Full text of Commercial and Financial Chronicle : April 8, 1911, Vol. 92, No. 2389

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The

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VOL.92

APRIL 8 1911

NO.2389

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana,Sec. Addresses of all, Office of the Company.

OL.EARINGS-FOR:MAROS, S'INOE JAN. 1, AND FOR WEEK ENDING APRIL 1
Three Months.

March.

Clearings al1911.

1910.

Inc. or
Dec.

1911.

1910.

Week ending April 1.
Inc. or
Dee.

1911.

1910.

Inc. or
Dec.

1909.
1908.
$$
$
$
6
$
8
$
New York
17.6 1,651,
E5.8 23,448,014,922 28,446,399,655 -458,638
7,621,600.904 9,046,183,613 2
2,038,868,584 -19.0 2,224,396,229 1,428,162,724
Philadelphia
677,881,577 -4.5 1,889,608,002 1,943,106,818 -2.8
647,105,454
133,219.373 159,676,472 -16.6 133,467,594 123,876,439
Pittsburgh
624,360,534
212,020,423
+6.8
623,109,625
+0.2
226,514,173
48,565,271
53,756,150 -9.7
43,888,580
42,873,668
434,400,181
Baltimore
136,244,458 +5.6
391,698,238 +10.9
29,518,384
' 143,940,104
30,436,358 -3.0
26,113,686
26.048,260
124,928,508
40,995,205 -1.7
Buffalo
124,319,761
+0.5
8,190,592
40,309,707
8,850,356 -7.5
7,958,353
7,866,217
90,650,163
31,750,779 -2.1
Washington
91,309,641 -0.7
6,557,844
31,098,532
6,897,728 -9.9
6,282,926
5.634.022
76,074,291
23,558,225 +14.7
Albany
70,400,973 +7,6
27,020,748
4,380,339
5,088,160 -13.9
5,036,017
6,124,377
51,409,330
16,411,179 +2.7
53,057,133 -3.1
Rochester
3,267,213
16,858,246
4,333,727 -24.6
5,018,118
4,254,206
35,878,399
11,387,566 +8.7
33,936,597 +5.7
Scranton
12,381,422
3,128,298
3,149,390 --0.7
2,800,778
9,455,924
..
31,737,731
8,855,205 +19.0
Syracuse
10,535,905
29,761,664 +6.6
2,450,000
2,109,368 +16.2
2,068,972
2,339,741
18,539,222
6,892,493 -6.9
19,361,948 -4.2
Reading
6,916,369
1,737,629
2,318,866 -25.1
2,249,191
1,819,597
19,122,226
7,316,519 -10.2
6,572,427
20,144,590 -5.1
1,444,938
Wilmington
1,603,484 -9.9
1,472,591
1,382,872
5,403,812 +16.3
6,282,488
18,234,983
16,692,669 +9.2
1,317,449
Wilkes-Barre
1,128,652 +16.7
1,065,831
1,043,797
7,556,693
8,018,702 -5.8
21,371,824
22,679,003 -5.8
Wheeling
1,742,309
1,954,084 -10.9
1,369,319
1,355,525
6,398,370
6,820,524 -6.2
19,692,636
18,017,267 +4.1
Trenton
1,364,657
1,602,885 -14.8
1.326,353
5,300,000
5,372,869 -1.4
15,362,045
Harrisburg
15,348,721 -0.3
1,650,000
1,774,595 -7.0
1,555,084
1,162,744
4,139,723
4,344,796 -4.7
York
11,717,046
11,295,496 +3.7
1,130,445
1,693,776 -33.2
1,614,680
1,466,220
3,608,627
3,601,697 +0.2
10,240,782
Erie
10,822,260 -5.4
812,843
917,665 -11.4
663,243
605,367
2,354,800
1,904,600 +23.6
Binghamton
6,604,300
5,723,993 +15.4
459,100
463,400 -0.9
465,700
475,400
2,635,606
Greensburg
2,248,207 +17.2
7,392,620
6,724,067 +9.9
658,871
568,373 +15.8
574,160
500,000
2,523,184
Chester
2,452,104 +2.9
7,042,147
7,137,699 -1.3
460,961
513,266
651,358 -21.2
500,870
Altoona
1,966,960
1,868,928 +5.2
5,623,662
403,719
5,202,496 +8.
419,317
428,895 -5.9
364,857
Franklin
1,001,296
1,018,821 -1.7
2,984,378
3,141,041 -5.0
218,017
208,860
255,151 -18.1
270,852
Frederick
1,241,339
1,151,761
+7.8
3,443,398
3,002,990 +14.7
Beaver County, Pa_ _
2,064,588
2,001,258 +3.1
6,250,498
6,002,246 +4.7
Lancaster
5,117,838 Not included In total
14,604,918 Not included in total
Norristown
.
2,106,862 Not included in total
5.777,521
Not included in total
Total Middle
8,837,433,665 10,265,705,316 -13.9 26,989,623,828 31,979,296,597 -15.6 1,904,180,038 2,328,521771 -18.2 2,990,485,700 1,660,583,679
Boston
709,232,235
751,958,018 -5.7 2,153,937,131 2,300.689,618 -6.4
169,765,938 190,750,563 -11.0 177,560,481 194,268,374
Providence
32,924,400
33,728,800 -2.4
100,061,200
104,916,200 +1.1
6,742,100
7,708,800
6,081,000
8,083,900 -16.6
Hartford
20,015,502
21,515,412 -7.0
55,961,356
59,650,588 -6.2
4,057,934
4,701,932 -13.7
4,041,899
3,510,696
New haven
12,321,478
11,963,055 +3.0
37,570,128
36,150,954 +3.9
2,870,238
2,644,591
3,236,192 -11.3
3,908,353
Springfield
9,600,000
9 463 213 +0.4
27.390.240
28.523,990 -4.0
2,025,654
2,296,065
2,000,000 +1.3
1,532,185
Portland
8,463,523
7,647.927 +10.7
24,989,145
23,232,114 +7.6
1,712,930
1,917,934
1,909,705
1,787,306 -4.2
Worcester
10,371,501
10.298,362 +7.1
29,615,874
28,437,512 +4.1
2,425,726
1,686,952
1,518,798
2,444,402
-0.8
Fall River
4,618,232 +7.5
4.967,466
15,670,641
15,270,793 +2.6
971,928
1,017,532 -4.5
1,080,546
844,677
New Bedford
4,365,200
4,884,360 -10.6
13,268,386
19,788,351 -10.3
749,076
1,241,994 -39.6
895,818
843,381
Holyoke
2,924,454 -1.6
2,386,533
7,387.123
7,377,823 +0.1
528,623
523,171
628,439 -15.9
433,019
Lowell
2,394,352
2,075,604 +15.4
7,322,443
6,113,758 +19.8
496,048
968,268 +6.0
418,755
516,725
Bangor
1,758,326 Not Included In total
4,82-1.824 Not Included In total
Total New England
816,942,190
860,577,437 .-5.1 -25-79,173,667 -276257116,261 -5:6
192,345.735 216,360,528 =TM 201,988,274 164,103,151
Chicago
1,287,760,102 1,341,212,040 -4.0 3,405,856,557 3,562,458,726 -4.4
259,623,910 281,583,247 -7.8 259,111,195 237,478,201
Cincinnati
107,730,650
323,985,400
110,415,650 -2.4
317,907,500 +1.9
24,192,700
25,900,000 -6.6
25,853,150
25,158,750
Cleveland
80,396,692 -2.2
233,740,713
234,969,949 -0.5
78,604,792
17,025,287
19,835,326 -14.2
15,488,494
14,693,423
+0.4
76,518,145
76,229,931
Detroit
222,049,893
14,976,220
213,995,030 +4.0
18,467,507 -9.1
13,025,346
12,029,375
57,352,344
+1.9
178,732,416
165,288,512 +8.3
Milwaukee
58,448,419
11,339,985
12,046,675 -5.9
10,560,449
9,521,390
39,335,767
111,232,615
-3.5
115,698,444
37,954,907
Indianapolis
-3.9
8,314,482
7,977,546 +4.2
6,654,966
6,958,758
26,478,600 -1.3
75,357,800
77,233,300 -2.4
Columbus
26,136,300
5,047,000
6,135,900 -17.7
5,631,400
4.734,500
21,100,043 +14.5
64,789,830
24,161,164
55,632,640 +16.5
Toledo
3,614,878
4,117,096 -12.2
3,785,581
3,667.513
14,811,295 +2.8
42,107,607
15,231,031
91,052,332 +2.8
Peoria
2,940,250
2,660,751 +10.5
2,654,320
2,630,661
11,407,515 +0.6
11,978,680
33,213,935
Grand Rapids
33,982,812 -0.8
2,399,138
2,481,124 -3.3
2,268,667
2,075,949
9,727,512 -8.5
8,905,480
27,107,842
Dayton
27,239,850 -0.5
1,719,027
2,018,470 -15.1
1,476,658
1,408,093
10,256.703
9,578,125 +7.1
30,261,075
Evansville
27,181,213 +11.3
2,205,364
1,999,351 +10.3
1,915,018
1,571,323
3,028,908
3,029,252 -0.01
Kalamazoo
8,576,179
8,760,278 -2.1
526,710
610,872 -13.7
539,881
479,675
5,771,578
Springfield, Ill
5,425,438 +6.4
14,158,928
14,145,181
+0.1
1,056,149
059,941
1,018,619 +3.7
816,972
4,767,840
Fort Wayne
4,898,370 -2.7
13,328,237
13,196,697 +1.0
978,384
881,328 ' 794,524
1,003,087 -2.5
4,947,649
Lexington
4,958,977 -0.2
15,550,222
13,578,706 +14.5
688,611
747,875
599,845
+24.5
594,880
Youngstown
5,602,411
4,837,542 +15.8
15,693,546
13,679,433 +14.7
2,070,724
858,525
981,506 +110.9
533,164
Rockford
4,197,910
4,196,762 +0.03
10,565,464
10,100,476 +4.6
850,302
652,849
558,940
867,046
-2.0
Bloomington
4,550,118
4,281,150 +6.3
10,046,832
9,489,458 +5.9
681,486
675,226
689,572 -1.3
672,784
3,873,077
Quincy
3,984,062 -2.8
9,807,874
9,465,622 +3.6
627,810
639,908 -1.9
875,000
529,183
Akron
3,428,100
4,314,000 -20.5
11,672,100
11,094,600
539.400
+6.2
817,800 -34.0
635,000
525,000
Canton
4,608,638
4,328,453 +6.5
12,393,091
11,841,759 +4.7
1,075,000
1,020,000 +5.4
825,000
602,618
Decatur
2,143,115
2,756,805 -22.2
5,802,039
6,873,087 -15.6
355,715
512,834 -30.6
387,808
362,437
.Springfield, 0
2,759,069
2,434,254 +13.4
7,618,436
6,958,479 +9.5
674,318
466,005 +18.9
449,740
475,012
South Bend
2,240,784
2,176,433 +2.9
6,553,644
6,333,771 +3.5
+1.1
515,206
509,552
406,153
388,386
Mansfield
1,829,912
1,832,675 -0.2
5,005,505
5,154,342 -2.9
330,834
413,144 -19.9
369,188
334,052
Danville
2,417,383 -1.5
2,380,067
5,839,757
6,031,446 -3.2
855,000
648,929
498,432
865,179 -1.2
Jackson
1,891,765 -2.9
1,837,195
5,381,023
5,310,489 +1.3
374,994
410,000 -9.0
330,000
300,000
Jacksonville, III
1,904,625 +9.7
2,089,267
4,635,878
4,481,864 +3.4
304,817
285,548 +6.7
293,533
268,512
Ann Arbor
981,146 -17.5
809,569
2,334,547
2,541,135 -8.1
189,386
193,633 -2.2
152,157
152,892
Adrian
152,496 +50.3
229,015
530,777
426,243 +24.4
31,841
+7.3
19,213
34,173
35,548
Lima
1,241,111 +33.9
1,662,397
4,579,705
4,082,860 +12.2
473,017 -34.5
320,378
309,836
250,000
Saginaw
2,451,568 +1.5
2,488,021
7,809,799
7,487,928 +4.3
512,186
577,487 -11.3
Lansing
1,811,166 Not Included In total
4,850,114
Not Included in total
375,000 Not included in total
Gary
814,925 Not Included in total
2,264,509 Not included in total
Flint
1,844,022 Not included in total
1,844,922 Not Included in total
Owensboro
1,850,000 +4.3
1,928,799
6,830,667
6,298,361
+8.4
Total Middle West 1,810,356;812 1,864,389,781 -2-.1i ---- 32,848,933 5,048,47U23 =2-.3
366,903,546 396,209,458 =774 359,393,704 331,100,807
Details of Pacific and Other Western on page 931.
Total Pacific
492,591,197 -0.2 1,360,740,599 1,345,534,073 +1.1
491,557,842
101,210,138 106,657,626 -5.1
99,036,931
71,549,787
Total Other West_
122,927.267 142,361,235 -13.6 114,688,592 104,057,726
704,294,987 -10.6 1,748,699,024
629,708,272
1,838,775,155 -4.9
St. Louis
332,857,081 -2.7
323,796,308
979,882,240
912,428,785 +7.4
66,472,131
58,323,643
69,022,007
-3.7
63,617,486
New Orleans
87,231,859, -4.2
83,567,767
259,206,939
16,729,480
279.217,195 -7.2
18,556,910 -9.8
13,916,144
14,730,289
Louisville
59,095,8391 +3.8
61,331,858
189,548,015
12,542,182 +1.7
11,040,013
13,916,867
12,758,875
185,940,944
+1.9
Houston
53,658,226 -7.8
49,484,868
154,433,423
168,904,965 -8.6
13,081,860 -18.7
10,633,892
10,781,392
14,989,440
Galveston
27,330,500 -3.6
26,347,500
99,243,000
87,125,000 +13.9
5,716,000
5,595,000
6,644,500
+16.2
6,123,000
Richmond
34,505,479 -4.9
32,810,280
97,483,704,103,055,449 -5.4
7,000,000 -2.2
6,842,450
6,000,367
5,329,115
Fort Worth
30,297,860 -17.6
24,970,221
83,557,218
85,805,048 -2.6
6,555,395 -27.2
4,774,564
6,280,896
4,750,000
Memphis
32,637,538 -9.7
29,478,022
96,455,091
90,924,454 +6.1
6,854,957 -18.7
4,850,604
5,574,585
4,778,803
Atlanta
51,729,065
47,031,966 +10.0
165,444,624
147,042,679
+12.5
9,617,297
4,802,342
10,100,355
+5.0
4,252,585
Savannah
17,023,992 -6.1
18,070,813
63,52:3,487
55,309,024
+14.8
+6.5
3,756,031
4,002,335
3,377,605
3,271,039
Nashville
17,401,044 -6.2
18,473,993
53,300,196
50,746,634 +5.0
4,185,086 -1.8
3,792,928
4,107,468
2,931,329
Norfolk
12,787,636 -6.2
13,583,474
40,403,180
2,716,604
37,077,321
2,625,534 +3.5
+9.0
2,323,120
1,778,973
Birmingham
11,003,497
10,785,445 -2.0
33,463,534
32,883,70.1
2,511,664
+1.8
2,177,694
-13.3
1,856,103
1,789,667
Augusta
9,160,887 +17.2
10,738,861
34,424,975
27,407,921
1,927,474
+25.2
+1.0
1,907,807
2,059,327
1,373,737
Jacksonville
10,871,683 +16.2
12,630,337
36.877,380
30,927,233 +19.2
2,339,419
1,454,693
2,775,364 -15.7
1,731,040
Mobile
+7.6
6,787,386
6,305,061
20,284,650
1,355,885
19,225,796
5.5
1,179,252
1,456,940 -6.9
1,474,278
Knoxville
7,631,743
7,335,437 +4.0
22,671,828
21,058,854
1,408,348
1,471,811
7.7
1,567,048 -10.2
1,531,856
Little Rock
8,009,773
7,737,533 +3.5
23,862,553
22,649,417
1,551,829
5.4
1,213,880
1,440,874
1,560,597
+7.7
Chattanooga
7,983,252
7,622,476 +4.7
24,066,232
22,771,941
1,548,451
5.7
1,090,506
1,354,979 +14.3
1,173,503
Charleston
7,968,042
7,835,116 +1.7
24,269,288
1,496,638
23,655,733 +2.6
1,041,407
1,184,556
1,320,941 +13.3
Oklahoma
9,130,058
10,206,902 -10.15
29,081,497
28,670,126 +1.4
1,656,350
984,088
1,611,599
2,257,552 -28.6
Macon
13,879,175
4,413,032 +214.5
46,924,041
14,410,500 +225.6
495,005
+194.6
2,872,168
704,437
975,000
Beaumont
2,459,821
2,871,440 -14.3
7,458,168
8,347,482
10.6
Austin
15,606,295
10,158,919 +53.6
35,336,945
20,678,355 +70.9
600,784
2,623,409
762,853
1,010,196
+159.7
Wilmington, N.C_ 3,251,198
2,359,555 +38.7
10,080,631
6,743,155 +49.5
595,238
325,000
318,791
476,928 +24.9
Vicksburg
1,239,834
1,518,202 -18.4
4,950,928
4,552,202 +8.7
242,574
279,712 -13.3
279,336
289,083
4,443,823
Columbia
4,000,950 +11.1
13,155,711
11,624,455 +13.2
1,652,935
Columbus, Ga
1,566,883 +5.5
6,164,004
4,896,600 +25.9
*Guthrie
884,880
1,521,673 -41.9
3,308,596
4,846,876 -31.7
'
Valdosta
837,134
781,010 +7.2
2,659,156
2,443,025 +8.8
1,884,253
Jackson, Miss
2,857,133 -34.1
8,550,713
307,318
6,761,061 +26.5
350.000 -12.2
286,000
Meridian
1,358,253
1,431,523 -5.1
4,587,748
293,319
3,999,000 +17.7
297,071 -1.3
250,111
Tulsa
2,839,000 Not Included In total
7,991,000 Not included in total
511,709 Not included n total
Muskogee
3,326,140 Not Included in total
6,462,551 Not included in total
664,333 Not Included In total
El Paso
5,196,185 Not Included in total
15,142,768 Not included in total
Lawton
735,888 Not Included in total
2,255,996 Not included in total
Total Southern
- 19 --833,199,880 -0.62 2,674,659,696 2,522,220,01.
863,025 5
+
6:6 -173,753,353 178,495,335 -3.2 159,954,40 141,232T6T6
Total all
. 13,449,027,400 15,050,758,598 -10.6 40,176,745,747 45,359,443,483 -11.4 2,861,320,077 3,369,611,683 -15.1 3,366,547,694 2.472.726,910
Outside New York . 027.426,496 fr.-06
---7
-E9 16,728,730.825 16.913.043.8284- 7475-7.15-71-1 11:209,86TX.19 1,330,743.0907071.1.142-.15T10 1,044,564.192
Dr Total Clearings by Telegraph and Canadian Clearings on page 931.




910

THE CHRONICLE

[VOL. Lxxxxn.

tempt to restrain trade and prevent competition, and
THE FINANCIAL SITUATION.
were therefore void. The Supreme Court, in holding
Contrary to general expectation, no decisions were the contracts illegal, applied the well-established prinhanded down on Monday by the U. S. Supreme Court ciples of the common law which affords protection to
in the cases involving construction of the Sherman public rights."
A somewhat similar case was decided three years
Anti-Trust Law of 1890. The probability is that there
conso
in an action where R. H. Macy & Co., of this city,
for
the
reports,
ago
was never the slightest reason
to be governed by the requirements of the
refused
that
the
conclusions
week,
previous
fidently made the
of a copyrighted novel that the book must
publishers
announced
trust
cases
would
be
these
of the Court in
at retail at less than one dollar for each
sold
be
the
Supreme
of
not
action
contemplated
for
on Monday,
case was reviewed in our issue of June 27
That
of
what
copy.
News
in
known
advance.
never
Court is
entirely on the question of what interrested
and
1908
do,
or
is
to
tribunal
doing,
intends
judicial
that high
be given to the copyright law. We
to
was
pretation
asserts
to
who
he
leak
out.
allowed
Therefore,
is never
that the facts of that case were not
time
the
at
or
noted
the
outcome
when
knows,
to
pretends
know,
he
that
necessary for the Court to decide
it
make
to
as
represena
such
he
is
to
case
be
given
declared—be
any
in
tative of one of the press associations or the mouth- whether a publisher may or may not, by contract or
piece of some lesser concern—is simply retailing for agreement, fix the price at which a book published by
popular consumption the products of a very fertile him may be sold at retail. The present case goes much
imagination. The trust decisions may come next further than this, and apparently removes all doubt
Monday, or they may come next month, or, yet again, that attempts on the part of a manufacturer or prothey may not come till next autumn,or even next year. ducer to fix prices after he has made a sale and has
Every one's prescience is equally unreliable when it parted with the goods will not be sustained.
The manufacturer is left perfectly free to fix the
comes to venturing a guess that shall be worth anything on that point. It is to the credit of the Court price in the first instance, and can, of course, refuse to
that the inviolable secrecy which surrounds its delib- sell to anyone not satisfied with the price named, but
when he goes further than this and attempts to say at
erations cannot be penetrated by any one.
In the meantime we have had a decision applying what figure those who buy from him shall dispose of the
the principles of the common law to a case of restraint goods, he runs counter to the principles of the common
of trade which has hardly less wide interest than an law. The opinion was by Justice Hughes, and he
adjudication will have in the trust cases. This deci- was careful to point out that neither the patent law
sion deals a blow at attempts to regulate prices of nor the copyright law was involved in the proceedings.
goods or commodities after the producer has parted Here are two pzragraphs that may be quoted with
with them. It often happens that a manufacturer advantage as showing the points of the decision:
will, for the purpose of protecting those who deal with
"The present case is not analogous to that of a sale
him, and also to maintain a fixed schedule of prices, of good-will, or of an interest in a business, or of the
make it a condition that there must be no cutting of grant of a right to use a process of manufacture. The
its
prices either by wholesaler or retailer in sales to the complainant has not parted with any interest in has
It
or
of
business
production.
instrumentalities
comply.
to
consumer on severe penalties for refusal
conferred no right by virtue of which purchasers of its
Such agreements the Court holds are void because in products may compete with it. It retains complete
control over the business in which it is engaged, manurestraint of trade.
The case was that of the Dr. Miles Medical Co. facturing what it pleases and fixing such prices for its
against the John D. Park & Sons Co. The Miles Co. own sales as it may desire; nor are we dealing with a
single transaction, conceivably unrelated to the public
is a manufacturer of proprietary medicines under
interest. The agreements are designed to maintain
trade-marks. It requires wholesale dealers to sign a prices after the complainant has parted with the title
contract with it to sell the Miles Co. goods at certain to the articles and to prevent competition among those
fixed prices. For this purpose the wholesale dealers who trade in them.
are termed consignees of the Miles Co. and the con"The complainant's plan falls within the principle
tract requires that the goods shall be sold only to such
condemns contracts of this class. It in effect
which
full
the
the
goods
at
prices
retailers as will agree to gell
creates a combination for the prohibited purposes.
marked on the packages. The John D. Park & Sons No distinction can properly be made by reason of the
Co., who are wholesale druggists at Louisville, Ky., particular character of the commodity in question. It
refused to be bound by this arrangement. The Medi- is not entitled to special privilege or immunity. It is
the
cal Co. thereupon filed a bill in equity to prevent the an article of commerce and the rules concerningdoes
Nor
to
apply
held
to
be
it.
of
must
freedom
trade
drug concern from selling the goods at cut prices in the fact that the margin of freedom is reduced by the
violation of the selling contracts with the agents. control of production make the protection of what reThe lower courts held that equity powers could not be mains in such a case a negligible matter, and where
invoked, as the contracts were illegal. This is the commodities have passed into the channels of trade,
view taken also by the Supreme Court. Alton B. and are owned by dealers, the validity of agreements
and to maintain prices is not
Parker, formerly Chief Justice of the New York Court to prevent competition
to be determined by the circumstances whether they
of Appeals, was counsel for the Park Co.,and he sums were produced by several manufacturers or by one, or
up the gist of the decision in these words: "The de- whether they were previously owned by one or by
fence in the Miles case rested on the ground that the many. The complainant having sold its products at
entitled to
contracts described in the complaint by which the prices satisfactory to itself, the public iscompetition
derived
from
may
be
advantages
whatever
manufacturer attempted to control the prices of his
in the subsequent traffic.
products, not only in the hands of the wholesaler but
We notice that Edmond E. Wise, of the law firm
that of the retailer, and finally fixed the price which
should be paid by the consumer, constituted an at- of Wise & Seligsberg, who represented R. H. Macy




APR. 8 1911.

THE CHRONICLE

& Co. in the "book trust" case, is quoted as expressing
the belief that a contract made directly between the
manufacturer and a retailer that the latter will sell the
articles at a certain price is not an illegal contract.
He says that if such a contract contains a provision for
a penalty upon a breach of the contract, the penalty
could probably be enforced. He is, furthermore, of
the opinion that in case of a breach, a manufacturer
could refuse to sell to the retailer, and that no court
could compel him to resume commercial relations, providing that the contract and termination of the relations were not a part or parcel of a general combination. Should, however, a number of wholesale distributers, at the request of a manufacturer, refuse to
sell a certain article to the retailer, and thereby cripple
him in securing a supply of the goods, he believes that
the retailer would have a perfect right of action in
equity or under the Sherman Law.
Justice Holmes alone filed a dissenting opinion, in
which he made some pertinent observations on the
undue importance attached to the value of competition in the production or distribution of any article
as fixing a fair price. As, however, he occupies solitary ground in this, his utterances, unfortunately, are
of little avail.
The iron and copper statistics for the month of
March, made public this week, do not betoken a very
flourishing state of things, though they are not without slight encouraging features. The "Iron Age"
makes the output of pig iron for March 2,188,161 tons,
as against only 1,794,509 tons in February and 1,759,326 tons in January. The rate of production was
70,586 tons a day in March, against 64,090 tons a day
in February. As the gain, however, was due entirely
to the increased production of the steel companies,
the so-called merchant furnaces having turned out
only 21,616 tons per day, against 21,741 tons, and as
the United States Steel Corporation reported a falling
off in new orders booked for its products from 40,000
tons per day in February to 30,000 tons per day in
March,the larger pig-iron product for March can hardly
be looked upon as indicating any actual advance in
business activity. The figures would seem to indicate that the managers increased their make of iron,
counting upon an enlarged demand for finished products of iron and steel; but that they have been disappointed in their expectations, the volume of orders
having decreased instead of increasing.
In the case of the copper statistics the feature is,
again, an increase in the accumulated stocks of the
metal. In the first two months of the year these
stocks rose from 122,030,195 lbs. to 156,637,770 lbs.
During March there was a further addition to 162,007,934 lbs. The trouble here has been the large production. For March this is reported at 130,532,080
lbs., which is the largest of any month in the history
of the copper trade. It is evident that, notwithstanding the low price of the metal, the bulk of the producers find a profit in turning it out. Domestic consumption and export demand alike were on a liberal
scale, both recording a substantial increase as compared with the month last year. Had it not been,
therefore,for the magnitude of the output,there would
have been no addition to stocks this time. In the following we furnish our usual statistical comparisonfor March
and for the three months since the first of January:




911

—Jan. 1 to Mch.
March
1910.
1911.
1911.
1910.
Stocks beginning period____Ibs_158,1337,770 107,187,992 122,030,195 141,766,111
Production
130,532,080 120,067,467 356,056,968 349,327,247
Total supply
Deliveries for—
Domestic consumption
Export

287,169,850 227,255,459 478,087,163 491,093,358.
66,080,789 62,844,818 158,678,344 207,621.527
59,081,127 40,585,767 157,400.885 159,646,957
12,5,161,916 103,430,585 316,079,229 367,268,484

Stocks end of period

162,007,934 123,824,874 162,007,934 123,824,879

The foreign visible supply of copper continues to
decline, and on April 1 was reported at 183,093,120lbs.,
against 187,705,280 lbs. Jan. 1 and 249,607,680 lbs.
on April 1 of last year.
In the first two days of the speeial session of this
Congress some 500 bills appeared in the House alone.
One of them is a bill "to provide revenue for the Government by levying a special excise tax with respect
to doing business by persons." It provides that every
person resident in the United States, the District of
Columbia or any Territory "shall be subject to pay
annually a special excise tax with respect to the carrying on or doing business by such person" amounting to
one per cent upon the entire net income above $5,000
"received by such person from all sources during such
year." Non-residents are to pay the like tax on income "received by such person from business transacted and capital invested within the United States
and Territories, Alaska and the District of Columbia."
As to both residents and non-residents, amounts received as dividends on stocks of corporations "already
subject to a tax similar to the one hereby imposed"
are exempted.
Whether this is offered seriously, as an advanced and
progressive means of obtaining more revenue against
the ever-widening spread of Government undertakings
and expenditures, or only as calling public attention
to the drift of the times, does not clearly appear.
What prospect there may be of such a proposition
being pushed seriously it would be useless to conjecture.
The Supreme Court having unanimously decided that a
tax levied upon income, measured by income and not
exacted in any particular case unless a specified minimum income has been received, is nevertheless not an
income tax when it is called by some other name, nobody can deny that it would be a natural and consistent sequel if another law, following the phraseology
which is held to take the tax outside the Constitutional
provision, should apply to the people as individuals
the same treatment which has failed to interest so
many of them when applied only to corporations. If
the privilege of doing business is lawfully and justly
subject to an excise tax, so-called, it will not be easy
to draw a clear line of distinction anywhere. This
bills as worded is certainly inclusive, for it declares
the word "business" as used to embrace "all trades,
professions, employments and activities which occupy
the time, attention and labor of persons for the purposes of gain or profit, including the receipt by any
person of gains or profits from any source whatever."
This might be interpreted as "any gainful occupation," and since it takes a hint from the pending Income Tax Amendment and adds "from any source
whatever," the only persons, of either sex, not covered by it would be those supported in some public in
stitution or occupied in tramping along the roads
The very large number of persons who are somewhat
more than willing to see the rich thrust under the
screws,and were indifferent to the corporation-income

912

THE CHRONICLE

Lxxxxu.

to the National Congress, which opened last Saturday,
the President outlined at great length reforms he is
agreeable to see introduced. The President read his
message, it was declared, in a voice that dispelled
doubts as to his physical vigor.
President Diaz was careful to profess no desire to
appease rebels in arms, yet most of the reforms endorsed by him are in accordance with the demands
their sympathizers. This conConservative investors in various countries are feel- of the insurrectos and
the Opposition an admission
of
mind
ing more or less alarmed over • governmental tenden- stitutes to the
for striving to bring about
tion
justifica
cies, and had not the authorities in the United States that there was
ental system of the
governm
the
in
shown hostility to vested interests, the probability is a drastic change
d that the country
concede
t
that 'there would have sprung up an extensive Euro- Republic. The Presiden
by the same group
ely
d
indefinit
pean demand for our securities. British investors should not be governe
personal qualificatheir
high
how
have had to face expensive socialistic legislation, con- of men, no matter
of no re-election
principle
the
stantly increasing expenditures for armaments and a tions, and admitted that
vote would, if
popular
by
constitutional crisis of the most disturbing possibilities. of public officials elected
ed by the
y
support
earnestl
be
,
In Germany the Emperor's military and naval ambi- brought up in Congress
the privthat
ed
advocat
further
tions have entailed enormous outlays, and a conse- Administration. He
citizens
those
all
to
d
extende
be
quent strain upon taxpayers and upon capital. And ilege of the ballot
other
In
voting."
of
capable
ed
now French investors are reported to have become un- "who are consider
mathe
of
right
the
es
recogniz
Diaz
t
easy over the policy favored by the new Monis Minis- words, Presiden
rators
administ
of
election
the
the
g
railupon
jority to ,insist
try. The Premier lost no time in placatin
of office-holders
way employees who were dismissed at the instigation agreeable to it rather than to a clique
will. Mexico's
public
the
to
e
of
the
not
handling
amenabl
strictly
of ex-Premier Briand in course of his
system of govfree
a
for
seekis
provides
tion
amply
money
Constitu
strike. Cable advices state that French
United States,
the
in
force
in
ernment
that
d
that
to
similar
suggeste
ing outlets in foreign fields, and it is
of exerciscapable
are
people
this
the
whether
but
Mexican
hope
American securities will be favored. We
to be
remains
wisdom
le
this
ing
with
reasonab
privilege
authoriFederal
may be so. Bue we confess that our
afforded
be
can
ration
a
rated.
Such
demonst
indemonst
the
for
ties have shown inadequate consideration
ly the aged
terests of our great transportation and industrial or- only by an actual trial. And apparent
will consent
he
is
t
the
where
point
reaching
Presiden
-State
Inter
the
ganizations. The recent decisions of
The soof
things.
a
of
in
new
order
ushering
the
to
from
s
railroad
the
Commerce Commission, prohibiting
a
has
issued
t,
Madero,
nal
Presiden
Provisio
called
a
in
showing
are
increasing freight charges, are, as we
in
of
fighting
tion declaring: "No cessation
series of special articles, based upon a fundamental proclama
of the
is
out
or
forced
resigns
Diaz
until
Mexico
burThe
case.
the
of
misconception of the true facts
s are Presidency."
dens that are being heaped upon the railroad
report
the
in
McCrea
James
•pointed out this week by
Public enthusiasm over President Taft's recomof the Pittsburgh Cincinnati Chicago & St. Louis Railthe
of
meaning
the
defining
mendation that a peace treaty be entered into between
way. Then the delay in
Sherman Anti-Trust Law is naturally restraining in- the United States and Great Britain has not abated in
vestors from purchasing the securities of corporations the slightest, notwithstanding the disparaging statedoing a large inter-State business. Should the Su- ment of the German Chancellor. Our State Department
preme Court decisions prove satisfactory, and should and the British Ambassador at Washington are now
the Commerce Commission by and by see the justice engaged in drawing up an arbitration treaty covering
of railroad applications for better rates, there would be the ground outlined by the President and so cordially
solid reason for anticipating generous investment of endorsed by the British Government. Public meetings
foreign capital in our bonds and stocks, for public were held last Saturday and Sunday in all the cities
hostility has now subsided and affairs are being con- of the United Kingdom, while in most of the churches
ducted on a plane that should meet with general ap- peace was the text of ministers. Speaking in the
probation.
famous Whitefields Tabernacle, Augustin Birrell,
Chief Secretary for Ireland, after quoting "There is
Peace and order have not yet been established in a tide in the affairs of men," said: "To-day there is
place of rebellion and chaos in Mexico, nor is a perma- a great tide and peace wave rolling across the Atlantic.
nent settlement of the trouble definitely in sight. It ought to be taken at the flood." He characterized
Negotiations are one day reported to be in progress, Bethmann-Hollweg's speech as "below the grandeur
the next denials are issued. Fighting, meanwhile, of the theme," yet it contained passages of hope.
continues, with desultory consequences. American
President Taft's brother, Henry W. Taft, presided
'troops are maneuvering on this side of the border over a large gathering in the Metropolitan Temple,
and no intimations of prospective intervention have Seventh Avenue, and, along with other speakers,
come to hand this week. What the final outcome of advocated international arbitration. He said:
the whole imbroglio may be is still a matter for con"A treaty is in the course of preparation, and is to
jecture, but there are increasing signs that the Diaz be proposed to England by our Secretary of State. The
regime will shortly pass, irrespective of the success or proposal of our President has stimulated a movement
failure of the Madero insurrection. The unbending of in favor of universal peace which is gaining momentum
President Diaz, in fact, has been the only interesting every day in this country and in England. It promises
development of the week. In his semi-annual message soon to become irresistible.

tax because it was shot abeve their own heads, may
congratulate themselves over the proposed rate of
exemption in amount. But when the "principle" is
once adopted, and the income tax, once regarded as
reserved for extraordinary emergency, has been accepted as a regular burden) what guaranty can be had
that the minimum will not lower?




APR. 8

1911.j

THE CHRONICLE

"The duel, though it was accepted as a means of
settling private disputes only a century ago, is now
considered not only illegal but immoral. The settlement of disputes between nations by arms will fall
under the same condemnation within some measurably
short time. Any question arousing deep feeling or
momentary anger among the people of a country can
easily be twisted into a question of national honor.
"The immediate result of the present movement
promises to be an arbitration treaty with England
covering all questions. Such a treaty would be an
object lesson to the entire world, and would have a
widespread influence. I should expect soon to see
France and other nations yielding to the growth of this
sentiment in favor of universal arbitration and gradually—perhaps within the lives of many of those present
—we should be permanently at peace with all the
nations of Europe, and, let us hope, with the principal
countries of the East."
The New York Chamber of Commerce on Thursday
adopted a resolution advocating adjudication of
controversies between nations by arbitration, and
asking the co-operation of the chambers of commerce
of France and England. The resolution concluded
with these words: "The Chamber of Commerce has,
ever since its organization, in the eighteenth century,
been a consistent and persistent advocate of arbitration
of all disputes, mercantile, labor and between nations.
Having recently re-established, in its own organization,
a system of arbitration between merchants, it seems
fitting that it should now throw the weight of its influence as an association of business men in favor of
these auspicious movements for the arbitration of all
controversies between the United States and England,
France and other leading nations."
Bank clearings for the month of March and the first
quarter of 1911, as given in detail on the first page of
this issue, furnish added evidence of the let-up in mercantile and industrial activity that has been a feature
of our affairs since last summer. Noticeable at first at
New York and some of the other large cities, it has
gradually spread until in March, as the clearings for
that month indicate, the volume of business passing
was less than last year in most sections of the country.
It is to be explained, of course, that the less favorable
results at New York, Boston and other financial centres is due in part to the considerable shrinkage in
stock dealings, various causes, including the decision
of the Inter-State Commerce Commission in the rate
matters, having operated as a serious cheek to investment in railroad properties. Curtailment of production of cotton goods, which has been in progress for
some little time, has become more pronounced of late.
In view of prevailing conditions, it is not a cause for
surprise that practically half of the 143 cities which
make up our compilation 'report clearings for March
1911 less than for the same month of 1910. Favorable
elements in the current situation are the reduced cost
of food and the apparently promising crop outlook.
The total of clearings for March this year at the 143
cities is $13,449,027,400, a decrease from the month of
1910 of 10.6%, which is shared in by 71 places. Compared with 1909, however, there is a gain of 6.6%.
For the first quarter of 1911 the loss as contrasted with
1910 is 11.4%, but an increase of 6% is recorded over
1909. At New York, in consequence of the diminished magnitude of Stock Exchange transactions, the
decline is much greater than in most other parts of the
country, reaching 15.8% for the month and 17.6%



913

for the three months, as compared with 1910; but
showing gains of 1.8% and 0.8%,respectively, over
1909. Outside of this city the exhibit is less unfavorable, although there are declines from 1910 of 2.9%
for the month and 1.1% for the, quarter. Contrasted
with 1909, there are increases of 13.5%and 14%, respectively. As regards the various groups into which
our compilation is divided there is little to be said.
Losses from 1910 are shown in each, but of only nominal amount at the South and on the Pacific Coast.
Stock and bond transactions were of much smaller
volume in March than in February or January. In
fact, at New York they were the smallest for the corresponding month in any year since 1897 and less than
in any month since June 1904. On the New York
Stock Exchange only 6,823;868 shares were dealt in
during the month, and the quarter's operations covered but 27,434,611 shares. These compare with
14,988,179 shares and 55,539,154 shares, respectively,
in 1910 and 13,650,595 shares and 43,263,294 shares
in 1909. Bond dealings, however, owing to greater
activity in State and city securities, were a little
heavier this year than last year for the quarter, and
bank stocks for investment were much more freely absorbed than in 1910. At Boston transactions in stocks,
as at New York, were much less this year, the three
months' dealings having been only 1,656,421 shares,
against 4,523,833 shares for the period in 1910; but the
aggregate of bonds dealt in exhibits a moderate gain.
Canadian bank clearings make much better exhibits.
For thirteen of the fourteen cities (the exception being Halifax) for which comparative figures are obtainable, the March aggregates and those for the three
months mark new record, totals. Furthermore, conspicuously large percentages of gain are recorded at
Calgary, Victoria, Edmonton and Regina. The aggregate of all the cities for March, at $555,787,194,
records an increase of 17.2% over the month in 1910,
and for the three months the excess reaches 13%.
Compared with 1909 the gains are 47.6% and 42.3%,
respectively.
The exhibit of commercial failures for March and
the first quarter of 1911, while not calling for very
extended comment or elucidation, discloses features
that are of interest as part of the history of current
times. The statement for the latest month—March—
is less favorable as regards amount of liabilities than
that for the period in either 1910 or 1909, and the
quarterly result is less satisfactory, with few exceptions,
than for the corresponding three months of earlier
years back to 1875. There is, however, a distinct
improvement for the quarter compared with 1910 in
the insolvent indebtedness, this showing an appreciable decrease. That fact, in the face of the falling
off in general business activity, as contrasted with
1910, in many important localities, which our statement of clearings indicates, gives to the failures exhibit a more encouraging aspect than it would otherwise possess. It is to be noted, moreover, that 1911
has witnessed a very decided shifting of the base of
the great volume of failed liabilities. Last year, it
will doubtless he remembered,, the large increase in
indebtedness over 1909 was mainly in New York State
and primarily in this city; this year the falling off in liabilities is wholly accounted for by the decrease here of
$21,366,401,the country outside of New York recording

914

THE CHRONICLE

[VoL. Lxxxxm

an augmentation in the volum of debts of $7,939,008. tendered his resignation to King Alfonso. The King
This Messrs. R. G. Dun & Co. take to indicate that the hurried from Seville to Madrid and requested the
same forces which produced a rather unfavorable Premier to continue in power. The position was reexhibit in the East last year are in 1911 producing garded as fraught with the most alarming possibilities,
for no other figure in Spain commands general confisomewhat similar results in the West.
on
conclusions
dence, and public sentiment has never recovered from
Messrs.
and
remarks
our
We base
and
March
the
for
the shock produced by the execution of Ferrer.
first
compilations
Co.'s
Dun &
Premier Canalejas consented to resume office only on
this
The
week.
issued
month's
1911,
of
quarter
statement shows the number of diasters to have been the condition that he should exercise an entirely free
1,124, representing debts of $18,474,641 in 1911, hand in selecting his colleagues, a stipulation that His
against 948 and $13,628,571 the previous year, 1,274 Majesty gladly complied with. On Monday the new
and $13,718,052 in 1909 and 1,339 and $21,542,106 Ministry was announced as follows:
in 1908. In all the various divisions the liabilities
Premier, Jose Canalejas y Mendes; Foreign Affairs,
reported are greater than in the month of 1910 or Garcia Prieto; Interior, Ruiz Valarino; War, General
190). For the first quarter of the current year, De Luque; Marine, Senor Pidal; Justice, Senor Baroso;
however, the aggregate liabilities are much less than Public Works, Senor Gasset; Public Instruction, Senor
Gimeno; Finance, Senor Rodriguez.
for the like period of last year, although considerably
On the following day the new Cabinet attended the
in excess of 1909, the comparison being between
$59,651,761 and $73,079,154 and $44,460,950. The sitting of the Chamber of Deputies, when the Premier
only totals of liabilities for the first quarter prior to declared that he would continue to carry out the pro1909 that exceeded the current aggregate were those gram of the preceding Ministry. The Government had
of 1878, 1888,, 1894 and 1908. Furthermore, in a no objections to discussion of the Ferrer case, but
majority of the last 36 years the indebtedness for the would insist that parliamentary regulations be refirst quarter was less than 40 millions of dollars, with spected. This case has threatened to involve Spain
in troubles similar to those which the Dreyfus affair
the low record $12,777,074 in 1880.
Turning to a consideration of the failures by branches inflicted upon France; but the country may be delivof business in the first quarter, we find a better situation ered from serious disruption by the diplomacy, the
among manufacturers than in 1910, the indebtedness firmness and the popularity of Canalejas, who is
reported for the three months this year having been looked upon as the only alternative to a military
millions of dollars, against 2714 millions. government.
only 23
Trading liabilities, on the other hand, were much
The new Premier of Italy, Giovanni Giolitti, outheavier this year than last, the contrast being between
299 millions and 23% millions; the current total, lined his policy to Parliament on Thursday. He
moreover, is greater than for any recent year except placed prime importance upon electoral reforms, and
1908. Among brokers, &c., however, a very distinct said that the Government would advocate the granting
improvement over 1910, indicating much more favor- of the franchise to all who had performed military
able conditions in financial classes, is revealed by the service or males who had reached the age of thirty.
quarter's failures, the 1911 debts being placed at only Compulsory pensions for workmen would be intro$6,348,800, against $22,007,114 in 1910. On the duced, but, though the nation's financial situation
other hand, it must not be forgotten that last year's was good, a check would be placed upon the growth
result was decidedly exceptional,the debts of brokers, of expenditures.
&c., being abnormally swelled by such failures as ' The resignation of M. Guchkoff as President of the
those occasioned by the collapse of the Columbus & Douma was followed by the. election on Tuesday of
Hocking Coal & Iron pool, which alone accounted for M. Rodzianko, a land owner, an ex-Colonel of Hussars,
a Conservative and formerly a prominent Zemstvo
nearly 9 millions of dollars of liabilities.
thus
Cariada,
far
this year is worker. The victory of this candidate over M.
The failures situation in
ago,
year
both
as regards Alexeinko, a Liberal, who was supported by the
a
very much better than
of
amount
indebtedness. Opposition parties, is construed as meaning a fatal
number of insolvents and
1911
31
March
the
number of blow to the anti-Stolypin agitation in the Douma.
For the quarter ended
of
average
recent
the
years, The new President, in his opening speech, expressed
failures reported is below
similar
of
the
period
1910 his faith in the vitality of representative institutions,
367 comparing with 426 for
and concluded by stating that the Douma could now
year's
this
Furthermore,
liabilities
and 425 in 1909.
are lower than for any year since 1904, reaching only proceed confidently with its important duties.
$2,876,705, whereas last year they were $4,021,584
The United States does not stand alone in seeking
and in 1909 totaled $4,814,627. It is to be noted,
moreover, that in the manufacturing division the 1911 to re-arrange tariff schedules. On the day Congress
ndebtedness is comparatively small—$774,445,against met in special session called by President Taft ex$1,747,225 in 1910—and in the miscellaneous branches pressly to consider a reciprocity agreement with
eaches a merely nominal amount—$19,000, as Canada a commercial treaty between Japan and this
compared with $35,936 in 1910 and $897,233 in 1909. country was ratified; the cables brought the informaTraders' liabilities are, of course, much higher, aggre- tion that a new Anglo-Japanese treaty had been
gating $2,083,260; but even that total shows an arranged involving reductions in favor of Great Britain
on 80% of the duties imposed, and the Dutch Parappreciable decrease from both 1910 and 1909.
liament has been called upon to pass upon a GovernCabinet after cabinet has been resigning in Europe. ment measure imposing moderate protection. The
Scarcely had Italy emerged from a Ministerial crisis I opening of Congress, President Taft's message recomwhen the Premier of Spain, Jose Canalejas y Mendes, mending reciprocity, the attitude of both political



APR.8 1911.j

THE CHRONICLE

parties and other matters bearing upon the tariff outlook in this country are commented upon in an article
elsewhere in this issue. The signing of our treaty with
Japan was made the occasion of a luncheon given by
the Japanese Emperor in honor of American Ambassador O'Brien and congratulatory messages were exchanged between the Emperor and President Taft,
incidents which are regarded as peculiarly significant
just at this juncture, when so much has been said of
strained relations between the two nations as a result
of developments in and around Mexico.
Japan's treaty with Britain provides for reductions
of duties on the principal textile and metal products
imported from the latter country. Other (minor)
classes of merchandise are embraced, while Japanese
manufactures will continue to be admitted to the
United Kingdom duty free. The treaty, it is stipulated, shall remain in force twelve years.
The Dutch tariff law, which has not yet been passed,
is roughly described as providing that half-manufactured goods be subjected to an ad valorem duty of
from 3 to 6%,articles nearly finished to a 10% charge
and wholly finished products to a levy of 12%. Wheat,
coal, minerals, yarn and petroleum remain on the
free list. The Government reserves the power to use
retaliatory measures against foreign nations should
necessity arise. It is proposed to use the new income
(estimated at about $4,000,000) for the payment of
old-age pensions.
London discount rates have moved contrary to
expectations in that they are distinctly higher at the
end of the first week of April than they were in the
closing days of the quarterly period. Exports of gold
to Egypt and to India do not wholly explain the
advance, nor can the reason be found in Stock Exchange operations,for these have been uneventful. In
the same way the foreign exchanges have not been
responsible. Apparently too many bankers and
brokers calculated upon being able to secure very low
rates immediately after March 31. At all events, the
tendency throughout the current week has been
8% was
/
towards a higher level, until yesterday 23
quoted for sixty-day. and 23/2% for ninety-day spot
4%. In
bills; the charge for all bills to arrive was 23
Berlin, on the other hand, money has become easier,
notwithstanding the strain that was entailed upon the
Imperial Bank. The last statement showed a decrease in cash of $41,796,000,an expansion of $141,130,000 in note circulation, an increase in discounts of
$106,070,000 and an addition of $50,384,000 to loans.
4%, as conBills can be negotiated in Berlin at 27
Money
trasted with a spot rate last week of 3
has remained steady at Paris on the basis of 214%.
although at the close yesterday the tone was easier.
The Bank of France on Thursday recorded a loss of
$2,200,000 gold and an increase in note circulation of
$12,475,000, but discounts were reduced $24,755,000,
and general deposits fell off $32,840,000. The Amsterdam rate has declined to 338%, while Brussels has
4%. No changes were made in any
moved down to 25
of the European Bank rates this week, nor are reductions looked for immediately at any of the leading
centres, though the difference between the 4% minimum of the Reichsbank and the private rate in Berlin is
so great that a 33/2% official quotation may have to
be named by and by.




915

The Bank of England was not called upon to meet
any competition in the open market for gold on
Monday. Of the £700,000 offered,it took £600,000 at
the Mint price, the balance going to India. Our
special correspondent in London cables us that the
Bank had to ship £100,000 to India and £100,000 to
Egypt. As this came coincident with the heavy April
demand for the interior of Great Britain, the result
was that the weekly statement, issued on Thursday,
showed a decrease of £1,745,779 in bullion and a loss
of £2,319,070 in total reserve. Had there been no
curtailment in liabilities, the percentage of reserve
would have fallen radically, but the returns show
that loans were cut down by £1,297,060 and that
Government deposits fell no less than £5,599,018.
This last change was due mainly to the very large payments which the Chancellor of the Exchequer regularly
makes at the end of the fiscal year. Ordinary deposits
increased £2,605,072, or almost half the loss in public
deposits. The ratio of reserve to liabilities declined
from 46.71% last week to 45.23% this week. This
figure is below the average, but compares very favor3%. Since
/
ably with the showing of a year ago-391
the figures were compiled, the Bank has bought £247,000 gold bars in the open market and has sent small
amounts of sovereigns to Paris and also to South Africa.
It is expected that Egypt will take an additional shipment of £200,000 to-day. Our correspondent furnishes
the following details of the gold movement in and out
of the Bank for the Bank week: Imports, £397,000
(of which £17,000 from Australia, £5,000 from Rio de
Janeiro and £375,000 bought in the open market);
exports, £220,000 (of which £100,000 to Bombay,
£100,000 to Egypt and £20,000 to South Africa), and
shipments of £1,923,000 net to the interior of Great
Britain.
The principal banking interests in New York have
striven to maintain interest and discount rates on a
moderately profitable level,but their efforts have not
been entirely successful. Call money has ranged each
day between 2 and 23/2%, sixty-day loans have been
obtained at 23/2%, six months' facilities at 3% and
over-the-year loans at less than 4%. The ruling rate
for call loans was only 234% on Wednesday and
Thursday. At this figure several of the leading banks
and trust companies will not enter the market, as they
contend that the margin over the rate paid depositors
does not compensate them for the 25% which must be
kept on reserve, to say nothing of the expenses incidental to handling this business. These same lenders
have endeavored to keep commercial paper on a 4%
minimum, but here also they have succeeded only indifferently, for the best drawers have latterly experienced little difficulty in obtaining accommodation
at a lower figure. Rather than grant the low terms
bid for time loans, concessions have been granted in
respect to the class of collateral accepted. This has
resulted in a moderate business being done on allindustrial security. Some six months' money has
been released at 334% under this arrangement, while
over-the-year business has been done at 4%. Speculative demands have dwindled to only nominal volume,
a fact that can be easily understood when it is mentioned that the total sales of stock on the New York
Stock Exchange on Thursday amounted to but 133,485
shares, the smallest for any full, day since the summer

916

THE CHRONICLE

of 1908 and that yesterday there was a still further decline in trading to 128,415 shares. The
mercantile requirements are also light. A commentary upon the dulness in general trade has this
week been afforded by a reduction in the dividend
rate on the. common stock of the H. B. Claflin Company, the largest wholesale dry goods concern in the
country, from 8% to 6% per annum. The President'
attributed the depression to uncertainty over the
tariff, but while this undoubtedly has been an adverse
influence, the high price of cotton has been a serious
drawback and the general trade position has been
affected by the hardships imposed upon the railroads
(making necessary a curtailment of their outlays,
thereby diminishing the consuming power of the population), as well as by the disposition in influential
financial circles to proceed cautiously until the Supreme Court has interpreted the real meaning of the
Sherman law. Until the railroads can feel assured of
better treatment and the long-delayed trust decisions
have been rendered, the pronounced quietness in the
money market is expected to continue.
The range for time money is virtually the same as
quoted last week. The following quotations may be
prefaced with the remark that the leading lenders are
inclined to hold to the higher figure for each maturity:
Sixty days, 23'@29%; ninety days, 2@3%;four,
five and six months, 3@331%, and over-the-year
3%@4%. The maximum rate for call loans was until
yesterday 2%,a few transactions having been made at
as low as 2%;but the prevailing charge on Monday and
Tuesday was 2%70, with 2% the ruling figure since
then. The final loan yesterday was made at 2% after
had been quoted. The
extremes of DA% and 2
has thus been 2 5-16%.
week
the
for
rate
ruling
average
Discounting of commercial paper has been done at a
wide range. Whereas the choicest four to six months'
single-named bills and sixty to ninety days' endorsed
bills receivable have been placed at as low as
0 has been much more frequently agreed upon,
3%7
while 4% is still recognized as the standard quotation.
There has been moderate buying from out of town at
434 to 432%.

[VoL. Lxxxxii.

hesitancy of importers to bring over goods in face of
threatened revision of the tariff. But what has actually happened? Europeans have ceased to subscribe
in any considerable volume for new security issues,
discounts have moved up sharply in London and money
here is in larger supply than at any previous time this
year. The trade returns for March will shortly be
published, so that comments upon this phase of the
situation may be deferred.
The duel that is being quietly fought in the foreign
exchange market is exciting keen interest among those
acquainted with the facts. The tendency all through
the present week has been upwards. On Thursday
forenoon demand sterling touched 4 8630 and cable
transfers 4 8670, while ten points more was paid for
bills to go by next Tuesday's steamer. When these
levels were reached buying stopped and a reaction of
ten to fifteen points occurred, though yesterday the
market was again very firm. If rates be carried
much higher, the underwriters of loans negotiated in
Paris and other European centres are likely to draw
more bills, as there is a strong feeling in high financial
circles that the handing down of the Supreme Court
decisions will prove the signal for a resumption of
important activities here. Irrespective of temporary
fluctuations, the prospects still are that New York will
be in a position to draw upon Europe for gold when
assistance is needed to market the new crops. The
planting season has not entailed any marked demand
for money either in the West or in the East.
Compared with Friday of last week, sterling exchange on Saturday was slightly firmer at 4 8610@
4 8615 for demand, 4 8640(0 8645 for cable transfers
and 4 8405(0 8415 for 60 days. On Monday, after
demand had sold as high as 4 8620, there was a recession of 5 to 10 points, with the close at 4 8610®
4 8615 for demand and 4 84@4 8415 for 60 days;
cable transfers declined to 4 8630@4 8635. On Tuesday trading was very dull and rates were practically
unchanged at 4 8610@4 8615 for demand and 4 84 ®
4 8410 for 60 days, though cable transfers were firmer
at 4 8635(0 8640. Demand moved up on Wednesday, owing to stiffer discounts in London, to 4 8615@
4 8625, cable transfers to 4 8645(0 8655 and 60 days.
to 4 8405(0 8415. On Thursday rates again advanced; in the forenoon demand went to 4 8630 on
active trading and cable transfers to 4 8670; but during
the afternoon the market eased off to 4 8620@,4 8625
for demand, 4 8655(08660 for cable transfers and
4 8410®4 8420 for 60 days. On Friday firmness reappeared and the market closed at 4 8410@4 8420 for
60 days, 4 8625(0 8630 for demand and 4 8660®
4 8665 for cables. Commercial on banks was quoted
5 and documents for payment 4 833
at 4 833%3(34 83%
@4 84. Cotton for payment ranged from 4 831
1
/
4 83,1 ,grain for payment from 4 83%@4 84.

Interesting if unspectacular developments have been
in progress during the week in foreign exchange.
Taking advantage of the inquiry for remittance occasioned by the April settlements, certain international
bankers who floated large blocks of securities abroad
sold bills in rather large volume. But, though these
operations carried demand sterling below 4 86 last
week, there has since been a marked recovery, due
not wholly to a rise in discounts at London, but partly
to purchases by speculators having command of extensive resources. Indeed, it is reported in exchange
circles that at least three operators have, either from
The following gives the week's movement of money
choice or necessity, made extensive purchases this to and from the interior by the New York banks.
week. In at least one instance—so it is asserted—a
Net Interior
Received by I Shipped by
Week ending April 7 1911.
Movement.
N. Y. Banks.,N. 1. Banks.
short ace ount of unwieldy proportions had been built
Currency
87,196,000 Gain $3,276,000
$10,471,000
up in the belief that quotations- would break sharply Gold
974,000 Gain 1,701,000
2,675,000
$8,169,000,Gain $4,979,000
early in April. There was considerable justification Total gold and legal-tenders
$13,146,000
1
for expecting a decline in exchange this month, inas- —Result with Sub-Treasury operations:
much as our bankers had created generous credits in
Out of
Net Change in
Into
Week ending April 7 1911.
Banks.
Bank Holdings.
Banks,
Europe, money was extr emely cheap in London, the
Banks' interior movement, as above_ 813,146,000' 88,169,000 Gain $4,977,000
foreign demand for our bonds and notes gave every Sub-Treasury
300,000
operations
32,800,000; 32,600,000 Gain
balance,
continuing,
while
our export
*raise of
Total gold and legal-tenders
845,946,000 $40"' 669 000 Gain $5,277,000
1
already large, was calculated to be increased by the



APR. 8 1911.1

THE CHRONICLE

917

The following table indicates the amount of bullion personal conviction in favor of reciprocity. This
week the Speaker has again stated personally his
in the principal European banks.
expectation
of such immediate legislation.
April 6 1911.
April 7 1910.
Banks of
The new Speaker went further in his comments on
Silver.
Total.
Gold.
Gold.
Total.
Silver.
the matter, declaring that the situation as regards the
England_ _ 37,907,457
37,907,457 33,246,855
33,246,855
reciprocity
bill is "one of the queerest mix-ups in
France _ _ 129,205,920 33,690,460 162,896,380 138,044,400 34,958,680 173,003,080
Germany _ 43,563,600 16,125,000 59,688,600 37,905,000 14,134,400 52,039,900
Russia _ _ _ 145,782,000 7,441,000 153,223,000 142,509,000 8,202,000150,711,000 legislative history."
This idea he derived from the
Aus. Hun_ 55,254,000 12,968,000 68,222,000 55,898,000 13,446,000 69 344,000
Spain _ _ _ _ 16,496,000 31,207,000 47,703,000 16,191,000 31,090,000 47,281,000 facts, stated by him, that it was a Democratic Adminis39,770.000 3,587,000 43,357,000 38,862,000 4,000,000 42,862,000
Italy
Nethiand 10,906,000 2,284,400 13,190,400 8,460,000 2,982,300 11,442,300 tration which negotiated a
reciprocity agreement with
Nat.Belg _ 6,307,333 3,153,667 9,461,000 4,184,000 2,092,000 6,276,000
Sweden _ _ 4,523,000
4,523,000 4,463,000
4,463,000 Canada in 1854, a Republican
Administration which
Switzgand 8,123,000
6,123,000 5,273,000
5,273,000
Norway _ 1,834,000
1,834,000 1,718,000
1,718,000
abrogated the treaty in 1867, a Republican President
Total week 497,672,310 110.456,527608,128.837 486,754,755 110,905.380597,660.135
Prey.week 500,662,089 110.098,077 610,760,166 492,367,098 111,284,047 603,651.145 who proposed renewal of it in 1911, a Republican
• I
Senate which rejected that proposition, and a Democratic House which is now appealed to by a Republican
CONGRESS AND THE RECIPROCITY TREATY. President for endorsement of the plan. Mr. Clark is
With the convening of the extra session of Congress right in his citations of history, and those who care to
last Tuesday, President Taft's message on reciprocity do so may point to the series of episodes in reciprocity
was submitted. The message was short, and made no negotiations with Canada as one of the oddities of
reference to other subjects of possible legislation in this political history. It was in 1854, under the Presidency
session. Mr. Taft points out regarding the treaty with of Franklin Pierce and with a Democratic House and
Canada that "the agreement in its intent and in its Senate, that Secretary Marcy and Lord Elgin concluded
terms was purely economic and commercial;" and that a Canadian reciprocity treaty, based very largely on
he has been confident all along of the disposition of our the lines of the treaty now under discussion. It propeople to "welcome a measure which would result in vided, for example, for the free admission from Canada
increase of trade on both sides of the boundary line, into the.United States of such articles as grain, poultry,
would open up the reserve productive resources of dairy products, hides, furs, coal, timber, lumber and
Canada to the great mass of our own consumers on ore. The episode had some curious aspects of its own.
advantageous conditions, and at the same time offer It was the subject of the long-remembered Washington
a broader outlet for the excess products of our farmers tradition that the Senate resisted ratification of the
and many of our industries." The President asserts Canadian agreement then as now, and that through
that when the full scope of the agreement had been Lord Elgin's social activities among the obstructionists,
made public "it was immediately apparent that the it was eventually "floated through on champagne."
ripened fruits of the careful labors of the commissioners This story, perhaps, is not very well authenticated;
met with wide-spread approval". This conviction, but it suggests a rather interesting historical analogy—
together with the fact that both contracting parties an analogy which is not made less interesting from
to the treaty had promised to use all efforts for pushing the fact that the New York "Tribune", then the
the enactment of the provisions, is the President's foremost advocate of the protection policy, admitted in
formal reason for bringing the extra session together.
1854 its own belief in ultimate free trade with Canada.
At the convening of the extra session the new
As Mr. Clark has stated, the treaty of 1854 was
Speaker of the House, Mr. Champ Clark,set forth as the terminated by the stipulated one-year's notice renprogram of the session's legislation (1) an honest and dered in 1866. It was not renewed; the protectionists
intelligent revision of the tariff ; (2) a resolution pro- movement of that day was too strong, even for recividing for the direct election of United States Senators; procity. The word reciprocity, indeed, was not
(3) new rules for the conduct of the House;(4) economy revived as a political issue until 1889, when it came
in Government expenditures; (5) a bill requiring the to the front in a highly interesting way, in connection
publication of campaign expenses before election; with the efforts of Mr. James G. Blaine, a strong
(6) a bill admitting Arizona and New Mexico as States. protectionist himself, in behalf of such arrangements.
With the exception of the two first-named subjects of That was the day of the "Pan-AmericanConferernce"
legislation, this program might easily have been taken with the Latin States, in which, after a series of
for granted. Even as regards the question of tariff negotiations lasting from October 1889 to April 1890,
revision and legislation for popular election of United treaties for the reciprocal exchange of "certain proStates Senators, the situation remains as we described ducts" free of duty between our country and these
it a week ago—that the shortness of time and the Latin-American States were negotiated. Early in
season of the year will operate against the enactment 1890 Congress adopted the State Department's recomof any such comprehensive measures by both Houses mendations, and authorized the President to make
of Congress, though, of course, they may not finally such reciprocal treaties with the American republics
prevent it. Some newspapers, in their comments on to the south of us. In 1891, Hawaii was admitted
the new Speaker's program, appear to have been to the scope of such treaties; in December 1891 Presidismayed at the fact that he made no reference to dent Harrison himself proposed in his annual message
Canadian reciprocity, and to have inferred from this partial reciprocity with Germany and very extensive
omission that the Democratic Party meant to ingore reciprocity with the British West Indies.
the very legislation for which the session bad been
One curious thing about those negotiations was that
called together by the President. It hardly need be they occurred simultaneously with the enactment of
said that this idea was adopted in ignorance of the fact the McKinley tariff of 1890, which was for many years
that the Democratic caucus had already decided on accepted as the acme of high protection. Quite as
support of the reciprocity program, and that the new interesting and instructive was the attitude of the
Speaker had set forth in print his own positive and political parties of the day regarding the reciprocity




918

THE CHRONICLE

VOL. Lxxxxii.

expedient. The Republican National Convention, treaty, was an outlet for products of the United
held on the eve of the Presidential campaign of 1892, States. That is still the important argument, but it
pointed with enthusiasm to "the success of the Repub- does not stand alone. To-day, along with the decrease
lican policy of reciprocity, under which our export in our country's productiye capacity for many imtrade has vastly increased and new and enlarged portant commodities—lumber, for example—it is
markets have been opened for products of our farmers highly important that our industries should have a
and work shops." The people were reminded of the chance to tap the almost virgin resources of Canada.
bitter Democratic opposition to such treaties, and in This popular demand will be heard, we imagine, in
concluding, that Republican Convention referred to Congress. The House of Representatives will be
such reciprocity as a "practical business measure," wisest in dealing frankly and honestly with the matter,
predicting that it "would eventually give us control and in resorting to no expedients or manuevers of
of the trade of the world." This is at least an interest- petty politics such as might have the ultimate result
ing contrast with the attitude of the recent Congress. of jeopardizing the treaty itself.
Meantime, while the Republican Convention of 1892
was thus vaunting reciprocity, the Democratic National THE FUTILITY OF THE STATUTORY MACHINERY FOR LIFE INSURANCE ELECTIONS.
Convention of that year, after describing the principle
receipt of a blank ballot and some other docuBy
of
Demodoctrine
a
as
"time-honored
of reciprocity
ments,
policyholders in the Mutual Life have lately
to
platform
its
"denounce
in
faith",
proceeded,
cratic
of what they would not otherwise have
reminded
been
the
which
people's
with
juggles
reciprocity
the sham
a
that
formal election of trustees in that comnoticed:
pretending
by
foreign
enlarged
for
markets",
desire
be
held
on June 5. A peculiarity of this
to
is
pany
country
a
closer
establish
trade
between
relations
to
it
makes
worth
while to explain it, both for
election
and
agricultural
exports
were
almost
exclusively
whose
of
persons
information
directly interested and as
the
producers,
also
which
agricultural
are
countries
other
while erecting "prohibitive tariff taxes against rich vividly exhibiting the defects of the present law.
According to the law of 1906, somewhat modified
countries of the world that stand ready to take our
entire surplus of products and to exchange therefor in the following year, lists of names and addresses of
commodities which are necessaries and comforts of life policyholders must be prepared and filed with the Superintendent and be kept open to inspection. Seven
among our people."
This episode of nineteen years ago shows both months in advance the company must prepare and
parties to have been long committed to the principle file nominations for each office to be filled, this being
of reciprocity. Except for that fact, it can be studied the "administration" ticket. Five months in advance
hundred or more qualified voters may make and
only as an entertaining bit of political history, with a any
nominations
for one or more of the vacancies to
file
side-light on political prejudices. It was, in fact,
Three
filled.
months in advance, an official ballot
be
little more than political skirmishing; both sides really
all
in full and sundry other matter
containing
tickets
neglected the broad economic considerations and the
by
already
received
as
policyholders must be sent out
plain business aspects of the matter on which Mr. Taft
the
by
company.
lays particular stress in his Message. We imagine
It seems to have been assumed by the framer of the
that it is these simple considerations, wholly apart
law
in 1906 that opposition tickets and opposition
from any maneuvers for position by one party or the
the
by
policyholders might be regularly expected, and
other, which have so deeply interested the American
no provision was made for the lack of oppotherefore
people in the proposal for freer exchange of products
in one minor point relating to the lists
except
between the United States and its neighbor to the sition,
result of the first election under the
the
But
North. Most of our people have begun to think that filed.
to this, and an amendment in the
called
attention
there is no greater inherent economic reason for a law
that in case no independent
July
following
provided
barrier to such exchange beteween Canada and the
is made, "then and in that
nomination
opposition
United States than there is for, exchange of products or
in connection with such
further
proceedings
all
case
between New York and Massachusetts. There is
section may be omitted,
as
this
by
prescribed
election
probably not as much reason for such prohibitive
be conducted and held
then
shall
such
election
and
arrangements in the case of the United States and
as the Superintendent
such
regulations
and
rules
under
Canada as there might have seemed to be, in 1890, for
is, if no opposition
That
Insurance
may
prescribe."
of
a barrier on free interchange of iron products between
be merely formal,
would
arises,
the
movement
election
Pennsylvania and Tennessee, or as there might be
be omitted and
can
the
therefore
details
ordinary
and
conceived to be to-day in the case of similar intercarried
simplified
out under
be
proceeding may
the
change between Pennsylvania and Illinois.
official supervision. This proviso is contained in ParaAs to what would be the actual effect of the proposed
graph 11 of a long section, and just what is covered unreciprocity treaty in the way of expanding trade, this
der the words "all further proceedings" is left indefiseems already to have been accepted as obvious. nite. Two dozen paragraphs follow, covering details
The movement would necessarily be greatly stimulated about form and sending of ballots and other matters;
northward and southward alike. It is not for nothing but it is clear that nearly all the labor and expense of
that shares of railways traversing our Northwestern the election was waived, as having no purpose, whenborder have been rising this week as the time for ever the policyholders did not care to oppose the reguaction on the Canadian reciprocity agreement ap- lar ticket.
proached. The truth is, there is an even more forcible
One man in Chicago, for reasons which need not be
argument to-day for such an arrangement than there considered, has now bestirred himself and has somewas either in 1891 or in 1854. On both of those earlier how obtained signatures of the requisite hundred poloccasions, what was primarily asked for, and what was icyholders for nomination of a ticket. Experience has
primarily alleged as the ground of the reciprocity shown that it is easy to get signatures to almost any




APR. 81911.I

THE CHRONICLE

919

document, unconsidered and almost unread. The
company had to comply with the law, and accordingly FAR-REACHING' CHARACTER OF COMMERCE'
COMMISSION'S RATE DECISIONS.
the official ballot has been sent out, containing the
FOURTH ARTICLE.
regular ticket and the "policyholders'" ticket, the
latter consisting of the name of this solitary agitator.
Commissioner Lane also goes into an examination
The point is that, in respect to the pecuniary side, he of the surplus accounts of the railroads and undertakes
causes an expenditure in postage and clerical service to show that in the face of increasing dividend returns
that is estimated variously from $30,000 to $60,000; (using for the purpose figures which we have proved in
whatever the amount, it is sheer waste of money that our,previous article were grossly exaggerated) and in
might otherwise be returned to policyholders.
face also of liberal maintenance charges, the carriers
This is not quite all; for besides the printing of bal- have been able to pile up a vast aggregate of acculots and other matter in many languages, mailing to mulated surplus. The position assumed by him in
nearly a half-million persons and maintaining a clerical that respect is indicated
by the extract (20 I. C. C.,
force to take charge of a merely formal proceeding, Rep. 331) which we now
insert:
some recipients (judging from the bulk of the envelopes
"Notwithstanding the unquestioned liberality of the
already returned) have misunderstood and are enclosing their policies also. The law requires the envelopes policy of the railroads toward themselves, in charging
maintenance expenditures to operating expenses, the
to be checked up and then locked in a vault and kept carriers of the United States have
accumulated unapintact until after the date of "election," so that in case propriated surplus amounting to $800,642,923, whereas
any of these policies sent by error mature during the in 1899 this surplus, as given in the books of the carthree months there will certainly be trouble and there riers, was but $194,106,367. In ten years, with an
increasing rate of dividend and increasing maintenance
may be some complications.
It was shown by the testimony during the investiga- charges, and a vastly increased fixed charge for intersurplus of $606,tion of 1905 that elections for trustees had in fact been est, these carriers had accumulated a 1899, while the
536,556, or an increase of 312% of
nominal; for instance, in 1905 the number of votes mileage had increased only 36%. Is it too much to
cast in the Mutual was only 199. The explanation say that such facts are a complete answer to those who
of this was obvious and natural, yet the investigators persistently 'view with alarm' the outlook for Ameriassumed it to be "disfranchisement." "The end to be can railroads?"
attained (said the committee's report) is to provide
Paraphrasing somewhat the expression here used,
the means for a free and effective expression of the
we venture the assertion that it is not "too much to
wish of the policyholders at all times, and particularly
say" that what the honorable Commissioner gives as
in an emergency, and to destroy the machinery by
facts are not facts at all. An increase in the profit and
which in the past they have been rendered all but helploss surplus shows absolutely nothing as to the surplus
less." The result of the struggle in that year, under
accumulated out of earnings. Mr. Lane admits as
an artificially-fostered excitement which is not formuch in the very next paragraph, where he says that
gotten yet, was the success of the "administration"
"in
the last analysis a surplus is a matter of bookkeepticket in the Mutual by a varying vote which averaged
ing.
Surplus, as used in railway accounting, means
about 186,000, against 64,000. At the next election,
simply
the bookkeeping balance of the profit and loss
in 1908,nobody interested himself to stir up opposition,
account,
which, presuming all other values carried on
and all that was obtained in return for the costly prothe
books
to be true, indicates the excess of assets
ceeding was the casting of 93 votes by the policyover
liabilities."
In these circumstances, and with
holders. As before, the policyholders had "disfranchised" themselves, in the lack of any issue and any this explanation, it is difficult to understand what object the Commission can have in indulging in such staapparent reason for desiring a change.
The personality of candidates is a large factor in all tistical fantasies.
political campaigns. There are processions and speakIn the quoted remarks, Mr. Lane speaks of the "surers and the newspapers are full of the subject; after all plus as given in the books of the carriers," but the stathis, many qualified voters do not register, and many tistical report of the Commission shows that what
who register omit to vote; so difficult is it to make Mr. Lane calls the "surplus" of $800,642,923 was nothvoters take enough interest to go to polling-places ing more than the bookkeeping balance of the pi ofit
which are conveniently near them. It is natural and and loss account, as he himself admits in the later parainevitable that holders of life insurance policies, who graph to which we have referred. Nor does it appear
scarcely think of their insurance except when reminded to be a profit and loss balance according to "the books
to pay premiums, should fail to see any reason for dis- of the carriers," but according to the method of stating
placing present trustees.
the accounts as devised by the Commission's StatisThe distress with which the framers of this law
tician. The figures given are for June 30 1909 no
viewed the subject was, therefore, entirely unfounded.
30 1910), and from the balance sheet on pages
June
The clumsy and wasteful procedure they constructed
83 of the Statistical Report for that year
and
82
for meeting an imaginary occasion has proved itself
appears
it
that the b dance is simply the excess obineffective for any good. As the section stands, it is
by
marshaling
the assets on one side of the actained
even an invitation to attempt blackmail. The great
the
and
liabilities
on the other side, for these
count
need of repeal of the section which orders disposal of
liabilities
include
only
four
items, namely capital
of
close
this
stocks by the
year has already been
pointed out, and the need of removing the worst fea- stock, funded debt, current liabilities and "misceltures of this election procedure or of repealing it alto- laneous," in addition to the profit and loss surplus.
The method of arriving at this so-called profit and
gether is quite as plain.
An advertisement in the daily journals announces loss "surplus" is important, because it is evident that
that no opposing nominations have been made in case as thus made up it must include numberless items and
of the New York Life and that the election of trustees accounts aside from additions accruing through surin that company will be held on April 12.
plus earnings. To take the increase in this profit and




920

TIIE CHRONICLE

[VOL. Lxxxxii.

loss balance over a series of years as a measure of the mostly disposed of their holdings and have made a
surplus accumulated out of current income is to do big profit on the operation. It makes no difference
violence to the simplest principles of bookkeeping. whether these profits are taken directly into earnings,
Among some companies the practice has prevailed of swelling the year's surplus, or whether the profits are
marking down surplus (accumulated out of income) credited to profit and loss. The effect in either case
from year to year, and if it were that kind of a surplus is to add to the amount of the credit balance standing
we were dealing with, the increase reported by the on the books. The DelaWare Lackawanna & Western
Commission might be short of the actual excess of in- in 1909 credited income with $2,622,730 profits derived
come for the period. But a profit and loss balance, from the sale of 37,000 shares of Lehigh Valley RR.
such as Commissioner Lane has used as being tanta- stock.
But it seems a waste of time and space to pursue
mount to surplus income, is an item on which no
the discussion of this particular point any further.
argument whatever can be hung.
As a matter of fact, enormous additions have been We have cited enough instances to show that a large
made to it entirely apart from the accrual of excess increase in profit and loss balance over a term of years
revenues. During the last ten years—that is, during is no indication whatever of an accumulation of surplus
the period covered by the comparison given—many out of current income, and no person who means to
leading companies have put out new stock issues and be fair in his argument should use it as such.
Perhaps we should add that American railroad
have sold them at a premium. This premium would
go to swell surplus account except where, in some very experience demonstrates that it is positively risky to
rare cases,it might be used to reduce cost of property presume upon the value of a profit and loss balance
on the books. In more recent periods the new stock or accumulated surplus, however named. We may
issues by leading companies have been at par, but one cite the case of the Baltimore & Ohio for illustration.
does not have to go further back than 1903 to find an In the olden days that company used to pride itself
issue of $75,094,750 stock by the Pennsylvania Rail- upon the enormous amount of surplus it had accumuroad at 120. The premium in that case, therefore, lated out of earnings. But one fine day the company
represented over $15,000,000. The New York Central became embarrassed, notwithstanding its tremendous
has disposed of very large amounts of stock during the surplus, which Sept. 30 1887 was reported at no less
last five or six years at par, but in 1902 $17,250,000 of than $48,083,720. The following year, under the
stock was put out at 125. The New York New Haven presidency of Samuel Spencer, $24,768,758 of this was
& Hartford within the last twelve months has dis- marked off the books at one clip. Mr. Spencer then
posed of $44,643,800 of stock at 125 and back in retired. The company dragged along for a few years
after that and June 30 1895 still reported a profit and
1903-04 put out some new shares at 175.
have
companies
created
loss balance of $25,292,085. On March 1 1896 it
Furthermore,several leading
convertible
bonds,
of
passed into the hands of receivers. The company
some exceedingly large issues
the
and
holders
came to grief because this surplus was found to
with the option of exchange into stock;
stock
on
such
for
bonds
be a bookkeeping item only, of no avail to meet
have then exchanged these
in
given
stock
exchange
the
needs, and because the management had neglected
terms that the par value of
par
the
value
of
than
total
to
smaller
bring the physical condition of the property
made a very much
an
such
effect
of
The
is
operation
up
the standard of competing lines by the exto
up.
the bonds taken
as
the
of
liabilities
of new capital. Under the receiveramount
penditure
the
represented
to diminish
the
to
of
bonds,
and
value
swell
par
this
all
original
was changed, and since then tens upon
the
ship
by the
loss
the
to
and
profit
balance
the
of
total
of
million of dollars have been poured into the
extent tens
sum
The
Pennsylvania
created
difference.
$50,of the
property, so that now it is completely up to date.
and
made
1902
in
3s
convertible
of
000,000
another But how fallacious the huge surplus was as indicative
in
kind
for
same
1905.
$100,000,000
the
The of soundness, and prosperity—the sense in which the
issue of
of
the•basis
on
stock
into
convertible
140 Commission uses it.
first issue is
of
the
the
second
As to the value to be attached to the quotation
on
and
basis
150;
for the shares
have
been
and
the London "Statist", which is given under the
converted
bonds
from
are
$52,942,500 of theby
only
books
of "A Foreign Appreciation", it is only
the
caption
on
$37,189,167
now represented
New
&
to quote the closing words in order to
Hartford
Haven
York
has
necessary
of stock. The New
that the writer was soaring in the clouds
considerable
amount
of
into
demonstrate
bonds
also converted a
in his utterances. He winds up
The
indulged
stock.
he
when
Union
in
Pacific
of
a lessened amount
1901 issued $100,000,000 of convertible 4s, but these with this statement: "On the whole we anticipate that
were exchanged on the basis of par for the stock,and the profits of the railway companies this year will be
therefore the company derived no advantage from maintained at about last year's high level and that
the operation. The $75,000,000 of convertible 4s the large profits will cause some of the companies
issued in 1907, however, are exchangeable into stock to raise their dividends above the moderate rates they
on the basis of 175 for the shares, and as over half the are now paying out of their great profits." Remember
issue has already been exchanged into stock on that that this appeared under date of December 3 1910,
basis, the credit balance to profit and loss has been when it was known that the expenses of the railroads
of the United States would be increased $100,000,000
swelled thereby in the sum of over $15,000,000.
Another way in which profit and loss balance has or more per annum through higher wage schedules;
been enlarged has been through profits derived from when also grave doubts existed as to whether the
the sale of securities of other companies. As one Commission would allow the carriers to offset this
illustration, control of the Lehigh Valley Railroad increase in expenses by an advance in rates, and when,
was at one time distributed among several other furthermore, all the leading railroads were showing
companies, but within more recent years these have large losses in net earnings in their returns as they




APR.8 1911.1

THE CHRONICLE

921

came to hand from month to month. It is an illus- have been able to draw upon the investing public for
tration of how hard driven the Commission was for new supplies of capital.
real facts that it should quote a visionary prognosticaNor is the Commission any mere fortunate in its
tion of this kind in support of the action it was about use of figures when it deals with particular roads or
to take in denying to the carriers the right to make a groups of roads. Commissioner Lane takes six of
moderate advance in their rates-.
the principal Western systems in the territory where it
In seeking to show that the credit of the carriers has was proposed to increase rates and comparing their
remained good,and that they have apparently been able funded debt for 1910 with that for 1901 is
induced to
to borrow with great freedom, the Commission gives make these observations (I. C. C. Rep. 327): "We
statements and figures that embody exaggerations fully find six alone of these roads to have borrowed over
as great as any we have already criticized. It says the' $450,000,000—moreT,than the United States Govern—
reports of the railroads show that while in 1899 the ment estimates will be necessary to build the Panama
total bonded debt was $5,518,913,172, in 1909 the Canal. In ten years these roads have added to their
total bonded indebtedness had increased to $9,801,- funded debt over 60% of the amount they owed at,
590,390. It adds (I. C. C. Rep. 326): "Or other- the beginning of the decade." We wish to remind
wise stated, the railroads of the United States in ten the Commissioner again that the period from 1901 to
years floated mortgage bonds upon their property to 1910 (the dates used being June 30) comprises nine
the extent of upwards of 4y
i billion dollars". Then years, not ten years, as he says. But passing that
follows the familiar remark quoted by us in a previous Point the comparisons are wide of the mark
as
article, to the following effect: "These figures are in- regards practically every one of the roads—so
much
comprehensible. Our railroads borrowed upon mort- so that they are worthless and misleading.
gage in one decade more than twice as much as the
In the case of the Chicago & Alton this statement
National debt at the close of the Civil War * * * * reports an increase in debt from $22,000,00
0 on
Bismarck thought to utterly destroy France as a rival June 30 1901 to $79,550,500 June 30 1910. Now,
if
in European politics by exacting from that thrifty there is any road in the
country with the facts of which
nation a tribute of less than one-fourth the amount the Commission ought to be entirely
conversant, it is
which has been loaned to a comparatively limited the Chicago & Alton. It is
only a short while since
group of American railroad financiers in the past ten the Commission, during the
lifetime of Edward H.
years."
Harriman, made a very sensational investigation of the
Here we have the familiar playing to the gallery reorganization of this property
and sought to pillory
of which we have already seen so much. As evidence Mr. Harriman because of the part he took
in the same.
of the general looseness of statement to be found all The facts are that there was formerly a
Chicago &
through the report we wish to point out in the first Alton Railroad and a Chicago & Alton Railway.
The
place that it is an error to speak of the $9,801,590,390 two were merged in 1906, the railway changing
its
of bonded indebtedness as "mortgage" debt. The name to the Chicago cfc Alton Railroad. To
get its
Statistician's report (see Pages 54 and 55) shows big increase the Commission :takes for 1910 the
comthat the total includes $803,537,301 of plain bonds, bined indebtedness of the two properties,
but for 1901
debentures, &c., $1,147,377,191 of collateral trust takes,simply the indebtedness of
the Chicago & Alton
bonds, $284,497,531 of income bonds, $307,869,061 Railway alone, which then
stood at $22,000,000,
of equipment trust obligations, $316,297,240 of miscel- ignoring completely the $38,462,85
0 indebtedness of
laneous obligations and that only $6,942,012,066 are the Chicago & Alton Railroad,
given on the line
called "mortgage bonds." But passing that point, below in its own statistical report
for 1901 (page 316).
the Commissioners should possess their souls in The comparison, therefore, ought
to be between
patience. The "comparatively limited group of $60,462,850 and $79,550,500, instead
of between
American railroad financiers" did not obtain quite as $22,000,000 and $79,550,500. Here
then, is an overmuch money on the borrowing of the roads as it seems statement of the increase in.
this one item alone of
to think. The figures include duplications, just like 383 million dollars.
the aggregates in the case of stocks,only not to quite
With regard to the figures of the Chicago & North
the same extent—caused by the fact that considerable Western the Commission
has blundered even more
amounts of the bonds that have been issued are not egregiously. For 1901
it has apparently omitted the
outstanding in the hands of the public, but have $7,725,000 funded
debt of the Fremont Elkhorn &
passed to and are held in the treasuries of other railroads. Missouri Valley Railroad
which now constitutes an
What the extent of the duplication is, in this in- integral part of the Chicago
& North Western, but
stance, we cannot state, because, as already pointed was still reported separately
in the earlier year. This,
out, the Commission's Statistician stopped reporting however, is only a minor matter.
For 1910,it makes
the figures after the issue of the report for the fiscal the funded indebtedness of this company,
$204,959,000.
year 1906. As an indication, however, of the enor- We spent a long time trying to
ascertain how so large
nous extent of the duplications where the stocks and a total could be reached and
failed to find the solution
bonds are combined, it should be noted that on pages until we turned to the Commission
's Statistical Report
55 and 56 of the report for 1909 we find the statement for 1909 (that for 1910 will not be available
for a long
that the total of railway capital on June 30 1909 time to come) and found embedded in
a footnote the
(stock and bonds) was $17,487,868,935, but that of illuming information that the ,total
included $31,this no less than $3,573,566,572 was reported as held 492,000 "pledged as collateral
security". That is
by railway corporations, leaving $13,914,302,363 in to say, the Commission counts not
alone the North
the hands of the public. Obviously,totals thus swelled West's own bonds ,as outstanding,
but also counts , as
and inflated to such a prodigious extent afford no outstanding the bonds pledged
as security for the same.
basis for calculating the extent to whieh the carriers Here, therefore, we have again
the familiar process of



922

THE CHRONICLE

[VoL. Lxxxxii

up on the purchase of the
duplication and triplication with which we have of that road were taken
000
of Chicago Rock Island &
by giving $4,500,
become so familiar in our travels through the Com- road
the same. There was no
for
ng
bonds
mission's statistical statements. More than that, Pacific refundi
already outstanding,
dness
the
n
to
indebte
additio
not only are $31,492,000 of bonds pledged as collateral
was changed, it will
dness
pf
that
form
the
indebte
only
the
counted as outstanding, but $20,263,000 owned by
minor further changes
company and held in its treasury are also counted as be seen. There were also some
to compute
outstanding and $4,989,500 of bonds held in the sink- of the same kind. We have been unable
the $68,to
added
ing fund are likewise included as if they were bonds in the exact amount that should be
Rock
Chicago
the
on
the hands of the public. In brief, then, there is an 081,000 of indebtedness resting
prethe
nt
represe
to
1901,
in
Pacific
&
alone
4 million dollars, the aggregate Island
over-statement of 563
a
but
d,
acquire
since
on
roads
debt
existing
viously
of bonds in the hands of the public being only $148,over
gone
y
carefull
y
has
the
of
official
compan
former
the
by
Com206,500, instead of $204,959,000 as given
the details for us and finds that the 1901 results should
mission.
. ObviIn 1901 also some bonds held in sinking funds and be enlarged by $58,000,000 on that account
to-day
of
system
in the treasury were included in the total, but the ously, to compare the consolidated
lines,
these
before
in
it
1901,
existed
as
amounts then were relatively small. Eliminating with the road
is to
d,
acquire
had
own,
their
been
of
debts
having
all
the same for the earlier date and adding the Fremont
bormoney
of
the
real
sly
amount
ate
enormou
exagger
in
debt
Elkhorn & Missouri Valley, the aggregate of
proper
is
It
in
the
nine
years.
public
the
from
rowed
of
date
(the
1901
31
the hands of the public on May
that the figures for this company for
the company's fiscal year at that time) was $145,- to state, too,
given by the Commission, do not quite agree
304,500. On this, the correct basis of comparison, 1910, as
given in the report. We use them, howthe increase in the indebtedness of the North Western with those
they stand.
as
just
ever,
for the nine years has been less than $3,000,000,instead
together in parallel columns the combring
now
We
2 million dollars as per the figure of the
/
of over 551
these various roads as given by the
of
figures
parative
Commission.
corrected results as prepared by
the
and
ion
Commiss
Quincy,
&
ton
Coming now to the Chicago Burling
s.
ourselve
having
ion
Commiss
the
we find exaggeration here, also,
COMPARATIVE STATEMENT OF FUNDED DEBT.
failed to eliminate the bonds held in the company's
True Comparison.
Commission's Comparison.
treasury and the bonds held in sinking funds or pledged
1901.
1910.
1901.
1910.
of
6,000
$209,85
being
there
of
al.
Instead
collater
as
Quincy bonds outstanding in 1910, there were actually Atchison Topeka & Santa Fe 300,610,983 199,035,710 302,004,953 199,035,710
79,550,500 60,462,850
79,550,500 22,000,000
& Alton
in the hands of the public only $180,353,900. For Chicago
148,200,500 145,304,500
Chicago & North Western_ _ _ 204,959,000 149,329,000
180.353,900 134,001,800
209,856.000 147,204,300
Quincy
&
Burlington
Chicago
allow,
147,809,500 122,058,509
1901 the total is given as $147,204,300, whereas
Chicago Milw. & St. Paul_ _ _ 177,534,500 126,941,500
202,351,000 126,000,000
202,351,000 68,081,000
Island & Pac
ing for the bonds held in sinking funds, the total should Chicago Rock
1,174,861,983 712,591,510 1,060,270,353 786,863,360
Total
273,412,993
462,270,473.
have been $134,001,800. In this way the actual in- Increase for nine years
years
nine
the
for
public
the
by
held
crease in the bonds
It will thus be seen that the indebtedness for 1910
is seen to be 46 1-3 million dollars, instead of 629g milhas been overstated in amount of $114,585,630 (the
lion dollars.
total being only $1,060,276,353 instead of $1,174,861,In the case of the Chicago Milwaukee & St. Paul the
983), and the indebtedness for 1901 understated in the
repeating process is also in evidence. Of the $177,of $74,271,850, involving together a blunder to
534,500 bonds reported outstanding for 1910, $29,- sum
7,480. In other words, instead
725,000 were in the company's treasury, leaving the the extent of $188,85
having made new borrowings
alone
six
of
these
roads
amount actually out only $147,809,500; and of the
("more than the United
0,473
$462,27
of
the
to
extent
$126,941,500 given as outstanding June 30 1901 $4,will be necessary to
es
estimat
ment
Govern
States
883,000 was held in the treasury, leaving the actual
Canal"), the actual extent of the
amount in the hands of the public then $122,058,500. build the Panama
has been nearly two hundred million
It follows that for this company the addition for the new borrowings
$273,412,993. Of course, the succeednine years has been 25g million dollars, instead of dollars less, at
ing table in the Commission's report, showing an in503'2 million dollars.
bonds combined in the nine years
Lastly we come to the Chicago Rock Island & Pa- crease in stocks and
is in like manner a gross exag0,000
$759,00
over
of
cific, and here we find a failure to allow for the fact
be wearisome to go into the
would
it
but
,
geration
s
of
milethat in the interval since 1901 large amount
age have been acquired with debts of their own. These details.
It is after presenting these grossly exaggerated
debts represent additions to the debt of the Rock
that Commissioner Lane winds up with a show
Island & Pacific Company, but obviously did not add results,
and remarks: 'These figures evidence a
anything to the amounts ofindebtedness in public hands. of triumph
the part of the investing public in the fuon
nce
confide
Since 1901 the Burlington Cedar Rapids & Northern,
which is a complete answer to
which on June 30 1901 had an indebtedness of $15,- ture of these carriers
that underlies their appeal to this Commission
763,000, has been taken over; likewise the Chicago the fear
of a policy that will strengthen
Oklahoma & Gulf. This latter on June 30 1901, ac- for the announcement
hundred millions clipped
cording to the Statistical Report of the Commerce their credit." With several
r" is evidently much less
the
"answe
the
total,
from
Commission, had $10,378,516 of debt outstanding, and off
imagine that the confidence
in addition the C. R. I. & P. issued $23,904,000 of its conclusive, but we do not
in any degree disturbed by
Choc. Ok. & G. collateral 4s of 1918 in exchange for the of the Commission will be
to show that when a ruler,
Choc. Ok. & G. stock. Furthermore, the Rock Island the fact. All history goes
a Government body of any kind, is vested with
& Peoria, with $450,000 debt in 1901, the Arkansas or
of men, as happens to
Southern, with $950,000 of debt, and the entire stock despotic powers over the affairs
a law unto itit
becomes
e,
in this instanc
and bonds of the St. Louis Kansas City & Colorado, be the case
y influordinar
to
e
amenabl
no
longer
is
have been acquired. In the case of this last-mentioned self and
else.
g
anythin
to
or
facts,
to
reason,
to
ences—
road the Scullin notes secured by the stock and bonds



APR. 8 1911.]

THE CHRONICLE

MAGNITUDE AND STABILITY OF ELECTRIC
RAILWAY EARNINGS.
We present to-day, at the end of this article, another elaborate annual tabulation giving the earnings
of street and electric railways in the United States.
This is in pursuance of a practice begun by us some
years ago, and the statistics this time cover the calendar year 1910 as compared with the calendar year
1909. The results as disclosed by these comprehensive
compilations call for no modification of the favorable
comments expressed by us when reviewing the exhibits for previous years.
It is obvious that the conditions ruling in the case
of these street and electric railways must be sharply
differentiated from those to which we know, from experience, the steam railroads of the country are subject. The figures furnish a convincing demonstration of
a fact, not always fully recognized, that the two classes
of undertakings belong in wholly distinct and totally
separate categories. Ofcourse as much would be inferred
from the knowledge, so clearly within reach of everybody, that local circumstances and local environment
are all important in the business of the electric roads,
while in the case of the steam roads general conditions
are the governing factor.
To make this statement is equivalent to saying that
the electric railways possess a degree of stability
superior to that possessed by the other class of transportation systems. Growth in any given period of
twelve months may be slower, but on the other hand
it is more persistent and the fluctuations are less wide.
There are not the sharp ups and downs so frequently
met with in the case of the steam roads. The tendency appears to be all the time towards higher totals
and the growth is generally sure and steady.
The character of the comparisons in our compilations
on this occasion furnishes a striking illustration of the
truth of the foregoing observations. These comparisons show improvement in both gross and net
results, which is quite different from the record in
the case of the steam roads, where a tremendous gain
in gross earnings was all but wiped out by higher
operating expenses, leaving only a trifling addition
to net as the result of the great increase in the transportation service rendered. Before dwelling, however, upon the results for the electric roads, a few preliminary remarks bearing upon the method pursued in
obtaining the figures will be useful. We have sought
to procure returns for the last two calendar years from
practically all the street and electric railways in the
country. The success attending our efforts can be
judged from the tables we give. Obviously, any compilation dealing with electric railways is necessarily
made up in considerable part of street railways, since
these latter are now practically all operated with
electricity as motive power. And yet the tables
include many other electric roads, for electric railways
connecting various suburbs have become quite common and there are also numerous electric interurban
roads of large magnitude.
We may repeat what we have said in previous yearly
reviews,that the task of obtaining these figures for the
twelve months of the calendar year is not altogether
easy. Where companies furnish monthly returns it is
of course not difficult to make up the figures. But the
number of electric railways supplying monthly returns




923

is still exceedingly meagre—notwithstanding that with
the increase of the capital ingested in these properties
the policy of secrecy in their affairs which formerly
prevailed so widely has in large measure given way to
more enlightened methods. Another obstacle in oh.:
taming statements for ,the calendar year is that the
fiscal year of the companies in a great many cases does
not correspond with the calendar year. State boards
or commissions require returns of street railways in the
case of a few only of the States,and where the requirement exists the fiscal year is not as a rule identical
with the calendar year. In Massachusetts the annual
statements, formerly for the twelve months ending
Sept. 30, are now made to cover the year ending
June 30, and in the case of New York, Connecticut,
Pennsylvania, Ohio, Maine, and a few of the minor
New England States, the fiscal year likewise ends with
June 30. Outside of the States mentioned very little
of an official character concerning street and electric
railways can he obtained from public documents.
Despite all these drawbacks, we are able to present
a very comprehensive body of returns. We have succeeded in getting or in making up comparative figures
of 'gross and net earnings for the two calendar years
for 229 roads or systems. The aggregate gross earnings of these 229 roads for the twelve months of 1910
is found to reach the magnificent total of $369,590,553.
This compares with a total for the same twelve months
of 1909 of $341,306,349. The increase, therefore, in
the gross for these roads has been $28,284,204 and the
ratio of gain is 8.28%. In the net the total is $151,193,368, as against $140,788,917, making the increase
$10,404,451. Incidentally we may point out that
this gain in the net of the electric railways, as far as
amount is concerned, is double the sum of the gain in
net of the steam roads, notwithstanding that in the
case of these latter the addition to gross earnings
reached the tremendous sum of $230,578,783; owing
to the great augmentation in expenses, this prodigious
gain in ,gross yielded an addition to net of no more
than $5,008,641. In other words, while the electric
railways were able to improve their net earnings to the
extent of 7.39%, the addition to the net earnings of
the steam roads was barely one-half of 1%. Even in
the matter of gross earnings the contrast is not unfavorable to the electric roads. We have stated that
the growth of these latter is generally slower. In this
instance, however, the difference is not very great.
The electric railways have enlarged their gross by
8.28%, the steam roads by 9.10%.
The much better comparison as to net that the
electric roads are able to make follows from the circumstance that, while their expenses have increased,
the augmentation has not been at the same proportionate rate as in the case of the steam roads. The
large rise in operating cost with the latter has been due
in the main to the higher wage schedules that the
carriers were obliged to put into force during 1910.
For the electric roads this item has apparently been
much less of a factor, for the wage question can obviously be more effectively handled where conditions
are local than where they are common to the whole
railroad system of the country, as is true of the steam
roads. The Baltimore Sc Ohio early last year, as
President Brown has shown in the annual report of
the New York Central, was forced as a result of an
arbitration agreement, to make a substantial increase

924

THE CHRONICLE

[VoL. Lxxxxu

In considering the improvement here disclosed it
should be borne in mind that it is general in character
and not confined to any section of country or any
group of roads. As proof of the fact, we may note
that out of the whole 261 roads, only 19 roads have
failed to share in the increase in gross. Even in the
net, where we have returns for 229 roads, no more
than 49 out of the number have suffered a decrease,
which must be considered very satisfactory, seeing
how general has been the rise in expenses entirely apart
from the advance in the cost of labor.
What is further noteworthy is that the present
year's improvement follows 9.60% gain in gross and
14.80% gain in net in 1909 over 1908, according to our
tabulations of a year ago. Furthermore, even in 1908,
the year of intense business depression following the
panic of 1907, when the steam roads suffered such a
tremendous shrinkage in their revenues, gross and net,
the electric railways sustained no loss in either gross or
net, treating them as a whole. As a matter of fact,
our tabulations for that year recorded a trifling gain
in gross (0.67%) and a small increase (2.65%) in net.
Of course, some of the separate roads then showed the
effects of business depression in diminished earnings.
We found that in the smaller localities, where the
ROADS REPORTING GROSS ONLY.
activities of the population are bound up in some one
Increase. Decrease.
1909.
1910.
Roads.
branch or division of trade, there were instances where
$
$
$
$
throwing into idleness of the greater part of this
the
Gross earnings reported
369,590,553 341,306,349 28,284,204
above (229 roads)
had served to restrict travel over street
population
288,643
__ a3,927,108 a3,638,465
American Railways
17,772
75,418
93,190
Atlantic & Suburban
Ry
Co_and electric railways and diminished their earnings,
_Benton Harbor-St Jos Ry
59,736
216,005
275,741
& Light Co
and in a very few minor instances there had been an
144
67.072
67,216
Buffalo Southern By
23,053
464,421
441,388
Butte Electric By
approach to almost utter collapse. On the other hand,
2,433
39,839
42,272
Buffalo & Williamsv El By
15,805
109,510
125,315
Central California Traction
most of the larger cities, where population is dense,
in
269,779
4,731,731
5,001,510
Cincinnati Traction Co__
13,285
127,983
141,268
Citizens' By (Waco, Tex)-_ -_
where there is much accumulated wealth and
57,743
575,822
and
633,565
City By (Dayton, Ohio..__
8,542
221,588
230,130
Citizens' Trac (011 City,Pa)
22,141 where trade activity is not exclusively dependent upon
200,868
178,727
Geary St Park & Ocean RR
13,629
110,263
123,892
Hagerstown Railway
2,043
29,457
31,500
a single industry or a single group of industries, elecHenderson Traction Co_ __ _
1,969
23,514
25,483
Hudson Riv & East Tr Co_
56
83,637
83,693
Humboldt Transit Co
tric railway earnings had held up remarkably well.
17,828
144,749
162,577
Iowa & Illinois Railway___
28,068
118,932
147,000
La Crosse City fly Co
The totals given all relate, as already stated, to
31,298
548,520
579,818
Mobile Light & RR Co_ ___
3,052
39,971
43,023
Montgomery Traction Co_which have favored us with statements for the
roads
317,886
83,055,742 82,737,878
Ohio Electric By
77,566
413,664
491,230
Ohio Valley Elec By Co__ _
year, or whose figures we have been able to
calendar
_
5,850
93,184
99,034
Phlia & Easton Elec RR_ 517,840
Philadelphia Rapid Transit 19,180,506 19,698,348
100,437
for that period of twelve months. In order
up
336,936
make
437,373
Ry
New
&
But
Pitts Harm
6,794
23,171
29,965
Pitts McK & Western Ry__
2,925
10,573
the investigation a step further, we have
carry
to
13,498
Putnam & Westchester Tr_
549
30,701
31,250
St Albans Street By
3,909
52,801
best, as in previous years, to furnish an in56,710
it
thought
Shawnee Tecumseh Tr Co_ 22,000
138,000
160,000
Shreveport Traction Co__ _
•
15,000
194,000
209,000
dication of what the totals would amount to if we took
Toledo & Indiana Trac____
Union By. Gas & Elec____ 81,079,761 81,040,252 • 39,509
into account the roads whose figures are available for
563,034
406,789,018 377,643,618 29,708,434
Total (261 roads)
, 29,145,400
Net increase (7.71%)
other periods,and particularly for the fiscal years endon June 30 and Sept. 30. In the summary we now
These
ing
b
figures are for
a These figures are for companies controlled.
railway department only.
we start with the total of gross and net for the
furnish
While the 32 roads in the foregoing have furnished calendar years 1910 and 1909, as given above, and then
only exhibits of the gross, it has occurred to us that add two other lines of figures, one recording the earnit would be safe enough in their case to arrive at an ings of all the roads for which we have returns for the
approximation of the net by taking expenses for the twelve months ending June 30 and the other the earntwo years at the same ratios to gross earnings as are ings of all the roads for which we have the figures for
found in the case of the roads which have furnished re- the twelve months ending Sept. 30. The three comports of both gross and net--roughly,41%. We make bined make a very comprehensive aggregate.
Gross
the computation of course only in the case of the total
1909.
1910.
1910.
1909.
_ $
of the whole 32 roads. Obviously it would not be safe For cal. year as above(261 rds.) 406,789,018 377,643,618 166,444,939 1b5,687,197
517,723
517,130
30(5 rds.)_ 1,343,347
1,279,957
years
years end. Sept.
to apply such an arbitrary rule in the case of any one For
11,075,310 10,895,431
For years end. J'ne 30(51 rds.)_ 27,328,867 26,086,470
particular road. Adopting that method, we are able to Grand total (317 roads) 435,461,232 405,010,045 178,037,379 167,100,351
(6.54%) 810,937,028
(7.51%)830,451,187
combine the two classes of roads and get complete results Increase
The total of the gross earnings (comprising 317
as to both gross and net, as is done in the following: roads) for 1910 is $435,461,232, and for 1909 $405,Gross
Net
Calendar
Increase.
1909.
1909.
Increase.
1910.
Year- 1910.
010,045, an increase of $30,451,187; and aggregate
$
8
229 rds__369,590,553 341,306,349 28,284,204 151,193,368 140,788,917 10,404,451 net earnings are $178,037,379, against $167,100,351,
353,091
861,196 *15,251,371 *14,898,280
32 rds__ 37,198,465 36,337,289
increase of $10,937,028. In ratio, the gains on
261 rds__406.789,018 377,643,618 29,145,400 166,444.739 155,687,197 10,757,542 an
* For these roads the net is merely an approximation, no figures having been fur- this basis are 7.51% in gross and 6.54% in net.
nished by the companies.
To guard against misleading the reader, we wish to
It will thus be seen that the aggregate of the net
what we have said in previous annual. rereiterate
on the foregoing basis for the whole 261 roads reaches
$166,444,739 in 1910, against $155,687,197 in 1909, views of the earnings of these electric railways, namely
that this is not an attempt to indicate the aggregate of
giving an increase of $10,757,542, or 6.90%.

in the wage scale of employees in train, engine and
yard service. This was followed almost immediately
by a demand for the same schedule of pay by Central
employees in train and yard service. Arbitration was
again invoked with a like result, and eventually all the
lines between Chicago and the Atlantic seaboard were
forced to grant similar, advances. In the case of the
electric railways, on the other hand, conditions are
usually distinctly local and therefore it is much easier
to grapple with them. Furthermore, a strike of the
employees, where confined to a single city or to a small
section of the country, is not such a serious matter as
where the commerce of the whole country or an important geographical division is involved. These facts
no doubt explain why expenses of electric roads have
not risen in the same inordinate way as those of the
,steam roads.
Besides the roads which have furnished returns of
both gross and net earnings, 32 other roads have favored us with comparative figures of gross alone.
Adding these on, the number of roads is increased to
261 and the total of the gross raised to no less than
$406,789,018 in 1910 and $377,643,618 in 1909. The
increase in this case is $29,145,400, or 7.71%.




APR.

8 1911.)

THE CHRONICLE

the gross and net earnings of all the street and electric
railway undertakings in the United States. It is simply making use of all the figures that have been placed
at our disposal, or which are available. Large though
the totals in our final summary are, they fall considerably short of recording the entire earnings of electric
railways in the United States. The minor roads not
represented would not swell the amount to any great
extent, but it happens that some large companies are
also missing because no data concerning their income
could be obtained. Among these may be mentioned
the United Railways of Baltimore, the Boston Suburban Electric Companies, the Buffalo & Lake Erie, the
Conestoga Traction Co., the Oakland Traction, the Pacific Electric Ry. of California, the Los Angeles Ry.
Corporation, the Los Angeles Interurban Ry. and the
San Francisco Oakland & San Jose.

925

Of course, many of the electric railways furnish
electricity for lighting and power purposes, besides
being engaged in railway business, and the earnings
from that source form part pf their total income. On
the other hand, in a number of cases the earnings from
lighting and other sources have been separated from
the street railway income, and the latter alone is included in our table. This is true, for instance, of the
Public Service Corporation of New Jersey, where we
take simply the results from the operation of the railway properties; it is also true of the Utah Light &
Ry. Co., the Easton Consolidated Electric Co., the
Union Ry., Gas & Electric and the Ohio Electric Ry.
The following is the detailed statement already referred to, which shows separately the comparative
figures for each road contributing returns of gross and
net for the last two calendar years:

ELECTRIC RAILWAY GROSS AND NET EARNINGS FOR CALENDAR YEAR.
GROSS.

NET.

ROADS.
1910.
Anniston Electric & Gas Co-a
Asheville Electric Co
Ashtabula Rapid Transit Cob
Atchison Railway, Light & Power Co-a
Athens Railway & Electric Co
Atlanta Northern Railway Cob
Atlantic Coast Electric Railway
Auburn & Northern Electric Ry_b
Auburn & Syracuse Electric Railroad- b
Aurora Elgin & Chicago Rallroad_b
Bangor Railway & Electric Cob
Baton Rouge Electric Co_ b
Binghamton Railway_ b
Birmingham Railway, Light & Power Co-a
Blue Hill Street Rallway_b
Boston Elevated Railway- b
Bristol Gas & Electric Co
Brockton & Plymouth Street Railway_b
Brooklyn Rapid TransitBrooklyn Heights Railroad Cob
Brooklyn Queens County & Suburban Raliroad_b__
Brooklyn Union Elevated Rallroad-b
Coney Island & Gravesend Rallway-b
Nassau Electric Railroad Cob
Sea Beach Railway Cob
South Brooklyn Railway Cob
Bucks County Electric Rallway_b
Burlington County Transit Co
Calumet & South Chicago Railway
Capital Traction Co. (Washington)_a
Carbon Transit Co_a
Carolina Power & Light_a
Cedar Rapids-Iowa City Railway & Light Co-a
Cedar Rapids & Marion City Railway
Central Illinois Public Service Co
Central Pennsylvania Traction Co
Chambersburg & Gettysburg Electric Railway-b
Chambersburg Greencastle & Waynesboro Street Ry
Charlotte Electric Railway, Light & Power Co
Chattanooga Railway & Light Co_a
Chicago City Railway Co
Chicago & Milwaukee Electric Railroad-a
Chicago Railways Co
Chicago South Bend & Northern Indiana Railroad- b--- Chippewa Valley Railway, Light & Power Co_a
Choctaw Railway & Lighting Co_ b
Cincinnati & Columbus Traction Co
Citizens' Railway & Light (Fort Worth)-a
Cleveland Painesville & Ashtabula Rallroad-b
Cleveland Painesville & Eastern Rallroad-b
Cleveland Railway Co_a
Cleveland Southwestern & Columbus Railway
Clinton Street Railway
Columbus (Georgia) Electric Cob
Columbus Magnetic Springs & Northern_a
Columbus New Albany &Johnstown Traction_a
Columbus (Ohio) Railway 80 Light Co
Concord Maynard & Hudson Street Ry-b
Connecticut Valley Street Ry_b
Cortland County Traction Cob
Crosstown Street Railway (Buffalo) _b
Dallas Electric Corporation- b
Dayton & Troy Electric Railway
Denver & Northwestern Railway and controlled cos_b_ _
Des Moines City Railway Co
Detroit United Railway Cob
Duluth-Superior Traction..b
Eastern New York Rallroad_a
Eastern Pennsylvania Railways Co_a
Eastern Wisconsin Railway & Light-a
Easton Consolidated Electric Co_a
East St Louis & Suburban Co_a
Elmira Water, Light & Rallroad_a
El Paso Electric Cob
Erie Traction Co
Evansville Railways Co
Evansville & Southern Indiana Traotion-b
Evansville Suburban & Newburgh Railway_ b
Fairmont & Clarksburg Traction_b
Fairmount Park Transportation Co
Fort Smith Light & Traction Co
Fort Wayne & Springfield Rallway_b
Fort Wayne & Wabash Valley Traction Co
Freeport Railway & Light Co-a
Galveston-Houston Electric Cob
Gardner Westminster & Fitchburg Street Railway-b. Georgia Railway & Electric Co
Grand Rapids Grand Haven & Muskegon Railway
Grand Rapids Railway Co
Helena Light & Railway Co_a
Houghton County Traction_b
Hudson Valley Railway Cob
Illinois Traction Co_a
Indianapolis Columbus & Southern Traction Co_a
Indianapolis & Louisville Traction Co
Indiana Union Traction Cob
Interboro Rapid Transit Co.(New York)_b
International Railway (Buffalo)_ b
Interurban Railway Co. (Des Moines)
Ithaca Street Railway_b
Jackson Railway & Light Co




1909.

$
$
133,593
137,527
301,764
309,553
73,306
04,294
m42,249
m50,303
148,221
170,809 •
129,363
116,447
402,495
389,619
48,842
45,857
411,368
416,295
1,673,227 1,536,059
565,637
535,252
110,174
99,757
359,803
343,101
2,681,960 2,286,369
89,702
83,429
15,674,811 14,785,083
83,452
k77,000
119,626
130,786
7,631,798 7,192,054
1.431,441
1,271,336
7,841,300 7,465,694
62,489
53,380
4,283,147 4,154,270
151,661
135,666
403,628
390,192
65,178
/72,382
59,317
57,865
985,477
881,177
2,226,150 2,024,484
48,973
47,011
247,927
197,963
g390,170
g349,073
228,947
207,809
141,009
118,963
831,167
754,488
43,057
39,813
84,130
65,068
290,799
268,032
875,078
771,582
£10.105,444 £9,094,048
921,019
963,180
13,852,850 12,368,125
789,134
701,287
274,886
179,203
197,905
167,787
118,625
102,750
274,551
274.477
138,273
127,102
355,489
321,173
8,180,504 6,349,388
1,015,627
900,944
149,500
137,500
464,066
376,592
20,807
20,469
56,014
41,498
d2,396,028 2,595,068
61,177
63,170
204,353
191.470
m81,374
m76,100
899,813
857,036
1,469,318 1,320,122
282,029
205,679
3,595,158 3,374,133
1,082.726
990,314
9,345,219 8,047,555
1,091.582
997,606
34,969
30,468
644,247
601,412
270,313
251,391
c381,492
c352,408
2,364,142 2,035,790
901,437
778,774
640,658
600,958
91,670
90,930
178,280
157,529
422,728
346,398
117,629
101,056
611,644
472,251
e148,556
e141,637
470.232
395,800
• 70,284
69,355
1,526,587 1.414,526
100,292
93,983
1,312,986
1,206,544
72,080
68,154
4,040,886 3,673,007
294,311
282,091
1,132,578
1,029,011
309,741
290,626
311,474
319,966
598,042
554,183
6,218,037 4,752,082
418,287
385,425
123,894
110,090
2,384,628 2,103,019
29,139,073 27,278,561
5,040,197 4,673,900
269,657
229,152
131,195
123,031
78.301
71,742

Increase.

Decrease.

$

$
3,934

7,789
9,012
8,054
22,588
12,916
12,876
2,985
4,927
137,168
30,385
10,417
16,702
395,591
6,273
889,728
13,548
11,160
439,744
160,105
375,606
9,109
128,677
15,995
13,436
7,204
1,452
104,300
201,666
1,962
49,984
41,097
21,138
24,046
76,679
3,244

,

936
22,787
103,496
1,011,396
42,161
1,284,725
87,847
95,683
30,138
13,875
74
9,171
34,298
188,884
114,683
12,000
87,474
338
14,516
• 199,040
1.993
12,883
5,274
42,777
149,196
76,350
221,025
92,412
1,297,664
93,976
4,501
42,835
18,922
29,084
328,352
122,663
39,700
740
20,751
76,330
16,573
139,393
6,919
74,432
929
112,001
6,309
106,442
3,926
367,879
12,220
103,567
19,115

.-

8,492
43,859
1,465,955
32,862
13,804
261,609
1,860,512
366,297
40,505
8,164
6,559

1910.
$
45.262
78,481
26,764
m14,967
102,080
29,365
203,948
24,577
165,449
728,405
318,940
40,718
152,717
1,120,862
32,719
5,406,635
30,141
34,964

1909.
$
44,960
76,478
25,842
m11,783
89,903
24,481
197,828
24,737
177,557
703,681
291,470
29,906
147,064
878,625
24,983
5,103,144
k33,000
37,837

2,972,392 2,582.981
494,163
386,026
3,815,150 3,313,868
6,843
8,551
1,429,009
1,231,514
55,202
12,767
124,766
107,304
/24,049
/13,907
4,781
6,341
1295,643
3264,353
1,006,080 1,005,774
11,743
9,282
99.734
68,229
g147,701
g146,409
86,180
73,383
45,608
43,837
239,666
195,678
117
de1980
30,910
31,177
130,581
121,027
363,625
264,905
f33,031,633 132,728,214
210,198
234,229
34,095,855 33,710,438
347,718
305,644
148,660
92,461
83,113
74,290
52,430
41,850
68,366
82.634
43,166
41,051
180,300
157,284
1,480,175 2,263.159
345,815 •
434,188
68,200
67,000 •
175,572
264,756
2,066
3,567
26,439
14,383
d777,805 1.34
0 ,935
23,517
24.278
66,053
59,669
m26,738
m26,572
273,761
293,793
518.173
498,631
110,615
91,252
1,735,907 1,695,299
313,197
269,134
3,364,154 3.004,831
487,507
437,795
5,663
4,370
255.431
250.983
96,592
84,268
c96,661
c72,193
1,076,538
889,044
361,077
303,090
271,600
240,855
26,924
26,171
77,651
56,858
170,720
121,012
48,299
38,128
396,254
306,819
e67,344
e73,654
203,458
170.613
32,429
29,806
685,736
592,803
35,394
32,888
516,243
997,410
23,788
24.997
2,132,442
1,902,865
109,541
124,929
.569,313
536,156
116,942
108,113
147,415
145,881
188,222
158,348
2,552,409 2,003.013
169,235
177,095
50,353
36,624
1,125,314
989,590
17,789,630 17,203,639
2,092,141
2,001,303
94,262
82.275
43,156
38,199
31,834
26,971

Increase.

Decrease.

$

$

302
2,003
922
3,184
12,157
4,884
6,120
160
12,108
24,724
27,470
10,812
5,653
242,237
7,736
303,491
2,859
2,873
389,411
108,137
501,282
__ ___
_-197,495
42,435
17,462
10,142

1,708

1,560
31,290
306
2,461
31,505
1,292
•

7.183

1,771
43,990
1,097
267
9,554
98,720
303,419
24,031
385,417
42,074
58,199
11.177
10,580
14,288
2,115
23,038
88,373
1,200
89,184
1,501
12,056

7712.584

_-5-2-7,56
761
6,384
166
20,032
19,542
19,363
40,608
44,063
359,323
49,712
1,293
4,448
12,324
24,468
187,494
57,987
30,745
753
20,793
49,708
10,171
89,435
6,310
32,845
2,623
92,933
2.506
18,833
1,209
229,577
15,388
33,157
8,829
1,534
31,874
549,396
7,860
13,729
135,724
585,991
90,838
11.98'
4.957
4,863

[VOL. Lxxxxix

THE CHRONICLE

926

NET.

GROSS.
ROADS.
1910.

1909;

Increase.

Decrease.

$

$
89,303
31,295
81,863
592,070
7,108
102,590
27,622
27,427
86,288
13,600
138,216
4,364
622
9,595
65,578
51,873
19,854
10,761
196,541
54,238
3,190
15,118
37,837
16,995
455,910
83,399
210,093
251.515
287,457
29,884
1,783
426,852
129,124
30,422
3,827
3,712
108,086
39,287
6,028
228,148
27,627
318,868
22,657
100,314
35,161
259,784
183,256
1,823
209,377
303,778
147,248
26,250
22,402

488,778
576,081
Jacksonville Electric Co_ b
171,853
140,558
Joliet & Southern Traction Co
329,596
411,459
Joplin & Pittsburgh Railway Cob
7,518,335 6,926,285
Kansas City Railway & Light Co
150,732
157,840
Kingston Consolidated Rallroad_b
613,520
716,110
Knoxville Railway & Light Co_a
233,863
261,485
Kokomo Marion & Western Traction Cob
560,967
588,394
Lackawanna & Wyoming Valley Rallroad-b
919,613
1,005,879
Lake Shore Electric Rallway_a
190,322
203,922
Lehigh Traction Co
g1,209,677 01,071,461
Lehigh Valley Transit Co_a
28,782
33,146
Lewisburg Milton & Watsontown Passenger Railway_ b_ _
99,571
100,193
Lewistown & Reedsville Electric Rallway_b
149,355
158,950
Lexington & Boston Street Railway_ b
582,422
3648,000
Lexington & Interurban Railways
720,371
772,244
Little Rock Railway So Electric Co
189,545
209,399
Long Island Electric Rallway-b
164,471
175,232
Lorain Street Railroad Co
Louisville Railway Co a
2,899,464 2,702,923
389,595
443,833
Macon Railway &Light Co_ b
104,088
107,278
Marion Bluffton & Eastern Traction
107,914
123,032
Marquette County Gas do Electric Cob
178,782
Maryland Electric Railways b
216,619
68,440
85,435
Mason City & Clear Lake Railway- b
8,655,646 8,199,736
Massachusetts Electric Companies- b
1,719,609
Memphis Street Rallway_a
1,803,008
Metropolitan Street Railway System (New York)-b__-- 011,007,318 010,797,225
3,069,945 2,818,430
Metropolitan West Side Elevated (Chicago)-b
1,137,771
1,425,228
Michigan United Rallways_b
Middlesex & Boston Street Rallway-b
650,917
680,801
35,542
33,759
Millville Traction Co
4,694,391
Milwaukee Electric Railway & Light Cob
4,267,539
927,625
1,056,749
Milwaukee Light, Heat & Traction Cob
4257,426
4287,848
Milwaukee Northern Rallway_a
92,935
96,782
Monmouth County Electric Co
113,991
117,703
Muskogee Electric Traction_ b
1,832,465 1,724,379
Nashville Railway & Light Co-a
749,499
788,786
New Hampshire Electric Railways_ b
158,720
164,748
New Jersey & Pennsylvania Traction
6,291,645 6,063,497
New Orleans Railway & Light Co_a
343,103
370,730
New York & Long Island Traction Cob
3,102,923
3,421,791
New York State Railways_b
e777,724
e800,381
Newport News & Old Point Railway & Electric
2,012,252 1,911,938
Norfolk & Portsmouth Traction Co-b
179,097
214,258
North Carolina Public Service Co.I,
2,437,426 2,177,642
Northern Ohio Traction & Light Co
1,259,551
1,442,807
Northern Texas Electric Cob
57,485
59,288
Ohio River Electric Railway & Power
452,569
861,946
Oklahoma Railway Co
2,317.677
2.621,455
Omaha & Council Bluffs Street Railway_ b
406,039
553,287
0:egon Electric Railway -b
236,583
262,833
Ottumwa Railway & Light Co_a
227,344
249,746
Paducah Traction So Light Co_ b
106,050
79,221
Pascagoula Street Railway & Power Co
106,545
8,859
115,404
Pennsylvania ec Ohio Railway Cob
246,664
26,439
273,103
Pensacola Electric Co_ b
39,974
1,044
41,018
People's Traction Co (Galesburg) _a
47,478
209,916
257,392
Petaluma & Santa Rosa Railway_ b
1,982,643
Philadelphia Company (including affiliated corporations)a 20,230,159 18,247,516
45,391
45,368
Portland ec Brunswick Street Rallway_b
5,638,896 4,818,022 - 820,874
Portland (Oregon) Railway, Light ec Power Co_a
16,823
142,350
159,173
Poughkeepsie City .So Wappingers Falls Electric Ry-b-_
4,554
85,590
90,144
Providence & Danielson Rallway_b
708,209
12,114,412
12,822,621
Public Service Railway (New Jersey) _a
38,521
627,174
665,695
Pueblo & Suburban Traction ec Lighting Co
46,193
1,869,096
1,915,289
Puget Sound Electric Rallway_b
4,147
25,132
29,279
Rochester & Manitou Rallroad_b
859
69,099
69,958
Rochester & Suburban Railway_ b
250.058
393,971
644,029
Eastern
ec
Rallway_b
Rochester Syracuse
22,112
192,122
214,234
Rockland Thomaston & Camden Street Railway
26,569
118,719
145,288
Rome (Georgia) Railway & Light Co
58,502
979,554
1,038,056
St Joseph Railway, Light, Heat & Power Co
21,628
183,374
205,002
San Bernardino Valley Traction
28,542
603,814
632,356
Savannah Electric Co_ b
112,786
1,141,360 1,028,574
Schenectady Railway Co_ b
1,169
29,959
31,128
Schuylkill & Dauphin Traction Co
5,854,175
5,588,189
Seattle Electric Co_b
44,206
180,592
224,798
Sheboygan Light, Power & Railway
13,016
182,208
195,224
Southern Michigan Rallway_b
16,719
162,550
179,269
Southern Wisconsin Rallway_a
222,516
2,457,489 2,234,973
South Side Elevated Rallroad_a
62,435
526,485
588,920
Southwest Missouri Railroad_a
110,042
1,608,489
1,718,531
Spokane & Inland Empire_ b
53,508
412,775
466,283
Springfield (Missouri) Railway & Light Co
8,186
101,015
107,201
Springfield Troy So Piqua Railway Co_a
5,614
65,827
71,441
Springfield & Xenia Railway Co_a
15,283
238,266
253,549
Stark Electric Railroad_ b
74,609
295,276
369,885
Syracuse Lake Shore & Northern ria_b
127,855
1,545,842 1,417,987
Syracuse Rapid Transit Railway
6,731
54,326
61,057
Syracuse & South Bay Electric, Rallroad_b
596,303
592,964
Tampa Electric Co_b
389,210
5,840,385 n5,451,175
Terre Haute Indianapolis & Eastern Traction Co_a
533,293
06,017,840 05,484,547
Third Avenue System (New York) _b
41,292
275,171
316,463
Tidewater Power Co
32,800
139,404
172,204
Toledo Fostoria & Findlay Railway_ b
17,317
179,060
196,377
Toledo Port Clinton & Lakeside_b
252,205
2,985,382 2,733,177
Toledo Railways & Light_ b
473.999
2,513,487 2,039,488
Ti-City Railway & Light Co
34,873
34,575
Troy & New England Railway_ b
561,873
7,531,649 6,969,776
Twin City Rapid Transit (Minneapolis) _ b
7,468
310,200
302,732
Twin State Gas & Electric (Brattleboro) _a
29,482
387,387
357,905
Iowa_a
in
Company'
Union Electric
48,121
135,748
183,869
Union Traction Co (Kansas)_a
197,524
7,653,489 7,455,965
United Railroads of San Francisco
467,321
11,373,465 10,906,144
United Railways Company of St Louisa
2,178,031
115,539
2,062,492
United Traction Company (Albany)-b
m1,287,312 m1,190.167
97,145
Utah Light & Rallway_b
1,257,621
63,815
1,193,806
Utica & Mohawk Valley Rallway-b
229,446
3,544
225,902
Valley Traction Co_ b
75,054
76,077
Vicksburg Traction Co_b
63,259
421
62,838
Vincennes Traction Co
57,844
1,947
55,897
Warren Brookfield & Spencer Street Railway_ b
93,901
6,389
87,512
Railway
b
Street
&
Warren
Jamestown
4,123,560 4,080,064
43,496
Washington Railway So Electric Cob
505,923
515,010
Washington-Virginia Railway Co-a
3,155,223 2,788.742
366,481
Washington Water Power Co_a
269,268
28,856
240,412
Waterloo Cedar Falls & Northern Railway_ b
62,034
5,218
56,816
West Chester Kennett & Wilmington Electric Rallway_a8,852
145,724
136,872
West Chester Street Railway_b
20,169
391,275
371,106
Western New York & Pennsylvania Traction- b
68,047
558,375
490,328
Western Ohio Railroad_ b
144,004
1,548,414
1,692,418
Western Railways & Light Co_a
274,087
2,042,002 1,767,915
West Penn Traction Co-a
4,293
406,867
411,160
Whatcom County Railway & Light Cob
15,767
218,743
234,510
Wilkes-Barre do Hazleton Railway Cob
29,894
g229,068
g258,962
Winston-Salem Railway & Electric Co-a
15,224
155,693
170,917
Wisconsin Electric Rallway_a
43,794
291,792
335,586
Wisconsin Traction, Light, Heat & Power Co
42,017
166,689
208,706
Youngstown & Ohio River Raliroad-b
Total (229 roads)
Net increase

369,590,553 341,306,349 29,023,703
28,284,204
(8.28%)

1910.

28,829

23

265,986

3,339

298

1,023

9,087

264,843
51,252
183,577
3,060.113
81,794
365,054
148,100
248,007
469,783
68,870
g647,333
15,871
42,173
31,440
3228.000
379,774
25,142
78,795
1,028,790
207,431
50,520
36,048
16,648
35,779
3,162,648
651,202
03,081,871
1,513,930
651,971
228,792
1,667
2,199,271
593,869
1120,170
29,265
54,067
802,439
210,319
59,608
2,394,690
112,822
1,358,147
e337,547
858,439
84,728
1,088,463
676,586
19,627
262,115
1,142,209
247,208
122.089
105,614
19,949
48,373
113,498
11,409
69,450
9,635,700
2,319
2,914,518
57,449
2,183
5,135,430
320,196
662,879
1,878
30,135
340,634
154,087
68,029
488,656
63,790
216,122
472,690
9,095
2,375,400
83,415
76,877
88,225
803,977
275,740
527,088
206,557
11,143
18.045
143,847
123.921i
619.175
8,886
265,001
2,500.580
02,517,518
126,120
77,601
92,356
1,116,782
1,031,519
18,261
3,863,947
146,393
133,136
101,093
2,981,218
4,621.140
827,197
m459,986
550,056
86,805
17,068
22,977
13,993
42,906
1,971,731
244,716
1,476,683
150,303
18,179
67.238
212,967
266,314
620,119
1,054,380
177,466
129,149
g77,128
49,430
111,005
94,760

1909.

Increase.

Decrease.

$
$
$
47,261
217,582
9,068
42,184
29,694
153,883
96,807
2,963,306
17,276
04,518
82,568
302,486
13,783
134,317
227,038
20,860
422,282
47,501
598
08,272
124,043
0523,290
5,775
10,096
331
42,504
2,577
34,017
57,883
170,117
13,396
366,378
25,155
50,297
3,177
75,618
110,341
918,449
28,813
178,618
883
49,637
4,181
31,867
def35,541
52,189
21,401
14,378
3,020,803
141,845
633,445
17,757
03,867,865
-77-15;1554
1,400,354
113,576
493,970
158,001
201,832
26.960
1,757
90
2,159,306
39,965
535,547
58,322
i 90,507
29,663
26,916
2,349
54,483
416
710,497
91,942
219,296
8,977
620
58,988
2,232,164
162,526
16,850
129.672
209,740
1,148,407
e356,530
18,983
48,726
809,718
70,648
14,080
100,878
987,585
566,816
109,770
16,280
3,347
81,288
180,827
900,577
241,632
77,287
169,921
110,480
11,609
91,591
14,023
5,444
25,393
6,741
41,632
8,171
105,327
5,876
17,285
21,481
47,969
8,269,924 1,365,776
4,242
6,561
515,406
2.399,112
13,837
43,612
5,4123,220
4,959,323 -iiii-Joi
33,029
287,167
94,371
618,508
3,323
def1,445
7,079
23,056
134,546
206,088
20,772
74,859
12,857
65,172
14,672
473,984
3,605
60,185
4,659
211,463
71,954
900,730
1,398
10,943
84,237
2.459.637
12,383
71,032
57,940
18,937
7,434
80,791
92,959
711,018
33,631
242,109
151,867
678,955
18,081
188,476
7,873
19,016 '
3,903
14,142
6,820
137,027
22,068
101,863
168,094
451,081
694
9,500
14,802
250,199
68,958
n2,431,622
328,272
02,189,246
28,004
98,116
10,236
67,365
12,728
79,628
10,952
1,105,830
132,939
898,580
18,827
566
188,798
3,675,149
8,767
137,626
4,952
128,184
78,183
22,910
2,857,219
103,999
4,487,727
133.413
874,859
47,682
m435,922
24,084
467,479
82,577
62,235
24,570
19,443
2,375
24,947
1,970
14,525
532
48,357
5,451
1,969,485
2,248
195,776
48,940
1,284,848
191.835
12,072
162,375
16,316
1,863
60,633
6.605
205,777
7,220
225,738
40,576
24,437
644,556
786,575
287,785
1,309
178,775
14,258
114,891
5,536
g71,590
7,531
41,899
2,437
113,442
12,143
82.617

739,499 151,193,368 140,788,917 13.083,102 2,678,551
10,404,451 -------(7.39%)

Decrease
a After deducting taxes. b Before deducting taxes. c Figures represent earnings of Easton Transit Co.. the operating company. d ending
•
In 1910 figures due to strikes on company's lines in that year. e Figures cover years ending Oct. 31 1910 and 1909. f Figures cover years Figures
Feb. 28 1911 and 1910. g Figures cover years ending Nov. 30 1910 and 1909. h Figures for months of Nov. and Dec. 1910 arc estimated. I Figures
Figures of net are 30% of gross earnings. lc Figures for month of Dec. 1909 are estimated. 31 1910
cover years ending Jan. 31 1911 and 1910.
of net in 1910 are after expenses for new construction. m Figures are for railway department only. n Figures are for 12 months ending March
•
• ----- •
. • .
0 Figures are for 0 months ending Sept. 30. • • • • .




APR. 81911.j

THE CHRONICLE

927

precedent of the Federal incorporation of trust companies
because they are large, it will likely be followed as to the
other classes of large corporations doing an inter-State
business. Mr. Jones believes that.the enactment of a
Federal law authorizing the incorporation of the various large
corporations would, in the eyes of the people, be taken as
an insidious encroachment on the sovereignty of the States.
The States, he avers, would soon be, on many matters of
great importance, but States in name, and the substantial
form of our Government would be materially changed.
May it not, suggests Mr.• Jones, be better to remedy some
of the evils of the present system, which could be done
largely by a tendency to make uniform the laws of the various
States as to corporations. There is a great desire on the
part of the trust companies for any kind of supervision that
will lead to better management, but while many advantages
might come to them if the recommendations of the Secretary
of the Treasury be carried into effect, might not there also,
he asks, be great disadvantages? Even were national trust
companies authorized, as proposed under the Aldrich plan,
Mr. Jones cannot see how they could take advantage of
many of the important benefits that would accrue to a
Low. High. Close. Last previous sale.
Shares. BANKS—New York.
commercial national bank under that plan, for the very
1911—
412
419
Mch.
412
405
*40 City Bank, National
evident reason that, as a general proposition, the assets
Mch. 1911— 217
223% 220
*611 Commerce, Nat. Bank of__ _ 218
332
332
332
Nov. 1910— 31434 of the trust companies are not suited to the discounting
10 Corn Exchange Bank
205
206% 20534 Mch. 1911— 205
*349 Fourth National Bank
features of the plan. The opportunity for discounting, as
343
343
343
Mch. 1911— 343
*50 Gallatin National Bank
256
256
Feb. 1911— 24934 covered by the plan, relates to notes and acceptances "that
•10 Mechanics & Metals Nat.Bk. 256
175
175
arise out of commercial transactions" and mature within
175
Aug. 1907— 410
4 Nineteenth Ward Bank
373% 375
375
Mch. 1911— 374
30 Park Bank, National
not to exceed three or four months in any case. Mr. Jones
TRUST COMPANIES—New York.
shows that the five leading trust companies of St. Louis,
20 Farmers' Loan & Trust Co 1540 1540 1540
May 1910-1750
15 Trust Co. of America
337
337
337
Mch. 1911— 3403
according to their last statements, had total assets of over
TRUST COMPANY—Brooklyn.
$103,000,000, with capital, surplus and undivided profits
3 Franklin Trust Co
181
181
181
Feb. 1910— 22034
of over $31,500,000; and yet the aggregate of all their notes
* Sold at the Stock Exchange.
secured by collateral on real estate was only slightly in
—Two New York Stock Exchange memberships were excess of $7,000,000, and he ventures the
opinion that the
posted for transfer this week, the consideration in each case majority of this $7,000,000 was not the kind of
commercial
being $68,000, the same as the last preceding transaction.
paper mentioned in the Aldrich plan. About the only
—Comments on the Aldrich plan for monetary legislation provision in the Aldrich plan which could be taken advantage
made by Breckinridge Jones, President of the Mississippi of by the trust companies toward re-discounting or raising
Valley Trust Co., before the Bankers' Club of St. Louis on money from the Reserve Association would be its emergency
February 21 have been brought together in pamphlet form. or panic provision, authorizing the Reserve Association to
A note in the booklet points out that the remarks of Mr. discount loans secured by collateral; this, Mr. Jones indicates,
Jones were offered as an incentive to discussion so necessary could be done only when a loan would be endorsed by the
to an aroused public sentiment, or to afford those familiar local association, for which a commission would have to be
with what would be the practical working of the plan an paid, and then the provisions of the section are applicable
occasion to give satisfactory explanations. The defects of only"whenever,in the opinion of the Governor of the Reserve
our present system, it is added, are so apparent, and the Association, the public interests so require,such opinion to
desirability of a comprehensive plan of remedying them so be concurred in by the Executive Committee of the Reserve
evident, that it is hoped the general features of the plan Association and have the additional approval of the Secreproposed by Senator Aldrich will be rounded into shape tary of the Treasury." This power or right Mr. Jones
and be made into a law. The provision of the plan around considers a distinct advantage.
which Mr.Jones's remarks center is that which would provide
Attention is drawn to the fact that at the National Monefor a class of national banks that shall be in effect national tary Conference in Washington on January 18 resolutions
trust companies "to exercise all the functions and have were passed recommending that the stock of the Reserve
all the privileges * * * which are given to trust Association should be owned by incorporated institutions,
companies by the laws of the various States." Mr. Jones including trust companies, whether under national or
pertinently notes that under the laws of Missouri, and in State charters, willing to assume equal duties as a basis for
many other States,no non-resident can act as executor,and, equal privileges. He thinks that if the plan can be so
except under a special statute, such as that concerning changed as to permit State banks and trust companies,
trust companies, no corporation can act as trustee or executor. limited only to proper and necessary restrictions, to become
It is submitted, therefore, that, so far as any court has yet stockholders in the Reserve Association, and share in the
decided, the Federal Government has no power to charter resulting benefits the same as national banks, much oppoa Federal corporation with such powers. They are not, sition would be avoided and the number and strength of the
Mr. Jones well says, incidents of banking, and in his opinion supporters of the plan would be multiplied. Mr. Jones cites
Congress hasnot the power to confer them on a national bank. figures similar to those previously given by us to show that
Mr. Jones also takes occasion to refer to the report made by under the plan in its present form 11,319 State banks and
the Secretary of the Treasury in 1905, in which, in alluding 1,079 trust companies (as of April 28 1909) a total of 12,398
to the growth of trust companies in New York and Chicago, institutions, or nearly double the number of national banks
he suggested the propriety of a law giving trust companies (6,893 on April 28 1909) would be deprived of its benefits
of large capitalization in large cities the privilege of in- unless they should nationalize. Figures are also presented
corporating under Federal law, with corresponding super- to show that under the law requiring a minimum capital of
vision. The last report of the Secretary of the Treasury also $25,000 for banks entering the national system, a number
recommended providing for a Federal law incorporating of institutions of decided usefulness to small agricultural
trust companies. According to Mr. Jones, the Secretary's communities would be left out. Of 5,878 existing instituargument seemed to be that because trust companies are tions, with a capital of less than $25,000,all of these,outside
large, and some have become "national in character", that is, of 36 in the Eastern States, are located in the Southern,
do business "among the States," therefore the Government Middle Western, Western and Pacific States, and many of the
should grant charters to and have supervision over large people in those States, Mr. Jones states, will oppose the
trust companies in large cities. Why trust companies, plan as being, in their opinion, unduly favorable to the
queries Mr. Jones, any more than any other corporation Eastern States. Mr. Jones also points out that it appears
making or dealing in articles of general necessity or utility? from the face of the Aldrich plan that there is no flexibility
The line of reasoning, he maintains, is applicable alike to left in the amount of notes that can be issued by the Reserve
railroads, insurance companies, manufacturing and mer- Association except by a tax that would only be paid in times
cantile corporations—in fact to all large corporations doing of great emergency, and apparently, he states, it makes no
an inter-State business. If, says Mr. Jones, there is set the provision for ever retiring the $346,000,000 of greenbacks,
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate 1,104
shares,of which 1,000 shares were sold at the Stock Exchange
and 44 shares at auction. The transactions in trust company stocks reach a total of 38 shares. The sales of National
Bank of Commerce stock at the Exchange amounted to 611
shares, the price ranging from 218 to 223k and closing at
220. Ten shares of Corn Exchange Bank stock were sold
at auction at 332, an advance of 173
/
8 points over the price
paid in November 1910, when the last previous sale was
made. The table below, given in our usual form, shows the
actual sales of New York City bank stocks made during the
week at auction and at the Stock Exchange. Extensive
tables reporting the bid and asked quotations, deposits,
surplus, Sr,c., of banks and trust companies in all important
cities in the United 'States are published monthly in the
"Bank and Quotation" Section, the April issue of which
accompanies to-day's "Chronicle." Bid and asked quotations for all New York City bank and trust company stocks
are also published weekly in another department of the
paper, and will be found to-day on pages 937 and 938.




928

THE CHRONICLE

which have been such a bone of contention that it seems a
comprehensive currency scheme should make some provision
for getting rid of them.
—A. Lawrence Lowell,-President of Harvard University,
has been chosen to serve on the Commission which is to investigate the cost of transporting and handling second-class
mail matter in accordance with the resolution passed at the
late session of Congress, and noted in our issue of March 11.
The other members of the Commission are Associate Justice
Charles E. Hughes of the United States Supreme Court and
Lawrence Maxwell of Cincinnati, formerly Solicitor-General
of the United States,
—Charles D. Hilles was sworn into office as Secretary to
President Taft on the 4th inst. In assuming his new post
Mr. Hilles retires as an Assistant Secretary of the Treasury,
in which he is succeeded by Robert 0. Bailey, who also took
the oath of office on the 4th. Charles D. Norton, former
Secretary to the President, becomes a Vice-President of the
First National Bank of this city.
—Preliminary to the opening of the extra session of Congress on Tuesday, the program to be pursued was outlined
in the following resolution adopted by the Democratic members of the House on the 1st inst.:
Resolved, That the Democratic members of:the various committees of the
House are directed not to report to the House durIngithe first session of the
Sixty-second Congress, unless hereafter directed by this caucus,any legislation except in reference to the following matters:
1. Election of United States Senators by vote of the people.
2. Legislation referring to the publicity of campaign contributions before
and after election.
3. The Canadian reciprocity agreement, general tariff legislation and
legislation affecting the revenues of the Government.
4. The re-apportionment of the House to conform to the Thirteenth
Census.
5. Resolutions of inquiry and resolutions touching upon Investigations
of the executive departments.
6. The admission of the Territories of Arizona and New Mexico.
7. Any deficiency bills that the exigencies of the Government may
require to be considered at this time and bills to correct the enrolling of the
appropriation bills passed March 4 1911.
8. Legislation relating to the District of columbia.

[VoL. Lxxxxn.

under the newly enacted law creating the office. The legislation providing for the new department, headed by, a superintendent, results from the efforts of the Alabama Bankers'
Association, which convened in January in order that the
bill to this end, prepared by its legislative committee, might
be presented to the Legislature for action at its current
session.
—Bankers from various sections of Alabama recently
n
gathered at Montgomery and perfected the organizatio
the
under
Alabama
of
of a National Currency Association
offiprovisions of the Aldrich-Vreeland Currency Act. Its
First
the
of
President
Harding,
G.
P.
W.
cers are: President,
National Bank of Birmingham; Vice-President, M. J. McDermott, President of the Bank of Mobile, N. B. A.; Secretary and Treasurer, J. K. Jackson, Cashier of the Exchange
National Bank of Montgomery. The headquarters of the
association will be located at Montgomery. The organization embraces twenty-five of the national banks of the State.
—The "Oklahoman" of the 2d inst. gives a list of thirtytwo banks of the State which changed to the national ystem
during March. The more important of these is the conversion of the Noble State Bank to the First National Bank of
Noble; the Oklahoma State Bank of Chickasha to the Oklahoma National Bank; the Bank of Commerce of Tulsa to the
National Bank of Commerce; the Bank of Oklahoma at Tulsa
to the Oklahoma National Bank; the Okmulgee State Bank
of Okmulgee to the Exchange National Bank; the Lawton
State Bank to the Lawton National Bank, &c., &c.
—P. C. Kauffman, Secretary of the Washington Bankers'
Association, in an announcement with regard to the work
of the Legislative Committee of the Association, has the
following to say:
The Legislative Committee, under the chairmanship of George B. Burke,
presented to the 1911 session of the Legislature the various bills recommended at the 1910 Convention, and succeeded in securing a favorable vote
on practically every measure in the Senate: the House, however, unfortunately declined to concur, with a result that no changes have been
made in the State Banking Law, and the Banking Act of 1907 as amended in
1909 will stand for the next two years as the banking law of this State.
The committee, however, reports that it succeeded in sidetracking the
several bills that were introduced providing for the guaranty of deposits,
none of them even having been reported from the committees, so that it is
not at all likely that any attempts will be made by future legislatures to
enact guaranty of deposit bills.
The committee was assiduous in its attendance upon the Legislature, and
upon the meetings of the House and Senate committees on Banks and
Banking, and succeeded in every instance in securing favorable recommendations for each of our measures.

The political make-up of the Sixty-second Congress is as
follows: Senate—Republicans, 50; Democrats, 41; vacancy,
1. House—Democrats, 228; Republicans, 160; Socialist, 1;
vacancies, 2. In the Sixty-first Congress, which adjourned
March 4, the Senate consisted of 59 Republicans and 32
Democrats, with 1 vacancy; and the House membership was
made up of 217 Republicans and 174 Democrats.
A meeting of the executive council of the Association will
a
—Following its decision to adopt the plan of employing
be held to decide upon the place and time for this
shortly
clearing
important
other
among
vogue
special examiner, in
. An invitation has been received from
convention
year's
Associa-House
Clearing
houses of the country, the Cleveland
banks Wenatchee to hold the meeting in that city. In compliance
tion has chosen Francis Coates Jr. to supervise the
the desire of the National Monetary Commission that
comprised in its membership. Mr. Coates has been a na- with
plan for the organization of a National Reserve
tentativc
up
will
the
take
He
years.
tional bank examiner for several
Association be considered by the various State Bankers'
the duties of his new post about May 1.
Associations at their coming sessions, the matter will be a
—The Montana Legislature has passed a law placing
of the Washington Bankers' program.
feature
private banks under the supervision of the State Examiner.
or
the May meeting of the Executive Council of the
hereafter
persons
person
—For
any
for
The Act makes it unlawful
to be held at Nashville,
to "conduct a commercial banking business or a banking American Bankers' Association,
de luxe" over the New
"train
of
special
be
will
a
State
there
the
Montana
Tenn.,
within
deposit
and
discount
business of
will provide for the
which
York,
of
New
co-partnership
or
from
Central
a
of
York
or
in the capacity of an individual
as well as from New
an unincorporated association unless the name under which bankers from New York and vicinity
system has also placed
such bank is known and conducted shall contain the name England. The Pennsylvania RR.
to go from the East
wish
who
bankers
and
one
of
the
least
actual
disposal
the
at
at
of such individual or the name of
from Chicago there will
responsible member of such co-partnership or association, in and South its best train service, and
& Eastern Illinois. Ry.,
addition to which name there shall be no other designation be a "train de luxe" over the Chicago
from that vicinity and
bankers
the
ting
of,'
or
Banker'
accommoda
House
train
this
than the words 'Bank of,' Banking
announced:
'Bankers.'" Before the receipt of any money on deposit, the Northwest. The following program is through the beautiful
April 30—Automobiles for sightseeing
Sunday,
reis
association
or
partnership
every such individual, cocountry surrounding Nashville and its magnificent turnpikes.
quired to actually own and possess approved property or
Monday, May 1—Committee meetings.
Monday evening, 7:30 o'clock—Banquet at Hotel Hermitage, with the
assets within the State of Montana of a minimum value of at
compliments of the hotel. Address by James B. Forgan of Chicago on
of
population
a
having
least $20,000 in cities and towns
"Banking and Currency Legislation and the Aldrich Plan." Informal talks
2,000 or less, a larger amount being called for in munici- by others to be called upon.
Tuesday, May 2—Sessions of the Executive Council at Hotel Hermitage.
palities with a greater population, and reaching $100,000 in
Tuesday evening—Reception and dance at the residence of President
over.
or
25,000
of
the case of a city having a population
F. 0. Watts.
examiWednesday, May 3—Sessions of the Executive Council at Hotel HermitSuch banking organizations are made subject to the
nation of the State Examiner once a year and oftener when age.
—The proposed changes in the board of the National Bank
deemed necessary, the Examiner to have full power and
25
authority to investigate and examine all books, papers and of Commerce of this city indicated in our issue of March
. In addition to the election of the
Wednesday
at
on
occurred
reports
for
The
bank.
provides
such
law
also
of
effects
then referred to, two other new
the call of the State Examiner not less than four times a three incoming members
been named, the five newly elected members
year, and outlines the proceedings to be taken with respect directors have
National City Bank;
to insolvent institutions. The Act was approved by Gov. being F. A. Vanderlip, President of the
National Bank;
First
Hine,
of
the
L.
President
Francis
Union
Norris on March 6 and goes into effect on July 1. The
National Bank;
Bank & Trust Co. of Helena has distributed complimentary Albert H. Wiggin, President of the Chase
of the
President
Acting
and
Vice-President
A.
Day,
William
copies of the bill.
Shnonson,
A.
W.
and
Society,
Assurance
Life
.
Equitable
—A. E. Walker has been named by Gov. O'Neal of Alaof the Second National Bank and Vice-Preskibnt
bama as Superintendent of the State Banking Department President




APR. 8 1911.1

THE CHRONICLE

of the National City Bank. The foregoing replace David
H. Moffat and Paul Morton, deceased, and H. H. Vreeland,
W. G. Oakman and F. M. McKnight, resigned. The following additions to the Finance Committee of the Bank of Commerce are also announced: Frank A. Vanderlip, Albert H.
Wiggin and Francis L. Hine, Mr. Wiggin succeeding Valentine P. Snyder on the committee, which now consists of nine
members. Mr. Snyder's resignation as President of the
bank, tendered several months ago, became effective on the
1st inst. The vacancy in the presidency remains unfilled,
and, pending the election of the head, Vice-President James
S. Alexander will be acting President. The changes in the
directorate of the Commerce follow the recent acquisition
by interests in the First, City and Chase national banks
and J. P. Morgan & Co. of about half the holdings of the
Equitable Life Assurance Society and the Mtuual Life Insurance Co. in the Commerce, involving some 44,000 shares.
—Thomas Fairservis, until lately in charge of the Securities department of the Merchants' National Bank of this
city, has been admitted into the banking firm of Douglas
Fenwick & Co., 34 Wall St., specialists in high-grade municipal and railroad bonds.
—It is stated that the State Banking Department has
refused the offer of $5,000,000 from the Assets Realization
Co. for the assets of the Carnegie Trust Co. Efforts, it is
said, are being made by certain banking interests of the city
to induce the institutions holding large claims against the
Cummins syndicate (which dominated the trust company),
secured by stock of the Cummins organizations, to release
the company from immediate settlement and permit the payment of depositors whose claims are under $10,000. It is
announced that by this method the slow assets might be
held until an opportunity presents to realize more than they
would at present yield.
—A statement of the claims against the Northern Bank
of this city, which failed Dec. 27, was filed by State Superintendent of Banks Cheney on the 4th inst. The total approved claims are reported as $5,057,521, disputed and rejected claims being given as $411,721. The total assets, according to an inventory filed on March 31, are $7,073,599,
consisting of the following: Cash, $780,337 62; cash items,
$252,050 10; items in transit, $7,292 26; bills discounted,
$2,928,149 54; time loans, $493,250; demand loans, $687,712 76; contingent fund, $653,056 33; stocks and bonds,
$80,636 88; mortgages, $67,200; real estate, $144,310 31;
furniture and fixtures, $39,606 60; safe deposit vaults,
$24,000; due from other banks, $915,996 51.
—The assets of the Washington Savings Bank, another
institution with which Joseph G. Robin was connected,and
which closed its doors at the time of the suspension of the
Northern Bank, are placed at $1,455,022 in an inventory
filed on the 1st inst. The security for some of the loans, it
is stated, is missing, none, according to the "Tribune,"
appearing for a loan of $60,000 in a participation mortgage
for $350,000. The following reference to New York City
bonds of 1960, worth $60,000, is also quoted from the inventory by the "Tribune":

929

streets. For this purpose the bank has acquired adjoining
property at 123-25 Chestnut Street, for which it is said to
have paid $69,000. The site measures 46x89 ft.; the present
building is on a plot measuring 59x81 ft.
—The Philadelphia papers report that, owing to present
trade conditions, it has been decided to abandon the attempt
to establish the Walnut Street Trust Co. The venture was
originally undertaken in 1908,and about a year ago the movement was started anew. The subscriptions, it is stated, will
be canceled and the installments refunded.
—A dividend of 25% has been declared by the Union Trust
Company of Pittsburgh to stockholders of record March 25,
payable April 1. The former disbursements of the company
have been 15% quarterly, with a Christmas dividend of 6%.
Although it is not so termed, it is assumed that the present
is a quarterly declaration. The institution has a capital of
$1,500,000 and surplus and profits of over $27,000,000.
—The Exchange National Bank of Pittsburgh has increased
its dividend rate from 6 to 7%, with the declaration of a
quarterly dividend, payable April 1, of 1%%,against 13/2%
previously.
—David J. Richardson, former Cashier of the failed Cosmopolitan National Bank of Pittsburgh, was re-sentenced on
March 31 to five years in the Western Penitentiary. Richardson was sentenced to five years in the Leavenworth Penitentiary in November 1909, when he was convicted of making
false entries in the books of the bank and making false reports to the Comptroller of the Currency. An appeal was
taken, but the judgment of the Circuit Court was upheld
in September 1910 by the U. S. Circuit Court of Appeals. It
is said that the re-sentence to the Western Penitentiary was
made at the request of United States Attorney John H.
Jordan.
—The State Bank of Maryland at Baltimore, Md., began
business on April 1 at Baltimore and Commerce streets.
The particulars concerning the organization of this newlyformed institution appeared in our issue of Feb. 18. It has a
capital of $500,000 in $25 shares, sold at $31 25, to create a
surplus of $125,000. William W. Cloud, President of the
Maryland Savings Bank, is President of the new institution.
The other officers of the latter are Summerfield Baldwin,
Vice-President; Henry B. Reinhardt, Cashier; Walter H.
Cook, Assistant Cashier, and G. Henry Pfeil, Secretary.
—The findings of the Circuit Court of Cuyahoga County
in sustaining the sentence of George 0. Lamprecht, of the
failed firm of Lamprecht Bros. & Co. of Cleveland, were reversed by the Supreme Court of Ohio on March 31, when a
decision was handed down granting him a new trial. The
firm assigned in February 1909 and in November of that
year Lamprecht was sentenced to three years' imprisonment,
following his conviction on charges alleging the embezzlement and conversion to his own use of $2,932 given him by
a customer to purchase sixty shares of Toledo St. Louis &
Western Ry. stock, which stock, it was claimed, had never
been delivered. The Cleveland "Plain Dealer" states that
Lamprecht's defence was to the effect that the relation that
existed between his customer and himself was that of debtor
"The last two items of Now York City bonds, amounting to $60,000. are to creditor; that the customer had not given the check in
carried on the books as hay ing been purchased during the months of September. October and Nov ember 1010, but the securities themselves were trust, but for an obligation which was created when the order
not found among the assets."
was placed for the stock. This defence, it is said, was sus—L. D. Holmes has been elected Auditor of the Syracuse tained by the Supreme Court, which decides that the charge
Trust Co. of Syracuse, N. Y., an office which has just been against the broker does not constitute embezzlement. Its
created in the institution. Mr. Holmes, who had heretofore findings are quoted in part as follows:
When a customer orders his broker to buy for him certain stock, to be
been paying teller, has been connected with the institution
actually delivered to him and to be paid for at a future date, and the broker
since its organization in 1903.
complies with the order, and notice thereof, together with the amount ad—The payment of an initial dividend of 50% to the cred- vanced and commission, Is given to the customer, and the cost thereof
charged to the account of the broker, leaving a large balance In the brokitors of the Bank of Wayne at Lyons, N. Y., has been author- is
er's favor, the customer is the owner of the stock so purchased, and is the
ized. The institution closed its doors on Nov. 9 1910. The debtor of the broker for the amount advanced and the commission: and
total amount distributed to the creditors is said to be $35,- when the customer subsequently pays such demand against him by a check
on his banker, which Is accepted by the broker, deposited In a bank where
643 and the work of collecting and distributing the fund has the account of the broker is overdrawn, and the check afterward
paid, and
been conducted by the Banking Department at a cost of tho broker promises to deliver the stock later, which was never done, and
the broker failed and made an assignment for the benefit of his creditors,
$1,987.
such facts do not constitute embezzlement of the check.
—Application for a charter for the Rome Trust Company
County Prosecutor Cline is credited with stating that in
of Rome, N. Y., has been made to the State Banking Depart- view of the decision,the case may never be re-tried, inasmuch
ment. The institution is to have a capital of $100,000 and a as the ruling of the Court so cripples the indictment that it
surplus of $50,000.
would be impossible to again secure a conviction under the
—Robert E. Budlong has been elected a Vice-President circumstances of the transaction.
of the Atlantic National Bank of Providence, R. I., to suc—The Fort Dearborn Trust & Savings Bank, lately formed
ceed the late James S. Kenyon. James E. Sullivan and to operate in conjunction with the Fort Dearborn National
Edwin 0. Chase have become directors of the institution.
Bank of Chicago, began business on Monday. Both the
—The Corn Exchange National Bank of Philadelphia national bank and the trust company are housed in the Ameriplans to enlarge its quarters through the erection of an addi- can Trust Building, at Clark and Monroe Streets, which was
tion to the building occupied by it at Second and Chestnut r ecently purchased by a syndicate representing the Fort




930

THE CHRONICLE

Dearborn National. The trust company occupies the entire
ground floor and the national bank is located on the second
floor. The trust company has a capital of $250,000, which
is owned by the stockholders of the bank. William A. Tilden, President of the Fort Dearborn National, is also President of the Fort Dearborn Trust & Savings Bank; the VicePresidents of the latter are Nelson N.Lampert and J. Fletcher
Farrell, who are likewise Vice-Presidents of the bank, and
John E. Shea is Cashier of the trust company. Stanley G.
Miller, for the past five years Chicago city salesman for Lee,
Higginson & Co., has been appointed manager of the bond
department of the Fort Dearborn Trust & Savings Bank.
—A comprehensive chart, showing the growth and changes
in the State, national and private banks in Chicago from
1896 to 1910 inclusive, has been compiled by the Western
Trust & Savings Bank of Chicago. Data covering individually all the banks whose figures were obtainable, which have
operated since 1896 are presented, and the liquidations and
mergers which have since taken place are indicated. In the
case of the national institutions, twenty-five are shown to
have been in existence fifteen years ago; in all since that time
there have been 39 national banks in the city, but in 1910
the number totaled but fourteen. Of the original twentyfive, those which have continued without any change in
name are the Calumet' National, the First National, the
First National of Englewood, the Fort Dearborn National
and the National Bank of the Republic. The State and
private banks numbered 19 in 1896; the record shows that
64 of these institutions have been chartered during the
period reviewed, with 42 remaining in existence in 1910.
Those in operation in 1896 in which no change of title has
occurred during the interval are the Chicago City Bank,
the Hibernian Banking Association, the Illinois Trust &
Savings Bank, the Merchants' Loan & Trust Co., the Northern Trust Co., the State Bank of Chicago and the Union
Trust Co. A separate sheet treats of the mergers which
have occurred during the fourteen years. In all cases the
figures of capital and surplus and deposits during each year
(since 1896) the institutions have operated are given.
—William Hardy has resigned as Cashier of the South Side
State Bank of Chicago to become President of the Douglas
State Bank, a prospective institution to be established at
31st Street and Michigan Boulevard. The bank is to have
a capital of $200,000.
—It is reported that the Security State Bank and the
Oklahoma State Bank, of Enid, Okla., will consolidate as a
result of the purchase of control of the latter by interests in
the Security. C. C. Smith, President, and J. H. Patten,
Cashier, of the Oklahoma State Bank, retire. T. M. Crump,
President of the Security State Bank, will continue in the
presidency of the enlarged bank. It is stated that the institution will increase its capital to $50,000.
—Robert Sohlberg has succeeded U. C. Guss in the presidency of the Guthrie National Bank of Guthrie, Okla.
Mr. Sohlberg had heretofore been Cashier, to which office
F. M. McDonald has now been chosen.
—A number of changes 'tending to materially improve
its quarters have recently been made by the Boatmen's Bank
of St. Louis. The massive iron railing which enclosed the
tellers' cage has been removed and been replaced by a partition of plate glass on a frame-work of American bronze, with
a base of sienna marble. The walls and ceilings have been
re-decorated and a new Italian marble floor is a feature of the
remodeled banking rooms. The bank is the oldest in Missouri and was founded Oct. 18 1847. In a reference to its
early days, the St. Louis "Globe-Democrat" says: 'rile first
day of its history passed without a deposit, but one deposit
of $2,000 was made the next day. It was drawn out the day
following, and the bank did not get another start until Nov.6
1847, when $251 was deposited." The present deposits of
the bank (March 7 1911) are $13,978,343. The institution
has a capital of $2,000,000 (of which $1,600,000 has been
earned) and a surplus (earned) of $1,000,000. There are in
addition undivided profits of $600,000. The management
consists of Edwards Whitaker, President; Murray Carleton
and William H. Thomson, Vice-Presidents; E. M. Hubbard,
Cashier, and Edgar L. Taylor and C. R. Laws, Assistant
Cashiers.
—The Missouri and Kansas State Bankers' associations
will meet in annual session on May 24 and 25, the Missouri
bankers holding their meeting at Kansas City, Mo., while the
Kansas bankers will convene in Kansas City, Kans. A
joint session will take place during the two days, at which
the speakers will include Secretary of the Treasury Franklin




[VoL. Lxxxxn.

MacVeagh; F. 0. Watts, of Nashville, President of the
American Bankers' Association; David R. Francis, exGovernor of Missouri and Vice-President of the MerchantsLaclede National Bank of St. Louis, and W. J. Bailey, VicePresident of the Exchange National Bank of Atchison, Kan.
—The conviction of W. Cooper Morris, formerly Cashier of
the Oregon Trust & Savings Bank of Portland, is reported to
have been upheld by the Supreme Court of Oregon in a decision rendered on March 28. The accused had been found
guilty in May 1910 of embezzling notes amounting to $75,000 belonging to the institution, and had been sentenced to
six years' imprisonment. The bank suspended in August
1907, and in February 1908 its assets were taken over by the
German-American Bank of Portland.
- —Control of the Atlanta Title Guarantee Company of
Atlanta, Ga., is reported to have been purchased by the
Trust Company of Georgia at Atlanta. The latter, as was
stated in our issue of March 18, is shortly to increase its
capital from $500,000 to $1,000,000. It is announced that
there will be no change at present in the management of the
Title company.
—The purchase of the assets and good-will of the People's
Bank & Trust Co. of New Orleans by the Inter-State Trust
& Banking Co. of that city was recently effected. The
Inter-State, in addition to maintaining its own banking
quarters, will continue to conduct the business of the People's
Bank & Trust Co. in the People's Bank Building. An
announcement made with regard to the change states that
the Inter-State has heretofore specialized to a great extent
in bond, trust and savings business, and as it has not done
a large commercial banking business, it has had a surplus in
cash and funds in hand which could be profitably employed
in commercial banking. The People's Bank & Trust Co.
has a very large commercial banking business and it was this
that the Inter-State desired to get. The People's was
chartered in 1865; it has a capital of $400,000 and deposits
of about two and a half million dollars. The Inter-State
Trust & Banking Co. was formed in 1902 and has $750,000
capital, with deposits of over $4,000,000. Lynn H. Dinkins,
its President, is Chairman of the Committee on Protective
Laws of the Trust Company Section of the American Bankers'
Association. Three of the officials of the People's have been
taken over by the Inter-State, namely Charles E. Novel,
Cashier and H. Dabazies and A. Lacour, Assistant Cashiers.
—The Bank of Shasta County, at Redding, Cal., closed
its doors on March 25. A statement issued by its President,
C. C. Bush, says that there had been a run on the bank since
December, following the circulation of a report, claimed to
be untrue, that the bank had loaned $125,000 without proper
security. It is also stated that troubles between farmers and
smelters which cut the local pay-rolls $175,000 in the last year
and a half, likewise affected the bank. The institution had
a capital of $100,000; among its liabilities, aggregating
$1,061,304 on January 7, it reported individual deposits
subject to check of $504,257, demand certificates of deposit
of $228,875 and state and municipal deposits of $45,000.
With the closing of the bank, an affiliated institution, the
First Savings Bank of Shasta County, stopped payment on
the same day because of a run. According to a notice of the
State Bank Examiner the latter institution is solvent.
—For the year ended Dec. 31 1910 the Swiss Bank Verein
reports gross profits (exclusive of £12,892 brought forward
from the previous year) of £497,915, this latter comparing
with £455,160 for the twelve months to Dec. 31 1909.
After the deduction of all expenses and taxes (£174,464),
writing off £21,439 for bad and doubtful debts, furniture
and structural alterations, placing £8,000 to the Pension
and £40,000 to Special Reserve II., there remained a net
profit of £266,904. Of this, £14,672 is carried forward,
after applying £220,480 in dividends (8%) and appropriating £31,752 toward directors and managers. With the above
appropriations the reserve funds will amount to 23,500,000
francs (£940,000), equal to 3134% of the paid-up share
capital. The issue of new stock, 24,400 shares (12,200,000
francs) mentioned in last year's report, raising the capital
to 75,000,000 francs (£3,000,000), took place in March 1910.
In the course of the year,the bank states, it founded, in conjunction with friends, the Societe Suisse pour Velours de
Metaux, in Basle, and made a successful issue of 18,000,000
francs 43% bonds of this undertaking. It co-operated
also in the community of interest arrangement between the
Alioth Electrical Works in Munchenstein, and Brown,
Boveri & Co. in Baden, upon the board of which latter company the bank is now represented.

THE CHRONICLE

APB.8 1911.1

DEBT STATEMENT MARCH 31 1911.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued March 31 1911. For statement of Feb. 28 1911
see issue of April 1 1911, page 853; that of March 31 1910, see
April 30 1910, page 1146.
INTEREST-BEARING DEBT MARCH 31 1911.
Amount
Amount OuatandingInterest Issued.
Toted.
Registered. Coupcm.
Payable.
Title of Loan$
Q.-J. 646,250,150 641.954,550 4,295,600 646,250,150
2s, Consols of 1930
Q.-F. 198.792,660 43,222,760 20,722,700 63,945,460
3s, Loan of 1908-18
Q.-F. 162,315.400 98,804,600 19,685,300 118,489,900
3s. Loan of 1925
4$, Pan. Canal Loan 1906.Q.-N. 54,631,980 54,605,240
26,740 54,631,980
25, Pan. Canal Loan 1908..Q.-F. 30,000,000 29,630,720
369,280 30,000,000
Aggregate int.-bearing debt-1,091,990,190 888,217,870 45,099,620 913,317,490
Note.-DenorninatIons of bonds are: Of $20, loan 01 1908, coupon and registered;
of $50, all issues except 35 of 1908; of 3100, all issues; of $500, all Issues; of 31,000,
all issues; of 35.000, all registered 2s, 3s and 4s: of $10,000. all registered bonds; of
350.000. registered 2s of 1930
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Mch. 31.
Feb. 28.
Funded loan of 1891, continued at 2%, called May 18
1900, Interest ceasedAug.18 1900
$7,000 00
$7,000 00
Funded loan 011891. matured Sept. 2 1891
23,650 00
23,650 00
Loan of 1904. 'natured Feb. 2 1904
13,450 00
13,450 00
Funded loan of 1907, matured July 2 1907
954,200 00
997,100 00
Refunding certificates, matured July 1 1907
14,900 00
14,920 00
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
905,515 26
905,515 26
Aggregate debt on which Interest has ceased since
maturity
26 $1,918,715 26
R 1
DEBT BEARING NO INTE
Mch. 31.
Feb. 28.
United States notes
$346,681,016 00 $346.681,016 00
Old demand notes
53.282 50
53,282 50
National Bank notes-Redemption account
35,849,623 00
35,830,168 00
Fractional currency, less $8,375,934 estimated as
lost or destroyed
6,857,905 93
6,857,905 93

Week ending April I.
Clearings at1911.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Qucbe',
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw

Total gross debt
81,304,678,032 69 81,304,701.497 69
Cash balance in Treasury*
235,525,707 89
239.454.526 40

+323,465 00
+33,928,818 51

Total net debt
$1,065,223,506 29 31,069.175,789 80
* Includes $150,000,000 reserve fund.

-$3,952,283 51

The foregoing figures show a gross debt on March 31 of
$1,304,678,032 69 and a net debt (gross debt less net cash in
the Treasury) of $1,065,223,506 29.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
March 31 are set out in the fo lowing:
ASSETS.
LIABILITIES.
Trust Fund HoldingsTrust Fund Liabilities$
Gold coin
950,380,669 00 Gold certificates
950,380,669 00
Silver dollars
474,096,000 00 Silver certificates
474,096,000 00
Silver dollars of 1890_ _
3,357,000 00 Treasury notes of 1890_ _
3.357,000 00
Total trust fund
1,427,833,669 00
General Fund HoldingsGold coin and bullion_
47,211,219 44
Gold certificates
34,515,050 00
Silver certlficates
6.673,373 00
Silver dollars
17,378,556 00
Silver bullion
3,708.138 70
United States notes__5,665.946 00
Treasury notes of 1890._
12,724 00
National bank notes_ -- 27,560,025 01
Fractional silver coin_ _ _ 20.935,886 16
Fractional currency_ _._
52 87
Minor coin
1,351,229 22
Bonds and Interest paid_
18,025 76

Total trust Ilabilitles..1,427,833,669 00
Gen.Fund Liab4litiesNational Bank 5% fund 26,221,609 07
Outstanding checks and
drafts
11,050,101 97
Disbursing officers' balances
80,889,143 12
Post Office Department
account
8,328,839 82
Miscellaneous items
1,079,981 59
Total gen'l liabilities_

127,569,675 57

Total In banks

2.150,17630
3.110,967 65

Total In Philippines__
5,261,143 95
Reserve Fund HoldingsGold coin and bullion_ __ 150,000,000 00
Grand total

1,794,857,870 97

Pacific and Other Western Clearings brought forward from
first page.
at

1910.

1910.

1911.

San Franc'co 203,783,361 201,980,493
Los Angeles_ 79,742,5671 73,350,265
Seattle _ -.47,399,6001 56,200,480
51,492,540 45,343,953
Portland .
Salt Lake C. 24,866,243! 25,627,650
Snokane__ 19,190,564, 20,857,670
Tacoma ____ 20,505,5181 24,249,790
Oakland... _ _ 13,959,965 14,905,952
6,238,421 5,936,002
Sacramento_
San Diego__ 6,390,571 5,730,943
3,008,860 2,408,030
Stockton _
Fresno
2,732,505 2,721,671
1,989,0:30 2,019,659
San Jose_ __ _
No. Yakima 2,033,230 2,169,941
Pasadena__ _
3,905,960 4,407,810
Boise
3,159,552 3,624,569
Reno
1,159,355 1,056,819
Ogden
1,965,008 Not includ.
Tot. Pae, 491,557,842 492,591,197
Kansas City 225,353,017 247,589,066
Minneapolis_ 82,628,646 100,545,329
Omaha
75,050,051 89,361,243
St. Paul._ _ 50,333,359 52,656.508
Denver
36,355,966 44,648,819
St. Joseph.. 40,127,678 38.006,724
Des Moines_ 23,121,832 25,570,346
Sioux City.. 14.176,208 17,533,800
13,148,645 12,246,933
Wichita
7,793,949 9,073,379
Lincoln _ _ _
7,989,081 8,325.003
Davenport_ _
Topeka _ _ 6,990, 30 6,419,005
Cedarllapids 7,373,001 8,356,520
Colo. Springs 2,809,739 3,000,601
2,836,058 2,747,406
Pueblo
1,669,307 2,247,848
Fremont __.
3,032.467 4,354,802
Fargo
5,300,000 4,931,443
Sioux Falls_
832,406
1,072,523
Hastings _
10,081,517 13.736,348
Duluth
6,346,424 5,557,192
Waterloo
Helena
4,056,805 3,816,246
830,279
Billings ___
460,000
Aberdeen _ _
1,601,869 1,907,741

1911.
Cash Balance and ReserveTotal cash and reserve__ 239,454,526 40
Made up of.
Available $89,454,526 40
and
Reserve FundGold &bull.150,000,000 00
Grand total

1,794,857,870 97

Three Months.
Inc. or
Dec.

CanadaMontreal _... 186,516,212 170,437,100 -14.3
Toronto __ 151,388,024 129,538,715 +16.9
77,057,787 60,067,844 +28.2
Vancouver.- 44,084,854 35,415,061 +24.5
Ottawa ___
17,090,385 15,723,385 +8.7
Quebec
9.428,351 9,341,667 +0.9
Halifax _
6.266,986 7,508,608 -16.6
Hamilton _ _ 8,656,763 8,18:3,549 +5.8
St. John _
6,129,713 5,974,962 +2.6
London
_ 6,006,154 5,573,039 +7.6
Calgary _ _
16,621,628 11,047,202 +50.5
Victoria _ _
12,358,220 7,170,088 +72.4
Edmonton _ _ 8.804,702 4,766,375 +84.7
Regina _ _
5,377,415 3,462,815 +55.3
Brandon
_
2.071,782 1,256,391 +64.9
Lethbridge
2,153,190 Not Incl. In total
Saskatoon _
3,853,317 Not incl. In total
Brantford _
2,173,841 Not Ind .in total
Moose Jaw _ _
2-886,954 Not incl. In total

1911.

1910.

Inc. or
Dec.

524,311,405 470,276,239
423,159.941 375,595,186 +12.7
216,219,362 182,448,550 +18.5
94,224,130 +26.9
119,568,107
45,084,349 +5.9
47,708,156
27,908,474 +0.8
28,105,982
23,588,137 -17.1
19,557,483
23,160,918 +10.3
25,552,047
17.912,020 +0.7
18,034,477
15,929.573 +8.6
17,297,332
30,115,519 +35.9
40,921,289
20,965,425 +45.2
30,450,817
13,832,837 +73.8
24...47.602
9,446,335 +43.5
13,551,839
1,256,391
5,892.046
5,811.336 Not incl. In total
10,684.648 Not incl. In total
6,066.547 Not Incl. In total
4,657,183 Not incl. In total

Tot. Canada. 555,787,194 474,210,410 +17.2 1,548,485,839 1,370,487,692 +13.0
-*Not Included in total comparison incomp ete.

The clearings for the week ending April 1 make a very
satisfactory comparison with the same week of 1910, the increase in the aggregate having been 56.6%.




Inc. or
Dec.
+0.9
+8.7
-15.7
+13.6
-2.9
-8.0
-15.4
-6.4
+5.1
+11.5
+24.9
+0.4
-1.5
-6.3
-11.4
-12.8
+9-7
ntotal.

1911.

I

Inc. or
Dec.

1910.

570,503,179 558,785,375 +2.1
218,271.996 194,208,012 +12.4
127,549,870 148,821,824 -14.3
130,620,188 119,995,259 +8.9
79,438,791 -4.5
75,862,068
57,235,211 -6.9
53,309,936
69,465,967 -21.8
54,292,383
36,622.245 +16.3
42,602,830
15.521,189 +15.3
17,899,471
17,901,753
15,104,887 +18.5
6,686,010 +19.1
7,960,401
8,780,053
8,369,528 +4.9
5,894,410
6,045,8611 -2.5
5.656,268; -1.0
5,601,517
10.458,412
11,180,478- -6.5
10,216,836
9.307,593 +9.8
3,090,078 -2.4
3,015.256
6,209,672 Not included In tot.I

--0.2 1,360.740,599 1,345,534.073,
660,844,169 658,461,144
239,174,823 276,230,444
189,853,991 220.082.437
132,027.992 133,684,727
109.859.271 122,326,916
102.048,013
97.185,183
54,518.363
57,770,260
33,814,317
39,836.882
39,222,849
35,210,950
19,885,480
21,923,075
20,726,178; 20,551,319
+8.9 20,047,267; 16,698.093
--11.8
17,719,4561
19,127,712
8,043,710'
--6.4
9,016,935
8,156.6471
+3.2
8.162.187
-25.7
4,106,464
5.574.466
--30.4
8,173.728
11,032,787
13,306,84•
d-7.5
12,010,052
+28.9
1.753,035
2,572.691
--26.6
31,680,796
40,332,759
d-14.2, 15.690,340
13,638,121
11,352,721
d-6.3
11,009,936
--44.6,
1.361.2322,199,378
--10.0
4,846,356
4,402,678

-9.0
--17.8
-16.0
--4.4
--18.6
4.5.6
-9.6
-19.1
+7.4
--14.1
--4.0

+1.1
+0.4
-13.4
-13.7
-1.2
-10.2
+5.0
-5.6
-15.1
+11.7
-9.3
+0.8
+20.1
-7.4
-11.3
-0.1
-26.6
-25.9
+10.8
+45.6
-21.4
+15.0
+3.1
-38.1
-9.2

1Veek ending April 1.

March.
• 1911.

Three Months.

AIarch.
Clearings

Clearings at

Canadian Bank Clearings.-The clearings of the Canadian
banks for the month of March 1911 show an increase over the
same month of 1910 of 17.2%, and for the three months the
gain reaches 13.0%.
Clearings at-

1908.

1909:

130,342,980 83,213,888 +56.6 81,906,584 68.955,967

46,732,831 86

Credit Treasurer of U.S.
Credit U. S. dis. officers_

Inc. or
Dec.

Tototh.West 629,708,272 704,294,987 -10.6.1,748,699,024 1,838.775,155

Total in Sub-Treateles. 165,030,226 16
In Nat. Bank DepositariesCredit Treasurer of U.S_ 35,051,346 25
Credit U.S. dls. officers_
11,681,485 61

In Treas. of Philippine Islands-

1910.

$
46,993,611 27,789,513 +69.1 29,229,401 24,384,140
35,724,066 23,191,517 +54.0 25,143,692 20,764,855
17,059,198 11,718,412 +45.6 10,936,389 8,923,550
9,193,784 6,250.367 +47.1 4.214,286 2,847,763
3,079.397 2,510,174 +22.7 2,939,070 2,763,264
1,897,075 1,598,159 +18.7 1,830,417 1,859,664
1,270,658 1,240,527 +2.4 1,294,357 1,518,422
1,829,416 1,741,816 +5.1 1,381,889 1,370,484
1,264,310 1,057,724 +19.6 1,199,511
1,000,483
1,200,140 1,018,479 +17.9
986,900 1.197.847
4,745,022 1,938,439 +144.8 1,306,688
892,741
2,620,882 1,260,327 +107.9
943.357
794,935
970,623 +97.1
1,913,728
800,627
637,819
1,181,871
577,811 +104.5
350,000 +11.4
389,822
510,420 Not Incl. In total
886,118 Not incl. In total
429,479 Not incl. In total
578,998 Not incl. In total

Total Canada

301.,635

Aggregate debt bearing no Interest
1389,422,372 43 3389,441.827 43
RECAPITULATION.
Increase(+)or
Classification-March 311911.
Feb. 28 1911.
Decrease (-).
Interest-bearing debt ____ 3913,317,490 00
$913,317,490 00
Debt interest ceased ___
1,918,715 26
1.961,635 26
-S42,920 00
Debt bearing no interest__ 389,441.827 43
389,422,372 43
+319.455 00

931

San Francisco_
Los Angeles
Seattle
Portland
Salt Lake City_ .
Spokane
Taco=
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
North Yakima..
Pasadena
Boise
Ogden
Reno

$
42,534,400
16,765,293
10.50 -,000
9,582,398
5,114,872
3,838,520
4,117,187
2,751,854
1,257,440
1,276,736
952,7021
550,950
463,000
416,686
838,094
250, nil

Total Pacific__

101,210,138

Kansas City_
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Davenport
Topeka
Cedar Rapids...
Colorado Springs
Pueblo
Fremont
Fargo
Sioux Falls
Hastings
Duluth
Waterloo
Helena
Billings
Aberdeen

46,337.306
17,175,161
13,945,560
9.009,988
7.450,1,0'
6,796,'
, 16
3,770,841
2.541,775
3,102,205
1,306,258
1,488,434
1,315,291
1,028,926
744,000
638,453
263,256
579.043
973,418
184,159
2,110,543
1,090,780
655,015
103.000
317,569

Tot. oth. Wes

122,927,267

1910.

Inc. or
Dec.

1909.

1

1908.

1
$
41,260,542
12,041,310'
10,638,112
6,737,454
6,545,791
3,178.051,
4,588,213
1,716.852
840,402
800,000;
483,452
394,612,
450,0001
362,140;
1
,
1
1

$
31,971,672
9,813,337
7,406,827
6.825,000
4,228,186
2,776,622
4.709,032
1.606,493
784,819
700,000
349.799
420,000
378,000

106,657,626 +10.0

90,036,9311

71,549,787

-7.9
-20.6
-14.2
-26.0
-21.1
-3.6
-9.6
-22.9
+9.5
-12.9
-15.3
-9.5
-25.2
-7..
+36.9
-11.0
-35.9
+10.6
+15.1
--37.6
+4.0
-10.6
-48.4
-15.7

42,014,820
15,516,251
14.122,020
8,884,244
9,618,573
6,248,488
3.945,783
2,785,316
2,204,189
1,354,151
1,791,918
1,129,298
1,082,454
825,000
420,787
338,136
460,254
980,000

37,169.984
18,411,482
12,357,310
8,708.939
7,520,599
5,306,064
3,241,635
2,513,469
1,196,940
1,303,885
1.262,788
950,798
800.165
753,268
546,537
305,609
430,379
525,000

681,375
258,735

598,430
154,397

142,361,235 -13.6

114,688,592

104,057,721

+

$
44,345,267
14,407,940
12,737,842
10,127,402
5,677,250
4.257.664
6,062,837
3,359,619
1,316,977
1,250,000
602,897
563,738
468,000
475,1:38
765,095

+16.3
-17.6
-.5.4
-10.0
-9.8
-32.1
-18.1
-4.5
+2.1
+58.1
-2.3
-1.1
-12.4
+9.5

240,4.00

+4.2

50,288,002
21,629,729
16,256,571
12,179,640
9,447,144
7,052,182
4,172,379
3,152,415
2,832,913
1,499,256
1,756,032
1,453,049
1,375,938
800,000
466,759
295,700
903,502
880,000
160,000
3,383,743
1,048,557
732,666
218.896
376,612

-4.1

[VoL. Lxxxxn.

THE CHRONICLE

932

Clearings by Telegraph-Sales of Stocks, Bonds, &c.The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but onaccount
English Financial Markets-Per Cable.
of the length of the other tables is crowded out once a month.
The daily closing quotations for securities, &c., at London,
The figures are received by telegraph from other leading as reported by cable, have been as follows the past week:
London
cities.
Week ending April 7.
Sat.

onetargiCconmerciaMnglisli4nus

Clearings-Rdurns by Telegraph.
Week ending April 8.

1911.

Per
Cent.

1910.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,563,270,498
166,477,822
138,011,113
28.896,370
234,563,651
63,710,200
14,132,992

$1,537.451.390
+1.7
136,118,169 +22.3
131.757,940
+4.7
25.046,009 +15.4
204,241,863 +14.8
63,181,855 . +0.8
15,592,036
-9.4

Seven cities, 5 days
Other cities, 5 days

$2,209,062,646
479,999,806

$2,113,389,262
498,743,687

+4.5
-3.8

Total all cities, 5 days
All cities, 1 day

$2,689,062,452
508,743,217

$2,612,132,949
527,415,819

+2.9
3.5

09 141
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Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the three months of 1911 and 1910 are given below.
Description.

Three Months, 1911.
Par Value
or Quantity.

Actual
Value.

Thee Months, 1910.
Aver. Par Value
Price or Quantity.

Actual
Value.

Aver.
Price

St'lcfSh's_ _
27,434,611
55,539,454
1Val _ $2,429,080,350$2,352,895,617 96.9 $5,015,693,775$4.971,861,911 99.1
RR. bonds. $194,072,000 $187,173,319 96.4 $209,531.500 $202,709,899 96.7
Gov't bds_
$146,500
68,500
72,862 106.4
$158,250 107.1
State bds_ _
$17,088,700
$36,223,500
$35,971,381 99.3
$16,964,825 99.0
Bank stks_
$390,10
$883,249226.4
636,100
$1,520,335 239.0
Total_ _ _ $2,660,080,450$2,577,633,514 96.9 $5,242,850,575$5,192,578,134 99.0

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1911
and 1910 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1910.

1911.

aro

Values.

Number
of
Shares.

Actual.

Par.

Number
of
Shares.

Values.
Par.

Actual.

Jan _ 10,416,526 907,563,875 372,467,419 24,538,649 2,255,816,775 2,236,641,564
Feb.. 10,194,217 902.448,900 879,948,718 16,012,626 1,423,073,275 1,407.743,928
Mcb 6,823,868 619,067,575 600.479,480 14,988,179 1,336,803,725 1,327,476,419
istqr 27,434,6112,429,080,350 2,352,895.61755,539,454 5,015,693,775 4,971,861,911

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

Month.
1911.

1910.

1911.

1910.

$
Jan _ _ 14,476,209.784 17,174,732,652 -15.3 5,945,-961,214 5,925,656,671 +0.3
Feb _ 12,251,508,563 13,133,952,233 -6.7 4,955,343,115 4,982,812,172 -0.6
Etch.. 13,449,027,400,15,050,758,598 -10.6 5,827,426,496 6,004,57'4,985 -2.9
1st qr_ 40,176,745,747145,359,443,483 -11.4 16,728,730,825 16,913,043,828 -1.1

The course of bank clearings at leading cities of the country
for the month of March and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
-Jan. 1 to March 31
March
1910.
1910.
1911. 1910. 1909. 1908.
1909.
(000,000s
1908.
$
$
$
$
$
8
omitted).
$
23.448 28,446 23,258 17,147
New York
7,622 9,046 7.487 5,501
3,406 3,562 3,329
1,288 1,341 1,203 1,030
2,835
Chicago
2,154
2,301
534
689
2,092
1,743
752
Boston
709
1,890
1,943
466
1,424
Philadelphia
523
1,569
678
647
980
912
254
294
837
755
St. Louis
333
324
624
623
164
515
520
227
212
183
Pittsburgh
571
134
559
450
409
San Francisco_ __ _
204
202
167
323
317
105
346
315
110
116
Cincinnati
108
434
392
341
93
297
144
114
136
Baltimore
661
658
419
146
567
Kansas City
225
248
200
234
235
197
185
59
Cleveland
80
66
79
259
279
221
225
New Orleans
67
84
87
71
239
276
207
250
84
83
101
76
Minneapolis
190
186
184
148
Louisville
50
61
59
63
213
222
165
Detroit
158
53
59
77
76
180
165
149
Milwaukee
133
42
58
57
51
218
194
Los Angeles
154
116
41
57
80
73
105
106
92
Providence
83
23
33
34
31
Omaha
190
220
177
150
75
87
72
57
124
Buffalo
125
108
98
40
31
41
35
134
116
St. Paul
132
119
50
53
44
44
Indianapolis
116
111
100
68
38
39
32
20
122
114
Denver
110
36
91
45
42
31
Richmond
86
07
103
33
35
74
28
24
71
91
Memphis
06
20
70
33
23
23
149
115
128
Seattle
47
90
56
45
32
60
98
20
Hartford
42
22
56
16
13
70
70
25
76
51
26
Salt Lake City...
24
18
12,946 14,064 11,820 9,148
37,260 42,564 35,677 28,015
Total
1,003
2.795
2,253
1,943
987
2.917
Other cities
802
651
13,449 15,051 12,622 9,799
Total all
Outside New York 5,827 6,005 5,135 4,298




40,177 45,350 37,930 29,958
16,729 16,913 14,672 12,811

Mon.
Tues.
d 24 5-16 24 5-16 2431
Silver, per oz
Consols, new,254 percents._ 8131
8151
82
8151
81 15-16 8231
For account
French Rentes (in Paris)_fr_ 96.4734 96.3231 97.1731
66
Amalgamated Copper Co--- _ 6431
65
bAnaconda Mining Co
731
731
731
113
11231
Atchison Topeka & Santa Fe.112%
10534
10531
Preferred
10531
107
10631
Baltimore & Ohio
107
00
90
Preferred
90
228
233
Canadian Pacific
23031
8331
8331
Chesapeake & Ohio
8334
2234
2231
2234
Chicago Great Western
125
12431
Chicago Milw. & St. Paul__ _124%
3231
3231
3231
Denver & Rio Grande
73
72%
73
Preferred
3131
3134
3134
Erie
5031
50X
5031
First Preferred
3931
40
3931
Second Preferred
142
142
142
Illinois Central
149
149
Louisville & Nashville
14831
3434
3431
3431
Missouri Kansas & Texas
70
70
70
Preferred
7231
72
Nat. RR. of Mex., 1st Pref_ 72
365
%
3631
3631
Second Preferred
c11134
11131
N. Y. Central & Hudson Riv.111
43
N. Y. Ontario & Western... 43
4234
11131
11131
11131
Norfolk & Western
91
91
91
Preferred
127
12731
Northern Pacific
12731
6431
65
aPennsylvania
6451
8031
803
aReading Company
8031
46
46
4554
aFirst Preferred
50
50
50
aSecond Preferred
3031
3031
3031
Rock Island
11934
118%
1193-4
Southern Pacific
Southern Railway
2731
2731
2731
6631
66
6631
Preferred
18231
18231
18131
Union Pacific
96
9631
Preferred
96
8031
8031
U. S. Steel Corporation
7974
12231
Preferred
12231
12231
1731
Wabash
1736
1731
3831
Preferred
3854
3931
72
72
Extended 45
72
a Price per share.

Fri.
Wed. Thurs.
2434
24 7-16 24 7-16
8134
8113-16 8131
82
8115-16 8151
96.10 96.0231 96.0734
6434
6431
6454
734
734
731
11234
11234
11234
10534
10534
10531
10931
10731
10831
90%
9034
90
2313(
23131
23234
84
8331
8331
2231
2231
2231
125
12431
12451
3234
72%
W3
1
4
gt
31
31
3131
5031
50%
50
39
39
39
142
142
142
1485j
14931
14831
3431
3434
3431
6931
6934
6934
72
72
72
3631
3631
36
11131
111
11031
4234
43 '
4231
112
11131
11131
91
91
91
12931
12931
12931
6451
6431
6434
8031
8031
80
4631
46
4631
51
50
5031
3031
3054
3031
119
119
11931
2831
2731
2731
66
66
6631
18231
182
18131
96
9734
98
7931
7931
7931
12234
12231
12234
1731
1731
1734
3931
3931
3954
72
72
72

b £ sterling. c Ex-dividend.

Toinnurciat and W..iscellatteOILS Anus
Auction Sales.-Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction
in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Son, New York:
Shares.
Per cent.
100 Union Ferry Co. of N. Y.&Bkn. 24
12 Mobile & Birm. RR. Co. pref._ 75
5 German Amer. Ins. Co
620
6 German Alliance Ins. Co
311
20 Second Avenue RR.Co
6
10 Corn Exchange Bank
332
15 Trust Co. of America
337
20 Farmers' Loan & Trust Co....1540
15 N. Y. Mtge. & Security Co_
21534
4 19th Ward Bank
175
540 The Mexican Telephone Co31
100
1231 Western Gas Co
20 The Celluloid Co
131
30 Nat. Park Bank
37331-375
25 Cutler Mall Chute Co., pref.__. 35
3 Franklin Trust Co
181

Per cent.
Bonds.
$6,000 City of Aricibo, P. R., 6s
100 & int.
1922; J. & J
$7,000 Georgia Coast & Piedmont
RR. 1st 5s, 1946; M. & S._ _58 & int.
$2,000 Hebrew Benev. & Orphan
7531 dr int.
Asy. 3s, 1913
$74,000 Orleans Co. Quarry Co. 1st
Os, subject to a lien of $55,500.-$500
$370.000 Orleans Co. Quarry Co.1
6% Incomes
5$1200
1,480 Orleans Co. Quarry Co_ )
$2,500 Elko Realty & Imp. Co. 1st
1911
Jan.
coups.
7s, 1918,
atta'd$300

By Messrs. R. L. Day dr Co•1 Boston:
$ per sh.
Shares.
400
5 Nat. Shawmut Bank
5 Beverly (Mass.) Nat. Bank_ 151
25 Charlestown Gas & Electric Co.
121
($50 each)
20 Mass. Lighting Cos
128 ex-div.

Bonds.
Per cent.
$5.000 Newton, Mass., 4s, 1915_ __10034
$1,000 Newton, Mass., 4s, 1918_ -100%
Newton,
$1,000
Mass., 4s, 1921_ _ _100%
$4,000 Lexington,Mass.,45, 1921 10031-31
$1,000 Andover, Mass., 4s, 1923_ _ _100 X
$1,000 Marlborough, Mass., 4s, 192410031
$5,000 New Eng. Brick Yards Co.
68, 1925
5251

By Messrs. Francis Henshaw & Co., Boston:
$ per sh. Shares.
$ per sh•
Shares.
7 Lewis Wharf Co. ($1,000 ea.)_1350
138
5 Federal Trust Co
18734 5 Wright Wire Co., pref
117
17 Great Falls Mfg, Co
108
2 Hamilton Woolen Co
10131 Bonds.
Per cent.
5 Mass. Mills in Georgia
$700 Pere Marg. RR. deb. 6s, 1012_ 9831
1 Monadnock Mills (par $1,000).1000

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
400
2 Arch Street Theatre
31
6 Assets Realization Co., cora
9534
5 Amer. Pipe & Construction Co
10 Commercial Trust Co_ __ _35531-357%
15 Camden & Burl. Co. RR. Co.
40
($25 each)
10 Camden Iron Works
10
1 Fire Association
338
6 Fourth Street National Bank...300X
25 Frank. & Southwark Pass. Ry. 370
15 Girard Fire & Marine Ins. Co__ _28734
13 Girard National Bank
34531
2 Girard Trust Co
917
5 Merchants' Warehouse Co
145
4 Penna. Co. for Ins. on Lives, &c.56831
8 Phila. Bourse, corn. ($50 each)_ 431
10 Phila. Co. for Guar. Mtges
150
30 Phila. Life Ins. Co.($10 each).- 1031
17 Phila. Pass. Ry. Co.
155-15531
810
5 Provident Life & Trust Co
50 Real Estate Trust Co., corn.- 6931

Shares.
$ perish
14 Real Estate Trust Co., pref_1003.1- 34
15 Second & Third Sts. Pass. Ry_ _25034
5 Third National Bank
270-272
3 Trust Co. of North America_ _ _ _112
16 Union Pass. Ry. Co
200
12 West End Trust Co.($50 each)_112%
Bonds.
Per cent.
$1,000 N. Y. Interurb. Water Co.
55, 1931
90
$1,000 City of Lancaster 3345 sewer
1934
95
$300 City of Phila. 4s, 1940
10131
$1,000 Keystone Watch Case Co.
6s, 1912
100
$300 No.Spgfd. NVater Co. 5s, 1928.100
$1,000 Peoria Ry. Co. 5s, 1926.--198
$1,000 Northampton Traction Co. I
94
5s, 1933
$2,000 Harrison Bros. & Co. Inc.!'
'82
5s, 1924
$1,000 Springfield Water Co. 55, 1926100

By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per sh.
Shares.
10 Billingsport&PaulsboroImp.Co. 1
76 Enterprise Bldg. & Inv. Co...A lot
152 Enterprise Bldg. & Inv.Co. scrip 1 lot
100 Forrest Insect Guard Co
1 lot
400 Goldfield Annex Mining
2 lot
2 Phila. Credit Reporting Co
I lot
40 Phila. Life Insurance Co_ __ _10 54-11
20 Quaker City Apartment Wee Co 2
50 Rittenhouse Trust Co
46

$ per sh.
Shares.
10 Union Surety & Guarantee Co. 834
2 West Chester Ken. & Wil. El.R9
Per cent.
Bonds.
$2,700 City of Phila. 3315, 1932... 9434
$2,000 Ind. Col. & East Tr. 55, 1926 86 ,d
$1,000 N. Spgfd. Water 1st 5s, 1928 100
$1,000 Springfield Cons. 58, 1926-.100
$400 Cert. dep. Odd Fellows' Hall
14
Association

APR. 8 1911.]

THE CHRONICLE

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHANGE OF TITLE.
7,293-The National Bank of Norman, Okla.. to "The Farmers' National
Bank of Norman.'
CHARTERS ISSUED TO NATIONAL BANKS MARCH 23 TO 29.
9,963-The First National Bank of Eldorado, Okla. Capital, $25,000,
A. P. Pierce, Pres.; R. M. Thorp, Vice-Pres.; E. M. Francis, Asst.
Cashier. Conversion of the First State Bank of Eldorado.
9,964-The City National Bank of Guymon, Okla. Capital, $25,000.
E. T. Guymon, Pres.; Chas. Summers, Vice-Pres.; I. E. Cameron,
Cashier; G. W. Blakely, Assistant Cashier. Conversion of the
Beaver County Bank of Guymon.
9,965-The First National Bank of Collinsville, Okla. Capital, $25,000.
N. 0. Colburn, Vice-Pres.; G. L. Hicks. Cashier. Conversion of
the Oklahoma State Bank of Collinsville.
9,966-The National Bank of Alhambra, Cal. Capital, $50,000. Marco
H. Hellman, Pres.; John B. Knox and Ernest E. Ford, Vice-Presidents, and Ernest B. Ford, Cashier.
9,967-The Temple National Bank, Temple, Okla. Capital, $25,000.
A. B. Dunlap, Pres.; N. T. Gilbert, Vice-Pres.; B. H. Graves,
Cashier; C. A. Jemison, Assistant Cashier. Conversion of the First
State Bank.
9,968-The Farmers' National Bank of Cordell, Okla. Capital, $25,000.
N. T. Gilbert, Pres.; Burt Edwards, Cashier; R. W.Hutto, Assistant
Cashier.
9,969-The First National Bank of Sklatook, Okla. Capital, $25,000.
C. H. Cleveland, Pres.; W. C. Rogers, Vice-Pres.; G. M. Janeway,
Cashier.
9,970-The First National Bank of Stilwell, Okla. Capital, $25,000. A. B.
Dunlap, Pres.' R. W.limes, Vice-Pres.; J. T. Magruder, Cashier.
9,071 -The Cordell '
National Bank, Cordell, Okla. Capital, $30,000.
J. M. Arinfield, Pres.; .1. M. Callaway, Vice-Pres.; W.0. Callaway,
Cashier; J. J. McCurley, Assistant Cashier.
0,972-The State National Bank of Cordell, Okla. Capital, $30,000.
H. L. Rowley, Pres.; G. F. Ames, Vice-Pres.; I. L. Hull, Cashier
J. A. Taylor, Assistant Cashier.
9,973-The Farmers' National Bank of Sallisaw, Okla. Capital, $25,000.
A. B. Dunlap, Pres.; R. W. Hines, Vice-Pres. and Cashier; It. 0.
Turner, Assistant Cashier. Conversion of the Farmers' State Bank
of Sallisaw.
9,974-The First National Bank of Lahoma, Okla. Capital, $25,000.
L. A. Ferrel, Pres.; Herman Mueeke, Vice-Pres.; F. L. Godfrey,
Cashier; Mamie P. Ferrel, Assistant Cashier.
VOLUNTARY LIQUIDATION.
8,137-The People's National Bank of Wapanucka. Okla. February 25
1911.
3,566-The First National Bank of Yazoo City, Miss., March 10 1911.
5,864-The Commercial National Bank of Sherman, Tex., March 2 1911.
6,773-The Washington National Bank of St. Louts, Mo., March 7 1911.
298-The Second National Bank of Skowhegan, Me., March 15 1911.
2,676-The Third National Bank of Bloomington, Ill., March 15 1911.
7,873-The Sharpsville National Bank, Sharpsville, Pa., March 15 1911.
9,749-The First National Bank of Putnam,Tex., March? 1911.
2,698-The First National Bank of Akron, Ohio, March 18 1911.
2,716-The Second National Bank of Akron, Ohio, March 18 1911.
9,052-The First National Bank of Odessa, Wash., Feb. 16 1911.
VOLUNTARY LIQUIDATION.
9,059-The National Bank of Preston, Minn., March 27 1911.

GOVERNMENT REVENUE AND EXPENDITURES.Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the mo nth of
March. From previous returns we obtain the figures for
previous months, and in that manner complete the statement
for the nine months of the fiscal years 1910-11 and 1909-10.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1910-11.

(000s omitted.)
Jan.
ReceiptsCustoms
Internal revenue*
Miscellaneous

Feb.

Mch. 9 Mos. Jan.

1909-10.
Feb.

Bends on Deposit
March 31 1911.

4% Loan of 1925
3% Loan of 1908-1918
2% Consols of 1930
2% Panama of 1936
2% Panama of 1938
4% Philippine Loans
4% Porto Rico Loans
3.65% District of Columbia
Various, Territory of Hawaii
Various, State, City and Railroad_
Total

933
U. S. Bonds Held March 31 to SecureBank
Circulation.
$
20,570,600
15,304,540
582,472,950
51,055,440
27,678,980

$
25,356,600
19,482,840
607,231.850
53.851,440
29,183,980
4,442.000
944,000
872,000
663.000
2.080,000

697,082,510

47,025,200

744,107,710

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits March 1 and
April 1, and their increase or decrease during the month of
March:
National Bank Notes-Total AfloatAmount afloat March 1 1911
Net amount issued during March

$729,152,916

$35.816,326
75,804
Amount on deposit to redeem national bank notes April 1 1911___ $35,891,130

STOCK OF MONEY IN THE COUNTRY.-The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circulation, on the dates given. The statementfor April 1 1910 will
be found in our issue of April 9 1910, page 956.
Stock of MoneyApril 1 1911. -Money in Circulation
In United
Held in
April 1
April 1
Stales.
Treasury.d
1911.
1910.
$
$
$
$
Gold coin and bullion....1,737,760,945 197,211,219 590,169,057 594,085.718
Gold certificates_a
34,515,050 915.865,619 807,201,259
Standard silver dollars.___ 564,920,508 17.378,556
73,445,952
72.617,266
Silver certificates_a
6,673,373 467.422.627 484,145,562
Subsidiary silver
6158,546,029 20,935.886 137,610,143 139,959,800
Treasury notes of 1890..
3,357,000
12,724
3,344,276
3,781,981
United States notes
346.681,016 5,665,946 341,015,070 340,819,270
National bank notes
729,152,916 27,560,025 701,592,891 695,662.955
Total
3,540,418.414 309,952,779 3,230,465,635 3,138,273.811
Population of the United States April 1 1911 estimated at 93,566,000; circulation
per capita, $34 53. (See Note.)
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted In the statement for Aug. 1 1907. There was a reduction of $135,000,000.
b A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the statement of Sept. 1 1910. There was a reduction of
$9,700.000.
a For redemption of outstanding certificates an exact equivalent in amount of
appropriate kinds of money is held in the Treasury, and is not included in the
the
account of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in National Bank Depositaries
of the Treasurer of the United States, amounting to $35,051,346 25. to the credit
Note.-The figures representing the population of the United States during
the
past ten years have been estimated upon the basis of the Census of 1900.
The figures
for this statement are estimated upon the basis of theCensus of 1910, representing
the population of continental United States.

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.

Railroads (Steam)
Atch. Top. & S. Fe, corn. (qu.)(No. 24)..
Belt RR.& Stock Yards, Ind., pref.(guar.)
Total receipts
52,005 50,391 58,465 502,059 50,322 50,279 60,1521487.632 Central RR. of New Jersey (quar.)
Chicago & Western Indiana (guar.)
DisbursementsCivil and miscellaneous 14,954 12,502 14,851 134,069 15,025 12,228 14,869/126,719 Cleve. Cin. Chic. dc St. Louis, pref. (guar.)
War
12,736 11,184 14,342 124,308 12,072 10,224 12,855 122,603 Delaware Lack. & Western (quar.)
Navy
9,480 9,560 9.729 91,266 10,413 9,321 10,492, 93,597 Evansville & Terre Haute, pref
Indians
1,206
770 1,377 11,364
900 1,410 1,230 11,068 Georgia RR. & Banking (guar.)
Pensions
11,656 15,208 13,572 121,006 11,645 15,345 13,654 123,737 Grand Trunk, guaranteed
First and second pre/erred
Postal deficiency
84 3,085
382. 12,280
Third preferred
Interest on public debt_ 3,274 1,908
123 15,982 3.27i 1,860
151 15,989
Panama Canal
2,823 2,587 2,863 28,196 2,824 3,047 2,0371 24,220 Great Northern (guar.)
Kansas City Southern. pref. (quar.)
Total disbursements 56,129 53,719 56,941 529,276 56,150 53,435 55,670 530,213 Minn. St. Paul dr S. S. M.. corn. & pref
Morris de Essex Extension, guaranteed
Less repayment of unexpended balances_ 1,034 1,081 2,428 2.039 1,278 1,149 2,0361 2,311 N. Y. Cent. & Hud. River(quar.)
Norfolk Southern (quar.)
Norfolk & Western. pref.(quar.)
Total
55,095 52,638 54,513 527,237 54,872 52.28653.634 527,902 Northern
Pacific (guar.)
I
I
Passaic & Delaware Extension, guaranteed
* Includes corporation tax of $584,463 for March and $6,957,802 53 for the nine Philadelphia & Trenton (quar.)
months of the fiscal year 1910-11.
Pitts. Cin. Chic. & St. L., com.drpf.(qu.)_
Reading Company. 2d pref
Louis & San Francisco, 1st pref.(quar.)
BANK NOTES-CHANGES IN TOTALS OF, AND IN St.
Southern Railway, preferred
DEPOSITED BONDS, &c.-We give below tables which Toledo St. L. & West., pref. (etiar.)---show all the monthly changes in bank notes and in bonds United N. J. RR.& Canal, guar. (quar.)
Utica Chenango & Susg. Valley, guar _ _
and legal tenders on deposit. The statement for March 1910 Warren,
guaranteed
Western Maryland, preferred (guar.)
will be found in our issue for April 9 1910, page 956.
Street and Electric Railways.
Auburn & Syracuse Elec. RR., pref.(qu.)
Bonds and Legal Tenders
Aurora Elgin & Chic. RR., corn. (quar.)_
on Depositfor
Preferred (quar.)
Circulation Afloat Under1910-11.
Boston Suburban Elec. Cos., pref.((Mar.)
Brooklyn City RR.(guar.)
Legal
Legal
Bonds.
Cin.Newp.&Cov. L. dr Tr.,com.&pf.(qu.)
Tenders,
tql
Bonds.
Tenders.
Total.
Dallas Electric Corp., 1st pref.(No. 4)_ _ _
Second preferred (No. 7)
lal 31._ 697,082,510
Mch.
35,891,130 693,261,786 35,891,130 729.152,916 Denver & Northwestern Ry.(guar.)
697,088,760 35,815,326 693,119,715 35,815,326 728.935,041 Ft. Smith Lt. & Trac.. pref. (guar.)
Feb. 28_ _
Jan. 31..._ 696,706,300 33,506,185 692,939,203 33,606,185 726,445,388 Manchester (N.H.) Tr., L. & P.(quar.)-695,663,920 34,335,925 693,370,056 34,335,925 727,705,981 miiw. Elec. Ry. & Lt., pref. (qu.)(No.46)
Dec.
Nov. 30_
696,693,160 33,160,390 693,695,443 33,160,390 726,855,833 New Orleans Ry. & Lt., pref. (quar.)-Oct. 31_ _ _ 694,926,070 33,538,463 691.335,845 33,638,463 724,874,308 Nor. & Portsm. Trac., pref. (titian)
Sept. 30.___ 691,961,860 32,638,029 688,157,577 32,638,029 720,795,606 Northwestern Elev. RR.,Chic., pref.(qu.)
Aug. 3E._ 689,813,710 30.188,728 687.132,323 30,188.728 717,321,051 Ottumwa (Iowa) Ry. & Lt., pref. (quar.)
July 31.... 688,458,280 27,561,375 684,468.093 27.561,375 712,029,468 Philadelphia Company, common (quar.)_
June 30..._ 686,974,880 27,913,720 685,517,013 27,913,720 713.430.733 Public Service Invest., pf. (qu.)(No. 8)....
May131.... 685,671,510 29,477,138 682,765,703 29,477,138 712,242,841 QuebecRy., Lt. & Power, corn.(No. 1)._
Apri1130._ 684,943,460 30,206,728 683,254,858 30,206,728 713,461,586 Rio de Janeiro Tram., Lt. & Power (quar.)
Seattle Electric Co., corn. (qu.)(No. 10)_
Common (extra)
The fo lowing shows the amount of each class of bonds Western Ohio Ry.,2d pref.(quar.)
Penn Traction. pref.(qu.)(No. 5)....
heldlagainst national bank circulation and to secure public West
Wheeling Traction (quar.)




$728,935,041
217,875

Amount of bank notes afloat April 1 1911
Legal-Tender NotesAmount on deposit to redeem national bank notes March 1 1911
Net amount of bank notes issued in March

Name of Company.

moneys ininational bank depositories on March 31.

Total
Held.

$
4,786,000
4,178,300
24,758.900
2,796,000
1,505,000
4,442.000
944,000
872,000
663,000
2,080,000

Mch. 0.Mos.

24,293 25,219 30,108241,756 25,731 27,526 33.723 254.835
21,840 21,473 24,701224,149 20,250 19,466 22,343 199,088
5,872 3,699 3,656 36,154 4,341 3,287 4,0861 33,709

Public Deposits
in Banks.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

134
134
2
1%
13(
234
234
3
b2
6234
b34
13-1
1
3%
2
13(
34
1
13(
2
234
l3.
2
1
1
1
234
3
3%
1

June
April
May
Mch.
April
April
Apr.
Apr.
May
May
May
May
Apr.
Apr.
May
Apr.
May
May
May
May
Apr.
Apr.
May
May
Apr.
Apr.
Apr.
May
Apr.
April

1 Holders of rec. Apr.284
1
1 Holders of rec. Apr.194
31
20 Holders of rec. April 7a
20 Holders of rec. Apr. 4a
15 Hold.of rec. Sep.15 1910
15 Apr. 2 to Apr. 14
5 Mch. 18 to Apr. 20
5 Mch. 18 to Apr. 20
5 Mch. 18 to Apr. 20
1 Holders of rec. Apr.12a
15 Holders of rec. Mch.31a
15 Holders of rec. Mch.31a
1 Holders of rec. Apr.25a
15 Mch. 30 to Apr. 18
1 Apr. 16 to May 1
18 Holders of rec. Apr.29a
1 Holders of rec. Apr. 7a
1 Holders of rec. Apr.25a
10 Apr. 1 to Apr. 10
25 Holders of rec. Apr.15a
10 Holders of rec. Apr.22a
1 Holders of rec. April 17a
24 Holders of rec. Apr. la
15 Holders of rec. Mch.31a
10 Mch. 21 to Mch.31
1 Holders of rec. Apr.15a
15 Holders of rec. Apr. 54
20 Holders of rec. Apr.15a

134
M
134
$1
2
134
3
2
2
13(
2
134
134
134
1
13(
134
1%
1
134
1M
2
134
134
1

Apr.
Apr.
Apr.
Apr.
April
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
May
Apr.
Apr.
April
Apr.
Apr.

15 Holders of rec. Mch.31a
10111olders of rec. Mch. 23
10'Holders of rec. Mch. 23
15 Holders of rec. Apr. 3a
15 April 5 to April 16
15 Apr. 1 to Apr. 16
10 Holders of rec. Apr. 3a
10 Holders of rec. Apr. aa
10 Holders of rec. Apr. la
15 Holders of rec. Mch. 31
15 Holders of rec. Apr. la
1 Holders of rec. Apr.20a
10 Apr. 1 to Apr. 10
10 Holders of rec. Mch.31a
18 Apr. 9 to Apr. 18
15 Holders of rec. Mch. 31
1 Holders of rec. Apr. la
1 Holders of rec. Apr.18a
15 Holders of rec. Mch. 31
1 Holders of rec. April 15
15 Holders of rec. Mch.13a
15 Holders of rec. Mch.13a
10 Holders of rec. Mch. 31
15 Apr. 8 to Apr. 16
15 Holders of rec. Mch.31a

THE CHRONICLE

934
Name of Company.

Per
Cent.

Banks.
Fifth National (guar.) (No. 143)
Pacific (guar.)
Produce Exchange, New York (No. 52)._

3
2
4

Trust Companies.
Union (guar.)
Fire Insurance.
North River

When
Payable.

Books Closed.
Days Inclusive.

April 1 Holders of rec. Mch.31a
April 30
1 April 18 to
May
Apr. 15 Holders of rec. Apr. 5

1234 April 10 April 6

to

April 9

April 10 April 4

to

April 9

5

VoL. Lxxxxii.

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending
April 1. 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.
We omit two ciphers (00) in all cases.

Miscellaneous.
Specie. Legals. I Deposits. ReCapital. Surplus. Loans.
Banks.
April 15 Holders of rec. April 5
2
Alliance Realty (quay.)
Average. Average. Average. Average, s've.
00s omitted.
April 15 Itch. 22 to Mch.31
Amer. Agricultural Chem.. pref. (No. 24) 3
1 Apr. 21 to May 1
134 May
1
Amer. Gas & Elec., pref. (quar.)
$
S
I
S
$
1 April 16 to April 30
18,841,0 26.1
American Light dc Traction, com.(quar.)_ _ 234 May
2,000,0 3,638,6 20,764,0 3,937,0 1,000,0 26,300,0
N. Y_ _
29.1
234 May 15 April 16 to April 30 Bank of
Common (payable in common stock)9,014,0 1,594,0
31,000.0
4,402,1
2,050,0
Co..
Manhattan
1 April 16 to April 30
134 May
19,713,0 25.2
1,188,0
Preferred (guar.)
3,770,0
19,663,0
April 23 Merchants' _ _ _ 2,000.0 1,900,5 51,028,4 15,873,1 1,428,0 53,329,6 32.4
134 April 21 April 5 to
American Locomotive, pref. (guar.)
8,146,7
6,000,0
Metals
&
Mech.
2
2 Apr. 16 to May
1
May
25.1
American Malt Corp., preferred
1,500,0 6,012,4 26,269,0 4,388,9 2,267,3 26,515,3 33.5
2 Holders of rec. April 15 America
82e. May
American Malting, preferred
25,000,0 34,131,8 180,923,4 55,597,4 6,971,0 186,669,9
M Apr. 15 Holders of rec. Mch.31a City
American Seeding Machine, corn. (guar.)
2,153,3 30,462,5 26.1
5,782,0
31,447,0
6,586,7
3,000,0
Chemical
134 Apr. 15 Holders of rec. Mch.31a
7,796,5 25.0
Preferred (quar.)
226,3
7,495,1 1,720,8
667,2
600,0
134 April 15 Mch. 29 to April 16 Merchants' Ex_
7,484,3 25.6
American Shipbuilding, pref. (quar.)_ _ _
474,0
9,098,6 1,443,8
1,000,0 2,534,0
Mch. 30 Gallatin
1
April 15 Mch. 25 to
2,124,7 25.5
Amer. Smelt. & Refg.. corn. (quar.)
62,7
480,4
2,447,9
158,0
300,0
Drov_
&
Butch.
April 15 Holders of rec. Mch.31a
2
9,219,5 25.0
Amer. Telep. & Teleg. (guar.)
270,0
2,037,4
8,125,4
856,9
500,0
1
April 15 Holders of rec. AprillOa Greenwich _ _
Amer. Type Founders, corn.(quar.)
4,102,3 45,210,1 25.2
7,274,3
44,152,5
4,496,6
5,000,0
Exchange..
Am.
134 April 15 Holders of rec. AprillOa
Preferred (quar.)
25,000.0 17,005,8 158,326,1 26,512,9 8,664,2 138,757,6 25.4
April 9 Commerce
134 April 15 Mch. 28 to
Amer. Woolen, pref. (quar.)(No. 48)---930,2 10,767,3 25.3
Mercantile __ - _ 3,000,0 2,713,1 14,042,1 1,801,0
Anaconda Copper Mining (qu.)(No. 42). 50c. Apr. 19 Holders of rec. Apr. 7a Pacific
3,250,6 27.8
460,5
444,6
3,684,3
932,1
500,0
134 Apr. 15 Holders of rec. Mch. 31
Associated Gas & Elec., pref. (quar.)15,081,8 25.2
1,068,0
2,694,7
15,014,9
1,074,1
131 Apr. 15 Holders of rec. Agr. 12 Chat'm & Ph'x_ 2,250,0
2,174,3 26.1
Associated Merchants, 1st pref. (quar.)
145,5
423,2
1,855,4
467,5
200,0
People's
12
Apr.
rec.
Apr.
15
of
31
Holders
First preferred (extra)
3,000,0 12,360,3 72,269,8 13,035,1 7,875,4 82,042,1 25.5
Hanover
134 Apr. 15 Holders of rec. Apr. 12 Citizen's Cent.._ 2,550,0 1,803,5 21,927,8 5,361,4
Second preferred (quar.)
21,463,8 26.5
320,4
31 Apr. 15 Holders of rec. Apr. 12
Second preferred (extra)
532,6
8.524,7 1,374,2 1,136,8 10,092,2 24.8
500.0
Apr. 15 Holders of rec. Mch.25a Nassau
2
9,266,5 26.0
Bell Telephone of Canada (guar.)
969,6
9,231,2 1,440,4
Market&Fult'n. 1,000,0 1,775.0
134 Apr. 15 Apr. 6 to Apr. 16 Metropolitan
Bell Telephone of Pennsylvania (quar.)_ _
236,2 10,209,6 27.2
2,000,0 1,544,6 10,128,0 2,547,5
1 Holders of rec. Apr.20a
Butte Elec. & Power, pref. (quar.)(No. 39) 114 May
44,504,0 7,532,0 5,616,0 52,398,0 25.0
5,438.7
3,000,0
Exchange_
Corn
Canadian Car & Fdry., Ltd., pref.(quar.) 134 April 25 Holders of rec. Mch.31a Imp. & Traders' 1,500,0 7,629,6 26,167,0 4,194,0 1,794,0 23,670,0 25.2
Canadian Westingh., Ltd. (qu.)(No. 25) 134 April 10 April 1 to April 9 Park
5,000,0 12,728,2 88,178,0 22,324,0 1,337,0 93,221,0 25.3
April 16
134 April 15 April 1 to
Central Coal & Coke, corn. (quar.)
1,535,5 23.0
98,4
98,8
255,6
1,412,0
250,0
East River--_ _
134 April 15 April 1 to April 16 Fourth
Preferred (quar.)
5,000,0 5,683,3 35,312,0 6,735,0 2,610,0 36,731,0 25.4
Apr. 25
Apr. 25 Apr. 16 to
1
Chicago Pneumatic Tool (quar.)
140,0 12,733,0 25.3
1,000.0 2,196,9 12,990,0 3,093,0
Second
12
April
134 April 15 Holders of rec.
Claflin (H. B.), common (guar.)
10,000,0 20,738,3 122.706,5 34,036,8 1,688,1 125,241,0 28.5
1 Holders of rec. Apr.15a First Exch....- 2,000,0 1,850,9 24,749,1 4,975,1 1,724,6 26,322,6 25.4
Commonwealth Edison (quar.)
134 May
134 April 20 Holders of rec. April 8 Irving
Consolidated Ice of PiUsb., pref.(quar.)_
3,556,0 25.1
54,0
841,0
800,5
250,0
3,397.0
Bowery
April 10 Holders of rec. Mch.31a N. Y. County
1
Corn Products Refining, pref. (quar.)
8,193,6 25.7
500,0 1,666,5
8,002,0 1,380,2
689,2
April 10 Holders of rec. Mch.31a German-Amer _
1
Preferred (extra)
3,855,2 25.8
689,0
214,0
783,4
750,0
3,951,8
134 Apr. 30 Holders of rec. Apr.15a Chase
Cuyahoga Telephone, pref. (guar.)
89,355,0 24.3
8,382,9
17,164,0
5,000,0
82,038,0
4,589,0
Delaware Lack. & Western Coal (quar.) 234 April 15 Holders of rec. April it Fifth Avenue_ _
100,0 2,183,1 12,096,6 2,331,4 1,101,7 13,326,3 25.7
134 April 15 Holders of rec. April it German Exch
Detroit Edison (quay.)
883,4
3,465,7 25.5
200,0
561,8
3,500,0
322,6
A April 29 Holders of rec. April 8a Germania
6,173,4 26.7
200,0 1,034,7
Distillers' Securities Corp.(quar.)(No.34)
5,228,1 1,148,1
503,3
April 28 Holders of rec. April 8a Lincoln
1
25.3
16,202,4
Distilling Co. of America, pref. (quar.). _
1,000,0
1,598,5
970,1
15,217,9
3,130,6
April 25
8,914,3 26.3
du Pont(El.) de NemoursPowd.,pf.(qu.) 111 April 25 April 16 to
1,000,0 1,238,8
232,7
8,714,0 2,114,4
Garfield
14
April
rec.
1 Holders of
May
26.4
3,738,5
Edison Elec. Ill., Boston (qu.)(No. 88). 3
250,0
523,4
619,2
367,3
Fifth
3,344,7
1 Holders of rec. Apr.27a Metropolis _ _ _ _
134 May
ElectricalSecur. Corp. pref.(quar.)_ _
1,000.0 2,124,4 12,163,0 1,464,5 1,670.7 12,265,2 25.5
Mch.31a
5,151,0 25.6
Elec. Utilities Corp., pref. (qu.) (No. 4) 154 Apr. 15 Holders of rec.
200,0 1,027,8
Side
235,0
West
1,087,0
4,322,0
9a
Mch.
rec.
April 15 Holders of
2
General Electric (quar.)
1,000,0 2,025,1 22,994,0 5,096,0 1,780,0 26,907,0 25.5
of rec. Mch.31a Seaboard
1,000,0 2,744,3 21.023,6 4,561,7 1,049,5 22,388,8 25.0
Goldfield Consolidated Mines(quar.)No.11 30c. April 29 Holders
Liberty
20c. April 29 Holders of rec. Mch.31a N. Y. Prod. Ex. 1,000,0
9,370,2 25.1
293,4
Extra
783,9
8,010,3 2,062,0
10
April
rec.
of
State
Harbison-Walker Refractories, pref.(quar.) 134 April 20 Holders
337,0 19,364,0 26.0
1,000,0
850,7 15,175,0 4,713,0
Apr. 15 Apr. 5 to Apr. 15 14th Street_ _ _ _
2
6,543,7 25.5
Illinois brick (quar.)
604,5
1,000,0
6,018,2 1,066,9
310,8
30
April
to
22
April
1
May
1
6,291,0 25.0
Coal &
Intercontinental Rubber, corn. (guar.)._
730,0
810,0
1,000,0
6,127,0
421,1
April 15 Holders of rec. April 5 Union Exch.__
24.4
8,929,2
1,080,1
Internat. But(on-hole Sew. Mach. (guar.) 1
1,158,3
9,012,1
1,000,0
945,9
Holders of rec. Mch.25a
Intermit. Harvester, corn.(qua!.)(No. 5) 131 April 15
1
June
to
13
May
I
June
234
27.1
1392,614,8
75.693,3
International Nickel, common (quar.)—
1353,773,4
average
Totals,
301,875,7
134,150,0
200,234,4
1
May
to
May 1 April 13
154
Preferred (quar.)
34 Apr. 15 Holders of rec. Apr. 4a Actual figures April 1_
International Paper, pref. (quar.)
1354,8,6,3 298,714,4 75,596,3 1391,652,4 26.9
May 15 Holders of rec. May 5a
Internat. Smokeless Powd. & Chem., pref. 4
1 Holders of rec. April 20
May
Internat. Steam Pump, pref. (qu.)(No. 48) 134 May
15 May 1 to May 15
154
On the basis of averages, circulation amounted to $45,705,700 and United States
Kansas City Breweries, pref. (quar.)_-- April 20 April 1 to April 17 deposits (Included in deposits) to $1,568,300; actual figures April 1, circulation,
2
La Rose Consolidated Mines (quar.)
1 Holders of rec. April 15 $45,495,100; United States deposits, $1,422,300.
May
$1
(quar.)common
Cos.,
Gas
Massachusetts
April 15 Holders of rec. afch.30a
Massachusetts Lighting Cos.(qu.)(No.30) 134 April 15 Holders of rec. April 8
The State Banking Department also now furnishes weekly
Mexican Light & Power, common ((mar ).. 1
14 Holders of rec. Mch.31a
April
234
(quar.)
returns of the State banks and trust companies under its
Mexican Telegraph
1
April
16
to
May
1
May
154
(quar.)_
Michigan State Telephone. pref.
1 Holders of rec. Apr.15a charge. These returns cover all the institutions of this class
Minneap. Gen. Elec., corn. (qu.)(No. 15) 1'% May
134 April 15 Holders of rec. Mch.28a in the whole State, but the figures are compiled so as to
National Biscuit, corn.(quar.)(No. 50)—
15
April 6 to April 16
April
134
National Carbon, common (quar.)
April 15 Holders of rec. April 3 distinguish between the results for New York City (Greater
1
National Fire Proofing, pref. (quar.)_ — 10
April 10 New York) and those for the rest of the State, as per the
April 5 to
April
134
(guar.)
Nebraska Telephone
134 April 28 Holders of rec. Apr. 5a
New York Air Brake (quar)
134 April 15 Holders of rec. April it following:
New York Dock, preferred (quar.)
April 15 Holders of rec. April it
2
For definitions and rules under which the various items are
Niagara Falls Power (quar.)(No. 5)
5
April 20 April 1 to April 17
NipIssing Mines (quar.)
up, see "Chronicle," V. 86, p. 316.
made
20 April 1 to
April
April
17
234
• Extra
134 Apr. 15 Holders of rec. Mch. 31
Northern States Power, pref. (quar.). _- April 15
STATE BANKS AND TRUST COMPANIES.
of rec. alch.31g
Nova Scotia Steel dr Coal, Ltd., corn.(qu) 134 April 15 Holders
Holders of rec Mch.31a
2
Preferred (quar.)
15
of
Apr.
rec.
Mch.
31
Holders
134
Trust Cos.
Oklahoma Gas & Elec., pref.
State Banks
Trust Cos.
Stale Banks
April 15 Holders of rec. :itch. 31
el
outside of
(quar.)Otls
outside of
Elevator, common (quar.)
in
In
Week ended April 1.
134 April 15 Holders of rec. Mch. 31
Greater N. Y. Greater N. 1,
.
Y
N.
Preferred (quar.)
Greater
.
Y
N.
Greater
16
1
to May 1
Apr.
134 May
Pacific Coast, common (quar.)
1 Apr. 16 to May 1
1m May
$
First preferred (quar.)
a
S
S
1 Apr. 16 to May 1
134 May
9,528,000
9,525,000
Second preferred (quar.)
63,206,000
23,975,000
134 April 15 April 1 to April 16 Capital as of Feb. 28_ _
Pacific Telep. & Teleg., pref. (quar.)-Holders of rec. Apr.10a
11,274,643
11,328,063
Pay-as-You-Enter Car Corp.. pfd. (qu.) 1m Apr. 15
38,886,100 175,811,500
Apr. 15 Mch. 28 to Apr. 14 Surplus as of Feb. 28_ _ _ _
a
Pennsylvania Salt Mfg.(No. 96)
1m April 25 Holders of rec. April 12
95,139,100
144,835,100
Pittsburgh Coal, preferred (guar.)
1,042,463,000
Loans and investments_ 278,851,500
la
rec.
Mch3
of
15
Holders
April
(guar.).
preferred
—303,000
—258,100
Procter & Gamble,
Change from last week_ +1,041,100 +10.804,200
234 April 15 Holders of rec. April la
Quaker Oats, common (quar.)
134 May 31 Holders of rec. May it
Preferred (guar.)
47,400,700 108,302.200
Specie
April
5
rec.
of
Holders
15
'April
2
Reece Buttonhole Mach. (qu.)(No. 100)
+868,200
—454,300
Change from last week..
;April 15 Holders of rec. April 5
2
Extra
April 15 Holders of rec. April 3a
Rhode 1st.-Perkins Horseshoe, pref. (quar.) 1
11,903,000
23,792,100
notes
bk.
&
Legal-tenders
31
Mch.
rec.
of
Holders
15
Apr.
San Diego Cons. Gas. & El., pref. (quar.) 134
+249,100 —1,225,900
Change from last week..
134 ;Apr. 20 Holders of rec. Apr. 7
Shawinigan Water & Power (quar.)
April 16
Southern California Edison, pref. (guar.). 131 ;April 15 April 11 to
323,655,100 1,135,150,000 100,581,700 154,506,700
Deposits
16
to
Apr.
Apr.
15
Southern New England Telephone (quar.) 134 Apr.
—333,200
—383,700
+780.700 +10,271,300
Change from last week..
April 16
April 15 April 6 to
Standard Milling, preferred (No. 16)
April 10 Holders of rec. April 5
3
Standard Underground Cable (quar.)
24,214,300
21,000,700
126,312,700
93,909,800
deposits
on
Reserve
16
to
April
16
Mch.
April 15
1
Union Bag & Paper, pref.(qu.)(No.
+450,100
—378,800
—520,300
+149,200
Change from last week_
April 10
48).Unio
April 10 April 1 to
3
Switch & Signal, corn. & pf. (qu.)
las
1 Holders of rec. April 25
May
1
United Cigar Mfrs., Cost. (guar.)
16.37, 1
21.7%
15.8%
_
29.5%
deposits_
to
reserve
C.
16
P.
April
to
United Cigar Stores, Corp. of (quar.). -- 134 April 15 April 2
1
16.0%
21.9%
16.4%
29.6%
week__
last
Percentage
34 April 15 April 2 to April 16
Extra
1 Holders of rec. April 21
May
2
United Dry Goods, common (guar.)
25a
Mch.
2 !April 15 Holders of rec.
United Fruit (quay.)
+ Increase over last week. — Decrease from last week.
I April 15 Holders of rec. Mch. 31
2
United Gas Improvement (quar.)
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" Includes,
fl% May 10 Holders of rec. April 22 for both trust companies and State banks, not only cash items but amounts due
U. S. Envelope, preferred
lo
April 30 Holders of rec. April
1
United States Glass (quar.)
are required by law to
Melt. 31 from reserve agents. Trust companies In New York State
U. S Radiator Corp., pref. (quar.)
134 AprIl 15 Mch. 22 to
keep a reserve proportionate to their deposits, the ratio varying according to loca; April 29 Holders of rec. Apr.14a tion
United States Rubber, first pref. (quar.)_ _ 2
is computed on the
required
The
reserve
below.
of
percentage
shown
as
Second preferred (guar.)
134 ; April 29 Holders of rec. Apr.14a
of deposits, exclusive of moneys held in trust and not payable within
;Apr. 15 Holders of rec. Apr. 1 aggregate
U. S. Smelt., Ref. & Min., corn. (guar.) 1
also exclusive of time deposits not payable within thirty days.
and
days,
thirty
1
Apr.
rec.
of
134 :Apr. 15 llolders
Preferred (quar.)
secured by bonds of the
April 16 represented by certificates, and also exclusive of deposits to
;April 15 April 1 to
Va.-Carolina Chem.. pref. (qu.) (No. 62) 2
keep a reserve varying
York. The State banks are likewise required
134 'April 20 Holders of rec. April 10 State of New
Vulcan Detinning. Pref. (guar.)
the whole amount of deposits
on
the
being
reserve
location,
computed
to
according
alch.20a
m April 15 Holders of rec.
by certilleates
Western Union Teleg. (guar.) (No. 168)
days,
represented
not
thirty
deposits
within
payable
April 10 exclusive of time
to
235 April 10 Apr. 1
by bonds
Westinghouse Air Brake (quar.)
April 10 (accor(hing to the amendment of 1910) and exclusive of deposits secured
to
134 April 10 Apr. 1
Extra
York.
of
New
the
of
State
April 10
to
1
April 10 Apr. 1
Banks—
Special
—Slate
Cos.—
—Trust
Of
Westinghouse Elec. & Mfg., pref. (guar.) 134 ; April 15 April 6 to April 16
Of
Total
Total
April 16 Reserve Required for Trust Companies
f134 April 15 April 6 to
which
Preferred (extra)
Reserve
which
Reserve
Banks.
and
State
134 .May
Cash.
1 Holders of rec. April 20
in
red.
While (J. G.) & Co., Inc., pref. (quar.)._
Cash.Requ
in
Required
Location—
1 Holders of rec. Apr.20a
15%
25!i
Worthington (Henry R.), Inc., preferred.... 334 May
15%
15%
Manhattan Borough
10%
20%
10%
Brooklyn Borough (without branches in Manbat.) 15%
715%
10%
15%
(without branches In Manhattan) 15%
Other
Boroughs
4%,
Declared
e
20%
d
tax.
Income
Correction.
20%
a Transfer books not closed. b Less
15%
Brooklyn Borough, with branches In Manhattan_ _15%
15%
15%
15%
dividends.
_15%
__
accumulated
Manhattan_
of
In
account
On
with
f
branches
Other Boroughs
payable In quarterly Installments.
6%
15%
5%
10%
ti Isewhere In State
0 Transfer books closed from March 22 to March 29, both Inclusive.




APR. 8 1911.]

TIIE CIIR,ONICLE

935

The Banking Department also undertakes to present I Boston and.Philadelphi
a Banks.--Below is a summary of
separate figures indicating the totals for the State banks and the weekly totals
of the Clearing-House banks of Boston
trust companies in the Greater New York, not in the Clearing and Philadelphi
a.
House. These figures are shown in the table below, as are
We omit two ciphers(00)in all thesefigures.
also the results (both actual and average) for the Clearingr:4
House banks. In addition, we have combined each corCapital
and
Loam.
Specie, Legals. Deposits. a Circu- Ckarings,
responding item in the two statements, thus affording an Banks. Surplus.
lation.
aggregate for the whole of the banks and trust companies in Boston.
$
$
Mch. 11_ _ 40,200.0 218,634,0 25,051,0 3,006,0 263,782,0
the Greater New York.
7,764.0 145,690,0
Mch. 18.. 40,200.0 220,211,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Banks.
Banks,
Trust Cos. not Banks& Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average.

Week ended April 1.

26,286,0 2,900,0 269.535,0 7,747,0
40,200,0 218,311,0 25,735.0 2,935,0 264,312,0 7,612,0
40,200,0 215,841,0 24.696,0 2,884,0 262,315,0 7,631,0
55,465,0 262,779,0
75,400.0
314,600,0 15,359,0
55.465,0 262,156,0
75,315,0
316,983,0 15,355,0
55,465,0 260,882,0
77,412,0
315,269,0 15,366,0
55,465,0 262,037,0
76,120.0

Mch. 25__
April 1..
Plus.
Mch. 11__
Mch. 18..
Mch. 25_
April 1..

•

1Nat. banks
Capital 1 March 7.-Surplus }State banks,
J Feb. 28_ _

$
139,150,000

$
134,150,000

200,234,400 200,234,400
184,355,200
Loans and investments 1,354,896,300 1,353,773,400 1,121,889,600
Change from last week -2,964,400 +1,653.000 +11,308,500
Deposits
1,391,652,400 1,392,614,800 a1,074,773,900
Change from last week -6,033,100
+899,100 +11,876,200
Specie
113,501,600
298,714,400 301,875,700
Change from last week -5,810,700 -3,008,200
+930,800
Legal-tenders
Change from last week

377,569,000
-1,409,900

374,310,700
-5,930,700

2,467,388,700
+12,774,300

374,310,700
-5,930,700

377,569.000
-1,409,900

Percentage to deposits
requiring reserve
Percentage last week

26.92%
27.23%

27.14%
27.25%

Surplus reserve

26,397,600

29.415,300

95,157,500
+121,600
510,534,800
-1,955,800

23,135,500
-12,400

23,135,500
-12,400

156,101,300
-558,300

533,670,300
-1,968,200

143,129.4
139,917.0
133,859,2
133,219,4

9

a Includes Government deposits and the item "due to
banks." At Boston
Government deposits amounted to $3,040,000 on Aprilother
1, against $3,043,090 on
March 25.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending April 1; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK,

415,377,300
-2,077,400

c132,965,800
-545.900

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

384,589,600
2,475,663,000
+12,961,500

519,464,200
75,693,300
+1.598,300 - 1,476,700

75,596,300
-120,000

Aggr'te money holdings
Change from last week

$
205,881,000

$
71,731,000

166,353,4
150,794,0
169,765,9

For Week.

1911.

Dry Goods
General Merchandise

1910.

$2,656,511
17,427,196

Total
Since January 1.
Dry Goods
General Merchandise

1909,
I
1908
'
33;347,7151 $2,052,326
13,412,981
8,866,237

$3,287,461
16,000,964

$20,083,707 $19,288,425 $16,760,696 $10,918,563
$42,015,098 $47.763.387 $48,142,604 $36,423,136
183,575,444 210,768,869 173,267,781 113,245,701

Total 13 Weeks

$225,590,542 $258,532,756 $221,410,3851$149,668,837

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

17.4%
17.6%

-i-Increase over last week. -Decrease from last week.
a These are the depos ts after eliminating the item "Due from
depositories
and other banks and trust companies in New York City"; with reserve
this item included,
deposits amounted to $1,234,546,300, an increase of $10,645,100
over
last week.
In the case of the Clearing-House banks, the deposits are "net" both
for the average
and the actual figures. b Includes bank notes. c
$12,760,600 and trust companies $120,205,200. Of this amount State banks held

EXPORTS FROM NEW YORK.
1911.
For the Week
Previously reported

1909.

1910.

1908.

$14,727,019 $11,062,189 $12,854,186 $13,419,005
184,911,083 152,024,447 149,645,836 173,585,197

The averages of the New York City Clearing-House banks
Total 13 Weeks
$199,638,102 $163,086,636' 162,500,022 $187,004,202
combined with those for the State banks and trust companies
In Greater New York outside of the Clearing-House compare
The following tab e shows the experts and imports of
as follows for a series of weeks past:
specie at the port of New York for the week ending April 1
and since Jan. 1 1911, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
1910 and 1909:
We omit two ciphers in all thesefigures.

Week
Loansand
Ended, Investments.
Jan. 28-.
Feb. 4.,.
Feb. 11_
Feb. 18....
Feb. 25_
Mch. 4..
Mch.
Mch. 18_
Mch. 25._
April 1..

$
2,346,919,6
2,400.531,9
2,412,497.9
2,432,389,8
2,429,340,1
2.441,291,1
2,442,555,5
2,459,710,7
2,462,701,5
2,475,663,0

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Deposits.
2,325,565,5
2,388,262,1
2,404,193,5
2,423,819,1
2,425,821.7
2,440,032,2
2,436,678,6
2,454,039,2
2,454,614,4
2,467,388,7

Specie,

Tot. Money Entire Res.
Holdings. on Deposit.

Legal-s.

402,126,4
412,134,0
412,962,6
416,383,3
421,086.3
423,823,2
421,605,6
418,825,5
417,454.7
415,377,3

97.910,8
93,720,2
95,663,8
95,146.0
95,844.4
94,347,3
92,672,5
93,920,0
95,035,9
05,157,5

500,037,2
505,854,2
508,626,4
511,529,3
516,930,7
518,170,5
514,278,1
512,745,5
512,490,6
510,534,8

$
521,788,6
529,947,6
531,387,6
534,354,6
538,907,1
539,423,4
538,678,2
536,800,6
535,638,5
533,670,3

Reports of Clearing Non-Member Banks.-The fol owing is
the statement of condition of the clearing non-member banks
for the week ending April 1, based on average daily results:
We omit two ciphers(00)in all thesefigures,
Legal
Tender
and
Bank
Notes.

Loans.
Banks.

Diets

Capt.
tat.

Surplus.

and
InvestmetaI.

N. Y. City
Boroughs of
Man.& Brx.
$
$
$
Wash. Hgts 100,0
282,0 1,266,0
Century _-. 250,0
148,9 1,499,6
Colonial ___ 400,0
402,8 6,510,9
Columbia _ 300,0
762,4 6,649,0
Fidelity ___ 200,0
183,2 1,069,3
Jefferson _ _ 500,0
521,5 3,857,5
Mt. Morris. 250,0
334,4 2,549,0
Mutual .___ 200,0
387,2 3,584,0
100,0
Plaza
460,9 4,150,0
23d Ward__ 200,0
107,4 1,898,1
Yorkville __
100,0
492,8 4,236,3
New Nethld 200,0
271,8 2,329,0
Batt.Pk.Nat 200,0
153,2 1,420,1
Aetna Nat_ 300,0
309,6 1,996,7
Borough of
Brookl.
yn
538,6 3,262,6
Broadway _ 200,0
Mfrs.' Nat_ 252,0
843,9 5,402,8
853.1 11,760,2
Mechanics' 1,000,0
Nassau Nat, 750,0 1,043,5 7,654,0
Nat. City_ 300,0
588,1 3,841,0
North Side_ 200,0
150,8 2,091,3
First Nat._ 300,0
638,7 3,493,0
Jersey City.
First Nat__ 400,0 1,269,8 4,908,2
Hud.Co.Nat 250,0
763,5 2,792,7
Third Nat__ 200,0
406.0 2,170,5
Hoboken.
First Nat__ 220,0
630,3 3,430,3
Second Nat. 125,0
255,3 2,720,1

Specie.

$
139,0
49,2
820,4
590,0
59,8
304,4
462,3
17,4
325,0
160,0
96,2
249,0
125,2
431,4

Deposit with
Clearing
Agent.

$
$
50,0
196,0
156,3
83,7
347,6
617,0
549.0
792,0
112,1
170,7
417,7
270,7
40,9
416,2
643,0
653,0
389,0 1,222,0
56,7
238,1
796,6
215,8
83,0
401,0
41,7
118,7
47,4
132,7

Other
Net
Banks. Deposits.
&c.

$
$
16,0 1,280,0
153,4 1,640,0
234,0 7,784,7
53,0 7.541,0
1,109,8
449,0 4,824,2
57,9 3,292,4
4,501,0
5,514,0
2,154,8
284,3 5,428.4
35,0 2,751,0
1,263,3
66,3 1,946,1

.
32,1 461,0
323,9
467,5 189,7
908,3
243,0 1,437,8 1,561,1
629,0 314,0 1,612,0
91,0 482,0
454,0
135,1 111,7
173,5
342,0
77,0
520,0

283,6 3,772,9
150,8 5,939,0
208,5 15,202,2
8,216,0
202,0 4,729,0
85,9 2,344,9
39,0 3,306,0

306,7
169,9
75,0

780,0 7,835,2
360,7 2,747,5
51,6 2,556,6

137,2
167,3

377,1 3,161,4
47,5
385,9
119,8
532,7
49,5
30,4

170,6 280,3 3,341,0
110,7 408,2 3,353,0
Tot. Apr. 1 7,497,0 12.799,7 96,542.2 6,575,1 7,428,5 15,441,7 4,208,5 114383,0
Tot. Meh.25 7,497,0 12.799,7 95,064,1 6,518,5 7,593,6 15,276,6 4,201,4 113878,2
Tot. Mch.18 7,497,0 12,799,7 95,086,7 6,572,9 7,527,5 20,185,6 3,895,0 117884,3




Oold.'

Exports.
Week.

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Imports.

Since Jan.1

Week.

•

,

Total 1911
Total 1910
Total 1909

$151,035

$3,500
949,130

200,732

560,732
65,000

Jana

$4,825

$18,350
436.400

1,917
225
26,961
70,352

868,508
78.406
719.880
641,475

0351,767 $1,578.362 $104,280 $2,763,175
104,816 7,643,134 1,621,831 4,584,845
544,000 37,860,730
78,592 3,987.244

Sliver,
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$833,338 $11335,626
36,400
836,400
16,493
1,046
39,727
17,253
1,200

Total 1911
Total 1910
Total 1909

$870,784 $12,246,699
723,142 11,003,359
806,550 11,946,336

$3,532
558
51,563
5,600
24,363

$115,006
5,354
7.673
16,613
628,681
493,863
506,943

$85,616 $1.774,133
976,936
71,943
110,456 1,251,084

Of the above imports for the week in 1911, $775 were
American gold coin and $558 American silver coin.

Nanking and financial.
Railroad and Industrial Stocks
Let us send you our circular describing 110 ISSUES of listed Railroad and Industrial Stocks.

Spencer Trask & Co.
43 E,XCIIANGE PLACE.-- NEW YORK,
Chicago. Ill.
Boston, Mass..
Albany. N. V.
Members New York Stotk Exchange.

WHITE, WELD & CO.
Members New York Stoci• Exchange.
5 NASSAU STREET.
NEW YORK

THE ROOKERY.
CHICAGO

[VoL. Lxxxxn.

THE CHRONICLE

936

Canker'? Gaztite.
Wall Street, Friday Night, April 7 1911.
The Money Market and Financial Situation.-The limited
volume of business transacted continues to be the prominent
characteristic of Wall Street operations. This is especially
true of the shares department at the Stock Exchange, where
the total transactions for the week are the smallest, not only
for the season but for any season in recent years. The principal cause of these conditions is generally well known and
therefore need be only incidentally referred to here. It is
reflected in decreasing traffic, as shown by many current
railway reports, in clearing-house returns and in the large
accumulation of idle funds at this centre. When important
railway companies find it necessary to reduce dividend rates,
as the New York Central has recently done; when the U. S.
Steel Corporation's preliminary report shows a reduction of
about 25%-that is, from 40,000 tons to about 30,000 tons
per day-in the orders booked during a single month, and
when the New York banks are unable to loan their surpluses,
even at the prevailing low rates, it is perfectly natural that
business at the Stock Exchange should be "limited."
Unofficial estimates of winter wheat place the condition
thereof several points above that of a year ago, and the
prospect seems good for a large yield of that crop. Weather
conditions are, indeed, now favorable for all crops, but it is,
of course, too early to estimate upon anything except winter
wheat.
The Bank of England reports a smaller percentage of reserve, due to the quarterly settlements, but this matter will
undoubtedly soon be readjusted.
In the local money market funds are, as mentioned above,
accumulating, as the demand is exceptionally limited, and
offerings at lower than the market rates do not seem to stimulate a demand.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 2%%. To-day's rates on call were 23@23/
2%.
Commercial paper quoted at 3%(4,4% for 60 to 90-day
single
6
to
months'
4
endorsements, 35(0)4% for prime
names and 4%@4%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,745,779 and the percentage
of reserve to liabilities was 45.22, against 46.71 last week.
The rate of discount remains unchanged at 3%, as fixed
March 9. The Bank of France shows a decrease of 11,000,000
francs gold and an increase of 2,825,000 francs silver.

25c. per $1,000 premium. Boston, 10c. per $1,000 discount.
New Orleans, commercial, 25c. per $1,000 discount, bank, $1
per $1,000 premium. St. Paul, 75c. per $1,000 premium.
Savannah buying, 3-16c. discount, selling, par. St. Louis,
45c. per $1,000 premium. Charleston buying, par; selling,
1-10c. per $1,000 premium. San Francisco, 40c. per $1,000
premium. Montreal, 313c. per $1,000 discount.
State and Railroad Bonds.-Sales of State bonds at the
board are limited to Virginia 6s deferred trust receipts,
which have been very active on an advance from 56 to 633
,.
The market for railway and industrial bonds has been relatively active, the transactions increasing from about $1,700,000 per day, par value, early in the week,to $2,800,000
on Thursday, and the business was well distributed. Fluctuations have, as in the case of stocks, been narrow,with few
exceptions.
United States Bonds.-Sales of Government bonds at the
4,$12,500 3s coup. at
Board include $6,000.2s coup. at 1013
102%, $1,000 3s. reg. at 102, $12,000 4s. coup. at 115% and
$10,000 4s reg. at 115. Closing prices were as follows; for
yearly range see third page following.

NEW YORK CITY CLEARING-HOUSE BANES.
1911.
Averages for
week ending
April 1.

Differences
from
previous week.

1910.
Averages for
week ending
April 2.

1909.
Averages for
week ending
April 3.

8
8
128,350,000 126,350,000
' 134,150,000
Capital
182,627,500 168,258,900
200,234,400
Surplus
1,353,773,400 Inc. 1,653,000 1,251,553,400 1,309,522,200
Loans and discounts
48,516,500
48,713,600
813,200
Dec.
45,705,700
Circulation
899,100 1,250,025,100 1,355,968,700
1.392.614,800 Inc.
Net deposits
2,334,900
1,519,500
66,200
U. S. dep. (Incl. above)1 30msoo Dec.
700 Dec. 3,008,200 256.772,800 274,405,100
Specie
66,442,900
78,572,900
75,693,300 Inc. 1,598,300
Legal tenders
Reserve held
25% of deposits

I 377,569,000 Dec. 1,409,900
224,775
I 348,153,700 Inc.

323,215,700
.506,275

352,978,000
75

29,415,300 Dec. 1,634,675

10,709,425

13,985,825

29,807,375 Dec. 1,651,225

11,089,300

14,569,550

Surplus reserve
,
Surplus, excl. U. S. dep

„

1s161e.-The Clearing House now Issues a statement weekly show ng the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of the separate banks, also the summary Issued by
the State Banking Department, giving the condition of State banks and trust companies not reporting to the Clearing House, appear on the second page preceding.

Foreign Exchange.-Firmness has been the feature
throughout the week on active trading by large operators.
To-day's (Friday's) nominal rates for sterling exchange
were 4 843 for sixty-day and 4 87 for sight. To-day's actual rates for sterling exchange were 4 8410@4 8420 for
sixty clays, 4 8620@4 8630 for cheques and 4 8655(0)4 8665
for cables. Commercial on banks 4 83%@4 83% and documents for payment 4 83%@4 84. Cotton for payment
‘,4 833(4,4 833 and grain for payment 4 83%@4 84.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 213/i less 1-16(0 213. for long and 5 20 less 1-64@
5 20 plus 1-64 for short. Germany bankers' marks were
94%@94% for long and 95% less 1-32(44953g for short.
Amsterdam bankers' guilders were 403 plus 1-16(4440 5-16
less 1-16 for short.
The posted rates as quoted by a representative house have
remained daily at 4 84% for sixty days and 4 87 for sight.
Exchange at Paris on London, 25f. 29%c.; week's range,
25f. 30c. high and 25f. 28 2c. low.
Exchange at Berlin on London, 20m. 453/i pf.; week's
2pf. low.
. high and 20m. 433/
range, 20m. 46pf.
The range of foreign exchange for the week follows:

Interest
Periods
2s, 1930
2s, 1930
3*, 1908-18
3s, 1908-18
4s, 1925
4s, 1925
2s, 1936_Panama

registered Q-Jan
coupon Q--Jan
registered Q-Feb
coupon Q-Feb
registered Q-Feb
coupon Q-Feb
Canal regls Q-Feb

Apr.
1

Apr,
3

Apr.
4

Apr.
5

Apr.
6

Apr.
7

*101% 010131 *10134 *1013,I *loin *1013
*1013t 101% slolq >101 '10l3 •10i
*1014 *1014 *101% *1024 102 *101%
•101% *101% *101 y, *1023j *1014 102%
115 *115 *1144 •1144 *1144
*115
*1153 *115% *115% 115% *1153 *1154
*101 *101 *101 *101 *101 *101

* This is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.-The stock market
has been so dull throughout the week that fluctuations have
in most cases no significance. In fact, net changes are generally limited to a fraction of a point. As these results indicate, there has been practically no change in the tone of the
market from day to day except a slight tendency to weakness during the afternoon to-day, and therefore any accurate
review of it must necessarily be rather uninteresting.
Among the few exceptional features, Canadian Pacific has
again established a new high record, selling on Tuesday 63
points higher than at the close last week. In sympathy with
this movement the "Soo Line" shares and Wisconsin Central
advanced about 2 points. Canadian Pacific is now 32
points higher than in January. Contrasting with this is
New York Central, in which only 25 shares were traded in on
Thursday and which is nearly 10
lower than in February. National Biscuit, in the industrial class, has again
been conspicuous, and recorded an advance of nearly 8
points. Associated Oil, which made a new record last week,
sold this week over 7 points above that record. American Can
preferred strong, closing with a net gain of 33% points.
For daily volume of business see page 946.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOOKS.
Week ending Apr. 7.

Sales
for
Week.

Range since Jan. 1.

Range for Week.
Lowest.

Highest.

Am Telegraph & Cable_
133 83 Apr
Associated Oil
3,600 52 Apr
Batopllas Mining
600 82 Apr
11,010 22c. Apr
Comstock Tunnel
Crex Carpet
20 74% Apr
E I du Pont Powd, pret_
100 87 Apr
100 68% Apr
Evansv & Terre Haute_ _
00135 Apr
General Chemical
110108 Apr
Preferred
25 86 Apr
Homestake Mining
900 7% Apr
M St P&SSM rights__
5121% Apr
Sears, Roebuck & Co. pt
88 110 Apr
So Porto Rico Sug, pref.
800 i033 Apr
Underw'd Typewr'ter,pt
100 101% Apr
United Cigar Mfrs, pref.
100 113 Apr
U S Redue & Ret, pref._

583 Apr
5 60% Apr
3 82 Apr
1 28c. Apr
6 74% Apr
3 87 Apr
1 68% Apr
4 135 Apr
5 108 Apr
3 86 Apr
1 7% Apr
3 121% Apr
4 110 Apr
1 104% Apr
5101% Apr
3 nu Apr

Lowest.
5 81
3 48
3 $2
5' 20c.
Cl 60
31 82
I, 60
4,100
103%
3, 84
a 7y8
3:119%
4 110
7 102%
3

nu

Highest.

Mch 85%
Mch 60%
Jan UM
Feb 28c.
Jan 74%
Jan 87
Feb 68%
Jan 135
Jan 108
Feb 86
Apr 8%
Jan,x122
Feb,113
Mch,1043
Bich x104
Apri 113i

Jan
Apr
Jan
Apr
Apr
Mch
Apr
Feb
Apr
Apr
Mch
Mch
Jan
Apr
Feb
Feb

Outside Market.-There was a slight increase in the volume of business on the "curb" this week, mainly in mining
stocks, though the issues which usually receive the attention
were almost neglected. Price movements were irregular and
without significance. American Tobacco sold up some 8
points to 468 but reacted to 460. Intercontinental Rubber
% and
3, advanced to 323
common eased off from 32 to 313/
8. Standard Oil gained 9 points to 660
sold down to 313/
and finished to-day at 655. Sulzberger & Sons preferred
advanced from 101 to 101%. United Cigar Mfrs. common
weakened from 573' to 57. The directors to-day declared
a dividend of 1%, which compares with 13'% for previous
quarter. Chicago Subway was prominent and sold up over
a point to 53., reacting slightly to 53/s. In bonds heavy
transactions were reported. Amalgamated Copper 5% notes
moved up from 993/8 to 100 5-16. Erie 6% notes were active
s and 1005%. Mo. Kan. & Texas 5% notes ad/
between 1003
vanced from 99 3-16 to 99 11-16. Texas Co. 6s, after an
improvement from 1013 to 1013, fell to 101. Western Pa3
cific 5s sold at 933 and 93%.
Sales of N. Y. State Canal 4s,
Cables.
Sterling. ActualSixty Days.
Cheques.
"w. i.," were large at one time up from 1033/h to 1043/s•
4 8670
4 84%
High for the week
4 8635
4 8630
4 84
4 8610
Low for the week
Copper shares were dull. British Columbia from 53% weakParts Bankers' Francs3 . Giroux deened to 53., sold up to 53/i and back to 5%
5 215
% less 1-32
5 19% less 3-32 5 193
High for the week
5 20
5 21% less 1-16 5 20 less 1-32
clined from 63 to 5 15-16. Greene Cananea moved down
Low for the week
Germany Bankers' Marksfrom 6 7-16 to 63
% and up to 6%. Inspiration eased off frorn
95% less 1-32
94%
High for the week
95%
94%
% and sold to-day
Low for the week
95 1-16 plus 1-64 953.16 less 1-04 73/b to 73.. Miami fell off from 193 to 183
Guilders
Amsterdam Bankers'
%. Kerr Lake declined from 6 5-16 to 6 3-16. La
at 185
40 34
40 16
40 30
High for the week
3 . Nipissing went
40 29
40 12
Rose Consolidated dropped from 4% to 4%
40 25
Low for the week
4 and down to 103
The following are the rates for domestic exchange at the up from 10 9-16 to 103
,.
Outside quotations will be found on page 940.
undermentioned cities at the close of the week: Chicago,




New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-L(1011E87' AND LOWEST SALE PRICES.
Sa,urday
Monday
Tuesday
Wednesday Thursday
Friday
April 1
April 3
April 4
April 5
April 7
April 6

Sales of
the
Week:
Shares.

STOCKS'
NEW YORK STOCK
EXCHANGE

Range since January 1.
On basis of 100-share lots.
Lowest.

Highest.

Range for Previous
Year 1910.
Lowest.

Highest.

10012 10978 10914 110
10012 10973 10912 10978 10938 10958 10834 10938 16,125 A tch Topeka& Santa
Fe 10013 Jan 3 11058Mch29
*10214 10212 310233 10238 10233 10238 10214
9034 J'1Y 12413 Jan
1,050 IA. Do pref
10034 Jan 3 10318 Jan 27 297 J'ly 10414 Jan
111813 11812 11812 11812 11914 1191 1 120 10213 10212 10212 10212 1025ti
120 120
12012 120 120
1,150 Atlantic Coast Line itlt.._ 117 Jan 3 124 Feb 7 1021, J'ly 13712 Jan
10334 10334 10334 10334 10414 10414 10533 10614
10512 10534 10553 10534 10,115 Paltimore & Ohio
102
Feb
21 10912 Jan 31 11014 Sep 11913 Jan
*8713 8814 *87
8814 *87
94
8814 8814 *8778 8814 *8778 8812
Do pref
100 1
8712 Mch21 91 Jan 4
94 Jaill
7734 78
7734 73
8714 Sep
7778 7838 78
78
78
7312 7734 7814 5,500 Brooklyn Rapid Transit_
7478 Jan 3 7912 Feb 0
6812 Feb
22112 22234 22313 22414 226 22714 225
8238 May
1anadian
22433
22514
22512
39,200
2261
226
Pacitle
2
18
19558
Jan
3 22714 Apr 4 17634 Feb 20238 Nov
*6212 66
*6212 72.14 *6212 69
*6212
*6212
)anada
*6212
7214
7214
Southern
7214
62 Mch 3 65 Jan 10
*270 280 *270 280
6012 J'11
70 Jan:
27734 27734 277 277 *270 278 *270 278
200 Central of New Jersey
270 Mch10 285 Feb 21 243 J'iy 312 Jan
S114
81
8114 8134 8138 8112 81
8112 8112 8112 8118 8112 2,800 Chesapeake ex Ohio
8018 Jan 3 8634 Feb 8
*2434 30
65 Aug
92 Jan
*2434 30
*2414 30
Chicago
*2434 30
*2134
25
25
do
30
Alton 11R
100
25 Apr 7 30 Jan 9
2378 Fly
*40
54
6634 Jan
*40
54
*40
54
*40
Do pref
54
54
*40
54
*40
32 Mch 17 53 Jan 19
*2114 2113 62112 2112 2114 22
6478 J'ne
69 Apr'
*2114 22
*2114 22
442 Chic" Gt Wes; trust ctfs
*2114 2134
21 Mch 9 2433 Feb 6
*4313 45
19 .1.1y
3673 Jan
*4312 4412. *4312 4412 *43
Do
pref
44
*4212
43
100
43
trust ctfs
4412
43 Feb 24 4914 Feb 6
l341 Jan
12034 121
40 J'iy
12034 12134 12113 12153 12118 12158 12118 12133
121 12138 6,000 Chicago Milw & St Paul
11918 Mch
13312 Feb 7 11334 J'ne 15338Jan
*143 150 §198 14814 *148 150
Do pref
*148 150
247
148 148 *14734 150
147 Jan 3 15512 Feb 2 143 Sep 11214 Jan
*144 145
14434 145
143 146
Chicago
145
&
146
North
*144
5144
144
1,080
145
Western 14213 Jan 16 150 Feb 1 1
*200 210 *200 210 *200 210
3714 erlY 18212 Jan ;
Do pref
§200 Jan 4 5209 Jan
*133 140 *136 140 *135 145 *200 210 *200 210 *200 210
Chic St P Minn & Omaha 13712 Jan 11 140 Mch 7 203 J'ne 223 Janj
*135 140 *135 140 *138 140
*150 165 *150 165 *150 160
140 Aar 16212 FeT
Do pre
*150
*150
165
*150
165
165
152 Feb 13 tto Itch 27 §160 Apr
*2
3
*2
3
517014 Feb
*2
3
2
*2
100 Chic Un Trac ctfs stmpd
2
*2
3
:3
2 Apr 7
333 Feb 4
*5
218 Dec
8
533Jan
*5
8
Do pref cas strnpd
*512 8
*514 8
*514 8
*514 8
673 Feb 4
*5812 63
714 Feb 6
12l Jan
473 Sep
*58
63
Cleve Cin Chic & St L
*58
63
*58
63
*58
63
63
*58
60 Mch 2 60 Jan 18
*93
96
61 Nov
9214 Mch
*93
96
*93
Do pref
95
*93
*9212 95
*93
93
97
9638
Mch
18
98
Feb
99
1
*52
Sep
53
104 Jan
*52
53
*52
53
52
*32
5212 52
5212 *52
100 Colorado Is Southern
52 Mch 4 60 Jan 18
*74
46 J'1Y
76
*7412 76
6534 Feb
*7412 76
Do 1:t preferred
*74
*74
76
*74
76
76
7414 Aida 27 77 Jan 24
*71
70 J'ly
75
81 Mch
*71
75
*71
Do 2d preferred
75
*71
*71
75
*71
73
75
7312 Jan 11
7512 Mch 2
167 167 *167 169
70
Aug
81 Jan
etaware .50 Hudson
167 167 *165 169 *163 160 *163 169
220
16414
Jan
3
172
Feb
3 14914 J'iy 185 Jan
*503 550 *505 550 *505
elaware Lack Is West_ 510 Feb 9 545 Apr 5
550
545 543 *505 550 *505 550
100
490 .Ply 620 Mch
*31
32
*3114 32
3112 3112 31
31
31
32
510 Denver & ltio Grande._
3114 *31
2314 Jan 3 35 Feb 16
2314 Fly
*7012 72
52 Jan
7012 7012 7012 7034 *7012 7112 57033 7038 70
Do pref
7013 1,285
68 Jan 5 74 Feb 21
*6914 72
6258 J'iy
84 Jan
*70
72
Detroit United
6734 Jan 7 74 Feb 7
J'iy
45
15
08 Deo
15
1538 1512 *1514 -1a5a34 *1434 1512 ;1.41-2 1513 i1•-43-4 -1534
765 Duluth So Shore & Atlan
11 Jan 6 1558 Mch30
J'iy
10
2758 28
2734 2734 2814 2834 *2734 2834 *2712 2812 *2712 2812 1,030
1834 Jan
Do pref
22 Jan 6 3018 Mch30
17 J 'Iv
3014 3058 30
:•;433 Jan,
3078 30.18 3058 3014 3058 3014 3014 2934 3014 13,130
2714 Jan 11 3234 Feb 20
1912 J'iy
4814 4834
:34:)8 Jan •
4838 4878 *4812 49
'riello 18t pref
4812 4813 *4812 49
4812 4812 1,300 L
455
3
Jan
12
5178
Fen
20
33
F1Y
*3314 3810 3814 3838 3753 33
5234 Itch
*37
39
Do 2d prof
*3712 39
*3712 39
700
35 Jan 9 4012 Feb 20
2614 J'ly
12658 127
92
127 12714 12738 12838 12778 12813 12734 12848 12714 12778 12,210 Great Northern prof
122 Feb 24 13112 Feb 1 118 Fly 1437 Mch
*61
6234 61
3 Jan •
6153 62
61
(5112 6118 62
Iron Ore properties
6238 6212 6234 3.700
56
Jan
5
633
4
Feb
2
J'ly
45
*14
8012 Jan
15
*14
143.4 15
*1412 15
15
*1412 15
*1412 15
16 Green Bay & W, deb ctf13
1353 Itch 2 1514 Jan 17
11 Aug
1818
Mchl
-_-avana
Electric
. --9512 Feb 11 16 Feb 17
8813 Jan
571.; Apr ;
*95
--_Do pref
Ti12
9712
9334 Jan 12 9512 Mch 28
92 May
*Hi" 130
*595 134
99 Jan :
128 123 *12(3 129
150 Hock lag Val ley
128 Mch24 130 Mch25 112 J'ne
13813 13813 138 138
138 138 a 13318 13818 *138 13812 138 13818
Oct
700 Illinois Central
132 Jan 3 13812 Mch30 124 J•ly 140
1812 1858 1853 1834 *1812 19
147 Jan
1813 1834 19
1912 1834 19
2,300 interboro-Metropolitan _
1814 Mch 2 2038 Feb 10
1414 J'iy
*53
54
*51
2512 Jan
53
53
6312 5314 5312 5333 5458 54
Do pref
5414
5,300
553
3
5012 Mch 9
Jan 4
4112 J'ly
*16
5273 Jan
1634 1634 *16
1634 1658 1634
17
1653 1658 1612 1612
600 Iowa Central
1612 Apr 7 1973 Feb 3
Is J'ne
*30
*30
30 Jan
31
3112 3034 3078 3078 3078 3078 3078 3014 3034 1.100
Do
30 Mch 3 335 Jan 17
25 FlY
75
75
*74
*74
75
5414 Jan
75
*74
75
*74
rtC
75
a Ft S & M tr cfs, pref
*74
75
230
75 Feb 24 7512 Mch16
63 Aug
*3414 3412 3414 3414 34
80 Feb
34
*3378 3414 34
usas City Southern-34
3334 3334
600
32 Jan 3 3512 Feb 21
23 J'iy
*6614 6714 *66
6714 *6614 6714 *6614 6714 6614
6714 *66
4414 Jan .
Do pref
100
6614
6413 Jan 3 68 Istels17
58 Aug
*14
*14
20
*14
20
71 Jan
20
*15
20
*15
20
ake Erie & Western
*15
20
1614 Feb 1
3014 Feb 1
J'ne
*30
is
*30
2534
37
40
*30
40
Jan
*35
40
*30
40
Do
*30
pref
40
3514 Mch31
3714 Dec
40 Jan 13
174 17418 17334 175
6234 Jan !
174 17438 17312 17412 174 174
174 174
9.400 Lehigh Valley
17034 Mch 8 18118 Feb 3 17314 Dec 186 Nov
; *60
65
*60
65
*60
64
*60
65
*60
Long Island
61
*60
64
144 14414 14378 14378 14512 14512 14412 14412 14438 14438 14458 14458
60.i Feb4 63 Jan 16
60 J'ly
7014 Apr
1,400 Louisville ec, Nashville__
14212 Jan 25 14834 Jan 18 1311: J'ly 15934Jan .
*13612 139
13612 13612 *13612 137
137 137 *13612 13712 *136 139
janhattan Elevated
235
134 Mch 28 141 Jan 6 123 J'ne 146 Oct '
2334 2334 2334 2334
2378 2373 2378 2378 *23
Minneapolis & St Louis
24
21
700
2312 Mch17 31 Feb 15
*37
3918 *37
3912 *37
*37
3912 *37
391,
23 J'13
, 5334 Jan •
39
150 pre!
3810
35 Mch13 1 50 Feb 14
14638 14658 14612 14712 14612 14712 147 14814 14734 19318 14714 14778
40
80 Feb
8,490 Minn St P Is S S Marle
13218 Jan 4 15214 Mch 30 114 Sep
*153 158 *153 15812 *15312 159 *155 158 *156 160 *155 160
FlY 145 Mch
Do prof
14734
Jan 6 160 Itch 30 144 J'ne 15512
*8812 90
*3812 90
*3812 90
*8813 90
Do leased line ars
*8812 00
Mch
*89
90
8338 Mch24 9012 Mch13
*3312 34
2312 3312 3314 3314
Set)
9234 Jan
1,000 Mo Kansas & Texas
3312 3312 3314 3314 3278 33
31 Feb 24 3638 Feb 8 28614
*65
69
27 J'ly
*66
(39
*66
ils
Do prof
Jan
69
6714 (3714 6733 6738 *67
69
200
6312
Jan
16 6814 Mch 29
5114 5134
57 F1Y
7458 Jan
5158 5214 5053 5178 5034 5113 5034 5118 49
51
31,920 Missouri Pacific
4534 Jan 11 63 Fen 15
*140 146 *140 146 *140 146 *140 160 §14478 14478 145 145
41 Fly
7353 May
110 Mash Chatt & St Louis_ 14014 Jan 19 145 Apr 7
125 J'ly 140 Noy'I
*68
72
*68
72
*68
11 at Rys of Mex 1st pref
72
*63
*68
72
72
*68
72
6933 Mch 8 72i Jan 26
so Feb 7238 Nov
*3412 36
*3513 36
*3514 36
3514 3514 *351 4 36
Do 2d pref
3518 3318
300
34 Mch17 3833 Feb 15
'_313 J'ly
10634 107
10634 10713 10634 10678 10634 10718 310078 10673 10658 10678 5.645 N Y Central & Hudson
3712 Nov.
10518 Mch 4 11512 Feb 3 10518 J'iy 128
6112 *60
*60
Mch
6113 *60
6112 *60
6112 *60
N Y Chic & St Louls
6112
6112 *60
5912 Itch 8 65 Jan 19
551, May
*100 107 *100 107 *100 107 *100 107 *100 107 *100 107
6878 Nov'
Do 1st pref
Feb
10112
21
10153
Mch20
J'iy
5101
*80
86
10934 Jan
*80
86
*80
86
*80
86
Do Zd pre?
*30
86
93
93
100
87
Feb
24
93
Apr 7
8234 Apr
*145 14814 §147 147
93 'Jan
147 147 $148 148
147 14714 147
337 N Y N Ii & Hartford
147 Apr 4 15118 Feb 23 140 Apr 162 Mch ;
*14534 14734 *146 14712 *146 14712 *14513 147 *146 14712 *145 147
Subscription receipts v
14712
146 Jan 17 14912 Feb 27 414;3 J'ne 1,151 Mch
*4112 42
4173 4178 *4158 4134 4134 4134 *4112 42
N Y Ontario Ss Westein., 4078 Jan 11
*4112
42
200
4418 Feb 6
3813 Aug
• losis 10812 103 10834 10314 10334 10814 1091s 10814 10014 10313 10812 17,000 Norfolk & Western
50 Jan
10014 Jan 3 10934 Mch28
*85
91
881,J'ly 10858 Mch
Do adjustment pref
90 Jan 5
4214 4214 543
88 Feb
1114 Mch
43
;41.12 12-3:4
Northern Ohio Trac & Lt 3913 Jan 3 9012 Jan 18
-4-2-3a4 ;ii- 16--W125
4312 Mch 6
12114 123)
8 12312 124
35 Feb
4013 Dee
12412 126
125 12578 12.553 12613 x12314 12114 24,250 Northern Pacific
116 Jan 3 12834 Feb 1 11110 Aug 145
*93 104
*94 104
*94 101
*94 104
*96 103
Coast Co
*96 104
100 Jan 11 102 Jan 10 100 Oct 11834 Jan
*85 1013
*83 106
*85 108
P
Jan
*85 103
IDo 1st pref
*85 108
*85 108
*93 105
*94 105
*94 104
*94 104
*94 104
Do 2d prel
*94 104
101 Jan 11 102 Jan 11 105 Feb 118
12573 12618 126 12612 12573 12014 12534 126
12534 126
12578 15,539 Pennsylvania
12478 Mch 9 13018 Feb 2 12212 J'ly 13812 Jan
9653 0658 9738 9733 *9514 9712 9614 9613 *9014 9738 12534
Itch
9534 9618 1,300 PittFb Cin Chic dc St L
9534 Apr 7 100 Jan 17
111100 11512 *100 11414 *100 11512 *110 116 *110 11312 *110 11512
89 J'ly 20453Mch
Do °ref
112 Feb 17 112 Feb 17 110 Oct 116
15558 15614 15518 157
15513 15658 15512 15638 15512 156
Itch
15533 156 139,500
Jan
15018
3
16134
Feb
7
13053 J'ly 17214 Feb
*8814 8873 8312 8812 89
9033 *9000 90
8078 89
l.
ihrpref
2.646 Reacs
88 Mch 1 91 Feb 3 x85 Aug
*97
98
0313 Feb
*9734 98
*97
98
9718 09
9712 9
231 pref
.
712 9712 1/758
750
99 Jan 5 99 Feb 6
87 Fly 1101, Jan
2918 2914 2834 2934 2914 2914
2918 2914
2914 2914
2038 2938 6.500 Rock Island Company
Mch
4
283
3
3378
Feb
1
2278 J'ly
*59
5714 Jan
60
59
*58
60
5934 60
39
*5914 6012 *59
Do pre(
60
400
58 Mch 3 0512 Feb 1
54 J'ly
*62
921: Apr
65
*62
*62
*62
65
64
66
*62
Qt L & San Fr. 1st pref
65
*6312 65
62 Jan 10 68 Feb 6
58 Aug
4112 4158 4112 42
*4114 42
4113 4112 4112 42
73 Jan •
4112 4113 1,900 Li i)o 2(1 pref
3812
Jan
44
3
Feb
6
3412 Aug
60 Jan
30
30
*30
3212 *3013 3212 *3012 3212 *31.
3212 *30
100 St Louis Southwestern
3212
24 Jan 13 39 Feb 4
1812 J'iy
1441.. Jan
*6012 07
67
*6612 67
67
6612 6612 *66
Do pref
67
*66
67
200
5934 Jan 3 69 Feb 21
7713 Jan
5112 J'iy
11538 11534 11512 11618 11534 11614 11534 11633 11534 116
11512 11573 11,000 Southern Pacific Co
211414
Jan
3
12114
Feb
2
10314 Fly 113814 Jan
2678 2678 2612 2612 *2612 2714 *2612 27
27
2734 2718 2712 8,300 Southern v tr cLs stmpd2512 Mch 4
29 Feb 7
18 J'ly
*63
3314 Jan
6512 64
64
64
*64
6512 64
6312 6334 64
Do pref
64
do
700
6114 Jan 11 6634 Feb 7
*2314 2812 2834 2834
43 Fly
75 Jan
29
2812 2812 29
*2834 29
2814 2834
800 rIlexas & Pacific
2513 Jan 3 3014 Feb 21
3(434 Jan
10
2212 Fly'
10
*9
10
*912 1012 *914 1014 *10
J-iiird Avenue (N YL.1012 *912 1012
100
3 Mch 2 12 Jan 5
*7
712 *634 712 *634 714 *634
512 J'ne
1913 Jan
Toledo Railways & Light 85
7
034 Mch 27
813 Jan 17
21
5/2 Fly
1534 Jan
2118 *20
21
21
2034 2078 *20
2073 267; 2034 2078 ---gio Toledo St L & Western
20
3
4
Apr
4
2434
Feb 8
4314 4834 49
5433 Jan
19 J'iy
Do pre
4914 4912 4912 4878 4878 4878 4878
41334 4378 2,000
243 Mch31 5378 Jan 5
*10812 10914 108 10812 *10814 10858 108 108
4234 J'ly
7214 Jan
108 108
10818 10818
700 Twin City Rapid Transit 103 Jan 11 111 Feb 2
*1341,1 145 *13414 145
103 J'iy 11713 Jan
*13414 145 *1,3414 145 *13414 145
Do pref
17612 17678 17612 17778 17634 17713 17612 17778 17634 17738 1765 1773
145 Jan 14.5 Feb
nion Pacific
8
67,550
8
16934 Jan 3 1811 Feb 6 15214 J'iy
0314 9314
9234 9378 9314 9334 9312 9534 9453 9513 9434 9518 7,680
Do pref
:=0134 Jan
9078 Itch 6 9534 Apr 5
*45
46
881.4 J'ly 10334 Jan
4534 46
*45
46
45
4434 45
45
44
4412 1,000 Unit Itys Inv't of San Fr
3153Jan 3 49 Feb 20
7431 7434 7412 7412 *73
2334 J'ne
4214 Jan
7312 7312 *73
75
74
Do pref
7214
540
7214
0034 Jan 3 7634 Itch 22
*1634 1714 *1534 1714
47 J'ne
7233 Jan
1634 1634
*1034 17
17
17
abash
*1012 17
500
1513 Jan 6 1833 Feb 23
3734 33
1258 J'ly
3834 38
33
3753 38
3734 3734
.434 Jan
3312 3758 3814 5.300
Do pref
Jan
11
8
327
4038
Feb
23
50
50
2818 J'iy
50
50
*4918 51
61 Jan
*30
30
5034 30
50
50
700 West Maryland Ry
4912 Mcb31 5134 Feb 1
*74
76
40 J'ly
75
75
*7412 7(3
5438Mch
*74
*7413 7(3
76
*74
Do pref
76
100
75 Jan 14 77 Jan 6
*4
*412 5
67 Aug
5
77 Dec
*412 5
*413 5
*412 5
Wheeling
*412
&
5
Lake
Eric
414
Jan
27
614
Feb
*13
3
16
1418 1418 *13
3 Apr
10 Jan
1612 *13
1612 *13
1612 *13
Do 1st prof
100
1212 Jan 11
1758 Feb 3
111
*6
8
8 J'ne
*6
712 *6
23 Jan
712 *6
613 612 *6
Do 2d pref
712
8
100
5 Jan 5
8 Feb 7
70
4 J'ne
7014 701, 71
7118 713,1 71
1312 Jan
*69
71
71
70
70
1,600 Wisconsin Central
57 Jan 3 72 Mch30
44 Fly
64 Nov

(

D

H

L

U

WT

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
Now York
Aetna
America 11
Amer Exch.
Audubon __
Battery pit_
Bol,veryl__
Bronxisoroii
Bronx Nat_
Bryant Pk 11
Butch Is Dr
century 1__
chase .___

Bid

Ask

Banks
Ask
Banks
BO
Bid
Alt
Banks
Sid
Ask
Banks
Bid
Ask
Banks
Btd
Ask
Chat&Phenix 170
Fifth
175
:300
330 Imp Is Traci 57213 580
Mt Morrist. 250
Prod Each l'i 160
260
175
180 Chelsea Exl; 200
93
, trying'N Ex 210
_-__ First 7,., -- 910
172
Mutual 11___ 283
216
600 620 Chemical --425
295
Reserve
435 11th ,
150 Jelfersorn_ 145
140
L11-;Nassau
150
____ 300
___ Seaboard23712 24212 Citizens' Ctl 157
. 915162
_
Fourth --_- 1205 120678 Liberty__ 600 623
New Neth'd 210
5:0
SCCOnd
120 City
105
385
400
a1403 14.12 Gallatin ___ 1343
_ Lincoln__ 400
425
NewYorkCo 925
__ Sherman__ 135
13212
- Coal Is Iron 150
160 Garfield ..., 29.5
_
3
66
‘tanhatta
nl:
325
335
New
York_ 30712 315
400
State II ____ 250
415- Colonial 11- 400
n-,,.
____ Germ-Ami ll 140
143
Varlet &Ful 243
254
19th Ward_ 1175
300
cowl-11Na 11- 375
12th 1Vard__ _ 130
Genn'n Exil 935
900
___ Meet'&Met's 1256
____ Pacitic11____ 230
2-10 - 23d Ward-260-- Commerce - 1213 122314 Germania I- 551) 675
190
a
140
Niercantile _ 155
__
Park
Union Exc_ 1-65
160 Corn Ex il__ 1332
155
137312 1375
_ _ Gotham ,._
173
Nterch Each 165
150
155
170
_People's 11
245
East River_ ill
____ Wash ll'ts '11 275
145
138
125
. GreenwIcll fl 240
-Merchants
250
178
182
Plaza]
____ West Side 1 650
150
____ Fidelity li__ 165
625
175
-Hanover__ 630
___ Metropolis .
1
1
390
410
____ Fifth Ave'i_ 4000 4250
Yorkville II_ 500
500
-.
Ifarrimaq __ 275
___ Metropol 'n1 200
2(30
205
• •13131 and asked prices no sales were made on this day. :Exights.
than 100 shares. IState banks. a Ex-dividend
• 3Sale at Stock Exchange or at auction this week. h First installment §Less
and rights. I) New stock
paid. n Sold at private sale at this price. z231
paid. y 3d paid.
•
• •




[VoL. Lxxxxii.

New York Stock Record-Concluded-Page 2

938

STOCKS-HIGHEST AND LOWEST SALE P2ICES.
------Friday
Wednesday Thursday
Tuesday
Monday
Saturday
April 7
April 6
April 5
APril 4
Apri1.3
April 1

Sales of
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Range Sine,: January 1.
On basis of 100-share lots.

Range for Previous
Year (1010).
i

Lowest.

Highest.

Lowest.

Highest.

industrial& liliscellancow.
235 Jan 20 §245 Apr 7 §235 Dec 5:.70 Jan
10 A dams Express
*240 245 *240 245 *240 245 *240 245 *240 245 1245 245
15 Jan
100 at Ills-Chalmers
753Jan 27
858Jan 30
712 J'ly
8
*713 8
*713 8
8
*778 814 *778 814 *778 814
6434 Jan
2753 Jan 6 34 Feu 3
Do pret
17 Aug
33
3014 3013
200
33
*30
*3014 3112 *30
*3013 321/ *3014 3:3
61 Jan 3 6718 Feb 6
90.34 Jan
6214 6278 10,400 Amalgamated Copper
627$ 63
5513 J'iy
6212 63
6213 6314 6258 6334 6258 63
402 Oct
35 J'ly
400 Amer Agricultural Chem. 46 Jan 3 5958 Feb ..8
5734 *57
5712 5678 5878
5712 5734- 5734 *5714 5734 *57
57
10134 Jan 27 103 Feb 7
9014 Apr 103 Jan
Do pret
*99 104
*101 102 *101 10 *90 110 *100 10153 *100 103
3934 Jan 12 4712 Mali 1
471, Jan
24 J'ly
4414 4334 4414 4333 4414 4312 4334 3.100 American Beet Sugar
4414 *44
4414 4414 44
9212 Jan 9 98 Mch 18
:,51,J'ne
Do pret
200
89 J'iy
98
9511 9512 *9513 98 *95
95
9713 95
9712 *95
*95
)212 Oct
Amer Brake Shoe & Fdy. 90 Jan 6 97 Fen 27
9113 Nov
*9414 98
*9414 96
*9414 96
*9414 96' 4c9414 96 , *9414 96
12818 Jan 5 138 Feb 23 119 J'iy 13112 Nov
Do pref
*133
__
100
135 135 *133 135 *133
*13514 135 *13514 136
878 Jan 6 1018 Jan 25
Vs J'ne
10 1018 10,890 American Can
058 -10
913 10
933 938
.3
933 03
*914 912
77 Jan 5 8458 Apr 7
Do pret
8214 Nov
8334 8458 29,150
84
62 J'ly
8018 8018 8018 8014 8038 8058 8078 8314 83
3912 J'ly
7278 Jan
54
5312 5312 5278 5314 *5253 5312 1.300 American Car & Foundry 5012 Jan 3 5112 Feb 8
5412 5334 5412 54
453
Do pref
11414 Mch13 11812 Feb 14 100 J'ne 12o Mch
110
4,115 11612 1115 115, *115 11612 11512 11512 *115 11614 *115 11614
American
Cotton
OIL
8218 J'ly
0934 Mch
5534 Jan 11 6238 Feb 28
60
1.600
60
6012 5958 6014 *5912 60
6013 6012 60
60
60
Do pre/
10413 Mch 2 10512 Feb 16 100 Dec 107 Oct
American Express
1224 Jan 11 1255 Jan 27 §230 Dec §320 Jan
6- 24-5-- ----- *5- iff- *iii"• iff" iiia" iii" 4,24-2- 211-5-- f2-4-7
*- 2
American
Hide
es
813 Jan
Leather
334 Jan 25
312 Sep
414 *4
414 Jan 31
414 *4
414 *334 414
41,4 *4
414 *4
*4
lio pref
20 Jan 10 2513 Feb 8
4778 .an
19 Sep
200
23
23
*23
24
24
*23
24
2412 *23
2412 *23
*23
American
Ice
Securities1734
Jan
Dec
2914
17
8
Mch
800
183
24
*23
24
24
24
24
24
2512
Mcti14
24
24.
2412
24
2414
1038 Jan 13 1234 Feb 14
1734 Jan
300 American Linseed
1018 ny
12
11
1114 1114 *11
1013 1013 11
12'
*1034 12 *11
Do pret
3014 Jan 16 34 Feb 14
4.878 Jan
1512 J'ne
100
*31
*31. 33
3312 3118 3113 *3012 33
33
*3112 3212 *31
3614 Mch 2 4234 Feb 1
29 J'ly
38 *37
300 American Locomotive
0212 Jan
39 *37
3814 *37
38
3714 3712 *37
38
*37
Do pref
10612 Mc521 11013 Jan 13 10213 Aug 115 Jan
223
10712 10713 ;108 108I *105 107 *106 10814 107 107 §107 107
American Malt Corp__
8 Feb
358 Feb 17
412 Jan 18
314 Dec
*334 412 *334 4,12 *334 414 *334 414 *334 414 *334 414
1812 J'ne
Do pref
48 Mch
3112 Men 8 3612 Jan 25
100
3312 *3213 3312 *3213 3312 *3214 3313
33
33 *32 3S. *32
82 J'iy
9078 Jan
180 Amer Smelters Sec pret 13 88 Mch 8 89 Feb 2
8814 4,88
8814
8818 8818 ;8713 8713 *8758 8814 *8734 8814 *88
7234 Jan 3 8118 Feb 2
6138 J'iy 104 Jan
7413, 7478 7414 7458 7412 7434 7414 7438 5,150 Amer Smelt.ng& Relining
7434 7478 Z433 76,
Do pref
10318 Jan 3 103 Feb 1
9814 J'iv 1122.; Jan
1051,3 10514 2,300
10413 10413 1 412 1045'8 10418 10412 10413 10453 10478 105
280 Feb 27 1290 Feb 24 245 Nov 185 Apr
--- ___ American Snuff
__ *268
_ _ *268
___ *268
___ *268
-.. *268
*268
Do pref
99 Apr 6 102 Mon 14
1613 Jai, 1,2 Dec
300
lot
9912*9818
1912 *9812 102
99 99
*99 1-02 *99 102;
66 Jan
38 J'iy
2,000 Amer Steel Found (new). 3934 Apr 7 5212 Feb 9
4512 3934 43
47'
4612. 4612 44
*4612 47
4634 4634 *46
300 American Sugar Relining 113 Jan 6 12212 Feb 27 11118 Oct 13712 Feb
11858 11,30.3 *117 120 *117 120
11834 11914 *118 120
*117 119
111 Jan 5 11913 Feb 14 11112 Dec 124 Feb
Do pref
400
*114 118 *116 1.18-,. *115 117
11512 11512 11612 11612 11678 11673
7.819 American Teleph & Teleg 14014 Jan 3 147,3 Mch28 12634 J'ly 14338 Feb
14478 145; 145 14514 14473 14553 14512 14618 145743 146 '
14434 145
American Tobac (new),pt 9312Jan 4 10014 Mch14
9012 J'iy
1).13.1 Mch
9712 9712 9712. 98; *9712
9758 97 3 9712 977s 1,600 American Woolen
30i Jan 3 3813 Nick 21
2518 J'ly
1913 Mch
3413 4,721
413 ' 418 3373 3434 3418 3512 34
3314 33 33
32
U018 Dec 104 Mch
8812 Mch 29 96 Feb 8
Do pref
1,700
8878 8913 8912 90.4 89
9014 89
8978 8914 8914 8914 8914
520 Amer Writing Paper, prf. 2134 Mch 17 3413 Feb 15
*29
30
2934 30 . *29
30 *29
30 *29
3018 12978 2973
500 .AnacundaCopper Yar4s2b 33714 Apr 7 41 Feb 6 )13313 J'ly ;,54 Jan
*38
3812 38, 38 .*38
3853 38
38
3734 3734 33714 3714
21 J'ne
3478 Oct
2658 Mch14 3414 Apr 6
3212 3418 3313 3414 3334 3418 8.420 1../ethlehem Steel
*32
33
32 32L9 *31
33
65 Jan
49 Aug
59 Jan 3 6412 Apr 7
*6214 6212 6213 62,r3 *6012 63.
6234 64
6334 6418 6313 6412 3,450 13 Do pref
135 Jan 3 14212 Jan 9 125 J'ly 10412 Jan
100 Brooklyn Union (ias
*140 142 *140 142, *140 142 *14013 14212 *141 14212 140 140
1813 Jan
8 J'ne
9 Jan 6 1034 Feb 15
200 Brunswick Term & ti.y Set
10
10
*934 10,
1,
*934 11
934 934
*934 1012 *934 1012
33 Jan
28 J'ne
28 Feb 16 31 Mc530
25 dutterick Co
31
*2913 31
131
*29
3114 *2912 31
2
31.12 *3912
4834 Jan
2514 J'IY
2653 Mch14 3378 Feb 2
1.200 f ,eutral Leather
2853 29
*2858
2 2818 2834 28
2812 *2712 2858 2734 28
9914 J'ly 10014 M.ch
99 Mch13 105 Feb 10
400 N • Do pre(
9958 9918 9918
9914 9914 *99
9914 9914 9914 9914 9914 *99
2213 2212 2238 2212 2212 2258 2238 2258 2214 2238 2112 2214 13.500 dChino Copper----Par 45 52112 Apr 7 $2258 Mch23
to Jan"
2212 J'ly
Feb
6
7
3833
3034
Apr
iron_
Fuel
&
Colorado
3214
1,200
3034
*3112
3214
*3112
3214
3214
*3112. 3238 *3112 3218 *3112
J'ly
14412 14434 145 14513 14514 14558 145 14512 145 14513 14438 14514 8,300 Consolidated Gas (N Y).. 13534 Jan 3 14612 Mch22 12212 J'ne 18038 Jan
2314 Jan
1112
500 Corn Products Refining1312 Jan 10 15 Jan 5
1453
1458 *14
1458 *14
1412. 1412 1412 1412 1418 1414 *14
1633 Jan
71133 J'IY
Do pre!
7412 Jan 10 8073 Mch30
*77
79
79
*7734 7834
7812 *77
*7712. 7912 *7712 79. *77
3634 Jan
1514 nY
35,12 3512 3512 3658 3612 3658 *3414 3534 1,500 Distillers' Securities Corp 3238 Jan 11 3814 Mch 1
35
35.
35
35
60 Mch
Federal Mining dc Smelt%; 1734 Jan 28 36 Feb 16
12 Oct
*2612 35 *2612 30
*2613 35 *2612 35, *2612 35. *2612 35
88 Jan
65
37 Oct
Do prel
65 *59
41312 Jan 11 6518 Feb 16
100
85 *59
65'., 60' 60; *59
65 *60
4.60
214518 Mch 3 15512 Feb 10 134 J'ly 18078 Jan
14913 15012 2,600 General Electric
14834 14834 148 14838 *148 150. 14813 14914 149 149
dGoldlleld
4
Oct
Sop
Con
M_Pur
310
$73
Jan
14
778
Jan
3
$914
13,450
618
52
6
614
6
614
66
534 '
13
6
534 573
1,300 int Harvester stk tr Ws 109 Jan 3 12112 Feb 20 48318 Feb 12573 Jan
11813 11812 11673 11813 118 11812 118 11814 11712 11717,2 11738 118
Do pret stk tr ctts
500
12214 Jan 3 12414 Feb 6 x117 Aug 129 Jan
12378 123 8 124 124
*12338 12414 *12334 1241.2 *12418 12412 124 124
Int tiler Marine stk tr ctts
713 Jan
412 Jan 18
578 Jan 30
414 J'iy
*434 518 *412 518 *412 513
*412 54 *412 513 *434 513 *1714
Do pret
2433 Jan
1233 J'iy
1512 Jan 17 18 Jan 24
1718 1718 1,100
*17
18
18
1714 1714
1734 18 *1612 18!
16 Jan
10 Mch13 1338 Jan 31
360 International Paper
9 J'iy
1012 1012 1013 1013
*1012 11
11
11
*1012 11.
*1012 11
Do pref
4112 J'iy
6113 Jan
47 Feb 21 5638 Jan 17
*4812 4812
49
49' *4712 4812 *48
49' *47
*47
*48
49
J653 J'ly
64g Jan
100 Internat Steam Pump..., 3934 Jan 26 44 Feb 8
41
*40
*4012 41
41
41
*40
4034 4034 *40
*40
41
Do pref
7813 J'iy
8412 Jan 26 8938 Mch 20
420
9034 Jan
*8812 89
89
89
89
89
89
8912 *88
89 *88
*88
9334 J'ly 116t2 Jan
310214 Mch27 11412 Jan 20
10234 10234 1.305 Laclede Gas (St L) corn
103 103
103 10318 10234 1031,3 103 10314 103 103
Mackay
J'iy
Companies
79
9113
Feb
24
95
Feb
2
98
Oct
250
9313
*9012
93
*9012
93
9313 9313 *91)12 9313 *9012
93
93
Do pref
7434 Jan 18 77 Mch 7
71 J'IY
7834 Oct
400
77
7612 7613 *7614 7714 77
*7612. 7714 77 77.
77
77
ational Biscuit
11714 Jan 16 141 Apr 4 100 Aug 11912 poo
13753 13912 19,285
139 14078 139 140
13514 13714 13634 141
132 136
Do pre(
124 Jan 20 130 Feb 4 11834 J'ly 125 Jan
30)
128 128
128 128"*12612 12834 12813 12812 *12612 129
*12634 129
Nat Enamel'g & Stan1P'g 17 Jan 10 1812 Mch27
2812 Jan
14 Sep
18
18 *17
1812 *17
1812 *17
1814 *17' 18f3 *17
*17
Do pref
85 Jan 6 90 Feb 18
84 Oct
9612 Jan.
95
*85
95
*85
94
94, *86
*88
93
*87
93 *86
National Lead
J'iy
51
4812
8953
Mch
4
59
Feb
2
Jan
600
5213
5212
5213,
5253
5214 5214
5234 5234 5234 5234 *5234 54
Do pref
10514 Mch24 10813 Jan 16 10134 J'ly 11012 Jan
100
*10513 107' 107 10r *10514 108 *10514 108 *10514 108 *10514 108
1818 1.700 dNev Cons Copper_Par 35 518 Mch31 320 Feb 6 $1713 J'ly $2233 Oct
1838 18
1858 *1818 1858 *18
1814 1838 1814 1838 *18
70 Mch 8 7218 Jan 27
59 J'ne
28 New Yorls Air Brake
9512 Jan
70 *_ .,...... 73
*65
72!
. *...._.„. 71
4,--..... 73 *___ - 74; 172
100 North American Co. new 64 Jan 10 7213 Mc521
6018 Nov 84 Jan
7212
*71
*7134 n13
1.100 Pacific Mail
22i8
J'iy
4
Jan
4314 Jan
2512
9
4
5
1
8
2
*24
5
2
25
*24
2434
2434
.
26
2453,
*2413;
25„
*2413 25
24 Jan 36
5112 5112 1.300 1 aciflo Teiep & Teleg.- 4
30 J'ly
4614 Jan
Jan 31
(
, 51r4 5114 5114 5112 5112 5134 5214
*5013 51a4 41!
11,000 People's G L 44 0 (Ch1c).
10734 10734 10714 10734 1071310753 103 10614 10318 10334 103 10312 1.500 Philadelphia Co (Pittsb.11) 103 Apr 5 109 Jan 19 103 J'iy 1163 Jan
10013
J'iy
Jan
84
10613
3
Jan
109
Mch1.8
10612
10612
*10613 107
10634
1061310612 *10612 10734 106100612 *10612
2158 2112 2218 6,500 Pittsburgh Coa Co
1714 Jan 3 2238 Mch 23
13 J'ly
2734 Jan
2114 2114 2112 21
2114 21
2114 2114 21
Do pref
6734 Jan 4 8218 Apr 7
6014 J'ly
85 Jan
7914 7834 8014 8012 8218 8,700
7834 7918 7912 7913 7914 7914 70
100 Pressed Steel Car
3013 Jan 3 3614 Feb 6
3313 _...,... ____
OA Jan
25 J'ly
3312 *33
3312 *33
33/4 *33
3314 3314 *33
Do pret
100
*9814 99
9838 9838 *98 99
994 *9814 09
9214 Jan 3 9913 Feb 23
00 J'iy 10712 Jan
*98
*98
99
11934 11934 1,650 Pub Service Corp, of NJ 11618 Jan 31 120 Feb 7
11813 11812 11181311812 11812 11812 11812 11912 11912 120
285 Pullman Company
160 160
159 Jan 3 163 Jan 30 1)15 J'ne 200 Jan
*159 160 *159 160 *159 160 *159 160 1160 160
33
500 14 allway Steel Spring_
28 J'ly
8178 Jan
31 Jan 11 38 Feb 3
*3312 341: 3312 3312 *3213 3313 33
*3213 3412 34; 34
210 TA, Do pre
92 Jan 3 100 Feb 23 31014 Sep 107 Jan
*99 10012 *99 100 *99 100 1100 100
*98 100
99 100
2,300
dRayConsCopper
Par
310
Mch29
16
$1534
51712
Apr
7
153
4
1614
17
17 •
1834, 1634 *1612 1634 1612 1612 16
1,000 Republic Iron & Steei___
33
33 • 33
33
45,8 Jan
3313 34
27 J'ne
3114 Jan 4 3514 Feb 6
3312 3313 3,312,i 3313 *3212 34
Do pref150
8234 J'iy 10.114 Jan
9734 *9414 9734 *9414 9731
93 Jan 4 9938 Feb 1
9734 9758, 9758 *9414 9734 *94
*97
Roebuck
lears,
&
*146
148
J'ne
*146
75
150
190
Noi
147
Co.___
Feb
8
147
192
3144
Mch15
14712
1147
114713
*14513__ *146
_
4814 Deo
5612 Jan
200 Lioss•Sheflield Steel 44Ir 50 Jan 28 5614 Feb 6
5212 5212 *5134 54 *52 64 *52 54
*52 -5-4. *52 if
Do pret
112 Feb 14 112 Feb 15 114 J'ly 11834 Feb
- ---- ---- ---- ---- -----dTennesseeCopper Par325 $32 Jan 11 $3914 Feb 14 31934 J'iy 34058Jan
2 ;;3714 litt 53712 3712 3712 3778 1,110 Texas
3813 -3-81i -5a- -3-fi- -5iF4 171Co (The)
12812 12812 *128
..
800
12813 Apr 5 13612 Feb 1 134 Oct 144 Oct
*129 134 *129 132 4...-- 132_ 12812 130
13 Feb
95 Ma:
Texas Pacific Land-Trust 87 Mch 3 92 Jan 24
*881s 95 *8818 -9-i
95
*88
95
95 *88
95, *88
, *88
(5 J'ly
1314 Jan
1
I
nlon
Bag
&
8
*7
Paper-8
8 Jan 25
9 Feb 9
,*7
8
*7
8
*7
8
*7
&
, *7
5213 Dec
73 Jan
5912
110 %-) Do pret
5912 ;5912 5912 *57
5t334 Feb 3 5912 Jan 30
*57
58
*5713 11812 *5712, 5812 58
96 Aug 122 Jan
105 105
550 United Dry Goods Cos
10012 Jan 27 10634 Feb 20
: 10534 19534 10558 10558 105 105 *10413 106 *10412 106
9914 Aug 11378 Jan
Do pref
10434 10434 105 105
220
10213 Jan 5 107 Feb 18
110514 10514 *10434.10514 *10434 10514 *10434 105
1418 J'iy
32 Jan
100 ti S Cast I Pipe & Foundr 15 Jan 10 19 Feb 23
*1613 17,12 1613 1513 *1812 1712 *1612 1713 *1612 1712 *1812 1712
49 J'ne
14 Jan
Do pref
5834 ;5634 5634
210
50 Jan 16 x61 Feb 21
5834 *64
*54
59
58,
58. 5834 *54
! *55
Dec
145
19313
Jan
101
United
27
*98
101
States
Jan
*98
Express__
95
Jan
7
;105
' *98 102 *98 lot *98 102 *98 101
8434 Jan
8434 J'iy
400 U S Realty & Improvem't 6518 Jan 25 7312 Mch30
*7212 7312 *7213 73/2
*72
73, *72
7312 *72
7312 7212 73
17 J'iy
5212 Jan
4214 17.440 United States Rubber-- 36 Jan 6 4778 Mch 1
4012 4378 41
4234 43
42
4234 4213 4213 4138 42
99 J'iy 11612 Jan
836 Do 1st prat
10912Jan 18 11418 Mch 1
*112 113 *112 11334 *11234 11334 113 113 *113 11334 11334 /1413
84 Jan
59'- J'ly
79
*75
Do 2d pref
7212Jan 31 79 Mch 1
*7613 79
, *X612. 7812 *7612. 7912 *7612 7912 *7612 79
la Jan
6118 J'ly
7138Jan 3 8218 Feb 6
i 7713 71318 7713• 7858 7758 7838 7738 7818 7733 7734 7714 7738 154.1,1 United States Steel
11013
J'iy
Jar
12533
11918
3.17)
4
119
Do
prof
11614
Jan
3
Feb
119
12073
11878
L 11878 119
119 11914 111914 11914 119 119
*4334 4414 435s 4334 1.4 dUtah Copper__Par $10 $4338 Mch 4 $4738 Jan 9 t$3938 J'ne $8014 Jan
4418 4414 4414
44
. 4414 44
4414 44
47 Feb
6613 001
6238 Jan 3, 7038 Feb 28
Virglnl a-Carolina Chem
6634 6634 665s 6714 67
6712 8673 6718 6612 6678 6858 6618 6,
300 Do pref
12373 Jan 3 12812 Mch15 117 J'iy 12914 Jar
' 126 126 *1241342813 *124 126 *125 12612 *124 12612 12813 12612
73 Jar
.
17.qinia Iron Coal & Coke 52 Jan 6 68 Feb 11
50 Sep
60
60 *55
60
*55
60 *55
,•_-- *55* 6o, *55
4150 Jan 18 166 Fee427 14412 Dec a195 Jar
201 X, ells Fargo 44 Co
1163 163" *162 1.63 163I4 118334 *162 165 *162 16412 *162 16412
7813 Mc:
56 J'iy
: 7312 7313 *72
73h 73
7338 7313 7373 7313 7438 7314 7314 4. II T astern Union Teieg- 7134 Mch 8 7613 Jan 19
641 Westingh'seEl &PAIN; assen 6512Jan 12 71 Feb 15
8212 Jar
4912 J'iy
68
66
66
46
6614 66
67
6T *68
*66
67 *66
310
116 Jan 14 123 Jan 5 110 May 130 Fri
Do 1st pret
*11912 121
12014'12014 1201, 121 *1131, 121 *11313 11713 *11312 11713

ea

F 97k 9734

.29l2

N

.v.34. 7212 7).34 7q4 *7034 7213 .7034 7212

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Broadway $
Brooklyn li.
Joney Isi'dS
First
11Illskiell
nomesteadli
blanufac'rs'
Mechanics'l
Montauk _
Nassau

Bid

Ask

385
._.
-.....
290
___
___
415
225
___
250:

400
100
155
310
125
115
Trust Co's
......,
240
N Y Oily
150
Astor
270. Bankers"Er

Banks
Brooklyn
Nat City _
North Sides
People's__
Prosp'ctPkS

Bid

Ask

285
150
158
140

300
170
165
150

335
635

345
650

Ask
'rust Co's Bid
N Y City
148
B'tvay Tr- 145
Central Tr__ 1000 1025
Columbia.. 305 315
115
Commercial 105
Empire ___ 300 310
-Eoult'bie 'Fr MO
Farm Lo&T $3540 ____
Fidelity -__ 215 225
-.
Fulton.... 290

rrust Co's
Guar'ty Tr_
Guardian Tr
Hudson
Knickerb'kr
Law T l&Tr
Lincoln TrManhattan
Mercantile.
Metropoll'n
Mutual ___
Mut AlInce

Bid
Ask
816 830
___ 130
160
290 3 0
248
255
130
144)
375 900
725
750
450
__
130
.....
125 130

frust Co's aid
Ask
i rust Co's Bid
NY LIfe&Tr 1I00 1125
Brookiyn
N Y Trust_
Brooklyn i r 435
_ 635
Savoy
105 Citizens' ___ 120
Standard Tr 400
410 lolatbush __ 200
TitieGu& Tr 490 500
Franklin__ 1181
Tr Co of Am 1337
_.. Hamilton _ 270
Union Tr
Horne
100
1240 1270
US lag& Tr 470 480
Kings Co _ 505
Unit States. 1140 1160 V Is) L & Tr 295
Nassau ____ 160
Washington 360 375
Westchester 151)
People's ,..._ 300
160
Windsor
9712 10212 Queens Co_ 110

Ask
460
130
215
- 2894
110
.......,
300
170
310
125

• 'Bid and asked prices: no sales on this day. ;Less than 100 shares. tEx-rights. b New stock. c Ex-div,and r ghts. d Now quoted dollars per Snare
1Sale at Stock Exchange or at auction this week. s Ex-stock dividend. IBanks. marked with a paragraph (I) are State banks. • •
• • ' '




New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
den. 1 19043, th,e Iftenange method of quottna bonds was chanied, ana prIcss are now e:',-"end intorest"-ex:”ot for taco ns aet de/afatel bonds.
BONDS
N. Y. STOOK EXcIIA.NGE
WEEK EruirNti ArnIL

Price
Iridav
April 7

'11-A
Range
TVeek's
Since
Range or
Last Sate " January 1

BONDS
N. Y. STOCK EXOFIANGR
W ECM ENDING .A.Pitit 7

•es
"" c)
vs

Price
5V-ides,
Apra 7

TVeek's
Range or
Last sate

Range
Since
Janwaro I

Bid
Ask Lout
titglt No'Low nigh Cent of Ga Kft-(tion)
Bid
Ask tole
filah No Low _High,
3d pret income g be stamped.
1014-101% Wits Peb'll -.1401% 1011
/
2
851
/
40ct '10
101
Chatt Div pur mon g 48.1031 -1.) 86
1014
g73s, Feb'1 1
10134 1014 6 101 10114
8738 8766
Mac
&
Nor
Div
let
g
os.1948
10134 1021
-j
/
2 102
102 I 1;,102 10314
1061
/
2
1051
/
2 Mar'll
/
2 1064
1061
blldUa& Ali Div 58-.1147 4-4 1051
1021
/
4 Sale 1021
/
4
/
4 10238. 12111024 102%
Nov'05
115
Mobile Div' let g Os
1946 J-J 1091
1014 J'Iy'10
108% 108%
/
2
10834 Feb'11
den
UR&
ilot(Iacolgbs
1937
114% 1151
NI•N 1011
/
21021
/
2 115
102
115 I 10 116 116
101 /
1
2 102
/
2 101
1151411(34 11576 115781 12 11576116% Cent of N J gang gold 58.1987 -.1 1221
/
4 12341221
/
2
/
2 1231
13 1221
/
4 123
Registered.
41987
101 1011
1221412:114 1226. Marti
/
2
/
2 1006. Aug'101
122 1231
Am Dock & Imp gu 5a 1021 • J 1071410(3 1071
10718 1084
/
2Marl'
Foreign Goverttttt eta
Le & kitu1ktgengn6el920 J.J 105
Leh & Wilke It Coal os 1912 M.N 1001
Argeutine-Internal 58ot 1909 Al.8 t 9734 9876 99 Mar'll
/
2
0714 99
1001410014
1001
/
2 Feb'11
N Y& Long 13r gen g 48 1941 11.8
Imperial Japanese ()overlie:1- i
99%
99% Deo'10
1
Sterling loan 41
/
28
1925 F -A
P414 Sale 931
941
/
2 284 9368 95% Cent Pacific see So Pacific/ 00
/
4
2(1 series 414s
1926 J.J I 9334 841
/
2Sale 9114
/
2
9414 44 93% 9514 CentVermont let gug48.0192(.1 Q-F 911
/
2 03%
/
2 921
/
2 13 871
911
Chas & say bee Atl Coast Line
Sterling loan 4a
1931 J-J t 88% Sale
8814
3868 8 8778 90
Chas & Ohio gold 631
al011 A•4)
Repub et cube Is eaten debt..
1103 Sale l021
Nor10
/
2 103 I 14 10218104
100
Gen funding & unpt 58.1929 J.J 1041
External lean 4/
1
28
1949 19.4
/
2 10578 106
/
2 Feb'11 1.... 97% 100
9868 991
106
1 1021
/
4 10614
1st 0011801 g Os
1939 M-N 112 sale 112
San Paulo(Brazil)trust5s 1911) J.J
97 Mar'11,.... 97
971
/
2
971
/
2
1121
/
2 20 112 1131
/
2
1830 M-N
Registered
U 8 oi Mexico at g 080k 1899
Ill% 1121
/
2Jan'ii,
97 Marl
96
97
98
97
1902 M-S 1001
General gold 41
/
28
Gold 48 ot 1904
13151
/
2 sale 1901
90
92
/
2 10064 3711001
941
/
2
91
91 Mae'I
/
2 1014
Registered
11990302
M.
S
1001
/
2 10176 J'ne'10 „
7 hese are pr ices on Ma b arts et 15 to 2.
State and City Securities
Convertiule 414e
9614 Sale 96
F-A
9614 131; 94
971
/
2
1944 J-D 8614 8734 874 Marl
dig sandy let 48
N Y C1ty-448
11360 M-s 1011
1
/
4 Sale 10134 10178.232 100; 10178
8714 89
_111433
lily
Ey
let
Coal
gu
18
448 recta int fro Jan 24 1960 Al-S 1021
874 8514 Nov'10
443 85
/
2
1021
/
21 92 10076 1021
/
2,
3341e 102
58-.1940
Valley
g
1st
Craig
4% Corporate Stock
J -J 13/2 4
1959 tri.N
/
2
/
4
10234 1024
9964 40 118% 991
99 'IA salt. 991
3, 10214 103
Potts Creek Br let 48 1916 J.J
4% Corporate btock
go Jan '09
1958 Al-N
119
/
2 99%
11914 .16 981
/
2
091
/
2 991
it et A Div lac con g4.6-1063/ J J
New 41
/
28
05
961
/
2 9514
11157 M-N 1074 10734 1074 Marl 1
95
1061
/
4 108
2 9514 96
1939
2.1 coneol g 4s
New 41
J.J
90
93
/
28
911
/
2.Tan'll
1417 II•N 1021
/
2 3 101 781021
/
2
/
2 Sale 10214 1021
3111
/
2 914
Warm spr Val let g aa 1011 M.S 1011
/
2 ..... 11314 Fen'05 , I
41
/
2% Corporate Stock _1957 1.4.1; 107.8 snit. 1074 1076. 103 10(11
/
2108
Greenbrier By lstgu g Is'40 M-N
95 Oct '10
41
/
2% arms:8mM bonds
85
1
191 m-N 102 1021
/
2 1021
/
2 10214 *2 102 103
ref g 38 11)411 A-0 73
731
/
2 731
/
2 Dwell _ .1 721
440 Corporate Stocic
/
4 7314
11948 u9s8 U9'0
11357 M-N
3391 2 98% 99; Clue do Alt ER,lien
3/
Sattway let
1
2s 195U J.J
8912 Sale 6814
N Y State-t)anal Impt 48 13360 J.J 103
691
/
2 17, 681
/
210476
/
2 711
10478 Feb'1 1 „.. 1041
/
2
Alegi/tiered
75 Oct'09
So Carolina 41
J.J
/
28 20-40
19333 J.J
1031
/
2J'ly'1
92
09
2 F-A
Chic Burl& Q-Deuv D 4s 10
997
1 99
99% .
Tenn new settlement 38-1913 J.J
PR Mar'll
97
9634
97 Mar'll'
96
1949
lillil018
Div
31
/
2
8
87'a
Virginia fund dent 2-38 109i J.J
874
J.
J
salt
Mar'll
2'
877
8 884
8(31
/
2
/
2
8616 861
87'.
tltigiittered
884 88 Sep'10
(38 deferred Brown Bros ells.
J -J
67 16
811
031
/
2510 40
Ott
/
2 Sale
Ills Div 48
19411 J.J
991
/
2 99% 991
/
2
99'4 11 09378 1004
Iowa DIV allOt WOO 58_1010 A-0 1041
Railroad
DWI()
/
2
10464
Sulking ium.148
1919 A-0 994 991
/
2 9914Mar'll
A lemma Cent Bee So By
/
2
11914 991
Nebraska Extension 48 1927 M-N
9876 99
M.laba Midi see Al Coast Line
/
2
99
961
/
4 991
99
Regi8tered
1927 M-N
Albany & Susa bee Del& nod
98'. Afar'I 1 ....' 981
/
2 981
/
2
Sournwesteru
Div
48
11321 11-S
99 Feb '11 ....' 99
Allegheny Valley bee POOL itit
99
99
Joint bonds see Great North
klieg & West see Bull it &
1
Debenture Os
1913 M-N 10114Sale 1014 10114 2 101 10114
/41995 Q-JAnn Arbor let g 48
83
82
83
84
3 781
/
4 85
General 48
4811)55190(3 M-S
97 Salo 9614
kton T& S ire-Geu g 48.1995 4-0
91
139 Sale 98%
83 9614 98
091-e 112 98
997,,
Registered
81
82
82
1. 81
1995 4-0 96
82
83
J•J
98
98% Chic& Hirer& iinpg
4 98
981
/
2 98
1st Consul g 68
adjustment g 48
4193/5 Nov
9114
9114 911
A-0 12434 126 127 Zan '11 ....1127 127
/
4 91
1 9034 9216
General oonsol letas-211
(3
57
4 DI-N 10034 1101
9
_Registered
92 Jan'10
/41995 Nov
/
2 I to% 11()%
1';1094 III
Registered
Stamped
411395 M-N 9i% salt. 1314
-.110864 1084
01 16 12 901
10834
M-N
/
2
/
4 921
Clue so
ity 151 581
937
33(3 J.J 11014
not.liar'il ....Lao nod
108 Mar'll
Cony 413 issue of 1909_1050 J-1.)
I 105 109
1955 J
Cony g 45
1091
/
2Sale 1091
/
2 110
88 10514 1104 (31licago de, Erie see Erie
1
Cony 4.8(mane of 1010) 1960 J•D 104 8a1e 104
/
2
861
/
2 1421 8414 864
104 14 47 102 1410414 Chic Ct Western let 4s 1959 M•S 864 Sale 851
'127 Mar'll ....1,127 1271
1917 4-1/ Ill Sale 1104 1 11141(17 10814 111% Clue in& Lowey rei u. 1917 J -J 127
10-year cony g Os
/
4
iteiundiug gent Is
Debentlire8 48 Series J 1912 F •
937 Jun'10
/
2111 1114 Dee'719
J -J 1071
'
Refunding 48 Settee C..10
1913 F Series K
947 J -J
981
/
2 Feb'10
95 Oet'10
94
43
Okla
1928
Div
1st
M•
8
g
LotlleV
East
A & Cu leit
984 MarlI
9678 07
/
210014
9614 97%
F-A
.1001
/
2 14171'11 ....' 1001
1953 J.J
Short Line let 48 g
92; 931
14 921
93
9
028
:
2
2..
,:
d
j
faanr:1
92101 9,
1 1 ....1 921
/
2 11214
/
2 Chic Ind di Sou 50-yr 18..1956 J.J :0
/
2 931
/
2 931
/
4
Clue Mil & Ste term gee 1014 J.J
ke Pres & Pit 1st g 58 11/42 11-8 1084 110 1091
/
2 Dec'10
38 Maori'. 10214 13(214
61 1023
Knox
&
General
N
g
See
48
L
&
N
series A..619613 J-J
931.4 937! 98
All
864 15: 981
/
2 9914
Registered
ktlautio Coast let g 43.41952 11- S 93/
94
4108(1
93%
1
4 54
47 9334 94%
991
/
2 994
General g 314s series Lt e11389 •J
Ala Mid let gu gold Os -1928 14-N 10114 109 108
108 108
/
2 8734 87 Mar'll .86% 881
861
/
4
98/
25-yr deuen 48.
13runsdo W 1st gu g 48 1938 J.J
1934 J.J
U514 Mar'll
951
/
2
954 0574
9216 921
21 9214
9264 33 92
93
uluo & L Su Div g bo....1921 J.J 196%197% 1061
Charles & Say 1st g 78-1936 J.J 133
/
2 Mar'll -.11061
/
2107 .
Chic do Dio illy Div os....11)zu J.J
01952 61-N
L & N coil g La
94 Sale 94
941
/
2 35' 8234 85.8
ai
en
J
D
la
06
9,, m
1063 10
-.1109 109
Ohio & 2 W latg 58
1921
/
2 Mar'll
Say F & W 1st gold 68-1034 A-0 124% 127 1211
121; 125
10614
/
2
106%1071
Dale do ott so g 58
111 Mar'll
13116 J -J 10314104141034 I u34.-10.1034 1034
1931 A-U 1104
let gold 58
Ill 11114
Far & Sou assu g 68
1924 J.J 116%
Oca & gug 48 -1918 J -J
9068
U5 J',1Y'10
174 1174'
LaUroase
&
1)
1st
:115
74
/
1
41 J
Allautao & Danv See South Fly
Daen
e40
1 .7111
J-J 105%
T,NTis di Minn Div g58
1021 J-J 106
Austin & N W See Sou
' -.1'1081
1074 Feb11
/
4 1(1714
Mil& No let cons 68
1913 J -D 1031/4
024
02% 3 924 93
/
28.1925 J.J
alt & Ohio prior 1g 31
02% 93
10334 10s84
Extended
4128
1913 J-D 10()%
91/4 Oct'09
Registered
41925 (4--J
11115 Q-F 1101
9864 54 98
M7;11
3 F
1:
/
2112 1%
/
2 Ohio& kiortnw cons 7s
Gold 48
991
/1.11148 4-0 9834 Sale 9856
112
Exteinhou 18
9818 Febil 1
1886-1026 F-A
Registered
1i1948 Q-J
9818
98
98
9934
4; 98
/
4 9834 98
971
97;4 99
Registered
97 Mar'll .-.1 97
Mist J uno lat gold 08-1922 J •.1 112
11218 Dec'10
981.3
F-A
General gold 310s 1559
PJun& At Div Dag 31011)25 244N
8718 20 87
;
21
11,0
9
3/8
86
J
, M-N
883814.1av11
87 Sale 87
/
2
881
/
2
8764 831
854
Regiatered
Apr011
F LE& W Vat Sysref 481911 1.1-N
9110
/
4
8658 931
in% Sale 0114
921
/
2
12 91
. '
Southw Div lst g 3/
General 48
po
9074 24 881
1
28...11325 4-4
99
9076 Sale
99 Sale 9878
M-N
*fig'.
/
2 01
Registered
sinkulg Lund 64...1879-19t9 A-0 1111
891
/
2Apr'lO
41925 Q-J
112 112
112 Jan'11
/
2
88'4
Registered
Cen Ohio B. let 0841
9
13731-1020 A-0 nois
'
6
0,,
/
2a-1930 )4-9 1(11)
1o
v
103 Mar'10
2
11
4 N0
1,1)10/
1
..
01 Lor & W con let g (.8 1933 4-0
Sinking Lund Se 1(319.1921) A-0 locoIII) DWI()
,
3 106 1083
Dionon itiv let gu g 58-1914. FA 1028
Registered
1870-1929 A-0 101,34
1021
/
2Feb'll
106 Mar'10
1021810218
Debenture 5s
Ohio River RR let g 08.1936 -1) 109%1101
/
2 0 101414109¼
1921 A-0 :0
/
2 1091
08
7 1071
/
2 1091
/
2 106 1430'11 .... 106 106
Registered
,:
General gold Os
1937 A-0 105/
1
2 1104 197 Jan'11
11321 A-0
107 107
Sinking Lund den 58
1933 M-N 108,s. 109 106
Pitts Clov
1st g 66 1922 4-0 113
11318 Ifeb'll
19
1:811
8ig
i9 re
/
2
9 1 1084 108%
11318 11334
Registered
1933 M-N
Pitts & West lst g 48...1017 J -J
9768
l3711
/
2
/
2
/
21081
97% 97%
10716 10 1 Ls 4 1071
Mil L S& Weat 1st g tis 1921 M-S 1141
(Stet Is! By Ist gu g 41
100 Nov 104
/
2a 1043 4-1.1 80
/
2 Afar'll __.115 1151
/
2
/
2
1151
......
Ext & Imp ()fluid g5s 19211 F -A 10914111 1.0976Feb'll .. 1091
Beech Creek See 1
,1
/
2110
Ashland Div let g 68 1925
Bellev do Oar See Illinois Cent
1 17
Mich Div 1st gl3a
1924
192141 J-J
1.74
Faenb:9
12
1„
Bruns & West See AU Coast L
212J
14
18
,118 118
De0'10
Incomes
Buttalo kl Y & Erie See Erie
M-N 100
Ohio Rock 151.9 Pac
Butfalo 11& JF gen g 58.-1937 M-9 1124
1126. Mar'll
112%113
J-J 109% 112 I1100981°13348:
110914 110
Registered
1957 M-N 10614
1081
/
2Deo'lo
'109 Aug'10
Consol 41
/
28
4.4 109
97
/
2 100
98/
1
4 23 96
General gold 48
19819 8
1
4 964
984 96/
7 J.J
All & West 1st g 4s gu..13,11/8 A-0 971
98
97
07
i4, Mali lst ga 853.-13)43 J -J 1084
.1
Fell:7o
103 J'ly'08
Registered
1988 J.J
115 J'ne'lo
Refunding g 48
1934 A-0 88174 397e
Hoch & Pitts let g 6s...1921 F-A 11368
al 1 881
/
2
88% 58 I 881
/
4
/
2 391
J
•
D
116
Marin
1922
18
J'Iy'10
6s
1167
8
974
g
Coll trust Series J 4s
Consol let
1912 M-N
1101411014
98 1 98 Dee'10
38
M.49
,
72 Mar'10
Bull & Snag let rot g 4s-d1951 J -J
1915 M-N
963 94 Dec'00
N 18
BurUlt&N Bee 0 R L &
1916 M-N
103% 8 10276 1031
0 48
944 May'l0
1913 J-J 103 Sale 103
,
/
4
1917 M-N
(Ian t3o 18t ext 68
101
101
P48
13113 M-0 101
1'
4
04
91,
A11,
4 10078 101%
1918 M-N
Chio RI & Pao lilt 48 2002 M-N
1011
/
2 100% Jan 11
.1913 M-S
Registered
10034 10.114
170 72.8 74%
7378 Sale I 9
73
36
12
8
Registereil
1 7
Garb db Shawn See ill Cent
Feb'll ....
2002 M-N
14
4
B Ark& Louis let 41
Carolina Cent SeeSeab Air L
/
2s 1034 M-S
9216 94
934 Marin ....1 934 94
Sur U it &
Carthage& Ad ties N Y do 11
let g 58 1934 A-0 1111
/
2112 111 76 Mar'll ._,. 1111
/
2
/
41121
Registered
13
1
Ced It la F & N Nee IS(.1
ldeab
1934 A-0
7 F
64
12
00
ORIN &11.1W latgu58 1921 4-0 105
Oen Branca Fly Nee Mo Pao
/
2
/
21(161
.... 10(31
hi & St L lst gu g 78-1927 J-11
1141
/
2 Mar'11
Cent of Gs lilt let g Oe..p194 1?-4 11414
11214114¼
Comet gold 154
Choo Ok & G gen g 63 o137113 J
108
1945 M-14 108 Sale 108
1 10714101)
102
/
2 Mar'll
1021
10216 1021
/
2
Registered108
Consol gold Os
113 Apr'08
11)52 MN 1064108%109/
104. BL•fl
1
2Feb'll
10919 10311
/
2
1st prof income g 58....p1945 Oct /08
Keok & Des DI lstbs. 1023 4.0 100
10416 107
22100 107
1001
/
2
/
2
.... 100 1001
Stamped
,
1
2 MID 86 leds N 0 b'ee IU Cent
106 ..-.... 10014 Mar'll ....110014 11.10/
2u prat income g bs.....p1945 Oct
1084 53), 05 105/
105 101
1
2 Onto NIL es Pitts SeePenn Co
2d Ina income g 513
105 100 Marill --1100 100
& 0 con 68.-1530 -D 12414 1251
Ohio StP
/
2 1241
/
4 1 124 1254
/
4 1241
3dpret income g 68....p1945
1.17
101
102 130 85 102
......
1
28.1030 J-D
Cons 6s reduced to 3/
' 93 Deo'03
atamped.
Oct
Li.s. 4.0 vernineei

U s '28 consul registered.d1930

U S 28 0011A01 coupon... d1930
k1918
U S 3s registered
k1918
U' 3s coupon
U 8 3s con email bonds-k11118
1925
U S 48 registered
1925
U 54e coupon
USPan Can 10-30 yr 28.k1936

B

MISCELLANEOUS BONDS-Continued en Next rage.
Street Railway
Street Railway
Brooklyn Rap Tr g 5s
19458A-0 1021
Met Bt Ry gen eel tr g 58 1997 F-A
/
4 1021
/
2103 1021
75 Sale 75
75
78%
5 4
75.8 46
/
2 14 102 104
29Os J
Ref g 48
let refund cony g 4s
8414 Salo 84'.
844 27 &vs 8414
2002
471
/
2 451
/
4Msr'l
ktvrayds 7th Av isle g6s 1913 J-D 102 102% 10214 Mar'11
.13k City'at Oen 58.101(3 13)41 J -J
/
2 102 Marl 1
1021
102 10234
102 103
Col&OthAvlstgu g 58.1993 If•S
98 Deo'lO
Bk Q Co& con gn g 58 1911 M-N
100 101
991
/
2 100 Jan'll
Lox Av& P.F1stgu g 58 1993 SI-9 991
Bklyn On El lat g 4-58 1950 F -A
102 101
9311
/
2100
/
4 100
10014102
33978 Mar'l
101'.
Stamped guar 4.58
Third Ave RR con gu 482000 J -J
1950 F.A 10014 102 1014 1011
/
2
01
WO% 102
01
19444 F-A
Cent'Br Co certfa stmpd...
544 Deo'lo
Kings Co El let g 4o
811
/
2 84
5589
6176 Sale 61 Illar'
611718 11
6111
/
4
1949 F-A
Third Ave By let g 58 1937
Stamped guar 48
09 111
821
/
2 83
109 111 110 Jan '11
/
2
821
/
2 Mar'll ... 821
/
2 841
48...J.1/5/
J
g
-J
Ry
_1935
&
gu
Lt
gen 41
/
28
79
Nassau Elea
N Orl
J.J *974 981
79 Sale 78'.
85
85
27 78
79
/
4 85 Feb'll
/
28'51 4-4
1027 10218 Mar'10
St Jos RyLtH & P 1st g 53'37 If-N
98 Nov-'011
Conn Hy& Llat& ref g 41
984 100
1931 J -J 101 10114101
est Paul City Cab gen g 54.1037 .3 -J 1064
bltamped guar 41
/
2-,
2 1.01 102
1064 106.14
101¼
1 96 10814
804 al% Mar'll -•Det United 1st con g 4101932 J.J
8014 8234 Tri-Ctty Ry& lit let a f 58.19221 A.0 93 Sale 9734
984
981
/
2 3 98
1/64
Havana Eleo consol g 58 1952 F A
07 Mar'll
941
/
2 971
84
98 Apr'01)
/
2 13 nderground.of Lon.bis. 1.92Au M-N
1956 A-0
Inter-Met/colt 4148
11133 J.J
7884 21.1: 7814 79%
414s.
7814 Sale '781-2
831
/
2 931
9:31
/
2 95
/
2 1 504 94/
1
2
1
,1•14
100's102/'
1911
4 10014 1001
Income 6s
/
2 24 1004 100%
1945
Inter Rap a-yr cons'68
66 Sale 56
86
21 313,4 58
19511 Ai-N 10314 103/
1
4 10316 1034 77 103 4 10378 Union El(Chic) lst,g bs 11146
84 Oat 1/15
45-year Os Series A
United Rya St L let g 48 1034 J-J
674 Mar'10
Internet Trao coil tr 48_13319 J.J
80
08 May'043
United RRs San Fret 46 1927 A-0 6914 71
Manila FAce let& coil 58.1953 M.S.
701
/
2
70 12/
1
4
"No price Friday; latest this week. Flat. ethic/ Jan it Duo Ai r 6 Duo may g Due 3'ne hDue a 1y ktine Aug oDae Oct p Dae Nov 8 Option Bale ,




940
BONDS
,••
N. Y.STOCK EXCH A NGE
WEICR ENDING APRIL 7
41)
.
Ohio StP M & 0-(con)
Ch St P & Minn 1st gils 1918 M-N
Nor Wisconsin 1st 138_1930 J
St P & City 1st g 68-1919 A-0
Chic& West Ind gen g(is q1932 Q-M
1952 J. J
Consol 60-year 45
Chic& W Mien tee Pere Ai arq
Choo0& Gulf b'ee C It I P
0th IL & 1) 2d gold 41-48-11/37 J-J
Cm D & 1 1st gu g 56 1941 11/1-N
Find & Ift W 1st gu4s g.'23 111-N
Cin 1 & W 1st gu g 48.1053 J -J
Ind Dec & W 1st g 58-1935 J-J
1936 J-J
let guar gold Cos
OIStLabl) bee(.1004361.
CtnS&U See ()0 St la
Oleartield & Mah See B R 1' •
Clev eine & St L gen g 48 1993 J40
Cairo Div 1st gold 4s
11139 J-J
Cin W & Al Div 1st g 48 11)91 J.J
St L Div 1st col tr g 48-1111)0 M-N
1990 M-N
Registered
Spr A Col Div 1st g 48_1940 11•S
W W Val Div lat g 4s 194.0 J• J
01 St 1.4 (.1 consul 68-1920 M.N
1st gold 45
k1936
Registered
k1936 -F
Cin S ea (Aeon lac g 58..1928 J.J
1914 J-1)
0 C 1 consol 7a
•
Cousol sink f und 7s
1914 J -D
General CODSOI gold 04 1934 J -J
Registered
11134 J-J
Ind Bt & W 1st prof 48 1940 A-0
0 Ind & W 1st pf 58...1411/38 Q-J
Peo & East 181.con 48-1940 A-0
Income 48
1990 Apr
Clev &Alarietta lice Penn 1114
Clev 4 Pitts lies Penn Co
1947 J • J
Col Midland 1st g4,4
Oolorad)& Son 1st g 48-1929 F -A
ltetuntt& ext 4½s
1935 M-N
Ft W .Uen C lat g 65 1921 J -D
Greenv Bea So Ey
Coluni
Col & Root Val See Hook Val
Col & To! lice Hook Val
t COI(AGM & Term lice N & W
Conn 4 Pas lima 1st g 48.1943 A-0
1052 J • J
.Cuba RR 1st 50-yr 5 fr
;I)ak&UtSoAeSCM&StP
allaa 4 Waco Ses M K & '1'
Del Lack & Western' Morris& Essex 1st78-1914 fo.N
lat oonsol guar 7s
1915 .1-1)
Registered
1915 J-D
lat ref gu g 34s
2009 J-D
N Y Lack & W lat 6s 1921
Construouon 5s
1913 F-A
Term & improve 4a
1913 M-N
Wiu-ren 1st ref gug 346 2000 F-A
Del A HUG 1st Pa Div 78 1917 11-S
Registered
11)17 Ilf-S
; 10-yr cony deb 4s
1916 J-D
I 1st hen equip g 4 48- 1922 J -J
let &ref 48
1943 M-N
Alb & tius cony 348
1946 A-0
' ltens& earatoga let 75 1921 M-N
.1981 RiV Rit Bridge Bee PS RH
IDeny & (..4r 1st con g 48 1936 J-J
Cousol gold 448
1936 J-3
Improvement gold 68-1928 J-D
; 1st & refnmang 5s
1955 F-A
Rio(hr Juno 1st gu g 68 1939 J -D
• Rio Gr So 1st gold 48.-1940 J-J
Guaranteed
•
1949 J-J
Rio Or West 18t g 4s
1939 J -J
Alge anti col trust 4aA 1949 A-0
Utah Ceait 1st gu g 40 al917 A-0
Mot& It D dee AL de St L
Mat Uu Ry 1st g 68-11117 11-N
t& Maek 1st lieu g 48.1995 J-D
1995 .1-1)
Gold 4a
Met So-0 3 Div 1st g 48 1941 M-S
Val& Iron Range H458 1937 A-0
Registered
1937 A-0
1916 J -J
2c1 68
put Short Line Bee Nor Pao
at So Shore & Atl g 58 1937 J-J
tl
a of Minn dee StP do 21
'1'eu Va Jb Ga Bee So Ry
East 1st g 55.1941 M-N
iDlgin Jot
11111/m Cort & No EeeLeh&NY
1920 11-S
Dile 1st comma gold 78
NY & Brie 1st ext g 4s 1947 M-1•4
191911-S
2d ext gold158
1913 M-13
3d ext gold 4158
1920 A-0
4th ext gold tia
1928 J-D
5th ext gold 48
YLE4W let g fd 78 1020 M-13
Brie 1st con g 45 prior-1906 J -J
Registered
!
1996 J -J
let consol gee lien g 481996 J -J
Registered
1996 J-J
1961 F-A
Penn coil tr g 48
1953 A-0
50-year cony 4.4 A
do
Series 13 1953 A-0
Buff
Ene 1st 714-11)16 J-D
Chia & Erie 1st gold 58 1982 M-N
' ()Lev A Madam Val g 58 1938 J-1
'Long Dock consol g 68 1935 4.-0
Coal& RR 1st our gu tis,192- M-N
• Dock & Imp 1st our 68 1913 J -J
N &(hreen L gn g 59.11)46 M-N
N Y bus & W 1st ref 55.1937 J-J
2d gold 448
1537 F-A
void bs...._
940 F-A
Terminal lac gold 6a 1943 M-N
J lat ext be _1940 A-0
' Ind of
Wilk & Ea 1st gu g58-1941 J-1)
Iv& Ind lat con gug(4 1926 J-J

r.

t:
E

New York Bond Record-Continued-Page 2
Price
Friday
April?

Week's
Range or
Last Sale

Range
Since
=14 January 2

BONDS
N. Y. STOCK EXCHANGE
WfCRK ENDING APRIL 7

2.;-2
.411

a.

Price
Friday
April?

[voL. Lxxxxii.
Week's
Range or
Last Sale

Range
Since
Januar?,

Ask Low
High No
a
12358
1241
/
4 124%
123½ 126 12958 MaY'09
/
4 11234 11218 Mar 1
1191
1091
/
210912 1091
/
4 Marl1
924 93
1)23
.4 -11
92%

Bid
Low High Erie & Pitt.s lee Penn Co
Ask Low
Bich No LOP' 111041
124 1251
/
2 ...., 1u214 Marll
/
2 Evans & T 11.1st cons 614.19211J- J 1121
11218113
1st general gold 55
1942A-0
1 0114 1014 l01'101 102
Mt Vernon 1st gold tia 1923 A.0 107 112 114 A pr'05
111 7811'2%
Branch
1st
Co
g
50
1939
Suit
A-0
109 1091
95 J•ne'08
*105
/
4
92% 931
/
4 f414rgo & So Bee Cli M 4 St 1'
u lint& Pere M See Pere Afar
Fla C4 Penin See Sea Air Line
101
113 Oct '00
Florida E Coast 1st 415s-1959 JD 95% Sate 951
/
4
£1538 29 05
9538
103 101% 103 Marl I
92 Ang'l0
90
95
10214 104% Fort St U 1)(Joist g 443.1941 J.J
88 Marl 1
Ft W& Rio(4r 1st g 4s. .1928 J•J
88
81% 84 Mar'll
84
88
844
90
88
8634 Oct '10
+al Her & A dee So Pae Co
104 105 104
104
2 103 104
08 14 Feb'l 1
UlalHab ki of 1882 1st 63.1913 A-0 9614
984 98%
Georgia & Ala Bee Sea A Line
10714 Deo'02
Ga Car de Nor Bee Sea A Line
Georgia Pacific, See So ity
Pao Co
Gila V bl& Nor Bee
934 94% 943
. 9478 4 9334 95 (buy et, Oswegat BeeN* Y Cent
9278
92 Fob'll
Grand Rap& Ind Bee Penn RR
02
92
92
91
9318 Dee -10
Gray's Pt Term See St Lb W
924 933 921
96 258 95% 96%
/
4
92%
Gt Nor-0B4 Qcoll tr 4s 1921 J.J
98 Sale 95%
9214 94
90
91 Oct '07
Registered.tt
95%
95% 99%
955
.
1921 c).J
9538
....
96 Dec'09
9018
59 Feb'll
98% 99
St Paul M & Man 48 .1933 y.j 07.,
91%
12658 Mar'll
1st consol gold 68
126 127%
1933 .T.J 126%
9114 Dec'10
106
1051
/
2 Feb'10
Registered
132 Apr'011
1933 j..1
11514
.
97 Marl1
Reduced to gold 415s 1933 J.J 10514105% 105% 1051
105 106
96
97
94%
Registered
96 Aug'10
10834 J'ne'011
1933 j...f
107
1061, Jan '11
Mont ext 1st gold 43..1937 J-D
984
96
9514 9814 9,414 Mar'll
106 l06
10778
Registered
1001
/
4()I3'
10714 Ifeb'll
00
107%1071
/
2
111 Minn NorDivIst g 481
9934 Jan '10
1948
937 j
A -O
-D 15
9
)
6
4
122
1261
/
2 Feb'll
116411634
Minn Union 1st 68..1922 J-.1 116
116½ Marl/
125% 12514
Mont C 1st gu g a. .1937 J-J 128
128
128
.
6 127 128
94 J'ly'08
Registered
/
4 Al &WOO
1361
1937 J-J 12514
tl241124
1st guar gold 5s
1937 J.J 1124116 1124 112%
90% 91% 90%
Will & S 1' tat gold 58 1938 J-D 11314
11234 Feb'll
91% 6 00
11234 112%
93
63
56
60 Feb'll
59
614 Greenbrier IV Bee Ches & 0
Gulf4SI latref4 tg 55 51952 J-J
891
/
2 1 89% 91%
881
.904 89%
onsatonio lies U Y NH& 11
83
64
1021
/
2 9 1013
1.1ock Val 18t cons g440.1
.1027
,
9
,
99
,
64
1
,7.. J 102 Sale 102
84% 4 64
89
95 Sale 947
10012 Sep '1134
.Registered
. 95
12 9478 974
981
/
2 Sale 98
94 Feb '11
Col & 11 V 1st eat g 4s 1948 A-0 94% 95
983s 21 9758 9834
94
9434
1121-4113 11214 Mar'11
Cot&Toliatox4s
96 Feb'l 1
96
96
19551F-A
964
1124113
Houst 114 W Tex Bee So Pac
Houst& Tex Cen lee So Pac Co
101%101%
1014 Feb'll
lions Belt de Term 1st 58.11137 J.J 100
102
102
Illinois Ceraml let g 48-1951 J -J 102
310114103
107% Apr'07
Registered
19
,51 J.
-.1
.1 4,1011
/
2 9014
893
.Mar'll -••• 961
1st gold 3158
100 May'10
90
89
Registered89
89
89
2 81)
1951 J-J
9312May'09 •••• ......
Extended let g 34s
1961 A-0 884
1st gold 38 sterling
80 J'ly'09
1951 M-8
108
Ztar'l
1
10814
98 Jan'll •... 98
.
1952 A-0 973
93
1031
/
41083
. Coll Trust gold 4a
110% 1114 111 Marl1
Registered
96% 99 J'ne'99 •
1952 A-0 95
111 11134
1st rol 4s
. 97
11138Dee'10
195511-N
25 96% 98
97 Sale 963
91 Jan'll
Purchased lines 34s
91
80
. 86% 87 Feb'll •
1952 J.J 853
87
91
1.14 U '1'ex gold 48
115 116% 11614 Marl' •••• 11534 118%
195311.N
9838 1 974 984
97% 981
/
4 9838
106 Oct '10
1071
Registered
/
4
. 9434 Jan'11 •
9434 961
1953 11-N
943
. 94%
Cairo Bridge gold 48
98
99
99 Mar'll
99 99%
1960 J.
963
. 977
. 97% Feb'l ...• 96
974
551.31ar'll •••• 85% 86%
85 ....- 102% 1,'et)'03
LoinavDiv&Term g348 1953 J-4
Middle Div reg 5a
1163
/
2 120 Oct '10 •
,1161
123 may,99
1921 F-A 102
3
Aug'01
Omaha.
Div let g 38
149
77 ?Jar'10 ..1961 F-A
754
St Louis inv&term g 38.1951 J -J
98% sale 984
98% 54 98% 99
7514 Jan '11 ...•
75% 77
.77-63;
Registered
10114101 /
1
4 10114 1&111
101 102
'
11
1961 J-J
Gold
34s
991
/
2Sale 9838
98
24 981410014
1961 J.J
86
8(3%
131A4 86 Mar'11
86
9338 Sale 93:38
Registered
9358 18 931
/
4 1)4
1951 J -J
10114 Oct '119
Spring Div ist g 31.s...11)51 J -J
100 Nov'00
124 San'
12334 124
124,
11
87
Western Lines lat g 46..1951 F-A
8
1155
95%
1 95% 95%
934
liellev 4 Car 1st (is
9314 4 921
1174 May'10
1923 J-I) 1173
9234 Sale 92%
,
/
2 94,
Carb Ja Shaw let g 48 .1932 M-8 94
4011
/
2Deo'10
95% Oct'10
99
Chia
St
L
&
N
0
g
116
106'11
5a.1951
100781 101 Marl1
117
101 101
J-D
1154116%
Registered
111
9234 130 90
924 Sale 9214
1951 J-D 1144
113 115
9358
Gold 31-213
104% Mar'11
99 Oct '09
1951 -I) 84%
10434 10434
Mempli
Dec
'09
Div
1st
78
J-D
g
4s.
93
Marl°
1951
63
9714
St L Sou 1st gu g 48....1931 M-S 944
98 J'Iy'08
85 Mar'08,....
86
924! 19.
9145a1e 914
9234 Ind B1 & West Bee C C Cab St L
85 Diar'll
96
1950 J-J
96
833
95
83% 86'2 Ind Ill & la lat g 4s
96
, 86
RN
1 95
Int & Great Nor lat g 68 1919 M-N 1077
97 J11,11'02
lt08
108
......
3 1071410834
241 gold 5s
1909 11-S 113
115% 115% 6 112 116%
'04
Trust
Co
Sep
certts
110
100
......
117 bale 113% 117 170 10514117
94 Sep 'ID
3d gold 4s
1921 A-S 14% 21
18
18
1 16
18
Iowa Central 1st gohl 68-1938 J-D •
110 Alarll
8812 90
90
102
101 102
1 102 103
Gold 4,3
74 Oct'1U
66
MJ:S
D 66% 67
66
69
1 63
James F & Clear 1st 4a..1
rat- "41 109
109
1 10838 109
195
959
1
944 9412
9414 96
fialA&Gli Bee LScrobib
10614 Mar'08
104 Feb'll ,..„,• 11)4, 104
Ilan 4 .1.11c1m Bee Tol & 00
K0FtS4
Beekitl.413111
KC&AlltabB b'es3tL&SF
10634 109 108 Jan'11
108 108
Kan 04 Pacific Bee 21 K 4T
Kan City Sou lat gold 35-1
1115
,60 A ..0 731
/
2
73% 7418
/
2Sale 733$ 731
4tiena
red
p
10812Nov'10
Re
e rs
110%
......
63 Oct '00
t 55
. 46 10914102
Apr 1950
. 1007
1005
1184119 118% 118% 211814120'. Kansas City Terml let 4819(19 .A1--S
1
2 97%
96/
O .C6
97
63
1;
4 11;198;4. 97% Aileen
,1004 1004 10 0.00%1004 Eentuoky Cent lies Lab N
100%
1053
.106%10414Jan '11
10414104'. Peck & Des Alo lee lilt 141)
110214 Feb'll
1033
.
1011
/
21024 Knoxville & Ohio ,See So Ry
109
I 105 1064 I ake Erie & W lat g5s..1937 J-J 10814109
106% 1064106 is Mari 11
109
/
4
7 100 1111
99% Feb'10
97
104 14 Max'll
1)14%104%
I
1184118 Oct'10
rtg
h°15
0
11111o81st gu g 58..1194451
lj2
Nod
• 108 te 108%
10814251,'11
10414105141081,4
9
8418
84 is
84% 86% L Sho & Mich 3 dee .N Y Cent.
8612
131 10541084
82% 824 Leh Val N 1st gu g 4%8.1040 J-J 105 108 10515 106
8" 82%
1041
/
2Jan 11 .10414104'.
Registered
75% 6: 734 76
751
/
4 75's 754
/
2
1940 J•J 1041
ga% Feb'07
I
Lehigh Val(Pa)cons g 48.2003 M-N
5 97
97%
97.,
9714 97
881
/
4
88% I() 89
88% Leh V Ter Ry lat gu g 514.1941 A-0 11314114½ 114% 114% 3 113 114%
88%
Registered
113 113
79% Sale 78%
79% 27; 73
79%
1941 A-0 113 1133. 113 Mar'll
108 Nov'99
72
7134 Sale 714
18 69
72% Leh V Coal Co latgu g 56 1933 J-J 101%
9334 Marl°
111
.11034 .Leh do N Vlstguarg4s.194513.S
'
11 _11103
11034 11111
Registered
111%11134 111 18 1124 6 111%113
1945 11-S *934
El 01 ea N 1st pt 8e
11138Feb'll,
1014 Feb'10
1914 A-0 102
11113.111'.
1111
/
4
(hold guar 58
1244 126% 125 Mar11....112-434 126
1914 A-0 10014
1011
/
4Sup'
09
Leh Jb klud R Bee Cent ot N J
10514108 114 Apr'10
10019Jan qr....1 100°8 100% Leh A WIlkesb bee Cent of N J
10114
991
Leroy 4 Caney Val Bee Mo P
/
2 Nov'10
-100
10114105 10134 Jan'11.....1 10134 10134 bong Dock Bee Erie
........... Long Islid-lat con g6s.h1931 1-J 110 1121
110%1121
100% Deo'00
80
/
2
/
2 11012Feb'11
let consol gold 48
41931 -J
98
e0 8714 87% Feb'll'...., 851
/
4 874
General gold 4s
1938 -D 92
......
96
96
964
10938110% 1104 Nov'10
Ferry gold 4128
1922 M-13 98%100
984 Mar11.... 98% 984
1103
110
,Deo'10
Gold.48
1932 J-D 93 96
/
2 101
1001
9914 Oct'06
100 10114101 Mar'll
Unified gold 48
1949 M-S
913
'
94 Mar111.... 94
95111
110 1121,114 Oct'09

Hui

.

1113(.14F.LLANEOUS SON DS-Continued on Next Page.
Gas and Electric Light
Gas and Electric 1.1ght
N Y G EL 11 & P g 5s...1948 J-D 1063.10314 1031
Atlanta 0 L Co lst g 5s...1947 J.D 10214
/
4 1034 14 102 103%
Purchase money g 4a...1949 F-A
Bklyn U tlas 1st con g 56.1.4111.
5
1
88,
, 88
107% Sale 10718 107% 5 105% 1073,3
6
7
Ed El 11.1 1st cons g 5s..1995 J-J 111 11114111'. 1111
Buffalo Gas let g 5a
50% 604
, 1 ItT
601
.Mar'll
60% 61
8843
)(1
, 11
1)
1 1• 4
1
NY&QE1LAP
lstcon g 681930 F-A 101',
1931 3.4
Columbus Gas 1st g 5s
1011
/
4 Mar'll
N Y & Rich Gas 1st g 68.1921 Ati-N
1923 J -J 1001810034 10018 10018
Detroit City tine g ba
974 J'ly'09
1 100 101
(..}
&
Eleo
Pacific
Co
Cal
3
&
E
Dot Lies Co con let g 6s 191t, F -A 100
9638 Sep 'Os
Corp unifying & ref 58 1931 11-N
/
4
10514 1051
1st con g5s.193m v1-s 1054107% 1051
95% Side 96
•1Cq (i• LN
9514 72 91% 9534
/
4 Mar'll
Peo Uas 4 1) 1st con g 68.1943 A-0 11614
Gas& Eleo Berg Co c g 68.1949 J-1) 91
614 Oct '01
Refunding gold 58
1947 M-S 101 4 102 1
F
-A
bs...1915
Ur Rap L Co 1st g
100 100 Oct'09
1 101112
% 241
a0
e211 ....
11 1/
11 :
3
14 F
!
()
:
6231
/
2i.
103
Hudson Co Gas 1st g 5s...1949 A/1-N 193%1041
/
2
1 103 104% • CliG-L&Ckelstgugos 1937 J -J 103 1037, 103
/
2 1041
/
2 1041
Con G CootCla latgug58.'3b J -D 101% Sale 10138 101.38 8 101 10134
.
991
'Kan City(11o)Gas lat g 68 1921 A-0 98
.Mar'll ..• 994 99%
Ind
Nat
90
Gass
51%
&
ba...103'd
01130-yr
3)111210214
5-0 102%
58'36 11-N90 Mar'11 ...
Kings Co El L & g
10212 Feb'll •
lau Fuel Gas Ist gu g 58.194'i '1'1-5/
2 11934 mar.'
113% 115
AVIV, 5-0 113%1191
101
-Purchase money tis
1001
/
2Jau'll .... 10041004
Philadelphia Co con.v Oa ..1919 F-A
871
/
4 88
Mai El II /Anion con g 48 1931. J -J
1....
874
Au
ar
g:11
88 Mar'll
------------..
108 1,0,31/2Al
1.0....
1
..
Syracuse Lighting 1st g 55.'51 .1-0 97
1Ac,Gas Lot bit List g 6s...1911. Q-F 102 Salt 102
3 101 103
192
Union Elmo L4.P 'Edge's 1032 A-S 99
1934 A-0 101 Salt 10014 101
Eel and ext let g 68
96 Jan '08
4 100 101
.9-13
--191
90
Ref 4 ext 5s
904 90% Mar'll ...• 110
Milwaukee Gas L 1st 48 192. vt-N
1933 J-N
95 Marll .... • US..93
10014100'. Westchester Light'g g 68.1959 J-1) 1041%
5 104 106 ,
194b J-D 104
Newark Con aagbe
IOU% Jan'11
.....
10434 1043
•No price Friday; lataat bid and asked this week. a Due Jan b Due Feb d Due t pr eDue nay h Due J Iv k Due Aug g Due Dee /021/102C-41
‘
16 •--- -,-




BONDS
N.Y. STOCK EXCHANGE
W kick I.:Nov.9. APRIL 7

941

New York Bond Record-Continued-Page 3

Aim.8 1911.]

g

Price
Prid o.v
April?

Week's
Range or
Last Sat.4

jiaZt
Jat6
tit
't

1141h
Ash 1.o t.
Boa No Low BigIt
Long Island-(Con)
Debenture gold 58
1934 J-D 10314105 1044 Dec'08
96
Guar ref gold 4e.
15t378 96% Mar'l 1
11 96% 97
1949 M.S
N Y II& M B lstcon gas 1936 A-0 103%
11014 Nov106
N Y&RB let g 58
1027 NI-S 10158
105 Apr'07
100
Nor Oh B let con ggu5so1932 Q.J 100
100
3 1034 106 •
Louisiana & Ark let g 58.1927 14-S
' 94% 0418
944 958 94% Mar'll
/
4,
Louisv & Nasiiv gen g 68 11130 j•D
115 1161
110
116%115
112%112%
11218Mar'l 1
Gold 5s
1937 M-N 111%
• Unified gold 48
98% Sale 981$
98% 581 9818 99
1940 J -J
Registered
.11
97% Nov'l0
1940 J -J
109 109%
Coll trust gold 58
1931 M.N 109
1094 Feb'll
1
4 6far'll
111 112
E It & Nash lat R 68
1919 j.13 111% 113 111 /
104%10438
& Lex gold 4125.-1931 14-N 104 106 104% Mar'll
L
N 0 & M 1st gold 6s
1930 J •2 122 1224 121% Nov't0
118%118%
118 11834 118%
1
N0
M 2t1 gold Os
1930 J
9614 9614 1)ec'10
Padu:ah& Mom div 4s 1946 F.A
10634 105N
Pensaeout Div goul 68 19zu M- ii 1054 109 106% Mar'i 1
113 Sep '10
St L Div 1st gold Os
1921 .191-S 114
714 71%
2d gold 38
1980 M.S 7i1$7114 Feb'll
92
93%
93 Mar'll
92
93
Atl Knox & Cm div 48 1955 M-N
112 Dec'10
Ati Knox & Nor 1st g 681946 J -D 112
Mender Bdge lstsl g 08.1931 M-S 1057
110 Jan '01)
98
95
9458 95
1 94
Kentucky Cent gold 48 1987 J -J
103 Dec'10
L&N & M& Istg4481945
103%
91
90
2 89
L& N-South M mint 48.1952 J • J
90
90
110
1 110 112%
N Fla & S let gu g
.193'7 F-A 108 111 110
N&0.13dge gen gu g5s..
1004
4451945 J
110 110
110 Jan'11
Pens & Atl let gu g 68-1921 F-A 1104
112 112
112 Fe9'11
& N Ala con gu g 58-1930 F-A 11014
911
/
4 90
94 Mar'll
94
92
L & J elt Beige Co g,n g 4s 1946 5I-8
L N A & Ch dee I &
Mahon coal ties L & DI
96% 4 90
9858
Manhattan Ry consol 48.1990 A-0 96 I 431c 06
104 Apr 06
Registered
1990 A-0
97i
1 964 984
11634
Stmptt tax exempt 1990 A-0
Manila Bit-Son lines 48 1936 M-N
/11.0.6.1,C es B v bee A 1 Cent
997 Mar'l 1
99%100
biex Cent cons g 4s
...1911 j-J
3,78 May'tu
......
let cons inc g 38
25%
APr'99
20 cons Inc g 8s trust roots,
77
&Mel°
70
.
' Mex Internat Ist con g 46.1977 41-3
79 blov'10
Stamped guaranteed .1977 M-13
Mich Cent see N 1 Cent
Mid ot N J See itrie
Mil LS do W Nee Chic es N W
& North Bee ChM & St 11
130 Jan'11
130 130
Minn & St L let gold 714-1927 .1-1) 131%
118 Jan'
0.
Pacific Ex let gold 68-1921 A-0 110
/
4 M.ar'll
107 1051
1934 NI-N
;109
1
.
051
1st consol gold 68
06
99
69
69
74
2 89
1st and refund gold 48 1949 M-S
811
/
4 Mar'll
92
80
811
/
4 814
Des DI ea Ft D 1st gu 4s...'35 J -J
Kinn Bs St L gu See 13 U & N
974
974 1 9534 97%
61StP&SSilcong4intgu'38 J -J
9738
91114 Jan'1
6118SM (51, A lstg 4 intgu 1926 J -J
Minn Un See St P M &Al
931
/
4 Siar'll
94
Mississippi Cent let 58-1949 1-J
93% 934
97'4 "ii 97% 98
Mo Ran •ia Tea tat g 48-1890 -1) 9714 974 97%
8414 8a
84%
8414 1 83% 86 ,
g/9150 F-A
2d gold 48
11144 11-N 101% 1002 101 4 Marl 1
101% 103%
let ext gold 5s
797, Mar'll
'2004 1143 79% 80
let & refund 4s
794 81
/
4 Mar'll
8612 8678 801
1936 J -J
8534 8078
1 Gen 51 4126
78 Mar 11
79
78
2001 A-0 78
!' • St L Div 1st ref g 4s
78
100 J'uo'10
Dal & Wa Ist gu g 53 1940 3I-N 10514
90% 90 Maell
89
90%
; 'Kan & Pao let g 4s 1990 F-A
110
109 1104
' Bio N & let gu g bs 1942 A•0 109%110 110
107 108
1942 M-N 106 107 108 Feb'll
.
1 'M K & Ok 1st, gu 6s
104
3 10234 104
M..K & Tot T 1st gu g 65 11142 1,1•S 104, 105 104
10514
/
4 10614
1 1051
• Sher Sh & So let gu g 68 1943 J •D 102 106 10614
105 105 Jan'11
105 105
Tex& Okla lstgu g 6s 1943 11-13
093
1021
/
4
1)0
9,u 111
10
1920 11-N 1084 109 1094 1
14.o Pacific 1st, con g Os
/
4 1014 101 Mar'll
: Trust gold Sc staingeti.a1917 11.8 1011
99 Mar'10
Registered
a1917 M-8
2
10034 /0114 27
82
2 10
10114
70
6,
14
12 10
1920
ri-• 1st coil gold be
781
/
4
79%
81
78
1945 M-S
40-year gold loan 4s
5'.AI
90a4 Nov'Ob
97
I t 8d 75 extd at 44
1938 11-N
95
52 91% 9658
19159 hi 13 94% Sale 9444
1st & ref cony s
91% 94% 0334 Feb'll
92
93%
: • Cent Br By let gu g 48 1919 F -A
87 ta hlay'10
Den Branch U P 1st g 48 1948 .1-1) 8'4 12
102 110 atar'05
Leroy&CVALIstgbs 1920 J -J
88a
Felt'l
1
95
11112
4
9734 98%
pac B of Mo let ex g 48.1938 F-A
1- 20 extended gold 5e..1938 J •J 10841104 110 Doe'10
St Lir Al& Sgen con g 561931 A-0 107% Sale 1074 107 44 1 10641054
Sep
'01)
III
Gen con stamp gtdg 681931 A-0
85% 86
85
85% 11 8314 874
& ret gold 4e 1921) J -J
80'4 18 844 86%
85% 864 et)
Riv Lib U Div let g 48 1933 M-N
102 1.1 Jan '1U
1 Verdi VI & W let g 58 11.1215 M-8
120 122
`Mob & Ohio new gold. 60-11127 1.0 119%1202 12014 Mer'l 1
116%11634
' 1st extension gold 68-A1927 4.J 11412 116 11034 Jrciell
/
4Jan'11
8734 801
.1938 11-9
864 80%
1 General gold 48
110 110%
F-A 1011% 1104 110 mar'll
. biontgota Div let g fus..1947'
81 Mar'l 1
83
81
81
c. St L & Cairo coil g 44-81930 4-F
931
/
4
Mar'll
11.518
9315 944
11)*1 J -J
;. Guaranteed g 48
1.4 & 0 coil 45 See Southern
.Mohawk & Mal Nee N IC&H
:11onougalisla ltiv See B es U
!Mont Cent &eSt2M&5l
!Morgan's La & T tieet3 i' Co
Morris & NeeeX See Del L& W
106 1064
'1\1 ash Chat & St 14 1st 78.1913 J -J 108 10812 108 Mar'll
110
1 10941104
1928 A.0 109%110 110
:1-1 let cousol gold 58
11672Nov'10
,‘ Jasper Branch 1st g es 1923 J -J 11658
1084 Dec'10
10678
W&
lst 66-1917 J
•-• MoM
113 Ply'04
•
& P Iiranoh lst ..1917 J../ 10074
Nash Star & Sher iifes
6a..
L& N
92% 95%
02% 9378 9378 9378
Nat Rye of Mexpr 141011157 J.J
89%
/
4 Mar'l 1
85
Guar gen 48
1977 A.0 86% 874 861
lt/4 100% seU'll
10034 100%
Natot Max prior lien 445 1920 J•J
/
4 Mar'l1
81
834
• 1st oonsol 48
1961 A-14 814 944 811
New /1 D S'ee N VNkI&li
NJ Juno RR Bee N Y Cent
:N Y 11 kin & Man Bch Seel.1
881
/
4 Sale 881
88% '26 8758 90
/
4
N I Cent& 11 Ely g 346 1997 J•
871,2 2 80% 894
87 sale 8638
Registered
191)7 J -J
93 hale 92'4
Deben g 48
1934 M-N
93k1 41 9'2% 94
79% bale 79%
7938 20 '7938 8078
, Lake Shore coil g 348 19:18 F-A
Registered
2 '7814 793w
794 77 12
1999 F-A
Mich Cent coil g 312e
1998 F-A
7634 -.- 79 Mar'll __. 784 791$
76
70
Regi8tered
76 Feb'll
76 '78
1998 F-A
.
•
.
•

dab

..
•

•
•
•
•

BONDS
N. Y. STOCK EXCHANGE
WEIck EINIDIN0 Apnli,

Week's
Range or
Last Sale

Price
Prieto
Aprif 7

I

pi

Range

Since
January 1

High .v0 Low litg4
Bin
43k Loan
N Y Cent & II tt-(Con)
983,, Dec'10
Beech creeic let gu g 48.1134 .j
9812
..
.I
981
/
4 Nov'l
R
egistrd
1904
2d gu gold 5s
Beech Cr Est 1st g 312661%
36
1 j
A--0
j 8412.
Cart & Ad lst gu it 4s. .1981 J•0
97 1 Apr'09
97
Gonv cf,°awe lat gu g 5s 1942 2-1)
fip /
1
4 Mar'l 1
Moh & Mal let gu g 48 1991 M-S 98%
1194
99
NJ Juno it gn 1st 48. 1986 F-A
05 100 105 oer '02
991
/
4 Feb'll
N Y ab Harlem g 312s. 2000 PA-N
90
90% 904
Y & North 1st g 5s. .1927 A-0 100
108 Oct '09
N Y & Pa 1st con gug4s 1993 A-0 9512 97
971
/
4 Febil 1 . 971
/
4 97'4
Nor & Mont 1st gag 66.19115 A•0
/use Creek reg guar 68.1932 J-13
i
nriit i:
Tta
aan
i•
,ji
3
)57
1 ,,
11
1(0
11 W& eon let ext56./0.922 A.() 10
1074108
0,
714 110057%
Oswe & R 2d gu g us. .4.9151F-A
3NV& UT R lst gu 58.1918 soi.N 103%
104 J'ne'10
Rutland let con g 4 8..1941 ,T.,, 964
Feb'
26
11)
0,
2% F
18
1st gu 48 g1948 .14
8214
85% 89%
Rut-Canadlst gu g 48.1
11 Aj.-02
96
194
St Law & Attir 1st g 55. 1996 j--j 109 110 19
:
4
6
e
J'inie
12
5 j
20 gold Os
125 Feli'08
Nor';))
Utioa & Blk Rut- gu g 48.1922 1.j 100
Lake Shore gold 3128.-1997 j.1) 8858 Sale 186(8)58
la so; 90
Registered
1997 J.D 874 88
89 Mar'll
884
88
Debenture g 4s
94
1928 m.8 93% 911% 93
93% 135 p3
25-year g 4s
3931M.N
9278 Sale 927
931$ 26 92% 93%
Ka A & G It lat gn c 55 1938 J-j 11014
Mahon C'l RR 1st 5s..1934 J.j 111%
11112Mar'll •
110%111%
Pitts & L Erie 20 g 58.a11128 A.0 107
100 Deo'09
Pitts MoK & Y latgu 68.11332 J*.j 1221/4
1304 Jan'09
1934 J.j 120
2d guar fie
......
10
7
licKees& /3 V latg0s ILI/ ."
Rm:i 10
Mich Cent 6s
115 110120ot'10
'
.....""Registered
1931 o.M 19
09
7% 9
, 119 J'ne'08
99 Jan '11
J.jj•
4s
1940 J
99
.99
96'
Registered
98 Dec'09
3' L & 8 1st g 3128
1452
1 1m
.1.
-3
8 86
74 884 90 J'ne.08
Mar'11
let g 3428
8714
87
87
/
1
4
20-year deb 48
91% 26 91% 92%
92
91%
1929 A-0
Bat I: & Stur 1st gm g 36.1989 J-0
100
N Y Chic& St L 1st g 4a 19,
937
7 ,1:
0 99
99%100%
91034 100
Registered
100 100 Dec'09 •
Debentures 4s
90% natal 1 •--- 901491
1931 51.3 908% 91
10012 100% 100% 101
West Shore 1st 48 gu 23t31 j.
6 10014101'.
82 984100%
Registered
2361 J.J
984 Sale 984
99
N 119 Greenw Lake See Erie
N Y & Har See N Y C & kind
N Y Lack & W See D L & W
N Y L 14 & W beeline
N Y & Long Br See Cent of N J
9334
9384
N IN ki & 1i-Non con 4s.'56 M-N 934 94
5 9
93
814
Couv deben 34,a
981% 98% 981,4,
984 56
%19
04
0%
142 j.j
1334 3i133 134%
Cony deben Os
J -J 133 Sale 133
11212 Oct'10
Housatonic R con g 5e..)937 M-N 1124
N 1-1 & Derby con ay 55.1918 M-N 101%
107 Ang'011 • 1
Providence see deb 48..1957 M-N 854 8634 804
4 8418 87
86
1
N 1: & North. Nee N Y l;& 11
96% 17 95
N 1019 W ret 1st g 4s-g1992 M-S
964 Sale 96%
96%
Regis 0.090 only
94% Feb'll
g1992 11-8
94% 944
N Y & Put deeN IC V& ki.
N Y & it 15 Nee Long Island
NYEI&W beeline
N Y Tex ob AL See So Pao Co
Nor & South let g 5s
1941 MN 1001$ 103 103% Jan'11
10312103%
Nort & West gen g 6s
1931 m
F...
.N 124/
1
4 126% 124% 124% 10 12438124%
Improvem't & ex t g tis. 1934
jManar:101
New River 1st g 6s
1932 gm 123 126 '12266
125 125
N & W Ay let con g 43 1990 A.-0 99 Sale 9858
55 98
99%
99
Registered
1%.190 A.o ..,... ...... 98 Jan '11 •
98
98
Div'l 1stI& gen g4s 1944 J.., 92% Sale 92
9234
92
93%
10-25 year cony 4s
1932 j.0 108 Sale 108
10914 282 100141094
Poeith C & C Joint 48-1941 J-D1 88% 8914 88%
49
88% 904
884
C C& T 1st ga g 5s
ari
vr
i
1922 j.,T 1 104
96 kla 1
,
05
6/
1
4N
mo
Solo V & N b.1st gu g 4a 1989 M-N
' 901
/
4 974
North Illinois See Chi 19 N W
bierGi Ohio See L Erie & W
991
/
4 46, 99% 100%
Nor Pao-Prior hen g 48-19
0
,
97 Q.j 9934 Sale 9958
/
4 Mar'll
/
4 99
981
Registered
98% 99% 981
71
03't 70% 71%
General lien gold 3s....a2047 Q-F 708 Sale 701$
Registered
a21)47 4-F 69
6914 89%
70% 6914Mar'11
St Paul-Dal Div g 48....199t3 1.0 96
96
96 Mar'111---1 96
98
99 Feb'l0
Dul short 14 Ist gu 6s..19.10 34.8
() B& 4 oolitic 4s See tit, Nor
St P & N P gen g 68.-1923 F.A 11434
1164 Mar'll -.1 116% 11834
Registered- certlac'a..11.123- 4-F
117 Feb'10
St Paul & Dul lat 6s. 19:5L F-A 1071$
110 J'ne'10
2d 68
1917 A.0i 1024
102% Feb'll
102% 10254
1st conaol gold 48
991
/
4 Apr'10
96
1908 J-13
Wash Cent let g4s
91
1948
914 1' 911$ 9116
914
Nor Pao Ter Co let g 68-1933 4' 1114
111342an'l1.... 111%111%
Nor lty Cai See So Pao
Nor Wiz See CI St P Id. &0
Nor & Mont See II Y Cent
i i Ind& W deeCCO&StL
Whio Itiv UR dee Balt & 0
Ore & Cal Bed So Pius co
Ore Short Line See Un Pao
Oswego ab /tome bee N 10
[Jac Coast (Jo 1st g 6s
1946 J-D 10312107% 106% 51ar'll ...• 10514 108
.11. so ot Missouri bee Alo Pao
Penn lilt 18t real est g 44.1923 NI-N 101 102 101% Mar'11 .... 10112 102
Consol gold 58
1919 11-8 . .no 1094Jan'09 -Conaol goal 4s
1943 M-17 09/
1
41
,
00
3/
/
1
1
410
4,
3
9% Dec'10 •.
.
18..1).;ii ... ..4
Convertible g 312s
1912 61-N
99
Convertible g 312a
1
,
1148
15 1,4
J:N
D 96% gale 1 9058
9634 182 9614 96%
Consol gold 4s
104 1103 Mar'l 1 .... 103 10118
Alleg Val geu gu g 4.s...1942 tti:S
998%100 i IOU 4 Jan'll..... 10014 100%
,
D it li it& Bge 1st gu 48 g.'315 V-A 100
Philal3al& W let g 48..1043 ALN 102
101% Dec'10 .... ...... ......
Sod Bay & So let g ba...1924 .1 - J 109
102 Jan'03 „„ •
U N J lilt di, Can gen 48.1944 54-15
103% May'l0
Penn Co-Guar 1st g 4123.1924 1-2 103%104 103% Mar'll'.... 10312104',
Registered
1921 J-J 10278
102% Mar'll .... 102%102%
Guar 312s colt trust reg.1937 M-S
2..
• 90 Ang'10 .... ...... -.
87
Guar 348 con tr ser 13.-1941 F.A 88
8818 Mar 11 .... 88 18 884
Tr Co certif's gu g 3125.1916 M-N1 97% 9738 9714 Mar'll .... 97
9714
Gn 312s tr ctts 0
87 Aug'10
871$ 110
19
91. Deo'09
942
4 j.T:DDI
Gu 3128 tr ctts D
89

....1

•
•
•
• ......

•
•
•
•

(1'
4

•

MISCELL 4,NE0US BONDS-Continued on Next Page
Coal and Iron
Manufacturing St Industrial
97 Feb'll •••• 96% 97
97 14
Star db Sueq Iron 8 /58-.1932 J-D
76% 78%
774 1
AMa-Chalmers let 58
19361.4. 774 Sale 7615
a 1926 M-S
9212 90 Dee'10
Debenture be
90
Is 1014 102%
013
%19
4 08
1%
4 19
08
14 101%
Am Ag Chem 1st c 5s
1928 A-0 10
001 ji ,s, jco gen 8 t g Os..1943 F-A
9712 99
,8
97'2 994 9734
99
2 9934
13 974 98%
1915
Am Cos 011, ext 4128
100
/
4 100 Mar'll ..
• Con.vertible deb g 68....1911 F.A *100 1001
a 964 100
984 Sale 984
98%
37 76
76
'7912 Am Hide & L 1st t g 68-1919 .
70 Sale 75
Col Indu 1st& colt 58 gu..1.4134 F-A
7614
7614 14 65
Amer Ice Secur deb g 60 1926 A-0 76'4 Sale 7514
9(114
107% Dee'04
......
flontin'Cal C 1st s1 gu5s.g.1952 F.A
102% Sale 101% 1024 104 10034 102%
AniSmelt &It sub rets Oa full pu
102% Apr'00
......
Gr 14wc Coal & C let g6s..1919 A-0 90
100
.•.•
101
;11.g
101
Mar'l
1
Aitg
1st
g
Spirits
Am
10o14
May'157
58.1926
.1-1)
107
1st
g
...
Jett & Clear0& 1
92% 9314
93% Mar'l
9234
Aid Thread let cot tr 48..1919 J.J
101% 10512 Deo'06
Kan & HO & 1.1 1st 8 f gra3.19b1 J-J
Ain Tobacco 40-yr g 68.-1944 A-0 107 4 Sale 107% 108 129 104% 108
85
1 85
85
85 Bale 86
Pocah Con Collier 1st s I 58.'57 J •J
298
1951
F-A
854
711% 86
Sale
44
851
4
86
Feb'07
68-.1944
4.2
78
104
Sunday Creek Cog
IS 89% 904
90
89
90% 8934
104%
3 1034104,'12 Am Writg Paper 1st f 5s.11111; 1-J
1951 J.J
104 104
Tenn Coal gen Os
92 654 8612 92
91% Sale 804
106 105 14 Seth Meet 1st ext 81 6s..1921- .1-4
Tenn Div 1st g 6s • a1917 A.-0 104% 10514 105 Mar'll
99 12
9878 100
99 Sale 9878
104121051
/
4 ;eut Leather 20-year g 513.1925 A-0
/
4 Maell
: Bina Div lst consel 06 1917 J -J 104% 106 1041
85% Mar'll
1951 F-A
81% 85%
85%
L'onsnl Tobacco g 4s
110 Jan '01.1
85
85
• Cah 0 M Co 1st gu g 60 1922 2.0 107
9634
2 96
9634
97
9612 97
Corn Prod Rot s f g 6s....1031 vl-N
100 Jan '10 •... ......
• 'De Bar0& I Co gu g 68.1910 F-A
9814 96 MateI1
964 97
1934 51-N
•
1st 26-year sf Os..,
88%
88 liar'l 1
87
1953 J -J •
!Actor Fuel isle 158
964 1 95's 97
92
18 93
116 12 Cuban-AmerSugarcolltr68 118 5-0 96% Sale 964
93
93
93
,VaIron Coal &Deist g 65 1949 tel-13
b Due Feb e Due May g Dno irixo it Due •Ply linue Ang o Due Oct p Due Nov q Due DSO /Plat.
I *No mice Friday:latest bid and asked. oDue Jan




......

•-

•-

942
BONDS
X. Y.STOCK EXCHANGIC
WEEK ENDING APRIL 7
Al
Pennsylvania Co-(Con)
Gnar 15-25 year g 48-.1931 A-0
CI& Mar 1st gu g 446_1935 Ni•N
C1& P gen gu g4las ser A.142. J -J
Series B
1942 A.0
1948 M-91
Series C 34s
Series D348
1950;F-A
Erie & Pitts gu g 312s 13 1040. J J
1940 J.J
Series 0
Gr R& I ex 1st gu g410194,11J-J
Pitts Ft W & 1st 7s...1912'J-J
191244
287s
/419121A.0
387•
Pitts Y& Ash 1st con 58.1027111.N
PC0,31,StLgu4lasA...1949A-0
Senes B guar
1942,A-0
•
Series C guar
194211-N
Series]) 48 guar
1945-111-N
•
/
2 guar g....1949' F-A
Series E 31
Series G 48 guar.
1957 M.N
P 1st con g 58.11132 A.0
0St
Pensacola & Atl bee L
Natal'
Peo & East See() t1C es St 1,
Peo & Pek (Jo 1st g 6s....1921
?A gold 4 12s
01021 Al.N
Pere Marquette-Ref 48..1955 J-J
Refunding guar 4s.
it155 j.,1
Wmus
Ch
1921 J.0
• Flint & P
g 6s... .....1920 A.-0
1st consol gold 5s
1939 wt-N
Pt Rurou Div ist g 58 1939 A.0
Sag Tus 11 1st gu g 48 1931 F•A
Phil B & W See Penn RR
Philippine By 1st 30-yr sf4s'37 J.,/
Pitta Cmu & kit 1. See Penn Co
PIttssCleve& Tot bee B
Pitts
W & Ch See Penn Co
Pitts McKee('& Y See N Y Con
'Pitts Sli & L
1st g 5s...1940 A.0
1st consol gold 5s
1943 ,I.j
Pitts & West Melia.
' Deeding Co gen g 4s
1997 j-J
•1-1/Registered
1997 j•J
Jersey Cent coil g 4a. .1951 A 0
Rensselaer & Sax' bee 11
.
Rich & Dan See South Ily
Rich de block See Southern
Rio Or West See Den& Rio Or
Rani & Pitts See B 11 (I:, 2
Rome Wat & Og See N Y Cent
Rutland See N Y Cent
Qag 'I'as & 11 888 Pero Barg
,U9tJo Jo Or 151 latg 48-1917 j-J
St L db Cairo See Mob •18 Ohio
Eft L & Iron Moluit dee
P
St 1.• 11 Br Bee KB A ot St L
,St Louis & S If-Gong 68.1931 J.j
I General gold 58
1931 J.J
. St Li& 6 RR cons g 4s. '116 J.j
;
Gen 15-20 yr 5s
1-927 M.N
Southw Div 1st g 514-1947 A-0
Retunding g 4s
,
1931 J-J
K 0 Ft els M con g 6s 192- M-N
ref g4o 1936 A-0
IC0Ft tidts h1
K0& 11,36 131stgu5s.11.120 A.40
; perk& Oh U 1stgu 58 g.11113 A-0
811Lotus do See Illinois Cent
W lat g 4s
St
otfs.1989 m.ry
2d g 4s mo bond etre-pit/8U J-J
Consol gold 4s
11132 J -D
Gray'sPtTer la gu g 58 1947 J -D
01Paul & Dal See Nor Paoino
& Man See(It.Nor
P
db Nor Pao See Nor Pao
JAY& eYx City See()StPM &()
8A44 A.Paaal.stgug4s...1943 J.J
sink t g bs.1011) J J
F db N P
•Ss, & Weet dee Atl Coast L
Jilt/cite Val & N B See Nor db
Seaboard A L g 4s stamped '50 A-0
- Coll tr refund g 5s
1911 M-N
AdJtuatment 58
01949 F-A
Atl-Birm 30-yrlet g 48 8103'3 M-8
Car Cent 1st oon g 48...1949 J -J
' Fla Can & Pen 1st g 5s.1918 J-J
1st land gr ext. g 55-.193 J -J
•
Consol gold 58
11143 J -3
• Ga & Ala iiy lat con.5301945 J-J
Ga(ha & No lstgug os 1929 J• J
Saab & Boa 1st 58
11429 J -J
(Sher bhr & kio doe
K & '1:
BB kip (ica db
SedAtl Coast I,
Soutnern Pacific)Cofield 48(Cent Pao coll).,k1949 J-D
20-year cony 4s
g1929 11-8
Cent.L'ao 1st ref gu g 4s1949 F-A
Registered
•
1949 F-A
Mort guar gold 34s-k1921) J -D
Through St L 1st gu 4s'54 A-0
GII&SA114114218t5s 1931 M-N
• Gila V G&N let gu g5s 1924 M-N
Ilous & W let g 58 1933 NI-N
1st guar Os red
1933 M-N
• J3.411 '1'0 lot g 5s int gu 1937 J -J
Consol g 68 tut guar 1912 A-0
Gen gold 48 int gaar 1921 A-0
•
Wacodb N W div 1st ges'3U M-.14
' A & N W 1st gu g
J -J
• Morgan's La 61 T 1st 76.1918 A.0
1st gold (Ss
192 J•J
No of Ca1 guar g fes
1938 A-0
• Ore & Cal lat guar g 6s 1927 J-J
• 130 Pao of Cal-ds it
1912 A-0
1st gold Os 19
1912 A-0
•
lat con guar g )58
193711-N
So Pao Coaat 1st gu 483 1937'J J
. San Fran Terml 1st 46_1950 A-0
Texdblio6ablJtylat 866.1912 11-8
Con gold 5s
19431 J -J

New York Bond Record-Concluded-Page 4
Price
April?

p

"
Week's
Range
I'
Range or
Since
:-.2
January 1
Last Said

As* Low
Nigh No
934 98 Mar'll
102
11
0(
0
)44 j
:
j
Ja
qn
y ()
0
i)9
6
0'
1064
1064
9d Aug'09
90
95
91
90 Mer08
90
93
1
904
9032
983, Apr'04
93
91
104
4 Mar'l 1
1044
10332104 1031
,Mar'll
103
10378 Felten
18
1
103 107 1
'
,0
ett,
rc
07,3 O
10
107
109 May'10
106% 10718 Feb'll
10718 Dec'10
9gese Dec'10
93 Jan '11 .
9938 Jan'll
113 Feb'll

981
/
2
91'4
981s
112

Low nigh
9734 98%

901
/
2 91
1044 104L
10,0, 104
103%10378
1074107%
107 10734
93
93
9938 09%
113 113

109
112 Feb'10
91
97
931
/
/
4
2 931
'33½ jail'11
751
/
2 7614 754
7413,
754
66
751
/
2 7534 7578 '7574 10 68% 76%
10032
10u32 Feb'll . 100%1007s
1103
11038 11035 1 110 110%
100 103
1003210432 103 Mar'll
1011
10218 104 101% Mar'll
/
210338
Se% 89

11234
% Sale
*96
97

864 88

87

Mar'lI

/
2Jan'11
1121
93,8 Ply'07
97
98

87

86% 83

1121
/
2
/
2 1121

97'8 96 9634 9832
Alar'll
9714 0734
Mar'l 1
971
/
2
116

Mat'll

/
2 871
861
/
2

1 118 119
118
118 1194 118
10732108 1071
/
2 10744 3 107 108
90 Mar'll
.
901
/
2
90
90
88 Sale 87%
89 162 861
/
2 88
. 10034 1014
1011
/
2 1004
81
7,
80.
8232 ..
8 8232
8232 sale
(18
117 116 Feb'll _ 116 116-'s
80 154 771
/
2 804
80 Sale 79%
1001, Den'05
1(10
9834 994 99
99
1 *IN; 99%
91', 92
82
81
79
78
974

911
/
2 911
/
2 7 8978 914
81
al
81
1 78
79 109 Ws 79
78
Apr'07
1014

86% 20 se% 874
861
/
2 86% Has
104 Oct'09 •
1()0
87 Sale 86% _
42 8494 87%
100 10032 1004 314"'"
100 1004
7834
774 sale 75%
78 4 521 75
88
881 88a4 Mar'll
8534 894
91% Sale 9134
91% 9134
91%
102 Feb'll
1024
102 102
103
10838 Ireb'll
106 10338
106
/
2
1044 1041
10414
1044 Mar'll
/
2
104 1041
1044 Jan'11
10432
100 Apr'10
106's
OOOOOO •

92 Sale 92
9712 Sale 974
86is 8814 9848

92
4 914 93
98 200 964 994
964 42 96
971
/
2
Feb'10
01% Mar'l 1
914 92
914 92
934
931
92
4
93
LOU 107 1, 107 4 Mar 11 .... 1061
/
21084
11043
.beP '1)9
4MAY'09
105%1051
105
1105 Mar'll -1105 105
1051
/
2
11197s 1i093
10978 Sale 11007
.10978
1094 10932
10841104 1094 Mar'l 1
94 bitten ....1 94
9438 95
951
/
2
1104 Mar'10
116
1871,Jan 00 -1
104
1154
11154 Mar'11 ....11164 1151-1
lit Mar11,....;111 111
11034
I
112
11)1
.100 J'ne'101
101
Jan
'IV__
102
102 10218
101
1141211•93'04,
......
htar971._.1......
10'7%.
'094_
84
1_4_
90 J'ly
93
024 9212 921
/
2
101 9235 034
19104 102% 101% Mar'l 1
101%101
101 105 103 Web'll .... 103 103

,e1
BONDS
N. Y. STOCK EXCHANGE
WEEK END1NO APRIL?
Pao lilt lst-ref 48
1955 J4
Southern-lst eon g 55- 1994 J.j
Registered
1994 J-J
Develop & gen 4s Ser A 1956 A-0
Mob & Olno coil tr g 4a. 1938
Mein Div 1st g 44-5s 11196 J.J
St Lotus div 1st g 4s
1951 5.4
Ala Oen R Ist g tia
1918 J
All & Danv 1st g 48
1948• J
2845
1948 J-J
Ati & Yad 1st g guar 48 1949 A•0
Col & Greenv 1st 68
1916 J.J
E T Va & Ga Div g581930 J.j
Con 1st gold 5s
1956 14•N
E Ten root lien g Os
1938 M-S
Ga Midland 1st 3s
1946 A-0
Cia Pao Ry 1st glis
1922 J.J
Knox & Ohio 1st g 68, 1925 J•
moudiiiirprior lieu g 5s 1945 J-J
Mortgage gold 48
1045 J-J
Rich & Dan con g 614
1915 4.5
Deb 5s stamped
1927 A-0
Rich & Beck 1st g 48 1948 M-N
So Car & Ga 1st g 5s
1919 M-N
Virginia Mid ser 9s-1916 M-S
series D 4-58
1921 M-S
Series E 5s
1926 M.8
General 5s
1936 M-N
Guar stamped
1036 M-N
So'w't
1st gu 58 2003 J -J
Va &
1st cons 50-year 5s-1058 A-0
W 0& W 1st oy gu 48 1924 F-A
West N 0 1st con g 68 1914 J -J
& N A la See L N
Spokane Internal hits Gs 1955 J-J
'1 er A 01St L 1st g 410_1939 A-0
.1. 1st con gold 6s....1894-1944 F-A
Gen refund s t gab
1933 .
St LB lige Ter fp g581931)
N (.4 See so Pao Co
Tex
'132x5, Pao 1st gold 5s
2000 J-D
20 gold moos
0000 Mar
LY 11 L let s os
.La
1931 J..j
W Min \Y61 NW 1st gu 34'90 1r. A
U 1st g ba
Tol
11)35 J -J
Western Div 1st g Os 1035 A-0
General gold 58
1035 J-D
Kan & M 1st gu g 48.-1990 A•0
28 20-year 5s
1927 J-J
Tot P 84 W 1st gold 48
1917 .1-•
TolSt 1,e8 W pr lien g 34(1 1023 J -J
50-year gold 48
1950 A-0
Coll tr 4s g Ser A
1917 F-A
Tor Ham 04 Bun 1st g 48./41046 J -1)
Inter& Del 1st c,ou g Os 1928 J -D
18t refund g 4s
1052 A-0
Un Pao 1111 & lgr g 4s- 1947 J J
Registered
194"( J -J
20-yr conv 4s
1927 J.j
1st & ref 4s
92008 11-S
Ore hay 4a Ziav con g 48.1046 4-11
Ore Short Line 1st g 64..1922 F-A
let, consul g 88
1046 J -J
Guar refund 45
11.1211 J-D
Registered
1929 J-D
Utah & Nor gold 5s 1929 J•J
Uni .9.1 J tilt & 0 Co ,See Pa lilt
Utah Central Bee Rio Or We,
Utah& North bee On Paciac
Utioa & Black R See N Y Cent
andalla consol g 4s
1955 F-A
V Consol 45 Series B 1937 81-N
Vera Cruz&I,let gu 448 1934 5-4
Vet Vallnddl W See Alo
Virginia Mid bee South ity
h
gottbs
aold 5a
fitilgs 011.N
aba26s
F-A
Debenture series B
1930 J J
1st lien equip s Id g 56-1921 M1st hen 50 yr g term 48.1954 J -J
1st ref and est g 4s
1956
Det & Cli Est lot g 55 1941 J•J
Des Mom Div 1st g 48-10:19 J -J
Om Div lat g 312s
1941 A-0
Tol 61 Ch Div 1st g 4,4 1941
8
Wab Pitts Term 1st g 48.11)54 M.
J -D
Cent & Old Col Tr Co certfs.
2it gold 4a
1954. j:36
Trutt Co certhi.
.
...
-..
Warren See Del Lao 46 West
Wash Cent See Nor Rae
Wash 0& W See Southern
Wash Tenni 1st gu 348 1945 F -A
West MaryLand lst g 4e 11)52 A-0
W Va Cent dl P 1st g tia 1911 J -J
West N Y& Pa lat g 58 1037 J.J
Gen gold 48
1943 A-0
Income Os
0.11443 Nov
West No Car See South hay
Wheel's & L B 1st g 53...1926 A-0
Wheel Div 1st gold os..1928 J -J
Exton & imp gold 98...193 F -A
RR 1st °ousel 4s.. .....1941) 61.-S
20-year equip )3 15s -.1922 J -J
Wilkes & East See Erie
Wil & Sioux If bee 812816111
Wis Cent,50-yr let gen 4s 1949 J•J
leup& Daldiv& term lut 4ti'S M-N
Telegraph and Telephone
Am Telep & Tel coil It 48 1929 5-J
Convertible 4.1
1936 M-S
Mich State Telep 1st 53 1921 F-A
YTelop lat Jo gene I 410.'39 11.-N
1037 J-J
Rao Tel& Tel let 58
West Union col tr our 55 1938
Fd and real eat g 4128_ 41950 111-N
1936 B-N
Conv 48,Series A

(VoL. LXXXXII.

Price
Friday
April 7

Week's
;
13
Range
Since
0p
Range or ,„
January
Last Sale

818
disi, Low
High! No Low //WA
95% Sale 95
9535230 0432 955
106% Sale 10635 107
58 10698 108
9 400 76
'0,4
8%.61a1y0
140
794 sale
7915
874 88 Mar'll .... 86
88
108 110 118
Soar
p :10
1 ....
)
8
7,,,,m
87%
8-i-.
1 .....-81i;
107351(032 107% Nov'l 0
93
901
2u,°
/
2 8
...... -.Ng410
0
.
894 823
---------80/
1
2
1064 107 1064 Feb'll
1063210635
1071
/
2
110 Feb'10
110411034 1104 1101
/
4 7 1097 1l1'.
10538 1004 10538 Feb'11 .... 105 10535
67
65 Nov'ou
11318
114 114
114 Jan'll
11614
116 Nov'10
1054
1051
/
2 Nov'l0
82 ,ov'08
1051
/
2108 10568 Jan '11
105%105%
104%
104%105
105 Mar'll
71
71
71
71
103%105 103% Mar'll
10368 104
1061
/
2
112 Oct'06
103%
/
2Dee'06
1081
105%
108 Mar'll .... 106 106
107 Jan '11
1074
107 107
105/
1
2
105% Nov 10
109 108
108
2 108 110
984 Mar'll .... 9412 971
97
/
2
91
91 Feb'10
104% 1054 1044 Mar'l 1 _11014 109
1024 105 10238Jan'11 •
102 102%
1054 1064 103% 105', 3 1053211)032
112%
112%11238
11238 Mar'll •
98
98
97', 98 leb'l 1
1074
106 LA 108 La
10812 1'eb'11 •
•.

110

Salo 11U
110
14 110 11135
SO
70 Mar'10
991
99/
/
2
1
4 12 9'34 994
1084, N'ev'04
/
2 10878 Mar'1 1
1087a 1091
10835110'.
112 bet)'00
10112
/
2 Nat'l 1
1011
10141034
891., 91
Mar'll
90
914
97
973
. 0748 Mar'l 1
964 97%
90
02, 90
00
90
90
891
/
2 89% 894 Mar'll
894 soll
71', 70
70
139
74%
76
811
/
2 Ireb'11
81
814 814
87 Miu'll
8634
90
87
106 1054
1054 106
8418 871
/
2 86 . Oct '(u)
100% sait 100% 101
75 100 101
9914 994
1194 4 994 1004
105 !-41.88 104% 105', 184, 10332106'.
9634 Sale 911%
96% 37 1164 974
96% Sale 9578
961
/
4 69 95
97
1144 114% 1114 6111011
11441154
11238 113% 112% 112 -YU 1114 1134
9:34 94
93%
94,
80 9234 04
94 Jau'01)
1013
/
2Deo'09
1071
9018

-•

•-

-"i
-•-

•-

09
96
91

98 Nov'08
974 9634 !quell
96 Apr'10

•
•
.
•
•

9634 974
......

1084 109 10812 1084 3 1084110
1004 Sale 11101
/
2 10032 141 984 101
95 100
86 Ply'10
1034
100 Feb'l 1 ...I1UUloo
83
83 Dec'10
694 Sale 6935
7014 266 0378 71%
10734
1084 Jan'ii .•.• 1084 UPS.
1
81
81 Marl 1 .•.• 81
81
70
75
75% Feb'll ...• 74
7534
131
86
83 Sep'10 •
417
.Sale 4178
4534 0 41.4 48
41.4 Sale 41
454 511 41
481
/
2
74 61
71
/
2
/
2
61
/
2 20 •
6%
6%
U
UN 20
8

8812 00
88
89 I 83/
1
2Mar'll
864 WI
87
8632 35 86
804
10(14
10035 Mar'll
100810098
.110 109 18 Mar'l 1
10978 11018
88 32 88%
9835 891$ 8832 Mar 11
34 Velet17
1047s 10478 Mar'11
10434 10435 11)4%
102 J'ne'I0
82
844 844 Mar'll
9734 9834 081
/
4

103
100

92% 93
92%
92
924 02

101 105
1 1034 101%
86
84
1184 91/4

92% 25 9212 984
92
132 92
US

90 Sale 90
90
6, 8938 91
106% 109 10134 1094 232'105 1094
934 9934 994 Mar'l 1
9934
98
994 Sale 9835
994 131 98% 9114
97% 974 9718
97%
974 93 97
99% Sale 9938 101
12 9918 101
95
954 1,47
, 9035 24 95
95%
108%10378 10335 Mar'll
103 103%

MLSOELLANEOUS BONDS-Concluded.
Manufacturing &a Industrial
Manufacturing & induntrin1
(Alumi
Corplcoup .81063 11-N
SeoCor cony 1st g 58.'27 A.O
78 Sale I 76
7814 3
7612 79% U S Steel
44s-1936
.1-13 83/
1 du Pont Powder
SI 10-60 yr os. reg _819133 hf.-N
1
2 84
836
'.l 611 8278 8334 Va-Car
1st 5-yr 55 1923 J -D
'ten e.leotrui (ken g 34s-1012 F-A
81
82
81 Feh'll
814
-.... 81
1917 J-D 1484 saie 147
10-yr g deb 5s
West Eleotr10 Int Os Dec 1922 J-J
1451.16.111146 161
& MA t os '31 J.J
Paper Co 1st con g 68 1918 F -A 1001210218t103 Mar'11 ._. 1024104% ciestiugnouse
1935 J -J
Miecelltuieous
Consol cony s f g Os
83%
84
84, I ifl 34
87
Int St Pan:mist s f 5s...41929 11-S 9338 9335 934
1948 M-8
u'I 1911 9135 0335 Adams Ex (xil. tr g 43.
'Lackaw steel 1st g 58.__1023 A-0 119 Sale I 9814
9 I 3211 904 9918 Armour &Co 1st real68t4 4/1"31) J-1)
Wet Enarn & 81pg tat 58 1929 J-D 944 953
. 944 Mae'1 •-.. 944 05's Bush Terminal 1st 4s......1952 A-0
• Air /drake let eons! 8*'28 M-14 10
Comsat
La.
043
4
4 10
07
3781102
s7
1955 J.J
144 241a0
0
95
:
1.21/
2z19
1
21
10 9,07
lig Steel Spas 1st f 58_1921 J -J
Dot M & M Id gr incenies..1911 A-0
'Repub 1618 lab& ooltr68.1934 A-0 102',
1034 Web'll •
10341034 Instil-for Irrig Wks 448 1943 M-N
9514
Dimon Bag & P 1st at 6a 1930 J-J 495
Int Merolla Marine 4126-1922 0
j115
96 I 311
Stamped
96 Mar'111.
Int Navigation 1st a 1 68_1921) F-A
90
101/
1
210434 1(14.1
13 Leath Co sf deb gee-1913
03% 105
Morris & Co ist s 444...1939 J-J
/
2 1944
90 126581) 90
N Y Desk 50-yr 1st g 4a..1951 r-A
90 Saul 30
,VS Realty & convdebg5s"14 -J
751
/
2 )38
NB Red & Ref 1st at g 53.1931 J.J
754 Meet'
Pub 8srvCorNJ gen.88.19611 41,0
75
70
/03 104
S Rubber 10-yr coll tr 63.'18 .1-12 10338 Sale 19612 103%
Wash Water Pow 1st 58..1939 J-J
. *No prI00 Frld&V latest bid and naked this week. 3Due Feb 8 this Apr e Dn o May g Doe J'ne /4 Due J'ly kDae

mt




10535 Sale 1051
/
2
105%
101% Hale 1014
11114 sale 19034
9235 Salt 9235

inq3, 105%
10534
iso
'4•4 106%
10634
1
101', 391110032 102
/
2
10(32 iuIiiUO32 1011
9235 219 916
, 93

88 Bale 874
88
9 88% 91
024 93
11288
93
3:: 924 031
/
2
914 93
93
93
't 90
921
/
2
97's 984 98
083 IS 07
95341
35
40
35
25
83
3 35
931
/
2
964 Nem'10
684, Sale 664
6034 3 .*ea..
50
814 80 Iliar'l 1
80
74
9114 91 4 914 Mar'l 1
91
in
90
90 Mull
99
90
95', 114 Mar 11
94
934 0121i
101
1004
.... 10232102'.
Aug .Due Oct p Due Nov 80141014 8111-0 .1

CHICAGO STOCK EXCHANGE--Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Aprti 1.

*186 190
3
*2
6
*5
*89
9012
24
24
10
*9
*412 5
438 412
22
22
70
*67
23
*22
70
*68
*2112 2212
65
65
71
*70
1112
*11
50
*45

*186 188
3
*2
*512 6
0012
*89
24
24
10
*9
5
*4
412 412
22
22
70
*67
23
*22
70
*68
*2112 23
68
*65
7078 71
*1114 1112
50
*45

----

;95- Vi"
"i6614
.--4912
----

..612:34___
4912
--_
__

155 116*128 130
219 119
*117 11812
10734 108
Liars 116-12
121 12114
101 10118

*iiii

166
010312 104
434 434
7712 78
2134
*21

Wednesday
April 5.

Thursday
April 6.

Friday
April 7.

STOCKS
CHICAGO STOCK
EXCHANGE

Range for Year 1911

Lowest
L... Highest
--Rai:roads
100 185 Jan 11 186 Apr 5
8 Chicago City ity
190
186 186 *186 190 *186
*2
Last Sale 112 July'10 __ Chicago & Oak Park 100
3
4 Feb 1
100
6 Meh 23
Do pret
Mch'll -___
612
*5
Last Sale 6
50 Chic) Rya part ct1 "1"--- 85 Apr 7 93 Jan 21
85
*89
9012 *90 93
23 Apr 6 2514 Feb 3
-------223 Chic Rys part at('2'___
2312 2312 23
23
812 Feb 27 10 Jan 28
Mch'll ____ Chic Rys part ctf "3"-_
*812 10
Last Sale 10
412 Mch 1
_ Chic itys part ctf "4"___
5 Feb 27
Mch'll
*4
5
Last Sale 5
100
378 Feb 2
6 Mch 1
Chicago Subway
518 4.5o1
514
434 5
558
5
235 Kans City Ely & Lt 100 20 Jan 30 25 Feb 23
*2012 2112 *2012 2112 *2012 2112
100 6712 Mch 8 7212 Feb 25
Do pref
Mch'll -___
70
*68
Last Sale 70
100 1912 Feb 1 2412 ;4,1129
23
*21
Last Sale 227 Mch'll ____ Metropot W S Elev
100 65 Feb 1 6934 Mch 29
Do prat
15
___
8_
*68
68
68
70
100 2112 Mch10 25 Mch30
Mch'll ____ Northwestern Elev
*21
Last Sale 23
23
100 60 Jan 11 67 Mch30
Do pref
85
68
68 *65
*65
66
66
40 South Side Elevated_ 100 68 Jan 9 72 Jan 14
70
70
71
*70
71
*70
9 Jan 16 1314 Feb 23
25 Streets W Stable C L_100
____ ___
*11
1112 11
11
prat
100 45 Apr 8 50 Jan 9
Do
51
47
45
50
*45

Miscellaneous
834 Jan 3
100
925 American Can
934 1018 10
1018 1018 1018
100 7678 Jan 7
295
DO Pre
8418 8418
82
8234 8334 84
Last Sale 265 Feb'll ____ American Itadiator_100 265 Jan 9
_
*265
100 12612 Mch 9
Do pref
Last Sale 128 Feb'll ____
*128 129 *128 1-29
310 Amer ShipbuildIng_100 7158 Mch29
--_--_
73
73
73
7212 7212 *72
prat
100 11014 Jan 6
Do
Last Sale 111 Mch'll __
*11112 115 *11112 115
i418 Jan 7
40 Amer Telep & Teieg
__
-__
*145 146 *145 14512 146 146
40l Jan 23
116 Booth Fisheries coin
53
*50
-51
53
51
*50
53
53
3912 Jan 19
Voting Trust ctf
Mch'll ____
Last Sale 57
__
..____
68 Jan 14
Do pref
157
78
*74
78
*'74
'7512 -7-712 *74 -7-8
51 Jan 30
D.100
de
Canal
Chic
&
Cal
__
Mch'll
52
Sale
------------Last
----__
118 Mch29
05 Chic Brew'g & Mait'g
118
118 *1
118 118
118 118 *1
312 Mch27
Do pret
220
4
4
414 414
435 412
458
412
421 Chic Pneumatic Tool-100 41 Jan 3
5134 5134 52
5214 5158 5214 5218 5318
216 Chicago Telephone ..._100 115 Jan 25
11912 120
120 120
*121 122
122 122
Last Said 153 Mch'll ____ Chic Title & Trust_ 100 1511 Jan 6
*153 155 *153 155
868 Commonw'th-Edlson-100 113 Jan 19
12814 12838 1285 129
12834 129
12814 12812
Do rights
Feb'10 ---_
Last Sale 138
1334 Jan 11
Last Sale 1412 Mch'll -_ Corn Prod Ref Co com
-- --__ __-- ---78 Jan 18
pref
do
Do
Jan'll _ __
Last Sale 78
Diamond Match
100 9212 Feb 10
"95r2 Iii- "N. VC 94 9414 9312 9334 196
.01 Jan 4
Do rights
___
Last Sale .0112 Jan'll
100 61 Feb 17
6612 6638 6612 6612 6778 1,566 Illinois Brick
65
65
65
47 Jan 18
Mch'll ____ Masonic Temple
Last Sale 47
---- __ --_-62 McCrum-Howell Co100 45 Mch 3
4914
4912 4912 4912 4912 49
92 Mch 3
Do pref
25
*__ 96 *_- 96 *95 97
-941-2 -0412
Last Sale 218 June'07 __ Milw & Chic Brewing_
___------ -Do pref
Nov'09 ____
Last Sale 20
--- --- __
100 11714 Jan 17
207 National Biscuit
140
13914 13914 *13912 14012 140
*136 137
pref
100 123 Jan 3
Do
__
Last Sale 130
*128 130 *128 130
100 11512Jan 11
35 National Carbon
11712
11712 11712 *11512 11712 *11512Mch'll*119 120
pref
100 118 Jan 18
Do
37
*117 119
11812 120
*118 119
378 People's Gas L&Coke.100 10314 Apr 7
10338 10338 10314 10312
10712 10734 104 105
Do rights
Last Sale 11-16 Mch'09___
14612 14712 1,982 Sears-Roebuck com--100 e14134Mch15
11714 147 148
1461
pref
100 119 Jan 11
Do
94
.121 12118 12114 12114
*12114 12134
100 10018 Mch13
101 10114 10114 1-0112 10114 10112 10114 10112 1,409 Swift & Co
1 Feb 3
Do rights
Febill ____
Last Sale 4
68 The Quaker Oats Co..,.100165 Mch 7
165 165 *165 166,2 166
166
165 165
prof
100 10212 Feb 1
Do
105
_
104 104
*10312 104
104 104
434 lich16
790 Unit liox Bd de P Co_100
5
-35
3
434 476
3
475 United StatesSteel com__ 7214 Jan3
.- -7712 7733 ---- ----- --7833 7838
IOU 21. Jan 16
Last Sale 2134 - Mch'll ____ Western stone
2134 *21
*21
21-34
*914 912
80
80

ELECTION DAY

938 938
8014 8014
*128 129
7234 7234
*11112 115
*145 146
52
51
__
*50
7714 -7-711
..-- ---114
*1
412
*4
*5112 52
121 12212
*153 155
12834 129

Tuesday
April 4.

Monday
April 3.

Sales
of the
Week
Shares

2 17712 1474

Inter;se
P-riad

Price
Friday
April 7

Week's
Range or
lag Sale

Lowest

Highest

160 Oct 135 lich
112 J'ly.
312Jan
71 Jan
4 J'ly
6038 Sep 100 Jan
1114 Sea
36 Jan
16 Jan
8 May
915 Jan
3 kay
614 Aug
218 J ne
39 .‘an
20 Aug
773, Mch
69 Feb
16 Jan
'25 J'ne
51 Feb
72 J'ne.
15 Apr
23 J'ne
53 May 66 J'ne
721. J ne
5514 J'ly
7 J'ly
5438Jan
40 J'ly 104 Jan

1473 Feb 11
78 Jan 18
9714 Feb 21
.04 Jan 3
70 Jan 20
47 Jan 18
67 Jan 3
98 Feb 2

1358Jan
658 J'ne
82 Jan
6212 J'ly
240 Apr 261 Dec
1-6 J'ly 135 Apr
8411 May
72 Feb
107 Aug 112 Jan
13114(Ply 14218 Mch
43 Dec
31 J'ne
29 Aug
41 Dec
4 4 Jan
56 J'ne
55 Feb
46 Dec
1 Feb
a Feb
3 Sep
3 Sep
4/ Feb
2512 J'1Y
110 Mae 1:7 Jan
142 Aug 163 Men
10811 J'ly 12112 Jan
2 Jan
114 Jan
2234 Jan
1312 J'ly
82 Feb
i914 Apr
8212 Sep 121 ::31
.02 Dec .21 Dec
al hick
53 J'IY
46 Jan
4312 Mch
6712 Dec
40 Mch
03 J'ne 10234 Apr

140 Apr 7
130 Mch31
120 Mch 14
120 Mch23
10838 Jan 19

101
118
104
112
103

Aug
J'ly
Feb
Feb
J'ly

119 Dec
125 Jan
145 Oct
123 Nov
11534 Jan

19234Jan 31
122 Mchll
10218 Mali 7
10 Jan 16
170 Jan 13
104 Jan 6
7 Jan 3
8178 Feb 6
25 Jan 27

148 Feb
11613 Aug
100 Dec

18634 Nov
1:2 Mch
1091j Jan

155 J'iy
101 J'ly
514 Apr

186 Feb
106 Jan
1538Jan

J'ne

2638 Dec

1018 Apr 6
8418 Apr 7
265 Jan 9
130 Jan 14
79 Feb 6
11234 110118
14612 Mch23
5914 bich 8
5734 Mali 9
82 Mch21
52 Feb 2
118 Mch29
458 Apr 7
5512 Feb 23
124 Mch27
155 Mch 6
13014 Mch15

15

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending April 7

Range for Previous Fasil
(1910)

B'ds
Sold

Range
for
Year 1911

High
High No. Low
Ask Low
Bid
Amer Strawb'd ist es_1911 E. - A
0012 Jan'll ___ 10012 10012
Armour as Co 4 ;43_1939 J - 1) ---------93
Mch'll -___-__
9238 933s
Booth Fish Co DebG 53'17 J - J
Mch'll -9018 100
100
• Deb _.g 5s
90 100
Mch'll
1924 J - J -------- 100
Sink Fd Deb8s tr roe- A - 0 9815 Sale
081,3 1/812
9818 10
9818
Cal & So Ch fly lit 53227 t5 A ---___ 102 J'ne'ta, ___ _- -011113 Av & to 0(St L) 58 '12 J - .1 ___- ---- 10114 Oct'09 -__ ____ ____
100 May'07 ___ _____
Ohio Board ot Trade 431927 J .I) ____ _
10278 34 10218 10278
1927 F - A 127 Se 10212
Chicago City ity 5s
Apr'04 ___ ___ ____
Ohio Consol Br (Ss Mit 6....... J - J ---_ - ----103
Apr'09 ___ __ ____
50
Ohio Consol Trao 4 I-4s 1939 J - D
----964
3 Jan'06 ____ ___ ___
__
Ohio Auditorium 116561920 10 - A ---Ohio Jo RR Mt iil g 53_1945 if - 5 ____ 9412 Dec'09 ___ .._ ___
Feb.06
87
Ohio No Shore Elea 65.191: A - 0
8738 91
6
91
91 ,
Ohio Pne Fool 1st 5s-a1921 .1 - J t 91 Sale
9738 991
0918 64
9834
1927 F - A
9918 Sale
Ohio By 53
9334 9434
9334 Mch'll _-_
Ohio Ely. 4-53 series "A' A - (.1 t____ 93
8218 85
32
85
84
Ohio Rya 4-5s aeries "B" J - D 85 Sale
___
_ 0012 Mch•10 ___ _
• Ohio Rys 4-5s series "C'' F - A __
095s 10031
. Chic Itys coil 63_19)3 to - A 310014 10058 10014 Mch'll ---Jan'll -- 100 100
100
Chic Itys Fund 6s 1913 F - A
9778 99
5
99
99
99 Sale
Chic Itys 'rein Ctfs lit Is
6612 Aug'08 _- -___ __
Chia B I de P RR 4s__2002 51- N
Collat trust g 5s-_1913 A - b -------- 6612 July'OS
103 Mehl'.- 102 103
Ohio Telephono 5s___1923 J -I) t---- 103
10112 38 100% 1.0112
Commonw-Edison 65_1943 ,n - 5 10112 Sale 10138
10078 Nov'10 --- ---___
Ohio Edison deb 63_1913 J - J
Feb'll ---- 100 100
let g 53---July 1926 A - 0 ------- 100
_
Debenture 5s____1920 ,11, - 5 ------- 100-33 Aug'09 --- -Commonvr Elect 5351943 11 - 5 1101 --_ 10112 Mclell ..- 10034 10112
2 10314 10518
10518
Dia Match Con db 63-1920
05
1 Sal
Illinois 'runnel 55__1928 J - 1) ------- -80
Dec'08 -- ----Kan City By & Light
1913 11 - N t 975k 9814 96% Jan'll __-Co 5s
0633 063
9734 97%
Knicieb'ker Ice 1st 55 1928 A - 0 t 9814 100
1
97% Feb'll
82
1926 J - J 82 sate
82
Ti
Lake St El-lst 5s
82 -may.06
la
_
_
1925 Feb
Income 5s
MeW W Side El5434 Bale
1933 F - A
1s3 4/1
8216 86
6
8434
8413
1938 J - .1: 8112 Sale
78% 82
8114
Extension g 4a
8112 28
1939 J - J
9114 Sala
Morris & Co, 4 34
9114
9114
9034 9134
1
S
NI9878
41_1911
965 9978
6ale
9918 50
9875
North %Vest ill lit
9912 0212
9912 mea•li ___
No %V G-L & Coke,Co 5628 Q - id:1Y278 ____
(kJ
1943 ,11 - N:9278 9a
49212 9314
93
Ogdon (Ms 58
Pearsons-Taft 5s ___ 1916 J - 1) 98% -_ 10032 Meh'09 ..--- -. ____
M • S 90 ---- 9612 liels•10---4.403
Feb'10 _-- -“__
5.1 - N 96 ..-_ 97
4.60s Series lt
M- N
971a __ 984 Meti'10 -- -..-. --4.804 Series I'
6
12134 May'09
Pee Gas L (Ss 0 1st 63_1943 A - O. --1 101.34 102
Rafunding g 5s____1947 11 - b 310334 Sale 101% 10178
103 _--- 102 10311
Chia Gas L&C lst Sal 937 J - .1 :lag 10214 103
10112 me81.11 __ mut 7,0142
Consum Um let 56_1936 J - 1) t....- 103
_ 10034, Oet'10 --- ---___
. Fuel Gas Ist5s1947 14 - N
'
Mut
9114 27
93 9414
0:112
Eauth Side Elea 434_1934 J - J 94% sale
Etslit & Co 1st g 5s_--1914 J - J /104114 10012 10014 liett'll ___ 100 10178
Apr'14) ____ ____ __
143
Union El (Loop) Ills__11143 A - 4) --United Box Board col6,3670 Apr'10 _
J - J --- ,-__ 60 Diett'll -00
66
General mtg. 65
- Yilocogar
il
Waiter,' Elee Co 5s..-_,las
10004 Idelell- ---- look tood
to- an Chit...Air n n and orlon,
m ust ht., a
rr
Mate -Aver...A Intet

NAME

Outstanding
Stock
1

Surplus
and
Profits
1

Dividend Record
In
1909

In Per1910 tod

Last Paid
%

An Jan '11. 6
8
6
345.838
5100,000
Calumet National
J-J Jan '11, 5
10
243.513 1C)
500.000
Chicago City
_. Q-J Apr '11, 212
_
Contrtal & Comm Nat 20,000,000 10.259.443
Q-J Apr '11, 4
18
Corn Exchange Nation& 3,000,000 5,666.407 12
8
Q-J Apr '11, 112
9
200,001)
35.938
Drexel State
Q-J Apr '11, 212
10
600,000
435,906 10
Drovers' Dep National_
Q-J Apr '11, 112
6
200,000
43,496
6
Englewood State
12s Q-M Dec 31'10.30
10,000,000 11.263.810 12:
First National
10 Q41 Dee21'10.212
187,559 10
150,000
First Nat Englewood_
Priv ate Ba nk
543,440
Foreman Bros 11 k'g Co. 1,000,000
Q-J Apr '11, 2
8
8
479,664
Fort Dearborn National v1,500,000
(-2-J Apr '11,2
8 8+2
tilbornlan Wkig Ass'n_ 1,500,000 1,030,239
130,830 10 10+15 J-J Jan '11, 5
200,006
Kaspar State Bank_
252,715 Beg. b-us. Ma 17'10 V.90, p.1277
1,000.000
La Salle St National....
10 Q-M Mch31'11,212
537,632 10
Live Stock Exch'ge Nat 1,250,000
Q-1 Feb '11. 1
4
4
300,00u
65,980
Monroe National
Q-J ?deb 31,'11,2
8
8
Nat Bank of Republic_ 2,000,000 1,328,008
Q-J Men '11, 111
6
8
National City
488.554
r 1,500,000
Q-J Apr '11. 112
4
3
87,026
250,000
National Produce
634 Q-J Apr '11. 134
554
North Avenue State
200,000
69.432
(2-J Mch3r11,112
6
North Side State SavIts
32,040
6
50,000
Q-a Apr '11, 114
4
200,000
North West State
25,197 ____
0-, Apr '11. 212
Peoplo's Stk Yds State_
7
110,632 -__.
300.000
6 Q-11 Dec30'10,112
6
Prairie State
74,571
500,000
33,308 Ndne None --- Jan '08, 2
250,000
witallway Exchange
144
Security
207,494
300,000
4S4 Q-J Apr '11, 112
6
94,000
200,000
714 Q-J Ayr '11, 2
South Chicago Savings_
154
6
Q-J Apr '11, Ili
11,566
South Side State
200.000
12
Q-J Apr '11.3
1,500.00e 1,922,279 12
State Bank of Chicago
8
8 (4-111 Mch 3111.2
250,000
193.197
Stock Yards Savings
6 11-N Nov '10. 3
6
200,0011
43,113
Union Bank of Chicago_
100.000
8,494 See V. 90, 1). 150
Washington Park Nat'l
11,015 None None (2-M Dec31'08,112
Wendell State_..42.000
7
2.000,000
945.794
Central rrust Co ofIll
754 Q-J Apr '11, 2
6
Q-J Apr '11,113
6
112,237
Chicago Say Bk & Tr.__ n500,000
6
7h Q-J Jan '11,2
5.000,000 t 1.627.998
Chicago Title & 'rrust
4
50,000
10,053
6 11-1 Apr '11. 212
Citizens Trust & Savings
600,000
473,133 8+2 8+2 Q-J Apr '11, 311
Colonial Trust & Savings
_ . .
466,951 ---- -- -Coat & CommTr ds Say_ 3,000,000
a (i-J Apr il8
200.000
134,902
,I
DrovereTrustdcSaviags
1,500,000
Q-J Apr '11. 1%
Farwell Trust Co
223.720
6
3
12 (2-21 Dec31'10,4
16
First Trust 6s Saylinfs.._ 2,500,000 3,420.105
200,000
26,611 (floor() orated 1908 v.87, p.1138
Guarantee Trust & Say_
914111+5 (4-) Apr '11.3
Barris Trust de Savings_ 1,250,000 1,836,301
q Apr '11, 4
Illinois Trust Is Savings 5,000,000 8.976.802 16+4 16+4
66,306
65417+ 154 (4.1 Apr' 21, IN
200,000
Kenwood 'rrust & Savgs
634 (4-i Apr '11, 112
5 I
49;
200,000
Lake View 'Frust&Seirgs
Merchants Loan&Tr Co 3.000,000 9.110.34 12 I 12 (2-., Apr '11. 4
6
Q-J Mch'll, 112
129.803
6
750,000
)ietropolltanrruat&Say
110.426 Bag. bna.Oet 29'1 01/91,p.1221
200,000
Mlobtgan Ave T: Co..
Q-J sich 3I'll.2
8
1,600,000 2.626.259
Northern Trust Co
8
J-J an '11, 4
6
6
200,000
73.7 •
North-Western 'Yr &Say
,1'10 V. 92. p. 94
140.768 Beg. us.Dee
500,1130
toPeople's Tr Is Say Bk
8
Q-J ;Ich31'11.2
$
2411.862
$00.000
Pullman Trust & Saves_
200,000
,12 I 9 V.89.p.141
30.973 Bee b me./13
Sheridan Tr & Slay Bank
1,000.090
2611.531 Cann caned bus. Sept 6 1910
Standard Tr & Say
200,000
M. :
6
614 J-J uly '10. 3
Stockmen's Trust le Saw
1,200,000 1.326.97 18+2 3+2 1-11 Molar-11.2
(Bolan Trust Co
6
Q-J Apr in. 111
/67-867
6
Weet'a Trust Is Saving's 1,2106' I'
6 0-115 idea 32-11.
200
kW.= ___
West Sid* 'rr &Sae Bank
v -- ••••• n
'Piz r,I
m
AA lA
elfla (1.11
LA,......,i....... T.. A.Qa cr il wry a

•Iikl sad asked Wean so nalea were made on this day. Illeh. 7 (time of business) for national banks sed Web- 3 Noma* et buotasss) Sur Stele hweitueleoe. /No
friday; latest pales this week. is Due Dee. at. a Due June. / Also 28% in stock.. a capital to be tnerramed to $1,000.000. e Dividend. are paid Q.,4 with
r
rice
i
xtra payments Q.V. r Proposition to Marenee eapital to 32,000000 ratified Jan. 20. see V. 92, p. 96. • Is addition tile equivalatt ol 4% some sense boss Ant
a In addition the equIvskot of I% same from First Trust Is Savings Bank. •P-ropoeat to Inereass &Botta',to $3.170104000
list & Wrings Doak. spas. al 1910.
.......
V. 92.iN 861. 6Ex..snosk dtvidanst et 311sfe..
COlnakaadjkl.
leIlanway Exchange Bask absorbed by People's Trust &Baying Bank.




-

BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
April 1

Monday
Apr11 3

Tuesday
April 4

Wednesday
April 5

Thursday
April 6

Friday
April 7

Sales
of the
1Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since January 1.
On basis of 100-share lots.
Lowest.

Railroads
111 Atch Top ec Santa Fe.100 10218 Jan 5
*1093 11018 *10918 10958 *10933 11018 110 11018 10918 10013 10878 109
pref
100 10118 Jan 3
Do
Last Sale 102 Meh'll
*102 10234 *102 10234 *102 10234 *10218 10278
100 220 Apr 7
220
221
222 222
222
44 Boston & Albany
222 *__ 222
223 223
100 212712 Feb 3
238 Boston Elevated
12812 12812 128
12814
129 129
12914 12914 12834 12834 12813 129
*210
17 Boston & Lowell
100 207 Feb 1
210 210 *210 ____ 21112 21112 *210 ___- *210
114
1)74'- 282 Boston & Maine
100 114 Apr 7
11512 11534 11534 116
11534 116
11612 11612 116 116
295 295 *293 295 4.29414 295
20 Boston & ProvidenceJOG 292 Mch2:
296 296 *295 296
*295
Boston Suburban Et Cos_
14 Mch 1
*14
16
Last Sale 16
Meh'll
16
*14
*14
16
*14
16
72 Jan 6
5 [30D
sto
o
*72 ___ *73 - _ *73Last Sale 75
*73
n &
Ins%orc Elec Cos_
Feb 15
11
10
*8 WI*8
10
812 812 *8
*8
10
*8
prat
3812 Jan 3
Do
____
4314 .4314 *43 ---- *4312 ---- *43
25
*42 ____
*41
133 Chic June My & USY_100 15612 Apr 5
fee; 15712 15712 15712 15712 15613 15712 15713 15712 15712 15712
pref
Do
214
100 107 Mch17
108
108
10712 10712 10712 10813 10812 10812 108 108
107
35 Connecticut River__ _100 265 Jan 31
289 269 *266 275 *265 ____ *269 275 *_-__ 272
100 12614 Apr 4
127 127
127 127
30 Fitchburg, pref
127 *125 12612 12614 127
109 Ga By & Electric_100 11712 Jan 23
13314 134 *133 134 *13212 133 *_ _ 133 *132 133
prat
Do
106 86 Feb 20
91 *____ 91
*
92
92
ast Sale 9114 Meh'11
*90
*90
---- --Last Sale 211 Mch'll ---- Maine Central
100 211 Mehl7
_ s__
_
205
*j7l. 1712 ;154 -1-71-2 1714 1714 *17 -1-712 *17
1714 "iiE dass Electric Cos_.. 100 1612 Mch
*17
prof
Do
81
100 8334 Jan 9
8712 8712 *87
88
8734 88
*8713 88
734 8734 8712 88
147 14714 147 14714 147
14634 147
480 NINH& Hartford_100 14612 Mch 24
147
14714 14734 147 147
Northern N H
___ *141 __
100 139 Jan 13
*14012 ____ *141
*14012
Last Sale 141 Bleh'll
Norwich & Wor pret_100 210 Jan 26
215 *-- 215
Jan'll
fE - *____ 215
Last Sale 210
Old Colony
100 183 Mch 15
.186 *____ 186 *_- 186 *-_- 186
Last Sale 186 BIch'll
100 32 Jan 26
41
41
90
4013 *__- 40 *____ 40
*40
40
41
"iio Rutland KO
39
100 x106 Jan 6
107 *____ 107 *105 107
10612 10612 106 106 *..- 10512
38 seattie Electric
pref
Do
100 29112 Mch11
98
98
90
98
98
98 *___ 9813 *---38
98
9814
100 171 Jan 3
280 Union Pacific
17634 17634 1763 17713 *177 17714 17634 17633
*17612 17634 *17631 177
Do pret
100 90 Mch 9
9312 *9312 94
*93
94
*9513 96
Last Sale 9234 Meh'll
*93
156 Mch 21
Vermont &
*156 ____ *157 ____ *157 __
Last Sale 156 Melell
*156
50 8913 Feb 1
90 *8012 90
8934 8934 90
90 16
"134 o,est EndeeSt
8912 8912 *8912 90
isrc t
50 102 Feb 27
*103 -__ *103 10312 103 103
D mp
*10
103 103 *103
12
10313
Harmon s
5712 5738 5733 5678 5714 5634 5634
5712 5714 5714 *57
810 Amer Agricul Chein_100 4612 Jan 3
57
100 99 Jan 6
10112
101 1015 10138 10112 101 10138 101
Do pref
.10112 10112 10138 102
687
41,
,Jan 4
50
412 5
*434 514 *434 5
212 Amer Pnou Service
47g 478
478
978
*434 5
50 14 Jan 3
16
*15
93
Do pref
16
1512 1512 *15
15
*15
15
1514 1514
11334
Jan 5
Amer
Sugar
IteLln_
_100
118 119
11812 119
11812 119
259
11834 111311878
119
119
119
4
prof
Do
100 11134 Jan 5
117 117
11634 11634 116 117
247
11612 117
11614 11612 11612 117
14434 145
14434 145
145 14514 14434 14513 14518 14614 14578 14618 6.108 Amer Tele!) & Teleg_100 140 Jan 3
600 American Woolen
100 31 Jan 4
34
32. 32% *32
3334 3414 34
3434 3434 3434 3434 3434
100 286 Mch 20
8814 8912 8912 90
8878 9053 89
7
40
8912 8918 8912 8933 8912 1,75
814 Jan 17
AtD
1
G
o
ultPecW
00
rel
I
S
S
10
L-1
*934 1018 *034 1018 *934 1018 *934 1014 10
*934
Ms
22/2 *22
*22
2212 *22
100 21 Mch 11
Do pre!
2258 2258 22
22
2214 2214
230
103 *8
512 Jan 13
812 __
Boston Land
10
*8
812 *8
Last Sate 8
Meh'll
10
147 147 *147 __ *147 14834 *14/ 14-14 *14778 -___ 14713 14712
ii Cumb Teiep & Teleg_100 14514 Jan
10
10
714 Jan 18
630 East Boston Land
968 968
934 10
934 978
98 973
934
934
283 28414 282 28312 282 28313 *282_ 283 283
284
284
202 Edison E'ee Illum__100 282 Apr 3
14834 149
198 148%, 149 14-914 14812 14914 14912 15014
*14814 149
616 General Electric
100 x14518 Mch 3
9218 9238 92
9238 92
92
9134 9134 9112 9214 9153 9158 1,352 vlassacnusettsGasCos 100 8734 Jan 3
98
96
9714 9734 9678 9678 9614 97
2505
6
100 95 Jan 3
9514 9612 9612 96
Doenthr
Merg
21512 21534
P aelter Lino
216 216
100 211 Jan 4
215 210
21534 21534 *215 216
*215 216
412
Mexican Telephone
Mete 11
312 Mch20
Last Sale 358
10
412 *4
*312 412 *312 412 41.4
67 N E Cotton Yarn-_100 110 Jan 3
113
113
113 113 *112 11312 *113 114
*113 115 *113 115
43
Do pref
11214
100 106 Jan 3
11212 11212 112 113 *112 11313 112
*114 116 *11212 115
139 N B Telephone
100 137 Jan 19
144 14414 14412 145 *___ 144
143 . 145
*140 145 *140 143
20 Pact0c Coast Power...100 96 Jan 9
103
103
*102 ____ *102- 103 *102 103 *101 103 *101 103
314 Pullman Co
100 158 Mch 6
100
16014
15914 15912 15912 15978 15913 15913 15934 15934 .15934 160
145 Reece Button-Hole_ 10 212 Jan 5
1414
15
*14
14
14
1414 1412 1434 21414 1414 *14
14
557 Swift & Co
100 100 Jan 26
, 10073 101
lot 10113 10138 10138 10138 10112 10112 10134 10114 10133
25 30 Feb 1
7 roprriongtnt
719
32
3214 32
32
32
32
32
*31
*3114 32
32
32
pre!
25 27 Mch 23
*2713 28
*2714 28
*2714 28
2712 2712 2714 2714 *2713 28
100 180 bleb 13
805 United Fruit
181 18112 18112 18212 18212 183
183 18312 18314 18412 18412 18412 2.836
Un Shoe Mach Corp.._ 25 5414 Jan 13
5412
5512
55
543
4
55
56
56
5614
55
55
5614 56
e0
frp
25 2818 Mch 39
steepirc
bo
454 0 D
2814 2814 2834 2834 2834 2834 2834 2834 2813 2834 Ms 2818
100 7138 Jan 3
7712 774 7714 775 6,638
7712 78
778 7858 7734 7814 7738 78
206
11634 Jan 3
pref
100
119
119
1185
11812
5
119
118
*11834 11914 11873 11878 11834 119
130 West Telep & Teleg_106 1612 Jan 17
20
*19
*19
20
20
20
*20
21
20
20
20
20
Da prct
100 89 Jan 23
94
94
*9312 94
*93
94
9313 9313 9312 9313 *9314 94
Mining
120 Adventure Con
5 Mc1425
25
5
5
5
514 *5
514
5
514 *5
514 514 *5
6 Jan 24
410 A1120mah Mining _- --25
712
714
738 8
8
*714
712 712
734 734
Allouez
32
25
Apr 6
3212
33
32
32
33
*32
32
32
*32
33
33
*32
3.356 Amalgamated Copper 100 61 Jan 3
0238 63
6268 63
6318 6312 6253 6278 6212 63
63
63
685 Am Zinc Lead & Sm._ 25 23 Jan 27
25
25
2434 25
95
*24
25
*2414 25
*2414 2534 25
430 Arizona Commercial_ 23 13 Jan 12
13
1314 1312 1314 1314 1314 1314 13
*14
1412 *1384 14
540 Atlantic
378 Feb 16
25
378
378
*378 4
4
4
4
4
414
*4
412 *4
100 Bonanza Day Co
10 .50 Jan 5
.60
*.50 .60
.50 .50 *.50 .60 *.50 .60 *.50 .60 '.50
235
Bos&CorbCop&SIIMg
1113
12
12
Jan 13
12
1212
*1112
*12
1214
1212 1213 *1214 1238 12
530 Butte-Balaklava Cop.. 10
434
5
412 Jan 30
5
5
5
514
5
5
534 *5
514 514
730 Butte Coalition
15 17 Apr 7
1713
18
18
1712 1712 17
1712 1713 1712 1712 *1712 18
1,550 `alumet & Arizona. 10 46 Jan 19
5012 50
50
51
6012 4913 50
50
51
5034 51
51
485
16 Caluinct & Reda
490
481 485
25 470 Feb 27
485 485
*480 485 *485 490 *480 485
*12
13
*12
13
19
29
13
0
*12
25 1112 Jan 30
13
*12
13
1214 1212 *12
C'oenns"Mnnerlaclur Gold
*.07
--__
.07
*
1 .05 Jan 6
.05 .07 *.07
.07 .07
*.06 .07
Copper
Range Con Co 100 60 Apr 4
1(1- 2,128
6012 60
60
6018 oo
61
63
63
6312 6312 60
157 Daly-West
478
478
3 Feb 8
20
*434 5
*434 5
473 473 *434 5
5
5
1218 1173 1218 1134 1178 2,853 East Butte Cop Min..., 10 1152 Jan 11
12
1214 1214 1213 1214 1214 12
Elm River
Last Sale .18 Bleh'll
12 .15 Jan 30
9
9
7 Jan 21
25
260 („Friroantkixlin
-112 9 914 6
9
9
914
6
6
534 Mch 10
6
Consolidated.. 5
618
1,840
6
6
618
6
8
6111 614
158 Granby Consolidated-100 30 Jan 26
3212 32
3212 *3012 3078 *3012 3072 3013 3078
30
32
31
812 2.828 Greene Cananea
558 Mch10
612
20
612 812 6 7-19 612
638 63
633 67-16
612 612
23
22
2212
630 Hancock Consolidated 25 18 Jan 24
2212 2213 2212 2212 2212 *22
2214 2272 22
1 Jan 20
115 Helvetia Copper
14 14 *112
25
112 112 *112 134
134
*113 134 *112 134
1212 1,210 Indiana Mining
25 1114 Jan 30
1212 1212 1314 1238 13
1214 123
1213 1212 *12
*12
1 3038 Apr 7
385 Island Creek Coal
3012 3078 *3014 3034 3012 3034 T:
*3013 31
*3012 31
,18 30%
1 87 Feb 3
Do pre
88
8812 8814 8814 684 8812 1,228
8712 8734 8734 88
8734 88
385 Isle Royale Copper_.. 25 1212 Mch 3
1212 1234 1213 1212
13
13
13
13
1334 1334 *1313 14
614 Apr 1
5
766 Kerr Lake
614 614
814 814 *81_4 8 5-16
614
,
614
614 633
833 638
2 Jan 28
25
55 Keweenaw Copper
2.4
2
214 *2
212 *N14 212 *214, 212
214
*2
212
25 3112 Apr 7
2112 3112
705 Lake Copper Co
32
32
32
3212 3212 3213 3212 3212 3234 32
25
4 MchI8
102 La Salle Copper
4
414 414
414
4
4
*4
414
414
414
25
6 Rich 10
299 Mass Canso!
6
6
8%
614 514 *618 7
6
6
618 818 *6
25 .20 Feb 18
310 \layllower
1% 13 *11g 1 7-18 1 1-16 1 1-18 *1 1-16 114 *1
1
1
114
Mexico Cons M & S._ 10 .01 Mch27
_
Meh'll
Last Sale .01
6 1814 Apr 6
Mianil Copper
*1913 1933 "B" WI; "iii" "itil"
4 Ties "f83"4 1814 1812 *18% 18% 1,880
134 Apr 7
25
430 Michigan
2
2
134
2
2
2
*134 212 *2 • 213 2 2
25 37 Mch 31
105 Mohawk
37
37
*37
38
37
37
38
38
*38
40
37
39
1,716 Nevada Consolidated., 5 18 Apr 6
1814 1814 1818 1838 1814 1833 1818 1814 18
18
1814 18
212 Mch
New Arcadian Capper 25
*212 314 *213 314 *213 3
Meh'll
Last Sale 314
*212 314
5 1012 Jan 3
1068 1034 1012 11
1012 1034 1013 1034 1012 1033 1034 1034 "iii NIpIssing Mines
15 26,2 Jan 30
2.814 28
28
28
2734 28
2712 2713 2714 2714 2678 2712 3,838 North Butte
25
5 Apr 5
380 North Lake
6
*5
5
5
6
5
512
5
5
*5
534
5 Jan 17
25
618
70 Ojibway Mining
6
6
*6
638
6
6
*578 613 *512 618 *512
25 .50 Jan 5
75 Old Colony
1
*1
*.80
114 *1
1
114 *1
114 *1
1
114
300 Old Dominion Co...... 23 3612 Apr 1
37
37
37
*3613 38
3612 3612
37
3612 3653 37
37
25
105 Feb 20
112 Osceola
106 106
*105 109 *105 110
105 ,106
106 106
105 105
*1112 13
Parrot Silver & Cop.. 10 11 Jan 26
*1112 13
Mch'll
*1112 13
*II
13
Last Sale 12
23 65 Jan 25
75 Quincy
8713 6712 6713 6712 68
*67
6712 *6712 69
6734 68
68
977 Ray Consol Cooper_ 10 15% Apr 7
1878 1678 1534 1612 1658 1578
*1812 1718 1612 1812 *1612 17
1 Mch27
100 Santa Fe Gold & Cop_ 10
118 *1
118
113 118 *1
118
*1
118 *1
118 *1
868 Shannon
10 10 Mch30
1013 10
1014 10
1012
10
10
1014 1014 10
10 *10
5 .80 Jan 16
300 South Utah M & S
.85 .85
.85 .8.5 *.80 .85
.80
.80
*.85 .87 *.85 .90
25 33 Apr 7
487 Superior
34 . 3414 34
34
34
33
34
34
34
3313 3312 33
3,736 Superior & Boston Min 10 21618 Apr 7
33
3
318 2 15-16 3
4
4
4
4
4
.4
4
1418 3,262 Supertor&Pitts Copp.. 10 1332 Jan 3
1412 1413 1414 1412 1414 1438 1418 141g 14
1418 14
25 3612 Apr 8
130 Tamarack
40
38
40
38
*40
3612
41
639
41
3612 33 *38
25
4 Jan 19
495 rrinity
4
413 *4
418
4
418 414
4
4
4
4
4
548 U S Smelt Itet & Min_ 50 3314 Apr 7
34
3334 3334 3312 3353 3314 3314
*3334 34
34
*3334 34
Do
50 4512 Apr 4
pret
4513 9558 4512 4512 4512 4512 1,485
46% 4658 4638 4633 4513 46
5
570 Utah-Apex Mining
2 Mehl°
238 238 *214 212 *238 212
233 238
238 212
130 Utah Consolidated
1312 1312 1312 ;i5" "1312
9:34 Jan 20
1318 *13
1312 1312 133 1138 13
10 4318 Mali 4
433 4314 4378 4373
44
85 Utah Copper Co
4412 44
*44
4912 4418 4414 *44
25
85 Victoria
112 Mch 23
158 *112 2 *1 9-16 134 *1 9-16 158 1 9-16 19-16
I% 158
15
415 Winona
23
7
Meh 9
7
7
7
*612 7
7
7
714 714
714 714
25 110 Mch30
159 Wolverine
110 111 *-- 110
110
110
110 110
*110 ---23
Wyandott
*114 112 *110--114 Jan 25
*114 112 *114 112 *114 112
Last Sale 114
•Bid,and asked prices. d Now stock. •Asst paid. to Ex-stook div.. 08 Ex-rights. a 1252-div. and rights.




Highest.

Range for Previous
Year (1910).
Lowe,t.

11038 Meh 29
,3112 J'IY
9712
10313 Feb 1
226 Feb 15 218 Joe
12978 Feb 1 x122 Aug
216 Jan 4 :.03 J'iy
12238 Feb 15 hil8 Dec
300 Mch 6 185 Oct
16 Mch15
11 J'ne
70 J'iy
73 Men 9
8 Mob
9 Feb Is
35 Aug
4314 Apr 4
101 Feb 27 139 Sep
113 Fob 29 1u9 Oct
269 Apt 3 100 Oct
130 Jan 4 12414 Sep
134 Mch15 104 Jan
63 Apr
91 Mch 7
215 Jan 18 202 Fel)
1
7
15
114 ,Ji:15
8
18
3 F
Fe0
13 2
1511 Feb 23
142 Men 6
210 Jan 26
189 Jan 3
43 Feb 21
112 Feb 27
10234 Jan 9
18018 Feb 6
94,8 Feb Is
160 Feb 21
93 Men 22
105 Jan 10

149 Apr
130 Dec
210 May
18114 Sep
25 M.is
101 Auti
9634 Auv
15314 Jiy
8314 J'iy
163 Oct
33 Sep
99 J'ly

Highest.
12118 Jan
10414 Jan
214 Jan
13934 Jan
22/ Feb
152 Feb
340 Nov
1618 Nov
76 Apr
1012 Sep
48 Jan
160 Dec
118 Jan
270 Aida
133/2 Jan
123 Oct
90 Oct
218 Dec
21!, Nov
8334 Nov
16238 Men
141 Dec
212 Mch
:00 Jan
4412 Nov
116 Jan
WO Men
20312 Jan
10338 Jan
161 Jan
951.,Mch
109 Feb

5913 Feb 28
26 J'iy
4912 Oct
11812 Dec 105 Sep
105,4 Men 1
4 Dec
612 Jan 20
873 Feb
1334 Dee
1914 Jan 31
24 Feb
122 Feb 27 111 Oct 12738 Mch
119 Feb 2 11134 Oct 124 Mch
1478 Mehl:9 12714 J'iy 143% Nov
26 J
3014 Mch 20
1912 Mch
9012 Dec 10414 Mch
9534 Feb 8
1112,fan,
1012 Jan 25
I /deb
16 MaY
28 Jan
26 Jan 31
812 Jan
412 J'IY
8 Men 7
15134 Mch i3 13812 J'ly 15213 Mch
718 Apr
1152Jan
11,14 Feb 2u
29312 Nov
29213 Feb 3 .230 Ja.
15533 Feb 10 135 J'iy 16012 Jan
7614 Feb
94 Jan 20
9133 Nov
98 hIch25
89 May
337 Mch
22114 Feb Is 21212 Dec 226 Nov
*2,4 Jan
478 Jan 11
034 May
119 Mch 14 107 Sep 124 Jan
9912 Aug 113 Jan
11812 Mehl.,
145 Feb 14 12913 Aug 13834 Dec
9314 Nov 100- Jan
103 Mch 28
163 Jan 30 153 Joe 200 Feb
1114 Jan
1434 Apr 4
14 Oct
102,4 Men 6 100 Jan 10934 Jan
28 Itch
36 Jan 3
37 Dec
29 Jan 17
27 Jan
31 May
19212 Jan 19 16512 Jan 200 Sep
4634 J'iy
5878 Feb 18
7134 Apr
2914 Jan 31
2514 XIS'
31 Jan
8218 Feb 6
9034 Jan
6138 J'iy
12013 Feb 2 11i J'iy 1255g Jan
2314 Feb 6
14 Feb
1934 Sep
97 Feb 3
81 Aug
94 Jan
7 Jan 5
10 Feb
4 J'1Y
734 Dec
812 Feb 3
1434 Sep
31 J'iy
39 Jan 4
58 Feb
6514 J'ly
67 Feb 6
1,034 Jan
1012 J'iy
2534 Jan 7
4013 Jan
15,3 Feb 1U
1214 May
6034 Jan
12.14 Jan
514 Feb 2
5 Joe
.55 Feb 16 .50 Mob .70 Mch
10 May
2414 Jan
1334 Feb 3
412 Nov
612 Jan 14
1814 may
15% J'ne
III., Jan
1934 Feb 6
4434 J'iy 101 Jan
56 Feb 3
J'iy
545 Jan 4 500
685 Jan
1310 J'ly
1512 Jan 4
13 Jan
.16 Jan
.07 Apr 3 .04 J'iy
Feu
58
85 Jan
6934 Feb 2
312 Sep
9 58111ch
5 Mch21
14 Nov
614 J'1Y
1314 Feb 2
212 Feb
.20 Jan 6 .05 Oct
9 Dec
2212 Mch
81013 Feb 20
6 J'iy
1212 Jan
818 Feb 6
Jan
11114
20 J'IY
4012 Jan 4
633 Sep
11% Jan
7 Jan 9
10
1434
J'1Y
Jan
82434 Mch 1
134 Oct
5% Jan
2 Feb 4
10 J'iy
4434 Mcla
1373 Feb 6
3334 Oct
3034 Dec
34 Jan 9
8414 NOV
90 Nov
90 Jan 9
1812 Jan
1313 May
1612 Jan 4
11 Jan
x6 Sep
7% Jan 21
3 J'iy
634 Jan
312 Jan
2812 J'iy
33 Feb 21
0412 Jan
10 Jan
6 Jan 3
014 Dec
412 Men
8 Jan 3
1058 Oct
171,3 Mch 11 .35 Oct
178 Jan
.25 Jan 16 .01 Nov
Jan
2053 Feb 6
17 J'ly
29 Jan
312 Jan 4
812 Jan
314 Dec
4512 Jan 7
43 J'ly
75 Jan
1934 Feb 6
1758 J'iy
2713 Jan
313 J'iy
10% Jan
334 Feb 8
11% Feb 17
12 may
934 Jan
301, Feb 9
60 Jap
18 J'ne
734 Jan 9
614 Dec
2678 Mch
5 Sep
1234 Jan
714 Feb 15
114 Mch 30 .25 Aug
134 Feb
42 Jan 13
1912 J'ac
65 Jan
129 Jan 3 114 J'iy 160 Jan
1234 Feb 2
11 Dec
2134 Jan
J'ly
71 Jan 3
02 Mch
1832 Jan 4
1514 J'1Y
2434 Bach
112 Jan 5
114 Nov
234 Jan
1214 Feb 2
834 J'iy
13 Jan
1 Dec
1 Feb 1
334 Jan
4212 Jan 3
1814 Jan
36 J'ly
6 Jan 7
18 Jan
Oa Deo
1538 Feb 3
16% Jan
9 J'1Y
52 Jan 3
78 Jan
4513 J'ne
5 Jan 3
11% Jan
412 Dec
3712 Feb 4
55 Jan
30 Dec
48 Mch 1
013 Jan
4534 J'IY
614 Jan
2 Dec
3 Jan 5
46 Jan
15 Mch 14
1213 Dec
1013 Jan
4655 Feb 0 /13934 .1'no
5.34 Jan
2 Dec
212 Feb 7
5 J'iy
15 Jan
912 Feb 6
122 Feb 10 102 J'iy -60 Jan
3$4 Jan
J'iy
2 Feb

945

Boston Bond Record

APR. 8 1911.1
Bo:.in,
131-91
BOSTON STOCK EXCH.'GE
„t
Apnai 7
ENDINO
NEK

Price
Priday
April?

13011)s
BOSTON STOCK EXCEPGE
W EC IC ENDING APRIL 7

Week's
Range
xStitce
Range or 0,9
Last Sale :41-'1.7anuary 1

Ask Low
Eta
High
ILow High
/
4 Sale 10114 101 151 25 10141024
A.m Agrical Chem 18t 58..1928 A.0 1011
/
4
/
4 taie 8934
90 1107 89.5 901
,Am Teleu 'ref 0011 tr 4a.1929 J -JI 911
/
41091
/
4 108
109
12 10578 109
' 'Convertible 48...........1930 NI-3 1081
,Am Writ Pamir lot s 15s g 1919 j.J1
90 Feb'11.
90
90
102
Am Zinc L & S deb 6ri....191 J
/
4
1024 Mar'll -- 10.0 1021
89
Ariz Corn Cop 1st cony Os 1920 j-DI 841
/
4 sale 84
84341 6 84
99;
/
4 9914 981
98761 2 98
Atcn Top & Felon g 48..1995 A-0 981
/
4
Adjustment g 4s....J'ly 1995 Nov
/
4
904 914 91 Marl
/
4 911
.911
Stamped
9l
Ply 1995 14-N 901
/
4 911
/
4 91 Mar'l 11-- 41
1935 J.D
109%10934
60-year cons* 48
10936 Mar'11 1
,
10-year cony 88
1917J-D
110% Mar'l
'10814 110%
73
8.'59 J -J
Atl Glfu & W I SS IA11685
721
/
4 Sate 72
72% 331 68
Boston Elect L conaoi 66.1
192
914
0j
M.
-13
j
110 Feb'04
Boston & Lowell 49
1004 Mar'0,9.
1944, J
Boston da Maine 44.1
1041
/
4 Oct '08'
/
48 11147 F-A
Boston Terminal 1st 31
1124Jan '03'
1918 J -J
Bur &Monis cons Os
103 103;
103 Jan'11
1917 A-0
Butte & Boston 1st 6s
100 J'ne'01
Matte Elec de Pow 1st g 58 1951IJ -D
(Mar Rap & Mu R 1st 7s 1916 M-N
113.5 May'10
/
4
'Cent Verml,1st g4s..blay1920,4-11
/
4 901
91 Sale 91
91 1 2 871
0 B & Q Iowa Div 1st 58.1919, A-0
11103 Oct'01,.........
lowaDiv 151 45
1919 A-0
99 Feb'l 1
Debenture
Os
11
4
,
1913 M-N
10034 101 /
1011
/
4 Mar'11
Denver Eaten 4s
1922 F-A
9914 100
Mar'l1
I - Nebraska Exton 48
1927 M-N
98.4 1/830
9836 Mar'l 1
1 13 & W t 4s
/
4
991
/
4 991
991
/
4 Feb'll .
11121M.3
' Illinois Inv 348
87% 884
1449 J -J
873651.ar'11.
Ohio J Ry & Stk. Yus 58.1915 J
/
4 101 1 3100 1014
/
4 Sale, 1001
1001
Coll Unfit rettualing g 1311140 A-0 891
89 Mizell'. .1 8934 91.1.4
/
4
Oh Mil & St P Dub D 63_1920 J -J
114 114
114 Jau'll
Oli M di St P WIG V div 681920 .1 • J ......
113% Feb'll -.1113% 11334
Ohio ce No Mien 1st gn 58.193i M-N
99 100 100 Mar'l 1 .... 99A101
Chic & W Mich gen 58
.100 10136
10136 /feel
1921 J
101
Concord & Mont Cons 48-1920 J.1)
91 Den'07
1
Conn & Pass 14 1st g 48 1943 A-0
..
/
4 JAating:
3u
0
1(
14211
Cudahy Pack(The)lst g 561924 M-N
07
97
97 Mai'l1
Current River 1st Os
1926 A-0;
87
87
87 Feb'11
Det Or Rap
W let 4s 1946 A-0
/
4
95% 1161
'3534 Mar'll
Dominion Coal lot s 63 1940 M-N
I
1031
/
4 Apt'05
Fitonburg 48
1916 M-8
96 Apr'08
45
192710-8,
127(4127's
1274 Jan'll
Premt Elk & klo V let 68 1933 A-0
1
140 Apr'05
Unstampen 1st Os
1933 A-0
/
4
96 1 11; 9512 96;
96 Sale 951
GS Nor() 13 & (.4 con tr 4819211J -J
/
4
9534
95.4 Mar'111....1 95% 951
1921.1Q-J
Registered 48

z
gg

1

Range
Week's ,
o
Since
Range or
Last bale P4 -0 January

Price
Friday
April 7

4

.11 Lyn. -Vo Lou. fligh
4811 Low
Btu
Illinois Steel deben 58
1913 A-0 100%
Mee 100341 7 100 102%
la Falls &Sioux 01st 78 1917 A-0
117 Apr'08,
Kan 0Clin & Spr 1st 5a 1925 A-0
P414
11 911
/
4 9414
KanC Ft S&Gulf extfai 1911 J.D 100
/
4 Feb
Feb'111...'11 ..-.1 10016 100 16
1001
Kan C Ft Scott & M 68-.1928 M-N 11474115,5 1154 Ii5,41 3 115 1164
1934 1111-S
Kan 0 M & B gen 48
92
921
/
4 5 I 82
934
92¼
Assented income 5s
1934 till- 18 87
11 88
90
88
88
83
Kan 0 & M Ry& Br 1st 531929 A-0 102¼ 102% 102 Mai'lI'....1 102 103
Maine Cent cons 1st 7s 1912 A-0
102% Feb'11....1 10234 102%
1912 A-0
Cons let 4s
1014 Sep '05'
Mara Hough & Ont ist(38 1925 A-0
115 J'ne'08
997
1929
Maas Gam 41
/
48
991
/
4Sale 99%
ti 4 :19 ku100
1917 J. J
Mich Teleplat 5s
97 Aug'101
Minne Gen E'ec con g 58 1929 J-J
102¼ itg'O4
1929 F-A 102's alt 10238 102; 6 100 103
New Bug Cot Yarn 5s
1915 A-0
New Eng Teleph Os
101 4 31ar'1 1 .... 10134 192
1916 A-0
its.
1004 oep'us
New England cons g 5a 1945 J-J
1939 A-0
Boston Term lot 48
New River(The)cony 58 1934 J.J
76 Oct '10
N TN ft& B. con deb 34511156 J-J
991
/
4 Feb'll ...
994 901
/
4
1948 J-J
Cony deb Os (ctfa)
13334 Mae'1 .... 133 13434
1924 F-A
101 Apr'09
Old Colony gold 48
/
4 Sep '09
Oreg Ry 63 Nav con g 4s 1946 J.D
981
1922 F-A
Oreglih Line 1st g 65
11478 1feb'11 .... 11434 1141
/
4
99 Mar'10
Pere Marquette deb g 68 1912 J.J
103 Jan'll .... 103 103
Repnb Valley 1st s I 6a. 11)19 J-J
1071
Rutland 1st con gen 443.1941 J.J
/
4 -N.0095
102 M ar'02
Rutland-Canadian 1st 4131949 J
701
/
4 Dec'10
Savannah Elec 1st cons 58.1952 J-J
1930 F.-A 104
1041
/
4 Mar'11 .... 10,4 105
Seattle Elea 1st g Os
11-61
93
93
96
1 93
91.
Shannon-Ariz 1st g
93
97 Apr'07......
1929 J ..J
Terre Ratite Eleo g Os
itirt
1918 lit-S ..-•...... 100% Mar'10
Torrington 1st g 55
louts 1001
/
4
Union Pao RR 3tr 1 gr g 48 19-7 J•J
104% Feb'll .... 104%104%
1927 J -J
20-year c,onv 45
/
4
98
43 051
/
4 971
/
4
96 Sale 951
United Fruit gen s f 448.1923 j-J
105 Nov 10
U 13 Coal de Oil 1st e f 68..1938 M-N
10538 Mar'll .... 104(4105%
IT S Steel Corp 10-60 yr 55.1963 M-N
9315 Marl1
981
/
4 9834
West End Street ity 45...1915 F.A
1001
/
4 Mar'11 -.1 1001
/
4 1004
1914M-S
Gold 41
/
48
981
/
4 Apr'10
1916 M-N
Gold deoenture 4s
98/
1
4.Tan '11 ....I -ii/N 981
/
4
1917 F-A
Gold 4s
96
14 9634 99
98 sale 97
Western Teleph & Tel 68 1932 J.J
9314 Taxt'll -.1 93/
1
4 .934
Wisconsin Cent let gen 481949 J-J
1
....

•

••

NOW-Buyer pays acorned Interest In addition to the purchase price for all Boston Bonds. .No price Friday; latest bid and asked.

'14 Flat price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-Not Per Uentern Prices
Baturday
April 1

Monday 1
ApriL3

Tuesday
April 4

Wednesday I Thursday I
1 April5
.4pri/
1

901/4
*
/
4
904 901
.98
86
96 96 1 911
96
96
90
1 90
/
4
1'23s123141 124 124 .1'231
1231
/
412315 123;124
26
/
4 26
/
4 '25 41 251
'24% 24% 211
/
41 (15¼ 564 1561
/
4
551
, 548 65
54% 54% 55
/
4 .18%
/
4 181
/
4 1834 *1834 18341 181
3181
/
4 18% *181

j;431
/
4 44
1 47% 47%
12(4
-4'12
•53
531
/
4
33
33
744
*74
1, 48'S 91
/
4
/
4
(* 281
/
4 281
931
/
4 9374
*87
871
/
4
1 63 63116
X5314 534
164 104
1- 191
/
4 191
/
4
.78 78116
734 7%
474
*47
861
/
4 86%

141
/
4
431
/
4
47%
12
63
.8234
*74
*81
/
4
28
*931
/
4
87
63
5334
161
/
4
191
/
4
771
/
4
*734
461
/
4
861
/
4

144
.
431
/
4 4434
471
/
4 4738
012
12
531
/
4 52(4
3314 33
744 74
9
94
281
/
4 .28
9334 93%
871
/
4 *87
6336 63
63% 534
164 164
*19%
78% 78
71
/
4
71
/
4
/
4
474 461
9614 80

PHILADELPHIA

Bid

44
44
171
/
4 474
121
/
4 .12
524
63
*32%
33
73
74
*9(4
1)
284 2834
933. 93¼
874 87
631
/
4 62/
1
4
53% 684,
164
161
/
4
191
/
4 194
78 771i16
71
/
4
46i., 461
/
4
864 86's
Ask 1

EIrmi

g

1

Bales
ACTIVE STOOKS
of Via
Weeds (Ibr Bonds and Inctetive
blocks see below)
bliares

901
/
4
*89
/
4
.951
/
4 961
/
4
*124, 1241
26%
264 26
561
/
4
67
561
/
4
18% 18% 18%

96

133.4
44
47
12
53
334
734
9¼
29
931
/
4
137
63
63(4
/
4
161
18%
78
7isie
16
461
/
4
851
/
4 86

1334
*431
/
4
47
12
52/
1
4
.324
734
*84
*284
933
861
/
4
021616
634
164
18.5
7734

PHILADELPHIA

Baltimore
25 Con.Gas El.L.& Pow
1281
Do prof
77;Nortliern Centre&
5,471 Seaboard(new)
Do 2,1 pref
2,027
216 United Ry & Electric

14
14
*43's 44
461
/
4 47%
/
4
*111
/
4 121
5274 63%
*32% 331
/
4
731
/
4
+73
384
*281
/
4 28%
93
93
87
87
6276 63
531
/
4 534
184 16%
181
/
4 18%
771314771316
7.4 71816
46
404
851
/
4 8534
Bid




Range Since
Jan! 1911
.Lowest

I

Ask

PHILADELPHIA
Ph & Bead 2d 55 -33.A.-0
Ex Imp 5148 g'47.A-0
Ternunal158g1941.Q.10
P W & B col tr 48'2144
Portland Ry 1st 58 1930.
Read Trao tenths 19333-3
Ruch Ey& L con 58'54.14
Spanish-Am 1r Os'27 J-J
Stan'd Gas&E 68'25 M-N
(S Trac md gem 5s'19..1-3
1/n Rya Tr etas 4a'49J&J
United itys Inv 1st coil tr
sloe 1926
M-N
Weis bach 5 f 55 1930.J.1)
WIka-130,13E con58'5534
York Rys 1st 65 1937.3-1)
BALTIMORE
Inactive Stocks
Ala Cons Coal& Iron 100
Pret
100
Atlanta & Charlotte. 100
Atlan Coast.L (Conn)100
Canton Co
100
Cons Cot Duck Corp...50
Preferred
50
Georgia Sou .11e. Fla 100
1st pre
100
100
2d pref
100
G-13-$ Brewing
Bonds
Prices are all" and
interest."
Anaeostia do Pot 5s
AU Coast L(Ct)atis58 J.D
Ctis of indebt ls. .I-J
J4
6-20 yr 4s 1925
Balt Cratia lat58.11 MN
Ball Fundg 58.1916 51-N
1
48 1930 J-J
Exchange 3/
Balt& Plattkoni'll A-0
B SP& C 1144 48'53F-A
Balt Trao lat 5s..'29 M-N
No Bait Div 58 1942 J.D
Cent'l By con5s1932 M-N
hat& Imp 58.1932 MS
Chas Citylly 1st58'23J4
/
4 paid.
t $131

Range for PreviouS
Year(1910)

EitgtteSt

lligheat

Lowest

,
100 64 Jan 9 93 Mar161 40 Mar 614 Dee
100 89 Jan 9 100 Marl?, 80 Mar 90 J'ly
50 121 Jan 11 1284Jan 20 115 Jan 132 FeO
100 21 Jan 4 26% Apr 7
836 J'ly 2714Jan
/
4 Jan 4 57 Apr 7 40 Oct 47 Jan
100 431
50 16.5Jan 1.1 1874 aiar28 12% May 1615 Dee

Philadelphia
60 1834 Apr 6
45 American Cement
34 American Railways._ 60 42 Jan 5
973 Cambria Steel
50 4215Jau 3
103 Electric Co of America 10 11 15Jan 4
/
4 Jan 3
1,072 Eleo Storage Battery 100 481
31's Mar 4
600 liten Asphalt tr cus
127
Do prof tr Otis
100 72 Mar10
lb Keystone Telephone
50 S's Jan 12
1,006 Lake Superior Corp.. 100 2776 Mar.31
509 Lerugh 0& Navtr °tbs 50 924 b'eb 14
405 Lehigh Valley
50 85% Mario
1,9 It Pennsylvania RR
50 624 Mar
1.682 Pluladelp'aCo(Pittsu) 50 x50 Jan 3
3.787 Philadelphia Slectricil 26 16 Jan 19
50 1814Apr
4.035 Plata liapid Transit
50 754 J an 3
3,531 Reading
1 7914 Jan 4
1,615 Tonopah Mining
50 43 Jan 3
3,360 U111011 Traction
651
/
4Jan 3
50 _
3,049 United Gas !rapt

Bonds
Prices are all "and
interest."
Alt &LVEleo 4 128'33.1f-A
854
Am Gas & Elec158'07.F-A 85
Am Rya cony 58 1911.J -D 9934 1004
Coll Unit Is 1917.A-0 93
Atl U Rico ref 5s '38.51.-8
Berg& Elirw 1st 66'21J4 100'4
1181
/
4
Butane Steel Us 1998.Q-F
Owe& Me lat5a 1949 J4
(Jh. Ok &(.1 gen 58'19 J-J 102 103
Con Trac of N J Lit 58.'33 104
78
DelCoRys tr Otis 4s'411J4
107
E& Alst51 58 1020 111.-N
861
/
4
Elec & Peo Tr stk tr ale 86
/
4 84
Indianapolis Ry 48.1933 821
551
/
4 56
Interstate 48 1943 ..F-A
81
82
Keystone Tel Os 1935..1-.1
Lake Sup Corp inn 58'240
Lehigh Aiiv 419S '1.4.44
Gen .51 412s g.1924.41-F
Leh V 0 1st 50 g'33..J4 1.09 1.09(4
Leh V ext 481st 1948.J-D
consol Os 1923
J-1) 118
/
4s 1923. J.D
Consol 41
Annuity Os
341 147
974
97
Gen cons 48 2003.M.N
86
Leh V Tran con 45'353.1) 85
102
1stseries B 55 1935.M-S
NatLit& Pser1368'19j4 97 10U
New Lou Gas Os 1048 J.1)
NY Ph& No 1st48'39 J4
Income 4s 1939. M-N
7.1001noTrac cou5s'19..74
Penn & MU Steel con Os.
Pa & NY Can Os'39.A.0
A.0
Con 48 1939
92
Penn Steel let58'17 M-N
93
People's Tr tr °ens 45'43
P00 1st& col tr 58'40 1.1-5 102;10234
117,
5 973
Con& coi tr 58 195151-N
Phil Elea gold trust ctfs. 103% 104
Trust certif8 4s
78's '784
P & E gen 516 g'20./1,0 107 107%
Gen M 48 g1920..A&O
_
-dand -asked; to sales on this day. 11 Ex.ri?hts. II $15 paid. t$1214 paid.

Inactive Stocks
10
1
114
'American Milling
/
4 46
60 451
Cambria Iron
/
4 85
Ventral Coal & Coke.100 841
100 79
80
I. Preferred
onsol'Traci of N J-100 '16
100
Wayne doW V
117
tniown Pass
60
Te
ghlander Mill & Alg..5
715
Iinntinguon & B T....50
50
Preferred
.
ndianapolis St
100
ndiana Union 'Pr....100
/
4
insurance (loot N A..10 20% 201
Inter Stu Pow do Chem.50
81
/
4 9
Keystone Telephone _50
80
• Preferred
60 34
stoneWatcheaae.100
61
/
4
4
h Vall 'Iran v t o...50
Preferred v t c
50 22
It Brothers
10
57
50
ttle Schuylkill
inehill & Schuyl 11..50 (30(4 61
Vat Gas Edec Lt& Po 100
.__Preierred
100
2.1 Haven Iron & Stee1.0
go 1224
orthern Central
97
orth Pennsylvania 50
60
110
Pennsylvania Salt
Pennsylvania steel..100
100 108
'Preterred
Pieta Co(Pitts) pref...60 4234 43
Norri8.50
German&
Phil
/
4 84
50 831
Phila Traction
1(
Railways General
ronopali Belmont Dev.1 61116 5%
LO
Union Tr ot A nu
nited Cos ot N J.. .10(
Unit 11`rao Pitts prei..51.
arwick Iron& Stee1.10 10% 11
elsbach Co
10(
;West J ersey 63) Sea 411.50
estruoreland Coal....59
Wilkes Gas a:. Elec..100
60
ork Railway
7's 81
/
4
25
50 24
li Preferred

tA7

44
474
121
/
4
524
3314
73
94
291
/
4
931
/
4
87(4
631
/
4
5336
16%
194
781
/
4
71
47
801
/
4

Friday
April 7

Bid

sk

171
/
4 Jan 4
45 15Jan 2v
4834 s ell 18
124 Jan 14
66 Feb 2
3434 Jan 10
8374 Jan 30
%Jan Lu
32 Feb 6
98 Jan 14
90's FeO
65 tomb 2
544 Mara
1674 Feb 1
214 Jan 20
80% Feb10
8% Jan 17
481
/
4 Jan 20
8934Jan 1.1

•

17 Dec
J'ly
401
/
4J'ly
114 J'ly
42 J'n
19(4 J'ly
64 J'ly
7 J'ly
154 J'n
86 J'n
624 J'ly

42 J'n
#131
/
4 eet,
15 Apr
65/
1
4 J'iy
Jan
38 Oct
715 J'ly
_

BALTIMORE

Chas Ry & El Win'51-S
Char!C& A '20 7s'10 A-0
City& Sub let 58..'22 J-D
City& Sub(Was)lstbs'49
Coal &J. Ry ist 58'2UF-A
Col&Urnv lst68.1916J-J
120 125
1)114 P91
/
4 Colisol Gas 5s..1939 J.D
A-0
Gen 41
/
48 1954
1014 101.4
Cons G E &P 4 40'35.J4
101% 102
Fair& CiTr ist58138.A-0
77
774 (la& Ala 1st con 66'4OJ4
Ga(lar&N 1st 5s g
Georgia P 1st 68..222 J-J
Ws 85
GaSo,331fla let os 1945J4
594
G-B-S Brew 3-4s 195151-S
101
931
/
4
2d income 5s 1951 31-N
Knoxv Tree lat 58'28A-0
Litkelt El lat gu58'4251.-S
Macon Hy& LitIst5s'53J4
36
Memphis st Ist 54'45
71
60
MetSt(Wash)18108'25F A
Mt Ver Cot Duck 1st Os.
227 230
Npt N,1750 P 18t 6.3'38 M-N
115 120
Nor&PorTr Ist5s'.36J-D
6
5
/
4 Nortokk St 1st 58'44..34
201
20
North Cent 4'2.51025 A.0
10
30
96
Series A 5s 19'26....J4
94
74
Series B 65 1926. .J4
72
24 Pitt Un Tra,c 58 1997.J.J
1
Polo Val 1st Os 1941...1.1
Sav Fla& West58'34 A-0
Saab 41: Roan 55 1926.J.J
1004 101
South Bound 1st 68..A-0
/
48'29 ki-N
UE1 LabP D441
1941
/
4
Un Ey& El 1st48'40.51-8
J.D
Income 48 1949
95
92
Funding Os 1936 J.D
1001
/
4 1.004
103 104
Vii Mid 2d aer tis'11 M.6
3d series 65 1916..21-8
94,
93
41.11 ser 3-4-5s 1921.31-S
100
971
/
4 6th series 58 1926.kt.8
90
107 1071
/
4 Va (State) 35 new'32.J4
Fund debt 2-351991.J4
109 110
West lc C con 6811)14 J-J
105
WesVaC&P 18t6g'11J4
105
1084 103.4 Wil& Weld 55-11135.J4

116 116
1004
116(4117',
994'

28 Jan
60 Jan
63's Jan
12(4 Jan
644 Mar
34% Dec
844 Jan 1
1.3 Jan
291
/
4 Dec
123 Jan
1214 Mar
69316 Mar
634 Jan
164 Mar
28¼ Jan
86 Feb
11114May
52% Jan
9514Jan

Bid

Ask

95

95

106 107
102 103 ,
101 102.
106 107
108(4109
9654 961
/
4
8736 974
981
/
4 99
10434 1054
105 106'4
112 115
100 107
45
4514
6
8
105
109 11.0
el;
96
97
97(4
1061
/
4 108
73
734
861
/
4 87
105
102;
110
110
1021
/
4
105
110 112
106 1074
106 108
92
93
831
/
4 844
64
6414
85% 864
102
103
106(4107's
86
84
86
84
104(4108
/
4
100(4 1001
110 .
11_2

*35 paid. a Receipte. b$25 paid. c$30 paid. d $4215 paid.

946

THE CHRONICLE

Volume of Business at Stock Exchanges

electric Companies
Chicago Edison Co-See Ch
Gr't West Pow Is 1046__J-J
e Kings Co El L dr. P Co_100
Narragan (Prov) El Co_ _ _50
NY & Q El L & Pow Co_100
Preferred
100
United Electric al N J._ _100
1st g 4s 1949
J-D
Western Power com- _ _100
l'referred
100

[VOL. LXXXKII.
Bid
cago
83
1 0
*90
50
75
85
7814
32
64

Bid .4sk
Ask
Industrial and Miscel
list
1
2
86
Consol Rubber Tire._..100
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
19
131
100 10
Preferred
42
DAILY. WEEKLY AND YEARLY,
9312
Debenture 4s 1951 A-0 32
60
e Crucible Steel
100 1234 13
8)e1
7914
00 79
Preferred
Stocks.
Railroad.
112
90
Davis-Daly Copper Co _10 *1114
dec..
State
U. S.
Week ending
79
e Diamond Match Co_._100 9314 94
value.
Par
Shares.
BaruIs.
Bonds.
Bonds.
APrtl 7 1911.
34
duPont(E I) de Nem Po 100 155 100
66
88
e Preferred
100 87
79.248 $7,224,800
$979,000
Saturday
$30,000
e Gold 4 345 1936..._J-13
0 8312 84
174,857 15,768.350
1,552,000
Monday
151,000 $16,000 Telegraph and Telephone
Boat
100
182,946
13,929,100
1.548.000
Tuesday
142,000
C Amer Teieg & Cable__ _100 81
85
Preferred
100
269,944 24,372,600
2,248.000
Wednesday
185,500
12,000 C Central & So Amer_ _ _ _100 120 122
15
Empire Steel
100 10
133.485
12,695,900
2,457.000
Thursday
464,500
1,000 Comm'l Un Tel (N Y)___25 105
____
_-_
54
57
Preferred
100
128,415
12.359.0001
Friday
2,922.500
396,000
12,500 Empire & Bay State Tel_100 4
60
5
_50
137
132
e General Chemical
100
Franklin
100
e Preferred
100 107 10812
968,895 $86.349,750 $11,706,500 $1,364,000 $41,500 e Gold de Stock Teleg_100 112
Total
110 .
11-8__ Gold Hill Copper
eta 916
1
e Northwestern Teleg____ 50
Greene-Cananea
20 Cie 615
Pacific & Atlantic
25 60
70
. Week ending April 7„
Sales at
Guggenheim Explor'n_ _100 188 195
Jan. 1 to April 7.
e Pac Teiep & Teleg pre! 100 x92
98
e Hackensack Water CoNew York Stock
Southern & Atlantic
25 90 100
1911.
Exchange.
1910.
8612 -- -Ref g 48 '52 op 1912 J-J
1911.
1910.
Hall Signal Co corn
27
100 20
Ferry Companies
Stocks-No. shares-968.895
2,238,299
Havana TobaccoCo._ 100
4
7
28,403,506
58,021,580
92
98
$86.349,750 $202,590,900 $2,515,430,100 $5,239,479,575 B & N Y 1st 6s 1911_ ___J-J
Par value
8
l'referred
15 ;
100
10
&ER
NY
Ferry stk_ _100
20
Bank shares. Par
$106.000
1st g 53 June 1 1922 _J-D / 60
62
$20,900
$792,100
$412,400
1st Is 1922
M-N 50
GO
Bonds.
Hecker-Jones-Jewell Milling
Government bonds ....
1st Os 1922
$41,500
$110,000
$149,000 N Y & Hob 58 May '46_J-D 9812 9912
M'S 103 105
Hob Fy 1st Is 1946_41-N 106 107
State bonds
1.369.000
Herring-Hall-Star new 100 20
3212
$993,500
18,232,200
37.592.500
J-J 97
99
RR.and mica. bonds._
11,706.500 10,375,000
Hoboken Land & Imp.-100
205.778,500
221,789,500 NY &NJ 5s 1946
10th & 23d Sts Ferry__ _100 20
35
1st Is Nov 1930
16'10
3
-65
mtge
1st
55 1919____J-D
75
Total bonds
$13,117,000 $11,368,500
011
714 734
$243,481,000
$240,170,700
100
954 2978 Houston
e Union Ferry stock. _100 82
Preferred
___ 100 50
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e 1st as 1920
M-N
Hudson Realty
100
a Ingersoll-Rand corn__ _1
EXCHANGES.
100
° 117.; 111
Short-Term Notes
e Preferred
94
Amal Cop 58 Apr 1 1913.. 10018 10033 Intercontinental Rubber 1°
4
0°
0 3112 -3-1-3Boston.
Philadelphia.
American CigarInternat'l Banking Co_100
95
Week ending
Ser B 45 Mch 15 '12__M-S 9931 100
International Nickel
100 187 195
April 7 1911,
Listed Unlisted
Bond
Bond
Unlisted
Listed
Bait & Ohio 4s 1913_J-D 10012 10014
Preferred
95
100 92
shares, shares,
sales.
shares.
sales.
shares,
Bethleh Steel Os 1914__M-N 9938 1,934
1st g Is 1932
A-0 9334 1)5
Chic & Alton Is 1913_51-S 991s 9938 International Salt
9
Saturday
100
5,583
2,811
$14,800 Cin Ham & D 9s 1913_ _J-J 9812 99
$12,000
2.748
1,686
1st g Is 1951
/ 50
55
Monday
8,760
3,664
68,500
4,821
2,225
76,177 C C C & St L 58, June 1911_ 100International Silver.__ A-0 60
80
_100
Tuesday
8,289
5,269
30,500
9,407
2,610
96,247 Erie Os Apr 8 1014__A-OS 10038 i56.58 l'referred
100 112 116
Wednesday
9,300
3,772
53,000
6,085
92,100 Hudson C01fl1)anies4,036
1st Gs 1948
J-D 111 112
Thursday
9.933
6,241
155,500
7.868
9,497
58,644
6s Oct 15 1911
A-0 10034 101
Internist Smelt & Refg_ _100
129
Friday
9,536
6.950
49,000
5,669
7.108
78,269
97
6s Feb 1 1913
9734 Intermit Time Record_ 100 1-9-O 205
F-A
tutees It T g 6s 1911__M-N
l'referred
112 .116
100
Total
50,901
28,707 $368,500
31,5981
22,162 $366,237 IC C Its' & Lt Gs '12.. M-S 100-100 iiio38 Jones & Laughlin Steel Co
9534 9012
Minn & St L g Is 1913 _ F-A
1st s f g Is 1939
102
51-N
Ste Kan & Tex 5s May 1'13 9912 9934 a Lackawanna Steel_ .100 4(1
50
eNYC Lines En 5s '11-'22 0412.,,, 114%
e 1st con Is 1950
M-S 8612 90
5412% 414%
43.6s Jan 1012-1925
a Deb Is 1913
51-S 951: 96
All bond prices are now "and interest" exceot where marked "I."
N Y Cent Ois 1914___M-S 100 10014 Lanston Stenotype
100 9334 9412
N Y N II & II Is Jan 1912 10)12 101
Lawyers' Mtge Co
100 255 260
43s Mch 1 1912____51-8 10018 10012 Leh & Wilkes-B Coal...,..50 250
Bid Ask
Bid Ask
Street Railways
Street Railways
PuoServCorpNJ 55'13.A-0 10014 10058 e Lorillard (P) pref
100 140 155
St L & S F 430 '12 op_F-A
9934 100
Madison Sq Garden
45
100 30
Pub Serv Corp N J (Con)New York City
Is Mch 1 1913
51-S 9834 1)918
2d Os 1919
85
21
New'k Pas Ry Is '30_J-J 10712 10812
111-N
Bleeok St 'lc Ful Fy stk_100 15
South Ry g Is 1913-----A
8,934 100
Manhattan Transit
65
55
Rapid Tran St lty____100 23,3 240
J-J
20
*3
4
lit mtge 45 1950
Tidewater 65, 1913, guar_
10134 102
May Dept Stores
100 124 131
1st Is 1021
100 6431 6612
A-0 102
li'y & 7th Ave stk
Wabash 434s 1913
M-N
Preferred
J C Hob & PatersonJ-J 99 101
100 10738 108
24 mtge 5$ 1914
West Telep
T Is '12_1:-A 10038 10034 Monongahela Ft Coal
43 g 1949
50 *919 10
51-N 7612 7712 Westingh'se &
Con Is 1913-Sea Stock Exc list
El & M 63 1913 10158 102
Preferred
2414
50 *24
So J Gas El & Traci _100 138 142
B'way Surface 1st 53 gu 1924 102 10312
e5% notes Oct 1917-A-0 9334 95
Mortgage Bond Co
- 90
100 112 114
90
Gu g Is 1953
M-S 98
Cent'l Crosstown stock
Nat Bank of Cuba
100/ 80 85
100 10712 10812
No Ilud Co lty 6s 1914 J-J 10234 104
lit mtge 6s 1922._ _M-N
Railroad
National
Surety
235
100
.1.4 104
15
5
5s 1928
Cen Pk N & E Riv stock_100
Chic Poor & St L
Nev-Utah Slin & Sm
10 4,13,
Christophl & 10th St stk 100 85 100
Ext .5s 1924
51-N 98 --Prior lien g 430 '30_M- / 87
e New Central Coal
60
20 30
_
Col & 9th Ave Is-See Stock Exc list
Pat Ry con 6s 1931._J-D 119
Con mtge g Is 1930_ __J-J
50
N
Y
Air
Brake
Esc ilst
Gs-See
Stock
Dry Dock E B & B__2d 6s opt 1914._ -A-0 100 103
Income Is, July 1930____
10
a New York Dock
25
30
1st gold 5.9 1932
J-D 95 100 So Side El (Chic)-See Ch Wag° list
Chicago Subway
100
N eyPI
rietz
fee
y
rre
3cd
66
1°°
0
00
0
Scrip fs 1914
40
F-A / 30
Syracuse R T Is 1946 M-S 10112 10212 Nat Itys of Mexico-See S t E5x1e
4 Ils
0t12
21512
Eighth Avenue stock.-_100 280 320
Trent P & H Is 1943.__J-D 97 100
Northern Securities Stubs_ 100 105
N
Y Transportation
412
20 ;4
F-A / 93 100
Scrip 68 1914
United Rys of St 1,Pitts Bess de L E
35
50 *30
Niles-Beni-Pond corn_ -100 95
98
424 & Or St F'y stock...100 200 225
Corn vot tr ctfs
100 1012 1112
Preferred
70
50 • *60
Nipissing Mines
5 *1012 1034
100 ---- --424 St M & St N Ave
a Preferred
100 3818 7- -- e Railroad Securities CoOhio Copper Co
112
10
M-S
- - lit mtge 68 1910
Gen 4s 1934-See Stock Exc list
in C stk tr ctfs ser A
95
52 90
e Ontario Silver
112 2
100
' 2d Income es 1915..
J-J / -4-0 -50- Unit Itys San Fran-See Stk Exc list
Seaboard CompanyOtis Elevator corn
100 6212 6312
Inter-Met-See Stock Exch ange list
Wash lty & El Co
100 35_ 38
82
1st preferred
100
Preferred _
100 9712 9812
Lox Av & Pay F 5s-Sea Stk Exc ilst
Preferred
100 8812 8912
Corn & 2d pret-See Bal I Esc lIst
Pittsburgh Brewing
50 *2314 2312
98 1951
Metropol St Ry-See Stk Exc list
J-D 8614 86
Seaboard Air LinePreferred
4238
50 *92
Ninth Avenue stock....100 150 175
100
ext
May
Coll Is
1911_M-S
10012 Pittsburgh Steel Prof., 100 10112 102
Second Avenue stock__.100.-.. ini
Gas Securities
West Pac 1st Is 1933__M-S 9312 9334 Pope Mfg Co corn
57
100 55
55
F-A / 45
Consol Is 1948
Preferred
77
100 75
*Sixth Avenue stock-100 122 130
New York
Industrial and Miscel
Pratt Ar Whitney pref_100 10212 105
85
75
Sou Donley Is 1945_ ___J-J
Cent Un Gas Is 1927
J-3 102 10314 Adams Exp g 4s 1947-J-D 1 87
8812 Producers 011
100 125 135
92 Con Gas (N Y)-Sea Stock Exc List
So Fer 1st Is 1919
A-0 80
Mining
*3
Ahmeek
170
25
175
eRay Consol Copper-See S tic EX list
e Mutual Gas
Third Avenue ItR-See Stk Esc list
100 174 182
Alliance Realty
100 120 125
Realty Assoc (Bkiyn)__ _100 109 11212
80
New Amsterdam GasTarry W P & SI Is 1928_ / 63
2
American Book
12
100 11
1st cormi Is mg_ _,j_,j 101
0.
4
Royal Bak Powd corn._0
85
10 178 1 so
Y'kers St RR 58 1946 A-0 78
10134 American Brass
100
l'referred
25
100 106 107
NY Ss E It Gas 1st 58;
38th dc 29th Sts Is '96...A-0 1 13
44
- J-J 103 105
American Chicle cam_ _100 233 236
Safety Car Ileat dz Lt.-100 123 12412
Twenty-third St stock. 100 190 215
Consol Is 1945
34 100 102
Preferred
100 104 106
Seneca Mining
58
N Y & Richmond Gas...100 50
25
Union Ry 1st Is 1942_ _ _F-A 10112 103
60
Singer Mfg Co
100 290 310
63
73
Westchester 151 58 '43 J-J
Nor Un 1st 5s 1927_ _M-N 9912 10112 Am Graphophone corn_ -100 --__ 15
Preferred
100 1218 25
South
Iron & S corn_
3
e Standard Gas corn.,.,, 100 55
100
75
Hardware
131
Amer
133
100
Preferred
IOU
12
9
e Prete Ted
Brooklyn.
.._ . Am Malting 6s 1914..,
100 n 90
,
05 10
10
00
1
Standard Cordage
14
100
1st 5s 1930
hi-N 103 1-06
Atlan Avenue ItRAmer Press Assoc'n_ _100
1st Si g Is '31 red_ _A-0 -1-5-- 18
A-0 10214 10312
Con Is g 1931
Found
St
tk
Am
new-S
Ex
list
ee
S
Adjust
M
Is Apr 1 1931.. / 2
3
Other Cities,
B B & W E Is 1933.-A-0 9/ 102
13s 1935
A-0 103 --- Standard Coupler cons..100 42
45
Am Gas & Elec cam
10 165 170
Brooklyn City Stock
50 .55
57
70
Deb 45 1923
72
F-A
Preferred
100 100 110
l'referred
Con 5s-See Stock Exch 'age list
4312
50 *42
Standard Stilling Co.__ _:
50 28212 290
0
)0
0 16
1(0
18
Amer Light & Tract_ _100 293 297 1 American Surety
Bklyn Ilgts lit Is 1941 A-0 98 102
American Thread pref.. _ _5 *434 514
Preferred
48
50
Preferred
Bklyn Queens Co & Sub100 106 10712 Am Tobacco Co corn,
,...100 455 460
111-N
1st 53 1930
82
86
08 101
Bay State Gas
a 1st g 53 '41 op 1916 _J-J
50
*12
34 Amer Typet'ders corn_ _100 49
52
Standard Oil of N J
652 660
Bingh'ton (N Y) Gas Wks
97
e 1st con Is'41 op '16 131-N
99
Preferred
Studebaker Corp corn-10
100 100 103
00 49
50
Bklyn Itap Tran-See Stock Exc Itsc
1st g 55 1938
99 1
A-0 06
Deb
.:110132 1.o0
214 8wPreferred
M-N c119
1913.1 102
Ifat 3,5 C.
Coney Isl & Bklyn
Brooklyn Un Gas-See Stk Esc list 1 Amer g 6s 1939
60
100 45
Writing
Paper_
e
_100
- Se Boston Stk Esc list
1st cons g 45 1048.. J-J
78
83
Buffalo City Gas stock. 100
4
5
ePreferred-Sse Stock Ex
list
Is. o iee Chicago Stk Eso list
,Con g 98 1955
80
75
J-J
1st Is 1947-See Stock Exc list
eist 51 g 53 '19 red 105J-J 89
9014 Texas Company-See Stock Esc Ilst
ark C & N Is 1030_ _J-.1 98 101
Cltles Service Co
100 66
68
All Gil & W I SS Lines..100
912 1012 e Texas & Pacific Coal..100
0
98 102
Kings Co El 4s-See Stock Exc list
79
100 77
Preferred
Preferred
22
100 21
Title Ins Coot N Y
13712 -- -Nassau Elea prof
-. Con Gas of N J Is 1936 _J-J
90
95
7112 7212 Tonopah Min (Nevada)._ _1
Col tr g 58 1959
4,7% 778
J-J
5.9 1944
-- 105
100-103
A-0
Consumers' L It & Pown20
n8.5
Barney
&
Car___
Smith
100
40
_100
Trenton Potteries corn.
_.
4
1st 45 1951-See Stock Esc list
8
J-D 100
Is 1938
Preferred
IOC
l'referred
new
100
1
0
w
50
N W'b'g & Flat 1st ex 4348 90
55
0
2
1
190
94
100
Denver Gas & Elec
Bethl'm Steel Corp-See S tk Ex list
Prow
30
Steinway 1st 6s 1922._ _J-J 103 106
91
Gen g Is 1949 op____M-N 88
Bliss
12
121
1
Company
1
corn25 ',Underwood Typewriter 100 6412 6534
50
___ _
Elizabeth Gas Lt Co....100 300
Preferred
50
ePreferred
100 103 10414
Other Cities
Essex de Iludson Gas
100 146 149
Bond & Mtge Guar
107 259
100 248
102
Union Typewriter corn_ _100 36
Buffalo Street Icy38
85
Gas dc El Bergen Co___ _100 83
120
Milk.
Borden's
...100
Cond
12112
1st preferred
100 105 110
let consol 5s 1931._ F-A 105 106
e Or Rap 1st Is 1915 .....F-A
Preferred
100
2d preferred
Deb 6s 1917
100 100 105
A-0 10412 105
100 14312 145
Hudson Co Gas
British Col Copper
5
*512
514
United
Bk Note Corp
Columbus(0) St Ry_ _ _100 8414 8814 Indiana Lighting Co__ _100 34
50 *6012 52
36
Butte Coalition Mining_ 15 *17
234 185
314 unitedngar
Preferred Mfrs 0*6112 5212
Preferred
6612 Casein Co of Am com_ 100
100 9912 1001
45 1958 op
F-A 65
Col= Fty con Is-Sea Phi la Si
100 56
5712
20
Indianapolis Gas
50 12
Preferred
100
Cresst'n 1st Is 1933 J-D 101 1021
100 102 104
1st g 58 1959
A-0 78
Casualty Co of Amer.,_.100 123 16
82
3
40
2
°
a
fe
Copper
UnitPedreeorpred
100
f Conn Ity & Ltg com_100 74
358
9212
414
76
Jackson Gas Sag 1937_ A-00 1 88
Celluloid Co
100 1253812
Preferred
a Preferred
100
9
14
100 79
81
a Laclede Gas-See Stock E sett II St
Cent Fireworks com......_100
2
5
U S Casualty
100 215
1st & ref 4%s-See Stock Exe list
9112 „...
a Preferred
Preferred
100
100
10
30
U S Envelope coin
Grand Itapids Ry pref.._100 80
100 52
54
R5
Central Foundry
Madison Gas 6s 1926
A-0 103 11)8
100 ---.
Preferred
100 110 113
a Loulsv St Is 1930
J-J 10514 106
Newark Gas 6s 1944
Preferred
Q-J 127 129
100
U S Finishing
100 92
Lynn & Dos hat 59 1924_J-D 10412 10;14 Newark Consol
97
Deb(is'19 red at 105.M-N f 10
Gas
100
97
99
Preferred
100 105 110
• New On Rys dc Lgt-100 2514 2534
e Con g Is 1948
J-D 103 --- Chesebrough Mfg Co.. 100 700 800
1st g Is 1919
J-J 100 105
100 6834 6914 No Hudson L H & Powa Preferred
eChlao Copper Co-See Sloe It Esc list
Con g 55 1929
J-J 95 100
Gen 141 g 4 Ms 1935-Sees tk Ex list
Is 1938
--,- City Investing Co
A-0
100 65
70
U S Steel CorporationsPub Serv Corp of NJ-See Stk E xilst Pacific Gas & E. com
6212 6312
Preferred
100 100100 100 102
Col tr s f 53 1951 opt '11 _ 114 11412
Tr ctts 2% to 6% perpet 10412 10514
Preferred
e Clatlin (H B) corn
100 8812 90
100 100 103
Col It s 1 Is '61 not opt.. 114 1108
Col tr g 6% notes'13 A-0 10014 10088 Pat & Pas Gas & Elec._ 100 90
95
e 1st preferred
100 93
95
U
5
TR Gu & Indem__100
9312
_
North Jersey St Ry 100 60 _
e Con g Is 1919
e 2d preferred
/11-S
:10214
_100 95 ._ Westchester & Bronx Title
MN
7612 if12 St Joseph Gas 53 1937 J-J 1011
•
1st 4s 1948
Col & Hock Coal & I pf_100
94
91
166
& Mtge Guar
76i,
160
100
1 Cons Tract of N J____100 78
1st g 58 1917
J-J I 5
45 7
561
5 2 Westingh'se Air Brake
J-D 104 1043
60 *14178 14212
1st fe 1933
I
Col tr 6s Oct 1956
J-J / 45
75
Worthingt'n Pump pref_100 105 110
Consol Can Heating....100
*Per share. 0 Basis. a Sells on Stook Exchanze. but not very active. / Flat price. n
Nominal. 5 Sale price. 1 New stock. x Hx-cllv.
Ex-right.

Outside Securities




947

THE CHRONICLE

APR,. 8 1911.1

Pluestinent and Aztitroad *utettigerxce.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
week or month, and the last two
can be obtained. The first two columns of figures give the gross earnings for the latest
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
not begin with July, but covers some other
statement to show the fiscal year totals of those roads whose fiscal year does subsequent
page.
period. The returns of the electric railways are brought together separately on a
Latest Gross Earnings.
ROADS

Week or
Month.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Ala N 0 & Tex Pau-61,000 2,523,848 2,359,911
66,000
N 0 & N East__ 1st wk Mch
29,000 1,275,136 1,181,338
28,000
Ala & Vicksb___ _ 1st wk Mch
1,083,724 1,018,931
24,000
22,000
VIcks Shr & Pac_ 1st wk Mch
55,467
81,017
7,490
11,000
Ala Tenn & North.._ February _
1,495,109 1,450,353
62,004
63,646
Moh
wk
4th
Ann Arbor
68,801,600
72.265,390
7,920,698
8,060,818
Atch Topeka & S Fe February _
57,784 2,097,014 1,895,178
60.961
Atlanta Birm & At! 3d wk Mch
2,709,604 20,576,014 10,249,961
Atlantic Coast Line February _ 2,952,543 6,291,727
59,323,126 57,879,581
5,913,433
g Baltimore & Ohio.. February _ 106,213
715,104
904,192
94,568
B & 0 Ch Ter RR January 264,895 2,058,261 1,916,942
Bangor & Aroostook February _ 281,502 2,943,841
28,919,509
29,988,209
3,087,860
_
February
Boston & Maine
30,538
32,072
4,299
3,888
Bridgeton & Saco R January -_
261,425 7,055,504 6,826,686
Buff itoch & Plttsb_ 4th wk hfch 242,550
1,543,573
1,553,324
128.789
179.365
_
February
Buffalo ec Susq
Canadian Northern.. 4th wk Mch 485,400 326,900 10,942,000 9,214,600
4th wk Mch 3,051.000 2,732,000 76,551,435 69,688,990
Canadian Pacinc
Central of Georgia_ _ 4th wk Mel). 364,800 378,200 10,197,284 9,465,860
Central of New Jer_ February _ 2,003,991 2,087,904 19,316,469 18,670,066
Central Vermont___ February _ 259,798 259,457 2,605,621 2,503,971
Ches & Ohio Lines.. 4th wit Mch 919,421 998,108 24,746,531 23,470,945
Chicago & Alton__ _ 4th wk Mch 288,879 310,257 11,073,270 10,374,323
Ohio Burl & Quincy February _ 6,158,715 6,890,600 61,041,879 59,237,020
p Chic Great West.. 4th wk Mch 263,559 301,304 9,515,455 8,917,789
Chic Ind & Loulsy_ 4th wit Mch 169,496 173,896 4,595,782 4,448,269
Chia Milw & St Paul February _ 4,483,670 4,534,276 44,742,683 42,700,532
Ch Mil & Pug Sd_ February _ 1,090,267 717,642 9,594,839
Chic ec North West.. February _ 5,141,439 5,315,727 51,157,835 49,453,944
February _ 1,177,500 1,133,086 11,298,066 10,049,515
Chic St PM &
Chic T II & South_ _ January __ 146,919 146,574 1,308,658 1,069,317
Cin Ham & Dayton February _ 649,697 634,344 6,411,100 6,299,867
Colorado Midland__ February _ 117,972 152,452 1,374,535 1,617,491
Colorado & South__ 4th wk Itch 332,745 485,693 12,562,573 12,762,484
447,916
417,306
50,917
47,040
January __
Copper Range
134,293
109,088
17,433
10,568
February _
Cornwall
298,614
228,971
29,794
18,829
Cornwall & Leban_ February _
February _ 315,921 254,598 1,893,640 1,530.657
Cuba Railroad
Delaware & Hudson February _ 1,482,295 1,391,918 13,816,972 13,069,087
Del Lack & West_ February _ 2,477.778 2,556,962 23,890,108 23,874,126
Deny & Rio Grande 4ht wk Mch 559,400 600,900 17,786,039 17,630,513
14,392
14,482
Denver N W & Pac_ 3d wk Mch
33,575 1,371,139 1,155,177
25,249
Bet Toledo & Iront_ 3d wk Mch
902,101
886,889
38,151
34,400
Detroit & Mackinac 4th wk Mch
Dul & Iron Range.... February _ 138,312 106,720 5,365,800 6,683,962
98,315 2,356,424 2,423,874
74,682
Dul Sou Shore & Atl 4th wk Mch
El Paso & Sou West January __ 638,381 600,141 4,291,338 4,174.019
February _ 4,061,893 3,997,016 37,864,843 30,589,704
Erie
16,234
16,069
2,318
2,024
Fairchild & Nor E.._ February _
591,096
828,594
56,137
64,257
Fonda Johns & Gloy January __
2,080,169
2,217,802
239,015
271,683
_
February
Georgia Railroad
32,679,077
Grand Think Syst 4th wk Mch 1,362,379 1,349.741 33,470,579
4,383,522
Grand Trk West_ 3d wk Mch 131,994 142,695 4,487,687
1,451,613
1,400,022
35,546
38,510
Mch
wk
Mil
3d
• Dot Gr Hay &
35,322 1,363,493 1,465,815
37,448
Oanada Atlantic_ 3d wk Mch
Great Northern Syst March ____ 4,290,666 4,667,643 45,972,079 47,502,310
Gulf ec Ship Island.. January __ 176,676 174,273 1,189,252 1,260,987
418,981 577,162 5,088,386 5,190,707
February
Hocking Valley
February _ 4,762,097 4,529,768 41,774,893 38,817.602
hlllnois Central..
248,000 258,000 7,129,691 6,599,872
Moh
wk
4th
Internat & Gt Nora Interoceanic Mex.. 4th wk Mch 268,715 270,450 6,697,209 6,287,594
83,779
89,876 2,672,505 2,576,157
4th wk Mch
Iowa Central
January __ 233,930 221,138 1,929,497 1,613.779
Kanawha & Mich
Kansas City South_ February - 759,938 790,936 6,970,438 6,259,348
50,000
52,000 1,476,061 1,289,618
K C Mex & Orient 4th wk Mch
February - 2,626,363 2,443,286 24.247,120 23,381,149
Lehigh Valley
287,270
37.444
February 330,169
29,687
Lexington & East
848,818
963.423
Louisiana & Arkan_ February _ 118,994 102,844
98,927
686.001
741,580
91,295
Louisv Ilend & St L January __
s Louisv & Nashv_ _ 4th wk Mch 1,627,815 1,545,150 41,389,276 39,276,989
104,753
13.096
105,871
10,598
Macon & Birm'ham February _
633,066 627,895 6,032,203 5,928,709
February
Maine Central
266,855
289,789
24,341
27,787
Maryland & Penna.. February _
a Mexican Railway_ 3d wk Mch 186,100 173,300 6,209,700 5,682,900
a Mexico Nor West_ December.. 157,465 141,500 1,113,275 675,690
641,540
566,347
24,575
20,117
4th wk Mch
Mineral Range
MInneap & St Louis 4th wk Mch 131,193 122,446 3,984,040 3,724,126
Minn St P & S S M1 3d wk Lich 389,954 444,127 16,075,601 17,533,945
Chicago Divisionf
580,529
618,995
70,497
72,725
Mississippi Central.. February _
ulfo Kan & Texas__ 4th wk Mch 811,180 847,324 22,803,333 20,455,567
Missouri Pacific___ 4th wk Mch 1.473,000 1,703,000 40,320,163 40,202,445
Nashv Chatt & St L February _ 1,032,685 929,281 8,148,606 7,611,259
a Nat Rys of Alex_t_ 4th wk Alch 1,800,316 1,959,538 47,941,056 13,983,380
326,896
233,316
6,779
2,376
Nevada-Cal-Oregon 1st wk Mch
43,019
50,177
4,567
6,551
Nevada Central____ January .._
922,231
N 0 Great Northern February _ 14.1,800 122,406 1,115,752
33,106 1,357,261 1,218,775
36,245
N 0 Mobile & Ohio_ Wk Mch 25
eNYC de Hutt Illy 4•'ebruary _ 7,113,781 6,937,298 67,838,544 65,026,477
Lake Shore & M S February _ 3,414,725 3,611,126 32,838,313 32,350,891
• n Lake E & West February _ 386,494 420.333 3,779,549 3,721,593
• Chic Ind & South February _ 299.832 369,129 2,424,384 2,490,670
• Michigan Central February _ 2,185,321 2,129.866 20,257,651 19,113,067
• Cleve 0 C & St L_ February _ 2,232,456 2,171,567 20,819,073 19,615,523
• Peoria & Eastern February _ 252,550 239,771 2,502,987 2,194,075
885,715
80,773
823,355
81,796
• CincInnati North.. February _
• Pitts & Lake Erie February _ 1,017,173 1,188,220 10,800,947 11,580,303
218,901 193,637 2,311,231 2.132.520
• Rutland
February
• N Y Chic & St L.. February _ 827,264 806,339 7,507,627 7,150,483
Toledo & Ohio C_ February _ 284,138 304,027 3,547,316 2,972,429
Tot all lines above February _ 18314431 18452192 125513336 169201485

ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

3
NYNH & Hartf__ February _ 4,182,774 4,233,942 41,325,715 39,823,940
N Y Ont do Western February _ 604,552 544,670 6,263,794 5,581,924
N Y Susq & West.... February _ 310,652 278,582 2,516,254 2,280.789
Norfolk & Southern February _ 228,622 199,406 1,886,934 1,709,503
Norfolk de Western_ February _ 2,563,080 2,607,233 23,988,740 22,769,642
Northern Pacific___ February _ 4,058,532 4,620,755 44,791,999 49,286,060
Pacific Coast Co...._ February _ 449,124 548,202 5,356,877 5,351,103
Pennsylvania RR__ February _ 11186442 12149287 105 454698 106 469377
11,572
190,726
13.066
177,459
Bait Ches & Atl_ _ Feoruary _
2
43
9 19
22:2
Cumberland Vail.. February _ 213,565 219.848 2,083,025 1,98
February _ 561,354 524,436 6,659,536 6,147,696
Long Island
94,113
5,291
6,231
February _
lid Del & Va..
N Y Phila & Nonf February _ 229,907 229,798 2,243,557 2,134,935
Northern Central February _ 881,428 945,255 8,576,458 8,554,236
Phila Bait & W.._ February _ 1,324,418 1,280,645 12,724,999 11,755,305
West Jersey & S.. February _ 317,135 315,944 4,191,241 3,770,565
Pennsylvania Co.__ February _ 3,205,316 3.767,354 35,026,197 35,510,066
Grand Rap & Ind February _ 380,303 366.497 3,501,751 3,407,604
Pitts Chi C & St L February _ 2,746.208 3,093,952 26,731,625 26,315,478
February _ 751,616 736,499 7,228,586 6,562,630
Vandalia
Total linesEast Pitts & E February _ 15464852 16445751
West Pitts & E February _ 7,372,863 8,265,846
All East & West February _ 22837716 24711598
February _ 1,103,311 1,161,369 10,816,265 10.574,807
Pere Marquettc..
102,852
109.138
13,172
15,431
February _
Raleigh & Southp
Reading Company
29,564,341
29,996,449
3,501,360
3,233,079
_
February
Phila ec Reading..
Coal & Iron Co.._ February _ 2,306.915 2,715,967 22,489,665 22,296,207
Total both cos..__ February _ 5,539,994 6,217,327 52,486,114 51,860,548
Rich Fred & Potom January _ 181,401 179,571 1,274,380 1.198,609
643,766
616,111
70,546
62,050
Itio Grande June__ January __
390,764
434,050
15,083
12,710
Rio Grande South_.. 4th wk Mch
44,693,146
46,709,485
4,872,234
4,864,795
_
Rock Island Lines_ February
993,931
St Jos & Grand Isl.. January __ 137,790 124,633 1,061,799
St Louis & SanFran February _ 3,319,019 3,056,204 29,702,537 27,969,180
Chie & East III- February, 932,086 1,009,119 8,581,705 8.069,509
Evansy & Ter H February _ 185,787 179,352 1,824,022 1,654,948
;
Total of all lines_ February _ 4,436.892 4,244,675 40,108,354 37,693,637
St L Rocky Mt&Pao February _ 139,885 173.067 1,457,112 1,258,858
St Louts Southwest.. 4th wk Mch 290.812 291,431 9,413,157 8,488,482
SanPod L A & S L_ January __ 647,421 332,079 4,761,072 4,432,922
Seaboard Air Line.... 3d wk Mch 546,496 494,227 15,596.574 14,395,197
Southern Pacific Co February _ 9,614.726 10105 106 90,741,535 90,452,593
Southern Railway.- 4th wk Mch 1,751,865 1,695,633 46.043,439 43,335,525
Mobile & Ohio__ 4th wk Mel' 342,144 317,822 8,325,871 7,858,943
71,243 184,846 6,713,665 6,438.390
wk Mch
Cln N 0 & Tex P.
79,810 3,299,067 2,954,197
60,409
Ala Great South_ 3d wk Itch
5 1,739,571
133
687
47.325 1,781;4
46,243
Georgia Sou & Fla 3d wit Mch
1,762
62,971
2,301
Tenn Ala & Georgia 2d wk Mch
Texas & Pacitio____ 4th wk Mch 420,313 415,581 12,617,449 12,203,003
6,223
49,735
47,498
7,303
Tidewater do West_ January __
983,718
38,799
906,888
36,463
Toledo Poor & West 4ti wit Mch
80.700 2.853,107 2,853,346
85,574
Toledo St L & West 4th wk Mch
58,438
7,502
55,164
7,726
Tombigbee Valley__ February _
Union Pacific Syst_ February _ 5,627,673 6,326,765 61,762,805 60.687.757
928,281
811,137
94.928
Virginia & So West.. February _ 114,829
Wabash
4th wk Mch 787,508 799,529 22,989,402 21,875.114
Western Maryland.. January __ 568,618 559,121 4,344,709 3,9.08,910
447,229 480,390 4,593,784 4,633,016
Wheeling & Lake E February
352,086
710,368
55,603
Wichita Falls & NW January __ 108,977
213,115
229,184
23,017
30,868
Wrightsy & Tenn_ _ February _
Yazoo & Miss Valley March ____ 903,277 891,747 8,495,938 7,848,_253
Various Fiscal Years.

Period.

Jan 1
Delaware ec Hudson
e N Y Central & Iludson River.. Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
n Lake Erie & Western
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Cleve Gin Chicago & St Louis.. Jan 1
Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
Rutland
New York Chicago dc St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesapeake & All.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Jan 1
Maryland Delaware & Va
N Y Philadelphia & Norfolk.. Jan 1
Jan 1
Northern Central
Jan 1
Philadelphia halt & Wash
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Ind
Jan 1
Pitts Cincinnati Chic & St L
Jan 1
Vandalla
Jan 1
Total lines-East Pitts & E
West Pitts & E_.. Jan 1
All lines E & W.Jan 1
Dec 1
Rio Grande Junction
Jan 1
Texas & Pacific

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Feb
Feb
Fco
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feu
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feo
Feb
FeO
Feb
Feb
Feb
Jan
Mch

Current
Year.

Previous
Year.

28 3,054,907 2,767,904
28 14,900,865 14,428,388
28 7,131,231 7,485,003
28
837,103
844,944
28
610,475
694,041
28 4,550,:140 4,287,970
28 4,577,378 4,495,804
28
538,677
503,570
170,296
28
181,404
28 2,031,869 2,523,999
447,742
400,145
28
28 1,718,273 1,745,748
661,077
623,017
28
28 38,168,232 38,241,082
28 23,546,274 25,057,446
25,980
23,453
28
466,510
445,777
28
28 1,198,422 1,067,310
11.173
28
12,455
459,866
469,519
28
28 1,916,101 1,959,827
28 2,765,860 2,657,303
634,061
592,271
28
28 6,623,167 7,741,724
739,539
775,779
28
28 5,858,923 6,454,991
28 1,576,140 1,606.079
28 32,565,209 33,883,709
28 15,438,576 17,154,046
28 48,003,785 51,037,755
137,981
31
152,541
31 3,672,319 3,860,517

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.

Curatti Year Pries Year

lac. or Dec.

%

Monthly Summaries.

Cuen! Year Prev's Year Inc. or Dec.

%

$
$
Mileage Curr. Yr. Prev.Yr.
$
237,560 232,494 234,310.642 201.069,381 +33,241.261 18.53
May
+530,064 4.27
3d week Jan (44 roads).- 12.958,296 12,428,232
238,108 232,054 237,036,159 209,270,887 4-27,765,272 13.77
June
1.65
18,028.059
+297.669
4th week Jan (42 roads)--- 18.325,728
238,169 233,203230,615,776 217,803,354 +12,812,422 5.10
-62,728 0.70 July
1st week Feb (42 roads)._ 12,640,714 12,703,442
238,403 239,404 254,003,072 235,726,000 +18,179,972 7.05
+153,663 1,19
August
,928,215
2d week Feb (43 roads)-- 13,081,881
237,809 256,647,702 246,335,586 +10.312,116 4.49
.240,078
341,369
September..
+638,577
5.16
roads)...-13,019,913
3d week Feb (42
+40,849 0.30
October _ _241,215 237,835 263,464,605 260,821,546 +2,643,059 1.01
4th week Feb 03 roads).- 13.223,530 i „182.681
+994.650 0.50
November_241,272 237,545 248,559,120 247,564,470
-175,015 1.32
1st week Mch (44 roads).- 13.028,803 13,203,818
December _241.364 238,080 236,835,304 220,870,151 +15,965,153 7.23
+102,234 0.77
2d week Itch (41 roads)---- 13.363,9321 13,261,698
-269,317 1.22
January ,_225,862 221,941 204,168,709 199,186,255 +4,982,454 2.57
3d week Mch (91 roads)_-__ 13,657,996 13,927,313
+714,896 1.62
86.351 56 078,284 55,363,388
88,651
February
-189,970 1.01
4th week Mch (35 roads)........ 18,453.861 18,643.831
ec N. Y. By., the latter of which;
a Mexican currency. e Includes the New York & Ottawa. the St. Lawrence & Adirondack and the Ottawa
the CleveIncludes
g
RR.
Indiana
&
Includes
Evansville
f
Inter-State
Commission.
the
to
returns
make
Commerce
being a Canadian road, does not
Wisconsin Minceland Lorain & Wheeling By. In both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Ft. Dodge and
!iota & Paciflo, s Includes Louisville & Atlantic) from July 1 1909 and the Frankfort & Cincinnati from Nov. 1 1909. 1 Includes the Mexican InterhatIonal from July 1910. u Includes the Texas Central in 1911.
- - --------- -




THE CHRONICLE

948

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of March. The table covers 35 roads and shows 1.01%
decrease in the aggregate under the same week last year.
Fourth week of March.
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chepapeake & Ohio
Cio..ago & Alton
Clffbago Great Western
Chicago Ind & Louisville
Colorado & Southern
Denver & Rio Grande'
Detroit & Mackinac
Duluth South Shore & Atlantic_
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Haven & Milw
Canada Atlantic
International Is Great Northern
Interoceanic of Mexico
Iowa Central
Kansas City Mexico Is Orient...
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio_
National Railways of Mexico
Rio Grande Southern
St Louis Southwestern
Southern Railway
Texas Is Pacific
Toledo Peoria & Western
Toledo St Louis & Western
Wabash
Total (35 roads)
Net decrease (1.01%)

1911.

1910.

63,646
62,004
242,550
261,425
485,400
326,900
3,051,000 2,732,000
364,800
378,200
919,421
998,108
288,879
310,257
263,559
301,304
169,496
173,896
332,745
485,693
559,400
600,900
34,400
38,151
74,682
98,315
1,362,379 1,349,741
248,000
268,715
83,779
50,000
1,627,815
20,117
131,193
811,180
1.473 000
342,144
1,800,316
12,710
290,812
1,751,865
420,313
36,463
85,574
787,508

258,000
270,450
89,876
52,000
1,545,150
24,575
122,446
847,324
1,703,000
317,822
1,959.538
15,083
291,431
1,695,633
415,581
38,799
80,700
799,529

18,453,881 18,643,831

Increase. Decrease.
3
1,642
18,875
158,500
319,000
13,400
78,687
21,378
37,745
4,400
152,948
41,500
3,751
23,633
12,638
10,000
1,735
6,097
2,000
82,665
4,458
8,747
36,144
230,000
24,322
159,222
2,373
619
56,232
4,732
2,336
4,874
12,021
673,352

863,322
189,970

For the month of March the returns of 36 roads show as
follows:
Month of March.
Gross earnings (36 roads)

1911.

1910.

Decrease.

59,206,734 59,922,7331 715,9991

[VoL. Lxxxxn.

INDUSTRIAL COMPANIES.
-Gross Earnings- --Net Earnings
Current
Previous
Previous
Current
Companies.
Year.
Year.
Year.
Year.
$
$
$ •
$
Abington & Rockland Elect
Lt & Power Co_ b
Feb
8,672
8,195
3,3%0
2,488
Jan 1 to Feb 28
18.092
16,444
5,184
6,6JU
Blackstone Val G& El_ b_Feb
98,904
90,658
51,258
49,656
Jan 1 to Feb 28
211,934
187,187
97,167
112,691
Edis El Co(Brockton).b_Feb
31,040
26,368
12,855
15,607
Jan 1 to Feb 28
64,462
54,695
27,138
30,685
Fall River Gas Wks_b__Feb
36,386
34,659
16,175
17,756
Jan 1 to Feb 28 •
78,827
73,534
32,212
35,651
Houghton Co El Lt_b__Feb
26.752
24,954
14,128
15,894
Jan 1 to Feb 28
56,697
54,459
32,151
33,718
Lowell El Lt Corp_b___Feb
42,297
36,145
17,328
18,606
Jan 1 to Feb 28
84,674
71,599
32,749
36,959
Sierra Pac Elec Co_b_ __Feb
45,865
45,067
30,419
29,203
Jan 1 to Feb •28
93,877
97,196
60,514
58,586
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
-Int.. Rentals, &c.Current
Previous
Year.
Year.
$
$
492,477
527,464
Central of New Jersey_.._Feb
4,201,556 3,951,461
July 1 to Feb 28
Chesapeake & Ohio
Feb
605,863
509,578
July 1 to Feb 28.___.. 5,050,614 4,110,070
Grande_
Rio
_
_Feb
467,482
456,279
Denver &
July 1 to Feb 28
3,991,585 3,513,559
95,738
95,215
Duluth So Sh & AU_ __Feb
767,365
770,603
July 1 to Feb 28
Louisiana Is Arkansas_Feb
28,623
25,262
July .1 to Feb 28
219,102
190,894
Mineral Range
Feb
12,812
10,909
July 1 to Feb 28
102,170
108,742
102,603
97,462
N Y Ontario Is Western_Feb
July 1 to Feb 28
762,598
950,335
Norfolk Is Western
519,120
478,260
Feb
July 1 to Feb 28
4,120,363 3,753,169
Rio Grande Southern..._Feb
20,735
18,974
July 1 to Feb 28
153,204
155,676
St L Rocky Mt Is Pac_ __ _Feb
34,455
33,408
July 1 to Feb 28
260,805
269,453
Roads.

1.28

-Bal. of Net Earns.Current
Previous
Year.
Year.
$
$
242,560
400,103
4,019,509 4,683,952
110,667
326,734
2,574,822 4,183,593
ddet56,167
d29,807
d1,699,115 d1,788,705
zdef75,674 xdef35,324
zdef80,285 zdef60,887
x21,250
x14,246
x194,736 z173,609
zdef11,981 zdef7,527
zdef82,345 zdef22,645
def12,580 dcf17,930
781,615
773,987
x444,335 z541,729
x5,445,257 z5,892,998
zdef9,889 zdef6,670
z5,598 zdef413.870
26,825
8,535
155,977
253,632

INDUSTRIAL COMPANIES.
-/td., Rentals, &c.- -Dal. of Net Earns.
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Abington Is Rockland Elect
Light Is Power Co ____Feb
638
733
1,852
2,633
Jan 1 to Feb 28
1,273
1,369
3,911
5,287
Blackstone Val Gas Is ELFeb
30,293
29,559
20,965
20,097
-Gross Earnings- -Net Earnings
Jan 1 to Feb 28
60,491
58,926
52,200
38,241
Previous
Current
Current
Previous
Edison El Co (Brockton)Feb
4,863
4,586
10,744
8,269
Year.
Year.
Roads.Year.
Year.
•
Jan 1 to Feb 28
9,761
9,310
20,924
17,828
$
$
$
$
Works_
Gas
Fall
River
__Feb
5,028
4,345
7,490
13,411
3,556
Ala Tenn & Northern_ _ _Feb
4,110
11,000
12,619
Jan 1 to Feb 28
55,467
8,745
7,119
39,720
July 1 to Feb 2881,017
26,906
30,706
25,093
10,395
5,499
9,028
Atlantic Coast Line_a__Feb 2,952,543 2,709,604 1,114,226 1,033,911 Houghton Co Elect Lt__Feb
5,100
Jan 1 to Feb 28
22,528
11,190
21,677
20,576,014 19,249,961 6,370,066 6,382,769
10,474
July 1 to Feb 28
13,798
735,037
4,808
12,666
927,567 Lowell Elect Lt Corn_ __Feb
4,662
Central of New Jersey_b_Feb 2,003,991 2,087,904
Jan 1 to Feb 28
27,300
9,659
23,316
19,316,469 18,670,066 8,221,365 8,635,413
9,413
July 1 to Feb 28
Feb
24,678
716,530
5,741
23,562
5,641
836,312 Sierra Pao Elect Co
Chesapeake & Ohlo_b_Feb 2,409,195 2,387,680
Jan
1
to
Feb
28
20,584,247
7,625,436
49,055
22,202,476
8,293,663
11,459
11,214
47,372
•
July 1 to Feb 28
Chieago.Burl & Quincy b Feb 6,158,715 6,890,600 2,058,318 2,226,274
d These figures are after allowing for other income and for discount and
61,041,879 59,237,002 21,172,698 17,849,802 exchange.
•
July 1 to Feb 28
The sum of $10.000 is deducted every month from surplus
776,628 1;008,071 and placed to the credit of the renewal fund.
Chicago Milw & St P_b__Feb 4,483,670 4,534,276
44,742,683 42,700,532 11,350,167 12,679,214
x After allowing for other income received.
July 1 to Feb 28
717,642
289,549
246,493
Chic Milw & P Sd_b_Feb 1,090,267
ELECTRIC RAILWAY AND TRACTION. COMPANIES.
9,594,839
4,135,500
July 1 to Feb 28
10,568
17,433
Feb
4,202
Cornwall b
9,109
109,088
134,293
50,584
July 1 to Feb 28
73,173
Jan. 1 to latest date.
Latest Gross Earnings.
Name of
281,286
Denver & Rio Grande_a_Feb 1,445,736 1,681,881
376,869
Road.
16,109,839 15,775,613 4,616,940 4,404,976
Week or
July 1 to Feb.28
Current Previous Current
Previous
Year.
Month.
Year.
Year.
Year.
190,805
213,703
16,464
Dui So Sh & Atlantic_ b_Feb
54,782
2,126,262 2,144,772
July 1 to Feb 28
641,850
670,890
Grand Trunk of Canada-•
American Rys Co.._ February - 286,646 268,217
601,033
561,349
Feb 2,326,674 2,247,833
330,922
Grand Trunk By
382,020 cAur Elgin Is Chic Ry February - 112,296 103.399
233,492
205,183
460,857
497,356
Grand Trunk Western Feb
82,244
89,057 Bangor By Is El Co.._ February - 41,900 39,922
87,076
82,790
140,155
157,188
def2,920
Detroit Gr Hav & MilwFeb
Co... February 21,899 Baton Rouge
8,110
8,351
18,187
17,494
116,309 def12,166
121,662
Feb
Canada Atlantic
4,887 Binghamton Railway January
28,499 27,180
28,499
27,180
6.596
6,420
13,891
13,471
Feb 3,572,001 3,873,315
Great Northern_ b
880,581 1,070,656 Brock Is Plym St By February _
41,681,413 42,834,667 17,132,237 18,450,879 Bklyn Rap Tran Syst November_ 1764,648 1675,166 20,063,506 18,076,173
• July 1 to Feb 28
Cape Breton Elec Co_ December
29,520 27.909
326.010
285,799
577,162
418,981
Hocking Valley
Feb
102,957
209,031
Pow Is Lt Co January _
23,850 20,161
23.850
20.161
5,088,386 5,190,707 1,804,873 2,021,420 Carolina
July 1 to Feb 28
Cent Pk N Is E River November_
53,201. 50,182
587,192
547,777
37,444
29,687
Lexington & Eastern_b_Feb
def1,252
60,874 58,146
7,359 Central Penn Trac_ _ _ February _
127,758
120,233
287,270
330.169
July 1 to Feb 28
95,435
78,123 Chattanooga Ry Is Lt February _
69,264 61,122
142,798
127,068
January _ _ 1432,472 1020,613 1,432,472 1,020,613
118,994
102,844
Louisiana & Arkansas_a Feb
42,634
30,847 Chicago Rys Co
21,053 18,701
39,785
44,167
848,818
963,423
July 1 to Feb 28
341,907
294,605 Clev Painesv Is East._ February _
Cleve Southw Is Col_ February _
74,406 63,567
133,907
154,513
Louisville & Nashv_b___Feb 4,151,881 4,115,839 1,063,078 1,153,339 Columbus (Ga) El Co February
37,029 30,840
76,067
64,361
_
July 1 to Feb 28
36,605,191 34,486,459 11,039,337 12,978,508 Coney 1st Is Bklyn
November. 104,156 102,366 1,392,035 1,378,786
627,895
Maine Central_,
633,066
115,797
259,339
Feb
February _ 119,965 105,200
172,463 Dallas Elect Corp..
223,921
July 1 to Feb 28
6,032,203 5,928,799 1,586,872 2,002.051 Detroit United BY__ - 3d wk Mch 164,092 152,554 1,813,066 1,631,543
575,112
565,383
63,208
del 289
Mineral Range_b
57,731
Feb
2,334 DDEB& Bat (Reo) November. 51,082 50,381
Duluth-Superior Trac February _
73,077
78,091
155,628
162,288
July 1 to Feb 28
571,670
8,621
500,387
82,376 East
St Louis Is Sub_ February _ 168,680 175,234
363,427
357,404
Nashv Chatt & St L_b__Feb 1,032,685
929,281
278,393
294,973 El Paso Electric
111,797
February _
54,850 53,839
116,619
July I to Feb 28
8,148,606 7,611,259 2,059,605 2,125,830 Fairm Is Clarks Tr Co February _
75,923
49,763 36,473
102,126
N Y Ont & Western_a_Feb
90,023
544,670
79,532 Ft Wayne Is Wabash
604,552
Valley Traction Co January _ _ 131,783 123,255
123,255
July 1 to Feb 28
6,263,794 5,581,924 1,731,950 1,538,585
131,783
(Bee) November_ 124,449 111,165 1,320,760 1,232,502
Norfolk & West- b
813,547
992,094 42dStM&SNAv
Feb 2,563,080 2,657,233
Galv-Houston El Co_ February _
99,928 89,899
211,094 • 186,530
July 1 to Feb 28
23,988,740 22,769,642 8,633,707 9,278,135 Grand Rapids By
164,820
Co.. February - 81,836 78,468
173,903
Pacific Coast Co
15,708
93,388 Havana Electric Co_ _ Wk Apr 2 42,561
Feb
449.024
548,202
41,280
591,955 • 514,829
July 1 to Feb 28
970,515 1,127,419 Honolulu Rapid Tran
5,356,877 5,351,103
72,075
Is Land Co
February _
Rio Grande Southern_b_Feb
37,824 36,536
9,048
76,745
14,033
49,311
33,067
47,505
July 1 to Feb 28
February _
150,500
20,567 22,165
43,823
347,575
97,943 Houghton Co Tr Co
396,489
Hudson Is Manhattan November.. 239,227 182,803 2,322.929
St Louis & San Fran_ b_ _Feb 3,319,019 3,056,204 1,025,816 937,055
940.836
Illinois Traction Co_ _ February _ 531,028 447,434 1,100.070
July 1 to Feb 28
29,702,537 27,969,180 9,287,821 8,304.550 Interbor R T (Sub)
November_ 1262,490 1201,087 12,646,558
Chic & East Ill_b____Feb 932,086 1,009,119
284,353
249,392 Interbor R T (Elev)_ November_ 1295.789 1258,680 13,942.568
July 1 to Feb 28
90,570
8,581,795 8,069,509 2,692,314 2,638,065 Jacksonville Elec Co_ February _
46,973 43,690
58
8 1,165,462
6:7
53
59
Evansv Is T Irte_b__Feb
66,170
179,352
45,677 Kan City By Is Lt Co February _ 599,951 553,543 1,29
185,787
31
3
17
49
7:87
July 1 to Feb 28
76,258 70,877
662,502
634,531 Lake Shore Elec By. February _
1,824,022 1,654,948
LongIsland Electric.. November_
13,930 13,379
Total all Ilnes-b
Feb 4,436,892 4,344,675 1,376,338 1,232,124 Metropolitan
,
12,6
67
29
9;0
59
29
8
November.
1143,150
St(Rec)
1110,615
12
July 1 to Feb 28
40,108,354 37,693,637 12,642,638 11,577,146 Milw El By Is Lt
•1.7
03
62
5,.8
29
68
3
971218926186:1'
February _ 377,815 350,528
.
:
,
83
8
1:9
41,943
St L Rocky Mtn & Pac a Feb
60
173,067
61,280 Milw Lt Ht Is Tr Co_ February _
14
139,885
67
1
71,606 65,057
4815932:8:
July 1 to Feb 28
700,862
425,430 Montreal Street Ry_ _ February _ 330,737 303,977
1,457,112 1,258,858
514,437
13
48
2:4
57
98
Seaboard Air Linea _ __Feb 1,965,195 1,741,086
649,298
574.870 Nashville By Is Light January __ 161,903 148,598
158,
Orleans By Is Lt February _ 559,812 521,184
July 1 to Feb 28
14,106,609 12,931,930 4,114,547 3,957,593 New
N Y City Interboro_ _ November_
14,747
21,001
060
Tombigbee Valley__ _ _ _ _ Feb
7,726
3,001
3,117 N Y Is Long Island Tr November_
7,502
38
4
5,9
87
320.610
14
38
27,447 26,516 1,3
•
July 1 to Feb 28
58,438
21,956
55,164
20,477 N Y Is Queens Co_
907,519
November_
88,652 75,893 1,037,548
Feb 2,091,078 2,176,372
1„
Wabash is
.
367,143
582,840 Nod Is Portsm Tr Co January __ 168,871 156,373
11,927.
Northam Easton& W January -10.757
20,329,837 19,389,337 5,680,352 6,164,201
• • July 1 to Feb 28
11.927 10.757

It will be seen that there is a loss on the roads reporting in
the amount of $715,999, or 1.28%.
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:




•

APR. 8 1911.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

North Ohio Trao & Lt February _
North Texas Elec Co_ February _
Northwest Bic,
" Co__ March ____
Ocean Electric (L I)_ November_
Oklahoma City Ry__ February _
Paducah Tr & Lt Co_ February _
Pensacola Electric Co February _
Port(Ore)Ry,L&PCo February _
Puget Sound Elec Co February _
Richmond Lt 6: RR_ November_
Rio de Janeiro Tram
Light & Power Co_ February _
St Joseph (Mo) Rv Lt
Heat & Power Co__ February _
Sao Paulo Tr Lt &P_ February _
Savannah Electric Co February _
Seattle Electric Co_ _ _ February _
Second Avenue (Rec) November_
Southern Boulevard_ November_
Sou Wisconsin Ry Co February _
Staten Isl Midland__ November_
Tampa Electric Co__ February _
Third Avenue (Rec)_ November_
Toledo Rys & Lt Co__ December
Toronto Ry Co
December.
Twin City Rap Tran_ 3d wk Mch
Underground El Ry
of LondonThree tube lines__ Wk April 2
Metropolitan Dist_ Wk April 2
United Tramways_ Wk April 2
Union (Rec)
November_
UnionRy G&ECo(II1) February _
United RRs of San Fr February _
Westches Elec (Rec)_ November_
Whatcom Co By & Lt February _
Yonkers RR (Rec) November_
Youngst & Ohio Riv_ February _

$
172,413
109,088
194,448
3,383
47,346
20,705
22,320
478,263
132,135
23,683

$
146,206
93,082
193,622
3,640
37,877
18,771
19,812
393,076
131,219
23,115

Jan. 1 to latest date.
Current
Year.
$
358,684
233,097
551,947
107.887
100,401
42,492
44,689
989,687
274,386
317,739

Previous
Year.
$
311,151
196,931
547,495
105,446
78,031
41,512
40,420
824.087
275,587

941,213 744,748 1,940,788 1,558.790
83,126
279,457
51,300
428,557
69,503
8,856
14,057
16,683
57,335
283,368
290,188

174,114
79,271
188,579
444,460
561,813
215,624
94,028
105,103
45,130
898,774
907.286
431,074
786,723
780,802
68,830
83,765
102,548
7,589
26,249
28,641
13,122
245,602
-.---16,569
109,645
110,559
56,284
254,491 3,247,060 2,789 743
266,182 2,985,382 2,733,178
4,377,116 3,926.828
141,608 135,039 1,616,418 1,521,908

£14,420
£12,090
£5,542
173,024
251,685
577,582
42,073
31,350
52,849
15,867

£13,375 £184,655 £173,600
£10,554 £153,709 £140,390
£72,403
£68,612
£7,938
157,197 2,055,186 1.861,918
506,468
528,067
242,593
570,983 1,215,894 1,198,649
411,206
490.487
36,434
69,018
64,787
32,816
13,169

32,788

27,145

c These figures are for consolidated company.

Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of March 25 1911. The
next will appear in the issue of April 29 1911.
Roads.

949

THE CHRONICLE

-Gross Earnings- -Net EaaningsCurrent
Previous
Current
Previous
Year.
Year.
Year.
Year.

Bangor By & Elec Co_a_Feb
July 1 to Feb 28
Baton Rouge Elec Co_ b_Feb
Jan 1 to Feb 28
Brockton &PlymStRy_ b_Feb
Jan 1 to Feb 28
Chicago Railways Co__ _ _Jan
Columbus (Ga) Elea Co b Feb
Jan 1 to Feb 28
Commonwealth Power Railway & Light Co(Mich)aFeb
Jan 1 to Feb 28
Feb
Dallas Elec Corp-13
Jan 1 to Feb 28
East St L & Suburban _a _ Feb
Jan 1 to Feb 28
El Paso Elect Co_ b
Feb
Jan 1 to Feb 28
Galves-Hous Elec Co_b_Feb
Jan 1 to Feb 28
Honolulu Rap Tr & L_b_Feb
Jan 1 to Feb 28
Houghton Co Tram Co_ b_Feb
Jan 1 to Feb 28
Hudson Valley Ry CobOct 1 to Dec 31
July 1 to Dec 31
Jan 1 to Dec 31
Illinois Traction Co _a _ __Feb
Jan 1 to Feb 28
Jacksonville Elm Co_b_ _Feb
Jan 1 to Feb 28
Northern Tex Elea Co_ b_Feb
Jan 1 to Feb 28
Oklahoma City Ry_b__ _Feb
Jan 1 to Feb 28
Paducah Tra,c & Lt Co_ b Feb
Jan 1 to Feb 28
Pensacola Elect Co_ b_ _ _Feb
Jan 1 to Feb 28
Puget Sound Elm Co_ b_ _Feb
Jan 1 to Feb 28
Savannah Elec Co_ b_ __ _Feb
Jan 1 to Feb 28
Seattle Elect Co-b
Feb
Jan 1 to Feb 28
Tampa Elect Co - b
Feb
Jan 1 to Feb 28
Troy 6c New England.. Oct 1 to Dec 31
Union By Gas&EI(111) a Feb
Jan 1 to Feb 28
United Tree Co (Albany),
Oct 1 to Dec 31
July 1 to Dec 31
Whatcom Co By & Lt_ b_Feb
Jan 1 to Oct 31

41,900
397,407
8,351
18,187
6,420
13,891
1,432,472
37,029
76,067

39,922
383,422
8,110
17,494
6,596
13,471
1,020,613
30,840
64,361

21,028
218,676
2,737
6,691
621
2,213
365,951
19,782
41,431

19,726
210,379
2,828
6,184
366
380
243,808
14,417
30,617

423,669
696,805
119,965
259,339
166,660
357,404
54,350
116,619
99,928
211,094
37,824
76,745
20,567
43,023

374,920
807,292
105,200
223,921
175,234
363,427
53,839
111,797
89,899
186,530
36,536
72,075
22,165
47,505

186,732
403,757
43,172
100,354
69,339
155,053
23,800
51,607
33,997
77,016
18,788
35,414
6,406
13,633

158,165
354.116
33,240
71,209
75,749
160,903
26,086
54,555
27,922
56,939
16,644
34,016
8,620
18,803

154,853
385,904
559,446
531,028
1.100,970
46,973
99,738
109,088
233,097
47,346
. 100,401
20,705
42,492
22,320
44,689
132,135
274,386
51,300
105,103
428,557
907,286
57,335
110,559

133,560
347,005
614,484
447,434
940,836
43,690
90,570
93,082
198,931
37,977
78,031
18,771
41,512
19,812
40,420
131,219
275,587
45,130
94,028
431,074
898,774
56,284
109,645

46,166
141,792
174,737
216,088
438,121
19,948
45,106
49,268
104,145
16,380
35,682
0,679
19,875
8,937
18,063
29,386
52,676
18,359
37,122
162,301
384,440
20,004
53,552

22,678
96,985
140,155
176,975
381,634
20,886
42,792
40,767
85,482
15,330
32,428
6,994
15,260
8,087
16,537
34,337
72,881
17,765
35,596
168,276
325,585
29,028
52,080

5,704
251,685
528,067

6,105
242,593
506,468

3,281
102,913
210,922

3.525
96.491
196,867

-Int., Rentals, &c.--Bat. of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
3
$
1,303
10,433
13,114
Columbus (Ga) Elec Co_ _Feb
9,349
4,481
23,207
26,136
Jan 1 to Feb 28
18,224
56,917
66.974
101,248
CommonwP,R &L(Mich).Feb
97,808
152,500
205,927
201,616
Jan 1 to Feb 28
197,830
6,818
Dallas Electric Corp_ _ _ _Feb
26,422
16,108
27,064
18,380
45,867
Jan 1 to Feb 28
54,484
52,629
30,867
East St Louis & Subur_ _Feb
44,882
24,135
45,204
70,868
Jan 1 to Feb 28
90,035
64,613
90,440
17,600
El Paso Electric Co
15,459
6,466
Feb
8,341
37,436
Jan 1 to Feb 28
35,019
16,588
17,119
Galv-Hous Electric Co_ _Feb
4.743
9,376
24,621
23,179
Jan 1 to Feb 28
10.618
27,701
49.315
46.321
Honolulu Ft T ec Land_ _Feb
z10,873
x12,703
6,611
6,358
Jan 1 to Feb 28
z22,420
13,223
z23,109
12.716
2,280
Houghton Co Trac Co__ _Feb
def.135
6,541
6,340
Jan 1 to Feb 28
6,122
13,082
12,681
551
Hudson Valley Ry CoOct. 1 to Dec 31_ _ _ _ _ _
68,234
61,657 zdef.19,237 zdef.39,147
July 1 to Dec 31
135,743
120.118
z7,878 zdef.22,236
Jan 1 to Dec 31
264,820
239,165 zdef.77,404 xdef.98,114
Jacksonville Electric Co_Feb
10,161
11,756
9,132
9,787
Jan 1 to Feb 28
20,415
24,437
18,355
42,691
Northern Texas Electric_Feb
24,910
22.515
18,252
24,358
Jan 1 to Feb 28
49,373
36,442
49,040
54,752
Paducah Trac & Lt Co_ _Feb
7,932
7,054
def.60
1.747
Jan 1 to Feb 28
15.684
14,124
1,136
4.191
Pensacola Electric Co_ _Feb
5,814
4.026
3,261
3,123
Jan 1 to Feb 28
11,960
9.611
6,926
6,083
Puget Sound Elec
__Feb
53,004
50,220 def.23,618 def.15,883
Jan 1 to FebCo_28
101,317
100,455 def.48,639 def.27,574
Savannah Electric Co__ _Feb
18,352
17,752
7
13
Jan 1 to Feb 28
37,106
35,570.
16
26
Seattle Electric Co
Feb
107,171
111,643
75,210
56,633
Jan 1 to Feb 28
217,575
217,291
166,865
108,294
8,282
Tampa Electric co
Feb
4,566
22.722
24,462
12,364
Jan 1 to Feb 28
9,133
41,188
42,947
Troy 6: New England2,867
to
Dec
31
Oct 1
2,576
x610
z977
59,424
Union By. G & E alp_.Feb
56.031
38,460
43,489
118.819
Jan 1 to Feb 28
116,299
80.568
98,103
United Trac Co (Albany)143,747
118,689 z131,342 z137,273
Oct 1 to Dec 31
275,733
246,422 z277,946
July 1 to Dec 31
x301,132
5,806
9,324
Whateom Co Ry & Lt_ _Feb
8,064
2,243
11,513
18,281
Jan 1 to Feb 28
16,738
6,746
received.
income
allowing
for
other
z After
Roads.

ANNUAL REPORTS,
Annual Reports.-An index to aaaralal reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will he
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The West index will he found in the issue
of April 1. The next will appear in that of April 29.
Pittsburgh Cincinnati Chicago & St. Louis Railway.
(Report for Fiscal Year ending Dec. 31 1910.)
Below are given comparative income accounts and balance
sheets for several years. Rather data will be given next week.
OPERATIONS it FISCAL RESULTS-ALL LINES DIRECTLY OP'D.
1910.
1908.
1909.
1907.
1,468
1,472
1,469
1,472
Miles operated
Operations11,689.822 10.697.657 10,251,055 11,567,794
Passengers carried
Pass. carried 1 mile__ _.A32,492,195 394,825,123 365,574,267 385,464,056
1.834 cts.
1.871 cts.
1.879 cts.
Rate per pass. per mile_ 1.847 cts.
Freight (tons) carried__ 38,976,157 32,853,447 27,152,648 42,952,761
Freight (tons) 1 mile__ *4,596,299 *3,856,530 *3,205,847 *4,293,075
0.641 cts.
0.644 cts.
0.629 cts.
Rate per ton per mile_ _ _ 0.614 cts.
• Three ciphers (000) omitted.
INCOME ACCOUNT.
1910.
1909.
1908.
Revenues$28,212,593 $24,706,600 $20,659,359
Freight revenue '
7,988,548
7,240,853
6,839,918
Passenger revenue
1,186,443
1.187,896
1,184,871
Mail revenue
1,403,997
1,284,108
1,179,046
Express revenue
1.555,808
1,355,574
1,028,371
Other transportation revenue
195,802
253,990
183,533
Non-transportation revenue
Total operating revenues
ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses

$40,601,379 $35,970,833 $31,075,098

Operating expenses
Net operating revenue
Outside operations-net deficit
Taxes

$29,901,985 $24,575,158 $21,170,637
$10,699,394 $11,395.675 $9,904,461
8.055
•
10,716
1,355,105
1,571,747
1,342,560

Operating income
Rentals on basis of net revenue

$5,782,764
7,591,804
865,700
14,888,504
773,213

$4,928,406
6,172,357
775,622
11,996,129
702.644

$9,116,931 $10,045,060
512,006
515.620

Net operating income..
$8,601,311
Divs. and int. rec'd from investments
$233,443
Interest, general account
63,217
Miscellaneous income
7,590

$3,215,225
5,343,686
717.547
11,204,436
689,743

$8,549,355
• 312,289

$9,533,054
$290,475

$8,237,066
$335,609

8,628

•7,223

Gross income
$8,905,561 $9,832,157 $8,579,898
599,807
218,754
210,608
Deduct1,172,522
447,223
452,165 Fixed rentals of leased roads
$768,338
$773,745
$760,818
31,350
13,870
57,867
11,567 Rent of joint facilities and other prop.
134,002
59,750
64,787
28,251
547,189
25,027 Hire of equipment
767,128
582,451
492,150
Sinking funds
525,690
498,590
a Net earnings here given arc after deducting taxes.
2,574.397
Interest on funded debt
2,557,020
2,557.020
Interest on car trusts
244,689
270,365
b Net earnings here given are before deducting taxes.
278,777
626,682
Principal of car trusts paid
626,666
596,133
Interest Charges and Surplus.
Interest, general account
105,682
189,919
Advances to Clue. Rich. & Ft. W.RR.
28,818
19,650
28.798
-Int.,Rentals, &c.- -Bat. of Net Earns.- Miscellaneous
20,355
•14,391
8,188
Current
Previous
Current
Previous
Preferred dividends (5%)
1,373,777
1,373.132
1,373,440
Roads.
Common dividends
(5%)1,783,329(4%)1,289,268 (4)1,145,882
12,379
11,712
Bangor By & Electric__Feb
8,649
8,014
Total deductions
$8,778,340 $8,125,041 $8,150.765
July 1 to Feb 28
96,565
93,903
122,091
116,476
Balance, surplus
$127,221 $1,707,116
$429,133
Baton Rouge Elec
1,995
_Feb
742
1,958
870
3,970
Jan 1 to Feb 28
2,721
3,660
2,324
• The items so marked in 1908 do not properly compare with those in
Brockton & Plymouth_ ..Feb
1,559
1,784
def.938 def.1.418 later years, owing to changes in the method of stating the figures; butithey
3,143
Jan 1 to Feb 28
3,583
def.930 der.3,203 are In each case small and do not affect the general result.




537,801
1,092.162
32,816
69,018

GENERAL BALANCE SHEET DECEMBER 31.
1910.
1909.
1909.
1910.
$
Liabilities$
$
Road & equip_a135,454.854 128,317,142 Stock (See "Ry.
&Ind." Sec.)_ 63,674,025 56,659,491
Securs. of prop.,
Funded debt___ 56,974,000 55,667.000
&C., COS.1,766,414 Equip't trusts__ 6,809.412
6,599,055
Stks.,unpledged 1,890,514
150,000 Loans & bills pay
3,800,000
150,000
Bds.,unpledged
Traffic balances.
446,671
469,520
Advan. for con551,047 Vouch. & wages 2,392,892
2,419,566
526,170
struction, &c_
Matured lot.,&c
104,843
168,696
Misc. securities,
842,615 Miscellaneous _ _
790,000
842,717
598,105
unpiedged ____
2,573,234
2,191,076 Unmat. Int., &c. 1,454,149
2,043,351
Cash
421,800
105,450 Accrued taxes__ 1,039,035
934,036
Securs. In treas_
100
51,391
2,423,710 Oper. reserves_ _
21,276
Slark'able securs
701,600
• 2,758 Other deferred
Loans&bIlis rec_
675,052
credit items_ _
718,645
186,433
Traffic balances.
184,777
917.668
725,319 Add'ns to prop'y
Agents, &c
2,124,591 through income 5,485,798
4,003,127
Material & supp. 2,409,732
1,063,595
4,714,971
Miscellaneous
973,053 Sinking,&c.,fds. 5,440,486
258,872
Advances, &c
763,740 Extraor.expend.
Other deferred
fund
300.000
565,106
debit items
854,253 Profit and loss
53,633,650
3,895,070
Assets-

Total

[VOL. Lxxxxii.

THE CHRONICLE

950

148,451,014 142,509,813

Total

148,451,014 142,509,813

a After deducting reserve for accrued depreciation of equipment, $363,549.
b After adding profit realized from sale of securities and settlement of sundry old
accounts, $286,626, and deducting extraordinary expenditure in revising grades,
and alignment, and other outlay not properly chargeable to capital account, $675,
268.-V. 91. p. 337.

(The) Delaware & Hudson Co.
(Report for Fiscal Year ending Dec. 31 1910.)
Pres. L. F. Loree, N.Y., Mch. 31 1911,says in substance:
The operation of the
Coal Produced
4*. Purchased.
Year.
Tons.
1910
a6,647,659
1909
6,238,653

coal and railroad departments show:
-Railroad Departmentt
-Coal DepartmentOper.Rev. tNet Op.Rev.
Revenue.
*Net.
11,806,888
16,340,290

41,923
206,454

20,431,800
19,525,859

8,233,513
8,067,380

166,133
905,941
Increase _ 409,006 dec.4,533,402dec164,531
• After deducting taxes. a Produced only. tBefore deducting taxes.
Funded Debt.-The debentures of 1916 show a reduction of $2,000 through
exchange thereof for $1,000 capital stock. Debentures of 1914 were reduced by $200,000 paid off Jan. 11910. Of the first lien equipment bonds
of 1922, $293,000 were retired through the sinking fund.
The managers have authorized the issue of $7,000,000 of "first and refunding mortgage" 4% gold bonds. The proceeds of these bonds will be
applied In payment of the 44,494,320 floating debt outstanding on Dec. 31
1910, In the acquisition of a branch line from Greenwich. N. Y., to Salem
Junction, N.Y., and in payment of expenditures authorized on the railroad
property at an estimated cost of $2,208,640. (V. 92, p. 186, 394.)
Sinking Funds.-DurIng the year there was paid into the sinking fund
under the "first and refunding mortgage" $207,040, being 1% of the amount
of said issue outstanding, making the total paid in to Dec. 31 1910 and expended in additions and betterments, $342,430.
The sinking fund under the "first lien equipment trust indenture" has
received during the years 1908, 1909 and 1910 $1,976,748,which is accounted
for as follows: 36 locomotives purchased, $860,260; 293 D. & H. first lien
equipment bonds purchased and retired, $298,921; securities and cash in
hands of trustees, $817,567.
The stockholders on May 10 1010 amended the ordinance passed on May 9
1899 authorizing a sinking fund, so that all amounts or accumulations
standing to the credit of the sinking fund shall be applied to the cost of acquiring additional coal lands, either directly or through subsidiary companies, or to other capital purposes; or pending such application, to be,
Invested in the securities of the company or of any corporation whose railroad the company may have leased, or upon whose securities the company
may have become liable to pay interest or dividends. Accordingly the
unappropriated accumulations, amounting to $1,201,539 on Dec. 31 1909,
and which were increased during 1910 to $1,631,958, were appropriated
toward defraying the advances to the Schuylkill Coal & Iron Co. and the
Shanferoke Coal Co. for the acquisition of anthracite coal lands in Penna.
Taxes Accrued.-Taxes accrued, but not paid, show an increase of 8203,969, largely due to appeals being taken from the assessments levied.
Coal Department.-The collieries and washerles of this and subsidiary
companies produced 6,647,659 tons of anthracite coal out of a total of 64,905,786 tons produced in the region. Increase in production of this and
subsidiary companies was 448.617 tons, and the increase In production of
the entire region was 2.935,901 tons. The coal department expenses include construction and betterments amounting to $766,674, chiefly new
engines, boilers, boiler houses and fittings, $241,149; sinking shafts and
shaft improvements, $130,525, and rope haulage, slopes, etc., $112,331.
From June 1 1909 all coal produced by the Delaware & Hudson Co. has
been sold to the Hudson Coat Co.
Railroad.-The total increase In revenue from operation was $905,941.
The revenue from coal freight traffic increased $413,102; from merchandise
traffic, $361,087; from passenger traffic, $75,397, and from other miscellaneous traffic, $56,354. These increases were largely due to the business
recovery following the general depression that existed in the anthracite coal
business In the latter part of 1909 and early In 1010.
The total increase in operating expenses was $739,807. At the beginning
of the year the employees of practically every branch of the service, other
than those engaged in a clerical capacity, made a demand on the railways
of the United States for an increase in wages, alleging an increased cost of
living. A number of the roads submitted the matter for arbitration under
the Erdman Act. In every case an increase in pay was awarded. The increases granted by this company averaged about 8% and became effective
about April 11910. The total annual increase is estimated at $400,000.
The expenditures during the year on account of additions and betterments to the company's railroad amounted to $697,746, of which $407,075
was for right of way and station grounds.
A large portion of the right of way occupied by the railroad in Pennsylvania was originally acquired in connection with purchases of coal lands.
To conform with the rules of the Inter-State Commerce Commission, there
has been transferred from the real estate account to road and equipment
account $388,688, being the appraised value of that portion of the said lands
which are now occupied solely by the railroad.
Additions, &c.-A contract has been entered Into for the purchase of 11
locomotives, which will be paid for from funds accumulated under the "first
lien equipment trust indenture." The managers have authorized the construction of (a) locomotive and freight car repair shops, coach cleaning and
classification yard and round-house terminal at Watervliet, N. Y.; (b) new
coal storage facilities, a plant for transferring coal from open to box cars
and gravity yard at Glenville, N. Y.; (c) 40-stall round-house, small electric
and steam power plant, &c., at Carbondale. Pa.; (d) purchase of property
for available yard use at Carbondale, Pa. The estimated cost is $2,208,640,
which will be paid for from the proceeds of the additional $7,000,000 "first
and refunding mortgage" 43 authorized as above stated. During the past
four years the freight car equipment has about doubled in numbers and capacity and 79 locomotives have been purchased or contracted for, of which
10 are of the Mallet articulated compound type, and the contemplated additions to the shop facilities are necessary to take care of the increased maintenance work caused thereby.
Allied Steam Railways.-(a) Greenwich & Johnsonville Ry. Co. shows net
Income for the year of $15,289, being an increase of $3,780 over 1909 and
equal to 6.79% on the capital stock;(b) Quebec Montreal & Southern fly. Co.
shows an increase in operating revenues of $42,612 and In net open revenues
of $30,928. The net Income, independent of Interest charges due the Delaware & Hudson Co., amounted to $178,557, an increase of $72,697. (c) Napierville Junction fly. Co. shows net Income of $28,648, an increase of $10,868 and equal to 4.77% on the capital stock.
Quebec Montreal & Southern Ry. Co. (whose entire capital stock is owned
by the Delaware & Hudson Co.) has received from the Canadian Federal
Government a cash subsidy of $287,734 and from the Quebec Provincial
Govt a land subsidy of 105,876 acres for that portion of its line between
Pierreville and Fortierville recently constructed,and which was completed
In 1909, 528,265 additional will be received upon the settlement of some
claims whieh are now pending. The company has received subsidies for
the completion of five 10-mile sections, but as there have been built 55.14




miles, the subsidy on the sixth section has been partly earned but is not
due until the completion of an additional 4.86 miles of line.
Boat Lines.-The Champlain Transportation Co. shows net income of
$18,378, an increase of $14,300.
Hotels.-On May 25 1910 fire, caused by lightning, totally destroyed the
Hotel Champlain, located at Bluff Point, N. Y., on Lake Champlain. The
loss was covered by insurance. Both this hotel and the Fort William Henry
Hotel, located at Lake George, N. Y., which was destroyed by fire in 1909,
are being rebuilt and will be opened for the tourist business during the summer season of 1911. The new buildings will be fireproof, steam heated
and practically every sleeping room will be accessible to a private bath.
Electric Railways.-Increases in net operating revenues were as follows:
Hudson Valley By., $31,874; Schenectady By. Co. (Including electric express), $94,565: Plattsburgh Traction Co., $269. The United Traction Co.
shows a decrease in net operating revenues of $47,661, the Troy & New
England By. Co. a decrease of $566 and the Mechanicville power plant a
decrease of $20,424. The decrease in the net return of the United Traction
Co. is mainly due to increase in pay of all employees and to the unusually
heavy fall of snow In 1910.
Dividends of 4% for the year 1910 were declared on the capital stock of
the United Traction Co.;6% on that of the Schenectady By. Co.; 4% on
Troy & New England Ry. Co., and 5% on Plattsburgh 'Fraction Co.
Litigation.-In the litigation in respect to the contract under which this
company Is operating the Ticonderoga RR. the judgment by the referee,
adverse to this company, has been reversed upon appeal. A further appeal
to the Court of Appeals has not yet been reached for argument.
After a long trial the suit brought by George 31. Hull and others (lessors
to this company of certain coal lands in Pennsylvania) on account of alleged
deficiencies in payments of rentals made is now before the Penn.Court.
The State of New York has begun suits against this company and other
railroad companies operating In the Adirondack Mountain region for damages alleged to have been suffered by the State forest from tires caused by
the escape of sparks from locomotives, which suits are still pending.
OPERATIONS AND FISCAL RESULTS.
Egutpmen1910.
1907.
1909.
1908.
Locomotives
447
462
459
484
Passenger cars
475
480
477
477
Freight cars
20,857
21,648
21,152
21,438
Company cars
737
811
820
860
OperationsPass. carr'd earn. rev
7,960,371
7,415,580
6,850,729
6,678,027
No. of pass. carr'd 1 mile141,034,782 134,946,143 127,023,498 137,645,066
Av.rects. per pass. p. m.
2.06 cts.
2.14 cts.
2.10 eta.
2.12 eta.
Pass. earns. per tr. mile
51.0653
50.95568
81.0602
50.97144
Tons rev. frt. carr'd
18,825,328 17,817,464 17,609,310 20.633,726
Tons frt. carr'd 1 mile_2457178348 2391053458 2134744299 2511071042
Av. recta. per ton per m. 0.680 eta.
0.670 cts.
0.660 cts.
0.710 cts.
Frt. earns, per tr. mile_
$2.934
$2.764
$2.837
Av. No. tons frt. In train
432.06
452.21
397.69
414.66
Anthracite coal produced 6,647,659
6,623,508
6,199,042
6,520,871
Anthracite coal carried_ 8,268,744
7,602,877
9,165,689 10,025,312
carried
Bituminous coal
2,109,224
2,270,328
1,824,323
1,863,136
$
Earnings fromCoal freight traffic
8,724,581
9,081,664
9,106,820
8,311,479
traffic..
Merch. freight
8,052,705
7,553,810
6,162,181
7,691,617
Passenger traffic
2,910,026
2,944,743
2,834,628
2,693,672
Express traffic
209,210
198,800
205,910
189,656
119,378
Transportation of malls_
125,948
132,022
132,316
Miscellaneous sources_
415,900
254,401
356,277
216,086
Gross earnings
20,431,800
ExpensesMalnt. of way & struct_ 1,557,913
Maintenance of equipm't 2,842,069
Traffic expenses
249,932
Conducting transport'n_ 7,066,049
General expenses
482,324

19,525,859

18,500,731

20,165,440

1,334,546
2,598,566
227,347
6,821,392
476,628

1,417,319
2,219,543
204,849
6,528,112
441,898

1,879,546
2,356,514
191,669
6,900,430
366,270

Total expenses
12,198.287 11,458,479 10,811,721
Net earns, from operat'n 8,233,513
8,067,380
7,689,010
P.c. of exp. to earnings_
(58.68)
(59.70)
(58.44)
INCOME ACCOUNT.
1910.
1909.
1908.
Coal Department$
$
$
Gross receipts
11,806,888 10,340,290 23,847,116
Gross expenses
11,448,226 15,832,415 22,701,698

11,694,429
8,471,011
(57.99)
1907.
$
23,594,415
22,421,209

Net earnings
358,662
Railroad DepartmentGross earnings
20,431,800
Operating expenses_ __ _ 12,198,287

1,145,418

1,173,206

18,500,731
10,811,721
8,067,380
7,689,010

20,165,440
11,694,429

Net earns, from oper_ 8,233,513
Other incomeHire of equipment
196,168
Outside operations
1,163
Divs. & int. on sec. owned 1,200,565
General int. and discount
563,930
Miscellaneous items_ __ _
110,874
,
Total other income__ 2,072,700
Gross Income
10,664,875
Deductionsfrom IncomeRentals
2,045,084
Taxes
814,147
Int. on 1st & ref. M. bds.
828,160
Int. on 1st mtge. bds__ _
350,000
Int. on D. & H.deb. bds.
559,001
Int. on 1st lien
bds_
443,621
Int. on car trusteq.
bds__ _
Int. on equip. deb. bds_
28,000
Int. on divisional bds_
75,000
General int. and discount
191,673
Miscellaneous Items_ _ _ _
Total deductions
5,334,686
Net inc. carr'd to gen.p&1 5,330,189
Divs, on stock (9%)- - 3,825,180
Bal., surplus for year_

1,505,009

507,875
19,525,859
11,458,479

8,471,011

100,611
dr.2,684
1,088,014
504,519
128,284

275,047
dr.1,417
803,599
375,163
52,283

91,600
3,705
1,117,672
178,890
172,434

1,816,744
10,391,999

1,504,675
10,330,104

1,564,301
11,208,158

2,076,266
712,890
542,254
350,000
559,062
450,000
2,625
36,000
75,000
392,678
384

1,897,628
705,331
243,998
350,000
559,080
102
45
(
,7

2,353,528
568,589

44,000
75,000
707,300
44,434

350,000
559,540
258,750
13,125
52,000
75,000
485,352
26,460

5,197,159
5,194,840
3,825,090

5,084,646
5,254,458
3,816,000

4,742,344
6,466,173
3,816,000

1,369,750

1,438,458

2,650,173

BALANCE SHEET DECEMBER 31.
1910.
1910.
1909.

1909.
Assetscoal
Unmined
Capital stock___ 42,502,000 42,501,000
owned & conBonds (see "Ry.
16,828,497 18,462,685
trolled
& Ind." Sec.). 51,585,000 52,080,000
Advances on un4,325,000
Loans payable_ _ 4,494,320
598,126
mined coal_
542,426 Int., divs., &c..
Real estate
4,730,624
5,150,124
1,076,952
accrued
1,066.359
Road & equip.Int., divs. and
48,838,359 47,839,825
D. & H. Co
bonds due, not
Canadian lines 6,287,592 6,271,702
178,55b
196,848
yet collected_
Marine equipm't
9,880
9,880 Accrued taxes
106,273
310,243
Coal dept. equip. 1,179,954
1,074,725 Sinking fund_
1,201,539
Coal handling &
Audited vouch.
storage plants
270,310
267,476
and pay-rolls. 3,088,773
2,840,347
Stocks & bonds.a23,967,687 23,588,806 Other accts. pay
181,808
220,888
Cash
1,782,372
1,850,765 Profit and loss.- 12,396,840 11,079,485
Fire'main fund_
316,763
286,536
Equip, trust fd_
817,567
673,405
Supplies on hand 2,395,260
2,481,727
Bills & accts. rec 5,778,401
5,803,758
Adv., new lines.. 2,020,799
1,306,219
Total

115,822,191 115,610,039

Total'

115,822,191 115,610,039

a The total par value of stocks owned In 1910 was $23,442,733, against $23,557,833
in 1909 (value as per balance sheet in 1910, $19.860,255): par value of bonds,
$4,499,016 in 1910, against $3,793,316 (value as per balance sheet in 1910, $4,107.433). The list of securities owned remains substantially the same as that given .11
V. 88, p. 939, the main changes under bonds being the new items of Champlain
Transportation 1st income debentures ($250.000) and 2d income debs. ($350,000)
-V. 92, p. 394, 186.

THE CHRONICLE

APR. 8 19111

951

EARNINGS OF TERRE HAUTE & PEORIA RR.
Net Renta1,30% Rents Hire of Balance.
Oper.
Gross
Loss.
Paid. Equip.
Exps. Earns. Gross.
Earns.
Year$958,931 $854,379$104,552 $287,679 $22,611 $39,211 $244,949
1910
749,234 717.441 31,793 224,770 22,614 25,532 241,123
1909
710,093. 652,739 57,354 213,028 22,629 24,110 202,413
1908
7,706 213,879
764,175 717,493 46,682 229.253 23,602
1907
General Results.-The commercial and industrial conditions were generVANDALIA RR. CO. GENERAL BALANCE SHEET DEC. 31.
ally good, except that the coal-mining operations in Indiana and Illinois
1909.
1910.
1910.
1909.
were interrupted for some time by strikes of the miners. The volume of
$
Liabilities$
Assetsfreight traffic and passenger business was the largest in the history of the co.
The increase in operating revenues was $1,392,088, or 15.24%; the in- Road and equip_a33,451,187 30,833,824 Capital stock..___14,649,516 14,649,516
19,767,000 15,264,000
Funded debt
crease in operating expenses and taxes was $1,350,754, or 19%, and the Securities prop'y.
268.913
Equip. tr. oblig's_ 224,095
increase in operating income was $41,334, or 2.04%. As there was an indm.. companies:
183,017
152,898 Traffic, &c., bale_ 236,064
Stocks, unpledg. 230,567
crease of $54,908 in other Income, the gross income was $2,154,077, an in769,466
69,000 Vouch. & wages... 796,676
69,000
Bonds, unpledg.
crease of $96,242, or 4.67%. After deducting charges of $1,508,323 for
261,562
200,000 Matured int&rents 347,676
interest, rentals, hire of equipment, sinking fund, &c., the net income was Advs.for constr.,&c. 200,000
148,453
154,748
57,226 Miscell. accounts_
57,226
$645,753, a decrease of $250,508, or 27.94%. This amount of $645,753, Miscel. Investm'ts
551,822
1,367,197 1,312,834 Unmatured int.,ice. 400,930
added to the balance to the credit of profit and loss account, made a total Cash
286,500
Taxes accrued ____ 313,496
1,606,015
of $1,751,665, out of which there was paid to the stockholders a dividend of Loans & bills rec
57,573
143,709 Def. cred. Items__
50,950
187,172
5%,aggregating $730,320, and after deducting the discount on consolidated Traffic, &c., be's_
236,000 Add'ns to prop'ty
281,359
mortgage bonds sold, less credit balance in adjustment of sundry accounts, Agents, &c
880,247
811,252
through income 880,247
853,790
$151,722, there remained a balance of $869,623 to credit of profit and loss. Mat'l & supplies
306,520 Sinking, &c.,funds 129,806
335,859
Rates.-The large increase in expenses was mainly due to advances in Miscell. accounts
26,568 Profit and loss_ _ _ _ b869,623 1,105,912
69,480
wages, which now amount to 62.3% of the entire operating expenses,includ- Temporary adv'ces
277,059
ing taxes. To provide in part for this increase and for increases in taxes 0th. def. deb.items 111,975
Total
38,820.827 34,426,981
and other charges, the company endeavored to make slight revisions in cer38.820.827 34,426,981
Total
tain rates, which would effect but a relatively small percentage of the total
freight traffic, and which would have resulted, based on the business of 1909,
a After deducting reserve for accrued depreciation of equip., $66,712.
In an increased annual freight revenue of your lines estimated at $385,000.
S After deducting $151,722 discount on consm. M. bonds sold, less credit
The Inter-State Commerce Commission has recently refused to authorize
balance in adjustment of accounts.-V.90, p. 1426.
the increased rates.
In this connection It Is proper to call attention to the fact that the State
and Federal laws enacted during the past five years have added heavy burPublic Service Corporation of New Jersey.
dens to the annual cost of operation of your lines, amounting to upwards
of $125,000 during the past year, while the recently-enacted Federal legis(Report for Fiscal Year ending Dec. 31 1910.)
lation which requires the changing of ladders and brakestaffs on freight
The remarks of President Thomas N. McCarter will becars will cost the pool lines of the Pennsylvania System, in which your company participates to the extent of about 4%, nearly $5,000,000 during the found at length on subsequent pages, together with the inaffected.
lines
next five years, with practically no benefit whatever to the
Traffic.-The total tonnage moved over all lines increased 24.35% and come account of the company and balance sheets of the comthe total tonnage mileage was 1,159,379,795, an increase of 30.12%. The pany and its subsidiaries,and numerous interesting statistical
commodities showing the largest increases were grain, bituminous coal, tables covering a
number of years. Below we give the usual
lumber, iron (pig and bloom), castings and machinery, cement, brick and
lime and miscellaneous merchandise. The average revenue received per comparisons of income account and balance sheets. A map
bil-.
one
ton mile was 6.11 mills, while in 1907, with a ton mileage of about
showing the lines of the system will be found in.the "Electric
lion ton miles, the average rate received per ton per mile was 6.82 mills, or a
Railway" Section of Feb. 25 1911, pages 64 and 65.
red lotion of 10.41% compared with the year 1907.
The number of passengers carried on all lines was 3,305,575, an increase
of 85,067, or 2.64%; the total passenger mileage was 116,627,963. an in- EARNINGS AND EXPENSES OF PUBLIC SERVICE CORPORATION
OF N. J. AND SUBSIDIARY COS. FOR YEARS END. DEC. 31.
crease of 9,781,917, or 9.16%. while the average revenue per passenger per
mile was 2.033 cents, a decrease of .08 mill.
1909.
1910.
Bonds.-In order to recoup the treasury for the redemption of the $500,- Gross earnings of leased and controlled companies_$27,672,847 $25,103,019
000 1st M.6% bonds of the Terre Haute & Logansport RR., which matured Public Service Corp. of N.J.Income from securities
Jan. 1 1910, and to furnish the necessary funds for the construction of addi1,457.432
1,532,347
pledged and from miscellaneous sources
tional second track, the purchase of additional equipment and other corporate purposes, there were issued and sold $5,000,000 of consolidated
$29.205,194 $26,560,451
Total income
mortgage 4% 50-year series "B" bonds, dated Nov. 1 1907.
14,611,300 13,331,228
Operating expenses and taxes
Improvements, &c.-The second-track work between Montrose and Altamont, on the St. Louis Division, was substantially completed, that portion
$14,593,894 $13,229,223
Net earnings
between Montrose and Salt Creek being put in service on Sept. 30 1910 and Bond int. and rentals of leased and controlled cos_$10,558,243 $10,111,403
the portion from Salt Creek to Altamont on Nov. 27 1910. Pending the Fixed charges of Public Service Corp. of N. J..
1.689,371
1,835,356
completion of the bridge over Little Wabash River west of Effingham, the Dividends on Public Service Corp. stock
-(5%)1,250,000(4 %)853.413
old main track is being used temporarily by trains in both directions, under Reserves set aside by Public Service Corporation__
125,000
the protection of the interlocking. The new engine house, &c., at Terre
5,000
Hudson River & Fort Lee Ferry Co.._
do
Haute were put in service on Aug. 8 1910. Fair progress was made in the
work of improving the alignment and reducing the heavy grades between.
$820,295
$575,035
Balance, surplus
Bushrod and Friendswood on the Vincennes Division; the work thus far acNote.-The quarterly payment due March 31 1911 is 134%, or at the
complished permitting of an increase of 27% in the loading of eastbound rate of 6% per annum. Compare V. 92, p. 882.
freight trains up to Mooresville, and the completion of the work on FriendsPUBLIC SERVICE CORPORATION BALANCE SHEET DEC. 31.
wood Hill will carry this Increase in train-load through to Indianapolis.
1910.
1909.
1909.
In order to comply with the laws of Indiana, it was necessary to install a
1910.
$
$
Liabilities$
complete block•sIgnal system and put in additional passing sidings on the
Assets3
25,000,000 24,999,603
Investments ___a60,245,572 47,646,929 Stock
•Vincennes Division at a cost of over $50,000.
21,500,000
bonds
13,500,000
5%
M.
Gen.
the
In
early
authorized
5,791,795
board
the
traffic,
impls
In
dr
increase
Extens'ns
To provide for the
Perpetual Interestyear the purchase of additional equipment consisting of 8 locomotives, 14 Gen. M.5s in treas. 5,360.000
bearing Ws_ _ _ _19,941,820 19,852,255
passenger equipment cars and 1,000 freight cars, practically all of which AdvancesPub.Serv. Ry_ _ 2,956,250 2,060,000 3-yr. coll.5% notes 4,000,000
were received before the close of the year.
640.000
Eq. tr. ser. A Ws_
150,000
Pub. Serv. Gas_
The expenditures during the year charged to capital account aggregated
Camden &Sub.Ry.
Pub. Serv. Elec. 900,000
$2,684,074, of which $1,172,541 for additions and betterments to road and
35,000
Co. car tr. ctfs_
233,701 3,360,956
Cash
*1,511,533 for additions to and betterments of equipment.
285,000
Balance Sheet.-This has been prepared to conform to the regulations of Accr. int. & rentals 1,384,6621 2,521,140 Mortgages payable
638,757
176,141
Accounts payable_
105,7055
Accts. receivable_
the Inter-State Commerce Commission.
484,052 Accrued interest__ 421,237 b803,919
Mat is & supplies_
78,310
125,000
47,576 Reserves
8.876
Advance payments
OPERATIONS AND FISCAL RESULTS.
acct.
digs.
Profit and loss___ 1,706,185 1,079,605
Def.
All Lines
Vandalia RR.
disc't & comm'ns 1,525,617
1909.
1910.
1910.
1909.
Freightx827.17
x827.17
661.42
661.42
Miles of road operated....
72,870,383 61,912,449
Total
72,870,383 61,912.449
Total
$6,283,885 $5,301,134 $7,080,271 $5,959,002
Freight earnings
(65.22) I a Investments at cost. b Includes rentals accrued.
(65.67)
(67.25)
(63.92)
Per cent of total earnings
9,592,425
7.752,590 10,951,902
8,807,138
Tons carried
PUBLIC SERVICE GAS CO. BALANCE SHEET DEC. 31.
Tons carried one mile_ _1004218947 781,794,548 1159379795 891,042,413
1909.
1910.
1909.
1910.
$9,501
$8,105
$7,204
$8,559
Earns, per mile of road..
LiabilitiesAssets.62a cts.
.686 cts.
.611 cts.
.669 cts.
Earns, per ton per mile_
6,500,000 4,500,000
6,151,117 4,193.950 Stock
.544 cts.
.512 cts.
.504 cts.
.541 eta Property
Av.cost per ton per mile
75,000
188,377 255,483 Mtges. payable
358.41
319.19
348.10
313.45 Investments
Av. train-load (tons)- - 78,696 437,089 Accounts payable..__ 742,838 881,107
$2.243
$2.189
$2.126
$2.096 Cash
Earn. per rev. frt. tr. m.
Accounts receivable_1,106,450 918,672 *Adv. by P. S. Corp_ 150,000
Passenger$2,248,829 $2,063,593 $2,370,833 $2,180,535 Materials dr supplies.. 783,964 031,531 Rentals, bond int.
Passenger earnings
and taxes accrued_ 815,874 1,065,510
18,258
2,943,031
3,305,575
3,022,584
3,220,508 Advance payments.. 19,119
Passengers carried
8.332
7,774
Reserves
101,220,245 116,627,963 106,846,046
110,691,878
Passengers carried 1 m
34
36.236
and loss
Profit
2.039 cts.
2.033 eta
2.041 cts.
Av.earns. p. pass. p.m. 2.032 cts.
$1.248
$1.218
$1.213
$1.248
Earns. p. pass. tr. mile..
8,327,723 6,454,983
Total
Total
8,327,723 6,454,983
x Including Terre Haute do Peoria RR., 165.75 miles.
.Since paid by Issuance of stock.
PUBLIC SERVICE BY. BALANCE SHEET DEC. 31.
GENERAL INCOME ACCOUNT FOR YEARS ENDING DEC. 31 FOR
1909.
1910.
1910.
1909.
ALL LINES DIRECTLY OPERATED.
$
AssetsLiabilities$
$
$
1908.
1907.
1909.
Earnings1910.
37,716,300 37,487.300
Property
83,648,774 81.813.627 Stock
Freight
$7,080,270 $5,959,002 $5,438,667
66.488
66,488 Stock to retire stk.
Investments
2,180,535
2,166,255
Passenger
2,370,833
512,700
233,966
166,995
of merged cos.._ 283,700
Cash
192,207
Other transport.revenue
239,662
193,083 $9,309,109 Accts. receivable.. 207,775
41,000,000 41,000,000
121,014 Bonds
70,286
55,747
Non-transport. revenue..
84,504
131,500
646,726 Mortgages payable 165,185
Mat'is & supplies_ 621,967
518,436
522,688 Advance payments
Mall
516,224
518,381
30,724 Equip.metts., dtc.x1,151,097
30,051
215,820
Express
212,694
221,389
234,724
Advances by Pub.
2,956,250 2,060,000
Serv. Corp
Total oper. revenue_ _$10,528,374 $9,136,286 $8,582,670 $10,053,186
Accounts payable_ 872,279 1,111,526
Expenses19,785
19,785
Premium on bonds
Maint. of way, &c
$1,508,491 $1,353,491 $1,201,854 $1,413,659
Interest, taxes,&c.,
Maintenance of equip
1,573,463
1,380,429
518,873
1,951,177
1.993,189
588,189
accrued
281,105
256,116
260,364
56,235
Traffic
318,820
3,890
Profit and loss_
3,391,917
Transportation
3,386,634
3,867,968
4,083,133
222,806
211,604
196,788
235,876
84,809.021 82,845,‘
Total
General
T
84,809.021 82.845.574
xo
292,500
257,516
286,500
320,528
Taxes
Equipment trust certificates, &c.. Inc ude $560,000 series A and $428,000 series
Ser.eq.ctfs.,$28,000 Camden dr Suburban Ry.car trust ctfs. and $135,097
$8,460,037 $7,109,282 *6,729,137 $7,947,472 B Pub.
Total
of railway prop. of So.Jers. Gas, Elec.& Tr. Co. and Bergen Turnpike co.
leases
for
$2,068,337 $2,027,004 $1,853,533 $2,105,714
Net earnings
27,772
23,264
85,739
30,831
Divs. and int. received..
For balance sheets of Public Service Electric Co., dm., see

Vandalia Railroad Co.
(Report for Fiscal Year ending Dec. 31 1910.)
•
President Joseph Wood, Pittsburgh, March 24 1911,
wrote in substance:

Total net income- -- - $2,154,076 $2,057,835 $1,876,797
DeductRental Ter. II. & Peoria
$213,028
RR.,30% gross earns. $287,679
$224,770
759,325
635,619
644,950
Interest on bonds
9,000
9,000
9,000
Rent tr'k E. & T. H. RR.
113,957
140,581
142,129
Rental tracks,yards,&c.
129,806
Sinking funds
208,556
140,725
138,977
Hire of equip., ,&0

$2,133,486

$1,508,323
Total
$645,753
Net income
730,320
Dividends on stock (5%)
Extra'y expend. fund_

$1,161,574
4896,261
730,307
150,000

$1,137,205
$739,592
729,570

$1,053,541
$1,079,945
729,320
80,542

Bal, credit prof. dc loasdef.$84,567

$15,954

$10,022

$270,083




$229,253
643,190
9,000
136,502
35,596

a subsequent page.-V.92, p. 882, 795.
New York State Railways.
(Official Statement Jan. 16 1911.)
The following data were given out in connection with the
listing on the N. Y. Stock Exchange of the $3,862,500 5%
cumulative pref. stock (callable at 110 and accrued dividend,
but only as an entirety. Compare V. 88, p. 945, and see
map and statements in "Electric Railway Section"):
The company operates 149.09 miles of standard-gauge street surface railroad (137.50 m.owned; 11.59 m.leased), viz.: Within city limits of Ro h
ester. N. V.. 59.56 m.; Rochester to Irondequoit Bay and Lake Ontar:o

952

THE CHRONICLE

9.36 m.; Rochester to Geneva, via Pittsford. Canandaigua and Seneca
Castle, 41.09 m.; Rochester to Sodus Point, via Webster, Ontario, Sodus,
&c. 39.08 m. The majority of the miles of road in the city is doubletrack construction, with 9-inch girder rail laid on either concrete or stone
ballast foundation. The suburban and interurban lines are standard T-rail
construction, well ballasted, and the majority of the mileage on private
right of way. Power for all lines is supplied under a long-term contract
with the Rochester Railway & Light Co.(V. 92, P. 730.) The greater portion is generated by steam and water-power plants located on the Genesee
River in the city of Rochester, and supplemented with Niagara power
when required. In addition to the mileage operated directly by the N. Y.
State Railways, the subsidiary companies (see p. 106 of "El. Ry. Sec.")
operate 255.28 miles. The subsidiary companies have outstanding $9,516,000 bonds (excluding 51,000,000 consols of the Schenectady By., assumed
by the Schenectady Lighting Co.), but the N. Y. State Rys. Co. does not
guarantee any of these.
The company owns 475 pieces of rolling stock, including 54 work cars,
17 snow plows and 8 sweepers. The subsidiary companies own 633 pieces,
Including 70 work and service cars. 30 snow plows and 11 sweepers.
STATEMENT OF INCOME OF N. Y.STATE RYS.FOR CAL YR. 1910.
Earnings from operation_ _$3,421,791 Interest deductions
5438,363
Expenses of operation_ _ _ _ 2,063,644 Rents-road & equipment
44,470
Track and term'i privileges
29,847
Net earnings
$1,358,147 Hire of equipment
870
Taxes
236,946 Miscellaneous rents
13,575
Preferred dividends
249,354
Net earnings
$1,121,201 Common dividends
897,517
Divs. from sub-companies 569,634
Total charges and divs_.$1,673,996
Gross income
51,690,835 Net surplus
$16,839
Note.-The earnings from the subsidiary companies are not included in
this statement except to the extent that such earnings are included in the
item of "divs. from sub-companies" on account of stock ownership.
BALANCE SHEET NEW YORK STATE RAILWAYS DEC. 31 1910.
Assets (536,056,752)Liabilities ($36,056,752)Fixed capital
$18,152,660 Preferred stock
$3,862,500
Material and supplies__ _
90,901 Common stock
19,952,400
Cash
41,264 Funded debt
8,876,500
Advances to sub-co's_ _ _ _ 2,980,634 Int., &e., accrued
127,772
Accounts receivable
40,915 Bills payable
648,000
Int.. &c., receivable_ _ _ _
2,500 Accounts payable
124,340
14,680,770 Other unfunded debt__ _
Investments at par
41,500
Special deposits
4,425 Casualties (surplus)
56,713
Prepayments
5,965 Reserves
369,743
Re-acquired securities__ _
5,635 Miscellaneous
32,209
Accrued amort. of capital
51,083 Surplus
1,965,075
Investments at par ($14,680,770) include: Rome City bonds, $200,000;
Oneida Ry.stock, 51,922,700; Syracuse R.T. Ry. Co. pref. stock, $337,300:
common, 51,980,200; Schenectady Ry. Co. stock, $2,050,000; U. & M. V.
Ry. Co., pref. stock, 52,500,000; common, 55,000,000; G. Haven Imp. CO.
stock, $14,500; Roch. & Sub. By. Co., pref. stock, $334,000; common, 566,800; Rochester Elec. By. stock, $173,900; Ont. Light & Tract. Co. stock,
$100,000; Bach. Dry. Pk. Asso. at cost, $1,370.
Funded debt ($8,876,500) includes: R. C. & B. RR. 6s, $175,000;
Rooh, Ry. Co. consol. 5s, 52,700,000, and 2d M.55, 51,500,000; N. Y.State
Rys. 1st consols, $4,500,000; real estate mortgages,51,500. V.92, p.726.
FUNDED DEBT OF SUBSIDIARY COMPANIES(NOT GUARANTEED
AS TO PRIN. OR INTEREST BY N. Y. STATE RAIL WA YS).
CompanyCompanyDue. Outstand'g.
Due. Outstand'g.
Schenectady By. 1st43s1941 52,000,000 Utica Belt Line 1st 5s.. A939 $500,000
Out. Lt. & Tr. 1st 3Ms_ _1927
1931
39,000
2nd 5s
4,000
Canandaigua Elec. 16s__1927
35,000 Syracuse R. T. By. 1st 5s1946 2,500,000
Lt. & Ry
13301927
654,000
1930
2d 58
150,000
Utica&Mohawk Val 4301941 2,268,000 People's RR. 1st M. 5s 1921
750,000
Her.Mk.I.44F.ELRy.5s 1926
250,000
150.000 East Side Trac. 1st 5s_ ...1920
Rome C'y St.Ry.Co. 53_1950
16,000
200.000 Real est.Ms.($6,000),&c. - • Matured, owned by Mohawk Valley Co. To be acquired by N. Y.State
Rallways.-V. 92, p. 726, 527.

The Tri-City Ry. & Light Co., Davenport, Rock Island, &c.
(Report for Fiscal Year ending Dec. 31 1910.)
Pres. Joseph F. Porter, Mch. 10 1911, wrote in substance:
General Results.-The year shows an increase in gross earnings of $473,999
or 23.24%; in operating expenses and taxes of $341,060 or 29.89% and in
net earnings of $132,939 or 14.79%. Interest charges paid and the proportion of discount on the company's 6% 3-year redeemable gold notes
amounted to $481,408; sinking fund provisions called for 550,000; leaving
a surplus of $500,112. From this amount there has been paid 6% on the
outstanding preferred stock, aggregating 5169,572, leaving $330,539 over
all disbursements, which sum has been transferred to surplus account, this
being an Increase of 5123,919 or 59.97% over the amount transferred in 1909.
There has been charged against the surplus account of your subsidiary
companies $321,640, representing deferred charges to operation incidental
to the issue of the 5% first lien collateral trust sinking fund gold bonds
Bonds.-DurIng the year $148,000 of 5% first lien collateral trust sinking fund gold bonds were issued in place of a like amount of the 6% 1st M.
gold bonds of the Davenport & Rock Island By. Co.-533,000 par value of
these bonds were canceled on July 1 in accordance with the sinking fund
provisions, and the same amount of the Tr -City Railway Co. 5% bonds
were issued and arc owned by your company.
During the year the shareholders authorized an issue of $20,000,000
"first and refunding" 5% gold bonds, and the directors have issued $500,000
of this amount up to Dec. 31 1910.
Railway.-Extensions of franchise rights for a period of 20 years on Illinois
side and 25 years on Iowa side, covering existing tracks and privileges for
some new extensions, were secured from the authorities in each of the three
cities during the spring of 1910.
These ordinances required the company to perform a certain amount of
double-tracking, extensions and paving during the next few years, and all
necessary work provided for in 1910 was completed. The extension ordinances granted the Tr -City Railway Co. and the People's Light Co. also
provide for the building of an interurban road to Muscatine. The Davenport & Muscatine By.Co. was incorporated during the year for this purpose,
and satisfactory progress is being made on the survey and acquirement of
rights of way. The length of this road is approximately 30 miles. The
cost of this line is estimated at $750,000.
Fifteen cars of the modern "Pay-As-You-Enter" type were purchased
and put in service during the past six months, which considerably relieves
the congestion of traffic during the rush hours, and adequate service is now
being supplied on all lines.
Generally, the street railway properties are in excellent physical condition with the exception of the track on 5th Ave. between 15th and 23d Sts.,
Moline, which will be relaid during the present year.
Electric Department.-The franchises of the electric companies on the
Iowa and Illinois sides of the river now extend until 1935 and 1943, respectively, and the conditions contingent upon such extension are not undulyburdensome. The placing of the feeder wires in conduits below the surface of the streets in tho fire district of Davenport is progressing rapidly.
Electric distribution lines in the outlying districts are constantly being extended to reach new and prospective customers, and considerable expansion has been shown in securing industrial power load. Contracts for this
class of business, with service to begin in 1911, totaled over 2,000 k. w.,
with an estimated consumption of 5,000,000 kilowatt hours for the first
year, a large percentage of which will be "oil-peak" or day load.
To provide for the increase in business, it VMS necessary to make extenStye improvements in the steam plant of the Moline-Rock Island Mfg. Co.,
which included an enlargement of the building, a complete installation of
boilers and a new 8,000 K. V. A. turbine. This unit VMS put into operation
early in January 1911. The operating expenses were somewhat increased
by the coal strike during the summer, also by a railroad tie-up, and because
of the delay in installing the unit above mentioned. Except for the transmission system, for which we are figuring a new layout, the property is in
good shape and will only require ordinary extensions and maintenance for
some time to come.
Gas.-The gas franchise on the Moline side was extended for 20 years
53 November 1929 and that on the Iowa side to 1935. The new water-gas
plant at Moline, consisting of two 8 ft. 6 in. U. G. I. sets, each set with a
rated capacity of 1,100,000 cu. ft. of gas in 24 hours, was completed in
January 1911. Several miles of new mains have been laid and expenditure




Lxxxxn.

for some time will be confined largely to cross lines between existing mains
and services for connecting new customers.
Your company has acquired the stock of the United Light & Power Co.
of East Moline and Silvis, and new high-pressure mains have been authorized to be laid in this territory, at a construction expenditure of some
$50,000. With the installation of the new water-gas set at Davenport.
authorization for which has been made, operating conditions on both sides
of the river will undoubtedly be up to a high state of efficiency.
General.-The sum of $739,169 was expended for new construction and
$110,047 has been charged to maintenance. This last amount is an increase
of $29,119 over 1909.
INCOME ACCOUNT, INCLUDING SUBSIDIARIES.
1910.
1909.
1907.
1908.
Gross earnings
$2,513,487 52,039,488 $1,819,077 $1,782,336
Oper. expenses and taxes 1,481,968
1,132,392
1.140,908
1,069,317
Net earnings
$1,031,519
DeductInt.&Ws.on bds. & loans $481,407
Sink, fund installments_
50,000
Pref. divs.(6%)
169,572

$898,580

$749,760

$649,964

$472,388
50,000
169,572

$440,294
50,000
166,347

$398,343
37,500
156,168

Total deductions
$700,979
$691,960
$656,641
Balance, surplus
$330,540
$206,620
$93,119
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1910
1909.
1910.
AssetsLiabilitiesPlant, construe. cir
Common stock__ 9,000,000
investin't acct_22,159,045 21,566,810 Preferred stock_ __ 2,826,200
127,798
Stores on hand___
102,866 Bonds and notes....a9,582,500
Accounts and bills
Sinking fund
150,000
receivable (less
Improvem't funds.
62,107
res've for doubtAccounts payable_ 235,442
132,343
173,620 Acced, &o., accts.. 8262,897
ful accounts)___
21,253
Prepaid accounts..
28,128 Pref. div., January
42,393
174,360
191,914 Miscellaneous
Cash on hand, &c_
9,786
50,000
50,000 Surplus account
Cash with s. I. bus
493,473
Total ____

22,113,338

Total

$592,011
557,953
1909.
9,000,000
2,826,200
9,132,500
100,000
113,025
119,899
274,749
42,393
5,778
498,794

22,664,799 22,113,338

a Bonds and notes include $8,017,000 Tr -City By. & Light Co. first coll. trust 55;
$225,500 underlying bonds, $500,000 "first and refunding" 5% bonds. and $750,000
By. & Light Co. 6% 3-year redeemable gold notes.
Accrued, &c., accounts include in 1910 deferred paving, $46,636; accrued claims
nd damages, 518,206; accrued taxes, $34,845; accrued bond interest, $102,237:
her accrued interest, $15,812; accrued sinking fund, 545,161.-V. 92, p. 882.

Bush Terminal Co., New York City.
(Report for Fiscal Year ending Dec. 311910.)
President Irving T. Bush says in substance:
The city has acquired practically all of the available waterfront on the
South Brooklyn shore, on both sides of the property of this company, and
has begun the erection of a series of piers similar in general character to our
own. Our property lieS almost in the centre of the property acquired by
the city
The piers which are being constructed by the city are designed
for the accommodation of freight steamers similar to those which are
clocked at.our piers, but they are at a disadvantage in meeting the requirements of commerce, owing to the lack of warehouse and railroad facilities
on the uplands immediately in their rear. It is the avowed policy of the
city to ultimately acquire all of its waterfront. The officers of your company have for some time recognized this to be the final result.
The Dock Commis loner now suggests that the city acquire the piers
owned by this company and arrangements be made whereby we undertake
to provide the necessary upland facilities back of the city piers. A narrow
view would perhaps suggest a larger payment by the city for the piers
which it will acquire, If tho purchase be delayed, but I am convinced
the prosperity of this company, the success of the city's development that
and
the commerce of the port will be benefited in the long run by the solution
which will permit the broadest and best development of tho entire South
Brooklyn section. This can be best accomplished by complete harmony
between the efforts of this enterprise and the city development. I am certain that neither the Dock Commissioner nor any member of the present
administration will suggest any course which will be unfair to the interests
of this company. They recognize the pioneer work which we have done,
and are seeking a line of co-operation which will safeguard the interests of
the city without injury to private enterprise.
INCOME ACCOUNT FOR FISCAL YEARS ENDING DEC. 31.
1910.
1909.
1908.
1907.
Gross earns.from storage,
&c., and net income
from RR. department $1,331,873 $1,160,970
$052,140 $1,014,317
Operating expense
357,707
415,574
293,190
268,582
Net earnings
Other Income

5974,166
1'6,663

5867,780
35,556

Total net income_
DeductInterest on bonds
Taxes

$990,829
5458,013
104,441

5683,558
43,643

5598,743
68,698

$903,336

$727,201

$667,441

$432,932
96,936

$434,049
90,141

$425,943
72,442

Surplus for the year.... $428,375
$203,011
$373,468
Preferred dividends_ _(5%)75,000 (5%)75,000 (2 M)37,500
Common dividends(4%)
140,000

$169,057

5169,057
Balance, surplus
$165,511
•5213,375 •$298,468
Note.-The dividends as above are charged directly against the earnings
of the several years for the sake of simplioity, instead of against profit and
loss surplus, as in the pamphlet reports.
• The surplus for 1910, as above, was $213,375; adding the accumulated
surplus Dec. 31 1909, $525,078, and deducting renewals, $20,000, sinking
Lund, $32,415; advertising, $57,349, and miscellaneous losses and adjustments, $71,518, leaves total surplus Dec. 31 1910, as per balance sheet.
of $557,171.
GENERAL BALANCE SHEET DEC. 31.
1910.
1909.
1909.
1910.
Assets$
$
Liabilities$
s
Property
a8,230,297 7,623,019 Preferred stock_ __ 1,500,000 1,500,000
Construction exp.. 289,004
289,929 Common stock _- 3,500,000 3,500,000
Stocks of subEld.
First mtge. 4s_ ___ 3,223,000 3,260,000
cos. & good-will 5,000,000 5,000,000 Consol. mtge. 5s.... 6,629,000 6,115,000
Adv. to sub. cos.... 8966,461 81,774,108 Accounts payable.. 207,822
199,473
Bush Term. Bidgs.
Exp., &c., accrued
17,961
15,576
Co. bds. owned.. 399,000
Corn. div. (paid
Investments
50,000
Jan. 1911)
70,000
Cash & accts. rec.. c847,650
350,854 Bond. int. accrued 199,135
186,960
81,203
Cos. & individuals
44,411 Sundries
4,723
14,589
Exp. paid in adv..
37,094
45,914 Special constr. fd.,
20,152
Inventory
14,261
321,024
incl. Interest_
Accr. stor. & labor 137,335
155,435 Res've for renewals
7.552
Due from ag'ts,&c.
78,609
79,406 Res.for exp.removal
Deposit spec. constk,from stores..
19,917
struction fund_
321,024 Sink, fund reserve 148,715
116,300
Miscellaneous
505
3,324 Profit and loss_-- 557,171
525.078
Total
16,087,310 15,751,686
Total
16,087,310 15.751,686
a Property includes real estate, $1,860,606; improvements, $5,792,373:
equipment, $570,260; furniture and fixtures, N. Y. and Brooklyn, $7,058.
Advances to subsidiary companies include $660,000 to the Bush Terminal Buildings Co. and $306,461 to the Bush Terminal RR.
_
c Cash and accts. receivable are now in great part collected-V.92, p.791•

Union Bag & Paper Co., New York.
(Report for Fiscal Year ending Jan. 31 1911.)
President Edgar G. Barratt says in substance:
This year the sales of bags and the amount of paper and pulp manufactured were the largest in the history of the company. Prices obtained for
bags were, particularly in some grades, much lower than heretofore. Wires

953

THE CHRONICLE

APR. 81911.]

were materially increased in many plants about the middle of the year, but INCOME ACCOUNT FOR FISCAL PERIOD ENDING JULY 31 1910.
nevertheless the profits were slightly in excess of those of the previous year. Total earnings of all properties, after deducting all cost Of operaIn spite of unusually low water conditions, our operations have been intion and production, all expenditures for ordinary repairs and
terfered with only to a trifling extent, as compared with previous years.
maintenance, employees' bonus funds, current experimentaThis is due to our efficient modern electrical development at Hudson Falls.
tion and development expenses, and provisional allowance .for
-wood
During the year we have practically completed the cutting of pulp
corporation excise tax
' $•,765,006
from one of our tracts in the Adirondacks, and have deducted the value of Reserved for depreciation ($98,507) and contingent losses on
this land from our general property account, our yearly appropriations for
receivables ($25,440)
123,997
depreciation and extinguishment having previously provided for the
elimination of this asset.
Net earnings for the period
$2,641,059
in
our
Rivers,
built
by
one
of
Canadian
been
Three
has
companies
at
There
Prof. stock quarterly dins.: No. 1, May 10 1910, $82,729; No. 2,
the Province of Quebec, a ground-wood mill of 40 tons daily capacity, which
Aug. 10 1910, $175,999
258,729
is now in full operation. We require for our paper mills about one-half of
available
balance
has
been sold at a profit.
this quantity; and the
Undivided profits carried to surplus
$2,382.330
We are Duilding at Hudson Falls a new paper mill, which is designed for
The consolidated balance sheet presented herewith exhibits the assets
2 large paper machines, but only one machine is now being installed. This and liabilities of the above-named companies and of the United States Motor
mill and its equipment will be modern in every respect. It is built as an Co. on Aug. 1 1910, exclusive, however, of the assets and liabilities of one
extension of the Fenimore sulphite mill, and should manufacture paper company to another.
more cheaply than any of our present plants.
The factories arc modern, substantial, favorably located, equipped with
modern machinery and protected by approved fire apparatus-steel water
RESULTS FOR YEARS ENDING JANUARY 31•
tanks, automatic sprinklers, metallic fire doors, chemical engines, &c. It
1907-08.
1910-11.
1009-10.
1908-09.
is estimated that the inventories of raw materials and work in progress must
$1,038,112 $1,055,400 $1,088,963 $1,276,758 be maintained to the extent of one-third of the annual gross sales. In the
Profits per year
$124,619 balance sheet given herewith such inventories are shown at actual cost, such
$173,285
Interest on bonds
$167,577
$129,088
41,500 cost in every instance being as low or lower than the market values.
23,850
Int. on 6% purch. notes_
37,034
45,572
The sales of the companies during the respective periods of their affilia440,000
Preferred dividends (4%) 440,000
440,000
440,000
203,241 tion with your company exhibit a gain of more than 20% over the sales of
Depreciation, &a
x120,987
149,925
132,043
88,175 these companies in the corresponding period of the previous year. The
Sinking fund for bonds
110,745
99,417
107,605
establishment of new selling companies, the increase in the number of
$379,224 dealers, arrangements for further extension of the export trade, and the
Surplus
$169,245
$153,258
$242,844
number of contracts already closed with dealers, insure a healthy growth in
x The "cost of properties" as per balance sheet was increased during the the volume of sales for the current fiscal year.
year $238,792 for additions, &c. (viz.: "additions to real estate, buildings,
plant and machinery, after deducting proceeds of sundry sales, against COMBINED BAL.SHEET JULY 31 1910 (INCLUD. ALL FACTORIES)
Liabilities ($30,119,594)$180,914 for the same and other purposes in the previous year"). It was
Assets ($30,119,594)Pref. stock (auth. $15,reduced by $1,231,870 on account of extinguishment, depreciation and Land buildings and equip000,000)
10,057,100
7,120,168
sinking funds (against $1.162,475 in 1909-10) and $151,346 charged off to
ment (appraisals)
678,494 Common stock (auth.$15,extinguishment fund.
Securities of selling cos
•
000,000)
10,810,000
Patents, contracts and
BALANCE SHEET JANUARY 31.
x37,258
10,810,775 Other capital obligations_
trade names
Mortgages and balances
Treasury stock. 5,312 shs.
1911.
1910.
1911.
1910.
plants
287,170
on
payable
424,960
(par
$100
each)....
$80
at
AssetsLiabilities$
$
37,500 Reserves for depreciation.. 710,135
Cost of properties_29,904,073 29,886,023 Preferred stock ..11,000,000 11,000,000 Cash to retire debentures_
78,336
do Doubtful accounts.. 352,856
Inventories (apCommon stock_ __16,000,000 16,000,000 Prepaid expenses
Surplus (see income acct.) 2,382,330
proximate cost).3,001,046 3,136,050 First mtge.5%_ 3,142,000 3,239,000 Current Assets ($10,969,361)
6,549,535 Current Liabilities ($5,482,744)
Accounts and bills
793,333 Inventory at cost
Oblig.for prop.pur. 728,333
y287.594
2,580,270 Customers' deposits
375,000 Accounts receivable
receivable
478,462
339,566 Bankers' loans..___ 275,000
2,514,793
507,710 Accounts payable
177,878 Notes receivable
Cash
103,916 Accounts payable_ 305,691
114,853
1,331,846 Notes payable
2,531,269
29,118 Cash
26,938
Interest accrued__
149.089
Accrued wages & expenses
2,020,471 1,851,226
Surplus
Total

33,498,434 33,465,555

Total

33,498.434 33.465.555

•Inventories include in 1911: Woodland operations and logs in rivers, $997,269;
pulp wood in piles, $1,114,427; lumber, $131,350: supplies, stores, fuel, &c., $185,880; merchandise on hand and in process, $572,119.-V. 91, p. 99.

Ingersoll-Rand Company.
(Report for Fiscal Year ending Dec. 31 1910.)
STATEMENT OF EARNINGS FOR YEAR ENDING DEC. 31.
1910.
1909.
1908.
1907.
Earns, before chg. depr_ _51,645,144 .$1,231,346
$891,639 $1,788,602
Deduct-Regular provision for depreciation__
415,316
426,780
444,734
433,984
Net earnings for year_ _ _ _$1,229,828
Interest on bonds
$100,000
Div, on pref. stock,6% _ _
287,988
Div. on corn. stock, 5%....
Special reserve for patents and licenses
15,000
Spec. res, for inventories_
300,000
Net surplus for year__ _

$526,840

$804,566
$100,000
287,988
149,995

$446,905
$97,982
284,808

$1,354,618
$100,000
285,738
10,000
500,000

$266,583

$64,115

$458,880

• Earnings for year 1009, after providing for losses and expenses incidental to closing the Tarrytown plant.
Note.-The dividend shown above is that paid April 30 1910. No dividend has been declared since.
BALANCE SHEET DECEMBER 31.
1909.
1910.
1910,
1909.
Assets" $1
LiabilitiesroPtt$
$
Real estate
177,313 Preferred stock..__g4,800,000 4,800,000
178,613
Water supply__
156,403
151,339 Common stock_ _ _ 3,000,000 3,000,000
Buildings
1,648,930 1,617,566 First mortgage goldi
Machinery
bonds
2,000,000 2,000,000
2,266,064 1,985,401
Tools and Jigs
319,712
436,014
398,587 Accounts payable.. :378,602
144,382 Bond interest acPatterns & dies._
179,804
crued
Drawings
116,559
110,350
50,000
50,000
89,585 Pref. stock divi98,334
Furniture & fixt's_
143,994
625,000
dend Jan. 1
143,994
Patents,licenses,&c 640,000
Depreciation
reInvestments in forserve
*1,386,391 1,124,994
367,025
eign mfg. cos... 1,474,925
Materials, &c _- - 3,791,220 3,475,417 Patent and license
reserve
625,000
690,000
Accts. receivable 1,417,280 1,182,332
Bills receivable
216,484
177,268 Special inventory
500,000
800,000
reserve
Marketable securs_ 850,902 1,388,914
1,778,171 a1,401,325
Agents' cash hal_ _
24,892
'19,092 Surplus
Cash at bank
1,449,507 2,022,274
Def. chges. to oper
31,227
33,180
Total

14,977,158 13,965,025

Total

14,977,158 13,965,025

* After reduction of $153,919 in valuations of capital assets charged against fund.
a Tile surplus is stated before deducting the:common stock dividend shown above,
paid April 30 1910.-V. 91. p. 1632.

United States Motor Co., New York.
(Report for Fiscal Year ending July 31 1910.)
In the handsomely illustrated report recently issued,
President Benjamin Briscoe, New York City, under date of
Dec. 19 1910, says in part:
The manufacturing companies became affiliated with this company at
various dates during the period from Nov. 17 1909 to May 19 1910 as follows:
[Capacity, &c., officially reported inserted here by Editor.]
Location
Floor Sp. Annual
Date
of Plants.
Taken over,
Sq.ft. Capacity
INew Castle, Ind_ _396,500
18,000
Maxwell-BrIscoeMot.Co.Nov. 17 1909 Providence
256,180
x5,000
Kingsland Point _184,680
z2,500
Tarrytown, N. Y131,090
x1,500
Columbia Motor Car Co.Nov. 17 1909 Hartford, Conn_ _225,000
x5,000
Alden Sampson Mfg.Co.April 9 1910 1 Detroit, Mich_ _ _ _181,000
y1,850
Pittsfield, Mass
58,900
r500
Dayton Motor Car Co.. _ April 30 1910 Dayton, Ohio_ _ _ _508,000
x3,000
Nor. Dayton, 0_237,900
x3,000
April 30 1910 Dayton, Ohio____ 72,384
Courier Car Co
x2,000
May 4 1910 Detroit, Mich
Gray Motor Co
-Not statedBrush Runabout Co_ _.May 14 1910 Detroit, Mich_ ___156,000 x10.000
May 14 1910 jDetroit, Mich_
Briscoe Mfg. Co
93,00018750,000
1 Newark, N. J.. _ _ _ 45,000jmetal pts
Providence Eng. Wks.. May 19 1910 Providence, R. E118,000
(*)
x Complete cars. p Delivery wagons and trucks. z 4 and 5-ton trucks.
• 6,000 automobile motors, 100 steam engines and 900 gas engines.
The profits shown below are only those earned by the companies during
the varying periods beginning with the date of their affiliation with the
United States Motor Co. and ending July 31 11)10, a period. varying from
3 to 9 months, as above mentioned. • • • • • • • • • • • . . • • • •




x Certificates for fractional shares. $2,658; pref. stock,subscription certs..
$14,700; capital stock of associated cos. not held by U. S. Motor Co.
$19,900. y Of this $37,500 covered by participating debentures. See
"Assets."-V. 92. p. 123.

Atlantic Gulf & West Indies SS. Lines, New York City.
(Report for Fiscal Year ending Dec. 31 1910.)
The income account and comparative balance sheets for
two years of the parent company were given in the "Chronicle" of Feb. 18 on page 459. Below are comparative consolidated income accounts and balance sheets of the sub. cos.
Pres. Henry R. Mallory, Mch. 311911, wrote in substance:
Two new steamships, Corozal and Montoso, have been built and were
added to the fleet of the N. Y. & Porto R.SS. Co.in Feb. and March of this
year. A third steamship for this company is in course of construction and
will be delivered this fall. Consideration is being given to the building of
passenger steamships for the Clyde and Porto Rico lines and freight steamers for the Ward Line, for it is our purpose to hold and improve the position
we occupy in the coastwise and West Indies trades.
Your company owns a majority interest in terminals at Santiago, Cuba,
which have been enlarged and improved during the past year. The new
terminals at San Juan, Porto Rico (wholly owned by this company), and
Jacksonville, Fla. (90% owned by this company and 10% by Clyde SS.
Co.), are nearing completion, and will be in use about April 1 1911. All of
these terminal properties are very valuable and will aid in the economical
operation of the steamship companies using them, and should prove a
profitable investment to your company.
Normal conditions prevailed in most of the territory your companies
reached with their connections, as well as over most of the lines owned by
them. In Texas, however, the conditions were abnormal, owing to drought
and other causes, but the operation of the steamers of your company to that
State was fully maintained, although the service of the several steamship
companies running to the ports was In excess of requirements, there not
being sufficient traffic for all.
Prospects for the present year's business are good, although drought has
prevailed in the West Indies and the crops may be smaller in consequence.
Subsidiary Companies, Comprising Clyde SS. Co., Mallory SS, Co. New
Y. & Porto Rico SS .Co. and Subsid;Cos.
York &Cuba Mail SS. Co.,
CONSOLIDATED INCOME ACCOUNT OF AFORESAID SUBSIDIARIES FOR
CALENDAR YEARS.
1910. 1910.
1909.
1909.
Deduct$
lb
s
$
935,875
Gross voy'ge earn..15,777,423 13,520,981 Bond Interest__ 982,404
486,405 Int. on notes pay'le
50,421
Miscell. earnings.... 627,459
76,850
Depreciation
871,461
1,271,520
16,404,882 14,007,386 Extraor.repairs,&c 324,979
Total
Oper. & gen. exp..12,912,071 11,103,997 Dividends
1,130,000
540,000
Net profit

3,492,811 .2,903,389

Balance

def.266,513 sur.479,203

* Includes N. Y. & Cuba Mail SS. Co. for 10 months and N. Y. & Porto Rico
SS. Co. and subsidiary companies for 11 months.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Assets1910.
1909.
Marine equip., terminal prop., equities in terminals,
terminal & transfer equip., good-will, fran., &c_373,663,457 $73,720,884
Investm'ts pledged under mtges. & other securs__ 3.158,892
3,514,950
Inventories
116,880
78,170
Notes and accounts receivable
762,533
755;085
Agents' balances
753,259
514,759
Ships' accidents and general average claims
606,631
547,931
93,263
Claims in suspense, less reserve
53,542
Insurance and rents unexpired
226,519
205,520
52,288
Marketable stocks and bonds
52,288
306,700
Cash for coupons due Jan. 1
318,725
485,765
Cash in banks and on hand
538,287
787,557
Deferred charges to operations: Open voyage wets_
812,639
Total
$81,013,744 $81,112,781
LiabilitiesCapital stock issued (of which $54.691,800 owned
in 1910 by Atlantic Gulf & West Indies SS.Lines)$56,000,000 $56,000,000
Bonded debt
17,896,000 18,394.000
Bonded debt of underlying companies:
U. S. & Porto Rico Nay. Co. 1st M. 5s
185,000
187,000
N. Y. & Porto Rico SS. Co. 1st M. 5s
10,000
10,000
Mortgage over wharf property
80,000
80,000
Notes and accounts payable
1,936,205
2,165,086
Accrued interest on bonded debt
453,633
461,812
Other current liabilities
88,168
121,324
Deferred credits to operations: Open voyage accts.
880,711
1,010,460
&c
depreciation.
for
Reserve
3,112,408
2,166,482
Surplus
z371,619
516.617
Total

$81,013,744 $81,112,781

x After adding sundry credits-pertaining to operations of preceding years,
$121,515.-V. 92, p. 528. 459.

United States Reduction & Refining Co., Colo. Springs, Colo.
(Report for Fiscal Year ending Dec. 31 1910.)
President J. D. Hawkins says in substance:
Mining in Cripple Creek District.-The tonnage produced in the Cripple
Creek District during the past year was about the same as for several previous years. During November the drainage tunnel began to drain the
mines, the flow gradually increasing, until it is now about 9,000 gallons of
water a minute. The drainage is sensibly observed all over the district,
but the work on the tunnel is still going ahead, and in a few weeks more it is
hoped this flow will increase to approximately 12,000 gallons of water per
minute. This drainage will greatly facilitate mining in the district. The
developments of the past year have apparently proven that perhaps more
ore may be looked for in the depths below the present workings than has
already been extracted or developed above. Some increased tonnage in the
district should be realized during the year 1911.
General Results -The company has not been able either to increase its
tonnage of ore handled during the past year, or to get treatment charges
giving any'material profit over actual expenses. Some material improvements have been made in the mechanical handling of the ore, and even with
the reduced tonnage, costs have been attained lower than had ever previously been anticipated. These low costs, however, have not been sufficient to overcome the very greatly reduced treatment charges available.
Tailings.-The tailings plant at Colorado City still continues to be profitable. Your committee has authorized the construction of a tailings
plant at Florence, where there is an accumulation of over 300,000 tons at
the Union plant and about the same amount at the old Metallic plant. The
cost of the new plant is not anticipated to be over $30,000. The plant will
be put into operation about April 1.
• United States Smelting Co.-Conditions have not warranted the starting
up of the U. S. Smelting Co. at Canon City. Negotiations have been in
progress for some time in the endeavor to secure the operation of the plant
under lease, so as to insure some revenue from it. There is a fair prospect
of success, but no definite statement can be made at this time. The conditions surrounding this business are most unsatisfactory.
Balance Sheet.-In the item "Cash and accounts receivable," there Is Included an account of $178,507 due from the U. S. Smelting Co. which is of
doubtful value, and in "Outside investment" account, $294,000 par value
of the bonds of said company are carried at par. These are the only items
carried about which there can be any question as to the value.
The sinking fund shows a total of $1,058,000 par value of bonds held.
leaving a net bonded debt of only $1,592,000. During the past year
$90,000 bonds, and since Jan. 1 $37,000 bonds, have been further purchased
for this fund.
Outlook.-It is hoped that conditions will improve so that all fixed charges
may be met as in the past; but unless there be an improvement, it is probable that these payments may be dleayed. The unfavorable ocnditions
surrounding the ore supply has Increased the effort to operate the property
on the most economical basis. Conditions have prevailed that have reduced both treatment charges and tonnage, and it is impossible to secure
satisfactory returns under these conditions.
INCOME ACCOUNT.
-Years end. Dec. 31- 17 Mos. end. Year end.
1909.
Dec. 31 '08. July 31 '07.
1910.
$190,108
$360,592
$432,404
$96,046
Inc. from plants in °per_
19,762
42,110
32,000
15,300
Inc. from outside inv'ts_
Premiums from bonds
13,067
15,126
5,040
10,394
purch. for sink. fund..
Interest on bonds pur67,470
54,330
37,290
61,590
chased for sink. fund..
21,044
39,406
17,786
2,021
Sundry interest received
Total income for year
DeductGeneral exp., salaries,
advertising, taxes,&c.
Cost maint. idle plants__
Improv'ts during period
Preferred dividends..__ _
Interest on bonds

$185,351

$295,053

$69,143
15,054
17,634

$78,218
16,978
12,067

159,000

$524,704

$527,778

$89,129
$111,610
30,570
28,566
13,549
11,651
(1 4)59,187 (6)236,748
225,250
159,000
159,000

$436,284
$528,996
$264,263
$260,831
Total deductions_ _ _
Balance,sun or deficit.._ def.575,480 sur.$30,790 sur.$88,440 def.51,217
BALANCE SHEET JANUARY 1.
1911.
1910.
1
,
-1
•
1911.
LiabilitiesiegAssetsoutstock
Pref.
12,317,267
_*12,317,267
property
Cost of
standing
3,945,800
382,546
Outside invest.,cost 384,637
Common stock outCash, accts. receivstanding
5,918,800
advances
able &
431,859 First mtge. bonds.. 2,650,000
257,297
on ore, &c
10,512 Accounts payable..
29,385
10,069
Baruch Bros
209 Unpaid interest &
32,297
Trust Co., N. Y _..
dividends
7,858
16,671
7,609
Kessler & Co..N.Y.
168,003 Income account,
163,007
Supplies, &c
surplus
968,000
1,669,527
Bonds in sink.fund 1,058,000
Total

[VOL. Lxxxxn.

THE CHRONICLE

954

14,230,183 14,286,254

Total

1910.
3,945,800
44
5,918,800
2,650,000
20,727
17,331
1,733,596

14,230,183 14,286,254

•"Cost of property" represents the par value of securities originally exchanged for
property.-V. 90. p. 695.

Western Electric Co., Chicago and New York.
(Report for 13 Months ending Dec. 31 1910.)
This company, controlled by the American Telephone &
Telegraph Co. (V. 92, p. 811), reported through President
H. B. Thayer on March 20 1911 as follows:

EARNINGS AND EXPENSES.
13Mos.end. Year end.
13Mos.end. Year end.
Dec.31'10. Nov.30'09.
Dec.31 '10. Nov. 30'09
Deduct313,746
884,893
Gross sales
68,375,150 45,575,138 Interest paid
Other income
Carried to reserves 1,150,000
486,305
Divs. paid(11 1-3%)1,700,000(8)1200,000
Total income....68,861,455 45,575,138
890,264
Cost of product_ _ _63,442,286 43,171,128 Balance, surplus__ 1,684,276
Net profits

5,419,169 2,404,010

BALANCE SHEET.
1910.
Jan. 1 '11. Dec. 1 '09.
AssetsLiabilities15,000,000
.10,011,986 12,266,255 Capital stock
Plants
Merchandise
18,523,512 14.414,697 Mtges. and bonds
91,118
3,596,269 1,860,616
Cash
constituent cos..
Bills receivable__ _ 8,643,0191 11,753,193 First mtge. bonds_15,000,000
115,385
Ace ts. receivable_14,229,0791
Bills payable
Sundry investmls. 3,382,080 2,780,859 Accounts payable.. 5,472,333
Reserve for pension
739,541
fund
Other gen'i res'ves 2,846,506
19,121,062
Surplus
Total

58,385,945 43,075,620

Total

1909.
$
15,000,000
110,348
4,538,849
3,961,813
597,494
1,430,330
17,436,786

58,385,945 43,075,620

•Includes in 1910 real estate and buildings, 511,697,300, less depreciation reserve,
53,470,210; balance, 58,227,090 (70.3% of cost); machinery and equipment.
58,387,983, less depreciation reserve, 56,603,087; balance, $1,784,806 (21.3% of
cost); total, $10,011,986 (49.8% of cost).-V. 92, p. 799.

Bell Telephone Company of Pennsylvania.
(Report for Fiscal Year ending Dec. 31 1910.)
New stock to the par value of $18,445,400 was issued during the year,
to acquire stock of the Central District & Printing Telegraph Co. (V. 91,
p. 36, 40), the stock and obligations of the Penna. & N. Y. Telephone &
Telegraph Co.and to retire the outstanding obligations of the company.
The statements submitted,showing results of the operations of your properties during the year, and their financial condition at its close, contain
the combined figures of the several companies forming the system, namely,
The Bell Telephone Co. of Pennsylvania, the Central District & Printing
Telegraph Co., the Delaware & Atlantic Telegraph & Telephone Co., the
Diamond State Telephone Co., the Chesapeake & Potomac Telephone Co.
and their subsidiary companies.
RESULTS FOR YEARS ENDING DECEMBER 31.
1909.
1910.
491,099
Tot. stens Dec. 31 576,206
$
Earnings$
Exchange revenue 14,727,1331
3,535,930116,171,839
Toll revenue
76.770
Divs. and interest_
9,592
Miscellaneous

1910.
1909.
Expenses$
$
Gen. exp. & taxes_ 1,331,359
Procuring & hand5,089,490 11,600,058
ling traffic
Maint. & replace't 6,618,183
Instrument rental_ 774,486

Gross earnings__18,349,425 16,171,839
Net earnings
Interest
Dividends declared

Total expenses..13,813,518 11,690,058
54.535,907 $4,481.781
5245,886 5304,280
3,550,784 3,500.500

Balance, surplus

$739,237

8677.001

BALANCE SHEET DECEMBER 31.
Oncludes in 1910 The Central District & PrintingaTelegraph Co. of Pittsburgh.
1910.
1909.
1910.
1909.
Liabilitiess
Assets$
$
$
6,573,141 4.948,320 Capital stock
Real estate
60.000,000 41,550.000
4,579,426 3,840,189
63,906,923 45,601,863 Surplus
Construction
2,605,600 3,088,500
Office turn. & fixt. 280,440
134,567 Bonds
60,000
60,000
429,037 Real est. M.notes..
Supply account._ _ 993,782
1,005,500 2,100,000
Tools and teams
189,243
152,290 Bills payable
601,746
108,118 Accounts payable.. 1,119,643
125,758
Sinking fund
900,011
779.381 Reserve for div
623,250
Bills & accts. rec.._ 1,730,803
930,504 Reserve for maint.. 4,372,309 1,177,592
Cash
1,199,940
372,177
43,603
800 Other reserves..
Stocks and bonds..
14,536
Total
75,014,566 53,084,880
75,014,566 53,084,880
Total
The additions to real estate and construction in 1910 aggregated $4,749,464, viz.:
real estate, $157,435; underground plant, $1,108,609; aerial and other plant,
$1,836,486; equipment. 51,646.933.-V. 92. p. 528.

Western Telephone & Telegraph Co.
(Report for Fiscal Year ending Jan. 311911,)
Pres. Theodore N. Vail, March 8 1911, wrote in substance:
The four telephone companies whose securities form the principal assets
of this company, and from which most of its revenues are derived, are the
Cleveland Telephone Co., operating in Cleveland, Ohio, and the adjacent
territory; the Northwestern Telephone Exchange Co., including the Duluth
and Mesaba companies, in Minnesota and North and South Dakota; the
Southwestern Telegraph & Telephone Co. in Texas and Arkansas; and the
Wisconsin Telephone Co.(see item on a following page-Ed.)in Wisconsin.
The number of central offices operated by these companies at the end of
1910 was 431. The stations operated through these offices numbered 357,224, an increase during the year of 45,668. To this number are to be added
305,767 stations of 2,147 companies which operate under contract in small
towns and rural districts in connection with our companies, making a total
of 662,991 stations,as compared with 605,038,at the close of the previous year.
The mileage of exchange wire owned and operated by our companies at
the end of 1910 was 910,521 miles, an increase of 154,984 miles; mileage of
toll line wire, 162,813 miles, an increase of 14,404 miles.
The expenditure for new property, &a., during the year has been $4,623,693, namely: For central office and subscribers' equipment, $1,509,316;
exchange lines, $546,772; toll lines, $910,774; real estate and buildings,
$323,244; construction in process, $601,831; other property, $30,755;
current and working assets increased, $701,001.
The funds to meet this expenditure were provided as follows: Increased
capital stock of the Southwestern Telegraph & Telephone Co., $350,000;
increased indebtedness, $2,375,064; reserves and surplus earnings, $1,898,629; total, $4,623,693.
The provision for depreciation for 1910, included above in maintenance,
was 52,780,700, which was 6.2% on the average plant in service during
the year. This is believed to be adequate, or substantially so, and it is
the expectation that, in the future, depreciation charges will only have to be
increased in proportion to an increasing plant. Of the $2,780,700 so
charged, $974,600 was expended for replacements during the year. The
balance was invested in the business and, as shown above, provided a substantial part of the new capital required for the large additions to plant
made during the past year.
Just prior to the close of the fiscal year, the Western Telephone & Telegraph Co. arranged to sell $6,500,000 of short-term notes to take up its
current indebtedness and provide funds for its subsidiaries' needs during the
coming year. Part of these notes were dated Jan. 30 1911 and part Feb. 1.
All will mature Dec. 15 1911 (V. 92, p. 327).
There are now cash assets sufficient probably for all needs till Dec. 15.
During the year, the permanent financing of the company will receive careful consideration.
Before closing the books Jan. 31 the organization expenses heretofore
carried as an asset,I.554,008, were charged off against surplus.

Change of Fiscal Year.-The fiscal year, which has heretofore ended
Nov. 30, has been changed to end Dec. 31, and the results shown are, therefore, for 13 months as compared with 12 months for 1909.
General Results.-The sales for the 13 months were $68,375,150, being an
increase compared with the previous 12 months of 38.5% per annum. This
increase was well distributed. There have been no such increases in prices
as might have been justified by the increased cost of labor and material.
We look for increased profits from reduced expenses rather than by increases in prices. For the 13 months the number of orders received in
America was 896,000, as compared with 695,000 for 12 months of 1909,
an increase of 19%.
Plant.-During the year the work of concentrating at the Hawthorne
plant the manufacturing work formerly carried on at the N. Y. City and
Clinton St., Chicago, plants has been continued. Additional buildings
authorized during 1909 and 1910,and now in use,aggregate 235,000 sq.ft.
of floor space. The manufacturing plants have been worked to their full
capacity during the year. For 1911 additions at Hawthorne have been
authorized amounting to about $1,000,000 to provide for further concentration and additional facilities.
Sale of Chicago Properties.-During the year the company sold Its Clinton
St. and Polk St. properties for $3,247,204. These properties were carried
on the books at $2,759,971. The profit, $487,233, has been carried to
reserves. Pending the erection of buildings now under way at Hawthorne
the south half of the Clinton St. property has been rented for a period of
two years to Jan. 1 1913.
Employees.-On Jan. 1 1911 the number of employees was 23,464, as
compared with 17,835 Dec. 1 1909.
Net Current Assets.-The total current assets, including sundry investGROWTH OF SYSTEM.
ments, less all liabilities except 1st M. 5% bonds, were at Jan. 1 1911,
1904.
1906.
•1910. •1909. •1908. •1907.
$42,695,123, which is more than 2 4-5 times the total bond issue
311,558 277,227 281,962 231,585 149,431
357,224
operated
Stations
of $15,000,000.
51,459
71,995
82,579
204,594
Sale ofBonds-Redemption of Notes.-To take advantage of the favorable Stations of sub-cos_ __ _305,767 293,482
623,813 555,534 305,177
bond market it was deemed wise to sell $8,250,000 1st M. 5% bonds held Mileage of exch. wire....910,521 755,537 714,391
140,473 138,569 130,290 96,314
as security for the $5,000,000 2-year 4ji% collateral trust notes issued Mileage of toll-line wire 162,813 148,409
since 1908,
e Ilacludes Duluth and Mesaba telephone companies, operatedcomparison.
Jan. 1 1910. The proceeds were used to take up these notes on Jan. 1 1911
the 1907 figures being placed on the same basis for purposes of
and to provide for future needs. (V. 91, p. 1578, 1836; V. 90, p. 307.)




THE CHRONICLE

APR. 8 1911.

OPERATING COMPANIES-CLEVELAND, NORTHWESTERN (INCLUDING D ULUTH AND MESABA COMPANIES), SO UTHWESTERN AND WISCONSIN TELEPHONE COMPANIES.
Earnings and Expenses for Calendar Years.
1910.
1909.
1910.
1909.
$
$
$
$
EarningsExch. service.... _8,280,200 7,360,800 Net oper. carns_2,665,100 2,482,400
Toll service _ _ _3,648,000 3,161,900 Net sundry earn. 154,300 214,800
Net earnings_2,819,400 2,897,209
11,928,200 10522,700
Total
Interest paid__ 696,600 820.900
Expenses4,303,500 3,804,300
Operation
4,427,300 3,806,800 Net revenue. .2,122,800 2,076,300
Maintenance
1,943,600 1,855,100
532,300 429,200 Dividends
Taxes
221,200
Balance
179,200
Total expenses_ _9,263,100 8,040,300
WESTERN (BELL) TELEPHONE & TELEGRAPH CO.
Earnings and Expenses for Years ending Jan. 31.
1907-08.
1910-11.
Earnings1909-10.
1908-09.
$690,652
$624,338
$641,447
Interest
$668,109
1,456,305
1,804,294
Dividends
1,544,436
1,578,798
Miscellaneous
4,921
868
$2,294,946 $2,169,642 $2,225,168 $2,124,414
Total receipts
Interest and discount _ 81,343,026 $1,285,741 $1,372,251 $1,287,452
29,100
25,514
General expenses
22,430
23,508
800,000
Divs. on pref.(5%)____
800,000
800,000
800,000
Balance, surplus

$126,406

$61,471

$29,409

BALANCE SHEET JAN. 31.
1911.
1911.
1910.
Assets$
Liabilities$
Stocks
.44,582,402)
Common stock___18,000,000
Bonds
84,000r5,983,340 Preferred stock___16,000,000
Loans to sub. cos_11,946,590
520,929
Surplus
Short term notes 2,840,000
9,958,000
Bonds
Accts. receivable.. 257,169
118,625 5% notes due 1912 10,000,000
Supplies
4,083 do do Dec.1911 3,500,000
Office furniture
2,888
2,088 Adv. paym'ts on
Organization exp_
notes dueDec.'11 2,854,208
54,006
Cash
749,008
455,197 Notes payable Am.
Sink, fund dep
82,122
T. &T.Co
64,417
Adv. discount on
do subsid. cos. 1,213,000
46,968
275,042
Accr. Int. & taxes_
notes
400,000
Treasury bonds_ _..
81 093 Divs. due Feb.
85,000
Current accts. pay. 299,239
Res. for retir. bds.
42,000
of Erie T &T.Co.
49,655
Reserves

$7,863
1910.
16,000,000
16,000,000
452,892
9,958,000
9,790,000

955

10% dividend basis, 7% from railroad receipts and 3% from
"proceeds of land sales and other extraneous assets.
The
President says:
Extraneous Assets-(1) $46,000,000 (par) Stock and Bonds; (2) $50,000,000
Land • Mortgages, &c.; (3) Lands Worth $6.500,000 on Branch Lines;
(4) 7,300,000 Acres unsold in Agricultural Belt.
Amongst the securities held by the company there are bonds and stock
to the face value of about $46,000,000 on which the company receives, or is
entitled to receive, direct payments of interest or dividends, and there is
the amount represented by the land mortgages and cash• proceeds of land
sales, $50,000,000; then there are other lands to the value, on a conservative
basis, of $8,500,000. of which the company became the owners in whole or
in part in connection with the acquisition of branch railway lines. Besides
these there are, of course, your unsold lands in the agricultural belt approximating 7,300,000 acres.
Dividends from Extraneous Assets.
It has always been the practice to separate in the annual accounts the
revenue from land and townsite sales from the other Inccime of the company,
and it is now proposed to adopt the same policy with reference to interest
on investments, dividends, rentals and like sources of income other than the
receipts from the railway and steamship lines, incorporating the Income
from these items in one fund which, of course, will vary in amount from.
year to year, and from which the directors will make such a periodical distribution as in their opinion may be warranted by circumstances, In addition to the regular dividend that may from time to time be declared on the
ordinary shares.
It is estimated that the interest and dividend return from these sources
will be about $4,500,000 during the current year; so that even now it will
only be necessary to supplement this amount by a comparatively small
contribution from the land funds to represent 3% on the outstanding common shares, and therefore it was decided to make a distribution on that
basis, commencing with the quarter ended Dec. 31 last.
Your directors have every reason to believe that the regular dividend of
7% per annum from the net revenue of the railway and steamship lines can
be maintained, so that with a payment of 3% from other income you will
be receiving a return of 10% per annum on your common stock without
encroaching to any appreciable extent on the vast assets, now at your
disposal, that will increase in amount as population increases and as your
lands are sold, and that will remain available for the fortification of your
property in any exigency that may arise.-V.92, p. 117, 321, 394, 525.

Catskill (N. 'Y.) Traction Co.-Sale of Control.-Herman
C.Cowen,of Catskill,it is reported,has purchased a controlling
interest in the stock, the purchases including the holdings of
Pres. W. C. Hood. An extension to Cairo, and possibly to
Cementon and Athens, are, it is stated, contehiplated.
Central California Traction Co., Stockton, Cal.-Stock.42,000
39,468 This company,having filed amended articles of incorporation
Total
60.883.999 56,743,429 providing that,of the $2,500,000 capital stock, 24,301 shares
60,883,999 56,743 429
Total
of $100 each shall be common stock and the remaining 699
• Par value, $26,766,100.-V. 92, . 738, 327.
shares shall be pref. stock. has called a shareholders' meeting
for May 8 to vote on increasing the stock to $4,000,000, of
which $3,000,000 shall be common and $1,000,000 pref.
GENERAL INVESTMENT NEWS
Compare V. 92, p. 394.
RAILROADS, INCLUDING ELECTRIC ROADS.
Chicago & Milwaukee Electric RR.-Earnings.--Reports
Alberta Railway & Irrigation Co.-Purchase of Stock, &c. compiled by Arthur Young & Co., accountants, show:
Results for Calendar Year 1910.
• •
-Provided holders of 8,000 shares assent, the Canadian Passengers, $852,792;
freight, $26,533; express, $39,983; &c.$919,343
Pacific Ry. will, until May 1 1911, purchase any minority Miscellaneous-Sale of power, $13,522; station and car privileges,
$5,020; rental equipment, 46,478; other .lit805
25.809
shares of the company at $150 per share, plus $3 per share
for dividend since July 1 last. Total stock, $3,250,000, in
Total gross earnings
$945,152
maint.
equip.,
exp.-Maint.
of
way
and
structures,
$102,148;
Oper.
$100 shares, of which Can. Pac. Ry. Co. holds $1,875,000.
transportation, $311,160;
2,925,000
1,017,000
48,635
400,000
72,434

$59,346; traffic, $6,209; conducting
The agreement when adopted by the Canadian Pacific Ry. shareholders
general, $149,791
628,663
at their annual meeting next autumn will become operative as from Jan. 1
1912. The Alberta share certificates will then be endorsed with the obliga- Net income (after adding interest and deposits, $1,707)
$318,196
tion of the Canadian Pacific ay. to pay 3% half-yearly, commencing with a Deductions-Taxes, $49,000; int. on receiver's certificates. $65,payment on July 1 1912. Meantime the Alberta shareholders will receive
173,747
747, and purchase of power, $59,000
a dividend at the rate of 5% per annum from July 1 1910 to Dec. 31 1911.
When the agreement is adopted the ($3,250,000) 5% debenture stock will
$144,449
Net income
Ry.
be guaranteed as to prin. and int. by the Canadian Pacific
Interest -V. 92, p. 525, 321.
at 5% per annum will be paid by this company until Deo. 31 1911 and
thereafter 2
Chicago Milwaukee & Puget Sound Ry.-Stock Increase.will be paid by the Canadian Pacific, on July 1 and Jan. 1,
commencing July 1 1912.-V. 92, p. 525.
This subsidiary of the Chicago Milwaukee & St. Paul Ry. Co.

American Cities Railway & Light Co.-Report.

has called a shareholders' meeting for May 31 to vote on increasing the capital stock from $100,000,000 to $200,000,000.
See map on page 37 of "Railway and Industrial" Section
and compare V. 92, p. 725, 659.
Chicago St. Paul Minneapolis & Omaha Ry.-Bonds
Offered.-Rhoades & Co.., 45 Wall St., New York, offered on
Tuesday at 109% and mt., yielding about 4.30% on the
investment, the entire auth. issue ($1,500,000) of Superior
Short Line 1st M. 5% bonds, dated June 1 1895 and due
Argentine Central Ry.-Sale.-See Argentine Tunnel Ry. June 1 1930. Union Trust Co., N. Y. trustee. Int. M. &
S. Par $1,000 c*. The bonds have all been placed, but for
below.-V. 90, p. 1237.
of record the
describing the issue is
Argentine Tunnel Ry.-Acquisition.-The "Denver Re- purposes another page.advertisement
A circular says in substance:
on
publican" of March 28 says that papers were filed on Mch. 27 given
The bonds are secured by a closed underlying first mortgage on the Chi
transferring the Argentine Central Ry. and the Vidler Tunnel cago St. Paul Minneapolis & Omaha By.Co.'s terminal properties In Duluth,
Superior, Wis., and are a direct obligation of the latter comholdings to the Argentine Tunnel Ry., which has been incor- Minn., andSuperior
Short Line By. Co. having been merged in the parent
pany, the
porated with $50,000 stock, in $1 shares, and has made a company
in 1895 and the bonds assumed. These properties were acquired
at low cost, beginning in 1884, and in 1905. at date of this mortgage, had a
trust deed to the Continental Trust Co. for $300,000.

American Cities Railway & Light Co.-Holding Company.
Dividends Balance,
Calendar
Fixed
Total
Net (after
Paid.
Surplus.
YearCharges.
Taxes).
Income.
.$844,810
$7,408
1910
$852,218
$893,185
*683,394
2,769
686,163
1909
714,245
Companies.
Combined Income Account of Local
$907,477 $443,334
1910
$6,503,114 $2,781,645 $1,340,834
383,818
799,433
1,277,042
2,440,293
5,801,238
1909
• Includes 8% on outstanding preferred stock ($414,366) yearly and in
1910 4% on common ($430,444), against 2% ($269,028) in 1909.V. 91, p. 1628.

value largely in excess of the total amount of this issue. Since 1895 they
A contract, it is stated, was also flied awarding to the Argentine Con- have greatly enhanced in value, not only as a natural result of the growth
struction Co. the contract for completion of the Vidier tunnel, making it of the traffic passing through these ports, but also because of the many
railroad size, calling for the expenditure of $200,000. This will furnish improvements and betterments made by the company during this period
an outlet for the enormous bodies of ore exposed in various mines of Monte- of great development in the Northwest. The Chicago ec North Western
zuma and tributary districts.
and the Chicago St. Paul Minneapolis & Omaha Ry. systems obtain their
The Vidler tunnel is being driven at the rate of 175 feet monthly, but sole entrance into the great traffic centres of the above cities, over the
when work is started from the opposite side of the pass,the footage, it is terminal property covered by these bonds. Practically all the Lake Susaid, will be doubled, insuring completion of the big bore within 5 months, perior traffic of both roads passes through these terminals.
when work will be started enlarging it to railroad size.
Further Particulars furnished by C. St. P. M.& 0.Ry. Co. to Rhoades & Co.
The Argentine-Montezuma Investment Corporation has also been inIn August 1895 the Superior Short Line By. Co. conveyed by deed all it
corporated with $1,500,000 stock, in shares of $5 each, the incorporators
&c., to the Chicago St. Paul Minneapolis & Omaha
being R. W. Cokell, Hugo Tjernilind and Ben Morris, with principal office property, franchises,
By.
Co. and as part consideration for the deed to it of this property the
1170;
V.
89,
p.
p. 40.
in Denver. Compare V. 83,
Chicago'
St. Paul Minneapolis & Omaha Ry. Co. agreed to assume and pay
Astoria & Columbia River RR.-Sale.-See Spokane Port- the principal and interest of these bonds [which it had previously guaranteed, principal and interest.-Ed.]
land & Seattle Ry. below.-V. 85, p. 1648.
This property was acquired in 1884, at very low cost compared with
present value, and it comprises about 10 miles of main track and about 33
Berkshire (Mass.) Street Ry.-Merger.-See New York miles
of side track, and includes the depot and station grounds, freight
New Haven & Hartford RR. below.-V.90, p. 1612.
houses, machine shops, wharves, docks, basins, &c., which are essential to
facilities for such important terminals. The property
supply
Brooklyn City RR.-New Directors.-William A. Day, has beennecessary
greatly improved since the issuance of this mortgage.
The Chicago St. Paul Minneapolis & Omaha By. Co. has paid dividends
Acting President of the Equitable Life Assurance Society,
of 7% since 1897 on its preferred stock now outstanding, $11,256,800, and
and George E.Ide, President of the Home Life Insurance Co., since
1905 7% has been paid on its common stock now outstanding, $18,have been elected directors to succeed the late Edward 556,200. The Chicago & North Western By. Co. controls the Chicago
Minn. & Omaha By.. through ownership of a majority of its stock.
Paul
St.
Merritt and James McKeen.-V. 92, p. 117..
Application will be made to list these bonds on the N. Y. Stock ExCanadian Pacific Ry.-Circular as to Dividends.- change.-V.92. p. 526, 186.

President T. G. Shaughnessy in a circular dated at Montreal
on March 15 sets forth the plan "by which the shareholders
may in the future receive greater advantage from the extraneous assets than they have in the past." It was in anticipation of this plan that the stock was on April 1 placed on a




Cleveland (Ohio) Ry.-Bonds Called.-All of the $3,151,000
bonds dated July 1 1909 have been called for payment on
June 1 1911,at par and int., at the Citizens' Savings &Trust
Co., Cleveland, or at the office of Harris, Forbes & Co.,
New York. Compare V. 92, p. 659, 526.

956

THE CHRONICLE

S

[VoL. Lxxxxii.

are fully paid." (Class A,$1,300,000, is all outstanding; Class B, $200,000,
Detroit United Ry.-Agreement.-An agreement, it is an- and
Class C. $1,350,000, are to be issued only as stated last week.) See
nounced, has been reached between the company and Mayor V. 92, p. 881.
Thompson, subject to ratification by the City Council,
Indianapolis Southern RR.-Foreclosure Sale May 5.-The
whereby the company is permitted to at once begin the road will be offered at foreclosure sale on May 5 at Effingbuilding of extensions and double-tracking of its lines.
ham, Ill., by Walter S. Horton, special master, under decree
By the terms of the agreement, which was reached after two months' of the United States Circuit Court for the Eastern District
negotiations, neither the city nor the railway company relinquishes any
of Illinois. Upset Price, $2,500,000. Compare V.92, p.461.
rights, nor does it affect pending litigation in any way. The agreement
provides that the city can at any time purchase any of the extensions at
extensions
will
greatly
Interborough Rapid Transit Co., New York.-Notes Due
increase
street
car
new
The
cost, less depreciation.
facilities and aid materially in the growth of the outlying sections of the
May 1.-The $4,584,000 6% notes ilue May 1 1911 will, it is
city, as well as remedy to a large extent, the Mayor believes, the street car
announced, be taken up at maturity. How the payment
congestion affecting the entire city.-V.92, p. 659, 594.
will be financed is not stated.-V.92, p. 595, 118.
Erie RR.-Maturing Notes.-The collateral trust notes
Kansas City Mexico & Orient Ry.-Extension-New
due April 8 1911, together with the April 8 1911 coupon
attached, will be paid at maturity at the office of J. P. Mor- Bonds.-The company on March 30 applied to the Railroad
Commission of Texas for authority to register $469,223 bonds
gan. & Co., 23 Wall St. Compare V. 92, p. 594.
line from San Angelo to Mertzon,
Fonda Johnstown & Gloversville RR.-Bonds Offered.- on the extension of the mainplaced in operation on that
day.
Ladenburg, Thalmann & Co. and A. B. Leach & Co. recently Tex., 28 miles, which was operation in the U.
S., extending
offered a block of 4M% first general consol. ref. gold M. There are now 539 miles in
Tex.-V. 92, p. 395.
bonds, dated 1902. Auth. issue, $7,000,000; outstanding, from Wichita, Kan., to Mertzon,
$5,150,000; reserved to retire underlying liens, $1 .1850I000.
Lehigh Valley RR.-United States Supreme Court Allows
1909. 1 Calendar Years. 1910.
Calendar Years. 1910.
1909.
Amendment of Complaint in Government Suit Involving ComGross earnings_ _$976,489 $852,847 Total int. charges_$310,415 $331,086
United States
- 446,200 419,387 Surplus
135,785
88,301 modities Clause of Hepburn Rate Law.-The
Net,less taxes,&c.
The company is paying 6% dividends on its pref. stock and 2% on its Supreme Court on Monday, reversing the decision of the
261,
725.
-V.
92,
p.
stock.
common
United States Circuit Court for the Eastern District of PennFort Smith (Ark.) Light & Traction Co.-Bonds, &c.-The sylvania, held that the Government should be permitted to
$2,200,000 1st M.5% gold bonds offered,as stated last week, amend its complaint in the suit brought by the Government
by Lee, Higginson & Co. at 933i and int., are part of an against the company, in which it seeks to establish the fact
authorized $6,000,000 dated March 1 1911 and due March 1 that the relations between the railroad and the Lehigh Valley
1936, but callable as a whole or in part on any int. date at Coal Co. constitute a violation of the commodities clause of
105 and int. Int. M. & S. in Chicago and Boston. Par $500 the Hepburn Rate Law.
The Supreme Court in upholding the legality of the commodities'olause
and $1,000 c*. Illinois Trust & Savings Bank, Chic., trustee.

as construed by it in May 1909 (see editorial remarks, V. 88, p. 1171), reAbstract of Letter from H. M. Byllesby & Co., Chicago, Feb.23 1911.
manded the suits against the several anthracite coal roads to the lower
Incorp. in 1903 in Arkansas. Owns all the street railway properties In court for further proceedings
in conformity with its opinion. Under the
Fort Smith, and all the electric light and power and gas properties in Fort said opinion, ownership of stock
in a coal company by a railroad, in itself
Smith and the adjacent city of Van Buren, serving a population of 35,000. at least, is held not to be a violation
of tho commodities clause. It was held
Capitalization.
that the clause has solely for its object the prevention of carriers engaged
$920,000 in inter-State commerce
Pref. stock, 7% cum. after Jan. 1 1912, auth., $5,000,000; out
being associated in interest at the time of
950,000 transportation with the from
Common stock, authorized, $1,500,000; outstanding
transported. The amendment alFunded debt: 1st M. 5% bonds, auth., $6,000,000; outstanding_ _2,200,000 lowed is in substance an commodities
allegation that the coal company, the stock of
Earnings as Audited (Annual Int. on $2,200,000 13t M.53 Callsfor $110.000), which is owned by the railroad, is not a bona fide company within the mean1908.
1907.
1910.
1909.
ing of the opinion rendered In May 1909 and is in reality only a department
$483,911 $408,241 $344,706 $321,239 of the railroad company, by which it is in all respects dominated and conGross earnings
Net earns. (after taxes & maint.)$193,366 $162,207 $134,778 $119,114 trolled. The present decision is merely an amplification of the opinion
previously rendered and Is generally accepted as giving force and effect to it.
The pref. stock is receiving regular dividend at rate of 7% per annum.
Chief Justice White, who wrote the opinion, says In part:
The proceeds of these $2,200,000 bonds will retire all the outstanding
"It must be held that, while the right of a railroad company as a stockbonds and notes which have been duly called for payment. The refunding
holder to use its stock ownership for the purpose of a bona fide separate adwill not increase the fixed charges.
These bonds will be a first mortgage upon all properties and franchises ministration of the affairs of a corporation in which it has a stook interest
now owned or hereafter acquired; $2,500,000 are issuable against the proper- may not be denied, the use of such stock ownership in substance for the
ties as existing March 1 1911, of which $2,200,000 have been sold to you purpose of destroying the entity of a producing. &c., corporation, and of
and $300,000 are issuable at any time when the net earnings (after oper. commingling its affairs in administration with the affairs of the railroad
expenses, taxes, insurance, repairs and renewals) are 1 X times the total company,so as to make the two corporations virtually one,brings the railfixed charges, including interest on the bonds sought to be issued, and in- road company so voluntarily acting as to such producing, &c., corporation
cluding all interest or rentals which are equal or senior to the lien of these within the prohibition of the commodities clause. In other words, that, by
bonds. The remaining $3,500,000 authorized can be issued only for 75% operation and effect of the commodities clause, there is a duty cast upon a
of the actual cash cost of additions, improvements and extensions, but only railroad company, purposing to carry in inter-State commerce a product of
when the net earnings are at least double all fixed charges as above defined the producing, &c., corporation in which it has a stock interest, not to
(except that in the case of the first $200,000 of said $3,500,000, the net abuse such power so as to virtually do by indirection that which the comearnings need be only 1 X times such fixed charges). Cash sinking fund for modities clause prohibits, a duty which plainly would be violated by the
purchase and cancellation of bonds 1% yearly 1914 and 1915, 1 % yearly unnecessary commingling of the affairs of the producing company with its
1916 to 1918, 2% yearly 1919 to 1923, and such amounts thereafter as by own so as to cause them to be one and inseparable."
The Court affirmed the decree of the lower courts dismissing the bills
July 1 1935 will make the total sinking fund 40% of the bonds certified.
Owns and operates 19.8 miles of electric street railway (computed as against the Erie, Pennsylvania and Central RR. of New Jersey, in which
single track), all ballasted with stone,and all except about 5 miles on paved no offer was made by the Government to file an amended bill, the Governor macadamized streets; 17 closed, 6 semi-convertible and 21 open cars and ment having elected to make a test case of the Lehigh Valley suit.2 work cars; fireproof car barns and repair shops; brick electric generating V. 92, p. 527, 118.
station, present capacity 3,450 k.w., or 4,600 h.p. )natural gas for fuel(;
New York Central & Hudson River RR.-Possible Merger
electric distributing system, 110 miles of pole line, carrying 342 miles of
copper wire; 65.7 miles of gas mains in Fort Smith and Van Buren,supplying of Subsidiary.-See West Shore RR.below.-V.92,
p.800, 791.
at low rates natural gas obtained under favorable contract from Arkansas
& Territorial 011 & Gas Co.; recreation park 4 miles from Fort Smith; stone
New York New Haven & Hartford RR.-Merger of Subquarry; satisfactory franchises, none of which expires before Nov. 1953'
Market value of the stocks shows an equity over funded debt of approxi- sidiaries.-A bill has been introduced in the Massachusetts
new (installed Legislature
mately $1,444,000. Entire physical property practically
providing for the purchase by the Berkshire St.
within last four or five years); replacement value over $2,780,000.
Ry.(a subsidiary of the company)of the Springfield St. Ry.,
1909.
1910.
1908.
1906.
1904.
Passengers carried1,181,560 2,661,630 3,305,760 3,719,554 4,213,174 the name of the consolidated company to be the Springfield
3,660
3,391
4,004 Sr
2.337
790
Gas consumers
Berkshire Ry.
5,381
6,893
6,221
3,526
Ranges, &c
1,880
2,005
2,199
1,256
The bill provides that the merger shall go into effect when the trolley
738
Elect. consumers
254
217
123
270 connection between the Springfield system and Berkshire is completed,
120
City arcs
37,440
33,588
43,437 and also for an extension from Agawam or Westfield to Granville and an25,773
Incandescent load
152
187 other from Huntington to Cummington, the new company to bond itself
118
157
78
Number of motors_ _ _ _
903
983
1,238 to complete them by Jan. 1 1914.-V. 92, p. 882, 660.
701
513
Horse-power of motors
3,696
4,405
2,309
4,859
K.w. all purposes
Northern Ohio Traction & Light Co.-Offered on Basis to
-V. 92, p. 881.

Yield 6.15% Income.-W,E. Hutton & Co., New York and
Grand Trunk Pacific Ry.-Cost.-A Canadian paper says: Cincinnati, are offering, by advertisement on another page,
&
Railways
Canals
that to date
It is estimated by the Department of
at 9732, yielding 6.15% income, the unsold portion
the Grand Trunk Pacific) has spent $18,765,000 on its mountain-section construction, of which $11,765,000 was advanced by the Government on its of the present issue of $1,000,000 6% cumulative preferred
guaranty. On the prairie section the expenditure to date is $34,463,000, stock, preferred as to assets and dividends. Callable after
the Government guaranty being $10,735,000 of that amount and Government loan $10,000,000, making total sums advanded to the company $32,- 1919 at 110. Shares $100 each. Dividends Q.-J. The
496,000. The company has expended $14,744,000 on rolling stock. bankers call attention to the stability and rapid develop-V. 92, p. 725, 881.
ment of the earning-power of the property, a feature which
Houston Belt & Terminal Ry.-Application to Issue Addi- is noteworthy at this time of adverse legislation affecting
tional Bonds,-The company on March 31 applied to the steam roads and .industrial corporations. A map of the
Texas Board Of Railroad Commissioners for authority to railway is given on page 6 of our "Electric Railway" Section.
register bonds aggregating $2,200,000, covering the recently
Excerpts from Bankers' Circular-Capitalization.
$9,000,000
completed East Belt Line, passenger station and additional Common stock (authorized, $10,000,000) outstanding
(authorized, $3,000,000) outstanding
Preferred
stock
1,000,000
property, real estate and additional rolling stock.-V. Bonded indebtedness
citiesth1e0,858 ,0000f
The company owns 215 miles of street railway operating in
89, p. 1668.
Akron, Canton and Massillon, and connecting those cities, and extending
Indianapolis& CincinnatiTraction Co.-Bon ds,Etc.-Presi- to Cleveland, Barberton, Ravenna, Kent, New Philadelphia, Canal Dover
Dennison, and the electric lighting and power systems in Akron and
dent Charles L. Henry, to whom we submitted the item pub- and
Barberton, serving a population, outside of Cleveland, of over 190,000.
lished last week, notes the following:
The purpose of this issue of preferred stock is to put the treasury in funds
It Is only the common stock of the Indianapolis & Southeastern Traction.
Co. that is to be canceled; the $600,000 of 5% pref. stock remains outstandThe bonds of the new company are dated July 1 1910 (not 1911) and
ing;.
will mature July 1 1940, but are subject to call on or after July 1 1913 at
105 and accrued Int. "All bonds of each class are equal among themselves
in respect of the right to payment of principal and interest and of the security for such payment," but in the event that the funds available for
principal and interest are insufficient to meet the same in full, "then and in
that case such funds shall be applied tint to the payment of the matured
principal and interest of the bonds of Class A in the proportion that the
number of said bonds outstanding at the time bears to the whole number
of the bonds outstanding at the time of both Classes A and C, and the residue only of such funds shall be applied to the payment of the matured principal and interest of the bonds of Classes B and C, each bond of said Classes
B and C to be on a parity with every other bond of both said Classes B
and C. If Anlv bonds of Classes A and Bare outstanding, then no payment
shall be made on bonds of Class B until the amounts due on bonds of Class A




for the construction of a combined steam and hydraulic power station, thus
providing for the unusual demand for electric power in Akron, as well as
for the natural growth of business.
Important features: (a) Present earnings ten times the amount of the
preferred stock dividend. (b) A large equity represented by $9,000,000
common stock, upon which dividends of 3% per annum are paid, held by
about 800 holders, and listed on the stock exchanges of New York, Cleveland, Cincinnati and Montreal. (c) The new power plant will largely increase the business and decrease operating expenses. (d) Record of 16
years of constant growth, with earnings gradually increasing. (e) The population served has increased 48% in the last ten years. () The charges
made for depreciation and maintenance are as liberal as those of any company with which we are acquainted.
The net earnings for January and February 1911 show an increase over
the same months of 1910 of 18% and the surplus applicable to dividends
on stock increased in the same period 54%. [This gain, continued throughout the year, will produce surplus earnings equal to from 7% to 8% on stk.]

APR. 8 1911.1

THE CHRONICLE

Receipts and Net Earnings Applicable to Dividends on Stock.
1910.
1909.
1906.
1905.
1907.
1908.
1,552,970 1,703,340 1,909,061 1,890,473 2,177,642 2,436,426
Gross
567,394
300,064
463,519
277,517
Net for stk _ 182,640 213,324
The franchises for the lighting and power business are unlimited in time,
and one-third of the railway lines are operated under franchises unlimited
In time or on private right-of-way. The remainder, maturing at various
dates, apply to relatively small portions which are dependent upon the main
system. These will probably be extended before maturity.
Application will be made to list this issue on the stock exchanges of
New York, Cleveland, Cincinnati and Montreal.-V.92, p. 882, 595.

957

suits brought by the Illinois Central and Southern Ry., which
were adjusted some time ago to the satisfaction of all parties.
Compare V. 91,,p. 718; V. 88, p. 1063.-V. 91, p. 946.
Virginia Railway & Power Co.-Earnings of Consolidated
Company.-For calendar years:
Cal.
Gross
Year- Earnings.
1910 ____$2,169,978
1909 ____ 1,944,309

Net
Earnings
$1,096,358
905,810

Other Charges Lk.
Balance.
Other
Income.
Deduc's. Surplus
Taxes.
$32,113 $653,304 $11,944 $463,223
34,917 '383,226
1,004
556,497

Oakland Antioch & Eastern Ry.-Enlarged Enterprise.- • No deductions for bond interest and sinking fund contributions for
This company filed articles of incorporation in California on first six months of 1909, the properties having been acquired by the comMarch 27, with $10,000,000 of authorized capital stock, in pany on July 1 1909.-V. 92, p. 882, 528.
Washington Baltimore & Annapolis Electric RR.-Reor$100 shares, to take over the Antioch & Oakland Ry.(V. 92,
p. 595) and to extend the road from Antioch to Stockton, ganized Company.-The Maryland Public Service Comm.
March 31 approved the proposition of this new company to
Cal. The "San Francisco News Bureau" of March 29 said:
The directors of the reorganized corporation are: A. W.Maltby, Concord; take over the property of the railway recently foreclosed.
S. L. Naphthaly, Laurence Arnstein, John R. Selby and A. J. Krutmeyer
of San Francisco. Maltby has subscribed for $79,600 stock and each of the
other directors for one share of $100. The Antioch & Oakland By. Co.,
which is merged in the reorganized concern, has been building an electric
line from Antioch to Oakland, and this undertaking is nearing completion.
It is about 30 miles long and the extension from Antioch to Stockton will
add another 50 miles to the lines. At the time the $200,000,000 SmithTevis corporation, known as the United Properties of California, was organized,it was stated that it would obtain control of the Oakland & Antioch
Co. and run the line in connection with the electric roads to San Jose and
Sacramento that are to be built. It is announced that the Oakland Antioch
& Eastern Is entirely independent of Smith-Tevis interests.

The plan as presented to the Commission called for, first, the transfer of
the property to the Anne Arundle Electric RR. Co., the latter to Issue 115.660 full-paid shares and $4,000,000 bonds; and, second, for the assignment
of the property by the Anne Arundle Electric RR.to the Washington Baltimore & Annapolis Electric RR. Co., which should issue $3,000,000 of 5%
bonds and $1,369,513 of 6% non-cumulative pref. stock and $1,500,000
common stock to said Anne Arundel Electric RR. Co. in payment for said
property. Compare plan V. 91, p. 1328, 1386.-V. 92, p. 796, 464.

Western N.Y.& Pennsylvania Ry.-Report.-For cal. yr.:
Net aft. Tax. Fixed digs. Extra.
Gross.
Year$572,606 $1,745,194 $539,556
$8,458,269
1910
1.005,908
7,794,613
1,656,836
1909
45,109
90, p. 1483.

Bal., Def.
$1.712,144

696,037
Pecos Valley Southern Ry.-Locomotive Trust.-The company on March 31 filed a mortgage for $3,500 to the Grant
West Shore RR.-Possible Merger.-In order to pave the
Locomotive & Car Works of Houston, to secure payment
way for a merger of the company with the New York Central
for one mogul locomotive.
& Hudson River RR., a bill has been introduced in the New
There are 10 notes of $350 each, bearing 7% interest, maturing monthly,
the first on March 1 1911. The company was incorporated in Texas in Jersey Legislature, which was passed on Wednesday, perMay 1909 with $45,000 authorized capital and recently completed the line mittin* the consolidation so far as the property of the West
between Pecos and Balmorhea. 36
miles. Pres., W. L. Carwile, Dallas,
Shore in that State is concerned. No new legislation, it is
Tex.; Gen. Counsel, J. F. Ross, Pecos, Tex.
Bonds Offered.-The stated, will be required in New York State, only an applicaMarquette
-Equipment
Pere
RR.
. Y. the Guaranty Trust Co., N. Y. tion to the Public Service Commission being necessary.
Bankers Trust
While the merger has not been definitely decided upon, the New York
Co.,White, Weld & Co., N. Y. and Chicae, Central
and London, and
desires to obtain the necessary
to do so should It wish
offered on April 1,on a5% income basis for the 1912 maturity In the future to carry out the plan.-V.permission
68. 13• 332.
and a 53j% basis for those maturing at later dates, two new
Wilkes-Barre Ry.-Stock.-A certificate was filed in Penn.
issues of 5% equipment trust bonds dated April 1 1911; par on or about March 30 increasing the authorized capital stock
$1,000 (c*); interest A. & 0.; trustee Bankers Trust Co.; from $300,000 to $1,500,000.-V. 91, p. 1513.
namely, $1,024,000 series A, maturing $64,000 semi-annu- • Wrightsville & Tennille
RR.-Bonds.-This company,
ally from Oct. 1 1911 to AO.. 11919, incl., and $1,088,000 which is controlled
by the Central of Georgia Ry., last week
series B, due $68,000 semi-annually from Oct. 1 1911 to
Apr.11919. Practically all have been placed. The bankerssay: sold to Jas. H. Oliphant & Co., 20 Broad St., N. Y.,$100,000
1st M. 5s, due 1958. The bonds were subsequently re-sold.
• Series A is secured on 2,000 standard box cars purchased under an agreement dated April 2 1906,and delivered in the ensuing six months. The purchase price of these cars was $1,819,600, of which the company has paid in
cash $795,600, or 43%. These bonds are additionally secured by pledge
of $375,000 Pere Marquette RR. Co. refunding 4s, due Jan. 1 1955, which
at the market price of 75 represent over 27% of the par value of this issue.
Series B is secured on 2,000 standard box cars purchased under an agreement dated Nov. 15 1906 and delivered in the ensuing six months. The
purchase price of these cars was $1,841,600, of which the company has
paid in cash $753,600, or 40%. These bonds are additionally scoured by
pledge of $375,000 Pere Marquette RR. refunding 4s, due Jan. 1 1955,
which at the market price of 75 represents over 25% of the par value of this
issue.-V. 92, p. 726, 596.

Philadelphia Co., Pittsburgh.-Convertible Notes Authorized.-The shareholders on April 4 authorized an issue of
$1,400,000 5% convertible notes and an increase in the stock
from $47,000,000 to $48,400,000, to provide for the convertible feature. Compare V. 92, p. 263.-V. 92, p.596, 726.
Rates.-Decision.-The following is a recent decision:
The United States Circuit Court of Appeals at St. Louis on March 29
affirmed the decision of the United States Circuit Court for the Western
District of Oklahoma, rendered in 1909, granting the railroads passing
through Oklahoma a temporary injunction restraining the enforcement of
the 2-cents-per-mile passenger rate prescribed by the Constitution of Oklahoma, which went into effect Nov. 16 1907, and the reduced freight rates
fixed by the Oklahoma Corporation Commission. The order reduced intraState freight rates from 40 to 50%. The opinion was written by Judge
Sanborn and concurred in by Judges Adams and Munger. The rates are
held to be confiscatory and in violation of the Fourteenth Amendment to the
Federal Constitution. The Commission, it is stated, "has no power to
exempt railroad companies from the 2-cent passenger rate unless that rate
and all other fares and rates taken together are proved to be confiscatory,
and the exercise of this power is necessarily not a legislative but a judicial
function."-V. 92, p. 528.

St. Louis & San Francisco RR.-Sale of Bonds in France.Speyer & Co. have concluded negotiations with a group of
French banks and bankers covering the sale of $7,000,000,
or about 35,000,000 francs, general lien 15-20-year 5% gold
bonds due 1927. The bonds will be offered for public subscription in Paris by the Banque Privee and Messrs. Benard
& Jarislowsky. These $7,000,000 bonds constitute a second
French series, all in $100 pieces, similar to the first French
series of $10,000,000 already officially listed on the Parquet
of the Paris Bourse.
Purposes for which the $7,000,000 Bonds Are Issuable under the Mortgage.
For refunding notes maturing Feb. 1 1912, $4,000,000; also,
equipment notes, $1,443,000
$5,443,000
For additions and betterments
1,557,000
-V. 92, p. 189, 119.

Sierra Ry. of California.-Reported Change in Control.The Southern Pacific is said to have secured control, of this
company, and it is understood will rebuild the road,which is
now in operation between Oakdale, Cal., and Angels, 60
miles. (" ailway Age Gazette.")-V. 81, p. 1175.
Spokane Portland & Seattle Ry.-Purchase.-This company has acquired by purchase the railway and other property of the Astoria & Columbia River RR. Co. Compare
V. 92, p. 396, 882.
Springfield (Mass.) Street Ry.-Merger.-See New York
New Haven & Hartford RR. above.-V. 91, p. 1513.
Temiskaraing & Northern Ontario Ry.-Government Loan
to Construct Road.-See "Ontario" in "State and City"
Department.-V. 82, p. 930.
Tennessee Central RR.-Suits Discontinued.-Formal decrees have been entered in the Chancery Court dismissing the




• This is part of an authorized issue of $250,000, of which $200,000 are

119V1 outstanding, and the sale was made to provide funds to purchase

heavier rail, equipment, &c. The company reports for the eight months
ending Feb. 28 1911: Gross earnings, $228,448; net earnings, $97,007;
surplus after charges, $69,308.-V. 85, p. 1578.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Consolidated Coal & Iron Co.-Merger Plan.See Alabama Consol. Coal, Iron & Steel Co. below.-V.92,
p.464,264.
Alabama Consolidated Coal, Iron & Steel Co.-Merger
Proposed.-The bondholders, debenture holders and preferred and common stockholders of the Southern Iron &
Steel Co. and the preferred and common stockholders of
the Alabama.Consolidated Coal & Iron Co. are notified that
a committee consisting of Cecil A. Grenfell, Chairman,
Alexander J. Hemphill, Charles Hayden, Benjamin Strong
Jr. and Henry H. Melville, with Arthur M. Wickwire as
Secretary, 37 Wall St., N. Y., and Samuel Untermyer as
counsel, has undertaken to formulate and carry out a plan
involving (1) the merger of the two companies either by
direct ownership or through the controlling stock to be acquired by a new company to be formed for that purpose or in
such other manner as the committee may determine and (2)
as an incident of the merger the reorganization of the Southern Iron & Steel Co.
..
A plan and deposit agreement embodying the basis of the
proposed merger and reorganization will shortly be filed
with Bankers Trust Co., No.7 Wall St., N. Y. as depositary,
under which security holders will be invited €o deposit their
securities. See Southern Iron & Steel Co. below and in
V. 91, p. 657, 1573; Ala. Consol. Coal & Iron Co. V. 91, p.
1448, 1575; V. 92, p. 264, 464; also V. 92, p. 882.
'
American Bakery Co., St. Louis.-Reduction of Stock.The shareholders voted on March 28 to reduce the auth.
common stock from $2,000,000 to $1,000,000,and the amount
outstanding from $1,889,500 to $944,750 (the par value of
single shares remaining $100),in order, it is said, to pave the
way for dividends on the common shares. There are also
outstanding $753,300 pref. stock, on which dividends of 7%
per annum are being paid, and $775,000 of an auth. issue of
$1,000,000 1st M. 6% gold bonds, due March 1 1927.
The Altheimer & Rawlings Investment Co. of St. Louis, which in February last was offering a block of the bonds, says: -This company is in a
flourishing condition and its bonds are in strong demand. Over $50,000 of
the issue has been purchased by the company for the sinking fund (3%
annually of the amount outstanding); the bonds are not subject to call.
Adolph Boettler is Pres.-V. 84, p. 1309; V. 92. p. 396.

American Coal Products 0o.-New Directors.-Charles S.
Sargent, of Kidder, Peabody & Co. of Boston, and William
M. Elkins of Philadelphia, have been elected directors.
The board has been reduced from 23 to 18 by the withdrawal of 5 directors.-V. 91, p. 1712.

American Oilfields Co., Los Angeles, Cal.-SecuritiesCircular.-On March 30 1911 the amount of stock outstanding was 184,432 shares (par $100); bonds outstanding, $1,647,300. (Compare V. 91, p. 591, 718; V. 90, p. 1492.)
A circular dated Feb. 11 1911 said in substance:

958

THE CHRONICLE

• The board voted on Feb. 8 that $1,000,000 bonds be offered for sale for
60 days to the stockholders (and to the stockholders only) at 80% and int.,
each stockholder subscribing to have the option to exchange all or any part
of the bonds so purchased, any time within two years, for capital stock of
twice the face value. The right to subscribe is not assignable.
The company cannot afford at this time to cut down its rate of development when upon that development depends the determination of value of a
large amount of land which it is procuring at a nominal price, if the developments are successful, and upon which the management bases great hopes
for the future of the company. For this development, also, in the remote
places where these lands are situated,are necessary good, permanent camps.
For want of sufficient storage your company lost during August, September,and October 1910 approximately 600,000 barrels of oil, the value of
which, at our average contract price, would be about $225,000. Your
company has nine 55,000-barrel steel tanks in use, which contain oil to an
average of 75% of their capacity. A calculation of the earnings of that
tankage since July 1910, the usual storage price being 1 cent per barrel per
month, gives an average of over 2 3,5% per month.
The company is at great expense maintaining operations on numerous
remote properties which are of unquestionable value, but from the development of which no immediate return in the way of earnings can be expected. In several localities it has developed oil sufficient to make a bona
fide discovery. The conservation and transportation of oil from a remote
locality would require the building of storage and pipe lines, and inasmuch
as all of our customers are being fully supplied with the production from
Section 36, all other developments are made entirely with the view of
making good our titles and demonstrating the oil value of our land holdings.
-V.92, p.796.

[VOL. Lxxxxm

Brooklyn & Manhattan Ferry Co.-Williamsburgh Ferry
Resumes.-Ferry service from Broadway, Williamsburgh,
to Roosevelt St., Manhattan, which was shut down as unprofitable two years ago by the Brooklyn Ferry Co., was
resumed on March 16 by the Brooklyn & Manhattan Ferry
Co., under agreement with the city.
(P.) Burns & Co., Ltd. (Packers, Ranchers and Provisioners), Calgary, Alberta.-New Bonds Offered.-The Dominion Securities Corporation, Ltd., Montreal, Toronto and
London, is offering at par and int. the new 6% "first and refunding mortgage' 20-year sinking fund bonds dated Jan. 3
1911 and due Jan. 11931, but redeemable as a whole at 105
and int. on any interest date after Jan. 1 1916 on sixty days'
notice, or, beginning July1 1912, annually, for sinking fund
drawings sufficient to retire the entire issue by maturity.
Interest J. & J. at Canadian Bank of Commerce, Montreal,
Toronto and London. Denominations: $100, $500 and
$1,000 (c* & r*), with sterling equivalents. Trustee, National Trust Co., Ltd., Toronto.

$1,529,070. viz.: Real estate and buildings, $1,957,638; pack:American Refrigerator Transit Co.-All Sold.-It is an- ingAssets,
house and plants at Calgary, Vancouver, Strathcona and Wetaskiwin•
nounced that the entire issue of $1,118,000 5% equipment $817,054; branch plants
and general equipment and other capital assets.
notes recently offered by William Salomon & Co., New York, $417,601, and current assets, $1,536.777.
for
Earnings
Years
Ending
Sept. 30 (Present Interest Charge $120,000).
and G. H. Walker & Co., St. Louis, has been sold. Com1906-07.
1907-08,
1908-09.
1909-10.
pare V. 92, p. 883
$279,380
$313,525
$317,861
$299,843
Abstract of Letter from President P. Burns, Calgary, Feb. 12 1911.
1 :Anaconda Copper Miniaz Co.-Merger of Subsidiary.-All
The proceeds of these bonds will be used for working capital, replacing
of the 199,840 shares of Butte & Boston Consolidated Mining bank
loans, and there will,
be no increase In the company's inCo. have, it is stated, been turned over to the Anaconda Co. terest charges on account oftherefore,
this issue. The maximum authorized issue
$2,500,000, of which $1,000,000 is now being issued to provide the comin exchange for its stock, on the basis of 13/b shares of Ana- is
pany with working
and $1,000,000 will be held in escrow for the
conda stock (par $25) for each share of Butte & Boston purpose of retiring acapital
like amount of 1st M. 6s due April 1 1924. The remaining $500,000 can be issued only to the extent of 80% of the actual cash
stock (par $10), per plan V. 90, p. 851, 1045, 1551.- cost
of future-acquired properties subject to the mortgage.
V. 92, p. 727.4
These bonds are secured by a mortgage (subject only to an outstanding
of $1,000,000 6s due April 1 1924, including $45,000 bonds in sinking
issue
to
Preliminary
-Action
Co.
Telegraph
' Anglo-American
fund.-Ed.) on all the properties now owned or hereafter acquired, comCarrying Out Agreement with Western Union Telegraph Co.- prising valuable real estate holdings in Calgary, Edmonton, Wetaskiwin,
Lethbridge, Kamloops. Revelstoke, Nelson, Vancouver and Victoria, in
At an extraordinary general meeting of this company, held in. connection
with which are
packing houses and yards necessary
London Feb. 24, a resolution was adopted altering the pro- to the successful conduct ofabattoirs,
the company's business; 76 retail stores In the
important
more
cities and towns In Alberta and British Columbia and large
the
to
respect
with
Association
visions of the Memorandum of
tracts of farm lands in Alberta. Compare V. 89, p. 45.
objects of the company, in view of the proposed agreement
Canadian Collieries (Dunsmuir), Ltd., Toronto.-Earnwith the Western Union Telegraph Co. The Chairman said
report for the first 6 months' operations shows
that when the agreement was fully settled, it would be sub- ings.-The
the net profits to Dec. 31 to be $431,818, or about $70,000 a
mitted to the shareholders for confirmation.
month, an increase of about 10%. "Monetary Times" says:
• The provisional agreement entered into last December between the company and the Western Union Telegraph Co. provided that "the Western
Union give the Anglo-American an absolute and unconditional guaranty of
[an annual return available for dividends, equal to] 3 U% on the £7,000,000
of capital in perpetuity, the two companies to continue to work as distinct
concerns." The capital of the Anglo-American consists of ordinary stock,
£518,920; 6% pref. stock, £3,240,540, and deferred stock, £3,240,540.
The new arrangement, it Is understood, means that the pref. stock will
, % and the common stock 3 ,•1%.
receive 6% yearly, the deferred stock 1 36
For the calendar year 1910 dive, were paid at the foregoing rates, whereas in.
1909 the common received only 3%%. Yet, after making the usual contribution of £10,000 to the renewal fund, the amount carried forward in the
balance sheet was £2,600 in 1910, against, it is stated, £1,900 for 1909.V. 91, p. 1712.

The output Is 2,500 tons per day, but when improvements are completed
this will be Increased to 3,000. Reference Is made to the intention of the
company to develop a 25,000-h. p. on the Puntiedge River In the Comox
field, which will take a year. Diamond drilling operations have been suocessful and two new mines will be opened up. When these are in operation.
In about 18 months, the production will approximate 6,000 tons per day.

make improvements at Belle Ellen and other mines. The company, it Is
said, has opened a new mine at Youngblood at a cost of nearly $100,000.
-V. 92, p. 883.

Directors: E. J. Bingle, St. Louis, Mo.; Edward D. Candee, Edwin
Packard, A. M. Poole, J. S. Stanton, W. A. Turner, New York; C. J.
DetwIller, Jersey City, N. J.;.Henry '<nicker, Cincinnati, 0. [Messrs.
Candee, Packard, Turner and Detwiller are new members.]
Officers: Edward D. Candee, Pres. and Treas.; Edwin Packard, VicePres.; John S. Stanton, Secretary. [W. A. Turner was recently Pres. and
Geo. T. Egbert Sec. and Treas. Mr. Turner remains Pres. of the Detwilier
& Street Fireworks Co., while Mr. Dingle is Pres. of the St. Louis Fireworks
Co. and Henry Krucker is Pres. of A.L. Due Fireworks Co. of Cincinnati.]
As to the Consolidated Fireworks Co. see that co. below. The Pain Fireworks Co., another subsidiary, recently gave notice that It had decided to
go out of business owing to the crusade for a "sane Fourth of July." The
Central Fireworks Co. paid no dividends on its pref. stock in 1910 for the
same reason. Seep. 147 of "Ry. & Indus.Sec." The N. Y.office has been
moved to 48 Park Placc.-V. 88, p. 750.

Listed in London.-The London Stock Exchange on or
about March 9 listed the £2,054,800 5% 1st M. gold bonds.
-V. 90, p. 1427.
Canadian Cottons, Ltd., Montreal.-Bonds.-The shareholders will meet April 15 to authorize the issuing of the
Ala.
Birmingham,
Co.,
Land
&
Iron
Bessemer Coal,
bonds of the company as first mortgage gold bonds instead
Further Data.-The 6% bonds described last week are being of consolidated mortgage gold bonds; also to ratify suppleBirmingham.
of
Co.
&
placed by Otto Marx
mental trust deed.-V. 92, p. 464.
pre• The company is incorporated under the laws of Alabama and was
50, p. 523,
Central Fireworks Co.-New Officers.-The following manviously known as the Bessemer Land & Improvement Co. (V.
518). The par value of its stock is $100 per share. The proceeds of the agement is announced:
new bonds will be used to retire $125,000 of a former bond issue and to
Bessemer Land & Improvement Co.-Present Name.-See
Bessemer Coal, Iron & Land Co. above.-V.50, p. 523, 518.
Bethlehem Steel Co.-New Directors, &c.-The stockholders having authorized an increase in the board from 9 to 12,
B. H. Jones and E. G. Grace (officials of the company) and
Harry Bronner of Hallgarten & Co. were on April 4 elected
directors for one, two and three years respectively.
The stockholders also ratified the agreement between the Bethlehem
Steel Co. and the Didier-March Co.. for the construction by the latter company of a by-product coke oven and the supplying of coke and gas to the
Steel Company.-V. 92, p. 883.

Bishop-Babcock-Becker Co. Cleveland.-New Stock.-The
at Columbus on March 3 a cerBishop & Babcock Co. filed '
tificate (1) of increase of capital stock from $4,500,000 to
$8,500,000, in $100 shares, consisting of $4,000,000 common
and $4,500,000 7% cum. pref. (Outstanding March 13 1911,
$3,476,279 common and $3,993,208 pref.); (2) of change of
name as above. "Cleveland Finance" said in part:
Increase of the stock to $8,500,000 makes this Cleveland concern one of
the most important in the world In the manufacture of soda water fountains,
beer pumps and allied lines. The company, which is headed by K. D.
Bishop of this city, has absorbed the Becker Company, a Chicago concern.
Bishop & Babcock Co., organized 25 years ago, has until recently had a.
capital stock of $4,500,000, closely held [in 1905 the capitalization was reported as $600.000, of which $560,000 paid In-Ed. "Chronicle").
The company has 17 branches throughout the United States, and It employs 1,000 people in Cleveland alone. Four new factories are either
under construction or recently completed In Indianapolis, In Dallas, Tex.,
and two in Cleveland. At the plant on Hamilton Ave. N.E. and East 49th
St. a marble works has been lately established where the marble for soda
fountains is worked into shape. On East 55th St. Is the other new factory.
The Cleveland Mfg. Co. and the Cleveland Tack Works are under the Bishop
& Babcock's ownership. The company for many years manufactured only
beer pumps. tacks, nails and brass goods, expanding about a year ago into
the soda-fountain line, in connection with which the Chicago concern was
taken In. L. A. Becker, head of the Chicago plant, becomes a Vice-Pres.
Bishop & Babcock shareholders are well provided for in the enlargement
pref.
of capital. The pref. shareholders get a 10% dividend in additional
stock, payable to stock of record March 1. The common gets a pref. stook
dividend of 73.4%. The company enlarges its capital from $2,500,000
pref. and $2,000,000 common authorized to an authorization of $4,500,000
pref. and $4,000,000 common. The two properties go in on the basis of
a total valuation of $7,485,000, represented by $4,008,700 pref. and $3,476,300 common. The Bishop & Babcock allotment figures out $3,260,000
pref. and $2,710,500 common; total, $5,971,100.
The properties go in as of Oct. 1910. Regular dividends are payable on
the enlarged stock as of March 15 and shareholders were asked to deposit
their stook with the Guardian Savings & Trust Co. prior to March 10 for
the purpose of the stock distribution. [The company on March 14 1911 had
no bonds or mortgages, either authorized or outstanding. Pres. K. D.
Garfield
Bishop; Sec., F. T. Sholes; Treas., John M. Sherwin. Office. 525'
•
• • • • • • • •
Bldg...Cleveland.-Ed. "Chronicle."] • • •




Central Foundry Co. New York.-Authorized to Accept
Bid.-Judge Hough,in the U. S. District Court in N. Y. City,
on April 4 authorized receiver Waddill Catchings to accept,
as the best price obtainable, the offer of $1,659,500 made for
the property by Frederick II. Buss and Daniel A.Hohmann,
representing the reorganization committee, the sale to include the entire property, except the stock of the Central
Radiator Co. and cash in hands of the receiver.
Should the amount of cash in the receiver's hands exceed $90,519, the
excess, It is provided, may be deducted from the purchase price. Compare
reorganization plan In V. 92. p. 60. 190, 397.

Chicago Suburban Water & Light Co., Oak Park, Ill.Ready to Retire Entire Bond Issue.-The Illinois Trust &
Savings Bank of Chicago, the mortgage trustee, announces
that it is prepared to take up at 1023/i and int. to date of
presentation all of the outstanding 1st M. 5% bonds [at last
accounts $700,000; auth. issue $800,000.-Ed.]dated 1899.
This announcement presumably means new financing, if not a consolidation, though nothing authoritative on the subject is obtainable. Sea
bond offering of the new Chicago Suburban Light & Power Co., which also
operates in Oak Park, In V. 92, p. 191.-V. 91, p. 398.

Citizens' Gas Co. of Indianapolis.-Report.Period
Gross
Ezps.
CoveredIncome.
& Taxes.
Cal. year 1910
$525,584 $433,570
6 mos. end. Dec. 31 1910_ 305,456
248,756
6 mos. end. June 30 1910_ 220,127
184,814
-V. 92, p. 883. 727.

Net
Earns.
$92,014
56,700
35,313

Bond
Int.
$32,155
17,009
15,146

Bat.,
Surp•
$59,859
39,691
20,167

(H.B.) Olaflin, New York.-Quarterly Dividend on Common
Reduced from 2% to 13'
2%.-The directors on April 4 declared a quarterly dividend of 13% on the $3,829,100 common stock, payable April 15 on stock of record April 12, thus
reducing the annual rate from 8% maintained from July
1899 to Jan. 1911 to 6% as from 1894 to April 1890. The
following was given out:

APR. 8 1911.1

TILE CHRONICLE

In view of the probability that a depression which has existed for more
than a year in primary textile markets will continue so long as tariff changes
are in prospect, it seems wise at the present time to make the regular rates
of dividend on the common stock 6% per annum and to pay extra dividends when the earnings warrant additional distribution. See also United
Drygoods Co. b low and compare earnings for 1910, V. 92, p. 115.

Consolidated Fireworks Co. of America, New York.Officers, &c.-This company, controlled by the Central
Fireworks Co. (which see above), announces:

Directors: Edward I). Candee, President; John L. Baker, Vice-Pres.;
John S. Stanton. Sec.; Edwin Packard, Treas.: W. A. Turner, New York.
[Messrs. Candee, Packard and Stanton are the new members. W. A.
Turner was recently Pres. and Geo. T. Egbert Sec. and Treas.] The
office has been moved to 48 Park Place, N. Y. City.-V. 67, p. 274.

Deere & Co., Moline, Ill.-Merger.-This company, having outstanding $10,000,000 capital stock (on which it is said
6% cash dividends are paid,and some $500,000 bonds), has
decided to re-incorporate under the laws of Illinois with $50,000,000 capital stock (of which $30,000,000 will be preferred),
at the same time taking over the property of the controlled
manufacturing companies and local branch houses, and also
the Dain Mfg. Co.
Statement Made to "Chicago Economist" by President Wm. Butterworth.
The charter of this company was soon to expire, and for that reason we
made up our minds that we would reorganize under a new charter and
under the present laws of this State and with an increased capital of $50,000,000, of which $30,000,000 will be preferred and $20,000,000 common.
Deere & Co. already own all or the majority of stock in the following
(1) Manufacturing companies-Deere & Mansur Co., Moline (V.89, P. 228);
Moline Wagon Co., Moline (V. 92, p. 466); Union Malleable Iron Co.,
Marseilles Co., East Moline (V. 91, p. 1774); Fort Smith Wagon Co., Fort
Smith, Ark.; Kemp & Burgee Co., Syracuse, N. Y. (Deere & Co., V. 91,
p. 1772). (2) Branch houses-The John Deere Plow companies of Baltimore, Syracuse, Indianapolis, St. Louis, Dallas, Omaha, Kansas City, San
Francisco, Portland and Winnipeg, respectively, and the Deere & Webber
Co., Minneapolis, Minn.
In the reorganization Deere & Co. will take up the stock of the outside
stockholders and give in exchange for this stock the stock of our own reorganized company. [Depositary under plan, First Tr. 6: Say. Bk., Chic.]
For years Deere & Co. has, through its branch houses, marketed most all
of the product of the Dahl Mfg. Co. [Ottumwa, Ia., and Welland, Ont.],
and we have arranged in the reorganization to take over their stock and give
them stock in Deere & Co. This will also include their branch in Canada.
These manufacturing companies and branch houses will continue, as in
the past, to be run as separate organizations, with their own capital and
separate management, and practically the only difference between our
present and future organization will be that the capital stock of Deere & Co.
will be increased.
We have not considered the question of building harvesters in this country. We do expect to build harvesters for the Canadian trade at Welland,
Ont. Compare V. 92, p. 465; V. 91, p. 1772; V.89, p. 1544; V. 78, p. 481.

Denver Gas & Electric Co.-Bonds Called.-Fifty-eight
general mortgage 5% gold bonds dated May 1 1903 of $1,000
each, one of $500 and one of $250, an aggregate of $58,750,
have been drawn for redemption on May 1 at 103 and interest
at the office of the Trust Co. of America, New York, trustee.
-V. 91, p. 719.
Denver Reservoir Irrigation Co.-Security for Contract.The security for the $2,000,000 advanced by the Banque
Franco Americaine consists solely, we are informed, of
Henrylyn Irrigation District bonds. There are outstanding
in hands of public $1,306,000 Denver Reservoir Irrigation
Co.; none is issued or pledged under present contract.
-V. 92, p. 883.
Detroit (Mich.) Salt 0o.-Receivership.-Interest due
Jan. 1 1911 on the $1,000,000 1st M. 6s and a portion of the
interest due July 1 1910 having been defaulted, Judge Murphy, in the U.S. Circuit Court, at Detroit on March 28 placed
the property in the hands of the Security Trust Co. of Detroit, the mortgage trustee, as receiver. The "Detroit
News" on Jan. 3 said:

959

The first pref. stock has a first preference as to assets and dividends. It
Is subject to redemption at 120 after March 10 1914, a reserve fund of $50,000 per annum being provided for that purpose. No funded obligation
exists, except liens aggregating about $68,000, and none can be created
except with the consent of 80% of both classes of pref. stock outstanding.
The real estate and factories cost over $1,500,000, while the current assets
exceed liabilities by an amount greater than the total of both classes of
pref. stock outstanding.
Business for Calendar Year 1910.
-",101,644
Gross sales less disc., &c_ _55,120,258 Gross income
3,355,371 Deprec., taxes, int., sell
Cost of sales
974,874
ing, shipping, &c
$1,764,887
Gross profit
$1.126.770
Net profit
Inc.from inv.,licenses, &c. 336,757
These earnings were certified to by public accountants, after a detailed
examination made on behalf of the interests now controlling the business,
before taking .1t over as of Jan. 1 1911. Seven per cent on the $2,000.000
first pref. stock and the $2,293,400 2d pref. stock call for $300,538, leaving
for the $4,000,000 common, on the basis of profits for 1910, $826,232.
The factories of the company are located in Philadelphia, occupying about
four acres, with spurs of the Pennsylvania RR. running into the yard;
modern and completely equipped.
Of recent years the business has come to be almost entirely the manufacture of steel and metal trim for the interior of cars and buildings, combined with car seats, of which the company Is the largest manufacturer
In the United States, supplying about 75% of all the scats in use by the
steam and electric railroads. In 1909, with the rapidly growing demand
for interior steel fittings and trim for steel passenger cars, particularly
parlor and sleeping cars, In which the folding berths, chairs, doors, panels,
trim, &c., are now made of steel, a large modern concrete factory, five
stories in height and covering nearly one acre of ground, was erected 'especially to handle this work. The manufacture of metal trim for modern
fire-proof buildings promises an extremely large and valuable field. The
new interests in the company insure its retaining its valuable trade and
greatly enlarging its business along more diversified lines. The opportunity to reorganize on a larger basis was due to the retirement on account
of age of one or two of the senior officers, who, however, re-invested at
least half of the proceeds from the sale of their holding in securities junior
to the first pref. stock.
The pref. and common stock have equal voting powers, but in the event
of default of dividends for two successive quarterly periods on either class
of pref. stock, the voting power of the common stock shall immediately
terminate. The first pref. stock continues preferred both as to principal
and dividends over the 2d pref. stock unless for two years prior to March 10
1914 the earnings shall be at least 50% in excess of the requirement for the
full 7% dividends on both classes of stock. In that event, both classes of
pref. shall thereafter have equal rank. Control of the property in the interest of the first pref. stock during this period has been provided for by placing
the common stock, together with the first pref., in a voting trust, the trustees being Albert H. Wiggin, Pres. of the Chase Nat. Bank, Otis H.Cutler.
Pres. of Am. Brake Shoe & Foundry Co., and W. H. Marshall, Pres. of
American Locomotive Co.
The gross sales for 1900 were $748,625; for 1905 were $1,399,708, and
for 1910 were $5,216,697. The average net earnings for the past five years
are not a fair basis on which to Judge of the present earning capacity.
for prior to 1910 the enlarged plants were not in operation; nevertheless, including even 1908, when the car-building industry was practically at a
standstill, the average net earnings were over $400,000.
F. H. Greene, formerly director of purchases for the New York Central
Lines, is President; R. B. Caverly, the Vice-Pres., is allied with important
architectural and building interests of N. Y., Phila., Bait. and Washington.
Among the directors are: W. H. Marshall, Pres. of Am. Locomotive Co.:
F. H. Eaton, Pres. of Am. Car & Foundry Co.; A. M. Kittreige, Pres. of
Barney & Smith Car Co.: J. S. Coffin, Pres. of Franklin Railway Supply Co.:
H. S. Hale, formerly President of the company, Chairman of the board:
Otis II. Cutler. Pres. of Am. Brake Shoe ec Foundry Co.. Chairman of
executive committee; Albert H. Wiggin, Pres. of Chase Nat. Bank, Chairman of finance committee.

(D. O.) Heath & Co., Inc., Boston. (Publishers of School
and College Text Books).-Stock, &c.-Gavet & Porter,
Boston, late in 1910 offered at par, $100 a share, 7% cumulative pref. stock (preferred as to dividends and assets divs.
Q.-J.), part of an issue of $300,000 which was authorized
to provide for retirementof an equal amountof common stock.
Transfer agent, Am. Tr. Co., Boston. A quarterly dividend
4% was paid on the pref. stock on April 1 1911. A
of 13
circular says:

Capitalization: Common stock, $500,000; preferred stock, $300,000.
No bonded debt. Est. in 1885 as a partnership and incorp. in 1896 in
Maine. Ranks as one of the three largest text-book houses in the United
States. Average net profits for past ten years (after depreciation). $85,574,
equiv. to 17% upon the stock then issued, or over 10% upon all the stock
The company has spent over $1,400,000 on its present properties, said now authorized and issued. During the past ten years the earnings have
Secretary Jennings]. We have 4,100 tons of salt in storage, have sold averaged over four times the dividend requirement, while the undivided
3,500 tons this month. By April 1, when our market opens, we will have profits left in the business amount to $462,549. The net earnings for 1910
15,000 tons on hand to take care of the demand."
should exceed $100,000. Minimum annual sales (estimated). 41.000,000.
The obligations of the concern amount to about $130,000. (A plan to
Balance sheet Dec. 31 1909 (not 1910): Assets, $1,961,385, viz.: Merlease the property to a new $200,000 company at a rental providing for the chandise (cost), $307,034; cash, $33,398; furniture, &c., $12,579; notes reinterest on the bonds has failed of adoption. The $1,500,000 stock in $25 ceivable, $22,919; accts. receivable, $264,924; plates (at cost, less depreciashares was, it is said, given mostly as a bonus with the bonds. J. M. Mul- tion), $219,560; publishing rights (liquidating value), $988,464; treasury
key is President; J. I). Standish, V.-Pres.; 0. W. Mulkey, Treas., and A. E. stock at par, $43,900, and premium paid for treasury stock. $68,586. OffJennings, Sec. Office at Detroit, property in Ecorse.-Ed. "Chronicle."] sets, $1,961,365, namely: Capital stock, $500,000; accts. payable, $66,662;
payable, $237,800; royalties accrued, $48,647; surplus, increase in
Gas Securities Co. of New York.-Stock Dividend.-The notes
publishing rights less depreciation of plates, $645,707, and undivided cash
common stockholders received on April 1 a dividend of 25% profits,
$462,S49. Does not manufacture books,but has this done bycontract.
bonds, mortgages nor any other obligations can be placed ahead of
in common stock, increasing the amount of that stock out- theNo
without the consent of 60% of that stock. On other matters
pref.
standing to $365,000. There is also $487,800 pref. stock. the pref.stock
stock is non-voting. The pref. stock is callable after five years
from July 15 1910 at option of the company at 105 and accrued dividend.
Compare V. 91, p. 335; V. 89, p. 531.

General Railway Signal Co., Rochester, N. Y.-Dividends
Resumed.-Dividends on the $2,000,000 6% cum. pref.
stock, suspended in 1908 after payment on July 1 of the 16th
quarterly distribution of 1M%,have been resumed, the company having paid on April 1 1911 a quarterly dividend of
1 2%. See annual report for 1910 in V. 92, p. 878.
Great Western Power Co.-Deal Consummated.-The "San
Francisco Chronicle" of April 1 quotes Herbert Fleishhacker
on his return from New York as saying:

I consummated the deal whereby the Great Western Power Co. acquires
the City Electric property of San Francisco. The consideration is $4,000,000, or at the rate of $80 a share for 50,000 shares. The City Electric) plant
will continue to be operated as before.
The Great Western Power Co. develops 50,000 h.p. on the Feather River,
and its lines terminate at Oakland. Connections will now be made with
San Francisco by placing high-voltage wires into enormous cables, which
will rest,on the bottom of the bay. Compare V. 92, p. 884.

Hale & Kilburn Co. of Philadelphia.-Stock Offering.Pomroy Bros., New York, and other bankers, have recently
placed a block of 7% cumulative first pref. stock voting
trust certificates, dividends quarterly from April 1 1911,
at a price understood to have been close to par. A circular
said in substance:

Established in 1849; incorporated 35 years ago. [Reincorporated in
Delaware March 9 1911 with $8,500,000 of cap. stock.-Ed.] Manufactures wrought metal work, car-seat springs, car seats and chairs and interior steel trim for buildings and for cars; the latter branch having developed with great rapidity in the last two years.
Total Capitalization, $8,500,000 [all in Shares of $100 each.]
7% cumulative first pref. stock (including $206,600 held in
$2,208,800
treasury for future needs)
2,293,400
7% cumulative second pref. stock
4,000,000
Common stook




Helena (Ark.) Water Co.-Negotiations for Sale Discontinued.-See "Arkansas" in the "State & City" Department.
-V. 92, p. 397.
Hibbard, Spencer, Bartlett & Co., Chicago.---Consolidation.-On Jan. 12 articles of consolidation were filed in Illinois merging under this title with $2,500,000 capital stock,
in shares of $100 each, the Hibbard, Spencer, Bartlett Hardware Co. and Hibbard, Spencer, Bartlett & Co. Pres.,
A. C. Bartlett; Sec., C. B. Whipple; Treas., E. G. Clark.
Pres. Bartlett writes:
We have no funded debt and our stock is never on the market. This
"merger" was simply a legal form required in obtaining a new charter under
the same name as we were using In our old unexpired charter. It is nothing
worthy of chronicling.

International Agricultural Corporation New York.-New
18 on increasing the
Stock.-The shareholders will vote April '
limit of capital stock from $24,000,000, consisting of $12,000,000 common and $12,000,000 7% cumulative preferred
(outstanding approximately $5,928,000 common and $10,124,000 preferred), to $36,000,000-also half common and
half preferred. Of the new pref., not more than $1,300,000,
it is stated, will be issued in the near future and be given in
exchange for properties.-V. 92, p. 884, 599.
Kings County Electric Light & Power Co.-Additional
Debentures Authorized.-The Public Service Commission
yesterday granted the company permission to issue at
once $1,500,000 6% convertible debenture bonds, and to
apply further for the issuance of the remaining $1,000,000

960

THE CHRONICLE

covered by the $5,000,000 issue authorized by the stockholders in Nov. 1909, of which $2,500,000 were subscribed
by them and are now outstanding.-V.92, P. 525, 466.
Lake Borgne Canal Co., New Orleans.-Lease-Option.The shareholders on March 25 ratified the transfer of the
lease of the canal (a lease having 22 years to run) and also the
option to purchase the property, it is said, for $600,000
from W. J. Kelly to James F. Shaw of Boston and associates,
acting in the interest of the proposed merger of the Ala.
Consol. Coal & Iron Co.-Southern Iron & Steel Co., which see.
It is proposed by a system of locks and dams in the Warrior River to
barge coal, &c., via an all-water route to New Orleans, coming down the
Tombigbee River to Mobile Bay, thence around the Mississippi Sound to
Lake Borgne and the canal to the Mississippi River. Mr. Shaw has also,
It is reported, purchased the Mary Lee RR. (East Birmingham to Lewisburg, Ala., 5 h miles), with a view to extending it to the Warrior River
as part of the aforesaid tidewater outlet.

Long Beach (Cal.) Consolidated Gas Co.-Listed in San
Francisco.-The $300,000 bonds have been listed in San
Francisco. See V. 91, p. 1774.
Marion (0.) Water Co.-New Stock.-This Ohio corporation has filed a certificate increasing its auth. capital stock
from $400,000 (of which $200,000 is 6% pref.) to $700,000,
consisting of $500,000 common and $200,000 preferred.
None of the $300,000 new common stock will be issued at
present. There is no funded debt.-V. 85, p. 163.
Mexican Telephone & Telegraph Co.-Report.-For year:

1

[VOL. LXXXX11.

The bonds will be redeemed at any time prior to June 1 at 105 and int. at
the Montreal Trust Co., Montreal. Compare V. 91, p. 1451, 1332.

Richmond City (Ind.) Water Works Co.-New Stock:
This company on or about Dec. 21 1910 increased its capital
stock from $375,000 to $550,000.
The city has had under consideration the purchase of the plant. An ap
praisement made a year ago is said to have put the value at $700,000.

Rockland-Rockport Lime Co.-Reorganization PlanOffer to Purchase Debentures at Par.-The $1,000,000 5%
debenture bonds became due on April 1 1911. The company is not in a position to pay them. In view of this situation, the committee named below has prepared a plan of
reorganization outlined below, under which the holders will
be permitted to deposit their stock and debentures with
Kidder, Peabody & Co., as depositary, 115 Devonshire St.,
Boston, on or before Apr. 12. A majority of each class of
stock and of the debentures has assented. The firm also,
having placed a considerable number of the debentures (V.
82, p. 1383), offers to purchase as of April 1 1911, for
$1,000 each, the debentures of any holder who does not wish
to accept the plan of reorganization. The April 1 coupons
were paid by the company.

Plan of Reorganization Dated March 28.1911.
It is proposed to organize a new corporation which shall issue:
$1,000,000
5% debenture bonds due Feb. 1 1920; $587,500 7%
non-cumulative preferred stock and $850,000 common stock, for which debenture bonds
and
stock it will receive the entire property and assets of the present company,
Construe- Subscr's subject to the indebtedness of that company [Incl. $988,500 1st M. 5s of
Net
Operating MainteGross
Year end.
Hon. Feb. 28. 1900, due Feb. 1 1920, int. F. & A. at Nat. Shawmut Bank, Boston.-Ed.]
Earnings. Expenses. nance. Earnings.
Feb. 28.
*574,420 $200,431 $67,843 $306,146 $320,526 10,277 other than its debenture bonds.
1910-11
Pay
251,017
168,076
213,768
61,516
8,861 Holders
480,609
1909-10
And Receive in Exchange
ofCash.
-V. 90, p. 980.
Corn. Stock.
Pref. Stock.
Debentures.
Cash.
.
Deben's
None.
10%-$100,000
Morris Canal & Banking Co., Philadelphia.-Committee.- Pt. stk.20%-$165,000 50%-$412,500 50%-$4l2.50) Par-$1,000,000
None.
None.
Com.stk.15%-131,250
50%- 437,500 20%- 175,000
The following protective committee has been formed in the
None.
None
interest of shareholders not associated with Lehigh Valley RR. Total
$296,250
$850,000
$587,500
$1,000,000
$100,000
'Charles D. Marvin, of
George McCall, of Dick Brothers & Co., Phila.
The amount of cash received from
payments by the preferred and
Snyder, Pres. Northern common stock, if the holders all assentthe
A.
. M. Kidder & Co., N. Y.; William Frederick'
to
the
plan,
will
be
$296,250,
which
Phila.;
Washington
and
Arthur
Trenton,
Roebling
Co.,
M. Ander- will be used for carrying into effect the proposed plan
of
Trust
of reorganization
son, of Libbey & Struthers, N. Y. Compare Lehigh Valley RR. in V. 92, and to provide additional cash working capital
the new corporation.
p. 494.-V. 48, p. 159.
No commissions are being paid in connection withfor
the proposed reorganization and the committee In charge is serving without compensation.
New York Transportation Co.-Earnings.Statement'as to Earnings and Present Status.
Exps.
• Period
Other
Net
Total
Gross.
The net earnings for the past
Earns. Income. Income. terest on the 1st M. bonds and six years, including 1910, after paying in& Taxes.
Earns.
Covereddeducting bad debts, were *611,328, or an
6 mos. end. Dec.31 19104442,689 $430,076 $12,613 $20,990 $33,603
annual average of $101,888. The committee has the assurance of experts
34,744
79,434 that by changes of methods and by the
Year end. June 30 1910_ 885,012 850, 268
44,690
installation of new equipment savings
Year end. June 30 1909_1,079,883 1,019,816
49,780 109,847 can be made In the cost of manufacture
60,067
which will result In an additional
Total profit and loss surplus, Dec. 31 1910, after crediting $154 and annual profit of approximately $60,000. On this
assumption, with the
deducting loss on sale of vehicles, $8,961, was $46,600.-V. 91, p. 1776.
past six years' earnings as a basis, the annual net earnings of the company,
North American Lace Co.-New Stock.-This Penn. corp. after all interest is paid, should be/approximately $112,000.
• COMPANY'S BALANCE SHEET DEC. 31 1910.
filed on or about March 29 a certificate increasing the capital
Assets ($4,131,040.)
Liabilities ($4,131,040).
stock from $1,500,000 to $2,000,000.
Plant investment
$3,567,477 Common stock
$875,000
1,199 Preferred stock
Northwestern Gas Light & Coke Co., Oak Park, Ill.- 1st M. sinking fund
825,000
Furniture and fixtures_ _ _
4,991 1st M. 5% bonds
988,500
Bonds Offered.-The National City Bank of Chicago, bond Cash
and bills receivable__
241,891 Debenture 5% bonds..__ _ 1,000,000
insurance
Unexpired
Co.
Gas
20,260 Interest accrued
department, offered for sale recently $500,000 Cicero
33,094
insurance fund
24,619 Accounts payable
113,689
"refunding and general mortgage 5% gold bonds, dated Lime
Notes receivable
46,158 Mortgage note account_ _ _
80,000
$5,000,000;
Authorized,
Stooks on hand, at cost..
July 1 1902 and due July 1 1932.
217,616 Contingent reserve
3,500
Woodlots andLimeRockRR.
6,829 Undivided profits
212,256
outstanding, $3,170,000. Par $1,000 c*. Int. J. & J.
While this statement shows a substantial surplus of assets at their
book
1911.
Mch.
15
valuation, over and above liabilities, the committee is satisfied
Abstract of Letter from V.-P. E. J. H. Wright, Oak Park, ill.,
A consolidation in 1902 of Northwestern Gas Light & Coke Co., org. In forced sale of the property there would be nothing left for the that at any
stockholders,
1867, and Cicero Gas Co., org. In 1892. Manufactures and sells gas in the even if the debenture bondholders should be paid in full. (Reorganization
committee: William T. Cobb, John F. Hill, Fred E. Richards, Ilerbert
apidly growing suburbs of Chicago.
L.
These $500,000 bonds are issued under the "ref. and gen. M." of the Cicero Shepherd, William T. White and Robert Winsor.1-V.
82, p. 1383.
Gas Co., which, guaranteed p. & I. by endorsement, have by the act of conLight
&
solidation become the direct obligation of the Northwestern Gas
Simmons
Mfg.
Co.,
Kenosha,
Wis.-Stock Increased.Coke Co. Total authorized amount $5,000,000; $3,170,000 are outstanding, including the bonds now sold; $500,000 are reserved to retire Cicero This company, makers of brass and iron beds, wire matGas Co. 1st M. bonds due In 1922, the balance being issuable under suitable tresses, &c., late last year increased its authorized limit of
restrictions for additions, improvements, &c. The bonds are not only a
direct mortgage on the property owned by the Cicero Gas Co. prior to con- capital stock from $2,400,000 to• $4,000,000, of which on
solidation, subject to the $500,000 Cicero Gas Co. 1st as due 1922, but they Feb. 28 $3,600,000, all of one class, had been paid in.
cover also all property acquired by the Northwestern Gas Light & Coke Co.
Par value shares, $100. No bonds or mortgages. A dividend was desince the consolidation. There are also outstanding Northwestern Gas
Light & Coke Co. 1st M. 6s, due 1915, $250,000, and consol. M. 5s, due clared Jan. 1. The founder of the business, Z. G. Simmons, died Feb. 12
1910. Previous to that date Z. G. Simmons Jr. was Vice-President.
1928 $1,750,000 (total authorized $2,000,000).
The
' total net Income for the five years ended Oct. 31 1910 applicable to
Southern Iron & Steel Co., New York.-Default-Consoliint. on bonded debt has averaged over 23i times the amount required during that period and was over twice such interest in each of the five years. dation.-Default having been made April 1 in the payment
Gross earnings have increased over 33% since 1906.
of interest on the ($6,810,000) "first and refunding mortThe $5,000,000 capital stock represents a large cash investment, making
a very substantial equity in the property above the bonded debt (now gage" bonds and on Feb. 1 1911 on the $1,200,000 6% gold
$5,670,000). Dividends have been paid uninterruptedly on the capital debentures, a protective committee consisting of Edwin
stock since 1903, the present payments being at the rate of•6% per annum,
G. Merrill, Chairman, John W. Platten and Harry Bronner,
and the market quotation for the shares being about 90.
The property comprises three modern gas-generating plants situated at
with H. M. Popham as Secretary, 80 Broadway, N. Y. City,
Evanston, Oak Park and Blue Island, combined daily capacity 10,500,000 and
Joline, Larkin & Rathbone as counsel, urges deposits of
cu. ft.; holder stations at Evanston, Oak Park and Blue Island, total capacity 1,200.000 Cu. ft.; 530 miles of distributing mains and upwards of • said bonds and debentures and also of the $600,000 one-year
36,000 meters in use. During 1911 the holder capacity will be increased to 6%
gold notes dated Sept. 1 1910 (secured by $1,000,000
7,000,000 cu. ft. Supplies gas to the rapidly developing suburbs of Chicago, including 40 cities, towns and villages, total population approximately "1st & ref." bonds additional to the aforesaid $6,810,000),
200,000, notably Arlington Heights, Berwyn, Blue Island, Cicero, Des also of the $7,000,000 pref.
stock and the $10,000,000 comPlaines, Evanston, Forest Park, Harvey, Hawthorne, Lyons, Melrose Park,
Morton Grove, Niles, Oak Lawn, Oak Park, Palatine, River Forest, River- mon stock with the Union Trust Co. of N. Y. the depositary
side and Wilmette. Franchises (free from burdensome restrictions) have under an agreement to be dated April 7. The
committee,
approximately 30 years unexpired.
Officers: N. A. McCiary, Pres.; E. J. H. Wright. V.-Pres.•, R. H. McColl, it is understood, do not favor the terms suggested for this
Sec.; T. M. Jackson, Treas, Directors: N. A. McCiary, Oak Park, Ill.; company in the proposed merger.
A.S. Trude, F. G. Hartwell, E. A. Cummings, G. M. Gunderson and J. A.
See notice to the security holders under title Alabama
Spoor, all of Chicago, and T. M. Jackson, River Forest,
90, p.1682.

Consolidated Coal, Iron & Steel Co., and compare V. 91, p.
657, 1573; V. 92, p. 61, 265, 730.
Standard Gas & Electric Co.-Errors in Listing Circular,
&c.-H. M. Byllesby & Co., Chicago, call attention to the
-v. 91.
following statements, which, though taken from the printed
- listing circular of the Philadelphia Stock Exchange.(V. 91,
1 :People's Gas Light & Coke Co., Chicago.-City Election.
The quotation of the company's stock declined sharply p. 1708), they say are incorrect:
state that the 1st M. bonds of the Fort Smith Light & Traction Co
this week on the result of the city election, Carter H. Harri- areYou
subject to call at 102 and int. on and after Dec, 15
1914; this should
son, who made the demand for 70-cent gas his main issue, be Dec. 15 1909. Also, that
the pref. stock of the Ottumwa
& Light
Co. is accumulative from May 1 1909; this should be July 1 By.
having been chosen as Mayor.
1909. (The
, Penmans, Limited.-Report.-For calendar years:
Calendar
Year.
1910
1909

Net
Bond Pf.Div. Com.Div. Accts. Deprec. Bal.,
Profits.
Int.
(6%). (4%). Writ.Off. Res ye. Surplus
$407,812 $100,000 $64,500 $86,024 $26,644 *100,000 $30,644
324,139
64,500 86,024
9,325 100,000 64,291
D. 395.

Experts and accountants in the employ of the City Council are now at
work With the view of arriving at the cost of gas to the company as a preliminary to fixing the price for the ensuing 5 years. Compare annual report
In V. 92,1p. 391.

Price Brothers & Co., Quebec.-Bonds Called.-All of the
1st M. 20-year gold 6s due June 1 1925 have been called for
redemption at 105 and int. at the Royal Trust Co., Montreal, or at the agency of the Bank of Montreal in New York,
on June 1.




sinking fund of the Ottumwa bonds is M 01 1% semi-annually-that is 1%
per annum on the bonds outstanding, not 34% annually, as our clerical slip
would make it appear.-Ed.j-V. 92, p. 601.

Studebaker Corporation.-Bonds of Constituent Company
Called.-The Studebaker Bros. Mfg. Co. has called for payment at 105 and interest on July 1 at the First Trust & Sayings Bank, Chicago, all the 1st M. 5%.bonds ($2,600,000)
issued under the deed of trust dated Dec. 1 1906 (V. 83,
p. 1596.)-V. 92, p. 602, 534. .. ... • • •ig
•
•

APR. 81911.]

961

THE CHRONICLE

Operations.-N. W. Halsey & Co., N. Y., recently, when
Turner Tanning Machinery Co.,Peabody, Mass.-Dividend
No. 1.-A semi-annual div. of 3% was declared, payable offering "1st & ref. 5s," reported:
Businessfor Fiscal Years end. Jan.31 (with Total No.of Meters, eec., in Use).
Jan. 20 1911 on the $600,000 stock (par of shares, $10).
There are now outstanding $57,000-57 bonds per $1,000 each-lst M.
65 of 1905. Manufacturers of hide and leather working machinery. Main
office and works, Peabody, Mass. Pres., W. F. Fitz Gerald; Treas.,
John E. Fitz Gerald Jr.-V. 81, P. 1379.

Gas Mains,
Fiscal Year. Miles.
1906-07
475
1909-10_ _ _ _ _._ _552
1910-11
653
-V. 92, p. 602.

Gas
Meters.
23,635
30,212
33,658

Cubic Feet
Gas Sold.
586,255,700
759,110,200
827,861,200

Electric
Meters.
1.143
1,838
2,182

Kilowatt
Hours Sold.
1.741,878
2,088,492
2,303,033

United Cigar Manufacturers Co.-Dividend Decreased.A quarterly dividend of 1% has been declared on the $15,000,Wisconsin (Bell) Telephone Co.-Earnings, Dividends, &c.
000 common stock, payable May 1 to holders to record at -This subsidiary of the Western Telephone & Telegraph Co.
3 p. in. April 25, comparing with 1M% quarterly for Feb. (see "Annual Reports" on a preceding page) reports:
1910 to Feb. 1911. In 1909 four distributions of 1% were Cal.
Gross
Telep.
Gross
Dividend
Bal.,
Net
made, with an extra 1% in November, making 5% for the Year. Revenue. Expenses. Earns.
Surp. Sta., No.
Payments.
1910
__$3,011,383
$2,316,223 $695,160 (754%)$675.000 $19,260 133,556
year. President Wertheim says:
1909 __ 2,689,953 2,115,624
121,356

The company is transacting an increasing volume of business as compared
with the year 1910, but at a smaller net profit. The decrease has been
caused entirely by an increase in the cost of raw materials of all kinds.
This increase the management has not considered it expedient to meet by
reducing the quality of the company's output, which is being maintained
at its highest standard.-V. 92, p. 392.

574.329
(6%) 540,129 34,200
Of the 12,200 stations added in 1910. 9,997 were exchange stations and
2,203 were sub-licensee stations. The $9,012,000 capital stock (unchanged
during the year) is all or substantially all owned by the Western Telephone
& Telegraph Co.(V.86,p.1058; V. 90, p.241), aside from about $1,515,300
owned by the Amer. Telep. & Teleg. Co. (V. 88, p. 1554). On March 15
1911 the plant of the Citizens' Telephone Co. of Racine was taken over.
Including about 3,000 stations, of which some 800 were duplicates of stations already belonging to the Wisc. Telep. Co. system. The price paid is
reported as $110,000.-V. 89, p. 477.

United Dry Goods Cos., New York.-Usual Dividend.The directors yesterday declared the usual quarterly dividend of 2% on the common stock, payable May 1 to holders
of record April 21. Commenting on this action, following
-The expansion in the business of the investment banking
the reduction of the common dividend rate of the H. B.
Claflin Co. (see that co. above) from 8% to 6% per annum, house of J. S. & W. S. Kuhn, Inc., of Pittsburgh, has demanded an enlargement of its managing staff. As a result,
President Claflin says:
L. L. McClelland, heretofore Secretary and Treasurer, has
The H. B. Claflin Co. is directly dependent on the primary markets.
When these markets are cheerful, the wholesale business in New York is been chosen a Vice-President, James K. Duff, late Office
good; when they are depressed, it is bad. By averaging the good and the Manager, has been made Treasurer, and H. C. Ward has been
bad, the Clailln Co. has paid regular dividends since its organization, aggregating now more than $150 a snare on its common stock. This year is ex- elected Secretary. James S. Kuhn and W. S. Kuhn conceptionally lean at wholesale; next year may be exceptionally prosperous.
tinue as President and Vice-President respectively. The
United Dry Goods Cos. depends mainly for its revenue on retail business, and is but slightly affected by the course of the primary markets. other officers are F. S. Carmack, Assistant Secretary; J. GorLast year United Dry Goods Cos. earned 11% on its common stock and. don North, Assistant Treasurer; F. D. Glover, Manager of
Paid 8%. This year it is likely to do equally well, despite the general de- Sales; G. G. Applegate, Assistant Manager of Sales; S. M.
pression. The retail trade suffers but moderately in hard times and is
Vockel, Manager of the Municipal Department, and F. 0.
pretty sure to go ahead in good times.-V.92. p. 799, 392.
United Shoe Machinery Corporation.-Canadian Investiga- March, Advertising Manager.
tion Temporarily Suspended.-Justice Bruneau in the Superier
-Tucker, Anthony & Co., Boston, and New York, anCourt at Montreal on April 2 granted a writ of prohibition nounce that Mr. Robert W. Sanford has become associated
restraining the Commission recently appointed under the with their house, in charge of their bond and investment deCanadian Combines Investigation Act from proceeding with partment. Owing to Mr. Sanford's long experience in the
the investigation of the affairs of the United Shoe Machinery bankin and investment business, he is thoroughly informed
Co. of Canada until certain matters had been looked into on intrinsic values. The department will deal in first-class
and passed upon by the Court.
securities and will devote its attention especially to the best
The order accompanying the writ suspends all further proceedings at issues of public utility corporations.
least until June 15 next. The company of Canada contends that the proceedings have been Instigated solely in the interest of a rival manufacturer,
-Edward C. Patterson, C. P. A., Henry J. Cochran,
that the requirements of the Act have not been complied with in theapplIca- Howard F.
Turrill and James L. Ridgway, C. P. A., have
tion and that it was Improper to grant the order of investigation without
giving the company an opportunity to be heard in reply to the misrepre- formed a partnership under the name of Patterson & Cochsentations stated to have been made in connection with the application. ran with offices at 141 Broadway, New York, for the gen-V. 92, p. 666. 193.
eral
'practice of accounting. The firm will continue the busiUtica(N.Y.) Knitting Co.-All Subscribed.-The $500,000 ness formerly conducted under the name of Edward C. Patpref. stock recently offered by Spencer Trask & Co. has, it terson.
is announced, all been sold, partly at par and partly at 101.
-The co-partnership heretofore existing under the firm
-V. 92, p. 887.
name of S. C. Henning & Co., with offices both in Louisville,
Western States Gas & Electric Co., Chicago.-Incorporated Ky. and New York, has been dissolved,and the new firm
in Delaware.-This company was incorporated in Delaware of Henning, Chambers & Co. has been formed to take over
on or about March 23 with $15,000,000 capital stock. Com- and continue the business of the late firm in stocks, bonds
pare V. 91, p. 1518, 1578.
and investment securities, at the same addresses, Louisville,
Western Union Telegraph Co.-Decision.-The United and 71 Broadway, New York.
States Supreme Court on April 4 held Constitutional the
-Mr. E. A. Long, of E. A. Long & Co., Milwaukee, Wis.,
Virginia statute authorizing a penalty to be imposed on telefor the past four years been director and Treasurer of
graph companies for failure to transmit promptly messages has
Harsh & Edmonds Shoe Co. of Milwaukee, and has recently
entrusted to them.
withdrawn from that company for the purpose of becoming
• The Supreme Court of Virginia sustained a fine of $200 against the comnumber
pany for failure to promptly forward a message received at Richmond, Va., active in the new firm. Mr. Earle C. Juneau, for a
to a firm In Brooklyn. It was held that the fact that the transaction was of years with the well-known bond house of Charles Schley
an Inter-State one did not deprive the State of Virginia, in the absence of a & Co., has charge of the bond department.
Federal statute, from legislating regarding it.-V. 92, p. 738, 666.
-Schmidt & Gallatin, members of the New York Stock
Western United Gas & Electric Co., Aurora, Joliet, &c.
-Debentures Offered.-Howard, Simmons & Co., First Nat. Exchange, in their advertisement on another page,point out
Bank Bldg., Chicago, are offering at par and interest the cogent reasons for the good service they are able to render
unsold portion of $600,000 serial 6% gold debentures dated investors. The house has three memberships on the Stock
Feb. 1 1911 and due $75,000 semi-an. (F. & A.) in 1913 and Exchange, and with their well-organized information bureau
$50,000 each six months thereafter to Feb. 1 1918, but re- are qualified to advise in matters relating to investments.
-J. J. Rahlf, heretofore Manager of the foreign exchange
deemable on any interest-payment day at 102 and int. Int.
F. & A. at First Trust & Savings Bank, Chicago, Ill. Par department of the Western Trust & Savings Bank of Chicago,
has been admitted as a partner in the banking firm of Wollen$500 and $1,000. A circular says in substance:
berger & Co. of Chicago. The firm has removed to the
Capitalization.
$1,500,000 ground floor in the Borland Building at 109 So. Lal.Salle,
Preferred stock authorized and outstanding
Common stock authorized, $5,000,000; in treasury, $2,000,000 $3,000,000
corner Monroe St.
Bonds (1st ea ref. M.) authorized, $5,000,000; reserved for extensions and improvements at 70% of cost, $1,115,000; outstand-On a 6.15% investment basis, W. E. Hutton & Co., of
ing [including $549,000 reserved to retire underlying bonds] _$3,885,000
6 Broad St., New York, and Cincinnati, are offering $1,000,Operating Statement Years ending Jan. 31.
000 Northern Ohio Traction & Light Co. 6% cumulative
1908-09.
1909-10.
1905-06. 1907-08.
1910-11.
Gross earnings_$532,759 $988,485 $1,036,379 $1,102,939 $1,230,374 preferred stock. See particulars in to-day's advertisement
Net, after taxes 294,186
360,592
378,179
418,328
455,029
Deduct, 1910-11,Int, on outstanding bonds,$178,950; bal., net sur. 276,079 and "General Investment News" Department- elsewhere in
The $1,500,000 pref. stock, on which 6% dividends have been regularly this issue.
paid since organization In 1905, sells at par, the common stock at $50 per
share, a total cash equity of $3,000,000 for the debentures. The net surplus
-The second annual report of the Public Service Corearnings, now over 7)4 times the Interest on the debentures, are expected poration
of New Jersey for the year ending Dec. 31 19101 is
to rise to $420,000 in 1913 as a result of normal growth and the saving in
now ready for distribution. A copy of this report may be
generating costs below mentioned. Under the trust agreement, no new
mortgage can be made o t the property, the floating debt Is restricted, and had on
application to Percy S. Young, Comptroller of the
the security of these debentures is carefully safeguarded.
The company operates without competition in 38 cities and towns, com- company, Public Service Building, Newark, N. J.
bined population 185,000, serving gas in all and electric current in Aurora.
-Baker, Watts & Co., Baltimore, have just issued a
Wheaton, Glen Ellyn and Montgomery.
A majority of the capital stock is owned by the management and capi- "Manual of Baltimore Securities," bound in cloth, 137 pages.
talists In Aurora and Joliet. Am. Gas Co. of Phil. is a large stockholder. It gives the important facts regarding the various corporaProperty: (a) Modern electric station at Aurora containing steam turbines units of 2,200 k.w. capacity; (b) gas-manufacturing plants at Joliet, tions whose securities are active on the Baltimore market.
Aurora, Elgin and La Grange, with 653 miles of mains, 33,658 gas meters
-A useful manual elucidating the railway statistics of the
and 2,182 electric meters; also 30,271 gas ranges. Gas sales for year ended
Jan. 31 1911 were 824,540,800 cu. ft.
Inter-State Commission has been prepared by Slason ThompPlans are now completed for the immediate construction at Joliet of a
coke-oven plant by the Coal Products Mfg. Co. owned by interests identical son Bureau of Railways News & Statistics, Railway Exwith Western United Gas & Electric Co. stockholders. Gas, a by-product change Building, Chicago.
of this plant, will be contracted to the Western United Gas & Electric Co.,
-Harry E. Simons, formerly with A. B. Leach & Co. as
realizing to the latter a great saving under present generating costs. The
Coal Products Mfg. Co. will pledge a mortgage on its property to the salesman, has become associated with the Chicago bond house
Western United to guarantee said contract.
of Chas. S. Kidder & Co.
Franchises for 30 to 60 years in the principal cities and towns.




THE CHRONICLE

982

Aft

orts ant/

I VOL. Lxxxxn.

Documents.

PUBLIC SERVICE CORPORATION OF NEW JERSEY
SECOND ANNUAL REPORT—FOR THE YEAR ENDING DECEMBER 31 1910.
To the Shareholders—
The earnings and expenses of Public Service Corporation
of New Jersey, Public Service Pas Company, Public Service
Railway Company,Public Service Electric Company and subsidiary companies for the year ending December 31st 1910
were as follows:
$27,672,846 58
Gross earnings of leased and controlled companies
Public Service Corporation of New Jersey income from Se1,532,347 57
curities pledged and from miscellaneous sources
Operating expenses and taxes

$29,205,194 15
14,611,300 07

$14,593,894 08
Bond interest and rentals of leased and controlled companies 10,558,243 03
Fixed charges of Public Service Corporation of New Jersey_

$4,035,651 05
1,835,355 86

$2,200,295 19
Net Income
Less amounts set aside as reserves—
By Public Service Corporation of New Jersey_$125,000 00
130,000 00
5,000 00
By The Riverside de Fort Lee Ferry Co
Surplus

$2,070,295 19

Out of this surplus, dividends at the rate of five per cent
per annum, aggregating $1,250,000, were. paid during the
year upon the capital stock of the Corporation, amounting to
$25,000,000 at par.
During the year the Corporation General Mortgage Five Per
Cent Sinking Fund, Fifty-Year Gold Bonds were listed upon
the New York Stock Exchange and since the close of the year
the capital stock of the Corporation has also been listed.
On the first day of October 1910 the Corporation sold to
Messrs. Drexel dz Company of Philadelphia, $4,000,000 par
value of its Five Per Cent Three-Year Collateral Gold Notes,
secured by deposit of $5,000,000 par value of its General
Mortgage Gold Bonds, dated October 1 1909. The proceeds
of the notes were required to pay the cost, in part, of betterments of and extensions to the properties of the Corporation
and its subsidiary companies during the year.
During the summer Public Service Railway Company
sold $450,000 at par of Equipment Trust Series "B" Certificates, the proceeds of which were used to pay for, in part,
one hundred new cars built by the Cincinnati Car Company,
which have been delivered and are in service, and giving
complete satisfaction.
Prior to July 1 1910 the electric business of the Corporation was operated directly by the Corporation itself, whereas
the gas business of the Corporation was operated. by Public
Service Gas Company, all the capital stock of which, except
Directors' shares, is owned by the Corporation, and the rai!way business of the Corporation was operated by Public
Service Railway Company, 99.24% of the capital stock of
which is owned by the Corporation.
On June 13 1910 Public Service Electric Company was
formed and all the capital stock of this Company, except
Directors' shares, is owned by the Corporation. All the
leases of the electric properties held by the Corporation were
assigned by it to the new company and the electric stations
and sub-stations of the Railway Company were also leased
to it, so that the entire electric business of the Corporation,
including the generation, distribution and sale of current is
now carried on by Public Service Electric Compapy, making
the organization of the Corporation uniform in its three
departments.
During the year 1910 the Corporation purchased 97.79%
of .the common stock of the New Jersey & Hudson River
Railway & Ferry Company, operating approximately 48.44
miles. of railway in Bergen County, connecting with the
existing lines of Public Service at Paterson on the west,
Kearny near Newark on the south, and intersecting other
lines of Public Service at Hackensack, Grantwood and
Fort Lee.
This property thus complements the existing lines of Public
Service
e and, it is believed, will form a most valuable acquisition to its railway system. Furthermore, it was the
only substantial railway property in the northern section of
the State not already controlled by Public Service.
The Corporation has also acquired the entire capital stock
of the Morristown Gas Light Company, which has been
leased to Public Service Gas Company; the entire capital
stock of the Burlington Electric Light & Power Company,
and 90.20% of the capital stock of the Princeton Light, Heat
& Power Company. Pending the consummation of the
legalities,the two latter companies are maintained as separate
entities.
Public Service Gas Company leased the Ridgewood Gas
Company for a period of 999 years from the first day of July,
1910 at an annual rental of $2,000.

IMPROVEMENTS COMPLETED.

The more important of the improvements completed during
the year 1910 are the Hoboken Terminal, which has been put
into service and which is probably the most thoroughly
equipped street railway terminal in the country, consisting of
a large double-decked station, both levels of which are used
for the arrival and departure of cars; a large addition to the
West Hoboken Car House, providing facilities for eighty
additional cars; and a substantial addition to the Marion
electric generating station. In addition to the one hundred
cars purchased from the Cincinnati Car Company, reference
to which has already been made, Public Service Railway
Company constructed during the year ten new cars in its
Plank Road Shops. These cars are also in service. The
extension of the Jackson Avenue Line in Jersey City to the
Greenville Car House would have been completed had it
not been for injunction proceedings instituted by a property
owner. These proceedings are still pending, but it is hoped
they will not prevent the early completion of the line.
TAXES.

Taxes paid during the year amounted to $1,422,698 82, an
increase over the year 1909 of $197,116 04.
In addition to this the Corporation contributed large sums
to the municipalities in the form of new pavements, street
paving repairs and street improvement assessments.
NEW BUILDING.

During the year the Corporation moved into its capacious
new office building located at Broad and Bank Streets, Newark, a picture of which is shown as the frontispiece of this
[pamphlet] report. The building is most admirably located
and well adapted to the purposes of the Corporation. In the
eleventh story a luncheon room has been provided where
luncheons are furnished daily to some 600 employees of the
Corporation, without expense to them.
WAGES.

The wage scale put into effect for motormen and conductors January 1 1910 as fully outlined in last year's report
has been adhered to, including the promised increase effective
January 1 1911.
INSURANCE, SICK BENEFIT AND PENSION FUND.

Perhaps the most significant event connected with the
business of the Corporation during the year 1910, was the
promulgation on December 27 of an insurance, sick benefit
and pension fund, effective January 1 1911. The plan has
been received enthusiastically by the entire working force
of the Corporation. In substance it is as follows:
Insurance.—A death benefit of $300 shall be paid to the
personal representatives or dependents of permanent
employees whose compensation at the time of death did not
exceed $1,800 per year. This insurance becomes effective
in the beginning as to all employees who remain continuously
in the service up to the time of death. As to employees
entering the service after the plan goes into effect, insurance
rights are not acquired until the expiration of one year, and
are then dependent upon continuous employment.
Sick Benefits.—Payments shall be made by the Company
to each employee whose compensation does not exceed $1,800
per year, and which is not continued during disability, of
$1 per day for each day's illness following the first week of
disablement for duty, owing to illness or accident. Payments in any one year to any one employee to be limited to
$90.
Pension Fund.—Voluntary retirement on pension of all
employees who reach the age of sixty-five years after twentyfive years of continuous service is provided for, while retirement on pension of employees who reach the age of seventy
years after twenty years' continuous serivce is made compulsory. Pensions shall be fixed on this basis: For each
year's service, one per cent of average annual salary for ten
years preceding retirement, but no pension to be less than
$240 per year.
The administration of the fund is to be entrusted to a
small committee of the officers, consisting of the President,
Second Vice-President (who shall be Chairman), Treasurer
and General Claim Agent. This Committee shall make
frequent reports to the Boards of the respective companies
and to the Executive Committee of Public Service.
The respective Boards shall have power to prescribe all
the detailed rules and regulations necessary to carry out the
plan, and to protect the Corporation from fraud. They shall
also have power to make special arrangements in cases of
great hardship not covered by the foregoing provisions.
It is estimated that the application of this system will
cost the Corporation approximately $50,000 per year for
MAINTENANCE OF PROPERTY.
the first few years, and more thereafter, as the pension list
The properties of the companies owned by the Corporation grows.
have been maintained throughout the year at a high standard
The system has been put into practical operation and it
of efficiency.
is believed that it not only contains all the features of a fair,




963

THE CHRONICLE

APR. 8 1911.)

liberal and humane policy on the part of the Corporation
towards its employees, but that it will also serve to foster
and increase the cordial relations already existing between
the Corporation and those working for it.
INSURANCE.

The fire insurance carried at the present time is $23,263,442
and the annual premium thereof $124,145 53, an average
rate of fifty-three cents per hundred dollars.
On July 4 1910 the Act of the Legislature changing the
name of the State Railroad Commission to the Board of
Public Utility Commissioners, and prescribing the powers and
duties thereof, became effective, and the Commission forthwith assumed jurisdiction over the affairs of the public
utility corporations of the State.
It is a pleasure to say that the Commissioners have entered
upon their duties seriously and with a due regard to the
importance of the interests to be supervised by them and
that the relations of the companies owned by this Corporation
with said Commission have been and are both cordial and
agreeable.
I call attention to the Balance Sheets and Statement of
Earnings and Expenses of the Corporation and its subsidiary companies, which have been verified by Stone &
Webster Management Association, and to the statistical and
other statements herewith submitted.
THOMAS N. McCARTER, President.

STATEMENT OF EARNINGS AND EXPENSES OF PUBLIC SERVICE
CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES FOR THE YEAR ENDING DEC. 31 1910.
$27,672,846 58
Gross earnings of leased and controlled companies
Public Service Corporation of New Jersey income from Se1,532,347 57
curities pledged and from miscellaneous sources
$29,205,194 15
14,611,300 07

$14,593,894 08
Bond interest and rentals of leased and controlled companies 10,558,243 03
Fixed charges of Public Service Corporation of New Jersey_

$4,035,651 05
1,835,355 86

$2,200,295 19
Net income
Less amounts set aside as reservesBy Public Service Corporation of New Jersey_$125,000 00
130,000 00
By The Riverside & Fort Lee Ferry Co
5,000,00
Surplus

$2,070,295 19

We have examined the books and other records of Public
Service Corporation of New Jersey and its Subsidiary Operating Companies and certify that the foregoing Income Statement is so prepared as to present a fair and correct statement
of the combined earnings and profits of these companies
for the twelve months ended December 311910.
STONE & WEBSTER MANAGEMENT ASSOCIATION,
By A. R. PATTERSON, Auditor.

PUBLIC SERVICE CORPORATION OF NEW JERSEY.
CONDENSED BALANCE SHEET DECEMBER 31 1910.
Asset
$60,245,571 89
Investments at cost
General Mortgage 5% Sinking Fund 50-year Gold Bonds in
5,360,000 00
Treasury
2,956,250 00
Amount advanced to Public Service Railway Co
150,000 00
Amount advanced to Public Service Gas Co
900,000 00
Amount advanced to Public Service Electric Co
233,701 25
Cash
1,384,661 71
Accrued interest and rentals receivable
105,705 39
Accounts receivable
8,875 80
Advance payments
Deferred charges account of discount and commission on
1,525,616 67
bonds and notes
$72,870,382 71
LiabilitiesCap!tal Stock
General Mortgage 5% Sinking Fund 50-year Gold Bonds
Perpetual Interest-bearing Certificates
5% 3-year Collateral Gold Notes, dated 10-1-1910
Accounts payable
Interest accrued on bonded and other indebtedness
Reserve
Profit and loss

PUBLIC SERVICE GAS COMPANY.

$9,119,051 69
• Since paid by the issuance of stock.

PUBLIC UTILITY COMMISSION.

Operating expenses and taxes

Liabilities$6,750,000 00
Capital Stock
261,750 00
Mortgages payable
566,248 87
Accounts payable
*Amount advanted by Public Service Corporation of New
900,000 00
Jersey
Rentals, bond interest and taxes accrued
574,775 25
Reserves
18,502 69
Profit and loss
47,774 88

$25,000,000 00
21,500,000 00
19,941,820 00
4,000,000 00
176,140 54
421,236 94
125,000 00
1,706,185 23
$72,870,382 71

CONDENSED BALANCE SHEET DECEMBER 31 1910.
Assets$6,151,116 65
Plant, real estate and property
188,376 54
Investments
Cash
78,696 21
Accounts receivable$1,007,537 29
Customers
98,912 77
Miscellaneous
1.106,45006
Materials and supplies
783,964 06
Advance payments
19,119 00

PUBLIC SERVICE RAILWAY COMPANY.
CONDENSED BALANCE SHEET DECEMBER 31 1910
AssetsRailway, equipment and property
$83,648,773 81
Investments
66,487 85
Cash
233,966 29
Accounts receivable
207,775 24
Materials and supplies
621.967 55
Advance payments
30,050 69
$84,809,021 43
LiabilitiesCapital Stock
$37,716,300 00
Capital Stock reserved to retire stock of merged companies
283,700 00
Bonds
41,000,000 00
Mortgages payable
165.185 00
Public Service Equipment Trust Series A Certificates
560,000 00
Public Service Equipment Trust Series B Certificates
428.000 00
28,000 00
Car Trust Certificates (Camden & Suburban Railway Co.) _ _
Leases of railway property of South Jersey Gas, Electric &
135,097 43
Traction Co. and Bergen Turnpike Co
Amount advanced by Public Service Corporation of New
2,956,250 00
Jersey
872,279 37
Accounts payable
19,785 00
Premium on bonds sold
588.189 36
Rentals, interest and taxes accrued
56,235 27
Profit and loss
$84,809,021 43

NEW JERSEY & HUDSON RIVER RAILWAY & FERRY COMPANY.
THE RIVERSIDE & FORT LEE FERRY COMPANY.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1910.
AssetsCost of property
$7,728,893 89
Investments
3,200 00
Cash
161,577 11
Accounts receivable
37,595 34
Materials and supplies
28,314 06
Advance payments
4,621 88
$7.964.202 28
LiabilitiesCapital StockPreferred
Common
Bonds
Accounts payable
Rentals, interest and taxes accrued
Reserves
Profit and loss

•2750,000 00
2,500,000 00
4,542,000 00
55,906 67
68,166 70
13,492 55
34,636 36
$7,964,202 28

• This stock has no voting power. Six per cent guaranteed by Public
Service Corporation of New Jersey.

We have examined the books and other records of Public
Service Corporation of New Jersey and its Subsidiary Operating Companies and certify that the Balance Sheets as of
December 31 1910 appearing above are, in our opinion,
properly drawn up, and show the true financial condition of
the Corporation and its Subsidiary Operating Companies as
of that date.
STONE & WEBSTER MANAGEMENT ASSOCIATION.
By A. R PATTERSON, Auditor.

PUBLIC SERVICE CORPORATION OF NEW JERSEY AND
SUBSIDIARY COMPANIES.
Amount
Amount
in Hands
Amount
Owned bg
of Public.
Outstanding.
Corporation.
$178,967,216 87 $14,525,135 00a$164,375,081 87
Total funded debt
Total miscellaneous obli1,538,935 90
1,538,935 00
gations
Total par value of stocks
of subsidiary companies dividends on which
are guaranteed through
leases by the Gas Company, Railway Company or Electric Com21,926.650 00
56,382,300 Of
pany
78,308,950 00
Total par value of stocks
of companies not leased.
owned by the Corporation
54,657,550 00
53,548,850 00
b 1,101,500 00
a $67,000 Hudson River Traction Company bonds owned by The Riverside & Fort Lee Ferry Company, a subsidiary company of New Jersey &
Hudson River Railway & Ferry Company.
b $7,200 of N. J. & II. R. By. & F. preferred is treasury stock.

CONDENSED BALANCE SHEET DECEMBER 31 1910.
AssetsPlant, real estate and property
$6,877,443 30
Investments
207,842 97
Cash
135,875 82
Accounts receivableCustomers
$1,050,424 02
Miscellaneous
155,616 15
1,206,040 17
Materials and supplies
647,745 90
Advance payments
44,103 53

EXPENDITURES CHARGED TO CAPITAL ACCOUNT ON THE
SYSTEMS OPERATED BY PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES-YEAR 1910.
Electric$166,297 36
Real Estate
1,142,704 33
Generating Stations and Sub-Stations
402,737 88
Distribution Lines
Meters, Transformers, Services and Arc Lamps 392,768 72
Miscellaneous
7,229 17
$2,111,737 36
GasReal Estate
$22,359 89
Works Extensions
1,040,373 32
Mains
522,449 87
Meters, Services, &c
490,213 16
2,075,396 24
RailwayRight of Way
$11,884 25
Real Estate
119,178 21
Track and Line
649,405 56
Buildings and Fixtures
289,045 06
Cars
866,701 92
391,035 75
Re-construction Track and Line
Generating Stations and Sub-Stations
109,020 75
Miscellaneous
34,101 54
2,470,373 04

$9,119,051 69

$6.657,506 64

$8,327,722 52
LiabilitiesCapital Stock
$6,500,000 00
Mortgages payable
75,000 00
Accounts payable
742,837 65
*Amount advanced by Public Service Corporation of New
Jersey
150,000 00
Rentals, bond interest and taxes accrued
815,874 18
Reserves
7,774 25
36,236 44
Profit and loss
$8,327,722 52
• Since paid by the issuance of stock.

PUBLIC SERVICE ELECTRIC COMPANY




THE CHRONICLE

964

[VoL. Lxxxxli.

PUBLIC SERVICE CORPORATION OP NEW JERSEY AND SUBSIDIARY COMPANIES.
GROSS EARNINGS.

1903'
1904
1905
1906
1907.
1908 _ .„
1909
1910

Electric
Properties.

Gas
Properties.

Railway
Properties.

P.3,C. Miscellaneous Income.

$1,776,557 65
3,502,811 92
3,721,631 68
4,161,917 81
4,647,219 18
4,584,682 27
5,117,728 04
5,872,237 86

$3,026,993 50
5,378,440 63
6,059,446 56
6,526,316 01
7,251,480 50
7,349,930 23
7,870,878 58
8,491,882 46

$4,471,244 37
8,415,278 79
9,488,358 45
10,086,933 92
10,705,392 77
11,086,353 43
12,114,412 19
13,308,726 26

$187,403 74
463,249 75
640,405 91
723,658 34
1,023,951 44
1,246,721 36
1,457,432 29
1,532,347 57

Total.
$9,462,199 26
17,759,781 09
19,909,842 60
21,498,826 08
23,628,043 89
24,267,687 29
26,560,451 10
29,205,194 15

• Seven months only.
COMPARATIVE STATEMENT OF GROSS EARNINGS BY DIVISIONS.
Electric PropertiesYear 1910.
Increase.
Year 1909.
Bergen Division
$334,951 40
$25,936 27
$309,015 13
Central Division
92,679 45
731,217 28
638,537 83
Essex Division
295,758 71
2,022,355 38
1,726,596 67
Hudson Division
210,959 02
1,205,781 25
1,416,740 27
Passaic Division
41,019 71
548,876 79
589,896 50
Southern Division
85,868 04
774,788 41
688,920 37
Miscellaneous Income
2,288 62
2,288 62
$5,872,237 86
Gas PropertiesBergen Division
Central Division
Essex Division
Hudson Division
Passaic Division
Southern Division
Miscellaneous Income

$327,619 60
277,091 50
3,195,161 63
2,440,163 70
978,721 88
1,142,230 49
130,893 66
$8,491,882 46

Railway Properties'
Bergen Division
Central Division
Essex Division
Hudson Division
Passaic Division
Southern Division
Miscellaneous Income

$467,810 66
1,230,935 67
4,873,318 02
4,429,687 85
1,179,268 69
1,109,411 10
18,294 27

$754,509 82

$5,117,728 04

$31,396 96
$296,222 64
43,899 01
233,192 49
832,407 29
2,862,754 34
162,004 77
2,278,158 93
50,682 84
928,039 24
117,273 36
1,024,957 13
247,553 81 dee.116,660 15
$7,870,878 58

$621,003 88

$1,143,951 91
4,593,237 61
4,241,289 14
1,124,997 72
1,010,935 81

$467,810 66
86,983 76
280,08041
188,398 71
54,270 97
98,47529
18,294 27

$13,308,72626 $12,114,412 19 $1,194,314 07
Publio Service Miscellaneous
Income
$1,532,347 57 $1,457,432 29
$74,915 28
Grand Total
$29,205,194 15 $26,560,451 10 $2,644,743 05
Six months only, property acquired July 1 1910.

ELECTRIC STATIONS.
June 11003. Dec. 31 1910
Number of Generating Stations
28
14
Number of Boilers
219
113
Number of Generators
189
156
Capacity of Generators in Kilowatts
124,158
40,075
Number of Sub-stations
42
9
Number of Rotaries
73
12
Capacity of Rotaries in Kilowatts
50,200
5,400
Kilowatt Hours Produced (Years 1903 and 1910) _ _129,614,180 288,740,147
ELECTRIC CONDUITS AND TRANSMISSION LINES.
(Railway and Lighting Combined.)
Length of Transmission Lines (in miles)
47
Length of Conduits (in street miles)
25

374
79

ELECTRIC DISTRIBUTION SYSTEM STATISTICS.
Number of Poles
45,059
97,825
Miles of Wire
4,244
9,686
Number of Transformers
5,336
12,500
Number of Meters
16,000
63,186
Number of Customers
16,190
62,539
Number of Street Arc Lamps
7,415
11,441
Number of Street Incandescent Lamps
5,517
16,640
Total Commercial Load Connected (in 50 W.
710,000
equivalent)
2,613,236

The increases shown above are somewhat, but not very
materially, affected by properties acquired between June 1
1903 and Jan. 1 1911.

ELECTRIC LIGHTING STATISTICS.

1903.
Kilowatt Hours Sold
Number of Customers Dec. 31
Number of Street Arc Lamps supplied Dec. 31
Number of Street Incandescent Lamps supplied Dec. 31
Total connected load in K. W. Dec. 31

18,262
7,745
5,733
45,380

1904.

1905.

1906.

1907.

1908.

1909.

1910.

48,894,308 56,666,749 65,472,561 69,274,132 78,911,840 89,742,689
32,115
25,499
37,219
42,257
45,799
53,900
62,539
8,681
8,121
9,150
9,671
10,397
10,863
11,441
12,351
8,538
13,168
13,821
14,352
15,175
16,640
68,331
55,748
81,873
92,143
102,104
118,138
137,058

GAS STATISTICS.
10VO.

(7 Months.)
Gas Sold-M. Cu Ft
Mains in use Dec. 31
Meters in Service Dec. 31
Services Run
Ranges Sold
Water Heaters Sold
Hot Plates Sold
Heating Stoves Sold
Gas Arcs Installed
Welsbach Lamps Sold
Mantles Sold
Domestic Appliances Installed
Manufacturing Appliances Installed..
House Piping Orders
Gas Fixtures Installed
Aggregate Burners
Number of Gas Engines Installed
Horse Power of Gas Engines

2,875,555
1,495
187,384
7,043
6,415
994
3,024
3,159
12,503
51,685
104
124
3,825
27,553
39,256
91
709

Mains in Use June 1 1903

1904.

I

1906.
1907.
1
1908.
1909.
1910.
--6,473,835 7,003,793
7,162,588 7,676,574
8,404,760
1,987
2,060
2,119
2,241
2,456
269,881
290,768
305,044
331,034
360,101
16,031
14,277
10,711
15,218
15,232
19,391
15,964
9,409
18,152
13,864
3,302
2,529
2,084
4,690
3.268
4,433
4,214
3,912
2,849
3,106
6,099
3,267
2,949
1,951
1,799
1,623
2,196
3,952
895
1,830
24,597
21,592
21,689
12,755
18,264
117,605
116,684
82,489
81,361
75,954
342
371
602
4,029
1,674
420
344
621
364
572
9,416
5,469
1,095
3,469
3,050
61,795
43,652
20,409
32,689
28,383
86,891
60,966
30,391
44,485
40,429
82
89
29
38
53
777 M
346 %
961 %
495 M
684 Y,

1905.

5,756,202
5,120,814
1,856
1,584
242,352
209,155
13,371
11,795
16,838
16,459
3,638
2,226
4,366
4,494
6,129
3,839
1,069
1,028
21,202
21,224
104,857
96,146
705
' 760
439
267
6,913
6,003
48,697
45,197
67,821
63,838
121
110
951
915 h
1,439 miles.

Meters in service June 1 1903

Total.
-

103,678
116,492
22,731
26,032
51,202
12,593
153,826
726,781
8,677
3,151
39,240
286,375
434,077
613
5,841M

177.304.

RAILWAY TRAFFIC STATISTICS.

1904.
Revenue Passengers
Transfers do Passes
Total Passengers
Percentage of Passengers using transfers
Average fare per passenger
Car Mileage
Car Hours
Passengers per Day
Passenger Receipts per Car Mile
Passenger Receipts per Car Hour

MILEAGE.
First main track ---------------------------------------450.302 miles
Second main track and turnouts
262.892 "
Connections, cross-overs, wyes and loops
12,323 "
Car house and yard tracks
34.100 •II
Total
Total number of cars available for operation:
Open
Closed
330
1,530
Number of new cars since 1903:
Open
Closed
758
130




1

1905.

1

1906.

1907.

1908.

I

1909.

1910.

165,400,000 180,000,197 198,326,467 211,025,386 219,421,974 238,171,257 258,746,130
50,000,000 55,079,789 62,986,021 71,638,588 74,688,628 81,548,978 82,652,558
215,400,000 235,079,086 261,312,488 282,663,974 294,110,602 319,720,235 341,398,688
21.8
22.1
21.2
23.2
23.0
23.0
22.1
3.83
3.83
3.76
3.70
3.70
3.78
3.72
32,168,888 35,068,223 37,462,804 39,178,277 39,519,972 40,890,360 42,632,760
4,228,344 4,464,162
4,003,614
4,671,246
4,598,714
4,747,729
4,961,608
715,925
644,055
588,525
774,422
803,581
875,946
951,721
25.59c.
26.29c.
25.73c.I
26.75e.
27.56c.
29.08c.
30.29c.
$2.21
$2.13,
$2.06
$2.24
$2.37
$2.60
$2.50
I

759.617 "

Track re-constructed with new rail during 1910
Track re-constructed with same rail during 1910
Extensions built during 1910_

27.860 miles
7.196 "
4.567 "

MUNICIPALITIES SERVED BY PUBLIC SERVICE CORPORATIO N
OF NEW JERSEY AND SUBSIDIARY COMPANIES.

Electric
Gas
Railway
Total Number

Municipalities Popu lotion
Served.
Served (1910)•
1 52
1,898,059
1,778,310
141
117
1,742,807
187
1,901.131

Ant. 8 1911.1

THE CHRONICLE

965

:3131,e ODounitertiat Timm

COTTON.

Friday Night, April 7 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
Friday Night, April 7 1911.
Trade still keeps within moderate bounds; buying of iron week ending this evening, the total receipts have reached
and steel is cautious and everywhere conservatism is ob- 37,853 bales, against 60,182 bales last week and 48,770
servable. Crop prospects are favorable.
bales the previous week, making the total receipts since
STOCKS OF MERCHANDISE AT NEW YORK.
Sept. 1 1910 7,891,405 bales, against 6,491,238 bales for
April 1
April 1
March 1
the same period of 1909-10, showing an increase since Sept. 1
1911.
1910.
1911.
Coffee, Brazil, bags
2,059,873 2,189,215 3,087,515 1910 of 1,400,167 bales.
Coffee, Java, mats
32,847
32,439
40,444

COMMERCIAL EPITOME.

Coffee, other, bags
Sugar, tons
Hides, No
Cotton, bales
Mamlla hemp, bales
Sisal hemp, bales
Flour, bbls. and sacks

250,414
17,720
6,100
173,009
3,107
350
63.100

270,229
22,465
4,100
311,702
7,312
988
77,200

369,630
Receipts at17,100
103.079
8,550
3,645
75.600

LARD declined for a time and then became steadier.
Hogs have been lower, with a liberal movement to the Western centres. Prime Western here 8.40c.; City 8c. Refined
for the Continent 9c.; South America 10c.; Brazil in kegs
11c. Lard futures have shown the effects of big receipts of
hogs and a pressure of "long" liquidation at Chicago.

DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Wed. Thurs. Fri.
Tues.
Mon.
Sat.
May delivery
8.05
8.11
8.15
8.05
8.20
8.45
July delivery
8.10
8.15
8.25
8.00
8.20
8.40
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Tues.
Mon.
Sat.
May delivery
Holl8.17H 7.90
8.0737.923's 7.97
July delivery
8.15
8.1734 7.9734 day.
8.0234 8.05

Sat.

Galveston
Port Arthur_ __ _
Texas City, dm
New Orleans_.__
ort
au
olifile

1,1'7,4

Mon.

Tues.

3,946

5,281

Wed.
1,683

Thurs.
1,548

Fri.

Total.

1.891 15,523

8ii

1,61i
8iii 2,6i5 1,62-i 3,2-liti 9,881
____
28
28
60
118
697
69
113
26
Pensacola
---__
------Jacksonville, &c.
----------25
175
_
200
Savannah
1
ii5 4,041
'
Brunswick
-------------___
___
774
___
774
Charleston
___
134
'
Georgetown ------------128
------------128
_
Wilmington
566
151
16856ii
598
Norfolk
•
1
999
398
230
567 3,344
N'port News, &c. ----------_____
New York
I
66 • ____ • ____
iiii
Ei
66
Boston
____
____
____
5(1
102
264
112
Baltimore
__
___
____
____
974
974
Philadelphia_
____
____
____
_
311
---_
.
----

Totals this week_

3.078

7.348

8.599

5.471

4.081

8.376 57.853

PORK on the spot has been in moderate demand. Mess
The following shows the week's total receipts, the total
821 50@$21 75, clear $17 50@$19 and family $21@$21 50,
Cut meats in light demand. Pickled hams 12Yi ®12Y
ic.; since Sept. 1 1910 and the stocks to-night, compared with
pickled bellies, clear, 12@14c., and pickled ribs 113/
2®13c. last year:
Beef has been quiet; mess $13 50@$14; packet $14 50@$15;
1910-11.
1909-10.
Stock.
family $15@$15 50 and extra India mess $23 50. Tallow
Receipts to
has been quiet and rather weak at 6c. for City. Stearines
Apr.}7.
This Since Sep This Since Sep
Week. 1 1910. Week. 1 1909.
1911.
1910.
have been quiet at 75c. for oleo and 93ic. for lard. Butter
steady; creamery extras 21c. Cheese about steady but quiet; Galveston
15,523 2,623,410 23,365 2,316,123
81.585
90,060
Port Arthur
202,277 10,487 132,501
State, whole milk, colored, Sept. fancy, 13Yi ®14c. Eggs Texas
City, &c_
358,870
73,252
578
steadier; Western firsts 17 ®17Yo., with a fair business.
New Orleans__
9,881 1,398,166 23,040 1,075,380 106,900 143,004
Gulfport
28
34,239
8.264
2,177
___
OIL.-Domestic linseed has been dull at the recent decline. Mobile
1,006
697 234,379 3,102 228,493
12,341
22,542
City, raw, American seed, 92@93c., boiled 93@94c. Cal- Pensacola
111,493
127,132
cutta, raw, steady at $1. Cotton seed has been in better Jacksonville, &c_
200
22,341___
38.302
4,041 1,340,481 7,7
8 9 1,244,796
48,060
63,602
demand; winter 6.20@7c.; summer white 6.20©6.80c., Savannah
Brunswick
774 220,184 1,080 217.250
4,712
5.518
crude 5.14@5.33c. Cocoanut has been quiet; Cochin 79@ Charleston
1,134 274,540
897 201.312
18,954
11.483
128
1,350
____
1,301
8c.; Ceylon 7/
5s ®7%c. Corn 6.25@6.30c. Olive has con- Georgetown
Wilmington
598 395,273 2,934 297,578
16,617
3,788
tinued quiet and steady at 90@95c. Lard has declined in Norfolk
3,334 522.933 6,445 434,552
16,036
31,014
News, doo_
3,924
208
16,863
sympathy with the raw material; prime 90c. No. 1 extra 65® N'port
267
New York
8,116
554
6,640 197,287 126,364
70c. Cod firm; domestic 53()55c.; Newfoundland 57@58c. Boston
34,796
264
193
9,986
7,975
8,007
Baltimore
974 104318 1,040
59,899
4,208
5.168
COFFEE on the spot has declined with light sales; Rio Philadelphia
-------133
-315
1,614
2.242
1,308
No. 7, nominally 12c.; Santos No. 4, 13 ®13Xc. Recent
Gni Ann
valorization sales of 600,000 bags have had a rather unsettling
effect. The world's visible supply decreased during March
In order that comparison may be made with other years,
386,000 bags. This makes the total world's visible stock
on April 112,690,728 bags, against 13,346,553 March 1 and we give below the totals at leading ports for six seasons:
14,959,692 a year ago. Closing prices were as follows:
Receipts at- I 1911.
1910.
1909.
1908.
0, 01E0,
01.000 1,017.1,,
,
,,

April
May
June
July

9.80 ® 9.82
9.80 ® 9.82
9.80 ® 9.82
9.82@9.84

August
9.81®9.82
September ....9.70 ® 9.71
October
9.50(19.61
November _9.54 ®9.56

December _9.50 ®9.51
January _ _ _ _9.50 ®9.52
February __ _9.51 ® 9.53
March
9.53@9.56

ei 2AK A AA1 092
U1.090 V,,A71.422

KAA 020
OVV.G.Vt.

1907.

Galveston _ _ _
Pt.A rthur,Sc.
New Orleans_
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others__ _

15,523
9,881
697
4,041
774
1,262
598
3,344

23,365
11,065
23,040
3,102
7,789
1,080
897
2,934
6,445
208
1,920

34,106
300
18,967
4,522
16,053

43,225
27,590
4,635
13,847

48,880
9,376
18,428
1,869
9,173
5,628
442
1,507
4,564
1,248
12,470

Kftt AA4
040.2110

1908.

27,300
842
36.653
2,929
20,655
1,024
1,958
1.259
6,662
198
2,121

SUGAR.-Raw has been quiet and comparatively steady.
Of late London quotations have been strong. Centrifugal,
96-degrees test, 3.86c.; muscovado, 89-degrees test, 3.36c.;
1,398
466
3,540
947
molasses, 89-degrees test, 3.11c. Refined in moderate de6,407
2,872
mand and about steady. Granulated 4.75@4.80c. Teas quiet
97
1,733
1,374
6,021
with prices steady. Spices firm with a fair business.
PETROLEUM.-Prices have been steady with trade, Total this wk. 37,853 81,845 86,666 99,690 113,585 101,601
however, less active. Refined, barrels, 7.40c.; bulk 3.90c. Since Sept. 1..
n
nnA Kt.
and cases 8.90c. Gasoline has been in lessened demand, but
steady; 86-degrees, in 100-gallon drums, 183c.; drums,
The exports for the week ending this evening reach a total
$8 50 extra. Naphtha has been stead ywith a fair trade; of 47,538 bales, of which 9,093 were to Great Britain,
73©76-degrees, in 100-gallon drums, 163c.; drums $8 50 794 to France and 37,651 to the rest of the Continent.
extra. Spirits of turpentine dropped to 99c. Rosin quiet Below are the exports for the week and since Sept. 11910.
and firm; common to good strained, $8 50.
TOBACCO.-For some time past trade has continued
Week ending Ap . 7 1911. From Sept. 1 1910 to Apr. 7 1911.
Exported toExported toquiet. Manufacturers are still loath to buy except for their
Exports
Ironsimmediate needs. American purchases of Sumatra at the
GreatContiI
I
Great
Britain.Tr'nee nent. Total. Britain. France CmtiRent. I Total.
recent Amsterdam sale were unusually large,by reason of the
admitted fact that American manufacturers' supplies have Galveston _._ _
18.274 18,274 925,950294,783 962,3652.183,098
Port Arthur_
44,898 54,969 102,4101 202.277
been allowed to dwindle to a very low stage. As the case Texas
City, Sc.
11,719 56,933 33,224 301,876
now stands, prices of Sumatra are regarded as rather excep- New Orleans._ 5448 294 5;6:0 10,784 2
785,387126,034 346,2661.257,687
Mobile
63,039 41,009 60,128 164,176
tionally high, though the fact is not questioned that the sam- Pensacola
44,2911 30,595
36,708 111,594
ples thus far received are of fine quality. America is con- Gulfport _
6,271 19,338
6,453 32,062
221
5,407 311,838111,217 408,090 831,145
tending against a relatively low German duty on such Savannah
Brunswick_ _ _
100,077___
78,325 178,402
tobacco, a fact which enabled German buyers at the recent Charleston
5,1862,550 2:556
18,832 9.9
0 0 93,101 121.833
sale to pay comparatively high prices for a considerable Wilmington..
126.171 32,015 213.226 371,412
Norfolk
10,645
____
3,793
14,438
quantity. It is also pointed out that considerable Sumatra Newport
News
tobacco was sold before the sale, so great was the pressure •New York
3,174 500 4,625 8,299 259,246 79,894 195.808 534.948
Boston
150
150 91,588
8,169 99,757
from some sources to purchase. From present appearances Baltimore _
875
16,659 7,618 65,708 89,385
875
it is supposed that trade in this country will keep within very Philadelphia
"100
____
100
200 45,94
12,2881 58,234
Portland,
Me
669
669
conservative lines, for the present at least.
San Francisco
79.6051 79,605
COPPER has been dull and more or less depressed, with Seattle
43,6141 43,614
Tacoma
999
999
11.7521 11,752
stocks accumulating. Lake 12.30 ®12Mc.; electrolytic Portland,
500
12.25c.; casting 12@12.15c. The statement of the Copper Pembina Ore
Producers' Association as to stocks was bearish for March. Detroit
2,525
2,525
Tin has been dull with freer offerings, lower cables and the
Total
9.093 794 37,651 47,5383,065,751863,70512,761.5336,690,989
tone here rather reactionary of late; spot 41.50@42. Lead
1909-10_ 26,99313.72& 47,285 88,0061,926,695833,8112,298,2435,056,749
Total
has been quiet at 4 2e. Spelter has been dull at 5.45@5.55c.
Iron has been in moderate demand so far as pig is concerned.
In addition to above exports, our telegrams to-night also
Finished iron and steel has been in unsatisfactory demand. give us the following amounts of cotton on shipboard, not
No. 1 N'th'n $15 75@$16; No. 2 S'th'n $15 25. Wire in active cleared, at the ports named. We add similar figures for
demand; is the exception proving the rule of dulness.
New York.




ft ang

AAA a

Ani

nno a 004

A9A 9 A911 91.

AqA

AAR A

[VoL.Lxxxxii.

THE CHRONICLE

429,335
403,080
486,303

-566

1,506
500

2,500

-ioo
700

250
8,000

100

Speculation in cotton for future delivery has been on a
noticeably restricted scale during the past week, but prices
have on the whole'shown no little strength. They have advanced. This was due to various circumstances, not the
least of which perhaps was persistent manipulation in the
interest of the bulls, certain of whom have at times been
very heavy buyers of July, even though,later in the week,
prominent bulls are supposed to have sold both May and
July. The May premium over July, however, has recently
been as high as 29 points, after falling within a fortnight to
a much smaller figure. The activity and strength of the
Liverpool market has had no little effect here. Prices there
have been under the spur of persistent Continental buying.
The spot sales at Liverpool have also been large. Likewise,
Manchester has been doing a better business, according to
private. cable dispatches, at firm prices. The Japanese
treaty is expected to help Lancashire. Liverpool and Continental houses have been buyers of May and July here. Spot
markets at the South, if as a rule quiet, have been none the
less firm,and from some parts of the South have come reports within a day or two of a better demand for the actual
cotton, while Liverpool dispatches, it may be added, have
reported the offerings from the South as small. There has
been a certain amountof nervousness,too,over the possibility
of the predicted squeeze in the May option actually coining
to pass, though it is something like an axiom in the trade
that an advertised corner's bark is apt to be worse than
its bite. Meantime the movement of the crop is small and
the statistical exhibit from week to week is regarded by
many as bullish, though others maintain that the strength
of the statistical position is more apparent than real, as
sufficient allowance is not made for ,the dulness of trade in
cotton goods, the widespread curtailment of production in
this country and the very general disinclination of American
manufacturers,at least, to purchase raw cotton on anything
more than the most restricted scale. Complaint is made that
cotton goods are in some cases selling below the cost of production. The reduction of the H. B. Claflin Company's
quarterly dividend from 2% to 13,% made a profound ilnpression in many quarters as affording a striking exemplification of the bad condition of the cotton goods industry in
this country, to which attenton has also been recently
drawn by the reduction or the passing of dividends by a
number of Fall River mills. The reports from the South as
to the weather, the sales of fertilizers and mules, and .the
increase in the acreage to be planted, lead to the irresistible
conclusion that every possible effort, under the stimulus of
the existing high prices, will be made to raise the largest
American crop that the world has yet witnessed. Congress
seems to be ready to take up the question of revising the
cotton and woolen tariff schedules, the extra session may
witness an agitation for a general revision of the tariff,
thereby disturbing general trade, and the hostility of the
South to the present system of trading in futures has received
a new illustration in the prompt introduction of another
anti-option bill. To-day prices again advanced on bullish
cables from Liverpool and Manchester, covering of shorts
and bull manipulation. Middling uplands closed at 14.60
cents, a gain of 20 points for the week.
The rates on and off middling, as established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c 1.50 on
Strict mid. fair_ _ _ _1.30 on
Middling fair
1.10 on
Strict good mid.__ _0.66 on
Good middling_ __ _0.44 on
Strict middling_._ _0.22 on

c Basis
Middling
Strict low. mid_ .._ _0.25 off
0.75 off
Low middling
Strict good ord _ _1.20 oft
2.00 off
Good ordinary
Strict g'd mid. tgd_0.35 on

Good mid. tinged c Even
Strict mid. tinged_ _0.15 off
Middling tinged_ 0.25 off
Strict low.Mid.ting_0.75 off
Low mid, tinged. _i.75 off
Middling stained_ _1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 1 to April 7Middling uplands

Sat.
14:40

Mon. Tues. Wed. Thurs. Fri.
14.40 14.50 14.50 14.60 14.60

NEW YORK QUOTATIONS FOR 32 YEARS.
1911_0
1910
1909
1908
1907
1906
1905
1904

14.60
10.00
10.10
10.25
11.00
11.70
8.05
14.90

1903_c
1902
1901
1901)
1899
1898
1897
1896

10.45
9.19
8.44
9.75
6.19
6.19
7.38
7.88

1895_0
1894
1893
1892
1891
1890
1889
1888

6.38
7.75
8.56
6.75
9.00
11.44
10.25
9.81

1887_0
1886
1885
1884
1883
1882
1881
1880

10.56
9.25
11.19
11.56
10.00
12.06
10.75
12.62

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _ _
Monday_ _ _ _
Tuesday _ _ _
Wednesday_
Thursday _
Friday

Quiet
Quiet
Quiet, 10 pts. adv
Quiet
Quiet, 10 pts. adv
Quiet.

Total_




Futures
Market
Closed.
Steady
Steady
Steady
Steady
Steady
Steady

SALES.
Spot. Cantr'ct Total.
100
500

500

100

el

:41
Friday,
April 7.

• Total 1911_1 10,608 2,244 29,514 24,942 9,620 76,928
5,787 22,846 31,624 29,602 122,613
Total 1910_ _ 32,754
Total 1909_ _ 32,201 18,280 20,484 24,597 17,366 112,928

6,678

772

Thursd
April 6.

176 24,816
1,194 28,912
1,000
7,700
8,000
5,200
1,300

1,788
6,048

Wednesday,
April 5.

5,630 15,991
1,231
713 14,606 6,351
1,000

82,084
52,673
47,060
18,954
4,641
8,036
192,087
23,800

New Orleans_ _
Galveston _ _ _ _
Savannah _ _ _ _
Charleston_ _ _ _
Mobile
Norfolk
New York_ _ _ _ I
Other ports__ _

FUTURES.-Thelhighest, ,lowest and closing prices at
New York the past week have.been as follows:
11 41
Fll 4N.I 4Cl 4Cl 2.n 1. ri '00Nr- li Ng.1 741
N
4

Tuesday,
April 4.

Leaving
Other Coast-Stock.
Germany. Foreign wise. I Total.

Great
Britain France

el

@I @I @I

@I

II

21

'67
-or]7 4
;7
coo @I
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4 Zi
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nn t-:n R L'trl 41 0

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cqo

II

22

11

2;

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000 010 .. .
.0 ..,-, 0.
nn
n n
.
c! ntn1 cln r-.t..
12 22 12 22 22 II
12 22 g2 28 gg 12 Z8 82 II
NN
NN
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,,,.. c.i. NN

@f
.....
n
22
II

el

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I :41

21

1'4 21
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14 81
4 4

@I @I

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21

11

22 28 gg

18

NN

N

21

nn on

21

21

NO

NN

017;I 4 '4 1
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22 12 22
112 44 28 28 20
: 18 gg
.,
7,,
.
.4;, 200
CO 200

12 22 22
I; 002 82

NN
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N f..11 24.4

@I 4 4 4 4
00
01 ..,t-t

22 '44
,, ,,

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'
. '1°. °.n
0

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12 22

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18 gg

18 22 22

ri el 21 TI
,
et

21 21

Ii.' = = v.;:i.!
ig Tr; 12 22
21

0

0

22

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e0

I V: .7.;:."
Monday.
April 3.

On Shipboard, Not Cleared forApr. 7 at

Saturday.
April 1.

966

N

:?, `,..' .`". V41

82 22 12 748 Z8
,, ,, 4 44 on

12 '1'8'
N

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n
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-, RR 0.0
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4 gg 0 010 010 wg e v; bigi.g
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22 22 12 22 12

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 consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for tonight (Friday), we add the item of exports from the United
States, including in it the exports of Friday only.
April 7Stock at Liverpool
Stock at London
Stock at Manchester

1911.
bales.1,139,000
6,000
107,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

1,252,000
7,000
280,000
325,000
2,000
22,000
54,000
9,000
699,000

1910.
1909.
774,000 1,353,000
5,000
9,000
56,000
71,000

1908.
984,000
8,000
79,000

835,000 1,433,000 1,071,000
19,000
11,000
7,000
500.000 455,000
303,000
249,000
345,000 342,000
4,000
4,000
3,000
44,000
42,000
8,000
28,000
45,000
23,000
21,000
2,000
5,000
694,000

946,000

820,000

1,951,000 1,529,000 2,370.000 1,891,000
Total European stocks
116,000
118,000
India cotton afloat for Europe...... 237,000 215,000
303,395 300,740
233,334 314,430
Amer. cotton afloat for Europe
34,000
42,000
18,000
49,000
Egypt,Brazil,&c.,aflt.for Europe_
267,000 225,000
134,000
2.3,000
Stock In Alexandria, Egypt
453,000 605,000
570,000 753,000
Stock In Bombay, India
571,154
525,693
599,231
506,263
Stock in U. S. ports
626.193 463,034
457,596 463,709
Stock In U. S. Interior towns
15,799
4,522
18,689
12,217
U. S. exports to-day
4,1- 19,410 3,971,521 4,702,341 4,221,727
Total visible supply
Of the above, totals of American and other descriptions arc as follows:
Americanbales.1,019,000 705,000 1,239.000 858,000
Liverpool stock
68,000
60,000
43,000
87,000
Manchester stock
652,000 653,000 910,000 741,000
Continental stock
314,430 303.305 300,740
233.334
American afloat for Europe
571,154
525,693 599,231
U S. port stocks
506,263
626,193 463,034
457,596 463,709
U. S. interior stocks
4,522
15,799
18,689
U S. exports to-day
12,217
2,967,410 2,723,521 3,742,341 3,017,727
Total American
East Indian, Brazil, &c.
126,000
69,000 114,000
120,000
Liverpool stock
9,000
8,000
5,000
London stock
6,000
11,000
11,000
Manchester stock
20,000
13,000
79,000
Continental stock
41,000
36,000
47,000
India afloat for Europe
237,000 215,000 118,000 116,000
34,000
Egypt, Brazil, &c., afloat
42,000
18,000
•49,000
Stock In Alexandria, Egypt
203,000
134,000 267,000 225,000
Stock In Bombay, India
605,000
570,000 753,000 453,000
Total East India, &c
Total American

1,152,000 1,248,000 1,050.000 1,204,000
2,977,410 2,723,521 3,742,341 3,017,727

Total visible supply
• 4,119.410 3,1)71,521 4,792,341 4,221,727
5.66d.
Middling Upland, Liverpool
5.27d.
7.92d.
7.83d.
10.250.
Middling Upland, New York._
15.25e.
10.25c.
14.60c.
Egypt, Good Brown, Liverpool
8 qd. 8 9-16d.
10d. 16 0-16d.
9.85d.
7.75d.
11.00d.
Peruvian, Rough Good, Liverpool 11.25d.
534d.
Broach, Fine, Liverpool
7 7-16d. 7 9-16d. 5 1-16d,
• • 5d.
• • 5d.
Tinnevelly, Good, Liverpool
7 5-16d. • 7 Sid.

Continental imports for the past week have been 149,000
bales.
The above figures for 1911 show a decrease from last week
-666
of 150,872 bales, a gain of 147,889 bales over 1910, a decrease of 672,931 bales from 1909, and alloss of 102,317
600 bales over 1908.
100

APR. 8 1911.1

THE CHRONICLE

AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detail below.
.1zzontcr44m0.
4n,
n ,(2,
.9'F
1*4tg
R220PgiMNP-iii2h05%*apgal51$5,*
g rn.11,55',4.tac,g2earJo5gog5 w 21:1000,gg
VgrE:P4V,F.Snofs'ir,gAcr,or.:- - 55,-?.?".1 e*
0..
w
0 •Ft.
05'

.S3

o

Week ending
April 7.
Galveston
New Orleans_
Mobile
Savannah
Charleston
Wilmington_
Norfolk
Baltimore
Philadelphia _ _ _
Augusta
Memphis
St. Louis
Houston
Little Rock_ _ _ _

I

.

C1

CO
00

.
0.O.
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V.00.04.0...03000030 43.4...O33V0390000.
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,
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Receipts.

CA

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Movement to April 8 1910.

04
.4 1 . 1 '
.
C.014.0.3 19.03 34 9-. .. 19-30,00 :0 43.03.t3.
,
ol 1 COI Ja. i
c . ml mo .t.,-4090ee3C30439.l0e4e5000009-cveac000 oc.......:.ea
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A.

Movement to April 7 1911.

Week. I Season.

W. W

The above totals show that the interior stocks have decreased during the week 24,829 bales and are to-night 6,113
bales less than at the same time last year. The receipts
at all the towns have been 5,617 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
----1910-11---Since
Week. Sept. 1.

April 7ShippedVia. St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

-1909-10--Since
Week. Sept. 1.
8,081
337,511
3,762
150,806
20,044
50
92,329
1,893
824
40,365
1,089
110,737
132,677
2,461

6,375

449,060
188,788
25,830
3,547
117,362
831
62,012
1,378
156,635
2,162
157,627
16,569 1,157,314
2,276

Total gross overland
Deduct shipmentsOverland to N. Y. Boston, &a
Between interior towns
Inland, &a., from South

1,505

Total to be deducted
Leaving total net overland •

37,545

1,197

53,185

1,226

38,144

18,160

884,469

1,920
984
1,451

78,139
38,260
46,666

3,928

238,874

4,355

163,065

12,641

918,440

13,805

721,404

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
as been 12,641 bales, against 13,805 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 197,036 bales.
-1910-11
Since
In Sight and Spinners'
Sept. 1.
Week.
Takings.
Receipts at ports to April 7
37,853 7,891,405
Net overland to April 7
12,641
918,440
Southern consumption to April 7_ 49,000 1,466,000
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight April 7

1909-10
Week.
81,845
13,805
46,000

Since
Sept. 1.
6,491,238
721,404
1,617,000

99,494 10,275,845
405,818
*24,829

141,650
*37,177

8,829,642
380,516

_
74,685
10,682,663

104,473

North. spinners' takings to Apr. 7. 21,909

1,812,976

0,210,188
17,183

1,823,578

• Decrease during week.

Movement into sight in previous years:
Week1909-April 9
1908-April 11
1907-April 12 •
1906-April 13

Bales.
124,630
135,074
100,847
138,962

Since Sept. 11908-09-April 9
1907-08-April 11
1906-07-April 12
1905-06-April 13

Bales.
11,868,177
10,026,678
12,114,436
9,470,688

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.



14'%
14%
143%
14%

143%
14 %
143%
14%

1 143%
!14 %
143%
14%

143%14 7-16
14.65
143%
1431
1431
14 5-16
1431

14'%
14.75
1431 •
14 %
3
14%
3
!14.%
.14%

14%
1431
14%
14%

1431
14 %
14%
14%

14%
14 7-16
14%
14 5-16

I
14'%
14.75
1431
14'%
1431
1431
1431

14 %
14.85
1431
1431
143%
14%
14%

1431
14.85
143%
1431
14%
143%
14%

ii-6-16

Sat'day, Monday, Tuesday, Wed'day, Tlaursd'y, Friday,
April 1. April 3. April 4. April 5. April 6. April 7.

a

00
CO

Closinp Quotations 'or Middling Cotton onSarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.

NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

GT,R.

W .
. C.,

967

AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options
• Nominal.

14.10'

-@-@14.10 - 14-.22 -14.10-.20 14-.31 - 14.37 -

14.22-.29 14.24-.30 14.29-.39 14.35-.43 14.38-.50 14.46-.55
14.25-.26 14.26-.27 14.38-.39 04.35-.36 14.47-.48 14.52-.53
-@-@ 14.25-.26 14.26-.27 14.38-.40 14.35-.37 14.47-.49 14.52-.53
14.22-.30 14.27-.32 14.31-.42 14.37-.44 14.39-.50 14.49-.55
14.27-.28 14.29-.30 14.41-.42 14.37-.38 14.48-.49 14.52-.53
13.72-.78 13.85 - 13.85 89
13.61 13 62 -13.67 -- 13-.78 -13.73-.75 13.80-.83 13.87 12.50-.54 12.53-.59 12.60-.65 12.62-.67 12.63-.68 12.64-.59
12.53-.54 12.57-.58 12.64-.65 12.62-.63 12.65-.66 12.67-.68
- ®
- @ -- @ 12.47-.48 12.50-.53 12.58-.60 12.56-.57 12.59-.61 12.61-.63
12.43-.46 12.48-.53 12.53-.59 12.57-.60 12.57-.64 12.60-.62
12.45-.46 12.52-.53 12.57-.58 12.55-.56 12.59-.60 12.61-.62
-@
@-

-- 3

12.62 -- 12-55-.56 12-.59-.61 12.63 -

Steady. Quiet. Steady. Very st'y
Steady. Steady. Steady. Steady.

Firm.
Quiet.

Steady.
Steady.

WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South are in the main
quite satisfactory. Rains are reported as quite general over
the belt and the soil has been benefited thereby. Where the
precipitation has been heavy,farm work has been somewhat
delayed, but on the whole good progress has been made with
preparations for planting, and in many districts the putting
in of seed is under way.
Galveston, Texas.-We have had rain on two days the past
week, the precipitation being one inch and eight hundredths.
Mean thermometer 68, highest 72, lowest 64.
Abilene, Texas.-There has been rain on three days of the
week, to the extent of one inch and thirty-six hundredths.
The thermometer has ranged from 48 to 64.
Palestine, Texas.-Rain has fallen on three days during
the wcek, the precipitation reaching one inch and seventyeight hundredths. The thermometer has ranged from 52 to
70.
San Antonio, Texas.-It has rained on two days of the
week, the rainfall reaching one inch and four hundredths.
The thermometer has ranged from 54 to 70.
Taylor, Texas.-We have had a rainfall of one inch and
sixty-eight hundredths during the week, on three days.
Mean thermometer 63, highest 70, lowest 56.
Vicksburg, Mississippi.-We have had rain on two days
during the week, the rainfall being one inch and ninety-two
hundredths. The thermometer has ranged from 55 to 86,
averaging 70.
Helena, Arkansas.-The rain this week, while it interfered
with farming, improved the soil. Little cotton planted yet,
but acreage will be increased. There has been rain on two
days of the week, to the extent of four inches and twentyfive hundredths. The thermometer has averaged 71.4, the
highest being 85 and the lowest 43.
Mobile, Alabama.-Very heavy local rains on Tuesday
and Tuesday night. Crop reports are very favorable. Cotton planting is making good progress. We have had a rainfall of eight inches and ninety-five hundredths during the
week, on three days. Average thermometer 67, highest 82,
lowest 52.
Montgomery, Alabama.-The present outlook is favorable,
owing to good. rains. It has rained on two days of the week,
the rainfall reaching two inches and fifty-seven hundredths.
The thermometer has averaged 67, the highest being 85 and
the lowest 42.
Selma, Alabama.-There has been rain on two days during
the week, to the extent of one inch and ten hundredths. The
thermometer has averaged 67.5, ranging from 43 to 85.
Madison, Florida.-It has rained on one day of the week,
the rainfall reaching one inch and forty hundredths. The
thermometer has ranged from 56 to 86, averaging 74.
Savannah, Georgia.-We have had rain on one day the
past week, the rainfall being sixty-four hundredths of an
inch. The thermometer has averaged 66, ranging from 45
to 85.
Charlotte, North Carolina.-There has been rain during the
week, to the extent of eighty hundredths of an inch. The
thermometer has averaged 58, the highest being 78 and the
lowest 38.
•

THE CHRONICLE

968

Charleston, South Carolina.-We have had rain on one day
during the week, the rainfall reaching thirty-four hundredths
of an inch. Thermometer has ranged from 53 to 76, averaging 65.
Memphis, Tennessee.-Preparations for the next crop are
active. There has been rain on two days of the week, to the
extent of three inches and forty hundredths. The thermometer has averaged 63, ranging from 40 to 84.
New Orleans, Louisiana.-It has rained on one day of the
week. The thermometer has averaged 72.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1910-11.

Cotton Takings.
Week and Season.

Week.

1909-10.

Season.

Week.

Season.

4,270,282
4,187,533
Visible supply March 31
1,495,514
Visible supply Sept. 1
1,931,022
74,665 10,682,663 104,473 9,210,188
American in sight to April 7_ _ _
76,000 1,670,000
Bombay receipts to April 6 ___ _
82,000 2,469,000
Other India shipls to April 6._
15,000
263,305
254,000
7,000
Alexandria receipts to April 5_ _
5,000
647,000
980,000
1,000
Other supply to April 5 •
4,000
194,000
220,000
2,000
• Total suPply

4,444,947 15,311,482 4,394,006 14,705,210

DeductVisible supply April 7

4,119,410 4,119,410 3,971,521 3,971,521

Total takings to April 7
325,537 11,192,072 422,485 10,733,689
• Of which American
251,537 8,508,767 248,485 7,940,689
Of which other
74,000 2,683,305 174,000 2,793,000
•-tiabraces receipts in Europe from Brazil, Smyrna, West Indies, &o.
-

INDIA COTTON MOVEMENT FROM ALL PORTS.
April 6.

1910-11.

1909-10.

1908-09.

Receipts 02

Since
Week. 1Sept. 1.

Since
Week. Sept. 1.

Since
Week.1 Sept. 1.

76,000 1,670,000 82,000 2,469,000 45.0001 1,573,000

Bombay

Since September 1.

For the Week.
Exports
from--

Great
Great Conti- 1Japan
Britain. nent. &China Total. Britain.

Bombay22,000
22,0001
1910-11_ _
36,000
1909-10._ -9:(5156 27,000
1908-09__ 2,000 28,000, 82,000 112,000
Calcutta3,000
3,000
1910-11_
2,0001 9,000 11,000
1909-10_
1,000 1,000 2,000
1908-09Madras1910-11_
1909-10_
1908-09_
All others12,000
1910-11_
12,000
26,000
1909-10__ 1,000 25,000
1908-09_
22,000 3,000 25,000
Total all37,000
1910-11_
37,000
1909-10 _ 10,000 54,000 9,000 73,000
2,000 51,000 86,000139,000

Japan
Continest. & China. Total.

25.000 569,000 352,000 '946,000
69,000 679,000 568,000 1,316,000
19,000 439,000 469,000 927,000
2,000
3,000
4,000

24,000
27,000
28,000

13,000
34,000
26,000

39,000
64,000
58,000

8,000
4,000
3,000

18,000
9,000
15,000

5
1,000
2,000

26,005
14,000
20,000

27,000
18,000
13,000

170,000
156,000
132,000

1,300 198,300
2,000 176,000
14,000 159,000

62,000 781,000 366,3051,209,305
94,000 871,000 605,0001,570,000
39,000 614,000 511,0001,164,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 5.
Receipts (cantars)This week
Since Sept. 1

Exports (bales)To Liverpool
• To Manchester
• To Continent
To America

1910-11.

1909-10.

1908-09.

*40,000
7,350,377

11,000
4,853,013

35,000
6,489,891

This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
*3,000 186,118
*2,000 187,408
*4,000 312,331
*1,000 96,386

1,500 133,469 4,250 151,566
3,000 112,389
157,133
7,000 248,196 14-,80-13 265,032
600 56,640 3,250 61,913

*10,000 782,243 12,100 550,694 21,500 635,644
Total exports
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
• Estimated.

[VOL. Lxxxxn.

GALVESTON-To Bremen-April 6-Bellucia, 8,892
To Hamburg-April 1-Dettingen, 2,763
To Barcelona-April 1-Gerty, 5,154
To Venice-April 1-Gerty, 1,465
NEW ORLEANS-To Liverpool-April 1-Almerian, 2,730
To Belfast-April 7-Ramore Head, 1,875
To London-April 3-Etonian, 843
To Havre-April 7-Virginie, 294
To Bremen-April 5-Norman Prince, 4,097
To Hamburg-April 5-Cycle, 495
To Antwerp-April 3-Etonian, 450
SAVANNAH-To Liverpool-April 6-Burbo Bank, 221
To Hamburg-April 1-Urko Mendi, 4.736
To Reval-April 3-Montauk Point, 50
To Malmo-April 1-Urko Mendl, 200
To St. Petersburg-April 3-Montauk Point, 200
CHARLESTON-To Barcelona-April 1-Lodovica, 800
To Genoa-April 1-Lodovica, 750
To Venice-April 1-Lodovica, 550
To Trieste-April 1-Lodovica, 450
BOSTON-To Liverpool-April 4-Bohemian, 150
BALTIMORE-To Bremen-April 5-Chemnitz, 875
PHILADELPHIA-To Liverpool-Mch. 31-Ilaverford, 100
To Antwerp-Mch. 31-Nlanitou, 100
TACOMA-To Japan-April 1-Tacoma Maru, 999

Total'bales_
8,892
2,763
5,154'
1,465
2,730.
1,875.
843
294
4,097
495.
450
221
4,736
50.
200
200
800
750
550
450150
875
100
100
999
47,538

Total

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:Mch. 17. Melt. 24.
60,000
bales.. 52,000
Sales of the week
4,000
3,000
Of which speculators took__
3,000
5,000
Of which exporters took__ _
54,000
48,000
Sales, American
18,000
10,000
Actual export
83,000
78,000
Forwarded
1,268,000 1,222,000
Total stock-Estimated
1,150,0001,104,000
Of which American
55,000
64,000
Total imports of the week
46,000
51,000
Of which American
119,000
139,000
Amount afloat
83,000
• Of which American
106,000

Mch. 31.
55,000
4,000
4,000
60,000
6,000
72,000
1,187,000
1,069,000
43,000
33,000
122,000
85,000

April 7.
64,000
1,000
2,000
60,000
11,000
78,000
1,139,000
1,019,000
40,000
30,000
109,000
62,000

The tone of the Liverpool market for spots and futures.
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Market, 1
12:15 ) Quiet.
P. M. J

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Good
demand,

Good
demand.

Good
demand.

Steady.

Good
demand.

Mid.Uprds

7.64

7.68

7.68

7.78

' 7.79

7.83

Sales
Spec.&exp.

5,000
300

12,000
500

10,000
1,500

8,000
1,000

10,000
1,000

10,000
1,000

Steady at
10234
pts. adv.

Steady at
26334
pts. adv.

Futures. Steady at Quiet 1 pt. Quiet,
Steady at
Market 1 25403 dec. to IA partially, 2404 pts.
J pis. dec. pts. adv. 1 pt. dee. advance.
opened

Market, 1 Steady at Steady at V'y st'y at Barely st'y, Steady at Quiet,unch.
4
) 10134
103A
1%04% ;402 pts. 10)5 pts. to 234 pts
nehrn rtnn
n risrnrInea
n.l..nr6n.
.4
TIN Ark, ',to ...
I ilt1.4 flPft
P. M

The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.

Thus, 7 42 means 7 42-100d.

Fri.
Sat.
Wed. I Thurs.
Mon.
Ayr. 1
Tues.
to
Apr. 7. 1234 1234 12 3.11 4 1234 4 11234 4 12% 4 12% 4
p.111.
p.m. p.m. p.m.:p.m. p.m. p.m. p.m. p,m. p.m. p.m.
7 42 435-4 143 4354 4734,51;4 49 52 A 54 54 56
April _ _ _ _
741 43 42 A 43 47 151
48 A 52 53 53 55%
Apr.-May.
741
43 42% 43 47 51
48 A 52 53 53 55%
May-June
737 39 385439 42 A 46 43% 47 4734 47;4 50
June-July
732 34 34 3434 37% 41 38% 42 4234 4234 45
July-Aug_
Aug -Sep..... 710 13 125413 15 19 1654 1954 20 20 2154
682 86 853486 87 0054 89 191 90 90 9154
Sep.-Oct.. ._
6 69 73 72% 73 74 7734 74;4177 76 76 76%
Oct.-Nov _
6 64 A 68 A 68 6834 69 A 75 70%172;4 71 A 7134 72
Nov.-Dec.
6 6354 6754 67 68 6854 72 89% 71 % 70% 70% 71
Dec.-Jan _
6 6354 6734 67 68 68;4 72 69 A 71 A 70 M 72 71
_
Jan.-Feb
,68 68 69 69 A 73
Feb.-Mch.
„ _ 70% 72;4•7154 7254 7154.
169 88% 69% 70 7a )4 71 73 72
Mch -Apr. -.-

BRF_ ADSTUFFS.
MANCHESTER MARKET.-Our report receNed by cable
to-night from Manchester states that the market continues
Friday Night, April 6 1911.
quiet for yarns and firm for shirtings. The demand for cloth
has been in only moderate demand as a rule and
Flour
is good. We give the prices for to-day below and leave
dut little or not at all on most
those for previous weeks of this and last year for comparison. prices have in general changed
transactions. The disposition of buyers has still been to
1910,
1911.
purchase only from hand to mouth, seeing that prospects
834 lbs. Shirt- Corn for the wheat crop have been generally favorable and that
83 Ms. Shill- Col'n
ings, common Mid.
32s Con
ings, common Mid.
32..1 Cop
to finest.
Upt,s the drift of prices for wheat seems to many to be downward.
Twist.
Upt's
to finest.
Twist.
At Minneapolis trade has shown spasmodic signs of life and
6.
d.
d.
s.
d.
s.
d.
d.
d.
s,
d.
d. e. d.
Feb.
reports
have been current that on Wednesday and Thursday
17 10% @ 11% 5 7A@11 0
7.61 10 7-1654 1134 55 @9 10% 8.10
24 107-160 11% 5 7 (910 10% 7.51 10 7-160 11% 55 09 10% 7.99 some 200,000 barrels were sold; but from the Southwest the
Mch
8.07 reports have in some cases been gloomy. Some Kansas
3 107-160 11% 5 7 O10 1034 7.64 10% @ 113.i 5 6 010 0
8.05
10 1034 0 1134 5 6;4010 10 7.66 1034 58 11345 6 0)10 0
lack of shipping di8.17 mills have closed down because of the
17 1034 58 11 34, 5 11 @II 0 7.75 101-4 58 1134 5 6 110 0
24 1034 0) 1134 5 11 0,11 0 7.731034 ou 1134 5 634010 IA 8.15 rections.
134
010
7.96
7
31 1054
1154 5 11 is 11 0 7.70 10A 58 113415
Wheat has at times been strong, partly through a presApr.
7.92 sure to cover "short"
7 109-160119-16 5 11 On 0 7.83105-4 @ 115-4 5 75-458103
contracts, a natural result of the yerv
SHIPPING NEWS.-As shown on a previous page, the universality of bearish sentiment and the overcrowding from
exports of cotton from the United States the past week have time to time of the short side. Also, however, some of the
reached 47,538 bales. The shipments in detail, as made reports from Europe in regard to the weather have not been
favorable. In particular, unseasonably cold weather has
up from mail and telegraphic returns, are as follows:
Total bales. prevailed in Germany, Russia, France and England, and,
NEW YORK-To Liverpool-Mch. 31-Cedric, 2,161 upland, 100
2,336 besides the supplies in parts of Russia appear to be someSea Island, 75 foreign
838 what reduced. What is more, there has been some revival
To London-Mch. 31-Minneapolls, 838
500
To Havre-April 1-Chicago, 500
2,756 of export demand in this country, notably from the ContiTo Bremen-April 5-Roon, 2,756
148 nent. Most of the business has been done at Winnipeg,
To Hamburg-Mch. 30-President Lincoln, 148
100 where on
To Antwerp-Mch. 31-Vaderiand, 100
Wednesday some 250,000 bushels of Manitoba
To Genoa-Mch. 31-Berlin, 800_ _ _ _April 6-Principe di Pie1,000 wheat, it appears:were sold for shipment to Europe. But
monte, 200
To Naples-Mch. 31-Berlin, 336; Italia, 50_ _ _April 4-Florsomething like 80,000 bushels of No. 2 red have also been
471
ide, 85
150 sold at New York and the outports, mostly, it appears, for
To Leghorn-Mch. 31-Italla, 150




APR. S 1911d

969

THE CHRONICLE

Antwerp. The renewal of export business after so
long an interval of profound dulness has had some
'moral effect on the American markets, even though
the actual share of the American trade in such transactions
has been modest. It is a pleasing circumstance to many,
however, that, at least so far as concerns what is termed
soft grades of wheat, American prices are at or very close to
an export parity, so that further export business may perhaps reasonably be hoped for from time to time this spring
and in the coming summer. Quotations in this country are
•some 20 to 30 cents per bushel lower than a year ago, and
they therefore appear to be at least on a more rational basis.
Still the consensus is that through what is regarded as the
logic of events, i. e., big supplies, and, seemingly a prospective big crop-prices can hardly fail gradually to seek a still
dower plane. Of late the Northwest has been favored with
rains, which were needed, though the temperatures have been
rather lower than could have been desired. At times, it is
true, the markets of Continental Europe have been noticeably strong at some advance, and at Buenos Ayres quotations have also occasionally shown no little strength. But
such exhibitions of firmness appear to be merely a passing
phase, and as regards the Liverpool market prices there have
.of late plainly failed to come up to the expectations of the
"bulls" on this side of the water, notably on Thursday.
Two well-known crop experts have latterly issued very favorable reports as to the outlook in this country. And as regards Argentina it is a fact worthy of note that the estimates
of increased shipments from that country during the present
week had a noticeably depressing effect here in the latter
part of the week, more than offsetting any occasional rise
,of prices at Buenos Ayres. To sum up, the general opinion
'is that under the operation of the law of supply and demand,
prices must reach a still lower level. Little attention is paid
to the smallness of receipts at American primary markets
-a,nd some decreases in Northwestern stocks. To-day prices
declined, owing to large Argentina shipments, and an
expectation of a statement of large world's shipments on
Monday, favorable weather at the West and lower European
prices, especially at Paris, where a sharp fall occurred. But
later there was a rally, owing to light Northwestern receipts
and covering.

NEW YORK.

DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs.
913% 913% 913% 923% 91'%
No. 2 red winter
93 A 91 % 923% 93 % 92%
May delivery in elevator
93
92 A 92% 933% 923%
July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. . Wed. Thurs.
May delivery in elevator
853% 843% Hell- 863% 853%
88
85
day. 85% 85 g
July delivery in elevator
863% 853%
September delivery in elevator_ _ _ _ 88 % 85 %

Fri.
913%
93 %
93

CHICAGO.
Fri.
87
85 %
85 g

GRAIN
Wheat, per bushelN. Spring, No. 1
N. Spring. No. 2
Red winter. No. 2
Hard winter. No. 2

$1 043%
91 M
963%
Cents.
373%
373%
37

Oats, per bushel. newStandards
No. 2 white
No. 3 white

Cents
Corn, per bushel543%
No. 2 ____ ___,levator
53 A
No. 2 steamer elevatcr
543%
No. 3 _ _
elevator
_Rye, per bushel
98
No. 2 Western
Nominal
State and Pennsylvania
1 O8®1 12
Barley-Mditing

The statements of the Movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday ,and
since August 1 for each of the last three years has been:.
•
Receipts at-

Flour.

Wheat.

I

Corn.

Oats.

Barley.

Rye.

bbls.19616s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu. 56 lbs.
98,170
Chicago ___
181,300 1,806,250 1,377,000
421,500
41,000
Milwaukee__
o- 2,250
111,870
154,810
234,600
257.400
47,940
Duluth
12,200
53,207
7,140
26,205
Minneapolis_
1,298,041
108,140
179,740
326,050
35,720
42,000
Toledo
187,000
30,000
3,400
18,229
Detroit
94,070
27,263
Cleveland
1,794
11,858
36,668
77,338
202,739
48,300
550,370
St. Louis
413,100
14,000
3,309
23,000
40,800
319,717
Peoria
108,800
35,432
7,700
246,000
Kansas City.
259,200
79,900
266,914
313,097
370,127

Total wk.'11
Same wk.'10
Same wk.'09

2,188.244
3,315,117
2,895,924

3,523,365
2,567,580
2,195,904
.

2,527,741 1,080,587
2,504,082 1,549,383
2,139,920 1,263,793

135,669
81,416
86,704
,

Since Aug. 1
1910-11_ 11,202,891 174,683,174 215,198,288 139,319.044 54,216,321 4,479,818
1909-10._ 15,368,015 210,036,450 130,087,753 47,649,482 64,969,334 5,702,008
1608-60_ 14.510.257 189.794.509 109.561.781 123.707.957 69.993.337 5.478.601

Total receipts of flour and grain at the seaboard ports for
the week ended April 1 1911 follow:
Flour,
bbls.
Receipts at147,229
New York
32,092
Boston
14,000
Portland, Me
Philadelphia
52,277
53,270
Baltimore
29,766
New Orleans *
Newport News_ _ _ _
3,800
3,213
Norfolk
Galveston
4,602
Mobile
11,702
Montreal
35,000
St. John
Total week 1911__ 386,951
Since Jan. 1 1911__4,68e,271
411,791
Week 1910
Since Jan. 1 1910_4.595,538
not
include
* Receipts do
on through bills of lading.

Wheat,
bush,
213,600
16,98
294,000
48,204
52,382

22,000
38,400
474,000

Corn,
bush.
219,375
22,717
17,000
52,946
84,181
194,900
77,142
66,000
3,000
2,250
14.850
128,000

$ Oats.
bush.
285,175
77,320

Rye,
bush.
3,450

Barley.
bush.
15,819

1,600
4,363

128,973
70,012
82,500

2,300
23,581
30,000

9,590

882,361
25,409
9,413
1,159,384
699,861
12,557,826 33,243,186 10,980,230 1484,196 187,043
936,261
1,266.941
898,502
42,398
31,073
15,181,165 14,915,842 10,522,257 914,792 281,676
grain passing through New Orleans for foreign ports

The exports from the several seaboard ports for the week
ending April 1 1911 are shown in the annexed statement:
Exports fromNew York
Portland, Me......_
Boston
Philadelphia
Baltimore
New Orleans _
Newport News_
Mobile
Norfolk
St. John, N. B.__

Wheat,
bush.
164,688
294,000
130,615
226,000
40,000

Corn,
bush.
329.536
17,000
315.668
301,000
460,561
270,000
77,142
2,250
66,000
128,000

Flour,
bbls.
92,101
14,000
13,522
28,000
20,141
15,084
3.800
4.602
3,213
35.000

Oats,
bush.
1,881

Rye,
bush,

Barley,
bush.

Peas,
bush.
2,027

Indian corn has been irregular in price, following much of
60
the time in the wake of wheat, declining at times of late in
2,050
180
spite of the news of wet weather in the Southwest and of
to
corn
of
Toads in such bad condition that the movement
2.300
market has been noticeably interrupted. The idea is widely
30,000
474,000
prevalent that the next crop is not unlikely to be a large one,
week____1,329,303
1,967,157
222,373
2,207
Total
and no great attention was paid to some unfavorable crop
3
16
1,293
90
1
5,261
908,330 828,452 175,846
reports from Argentina, accompanied, significantly enough, Week 1910
The destination of these exports for the week and since
by an advance at Buenos Ayres on Thursday of equal to
1 Mc. to 1 8c. Yet on that very day corn in American mar- July 1 1910 is as below:
Corn
Flour
Wheat
kets closed lower than on the previous day, merely because
Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
wheat quotations reacted and ended at a decline. The con1910. April 1.
1910. April 1.
1910.
/or meek and April 1.
clusion seems unavoidable that, to say the least, nobody is Exports
bush.
bush,
ibis.
bits.
bush.
bush.
Since July 1 tovery seriously alarmed Over the outlook for the world's crops United Kingdom__ 98,437 3,283.643 1,034,402 27,437,633 619,122 17,466,043
49,054 1,469,767 259,751 14,727,580 1,293,294 19,350,235
Continent
and prospective supplies at home or abroad. Any advance Sou.
25,150
281,702
22,055 2,154,524
& Cent. Amer_ 18,772 813,334
has been attributed more to scattered covering of shorts than West Indies
7,549
30,324 993,881
32,686 1,160,064
69,097
14,354
Nor. Mn. Cols_
anything else. To-day prices weakened, owing to clearing Brit.
10,000
25,000
27,361
Other Countries_ _ _ _ 32,786 199,705
weather at the West, lower cables and liquidation, but rallied
229,373 6,829,627 1,329,303 42,479,464 1,967,157 40,172,581
Total
later on short covering.
Total 1909-10
175,846 7,632,558 908,330 68,620,713 828,452 26,234,640
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
The
shipments of wheat and corn for the week
world's
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
53
53 M 54 A 553% ending Apr. 1 1911 and since July 1 1910 and 1909 are
53
53
553%
55
55
543%
May delivery in elevator
55
543%
shown in the following:

CHICAGO.

DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
48 M
46
May delivery in elevator
463% Holt- 47 M 47
483% 48 M day. 49 % 403% 49 N
July delivery in elevator
50% 50 % 50%
September delivery in elevator__. 49 % 50

Oats have been quiet on the spot but some renewal of business in "futures" here is noticeable after a long silence.
The fluctuations in prices have been merely an echo of those
in wheat and corn, especially corn. It is obvious that supplies are ample for the existing trade and in the judgment of
many no material or lasting advances in prices can be established except as a result of some development as yet unforeseen. To-day prices were firmer, with a fair cash business in
Chicago.

NEW YORK.

DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues. Wed. Thurs, Fri.
373% 373%
Standards
363% 36
36
36
white
2
37 4 373%
No.
363% 363% 363% 37
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Thurs.
Wed.
Sat. Mon. Tues.
Fri.
29 M 293% Roll- 303% 30
May delivery in elevator
303%
304 30 % day. 30
30 % 303%
July delivery in elevator
303% 30 % 303%
September delivery in elevator..- _ _ 303% 303%

The following are closing quotations:
FLOUR.
Winter. low grades____$2 75@$3 25 Kansas straights. rutok_54 25(444 40
4 70 Kansas clears, sacks___ 3 60
4 55
Wlmer patents
4 00
5 70
4 00 City patents
6 10
3 80
Winter straights
4 00
3 70 Rye our
Winter clears
4 75
3 45
3 90
Spring patents
4 75t 5 10 Graham flour
4 00
4 65 Corn meal, kiln dried__
2 65
Spri..g straights
4 40
Spring clears
3 75@ 4 151




Wheat.

Corn.

1910-11.

Exports.

Week
April 1.
Bushels.
North Amer. 3,688,000
Russia
2,200,000
1,184,000
Danube
Argentina _ 2,624,000
Australia _
1,864,000
536,000
India
0th. countr's
48,000

1909-10.

Since
July 1.

Since
July 1.

1910-11.
Week
April 1.

Bushels.
Bushels. Bushels.
98,603,000 113,288,000 1,820,000
167,064,000 165,984.000 808,000
76,224,000 16,218,000 740,000
57,834,0001 40,198,000
40,976.000 30,052,000
36,718,000
6,424,000,136,128,000

1909-10.

Since
July 1.

Since
July 1.

Bushels.
36,728,000
15,167,000
58,435,000
55,338,000

Bushels.
23,242,000
13,676,000
17,811,000
60,003,000

1

Total_ ___ 12144000483,843,000 401,868,000 3,368,000165.668,000 114,729,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
April 1 1911_
Mch.25 1911_
April 2 1910__
April 3 1909_
April 4 1908_

Corn.
Total.

Bushels. Bushels. I Bushels.
25,088,000 32.968.000 58,056,000
25,144,000 31,896.000 57,040.000
34,240,000 16,080,000 50,320.000
30,048,000 19,840,00049,928,000
33,280,000 23,240,00056,520,000

Uuited
Kingdom. Continent.I
Bushels.
2,975,000
3,545,000
1,955,000
2,720,000
1.480,000

Total.

Bushels. I Bushels.
6,350,000 9,325,000
7,064,000 10,609,000
2,720,000 4,675,000
2,890,0001 5,610,000
2,920,000 4,400.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 1 1911, was as follows:

.fvoL.

THE CHRONICLE

970
AMERICAN GRAIN STOCKS.
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
afloat
Chicago
afloat
Milwaukee
Duluth
afloat
"
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis

Wheat,
bush.

Corn,
bush.

Oats,
bush.

884,000
185,000
40,000
223,000
3,000
61,000
1.555,000
198,000
1,004.000
232,000
100,000
4,962,000

511,000
270,000
447,000
1,102.000
491,000
35,000
1,000

605.000
1,000
35,000
131,000
113,000
291,000
160,000
133,000
95,000

404.000
225.000

26,000

17.000

4,000

168,000

8,000

1.000

123,000
266,000
221,000
247,000
69,000

6.705,000

122,000
5,607,000

396,000
1,028,000

6,000

14,009,000
1,312.000
3,476,000
17,000
162,000

351,000
297,000
621.000
156,000
576,000

1,724,000
126,000
111,000
1,461,000
14,000

56,000
3,000

49,000
26,000

3,000
114.000 1,190,000
136,000 1,345,000
686.000 2,990.000
500,000 3,212,000

Wheat,
bush.

Corn,
bush.

Oats,
bush.

271,000
5.270,000
318,000
4,490,000
1,617,000

9,000

549.000
2,569,000
240,000
2,941,000
726,000

77,000

7,025,000
9,000
6,669.000
4,000
355,000
28,000
171,000
28,000
SUMMARY.

77,000
89,000
54,000
98,000

Total April 1 1911.._11,966.000
Total Mch. 25 1911_ _11,262,000
Total April 2 1910_ _10,447,000
Total April 3 1909-- 8,310,000

American
Canadian

Barley,
bush.

2,762.000
1,510,000
579.000
828,000

Total April 1 1911_34,152,000 11,166.000 13,129,000
Total Meh.26 1911_ _35,149,000 11,754.000 13,761,000
9,965.000
Total April 2 1910- _29.004,000 13,778,000
Total April 3 1909_ _36,142,000
6.923,000
9,062.000
CANADIAN GRAIN STOCKS.
Montreal
Port William
afloat
"
Port Arthur
Other Canadian

Rye,
bush.
11,000

Rye,
bush.

Barley,
bush.

Wheat,
bush.

Corn,
bush.

Oats.
bush.

Rye,
bush.

Barley,
bush.

34,152,000
11,966,000

11,166.000
9,000

13,129,000
7,025,000

114,000

1,190,000
77,000

114,000 1,267,000
Total April 1 1911.. _46,118,000 11,175,000 20,154,000
136.000 1,434,000
Total Mch. 25 1911__46,411,000 11,758,000 20,430,000
686,000 3,044,000
Total April 2 1910.. _39,451.000 13,806,000 10,270,000
500,000 3,310,000
9,233,000
6,951,000
Total April 3 1900_ _44,452,000
558,000 3,179,000
5,747,000 10,643,000
Total April 4 1908_38,798,000
9,218.000 1,353,000 2,417,000
Total April 6 1907__49,659,000 11,995,000
9,280,000 19,673,000 2,045,000 3,149,000
Total April 7 1906-46,322,000

THE DRY GOODS TRADE.

The value of these New York exports since Jan. 1 has
been $5,924,752 in 1911, against $2,926,780 in 1910.
Bleached cottons continued in good demand and showed a
firmer tendency; an advance shortly would occasion little
surprise, as a substantial volume of business has been booked
by mills and the latter appear unwilling to take many more
orders at the last-named prices. Brown drills and sheetings
remained comparatively dull, demand being light and
scattered; leading brands, however, are reported well under
order and held firm. Some improvement was noted in the
call for tickings, while printed wash fabrics continued to
move steadily for immediate or near-by requirements.
Staple prints were in slightly better demand, reflecting more
confidence among buyers as to the stability of present prices.
Coarse, colored cottons ruled steady under moderate transactions. A fair demand for sheetings came forward from the
Far East, and export trade with miscellaneous ports was of
moderate size. More activity developed in the print cloth
market, and although 383 -inch standard gray goods remained quotably unchanged at Sc., mills generally held
values steadier and some constructions ruled slightly higher
than a week ago.
WOOLEN GOODS.-The primary market for men's wear
was unsettled by the reduction of 10% by the leading factor
on certain lines of black serges and plain twills, buyers apparently believing that this foreshadowed a general price
revision downward. The reduction, however, applied only
to off colors, odd shades and blacks, which have lately been
in poor demand, since the call has run principally to good
shades of blue; standard numbers are still held at former
prices. A few additional orders were received for fancy
worsteds, novelty effects in woolens and fancy overcoatings,
while duplicate orders on fine staple light-weight worsteds
reached fair proportions. The dress goods market displayed little activity outside of moderate transactions in
stock goods, trading being irregular and usually in small lots.
Demand for forward delivery has not favored any particular
fabric or kind,of goods, and uncertainty as to what the future
will develop in .this respect has restricted operations on all
sides. The tariff question is another factor inducing conservatism among both men's wear and dress goods interests.
FOREIGN DRY GOODS.-Woolen and worsted fabrics
were taken in moderate quantities, preference being shown
for the better qualities. Linens met with a fair demand for
quick deliveries to meet spring needs, but buyers proceeded
cautiously in covering later requirements, owing to the comparatively high prices now ruling. Burlaps were moderately
active and firm, light-weights being quoted at 3.90c. and
103/
2-ounce at 5.15c. to 5.20c.

42,015.098

43,568.396

47,763,887

47,554,240

38.933,440

New York, Friday Night, April 7 1911.
Conditions in the cotton goods market showed moderate
improvement during the week. Buying, though by no means
heavy in volume, was somewhat steadier and broader, and
prices of various lines became firmer. Wide sheetings, for
instance, which were sharply reduced recently to a basis of
24c. for Pepperell 10-4 goods, were advanced at the beginning of the week to 25c., mills and agents apparently having
booked all the business they cared to at the lower levels.
Some fairly large sales were reported at the higher price, Importations and Warehouse Withdrawals of Dry
Goods.
indicating confidence on the part of buyers in values now
The importations and warehouse withdrawals of dry goods
prevailing. Following this upward revision, bleached and
wide cottons generally displayed more firmness,. and indi- at this port for the week ending April 1 1911 and since
cations point to further advances on certain lines in the near Jan. 1 1911 and for the corresponding periods of last year:
future. There was a better demand from printers and con0.44.0co
oo
NO
ow
044,00V
verters, certain large users covering their requirements for
ww
W0000 ww
the
gray
prices
in
goods
division
while
two;
or
month
Con
the next
no on co- co- OW
nn
02..N00 on on
co
continued more or less irregular, offerings at concessions were
CO '1. on no
WM
1-1 v-I
cOec
cjaC
less numerous and the market as a whole was steadier than
on
for some time past. A few leading jobbers also were more
N
rft 00 C. t. 04 r. CO
C.0
02
,
r .4
on
inclined to operate on staple domestics for deliveries up to
on co C.000 o n 00
V.4N000 huD
no
haDO0V .4:c9
on
on no
July, but demand for these goods generally was still of a
0000
tiO4t:4 co
40 00 00
00
ri
.0
WW
hand-to-mouth character, with some descriptions in better
,..1
1.4
no
&4
no
W
request than others. Among the week's developments that
.44
Xco,
CD
h0h0V
on
0..
00
attracted much attention in textile trades was the United
on
00 g
.41 00
.
.
: '':
4q6
.11`k
7*"
States Supreme Court's decision regarding restrictive prices,
04
CO 0
. 342
14"; 4...1
000 CO
WO 00
CD
0
h. no
g3
this ru ing being, in substance, that contracts made by
on '1
g i.:1 a'
no 00
no
no 'a
manufacturers with wholesalers and retailers attempting to
OV 0
00
prevent price-cutting, after the manufacturer has parted
h VP CI non
00coN,00 now
•
H
0h
t
4
ati
q
.1.Ncon!
,
:i
,43r000non
h9
on
nNnom
with his goods, are in restraint of trade and therefore illegal;
no
X
on
4-4
n,nn
to what extent this decision will affect selling policies in
no
4-1 0
A4
dry goods markets remains to be ,seen. The reduction of
020
on 0
0000M
hN
Ei
the dividend on the common stock of the H. B. Claflin Com',g2'84.11
04.4NV00
Non
gNiont4 .1 X
pany reflected the trade depression in primary and secondary
-'on
-1 ion
4751
t
Q!:47
NO
No
co
markets, and the conservative policy that is being followed
noN
p
22g2q
CV!
h V
4-7{1,4,, 00 w
:rn
44
.
4O,
everywhere in business. The United Dry Goods Companies,
g
on
n
on B
on the other hand, declared the regular quarterly dividend,
E.
00
0€)
o
no
4
.
CO
nor
•
0000 h 0
since, according to an official statement, retail business
n
no
cO
N00
No
44
:3
S
:
»
2
::
2
Og
• C,0 v.. 0
m
$00 on no .4 on
n
. on no
CD CO 00 h
woo 00 CO w no .1
generally, upon which this concern depends mainly for its rev4onton 0Th
000041.7o
ON
. 0
0.. 02 V 0
1
.4
h
CO on
non
n
on
.4 v no Co on
enue, has been but slightly affected by the course of the
r4
r4
no
no
primary markets. In the woolen and worsted divisions,
on
...1v,
Ov...C.00
NV
g
1Dusiness is materially restricted by prospective tariff changes,
CO
01.01,4,1 MO
..0
CO
n, on
n, on
O 00VON
and, no permanent improvement in conditions is expected
te;a61
.
4nn coO aci
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toO 00
c
cD
no,o
c
until uncertainty over this matter is removed.
El
to,
rA
won 00
i.
4 CO
no
no
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending April 1 were 6,701
00oCOoOc)
00.1
r3
4.0 cr000000
noO 04
41
VIi
1]ir
04i. '4 no
packages, valued at $704,028, their destination being to the
000 no
CO
4oN
0°
.
O
n,,, GO
Mai on
n
,-100
points specified in the table below:
0

l

-----1911
New York to

April 1-

Week.

Great Britain
20
11
Other Europe
_
China
India
1,674
Arabi
Africa - -„--------------------------- -207
777
West Ies
70
Mexico
Central Ainlca349
1,552
South America
1,552
Other countries
• Total




6,701

Since
Jan. 1.

-----1910
Week.

792
202
9
234
196
2
17,481200
383
5,507
556
2,893
9,432
1,136
-55
1,413
7,149
575
10,211
345
21
542
1,953
4,843
39
13,127
17,426
358
9,907
11,016
236
78,249

1,829

38,119

..

B
W
g
<g

Snce
Jan. 1.

ci

c;
I C)
1.
.
.
;1

A
2.

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VI

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all
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El

B.

WE14A
A

A

THE CHRONICLE

APR. 8 1911.1

STAT

AM)

gixe

CITY

Dtritillivit'N't,

Thronicle.

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New York.

MUNICIPAL BOND SALES IN MARCH.
During the month of March new issues of municipal bonds
aggregating $21,632,808 were put on the market. There
were a number of sales of large blocks of bonds, the following
eighteen issues making up more than half the total output:
$1,400,000 4s of Philadelphia (taken by sinking fund), $1,011,000 43.s
of Jersey City, N. J., $1,000,000 5s of Fort Worth, Tex., $1,000,000 4s of
Portland, Me., $783,000 4 Ms of San Diego, Cal., $650,000 5s of Muskogee,
Okla., $550,000 58 of Fort Smith, Ark., $525,000 4%s of Tacoma, Wash.,
$500,000 58 of San Joaquin County, Cal., $500,000 44 of Portland Water
District, Me., $500,000 4s of Buffalo, N. Y., $500,000 43s of Hamilton
County, Tenn., $500,000 4%8 of Louisville, Ky., $500,000 4%8 of Nashville, Tenn., $493,000 58 of Beaumont Navigation District, Tex., $430,000
4%s of Milwaukee, Wis., $400,000 55 of Oklahoma City, Okla., and
*300,000 4 %s of Luzerne County, Pa.

In addition to the $21,632,808 permanent bonds mentioned above, there were sold during March $22,392,467
temporary obligations. Canadian securities sold last month
aggregated $5,375,956.
In the following we furnish a comparison of all the various
forms of obligations put out in March of the last five years:
1911.
1910.
1907.
1909.
1908.
$
16
$
$
$
Permanent loans (U. 5.) 21,632,808 69,093,390 32,680,227 18,912,083 10,620,197
Temporary loans (U. S.) 22,392,467 14,482,588 5,636,069 4,992,567 4,208,215
Canadian loans (perin't) 5,375,956 7,236.210 3,925,403 5,657,812 2,234,924
Total

49.401,231 90,812,188 42,241,699 29,562,462 17,063.336

The number of municipalities emitting permanent bonds
and the number of separate issues made during March 1911
were 238 and 342, respectively. This contrasts with 271 and
354 for February 1911 and 280 and 395 for March 1910.
For comparative purposes we add the following table,
showing the output of long-term issues for March and the
three months for a series of years.
1911
1910
1909
1908
1907
1906
1905
1904
1003
1902

Month of
For the
March.
Three Mos.
$21,632,808 $124,266,037 1901
09,093,390 104,017,321 1900
32,680,227
79,940,446 1899
18,912,083
90,769,225 1898
10,620,107
58,326,063 1897
57.030,249 1896
20,332,012
35,727,806 1895
17,980,922
46,518,646 1894
14,723,524
30,176,768 1803
9,084,046
31,519,536 1802
7,989,232

Month of
March.
$10,432,241
8,980,735
5,507,311
6,309,351
12,488,809
4,219,027
4,915,355
5,080,424
6,094,246
8,150,500

For the
Three Ares.
$23,894,354
34,492,466
18,621,586
23,765,733
35,571,062
15,150,268
21,026,942
24,118,813
17,504,423
22,264,431

In the following table we give a list of March loans to the
amount of $21,632,808, issued by 238 municipalities. In
the case of each loan reference is made to the page in the
"Chronicle" where an account of the sale is given.
MARCH BOND SALES.
Rate. Maturity.
Name.
Page.
973__Adair Co. S. D. No. 15, Okla__ 8
6
973_ _Alamosa, Colo
d1921-1926
824_ _Alexander Ind. Sch. Dist., Tex_ 5
d1931-1951
824_ _Alturas Soh. Dist., Cal
6
747_ _Arkadelphia, Ark
1917-1936
805_ _Ashland Sch. Dist., Ohio
4% 1913-1937
824...Beaumont Navig. Dist., Tcx
5
d1919-1949
824_ _Bedford, Ind
4.i 1915-1921
895__Bedminster Twp. S. D.;N. J
4% 1912-1917
974_ _Beeville, Texas
5 (11920-1930
974_11enton County, Ind
6
1912-1921
895_ _Bessemer, Mich
5
1912-1921
895_ _Bismarck S. D. No. 1, No. Dak_
974_ _Boise, Idaho
974_ _Boise, Idaho
748__Bowling Green, Ohio
895_Bremen. Ohio
824_ _Brenham, Tex
824__Bristol County, Mass
824__Brookville, Pa
824 __Browngold Sch. Dist., Cal
824_Brunswick, Md
674_ _Buffalo, N. Y. (4 issues)
974__Buffalo, N Y
824_ _Burke County, No. Dak
824_ _Caldwell, Idaho
898__Calhoun County, Mich
896_ _Camden. N. J
974_ _Cameron. Tex

4
7
7
4
5
5
4
4
6
5
4
4
7
6
4%
43
6

748_ _Canaan Twp.Sch. Dist., Ohio

5

Di




1931
1912-1921
1912-1921
d1912-1919
1913-1035
1914-1051
1914-1916
d1913-1921
1921
d1921-1936
1931
1931
1913
d1921-1931
1912&1913
1941
1912-1921

Amount. Price.
$1,000
80,000 101
8,000 100
20,000
35,000
50,000 105.99
403,000
40,000 101.8375
6,000 100.50
30,000
1,573 101.271
15,000f 4.40%
1 basis
50,000
220,0001 101.665
75,000f
40,000 100
20.000 109.26
57,000 100
30,000 101.17
10,500 100
5,000 103.10
5,000 100
425,000 100
75,000 100
25,000 101.80
10,000
9,000 100.032
218,000 106.12
15,000
{ 2,000 100.05
2,000 100.10
500 102.25
500 103

971

Page.
Name.
Rate. Maturity. Amount. Price
974__Canadian, Tex
10,000 102
d1931-1941
6
743__Cedar Rapids, Iowa
150,000 102.63
4% 1912-1931
824_ Champaign S. D. No. 55, II1
1,200
5
974 __Chase City, Va
15,000 100
8
1931
974_ _Chateaugay, N. Y
15.000 105.051
1915-1929
5
748_ _Chattanooga, Tenn
6
21,661 101.217
1912-1915
974_ _Cherokee Co.S. D. No.31, Okla. 6
3,500
898_ _Circleville, Ohio
1913-1922
43
62,500 102.021
748_ _Clark County, Ohio
5
3,500 101.907
1912-1915
896_ _Cleveland Heights, Ohio (8 iss.) 4%
30,850
896__Coltsville Twp. S. D., Ohio
4% 1914-1933
20,000 104.03$
875_ _Coldwater, Mich
4
4,600 100
824_ _Coleman, Tex
5
d1915-1950
30,000
975_ _Colfax Co. S. D. No. 74, Wash_ 5%
25,000 100
975_ _Coronado, Cal
1912-1951
5
46,000 103.608
975__Cook Co. S. D. No. 148, Ill
a1923
5
35,000 105.20
897_ _Crawford Co. R. Dist. No. 1, 0_ 5
1922
15,000 107.763
824.. _Crescent City Sch. Dist., Cal.._ 5
1930
30,000 100
824_ _Crooksville Sch. Dist., Ohio... 5
1913-1921
10,000 104.75
825__Dayton, Ohio (2 issues)
4%
41,000 z100
825__Dayton, Ohio (4 issues)
5
30,000 z100
825„Dayton, Ohio (4 issues)
6
1,650 z100
897_ _Dayton, Wash
5%
a1921
60,000 101.875
825..Desloge Soh. Dist., Mo
1921-1030
5
35,000
675_ _Donnelly, Minn
1911-1917
6
4,200 100
894_ _Durham, No. Caro
4A
1941
145,000 100.593
897_ _East Cleveland, Ohio (3 issues). 5
08.000 102.795
897_ _Elizabeth. N. J. (2 issues)
4
36,000 100
898_ _Elizabeth City County, Va
5
1916-1920
14,000 102.142
825__Ellisville, Miss
6
d1916-1931
10,000 100
975_ _Emmons County, No. Dak
7
1913
20,000
976__Essex County, N J
4
1951
250,000 100
898_ _Fairburn, Ga
1912-1941
5
30,000
749_ _Fairport, Ohio
431 1912-1923
12,000 102.16
898_ _Fairport Sch. Dist., Ohio
15,000
431 1917-1947
825_ _Falconer, N. Y
431 1916-1940
60.000 100
749_ _Falfurrias Ind. Sch. Dist., Tex_ 5
25,000
675_ _Fall River, Mass
4
1921
140,000 102.556
675_ _Fall River, Mass
4
1941
50,000 105.837
976_ _Fayetteville, No. Caro
5
1921
50,000 100.25
_Fayetteville,
976_
No. Caro
5
1941
20,000 101.25
898„Findlay Sch. Dist., Ohio
43j 1923-1960
10,000 102.80
976__Fishkill, N. Y
5
1917
30,000 100
613_ _Forest Hill Separate S. D., La_
20,000 100
749__Forreston Ind. Sch. Dist., Tex_ 5
d1920-1951
11,000 100
825_ _Fort Smith, Ark
5
1923-1926 550,000
98.682
898_ _Fort Worth, Tex
5
d1931-1951 1.000,000 100.01
749_Fostoria. Ohio (4 issues)
431 1912-1921
32,900
749_ _Franklin County, Ohio (4 iss.) _ 431 1912-1916
41,200 101.274
976_ _ Garden City, Kan
5
1931
42.000
675_ _Garfield, N J
431 1931&1941
42,500 100.014
898__ Garrison Soh. Dist., Iowa
10,000
825_ _Geneva, N. Y
431 1923-1931
50,000 103.38
750__Gloversville, N. Y
431 '12,14,'16&'18 20,000 103.26
976_ _Grand Junction, Colo
6
35,000
98
976_ _Grand Junction S.D. No.1,Colo_ 5
d1921-1931
31,500 101.333
978_ _Grand Junction S.D. No.1,Colo. 5
d1931-1941
24,500 100.326
750Grand Rapids, Mich
4
1931
75,000 101.33
976__Grand Rapids, Wis
a1926
5
25,000 106.61
976_ _Grand Rapids. Wis
5
a1924
20.000 105.93
675_ _Grand Rapids S. D., Mich_ _ _ _ 4 '15,'16&'17
63,000 100.103
898_ _Grandview Heights, 0.(4 iss.). 431
60,000 102.50
825__Grant County, Ind
28,000
675_ _ Green Bay, Wis
431 1923-1930
27,000 103.095
976_ _Greensburg, Ind
73,860 102.744
531
750„Greenville Sch. Dist., Ohio_ _ _ _ 4
1914-1919
20,000 100.09
899__Greenwich, Ohio
1912-1921
5
2,020 103.956
976_ _Hamburg Un.F.S.D.No.8,N.Y_ 4.35 1912-1931
30,000 100.02
899__Hatnilton County, Tenn
431
1941
500,000 101.5122
976„Ilannibal Sch. Dist., Mo
4
d1921-1931
70,000
899_ _Hardeman County Corn. Sch.
Dist. No. 27, Tex
5
d1916-1951
4.000 100
750_ _Hardin County, Tex
5
1931
100,0001 100
750_ _Hardin County. Tex
5
d1920-1040
35,0001
614_ _Harrisburg Sch. Dist., Pa
4
1916-1941
72,000 100.138
750_ _Harris Twp., Ohio
5
1935-1939
8,000 108.125
750_ _Hastings-on-Hudson, N. Y
431 1915-1934
40,000 100.1931
899_ _Holgate, Ohio (3 issues)
431 1912-1921
18.000 101.833
750_ _Holyoke, Mass
4
1911-1935
110,000 103.43
899_11omer, Mich
1940
20,000 100
431
899_ _Hominy, Okla
6
d1921-1936
36.500 100
826_ _Hornell, N Y
36,000 103.21
431
826_ _Hyde County, So. Dak
5
d1916-1931
70,000
977_ _ Ilimo, Mo
6
1921
5,000 100
826__Ironton, Ohio
4
1931
18.000 100.306
750_ _Italy, Tex
5
d1921-1951
8,000 100
676_ _Itasca•Co. Com.S.D.No.1, Minn. 5
1926
35,000 y104.028
676_ _Jacksonville, Fla
1936
5
100,000 109.379
898 .Jackson Township, Ohio
5
1911-1916
4,000
614_ _Jersey City, N. J. (2 issues) _ _ _ _ 431
1961
1,011,000 101.47
899_ _Junction City, Hans
6
1912-1921
30.000 103.0638
826_ _Kansas City, Kans
431
1931
90,000
977_ _ Kansas City S. D., Mo
4
1930
100.000
751_ _Kingsville Twp., Ohio
5
1912-1917
6,000
900_ _Knox County, Ind
4
1911-1920
50.000 100.502
900__Lackawanna County, Pa
4
1921&1931
250,000 100.14
900_ _Lancaster Sch. Dist., Pa
4
1941
25,000 102.663
977_ _Leflore Co. S. D. No. 2, Okla
6
1931
15,000
977_ _Lenore Co. S. D. No. 47, Okla_ 7
4,000
826_ _Lexington, Ky
6
1912-1921
2,117 100
826_ _Lincoln County, Wis
431 d1911-1920
40,000 100.75
751_ _Logan County, Ohio
431 1912-1916
17,000 101.475
751_London Sch. Dist., Ohio
431 1912-1936
30,000 105.02
614_ _Long Beach, Cal
1912-1921
7
72,900 100
751_ _Louisville. EY
431
1951
500,000 107.188
826 .Lubbock, Tex. (2 issues)
d1926-1951
5
80,000 100
751_ _Luzerne County, Pa
300,000 104.512
431 1917-1936
977_ _McIntosh Co. S. D. No. 1, Okla_ 6
1931
16.000
977_ _McIntosh Co. S. D. No.40. Okla. 6
900
751_ _McLean County, No. Dak
7
1913-1916
50,000
900_ _Madison Co., Ohio (9 issues) __ _ 5
22,900 102.663
826_Malone Sch. Dist., N. Y
431 1912-1939
55,500 102.273
900_ _Manchester Sch. Dist., Cal_
5,000 102.02
676_ _Marion County, Ore. (2 issues). 5
d1921-1931
49,650 103.08
751_ Marion Sch. Dist., Ohio
431 1912-1930
65.000 103.96
900_ Marysville, Ohio
431
18,000 101.866
751__Maxwell Ind. Sch. Dist., Tex__ 5
1931
4,000 100
676_ Memphis, Tenn
4
1932&1933 100,000 100
751....Michigan City Sch. City, Ind
1921
5
8,000 106.8875
901__Mifflin Twp. Sch. Dist., Ohio
431 1912-1931
20,000 y103.195
751 Milaca, Minn
6
1931
15,000 100
901 Millersburg, Ohio
1912-1916
4
1,000 100.10
826_ _Milwaukee, Wis. (3 issues)...._ _ 431 1912-1931
270,000 103.345
826_ _Milwaukee, Wis
150,000 103.33
431 1912-1931
826 Milwaukee. Wis
431 1912-1931
10,000 103.35
978 Moberly, Mo
5
d1920-1930
50,000
751_ _Montgomery County, Ohio_ __ _ 431 1912-1916
10,000 101.47
901_ _Morehead City, No. Caro
531
1941
20,000 100
751 Monticello, N Y
5
1916
18,000 100
978 Montpelier, Ohio
431
1930
22,000 104.222
751_ _Montraille County, No. Dak
7
1913
30.000 101.583
751_ _Motley Co. Corn.S.D. No. 6.Tex. 5
d1921-1951
5,000 100
901_ Moundsville, W Va
5
166,900 100
901_ _Mt. Pleasant Sch. Dist., Utah__ 5
d1916-1921
25,000 y100
827_ _Muskogee, Okla. (3 issues) _ __ _ 5
1938
650,000 100
827_ _Nashville, Tenn
431
1940
500,000 101.585
978Nebraska City Sch. Dist., Neb_ 431 d1915-1940
20,000 100
676_ New Britain, Conn
4
1939
100,000
901_ New Lisbon, Wis
20,000
331
901_ New Rochelle, N. Y
434
21,0001 101.839
901_ New Rochelle, N. Y
5
14,500f
901_ _N ewton Township, Ohio
431 1926-1931
3,000 104.825
616__New Vienna Sch. Dist., Ohio
434 1912-1927
16,000 103.062
979_ _New York City (2 issues)
3
75,112 x100
1960
752 _ _Niles Sch. Dist., Mich
35,000 102.171
1925
431

Lxxxxii.

THE CHRONICLE

972
Page.
Name.
616_ _Niles Sch. Dist., Ohio
616_ _Noble Township, Ohio
979__Nolan County, Tex
901__Norfolk, Va

Rate.
43
5
5
43.

Maturity.
1912-1937
1951
1941

Amount. Price.
55,000 105.603
13,000 108.23
100,000 100
21,000 z100
1110,000
98.03
30,000 100.71
9,000 100.940,
7,500 100.9415
10,000
3,141 100.599
7,000 105
25,000
400,000y100.8125
47,000 101.512
47,000 105.987
2,000
15,000 104.72
275,000 101.88
20,000 y97.075
2,000 100
20,000 100
6,000 102.083
1,400,000 z103

752__North Hempstead, N.Y.(3 iss.) 4 14 1918-1927
4% 1920-1928
752__North Hempstead, N. Y
43
1920-1926
752__North Hempstead. N.Y
d1921-1951
752_ _Nueces Co.Com.S.D.No.29,Tex. 5
6
902_ _O'Brien County, Iowa
6
1916-1922
979_ _Odell. III
8
827_ _Oklahoma City, Okla
1936
902__Oklahoma City, Okla. (3 issues) 5
434
1931
827_ _Olyphant, Pa
979._ Ontario School Dist., Cal
d1921-1951
p02....Orange County Nay. Dist., Tex. 5
5
1912-1921
752__Ottawa County, Ohio
4 14 d1926-1931
979_ _Ottumwa, Iowa
1941
752_ _Oxford Graded S. D.. No. Caro_ 5
1921
752_ _Panola Co. Com.S.D.No.27,Tex. 5
4% d1912-1916
980__Pawnee County, Neb
434 1913-1922
827_ _Pendleton, Ind
752__Philadelphia, Pa. (3 issues) _ __ _. 4
1925-1927
752_ _Pittsburgh, Pa.-Colfax SubSch Dist
4 14 1911-1940 250,000 103.7843
676__Pittsburgh, Pa.-West Liberty
Sub-Sch. Dist
•
4%
70,000 105.557
903_ _Port Jervis, N. Y
4 14 1912-1929
85,000 102.176
827__Portland, Me
4
1926-1945 1,000,000 101.76
677__Portiand Water Dist., Me
4
500,000 100.29
1928
677_ _Portsmouth, Ohio
4
82,500 100.316
1912-1921
677_ _Portsmouth, Ohio
4
8,000 100.832
1921
903_ _Posey County, 2nd
6
7,800 102
1921
827_ _Quincy, Mass
4
51,000 102.061
1912-1928
080. _Quinn Sch. Dist., So. Dak
4,000
753__Racine, Wis
4 14 1912-1931
50,000 102.90
827_ _Rappahannock County, Va
d1921-1945
10,000 100
5
827_ _Rayne, La
25,000
827_ _Rhinelander, Wis
55,000 103.20
1912-1919
5
903._Richwood, Ohio
18,000 101.866
4)4 1912-1921
753_ _Riverside, Cal
30,000 100.25
4 1.4 1912-1931
20,000 100.375
753_ _Riverside, Cal
43 1912-1931
285.000
827 __Rock Hill, So. Caro.(3 issues) _ _ 5
5,000 102.20
903_ _Rocky River, Ohio
4% 1915-1919
6
5,000
980...Rogers Co. S. D. No. 1, Okla
5
1916
43,000
903__Roseau County, Minn
30,000
903_ _St. John's, Ore
1951
4 14
533,000 100.492
903_ _San Diego, Cal
1951
43
250,000 100.04
903 _ _San Diego. Cal
1917-1951
200,000 107.114
753__San Diego High Sch. Dist., Cal_ 5
4 3,5
93,000 100
903_ _San Francisco, Cal
1912-1949 500,000 108.88
5
753_ _San Joaquin County, Cal
753._San Saba County Corn. Sch.
5
dI921-1951
11,300 100
Dist. No. 11, Tex
1931
4 14
20,000 101.375
753_ _Santa Ana, Cal
4I d1916-1940 100,000 100.45
904__Saratoga Springs, N. Y
4.25 1922-1934
25,000
904_ _Scranton, Pa
4.25
210,000
904_ _Scranton, Pa
4 14 d1920-1950
25,000 100
980_ _Seguin, Tex
4.30 1916-1923
40,000 100.035
753__Seneca Falls, N. Y
5
1935
30,000
980_ _Shawnee Sch. Dist., Okla
5
40,000
828.. Sisseton, So. Dak
6
1931
110,000 100
904_ _Snohomish, Wash
44,000 100
677_ _Snyder, Tex
1932
1,054 107.585
4 14
754_ _Springfield, Ohio
1941
70,000 104.434
5
828__Spring Lake, N. J
1926
15,000 101.50
6
981_ _Stephen. Minn
40,000 100.7625
1921
5
754_ _Suffolk, Va
1931
10,000 100
434
904_ _Sumter County, So. Caro
40,000 y100
5 1920,'30&'40
828 __Sylvania, Ga
525,000 101.78
754__Tacoma, Wash
4 14
1931
110,000 100.633
4
1927
828__Toledo. Ohio
41,570 z100
981_ _Toledo, Ohio
4
1927
112,335 x100
981__Toledo, Ohio (24 issues)
5
Various
5,300 100
43 1912&1913
904 _ _Troy, N. Y
25,000 100.85
1941
904 _ _Union Twp., N. J
4 14
10,000
677_ _Union Twp ,Pa
4 14
1931
20,615 100.204
755__Utica, N. Y. (3 issues)
434 1912-1917
120.000
4.15 1916-1939
828_ _Van Wert. Ohio •
20,000 101.35
5
1912-1915
905_ _Washington County, Wis
15,000 101.65
5
1941
982_ _Washington, No. Caro
6,500 100
1912-1918
4
982_ _Watertown, Wis
31,000 103.100
982__Watts Sch. Dist., Cal
5
2,000 104.45
a1922
5
982__Waverly, Ohio
35,000 100.892
1912-1931
43.
905_ _West Allis, Wis
46,000 100.55
1914
5
983.._Westfield, III
31,000 102.415
905_ _West Mansfield, Ohio (4 issues)- 5
5000
083.. White Bear, Minn
10,000 103.55
6
906_ _Whiteville, No. Caro
6,000 y100
756_ _Yakima Co. S. D. No. 42, Wash. 5 1,4 (11912-1931
50,000 103.2313
4 14 1912-1936
983_ _Yonkers, N. Y

Total bond sales for March 1911 (238 municipalities
k$21,632,808
covering 342 separate issues)
--a Average date of maturity. d Subject to call in and after the earlier
year and mature in the latter year. k Not including $22,392,467 of temporary loans reported, and which do not belong in the list. x Taken by
sinking fund as an investment. y And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.

: The following items, included in our totals for previous
months, should be eliminated from the same, as the sales
have not been carried to completion. We give the page
number of the issue of our paper in which the reason for the
failure to consummate the sales may be found.
Page.
Name.
751_ _Michigan City School City, Ind.(January list)
902 _ _ Ponca School District, Okla. (February list)
903.. _Portland, Ore. (January list)

Amount.
$10,000
35,000
500.000

We have also learned of the following additional sales for
previous months.
Page.
Name,
Rate.
824__Boulder County, Colo
5
824__Coeyman, N. Y
5
896_ _Collin Co. Corn. S.D.No.84,Tex. 5
824_ _Custer County, Idaho
6
901_ _Mercer County, N. J. (January) 4
.978_ _Muskogee Co.S. D. No.63, Okla 6
827_ _Oriskany Falls, N.Y.(Jan.) _ _ _ 434
902__Ponca Sch. Dist., Okla. (Jan.).. 5
904_ _Twin Falls S. D. No. 1, Idaho__ 534

Maturity.
d1921-1941
1912&1913
d1920-1925
1941
1931
1916-1940
1936
d1921-1931

Amount. Price.
$25,000 101.90
4,000 100
1,500 100
15,000 101.10
30,000 x100
7,000
30,000 102.875
35,000 100
55,000

All the above sales (except as indicated) are for February.
These additional February issues will make the total sales
(not including temporary loans) for that month $22,364,954.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MARCH.
Name.
Page.
Rate. Maturity. Amount. Price.
984 Amherstburg, Ont
5
1911-1940 $20,000
5
184_ _Berlin, Ont
147,656
984__Blanchard. Man
99.485
5
1912-1931
7,000
5
830_ _Brant Township, Ont
2,000 102
1926
4
22,8281 101.034
984_ _Brantford, Ont
4%
231,4531
984_ _Brantford. Ont
4,000
984__Cardston School District, Alta__ 6
1912-1921
5
5,000
756_ _Casseiman, Ont
1912-1921
1,200
756.._Dack, Ont
5
1912-1917
4,000
.906__Davidson. Sask
534
1921




Page.
Name.
Rate.
984_ Estevan School District, Sask_
985...Farnham, Qua
4 14
756_ Guelph, Ont
454
757 Gunton S. D. No. 1507, Man
554
830_ _Ituna, Sask
6
757_ _Kildonan, Man
5
678 _London, Ont
4
678 _London, Ont
43(
678 _London, Ont
4
678 _London, Ont
4 14
907_ _Mammoth S. D. No. 1379, Alta_ 6
985 Melville, Sask
534
757_ _Moosomin, Sask
5
679 _North Bay, Ont.(2 issues)
5
907 _Oak Bay, B. C
5
907 _Oshawa, Out
434
757 _Portage la Prairie, Man
5
907__Port Hope, Ont
434
985_ _Price School District, Sask
534
907_ _Quebec. Que
4
831_ _Redcliff S. D. No. 2283, Alta_
5
907 _Renfrei.v, Ont
434
907_ _Renfrew, Ont
5
985_ _Rural Municipality of Grant,Sask514
831__St. John, B. C
4
907__St. Paul, Ont
5
985_ _Stratford, Ont
679_ _Strathcona Public Sch. Dist.
No. 216, Alta
5
985 _Strome, Alberta
6
6
985_ _Swift Current, Sask
907_ _Tofield, Alta
554
5
985.. _Tyvan, Sask
4
831_ _Vancouver, B. C
Ont
_Waterloo,
434
907_
434
907_ _Waterloo, Out
434
907_ _Waterloo, Ont
907 __Waterloo, Ont
434
985__Wawota, Sask
634
5&6
757_ Wetasklwin, Alta
4%
985.. _Windsor Sch. Dist., Ont
985_:Woodstock, Ont. (5 issues) _
434
4 14
757_ _York Township, Ont

Amount. Price.
5,500
100,000
30,000
10,000
3,000
4,000
7,0001
99.017
36,300
16,000
4,000
3,100 100.60
17,000
2,000
34,000
50,000
5,700
1930&1931
10,033
1911-1950
20,000
1912-1931
25,000
1,050,000
1931
15,000
1912-1941
82,000
1912-1931
2,535
1912-1931
12,000 103.166
98.04
1951
250,000
1931
6,000
40,415
Maturity.
1912-1941
1951
1941
1912-1931
1926
1929
1939
1940
1940
1920
1912-1921
1951
1912-1941
1912-1931

1911-1940
1912-1921
1912-1951
1931
1912-1941
1912-1941
1912-1931
1912-1926
1926
1912-1931
1912-1931
1912-1941

Total March disposals

17,000
2,500
104,830
4,600
3,000
2,800,000
41,457
12,000
4,664
5,923
1,000
4,952
23,370
39,940
25,000

100

101,486

$5,375,956

ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Rate. Maturity. Amount. Price.
Name.
Page.
1921
$1,800 101.041
984_ _Bures S. D. No. 2675, Sask._ _ _ 654
1,500 100
1912-1921
984_ _Denzil S.D.No.2658,Sask.(Jan.) 6
1912
1,500 101.160
984_ _Ellersile S. D. No. 2662, Sask._ 634
1,250 100.28
906_ _Elton S. D. No. 2619, Sask.... 634
1931
5,000
830_ _Hamiota, Man
4
985_ _Indianola S. D. No. 2704, Sask. 634 1912-1921
400 100.40
831_ Penticton, B. C
1941
20,000
98.10
5
831_ Penticton, B C
2,500
95.20
5
1921
985__St. Clair S. D. No, 2715, Sask._ 434 1912-1921
1,400 101.141

The above sales (except as indicated) are for February.
These additional February sales make the total of debentures
sold that month $743,846.

News Items.
Asheville, Buncombe County, No. Caro.-Commission
Form of Government Defeated.-On March 21 the voters of
this city defeated by a majority of 23 votes, it is stated, a
proposition to adopt the commission plan of government.
Chicago, Ill.-Vote on Annexation of Suburbs.-A vote
was taken April 4 on the question of annexing the suburbs
of Morgan Park, Oak Park and Cicero. The proposition carried in Chicago and in Morgan Park, but was defeated in Oak
Park and Cicero.
Colorado Irrigation Districts.-French Interests to Complete Work of Denver Reservoir Irrigation Co.-See item under
Denver Reservoir Irrigation Co. in our "Investment News"
on a preceding page; also item in V. 92, p. 883.
Guthrie, Okla.-Election on Commission Form of Government.-On May 3 the citizens will vote on a new city charter
providing for a commission form of government.
Helena, Phillips County, Ark.-Negotiations For Purchase
of Water-Works Discontinued.-We are advised that the city
has discontinued negotiations with the Helena Water Co.
for the purchase of its water-plant. See V. 92, p. 405. The
water company's franchise will terminate in 10 years.
Idaho.-Constitutional • Amendment for Recall of Public
Officers.-Prior to adjournment on March 6 provision was
made by the Legislature for submission to the voters at the
general election in Nov. 1912 of a proposed amendment to
the State constitution authorizing the recall of any public
officer, except judicial officers. If approved, the following,
to be bnown as Section 6, will be added to Article 6 of the
constitution:
Section 6. Every public officer in the State of Idaho excepting the
judicial officers is subject to recall by the legal voters of the State or of the
electoral district from which he is elected. The Legislature shall pass the
necessary laws to carry this provision into effect.

Other proposed amendments which will be voted upon in
Nov. 1912 are as follows:
"Shall Section 2 of Article 9 of the constitution of the State of Idaho be
so amended that the general supervision of the educational institutions and
public-school system of the State of Idaho shall be vested in a State Board
of Education, the membership, powers and duties of which shall be prescribed by law"?
Shall the constitution of Idaho be amended by repealing Section 3 of
Article 13 of the constitution, which provides that all labor of convicts
confined in the State's prison shall be done within the prison grounds,
except where the work is done on public works under the direct control of
the State?
Shall the constitution be so amended that the Senate shall consist of one
member from each county and the House of Representatives of not more
than three times as many members as there are Senators.

Knoxville, Knox County, Ill.-No Vote Taken on Commission Form of Government.-It was stated in the newspapers some weeks ago that this city would vote at the
general election in April on the question of adopting a
commission form of government. We are advised under
date of March 31 that the question to be voted upon is the
adoption of the city election law, giving the city a Board
of Election Commissioners.

APR. 8 1911.1

THE CHRONICLE

Lowell, Lake County, Ind.—Town to Pay Old Water
Bonds.—The United States Circuit Court at Indianapolis,
through Judge Anderson, has given a judgment in favor of
J. W. Gardner for the entire amount of principal and interest
on $2,500 water-works bonds issued by this town in 1898.
The total amount recovered was $4,699 24, besides costs of
suit. We are advised that funding bonds will be issued by
the county for the payment of the amount due.
Maine.—Legislature Adjourns.—The Legislature adjourned
March 31. As stated last week,the Income Tax Amendment
to the Federal Constitution was ratified on March 30. The
vote in the House was unanimous and in the Senate 17 "for"
to 9 "against."
Massachusetts.—Opinion of Attorney-General Concerning
Bonds of Street Railway Companies as Savings Bank Investments.—The Boston "Herald" of April 4 says: Bonds of
street railway companies which have been "lawfully consolidated with the street railway companies certified by the
Railroad Commissioners as complying with the fifth clause
of Section 68 of Chapter 590, Acts of 1908", may be regarded
as legal investments for savings banks, according to an
opinion rendered to the Bank Commissioner by AttorneyGeneral Swift. The list of companies certified to the Bank
Commissioner in December 1910 was given in the "Chronicle"
of Dec. 311910, page 1787.
House Rejects Equal Suffrage Amendment.—The Massachusetts House of Representatives rejected the bill granting
suffrage to women on April 4 by voting 161 to 69 not to
substitute such a bill for the adverse report of the Committee
on Constitutional Amendments.
Nacogdoches, Texas.—Commission Form of Government
Not to be Voted Upon at Present.—The election ordered to vote
upon the question of adopting the commission form of
government has been called off for the present, it having
been decided that the plan would not carry at this time and
the election would, therefore, incur a useless expense. Nebraska.—Legislature Ratifies Income Tax Amendment.—
The proposed Income Tax Amendment to the Federal Constitution has been ratified by the Legislature of this State.
We are advised that there were no votes cast against the
amendment in either House.
New York City.—Chamber of Commerce Favors Semi-Annual Collection of Taxes.—The Chamber of Commerce at its
monthly meeting on Thursday last (April 6) adopted the report of its Committee on Finance and Currency favoring the
plan advocated by City Comptroller Prendergast for the
semi-annual collection of taxes. It was the belief of the
committee, the report stated, that the adoption of this plan
would eliminate a large expense incurred by the heavy borrowings in anticipation of taxes.
Welding Ring, Chairman of the Committee on State and
municipal taxation, reported that, in pursuance of instructions from the Chamber, a memorial had been sent to the
Legislature in protest against the ratification of the proposed
Income Tax Amendment to the Federal Constitution.
New York State.—Legislature Takes Recess.—After the
election of Justice O'Gorman as United States Senator on
March 31, the Legislature adopted a concurrent resolution
providing for adjournment until 8:30 p. m. April 17. It is
expected that meanwhile both the Senate and Assembly
chambers, damaged by the Capitol fire, will be put in shape.
The New York City Charter Bill was introduced in both
houses by Senator Cullen and Assemblyman Foley in order
to have it in readiness by the time the Legislature convenes.
Ottawa, Franklin County, Kan.—Commission Form of
Government Defeated.—The voters of this city on March 22
defeated, it is stated, a proposition to adopt the commission
form of government. The vote was 588 to 477.
Owosso, Shiawassee County, Mich.—Commission Plan
Approved.—On April 3 this place voted, it is stated, for a
charter revision looking to commission government.
Paola, Miami County, Kan.—Commission Plan of Government Defeated.—The voters of this city on March 21 defeated
the question of adopting the commission plan of government (V. 92, p. 406). The vote was 210 "for" to 234
"against."
Paton Independent School District, Greene County, Iowa.
—Bond .Election Legalized.—An Act of the Legislature
approved March 27 legalized the election held in this district
on May 9 1910 when the issuance of $9,000 bonds was authorized.
Richland Creek Drainage District, Ill.—Court Permits
Drainage District to Organize.—According to the St. Louis
"Globe-Democrat" of March 31, all objections to the organization of the Richland Creek Drainage District were overruled in the County Court at Belleville on March 30 by Judge
J. E. Hillskoetter, County Judge of Madison County, who
heard the case two weeks ago.
The project purposes the straightening of Richland Creek for five miles
from a point in Belleville. The estimated cost Is $60,000 and is to be paid
by special assessment on the property benefited. Louis G. Miller of Belleville, William J. Miller of St. Clair Township and M. R. Hartmann of Belleville are the commissioners. Objectors say they will appeal.

973

to the sale of the bonds was that they were about to be sold
below par. It was claimed that the city had not used proper
diligence in advertising the sale and that a higher price than
that offered could be obtained. Judge Maddox decided that
the bonds had been regularly validated and properly advertised and that the Mayor and Council were proceeding
legally in their efforts to sell.
Taylor, Williamson County, Tex.—Commission Form of
Government Rejected.—An election held April 2 on the special
city charter enacted by the recent Legislature providing for
a commission form of government resulted in its rejection
by a vote of 290 "for" to 357 "against".
Tennessee.—Legislature Ratifies Federal Income Tax.—A
resolution ratifying the proposed Income Tax Amendment
to the Federal Constitution was passed by the Senate, it is
reported, on April 6. As stated last week, favorable action
on this Amendment was taken by the House on March 27.
Vanderburg County (P. 0. Evansville), Ind.—Commissioners Sustained.—A dispatch from Indianapolis to the
Cincinnati "Enquirer" states that a decision was rendered
by the Supreme Court on March 29 in the case of the State
ex rel Edward Linthicum, et al, vs. the Board of Commissioners of Vanderburg County, holding that the latter could
not be mandated to call an election for the purpose of granting
$436,000 aid to build a bridge across the Ohio River at
Evansville.
Wisconsin.—Legislature Passes Suffrage Bill.—The Senate
on March 31 by a vote of 16 to 4 passed the James bill,
granting State-wide suffrage to women in all State elections.
The bill has passed the House and, it is stated, will become
a law, provided a referendum provision is favorably endorsed
by a vote of the people in the coming general election.
Wood County (P. 0. Parkersburg), W. Va.—Temporary
Injunction.—Local papers state that on March 29 Judge
Moss of the Circuit Court granted the temporary injunction
prayed for in the case of W. A. Hersch and W. H. Gerwig
against the County Court, in which the question of the
liability of the taxpayers of the city of Parkersburg for the
$170,000 bonds recently voted for new roads in the Parkersburg MagisteriaLDistrict is raised.

Bond ProposaLs and Negotiations this week
nave been es follows:
Aberdeen, Brown County, So. Dak.—Bonds Defeated.—
The City Auditor informs us that an insufficient number of
votes was cast at the election held Jan. 10 to make the $100,000 sewer bonds voted upon that day legal. V.92,p. 203.
Adair County School District No. 15, Okla.—Bond Sale,
Speer & Dow of Fort Smith have been awarded $1,000 6%
bonds.
Adams Township School District (P. 0. Rosewood),
Champaign County, Ohio.—Bond Sale.—On April 1 the
$18,000 5% 1-18-year (serial) school-building bonds mentioned in V. 92, p. 747, were awarded to the First National
Bank in St. Paris at 106.677—a basis of about 4.195%. The
following bids were received:
First Nat. Bk.. St. Paris_ _$19,202 001R.Kleybolte Co.,Inc.,Cin_$19,000 80
Well, Roth & Co., Cin_.
19,085 001Seasongood & Mayer, Ctn. 18,910 00
Bonds are dated April.-1 1911.

Alamosa, Conejos County,Colo.—Bond Sale.—On Mar.16
$80,000 6% 10-15-year (optional) water bonds were
awarded to Sutherlin & Co. of Kansas City, Mo., at 101
and accrued interest, a basis of about 5.78% to the optional
date. Denomination $1,000.
Albany, N. Y.—Bonds Authorized.—On April 1 Governor
Dix signed the bill of Senator Sage, authorizing the issuance
by this city of $500,000 bonds for the widenng of lower State
Street as part of a plan to renovate and beautify the dock
front.
Alhambra, Los Angeles County, Cal.—Bond Election.—
An election will be held April 11 to vote on a proposition to
issue $45,000 5% coupon library-site and construction bonds.
Denomination $500. Date June 1 1911. Interest semi-annually at the
City Treasurer's office. Maturity $1,500 yearly on June 1 from 1912 to
1921 inclusive and $1,000 yearly on June 1 from 1922 to 1951 inclusive.

Allegheny County (P. 0. Pittsburgh),.Pa.—Bond Sale.—
The $300,000 4% 30-year juvenile-home bonds offered on
April 6 (V. 92, p. 895) were purchased jointly by J. S. &
W. S. Kuhn, Inc., of Pittsburgh and E. H. Rollins & Sons
of Boston at 100.018 and interest.. A bid of par and interest was also received from the Safe Deposit & Trust Co. of
Pittsburgh.
Denomination $1.000. Date March 1 1911. Interest semi-annually at
the County Comptroller's office. The bonds are tax-exempt.

Alturas,t Modoc County, Cal.—Bond Offering.—Proposals
will be received until 10 a. m. May 1 by C. H. Dunlap, Clerk
of Board of Trustees,for the following 5% gold coupon bonds:
$2,000 fire-apparatus bonds. Denomination $100. Maturity $200 yearly
on Dec. 1 from 1912 to 1921 inclusive.
33,000 water-system bonds. Denomination $500. Maturity $1,000 yearly
on July 1 from 1919 to 1951 inclusive.
Authority, election held Jan. 4. Date July 1 1911. Interest semi-annually at the City Treasurer's office. Bonds are exempt from taxation.
Certified check for 5% of bid, payable to F. 0. Walls, Town Treasurer, Is
required. Official circular states there is no litigation threatened or pending, nor has there been any default made in payment of interest or principal.
Total bonded debt, including this issue. $38,500. No floating debt. Assessed valuation for 1910 *320,000.

Rome, Floyd County, Ga.—Temporary Injunction Dissolved.—On March 31 Judge John W. Maddox dissolved the
Amherst County (P. 0. Amherst), Va.—Bond Sale.—
temporary injunction granted against the sale of the $200,000
4% coupon improvement bonds offered on March 13 (V. 92, On April 3 the $135,000 34-year coupon road-improvement
p. 617.) Atlanta 'papers state that the petition for the in- bonds described in V. 92, p. 747, were awarded to Woodin,
junction was filed by E. G. Peters, whose principal objection McNear & Moore of Chicago at 102X3 for 5s.




974

THE CHRONICLE

Lxxxxii.

Brady, McCulloch County, Tex.-Vote.-We are advised
Andrews, Cherokee County, No. Caro.-Bond Offering.Proposals will be received until 4 p. m. April 15 by W. B. that the vote cast on the $40,000 5% 10-40-year (optional)•
coupon
water-works
water-works bonds authorized at the election held March 25
Fisher, Town Clerk, for $20,000 532%
(V. 92, p. 895) was 250 "for" and 16 "against." Interest
and electric-light bonds.
Denomination $100. Interest semi-annually in New York. Maturity annual.
20 or 30 years. Bonds are exempt from taxation. Certified check for
$500, payable to the Town Clerk, is required. Bonded debt at present,
Bridgeport, Morrill County, Neb.-Bonds Voted.-An
$40,000. Floating debt, $5,000. Assessed valuation for 1910, $450,000. election held March 29 resulted in favor of
a proposition ta
Atlantic City, N. j.-Bond Offering.-Proposals will be issue $17,500 water-works bonds. According to reports the
CompM.
Heston,
City
A.
"against."
by
to
4
22
was
100
"for"
vote
received until 12 m. April
Bridgeport School District (P. 0. Bridgeport), Belmont
troller, for $675,000 43% bonds.
Interest is payable at the Hanover National Bank in New York City. County, Ohio.-Bonds Defeated.-An election held March g
Maturity $10,000 in 10 years, $75,000 in 20 years, $250 ,000 in 30 years, resulted in the defeat of a proposition to issue $45,000 school..
$25,000 in 33 years and $315,000 in 35 years. The gen uineness of these
bonds will be certified to by the Columbia Trust Co. of N ew York City and building bonds. The vote, it is stated, was 268 "for" to
their legality approved by Dillon, Thomson & Clay of Ne w York at the ex- 386 "against."
pense of the city. Bid must be made on a form furnish ed by the city and
be accompanied by a certified check or cash deposit of $10,000. Official
Buffalo, N. Y.-Bond Offering.-Proposals will be readvertisement states that Atlantic City bonds are le gal investments for
Justice, City CompNew Jersey, New York, Connect/out, Rhode Island, Vermont and New ceived until 12 m. April 11 by Wm. G.
Hampshire savings banks.
troller, for the following 4% registered bonds:
The official notice of this bond offering will be found among $250,000 20-year bonds to meet the city's portion in grade-crossing damage
proceedings.
the advertisements elsewhere in this Department.
250,000 1-20-year (serial) bonds to construct buildings for the city's use.
80,000 1-10-year (serial) refuse-disposal bonds.
Auburn, Androscoggin County, Me.-Loan Offering.- 160,000
20-50-year (optional) park bonds.
Proposals will be received, it is stated, until 12 m. April 11
The above bonds are dated April 15 1911. Interest semi-annually at the
City Comptroller's office or at the Gallatin National Bank In New York
for a $60,000 temporary loan due Nov. 12 1911,
City, as the purchaser may elect. The bonds are tax-exempt. An unconBaker City, Baker County, Ore.-Bond Election.-Local ditional certified check for 2% of bonds bid for, drawn on an incorporated
bank or trust company, and made payable to the City Comptroller, is
papers state that an election will probably be held April 10 required.
or 11 to vote on the question of issuing $185,000 street,
Bonds Sold During March.-The following 4% bonds were
water and electric-light bonds.
disposed of at par during the month of March:
Baltimore County (P. 0. Towson), Md.-Bond Election.- $75,000 00 20-year grade-crossing bonds, awarded to the Superintendent
It is stated that the question of issuing $1,500,000 roadof Insurance in New York State In trust for the policy-holders
In America of the London & Lancashire Guarantee, &c., of
improvement bonds will be submitted to a vote at the election
Canada,in Hartford, Conn. The bonds are dated March 1 1911.
in November.
4,789 88 1-year monthly local-work bonds, dated March 15 1911,
awarded to the Erie RR. Grade-Crossing Sinking Fund.
Barton Union Free School District No. 7(P. 0. Waverly),
Butler Village School District (P.0. Butler), Worthington
N. Y.-Bond Election.-An election will be held on April 15
to vote on the question of issuing $84,000 43/2% high-school Township, Richland County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. April 27 by A. R.Pritchard,
building bonds. Maturity $2,800 yearly on Jan. 1 from
Clerk Board of Education,for $3,600 5% improvement bonds.
1913 to 1942 inclusive.
Authority Section 7625 of Revised Statutes: also vote of 103 to 40 at an
• Battle Creek, Calhoun County, Mich.-Bonds Voted.- election held March 24. Denomination $300. Interest on April 1 and
Oct.
1. Maturity $300 each six months from April 1 1912 to Oct. 1 1917,
of
$15,000
The voters on April 4 approved the issuance
Inclusive. Certified check for 10% of bonds bid for, payable to the Clerk
bridge and $30,000 sewer bonds.
Board of Education, is required. Bids must be unconditional.
Cameron, Milam County, Tex.-Bohd Sale.-Reports
Beaver Falls, Beaver County, Pa.-Bond Offering.-Proposals will be received until 5 p. m. April 10 by W. F. state that $15,000 6% sewerage bonds have been disposed
Rayle, City Clerk, for $12,200 refunding and $1,600 First of to local banks.
Ave. improvement 432% coupon bonds.
Camilla, Mitchell County, Ga.-Bond Election.-It is
Denomination $100. Interest semi-annual. Bonds are exempt from
reported that propositions to issue $15,000 sewerage and
State tax. No deposit required.
Beeville, Bee County, Tex.-Bond Sale.-We are advised $5,000 city-hall-construction bonds will be voted upon
that the 830,000 5% 10-20-year (optional) sewer-construction April 12.
Canadian, Hemphill County, Texas.-Bond Sale.-On
bonds dated May 2 1910 and described in V. 91, p. 600, have
March 11 $10,000 6% 20-30-year (optional) improvement
been dsposed of.
awarded to Sutherlin ez Co. of Kansas City, Mo.,
Beggs School District (P. 0. Beggs), Okmulgee County, bonds werebasis of about
5.846% to the optional date and
Okla.-Bond Offering.-Proposals were asked for until at 102-a
about 5.864% to full maturity. Denomination $1,000.
yesterday (April 7) for $7,000 6% building bonds.
Date April 10 1911.
Authority election held March 31. Maturity $2,000 in 10 years and
Canton, Fulton County, Ill.-Bond Election.-A vote will
$5,000 in 20 years. The result of this offering was not known to us at the
hour of going to press.
be taken on April 18 on the question of issuing $10,000 sewer
-The
Defeated.
• Bennington, Ottawa County, Kan.-Bonds
bonds.
question of issiung $2,000 city-hall bonds was defaeted at an
Catasauqua School District (P. 0. Catasaqua), Lehigh
"against."
63
election held April 3. The vote was 35 "for" to
County, Pa.-Bond Offering.-Reports state that proposals
Benton County (P. 0. Fowler), Ind.-Bond Sale.-An will be received until 12 m. April 10 by D. Davis, District
issue of $1,573 50 6% 5 2-3-year (average) gravel-road- Secretary, for $45,000 4% school bonds voted on March 9.
construction bonds was disposed of on March 14 to Edward
Interest semi-annual. Maturity 30 years, subject to call after 5 years.
0. Gara of Lafayette for $1,593 50 (101.271) and interest- Certified check for 10% is required.
a basis of about 5%%•
Chanute School District (P. 0. Chanute), Neosho County,
Denomination $786 75. Date Feb. 15 1911. Interest May 15 and
Nov. 15. Maturity $786 75 each six months from May 15 1912 to Nov. 15 Kans.-Bonds Defeated.-A proposition to issue $65,000
1921, Inclusive.
bonds was voted down at an election held March 7.
Benton County School District No, 6, Wash.-Bond Sale.
Chase City, Mecklenburg, County, Va.-Bond Sale.-On
-On April 5 the $24,000 10-20-year (optional) coupon March 28 the $15,000 6% 20-year gold coupon bonds menschool-buillding bonds described in V. 92, P. 895, were sold. tioned in V. 92, p. 543, were awarded to the First National
Biggs School District, Butte County, Cal.-Bonds Voted.- Bank in Chase City at par and accrued interest. A bid of
The proposition to issue the $25,000 5% school-building $14,600 was received from Ulen & Co. of Chicago and one of
bonds mentioned in V. 92, P. 611, carried by a vote of 83 $5,075 from J. L. Williams & Sons of Richmond for one-third
to 19, at the election held March 25. Maturity $1,000 of issue.
yearly for 25 years.
Chaska, Carver County, Minn.-Bonds Defeated.-The
Big Rapids, Mecosta County, Mich.-Bonds Voted.- voters of this village have defeated a proposition to issue
on
cast
April
3
on the 820,000 refunding bonds.
Reports state that a favorable vote was
proposition to issue the $25,000 bonds mentioned in V. 92,
Chateaugay (Town)(P.0. Chateaugay), Franklin County,
P. 611. We were advised by the city that these bonds were N. Y.-Bond Sale.-Isaac W. Sherrill of Poughkeepsie,
stated
in
local
papers
to be voted for park purposes, but it is
offering 105.051 and interest, was the successful bidder on
that they are for factory purposes.
March 28 for $15,000 5% 10 5-6-year (average) coupon townquestion
Bonds Defeated.-It is further reported that the
hall bonds offered on that day. This is on a basis of about
of issuing $30,000 water-works bonds was defeated at the 4.416%. The following proposals were submitted:
same election (April 3.)
Isaac W.Sherrill, Poughk'sle.105.0511First Nat. Bk., Chateaugay 102.
N. Coler & Co., N. Y____103.45 I Farson Son & Co., N. Y____100.126
Bloom Township (P.0. Bloomville), Seneca County, Ohio. W.Denomination
$500. Date April 1 1911. Interest annually on Feb. 1
-Bond Offering.-Proposals will be received until 12 m. at the First National Bank of Chateaugay. Maturity $1,000 yearly on
Feb. 1 from 1915 to 1929 inclusive. Bonded debt, including this Issue,
April 22 by F. E. Weidaw, Township Clerk, for $7,000 432% $38,000.
Assessed valuation $778,935.
public-road-improvement bonds.
Cherokee County School District No.31, Okla.-Bond Sale.
Authority Sections 8050-17 and 8052-19 of Laning's Revised Statutes.
Denomination $500. Interest semi-annual. Maturity $3,000 on March 1 -This district recently awarded $3,500 6% bonds to Speer
and Sept. 1 in 1921 and $1,000 on March 1 1922. Bonds to be delivered Sr Dow of Fort Smith.
on or before Sept. 1 1911.
Chicago, Ill.-Bonds Voted.-The election held April 4
County, Ohio.-Bond Election.-An
1 :Bluffton, Allen
election will be held, it is stated, to vote on a proposition to (V. 92, P. 896) resulted in favor of the propositions to issue
the $4,655,000 4% bridge-construction and $900,000funding
issue $35,000 school-building bonds.
bonds. The vote was
"for" the bridge bonds and
Boise City, Ada County,Idaho.-Bond Sale.-On March 31 65,080 "against" and 211,751
162,485 "for" the judgment bonds
the $220,000 Paving District No. 15 and the $75,000 Side- and 67,670 "against."
walk and Curb Districts Nos. 30 and 32 7% 1-10-year (serial)
Chicago, Ill., Lincoln Park District.-Bonds Voted.-A
gold coupon assessment bonds described in V. 92, p. 748,
were sold, it is stated, to the First National Bank of Cleve- favorable vote was cast on April 4 on the proposition to issue
the $875,000 4% coupon park-improvement bonds menland for $294,914 (101.665) and interest.




APR. 8 1911.

THE CHRONICLE

975

tioned in V. 92, P. 896. There were 37,949 votes "for" and Parcher, Township Clerk (P. 0. Monnett), for $18,000 43,i%
17,366 "against.'
road-improvement bonds. .
Interest semi-annual. Maturity $43,000 yearly on May 1 from 1912 to
1930 inclusive and $58,000 on May 1 1931.

Choctaw County (P. 0. Hugo), Okla.-Bond Election.An election will be held April 18, it is stated, to vote on
propositions to issue $125,000 court-house and jail and $120,000 bridge bonds.
Clarksville, Red River County, Tex.-Bond Election.The voters of this city will be asked, it is stated, to decide
at an election to be held shortly whether or not bonds amounting to $10,000 shall be issued for water-works improvements
and for fire protection.
Cohasset, Norfolk County, Mass.-Note Sale.-On April 6
the $60,000 53I-year (average) funding notes described in
V. 92, p. 896, were awarded, it is stated, to Curtis & Sanger
of Boston at 101.033.

Authority Section 7033 to 7052 of General Code. Denomination $500
and $1,000. Date June 1 1911. Interest on March 1 and Sept. 1. Maturity $500 each six months from March 1 1912 to Sept. 1 1925 inclusive
and $1,000 each six months from March 1 1926 to Sept. 1 1927 inclusive.
Bonds to be delivered in Bucyrus within 10 days from time of award.
Certified check for $100, payable to the Township Treasurer,Is required.
Purchaser to pay accrued interest.

Deerfield School District (P. 0. Deerfield), Kearney
County, Kans.-Bonds Voted.-It is stated that a proposition to issue $12,000 school-building bonds carried by a
vote of 121 to 35 at an election held recently.
Deland, Piatt County, Ill.-Bonds Defeated.-An election.
held Feb. 21 resulted in the defeat of a proposition to issue
water-works bonds.
Delaware, Delaware County, Ohio.-Bond Sale.-The
Delaware National Bank, it is stated, his been awarded an
issue of $20,000 43'% refunding bonds at 103.10.
Maturity $4,000 in each of the years'1912 and 1913, $8,000 yearly from
1914 to 1918 inclusive and $6,000 in each of the years 1919 and 1920.
Delaware County (P. 0. Delaware), Ohio.-Bond Sale.Colfax County School District No. 74, Wash.-Bond Sale. On April 1 the $17,460 43'% 23(-year (average) ditch-The State of Washington purchased $25,000 school-building construction-assessment bonds described in V. 92, p. 825,
bonds on March 27 at par for 5M per cents. A list of the were awarded to the Deposit Banking Co. in Delaware for
bidders follows:
$17,742 (101.615) and accrued interest, a basis of about
3.835%. Other bids received were as follows:
State of Washington
a$25,000 Union Trust'& Savings Bank,
McCoy & Co. Chicago
'
Chicago
0. H. Coffin,

a25,000
Spokane
z$25,302
f 525,251 Keeler Bros
x25,150
I. z25,026 John Nuyeen & Co., Chicago x25,035
Coffin & Crawford, Chicago. z25,350

a for 530. b for 5% straight 20-year bonds. z for 6 per cents.
A bid was also received from Farson Son & Co. of Chicago. Denominaion $1,000. Date April 1 1911. Interest semi-annual. Maturity 20
years, subject to call at any interest-paying period.

Delaware Nat. Bank, Del___$17,741 Seasongood & Mayer, Cin.$17,597 00
Del. Say. Bk. Co., Del
17,734 Prov.Say.Bk.&Tr.Co.,Cin_ 17,503 65
First Nat. Bank, Delaware
17,697 Breed & Harrison, Cin_ __ 17,503 65
Maturity $1,746 each six months from Sept. 1 1911 to March 1 1910
Inclusive.

Denbigh School District (P. 0. Denbigh), Warwick
County, Va.-Bond Offering.-Proposals will be received
until 11 a. m. April 10 by S. H.Glick, Clerk of School Board,
Columbus Grove, Putnam County, Ohio.-Bond Sale.- for $500 6% high-school-building
bonds.
On April 3 the $5,000 432% street-improvement bonds
Denomination $200. Interest annually in April at Denbigh. Bonds
described in V. 92, p. 896, were sold to the People's Banking will be subject to call after 5 years
from date at option of School Board.
Co. of Columbus Grove at 101.64, according to reports. Ma- No debt at present.
Denton County Common School District No. 59, Tex.
tority $500 yearly on March 1 from 1913 to 1922 inclusive.
Conway, Beaver County, Pa.-Bonds Not Sold.-No award Bonds Registered.-The State Comptroller on Feb. 28 registered
$7,000
5% 5-25-year (optional) bonds.
has yet been made of the $20,000 43% coupon water-plantDenver Township (P. 0. Newaygo), Mich.-Bonds Deconstruction bonds offered on March 6 and described in
feated.-An election held April 4 resulted in the defeat of a
V. 92, p. 543.
Cook County (P. 0. Chicago), Ill.-Bond Offering.-Pro- proposition to issue $30,000 road bonds.
Des Moines Independent School District (P. 0. Des
posals will be received until 1:30 p. m. April 17 by James
M. Slattery, Superintendent of Public Service, Room 510, Moines), Polk County, Iowa.-Bond Offering.-John H. HoCook County,Court House, for $950,000 4%,gold, hospital, gan, District Treasurer, will offer at public auction at 2 p. m.
Series K, bonds. These securities are a portion of the April 18 an issue of $210,000 4y% coupon refunding bonds.
Denomination $1,000. Date May 1 1911. Interest semi-annual. Ma$3,000,000 bonds voted on Nov. 8 1910. See V. 92, p. 205
turity May 1 1931. Bonds are tax-exempt. A deposit of $5,000 in cash
and 543.
is required.
Denomination $1,000. Date June 1 1911. Interest semi-annually at
Detroit, Mich.-Bonds Voted.-The election held on
the County Treasurer's office. Maturity $50,000 yearly on June 1 from
1913 to 1931, inclusive. Certified check for 2% of bid, payable to Peter April 3 resulted in favor of a proposition to issue $3,500,000
Bartzen, President Board of County Commissioners, is required. The
bonds will be delivered on June 1 1911. The legality of the bonds has water-works bonds.
been approved by Wood & Oakley, of Chicago.
Duluth, St. Louis County, Minn.-Bond Offering.-ProCook County School District No. 148 (Dolton), Ill.-Bond posals will be received until 7:30 April 24 by the Common
Sale.-On March 28 $35,000 5% 123' -year (average) school Council for $200,000 of the $300,000 4 9% gold coupon
bonds were awarded to the First Trust & Savings Bank of water and light extension bonds voted Feb. 7(V. 92, p. 479).
Chicago at 105.20 and interest-a basis of about 4.453%.
Authority, Section 286 of City Charter. Denominations $1,000, $500.
Fifteen bids were received in all, among which was one $100 and $50, excepting that, where not inconsistent with bids made,
denomination shall be $1,000. Date April 11911. Interest semi-annually
submitted by E. H. Rollins & Sons of Chicago, offering at
the American Exchange National Bank in New York City. Maturity
April 1 1941. Bonds to be delivered and paid for within 10 days after
104.93 and interest for 5s and 101 for 43 per cents.
notice,rand delivery will be called for June 15. Certified check on or a
Coronado, San Diego County, Cal.-Bond Sale.-On March certificate of deposit of a national bank for 1% of bonds bids for, payable
the "City of Duluth", is required. Official circular states that there
20 the Bank of Commerce & Trust Co. of San Diego was to
has never been a default in the payment of bonds or interest and that there
awarded $46,000 5% 1-40-year (serial) municipal-improve- Is no controversy pending
or threatened affecting the corporate existence
ment bonds, it is stated, for $47,660-the price thus being or boundaries of the city. C. S. Palmer is City Clerk.
Dundy County School District No. 16 (P. 0. Benkelman),
103.608-a basis of about 4.724%. Denominations $1,000
and $150. Date Feb. 11911. Interest semi-annually at the Neb.-Bond Offering.-Proposals will be received until
12 in. April 15 by George W. Druliner, Secretary Board of
City Treasurer's office or in New York City.
Coushatta School District (P. 0. Coushatta), Red River Education, for $12,000 6% coupon school-building bonds.
Denomination $1,000. Date June 11911. Interest annually in BenkelParish, La.-Bonds Voted.-Reports state that this district man.
Maturity $1,000 yearly on June 1 from 1916 to 1927 inclusive. Cervoted on March 31 to issue bonds for a high school.
tified check (or draft) for 10% of bonds bid for, payable to the District
Treasurer, is required. No debt at present. Assessed valuation for 1910,
Covington, Kenton County, Ky.-Bond Offering.-Pro- $182,200.
posals will be received until 5 p. m. April 10 by H. G. KlosterDunkirk, Chatauqua County, N. Y.-City-Hall Bonds Not
mann, City Clerk, for the $100,000 4% gold coupon Devon to be Voted Upon This Year.-The
City Clerk writes us that
Park improvement bonds voted on Nov. 8 1910 (V. 92, nothing will be done this year looking
towards the holding
p. 897.)
of the proposed election to vote on the proposition to issue
Denomination $1,000. Date April 1 1911. Interest semi-annually at the $100,000 city-hall bonds
mentioned in V. 92, p. 335. •
the City Depository of Covington. Maturity one-half in 20 years and onehalf in 40 years. Certified check for $500, payable to the "City of CovingEarlsboro, Pottawatomie County, Okla.-Bonds Voted.ton," is required.
It is stated that the issuance of $10,000 school-buildingbonds
Cuyahoga County (P. 0. Cleveland), Ohio.-Bond Sale.- was authorized by a
vote of 139 to 14 at an election held
On April 5 the $24,465 (county's portion) and the $2,800 March 27.
assessment 43% coupon Wooster Pike Road No. 3 improveEast Orange, N. J.-Bond Offering.-Proposals will be
ment bonds described in V. 92, p. 897, were sold, the former
issue to the Rudolph Kleybolte Co., Inc., of Cincinnati at received until 8 p. in. April 10 by the Mayor and City Council
102.40 and the latter issue to the Cleveland Trust Co. of for the $100,000 water-supply, Series No. 5, and the $100,000
Cleveland at 102.28. A list of the bidders and the premiums grammar-school-construction, Series "W",4% coupon (with
privilege of registration) bonds offered but not sold on
offered by the same follows:
March 27 (V. 92, p. 897.)
$24,465
$2,800
Denomination $1,000. Date April 1 1911. Interest semi-annually at
bonds.
bonds.
the City Treasurer's office. The water bonds mature April
Rudolph Kleybolte Co., no., Cincinnati

$587 16
Cleveland Trust Co., Cleveland
582 27
483 84
Security Savings Bank & Trust Co., Toledo
576 00
First National Bank, Cleveland
58 25
572 75
Hayden, Miller & Co., Cleveland
47 75
566 25
Stacy & Braun, Toledo
556 00
Seasongood & Mayer, Cincinnati
531 00
57 00
Tillotson & Wolcott Co., Cleveland
58 24
516 21
Well, Roth & Co., Cincinnati
494 25
Davies-Bertram Co., Cincinnati
494 00
46 00
Provident Savings Bank & Trust Co., Cincinnati
469 73
Otis & Hough, Cleveland
426 00
50 00
The $24,465 bonds mature part each six months from Oct. 1 1911 to
April 1 1921 inclusive and the $2,800 bonds mature part yearly on Oct. 1
rom 1911 to 1920 inclusive.

1 1941 and the
school bonds mature April 11951. Certified check for 2% of bonds bid for,
payable to the Collector of Taxes, is required. Purchaser must pay accrued
Interest. The legality of the bonds will be certified to by Caldwell ec Reed
of New York City, a copy of whose opinion will be delivered to the purchaser.

Emmons County (P. 0. Linton), No. Dak.-Bond Sale.On March 28 $20,000 7% grain-seed bonds were awarded
to the Union Investment Co. of Minneapolis.
Denomination $500.

Interest semi-annual.

Maturity 2 years.

Erie School District(P.0.Erie), Pa.-Bonds Authorized.At a meeting of the Board of Education on March 30 it was
voted to issue $63,000 bonds. Of the total issue authorized,
Dallas Township, Crawford County, Ohio.-Bond Offering. $13,000 will be issued at once. They will b:iar 4% interest
-Proposals will be received until 12 in. April 27 by D. L. and be in cleaominations of $1,000 each. Interest
semi-




976

THE CHRONICLE

[VoL. Lxxxxn.

Denomination $1,000. Interest semi-annually in Grand Junction or
annual. Maturity $5,000 on Oct. 1 in 1929 and 1930 and New
York. Maturity "on or before 12 years from date.' Certified check
for $1,000 is required. The result of this offering was not known to us at
$3,000 Oct. 1 1931. Bonds are tax-exempt.
of going to press.
hour
the
Essex County, (P. 0. Newark) N. J.-Bond Sale.-An
Grand Junction School District No. 1 (P. 0. Grand
issue of $250,000 4% 40-year court-house bonds has been
delivered to William Ranken at par in payment for property. Junction), Mesa County, Colo.-Bond Sale.-On March 27
the $24,500 20-30-year school-building and the $31,500 10-20Denomination $1,000. Date March 1 1911. Interest semi-annual.
year refunding 5% bonds described in V. 92, p. 825, were
Fancy Priarie School District(P.O.Fancy Prairie), Menard purchased
by James N. Wright & Co. of Denver, the former
County, Ill.-Bonds Voted.-A favorable vote was cast on issue at 102.326
and the
issue at 101.333. Purchasers
March 25, it is stated, on a proposition to issue $3,000 bonds. to pay accrued interest latter
and furnish the bonds free. The
Cumberland
County, No. Car.-Bond Sale.- following bids were received:
Fayetteville,
$31,500
Weil, Roth & Co. of Cincinnati have been awarded $50,000
0
3.
0
,
4,5
B2074
$
Bonds.
at 100.25 and $20,000 5%
bonds
5% street-improvement
Jas. N. Wright & Co., Denver and Chicago
$25,070 00 $31,920 00
bonds
at
101.25.
water-works-extension
31,910 00
Well, Roth & Co., Chicago
25,186 00
Denomination $1,000. Date April 1 1911. Interest semi-annual. The
$50,000 issue matures in 1921 and the $20,000 issue in 1941.

National City Bank, Chicago
E. H. Rollins & Sons, Denver
Continental & Commercial Trust CO., Chicago
Spitzer & Co., Toledo, Ohio
J. H. Causey & Co. Denver
Boettcher, Porter (5; Co., Denver
W. E. Sweet & Co., Denver

24,994 90

31,752 00

5
00
28
875
4,89
24
2
24,812 50
24,760 00
24,595 50
24,563 70

5
10
755 0
31,81
31
31,712 00
31,726 00
31,596 30
31,501 95

Fayetteville, Fayette County, Tex.-Bonds Voted.According to reports, a proposition to issue an additional
$2,000 bonds, to supplement a recent $8,000 issue, carried
by a vote of 39 to 2, at an election held April 1.
Grand Rapids, Kent County, Mich.-Bonds Voted.-The
Fishkill, Dutchess County,N.Y.-Bond Sale.-On Mar. 30 proposition to issue the $125,000 20-year bridge-construction
$30,000 street bonds were awarded to local people at bonds at not exceeding 434% interest carried at the election
par for 5s.
held April 3(V. 92, p. 898) by a vote of 3,846 to 1,660.
Denomination $500. Date July 1 1911. Interest annual. Maturity
Grand Rapids, Wood County, Wis.-Bond Sale.-The
July 1 1917.
following 5% bonds have been disposed of to E. H. Rollins
Ford County (P. 0. Dodge City), Kan.-Bond Offering.- & Sons of Chicago.
Proposals will be received until 6 p. m. April 29 by H. N. $25,000 15-year (average) water-works bonds, awarded at 106.61 and
interest-a basis of about 4.394%.
Kinkead, County Clerk, for $65,000 5% court-house bonds.
Denomination $1,000. Interest semi-annual. Maturity 20 years, subject to call after 10 years. A deposit of 2% is required.

Francis, Pontotoc County, Okla.-Bonds Approved.Reports state that an issue of water-works bonds has been
approved by the Attorney-General.
Frankiinton Township (P. 0. Franklinton), Franklin
County, No. Car.-Bond Offering.-Proposals will be received until 12 m.Apr.28for$30,000534% coupon road bonds.
Date May 1 1911. Interest semi-annually at the Hanover National Bank
In New York. Maturity May 11941. Certified check for $100 is required.
Total indebtedness including this issue $40,000. Property listed for taxation 1910 $1,586,749. B. T. Green is Secretary of Road Trustees.

20,000 13-year (average) street-Improvement bonds, awarded at 105.93
and interest-a basis of about 4.396%.

Grandview Heights School District (P. 0. Grandview
Heights), Franklin County, Ohio.-Bond Sale.-On April 1
the $50,000 4 2% 5-24-year (serial) coupon school-building
and site-purchase bonds described in V. 92, p. 898, were
awarded to Breed & Harrison of Cincinnati at 103.51 and
accrued interest-a basis of about 4.175%. Other bids
received were as follows.
Barto, Scott ec Co., Colum_$51,7091New First N. Bk., Colum___$51,555
Both bidders also offered accrued interest.

Greensburg, Decatur County, Ind.-Bond Sale.-On
Freeport School District (P. 0. Freeport), Harrison March 27 $73,860 5M% street-paving bonds were awarded
County, Ohio.-Bond Sale.-On April 1 the $12,000 5% to J. F. Wild & Co. of Indianapolis for $75,887, the price
$1,842.o1n74.
nati 02.4
being
17-year (average) coupon school-building bonds described in thpuesnom
Date Feb. 15
Interest in May and
V. 92, p. 898, were awarded to the First National Bank in November. Maturity "last bond Nov. 151911.
1931."
Cleveland for $13,163 (109.691) and accrued interestGreenville, Butler County, Ala.-Bonds Voted.-An
a basis of about 4.20%. Other bids received were as follows: election held recently is said to have resulted in a vote of
Cit. Nat. Bk., Wooster_ _ _$13,127 50 Hayden, Miller & Co.,"Cleve_$12,855
12,840 152 "for" to 5"against"a proposition to issue $15,000 bonds,
Cit. S. D. & Tr. Co., Tol. 13,081 00 Tillotson & Wolcott Co., Clev. 12,745
to pay the interest on the bonded indebtedness of the city
Spitzer, Rorick & Co.. Tol. 12,973 00 Otis & Hough, Cleveland_ _
New First N. Bk., Columb. 12,969 00
and to improve the water-works.
Maturity $400 yearly on Oct. 1 from 1913 to 1942 inclusive.
Greenville, Greenville County, So, Car.-Bond Offering.Frio County Common School Districts, Texas.-Bonds
the City
Registered.-The State Comptroller registered $1,500 5% Proposals will be received until 8:30 p. m. May 9 bynt
bonds
10-20-year (optional) bonds of District No. 7 on March 6 and Council for $100,000 5% coupon street-improveme
at not less than par and accrued interest from Jan. 1 1911.
$1,000 5% 20-year bonds of District No. 16 on March 9.
Authority Sectiln 2021, Vol. 1, Code of 1902 also election held April 5
Gadsden, Etowah County, Ala.-Bond Election.-An elec- 1910. Denomination $1,000. Interest on Jan. 1 and July 1 at the Fourth
a
on
vote
to
proposition
stated,
Bank in New York City. Maturity July 11940. Certified check
National
is
it
24,
April
held
be
will
tion
for $2,500 is required. A. E.Sussex is City Clerk and Treasurer.
to issue $50,000 5% 30-year water-works bonds.
Bond Sale.-On April 4 the $7,000 5% 20-year coupon
Garden City, Finney County, Kans.-Bond Sale.-The
bonds described in V. 92, p. 899, were awarded to
Commerce Trust Co. of Kansas City, Mo., recently pur- refunding
R. M. Marshall & Bros. of Charleston at 102 1-32-a basis
chased $42,000 5% 20-year bonds.
of about 4.819%. Other bids received were as follows:
Garvin County (P. 0. Pauls Valley), Okla.-Bonds Ap- Thackston & Son, Greenville_$7,140 First Nat. Bank, Barnesville_$7,051
proved.-The State Attorney-General has approved $41,000 A. G. Furman, Greenville__ 7,077 John Nuvecn & Co., Chicago_ 7,035
Seasongood & Mayer, Chi__ 7,075 Union Savings Bank & Trust
refunding bonds.
7,000
Co., Cincinnati
S. A. Kean & Co., Chicago___ 7,070
Pa.
-Bond
County,
Election.-On
Glen Rock, York
Hamburg Union Free School District No. 8 (P. 0. Blasto
on
vote
a
held
be
proposition to dell), Erie County, N. Y.-Bond Sale.-On March 29 the
April 11 an election will
issue $8,000 bonds to increase the water supply.
$30,000 1-20-year (serial) registered school-building bonds
• Gloucester, Essex County, Mass.-Bond Sale.--On April 4 described in V. 92, p. 825, were awarded to A. B. Leach
$30,000 4% 1-30-year (serial) • coupon (with privilege of & Co. of New York at 100.02 for 4.35s. Other bids received
regidtration) water-loan bonds were awarded to the Cape were as follows:
& Co., N. Y.(5s) _103.80
Ann National Bank in Gloucester at 103.11 and accrued R.M.Grant&Co.,N.Y.(4.45s)_100.098 W.N.Coler
;0)100.45 1 Harris,Forbes&Co.,N.Y.(5s) _101.115
interest-a basis of about 3.757%. Other bids received I.W.SherrIll,Poughk'sle(4
4s)100.26 1Farson,Son ecCo..N.Y (5s) _ _101.26
Philbin & Lobdell,N.Y.(4,
were as follows:
Hancock County (P. 0. Garner), Iowa.-Bond Sale.Parkinson ds Burr, Boston__103.03 R.L. Day & Co., Boston_ _ _102.289
McCoy & Co. of Chicago have been awarded $300,000 534%
E.M.Farnsworth & Co.,Bos_103.03 Kuhn, Fisher & Co., Boston_102.21
103.01 City Nat. Bank, Gloucester_ _102.19
Adams & Co., Boston
Drainage Districts Nos. 1, 2, 3 and 4 bonds. Maturity from
102.183
Old Colony Trust Co., Bos_ _ _102.819 Blodget & Co., Boston
Curtis & Sanger, Boston_ ___102.761 Merrill, Oldham & Co.. Bos_102.169 5 to 15 years from date.
Estabrook & Co., Boston.._102.39 N. W.Harris & Co., Inc.,Bos.101.51
Hannibal School District(P.0. Hannibal), Marion County,
Authority Chapter 451, Legislative Acts of 1895. Denomination $1,000.
Date April 1 1911. Interest semi-annually at the National Shawmut Bank Mo.-Bond Sale.-The $70,000 bonds (the unsold portion of
in Boston. Bonds will be certified as to genuineness by the Old Colony the issue of $80,000 4% 10-20-year (optional)lcoupon (with
Trust Co. in Boston, which will further certify that the legality of this issue
has been approved by Storey, Thorndike, Palmer & Dodge, of Boston, a privilege of registration) school-building bonds mentioned
copy of whose opinion will be furnished to the purchaser.
in V. 91, p. 602) have been sold.
Gloversville, Fulton County, N. Y.-Bond Offering.Harrison County (P. 0. Logan), Iowa.-Bond Sale.0. L. Everest, City Chamberlain, will offer at public auction On April 5 the $27,500 6% 15-year Upper Boyer Drainage
at 2 p. m. April 27 an issue of $100,000 432% coupon sewage- District bonds described in V. 92, p. 750, were awarded to
disposal bonds.
Wm. R. Compton Co. of St. Louis for $28,900 50 (105.092)
Authority Chapter 193, Laws of 1903, as amended by Chapter 176._ Laws
of 1910. Denomination $1,000. Date May 1 1911. Interest semi- accrued interest and blank bonds. Other bids received,were
annually at the Fourth National Bank in New York City. Maturity May 1 as follows:
York State. No de1941. Bonds are exempt from all taxation in New
posit required. Purchaser to pay accrued interest.

Invest.Sec.Co., Des Moines__$28 9001Farson, Son & Co., Chicago_$28.611
Sec.Sav.Bk.&Tr.Co., Toledo 28,7
1 01

Other bids offering less than $1,000 premium were received.
Grand Junction, Mesa County, Colo.-Bond Award.-An
Hartford, Conn.-Temporary Loan.-A loaniofj$100,000
issue of $35,000 6% sewer bonds was disposed of on March 20
to Wm. E. Sweet & Co. of Denver at 98. The award was due in 4 months has been negotiated with the Phoenix
made subject to the bonds being voted at an election to be National Bank of Hartford at 33%.
held April 25.
Haskell County Common School District No, 19, Texas.• Denomination $500. Date May. 1 1911. Interest semi-annual. Ma- Description of Bonds.-The
$2,500 5% 15-20-year (optional)
turity "on or before twelve years."
bonds registered by the State Comptroller on Feb. 4j(V.92,
*. :Bond Offering.-Proposals were asked for until 4 p. m. p. 408) are in the
denomination of $500 each and dated
yesterday (April 7) by H. F. Vorbeck, Commissioner of July 10 1910.
Interest annually in April.
Finance and Supplies, for $118,000 6% paving bonds. The
Hastings, Barry County, Mich.-Bonds Voted.-A favorsale will be made subject to the ratification of the voters
able vote was cast on April 3, it is stated, on the question of
On April 25.




APR. 8 1911.

THE CHRONICLE

issuing the $120,000 434% water and light bonds due part
yearly from 1913 to 1930, inclusive, and mentioned in
V. 92, P. 899.
Hendersonville School District (P. 0. Hendersonville),
Henderson County, No. Caro.-Bond Election.-An election
will be held May 2 to allow the voters to determine whether
or not $15,000 school-building bonds shall be issued.
Hillsdale, Hillsdale County, Mich.-Bonds Voted.-According to reports, the election held April 3 to vote on the question
of issuing the following 4% bonds, mentioned in V. 92, p.
614, resulted in favor of the same.
$30,000 city-hall bonds. Maturity $2,000 yearly after 15 years.
10,000 light bonds. Maturity $2,000 yearly after 10 years.
10,000 paving bonds. Maturity $1,000 yearly after 10 years.
Denomination $500. Date June 1 1911. Interest semi-annual.

977

Lampasas County (P. 0. Lampasas), Texas.-Bonds
Voted.-An election.held March 25 resulted, it is stated, in
favor of the question of issuing bridge-construction bonds.
Lancaster, Erie County, N. Y.-Bond Offering.-Proposals
will be received until 8 p. m. April 10 by Peter P. Adolf,
Village Treasurer, for paving bonds to an amount not exceeding $43,600 and not less than $21,800.
Authority election held Jan. 30 (See V. 92. p. 336). Bonds to be coupon
in form or registered, at holder's option.
Denomination $500. Date
April 1 1911. Interest (rate to be named in bid) semi-annual.
Maturity
one-tenth yearly on April 1 from 1912 to 1921, inclusive. Certified
on an incorporated bank or trust company for 2% of bid, payable check
to the
Village Treasurer, is required.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Homer Township School District (P. 0. Homerville),
Leflore County School District No. 2, Okla.-Bond Sale.Medina County, Ohio.-Bids Rejected.-Bids of par and
accrued interest less expenses received from both the Security Speer & Dow of Fort Smith have bought $15,000 6% schoolbonds.
Savings Bank & Trust Co. of Toledo and Scasongood & Mayer building
Denomination $500. Date Feb. 26
Interest semi-annually at the
of Cincinnati for the $8,000 4% coupon school-building Oklahoma fiscal agency in New York.1911.
Maturity Jan. 1 1931.
bonds offered on April 3 and described in V. 92, 825, were
Leflore County School District No. 47, Okla.-Bond Sale.
P.
rejected.
-An issue of $4,000 7% bonds has been disposed of to Speer
Hudson County(P.0.Jersey City), N. J.-Bids Rejected.- & Dow of Fort Smith.
Bond Offering.-All bids received on April 6 for the three isLeominster, Worcester County, Mass.-Temporary
sues of 43V0 coupon (with privilege of registration) bonds, -A loan of $100,000 was negotiated on April 5 with Loan.
aggregating $275,000, and described in V. 92, p. 826, were Tolman & Tupper of Boston, it is stated, at 3.45% Loring,
rejected. Proposals are again asked for and will be received for $50,000 due Dec. 20 1911 and 3.55% discount fordiscount
$50,000
this time until 3 p. m. April 21.
due Jan. 20 1912. Notes are dated April 10 1911.
Hutchinson, Reno County, Kan.-Bonds Voted.-The
Lincoln County (P. 0. Shoshone), Idaho.-Bond Offering.
proposition to issue the $125,000 20-50-year (optional) -Proposals will be received until 10 a. m. April 12 by Harry
convention-hall bonds mentioned in V. 92, p. 899, carried W. Anderson, County Clerk, for $29,000 coupon refunding
by a vote of 2272 to 1145 at an election held March 27.
bonds at not exceeding 6% interest.
Authority Sections 1960 and 1961, Revised Codes. Denominations 20
Illmo, Scott County, Mo.-Bond Sale.-In March $5,000 bonds
of $1,000 each, 10 bonds of $500 each and 40 bonds of $100 each.
6% sewer and street bonds were awarded to the W. R. Date July
1 1911. Interest semi-annually at the County Treasurer's office
or some bank in New York City. Maturity $2,900 yearly on July 1 from
Compton Co. of St. Louis at par.
1921 to 1930 inclusive. Bonds are exempt from taxation. Certified check
Denomination $500.
ber. Maturity 1921.

Date March 1 1911.

Interest in April and Octo-

Jackson County (P. 0. Brownstown), Ind.-Bond Sale.On April 3 the $20,000 4% 1-20-year (serial) coupon courthouse bonds described in V. 92, p. 544, were awarded to
Miller, Adams & Co. of Indianapolis at 102.05 and accrued
interest-a basis of about 3.797%. Other bids received
were as follows:
Fletcher-Amer. N. Bk., Ind_120,351IGavin L. Payne & Co., Ind_ _$20,261.1
J. F. Wild & Co., Indianapolls_20,264 R. Kleybolte Co., Inc., Cin__ 20,025

Jamestown, Newport County, R. I.-Bonds Voted.----At
a special town meeting held April 1 the voters authorized the
issuance of $50,000 bonds, the proceeds to be loaned the
Jamestown & Newport Ferry Co. to purchase certain property
and rights of the Narragansett Transportation Co. and for
certain improvements. The loan will be evidenced by notes
of the Ferry Co. and secured by a mortgage of all the property
now owned or hereafter acquired by it.
Jefferson County (P.0. Beaumont), Texas.-Bonds Registered.-On March 13 the State Comptroller registered the
$75,000 5% 20-40-year (optional) road bonds sold on Jan. 27
(V. 92, p. 336).
Kalamazoo, Kalamazoo County, Mich.-Bond Election.A vote will be taken at the spring election on the question of
issuing $35,000 police-station bonds.
Bonds Defeated.-The election held April 3 resulted in the
defeat of a proposition to issue $55,000 electric-light bonds.
The vote was 2,294 "for" and 4,697 "against."
Kansas City School District (P. 0. Kansas City), Jackson
County, Mo.-Bonds Awarded in Part.-Of the $550,000 4%
20-year gold coupon (with privilege of registration as to
principal) school-building bonds, the unsold portion of the
issue of $750,000(V.91, p. 1791), $100,000 have been sold.
Kenosha, Kenosha County, Wis.-Bond Offering.-Proposals will be received by Geo. W. Harrington, City Clerk,
until 2 p. m. April 15 for $50,000 5% sewer-construction
bonds.
Authority Section 925-11 and Sections 942 and 943, Revised Statutes of
1898, and Acts amendatory thereof and supplementary thereto. Denomination $500. Date July 1 1911. Interest semi-annually at the City
Treasurer's office. Maturity $5,000 yearly on July 1 from 1912 to 1921,
inclusive. Certified or cashier's check for $1,000, payable to the "City of
Kenosha," is required. The City Clerk and City Attorney may in their
discretion also offer and sell said bonds at public auction to the highest
bidder, starting said auction at the amount received in the highest and best
sealed bid.

for 5% of bid, payable to "Lincoln County," is required.

Little Rock, Pulaski County, Ark.-Bonds Authorized.The issuance of $30,000 refunding and $130,000 schoolbuilding bonds has been authorized. Reports state that
arrangements have been made with the Union Trust Co. of
Little Rock for the disposal of these bonds.
Longview, Gregg County, Tex.-Bond Election.-On
April 11 an election will be held to vote on propositions to
issue $60,000 paving and $30,000 sewer 5% 20-40-year
(optional) bonds.
Los Angeles School District (P. 0. Los Angeles), Los
Angeles County, Cal.-Bond Election.-The Board of Education has decided to call an election to vote on the question
of issuing $1,160,000 elementary-school and $560,000 highschool-improvement bonds.
Ludington, Mason County, Mich.-Bonds Defeated.-A
proposition to issue $50,000 street and sewer-improvement
bonds was defeated at an election held March 3.
Luray, Page County, Va.-Vote.-We are advised that
the vote cast at the election held March 25, which resulted
in favor of the proposition to issue the $10,000 water-works
bonds (V. 92, p. 900), was 96 "for" to 15 "against". Maturity $1,000 yearly.
McGregor School District (P. 0. McGregor), McLennan
County, Tex.-Bonds Voted.-A proposition to issue $15,000
high-school-building bonds carried by a vote of 109 to 2 at
an election held March 25, according to reports.
McIntosh County School District No. 1, Okla.-Bond Sale.
-This district has sold to Speer & Dow of Fort Smith $16,000
6% 20-year building bonds.
McIntosh County School District No. 40, Okla.-Bond
Sale.-An issue of $900 6% bonds has been bought by
Speer & Dow of Fort Smith.
McMinnville, Yamhill County, Ore.-Bond Offering.-Proposals will be received until 12 m. April 18 for the following bonds:
$30,000 8% 10-20-year water and light bonds. Series of 1911.
30,000 1-10-year general improvement bonds at not exceeding 6% interest.
10,000 1-10-year Third Street main bonds at not exceeding 6% interest.
Interest in New York or elsewhere at option of purchaser. Certified
check for 3% is required. A. C. Chandler is City Recorder.

Mancelona, Antrim County, Mich.-Bonds Defeated.-An
election held March 10 resulted in the defeat of a proposition
to issue $8.000 water-works-improvement bonds. The vote
was 58 "for" and 209 "against.
Marion, Marion County, Ohio.-Bonds Proposed.-Local
papers state that an ordinance has passed the first reading
providing for the issuance of $4,500 4% street and alleycrossings bonds.

Kenton, Hardin County, Ohio.-Bond Election.-A proposition to issue $40,000 water-works-plant bonds will be voted
upon, according to reports, at an election to be held April 11,
Lake County (P. 0. Painesville), Ohio.-Bond Election.An election will be held April 10 to vote on the question of
issuing the $40,000 bonds to liquidate the indebtedness of
Denomination $900. Date not later than March 1 1911. Interest
the Lake County Agricultural Society incurred in the pur- semi-annual. Maturity $900 each six months
from Sept. 1 1912 to Sept. 1
inclusive.
1914
which
chase of a site on
to hold fairs. See V. 92, p. 751.
further
It
reported
is
that
an
ordinance
providing for the
Lakewood, Cuyahooga County, Ohio.-Bond Sale.-7-On
April 3 the following bids were received for the $22,000 5% issuance of $1,000 bonds to sink one or more test wells was
second
the
read
time.
Highland Ave. paving-assessment bonds described in V. 92,
Marion, Smyth County, Va.-Bonds Not to Be Offered at
p. 751.
First Nat. Bank, Cleve_ _ 423,007 75 New First N. 13k., Colum_$22,739 00 Present.-We are advised that the $5,000 bonds (the unsold
Tillotson & Wolcott,Clev.. 23,005 40 Seasongood & Mayer, Cin_ 22,891 00 portion of the issue of $12,000 5% water-improve
ment bonds
Hayden, Miller & Co.,Clev 22,942 70 Well, Roth & Co., Cin__ 22,885 00
mentioned in V. 92, p. 276) will not be placed on the market
Otis & Hough, Cleveland.. 22,775 00
Each bidder offered accrued interest in addition to his bid.
until the money is needed.
Lamar County (P. 0. Paris), Texas.-Bond Election.-An
Marquette, Marquette County, Mich.-Bonds Voted.-The
election will be held April 22, it is stated, to vote on a propo- proposition to issue the $100,000 light-plant-betterment
sition to issue $300,000 Precinct No. 1 road-improvement bonds mentioned in V. 92, p. 615, carried by a vote of 1,300
bonds.
to 640 at the election held April 3.




918

THE CHRONICLE

Mattoon Township (P. 0. Mattoon City), Coles County,
Ill.-Bond Offering.-.Further details are at hand relative to
the offering on May 11 of the $46,000 4% gold railroad-aid
refunding bonds mentioned in V. 92, P. 615. Proposals for
these bonds will be received until 2 p. m. on that day by
Frank Berry, Town Clerk.

Authority, Chapter 113 of Revised Statutes. Denomination $1,000.
Date July 1 1911. Interest payable at the State Auditor's office in Springfield. Maturity July 1 1931. Certified check for $500, payable to W. A.
Hoots, Supervisor, s required.

Medford, Middlesex County, Mass.-Temporary Loan.On April 4 this city borrowed $50,000 from Bond & Goodwin
of Boston until Nov. 28 1911 at 3.46% discount.
Medford, Jackson County, Ore.-Bond Offering.-Proposals will be received, according to reports, until5 p. m.
April 18 by R. W. Telfer, City Recorder, for $38,000 5%
sewer and fire-apparatus bonds. Interest semi-annual.
Maturity 10 years.
Middletown, Butler County, Ohio.-Bond Offering.-Proposals will be received until 12 m. April 14 by John Kunz,
City Auditor, for $14,718 60 432% coupon street-improvement assessment bonds.

Authority, Section 3865 of General Code. Denominations 20 bonds of
$500 each and 10 bonds of $471 86 each. Date March 1 1911. Interest
semi-annually at the National Park Bank in New York City. Maturity
'$1,471 86 yearly on March 1 from 1912 to 1921 inclusive. Bonds are exempt from State taxes. Certified check on any bank for $200, payable to
the City Treasurer, is required. Bonds to be delivered within 10 days from
time of award. Purchaser to pay accrued interest.

[VoL. Lxxxxn.

434% coupon West First Street widening bonds. For other
details of bonds and terms of offering see V. 92, p. 901.
Murphy Township (P. 0. Murphy), Cherokee County,
No. Car.-Bond Offering.-Proposals will be received until
May 1 by W. H. Woodbury, President of Highway Commission, for $50,000 5% coupon road bonds.
Denomination $500. Date May 1 1911. Interest January and July at
place designated by purchaser. Maturity 30 years. A deposit in cash or
certified check for $500, payable to the President of Highway Commission,
is required.

Bond Sale.-This township, according to reports, has been
successful in disposing of an issue of $25,000 water-workssystem bonds.
Muskogee County School District No. 63, Okla.-Bond
Sale.-Speer & Dow of Fort Smith were the successful bidders
about Feb. 25 for $7,000 6% bonds of this district.
Denomination $500.
turity Jan. 1 1931.

Date March 131911. Interest semi-annual.

Ma-

Napoleon, Henry County, Ohio.-Bond Offering.-Proposals will be received until 1 p. m. April 20 by C. C. Meekison, County Auditor, for $6,000 43/% coupon road-improvement bonds.
Authority Section 6, 1894 Ohio Laws, page 96. Denomination $500.
Date May 1 1911. Interest semi-annually at the County Treasurer's office.
Maturity $500 each six months from May 1 1913 to Nov. 1 1918, inclusive.
A check or draft for $1,000 is required, and shall be certified by the First
National Bank or Napoleon State Bank of Napoleon. Successful bidder
will be required to pay for transcript of proceedings.

Nebraska.-Offering of State Bonds Held in School Funds.Milan, Telfair County, Ga.-Bond Offering.-Proposals
will be received until April 15 by J. C. Pickron, Mayor, for The State of Nebraska owns in various school funds the
following State bonds and the Legislature has passed a law
$3,000 5% bonds. •
Denomination $1,000. Interest annual. Maturity on Jan. 18 in 1926, authorizing the sale of same, bonds to be sold at not less than
1931 and 1136.
par and accrued interest:
Mills County (P.O. Goldthwaithe),Tex.-BondElection
NameAmount. Rate.
Date when due.
Optional.
$100,000
4
July 1 1956
The Commissioner's Court has, it is stated, ordered an election Alabama
No.
California
525,000
4
Jan. 2 1924
Jan. 2 1914
to be held April 25 to vote on the question of issuing $50,000 Colorado
35,000
4
Sept. 1 1922
Sept. 1 1912
Precinct No. 1 bonds.
Delaware
20,000
3
Dec. 1 1927
Dec. 1 1922
Idaho
430,500
4
July 1 1925
July 1 1910-15
April
4
April
4
Election.
-On
Wis.-Result
of
Milwaukee,
256,000
Idaho
4
April 1 1927
April 1 1917
18,000
4
May 8 1927
May 8 1917
the voters ratified a proposition to issue $320,000 school Idaho
July 1 1927
July 1 1917
5,000
4
Idaho
bonds and defeated the issuance of $50,000 railway-terminal- Louisiana
July 1 1914
No.
57,600
4
May 18 1914
Jan. 8 1909
150,000
3
equipment bonds and also voted down the ordinance passed Maryland
No.
3 M Jan. 1 1942
Massachusetts
92,000
on Feb. 27, which provided for the issuance of the $1,000,000 Massachusetts
No.
213,000
3 3,i Jan. 1 1938
No.
212,000
3 M, July 1 19:35
mortgage certificates for a municipal terminal station. See Massachusetts
1943
No.
33
,
6
Jan.
1
Massachusetts
120,000
V. 92, p. 615.
No.
3 yi May 1 1923
Massachusetts
3,000
198,000
3
Jan.-Apr. 1 1945 No.
Mission School District, San Bernardino County, Cal.- Massachusetts
No.
25,000
3 3,6 Aug. 1 1913
Bond Offering.-Proposals will be received until 11 a. m. Massachusetts
99,000 3-3 3.6 Serially 12 years No.
Massachusetts'
100,000
414 Aug. 1 1911
No.
April 17 by the County Board of Supervisors (P. 0. San Minnesota
200,000
July 1 1934
July 5 1914
Mississippi
35
Bernardino) for $4,000 432% gold bonds.
347,000
4
Mississippi
Aug. 1 1916
No.
Authority, vote of 53 to 11 at an election held Feb. 27 1911. Denomination $500. Date March 21 1911. Interest annually at the County Treasurer's office. Maturity $500 yearly from 3 to 10 years. Inclusive. Certified check or cash deposit for 5% of bid, payable to the Chairman of County
Board of Supervisors, is required. Bonded debt, including this issue,
$16,500. Assessed valuation, $1,803,544. Real value (estimated), $2,000,000. Official circular states that there is no litigation or controversy
pending which affects the corporate existence or boundaries or the title of
any official to his office, nor the validity of these bonds. Charles Post is
County Clerk.

Mississippi
10,000
4
Jan. 1 1919
No.
50,000
4
Jan. 1 1913
No.
North Carolina
718,700
3
July 1 1913
No.
Tennessee
4,000
43i Oct. 1 1913
No.
Tennessee
67,400
3
Jan.-July 1 1913 July 1 1888
Tennessee
3,100
3
July 1 1913
July 1 1888
Tennessee
40,000
Utah
4
July 1 1916
No.
All of the said bonds, excepting California bonds, are stamped with rubber
stamp as follows: "This belongs to the Permanent School Fund of the State
of Nebraska, and is not negotiable. Water A. George, State Treasurer."
The same is released by House Roll No. 49.

Moberly, Randolph County, Mo.-Bond Sale.-Whitaker
Proposals for the above bonds will be received until 10 a. m.
& Co. of St. Louis were awarded in March $50,000 5% 10-20year (optional) water-works bonds. These bonds are part April 20 at the office of Walter A. George, State Treasurer,
of an issue of $150,000, $100,000 of which was sold to in Lincoln.
Nebraska City School District (P. 0. Nebraska City), Otoe
Whitaker & Co. of St. Louis in Jan. 1910.
County, Neb.-Bond Sale.-During March $20,000 434%
Denomination $510. Date Jan. 1 1910. Interest semi-annual.
• Monroe, Walton County, Ga.-Bonds Defeated.-A pro- school-house bonds were purchased by the State of Nebraska
position to issue $13,000 school-building bonds was defeated at par. The bonds are dated July 1 1910 and mature July 1
1940, but are subject to call after July 1 1915.
at an election held March 16.
Nelsonville, Athens County, Ohio.-Bonds Defeated.-It is
Monroe County (P. 0. Forsyth), Ga.-No Bond Election
Proposed.-According to the County Clerk, the reports stat- reported that this place on April 1 defeated a proposition to
ing that there is talk of calling an election to vote on the issue $16,000 municipal-light-plant-repair bonds.
question of issuing $50,000 road-improvement bonds are
Nevada City, Nevada County, Cal.-Bond Election.-It is
erroneous. See V. 92, p. 276.
said that an election will be held April 25 to vote on the
Montclair, Essex County, N. J.-Bond Offering.-Further question of issuing $30,000 high-school bonds.
details are at hand relative to the offering on April 24 of the
New Bedford, Bristol County, Mass.-Bond Sale.-On
$66,000 4 2% gold coupon school refunding bonds mentioned April 1 the $26,552 58 4% 5-year (average) registered wharf
in V. 92, p. 901. Proposals for these bonds will be received bonds described in V. 92, p. 901, were awarded to Adams
until 8 p. m.on that day by S. H. Wenck, Town Treasurer.
& Co. of Boston at 100.932 and accrued interest-a basis
Authority, Chapter 101, Laws of 1907. Denomination $1,000. Date of about 3.794%. Other bids received were as follows:
Feb. 1 1911. Interest semi-annually at the Bank of Montclair. Maturity
Feb. 1 1941. Certified check for 2% of bid, payable to the Town Treasurer,
is required. Official circular states that there has never been any default
In payment of any obligations nor has the legality of these bonds been
questioned. The validity of the bonds has been approved by Hawkins,
1Delafield & Longfellow, of New York, who will, if desired, furnish their
certificate of validity to the purchaser without charge. Bonds are taxtree in New Jersey.

Montevideo School District (P. 0. Montevideo), Chippewa
County, Minn.-Bonds Defeated.-A proposition to issue
$60,000 4% building bonds was defeated at an election held
March 4. The vote was 213 "for" and 347 "against."
:
Montpelier, Williams County, Ohio.-Bond Sale.-The
$22,000 432% street-improvement assessment bonds offered
on March 25 (V. 92, p. 901) were sold to Stacy & Braun of
Toledo for $22,929-the price thus being 104.222. Maturity
1930.
Morgantown, Monongahela County, W. Va.-No Bond
Election.-The Mayor informs us that there is no truth in the
reports which appeared in certain papers stating that an
election would be held April 6 to vote on the question of
issuing $60,000 sewer and paving bonds. He adds, however,
that a bond election may be held some time during the
summer.
Mt. Vernon, Westchester County, N. Y.-Bond Offering.Attention is called to the official advertisement elsewhere
in this Department of the offering on April 18 of the $128,000




Curtis & Sanger, Boston_ __ _100.781 R. L. Day & Co., Boston_ _ _ _100.445
Kuhn, Fisher & Co., Boston_100.633 Blake Bros. & Co., Boston_ _100.17
100.58 N.W.Harris & Co.,Inc.,Bos_100.042
Biodget & Co., Boston
Maturity $3,552 58 on April 1 1912, $3,000 yearly on April 1 from 1913 to
1917, inclusive, and $2,000 yearly on April 1 from 1918 to 1921, inclusive.

New Berlin, Stark County, Ohio.-Bond Election.-Local
papers state that a proposition to issue $35,000 seweragesystem and water-works bonds will be submitted to a vote
on April 22.
New Castle, Lawrence County, Pa.-Bonds Defeated.At a meeting of the Select Council held March 27 the ordinance providing for the issuance of the $47,000 street-paving
bonds mentioned in V. 92, p. 276, was voted down.
New Castle County (P. 0. Wilmington) Del.-Bond
Offering.-Proposals will be received until 12 m. April 18
by Daniel Thompson, Chairman Finance Committee, for
$80,000 4% gold coupon highway-improvement bonds.
Denomination $1,000. Date July 11909. Interest semi-annually at the
Farmers' Bank in Wilmington. Maturity $20,000 yearly on July 1 from
1961 to 1964, inclusive. Bonds to be delivered on May 2. Certified check
for 2% of bonds bid for, payable to the County Treasurer, is required.
Bonds to be certified as to genuineness by the Columbia Trust Co. of
New York. Bids must include accrued interest and be made on blank
f,rms furnished by city.

Newfolden, Marshall County, Minn.-Bonds Defeated.An election held March 14 resulted in the defeat of a proposition to issue town-hall bonds. The vote was 35 "for"
and 65 "against."

APR. 8 1911.

THE CHRONICLE

979

New Haven New Haven County, Conn.-Bond Offering.Oakland, Alameda County, Cal.-Bond Election.-A vote
Proposals will'
be received until 11 a. m. April 11 by Jonathan will be taken on April 14, it is stated, on the question of
N. Rowe, Comptroller, for the following 4% coupon or regis- issuing $92,000 sewer bonds for Sanitary District No. 2.
tered bonds:
Oakley (P. 0. Cincinnati), Ohio.-Bond Offerings.-Pro4100.000 street-pavement bonds. Date Jan. 1 1910. Maturity $20,000
yearly on Jan. 1 from 1931 to 1935, inclusive.
posals will be received until 12 m. April 11 by Oscar Kosche,
75,000 bridge-construction bonds. Date Jan. 1 1911. Maturity $25,000 Village
Clerk, for the following 5% improvement assessment
yearly on Jan. 1 from 1934 to 1936, inclusive.
Denomination $1,000, or any multiple thereof. Interest semi-annually bonds:

at the City Treasurer's office. Bonds to be delivered on May 1 or on such
date as may be agreed upon. Certified check for $1,000, payable to the
Comptroller, is required. The bonds will be certified as to genuineness by
the United States Mortgage & Trust Co. of New York City.
Bids to be
made on blank forms furnished by city. Purchaser to pay accrued interest.

$41,402 23 Columbia Road bonds. Date March 7 1911. Maturity onetenth yearly on March 7 from 1912 to 1921 inclusive.
2,151 71 sidewalk bonds. Date March 15 1911. Maturity one-tenth
yearly on March 15 from 1912 to 1921 inclusive.
Authority, Section 3914 of General Code. Interest annual. Certified
check for 5% of bonds bid for, payable to the Village Treasurer, is required.
Purchaser to pay accrued interest.

• New Orleans, La.-Bond Offering.-Proposals will be reteived until 12 m. May 8 by the Board of Liquidation of City
Proposals will also be received until 12 m. April 18 by
Debt for the $7,000,000 4% coupon public-improvement Oscar Kosche,
Village Clerk, for the following 5% assessment
bonds offered without success on Oct. 4 1910.
bonds:

Authority Act No. 19, Laws of 1906, and Act No. 116 of 1908; also
No. 23 of 1910 as amended by Act No. 5 of the special session of 1910.
Acts No. 19 of 1906 and 116 of 1908 having been ratified by constitutional
amendment. Denomination $1,000. Interest Jan. 1 and July 1. Maturity Jan. 1 1942, subject to call after Jan. 1 1928. Bonds are exempt
from taxation, State, parish and municipal. No sale will be made unless
the aggregate of the bids received shall be for the entire amount ($7,000,000). Bonds will not be sold for less than par and accrued interest, less a
commission not to exceed 6% on the principal. Matured interest coupons
will be cut from bonds and canceled, the successful bidder to pay the interest which may have accrued to date of delivery. Certified
check on some
chartered bank in New Orleans for 3% of bid, payable to the Board, is
required. Any local banks bidding for bonds may stipulate that they
desire to be awarded the custody of the Public Improvement Fund, as provided by Act No. 23 of 1910 and Act No. 5 of the special session of 1910.
If any local bank should be awarded the depository,
the said bank shall be
required to pay the rate of interest on daily balances as may be fixed by
the Board of Liquidation.

$1,347 50 Brotherton Road sewer-improvement bonds. Denomination
$134 75. Date Jan. 20 1911. Maturity 4134 75 yearly on
Jan. 20 from 1912 to 1921 inclusive.
4,238 00 Follett Ave. improvement bonds. Denomination $423 80. Date
April 1 1911. Maturity $423 80 yearly on April 1 from 1912
to 1921 inclusive.
Authority Section 3914 of General Code. Interest annual. Certified
check for 5% of bonds bid for, payable to the "Village of Oakley," is required. Purchaser to pay accrued interest. If any of the owners of
property assessed should pay their assessments in cash before any of the
said bonds are sold, the amount of the bonds to be issued shall be correspondingly reduced.

Odell, Livingston County, Ill.-Bond Sale.-The $7,000
6% 8-year (average) coupon deep-well-construction bonds
described in V. 92, p. 827, were sold on March 27 to the State
Bank of Odell at 105 and interest-a basis of about 5.226%.
A bid of 100.27 and interest for 5 per cents was also received
from E. H. Rollins & Sons of Chicago. Maturity $1,000
yearly on July 1 from 1916 to 1922 inclusive.
Ogden, Weber County, Utah.-Bond Offering.-Proposals will he received until 6 11. m. April 17 by Carl Allison,
City Recorder, for the $100,000 5% water bonds voted at
tae election held Sept. 6 1910. V. 91, p. 745.

As stated last week, the Inter-State Trust & Banking Co.
of New Orleans has agreed to bid not less than 94 for these
bonds with the understanding that the bank shall receive
the deposits of the proceeds of the sale and the balance of
the public improvement fund, and pay the city on such
deposits not more than 1% per annum.
Newport, R. I.-Temporary Loan.-On April 4 a loan of
$40,000 dated April 6 1911 and due Sept. 1 1911 was negoDenomination $1,000. Date Jan. 2 1911. Interest on Jan. 1 and July 1
tiated with Bond & Goodwin of Boston at 3.46% discount.
at place to be agreed upon. Maturity Jan. 2 1931, but bids will be con
sidered on a proposition to redeem $25,000 one year, $25,000 two yearsNewport, Oocke County, Tenn.-Bond Election.-This $25.000
three years and $25,000 four years from date of bonds. Certified
town will vote on April 29, it is stated, on the question of .check for $1,000, payable to the City Treasurer, is required. Bonds to be
delivered May 1 unless a subsequent date be mutually agreed upon. Purissuing bonds to install a system of water works.
chaser to pay accrued interest. Blank forms for bids furnished by city.'
New York City.-Bond Sales.-During the month of March
Oglethorpe, Macon County, Ga.-Bond Election.-Whether
the Sinking Fund of this city purchased at par the bonds or not this town shall issue $18,000 electric-light and watergiven below:
works-system bonds will be decided by the voters, it is stated,
Purpose-Int. Maturity. Amount. on April 12.
Various municipal purposes
3
1960
571.212
Olean, Cattaraugus County, N. Y.-No Action Yet Taken.
Water bonds
3
3,900
1960
No action has yet been taken looking towards the holding
Total
875,112
of the proposed election to vote on the propositions to issue.
The following revenue bonds (temporary securities) were the $50,000 market-house and the
$2,000 band-stand bonds
also issued during March:
mentioned in V. 92, p. 278.
Amount.
Interest.
Revenue bonds, current expenses
.$2,452,483
3h
Olmstead Township (P. 0. Olmstead Falls), Cuyahoga
Revenue bonds, current expenses
3 yfi
*2,812,025
Revenue bonds, current expenses
•2.822,136 County, Ohio.-Bond Sale.-On April 3 the $7,500 04%
Revenue bonds, current expenses
4-year (average) coupon highway-improvement ,bonds
g
293,000 43
Revenue bonds, current expenses
3.65
3.658,025 described in V.92, p.
616, were awarded to the First National
Revenue bonds, current expenses
3%
2,000,000
Revenue bonds, current expenses
3%
2,000,000 Bank in Cleveland at 101.43 and accrued interest-a basis
Revenue bonds, current expenses
a
2,000,000 of about 43%. Other
bids received were as follows:
Revenue bonds, special
3 4.
811,000
Hayden,

4

Total
• Payable in francs.

$18,848,669

Miller & Co.,Clev_$7,590 75 Otis & Hough, Cleveland_$7,557 00
Citizens' S.B.& Tr. Co.,Tol. 7,590 00 Seasongood & Mayer. Cin__ 7,540 00
Bank of Berea Co., Berea__ 7,575 75 Amer. Bkg. & Savings Co_ 7,522 50
Bonded debt, including this issue, $29,500. No floating debt. Assessed
valuation in 1910. $780,450.

Noble Township (P. 0. Belle Valley), Noble County, Ohio.
Olney Independent School District (P. 0. Olney), Texas.
-Bond Offering.-Further details are at hand relative to
the offering on April 15 of the $1,000 4% highway-construc- -Bonds Registered.-On March 23 $2,500 5% 5-10-year (option bonds mentioned in V. 92, p. 901. Proposals for these tional) bonds were registered by the State Comptroller.
Omaha School District(P.0. Omaha), Neb.-Bond Sale.bonds will be received until 12 In. on that day by the Board
On April 3 the $375,000 4M% 20-year school bonds described
of Trustees.
Authority Vol. 99, pages 308 to 320, Ohio Laws. Denomination $400. in V. 92, p. 752, were sold, it is stated, to the Harris Trust
Interest annual. Maturity $400 yearly from 1 to 10 years. S. S. Barn- & Savings Bank and the Wm. R. Compton Co., both of
house is Township Clerk.
Chicago,at their joint bid of 103.38-a basis of about4.248%.
Nolan County (P. 0. Sweetwater), Tex.-Purchasers of These securities
a portion of the issue of $750,000 bonds
Bonds.-We are advised that Ulen & Co. of Chicago were the voted on Nov. 8are
1910. V. 92, p. 209.
successful bidders on March 21 for the $100,000 5% 40-year
Ontario School District (P. 0. Ontario), Malheur County,
.coupon Road District No. 1 bonds disposed of (V. 92, p. 901)
Ore.-Bond Sale.-E.H. Rollins & Sons of Denver have been
on that day. The price paid was par and accrued interest.
awarded, it is stated, the $47,000 high-school bonds menNorfolk, Va.-Bond Sale.-Harris, Forbes & Co. of New tioned in V. 91, p. 1792. The price paid is given as 105.987.
York City have notified the Finance Committee of the City
Orange, Essex County, N. J.-Bond Offering.-Proposal
Council that they will exercise their option held upon the
$579,000 bonds at 98.03 and interest. These securities are will be received until April 17, it is stated, for $55,000 4%
the remaining portion of the three issues of 43'% 30-year 30-year school-addition bonds.
Ottumwa, Wapello County, Iowa.-Bond Sale.-On
coupon (with privilege of registration) bonds, aggregating
15-20-year (optional) refunding
$690,000, $21,000 of which were sold on March 23 to the March 30 $275,000 4
Sinking Fund at par and $110,000 to Harris, Forbes & Co. bonds were awarded to Woodin, McNear & Moore of Chicago
at 98.03 and interest. As reported in V. 92, p. 901, a 60-day for $280,160 50,the price thus being 101.88-a basis of about
option was granted to the latter firm on the remaining $559,- 4.329% to the optional date and about 4.359% to full
maturity.
000 bonds at the same price.
Denomination $1,000. Date June 1 1911. Interest semi-annual.
Norwich Township, Huron County, Ohio.-Bonds ReOyster Bay Union Free School District No. 22, Nassau
fused.-According to reports, the Citizens' National Bank of
Wooster has refused to accept the $40,0004% coupon road- County, N. Y.-Bond Offering.-Proposals will be received
improvement bonds awarded it on March 1. See V. 92, until 7:30 p. m. April 19 by Ernest Hackwitz, Clerk Board of
p. 616.
Education (P. 0. Farmingdale), for $30,000 5% schoolOak Harbor School District (P. 0. Oak Harbor), Ottawa building bonds.
'County, Ohio.-Bond Offering.-Proposals will be received
51,000. Interest semi-annual. Maturity 51.000 yearly
until 12 m. April 17 by W. A. Campbell, Clerk Board of onDenomination
Jan. 1. from 1921 to 1950, Inclusive. Certified check for $500. payable
Education, for $60,0004
coupon school-building bonds. to the Board of Education, is required.
Authority Sections 7625, 7626 and 7627 of General Code; also vote of
The official notice of this bond offering will be found among
160 to 107 at an election held March 21. Denominations $500 and $1,000.
Date April 1 1911. Interest semi-annual. Maturity $1,500 yearly on the advertisements elsewhere in this Department.
April 1 from 1912 to 1915, inclusive, and $2,000 each April I and $1,000
Palestine School District (P. 0. Palestine), Anderson
each Oct. 1 from 1916 to 1933, inclusive.
Bonds are exempt from all
taxes and are to be delivered and paid for within 10 days from time of County,Texas.-Bond Election.-It is stated that on April 18
award. Certified check or certificate of deposit for $1,000, payable to the
Treasurer Board of Education, Is required. Purchaser to pay accrued an election will be held to vote on a question ofssuing
thterest.
$20,000 5% 40-year school-building bonds.




980

THE CHRONICLE

[VOL. Lxxxxn.

Quinn School District (P. 0. Quinn), Pennington County,
So. Dak.-Bond Sale.-An issue of $4,000 building bonds.
recently voted has been disposed of to the State of South
Dakota.
Reading, Middlesex County, Mass.-Temporary Loans.Dispatches state that the Treasurer has awarded two temporary loans of $25,000 each, one maturing Oct. 5 and the.
other Nov. 8 1911, to Loring, Tolman & Tupper, at 3.40%
Denomination $1,000. Date May 10 1911. Interest in February and discount and a premium of 50c.
August at the Fourth National Bank in New York. Maturity 50 years,
Riverton Township (P. 0. Ludington), Mason County,
subject to call after 10 years. Certified check for 5% of bonds bid for,
payable to the Mayor, Is required.
Mich.-Bond Offering.-Proposals will be received until
Parsons Schobl District No. 33 (P. 0. Parsons), Labette 12 m. April 15 (to be opened 2 p. m. April 17) by H. D.
County, Kan.-Bonds Voted.-We see it reported that a Stowell, Township Clerk, for $10,000 of an issue of $20,000.
favorable vote was cast on March 27 on the proposition to 5% coupon gravel-road-construction bonds.
DeAuthority Section 8, Chapter 14, Act 283, Public Acts of 1909. First
issue the $60,000 school bonds mentioned in V. 92, p. 827.
nomination $500. Date April 1 1911. Interest annually at theBonds
1.
-An
April
Pasco, Franklin County, Wash.-Bonds Defeated.
National Bank in Ludington. Maturity $2,000 yearly on
exempt from all taxation in Michigan. Certified check for 5% of bid,
election held Feb. 27 resulted in the defeat of a proposition are
payable to the Township Clerk, is required. Bonded debt, this issue
153
The
vote
was
bonds.
water-works
to issue $50,000
($20,000). No floating debt. Assessed valuation, $528,280.
"for" and 355 "against."
Rochester, N. Y.-Note Offering.-Proposals will be rePatton, Cambria County, Pa.-Bond Offering.-Proposals ceived until 2 p. m. April 10 at the office of Chas. F. Pond,
will be received until 8:30 p. m. April 17 by E. S. Moore, City Comptroller, for $307,000 notes in anticipation of city
Borough Secretary, for $12,000 434% coupon refunding taxes.
Principal and interest will be payable two months from April 12 1911 at
bonds.
the Union Trust Co. in New York. Denomination of notes and rate of

Pana, Christian County, Ill.-Bond Election.-A proposition to issue $50,000 water-system bonds will be submitted to a vote of the people, it is stated, on May 18.
Paris, Lamar County, Tex.-Bond Offering.-Proposals
will be received until 7:30 p. m. April 17 by Judd Wright,
City Secretary, for the $25,000 street-improvement, $15,000
school-building and $10,000 public-building 5% bonds voted
March 7. (V. 92, p. 752.)

Denomination $500. Date April 15 1911. Interest payable at the First
National Bank in Patton. Maturity 20 years, subject to call after 10 years.
Bonds are tax-exempt. Certified check for $200, payable to the Borough
Treasurer, is required. Bonded debt at present, $14,000. Assessed valuation for 1910, $729,990.

interest desired is to be designated by the bidder.

Note Sale.-On April 5 the $300,000 local-improvement
and $100,000 water-works-improvement notes described in.
V. 92, p. 903, were awarded to H. Lee Anstey of New York
Pawnee, Pawnee County, Okla.-Bond Election.-An at
3.65% interest and $11 premium. Other bids received
issuing
of
question
the
on
vote
to
11
April
held
be
will
election
were as follows:
$35,000 5% 25-year school-building bonds.
Bank for Savings, New York
3.67% interest
Goldman,Sachs & Co., N. Y.(for $200,000)3.75% int. & $22 50 premium
Pawnee County (P. 0. Pawnee City), Neb.-Bond Sale.- Sutro
3.875% int. & $45 premium
Bros. & Co., New York
(op1-5-year
43%
The State of Nebraska bought $20,000
Notes will be payable eight months from April 10 1911 at the Union Trust
tional) court-house bonds dated Jan. 1 1911 during the Co. in New York City.
Rogers County School District No. 1, Okla.-Bond Sale.month of March at par.
Payette, Canyon County, Idaho.-Bond Offering.-Pro- Speer & Dow of Fort Smith recently purchased $5,000 6%
posals will be received until 6 p. m. April 13 by Martin 0. bonds.
Romney, Hampshire County, W. Va.-Bonds Voted.-An
Luther, City Clerk, for the $12,000 water-works-extension
and the $12,000 sewer gold coupon bonds, the validity of election held recently resulted in favor of a proposition to
which was upheld by the State Supreme Court on Feb. 4. issue water-system bonds, according to reports.
See V. 92, p. 747.
Rush Township, Scioto County, Ohio.-Bonds Voted.Authority Sections 2315 to 2371, Revised Code. Denomination $1,000.
March 28 this township authorized
Date July 1 1911. Interest semi-annually at the City Treasurer's office. Local papers state that on
Maturity 20 years, subject to call after 10 years. The bonds are tax- the issuance of $2,000 school-building bonds by a vote of
exempt. Certified check for 5% of bid, made payable to the "City of 45 toll.
Payette," is required.
Sacramento, Cal.-No Action Yet Taken.-Up to March 30
Pekin School District (P. 0. Pekin), Tazewell County, Ill.
issuance of
-Bonds Defeated.-A proposition to issue $12,000 building no action had yet been taken looking towards the
in
bonds was defeated at an election held March 4. The vote the $75,000 4A% river-improvement bonds mentioned
V. 92, p. 210.
was 316 "for" and 453 "against."
Saginaw, Mich.-Bonds Defeated.-The election held
Pendleton, Umatilla County, Ore.-Bond Election.-An
1,411 "against"
election will be held May 9, it is stated, to vote on the ques- April 3 resulted in a vote of 1,338 "for" to-station-construction of issuing $200,000 gravity-water-system and $20,000 the proposition to issue the $40,000 police
sewer-system bonds. Mention of the former issue was made tion bonds mentioned in V. 92, p. 827.
St. Louis, Mo.-No Bond Election.-We are advised that
in V. 92, p. 752.
Umatilla
Pendleton),
city has not decided to hold an election to vote on the,
this
0.
(P.
District
School
Pendleton
that
the
stated
it
of any further issue of bonds. See V. 92, p. 617.
see
question
-We
Voted.
-Bonds
Ore.
County,
St. Paul, Minn.-Bond Sale.-On April 3 $220,000 4%
question of issuing the $85,000 high-school-building and
$15,000 grade-school-extension bonds mentioned in V. 92, 30-year high-school-building bonds were disposed of to local
p. 752, was favorably voted upon March 23.
banks at par.
Bonds Not Sold.-The above securities, together with an
Pittsboro, Chatham County, No. Caro.-Bond Offering.5
m.
by
May
p.
2
B.
until
Nooe,
issue of $25,000 4% 30-year public-playground bonds, were
Proposals will be received
Mayor, for the $5,000 5% 30-year street bonds voted on offered on April 1 (V. 92, p. 677), but no bids were received
on that day.
March 11 (V. 92, p. 902).
St. Petersburg, Hillsboro County, Fla.-Bond Election.Portage County (P.0. Ravenna), Ohio.-Bond Offering.Proposals will be received until 12 m. April 24 by W. J. On May 9 an election will be held to vote on a proposition to
Dodge, County Auditor, for $25,500 4%% road-extension issue 6% 30-year "water-front and cross-walks" bonds.
and improvement bonds.
Salem, Columbiana County, Ohio.-Bond Offering.Authority Section 6912-1 of General Code. Denomination $500. Date Proposals will be received until 12 in. April 24 by George
MaCounty
office.
the
Auditor's
at
May 1 1911. Interest semi-annually
refunding bonds.
$1,000 yearly on Sept. 1 from 1913 to 1937, Holmes, City Auditor, for $10,000 434%
turity $500 on Sept. 1 1912 and
inclusive. Bonds to be delivered on May 1. Certified cheek for $300,
payable to the County Treasurer, is required. Purchaser to pay accrued
interest.

Authority Section 3916 of General Code. Denomination $500.
April 1 1911. Interest semi-annual. Maturity 10 years. Bonds
delivered and paid for within 10 days from time of award. Certified
for 2% of bonds bid for, payable to the City Treasurer, Is required.
chaser to pay accrued Interest.

Date
to be
check
Pur-

Portage Township (P. 0. Port Clinton), Ottawa County,
Ohio.-Bond Offering.-Proposals will be received until 12 m.
Sedalia, Pettis County, Mo.-Bonds Voted.-An election
April 10 by Bert Lockwood, Ed Bergman and S. Sorenson, held March 30 resulted in favor of the question of issuing
Board of Trustees, for $8,000 5% town-hall-construction $60,000 park-improvement bonds, it is stated.
bonds.
Seguin, Guadalupe County, Tex.-Bond Sale.-The
Authority, Sections 3,295 and 3,939 to 3,954 of General Code. Denom10-40-year (optional) street-improvement
$25,000 4
ination $500. Date May 1 1911. Interest semi-annual. Maturity $500
in
bank
some
on
check
yearly from 1 to 16 years from date. Certified
bonds voted on June 10 1910 (V. 91, p. 171) were sold on
Portage Township for $200 is required. Bonds to be delivered and paid for
March 22, it is stated, to James Riley & Son of San Antonio
within 10 days from time of award. Purchaser to pay accrued interest.
Port Clinton, Ottawa County, Ohio.-Bond Offering.- at par.
Selma, Dallas County, Ala.-No Bonds Authorized.-The
Proposals will be received until 12 m. April 10 by J. A. Singler, Village Clerk, for $17,000 5% town-hall-construction Mayor informs us that this city does not contemplate the
issuance of any bonds. It was reported in some of the papers
bonds.
Authority. Sections 3939 and 3954 inclusive of General Code. Dethat the City Council had authorized an issue of $3,000 6%
nomination $1,000. Date May 1 1911. Interest semi-annual. Maturity
bonds.
$1,000 yearly from 1 to 17 years from date. Certified check on some bank
In Port Clinton for $300, payable to the Village Treasurer, is required.
Seminary, Covington County, Miss.-Bonds Voted.-At an
award.
of
time
paid
for
and
delivered
days
from
be
10
within
to
Bonds
election held in this town on March 31 a proposition to issue
Purchaser to pay accrued interest.
Portland, Ore.-Bond Election Proposed.-Petitions are $10,000 school-building and water-system bonds was,titlis
being circulated for the submission to the voters at the June stated, authorized by a vote of 43 to 21.
Shawnee School District (P. 0. Shawnee), Pottawatomie
election of a proposition to amend the city charter so as to
authorize the issuance of $1,000,000 bonds for a municipal- County, Okla.-Bond Sale.-The $30,000 bonds (the unsold
paving plant.
portion of the issue of $50,000 5% school-building bonds
Pueblo, Pueblo County, Colo.-Bond Sale.-On April 1 mentioned in V. 92, p. 211) have been purchased by the
the Harris Trust & Savings Bank of Chicago were awarded Commerce Trust Co. of Kansas City, Mo. Maturity July_l
$322,000 (not $350,000 as at first reported) 43% 10-25-year 1935.
Shreve, Wayne County, Ohio.-Bonds Voted.-A pro(optional) bonds for purchase of water plant. We are adof
vised by the City Auditor that the price paid was par. De- position to issue $24,000 sewer bonds carried by a vote
nomination $1,000. Date July 2 1906. Interest semi-annual. 191 to 73, it is stated, at an election held March 28..




APR.8 1911.1

THE CHRONICLE

981

• Shreveport, Caddo Parish, La.-Bond Offering.-Pro- sewerage bonds bids for which were rejected on March 15
posals will be received until 10 a. m. May 9 by L. H. Baker, (V. 92, p. 828.) .
Denomination $1,000. Date April 1 1911. Interest on June 1 and
Secretary-Treasurer, for the $250,000 4% gold public- Dec.
1 at the United States Mortgage & Trust Co. of New York. Maturity
April
improvement bonds mentioned in V. 92,
1 1941. Certified check for 1% of bid, payable to J. C. Green, County
P. 547.
Treasurer, is required. Bonded debt

Authority vote of 483 to 140 at election held April 4. Date May 1 1911.
Interest semi-annually at the Seaboard National Bank
in New York City
Bonds are tax-exempt. Maturity on May 1 as follows: 2 bonds in 1912
and 1913, 3 bonds yearly from 1914 to 1920, inclusive, 4 bonds yearly from
1921 to 1926, inclusive, 5 bonds yearly from 1927 to 1931,inclusive, 6 bonds
yearly from 1932 to 1935, Inclusive t 7 bonds in 1936, 1937 and 1938, 8
bonds in 1939, 1940 and 1941,9 bonds in 1942 and 1943, 10 bonds in 1944,
1945 and 1946, 11 bonds in 1947 and 1948, 12 bonds in 1949 and 1950, and
13 bonds in 1951. Certified check for 2% of bid, payable to the SecretaryTreasurer, is required. These bonds are to take the place of like amount
a
of 45 voted in 1909.

The official notice of this bond offering will be found among
the advertsements elsewhere in this Department.
Smithtown, Suffolk County, N. Y.-Bonds Voted.-The
proposition to issue the $9,000 5% town-hall-construction
bonds mentioned in V. 92, p. 904, carried by a vote of 328
to 80 at the election held April 4. Maturity $1,000 yearly
on Jan. 1 beginning 1912.
South Williamsport School District (P. 0. Williamsport),
Lycoming County, Pa.-Bonds Awarded in Part.-Of an
issue of $25,000 4% 4-30-year (optional) school-building and
site-purchase bonds offered on April 3, $20,000 was disposed
of to a Chicago party at 98.50-a basis of about 4.414%
to the optional date and about 4.088% to full maturity.
These bonds were offered (V. 92, p. 211) but not sold on
Jan. 25.
Spartanburg, Spartanburg County, So. Caro.-Bond Offering.-Proposals will be received until 12 m. May 1 for
$11,000 4 2% coupon refunding bonds.
• Maturity 20 years. Certified check on a national bank for 5% of bonds
bid for, payable to the City Treasurer, J. B. Carlisle, is required.

Stark County (P. 0. Canton), Ohio.-Bond Offering.Proposals will be received until 12 m. April 19 by the County
Commissioners for the following 5% improvement bonds:
$10,500
•
•
2,700

Tuscarawas Creek ditch bonds. Denomination $500. Maturity
$1,000 each six months from July 24 1911 to July 24 1915, inclusive,
and $1,500 on Jan. 24 1916.
Stark Portage ditch bonds. Denominations $200 and $500. Maturity $500 yearly on Jan. 24 from 1912 to 1915, inclusive, and
$700 on Jan. 24 1916.
2,300 Gulley ditch bonds. Denomination $300 and $500. Maturity
$300 on Jan. 24 1912 and $500 yearly on Jan. 24 from 1913 to
1916. Inclusive.
1,000 Grabcr ditch bonds. Denomination $500. Maturity $500 on
Jan. 24 in 1913 and 1914.
1,000 Patton ditch bonds. Denomination $500. Maturity $500 on
Jan. 24 in 1913 and 1914.
Authority Sections 6492 and 6493, General Code. Date April 24 1911.
Interest Jan. 24 and July 24 at the County Treasury. Bonds to be delivered
April 24. Certified check on a bank in Stark County for 5% of bid, payable
to the County Treasurer, is required. Purchaser to pay accrued interest.
J. H. McConnell is County Auditor.

Stephen, Marshall County, Minn -Bond Sale.-On March
22 $15,000 bonds were awarded to the Minnesota Loan &
Trust Co. of Minneapolis at 101.50 for 6s-a basis of about
5%%.
Denomination $1,000.
turity April 1 1926.

Date April 1 1911. Interest semi-annual.

Ma-

Stevenson County (P. 0. Garrison), No. Dak.-Bonds Not
Sold.-We are advised that litigation prevented the sale of
$30,000 grain-seed bonds offered on March 13.
Sumter, Sumter County, So. Caro.-Bond Offering.-Proposals will be received until 12 m. April 10 by C. M. Hurst,
Clerk and Treasurer, for the $25,000 5% coupon streetimprovement bonds voted on Feb. 14 (V. 92, p. 618).
Denomination to suit purchaser. Date April 1 1911. Interest semiannually at the Chase National Bank in New York City. Maturity 40
years, subject to call after 20 years. Certified check for $1,000, payable
to the Clerk and Treasurer, Is required.

at present, $10,000. No floating
debt. Assessed valuation 1910, $850,000. Bonds are to be approved by
Dillon, Thompson & Clay of New York.

Toledo, Ohio.-Bond Sales for the First Quarter.-During
the quarter ending March 31 1911 the following 5% coupon
improvement assessment bonds, aggregating $112,335 53,
were disposed of at par and accrued interest to the Sinking
Fund:
$2,209 35 Palmer St. No. 1 bonds. Denomination $225, except one bond
of $184 35. Date Jan. 6 1911. Maturity one bond each six
months from March 6 1912 to Sept. 6 1916, inclusive.
5,656 86 Avondale Ave. No. 3 bonds. Denomination $570, except one
bond of $526 86. Date Oct. 18 1910. Maturity one bond each
six months from March 18 1912 to Sept. 18 1916, inclusive.
9,463 71 Pinewood Ave. No. 2 bonds. Denomination $950, except,one
bond of $913 71. Date Dec. 31 1910. Maturity one bond
six months from March 30 1912 to Sept. 30 1916, inclusive.each
1,617 53 Sandusky St. No. 1 bonds. Denomination $165,except one bond
of $132 53. Date Dec. 2 1910. Maturity one bond each six
months from March 2 1912 to Sept. 2 1916, inclusive.
9,053 25 Doyle St. Sewer No. 1101 bonds. Denomination $1,510, except
one bond of $1,503 25. Date Feb. 12 1911. Maturity one bond
each six months from March 12 1912 to Sept. 12 1914, inclusive.
2,187 69 Council St. No. 1 bonds. Denomination $220, except one bond
of $207 69. Date March 2 1911. Maturity one bond each six
months from March 2 1912 to Sept. 2 1916, inclusive.
819 70 Sewer No. 1102 construction bonds. Denomination $210, except
one bond of $189 70. Date March 5 1911. Maturity one bond
each six months from March 5 1912 to Sept. 5 1913, inclusive.
956 69 Larch Alley No. 1 improvement bonds. Denomination $100, except one bond of $56 69. Date Feb. 25 1911. Maturity one
bond each six months from March 25 1912 to Sept. 25 1916. inclusive.
382 85 Alley No. 45 improvement bonds. Denomination $40, except
one bond of $22 85. Date Feb. 26 1911. Maturity one bond
each six months from March 26 1912 to Sept. 26 1916, inclusive.
3,530 77 Navarre Ave. No. 3 improvement bonds. Denomination $355,
except one bond of $335 77. Date Nov. 8 1910. Maturity one
bond each six months from March 8 1912 to Sept. 8 1916, Inclusive.
3,168 09 Sewer No. 1093 construction bonds. Denomination $800, except
one bond of $768 09. Date Jan. 23 1911. Maturity one bond
each six months from March 23 1912 to Sept. 23 1913, inclusive.
2,937 00 Cincinnati St. No. 1 improvement bonds. Denomination $295.
except one bond of $282. Date Nov. 19 1910. Maturity one
bond each six months from March 19 1912 to Sept. 19 1916. inclusive.
667 72 Alley No. 46 improvement bonds. Denomination $70, except
one bond of $37 72. Date March 16 1911. Maturity one bond
each six months from March 16 1912 to Sept. 16 1916, inclusive.
1,690 55 Laurel Alley No. 1 improvement bonds. Denomination $170.
except one bond of $160 55. Date April 1 1911. Maturity one
bond each six months from March 1 1912 to Sept. 1 1916, inclusive.
265 12 White St. No.4 improvement bonds. Denomination $70, except
one bond of $55 12. Date Nov. 20 1910. Maturity one bond
each six months from March 20 1912 to Sept. 20 1913, inclusive.
3,340 08 Bassett St. No. 1 improvement bonds. Denomination $335,
except one bond of $325 08. Date Nov. 21 1910. Maturity one
bond each six months from March 21 191; to Sept. 21 1916, inclusive.
3,929 91 Moore St. No. 1 improvement bonds. Denomination $400, except one bond for $329 91. Date Oct. 24 1910. Maturity one
bond each six months from March 24 1912 to Sept. 24 1916. inclusive.
794 58 Buckeye St. No. 3 improvement bonds. Denomination $80, except one bond of $74 58. Date Nov. 15 1910. Maturity one
bond each six months from March 15 1912 to Sept. 15 1916, Inclusive.
2,753 32 Columbus St. No. 1 improvement bonds. Denomination $280,
except one bond of $233 32. Date Nov. 18 1910. Maturity
one bond each six months from March 18 1912 to Nov. 18 1916.
inclusive.
4,577 97 Sewer No. 1098 construction bonds. Denomination $1,150, except one bond of $1,127 97. Date Jan. 7 1911. Maturity one
bond each six months from March 7 1912 to Nov.7 1913,inclusive.
2,340 13 Sewer No. 1094 bonds. Denomination $600, except one bond of
$540 13. Date Oct.2 1910. Maturity one bond each six months
from March 2 1911 to Sept. 2 1912, inclusive.
1,652 33 Ohio St. No. 1 bonds. Denomination $170, except one bond of
$122 33. Date Nov. 30 1910. Maturity one bond each six
months from March 1912 to Sept. 1916. inclusive.
2,547 45 Michigan St. No. 12 bonds. Denomination *255, except one
bond of $252 45. Date Nov. 9 1910. Maturity one bond each
six months from March 1912 to Sept. 1916, inclusive.
4,222 88 Foraker Ave. No. 1 bonds. Denomination $430, except one
bond of $352 88. Date March 8 1911. Maturity one bond each
six months from March 1912 to Sept. 1916, inclusive.
Interest semi-annually at the Northern National Bank in Toledo.

Syracuse, Onondaga County, N. Y.-Bond Offerings.Proposals will be received until 1 p. m. April 13 by M. E.
Purchasers of Bonds.-The purchasers of the $41,570 4%
Monahan,City Comptroller,for the following 4%registered
coupon water-plant-improvement (city's portion) bonds, the
bonds:
$100,000 park-improvement bonds. Date May 1 1911. Maturity $5,000 sale of which was mentioned in V.92, p. 904, were the Sinking
yearly on May 1 from 1912 to 1931, inclusive.
Fund Trustees. The price paid was par and interest. The
100,000 intercepting sewer bonds. Authority Chapter 356, Laws of 1907,
bonds mature Dec. 1 1927.
as amended by Chapter 22, Laws of 1911. Date April 1 1911.
Maturity $5,000 yearly on April 1 from 1912 to 1931, inclusive.
Bonds Authorized.-On March 13 the Council authorized
Denomination $500 or any multiple thereof. Interest semi-annually at
the issuance of $75,000 4% 10-year park and boulevard
the Columbia Trust Co. in New York. Bonds are exempt from all taxation.
Certified check for 2% of bonds bid for, payable to the City Comptroller, Is -improvement bonds.
required. The genuineness of the bonds will be certified to by the Columbia
Trust Co. of New York, and their legality will be examined by Caldwell,
Masslich & Reed, of New York, whose favorable opinion will be furnished
to the purchaser. Accrued interest to be paid by purchaser. Bids to be
made on blank forms furnished by the city.

Denomination $1,000. Date March 1 1911. Interest semi-annually at
the United States Mortgage & Trust Co. in New York City.

Trimble, Athens County, Ohio.-Bond Offering.-Proposals will be received until 12 m. April 29 by A. M. Rainey,
Talbot County (P. 0. Easton), Md.-Bond Offering.-We Village Clerk, for the following 6% coupon improvement
are advised that the $8,000 4% coupon bridge-construction assessment bonds:
bonds,. which failed to sell on May 17 1910 (V. 90, p. 1699), $553 88 Maple St. bonds. Denomination $55 39. Maturity $55 39 yearly
on Sept. 1 from 1912 to 1921, inclusive. Certified check for $100
are being offered for sale.
is required.
Texarkana School District (P. 0. Texarkana), Miller 1,451 07 Valley St. bonds. Denomination $145 11. Maturity $145 11
yearly on Sept. 1 from 1912 to 1921, Inclusive. Certified check
County, Ark.-Bond Offering.-Proposals will be received
for $200 is required.
until April 15 for $100,000 5% school bonds. Maturity 1,972 67 Walnut St. bonds. Denomination $197 27. Maturity $197 27
yearly on Sept. 1 from 1912 to 1921, inclusive. Certified check
1913 to 1938.
for $300 is required.
Cross and Congress Sts. bonds. Denomination $390 68. MaturTexas Township, Crawford County, Ohio.-Bond Sale.- 3,906 71 ity
$390 88 yearly on Sept. 1 from 1912 to 1921, inclusive. CertiOn April 4 the $8,000 4M% 123 -year (average) coupon
fied check for $400 Is required.
Authority Section 95, et al, of Municipal Code. Date March 1 1911.
road-improvement bonds described in V. 92, p. 904, were
Interest semi-annual. Bonds to be delivered and paid for within 10 days
awarded to the Bucyrus City Bank of Bucyrus at 103.037 from
time of award. Certified checks for the above amounts must be drawn
and interest-a basis of about 4.1905%. The following bids on a bank in Athens County and made payable to the Village
Treasurer
Purchaser to pay accrued interest.
were received:
Trumbull County Road District No. 1 (P. 0. Warren),
Bucyrus City Bk., Bucyrus.$8,243 00 Second Nat. 13k., Bucyrus_$8,194 25
First Nat. Bank, Cleveland 8,237 251
Ohio.-Bond Offering.-Proposals will be received until
All bidders offered accrued interest in addition to their bids. Maturity 1
p. m. May 1 by Albert Brown, Secretary Road Com$500 each six months from March 1 1920 to Sept. 11927, inclusive.
for $8,000 5% road-improvement bonds.
Thomasville, Davidson County, No. Car.-Bond Offering. missioner,
Authority Section 7095 to 7136, inclusive, of General Code. Denomina-Proposals will be received until 10 a. m. April 20 by W. O. tion $1.000. Date March 1 1911. Interest semi-annually at the County
office. Maturity $4,000 on March 1 and Se t. 1 in 1935.
Burgin, Mayor, for the $75,000 5% coupon water-works and Treasurer's
Certified check for $500 on a bank in Warren, is required.




Lxxxxii

THE CHRONICLE

982

County

at the
Interest (rate to be named in bid) payable annuallyhowever,
r
$5,000
Maturity 10 years, subject to call,
Underwood, Pottawattomie County, Iowa.—Purchases- Treasurer's office.
8 years.
after
and
years
$10,000
5
after
$5,000
years,
water-work
5%
3
$5,000
after
the
of
of Bonds.—The purchaser
was
Washington, Beaufort County, No. Car.—Bond Sale.—
system bonds awarded on Nov. 1 1910 (V. 91, p. 1280)
The Union Savings Bank & Trust Co. of Cincinnati have been
Chris Petersen. The price paid was par.
. Maturity 1920, awarded at 101.65—a basis of about 4.895%—the $15,000
Denomination $500. Interest annually in November
subject to call after 5 years.
5% 30-year gold refunding bonds offered on March 8(V. 92,
Urbana, Champaign County, Ohio.—Bond Sale.—The p. 487). Bonds are dated Jan. 1 1911.
$100,000 432% 9-year (average) water-works bonds described
Washington County (P. 0. Greenville), Miss —Bond Sale.
in V. 92, p. 828, were awarded on April 3, it is stated, to —We learn that the $100,000 refunding bonds offered
Otis & Hough of Cleveland at 102.41—a basis of about on April 3 and described in V. 92, p. 828, were awarded to
4.177%.
the Wm. R. Compton Co. of St. Louis at 103.073 and acMaturity $10,000 on April 1 1916 and $15,000 yearly on April 1 from crued interest for 5s. Maturity 30 years.
1917 to 1922 inclusive.
Watertown, Jefferson County, Wis.—Description ofBonds.
Valley Township School District(P.0.Buffalo), Guernsey —The $6,500 4% street-improvement bonds awarded to
434%
1
the
$12,000
n
April
ond
Sale.—O
Ohio.—B
the denomination
County,
local investors at par (V. 92, p. 905) are in
69 -year (average) coupon school bonds dated March 1 1911 of $500 each and dated July 10 1911. Interest semi-annual.
and described in V. 92,. p. 905, were sold for $12,232 75 Maturity $1,000 yearly from 1912 to 1917 inclusive and
m
—a basis of about 4.16%.
(101.939) and accrued interest
8500 in 1918.
Other bids received were as follows:
e following
Waterville, Kennebec County, Me.—Bids.—Th
00
$12,127
&
2,169
Cleveland_
Hough,
24:IOUs
&
Co.,Tol_$1
rick
Spitzer,Ro
received on March 30 for the loan of $40,000
were
bids
Hayden, Miller & Co.,Clev 12,130 00 New First National Bank,
of Boston
12,079 00
Columbus
Seasongood & Mayer, Cin_ 12,130 00
negotiated on that day with Bond & Goodwin
Maturity $500 each six months from March 5 1912 to Sept. 5 1923, inclus(V. 92, p. 905):
ive.
Discount.
Discount.
_a4%
Varina, Pocahontas County, Iowa.—Bonds Voted.—An Bond & Goodwin, Boston_ _ _ _3.66% Blake Bros. & Co., Boston__
.4.25%
Boston
Co.,
Trust
election held March 27 resulted in favor of a proposition to Loring,Tolman &Tupper,Bos_ _3.69% Old Colony
issue $1,200 water-works bonds.
a And $1 25 premium.
1911.
The loan is dated Anrll 3 1911 and matures Oct. 7
Ventnor City (P. 0. Atlantic City). Atlantic County, N. j.
District, Los Angeles County, Cal.—Bond
School
Watts
—Bonds Not Sold.—No sale was made on April 5 of the Sale.—James H. Adams & Co. of Los Angeles are reported
$30,000 5% 30-year water and sewer bonds offered on that as having purchased $31,000 5% bonds for $31,964—the
day. (V. 92, p. 905.)
price thus being 103.109.
31
Vernon (P. 0. Los Angeles), Los Angeles County, Cal.—
Waverly, Pike County, Ohio.—Bond Sale.—On March
Bids Rejected.—All bids received on March 20 for the $100,000 the 5% 11-year (average) coupon water-works-extension
5% 1-40-year (serial) gold coupon bonds were rejected. bonds, aggregating $2,000 and described in V. 92, p. 829,
These bonds were also offered without success on Feb. 7. were awarded to Katie Vallery of Waverly at 104.45 and
V. 92, p. 487.
accrued interest—a basis of about 4.484%. Other bids
received were as follows:
24
No.
50
Walla Walla County Consolidated School District
$2,086 101First Nat. Bank, Cleveland.$2,047
M.S. Pond, Somerset
payable at the
(P. 0. Prescott), Wash.—Bond Offering.—Proposals will be
Denomination $500. Bonds are tax-exempt. Interest
Waverly.
County
in
First National Bank
received until 2 p. m. April 17 by J. Carter Smith,
Wellsburg School District (P. 0. Wellsburg), Brooke
Treasurer (P. 0. Walla Walla), for the $35,000 bonds reW. Va.—Bond Election.—The question of issuing
County,
cently voted.

NEW LOANS

NEW LOANS.

STATE OF NEW YORK

$80,000
Davidson County, Tennessee,

4 Per Cent Canal Improvement Gold Bonds
EXEMPT FROM TAXATION
Dated January 1, 1911

Due January 1, 1961

AMOUNTING TO

0
0
00
$1000
Issued in Coupon or Registered Form

For the Improvement of the Erie, Oswego and Champlain
Canals
WILL BE SOLD FRIDAY, APRIL 14, 1911
AT 2 O'CLOCK P. M.

AT THE STATE COMPTROLLER'S OFFICE, ALBANY, N. Y.

THESE BONDS ARE LEGAL INVESTMENTS FOR TRUST FUNDS
No bids will be accepted for less than the par value of the bonds nor unless
a
accompanied by a deposit of money or by a certified check or bank draft uponto
solvent bank or trust company of the cities of Albany or New York, payable
the order of the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
enAll proposals, together with the security deposits, must be sealed and
dorsed "Loan for Canal Improvement," and enclosed in a sealed envelope directed
to the "Comptroller of the State of New York, Albany."
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids which are not in
kis opinion advantageous to the interests of the State.
Circular descriptive of these bonds and of outstanding State bonds, sinking
funds, &c., will be mailed upon application to

BONDS
Bonds in the amount of $80,000 00,
bearing a rate of interest not exceeding
five per centum per annum, to mature
in twenty-five years, payable in the City
of New. York, will be sold to the best
and highest bidder on April 20, 1911, at
ten o'clock a. m., at the office of the
County Judge, in the Court House, in
Nashville, Davidson County, Tennessee.
Each bidder will be required to deposit
a certified check for $250 00.
The right is reserved to reject any and
all bids.
All communications will be addressed
to W. M. Pollard, County Judge, Nashville, Tennessee, or Thomas J. Nance,
Chairman, care Remy-Nance Printing
Company, Nashville, Tennessee.
T. J. NANCE, Chairman,
W. M.POLLARD,County Judge
SAMUEL N. HARWOOD,
County Attorney,
Nashville, Tennessee.

$26,000
WILLIAM SOHMER, State Comptroller, Albany, N. Y. CITY OF HUDSON, N.Y.,
Albany, March 22, 1911.
ESTABLISHED 1885

H. C. SPEER & SONS CO
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BOND1

Bank and Trust Company Stocks
NEW YORK AND BROOKLYN
BOUGHT AND SOLD

CLINTON GILBERT
2 WALL ST., NEW YORK.




gke 05,ovevnintut A,c)countard
P. 0. BOX 27, MAIN OFFICE,
WASHINGTON, D. C.
OFFICIAL ORGAN OF THE ASSOC/AT/ON OF
AMERICAN GOVERNMENT ACCOUNTANTS.
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES, BANKS, RAILWAYS
AND OTHER PUBLIC SERVICE CORPORATIONS.
TO BE FOUND /N ALL LEADING GERTIFTED
PUBLIC ACCOUNTANTS' OFFICES.

Sample Copy 15 cents. Per Annum $1 50

Street Improvement Bonds.
,
• The City of Hudson, N. Y., will sell at public
on
auction, at the Mayor's office, in said city,
o'clock
two
at
APRIL EIGHTEENTH, 1911,
P. M., Twenty-five Thousand Dollars of the bonds
of said city, to be known as Street Improvement
the
Bonds. Interest 4,( Per Cent per annum;
first interest payable May First, 1912, and therelly.
after payable semi-annua
interest
To bear date, be delivered on and draw $5,000
from May 1st, 1911, and will be payable to be
bonds
The
on each May 1st, 1921-1925.
purchaser.
either coupon or registered, at option of
deposit
The successful bidder will be required to
after the
ly
immediate
with the City Treasurer,
order, for
sale, a certified check, payable to his
The
two per cent of the par value of the bonds.
right is reserved to reject any or all bids.
WILLIAM WORTMAN, Clerk.
City

APR. 8 1911.]

THE CHRONICLE

983

$85,000 school-building bonds will be voted on at an election
An ordinance has also been passed providing/for the issuApril 11, according to reports.
ance of the following 5% coupon South EmporialAvenue
Westfield, (Hark County, Ill.-Bond Sale.-This village improvement bonds:
. .
..
has awarded $46,000 5% 3M,-year (average) water and $10,105 37 (city's portion) bonds, due $105 37 Sept. 1 1911; $1,000 yearly
sewer bonds dated Oct. 1 1910 to E. H. Rollins & Sons of 47,156 on Sept. 1 from 1912 to 1919 inclusive and $2,000 Sept. 1 1920.
34 assessment bonds, due $3.156 34 Sept. 1 1911; *5,000
Chicago at 100.55 and interest.
on Sept. 1 from 1912 to 1919 inclusive and $4,000 Sept. yearly
1 1920.
Denomination $1,000, except two bonds
$105 37 and $156 34 each.
West Lafayette, Coshocton County, Ohio.-Bond Offering. Date
Sept. 1 1910. Interest semi-annuallyofat
the fiscal agency of the
-Proposals will be received until 12 m. May 1 by E. L. State of Kansas in Topeka.
Thompson, Village Clerk, for $20,000 4% coupon stormWichita County (P. 0. Wichita Falls), Texas.-Bonds
water-sewer-system-construction bonds.
Denomination $500. Date April 1 1911. Interest semi-annual. Ma- Voted.-The election held March 25 resulted, according to
turity $1,000 each six months from April 1 1916 to Oct. 1 1925, inclusive. reports, in favor of the question of issuing the $15,000 bridge
Bonds to be delivered and paid for within 10 days from time of award. bonds mentioned in V. 92,
p. 618.
Bidders to furnish blank coupon bonds. Certified check for not less than
10% of bonds bid for is required.
Williamson County (P. 0. Georgetown), Texas.-Bonds
West Mansfield, Logan County, Ohio.-Bids.-The Voted.-The election held March 29
resulted in favor of the
following bids were received on March 22 for the four issues proposition to issue the $100,000 5%
10-40
(optional)
of 5% coupon assessment bonds, aggregating $31,000, Justice Precinct No.4 road bonds mentioned -year
in V.92, p. 619.
awarded to the New First National Bank in Columbus at
Willow School District (P. 0. Willow), Glenn County,
102.415 and accrued interest.(V.92, p. 905.)
New First Nat. Bk., Col_ _$31,749 501Citizens' Nat. Bk., Woos_$31,670 55 Cal.-Bonds Defeated.-A proposition to issue $50,000 highStacy & Braun, Toledo__ _ 31,675 00 Sec.Sav.Bk.&Tr.Co., Tol. 31,663 63 school bonds was defeated at an election held March 24.: :
Wharton, Wharton County, Texas.-Bonds Registered.Winters Independent School District (P. 0. Winters),
On March 13 $15,000 5% 10-40-year (optional) street- Runnells County,Tex.-Bonds Registered.-The State Compimprovement bonds were registered by the State Comptroller. troller on March 27 registered $18,000 5%.5-40-year (opWharton County (P. 0. Wharton),Texas.-Bond Election. tional) bonds.
MAO
-An election will be held April 10 to vote on a proposition
Yonkers, Westchester County, N. Y.-Bond 'Sale.-The
to issue $45,000 5% 40-year Drainage District No. 2 bonds, $50,000 4 2% 1-25-year (serial) registered refunding water
it is stated.
bonds described in V. 92, p. 830, were sold on March 281to
White Bear (P. 0. White Bear Lake), Ramsey County, Kissel, Kinnicutt & Co. of New York City at 103.2313-a
Minn.-Bond Sale.-An issue of $5,000 street bonds has basis of about 4.176%.
been disposed of to the State of Minnesota.
York County (P.0. Yorkville), So. Car.-Bond Offering.Whitesboro, Oneida County, N. Y.-Loan Voted.-At the Proposals will be received until 12 m. April 25 by T. W.
election held April 4 the $19,400 paving loan mentioned in Boyd,Supervisor,for $60,000 Catawba Township and $14,400
V. 92, p. 906, carried by a vote of 184 to 35. Of the amount Ebenezer Township 5% coupon bonds.
Denomination to suit purchaser. Date May 1 1911. Interest annually
voted, $7,500 will be raised by the issuance of bonds.
at place designated by purchaser. Maturity May 1 1941, subject
tojeall
Wichita, Sedgwick County, Kan.-Bonds Authorized.- after 15 years. Certified check for 2% of bid is required. Bonduaro
An ordinance has been passed providing for the issuance of exempt from all taxes.
Youngstown, Mahoning County, Ohio.-Bond Offering.a $1,386 coupon bond to dredge and improve the bed of the
Proposals will be received until 2 p. m. May 1 by Win.1I.
Little Arkansas River.
Date March 1 1911. Interest (rate not to exceed 6%) payable semi- Davies, City Auditor, for the following 5% street and park
annually. Maturity March 1 1912.
improvement bonds:

NEW LOANS.

NEW LOANS.

NEW LOANS.

$128,000

$250,000

The Villade of Lancaster,

CITY OF Mt. VERNON, N.Y., CITY OF SHREVEPORT,LA.,
West First Street Widening Bonds

Erie Co., N. Y
PAVING BONDS

43'% GOLD BONDS

The Common Council of the City of Mount VerSealed bids are hereby invited for $250,000 • Notice is hereby given that the Board of Trustees
of the Village of Lancaster, N. Y., will receive
ne., N. Y., will at its chambers In the Lucas Public Improvement (Serial) Bonds by the
Building, Depot Place. in the City of Mount Ver- tary-Treasurer,at his office in City Hall, Secre- sealed proposals until 8 o'clock p. m., Monday,
Shreve- April 10th, 1911. for the purchase
non, N. Y., on the 18th day of April, 1911, at port, La., until MAY 9TH, 1911, at
of bonds for
10
o'clock
$ o'clock P. M., receive sealed proposals for the A. M. (these bonds are to take the
paving
Aurora Street from Broadway
place of like to WestBroadway,
purchase of $128,000 worth of bonds to be de- amount voted in 1909 bearing 4%
Main Street, West Main Street, Central
interest.)
nominated "West First Street Widening Bonds'.'
Date of bonds May 1, 1911. These bonds are Avenue from West Main Street to East Main
numbered consecutively as Issued from 1 to 128, exempt from
Street, and East Main Street, to an amount not
taxation.
heti' inclusive, each bond to be for the principal
Maturities, Nos. 1 and 2 due May 1, 1912, exceeding $43,600 and not less than 121,800, said
sum of $1,000.
Nos. 3 and 4 in 1913: Nos. 5, 6, 7 In 1914; Nos, 8, bonds being authorized by a vote of the duly
That the said Common Council will then and 9, 10 in 1915; Nos.
11, 12, 13 In 1916: Nos. 14, 15, qualified voters of said village at a special election
there open such proposals as may be received and
16 in 1917; Nos. 17, 18, 19 in 1918: Nos. 20, 21, 22 held January 30th, 1911, and by resolutions of
accept the most favorable thereof, unless it deem
in 1919; Nos. 23, 24, 25 In 1920; Nos. 28 to 29 in the Board of Trustees of the said Village passed
it for the best Interest of the city to reject any or 1921; Nos. 30 to 33 in
1922; Nos. 34 to 37 In 1923; at meetings held on the 16th day of January, 1911.
all of said proposals.
Nos. 38 to 41 in 1924; Nos. 42 to 45 in 1925; and the 27th day of March, 1911, as provided in
These bonds will be for the principal sum of Nos. 46
Section 166 of the General Village Law and the
to
in
49
1926;
One thousand ($1,000) Dollars each, and will bear Nos. 55 to 59 In 1928; Nos. 50 to 54 in 1927: charter of said village.
Nos. 60 to 64 in 1929;
Interest at the rate of four and one-half (4%) per Nos. 65
Said bonds to bear date April 1, 1911, and to beto
in
69
1930;
Nos.
70
to
74
in
1931;
cent per annum, payable semi-annually at the Nos. 75 to 80 in 1932;
of the par value of $500 each, ten per cent of said
office of the City Treasurer of the City of Mount Nos. 87 to 92 in 1934; Nos. 81 to 86 in 1933; bonds to be payable April 1, 1912, and ten per
Nos.
93
to
98
in
1935;
Vernon. They will be dated the 1st day of April, Nos. 99 to 105 in 1936: Nos.
106 to 112 In 1937; cent each and every succeeding year, interest to
1911, and payable as follows:
Nos. 113 to 119 in 1938; Nos. 120 to 127 in 1939; be paid semi-annually on April 1st and October.lst
The sum of $8,000 on the 1st day of April, 1931; Nos. 128 to
135 in 1940; Nos. 136 to 143 in 1941; of each year.
The sum of $10,000 on the 1st day of April, 1932; Nos. 144 to 152 In 1942; Nos. 153 to
Rate of interest to be the lowest amount bid
161 In 1943;
The sum of $10,000 on the 1st day of April, 1933; Nos. 162 to
171 In 1944; Nos. 172 to 181 in 1945; for the issue of said bonds.
The sum of $10,000 on the 1st day of April, 1934: Nos. 182
Said bonds to have interest coupons attached.
1946; Nos. 192 to 202 in 1947;
In
191
to
• The sum of $10,000 on the 1st day of April, 1935; Nos. 203 to 213 in 1948; Nos. 214
to be registered, at the option of the bidder.
_
to 225 in 1949; or Bids
• The sum of $10,000 on the 1st day of April, 1936; Nos. 226 to
must be for not less than par value and
237 in 1950; Nos. 238 to 250 in 1951.
The sum of $10,000 on the 1st day of April, 1937;
payable semi-annually, May 1 and accrued interest, if any, and must be accompanied
Interest
• The sum of $10,000 on the 1st day of April, 1938; November 1.
by a certified check drawn on an incorporated
The sum of $10,000 on the 1st day of April, 1939;
Both principal and interest payable at the bank or trust company, payable to the Treasurer
The sum of $10,000 on the 1st day of April. 1940; Seaboard National Bank,
of the Village of Lancaster,in an amount of two per
New
'York
City.
No
The sum of *10,000011 the 1st day of April, 1941; bid will be considered
for less than par and cent of the amount bid and without conditions
• The sum of *10,000 on the 1st day of April, 1942;
interest. All bids must be accompanied attached.
• The sum of $10,000 on the 1st day of April. 1943; accrued
The Board of Trustees reserves the rightIlmo
by a certified check for 2% of the amount of the
• The bonds will be delivered to the purchaser on bid, made payable to
the Secretary-Treasurer of reject any and all bids or to award the whole:or
or before the 25th day of April, 1011.
any part of said bond issue to any bidder.
the City of Shreveport.
• Each bid for said bonds must be accompanied by
Proposals must be enclosed In sealed envelopes.
Certified checks of unsuccessful bidders will be
a certified check for the sum of One thousand
endorsed "Proposals for Paving Bonds," and en($1,000) Dollars, as security for the performance returned.
The Council reserves the right to reject any closed in another sealed envelope and addressed.
et bid if accepted.
"To the Treasurer of the Village of Lancaster,
and all bids.
The bonds will be engraved under the superviFRANK A. SCHAEFER,
L.H.BAKER,Secretary-Treasurer. N.J."
sion of and certified as to their genuineness by the
President of the Village
•
Salted States Mortgage and Trust Company, and
of Lancaster, N.
•
their legality approved by Messrs. Caldwell, MassPETER P. ADOLF.• • •
lick & Reed of New York City, whose opinion as
• • Treasurer of the Village • • •
to legality will be furnished to the purchaser.
of Lancaster. N. Y.•
I3y statute the said bonds cannot be sold for
lees than par and accrued interest.
By order of the Common Council.
EDWIN W. FISKE, Mayor,
A. W.REYNOLDS,City Clerk.
aloft Investments
A% fn A% Write tat
Dated Mount Vernon, N. Y.,
Yielding from -r
Menhir.
•
March 24th, 1911.
FIRST NATIONAL BANK BUILDING

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
CHICAGO

MUNICIPAL BONDS
ULEN & CO.

RANKERS

Thomas J. Bolger Co.
MUNICIPAL BONDS

BLODGET & CO.

CHICAGO

MINING ENGINEERS

Legal for Saving.; Bank,,
Postal Savings and Trust Funds

BONDS

H. M. CHANCE

00 STATE STREET, BOSTON

Consulting Mining Engineer and Geologist

SEND FOR LIST

80 PINE STREET,NEW YORK

9 South La Salle St.,




CHICAG

STATE, CITY & RAILROAD BONDS

COAL AND MINERAL PROPERTIES
Examined, Developed, Managed
837 Drexel Bldg.,

PHILADELPHIA, PA.

i.xxxxu.

THE CHRONICLE

984

from 1912 & James of Regina for $6,964 (99.485) and accrued interest.
*12,500 public park bonds. Maturity $2,500 yearly on Oct. 1
to 1916, inclusive.
from 1912 Other bids received were as follows:
1
on
Oct.
yearly
$245
Maturity
1,225 Gladstone St. bonds.
C. H. Burgess & Co., Toronto_$6,916 W.A. Mackenzie & Co., Tor__$6,835
to 1916, inclusive.
from 1912 Toronto Gen. Tr. Corp., Tor__ 6,895 J. G. Mackintosh, Winnipeg__ 6,823
6,375 Griffith St. bonds. Maturity $1,275 yearly on Oct. 1
Brent, Noxon & Co., Toronto.. 6,871 Alloway & Champion, Toronto 6,745
to 1916, Inclusive.
from Ontario Secur.Co., Ltd., Tor__ 6,867
• 2,950 Williamson Ave. bonds. Maturity $590 yearly on Oct. 1
inclusive.
1912 to 1916,
Brigdenley School District (P. 0. Homewood), Man.
1912 to
1
12,510 Hine St. bonds. Maturity $2,502 yearly on Oct. from
Debenture Offering.-Proposals will be received until April 30
1916, inclusive.
1912
from
1
Oct.
on
yearly
$2,862
Maturity
bonds.
14,310 South Ave.
by W. J. Woods, Secretary-Treasurer, for $2,500 5Y2%
to 1916. inclusive.
•
at the City Treasurer's office. school debentures.
• Date May 8 1911. Interest semi-annually
a
on
Certified
check
separately.
on
bid
be
Date Sept. 1 1910. Interest and principal payable in ten annual installEach block of bonds must
each block bid on, payable to the City ments at the Union Bank of Canada in Carman.
national bank for 2% of amount of
bonds not
the
to
take
prepared
be
must
Purchaser
required.
is
Auditor,
be delivered at one of the city banks
Bures School District No. 2675 (P.0. Key West), Sask.later than May 8 1911, the money to
to issue registered
or the City Treasurer's office. The city is now prepared
Debenture Sale.-On Feb. 1 $1,800 634% 10-year schoolbonds.
coupon
for
exchange
bonds in
debentures were
to Nay & James of Regina

Canada, its Provinces and Municipalities.
Amherstburg, Ont.-Debenture Sale.-The Dominion
Securities Corporation, Ltd., of Toronto was awarded in
March $20,000 5% 30-installment school debentures, dated
Dec. 1910.
Berlin, Ont.-Debenture Sale.-We are advised that C. H.
Burgess &, Co. of Toronto were awarded in March
$147,656 5% improvement debentures.
Brantford, Ont.-Debenture Sale.-On March 27 the
$22,828 4% and the $231,453 4M% local-improvement
school-building and bridge-construction debentures described
in V.92, p. 756, were sold to Aemilius Jarvis & Co. of Toronto
at 101.034. A list of the bidders follows:
a$256,912
Aemilius Jarvis & Co
Dominion Securities Corp_ a256,544
x256,391
Wood, Gundy & Co
Ontario Securities Corp___ a256,037
a255,631
Brent, Noxon & Co

Dominion Bond Co
Brouse, Mitchell & Co
C. H Burgess & Co
C. Meredith & Co
J. M Robinson & Co

x$255,205
a254,514
x253,000
x250,862
x250,500

a Principal and interest to be paid in Brantford or in London, Eng.
Principal and interest to be paid in Brantford. The last two mentioned
firms are of Montreal and the others of Toronto.
All bids include accrued interest. Arrangements have been made with
payment
the Bank of Montreal to act as agents of the city in connection with
of principal and interest. The debentures mature at the end of 10, 15, 20,
30 and 40 years.

awarded
building
for $1,818 75-the price thus being 101.041. Interest
annually in February.
Cardston School District, Alberta.-Debenture Sale.Reports state that $4,000 6% 10-installment debentures were
awarded to Nay & James of Regina.
Chapleau Township, Ont.-Debenture Offering Postponed.
-The offering of the $7,000 5% 30-year debentures mentioned in V. 92, p. 756, was postponed from March 25 to
April 17.
Colborne Township (P. 0. Carlow), Ont.-Debenture
Offering.-Proposals will be received up to and including
April 10 by F. W. McDonagh, Township Clerk, for $6,000
4% debentures, payable in 20 annual installments.
Denzil School District No. 2658 (P. 0. Macklin), Sask.Debenture Sale.-On Jan. 15 $1,500 6% debentures were
awarded to the Western School Supply Co. of Regina at par.
Interest annually on Jan. 15. Maturity part yearly for
10 years.
Elleslie School District No. 2662 (P. 0. Wilkie Bay), Sask.
-Debenture Sale.-On Feb. 15 $1,500 634% site-purchase
and school-building bonds were awarded to Nay & James of
Regina for $1,517 50-the price thus being 101.166.
Date Feb. 15 1911.

Interest annual.

Maturity Feb. 15 1912.

Estevan School District, Sask.-Debenture Sale.-AccordBlanchard, Man.-Debenture Sale.-On March 29 the
$7,000 5% 20-installment coupon municipal-hall-construction ing to reports, $5,500 5% 30-installment debentures have
debentures described in V. 92, p. 678, were awarded to Nay been awarded to Nay & James of Regina.

ENGINEERS.

J. G. WHITE & CO

NEW LOANS.

NEW LOANS

$30,000

$675,000
ATLANTIC CITY, N. J.,

Union Free School District No. 22„

Engineers, Contractors
Town of Oyster Bay, Nassau County, N. Y.,
43-49 Exchange Place, NEW YOE K
San Francisco, Cal.

Chicago, Ills.

Investigations and Reports on Electric
Railway. Gas. Electric Light and Power
Properties, Irrigation Systems. Ere.. for
Financial Institutions and Investors.

Electric Railways, Electric Light and Power
Plants, Gas Plants, Financed,
Designed and Built.
London Corriovondents:
WRITE ce CO., Limited,
9 Cloak Lane. Cannon St.. E. C. •

J. G.

C. G. YOUNG
•

Engineering and Construction
Plans, Methods, Operation
Public Utilities and Industrials

SIXTY
WALL ST.,
NEW YORK

5% BONDS

Notice is hereby given that the Board of Education of Union Free School District No. 22 of the
Town of Oyster Bay, Nassau County, New York,
offers for sale to the highest bidder therefor bonds
of the said Union Free School District in the
amount of Thirty Thousand Dollars, Issued for
the erection of a new school building, said bonds
to be thirty in number and in the amount of One
Thousand Dollars each, maturing one each January 1st in each of the years 1921 to 1050, both
Inclusive. Interest at the rate of five per cent
per annum, payable semi-annually.
Sealed bids for the same will be received by the
undersigned up to April 19th. 1911, at 7:30 p. m.,
at the Annex School Building, Farmingdale.
L. I., in writing, and accompanied by a certified
check to the order of the Board of Education of
Union Free School District No. 22, in the amount
of Five Hundred Dollars on account thereof.
Checks of all unsuccessful bidders will be returned
upon the acceptance of a bid.
The Board of Education reserves the right to reRot any or all bids received.
ERNEST HACKWITZ,
Clerk, Board of Education.
Dated at Farmingdale, L. I., March 31st, 1911.

BONDS
$315,000 maturing in 35 years; $25,000 in 33
years; $250,000 in 30 years; $75,000 in 20 years.
and $10,000 in 10 years, all bearing interest at the
rate of 43% per annum.
Atlantic City Bonds are legal investment for
New Jersey, New York, Connecticut, Rhode
Island, Vermont and New Hampshire savings
banks.
The City Comptroller will receive bids for these
bonds until 12 o'clock noon of

SATURDAY, APRIL 22, 1911
Reserving, however, the right to reject any or
all bids and subject to the approval of City Council.
Interest and principal payable at the Hanover
National Bank, New York. Legality of bonds
will be approved by Dillon, Thomson & Clay before delivery, at the expense of the city. The
bonds will be engraved and certified as to genuineness by the Columbia Trust Company of New
York.
Circular letter, containing blank form of proposal, will be forwarded on application, said circular giving full particulars as to these bonds and
the financial condition of Atlantic City.
No proposal will be received except on the official form, and bids must be accompanied by cash
or certified check in the sum of $10,000.
A. M. HESTON. Comptroller.

Reports for Financing
MUNICIPAL AND RAILROAD
Mem. Am. Soc. C. E.

BONDS
LIST ON APPLICATION

H. U. WALLACE

SEASONGOOD & MAYER

ENGINEER

Mercantile Library Building
CINCINNATI

Bxaminations, Reports, Surveys, Supervision of
constrnation and operation of Electric and Steam
Railroads, Power Plants, Transmission lines,
Central Stations and Irrigation projects, &c.
Ex-Supt. Illinois Central RR.; Chief Engineer
Illinois Central RR.; and Gen'i Manager Chicago
Lake Shore is South Bend Electric Railway.
CHICAGO. ILL.
Marnuette Bldg.

Frederick H. Lewis
Civil and Mechanical Engineer

Consulting Engineer

HODE11PYL, WA1BRWGE & CO.
Won St., Now York

$ I 69,000
MOBILE COUNTY, ALA.
5% REFUNDING BONDS.
The Board of Revenue and Road Commissioners
of .Mobile County respectfully calls for bids for
$169.000 Refunding Bonds, issued to retire a
like amount of bonds maturing Juno 1st, 1911.
These bonds will bear Five (5%) Per Cent interest
and run for twenty (20) years, straight. Bids
will be opened at Noon of MONDAY. APRIL
17TH, 1911. For particulars address the undersigned.
GEO. E. STONE, Treasurer.
Mobile, Ala.

Railroad, Street Ry., Gas & Elec. Light

SECURITIES

F. WM. KRAFT

EatabIlshed 1889

EDWIN R. CASE

A. L. REGISTER & CO.

NEW JERSEY SECURITIES

Specializing in Examination of
Municipal and Corporation Bonds

Brown-Marx Bldg.

Birmingham, Ala.

LAWYER

ENGINEERS--CONTRACTORS
Philadelphia




No better State
No better Securities
15 EXCHANGE PLACE
JERSEY CITY
Tels. 751 and 762

1312 FIRST NATIONAL BANK BLDG..

CHICAGO, ILL.

985

THE CHRONICLE

APR. 8 1911.1

Farnham, Que.-Debenture Sale.-According to reports,
Hanson Bros. of Montreal recently purchased $100,000 434%
40-year debentures.
Holdsworth School District No. 2686 (P. 0. Limerick),
Sask.-Description of Debentures.-The $2,200 school debentures awarded to Nay & James of Regina at 101.136
(V. 92, p. 489) bear interest at 63/2% and are dated Feb. 15
1911. Interest annual. Maturity part yearly for 10 years.
Indianola School District No. 2704 (P. 0. Notre Dame
d'Auvergne), Sask.-Debenture Sale.-On Feb. 15 $400
6V% school-building debentures were awarded to the
National Finance Co in Toronto at 100.40. Date March 3
1911. Interest annual. Maturity part yearly for 10 years.
Melville, Sask.-Debenture Sale.-Nay & James of Regina
6%
have been awarded, according to reports, $17,000 53,
40-year debentures.
Monarch, Alta.-Debenture Offering.-Proposals will be
received until April 30 by this village for $1,500local-improvemeat debentures. Maturity 10 years. S. E. Mayhood is
Secretary-Treasurer.
Ontario.-New Loan.-Negotiations will be entered into
with British bankers, it is stated, for the new $5,000,000 4%
loan for Temiskaming & Northern Ontario Ry. extensions
and further hydro-electric work.
Price School District (Gull Lake), Sask.-Debenture Sale.
-Nay & James of Regina, according to reports, were
awarded $25,000 5% debentures, repayable in 20 annual
installments.
•
Rural Municipality of Grant No. 372 (P. 0. Vonda), Sask.
-Debenture Sale.-On March 31 the $12,000 53-% 20-installment local-improvement debentures mentioned in V. 92,
p. 831, were awarded to C. H. Burgess & Co. of Toronto at
103.166. The following bids were received:

school-building debentures were awarded to Nay & James of
Regina for $1,416-the price thus being 101.141. Date
Feb. 7 1911. Interest annual.
Stratford, Ont.-Debenture Sale.-During the month of
March $40,415 electric-light debentures were purchased by
the Dominion Securities Corporation, Ltd., of Toronto.
Strome, Alberta.-Debenture Sale.-C. H. Burgess & Co.
of Toronto were awarded in March $2,500 6% debentures,
repayable in 10 annual installments.
Swift Current, Sask.-Debenture Sale.-The Dominion
Securities Corporation, Ltd., of Toronto purchased $104,830
6% water-works and sewer debentures during the month of
March. Maturity part yearly for forty years.
Tyvan, Sask.-Debenture Sale.-The $3,000 5% improvement debentures mentioned in V. 92, p. 907, were awarded,
it is stated, to Nay & James of Regina.
Wawota, Sask.-Debenture Sale.-Nay &James of Regina,
according to reports, have been awarded $1,000 63i% 15-year
debentures.
Welland, Ont.-Debenture Sale.-On April 1 the two
issues of 43% 30-year debentures, aggregating $46,000,
mentioned in V. 92, p. 831, were awarded to the Dominion
Securities Corp. of Toronto for $46,998 (102.169) and
accrued interest. Other bids received were as follows:
Canadian Deb.Cor.,Ltd., Tor.$46,529 C. H. Burgess & Co., Toronto$45,109
Ont. Securities Co., Ltd., Tor 46,319 W.A.Mackenzie4cCo.. Tor_ _ _ 44,620
Wood, Gundy 46 Co.. Toronto 46,152 Montreal City & District Sayings Bank, Montreal
Campbell,Thompson&Co.. Tor46,119
44,545
Standard Bk. of Canada, Tor. 45,765 IR. C. Mathews & Co., Toron_ 44,415
Aemilius Jarvis & Co.. Toron. 45,560 Brouse, Mitchell & Co., Tor
44.220
H. O'Hara & Co., Toronto_.. 45,449 Hanson Bros., Montreal_ __ _ 44,187
Assessed valuation 1910. $2,878,820. Debenture debt, including this
issue. $268,329 26.

Windsor School District, Ont.-Debenture Sale.-On
March 25 W. A. Mackenzie & Co. of Toronto were awarded
the $23,370 34 43'% 20-installment debentures offered on
C. H. Burgess & Co., Tor_ _ _$12,380 W.A. Mackenzie & Co., Tor_$12,067 that day. V. 92, p. 757.
National Finance Corp., Reg_ 12,231 Campbell,Thomson4cCo.,Tor_ 12,065
Brent. Noxon & Co.. Toronto 12,183 Canadian Deben. Corp., Tor_ 12,060
Woodstock, Ont.-Debenture Sale.-On March 24 the
Wood, Gundy & Co., Toronto 12,157 G. A.Stimson & Co., Toronto 11,880 5 issues of 434% debentures, aggregating $39,939 78, and
12,076 Hanson Bros., Montreal_ __ _ 10,675
Nay & James, Regina
described in V. 92, p. 757, were awarded to Brouse,
J.G.Mantosh&Co.,Winnipeg. 12.067
St. Clair School District No. 2715 (P.0. Gull Lake), Sask. Mitchell & Co. of Toronto for $40,533 30, the price thus
-Debenture Sale.-On Feb. 7 $1,400 43,% 10-installment being 101.486.

MISCELLANEOUS.

MISCELLANEOUS.
OFFICE OF THE

United States
Mortgage & Trust
Company
New York
OFFICERS
President
John W. Platten
Vice-President
Calvert Brewer
Vice-President
Carl G. Rasmus
Vice-President
Frank J. Parsons
Treasurer
Joseph Adams
Secretary
Phillips
Alexander
Asst. Treasurer
Henry L. Servoss
Secretary
Asst.
T. W.B. Middleton
Asst. Secretary
Victor Ehrlioher
Asat. Treasurer
Harry W. Hadley
55 Cedar St.
Broadway & 73rd St.
125th St. 48th Ave.

Capital and Surplus, $6,000,000

Hand-Book of Securities

ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 20th. 1911.
The Trustees, In conformity with the Charter of the Company, submit the following statementof Us affairs
1910.
on the 31st of December,
0.981.997 35
Premiums on Marine Risks from 1st January, 1910. to 31st December, 1910
685,546 90
Premiums on Policies not marked off let January, 1910
$4.667,544 25

Total Marine Premiums

$3,793,863 88

Premiums marked off from 1st January, 1910, to 31st December, 1910
$373,571 50
146,586 91

Interest received during the year
Rent less Taxes and Expenses

$520,15841

Losses paid during the year which were estimated in 1909
$504,311 33
and previous years
1.021,356 12 $1,525.667 45
Losses occurred, estimated and paid in 1910
Less Salvages
Ile-Insurances

$195,931 27
402,106 63

598,037 90
$927.629/55

Returns of Premiums
Expenses, including officers' salaries and clerks' compensation,stationery.
newspapers, advertisements, etc

$132,651 56
$383,223 39

LIABILITIES.
Estimated Losses and Losses Un$2,714,035 88
settled
873.680 37
Premiums on Unterminated Risks_
Certificates of Profits and Interest
262.427 75
Unpaid
146.084 03
Return Premiums Unpaid
Reserve for Re-Insurance Premiums
& Claims ot settled, including
160,000 00
Compensation, etc
Certificates of Profits Ordered Redeemed, Withheld for Unpaid
Premium notes and 131116 Receivable 1.134,448 70
Premiums
Cash In the hands of European
22.469 61
Certificates of Profits OutstandBankers to pay losses under poliing
7,441.100 00
210,435 74
cies payable in foreign countries_
Oath In Bank and N. Y. City revReal Estate Reserve Fund__-400.ogo 00
enue bonds
935,478 76
ASSETS.
United States & State of New York
Stock, City. Bank and other Serarities
$5.418,792 00
Special deposits in Banks &TrustCos. 1,200,916 66
Real Estate cot. Wall & WilitamSts..
& Exehange Place $4,299,428 04
Other Real Estate &
claims due the com75,000 00 4,374,426 04
pany

Aggregating

$13,274,497 90

Aggregating

$12.019.787 64

January 1911 Edition.
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the
solders thereof, or their legal representatives, on and after Tuesday the seventh of February next.
The outstanding certificates of the issue of 1905 will be redeemed and paid to the holders thereof;
or their legal representatives, on and after Tuesday the seventh of February next,from which date all
INCOME
DIVIDENDS
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year
ending 31st December, 1010, which are entitled to participate in dividend, for which, upon application, certificates will be issued on and after Tuesday the second of May next.
. $100
Price of Single Copies . .
0. STANTON FLOYD-JONES. Secretary,
By order of the Board.
TRUSTEES.
TI
.
To Subscribers of the Chronicle
GRIGGS.
L.
HERBERT
CHARLES M. PRATT;
FRANCIS M. BACON.
CLEMENT A. GRISCOM.
DALLAS B. PRATT,
JOHN N. BEACH.
GEORGE W. QUINTARD.
.
ANSON W. HARD
ERNEST C. BLISS,
A. A. RAVEN,
THOMAS _..... U
VERNON H. BROWN.
LEWIS CANN LEDYARI5,
JOHN J. RIKER,
The Hand-Book is Issued to Bankers and WALDRON P. BROWN,
CHARLES D. LEVERICH,
DOUGLAS ROBINSON.
JOHN CLAFLIN,
Brokers with their cards lettered in gilt on the GEORGE C. CLARK,
LEANDER N. LOVELL.
GUSTAV H. SCHWAB.
MACY.
II.
GEORGE
WILLIAM SLOANE.
DODGE,
H.
CLEVELAND
outside cover (In quantity) at special rates
CHARLES H. MARSHALL, LOUIS STERN
CORNELIUS ELDERT,
NICHOLAS F. PALMER.
WILLIAM A. STREET,
RICHARD H. EWART,
HENRY PARISH,
GEORGE E. TURNURE.
PH/LIP A. S. FRANKLIN,
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
Chronicle
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS. 24 Vico-President
Sts,
and
Pine
Depeyster
Front,
CHARLES E. FAY, 3d Vice-President.
JOHN E. JONES STEWART. 4th VW-Pre:WM
NEW YORK
DESCRIPTION

PRICES

Commercial IR Financial




[VOL. 1,XXXXII

THE CHRONICLE

986

Tvnsi (Companies.

Trust gonwanits.
**"
•
•• •
•

NM states Rust Gomm at jic Yogi,
Chartered 1883
45 and 47 WALL STRiiIET

CAPITAL,
SURPLUS AND UNDIVIDED PROFITS

-

-

-

-

-

Manhattan
$2,000,000.09 Tryst
$13,772,667.70
Company
wall Street Corner

This Company acts as Executor, Administrator, Guardian. Trustee, Court Depositary and in
ether recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and Invests money. securities and other property, real or personal, for estates,
Seeporations and individuals.

EDWARD W. SHELDON, President.
HENRY E. AHERN, Secretary.
WILLIAM M. KINGSLEY, V.-Pres.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS,2d Asst.Scc.
tr. Bayard Cutting.
William Rockefeller,
Alexander E. Orr,
William H. Macy Jr.
William D. Sloane.
Curtsy H. Schwab,

TRUSTRBIS.
JOHN A. STEWART, Chairman of the Board.
Payne 'Whitney,
Frank Lyman,
Edward W. Sheldon,
James Stillman.
Chauncey Keep,
John Clatiin,
George L. Rives,
John J. Phelps,
Arthur 0. James,
Lewis Ca.ss Ledyard.
William M. Kingsley.
Lyman J. Gape,

William Stewart Tod.
Ogden Mills,
Egerton L. Winthrop
Cornelius N. Bliss, Jr.

FIDELITY TRUST COMPANY
NEWARK, N. J.
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acts as Executor,Trustee, Administrator and in all fiduciary capacities.
Takes entire charge of Real and Personal Estates. Guarantees Titles of
Beal estate throughout New Jersey.
General Banking and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Bale Deposit
Department.

CENTRAL TRUST COMPANY
of NEW YORK
54 Wall Street

Capital and Surplus, $18,000,000
(of which $17,000,000 has been earned)
Authorized to act as Executor, Trustee, Administrator or Guardian.
Receives Deposits, subject to check, and allows Interest on Daily Balance.
Acts as Transfer Agent, Registrar and Trustee under Mortgages.
CHARTERED 1864

Union Trust Companyof NewYork
MAIN OFFICE: 80 BROADWAY,
Uptown Office: 425 Fifth Avenue, corner 38th Street,
With Modern Safe Deposit Vaults

Capital $1,000,000

Surplus (earned) $7,800,000

ALLOWS INTEREST ON DEPOSITS.
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.

Nassav

Authorized to act as Executor
und er Wills, Administrator, Guardian.Trustee for Individuals, Corporations and Municipalities. Fiscal
Agent.
Transfer Agent and Registrar of
Stocks and Bonds.
Receiver, Assignee or Committee,
Temporary Offices

113 BROADWAY
'Mississippi Valley Trust Co
Fourth & Pine Sts., St. Louis.
CAPITAL. SURPLUS
and PROFITS}sso m 000
A GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED.
DIRECTORS.
Henry Semple Ames, Vice-President.
William Bagnell, President Bagnell Timber Co.
John I. Beggs, President & Gen. Manager St.
Louis Car Co.
Eugene H. Benoist.
James E. Brock, Secretary.
Murray Carleton, President Carleton Dry Goods Co
Charles Clark.
tioratio N. Davis, President Smith &Davis lifg.Co.
John D. Davis. Vice-President.
David R. Francis, Francis, Bro. ea Co.
S. E. Hoffman, Vice-President.
Breckinridge Jones, President.
Wm.(I. Lackey, VicoPresident and Bond Officer.
W.J. McBride. V.-Pres. Haskell & Barker Car Co.
Nelson W. McLeod, Vice-President GraysonMcLeod Lumber Co.
Saunders Norvell, President Stoves de Hardware
Publishing Co.
Robert J. O'Reilly, M.D.
Wm. D. Orthwetn, President Wm. D. Orthwein
Grain Co.
Henry W. Peters, President Peters Shoe Co.
H.C. Pierce, Chairman Board Waters-Plercepil:Co.
August Schlafly, August Schlafly & Sons.
R. ft Stockton. President Majestic Mfg. Co.
Julius S. Walsh, Chairman of the Board.
Rolla Wells.

Industrial Trust Company
Providence, R. I.
53,000,000
3,000,000
OFFICERS.
Cyrus P. Brown, President
Arthur L. Kelley, Vice-President
H. Martin Brown, Vice-President
Otis Everett, Vice-President
Joshua M. Addieman. Vice-President
Ward E. Smith, Treasurer
Chas, H. Manchester, Secretary
H. Howard Pepper, Ant. Treas.
Frederick B. 'Wilcox, Auditor
BOARD OF DIRECTORS.
Samuel P. Colt, Chairman Englehart C. Ostby
Olney T. Inman
J. Milton Payne
Richard A. Robertson
Eben N. Littlefield
Joshua M. Addeman
Otis Everett
James M. Scott
C. Prescott Knight
William H. Perry
Jesse H. Metcalf
Arthur L. Kelley
John J. Watson Jr.
H. Martin Brown
Charles H. Allen
George F. Baker
John B. Branch
George H. Thornton
William P. Chapin
Cyrus P. Brown
Angus McLeod
Chas. C. Harrington
Ezra Dixon
Louis H. Comstock
Howard 0. Sturgis
Herbert N. Fenner
Edward D. Pearce

CAPITAL
SURPLUS

1850

tatty Company
Home Office, 206 La Salle Street
CHICAGO

WRITES ALL CLASSES SURETY BONDS
Court—Fidelity—Contract—Miscellaneous
The motto of the Illinois Surety Company is "Prompt Service"
both in the handling of its business and the ad)ustment of its in?ses




1911

The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts

JOHN P. MUNN, M. D., President.
Finance Committee,
CLARENCE H. KELSEY, Pres.TitleGuATr.Co.
WM, H. PORTER, Banker.
ED. TOWNSEND,Pres.Imp. & Traders Nat. Bk.
Good men, whether experienced in !Reinsurance
or not, may make direct contracts with this Company, for a limited territory if desired, and seroure
for themselves, in addition to first year's commission, a renewal interest Insuring an income for the
future. Address the Company at Its Home Office,
No 277 Broadway, Now York City. • • • •