Ga col g 6s 1937 M- N
105 103 Jan’l
J103 103
U y 4s registered........... ,.1925
114*3 115*4 114*3 Alar’10 ....114*3 115*4 Cent or N J gen’igold 5s. 1987 j - j 123% 124% 123% 123%
123% 125%
U 3 4a coupon................. 1925
Registered................ A1987 Q-J 123 I 28 %124 Apr’10
114*3 115*4 114‘j Mar’ 10 .... 114** 115%
123 125
U S Pan Can 10-30 yr 2s. /cl936 Q-N 1003a 101 101 Alar’09
Am Dock Jb Imp gu 6 s ..1921 j . j
1 1 0 %108*4 Mar'll;
108 108%
Le Jb Hud R gen gu g os 1920 J . j
95
Foreign l»ovcrnmoiit
Leli Jb Wilks B Coal 5s.. 1912 M-N 10 1
101% Apr'10
101 101%
90
97
37 95% 97
Argentine—Internal 5s of 1909 M-S * 90*4 97
Cou ext guar 4%a....<yl9l0 q.m 100
100
100
100 100%
Imperial Japanese Governin'!
N Y & Long Br gen g 4s 1941 M-S luo
95*2 50 94% 96% cent Paeillo b e e So Paciiio Co
Sterling loan 4 %s..........1925 F-A 1 95 Sale 95
95*4 Apr’lo
2d series 4 %s.............. 1925 J - J t 94as 95
93% 957< CentVermontl8tgug4s.el920 q-F 85 86 % 80 Apr’10
80 87
Sterling loan 4 s ........... 1931 J-J t 91% Sale 01% 91%
88% 95
Chas Jb sav b e e Atl coast Line
ftepubof Cuba 5s exten debt.. M-S *101% 103 IOI34 io2*a
d ie s Jb Ohio gold 6s........ al911 A-0 10 0 %
101%104
101
101
97
San Paulo (Brazil) trust 5s 1919 J-J 1 97 Sale 97
1196% 97*4
Gen funding Jb imptos.1929 J.J 10 2 %103% 104%Apr’10
103% 105%
U S or .Mexico s l g 5s of 1899 Q-J j 98 7a Sale 987g 987,
97% 99%
113% 113 Apr’10
1st consol g 6s................ 1939 M-N
113 114%
Gold 4s of 1904.............1954 J -D 96*4 ........1 90*4 Apr’IO
Registered....................1939 M-N
113 %112 *3Jan 'H
94*4 97%
112% 112%
h e s e a r e p r ic e s 0 n t h e b a s i s Of $5 to «£.
General gold 4*38............1992 M-S 10 1 102 101
101%
101 103%
State ami City Securities
Registered................... 1992 M-S
10 2 % 105 Apr‘09
N Y City—4%s rects........ 1960
J01 101% Convertible 4 %s(wills). 1930 F-A 93% DUlto 93% !'4%
93% 95%
4% Corporate Stock....... 1959 M-N
99 100%
83% 87% 89 Apr 10
Dll, £>amiylsG4a........... 1941 J-D
87 89
4% Coruorato sto c k ___1958 M-N
98% 1UU*3 Coal Riv Ry 1st iu 4s ..1945 J-D
03
89% 83
83 83
New 4 >vs ........................ 19571Al-N
107% 109% Craig Valley 1stg 5s__ 1940 J-J 1 U6
110 Mil) ’Of
New 4 4 s ........................ 1917|M-N
90
103*4 103% Potts Creek Br 1st 4s.. 1946 J-J
90 Jan ’09
4 4?o Corporate Stock ..1957,M-N
108 110
R Jb A Div 1st cou g 4s. .1989 J -J 97% 98% 97% 97%
97% 99
4 %‘%assessmt bonds__ 1917|M-N
102%104
93 Fob’l .
2d consol g 4 s...............1989 J-J
8 8 % 94
93 93
4% Corporate Stock__ 1957 M-N
99 100*3
Warm Spr Vai 1st go s.. 1941 M-S 10 1
113% Heb’05
N Y State—Highway 4 s ..1958 M-S
Greenbrier Ry Istgug 4s ’40 M-N 91%
91% Mar’lo
91 91%
Chic Jb Alt RR ref g 3 s...1949 A-0 74 Sale 74
So Carolina 4 4s 20-40...... 1933 J-J
74%
72% 7 7
Tonn new settlement 3 s ..1913 J-J
94% 94% R a i l w a y 1st lieu 3%s...l960 J - J 70
72
72%
72 75
T iH
Registered................... 1950 J.J
Virginia fund debt 2-3s...1991 J*J
90% 9U7t
76 Oct ’09
43 56
6s iierorred Brown Bros otfs.
Uhlo BurlJb <4—DenvD4s 1922 F-A 99 ........ 99
99
98% 100
Illinois Div 3*38............. 1949 J-J
87 % 87 %
87 8J%
llailioa.;
Registered................... 1949 J-J
88
91% Lee ’08
k luoama Cent b e e So Ry
ills Div 4 s ......................1949 J.J
98^ 99% 99
99%
98% 100%
rk-laba .Midi b e e At Coast Bine
Iowa Div sink Iun d 6s..l9l9 A-0 104
103 %Oct ’09
Albany Jo Susa b e e Del Jb liud
Sinking tuud 4s............1919 A-O 97% 99% 99 Apt’l l
99 100
Nebraska Extension 4s. 1927 M-N 98% 99
Allegheny Valley b e e Penn UK
98% 98%
98% 100%
AUeg Jb West b e e Bud U Jb P
Registered................... 1927 M-N
10 1 *8 Mar’bO
77
78
78 Apr’IO
97 %.
99 Mar’lu
Ann Arbor 1st g 4s........ 7il995 *i-J
77 83% Southwestern Div 4s__ 1921 M-S
98% 99
AXChTJb S Fe—Gen g 4s. 1995 A-0 98 *4 S ale 98*4 99%
98 %101
Joint bonds b e e Great .North
101%
Registered.......................1995 A-O ....... 99 100 Alar-lu
99% 100
Debenture 5s..................1913 M-N 1 0 1 salt, 101
101
102%
91
95
Adjustment g 4s..........A1995 Nov ........ 90% 91 %Apr1Lb
General 4s................... 1958 M-S 98 Sale
7% 93%
97% 100
92 Jau ’10
92 92
Registered................ hl995 Nov
Han Jb StJoaconsol 6s..1911 M-S
101 102
Stamped.................... A1995 M-N ........ 90*3 90 *3 91
90*3 94% Chic Jb E 111ref Jb imp g 4s 1955 J-J
83
84% 83
83
82% 86%
113*2 117
Conv4s issuo of 1909 ... 1955 J*D 108 Io9 113% Apr’10
1st consol g 6s................ 1934 A-0 ........ 127 12 7 Apr’10
127 127
108*4 122% General consol IstO s.... 1937 M-N 1 10 Sale 109% 110
Uonv g 4s........................1955 J-D 109 sale 108*4 HI*.
109%
113
10 2 %104%
Conv 4s (wiien iss) H__ I960 J-D 102% Sale 102% lu2%
Registered....................1937 M-N ........
114 Aluy’09
109% 12 2 % Clue J<5 ind U Ry 1 st 5 s.1936 J-J lib ........ 112 Mar’ 10 .... 112 112
10-year conv g o s ........1917 J-D 108 109 *3 109*2 Lll't
98%
Jan
’;u
98% 98% Chicago Jb Erie b e e Erie
Debentures 4s Series J . 1912 F-A
98 *3 Feb’10
98 *3 98 *3 Chic In ObLouiav roi 6a...1947 J - j 120 127% 126
126
Series K....................... 1913 F-a
0 13G 125%
97 Apr’lo
97 .97*,
111 114 Dec'09
East Okla Div 1st g 4s.. 1928 M-S
Refunding gold5s..........1947 J-J
93 _ 14 92 94%
93*4 93*3 93
Short Lino 1st 4s g ........1958 J - J
Louisv IS A Jb Chlal 6s. 191b J-J 100 100% 1UU Mar’10 ... 100 10 0 %
109% 109% Cliio Ind & Sou 50-yr 4s..l956 J-J
8 Jj’e Pres Jb Pii 1st g 6s. 1942 M-S ........ 112*8 109*2 Apr’10
93 % 94 Apr 10 ...I 93 % p4
Atl Knox Jb N b 'ee L & N
CUio MU Jb St P term g 5s 1914|J-J 103 1U34, 103 Mai’i .. J 103 103 %
93% 967j
Atlantic Coast 1st ir 4s . h 1952 M-S 93*3 Salt 93% 94%
General g 4s senes A. .«19s9 J -J 98 %Sau. 98% ay % 3U 98% 100%
Ala Mid 1st gu gold 6s ..1928 M-N 107 ........ 109 Sop’09
103% Get ‘Oo
Registered..................<H989 i^-J
93 ........ U0*4 J’ne’09
87 89
Bruns Jb W 1st gu g 4s ..1938 J-J
86% Apr’lo
General g 3 *38 series B.^1989 J-J
86% 89
92 Sale 92% 92%
Charles Jb Sav 1st g 7s.. 1930 J -J *132%........
25-yr dooen 4 s ................ 1934 J-J
91% 93%
90*4 95%
L & N coll g 48.............o L952 M-N 90*4 Salo "90% *'**9*2 .
Chic Jb L Su Div g 6s__ 1921 J-J 100 %107 107 %M ario
107% 108
*122
.......
127
J’ne’U
U
8av FJb W 1st gold Os.. >034 A-0
108% Apr'10
CJiiO&MoRlV Div 5 s...1926 J-J 1US%
108% 110%
112 112
1st gold 6s...................i ’J.J l A-0 109 112*3 1 1 2 Mar’10
108% 108% Ayr lu
Chic Jb P W 1st g 5s.......1921 J-J
108 108%
97*3 Mar’10
96% 98
97% 97% Dak Jb Gt fc>o g 6s............1916 J-J
U»3% Apr'lu
SllSp OcaJbGgug4s ..1918 J-J
103% 103%
I37%.riy’oo
Atlantic Jb Danv b e e Soutli Uy
Far Jb Sou asau g 6s.......1924 J-J L19
Austin Jb N W N'eeSou Pacilic
LaCrosse Jb D 1st 6 s....1919 J - J 105 %____ 107 Oct ’09
90 *3Sale 90*4 90%
90*4 02% Mineral Point Div 6s.. ..1910 J-J 100
LOO*e L’eb’10
& Ohio prior Ig3%s.l925 J-J
100% 109%
B altRegistered...............A1925
91*4 Get ’09
100 Nov’uO
So Minn Div 1 st6s........ 191b J-J
Q-J
98 *3
97*3 100*4
10 7%Mar” 0
Wis Jb AllnuDiv g 6S....1921 J-J 106
Gold 48......................... h i 948 A-0 98 Sale 98
107 'a 10a
90
Sale
90
9S*u
96
99
100
%
MU Jb No let M L 6s__ 191U J -D
10 0 %Apr’lo
10 0 %100 %
Registered................ A1948 <4*J
108 ....... 120 Oct ’01
105
%
1st
consol
6s................
1913
J-D
1
u
4°4
mill'l
ittsJuno
1st
gold
6
s...
1922
J-J
104%
105%
r Jun Jb M Div ls t g 3%sl925 M-N 80 88% 50% Mar 10
89% 89% Chic Jb Northw cons 7 s....1915 *j-F 1 10 111 111% ± j. 1 %
i l l 113
90% 93
Extension 4s........ 1886-1926 F-A 95 % 99 10 L Jau'h)
99% 101
P L E Jb W Va Sysref 4sl941 M-N ........ 90% 90*4 90%
90% 91
90% 90*3 90*4 90*3
94 .
i b b % j iy 0
Registered..........1886-1926 F-A
South W Div let g 3*33...1925 J-J
89 %Apr’lu
89*3 90%
General goiu 3 %a........... 1987 M-N 87%
87 %
Registered................ 7tl925 Q-J ........ 90
87% 89%
Cen Ohio R 1st og4%s.. 1930 M-S 98 103 103 J’ne’09
Registered................pl987 <4-F
93% Api '09
112% 113 *a Sinking fund 6s...1879-1929 A-O 110
Cl Lor (to W oon 1st g 6s 1933 A-O 1LO 112 1 1 2 %Mar’10
i l l Apr’10
in
’*i*ri%‘
105%
Fob’07
100
.......
Mouon Riv 1st gu g 5 s ..1919 F-A
LU Nov’bb
Registered..........1879-1929 A-0 109
10i) %
Ohio River RR 1st g 5s. 1930 J-D 100 114 112 Deo’09
»d7 %
io7
Sinking
lund
5a...1879-1929
A-O
107%
109
General gold 5s........... 1937 A-0 105 110 112 Nov’OU
Registered..........1879-1929 A-O 106 106 106 Mario
LOO 106
Pitts Olev JbTol 1st g Os 1922 A-0 111 ...... 1 i 9*3 Mai’04
Debenture 63..................1921 A-u
107% 105 Mur’io
105
105
98 %Sep ’09
106% Eon’lu
Pitta Jb West 1st g 4 s...1917 J-J
Registered................... 1921 a -o
106% 106
100 Nov’U4
Stat Isl Ry 1st gu g 4 *3 8 1943 J -D
1 LO
Sinking lund deb 5s.......1933 M-N 109% n o n o
109 *3 111
1 1 0 %109 J’ly ’03
Beech Oreek b e e N YOifcH
Registered................... 1933 M-N
114% 114%
Believ & Car b e e Illinois Cent
Mil L S Jb West Lat g 6s 1921 M-S 1*14*8
114% 117%
112% Mar’lo
Bklyu Jb Alontauk b e e Long I
Ext Jb Imp s tund g 6s 1929 F-A LLO
112% 112%
Bruns Jb West b e e Atl Coast L
142% F ib ’02
Ashland Div 1st g 6s..1925 M-S 120%
Buffalo N Y Jb Erie b e e Erie
123*8 Apr’09
Midi Div 1st g 6s........ 1924 J - J 119%
114%
Feb’10
113% 114*4
Buffalo R Jb P gen g 6a ... 1937 M-S ........115*3
103% .Huy’09
Incom es...................... 1911 M-N 100%
109% 109% ClilC Rock lai Jb Pac 6s...1917 J-J 109% 1JL1% 110*3 Apr’10
Consol 4*38 .................... 19 5 7 .M-N 105 109 109% Jan’10
110% 112
99% 99%
.12% 113% Aug’dU
All (to West 1st g 4s gu.. 1998 A-O 99 ........ 99 -bJan ’10
Registered................... 1917 J-J
Cl Jb Alah 1st gu g 08__ 1943 J-J ■*■111 ........ 103 J i y ’08
96%
90
General gold 4s...............1988 J •J *9*6 % 96% 96
116% 117
Rooh Jb Pitts 1st g Os...1921 F-A i 10% 118 117 Apr’lO
98% Feb’it
98% 98%
Registered................... 1988 J-J
116*4 116%
Consol 1st g Os........... 1922 J -D 116 117 1 10 % i i 0 *4
90
89
92
Refunding g 4 s ............. 1934 A-O 89 8aie 89
72 Mar’lu
72 72
Bull & Susq 1st ret g 4s.iU951 J -J ........ 71
97 J’ly ’04
Coll trust Senes i l 4a ..1910 M-N
Bur O II Jb N b e e C R I Jb P
97 J’ne’UO
J 4s.............................. 1912 M-N *97% .
105%
Apr’10
101%
105%
........104*4
lan
So
1st
ext
O
s............1913
J-J
Jan
’10
94%
94% 94%
M is ..............................1915 M-N *96 .
C>2d 5s.............................. 1913 M-S 101*3 102 101*3 X0l*3
101% 101%
94 Deo ’09
N 4s.............................. 1916 M-N *94 %.
Registered....................1913 M-S ........ 101*3 100% May’07
9*4%*94%
94% Feb’10
O 4s...............................1917 M-N *93 %.
Carb <&Shawn b e e 111 Cent
93% Ang’UO
P 4s.............................. 1918 M-N *92 %.
Carolina Cent bee&oaU Air L
76 % 79% 190 76% 83%
Chic I t L Jb Pac RR 4 s..2002 M-N 7 7 £
Carthage & Ad b e e JH Y C Jb 11
80% Feu 10
Registered...................2002 M N
80% 80%
Ced R la !•' Jb N b e e B C R Jb N
113 %Mai’10
Bur U R Jb N— 1st g os. 1931 a -o 11U%
113% 114%
Ceu Branch Uy b e e Mo Pac
Registered................ 1931 A-0
........120% Mur'03
*
1
*
0
4
”
Cent of Gu RR 1st g 5s..pl945 F-A 113% Sale 113% 113% 1 1130,113 "a
Xov’05
CR1F Jb N W 1st gu 5s. 1921 A-O
........11 .
105% 107% Apr’IO ...J!l07% 109
Consol gold 5s................ 1945 M-N
M(to St L I s tg u g 7s..1927 J-D
Registered................... 1945 Al-N
108 113 Apr’06
Choc Ok Jb G gen g 5s .ol9l9 J - J l U l 1 04 |g0 2 A u g ’ Ob . . . .
82
88
80
lstpref income g 5s....p l9 4 5 Oct
82 Sale 82
65!
Consol gold 6s............. 1952 M-N ........110%I108 Mar’IU .... 108 n o
88
85 Apr’1C .... 84
Stamped .............................. ! ....
80 85
Kook (to Dea M 1st 6 s....1923 A-O 109 ........;LOa Feb’io 1
103 *a 104
79 Sale 79
80% 25 78
Hi,, hie St L Jb N O b e e 111 Cent
2u pret income g 6s....pl945|O ct
‘78 80
2d pi of income g 5s stamped __
7!)
7 si
8304 _ino St L Jb Pitts b e e Penn Co
0 78
76
82
75
3d pret income g 5s__ plblu Oct
80
78 Am" 10
Ohio St P M Jb U cou 6s... 1930 J-D 122%125 125 Apr’10;.... L25 127%
3d pref income g 5a stamped.1.... '78 80
81
SO1* Mar’ 10 ...J 80
Cons 6s reduced to 3*38.1930 J-D *90%...... 93 I9e0’b3l....

3:1
8:S

101 101%

lU l^ C E L L A N K O U S i 3 ( ) M ) 8 —C o n tin u e d 011 N e x t P u g e .

S tre e t U nilw u y

Brooklyn Rap Tr g os.......1946 A 0
1st refund conv g 4s__ 2002 J J
BkCity 1st cou 5 s.1916.1941 J J
Bk y Co Jb S cou gu g 5s.l94i ■VN
Bkiyn U u El 1st g 4-5s.l96b F A
Stamped guar 4 -o s....I960 F A
Kings Co El 1st g 4 s....1949 F A
Stamped guar 4 s ........1949 F A
Nassau Elec gu g 4 s __ 1951 J J
Conn Ry & LI st ife ref g 4 %s ’0 1 J J
Stamped guar 4 %s........1951 J J
Det United 1st con g 4%s.l932 J J
Havana Elec consol g 6s. 1952 F A
Inter-Met coll 4%s............1956 A 0
Inter Rap T 3-yr conv Us. 1911 VI N
45-year 5s Series A .......1952 .\I N
Internal Trac coll tr 4 s..1949 J J
Manila Elec 1st & coll 5s. 1953 M S

103% Sale 103% 103% 8
83% Sale 82% 84% iU8
104 103 Mac’10 __
102
99% Mai’09
li)6% 101 101
101
9
101 101 Apr’IO ....
85
84% Apr’IO
84%Apr’IO
81% 85
78
77 %Apr’ iu
102
102 %Mar’lo
101% Sale 101% 101% 19
82
82
b
82
94%
94 Apr’10
80 3alc 79
81% 643
101% 102 103 7, 102% 25
102% 102
102% 7
........ 67
67 %Mar’ 10
98 May’06

•N o p rice F rid ay ; latest th is w eek. H Flat. a D u e J a n




Street Railway
102 104% Met St Ry gen col tr g os. 1997
Itof g 4s.......................... 2002
82 87
Bway Jb 7th Av IstogSs 1943
103 104
Col Jb 9th A v lstg u g os.1993
Lex A v (to P F Istg u g os 1993
100% 103
101 103
Third Avo RR con gu 4s 2000
CentTr Co certfs atinpd...
84
85
83% 85% Third Ave Ry 1st g os..1937
77% 82
N Orl Ry Jb Lt gen 4%s ..1935
102 %102% St Jos Ry L tll Jb P ls t g 5s *37
101% 102
St Paul City Cab con g 00.1937
82
82% Tri-City Ry (to Lt 1st s f 58.1923
94
93
Underground of Lon os... 1920
78% 83% 4%s.................................1933
102 104
Income 6s...................... 1948
101% 103% Uuiou El (Chic) 1st g 5s. .1945
07% 07% United ltya St L lat g 4a. 1934
United RRs San Fraf 4s. 1927

d D ue A pr

aD ueM ay

p D u o J ’ ne fcDuo J ’ly

81% Apr'10
F-A
. SI
A-0 47
48*3 48% Apr’10
J-D 98 103 100 Apr’IO
96% 96%
M-S 90 100
97 Apr 10
M-S 96 99
64% 61 Apr’IO
J-J *04
64%
63 Sale 64
J-J* 1U6% 107 105 % 105%
J-J ........ 80% 87 Mai’10
98 Nov’08
.M-N ........ 99
J-J 105 108 107% Dec’09
A-0 ........ 9 7% 97% 97%
98 Apr’09
M-N ........100
85
85%
J-J 84 85
37% Sole 37% 37%
84 Oct ’08
A-0 ........ 90
81%Miu'lU
J-J ........ 82
70% 70
70% 16
A-0

itDue Aug

oDue Oct

p Duo Nov

75% 82%
48 54
99 102
96% 102
96% 99
04 69 %
63% 08%
105% 108%
87 87
97

99

83% 80
31% 40
81% 83
70 74

s O ption Solo

KeW lorJS iJOIid Eocord Continued—Page 2

A p b . 30 191<i |
BONDS
N. Y. STOCK EXCHANGE
VViikk Endino April 29
Clue St P M <fc O —( C o n )
CU St 1’ <fc Minn ls tg Os 11
Nor Wisconsin 1st 6s...1990 J-J

P r ic e
F r id a y
A p r il 29

W e e k ft
R ange or
L a s t S a le

ii

Range
S in c e
January 1

BONDS
N. Y. STOCK EXCHANGE
Wkkk Ending A pril 29

P r ic e
F r id a y
A p r il

1155
W eeV t
J ia n y e o r
L a s t S a le

•bi-c

H anyt
S in c e
Jan u ary 1

!

A 3 /\'\L o w
H iy h N o l.o w H ig h
Low
H id
H i y d A ’o L o w H i a h
114 Oct ’09
108
124 ........ 127 Fob’10 ... . 120^ 127
Ev<fc Ind 1st con gu g 6s.. 1920. J
124 ........ 120*8 May’00
Erie <fc Pitts S e e Penn Co
113
115 Dec '09
112*2 114 113
1
Evans <fc T H 1st cons Os.1921 J *110
111 111
101 AprYO
100
1st general gold os........ 1942 A
108*4 112 1 1 1 Mar’10
....
90*8
Apr’IO
114
A pi ’05
........
92
90*8
aJ1
*
*
Mt
Vernon
1st
gold
Os.,1923
"
Consol 50-yoar 4s...........1952 J. J
95 J’ne’08
Bull Co Branch 1st g 6 s.1930
Clue * W Mloh s e e Pere filarq
E'argo <fe so S e e Ch 51 i st P
Choc O * Gulf S e e C11I& P
113 Oct. ’00 ....
l lint Jb Pere AI S e e Pete Mar
Cln H <fe D 2d gold 4 4 s ...1997
108 Mar’10 .... ibd *2 ioS
Ela C <fc Peuin S e e Sea Air Eine
Cln D <fc 1 1st gu g 6 s...1041
Eort St U D Co 1st g 4 *23.1041
88*2...... 105 Mai'9t>
C Emit & Ft W 1st gu 4s g.’23 M
8<*4 Jau’lO
87
87 *4 Et W <fe Klo Gr 1st g 4s.. 1928
80 88
8ti Mat’ll)
Cin life W 1st gu g 48.1953 J-J 81 80 107
Mar’10
105 107
i 'at liar <te S A s e e So i'acCo
Ind Doc <&W 1st g 5 s ...1935 J-J ........107
107 *2 Deo 02
97 J ’ly ’O',
' Tai a <fc H of 1S82 1st o s.1913 A-0 95 100
1st guar gold 5s........... 1935 J-J
Georgia & Aht S e e sea A Erne
0 I St E <fc o S e e C u C & s t l,
Ga Car <fc Nor S e e sea A Eine
Cin s <fc C s e e C C 0 St E
Georgia Pacitic s e e so Ky
Cleartield ife Mali S e e 11 K .fe t’
95 Apr’IO
........ 05
94*2 90*2 GUa V G <&Nor S e e So Pan Co
Clev Cin C & St E gen r 4s 1993
... 91
Gouv <fc uawegat S e e N Y Cent
Cairo Div 1st gold 4 s.... 1939 J-J
04 *2 Jan ’10
04 S 04*2 Grand Kap&fnd S e e Penn KR
Cin W •&A1 Div lstg 4s. 1991 J-J l>6
03*9 Apr’IO
03*2 05*4 Gray’s Pt Term S e e St E S W
8t E Div 1st col tr g 4s.. 1999
‘JO ........ 91 Dot ’07
95*4 Sale 95
96 187 95 97*8
GtNor—C BifcQcoll tr4s 1921
Registered...................1990
95‘
...... 100*8 90 Dec’09
Keglstered. k ..................1U21 -»
95 \
3 94:>4 9b7s
Strife Col lJiv 1st g 4a..1040
98 Sep MO __
91
99*4 ltIO Api ’10 .... 100 100
St Paul 51 <fe Man 4s__ 1903 J W Vai Div 1st g 4 s... 1940 J-J .......
Fob’l 0
i05*4 105*4
125*4 127*4 l - 0 ‘< 12 0 ‘4 7 120*4 12834
lst Consol gold Os........ 1933 J
C 1 St E <fc C consol Os..1020 - lU4*g........ 106*4
98 98 S,
132 Apt ’Up
07*2 98*2 98*2 Apr’IO
Registered.................1933 J
1st gold 4s........... ....../cl939,y-l
105 Sait 106
98 98
97 ........ 98 bob'10
too
Reduced to e-oid 4 *ga 1933'J
3 105 lUT^
R e g is te re d ................«1930 Q-F
109*8 sep My
108*4 J’ne’uO
Keglstered............. 1933 J Cm S & Cl con 1st g 6s. .1928 J 100*8
109*4 Deo MU
101*3 t c o ’io
lo7 *»
io i " io i ^
Dakota ext gold Os....1910 ifU U CJb 1 c o n s o l7 s ......... 1914 J..................
luo
98
98
1 ; 98 100*4
VIout ext 1st gold 4s.. 1937 JCuusol sink fund 7s__ 1914 J100*4 Oct ’00
Kegistered................193 7 JUuneral consol gold da. 1034 J-J ........124
‘JlS ____
Jan ’i . . . ;I 9934 9934
k Mmu Nor Div 1st ; 4ei948 A•registered................ 1934 J-J
04 J’ly ’08
ilinn Union 1st g Os..1922 J - 112 116 114*-; Eeb’J0 . . !’l 13 114*2
luu ill <&W 1st prot 4s.l04U,A-0
.................
125 130 129 Feb’lO .. 129 129
MontC 1st gu it Os__ 1937 J0 Ind A W 1st pt 6 s...<<1938 Q-J
130*4 >lu)’U0
........ 93*2 03*4 Apr’IO
92*2 94-2
Peo 3b East 1st con 4 s...1940
Keglstered.................1937
113 1137a Apr’10
67
I1 3 * sll3 7(
04 Mai’10
02
07
1st guar gold 5s.......1937
lucomo4s.....................1990 A|>i 60
111 110 110 J’ne’ub
Clov &> Marietta S e e Penn Kit
Will & S E 1st gold 5s 1938
Greenbrier Ky S e e d ies & O
Clov & Pitts S e e Penn Co
89 Apr’IO
87*4 9 4 7a
76*2 81*8 Gull <fc a 1 latret <fe t g 6s ol952 J-J ___ _ 92
Col Midland 1st g 4s........1947 J ■J 75*2 77*s 75*2 Api ’10
90
Uli
0 Vj 00
0 95*4 977a H an <fe St Jo S e e C u ife q
Colorado 5b Sou 1st g 4 s...1929
99
Return! ife ext 4 *28.........1936 M-N 97*4 97*2 97*8 97*2 30 97
ousatomc S e e N YN H<fe H
100*8102 100*4 100*4 34 100*4 1 04
112*2 114
Ft W ife Den C 1st g Os..1921 J-D 112 113*4 113 Apr’IO
Hock Val 1st consol g 4 *28.1999 -J100*2Sep ’OS
1Coluni <fo Ureenv S e e So Hy
Registered......................... 1999,J
95
95
95
95
95
Col ife llock Vai S e e Hook Val
Col <fc il V 1st ext g 4s..1948 A
99*4 b 'eb ’09
95
Col <fc Tol 1st ex 4 s ...... 1955 E
Col & Xol S e e Hock Val
Houst E <fe W Tex s e e So Pae
Coi Conn <&Term S e e N «fe W
Houst & Tex Con .VeSoPacCo
Conn & Pas ltlvs 1st g 4s.1943
10o34 Jan ’le
10534 10534
190*.
05 Jan MO
Cuba Kit 1st 60-yr 5 g__ 1952
I lliuois Central 1st g 4 s..1951 J
107% api ’07
l Registered................... i ‘J 5i J
~ tak <fc Gt So s e e C Al & St P
92 Ffcb’lo
92
92
1st gold 3*-;s................ 19511J
D 'aalias & Waco S e e M K <fe T
94 Sep ’09
Keglstered................... 1951 J
Del Hack & Western—
93 *aMay’oy
110*2 111*4
1 10 111* 8 1 1 1 Mar’lo
Extended 1st g 3*23....... 1951 A
Morris <fc Essex ls t 7 s ... 1914
8U J ’ly *U9
112 *2 Bale 112*2 112*2 8 112*2 114*8
1st gold 3s sterling........ 1051 M
lstoonsol guar 7s.......1915
100
too
99*4 10034
98*2 .
COll Trust gold 4s..........1952 A
Keglstered................ 1915
94 Sep Mj
99 J’ue’OU
Registered................... 1052 A
1st ref gu g 3 'as..........2000
2 113 1 1 0 ‘s
98 Apr’IO
........ 98
111 **4 120*8 114*4 H<>
9734 99»s
1st ref 4 s ........................ xy56 AI
N V Hack .feW 1st Os...1921
9a
97a» 98*2 98 \
110*2 110*2
107 ........ 1 1 0 -.F eb’lO
98-»10U3b
E N O <fc Tex gold 4s ...1953 M
Construction 6s..........1923
........ 99
00*8 Apr'10 _, 99*8 101
........ 90*2 97 May’07
Keglstered................... 1953 Al
Term <fc improve4s....1923
loo Apr’09
Warren 1st ref gu g 3 *58.2000
Cairo Bridge gold 4s__ 1960 J
116*2 120 120 Mai'10
120 12 U’7g
87 34 88 s
87 *, b7 34 Apr’1C
Del Jb Hud 1st Pa Div 78.1917
liouwvDivJbTerm g3*2S.1963 J
123 Aluy’99
Keglstered................... 1917
Middle Div reg 5s..........1921 E
00
09
98*i 100
1 99 102
78*4 7734 Mar’lo
7*7*4 *77**4
10-yr conv deb 4s..........1910
Omaha Div 1st g 3s.......1961 E
101*4
101*4
1
101*4
103
79*4 Dec’u8
1st lion equip g 4 *-;S___1922 J-J ........101*4
StEouis Div.fetermg38.l951 J
98*4 20 98 100*2
1st .fcrof 4 s .....................1943,---- ........ 96*2 98
Registered................... n <61 J
92*2 92*4 5 92*2 97*2
89 Feb’lO
88*4 89
Gold 3*28................... "*1951 J
Alb <fe Sus conv 3 *28....... 1910 A-0 92*2 95
101*s Dot ’99
Keglstered............. 19 5 1 a
Konstfe Saratoga 18178.1921 M-N 126 ........ 128*8 Apr’10 .... 120*8 130*4
100 Nov’OU
88
Del Klv KK Bridge S e e Pa <!U
Bpring Div 1st g 3*2s...l96l! J
96*2 97*4
95 .
98 Apr’IO
04 04*2 95*2 Apr’IO
DenvOb K Gr 1st con g 4 s.1930 J
Western Eines 1 st g 4 s..1951
117*2.
103*4 104*2
121 i*eb’09
Bellev <fe Car 1st Os.......1923 J
Consol gold 4*58............. 1930 J-J ........104*2 104 >2 ilar’10
10'2
*
■
;
106
99 i-eo’10
99 99
102*2
Apr’lO
........103*4
Garb
<
&
Shaw
1st
g
4s...1932
M
J
Improvement gold 6s...1928
118 119
01 *2 Bade 91*2
11034 118 ilar ’ 10
93*8 34 *Jl*a 94*2
Chic St E«te N O g 6 s...1951 J
1st A refunding 6s........1955
118 Mar’lo
98 Feb Mb
118 118
Registered..................Il951 J *112*2 .
Bio Gr J uno 1st gu g 5s.1939
90 Get ’09
78 Dee’09
Gold 3 *28...................... ly s i J
70
Bio gr So 1st gold 4s....1940
85 MarM8
........ 97*2 97 *aMar’lo ...., 97*2 97*2
Aleuipli Div 1st g 4s...1951 J
Guaranteed.................. 1940
98 J’iy ’08
95 7s 98
St E Sou 1st gu g 4 s....1931 M
01*4 01*2 91*2 91*2 1 91*2 94*4
Bio Gr West 1st g 4s__ 1939
83
84*4 ind B1 <fc West A'e«CCC<fc S tE 1
.................. 84 Apr’lu
Mgeandcol trust 4sA.1949
95
97 Mar’10
97
98
Ind III *fc la 1st g 48........ 1950 J
Utah Gout lstg u g 4s ol917
109*2 100*2 109*2 3 109*2 110
Int <fe Great Nor 1st g Os..1919 Al
Dos Aloi »fa F’t D S e e 51 <fe St L
110 Sep M4
‘
112 Apr’IO
100*4 113*4
2d gold 58............................ 190951 110*2112
Dos Aloi Un lty 1st g 6s..1917
111 aaio 111 x i z 33 10o*4 112 *8
04 ........ 95 Apr’IO
96
97 7e
Trust Co certfs.................... Dot ife Mack 1st lieu g 4s.1996
23
23
36
23 30
88
91
11 23
88*2 80*4 88 Apr’lu
3d gold 4s........................ 1>J21 J1
Gold 4s.............................1995
74 F'ob’lU
........ Iu4‘ 104*4 Apr lO
70‘s 75
72
74
1 0 4 100*4
Dot So—O S DIV 1st g 48.1941
Iowa Central 1st gold 5s..1938 J
♦........1 1 2
70 Sale 76
111 Jan’i.O
111 111
7 /*2
70*2 2 7 4
Gold 4s.............................10 5 1 M
Dul<fe iron K angoIst5s..l937
_______ 100 *2 Mar’08
Keglstered.......................1937
A <fc G K s e e E a <fe 51 S
K ai
2d Os................................1910
an <fc 51ich S e e Tol <fc G O
Dul Short Eino S e e Nor Pao
K C Et S <fc M S e e St E *fc S E
100
110
Oct
’09
Dul So Shore ife Atl g 6s.. 1937 J-J
K C & M K & B S e e St E <fc S K
sto f Allun S e e St P M & 51
Kan C *fe Paclllo S e e M K <fe T
I /a
72
72*4
72 73
72
74
liast Ten Va & Ga S e e So Ky
Kan City Sou 1st gold 3 s..1950
1
03 Oct MU
♦1 1 1 * 4 ........ 113 Dec’09
Elgin Jol <fe East 1st g 6s. 1941
Registered.......................1950
100 102 101*2 I0 l34 1 1 0 1 H .1 0 3
Elm Corl 3b No S e e Eelufc N Y
lief <fc irnpt 5s Apr 1950........A120 122*4 Kentucky Cent s e e E <fc N
♦118*4 ...... 120>a Mar’ 10
Erie 1st consol gold 7 s....1920
100 ........ loo Apr’IO
100 100
N Y ife Erie 1st ext g 4s 1947
Keok <fe Des 51o S e e C K IifeP !
Iu5 ........ 1 U0*4 Mar’10
100*4 lU07e Knoxville ife Uhlo S e e So Ky I
2d ext gold 6s ...............1919
*103 ........ 103 Mar’lo
103 103
11094 111*2 110*4 110*4 2 H O *, 112*8
3d ext gold 4 *58............1923
uko Eric <fe W 1st g 5 s..1937' J
105 ........ 100*4 Jau ’io
........ 107 100 *2 Mai-10
100*4 100*4 L 2d gold 6s.....................1U41 J
100*2 1UY *2
4th ext gold 5s............. 1920
.................. 99*4 Fob’ 10
1 0 8 s 112
107 109*2 109 Mar’lo
99*4 00a4 Nortli Ohio 1st gu g 5 s..1945 A
5tli ext gold 4s............. 1928
124 Aug’Uti
E Slio <fc Mich S S e e N Y Cent
N Y E E <fcW 1st g 1*1 7s. 1920
82*4 Sale 82*4
82 is 6 82*4 B7*2 Ech Val N Y 1st gu g4 >28.1940 J j ........ 107*2 107**4 5iar
107*8 108*2
Erie 1st con g 4s prior..1990
81 Nov’00
Registered...................... 1940 J J ..................107 Aug
Keglstered................ 1990
73 sale 73
73*2 b 73
7li78 Eehlgh Val (Pa) cons g 4s.2003 M N ........ 97-V! 97*2Apr
—
97*2
1st consol gen Hen g 4sl990
85 y Feb’07
1 1 5 *8 115*4
Eoh V Ter Ky 1st gu g 6 s.l9 4 i A O . . . . . . 1 1534 11634 PeO
Keglstered.................1990
83*a Bale 83*a 84
Registered.......................1041 A O ..................1109 *2 Oct
6 83*2 80*4
Penn coll tr g 4s........1951
78
........ 70*4 77
10 75
83
Roll V Coal Co 1st gu g os.1033 J J *107*4 ........ 108 Nov’ ....
50-year conv 4 >A __ 1953
70
07
70*2 00
73*.; Eoh <fc N Y 1st guar g 4s..1945 51 S ........ 95 Si 9334ilar
13 08
0*3*4 9 5 "
do
Series K.1953
113 116®g 1137s Mar’10 .... 113 113*6
Registered.......................1945 51 S ....... 9 5 V .................
Bull N Y *fc Erie 1 st7s..1910
110*8 112*2 112 Apr11 0
112 115
Chicvfe Erie 1st gold 6s.. 1982
....: i o i M 10 1*2
El 0*feN 1 st pi Os ,....1914 A O *1U2*4........lO iS Feb'
111 *4........ 121 DeoMS
CleV'cfe Mahon Val g 6s. 1938
Gold guar 6s................ 1914 A 0 »100*a .. . . . . 101*4 acp 1
123 120 127 Mar’lo
Eoug Dock consol g Os.. 1935
120 i ‘27
Eoh 3b Hud K S e e Cent of N J
........113*i 114 Apr '10
Coalifc KK lstcu r guOs.1922
114 114
Eeliifc Wilkesb S e e Cent of NJ
Dock ife Imp 1st cur Os..1913
+10 1 ........ 103 *2 Cot M9 .'in
Eeroy <fe Cauey Val s e e Mo P
N '£ <fe Green E gu g 6s. 1940
........105 103*2 Jan'io ,
ii)3 *4 i ’0’3 *•; Rung Dock S e e Erie
104 Mar’io
N Y S ub <fe W 1st rot 6s. 1937
........ 100
112 1 1 2
111*9......... 112 F e b ’lO
103*2 104*2 Eong Xsl’d—1st con g 5s.A1931 ^
2d gold 4His.................. 1937
100*4 Dec’Oo ... ..................
........ 100*4
1st consol gold 4s........ A1931 y
General gold 6s............1940
90
90 Sale 90
90
97 I 90S Apr’IO
90*2 97*4
2 89*2 93
General gold 4s...............1938 J
*uDeo M8
Terminal 1st gold o s... 1943
100 ........
98 ....... .......
'
100*8 100*4
Ferry gold 4*28...............1922 M
Kogis 85,000 each...1943
93
94
Gold 48.............................1932 J
.................. 100*4 Mar’lo
MldKKoINJ 1st g Os.1910
100*4 io i *s
93*2 9 6
Uuillcd gold 4 s ...............1949 M
WUkife Ea ls t g u g 5 s .1942
........ 100*2 101*2 Mar’ 10 . . . . 101*2 101*2 Debenture gold 6s..........1934 J

Gas mid Elvcll-ie Eight
Atlanta G E Co ls t g us...1947
Bklyn U Gas 1st cou g 68.1945
Buttalo Gas ls t g 5s...... ..1947
Columbus Gas 1st g 5 s ....1932
Detroit City u .isg 6 s........ 1923
Del Gas Co con 1st g 6 s...1918
Eq G EN Y 1st con g 5s..1932
GasJo Elec Berg Co c g 5s. 1949
Ur Rap G ECo 1st g 6 s...1915
Hudson Co Gas 1st g 6 s..1949
Kau city (Mo) Gas 1st u 5s 1922
Kings Co El L <fe P g 6 s... 1937
Purchase money Os.... .1997
Ed El 11 Bkn lstcon g 4s 1930
»•*“’ ***« E olbt E 1st g 6s.«191'j
-*• anil oxt 1st g Os.......1934
' - ukee Gas E 1st 4 s..1927
t Con Gas g 6s__ 194b




Ski

illlSCEEEANEOUsi DONDsi—Continued on Next Page.
Glut mid Electric Eight
J-D 102
N Y G E E H if e P g 6 s ...1048 J-D 100 100*2 101*4 101>4 7 100*2 103*4
,V!-N 105*2 107*8 100
100
84
84
84
Purchase money g 4 s...1040 F-A 83
87
12 83
105 7i 107*4
2
A-0 0 4 7g 00*2 05*2 Apr’IO
Ed El 111 1st conv g 5s..1010 M-S
100 Feb’lo
100 100*4
04 07
J-J
1st consol gold as........1005 J-J iio‘*s Stile" 110*2 110*2 'J 110 111*2
J-J ........101
101 Apr’IO
lt*0*4 Mar’lo
LOO0 101**
101 101s N YifcQEl E<feP 1st con g 5sl03U F-A
F-A 97 ... .
96*8 Sep Mb —
N Y ife Rich Gas 1st g 6s. 1021 M-N
07*2 J’ly ’OO
.VI-S ♦105 105*2 105 *s filar’10
l06»2 i05E Pat •&l ’as G ife E con g 5s. 1049 MS 100 ........ 104*4 NovM5
01 *2 Oct Ml
J-D 100
Peo Gas 3b C 1st con g Os.1943 A-U ........118*2 118*4 Mar'10
100 Oct MlF-A ........101
Refunding gold os......... 1947 il-S 102*4 103*» 102*8 102*4 It 102*8 104
M-N 10234 .... L03*4 Jan’10
ChG-EifeCkolstgug5s 1937 J-J ........104*t l027e Apr’IO
102 78 1U4*4
103 *4"io35;
A-0
97 filar’io
Con G Co of Ch lstg u g 5s.’30 J -D 100 103 101 FeU’10
07
07
101*2 102
A-O 101 103 101*2 Sop ’09
Ind Nat Gas ife Oil 30-yr 5s ’30 M-N ........ 00
94>s AugMO
A-O 110S114 113 Apr’IO
Mu Fuel Gas 1st gu g 68.1947 il-N . . . . . . 101*4 101 Mai’10
101 101
U'i 115
J-J 80 807, 90 Mar’lo
Philadelphia Co conv os ..1910 F-A ........ 102*2 102*2 Apr’IO
102 105
87*2 00
y-F 10234 Bale 100*2 102*4 "3 lU0*2 105
Syracuse Righting 1st g 6s.’61 J-D 00 ........ 100 Mar’io
LOO 100
•4-b 103 ....... 1 10 filay’06
A-0 100 Sale 997a 100
00*4 101
b
M-N ........ OOOf, 01 Apr’IO
M-S 100 ........ 00 Jan Mb
01 02*8
J -D ........ 101*2 102 *2 ilar’OO . . . . ......
J-D 105 108^
a Due Jan b Due Fob KDuoApr «D ueM »f A D n o J ’ly
fc Due Aug qD neD oo j Option Sale

1156
BONDS
N. Y. STOCK EXCHANGE
Wkkk Ending A piul 20
Long Island—( C o n )
I
Qnar ret gold 4s.............1940 M-S
Bklyn So Mont 1st g Us..1911 M-S
1 st5s............................ 1911 M-S
is’ Y HAM B 1st con g 5s 193b A-O,
N Y So Ii B 1st y 5s.......19271M-S
NorHh B 1st con trguus ol932 Q-J
Louisiana & Ark 1st g 5s. 1927 M-S,
Louisv So Nashv gen g 6s. 1930 J-D,
Gold 5s............................ 1937,M-Ni
Voided gold is ............. 1941) J-J
Registered.................. 1940'J - J
■Sink hind gold6s.......... 19 10 JA-0
Coll trust gold 5s.......... 1931 M-N
EH Jb Nash 1st e 6s__1919 J-D
L 01n Jb Lex gold4 *es... 1931 M-N
N O S o M 1st gold Os__1930 J -J
-N O A M 2d gold Os.......1930! J-J
Pensacola Div gold d s... 19 2 U,M-a
St L Div 1st gold Os...... 1921 M-S
2d gold 3s.................... 1980 M-S
•Atl Knox Jb Cm div 4 s ..1955 M-N
Ati Knox So Nor 1st g 5s 1940
Header Bdge ls t s fg 6 s. 1931
Kentucky Cent gold 4 s.. 1987
\ *LJbN Jb M Jb M ls tg 4 LjS 1 945
\ j & N-South M Joint 48.19,52
N Fla Jb B 1st gu g 5 s... 1937
NJb C Bdge gen gu g 4 'as 1945
Pens Jb All 1st gu g Us.. 1921
8 & N Ala con gu g 5s.. 1930
LJb Jell BdgeC ogug4s.. 1945
L H A & C li J S e e C l & L
ahon Coal S e e L S A M S
M anhattan
By consol 4 s.1990
Begistered.................1990
Strnpd tax exempt.. 1990
McK’pt A H V S e e N Y Cent
Biex Cent cons g 4s..........1911
1st cons in o g 3s........c*1939
2d couh ino g 3s trust recta..
Mex Internat 1st con g 4s. 1977
Stamped guaranteed__ 1977
Mex North 1st gold Os....1910
Mich Cent S e e N Y Cent
Mid of N J S e e Erie
Mil L B Jb VV S e e Chic & N VV
Mil Jb North S e e Oh M Jb St P
Minn Jb St L 1st gold 7 s.. 1927 J-D
Pacitic Ex 1st gold Os.. .1921 A-O
South West Ex 1st g 7 s.1910 J-D
1st consol gold 5s........... 1934 M-N
1st and refund gold 4 s..1949 M-S
Des M. Jb Ft D 1st gu 4a...’35 J-J
Minn A H tL gu S e e B CH AN
M StPAH SM con g 4 int gu ’38 J-J
H B S M A A 1st g 4 Int gu 1920 J-J
Minn Un S e e St P M JbM
Mo Kan Jb Tex 1st g 4 s...1990 J-D
2d gold 4s.......................piUOO F-A
1st ext gold 5s.................1944 M-N
1st <fc refund 4s...............2004 M-S
Gen s L 4*28..................1930 J-J
St L Div 1st ref g 4 s....2001 A-O
Dai So Wa 1st gu g 6 s...1940 M-N
Kan C «fe Pao 1st g 4 s...1990 F-A
Mo K Jb K 1st gu g 5 s... 1942 AO
M K Jb Ok 1st gu 5s...... 1942 MB
M K Jb T otT 1stg u g 6 s.1942 M-S
Slier Sh Jb So 1st gu g 5s. 1943 J-D
TexJb Okla lstg u g 5 s... 1943 M-S
UoPacilic lstco u gOs ...1920 M-N
Trust gold 5s stamped.al917 M-S
Begistered................ al917 M-S
1st coll gold 5a................1920 F-A
40-year gohl loan 4s...... 1945 M-S
3d 78 extd at 4%............. 1938 M-N
1st Jb rof conv us full ptt. 1959 M S
Cent Br By 1st gu g 43.1919 Is -A
Ceu Brancli U P lstg 4 s.l9 4 8 J-D
Leroy So C V A L 1st g 5s 1920 J-J
Pao B of Mo 1st ex g 4s. 1938 F-A
2d extended gold 5s. ..1938 J-J
StLlrM & Sgen cong 5sl931 A-O
Gen con stamp gtd g 5s 1931 AO
Umlied ref gold 4 s..1929 J-J
Biv iSo G Div 1st g 4s.. 1933 M-N
Verdi V I A W ls t g 5s. 1920 M-S
Mob J Jb K C 1st cons g 5s. 1953 J-J
Mob Jb Ohio new gold Os..1927 J-D
1st extension gold 0s../il927
General gold 4s...............193b t i
Montgom Div 1st g us..1947 F-A
St L Jb Cairo coll g 4s..«1930
Guaranteed g 4s..........1931
M Jb O coll 4s S e e Southern
Mohawk Jb Mai S e e N Y CJb 11
Monongahela Biv S e e B So O
Mont Cent S e e t i t P M & M
Morgan’s La Ob T S e e ti P Co
Morris So Essex iteeDel LJb \V
Chat So St L 1st 7s. 1913 J - J
N asli
1st consol gold 5s........ 192b A-u
Jasper Branch 1st g Os..1923 J -J
MoM M WJb Ai 1st Us..1917 J-J
T So P Branch 1st Us....1917 J-J
Nash Flor So Blief S e e L So N
Nat Bj's of Mexpr 14H.S 1957 1 - J
Guar gen 4 s...........
1977 A-O
Natof Mex prior lien 4 Has. 1920 J-J
1st consol 4s................... 1951 A-O
New 11 So D S e e N Y N li So 11
N J Juno lift S e e N Y Cent
N Y Bklu Ob Alan Bell S e e L I
N Y Cent Ob 11 Biv g 3Has.l997 J-J
Begistered................... 1997 J-J
Deben g 4s.....................1934 M-N
Lake Bhoro coll g 3 Has... 199b F-A
Begistered............. ....1998 F-A

New York Bond Eecord ■Continued—Page 8

|VOI<. I . X X T X ,

•c 1
BOM)*
P r ic e
W e e k 's
Range
*■2
R a n g e or
N. Y. STOCK EXCHANGE ?o K| I r i d a y
S in c e
L a s t S a le
/} J a n u a r y J
A p r il eu
Wkkk Ending atril 29
A sk Low
B i g lx A o L o w H i g h , N Y Cent & H 1 W C o n )
A sk Low
J l i g h A o L o 'o Air/a
IH x d
9U | 94 Hi 94 Hi 3 94 Ha 10 (j
l i 78 82*4
7.sV 73
78
-Uich Cent coll g 3 Has....1998 F-A
80Hi 79*-a AIar’10 ...Jl 7u*8 79Hi
Beiristered..................1998 F-A
........ ioi°8 Dec’08
........ US** 93*4 6. 08*4 08*4
Beecli Creek 1st gu g 4s. 1930 J - J
........ 110................
........ '102 Mar’ll4
Begistered....................193U J-J
.105
2d gu gohl 5s...............1936 J-J 107
i BeechCr
i __ 1
lstg 3 Has 51951 A-O 85
9
J
| Cart Ob AdExt
97 Hi Apr’09
1st gu g 4 s... 1981 J-O
0 .... 1111 n d 3.
Gouvcfe Oawolsteru g5s 1942 J-D
0 .... 114 114
Moll So Mai 1st gu g 4 s.. 1991 M-S 9978 ........ ,ioo Dec’09
. 90 j 97 7e 100 *2j N J June ft gu 1st 4 s ...1930 F-A ..................105 Oct V
0 ....
N Y So Harlem g 3 Has...2000 M-N ........ 93 4* 90*4 Oct ’0
J .... __
N Y * North 1st g 5 s... 1927 A-O 108 14 112 Ha 108 O ct’09
i» .... iio in i
N Y tfc Pu 1st con gu g4s 1993 A-O ........ 98 Haj 98 Hi Feb 10
98 Ha 98 Ha
....
Nor<fc Mont ls t g u g 58.1910 A-O
l3LHiJan’09
J .... 100 Ioil
Pine Creek reg guar Us.19321J -D i*22
.... L24 125*4
1083e 110
B W So Ocon lstext5s.A1922 A-O 107 109 Ha 110 Apr’10
) ....
Os we So B 2d gu g 5s...«1915 F-A ........ 105 Hi 105 Jan ’Ob
.... 107*4 110*4
B W Jb O T B 1st gu g 5s. 1918 M-N 105*4 100 Hi .....
....
10L7b 102*8
ft inland 1st con g 4 Has.. 1941 J-J ........ 103 1102 *8 Feb *10
90 91*4
*....
80 Hi 88
91*4 Mar' 10
Og&LCham lstg u 4 s gl948 J-J
1.... 93*4 95*2
But-Canad l s t g u g 48.1949 J*J ........ 89 | 92 j no’09
1 ....
St Law So Adir 1 stg 6s. 199U J-J ...................,115 J’ue’OO
1....
2d gold Us............
199U A-O ....................125 Feb’08
.... 90 07 *4 Utica So Blk Biv gug 4s. 1922 J - J 997a .......... 102 Apr’lo
100 102
.... 104 \ 105*2
90 92 Ha
90*»
Lake Shore gohl 3 Has___1997 J-D 90*4 90Ha 90*4
3 907e 92
89
90*4
Begistered.................1997 J-D 88 91 I 92 Apr’ 10
1.... 1 1 0 111
93'a
03 05*4
Debenture g 4s............1928 M-S 93 93*8 93
93
2o.year g 4 s ...............,1931.M-N 92*4 Salt- I 92*4
02*4 95*4
.... 110 Hi 110*2
i
l
l
........I......................
Ka AifeGB lstg u c 5S.19381J-J
.... 110 111
Mahon O’i BB 1st 5s.. 1934, J- J ........114 |109 out ’U7
....
........'100 Deo’oO
Pitta Ob L Erie 2d g 5 s .a l 928 A-O *10,i _______
Pitts MoKi& Y lstgu 08.1932! J -J 1*124 ........ 130 Hi Jan’09
2d guar 0s.................... 1934! J • J i*i2U ......... .......................
97 Hi 97 .... «63. 98'.
McKees Jb B V IstgOs 1918 J-J I
........ .......................
104 i
....
Mich CeuLas.............. : . ... 1 9 3 1 !M-S 109*S115 115 O ct’09
97
*97 *2 97
0 00*4 00 ?b
Registered.................. 1 9 3 1 IQ-M, 103 .........'119 J'ue’OO
90 | 99 Jau ’lo
4s...................................... 1940 J-J *
9 8 Sale 98*4
3 96*4 98*4
98*8 98 Dec ’09
Begistered.................1940 J-J|
28 31 \ 30 1
.... 27Hi 31
...... I 9U J’ne U8
J L«& S l s t g 3 Has....... 1951 M-S1
25*8 28Ha 2 5 4 1
....
89 H» 87
87
87 90
1st g 3H2S..................... 1952 M-N| 85
77
'll
1
91 I 91 Ha Mar’10
.... 75
91*8 92 Hi
20-year deb 4s..............1929 A-O
80 1
....
Bat C So Btur 1st gug 38.1989 J -D ..................
N Y Chic Jb 3t L 1st g4s 1937 A-O 99«g 99V 99 \
99^
99 100 Ha
Begistered................... 1937 A-O 98 . . . . . . 10b Deo'09
90 7g 92
Debentures 4s.............1931 M-N . . . . . . ,91 I 91 Mar’lC
lO
UH
a
101
100*8
100
100 102*4
West Bhore 1st 4s g u ...2301 J-J
99 100 Hi
Begistered................... 2301 J-J 100 2ale U9Ha 100
130 . . . .
TY Jb Green w Lake S e e Erie
108 Ha.... 118
r Y So Har S e e N Y C Jb Huii
loo*a.... 101
.... 1 0 i io i
r Y Lack Jb W S e e D L So W
104 105 105
__ 104*2 109
N Y L E & W S e e Erie
........ 75
... 7814 81 Hj
131*1 Bale 131
........ 91*8
.... 87
01*4
13i *2 75 131 135*4
09 7b 144 08 103*4
Conv deben 3His............ I960 J-J, 97 Hi 93 Ha 98
97** 99
.... 07*4 100
110 n o
llousatonic B coil g 5 s..3937:M-N 113 Hi...... . 110 Jan’lu
.... 08*2 98*2
N H Jb Derby con cy 5s.1918 M-N 99 S ----- 107 Aug’00
N Y So North S e e N Y C Jb 11 I
6
98*4
100
97*4
Sale
97Ha 98Hi 98*8
97*4 97*2
1 Y O So W ref ls t g 4s..^l992 M-S
90Ha 98
84
So
.... 85*4 87*4
lOlHa J’ue’UU 11
85 4 ^
Begis 85,000 only......... ^1992 M-S
99 101 Hi 102 *
.... 102 105
r Y Jb Put s e e N Y C Jb H
80
82
82 4
1 82*2 85H, f Y So B B S e e Long i aland
87 88 Hi 88
13 88
90*4 f Y 8 Jb W S e e Erie
88 A
........ 83
N Y Tex Jb M S e e So Pac Co
100 ........ 105 C
100 101*8
"or Jb South 1st g 5s..........1941 M-N 100 103 100 Apr’10
83*4 92S 92 A
.... 90
03 Hi orf So W estgeugUa........ 19 31 M-N 123*4........123 Apr’10
1123 124°*
1111* 8an. 1 11 l4
1 109 Hi 113
1120 12 0 *®
Improvem't So ext g Us..1934 F-A ........ 128 120 Mar’10
........1U7A 107 \
21.100 'b 107 bb New Biver l s t g 6s........ 1932 A-O ........134Ha121*4 Feb’10
124 124*4
........104 Hi 104^
2 103 105Hi
no Ha1
98 100
N So W By 1st con g 4s. 1990 A-O 98 Hi Bale .
........105 110‘4 iVpr’oi
97
97
........105
105
4 91*2 93*4
02
iu5* 105*2
Div’l l s t l Jb gen g 4 s...1944 J - J "91 Hi 92^1 02
........109ab 109*8
10 L
104 '410 99 IO8 H4
i 109 111
10-25 year conv 4 s .... 1932 J-D 101*4
100J4 -suit 1U0*4
6 100 Hi 102*4
0OHi
Pocali C Jb C Joint4s.. 1941 J-D . . . . . 89*2 89*8 Ajr*10]... 89
__ 993g 99*8
........ 10U34 99 °8 7
100
,104*4 100
CCifiiT 1st gu g 5s........1922 J-J 104 -2
Kkiii
\/ Jb
-R. N
\r E
I? 1st
1 gu
.... g 4s
A.. Hull
rk Bale 95
95
4 102 102*g S
10134 102 102
05
90*a
010 V
1989 \I.M
M-N O
........ 7 8 Ha 784
9 78*2 817g Torth Illinois S e e Chi Jb N Wi
forth Ohio S e e L Erie So W
93 h sale 93*4 941 12 93*4 90
100*4'
99*4 102*8
for Pac—Prior lien g 4 s..1997, Q J 100*4 Sale 1100
94
4
Mai'li
........ 94
90 *-a 101
94*8 95
00 Ha'
Begistered...................1997 J ........ 94 Ha 09
80
........ 87 h. 80 Jau’li .... 80
-- .
72 H*| 18, 71*4 74
General lien gold3s....a2047 ^-F 71*4 S a le 71*
110 Mur’Ui
72Hi Fob’io;....! 72 Ha 72'a
Begistered................ «2047 ^*F‘
Pb'-i
Apr’l'
...
Mur* 10 ... 90 Hi 97 Ha
08*2 100*b St Paul-Dul Div g 4s__ 1990 J -D
98*4 99
113 beb’.i
...... 112
113 113
Feb’io!... 99 99
Dul Bhort L 1st gu 5s.. 1910 M-S 90 Hi ........ LUJ Hi 109 HaApr'li
LOOHi 110
C B So C coiltr 4s S e e GtNor
H
i
oep
’O
!
........110 **
Bt P Jb N P gen g Us__ 1923 F-A 115 117 118*4 Fob’io ... 118*4 118*4
84*4 sale 84*4 84*
4 84 80
Begistered certitic’s..l923 Q-F 114 ...... 11/ Feb’10 ... 117 117
80
30
........ 87
3
St Paul So Dul 1st 5a.... 1931 F-A 107 , .......>117*4 J’ly ’u7 ...
lUo ........
.... 102 Hi 102 Hi
2d 5 s .............................1917 A-O 102*4 ...... I03*b Mar 10 ... I03*s 103*8
90Ha 00H.Apr’10 ... 90'a 97 Hi
1st consol gold4s........ 1908 J-D
113 119
02 HaJau ’09 ...
118*2 1 2 1 *2
Wash Cent 1st g 4 s........ 1948 Q-M ”02 ” ,
. 117*8117 *b
........ 110 Hi
.113 Deo’UU
lllH i
.............. g Os..1933 J-J
89
00
87 Hi 90
Pao
........ 109
108*2108 Hi
S e e C tit P M Jb O
*
See N Y Cent
90
00
95
... 05
Jb W See C C C Jb Bt L
O lud
hio Biv BB S e e Halt So O
S e e So Pao Co
S e e Un Poo
105
105 108 7g
ao Coast Co 1st g Gs__ 1940 J-D' 104 Hi 10534 105
F ac
of Missouri s e e .Mo Pao I
...........Blt
.................................................................................
................. 1 0 3 4 1 0 3 Hi
108*8 199
1st real est g 4s.1023'M-N ........ 103 ................
103 HaFeb’10
108*4 n o *4 Penn
U n i H i i l gold
i r o lil 63................
lij
l i m i M-S HO
1 Ilk
' 1 I III lo
.1 ll 11’09
’ Hi).... -----Consol
1919
.........100H
i J**«
lo a ^ n u - .
109 Hi HI
100
Consol gold 4s................ 1943 M-N 100*4 ......... 100 Feb’1 0 __ 100
1 16°is.......
Convertible g 3 *as..........1912 M-N 100*4 Sale 1100 . 100 Hi "33 100 102
109 Hi.......
109 H.......
Convertible g 3 His..........1915 J-D 05*48010 | 05*i
00*4 127| 05*4 07Hi
Consol gold 4 s ...............1918 M N 103 salt 1027* 103Ha 20 102 "'b 1017»
Alleg Vai gen gu g 4S...1942 M-B ...... ......... 102*4 Api’1 0 ---- 102*4 102 >4
94
9-LHj 94
■«! 93*4 95*4
90
88.*4 92*4
D B Yl R Jb B gelstgu 4sg.’3U F-A *90 ........ 1........................
PhilaBal Jb W 1st g 4s.. 1943 M-N ..................103*8 Dec’0 9 ___
. . j 101*4 102*4
85
Bod Bay Jb Bo 1st g 6s ... 1924. J • J *100 ........ 102 Jan’0 3 ___ |
2 82
8414
U N J BB <&Can gen 4 s.1944 M-S *102 103 Hi .103 Hi Mat’10 ,..j 103 Hi 103*a
Penn Co—Guar 1st g 4 43.1921 J-J LO4*dl00 1100*4 Apr’ i u __ 104 100
Begistered...................1921 J-J .................. 103*4 hoh’lO
103*4 103*4
90 HiJ'ne’OO.
92
0 89
89 14 Sale' 89*4
Guar 3Hi-s coll trust reg. 1937 M-S 89Hi
'__ 1 B'J 90'.
Guar 3 *28 coll tr ser B...1941 F-A 89*8 8al* 89 “a 89a«, 10, 89H* 91*2
89 l
13 93*4 95*4
Tr Co certil’s gu g 3 Has. 1910 M-N 00*2........ 97 Apr’lo ,
97
9 1 \
*04*5 Sale* 94*1
00 Jau’lo
14 79 ‘.J 92*2
Gu 3 Has tr ctfs C............ 1942 J-D
90
00
7 9 Hi
79Ha 89
80 Ha 90
79
5 79
80*4
01 Deo’09 '
Gu 3 *2 B tr CtfsD............ 1944 J-D
........ 781* 79
P ric e
F r id a y
A p r il 29

|
.
I

W e e tv 8
k a n r je o r
L a s t S a le

ho ~ j
•

Range
S in c e
January

1

1

1UI 8 OELI INEOU 8 BONDS—Continued 011 Next Pago

Coal und Iron
Manufacturing St- Industrial
99HiNoy’09
Buil&Susq Iron s 1 os__ 1932 j-D
Allis-Chalmers 1st 5s.......1930 J .J
94 Deo’00
Debenture 5s.............. a 19-j U M-S
77Ha Sale 77 h 79
41
Coi i> So i Co gen s I gua.,1943 F-A 95 *« 97
00 08 Am Ag Chern 1st c 5s.......1928 A-O 102 Sale 102
102** 33
07H* Apr’10
Convertible deb g 5 s....1911 F-A 90 Hi 97
93Ha Mar*10
03 03Ha Am Cot Oil ext 4 Has..........1915 y-F 96*8 97
07*4 6
97*4
M-S
Am
Hide
Jb
L
1st
s
f
g
6a..1919
Col Indu IstOs coll us g u ..1934 F-A 78 tiale 78
I00*4
8iili*
*2*3 77 Hi 82*4
1 0 0 \ 11
100
78
Amor Ice Becur deb g Os.. 1025 A-O 72 73Hi 72*2 72 H, 3
Contin’ta lC lstst gu5sg.l952 F-A
107*8 Deo'04
Gr Biv Coal Ob C 1st g Os.. 1919 A-O
Am Spirits Mtg 1st g Os.. 1915 M-S 00 101
L02°8 Apr’00
95 Mai’10 _
Jeff Jb Clear C Jb l ls t g us. 1920 J-D
Am Thread 1st col tr 4s..1010 J-J ........ 91
00 *« 4
107 May’97
90
Kan So 11C So C l s t s fg5 s.l9 b l J.J
Arn Tobacco 40-yrg Os.... 1944 A-O 100*4 Sale 100*2 107*4 91
105Ha Dec *06
99*4Pocali Con Collier ls t s t 5s.’57 J - J
86
88 dep ’09
4a...................................... 1951 F-A 7 7 *2 Salt 77 Hi 79*4 03
Sunday Cree* Co g 5s__ 1944 J. j
B7-. 45
Beth Bteel 1st ext s t 5s.. 1920 J-J 87 *« sale 87
78 Feb’07
Tenn Coal gen us.............1951 J-J 102*4 194 102*2 Apr’10 . . . . LO'is 104*2 JeJit Leather 20-year g 5s.l925 A-O 09 Hi Sale 00 *2 100*8 3o
Teuu Div 1st g Os.......«1917 A-O 100 ....... 100 100
L057®107 Consil Tobacco g 4s..........1951 F-A ........ 82
79*4 Apr’10
BLrm Div 1st consol Os..1917' J-J 105 ....... 100 Mai’10
LOO 107 Corn Prod Bef 3 f g 5 s.... 1931 M-N 04 0O'4 94*8 Apr’lO
00 Apr’10
Cali C Al Co 1st gu g Us. 1922 J -D luO ....... 110 Jan’09
1st 26-year s i 6s............. 1934 M-N 94
90
De Bur CJb 1 Co gu g Os.1910 F-A
Distil Boo Cor couv l s t g 5s.’27 A-O 7 0 Sale 70*® 7 1H. u6
100 Jan '10 . . . . 100 ioo
88 Apr’lO
Victor Fuel 1st s t 5s........ 1953 J -J ........ 99
J-D 87
88
87 Aug’09
VaIren Coal6:Colst g os.1949 M-S 05 0O7e 90
97
0 00 100
•N o price Friday; latest bid and asked. aDueJan 6 Due Feb 0 Due May i/D ueJ’ne 7t Dae .Ply A:Dae Aug oDueO
ot v Duo Nov Due Deo
Due Got




77*2 84 7t
101*2 103
00*2 08
LOO 102
73
70
05
00*4
UO 03
L04 *4 lO'JHi
70*2 80*4
807® 89
08'4 102

70Ha
04
03*8
70 *»
87
Flat.

83*4
1)7
90*2
74’,
83

A pr. 30 1910.
BONDS
N. Y. STOCK EXCHANGE
W e ek E nding A piux . 29

New York Bond Record—C oncluded— P a g e 4
P r ie d
tY ir ta v
A p r il 29

W e e k 's
R ange or
L a s t S a le

Range
S in c e
;J a n u a r y

cqki |

BONDS
N. Y. STOCK EXCHANGE
Week Ending A peil 20

P r ic e
F r id a y
A p r il 29

1157
W e e k ’s
R ange or
L a s l S a le

Range
S in c e
January 1

B id
AKK L o w
Pennsylvania Co—( C o n )
H i g h N o ,[ L o w H i g h .
B id
ash Low
H ia /i N o L ow J U a S
Guar 16-25 year g 4s__ 1931 A O 97*4 US1* 97Hi Apr’10 ....'I 07*4 00
•*o Pao Bit 1st ref 4s........ 1955 J-J 94*8 bale 04
04*4 105 91
95 7g
Cl & Mar 1st gu g 4 >28.. 1995 M-N 1 0 1 .
110 Jan *06
Southern—1st con g 5s...Il004 J-J ........105 Hi 104
19o78 58 101 111*4
111)3*
j
an
>(|9
Cl & P gen gu g 4 Hi3 8er A .’42!J-J *109 Hi .
Registered.................. 1004 j . j
May’O
o
110
Series B....................... 1942 A-O ♦106*9,
1093* J’ly ’09
Develop <b gen 4s SerA.1050 A-O 77*4 Sale 77
1U5
78 *4
77
00 Aug’OO
Sories C BHjs............... 1D4S!M-N
Alobife Ohio coll tr g 4 s..1038 M-S 87 *2 89
1 88
88
88
00*9
Senes DB'as............... 1950iF-A
00 May"08
Mem Div 1st g 4 Hi-53 ... 1990 J-J
...... 107*9 110 Apr TO .... n o n o
92 Apr’O^
Erie & Pittsgu sr3HiS B.1040 J J
St Eouis <liv 1st g 4s__ 1051 J.J
82
84
81*9 Apr’10
8OH1 87
Senes C....................... 19401J- J
OS3* Apr '04
Ala Cen It 1st g Os........1918 J-J ♦lUOHi___ 108 Sep’08
Or Kifc 1 ex lstgu g 4 4s 1941 J-J *108*9...... 104 Hi Oct ’00
Atl * Danv 1st g 4s...... 19481J - J
.... 01
02 *4 Get ’00
Pitts Ft W & C 1st 7 s...1012 J - J 1057„ ...... 100 Apr’10
100 100
2“ 4s ........................... 1048 J-J
02 J’ne’OG
2<17e.............................. 1012 J-J 105*8...... 105 HiJau’lO
105 Ha105 H.
A
t
l*
Yad
1st
g
guar
48.1040 A-O
3(1 7s...........................A1912 A-0 105 >9...... 107 Oct ’OS
Col <&Greenv 1st Os...... 1010 J-J *106*4........ 100 J’ue’O.i
Pitts Y«S>Ash 1st eon 5 s.1027 M-N 109 ...... 1 1 1 ) Feb '00
E l V a*G a Div g 6s. .1030 J-J ........ 109 34 111) Feb’lo
no no
107*8 Jau’10
P C C & St E gu 4 HasA ... 1040 A-O ........108
H)7'8 107*8
Con 1st gold 5s...........1050 M-N ........112
111*2 Apr’ 10
111 *s 114*9
Senes B guar...............1042 A-O 1 0 0 ‘a Sale 100 Hj 100 V
UiO‘9 107*.;
£ T.e“ r,eor Ren g 6s...... 1038 M-S 100*9........ lOti Feb"
100 loo
112*9 J’ue’06
Senes C guar...............1942 M-N
Ga Alidland 1st 3s......... 1040 A-O ........ 07
06 N ov’OO
08 Mar’io
Series I) 4s guar..........1045 M-N
Ga Pao By 1st g Os........1022 J-J * 1 1 2 ... . 11234 Apr TO
1
1 2 *4" 1 1 3 *4"
U4>9 04 Mar’10
Genes E 3 Haguar g ....ll)40 F-A
K nox* Ohio 1st g Os... 1925 J-J
114*u Feb”. >
114*2 114*9
Series F 4s gu ar........1053 J -D
.uob*B irpnorlieng6sl945 J-J 1U5H
l
i
d
’s
Apr’O
ti
HlHiApr’lO
C St L <&P 1st con g 5s. 1032 A-O
111*2 1 1 2
Mortgage gold 4s........1045 J-J
82 Nov’OS
Pensacola A At! S e c E & Naan
Rich * Dan con g Os__ 1010 J -J 1<)534 ..
lOdHi Apr’10
100*4 107*9
Peo & East S e e C C O tfc St E
Deb 6s stamped........... 1027 A-O *104 ..
106
Apr’HI
105 1073i
112
Fob’lO
Peo Jin Pelt Un 1st g Os....1021 Q-F
112 112
Rich & Aleok 1st g 4 s...1048 M-N 76 ..
75 Out ’08
2o gold 4 H)3................... 51021 M-N 00 S* 100 1003* Deo’05
So Car & Ga 1st g 6s__ 1910 M-N 103 ..,
103*s Alar’lo
103*8 104
Pcro Marquette—Kef 4s.. 1955 J-J ........ 75 Hi 76*9 75*9
75 Hi 70
Virginia Mid ser C Os...1010 M-S *107*« ...
1 1 2 O ct’Ot)
1 0 1 3* Alar’ 10
Cli A W M 5 s ..................1021 J -O
1013* 102
heries D 4-6s...............1021 M-S 194*4 ...
IO8 H1 Deo ’00
1' lint A P At g Os............. 1020 A-O i ' i i '4 iVs” 111*2 Apr’10
111*9 112H,
Series
E
5s...................
1920
M-S
105
•,
...
107a, Dec ’00
1st consol gold 5s........1030,W-K ........104*8 100 Deo’Oi
General 5s................... 1030 M-N 1o7*b ...
107*, Mar’io
107*4 1077*
Pt Huron 1)1v 1st g os. 1030 A-O ........100*9 106 Apr’10
i05" ibs"
Guar stamped..........1030 M-N ........ 10734 107 Deo’00
hagTus A H lstgll g 4s. 1031 F-A
W U * W 1st oy gu 4 s..1024 F-A * 80 ...
01 FobTO
"oi" "o'i“
Pint IS <b \V S e e Penn KU
West N U 1st con g Os..1014 J-J ........ 10 0 *fc 105 HiApr Id
IO0 H1 lOO
01
Philippine ity 1st 30-yr s 14s’37 J-J
0 1 *s Deo’00
S * N Ala S e e L * N
Pitts Cm * St L See Penn Co
Spokano Internat ls t g 6s 1955 J-J ........ 100 1083, Sep *0&
Pitts Cleve ib Tol s e o ISib O
'I cr A ol St H 1st g 4 *93.. 1030 A-O ........ 1 U8*8 lOTaj Apr’10
107*8 107*9
Pitts Ft W As Ch S e e Penn Co
1 1st cou gold 68__ 1804-1044 F-A 115 116*9 115 Apr TO
114*9 115*9
Pitts McKees & V s e e N YCoo
07 *j Sale 07 *9 s7 Hi
Gen refund s t g 4 s ........1053 J-J
07
08
Pitts Sh * E K 1st g 6 s...1040 A-O
115 Deo’00
St E U Bge Ter gu g 6s. 1030 A-O 100 ....... 100*8 Apr’lO
100 100*8
1st consol gold 6s........... 1043 J - J
93 78 J ’ly ’07
Tox & N 0 S e e So Pao Co
Pitts (fc West S e e 15& u
T ex*Pao 1st gold 5s...... 2000 J-D
,111
111*9 111*9
111 112*9
08 Sait, 08
Co gong 4s...... 1097 J-J
09
07 >9 100
2d gold Inc 5s................ j2000 Mar GO 70
70 Mar’ 10
R eading
70
70
Kegisioreil.................. 1007 J-J ' 08 *e...... 07“* Apr'10
07 >9 1U0
103 Sep ’00
Ea lnv B E 1st g 5s.......1031 J-J ♦ 100
Jersey Cent coll g 4 s... 1061 A o ........ 07* 06 Hi 06 *2
06*9
073
4
W
Alin
W
*
N
\V
1st
gu
5s
’39
F-A
lOOHi
Nov’04
98’a
......
ttousseiaer ib Sar S e e u <b 11
l ot * O C 1st g 5s............. 1035 J-J 100 1 1 1 loo Apr’io
107*9 110*9
Uioli ib Dan S e e Sontu Ky
Western Div 1st g 6S...1035 A-O 107 ....... 112 Sop’00
Bioh A Aleck S e e Southern
General gold 5s...............1035 J-D 104 78 ...... 104 Mar’ld
00*9 104
HioGr West S e e Don A ltioGi
Kan
*
Al
1st
gu
g
4s....1000
A-O
94*4
Alar’ld
OOHi 04*4
Koch & Pitts S e e 15 It ib P
Tol P * W 1st gold 4 s....1017 J-J 013s 93
93 Apr To
02
03Hl
Koine Wat ib Og S e e N V Cent
Tol at E * W prlicn g 3 *98.1925 J-J
90
88 H1 90* 00
3 80
00
Kutlaud S e e N 1' Cent
60-year gold 4s.............. 1050 A-O 7d *9 Sale 70*9 70‘s 6 7878 81
o a g Tus ib 11 s e e Pore Marq
Coll tr 4s g Ser A ......... 1017 F-A
8334 84 \
0
80*4
83*4
02 03
Ot Jo ib Gr 1st 1st g 4 s...1047 J-J
02
02 04
Tor H am * Bud 1st g 4s.Fluid J-D 87*4
00 s Mar 10
00
01
St Eib Cairo S e e Mob ib duo
I | later* Del 1st con g5s 10 2 s! J-D ♦ 104 ,
1U0 oau To
1U6
8t E I r o n Alouut s e e A1 P
vJ 1st refund g 4s......... 1052 A-O
80 Got ’00
St E A1 Br S e e T UK a of bt E
Un Pao KU * 1 gr g 4s ...1917 J - J 100 salb 100
100*, 113 00s4 102
110 120 Apr’10
BtEouisifcSF— long Os. 1031 J-J
120 124
Kegistered....................1047 J-J
!loo Alar’lu
UO 101*9
108 108 Mar’10
General gold 6s...... ....... 1031 J-J
108 1083*
20-yr oouv 4s............. . ” 132 7 J-J 105 \ bale 104 7g 101*4 i037 1047« 110*4
00 Mar'll
St E <b S F UK cons g 4 s.. ’00 J
00
01 >9
1st * ref 4s................... (/200S AI-S 00 *2 hale 00 *-1 07
4>8' 00*9 08*8
88
H»7»
Gen 16-20 yr .is ........ 1U27M-N 88Hibaie
87Hi 00
Oro Uy * Nav eon g is .iu io J -D 05 ‘4 hale i*6l4 Uj34 18 05
08*4
Soutliw Div 1st g 5s..l047lA-O lOd**
10 0 ** Apr’10
100 ** loot*
Ore Short Line lstgO 3 ..IU 22 F-a 114 HiSalt 114*9 1*4*4 7, Ll4*9 117
Botuuding g 4s...........1951 J-J
82 Sale
8 1<*8 **3
blHi 85
1st consol g 5 s............. 1040 J-J
112*9 112*9 1! 12*9 11378
K C Ft S ib Al cou g Os.. 1028 M-N 1l 6 \ .... 1 1 0 Apr’10
115'a 117Hi
Guar refund 4s...........1020 J -D 92
02
U2 14 y 2 *a 12 02*8 04 7$
K C Ftb ib ALIty rot g 4s 10301A-O 77*9 70
78*8 78 *9
78 82
ltegistered................1020 J - D
04 Jan ’00
K C ib Al It ib 15 lstgll 6s. 1020' A-O *100
100** Dec’08
Utah* Nor gold 63 .. I 92 GJ-J
107 *s Dee’00
Oz’rkib Ch C lstg u 5s g.1013 A-O 07
Ob6* 07 FebTo
”uT* 97
Uni N J lilt * C Co S e e Pa It it
StEouisSo S e e Illinois Cent
Utah Central S e e Kio Gr Wes
8t E S W 1st g 4s bd ctls. 1080 M-N ........ 01
01*4 Apr 10
01>* 03 «b Utah * North S e e Un Pacilio
2il g 4s mo bond ctls...pl080 J -J 81 h3Hi 81 Apr’10
10 *9 82
Utica * Black K s e e N Y Cent
Consol gold 4s................1032 J-D ......... 77*9 77 Hi 77- 21 77 7<J78
consol g 4 s __ 1055 F-A
07 ....... 97Ba Feb’10
V audalia
97b8 97^
Gray’s Pt Ter 1si gug 6s 1047 J-D 05
101‘s Apr ’O f
ora Cruz * P ls t gu 4 Hisl03i J - J 02*8...... 00 Apr’10
96 06
St Paul ib Dul s e e Nor Pacilio
Ver Val 1m l* W S e e Alo P 1
St P Aliun Ji Alau S e e Gt Nor
Virginia Mid S e a South Ky
St P ib Nor Pao s e e Nor Pay
Va * Soutbw’t 1st, gu 5s.2003* J-J 100 111 110 Oct ’00
StP <b S’x City S e e C St P Al ibo
1st eons 59-yoar os........ 1 958 A-o
00
07
07 Apr ’ 10
o7
08**8
S A ib A Pass lstg u g 4 s ...1043
87 Hi 87*9 87 s*
S6s4 88*4 W abash 1st gold da...... 1030 M-N 108 hale 108
10 j
108 11334
S F ib N P 1st sink i g b s.toio
1U4 Oct ’OU
2d gold 6s................ 1030 F-A 100 101 101
lut
100
H
i
103
Hi
Sav F & West S e e Atl Coast E
Debenture series B .......1030 J - J 80 105 J00 Dee ’Oi)
Scioto Val (b N E s e e N or* W
1st lieu equip s tdg 5 s..1021 M-S 102
102 Feb TO
101 102
Seabounl Air Eiue g 4s ...1050 A-O
83*9 Apr’10
1st lieu 50 yr g term 4s.1054 J-J
83 Hi 80
00 ila r’lo
00 00
Coll tr refund g 6 s ........lu ll M-N
00 7a 199
9 9 \ luu *8 1st ref and ext g 4s __ 1050 J-J
08 *s Sale 60*9 7 o \ 820 00 T 773,
Adjustment Os............ ol940.F-A
70 >* 7134
D e t* Ch Ext l s t g 6s..1041 J-J 100*9...... lot** Mar 10
7 o \ 71*4
107*8
107*4
Ali-lium 3u-yrlst g 4s.«1033 M-S
84 Alai TO
84 87
Dea Mom Div ls t g 4s.. 1030 J-J
83 Deo’UJ
Pur cent 1st con g 4 s...1040
01*9 Mar’ 10
Om Div 1st g 3*98..........1041 A-O 75
01
01*9
7G34 76 Apr’10
75
70*8
Fla Cou * Pen 1st g 6 s.1018
103 Apr TO
103
103
Tol * Cll Dlv 1st g 4 s... 1041 M-S
80
DO Jan ’Hi
00
1st land gr ext g 6s ...1030
Wftb Pitta Term 1st g 4s. 1054 J-D 87
30
30
39
52Hi
Consol gold 6s.............1043
104 FebTO
T rustee certts........................
104
104
40
’
30
37
37*4
37
54
Ga & Ala Uy 1st cou os o 1046
104 ‘2 Mar’10 :
2d gold 4s....................... 1054 J-D
104 104*2
4
6
5 Apr TO
4
11*,
Ga Car * No 1st gu g 6s 1020
1U43* Apr’10
lu 4 \ 104
Trust Co certts....................
4*a 6H. 4Hi
6*9
4*8 12*a
Seal) * Uoa 1st 6s.......... 1020
100 Apr’101 ’ 10 U 100
Warren
s e e Del Eao * West
Slier Slir * So s e e At K * T
Wash Cent S e e N or Pao
Sll Sp Oca * G S e e All Coast E
Wash U * W S e e Southern
Southern Pacific Co—
WasliTerml lstg u SHis..l045
87
93*9 80 Apr TO
00*9
Gold 4s (Cent Pao coll).fcl049
00*4 'JO3,
90*4 05
West
Alarylauillstg4s...1052 A-O 85 Sale 8434 85
86 *9
Kogistered................ /cl940
00 Mar’lO
00 00
Gen * conv g 4 s ........... 1052 A-O
ViHiFeblO
73
2U-year conv 4s.........)/1020
IU0
lo 1 ‘*
100 100*4
Trust Co certfs.................... 1 __
73-9
Apr’ly
08*9
74*8
Cent Pao 1st ref gu g 4s 1949 F-A
00
00 *8, 14 00
070.
W Va Cent * P 1st g Os 1011 J - J
100 HiN ov’i/U
Kogistered...........................1040,F-A
07 Fob’10
07 07
WestN V * Pa 1st g 6s..1037, J-J ........110**4 HU3, Apr TO
iio
"
i
i
’b34
Alort guar gold 3 His../cl920 J -D
88 ‘a »8 Hi
88*4 04
Gen gold 4s.....................1943 A-O
01*4 02 .Mai’Id
00*4 02
03Hi Fob TO
Through St E 1st gu 4s ’54 A-O ____
02Hi 04
Income 6s.....................d l‘J43 Nov
34 Fob’ll/
G ll* S A A I * P ls t 6 s ..l0 3 1 M-NI ........ 198 111*2_ Apr’no
.
West No Car S e e south Ky
Glia V G * N lstgug6s.lU 24 M-N! .................. 19434 hop ’ 00
Wheel’g & E E let g 63...1020 A-O 103*8 104 1U43* Feb TO
10134 10434
U o u sE * W T 1st g 6s . 1033 M-N *104 ........llO6‘*Mny’O0
Wheel Div 1st gold 5s..1028 J-J ........104 1 0 1 J an t 0
104 104
1st guar 5s red................................. 1933 M-N
tU63*106*8<JAn’l0
106 106*«
E x ten * Imp gold 5s...1030 F-A *00 ....... 103 '9 Deo'Oo
u * T C lstg 6 siu tg u ..l0 3 7 ;J -J 1 1 0 *«Sale j110 *9 ttOHi
Bit 1st consol 4s.............1049 M-S 81*9 85
10 0 H1 n o *s
82 Hi
82 87*4
Consol g Os lut guar...1012 A-O 100 ........!lU0 H.Nov’OO
Deo ’oa
,.„,ii0'year
0<lui9S eBe1Krlo
6s — 1922 J-J
Gen gold 4» tut guar. . 10 2 1 A-O 04‘* 05*9 04** 04**
04
00
Wilkes
* East
a W aco*N Wdlv l s t g Os’3U M-N1 ................. |110*« Mar’10
110*4 110*4 WU * Sioux F S e e HtP Al * At1
A * N W let g u g 6 a ....1041 J-J 104 ........ 107*9 Jan 00
Wls Cent 5U-yr 1st gen 4s 1040 J.J
92 bale
02
03*4
Morgan s E a * T 1st 7s. 1018 A o ........ 117 Hi 122 ** Aug’uS
Sup* Duuliv* term 1st4s’30 M-N ........ 01^,
Apr’10
02*a
1st gold Os.... ......... 1020 J-J *112 .........110 Not’OO
Telegi-upli mid Telephone |
No ot Cal guar g 6s........1038 A-o ...................H2 Fcb’07
y * 1, I*1
g 68.1027 J - J ................. 104 MarOO
Am Telep * Tel coll tr 4s 1020 J.J
90*t Sale 00*s 00*9 12 00*8 03
SoPaoof Cal—u sE * A.1012 A-o looHi 103*e 104HaJ’ne’08
Convertible 4s................ 1030 M-8 100
*8 hale
101*, 678 100*4 100*4
1st gold Os...................1012 a -o lU0 *s........ >114Hi Dec’Ol
All eh State Telep 1st 6 s ..1024 F-A 0 hJ4 Sale 100*4
03*4 0 8 ’4 2 68 Hi 00
1st cou guar g 5s........ 1037 -M-N 190 ........H a AUy’07
N
YTolop
1st*
gons
f
4
*
93
.
30
M-N
^^.1 07
07
Sale
0? *9 33 07
09
S i ’aootN Alex 1stgOs..1011 J-J 190 Hi........ 10 1 Mar'10
10 1 10 1
Pae
T
o
l*
Tel
1
st
6
3
........
ioj ? J - j .......... o7 07
07 7s 3s 07
OO^
So Pao Coast lstg u 4s g .1037 J-J
84 03 I 00 J ’ly oO
Union col tr cur os.1038 J-J
OOHi 9 J *• 00 34 2 09 100*9
Tox*NOSabDivlst gOs. 1012 Al-S l 9 l 7» ........ 102*« Feb’10 ....H i02 **i02** Weal
Fd and teal est g 4 *9*...1069 M-N 05 sue 05
65
05
97*4
Con gold os................. 1043 J - J I 190 ........ 102 NOV90
!
^
Conv 4s, Senes A ..........1038 M-N 100*9 101*9 101
101100*4 10 2 34
101

lUIHCiill.EANEOUfS BONL»S—C oncluded.

.Uuimluctiiriiig & liuliiatrini
Moniilacturing & Industrial
Gen Electric dob g 3 *98..1042 F-A
•• 83
82 Jan To
/a-Car Chem 1st 15-yr 6s 1023 J-D 98*4 Sale 06*9 98*9 12 96 *9 09*>»
82
82
10-yrg deb 5 s ............... 1017 J-D 13*7** Sale 137
140
vV’estingliouse E ibAtsxds ’31 J.J
34
137
147*9
89 Hi Suie 8 J *4 SO7* 15 87*9 03
lut Paper Co 1st con g Os. 1018 F-A ........103*4 102
102
0 102 105
dlisccllnueous
Consol conv s f g 5s.......1035 J-J
84 87
84
85
4 84
89*4 Adams Ex col tr g 4s........ 1048 M-8 S3 03*t 03*8 93*8 4 02
93Hj
Int St Pump 1st s f 6s__ 1020 M-S 94 04*» 04*9 04*,
1 04*9 607s Armour<S j Co l s t i e a i e s t 4 Hi8’3u J-D 01*4 Sale 01*4
02
14 01*4 04 *9
Eackaw Steel 1 st g 6 s....1023 AO 07 Sale 07
07*4
? 07 loo
B u sh T e rm in a l 1 s t 4 s........1052 A-O ........ 80*4 88*a Mar'10
89
8
8
H
1
Nat Enam & Stpg 1st 5s.. 102 ) J-D 00 97*8 OOHi Apr’lo .... 06*9 07 s8 Consol 6s ...............
1056 J-J
07*4 08 Apr’lo
00*9 07**
N 1 Air Drake 1 st couv Os ’28 M-N ........100
loOHi il)7 H G lot) Hi 114*, ClucJoib t Yard co lg 5 s.lo l6 J-J ........
05*8 105 100 Jau ’ 08
Ity Steel spgs 1 st s f i s . . . 102 1 J-J
07 07 H 07 HiApr TO
00*9 08*9 Det Al <& M ldgr incomes..1011 A-O 35
40
40
Jan’lu
41) 40
Kopub t i t » lst.bcoltr6s.1034 A-O 104 ........ 104 Alar’ll)
103*» 104
institlor Irrig Wks,4Hi» 1643 M-N 90 ........ 07*9 Mar’10
9*4 97*9
Union B a g * P 1st sl6s..103u J-J ........ 03
03 Apr TO
98
06 Hi int Alorcan Marine 4*2S..1922 A-O 63 Sale 03
05 S "62 liii
Stamped.........
71*9
OOHi Jail To . . . . 06*4 90*. lut Navigation 1st s t 68.1026 F-A ........
82
82 Apr’10
83
S 5
**0 s f dob gbaV.’fb"l3 M-N 104*9 105*2 104*9 Apr’ib
104*9 10434 N owp No Ship 32 D D os U 100U J-J
06 ........ 05 Dee’09
U S Keutty ib i conv deb g 6 s ’24 J-J ........ 80
UO
00
in 88
N Y Dock 60-yr 1st g 4s..1951 F-A
04*4
93*4 03H) Mar’10 .... 03*9 64
U » l.{,e*it'5 Rof let s t g Os.1031 J-J ........ 88
88 HiApr’iO
88
00*4 Provnloiice seo dab 4 s....1967 M-N ...
bO»s
U S Kubbcr 10-yrcoU lr0 s.’18 J -D 103 ‘4 dam I03*s loaiH, 74 102*9
Provident Eoan Soo 4 *93.1021 A1-S
65 J’ly ’09
U S Steel Corp—( coup .<<1003 11-N 103 Hi Sale 1031*9 104S 14.- 103T 104Hi
105E s Vuua Wat Co cou g 0s.,192o J-J
112 J’ly'04
St 10-00 yr L . \ reg ..,1100.3 M-N .................. 103a4 1 0 4 \
1 103*4 1U534 Wash Water X’ow 1st 6s.. 1930 J J itio 103 101 Feb’lu .... 10 1 iv r *
*No price Friday; latest bid and asked this week. 6 Duo Feb il Due Apr «Due May pDue J’ne A Due J’ly IcDu e A u g oDue Got pDue N ot ♦Option Sal*




O E IO A G O

S T O C K ! E X C S M G E — S t o c k R e c o r d .— D a i l y . W e e k l y a n d Y e a r l y

S T O C K S — H IG H E S T A N D L O W E S T S A L E T R IC E S
S a tu r d a y
A p r i l 23

M onday
A p r i l 25

T uesday
A p r i l 26

W ed nesday
A p r i l 27

195 =185 195 1=185 195 *185 195
*2
3
3
*2
*2
3
3
7%
71? *6
7% *a
7% *6
*98 100 *98 100 *98 100
99
99
29 29 *28% 29 *29 30
29 29
13
13 *12 13 *12
13 *12
*12
*6% 7% *61* 7% 6% 6% *6% 7%
*23s 3
212 2to *2% 3
*23S 3
32
29 K
2D “
29
*771. *77% SO
77% *75
*75
77 % *75
17
17 *16
17 17 *16
16 16
55% 55%
55 50 *55 56
55
17
*15
15% 15% 15% *15 15% *10
*60
*60
*60
*60
55% 56
57 57
54 54%
58
18% 19% 1334 19
18 2Hs 18% 19
*85 90 *85 90 *85 90 *95 90
*185
*2

T hursday
A p r i l 23

F r id a y
A p r i l 29

Sates
of the
Week
■ Shares

Mch’10
Feb*10
Feb’10
100
*98 100 *9S 100
28% 28% 28% 2812 275
Feb'10
L a s t S a le 10
6% 6% *6% 7
*212
3
*212 3
L a s t S a le
‘ Apr’10
L a s t S a le /712 Apr’10
*16
17 *16
17
300
450
*54 55 *51
55
*15 16 *15
1512 100
L a s t S a le 10
Allg’09
*950
54 55% 55
56
13% 13% 15
16 5,611
L a s t S a le 10
Apr’10
L a s t S a le
L a s t S a le
L as', S a le

85

9%
10% 10% 10% 10 % 10 10% 9
72% 72% 72% 72% 72 72
73 73
*250 300 *250 300
*210
240 245 *240
132 132 135 135 *132 135 *130 135 *130 140
79% 79% 78% 78% 77% 77% 75-2 76
78% 79
no 111 m o 111 *109% 110% *109'4 1 1 0 % 110 111
L a s t S a le 136>4 Apr’10
=138 136% *136 136% *135% 136
L a s t S a le 18
June’09
L a s t S a le >4
June’09
*35 38% *35 38% *35 3.8% *35 38% 34% 34% 3414 3414
L a s t S a le 70
Apr’10
*68 70 *68 70 *6.8 70 *68 70
Mcb’10
L a s t S a le 54
*52 54 *52 54 *493i 50
*52
1
1% 1
*1
1% *1
*1
1% *1
1% *1
L a s t S a le 212
Nov’09
*2
3
3
*2
*2
3
3
39% 40
39U 40
41% 41% 40 41
42% 42% 42 42
120 120 1197s 120 119 120 119 120
1211* 122 120 121
Mch’09
L a s t S a le 2U
150
*154 155 154% 154% 154 154 *154 155 150 150 150
114 113 113
114% 115 114 114 113% 114 113% 113% 113%
L a s t S a le 1%
Feb’10
L a s t S a le 16U Apr’10
L a s t S a le 79% tVpr’10
9912 99%
99% 99% 99% 99% 99% 99% 98% 99
99%
84 84% 82 84
73 81^2 71% 78
84% 85
84 84
L a s t S a le 13U Mch’10
*44
*44
*44
*44
57% 58
5712 58
58 58
57% 58
57 % 58% 57% 58
10014 100% 101 101 *100% 101 *100% 101
L a s t S a le 2% June’lO
*
*
L a s t S a le 20
Nov’OU
21
21
*
21
21
106
106
*1081' 109% =108% 109C =10S% 109% *108% 109% *105 107
*123 1231" 123 123% =123 123' • *123 123% *123 121 12114 1221
1037s 103*8 109 109
111 111 111% 111% 111% 112 ios% n o
Apr’10
L a s t S a le 119
117 119
*118 119 1=117 119 *117 119
109% 109% 109 109% 109 109 10S% 1083.1 107% 107% 1081.1 IO8I4
L a s t S a l t 11-16 Mch’O
1021s 163 1621.1 163% 162 162% 162 162% 158 161% I56I4 1571-1
120% 120 >8 12012 120-% 1201* 12012
*120% 1201, •=120% 120% 120% 121
101%
104% 101
104%'1043. 104% 1047$ 101% 104% 104% 105 104*4
L a s t S a le 7
Feb’09
*184 186 185 185 *185 186 *185 186 *184 187 *184 187
104% 40H- *104% 105 105 105 *104% 105 105 105% 105 105
6
7% 5% 6% 5% 61
8\s
8% 8% *Si* 9
L a s t S a le 7%
Apr’09
L n M S a f e 22
Anr’10
*__
21 *___ 21 *___ 21
21 *__

*10% 11
*74 74%
*240
*132 135
*78' » 79%
*110 111
*136 136%

I n te r 
est
'ertod

T r ic e
F r id a y
A p r i l 29
EL.

W eek's
R a n g e or
L a st t e l e

A s k Low

H ig h

l l'd s
-Sold
So

tor

Wa.Toads
Do pret ____
.hie Bys part ett
Chic Bys part ett
Chic Bys part ctl
Chic Bys part ett
pret___
>ol VV S El
pret___

Do pr<
110 ooth 1'Tsl
Do pret.
603
539
225
602
579
3,815
940
225

3,285
476
979
" •£
250
6,181

410
H ig h

Do pret.

ia n g e fo r P r e v io u s

R a n g e to;
Y e a r 1910

1 00
100
100

100
100
100
100
100
100

too

Lowes'.

185 Mch 7 185 Mch 7
3%Jan :
1 %Jail 5
7%Jan 7
7 Jan 4
93 Apr 6 109 Jan 3
26% Feb 3 36 Jan 3
10 Feb 4 16 Jati 16
9%Jan 6
6% Apr 22
5 Jan 15
2% Apr 18
28% Met, IS 39 Jan f
69 Feb 17 77% Mch .6
16 Jan 14 17 Jau 4
51 Feb 7 56 Jan 5
15 Apr 1 15is Apr 25
58 Apr 25
56%Feb
13% Apr 28 M38 Jilil 3
90 Feb 2 104 Jan c

9
100
100 72
100 240
100 130
100 72
100 109
100
100

(1909i.

Highest.

Lowes'.

100
South Side Elevated., 100
treets W Stable C L. 100
Do pret________ 100

Miscellaneous
728
190 Do pret_______
67 American Badlator.
35 Do pret_______
380
49

C h ic a g o B o n d K eo o rd
BONDS
CHICAGO .STOCK
EXCHANGE
W e e k e n d i n g A p r i l 29

STOCKS
CHICAGO STOCK
EXCHANGH

Apr 28
Apr 28
Apr 25
Jan 26
Feb 7
A p ril
135 Feb 3
33 Feb 4
60 Feb 7
50 Jan 11
1 Feb 4

100 38%Jan 20
100 lit) Apr"8
.100 142% Jan 21
100 113 Feb 1
1%Jan 26
Do rights
__
16%Mch 31
79% Apr 7
ioo 9.8%Mch 11
100 71% Apr 29
Ma3onlc Temple.
43% Mch
100
99% Mch 31
Do pret________
.Vlllw & Chic Brewing.
Do pret__________
.100 105 Feb 5
.100 121 Mch 28
Do pret.
100 104 Feh 24
ational Car
.100 112 Feb 10
Do pret.
.100 1061" Feb 3
Do rights.
-100 148 Feb 7
ears-BocbucI
.100 119% Feb 14
Do pret..
.106 101%Jau 25
Do rights___
he Quaker Oat
.100 162 Jan 13
.100 101 Jan IS
Do pret___
. 10 c
5% Apr 28
100
Do pret__
_ 100 16%Jan
Western Stone
Do rights-.

C h ic a g o

B a n k a anri

NAME

O u tsia iid iruj
S to ck

t

135s Jan 16
82 Jan *
245 Apr 25
135 Apr >
80% Apr 16
112 Jan 11
142% Mch
39%Jan
74 Jan
65 Feb
1 Feb

6
4
17
4

47 Feb 11
137 Jan 3
163 Mch HI
121%Jan n
2 Jan 13
22%Jan 3
82 Feb 28
127 .an 6
91 Mch 2'46 Jan 1

1 ta t

H ig h est

180 Mch 190 Feb
4 Jan
1%
’ Oct
16 Jan
6 Oct
07% Dec 119% J’ly
45% Ian
3 1 Dec
101? Dec 30 -Jan
13% Jail
8 Dec
29% Jau
3% Dee
52 J’ly
30 Dec
78 1>eo 86% May
19% Dec
15%Sep
59 Dec
47 Jan
17 Nov 25 May
73 May
63 Jan
01 May
60 Jan
29% Apr 54% Dec
97 Feb 108 Dec
7%Jan
71% Jan
200 Jan
126 Jau
54% Apr
101 Feb
139 Aug
J ne
%May
10 May
48 J’ne
51% Jan
1 Apr
2%Apr
20 Mch
127 Jan

15% Nov
86 J’no
225% Oct
132 J’ly
81% Deo
112 Sep
145 Nov
1 Jan
5 Jau
40 Dec
75% Dec
68 Apr
1 Apr
2% Nov
42 Deo
140 Sep

117 Jan
107 Jan
17% Feb
70% Mch
117 Jan
38 Jan
43 Jan

152 Oct
121% J’ly
_____ _
25% Aug
88% May
130% Aug
88% Deo
47 Sep

20 Nov
977S Jan
118% I cb
82 Jan
110 Jau
102 Jan
lo Feb
55 JftDL
101 Jan
100% Jan
0 Feb
119 Jan
98% Jan
"XFen
3% Mch
15 Feb

21 J’ne
119% Sep
130 Sep
I08i" Dec
121 Nov
119% Aug
1 Mch
169% Dec
121% Oct
HIM Aug
20 Jan
162 Dec
105 Deo
1 >s Mch
0%J an
25 Mch

102% Apr 20
115 Jan 7
125 Jan 18
115% Mch 23
121 Mch 32
115%.1 11 3
166% Apr 14
122 Mch 14
109's.lan 8
186 Feb .9
106 Jan 6
153s Jan :
227s Apr 1

i r u s t C a m n a n ic a

S u r p lu s
and
P r o fits

i H m a e v i<~ n rd
In

In

L e t-

L a s ’. P a id

1908 1909 io<l
%
T
,
An Ooc 'OJ, t»
o
842.41,
Calumet National____ 8109,900
J-J an TO, 5
19
206,81-: 10
Chicago Cl tv_________
509,01)4
1(11 Q-J \pr TO, 2
Commercial National.. r7,000,000 3,639,996 u 12
8 Q-J Vpr TO, 2%
8
Continental National.. 9,000,000 5,329,998
12 Q-J \pr TO, 1
Corn Exchange N’atlona 3.900,000 5,387.084 12
9 A-0 Vpr TO, 5
6
200,000
26,110
Drexel State_________
19 Q-J Vpr TO 2%
600,000
408,157
9A
Drovers’ Dcp National.
6 Q-J Apr 10, 1%
6
32,826
200,009
Englewood State_____
\-3
12
Q-M lch3lT0,3«
First National_______ 10,000,000 ) 1032020.
10 Q-M Mch31’10,2%
First Nat Englewood__
150,000
169.998 10
Foreman Bros B k’gCo. 1,000,000
507,94‘J ITiV ate Ba 11k
8
8 Q-J Apr '10,2
Fort Dearborn National 1,000,000
411,713
r> J -J L)ec31’09,2%
5
.=■00.000
(10)
0 Hamilton National__
<x
8 Q-J Vpr To. 2
Hibernian B’k’g Ass’n .. 1,500,000
846.77;
10 J-J mn TO, 20
200.000
123.181 10
Kas par State Bank___
10 Q-M Mcli31T02%
471,992 10+ 2
Live Stock Exch’ge Nat 1,250,000
4
•1 Q-l- May TO.l
800,001)
64,671
Monroe National_____
8
8 Q-J Vpr TO, 2
Nat Bank ol Republic.. 2 ,000,000 1,238,632
3
6 Q-J Vpr 10 1%
354,249
((National City_______ 1,500,000
8 Q-J Vpr T0,1
250,000
National Produce_____
77,288 ___
5 A Q-J Vpr TO, 1%
200,000
69,631
2A
North Avenue State__
t)
0
Q-J Vpr TO, 1%
50,000
North Side State Sav’gs
23,681
. . . . Q-J Apr TO, 1
200,000
13,022 __.
North West State____
—
Q-J Apr TO, 2%
People’s Stk Yds State.
300,000
93,699 —
----- — --- ----- ---250,000
71,792 . . . .
Prairie National____ __
t)
*M MC1131T0 1%
8
500,000
66,119
Prairie State...................
—
250,000
12.763
Ba’lway Exchange___
l Yi — Mil J1 10, U2
300,000
181.U3 —
Security____________
(i
Q-J Apr TO, 2
200,000
83,000
South Chicago Savings.
V. 89,p. 817
8,144 ISCg. b
200,00(1
South Side State_____
12 Q-J Apr TO, 3
State Bankot Chicago.. 1,500,000 1,083.075 11
8 Q*M Mch 31 TO. 2
7
185,511
250,000
Stock Yards Savings__
(3
M-.N May TO, 3
42,688
200,000
Union Bank of Chicago.
6
None Q-M L)cc31'08.1%
8,138
50,000
Wendell State...............
8
t) Q-J Inly ’09, 2
291,202
American Trust & Savs. 3,900,000
/
7 Q-J Apr T9, 1%
918.005
Central Trust Co of III-- 2,000,000
i+j
6 Q-J Apr TO, 2
111,772
Chicago Sav Ilk & Tr— 1(500,000
6
6 Q-J Apr TO, 2
Chicago Title & Trust.. 4,000,000 (1,319.160
50,000
4
4 A-O Vpr9,T0,3
6,22-1
Citizens Trust & Savings
(100,000
Colonla1 Trust & Savings
513,28,8 8 + 2 8+2 (+J Apr 10, 2%
200,000
Drovers’ 1rust&Savings
8 Q-J Apr TO. 2
106,342
7H
3 Q-J Vpr ''0, 1%
Farwell Trust Co.......... 1,500,000
228,900
13 Q-M \lch31T0, 4
First Trust & Savings.. 2,500,0.1. 92,784,077
Guarantee Trust & Sav.
200,000
5.245 Incorp orated 1908
6
9 A Q-J Apr TO, 2%
Harris Trust & Savings. 1,250,000 1,570,962
Illinois Trust & Savings 5,000,000 8,297,282 16 + 4 16 + 4 7 Apr 10.4_
0*4 (j j
6
Kenwood Trust (e Savgs
200,000
58,001!
5 Q-J
LakeView T'rust&Savgs
200,000
41,100
4 'A
12
Q-J
Merchants’ Loan&TrCo 3,000,00(1 5,558,200 12
Q-J Apr TO, 1%
u
6
205,991
Metro politanTrust&Sav
750,000
8 Q-J
8
Northern Trust Co____ 1,500,000 2,236,860
.J-J lull ■IB, 3
0
6
61,782
North-Western Tr&Sav
200,000
8 Q-J
8
220,217
Pullman Trust & Savgs.
500,000
Sheridan Tr * Sav Bank
200,000
223,571 Hog b us. J ’ly 12 '0 J V.89,p.141
J-J Jan TO, 2%
6
5
31,474
Stockmen’s T rust & Sav
200,000
8 *8 + 2 Q-M Mch31 TO, 2
Union Trust Co............. 1,200,000 1,092,087
(5
Apr TO, 1%
6
Q-J
220,282
Western Trus, 3: Savings 1,000,001
90,052 Began buslnc ss He pt 5 1908
West Side Tr&Savllank
200,000
6 Q-J Apr TO. 2
6
48,248
Woodlawn Tr&SavBan.i
200,000

9911 99%
99% Mch’10
Amer Strawb’d 1st 6*. 1911 H - A
92 l.t 9411/2-% Apr 10 —
Armour & Co 4I$s__ 1939 1 ■D ___ —
----- —
Aurora Elgln&Chic 5.1941 A - O --- - --- - ----Cal & So Chic By Co
102 J’nc’0) . . . .
1st M 5s_________ 1927 F A
Cass Av & F G (St L) 5s T 2 1 - J ___ ___ 101% Oct’09 —
100 May’07 —
Chic Board ot Trade 4.sl927 I - b
103%
1.121- 71
Chicago City By 5s — 1927 F - A 102 Sale 102
Chic Conso: Br & Mlt 6s — J - J ___ ___ 103 Apr’04 —
—
50
Apr’09
Chic Cousoi Trac 4 Hs 1939 1 - D ___ ___
96% Jan'Oj . . . .
Chic Auditorium Ist5sl929 F - A __- —
.... —
Chic Dock Co 1st 4S..1929 A (1 __- . . . . . . . .
Chic Jc BB 1st M g 0s. 1910 vl - a ___ . . . . 94% Dec'09 —
87 Feb’00 —
Chic No Shore Elec (is. 1912 A - O ___
5 8 H4 87%
88% 87
87%
Chic Pne Tool 1st 5s.nl92t 1 - J 87
- A 100% Sale 100% 100% 35 ldO'4 101%
Chic By 5s_________ 1927
95% .5
Chic Bys 4-Os series "A” A - O ___ ■Jill 95% Mch’10 -- -82% 86
Chic Bys 4-5s series “ B” J - 1) ___ 82'2 821" Apr’10 —
90U 91
91% 90% Mch'10 . . . .
Chle Bys 4-5s series "C” [•’ - A 90
0
101%
Chic Bys coll 6s__ 1913 F - A 100% Sale 100% 190%
—
___
.
.
.
.
101%
>
July’09
P
A
Chic Bys Fund 6 s ..1913
100%
Chic Bys Tem Ctts 1st 5s ____ __- ___ 100%Mch’10 —
Chic It I * P BB 4 s . . 2002 M- N ___ ___ 60% Aug’OS . . . .
Collat trust g 5s — 1913 U- S ___ ___ 06% July’08 —
103%
103
103
2
Chic Telephone 5s___ 1923 1 - D 102 10!
102%
Commonw-Edison 5s. 1943 11 - s __ . 102% 102% Apr’10 —
___ 100 J’ne’OS —
Chic Edison deb 6s. 1013 J - J
10U%
5
100
1st g 5s___ July 1926 A - O 100 .-salt 100
Debenture 5s___ 1920 U - S - - -- ___ 100% Aug’O'J —
102%
Coiumonw Elect 5s619l3 it - s 101 102 102% Apr’10 —
Illinois Tunnel 5s___ 1928 I -1) 145 ___ 80 Dec’08 —
Kan City By & Eight
96% Dec'O. . . . .
Co 5 s ___________ 1913 11 - N
90 Mch’09 —
Knick’b’ker Ice 1st 0s 1928 A - 0 __. IOO'
83% Feb’10 —
85
Lake St El— 1st 5 s ... 1928 I - J 80 . . . .
16 May’05 —
Income 5s_______ 1925 Feb ___ ___
Metr W Side El —
82
84
2
1st 4s....................... 1938 F - A 82 Sale 82
80 I'eb’10 . . . .
80
Extension g 4s___ 1938 J - J 1--------- 81
91% Apr’10 —
93%
___
Morrli & Co. 4 A ___ 1930 r - j
96%
North West El 1st 4 s .1911 VI- s 93% Sale 93% 95 179
99 99
___ 99 Apr’10 —
No W G-L & Coke Co 5s’28 Q - M
J 92% 96%
Ogden Gas 5s______ 1910 It - N 94% Sale 947,4 9 Its
100% Mch’O'J —
Pearsons-Taft 5s____ luio I - D 99%
96% 96%'
4 .4 0 s ............................... U - S 26 ___ 961" Mch’10 —
97 Feo’10 - - - 97 97
4.60s Series E________ \t - N 97
98% 98%
4.80s Series F________ M - N 98% ___ 981* Mch’10 —
121% May’09 . . . .
Peo Gas L &. C 1st 63.1943 A - O
103 ‘ 103%
-Befundlng g 5s___ 1947 M - S 102% 103% 103 Apr’10 . . . .
103 1041*
Chic Gas L&C 1st 5s 1937 J - .) 101 ___ 103 Apr’10 —
102 Mch’l. . . . . 102 1021*
Consum Gas 1st 5s. 1936 r - D
10U" Dcc’09 . . . .
Mut’l Fuel Gas Ist5sl9l7 M- N
92" 94
22
92
92% 92
Soutli Side Elcv 4T3S.1924 1 - .1 92
1 100 1007s
100
Swltt <&Co 1st g 5s__ 1911 1 - J 100 100% 100
88 88
__.
88
Apr’lO
88
Union El (Loop) 5 s ..1945 A - 0
114 Nov'04 . . . .
Union Pacific conv 43.1911 it - N
70
___ 75
70 Apr’lC . . . .
United Box Board col 6s’26
80 Nov’09 ___
70
General mtge 6s______ 1 - J
85U July’08 ___
Western Stone Co 5 s.. 1D0=J A • O ___
S o l e .—Accrued interest must be added to all Chicago h olid prices.
•Bid and asked prices; no sales were made on this day. tMcli. 29 (close of business; lor national banks and Men. JO (opening or business; lor otaio
Institutions. tNo price Friday: latest price this week, a Due Dec 31. b Due June, k Also 20% in stock, n Capital and surplus to be increased.
oApr.4’ 10. q Dividends ar- paid Q-J, with extra payments Q-F. s In addition the equivalent ot 4% more camo from lirst 1rust A Savlnm Bank,
i Dee a t 1909.
u Stock Increased In 1909.
v In addition the equivalent ot 1 % came trom First Trust A Sav. Bank_ .
w Hamilton national
Bank absorbed by the National City Bank. See V . 00, p. 038. x Capital Increased to $8,000,000. See V . 00, p . 000. t Feb. 1 1010.




A r c . I'O 1910.]

THE <JHK<JJN1<JEE

V o lu m e of B u s in e s s a t S t o c k E x c h a n g e s

H oy

Kieclric
Chic Edison
Gr't West 1

B id

B id
Ask
Induslria and Msccl
«st Con Stcarmhlp Lines —
90
Coll tr 4s 1957 rets. .1 J 1 ___
122 ; Crucible Steel_____ IOO
13': L4
831843.1
c Preferred _______100
60 Oavlc-DaW Copper Co. 1 0 *13 852
80 e Diamond Match C o.IOO 99 !00
S lo c k s .
R a ilr o a d ,
duPont(El)deNemPo IOO 130 138
etc ,
S la te
U. S.
79
84 88
e Preferred _____ 10 J
S h a re s.
B onds.
B onds.
B onds.
32
87
e Gold 4 Ms 1930.. J- D
88
53
Saturday ________
22>2
Electric
Boat________109
28
110,883
8587.000
S119,000
Monday _________
Preferred_________ 1011
70
570,S59
1.605.000
100,000
$2,000
ne
Tuesday__I_____ II
Empire S te el______ 100
10
710,481
1.850.000
105.000
00 72 75
Wednesday ______
Preferred . . .
100
77
010,975
2.040.500
151.000
o vuHuu oc vDo Amer. _ 100
00 115 120
94 90
Thursday................... 1,293,902
General Chemical. ..1 0 0
2.779.500
091.000
Comm’I
Un
Tel
(N
Y).
25
25
107
Friday___________
e Preferred _______ 100 100
103
751,900
2.037.000
319,500
r.mp & Bay State Tel.1000
0
05
Goldfield Conso Alines. 10 *77* 8
Eran k i l n _________
00 40 50 Gold
Total__________
Hill Copper ___ 1 *lh 1I2
- Gold <Sc Stock TelC" 00 105 115
Grecne-Cananea____ 20
MS
50 105 115 Guggenheim
Exptor'n 100 175 85
S a le s at
W ee k e n d in g A p r i l 29.
25 00
J a n . 1 to A p r i l 29.
- Hackensack Water Co
N e w Y o r k S to c k
ePac Teiep & Tcieg‘ pf*l 00 85 75
Ref g 4s '52 op '12..J-J 85
Southern & Atlantic.. 25 90 L99
B xchangc
1910.
1909.
1910.
OJ Hall Signal Co com ..100 35
1909.
Havana
Tobacco Co. 10,1
Stocks—No. shares__
4,393,912
3,775,211
i>
,
Companies
69,217.024
62,308,912 B & N Y lst 6s 1911.,
Preferred___
100
l’ar value_______ 3390,582.000 $337,809,550 38,257,128,250 $5,811,521,975
-J 93 97
1st g 5s June 1 '22-J-D
Bank shares, par____
314,700
$2,200
90 20 28
S48G,U00
531,500
iccker-Jones-Jewell API.
B onds.
-N 55 05
lst 03 1922_______ V,-S
Government bonds__
82,000
D 161 981-> jer'g-Hal-Mar
8151,500
8180,700
uew.10 0
State bonds_______
1,57.8,500
$403,500
N lU5 106U loboken
21,017,200
15,372,000 N Y & N J 5s 1940..
Land & Imp 100
lilt, and mlscell. bonds 11.505,000 30,348,500
j
95
254,828,500
450,708,500 10th & 23d Sts Kerr
e 5s 1910__
if.fj 99'g
—
louston Oil____
j 99
61
'(
bonds__
S13,085,500 330,752,009
D 67 72
8270,027,200
8472,327,800
"ioo 35
Preferred____
)0 28 30
110
, Y TRANSACTIONS AT Till! BOSTON AND PHILADELPHIA
IS 94 98
93
EXCHANGES.
e Preferred__
100 97
Short-lerni Notes
ntercontin
t'l
Ruober
.100
22U
Am Clg scr A 4s l i y\ S 98-3 9914 atcrnat'l Bank'g c 0 100 1 0 7 1 . 23
B o s to n .
P h ila d e lp h ia .
Ser il 4s Mch 15 '12 M-S 97'3 98E aternaf Mer Alar— S e e S Ik Ex 115
W ee k e n d in g
1st
Bethleh steel Os ' 14 . . d- N 98 99
A p r i l 29 1910.
L is te d
U n lis te d
Bond
N lck e:..l 00 158
L is te d
U n lis te d
Bond
-S 985. 991* aternatlonal
sh a res.
sh a res.
sa le s.
93 95”
199
Preferred______
sh a res.
sh a r es .
s a le s .
-.1 571, 9754
1st g 5s 1932____ A-O
92 94
Saturday_________
1 1 loon 1007* aternatlonal S a lt.. .100
5,319
8,799
6':- 812
SI 1,000
1,804
4,028
88,760 Hudson Companies—
Monday__________ 20,938
14,430
lst g 5s 1951...........A-O / 53
41.000
11,195
56
13,837
43,099
0s
Oc;
15
1911.
Tuesday_________ 17,495
-0
99
10014
11.865
05
aternatlonal
Sl'ver..
40.000
10,228
14,110
111,637
O
s
Eeb
1
1913..
Wednesday_______ 24,326
•A 98i_
25,110
199 110 r :Vii
Preferred__
20.000
20,458
19,078
12,001 Interb R T g 0s 191 i'll N 1015 100
Thursday________ 38,532
1023*
37,397
111
l
s
t
Os
1948..........
I
j
-D
38.000
58,347
11212
21,010
49,459
Friday_________
-S 9/3 9834 |
21,952
20,234
129 135
53.000
32,780
14,430
28,370
A 993
.
95
Total ...................1128,502 117.8351 .3203,OOOl 134,810
27
',P
2
%
>'4%
Preferred________ 100
87,705 3251,926 N Y N H & H 5s
101
12 100 1015* ones
& Laughiln Steel Co
A 90 9712
101*;
1st
s
f
g
5s
1939..M-N
102
-S 163_|
43 45
wanna Steel__ 100
O u ts id e S e c u r it ie s
South Ry g 5s 1913.. A 98 983. .aclca
80
c Tern new 5- 1950.M-S
Tidewater 0s, 1913
ar 10U2 102
e
Tern
deb
5sl91E._Al-S
All bond prices are now “and interest’ except where marked ‘ I.’
Wabash 4 Ms ..1913
N 961; 97 [
Monotype
100 91
93
West Teiep&T 5s T 2* , A 9914 99X 1•anston
Mtgc Co___ 10U 250 257
Westlugh’e El&Al 6s 19100 IUOI4 190 >s e awyers'
Street Railways
B id
As*
Leh & Wilkes-B Coal 50 200
Street Railways
B id
N e w Y o r k C itu
e
Pub Scrv Corp N J (C o n )
150 160
Railroad
00 14 19
Cons Tract of N J..100 75 70
35 45
Gt Wcom tr ctfs Ii ee Stoc.; Exc \ 2d Os 1919............ M-N
-J 55 05
lst 5s 1933.........J-l) 10J12 I01U )hlo
e
Preferred
tr
ctfs
/
e ll’y & 7th Avo stk.. )0 124 136
list
A
New'k Pasity 5s .30 J-J 107 108 Chic Peo & St L—
anhattan Transit . 20 Vis!
-J 9812 99A Hapid Tran St l t y . . 100 210
Vonongahela It Coal.. 50
9I4
Prior lien g4 Ms’30. M-S
-S / 87 92
5k Exc .1st
lst 5s 1921____ A-O 101
'.312
Con mtg g 5s 1930..J-J
-J / ----- ----- A Preferred_______ 50 *221;
24 103 107
J C Hob & Paterson—
115 120
90 . . .
5 'N
4s g 1919____ M-N 75 77
102
105
0
212 234 N
N / 80 80
So J Gas El & Trac.lOO 138 142
260
c Cen Pic N & 15 U ■
)0 30 50
1
Gu g 5s 1953...M -S 98u 99t
N
cons'd Copper 5 *19l4 I‘jig
Stock
ii in?e list \ Bvana
)
80 90
No Hud Co Uy 0s 14 J-J 103
*3.
ev-Utah
Min
&
Sm.
10
S t Exc list e Yew Central Coal__ 20
Exc list
5s 1928________ J-J 103
30 60
Dry D E U & B—
. 103 115 N YAir Brake 6s— S e e Stk Exc
Ext 5s 1924___ M-N 10J
L) 99 100
0 *33 36 N Y Biscuit Os 1911.M-S 100 list
Pat City con 6s '31.J-D 115
0 *09 73 e Yew York Dock___ 100
A / 40 50
2d 0s opt 1914._A-0 190
29
JO 250 300 So Side El (Chic) — S e e Ch icago
e Preferred ______ 100
80 30 "
e Scrip 0s 1911 __Ip- A / 95 100
2 88 92 N’ Y Mtgc & Security.100 205
Syracuse R T 5s ’46. Al-S lot
Seaboard Company—
)U 201) 220 Irent P & II 5s 1913.J-D 95
*0
lst preferred......... t 0 74 76 N Y Transportation.. 20 9»
)0 . . .
United ltys of St L—
Com & 2d prel— S e e B il t Exc list
N
*97
Com vot tr ctfs___ 100
163* 17 Seaboard Air Line—
-J / 50 58
O
*3M
c Preferred _______ 100 07 0.0
Coll 5s ext May T1_M S 99i2 ICO c
;h ange .1st
Gen 4s 1931— S e e Stock l.xc list west
II
Pac lst 5s '33.1 m S 9514 95 »4 0
Lex Av & PnvF
k Exc list UnltRys San Eran S e e Stk Exc list
svntor com___ 100
53
k Exc list Wash lty & 151 Co__ 190
Preferred................. 100
90
30
371
Indusfriai
and
Miscel
P
0 100 170
Preferred_________ 190 90tj 91?s Adams Exp g 4s 1947 J-.
*23
J / 93b. 94':
0 1 1 18
Preferred
4s 1951___________j-u
*4214
847s »514 \hmeek Alining______ 2 5 MOO 200
p
N 99
Ex; 1st
Alliance
Realty__
Consol 5s 1918___ p- A 50 00
0
115
120
p
Uas SccuriFes
72
0 155 158
u r.o 130
Preferred...
.
__TU1
10
;)
85
0 lgp 126 Pratt (e, Whitney prei.100
J 00 85
N ew Y ork
0 220 22.3 p roducers Oil............... 100
O 8.8 92 ' nt (Jn Gas 5s 1927 .J-J 100 1011
*152”
0 100 103 R
k Exc list < n Gas IN Y) — s e e Stk Exe list
113 122
0
5 ___ R
8 / 50 80
1.0
150 . . .
YkersStRRos 1910
0 10
) to
85
16
Preferred________ 10
107 ids"*
[) 1 15
0
lst consol 5s 1948. .J-J 99 1001 Am Alalting Os 191411 0 J/115 120 S<
12/ 130
) 102 lu.i Sc
0 210 22.)
102
101
Amcr
Press
Assoc’n
..
Union lty 1st 5s 1942.E A 100
0 y/ 102 81
94
570*
98
>b tk Ex
J 05 75
40 50
21
J 1U0I2 102
Prelerred_______IIlOO 42 48
Deb 4s 1923___
p- A 70 72 SItandard
B r o o k ly n
Deb g 5s 1051 guar. J-J 100 102
I
Cordage.,
merlcan Surety.
5 J 225 239
Atlan Avenue RR—
ior Un lst 5s 1927..M-N 98 101 American
lst M g 6s '31 red.A-O 20 237S
Thread prei 0 *4-34 5 I4
) 101 103'; Standard Gas com .. 190 n 50 __
Ad lust A1 5s Apr 1 1931
3
312
Am Tobacco Co com .. 10 - 427 430 Sttandard
) 97 102
c Preferred _____ 100 .4 89
Coupler com 106 35
0 44 47
0 105 170
lst 5s 1930............. M-N 102 Ioo"
Preferred_________ 100 100
Preferred
0 101 103 Sttandard Milling C o.. 100 10
1 ange list
19
99 100
J 95 100
O th e r C i t i e s
Pre'erred_______ too 50
3
lst 5s 1930______ Al N 83 85
m Gas & Elee com .. 50 *45 47
1 23l2 25 St ' d Oil of N J..100 025 535
1 99 102
Preferred__________ 59 +43 45
lst s t g 1
88I4 SJ Sv
( Exc list , mer Light & tra ct.. 100 283 287 AtlGf&WI
Co— S e e Bost Stk Exc list
Uklyn Hap Trait;i2 ‘J
; Exc list
Preferred_________ 199 104 100
lst 5s— S e e Chic St; ck Exc .1st
Coney 1st &. Hk
15 20
) 70 80 1 ay State Gas........... 50
l’(
190 195
9-16
h
1 st cons g is l
/ 01
78 82 1 Inghton <N Yi Gas Wks
07 e
100 105
S 4s
30 oG Ti
75 85
lst g 5s 1938........... a -0 98 100
140 150
Preferred
C&
1 on1
95 100 1 rooldyn Un Gas—seeStlc Exc list
*7
7U
tk
Ex
Kxc
ist
Tr
list
1
uifalo City Gas stk .. 100
4
412 5i:
8
Nassati Elec pref..
125 30
Preferred, new____ 100
lst 5s 1947— S e e Stock Exc list
55 05
5s 1041.................
Preferred______
II
125 35 Tr
103 10 J* c on Gas of N J 5s ’36.J-J 93 97
25
35
Bond & Mtgc Guar__ 1
250 00 Ul
Exc dst Consumers’ L H & Pow—
100 102
11*5 17 U
90 95
5s 1938____
j-u n o
53 55
Steinway 1st 0s 1 022
10 J 05
104 106 1
lst preferred_____ 199 108 112
___ 1*5*9*31 British Col Copper
*534 0
2
d
preferred_____
100
108 112
93
95
O th e r C i t i e s
*2012 21 Ur
L
*45 50
275 ___
Buffalo Street lty—
2'ij J'4
Preferred________ 50 *52 54
.
147
104 105 G
69 70 (Jr
08 69
79 *8*1
101 105 *
125 40
107 100
5s '15.F-A 99 101
9714 ___ l
125 . 30 Ur
5 I4 0
140 145
102 105 I
1
4
15 30
32 34
•A dst
25
4s 1958 o p .. ----- E-A
32
U
215
08
100 104 li
___ U
'mis uas______ 50 00
50 53*
15 20
70 78
--1st g 5? 1952......... A-O 80
113 117
85
Deb 0s 1919 op ’0 1 .M-N / 40 44 U
80 82 J
1U0 105
88
92I2 Chescbrough Mfg CJ..100 725 $ 90
1 st & ref 4 Hs"—IseVstk Exc ist e
..
ictias...............
100
119 114
0912 KHJI4 City Investing Co___ 100 70
Grand Hapkls lty__ I 0 n 115 25
...
e Preferred ______ 100
109 105
85 95
Preferred_________ 100 105 116
Preferred_________ioo 85 90 VI
<
-------J-J
95 100
103 108
Clallln (II B) com .. 100 110 115 U
e Loulsv St 5s 1930.
J-J 105hi s 0.il2 N
130 132
Lynn * Bos lst 5a -34 j . y 105 07 N
e
l
i
t
preferred..__
100
95
1
10
Conso:
G
as..
100
U4I
2 1147*
100
101
c New Orl ltys & Lgt.100
preferred____ 100
96 100
2514 257* eCon g 5s 1948__ J-D 10 o«2 10012 Cole 2d
11412 147*
e Preferred _____ 199
& Hock Coal&I pt 100
02>4 . . . N
zllO 120
lst g 5s 1917........... J-J 50 70 eU
t,„Vc2 m « 4 Ms ’35 — S e e S tk Ex 1st
Exc list
110
Pub Scrv Corp of N J.100 117 20 Pi
Col tr Os Oct 1950..J-J / 50
JO w
55 *5*6* Consol Car H eating... 100 36 38
to 0 %perpet 102 03
Preferred_____
'19 9
90 Cons Ry Lgt & Rcfrig. 100 . . . . — w<
North Jersey St U y .190 60 ___ Pcit & Pas Gas & Elec* 100 89
<5c Bronx 'l4t
90 95 Consol Rubber Tire..100
lst 4s 1948____ M-N 77 79
*4*4 5
eCon g 5s 1919___M-S 100 102
165 175
Preferred_________ 100 10
25 Wi
St
*14 U2 42
93
95
Debenture 4s 1951 A-O / 35
40 Wi
Exc list
w<
103 107
• Per share
a Ex-rights.
is. __ 5 Ba>P.
£ Sells on Stk. Ex., but not very active,
f Elat price
* Ex-dlv.
y Ex-rights
s Sale price, t Ex-stock dividend.

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY

o’

0




Ch, cago
J-J 93
09 118 2
.50 * 87
NY&tJ El L
OU 55
00 75
United Elec of N j ‘ 00 75
lst g 4s 1949..
-D 78
Western Power cmn" 00 30
00 51

A sk

BOSTON STO C K

E X C H A N G E — S tock Record. Daily. W ee k ly an d T e a r ly

S H A H S P R IC E S — N O V P E R C E N T U M
S a tu rd a y
A p r i l 23.

M onday
A p r i l 25.

T uesday
A p r i l 28.

W ed n e s d a y
A p r i l 27.

S a tes

P R IC E S
T hursday
A p r i l 28

F rid a y
A p r i l 29

W eek
S h a re s

STOCKS
BOSTON STOCK
13XCHANGK
Railroads
;ch Top & Santa Fc.L
Do pref..................100
Boston & Albany____100
Boston Elevated_____100
Boston & Lowell_____100
Boston & Maine_____100
Boston & Providence. 100

H a n o t S in c e J a n .

1

H ig h est

H angs l o t H i e v io w Y e a r

(1009)

H ig h e st

1231s Jan 3 08 Jan 125*8 Oct
108*. 109*2 108 10S-14 430
1003.| Jan 100 J’no
IOM4 Jan
L a s t S a le 102% Apr 10 ----234 Jan 10 225 Jan 2301.1 Apr
66
224
223 223
136-Ti Jan 6 12411 Jan 135 Deo
126 12034 120
126*4 221
227 Feb 24 22::% Dec 235 Mch
2
___
*210 220 . . . .
152 Feb 2 1321a Jan 153 Nov
220
145
145 145
Jan 20 205 Sep 301 Jan
208
L a s t S a le 298 Apr’10
22 Feb
1134 Jan
16 Jan 3
Apr’10
L a s t S a le 10
*15 16 *15 16 *15 16 *15 16
77‘. Nov
Apr 7 Goia Jan
70
Do
pret___________
L
a
s
t
S
a
le
75
Apr’10
*73
___
*73
___
*73
*73 ___
Z4i2 Mch
10
x\lay
10
Jan
7
oston
&
Wore
Elec
Co
.
Apr’10
10*; *___ 10*. *___ 10*2 L a s t S a le 8
*___ 101.
55*4 Oct
48 Jan 3 461 . Dec
44 44 *44
137 Do pref___________
45
45 45 *44 46 *44 45
45 45
156 Jan 10 113 Jan 162 J’ne
L a s t S a le 149 Mch’10
.118 Jan £■ 115 Nov 123 J'ly
.100
___
14 Do pret.
__
....
110 110 110 110
270 Alch 16 207 Jan 275 Mch
L a s t 's a le 270 Mch 10
133G Jan 3 128%• Nov 136 Feb
Fitchburg,
pref_____
100
125
103
125*2
125*.
125*4
125t2
125*2
*12512___
*125 127 125** 125*.
75 Jan 103 Deo
112 Apr 20
91 ' i Ry & Electric___ I
*111
112 112
88U Sod
88 Jan 17 70 'inn
Do pref................. 100
12
85 85 " *___ 87 * . . . . 87
*„_.. 87" 4!__ _ 87
203 Mch 1 405 Oct 195U Jan
Maine Ceutral_______100
L a s t S a le 202
Mch’10
1
1
1
1 Jau
10 Oet
20
Apr
14
17*2 18
*18 1834 1734 18*., 18 18
m
1734 17*2 17*2 1.453 Mass Electric Cos___ 100
84 N OV
88 Apr 7 58% Jau
Do pref................. 100
88 88 ___
11
86 86 *___ 88 *___ 88
*___ 88
n 153 Nov 17478 J’ne
1623s
Mch
14
N
Y
N
H
4
Hartford.100
1497S
892
151
152
149 151*2
150
151*2 152 151% 152 151*4 152
xl40 Mch 0 146 Feb 140 Aug
Northern xN H..............100
L a s t S a le 140 MciX’10
212 Mch I." 200 Apr 215 Sep
Norwich & Wor prei.100
L a s t S a le 212
Alch’lO
loo Jan 1 100 Dec 200's Jan
"
'
Colony_________100
40
*___ 192
192 192 192 102 191 191 *___192
35 Jnn 3 26 Apr 40 J’no
100
Rutland pref__
L a s t S a le 28
Am-’IO
116 Jan £ 00% Mch 117*2 A**e
100
Electric.
5
*___ 114
113*2
*114 115 *114 15 114 114 *___114
106
Mch l 07*2 APr 107 Aug
It
Do
pref___
.
.
.
.
.
1
0
0
pref___
4
105
*104 ___ 104 04 *104 ___ *103 105 *___ 105
2041. Jan 3 1727,8 Feb 21834 A Ug
Pacific..............100
18412 184*. 1837* 1837, 1S134 182*4 18134 1813, 178-i8 180 Iso*. 180*2 235 Union Pacific..
103%Jail 3 031. x\lch 117U Aug
*96*2 97*2 *06*4 961. *05*. 96*. 96% 96% *94l8 05*s *04-1., 95*4 400 Do pref................. 100
168 Jan 17 165 ” Jan 175 Apr
___
10 Vermont <fc Mass____ 100
162 162
OS's Apr
95ic Mch 8 88 Jan
100 West End St..................50
88 88 *S7% 88
88 88
8712 88
88 88
88 88
100 Feb 10 102 Oct 112 Apr
46 Do pref_________ 50
*101*4 102 101*4 101*4 101*2 101*2 101*4 101*4 *101 102 101*4 101*4
Miscellaneous
6OI4 Aug
Feb '■) 487s Jan 10 3314 Jan
43*2 44*8 43*4 4334 772 ner Avrlcul Chem_.l00 41
*4412 47
45*2 4«1» 45 453j 44*4 45
.100 083.J Mch 31 104 Alch ft 04 Jan 105 J’ly
100 100 100 101 100% 100-1, 100 101 100 100*. 100*4 100*. 401 Do pref.
0%Feb
5 Alch-i * 87s Feb 11
5*s Jan
5*. 1.377 mer Pneu S
6
63g
5*2 534
6*4 6*4
5*2
6*4 6*4
6*4 0*4
2212 Nov
13 Jan
16 Mch 20 24 Feb U
1734 1734 1712 17*2 16% 17*4 1678 1678 659 Do pret.
*18 10
17*2 13
114
Nov
136
Apr
1273
g
Alch
2
l
is
l2
Jan
25
1,011
122-1,
24
120-U
121*2
1221.
*123 124 123 24 123*4 124
121%
.100 11) Jan 25 124 Mch L rl 17 Nov 131 Apr
452 Do pref.
121
122 122*. 122 223.4 122 122 122 122 12U2 122 121
13312 Apr 28 1433g Fob 24 1 2 5 1 4 Feb 145*8 Hep
136*4 137 135-14 136*2 135-18 136 135 136 13312 135*., 13414 13478 6,823
311. Apr 28 30*2 Alch 10 27i2 **eb 40'g Aug
410
32
36*. *36 ___ 3578 36*4 31*2 34*. 32
*30*. 37*2
9713 077g 1,393 Do pref.................100 0712 Apr 28 104>4 Mch 23 031. Jan 108 J’no
99*4 097„ 98% 99*2 07*2 09
9978 100
99*2 100
121. Sep
7 Mch 18 11*2 Jan 7
4%Apr
300 Atl Gulf & W I S S L.100
8
8 . . . . ___
9
*81. 878
8% 8% 83g 8% *8
311. Aug
JS>4 Apr
.. __ 304 Do pref________ 100 18 Apr 21 28 Jan 6
18 19 *18 20 *18 20 *18 20 *___ 20 ___
8*4 Oet
334 Apr
6 Mch 16
8I2 Jan 11
L a s t S a le 6
Mch’10 . . . . Boston Land_______ 10
*0
7
*6
7
7
*6
7
*0
420 Cumb Tclep & Tcleg.100 I43I4 Jan 12 1521. Mch .. 125 Jan 147*? Nov
*14734 150 149 149 *14712 149 *14734 149 147*2 1473, 147 147
713
.) Dec
18
U
Jan
64
Feb
4
71
Mch
1
Dominion
Iron
&
Steo_
.
.
.
.
Apr’10
L a s t S a le 68
*65 66
*67 68 *67 68
7 ‘ Jan
137g J’no
7% Apr 14 11*8 Jail 3
8*. 2,007 East Boston Land___
834
838
8% 87S *8
87S 0
8*4 87S
9
9
260
Apr
245
Jan
.')230
Jan
26
2571.
Alch
2
Edison
E'ec
Ilium__
100
ISO
249*2
249*.
250
2501.
249*2
250
250
250
*___
250
250 250
150% Feb 173 Aug
Apr 2s) 1001. Jan
149*4 149*2 147*4 150 147*4 148 146*2 147*4 467 General Electric.........100 1461c
*140 150 *149*2
8314 Dec
300 MassachuscttsGasCos 100 70l| Feb 8 83 Jan 3 50 Jau
78
78
78*. 781. 78 79
78*4 783., 78-% 79
*78*2 79
07 Apr
447 Do pref..................100 01 Apr 14 07 Mch 18 80 Jan
9U. 92
91*2 91*2 91*2 92
92 92
91 02*4 92 92
2201. Feb 2(. 2021; Ale u 220*4 Dee
4 Mergcnthaler Lino__ 100 214*4 dan
*217 218 *216 217 *216 217 216 216 217 217 217 217
3*4 Oct
2S4 Jan 3
2 Jau
6*s Apr 22
175 Mexican Telephone.. 10
&14 534 ___ ___
*514 6
*5*4 57s
6*. 0*.
6*4
117 xN E Cotton Yarn___ 100 112 Mch 30 124 Jan 3 68 Apr 125 Oct
*112 113 *1113x 112 112 112 112 112 *112 113*2 112*4 112*4
49 Do pref..................100 IOO Apr 29 115 Jan 11 03 Jan 118 Oct
*110*2 112 110 1101? *110 not. 110 110 *108*4 109 109 100
25 N E Telephone______100 134 Jan 18 1381. Mch 11 12014 Jaa 130 Sep
134 134 134 134 . . . .
*___ 13412 134 134 *___ 134
40 Pacific Coast Power.. 100 94 Mch22 100 Jan 5 75 Feb 108 Oct
99 99
971. 97*2 97*2 971. *___
07*2
*97*2 98*2 *971. 00
292 Pullman C o ...............100 18878 Jail 4 200 Feb 11 168 Jan 100 Aug
191 192 191*2 192 191*. 191*. 190 19134 189*. 100 . . . .
i)3j Jan
12 Sep
22 Reoce Button-Hole.. 10 1114 Jan 15 1214 Apr 14
12 12 *11-14___ *1134 ___ *1134
*1134___
Jan 24 10034 Jail 10 100 Jan 11412 Aug
10412 105 104% 105 104% 105 10434 105 104*2 105*8 104*4 104*2 514 Swift & Co....................100 100
10 Torrlngton, Class A._ 25 28 Moh30 34*4 Jan 3 201. -'lay 34 DOC
3H2
*30 32 *30 32 *30 32 *___ 3U2 31*2 31*2 *30
35 Nov
100 Do pref_________ 25 27 Jan is 30 Alch 8 241J Jan
27 27 *27 29 *27 29 *27
29
*27 29 *27 29
697 United Fruit................100 16512 Jan 15 185 Jan 31 1261. Jan 170 Dec
♦177 17734 176 I7S 177 177*4 177 178 174% 170 175 175
Shoe Mach Corp._ 25 0313 Feb 4 71*4 Apr 18 a:54 Mch 71 Oct
703,1 7034 70 70*4 70 70*4 6978 70*. 68l2 691. 08*2 70 5,099
31U .Sep
Alch 20 31 Jail 4 281. Jan
29*4 20U 29*4 201,4 29*8 29*2 *29 29*2 29 20*4 29*4 29*4 229 Do pref....................25 2812
047g Oct
14 003( Jan 3 4184 Feb
8134 837s 8134 8 U4 79*2 82*a 80*4 821.- 30.930 U S Steel Corp............. 100 7714 Feb
83*8 84*8 815s 84
Apr 18 125%Jan 6 107 Feb 131 Oct
120 120% 120*4 120V 120 120 119*2 120*s 11578 110 118*s 11834 547 Do pret________ 100 1151*8
14
Feb
H
1J Deo
6>8
Jan
18
Jan
6
West
Telcp
&
Teleg-.lOO
00
15*2
*15*.
16*.
*1512 161. 15*2 15*. *1512 1612
*15 10*2
15 Do pret________ 100 86 Mch 20 04 Jan 3 76 Alch 06 Dec
87
85 85 ♦___ 86 *__
*87 88
87 87
87 87
Mining
478 Oct
634 Jan 10 10 Feb
10l2 May
57s
6 1,800 Adventure Con_____ 25
67s 6*.
*612 7
*6
7
6*4 6*2 *6l2 7
34 Jnn
62 Oct
41 Apr 28 58 Feb l
735 AUoucz____ ____ ___25
41
43
41 42
43 45
47 48*. 45 45
48*2 49
06*. Nov
65 Feo
Copper 100 68i. Apr 20 0O3.| Jan ;
74% 74% 721. 74*. 72-% 7378 71*2 7334 68*2 71®s *68*2 70% 28,968 Amalgamated
23 x\icn 40*2 Dec
. Apr 20 401. Jan
25% 251s 2434 2473 24*2 24% 650 Am Zinc Lead & S in .. 25 241
*25 2512 253* 26V 25 25
25 Ynaconda .__________ 25 41 Apr 28 533.1 Jan 3 38's Feb 54 Dec
41 41
43 43
51-34 Deo
Commercial. 25 141. Apr 11 5034 Jail 3 30 Feb
17*2 17*. 17 17*2 17 17*. 16*2 17*4 15-3., 16*., 15% 16*4 3.912 Arizona
1 Feb
2 Jan 10 .30 Dec
Apr'10 ___ Arnold ....................... 25 ,75 Mch 31
1*4 L a s t S a le 1
*---J*1
1*4 * -.-.
1*1 *---6I2 Apr 20 12i4 Jan 14
8 Jty 18 Jan
7
7*2
712 7*.
6*2
6*2 545 Atlantic ..................... 25
*7*2 81. *71. 8*2 *7*2 8
.50 Alch 0 .70 xMch2s .45 Feb .80 May
L a s t S a le .60
Apr'10 ___ Bonanza (Dev Co)__ 10
* .55 .60 *.55 .60 *.55 .60 * .55 .60
10 Boston Con CAG(rcts) El 17 Feb 8 2218 Jan 3 1034 Mch 23*. Dec
19 19 *17 10 *18
17%
191.
*17 20 *18
12 13
13 13
12*8 12*8 660 Bos&CorbCop&SH Mg 5 lit. Apr 0 24t4 Jan 13 17ts J'ly 24 Dec
*1334 141, *131. 14*. 133, 14
4H.1 Deo
8 Sep
6*4 Feb 8 13 Jau 10
Butte-Balaklava Cop..10
O
-lg
0%
1,190
9*2
91
2
9*.
01. 0*.
0*4
0*4
9*4
9%
9*4
20 Apr 28 281. Jail 3 2138 Feb 33*8 Nov
20
21*4 4,645 Butte Coalition...........15
22 22
21*. 21*i 21 21*4 21 21*4 20 21
63 64
61
60 61
62*2 750 Calumet & Arizona.. 10 69 Apr il 103 Jan 3 you Alay 110 Jau
63 64
63 64
63 05
i70 Apr b 685 Jan 3 585 Feb 605 Aug
3S Calumet & llecla___ 25
600 601 600 600 *5S0 595 5S0 595 580 580 *575 685
85 Centennial__________ 25 17 Apr 28 38 Jan 3 20 Feb 44*. Sep
17 171. 17
17
*18*4 20 *18 20 *17*2 20 *17 20
Cons Mercur Gold___ 1 .10 Feb 1 .16 Jan 10 .10 Jn e .35 Jau
L a s t S a le .10
Apr’10
*.10 .15 *.10 .15 *.10 .17 *.10 .17
66*8 68
67
68 2,254 Copper Range Con Co 100 601. Apr 0 85 Jan 3 08i2 Feb 8634 Nov
69 70
68*4 70
0S*2 693. 08 69
71. May 12 Alch
7*2 Feb 17
9%Mch28
*S34 0I4 *8-14 9*.
S34 8% 8*2 834 *8-1,i 9*4
8% 170 Daly-West......................20
|?4
71. Feb
7 Apr 2s 1334 Jan 3
16*g Apr
734 8
8
8
7
712
8% 8
*8
8I4
7*4 1,355 East Butte Cop Alin.. 10
7*4
2*2 Jau
1 Oct
1*8
Jau
24
21.
Feb
18
Elm
River......................12
150
*11. 1-lj
1*2 1*2 *1*4 134 *1*4 134
1*2 1*‘
10 Aug
13*4 13*4 12*4 13*x 12 12*a 12 12*4 11 1134 11*4 12 4,107 Franklin___________ 25 11 Apr 28 22i2 Mch 0 1373* Feb
J’ne 1214 Nov
7*8 Apr 28 121. Jan 10
734 K'f
7*2 8
7*s 7*2
7*4 4,345 Giroux Consolidated.
7?s V S
7% 8
7*8
00 Feb 1101. Dec
674 Granby Consolidated. 100 37 Alch 28 111*4 Jan
41*2 43
40 40
48 48 *47 43
47 48*; 42*. 47
y Fob
14*g Nov
8i4 Apr 20 1178 Jan
8*? 6.856 Greene Cananea____ 20
-S34 87,
0
9
9
878 9
8*8 8% 8*4
9
38 Dec
8*4 Gep
1712 18 1,115 Hancock Consolidated 25 17Q Apr 9 36 Jan 12
18 18
*19*2 20
19*2 19-1 191. l-JI; 19 19
6lj
Dec
7*2 Aug
678
Jan
2*2
Apr
28
Helvetia
Copper____
25
6S0
3* *3
313
3
2*2 3
*----3*; *3
22<8 Apr 33*4 Feb
143. 2,255 Isle Royale (Copper). 25 14 Apr 20 28i. Jan
14
16*2 17*. 16 16
17 17
16 16
14*2 15
21.
May
(
7
-3| Deo
334
Apr
684
Jan
14
41
o
1,325
Keweenaw
Copper___
25
41.
4*2
47,
4
41
2
4*
4
4
4*4
4*
4*8
93S Aug
7% Apr
8I4 Mch24 11 Jan 6
8% 8>, 1,575 Kerr Lake______ . . . “
87
87g 87{
8*2 83,
Sl2 8',
878 87j
16 Jan
74*4 Dec
51 54*. 49-14 52*4 5U2 54 24.972 Lake Copper_________25 43 Apr 0 041. Jan 22
52 55
49*. 63
51 52
10*8 Dec
n »8 Apr 29 19 Jan 14 1034 J’ly
11*2 12*. 11% IM4 2,980 La Salle Copper-------25
13*2 137a 1334 133 1334 133; 12% 14
87s Jan 22
4U Mch 18*4 May
4*2 Mch
7
71,
7 1,555 Mass Consol------------ 25
6*2 7
61.,
7
7*;
*7
7*4
7*3 7*.
178 Jan 13 .30 Apr
1 Dec
650 Mayflower ________ 25 .70 Apr 26
.70
.75 .75
.7(
.75 .75 *.75
.70 .70 *.......... 75
6 Jan _
3i2 Apr
2U Mch 14
6 Nov
21.
2*2 2*.
2*2 2**2*2 3
3
3
2*2 600 Mexico Cons M <Sc S._ 10
*2*2 3
1234 Feb 28*8 Deo
21*2 21*. 6,050 Miami Copper-------- - 5 2 l 3g Apr 28 20 Jan
23 23*. 22% 23*? 2212 223. 22 223. 21»8 22
8i2 Jan 21
47* Apr 28
534 Oct
478 5
13*4 Mch
5
5
545 Michigan........................25
5
5
5-U 53x *5*2 6*4
*5*2 6
70*8 Jan
48
4.8 1,299 Mohawk_____________25 48 Apr 28 75 Jan 22 3-5713 J’ly
48 60
51 61
5212 62*. 51*. 53
50 61
10'S Apr 29 27*j Jan 11 1C2 Feb 30 Nov
20*4 20-1, 19*4 20
19*s 19*; 4.192 Nevada Consolidated.
*20*2 2034 20-ls 203 20*4 20*
5 Mch 31 10*8 Jan 12
83s Deo
31. Nov
5
6*.
6
5
760 New Arcadian Copper.25
*5% 6I4
& 8 63, *5*4 53. *5*4 6*.
O3* Jan 17 10%Jan 11
13 Sep
07* Oct
97S 10
10
97S 10*8
10 2.7-li Nlplsslng Alines____ 5
10 10
10
10*j 10 10*8
47 Deo 85*4 Jan
3334 343. 33 343 33*4 343 33*S 347, 32*8 33*4 32*4 33% 12,526 North Butte__ ______ 15 3014 Feb 3 60 Jan
8 Jau
2578 Mch
41. Mch 117g Aug
14*2 143, 14*2 15
14*4 145s 13*2 14V 11% 13*4 12*4 13 7,994 North Lake_________ 25
14*2 Deo
0>. Apr 28 1234 Jan 11
534 Nov
6*2
817 Ollbway Alining_____ 25
7
8
0I2 8
8
8
8*2 81;
8*2 81
.40 Jne .00 Deo
.60
500 Old Colony__________25 .00 Alch 11
134 Fob
*.65
1 *.65
.00 .65 *.......... 75 *----- .76
1
5
H
47*4 Feb 50 Aug
33
34 36
33
36 36
1.096 Old Dominion............. 25 33 Apr 29 55 Jau
37 3S*j 36*2 36*
36 36
122 l'eb 170 Dec
927 Osceola__________ _■ 25 131 Apr 28 166 Jan
138 139 137 139 138 138 138 139 131 137 135 135
10 Dec 36*4 J’n«
14*2 14*. *1334 15
627 Parrott (Sliver & Cop) 10 14t2 Apr 28 2is4 Jan
15 15
15 15
15 15
15 15
83 Dec 00 J an
77
78 79
78
341 Quincy......................... 25 77 Apr 29 02 Mch
80 80
80 80*
SO 81
80 81*
27* Jan
112 Nov
234 Jau
2 1.23C Santa Fe (Gold & Cop) 10
2
2
l»4Mch29
2
2
*2
2*
2
2
2
2
17S
177g Jan
13t2 Feb
lo 11 Apr 29 18 Jan
11*2 113
1134 12*
in 2,389 Shannon................
12 12
12 12
12 12
11
334
Jan
10
South
Utah
A
I
&
S.........
5
*134
U4
Apr
2y
*134
2
178
17,
M
.
300
13, I3
*17S 2
Ml
67 Deo
40 41
391. 41 1,665 Superior_____________25 30** Apr 20 G8I4 Jan 14 31 Jan
*44 45*
41 44
41*2 42
43 43
10 103
10
1134 12*
11 11
10* 4,122 Superior & Boston Min 10 10 Apr 28 18 Jan 12 13*8 Nov 18*2 May
IU4 111
11*3 11*
1278
Apr
12
1
8
*2J'ly
10*j
Jan
10
12
Superlor&PItts
Copp.
10
13 135
1278 127, 1234 13
12 121
12* 2,947
13 13*
Apr 28
00 Feb
62 J’ly
*___ 60 *___ 60 *----- 68 *52 68
52 52 *52
53
2C Tamarack_________ 25 52 Apr 28 78 Jan '
17*8 Jan
0U Deo
6*4 01
6
6*4
6 Mch3o 1138 Jan
6
6*
6*. 6*
0
0
6
61; 1,328 l'rlnlty......................... 25
30*. Nov
*35*4 353 35*8 35*
34 34*
35% 353, 34*2 35
865 UnitedStatesCoal&Oll 25 33 Alch3l 40*4 Fob 15 28 Jan
33*2 34
69 Sep
43*2 433 42-I4 43
41 10,563 U S Smelt Ref & Min. 50 40 Apr 28 65 Jan “ 30 Feb
4214 423, 4112 42*. 40 413, 40
44 Jan
401. 49*s 49*. 49*
64 Oct
49 1.690 Do pref__________50 48 Apr 29 631S Jan
49 49*
49 49*, 48*2 48*. 48
4 Oct
6*4 Jan
514 Jan
3
3*;
31 1.445 Utah-Apex Alining__ 5
*3*2 3-1j
3*2 33.
3*4
3 Apr 28
3% 4
3I2 3*.
37*4 Feb
24 24
40*4 Nov
23 23*; 23 23
22*2 22*; 21*4 2U; 1,155 Utah Consolidated... 5 20 Apr 0 46 Jan
23*2 24
303* Feb
45 45
413S Apr 20 C012 Jan
66 Nov
41*2 43*. 41% 42
383 Utah Copper Co____ 10
534
Jan
14
3*2 3*
*3
33 *3
3 Oct
3
3
3
3
*3*2 4
a*.
0 Deo
3 Apr 28
175 Victoria --------------- 25
7*>8 73 *7*2 S'.
8
8
434 Apr (13*4 Deo
7
7
*7*2 8*.
7 Apr 28 15 Jan 14
7*4
7*4
345 Winona....................... 25
123 124 125 125 123*2 125 122 1241 120 120 120 120
130 Mch 158 Aug
11-1 Wolverine_________ 25 120 Apr 28 150 Jan
*134 2
33,( .Jan 14
*13, 2
2
2
1-1., 13
4 Jan
2 Oct
2
2 —
410 Wyandot ___________2
1% Apr 1
—
0 Before pay’t of asscs-i'ts called In 1909. * Bid and asked prices. d New stock, e Ass’t paid, b Ex-stock dlv. /* Ex rights, a Ex-dlv. aud rights.

*112 112*4
*102*4 103*4
*___ 223
126*. 126*2
216 216
*145 147

*110% 1107s
*102*4 103*4
*222 223
126 127
*210 220
*145 146

110*4 110*4
*102*4 1037,
222 223
*125*. 120
*210 218
*145 147




I ll 111
*102*2 103*2
222 223
*123 1231*210 220
*145 147

A p r . 30 1910.

Boston Bond Record

BON D."
BOSTON STOCK KXCH’GK
Whek Endino A piul 29

I T ice
F r id a y
A p r il *9

. . , ,
I
Am AprionlCHem 1st 5s..l928 A-O
Ain Telen & Tei coll tr 4s.1029 j . j
Convertible 4 s ...............1030 m.SJ
Am Writ Pauor ls t s t6sg 1910 j . j
Am Zinc I. & S tlob 0 s.... 19 14! j . j
A m Com Cop IstconvCs 1918 Jl-S
Aten Ton * S Fe gen g 4s.. 19951 A-O
Adjustment g 4s__ J’ly 1995!Nov
Stamped.............. J ’ly 1996,m-N
50-year conv Is ........... 1955! j . d
10-year conv o n ...........1917 J-l)
Atl Gull Si W 1 SS Lines Ds.’69 j - J
Boston Elect 1. consoi 5 s.1924 M-S
Boston * Lowell 4s..........1910 J-J
Boston * Maine 4*us........1944 J-J
Boston Terminal 1st 3*128.1947 F-A
Bur * Mo Rlv cons lis . . . . 1918 J-J
B u tte * Boston 1st 6s__ 191 A-0
Butte E lec* Bow Istg5s.l051 J-D
Cedar Bap & Mo It 1st /a.1910 M-N
Cent Verml 1st g4s..51aylU20 (7-F
C B & ti Iowa Div 1st 5s. 1919 A-O
Iowa Div ist 4 s ..............1919 A-O
Debenture 5s.................. 1913 M-N
Denver Kxten 4s............1922 F-A
Nebraska Kxten 4 s .......1927 M-N
B & 8 W 8 t 4s.................1921 M-S
Illinois Div 3 *as............. 1949 J-J
CjiIc J c By’ * 8tK Yds 68.1910 J-J
Coll trust relumliug g 4sl940 A-O
OH MU * St P Dub D 0S..192U J-J
Oh M * 8t P Wl9 V div 081920 J-J
Ohio cb No Mien 1st gu 5 s .1931 M-N
Ohio & W Mich gen 6s__ 1921 J D
Concord * Mont cons 48.. 1920 J-D
Oonii* Pass B 1st k 4 s... 194 A-O
Cudahy PacK('iho)lst g 581924 M-N
Curreul Uivet ist 0s........ I 'd lii A-O
Dei Ur Bap As VV I s l4 s ...l9 .i A-O
Dominiou Coal 1st s 1 6s..l91i M-N
Fitenburg 4 s ......................1915 VI-S
4 s .................................... 1927 M-S
Frenit Klk * Mo V 1st 0s..1933 A-O
Unstamped 1st 0s..........1933 A-O
CH Not C B * y coU tr 4s 1921 J-J,
BegistereiMa.................. 1921 Q-3i

H ta

W e e k fs
M ange or
L a s t S a le

!^ ©

M ange
S in c e
January

l

BO M is
BOSTON STOCK EXCH’GE
Week Ending A pril 29

H ig h ,

A sk Low

1181
'3
W e e k 's
M ange or
L a s t B a le

P r ic e
F r id a y
A p r i l 2.9
Hi a

ASK

1.010

H ig h

Lange

*U■'*

Sfnee

January 1

M o J .o ’o

H ig h ,

Illinois Steel deben 5s__ 1913 A-O 101 Sale 101
___....
.
102 C;, 13102 103
102*4
Wale. .1102
11)1
l'llOO 101
7
9()34 Sale I 90'a 91 I 33 90*i 93*4 la Falls ASionx Cist 7s.. 1917 A-O
117 Apr’08
Ka» O Clin * Spr 1st 5 s... 1925 A-O 93 >«....... 93*8 Mai TO ... i \<S<i ".'f
100*4 Sale T00]8 10158 14 100's 100
I 83 Mar'Oa---KanC Ft S *G u tt ext 5»..19U j-D
99 >4 Feb’io ...I 99*4 993*
Kan C Ft S co tt* M Os__ 1928 M-N
160 !150 Jan ’1 0 ----1 160 153
116 Apr’lO ...114*9 US
1152 F eb T 0...J 162 107>u Kan C M * B gen 4s..........1934 M-S
93*9
93T
93*9 1 i 93
93 *4 .
Assented income 5s.......1934 M-S
98*4
98*4
98
98*4 101«8
91 *4 Apr’10 ... 1 91
92
91*4 .
93*4 94 *» Kan O * M B y * Br 1st 5sl929 A-O 102 .
93‘4 Mar’lo
89
103 Mar’10 ....1 0 2 103
04 94**8 Maine Cent cons 1st 7a...1912 A-O
94^8 Mar’10
89
11398 N ov’UO
Cons 1st 4 s .................... 1912 A-O
119 Dec'09
101*4 Sep ’05
117*9 117*8 Maro Hough * Ont 1 st 6s.1926 A-O
117*2 Feb’10
103
115 J’ne’OS
73 06 73
Mass Gas 4*23 ...................1929 j -J
07
Sale 05
9S34 Sale 98 *4 9 s 3, 10, 97’9 99**4
Mich Teieplst 5s.............. 1917 J- J
110 fe'eb’04
99 *8Apr TO ... ; 99
99*8
Minne Gen Eleo con g 5s 1929' J-J
100*4 Mar’09
102*9 Ai.g’04
104*-j Oct ’08
New Eng Cot Yarn 5s__ 1929 F-A 101 Sale 101
101
I! 101 105
112*-j Jan’03
New Eng Teleph 6s..........1915 A-O
102 Feb’09
103 Feb’10
103 103
Be..
...........................191 o; A-O
100*9 Sep’08
100 J’ne’01
New England cons g 5 s...l9 4 5 lJ.J
Boston Term 1st 4s.......1939! A-O
100
117 J’ne’OS
NewBiver (The) conv 5s. 1934 J-J
80
77 AprTO
77
79*2
8034 Apr’10
N Y N H * H con deb 3 *981960 ! J -J
102 Mar’10 ...J 102 102
11103 o c t ’0?
Conv deb Os (ctfs)........ 1948! J-J 131 135 1347a Mar’10
131
135
9y«s J’ly '09
97
Old Colony gold 4 s ............1924 F-A
llll Apr’09
101 **4 Mar’10 ... 101 *ii 10 l**4 Oreg By * Nav con g 4s..1946 J-D
98 7&Sep ’09
99*s Feb TO ... 99*8 99*4 Oreg Sh Dine 1st g 6s.......1922! F-A
97
110^
Feb’10
iVdr*s i Vd^
99*8 Pero Marquette deb g 6 s.. 10121 J . J
99 Mar’io!... 99
99 .tiai’lo ... .j! 98*2 99
99 Oct ’09 ...
Bepub Valley 1st s t 6S...19191J-J 102*4 ■
105
Dec’08
88'*8 Fob TO
*98.1941
88
88*8 ltutland 1st con gen 4...............J-J
****!i..................
10 1
l o i s 17 100*»4 10l34
101
Butland-Canadlan 1st 4s 1949 J-J
102 Mat’02 ... JJ..................
01 Apr’10 ...'I 91
90
92
927s Savannah Eleo 1st cons 6 s. 1952 J-J
78*2
Apr’10
.... 78*2 78*2
115*12 Jan’10 .... 115*9 Uo*9 Seattle Elec lot g 5s........ 1930 F-A
103*2 Mar’10 .... 103*2 104*«
120 b’eb’05:....
Shannon-Anz con Gs greets) T9 M-N
99 Apr TO ___| 99 110
100*2 ........ 10 0 *i2 Mar’10 .... 100*9 100*9 Terre Haute Elec g 5s__ 1929 J-J
97 Aiir’07
Torrlngton 1st g 6a..........1918 M-S
..................101 ‘a Apt ’■
’0 ___ 1 0 1 104
100 3, iia r ’ 10 ... . 101D, 100*4
....
..................! 91 Deo’07 ....
Union Pao R R * lg rg 4 s.l9 ,1 7 J-J
997e Apt TO .... , 997s 100°g
....
112*4 Jan ’0 3 __
20-year conv 4s...............1927 J-J
108 3s Apr TO ___108^ 109*8
99 100 100*4 Aug’09 ....
United Fruit gens 1 4 *98.1923 J-J
90
fO*^ 90:*b 90*2 2' 90
90*2
99 Anr’10 .... 99
U S Coal * Oil 1st s t Os.. 1938 M-N 135 150 155 Mar’ 10 ....1
09
5 3 1G0
39
89 Mar’1 0 .... 89 90
U S Steel CorplO-GOyr5s.l903 M-N
104*8 104*8 2, 103*8 105*9
9834 West End street By 4 s__ 1916 F-A
9834 Mar’ 10 .... 98
100*9 Apr ’09
Gold 4*33..........................1914 M-S
103 *8 A pi ’05 ... .
!l 0 134 J’ne’09
Gold deuenturo 4s..........1910 M-N
90 Apr’08 ....
98 *a 98 *9 5 93 T 99*s
133 Mar’09 ....
Gold 4a.............................1917 F-A 98 Sale 98
98
i 98 90
140 Apr’06 ....
Weatern Teleph * Tel 6a. 1932 J-J
90 *9 Sale 90
90*9 19] 90 99
95
10, 96 ** 97** Wieconam Cent 1st gen 4sl949 J-J
96*9 .15 *i2 90
94**8 J a n ’io ... 943s 94***
94:,4
96 AprT0;....!| 95
90*a
N ote—Buyer paya accrued Interest la addition to the purchase price lor all Boston Bonds. • No price Friday; latest bid and asked. 1i Flat price.

P k iia d e lo h ia a n d B altim o re S to ck E x c h a n g e s — S to ck R ecord, D aily, W eekly, Y e a rly
."'bare P rices—Not F or Centum P rices
S a tu r d a y
A p r il 23

65

65

M onday
A p r il 25

T uesday
A p r il 20

53

53
83
V
130
*22*2 ........ *22 *2 24*2 *22*2
........
*43
45
44
13
*1 2 34 ........
id
1 2 34
*24 26
23*4 23*4
46
45
45
45
*47 3s 4S
47*2 47*2
*1 1 7# 1 ‘*i *0 *1 L7» i 2*8
61
Gl
0O:>4 G034
*31*4
30*2 31*2
*79
80
78*2 79
”9 78 10*4 ........ .......
2o**4 23*, 23 Hj Jil’s
*97
98*-. 97
98
11G HOT 114 115
G77b 07 7a 07*2 07 34
50
CO
60*4 60:*b
15 Hi 16*2 16-V 15 *2
19ns 10 ’s 19*4 19*2
817(, 32
80 '4 blai 8
7 J8 T lfs
*7*14 7aio
48 ‘4 4.3 48*4
85 85
85
85

88

W ednesday
A p r il s7

63

88

63
89

24 >a *22*3
44
♦42
12**4 ‘ 12 ........

23*8 *23 25
46
45
45
47**4 47*4 47*2
12*8 * n 78 1 2 's
00
00*2 59
30
30 30
79
77*2 78
10
10
23
2 3 *8 'FL
23
97
97
97*2 97 \
114 1 U '\ 113*8 114*2
07 07**8 00a4 07*2
49h 49*4 49**4 49**4
16*4 16 **s 16*8 15*4
19 4 19»8 18*2 193h
80 Sj 81
80 81*8
7aio 7ain
7*4 V**8
4734 48
40
48
84 G434 8308 84*.
23*8
*4434
47*4
’ 1 1 78
00
30
*78

1

P it I I.A b iJ .P I l A

illliclivu M ocll .1
Allegheny Val pret__ 50
Amai Asbestos Corp. 100
Preiertcd................ lOu
Ameiuan .Ullliiiv...... lo
Amei Pipe MIg........100
Bell Telephone (Pa). 10U
Cambria iron...............60
Central Coal * Coke. 100
82
Consol Trac ot N J...100
Easton Con Electric 6.60
Elec Storage Balt__ 100 07*9 "58'*a
Preferred................ loo
Ft Wayne & W V...... 100
Germantown Pass__ 60
125
Indianapolis St..........100
Indiana Union Tr__ 100
Insurance Co ot N a ., lo 1US.
Inter sm Pow * Chem.60 15*9
Keystone Telephone ..50
9*9
Preferred..................6u
Keystone WatchCase.loo
Lit Brothers................ 10
Little Schuylkill......... 60
Mineliill * Schuyl 11..50
N Haven Iron * Steel.5
Northern Centra!........50
North Pennsylvania..60 100
Penusyi Bit leceipts...
Pennsylvania salt.......60 ilTs*
Pennsylvania steel.. 100
Prelerred................ 100
Phlla Co (Pitts) nref...50 43-9
Phil German* Norris.50
Pliila Traction............. 50
Railways General.......10 T o ”
Susquon Iron * Steel..0
Tidewater Steel......... 10
Prei, rred.................. 10
Union Tr ot Ind........100
United N J R R *C ..100
Unit Trac Pitts pret..60
Warwick Iron* Steel. 10 u
11*4
West J ersey * SeaSli.fiO 63
53*11
Westmoreland Coal. . .. 50
08
Wilkes Gas * Klee. .100

T hursday
A p r il 28

ACTIVE ST O C K S
1

P Y id a y
A p r i l 29

+53 ^
88
130 +1 ‘28
*23
'•43
*43 *.4
46
♦1 2 ’s ........ *12**4

o r trie
W e e k C P 'or B o n d s a n d i n a c t i v e
B l o c k s sea b e l o w )
S h a res

55
24
44*4
13

27S
610

1

H ig h e st

is EL K. & P
Do prel
prel...................loo
Northern Central.. 60 116
"aboard (new)...............100
10 0
Do 2d pret............. loo
25 United By * Electric.. 60

1*111l.A I ll’l l.P H 1A

Builds

Low est

|

JH ghest

30 Mai 48 Deo
80 Mari 1 89 Apr21 70 Mar b 'j May
Jan » 132 Feb 2 S 100 Jan 121*9 Deo
22 Feb 827*4 Jan a
1 1 34 Feb 28*4 Deo
43 Jan 26 47 Jan s 2234 Feb 48 Deo
123, coo 7 14*4 Jan 4 034 Feb 14 *9Deo

Philadelphia

26
‘ 23
1624
can Cement...... . 60 23*8 Apr26
447j 45
45
221 American Bail wuya
60 44*8 Mar29
47*8 *40*4 40*4 2,139
46 *4 Feb 3
12
12
0
12*8
11**, Feb 23
68*4 67*2 58*2 1,716
50 Feb 8
30
1801
29*2 29*2
28 Jan 26
78
78
000
78
Do prof tr ctfs ....100 77 *9Jan 2a
190
♦9*2 10
9 *9 Feb 7
22 S 2,47 7
22*2 22
20*4 Apr 6
*94
97 *2
94
470
*94 Apr2w
1 1 2 113 s 141*2 1 12 a4 22,965
93 Feb 4
00
00*2 6,53o Pennsylvania B it........ 50 047s Feb t
00 *4 00
49 *2 554 Philadelp’aCo (Pittaoi. 60 43 Feb 8
49*2 49*2 *49
u*>4 10*4 14 7a 15 S
Philadelphia Eiectnc||. 25 t l 3 7g Feb 3
18*4 15*2 17"k 41,267 Phlla Naphl Transit... 60 i5 A pr28
15
Beading........................ gp 779i8 Jan 2 i
7 ■>*2 7-.*34 78**8 <9**ia
7
7*8
2,28o
ah Mining .......
1 0 *aJ an 2 •
7*4
42
45
42*3
19,109 Union Pi action........... 50 42 Aprze
82*6 83*2 S3 83**, 7,582 United Gas im pt.......... 50 82*8 Apr -8

*23
447g
40*2
*U*s
50
*29
77*2
9*3
22
97

Ih ric e s a r t a l l “ a n d
in te r e s t."

M a n g e l o r 1 “r e v i o n s
y e a r (1 9 0 9 )

B altim ore

B id

|

A sk

43 Jan
48 Deo
H l\ Dec
12‘8 J’ly
03 *9J ’iy
33*4 Dec
84 *2 Dec
16

A pr

33 *gMay
12a '9 Deo
113 Sep
75 *»sep
5178 Deo
14 ‘s Dec
30 *9 A p r
80 >, Sep
7laia Mar
58*8 May
95*9 Deo

P fl 11-ADE1-PI11A 1 B i d ! A s k !|
BA LTI .IIOBK
f B id | A S k
PJl So Beau 2(1 6s "33. A-U 1 ........ 110 | Chas City By 1st os’23 J-J * 102*2 103*4
Cun M 7s 1911...... J-D
CJiiw Hy G Jo c.i 5i J'J JVI-d 90**
Ex Imp M 4s g ’47.A-U iuo” I o i " ; Chari C * A 2d is'iOA-C loo w, 95 *2
Tenmnai da g
........ 117 City twsub 1st 6s ..’22 J - D 107 108
P W sir. It
tr
f 1
1 U0>2 C ity* Sub(W as)lst5s’48 102 s 104
Portland By ist us 1930.
Coal <Sc 1 Ry l i t Oi’JUF-A 10(1 *2
Boch By* i-con os ’54J-J 98*2 99 *2' Col*Gruv 1st Os.lOlOJ-J 107 101*2
109
blxtuhsiLAiu ir
’27 J-J 10 1 102 1 Consol Gas Os...1910 J-D 100 lU0 *a
1 6s...................1939 J-D 108 10 8 *^
U Trac Inti
5iT ‘J.J J
Uu Bys Tr ettg 4s’49j&j 76 ........i Ga * Ala lsteon 5s ’46J-J 103*2 lu l
United Bys lu vlstcolltr
! Gacar&N l s t 5 s g ’29J-J 1u4**4 105*4
s i 6s 1920.............. M.-N 82 '2 s.a ; Georgia P 1st Os.. . ’22 J-J 112*2 H i
U Trac Pit gen 5s ’97 J -J
104*4 GaSo * b la 1st 6 s 1U45J-J 107 7( 108*2
Welsbach s t us 1930.J-D 87 >2
G-B-S Brew 3-4s 195151-8 41 *2 42
VVlks-B (j*E cou5s’6uJ -J lOl *2 1 u2*2 2d income 6s 1951 M-N
7
10
BAI.TT.UUBL
k u o iv lra o l s l o s ’28A-0 103 104
1 line live .MoeBs
Lake It El 1st gu5s’42M-S
Ala Cous Coal* lrou .100 25
30 51aeon By* Lt Lst5s’5SJ-J
60
.Memphis ST 1st 6s’45 J-J 99 100
75
Allan la * Charlotte., loo lOo
-Met.Sl( Wasli)lstos’26 F A
Allan CoastL (Conn)loo 240 210
511 Ver Cot Duck 1st os. 68 *4 6ca<
Canton Co......... ... loti 1 1 0 120 i N pt N*U P 1st 6s’38 M-N
Cons Cot Duck Corp...5o
o's Norlolk St 1st 5s ’44..J-J 104
Preferred................. 50
idhi 17*4 North Cent 4 *331925 A-O lou 107*2
Georgia S ou * Fla... 100
Series A 03 1920__ J-J 109 1 1 1 ‘
1 st prof...................luu
Series B 5s 1920__ J-J
2 d pref.................... lou
Pitt Un Trac 6s 1997. J J
G-B-S Brewing..........100
1
2*2 l’oto Val 1st 5s 1041..J-J 105
Bonds
Sav Fla * West os ’34 A-O 1 1 1 )
P r ic e s a re a l l " a n d
Seaboard A L4s I960 A-O t?3 - 84
in te r e s t."
Scab * Boau 5s 1920. J -J lOo 108
Anacostia* Pot 5s......... 102 103 South Bound 1st 6 s..A O 105 106
Atl & Cli ext 4 *28 TO.J-J
U El l.* P l s t 4 *28’29 M-N yo
Allan C L BB4 s 195251-S 94 ’1 94*2 Uu B y * El 1st4 s’49 51-S 85**, 91
86
Atl Coast Lt Ct>cUs os J-D 103*2 105
Income 4s 1949.......J-D
69**4
Ctfs of inuebt 4s__ J-J
Funding os 1930...J-D 83*4 833i
6-20 yr 4s 1925........J-J o i
VaMid 2 d ser Os ’l l . 51.s 100*>4
BaltcPass l s t 5 s ’l l M-N 100*2 10 1
3d series Os 1910..M-S 10 G 110
Balt Fumlg us.1916 M-N 105 10 5 *1; 4th ser 3-4-5s 1921.M-S 105
Exchange 3*28 1930 J-J 95
90
5th series 5s 1926.M-S 106*2 107 *i
B alt* P 1st Os iu l’11 A-O
Va (Slate) 3s new ’32.J-J 87
90
B S 1’* 0 1st 4 *28 ’53F-A 91a4
Fund debt 2-3s 1991. J-J 87
90
Balt Trac 1st os.. ’29 M-N 107 109 West N C con Gs 1914 J -J 105 106*4
No Balt Div 5s 1942 J-D 110 U 034 WesVa C*P lstGg’l l J-J 100*>4 101*4
Cent’l By conosl932 M-N 107 108 '| WU * Weld 5S..1936.J-J 1 1 0 1 1 a
E x t* Imp o s.1932 M S

Al Val E ext 7s 1910 A-O ........
Alt * LV Eleo r *ij8’33. F-A
Am liys cou v os 1911. J-l) 93
Atl City 1st 6s g T 9 .M-N ........ ........
BergAKBrw is t0 s ’21J-J
........
Betlilo Steel Os 1998.Q-F i VI "*2 ........
Choc* Mo 1st 6s 1949 J-J 109 .- ....
CU Ok * G gen 6 sT9 J-J 104 105
Col St Ry 1st cou 5s 1932 . ..... . .....
CouTraoolNJ 1st 6s.’33 ........ ........
E * A 1st M 6s 1920 M-N
. ....
90
Elec * Peo Tr stk tr ctfs w
Eq 11 Gas-L ls t g 6s 1928
Indianapolis By 4s. 1933
Interstate 4s 1943 ..F-A 62 ........
Lehigh Nav 4*as T4.y-J
lilts 4s g...... 1914.Q-F ........ ........
Gou M 4 Sis g,1924.<.i-F
........
Leli V C 1st Os g '33..J-J iVd-4 ........
Loll V ext 4s 1st 1948.J-D ........ 100
2d 7s 1910...............M-S 101
Consol Os 1923.......J-1) 117**4 i 1 8 *2
Annuity Os............. J-D
140
Gen eons 4s 2003.M-N 97
97*4
I-eli V Tran cun 4 s’35J-D
Now Con Gas 5s 1948 J-l)
Newark Pass con 5s 1930 ........ .......
NY P it* No 1st 4s ’39 J-J
Income 4s 1939...M-N
NoOlnoTrac couds’PJ.J-J ........ ........
Penn gen Os 1910 ... Var ....... ........
Consol 5s 1919.......Var
Penn * Md Steel con Os.
Pa * N Y Can 5s ’39. A (3
i id
Con 4s 1039............A-O
Penn Steel 1st 5s T7 M-N io i .......
People’s Tr tr certs 4s ’43
90 '2
P Co 1st* col tr us’49 M-S ioi"-] lo3
Con* col tr 5s 1951M-N ‘JSa4 99
Phil Elec gold trust etts. 102 *3 102**4
Trust certits 4 s...
70**4 7 7
P * E gen M 6 g ’20.A-O
.... 103**4
Gen 51 4s g 1020..A*G ........ 10 1
♦Bid ami asked; no sales on this (Lay. 1i Ex-ri-hts. || jSl3 pahL f $121* paid. * $13 *a paid,




M ange S in e s
Jan 1

|

i

$35 paid, a Booelpts. 6 -Liu paid. c$30 paid. <*$12«apaid.

1163

TITE CHRONIC LI

! Vui<. i . x w x

luuestmerit ami illailroad Intelligence.
H A I L R O A D G R O S S E A R N I i n GS .
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 began with July, but covers some other
period T h e re tu rn s o f the electric r a ilw a y s are brought together s e p a ra te ly on a su bsequ en t p age.
L a te st G ro ss E a r n in g s .
RO AD S.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear

July 1

to L a t e s t D a l e .

C u rren t
Y ear.

'

L a te st G ro ss E a r n in g s .

P r e v io u s
Y ear.

$
Ala N O * Tex Pac
N O & N East__ March____
322,977 273,847 2 621,888 2 357.511
Aia f t Vicksburg. March___
141,970 133,486 1,294 308 1 207,629
V cks Shr f t Pac. March___
118,958 113 262 1,113 871 1,076 871
Al.i term & North. ebruary .
7,490
5,370
55,461
43,000
Ate'1.Top & S Fe__ March____ 9,254,450 8,289,278 78,056,050 70,271,272
Atlanta Firm & Atl 2d wk Apr
48,091
43,406 2,075,018 1,648,461
Atlantic Coast Line February . 2,709,603 2,391,265 19,240,960 10,883,189
^Baltimore & Ohio. March___ 7,643,399 6,037,578 64,302,463 155,828,734
Bancor As Aroostook Marco___ 340,086 311,659 2,266,02 2,201,792
Be lefonte Central. . March___
5,112
0.200
52,409
52,425
Boston fe Maine.. February . 2,943,840 2,810,433 28.919,508 26,202,187
Bridgeton & Saco It February .
3,929
3,377
34,467
33,622
Bim iioch & P itts.. 3d wk Apr 108,134 136,012 7,116,939 5,658,912
Buhalo * .Susq___ February .
128 789 183,133 1,543,563 1,542,796
Canadian Northern. 3cl wk Apr 252,400 189,300 9,970,100 7,950,200
Canadian Pacific__ 3d wk Apr 1,789,000 1,401,000 75,383,327 61,404,488
Central of Georgia, 3d wk Apr 206,600 179,700 10,115,150 9,389,703
Central of New Jers February . 2,087,904 1,762,353 18,670,060 16,874,155
Central Vermont__ February .
259.457 237,598 2,503,971 2,317,446
Chattanooga South. 3d wk Apr
1,215
1,853
73,725
67,021
Chesapeake & Ohio. 3d wk Apr 612,559 524,427 25,096,039 21.143.862
Chicago & Alton Ry 3d wk Apr 232,575 256,789 11,011,549 10,374,282
Chic Burl & Quincy February . 3 890,600 5,719,427 59 237,020 53,130,012
V Chicago CJt West. February .
954,081 757,534 7,761,797 7,343,376
Chic Ind f t Loulsv. 3d wk Apr 111,338 100,369 4,775,174 4.240.794
Chic Ind & Southern —See New York Cen tral.
Chic Mliw & St Paul February . 4,534,276 3,931,520 12,700,532 10,748,318
Oh Mil & PugSd. February . 717,642
Chic St North West. March___ 6,311,856 5,436*408 55,765,801 50,118*, 133
Chic St P M & Om__ February . 1,133,086 923,157 10,049,513 9,150,716
Chicago Term Trans February _ 107,952
74,079
724,126
823,055
Cine rtani & Dayton February . 634,344 524,087 6,299,866 5,353,169
Clev Cln Chic & St L —Sec New York Cenitral.
Colorado Midland.. February . 152,452 154,756 1,617,491 1.581.795
Colorado * South..|3d wk Apr 288,161 264,181 13.611.798 12,463,912
Colum Newb & I.au February .
191,119
25,898
191,263
25.772
Copper Range____ February .
47,436
406,068
49,053
508,014
Cornwall_________ February .
134,293
13,129
17,432
61,824
Cornwall & Leban. February .
31,269
29,794
220,156
298,614
254,598 223.089 1,530,657 1,288,957
Cuba Railroad.........February .
Delaware & Hud__ February . 1,391,918 1.288.508 13,060,087 12.363.771
Del Lack & W est.. March___ 2,741,983 2,969,928 26,616,110 25,025,152
Deny & Rio Grande 3d wk Apt 420,400 390,300 18,896,713 16,056,798
Denver N W & Pac. 2d wk Apr
773,633
3,795
528,196
16,564
Det Tol St Iront Sys 3d wk Apr
26,510 1,273,090 1,260,099
23,192
Ann Arbor_____ 2d wk Apr
32,380 1,501,068 1,397,584
35,800
Detroit & Mackinac 3d wk Apr
986,361
928,981
22,889
25,494
Dul St Iron Range.. February . 106,720
85,232 6,683,061 4,837,974
Dul South Sh & Atl 3d wk Apr
52,957 2,613,583 2.145.048
65,169
El PaSo St Sou West February _ 562,974 618,294 4,736,992 4,634,383
E r ic ____________ February . 3,997,016 3,735,278 36,589,794 33,370,129
Fairchild & Nor E__ March___
18,751
1,744
2,518
15,353
Fonda Johns & Glov March___
562,453
663,093
60,085
71.997
Georgia Railroad.. March___
274,48.', 250,598 2,348,937 2,197,495
Georgia South & Fla —See Sout hern Rail way.
Grand Trunk S y st.. 3d wk Apr 823,381 724,631 35,243,211 31,470,528
Grand Trk W est. 2d wk Apr 127,89C 109,535 4,837,710 4,360,789
Det Gr Hav & Mil 2d wk Apr
29,340 1,578,920 1,327,748
33,939
Canada Atlantic. 2d wk Apr
35,301 1,604,233 1,416,964
37,900
Great Northern Syst March___ 1,562,511 5,996,09;. 17,397,182 10,743,789
Gulf & Ship Island- March___
186,360 163,616 1.612.258 1,428,953
576,868 351,929 5,048,74“ 4,209,621
Hocking Valley___ February .
Illinois Centra'___ March____ 5.764,740 1.048,472 17,032,354 13,569,828
Internat & Gt Nor. 3d wk Apt 151.000 156.000 6,982,070 6,707,910
145.89 6,170,661 5,639,249
a Interoceanic Mex. 3d wk Apr
188,45
62,250 2,770,413 2,492,420
70,184
Iowa Central_____ 3d wk Apr
Kanawha & Mlch_. February . 216,951 128,261 1,830,730 1,476,164
854,877 746,166 7,114.226 6,601,055
Kansas City South. March___
K C Alex & Orient.. 3d wk Apr
27,600 1,432,630 1.043.862
42,201
Lehigh Valley____ March____ 3,047,401 2,808,014 26,428,555 24,513,967
29,687
Lexington St E a st.. Febniary .
33.110
287,270
254,931
Long Islan l _______ February . Inc. 33, 625
Inc. 814, 214
Louisiana & Arkan. February. _ 102,844 101,315
785,897
848,818
Loulsv Hend & St L March___
83,406
119,123
891,681
770,567
s Loulsv St Nashv.- 3d wk Apr 978,740 823,925 11,978,668 17,122,544
13,759
Macon & Blrmlng’m March___
13,566
110,637
112,724
627,895 588,447 5.928.798 5 516,020
Maine Central____ February .
3,004
36,322
Manlstlque_______ March____
2,878
28,868
Maryland & Penna. March___
32,062
35,876
276,094
302,731
a Mexican Internat- 3d wk Apr
172,811 150,165 7,049,358 5.567.048
a Mexican Railway. 1st wk Apr
168,800 162.000 6,046,500 5,386,500
Michigan Central —See New York Cen tral.
Mineral Range____ 3d wk Apr
663,848
15,261
681,652
12,957
Mlntieap & St Lout- 3d wk Apr 117,166
80,463 4,022,025 3,447,470
Minn St P & S S Ml 3d wk Apr 428,091 353,745 19,484,989 16,228,813
Chicago Division]
Mississippi Central. February .
70,497
580,529
59,857
453,834
Missouri Kan & Tex March___ 2,228,896 1,960,188 20,422,662 19,617.768
Mo Pac & Iron Mti
Central Branch. I 3d wk Apr 946.000 843,000 42,083,652 37,804,244
Nashv Chatt St St r February . 929,281 923.257 7.611.259 7.427,483
a Nat Rys of Mexico 3d wk Apr 1,066,991 1.009.508 40,520,510 38,691,092
Nevada-Cal-Oregon. 3d wk Apr
7,013
8,637
373,390
310,242
Nevada Central___ January . .
4,568
4,48."
43,620
46,070
N O Great Northern February . 122,488
50,743
923,113
372,751
N O Mobile & Chic. Wk Apr 1C
26,239 1,346,056 1,251 442
33,980

RO AD S.

W eek or
M o n th .

C u rren t
Y ear.

P r e v io u s
Y ear.

July 1

to L a t e s t D a t e .

C u rren t
Y ear.

P r e v io u s
Y ear.

N Y C & Hud Rlv. February . 6,937,297 6,143,362 65,026,478 58,371,767
Lake Shore & M S February . 3 611,126 2,985,516 32,350,890 27,542,503
n Lake K St West February .
420,333 328,035 3,721,591 3,007 304
Chic Ind & South February . 369,129 230,890 2,490,670 1,885 j279
Michigan Central. February . 2,129,865 1,891,207 19,113,069 16,680,099
Cleve C C St St L. February . 2,171,567 1,884,70." 19,645,521 17,340.590
Peoria & Eastern February . 239,770 210,279 2,194,044 1,884,986
Cincinnati North. February .
823,354
734.061
74,309
80,77.'
Pitts & Lake Erie February . 1,188,226 783,784 11 580,302 7,915,918
Rutland
Febniary . 193,637 186,004 2,132,522 1,903,552
N Y Chic St St L. February . 806,339 644,580 7,150,480 6,108,871
Total all lin es... February . 18148061 15362671 160228915 143445026
N Y Ont 4 Western February . 544,670 557,812 5,581.924 5,489,325
N Y N II & Hartf.. March___ 4,970,929 4,532,942 44,794,869 40,066,127
N Y Susq & W est.. February . 278,581 280,923 2,289,789 2,124,219
Norfolk & Southern February . 199,406 196,009 1,709.503 1,532,417
Norfolk & Western February . 2.657.233 2,167.477 22,789,641 19,178,752
Northern Central.. February . 946.379 788,979 8,629,969 7,603.669
Northern Paclllc__ February . 4,620,755 4,309,819 19,286,061 46,102,384
Paclllc Coast C o ... February . 548,201 445,096 5 351,102 4,213,547
Pennsylvania C o __ February . 3,767,355 2,671,607 35,510,068 27,236,327
d Penn—E of P & E February . 12424 960 10314 160 109067 113 93,811,413
d West of P & E February .. Inc:l,75 8,300
In c.12.95 9 300
Pere Marquette___ March___ 1,446,080 1.306,246 12,020,887 10,639,765
Phlla Balt St Wash . February . 1.282,316 1,232,416 11.817.094 10,959,694
Pitts Cln Chic & StL March___ 3,036,442 2,377,131 25,363,658 20,544,286
Raleigh St Southp’t February .
13,171
12,667
88,243
102,852
Reading Company.
Phlla Sc Reading- March___ 3,663,668 3,731,143 33,228 ,009
,166,076
Coal & Iron Co._ March___ 1,526,597 2,855,542 23,822 ,804
,658,907
Total both cos__ March___ 5,190,265 6,586,685 57,050 ,813
,825,043
Rich Fred St Potom February - 196,667 169,620 1,395 ,277
221,934
Rio Grande June__ January _
64,516
70,546
643 ,766
516,876
Rio Grande South.. 3d wk Apr
9,162
11,222
421 ,404
472,303
Rock Island System February . 1.872.234 4,574,736 44.693 ,146
268,074
St Jos St Grand Isl’d February . 121,59
123.541 1.115 698
109,945
St Louis & San Fran February . 3,056,204 2,950,734 27,969 ,181
499,163
Chic & East III.. February . 1,009,119 781,127 8,069 ,509
002,313
1 Evansv & Ter H February .
179,352 149,255 1,654 ,948
443,017
Total of all lincs. February _ 4,244,675 3,881,110 37.693 ,63
944,493
St Louis Southwest. 3d wk Apr 184,187 166,432 9,068 ,478
573,964
San Ped L A St S L. February . 282,182 555 332 4,715 ,104
637,357
Seaboard Air Line.
Atlanta f t BIrm.. 3d wk Apr 413,551 347,062 16,153,033 14,347,755
Florida W Shore .
Southern Indiana.. February . 106,853
82,118
781,951
Southern Pacific Co March___ 10983273 1008079;
90,225,553
Southern Railway.. 3d wk Apr 1,068,428 971,409
42,329,912
Mobile St Ohio__ 3d wk Apr 214,881 191,561
7,936,297
Cln N O & Tex P . 3d wk Apr 163,796 147,398
6,236,171
Ala Great South. 3d wk Apr
77,276
62,167
2,872,151
Georgia So & Fla. 3d wk Apr
40,063
38,867
1.618.443
Texas Central......... 3d wk Apr
15,659
20,007
1,003,890
Texas & Pacific___ 3d wk Apr 278,357 244,111
12,110,943
Tidewater & West. March___
7,048
6,219
53,962
Toledo f t Ohio Cent February . 303,743 233,376
2,909,005
Toledo Peor St West 3d wk Apr
18,081
16,894
891,228
Toledo St L & West 3d wk Apr
73,980
71,967
2.784.443
Tomblgbee Valley. . February .
8,158
7,502
53,562
Union Pacific Syst. March___ 7,142,798 6,157,495
59,125,623
Vandalla________ February . 736,499 643,836
5,905,055
Virginia St Sou West March___
107,735
86,820
902,204
W abash_______ .. 3d wk Apr 519,489 481,044
20,814 ,105
Western Maryland. February . 534,940 422,234
3,987,801
W Jersey f t Seash.. February . 329,144 302,444
3.00 .,360
Wheeling fe I, Erie. March___
609,589 446,666
4,212,861
White River (V t).. February _
2,474
2,181
Wrlghtsv fe Tenn_. March___
32,642
30,01V
*2*16*265
Yazoo & Miss Vail. larch . . . .
915,887 818,762
7,916,556
e

V a r io u s F is c a l Y e a rs.

Bellefonte Central___________ Jan
Delaware St Hudson_________ ran
Manlstlque______ ___________ Jan
a Mexican Railway................... Jan
e N Y Central & Hudson River- Jan
Lake Shore f t Michigan South Ian
n Lake Erie & Western_____ Jan
Chicago Indiana & Southern. Jan
Michigan Central__________ Jan
Cleve Cln Chicago f t St Louis. Jan
Peoria & Eastern__________ Jan
Cincinnati Northern_______ Tan
Pittsburgh f t Lake Erie____ Jan
R u tlan d _________________ fan
New York Chicago f t St Louis Jan
Total all lines_____________ Jan
Northern Central........................ Jan
d Penn —East of Pitts St Erie. . . Jan
(1 West of Pitts & E d e............ Jan
Phlla Baltimore f t Washington. JanPIttsb Cln Chicago & St Louis . . fan
Rio Grande Junction_________ Dec
Texas & Pacific_____________ Jan
West Jersey St Seashore______ Jan

P r e v io u s
Y ear.

P e r io d .

1 to Mch 31
to Feb 28
1 to Mch 31
1 to April 7
1 to Feb 28
to Feb 28
to Feb 28
to Feb 28
to Feb 28
to Feb 28
to Feb 28
to Feb 28
to Feb 28
1 to Feb 28
to Feb 28
1 to Feb 28
1 to Feb 28
l to Feb 28
1 to Feb 28
1 to Feb 28
1 to Mch 31
1 to Jan 31
1 to April 21
1 to Feb 28
1

$16,275
2,767,904
0,093
2,179,800
14,428,387
7,485,003
844,944
094,011
4,287,970
4,495,804
503.571
170,296
2,523,999
400,145
1,745,748
37,579,908
1,962,3.1.5
25,642.872
Inc.3,66
2.061 256
8,594,075
152 540
4,639,360
639,351

$15,267
2,753,194
10,274
1,942,000
2,755,006
0,302,242
662,263
496,494
3,798,808
3,909,660
419,042
151,448
1,621,012
381,839
1,396,434
31,894,317
1,656,015
21,534.972
8,500
2,195,556
0,599,492
133,235
4,200,188
595 154

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Year In c . or D ec.
M o n th ly S u m m a r ie s .
%
G u r ’n t Y e a r P r e v ’s Y e a r I n c . o r D e c .
%
$
s
5
5
$
$
2d week Feb (41 roads)___ 11,527,304 10,035,605 4-1,491,699 14.86 Month June 1909 (893 roads). 210,357,226 183,983,821 + 26,373,397 14.33
3d week Feb (43 roads)___
1,051.964 10,014,75'; 4-1,037,205 10.35 ! Month July 1909 (385 roads) . 219,964,738 195,245,655 + 24,719,084 12.66
4 th week Feb (43 roads)___ 12,106 142 10,615,776 4-1,490,366 14.01 Month Aug 1909 (883 roads). 236,559,877 206,877,011 + 29,682,863 14.35
1st week Mch 143 roads)___ 11.839,051 10,579,707 4-1,259,349 11.90 Month Sept 1909 (882 roads). 248,085,950 219,013,703 + 27,052,253 12.36
2d week Mch (45 roads)___ 12,145 513 10,841,217 4-1,304,296 12.03 Month Oct 1909 (881 roads) 222,006,18 1 205,455,121 + 16,551,063 8.05
3d week Mch (43 roads)___ 12.423.300 10,792,998 4-1,632,302 15.12 Month Nov 1909 (756 roads). 247,370 954 211,281,504 + 36,089,450 17.08
4th week Mch (49 roads)___ 19,459,324 16 567,644 + 2,891,680 17 45 Month Dec 1909 (756 roads) 260,613,053 232,261,182 + 28,351,871 12.21
1st week Apr (44 roads)___ 12,373,504 11,053,524 + 1,319,980 11.94 Month Jan 1910 (710 roads). 210,302,219 182,649,825 + 27,052,394 15.14
2d week Apr (40 roads)___ 12,201,623 10,672,458 + 1.529,165 l 1.33 Month Feb 1910 (773 roads) 200,129,0.88 172,751,230 + 27,377,858 15.85
3d week Apr (42 roads)___ 12,229,790 10,714,8071 + 1,514,983 14.21
Month Mch 1910 ( 53 roads). 65.155,888 56,360,415 + 8,795,473 15.61
__
).{exlcan currency, d Covers ines directly operated, e Includes the New York fe Ottawa, the St. Lawrence fe Adirondack and tho Ottawa ft
> . 'iy-. th0 latter of which, being a Canadian road, docs not make returns to the Inter-State Commerce Commission. /Includes Evansville St
Indiana RR. a Includes the Cleveland Lorain f t Wheeling Ry. In both years, n Includes tho Northern Ohio RR. v Includes earnings of MasonClty
& i t. Dodge and Wise. Minn, f t Pacific, s Includes Louisville f t Atlantic trom July 1 1909 and the Frankfort fe Cincinnati from Nov. 1 1909^
W e e k ly S u m m a r ie s .




C u r ’n t Y e a r P r e v 's

A pr . 30 1910.]

THE CHRONICLE

1163

INDUSTRIAL COMPANIES.
Latest Gross Earnings by Weeks.—In the table which fol
------ G r o s s E a r n i n g s ------------- N e t E a r n i n g s ------lows we sum up separately the earnings for the third week
C urrent
P r e v io u s
C urrent
P r e v io u s
C o m p a n ie s .
Y ear.
Y ear.
Y ear.
Y ear.
of April. The table covers 42 roads and shows 14.21%
a
,
„
$
5
S
S
increase in the aggreate over the same week last year.
American Express Co.b.Jan 1,312,172 1,169,954 def46,597 def74,248
T h ir d W eek o j A p r il.

1910.

1909.

In crea se. D ecrease.

$
$
62,167
77,226
Alabama Great Southern.
136,012
108,134
Buffalo Rochester A Pittsburgh
189,300
252,400
Canadian Northern_______
1,789,000 1,401,000
Canadian Pacific_________
179,700
206,600
Central of Georgia________
1,215
1,853
Chattanooga Southern . . . .
524,427
612,559
Chesapeake A Ohio_______
256,789
232,575
Chicago & Alton____________
100,369
111,338
Chicago Ind & Louisville_____
147,398
163,796
Cin New Orleans A Texas Pac._
264,181
288,161
Colorado A Southern____
390,300
420,400
Denver & Rio Grande___
22,889
25,494
Detroit A Mackinac_____
26,510
23,192
Detroit Toledo & Ironton
52,957
65,169
Duluth South Shore A Atlantic.
38,867
40,063
Georgia Southern A Florida. Grand Trunk of Canada_____
724,631
823,385
Grand Trunk Western-------Detroit Grand Ilaven & MU.
Canada Atlantic___________J
151,000
156,000
International & Gt Northern—
188,457
145,892
Intcroceanlc of M exico.---------79,184
62,250
Iowa Central________________
42,200
27,600
Kansas City Mexico & Orient..
978,740
823,925
Louisville A Nashville________
172,81 1
150,165
Mexican International----------12,957
15,261
Mineral Range_______ _______
117,166
80,463
Minneapolis A St Louis----------428,091
353,745
Minn St I> & S St M . . . ..............1
Chicago Division__________/
946,000
843,000
Missouri Pacific_____________
214,881
191,561
Mobile & Ohio______________
National Railways of Mexico.. 1,066,991 1,009,508
7,013
Nevada-Callfornla-Oregon ----8,637
11,222
Rio Grande Southern________
9,162
184,187
St Louis Southwestern.............
166,432
413,551
Seaboard Air Line___
347,062
Southern Railway------------------ 1,068,428
971,409
Texas Central_______ __ _
20,007
15,659
Texas A Pacific_____________
278,357
244,111
Toledo Peoria & Western_____
18,081
16,894
71,967
Toledo St Louis A Western___
73,980
481,044
Wabash____ ________________
519,489
Total (42 roads!____
Net Increase (14.21%).

S
15,059
63,100
388,000
26,900
638
88,132
10,969
16,398
23,980
30,100
2,605
12,212
1,196

$
27,878

24,214

3,318

98,754
42,565
16,934
14,600
154,815
22,646
36,70.3
74,346
103,000
23,320
57,483
2,060
17.755
66,489
97,019
34,246
1,187
2,013
38,445

12,229,790 10,714,807 1,583,669
1,514,983

5,000

Interest Charges and Surplus.
— T n t .,
R oads.

2,304

1,624

4,348

68,686

Not Earnings Monthly to Latest D ates.—The table fol
lowing shows the gross and net earnings of STEAM railroads
and of industrial companies reported this week:
------G r o s s
R oads.

C urrent
Y ear.

E a r n in g s —
P r e v io u s
Y ear.

------N e t
C urrent
Y ear.

July 1 to Jan 31______11,282,598 10,094,669 1,831,862 1,271,766
Adams Express C o .b .-.J a n 1,063,938 1,036,257
18,068
66,176
July 1 to Jan 31-------- 9,036,770 8,169,280 1,446,382 1,034,499
Oklahoma Gas A E lec._ .Mch
81,159
48,056
28,956
18,620
July 1 to Mch 31_____
634,359
382,260
244,093
162,735
Phlla Co and affil cos.a.M ch 1,907,891 1,630,172
933,747
830,346
April 1 to Mch .31. ___ 19,790.799 17,184,251 8,601,293 7,629,139
a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.
/« For March 1910 additional Income Is given as showing a dellclt of S3,783,
against a deficit of 53,181 In 1909, and for period from July 1 to March 31
was a deficit of 527,081 In 1910, against a deficit of 558,466 last year.
] The company now Includes the earnings of the Atch. Top. A Santa Fe
Ity., Gulf Colo. A Santa Fe Ry., Eastern Ry. of New Mexico System,
Santa he Prescott & Phoenix Ry., Southern Kansas Ry. of Texas, and
lexas A Gulf Ry. In both years. For March taxes amounted to 5318,705,
against 5269,562 in 1909: after deducting which, net for March 1910 was
52,689,995, against 53,213,609 last year. For period from July 1 to Mch. 31
taxes and rentals were 52,792.564 in 1910, against 52,153,857 in 1909.
k For March 1910 additional Income was 518,631, against 56,779 In 1909,
and for period from July 1 to Mch. 31 was S108,0621n 1910, against 5105,473
last year.
z Includes 5103 other income for Mch. 1910, against 5131 in 1909, and for
period from July 1 to Mch. 31 includes 5838 In 1910, against 5925 last year;
the earnings of the Dublin A Southwestern RR. are Included in both years.

E a r n in g s —
P r e v io u s
Y ear.

R e n t a l s , A c .—
C urrent
P r e v io u s
Y ear.
Y ear.

—B a l .

o f N e t iS n g s .—
C urrent
P r e v io u s
Y ear.
Year

5
5
5
5
Bangor & Aroostook
.Mch
87,021
83,193
£96,897
,r01 145
738,848 £298,903 £117,493
July 1 to Mch 31------ . 758,490
Boston Revere Beach & Lynn—
Jan 1 to Mch 31------15,140
14.625 xdef5,253 £def5.135
July 1 to Mch 3 1 .........
48,157
51,293
£47,549
£43,781
Colorado & Southern___ Mch 256,799
253,309 cl87,758 cl03,770
July 1 to Mch 31-------- 2,293,669 2,306,068 c2,626,309 Cl,940,01 5
Copper Range_________ Feb
13,234
12,437
1,525
657
July 1 to Feb 28_____
101,214
97,000
126,238
27,254
Georgia RR ____ ______Mch
67,705
60,431
£21,319
£3,483
July 1 to Mch 31_____
551,315
547,201 £190,434 £def23,073
31,426
33,724
£34,019
£10,806
Gulf & Ship Island_____ Mch
July 1 to Mch 31_____
283,860
313,955 £176,195
£18,506
Maryland & Penna __ Feb
6,958
6,978
def3,548
def2,130
July 1 to Feb 2 8 .. . . .
55,668
55,835
14,305
14,216
Reading Company_____ Mch 880,000
873,542
566,733 1,210,694
July 1 to Mch 31_____ 7,920,000 7,861,875 7,102,295 6,796,844
Texas Central_________ Mch
5,849
3,951
12,137
2,823
July 1 to Mch 31 _____
51,635
43,825
193,100
242.188
INDUSTRIAL COMPANIES.
— I n i . , R e n t a l s , A c .— —B a l . o f N e t E ' n g s .—
C o m p a n ie s .

C urrent
Y ear.

P r e v io u s
Y ear.

C urrent
Y ear.

P r e v io u s
Y ear.

S
S
$
5
Oklahoma Gas & Elec..Mch
6,670
7,224
22,286
11,396
57,196
59,569
186,897
103,16G
July 1 to Mch 31 ____
c After allowing for miscellaneous charges and credits to Income.
£ After allowing for other Income received.

$
$
5
5
ELECTRIC RAILWAY AND TRACTION COMPANIES.
AtCh Top A Santa Pe b .Mch 9,254,450 8.289,278 J t , 008,700 J3.483.171
July 1 to Mch 31 ___ 78,050,050 70,271,273 J26.340.864 ^27,367,957
L a te st G ro ss E a r n in g s .
J a n . 1 to l a t e s t ■la t e .
311,659
176,919
llangor A Aroostook.b .Mch 349,086
139,703
N a m e of
July 1 to Mch 31___ . 2,266,027 2,201,792
931,764
/80,8il5
Road.
W eek or
C u r r e n t P r e r io u s C u r r e n t
r e v o tis
Bos Revere Belt & Lynn.b—
M o n th .
Y ear.
Y ear.
Y ear.
Y ea r.
Jan 1 to Mch 31_____
164,880
152,860
5,329
5,087
July 1 to Mch 31_____
6.32,923
78,619
78,792
619,146
S
S
5
$ •'O
304,222
264,348
866,585
789,459
546,031
179,495 American Rys Co___ March___
Buff Roch & Pitts, b
.Mch 757,936
23.3,606
205,183
193,972
July 1 to Mch 3 1 _____ 6,77 1,202 5,250,874 2,563,313 1,568,121 cAur Elgin A Chic Ry February . 103,399 94,335
42,229 37,720
El C o .. March___
125,018
112.394
Canadian Northern
_Mch
934,100
738,700
272,300
204,500 Bangor Ry &St
R y .. Ft b.'uary . 25,485 24,061
52,666
50,3 54
July l to Mch 31
9.214,600
2,63 1,300 21 1«)G•100 Binghamton
Illrm Rv Lt A Power lanuary . . 220,03C 192.031
220,030
192,034
Canadian Pacific a .
Mcli 7,790,337 6,518,763 2,711,173 1,803,708 Brockton A Ply StRy February .
6,597
6,730
13,472
13,816
July 1 to Mch 31
69,818,328 56,958,488 25,584,665 16,996,780 Cape Breton Elect Co February .
18,454
15,891
40,379
34,223
17,026 14,575
52,252
42,438
259,045 Carolina Pow A Lt Co March___
Central of Georgia .a
.Mch 1,176,890 1,010,380
317,456
Central
Penn
Trac__
March___
63,884
57,136
184,117
167,332
July 1 to Mch 31 ____ 9,465,850
M S ,S O S
2,797,207 2,380^270 Chariest Con Ry G&E March___
67,314
60,394
199,914
179,063
Colorado A Southern.b . Mch 1,417,327 1,170,373
455,380
324,082 Chlc&OakPark 111 Ry March . .
74,080 67,570
642,154
583|713
July 1 to Mch 3 1 ..
.12,702,488 11,009,098 4,788,111 3, u i 5, »i•)9 Chicago Railways Co. January . . 1020,614
915,857 1,020,614
945,857
Copper Range b
.. .Feb
49,052
47,4.35
25.07C 20,345
14,758
13,094 CIcve Palnesv A East M arch___
64,856
55,813
508,014
496,968
July 1 to Feb 28 ___
227,452
223,921
124,254 Dallas Electric Corp. February . 105,20C 94,588
196,840
Mch 2,741,983 2,9G9,928 1,190,425 1,448,559 Detroit United R y__ 2d wk Apr 161,543 137,148 2,312,450 1,935,931
Del Lack A West, b.
85,131 72,998
Dulu th-Superior fr Co March___
240,759
211,556
July 1 to Mch 31 ...... 26,616,110 25,025,152 12,513,303
50,427 41,601
116,594
East Penna Rys Co. March___
124,691
Detroit A Mackinac.a _Mch 126,636
42,880
50,385 East St Louis A Sub. March___ 200,254 158,537
563,681
460,909
801,854
July 1 to Mch 31...........
911,520
203, /
198,110 El Paso Electric____ February .
53,839 45,373
111,797
96,885
2,518
1,744
44,188 33,085
Fairchild A N K b
Mch
120,111
1,456
93,153
1,012 Falrm A Clarks Tr Co March___
July 1 to Mch 31........ ..
18,751
def 625
15,353
751 Ft Wayne A Wabash
Valley Traction Co. •January
123,255 109,673
123,255
109,673
78,415
Georgia RR.b
Mch 274,483
55,976 Galv-IIous
Elec Co_. February .
85,411 82,552
182,042
173,987
July 1 to Mch 3 1 _____ 2,348,937 2,197’, 195
443,694 Grand Rapids
Ry Co. March _
86,211 76,136
251,031
225,177
Gulf A Ship Island a .Mch
186,360
163,616
64,739
43,874 Havana Electric Ry Wk Apr 24 40,623 37,208
641,475
604,085
July 1 to Mch 31 ____ 1,612,258 1,128,953
451,397
327,016 Honolulu Rapid Tran
A Land Co
_
February . 36.536 30.322
72,075
62,749
/(88,898
7165,169
Iowa Central a
.Mch 328,926
304,445
47,504
45,429
>1442,776 Houghton Co Trac Co February _ 22,165 21,869
July 1 to Mch 31 .
. 2,576,657 2,298,835
Illinois fraction Co February
349,505
828,870
391.372
735,294
Lehigh Valley b
.Mch 3,047,406
Elec C o . February .
90,570
43,690 36,793
74,729
July 1 to Mch 31 ........ ;26,428,555 24,513,067 10,253,705 8,814,599 Jacksonville
Kansas Cl tv Rv 8- l.t February . 553,54.3 519.720 1,165.462 1,070.668
3,410
4,849 Lake Shore Elec Rv. March___
24,518
Maryland & Penna.a. .Feb
24,341
85,984 76,680
235,855
210,742
July 1 to Feb 28
_ 267,791
69,973
70,051 Mllw El Ry & Lt Co. February . 350,528 315,565
245,606
732,898
657,044
132,478
65,057 55,100
113,215
374,439 k 126,451 fcl 16,254 Mllw Lt lit & Tr Co. February .
MInneap A St Louis.a..M ch 414,427
July 1 to Mch 31 .. .. . . 3,724,125
fcl ,046,399 fc990,568 Montreal Street Ry . Wk Apr 23 79,018 67,796 1,210,083 1,090,388
Nashville Ry A Light March___ 149,276 134,132
434,314
404,415
N Y N H A Hart. b . . . Mch 4,970,929 4 ,532,942 1,733,269 1,511,483 North
48 1,575
Trac A l .t March ____ 173,424 150,684
435,083
July 1 to Mch 31 ------ 44,794,809 40,066,127 16,546,912 12,651,123 North Ohio
Texas Elec Co. February .
198,931
93,082 82,661
171,598
Pitts Cine Ch & St 1. a Mch 3,036,442 2,377,131
567,422 Northwest Kiev Co . March . .
546,470
192.522 180,037
712,755
514,915
Jan 1 to Mch 3 1 ------- 8,594,075 6,599,492 1,965,428 1,400,447 Norf & Portstn Tr Co lanuary . . .156.372 (1157,439
156,372 dl 57.439
17,807
18,771
41,512
Paducah Trac A LtCo February .
36,855
Reading Company—
19,812 19,081
40,420
Pensacola Electr c Co February .
38,865
l’hlla & Reading b
Mch 3,663,668 3,731,143 1,424,096 1,694,227 Portl(Ore) lty L&PCo. March___ 435,652 370,730 1,259,939 1.064,958
July 1 to Mch 31
30,166,076 12,899,316 12,086,616 Puget Sound Elec Co. February . 131,219 125,418
275,588
248.276
Coal & Iron Co b
Mch 1,526,597 2,855,542 def 122,307
263,545 Ulo de Janeiro Tram
July 1 to Mch 31 .
Light A Power . . February . 582,369 575,902 1,222,482 1,155.191
815,123 1,424,814
25,658,967
.Mcll 5,190,265 6,586,685 1,302,689 1,957,772 St Joseph (Mo) Ry Lt
Total both Cos b.
82,459 75,511
251,038
& Power C o.. March___
228,197
July 1 to Mch 31.
55,825,043 13,714,440 13,511,430 SaoHeat
676,348
Paulo Tr, l.t A P March _ . - 231,888 201,975
608,631
—
144,044
Reading Company . .Mch
126,464 Savannah Electric Co February .
45,130 45,855
94,028
95,841
—
1,307,875 1,147,289 Seattle Electric Co__ January . . 467,700 402,811
July i to Mch 31-------467,700
402,811
13,890 12,638
40,139
Sou Wisconsin Rv Co larch ..
36,118
1.446,733
Total all Cos . . . . . . . . Mch
56,284 53,460
109,644
104,438
15,022,295 14,658,719 Tampa Electric C o.. February .
July 1 to Mch 31-------Rys A Light. February . 237,368 214,092
495,587
439,308
10,080,795 3,438,961 3,305,570 Toledo
Southern Pacific a
.Mch
Toronto Railways__ February . 305,557 275,245
632,265
563,626
90,225,553 36,627,430 30,891,506 Twin
July 1 to Mch 31.
City Rap Tran 2d wk Apr 135,467 126,393 1,984,929 1,797.103
Southern Railway b ..Mch 5,153,645 4,668,154 1,663,003 1,455,079 Underground El Ry
July 1 to Mch 3 1 _____ 4 3 ,3 3 a,» 2 o 39,345,487 14,361,555 12,767,869
of London—
Three tube lines__ Wk Apr 23 £13,360 £12,820 £213,105 £208,250
91,295
17,986
Texas Ccntral.a _____ Mch
79,404
6,774
Metropolitan Dlst. Wk Apr 23 £11,231
£9,732 £173,348 £155,180
946,111
244^735
July 1 to Mch 3 1 ..........
826,296
286,013
United Tramways. Wk Apr 23 £5,835 £5,807
£89,576
£82,633
6,219
393
Tidewater A Western b Mch
7,048
1,302 United Rys of St 1. February . 807,439 808,161 1,693,221 1,637,197
53,902
July 1 to Mch 31_____
60,225
7,768
2,814 United RRs of San Fr February . 570,983 543,638 1,198,649 1 . 1 1 0 .0 1 1
69,017
Union Pacific a
Mch 7,142,798 6,157,495 2,515,868 2,906,248 Whatcom Co Ry & Lt February . 32,816 30,745
64,093
July 1 to Mch 31
07,830,556 50,125,623 31,090,253 29,180,374
Z.30,017
Wrlglitsv A Tcnnllle.b Mch Z32.642
14,350
11,523
c These figures are for consolidated company,
d Includes earnings of
July 1 to Mch 3 1 .......... 2245,756
Z216.265
96,737
68,418 the Norfolk County Ferries.
^




THE CHRONICLE

1164

[VOL. LXXXX

------G r o s s E a r n i n g s ------------- N e t E a r n i n g s -----Electric Railway Net Earnings.—In the following we show
C urrent
P r e v io u s
C urrent
P r e v io u s
Y ear.
Y ear.
R oads.
Y ear.
Y ear.
both the gross and the net earnings to latest dates of al
5
$
%
5
ELECTRIC railways from which we have been able to pro UnlonRyGas&ElCodll) bFeb 242,593
231,161
116,980
103,510
506,468
480,337
cure monthly returns. The returns of the different roads
242,649
Jan 1 to Feb 28_____
210,728
543,638
227,104
209,172
are published by us each week as soon as received, and once United RRs of San Fran.Feb 570,983
Jan 1 to Feb 28_____ 1,198,649 1,110,011
491,019
427,330
a month we bring together all the roads reporting, as is
808,161
244,515
560,382
807,439
United Rys of St L .a. - .Feb
done to-day.
534,153
276,666
Jan 1 to Feb 28_____ 1,693,221 1,637,197
------G r o s s
R oads.

C urrent
Y ear.

E a r n i n g s ------------- N e t E a r n i n g s -----C urrent
P r e v io u s
P r e v io u s
Y ear.
Y ear.
Y ear.

5
$
516,699
452,596
Am Cities Ry & L t.a __ Mch
Jan l to Mch 31 ____ 1,506,998 1,347,584
240,343
275,348
Amer Light & Tract Co.Mch
966,171
848,031
Jan 1 to Mch 31_____
94,335
103,399
Aurora Elgin & Chic. b ..F eb
975,017
July 1 to Feb 28-------- 1,063,190
42,229
37,720
Bangor Ry & Elec Co. b.Mch
400,105
425,651
July 1 to Mch 31...........
6,989
8,110
Baton Rouge Elec Co.b.Feb
17,494
14,994
Jan 1 to Feb 28_____
25,485
24,061
Binghamton Street R y.-F eb
52,665
50,354
Jan 1 to Feb 28_____
Blrm Ry Lt & Power__ Jan
220,030
192,034
6,597
Brock & Plym St R y .b .F cb
6,730
13,472
13,816
Jan 1 to Feb 28_____
Cape Breton Elec C o.b ..F eb
18,454
15,891
40,379
34,223
Jan 1 to Feb 28-------17,026
14,575
Carolina Power & Lt Co.Mch
52,252
42,438
Jan 1 to Mch 31_____
63,884
57,136
Central Penna Tract Co.Mch
Jan 1 to Mch 31. . . .
184,117 . 167,332
67,314
60,394
Charleston Con Ry (1 &El. Mch
945,857
Chicago Rys C o.a..........Jan 1,020,614
20,345
25,070
Clev Palnesv & East.a.-M ch
55,831
64,856
Jan 1 to Mch 3 1 ..........
94,588
105,200
Dallas Electric Corp.b.-Feb
223,921
196,840
Jan 1 to Feb 28-------725,232
580,287
Detroit U nited.b_____ Mch
Jan 1 to Mch 31 ------- 1,992,403 1,668,041
66,353
73,077
Duluth-Super Tr Co.b_.Fcb
155,628
138,558
Jan 1 to Feb 28-------50,427
41,601
East Penna Tr Co
. .Mch
124,691
146,594
Jan l to Mch 31_____
158,537
East St Louis & Sub. b . Mch 200,254
563,681
Jan l to Mch 31_____
460,909
53,839
El Paso Electric C o.b__ Feb
45,373
Jan 1 to Feb 28-------111,797
96,885
Falrm’t & ClarksbTrCo b Mch
44,188
33,085
Jan 1 to Mch 31........
120,111
93,153
109,673
Ft Wayne & Wab Vail. b. Jan
123,255
82,552
85,411
Galv-IIous Elec C o.b__ Feb
173,987
182,042
Jan 1 to Feb 28_____
76,136
86,211
Grand Rapids Ry Co.b.Mch
225,177
251,031
Jan 1 to Mch 31_____
30,323
36,536
Honolulu R T A Land.b.Feb
62,749
72,075
Jan 1 to Feb 2 8 _____
21,869
22,165
Houghton Co Trac Co.b.Feb
45,429
47,504
Jan 1 to Feb 28-------349,505
Illinois Traction Co.a — Feb 394,372
828,870
735,294
Jan 1 to Feb 28-------43,690
36,793
Jacksonville Elec C o.b.-F eb
90,570
74,729
Jan 1 to Feb 28. ----519,720
Kan City Ry & Light , b.Feb 553,543
June 1 to Feb 28_____ 5,339,159 4,038,293
85,984
76,680
Lake Shore Elect R y .a . .Mch
235|855
210,742
Jan 1 to Mch 31 ____
Massachusetts Electric Cos.aJan 1 to Mch 31_____ 1,767,153 1,610,724
Oct l to Mch 31_____ 3,688,226 3,383,379
315,566
350.528
Mllw Elec Ry & L t.b __ Feb
732,898
657,044
Jan 1 to Feb 28_____
55,100
65,057
Mllw Lt Ht & T rac..b .F eb
132,478
113,215
Jan 1 to Feb 28__ __
298,728
336,197
Montreal Street R y.b-.M ch
Oct 1 to Mch 31_____ 1,992,236 1,813,343
149,276
134,132
Nashville Ry & Light.a.Mch
404,415
Jan 1 to Mch 31. . . . . 434,314
Norf & Portsm T rac.b.-Jan
156,372 (1157,439
150,684
Nor Ohio Trac & L t.a..M ch
173,424
Jan l to Mch 31_____
484,575 . 435,083
North Texas Elec C o.b.-Feb
93,082
82,661
171,598
Jan 1 to Feb 28_____
198,931
47,277
Oklahoma City Ry. ..M ch
29,008
17,807
Paducah Tr & Lt C o.b.-Feb
18,771
41,512
36 855
Jan 1 to Feb 28_____
Pensacola Electric Co.b.Feb
19,812
10,081
38,865
Jan 1 to Feb 28_____
40,420
435,652
370,730
Portl (Ore) Ry,L& P.b.M ch.
Jan 1 to Mch 31-------- 1,259,739 1,064,958
131,219
125,418
Puget Sound Elec C o.b.-Feb
248,276
275,588
Jan 1 to Feb 28_____
575,902
Rio de Jan TramL&PCo aFeb 582,369
Jan 1 to Feb 28_____ 1,222,482 1,155,191
82,459
75,511
StJos(Mo)Ry.L,H&P. b.Mch
228,197
251,038
Jan 1 to Mch 31 ____
201,975
231,888
Sao Paulo Tr L & P .a __ Mch
608,631
676,348
Jan 1 to Mch 31. _ .
45,855
45,130
Savannah Electric Co.b.Feb
95,841
94,028
Jan 1 to Feb 28_____
402,811
467,700
Seattle Electric Co.b___ Jan
53,460
56,284
Tampa Electric Co.b__ Feb
104,438
109,644
Jan 1 to Feb 28_____
214,092
237,368
Toledo Rys & Light. b_.Feb
439,308
Jan 1 to Feb 28_____
495,587
275,245
305,557
Toronto Railway Co___ Feb
563,626
Jan 1 to Feb 28_____
632,265
483,101
Twin Cltv Rap Tr Co.b.Feb
536,955
Jan 1 to Feb 28_____ 1,120,917 1,008.762
Underground El Rys, London
£51,557
Metropolitan District.Mch
£57,744
£151,094
Jan 1 to Mch 31. ___ £168,793
£16,440
Baker St & Waterloo.Mch
£16,096
Jan 1 to Mch 31 . . .
£47,120
£47,943
Gt Nor Pick & Bromp Mch £28,122
£27,649
Jan 1 to Mch 31_____
£80,357
£84,459
Char'Cr Eust & Hamp Mch £17,796
£17,551
Jan 1 to Mch 31_____
£51,174
£50,981
United Tram, Ltd — Mch £28,298
£21,534
Jan 1 to Mch 31...........
£63,545
£73,350




S
3
188,225
216,920
633,289
563,015
265,532
231,722
938,570
822,008
40,133
36,117
477,023
446,110
22,819
18,787
244,196
213,181
2,016
2,828
6,184
4,429
10,532
10,841
22,719
20,988
97,664
85,400
366
1,489
380
2,501
7,196
4,332
10,573
15,923
4,688
7,045
15,015
21,205
12,702
16,667
36,886
42,434
20,758
23,590
243,808
396,162
12,567
9,616
29,676
23,974
.
36,635
33,240
71,209
73,088
254,826
228,544
697,813
603,890
27,354
22,694
59,494
47,474
21,522
15,176
59,727
45,436
98,708
66,555
193,036
269,053
17,509
26,086
38,739
54,555
19,896
27,199
55,219
73,292
45,400
54,392
29,164
23,434
61,600
52,450 ’
37,289
43,691
112,253
123,955
14,277
16,64 l
34,016
28,214
6,523
8,620
14,346
18,803
147,633
155,301
310,622
336,178
13,718
20,888
29,432
42,792
224,862
266,815
2,331,775 2,123,244
29,444
36,842
73,912
90,898
510,554
1,102,726
161,144
323,129
33,359
64,197
115,407
775,252
61,557
186,017
69,711
74,265
198,102
40,767
85,482
8,109
6,994
15,260
8,086
16,536
243,259
714,685
34,337
72,882
246,683
540,177
36,359
114,613
146,917
431,491
17,765
35,596
157,310
29,028
52,079
98,611
205,068
139,060
290,165
255,337
536,667

374,453
849,780
145,471
312,331
25,819
54,421
94,896
663,759
51,845
162,028
64,272
63,964
183,112
34,570
68,964
19,862
6,739
13,534
8,957
17,150
195,009
535,984
34,353
58,770
216,810
434.044
35,147
107,330
131,719
400,991
17,621
35,351
152,518
23,622
44,635
96,203
191,360
126,385
262,625
209,317
449.152

£30,332
£88,944
£8,842
£25,927
£13,918
£42,459
£7,272
£21,415
£6,607
£16,199

£23,354
£65,517
£8,910
£25,263
£13,155
£37,975
£7,227
£21,261
£3,668
£12,213

Wash Balt & Annap.b-.Mch
July 1 to Mch 31_____
Whatcom Co Ry & L t.b .F eb
Jan 1 to Feb 28...........

54,426
459,067
32,861
69,017

26,445
183,090
11,567
25,027

50,949
30,745
64,093

14,169
11,510
25,109

a Net earnings here given are after deducting taxes,
b Net earnings here given arc before deducting taxes.
d Includes earnings of the Norfolk County Ferries.

Interest Charges and Surplus.
—I n t . ,
R oads.

R e n t a l s , & c .—
P r e v io u s
C urrent
Y ear.
Y ear.

—B a l.

o ) N e t E ' n g s .—
C urrent
P r e v io u s
Y ear.
Y ear.

$
$
5
105,983
106,351
Am Cities Ry & Lt__ . Mch 110,937
301,503
318,864
331,786
Jan 1 to Mch 3 1 ..
7,979
32,154
28,261
Aurora Elgin & Chicago .Feb
235,331
222,028
July 1 to Feb 2 8 ..
241,692
870
288
1,958
Baton Rouge Elec C o....Feb
13,086
9,717
Bangor Ry & Elec Co__ Mch
13,102
110,784
126,193
July 1 to Mch 3 1 ..
118,003
Binghamton Street Ry. . Feb
8,890
1,642
9,411
Jan 1 to Feb 2 8 ..
17,811
18,315
3,177
2,088 def.1,418
1,784
Brock & Plym St R y .. .Feb
3,583
4,244 def .3,203
Jan 1 to Feb 2 8 ..
2,162
5,034
4,954
Cape Breton Elec Co__ .Feb
9,126
6,797
Jan 1 to Feb 2 8 ..
8,950
Charleston ConsRyG &E .Mch
13,990
9,600
13,917
3,046
Clev Palnesv & East___ .Mch
8,311
8,621
Jan 1 to Mhc 3 1 ..
3,686
24,557
25,990
6,818
Dallas Electric Corp__ -Feb
28,772
26,422
21,713
Jan 1 to Feb 2 8 ..
49,496
54,277
161,781
152,090 3:105,029
Detroit United................ .Mch
460,249 3:254,781
479,669
Jan 1 to Mch 3 1 ..
C12.937
14,417
13,417
Duluth-Superior Tr Co. .Feb
C30.661
26,833
28,833
Jan 1 to Feb 2 8 ..
48,411
50,526
50,297
East St Louis & Sub___ .Mch
119,279
148,821
Jan 1 to Mch 3 1 ..
149,774
7,911
17,600
El Paso Electric Co___ -Feb
8,486
37,436
15,814
Jan 1 to Feb 2 8 ..
17,119
Falrm’t & Clarksb Tr Co .Mch
14,590
12,300
12,609
Jan 1 to Mch ,31..
36,577
36,945
36,715
10,633
Ft Wayne & Wab Vail. .Jan
41,149
43,759
255
Galv-IIous Electric Co. .Feb
21,561
23,179
Jan 1 to Feb 2 8 ..
8,879
43,571
40,451
18,923
24,032
Grand Rapids Ry C o ... .Mch
19,659
63,813
Jan 1 to Mch 31..
60,142
56,806
Honolulu Rap Tr&Land .Feb
XlO.873
6,358
6,073
12,716
July 1 to Feb 2 8 ..
12,267
3:22,420
Houghton Co Trac Co_. .Feb
6,340
5,296
2,280
12,181
10,593
0,622
Jan 1 to Feb 2 8 ..
9,382
9,132
11,756
Jacksonville Electric Co -Feb
17,313
17,728
25,479
Jan 1 to Feb 2 8 ..
150,582
116,233
153,141
Kan City Ry & Lt Co. . .Feb
1,415,514 1,415,276
916,261
June 1 to Feb 2 8 ..
2,039
34,325
34,803
Lake Shore Elect Co___ .Mch
103,236 dcfl3,023
103,921
Jan 1 to Mch 3 1 ..
Massachusetts Electric Cos—
40,022
454,449
470,532
Jan 1 to Mch 31_____
187,540
887,276
915,186
Oct 1 to Mch 31_____
.r58,969
100,118
Mllw Elec Ry & Lt___ Feb 105,611
203,985 Xl 14,882
216,029
Jan 1 to Feb 2 8 ..
50,020
x l 1,753
66,730
Mllw Lt lit & Trac C o.. .Feb
X20.543
120,263
Jan 1 to Feb 2 8 ..
133,840
72,339
43,068
38,901
Montreal Street R y____ .Mch
214,978
198,043
Oct 1 to Mch 3 1 ..
560,274
Norf & Portsm Trac__ .Jan
65,771
67,087
3,940
43,291
30,974
Nor Ohio Trac & Lt___ .Mch
43,803
Jan 1 to Mch 31 .
129,874
131,486
68,528
18,252
17,189
22,515
North Texas Elec Co__ .Feb
36,442
49,040
34,372
Jan 1 to Feb 2 8 ..
def.61
7,055
7,035
Paducah Trac & Lt Co. .Feb
1,235
13,978
14,025
Jan 1 to Feb 2 8 ..
3,262
4,366
4,824
Pensacola Electric C o.. .Feb
6,927
8,773
9,609
Jan 1 to Feb 2 8 ..
109,533
123 768
133,726
Portl (Ore) Ry. I, & P . .Mch
321,186
360,523
393,499
Jan 1 to Mch 3 1 ..
44,313 def. 15,883
50,220
Puget Sound Elec C o.. .Feb
88,367 def.27,574
100,456
Jan 1 to Feb 28__
20,038
14,117
22,242
St Jos (Mo) Ry. L & P. .Mch
62,514
66,326
48,287
Jan 1 to Mch 3 1 ..
17,413
17,752
13
Savannah Electric C o.. -Feb
33,256
33,903
1,693
Jan 1 to Feb 2 8 ..
94,152
86,728
63,158
Seattle Electric Co____ .Jan
4,566
4,642
24,462
Tampa Electric Co___ .Feb
8,389
8,401
Jan 1 to Feb 28..
43,690
76,083
70,010
Toledo Rys & Light__ .Feb
X22.701
151,296
Jan 1 to Feb 28 ..
141.923
X54.198
140,229
133,963
Twin City Rap Tr C o ... . Feb
cl 15,108
280,458
267,926
(250,209
38,460
65,050
64,521
Unlon Ry Gas&ElCo(Ill) Feb
80,568
130,160
127,591
July 1 to Feb 28...........
11,239
234,917
United Rys of StJL___ . Feb 233,276
67,090
470,486
467,063
Jan 1 to Feb 28..
2,243
8,789
9,324
Whatcom Co Ry & L t.. ..F eb
6,746
17,609
18,281
Jan 1 to Feb 28..
c
x

81,874
244,151
7,856
223,182
1,728
5,701
102,397
1,430
4,404
def.599
def.1,743
def.622
1,623
6,841
1,305
def 583
7,863
18,811
X88.442
X178.197
C9.277
C20.641
16,029
44,215
9,598
22,925
7,587
18,274
4,251
7,603
21,149
18,366
55,447
X8.720
X17.104
1,227
3,753
4,336
11,704
71,721
707,968
def4,880
def29,324
def.79,996
def.37,496
X48.819
Xl 14.969
Xll.045
X24.405
55,995
465,716
def 2,815
20,161
51,626
17,381
34,592
def.296
def.444
4,591
8,377
71,241
175,461
def.9.900
def.29,397
14,209
44,816
208
2,095
65,790
18,980
36,234
X25.383
X49.627
C75.354
cl81,226
52,459
115,058
41,465
90,180
2,721
7.500

Includes dividend on preferred stock.
After allowing for other Income received.

ANNUAL REPORTS.
Annual Reports.—The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since March 20.
This index, which is given monthly, does not include
eports in to-day’s^'Chronicle.” ^

A pr . b’O 1910.]

THE CHRONICLE

R a ilr o a d s —
P age.
I n d u s t r i a l s (C o n t i n u e d )—
P age.
Delaware & Hudson Co_________911 Consol. Coal Co., Baltimore__ 840
Georgia & Florida___________ 8 12 Corn Products Refining Co. (pre
Grand Rapids & Indiana______1044
liminary report)____ ________ 845
Green Hay & Western__________842 Dominion Coal Co., Ltd_______1042
Hudson & Manhattan R R _____1041 Eastman Kodak Co., Rochester. 975
Huntingdon & Ilroad Top Moun
Empire Steel & Iron Co------------- 917
tain RR. & Coal Co_________911 Great Nor. Iron Ore Properties. 840
Long Island RR______________ 1040 Harrison Bros. & Co., Inc____ 1010
N. Y. Central & Hud. ltlv. (com
Hawaiian Commercial & Sug.Co.1104
bined results of allied lines)-- 910 Ingersoll-Rand Co_____________912
New York Chicago & St. Louis. 972 International Harvester Co----- 1099
Phlla. Baltimore & Washington. 841 International Salt Co., N. Y __ 1100
Pitts. Cltl. Cldc. & St. L ..972, 982 Lackawanna Steel Co. and Sub
sidiary Cos________ 847, 980, 985
Vandalta Railroad____ ________ 972
Lehigh Coal & Navigation Co_. 847
E le c tr ic R a ilw a y s —
American Cities Ry. & Lt. C o.. 1042 Mexican Telephone & Teleg. Co. 980
Calumet & South Chicago Ry_.1044 Mexican Telegraph Co--------------- 912
Chicago Railways Co _________1099 Michigan State Telephone Co— 917
Honolulu Rap. Tran. & Land Co. 970 Milw. & Chicago Breweries, Ltd. 853
Ry. & Lt. Securities Co..Boston. 913 Missouri & Kansas Teleph. C o.. 853
National Lead Co., New Y ork.. 975
Rio de Janeiro Tramway, Light*
& Power Co., Ltd _________ 843 New York Transportation Co. .1105
Toledo (O.) Rys. & Light C o ... 843 Nlplsslng Mines Co— ...........— 1105
Tri-City Ry. & Light Co............1041 Oklahoma Natural Gas Co____ 1047
Old Dominion Copper Mining &
Twin City Rapid Transit Co.,
Smelting C o ________________980
Minneapolis, St. Paul_______ 842
Otis Elevator Co_______________ 844
Underground Electric Rys. of
London (6 months)__________973 Pacific Gas & Electric Co_____ 1099
United Rys. & Elec. Co., Balto.1045 Parrot Silver & Copper Co____ 1043
Washington (D.C.) Ry. & El. Co. 973 Phelps, Dodge & Co., N. Y ___ 844
Western N. Y. & Penna. Tract. 978 Philadelphia Electric Co_______1042
Pioneer Telephone & Teleg. Co. 980
In d u s tr ia ls —
Amer. DIst. Tcleg. Co. of N. J_. 912 Rocky Mt. (Bell) Telephone Co. 918
Amer. I)Ist. Teleg. Co. of N. Y. 912 Schwarzschlld & Sulzberger Co. 976
Amer. Icc Securities Co., N. Y. 974 Shredded Wheat Co. (balance
Bethlehem Steel Corporation— 974
sheet Jan. 1 1910)___________845
Brooklyn Union Gas Co________910 Slos3-Sheffleld Steel&IronCo.814, 850
Butterick Co__________________ 847 Street’s Western Stable Car L ..U 0 6
Calumet & Arizona Mining C o.. 978 Superior & FIttsb. Copper C o..1048
Canadian General Elee. Co., Ltd. 910 Union Bag & Paper Co., N. Y .. 912
Canadian Westlngh’se Co., Ltd. 910 United States Envelope Co.
Central & So. Amer. Teleg. Co. 912
(6 months)________________ 975
Chicago Lumber & Coal Co.,
United States Gypsum Co.,Chic.1048
St. Louis, Mo____ __________ 974 United States Telephone Co___ 918
Columbia Gas & Elec. Co., Cine. 845 Utah Consolidated Mining C o .. 980
Consol. Cotton Duck Co., Balto. 845

Grand Trunk Railway Co. of Canada.
31 1909 a n d C a l. Y e a r 1909.)
At the half-yearly meeting held in London on April 14 1910,
Chairman Alfred W. Smithers, as quoted, said in substance:
(compare maps pages 58 and 59 of “ Railway and Industrial”
Section).
{ R e p o r t f o r H a l f - Y e a r e n d i n g D ec.

S u m m a r y ‘O f R e s u l t * o f H a l f - Y e a r e n d e d D e c . 31.—In gross receipts wc had
an Increase of £.306,000, of which £50,000 came from passenger traffic and
£237,000 from freight and live-stock traffic. In working expenses we had
an Increase of £345,000, of which £261,000 was In maintenance of equip
ment. In this last item Is Included £259,000 charged to revenue In reduc
tion of the engine an 1 car renewal suspense account. This suspense ac
count Is nearing extinction, being on Dec. 3t only £197,000.
C a n a d a A t l a n t i c R y . —The Canada Atlantic for the half-year shows a
net revenue deficiency of £17,000, an Improvement of £26,000 on the cor
responding period of 1908. The advantage of possessing the Canada At
lantic cannot be measured by its present earning capacity; Its possession
above all secures to us the entrance Into Ottawa.
G r a n d T r u n k W e s t e r n .—The Grand Trunk Western Ry. also shows a satis
factory Improvement. The full Interest on the 4% Income bonds will again
be paid, and there Is little doubt that the company will exercise Its right at
the end of this year of buying the income bonds at 85 from the present
holders. This line Is now one of the finest and most Important parts of
the Grand Trunk system; with the exception of 5 miles lt Is double-tracked
and laid with 80-lb. rails.
C a p i t a l O u t l a y . -The capital expenditure during the half-year of the
Grand Trunk proper wa3 only £217,000, of which £183,000 was for 1,000
new steel coal cars.
O t t a w a T e r m i n a l s .—We are building at Ottawa, at the entrance to the
Government Park, a line hotel, the “Chateau Laurler;” this wiil be con
nected with the new station which Is being built, and which will accommo
date not only our own trains but also those of the Canadian Pacific, Cana
dian Northern and the New York & Ottawa railways, the last being the
•connection with Ottawa of the New York Central Ry.
N e w S u b s i d i a r i e s . - - Tin; authorized bonded capital of the Ottawa Termi
nals Ry. Co., organized for the construction of the new station and hotel at
Ottawa, Is $3,000,000; the estimated cost of construction of the
Lachlne Jacques Cartier & Malsonncuve Ry. Is $1,260,000 'Phis line will
form a necessary and valuable addition to our facilities for dealing with the
rapidly growing business at Montreal. The cost of construction of the
3,500,000-bushel elevator at Fort William Is estimated at s i , 000 ,00!) It
was considered advisable that Instead of Issuing separate securities In con
nection with these undertakings, the money should be raised by the Issue
of Grand Trunk securities. Power will be taken eventually, as has been
our custom, to Issue Grand Trunk 4% debenture stock for the acquisition
of these securities, which will be held as security for the holders of the de
benture stock. (V. 90, l). 771.)
G r a n d T r u n k P a c i f i c - F i n a n c i a l .—To carry out Its arrangements, the
Canadian Government agreed to guarantee 1st mtge. bonds to the extent
of 75% of the cost of construction of the Western division; but such 75%
of the cost was not to exceed $13,000 per mile In respect of the Prairie sec
tion. It Is estimated that the amount to be so guaranteed by the Govern
ment on account of the Prairie and Mountain sections will be something
less than $50,000,000 (£10,000,000), and 3% bonds for £5,200,000 have
already been issued In respect of the amount to be provide;! under the Gov
ernment guaranty. (V. 80, p. 998, 1234, 1363: V. 81, p. 507, 613; V. 89,
l). 224, 286.) The agreement between the Government and the Grand
Trunk Pacific Co. provided that the Grand Trunk Co. should guarantee a
series of 2d M. bonds sufficient to complete the Western division, and the
Grand Trunk Co. has accordingly guaranteed 4% bonds for £2,100,000 in
respect of the Prairie section and for £2,050,000 on account of the Mountain
section. (See V. 80 . p . 096; V. 86, p. 791.) In 1904 it was agreed also to
guarantee £1,550,000 1st M. bonds on the Lake Superior branch.
Owing In great measure to the large increase In the price of materials
and labor, it was found that the $13,000 per mile guaranteed by the Gov
ernment, together with the £2,100,000 guaranteed by the Grand Trunk Co.,
was not sufficient to complete the Prairie section, and an arrangement was
entered into 1909 by which the Government agreed to advance to the Grand
Trunk Pacillc Ry. Co. $10,000,000 (£2,054,800) for 10 years at 4% under
the guarantee of the Grand Trunk Co. (V. 88, p. 822, 1194 1061 1253 )
In order to equip the line with rolling stock, powers were obtained by'lhe
Grand Trunk Pacific Co. to create and Issue $25,000,ooo (£5,137 000) of
4% debenture stock, which the Grand Trunk Co. also agreed to guarantee.
Of this amount, £1,000,000 has been Issued; rolling stock to the extent of
nearly £3,000,000 has been delivered, and the balance Is In hand to pav for
the equip, due to be delivered during 1910. (V. 84, p. 570; V . 90, p 303 )
With regard to the cost of the Mountain section. It must be remem
bered that Interest will be added to cost of construction on capital ac
count until the date at which the line Is formally declared open by the
action of the Governor-General In Council; from that date the Government
will pay for seven years the interest on the; bonds guaranteed by them for
75% of the cost of the Mountain section, and If the earnings are not then
•sufficient to take care of the Interest on the Government guaranteed bonds,
such deficiency wdll be added to capital for a further period of three years.
Thus the one-fourth portion which Is guaranteed by the Grand Trunk Co.
will be really a first charge for, at all events, seven years on the earnings
of the Mountain section from the official opening of that section. The re
sults of tills expenditure will all come to the Grand Trunk shareholders
through their holding the whole of the ordinary stock of the Gr.Tr. Pac Co.
With regard to the question as to when the interest obligations in connee
tlon with the Prairie section will become a liability on the Grand Trunk Ry.,
or when the receipts from that portion of the line will be a credit to Grand
Trunk earnings, that portion of the line can only be formally opened by
action of the Governor-General In Council, and lt is not expected that such




1165

action will be taken for some time yet to come.; not until the completion of
that portion of the raihvay connecting the lines west of Winnipeg with the
Grand Trunk system via Cochrane, about 500 miles east of Lake Sup. June,
In the meantime such service as is necessary to meet the requirements ot
settlers Is being given by means of our construction trains, and all receipts
therefrom are credited to “construction account,” which Is also debited
with the cost of the service.
G r a n d T r u n k P a c i f i c R y . —C o n s t r u c t i o n .—Beginning at Fort William on
Lake Superior, a new' elevator has been built capable of storing3,500,000 bu.
Superior a new elevator has been built capable of storing 3,500,000 bushels
of wheat; terminal facilities are in course of construction; a deep-water
channel Is being dredged from the lake, and the branch line from Fort Wil
liam to Lake Superior Junction, a distance of 200 miles, has been completed,
and is ready for operation. From Lake Superior Junction to Winnipeg,
a distance of 245 miles, the line is being constructed by the Canadian Gov
ernment, and this section Is expected to be completed in time to handle
this year’s harvest. At Winnipeg a new terminal station has been con
structed to be Jointly used by the Canadian Northern and Grand Trunk
Paclhc railway companies. From Winnipeg to Edmonton, and beyond
to Wolf Creek—which constitutes the Prairie section—a distance of 916
miles, the line has been completed. Thus by Sept. 1 we expect to have
ready for the moving of this year’s crop 1,361 miles of continuous track
from Wolf Creek, the western end of the Prairie section, to Fort William
on Lake Superior.
After two or three years of experimental trails, the pathfinder recom
mended a way through the Rockies by the Yeilowhcad Pass, with only one
summit to cross of 3,700 ft., and with a grade to mount it of only 4-10 of 1 %,
or 21 ft. to the mile. A contract has been let from Wolf Creek, the easterly
point of the Mountain section, to Tete Jauny Cache, a distance of 179 miles,
the grading of w'hlch we hope will be completed this year. From Prince
Rupert the line has been graded for 130 miles east to the Copper River,
and track-laying on this portion should be completed during the coming
summer. Another contract has been let from Copper River In an easterly
direction to Aldermere, a distance of 135 miles, and it is hoped the grading
will be completed by the end of 1910. The distance between Aldermere
In the west and Tete Jaune Cache on the east of the gap still to be con
tracted for Is only 425 miles, and contracts for that portion or the line
will be let as soon as the approach of rail from either side will allow of ad
vantageous contracts.
G r a n d T r u n k P a c i f i c B r a n c h L i n e s — G u a r a n t e e d B o n d s .—The Provincial
Governments of Saskatchewan and Alberta have guaranteed bonds to enable
us to build branches to open up those fertile provinces. Good progress has
been made with the branches commenced last year, and we hope to com
plete the branches from Melville to Regina, Melville to Canora, in the Prov
ince of Saskatchewan, and Tolield to Calgary, In the Province ot Alberta,
during the present year. In the last session of the Saskatchewan Parlia
ment guarantees on live new additional branches were authorized. In all
nearly 1,000 miles of branch lines are now under, or shortly will be under,
construction, and the money to pay for them has been successfully raised.
[The printed report states that the guaranties granted by the last session
of the Parliament of the Province of Saskatchewan for branch lines
cover: (a) Line from Regina southeasterly to the International Boun
dary, about 155 miles: (b) line from a point on the Grand Trunk Pa
cillc Railway northerly to the City of Prince Albert, about 110 miles:
(c) line from a point at or near the city of Regina westerly to the city of
Moose Jaw, and thence northwesterly about 110 miles; (d) two lines, each
about 50 miles in length, one running southwesterly and westerly direction
from the Grand Trunk Pacific Ry., the other westerly and northwesterly
direction. The company is under obligation to complete 150 miles of these
live branches during 1910, the remainder by Dec. 31 1912. Sec also V. 90,
p. 1044; V. 88, p. 1437: V. 89. p. 1542, 1482— Ed.)
P a c i f i c T e r m i n a l — C o a s t w i s e S e r v i c e .—Prince Rupert, on the Pacific
coast, with its splendid natural harbor, had Z 'A years ago a population of
200; it has now between 4,000 and 5,000, and it shows every sign of a big
city In the making. Prince Rupert is 500 miles north of Vancouver, and
the Grand Trunk Pacific has ordered two new boats, the Prince Rupert and
the Prince George for this coasting service, and has bought another boat,
to be named the Prince Albert, all for the coasting service. These boats
will ply between Seattle, Victoria, Vancouver, Prince Rupert and Inter
mediate points. The voyage In the Inland waters from Vancouver to Prince
Rupert is beautiful, with varied scenery of sea, forest and mountain. I
believe, In the near future, the trip across the Rockies by the Canadian
Pacific to Vancouver, thence to Prince Rupert by boat, and back over the
Rockies by the Grand Trunk Pacific Ry., will be one of the most attractive
tours of the world. Not only will the Grand Trunk Pacific possess the
route with the lowest grade of any trans-continental line, but It will be the
shortest route, via Prince Rupert, to China and Japan, by 500 milts.
G r o w th o f C a n a d a .—The estimated population of Canada In 1903 was
5,700,000, in 1909 close on 7,200,000. The bank clearings In 1903 were
$2,698,000,000; in 1909. $5,203,200,000, or nearly double. The total
mineral production in 1903 was valued at $61,000,000 ami in 1909 at $90,
000,000. Vancouver had in 1903 a population of about 34,009: lt is now
nearly 100,000; Winnipeg In 1900 had 50,000 people; to-day It numbers
172,000; and there are to-day scores of small towns along the Grand Trunk
Pacific Ry. with populations of from 500 to 1,000 people, where in 1903
there was nothing but the uninhabited prairie.
.
A creage

C n d e r G r a in

--------- W h e a t --------------------- O a t s --------- ---------- B a r l e y -----1809.
1903.
1909.
1903.
1909.
1903.
Manitoba___ 2,642,000 2,442,000 1,373,000 855,000 601,000 326,000
Saskatchewan .4,000,000 837,000 2,240,0001440,000 244,000 69,000
Alberta______ 330,000/
500,000j
P r o v in c e —

T o ta l

C ro p s

G row n

in

M a n ito b a ,

S a s k a tc h e w a n
W h e a t.

a n d A lb e r ta
O a ts .

(B u s h e ls ).
B a r le y .

1909
. . . .
.1 14,000,000 176,000,000 26,000,000
1903 . _______ . . . . . . . . . . . . 56,000,000
47,000,000 10,000,000
E m i g r a n t s .—One of the most remarkable features has been the inllux of
American fanners from the northwest Provinces of Canada. These men
come with experience, capital and energy; 80,000 crossed the border last
year, and the number will probably be exceeded this year. In addition,
92,000 emigrants went in from Great Britain and Europe; It Is expected
that number will be exceeded this year. The world must be fed, and It Is
a grand foundation for Canada’s continued prosperity that she possesses
the most fertile and extensive wheat lands with ready access to good mar
kets of any undeveloped country In the world.
E A R N I N G S F O R H A L F - Y E A R E N D I N G D E C E M B E R 31.
1909.
1908.
1909.
1908.
£
£
£
£
Gross receipts. .3,632,903 3,326,158 Bal. for half-year. 410,542 441,452
Operating e x p ..2,753,143 2,407,631 Brought I n . . . __
9,938
1,626
Net receipts . . 879,760 918,527
Divisible b al.. . 420,480 443,078
Chges., less cred. 463,918 436,836
Guar. div. (2% ).. 196,800 196,800
Balance — . 415,842 481,691 1st pref. d iv ____ *85,420 *170,842
D.G.H.&.V1. sur.
12,067"
3,139 2d pref. d iv ____ *126,420 *63,210
Call. Atl. d e f i c i t .
17,368
43,378
Balance forward 11,840
12,226
Bal. for half-yr. 410,542 441,452
* No dividends having been paid on the second preference shares for the
first half of the calendar year 1909, the dividend of 5% shown above Is that
declared for the e n t i r e calendar year 1909. The dividends on both the first
and second preference shares shown above In 1908 are those declared for
the e n t i r e calendar year 1908. no dividends having been declared on either
class In the first half of the calendar year 1908.
O P E R A T I O N S A N D F I S C A L R E S U L T S F O R 12 M O S . E N D . D E C . 31.
N o t e .—The gross earnings, operating expenses and other Income In 1909
have been made up according to the new method of accounting and the 1908
figures revised for the purpose of comparison. Comparisons with 1907 and
1906 are therefore somewhat Inaccurate, the general results, however, re
maining unchanged.
O p e r a tio n s —
1909.
1908.
1907.
1906
Passengers carried. 11,029.431
10,817,596 11,227,412 10,663,027
Tons freight carried. . . 16,772,569 15,309,716 17,391,921 15,916,859
do one m ile.2997217,706
2734562,713 3336570,521 3041024,466
E a r n in g s —
£
£
£
£
Passengers . . . . .
. 1,880,588
1,852,269
2,051,874
1,950,198
306,459
Mall and express.. . . .
.
317,678
305,886
316,806
Freight and live stock . 4,113,891
3,851,043
4,619,130 4,194,744
Miscellaneous187,214
171,747
156,696
155,127
Total earnings--------

6,499,371

6,180.945

7,144,506

6,606,528

THE CHRONICLE

1166
E xpenses—
Maintenance of way, &c.
Maltlt. of equipment__
Traffic expenses______
■Conducting transports.
General expenses........ ..
Taxes ______________

1909.
£
900,87 1
1,118,999
189,312
2,333,783
169,679
119,663

1908.
£
809,967
789,225
181,9131
2,409,117]
172,942
113,581

1907.
£
871,128
1,192,253
2,832,750

1906.
£
801,345
1,258,953
2,387,046

196,196
105,145

149,385
149,588

T o ta l____
- ........ ___
Net earnings..
•Other I n c o m e ....- ___

4,832,340
1,667,031
333,777

4,476,775
1,704,170
295,814

5,197,478
1,947,028
273,159

4,746,317
1,860,211
240,782

T o ta l________ _____ 2,000,809
1,999,984 2,2 20,187
D e d u c t —■
Rental of leased lines__
155,206
155,206
155,206
Int. on bonds and deb ..
1,082,974 1,067,127
1,069,136
72,154
155,704
153,350
Advances, &c________
Dlv. on guar, stock___ (4)393,600
(4)382,422 (4)336,772
do
1st pref. stock.
(5)170,811 (5)170,841 (5) 170,841
do
2d pref. stock ..
(5)126,420 (2)4)63,210 (5)126,420
_______
(3)214,939
do
3d pref. stock .. _ ._____

2,100,993

T o ta l_______ ______
Balance_____ ____
— V. 90, p. 1044, 771.

2,001,190
def.387

1,994,510
sur.5,474

2,226,064
def.6,477

155,206
1,070,924
41,536
(4)312,412
(5)170,841
(5)126,420
(3)214,939
2,092,278
sur.8,715

Grand Rapids & Indiana Railway Company.
31 1909.)
President Joseph Wood, Feb. 25 1910, wrote in substance:
( R e p o r t f o r F i s c a l Y e a r e n d i n g D ec.

G e n e r a l R e s u l t s . —The general Income account shows an Increase of $506,107iln the operating revenues of all lines, an Increase of $406,650 In operating
expenses and taxes and an increase of $99,457 In net revenue from opera
tion. Adding to this the Increase In Interest on general account of $9,697,
and deducting the Increase In rental paid roads operated for cost, $6,999,
and the decrease In rents received of $2,167, leaves an Increase In gross In
come of $99,989; but as there was also an Increase of $72,093 In the charges
against Income, the net Income was $290,342, an Increase of $27,895.
Rj| I n c r e a s e i n T a x e s , & ,c . — For the present year taxes on these lines will be
Increased about $29,000 by an Increase of about 15% In Michigan tax rate.
The operations tor the year show net Income barely sufficient to pay to
shareholders a small dividend and carry a trilling amount to the credit of
surplus account. Since the reorganization, shareholders have received an
average annual return of about 2%, and your board views with grave alarm
the constantly Increasing cost of operations, but not only to State taxation
but also to national taxation and to Increasing statutory requirements, al
of which add to the expenses, and consequently reduce the amount avail
able-for M,ieed Improvements.
O P E R A T IO N S O F E N T IR E S Y S T E M .
------G r o s s E a r n i n g s ----------------N e t E a r n i n g s ------A l l L i n e s O p e r a te d —
1909.
1908.
1909.
1908.

Grand Rapids & Indiana $3 918,371
Cln Rich. & Ft. Wayne
668,639
Musk. Gr. Rap. & In d ..
193,673
Traverse City R R ..........
80,769

$3,198,148
613,703
171,267
72,227

T o ta l______________$4,861,452
$4,355,345
Other Income—rents, &c---------------------------------

$791,536
102,995
67,397
10,396

$972,324
36,203

T o ta l........................... ........................ - ................
$1,008,527
D e d u c t—
Rentals paid roads operated on basis of net earns..
$180,788
Bond Interest of Grand Rapids & Indiana Ry___
412,675
Other deductions.____________________
Total deductions............
Balance_________________________
Dividends (3%)___________

$782,052
$226,475
173,730
..

Balance, surplus__ ____________________

$52,745

$699,077
114,999
51,384
7,406
$872,876
28,
$901,540

[VOL. LXXXX.

class, 100 rels (3.08 cents); the latter service being alforded by attaching
trail cars to certain regular electric cars during certain hours of the day.
N u m b e r o f Z d -C la s s P a s s e n g e r s C a r r ie d — I n c r e a s e R e s u lt o f C h a n g e i n R a te s .
J u l y 15.
A u g u s t.
S e p t.
O c to b e r .
N o v e m b e r. D ecem ber.
T o ta l.

22,410
59,441
74,473
105,119
106,855
130,594
498,898
In the lighting department a gratifying Increase Is shown, largely ac
counted for by the reduction in rates charged. There were 1,528 houses
wired for lighting purposes during the year. The number of lamps Installed
at the close of the year were: Incandescent, 62,321; arc, 1,638, as com
pared with 51,320 incandescent and 1,458 arc Dec. 31 1908—a total in
crease of 11,181 lamps, or 21.18%: while the number of light customers
Increased by 518, or 12.3%, making a total of 4,727 Dec. 31 1909.
In the power department the percentage of increase is much larger, the
number of customers being 428, an increase of 67, or 18.56%, while the
number of h. p. connected shows an Increase of 2,233 h. p., or 23.37%,
The General Manager reports there is every indication that manufacturing
industries will require over 2,500 h. p. additional during 1910.
C a p i t a l O u t l a y . —The expenditure on capital account amounted to $767,
001. The additions to the hydraulic plant at Parnahyba consisted of the
installation of the seventh unit. Including penstock, turbine, generator,
transformers and swtehes, the building of high-tension bus compartments
and the excavation for the 8th penstock, &c. In the substation at Sao Paulo
there was installed one 1,000 k.w. motor generator. The track mileage
was increased by 9 Vt miles of new track, with the necessary poles, &c.
Additions were made to the feeders, vaults, underground conduits, &c., for
the light and power department. A new car house was erected and miscel
laneous machinery was installed In the dilferent construction shops.
"IO N S

AN D

F IS C A L

RESU LTS.

1909.
31—■
Number of lamps____
63,959
Number of motors. ._
907
H.p. motors connected
11,788
R e c e ip ts f r o m —
$
Tramway___________
1,677,907
761,578
Light and power_____

1908.
52,778
661
9,555
$
1,614,754
672,657

1907.
45,570
506
6,002
$
1,488,816
622,707

1906.
38,119
398
4,900
$
1,458,413
560,291

2,439,486
846,627

2,287,411
783,051

2,111,523
715,650

2,018,704
650,541

1,592,859
(34.7)
371,987

1,504,360
(34.2)
365,468

1,395,873
(33.0)
359,422

1,368,163
(32.2)
359,882

1,220,872
1,138,892
1,036,451
0%) 978,867 (9 J0 836,538 (8 H) 69! .476
150,000
300,000
100,000

1,008,281
(8)599,070
60,000

L a m p s , & c ., D e c .

5.
I’, c. o t op. exp. to earns..
All expenses andichargesi
Net income__ _
D ividends______
Renewal account
Balance, surplus____

92,005

BALAN C E

2,354

SH E E T

DEC.

244,975

348,310

31.

1908.
1909.
1909.
1908.
$
L i a b il it i e s —
A s s e ts —
S
8
S
Capital stock____10,000,000 9,700,000
Hydraulic plant.
transmls’n lines,
Ronds sold_____ 6,000,000 6,000,000
25,000
25,000
light and power
Accr’d Int. charges
151,068
systems, rolling
Accts.&wages pay. 169,949
2,393
1,498
stock, real esUnred'med tickets
242,497
214,998
tate, bldgs., &c. 17,816,820 17,049,819 Dividend . . . __
Stores In hand___ 708,940
873,641 Reserve fund........ 1,281,200 1,161,563
255,533
Accounts recelvSuspense exchange 255,533
282,032
160,630 Renewal account. 288,665
able ................
170,167
19,092
20,852
Cash on hand___ 343,920
413,445 Insurance fund...
659,252
Front A loss surp. 751,257

$173,789
412,675
Total ............... 19,039,847 18,497,535
T otal.............. 19,039,847 18,497,535
188,589127,985
—V. 88, p. 1615.
$714,449
$187,091
United States Steel Corporation.
173,730
( E a r n i n g s f o r the Q u a rter en d in g M a r c h 31 1910.)
$13,361

1909.
433
S
1,280,809
2,404,573
232,989

1908.
1907.
426
437
S
3
1,196,1051
2,045,874 > 4,149,694
256,169J

3,918,371

3,498,148

4,149,694

The following financial statement of the corporation and
its subsidiaries for the quarter ending March 31 was given out
on Tuesday after the regular monthly meeting of the direc
tors. The “ net earnings” as here shown “were arrived at
after deducting each month the cost of ordinary repairs and
maintenance of plants, employees’ bonus funds and interest
3,900,605 on bonds and fixed charges of subsidiary companies.”

667,230
461,239
101,704
1,557,538
339,124

530,940
395,136
96,433
1,441,231
335,330

755,997
586,087
102,297
1,606,170
320,805

690,909
557,385
98,287
1,478,754
309,299

T o ta l--- ------P. c. oper. exp. to earns.
Net earnings-----Add other Income. .........

3,126,835
(79.80)
791,536
36,103

2,799,071
(80.02)
099,077
28,674

3,371,356
(81.24)
778,338
22,961

3,134,634
(80.35)
765,970
16,124

T o ta l________
D e d u c t—
Interest on bonds.
Additions & betterments
Other charges, &c

827,739

727,751

801,299

782,094

412,675
40,901
147,688

412,675
52,390
75,595

411,275
65,222
90,108

406,461
51,700
37,771

T o ta l________
Balance________
Dividends (3%) .

601,264
226,475
173,730

540,660
187,091
173,730

566,605
234,694
173,730

495,932
286,162
173,731

52,745

13,361

60,964

E A R N IN G S ,

& C ..

OF

G RAND

Miles operated-------E a r n in g s —
Passenger...................
Mall, express and misc.
E xpenses—
Maintenance of equlpm’t
Maintenance of way, &c.
Traffic_______________
Transportation ______
General and taxes.........

HBalancc, surplus .........
BALAN C E

SH E E T

OF G RAND

IN D IA N A

R A P ID S

O N I.Y .

1906.
423
$
3,900,605

112,432
31.
1909.
1908.
L i a b il it i e s —
S
8
Stock________ . 5,791,700 5,791,700
Ronds (see “Ity. &
Industrial" Sec.) 9,875,000 9,875,000
Real estate mtge. . 150,000
150,000
Car trust principal
chgd. out lnadv. 139,637
135,299
Interest . ---- - .. .
165,690
165,845
Other cos. * indlv. 236,8S8
283,457
Accounts payable . 417,013
400,142
Miscellaneous . . .
137,812
58,858
Rrollt and loss... *485,309
482,800

R A P ID S

1908.
1909.
$
A s s e ts —
S
Road, equip., &C. 15,628,695 15,628.695
Investments In
130,222
other companies 120,221
Other companies
174,922
and Individuals. 162,320
Agents and con208,570
ductors ............ 221,505
710,885
792,765
Cash ________
226,329
Supplies on hand. 199,OSS
23,174
Rills receivable...
13,590
210,303
Miscellaneous---260,895

R Y .

&

IN D IA N A

R Y . DEC.

U N F IL L E D
T ons.

ORDERS

ON

H A N D .

T ons.

T ons.

’04. .3,027,436
’04 . .3,192,277
’01. .4,136,961
’03. .3,215,123
’03. .3,278,742
'03. .4,666,578
’03 _.5,410,719
’02. .5,347,253
’02 . 4,843,007
’02 . .4,791,993
'01. .2,831,692
I N C O M E A C C O U N T S F O R Q U A R T E R S E N D I N G M A R C H 31.
N e t E a r n in g s —
1910.
1909.
1908.
January . . _.
.............. ............... $11,316,014 $7,262,605 $5,052,743
February . .
. 11,616,861
7,669,336
5,709,428
March
. . . . 14,684,001
7,989,327
7,466,834
Mch.
Dec.
Sept.
June
Mch.
Dec.
Sept.
June
Alch.
Dec.
Sept.

31
31
30
30
31
31
30
30
31
31
30

’10. .5,402,514
’09. .5,927,031
’09. .4,796,833
’09. .4,057,939
'09. .3,542,595
'08. .3,603,527
’08. .3,421,977
’08. .3,313,876
’08. .3,765,343
’07. .4,624,553
'07. .6,425,008

June
Mch.
Dec.
Sept.
June
Mch.
Dec.
Sept.
June
Mch.
Dec.

30
31
31
30
30
31
31
30
30
31
31

'07. .7,603,878
’07. 8,043,858
’06. .8,489,718
’06. .7,936,884
’06. .0,809,589
’06. .7,018,712
’05. .7,605,080
’05. .5,865,377
'05. 4,829,655
’05. .5,597,560
'04. .4,696,203

Sept.
June
Mch.
Dec.
Sept.
June
Mch.
Dec.
Sept.
June
Nov.

30
30
31
31
30
30
31
31
30
30
1

Total net earnings . _
_____ $37,616,876 $22,921,268 $18,229,005
D e d u c t—
.. _
For sinking funds . . . . .
$1,719,801
$1,645,288 $1,602,494
Depreciation and reserve funds.
.
5,829,232
3,463,666
1,771,227
5,876,612
5,939,208 6,000,987
In terest__________________
Additional property, construction, <Scc. 5,000,000
--------------------Total deductions (see note below) .$18,425,645 $11,048,162 $9,374,708
B alan ce__________
____________ $19,191,231 $11,873,106 $8,851,297
Dividend on preferred (1 ).(% ).. . . . $6,304,919 $6,304,919 $6,304,919
Dividend on common............ .. .. (1 H ) 6,353,781 ( H )2541,513(H)254l ,513
Balance, surplus __________
—V. 90, p. 1106, 1048.

$6,532,531

$3,026,674

$7,865

Atlantic Gulf & West Indies SS. Lines, New York City.
( R ep o rt f o r F i s c a l Y e a r e n d i n g D ec. 31 1909.)
Total............. .17,399,079 17,343,101
Total............. .17,399,079 17,343,101
The report contains no text, comprising merely:
* After deducting $50,236 charged off In adjustment of sundry old ac

counts.—V. 90, p. 1044.

Sao Paulo (Brazil) Tramway, Light & Power Co., Ltd.
(R ep o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1909.)
Pres. William Mackenzie, Toronto, April 25, wrote:
G e n e r a l R e s u l t s . —The year shows an Increase In gross earnings of $152,
075, or 6.6%. The net earnings show an Increase of $88,499, or 5.9%.
While the Interest charge remained the same, the taxes and dividend
payments show an Increase of $148,847. The dividend payment Increased
$142,328 on account of the higher rate of 10'% per annum having been paid
throughout the year, whereas this rate was paid In 1908forlastqtiarteronly.
The amounts charged for actual maintenance aggregated $177,563, an
Increase of $16,142. In addition there was expended for renewals and
charged against the renewal reserve the sum of $143,367. An appro
priation from surplus of $150,000 has been made to this reserve, which,
with the undistributed balance, leaves a credit of $288,664.
R e d u c t i o n i n R a t e s . —In accordance with an agreement entered Into with
the municipality, all tramway fare zones were abolished In May and the
rates of fares adopted were: First-class, 200 rels (6.16 cents), and second




BALAN C E

SH E E T

OF P A R E N T

H O L D IN G C O M P A N Y .

A s s e t s ( a g g r e g a t in g $44,888,550) —
Investment In stocks of subsidiary companies and other securi
ties acquired In exchange for stocks and bonds of this co. (lnci.
securities not pledged under the mtge., valued at $538,166). .$42,988,988
Investment In bonds, stocks and other securities subsequently
476,153
acquired, not pledg d—at cost (valued at $550,367)______
883,380
Notes and accounts receivable_______ _____________________
Cash deposited with the Equitable Trust Co. to meet coupons
325,000
falling due on Jan. 1 1910______________________________
215,029
Cash In bank and on hand____ ____________________ _____- 
L i a b i l i t i e s (a g g r e g a t i n g $44,888,550, i n c l . c a p . s t o c k a n d s u r p .)—
Common stock: Authorized, $20,000,000; deduct stock In
treasury, $5,001,800________________________
$14,098,200
Pref. stock: Authorized, $20,000,000; deduct stock In treasury,
$5,003,600______________
14,096,400
Fifty-year 5% collateral trust gold bonds: Authorized, $15,000,
000; issued, $13,000,000, less bonds In treasury, $2,880----- 12,997,120
Notes payable___________________________________________
827,000
Accrued interest on bonded debt___________________________
325.000

Surplus

__

________ _ _

_ . ---------------------------------------

744,830

Ant. 30 1010.

THE CHRONICLE

Subsidiary Companies, Comprising Clyde SS. Co., Mallory SS. Co.. New
York & Cuba Mail SS. Co., N. Y. & Porto Rico SS. Co. and Subsid. Cos.
C O N S O L ID A T E D
IN C O M E A C C O U N T O F
A R IE S F O R C A L E N D A R Y E A R

A F O R E S A ID

S U B S ID I

1909.
Gross voyage earnings, $13,520,981; mlsc. earnings, $486,405__$14,007,386
Operating and general expenses___________________________ 11,103,997

Net profit from operations (N. Y. A Cuba Mall SS. Co. for 10
months, and N. Y. & Porto Rico SS. Co. and subsidiary
companies for 11 months)____________________________ $2,903,389
Deduct charges for the year; 13ond Interest, $935,875; Interest
on notes payable, $70,850; depreciation, $871,401------------- 1,884,180
Dividends_____________________________ 1 ________________
540,000
$479,203
37,413

Balance, surplus for year 1909__________________________
Balance Jan. 1 1909___________________________________

Surplus Dec. 31 1909, as per balance sheet below_________
$510,017
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31 1909.
A s s e t s (a g g r e g a t i n g $81,112,781) —
Marine equipment, terminal property, equities In terminals,
terminal and transfer equipment, good-will, franchises, Ac.,
$73,720,884; Investments pledged under the mortgages, $3,
310,098; Investments In other cos., $198,852; total fixed
assets, at book value-------- ---------$77,235,834
Inventories____ _________________________________________
78,170
Notes and accts. rcc’le, $755,085; and agents’ balances, $514,759 1,209,844
Ships’ accidents and general average claims, $547,931; claims
In suspense less reserve, $53,542-------------- ---------------------001,473
Insurance and rents unexpired------------------------------------------205,520
Marketable stocks and bonds--------52,283
Cash, Including $318,725 deposited for coupons falling due
Jan. I 1910. _ -------------------------------------------------------------857,012
Deferred charges to operations: Open voyage accounts_____
812,039
L i a b i l i t i e s ( a g g r e g a t in g $81,112,781. i n c l . c a p . s t k . a m t s u r p .)—■
Capital stock, authorized and Issued (of which $54,231,800 Is
owned by Atlantic Gulf & West Indies Steamship Lines)
$56 000,000
Bonded debt: Authorized, $29,000,000; Issued, $21,587,000;
less: retired by sinking fund or canceled, $1,922,000, and
bonds lti treasury, $1,271,000 __ ___________
18 394 000
Bonded debt of underlying companies:
U. S. A Porto Rico Nav. Co. 1st M. 5% gold bonds
187,000
N. Y. & Porto Rico SS. Co. (of N. Y.) 1st M. 5% gold bonds.
10,000
80 000
Mortgage over wharf property______
Notes and accounts payable..
'I
2 165 086
Agents’ balances, $1,967; Inter-line freight balances’ ‘$17,24V; ’
’
unearned passage money, $83,905; claims, $18,211
121 324
Accrued Interest on bonded debt
____ ________ __________
461,812
Deferred credits to operations: Open voyage accounts . . . _. 1,010!460
Reserve for depreciation . .
_
2 166 482
su rp lu s________ ___________
_____________ m i n i " "
’5io;oi7
—V. 90, p. 504, 374.

General Electric Company.
( R ep o rt f o r 11 M o n t h s e n d i n y Dec. 31 1909.)
The full report for 11 months ending Dec. 31 1909 is pub
lished on subsequent pages. Following are comparative
statements with earlier periods compiled for the “Chronicle” :

Receipts —

IN C O M E A C C O U N T .
11 M o s . e n d . ---------- Y e a r s e n d i n g J a n . S I
----D e c . 31 1909.
$

Sales_____________
.51,056.632 ■
Royalties A sundry prof.,
dlvs. and Interest. __ 1,260,848
703,943
Interest and discount . .
706,552
1,137,938
Profit stks. A bds. sold .
478,020
35,912
Net profit controlled cos.
for year............................................
750,000

1,010,962
487,079
9,779

47,168,469

72,484,988

61,608,832

41,049,573
716,643

65,536,305
362,030

53,106,594
74,395

42,366,216
4,802,253
5,214,026

65,898,335
6,586,653
5,183,614

53,180,989
8,427,8 13
4,344,342

. 1,279,319 def.4 11,773
1,403,039
Patents written oil, Ac. ....................
1,279,319 def.411,773
1,403,039
Surplus from prev. year. .16,102,063 16,513,836 15,110,797
Total surplus.................17,381,382
16,102,063 16.513,836
CON S O L I D A T E D B A L A N C E S H E E T .
D e c . 31 '00. J a n . 31 ’09. J a n . 31 ’08.
A s s e ts —
$
5
$
Patents, franchises, Ac.
1
1
1
Factory plants............... 14,330 ,958 13,900,000 12,900,000
Real estate (other than
factory plants)_____
118 ,063
85,125
541,900
Stocks and bonds_____ 22,329 ,664 21,922,189 18,000,090
Cash . . . . . . . . _______ 17,623 ,467 22,233,671 12,250,721
Notes & accts. recelv’le. 19,377 ,972 18,873,058 29,857,727
607,276
Work In progress.. . . .
462 ,224
1,276,291
Advances to affll’t’d cos.
Copper-mining lnvest’ts. 3,048,604
3,174,581
2,701,976
Discounted paper
Inventories—Factories 21,610,284 15,682,256 18,339,652
Gen. & local offices
3,321,871
2,547,320
2,422,079
217,881
Consignments____ . .
104,317
234,725
Total assets............. in? 440,989 99,189,800 98,525,765
L ia b ilitie s —
Common s t o c k ....
65 ,179,600 65,178,800 65,167,400
5% coup. deb. of 1892.
40.000
41.000
55,000
3
coupon deben
.
,047,000
2,047,000
2,047,000
5% coupon deb. of 1907.
,875,000 12,875,000 12,872,750
Accrued Interest on debs
83,665
107,633
108,792
Accounts payable..........
,753.617
2,830,834
1,759,517
Adv. pay’ts on contracts
777,133
Dividend Jan. 15 1910..
,303,592
Unclaimed dividends__
1,470
1,470
Endorsements________
Surplus___________ - 17, 381,382 16,102,063 16,513,836
Total liabilities____ .102,440,989
99,189.800 98,525,765
—V. 88, p. 1136.

4,083,501
999,999

E xpenses—
Cost of sales, &c_____ .46,950,760
Interest on debentures .
657,621
T o ta l.......................... .47.608,381
Balance_________ ____ . 6,493,671
Dividend on stock (8%) . 5,214,352

675,000

3,083,502
12,027,295
15,110,797
31
$
1
9,000,000

Jan.

347,489
20,086,790
3,910,709
22,863,789
3,853,321
2,922,675
666,608
19,680,243
2,672,152
241,512
86,245,289
64,353,550
55,000
2,047,000
458
4,010,411
1,466
666,607
15,110,797
86,245,289

New Orleans Railway & Light Company.
(R ep o rt f o r F isca l Y e a r e n d i n y D ec. 31 1 9 0 9 .)
T h e u su a l c o m p a r a tiv e ta b le s w ere in V . 9 0 , p 4 4 5
Pi •es. H u g h M cC lo sk ey , N e w O rlea n s, A p ril 1 1 1 9 1 0 ,w rote:

miscellaneous charges, the net Income for the year amounted to $660 473
as compared with $570,494 for 1908. The percentage of passengersusimr
t.lw,w,fcrs tll|rlng 1909 was 22.6% and our average fare per passenger was
.0410c., again st ,0119c. in 1908.
I m p r o v e m e n t s , Ac.- During the past year the various companies expended
in construction, Improvements and betterments and for acquisition of new
property the sum of $681,382, as follows:




1107

N. O Railway & Light Co. $300,3891St. Charles Street R R _____ $48,392
N.O A(.arrollton) RR. dept. 18,840 Orleans Railroad Co_______ 31,506
RR..L.AP.CO. Elec. dept. 53,715[N. O. Gas Light Co ____ 228,538
Tlie St. Bernard Ave. line, from Laharpe and Broad streets to St. Bernard
and Claiborne avenues, was placed In operation July 13 1909. On Broad
way, from St. Charles Ave. to Jeannette St., we established a neutral
ground on which to run our tracks. We paved with small granite blocks
our light of way on Magnolia St. from Sixth to Napoleon Ave.
The mllllon-cublc-foot gas holder on Valence St. was completed and
operated May 6 1909, enabling us to furnish satisfactory service In that
rapidly developing section above Napoleon Ave., and also In Carrollton.
U e laid during the year 19.23 miles of gas mains in various sections of the
city. 1 he 500,000 k. w. turbine and auxiliaries, steam exhaust and water
piping were installed and put In operation to meet the demands of the
Increased load from sub-station distribution.
B o n d s .—The New Orleans Gas Light Co. called its $76,000 bonds for
payment on July 1 1909.
.
On Nov. 1 the company sold to Bertron, Griscoin & Jenks $2,581,000
O/o 40-year refunding and general lien gold mortgage bonds, the proceeds
to be used for improvements and betterments to the properties of the
company at 75% of the cost thereof. The’discount on these bonds and on
the 4 >3% bonds sold during the year, as shown in the balance sheet, will be
A*eu ° ^ \n the customary manner during the period covered by the life
of the securities (V. 89, p . 411, 42).— V. 90, p. 772, 627.

Bush Terminal Company.
(R ep o r t f o r F i s c a l Y e a r e n d i n y D e c . 31 1 9 0 9 .)
P r e sid e n t I r v in g T . B u s h , A pril 1 , sa y s:
The net Income shows a satisfactory increase over 1908. An addltl nal
pier was completed November 1909 and is under lease, and other Improvemerits now In course of construct! n will produce income during the lat
ter part of this year. The outlook seems favorable and It Is the opinion of
the officers of the company that the net Income will c ntlnue to Increase.
I N C O M E A C C O U N T F O R F I S C A L Y E A R S E N D I N G D E C 31.
1909.
1908.
1907.
1906.
Gross earns, from storage,
Ac., and net Income
from RR. department $1,160,970
$952,140 $1,014,317
$885,025
Operating expense____
’ 268,582
293,190
415,574
377,247
$683,558
43,643

Net earnings_______
Other Income_______

$867,780
35,556

Total net Income___
D e d u c t—
Interest on bonds_____
Taxes _____ _____

$903,336

$727,201

$667,441

$507,778

$432,932
96,936

$434,049
90,141

$425,943
72,442

$300,390
64,882

$203,011
Surplus for the year..
$373,468
I’rop. Int. on constr’n
bonds Issued dur. year
Preferred d iv id en d s__ (5%)75,000 (2 H)37,500

$169,057

$142,506

$598,743
68,698

$507,778

30,451
(2 M)37,500

Balance, surplus____ *$298,468
$169,057
$74,555
$165,511
N o t e .—1
The dividends as above Include: In 1909. semi-annual dividends
of 2)4% each paid July 1909 and Jan. 1910; In 1908 and 1906, 2)4% each
paid Feb. 1909 and 1907 respectively. These are charged directly against
the earnings of the several years for the sake of simplicity, Instead of against
profit and loss surplus, as In the pamphlet reports.
♦The surplus for l909,as above, was $298,468;.adding the accumulated
surplus Dec. 31 1908, $301,407, and deducting renewals, $20,000, sinking
fund, $32,775, and allowances and adjustments, $22,022, leaves total sur
plus Dec. 31 1909, as per balance sheet, of $525,078.
G E N E R A L B A L A N C E S H E E T D E C . 31.
1909.
1908.
1908.
1909.
A s s e ts —
$
S
S
L i a b il it i e s —
S
Property----------«7,623,019 7,265,952 Preferred stock__ 1,500,090 1.500.000
Construction exp. 289,929
283,807 Common stock__ 3,500,000 3.500.000
Stock of subsld’y
First mtge. 4s___ 3,260,000 3.295.000
cos. A good-will 5,000,000 5,000,000 Consol, mtge. 5s. . 6,115,000 6.012.000
115,987
Adv. to sub. C0S--M,774,108 1,763,903 Accounts payable. 199,473
4,891
50,000
Investments____
15,570
Exp., Ac.,accrued
Cash A acc’ts rcc. c350,854
37,500
370,468 Dlv. Jan. 1909...
184,690
Cos. & lndivld’ls.
44,411
48,918 Bond Int. accr’d .. 186,960
12.005
4,723
Exp. pafdlnadv..
45,914
31,040 Sundries_______
Inventory... . . .
14,261
9,060 Special canstr. fd.,
Accrued storage &
Incl. Interest... 321,024
labor_______
155,435
151,231 Res’ve for renew’ls
7,552
83,525
Due from ag’ts, Ac.
79,400
120,222 Sink, fund reserve 116,300
301,107
Deposit spec, con
Profit and los3___ 525,078
struction fund.. 321,024
Miscellaneous . .
3,324•
2,400
Total............. .15,751,686 15,047,006

Total........... .. 15,751,6S6 15,047,006

Property Includes real estate, SI,743,150; Improvements, S5,390,988; equip
ment, 8182,357: furniture and fixtures. New York and Brooklyn, S6,525.
I) Advances to subsidiary companies Include $1,499,924 to the Bush Land Co. and
•8274,183 to the Bush Terminal RR.
c Cash and accounts receivable are now In great part collected.—V. 90, p. 629.
a

Utah Copper Company.
( R ep o rt f o r F i s c a l Y e a r e n d i n y D ec. 31 1 9 0 9 .)
P r e s id e n t C. M. M a c N e ill, N e w Y o r k , A pril 1 1 9 1 0 , w r o te
in su b s ta n c e :
P r o p e r t u .—The plants are new and In view of the great enhancement
during the past year In the way of new ore reserves. It was not deemed
necessary to make provision for depreciation.
U n d i v i d e d l ' r o j i t s .—This Item, $2,943,627, shown on the balance sheet.
Is the total amount after dividends and interest derived from profits;
$1,562,698 lias been rc-lnvested In the property and $1,380,929 represents
the net available cash working capital.
C o n v e r s i o n o f B o n d s .—The "Ilrst mortgage convertible bonds outstand
ing” have been decreased from $176,000 to $7,500 by conversion Into
stock at $20 per share, necessitating the Issuance of 8,425 shares of the
par value of $10 per share.
A c q u i s i t i o n s .— Your company has acquired since Jan. 1 1910 all of the
stock of the Boston Consolidated Mining Co. (whose property adjoins and
surrounds practically on three sides the physical property of your com
pany) In exchange for 310,000 shares of the stock of your company. The
properties are now being operated as one and the physical properties of
the Boston Company are In process of being taken over. (V. 89, p. 1674).
It was deemed advisable to acquire a substantial Interest In the Nevada
Consolidated Copper Co. and an offer to exchange one share of Utah Copper
stock for each 2 H shares of the Nevada Company resulted In an czchange
of 950,176 out of a total of 1,987,798 shares of Nevada Consol, stock for
422,288 shares of Utah Copper Company’s stock (V. 90, p. 451).
S a l e o j S t o c k .—Your directors ottered to the stoekholders of both the
Utah Copper Co. and the Nevada Co. who might exchange their shares for
shares of your company the right to subscribe to additional stock at $50
per share (V. 90, p. 307). This offering resulted In the sale of 73,437
shares and nearly all has been paid for lti full, resulting In an additional
capital of $3,671,850. which since Jan. 1 1910 has been received by the
company. This additional capital will be utilized In part for the enlarge
ment of’ the mill acquired through the acquisition of the Boston Co. to a
capacity of at least 6,000 tons per day, and modeled after the Magna plant.
The slight changes In the Magna plant necessary to increase Its capacity
and metallurgical saving should not exceed $60,000.
C a p a c i l u o ) P l a n t s . — The changes at the Magna plant are now being made
rapidly without any Interference with Its regular operations, and by August
that plant should have a regular capacity of from 10,000 to 12,000 tons
per day, although originally designed fora capacity of 6,000 tons per day.
Work will progress rapidly In enlarging the capacity of the Boston milling
plant to at least double Its present capacity, and it Is expected that the
plants of your company will be gradually worked up to a capacity so that
within the next year they can handle at least 18,000 tons of ore per day.
S t o c k O u t .—At the time of rendering this report, the capital stock out
standing aggregates 1,540,100 shares, composed of stock outstanding

1168

THE CHRONICLE

[Y o l . l x x x x .

Dec. 31 1909, 734,375 shares; exchanged for Boston Consolidated, 310,000 assigned to your company, have not resulted In the taking over of any of
shares; exchanged for 950,47(1 shares of Nevada Con., 422,288 shares; the shares of the Western Canada Cement & Coal Co. An arrangement,
sold for cash at $50, 73,437 shares; total, 1,540,100 shares, out of a total however. Is now under consideration by the directors of that company by
authorized Issue of 2,500,000 shares. The amount remaining unissued which this may yet be accomplished. The majority of the shares of the
Eastern Canada Portland Cement Co., Ltd., Quebec, have been acquired.
(959,900 shares) It Is not contemplated will bo Issued at present.
[The other properties mentioned In V. 89, p. 723, were taken over on various
D i v i d e n d I n c r e a s e .—During the year 1909 quarterly dividends were
paid at the rate of 50c. per share per quarter, or $2 per share per annum. dates between Sept. 10 and Nov. 30 1909— Ed.]
While the productive capacity of the plants is about double the entire
Your directors decided, however, to Inaugurate a quarterly dividend rate
of 75c. per si a e per quarter, or at the rate of $3 per share per annum, to Canadian consumption In any previous year, the rapid annual Increase In de
commence from Jan. I 1910, the earnings fully justifying this Increase In mand heretofore experienced gives every reason to hope that the country
dividends. The first quarterly dividend at this rate was paid April 1 1910. will soon absorb the entire output of your mills. The prices for our product
for 1910 will no doubt be lower than they have been In the history of Canada
Extracts from Report of General Manager D. C. Jackling.
prior to 1909; but we arc satisfied that the economies we shall be able to
D e v e l o p m e n t s .—During the year the underground developments, con
effect will make these prices satisfactory to the Canada Cement Co., Ltd.,
sisting of tunnels, drifts and raises, amounted to approximately 24,000 feet however unsatisfactory they would have proved to the individual com
and resulted In an addition to the developed and partially-developed ore- panies had they remained under separate management.
bearing areas of about 24 acres, making the total of these to date 104 acres.
IN C O M E A C C O U N T .
D eluding the total tonnage mined, the net quantity of ore remaining In
this area Is In excess of 90,000,000 tons. Of this quantity, 50,000,000 tons Prollts earned from the various dates properties were acquired to
Is fully developed and the remainder sufficiently to prove Its presence.
Dec. 31 1909 before providing for depreciation-------------- ------- .$150,290
The developed and partially-developed ore was Increased during the year Less bond Interest accrued from Oct. 1 1909 to Dec. 31 1909-------- 75,000
by approximately 10,000,000 tons (net), the result being to bring down the
general average of all the ore developed to approximately 1 M%: however,
Balance____ _________ ______________ _____________________ $75,296
a very large percentage of the 50,000,000 tons of fully-developed ore con
tains an average of about 2%. The cost of underground development for
B A L A N C E S H E E T D E C . 31 1909.
the year, a tritle more than 4 cents per ton on all ores mined and shipped,
A s s e t s ($29,684,741)—
I I n a b i l i t i e s ($29,684,7 4 0 was charged against operating costs for the year.
! Pref. stock Issued_____ $10,500,000
Cost
of
properties,
with
The total amount of capping removed during the year was 1,520,000 cubic
13,500,000
additions______ _____$27,134,786 Ordinary stock issued..
yards. The total stripping removed to date amounts to 3,232,000 cu. yds. Inventories
,000,000
First M. 6% bonds Issued
of cement,
(average thickness of capping shown, 71 feet), equivalent to the complete
527,090
1,333,915
1
Accounts
payable-------clinker
and
supplies__
stripping of approximately 28,000,000 tons of ore. About one-seventh of Accounts receivable____
7,355
586,9
12
Bills
payable
this quantity of ore has been removed from the area In question. There Bills receivable________
20,589 Bond Interest accrued to
were also added 0.4 miles of standard-gauge railway track, bringing the Deposits on tenders____
75,000
Dec.
31
1909________
18,955
trackage at the mine up to a total of about 16 miles.
75,296
Cash___ ______________
552,265 Surplus earned (as above)
M i n i n '/.—During the year mining by underground methods was prac
37,288
tically discontinued. The averages for the entire year were 13% of under Deferred charges .
In October last Sir Sandford Fleming was elected honorary President and
ground ore and 87% of steam-shovel ore.
C. H. Cahan, K.C., President. Executive committee: C. C. Ballantyne,
P r o d u c t i o n .—The total production by the two concentrating plants, of
copper contained In concentrates, was 54,472,845 pounds; the resulting net G. E. Drummond and R. W. Kelley and the President, cx officio.—
production, after smelter allowances and deductions were made, was 51, V. 90, p. 961.
749,233 pounds. The concentrates also yielded 20,862 oz. gold and 198,943
oz. of silver, after smelter deductions on silver. The average grade of Crow’s Nest Pass Coal Co., Ltd. (Mines, Fernie, B. C.)
concentrates for the year was approximately 20% In copper. The total
gross production for the 18 months ending Dec. 31 1908 was 50,895,998
(Report for Fiscal Year ending Dec. 31 1909.)
pounds, the production for the year 1909 being, therefore, within 2,500,000
President Elias Rogers, Toronto, March 11 1910, wrote:
tons of the production for the preceding eighteen months, notwithstanding
that for the twelve months we suffered a tonnage dellctency of 20%, due
G e n e r a l R e s u l t s . —The net prollts from all sources of the operations for
to Inadequate transportation services.
year 1909 were $145,029. Your directors decided that, while good
The average price received for copper sold during the period was 12.91,) the
progress
been made and would probably continue, the time was not
cents per pound. The average cost per pound of copper produced was opportunehad
to resume dividend payments, and the above sum was there
8.787 cents per pound, this cost Including all expenses of smelting concen
carried to credit of profit and loss. The coal mined amounted to 899,
trates and the rellnlng transportation and disposition of the metal. The fore
045 tons; coke produced, 250,254 tons. Until June the tonnage did not
average total cost exclusive of transportation and smelting charges was compare
with 1908, but since July the tonnage has considerably
94.43 cents per ton of ore treated. Including a charge of 9M cents per ton, exceeded favorably
the tonnage for the same months In the prevolus year.
to cover all underground development and a proper proportion of stripping
I m p r o v e m e n t s . — During the year there has been spent on Improvements
expense. During the latter portion of the year, when nearly all of the ore by the Crow’s Nest Pass Coal Co., Ltd., $215,839, and by the Morrissey,
was mined by surface methods, the total mining and milling cost, Including Fernie & Michel Ity. Co. $15,452, the latter a subsidiary company of the
all underground development expense and proper proportion of stripping coal
company, In all $231,291.
„
expense, was reduced to less than 80 cents per ton, and the cost will be
L i g h t i n g C o m p a n y . —The Crow’s Nest Pass Electric Eight & Power Co.,
further reduced on a full-capacity basis, when all the ore Is mined by Ltd.,
has
sold
to
the
CItv
of
Fernie
that
part
of
its
plant
within
the
limits
steam shovels.
of Fernie for $00,000 cash; also a piece of low-lying land for $9,446. It also
B o s t o n C o n s o l i d a t e d M i n i n a C o .—The acquisition of this property, since
redeemed all of the outstanding bonds against the company, $80,005, for
Jan. 1 1910, has resulted In an Increase of 379 acres In the mining property which
It paid $73,716.
,
owned, bringing the total area up to 580 acres of contiguous mining claims:
M o r t g a g e . — Under the authority given by the shareholders on April 20
also 910 acres of land surrounding the mill at Garlleld and 1,085 acres of 1908,
mortgage was made to the National Trust Co., as trustee. No
land near Utah Lake, which was originally Intended for mill-site purposes. bonds ahave
been Issued up to the present time.
The milling plant, which will be known as the "Arthur plant,” has a
nominal capacity of 3,000 tons per day.
R E SU LTS FOR C A LE N D A R YE A R S.
1906.
1909.
1908.
1907.
I N C O M E A C C O U N T F O E Y E A R E N D I N G D E C . 31 1909.
800,901
Coal mined (tons)_____
899,045
981,045
981,939
213,295
Coke produced (tons)__
250,251
262,558
231,308
Y e a r e n d . 18 m o s .e n d .
Y e a r e n d . 18 m o s .e n d .
E xpenses—
D e c . 31’09. D ec. 31’08.
In co m e—
D e c . 31 ’09. D ec. 31 ’08.
$351,791
$145,029
$240,220
$382,980
Net profits.......................
Sales of copper..*80,700,752*57,222,407 Operation — __ $2,274,356 $2,000,281 Premium on new stock.
_____
10,830
321,420
Mine development 113,128
20,028
Difference In cop
per settlement-. *23,431
*37,639 Prepaid expense,
$145,029
$257,050
$707,400
$351,791
T o ta l__________
121,103 Dividends
orestrlpplng . . .
133,714
_____ (3) $185,825(10) $355,179(10) $350,000
paid.........
658,751 To reserve fund____
Net price of sales *$0,083,321*37,131,70S Freight on ore___ 702,081
_____
______
324,420
_____
Sales of gold at $20 *117,217 ■401,444 Treatm’t & relln’g 1,779,860 1,800,059
4,000
4,113
*89,780 New Jer. license tax
Sales of silver___ *102,511
$1,791
$27,807
.............
$145,029
$71,231
Balance________
3,582
Extra’y tailings exp. ..........
Ore other than con
B A L A N C E S H E E T D E C . 31.
4,311
37,877
centrating ........
Total expenses.85,007,258 $5,280,416
13,050
9,301
Kents received...
190S.
1909.
1909.
1908.
Net prollts______ $2,100,0!);) $2,402,153
Int., freight, re
S
S
L i a b il it i e s —
Assr/s—
$
8
$5,348
840,755 Mines,real
6,907
9,399 Int. on bonds___
funds, &c____
Stock paid up......... 6 .212,607 0,212,06
est.
.plant,
Dividends______ 1,464,387
096,387
Bills payable-------- 1 ,221,134 1,000,658
developm’t,
&c..6,655,710
6,394,753
Kate..................
(20%)
(10%) Securities owned___ 709,804 691,397 Acc’ts payable........ 230,490 200,995
In banks_____ 24,042
48,220 Prollt and loss.......... 150,025 «10,990
Surplus............ $090,355 $1,605,011 Cash
Total Income__$7,227,348 87,082,569
Acc’ts receivable__ 430,700 302,940
* Sales for calendar year 1909, 51,749,233 net lbs. copper at 12.90c., against 54,4)51,212 lbs. at 13.36c. for 18 months ending Dec. 31 1908; difference In copper set
tlements for year, ,045c., against . 16c., leaving net price of copper 12.915c., against
13.20c.; sales of gold at $20 per oz., 20,802.345, against 20,072.18; silver. 198,943.15
oz., at 51.528o. per oz., against 163,952.87 oz. at 54.76c.
B A L A N C E S H E E T D E C . 31.
1909.
1909.
1908.
L i a b il it i e s —
8
A s s e ts —
8
8
Property..........all) ,530,251 10,280,873 Stock outstanding 7,343,750
7,500
830,921 Bonds outstanding
Prepaid exp., ore. 1,513,947
5,094
5,244 Treatment and ref.
Garlleld ore reserve
chges. not yet due 381,400
Garlleld Improv’t
45,490
40,000 Acc'ts payable—
40,100
Co. (cost)------20,328
100,009 Hospital fund---Gar. Water Co. (cost) 100.000
117,623 National Bank of
Acc’ts receivable. 114,158
Commerce, N.Y. 197,901
289,271
Supplies and fuel. 3 11,859
Surplus from sale
Equity In copper
of stock............ 3,143,750
In transit........ 1 371,374 1,275,574
188,777 Surplus ............... 2,943,627
91,131
Gash In banks___

T otal.............. 14,083,S15 13,140,284

1908.
8
,259,500
170,000
342,698
37,402
11,912
059,500
253,272

Total................ 14,083,815 13,140,284

Property ($10,536,251) includes cost of property acquired, $5,972,902, and Im
provements as follows: Garfield mill and power plant, $4,097,592; Copperton plant,
$31,277; mine surface equipment.. $434,480 —V. 90, p. 714, 564.
a

Canada Cement Co., Ltd., Montreal.
( R ep o r t o f D ec. 31 1909.)
As already announced, the company will pay on May 15
its first quarterly dividend, 1M%» 011 the prof, stock. The
Royal Securities Co. in October last placed SI, 175,000 pref.
stock in Canada and England (V. 89, p. 723) and in Dec. 1909
brought out at par and int. 81,500,000 1st M. 6% 20-year
sinking fund gold bonds, dated Oct. 1 1909 and due Oct. 1
1929, but callable at 110 and int., either as a whole or after
Sept. 1 1913, for the sinking fund, which then beginning, is
expected to retire 50% of the bonds prior to maturity. Int.
at Bank of Montreal, Montreal and London. Par 8100,
•8500 and $1,000 and sterling equivalent at $4 80 2-3 to £ .
Trustee, Royal Trust Co. Total auth. issue, $8,000,000;
present issue, $5,000,000.
In the report distributed March 14 1910 Vice-President
C. C. Ballantyne says in part:
The negotiations with the Western Canada Cement & Coal Co., Ltd., of
Exshaw, Alberta, arising out of the tentative agreement entered Into by
and between that company and the IJond & Share Co. of Canada, Ltd., and




Total................. .7,820,322 7,497,316 Total....................7,820,322 7,497,310
N o t e .—The Northern Securities Co. on Dec. 31 1909 owned $2,755,20#
of the capital stock (V. 90, p. 233).—V. 88, p. 1132.

Chicago Railway Equipment Co.
31 1909.)
President E. 13. Leigh, Chicago, Feb. 1 1910, said:
( R ep o r t f o r F i s c 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 .— It was not until the last quarter of 1909 that your
company felt the substantial return toward normal conditions, resulting In
your output for December being one of the largest in your history, and the
number of unfinished orders carried over to the new year being greater
than any previous year, excepting Dec. 31 1905.
Prices of metal materials were well sustained up to April last, when the
steel producers decided upon a radical reduction. Your company, taking
advantage of this condition, made large and favorable contracts for all
materials used during the remainder of 1909, and covering requirements
well Into 1910, at figures which would represent a handsome prollt over
prevailing prices.
. . . . . .
„
, , ,
,
The drastic economies practiced by the railroads during 1908 and con
tinued well into 1909 made necessary an unusual replenishment of all kinds
of material and betterments by them.
N a t i o n a l H o l l o w B r a k e B e a m C o . — A decree obtained by your company
granting a perpetual Injunction against the National Hollow Brake Beam
Co. attempting to torfelt the so-called lease from It to your company, has
been affirmed by the SupremeCourt of Illinois. A petition forre-hearlng was
overruled, thus forever disposing of the wrongful claim that the property
and business of your company was subject to forfeiture.
On May 21 1909 a final decree was entered In the Appellate Court, Cook
County, 111., giving your company an Injunction restraining the National
Hollow Brake Beam Co. from engaging In any business whatever In compe
tition with your company up to Dec. 31 1912, and perpetually enjoining the
Beam Co. from using the name “ National Hollow Brake Beam” (or any like
name), In connection with the manufacture or sale of brake beams, &c., or
In any manner Interfering with the business transferred under the so-called
lease. An appeal has been taken by the National Hollow Brake Beam < o.
P l a n t s .— Extensive betterments have been made, particularly at Marion
and Grand Rapids, looking to a larger output and more economical produc
tion. Each of your plants has been operated at a fair margin of prollt.
The question ol concentration has not been lost sight of, but for several
reasons Is held In a>eyance.
P a t e n t s a n d H i g h - G r a d e D e v i c e s .—The reaction from Inefficient types
of brake beams to those of higher efficiency has not been as rapid as was
lie pa 1 for, although far greater during 1909 than at any other period. We
believe, however, that this Is but deferred, largely by the attitude of
retrenchment on the part of the railroads and that In the near future the
use of highly efficient beams will become more general. It not universal.
Your company Is the first to produce a brake beam withstanding a load
of 40,000 lbs. with only 1-10 of an Inch deflection.
The expiration of your b oader pitents has rendered It impossible to
make the large profits, on an equal volume of business, that tho. company
enjoyed during an earlier period, b it with Its economies of manufacture
and Its equipment, It should continue to hold Its own and to play a leading
Justly of which It was the p’.oncer.
part in that lndi

A pr .

uno.

THE CHRONICLE

S t o c k .—The resolution Increasing the par value ot your shares from $10
to $100 per share, and reducing the number of shares from 250,000 to 25,000,
was duly carried Into elicet and nearly all of the okl shares have been
surrendered. The number of shareholders Is 028, of whom 282 are women.
D i v i d e n d s .—'With the close of 1009 your company paid Its 53d dividend,
being the 50th consecutive quarterly dividend promptly paid without reduc
tion. For the six years preceding Jan. 1 1001 your company paid cash
dividends aggregating $413,410; from Jan. 1 1901 to Dec. 31 1909 It paid in
cash dividends $1,550,315, or a total of $1,963,725. During the same
period, from Jan. 1 1901 to Dec. 31 1909, the tangible value underlying
your stock (exclusive of patents and good will) has been Increased more
than $1,800,000.
,
During 1909, after the payment of dividends and the setting aside of
reserves and depreciation, your-surplus has been Increased.
B A L A N C E S H E E T S O F D E C E M B E R 31.
1907.
A s s e ts —
1909.
1908.
Heal estate, buildings, machinery___ $1,210,781 a$l,180,2111 $4,118,105
759,098
750,000j
Patents, goo l-will___ ______________
Material on hand, Chicago, Detroit,
Jersey City, Grand Rapids, Marlon,
764,241
Montreal and Walkervllle...... ...... - 655,180
642,658
Advances against materials . . ____ _ 20,073
-- Accounts and bills receivable and cash 610,300
652,087\
29,oio
8.010J 1,004,042
Investments _ __________________
Deferred charges . _ _______________
17,272
14,720
Total.
...
-$3,308,320 $3,248,286 $5,886,388
L ia b ilitie s —
Stockoutstanding________ - ------ $2,482,500 $2,480,000 $2,480,000
200,000
138,000
5% mortgage bonds----------- ------ - - 100,000
500,000
Reserve set aside to guarantee bonds .
_
1
17,361
119,688
Accounts payable,&o----192,192
125,000
Reserves____________________
131,909
2,586', 700
0387,925
Working capital andsurplus account.
401,719

$3,308,320 $3,248,286 $5,886,388
Total
Dividends paid during 1909, $173,600, and In 1908 and 1907 $173,602,
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.
b After writing off $2,412,478—see foot-note a above.— V. 88, p. 1000.

Guanajuato Power & Electric Company.
31 1909.)
The report, dated at Colorado Springs, Col., Jan. I 1910,
and signed by Henry Iline, President, and Leonard E. Cur
tis, Treasurer, says in brief:
( R ep o rt f o r F i s c a l Y e a r e n d i n g D e c .

O e n e r a l R e s u l t s .—Although our business has not Increased as rapidly as
was expected, on account of the financial depression In Mexico following the
llnancial panic fn this country, and rendered more serious by failure of
crops, there was a considerable Increase In both gross and net earnings
during the year 1909. The small decrease In net prollts was due to a large
Increase In fixed charges caused by putting the Iirunelplant and the dupli
cate transmission line Into operation, there having been charged to opera
tion the entire amount of the Interest on the bonds of the Mlchoacan Com
pany which had been sold for that purpose.
The net profit, however, has shown a gradual Increase on account of new
business until the net profit for December 1909 was somewhat greater than
the net profit for December 1908. We can expect a continuance of this In
crease (luring 1910 from further sales of power, of which wc have about
1,500 h. p. still unsold. Power connected Dec. 31 1909, 10.079J4 li. p.;
gain for year 648H h. p .- power delivered during Dec. 1909, 2,836,457 h. p.;
gain over Dec. 1908 260,519 h. p.
B o n d s .—In the last annual report reference was made to negotiations
then pending for the sale of an additional $800,000 bonds of the Mlchoacan
Company. These negotiations were carried through and the Noriega plant
should be finished In about a year. This plant will give your company a
large amount of surplus power.
N e w S t o c k — A d j u s t m e n t o j A c c u m u l a t e d D i v i d e n d s .—At the meeting of
stockholders held Dec. 23 1909, authority was given to Increase the com
mon stock from $2,000,000 to $3,500,000, and the plan for adjustment of
the accumulated dividends (about 36%) on the pref stock, outlined In
circular letter of Nov. 20 1909, will be carried out as soon as formal consents
are received from a sufficient majority of the holders of the pref. stock (see
news Item on a following page—Ed.).
C e n t r a l M e x i c o L i g h t A I ’o i v e r C o .—The plan for the formation of a subsid
iary company to push the use of power for Industrial purposes generally
outside of mining has been carried through. The Central Mexico Light &
Power Co. has been organized under the laws of Maine, with $1,250,000
6% pref. stock, cumulative after three years and $ 1,500,000 common stock,
and an authorized Issue of $2,500,000 1st M. 6% 30-year gold bonds. The
entire common stock (except qualifying shares for directors) Is to be held
by your company and placed under Its mortgage so as to Insure permanent
control, and the pref. stock Is to be sold with the bonds. The llrst Issue of
$809,000 bonds and $400,000 pref. stock have been sold (compare V. 90.
I). 701, 239). Under the arrangements for the sale of the bonds for the
construction of the Noriega plant, your company Is obliged to contribute
$80,000 out of Its earnings as an equity behind the bonds.
Your company has agreed to guarantee the principal and Interest of the
Central Mexico Company's bonds and also to guarantee dividends from
and after Jan. 1 1913 at the rate of 6% on Its pref. stock.
A careful estimate based upon the present rate of net earnings of the
principal properties shows that the properties acquired by the Central Mex
ico Company will earn the fixed charges and preferred dividends and leave
a considerable margin for the common stock owned by your company.
It Is proposed, however, to apply the surplus earnings ot the new company
during the three years before dividends on Its pref. stock become cumulative
to extensions and betterments. Tills subsidiary company should be ot
great advantage to your company by giving It permanent control of Im
portant distributing systems.
The State ot Guanajuato has granted to the Central Mexico Co. franchises
or all the cities and towns of the State of Guanajuato, rights of eminent
domain and exemption from all State and municipal taxation for 60 years.
O u t l o o k .—None of the large projects for new mining developments at
Guanajuato referred to In previous reports has been carried through during
the past year, due largciy to unfavorable financial conditions. Wc believe
that these projects are merely postponed. Wc arc closing contracts from
time to time for smaller mining properties, and the prospects seem favorable
for an Increase although not a very large one. In our business In the Guana
juato district during the coming year, even If none of the large projects
referred to Is carried through. We have recently closed an Important
contract with a mining company In the San Felipe district, about 30 miles
north of Guanajuato, and this will go Into operation as soon as we can build
the necessary line.
IN C O M E

ACCO U NT FOR C A LE N D A R

Gross earnings - .............
Operating expenses-----

1909.
$493,736
120,932

1908.
$463,974
110,761

Net earnings...............
$372,804
$353,214
Bond Int. & sink, fund,
$149,955
$114,428
Dlv. on pref. stock____ (6%)90,000 (1 H)22,500
Surplus.......................

YEA RS.

1907.
$394,189
88,758

1906.
$262,996
78,684

$305,431
$101,848
--------

$184,312
$72,000
--------

$132,849
$216,286
$203,582
$112,312
B A L A N C E S H E E T D E C . 31
1909.
1908.
.........
1909.
1908.
L i a b il it i e s —
A s s e ts —
•$
S
S
Plant, (ranch., A c..4,732,590 4,652,051 Common stock____ 2 000,000 2,000,000
Preferred stock.........1,500,000 1.500.000
Stock of Mlchoacan
Bonds..................... i ,455,000 1.470.000
Power Co. (SI ,
Current liabilities.-. 293,950
000,000), less res.
78,618
Maintenance and con
& guar. (V. 85, p.
tingent fund........ 32,730
796)..................... 606,800 560,000
32,482
Cash ...................... 231,226 103,359 Sinking fund reserve 44,998
Dills A accts. recclv. 270,943 231,269 Surplus................... 697,743 564,894
Miscellaneous____ 170,802
99,307
Total ... . . .
.6,024,421 5,645,994
Total...................6,024,421 5,645,994
—V. 00, p. 702, 449.




1169
O’Gara Coal Company..
28 1910.)

( B a la n c e Sheet F e b .

GENERAL BALAN C E SH EET.
F eb . 28'10. J a n . 3 1 '09
$
S
I L i a b il it i e s —

F e b .2 8 '10. J a n . 3 l '09
S
$
Property account-. 8,839,436 1,800,443[Common stock---- 5.000.
000 5,000,000
Other Investments, a362,931 115,2791Preferred stock---- 1.000. 000 1,000,000
Inventories...........
47,477
38,5211Bonds__________ 2,871,000 3,000,000
Accounts and bills
| Bills payable_____ 221,479 239,1S2
receivable_____ 401,034 792,2551 Accounts payable. - 136,100 329,003
Cash----------------80,294 111,2851 Accrued bond Int..
70,825
62,500
Deferred assets__ 6284,146
_____| Provision for taxes.
13,950
13,000
_____
IMiscellaneous........ c311,179
jSurplus................... 390,785 214,098
A s s e ts —

Total . ---------- 10,015,318 9,857,7831 Total. ___ . 10,015,318 9,857,783
a Stocks and bonds at cost.
6 Deferred assets Include good-will contract (50 years) payment to O’Gara. i-.,ng
& Co. and Its 10 mines, S100.000; Incorporating expenses charged off per annum,
$14,974; sinking fund to retire bonds, $121,731; suspense Items, 847,441.
c Miscellaneous liabilities Include sinking fund accrued, S80,28S; outstanding
freight, $171,659; and mine pay-roll due March 10 1910, $59,232.—V. 90, p. 506.

United States Gypsum Company.
31 1909.)
Secretary S. T. Meservey in a letter to the “Chicago
Economist" dated April 12 says:
( R ep o r t f o r F i s c a l Y e a r e n d i n g D e c .

As there seems to be some little misunderstanding regarding the flnancla
status of our company, we take this opportunity of explaining why there Is
no dellcit for the year 1909.
It has been our custom each year not only to redeem $50,000 In bonds
In cash, but we have taken out of our annual earnings $50,000 and carried
same to the credit of "bond sinking fund.” This Is only an extreme pre
cautionary measure, which sets aside the ab ve am tint of $50,000 from our
yearly earnings, so that the entire earnings will not be declared In dividends,
thereby depleting our finances. This reserve Is nothing more than a part
of our surplus, but set aside for the purpose of restricting the amount of
earnings or surplus which Is available for dividends until such time as all of
our bonded debt has been liquidated.
There was outstanding Dec. 31 1909 $489,000 bonds, and at the same
time a reserve for bond sinking fund, which has accumulated to date,
amounting to $295,833. Each year the reserve for bond sinking fund will
increase, while the am unt of bonds outstanding will decrease, so that
Anally, when all the bonds are retired, we will have a reserve for bond sink
ing fund of appr xlmately $1,000,000, the only disposition of which will
be to merge It again with “surplus” and thereby reinstate It as available
for dividends.
The report for 1909 shows the surplus of Dec. 31 1908, Including adjust
ments, to be $391,753. This Is the net surplus carried forward from 1908
after charging against It certain Items of depreciation where mills have been
dismantled or abandoned during 1909, this dlllerence amounting to $39,028.
IN C O M E A C C O U N T .

1909.
1908.
1909.
1908.
Net prollts______ $437,783 $302,371 Net earnings.. . . . $215,328 $131,833
Transferred to bond
Pref. divs. (5%)____ 225,784 182,680
reserve ________ . 50,000 50,000
Repairs, replacements
Deficit, for year___ $10,456 $50,847
and depreciation. . 150,870 120,538
Bond Interest, Ac - 21,585
adiustments...
. 391,753 481,628
Net earnings___ .$215,328 $131,833
Total surplus .
.$381,297 $430,781
B A L A N C E S H I ■E T S D E C . 31.
1909.
1908.
1909.
1908.
A s s e ts —
s
L i a b il it i e s —
$
S
$
Plants, Ac___.. . 6,531,047 3,476,572 Pref. stk., 7% cum. .4 .167,800 3,666,300
Stock in other cos . 530,800
20,650 Common stock........2 ,249,600 2,249.600
U. S. Gypsum bonds 261,000 551,000 Bonds................... . 750,000 800,000
Secur. adv. to sub..
52,506 Bills payable.......... 225,294 293,793
52,169
Exp. charged to fu
Accounts payable__ 245,746 126,333
ture Income____ 59,231
35,140 Reserved for sinking
Inventories
__ 482,729 366,540
fund, repairs, re
Notes Aacc’ts rec'Ie. 622,691 472,480
placements, A c... 582,706 469,190
Cash ............... ..
51,108 Undlvlded profits... 381,297 430,781
62,806
Total____ .. 8,602,443 8,035,998
—V. 90, p. 1048. 211.

Total........... -.-8,602,443 8,035,998

GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
Alberta Railway & Irrigation Co.— C a lled f o r P a y m e n t .—
This company, controlled by the Canadian Pacific Ry.
(V. 87, p. 740), gives notice that it will, on July 30 1910,
redeem its 4% prior lien debenture stock, making payment
to holders of record July 9. The total amount outstanding
Dec. 10 1907 was $928,475.—V. 87, p. 740.
Boston & Albany RR.— N e w B o n d s . —The Massachusetts
Railroad Commission on April 28 held a hearing regarding
the company’s petition for authority to issue $2,000,000
bonds for improvements and additions.— V. 89, p. 101.
Canada Atlantic Ry.— B o n d s on L e a s e d L i n e . —See Central
Counties Ry. below.— V. 89, p. 777.
Canadian Pacific Ry.— C h a i r m a n R e ti r e s . — Sir William
Van Horne has announced his intention, on account of age,
to retire as Chairman of the board of directors, but will re
main a member of the board.— V. 89, p. 1068.
Central Counties Ry., Ontario, Canada.— B o n d s O ffered . —
The Bank of Montreal, London, offered at 90 on or before
April 13, on behalf of the purchasers,£97,500 4% 1st M. bonds
of £100 each, due 1949. A circular says:
The bonds will be secured by trust mortgages as a llrst charge upon the
company's railways and upon rentals, equivalent to the bond Interest, pay
able by the Grand Trunk Railway Co. of Canada. The company owns two
lines of railway in the Province of Ontario, viz., Hawkesbury Section, 21
miles In length, from Hawkesbury to Glen Robertson, and the Rockland
Section, 17 miles In length, from South Indian to Rockland. For some 15
years both sections have been leased and they are now operated by the
Grand Trunk Ry. as successor to the Canada Atlantic Ry. The lease of
Hawkesbury Section has 80 years to run at an annual rental of $10,500;
lease of Rockland Section 84 years to run at an annual rental of $8,500;
total rental $19,000, which amount Is payable by the working company
until the termination of the lease and is sufficient to meet the Interest
on the bonds now ollered. The bonds will be charged as to £53,900 upon
the Hawkesbury Section and rental and as to £13,600 upon the Rockland
Section and rental, but for purposes of this oiler and allotment all the
bonds will be regarded as Identical. Interest Is payable by coupons March
14 and Sept. 14, llrst coupon for live months’ Interest payable Sept. 14 1910
at Bank of Montreal, London.—V. 89, p. 528.

Charleston (S. C.) Consolidated Railway, Gas & Electric
Co.— $500,000 P re f e rr e d S to c k to B e T a k e n b y N e w C o m p a n y .
— Agreeably with the plan outlined last week (p. 1101) the
shareholders will meet May 21 to vote on increasing the

THE CHRONICLE

1170

capital stock from $1,500,000 to $2,000,000,by creating an
issue of $500,000 6% preferred stock in $50 shares. The
new Charleston Consolidated Railway & Lighting Co. has
agreed to buy this preferred stock.
From Jan. 1 1910 the preferred stock shall be entitled to receive, when
and as declared from the net profits of the company, yearly dividends at
the rate of 0% per annum, and no more, payable as follows: On July 1 1910
a semi-annual dividend of 3% and on each Oct. I, Jan. 1, April 1 and July 1
thereafter a quarterly dividend of 1 ' A % . The dividends on the preferred
stock shall be cumulative. In the event of liquidation, whether voluntary
or Involuntary, or any distribution of assets, the holders of the preferred
stock shall be entitled to be paid In full both the par amount of their
shares and any unpaid dividends accrued thereon before any amount shall
be paid to the holders of the common stock.—V. 90, p. 1101.
Chesapeake & Ohio R y . — N e w S e c u r i t i e s A u t h o r i z e d . —The

shareholders on April 28 authorized the issue of not to ex
ceed $37,200,000 43^2% bonds, convertible into stock at par,
and the increase of the capital stock by the same amount,
making the total authorized issue $100,000,000 to provide
for the convertible feature. Compare V. 90, p. 771, 848.
— V. 90, p. 913, 848.
Chicago Lake Shore & Eastern Ry.—L i s t e d . —The New
York Stock Exchange has listed $9,000,000 4j/£% 1st M.
bonds, due 1909. See bond offering of William A. Read A
Co., Y. 89, p. 1410.— V. 90, p. 108.
Chicago Milwaukee & St. Paul R y.— P o ssib le B o n d I s s u e .—
It is currently reported that the directors may shortly
authorize an issue of about $50,000,000 4% bonds, to be
issued as required, convertible possibly into stock after
several years to provide for the large requirements for im
provements and equipment on the St. Paul and Puget
Sound roads, and that subscription rights will be given to
stockholders.
In addition to about $7,500,000 of equipment recently contracted for by
both roads, the Puget Sound, It Is stated, has ordered 25 Mallet type engines,
to cost $30,000 each, or $750,000, and the Puget Sound has purchased
$2,000,000 worth of property In Spokane for a terminal, to reach which
It will have to build about 25 miles of road from Its main line at a cost
of about $500,000. The Puget Sound road has also decided upon the con
struction of a large amount of additional branch lines, and the St. Paul
proper on a large amount of double-tracking and enlargements of yard and
terminal facilities and other Improvements.—V. 90, p. 848, 771.
Chicago Rock Island & Pacific Ry.— L i s t e d . —The New

York Stock Exchange has listed $220,000 additional refund
ing 4s, due 1934, with authority to add prior to July 1
$1,494,000 additional bonds (remainder of the $1,714,000
announced as sold this week), making the total amount to be
listed $85,136,000.
P u r p o s e s f o r W h i c h $1,714,000 B o n d s H a v e B e e n o r A r c to B e I s s u e d .
To refund $220,000 Choctaw Oklahoma & Gulf equipment notes,
........
...................- - - - - - - - - - - - - - $220,000
which matured April 1
To refund $1,494,000 series II gold bonds of 1902, maturing May 1 1,494,000
P u r p o s e s f o r w h i c h t h e $85,136,000 ls< a n d r e f . M . 4s n o w o u t w e r e i s s u e d .
Refunding _________ _ $29,818,000 IAcquis'ns props.or secs. $22,818,000
General corporate purposesl5,000,0001Improvements ____
17,500,000
E a r n i n g s J o r E i g h t M o n t h s E n d i n g F e b . 28.
O p e r a tin g
A et O p e r .
Tuxes
o th e r
l i l t . <fe
B a la n c e
E ig h t
M o n th s —

R evenue.

R evenue.

P a id .

In c o m e . R e n ta ls ,

fo r S to c k .

$
$
$
$
$
$
1909-10
41,996,898 12,054,784 1,696,727 653,270 6,953,373 4,057,955
1908-09
-38,748,324 11,462,817 1,456,563
___ _____
_____
From the surplus as above for the eight months of 1909-10 were paid the
1 % % quarterly dividends on Oct. 1 1909 and 1% Jan. 2 1910, calling for
$2,058,581, leaving $1,999,374.—V. 90, p. 913, 848.

[VOL. LXXXX.

Interborough Rapid Transit Co., New York.— B o n d s
Guaranty Trust Co., N. Y. City, is offering
by advertisement on another page, at 1 0 2 3 4 and interest,
yielding about 4 %% income, a block of this prosperous
company’s 45-year 5% gold mtge. bonds, series “A ,” dated
1907; tax-exempt in New York State. Amount outstanding,
$11,655,000; pledged as security for 6% convertible notes,
$28,030,800; issuable for additional property, $15,314,200;
total authorized, $55,000,000.
These bonds are secured by the only mortgage on the roperty of the company, subject only to rentals. The com
pany operates about 25 miles of subway and 37 miles of
elevated road in New York City, a total of about 200 miles
of single track, and the net income last year, after payment
of taxes and rentals, was over 3 times the interest charges. A
sinking fund is provided to retire about $37,000,000 of the
total bond issue, while following the issue is $35,000,000
capital stock now earning over 16% and receiving dividends
of 9% per annum. The company is in no wise involved in
the troubles of the Met. Street Ry. or the InterboroughMetropolitan Co., the latter being merely a holding company
having as its most valuable asset its holding of stock in the
Int. Rapid Transit Co.
Map of system will be found on p. 65 of “Ry. A Ind. Sec."
O ffered . —The

F o r th e n in e m o n th s e n d in g M ch. 31 1910 th e c o m p a n y re p o rts : le a rn in g s
fro m o p e ra tio n s , $ 2 1 ,5 3 0 ,0 7 9 ; to ta l in c o m e, $ 1 3 ,6 3 8 ,6 4 7 ; r e n ta ls , ta x e s , & c.,
5 7 ,6 9 7 ,3 4 2 ; b a la n c e a p p lic a b le to I n te re s t, $ 5 ,9 4 1 ,3 0 5 ; I n te re s t o n fu n d e d
d e b t, $ 1 ,4 8 8 ,2 1 7 ; b a la n c e a p p lic a b le to d iv id e n d s , $ 4 ,4 5 3 ,0 8 8 , s h o w in g
t h a t th e c o m p a n y e a rn e d d u r in g th is p e rio d n e a rly 4 tim e s th e I n te r e s t
ch a rg e s o n Its to t a l d e b t a n d 1 6 .9 6 % o n Its c a p ita l s to c k .
C o n d e n s e d S t a t e m e n t o f E a r n i n g s f o r Y e a r s e n d i n g J u n e 30.
1909.
1908.
1907.
1906.
1905.
E a r n in g s . .$ 2 5 ,7 7 5 ,3 9 2 $ 2 4 ,0 5 9 ,2 9 9 $ 2 2 ,3 6 3 ,8 0 2 $ 1 9 ,6 9 5 ,5 9 4 $ 1 6 ,8 3 7 ,3 7 0
T o ta l n e t . 16,4 1 2 ,5 9 3
14,55 6 ,7 7 5 13,586,304
12,01 0 ,2 7 3
9 ,9 3 1 ,0 2 6
S u r. a f t e r all
c h g .& ta x e s 4 ,5 8 9 ,8 2 3 3 ,7 0 0 ,6 5 9
3 ,7 1 6 ,4 4 4
3 ,1 6 8 ,8 9 0
2 ,4 1 9 ,9 2 1
(See f u r th e r p a r tic u la r s In V . 89, p . 103; V. 9 0 , p . 4 9 9 , 8 4 9 , 976.)

International & Great Northern RR.— N o t i c e to H o l d e r s
view of impending application
for decree for the foreclosure of the second mortgage, a
committee consisting of Alvin \V. Krech, Chairman, Ed
ward T. Jeffery and Geo. P. Butler (with Winslow S. Pierce,
of counsel), representing a majority of the $2,966,000 third
mortgage bonds, urges the holders to unite for mutual pro
tection, and for this purpose to deposit the bonds of this
issue on or before May 31 at The Equitable Trust Co., the
depositary, 15 Nassau St., New York City.— V. 89, p. 1223.
Inter-State Railways, Philadelphia.— N e w P re f e rr e d S to ck .
—The “Philadelphia News Bureau” of April 26 says that the
proposal by the interests in control to issue preferred stock to
take care of the overdue February coupons on the $10,776,600
4% bonds and the one payable Aug. 1 1910 (together amount
ing to $431,064), is being well received generally.
o f T h i r d M o r tg a g e B o n d s . — In

T h e p la n Is to c re a te a new Issue of $ 1 ,0 0 0 ,0 0 0 6",', p ro f, s to c k , w h ich m a y
b e r e tir e d a n y tim e a f te r th e e x p ira tio n of tw o y e a rs a t p a r , of w h ich o n ly
s u ffic ie n t w ill be Issued a t p re s e n t to ta k e c a re of th e F e b . a n d A ug. 1910
c o u p o n s. W ith th is c h a rg e d isp o sed o f, th e c o m p a n y w o u ld bo a b le to
a p p ly th e m o n e y now o n h a n d a n d c u r r e n t e a rn in g s , a s w ell a s n e t r e n ta ls
fro m le ased ro a d s , to b e tte r m e n t a n d o th e r p u rp o s e s .
T o m a k e th e p la n su ccessfu l, c o n s e n t of 7 5 % of th e b o n d h o ld e rs w ill be
n ec essary . I t Is u n d e rs to o d t h a t th o s e in c o n tro l of th e C a rso n a n d o th e r
e s ta te s h o ld in g larg e b lo ck s of th e b o n d s a re In fa v o r of th e p la n ; h u t th e
c o n se n t of th e O rp h a n s ' C o u rt of M o n tg o m e ry C o u n ty m u s t be s e c u re d ,
a n d th is c a n n o t be a s k e d u n til th e issue a rise s M ay I. w h en th e 3 m o n th s ’
g race fro m th e tim e of d e fa u lt sh all h a v e p a s s e d a n d fo reclo su re Is p o s sib le .
O th e r la rg e b o n d h o ld e rs h a v e a lr e a d y a g re e d to th e p la n , a n d It Is b eliev ed
th e n ec essary 7 5 % , o r $ 8 ,0 8 2 ,4 5 0 of th e b o n d s , will be v o te d in fa v o r of th e
p la n a t a m e e tin g of b o n d h o ld e rs to be called to c o n s id e r It w ith in a s h o r t
tim e .

Consolidated Railway & Power Co., Fayetteville, N. C.—
property of the company was sold under fore
closure recently for $67,000 to Mrs. Mary M. B. MacRae of
Fayetteville, representing the estate of the late S. II. Mac
Rae. Compare V. 90, p. 848; V. 88, p. 1620.
Easton & Washington (N. J.) Traction Co.—C o n s o l i d a 
P r o p e r t ie s L e a s e d . —The company has arranged with
t i o n . —See Northampton Traction Co. below.
Florida Central RR.— N e w B o n d s . —Pres. J. L. Philips, J. G. White & Co. to lease the Wilmington and Chester
properties, and it is understood the duPont and other
Thomasville, Ga., writes:
Wilmington people arc interested and will form a new
We are Issuing $300,000 3d mtge. 6% 20-year bonds, dated April 1 1910
and not subject to call. These bonds are junior to the $200,000 bonds issued company to operate the properties.
S a l e . —The

In 1907, as well as a small amount of prior Indebtedness. The new bonds
are to be exchanged for short-time notes Issued for money for construction
purposes, which notes belong to the same Interests that own this com
pany.—V. 85. p. 1339.

Forty-Second Street Manhattanville & St. Nicholas Ave.
RR., New York.— S a l e A d j o u r n e d to J u n e 6.—The fore
closure sale under the $1,600,000 2d M. has been further
adjourned to June 6.— V. 90, p. 771, 372.
Geary Street Park & Ocean RR., San Francisco.—L o w er
C o u r t S u s t a i n s C i t y ’s R ig h t to O p era te R o a d . —See “San
Francisco” in “State and City” department.—V. 90, p. 54.
Grand Trunk Ry.— R e p o r t . —See “ Reports.”
B o n d s O ffered . —See Central Counties Ry. above.— V.
90, p. 1044, 771.
Guayaquil & Quito Ry.— T e n d e r s f o r B o n d s . — Glyn, Mills,
Currie & Co. of London, England', on March 30 received
tenders for prior lien 6% bonds, available £6,720.

T h e lease p ro v id e s fo r a m in im u m a n n u a l r e n ta l of $ 1 5 0 ,0 0 0 , In crea sin g
$ 5 ,0 0 0 p e r y e a r to a m a x im u m of $ 2 2 5 ,0 0 0 In 15 y e a rs .
T h e c o n c lu sio n of th is d e a l le av es o n ly th e T r e n to n p ro p e rtie s to b e
d isp o sed of a n d a c tiv e n e g o tia tio n s a re u n d e r w a y fo r th e le a sin g of th e se
ro ad s.
_____ „
T h e le ase of th e W ilk e s -B a rre p ro p e rtie s w ill g iv e a r e t u r n of $ 3 6 0 ,0 0 0
p e r a n n u m ; th e R e a d in g $ 2 5 0 ,0 0 0 , a n d w ith $ 1 5 0 ,0 0 0 fro m W ilm in g to n , a
to t a l of $760 ,0 0 0 Is p ro v id e d . W ith n o rm a l e a rn in g s , o r a le ase, th e
T r e n to n p r o p e r tie s , It is fig u re d , s h o u ld r e t u r n $ 1 1 5 ,0 0 0 , m a k in g a to t a l of
$ 8 7 5 ,0 0 0 , c o v e rin g th e $ 7 9 1 ,0 0 0 b o n d I n te re s t a n d le a v in g $ 8 4 ,0 0 0 fo r o th e r
p u rp o s e s .

At a meeting “of trustees and certificate holders” held in
Indianapolis April 6, a modification of the plan of reorgani
zation was agreed to providing for the cancellation of all the
present issue of bonds ($2,000,000 5s dated 1903) and au
thorizing a new issue of $5,000,000 bonds, of which $1,300,000
is to be immediately available to be used in closing up the
receivership; $200,000 is to be immediately available to the
trustees for use in closing up company indebtedness, and
$3,500,000 is to be available for future extensions and ac
quisitions.

IVage In cr ea s es. — The increases in wages granted to
employees in various cities by subsidiary companies will
mean, it is stated, a total increase in operating expenses of
between $100,000 and $200,000 per annum.
N o t i c e to B o n d h o ld e r s . — Edward B .,Sm ith A Co. request
holders of $902,700 bonds of the Interstate Railways Co.
who deposited their bonds with the Philadelphia Trust Co.
under the Smith reorganization plan, and who have not yet
withdrawn them, to pay the charges of $6 per $1,000 bond,
and withdraw their bonds so as to avoid possible further
costs.—V. 90, p. 977, 771.
Joplin & Pittsburgh Ry.—B o n d s C a l l e d . —The outstanding
($2,800,000) 1st mtge. 5% gold bonds dated June 10 1907
and due July 1 1927 have been called for payment on July 1
1910 at 105 and interest at the Germantown Trust Co.,
Philadelphia, Pa.—See new issue, V. 90, p. 914.
Kansas City Mexico & Orient Ry.— N e w D i r e c t o r . — P. II,
McMillen has been elected a director to succeed Homer A.
Stillwell, who resigned.— V. 90, p. 849, 627.
Lake Shore Electric Ry., Cleveland.— D e p o s i t s .— President
E. W. Moore is quoted as saying in substance:

Receiver Charles L. IIcnry[reported to Judge Carter of the Superior Court
at Indianapolis that many of the largest certificate holders attended the
meeting, which represented a large part of the holders of receiver’s certillcates, and that an effort would be made to obtain an agreement from all
for the reorganization, which it Is hoped will be accomplished without
delay.—V. 89, p. 778.

T h e re h a v e b ee n d e p o s ite d u n d e r th e p la n fo r th e r e a d ju s tm e n t of th e
p re f. s to c k 2 2,000 o u t of th e 3 0 ,0 0 0 s h a re s of p re fe rre d o u ts ta n d in g . T h e
h o ld e rs o f a n a d d itio n a l 4 ,0 0 0 s h a re s h a v e sig n ified th e ir I n te n tio n to d e 
p o s it. T h is le av es a b o u t 4 ,0 0 0 s h a re s , w h ich a r e co m in g In slo w ly . W e
h a v e no d o u b t t h a t th e p la n w ill go th r o u g h a s p r o p o s e d . C o m p a re
V . 90, p . 698.

The tenders ranged from £87 to £93%, those of 89 and under being ac
cepted In full.—V. 89, p. 847.
Indianapolis & Cincinnati Traction Co!— P l a n M o d i f i e d . —




A p r . 30 1910.)

THE CHRONICLE

Lehigh Valley Transit Co., Philadelphia.— N e w M o rtg a g e —
T e rm s o f E x c h a n g e.— T h e s h a r e h o ld e r s’ m e e tin g to a u th o r iz e
a n issu e o f 5 0 -y e a r 5 % “ r e fu n d in g a n d im p r o v e m e n t i n t g c .”
g o ld b o n d s h a s b e e n p o s tp o n e d till M ay 19. T h e a u t h . issu e
o f th e n ew b o n d s is to b e $ 1 0 ,0 0 0 ,0 0 0 , a n d th e r ig h t m a y b e
r eser v ed to in c r e a se t h i s t o $ 1 5 ,0 0 0 ,0 0 0 i n ca se i t is u lt im a t e ly
d e c id e d to r efu n d th e $ 5 ,0 0 0 ,0 0 0 1 st M. b o n d s d u e in 1935.
T h e f a c t s r eg a r d in g th e p r o p o sed a p p lic a tio n o f th e p r e s e n t
$ 1 0 ,0 0 0 ,0 0 0 o f n ew b o n d s a n d th e te rm s o f e x c h a n g e o f
fered to th e h o ld er s of th e $ 2 ,5 0 0 ,0 0 0 c o n so ls d u e 193 5 a p 
p e a r in a n a g r e e m e n t d a te d M arch 1 1910 b e tw e e n B r o w n
B r o s . & C o. a n d E d w a rd B . S m ith & C o. (th e b a n k e rs) o f
th e first p a r t a n d su c h p e r s o n s a s m a y d e p o s it c o n so lid a te d
b o n d s th e r eu n d e r o f th e se c o n d p a r t. F ro m th is a g r e e m e n t
w e h a v e th e fo llo w in g in fo r m a tio n :
In order to provide for future capital needs of the company, It Is proposed
to create an Issue of §10,000,000 “refunding and improvement mortgage”
50-year 5% gold bonds, which shall be a lien upon all the property, subject
to the first mortgage, under which bonds amounting to §5,000,000 have
been Issued, and the consolidated mortgage, under which bonds amounting
to §2,500,000 have been Issued. If this proposition Is carried Into elfect,
It Is Intended to use the new bonds partly In effecting an exchange of con
solidated mtge. bonds In the manner hereinafter set forth; partly In retiring
the debenture bonds, of which at this time, out of a total authorized Issue
of §1,500,000, §000,000 have been Issued; and the residue In paying for
Improvements, betterments, extensions, acquisitions, &c., such residue
to be Issued under carefully guarded restrictions.
The company has In Its treasury trust certificates representing a limited
amount of Its common shares, and It now offers for each § 1,000 consol, mtge.
4% bond §900 In the new 5% bonds, Interest oti the latter to begin to run
from the time up to which Interest has been paid on the former, and §100
In said trust certificates for common stock. The holders of §1,757,000 of
consol, mtge. bonds, constituting 70% of the entire amount of outstanding
bonds, had on March 1 1910 already consented to the exchange upon the
terms of this agreement, and It Is desired that all holders shall likewise
consent, In order that the consol, mtge. bonds may be satlsllcd of record.
If all the holders do not so consent, the plan will be abandoned unless the
number of consents shall be deemed sufficient to justify the directors of the
company in declaring the plan operative. If the plan be declared operative
upon the deposit of less than the whole amount of outstanding consols, the
bonds deposited will be kept alive for the benefit of the depositors of the
same, and will be placed under the lien of the new mtge.
The bankers agree that upon deposit of the consol, mtge. 4% bonds,
with coupons maturing on June 1 1910 attached, they will Issue to each
depositor a certificate of deposit providing that: (a) “As Interest coupons
from the above bonds are paid by the company the undersigned (the said
bankers) will collect the amount and distribute It to the holder hereof,
upon presentation of this certificate so that the fact of such payment may
be stamped thereon” ; and (ft) "This certificate must be redeemed not later
than March 1 1911, either by delivery of the new securities specified In the
deposit agreement, or by return of the above bonds, but It may be redeemed
If the depositories shall, in their option, so elect, at any time upon ten days’
notice.” Holders will Incur no expense by depositing.
Edw tircl B . S m ith & C o ., P h ila d e lp h ia , o n A p ril 28 w r o te :
The holders of §2,000,000 of the consolidated 4% bonds have agreed to
exchange for new 5% bonds. This completes the transaction, as the re
maining §500,000 bonds are not necessary to carry out the plans of the com
pany. Any holders of the remaining §500,000 of consol. 4% bonds who
desire to exchange may do so at the present time; this opportunity will pro
bably be held open for a limited period.
The holders of the §900,000 0% debenture notes of the Lehigh Valley
Transit Co. will be paid in full.—V. 90, p. 849, 508.
London & Lake Erie Railway & Transportation Co.—
B o n d s .— T h e sh a re h o ld e r s w ill m e e t in L o n d o n , O n ta r io , on
M ay 10 to v o t e o n a u th o r iz in g b o n d s to su ch a m o u n t a s m a y
b e a p p r o v e d , in c lu d in g $ 7 0 0 ,0 0 0 first m o r tg a g e b o n d s w h ic h
are “ to b e u s e d in c o n n e c tio n w ith th e p u r c h a s e of th e r a ilw a y
a lr e a d y c o n s tr u c te d a n d o p e r a te d b e tw e e n th e c ity o f L o n d o n
a n d th e v illa g e o f P o r t S t a n le y .” T . H . P u r d o m is S e c re 
t a r y .— V . 8 9 , p . 1 280.
Maryland & Pennsylvania RR.— A u th o riz e d to E x ten d to
T id e w a te r .— G o v ern o r C ro th ers on A p ril 13 sig n e d th e bill
p a s se d b y th e M a ry lan d L e g is la tu r e a u th o r iz in g th e c o m p a n y
to e x te n d its road to tid e w a te r .
The com pany has not y et
d o n e a n y th in g fu r th e r in regard to th e m a tte r .
M essrs.
H a m b le to n & C o. o f B a ltim o r e sa y :
It would seem that the bill granting the M. & P. HU. the right to extend
to tidewater on any route it may acquire, from its present line east of Towson to the east side of the Patapseo Hlver, In Baltimore County, is of very
much more Importance than would appear on the face of this simple right.
In fact. It appears to us that the owners of the M. & P. Hit. have obtained
the right to a belt line around Baltimore. The connection between the
M. & P. HR. and the railroad which covers the Canton Co.’s property would
give a connecting road between the Baltimore & Ohio, the Pennsylvania
and the Western Maryland and also afiord facilities for the Western Mary
land to ship Its cars by floats from Its Port Covington terminal to the termi
nal at Lazaretto Point. Wc Infer that the right given to the M. & P. RR.
Is a very valuable one and one which will ultimately result In largely In
creasing the business and earnings of that company.—V. 88, p. 506.
Mississippi Central RR.— L is te d .— T h e N e w Y o r k S to c k
E x c h a n g e h a s lis te d $ 4 ,1 0 0 ,0 0 0 1st M. 5% b o n d s, d u e 19 4 9 .
T h e b o n d s w ere o ffered in th is m a r k e t b y H a r v e y F is k &
S o n s. S e c V . 8 8 , p . 1501.

Missouri Oklahoma & Gulf Ry.— B o n d s S u b sc r ib e d .— C ab le
a d v ic e s s t a t e t h a t th e $ 3 ,0 0 0 ,0 0 0 5% 1st M. b o n d s , d u e 19 4 4 ,
w h ic h w ere offered in P a ris b y th e B a n q u e F ra n co -A m e r ic a in c a t 9 3 , o n T u e s d a y o f th is w e e k , w ere tw ic e o v e r s u b 
sc r ib ed . C om p a re V . 9 0 , p . 9 7 7 .
Missouri Pacific Ry - — O fferin g o f K a n s a s & C olorado
P a c ific R y . B o n d s .— P o tte r , C h o a te & P r e n tic e , N e w Y o r k ,
are p la c in g a t a p rice to y ie ld 5 .3 0 % “ first r e fu n d in g G%”
g o ld b o n d s o f th e K a n s a s & C olorad o P a cific R y ., d a te d 1908
a n d d u e F e b . 1 1 9 3 8 , g u a r a n te e d , p r in c ip a l a n d in te r e s t, b y
e n d o r se m e n t o n e a ch b o n d b y th e M issou ri P a cific l t y . Co.
(C o m p a re d e sc r ip tio n a n d sp ec ia l m a p in “ R y . & I n d . S e c .”
J a n . 30 1909; a lso se c V . 8 8 , p . 4 5 2 .)
“ A u th o r iz e d issu e ,
$ 5 0 ,0 0 0 ,0 0 0 , o f w h ic h $ 2 0 ,0 8 7 ,0 0 0 are is s u e d , $ 3 ,9 7 2 ,0 0 0
b e in g in th e h a n d s o f th e p u b lic a n d th e b a la n c e d e p o s ite d
w ith th e tr u ste e u n d er th e M o. P a c . R y . C o. first a n d re
fu n d in g m o r tg a g e .” (V . 8 9 , p . 1 3 4 7 ). V . 9 0 , p . 1 1 0 2 , 7 7 1 .
Norfolk & Southern Ry.— F a v o ra b le D e c i s i o n — T h e U n ite d
S t a t e s S u p r em e C ou rt o n A p ril 25 d e n ie d th e p e t it io n o f th e
V an D y k e -Z e ll s y n d ic a te o f P h ila d e lp h ia for a w r it o f c e r tio 
rari to r e v ie w th e d e c is io n o f th e lo w e r c o u r ts a ffir m in g th e
sa le o f th e ro a d o n D e c . 7 la s t to th e r e o r g a n iz a tio n c o m m itte e
for $ 8 ,5 0 0 ,0 0 0 . T h is o p e n s th e w a y for th e sa le o f th e b o n d s



1171

of the new company under the reorganization plan, V. 87,
p. 014, 078.— V. 90, p. 772, 098.
Northampton Traction Co., Easton, Pa.—Consolidation.—
The company, having 24 miles of track, running from
Easton to Bangor, Nazareth and other points in Northamp
ton Co., and the Easton & Washington Traction Co., ex
tending from Phillipsburg, N. J., to Port Murray, owning
17 miles of track, have been consolidated under the name of
the Pennsylvania-Jersey Ry. New York parties, it is stated,
are backing the consolidation.
It Is expected that work on the extension of the line from Phillipsburg to
Hackettstown, N. J., will begin early In May and that cars will be running
before the end of the summer.
Eventually, it Is proposed to extend the line to connect with the Morris
County lraction Co.’s lines and so supply trolley connections, when a few
miles have been completed, from Cast on to New York, via Newark.
I he company a'so plans an extension from Washington to Clinton on the
south and to Belvidere on the north, making Washington the centre of a
hfty-mlle system In this State.—V. 90, p. 1972.

Northwestern Elevated RR., Chicago.—Renewed Negotia
tions for Merger.— Henry A. Blair, Chairman of the board
of directors of the Chicago Railways Co., admits that nego
tiations have been resumed looking to the merger of the four
elevated roads of the city, but states that no definite
proposition has been made, and there is nothing tangible in
sight at the present time.— V. 90, p. 1278.
Ocean Shore R y., California.—Sale of Electric Apparatus .—
—The General Electric Co. will sell at auction at Schenectady,
N. Y., on May 10, for account of the company, certain elec
trical apparatus and machinery, as follows:
Pursuant to an agreement dated April 2 1908 between said General Elec
tric Co. and said Ocean Shore Ry., and a supplemental agreement dated
March 31 1909, being the Interest of the General Electric Co. (pledgee) after
default In payment by the pledgor.—V. 90, p. 1102, 110.

Oregon & Southeastern RR.—Coupons Not Paid.—The
coupons due April 1 on the $300,000 5% bonds were not
paid as usual at the Trust Co. of America, mtge. trustee, the
money therefor not having been received. Whether the
payment was made elsewhere we have notbeen able to ascer
tain.— V. 75, p. 135.
Pennsylvania-Jersey (Electric) R y.—Consolidation.— See
Northampton Traction Co. above.
Quebec Central Ry.—Listed in London.—The London
Stock Exchange has listed a further issue of £100,000 4%
debenture stock, making total listed £004,837.—V .89,p.994.
St. Louis Brownsville & Mexico RR.— New Bonds Author
ized to Be Issued.— The Texas Railroad Commission has
authorized the company to register $7,250,000 bonds under
the new mtge., limited to $25,000,000 (V. 90, p. 772, 099).
The valuation of the road as fixed by the Commission Is §10,726,380,
there being also §3,000,000 bonds outstanding under the mortgage of 1904
and §500,000 capital stock.—V. 90, p. 772, 628.

St. Louis & San Francisco RR.—Additional General Lien
Bonds Sold.— Speyer & Co. announce that they have con
cluded negotiations for the purchase of $7,500,000 general
lien 15-20-year 5% gold bonds, which covers the needs of
the company for the year. Of the bonds, $2,000,000 have
been sold to the group of French bankers who previously
took a block of the bonds, so that there are now $10,000,000
of the bonds placed and listed in Paris. Of the balance, a
large block has been sold to the Deutsche Bank, which will
make a public issue of the bonds in Berlin.— V. 90, p.915, 099.
Seaboard Air Line Ry.—Extension of Syndicate.—The
syndicate which underwrote $18,000,000 5% adjustment
bonds under the plan (V. 89, p. 43) has been extended for
0 months, until October next. A large proportion of the
bonds, it is reported, has been sold privately to investors
here and abroad.—V. 90, p. 915, 099.
Sioux City (la.) Service Co.—Sale of Bonds.— This com
pany, controlled, it is said, by the Armour interests, and
owning all the street railways and principal electric-lighting
business in Sioux City, has made a “first and refunding
mtge.” to secure not exceeding $5,000,000 bonds, dated
May 1 1910 and due May 1 1928, but redeemable at 105 and
interest on any int. payment date. Of these bonds, $1,000,
000 have been issued and sold to N. W. Halsey & Co., Chi
cago, who, our Chicago correspondent informs us, will offer
them next week.—V. 90, p. 54.
Stark Electric RR.— N e w Treasurer.— Frank Strauss has
been elected Treasurer, succeeding the late Edward Wiebenson.— V. 90, p. 700, 448.
Syracuse Lake Shore & Northern (Electric) RR.—Bonds
Offered— Status.—John T. Steele, Fidelity Bldg., Buffalo,
has placed the unsold portion of $250,000 1st M. 5% gold
bonds, dated May 1 1907 and due May 1 1947, but redeem
able at 110 and int. May 1 1917 or on any int. date there
after. Tax-exempt in N. Y. A circular says:
Owns and operates 53.14 miles of standard-gauge electric railway, ex
tending from the centre of Syracuse over Its own line to the City of Fulton,
via Baldwlnsville, Phoenix and other towns; also owns and operates the
city lines In Oswego, with a branch to Mlnetto. Rights of way and per
petual franchises have been secured between Fulton and Oswego, the con
necting link to be constructed this spring, so that on or about July 1 the
system will extend from Syracuse to Oswego. The company serves a popu
lation of 171,000, has perpetual franchises and private rights of way owned
In fee, and Is the possessor of valuable terminals at both Syracuse and Os
wego. The recently completed Rochester Syracuse & Fastern RR., which
operates 86 miles of road from Rochester to a connection with the Syracuse
Lake Shore & Northern, reaches the heart of Syracuse over 4M miles of
double track of this company’s lines.
An absolute first mortgage upon all properties and franchises now owned
or hereafter acquired. §1,875,000 Is now outstanding, remainder, $625,000,
Issuable only upon properties, fully equipped and in operation, at 75% of
actual cost after company Is earning 8 % on the bonds outstanding and to
be Issued. This issue Is additionally protected by the investment of $1,
000.000 in cash represented by the pref. stock, paid for In full, which has a
market value of §850,000 and Is also a prior obligation to $1,975,000 com-

THE CHRONICLE

1112

mon stock having a market value of $450,000. Actual cost of the proper
ties is at least 150% of the total bonds outstanding.
E a r n i n g s f o r t h e Y e a r s e n d e d J u n e 30 1900 a n d Q u a r t e r e n d e d S e p t . 30 1909.
( J u l y 1 1908 t o J a n . I 1909 o n l y 13 m i l e s w e r e i n o p e r a t i o n ) .
C hges.

B a l.,S u r .

3 mos. ending Sept. 30___ $131,382 $62,580
x
$24,623
Year ending June 3 0-. __ 208,501 64,930
$20,208 68,141
x Included in gross earnings.
See also V. 88, p. 1561.

G ross.

N e t.

O th e r I n c .

$37,957
16,997

Twenty-Eighth & Twenty-ninth Streets Crosstown Ry.,
New York.— S a le A d jo u r n e d .— T h e fo r ec lo su r e sa le h a s b een
a g a in a d jo u r n e d to M ay 11. C om p are V . 9 0 , p . 6 2 8 .—
V. 90, p . 1103, 850.

Union Passenger Ry., Philadelphia.— E x ten d ed B o n d s
O ffe re d .— N . W . H a ls e y & C o ., P h ila d e lp h ia , N e w Y o r k ,
& c ., offer th e e n tir e issu e o f § 2 5 0 ,0 0 0 2d M . b o n d s , e x te n d e d
a t 4 % fr o m M arch 31 1 9 1 0 .
The bonds are a direct mortgage lien, subject to the $500,000 ilrst 5s due
March 31 t o il. Under the terms of the 999-year lease assigned to the
Philadelphia Rapid Transit Co. the sum of $285,000, or over 4 times the
interest on all bonds of tile company, is guaranteed. The cost of the
road stands on the company’s balance sheet at $8,936,879, or over 11 times
the amount of all outstanding bonds.—V. 90, p. 628.
Union Traction Co., Independence, Kan.— N ew B o n d s —
E x te n s io n .— T h e K a n sa s S t a t e R R . C o m m , h a s s a n c tio n e d
th e issu in g o f § 1 5 0 ,0 0 0 b o n d s for im p r o v e m e n ts a n d b e t t e r 
m e n ts o n th e M o n tg o m er y C o u n ty in te r u r b a n r o a d . T h e
c o m p a n y h a s a lso se c u r e d p e r m issio n to e x te n d th e lin e
th r o u g h L a b e t t e , A lle n a n d N e o sh o c o u n tie s .
Bert Clark & Co., 217 La Salle St., Chicago, are olferlng at 96 and Interest
the unsold portion of $150,000 Ilrst mortgage 5% bonds of 1907, of which
they say $650,000 are outstanding.
R e s u l t s J r o m O p e r a t i n g (i n 1909 28 M i l e s ) J o r C a l e n d a r Y e a r s .
Y e a r __
G ross.
1009
$135,748
1008 ' .............H I - - 112,076
—V. 88, p. 1003

O per. E x p .
& T axes.

$57,566
44,118

N e t.

$78,183
67,958

In te r e s t
C harges.

B a la n c e ,
S u r p lu s .

$26,554 $51,629
- .............................

United Traction Co. of Reading, Pa.— I n ju n c tio n .— J u d g e
E n d lic h o n A p ril 18 d e c id e d t h a t th e c o m p a n y m u s t resto r e
th e s a le o f 6 tic k e t s for a q u a r te r (str ip t i c k e t s ) .
The Court upholds the city’s contention that the discontinuance of the
strip tickets is a violation of the contract granting the Schuyler Avenue
"loop.” It is pointed out that in the case of the Philadelphia Rapid Transit
Co., which It was held is not obliged to Issue strip tickets, there was no con
tract, the discontinuance In that case being a mere detail of management.
—V. 88, p. 296.
Washington Baltimore & Annapolis (Electric) Ry.—
O ffic ia l S ta te m e n t.— P r e s id e n t G eorge T . B is h o p , in a le tte r
to th e sh a r e h o ld e r s a c c o m p a n y in g th e s t a t e m e n t of e a r n in g s
issu e d b y th e r e c e iv e r s , a n d sh o w n b e lo w , sa y s:
On March 1 the receivers commenced to operate ttie new cars equipped
with 1,200 volt direct current motors to ttie United States Treasury Bldg.
In the city of Washington. This terminus Is within 500 feet of tile vyhitc
House On the same date rates of fare were Increased, the most im
portant advance being in the rates between the cities of Baltimore and
Washington. All these changes have now been in elfect for the full month
of March and the Ilrst half of April, and It is evident that not only will the
earnings be increased, but the operating expenses will show a material de
crease Since these changes were made, the receivers have Increased the
limited train service between Washington and Baltimore and have added
a two hourly through service between Washington and Annapolis, thereby
increasing the car mileage 600 miles a day. Notwithstanding tin: reduction
la operating expenses, the receivers have provided better service to the
extent of 18,000 miles a month.
E a r n i n g s f o r M a r c h i n 1910 a n d 1909 a n d f o r 9 M o s . e n d i n g M a r c h 31 1910.
M c h . 1910. M c h . 1909. 9 M o n t h s .
$51.426
*50,949
$459,067
Gross earnings------------------- ---------Net (after operating expenses) ----26,44 j
14.169
Per cent oper. exp. to gross earnings,
ol .2%
/o
o v /o
—V. 90, p. 978.

INDUSTRIAL, GAS AND MISCELLANEOUS.
American Steel Foundries.—First Dividend on New Stock.
— An initial quarterly dividend of 1 l/ j % has been declared
on the stock as readjusted in 1908 (about .§16,218,000 now
outstanding), payable May 14 to holders of record May 7 .—
V . 90, p. 629.
American Window Glass Co., Pittsburgh.— Reorganiza
tion Plan .— The creditors’ committee which took charge of
this company and the American Window Glass Machine Co.
(V . 86, p. 422; V . 8 0 ,p. 1974) when their affairs became in
volved, namely, M. K . McMullin, T . II. Given, Samuel
Bailey Jr., Harrison Nesbit and W . S. Kuhn, have sent a
circular to the preferred stockholders of the American W in
dow Glass Co. calling for deposits of the §4,000,000 pref.
stock of that company with the Commonwealth Trust Co.,
Pittsburgh, on or before May 20, with a view to reorganiza
tion. The committee say in substance:
The American Window Glass Co has a floating debt of $3,426,708, all
overdue, which is owned by the American Window Glass Machine Co.
The glass company also owes to the machine company $2,390,859 royalties
for the use of patents.
The preferred stock of the glass company consists of 40,000 shares of
$100 each. The dividend on this stock at the rate of 7% is cumulative,
and there has accrued $1,960,000 of dividends. An effort has been made
to readjust the affairs of the Window Glass Co. and to carry its indebtedness
until Improvement in business and the introduction of machinery for the
production of glass would enable the company to liquidate its Indebtedness.
To accomplish this, the American Window Glass Machine Co., the owner
of the exclusive rights for the United States of the patents for processes
and machines for manufacturing window glass, took up the indebtedness
of the American Window Glass Co. and issued its own collateral trust bonds,
pledging with a committee of creditors, as trustees, such shares of the com
mon stock of the glass company as it had acquired: also the evidences of
indebtedness of the glass company turned over to the machine company
by the creditors who took the bonds.
.
. . . .
The machine company has met with great, difficulty in perfecting the
machinery and processes, and especially In carrying the Indebtedness of
the window glass company and providing funds for operation and develop
ment, and both companies are now at the mercy of creditors. With a view
to a reorganization upon a permanent basis, and with the hope that the
companies may be put upon an earning basis, the committee of creditors
submit the following proposition to the pref. stockholders of the American
Window Glass Co., viz.:
That the American Window Glass Co. make an issue of collateral trust
bonds of $4,000,000, these bonds to bear 5% interest annually, and to be
second in lien to the present Issue of collateral trust bonds upon all securi
ties now in the hands of creditors’ committee, these bonds to be Issued at
the rate of a $1,000 bond for 10 shares of pref. stock. This will Involve the
surrender of all accrued dividends by the pref. shareholders who elect to
exchange their stock for bonds.




A final opportunity will also be afforded to the common shareholders of
the American Window Glass Co. who have not done so to exchange their
shares for shares of the American Glass Machine Co. upon the basis of one
share of window glass company stock for one-half share of machine company
common stock and one-half share of machine company preferred stock.
If this proposition Is accepted by a sufficient number of pref. shareholders,
the committee will take steps to tiring the properties of the glass company
into the direct possession and control of the machine company, wiping out
all past-due royalties and providing for an efficient and effectual operation
by one company, and with the co-operation of the creditors by an extension
of payment of obligations, affording the company an opportunity to work
out its Indebtedness.—V. 85, p. 923.
Associated Oil Co., California.— L is te d . —The New York

Stock Exchange has listed the §40,000,000 capital stock.—
V. 90, p. 916, 701.
(Geo. P.) Benton Co. of Chicago, 111., and Spokane, Wash.
— P re fe rre d S tock O ffered . — In our advertising columns to
day may be found an offer by this company of its §50,000
pref. stock, which is a first lien upon the assets of the com
pany, bearing 6% cumulative dividends; after which divi
dends are pro rated with the common stock. The total
capital stock is §150,000, 1,500 shares (par value §100).
Of these, 1.000 shares are common and 500 shares pref.
stock, the latter callable July 1 1914 at 105 and accrued
dividend. The following information is furnished:
The company is engaged In producing cedar poles for use by electric
[lower companies, interurban railways, city electric lighting cos., telephone
and telegraph cos. At present it is operating near Hope, Ida., on the
Northern Pacific Ry., and at Newport, wash., on the Great Northern Ry.,
at which places It lias large yards. The poles are cut from virgin cedar
timber along the rivers tributary to Lake Pend d’Grielle. The company
now plans to enlarge its operations by establishing yards on the Chicago
Milwaukee & Puget Sound Ry. in Idaho and Washington.
This company’s business Is rapidly Increasing; the pole consumption in
tills country (Gov’t statistics) Is now over 3,000,000 annually, and Increas
ing each year. Company organized under laws of State of Wash. March 30
1909. Present assets: Cedar poles, $78,051: cash and acc’ts receivable,
$12,257; personal property, $5,671: real estate (unincumbered), $5,000:
total, $100,979. Has a high standing with all its customers and gives as
reference the Commercial Nat. Bank of Chicago.
Geo. P. Benton, the President, has Ills office at Hone, Idaho, where he
can give the producing ends of the business his personal attention.
Boston Fish Terminal, Inc.— B o n d s O ffered . — Gram, Mulli-

ken & Co., New York and Boston, arc offering at 102}^ and
int., yielding slightly better than 4.80%, the unsold portion
of the present issue of §600,000 “first and refunding mort
gage’’ 5% 20-year gold bonds, dated April 1 1910 and due
April 1 1930; par, §1,000 (c*). Int. A. & O. at American
Trust Co., mortgage trustee. Tax-exempt in Mass. Total
auth. issue, §800,000. The Boston Cold Storage Co. guar
antee the payment of the interest on the bonds and 6% divi
dends on the stock (auth., §400,000; issued, §200,000).
Organized under laws of Massachusetts to buy the Eastern Wharf &
Storage Co., the Traders’ Wharf & Warehouse Co., and their properties, and
the adjoining Weeks property and Pickett wharf property.. These bonds
are Issued to refund the bonds of the Eastern Wharf & Storage Co. and the
Traders’ Wharf & Warehouse Co., and are a first mtge. on the Weeks prop
erty and the Pickett wharf property, and on any other property now owned
or hereafter acquired. A sufficient amount of these bonds are on deposit
with the trustee to retire the underlying bonds. The properties owned are
located on New St. In East Boston, in the heart of the manufacturing dis
trict, and are leased to the Boston Cold Storage Co. for a term of 25 years
at an annual net rental sufficient to guarantee the Interest upon the present
issue of bonds and 6% dividends upon the outstanding stock. The lessee
assumes and pays all taxes, repairs and other charges.
_
D a t a f ro m J e r c C a m p b e ll , T r c a s . B o s t o n C o ld S t o r a g e C o ., M a r c h 2 8 1 9 1 0 .

The Boston Cold Storage Co. Is Incorp. under the laws of Mass, and has
a paid-in capital of $150,000; this money has been expended in the con
struction and equipment of a freezing and cold-storage fish warehouse and
a power plant. The property of the Fish Terminal lias a total area of 365,
000 sq. ft., a frontage of 1,100 ft. on the harbor line, a dockage front of
3,500 ft. and 470 ft. street frontage on a street 80 ft. wide.
The company, in leasing the property of the Boston Fish Terminal (Inc.),
takes over existing leases yielding $38,000; in addition, there has been
rented additional space to fish dealers already upon the property, and a new
5-story concrete factory to a present tenant, which will Increase the rental
by about $10,000. Also, Oreproot warehouses which will more than double
the capacity of the New St. warehouses and which will increase their rental
by $15,000.
Canada Cement Co.— R e p o rt. — See “Annual Reports.”
W estern C o m p a n y . —The following was given out April 8:
An arrangement has been effected under the terms of which the Western
Canada Cement & Coal Co., Ltd., will be reorganized and a new company
formed, which will be controlled by the Canada Cement Co., the latter com
pany furnishing sufficient capital to ensure the success of the new Western
company. A few matters remain to be completed and time will be required
before the arrangement can be finally given effect to. With the present
demand for cement In the Canadian West, the future of tills company should
bo good for all concerned.—V. 90, p. 916.
Canadian Cereal & Milling Co., Ltd., Toronto .— P referred
S tock O ffered . —The Investment Trust Co., Ltd., Montreal,

on behalf of the underwriters, offered recently at par (§100
a share), with a bonus of 50% in common stock, the present
issue of §1,250,000 of the 7% cum. pref. stock, on which
quarterly dividends will accrue from Aug. 1 1910. “Firm
subscriptions” had been
received for §823,000 of the
issue prior to the public offering, and the allotment was guar
anteed. The prospectus shows:
C a p i t a l i z a t i o n . —Capital stock authorized, $2,000,000 7 %
cumulative
preferred and $2,000,000 common; Issued, $1,250,000 pref. and $1,250,000
common. Bonds (1st M. 20-year 6% sinking fund) authorized, $1,000,000;
Issued, $750,000.
,
P r o p e r t i e s . —The company Was Incorporated [on April 6 1910, under the
Canadian Companies Act.— Ed.] to acquire as going concerns the milling
properties of the following well-known companies: Tillson Co., Ltd..
Tillsonburg: the Flavelle Milling Co., Lindsay; P. McIntosh & Son, Ltd.,
Toronto; VValter Thomson & Son, Ltd., London; Jas. U llson « Sons,
Fergus; I). R. Ross & Son, Embro; Woodstock Cereal Co., Ltd., Woodstock;
Goldie Milling Co., Ltd., Ayr, Galt and Highgate. 1 he assets. Including
real estate, buildings and equipment, according to appraisal, have a re
placement value of over $1,300,000.
, , ,, , ___ „„„ o ,
The company at its Inception will have the following output per 24-hour
day: 2,350 barrels oatmeal and rolled oats; 2,200 barrels flour; 100 barrels
rolled wheat; 450 barrels split peas; 155 barrels pot barley. 340 tons feed,
and a total elevator capacity of 700,000 bushels. 1lie additional cash capi
tal provided, besides permitting of the construction of an additional mill,
a line of elevators and extensions and Improvements to some of the present
mills, will leave cash available for working capital of over *>>00,000.
E a r n i n g s .—The auditors’ reports on all the companies Included in the
consolidation for the past three years are not yet completed. 1he net earn
ings of the three larger of the etgtit plants for their last fiscal year, after
writing off all renewals, extraordinary expenditures, «c., amounted to
over $87,000. Leading officials estimate that the new company on Its
first year of complete operation, based on the Increased output ami the sav
ings to be effected, should show net earnings of approximately $200,000,
being equal' to 6? on tlie bonds, 7% on the pref. stock and about 6% on the
common stock. The home market Is steadily growing, owing to rapid in

A pr . 30 1910.

THE CHRONICLE

1173

crease in population, and equally Important Is the Increased demand for
Canadian rolled oats and Hour In Great Britain and on the Continent of
Europe.
D i r e c t o r s . —J. D. Flavelle, Lindsay, Ont. (President), Pres. Flavelle
Milling Co.; George E. Goldie, Toronto, Ont. (Vice-Pres. and Managing
Director), Vice-Pres. Goldie Milling Co.; C. S. Wilcox, Hamilton, Ont.,
Pres. Hamilton Steel & Iron Co.; J. P. Black, Montreal, Quc., director
Dominion Textile Co.; E. V. Tillson, Tlllsonburg, Ont., Pres. Tiilson Co.
Ltd.; VV. A. Strowger, Toronto, Ont.; J. W. McConnell, Montreal, Que.,
director Quebec Ry ., Lt.. Ht. & Power Co. Transfer agent, Investment
Trust Co., Ltd.; registrar, Montreal Trust Co.

each share of common stock In the Dominion Coal Co., Ltd., and Dominion
Iron & Steel Co., Ltd.; the cash consideration being payable In quarterly
Installments of 51 per share, the first Installment being payable July 1 1910.
This payment In cash Is equivalent to a dividend of 4% per annum for
one year, and, while forming part of the purchase price, Is Intended to obvi
ate any call on either company for dividends until the coal strike and its
effects have passed away, and the new plant of the steel company has been
completed.
The earnings of the c o a l c o m p a n u for the three years ending June 30 1909,
after providing for depreciation, &e., are reported by Marwick, Mitchell
& Co. as on the average 4.66% on the common stock, the last year's earn
ings being 7.3%; these figures are based on larger provision for deprecia
Central Leather Co.— L is te d . —The New York Stock Ex tion than the Coal Board thinks necessary, but make no allowance for any
profit received or losses and expenses incurred by reason of the dispute with
change has listed $500,000 additional first lien 25-year 5 % the
steel company. The earnings of the s te e l c o m p a n u , reported by Price,
bonds, due 1925 , making total amt. to be listed $30,704,000. U aterhouse & Co., adjusted for the direct losses caused by the breach, were
on
the
average for the three years ending May 31 1909, 7.69% on the com
The bonds listed were Issued on account of the purchase price of the
stock, and for the last year 6.76%.
5800.000 (entire) stock of theN. R. Allen’s Sons Co., all of which has been mon
It Is impossible to ascertain the relative value of the shares with accuracy,
deposited with the trustee under the mortgage. Compare V. 81, p. 1852. and
If the proposal seems to either side not quite equitable, there must be
— V. 00, p. 558, 561
set off against its possible Inequality the advantages which all agree will
from the union of the two companies.
Central Union (Bell) Telephone Co., Indianapolis.— result
The steel company will accept the above offer as regards the coal stock
O ffic ia l S ta te m e n t. — President L. G. Richardson, in a report owned by It, and other holders of the common stock of the coal company
of the proceedings at the recent annual meeting, reviews the (making In the aggregate considerably more than 51% requisite under
the conditions fixed by the prospectus) have requested the coal board to
plan submitted for the formation of separate companies in submit
this proposal as one which they approve and are ready to accept.
Ohio and Indiana to take over the Central Union properties A similar requisition has been presented by holders of a large number of
of common stock In the steel company. Shareholders who desire
in those States, leaving to the present corporation the prop shares
to accept the proposal must do so not later than June 15 1910. — V.90,p. 1104.
erty in Illinois, and adds:
(E. I.) du Pont de Nemours Powder Co.— R e s u lts . — For
They (the directors) further reported that the "American Telephone & the three months ending March 31:
Telegraph Co. had agreed to take, at par, of the three companies, 515,000,
G ross
( N e t a t f e r N o n - o p e r ’g B o n d
P r e f. D ir .
B a l. fo r
000 In stock. As there are now outstanding 56,000,000 of bonds against T h r e e
R e c e i p t s . D c p r ’n . & c . ) D c c h i c s .
I n t e r e s t . (l}f% )
C o m D iv
the entire property In the three States, the directors recommended that M o s .
after the organization of the two new corporations each of the resulting 1910 . .57,837,099 51,530,954 5123,427 5214,633 5168,068 51,024 826
companies should authorize bonds In an amount sufficient to pay Its pro 1909 ........ 7,207,615 1,465,252 cr.3,573 200,804 195,531 1,072,490
The balance as above for the three months of 1910 is equal to 3.65%
portion of the outstanding bonds and to provide for a development fund
(14.60% yearly) on the 528,078,148 common stock outstanding, against
until such time as the stock can be sold, at par, for such purpose.
The stock present unanimously passed a resolution approving the plan 3.82% (15.28% yearly) on the 528,078,832 in 1909. Net earnings for the
of the directors, believing that by so doing the three companies can be soon three months of 1910 are equal to an annual income on the gross investment
placed upon a dividend basis. It was provided In the resolution that any of 8.05%, against 7.76'% in 1909.—V. 90, p. 507, 499.
stockholder other than the American Telephone & Telegraph Co. might, at
East Ohio Gas Co., Cleveland.— N e w B o n d s . —The com
any time within 00 days after he or she had been notified of the organization
of the companies In Ohio and Indiana, respectively, exchange his or her pany has made its new $25,000,000 gold first mortgage to
stock, at par, for stocks In the new corporations organized, or cither of the New York Trust Co., New York, as trustee; present issue
them, or might hold the stock as It now stands on the books of the Central
$15,000,000.
Union Telephone Co.—V. 90, d . 851.
The bonds are datedJulyl 1909 and will mature July 1 1939,but callable
Columbia Motor Car Co.— T erm s o f E x c h a n g e. —See United on any Int. day at 105 and Int. Int. J. & J. at office of trustee. Sinking
fund,
beginning Oct. 15 1911, 5500,000 yearly. The 515,000,000 bonds
States Motor Co. below.—V. 89, p. 990, 45.
were Issued In the recent consolidation as part consideration for the con
Consolidated Gas, Electric Light & Power Co. of Balti stituent properties, which, It appears, were unbonded. The remaining
bonds, 510,000,000, It is understood, will be held for further Improvements,
more.— Decision R e g a rd in g B o n d s Is su e d f o r Im p ro vem en ts extensions
and additions.—V. 90, p. 629, 852.
u n d er O ld M o rtg a g e. —The Maryland Court of Appeals, re
Fassett (Quebec) Lumber Co., Ltd.— T im b e r L a n d B o n d s
versing the lower court on April 27, held that the company O ffered . —The Investment Trust Co., Ltd., Montreal, the

had no power to issue the $548,000 4*^% bonds put out in mortgage trustee, is placing at par and int. $300,000 (closed
1907 to 1909 under the general mortgage of 1904 made by
6% 1st M. sinking fund gold bonds dated Feb. 1
the former Consolidated Gas Co. of Baltimore for property mortgage)
acquired after consolidation with the present company in 1910 and due in annual installments on Feb. 1 from 1912 to
June 1900, nor can it issue any further bonds under that 1920, $30,000 yearly 1912 to 1917, $40,000 yearly 1918 to
mortgage for like purposes. The $548,000 bonds are Nos. 1920, but subject to call at 102 Y i and int. Par $1,000 c*.
Extracts from Letter by President J. S. Fassett, March 14 1910.
2,501 to 3,048, both inclusive.
This company has been Incorporated under the Canada Companies' Act
The Court sustains the validity of the bonds issued to retire underlying
bonds, and holds that as to the bonds held Invalid the present company,
while lt could not legally Issue the bonds under the old mtge., Is bound to
the holders for the principal and Interest thereof at their respective ma
turities, as If It had itself executed and sold the bonds as an original Issue
of Its own obligation. There are 58,584,500 of underlying 6% bonds ma
turing July 1, for which under the decision an equal amount of bonds under
the old gas company mtge. of 1904 can be Issued, “with all the security
of the gas mtge. behind them.”
Last fall some of the bondholders raised an objection to the further Issue
of bonds to pay for property acquired since the consolidation. The Court
of Appeals decided that no more of the bonds should be Issued except to
retire underlying bonds. Judge Dobler In Circuit Court No. 2 recently
upheld the legality of the 548 bonds, but lt was generally understood did
not pass on the real merits of the case, simply sustaining the decision of
the same Court under another Judge several months before. This left In
doubt the status of the 518 bonds referred to and now decided by the highest
State Court.— V. 90, p. 1046, 979.
Consolidated Lighting Co. of Vermont.— B o n d s O ffered . —

to take over as a going concern the Haskell Lumber Co., and owns In fee
simple (a) about midway between Montreal and Ottawa, adjacent to the
Ottawa River, 68,000 acres of pine, spruce, birch, hemlock, maple and oak
timber lands, estimated to contain 540,000,000 feet of merchantable tim
ber valued at 5765,000; (6) up-to-date double-band saw-mill, shingle and
lath mill, water works and electrlc-llght plant, laborers’ houses, &c.; (c) 15
miles of railroad, 2 locomotives and 71 cars, appraised at 5347,267; (d) lands
suited to agricultural pursuits after the timber has been removed, say, con
servatively, 20,000 acres. Assuming the value of such lands to be only 55
an acre, the company's total net assets mortgaged as security for the bond
Issue have a value of 51,612,267. In addition, the surplus quick assets
on Sept. 30 1909 amounted to over 5100,000.
The saw-mill has a capacity of 30,000,000 ft. per annum, and at the pres
ent time Is operating on the basis of approximately 25,000,000 ft, a sinking
fund of 52 per 1,000 ft., log scale, for all timber cut being sufficient to retire
all the bonds before consuming one-third of the standing timber. For the
three years and one month ending Sept. 30 1909 the net earnings amounted
to 5194,222, an average of 562,990 per annum, being 3 H times the annual
Interest charge on the total bond Issue. These earnings were secured
through an aggregate cut of 37,873,810 ft., or an average annual cut of
only about 12,000,000 ft. It Is conservatively estimated that the net
earnings for the current year will amount to at least 5160,000, or over eight
times the annual bond Interest. The present bond Issue Is being made for
general purposes, such as acquiring additional limits, railway extensions,
to pay off lloatlng debt, &c.
Fayette County (Pa.) Gas Co.— S a le o f W e st V a . H o ld in g s.

Spitzer & Co., New York, &c., have purchased and now
offer at 101 and int. $150,000, the balance of an auth. issue
of $700,000, first mtge. sinking fund 20-year 5% gold bonds,
dated 1906, a first mortgage on a water-power plant, with
broad and perpetual franchises. Int. J. & J. at Trust Co.
—The shareholders have voted to sell the company’s oil and
of America, N. Y. City, trustee. A circular reports:
Capital stock outstanding, 51.000,000; 1st M. bonds (closed mortgage), gas holdings in West Va. to the Standard Oil Co. (or one of
5700,000, less canceled for sinking fund, 544,000, net bonded debt (out its sub. companies), but will retain the Pennsylvania proper
standing), 5656,000.
ties and have a continuous contract with the Standard for a
E a r n i n g s fo r th e L a s t T h r e e F is c a l Y e a r s .
supply of gas from the West Va. field. A similar contract,
1909.
1908.
1907.
Gross earnings_________ __________
5143,513
5122,728
5105,319 it is understood, is pending between the Standard and the
Net earnings (after taxes)____ _ . 588,673
575,534
564,982
After paying Interest on bonds, there remains [from the earnings of 1909] Manufacturers’ Light & Heat Co. of Pitts.— V. 87, p. 1666.
a surplus of 555,873, which Is over 5% on the 51.000,000 common stock.
Gottlieb-Bauernschmidt-Strauss Brewing Co., Baltimore.
The company furnishes light and power to Montpelier, Barre, South Barre,
YVaterbury, Granltevlllc, VVilllamstown, &c., an area of about 50 square — N o In te re st on In c o m e s. —The directors, it is announced,
miles In the heart of Vermont. Compare V. 82, p. 454; V. 84, p. 1250.
have decided not to pay any interest at this time on the
Corn Products Refining Co.— P la n f o r N a tio n a l S ta rc h C o. $3,500,000 5% income bonds.
—See that company below.—V. 90, p. 851, 845.
Last year 1H% was distributed, J4% In May and the same in November.
Dominion Iron & Steel Co., Ltd., Montreal.— C irc u la r R e March 1910 Interest on the 1st M. bonds was met promptly.—V. 89, p. 1143.
Great South Bay Water Co., Islip, Patchogue, E tc.,N .Y .
g a rd in g A m a lg a m a tio n P la n . — A circular dated April 20, sent
by President J. II. Plummer to the shareholders of the — N ew B o n d Is su e — R e fu n d in g . —This company’s funded
Dominion Coal Co., Ltd., and the Dominion Iron & Steel Co., debt consists of $200,000 5s due May 1 1910 and $60,000 5s
Ltd., on behalf of their respective boards of directors, says: due June 1 1929, total $260,000 of which $249,000 is out
The proposal for a union of the Interests of the shareholders of the com standing; also $40,000 Suffolk County Water Co. 6s (assumed)
panies by an exchange of the common stock In each for shares In a holding due May 1 1910. For the purpose of funding outstanding
company would, lt is believed, be of great advantage to both companies. bonds and of meeting the necessary expenses of betterments
It would not aircct the holders of bonds and preferred stock, as the two com
panies must maintain their distinct corporate existence, and the relations and extensions, the company has executed to The People’s
between them will be governed by the existing contracts. Nor will It ef Trust Co., a mortgage securing an issue of first mortgage
fect the holders of common stock In either company who do not accept the
oiler; their earnings can be paid out only In the form of dividends, and all refunding gold 5% tax exempt bonds due Nov. 1 1938
shareholders, Including the holding company as one shareholder, will stand (without option of prior redemption) to the total amount of
in the same position. [A prospectus of the Dominion Steel & Coal Cor
$400,000, which shall be a first lien on all of the property
poration, Ltd., was In V. 90, p. 1104.]
There is a consensus of opinion on the following points: (1) That no union upon retirement of the $60,000 5s due 1929, to take up which
can now be effected except on the basis o " equal values being accorded to sufficient of the new bonds is reserved. The following an
both stocks. (2) That an exchange on the basis of equal value will be
accepted by holders of a majority of the common stock of both companies. nouncement is made to the holders of both issues of bonds
(3) That It Is desirable that the coal company should, for the present, be
relieved from the need of considering the question of dividends on Its com due May 1 1910:
mon stock, and thus be given a free hand In dealing with the strike. (4)
That lt Is also desirable to relieve the steel company from the payment of
any dividend on its common stock until the extensions of the plant ate com
pleted. (5) That the proposal made wilt accomplish the objects set out
In the two preceding paragraphs, without depriving the shareholders of a
return upon their Investments In the meantime.
This proposal Is: One share of 5100 par value In the common stock of the
Dominion Steel & Coal Corporation, Ltd., and 54 in cash. In exchange for




Holders ol the maturing bonds arc Invited to exchange them for the new
bonds and to deposit them with the People’s Trust Co., 181 Montague St.,
Brooklyn. Negotiable receipts will be Issued against all bonds so presented,
and the May coupon on such bonds will be paid at the time of deposit.
Further Information may be obtained at the People’s Trust Co. or from
Iloody, McLellan & Co., I l l Broadway, N. Y.
During the last four years the company has been obliged to expend for
new construction over 580,000, not only to meet the Just demands of our

1174

THE CHRONICLE

patrons, but also to properly develop and extend the business. About
$35,000 of these expenditures have been paid from net earnings and the
remainder has been obtained through loans. That these expenditures
have been profitable Is shown by the gross receipts: 1900, $32,719; 1907,
$33,729; 1908, $39,431; 1909, $46,208. For the year ending Dec. 31 last
the net receipts, after paying all Interest charges, were a little In excess of
$10,000, thus showing that the company Is earning 50% In excess of the
amount necessary to pay the Interest on Its bonded debt after the amount
has been Increased to $400,000. The new bonds have an Important pref
erence over the old ones In being exempt from taxation. [Stock stated as
$160,000 In $100 shares; no dividends as yet. David A. Boody Is President;
U. C. Varick, Sec. and Treas., and the other directors are James C. Foley,
Theodore Ames Jr., A. Victor Barnes. Captain Albert Ketcham and C. G.
Sands.]—V. 09, p. 130.

[VOL LXXXX

March 1 1910, due March 1 1925, but redeemable at 103 x/i
and int. on any interest date. Cumulative sinking fund,
$50,000 per annum, beginning March 1 1915. Int. M. & S.
Par, $100, $500, $1,000 (c*). Trustee, Union Trust Co.
of Spokane. Practically all have been sold to investors.
Capitalization—Other Information (Condensed from Circular).

First M. 6% bonds, a first lien on all present and future property;
auth., $800,000; reserved, $200,000, for 75% of actual cash
cost of future additions; Issued_____ . _
__ — ----$600,000
Pref. stock, preferred as to assets and entitled to 7% non-cum.
dividends ($282,000 pref. Is In treasury)
______ .
—
1,200,000
stock______________________ ____________________ 1,200,000
Home Telephone Co. of Puget Sound, Tacoma, Wash.— Common
Organized (in 1910) under the laws of the State of Washington as suc
R e c e iv e rs h ip . —See Home Telephone & Telegraph Co. of cessor to the Lewiston-Clarkston Co. (V. >-0, p. 475; V. 81, p. 729). Three
departments: (1) Orchard lands and town lots, which are to be sold for
Portland, Ore.
horticultural, gardening, residence, business and manufacturing purposes;
Home Telephone & Telegraph Co. of Portland, Ore.— (2) sale of water for irrigation, domestic and manufacturing purposes;
(3) the manufacture and sale of electricity.
Perpetual franchise In
S ta tu s — R e c e iv e rsh ip f o r A f f ilia te d C o m p a n ie s . — On appli Clarkston,
satisfactory franchise In Lewiston.
I r r i g a t i o n .—-The lands under the water-supply lie principally In or
cation of this company, Judge Dunworth of the Federal Court
to the town of Clarkston, Wash, (population about 3,500), opposite
at Tacoma on April 14 appointed Eben F. Wells as receiver adjacent
Lewiston, Idaho (population about 8,500). The towns arc connected by
for its affiliated companies, the Home Telephone Co. of a steel highway bridge 1,450 feet In length controlled by the LewistonClarkston Improv’t Co., 45% of the capital stock being pledged as part
Puget Sound, operating in Tacoma and Bellingham, and the security
for above bonds. The Irrigation system Is planned to supply
Northwestern Long-Distance Telephone Co., with a view to about 8,000 acres; 3,400 acres In Clarkston, Clarkston Heights and Vine
land arc owned by the company; 2,600 acres have been sold; the remaining
scaling down the large indebtedness, funded and other, 2,000
acres are held by private owners, to whom eventually the company
created by a former management.
will sell water rights. Water-supply ample, including practically the
entire fiow of Asotin Creek, which rises In the Blue Mountains; drainage
S ta te m e n t b y I le r v e y L i n d le y , V ic e - P r e s . o j H o m e T e l. & T e l. C o ., P o r tla n d .
square miles, annual discharge, 39,410 acre feet. The entire
Our company Is In good physical condition and Is earning fixed charges area, 169
Is delivered under pressure through the main (40 to 48-ln.) pipe line,
on Its bonds. It has no tloattng debt. April 1 1909 the company had supply
In
all
12
H
miles, to the Pomeroy reservoir at Clarkston. Elevation o )
about 7,010 paying telephones In service. It now has more than 11,000.
lands, 750 to 1,250 ft. above sea level.
Advances In considerable sums have been made to the Home Telephone fruit
E l e c t r i c B l u n t s .—The power plant comprises the Asotin power station,
Co. of Fuget Sound and the Northwestern Long-Distance Telephone Co. the Pomeroy power station, the Clarkston auxiliary steam plant and the
While these companies are In good physical condition and are serving the Lewiston sub-station. Total rated capacity of water-power plants, 2,530
public satisfactorily, they cannot meet their fixed charges. The present h. p.; combined water-power and steam plants, 3,063 li. p. The towns of
board has not sold any of these securities, but with a large Indebtedness, Asotin, Clarkston and Lewiston are served direct by the company; In the
previously contracted by these companies, no new money could be enlisted towns
Uniontown, Colton, Genesee, Moscow and Pullman the current
for extension and their reorganization Is Imperative. Tacoma and Belling Is sol'! of
to a local distributing company. Total length of transmission lines,
ham are thrifty cities, and with proper management these companies should 54 miles.
Any additional power needed during the Irrigation season Is to
be able to pay Interest on a reasonable Investment.
be provided for by a contract with the Washington Water Power Co.
S ta te m e n t b y R ic h a r d W . M o n ta g u e , A tto r n e y .
S y s t e m P r a c t i c a l l y C o m p l e t e d .—Except
the extension of the trans
The suit Involves $150,000 Indebtedness from the Fuget Sound company mission line from Moscow to the Washington Water Power Co.’s line at
and $55,000 from the Northwestern. The bonded debt of the Northwestern Palousc, the construction of an equalizing peak-load reservoir at Asotin,
Is about $1,317,000 and of the Fuget Sound something over $1,800,000, the extension of lateral pipe lines as the land Is sold and other minor Im
These bonds have been scattered all over the country and at present are provements, the entire power and water systems are completed.
selling at about 35 cents on the dollar, but when the reorganization now
In order, however, to meet the demands for power for manufacturing
being undertaken Is effected, they should prove a good Investment at a purposes, the management Is considering the development of the water
power which it owns on the Grande Ronde River, at a point about 28
considerably higher price.
[In March 1909 a syndicate composed of Sam Hill, Ilervey Bindley, E. A. miles south of Clarkston, where there Is water available at all times sufficient
Stuart, W. G. Collins and M. A. Arnold of Seattle, and William M. Ladd, to produce about 6,900 h. p., peak-load capacity 10,000 h. p. 60% of
P. I,. Willis, W. F. Burrell, F. It. Page and I. N. Flelschner of Portland the capital stock of the Grande Ronde Power Co. Is pledged as part security
purchased the entire stock holdings of the National Securities Co. of Los for the bonds now ollereil.
Angeles In the Home Tel. & Tel. Co. of Portland, the Home Tel. Co. of V a l u a t i o n o f $2,083,481 P l a c e d u p o n t h e P r o p e r t y b y J . G . W h i t e & C o .
Puget .Sound and the Northwestern Long-Distance Tel. Co. of Portland.,
conslstlng.lt was said, of over 50% of the total stock In the case of the last- Land and town lots (1,122 town lots and 21.87 acres In Clarkston;
806.83 acres in Vineland and 2,383.49 acres In Clarkston
named concern and from 40 to 50% of the stock of the other two; also from
Heights, 640 acres above present water-supply system); net
Eastern manufacturers $200,000 bonds with stock bonus, In one case at
value (after allowing $313,000 as expenses for sale of lands). .$ 1 ,429,481
least, of 50%. The National Securities Co., It was stated, retained bonds
400,000
of the three companies to the amount of over $1,000,000. The Portland Unsold water rights for 2,000 acres at $200, Including piping----225,000
company was then reported to have outstanding $2,150,000 stock and to be Sundry assets____ ____________ _______ ____________________
325,000
operating In Oregon City, Albany and Corvallis as well as Portland. The Cost of completing the distributing pipes as the lands are sold—
354,000
Puget Sound company was organized In 1905-00 with some $5,000,000 of Add replacement value of electrical power plant------ - ---------Company also has $110,000 cash and $282,000 pref. stock In Its treasury.
auth. stock, of which $1,320,000 was outstanding In March 1909. The
Northwestern was formed Jan. 20 1906 with $1,500,000 stock ($630,000 E a r n i n g s f o r C a l e n d a r Y e a r s 1908 a n d 1909 a n d 14 M o n t h s e n d . D e c . 31 1907.
out March 19 1909) and a bond Issue spoken of In 1906 as $500,000,
14 M o s . 1907.
Y e a r 1908.
Y e a r 1909.
to build from Seattle to Tacoma. &c.—Ed.]
Gross earnings
__ . . . . . . .$146,441
$134,792
$138,669
Net
earnings
(after
oper.
exp.)
..
$34,723
$57,262
Hotel Sherman Co., Chicago.— B o n d s S o ld . —Farson, Son Annual interest on $600,000 1st M. 6% bonds will amount to----- $48,133
$36,000
& Co., New York and Chicago, recently ofTered at a price to
•J. G. White A Co. estimate that the electric light and power business
yield 5 X
A % income, and have sold, the entire issue of alone (now nearly 1 J-j times lnt. charge, will probably develop annual
of about $98,550.
.$1,000,000 fi% serial gold 1st M. bonds dated Oct. I 1909, earnings
The proceeds from sales of land and water rights are to be applied as
due serially (A. & O.) from April 1 1913 to April l 1922, inch, follows: (a ) 60% to be turned over to company and used (after providing
any charges not met out of earnings, Improvements, &c.), one-half to
viz.: $50,000 in 1913, $75,000 yearly 1914 to 1910, $100,000 for
retire pref. stock and remainder as sinking fund for bonds; (b) 11 al 40%
yearly 1917 to 1921, $225,000 April 1 1922. Optional on must be retained by the trustee to retire the bonds. Dividends on stock
and after Oct. 1 1910 at 1 0 2 and interest. Int. A. & O. can be paid only out of earnings.
Long Acre Electric Light & Power Co.— F a v o ra b le D eci
at office of Farson, Son & Co., Chicago, or N. Y. City.
s io n .—The Appellate Division of the Supreme Court, First
A circular says in substance:
Capitalization: Pref. stock. 7% cumulative. $1,600,000- common stock, Department, on April 22, by a vote of 3 to 2, held that the
$1,400,000; 1st M. bonds (present Issue), S t,000,000.
Public Service Commission exceeded its authority in denying
The Sherman House Is one of the oldest anil most profitable hotels In the
city. The old structure (196 rooms) Is to be replaced by a modern 15-story the application of the company to issue any part of the
hotel, which will be completed about Dec. 1 1910; a fire-proof building, proposed $50,000,000 bonds (of which $12,000,000 to be
frontage 160 ft. on Randolph St. and 180 ft. on Clark St., with basement
and sub-basement, banquet halls, 757 rooms, each with private bath, and issued at once) and $10,000,000 stock. Compare V. 80,
In the basement the “College Inn,” a most popular restaurant, seating p. 1592, 483, 423.— V. 88, p. 028.
capacity 1,500. Security for these $1,000,000 bonds, the only Indebted
The Commission must either hold further hearings anil determine the
ness: Value of leasehold, $600,000; cost of building, $2,500,000; cost of case
or appeal to the Court of Appeals. It has been Intimated that an
equipment, $450,000; total, $3,550,000. Two additional properties are appeal
will probably be taken. —V. 88, p. 628.
owned but are not Included In the mortgage (1) The site of the Fidelity
safety deposit vaults; (2) Nos. 122 and 124 College St. (leasehold), on which
Los Angeles Gas & Electric Corporation.— A d d itio n a l
the company Is erecting a building to house Its restaurant and the College B o n d s O ffered — E a r n in g s , cfee.— N. VV. Harris & Co., New
Inn during the construction of the hotel.
The net annual Income from the present old building Is largely In excess York, Boston, &c., E. II. Rollins & Sons, Boston, New York,
of the amount required to pay the Interest charges on the new bond Issue
The company on Dec. 1 1906 leased the site of the present Sherman House &c., and the Harris Trust A Savings Bank, Chicago, are
at an annual rental for 1st decade of $60,000: 2d decade of $63,000; 3d placing at 98 and interest an additional $500,000 “first and
decade of $66,000: thereafter till 2006, $69,000.
refunding mortgage” 5% gold bonds, dated Sept. 1 1909.
E s tim a te d A n n u a l E a r n in g s (o n C o n s e r v a tiv e B a s i s ) .

Room receipts, $511,000; restaurant (net) ,$214,800; bar (net)
$213,525- cigars and news stand, $21,900; banquets,conven
tions, &c., $30,000; store rentals, $60,000; concessions,$35,500; White City concession, $10,000; laundry and miscellane
ous, $19,600; total receipts-------- ------------------ -------- - - - — $1,116,325
Oper. expenses.—Renewals, $55,820; light, heat and power, $48,
000; repairs to building, $12,000; advertising, S 12,000; restau
rant wages and expenses, $158,250: bar expenses, $36,000;
cigar and news stand expenses, $2,500; general and room ex
penses, $128,484; total------------------------------- -------------------453,054
Operating profit----------------- ---------------------------------. . . . . . . . . $663,271
Ground rent, $60,000; lnt. on bonds (decreases annually), $60,
000- taxes, S36.000; Insurance. $8,000; total charges.. ........... 164,000
Estimated net profits------ - — ............................. ..— $499,271
The control and management of the company Is In the hands of one of
Chicago’s most successful business men, Joseph Belfeld, and his lieutenants,
Frank W. Bering and Eugene V. Belfeld.

Lehigh Coal & Navigation Co.— D iv id e n d s to B e R a id
Q u a rte r ly . —The company has declared a regular semi-annual
dividend of 4% (§2 a share), payable May 27 to holders of
record April 30, comparing with 4% and 1% extra paid in
November last.
The company announces that dividends, heretofore paid
semi-annually (M. & N .), will be paid quarterly hereafter,
beginning Aug. next, on the last business days of the month,
Feb., May, Aug. and Nov. of each year.— V. 90, p. 1047.
Lewiston-Clarkston Improvement Co., Clarkston, Wash.
— B o n d s O ffered . —Spencer Trask & Co. are placing at
100% and int. $000,000 1st M.6% 15-year gold bonds,dated



Condensed Extracts from Letter of Pres. W. B. Cline, Los Angeles, April 1
1910.

#

The physical property, without any allowance for franchise or good
will, Is conservatively valued at over $11,000,009, thus showing an equity
of over $5,500,000 above the $5,500,000 of outstanding bonds.
C a p ita liz a tio n .

Pref. stock (1st pref., $4,000,000; 2d pref., $6,000,000), Issued
None
Common stock, authorized, $20,000,000; Issued---------------------$7,250,000
First and ref. 5s, authorized, $15,000,000 Issued
__________ 1,982,000
Underlying bonds (closed mtges.): Los Angeles Lighting Co. 5s,
$985,000: Los Angeles Electric Co. 5s, $486,000; Los Angeles
Gas & Electric Co. 5s, $2,047,000; total................ ........... . . . 3,518,000
Of the “first and refunding mortgage” bonds, $3,518,000 are reserved to
retire said constituent company bonds and the remaining $9,500,000 are
reserved anil can be Issued only for permanent extensions and additions (as
stated In V. 89, p. 923). Of the amount of these bonds Issued,$186,000
are held In the sinking funds of constituent companies.
E a r n i n g s , A c . , / o r C a l e n d a r Y e a r s , S h o w i n g / o r 1909 N e t I n c o m e F o u r T i m e s
th e P r e s e n t I n te r e s t C h a r g e .

1907.
1908.
1909.
Gas meters Dec. 31, No
_ ___
59,800
62,605
7‘L333
Electric meters Dec. 31, N o .----------15,683
«<>
Gross earnings
__ .... ............ ..$2,530,284 $2,615,909 $2 910,811
Net earnings (after op. exp. &taxes).
907,102
1.003,075 1,207,632
Annual Interest charg , including $500,000 bonds now ollereil
„7o,000
Surplus____ _____
$932,632
The corporation has extensive holdings of real estate valued at $1,090,000,
Including 17 M acres In Los Angeles, mostly In the down-town district; gas
works In Los Angeles, using principally crude petroleum and having a rated
capacity of 18,100,000 ctt. ft. I n 21 hours; holders with a combined capacity
of 8,122,183 cu. ft. In Los Angeles and Pasadena; and on Jan. 1 1910
751 miles of mains, Including two trunk mains from Los Angeles to Pasa
dena and 74,253 gas meters In service, of which 8,178 were In Pasadena.
(In 1909 2,407,108,200 cu. ft. of gas was sold; price, 80c. per 1,000 ft.).
Electric plant consists of 5,000 h. p. (builders’ rating) In boilers, 11,750

A pr . 30 1910.]

THE CHRONICLE

h. p. In steam engines and turbines, and 12,444 h. p. In electrical apparatus.
The electric plant served 20,844 consumers on Jan. 1 1910, from 1,705 miles
of overhead main wire and 12.9 miles of underground conduits, and the
total connected load was about 38,000 h. p.
Two-thirds of the gross earnings arc derived from the sale of gas. In
Los Angeles, Pasadena and the suburbs of South Pasadena and Alhambra
the corporation controls over 85% of the gas business. The electric busi
ness has been carried on successfully for many years and Is confined to
Los Angeles, which Is also served by the Southern California Edison Co. and
the Pacific Light & Power Co. Excellent relations exist between the three
companies, to all of whom the business Is prolltable. The territory served
by the Los Angeles Gas & Electric Corporation has an estimated population
•of 390,000, of which 350,000 are In Los Angeles, 30,000 In Pasadena and
10,000 In South Pasadena and Alhambra. See also V. 89, p. 923.
Minneapolis General Electric Co.—F ra n c h ise G ra n ted in
J u n e 1908 N o t in E ffe c t. —The franchise described in our

1175

chtses. The recent report that the Consolidated Gas Co. of N. Y. Is In con
trol Is denied. Compare V. 90, p. 853.
E a r n in g s . — For 2 months ending Feb. 28 1910:
2 M o n th s —
G ro ss.
N e t.
I n te r e s t.
A m o r t i z a t ’n . I S a l . , s u r .
1910
. ---- $117,402
$65,838
$22,461
$16,208
$27,169
— V. 90, p. 853.

New York Transportation Co., New York.— B a la n ce S h eet
— A printed sheet dated April 12 contains the income ac
counts given last week (p. 1104) and a balance sheet of June
30 1909, showing:
Liabilities: Capital stock. $4,700,000; accounts payable, $87,140; taxes
accrued. $5,330; profit and loss—surplus. $62,913; total, $4,855,383; and
as offsets: Assets: Real estate and buildings; $61,053; buildings and Im
provements on leasehold property, $97,849; contracts, rights, &c., $978,191;
equipment, vehicles, $809,452; shop tools, machinery, fixtures, office furni
ture, &c., $118,316; Investments—capital stocks of subsidiary companies,
$964,189; advances to sub. companies. Including Interest, $1,445,966;
materials and supplies, $97,044; prepaid Insurance, taxes, rents, &c., $12,
399; cash, $160,796; accounts and notes receivable, $110,132; total, $4,855,
383. Sec also V. 90, p. 1105.
North Shore Electric Co., Chicago.— S ta tu s o f N e w B o n d s
— N ew S to c k . — Edward P. Russell, or Russell & Brewster,

issue of July 4 1908 (p. 42) was passed by the City Council
but. vetoed by the Mayor. It is, therefore, not in effect.
— V. 90, p. 306, 55.
Missouri & Kansas Telephone Co.— N e w S to c k .—The stock
holders voted April 27 to increase the capital stock from
$5,000,000 to $20,000,000.
This company has purchased, it is said, for $171,000, through
the medium of a subsidiary, the Bell Telephone Co. of explains the recent sale of the company’s bonds as follows:
stockholders have authorized an Issue of $25,000,000 refunding gen.
Wichita, the property of the Wichita Independent Telephone M.The
5% bonds, and we have sold, together with N. W. Halsey & Co., $500,
:Co., serving 4,300 telephones.
000 of these bonds at 98, secured by an equal amount of old 1st M. bonds,
It Is claimed that the business men of Wichita will save $48,000 per year
by the consolidation. The Independent Co., It seems, was unable to
finance Its requirements.—V. 90, p. 853, 506.
Montreal Water & Power Co.—B o n d s O f f e r e d — Hanson

Bros., Montreal, recently offered at 95 and int. £100,000
prior lien gold bonds, payable at maturity June 30
1932 at £105, par £100 each (r), or at any prior time at com
pany’s option (or in case of liquidation) at £110. A circular
•says in substance:

4 }4 %

trusteed. The total amount of the latter Issued was $4,000,000 and the
total authorized $6,000,000. There can be Issued only $1,500,000 more of
the new- bonds before all the old bonds are canceled. Consequently the
new bonds sold and $1,500,000 to be sold when occasion arises are really
a flrst lien upon all the property of the company except $350,000 odd
junior liens.
Of the $2,000,000 new stock, making a total of $7,000,000, the com
pany recently sold an amount to stockholders sufficient to realize about
$450,000 (V. 90, p. 917). The company previously raised $625,000 from
the sale of stock to the stockholders, or a total of more than $1,000,000,
all of which went into the property, as do the proceeds from our sale of
bonds. North Shore Electric bonds have never been Issued except for 7 5 %
of the property acquired.
Commonwealth Edison Interests control the North Shore Electric, and
Samuel Insull Is President of both companies; but otherwise they are quite
separate corporate entitles. Some day It may be deemed advantageous
to combine them, esoeclally If there should be a big merger of local utilities,
as proposed from time to time. Compare V. 90, p. 1105, 1917.
Northwestern Improvement Co.— S to c k . —The company,

Part of a total authorized Issue of £1,000,000, of which, Including the
present ollering, about £500,000 have been Issued. Int. June 30 and Dec.31
at Hank of Montreal, London, and Montreal (at $486 2-3 to £). A flrst
charge upon the franchises, plant and all assets other than movable chattels,
•subject to a lien of $250,000 In respect of that portion relating to the City
of Ste. Cuntgonde which the company cannot pay oil until 1915.
The company has been In operation since 1892 and It has contracts, mostly
.for 50 years, with the following cities and towns adjoining the city of owning valuable coal and timber lands in the interest of
Montreal, for the exclusive supply of water for domestic and lire-protectlon
purposes, viz.: (1) Now annexed to and forming part of said city, which the Northern Pacific, has filed in the office»of the Secretary
has assumed their obligations: St. Henry, Ste. Cunegondc, Cote ,St. Louis, of State at Trenton, N. J., a certificate showing $6,775,000
Gotc-des-Nelgts, Villeray, De Lorlmer and St. Louis (annexed Jan. 1 1910):
(2) still distinct municipalities: Malssonneuve, Outremont, Cote St. Paul, capital stock outstanding, fully paid in. The authorized
Gotes-des-Nelges West. Under most of the contracts no extension can be stock is reported to be $10,000,000. Compare Northern
forced on the company unless a revenue of 10% upon the cost Is assured.
Except In four municipalities, the taking of water Is compulsory upon the Pacific Ry. item, Y. 87, p. 1238.
residents, at rates based upon house rental values, payable In advance.
The company was Incorporated In N. J. Oct. 19 1897 with $1,000,000 of
Total population served, about 160,000 In 1909: the last census showed an auth. cap. stock. Increased to $3,000,000 Oct. 29 1897. A certificate was
Increase of over 66% for the decennial period, contrasting with about 25% filed on Jan. 4 1898 of payment of $1,000,000 on the stock and again of
in Montreal proper.
payment of $1,775,000.
The company owns a reservoir of 7,000,000 gallons capacity, and a second
Northwestern Long Distance Telephone Co. of Portland,
■reservoir of about 45,000,000 gallons capacity, Is under construction: also,
April 30 1909, 125 miles of mains and about 160 miles of service pipes,
■connecting with 30,016 private dwellings, factories, & c,. The three Ore.—R e c e iv e rs h ip . —See Home Telephone & Telegraph Co.
pumping stations are supplied with the latest electrical machinery, and also of Portland. Ore.
with auxiliary steam power.
Otis Elevator Co.— O fferin g o f N e w D eb en tu re s — F u rth e r
d r o s s R e v e n u e fo r Y e a r s e m ltn ij A p r i l SO . S h o w in g a n A n n u a l In c r e a s e o f
F a c ts . — Blair & Co., N. Y., are placing at 9 8 ^ and int.. as
O v e r 13%.
1908-09. 1907-08. 1906-07. 1904-05. 1902-03. 1900-01. 1898-99.
stated last week, the unsold portion of the issue of $3,500,000
$352,810 $300,837 $263,524 $184,838 $148,775 $127,237 $100,923 convertible 5% gold debenture bonds.
R e s u l t s f o r Y e a r e n d i n g A p r i l 30 1909.
Abstract of Letter from President W. D. Baldwin, New York, April 18 1910
Gross Income
........ .........$352,8101Interest on funded debt......... $84,471
The $3,500,000 of 5% convertible gold debenture bonds purchased by
Net prollts........ ................ 200,623 Ibalance, surplus______________116,152
you are dated April 1 1910 and mature April 1 1920. The bonds are $1,000
The City of Montreal has been authorized by the Legislature to acquire denomination;
interest payable A. & O. in N. Y.; In coupon form, with
by expropriation (as a going concern) the whole of the undertaking of the
of registration, and are redeemable at 102 Vi at any Int. date on or
company, provided the city shall carry out the contracts of the company privilege
April 1 1913. .The bonds arc convertible at par Into common stock
•and the agreements with the other municipalities served. Negotiations have after
the holder’s option on or after April 1 1913.
already been opened with the company. If the city ever exercises this at The
are Issued under an agreement (New York Trust Co.,
power the purchase-money will be subject to the trust deed securing the trustee)bonds
which provides that: (1) Neither the company nor any of Its
bonds and be payable to the trustee.
subsidiaries
shall
mortgage, pledge or hypothecate any of their properties
In addition to the prior lien bonds and the Ste. Cunegondc bonds already
mentioned, there Is an authorized Issue of £250,000 5% mortgage bonds, of or assets: (2) no dividends shall be paid, except out of undivided net profits
which £220,600 have been Issued. These bonds rank after the prior lien of the company arising from Its business; (3) the working capital, cash and
bonds. The company Is Incorporated under the laws of the Province of quick assets of the company, over and above any and all Its Indebtedness,
Quebec. Authorized capital stock, $1,160,000, of which $780,000 has except the debentures, shall at all times exceed the principal amount of the
been Issued—$500,000 In preferred and $280,000 In ordinary shares. --V. debentures outstanding: (4) the properties will be properly maintained and
Insured, and the business actively conducted; (5) on or before April 1 1914,
*9, p. 344,
and during each succeeding year to and Including 1919, the company will
National Fuel Co., Denver, Col. - A c q u isitio n s — N e w S e  retire by purchase or redemption not less than $100,000 of the debentures.
The company has outstanding $6,310,000 6% non-cumulatlve pref.
c u r itie s — T in * company, which in January last was reported stock, on which dividends have been paid since July 15 1899, and $6,375,300
as increasing its capital stock from $150,000 to $2,000,000, of common stock, on which 3% Is being paid.
The company has been in successful operation for many years. It owns
on account of recent acquisitions in both the northern and plants
at Yonkers and Buffalo, N. 5'., Harrison, N. J., Philadelphia, Pa.,
southern coal fields of Colorado, has since filed a mortgage Chicago and Moline, 111., and Peru, Ind., with offices In over fifty cities of
United States. These plants are maintained at a high state of efficiency
to the International Trust Co. of Denver, as trustee, to se the
by the expenditure of large sums for betterments and additions. All ex
cure a $2,000,000 bond issue. The old issue of 1st M. 7s penses for repairs, renewals and patents are charged Into operating costs,
the earning power of the company has steadily Increased. The com
(about $125,000) has been largely, if not wholly, paid off. and
pany occupies a leading position In this Important Industry In the United
The “ Denver Republican” on Jan. 21 1910 said:
States and Its business abroad Is growing rapidly. The value of the real
which Is free and clear of all encumbrance (except $160,000 on 11th
Monarch Mines Nos. 1 and 2, on the Colorado & Southern, Just north of estate,
Ave. property, N. Y.), together with all the other assets, not Including
Denver: the Parkdale mine, on the Burlington, and the Puritan mine, on good-will
or patents. Is conservatively estimated to be not less than $14,
the Union Pacific, are among the large new acquisitions of the National Fuel 000,000.
The cash and quick assets, with these bonds Issued, amount to
Go. In southern Colorado the Green Canon, Black Canon and Suffleld about $7,000,000
over and above all Indebtedness, except the deben. bonds.
mines, In the Walsenburg and Trinidad districts, go to swell the list of
The net surplus Income, after taxes and interest, for the calendar year
assets. In addition, the company recently bought from the Wisconsin 1909,
was
$1,048,689,
and for the last nine years aggregated $8,265,248.
Trust Co. 1,200 cares of valuable coal lands at Walsenburg, and 600 acres
average annual net surplus Income for the last nine years was $918,361,
equally valuable from other owners In the same district; also, 1,000 acres The
sum In excess of five times the amount of the Interest requirements of this
•of colclng-coal property In the lower Trinidad district. Monarch No. 2 (the aIssue.—V.
90, p. 1106, 854.
Lucas mine), at Louisville Junction, Is the company’s largest producer In
the northern field. The company Is controlled by Harry Van Mater,
Pennsylvania Steel Co., Philadelphia.— O p tio n to S u b scrib e.
formerly assistant to Frank Trumbull when the latter was President of the
Colorado & Southern.—V. 87, p. 1424.
— At a meeting bf the directors held April 15 1910 it was de

National Starch Co .— R e a d ju s tm e n t P la n R e a d y .— The
committee announce that a plan and agreement for the re
adjustment of the indebtedness of the Nat. Starch Co. has
been adopted and that a copy of the same has been filed
with Speyer & Co., 24 Pine St., the depositary under the
agreement. It is understood that the plan in brief is to
give the holders of the Nat. Starch Co. 5% debentures and
Nat. Starch Mfg. Co. 6% 1st M. bonds five-sixths of the
face value of their holdings in new 20-year debentures,
guaranteed, principal and interest, by the Corn Products
Refining Co.—V. 90, p. 853.
New York & Queens Electric Light & Power Co.—L is te d .—
The New York Stock Exchange has listed $78,000 additional
5% first consolidated M. coupon bonds, due 1930, making
the total amount listed to date $2,350,000.

termined to issue, at par, for corporate purposes, 40,875
additional shares (7% cum.) pref. stock, yielding to the com
pany $4,087,500, thereby increasing the outstanding pref.
stock from its present figure ($10,500,000) to $20,587,500.
A circular signed by Pres. E. C. Felton, Phila., Apr. 18, says:

Holders of the present preferred and common stock of record April 30
1910 shall have the privilege until 3 p. m. June 1 1910 of purchasing said
shares at par, $100 per share, at the rate of three shares of new stock for
each 20 shares held by them, being 15% on their holdings of each class of
stock. Payments therefor to be made either (a) In four equal Installments,
June 1, July 15, .Sept. 1 and Oct. 15 1910, In which case 5% interest shall
be paid upon the Installments from the dates of their payments, respectively,
up to Nov. 1 1910: or (b ) all Installments may be paid at one time on or be
fore June 1 1910; in this latter case the full-paid receipts shall bear Interest
from the dates of payment up to Nov. 1 1910 at a rate of Interest equiva
lent to the rate of the annual dividend which shall be payable on the present
pref. stock Nov. 1 1910. In either case full-paid receipts shall be exchange
able on or after Nov. 2 for certificates of pref. stock, which shall participate
In all dividends declared on the pref. stock after Nov. 1 1910. Subscrip
tion blanks, <5cc., will be mailed shortly after April 30.—V. 90, p. 1106.
The bonds were Issued to retire a like amount of bonds of New York &
People’s Gas & Electric Co., Oswego, N. Y .— A c q u is itio n —
Queens Gas & Elec. Co,, which have been retired and canceled, leaving the
first consols an absolute flrst mtgo. on all the company’s property and fran- ' N eio S e c u r itie s . —The Public Service Commission, 2nd Dist.,




THE CHRONICLE

1170

on April 15 authorized the company to purchase the property,
rights and franchises of the Citizens’ Lighting Co., also to
issue $150,000 additional common stock at par, $76,000 to
acquire the total capital stock of the Citizens’ Lighting Co.,
together with all the franchises, works, &c., and the remain
ing $74,000 to be sold at par to provide for outstanding obli
gations incurred in extensions and improvements.—V. 72,
p. 991.
Pittsburgh (Pa.) Oil & Gas Co.— E a r n in g s .— For the fiscal
years ending March 31:
F is c a l Y e a r —
.
1909-10.
Gross earnings_______
.$803,659
Expenses and interest. - 600,301

Net ............................
— V. 89, p. 229.

$203,358

1908-09.
1907-08.
1906-07.
$998,796 $1,236,512 $1,435,240
696,580
728,330
823,783
$302,216

$508,182

$611,457

Portland (Ore.) Gas & Coke Co.—F ir s t D iv id e n d . — A divi
dend at the rate of 7% per annum on the pref. stock for the
period from Jan. 10 1910 to Jan. 31 1910, and also for the
quarter ending April 30 1910, has been declared, payable
May 2 1910 on pref. stock of record April 25.
O ffic e rs. —On April 18 Guy W. Talbot of Portland was
elected President.
At the same meeting F. G. Sykes of New York City, recently President,
was elected Vice-President: George F. Nevlns of Portland was elected
Secretary-Treasurer, and M. H. Arnlngof N. Y., Asst. Secretary-Treasurer.
The directors are: C. F. Adams, Chairman: W. VV. Cotton, F. G. Sykes,
Guy W. Talbot, T. Scott Ilrooke, Henry I.. Corbett. R. L. Sabin, S. Z.
Mitchell and E. W. Hill.
Mr. Talbot Is a Vlce-Pres. of the American Power & Eight Co. (closely
Identified with Electric Ilond & Share Co. of N. Y.), which owns the entire
$3,000,000 com. stock. Pref. stock auth., $1,500,000; now out, $1,050,000.
B o n d s S o ld . —N. W. Harris & Co. and Moffat & White

recently offered at par and int. the remaining portion of
$2,500,000 “first and refunding mortgage” 5% gold bonds,
dated Jan. 11 1910 and due Jan. 1 1940, but redeemable at
110 and int. on Jan. 1 1920 or any interest date thereafter.
Interest J. & J. in N. Y. Denomination $1,000. United
States Mortgage & Trust Co., N. Y ., trustee.
Abstract of Letter from Vice-President E. VV. Hill, Jan. 7 1910.
The Portland Gas &*Coke Co., successor to the Portland Gas Co. and the
East Portland Gas Light Co., does the entire gas business In the city.
O u ts ta n d in g C a p ita liz a tio n .

Capital stock—Pref., 7% cum., $1,000,000; com., $3,000,00CL-$4,000,000
First and refunding mortgage 5s--------------------------------------- 2,539,000
Portland Gas Co. first (closed) mtge. 5s, authorized Issue $750,
000; arrangements have been made to deposit $289,000 under
the “first and ref. m tge.,” leaving outstanding only----------461,000
The "first and refunding” mortgage bonds are secured by a first lien on
the entire property and franchises, subject only to $461,000 bonds of the
Portland Gas Co., on the property and plant formerly belonging to that
company. They are a first lien, In the opinion of counsel, on the property
of the former East Portland Gas Co., which contributes approximately
25% of our gross earnings and operates In the most rapidly growing portion
of the territory served. To provide for the needs of many years to come,
the total authorized Issue of "first and refunding mortgage” bonds has
been made $15,000,000; $461,000 bonds are reserved to retire the Portland
Gas Co. bonds, while the remaining escrow bonds are Issuable, only under
conservative restrictions, for 75% of the actual cash cost of permanent
additions, Improvements, & c . , provided that the net earnings for the
preceding year are at least 1 Vi. times the Interest on all bonds outstanding,
together with those proposed to be Issued.
E a r n i n g s f o r Y e a r e n d e d D e c . 31 1909 ( p a r t o f D e c e m b e r e s t i m a t e d ) .
Gross earnings
____ $764.0001 Annual Interest charge------$150,000
Net earnings after t a x e s ... 299,000]Surplus earnings.................. 149,000
[Earnings for the 12 months ending Mch. 31 1910: Gross earnings, $794,
343; oper. exp. and taxes, $473,182; net earnings, $321,161.— Ed.]
Plant thoroughly modern; capacity 4,500,000 cu. ft. of gas per 24 hours
purifying capacity 4,000,000 cu. ft.; holding capacity 4,500,000 cu. ft.
per 24 hours. The maximum sent out In 24 hours up to the present has
been 3,500,000 cu. ft., leaving ample provision for some time to come.
The real estate alone, exclusive of buildings, apparatus, &c., Is estimated
to be worth at least $590,000. The company has no gas competition and
is well protected by the low price of gas (maximum $1 per 1,000 cu. ft.,
average about 93c.) and the high per capita mileage of mains and services.
About 50% of the gas sold Is used for heating. The company has over 250
miles of mains and there are over 25,000 consumers’ meters In use.
S a l e s o f G a s D u r i n g t h e P a s t F i v e Y e a r s ( C u . F t . ) , D e c . 1909 P a r t l y E s t .
1909.
1908.
1907.
1906.
1905.
807,694,000
755,614,000
612,658,000
413.128,000
346,014,000
Both franchises, In the opinion of counsel, are unlimited as to time and
free from burdensome restrictions.
Special Improvement fund, 1915 to 1919, 1% yearly; 1920 to 1924, 2%
yearly; 1925 to 1939, 3% yearly, on the total amount of bonds outstanding.
If the net earnings for the years ending Nov. 30 1924 to 1938 shall equal
three times the Interest charges on all the outstanding bonds of the present
Issues, then only 2% Instead of 3% need go Into the Improvement fund.
This fund may be used either to purchase these bonds at not exceeding
110 and Int. or for permanent extensions and Improvements.
C U y o P o r tla n d
_______ __________ 1890.
1900.
1909.
Population................................................46,385
90,426
225,000 (est.)
The stock of this company represents a large cash Investment, making a
substantial equity in the property over and above the bonded debt.—
V. 90, p. 55.
Pullman Co.— L is te d . —The New York Stock Exchange

has listed $20,000,000 additional capital stock, distributed
as a 20% stock dividend to holders of record April 30, making
the total amount to be listed $120,000,000. The new stock
will participate in the 2% quarterly dividend to be paid
May 16. Compare V. 90, p. 451, 506, 854.
E a r n in g s . —For 7 months ending Feb. 28 1910:
Gross operating earnings___$20,450,8901 Net Income------ -------- - — $11,060,352
Net earnings ________ -*$9,608,0011Dividends, 7 inos. (4 2-3%), 4,666,203
Mfg. profits & int. on Invest’s 1,452,3511Balance, surplus................... 6,394,144
* After deducting depreciation and net paid associated Interests.
B A LA N C E
J u l y 31 '09.

SH E ET.

Plant, mat’l &
oper. supplies 98,978,399 96,615,350
C ash ...... ......... 15,928,931 11,018,522
Securities_____a.8,900,089
10,559,895
Acc’ts receivable 6,746,751 3,871,700

28 TO. J u l y 31 ’09.
$
S
Capital stock... 100,000,000 100,000,000
Acc’ts payable. 2,493,927 3,860,700
lies, for dep’n &
adjust’t acc’ts 6,707,319 8,808,849
Surplus ............ 21,352,927 9,995,919

Total............130,554,173 122,005,473

Total............ 130,554,173 122,665,473

A s s e ts —

F eb.

28 TO.
$

$

Feb.

L i a b il it i e s —

Securities In 1910 Include railroad bonds and other securities (par value
$5,364,832), $0,576,967, and treasury stock (par value $1,678,000), $2,323,122.—V. 90, p. 1047. 854.
Public Securities Co., Chicago.— N e w F in a n c ia l O r g a n iz a 
tio n or the M id d le W e s t .—This company has been organized
a

under the laws of New Jersey with Homer G. McCoy of the



[V O L. L X X X X .

banking house of McCoy & Co. as President, and is offering
for subscription the unsold portion of its $10,000,000 7%
cumulative pref. stock.
Condensed Statement by President Homer Q. McCoy.
This corporation Is designed to cover a financial field heretofore practi
cally unoccupied In the Middle West. Its chief objects are: (1) To pur
chase or underwrite entire Issues of bonds. (2) To carry for reasonable
periods of time, under proper safeguards, for syndicates of responsible
underwriters, either dealers, Institutions or capitalists, entire Issues of
bonds on a profit-participating basis. (3) To conduct a wholesale busi
ness In bonds and Investment securities. Stockholders will be permitted
from time to time to Join In underwritings on a profit-sharing basis. (4) To
undertake the financing of gas, electric, traction, steam railway and timber
properties and hydro-electric and Irrigation projects, after exhaustive
Investigation. It will not act as broker or deal In speculative securities.
The company owns and controls McCoy & Co., and the latter will con
tinue In business as heretofore.
. . . .
...
The authorized capital Is $20,000,000, In $100 shares, divided as follows:
First pref. stock, 7% cum.; red. at any time after 3 yrs. at $110
per share and accumulated dividends, If any; has preference
as to assets In case of liquidation------------------------------------ $10,000,000
Second preferred stock___________________________________ 2,900,992
Common stock________________________________________ — 8,000,000
The 2d pref. and common shares do not receive any stated or fixed divi
dend, but the surplus, or net earnings, remaining after the payment of the
dividend on the first pref.—except any reserved for working capital—Is
payable one-halt to the holders of the 2nd pref. shares and the other half
thereof to the holders of the common shares. In case of liquidation (after
provision for the first pref. shares (at par and accumulated dividends,
if any), the remaining assets are distributable, one-half to the 2nd pref.
shares and the other half to the common shares.
All classes of stock have voting rights, but to Insure stability of manage
ment and control, the 2nd pref. shares have a preference over the other
classes of stock In electing a majority of the board.
D i r e c t o r s . —Horace G. Burt, II. M. Byllesby, Edward G. Cowdery,
Charles II. Deppe (Vlce-Pres.), Walter A. Graff (Vlce-Pres.), Samuel Insull, Thomas E. Mitten, Clark L. Poole, Joseph H. Roy (Sec. and Treas.),
Bernard E. Sunny and Homer W. McCoy (Pres.), all of Chicago; Walter
Barker, Peoria, 111.; John W. Blodgett, Grand Rapids, Mich.; Frank II.
Buhl, Sharon, Pa.; James E. Danaher, Detroit; H. II. Picking, East Orange,
N. J., and M. D. Thacher, Pueblo, Colo.
Advisory board (thirty bankers, residing In nineteen States): S. II.
Burnham, Lincoln, Neb.; A. G. Campbell, Natchez, Miss.; D. S. Culver,
St. Paul, Minn.; Lynn II. Dinkins, New Orleans, La.; J. L. Edwards,
Burlington, la.; C. F. Enright, St. Joseph, Mo.; F. II. Fries, Winston-Salem,
N. C.; VV. S. Glenn, Spartanburg, S C.; O. B. Gorin, Decatur, 111.; Caldwell
Hardy, Norfolk, Va.; B., F. Harris, Champaign, ill.; Henry G. Hergct,
Pekin, 111.; Clay II. Hollister, Grand Rapids, Mich.; J. H. Ingwersen,
Clinton, la.; P. C. Kauffman, Tacoma, Wash.; C. T. Lindsey, South Bend.
Ind.; W. P. Manley, Sioux City, la.; J. II. Millard, Omaha, Neb.; S. B.
Montgomery, Quincy, 111.; Logan C. Murray, Louisville, Ky.; James Na
than, Memphis, Tenn.: F. G. Pettlbone, Galveston, Tex.; Isaac Post,
Scranton, Pa.; F. W. Prentiss, Columbus, O.; J. Everton Ramsey, East
Chester, Pa.; S. B. Rankin, South Charleston, O.: J. P. M. Richards, Spo
kane, Wash.; W. A. Sadd, Chattanooga, Tenn.; J. W. Whiting, Mobile,
Ala.; J. O. Willson, Bloomington, 111.
Rogers-Brown Iron Co.— M erger C o m p le te d . —The merger

of the Buffalo & Susquehanna Iron Co. with the RogersBrown Iron Co. has been completed, the necessary papers
having been filed in Buffalo.— V. 90, p. 774.
Sawyer-Massey Co., Hamilton, Ont., Threshing Machin
ery, &c.— R e -in c o r p o ra tio n .— S to ck O ffered . — McCuaig Bros.
& Co., Ottawa and Montreal, has recently been placing
at par, with a bonus of 50% of common stock, a block of
7% cumulative pref. stock, present issue, $1,500,000; pref.
as to assets and dividends (dividends accrue from March 1
1910. Common stock, present issue, $1,500,000. Par value
each $100 a share.
The company was formed on Jan. 14 1910 under the
Canadian Act to take over the business of the Sawyer &
Massey Co., Ltd., which had been in successful business
over 21 years. No bonds auth. or issued.
Abstract of Letter from Pres. R. Harmer, Hamilton, Ont., Feb. 9 1910.

The headquarters of the company are at Hamilton, Ont., where the
manufacturing site covers about 15 acres adjacent to the Canadian Pacific
and QGrand Trunk railways.
The factories and warehouses cover
an area of about five acres, and have mostly been reconstructed during the
past few years, upon modern factory principles, and well equipped to pro
vide for the rapid growth of agriculture In the Northwest. The company
Is the largest manufacturer of agricultural engines and threshers In Canada,
and It also has a large business In road graders and stone crushers. A spe
cial department to meet the large demand for gasoline or oil tractors Is
proposed. The business was founded 75 years ago. In 1835. In 1889 It
was organized as a Joint-stock company by the late H. A. Massey, then Presi
dent of the Massey Mfg. Co., to take over the business of L. D. Sawyer &
Co. Negotiations are In progress with a view to the development of an
export business, more particularly with the Argentine Republic.
In 1889 the company’s total sales amounted to less than $100,000; In
1909 they had reached the proportions of nearly $1,000,000, with prospects
for the future brighter than ever. In 1889 the total assets amounted to
about $50,000. Without any further outside capital whatever being put
Into the business, the net assets In 1909, 20 years later, had grown to over
$2,000,000. In the meantime, the company has paid out $452,000 In
cash dividends. [Capital st ck of old compa iy $1,500,000.—Ed.]
R e p o r t o f C h a r t e r e d A c c o u n t a n t s a s to N e t P r o f i t s a f t e r P r o v i d i n g f o r D e p r e c 'n .

—--------Y e a r s e n d i n g ----------- 13 M o s . e n d . -----------Y e a r s e n d i n g ----------O c t . 31 ’05.
O c t. 31 ’06.
N o v . 30 ’07.
N o v . 30 '08.
N o v . 30 '09.
$155,447
$226,070
$136,161
$69,919
$155,219
The total net assets Nov. 30 1909, exclusive of good-will, aggregated
$2,080,925, viz.: Real estate, buildings and equipment, $497,928; other
real estate, $68,509; patterns, $50,000; furniture and fixtures at Winnipeg
office, $3,741; net current assets (Inventories of finished machines, partly
manufactured, and supplies, accounts and bills receivable and cash). In
excess of all liabilities, $1,460,746.
D i r e c t o r s . —R. Harmer (Pres.), C. S. Wilcox (Vlce-Pres.), Cyrus A.
Blrge and D. B. Dewar, Hamilton, Ont., and Archibald Hutchinson,
Toronto. (President Harmer was Secretary-Treasurer of the old company.)
[The subscribers to the syndicate which underwrote the new company
nald $112 50, and, It Is understood, received therefore $100 pref. and $100
common. The total auth. stock is $7,000,000, of which $3,500,000 Is
pref.— Ed.]
Street’s Western Stable Car Line, Chicago.— N ew M a n a g e 
m e n t .— On April 20, as was agreed upon recently by the

stockholders’ protective committee and the old management,
the following officers and directors were elected:

Officers—Pres., Frank J. Relchmann (new, recently Vlcc-Prcs. and Gen.
Mgr.); Vlce-Pres. and Treas., Herman Kiper; Sec., Robert J. Mills loici)>.
New Directors—H. C. Hackney, Herman Kiper, J. Edward Maass,
j . William Pope and R. B. Slaughter.
, r
Directors retained—Franklin H. Head and I rank J. R e l c l .
[One of the new board Is quoted as saying that It Is proposed to suspend
dividends for at least a year In order to enable the company to get in con
dition to maintain regular distributions to the shareholders.!
S ta tu s . —A statement issued April 26 by the old manage

ment seeks to explain the deficit of $23,915 for 1909 [after
dividends] and points out that, while in the past seven
years there has been an increase in property owned, the
company’s funded debt has been decreased by $436,597 since
Dec. 31 1902 and now consists of $1,827,000 1st M. 5% serial
bonds (V. 88, p. 1626).

A p r . 30 1010.

THE CHRONICLE

The payments for principal and Interest which the company must meet
on the outstanding 51,827.000 bonds are stated as follows: 1910, $91,350;
1911, $91,350; 1912, $118,350; 1913, $108,500; 1914, $171,500; 1915,5175
000; 1916, $175,250: 1917, 5175,250: 1918, $175,000; 1919, 5171,500; 1920:
$173,750; 1921, $172,750: 1922, $171,500; 1923, $175,000; 1924, $173,000;
1025, $175,750: 1926, $173,000, and 1927, $105,000.—V. 90, p. 1106, 981.
Union Oil Co. of California, Los Angeles.— D eben tu re
N o te s . —The $1,000,000 convertible gold debenture 6%

notes whch were offered at par and interest by James H.
Adams & Co., Los Angeles and San Francisco, and were
all placed within 48 hours, are described as follows:

Dated Feb. 1 1910; due May 1 1912. Par, $1,000 (c*). Interest Q.-F.
Principal and Interest payable at Los Angeles Trust & Savings Bank,
trustee, Los Angeles, Cal., or at office of Kountze Brothers, New York City.
Convertible at option of holder at maturity, or on any Interest-paying date
prior to maturity, Into paid-up capital stock, at $142 86, which Is on the
basis of 7 shares of stock for each $1,000 debenture. The notes are followed
by $25,130,600 capital stock, whose present total market value shows an
equity of over $25,600,000. Two-year debenture notes, authorized and
outstanding, $1,000,000. These notes are Issued for the purpose of liqui
dating the floating debt and for making extensions and Improvements on
the property of subsidiary companies which cannot rightly be charged to
expense. No bonded debt.—V. 90, p. 508, 714.
United States Motor Co., New York.— A m a lg a m a tio n .—

This New Jersey holding corporation filed on Jan. 27 1910
a certificate of increase of capital stock from $2,000 to
$16,000,000 in shares of $100 each, consisting of $8,000,000
7% cumulative preferred stock and $8,000,000 common.
Frederick H. Hatch & Co., 30 Broad St., who are dealing in
the stock, inform us that a first quarterly dividend of 1%%
will be paid on the pref. stock on May 1 to holders of record
April 30. There is no bonded debt.
The new company early In February took over the control of the Maxwcll-Brlscoe Motor Co., maker of Maxwell automobiles at Tarry town,
N. Y., Newcastle, Ind., and Auburn, R. I.; capital stock recently $750,000
each of common and pref., and annual capacity about 20,000 motor cars
ranging In price chiefly from $600 to $1,500 each. Compare V. 88, p. 751.
Control has since been purchased of the Aldcn Sampson Mfg. Co. of Pitts
field, Mass., manufacturer of motor trucks (present capacity about 150);
of the Brush Runabout Co. of Detroit and of the Columbia Motor Car Co.
of Hartford. The last-named company was successor of the Electric
Vehicle Co. iper plan In V. 88, p. 1562; V. 90, p. 702), capital stock $3,000,
000 ($2,000,000 pref. and $1,000,000 common), of which $2,400,000 Is
stated to have been Issued; output capacity about 5,000 high-grade cars.
Press reports state that the common shareholders of the Columbia Motor
Car Co. are given until May 1 to deposit their stock with the Central Trust
Co. for exchange on the following basis: For one share of common stock,
1.0755 shares of the common stock of the United States Motor Co. and also
certificates, countersigned by the Trust Co., giving holders their share of
revenues under the Seldcn license, owned by the Columbia.
Presumably because the company Is still In a formative stage, no official
statement Is obtainable regarding the enterprise, and It Is therefore Im
possible to say whether It Is true, as some have thought, that control has
been or will be acquired of the Ford Motor C o . , the Studebaker Vehicle Co.
(mentioned below) and other concerns. The seven-story Tichenor-Grand
Bldg. In West 61st St., N. Y., Is reported to have been purchased for sales
purposes, while the general offices are to be located at 505 Fifth Avc., N. Y.
On March 9 It was announced that J. P. Morgan & Co., In accordance
with an agreement with the stockholders of the .Studebaker Brothers Mfg.
Co., had purchased all the stock of the Kverltt-Metzger-Flanders Co.
(•'E-M-F Co.”) of Detroit not already held by stockholders of the Stude
baker Co. One account said that 64?& of the stock was so purchased for
$4,800,000. On the same day the Studebaker Vehicle Co. of New York
City was Incorporated at Albany with $8,600,000 of authorized capital
stock, consisting of $3,500,000 7% cum. first pref., $1,500,000 7% cum.
second pref. and $3,600,000 common, the directors being: Frederick P.
Delalleld, New York City; Clement Studebaker Jr., Frederick S. Fish, Scott
Brown, of South Bend, Ind.; Frederick W. Longfellow, of IUverdalc-onHudson, New York City.
The executive officers of the U. S. Motor Co. are: Pres., Beniamin
Briscoe; V.-Ps., J. D. Maxwell, II. W. Nuckles and Horace lie Lissc,
(Pres, and Gen. Mgr. of Ajax-Gricb Rubber Co); Trcas., Carll Tucker;
Sec., F. D. Dorman. Directors: Benjamin Briscoe, John Ii. Maxwell,
Carll 'Pucker, VV. F. Crosby, Kenneth B. Schley, James C. Brady, Herbert
Lloyd, Henry E. Tobey and Richard Irvin.
United States Rubber Co.— B o n d s O ffered . — Estabrook &

Co., Boston and Now York, arc placing at 103*4 and int.
the unsold portion of the block of $2,500,000 10-year 6%
coll, trust sinking fund gold bonds, due Dec. 1 1918, that the
company sold last December. Total auth. issue, $20,000,
000, of which the final $2,500,000 is still under option to the
aforesaid syndicate. A circular says:

These bonds are part of an Issue of $ 20 ,000,000 bonds, $500,000 of which
have been retired by the sinking fund. The company has recently acquired
19,774 shares of the capital stock of the Revere Rubber Co. at $200 per
share, which are held as a free asset In the treasury of the U. S. Rubber Co.
To make payment for this stock and to furnish additional working capital,
the company has Issued 35,014 shares of pref. stock at 110, and has sold
$2,500,000 of 6% bonds now olfered for sale. (See V. 88, p. 56, 1377.)
The value of the equity of the U. S. Rubber Co., based on the market
▼alue of Its shares. Is over $30.000,000.— V. 90. p. 451, 307.
United States Steel Corporation.— D a r n in g s . —See ‘‘An

nual Reports” on a preceding page.
D iv id e n d R a te on C o m m o n S tock In crea sed to 5% p er A n 
n u m — F u tu re In crea ses to be D ecla red a s “ E x tr a s .” —The

directors on April 26 decided that conditions justified an in
crease in the annual dividend rate on the $508,302,500 com
mon stock to 5%, and accordingly declared a quarterly divi
dend of 1*4%, payable June 29 to holders of record June 9.
__
1902.
4

___
P r e v io u s D iv id e n d s o n C o m m o n S to c k .
1903. 1904-05. 1906. 1907. 1908.
1909.
3H . Nono
1H
2
2
K .M i.K A

1910.
Mch.l&Mcx.

further increases, it is intimated, will be declared as “ex
tra” distributions.
Statement of Chairman G. H. (lary dated April 26.
The llnance commlttco recommends to the board of directors the declara
tion of a dividend of l t f % for the quarter ending April 1.
During the nine years of the existence of the corporation ending April 1
1910 the net earnings of all companies, over and above all Interest charges
and dividends at the rate of 7% on the pref .stock of the corporation, have
averaged about 8 M% per annum on the common stock, while the dividends
actually paid on the common stock have averaged only 2 3-10%. In view
of the earnings, many of the holders of common stock from time to time
have requested more liberal dividends: but the members of the llnance com
mittee have acted on the belief that the interests of the holders of common
stock would be best protected and promoted by the use of large sums of
money In extending and fortifying the properties and business of the com
panies, and large amounts have been used for this purpose which otherwise
would have been available for dividends. This policy has been approved
by the board.
It Is now believed conditions Justify an Increase of the dividends on the
common stock to the rate of 5%. As the membership of the llnance com
mittee and of the board of directors may change from time to time, no policy
for the future can be fixed; but It Is the opinion of the present members of
the llnance committee that If and when hereafter earnings will Justify fur
ther Increases In distributions, they should be declared In the shape of extra
dividends.—V. 90, p. 1106, 1048.
Whitaker-Glessner Co., Wheeling, W. Va.— S lo ck D i v i 
d e n d . — A press dispatch announces the declaration of a




1177

stock dividend of 50%, which increases the outstanding
stock from $3,000,000 to $4,500,000 (auth. issue $5,000,000).
Compare V. 90, p. 633, 564, 714.
THE COAL TRADE.— A compendium of valuable in
formation relative to coal production, prices, transportation,
&c., at homo and abroad. By Frederick E. Saward, Editor
of the “Coal Trade Journal,” 20 Vesey St., New York.
Price, $1 50 per copy.
This compact and meritorious work, which is now in the
thirty-seventh consecutive year of its publication, has just
appeared for 1910 and is corrected to the latest dates. The
value and usefulness of the book has already been proved,
and it is recognized as a standard book of reference on the
subject of which it treats. It contains statistics of the coal
trade not to be found in any other volume or publication
pertaining to the industry, and it covers the field of coal
mining and distribution in all its branches. The book should
appeal not only to those directly connected with the coal
trade but likewise to those interested in the industry in any
manner.
—The existing partnership of Cuyler, Morgan & Co., com
posed of Benjamin Graham, Junius S. Morgan, Arthur C.
Vaughan and Daniel P. Kingsford, expires by limitation to
day, April 30. With the dissolution of the firm, Mr. Mor
gan retires from active business for an indefinite period.
Mr. Kingsford has not as yet made known his plans. Ben
jamin Graham and Arthur C. Vaughan, with Frederick K.
Trask, Howard Boulton and Geoffrey Graham, have formed
the new firm of Graham, Vaughan & Co. to carry on business
as bankers and brokers at the offices occupied by Cuyler,
Morgan & Co., 44 Pine Street. Benjamin Graham and
Mr. Vaughan have been business associates for over 30 years,
originally with the house of Jesup, Paton & Co. and later on—
as partners with Morris K. Jesup, John Paton and Cornelius
C. Cuyler—in the succeeding firms of John Paton & Co. and
Cuyler, Morgan & Co., Mr. Graham having been senior part
ner in Cuyler, Morgan & Co. since the death of Mr. Cuyler.
Mr. Trask has occupied a confidential position with the firm
of Cuyler, Morgan & Co. from its inception, and prior to that
period was in the employ of the predecessor firm of John
Baton & Co. Mr. Boulton is a member of the New York
Stock Exchange and a son of a life-long friend of the late
Mr. Cuyler, Win. B. Boulton. Geoffrey Graham is the eldest
son ot Benjamin Graham, and has for some time been with
the banking house of Lee, Higginson & C o . The new firm
states that it is its purpose to conduct its business along the
same conservative lines pursued by Jesup, Paton & Co., John
Paton & Co. and Cuyler, Morgan & Co.
—The New York Stock Exchange firm of Gross & Kleeberg, composed of Albert II. Gross and Philip Kleeberg, will
dissolve by limitation to-day, April 30. The firm assigned
in October 1907, its suspension, it was stated at the time,
having resulted from its heavy commitments in United Cop
per stock made at the instance of Otto C. Heinze & Co.,
who, it was alleged, refused to take the stock off .Messrs.
Gross & Kleeberg’s hands. The firm resumed the following
year, Albert II. Gross, the floor member, having been re
instated to membership in the Stock Exchange in May 1908.
—Stanley Mann, a former partner in the bond house of
W. A. Mackenzie & Co., Toronto, Canada, has organized the
firm of Stanley Mann & Co. and commenced business this
week with offices at 14 Jordan St., Toronto. The new firm
will deal in high-grade Canadian stocks, bonds and invest
ment securities.
— Edward C. Patterson, certified public accountant, an
nounces that he has opened an office for the general practice
of accounting at 141 I3roadway, New York City. Henry J.
Cochran announces that he has entered the office of Ed
ward C. Patterson, certified public accountant, at 141 Broad
way, New York City.
— W. J. Black & Co., dealers in investment securities and
members of the Pittsburgh Stock Exchange, will open on
Monday morning in their handsome new offices on the tenth
floor of the Arrott Building, Pittsburgh, where they have in
creased facilities for transacting business. The firm was
located for a number of years in the Columbia Bank Bldg.
— E. II. Rollins & Sons are offering City of Cheyenne,
Wyoming, 5% water-works-extension bonds, interest paya
ble at Cheyenne and also in New York at the Nat. Bank of
Commerce; price 105.50 and int. Descriptive circular will
be sent on request.
—Thomas L. Manson & Co., members of the New York
Stock Exchange for the past twelve years, located at 71
Broadway, will remove their office on May 1 to the Ameri
can Surety Building, 100 Broadway.
— It is reported on good authority that Estabrook & Co.,
investment bankers of Boston and New York, will soon open
a branch office in The Rookery, Chicago, to deal in highgrade bonds.
— Finley Barrell & Co., Chicago, are offering $250,000
Atlantic Coast convertible 6-30-year 4% gold bonds of 1909
at par and interest.
— Pfaelzcr & C o . announce the closing of their branch
office in New York and request that all communications
be addressed to the Philadelphia office, 421 Chestnut St.
— Alfred Mestre & Co. announce the removal of their offices
from 52 Broadway to 37 Wall Street.

1178

THE CHRONICLE
Im p o rts

tra d

[VOL. LXXXX.

IP m tra e w ts .

GENERAL ELECTRIC COMPANY.
EIGHTEENTH ANNUAL REPORT— FOR THE ELEVEN MONTHS ENDING DECEMBER 31 1909.
Schenectady, N. Y ., April 15 1910.
T o the Stockholders o f the General Electric C o m p a n y :

The profits of your Company for the eleven months ending
December 31 1909 (including §478,019 63 from securities
sold and §1,260,847 99 from royalties, dividends, interest,
etc.), after deducting all patent, general and miscellaneous
expenses, fixed charges and allowances for depreciation and
losses, and writing off .§2,447,984 25 from Factory Plants
(see another page), were......... — - - ................ $6,493,670 88
Dividends (including dividend paid January
15 1 9 1 0 )........... ............ ...................................... 5,214,352 00
Surplus for the eleven m onths............ .......... $1,279,318 88
Surplus at the end of last fiscal year------------- 16,102,062 81
Total Surplus December 31 1909 — ......... ..$17,381,381 69
The valuation of Stocks and Bonds owned by the Company,
including those of its manufacturing and allied Companies
which have been carried over from last year, has not been
changed. The appreciations in value during the year in
tome of the items therein arc held in reserve to offset possible
depreciations in others.
A somewhat* larger percentage was written off Factory
Plants than in previous years due to the fact that a greater
proportion than usual of the year’s extensions thereto was
for other than strictly productive purposes, such as real
estate, storage warehouses, etc.
A considerable sum was expended during the year in ac
quiring U. S. patents on foreign inventions relating to incan
descent lamps and processes of manufacture, by which your
Company expects to maintain its high position in this branch
of the business.
__
The capacity of many of the departments in your factories
is still considerably in excess of the present rate of produc
tion, and your factory facilities cannot be fully employed
until the volume of orders received is considerably increased.
Collections are in a very satisfactory condition. The Re
ports of the Financial, Manufacturing and Selling Depart
ments are submitted herewith, as also the Report of the
Chartered Accountants.
By order of the Board,
C. A. COFFIN,
P r e s i d e n t.
N o t e .—The

fiscal year of your Company, which has here
tofore ended on the thirty-first of January, has, to meet the
requirements of the Federal Corporation Tax Law, been
•hanged to end on December thirty-first. The transactions
•mbodied in this report cover only a period of eleven months,
ending December 31 1909. Future reports will deal with
regular calendar twelve-month periods.
REPORT UPON SALES.
Schenectady, N. Y ., April 12 1910.
C . A . C o f f i n , E s q . , P r e s i d e n t, G en era l Electric C o m p a n y .
S i r : —I submit the following report of the Sales Depart

ment for the fiscal year February 1 1909 to December 31 1909.
a, period of eleven months.
SALES AND ORDERS.
Total Sales Billed_____________________________ _ ____
Total Orders Received-------------------------------------------- ----C o m p a r is o n w ith F iv e P r e v io u s Y e a r s .
T o ta l S a le s
Y e a r s E n d i n g J a n u a r y 31—
•
H ille d .

$51,656,631
54.360.562
T o ta l O rd ers
I te c e iv e d .

1*05
$39,231,328
$35,094,807
50,044,272
1906.
.
________ 43,146,902
60,483,659
1907"
.
60,071,883
59,301,040
1 9 0 8 . . . . . . . . . __________________
70,977,168
1909_________________________________
44,540,67642,186,917
54.360.562
1909 (11 months ending Dec. 31)___________ 51,656,631
"Orders Received" Include only apparatus and materials manufactured
by the General Electric Company and do not Include such Items as labor
of Installation, freight or materials of outside manufacture. All these
Items, however, are Included In "Sales Billed."

The Orders Received during the past year were 89.9% of
those received in the year ending January 31 1907, the largest
previous year, and were 128.8% of those received in the year
ending January 31 1909. During the first six months of the
fiscal year just closed Orders Received were at the yearly rate
of §49,769,000 and for the last five months were at the yearly
rate of $69,670,000.
Unfilled Orders as of December 31 1909 were approximately
$15,600,000, as compared with $13,000,000 at the close of the
previous year.
The total number of separate orders and contracts received
during the eleven months’ period was 270,659, as compared
with 248,384 for the preceding twelve months, an increase
of 22,275, or 9%. The average value per order was 20%
larger than for the previous year.
TERMS OP PAYMENT.

Terms of Payment secured for the year in comparison with
four previous years are shown by the following statement:



1905
1906
1907
1908
190»
16.3%
13.7% 17.8% 16 . 6 % 16.9%
On Shipment_ _______
30 Days_____________________ 63 1% 68.6% 68.5% 68.0% 69.1%
60 Days_______________________12.7% 10.1%
0.7%
6.0%
6.5%
90 Days______________________ 5.3%
3 0%
2.5%
3.9%
2.4%
Over 90 Days_________________ 2.6%
4.6%
1.5%
5.5%
5.1%

The number and value of important contracts taken during
the year were greater than for the previous year. The busi
ness came largely from existing public utility companies re
quiring apparatus and materials for the extension and im
provement of their service, and from industrial companies
for lighting and power purposes, rather than from new
enterprises.
Our sales of supplies extending over many thousand items,
all catalogued and listed, of which meters, transformers, arc
lamps, wiring devices and repair parts of electrical machinery
are the most important, were 117.3% of the previous year
and 90.5% of 1907. In order to meet promptly the growing
requirements of our customers, we have, following our estab
lished policy, increased the number of our warehouses and
have enlarged our stocks at advantageous distributing points.
Such stocks are maintained under close supervision and sub
jected to rigid inventory, which shows that not exceeding
1% is inactive or obsolete.
HIGH VOLTAGE DIRECT CURRENT RAILWAY SYSTEM.

The operation of our 1,200-volt direct current railway sys
tem continues to be most satisfactory, and its reliability,
economy and safety have been fully demonstrated. More
than 66,000 h.p. of 1,200 volt motors are in operation and
on order. This system has been adopted by the following
steam and electric railway companies:
Central California Traction Company, Stockton, Cal.
Indianapolis A Louisville Traction Company, Louis
ville, Ky.
Indianapolis Columbus & Southern Traction Company,
Indianapolis, Ind.
Pittsburgh Harmony Butler & Newcastle Railway Com
pany, Pittsburgh, Pa.
Southern Pacific RR.— Oakland Alameda & Berkeley
Division.
Milwaukee Electric Railway Company, Milwaukee, Wis.
Southern Cambria Railway Company, Johnstown, Pa.
Washington Baltimore A Annapolis Electric Railway Com
pany, Baltimore, Md.
Sapulpa Interurban Railway Company, Sapulpa, Okla.
Shore Line Electric Railway Company, New Haven, Conn.
Aroostook Valley Railway Company, Presque Isle, Me.
Meriden Middletown A Guilford Electric Railway Com
pany, Meriden, Conn.
Bresciana Electric Railway, Italy.
Briantea Electric Railway, Italy.
This system especially fulfills the requirements of inter
urban electric railways and of steam railroad companies for
the electrification of branch lines, tunnels and terminal
facilities, because of its simplicity and the improved service
resulting from its use.
CURTIS STEAM TURBINES.

The Curtis Steam Turbine is installed in more than 65#
central distributing stations and power plants throughout
the world, having a total capacity in excess of 1,750,000 h.p.
The introduction of new designs of Curtis turbines for various
purposes has been rapid and successful. Our low and mixed
pressure Curtis Turbines have proven most economical and
satisfactory in operation. The fnterborough Rapid Transit
Company of New York purchased of us and now has installed
in its 59th Street Station three low-pressure turbine's of
10,000 h.p. capacity each. The economy of these turbines
is better than expected and their operation is eminently
satisfactory to the purchaser. Since the close of the year
the Interborough Company has ordered from us two addi
tional units of the same type and size. We have received
many contracts for similar turbines of various sizes and the
outlook for the rapid extension of business in this direction
is very promising.
INCANDESCENT LAMPS.

Our incandescent lamp business shows a substantial in
crease over previous years. We have adopted the trade
name of “ Mazda,” indicative of the most recent and im
portant development in high efficiency metal filament lamps,
which continue to increase in popularity with illuminating
companies, which are thus enabled to give their customers
superior light at lower cost than by the old form of carbon
filament lamps.
FOREIGN B USINESS.

Our subsidiary companies and selling agencies in various
countries have been strengthened and new relations estab
lished which will result beneficially.

A pr . 30 1910.'

THE CHRONICLE

ORGANIZATION.
T h e e ffe c tiv e n e s s o f ou r co m m e r cia l o r g a n iz a tio n h a s b e e n
c o n s t a n t ly im p r o v e d , a n d it is w ell e q u ip p e d to care for an
in c r e a sin g v o lu m e o f b u sin e ss .

It is a pleasure to report the cordial co-operation of De
partment and District Managers and Salesmen and to express
my appreciation of the earnest and effective work of the com
mercial organization.
R e s p e c tfu lly s u b m itte d ,

J. R. LOVEJOY,

V ic e -P r e s id e n t.

REPORT UPON MANUFACTURING AND
ENGINEERING.
Schenectady, N. Y ., April 12 1910.
C . A . C o f f in , E s q ., P r e s id e n t G e n e ra l E le c tr ic C o m p a n y :
S i r : —I submit the following report on Manufacturing

and
Engineering for the fiscal year (11 months) ending Decem
ber 31 1909:
MANUFACTURING.

Expenditures aggregating $2,878,942 37 have been made
for buildings and extensions and for additional machinery,
patterns, special tools, fixtures, &c.
The following table shows approximately the total area in
square feet of floor space and the number of employees as of
January 31 during the last five years:
1906
1907
1008
1009
1909

F lo o r S p a c e .

...............
________
________
________
(Dec. 31)

-4,350,000
-4,770,000
-6,460,000
-7,000,000
-7,180,000

E m p lo y e e s .

22,500
28,000
20,000
23.300
30,000

SCHENECTADY WORKS.

A pattern storage building of 71,000 square feet floor space
authorized since the last report has been completed and
work started upon an extension of 130,000 square feet.
The construction of the following described buildings has
been begun—for induction motors, 192,000 square feet;
storage of finished apparatus, 02,000 square feet; and addi
tion to iron foundry, 45,000 square feet.
Buildings for the storage of raw material of 138,000 square
feet area, and for the manufacture of wire and cable of 44,000
square feet area will be completed this year.
LYNN WORKS.

The building of 71,000 square feet floor space for use as a
carpenter shop, pattern shop and pattern storage, mentioned
in my last report, has been completed.
The following mentioned buildings are under construction
—for small motors, 74,000 square feet of floor space; meters
and instruments, 44,000 square feet; extension of wood
working and pattern shops, 57,000 square feet; and for the
manufacture of enameled wire, 23,000 square feet.
PITTSFIELD WORKS.

An extension to the iron foundry of 22,000 square feet
ioor space has been completed during the past year.
Buildings of 48,000 square feet for the storage of patterns
and finished apparatus, 42,000 square feet for the storage of
transformer materials, 29,000 square feet for annealing work
and of 43,000 square feet for a machine shop are under con
struction.
A general storehouse of 108,000 square feet of floor space
and a punch press shop of 42,000 square feet have been au
thorized.
LAMP WORKS.

A building for the storage of tungsten lamps at Newark,
N. J., of 70,000 square feet of floor space has been authorized.
The total land area at all the Works above mentioned is
about 521 acres.
The policy of decentralization, referred to in my last re
port, has been continued with most satisfactory results, and
the systems for controlling stock, work in progress and labor
costs have been further improved and have resulted in
economies of administration of a gratifying nature.
I t w ill b e n o te d t h a t th e e x t e n s io n s d u rin g th e p a s t y e a r ,
a n d th o s e p r o je c te d fo r c o n s tr u c tio n in th e im m e d ia te fu tu r e ,
c o n s is t p r in c ip a lly o f b u ild in g s for th e s to r a g e o f raw m a 
teria l a n d fin ish ed p r o d u c t.
E n la r g e d fa c ilitie s o f th is
c h a r a cte r are d e m a n d e d b y th e in c re a se d v a r ie ty o f ou r
p r o d u c t a n d th e n e c e s s ity for m ore p r o m p t s h ip m e n ts .

The total amount of unexpended appropriations on build
ings under construction, and of appropriations made for
enlargements during the coming year, is approximately
$2,300,000. The physical condition of all the manufacturing
plants has been maintained at the highest point of excel
lence. Liberal purchases have been made of modern ma
chine tools which will tend to greatly increase the economy
of manufacture.

1179

Such devices consist of switches, transformers, lightning
arresters, circuit breakers and insulators, all capable of op
erating successfully and reliably under the most severe con
ditions. Some of the largest of these long-distance installa
tions cover a territory of over 20,000 square miles, and supply
light and power to many different communities with a com
bined population of more than a million.
We have selected a number of engineers to specialize on
various industrial power applications, such as will be found
in the operation of paper mills, cement mills, cotton mills,
printing presses, machine-tool drive, &c. These engineering
specialists give careful study to the problems which arise in
connection with the electrification of such industries, and
advise and co-operate with our customers. As a result our
business in this line has already increased.
Our engineers have re-designed and greatly improved our
line of mining locomotives, and the sales have shown a largo
increase over the previous year.
A new electrolytic lightning arrester has been further de
veloped and improved and is now recognized as the most
advanced and perfect type of 'protective device for use in
connection with all electric transmissions, both overhead
and underground. Our sales of this important device have
been rapidly increasing.
The large 14,000 Kw. high pressure turbines mentioned in
my last report have operated in Chicago and New York,
with entire satisfaction, and additional orders have been re
ceived . Our engineers are at the present time engaged in the
development of turbo-generators of a capacity of 20,000 I(w.
each.
Our line of improved horizontal turbines has been greatly
extended.
The application of 1,200-volt apparatus on interurban
railways has steadily increased. Some of these roads require
the operation of the cars on both 1,200 and 600 volts. As
this does not involve any special complication, it has been
found entirely practicable to operate these two classes of
service together. The unqualified commercial success of
this high voltage direct current railway system is not only du«
to the skill of our engineers in solving the problems presented,
but also to the inherent simplicity and economy of the
system.
The order mentioned in my last report for a complete
electrical equipment of two power stations and an electric
transmission plant, furnishing power, and light for the con
struction of the Gatun Dam, Isthmus of Panama, has been
completed, and is now in satisfactory operation.
Our engineers have been particularly successful in the
design of large-size electric motors for the performance of
unusually heavy work, such as the rolling of rails, steel
billets, &c.; the installations which we have made of this
character having proved economical, reliable and highly
satisfactory to the purchaser. As a result, our engineers
have been called upon to design motors for many new appli
cations of this same character.
T h e r e h a s b e e n th e u su a l a c t iv it y in m a k in g im p r o v e m e n ts
in th e d e sig n o f o u r lin e s o f w ir in g d e v ic e s , r h e o s ta ts , c ir cu it
b r e a k e rs, s w itc h e s , in s tr u m e n ts , arc la m p s , m e te r s a n d o t h e r
sm a ll d e v ic e s .

Our Research Laboratory, together with the engineers of
our Lamp Dept., have made many improvements and im
portant discoveries relating to Mazda and other incandes
cent lamps.
It is a pleasure to commend the work of our Engineers and
Factory Managers, which is of the highest order of ability and
originality, combined with unusual loyalty and devotion tothe Company’s interests.
R e s p e c tfu lly s u b m itte d ,

E. W. RICE JR .,

V ic e -P r e s id e n t.

FINANCIAL REPORT.
Schenectady, N. Y ., April 12 1910.
C . A . C o f f in , E s q ., P r e s id e n t G e n e r a l E le c tr ic C o m p a n y :

'S’ir;—The Balance Sheet and Statement of Profit and Loss
transmitted herewith include the transactions for a period
of eleven months ended December 31 1909. The following
is an explanation of each item on the Balance Sheet.
ASSETS.
PATENTS. FRANCHISES AND GOOD-WILL.

During the year there was expended in acquiring sundrypatents, for cost of applications and licenses under patents,
and in patent litigation and miscellaneous expenses, $904,
207 34.
This amount has been charged to Profit and Loss, leaving
the Company’s patents, franchises and good-will standing at
a nominal valuation of $1, the same as at January 31 1909.

ENGINEERING.

FACTORY PLANTS.

Our engineers have devoted much time to improvement8
and economies in design in all lines of apparatus and supplies
The apparatus which we have supplied for use in the
economical distribution of electricity over very long distances
has continued to give general satisfaction. Our engineers
have improved the design of devices required in such in
stallations, which must be capable of successful operation at
the enormous electric pressure of 100,000 volts and over.

This account represents the Real Estate (lands and build
ings); Machinery (steam and electric plants, tools, appli
ances, &c.); Patterns (including drawings, &c.), and Sun
dries (fittings and other small property accounts) of the
manufacturing plants at Schenectady, N. Y.; Lynn, Mass.;
Pittsfield, Mass.; Lamp Works at Harrisom, N. J., and
elsewhere.
Ei.AH are free from mortgage or other lien.




THE CHRONICLE

1180

[VOL. LXXXX.

WORK IN PROGRESS.
On January 31 1893 the book value of the three first-menThis amount represents expenditures for labor and material on
tlned factory plants was_____________________________$J,uo8to<so
703 uncompleted Installations of finished apparatus In prog
During the seventeen fiscal years from that time to Decem
ress at various places, less an amount believed to be ample to
ber 31 1909, expenditures have been made for land, build
cover probable outlay Incident to large Installations of appa
ings and additions to and replacements of machinery,
ratus of new and special design. It does not Include outlays
fixtures, furniture, patterns, &c., Including cost of acqulrfor anything In process of manufacture at the factories.
ing the Pittsfield plant at a total cost of-------- ------- ------36,29;>,72.i 4 1
Balance as per Balance Sheet-------------------------------------$462,223 41
Total
........... ...................................................$40,254,251 62
There has been wrUten oil during those seventeen fiscal years
a total allowance for depreciation and replacement of— - 2 j ,923,293 oQ
MERCHANDISE INVENTORIES.
Leaving their book value at December 31 1909-------- .$14,330,958 12
These accounts represent actual inventories— counted and
D iv id e d a s fo llo w s —
. ... ...
Schenectady Works---------------------- ----------------------- ------- V i
Lynn W orks......................................................................... .......... ?’5fl7’489 41
Pittsfield Works........... .......................... - ..........- ................ — - L597.489
Lamp Works.................................................................. ................ 1,052,671 67
$14,330,958 12

This valuation is but $2 00 per square foot of floor space,
including land, buildings, power houses, machinery, tools
and all other equipment.
A summary of the changes in “ Factory Plants” account
since the last Annual Report is as follows:
B o o k V a lu e
J a n . 31 1909.

ReBuUdlngsa"d$8,288,159 75
Machinery__ 5,611,838 25
Patterns ___
1 00

C ost o f a d d itio n s d u r in g
th e y e a r .

$685,829 70
1,830,032 04
73,o34 3o

W r itte n o ff
a t th e e n d o f
th e y e a r .

B o o k V a lu e
D e c . 31 1909.

$654,519 63 $8,319,469 82
1,430,383 99 6,011,486 30
73,o34 3«>
1 00

FlSuUnddesant!
1 oo
289,546 28
289,546 28
1_00
TotaL......... $13,900,000 00 $2,878,942 37 $2,447,984 25 $14,330,958 12

valued item by item—of raw materials and goods manufac
tured and in process of manufacture at the factories; of ship
ments in transit to storerooms of local offices; of manu
factured goods in storerooms of local offices; of materials in
local repair shops; of office furniture and fixtures, machinery,
tools, instruments, &c., in the general and local offices, and
in local repair shops, &c., and also of all goods on consign
ment.
A considerable quantity of apparatus and supplies is car
ried at local offices for the convenience of customers, to save
time in delivery from factories and to save freight on indi
vidual shipments to customers by having them shipped in
car-load lots to local office storerooms.
Active selling finished and partly finished apparatus and
supplies have been valued at factory cost; inactive or slow
selling apparatus and supplies at about 50% of factory cost;
and obsolete apparatus and supplies at scrap value.
OFFICE FURNITURE AND FIXTURES.

The total appraised value of all office furniture and fixtures,
REAL ESTATE
machinery, tools, instruments, &c., in the general and local
(Other than Factory Plants).
offices and in local repair shops is $201,191 31. All these
This account represents the investment in sundry parcels items are carried at a total book value of one dollar.
of land in various places which are held temporarily and
will be disposed of as opportunity occurs. All are free from
mortgages.
COPPER MINING INVESTMENT.

CONSIGNMENTS.

Finished apparatus for novel uses has been delivered to
various concerns subject to purchase if its operation is suc
cessful. The greater part of consignment account repre
This account represents the full amount invested in copper sents such contingent sales, and the remainder represents
mining and milling properties at December 31 1909, of which apparatus on exhibition or loaned to regular customers foi
.$1,129,961 63 is represented by Capital Stock and $1,918 , temporary use by them.
642 78 by advances. These investments include the Bully
Hill Copper Mining & Smelting Company, Winthrop, Shasta
County, California, a Railway Company and other equip
ments, and the properties of the Hermosa Copper Company,
Grant County, New Mexico. Liberal sums have already
been spent in developing these properties.

All such shipments are charged on this account at estimated
factory cost. Their total Is....................... .................................$435,781 95
Less 50% allowance for depreciation_______________________
Net book value of apparatus loaned and consigned as per
„„„ „„
Balance Sheet__________ _________ _______ ____________$217,880 98
LIABILITIES.

STOCKS AND BONDS.
Sundry securities of Inactive corporations net yet written of!
$1 00
Stocks and Bonds (total par value $25,372,175 74), described
below, are carried at a book value of-------------22,329,062 u
Stocks of Affiliated Companies of a total par value of $4,595,
700 00 and Bonds of a total par value of
$1,750,000 00 ----- ------- ------------ ------------ $5,604,527 44
Stocks and Bonds of Security Holding Com6,262,397 67
panles, viz--------------------------------------—
United Electric Securities Company, Bos
ton. Electrical Securities Corporation.
New York, Electric Bond and Share
Company, New York.
,_ „
Stocks and Bonds of Local Lighting and Rail
way Companies-------- ---------------- ----------- 3,o98,3b8
Miscellaneous Stocks and Bonds-------- 3,o53,753 08
Stocks and Bonds of Sundry Foreign Companles of a par value of $5,587,159 00----- 3,310,61a 90
$22,329,662 71
T o ta l book value of all Stocks and Bonds as per Balance

S h e e t........... ............................................................................$22,329,003 71

DEBENTURES.
The debentures outstanding at December 31 1909 were as follows’
5% 30-Year Convertible Gold Debenture Bonds
of 1892. . . _______________________________$41,000 00
Less converted Into Stock during the year-------- 1,000 00
Outstanding December 31 1909------ ------- ---------- ------- ®,'}2’222 22
3J4% 40-Year Gold Debenture Bonds of 1002 - - - - - - - - - - 2,047,000 00
5% 10-Year Convertible Gold Debenture Bonds of 1007— 12,870,000 00
Total outstanding December 31 1909------------------------.$14,962,000 00
CAPITAL STOCK.
On January 31 1909 the outstanding Capital Stock of the
Company was ......................................... ........ 65’ 1781800 00
During the year there was Issued In excliango for $1,000 0 / 0
Debentures of 1892-------------------------------------------------Total Capital Stock Issued as per Balance Sheet-------$65,170,600
Authorized and reserved against $40,000 Debentures of
1892, which are convertible Into Stock at 120-------------33,333
Authorized and reserved against Debentures of 1907 which
are convertible Into stock at p ar.----------------- ---------- - 12,87o,000
Authorized and available but not yet Issued....................... - 1,912,060

00
00
JJ
00

07
Pursuant to the established policy of selling securities
which there is no special reason for holding permanently, Total Capital Stock authorized Dec. 31 1909 ................ — $80,000,000 00
various Stocks and Bonds have been sold for cash since the
last Annual Report.
DIVIDENDS.
Their total par value was $2,515,554 26.
Dividends at the rate of eight per cent per annum have
'I'Ov were sold for
. . . . . . . . . ___ - - - - - - - - - - —$1,601,475 22
They had been carried on tho books a t ...............- .................... 1,123,455 59 been paid on the Capital Stock quarterly during the year.
The full year’s dividend is included in this account for the
P r o f it - .- ...................................................... - .................... .......... $478.019 63
eleven months.
NOTES AND ACCOUNTS RECEIVABLE AND RESERVES FOR
POSSIBLH LOSSES THEREON.

ACCRUED INTEREST ON DEBENTURES.

This account, as its name implies, is the full amount of
On January 31 1909 the face amount of Notes and Accounts
accrued to December 31 1909 on all classes of tho
Receivable and Reserves for possible losses thereon were as interest
Company’s Debentures then outstanding.
follows:
„
.„
„ ,
,
A m o u n t.
D e p r e c ia tio n s .
B o o k V a lu e .
Accounts Receivable -.--.-$ 1 3 ,6 5 8 ,8 0 9 08 $1,076,733 18 $12,582,075 90
Receivable
7I121.073 18
830,091 45
6,290,981 73
$20,779,882 26 $1,906,824 63 $18,873,057 63

On December 31 1909 the face amount of Notes and Ac
counts Receivable and Reserves for possible losses thereon
were as follows:
A m o u n t.

D e p r e c ia tio n s .

Book

V a lu e .

Accounts Receivable..........$15,159,133 27 *L140 ,000 00 $14,019,133 27
Notes Receivable_______ 6,058,839 10
700,000 00
o,358,839 10
$21,217,972 37 *$1,840,000 00 $19,377,972 37
•At January 31 1909 the Reserves amounted to ................... *L906.824
There has been absorbed to December 31 1909............. —
776,,.94 13
$1,130,530 50
There has been added at December 31 1909.......................
709,469 50
$1,840,000 00

The total face amount of unsettled open accounts origi
nating prior to January 31 1909 was on December 31 1909
$958,781 32.



ACCOUNTS PAYABLE.

This account includes all unpaid audited indebtedness.
At the close of business on December 31 1909 the unpaid
vouchers on hand—none of which was duo under the terms
of purchase—amounted to--------------------------- --------------$34,709 07
Between December 31 1909 and January 22 1910, tho date of
closing the general books, additional liabilities belonging
to the past year were audited, amounting to------------------z./ia.uua za
Total as per Balance Sheet............. - ----------------------------$2,753,617 3>

During the year the average amount of unpaid vouchers
carried over monthly—by keeping the books, other than the
cash book, open a sufficient time to include each month's
obligations in that particular month—was about $1,
650,000 00.
,
The Company has no Note Payable, nor is there any paper
outstanding bearing the Company’s endorsement.
Respectfully submitted,
HENRY W. DARLING, T r e a s u r e r .
II. E. STEELE, C o m p t r o l l e r .

A p r . 30 1910. j

THE CHRONICLE

1181

CONSOLIDATED BALANCE SHEET OF DECEMBER 31 1009.

T h e

A SSE T S.

Patents, Franchises and Good-will
Cash
Stocks and Bonds__________ ____________ $22,320,663
Real Estate (other than factory plants)__
118,063
Notes & Accounts Receivable___________ 10,377,972
Work In Progress...........................................
462,223
Merchandise Inventories:
At Factories___________ $21,610,283 91
At General and Local Offices 3,321,870 04
Consignments ...................
217,880 98

71
34

$1 00
17.623,466 72

37

41

$42,287,022 83

25,150,035 83

Factory Plants (Including all lands, build
ings and machinery)_________________ $14,330,958 12
Copper Mining Investment______________
3,048,604 41

67,437,958 66
17 379

se1* 5 3

17,379,562 53
$102,440,988 91
L IA B IL IT IE S .

5 % Gold Coupon Debentures of 1892 __ _________
3
“
“
“
of 1902 _______________
5 %
“
“
"
of 1907 ______________
Accrued Interest on Debentures___ _ . ---------- ---------Accounts Payable____________________________________
Advance Payments on Contracts______ ________________
Dividend Payable Jan. 15 1910-----------------------------------„

.

, „

, T

,

Capital Stock Issued_____ ____________________ _____
Surplus ................................. .................................. ....................

$40,000
2,047,000
12,875,000
83,664
2,753,617
777,133
1,303,592

00
00
00
58
30
34
00

$ 1 9 ,8 8 0 ,0 0 7 22

65,179 600 00
17,3811381 69

$102,440.988 91
CONSOLIDATED PROFIT AND LOSS ACCOUNT OF DEC. 31 1909.
E X P E N SE S.

Cost of Sales (Including depreciation of Plants $2,447,984 25
and Selling and General Expenses)___
’
«4 fi arm 7 Rq 70
Interest on Debentures-------- -------------__
G57;620 94

Profit for the current year

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

6,493 670 88

$5 4 ,1 0 2 , 0 5 1
...
.
Dividends paid In Cash_______ _____.
Surplus at December 31 1909 carried forward to next year

54

$5 214 352 00
17,’38li381 69
$22,595,733 69

E A R N IN G S .

S a l e s ----- .................................... .................. ................................ $51,656,631 67
Prollt on sales of Stocks and Bonds____ _________ _______
478,019 63
Royalties, Dividends, Bond Interest and Sundry Profits__ 1,260 847 99
Interest and Discount......................... . .......... .. .................
706 552 25
$54,102,051 54
..................... $16,102 062 81
Surplus brought over from last year
...
Profit for the eleven months ending December 31 1909 . 6,493,’670 88
$22,595,733 69
HENRY W. DARLING, T r e a s u r e r .
R. E. STEELE, C o m p t r o l l e r .

MARWICK, MITCHELL & COMPANY,
C h a r te re d A c c o u n ta n ts .

New York, Washington, Philadelphia, New Orleans, Pittsburgh, Chicago,
Milwaukee, Kansas City, St. Joseph, St. Paul. Minneapolis,
New Orleans, Montreal, Winnipeg, London, Glasgow.
79 Wall Street, New York, March 24 1910.

To the Board of Directors of General Electric Company,
30 Church Street, New York City.
W e h a v e e x a m in e d th e b o o k s a n d a c c o u n ts o f th e G en eral
E le c tr ic C o m p a n y fo r th e e le v e n m o n th s e n d e d D e c e m b e r 31,
1909, a n d c e r tify t h a t th e B a la n c e S h e e t [sh o w n a b o v e ]
is c o rr ec tly p rep a red th erefro m a n d
is ,
in
o u r o p in 
io n , d ra w n u p so a s to sh o w th e tr u e c o n d itio n o f th e
a ffa irs o f th e C o m p a n y a s a t D e c e m b e r 31 1909, a n d t h a t th e
r e la tiv e P ro fit a n d L o ss A c c o u n t [see a b o v e ] is a c o rrect
s t a t e m e n t o f th e tr a n s a c tio n s o f th e e le v e n m o n th s e n d e d
o n t h a t d a te .
W e h a v e v erified th e ca sh a n d se c u r itie s b y a c tu a l c o u n t
a n d in s p e c tio n or b y p rop er c e r tific a te s r ec eiv e d from th e
d e p o s ita r ie s . T h e a g g r e g a te v a lu e a t w h ic h th e S to c k s a n d
B o n d s are carried is , in ou r o p in io n , c o n s e r v a tiv e an d
p ro p er.
W e a rc sa tisfie d th a t th e N o te s a n d A c c o u n ts R e c e iv a b le
in c lu d e d a m o n g th e a s s e t s c o r r e c tly r ep re se n t th e a m o u n t
r e a liza b le th e r efr o m , d u e p r o v isio n h a v in g b e e n m a d e for
p o s sib le lo sse s th r o u g h b a d a n d d o u b tfu l ite m s .
C ertified In v e n to r ie s o f W ork in P ro g r ess, F in is h e d G ood s
M a teria ls a n d S u p p lie s h a v e b e e n s u b m itte d to u s a n d w e
h a v e sa tisfie d o u r se lv e s t h a t th e s e in v e n to r ie s h a v e b e e n
c a r e fu lly ta k e n a n d t h a t th e y h a v e b e e n v a lu e d a t or b e lo w
c o st p r ice , p ro p er a llo w a n c e h a v in g b e e n m a d e for r e d u c tio n s
in m a r k e t v a lu e s a n d for g o o d s for w h ic h th e r e is a slo w m ar
k e t or w h ic h are p r a c tic a lly o b s o le te . F u ll p r o v isio n h a s a lso
b een m a d e for p o s sib le lo sse s o n c o n s ig n m e n ts a n d for c la im s
w h ic h m a y h a v e to b e m e t o n c o n tr a c ts r e c e n tly c o m p le te d or
u n c o m p le te d a t D e ce m b e r 31 1909.
All th e c h a r g es m a d e a g a in s t th e F a c to r y P la n t A c c o u n ts
d u rin g th e y e a r h a v e b een for e x p e n d itu r e s p r o p e r ly c h a r g e 
a b le to C a p ita l, a n d full p r o v isio n h a s b e e n m a d e for R e p a ir s
R e n e w a ls a n d D e p r e c ia tio n . T h e c h a n g e s in th e C op p er
M in in g I n v e s t m e n t d u rin g th e p erio d h a v e b e e n u n im 
p o r ta n t.
T h e a c c o u n ts a n d r eco rd s o f th e C o m p a n y a re full a n d clear
a n d d isc lo se its tr a n s a c tio n s in a d ir ec t a n d c o n c is e m a n n er
Y o u rs tr u ly ,
MARWICK, MITCHELL




&

COMPANY,

C h a r te re d A c c o u n ta n ts

© o m n m 'c ia i

T im e s .

COMMERCIAL EPITOME.
.
.
F r i d a y Night, A p r i l 29 1910.
In commercial circles the feeling is in the main cheerful,
despite some sharp declines of late in securities, large ex
ports of gold and large imports of merchandise. Events
seem to suggest a possibility, however, of a curtailment of
the production of pig iron, coke and copper. Crop prospects
on the whole seem to be promising.
LARD on the spot has declined, owing to a further fall in
the markets for futures, larger offerings and sluggishness of
trade
Prime Western 12.85c., Middle Western 12.75c. and
city steam 12% @ 12^c. Refined lard has also been dull
and easier. Continent 13c., South America 14c. and Brazil
m kegs loc. 1 he speculation in lard futures in the local mar
ket has been dull, with prices easier, owing to weakness in
the Chicago market. At the West the speculation has been
active. Large packing interests have sold heavily at times
loi short account, there has also been heavy liquidation
by packers and commission houses generally, particularly
in the May option.
J
DAILY CLOSING PRICES OF LARD FUTURES IN NFVV TOPIC
. ..
<Sa(.
M on.
T ues.
W ed.
T hurs.
F ri
May dc very........ ----12.93
12.75
12.59
12.57
12.55
12 58
12.68
12.48
12.49
12.38
12 .5 7
July delivery.............,.12.81
DAILY CLOSING PRICES OF LARD FUTURES IN C H I C A G O
S a l.

M on.

T u es.

W ed.

T hurs

F ri

May delivery................. 12.47^ 12.30
12.12H 12.27^ 12.2) ’ 12.25
12.22 H 11.97)4 12.07)4 11.97^ 12.12H
July delivery................12.35

PORK on the spot has declined in company with other
provisions, Trade has been quiet. Offerings have in
creased somewhat. Mess $24@$24 50. clear $25@$27 and
family 82(5 50@827. Beef has been firm. Trade has been
light but supplies continue small. Mess $16@$17, packet
$16@$17, family $20 and extra India mess $30. Cut meats
have been easier, with a small trade. Pickled hams, regular,
15K@10c.; pickled bellies, clear, lG@ 18^c.; pickled ribs
lojajtpTO^c. Tallow has been dull and easy; city 7 % c .
Stearines have been dull and easy, though without marked
cimnge;
change; oieo
oleo 15]aj@16c.. lard 14c. Butter has bee
been active
and easier; supplies larger; creamery extras 2914c. Cheese
quiet and steady; State, 1. c., fall make, fancy, 17@173^c.
17
Bggs quiet .and easier; Western firsts 21 14
]A@,2\V}e..
@ 21%
OIL.—Linseed has been quiet and firm; arrivals of seed
^ ‘“uc SI“a!L 44City» r:uv■American seed, 84@85c.; boiled
85@8(ie ; Calcutta, raw, 90c. Cottonseed has been moder:uu>"teady; winter 7.80@8.50c.; summer white
8.00@8.4ac. Lard has been firm with an active inquiry,
though business has been restricted by the continued light
ness of supplies; prime $1 25@$1 28; No. 1 extra 65@69c.
Cocoanut has Been quiet and firm with stocks small; Cochin
10]4.@10j/@.; Ceylon 95^@9^4C. Olive has been quiet and
steady a t 80@85c. Peanut, quiet and steady; yellow 62@
67c. Cod has been firm with a brisk trade*; domestic
38@40c.; Newfoundland 44@45c.
COFFEE on the spot has been quiet and easier. Rio
No. 7, 8 % @ 8 % c . ; Santos No. 4, 9 % @ 9 % c . West India
growths have been quiet and generally steady; fair to good
Cucuta 9% @ 10^c. The speculation in future contracts
has been less active and changes in prices have been slight.
Of late the weakness in European and Brazilian markets has
led to scattered liquidation by local longs. There has also
been some selling here by Europe. Rio exchange has ad
vanced and a further rise is expected by many. Spot inter
ests have been the principal buyers. Some who have sold
nem- months have made purchases of the distant.
The closing prices were as follows:
Mnv" ------ ft ;fnV I AUly V -----6.55c. IOctolier . .. 6 . 70c. [January ...6.78c
-------•5-r,9c- August _ 6.60c. November .6.70c. February 6 .80c.
June -------6..>0c. ISeptember 6. 65c. | December ,6.75c. {March____ 6.83c.

, SUGAR.—Raw has been more active with prices steady.
Centrifugal, 96-degrees test, 4.30c.; muscovado, 89-degrees
test, 3.80c.; molasses, 89-degrees test, 3.55c. Refined has
been quiet and steady. Granulated 5.15@5.25c. Teas
have ruled steady with a quiet jobbing trade. Spices quiet
and steady. Wool quiet and firm. Hops quiet and steady.
PETROLEUM.— Refined has been steady with some in
crease in business, both domestic and for export. Barrels
7.75c., bulk 4.25c. and cases 10.15c. Gasoline has been in
good demand and steady; 86-ddgrees in 100-gallon drums,
18%c.; drums, $8 50 extra. Naphtha in moderate request
and steady; 73@76-degrees in 100-gallon drums,
drums, $8 50 extra. Spirits turpentine quiet and firmer at
63c. Rosinquiet and easy; common to good strained $4 50.
TOBACCO.—The market for domestic leaf has continued
quiet with prices generally steady. A somewhat larger in
quiry has been reported at times, but actual sales have been
confined to small lots. There is a belief among many in the
trade, however, that a change for the better is not far off.
Sumatra and Havana in moderate demand and steady.
COPPER has been dull and easier; lake 12%@12?4c •
electrolytic 12 >^@12.60c.; casting 12 % @ 1 2 % c . ' Lead dull
and weaker at 4.35@4.40c. Spelter dull and lower at 5.25@
5.40c. Tin has been quiet and easier; spot 32.80c. Pig
iron has been easier with a small trade in small lots for early
shipment; No. 1 Northern $17 25@$18; No. 2 Southern
$16 25@$16 75. The production of pig has latteriv dimin
ished. Trade in finished material has been more active.
There has been a good demand for steel bars.

THE CHRONICLE

1182

[Y o l .

lxxxx.

O n S h ip b o a r d ,I N o t C le a r e d f o r —

COTTON.

G reat
B r ita in .

O th e r

G er

L e a v in g

C o a s t

S to c k
w ise .
T o ta l.
m a n y . F o r e ig n
A p r i l 29 a t —
29 1910.
THE MOVEMENT OF THE CROP as indicated by our New Orleans.. 8,260 7,249 2,501 7,289 1,928 27,227 91,155
44,939
27,182
telegrams from the South to-night is given below. For the G alveston----- 11,478 7,583 5,851 2.270
40,206
'666 4,400
4,100
----week ending this evening the total receipts have reached Savannah
8,357
Charleston----15,246
1,050 7423
5,300
64,893 bales, against 83,829 bales last week and 82,410 M obile____
10,637
11,589 11,589
N
orfolk-------bales, the previous week, making the total receipts since New York----- 1,500
2,800 236,830
700
500
'166
27,841
1,700
100
400
the 1st of September 1909 6,722,370 bales, against 9,083, Other ports__ 1,200
113 bales for the same period of 1908-09, showing a decrease
Total 1910.. 26,538 20,232 10,025 10,359 14,867 82,021 475,211
since Sept. 1 1909 of 2,360,743 bales.
Total 1909. . 39,622 16,742 43,138 29,620 17,586 146,708 475,461
362,665

F r id a y N ight, A p r il

Total 1908.. 20,547 21,122 37,417 19,488 17,846 116,420

S a t.

M on.

T ues.

W ed.

T hurs.

F r i.

1 T o ta l.

Speculation in cotton for future delivery has been subject
to sharp fluctuations. The net result for the week is some
2',98 9 l',664 18,239 advance, especially on the next-crop months. Early in the
1,425 3,864 3406
5491
week there was a sharp rise, owing to reports of frosts in
'758 the cotton States and scarcity of seed, which is selling this
'216
” 28
” 36
” 30
” 24
'424
'230 year at high prices. It was reported that much replanting
Is
“212
l',877 1,710 9,170 would have to be done and that, owing to the reported
'793
1,270 1,835
1,685
357
357
—
Brunswick____
'164
564 scarcity and high cost of seed, there was a probability that
10
395
” 55
25 not all of the original acreage will be restored. The frost
25
Georgetown___
59
” 64 1,607
“161
” 48
'488
'787
W ilm ington___
377 1,395 8,478 scare caused a flurry on both sides of the water. Rumored
1,257 1,027
1,249 3.171
Norfolk_______
trouble among spot dealers in Alabama, Mississippi and
Newp. News, &c.
1404
203
” 50
334
” 63
154
'600
677 France and buying in Liverpool, if not here, either as a
106
286
185
2(
80
1,083
1,083
necessity or as a precautionary measure growing out of these
Baltimore_____
.1 1 .
______
..: :: :
Philadelphia___
difficulties; has at times helped to brace up prices. Spot
64.893
8,104
8,337
9,337
markets at the South have been firm in the main. Some of
Totals this week. 17,987 8,188 1 12,940
the spot interests have been buying. Silver has been rising
The following shows^the week’s|total receipts, the total and the spot sales at Liverpool have reached a fair volume.
since Sept. 1 1909, and;the stocksjto-night, compared with Trade on the Continent is reported to be in the main good.
last year:
Large interests identified with the deal in May have at times
given the market support. At others it is supposed that
S to c k .
1908-09.
1909-10.
these interests have sold and this, with scattered selling on
R e c e i p t s to
the eve of notice day, Friday, sent the May premium over
S in c e S e p
T h is
S in c e S e p
T h is
A p r i l 29.
1909.
1910.
1 1909. W e e k . 1 1908.
W eek.
July down to 6 points on Thursday, as contrasted with 40
99,019 points recently and 17 points a few days ago. The certifi
72,121
Galveston---------- 17,204 2,389,561 42,294 3,393,778
—
_____
140,578
5,097 137,929
Port Arthur____
cated stock here has been increasing of late at the rate of
_____
_____
1,236 138,049
73,418
Corp. Chrlstl, &c_
New Orleans----- 18,239 1,141,034 42,467 1,892,244 118,382 207,673 10,000 bales or more per day. The Bombay receipts have
506
20,221
8,264
Gulfport ---------34,792 been liberal. Of late the weather at the South has been fair
22,369
'758 233,372 5,336 349,681
Mobile ............... ..
and warmer and reports are numerous to the effect that any
—
_____
130,990
136,842
Pensacola______ ,
—
_____
28,971
38,665
184
230
damage done by the recent frost has been greatly exaggerated.
75,144
44,606
1,404,411
9,170 1,269,881 24,188
65 Also it is contended that there is still plenty of time to plant
528
380 309,703
357 220,807
14,924 a big acreage and raise a big crop. It is not denied that a
8,357
564 204,739 3,811 200,839
Charleston---------------------__
2,369
1.37C
25
28,439 big crop would be highly desirable in order to replenish the
11,419
1,607 301,547 5,212 395,920
23,539 world’s supplies and bring prices back to what the trade
22,226
8,478 461,289 8,660 532,741
Norfolk________
15,391
16,863
N'port Newa, Ao..
"289
15,061 239,630 122,362 had become accustomed to regard as a normal level. But
9,552
1,404
4,765 for the rumor committee to destroy the crop off
7,737
15,267
242
12,004
677
8,647
91,857
6,570
1,512
63,531
1,083
Baltimore______
2,800 hand before the first of May is regarded by many
2,781
5,042
1,696
—
Philadelphia----as, to say the least, a trifle premature. Meantime,
T o t a l .............. 64,893 6,722,370 135,811 9,083,113 557.232 022.169 the weather is more favorable, the stock here is rap
In order that comparisonftnay be^inade with pother years idly increasing, speculation is sluggish, the dry goods trade
is far from satisfactory, and the deliveries on May contracts
we give below the totalsfattleading (ports for six seasons:
during May are expected to reach very large figures. They
were approximately 200,000 bales on Friday and many
1905.
1906.
1907.
1908.
1909.
R e c e i p t s a t — } 1910.
would not be surprised if 100,000 bales were added to this
31,905 total during the course of the month of May. The weaknes*
20,172
26,193
20,132
42,294
17,204
Galveston —
13,784
59
4,091
1,037
1,236
5,097
Pt.Arthur,&c.
35,516 in the stock market and the uncertainty as to what will be
21,058
15,835
20,327
42,467
18,238,
New Orleans .
3,961
2,121
1,482
2,335
5,336
758
Mobile...........
38,366 done with the May and July options by the bull clique have,
16,130
13,195
7,873
24,188
9,170*
Savannah __
5,947 with the dulness of trade, caused a sharp falling off in
4,872
097
380
357
Brunswick__ _
4.913 trading in futures. The fact that the anti-option bill is
3,742
364
313
589
3,811
Charleston, &c
4.913
2,662
1,522
972
5,212
1,607
Wilmington. _
17,564 shortly to be acted upon at Washington and that the Grand
6,400
5,524
2,084
8,060
8,478
Norfolk____
1,696 July proceedings are still hanging over the heads of certain
197
■ 445
296
N’port N., &c
5,644
6,045
5,362
2,793
'2',227
' 3'394
All others----members of the trade also militate against anything like
83,458 164,209 activity, and some of the most experienced men in the
74,710
58,162
64,893 135,811
9otal this wk.
business here are holding aloof for the reason that they
Since Sept. 1. 6,722,370 9,083,113 7,614,930 9,264,865 7,125,706 8,542,017
confess themselves at sea. To-day prices advanced with
The exports for the week'endingjthis evening reach a total notices of 180,000 bales of May contracts stopped. It is
of 46,824 bales, of which 6,339j were to Great Britain understood that much of the cotton will be shipped to
mills. Spot interests bought and
130 to France and 40,355 to the rest of the Continent domestic and foreign
shorts covered. Spot cotton here has.been quiet. Middling
Below are the exports foiqthe week and’since Sept. 1 1909:
uplands closed at 15.25c., an advance for the week of 10
F r o m S e p t. I 1909 to A p r i l 29 1910
W e e k e n d in g A p r i l 29 1910.
points.
.
E x p o r te d to —
E x p o r te d to —
The official quotation for middling upland cotton in the
E x p o r ts
C o n ti
New York market each day for the past week has been:
G reat
C o n ti
G rea t
fr o m ,—

Galveston-------Port Arthur----Corp. Chrlstl, &c
New Orleans___
Gulfport---------Mobile ______
Pensacola-------Jacksonville. &c.

3,265
5,097

B r i ta i n . F r'n ce .

978

n e n t.

5,257

T o ta l.

3,911

2,121

B r ita in . F r a n c e .

1,672

17,204
5,097

n e n t.

T o ta l.

20,513 20,513 1 086,748 375,374 902,835 1.964,957
Galveston----5,097 5,097 11 25,883 18,398 93,618 1.37,929
Port Arthur...
16,475
16,175
Corp.Chrls.,&«.
485
9‘.770 10,201i 473,429 174,798 320,786 909,013
New Orleans. .
2,489 35,101 -73,495 38,560 147,162
2,489
Moblle_____
523 47,391 54,318 39,445 141,151
'523
Pensacola___
7,758
1 7,758
Gulfport........
1,120 1.125 227,102 83,991 418,763 729,856
Savannah ---188,122
95,881
5,496
1
87,015
Brunswick---- 1
100,195 117,096
I 16,901
Charleston___!
| 100,690 15,706 167.029 283,419
Wilmington...;
5,887
1,021
I 4,863
—
Norfolk......... !
Newport News
” 93 2,085 161,543 38',399 86,369 288.3 U
New York___ 1,992
9,788 95,027
60Gi 85,239
8'
581
Boston _____
419 17,656 5',970 29,401 53.027
289 ' 130
Baltimore---1
1
G
O
”
1
xnq
15,432
60,037
1
‘
4‘
4
,U
l/«A
O
lio
503
Philadelphia . .
•127
!
427
Portland. Me..
51,230 51,230
2,992| 2,992 _____
San Francisco.
2
3,893
23,898
100 ..........
100i|
Seattle ..........
3.951
3,951
50 ..........
Tacoma..........
50i
200
200
Portland, Ore.
600
600
Pemblna____ : ---Detroit_____
Total.......... 0,331)
130 40,355 40,824 2,022,381 845,939 2,415,516 5,283,830
25,897 18.385 43,135 87,4183.157,590 915.085 3.344,332 7,447,607

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.



A p r i l 23 to A p r i l 29—
Sat. Mon. Tues. Wed. Hairs.
Middling uplands.... ...................15.15
15.25 lo.^o lo.Oo 14.85

Fn.
15.2o

EW YORK QUOTATIONS FOR 32 YEARS.
19107c...........15.25 1902.C......... 9.81
1909_______ 10.80 1901______ 8.31
1908_______ 10.10 1900______ 9.81
1907_______ 11.30 1899______ 6.19
1906............. .11.70 1898..........- 6.38
1905_______ 7.85 1897______ 7.69
1901.............. 13.75 1 8 9 6 ........... 8.12
1903_______ 10.70 1895---------- 6.91

1 8 9 4 .0 ..... 7.14
1893............. 7.75
1892________7.25
1891________8.88
1890_______11.91
1889_______ 11.06
1888________9.81
1887.............10.69

1886.c ____ 9.31
1885........... .10.62
1884_______ 11.75
1883_______ 10.31
1882_______ 12.25
1881_______ 10.69
1880 ______ 11.81
1879_______11-62

#33 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 grance how the market for spot and futures closed

Saturday..
Monday__
Tuesday . .
Wednesday
Thursday .
Friday___

S p o t M a rket
C lo s e d .

F u tu r e s
M a rket
C lo s e d .

Q u iet-----------------S te a d y -------- ------Q u ie t.......................
Quiet, 20 pts. d e c ..
Quiet, 20 pts. d cc..
Qutet, 40 p ts.a d v ..

Steady-------Steady......... E a s y ---------Steady...........
Steady-------Steady--------

S a le s o f S p o t a n d C o n tr a c t.
S p o t.

Cons u m ’n .

C on
tra c t.

1 1 ",666 11,600

'155

255

T o ta l.

100

100

5.500
5.500
3.500
12,900

5,655
5.500
3.500
12,900

___ 139,000 39,250
1

A pr . 30 1910.

THE CHRONICLE

U rU R ES.—The highest, lowest and closing prices at
•New York the past week have been as follows:

1183

AT THE INTERIOR TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
lor the week and the stocks to-night, and the same items for
tne corresponding period for the previous year—is set out in
detail below.

r2

sew

g§2o =
ns-' er° :

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p .* p «

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'105

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►u Cl

to to

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1©
tsjbo
II
1 1 is 2
1 to II l £
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luci ClCl
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t^ts»
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•5 S .jsp 5 « 5 !S S S 8 5 2 5 5 M S 2 g S S g S S S ij2

III
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
Hi _
s; . S S ilSlggSSSlSSlgS^
, __________
quently all foreign figures are brought down to Thursday .d i;
evening. But to make the total the complete figures for
The above totals show that the interior stocks have deto-night (Friday), we add the item of exports from the United
ino°oido du r,in g , the tweek 24-871 bales an^ are to-night
States, including in it the exports of Friday only.
102,218 bales less than at the same time last year Th«
receipts at all the towns have been 14,574 bales less tha»
i S ' &
r --------- balcs- co? $ ° 1'2® 0 m S ™ C21L000 the same week last year.
stock at M a n c h e s t e r
Total Great Britain stock------Stock at Hambiirg------------------Stock at Bremen .......................
Stock at Havre_______________
Stock at Marseilles__________
Stock at Barcelona_______
Stock at Genoa..................... ..
Stock at Trieste................._ _
Total Continental stocks..........

5 45 ;ooo
s 9:9™
755,000 1,349,000
7,000
11.000
276 000 461.000
“ —
296,000 335.000
3 000
4.000
o ’ooo
42.000
30 000
44.000
5 000
2.000
626,000

809,000

7 I:9™

s Ilooo

971,000 1,308,000
19.000
14.000
446.000 498.000
238.000 264.000
4,000
3,000
49.000
16.000
27.000
78.000
22.000
19.000
805,000 892,000

Total European stocks____
India cotton afloat for Europe:’.
Amer. cotton afloat for Europe..
Egypt,Brazil,&c.,aflt.for Europe
Stock In Alexandria, Egypt___
Stock In Bombay, India_______
Stock In U. S. p o r ts__________
Stock In U. S. Interior towns___
H. S. exports to-day__________
Total visible s u p p ly ...----------3,623,351 -L5 11,069 3^886,177 4 831 972
° ’ t0tal3 0t Amcrlcan and other descriptions are as follows:
L iverpool s t o c k . . . ...............b a les. 625,000 1.147,000
757,000 1,087,000

« / mX £ rJ A 5 pD m o v e m e n t f o r t h e w e e k a n d
bllNCE S M I . l. \Ve give below a statement showing
the overland movement for the week and since Sept 1 a«
made up from telegraphic reports Friday night. The result*
follows-Week and s,nce S c p t - 1 in the lasfc two years are a*
A p r i l 29—

19 ° 9' 10i ^

~

^ K T louIs __________
Via Cairo____________
Via Rock Island_____
Via Louisville_______ . . .
Via Cincinnati____________
_ _
Via Virginia points___
Via other routes, &c................

T ®

Total gross overland____

17 903

D ed uc t sh ip m e n ts —

3 ,15 5
40
2 214
585
1 349

1,064

------

’ w

Overland to N. Y.. Boston. A c .. 3,164
997
Between Interior towns________
Inland, &c., from South_______
798

A trie r i c a n —

Manchester stock_______
45,000
67,000
04,000
72,000
Continental stock______ . . .
587,000
855,000 726,000 836,000
American afloat for Europe____ 259,074
331,777 267,887 412,398
U. S. port stocks--------------------- 557,232
622,169 479,085
579,251
U. S. Interior sto ck s-------- ------- 368,358
470,576 394,642
371,064
O. s. exports to-day.....................
13,687
17,547
5,563
19,259
Total Anterior n ______ _
-2,455,351 3,511,069 2,694,177 3,376,972
H a s t I n d i a n , B r a z i l , <fcc.—
Liverpool stock _____ ______
71.000
110,000
131.000
124.000
London stock .. _______ ’ ‘
4,000
10,000
8,000
8,000
Manchester stock _____ _
10.000
15.000
11,000
17.000
Continental stock _________ .
39.000
44.000
79.000
56.000
India afloat for Europe____ _
170.000
140.000
115.000 238.000
Egypt, Brazil, &c., afloat___
17.000
32.000
24.000
34.000
Stock In Alexandria, E gypt..
120.000 228.000
166.000
Stock In Bombay, India____
728,000 451,000 214.000
610.000 812,000
Total East India, &c_________ 1,168,000 1,030,000 1,192,000 1.455.000
Total American__ ____ ____ 2,455, >51 3,511,069 2,694,177
3.376.072
Total visible supply__________3,623,351 4.541,009 3,886,177 4.831.072
Middling Upland, Liverpool.. . .
7.94d.
5.53d.
5.40d.
6.63d.
Middling Upland, New Y ork..
15.1.5c.
10.90c.
11.55c.
Egypt, Good Brown, Liverpool
15 Hd. 8 11-1 Oci. 8 10.20c.
1-1
Cd.
1
Wd.
Peruvian, Rough Good, Liverpool 11.00d.
8.75d.
9.50d.
10.75d.
Broach, Fine, Liverpool_______
7 Hd. 5 5-16d.
• 4%d. 5 15-10d.
rinncvelly, Good, Liverpool.__ 7 l - 16 d.
5Md. 4 13-16d. 5 0-16d.
C o n tin e n ta l im p o r ts for th e p a s t w e e k h a v e b een 1 2 0 .0 0 0
b a les.

Total to be deducted-------- -

4,629

361,5811
161,031
20,200
98,788
42,422
116,134
137,386
037,542
86,783
40,228
48,414
175,425

Leaving total net overland *-------- 13,274 762,117
• Including movement by rail to Canada.

16.281 1,417,891
2,043
583
2,271
4,897

127,227
43,011
38,028
208,268

1 1.384 1,209 628

The foregoing shows the week’s net overland movement
has been 13,274 bales, .against 11,384 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease from a year ago of 447,508 bales.
-------------

I n S ig h t a n d S p in n e rs '

19^" *"
S in c e
S e p t . 1.

---------------

S in c e

_
,
T a k in g s.
W eek.
Receipts at ports to April 29___ 64,893
Net overland to April 29_______ 13,274
Southern consumption to April 29 45,000

6.722,370
762,117
1,754,000

135,811
11,384
52,000

Total marketed______________ 123,167
Interior stocks In excess________*24,871

9,238,487
285,195

199,195 11,952,738
*46,390
356,561
152,805
12,309,298
40,305 2,390,129

Came Into sight during w eek .. 98,296
Total In sight April 29_______ ______
North, spinners’ takings to Apr.29

1,980

SL523~,682
1.855,798

W eek.

S e p t. 1 .
9.083,113
1,209,626
1,660,000

* Decrease during week.

Movement into sight in previous years:

W e ek —

1908—May
1907—May
1906— May
1905—May

B a le s .

2_____________ 84,390
3 ______________ 106,618
4--------------------- 116,520
5-------------176,904

S in c e S e p t

iS ^ - o f —May 2 .................10^99,S506
iy06-07—May 3 _________12.450.229
lona'naZ5Jay
------------9,853,277
1904-05—May i5..............
..11,483,322

. Tho above figures for 1909 show a decrease from 1ast week
F 0 R MIDDLING COTTON AT OTHER
ot 114,093 bales, a loss of 917,718 bales from 1908, a
decrease of 262,826 bales from 1907, and a loss of 1,208,021 MAKKElfe.—-Relow are the closing quotations of middling
cotton at Southern and other principal cotton markets for
bales from 1906.
each day of the week.



THE CHRONICLE

1184

C lo s in g Q u o ta tio n s J o r M i d d l i n g C o tto n o n —
W e e k e n d in g
A p r i l 29.

S a t ’d a g .

14 A
14 ’%
14 'A
14%
u %
14 %
14 %
15.15
15 %
15.40
14 %
Augusta.
14 %
Memphis
14 %
'14 'A
Little R o ck ... :14%

Galveston _
New Orleans__
Mobile
Savannah
Charleston —
Wilmington----N orfolk---------Boston ---------Baltimore

M onday.

T u e s d a y . W e d ' d a y , T h u r s d ’u,

14 11-16
14 13-10
14 A
14 A

14 %
14 %
14 A
___

14 %
14 %
15.15
15%
15.50
14 %
14 Vs
14 %
14 %
14 'A

14 %
14%
15.25
15 %
15.50
14%
14%
14%
14%
14%

14%
14%
14%
14%
___
14%
14%
15.25
15%
15.30
14%
14%
14%
14 %
14%

14 9-16
14 %
14 %
14 %
—
14 %
14%
15.05
15%
15.10
14 %
14 %
14 %
14 %
14 1-16

14 %
14%
14 %
14 %
%
.85
%
.50
%
%

NEW ORLEANS OPTION M ARKET—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 r il

23.

A p r il—

M o n d a y , T u e s d a y , W e d ’d a y , T h u r s d 'y , F r i d a y ,
A p r i l 25. A p r i l 26. A p r i l 27. A p r i l 28. A p r i l 29.

Range -------- — @ — — @ — — © — — @ —■— @ — — © —
Closing........... 14.42 * 14.68 * 14.44 * 14.39 * 14.38 * — © —
R an ge_____ 14.45-.53 14.60-.75 14.50-.68 14.53-.55 14.30-.40 14.47-.58
Closing-------- 14.46-.47 14.72-.73 14.49-.50 14.44-.45 14.41-.42 14.53-. 54
June—
© .59 — © — — © —
Range _____ — @ — — © — — © — —
14.49 * 14.25 * 14.51 * 14.51 * 14.50 * 14.57 *
J u ly —
14.40-.55 14.60-.74
14.54-.69
.80
Range -------- 14.53-.60 14.70-.85 14.6314.56-.
. 64 57 14.54-.55 14.69-.70
Closing........... 14.55-.56 14.84 — 14.63A u g u s t—
13.80 — — @ —
13.97-.98
13.97. 15
13.95-.15
.74
Range _____ 13.7213.90
13.97.99 — 13.88-.90 14.00 —
14.13-.15
.75
Closing-------- 13.72S e p te m b e r —
0 13.00-.01 — © —
Range _____ — © — 12.98-.34 13.17-.30 13.06-.1
12.82 — 13.34-.35 13.05 * 13.06 — 13.05-.0S 13.15-.20
O c to b e r —
12.55-.67 12.66-.75
12.59-.72
.88
Range _____ 12.32-.38 12.67-.93 12.6412.64-.65 12.68-.70
12.64-.65
.65
Closing-------- 12.36-.37 12.91 — 12.64N ovem ber—
© —
— © —— @ —— © —— @ —— © ——
12.60 •
Closing........... 12.29 • 12.82 * 12.54 * 12.54 * 12.56 *
D ecem ber—
12.43-.56 12.56-.63
12.46-.59
.76
Range _____ 12.24-.29 12.59-.83 12.5212.53-.
. 54 54 12.54-.55 12.58-. 59
Closing-------- 12.28-.29 12.62-.83 12.53January—
Range _____ 12.23-.25 12.61-.84 12.02-.71 12.52-.60 12.50-.56 12.59 —
Closing........... 12.29-.34 12.82-.83 12.55-. 57 12.51-.53 12.54-.55 12.59-.60
Tone—
Firm.
Quiet. Steady.
Quiet. Steady. Quiet.
Options____ Steady. Steady. B’ly st’y Steady. Steady. Steady.

M ay—

M a r l o w , O k l a h o m a . — Dry all the week. Average ther
mometer 62, highest 91, lowest 34.
O k la h o m a , O k l a h o m a — No rain the past week.
The ther
mometer has averaged 62, the highest being 89 and the
lowest 35.
, . .
.
N e w Orle ans, L o u i s i a n a . — We have had rain on one day
of the week, the rainfall reaching three hundredths ot an inch.
The thermometer has averaged 61, ranging from 41 to SO.
S h reve p o rt, L o u i s i a n a . — It has been dry all the week.
The thermometer has ranged from 34 to 86, averaging 60.
A l e x a n d r i a , L o u i s i a n a . — It has been dry all the week.
Average thermometer 59, highest 87, lowest 32.
A m i t e , L o u i s i a n a . — We have had no rain during the week.
Thermometer has averaged 59, the highest being 84 and the
lowest 34.
.
.
C o lu m b u s , M i s s i s s i p p i . — It has rained on one day during
the week, the precipitation being twenty-two hundredths of
an inch. The thermometer has averaged 57, ranging from
32 to 82.
.
i c
lu
M e r i d i a n , M i s s i s s i p p i . — It has rained on one day ot the
week, the precipitation reaching two hundredths ot an inch.
The thermometer has ranged from 32 to 80, averaging 56.
V ick sb u rg , M i s s i s s i p p i . — Rain has fallen on one day of the
week to an inappreciable extent. Average thermometer 58,
highest 80, lowest 34.
H e le n a , A r k a n s a s . — Weather has been cold, but the dam
age to cotton not as great as reported. Rain has fallen on
one day of the past week to the extent of two hundredths of
an inch. The thermometer has averaged 57, the highest
being 77 and the lowest 32.
L it t l e Rock, A r k a n s a s .— Frost the early part of the week
damaged a small percentage of cotton and considerable corn.
Balance of week favorable for planting and for the germina
tion of seed not up before the frost. There has been rain on
one day during the week, the rainfall being three hundredths
of an inch. The thermometer has averaged 57, ranging
from 33 to 81.
.
E ld o ra d o , A r k a n s a s — There has been no ram during the
week. The thermometer has ranged from 33 to 85, averag-

* Nominal.

WEATHER REPORTS BY TELEGRAPH.—Reports to
us by telegraph from the South this evening indicate that
dry weather has prevailed over the greater part of the South
during the week, and where rain has fallen the precipitation
has been very light as a rule. A cold wave occurred on the
24th and 25th, with killing frost reported in various sections,
rendering necessary the replanting of a portion of the crop.
At the close of the week the weather has turned warmer.
G a lvesto n , T e x a s . — The recent cold wave did damage to
cotton in some sections where it was up to a stand, and re
planting will be necessary. Rains will be beneficial, as the
recent north winds dried the ground considerably
Ihere
has been no rain at any of the stations. Average thermo
meter 66, highest 80, lowest 52.
A b i l e n e , T e x a s . —The thermometer has averaged 65, the
highest being 92 and the lowest 38.
B r e n h a m , Texas.— The thermometer has averaged 65,
ranging from 38 to 90.
C u er o , T e x a s .—Thermometer has ranged from 5b to 82,
averaging 69.
....
D a l l a s , T e x a s . — Average thermometer 63, highest 90,
lowest 35.
,
,
..
Fort W o r th , T e x a s . — Thermometer has averaged 61, the
highest being 90 and the lowest 32.
H e n rie tta , T e x a s . — The thermometer has averaged bo,
ranging from 33 to 96.
H u n t s v i l l e , T e x a s . — The thermometer has ranged from
34 to 87, averaging 61.
, . . . QO
K e r r v i ll e , T e x a s . — Average thermometer 62, highest 89,
lowest 34.
,
L a m p a s a s , T e x a s . —The thermometer has averaged 63,
the highest being 91 and the lowest 34.
L o n g v ie w , T e x a s . —The thermometer has averaged 62,
ranging from 35 to 89.
L u l i n g , T e x a s . —The thermometer has ranged from 43 to
90, averaging 67.
,. , .
N a cogdoch es, T e x a s . — Average thermometer oO, highest
85, lowest 34.
P a le s t i n e , T e x a s . —The thermometer has averaged 59,
the highest being 84 and the lowest 34.
P a r i s , T e x a s . —The thermometer has averaged 61, rang
ing from 33 to 89.
S a n A n t o n i o , T e x a s . — The thermometer has ranged from
48 to 90, averaging 69.
T a y l o r , T e x a s . — Average thermometer 63, highest 88,
lowest 38.
, ..
W ea th e rfo rd , T e x a s . — Thermometer has averaged 60, the
highest being 89 and the lowest 31.
A r d m o r e , O k l a h o m a . — There has been no rain during the
week. The thermometer has averaged 60, ranging from
32 to 89.
,
,
„
™
H o l d e n v i l l e , O k l a h o m a — It has been dry all the week. The
thermometer has ranged from 31 to 87, averaging 59.



[VOL. LXXXX.

all the week. Average ther
mometer 59, highest 86, lowest 32.
M e m p h i s , T e n n e s s e e .— Early part ot the week cold and
unseasonable but latter portion favorable. It is thought
that considerable replanting will be necessary. Rain has
fallen on two days of the week, the precipitation being thir
teen hundredths of an inch, and there has been hail, sleet
and snow on one dav. The thermometer has averaged 52.8,
the highest being 74*8 and the lowest 32.2.
N a s h v il l e , T e n n e s s e e — Little cotton, on account of cool
weather, had yet come up. Damage from the freeze for this
reason was light. We have had rain on four days of the
week, the rainfall reaching sixty-six hundredths of an inch.
The thermometer has averaged 55, ranging from 32 to 78.
D y e r sb u r g , T e n n e s s e e .— It has rained during the week to
an inappreciable extent. The thermometer has ranged from
32 to 73, averaging 52.
, .
M o b ile , A l a b a m a . — Killing frosts generally reported in the
interior on the 25th and 26th, with ice and snow in some
sections. Considerable damage to cotton is claimed to have
been done, and it is estimated that one-half of the crop above
ground will have to be replanted. There has been but a
trace of rain. Average thermometer 61, highest 79, lowest

mgF o r i S m i t h , A r k a n s a s . — D r y

M o n t g o m e r y , A l a b a m a .—Severe cold and frost for two
nights has rendered replanting necessary. Damage prin
cipally on lowlands. Seed scarce. There has been rain on
one day during the week, the rainfall reaching twenty-four
hundredths of an inch. Thermometer has averaged 56,
highest being 78 and lowest 34.
S e l m a , A l a b a m a . —Considerable damage from trost and
high winds. About half of the cotton that was up will have
to be replanted in some localities. There is a scarcity ot
seed. Very little corn was killed by the cold. 1 here has
been rain on one day during the week, the rainfall reaching
seventeen hundredths of an inch. The thermometer has
averaged 58, ranging from 35 to 80.
T h o m a s v i l l e , A l a b a m a . — 1There has been rain on two days
during the week, the rainfall reaching twenty-seven hun
dredths of an inch. Thermometer has ranged from 30 to 81,
averaging 56.
M a d i s o n , F l o r i d a . — Rain has fallen on two days of the
week to the extent of forty hundredths of an inch. Average
thermometer 63, highest 77, lowest 36.
T a lla h a s see, F l o r i d a . — Rain has fallen on two days of the
week, the precipitation being nine hundredths of an inch.
The thermometer has averaged 60, the highest being 81
and the lowest 38.
A u g u s t a , Geo rg ia . — We have had rain on four days of the
week, the rainfall reaching thirty-one hundredths of an inch.
The thermometer has averaged 57, ranging from 36 to 70.
A t l a n t a , G eo rg ia .— It has rained on three days of the week,
the precipitation reaching fifty-five hundredths ot an inch.
The thermometer has ranged from 32 to 72, averaging 52.
S a v a n n a h , G eo r g ia . — Rain has fallen on three days of the
week, the rainfall being fifteen hundredths of an inch. Aver
age thermometer 59, highest 76, lowest 38.
W a s h i n g to n , G e o r g i a .— W o have had no rain during the
week. The thermometer has averaged 57, ranging from
35 to 78.
•'

THE CHRONICLE

APR. 30 1910. J

Charleston, South Carolina.—It has rained on three days of
the week, the rainfall reaching forty hundredths of an inch.
The thermometer has ranged from 41 to 72, averaging 56.
Greenville, South Carolina.—There has been no rain during
the week. Average thermometer 55, highest 74, lowest 36.
Greenwood, South Carolina.—There has been rain on two
days during the week, the rainfall being fifteen hundredths
of an inch. Average thermometer 57, highest 78, lowest 35.
Spartanburg, South Carolina.—Rain has fallen on three
days during the week, to the extent of fourteen hundredths
of an inch. Average thermometer 57, highest 79, lowest 34.
Charlotte, North Carolina.— Rain has fallen on four days
during the week, the rainfall being forty-one hundredths of
an inch. Average thermometer 55, highest 70, lowest 34.
Greensboro, North Carolina.— Rain has fallen on four days
of the week, the rainfall being sixty-five hundredths of an
inch. Average thermometer 53, highest 74, lowest 32.
Raleigh, North Carolina.— Rain has fallen on four days of
the week, the rainfall being seventy-three hundredths of an
inch. Average thermometer 55, highest 74, lowest 36.
EUROPEAN COTTON CONSUMPTION TO APRIL 1.—
By cable to-day we have Mr. Ellison's cotton figures brought
down to April 1. We give also revised totals for last year
that comparison may be made. The spinners’ takings in
actual bales and pounds have been as follows:
1 to

O c to b e r

A p r il

1185

ALEXANDRIA RECEIPTS AND SHIPMENTS.
j

A le x a n d r ia , E g y p t,
A p r i l 27.

1909-10.

1908-09.

1907-08.

(cantars)—•
This w eek ............. ........
Since Sept. 1________

4,000
4,867,977

14,000
6,548,452

35,000
6,928,628

T h is
S in c e
W e e k . S e p t . 1.

T h is | S in c e
W e e k . S e p t . 1.

T h is
S in c e
W e e k . S e p t . 1.

2,000
1,250
3,000
300

3.750
6.750
7,250
3,000

1.500
4.500
4.000
1.000

R e c e ip ts

E x p o r ts

To
To
To
To

(bales)—

Liverpool__________
Manchester _______
Continent___ _____
America.......................

140,638
113,602
258,100
57,8 2

163,526
171,149
283,063
67,079

Total exports......... ...... 6,550 570,222 20,750 684,817 11,000 719,388
1

WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.

1909-10.
|

W eek.

1908-09.

S ea son.

W eek.

Visible supply April 22............. .. 3,737,444

1.

G reat B r ita in .

For 1909-10.

Takings by spinners.___ .bales.
Average weight of bales. ..lb s.

T o ta l.

C o n tin e n t.

1.796.000
4,806,000
3,070,008
496
484.6
470
890,816,000 1.407.460.000 2.358.276.000

American In sight to April 29__
Bombay receipts to April 28__
Other India shlp’ts to April 28.
Alexandria receipts to April 27.
Other supply to April 27 *-----

For 1903-09.

Takings by spinners . . . .bales.
5,507,000
2.071.000
3,436,000
Average weight of bales. . .lbs.
496.3
510
488
Takings In pounds . . .
1,056,210,000 1.676.868.000 2.733.078.000

198,202
172,971
292,356
55,859

S ea son.

4,624,402

1,931,022
98,296 9,523,682 152,805
66,000 2,705,000
48.000
13,000
310.000
14.000
500
649,500
2,000
198.000
1,000
3.915.240 15.317.204 4,842,207

D e d u c t—

Visible supply April 2 9 ............. 3,623,351
291,889
179,389
112,500

Total takings to April 29--------

1,714,982
12,309,299
1,738,000
280,000
873.000
158.000
17,073,281

3,623,351 4,541,069 4,541,069
11,693,853
8,522,353
3,171,500

301.138 12,532,212

According to the above, the average weight of the deliveries
193.138 9,775,212
108,000 2,757,000
in Great Britain is 496 pounds per bale this season, against
510 pounds during the same time last season. The Conti
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
nental deliveries average 478 pounds, against 488 pounds last
year, and for the whole of Europe the deliveries average
MANCHESTER MARKET.— Our report received by
484.6 pounds per bale, against 496.3 pounds last season. cable to-night from Manchester states that the market is
Our dispatch also gives the full movement for this year and steady for both yarns and for shirtings. The demand for
last year in bales of 500 pounds.
India is good, but for China poor. We give the prices
for to-day below and leave those for previous weeks of
O c to b e r 1 to A p r i l 1.
1909-10.
1908-09,
this and last year for comparison.
B a l e s o f 500 l b s . c a c ti.
(000s

o m i t t e d .)

G reat C o n ti
B r i t'n . n e n t.

T o ta l.

G reat C o n ti
B r i t'n . n e n t.

T o ta l.

Spinners’ stock Oct. 1 ______
Takings to April 1 .................

234
1,782

1,218
2,935

1,452
4,717

308
2,112

1,046
3,354

1,354
5,466

Supply ______________
Consumption, 26 weeks

2,016
1,690

4,153
2,730

6,169
4,420

2,420
1,790

4,400
2,860

6,820
4,650

326

1,423

1,749

630

1,540

2,170

05
65
65
05
65
65

105
105
105
105
105
105

170
170
170
170
170
170

*30
60
78
80
80
80

110
110
110
110
110
110

140
170
188
190
190
190

Spinners’ stock April 1 .. .
W e e k ly C o n s u m p tio n .

In
In
In
In
In
In

000s o m i t t e d .
October . . . . .
November „................. ......
December...........................
January
................. ......
February ....................... ......
March . ....................... ...

* Small consumption due to lockout In Lancashire.

The foregoing shows that the weekly consumption is now
170,000 bales of 500 pounds each, against 190,000 bales of
like weight at the corresponding time last year. The total
spinners' stocks in Great Britain and on the Continent have
undergone no change during the month, and are now 421,000
bales less than at the same date last season.
—Catlin 3c Co., the dry goods commission house, announce
the formation of a new co-partnership to continue the busi
ness for three years from the expiration of the present firm,
Jan. 1 1911, comprising Lowell Lincoln, Charles E. Sampson,
Samuel S. Widger and Arthur J. Cumnock.
INDIA COTTON MOVEMENT FROM ALL PORTS.
A p r il

28.

1908-09.

1909-10.

I le c e lp ls a t —
W eek.

Uombay_________

S in c e
S e p t. 1.

W eek.

S i n c e S e p te m b e r

( tre a t
C o n ti- J a p a n
B r i ta i n . n e n t. tk C h ln a T o ta l.

Bombay—
1909-10 .
1908-09.1907-08
Calcutta—
1909-10.
1908-09
1907-08
Madras—
1909-10.
1908-09 .
1907-08
All others —
1909-10
1908-09.
1907-08
Total a l l 1909-10..
1908-09..

3,000 15,000 30,000 48,000
1.000 9,000 7,000 17,000
14,000 6,000 20,000
____

W eek.

|
|

S in c e
S e p t. 1.

66,000 2,705.000 48,000 1,738,000 38,000 1,624,000
F o r th e W e e k .

E x p o r ts
fro m —

1907-08.

S in c e
S e p t. 1.

2,00C
1,000 1,000
1,000 -------

2,000
2,000
1,000

____
1,000 10.000
8,000
25,000

11.000
4,000 12,000
25,000

n e n t.

it-

1.

C h in a .

T o ta l.

81,000 750,000 734,00! 1,565,000
20,000 476,000 501 .001 097,000
18,000 459,000 277,000 754,000
3,000 32,000 36,000 71,000
4,000 30,000 28,000 62,000
3,000
17,000
11.00C 31,000
4,000
3,000
5,000

4,000 27,000 30,000 61,000
1.000 18,000 12,000 31,000
—
40.000 6,000 46,000




G reat
B r i ta i n .

10,000
16,000
25,000

20,000 202,000
15,000 156,000
11,000 136,000

1,000
2,000
3,000

15,000
21,000
33,000

2,000 224,000
26,000 107*000
21,000 168,000

108,000 994,000 773,000 1,875,000
42,000 678,000 557,000 1,277,000
37,000 637,000 312.000 986,000

1910.
lb s. S h i r t la g s , c o m m o n
to f i n e s t .

32s C o p
T i v is t.

Mch
4
11
18
25
Apr.
1
8
15
22
29

d s. d.

d.

1909.

8H

C o t ’n
M id .
U p l's

s. d.

d.

8%

lb s. S h i r t tn g s . c o m m o n
to f i n e s t .

32s C o n
T w is t.

d. 3. d.

d.

®

11%
W 11%
(a) H %
@ 11 %

5
5
5
5

6 @10
6 @10
6 @10
6H@10 1H

8.07 i y *
@
8.05 7 %
@
8.17 7 3-16 @
.8.15 7 %

105t5 (3) 11 %
10 % @ 11 %
109-16@ 11 %
10?*
10% <S> H11%%

5
5
5
5
5

7 @10
7H@10
7<*@10
7H@ 10
7 % ® 10

7.96 7 3-16 @ SS*
<a 8 J*
7.92 7%
7.81 7 %
<«? 8 %
(a) 8 %
7.87 7 %
7.94 7 %
(a> 8 %

10 X
10 %
m '»
10 %

1%

3
3
3
3

8
8
8
8

C o t 'n
M id .
U p l's

s. d.

d.

4
4
4
4

6
6
6
6

4%
4%
4%
4%

5.14
5.08
4.97
4.94

4
4
4
4
4

6H@8 5
7 % @8 6
8 @8 7 %
8 (cDS 7 %
7 @8 7 %

5.13
5.27
5.54
5.49
5.53

@8
ffi8
@8
@8

SHIPPING NEWS.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 46,824 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
T o ta l b a le s

NEW YORK—To Liverpool—April 22—Celtic, 1,992_________ . . . 1,992
To Genoa—April 22—Berlin, 43___
_____________________
43
To Naples—April 22—Berlin, 5 0 ..
........................... ................
50
GALVESTON—To Bremen—April 25—Roland, 5,629___________ 5,629
To Hamburg—April 26—Albano, 4,835. ____ _____________ 4,835
To Barcelona—April 28—Frovlncla, 4,050_____________ . . _ 4,050
To Genoa—April 27—Platea, 4,809
______________
. . 4,809
_
_ 1,190
To Venice—April 28—Provlncla, 1,190. ___
PORT ARTHUR—To Bremen—April 22 —Duart, 5,097....... ......... 5,097
NEW ORLEANS—To London—April 26—Jamaican, 485________
485
To Hamburg—April 29—Hoenle, 4,297____________________ 4,297
To Antwerp—April 26—Jamaican, 544____________________
544
To Barcelona—April 26—Catalina, 4,935___________________ 4,935
MOBILE—To Liverpool—April 27—Louisianian, 2,489___ _ ___ 2,489
PENSACOLA—To Genoa—April 29—Sicilia, 523_______________
523
SAVANNAH—To Bremen—April 23—Benellir, 76______________
76
To Hamburg—April 23—Calrntorr, 100_______ _____________
100
850
To Genoa—April 28—Monvlso, 850 __________ __________ . .
To Valencia—April 28—Monvlso, 100---------------------------------100
BOSTON—To i.lverpool—April 25—Megantlc, 8 .April 26—Bo
181
hemian, 173__ . . ------ -------------------- ------- -----------------To Manchester—April 23—Caledonian, 400----------- -----------400
To Yarmouth—April 25—Boston, 85---------------------------------85
BALTIMORE—To Liverpool— April 22—Templemore, 289_______
289
To Havre—April 22—Ikbat, 50 upland, 80 Sea Island________
130
PHILADELPHIA—To Liverpool—April 22—Merlon, 503 . _____
503
SAN ERANCISCO—To Japan—April 26—Manchuria, 2,992_____ 2,992
TACOMA—To Manila—April 22—Titan, 50------------------------------50
SEATTLE—To Manila—April 22—Titan, 100---------------------------100
Total _____________________________ _______________________ 46,824

The exports to Japan since Sept. 1 have been 78,078 bales
at New York the past week have been as
is being in cents per 100 lbs.:
S a t.

L iv e rp o o l

_________

Manchester______
H a v re

_____________

Brem en_________
Hamburg _______
Antwerp_________
Ghent, via Antwerp
U cval........... ............
Gothenburg -------Barcelona, direct . .
Genoa __________
T rieste__________

J a p a n ______ . . . . . .

14
14
18
16
22 %
20
26
25
34
25
18
28
45

M on.

14
14
18
16
22 %
20
26
25
34
25
18
28
45

Tues.

14
14
18
16
22 %
20
26
25
34
25
18
28
45

W ed.

14
14
18
16
22 %
20
26
25
34
25
18
28
45

Thurs.

14
14
18
16
22 %
20
26
25
34
25
18
28
45

F ri.

14
14
18
16
22 %
20
26
25
34
25
18
28
45

1180

THE CHRONICLE

LIVERPOOL.— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
8.
Sales of the week______ bales . 81,000
2,000
Of which speculators took.
Of which exporters took__ 16,000
Sales, American___________ . 76,000
Actual export______________ . 34.000
Forwarded_________ ____ 71,000
Total stock— Estimated__ .774,000
Of which American—E s t.. .705,000
Total Imports of the week__ . 46,000
Of which American---------- . 32,000
Amount afloat.. _________ . 186,000
Of which American______ . 145,000
A p r il

15.
55,000
1,000
2,000
51,000
30,000
91,000
737,000
672,000
84,000
77,000
183,000
130,000

A p r il

22.
46.000
2,000
1,000
44,000
5,000
67,000
729,000
664,000
64,000
50,000
152,000
107,000

A p r il

29.
*54,000
2,000
1,000
*52,000
4,000
64,000
696,000
625,000
34,000
18,000
135,000
93.000

A p r il

[V O L . LX X X X .

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
S a t.

M on.

T u es.

W ed. T h u rs. F r i.

S a t.

M on.

T ues.

W ed. T h u rs. F r l.

118
117*4 114J3 11314 116
No. 2 red winter, f. o. b _________ 117
May delivery In elevator________ 11634 117 11534 114 34 113J4 115J6
July delivery In elevator________ 11054 11154 10954 110
10954 11054
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
May delivery In elevator________ 10954 110 10854 10754 10654 10854
July delivery In elevator________ 103 54 103 34 101 54 102 54 101 54 103 54
Sept, delivery In elevator................. 10154 101 J4 99 54 10034 99 54 10154

Indian corn futures in the local market have been stag
nant. At Chicago the speculation has been active. Prices
there have shown irregularity, but the feeling is still bearish,
owing to the large supplies and the persistent dulness in the
cash market. Large elevator interests have been selling
* Including 8,000 bales of called American cotton.
freely and at times there has been heavy commission-house
The tone of the Liverpool market for spots and futures liquidation, especially in May. On declines there has been
each day of the past week and the daily closing prices of heavy covering by some of the principal bears. Their opera
spot cotton have been as follows:
tions on the short side are in some cases said to have shown
a profit of as much as 10 cents a bushel. Other large bears
S p o t.
S a tu rd a y .
M onday.
T uesday.
W ednesday. T h u rsd a y .
F r id a y .
have made no effort to cover. Smaller shorts have covered
at times on reports of damage to young corn by freezing
Market, 1
Fair
Fair
Fair
weather. To-day prices declined early on favorable weather
12:15 1 Dull.
business
business Moderate business
Dull.
P. M. J
doing.
doing.
demand.
doing.
and liquidation. Later there was an upturn on the rise in
wheat, commission house buying and covering.
Mid. Upl’ds
7.82
7,98
7,92
7.88
8.01
7,94
Spec.&exp.
Called----

4.000
500
2.000

8,000
500

10,000
1,500
1,000

8,000
500
1,000
Quiet at
2@3 pts.
decline.

8,000
500
2,000
Quiet at
1@2 pts.
decline.

4.000
500
1.000

Market
opened

Quiet at
1 2@3 pts.
/ decline.

Market,
4
P. M.

Firm at Easy at 1 Quiet unch. Easy at Q’t but st’y
1 Quiet at
2®3 pts. 1234@1534 pt. dec. to to 254 pts. 3 54@7 34 at 554® 12
pts. dec. pts. adv.
pts. adv. 134pts.adv. decline.
J decline.

F u tu r e s .

Steady at Irreg. at
2@5 pts. 6® 12 pts.
advance. advance.

Steady at
5 points
advance.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
S a t.

M on.

T ues.

W ed. T h u rs. F r i.

S a t.

M on.

T ues.

W ed. T h u rs. F r i.

Cash corn--------------------------------- nom. nom. noin. nom. nom. 110m.
May delivery Inelevator________ 68 54 6954
68 54 68 54 68
68
July delivery Inelevator________ 7154 72 54 71 54 7154 71
7154
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAdO.
May delivery Inelevator________ 58 54 60
July delivery inelevator________ 61 54 63
September delivery In elevator____ 63 54 64 54

59 54 58 54 57 54 57 54
62 54 62 54 61 54
6154
63
63 54 62 54 63

Oats for future delivery in the Western market have been
irregular but on the whole have shown more steadiness than
The prices of futures at Liverpool for each day are given corn, as some who have sold corn have made purchases of
below. Prices are on the basis of upland, good ordinary oats at the prevailing wide differences in prices. There has
clause, unless otherwise stated.
also been some buying on reports of damage by the recent
T h e p r i c e s a r e f f i v e n i n p e n c e a n d 100»is.
T h u s , 7 60 m e a n s 7 60-100d.
cold weather, though the extent of the injury cannot be
determined as yet. Many believe that it has been exag
April 23
Sat.
Alon.
Tues.
Wed.
Thurs.
Fri.
gerated. The acreage is much larger than a year ago and
April 29. 1254 12 54 12 54 4 1254 4 1254 4 1254 4 12 54 4
supplies of old oats in the interior arc said to be heavy. The
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
cash demand has been light. To-day prices were easier at
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
first on liquidation but they advanced later on the rally in
7 60 66 73 79 73 54 76 54 72 54 70 65 72 77
wheat and covering.
61 68 73 67 70 54 67 64 59 54 65 69

52 58 65 70 64 67 54 63 54 61 56 61 64 54
DAILY CLOSING PRICES OF OATS IN NEW YORK.
48 54 61 66 54 60 63 54 59 54 57 54 52 Vi 57 54 61 34
S a t.
M on.
T u es.
W ed.
T hurs.
F r i.
43 48 54 55 34 61 54 A 58 54 52 *17 54 52 55 54 Natural white___ 45 54-48 45 54-48 45 34-18 45 54-48 45 54-48
45 54-48
46 54-52
14 54 10 'A 27 34 28 31 54 27 54 25 54 2154 26 28 34 White clipped----- 46 54-52 46 54-52 46 54-52 46 54-52 46 54-52
Sept.-Oct.
72 54 79 88 97 54 90 54 94 89 54 88 54 85 54 90 54 92
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Oct.-Nov.
54 54 61 70 80 7*1 54 76 72 70 54 68 72 54 74
S a l.
M o n . T u es.
W ed. T h u rs. F r i.
47 54 54 62 54 72 34 66 54 68 64 54 62 54 60 '/, 65 66 54 May delivery In elevator................. 42 54 42 54 42 54 42
41 54 4154
45 51 54 60 54 70 64 54 66 54 62 60 34
62 XA 64
July
delivery
In
elevator________
4054
41
34
40
34
40
39 51 4054
Jan.-Feb..
44 50 54 59 68 54 63 65 61 59 57 61 54 63
September delivery In elevator___ 39 54 39 54 39 54 38 54 38 54 39
Feb.-Mch.
43 54 49 54 58 54 67 61 64 60 58
60 54 61 54
The
following
are
closing
quotations:
Mch.-Apr.
43 49 57 54 65 60 63 59 57 55 59 54 60 54
FLOUR.
Winter, low grades___ S3 00@$4 00 Kansas straights, sack.S l 90®S5 25
Winter patents_______ 5 69® 5 90 Kansas clears, sacks__ 4 00® 4 40
Winter straights______ 5 00® 5 25 City patents................... 6 70® 0 90
Winter clears_________ 4 40® 4 80 Rye (lour____ ________ 3 90® 4 20
BREADSTUFFS.
Spring patents................ 5 40® 5 75 Graham (lour________ 4 15® 4 25
Spring straights_______ 5 00® 5 30 Corn meal, kiln dried. . 3 00® 3 10
F r id a y , A p r i l 29 191U.
4 65
Prices for wheat flour have shown few changes during the Spring clears__________ 4 25® GRAIN.
week, despite the continued decline in wheat quotations. It Wheat, per bushel—
Corn, per bushel—
Cents
N. Duluth, No. 1...............SI 18
No. 2 m ixed............ elev. Nominal
has been largely a nominal affair, however, the purchases
N. Duluth, No. 2_______ 1 16
No. 2 yellow ____ f.o.b. Nominal
being confined to very small lots. At most of the Western
Red winter. No. 2__ I.o.b. 1 16
No. 2 white_______f.o.b. Nominal
Hard winter. No. 2.........Nom
Rye, per bushel—
and Southwestern markets trade has been of small pro
Oats, per bushel—
Cents.
No.
2 Western___ f.o.b. Nominal
portions. At the Northwest shipping directions on old
Natural white
.........45 54 @48
State and Jersey__
Nominal
White clipped...............46 54 @52
Harley— M alting___
Nominal
orders have been received more freely of late, but new busi
Mixed............................. Nominal
Feeding. c.l.L.N .Y.
Nominal
ness there has been quiet and the output for the past week
May-June
June-July
July-Aug-

7
7
7
7
6
6
6
6
6
6
6

has decreased. Itye flour and corn meal have been quiet
and steady.
Wheat has declined, mainly owing to warmer weather,
a belief that the reports of damage to the crop by the recent
cold wave were exaggerated and dulness on the spot. Liver
pool prices have, moreover, shown a sharp decline, and ex
port trade is still in abeyance, as it has been for many months
past, and the Argentine shipments to Europe have ma
terially increased. The European crop news has been very
favorable, and at Winnipeg exporters are said to be trying
to re-sell Manitoba wheat. The Southwestern markets have
been noticeably weak and sent selling orders to Chicago.
Large Chicago interests have been apparently very bearish.
The visible supply continues to increase, as contrasted with a
sharp decrease at this time last year. Not only is the
European crop outlook very promising, but harvesting re
ports from India are favorable. In our Northwestern States
it is contended that a crop equal to last year’s is indicated
at the present time with which to supplement liberal supplies
elsewhere in the world. At the same time there have been
reports of damage from the Southwest, notably from Kansas,
and similar talk has come from parts of Nebraska, Missouri
and Illinois. Hessian fly and chinch bugs have, according to
some of the rumors, arrived on the; scene in Illinois and Mis
souri and have apparently set to work on the crop with an
eye to the interests of the bulls. At any rate, that is how
some of the cynics interpret the despatches. Bulls have also
dilated on drought and high winds in parts of the Southwest,
not forgetting the light receipts of winter wheat, reports of
a larger Continental demand for cargoes at Liverpool, some
buying of cash wheat at Minneapolis by local mills and
finally some advance at Buda Pesth. The next-crop months,
however, have, suggestively enough, shown little resistance
to the forces apparently at work in behalf of lower prices.
To-day prices declined early on weak cables and liquidation,
but rallied sharply later on unfavorable crop reports from
the Southwest, firmer cash markets in that section and active
covering of shorts.
.



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 l for each of the last three years have been:

R e c e ip ts a t —

W h e a t.

F lo u r .

Cleveland
St. Louis.
Peoria . ..
Karts is city.
Tot.wk.’lO
Samewk. 'OJ
Same wk. ’08

239,671
335,449
329,258

Chicago___
Milwaukee.
Duluth.
Minneapolis
Toledo........

O a ls .

C orn.

19676s. b u s h . 60 lbs.
108,387
161.900
46,900
84,570
403,083
800
575,120
24,500
0,022
2,830
784
3,306
133 033
37,270
O.OJj
42,700
261,500

bbls.

1,673,057
1,562,968
1,786,158

56 lb s.
886,750
67,800

bush.

43,560
66,100
29.016
85,391
300,340
263,269
168,300
1,916,529
1,299,410
3,124,415

H a r le y .

32 lb s.
1,586,400
205,700
114,907
147,660
59,250
59,372
159,368
.301.000
217,600
32,200

bush.

R ye.

b u s h . m b s . b u .5 0 tbs.

609,300
240,500
69,017
101,680

1,000
11,300
48,000

2,886,457 1.143,797
2,246,403
527,314
3,068,036
558,562

20,000
16,320
5,042
28,560
1,000

7,000
4,000
..........
81,912
56.540
62,851

Since Aug. 1
1909-10
16,174,228 217,390,752 116.171.1 12 55,195,108 68,2 30,851 5,941,565
1908-09- 15,492,824 195.223,626 114,262,423 130,321,556 72,158,213 5,076,800
1907-08. . 13,779,651 182,575.032 144,879.633 150.561.067 55,364,950 5,900,035

Total receipts of dour and ,grain at th e seaboard ports for
the week ended April 23 1910 follow:
R e c e ip ts at —
New York ----- .
Boston . ..............
.
Portl tnd, Me.
Philadelphia---- .
Baltimore------- .
Richmond
.
New Orle*ns *— .
Newport News
.
Galveston
Mobile
.
Montreal
St. John. ---- .

F lo u r,
bbls.

94,029
25,127
328
44,156
28,027
4,189
23,765
1,161
11,655
2,732
3,000

W h e a t,
bush.

177,600
96,870
80,000
114,515
I 1,911
1,950
1,000
28,865
350,000

C orn.
bush.

97,87 >
122,165
34.497
52,261
23,800
171,600
17,143
10.000
7,440
3,000

O a ts .

bush.
179,950
65,746

H u r le y,
bush.

8,925
5,260

108,933
42,011
20,236
45,000
25,992
71,000

R ye,
bush.

21,168

* ___

1,060

4,218
56,000

___
......

558.808 74,403 22,228
540,081
Total wtek 1910. 238,171
862,711
Sloe? J n. I 1910. .5,475,137 17.808.687 16,345,783 12,383,119 1118,538 333,061
452,597 27,249
510,684
518,311
Weak 1909....... . 193,370
7,167
Since Jan. 1 1909. .4,646,887 19,339,567 23,293,233 14,087,225 3209,904 273,290
* opr-i-Us do not Incl l ie gr..in peeing through New Orleans for foreign ports
on through bills of ladln t.

A p r . 30 1010.)

THE CHRONICLE

The exports from the several seaboard ports for the week
ending April 23 1910 are shown in the annexed statement:
W h e a l,

C orn,
bush.

E x p o r ts f r o m —
bush.
New York.......... 95,851
Portland, Me___ 80,000
Boston...... ......... 40,000
Philadelphia----- 154,000
Baltimore--------- 32,719
New Orleans.....................
Newport News... . . . ..
Mobile.................
St. John, N. B .. 350,000

F lo u r ,
b b ls.

O a ts ,
bu sh .

193,472 31,898
328
34,280
999
26,000 10,000
195,802 35,408
m ,900 0,385
17,143
1,103
7 440 11,055
..........
3,000

R y e , B a r le y ,
bu sh .
bu sh .

P ea s,
bush.

983
1,057
............
.....................................
7,050
400
32,080
1,000
................ .
25,000 ........
.......... ........
......................
400
.............
350
....................................................
_____ ____ ____ ____
71,000 ____ 50,000 ........

Total week----- 753,128 580,043 100,830
73,457 ........ 113,080 9,383
Week 1909.......... 473,309 1,0G2,577 113,043
13,570 ____
8,111 13,722
The destination of these exports for the week and since
July 1 1909 is as below:
------- F l o u r ------------------ W h e a t --------------------- C o r n ---------S in c e
J u ly 1

W eek
E x p o r ts f o r w eek a n d A p r . 23.
s in c e J u l y l to —
b b ls.

United Kingdom...
Continent_______
Sou. & Cent. Amer
West Indies_____
Brit. No. Am. Cols.
Other countries___

W eek

S in c e
J u ly 1

bush.

bush.

1909. Apr. 23.
bbls.

42,401
29,520
10,328
23,300
1,275
___

W eek
A p r . 23.
bush.

1909.

4,234,870 059,082 48,074,541
1,623,072 94,040 22,299,06.3
088,250
320,453
1,180,399
4,690
90,573
............--204,191
_____
148,084

S in c e
J u ly 1

1909.

bush.

106,316 9,005,520
275,808 13,745,971
100,700
743,398
35,605 1,813,900
1,000
49,170
554
27,087

Total................... 100,830 8,087,301 753,128 70,840,831 586,043 26,045,058
Total 1908-09_____113,643 8,623,881 473,369 90,307,528 1,002,577 29,423,130
The world’s shipments of wheat and corn for the week
ending April 23 1910 and since July 1 1909 and 1908 arc
shown in the following:___________________
W h e a t.

C orn.

1909-10.

E x p o r ts .

W eek
A p r i l 23.

S in c e
J u l y 1.

B u s h e ls .

North Amer. 1.303.000
Russian___ 5.010.000
Danubtan . _ 152,000
Argentine -. 1.824.000
Australian... 1.520.000
Oth. countr’s 1.056.000

1908-09.

B u s h e ls .

118,111,000
179,824,000
10.900.000
46.092.000
34.012.000
38.514.000

1909-10.

S in c e
J u l y 1.

W eek
A p r i l 23.

B u s h e ls .

B u s h e ls .

148,190,700
50.600.000
30.584.000
95.304.000
29.404.000
15.202.000

703.000
221.000
111,000
178,000

1908-09.

S in e-:
J u l y 1.
B u s h e ls .

25.049.000
14.289.000
18.900.000
60.247.000

S in c e
J u l y 1.
B u s h e ls .

29,082,400
10.550.500
22.753.500
40.363.500

Total___ 10871000 434,089,000 375,404,700 1,273,000 119,145,000 114,749,900
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
C orn.

W h e a t.

April 21 1910. April 14 1910- April 22 1909. .
April 24 1908..

U n ite d
K in g d o m .

C o n tin e n t.

T o ta l.

U n ite d
K in g d o m .

C o n tin e n t.

T o ta l.

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

B u s h e ls .

34.880.000
34.320.000
25.200.000
28,000,000

14.400.000
15.120.000
10.240.000
19.280.000

49.280.000
19.440.000
41.440.000
47.280.000

1.445.000
1.530.000
3.485.000
2.890.000

2,210,000
2.805.000
3.825.000
3.
0

3.055.000
4.335.000
7.310.000
0,800,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 23 1910 was as follows:
AMERICAN GRAIN STOCKS.
W h e a t,
bush.

New York............. . 539,000
Boston ____ _____ . 105,000
Philadelphia ............. . 202,000
Baltimore_________ . 566,000
New Orleans . ........... .
10,000
Galveston.... .............. . 127,000
Buffalo___ ______ . 2,077.000
Toledo...................... . 338,000
Detroit................. ..... . 399,000
Chicago.-- ----------- 1,003,000
Milwaukee . ___ . . . . 435,000
Duluth.............. . . . . 7,170,000
Minneapolis_______ . 10,427,000
St. Louis................... . 887.000
Kansas city............... . 2,289,000
Peoria........................ .
10,000
Indianapolis........... . 248,000
On Lakes................... . 1,738,000

C orn,
bush.

O a ts,

720,000
186,000
18,000
678,000
125,000
10,000
94,000
192,000
154,000
5,241,000
702,000

854,000
150,009
27,000
1,641,000
631,000

181,000
451,000
2,184,000
17,000
402,000
350,000

1,198,000
262,000
4 10,000
255,000
73,000
235,000

657,000
4,000
65,000
282,000
117,000

Total April 23 1910. .29,830,000 11,825,000 9,864,000
Total April 16 1910. .29,495,000 12,774,000 9,973,000
Total April 24 1909. .31,140,000 4,811,000 8,420,000
CANADIAN GRAIN STOCKS.
W h e a l,
bush.

83,000
Montreal......... .......... .
Port William______ . 2,441,000
. 3,219,000
Other Canadian____ . 3,203,000
Total April 23 19J0. - 8,970,000
Total April 16 1910. - 9,027,000
Total April 24 1909. - 9,644,000
W h e a t,
bush.

C orn,
bush.

31,000

31,000
32,000
29,000
SUMMARY.
C orn,
bush.

O a ts ,
bush.

246,000

R ye,
bush.

B a r le y ,
bush.

205,000
7,000

43,000
12,000
9.000
1.000
1,000
17.000
31.000
192.000
100,000
433.000
259,000 1,144,000
5,000
90,000
13.000
25,000

241,000

503,000 2,331,000
595,000 3,230,000
460,000 2,902,000
R ye,
bush.

B a r le y ,
bush.

50,000

240,000
280,000
108,000

50,000
50,000
98,000

563,000 2,331,000
50,000
563,000 2,381,000
595,000 3,280,000
406.000 3,000.000

American ------------- .29,830,000
Canadian .................. - 8,970,000

11.825,000
31,000

9,804,000
210,000

Total April 23 1910. -38,812,000
Total April 10 1910- .39,122,000
Total April 24 1909. .40,784,000

11,850,000
12,800,000
4,840,000

10,110,000
10,259,000
8,534,000

R ye,
bush.

B arle t.
bush.

T H E D RY GOODS T R A D E .
New York, Friday Night, April 29 1910.
In the early part of the week there was considerable price
irregularity in some quarters of the cotton goods market and
an easier tendency in certain lines, especially gray goods.
This was attributed chiefly to liquidation by second hands
and to efforts on the part of some distributers to clean up
stocks that had been held in expectation of an advance which
failed to materialize, and in order to be prepared for a re
adjustment in fall prices which is expected in the near future.
Later the market generally showed an improved tone, with
more firmness noted in some goods, particularly drills and
sheetings. The character of the buying, however, as well
as the attitude of sellers, remained practically the same as




1187

for many weeks past; sales were more numerous, but of the
hand-to-mouth order in most cases, and sellers continued
very firm in their views on contracts. The improvement
mentioned was largely sentimental, for the volume of busi
ness did not show a material increase. Perhaps the most
significant development was the change in attitude among
many buyers, especially those who have been predicting a
sharp decline in the staple and, in turn, a further downward
revision of cotton goods prices. Talk of this kind was much
less in evidence, owing no doubt to the reports of extensive
damage to the growing cotton crop, and to the small likeli
hood, at present, of a bumper yield of cotton this season.
In fact, the opinion seemed to be quite generally held that
there is little prospect of raw material declining below the
level on which most cotton goods prices are now based. Not
a .few buyers, therefore, showed more confidence in the sta
bility of current prices for goods and were inclined to believe
that it is safe to cover their future needs; to what extent they
may act on this conviction remains to be seen. As indi
cated, neither jobbers nor retailers have shown much dis
position as yet to anticipate requirements, except that re
tailers have been fail purchasers of lines which they must
stock up on for early fall. In the primary market the out
come of conferences at Fall River over the question of a new
wage agreement is awaited with much interest; at present
there seems to be no prospect of a reduction from the exist
ing scale. In other branches of the textile trade conditions
have been more or less irregular. In underwear and hosiery
business in the primary market was quiet, and jobbers who
have not already covered are not expected to operate on fall
lines for another month yet. Cotton yarns ruled fairly
steady but in poor demand; curtailment in the South has
reached extensive proportions and offerings from mills are
lighter. Some improvement was noted in the call for fall
silk-piece goods, particularly fancies; staples appeared to be
in plentiful supply and were offered at concessions. Trade
in dress goods was light, outside of a few houses selling direct
to retailers; such concerns reported an increased demand for
fall fabrics. Duplicate orders for men’s wear heavy-weight
fabrics were more numerous, the demand running chiefly
to carded woolens.
D OM ESTIC COTTON GOO DS.— The exports of cotton
goods from this port for the week ending April 23 were 5,243
packages, valued at 8330,863, their destination being to the
points specified in the table below.
N e w Y o r k to A p r i l 23.
W eek
Great Britain_______________________
Other Europe__________________.1 ” ”
a
China__________________________
2,020
India---------------------------------------------- 250
Arabia_____________ _____________
A frica____________________________’ ” j
West Indies________________________ 951
Mexico_____________________________
55
Central America___ ___________
152
1,444
.South America________
Other countries________
.347

Total_____________________________ 5,243

S in c e
J a n 1.

W eek.

82.3
30
485
43
4,758
12,416
2,487
262
4,131
1,126
1,416
472
9,280
711
488
33
2,041
223
10,750
1,032
13,003
996
____ ______
_
50,108
17,344

S in c e
J a n . 1.

379
504
61,490
5,748
12,051
4,106
13,308
501
4,784
15,787
6,498
_
__
125,162

The value of these New York exports since Jan. 1 has been
84,225,763 in 1910, against 86,607,630 in 1909.

Brown drills and sheetings were in moderate request and
displayed a hardening tendency in some quarters, owing to
less willingness on the part of manufacturers to accept con
tracts at current low prices. Staple prints were dull, most
buyers holding off in expectation of a revision in prices before
long.
Bleached cottons were more firmly held in places;
trade was moderate and confined principally to lower counts
offered at attractive levels. The coarser colored cottons
were quiet and rather easy on some lines; the better qualities
were firmly held, mills refusing to accept contracts at prices
ruling for spots. Ginghams showed little activity. Some
large sales of denims and working suit materials from stock
were reported at low prices, with considerable forward busi
ness declined, owing to the refusal of mills to accept contracts
at such levels. Export trade with China, India and Red Sea
ports was practically at a standstill, but a fair miscellaneous
business was put through. In print cloths demand was
scattered and trading continued light and mostly of a fillingin-character; regulars are quoted at 4c. nominal and standard
wide goods at 5% to 534c.
W O O L E N G O O D S.— The- market for men’s wear was
more active, owing to a substantial increase in the number
of duplicate orders for heavy-weight fall lines placed by
clothiers. The bulk of the commitments was on carded
woolens. Medium-priced goods appeared to meet with a
better sale than the higher priced fabrics, and leading lines
of the former are said to be well sold up. The volume of
business already booked for woolens is larger than most
sellers expected earlier in the season. Worsteds have been
comparatively quiet, buyers showing little interest even in
offerings at concessions. Nothing of particular interest
developed in the primary dress goods market, as it is a
between-seasons period in this division.
F O R E IG N D R Y G OO D S.— Houses handling imported
woolens and worsteds reported a moderate business, especially
on woolens, but trading lacked snap. Linens were in lighter
demand for distant deliveries, pending a clearer outlook as
to prices; the call for spot merchandise, however, was well
maintained. A fair amount of orders came forward for bur
laps; prices were quoted unchanged, but it is understood that
4.30c. for 1034-ounce might be shaded on car lots.

THE CHRONICLE

1188

N ew s

ite m s .

Bristol, Bucks County, Pa.— P u r c h a s e o f W a t e r P l a n t
P r o p o s e d . — Steps are being taken for the purchase of the
plant of the Bristol Water Co.
On July 10 1006 the voters of this borough authorized the Issuance of
$100,000 bonds for the purpose of building a municipal water plant. An
attempt was made to restrain the people from voting on this proposition,
but the application for an Injunction was denied by the court. Upon appeal
the decision of the lower court was affirmed by the State Supreme Court.
See V. 88. p. 517.
Chicago, 111.— South Park D istrict.— N e w O f f i c e r s .—
Charles L. Hutchinson, Vice-President of the Corn E x
change National Bank of Chicago and principal founder of
the Art Institute of that city, has been chosen Secretary of
the Chicago South Park Commission, with the understand
ing that he is to receive no salary during his term of office.
Henry G. Foreman was re-elected President and John J.
Mitchell, President of the Illinois Trust Co., Treasurer.
New York State.— S t a t e B o n d s to B e A c c e p t e d a s S e c u r i t y
f o r D e p o s its i n B a n k s o f M o n e y R e c e iv e d b y S ta te I n s titu tio n s .

[ V O L . LXXXX.

cation in the State Supreme Court for a writ of mandamus
to compel the Attorney-General to approve an issue of $40,
000 bonds. The case, it is said, was set down for submission
April 20. The opinion rendered by the Attorney-General
as to the validity of the bonds in question was referred to
in V. 90, p. 515.
Virginia—West Virginia.— D a te S e t f o r F in a l A rg u m e n t in
D eb t S ettlem en t S u i t . — Final argument in the debt settlement
litigation between these two States has been postponed until
the fall term of the United States Supreme Court, and will
take place on Oct. 11. The request for a postponement was
made by the State of West Virginia. Counsel for the State
of Virginia had asked that argument take place at the present
term of the Court. The request of West Virginia for the
privilege of submitting additional testimony on points not
covered in Special Master Littlefield’s report was denied by
the Court. See V. 90, p. 996.
Wayne County (P. O. Detroit), Mich.— N o tic e to H old ers
o f B o n d s d u e M a y 1.—In accordance with the agreement
recently entered into with the county officials (V. 90, p. 1121),
on or after May 2 N. W. Halsey & Co. of New York, Chicago,
Detroit and Philadelphia, will redeem at par and accrued
interest upon presentation at any of the firm’s offices the
$1,500,000 Wayne County 4% bonds due May 1 1910.

— On April 8 Gov. Hughes signed the bill passed by the
Legislature (Chapter 77,' Laws of 1910) amending the State
finance law by providing that in lieu of the surety bond now
B o n d C a ll s a n d R e d e m p tio n s .
required to be deposited with the State Comptroller by banks
Abington Township, Montgomery County, Pa.— B o n d
receiving deposits from State institutions of moneys received
from other sources than the State, the banks may deposit C a ll. —The following bonds of the loanof 1893(ClassD) will
New York State bonds, for which the Comptroller will deliver be redeemed on May 1 at the Jenkintown National Bank
a certificate of deposit containing the conditions of the surety in Jenkintown: Nos. 22 to 25 for $1,000 each, Nos. 65 to 70
for $500 each and Nos. 252 to 275 inclusive for $100 each.
bond.
H i g h w a y B o n d s L i s t e d . — The $5,000,000 4 %
highway
Cole County (P. O. Jefferson City), Mo.— B o n d C a ll. — Pay
bonds sold at public sale on April 20 (V . 90, p. 1118) were ment will be made June 1 of $4,500 4% court-house bonds
admitted on April 25 to the New York Stock Exchange list.
numbered 37 to 45 inclusive and dated June 1 1896.
Oklahoma.— T a x o n R a i l r o a d P r o p e r l y D e c l a r e d I n v a l i d .—
Denver, Colo.—B o n d C a ll. —The following bonds were
Dispatches from Guthrie state that a joint opinion has been called for redemption April 30:
handed down by Judges Cotteral and Campbell in the
S to r m S e w e r B o n d s.
North Denver Storm Sewer Dlst. No. 1— Bonds Nos. 101 to 114 Inclusive.
United States Circuit Court temporarily enjoining the State
South Capitol Hill Storm Sewer Dlst.— Bonds Nos. 45 and 46.
from collecting from the Atchison Topeka & Santa Fe and
S a n ita r y Server B o n d s.
Sub. Dlst. No. 5 of the East Side Sanitary Sewer Dlst. No. 1— Bonds
the Missouri Kansas & Texas railroads the entire State tax
Nos.
13
and
14.
for 1908 and a portion of the local taxes. The Court, it is
Sub. Dlst. No. 11 of the East Side Sanitary Sewer Dlst. No. 1— Bonds
said, holds that a part, and possibly all, of the State levy for Nos. t and 2.
Harman Special Sanitary Sewer Dlst. No. 1—Bonds Nos. 29 and 30.
the first nineteen months of Statehood is invalid because of
Highlands Special Sanitary Sewer Dlst. No. 8— Bond No. 20.
unauthorized expenditures. The State Board of Equaliza
West Colfax Ave. Special Sanitary Sewer Dlst. Bonds—Nos. 11 to 43,
ncluslve.
tion, it is held, reduced the assessment on other property
Im p ro vem en t B o n d s.
but held the railroads to a fair cash value.
Evans Improvement Dlst.— Bond No. 35.
High and Race Streets Improvement Dlst. No. 1— Bond No. 27.
San Francisco, Cal.— G e a r y S t r e e t R a i l r o a d B o n d s D e c l a r e d
North Side Improvement Dlst. No. 1— Bonds Nos. 18 and 19.
North Side Improvement Dlst. No. 3—Bonds Nos. 37 to 11 Inclusive.
V a l i d . — On April 16 John F. Ellison, Judge of the Superior
North Side Improvement Dlst. No. 4—Bond No. 10.
Court of Tehama County, selected to try the suit brought
North Side Improvement Dlst. No. 6—Bonds Nos. 1 to 3 Inclusive.
South Broadway Improvement Dlst. No. 2—Bonds Nos. 59 and 60.
by Horace G. Platt to restrain the City of San Francisco
South Capitol Hill Improvement Dlst. No. 1— Bonds Nos. 63 anti 64.
from issuing $2,020,000 Geary Street Railroad bonds voted
South Slue Improvement Dlst. No. 1—Ronds Nos. 46 and 47.
West Denver Improvement Dlst. No. 1— Bonds Nos. 102 to 101 Inclusive.
on Dec. 30 1909, decided in favor of the city and dismissed
P a v in g B o n d s .
the temporary injunction which had been issued. V . 90, p.721.
Alley Paving Dlst. No. 9—Bonds Nos. 2 and 3.
The complainant alleged, among other things, that the Legislature had
Alley Paving Dlst. No. 10—Bonds Nos. I to 7 Inclusive.
no power to vest the city with authority to acquire street railroads and
Alley Paving Dlst. No. 11—Bonds Nos. 6 to 11 Inclusive.
become Indebted for their construction. He also claimed that the proAlley Paving Dlst. No. 12— Bonds Nos. 6 to 10 Inclusive.
ceedlntrs to acquire the Geary Street road were not In accordance with the
Alley Paving Dlst. No. 13—Bonds Nos. 3 to 8 Inclusive.
provisions of the city charter. Judge Ellison In his decision cites para
Broadway Paving Dlst. No. 1— Bonds Nos. 86 and 87.
graphs of the city charter to show that the city has authority to acquire
Grant, Logan and 7th Ave. Paving Dlst. No. 1—-Bonds Nos. 30 to 44 lno .
any public utility and the road In question, he decides, comes under this
Lawrence St. Paving Dlst. No. 1—-Bonds Nos. 6 to 12 Inclusive.
heading The point was raised as to whether the proposed bond Issue would
Twentieth Ave. Paving Dlst. No. 1— Bonds Nos. 19 to 32 Inclusive.
not make the bonded debt amount to more than 15% of the assessed
Welton
St. Paving Dlst. No. 1— Bonds Nos. 35 and 36.
valuation. This question. It Is held, cannot be decided now, as by the
P ark B onds.
time the bonds are Issued other loans now outstanding will have been
Highlands Park Dlst.— Bonds Nos. 274 and 275.
canceled and the assessment rolls may also have been Increased.
V ia d u c t B o n d s .
The city officials have been served with a notice of an ap
Fourteenth St. Viaduct Dlst.— Bonds Nos. 835 to 837 Inclusive.
C u rb in g B o n d s .
peal.
It has been decided, however, to offer a portion of the
South Side Curbing Dlst. No. 2—Bonds Nos. 20 to 22 Inclusive.
bonds for sale, and proposals for $260,000 worth will be re
De Soto, Jefferson County, Mo.— B o n d C a ll. —This city
ceived until May 16. See item under head of San Francisco
has called for payment May 20 $3,000 4% water-works bonds
on a subsequent page.
dated May 20 1904, Nos. 1, 2 and 3.
T exas.— S u p r e m e C o u r t D e c i d e s S c h o o l T a x S u i t . — The
Greenfield School District, Dade County, Mo.— B o n d C a ll.
State Supreme Court on April 7 handed down an opinion in
the case of W . B . Hutchinson et al. vs. F. G. Patching et al., —This district has called a $500 5% building bond, No. 8,
from Swisher, in which the question was raised as to the dated May 1 1896, for payment May 1.
Hawaii.— B o n d C a ll. — Payment will be made May 1 at
validity of the tax levied in the Tulia Independent School
District. In deciding the Baird Independent School Dis Wells, Fargo & Co.’s Bank in New York City of bonds Nos. 31
trict case in June 1908 (V . 87, p. 112), theCourt held the rate to 80 inclusive ($50,000), issued under an Act of Congress
of tax which such districts might levy was limited under the approved Jan. 26 1903.
Constitution to 20c. on the $100 valuation. As the total
Kennett School District, Dunklin County, Mo.— B o n d
tax levied in the Tulia Independent School District was 75c. C a ll. —The following bonds are called for payment May 1:
on the $100 valuation, proceedings were brought to enjoin $6,000 6% building bonds Nos. 1 to 12 Inclusive, dated Nov. 1 1904.
1,000 5% refunding bonds, Nos. 1 and 2, dated May 1 1905.
theTauthorities from issuing certain bonds and levying a tax
forjtheir payment. The Supreme Court decides in favor
La Grange, Lewis County, Mo.— B o n d C a lle d . — Call was
of the district, reversing the judgment of the Appellate Court made for payment April 15 of 5% electric-light bonds Nos.
and affirming that of the District Court.
15, 16 and 17, for $300 each, dated 1896.
■ Referring to Its previous decision, the Court points out that It did not
Monroe County (P. 0 . Paris), Mo,— B o n d s C a lle d . —This
hold the law creating such district void, nor did It hold the bonds to be
void, but It did hold that the tax levied was In excess of the limit fixed by county called $1,500 4% poor-house bonds for payment
the constitution; therefore the levy Itself was void. Attention Is also called March 1. The bonds called are numbered 1, 2 and 3 and
to the two constitutional amendments which have been adopted since the
decision In Baird case was rendered. One of these, adopted Nov. .8 1908 dated March l 1909.
(V. 88. p. 243), Increased the amount of tax that may be levied In school
Tipton School District No. 6, Moniteau County, Mo.—
districts from 20c. to 50c. on the $100 valuation: while the other, adopted
Aug.13 1909 (V. 89, p. 1022), validated all school districts theretofore B o n d C a ll. — Building 4% bonds Nos. 4 and 5, dated No. 2
formed and also the bonds Issued by such districts. The Court says;
“The effect of the last-named amendment was to make valid (If they had 1899, have been called for payment May 2.
bcen|voUl) all the school districts which hatl been created by the Legislature
prlorito the adoption of said amendment, which Includes the school district
Bond Proposals and Negotiations this week
of Tulia; and the said amendment also makes valid all bonds previously
Issued by said districts, empowering all such districts to levy taxes suffi
JvfeYe bean as follows z
cient within the limitation expressed In Section 3a, to pay the Interest and
sinking fundlon the bonds theretofore Issued and approved by the AttorneyAbilene, Taylor County, Tex.— B o n d O ffe rin g . — Proposals
General. There Is no room for discussion of such facts.”
S u p r e m e C o u r t to D e c i d e Q u e s t i o n o f V a l i d i t y o f B o n d s
I s s u e d l b y C o u n t y L i n e S c h o o l D i s t r i c t s . — On April 13 A. D.

Sanford of W aco, representing the Mart Independent School
District, a so-called county line school district, filed an appli




will be received until 4 p. m. May 4 for the $50,000 5% streetimprovement bonds registered (V. 90, p. 317) on Jan. 21. fj

Authority, Article 486, Revised Statutes. Denomination $1,000.
Date Sept. 1 1909. Interest semi-annual. Maturity 40 years, subject to
call after 10 years. Certified check for $200, payable to the Mayor, Is re-

A p e . 30 ll) 10.

THE CHRONICLE

qulred. Official notice states that the Interest and principal on bonds
previously Issued have been promptly paid, and that there Is no contro
versy or litigation pending or threatened affecting the validity of these
bonds. C. W. Leake Is City Secretary.
Adams, Mass.—L o a n A u th o r iz e d . — On April 16 the issu

ance of $10,000 notes for school purposes was authorized.
Maturity $2,000 yearly on Oct. 3 from 1911 to 1915 inclusive.
Aiken, Aiken County, So. Caro.—B o n d E lec tio n Pro-posed.
—A petition is being circulated among the property owners
to ascertain their wishes in the matter of calling an election
to vote $70,000 bonds for a new water system.
Akron, Ohio.— B o n d O ffe r in g . — Proposals will be received
until 7:30 p. m. May 28 by the Sinking Fund Trustees, W. A.
Durand, Secretary, for the following bonds:
$50,000 4%

Lincoln school bonds Issued by the Board of Education.
Date Dec. 15 1009. .Maturity on Dec. 15 as follows: $5,000
yearly from'1912 to 1917 Inclusive and $10,000 In each of
the years 1918 and 1919.
6,100 4 y i % Buchtel Avenue paving bonds. Date Feb. 1 1910. Matur
ity $1,200 yearly on Feb. 1 from 1911 to 1914 Inclusive and
$1,300 on Feb. 1 1915.
5,700 4 ' A % Valley Street paving bonds. Date Feb. 1 1910. Maturity
$1,000 yearly on Feb. 1 from 1911 to 1914 Inclusive and
$1,700 on Feb. 1 1915.
11,700 4 H % public-improvement bonds. Date Feb. 15 1910. Maturity
$4,000 on Feb. 15 In each of the years 1912 and 1913 and
$3,700 on Feb. 15 1914.
3,000 4
public-improvement bonds. Date March 1 1910. Maturity
March 1 1912.
Interest semi-annual. Bid must be made on each Issue separately, on a
blank form furnished by the Trustees. Certified check drawn on some
bank located In Ohio for 5% of bonds bid for, made payable to the Sinking
Fund Trustees, Is required. Bonds will be delivered within 10 days from
the date of sale. Purchaser to pay accrued interest. These are not new
Issues but bonds held by the Sinking Fund as an Investment.
Allegheny County (P. O. Pittsburgh), Pa.— B o n d s N o t
S o ld . —No proposals were received, according to reports, for

the $300,000 4% coupon 20-year poor-farm bonds offered on
April 28 and described in V. 90, p. 1114.
Alliance, Stark County, O hio—B o n d S a le . —The Tillotson
& Wolcott Co. of Cleveland, it is stated, were the successful
bidders on April 27 for the six issues of bonds, aggregating
$71,700, described in V. 90, p. 1055.
Alton, Madison County, 111— B o n d s V o ted . —The $15,000
4% fire-protection bonds presented to the voters at the
election held April 19 (V. 90, p. 1055) were, it is stated,
authorized on that day.
Altus, Jackson County, Okla.—B o n d S a le . —The three
issues of water, sewer and light bonds, aggregating $200,000,
that were offered but not sold on April 11 (V. 90, p. 1114),
were disposed of recently to R. J. Edwards of Oklahoma City
at par and accrued interest.
Amelia, Clermont County, Ohio.—B o n d O fferin g . — Pro
posals will be received until 12 m. May 14 by C. E. Smith,
Village Clerk, for $3,000 5% Main St. improvement bonds.

Authority Section 2,835, Revised Statutes. Denomination $200. Date
May 1 1910. Interest annual. Maturity $200 yearly from 1911 to 1925
Inclusive. Certified check for 5% of bonds bid for, payable to the Village
Treasurer, Is required. Purchaser to furnish blank bonds and pay accrued
Interest.
Anaheim, Orange County, Cal .— B o n d E le c tio n . —It is

stated that the question of issuing the $7,500 intersection
paving bonds mentioned in V. 90, p. 1055, will be voted upon
May 2.
Anniston, Calhoun County, Ala.— B o n d E le c tio n . — This
city on May 23 will hold an election for the purpose of voting
upon the question of issuing $50,000 funding and school
bonds.
Astoria School District No. 1 (P. O. Astoria), Clatsop
County, Ore.—B o n d S a le .— The $75,000 5% 20-year building
bonds mentioned in V. 90, p. 1055, have, according to local
papers, been awarded to Morris Bros, of Portland.
Atlantic City, N. J .— B o n d S a le . —The $160,000 water,
$175,000 park and $50,000 fire-house 4)^% 35-year gold cou
pon bonds offered on April 23 (V. 90, p. 1055) were awarded
to Gilman & Clucas and Procter & Borden, both of New
York City, at their joint bids of 102.03, 101.50 and 101.75,
respectively. A bid of 100.187 for the three issues was also
received from Blodget & Co. of New York.
Aurora, Kane County, 111.— B o n d s V o te d . — Local papers
state that the-$50,000 4 ^ % coupon 1-20-year (serial) watermains-extension bonds, submitted to the electors on April 19
(V. 90, p. 1055), were favorably voted.
Baker City, Ore.—B o n d S a le . —This city sold $19,809 34
6% 10-year paving bonds on March 14 to the Baker Loan &
Trust Co. of Baker City for $19,859 34 (100.252) and accrued
interest. Denomination $500. Date March 14 1910. In
terest annual.
Baltimore, Md.— S to ck O ffe r in g . — Attention is called to
the official advertisement elsewhere in this Department of
the offering on May 23 of the $2,400,000 4% registered city
stock. For other details of bonds and terms of offering see
V. 90, p. 1114.
Barberton School District (P. O. Barberton), Summit
County, Ohio.— B o n d O ffe rin g . — Proposals will be received
until May 23 for $25,000 4j^% school-building bonds.

Authority vote of 129 “for” to 65 “against” at election held April 19
Maturity 1929.
Battle Creek, Calhoun County, Mich.—B o n d E le c tio n . — An

1189

Beaver Falls School District (P. O. Beaver Falls), Beaver
County, P a.—B o n d S a le . —The $65,000 4J^% high-school
building bonds described in V. 90, p. 1114, were awarded on
April 22 to E. S. Wheeler of Pittsburgh for $65,658 48
(101.013) and accrued interest.
Maturity on May 1 as follows: $6,000 In 1915, $4,000 In 1917, $5,000 In
each of the years 1919, 1921, 1923 and 1925, $3,000 In each of the years
1926 to 1930 Inclusive and $4,000 yearly from 1931 to 1935 Inclusive.
Bee County (P. O. Beeville), Tex.— B o n d E le c tio n .—

Propositions to issue $200,000 road and $75,000 court-house
bonds will be voted upon at an election to be held May 3.
The bonds, if authorized, will carry 5% interest and mature
in 40 years, subject to call in 10 years.
Beeville, Bee County, Tex.— B o n d s V o te d . —The vote cast
April 12 on the proposition to issue the $30,000 sewerconstruction bonds mentioned in V. 90, p. 864, is reported
in local papers as 149 “for” to 53 “against.”
Belding, Ionia County, Mich.— B o n d s V o te d .— An election
held March 28 resulted in favor of a proposition to issue
$2,500 school-building bonds. The vote is reported in local
papers as 101 “for” to 22 “against.”
Belle Plaine, Scott County, Minn.— B o n d S a le . — The $2,500
1-5-year (serial) coupon river-bank and road-improvement
bonds described in V. 90, p. 996, were disposed of at par on
April 14 as follows: $1,000, due in 1911 and 1912, awarded
to Frank Krushke of Belle Plaine as 5s; $1,000, due in 1913
and 1914, awarded to Richard Doherty of St. Paul as 4s, and
$500, due in 1915, awarded to Frank Scllinow of Blakeley as
4s. A bid of “all or none” for 4 1-3% bonds was also re
ceived from the State Bank of Belle Plaine.
Bellevue Special School District (P. O. Bellevue), Huron
and Sandusky Counties, Ohio.— B o n d O ffe rin g . — Proposals
will be received until 12 m. May 2 by O. E. Johnston, Clerk
Board of Education, at the office of the Wright Banking Co.
in Bellevue, for $25,000 4% coupon school-building and
improvement bonds.
Authority, Sections 7625, 7626 and 7627, General Code. Denomina
tions $100 and $500. Date May 2 1910. Interest semi-annually at th*
Chase National Bank In New York City. Maturity on May 2 as follows:
$800 In 1911 $900 In 19151 $1,100 In 1919 I$1,200In1923 $1,500 In 1927
800 In 1912 1,000 In 19161 1,100 In 1920 1,300 In 1924
1,600In 1928
900 In 1913 1,000 In 19171 1,100 In 19211 1,400 In 1925
1,700In 1929
900 In 1914 1,000 In 1918 1,200 In 19221 1,400 In 1926
1,600In 1930
„
I
I
1.500 In 1931
Certified check for 5% of bonds bid for, payable to the District Treasurer,
$1
bonded debt at present, $16,500. Assessed valuation.

Berea, Cuyahoga County, Ohio.— B o n d s D e f e a te d — T h e
election held April 23 resulted in the defeat of the propositions
to issue the $16,000 light-plant-improvement ‘ and $5,000
water-works-extension bonds mentioned in Y. 90, p. 1115.
Big Rapids, Mecosta County, Mich.— B o n d s V o ted .— 'This
city on April 4 voted to issue $2,500 bonds.
Birmingham, Ala.— B o n d O ffe r in g . — Proposals will be
received until 12 m. May 17 by Frank P. O’Brien, Mayor,
for the $400,000 5% floating-indebtedness bonds voted
(V. 90, p. 1115) on April 11.
Date June 1 1910. Interest semi-annually at the Hanover National
Bank In New York City. Maturity June 1 1940. The legality of the bonds
will be examined by Hubbard & Masslich of New York, whose favorable
opinion will be furnished to the purchaser. The genuineness of the bonds
will be certified to by the Columbia Trust Co. of New York City, which will
also furnish blank forms to bidders. Certified check for $2,500, made pay
able to the “City of Birmingham,” Is required. Purchaser to pay
accrued Interest.
T h e o ffic ia l n o tice o f th is bon d o fferin g w ill be f o u n d a m o n g
the a d v e rtise m e n ts elsew here i n th is D e p a r tm e n t.
Blaine County (P. O. Hailey), Idaho.—B o n d S a le .— The

$12,000 refunding bonds described in V. 90, p. 645, were
awarded on April 11 to Trowbridge & Niver Co. of Chicago
for $12,200 (101.666) for 5s.

Bids were also received from Chas. H. Coffin, Tlios. J. Bolger Co ,
Cutter, .May & Co., Coffin & Crawford, S. A. Kean & Co. and Woodin'
McNcar & Moore, all of Chicago: .Jas. M. Wright & C o . and L. M. Burnstager & Co. of Denver, and Well, Roth & C o . and Seasongood & Mayer of
Cincinnati. Date July 1 1910. Interest semi-annual. -Maturity $1,200
yearly from 1920 to 1929 Inclusive. Denomination to be fixed to suit
purchaser.
Bozeman, Gallatin County, Mont.— 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 $40,000 sewer bonds.
Brawley, Imperial County, Cal.—Rond E le c tio n .— Reports
state that an $18,000 sewer bond election will be held May 2.
Brazos County Improvement District No. 1, Tex.— B o n d s
R e g is te re d . —The State Comptroller registered $49,000 5%
20-40-year (optional) bonds on April 4.
Bridgeton, Cumberland County, Me.— N o B o n d s to
I s s u e d . — Referring to the reports that the issuance of $5,00
4% street bonds was recently authorized, the Town Select
man advises us that “no bonds are to be issued by this town.”
Bristol County (P. O. Taunton), Mass.— N o te O ffe r in g .—
Proposals will be received until 10:30 a. m. May 3 by Frank
M. Chace, Chairman of the County Commissioners, for the
following 4 ^ % notes:

$10,000 notes maturing May 4 1917.
10,000 notes maturing May 4 1918.
7,500 notes maturing May 4 1919.
Authority Chapter 138. Acts of 1908, as amended by ChaDter 376 Apt*
of 1909. Date May 4 1910. Interest semi-annual.
’
Brockton, Mass.— T e m p o ra r y L o a n . —It is stated that a

election will be held May 10 to vote upon a proposition to issue
$57,000 bonds. Maturity 1934.
loan of $200,000 due Jan. 16 1911, has been negotiated with
B o n d s A u th o r iz e d . —The City Council has passed an ordi Bond & Goodwin of Boston at 4.10% discount.
nance providing for the issuance of $15,000 coupon sewerBroken Bow, Neb.— B o n d s V o te d . — City-hall bonds amoun
construction bonds at not exceeding 5% interest.
D&noJnlnatlon $1,000. Date June 1 1910. Interest semi-annually at ting to $15,000 were authorized by the voters at the April 5
the National Park Bank In New York City. Maturity June 1 1929.
election.




1190

THE CHRONICLE

[VOL. LXXXX •

Browns, Edwards County, 111.— B o n d s V o te d . —This village
on April 19 voted to issue sidewalk bonds amounting to
$3,000.
Bushnell, McDonough County, 111.—B o n d s V o te d . —The
issuance of $25,000 bonds for a new sewerage system was
authorized on April 19 by a vote of 331 to 195.
Busseron Township, Knox County, Ind.— B o n d S a le .—
An issue of $15,000 4)^% tax-exempt school-house bonds
has been awarded to J. F. Wild & Co. of Indianapolis.

sold to the Geneva Savings Bank of Geneva at 100.125 and
accrued interest for 4J^s. A bid of 101.43 for 5s was also
,I received from John J. Hart of Albany.
Clinton, Custer County, Okla.— B o n d s N o t S o ld .— An issue
of $25,000 5% 25-year city-hall bonds was offered without
success on April 19. Denomination $1,000.
•
Clinton Township, Cass County, Ind .— B o n d S a le . —J. F.
Wild & Co. of Indianapolis have bought $7,000 4)^% 1-10year (serial) school-house bonds.

Denomination $500. Date April 15 1910. Interest semi-annually at
the Oaktown Bank In Oaktown. Maturity $1,000 yearly on July 15 from
1911 to 192o Inclusive. Bonded debt, this Issue. Assessed valuation,
$1,774,450.
Butler County (P. O. Poplar Bluff), Mo.—B o n d s to be
O ffered S h o r tly .— W e are informed that the $25,000 4% 10-20-

Denomination $700. Date April 27 1910. Interest semi-annually at the
First National Bank In Logansport. Bonds are exempt from taxation.
The township has no other bonded debt. Assessed valuation, $1,053,510.

year jail-construction bonds voted on March 15 (V. 90, p. 865)
will be issued about July 1.
Caldwell, Idaho.— B o n d O ffe r in g . — Proposals will be re
ceived until 12 m. May 16 by C. J. Shorb, City Clerk, for
the following 5% bonds:
$26,059 78 paving bonds. Interest Is payable at the Chase National Bank
In New York City.
10,000 00 funding bonds. Certified check for 5% of bid Is required.
Maturity 20 years, subject to call after 10 years.
Calhoun County (P. O. Marshall), Mich.—B o n d s V o te d .—

According to reports, a proposition to issue $9,000 bonds to
be used for the installation of vaults in the present court
house was favorably voted at an election held April 4.
Calmar Independent School District (P. O. Calmar), Iowa.
— B o n d O ffe r in g . — Proposals will be received until 8 p. m.
May 2 by Jacob Meyer, President, Board of Education, for
$2,500 5% coupon heating-plant bonds.
Authority, Sections 2812 and 2813, Code of 1897. Denomination $500.
Date May 1 1910. Interest semi-annually at the District Treasurer’s office
or the Wlnncsheik County Bank In Calmar. Maturity $500 yearly on May 1
from 1911 to 1915 Inclusive. Bonds are tax-exempt. Total debt, this
Issue. Assessed valuation for 1909, $125,000.
Canadian County School District No. 27, Okla.—B o n d S a le .

—The II. C. Speer & Sons Co. of Chicago recently purchased
$33,000 5>^% bonds, due part yearly from 1915 to 1930 in
clusive.
Carlton Independent School District (P. O. Carlton),
Hamilton County, Tex.—B o n d s R e g iste re d . —An issue of
$10,000 5% 10-40-year (optional) bonds was registered on
March 18 by the State Comptroller.
Casey, Clark County, 111.—Bonds N o t Y e t S o ld .— No dis
posal has yet been made of the $9,000 5% bonds offered
without success (V. 90, p. 389) on Jan. 15. The Chairman
of the Finance Committee informs us that the city may be
able to make the proposed improvements without selling the
bonds.
Casselton, No. D ak.—B o n d s D e fe a te d .— Reports state that
propositions to issue $8,500 bonds for the Coulee cut-off and
to construct sewers were rejected by the voters on April 4.
Center Township, Starke County, Ind.— B o n d S a le . —This
township has awarded $9,000 5% 1-15-year (serial) schoolhouse bonds to J. F. Wild & Co. of Indianapolis.
Denomination $600. Date April 1 1910. Interest semi-annually at the
First National Bank In Knox. Bonds are exempt from taxation. Bonded
debt, Including this Issue, $14,000. Assessed valuation, $713,548.
Centre, Shelby County, Tex. — B o n d s R e g is te re d .—The

$16,000 5% 20-40-year (optional) water-works bonds voted
in Nov. 1909 (V. 89, p. 1439) were registered by the State
Comptroller on March 30.
Chattanooga, Tenn.— B o n d S a le . — On April 6 $6,222 82
6% 3-year (average) paving bonds were awarded, it is stated,
to the First National Bank of Cleveland.
Chehalis County School District No. 18, Wash.— B o n d
O ffe r in g . —Proposals will be received until 1 p. m. to-day
(April 30) by G. J. Taylor, County Treasurer (P. O. Montesano), for $2,500 bonds at not exceeding 6% interest.
Denomination $500. Interest semi-annually at place designated on
bonds. Maturity 15 years, subject to call after 2 years. Certified Check
for 2% of bonds Is required.
Chestertown, Md.— B o n d s V o te d .— Reports state that this

place has voted to issue water bonds.
Chicopee, M ass . - T e m p o r a r y L o a n . —A loan of $60,000
has been negotiated with Loring, Tolman & Tupper of Bos
ton at 3.94% discount. Maturity Nov. 10 1910.
Claremont, Los Angeles County, Cal. - B o n d s V o ted .—The
following bond issues were authorized by the voters on
April 15:
$12,500 for streets. Vote, 116 "for” to 40 "against.”
3,500 for city-hall Improvements. Vote, 137 “for” to 21 “against.”
4,000 for the purchase of new lire apparatus. Vote, 130 "for" to 25
“against.
Cleveland Heights, Cuyahoga County, Ohio.— B o n d O ffer
in g . —Proposals will be received until 12 m. May 24 by

H. H. Canfield, Village Clerk (P. O. 306 Beckman Building,
Cleveland), for $18,746 4
coupon sewer assessment bonds
Authority, Sections 3888 and 3914, General Code of Ohio. Denomina
tion $500, except one bond for $246. Date, day of sale. Interest payable
April 1 and Oct. 1 at the office of the Village Treasurer. Maturity yearly
on Oct. 1 as follows: $1,746 In 1911, $1,500 In 1912 and 1913 and $2,000
yearly from 1914 to 1920 Inclusive. A certified check for 10% of amount
of bonds bid for, payable to the Village Treasurer, Is required.
Cleveland School District (P. O. Cleveland), Ohio.—B o n d s
A u th o r iz e d .—The Board of Education on April 18 passed a

Coalinga Union High School District, Fresno County, Cal.
will be received until 2 p. m.
May 3 by the County Supervisors for $25,000 6% bonds.
Denomination $500. Date April 15 1910. Interest annual.
Coeur d’Alone, Kootenai County, Idaho .— B o n d E lec tio n .
— Reports state that an election will be held to-day (April 30)
to vote on bonds aggregating $167,000 for the purchase of
the water works, automobile fire-fighting apparatus and
improving streets.
Coldwater, Mercer County, Ohio.— B o n d s V o te d . — Re
ports state that this city recently authorized the issuance of
$14,000 street bonds.
College Park, Fulton County, Ga.— B o n d E lec tio n P r o 
p o s e d .—This city purposes to hold a water-works bond elec
tion. Up to March 14, however, the date of the election had
not been determined.
Collingswood, Camden County, N. J .— B o n d E le c tio n .—
An election will be held May 24 to vote upon a proposition
to issue $125,000 4)^% water-works bonds. Maturity 1940,
subject to call after 10 years.
Colorado Springs, Colo.— B o n d E le c tio n .—The election to
vote on the $220,000 5% 20-year bonds for the purchase of
the South Cheyenne Canyon (V. 90, p. 180) has been ordered
for May 24.
Colton, San Bernardino County, Cal.— B o n d s V o te d .—The
election held March 29 resulted in a vote of 336 “for” to 21
“against” the proposition to issue the $63,000 5% 30-year
sewer bonds mentioned in V. 90, p. 865. Date of offering
not yet determined.
Columbus, Ohio.— B o n d S a le .—The following bids were
received on April 21 for the five issues of 4% bonds described
in V. 90, p. 1056:
— B o n d O ffe r in g .—Proposals

$43,000 $97,000 $80,000 $35,000 $45,000
bonds,

b o nds,

bonds,

bonds,

bonds.

R. Kleybolte Co., Inc., Clncln.a$43,865a$08,465a$80,405 $35,180a$45,805
Davies & Bertram Co., Clncln.. 43,686 _____ _____ a 35,232 45,636
Otis & Hough, Cleveland____ \
Seasongood & Mayer,Clncln..] 43,380 97,660 80,101 35,044 45,350
New First Nat. Bank, Columbus 43,437 97,490 80,351 35,191 45,742
Western-German Bank. Clncln. 43,129 97,151 79,721 34,878 45,076
Barto, Scott & Co., Columbus_____ ___ _____ 80,325 35,147 45,405
...
Well, Roth & Co., Cincinnati.. 43,258 _____ ______ 35,136
Hayden, Miller & Co., Cleveland_____ _____ 80,152 35,067 ...........
C. E. Denison & Co., C leveland._____ 97,615 _____ _____ _____
a Successful bidders.

These are not new securities but bonds held by the Sink
ing Fund as an investment.
Continental School District (P. O. Continental), Putnam
County,Ohio .— B o n d S a le .—The $10,000 5% school-building
bonds recently voted by this district (V. 90, p. 997) were
awarded, it is stated, on April 26 to the Citizens’ National
Bank of Wooster at 107.255.
Corvallis, Ore.— B o n d E lectio n P r o p o s e d .— This city pro
poses to hold an election to vote on the question of issuing
about $60,000 refunding and new-apparatus bonds.
Corydon, Wayne County, Iow a .— B o n d s V o te d .— The issu
ance of $30,000 water and $15,000 sewer bonds was author
ized by a vote of 664 to 84 at an election held April 11.
Details of bonds not yet determined.
Cottage Grove, Lane County, Ore.— B o n d s N o t to B e
R e-O ffered T h is Y e a r .— We are advised that the $100,000
5% 25-year gold coupon gravity-water-system bonds offered
without success on Jan. 3 (V. 90, p. 251) will not be placed
on the market again this year.
Cottle County Common School District No. 1, Tex.—
B o n d O ffe r in g .— Proposals will be received until May 1 by
the County judge (P. O. Paducah) for $19,000 5% 20-40year school-house bonds dated Jan. 1 1910. Certified check
for $1,000 is required.
Coventry, Kent County, R. I .— B o n d s D e fe a te d .— An elec
tion held April 14 resulted in the defeat of a proposition to
issue $10,000 funding bonds. The vote was 128 “for” to
213 “against.”
Crawfordsville, Montgomery County, In d .— T o V ote on
the B u ild in g o f a N ew L ig h t a n d P o w er P la n t .—The voters of
this city on May 17, it is stated, will be asked to decide
whether or not a new electric-light and power plant shall be
built. It is further stated that should this proposition re
ceive a favorable vote the city intends expending about
$85,000 for the erection of the new plant.
Creston School District (P. O. Creston), Lincoln County,
W ash.— B o n d S a le .— An issue of $5,000 5% school-buildingaddition and heating bonds was awarded on April 9 to the
Lincoln County State Bank in Davenport at 100.10.

resolution for the issuance of $500,000 bonds.
Denomination $500. Date June 1 1910. Interest annual. Maturity
Clifton Springs, Ontario County, N. Y .— B o n d S a le .— On June 1 1930, subject to call after 10 years.
April 25 the $4,000 5-12-year (serial) registered electric-lightCuba Special School District (P. O. Cuba), Clinton County,
plant-enlargement bonds described in V. 90, p. 1115, were Ohio.— B o n d O ffe r in g .— Proposals will be received until 12 m.




.

A p r . 30 1010.

THE CHRONICLE

1191

May 2 by A. M. West, Clerk of the Board of Education, for be used to pay the cost of completing the storm-water-sewer
the $2,500 4J^% coupon school-building bonds mentioned in system and the walling and covering of open ditches that
V. 90, j). 865.
carry off surface water.
Authority Sections 7025, 7620 and 7627, Revised Statutes. Denomina
The vote was 280 “for” to 136 “against.”
tion 5600. Date May 2 1910. Interest on March 1 and Sept. 1. Maturity
5500 yearly on March 1 from 1911 to 1915 Inclusive. A deposit of 5% of
Essex County (P. O. Elizabethtown), N. Y .— B o n d O ffer
bonds bid for Is required.
i n g .— Proposals will be received until 12 m. June 4 by S. W.
Cusseta, Chattahoochee County, Ga.— B o n d s V oted.
B o n d O ffe r in g .—The issuance of the $2,500 6% 20-year Barnard, County Treasurer, for $50,000 4% gold registered
school-building bonds mentioned in V. 90, p. 318, has been bonds to improve and repair the court house, Clerk’s office,
authorized by a vote of 28 to 0. Proposals for these bonds jail and other county buildings.
will be received at any time.
Authority, an Act of the General Assembly approved Auff.17 1908.
Denomination $250. Date May 2 1910. Interest annually at the Hank
of Cusseta.
Cuyahoga County (P . O. Cleveland), Ohio.— B id s R e jected .

\ l?.10: 1Pterest seml-annualiy at the Lake Champlain
U)35° lm:1!isl ve Q " esti)ort. Maturity $2,000 yearly on July 1 from 1911 to

1 lie o ffic ia l n otice o f th is bon d o fferin g w ill a p p e a r n ext w eek

-The following bids, all of which were rejected, were re a m o n g the a d v e r tise m e n ts elsew here in th is D e p a r tm e n t.
ceived on April 20 for the $3,500 assessment and $30,083 ^ Exeter High School District, Tulare County, Cal.— B o n d
county's portion 4 ]A,% coupon Independence ltoad No. 2 S a le . An issue of $10,000 5% bonds was awarded recently
to Jas. II. Adams & Co. of Los Angeles at 108.87.
improvement bonds, described in V. 90, p. 997:
$30,083
53,500
Fair land, Burnet County, Tex.— B o n d s V o te d .— A favora
B onds.
B onds.
First National Hank, Cleveland . . . . . . . . ....... . ...... $30,754 00 $3,568 00 ble vote was cast by this place on March 29 for the issuance
Otis & Hough, Cleveland________________________ 30,743 00
3,553 00
of bonds for water-works-extension and for schools.
3,564 25
Tlllotson & Wolcott Co., Cleveland--------- --------- 30,684 65
Breed & Ilarrlson, Cincinnati____________________ 30,654 50
_____
Florence County School District No. 16, So. Car .— B o n d
Western-German Hank, Cincinnati_____ _______ 30,566 10
3,543 10
We are informed that the bonds will be re-advertised for O ffe rin g . — Proposals will be received until 12 m. June 1 by
W. It. McLeod, Secretary, Board of School Trustees (P. O.
sale.
Timmonsville), for $20,000 5% coupon school-building bonds.
Dade County (P. O. Miami), F la .— B o n d S a le .— This
Date, clay of sale. Interest annual. Maturity 30 years. Bonds are
tax-exempt. Total debt, this Issue. Assessed valuation 1909, $549,112,
county sold $150,000 4 }/2% 12-30-year (optional) coupon A
certllied check for $250, payable to W. K. McLeod. Secretary of Board.
road and funding bonds on April 18 to C. L. Bagwell & Co. Is required.
of Jacksonville at 95. There were no other bidders.
Frederick, Frederick County, Md.—B o n d O ffe r in g .—
Denomination $1,000. Date April 1 1910. Interest semi-annually u
M ami. Bonds are tax-exempt. These securities were offered on Feb. 17 Local papers report that proposals will be received until May
23 for $64,000 4 Y i% funding bonds.
(V. 90, p. 389), but no sale was made on that day.
D allas School D istrict (P. O. D allas), Polk County, Ore.—
B o n d E lec tio n P r o p o s e d .— According

to reports, an election
will be held in the near future on the question of issuing

$ 4 0 ,0 0 0 sc h o o l b o n d s .

D alton, W hitfield County, Ga.—B o n d E le c tio n . — An elec
tion is to be held in this place shortly for the purpose of voting
on a proposition to issue $125,000 bonds, the proceeds of
which will be used for improvements and extensions to
electric-light-plant and water-works, street paving, school
improvement and building, sewers, and for fire department
headquarters.
D ayton, Ohio.— B o n d O ffe r in g . — Proposals will be received
until 12 m. May 12 by John W. Edwards, City Auditor, for
$25,200 5% coupon Wayne Ave. improvement bonds.
Denomination $1,000, except one bond of $1,200. Date April t in 10
Interest semi-annually In New York City. Maturity part yearly on April 1
from 1911 to 1920 Inclusive. Certllied check on a national bank for 51 260
payable to the City Auditor, Is required.
’
’
Defiance, Ohio.— B o n d s A u th o r iz e d . —An ordinance has

been passed providing for the issuance of $2,000 4J^% street
improvement bonds.
Defiance County (P. O. D efiance), Ohio.— B o n d s A u th o r
ized . ^—The

County Commissioners are said to have authorized
the issuance of $48,000 bridge bonds.
D elaware, Delaware County, Ohio.— B o n d O ffe rin g . — Pro
posals will be received until 12 m. May 20 by I. E. Martin,
City Auditor, for $5,218 5% coupon refunding bonds.
Denomination $500, except one bond of $718. Date May 1 1910
Interest semi-annually at the Sinking Fund depository In Delaware. Ma
turity on March 1 as follows: $718 In 1911 and $500 yearly from 1912 to
1920, Inclusive.

Delphos School D istrict (P. O. D elphos), Allen and Van
Wert Counties, Ohio.— Bonds N o t S o ld .— N o bids were re

ceived on April 14 for the $100,000 4% school-house bonds
described in V. 90, p. 997.
B o n d S a le . —The rate of interest was subsequently raised
to 4 } 4 % and the bonds were purchased by Seasongood &
Mayer of Cincinnati at 100.61 and accrued interest. A bid
of 100.457 was also received from the First National Bank
of Cleveland. Maturity part yearly from 1 to 35 years
inclusive.
Denbigh School D istrict (P . O. D enbigh), Warwick
County, N il.— B o n d E le c tio n . —Early in June, it is stated, an

election will be held in this district for the purpose of having
the voters decide “for” or “against” a proposition to issue
$5,000 bonds for a new school building.
Dormont School D istrict (P. O. Dorm ont), A llegheny
County, Pa . —B o n d S a le .— An issue of $51,400 4><j% 18-year

(average) school bonds was recently awarded to the Washing
ton Investment Co. Inc. of Pittsburgh.
Bonds are exempt
from taxes.
E ast V iew School D istrict, Cuyahoga County, Ohio.__
B o n d O ffe rin g . — Proposals

will be received until 12 m. May 3
by W. H. Bubna, Clerk of the Board of Education (P. O.
Warrensville, R. F. I). No. 1) for $18,000 4)^% coupon
tax-free school-building bonds.
Authority, Sections 2294, 7626, 7627, 7629 and 7630 of the G e n e r a l Code
Denomination $1,000. Date day of sale. Interest on April 1 and Oct f
at the Woodland/IAvenue Savings & Trust Co. of Cleveland. Maturltv
$1,000 yearly on Oct. 1 from 1912 to 1929 Inclusive. Certllied check for
10% of bonds bid for, payable to the District Treasurer, Is required. Pur
chaser to pay accrued interest.

El Dorado P aving Im provem ent D istricts N os. 2 and 3
(P. O. El Dorado), Ark. — B o n d O ffe r in g .— Proposals will be

received until May 5 by the Board of District Commissioners
for $9,000 bonds.
Emporia, K an. — B o n d s V o te d . — On April 21 this city voted
to issue bonds. We are advised that the amount of bonds to
be issued will probably be $11,000 and that the proceeds will




Denominations: 44 bonds of $1,000 each and 40 bonds of $500 each
Interest scinl-annual.

Frederick School District (P. O. Frederick),
County, Okla.— B o n d O ffe r in g . — Proposals will be
until 8:30 p. m. May 2 by A. L. Zumwalt, Treasurer
Education, for the $25,000 5% building bonds
voted. V. 90, p. 1116.

Tillman
received
Board of
recentlv

Denomination $1,000. Date April 15 1910. Interest June and Decem
ber at the fiscal agency. Maturity April 15 1935. Certified check for 1%
made payable to the Treasurer. Is required. Total debt. Including this
Issue, $52,000. Assessed valuation $1,303,000.
b
Fresno, Cal.— B o n d O ffe rin g . — It is stated that the City

Clerk will receive bids until 3 p. m. May 2 for $60,000 play
ground site bonds.
Frostburg, Allegany County, Md.—B o n d s D e fe a te d .— A n
election held April 5 resulted in the defeat of a proposition
to issue $50,000 street-improvement bonds. The vote was
147 “for” to 460 “against.”
Fruitvale School District, Riverside County, Cal.—B o n d
E le c tio n .— A proposition to issue $4,200 bonds will be sub
mitted to a vote of the people on May 7.
Fulton School District (P. O. Fulton), Callaway County,
— B o n d s D e fe a te d . —The proposition to issue the $40,000
4% 20-year high-school-building bonds submitted to the
electors on April 5 (V. 90, p. 724), was lost by 33 votes. We
are informed that another election will beheld soon.
Galesburg, Knox County, 111.—Rond O ffe r in g .— Proposals
will be received until 12 m. May 2 by Ben J. Huff Jr., City
Clerk, for $25,000 of the $75,000 4% water-works-improve
ment bonds mentioned in V. 90, p. 867.
51,°00. Date June 1 1910. Interest semi-annually at
the City 'treasurer s_office. Maturity June 1 1930. Certllied check (or
casli) for o /o of bonds bid for, payable to the Mayor, Is required.
Galveston, Galveston County, Tex.— B id s R e je c te d .— All

bids received on April 14 for the $225,000 5% seawallimprovement bonds and the $50,000 4
grading, filling
and drainage bonds were rejected. See V. 90, p. 797, for a
description of these bonds.
Gardner, Mass.— T e m p o ra r g L o a n . — OnJApril 26 this town
borrowed $70,000 from F. S. Moseley & Co. of Boston at
3.90% discount.
«i <?nnnmlnatl0!? 'I10.’00.0, Bate, day of "delivery. The notes mature
510,000 on each of the following dates In 1910: Oct. 3, Oct. 10, Oct. 17,
Oct. 24, Oct. 31, Nov. 7 and Nov. 14. The loan Is tax-exempt.
Gettysburg, Potter County, So. Dak.— B o n d s V o te d .— An

election held April 19 resulted in favor of a proposition to
issue $18,000 5% 20-year water-works-system bonds.
Golden-Littleton Irrigation District, Colo.— B o n d s D e
fe a te d . According to reports, this district on April 9 defeated
a proposition to issue $550,000 bonds. It is further stated
that the directors of the district are contemplating taking
the matter to court on the ground that illegal voting pre
vailed at the polls.
Good Hope, McDonough County, 111.—Ronds V o ted . — A
vote of 47 “for” to 44 “against” was cast April 19 on the
question of issuing $1,600 fire-department bonds.
Gouverneur, St. Lawrence County, N. Y.— B o n d s to B e
O ffered S h o r tly .— We are. advised that this village will be on
the market before July 1 with about;$45,000 refunding bonds.
Grand Rapids, Mich.—B o n d S a le .— The Detroit Trust Co.
of Detroit was the successful bidder on April 25 for the
$50,000 4% 20-year coupon rapid-sand-filtration bonds
described in V. 90, p. 1116. Price not mentioned. A bid
of $50,535 and accrued interest was also received from N W.
Halsey & Co. of Chicago.
Granite School District, Salt Lake County, Utah.__B o n d s
A w a rd e d i n P a r t. — Of an issue of $100,000 4j^% 10-20-year
op tional) school-building and site-purchase bonds voted

1192

THE CHRONICLE

o n F e b . 2 0 , $ 8 5 ,0 0 0 w o r th w a s r e c e n tly d isp o se d o f. D e n o m 
in a tio n $ 1 ,0 0 0 .
D a t e A p ril 1 19 0 9 .
Greenville, Hunt County, Tex. — Bond Election.— T h ere
w ill b e s u b m it t e d to th e v o te r s o n M ay 16, a c co r d in g to
r e p o r ts, a p r o p o s it io n to issu e $ 1 0 0 ,0 0 0 s tr e e t im p r o v e m e n t
b on d s.
Gross Point, Cook County, 111.—Bonds Voted.— S tr e e tim p r o v e m e n t b o n d s a g g r e g a tin g $ 1 ,0 0 0 w ere fa v o r a b ly v o te d
a t a n e le c tio n h e ld in th is p la c e A p ril 19.
G u n te r s v ille , Marshall County, Ala.—Bonds Not Sold.—
N o s a tis fa c to r y b id s w ere r e c e iv e d o n A p ril 4 for th e $ 1 5 ,0 0 0
w a te r -w o r k s a n d sc h o o l b o n d s d e sc r ib e d in V . 9 0 , p . 6 4 7 .
Hamilton, Butler County, Ohio.—Bonds Defeated.— A n
e le c t io n h e ld A p ril 16 r e s u lte d in th e d e fe a t o f a p r o p o s itio n
to is s u e $ 4 0 0 ,0 0 0 p a r k b o n d s . T h e v o t e w a s 9 4 8 “ fo r ” to
3 ,2 8 4 “ a g a i n s t .”

Hannibal School District (P. O. Hannibal), Marion County,
Mo.— Bonds Voted.— T h e p r o p o s itio n to issu e th e $ 8 0 ,0 0 0
4 % 1 0 -2 0 -y e a r (o p tio n a l) sc h o o l-b u ild in g b o n d s m e n tio n e d
in V. 9 0 , p . 8 6 7 , ca rried b y a v o t e of 5 3 8 to 140 a t th e e le c 
t io n h e ld A p ril 5 .
D a te o f o fferin g n o t y e t'd e te r m in e d .
Harlowton, Mont.— Bond Offering.— P r o p o sa ls w ill b e
r e c e iv e d u n til M ay 12 for $ 1 5 ,0 0 0 w a te r -w o r k s b o n d s a t n o t
e x c e e d in g 5 % in te r e s t.
A u th o r ity v o t e o f 46 to 2 a t a n
e le c tio n h e ld A p ril 4 .
M a tu r ity 20 y e a r s , s u b je c t to call
a lte r 10 y e a r s .

Harrison Township, Vigo County, Ind.—Bonds Offered by
Bankers.— J . F . W ild & C o. o f I n d ia n a p o lis are o ffer in g to
in v e s to r s $ 1 5 ,0 0 0 4 ^ % 1 -1 5 -y ea r (se ria l) sc h o o l-h o u s e b o n d s.
Denomination $500. Date April 1 1910. Interest semi-annually at the
American German Trust Co. In Terre Haute. Lionels are exempt from
taxation. Bonded debt. Including this Issue, $46,037 52. Assessed valu
ation, $2,918,824.
Hartford, Windsor County, V t.—Bond Offering.— P ro 
p o s a ls w ill b e r e c e iv e d u n til 9 a . m . M ay 2 b y G eorge H .
W a ts o n , T o w n T r ea su r er ( P . O . W h ite R iv e r J u n c t io n ) , for
$ 7 5 ,0 0 0 4 % c o u p o n r e fu n d in g b o n d s .
Denominations: 45 bonds of $1,000 each and 60 bonds of $500 each.
Date ADrll 1 1910. Interest semi-annually at the Town 'treasurer s office.
Maturity $5,000 yearly on April t from 1920 to 1934 Inclusive. Bonds are
exempt from taxation In Vermont. Certified check on a national bank or
tnist company for 2% of bid Is required. Bonds will be certified as ot
genuineness by the Old Colony Trust Co. of Boston, which will further
certify that the legality of the Issue has been approved by Kopes, Gray &
Gorham ot Boston, a copy of whose opinion will be delivered, without
charge, to the purchaser.

Hartville School District No. 49 (P. O. Hartville), Wright
County, Mo.—Bond Offering.— P ro p o sa ls w ill bo r ec eiv e d
u n til 10 a . m . M ay 2 b y W . C. J o h n s to n , D is t r ic t C lerk , for
th e $ 1 0 ,0 0 0 5% g o ld sc h o o l-b u ild in g b o n d s v o t e d (V . 9 0 ,
p . 9 9 8 ) o n A p ril 5 .
Denomination $500. Date May 2 1910. Interest annually at the
Mechanlcs’-Amerlcan National Bank In St. Louis. Maturity 20 years,
subject to call after 10 years. Bonds are tax-exempt. Certified check for
$500, payable to the District Clerk, Is required. This district has no debt
at present. Assessed valuation for 1909, $217,000.
Haskins, Wood County, Ohio.— R id s .— T h e fo llo w in g b id s
w ere r e c e iv e d fo r th e $ 2 ,4 0 0 5% c o u p o n s tr e e t-im p r o v e m e n t
b o n d s a w a r d e d o n A p ril 12 to I I . P . S h a n k s & S o n o f l o lc d o
P shanl£S& Son /Toledo $2,456 50|Stacy & Braun, Toledo - - $2,418 54
New First Nat. Bk.,Colum. 2,427 00 First Nat. Bank, Cleveland 2,408 00
Barto, Scott & Co.. Colum. 2,121 00|Secur. Sav.Bk.&T.Co.,Tol. 2.407 oO

Hawkins County (P. O. Rogersville), Tenn.—Bond Offer
ing — P r o p o sa ls w e re a sk ed u n til 1 p . m . y e s t e r d a y (A p ril 29)
b y j . It. S a n d e r s , S e c r e ta r y B o a r d of C o u n ty C o m m issio n er s,
for $ 4 0 ,0 0 0 5 % ro a d a n d b r id g e b o n d s .
Authority Chapter 518, Acts of 1907. Denomination $1,000. Interest
semi-annual
Maturity $1,000 In 1950 and $3,000 yearly from 19;. to
1 963
purchaser to pay accrued Interest. These bonds were offered as
4 Ms "on Jan. 28 (V. 90, p. 461) but were not sold on that day.
Hays County (P. O. San Marcos), Tex.—Bond Election.—
T h e v o te r s o f P r e c in c t N o . 1 w ill b e a sk e d to d e c id e o n M ay 7
w h e th e r or n o t a b o n d issu e o f $ 2 0 ,0 0 0 sh a ll b e flo a ted for
r o a d s a n d b r id g e s.
,
.
Bonds R e g i s t e r e d — The $ 2 4 ,0 0 0 4 j/j% 6 ^ - y e a r (a v e ra g e )
r e fu n d in g c o u r t-h o u s e a n d ja il b o n d s m e n tio n e d in V . 8 9 ,
p . 1 6 8 5 , w ere r eg iste re d b y th e S t a t e C o m p tro ller o n A pril 12.
Highland Park, Wayne County, Mich.—Bonds Voted.—
O n A pril 22 th e c itiz e n s o f th is v illa g e a u th o r iz e d th e issu a n c e
o f $ 8 9 ,0 0 0 W o o d w a rd A v e . p a v in g b o n d s b y a v o t e o f 2 0 6
to 3 9 .

Hillsborough Bridge Fire District (P. O. Hillsborough),
N. H. — Loan Proposed.— W e are a d v is e d u n d er d a te of A pril 1
t h a t th is d is tr ic t w ill b e o n th e m a r k e t w ith in s ix t y d a y s
w ith a n issu e o f $ 2 5 ,0 0 0 4 % w a te r b o n d s or n o te s .
Hutchinson, Reno County, Kan —Bonds Defeated.— T h e
e le c tio n h e ld A p ril 5 r e s u lte d in th e d e fe a t o f th e p r o p o s itio n
to issu e th e $ 4 0 ,0 0 0 4 \ i% p a rk p u r c h a s e b o n d s m e n tio n e d
in V . 9 0 , p . 8 6 7 . T h e v o t e w a s 2 ,3 0 2 “ fo r ” to 2 ,3 9 1 “ a g a in s t .”
Bond Offering.— P r o p o sa ls w ere a sk e d for u n til 3 p . m .
y e s te r d a y (A p ril 2 9 ) b y E d . M etz, C ity C lerk , for $ 1 5 ,0 0 0
4 U % c o u p o n b rid g e b o n d s .
Denomination $1,000. Date May 1 1910. Interest semi-annually at
the State Treasurer’s office In Topeka. Maturity May 1 1930. The result
of this offering was not known to us at the hour of going to press.

Iberville Parish School District No. 1 (P. O. Plaquemine),
La. — Bonds Not Sold.— L it ig a t io n p r e v e n te d th e sa le o n
A p ril 2 5 o f th e $ 6 0 ,0 0 0 5% c o u p o n sc h o o l-b u ild in g b o n d s
d e sc r ib ed in V . 9 0 , p . 1 1 1 6 .
Idaho Falls, Bingham County, Idaho.— Bond Offering.—
P r o p o sa ls w ill b e r e c e iv e d u n til M ay 18 for th e $ 9 5 ,0 0 0 w a te r 
w o r k s a n d e le c tr ic -lig h t-p la n t b o n d s m e n tio n e d in V . 9 0 ,

p. 999.



[V O L . LXXXX*.

Authority vote of 443 “for” to 130 “against” at election held April 12.
Interest rate not to exceed 6%. Maturity 20 years, subject to call after
10 years. T. H. Hines Is Clerk.
I o n ia , I o n ia C o u n ty , M ic h .— Bond Offering.— Proposals
will be received until May 3 for $4,800 4 j/2% street and build
ing bonds.
Authority, vote of 592 “for” to 222 “against” at election held April 4.
Maturity $1,200 yearly for 4 years.
Ir e n e I n d e p e n d e n t S c h o o l D is t r ic t (P . O. I r e n e ), H ill
C o u n ty , T e x .— Bonds Registered.— The State Comptroller
registered $8 ,0 0 0 5 % 2 0 -vear bonds on April 18.
J e ffe r s o n C o u n ty ( P . O. S t e u b e n v ille ) , O h io .— Bond Sale.
__ The $11,500 4 j ^ % coupon Bloomfield and Western Free
Turnpike Road bonds described in V . 90, p. 1117, were
awarded on April 25 to the National Exchange Bank for
$11,551 (100.443) and accrued interest. No other bids were
received.
Maturity on Sept. 1 as follows: $500 In each of the years 1912, 1914.
1915 1917 1918 1920, 1921. 1922, 1923, 1925, 1926 and 1927, $1,000 In
1928; $500 in 1929, $500 In 1930, $1,000 In 1931, $500 In 1932, $1,000 In
1933’ and $1,000 In 1934.
J o p lin S c h o o l D is t r ic t ( P . O. J o p lin ) , M o —Bond Sale.—
The $75,000 4 y2% 10-20-year (optional) coupon building
bonds described in V . 90, p. 1057, were sold on April 20 to
the Mississippi Valley Trust Co. of St. Louis at 100.76 and
accrued interest. The other bidders were:
Miss. Vail. Tr. Co.. St. Louis.$75,5701Win. R. Compton Co., St. L .$75,075.
Scasongood & Mayer, Cine.. 75,400 A. B. Leach & Co., Chicago.. 75,046
Tlios. J. Bolgcr Co.. Chicago. 7 5 , 18 8 |MercantlleTr. Co., St. Louis. 75,000
K a la m a z o o , M ic h .— Bond Offering.— Proposals will be
received until 5 p. m . May 2 by John A . Ross, City Clerk,
for the following 4 % bonds:
$44,500 street-improvement bonds. Maturity $4,450 yearly on June 1
from 1911 to 1920 Inclusive.
9,000 city Improvement bonds. Maturity $1,000 yearly on June 1 from
1911 to 1919 Inclusive.
Authority, Section 20, Chapter 16. Local Acts of 1907. Date June 1 1910.
Interest semi-annual. Bonds are exempt from State, county and municipal
taxes. Official notice states that there has never been any default In pay
ment of the city’s obligations; that none of Its bond Issues have ever been
contested, and that there Is no litigation pending or threatened alfcctlng
these bonds.
K a w V a lle y D r a in a g e D is t r ic t (P . O. K a n s a s C ity ), W y a n 
d o t t e C o u n ty , K a n .— Bonds Not Sold.— It is stated that no
bids were received on April 20 for the $465,000 4 ) ^ % and
$1,225,000 5 % coupon Kansas River improvement bonds
described in V . 90, p. 1058.
K im b a ll I r r ig a tio n D is t r ic t ( P . 0 . K im b a ll) , K im b a ll
C o u n ty , N e b .— Bond Offering.— Proposals will be received
until 12 m. May 14 for $250,000 6 % bonds.
Interest semi-annual. Maturity part yearly from 10 to 20 years. Cer
tified check for 2% of bid, payable to the district. Is required. No bids for
less than 95% of face value of the bonds will be considered. Fred. R. Mor
gan Is Secretary of the Board of Directors.
L a F a y e t t e S c h o o l C ity ( P . O. L a F a y e t t e ) , T ip p e c a n o e
C o u n ty , I n d .— Bond Offering.— Proposals will be received
until 2 p. m. May 4 for $210,000 4 % bonds. Interest semi
annual. Maturity on July 1 as follows:
si 6 500
19111$19,500......... 1914l$22,500.......... 19171 $24,500. ....1 9 1 9
17 500
1912 20,500......... 1915 23,500.......... 1918 25,500..........1920
is is o o lI I I . 1913| 21,500____ 1916)
Dan. W. Simms Is President Board of Trustees.
L a G ra n d e , U n io n C o u n ty , O re.— Bond Sale.— John Nuveen & Co. of Chicago were awarded $40,000 5 % 10-20-year
(optional) sewer bonds on April 20 at 101.275. A bid of
$40,240 was also received from S. A. Kean & Co. of Chi
cago. Denomination $1,000.
L ee C o u n ty (P . O. F o r t M a d is o n ) , I o w a .— Bond Offering.—•
Proposals will be received until 10 a. m. May 5 by W . H .
South, County Auditor, for $50,000 4 % bridge funding
bonds.
Denomination $500. Date June 1 1910. Interest semi-annually at a
bank In Chicago. Maturity $5,000 yearly on June 1 from 1911 to 1920 In
clusive. Certified check (or cash) for $500, payable to the County Treas
urer, Is required.
L e e la n a u T o w n s h ip S c h o o l D is t r ic t N o . 1 ( P . O . N o r th p o r t ) , L e e la n a u C o u n ty , M ic h .— Bond Offering.— Proposals
will be received until 12 m. May 3 by G. M. L. Seelig, Secre
tary of the Board of Trustees, for $12,000 5 % school
building bonds.
Denomination $250. Date May 3 1910. Interest annually In NorthportMaturity $500 In each of the years 1 9 1 4 , 1915 and 1910, $7o0 In each of the
years 1917, 1918 and 1919. $1,000 In each of the years 1920, 1921, 1922 and
1923, $1,250 In 1924 and $3,000 In 1925. Bonds are exempt from all
taxes. No bonded or floating debt at present. Assessed valuation 1909,
$162,500. Real value (estimated), $500,000.
L e h ig h C o u n ty ( P . O. A lle n t o w n ) , P a .— Bond Sale. — The
$125,000 4 % coupon (with privilege of registration) publicimprovement bonds described in V . 90, p. 1058, were dis
posed of on April 25, part to the Sinking Fund and the re
mainder to local investors. Maturity $25,000 in each of the
years 1915, 1920, 1925, 1930 and 1935.
L im a S c h o o l D is t r ic t ( P . O. L im a ), A lle n C o u n ty , O h io .—
Bond Sale.— The $10,000 5 % 1- 10-year (serial) Grand Ave
nue School addition bonds offered on April 26 and described
in V . 90, p. 1117, were awarded, it is stated, to the I'irst
National Bank of Cleveland at 104.19.
Following are the bids:
$10,402 00
First Nat. Bank, Cleve...$10,419 00 Well, Roth & Co., Cln.
vSec.Sav.Bk.&Tr.Co., T oL . 10,417 00 R. Klcybolte Co., Inc.,Cln 10,392 00
Scasongood & Mayer, Cln. 10,416 00 New First Nat. Bank, Col. 10,392 00
Davies & Bertram Co., Cln 10,407 00 Breed & Harrison, Cln---- 10,390 00
C. E. Dennison & Co., Clc. 10,403 25 Tlllotson&VVolcottCo.,Cle 10,367 00
Barto, Scott & Co., Colum 10,403 00 Stacy & Braun, T o led o ... 10,191 25
Otis & Hough, Cleveland. 10,403 00 S. A. Kean & Co., Chicago 10,102 95
L in d f o r d T o w n s h ip ( P . O. L in d fo r d ), K o o c h ic h in g C o u n ty ,
M in n . —Bond Offering.— P r o p o sa ls w ill b e r e c e iv e d u n til
2 p . m . M ay 7 b y th e T o w n B o a rd o f S u p e r v iso r s, J . W .
S k ifs tr o m , C lerk , for $ 6 ,5 0 0 6% road a n d b rid g e b o n d s .

A pe . 30 1910.

THE CHRONICLE

iHD^il0i51*na,A*on ?SP0: Date, (lay of Issue. Interest annual. Maturity
.A certified check (or cash) for $500, payable to the Town
ircasurcr. Is rcQuired.
L o n g Beach, Cal.—Bonds Voted.— According to reports
an election held April 19 resulted in favor of propositions to
issue $75,000 bonds for the permanent improvement of the
big cylinder pier at the foot of Pier Ave. and $50,000 for a
concrete pleasure pier in Belmont Heights. It is stated that
the vote was 1,056 “ for” to 111 “ against” the former issue
and 705 “ for” to 375 “ against” the latter issue. A twothirds vote was necessary to carry.
L o n g B e a ch H ig h S c h o o l D is t r ic t , L o s A n g e le s C o u n ty ,
C a l.— Bond Sale .— On April 25 the $240,000 5 % 1-40-year
(serial) gold school bonds described in V. 90, p. 1058, were
awarded to the W in. It. Staats Co. of Los Angeles for
$252,262 75— the price thus being 105.109.
L o n g B ra n ch D r a in a g e D is t r ic t N o . 1 , C la y C o u n ty , M is s .
7—Bonds Proposed .— We are advised that “ an order for the
issuance of bonds will doubtless be made at the May meeting
of the Board.”
L o r a in , L o r a in C o u n ty , O h io .— Bond Sale .— On April 25
the $50,000 4 % 20-year water-works bonds offered without
success on April 9 (V. 90, p. 1117) were awarded, it is stated,
to Otis & Hough of Cleveland at par and accrued interest.
. L o s A n g e le s , C al. Bonds Voted.— The propositions to
issue the $3,500,000 power-plant and $3,000,000 harborimprovement 4
bonds mentioned in V . 90, p. 8 6 8 , carried
at the election held April 19. The vote was 12,266 “ for” to
!laga}nsfc” the f°i’mer proposition and 12,673 “ for” to
1,369 against the latter proposition. Date of olfering not
yet determined.

1193

Madison County (P. O. Madison), Fla. — T h e C o u n ty C o m 
m issio n e r s h a v e s e t M ay 10 a s th e d a y for th e s u b m iss io n to
th e v o te r s o f a p r o p o s itio n to issu e 5% 3 0 -y e a r road b o n d s .
Madisonville,

Hamilton County,

Ohio

— B ond

S a l e .—

S e a so n g o o d & M ayer o f C in c in n a ti, it is s t a t e d , w ere a w a r d e d
th e $ 4 ,0 0 0 4 % 2 0 -y e a r c o u p o n to w n -h a ll r e fu n d in g b o n d s
offered o n A p ril 18 a n d d e sc r ib ed in V . 9 0 , p . 1 0 5 8 , a t 1 0 0 .3 0 .
Marblehead, Mass.— Temporary Loan.— O n A p ril 27
$ 2 0 ,0 0 0 te m p o r a r y lo a n n o t e s d u e O ct. 10 n e x t w ere a w a rd ed
to l1. S . M o seley & C o. o f B o s t o n a t 3 .9 2 % d is c o u n t.

Maricopa County School District No. 8, Ariz .— B o n d O f f e r ing .— P r o p o sa ls w ill b e r e c e iv e d u n til 11 a . m . M ay 2 b y
W m . E . T h o m a s , C lerk o f th e B o a r d of S u p e r v iso r s ( P . O .
I h o e n i x ) , for $ 1 7 ,0 0 0 5 % g o ld c o u p o n b o n d s .
n A ‘\r o r
,Xinlc 19 'R e v is e d Statutes of 1901. Denomination $500.
vtnt ? , • ,
i(L n IrltCiT st annually at the Treasurer’s office in Phoenix.
’ sal>J,ecI to call after 15 years. Bonds are exem pt from
q Cclt ! e{ ch.fccl< f° f 10% of bid, payable to the Clerk of the

seated vLuaTlo^ l 909. 159^,540

Marion, Ohio.

B° ndCd dCbt at Pl'CSent f’r,’00° ’

As‘

B o n d s N o t S o l d . — N o b id s w ere r e c e iv e d o n

A p ril 2 6 for th e $ 4 ,0 0 0 4 %
V . 90, p. 999.

r e fu n d in g b o n d s d e sc r ib ed in

Medford, Grant County, Okla .— B o n d s N o t S o l d . — N o s a t is 
fa c to r y b id s w ere r e c e iv e d o n A p ril 2 0 for th e $ 1 8 ,0 0 0 e le ct r ic -lig lit-p la n t a n d $ 1 2 ,0 0 0 w a te r -e x te n s io n 6% b o n d s o f
fe re d (V . 9 0 , p . 9 9 9 ) o n t h a t d a y .
Miami County (P. 0 . Troy), Ohio.—Bond

O ffe r in g —

P ro p o sa ls w ill b e r e c e iv e d u n til 10 a . m . M ay 5 b y A . E .
S in k s, C o u n ty A u d ito r , for $ 7 9 ,0 0 0 5% c o u p o n ta x -fr e e
b r id g e -b u ild in g b o n d s
Authority Sections 871 and 872, Revised Statutes. Denomination $1,000‘
Date Jan. 1 1910. Interest semi-annually at the County Treasurv. Ma
turity as follows: $1,000 July 1 1910, $3,000 Jan. 1 1911, $4,000 each six
L o u d o n v ille , A s h la n d C o u n ty , O h io .—Bonds Voted—Bond months from July 1 1911 to July 1 1918 inclusive and $5,000 each six
from Jan. 1 1919 to Jan. 1 1920 inclusive. Certified check on a
Offering. Ihe $9,000 5 % coupon building bonds were months
Rank In Miami County for $1,000, payable to the Auditor, is required.
authorized by a vote of 289 to 29 at the election held Feb. 26. Bidders to satisfy themselves as to legality of issue, as no transcript will be
I roposals tor these bonds will be received until 12 m. May 2 made. Purchaser to pay accrued Interest.
Middleport, Meigs County, Ohio.— B o n d S a l e . — T h e $ 3 1 ,
by B. Strauss, Village Clerk.
Authority Section 2835, Revised Statutes. Denomination $600, except 0 0 0 4 j^ % s tr e e t-im p r o v e m e n t a s s e s s m e n t b o n d s offered
two bonds of $000 each. Date May 2 1910. Int. March 1 and Sept. 1.
o n A p ril 12 a n d d e sc r ib ed in V . 9 0 , p . 7 9 9 , w ere a w a r d e d o n
at the VMage Treasury. Maturity $600 each six months from March 1 1911 A pril 23 to th e T illo ts o n & W o lc o tt C o. o f C le v ela n d fo r
to Sept. 1 1916 inclusive, $900 on March 1 1917 and $900 on Sept. 1 1917.
Certified check for 10% of bonds bid for, made payable to the Village $ 3 1 ,3 7 2 75 ( 1 0 1 .2 0 2 ) a n d a ccru ed in te r e st.
M a tu r ity p a r t
Ircasurcr, is required Purchaser to pay accrued interest. The bonds are y e a r ly o n F e b . 28 fro m 1911 to 1920 in c lu s iv e .
tax-free and will be delivered within ten days from the time of award.
Middletown, Butler County, Ohio .— B o n d O f f e r i n g .— P ro 
L u c a s C o u n ty (P . O. T o le d o ), O h io .—Bond Offerings.—
Proposals will be received until 10 a. m . May 0 by the Board p o s a ls w ill b e r e c e iv e d u n til 12 m . M ay 6 b y J o h n K u n z , C ity
of County Commissioners for $75,000 4 y2% coupon road A u d ito r , for $ 1 0 0 ,0 0 0 4 % c o u p o n se w e r -c o n s tr u c tio n ta x ex em p t b on d s.
bonds.
AuE12rlty. vote of 1597 to 98 at an election held Feb. 16 1910: also Sec
^ £ ,uH'.orlt5r Sections 4919-1, Bates Revised Statutes, and Sections 7422
tion 2837, Revised Statutes. Denomination $500. Date April 1 1910
TouV
l"aws °{ ,191°, revision. Denomination .$500. Date May 1G Interest semi-annually at the National Park Bank In New York City. Ma
^ D^W esem l-annuaH y at the County Treasurer’s office. turity $2,000 yearly on April 1 from 1912 to 1961 Inclusive. CertlOed
«Vlooo
yearly from 1016 to 1930 Inclusive. Certified check for check for $1,000 Is required. Bonds will be delivered within ten days from
orued°Interest^ ° n * bank ln Tolecl0 ls required. Purchaser to pay ac- time of award.
In addition to the above, proposals will also be received
until 10 fi-u i. May 13 by the Board of County Commissioners
joi $1.0,102 4 Y f/0 Childrens’ Home repair and improvement

Milam County (P. O. Cameron), Tex.—No

C o u n ty B o n d

E l e c t i o n . — S p e a k in g

o f th e $ 4 ,0 0 0 sc h o o l-b o n d e le c tio n ,
w h ic h r ep o rts s t a t e d w o u ld ta k e p la c e A p ril 2 0 , th e T rea su rer
in fo r m s u s t h a t “ th e c o u n ty h a s n o th in g w h a te v e r to d o w ith
th e se b o n d s , b u t th e C ity o f C am eron e x c l u s iv e l y .”

o
Section 871, Hates's Revised Statutes, and Sections 2434 and
general Code. Denomination $500, except one bond of $102. Date
S , , 2'1 1,, V Interest semi-annually at the County Treasurer’s office In

Milford Independent School District (P. O. Milford), Ellsi
County, Tex.— B o n d O f f e r i n g . — P ro p o sa ls w ill b e r e c e iv e d

ie is

u n til M ay 3 for th e $ 2 0 ,0 0 0 5 % 2 0 -4 0 -y e a r (o p tio n a l) s c h o o l
b u ild in g b o n d s v o t e d (V . 9 0 , p . 5 7 5 ) o n F e b . 12 . D e n o m i
n a tio n $ 5 0 0 .
D a te J u n e 1 1 9 1 0 . I n te r e s t a n n u a lly on
M ay 3 1 .

a r - c S t T w a s a w - ,. j s w a . * Bond Sale.— The following bids were received on April 26
lor the $2 2 ,0 0 0 4 ) ^ % Springfield Township road-improve
ment bonds described in V. 90, p. 1117:
First Nat. Bank, Clevcl’nd$22,420 00 Davies & Bertram Co., Clni$22,376 00
Scasongood & Mayer, Oln. 22,409 20 Well, Roth & Co., Clncln. 22,375 00
Otis & Ilough, Cleveland. 22,395 00 Iv. Kleyboltc Co.Inc., Cln. 22,374 00
Stacy & Braun, Toledo . . 22,392 GO TUlotson & Wolcott Co., Clc22,358 GO
Breed & Ilarrlsou, Clncin_ 22,385 00 S. A. Kean & Co., Chicago 22,165 00
i Bid not accompanied by the required certified check.
Maturity part yearly from 1910 to 1919 inclusive.
L u v e r n e I n d e p e n d e n t S c h o o l D is t r ic t ( P . O. L u v e r n e ),
M in n .— Bond Election.— A n e le c tio n w h ic h w a s to h a v e b een
h e ld A pril 4 to v o te o n th e q u e s tio n o f issu in g $ 1 2 ,0 0 0 b u ild 
in g b o n d s w a s c a n c e le d .
W e are a d v is e d t h a t th e B o a r d of
E d u c a tio n fo u n d th e y c o u ld o n ly issu e a b o u t $ 6 ,5 0 0 b o n d s ,
so a n o th e r e le c tio n w a s o rd ered for M ay 9 to v o t e o n th e
sm a lle r a m o u n t.
M cC ab e S c h o o l D is t r ic t , Im p e r ia l C o u n ty , C a l.— Bond
D y /e n n y .— P ro p o sa ls w ill b e r e c e iv e d u n til M ay 7 , it is s t a t e d ,
tor $ 4 ,0 0 0 sc h o o l b o n d s .
M a co m b M c D o n o u g h C o u n ty , 111,— Bond Offering .— P ro 
p o sa ls w ill b e r ec eiv e d u n til 5 p . in . M ay 12 b y J a m e s W
B a ile y , C ity T rea su rer, for $ 3 3 ,0 0 0 4 y2% c o u p o n w a te r 
w o rk s b o n d s . T h e se se c u r itie s are p a r t o f th e issu e of
$ 4 0 ,0 0 0 b o n d s , v o te d on A pril 5 (V . 9 0 , p . 1117) w h ich
m a tu r e $ 1 ,0 0 0 y e a r ly o n M ay 1 from 1915 to 1924 in c lu siv e
a n d $ 5 ,0 0 0 y e a r ly o n M ay 1 from 1925 to 1930 in c lu s iv e .
Authority, Chapter 24, Revised Statutes. Denomination $1 000 In
terest semi-annually at the Union National Bank In Macomb. Certified
check for o% of bid, made payable to the Mayor, Is required. Official cir
cular states that principal and Interest on all previous Issues have a l w a v s
been promptly paid at maturity; also that no issue has ever been contested
It further states that there Is no litigation or controversy pending or t h r e a t !
ened concerning the validity of these bonds, the boundaries of the munici
pality or the title of the officials to their respective offices.
M a co n , G a .— Bond S a f e — T h e $ 1 0 0 ,0 0 0 p a v in g a n d
$ 1 0 0 ,0 0 0 sew er 4% g o ld c o u p o n b o n d s offered o n A pril 19
a n d d e sc r ib ed in V . 9 0 , p . 1 0 5 8 , h a v e b e e n so ld to J . II. H ilsn ia n A- C o. o f A tla n ta a t 9 5 .8 6 9 5 a n d a ccru ed in te r e s t.
P a rt
o f e a ch issu e m a tu r es y e a r ly o n J u ly 1 from 1910 to 1939
in c lu s iv e .




Milton, Pike County, 111.—B o n d s Voted.—The v o te r s h a v e
a u th o r iz e d th e issu a n c e o f $ 1 ,0 0 0 sid e w a lk b o n d s .
Milton, Cavalier County, No. D a k — Purchasers of Bonds.
-—T h e S t a t e o f N o r th D a k o ta w a s th e p u rc h a ser o f th e fo llo w 
in g b o n d s , th e s a le o f w h ic h w a s m e n tio n e d in V . 9 0 , p . 518:
$ 1 4 ,0 0 0 for r e fu n d in g p u r p o se s, $ 1 ,0 0 0 for d r a in a g e , $ 4 0 0
for ja il, $ 5 0 0 for a fire-h a ll, $ 3 0 0 for w a te r a n d $ 4 0 0 for s t r e e t s .
Minneapolis, Minn .— B o n d S a l e — T h e $ 5 0 ,0 0 0 4% 3 0 -y e a r
c o u p o n p a rk b o n d s d e sc r ib ed in V . 9 0 , p . 9 2 7 , w ere a w a rd ed
o n A p ril 21 to th e W ells & D ic k e y C o. o f M in n e a p o lis a t
1 0 0 .0 5 3 6 a n d a c cr u e d in te r e s t.
A b id of p ar a n d in te r e s t,
le s s $ 6 0 0 for a t t o r n e y ’s fe e s, b la n k b o n d s , & c., w a s a lso
r e c e iv e d from E . II . R o llin s & S o n s o f C h icago.
Montvale, Bergen County, N. J .— B o n d O f f e r i n g . — P r o 
p o s a ls w ill b e r e c e iv e d u n til 8 p . m . May 9 b y F r e d . C.
L in d e r m a n , M ayor, for $ 1 9 ,0 0 0 5% c o u p o n (w ith p r iv ile g e
o f r e g istr a tio n ) m a c a d a m b o n d s .
Authority an Act of the Legislature approved April 24 189T and the
supplements and amendments thereto. Denomination $1,000. Date
Sept. 1 1909. Interest semi-annual. Maturity Sept. 1 1939. Bid to be
made on a blank furnished by the city and be accompanied by a certllled
check on an Incorporated bank or trust company for $500, made payable
to the “ Borough of Montvale.” The validity of the bonds will lie approved
by Ilawklns, Delalleld & Longfellow of New York, whose opinion will be
delivered to the successful bidder, and the genuineness of the bonds will
be certllled to by the Columbia Trust Co. of New York. Purchaser to pav
accrued Interest. Total debt, not Including this Issue. $28,900 Assessed
valuation 1909, $400,000.

Mountain View, Kiowa County, Okla.—

B o n d O ffe r in g —

P ro p o sa ls w ill b e r ec eiv e d u n til 8 p . m . M ay 4 b y D . E .
M cB rid g e, T o w n C lerk , for $ 1 5 ,0 0 0 w a te r -w o r k s -e x te n s io n ’
$ 2 0 ,0 0 0 s a n ita r y -se w e r a n d $ 1 0 ,0 0 0 e le c tr ic lig h t 6% b o n d s .
RR^est semi-annual. Maturity twenty-five years. An unconditional
certified check for $1,000, made payable to the Town Treasurer, is required

Mt. Healthy School District (P. O. Mt. Healthy), Hamil
ton County, Ohio.—B o n d s N o t S o l d . — N o a w a r d w a s m a d e
o n A pril 21 o f th e $ 5 0 ,0 0 0 4 % 4 0 -y e a r c o u p o n s c h o o l-b u ild in g
a n d fu r n ish in g b o n d s d e sc r ib ed in V . 9 0 , p . 10 5 9 .
B o n d S a l e . — T h e a b o v e b o n d s w ere s u b s e q u e n tly
d is
p o sed o f a t p r iv a te sa le to S e a so n g o o d & M aver o f C in c in n a ti
a t 1 0 1 .0 5 for 4 M s .
*. .

1194

TIIE CHRONICLE

Mt. Kisco, Westchester County, N. Y.— B o n d S a l e . —The
$48,300 registered Main St. improvement bonds, proposals
for which were asked until April 2/ (V. 90, p. 1118), were
sold to N. W. Harris & C o . of New York City for $48,332 50
(100.067) and accrued interest for 4.45s. Bids were also
received from George M. Hahn, Adams & Co. and Edmund
Seymour & Co., all of New York City.
Mount Pleasant, Titus County, Tex.— B o n d E l e c t i o n P r o 
p o s e d . — It is thought likely that an election will be held in
the near future to vote on the question of issuing bonds for a
complete sewerage system.
Mt. Sterling, Brown County, 111.— B o n d s V o t e d . — An issue
of $10,000 sidewalk and street bonds was favorably voted
by this city on April 19.
Murfreesboro, Rutherford County, Tenn.—B o n d S a l e .—
The $80,000 5% 25-year State Normal School bonds, the
validity of which was upheld by the State Supreme Court
on March 26 (V. 90, p. 925), were awarded on April 22 to
the Harris Trust k Savings Bank of Chicago at 101.418,
accrued interest and blank bonds—a basis of about 4.90%.
National City, San Diego County, Cal.— B o n d E l e c t i o n .—
We see it reported that an election will be held May 10 to
allow the voters to determine whether or not $25,000 school
bonds shall be issued.
Nevada County (P. O. Nevada City), Cal.—No A c t i o n Y e t
T a k e n . —No action has yet been taken looking towards the
holding of the $350,000 road bond election mentioned in
V. 90, p. 575.
t
New Alexandria, Westmoreland County, Pa. — B o n d E l e c 
t i o n . — A vote will be taken May 7 on the question of issuing
$10,000 building bonds.
Newman, Douglas County, 1 1 1 . — D e s c r i p t i o n o f B o n d s .—
We are informed that the $28,000 paving bonds recently
awarded to the Illinois Cement Construction Co. of Bpringfield (V. 90, p. 1118) carry interest at the rate of 5%, pay
able annually, and mature part yearly on Jan. 2 for ten years.
Newport, Campbell County, Ky.— B o n d s N o t S o l d . — We
are advised that all bids received for the $100,000 4% cou
pon street-improvement bonds offered on April 21 and
described in V. 90, p. 1059, were returned unopened. This
action was taken as there is a question as to the legality of
the issue, a law having been passed by the last Legislature
which, it is said, releases cities of the second class from the
payment of any of the cost of street improvements.
Newport, R. I.— T e m p o r a r y L o a n . —The successful bidder
for the $40,000 loan due Sept. 6 1910, offered on April 28
(V. 90, p. 1118), was the Aquidneck National Bank of New
port at 3.96% discount.
New Prague Independent School District No. 73 (P . O.
New Prague), Lesueur County, Minn.— B on d S a l e — Pro
posals were asked for until last Tuesday (April 19) for $5,000
bonds. We are informed that these bonds had already been
sold and were being advertised “simply to perfect the rec
ords.”
Niles, Trumbull County, Ohio.— B o n d S a l e . — An issue of
$5,000 4 y >% coupon sewer-disposal plant bonds was awarded
on April 14 to Breed k Harrison of Cincinnati at 104.07. The
following bids were also received:
Seasongood * Mayer, C ln ..$5,188 501 Hayden, Mlller&Co., C le v is , 140 00
Sec Sav *Tr.Co.,Tol
5 , ir>5 00 Silas McMahon, Warren__ 5,142 50
First Nat. Hk.. Cleveland._ 5,154 001Dollar Sav. Ilank Co., Niles 5,110 00
Denomination S500. Date April 1 1010. Interest semi-annually at the
City Treasurer’s office. Maturity part In each of the years 1914, 1918,
1922, 1926 and 1927.

This sale was inadvertently reported under the head of
O k l a . , in last week’s “Chronicle.”
Norfolk, Va.— B o n d s A u t h o r i z e d . —An ordinance authoriz
ing the issuance of $664,000 bonds has been passed by this
city. The larger part of this issue will be used for schoolbuildings and street improvements.
Nowata County School District No. 29, Okla.— B o n d S a l e .
— An issue of $6,000 6% 20-year bonds was recently disposed
of to the II. C. Speer & Sons Co. of Chicago.
North Carolina.— B o n d O f f e r i n g . — Proposals will be re
ceived until 12 m. May 18 by B. It. Lacy, State Treasurer,
at Raleigh, for the $3,430,000 4% coupon refunding bonds
mentioned in V. 90, p. 649.

N ile s ,

Date July 1 1910. Interest semi-annually at the National Park Hank,
New York City. Maturity July l 1950. Hid must be made on a form fur
nished by the State Treasurer or by Hubbard & Massllch of New York City.
The legality of the bonds has been approved by the aforementioned Hub
bard & Massllch, whose opinion will be furnished to the purchaser.
T h e o f f i c i a l n o ti c e o f t h i s b o n d o f f e r i n g w i l l b e f o u n d a m o n g
th e a d v e r t i s e m e n t s e ls e w h e r e i n t h i s D e p a r t m e n t .

Obion, Obion County, Tenn.— B o n d O f f e r i n g . — Proposals
will be received until May 4 by A. Wilson, Mayor, for the
$45,000 coupon bonds voted on March 19 (V. 90, p. 928).
Denomination $500. Interest (rate not to exceed 5%) payable annually.
Maturity 20 years, subject to call after 5 years.

[V O L . LXXXX .

Olathe City, Johnson County, Kans.— B o n d s

D e f e a t e d .—

T h e v o te r s o f th is c it y r e c e n tly d e fe a te d a p r o p o s itio n to issu e
$ 1 0 ,0 0 0 w a te r -w o r k s b o n d s .
B o n d E l e c t i o n . — A n e le c tio n w ill b e h e ld s h o r tly to v o t e
o n th e q u e s tio n o f issu in g sc h o o l b o n d s .

Orleans, Harlan County, Neb.—B o n d

O f f e r i n g . — Proposals

w ill b e r ec eiv e d u n til M ay 1 for $ 2 0 ,0 0 0 5% b o n d s .
Authority, vote of 132 “for” to 52 "against” at election held March 21.
Maturity 20 years, subject to call after 5 years. J. C. Gray Is City Clerk.

Orville, Wayne County, Ohio.—Bond Offering.—-P r o p o sa ls
w ill b e r eceiv ed u n til 12 in . M ay 6 b y F . E . W o lfe , V illa g e
C lerk , for th e fo llo w in g 4 )^ % c o u p o n s tr e e t-im p r o v e m e n t
b o n d s:
.
.
«2 700 Westwood Ave., Mohican Ave. and Terminal St. sewer bonds.
’
Denomination $540. Maturity $540 yearly on May 2 from 1911 to
1915 Inclusive.
,r
5 000 Westwood Ave. paving bonds. Denomination $500. Maturity
'
$500 yearly on May 2 from 1911 to 1920 Inclusive.
6 400 Mohican Ave. paving bonds. Denomination $640. Maturity $640
yearly on May 2 from 1911 to 1920 Inclusive.
Authority Section 100, Municipal Code, and Section 2835 Revjsed
Statutes of Ohio. Date May 2 1910. Interest annually at the Village
Treasurer’s office. Certified check for 5% of bonds bkl for, payable to the
Village Clerk, Is required. Purchaser to pay accrued Interest.
Osage County School District No. 3 0 , Okla.— B o n d S a l e .
T h is d istr ic t h a s a w a r d e d $ 1 5 ,0 0 0 6% 2 0 -y e a r b o n d s to th e
I I . C. S p eer & S o n s C o. o f C h ic a g o .
.
Osmond School District (P. O. Osmond), Pierce County,
Neb.— B o n d s N o t Y e t S o l d . — N o sa le h a s y e t b e e n m a d e of
th e $ 1 2 ,0 0 0 5% sc h o o l-b u ild in g b o n d s o ffered w ith o u t s u c 
c ess (V . 9 0 , p . 8 7 0 ) o n M arch 2 0 .

Palm Beach County (P. O. W est Palm Beach), Fla.— B o n d
$ 1 5 0 ,0 0 0 4 y2% 1 0 -5 0 -y e a r (o p tio n a l) c o u p o n

S a le .— The

r o a d -im p r o v e m e n t b o n d s d e sc r ib ed in V . 9 0 , p . 8 7 0 , w ere
d isp o se d of o n A pril 21 a s fo llo w s: $ 1 3 ,7 0 0 to C. L . B a g w e ll
& C o ., $ 5 ,0 0 0 to H e n r v P h ip p s, $ 3 ,0 0 0 to J . R . B r a d le y ,
$ 3 ,0 0 0 to C. I. C ragin a n d $ 2 ,0 0 0 to G eo . B . C lu e tt.
Bag
w ell & Co. p a id 96 a n d a c cr u e d in te r e s t a n d th e rem a in in g
p u rc h a ser s p a id 95 a n d a ccru ed in te r e s t.
Palmyra, Marion County, Mo.— B o n d E l e c t i o n . — A sp e c ia l
e t . tio n h a s b e e n c a lle d for M av 3 to v o t e on a p r o p o s itio n
to issu e $ 3 5 ,0 0 0 b o n d s to b u ild or a c q u ir e a lig h t p la n t.
T h e fr a n c h ise for th e lig h t a n d w a te r s e r v i c e , o w n e d b y a
M acon c o m p a n y , e x p ir e s M ay 18. I t is sa id t h a t th is c o m 
p a n y h a s o ffered to sell its p la n t to t h e c it y for $ 3 3 ,0 0 0 .
Park City, Summit County, U tah. — B o n d O f f e r i n g .— P ro 
p o s a ls will be r ec eiv e d u n til 3 p . m . M ay 5 b y L u cy R . G a r v in ,

City Recorder, for $50,000 6% water bonds.

Authority vote of 201 “for” to 33 “against” at elect....- .......... - - - - - Denomination $500. Date June 1 1910. Maturity $12,500 In each of the
years 1915, 1920, 1925 anil 1930. Certllled check for 10% of amount of
Dili, payable to Hark City, is required. No debt at present. Assessed
valuation 1909, $961,671.
P a rk m a n Ir r ig a tio n D is t r ic t , S h e r id a n C o u n ty , W y o . —•
O f f e r i n g P o s t p o n e d . —The Secretary of this district
advises us, under date of April 18, that the offering of the
$150,000 irrigation bonds at not exceeding 6% interest,
which was to have taken place April 5 (V. 90, p. 870), has
been postponed to May 10 “on account of absence of Mr. E.
L. Dana, Director.”
Parkville School District (P. 0 . Parkville), Platte County,
Mo.— B o n d s V o t e d . — A proposition to issue $9,200 bonds
carried at an election held April 5.
Paullina, O’Brien County, Iowa.— B o n d S a l e . — We are
advised that $8,000 town-hall bonds have been sold.
Pawtucket, R. I .— T e m p o r a r y L o a n . — A loan of $268,000,
due in six months, has been negotiated with the Industrial
Trust Co. of Pawtucket.
Pelham Manor, N. Y .— B o n d S a l e . — On April 25 the $10,
000 5-14-year (serial) street-improvement and the $8,000
5-12-year (serial) fire-apparatus bonds offered on that day
(V. 90, p. 1000) were awarded to Edmund Seymour k Co. of
New York City for $18,007 (100.038) and accrued interest
for 4.50s. Among the bids received were the following:

Bond

Edmund Seymour & Co., New York (for 4.50s)---------------------Sn
Geo. M. Hahn. New York (for 4 . 5 0 s ) ------ ------------------ ------IS ,000 00
R. M. Grant & Co., New York (for 4 .6 0 s).----------- --------------- A M ,, nil
Adams & Co.. New York (for 4.60s)------------------------------------ 18.027 00
N. VV. Harris & Co.. New York (for 4.70s)------------------------ - 18,019 00
The bonds are dated May 1 1910.

Perris Union High School District, Riverside County, Cal.
— B o n d S a l e . —The $25,000 5% high-school-building bonds
offered on April 20 (V. 90, p. 1059) were awarded to the
State Board of Examiners at 106. Maturity $1,000 yearly
beginning two years from date.
Perth Amboy, Middlesex County, N. J . — B o n d O f f e r i n g . —
Proposals will be received until 8 p. m. May 2 by Clias. K.
Seaman, City Treasurer, for the following 4 V z '/o coupon
bonds:
T . . nlfl

$50,000 water bonds. Date Jan. 1 1910 Maturity Jan. 1 1040.
41,000
sewer bonds. Date May 1 1910. M»tyr>ty May 1 iOaO.
Denomination $1,000. Interest semi-annually at tlic City t reasurer s
office. Certllled check on a national bank or trust company ror z% of
bonds bid for, payable to the City Treasurer, Is required. Ho nils will be
certified as to genuineness by the United .States
x!uv
New York and their legality approved by Caldwell* Reed of New York,
whose opinion will be furnished to the buyer. Hills must be m;ule upoti
blanks furnished by the City Treasurer. Ilonils will be teaily for delivery
May 9. Purchaser to pay accrued Interest.

Oceana County (P. O. Hart), Mich.— B o n d s D e f e a t e d
Petersburg, Boone County, Neb.— B o n d O f f e r i n g . — Pro
A proposition to issue bonds was rejected by the voters on
posals will be received until 12 m. May 3 by Gus Diers,
April 5. The vote was 1,029 “for” to 2,545 “against.”
Village Clerk, for $15,000 5% gold coupon water bonds.
Oconomowoc, Waukesha County, W is.— B d n d O f f e r i n g .—
Denomination $500 Date Feb 1 1910 Interest annually at the State
Proposals were asked for until 4 p. m. yesterday (April 29) fiscal agency In New York City. Maturity Feb. 1 1930, subject tolcall
after 5 years. Certllled check for $100, payable to the Village Clerk, Is
by B. G. Edgerton, Mayor, and Clarence Schoenike, City required. These bonds wero olfered (V. 90, p. 800) but not awarded on
Clerk, for $10,000 4% coupon street-improvement bonds.
March 21.
. . .
.,,,
Denomination $2,500. Date March 1 1910. Interest annually at City
P h o e n ix , A r iz . — B o n d E l e c t i o n R e s c i n d e d . — I he $ 4 0 0 ,0 0 0
Treasurer’s office. Maturity part yearly from 1920 to 1929 Inclusive. The sewer bond election which was to have taken place April 7
result of this offering was not known to us at the hour of going to press.



APH. 30 1910.

THE CHRONICLE

1195

(V. 90, p. 871) was rescinded by the City Council. Up to
April 11 it had not yet been determined when another elec
tion would be held.
Pittsburgh, Pa.—B o n d s A u t h o r i z e d . —Common Council
has passed ordinances providing for the following bond issues:

Rice County (P. O. Faribault), Minn.—B o n d Safe.—The
Chase State Bank of Faribault purchased $40,000 5% 1-8year (serial) jail-building and Sheriff’s residence bonds on
April 21 at par. Date April 21 1910. Interest annually
on Jan. 1.

$275,000 to take care of contractors’ claims and assessments against Pitts
burgh.
200.000 to pay claims and assessments against the old City of Allegheny.
5,000 for a Judgment against the former Borough of Esplen.

Roseburg, Douglas County, Ore.—B o n d O f f e r i n g . —Pro
posals will be received until 8 p. m. May 2 by A. N. Orcutt,
City Recorder, for the $40,000 4J^% gold coupon streetimprovement bonds voted on March 5. V. 90, p. 800.

Pleasant Township, Van Wert County, Ohio.— D e s c r i p t i o n
are advised that the $50,000 4% road-im
provement bonds awarded on April 18 to the People’s Sav
ings Bank of Van Wert at par (V. 90, p. 1119) are in de
nominations of $500 each and are dated May 1 1910. The
People’s Savings Bank was the only bidder. Interest semi
annual. Maturity part yearly from one to nineteen years
inclusive.
Portsmouth, Scioto County, Ohio.— B o n d O f f e r i n g . — Pro
posals will be received until 12 m. May 3 by Wm. N. Gableman, City Auditor, for $14,000 4% coupon street-improve
ment (city’s portion) bonds.
o f B o n d s . — We

Denomination $500. Date May 1 1910. Interest semi-annually at the
City Treasurer’s office. Maturity on May 1 as follows: $3,000 yearly from
1916 to 1919 Inclusive and $2,000 in 1920. Certified check for 2% of bid,
payable to the City Auditor, Is required. Bids must be unconditional.

Portsmouth, Shelby County, Iowa.— B o n d s V o t e d — B o n d
.—An election held April 11 resulted in favor of a
proposition to issue $2,500 water-works bonds. The vote
was 50 “for” to none “against.” Maturity 15 years, subject
to call $500 every 3 years. Proposals for these bonds will
be received at once.
Portsmouth, Va.— B o n d s A u t h o r i z e d . —The Common Counr iV1
^6 passed ordinances providing for the issuance
ot $125,000 bonds to pave and improve the streets, $75,000
to improve the Sixth and Seventh Wards and $50,000 for
schools.
Portsmouth School District (P. O. Portsmouth), Scioto
Coimty, Ohio.— B o n d O f f e r i n g . — Proposals will be received
until 12 m. May 2 by Wm. C. Hazlebeck, Clerk of the Board
of Education, for the following 4% coupon high-school
building bonds:
O ffe r in g

$150,000 bonds, mention of which was made In V. 90] p. 576. Maturity
55,000 yearly on May 2 from 1910 to 1948 Inclusive. Proposals
arc requested as follows :(«) bonds to be delivered Immediately
upon sale, and (ft) bonds to be delivered. $50,000 immedlatelv
upon sale, $50,000 Nov. 2 1910 and $50,000 Mav 2 1911
65.000 bonds. Maturity $5,000 yearly on May 2 from 1936 to 1948 in
clusive. Proposals are requested as follows: (a ) bonds to be
‘iV1-1 l m n l c , , Iately uP°n saIe* antl
bonds to be delivered,
*15-000 immediately upon sale, $25,000 on Nov. 2 1010 and
$25,000 on May 2 1911.
«KnnUth<?(lt;.y ‘?J:ctIons ;,t)»l and 3992, Revised Statutes. Denomination
$500. Date May 2 1910. Interest semi-annually at the First National
K^n!ni° i °rtsmoufh-, Certified check for 5% of bonds bid for, payable to
the Clerk, Is required. Purchaser to pay accrued Interest.
„.^Tlcl,(nU8t bc unconditional and be made on a form furnished by the Board
Official circular states there Is no litigation pending or
Cd affecting either of the above-described Issues; also that the dis
trict has enver defaulted In the payment of principal or interest at maturity.

Pulaski County (P. O. Pulaski), Va .— B o n d s N o t S o l d . —
Dispatches state that the $70,000 coupon road-improvement
bonds offered on April 16 and described in V. 90, p. 1001,
failed to attract any bids.
Quincy, Mass. B o n d O f f e r i n g . — Proposals will be received
urdh 12 in. May 3 by John Curtis, City Treasurer, for $40,
000 4% coupon sewer bonds.
Denomination $1,000. Date April 1 1910. Interest seml-annuallv In
Boston. Maturity 51,000 yearly on April 1 from 1911 to 1950 Inclusive
Bonds will be certllled as to genuineness by the Old Colony Trust Co of
Boston, which will further certify that the legality of the issue Is approved
by Ropes, ('ray & Gorham of Boston, a copy of whose opinion will bc
delivered to the purchaser without charge.
1
1 00

Racine, Racine County, W is.—B o n d s V o t e d . —This city
by a vote of 1,633 to 1,387 cast at an election held April 5^
authorized, it is stated, the issuance of $20,000 lake shore
improvement bonds.
Rainier, Columbia County, Ore.—B o n d S a l e . —The $8,900
6% gold coupon sewer bonds described in V. 90, p . 1060,
were awarded on April 18 to Maegly & Co. of Portland at
par and accrued interest. Maturity Feb. 1 1920, subject to
call at any interest-paying period after Feb. 1 1911.
,^ y Venna’ Ohio-—B o n d S a l e . —On April 25 the $9,000
4 / i / o street paving bonds described in V. 90, p. 1119,
were awarded, according to reports, to the Ravenna
National Bank at 101. Maturity $1,000 each six months
from March 1 1911 to March 1 1915 inclusive.
Ravenna School District (P. O. Ravenna), Portage County,
Ohio.—B o n d Safe —The $20,000 4 ' A % coupon high-schoolenlargmg bonds described in V. 90, p. 1060, were awarded
on April 22 to the Ravenna National Bank in Ravenna at
102.436 and accrued interest. T
The
bids
w ere
ere anas fo
fVllo
di™
a.
he b
id s w
w s:
Ravenna N .llk.,R avenna.$20,487 25
Scasongood & Mayer, Cln. 20,374 00
O. 15. Denison & Co., Clev. 20,352 75
First Nat. Bank. C lev e... 20,352 00
Stacy & Braun, Toledo__ 20,340 00
Maturity part each six months beg

Tl1lotson&WolcottCo.,C1e.$20,335
Well, Roth & Co., Cln___ 20,322
Second N. Bk., Ravenna. 20,311
Otis & Hough, Cleveland. 20,280
nnlng Dec. 1 1912.

Raymond, Kandiyohi County, Minn.—Rond

00
00
00
00

O ffe r in g .—

P r o p o sa ls w ill b e r ec e iv e d u n til 4 p . m . M ay 6 b y A lo A b rah a m s o n , V illa g e R e co r d e r , for $ 6 ,0 0 0 4 ^ % c o u p o n w a te r 
w orks b on d s.
ThlsavllinE h0ycars,- .Authority, vote of 59 to 6 at an election held April 12!
in is \ mage has no debt at present. Assessed valuation for 1909, $103,000.

Reading, Middlesex County, M ass .—

T e m p o r a r y L o a n .—

I h is to w n h a s a w a r d e d to F . S . M o se le y & C o. o f B o s to n
a tJen?P<i rary1.lo a n o f « 4 0 ,0 0 0 a t 3 .9 2 % d is c o u n t for $ 1 0 ,0 0 0
a n d 4 .9 2 % d is c o u n t for $ 3 0 ,0 0 0 . T h e lo a n m a tu r e s $ 1 0 000
N o v . 15 191 0 a n d $ 3 0 ,0 0 0 A pril 2 0 1 911.




S5,00o
Date "day of issue.” Interest semi-annuall
n^rtla^d ’ P ar} Francisco or New York, at purchaser’s option,
b u rg ^ ls required ert fled check Ior ?1’000’ Payable to tbe "City of Rose-

Rutherford County (P. O. Murfreesboro), Tenn .— B o n d
Sale. The Harris Trust & Savings Bank of Chicago on
Apnl 22 was awarded the $100,000 5% 25-year State Normal
School bonds, the legality of which was upheld by the State
Supreme Court (V. 90, p. 925) on March 26. The price paid
was 102.386, accrued interest and blank bonds—a basis of
about 4.84%.
St. Joseph, Berrien County, Mich.—Vo A c t i o n T a k e n . —
Up to April 9 no action had yet been taken looking towards
the issuance of the $20,000 bridge bonds voted (V. 90, p. 576)
on Feb. 7.
r
’
Sanderson School District (P. O. Sanderson), Terrell
County, Tex.—B o n d s N o t Y e t O f f e r e d . — We are informed
that the $25,000 school-house bonds voted on Jan. 29 (V. 90,
p. 576) are not yet for sale.
San Diego, San Diego County, Cal.—B o n d E l e c t i o n . —
Papers state that an election will be held in this city May 31
to vote upon the question of issuing $1,000,000 bonds for
the improvement of the city park in the interests of the
Panama-California Exposition, to be held in 1915, and also
$884,000 bonds for various municipal purposes.
San Francisco, Cal.— B o n d O f f e r i n g s . — A resolution has
been adopted directing the Clerk of the Board of Supervisors
to advertise for bids to be received until 3 p. m. May 16 for
$260,000 of the $2,020,000 Geary Street Railroad bonds
voted on Dec. 30 1909. Maturity $13,000 yearly from
1915 to 1934 inclusive. These bonds were recently declared
valid by the Superior Court. See item on a preceding page.
' Proposals will also be received until 3 p. m. June 6 by
the Board of Supervisors for $900,000 of the $45,000,000
municipal water system bonds voted on Jan. 14. V. 90,
p. 255. Maturity $20,000 yearly from 1920 to 1964 inclusive.
Santa Cruz, Santa Cruz County, Cal.—Vo A c t i o n Y e t
T a k e n . —Up to March 29 no further action had yet been taken
looking towards the issuance of the municipal-improve
ment bonds mentioned in V. 89, p. 1371. We are informed
that it may be several months before anything definite is
done in the matter.
Santa Paula School District, Ventura County, Cal.—Bond
E l e c t i o n . —Reports state that a $20,000 school bond election
will be held May 9.
Saratoga Independent School District, Tex.—Bond O f f e r 
i n g . — Further details are at hand relative to the offering of
the $10,000 5% coupon school-house bonds mentioned in
V. 90, p. 871. Proposals will be received until 1 p. m.
May 10 by L. R. Fife, Agent, of Kountze, Tex.
Denomination $250. Date Oct. 1 1909. Interest April 10 at the Ameri
can National Bank In Beaumont. Maturity 20 years, subject to call after
«n£«a™ , T£ls .<?i8tI lctuha? n,° dcbt at Present. Assessed valuation 1909.
$959,303. Certified check for $100, payable to L. R. Fife, Agent Is
required.

Sargent County (P. O. Form an), No. Dak.—B o n d O f f e r i n g .
— Proposals will be received until 1 p. m. May 9 by R. P.
Irving, County Auditor, for $50,000 4% coupon court-house
building bonds voted on March 21; V. 90, p. 1001.
A™horlAy ArtIcle 22>Chapter 28, Revised Code of 1905. Denomination
t ,^00?’,o,Ii ate^Ju,?5 1 191°Intcrest annually In Forman. Maturity
is required ‘ Cert,fled check for 2% of bid, payable to the County Auditor.

Saugus (P. O. Station, Lynn), Essex County, Mass.—
S a l e . — On April 25 the $25,000 4% 1-25-year (serial)
school-house bonds offered on that day (V. 89, p. 1119)
were awarded to Blake Bros. & Co. of Boston at 101.60.
Savannah, Andrew County, Mo.— B o n d s V o t e d . — By a vote
of 227 to 102, this city on April 5 authorized the issuance of
$3,000 bonds to be used for the completion of the water
works system.
Scranton, Pa.—B o n d s N o t S o l d . — No sale was made on
A.pril 18 of the $27,000 Bureau of Fire Building and $25,000
street-paving 4% registered bonds described in V. 90, p.
B ond

Seattle, Wash.— B o n d O f f e r i n g . — Proposals will be received
until 12 m. May 14 by Wm. J. Bothwell, City Comptroller
and ex-officio City Clerk, for the following coupon bonds:
$50,000 bonds to construct a tubercular hospital, a city stable and market
wflPv/a1 ilQ?nP kr>I’,acc. Public Market. Authority, election held
™ ^c?i5oJ910w P af?’ day of delivery. Interest, rate not to exqulred ^ ° ' AIaturlty’ 20 years• Certified check for $2,000 Is re955,000 gold refunding water-works and sewer bonds. Date July 1 1910.
Pni™r<jSoi w e ^ U 0,ex,ceed 5%. Maturity $47.000 yearly on July 1
I S ? .V i 2! Inclusive and $62,000 on July 1 1930. Certified
check for $20,000 Is required.
Denomination $1,000. Interest semi-annually at the fiscal agency of the
State of Washington In New York City. The certified checks In the above
amounts must be drawn on some bank In Seattle and be made payable to
Wm. J. Bothwell, City Comptroller and ex-offlclo City Clerk.
T h e o f f ic ia l n o tic e o f th is b o n d o ff e r in g w ill b e f o u n d
th e a d v e r t i s e m e n t s e ls e w h e r e i n t h i s D e p a r t m e n t .

among

1196

THE CHRONICLE

Seneca Township, Seneca County, Ohio.—Bond Offering.—
P r o p o sa ls w ill b e r e c e iv e d u n til 2 p . m . M ay 9 b y H . V.
H e im r ic h , T o w n sh ip C lerk , for $ 1 5 ,0 0 0 43^ % c o u p o n ro a d im p r o v e m e n t b o n d s .
Authority Section 17, Acts ot the General Assembly, found In V. 07. p.
550, Laws of Ohio, as amended April 9 1908. Denomination $500. Inter
est from March 1 1910, payable semi-annually. Maturity $500 each six
months from March 1 1925 to Sept. 1 1939 Inclusive. Certified check,
payable to the Township Treasurer, or cash for $500, Is required. Bonds
will be delivered within ten days from date of sale.
Severy, Greenwood County, Kan.—Bond Election.— A n
e le c tio n w ill b e h e ld M ay 10 to v o t e u p o n a p r o p o s itio n to
issu e $ 8 ,0 0 0 lig h t b o n d s . I n t e r e s t r a te n o t to e x c e e d 5 % .
Seymour School City (P. O. Seymour), Jackson County,
Ind.—Bonds Proposed.— T h e B o a r d o f S c h o o l T r u ste e s p ro
p o s e s to issu e $ 5 0 ,0 0 0 s c h o o l-b u ild in g b o n d s a t n o t e x c e e d in g
5 % in te r e s t.

Shawnee County (P. O. Topeka), Kan.— No Action Yet
Taken.— N o a c tio n h a s y e t b e e n ta k e n in th e m a tte r of
h o ld in g a n e le c tio n to v o t e o n th e issu a n c e o f th e $ 7 5 ,0 0 0
b rid g e a n d $ 4 0 ,0 0 0 p o o r -fa rm b o n d s m e n tio n e d in V . 9 0 ,
p. 577.

Silver City School District (P. O. Silver City), Grant
County, N . Mex.—Bond Sale.— U le n , S u th e r lin & Co. of
C h ica g o p u rc h a sed $ 2 5 ,0 0 0 5 % 2 0 -3 0 -y e a r (o p tio n a l) sc h o o l
b u ild in g b o n d s o n A p ril 1 a t 1 0 3 .7 4 8 — a b a s is o f a b o u t 4 .7 0 9 %
to th e o p tio n a l d a te a n d a b o u t 4 .7 0 5 % to fu ll m a tu r ity .
D e n o m in a tio n $ 5 0 0 .
D a te A p ril 1 1 9 1 0 . I n t e r e s t s e m i
a n n u a l.
Somerville, Mass.— Temporary Loan.— B la k e B r o s. & Co.
o f B o sto n h a v e lo a n e d th is c it y $ 2 5 0 ,0 0 0 a t 4 .0 9 % d is c o u n t.
M a tu r ity $ 1 0 0 ,0 0 0 .Jan. 25 1 9 1 L a n d $ 1 5 0 ,0 0 0 F e b . 24 191 1 .

Sonoma, C a l .—Bond Election.— A c co r d in g to r e p o r ts , an
e le c tio n w ill b e h eld a t a n e a r ly d a te o n th e q u e s tio n of
issu in g $ 2 0 ,0 0 0 s e w e r -s y s te m b o n d s .
Springfield, Clark County, Ohio.—Bond Sale .— O n A p ril 20
th e $ 1 7 ,0 9 7 34 4>^ % c o u p o n ( c i t y ’s sh a re ) s tr e e t-im p r o v e 
m e n t b o n d s d e sc r ib ed in V . 9 0 , p . 1119, w ere a w a r d e d to th e
C itiz e n s ’ N a tio n a l B a n k o f S p rin g fie ld a t 1 0 7 .0 8 a n d a ccru ed
in t e r e s t .
M a tu r ity $ 1 0 ,0 0 0 M arch 1 1931 a n d $ 7 ,0 9 7 3 4 on
M arch 1 1 9 3 2 .
T h e N e w F ir st N a tio n a l B a n k o f C o lu m b u s o ffered a
p r e m iu m o f $ 9 2 0 for th e b o n d s , w h ile th e B r ig h to n -G er m a n
B a n k o f C in c in n a ti m a d e a b id o f $ 1 ,0 0 4 10 p r e m iu m for
t h e m . O ffers w ere a lso r e c e iv e d fro m W e il, R o th & Co.
a n d S e a so n g o o d & M a y er, b o th o f C in c in n a ti.
Stafford, Stafford County, Kan.—Bond Offering.— P ro 
p o s a ls w ill be r e c e iv e d u n til 8 p . m . M ay 10 for $ 4 5 ,0 0 0 4 }^ %
w a te r -w o r k s a n d e le c tr ic -lig h t b o n d s .
Interest semi-annually at the State fiscal agency Maturity 30 years,
subject to call alter 20 years. Certified check lor 2% of amount of bid 10
required. G. A. Mlkcsell Is City Clerk. These bonds were offered for salfl
•n April 12 (V. 90, p. 1001) but all bids received on that day were rejected.

Stamford Independent School District (P. O. Stamford),
Jones County, Tex.—Bonds Registered.— T h e $ 1 5 ,0 0 0 5%
4 0 -y e a r b o n d s m e n tio n e d in V . 9 0 , p . 0 5 1 , w ere r eg iste re d
• n A p ril 19 b y th e S t a t e C o m p tro ller .
Stigler, Haskell County, Okla.—Bond Offering.— P ro p o sa ls
w ill b e r ec eiv e d u n til M ay 17 for th e fo llo w in g 6% b on d s:
$ 4 5 ,0 0 0 w a te r-w o rk s a n d $ 3 0 ,0 0 0 se w e r b o n d s .
M a tu r ity
2 5 y e a r s . C. T . M itch ell is P r e s id e n t o f th e B o a r d o f T r u s
t e e s . T h e s e b o n d s w e re p r e v io u s ly offered o n A p ril 19
(V . 9 0 , p . 1 0 6 0 ).

Stillwater, Washington County, Minn.—Proposed Water
Bond Election.— A c c o r d in g to lo ca l p a p ers it is p o s sib le th a t
a n e le c tio n m a y b e h e ld in th e n ear fu tu r e to v o t e o n th e
q u e s tio n o f issu in g $ 1 4 5 ,0 0 0 4% b o n d s . T h e C ou n cil on
A p ril 19 d e c id e d to e n te r in to a c o n tr a c t for th e p u rc h a se of
th e p la n t o f th e S tillw a te r W a te r C o. for $ 1 4 5 ,0 0 0 . T h e
fr a n c h ise o f th a t c o m p a n y e x p ir e s A pril 30 191 0 a n d th e
c o n t r a c t is to d a te fr o m J u ly 1 1 9 1 0 .
Streator, La Salle County, 111.—Bond Offering.— P ro p o sa ls
will b e r e c e iv e d u n til 5 p . m . M ay 2 b y J. B. P a tte r s o n ,
C ity C lerk , for $ 4 0 ,0 0 0 5% c o u p o n b rid g e b u ild in g b o n d s .
Dettomlnatlon $1,000. Date April 1 1910. Interest payable at the City
Treasurer's office. Maturity $5,000 yearly on April I from 1911 tol918.
Inclusive. Certified check for $1,000, payable to the “City ot Streator,”
Is required. No bonded or lloatlng debt at present. Assessed valuation
In 1#09, $2,652,771
Tacoma, W ash.—Loan Voted.— T h e fo llo w in g lo a n s w ere
a u th o r iz e d a t a r e c e n t e le c tio n :
$2,000,000 Green River gravity-system loan. Vote 5,441 “for” to 2,679
“against.” Of this loan $500,000 will be Issued In the form of
bonds and $1,500,000 In the form of warrants.
100,000 surface-water-drainage bonds. Vote 4,215 “for” to 2,497
“against.”
There were two questions on the first Issue, one for the full amount ($2,
000,000) and the other for $500,000 as a preliminary cost. The vote on the
expenditure of $500,000 as a preliminary cost was 5,649 "for” to 2,689
"against.” We are Informed, however, that the full $2,000,000 having
been voted, It will be Issued, as stated above, $500,000 In bonds and the
balance In warrants. The water bonds will be In denominations of $1,000
each, carry semi-annual Interest, at a rate not to exceed 5%, and mature In
20 years. The warrants will bo In denominations of $500 each and carry
semi-annual interest at the lowest rate bid.
Tarusa School District, Tulare County, Cal.—Bond Sale .—
J a s . II . A d a m s & C o. o f L o s A n g e le s w ere th e su c c e ssfu l
b id d e r s for a n issu e o f $ 3 ,0 0 0 6% b o n d s . T h e p rice p a id
w a s $ 3 ,1 7 3 , or 1 0 5 .7 3 3 .
Temple, Bell County, Tex.—Bond Offering.— P ro p o sa ls
w ill b e r ec eiv e d u n til M ay 10 b y M. O . W o o d w a r d , C ity
S e c r e ta r y , for $ 1 0 0 ,0 0 0 5% 2 0 -4 0 -y e a r (o p tio n a l) sch ool
bon ds.
I n te r e s t se m i-a n n u a l.
Thief River Falls, Red Lake County, Minn.—Bond Sale .—
O n A p ril 19 th e $ 2 5 ,0 0 0 5% a r m o ry b o n d s d e sc r ib e d in V . 90 ,




[V O L. L X X X X .

p . 1 0 6 0 , w ere a w a r d e d to th e F ir s t N a tio n a l B a n k of T h ie f
R iv e r F a lls a t 105. T h e fo llo w in g b id s w ere r eceiv ed :
First Nat. Bk..Thief Rlv.F’lls$26,250 John Nuveen & Co., Chicago $25,180
F. E. Magraw, St. Paul____ 26,100 Thos. J. Bolger Co., Chicago. 25,025
McCoy & Co., Chicago_____ 25,400 Comm’l Inv. Co., Duluth___ 25,000
S. A. Kean & Co., Chicago__ 25,275 Kane & Co., Allnneapolls__ a25,000
a Less $50.
Maturity July 1 1935.
Thurmont, Frederick County, Md.—Bonds Voted.— A t a n
e le c tio n h e ld A p ril 1 1 th e to w n v o te d a lm o s t u n a n im o u s ly
in fa v o r of a b o n d issu e for a m u n ic ip a l e le c tr ic -lig h t p la n t.
A M ayor a n d fo u r C o m m issio n er s w ere a lso e le c te d .
Toledo, Ohio.—Bonds Authorized.— O rd in a n ces h a v e b een
p a s se d p r o v id in g for th e issu a n c e o f th e fo llo w in g 5%
c o u p o n b on d s:
$10,424 83 Sewer No. 1079 Improvement assessment bonds. Denomina
tion $1,050, except one bond of $974 83. Date Jan. 17 1910.
Maturity $974 83 on March 17 1911 and $1,050 each six months
from Sept. 17 1911 to Sept. 17 1915 Inclusive.
5,650 38 Summit Ave. Improvement bonds. Denominations $565, ex
cept one bond of $565 38. Date Jan. 7 1910. Maturity
$565 38 on March 7 1911 and $565 each six months from Sept. 7
1911 to Sept. 7 1915 Inclusive.
Interest March 17 and Sept. 17 at the Northern National Bank In Toledo.
Traverse City, Mich.—Charter Revision Voted.— A p r o p o 
s itio n to r ev ise th e c it y ch a r ter w a s fa v o r a b ly v o t e d u p o n a t
th e e le c tio n h e ld A pril 4 .
Tymochtee Township, Wyandot County, Ohio.— B o n d Of
fering .— P ro p o sa ls w ill b e r e c e iv e d u n til 12 m . M ay 10 b y
W . H . H o ffm a n , T o w n sh ip Clerk ( P . O . M c C u tc h e n v ille ),
for $ 8 ,5 0 0 4 j^ % c o u p o n r o a d -c o n str u c tio n b o n d s.
Authority, Secton 2835, Revised Statutes. Interest on May 1 and
Nov. t. Maturity part yearly on May 1 from 1912 to 1918 Inclusive. Cer
tified check for 5% ot bonds bkl for, payable to the Township Treasurer,
Is required. Purchaser to pay accrued Interest.

Turlock Irrigation District (P. O. Turlock), Stanislaus
County, Cal.—Bonds Voted.— R e p o r ts s t a t e th a t th is d is tr ic t
o n A p ril 15 v o te d to issu e $ 1 0 0 ,0 0 0 ir r ig a tio n -s y s te m -e x te n 
sio n b o n d s .

Union School District (P. O. Union), Hardin County, la .—
Bonds Voted.— T h is d is tr ic t a t a sp ec ia l e le c tio n A p ril 14
a u th o r iz e d th e is s u a n c e , it is s t a t e d , of s c h o o l-b u ild in g b o n d s .
Upland, San Bernardino County, Cal.—Bonds Proposed.—
T h is c it y is c o n sid e r in g th e a d v is a b ilit y of issu in g $ 1 0 ,0 0 0
b on d s.
.
Utica, Winona County, Minn.—Bond Sale .— T h e $ 5 ,0 0 0
w a te r -w o r k s b o n d s m e n tio n e d in V . 9 0 , p . 3 9 4 , w ere a w a r d e d
o n A pril 25 to th e W in o n a D e p o s it B a n k in W in o n a a t par
for 5 s.
D e n o m in a tio n $ 5 0 0 . M a tu r ity J u ly 1 1 9 1 5 .
Utica, Licking County, Ohio.— Description of Bonds .—
W e are a d v is e d t h a t th e $ 3 0 ,0 0 0 w a te r -w o r k s b o n d s v o te d
o n A p ril 5 (V . 9 0 , p . 1061) carry 4 lA % in t e r e s t , p a y a b le
s e m i-a n n u a lly , a n d m a tu r e p a r t e a ch s ix m o n th s from M ch . 1
1912 to S e p t . 1 1929 in c lu s iv e .
D a te o f sa le n o t y e t d e c id e d .
Visalia, Tulare County, Cal.—Bonds Voted.— T h e e le c tio n
h e ld A p ril 20 (V . 9 0 , p . 8 7 2 ) r e s u lte d , it is s t a t e d , in fa v o r o f
issu in g $ 7 0 ,0 0 0 b o n d s for a c o n c r e te a q u e d u c t o n Mill S t r e e t ,
$ 1 3 ,0 0 0 for c e m e n t b r id g e s, $ 9 ,0 0 0 for p a v e m e n t rep airs a n d
$ 3 ,5 0 0 for a d d itio n a l p a v e m e n ts .

Visalia Grammar School District, Tulare County, Cal.—
Bond Sale .— T h is d is tr ic t h a s a w a r d e d $ 5 ,0 0 0 6% sc h o o l
b o n d s to th e W in . R . S t a a t s C o. o f L o s A n g ele s a t 1 0 8 .6 5 .

Visalia High School District, Tulare County, Cal.—Bond
Sale.— A n issu e o f $ 5 0 ,0 0 0 6% b o n d s w a s r o c e n tly a w a r d e d
to E . H . R o llin s & S o n o f S a n F r a n c isc o a t 1 1 5 .1 2 5 .
Wabash, Wabash County, Ind.—Bond Sale.— O n A pril 25
th e $ 3 0 ,0 0 0 4% 5 -1 9 -y e a r (se ria l) c o u p o n refu n d in g b o n d s
d e sc r ib ed in V . 9 0 , p . 1120, w ere so ld to J. F . W ild & C o. o f
In d ia n a p o lis a t 1 0 0 .2 5 a n d a c cr u e d in te r e s t. T h e fo llo w in g
b id s w ere r ec eiv e d :
.
J. F. Wild&Co.,Indlanap .$30,075 00 Marlon Trust On., Indian $30,025 00
Breed & Harrison, Cine.. 30,055 55 Farmers’ <5c Merchants’
Nat. Bank, Indlanap.. 30,000 00
E. M. Campbell Sons &
Co., Indianapolis_____ 30,040 00 Coffin & Crawford, Chic,. 29,700 00

Wasco County School District No. 12 (P. O. The Dalles),
Ore.—Bond Offering.— P ro p o sa ls w ill b e r e c e iv e d u n til 7:30
p . m . M ay 17 for $ 2 0 ,0 0 0 5% g o ld c o u p o n sc h o o l b o n d s.
Authority Section 3389 Bllllnger & Cotton Annotated Codes & Statutes.
Denomination $1,000. Date May 17 1910. Interest semi-annually In
The Dalles or in New York City, at option of holder. Maturity 20 years,
subject to call after 10 years. Certified check for 2% of amount of bid
Is required. Bonded debt of district at present $14,000. Assessed valua
tion $3,124,260. F. S. Gunning is County Treasurer.
Washtenaw County ( P . O. Ann Arbor), Mich.—Bonds
Defeated.— A n e le c tio n h e ld A p ril 4 r esu lted in th e d e fe a t o f
a p r o p o s itio n to issu e $ 7 5 ,0 0 0 in firm a r y b o n d s .
Watertown, Jefferson County, N. Y .— Bond Offering.—
P r o p o sa ls w ill b e r ec eiv e d u n til 12 m . M ay 2 b y F r a n k W a lts,
C ity T rea su rer, for th e $ 3 1 ,0 0 0 4 % r eg iste re d p u b lic -im 
p r o v e m e n t b o n d s v o te d o n A pril 18 (V . 9 0 , p . 1 1 2 1 ).
Authority, Chapter 760, Laws of 1897. Denomination $1,000 or $5,000,
as purchaser desires. Date May 1 1910. Interest semi-annually at the
City Treasurer's office. Maturity May 1 1940. Certified check for $1,000,
payable to the City Treasurer, Is required.
_
Watertown, W is. — Bonds Authorized.— A n o r d in a n c e h a s
b e e n p a sse d p r o v id in g for th e issu a n c e o f $ 4 ,0 0 0 4% c o u p o n
p a rk b o n d s .
Denomination $100 or any multiple thereof. Date Aug. 1 1910- Int
erest semi-annually at the City Treasurer's office. Maturity $1,000 yearly
on Aug. 1 from 1911 to 1914 Inclusive.
„
.
Waterville, Le Sueur County, Minn.—Bond Offering.—
P r o p o sa ls w ill b e r ec eiv e d u n til 8 p . m . M ay 9 for $ 1 1 ,0 0 0
refu n d in g b o n d s a t n o t e x c e e d in g 5% in te r e s t.
Interest semi-annual. Maturity $1,000, payable yearly on June 1
Certified check for 5% of bid Is required.

W est Alexandria School District (P. O. West Alexandria),
Preble County, Ohio.—Bond Sale.— T h e $ 5 0 ,0 0 0 4 A % c o u 
p on s c h o o l-b u ild in g b o n d s d e sc r ib ed in V . 9 0 , p . 1 1 2 1 , w ore

Ant. 30 1910.

THE CHRONICLE

a w a r d e d o n A pril 2 6 to O tis & H o u g h of C le v ela n d a t 1 0 4 .6 5
a n d a c cr u e d in te r e s t. T h e fo llo w in g b id s w ere a lso r ec eiv e d :
Breed & Harrison, Cine..$52,250 OOlSeasongood&Mayer, Cine.$51,815 00
C. 13. Denison & Co.. Clev. 51,956 25 Well, R o t h & Co., C in e... 51,805 00
Barto, Scott & Co., Colum. 51,820 001
Maturity $1,000 each six months from April 1 1915 to Oct. 1 1939
inclusive.
Westborough, Mass.— Bond Sale.— A n issu e o f $ 2 0 ,0 0 0
4 % se w e r -s y s te m -im p r o v e m e n t b o n d s w a s d isp o se d o f on
A p ril 22 to It. L . D a y & C o. o f B o s to n a t 1 0 1 .5 5 9 . T h e fo l
lo w in g b id s w ere rec eiv e d :
R. L. Day & Co., Boston___ 101.5591 Adams & Co., Boston_______101.17
E. M. Farnsworth & Co., BoslOl .43 ICrocker & Fisher, Boston_101.135
Blodget & Co., Boston_____ 101.3331 Edmunds Bros., Boston____ 101.10
Estabrook &Co., Boston___ 101.31 | Blake Bros. &Co., Boston
100.80
Denomination $1,000. Date May 1 1910. Interest semi-annual.
Westfield, Union County, N . J . — Bond Offering.— P ro 
p o s a ls w ill b e r e c e iv e d b y th e T o w n C ou ncil for th e $ 2 0 ,0 00
4 j^ % g o ld c o u p o n (w ith p r iv ile g e o f r e g is tr a tio n ) firee n g in e -h o u s e b o n d s d e sc r ib ed in V . 9 0 , p . 10 6 1 .
Denomination $1,000. Date June 30 1910. Interest semi-annually at
the Westfield Trust Co. In Westfield. Maturity June 30 1930. Lloyd
Thompson is Town Clerk.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Weston, Wood County, Ohio.— Bond Sale .— T h e $ 1 1 ,0 0 0
4 y<2,% c o u p o n T a y lo r S tr e e t p a v in g b o n d s d e sc r ib ed in V . 9 0 ,
p . 1121, w ere so ld o n A p ril 2 5 to th e C itize n s' B a n k in g C o.
o f W e sto n a t 1 0 1 .7 0 1 a n d a c c r u e d in te r e s t. A lis t o f th e
b id s s u b m itte d fo llo w s:
Citizens’ Bltg. Co..Weston $11,190 50 Otis & Hough, Cleveland.$11,045 00
II. P. Shanks & Son, Tol. 11,147 25 Scasongood & Mayer, Cln. 11,036 30
Tlllotson & Wolcott Co.,
First National Bank, Cleve
Cleveland___________ 11,084 70
land ------------------------ 11,024 00
Security Savings Bank &
Davies & Bertram Co.,
Trust Co., Toledo____ 11,076 00
Cincinnati __________ 11,011 00
Maturity part each six months for five years, beginning April 1 1911.

White County (P. O. Monticello), Ind.—Bonds Not Sold.—
W e a rc a d v is e d t h a t n o b id s w ere r e c e iv e d o n A pril 25 for th e
fo u r issu e s o f 4 ^ % a n d 5% c o u p o n d itc h a n d road b o n d s
a g g r e g a tin g $ 6 8 ,7 0 3 , d e sc r ib ed in V . 9 0 , p . 11 2 2 .
Whitefish, Flathead County, Mont.—Bonds Voted.— A n
e le c tio n h eld A pril 4 r e s u lte d in fa v o r of a p r o p o s itio n to is s u e
$ 1 0 ,0 0 0 se w e r -s y s te m b o n d s . I n te r e s t r a te n o t to e x c e e d
6% .
M a tu r ity 2 0 y e a r s , s u b je c t to call a fte r 10 y e a r s .

1197

W hiteville, Columbus County, No. Car.—Bond Offering.—
P r o p o s a ls w ill b e r e c e iv e d u n til M ay 16 b y W . E . M c D a n ie l,
T o w n C lerk , for th e $ 1 0 ,0 0 0 6 % g o ld c o u p o n s t r e e t - im 
p r o v e m e n t b o n d s m e n tio n e d in V . 9 0 , p . 8 7 3 .
Denomination $500. Date June 1 1910. Interest seinl-annually at the
Secretary and Treasurer’s office Maturity 20 years. Certified check for
5% of bonds bid for, payable to W. Ross Davis, Mayor, Is required.
Wilcox County ( P . O. Camden), Ala.—Bond Election .—
A n e le c tio n h a s b e e n c a lle d for M ay 2 to v o t e o n th e q u e s t io n
of is s u in g $ 1 5 0 ,0 0 0 road b o n d s .
Willard, Boxelder County, U tah.—Bonds Voted.— T h e
$ 9 ,0 0 0 w a te r -w o r k s -c o n s tr u c tio n b o n d s m e n tio n e d in V . 9 0 ,
p . 6 5 1 , w ere a u th o r iz e d b y th e v o te r s o n A p ril 9 .
T he v o te
is r e p o r te d a s 74 to 8 .
Wilmette, Cook County, 111.— Bonds Voted.— O n A p ril 19
th is v illa g e , it is s t a t e d , a u th o r iz e d th e m a r k e tin g o f $ 1 5 ,0 0 0
v illa g e -h a ll-b u ild in g b o n d s b y a m a jo r ity o f 19 v o t e s .
Wood County ( P . O. Bowling Green), O hio— Bond Offer
ings .— P r o p o sa ls w ill b e r e c e iv e d u n til 11 a . m . M a y 3 b y
F . W . T o a n , C o u n ty A u d ito r , fo r $ 5 0 ,0 0 0 5% c o u p o n p u b 
lic -h ig h w a y - im p r o v e m e n t b o n d s .
Authority, an Act passed April 4 1900, 94 Ohio Laws, page 96. De
nomination $1,000. Date May 10 1910. Interest semi-annually at the
County Treasurer’s office. Maturity $5,000 each six months from March 1
1911 to Sept. 1 1915 inclusive. Certified check on a Bowling Green bank
for $1,000 is required.
In a d d itio n to th e a b o v e , p r o p o s a ls w ill a ls o b e r e c e iv e d
u n til 11 a . m . M ay 9 b y t h e C o u n ty A u d ito r for $ 5 0 ,0 0 0 5%
c o u p o n p u b lic -h ig h w a y -im p r o v e m e n t b o n d s .
Authority, an Act passed April 4 1900, 94 Ohio Laws, page 96. De
nomination $1,000. Date May 16 1910. Interest semi-annually at the
County Treasurer’s office. Maturity $5,000 each six months from March 1
1911 to Sept. 1 1915 inclusive. Certified check on a Bowling Green bank
for $1,000 Is required.
Woonsocket, R. I .—Temporary Loan.— T h is c it y h a s
a w a r d e d a te m p o r a r y lo a n o f $ 2 0 0 ,0 0 0 to B la k e B r o s. & C o.
o f B o s to n . $ 5 0 ,0 0 0 a t 4 .1 9 % d is c o u n t a n d $ 1 5 0 ,0 0 0 a t
4 .4 7 % d is c o u n t. T h e lo a n m a tu r e s N o v . 15 1 9 1 0 .
Yakima County School District No. 39, W ash.—Bond Sale.
— O n A pril 16 th e $ 3 0 ,0 0 0 c o u p o n s c h o o l-b u ild in g a n d fu r 
n ish in g b o n d s d e sc r ib ed in V . 9 0 , p . 1 0 6 2 , w ere a w a r d e d to th e
S t a t e o f W a sh in g to n a t p ar for 5% 1 -1 0 -y e a r ( o p t io n a l)
b o n d s . T h e o th e r b id d e r s w ere:

NEW LOANS.

CITY OF SEATTLE, WASHINGTON
$955,000 Refunding Bonds

$50,000

Sealed proposals will be received by the under
signed until twelve o’clock noon of SATURDAY.
HAY 14, 1910, for the purchase of $955,000
negotiable bonds of ttic City of Seattle, authorized
by Ordinance No. 23871 and the laws of the
State of Washington, to be issued for the pur
pose of refunding Seattle Water-Works and
Sewer Bonds of 1890, in said sum of $955,000,
which mature July l, 1910.
Said bonds to be Issued in denomination of
$ 1,000 each and to bear interest as of date
July 1, 1910.
Said bonds shall be serial bonds; shall bear
Interest at a rate not to exceed live per cent
(5%) per annum, payable semi-annually, for
which Interest coupons shall be attached to and
made a part of said bonds. Both principal and
Interest shall be payable In gold coin of the
United States of the present standard of weight
and llncness, at the fiscal agency of tlie State
of Washington in New York City. Said bonds
shall not be sold for less than par, and shall
mature and become payable In the order of
their numbers, as follows, to wit:
Bonds numbered one (1) to forty-seven (47),
both Inclusive, on July 1, 1911.
Bonds numbered forty-eight (48) to ninetyfour (94), both inclusive, on July 1, 1912.
Bonds numbered ninety-five (95) to one hundred
forty-one (141), both inclusive, on July 1, 1913
Bonds numbered one hundred forty-two (142)
to one hundred eighty-eight (188), both inclusive,
on July 1, 1914.
Bonds numbered one hundred eighty-nine
(189) to two hundred thirty-five (235), both In
clusive, on July 1, 1915.
Bonds numbered two hundred thirty-six (236)
to two hundred cighty-two (282), both Inclusive,
on July 1, 1916.
Bonds numbered two hundred eighty-three
(283) to three hundred twenty-nine (329), both
Inclusive, on July 1, 1917.
Bonds numbered three hundred thirty (330)
to three hundred seventy-six (376), both inclusive,
on July 1, 1918.
Bonds numbered three hundred seventy-seven
(377) to four hundred twenty-three (423), botli
Inclusive, on July 1, 1919
Bonds numbered four hundred twenty-four
(424) to four hundred seventy (470), both Inclus
ive, on July 1, 1920.
Bonds numbered four hundred seventy-one
(471) to five hundred seventeen (517), both
Inclusive, on July 1, 1921.

Bonds numbered five hundred eighteen (518)
to five hundred sixty-four (564), botli Inclusive,
on July 1, 1922.
Bonds numbered five hundred sixty-five (565)
to six hundred eleven (611), both Inclusive, on
July 1, 1923.
Bonds numbered six hundred twelve (612) to
six hundred llfty-elght (658), both inclusive, on
July 1, 1924.
Bonds numbered six hundred fifty-nine (659)
to seven hundred live (705), botli inclusive, on
July 1, 1925.
Bonds numbered seven hundred six (706) to
seven hundred llfty-two (752), both Inclusive, on
July 1, 1926.
Bonds numbered seven hundred fifty-three
(753) to seven hundred ninety-nine (799), both
Inclusive, on July 1, 1927.
Bonds numbered eight hundred (800) to eight
hundred forty-six (846), both Inclusive, on
July 1, 1928.
Bonds numbered eight hundred forty-seven
(847) to eight hundred ninety-three (893), botli
inclusive, on July 1, 1929.
Bonds numbered eight hundred ninety-four
(894) to nine hundred llfty-live (955), both in
clusive, on July 1, 1930.
Bidders may bid for the entire Issue of said
bonds or for each series of said bonds separately,
by oilers of premium on said bonds at the stated
maximum rate or by otters to take said bonds at
a rate lower than the stated maximum rate, or
by offers of premium on said bonds at a rate
lower than the stated maximum rate.
Bids must be accompanied by a certified check
on some solvent bank In the City of Seattle,
payable to the undersigned, for twenty thousand
(20,000) dollars, which will tic returned promptly
If the bid Is not accepted. If accepted, the
amount of the check will lie applied upon the
purchase price of the bonds; or if bid be not
compiled with, check shall be forfeited to the
City of Seattle.
All bids will be opened and considered by the
corporate authorities In the office of the City
Comptroller on Saturday, May 14, 1910, at
twelve o’clock noon.
The right Is reserved to reject any or all bids.
Further particulars will be given by the underIgned upon application.
WM J. BOTHWELL,
City Comptroller and cx-offlclo City Clerk.
Date of first publication, April 20, 1910.

Scaled proposals will be received by the under
signed until twelve o’clock noon of SATURDAY,
MAY 14, 1910, for the purchase of $50,000
negotiable bonds of the City of Seattle, voted at
the general election held In the City of Seattle
on Tuesday, the 8th day of March, 1910, under
and by virtue of Ordinance No. 23223, to provide
money for the construction of a tubercular hos
pital, the construction of a city stable and the
construction of market stalls for Pike Plaoe
Public Market.
Said bonds to be Issued in denominations of
$ 1,000 each and to bear date as of the date of
their actual Issue to the successful bidder.
Said bonds shall be payable twenty (20) years
from the date of their Issuance, and shall bear
Interest at a rate not to exceed four and one-half
(4 y p per cent per annum, payable semi-annually,
and Interest coupons for the payment of such
Interest semi-annually will be attached to said
bonds. Both principal and Interest payable at
the fiscal agency of the State of Washington In
New York City.
Bidders may bid for said bonds by oilers of
premium on said bonds at the stated maximum
rate, or by offers to take said bonds at a rate
lower than the stated maximum rate, or by
oilers of premium on said bonds at a rate lower
than the stated maximum rate.
Bids must be accompanied by a certified check
on some solvent bank In the City of Seattle, pay
able to the undersigned, for two thousand (2,000)
dollars, which will be returned if the bid Is not
accepted. If accepted, the amount of the check
will be applied upon the purchase price of the
bonds; or If bid be not complied with, check shall
be forfeited to the City of Seattle.
All bids will be opened and considered by the
corporate authorities In the office of the City
Comptroller on Saturday, May 14, 1910, at 12
o’clopk noon.
The right Is reserved to reject any or all bids.
Further particulars will be given by the under
signed upon application.
WM. J. BOTHWELL,
City Comptroller and ex-officio City Clerk.
Date of lirst publication, April 20, 1910.

ESTABLISHED 1885

Chari es M. Smith & Co.

McCOY & COMPANY

H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago

CORPORATION AND
MUNICIPAL BONDS

WESTERN
FIRST NATIONAL BANK BUILDING
MUNICIPAL AND SCHOOL BONDS
CHICAGO



General Municipal Bonds

Municipal and
Corporation Bords
181

La S a lle

S tr e e t , C h ic a g o

THE CHRONICLE

1198

C. II. Coffin & Co., Chicago—$30,151 for 5 y 2 % 2-10-year (optional) bonds.
Wm. D. Perkins & Co., Seattle—$30,000 for 0% 2-10-year (optional) bonds.

[ V o l . I.XXXX

C an ad a, its P ro v in c e s and M u n ic ip a litie s.

Y a k im a C o u n ty S c h o o l D is t r ic t N o . 6 3 , W a s h .— Bond Sale.
Amherst, N. S. — Loan Authorized.— R e p o r ts s t a t e t h a t th e
— T h e S t a t e o f W a s h in g to n , o ffer in g p ar for 5% 1-2 0 -y e a r v o te r s h a v e a u th o r iz e d th e T o w n C o u n cil to b orrow $ 3 0 ,0 0 0
(o p tio n a l) b o n d s , w a s th e s u c c e ssfu l b id d e r o n A pril 23 for for th e e x t e n s io n o f th e s e w e r a g e s y s t e m .
th e $ 3 0 ,0 0 0 c o u p o n sc h o o l-b u ild in g a n d fu r n ish in g b o n d s
Arnprior, Ont.— Debentures to Be Offered Shortly.— T h e
d e sc r ib ed in V . 9 0 , p . 106 2 . T h e fo llo w in g b id s w ere su b 
C ity C ou n cil in te n d to offer for sa le in th e v e r y n ear fu tu r e
m it t e d fo r 1 0 -2 0 -y ea r (o p tio n a l )b o n d s a s a d v e r tis e d :
a n issu e o f $ 1 6 ,0 0 0 d e b e n tu r e s .
Seattle Trust & Title Co., Seattle (for 5s)..........
$30,000 00
Cutter. May & Co., Chicago (for 5J^s).................................
30,03280
Assiniboia ( P . O. St. Charles), Man.— Debenture Election.
C. H. Coffin, Chicago (for 5 Hs)--------------------------30,30600
H. C. Speer & Sons, Chicago—(for 5J^s, $30,000 00) for 6 s ___ 30,750 00 — T h e q u e s tio n o f issu in g $ 1 ,3 0 0 sc h o o l d e b e n tu r e s w ill b e
30,930
S. A. Kean & Co., Chicago (for 6s)...................................
d e c id00e d b y th e v o te r s o n M ay 7.
Wm. D. Perkins & Co., Seattle (for 6s).............................
30,40500
Berlin, Ont.— Debentures Authorized.— T h is p la c e r e c e n tly
Y a m h ill C o u n ty S c h o o l D is t r ic t N o . 2 9 ( P . O. M cM in n 
v i ll e ) , O re.— Bond Offering.— P ro p o sa ls w ere a sk e d for u n til p a s se d b y -la w s p r o v id in g for th e iss u a n c e o f th e fo llo w in g
2 p . m . y e s te r d a y (A p ril 2 9 ) b y 11. Z. F o s te r , C o u n ty T r ea s d e b e n tu r e s: $ 1 9 ,7 4 5 r o a d w a y s , $ 9 1 7 g u t t e r , $ 6 ,5 3 1 se w e r a g e ,
$ 6 ,0 0 9 s id e w a lk , $ 7 2 ,0 0 0 sc h o o l a n d $ 6 0 ,0 0 0 d e b e n tu r e s for
u rer, for $ 4 0 ,0 0 0 5 % sc h o o l b o n d s .
Authority Subdivision 31, Section 3389, of Bellinger & Cotton’s Code and P e o p le ’s R a ilw a y s t o c k .
Statutes. Date May 2 1910. Interest semi-annually at the County
Brigdenley School District No. 497, Man.— Debenture
Treasurer’s office or In New York City. Maturity May 2 1930, subject to
call after 10 years. The result of this offering was not known to us at the Election.— O n M ay 4 a n e le c t io n w ill b e h e ld in th is d is tr ic t
hour of going to press.
to d e c id e w h e th e r or n o t a n issu e o f $ 2 ,5 0 0 d e b e n tu r e s sh a ll
Y o r k to w n S c h o o l D is t r ic t ( P . O. Y o r k t o w n ) , D e W it t
C o u n ty , T e x .— Bonds Voted.— T h e e le c tio n h e ld A pril 5 re b e issu e d .
s u lte d in fa v o r o f th e p r o p o s itio n to issu e th e $ 2 0 ,0 0 0 5%
4 0 -y e a r sc h o o l-h o u se b o n d s m e n tio n e d in V . 9 0 , p . 729.
T h e v o t e w a s 102 “ fo r ” to 48 “ a g a i n s t .”
Y u k o n , C a n a d ia n C o u n ty , O k la .— Bonds Voted.— T h is
p la c e , it is s t a t e d , r e c e n tly a u th o r iz e d a n issu e of $ 3 3 ,0 0 0
s c h o o l-b u ild in g b o n d s b y a v o t e o f 50 to 1 .
Bond Election.— I t is fu r th e r r ep o rte d t h a t p r o p o s itio n s to
issu e w a te r a n d se w e r b o n d s w ill b e p la c ed b efo re th e v o te r s
so m e tim e in M a y .
Z a v a lla C o u n ty ( P . Q. B a t e s v i ll e ) , T e x .— Bonds Voted.—
A n e le c tio n h eld A pril 11 r e s u lte d in fa v o r of a p r o p o s itio n to
issu e $ 2 0 ,0 0 0 5% ro a d a n d b rid g e b o n d s . T h e v o t e w a s
4 5 to 8 .
M a tu r ity J u n e 10 19 5 0 , s u b je c t to call a fte r ten
y e a r s . T h e n o tic e o f th is e le c tio n w a s in a d v e r t e n t ly re
p o r te d in V. 9 0 , p . 9 9 8 , u n d er th e h e a d o f Favola Countg, Tex.
Z e e la n d , O tta w a C o u n ty , M ic h .— Bonds Defeated.— A n
e le c tio n h e ld A p ril 4 r e s u lte d in th e d e fe a t of a p r o p o s itio n
to issu e se w e r b o n d s.

Britannia School District No. 1517, M a n . — Debenture
Offering.— P r o p o sa ls w ill be r e c e iv e d u n til 12 m . M ay 14 for

$ 4 0 ,0 0 0 5% d e b e n tu r e s .
Date July 1 1910. Maturity part yearly for 20 years. II. F. Tench
(P. O. King Edward) Is Secretary-Treasurer.
Calgary, Alta. — Debenture Election.— B y - la w s p r o v id in g
for th e issu a n c e o f $ 9 3 ,0 0 0 p a r k -im p r o v e m e n t, $ 7 0 ,0 0 0 e le c 
tr ic -lig h tin g -s y s te m a n d p r o b a b ly $ 2 0 ,0 0 0 h o r se -sh o w -b u ild 
in g d e b e n tu r e s w ill b e s u b m itte d to th e v o te r s of t h is p la c e
in th e n ea r fu tu r e .
Coaticook, Que.—Debenture Sale.— T h e $ 1 1 6 ,0 0 0 4 ^ %
d e b e n tu r e s d e sc r ib ed in V . 9 0 , p . 1 0 0 3 , w ere a w a r d e d o n
A p ril 15 to O zro B a ld w in o f C o a tic o o k a t 102 a n d a c cr u e d
in te r e s t. M a tu r ity M ay 1 1 9 4 0 .
Cobalt, Ont.— Debenture Offering.— P ro p o sa ls w ill b e re
c e iv e d u n til M ay 17 b y It. L. O ’G o rm a n , T o w n C lerk , for
$ 2 5 ,0 0 0 5% w a te r-w o rk s a n d se w e r d e b e n tu r e s .
Interest semi-annual. Maturity 1918. The Issue Is guaranteed by the
Townslilp of Coleman.

NEW LOANS.

NEW LOANS.

Z B

a l b

$ 2 ,4 0 0 ,0 0 0

$ 2 2 0 ,0 0 0

OF

Town of Stamford, Conn.,

i i n

'

.

o

r ' e

O

i l

REGISTERED FOUR PER CENT STOCK
April 30, 1910.
Proposals will be received at the Mayor's Of
fice, City Hall, Baltimore, Md., until 12 o’clock,
noon, on Monday, May 23rd, 1910, for the pur
chase, In whole or In part, of
$500,000 Annex Improvement Doan of the City
of Baltimore, redeemable on the 1st day of June,
1954, and bearing Interest at the rate of 4 per
centum per annum, payable semi-annually on the
first davs of June and December In each and every
year. The Interest will commence June 1, 1910.
The amount of $1,500,000 of this Loan has al
ready been issued.
$500,000 New Fire F.nglnc House Loan of the
City of Baltimore, redeemable on the 1st day of
June. 1957, and bearing Interest at the rate of
4 per centum per annum, payable semi-annually
on the lirst days of June and December in each
and every year. The interest will commence
June 1, 1910. The amount of $500,000 of tills
Loan has already been issued.
$500,000 New School House Loan of the City
of Baltimore, redeemable on the lirst day of
June, 1957, and bearing Interest at the rate of
4 per centum per annum, payable semi-annually
on the first days of June and December In each
and every year. The Interest will commence June
1, 1910. The amount of $500,000 of this Loan
has already been Issued.
,
$350,000 Conduit Loan of the City of Balti
more, redeemable on the 1st day of December,
1958, and bearing Interest at the rate of 4 per
centum per annum, payable semi-annually on the
first days of June and December In each and every
year. The Interest will commence June 1, 1910.
The amount of $250,000 of this Loan has already
been Issued.
,
$550,000 Burnt District Improvement Loan of
the City of Baltimore, redeemable on the 1st day
of April, 1960, and bearing Interest at the rate
of 4 per centum per annum, payable semi-annually
on the first days of April and October In each and
every year. The Interest will commence April 1,
1910. None of this Loan has yet been Issued.
Circulars have been prepared by the City Regis
ter showing the authority for the Issue of these
Loans, together with the purposes to which the
proceeds of the sale will be applied, which circu
lars can be obtained from him upon application.
Bidders are advised that under the ordinances
certificates of loans will be Issued In such amounts
as the lender may require In the sum of one hun
dred dollars and Its equal multiples thereof, In
registered form only.
Proposals must be made upon the prescribed
form of blanks, which may be obtained upon ap
plication at the office of the City Register.

Bids will be received for any part of the whole
amount offered, and bids will also be received for
all or none. Parties may make bids both for a
part and the whole of the amount of loans
offered.
No bid will be considered unless accompanied
by a certified check upon a clearing-house bank,
drawn to the order of the Mayor and City Council
of Baltimore, or a certificate of deposit of a clear
ing-house bank, or cash, for 2 per cent of the
amount of the loans for which bid Is made, but
no deposit by any one party need be for more
than 2 per cent of the entire amount offered for
sale.
Checks, certificates of deposit or cash accom
panying bids not accepted will be returned to
the bidders within 48 hours after the opening of
the bids. Deposits of successful bidders wilt be
applied In partial payment of the cost of the
amount of the loans awarded them. Should there
be more than one proposal at the same price, a
pro rata award may be made.
Settlement in full for the loans awarded must
be made with the City Register on June 1, 1910,
on which day the certificates will be ready for
delivery.
If a bidder, having made the required deposit
of a certified check, certificate of deposit or cash,
falls to pay for the amount of stock awarded to
him, on the 1st day of June, 1910, the deposit
thus made shall be forfeited to and retained by
the City as liquidated damages for such neglect
or refusal, and shall thereafter be paid Into the
sinking fund of the City for the redemption of
the funded debt.
The City does not tax ANY of Its Issues of
stock, and takes the place of the holders of these
Issues In the payment of the annual State tax
thereon, for which the holder Is legally liable.
All bids must be made at a fiat price for each
$100 of the first four-named Loans.
All bids must be made at a price and a c c r u e d
i n t e r e s t for the last-named Loan.
Proposals must be sealed and addressed to the
“President of the Board of Commissioners of
Finance, City Hall," and marked “Proposals for
Baltimore City Stock.” and sent to the Mayor’s
Office.
The address of each bidder must accompany
the bid, and notification of acceptance of any bid
will be considered accomplished when mailed In
the Baltimore Post Office to such address.
The Commissioners of Finance reserve to them
selves the absolute right. In their discretion, to
reject any or all applications, and also to allot
smaller amounts than applied for.
JOHN M. LITTIG,
President of the Board of Comin’rs of Finance.
ISAAC L. NEWMAN, Clerk.

SCHOOL BONDS
Sealed bids will be received by the undersigned,
Treasurer of the Town of .Stamford, until 2 o’clock
P. M. May 10th, 1910, for the purchase of bonds
amounting to two hundred and twenty thousand
($220,000) dollars.
Said bonds to be known as School Bonds, and
are Issued by the Town of Stamford, Connecticut.
The said bonds are dated June 1st, 1910, and
run for thirty years.
Said bonds bear Interest at the rate of 4 per
centum per annum from .June 1st, 1910, payable
semi annually on the first days of June anti De
cember In each year until tiie payment of the
principal; principal and Interest being payable
at the Bank of the Manhattan Company, New
Vork City.
Said bonds are of the denomination of one
thousand ($1,000) dollars.
Bids will be received for a part or the whole
of said bonds.
The Treasurer reserves the right to reject any
and all bids. All bids must be enclosed in sealed
envelopes and endorsed “ Bids for the purchase of
School Bonds of the Town of Stamford,” and de
livered to the Town Treasurer at his office In the
Town Hall, Stamford, Connecticut, on or before
2 o’clock P. M., May 10th, 1910, at which time
said bids will be opened.
Each bid must be accompanied by a certified
cheek on a State or National Bank or Trust Com
pany for one per cent of the amount of the par
vaiue of bonds bid for.
The successful bidder must pay for the bonds
on June 1st, 1910, at 10 o’clock A. M., at the of
fice of the Treasurer of said Town of Stamford,
at which time and place said bonds will be ready
for delivery. No bids will be considered unless
submitted upon the form of proposal provided
by, and furnished upon application to, the Town
Treasurer.
Dated Stamford, Connecticut, April 15th, 1910.
FRANK B. GURLEY.
Town Treasurer.

BLODG ET & CO.
BANKERS
60 S T A T E S T R E E T , B O S T O N
30 F I N E S T R E E T , N E W

YORK.

STATE, CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD

BONDS
LIST ON APPLICATION

R. T. Wilson & Co.
Bankers & Commission Merchants
33 WALL STREET.

.




.

NEW YORK

B. W . S tra ssb u rg e r

SEAS0NG00D & MAYER

SOUTHERN INVESTMENT SECURITIES

Mercantile Library Building
CINCINNATI

M ONTGOMERY, ALA.

AFR. 30 1910. j

T H E

Dauphin, Man.— D eben tu res V o ted . —The voters of this
municipality have passed a by-law providing for the floating
of $125,000 water-works and sewerage debentures.
Dufferin, Man.—-D eben tu re E le c tio n . — A proposition to is
sue $2,500 school debentures will be voted upon May 4.
Edmonton, Alta.— D eb en tu re O ffe r in g . —Proposals will be
received until 12 m. May 10 for from $1,250,000 to $1,500,000
4K% 8, 20 and 40-year debentures. A.'Butchart is Com
missioner.
Ellice (P. O. St. Lazare), Man.— D eb en tu re E le c tio n . —This
municipality will hold an election to-day (April 30) for the
purpose of presenting to the voters a proposition to issue
$5,000 5% 10-year debentures.
Estevan, Sask.— D eb en tu re s V o te d . —This place has voted
to issue $35,000 electric-light-plant and $10,000 town-hall
building debentures.
Fernie, B. C.— D eb en tu re E le c tio n . —By-laws are being pre
pared to submit to the voters providing for the issuance of
$19,000 water-extension, $41,000 sewer, $27,000 surfacedrainage, $7,000 school, $10,000 street and $6,000 electriclight debentures.
Gilbert Plains, Man.— D eb en tu re E le c tio n . —An election
is to be held in this place May 4 to vote on the question of is
suing $2,000 5% 20-year school debentures.
Goderich, Ont.— D eb en tu re S a le . —An issue of $25,000
school debentures has been awarded to Aemilius Jarvis
& Co. of Toronto. Debentures mature part yearly for 30
years.
Grandview, Man.— D eben tu re O ffe r in g .— Proposals will be
received up to May 4 by Wm. Dickie, Secretary-Treasurer,
for $5,000 5% debentures. Maturity part yearly for twenty
years.
Haileybury, Ont.— D eben tu re E le c tio n . —An election has
been called for May 2 to vote on by-laws to issue $25,000 5%
30-year water-works debentures and $10,000 5% 15-year
street-improvement debentures.
Hochelaga, Que.— D eben tu re S a le . —On April 26 the
$90,000 4 ^ % 40-year school-building debentures dated
June 2 1910 and described in V. 90, p. 1123, were awarded

to J. F. Lacasse at 99.25.
follows:

Huntsville, Ont.— D eb en tu res V o te d . — At the election held
in this place on April 11 (V. 90, p. 1003), the proposition to
issue $12,000 5% 20-year street-improvement debentures
carried.
Leicester School District No. 2491, Sask.— D eb en tu re S a le .
— An issue of $1,700 5 % % 10-year school-building deben
tures has been disposed of to the Western School Supply Co.
for $1,719— the price thus being 101.117. Interest annual.
Lethbridge Protestant Public School District No. 51
(P . O. Lethbridge), Alberta.— D eb en tu re S a le . — On April 15
the $30,000 5% debentures described in V. 90, p. 1004,
were bought by Oldfield, Kirby & Gardiner of Winnipeg at
103.166 and accrued interest. The following bids were
received:
Oldfield, K irby & Gardiner.
W innipeg ________________ $30,950
Nay & James, R egina______ 30,422
C. H . Burgess & C o., T o r____ 30,364
W . A . M acKenzlc & C o ..T o r. 30,340
D om . Sec. Corp., L td ., T o r . . 30,338
W o o d . Gundy & C o., T o r___ 30,327
M aturity part yearly for 30 years.

Bank o f T o ro n to __________ $225,376
Brouse, Mitchell & C o., T o r . 225,262
Oldfield, K irby & Gardiner,
W in n ip e g _______________ 224,850
W ood , Gundy & C o., T o r . . 224,364
C. If. Burgess & C o., T o r . . 223,443

$ 9 0 0 ,0 0 0

BIRD S. COLER

LEONARD H. HOLE

W. N. C O L E R &, C O .
BANKERS

43 CEDAR

ST., NEW YORK

IN V E S T M E N T S

C. B. V

an

N

o st r a n d

SO W A L L S T R E E T

INDUSTRIALS

WEBB & CO.
INVESTMENT SECURITIES
BROADWAY

NEW YO RK

G E O . B. E D W A R D S
Tribune Building, 154 Nassau Street,
Telephone 4218 Beckman.
NEW YORK, N. Y.

Dominion Sec.Corp.,Ltd..Tor$223.375
Aemilius Jarvis & C o., T o r . 222,282
Ontario Securities C o., T o r . 222,057
W . A . Mackenzie & C o., T or 221,858
Brent, N oxon & C o., T o r___219,405

Medicine Hat, Alberta.— D eb en tu re E le c tio n .—It is stated
that the following by-laws will be voted upon May 9: $35,000
sewers, $30,000 cement walks, $5,500 plank walks, $10,000
agricultural society, $7,000 warehouse $20,000 roadmachinery and $36,000 parks.

$ 4 0 0 ,0 0 0
Floating Indebtedness Bonds

J.AddlsonReId&Co.,Ltd..Reg.$30,220
Aemilius Jarvis & C o., T o r . . 30,159
Ontario Sccur. C o., T o ro n to . 30,107
H . O ’ Hara & C o., T o r o n t o .. 30,079
G. A . Stlmson & C o., T o r___ 30,050
J. G. Mackintosh, W innipeg. 29,938
A llow ay & C ham pion.............. 29,900

Lethbridge, Alberta.— D eben tu re S a le . —The Bank of
Toronto recently purchased the following debentures at
100.05: $44,500 and $136,000 4 ^ % 30-year local-improve
ment, park and exhibition-ground debentures, and $44,
761 41 6% cement-walk and sewer debentures, due part
yearly for 30 years. Among the bids received were the
following:

NEW LOANS

Sealed bids for the sale of $400,000 City of
Birmingham, Ala., Floating Indebtedness Bonds
will be received b y the Mayor at his office In Bir
mingham, Ala., until 12 O’CLOCK NOON,
MAY 17TH, 1910.
Said bonds to be dated June 1st, 1910, and bear
interest at the rate of 5% per annum, payable
semi-annually, and mature thirty years from date.
Principal and Interest payable at the Hanover
National Bank, New York City.
No bids will be accepted for less than par and
accrued Interest.
Each bid must be accom panied b y a duly certi
fied check for $2,500, payable to the City of Bir
mingham.
The legality of this Issue will be examined b y
Messrs. H u b b ard * Massllch of New York, whose
favorable opinion will be furnished to the pur
chaser.
The Bonds will be prepared and certified as to
genuineness b y the Columbia Trust Co., 135
Broadway, New York, which will furnish financial
statement and proposal blanks on application.
The right Is reserved to reject any and all bids.
H . E. S H R O P SH IR E J R ., City Clerk.

A list of the bids submitted

J. F . Lacasse................................ 89.251C. Meredith, L td ________________98.18
Ilanson B ros., M ontreal______98.85 R . W lls o n -S m lt h .......................9 8 .1 7
W o o d , Gundy & C o., T o r o n t o ..98.25] Dominion Bond C o.......................97.73

NEW LOANS.

City of Birmingham, Alabama

74

1199

C H R O N IC L E

H U D S O N

C O U N T Y ,

4

N .

l/ 2%

J.,

B O N D S

By virtue of four separate resolutions of the Board of Chosen Freeholders of
the County of Hudson, passed at a meeting held Thursday, April 7, 1910, sealed
bids and proposals will be received and opened at a meeting of said Board to be
held in the Court House, Jersey City, N. J., on

T hursday, M ay 5 ,1 9 1 0
at 3 o’clock P. M.
•
(1) $150,000 NEWARK PLANK ROAD IMPROVEMENT BONDS, to be
issued under the authority of Chapter 38 of the Laws of 1906, to run for a period
of FIFTY YEARS.
(2) $500,000 BONDS for the erection of the NEW COURT HOUSE, to be
issued under authority of Chapter 47 of the Laws of 1901, and the Acts amenda
tory thereof and supplemental thereto, to run for a period of FORTY YEARS.
(3) $150,000 BOULEVARD REPAIR BONDS, to be issued under authority
of Chapter 69 of the Laws of 1908, to run for a period of THIRTY YEARS.
(4) $100,000 NEWARK PLANK ROAD BRIDGE BONDS, to be issued under
authority of Chapter 163 of the Laws of 1878, and the various supplements thereto
and amendments thereof, to run for a period of TWENTY YEARS.
All of said issues to be issued under the further authority of Chapter 19 of the
Laws of 1908.
F
All of above issues to bear interest at FOUR AND ONE-HALF (4 ^ ) PER
CENTUM per annum, payable semi-annually, and to bear date the first day of
May, 1910. Said bonds to be coupon bonds with the privilege of registration both
as to principal and interest.
The legality of the $150,000 issue first above recited will be approved of by
Messrs. Dillon & Hubbard of New York City, and the legality of the other
three issues will have the approval of Messrs. Hawkins, Delafield and Longfellow,
of New York City, copies of which will be furnished purchaser without cost.
Each bid must be accompanied by a bank or certified check upon some Na
tional Bank or Trust Company, drawn to the order of Stephen M. Egan, County
Collector, or cash to the amount of one per cent (1%) of bid.
Each proposal or bid must be enclosed in a sealed envelope, endorsed “ Pro
posals for Bonds,” and to be accompanied by the bank or certified check or cash
as aforesaid. Bidders may bid for the whole or any part of each issue thereof.
The Board reserves the right to reject any or all bids if it deems it for the best
interest of the County so to do.
WALTER O’MARA,
Clerk.

F. WM. KRAFT
LAWYER

JO H N

H. W A T K I N S
MUNICIPAL

Specializing in Examination of
AND
Negotiations, Investigations, Reports,, Municipal and Corporation Bonds
RAILROAD
BONDS
In or out of New York City
1312 FIRST NATIONAL BANK B LD G..
Satisfactory References
CHICAGO, ILL.
No. 2 WALL STREET, NEW YORK




1200

T H E

[V O L . L X X X X .

C H R O N IC L E

It is further reported that a vote will be taken later on the at 101.025. Interest annually in March. Maturity $100
yearly for 10 years.
question of issuing $50,000 power-plant debentures.
United Townships of Neelon and Garson, Ont.— D eb en tu re
Moose Jaw, Sask.— D eb en tu re O ffe r in g . — Proposals will
be received until May 9 for $140,000 4 ^ % street-paving S a le . —The Ontario Securities Corporation of Toronto was
awarded the $5,000 5% 15-year road-improvement deben
debentures.
A uthority, vote ot 184 " to r ” to 30 “ against" at election held April 11. tures described in V. 90, p. 1123, and offered on April 22.
Maturity July 1 1930.
Vancouver, B. 0 .—L o a n O ffe rin g . — Further details are at
Montreal, Que.— S to ck S a le . — According to reports the
relative to the offering on May 9 of the $2,207,900 4%
$5,000,000 4% 40-year registered stock offered on April 28 hand
mentioned in V. 90, p. 1063. Proposals will be re
and described in V. 90, p. 1003, was awarded to the Bank loan
ceived until 4 p. m. on that day by G. F. Baldwin, City
of Montreal at 101.30—a basis of about 3.936%.
Comptroller.
Outremont, Que.— D eben tu re E lec tio n . —The question as to
The loan m ay be In either debentures or registered stock and will be Issued
whether or not this place shall issue $250,000 4 ^ % 42-year for the following purposes: S675.000 for the Cambrc Street Bridge, §400,000
water works, §230,900 for school sites and buildings, $42,000 for S chool
local-improvement debentures will be decided at an election for
Board offices, $330,000 for street clearing and grading, $1150,000 for street
to be held May 4.
m acadamizing, $135,000 for the Coal H arbor Bridge, $50,000 for lire halls
sites, $85,000 for exhibition buildings, $30,000 for the R obson Street
Regina School District (P. O. Regina), Sask.— D eben tu re and
approach to the bridge and $60,000 for park Improvements. Interest
S a le . —The $45,000 4 lA % school debentures offered on semi-annual. M aturity Feb. 1 1950. Debenture debt, not ncludlng these
April 14 (V. 90, p. 1004) were awarded to Nay & James of Issues, $10,348,304 93. T otal assessment for 1909, $100,454,26o.
Vermilion, Alberta.— D eb en tu re O fferin g . We are ad
Regina for $44,144—the price thus being 98.097. Maturity
vised that the amount of 5 j/*j% bonus debentures which this
part yearly for 20 years.
is offering for sale is $10,700 and not $10,000, as re
Revelstoke, B. C.— D eben tu res V o ted . — A $30,000 school town
ported in V. 90, p. 1004. Proposals for these debentures
by-law has been passed by the voters of this place.
will be received by Chas. V. Caesar, Secretary-Treasurer, and
Rosetown, Sask.— D eben tu re E le c tio n . — An election is to will be opened on or about May 5. Interest commencing
be held in this municipality for the purpose of obtaining the April 29 1910, payable annually at the Canadian Bank of
opinion of the voters on the question of issuing $6,000 5
Commerce in Vermilion. Maturity part yearly for ten years.
20-year local-improvement debentures.
Waterloo, Ont.— D eben tu re S a le . — Wood, Gundy & Co. of
St. Boniface, Man.— D eb en tu re E le c tio n P r o p o s e d . —Steps Toronto recently purchased $33,173 73 debentures issued
are being taken to call an election to vote on the question of for water, gas works and local-improvement purposes.
issuing $128,450 trunk-sewer debentures.
Weston, Ont.— D eben tu re O ffe rin g . — Proposals will be re
Sedley, Sask.— D eb en tu re O ffe r in g . — Proposals will be re ceived until 6 p. m. May 2 by J. H. Taylor, Village Clerk
ceived by It. W. Stayner, Secretary-Treasurer, for $10,000 and Treasurer, for $57,000 4)/£% coupon debentures.
5 1/ 2% debentures. Interest annual. Maturity part yearly
Date June l 1910. Interest Is payable at the Bank of British North
America In W eston. Maturity part yearly for 30 years. Debentures are
for 15 years.
by York County and arc tax-exem pt. Debenture d e b t at
Stratford, Ont.— D eb en tu re s V o te d . —’A by-law providing guaranteed
present, §10,121 53. Assessed valuation $589,710.
for the issuance of $85,000 debentures to be used for a dis
Weyburn, Sask.— D eben tu re S a le . — Brouse, Mitchell A
tribution plant for hydro-electric power was recently voted Co. of Toronto have purchased $41,000 5% debentures.
by this place.
Winnipeg, Man.— D eben tu re E le c tio n . —A by-law providing
Trenton School District No. 2512, Sask.— D eben tu re S a le.
— An issue of $1,000 5>£% school-building and furnishing for the issuance of $500,000 hospital debentu res will be
debentures was awarded recently to Nay & James of Regina submitted to the voters on June 2.

NEW LOANS.

NEW LOANS.

NEW LOANS.

$ 1 ,5 0 0 ,0 0 0
ST A T E OF M A R Y L A N D ,

8 3 ,4 3 0 .0 0 0
State of North Carolina

8 2 0 OOO
Town of Westfield, N. J.,

REFUNDING BONDS

BUILDING BONDS

T R EA SU R Y DEPARTM ENT
Annapolis, Md., April 15, 1910.

THE STATE ROADS LOAN
The undersigned, Governor, Comptroller and
Treasurer of the State ot Maryland, In pursuance
of an A ct of the General Assembly of Maryland of
1908, Chapter 141, will receive proposals for
$500,000 Series " B ” and $1,000,000 Series “ C”
of the said loan
,
... .
Series " B ” of the State Roads Loan will he
dated February 1, 1909, bear Interest from
February 1, 1910, at the rate of Three and OneHalf Per Centum per annum, payable semi
annually on the first days of August and February
In each and every year, and the principal will be
redeemable at the pleasure of the btatc after the
first day ot February In the year 1919, and tile
whole debt will be payable on the first day of
February, 1924.
, ,
,
Series “ C” of the State Roads Loan will be
dated February 1, 1910, bear Interest from the
said date at the rate of Three and One-Half Per
Centum per annum, payable semi-annually on
the first (lays of February and August In each and
every year, and the principal will be redeemable
at the pleasure of the State after the llrst day of
February In the year 1920, and the whole debt
will be payable on the first day of February, 192u.
The said debts are exem pt from State, County
and municipal taxation, and will be issued in
bond form , with coupons attached.
Said proposals must be delivered, sealed, to the
Treasurer of the State, at Annapolis, on or before
12 o'clock noon of the 16th day of May, 1910,
and must be at a price, accrued Interest to date of
delivery In all eases to be added thereto, and have
endorsed on the envelope “ Proposals for the State
Roads Loan.”
Each bid must be accompanied
with a certified check on some responsible banking
Institution for five per centum of the amount of
such bid, and the same will he opened In the office
of the State Treasurer, in the City of Annapolis,
at 12 o ’clock noon. May 16th, 1910, In the pres
ence of the undersigned.
On the opening of such proposals so many of
said coupon bonds as have been bid for, not
exceeding, however, the amount for which pro
posals are Invited, may be awarded by said
Governor, Comptroller of the Treasury and
Treasurer, or a m ajority of them, to the highest
responsible bidder or bidders for cash; and when
two or more bidders have made the same bid,
which bids are the highest, and If the amounts so
bid for by the highest responsible bidders are In
excess of the whoie amount of the said bonds so
offered for sale, then such bonds may be awarded
to such highest responsible bidders bidding the
same price In the proportion which the amount
each has bid for bears to the whole amount of said
bonds so ollered for sale.
These bonds will he Issued In the denomination
of $1,000 and subject to registration as to prin
cipal, and will be deliverable May 19th, 1910,
at the office of the State Treasurer. In the City of
Annapolis.
The right Is reserved to reject any and all bids
AUSTIN
C R O TH E R S,
Governor.
JOSHUA W . H E R IN G ,
Comptroller of the Treasury.
M U R R A Y V A N D IV E R ,
T rcasurer




NOTICE IS H E R E B Y G IV E N that the Council
Dated July 1. 1910, payable July 1. 1950, w ith
out prior option. Interest four per centum per of the Town of Westfield will receive sealed bids
annum, payable semi-annually January 1 and for an Issue of bonds authorized under General
July l. Both principal and interest payable at Ordinance No. 105 entitled “ An ordinance pro
National Park Bank, New York C ity. The viding for the erection ot a building suitable for
undersigned, State Treasurer, will receive sealed the use of the Fire Department and other m unici
bids at bis office, Raleigh, North Carolina, for pal purposes, and to authorize the Town of West
said bonds until 12 O'CLOCK M., MAY 18TII, field to Issue Its corporate bonds to pay the cost
1910. The legality of said bonds has been a p  of the sam e,” passed and adopted March 21 1910.
proved by Hubbard & Massllch of New York, The total Issue amounts to $20,000; denomina
whose opinion will he furnished without cost to tion $1,000 each, Interest coupons attached;
the purchaser. Printed circulars giving full In Interest payable half-yearly, option of registering
formation and blank forms on which all bids must bonds. Bonds dated Juno 30 1010, payable
be made will be furnished on application to the June 30 1930; Interest 4 t f % per annum, payable
June 30 and December 30; $1,000 a year raised
undersigned or to said Hubbard & Massllch.
as sinking fund to pay bonds at m aturity.
B. R . LA C Y , State Treasurer.
Copies of the ordinance under which said bond*
are Issued m ay be had on application to the
Town Clerk.
The Council reserves the right to reject any or
all bids.
L L O Y D TH OM PSO N, Town Clerk.
Westfield, N. J ., April 26 1010.

8 9 ,0 0 0
C A D IZ , O H IO ,

Street Paving and Refunding Bonds
Sealed Proposals will be received by the under
signed until 12 o ’clock noon, MAY 14TH. 1910.
for the purchase of two Series of bonds, to wit:
First Series— $6,000 Street Assessment Bonds
due 1911 to 1921.
Second S eries- $3,000 Refunding Bonds, due
1015 to 1920.
Interest 4V$%; sem i-annually certified check
5% of hid.
R ight reserved to reject any or all bids.
VV. H. LU CAS, Town Clerk.
IVE OW N A N D O F F E R

MUNICIPAL BONDS
T ax-E xem pt Anywhere In the United States
Write lor Particulars

ULEN, S U T H E R L IN & CO.
617 First Nat. Bank Bldg., CHICAGO, ILL

CANADIAN
MUNICIPAL BONDS

W. A. M A C K E N Z I E

& CO.

TORONTO, CANADA

TAX-FREE LEGAL INVESTMENTS
$300,000 City of Harrisb’g, Pa., School4s
$250,000 City of Altoona, Pa., Water 4s
$40,000 Gloucester City, N. J., Fdg. 6s
Particulars upon request.

F O H K E S T
BANKERS

Sc O O .

PH ILA D ELPH IA , PA

OTTO JU LIU S M E R K E L
BROKER

T H E A M E R IC A N

MFG. CO.

44 AND 46 WALL STREET , NEW YORK
I N V E S T M E N T S E C U III T I E S
C o rresp o n d en ce I n v ite d .

MANILA, SISAL AND JUTE

65 Wall Street

*

Bank and Trust Company Stocks
NEW YO RK AND BRO OKLYN

CORDAGE

ROUQMT AND SOLD

New York

CLINTON

G ILBERT

2 WALL ST., NEW YORK.
Full text of Commercial and Financial Chronicle : April 30, 1910, Vol. 90, No. 2340 [Copy 2]

FRASER
