Full text of Commercial and Financial Chronicle : August 19, 1911, Vol. 93, No. 2408

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financial

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IJontirotriH
IN C L U D IN G

iro iitilt'

Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers’ Convention Section

State and City Section

SATURDAY, AUGUST 19 1911.

VOL. 93.

gfee

t&hxone.

1911.

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C L E A R IN G -H O U S E

RETU RN S.

T h e fo llo w in g ta b le, m a d e u p b y teleg ra p h , & c.. Indicates th a t th e to ta l
b a n k clea rin gs o f all clea rin g houses o f th e U n ited S tates fo r w eek e n d in g
A u g . 18 h a v e been $ 2 .9 2 3 ,9 6 0 ,7 5 4 , aga in st $ 2 ,9 3 4 ,7 8 0 ,5 9 5 Inst w eek and
5 2 ,0 0 6 ,6 1 9 ,7 8 0 th e co r re s p o n d in g w eek last ye a r.
Clearings— Returns hy Telegraph.
Week ending Aug. 19.

Per
Cent.

1911.

1910.

New Y o r k ---------------------- -----------B o s t o n ____________________________
P h iladelphia....................................... Baltim ore________ _________ ________
C h ic a g o ................................... ...............
St. Louis — ........... - .............. .............
New Orleans----------------------------------

31,427,553,067
127,122,518
109,158.438
24,295,102
220,490,749
58,068,190
13,319,983

$1,219,547,089
110,536,579
103,793,651
22,233.682
201,499.508
57,221.985
12,079,713

+ 17.1
+ 9 .1
+ 5.2
+ 9.3
+ 9.4
+ 1.5
+ 10.3

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

$1,980,008,045
451,274,398

$1,732,913,107
441,002,437

+ 14.3
+ 2 .3

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

S2,431,282,443
492,678,311

$2,173,915,544
432,704,236

+ 11.8
+ 13.9

$2,923,900,754

$2,606,619,708

+ 12.2

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

.-

T h e full details fo r th e w eek co v e re d b y th e a b o v e w ill b e g iv e n n e x t S at­
u rday.
W o c a n n o t furnish them to -d a y , clea rin gs b ein g m a d e u p b y the
clea rin g hou ses a t n o o n on S a tu rd a y , au d h en ce In the a b o v e th e last d a y o f
th e w eek has to bo In all cases e stim a ted , as w o g o to press F r id a y n igh t.
W e p resen t b elow d etailed figures fo r th e w eek en d in g w ith S a tu rd a y ,
n o o n , A u g . 12, fo r fo u r years.
Week ending August 12.
\situi iiiya ui
1911.
N ewJYork______
Philadelphia____
Pittsburgh......... ..
B a ltim ore............
Buffalo..................
Albany..................
W a sh in g ton -----R och ester---------Scranton ..............
S yracu se_______
R e a d in g _______
W ilm ington_____
W ilkes-B a rre___
Wheeling ...........
H arrisburg.........
Trenton ..............
Y o r k ....................
E r ie ......................
G recnsburg.........
C h ester................
B ingh am ton-----Altoona________
Franklin ..............
Lancaster ...........

1910.

1909.

1908.

S
S
1,709,112,345 1,419,919,061
12$, 190,313
132,203,051
43,979,668
43.321,373
27,893,212
31,328.910
8,898,979
9,605,977
5,051,820
5,670,110
6,558.199
6,014,601
3,733.320
3,293,929
2,338,691
2,285,795
2,162,022
2,102.493
1,450,803
1,321,425
1,571,686
1,252,783
1,782,680
1,280,331
1,642,794
1,505.073
1,054,323
1,150,000
1,204,372
1,390,954
805.225
811,081
731.747
858,556
475,464
525,000
013,770
390,227

470,900

451,802
240,000i
i !, i 13

%
S
3
+ 2 4 .7 1,971,080,692 1,518,252,533
+ 5 .6
121,515,035
97.779.549
— 1.5
45,106,858
38,407.451
+ 12.3
26,341.590
21,527.770
+ 10.2
9,319,136
7,406,545
+ 12.4
5,043,393
4.717,100
+ 0 .9
5.013,420
4,000,999
+ 13.4
3,428,380
2,824,184
— 2.3
2,260,246
1,962,570
+ 0 .0 2
1,943,840
1.570,156
— 9.3
1,457.747
1,222,020
— 20.3
1.387,767
1,453,633
+ 0 .1
1,204,388
1,143,569
—4.7
1,300,044
1,381,438
+ 9 .1
1,209,410
1,070,311
+ 10.4
1,344,232
1.220,100
+ 0.7
779,127
093,177
+ 17.4
689,107
625,590
+ 10.5
453,580
470,736
—36.3
418.410
445,557
491,000 —4.3
377,700
435,600
444,860
+ 1.0
431,407
428,931
225,000
+ 6.7
238,000
251,726
955.997 — 10.8

Total M id d le - 2,018,811,112 1,058,298,587
130,124,730
Boston ................
142.170,729
6.982 000
Providence -------0,733,800
3,035.519
3,683,849
Hartford — .........
2,769,875
2.254,390
Now H aven_____
2,007,003
1,992,784
Portland .............
1,907,727
1,775,742
Springfield............
2,510,370
2,131,344
W orcester______
868,531
Fall R iver______
1,079,383
865,338
New B e d fo r d ___
893,082
552,405
L o w e ll..................
530,044
527,682.
H olyoke......... —
402,402
Total New Bun

Inc. or
Dec.

164,797,777

151,001,550

+ 21 .7 2,202,986,425 1,709,563,865
+ 1.3
149,210,030
141,234,242
+ 3 .7
6,529.900
5,943,800
— 1.3
3,258,607
2,997,730
+ 2 2 .4
2,154,982
2,284.968
+ 0.8
1,703,052
2,628,944
+ 7.4
1,900,000
1,605,000
+ 17.8
1,704,517
1,571,003
— 10.3
853,608
721,376
— 3.1
781,429
951.255
+ 0 .4
482,810
459,037
+ 31 .1
502,080
398,917
+ 8 .7

169,385.827

160,550,460

N ote.— For Canadian Clearings see “ Commercial and Miscellaneous News.”




W eek ending August 12.

Clearings at—

PUBLISHED WEEKLY.

NO. 2408.

1910.

, Inc. or .
| Dec. 1

1909.

1908.

C h icago................
238,039,648 233,490,19Si
+ 1 .9 i 248,815,353t 210,150,089
Cincinnati............
21,088,450
21,347,9061 — 1.2!
24.605.45C)
21,647,250
C le v e la n d ______
18,210,121
19,642.9371 — 7.4
17.481.81fi
14,432,953
D e tr o it .-..............
25,675.853
23,379,1721 + 9 .8
17,991,192
21,475,783!
Milwaukee______
14,394.444
12,787,608; + 1 2 .6 '
12,778,827’
10.493,137
Indianapolis____
9,115,879
9,471,941
—3.8
8,438,064l
7,110,474
5,104,100
C olu m b u s______
5,144,6001 — 7.9
5.567.40C1
4,427.200
4,153,029
T o le d o ..................
4,089,106- + 1 .6
3.995,344!
4,050,742
2,905.003
2,945,726
Peoria ............. —
— 1.4
2,575,271
2,562,805
2,566,413
2,762,753
Grand I ta p ld s ...
— 7.1
2.455,220>
2,041,061
2,199,724
2,337,666
E v a n s v ille .........
— 5.5
2,032,285i
1,855,826
D a y t o n ................
2,156,223
+ 0.9
2,136,325
1,854,815
1,364,057
690,481
— 4.9
K a la m a zoo.........
656,735
641,674
530,322
1,105,854
1,200,346
— 7.9
Springfield, I l l 1,097,687
886,912
854,400 + 2 7 .4
1,088,059
894,291
Fort W a y n e ____
739,382
A k r o n ..................
1,084,000
818,000 + 3 2 .5
955.000
645,000
Y o u n g sto w n ____
1,343,493
915,865 + 4 6 .7
860.273
574,996
Decatur ..............
469,466
483,077
— 2.9
485,887
523,838
L exin gton ______
656,424 + 14.3
750,947
587,583
502,837
Rockford ______
765,163
654,853
494,126
692,761
— 9.5
Bloom ington____
590,593
533,825 + 10.7
457,817
478,280
Q u in c y ................
668,734
589,407 + 13.4
501,376
450,000
Springfield, O ___
533,407
—0.6
536,385
546,008
404,908
C a n t o n ................
983,657
845,000 + 16.3
675,428
400,000
South Bend_____
520,621
556,737
— 6.5
486,148
390,741
Jackson ................
445,000
425.000
+ 4 .7
374,514
325,000
Mansfield..............
351,599
336,730
+ 4 .4
271,314
360,885
Saginaw................
606,008
498,480 + 2 1 .7
493,731
L i m a ....................
328,221
339,463
— 3.3
310,045
280,000
Jacksonville, 111.
269,009
331,907 — 18.9
314,462
214,317
Danville................
413,048
374,038 + 10.4
419,303
250,185
Lansing................
309,000
300,000
+ 3 .0
Ann A rbor______
150,617
139,657
+ 7 .5
139,928
153,938
Adrian ................
33,682
43,620 — 22.8
31,154
37,547
407,422
O w en sboro.........
474,937 — 14.2
T ot. M id.W est. 359,410,820 351,944,935
+ 2 .1
303,369,679 306,680,429
44,229.487
San Francisco___
44,054,116
+ 0.4
35,651.514
36,412,691
18,145,497
Los Angeles_____
13,719,113 + 3 3 .1
13,344,745
10,076,425
10,059,338
Seattle ________
11,639,502 — 13.0
12.749.674
9,816,380
P o r tla n d _______
10,388,825
9,804,528
+ 6.0
7,900,000
0.002,619
4,168,611
Spokane________
4,354,778
—4.3
4,081,104
2,953,021
6,180,479
Salt Lake C it y ..
5,017,966 + 2 3 .2
6.629.138
4,500.132
3,866,453
Tacom a ................
5,829.181 —33.7
5,366,394
4,054,785
3,220,230
Oakland................
3.105,176
+ 3 .7
1,838,611
1,572,206
Sacramento..........
1,546,381
1,323,701 + 10.8
1,164,172
887,000
1,500,000
San D iego...........
1,200.000 + 2 5 .0
989,000
877,000
854.662
827,414
Stockton ..............
+ 3 .3
633.548
525,473
San Jose................
600,000
679,403 — 11.7
535,392
488,532
Pasadena_______
639,723 + 2 4 .5
796,095
500,000
626,702 + 15.6
Fresno ..................
724,396
510.542
453,397
North Yakima . .
387,956
+ 4 .6
405,577
410,993
224,184
Reno ............. ......
307,496
— 1.3
294,140
Total P a cific..
106.980.171
+ 3 .3
93,066,004
81,095,632
103.516.755
Kansas C i t y ____
42.517,379
49,356,449 — 13.9
46.951.554
39,205,257
Minneapolis_____
16,942,094
17,028,776
—0.5
17.018,019
14,520,275
Omaha..................
13,985.956
14,179,554
+ 1.4
11,675,196
12,828,047
St. Paul................
9,209,477
9,131,571
+ 1.5
8,551,288
9,016,098
D enver..................
8,369,691
8,701,316
— 3.8
7,827,461
8.243,087
St. Joseph...........
5.793,929
5,909,232
— 1.9
4,930.434
6,024,785
3,454,182
Des M oin es.........
3,532,248
— 2.2
3,126,017
2.454.568
2,270.176
Sioux C it y ..........
—3.2
2,345,227
2,288,908
1,817.936
W ich ita ____
3,451,372
3,225,987
— 6.5
2,897,907
1,480,119
D uluth_________
2,335,435
2,553,226
— 8.5
2.186.373
1,489,168
Lincoln ................
1,381,269
1,018,522
+ 7.8
1.572,827
1.454.536
+ 7.8
T o p e k a ................
1,568,765
1,275,631
1,082,716
1,272,363
1,178,730
+ 8 .0
983,023
D avenport...........
937.098
Cedar Rapids___
974,357 + 2 0 .6
1,175.245
1,020,238
659,618
736,357
763,826
—3.6
775,721
773,184
Colorado Springs
763.149
806,379
+ 5 .6
701.608
627,024
Fargo .............., .
410,000
391,086
—4.6
530,000
Sioux F a lls _____
450,000
551,312
— 2.9
567,955
477,009
Pueblo ________
552,227
385.410
346.973 + 11.1
420,531
F r e m o n t_______
336,118
1,051,054
1,083,198
—3.0
Waterloo ______
885,388
837,054
Helena ................
+ 5.9
761,180
835 963
313,762
A b e rd e e n ______
384,856 + 18.5
Hastings ______
204,922
190,000
+ 7.9
+ 0 .9
228,146
112,539
111.533
198,910
Billings ................
Tot. oth.W est.
119,108,056 126,635,316
— 5.9
117,899,342
100,362,377
62,823,943
61,955.381
62,491,166
St. Louis..............
63.524.875
+ 1.1
17,712 129
14 665,800 + 2 0 .8
10,962,716
15,142,671
New Orleans-----12,040,734
10,117,038
L o u is v ille ...........
12,636,431
—4.7
0.672,779
11,250,000
11,135.038
11,808,752
9,371,267
H o u s t o n ..............
+ 1.0
G alveston ...........
5,886,500
5,298,500 + 11.1
4,766,500
5,226,500
7,214,662
6,113.039 + 17.0
6 642,928
4,809,405
Richmond .........
4,249,182
4,454,624
— 4.6
4,351,282
Fort W orth.........
5,173,615
—0.2
4,680,048
4,691,103
3,939,636
3,545,721
M em phis..............
8,060,114
5.874,032
3,344,542
8.66S.585
+ 7.5
A tla n ta ................
4,244,172
3.946,706
3,446,418
3,043,483
N a s h v ille ______
+ 7.5
2,577.752
3,348,297
3,781.989 - 1 1 - 4
2,835,500
Savannah ______
1.583.438
N o rfo lk ................
2,686,697
2,415,631 + 11.2
2.427,007
2,045,983
—8.0
1,626,723
2,222,660
1.763,190
Birm ingham -----1,709,973
1,873.521
— 8.8
1,390,663
C h a tta n o o g a ___
1,246,875
2,650 965
1,323,053
2,294,775 + 15.5
1,645,481
Jack son v ille-----1,604,236
+ 8.3
1,481,138
1,231,553
1.267,556
K n o x v ille ---------1,580,476
2,519,436 — 37.3
1.550,000
1,075.000
O klahom a--------1,207.272
1,292,349!
1,212,153
+ 6.0
1,040,000
Augusta........... ..
1,253.702
1,111,798;
1.288.643 — 13.7
986,293
M o b ile..................
1,588,118
— 2.4
910,359
1,549,760
1,528.287
Little R ock .........
1,050,004
912.839
890.000
Charleston--------1,072,040
— 2.0
487,002
951.504 + 147.5
2,355,111
800,000
M a c o n ..................
967,954 + 113.1
352,963
2,063,079
532,162
A u s tin ..................
218,389 + 2 8 .2
237,461
V ick sbu rg............
280,080
194,535
448,904
395,631 + 13.4
281,159
317,358
W ilm ington,N .C.
Topkfinn
350,000
348,000 !
302,000
—0 6
312 000
285.000 >
300.702 i — 7.1
181,977
M eridian_______
610,897lNot included iIn total
T u ls a ....................
INot Included In total
M u sk ogee...........
165,881,6591 158.765,672 1 + 4 .5
133,594,546
149,180.450
Total Southern
Total all........... 2,934,789,595 2,550.762.815 + 15.1 370961897,143 2.491,653,309
+ 3 .1 1.125,816,451 ‘ 973,599.876
Outside N. Y — 1.165,677,250 1.130,843,754

430

THE CHRONICLE

OUR R A I L W A Y EARNINGS ISSUE.
We send to our subscribers to-day the August num­
ber of our “ Railway Earnings” Section. In this publi­
cation we give the figures of earnings and expenses
for the latest month of every operating steam railroad
in the United States, big and little, which is required
to file monthly returns with the Inter-State Com­
merce Commission at Washington— altogether nearly
900 roads or systems, comprising an aggregate of
about 240,000 miles of line.
THE FINANCIAL SITUATION.
The downward sweep of security values during the
last three weeks is not a pleasing spectacle to contem­
plate, and yet it has its compensating advantages. It
takes things out of the artificial atmosphere with which
they had been surrounded so long, and is in the nature
of a corrective. For twelve months or more we had
been shutting our eyes to a series of unfavorable
happenings and developments which have had few
parallels in the country’s history and been treating
them as if they were of no account. The Stock
Exchange is very largely looked upon as a barometer in
the business world, and as this barometer did not
seem to indicate the presence of any radical disturb­
ances, the disposition very naturally was to think that
there was no occasion for uneasiness.
In the meantime, however, troubles were accumu­
lating on every side, and now, all of a sudden, with
the bottom falling out of the stock market, we find
ourselves face to face with the actual facts and the
knowledge dawns upon us that we are confronted
with a situation that cannot be ignored but must be
reckoned with. The amended Inter-State Commerce
Law is upon the Federal statute book and the
Inter-State Commerce Commission is availing of the
extraordinary powers conferred upon it under the
new law. The railroad industry, as a consequence, is
in a crippled state and deeply suffering. The Anti­
Trust Law has been given a rational interpretation by
the United States Supreme Court, which, of course, is
a point gained; and yet, even under such a ruling, the
law remains destructive in its operation, as is evident
from the fact that two of the largest industrial under­
takings of the day— the Standard Oil Co. and the
American Tobacco Co.— are being forced to go through
a process of disintegration. Imagine the same law
applied to many other of the country’s huge industrial
undertakings and it is easy to perceive what an
upheaval may be in store.
Consider, too, all the various legislative investiga­
tions which are under way and which have as their
avowed purpose the laying of a foundation for trust
prosecutions of one kind or another. Consider, fur­
thermore, the activity of Attorney-General Wickersliarn in bringing new suits, week after week, under the
Anti-Trust Law, in the effort to help along the good
work and give vitality to the statute. Really repre­
hensible and pernicious doings every one condemns
and wants punished, but here is a law which
puts the seal of disapproval on modern methods
of conducting business and seeks to make them
criminal.
Are we acting in the interest of industrial advance­
ment when we cultivate the notion that far-reaching
elements of this character, which in their operation
will change the underlying conditions along which
trade has been conducted in the past, are of no import­
ance— that this country is so large, and possessed of




[V O L . L X X X X IIlJ JOBS

I such potential resources, that no ill-effects can follow,
if only we proceed as if nothing were happening? The
capitalists, the men of large means, who initiate new
undertakings, know that something is happening from
the court proceedings that are being directed against
them, and are not engaging in any new ventures or
assuming any fresh risks at present. Who else is there
that can be fooled into thinking that conditions arc
such that if only we take a bright view of things, a new
era of prosperity will be quick in the making and soon
dawn upon us in full splendor?
In like manner, why deceive ourselves about the ac­
tions of the Inter-State Commerce Commission? This
body is revolutionizing railroad methods and practices,
and in so doing is also making trouble in the industrial
world by changing the traffic conditions under which
business at the various trade centres of the United
States has heretofore been carried on. Railroad men
may have followed the line of least resistance in fixingrates to the different markets, but is the Commission’ s
arbitrary scheme of rate adjustment any the less free
from objections, and will the carrying into effect of this
scheme be unattended by serious troubles and draw­
backs? In these circumstances, instead of endeavor­
ing to show the folly of such proceedings, why should
we try to delude ourselves and the public into thinking
that in the end everything will come out right? Some
good souls, ever since the Commission handed down
its opinions last February in the celebrated rate cases,
have been quoting over and over again the fair-sound­
ing phrases contained in these opinions and have been
arguing that the Commission would do nothing detri­
mental to railroad interests. As a matter of fact, it
has been doing nothing else, and the whole history
of that body is warrant for the statement that all the
moves of the Commission will be antagonistic to the
carriers, since it does not proceed on the theory that
it is its duty to mete out even and exact justice as be­
tween the roads and their patrons, but regards itself
as the champion of the shipper and the traveler, and
thinks it will be best fulfilling its mission when it is
adding to the burdens of the carriers and lightening
the load and responsibility of the shipper.
Why, too, should we seek to obscure the fact that
without regard to what may happen in the future, the
railroads are already sustaining serious losses in both
gross and net earnings—the Inter-State Commerce
Commission to the contrary notwithstanding. We
referred last week to the falling off in the revenues
of the Union Pacific and the Southern Pacific. The
statement of the Northern Pacific for the fiscal year
ending June 30 1910 tells the same story. Gross earn­
ings fell off nearly 10 million dollars, dropping from
$74,525,826 to $64,905,439, and though expenses were
reduced in amount of six million dollars, this still left
a loss of over $3,000,000 in net earnings, which for
1911 were $25,175,678, against $28,538,420 for 1910.
The most significant feature about these results is
that the bulk of the reduction in expenses was effected
by cutting down the maintenance outlays. The
Northern Pacific spent only $15,976,693 upon mainte­
nance in the latest fiscal year, as against $19,835,092
in the fiscal year preceding.
A great point will have been gained through the
break in the stock market if it serves to dispel the
illusion that there is nothing wrong anywhere
and that the proper attitude is to ignore what is
going on—that the only thing necessary to in­
sure activity and prosperity in trade is to resolve
vigorously to go ahead at full speed. The Inter-

A u g . 19 1011.]

THE CHRONICLE

State Commerce Commission cannot be curbed
in its tendency to harass and
cripple the
roads unless it can be made to see that the roads are
already in such a weakened state that further tamper­
ing with their welfare is positively dangerous. The
politicians will continue their pernicious activity and
refuse to furnish the relief so much needed in the
interest of the whole community, until active and
strong pressure is brought to bear upon them compell­
ing them to reverse their course. It is folly to make
them think they are conferring a favor upon the
cummunity by their assaults, when the real effect is
to work ruin. In like manner, the laboring man must
be made to see that an economic fallacy is involved in
attempts to get higher wages when business and
profits are declining and revenues are falling off. It is
positively preposterous to demand increased pay at
this time when the lowering of expense accounts is
the indispensable need so as to avoid the complete
extinction of the margin of profit. Of course, the
presence of a shortened agricultural yield the present
season can not be overlooked,but that is only a tem­
porary matter and not one of the fundamentals.
With the stock market no longer bolstered up in a
blind effort to force a resumption of trade activity in
face of a perfect avalanche of unfavorable happenings,
we have been put in position to see things in their right
light, and the result cannot fail to be beneficial. It
should be perfectly clear to every one now where the
trouble lies. It follows that it is equally clear where
the remedy must be applied. What is needed, is a
return to reason and common sense.
Labor troubles in Great Britain during the current
week reached an acute stage, spreading to practically
all parts of the United Kingdom and assuming such
proportions as seriously to cripple shipping interests
on both sides of the Atlantic. Not only that, but
with the inauguration yesterday (Friday) of a general
strike of railway employees, the whole of the internal
trade of Great Britain has become disorganized. While
disturbances were renewed at London early in the
week, following an adjustment of the differences of the
carters, dockers and lightermen, the disorder there
did not at any time equal that which developed at
Liverpool, where serious rioting, growing out of the
strike of the dockers, occurred. Notwithstanding the
fact that the Government was obliged to take a hand
in suppressing the disturbances, furnishing the police
military aid in the fore part of the week, it was not un­
til near the week’s end that any abatement of the
riotous conditions at Liverpool appears to have
resulted. During the melees which have been the order
of the day three were killed (one a policeman) and a
number of persons (including some forty or more po­
licemen) more or less seriously wounded.
Reviewing the events incidental to the labor up­
heavals of the week, it may be noted that in London a
compromise with the lightermen was reached on the
lltli inst., the dispute of the carters and dockers hav­
ing previously been adjusted. With the allaying of
the troubles in London, however, strike conditions
elsewhere became more serious. In Liverpool the
crisis was reached on the 11th in the issuance of a no­
tice by the leading shipowners to the effect that unless
a settlement of the trouble was concluded by the follow­
ing Monday, they would declare a lockout in all
the industries of Liverpool. The complaint of the
shipowners was that, in spite of their recent agreement
with the dockers, sectional strikes developed, dislo­




431

cating trade. While many of the strikers accepted the
notice and returned to work on Monday, the coal heav­
ers generally refused to obey the orders of the union
officers to resume their labors, and accordingly the
threatened lockout (applying to the whole port of the
Mersey) was made effective—30,000 dockmen being
refused employment until they decided to abide by
the terms of the agreement.
The spread of the labor disturbances was manifest in
the action, on the 12th inst., of the municipal street
car men at Glasgow in going on a strike, and disor­
ganizing the whole service; on the 13th inst. announce­
ment came of meetings of railway employees at Liver­
pool, Glasgow, Manchester, Bristol, Sheffield and other
large cities, at which threats were made of a general
strike of all railway men, transport workers and dock­
ers unless existing disputes were promptly and satis­
factorily settled; on the same day, too, at a meeting
in London of 2,000 railway men belonging to the Mid­
land, Great Central and Metropolitan lines, it was de­
cided to call a general strike on all the railways and
tubes unless their alleged grievances were remedied in
the meanwhile. Strike troubles developed likewise at
Rotterdam, where on the 14th inst. the engineers and
stokers went out in an effort to secure an increase in
wages.
Reports, too, from various points in the United
Kingdom during the week indicated the further spread
of the strike fever. In London, where conditions had
apparently grown better, the demand of the dock
workers for pay for meal time, and their refusal to work
with non-union truck drivers, again made matters
critical. Trouble among the dockmen earning 12 cents
an hour for regular time and 16 cents an hour for over­
time also developed. These, it is stated, had expected
to have their wages advanced to 16 cents an hour, with
25 cents for overtime, while the award made is said
to have applied only to those earning not less than 14
cents an hour and 18 cents for overtime. Following the
meeting of the 2,000 railway men at London refe red
to above, the locomotive engineers on the 14th inst.
adopted a resolution favoring a national strike. As in­
dicating the number of men out on the 14th inst., it
was reported that, according to the strike leaders, the
strikers included 20,000 men of all classes in Liverpool,
25,000 in Birkenhead and the surrounding districts,
while the small strikes in Sheffield, Glasgow, Bristol
and Birmingham involved in the aggregate 30,000 men.
The situation reached its most serious phase when
the employees of the steam roads determined upon a
general stoppage of work. At a meeting on the 15th
of the executives of the Amalgamated Society of Rail­
way Servants, the Society of Locomotive Engineers
and Firemen and the General Railway Workers’ Union,
a resolution was unanimously adopted declaring a
general railway strike throughout the United Kingdom,
this movement affecting at least 150,000 men. Be­
fore enforcing the general strike order, the strike lead­
ers decided to allow the railroad companies twentyfour hours in which to agree to meet the representatives
of the employees and discuss the grievances, the ulti­
matum expiring at 8 o’clock Thursday morning. An
effort to avert the impending tie-up was made by the
British Government, conferences at the Board of
Trade with representatives of the disputing interests
having been arranged. These conferences, however,
failed of accomplishing the desired results, and a gen­
eral strike on all the British railways was formally
promulgated on Thursday night, after two days’ ne­
gotiations. During the course of these negotiations

432

THE CHRONICLE

the Government had offered to appoint a Royal Com­
mission to investigate the operation of the conciliation
agreement adopted in 1907 concerning the workings of
which the employees complained. Representatives of
the railway companies agreed to this proposal, but
those representing the labor organizations rejected it.
Much dissatisfaction was expressed by the latter with
the conciliation agreement, which was devised by
David Lloyd George and Richard Bell in 1907 and
intended to prevent all strikes until 1914.
All this has served seriously to handicap shipping in­
dustries, the Cunard and White Star lines, whose docks
are at Liverpool, being especially hampered. The
White Star offices at New York were advised early in
the week to stop all future freight engagements until
further instructions and to reduce to a minimum the
cargo for outgoing boats. The sailing of the Cunard
steamer Caronia, which was scheduled for Tuesday
last, was canceled, and it is anticipated that the Lusi­
tania, due to leave Liverpool to-day (Saturday) will
also be detained. Her cargo remained untouched at
the middle of the week and she was without coal in
her bunkers. The White Star liner Celtic, postponed
her sailing, set for Thursday, and other steamers of
that line have been unable to get away on the'dates set.
The British labor troubles are tending to reduce
merchandise exports from the United States during
the current month. For July, however, the official
returns made public the present week disclose a highly
favorable condition of things.- The total of the ex­
ports, as is normally the case, is smaller than was that
for June, but the movement, nevertheless, continues
upon a comparatively high plane. Each month of
1911 up to July has, in fact, set a new high record as
contrasted with the same period of any earlier year,
and the July total is only nominally less than that for
1907, when breadstuffs and provisions shipments were
of materially greater magnitude than now. This
brings us again to realize how increasingly important a
part manufactures are playing in our foreign export
trade. The Department of Commerce and Labor has
specifically drawn attention to that fact this week.
Machinery, it is pointed out, supplies a larger share
of the increasing exports of manufactures than does
any other class of products of the factory, but such
articles as automobiles, agricultural implements, scien­
tific instruments, cars and carriages, builders’ hard
ware and tools, structural iron and steel and photo­
graphic goods are conspicuous contributors to the
steadily augmenting totals of finished products.
Among articles for further use in manufacturing, pig
copper, lumber and glazed kid are showing notable
gains.
The aggregate merchandise shipments in July 1911
at $127,708,244 compares with 114% millions in 1910.
Cotton exhibits a decline of 3% millions of dollars,
which, however, is a little more than counterbalanced
by the combined gain in the exports of breadstuffs,
provisions, cattle and mineral oils. Almost all of the
ncreasc over last year (13% millions), therefore, is
contributed by other articles, and, mainly, it is to be
presumed, by manufactures. The July record of ex­
ports was made in 1907—$128,549,535. For the
seven months of the calendar year 1911 the total value
of the outward flow of merchandise was $1,115,528,784,
an increase of 196 millions over the like period of 1910,
nearly 220 millions over 1909 and 56% millions in ex­
cess of 1907, the former record.
^Im ports of commodities during July present no




[V o l . L X X X X I I I .

features calling for detailed comment. They continue
on a large scale. Total imports were $118,178,356,
against a sligthly smaller aggregate in 1910, about 112
millions in 1909, only 86% millions in 1908, the period
of depression here, and 124% millions in 1907—the
July high-water mark. For the seven months of 1911
aggregate importations of merchandise at $881,924,308
compare with $919,380,727 in 1910, the heaviest on
record for the period, but show an increase of 51%
millions over two years ago, 273 millions ovei- 1908 and
6 millions over 1907.
The net result of our foreign trade movement in
July was a balance of exports of $9,529,888, raising to
$233,604,476 the favorable balance for the seven months
of 1911. In July 1910 there was an import balance of
$2,688,099 and for the period from Jan. 1 in that year
the outflow exceeded the influx by only $2,647,148.
On the other hand, in 1908 the results for both the
short and long periods were appreciably in our favor,
the seven months’ balance of exports of $372,110,441
standing as the record. The current year’s balance
was also exceeded in the years 1898 to 1901, inclusive.
Building-construction operations in the United
States in July 1911, while not upon as large a scale as
in June, were of greater magnitude than in July 1910.
Altogether our compilation covers 114 cities, and of
these 65 show a larger estimated outlay for construc­
tion than in the same month of last year. In Greater
New York the contemplated outlays record an increase
in each one of the boroughs, the gain for the whole
city being 30%. It should not be overlooked, how­
ever, that contrasted with 1909 there is a loss of 21.5%.
Outside of Greater New York the permits taken out
in July comprehend an expenditure of $65,272,449,
which shows a gain of 20.3% over the corresponding­
time a year ago, and an increase of 11.9% over 1909.
Many of the larger cities record important gains, the
most conspicuous being Chicago, 115.1%; Boston,
110.2%; Cleveland, 118.3%; Buffalo, 82.1%; Omaha,
166.5%; Richmond, 173.4%; San Francisco, 47% ;
Los Angeles, 38.2%; Washington, 85% , and Philadel­
phia, 24%. On the other hand, some leading munici­
palities report large losses, among them being St.
Louis, Kansas City, Seattle, Denver, Atlanta and
Memphis. Including New York, the grand aggregate
for the 114 cities is $83,310,207, as contrasted with
$68,187,732 for July 1910, or a gain of 22.2%; but
contrasted with the period in 1909, consequent upon
the large operations then in New York, there is a de­
crease of 6.5% .
For the seven months of the calendar year 191 I the
intended outlay at 114 cities, as compiled by us, aggre­
gates 510 million dollars, against 523% millions in the
like period of 1910, or a decrease of 2.6%. Contrasted
with 1909, the loss is 6.1% . Greater New York’s
operations fell below those of 1910 by 7.8% , and com­
pared with 1909 there is a decrease of 30.7%. Outside
of this city the loss from last year is hardly more than
nominal—only 8-10 of 1% , while there is an increase
of 5.8% as contrasted with two years ago. Chicago,
the city next to New York in prominence, exhibits a
loss of 5% from the seven months of 1910. Philadel­
phia, on the other hand, shows noticeable improve­
ment, as do Cleveland, Boston, Cincinnati, Minneapo­
lis, Portland, Ore.; Los Angeles, Milwaukee, Indianap­
olis, Washington, Baltimore, Richmond, Dallas, De­
troit, &c. Mentionable losses are to be found at Kan­
sas City, Pittsburgh, Denver, Atlanta, New Bedford,
St. Louis, Seattle, Newark, St. Paul and Salt Lake

Au&. 191911.]

THE CHRONICLE

City, but at many of these cities there were record
totals a year ago.
In the Dominion of Canada the activity in construc­
tion operations heretofore reported was also observable
in July. Returns from 25 cities show that the intended
outlay covered by the contracts entered into during
the month was 19.1% greater than for the corre­
sponding period of 1910, and this notwithstanding a
very marked decline in operations at Montreal. For
the seven months of 1911 the projected expenditure at
the same 25 cities aggregates 7134 millions of dollars,
or over 29% more than for the same period in 1910.
Greatest activity is to be noted, of course, in the
Northwest, some of the cities showing operations much
more than double those of 1910. Vancouver, on the
Pacific, also records large expansion.

433

them. There is more or less discrimination in regard
to collateral, mainly against industrial stocks. This
is usually the case when stocks have declined heavily.
As yet little demand has been made upon NewYork
by the agricultural districts. Call money has re­
mained plentiful, the ruling rate for the greater part of
the week being 2 % % , with a decline on Friday to
234%. The detailed range for time money at the
end of the week is as follows: 2% to 3 % for 60 days,
3 to 334% for 90 days, 3% to 334% for four months’
bills and 3 % % for over the year. The bulk of the
inquiry, while light, is for bills of 5 and 6 months’
maturity. Commercial paper is in fair demand, with
little business being transacted. Sixty to ninety
days’ endorsed bills receivable are quoted at 4 to
434%, while 4 to 6 months’ single-name bills of the
best quality are placed at 4 % to 4 % % . Less desir­
Discount rates displayed a hardening tendency in able bills are available at 5% .
London during the current week, owing mainly to the
industrial war which is being waged throughout the
Labor troubles in Great Britain are causing curtail­
United Kingdom. The banking position in London ment of exports from the United States to that coun­
has again improved, as was demonstrated by the try, and as a result the quantity of bills of exchange
strong returns on Thursday. Discounts are quoted at is decreasing. Steamship companies are canceling
2 11-16% for 60 days and 2 13-16% to 2J4% for 90- contracts for carrying freight and this has had the
day bills to arrive. Paris discount rates remained un­ effect latterly of strengthening foreign exchange rates.
changed at 234%- In this week’s Bank of France As a result of heavy liquidation of American securities
statement gold and silver increased to the amount for European account, bills have been sold moderately
of $750,000. In previous weeks the gold and silver on balances. This liquidation has caused several fail­
holdings of the French bank had been ste adily de­ ures in London and there were rumors of a small failure
creasing. Notes in circulation were reduced over in Berlin, which, however, has not yet been confirmed.
$8,000,000. In face of a good showing by the Im­ Exchange was, in the early part of the week, near the
perial Bank of Germany, discount rates at Berlin gold-import level, but subsequently advanced. Money
have advanced to 334%- Discount rates in that here is so easy that banks do not need gold. There
country are expected to remain firm for the remainder is much disappointment in foreign exchange centres
of the year, as German crops are said to be in bad at the small number of future cotton bills in the
condition, owing to the prolonged drought, and market. It had been anticipated that they would be
it is thought large importations will be required. offered very freely by the middle or end of August.
The Reichsbank added $6,750,000 to its gold on The smallness of the offerings is largely the result of
hand and again reduced its note circulation, this the British strike situation. Bids made by bankers
time by $12,500,000, while loans expanded $450,­ on what bills have been offered have been much below
000. At Brussels the discount rate advanced from expectations of the shipper and consequently very
3% to 334@ 3% % Amsterdam was firmer at few were sold.
Compared with Friday of last week, sterling ex­
2 13-16%.
The Bank of England again secured the bulk of the change on Saturday was weaker, with demand quoted
$3,000,000 South African gold offered in the open at 4 8575 @ 4 8580 and cable transfers at 4 8605 @
market, and as a result a gain of over £400,000 gold in 4 8610; sixty days remained unchanged. Sterling
the holdings of the Bank was reported on Thursday. declined 5 points on Monday forenoon on European
Notes in circulation decreased £539,000, so that the buying of American stocks; in the afternoon, how­
total reserve increased £948,000. The ratio of reserve ever, the market rallied and quotations finished on
to liabilities advanced from 54.09% last week to Saturday’s level at 4 8575@4 8580 for demand and
55.91% this week. The Bank’s minimum discount 4 8605@4 8610 for cable transfers; sixty days fell to
rate remained unchanged at 3% . This was established 4 8335@4 8350. On Tuesday the market was firmer
March 9 and no change is looked for in the immediate on higher discounts abroad and an inquiry for cable
future. The bullion holdings of the Bank are again transfers in connection with the London settlement;
above the £40,000,000 mark—in exact figures, rates advanced to 4 8590@4 8595 for demand, 4 8620
£40,083,642. Our special correspondent also fur­ @ 4 8625 for cable transfers and 4 8345 @ 4 8355 for
nishes the.following details of the movements into and sixty days. On Wednesday demand advanced to
out of the Bank for the Bank week: Imports, £380,000 4 86@ 4 8610, cable transfers to 4 8630@4 8640 and
(of which £15,000 from France and £365,000 bought in sixty days to 4 8365 @ 4 8375. There was a decline
the open market); exports, £81,000 (of which £20,000 to 1 8590 for demand and 4 8620 for cable transfers
to South Africa, £51,000 to South America and on Thursday, on rumors that the labor troubles in Great
£10,000 to Gibraltar), and receipts of £110,000 Britain had been adjusted; later in the day this report
proved inaccurate and rates advanced, closing with
net from the interior of Great Britain.
demand at 4 8605 @ 4 8610 and cable transfers at
Drastic liquidation on the Stock Exchange has con­ 4 8635 @ 4 8640; sixty days fell to 4 8350 @ 4 8360.
tinued unabated and, combined with the light demand On Friday there was a further advance, the market
for accommodation, has caused interest and discount closing at 4 8370@4 8375 for 60 days, 4 86@4 8610
r tes to weaken. While there are not many inquiries for demand and 4 8635@4 8645 for cables. Commer­
in the market, banks, are not over-willing to offer cial on banks was quoted at 4 83% to 4 8334 an<^ docufreely, becausqlof the harvest demand now ahead of mentis for payment 4 8334@ 4 83%. Cotton for pay­




434

THE CHRONICLE

[VOL. LXX X XIII.

ment ranged from 4 83)1 to 4 83D>, grain for payment vides that after an elective officer (which would include
from 4 83% @ 4 83%.
the judges) has been six months in office, a petition
signed by 25% of the total vote cast for the candidates
The following gives the week’s movement of money
for that office in the preceding election, when duly
to and from the interior by the New York banks.
filed at the proper public office, should automatically
Received by
Shipped by
Net Interior
bring
about a new election for that office. The grounds
Week endinij Aug. 18 1011.
IV. 1". Hanks. <V. Y . Banks.
Movement.
on
which
the public officer was recalled must be set.
Currency - ...................................
§2,598,000 Gain §6,326,000
$8,924,000
C old .....................................
1,3 49,000 Gain
1,430.000
87,000
forth on the official ballot, and the recalled officer may
Total gold and legal tenders_____
$3,947,000 Gain SO,413,000
§10.360.000
also set forth his answer. His name will go upon the
With the Sub-Treasury operations the result is as ballot, and the majority of voters will decide whether
he shall be continued in office or replaced by another
ollows.
candidate.
Out of
Into
Not Change In
Mr. Taft’s conclusion in the matter is that “ this
Banks.
Banks.
Week ending A u g . 18 1911.
Bank Holdings.
§10.360,000
Banks’ Interior movement, as above.
S3,9 47,000 Gain SO,413,000 provision of the Arizona Constitution, in its applica­
22.000,000
22,200,000 Gain
Sub-Treasury operations____________
400,000
tion to county and State judges, seems to me so per­
$32,900,000 $2G, 147.000 Gain 36,813,000
Total gold and legal tenders...........
nicious in its effect, so destructive of independence in
The following table indicates the amount of bullion the judiciary, so likely to subject the rights of indi­
in the principal European banks.
viduals to the possible tyranny of a popular majority,
and, therefore, so injurious to the cause of free govern­
lu g . 17 191 .
i1lug. 18 191C.
Banks o f
ment,
that I must disapprove a Constitution contain­
Silver.
Total.
Cold.
Silver.
Gold.
Total.
ing
it.”
With clearness and earnestness the President
£
£
£
£
£
England. _ 40,083,642
40,083,642 39,921,903
39,921,963
F ran ce___ 127,036,240 33,889,846 100,926,080 135.080.000 33,996^240 109,082,240 proceeds to set forth his reasons for this belief.
The
Germ any.. 44,824,300 15.847.000 00,671,300 39,011,950 14,104,950 53,176,900
U u ssla___ 145,062,000 7.727.000 152,789,000 140.808.000 8.529.000 149,337,000 judicial branch of the Government, he points out, is
Aus.-IIun. 55.775.000 12.408.000 68.183.000 55.378.000 12.754.000 68.132.000
S p a in ____ 10.013.000 30.862.000 47.475.000 10.313.000 30.947.000 47.260.000
not representative of the majority of the people in any
Italy ____ 40.100.000 3.580.000 43.680.000 38.771.000 3.075.000 42.446.000
N eth’ ands 11.845.000
1,683,100 13,528,100 9.323.000
1,888,800 11,211,800
such
sense as are our legislators or executive officers—
N at.B elg..
6,691,333 3,345,007 10.037.000 5.200.000 2.033.000 7.899.000
Sweden . .
4.734.000
4.734.000 4.448.000
4.448.000
even
when the mode of selecting judges is by popular
Swltzerl’d
0,428,000
6.428.000 6.103.000
6.103.000
N orway . .
2.222.000
2.222.000
1.974.000
1.974.000
election. On the contrary, the foremost requisite of
Total week 501,414,515 109,342,007 610,757,122493,063,913 108,587,990 601,051,903
Prev. week 499,461,315 108,010,997 607,478,312492,028,881108,750,483 000,785,304
a useful judge is that he should be wholly independent
in the exercise of his official duties, of the public
PRESIDENT TAFT ON THE “ RECALL.”
which elected him.
No more weighty and important State paper has
He must be prepared to make his decision, if his
been produced during majiy years of our political conscientious construction of the law so requires,
history than President Taft’s veto last Tuesday of the against the majority vote of the legislative body and
“ Arizona Statehood Resolution,” on the ground of against the vote of the people themselves. “ In order,”
the provision in Arizona’s Constitution for recall of pursues Mr. Taft, “ to maintain the rights of the minor­
the judges, among other elective officers, on public ity and the individual, and to preserve our Constitu­
petition, and for a newly-arranged election. The cir­ tional balance, we must have judges with courage to
cumstances of which the veto is a sequel are that New decide against the majority when justice and law re­
Mexico and Arizona have long been appealing to Con­ quire.” But the provision whereby a minority of
gress for admission as States of the Union. Finally, 25% of the voters of a district or State may, for no
on the 20th of June last year, Congress passed an en­ prescribed cause, call to account a judge who is per­
abling Act providing for the calling of a Constitutional forming his duties in the light of what his conscience
Convention in each of these Territories, the submission dictates, will necessarily, the President points out,
to the electors of the Constitution proposed by that subject that judiciary to the popular passions of the
convention, and the submission of that Constitution moment. It may do this, and it may, directly or
for the approval of Congress and the President.
indirectly, discipline him for his judicial decision, even
This action was duly taken, and the constitutions at a moment when an appeal from that decision is
submitted to the national authorities. Under the pending in an orderly way in the higher courts.
resolution of Congress, Arizona was to be admitted to
Mr. Taft is most emphatic on the opportunity which
the Union on the condition that, in connection with the such a system would give to unscrupulous political
subsequent choice of its own State officers, it should bosses who control large bodies of voters, but who had
submit to the people an amendment to its Constitution been unable to control for their own purposes the
whereby judicial officers shall be excepted from the elected officers. He is equally emphatic on the power
working of the recall. With this resolution the Presi­ for evil which such a system would give to the irre­
dent fails to concur, taking the large ground that even sponsible muckrakers of the press, whose facilities
with re-submission of the matter of judicial recall to for arousing personal prejudice might easily create, even
the voters of Arizona, after the Territory had been after the most conscientious fulfillment of his duties,
admitted as a State, his concurrence would amount, an overwhelming prejudice against a given judge.
if not to actual approval of the recall provision, at The existence of such a power on the part of politicians
least to admission that the right or wrong of the ques­ and writers would amount, in the case of the most
tion would be determined by the vote of the Arizona righteous judges, to a sword of Damocles hanging over
people.
them and to a constant possibility of public humilia­
We discussed in detail, in our issue of March 25, the tion. Mr. Taft asks how self-respecting men could
history of this new political nostrum known as the re­ accept office under such circumstances. They would
call, and set forth the reasons which convinced us that make their decisions, he points out, “ under legalized
it was an extremely dangerous and obnoxious political terrorism,” and “ the character of the judges would
expedient. Summed up briefly, the Arizona law pro­ deteriorate to that of trimmers and time-servers.”




A u g . 19 ion.]

THE CHRONICLE

The President points out, as all thoughtful opponents
of the proposition have done, that a remedy for in­
justice in the courts is readily at hand in the machinery
of impeachment. The favorite argument that judges
nowadays are too much out of touch with popular
opinion and that the recall machinery would correct
that misfortune, he meets by the emphatic statement
that judges whose business is to interpret the law have
no need to be in constant touch with the varying
moods of the elector. Concluding, the President ad­
mits frankly that his veto, even if effective as regards
the initial Constitution of Arizona, could not settle
the matter permanently, since the State, once ad­
mitted to statehood functions, would possess the power
of introducing into its Constitution such amendments
as it chose, among which it would be quite at liberty
to select the recall. But the moral responsibility of
dealing properly with the question none the less rests
on the Central Government, whose duty it is “ to assert
in no doubtful tones the necessity of an independent
and untrammeled judiciary.”
Mr. Taft has performed that duty. It is impossible
that his words should not have great weight and farreaching influence. The message is, indeed, addressed
not only to the present Congress and to the Territory
of Arizona, but to the whole United States and to the
whole modern political world. Its importance, looked
upon from this point of view, would not be diminished,
even if Arizona were to insist on the recall and were to
succeed in placing such a provision in its fundamental
law; for the greatest danger in this matter has been,
not what might happen in Arizona but what the result
might be if other States, through amendments to their
constitutions, under the impulse of experiment and
imitation, were to adopt the same expedient.
Our own feeling, as our readers know, is that the
recall is one of the most insidious and dangerous
political contrivances ever proposed in modern legis­
lation. What the actual results of its general incor­
poration into American law would be is doubtful, be­
cause potential dangers of the sort are always modified
by the hard-headed common sense of the American
citizen. But what it might do under conceivable cir­
cumstances is in no doubt whatever; it might shake the
bulwarks of society. Indeed, not the least evil fact
about this latest nostrum is that in all human proba­
bility it would be utilized primarily in a wave of hys­
terical passion and excitement, when the electorate
itself had need for sober second thought, and when the
necessity for a calm and steadfast judiciary to interpret
impulsively-constructed statutes in accordance with
fundamental principles of law was urgent. Mr. Taft
himself very forcibly indicates the possible dangers
involved by the recall when decisions should be made
by an honest judiciary in matters surrounded by such
popular prejudices as labor troubles, racial or re­
ligious disturbances, or the trials of either popular
or unpopular defendants.
These are the reasons why we regard Mr. Taft’s
veto message of last Tuesday as a State paper of the
very highest importance; they are the reasons why we
found ourselves, in common with most other thought­
ful citizens, disappointed and regretful at the rash
declaration by Governor Woodrow Wilson in his speech
of last May at Norfolk, when he recanted his teachings
of many years to the Princeton students,opposing the
referendum and the recall, and when he added, in re­




435

gard to this expedient: “ It is a safeguard of politics;
it takes power from the boss and places it in the hands
of the people; I want to say with all my power that I
favor it.” It would be interesting to know how Gov­
ernor Wilson, holding such a position, would be able
to meet the arguments of Mr. Taft.
Mr. Webster, in his celebrated Reply to Hayne, com­
bating the argument that the States should enjoy the
right to veto or nullify an Act of Congress, referred to
the provisions in our Constitution to the effect “ that
the judicial power shall extend to all eases arising under
the Constitution and laws of the United States.” Of
the adoption of these provisions Mr. Webster went on
to say: “ They are, in truth, the keystone of the arch.
With these it is a government; without them it is a
confederation. It had then the means of self-protec­
tion, and but for this it would in all probability have
been now among the things which are past.” The
principle involved, and the function of the judiciary
in the political and social system, are different only in
degree of importance when applied to the courts of the
several States and to an elective judiciary. We do not
believe that the temper of the American community
as a whole has so far changed as to make conceivable
its breaking away from the sound traditions and beliefs
which it has maintained during more than a century
in this matter.

A PLAN FOR A CREDIT CURRENCY.
For somewhat over six months (or, to be exact,
since the first of last February) a meritorious little
book entitled “ Money, Credit Currency and a Currency
Plan” has been on the editor’s desk awaiting time and
space for review. The author is William P. Goodwin,
the Bank Commissioner of Rhode Island, whose
position makes him well qualified to treat the subject
which he discusses. Mr. Goodwin calls it a “ paper”
ather than a book, though it is bound in stiff covers.
The matter in it occupies only 45 small pages. It was
really written a year ago, Mr. Goodwin’s purpose
being to clarify his own thoughts on the subject.
It bears date August 1 1910 and the copyright also>
bears a 1910 date. This much it seems proper to.
say in justice to the author, inasmuch as some of the:
conclusions reached by him and also parts of the plant
suggested bear a close resemblance to the proposals in
the Aldrich Currency Plan and it might otherwise be
supposed (in view of the lateness of this review) that
the author had adapted some of the recommendations
of the Aldrich scheme, whereas the fact is Mr. Good­
win’s writings really antedate the Aldrich proposal by
several months. Mr. Goodwin did not originally
intend to give a public form to his discussions, but
yielded to the solicitations of his friends and had
copies printed for private distribution.
The author introduces, however, certain features
which differ from all others. His plan is simplicity
itself. We do not, however, wish to be understood
as committing ourselves in favor of it. We present it
for consideration along with other suggestions for
dealing with the subject of currency reform. Even
the Aldrich plan is as yet simply in its tentative form;
and besides having already undergone certain import­
ant modifications is certain to be further changed
before assuming a shape where it will find general
acceptance. Whether one subscribes to Mr. Goodwin’s

436

THE CHRONICLE

plan or not, his remarks and comments are instructive,
and he displays an intimate knowledge of the functions
of money and of a credit currency, and discusses with
rare acumen
the
principles
underlying
the
same.
He well says that a currency should be based on
credit which has real values back of it and not on the
credit of any national or local government. The
credit of any government is backed only by its taxing
power and has nothing tangible back of it other than
the fact of the existence of the government. Private
credit on the other hand, as. granted by the banks, is
always based on real values, or values to be created
by the use of the credit which is granted. Banks are
a means of assembling the scattered credits of many
individuals by means of bank deposits, which credits
are thereby made available for business uses through
being loaned by the banks or transferred by means of
checks and drafts. Thus the.banks brings into active
Use values which would otherwise be slow or inert.
Also by making credit for an individual they bring into
active use such credit. These transactions, it is
argued with much force, are fiduciary in their nature
and for the benefit of private-interests, and are such
as the government cannot satisfactorily perform.
Supervision and control of currency,issues,so that all
•redit currency shall be unquestionably safe and
reliable is properly a government function—but at
this point the governmental duty ceases and at the
same point the function of the bank in providing
currency begins. Credit money should only be issu­
able by responsible incorporated banking institutions,
earefully restricted in the use of such power and under
supervision of the government.
The author plans a new currency which will auto­
matically expand and contract, in volume according to
the demands of business. The first essential of safety
in any credit currency is security of proper character
and ample capital back of such issues, with an in­
dubitable margin of safety. A central bank would
fill the requirements in that respect, but there appear
to be insurmountable difficulties in the way of
organizing such an institution in this country and
dome theoretical objections also. Accordingly, it is
thought wiser to avail of the capital now organized into
banks all over the land.
Mr. Goodwin would amend the national currency
laws so that there would, be-set in motion a suitably
graduated retirement of the existing United States
Treasury and national bank-notes, with a coincident
substitution, of the new. currency as required. He
would change the deposit' reserve requirements so
that the percentage of' reserve would be lowered and
would be largely in gold and silver or their certificates.
He would give the new eurrenoy the same attributes
of legal tender as appertain to the currency that is
retired. Senator Aldrich, heeding the criticisms
that have been urged against his original proposition,
has, as is well known, reached the conclusion that no
distinction can well be made between State banks
and national institutions in providing for an effective
plan of currency reform. In somewhat similar manner
Mr. Goodwin provides that the new currency may be
issued by any solvent bank which qualifies under the
plan. This would extend the currency-issuing function
to all banks doing a commercial business, whether
chartered by State or nat onal Act. That, however, is




[VO L. LXXXX1II.

not meant to imply unregulated license but authority
under proper regulation.
Assuming that the requisite legislation providing for
national supervision of the new issues has been enacted,
there would then be two classes of money in the
country: (1) gold and silver coin and gold and silver
certificates, (2) the new currency. The banks issuing
this latter would as a body be sponsors for its integrity
and would maintain its parity with gold. The new
currency would be a credit currency, redeemable in
gold, and Mr. Goodwin would have it backed by the
following securities:
First—The capital resources of each bank taking out
circulation, which will be the general security and will
always be largely in excess of the outstanding currency.
Second—Specific security given by each bank issuing
currency, which will be in the form of a written obliga­
tion, bearing interest in gold at maturity similar to
an ordinary collateral note. This obligation will equal
the amount of currency taken out and will run for not
longer than three months. Accompanying this obli­
gation and exceeding the amount by at least 10%
will be collateral security which will be composed of
short-time notes representing bona fide transactions
between two or more solvent parties and issued as a
legitimate and necessary transaction of commerce,
manufacture or agriculture, or paper covering advances
on goods in established warehouses or in transit, all
in the^ usual form of such transactions, but excluding
notes issued to furnish credit for real estate purchases
or speculation of any sort or the payment of wages.
All of said obligations to be in multiples of $1,000 and
on prescribed forms.
Third—A gold currency reserve amounting to 15%
of the outstanding currency of each bank. This re­
serve is to be held, one-half in the vaults of the bank
and the remainder is to be deposited in convenient
sub-treasuries provided for the purpose, where it will
be available for currency redemption wherever needed,
as provided in the plan.
Fourth—A gold guaranty fund, which will form a
part of above currency reserve and bo a part of the
deposit in the sub-treasuries above referred to. The
purpose of this guaranty fund is to guarantee the gold
redemption of the outstanding currency of any failed
bank. This fund, it is thought, need not exceed 1%
to 2% of the currency taken out, and probably would
not be encroached upon permanently, as the security
given for the circulation of any failed bank would pro­
tect its outstanding currency.
_Fifth—1The obligation of every bank which takes out
circulation in case of the failure of the maker of any
of the notes deposited as collateral to replace all such
paper with other paper of solvent parties, or to retire
a like amount of currency.
Sixth—To restrict the expansion of currency beyond
the requirements of commercial business, notes and
call loans secured by stock and bond collateral will
not be acceptable security for circulation, if issued for
other than commercial, in distinction from financial,
purposes.
#Seventh—A definite limit, beyond which ordinary
circulation cannot be taken out. This limit is to be
70% of the capital resources of any bank. Capital
resources are defined to be the unimpaired cash capital,
surplus and undivided profits of any bank.
To provide against an extraordinary requirement
of currency, it is intended to give the right to issue addi­
tional currency, under a special form of obligation,
to the extent of 20% of capital resources, subject to
the requirement of the retirement thereof as herein­
after described. For convenient and prompt distri­
bution of the new currency, there are to be established
currency centres, sufficient in number and so located

AUtt. 19 1911.]

THE CHRONICLE

that tributary banks will only be a few hours distant
from their centre. The existing clearing-house loca­
tions, it is thought, would regulate the locations of the
currency centres, and probably a centre and a clearing
house would in some instances have the same executive
officers and the same office accommodation. At
these centres the currency obligations of the banks,
and the collateral therefor, are to be kept and the
transactions necessary to carrying on the business be
performed, such as the taking out and retirement of
currency and changes and replacement of collateral.
All qualified banks will be entitled to procure currency
for circulation up to the limit set after conforming with
all requirements as outlined on application to their
centre. A qualified bank will be one which has an
unimpaired capital and passes a proper examination
as to solvency and correctness of practice by an exam­
ining board which is established by the central office
of the system— provided, however, such banks must
be subject to the supervision of the National Govern­
ment or of a State Banking Department which requires
reports and makes examinations of the same frequency
as now is required of the national banks.
A “ currency centre,” the author thinks, must be
something more than a name and something more
than a distributing agency for currency. It must
have legal existence and must be capable of suing and
being sued; therefore it is planned that all these centres
shall be constituents of a corporation organized under
national laws. This corporation will be mutual in
character and organized somewhat after the manner
of a mutual savings bank. Capital is unnecessary,
according to Mr. Goodwin, as the organization will not
do a banking business, only having an administrative
function in currency matters in the interests of its
corporate members, the banks. The title Associated
Currency Banks is assumed for use in the paper.
Charter members of the corporation would be individ­
uals, bub, after organization, its membership would
be increased by the admission of all banks which
qualify themselves to take out currency. Every
member bank would be represented in the corporation
by one of its officers. A central or head office of the
corporation would be established at a financial centre
most in toueh with national and international financial
business exchanges. Membership in the corporation
would bo voluntary, and after discharging all currency
obligations to the corporation any member could
withdraw.
It will be seen from the foregoing outline that this
currency plan possesses many of the characteristics
of the Aldrich plan, but without the requirements of a
central institution with a large capital. It also differs
in some other essential respects. The retirement
of the new currency, like its issuance, would be
accomplished through the currency centre to which
each bank is tributary. The author thinks that
voluntary retirement of the currency would be a very
simple matter, as it would merely amount to the
payment of the currency obligation of any bank at or
before maturity with interest. Interest is to be paid in
gold. Principal is to be paid in the new currency,
which payment will operate as a retirement of so much
currency by the bank in action. Mr. Goodwin says
it is simply a payment of the obligation in kind with
interest in gold, and upon the completion of the
transaction the deposited collateral will be released




437

and thus the bank will be placed in possession of the
full earning power of its collateral and none of its
assets would be tied up by outstanding and useless
currency. The emergency currency issues would be
a special form of currency obligation to run for not
exceeding two months and to be paid in the same kind
of currency at maturity,with interest in gold at double
the rate current for ordinary currency issues. Such
conditions, the Rhode Island Bank Commissioner
thinks, would prevent unnecessary expansion of the
currency and insure a prompt retirement of the
emergency issue as soon as the condition calling for it
had passed.
Mr. Goodwin recognizes that provision must be
made for extraordinary demands for gold in exchange
for currency in case of a run for gold. For this pur­
pose all the banks would have to unite and the situation
would be met through the central office of the Asso­
ciated Currency Banks. In performing this duty the
central office would stand as the Clearing House of the
currency liabilities of all the banks, and, therefore,
would back the bank, or banks, affected by the run,
and for that purpose the entire gold reserve held in the
bank sub-treasuries would be available and at the
disposal of the central office to transfer wherever it
was needed. It is argued that the central office would
have the additional resource of the credit available
from the securities deposited by the banks, which
would be available for use in the operation of
purchasing gold from any market in the world prac­
tically as a joint account transaction of the currency
banks.
A cardinal feature of the plan here proposed is the
fifteen per cent gold reserve required against outstand­
ing currency issues. Conversely, the author argues
that immediately upon the establishment of the new
currency system it would be found that the large cash
reserves of “ lawful money” against deposits which are
now considered necessary would be no longer required,
because of the facility of converting credit in the form
of notes into circulating credit. The question of cash
reserve, he thinks, could almost be left to the experi­
ence pf the bank managers and usually a moderate
amount would answer. He goes so far as to assert
that ordinarily a reserve of 5% would be ample,since
within a few hours this could be increased by currency
issues to a possible 90% of the capital, surplus and
undivided profits of any member bank. An increased
demand for currency, he points out, would be responded
to without raising the question of its clfect on reserves
and loanable credit. The demand would simply be
supplied, he contends, and following the cessation of
such demand there would immediately be increased
deposits of currency in the banks without cor­
responding withdrawals of reserve, thus making a
redundancy of currency which would promptly be
remedied by the retirement of the excess in the man­
ner provided.
The author excludes from consideration the subject
of international or foreign banking operations, but
thinks it would be practicable for the associated
currency banks to carry on such operations by opening
a separate department for the purpose, such a par­
ticipation department to be segregated from the other
departments of the corporation and its results to
accrue to those members who contribute the requisite
capital.

438

THE CHRONICLE
THE INCREASING FIRE WASTE.

[VOL. LXXXXIII.

to be “ covered by insurance,” and do not see that
every dollar wasted is a dollar subtracted from the
aggregate of property and makes every one of us
poorer.
This country is still new, and its buildings have been
made of inflammable material. Time will gradually
change that, and the change must be gradual. Yet,
while the movement upon the surface continues to be,
as it has been for many years, namely, an unreasoning
attempt to lighten the admittedly heavy load of in­
surance premiums by anti-compact laws and now by
laws to force rates down by having them practically
made by State authority, the leaven is working. The
truth that rates depend upon losses and therefore that
fire waste (and not the underwriters) needs to be
attacked as a public enemy, is gradually getting recog­
nition. The slowness of this improvement is the
most encouraging feature of it, for that means that
there cannot possibly be any backward slip. Fire
waste is gradually though surely becoming recognized
as an economic and social crime, and fire prevention
is taking rank as a subject to be studied. In this
respect, the outlook has never been so good as it is
to-day.

The continued increase in fire waste is a factor of
the situation from which the only possible encourage­ment that can be drawn lies in the universal certainty
that evils and excesses tend to work out their own
cure. According to figures compiled by the “ Journal
of Commerce,” the fire loss in this country and Canada
in July last was $25,301,150, only about 1% millions
below the very heavy loss in July of 1910. In the
half-year there was a decrease in total of nearly 5%
millions in 1910 from 1909 and an increase of over
30)4 millions in 1911 over 1910; adding July, the totals
for the seven months were a little over 119)4 millions
in 1909, a little over 126 millions in 1910 and just
under 155 millions in this year. Looking at the
months separately, January was the heaviest in 1909,
with about 22% millions, and this was exceeded by
July in each of the other years, while of the seven
months, April and July were the only ones in this year
which did not produce an increase of loss over the
corresponding months of 1910.
There are often great fluctuations in consecutive
months. Thus, the 22% millions in January of 1909
fell in February to a little over 16 millions; the 13
millions in June of 1910 more than doubled in the July
following; the 16% millions of last February rose to IMMIGRATION AND EMIGRATION IN 1910-11.
31% millions in March, which was the heaviest thus
The immigration report for the fiscal year 1910-11
far in 1911. Conflagrations may occur at any time, was delayed somewhat beyond the usual time of issue
but as to fires in general, underwriters have learned to but was made public at the close of last week. It
look with especial dread upon the winter months. furnishes evidence that the movement of aliens in
In the last five months of 1910 September was the this direction during the twelve-month period was
only one which did not produce a loss beyond that of noticeably less than in the preceding year, that con­
the same month in 1909 and October ran up the total currently departures were upon a larger scale and that
to the high figure of 37 millions. The five months consequently the addition to the foreign-born popula­
together in 1910 went almost 24% millions beyond tion of the United States was smaller than in 1909-10
1909, and the most favorable forecast which one dares and in several earlier years.
to make cannot much reduce, as to the whole of this
For June the number of immigrants admitted into
year, the startling lead already shown in waste above the United States was only 71,019, as against 105,025
1909 and 1910.
in June 1910 and 85,470 in 1909. In 1907 no less than
Just as money (coin and paper) is used in clearing­ 154,734 landed. For the six months to June 30 the
house transactions only in settlement of balances, arrivals were 425,290, contrasting with 618,588 in 1910
money is only the small change of all the civilized and 534,123 in 1909. For the full fiscal year 1910-11
world; the overwhelming bulk of trading is barter, as (July 1 1910 to June 30 1911) the inflow reached but
at the beginning, commodities and service being ex­ 878,587, against 1,041,570 in 1909-10 and 751,786 in
changed for other commodities and service. There have 1908-09; this last was the smallest aggregate since
been people who declared that a hailstorm is a blessing, 1901-02, and was due to the depression then existing.
because it makes work for glaziers; and when a city The record mark in immigration was in 1906-07—
half burns there is an apparent industrial activity 1,285,349. Italy in 1910-11, as in many years pre­
which conceals the immovable fact that every indi­ ceding, furnished much the largest quota, but the
vidual is a little poorer thereby. If the apple crop, or decline in the arrivals of Polish and Austro-Hungarians
the potato crop, or any other important crop, should was decidedly marked. On the other hand, an in­
entirely fail, the most ignorant man would see, without creasing movement of English, Dutch, Irish, Scotch
any showing, that the resulting scarcity must make and Hebrews is to be noted in the latest fiscal year.
the commodity “ dearer” ; the total quantity being
Aside from the immigrant aliens, to whom the above
less, each person must consume less or pay more in remarks apply, the movement in this direction includes
some other commodity for what he does consume. a goodly number of those returning from visits abroad
Discontented and striking labor could get an advance who are classed as non-immigrants aliens. These for
in wages just as effectively by a decline in the costs of the six months of 1911 were 75,631, against 75,506
living as by an increase in the number of dollars or and 103,947, respectively, in the two previous years,
shillings paid; yet rioting lowers wages (by working and for the fiscal years were 151,713, and 156,467 and
artificially towards scarcity) when it causes food to 192,449. Combining the two classes we have an
rot or destroys railway property. The most ele- aggregate
;
inflow of aliens in the six months of 1911
mentary facts of political economy are illy understood of
i 500,921, which compares with 694,094 in 1910 and
by the laborers around the London and Liverpool i638,070 two years ago; and for the fiscal year 1910-11
docks; but we intelligent Americans are very little 1the total was 1,030,300, against 1,198,037 in 1909-10
better informed when we consider property burned and
i
944,235 in 1908-09.




AUG.

19 1911.]

n iE CHRONICLE

Offsetting in part this inward movement, there is a
steady movement from the United States, made up of
those departing to visit the home country or, in the
case of lax demand for labor here, to seek employment
elsewhere. This efflux varies with prevailing con­
ditions. Not unnaturally, it was above average
proportions in 1910-11, but of course considerably less
than in 1907-08, when depression here was acute.
For the six months of the current calendar year the
outflow was approximately 215,000 and for the fiscal
year 1910-11 about 490,000. These aggregates com­
pare with l.S4,567 and 380,418 for the respective
periods of the preceding year and with 143,490 and
400,392 in the year before. Deducting these depart­
ures from the combined arrivals referred to above, we
ascertain that there was a net gain in our foreign-born
population of 285,921 for the first six months of 1911,
against 509,527 in the like period of 1910 and 494,580
in 1909. The outcome for the fiscal year 1910-11 was
an addition of 540,300, which compares with
a net gain of 817,019 in 1909-10 and 543,843
in 1908-09. In 1907-08 the net arrivals were only
209,867— the smallest since 1899— but in 1900-07 the
excess of arrivals over departures made the record, the
number having been 1,093,480.
RAILROAD GROSS AND NET EARNINGS
FOR JUNE.
In character the returns of gross and net earnings
of United States railroads for the month of June do
not differ in any essential particular from the exhibits
for the months preceding. As compared with the
same month of last year, gross earnings record a
moderate falling off. The loss thus sustained has
been in part made good by a curtailment of the ex­
pense accounts, and this curtailment in turn has been
effected in the main through a restriction of the main­
tenance outlays. The result is that the net earnings,
like the gross earnings, show a falling off—a falling off
of limited rather than of exceptional magnitude, and
yet all the more noticeable in view of the fact that
had the maintenance outlays been on a level with
those of 1910, the shrinkage in net must have been
considerably heavier. Of course also our railroad
transportation lines have increased requirements for
interest and dividends to meet,owing to the additions
to capital that are made from year to year. To find,
therefore, that their net earnings at such a time are
diminishing, when they should be expanding, reveals
what is undoubtedly a decidedly unfavorable aspect
of the railroad situation at this moment.
Considering that the country is passing through
a period of trade reaction, the loss in gross earnings
must be considered very light, it reaching $7,103,895,
or 3.20%. This seems particularly true when it is
recalled that comparison is with a period in 1910
which had recorded gains of unusual extent. It
follows that the greater part of this gain of last year
has been maintained, the recession being on the whole
relatively small. The explanation no doubt is found
in the circumstance that certain of the bituminous
coal roads in the Middle West, and especially those
in Illinois, suffered last year a reduction in their coal
traffic (except for which the gains in total earnings
at that time would have been of yet larger extent),
while the present year there has been no general sus­
pension, though operations have been on a somewhat




439

restricted scale, owing to the apathetic state of the
country’s general trade.
J u n e ( 7 5 2 r o a d ;) —
19 11.
Mi.es of ro id _ .............................
222.825
Gross earnings......... .................$215,801,152
Operating expenses................ 118,118,083

Net earnings.................... S69.443.363

19 10 .
2 1 8 ,3 7 9

$222,985,317
150.751,518
S72.213.820

— Increase or Decrease—
Amount.
%
Inc.
4,416
2.03
Dec. $7,101,805
3.20
Dec. 4,311,435
2.88
Dec. S2.770,460

3.84

The loss of $7,103,895 in gross earnings was offset
to the extent of $4,333,435 by a decrease in expenses,
leaving, therefore, a loss in net in amount of $2,770,460,
or 3.81%. If it were not for the magnitude of the
augmentation in expenses a year ago, this year’ s
small decrease in the expenses would not call for
observation. As it is, it seems surprising that the
contraction the present year should have been so
small, seeing how great were the additions to expenses
in June 1910. in commenting last year upon the
June results we pointed out that these results revealed
in a more striking way than had been disclosed by
any previous month’s exhibits the part played by
increasing expenses in the affairs of the road. While
in preceding months expenses had consumed an in­
creasing proportion of the gains in gross revenue, for
June the gain in gross earnings had been almost wiped
out, leaving only a relatively trifling addition to the
net. In brief, according to our early compilations,
embracing 204,590 miles of road, the gain in gross at
that time was $23,565,112, but $22,938,037 was con­
sumed by augmented expenses, leaving an increase of
only $627,025 in net. Figures given out several
months later by the Inter-State Commerce Commis­
sion and covering 239,652 miles, made a somewhat
better showing, but also emphasized the great addi­
tions which had occurred in the expense accounts, the
increase in gross earnings being reported at $27,805,­
640, of which $24,676,291 was eaten up by augmented
expenses, leaving $3,129,346 increase in net.
In June 1909 the comparisons were extremely favor­
able, but that represented merely a recovery, or rather
a partial recovery, of the tremendous losses sustained
the previous year. According to the figures compiled
by the Inter-State Commerce Commission, comprising
231,183 miles of road, there was in June 1909 an in­
crease of $26,309,748 in gross and an increase of $14,­
357,535 in net. In June 1908 there were losses of
large magnitude, it being the period following the
panic .of 1907. Our compilation at the time showed
$26,987,858 decrease in gross and $1,557,091 decrease
in net; but this covered only 147,436 miles of road.
A somewhat fuller statement, made up so as to include
a considerable body of roads which had furnished
returns of gross but not of net,covered 178,960 miles,
and showed a decrease in gross earnings at that time
of no less than $33,126,961, or 18.47%. When giving
our final compilations, we estimated that for the entire
railroad system of the country the loss in gross earn­
ings for the month of June 1908 must have been
$16,000,000 and the loss in net $10,000,000. Prior
to 1908 the course of earnings was steadily upward for
a whole decade,and we had an uninterrupted series of
increases, both in the gross and in the net.
In the following we furnish the June comparisons
back to 1897. For 1909 and 1910 we use the Inter­
State Commerce totals, but for preceding years we
give the results just as registered by our own tables
each year—a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads in those days
to furnish monthly figures for publication.

THE CHRONICLE

MO
Gross Earnings.
Year
Given.

Year
Preceding.

increase or
Decrease.

June.
S
1897 . . . 48.6S0.992 47,044,545 + 1,636, 447
46,902,366 + 3.3 71, 934
50.274,300
1 8 9 8 ..
.
1899 . . . 55,978.068 48,136,823 + 7.S41, 245
67.883,647
1 9 0 0 ..
.
60,052,419 + 7,231, 228
78,026,161 72,941,846 + 5,084, 315
1901 . . .
1902 . . . 82,996,635 70,865.429 + 6,131, 200
1903 . . . 81,053,177 70,435,646 + 10,617, 531
1901 . . . 87.298,783 86,656,352
+ 642, 431
1905 . . . 92,831.567 84,537,809 + 8,293, 758
1900 . . 100,364,722 90,242,513 + 10 , 122 , 209
1907 . . . 132,060,814 114,835,774 + 17,225, 040
1908 . . . 126,818,844 153,806,702 —26,987, ,858
1909 . . . 210,356,964 184,047,216 + 26,309, ,748
1910 . . . 237,988,124 210,482,484 + 27,805 640
1911 . . . 215,861,452 222.965,347 — 7,103 ,895

Net Earnings.
Year
Given.
$
14, 371,918
14, 943,497
17, 855,957
21, 843,152
26, 223,611
26, 879,487
23 ,988,925
20 ,894,483
27 ,567,407
31 ,090,697
41 ,021,559
41 ,818,184
74 ,196,190
77 ,173,345
69 ,443,369

Year
Preceding.

Increase or
Decrease.

13,120,127 + 1,251,791
+898,182
14,045,315
14,068.508 + 3,787,449
19.666,585 + 2,176,567
23,318,642 + 2,904,969
25,455,584 + 1,223.903
22,106,804 + 1,882,121
24,594,095 + 2,300,388
26,391,704 + 1,175,703
7,463,367 + 3,627,330
36,317,207 +4,704,352
40,375,275 —4,557,091
59,838,655 + 14,357,535
74,043,999 +3,129,346
72,213,829 — 2,770,460

N ote.— In 1896 the number o f roads included for the month o f June was 121: in
1897, 106: in 1898, 116; in 1899, 95; in 1900, 99; in 1901, 94; in 1902, 94; in 1903
86; in 1904, 80; in 1905, 77; in 1906, 80; in 1907, 84; in 190S the returns were
based on 147,436 miles or road; in 1909, 234,183; in 1910, 239,652; in 1911, 222,825,
W e no looser include the Mexican roads or the coal-mining operations of the anthra­
c ite coal roads in our totals.

As June is the close of the fiscal year, when more
or less adjustments are made for the twelve months,
the returns are always delayed, and consequently a
considerable number of roads is missing. These,
however, are mostly minor lines or systems; among
the larger and important companies, only the Missouri
Pacific, the Central of New Jersey, the Lehigh Valley,
the Central of Georgia and the Western Maryland have
not filed returns. It is proper to state that, as in
previous months, our compilations are based upon the
returns of earnings rendered by the roads to the Inter­
State Commerce Commmission at Washington. All
the railroads in the United States—barring the few
roads that operate entirely within State boundaries—
are obliged to file monthly statements with the Com­
mission. The returns are open to public inspection,
and we have transcripts of them made for our own use.
In order to furnish full details for all the separate roads
we issue each month a special supplement, termed our
“ Railway Earnings Section.” The August number
of that supplement accompanies to-day’s issue of the
“ Chronicle” , and in it will be found in full the reports
of earnings and expenses of all the separate roads for
the month of June. The summaries in the present
article are the totals derived from these statements of
the separate roads and the. results are necessarily
very comprehensive.
As far as the separate roads are concerned there are
exceedingly wide variations. The list of roads having
increases in both gross and net is by no means a small
one. On the other hand, a yet larger body of roads
records very heavy losses in gross and net alike.
These latter constitute the really striking feature of the
exhibits. Heroic efforts seem to have been made to
cut down expenses in the case of some roads. A
noteworthy example of this is furnished in the case of
the Great Northern Railway, which, with $502,162
loss in gross, is able, to report an increase of $408,639
in net. This reduction of $910,801 was brought about
almost entirely through the cutting down of the
maintenance outlays, which for June 1911 are reported
at only $1,663,440, as against $2,510,895 in June 1910.
Notwithstanding the great falling off in traffic it was
possible to reduce the so-called “ transportation”
expenses only in a very small way, and these aggre­
gated $1,432,814 for June 1911, against $1,525,010
for June 1910. In the case of the Northern Pacific,
the loss in gross earnings for the month reaches as
much as $1,722,222, while it was possible to reduce
expenses in amount of only $520,079, leaving, there­
fore, a loss in net of $1,202,143. It is proper to say,
however, that last year the Great Northern had
$1,285,735 increase in gross with $230,591 decrease in




[VOL. L X XXXIII.

net, and the Northern Pacific a gain of $627,385 in gross
with $432,954 gain in net.
The Southern Pacific
this time has $719,395 decrease in gross and $327,304
decrease in net. The Union Pacific has $547,901 de­
crease in gross and $314,183 decrease in net. It may
be a surprise to hear that the Union Pacific also sus­
tained a decrease in net last year ($233,834) though
this was on a heavily augmented gross.
The Atchison reports for the present year $117,610
decrease m gross and $515,945 decrease in net. The
Duluth Missabe & Northern reflects the collapse of the
iron-ore-carrying business in a loss of $1,148,581 in
gross and of $999,470 in net. The Illinois Central
reports $169,823 addition to gross and $278,277 ad­
dition to net and the New York Central, as it happens,
is also able to show a fair increase in both gross and
net. The Pennsylvania Railroad, on the other hand,
owing to the unsatisfactory condition of the iron and
steel trades, reports for the lines directly operated
east and west of Pittsburgh a decrease of $1,489,804 in
gross and a decrease also (notwithstanding the efforts
to curtail expenses) of $263,201 in net. This follows
$2,605,759 gain in gross on these lines in June last
year and is in addition to $439,471 loss in net at that
time. The gains reported by the San Pedro Los
Angeles & Salt Lake in gross and net are due to the
circumstance that last year the business of that road
was interrupted because floods had washed away a
portion of the line. In the following we have brought
together all changes for the separate roads for amounts
in excess of $100,000.
PRINCIPAL

C H A N G E S

IN

GROSS

In crea ses *
N Y C entral A IIucl R i v e r . a$4 45,027
S an P e d ro L os A u g A S L .
375,382
E rie ______________________
235,342
D elaw are & H u d s o n _____
234,581
B o s to n A M a in e ___________
198,828
R o c k I s la n d ..........................
197,070
C h icago A A lt o n ................
188,207
V i r g i n ia n _________________
182,593
S t L ou is A San F r a n c is c o .
171,267
Illinois C e n tr a l.....................
169,823
M issouri K ans & T e x a s . .
158,507
N Y N ew H aven & H a r t f .
144,678
A tla n tic C oast L in e _______
137,146
N Y C h icago & St L o u i s . .
135,651
S e a b o a rd A ir L in e ________
119,991
L o n g I s l a n d _______________
118,365
P h ilad elp h ia & R e a d in g ..
114,412
R e p re se n tin g 17 ro a d s In
o u r c o m p ila t io n ______ 53,326,870
N orth ern P a c l f l c .................. $Y?722^222
P e n n sy lv a n ia ____________ y \ ,489,804

E A R N I N G S

IN

JUNE.

D u lu th M issabe A N o r ___51,148,581
S ou th ern P a c l l l c _________
719 ,395
B a ltim o re A O h io ________
627 ,046
U nion P a c ific _____________
547,901
G reat N o rth e r n __________ I
502 ,162
D u lu th A Iron R a n g e ____
432,931
C h ica go MUw A St P a u l . .
3 8 5 ,0 7 6
C o lo ra d o A S o u th e r n ____
291 ,100
P ittsbu rgh & Lake E r i e ..
284 ,1 8 5
L a ke S h ore & M ich S o
.
2 4 1 ,8 2 7
C h icago A N orth W estern
174,966
H o ck in g V a lle y ___________
145,681
119,311
L o u isville A N a sh v ille___
A tc h T o p & S an ta F c ____
c ll 7 ,6 1 0
E lgin J o lie t A E a s te r n ___
114,149
C h icago Burl A Q u i n c y . . .
113,085
El P a so & S o u th W e s te rn .
106,358
N orfolk A W e s te rn _______
106,313
D en ver & R io G ra n d e ____
105,152
R e p re se n tin g 21 road s In
o u r c o m p ila t io n .......... 59,494,855

N o te.— A ll the tlgurcs in the a b o v e are o n the basis o f the returns filed
w ith the In te r-S ta te C om m erce C om m ission .
W h e re , h o w e v e r, these
returns d o n o t sh o w th e to ta l for a n y sy s te m , we h a ve co m b in e d the
separate roads so as to m ake the results co n fo rm as n early as p ossible to
th ose give n In the sta te m e n ts fu rn ish ed b y the co m p a n ie s th em selves.
a T h ese figures c o v e r m e re ly the o p e ra tio n s o f the N ew Y o rk C entral
Itself. In clu d in g the va rio u s a u x ilia ry an d c o n tr o lle d ro a d s, like th e M ichi­
gan Cen tral, the L a ke S h o re , the " B i g F o u r” , the " N ic k e l P la t e ," A c ., the
w h ole g o in g to fo rm the N ew Y o r k Cen tral Stjstem , the result Is a gain o f
598,256.
c T h ese figures are furnish ed b y the c o m p a n y .
.
V T h ese figures represent th e lines d ire ctly op e ra te d ca st an d w est o f
P ittsb u rg h , Eastern lines sh o w in g 550 2,59 8 decrease and the W estern lines
5 98 7,20 6.
F o r all Hues o w n e d , leased, o p e ra te d an d controlled, the result
fo r the m o n th Is a loss o f 5 1 .5 5 2 ,4 8 1 .
PRINCIPAL

C H A N G E S

IN

NET

E A R N I N G S

IN

JUNE.

Increa ses.
D ecreases.
G reat N o rth e r n _________
$408,639 N orth ern P a c lflc ............... 5 1 .202,143
S t L ou is & San F ra n cisco
357,516 D ulu th M issabe A N o r t h .
999 ,470
M issouri K an A T e x a s . .
332 ,646 A tc h T o p e k a & San F e _ .
C515,945
San P ed ro L os A n A S L .
291,931 S ou th ern P a clflc _________
327.304
L o u isville A N ashville .
282,268 U n ion P a clflc _________ _
314 .183
Illinois C e n tra l.........................
278,277B a ltim ore A O h io _______
286 ,775
N Y N H & H a r t f o r d ...
275,125 P ittsb u rg h A L a k e E r ic .
270 ,860
N Y Central & I lu d R l v .
<1261.056 D ulu th A Iro n R a n g e —
267,469
M ichigan C e n tra l...............
245,730 P e n n s y lv a n ia ____________
1/263,201
Cleve Cin Chic A S t L . .
210,272 D elaw are L a ck A W e s t ..
192,177
M aine C e n tra l_____ _________
194,238N o rfo lk A W e s te rn --------191.506
Cln H am A D a y t o n ______
169,765 C h icago MUw A S t P a u l.
167,358
D elaw are & H u d s o n _____
152,221 B o sto n A M ain e_________
149,422
N Y C h icago A S t L o u ts .
124,657 Chic St P M inn A O m a h a
143.305
S t L ou is S o u t h w e s t e r n ..
113,414 D enver A R io G ra n d e —
127,296
G e o r g ia ----------------------------117,353
B essem er A L a k e E r i e ..
107,559
Cln N O A T e x P a c i f ic ..
102,086
E v a n sv ille A T erre H au te
102,073
R ep resen tin g 15 roads
in o u r c o m p il a t i o n .. 5 3,698,355

R e p re se n tin g 19 roa d s
In o u r c o m p il a t i o n .. $ 5 , 8 4

•
48

c T h ese figures are furnish ed b y th e c o m p a n y .
a T h ese figures c o v e r m erely the o p e ra tio n s o f the N ew Y o r k Cen tra ts I
I n clu d in g the v ariou s axu llla ry and c o n tr o lle d ro a d s, like the M tch l u
C entral, the Lake S h o re , th e " B i g F o u r” , the “ N ickel P la te ,” A c ., tlie’ w
e
go in g to form the N . Y . Cen tral System , the result Is a gain o f 5 59 4 , 8 1 0 •!
V T h ese figures represent the lines d ir e ctly op e ra te d east and w est o
P ittsb u rgh , the Eastern lines sh ow in g $238,027 decrease and the W estern
lines $25,174 decrease.
F o r all lines o w n e d , leased, o p e r a te d an d controlled,
th e result Is a los3 o f $ 1 3 0 ,9 7 8 .
.

THE CHRONICLE

A u g . 19 1911 ]

When the roads are arranged in groups or geo­
graphical divisions, it is found that five of the seven
divisions fall behind in the gross and also five in the
net. The result by groups is set out in the table which
we now present.
SU M M ARY

G
G
G
G
G
G
G

GROU PS.

S
r o u p 1 ( 2 7 r o a d s ) , N e w E n g l a n d _____ 1 1 , 3 1 2 . 1 4 9
r o u p 2 (1 2 4 r o a d s ), E a s t & M id d le —
5 1 .3 0 4 ,0 2 1
r o u p 3 ( 9 5 r o a d s ) . M i d d l e W e s t _______3 1 , 5 2 1 , 7 7 3
r o u p s 4 & 5 (1 5 1 r o a d s ), S o u th e r n —
2 0 .3 4 7 ,2 9 0
r o u p s 6 & 7 (1 1 5 r o a d s ), N o r th w e s te r n 5 1 ,0 0 5 ,1 9 2
r o u p s S & 9 (1 8 1 r o a d s ), S o u th w e s te r n 3 0 ,7 1 3 ,2 9 8
r o u p 1 0 ( 5 9 r o a d s ) . P a c i f i c C o a s t -------- 1 3 , 5 3 7 , 7 2 3
T o t a l (7 5 2

.2 1 5 ,8 6 1 ,4 5 2
r o a d s ) .....................
.....................
--------- Mileage --------1911.
1910.

G
G
G
G
G
G
G

B Y

---------------------Gross Earnings-----------------------1911.
1910.
I n c .( + )o r D cc.l— )

June.
Section or Group —

7 .3 5 1
2 3 ,3 8 2
2 5 ,4 7 5
3 8 ,1 4 9
6 5 ,2 7 7
4 7 ,7 2 5
1 5 ,4 6 6

7 ,3 2 3
2 2 ,3 5 5
2 5 ,3 9 6
3 7 ,7 1 2
6 3 ,8 4 8
4 6 ,8 7 6
1 4 ,8 6 9

1911.
S
3 ,0 8 0 ,8 2 0
1 6 ,0 0 6 ,6 6 5
9 ,5 8 8 ,4 6 8
7 .6 6 9 ,3 7 1
1 7 ,5 5 5 ,1 5 4
9 ,8 1 2 ,5 3 6
5 .7 3 0 ,3 5 5

.2 2 2 ,8 2 5

2 1 8 ,3 7 9

6 9 ,4 4 3 .3 6 9

r o u p N o . 1 ----------------.
r o u p N o . 2 ----------------.
r o u p N o . 3 ----------------.
r o u p s N o s . 4 & 5 - ­.
r o u p s N o s . 0 & 7 - ­.
r o u p s N o s . 8 & 9 - ­.
r o u p N o . 1 0 .................

N O T E .—

S
1 0 ,8 0 1 ,8 5 3
5 1 ,5 8 5 ,8 9 0
3 3 ,2 8 1 ,5 5 9
2 5 ,8 0 4 ,9 0 8
5 0 ,0 7 8 ,2 2 0
3 1 ,0 0 1 ,2 3 1
1 4 ,2 9 1 ,0 1 4
2 2 2 ,9 6 5 ,3 4 7

$
+ 5 1 0 ,2 9 0
— 2 2 1 ,8 7 5
— 1 ,7 5 9 .7 8 0
+ 4 8 2 ,3 2 8
— 5 ,0 1 3 ,0 3 4
— 3 4 7 ,9 3 3
— 7 5 3 ,8 9 1
— 7 ,1 0 3 ,8 9 5

%
4 .7 1
0 .4 3
5 .2 8
1 .8 7
8 .9 4
1 .1 2
5 .2 8
3 .2 0

Increase ( + ) or
Decrease ( — ) .

1910.
S
2 ,7 2 2 ,1 8 5
1 6 ,1 8 3 ,1 6 2
9 ,0 7 7 ,4 7 1
7 ,5 5 7 ,3 2 4
2 0 ,2 2 4 ,3 2 6
9 ,9 9 4 ,8 7 0
5 ,8 5 4 ,4 9 1

S
+ 3 5 8 ,6 3 5
— 1 7 6 ,4 9 7
— 8 9 .0 0 3
+ 1 1 2 ,0 4 7
— 2 ,6 6 9 ,1 7 2
— 1 8 2 ,3 3 4
— 1 2 4 ,1 3 6

%
1 3 .1 8
1 .0 9
0 .9 2
1 .4 9
1 3 .2 0
1 .8 2
2 .1 2

7 2 ,2 1 3 ,8 2 9

— 2 ,7 7 0 .4 6 0

3 .8 4

Group I.

I n c lu d e s a ll o f t h e N e w E n g la n d S t a t e s .
I n c lu d e s a ll o f N e w Y o r k a n d P e n n s y l v a n i a e x c e p t t h a t p o r t i o n w e s t
o f P it t s b u r g h a n d B u ffa lo ; a ls o a ll o f N e w J e r s e y , D e la w a r e a n d M a r y l a n d , a n d t h e
e x t r e m e n o r th e r n p o r t io n o f W e s t V ir g in ia .
Group II I. I n c l u d e s a l l o f O h i o a n d I n d i a n a ; a l l o f M i c h i g a n e x c e p t t h e n o r t h e r n
p e n in s u la , a n d t h a t p o r t io n o f N e w Y o r k a n d P e n n s y lv a n ia w e s t o f B u ffa lo a n d
P it t s b u r g h .
Groups I V . and V. c o m b i n e d I n c l u d e t h e S o u t h e r n S t a t e s s o u t h o f t h e O h i o a n d
e a s t o f t h e M is s is s ip p i R i v e r .
Groups VI. and V II. c o m b i n e d I n c l u d e t h e n o r t h e r n p e n i n s u l a o f M i c h i g a n : a l l o f
M in n e s o t a , W i s c o n s in , I o w a a n d I llin o is ; a ll o f S o u t h D a k o t a a n d N o r t h D a k o t a ,
a n d M is s o u r i n o r t h o f S t . L o u is a n d K a n s a s C it y ; a ls o a ll o f M o n t a n a , W y o m in g
a n d N e b r a s k a , t o g e t h e r w it h C o l o r a d o n o r t h o f a li n e p a r a lle l t o t h e S t a t e lin e
p a s s in g th r o u g h D e n v e r .

Group II.

Groups V III. and I X . c o m b i n e d I n c l u d e a l l o f K a n s a s , O k l a h o m a , A r k a n s a s a n d
I n d i a n T e r r it o r y ; M is s o u r i s o u t h o f S t . L o u is a n d K a n s a s C it y ; C o lo r a d o s o u t h o f
D e n v e r ; th e w h o le o f T e x a s a n d t h e b u lk o f L o u is ia n a ; a n d t h a t p o r t io n o f N e w
M e x i c o n o r t h o f a lin e r u n n in g fr o m t h e n o r t h w e s t c o r n e r o f t h e S t a t e t h r o u g h
S a n t a E e a n d e a s t o f a lin e r u n n in g f r o m S a n t a F e t o E l P a s o .
Group X . I n c l u d e s a l l o f W a s h i n g t o n , O r e g o n , I d a h o , C a l i f o r n i a , N e v a d a , U t a h ,
a n d A r iz o n a , a n d th e w e s te r n p a r t o f N e w M e x ic o .

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— The public sales of bank stocks this week aggregate 127
shares, of which 97 shares were sold at auction and 30 shares
at the Stock Exchange. Twenty-three shares of stock
of the Jefferson Bank were sold at 182-182
an increase of
31 points over the price paid at the last previous sale in
July. No sales of trust company stocks were made.
S hares. B A N K S — N ew Y o rk .
L ow .
74 C ity B a n k , N a tio n a l................. 440
•30 F ou rth N a tion a l B a n k _____ 205
23 Jefferson B a n k .......... ................ 182

H ig h .
440
205
182^

Close. L a st p reviou s sale.
440
J u ly 1911— 457
205
A u g . 1911— 205
182 'A J u ly 1911—
1 5 1'A

■ * S old a t th e S to c k E x ch a n g e .

— J. P. Morgan, who had been abroad since last January,
arrived home on the White Star steamer “ Olympic” on
Wednesday.
— The hearings by the Congressional committee named to
conduct the investigation into the operations of the United
States Steel Corporation were adjourned on Saturday last
(the 12th inst.) until Oct. 16. Congressman A. O. Stanley is
Chairman of the Committee, which was appointed under a
resolution adopted by the House of Representatives in May
and printed in our issue of May 20. During the recess
Chairman Stanley will have headquarters in Washington,
and will be engaged, with a force of assistants, in gathering
evidence to be used when the hearings are resumed. The
matter of control of transportation facilities by the Steel Cor­
poration, it is stated, will be one of the principal features
of the future hearings. It is expected that J. P. Morgan,
James J. Hill and Andrew Carnegie will be among those
called upon to testify in the fall. The full report of the
committee, it is thought, will be presented to the House
early in December; it is understood, however, that in the
meantime recommendations will be made to the Committee
on Ways and Means for a reduction in the rates of duty in
the iron and steel schedules of the tariff law.
— The compromise Wool Tariff Revision Bill, as agreed to
by the Senate and House conferrees on the 11th inst., and
which was passed by Congress this week was vetoed by
President Taft on the 17th. Following the reading in the
House on Thursday of the President’s Message, indicating
his reasons for disapproving the measure, Chairman Under­
wood of the Ways and Means Committee of the House an­
nounced that he would call up the bill on the following day
(Friday) and move to pass it over the President’s veto. The
result was that the motion to override failed,the vote being227
to 129 while a two-thirds majority was required. The
conference report on the bill (which we noted last week had
been agreed to by the conferrees) was adopted by the House




441

on the 14tli inst. by a vote of 206 to 90. Thirty so-called
Republican “ insurgents” and one independent, Repre­
sentative Akin, voted with the Democrats for the report.
In the Senate, on the 15th, it was adopted by a vote of
38 to 28— 8 “ insurgents” casting their votes with the 30
Democrats who favored the report and 4 “ insurgents” , with
24 regular Republicans, opposing it. The bill fixes a duty
of 29% ad valorem on raw wool of all classes; the original
Underwood Bill, as previously passed by the House, called
for a 20% duty on raw wool (all wools being put in one
class), while under Senator La Follette’s bill, passed by the
Senate on July 27, two classifications were made, the first
class being subjected to a duty of 35% and the second class
to a duty of 10% ad valorem. Both the Senate and House
bills named January 1 as the date when the new rates should
become effective, but in the conferrees’ report October 1 was
set as the date for putting the new schedules in operation.
The President’s objections to the measure are based in the
main on the idea that Congress should defer action until the
conclusion of the labors of the Tariff Commission. As is
pointed out in his veto message, the bill is intended as an
amendment of the existing tariff law, and readjusts the
customs duties in what is known as Schedule K embracing
wool and the manufactures of wool. The President com­
ments at length upon the incidents leading up to the creation
of the Tariff Commission, noting incidentally that it has
been directed to make a report on Schedule K by December 1
next. He contends that “ if there ever was a schedule that
needed consideration and investigation, and elaborate
explanation by experts before amendment, it is Schedule K ” ,
and he concludes:
T h e re is n o p u b lic e x ig e n c y requ irin g the revision o f S ch e d u le K In
A u g u s t w ith o u t a d e q u a te In form ation rath er th an In D e c e m b e r n e x t w ith
such In fo rm a tio n .
D e ce m b e r w as th e tim e tlxed b y b o th parties In the last
C ongress fo r the subm ission o f a d e q u a te In form ation u p o n S ch e d u le K w ith
a vie w to Us a m e n d m e n t. C ertain ly th e p u b lic w eal Is b e tte r p reserved b y
d e la y in g n in e ty d a y s In ord e r t o d o Justice an d m ake s u ch a r e d u c tio n as
shall be p ro p e r th an n o w blin d ly t o e n a c t a law w h ich m a y seriou sly Injure
the Industries in v o lv e d an d th e bu sin ess o f th e c o u n tr y In general.

The President also took occasion to state that
T h e W ilso n T a rill A c t o f 1894, w hile g iv in g th e m a n u fa ctu re r free w o o l,
p r o v id e d as high du ties o n leadin g m a n u fa ctu re s o f w o o l as do e s th e presen t
bill, w h ich a t the sam e tim e ta x e s the m a n u fa ctu re rs’ raw m aterial a t 2 9 % .
T h u s the p r o te c tio n afford ed t o m an u factu rers u n d er the W ils o n bill w as
v e r y co n s id e ra b ly h igher than u n d e r th e p resen t b ill.
D u rin g the years in w hich th e W ilso n BUI w as In fo r c e th e w o o le n m a n u "
fa ctu rers su ffered. M an y m ills w ere co m p e lle d t o sh u t d o w n . T h ese w ere
abn orm a l years, an d It is n o t n ecessary t o a ttr ib u te th e h ard tim e s solely
t o the T a riff A c t o f 1894. B u t It w as a t least an a d d itio n t o o th e r fa ctorso p e ra tin g to Injure th e w o o le n bu siness. I t Is th e o n ly e x p e rie n ce w e h a v e
h a d fo r a gen eration o f a radical revision o f th is sch e d u le , a n d , w ith o u t
e x a g g e ra tin g Its im p o rta n ce , o n e p led ged t o a m o d e ra te p r o te c tio n policy'
m a y w ell h esitate b e fo re g iv in g a p p ro v a l w ith o u t fu ll in fo r m a tio n to
legisla tion w h ich m akes a m ore rad ical re d u c tio n In th e p r o te c tio n a ctu a lly
a ffo rd e d t o m a n u fa ctu rers o f w o o l th an d id th e W ils o n A c t .

— The Underwood bill revising the cotton-goods schedule
of the tariff, which, after passing the House of Representa­
tives on the 3d inst., was adversely reported by the Senate
Finance Committee to the Senate on the lOtb, passed the
latter body on Thursday the 17th inst. It is stated that that
portion of the bill having particular bearing on cotton goods
passed the Senate in the same form as it came from the'
House.- It reduces the average ad valorem rate on cotton
manufactures of the present schedule from 48.12% to 27.06%
Numerous amendments, however, were added to the bill
in the Senate, these being indicated by the “ New York Sun”
in the following paragraph:
W ith in a few h ou rs th e Senate h ad passed th e H o u se c o tto n -r e v is io n bill
an d h ad a d o p te d am en d m en ts t o It re v isin g th e steel an d Iron sch edu les
m ak in g a h o riz o n ta l re d u ctio n o f 2 5 % In th e ch e m ica l sch e d u le , re d u cin g
the duties o n all m a ch in e ry a n d parts o f m a ch in e ry used in c o t t o n m a n u fa c ­
tu re to 3 0 % an d c u ttin g the rate o n b itu m in o u s c o a l t o 45 ce n ts a to n , e x ­
c e p t In th e case o f C an ada, w here It Is t o g o o n th e free lis t. A s If the D e m o ­
crats w ere really a little u n certain Just w h a t th e y h ad a c c o m p lis h e d , th ey
to p p e d o ff this Im pressive list b y a d o p tin g an a m e n d m e n t p r o v id in g th a t
If th e c o t to n bills and am en d m en ts d id n o t re d u ce d u tie s as w as Intended
all rates sh ou ld be 3 0 % low er th an th o s e co n ta in e d In the P a y n c-A Id rich la w .

Of the important amendments, it is stated that only one,
that relating to the iron and steel schedules, had been consid­
ered in the Senate; none of the others, it is added, had even
been considered by a committee. The bill with its amendipents was passed in the Senate by a vote of 29 to 24. All the
Republican “ insurgents” were recorded in opposition, and the
result was brought about by the regular Republicans giving
the Democrats control of the Senate for the time being in
the effort to put an end to the dilatory tactics of Senator
La Follette, and thus breaking up the alliance which had
existed between the insurgents and the Democrats. Enough
Republicans refrained from voting to give the Democrats a
majority. Senator La Follette had planned to force the
Democrats to accept his substitute cotton bill, just as he had
his wool bill; but when the substitute was offered, it com­
manded only the 10 votes of the insurgents.

442

THE CHRONICLE

— An agreement on the campaign-publicity bill was reached
by the conferrees on the 11th inst., and on the 16th inst. the
conference report was accepted by the Senate, the House on
the 17th inst. taking similar action. The bill requires pub­
licity before election of contributions made for the purpose
p f influencing elections, as well as publicity of such contribu­
tions after election, the latter requirement having been made
under the law enacted a year ago. The pending bill was
taken up in conference after the Senate on July 17 had
adopted in an amended form the bill passed by the House
■on April 14. As passed by Congress this week, the bill re­
mains practically as it came from the Senate last month; one
particular in which it differs from the Senate bill is the elimi­
nation of the provision prohibting candidates for the Senate
or House from spending in excess of 10 cents for each voter
in their district or State. The bill provides for the publicity
o f contributions in primary as well as general elections, and
its.provisions are made to apply to candidates for the U. S.
Senate, as well as to nominees for the House of Representa­
tives. Candidates for the Senate are limited to the ex­
penditure of 310,000 and candidates for the House to $5,­
000 in any campaign for nomination and election.
— The House on the 17th inst. agreed to the conference
report on the so-called Farmers’ Free List Bill, accepting
the amendments made by the Senate and eliminating the
House provision putting lemons on the free list. Under
agreement with the Senate, it is stated, corn was stricken
from the provisions of the Senate amendments. The report
was agreed to later in the day by the Senate. Yesterday the
President vetoed the bill and sent a message to Congress
explaining his reason for so doing. The bill originally
passed the House on May 8, and on Aug. 1 was passed
by the Senate. The Senate bill carried an amendment
of Senator Kern making importations of meat and flour
products free only from the countries with which we have
reciprocity treaties, and which admit free of duty from the
United States corn, cotton, wheat, oats, horses, cattle and
hogs. This amendment was accepted by the House this
week, except that, as indicated above, the word “ corn” has
been stricken out.
— A substitute for the Cummins bill, providing for the
termination of the National Monetary Commission, was
passed by the United States Senate on the 14th inst. As
adopted by the Senate the bill directs the Commission to
make its report not later than Jan. 8 1912, and stipulates
that the life of the Commission shall terminate on the same
date. It also immediately abolishes the salaries which have
been paid to members of the Commission after the termina­
tion of their connection with the respective Houses of Con­
gress, and prohibits the payment of salaries to employees
now receiving salaries from the Government. In the bill as
originally offered by Senator Cummins, the Commission was
called upon to report by Dec. 4, and the Commission’s
existence was made to terminate on Dec. 5. The substitute,
offered by Senator Burton, provided for a report by Jan. 8,
and for the dissolution of the Commission on May 1 1912
unless otherwise ordered by Congress; an amendment to
this substitute was presented by Senator Hepburn, making
t^e date when the Commission is to dissolve the same as that
when the report is to be sumbitted, namely Jan. 8. This
was adopted by a vote of 32 to 30, and on the final passage
of the substitute of Mr. Burton, as amended by Mr. Hepburn,
the vote was 56 to 6.
' — Ex-Senator Frank F. Flint resigned, as a member of the
National Monetary Commission on the ,12th. His is the
third resignation from the organization in a month, Senator
Knox (who has been succeeded by Senator Penrose) and
Senator Bailey having been the other two members who
have withdrawn from the Commission.
The Commission is to convene on Monday next in Wash­
ington for the purpose of deciding the question as to the most
suitable date for meeting in the fall to, frame a report to
Congress.
— Following the inauguration on the 1st inst. of the postal
savings bank system in New York, Chicago, St. Louis and
Boston, Postmaster General Hitchcock has this week desig­
nated as depositaries the post offices at Pittsburgh, Detroit,
Buffalo, San Francisco, Cincinnati, Kansas City, Seattle,
Indianapolis, Denver, and Portland, Oregon. Altogether
there are 426 post offices of the first class, and it is the in­
tention to extend the system to all of them before the first
of the year. On the 12th inst. 100 additional second-class
offices were named as depositaries by the PostmasterGeneral, bringing the number of postal banks on that date




[Vol. i.xxxxiir.

up to 1,590. By Sept. 1, it is announced, 1,800 post offices
of the second class will have been designated as postal banks.
The department, it is stated, will thereafter name as deposi­
taries the 6,000 third-class post offices, probably at the rate
of 500 a month. Eventually the system will also embrace
post offices of the fourth class which are authorized to issue
money orders. Altogether, it is reported, 50,000 out of a
total of 60,000 post offices in the United States will become
depositaries. The deposits in New York, Chicago, St. Louis
and Boston for the first five days of operation are reported
to have aggregated 8110,000.
The board of trustees of the postal savings system has ap­
pointed the Franklin Trust Co. as a depositary for postal
savings funds of the Brooklyn Post Office. The latter will
begin its functions as a postal bank on Sept. 1.
— It is stated that President Taft will this year designate
Nov. 30 as Thanksgiving Day. While it has always been
the custom to set apart the last Thursday in the month for
this purpose, the fact that November of the present year
contains five Thursdays instead of four resulted in a doubt
as to whether the 23d or 30th would be named. The former
date was favored by the banking interests of the country,
inasmuch as the 30th, it is claimed, would serve to interfere
to some extent with the preparation of their monthly state­
ments. Theatrical interests and those concerned in the
sports which are a permanent feature of the day were
anxious that the date should be definitely fixed, so that they
might make their arrangements accordingly.
— At the annual meeting of the Seattle Clearing-House
Association on the 1st inst. it was decided to join with other
commercial bodies in asking for the removal of the differen­
tial on gold-assaying charges now existing against the Seattle
office. The question of employing a Clearing-House exam­
iner, which was informally taken up over a year ago, was
discussed at the recent meeting of the members, resulting
in the carrying of a motion to make the matter a special
order of business at a meeting to be called in the near future.
— The Bank Deposit Guaranty Law of Nebraska, which,
prior to last January, when its Constitutionality was upheld
by thq United States Supreme Court, had been in litigation
for two years following its enactment in 1909, became fully
operative on the 1st inst. The Omaha “ Bee” reports that
664 banks of the State are working under the provisions
of the law, and the amendments added thereto at the late
session of the Legislature, which likewise went into effect
on August 1. It is stated that a dozen State banks which
joined the National System while the law was being contested
will be sued for the four installments which they would have
been called upon to pay had the law been effective immedi­
ately following its passage and approval.
— A ruling affecting the conversion to the national system
of State banks in Oklahoma, lately announced by State Bank
Commissioner J. D. Lankford, called forth from the
Treasury Department a statement controverting the right
of State banking departments to exercise authority over
converted banks. Commissioner Lankford had declared
that hereafter State banks would not be permitted to nation­
alize until they had adhered strictly to the Oklahoma law
by actually paying each depositor in full and taking their
receipts therefor, or procuring from such depositors their
consent in writing to transfer their accounts to a national
bank, and filing the receipts with the State Department.
The failure of converting banks to comply with these require­
ments, Commissioner Lankford stated, would result in the
placing of such institutions in hands of a receiver.
Deputy Comptroller of the Currency W. J. Fowler declares
emphatically, however, that Section 5154 of the United
States Revised Statutes gives to the Comptroller of the
Currency sole control of the matter. A State bank con­
verting into a national bank is not compelled to liquidate its
obligations, he states, as a preliminary to so doing.
The stand taken by the Oklahoma Banking Department is
set out in the following circular letter which it has issued:
S T A T E B A N K IN G D E P A R T M E N T .
S ta te o f O k la h o m a .
Oklahoma C ity , Ju n e 28th 101 1.
C I R C U L A R L E T T E R N O . 12A .
O n a n d a fte r this d a te n o S ta to b a n k w ith in th e S ta te o f O k la h om a
w ill b e p erm itte d t o m erge o r c o n v e r t Into a n a tio n a l b a n k w ith o u t first
m eetin g th e r e q u ir e m e n ts o f th e S ta te B a n k in g L a w , w h ich p ro v id e s th a t
“ a n y b a n k d o in g b u sin e ss un d er th is A c t m a y v o lu n ta r ily liq u id a te b y
pagin g o f f all its depositors in fu ll , an d u p o n filing a verified sta te m e n t w ith
th e B a n k C o m m issio n e r se ttin g fo rth th e fa c t th a t all its liab ilities h a v e
been p a id , an d the s u rren d erin g o f its C ertificate o f A u th o r ity t o tr a n s a c t a
ba n k in g business, It s h all ce a se t o b o s u b je c t t o th e p r o v is io n s o f this A c t . "
It ca n re a d ily b e seen th a t sim p ly tran sferrin g th e a c c o u n t fro m a S ta te
t o a n a tio n a l b a n k d o e s n o t in a n y senso m e e t th e requ irem en ts o f th e

A ug . 19 1911.[

THE CHRONICLE

S ta te B a n k in g L a w , an d It Is also cle a r th a t th is sta tu te co n te m p la te s an
actual paym ent o f the d e p o s ito r s b y a S ta te b a n k as a c o n d itio n p re ce d e n t
t o Its rig h t t o surren der Its a u th o r ity t o tra n sa ct business as a S ta te b a n k .
A s im p le ch an ge o f d e b to r s b y a tte m p tin g t o su b s titu te a S ta te b a n k b y a
n a tion a l b a n k Is n o t a c o m p lia n c e w ith eith er th e spirit o r le tte r o f the
sta tu te . T h is d e p a rtm e n t has n o o b je c tio n w h a tever t o a S ta te b a n k
n a tion a liz in g If It s o desires, b u t d e m a n d s a s tr ic t a d h eren ce t o the law ,
a n d hereafter n o S ta te b a n k w ill b e p e rm itte d t o n ation alize until it has
actually paid ea ch o f Its d e p o s ito r s in fu ll, a n d has ta k en their re ce ip ts
th e re fo r, o r has p ro c u r e d fro m su ch d e p o s ito rs their consent in w ritin g to
tra n sfer th eir a c c o u n ts t o a n a tio n a l b a n k , an d such re ceip ts an d a u th o r ity
o f transfer o f said d e p o s ito r s m u st b e flled w ith this o ffic e .
A failu re t o c o m p ly w ith this rea so n a b le request b y b a n k s desiring to
n a tion a liz e w ill be ta k en as e v id e n c e o f their Intention n o t t o c o n fo rm to
th e a b o v e p ro v is io n s o f the la w , an d said In stitu tion w ill b o p la ce d in the
han ds o f a r e ceiv er.
J. D. LA N K F O R D ,
B a n k C om m ission er.

Wo quote also herewith the letter issued by the Treasury
Department in reply to the contention of the Oklahoma Bank
Commissioner:
TREASU RY DEPARTM ENT.
W a s h in g to n , J u ly 13, 1911.
S i r .__ T h e re ce ip t Is a ck n o w le d g e d o f y o u r le tte r o f J u ly 5, rela tin g t o the
n a tion a liz a tion o f ban ks In O k la h o m a a n d e n clo sin g an o p in io n o f S tu a rtC ruce & G ilb ert, a tto r n e y s fo r y o u r D e p a rtm e n t; also C ircular L etter
N o . 12A , issued b y y o u r o ffic e .
In rep ly th ereto, y o u are a d v is e d th a t S e c tio n 5154, U . S . R . S ., gives
t o S ta te ban ks th e rig h t to c o n v e r t Into n a tio n a l ban ks, p r o v id e d the
C o m p tro lle r believ es th a t all th e p r o v is io n s o f law h a ve been co m p lie d
w ith , a n d th a t th e S ta te b a n k in g d e p a rtm e n ts h a v e n o a u th o r ity o f a n y
kin d o v e r said co n v e r te d b a n k s .
.
T h e S u p rem e C ou rt o f th e U n ited S tates has held th a t a S»t*te ban k
c o n v e r te d Into a n ation a l b a n k Is th e sam e c o r p o r a tio n u n d e r a new title
a n d It does n o t In a n y w a y lo se Its Id e n tity as a c o r p o r a tio n .
(M ichigan
In su ra n ce B a n k v . E id red , 143 U . S . 2 9 3 ). T h e S u p rem e C o u rt has also
h eld th a t n o a u th o r ity oth e r th an th a t c o n fe rre d b y C on gress Is necessary
t o en ab le a n y S tate b a n k t o b e c o m e a n ation a l b a n k in g a s s o c ia tio n .
(C asey
v . C alll, 94 U . S . 673.)
A S ta te b a n k , u p o n co n v e r s io n Into a n ation a l b a n k , tak es w ith It all o f
th e assets, an d assum es all th e liab ilities, o f th e o ld a s s o c ia tio n . T h e
d e p o s ito rs In the S ta te b an k b e c o m e a t o n c e d e p o s ito r s In th e n a tio n a l b an k
w ith o u t a n y a c t o f th eir o w n , an d rem ain such d e p o sito rs unless th e y take
th e a ffir m a tiv e a c t o f w ith d ra w in g th eir d e p o s its .
It will be seen fro m th e a b o v e th a t a S ta te b a n k co n v e r te d Into a n ation al
b a n k Is n o t com p e lle d t o liq u id a te Its o b lig a tio n s , a n d y o u a rc ad vised th a t
y o u h a v e n o a u th o r ity o f a n y kin d o v e r th e said b a n k a n d c a n n o t a p p o in t
a re ce iv e r fo r a n ation a l ban k o r Im pou n d a n y o f Its a ssets. T h e pow er to
a p p o in t a receiv er o f a n a tio n a l ban k Is co n fin e d t o the C o m p tro lle r o f th e
C u rren cy .
In cases w here n ation a l ban ks are o rg a n iz e d fo r th e p u rp ose o f su cce e d in g
S ta te In stitu tion s (w h ich has been th e ca se in m o s t o f the re ce n t ch an ges In
O k la h o m a ), th e S ta te ban k m u st be p u t In liq u id a tio n u nd er th e law s o f the
S ta te , an d In th a t case th e y m u st c o m p ly w ith all the p ro v is io n s o f the
S ta te s ta tu te s . Several Inquiries h a v e been re ce iv e d fro m b a n k s o n this
s u b je c t, an d the co r re s p o n d e n t In each case has been a d v is e d th a t It will be
n ecessa ry t o c o m p ly In e v e r y p a rticu la r w ith th e requ irem en ts o f th e S ta te
B a n k in g L a w .
I f th e liq u id a tin g S ta te ban k d o e s n o t c o m p ly w ith th e
req u irem en ts o f th e S ta te D e p a rtm e n t, y o u h a ve y o u r recou rse a ga in st them
fo r su ch failure, b u t y o u h a ve n o a u th o r ity e v e n In such ca se t o tak e a n y
a c tio n a g ain st th e n ation a l b a n k w h ich w as org a n ize d fo r th e p u rp o se
o f su cceed in g th e said S ta te b a n k .
R e s p e ctfu lly ,
(S ign ed) W . J , F O W L E R ,
D e p u ty C o m p tro lle r.

— Between March 7 and June 7 the number of State banks
in Oklahoma has decreased from 690 to 638 (a loss of 52),
according to the report of Bank Commissioner Lankford.
In this period the individual deposits have fallen from
$49,723,978 on March 7 to $39,202,440 on June 7, while the
capital stock paid in has declined from $11,158,250 in March
to $10,001,750 on the latest date. The number of national
banks in Oklahoma, on the other hand, is shown to have
increased from 229 on March 7 to 276 on June 7 in a report of
National Bank Examiner Frank W. Bryant, compiled from
the abstract published by the Comptroller of the Currency.
The deposits on June 7 of the national banks are given as
$52,253,351, an increase of $4,084,262, it is reported,
having occurred during the three months.
A statement bearing on the bank-guaranty fund of Okla­
homa, made public on the 8th ult. by F. G. Dennis, Treas­
urer of the State Banking Board, is said to show a net loss
of $230,362 between April 5 and July 1 1911. This loss,
it is stated, was sustained in taking care of two Oklahoma
City banks, the Planters' & Mechanics’ and the Night & Day
Bank. With regard to the latter institution, the “ Okla­
homan” says:

443

Wilkin had arranged to put $50,000 cash into the capital of
the institution.
It is stated that the Planters’ & Mechanics’ Bank was
formally taken over and liquidated by the Board, the re­
port indicating that $208,358 was paid out to its depositors
while $84,409 has been received from collections. The
“ Oklahoman” adds that “ no assets of the bank are listed
among the assets of the Board and it is understood that this
represents the final liquidation of the bank, although suits
are still pending against some of the stockholders on their
double liability. This would make the total loss to the
guaranty fund on that bank $123,948 98.” The settlement
of the affairs of other State banks called for an expenditure
of $150,057 34. The total collections for the fund during
the period covered by the report are given as $503,623 13,
but only $33,982 73, it is said, remained as cash on hand
July 1, as compared with $29,000 on April 5.
— We published last week an item concerning the Peayey
Grain Co., based on information given in the Chicago “ liecord-Herald,” in which it was stated that the Chicago banks
holding unsecured notes of the grain company had been
guaranteed the payment of dollar for dollar through the
issuance of collateral trust notes by F. H. Peavey & Go., to
cover the deficit of the late James Pettit, President of the
grain company. From advices which we have received this
week from Eugene M. Stevens, Secretary of the Creditors’
Committee of F. II. Peavey & Co., we learn that the notes
referred to are for the indebtedness of the F. H. Peavey &
Co. o n l y . We print Mr. Stevens’ letter herewith:
A u g u st 15 1911.
The C om m ercial & F in a n cia l C hronicle, N ew Y o rk . N . Y .:
D ear Sirs— I n o r d e r t o c o r r e c t th e s ta te m e n t m a d e in y o u r issu e o f
A u g . 12th re la tiv e t o th e affairs o f th e P e a v e y G rain C o m p a n y o f C h ic a g o ,
I
t o sta te th a t th e p r o p o s e d r e fu n d in g c o lla te ra l tru st n otes o f
F . I I . P e a v e y & C o m p a n y o f M in n eapolis .are fo r th e In debtedn ess o f th a t
c o r p o r a tio n o n ly an d d o n o t c o v e r th e liab ilities o f th e P e a v e y G rain C om ­
p a n y o f C h ica g o , as stated b y y o u .
T h e P e a v e y G rain C o m p a n y o f C h ica go is an e n tire ly se p a ra te c o r p o r a ­
tio n in w h ich F . H . P e a v e y & C o m p a n y are In n o w a y lia b le as en d o rsers,
g u aran tors o r sto c k h o ld e r s.
Y o u rs tr u ly ,
EU G EN E M. ST E V E N S,
S e c’ y . C red itors’ C o m m itte e o f F . H . P e a v e y & C o m p a n y .

desire

The following statement of the financial condition of
F. H. Peavey & Co. of date July 15 was issued by the
Creditors’ Committee on the 16th inst.:
A ssets— Shares o f su b sid ia ry c o r p o r a tio n s , $ 4 ,7 8 9 ,6 4 9 46; shares o f o th e r
c o r p o r a tio n s , $ 1 6 9,54 5 01; n otes a n d a c c o u n ts o f s u b sid ia ry co m p a n ie s ,
$61 3,78 7 20; n otes r e c e iv a b le , su n d r y , $ 2 1 ,8 0 0 ; a c o o u n ts r e c e iv a b le ,
$68 ,370 20; C h am ber o f C o m m e rce m em b e rsh ip s, $ 8 ,0 0 0 ; p re p a id in terest,
$776 73; cash in b a n k and o n h a n d , $46 ,139 92; to ta l, $ 5 ,7 1 8 ,0 6 8 55.
L iabilities— C apital s t o c k , $ 3 ,6 5 0 ,0 0 0 ; u n d iv id e d p ro fits , $ 3 0 ,8 9 5 64;
to ta l, $ 3 ,6 8 0 ,8 9 5 64.
N otes p a y a b le , $ 1 ,2 0 1 ,2 0 0 78; b a la n ce d u e t o s u b ­
sid ia ry c o m p a n ie s , $821,828 69; a c c o u n ts p a y a b le , $7,5 1 5 05; reserve fo r
ta xes an d e x p e n se s, $6,628 3 9 . T o t a l, $ 5 ,7 1 8 ,0 6 8 55.

— According to the New Orleans “ Picayune” of the 13th
inst., the plan of the Liverpool Bill of Lading Conference
Committee for the creation of a central checking office to
serve as a clearing house for cotton bills of lading was re­
jected on the 12th inst. by representatives of Southern banks
and cotton interests. A conference had been held on that
date at the New Orleans Cotton Exchange between Charles
S. flight, a New York lawyer appearing for the English
banks and spinners, and a committee of prominent Southern
financial men headed by Sol. Wexler, Vice-President of the
Whitney Central National Bank. Mr. Wexler and his com­
mittee are understood to have submitted a report to the
New Orleans Cotton Exchange on the 16th inst. opposing
the plan.
On the other hand, the “ Journal of Commerce” on Thurs­
day contained an announcement stating that arrangemepts
had been concluded by the Liverpool committee for estab­
lishing the new checking bureau in this city and for putting
it in operation on Sept. 1. Charles E. Mather, head of the
insurance firm of Mather & Co. and President of the Trans­
portation Mutual Insurance Co., is to be manager of the
bureau, which has been designated the Cotton Bills of
Lading Central Bureau, with offices at 51 Wall Street. Mr.
Mather arrived from Southampton on Wednesday. A
communication as follows is said to have been addressed to
the local bankers by the Liverpool committee:

T h e N igh t & D a y B a n k w as n ever c lo s e d b y th e B a n k in g B o a rd a n d has
at a ll tim es been u n d er th e n om in a l c o n tr o l o f Its s to c k h o ld e r s ; b u t t h
s ta te m e n t sh ow s th a t $351,201 60 w as p aid o u t b y the B a n k in g B o a rd on
b eh a lf o f th a t b a n k , In clu din g $106,431 24 In cash a n d $24 4,78 8 36 in
w arra n ts. T h e b oa rd Is still c a rry in g assets o f th e b an k to the fa c e v alu e
U n d er th e plan as it has a lre a d y been a p p ro v e d b y the E u ro p e a n B a n k ­
o f $43 2,61 9 04, w h ich are carried as o f th e v a lu e o f $24 4,78 8 36, th e a m o u n t
ers’ C on feren ce C o m m itte e an d b y the E x e c u tiv e C o u n cil o f th e A m e r ic a n
fo r w h ich w arra n ts w ere Issued. A ll o f the c o n n e ctio n s o f th e S ta te B a n k ­
B
a
n k ers’ A s s o cia tio n , A m e rica n shippers w ill be asked b y th e ir bu yers
in g B oa rd w ith the N ig h t & D a y B a n k w ere p rio r to the re ce n t ch a n g e o f
m a n a g em en t, w h en J . L . W ilk in t o o k charge o f th e b a n k . A ll new ca p ita l | a b r o a d to sign a le tte r add ressed t o the C entral B u reau g iv in g th e p a r ticu | lars o f each bill o f la d in g . T h is le tte r a tta c h e d t o th e bill o f la d in g .will be
w as p u t Into th e ban k a t th a t tim e a n d the o ld assets liq u id a te d .
h an d ed t o y o u w ith th e e x c h a n g e , w h ich le tte r y o u are ask ed t o s ig n .a n d
The Night & Day Bank was organized in February 1909; fo rw a r d t o th e C o tto n Bills o f L a d in g Cen tral B u rea u , 51 W all S treet, 'N ew
the change in its management took place in June, when its Y o r k . T h e w ork en tailed w ill n o t b e o f m o m e n t, as all letters [received
entire capital stock was purchased by J. L. Wilkin, formerly each d a y ca n be m ailed In o n e e n v e lo p e to th e Cen tral B u reau e v e r y n igh t.
In ord e r th a t the E u ro p e a n draw ee m a y h a v e assu ran ce th a t the Cen tral
Vice-President of the State National Bank of Oklahoma B u reau has had a d v ic e o f bills o f la d in g a c c o m p a n y in g th e e x c h a n g e pre­
City. At the time of the transfer it was stated that Mr. sen ted to him for a c c e p ta n c e , I w o u ld ap p re cia te it If y o u w o u ld a d v ise




444

THE CHRONICLE

m e fo rm a lly th at y o u will fo rw a rd such a d v ic e s . I shall th en ta k e pleasure
In a d v is in g th e E u rop e a n a cce p to rs th a t y o u h a v e d o n e so .

A number of railroads are reported to have signed an agree­
ment with the Liverpool committee to report to the Central
Bureau at New York on all cotton bills of lading issued by
them.
— George W . Perkins, who retired last January as a
member of the firm of J. P. Morgan & Co., announces his
intention to withdraw from other of his business connections
in order to give more of his attention to a national co­
operative movement and the consideration of large public
questions. Mr. Perkins gives out the following statement
concerning his purposes:
N ew spap er ed itorials a n d n u m erou s letters I h a v e r e c e iv e d seem t o sh ow
a w idespread Interest In the c o u n t r y 's Im m e d ia te n eed o f a c o n s tr u c tiv e
business p o lic y .
M en In p u b lic life- In W a s h in g to n last w eek e x p re s s e d th e th o u g h t th a t
perhap s the tim e had a rriv e d to lo o k b r o a d ly Into th e business qu estion s
b efore th e c o u n tr y .
T h e tim e w ou ld seem t o b e rip e fo r so m e s o r t o f a n ation a l co -o p e ra tiv e
m o v e m e n t to d e v e lo p , a t least t o so m e de g re e , the v ie w s o f o u r p eople on
th e p roblem s w h ich c o n fr o n t us a n d their be a rin g u p o n w age-ea rn ers,
In vestors a n d con su m ers as w ell as o u r d o m e s tic a n d fo re ign tr a d e ,
f lo w
b est to fo rm som e su ch c o -o p e r a tiv e a s s o cia tio n is b ein g m ad e the s u b je c t
o f corresp on d en ce.
I am so d e e p ly In terested In this an d k in d re d qu e stio n s th a t, in o rd e r to
g iv e to th em ev en m ore -tim e th an X co n te m p la te d w hen I retired fro m the
b a n k in g business last J a n u a ry , It is m y In te n tio n , as s o o n as p o ssib le , to
d issocia te m yself fro m still o th e r o f m y business c o n n e c tio n s .

— Two new members were elected to the board of directors
of the Fidelity Trust Co. of this city on Wednesday, namely
James G. Cannon, President of the Fourth National Bank
and Vincent S. Mulford, head of the Jewelers’ Circular Pub­
lishing Co.
— In the neighborhood of the magnificent new Pennsyl­
vania Railroad Terminal, the West Side Bank of New York,
Christian F. Tietjen, President, has erected a handsome
bank building which is occupied exclusively by the institu­
tion on the corner of 34th Street and Eighth Avenue. The
white marble exterior is from the well-known Lee, Mass.,
quarries. The banking fixtures are finished entirely with
Botticino marble, which blends perfectly with the Caen stone
used on the walls and ceiling decorations of white plaster.
The main entrance is through large bronze doors on the
Eighth Avenue- front. The banking appointments are in
the exact centre of the banking room, allowing customers to
transact business with the various departments on all its
sides. The ladles have special accommodations in a room
facing the front of the banking department near the entranco,
and the officers have their quarters in the rear of the bank.
In the basement is a large modern safe-deposit establishment
of 3,112 boxes, with coupon rooms and ample facilities for
the storage of silverware, &c. The most noticeable feature
of the banking room is the amount of daylight and ventila­
tion which the- bank receives through high subdivided
windows on the. 34th Street side. A comfortable directors’
meeting room is located in the basement near the safedeposit establishment.
In some respects the new building of the West Side Bank is
similar in construction to that of the New York County
National Bank at 14th Street and Eighth Avenue, with
which it has very cordial relations. President Francis
L. Leland, of the latter, is Vice-President of the West Side
Bank, and President Tietjen of the West Side Bank is Vice­
President of the New York County National Bank. Both
of these new buildings, along with the Franklin Savings
Institution on 42d Street and Eighth Avenue, and the New
York Savings Bank on 14th Street and Eighth Avenue, aro
the best examples of bank architecture to be found on the
west side of this city and arc ornaments to their respective
neighborhoods. The West Side Bank has built up a prosper­
ous business on conservative lines among a thrifty class of
people. It has a capital of $200,000 and its surplus and
undivided profits are $1,063,969. The deposits were
$5,772,794 on June 7. The bank pays 12% dividends per
annum. Mr. Tietj'en, the President, began his connection
with the institution in 1869 and worked in every capacity
until he became Vice-President in 1890 and President in
1892. Theodore M. Bertine, ^ice-President, has been iden­
tified with the bank thirty-one years, and Walter Westervelt, Cashier, has also been in the bank’s service for a long
period.

[VOL. L X XXXIII.

— In accordance with the arrangements heretofore an­
nounced, the Fourteenth Street Bank of this city adopted
its new title, the Security Bank of New York, on the 15th
inst. Proceedings for the merger of the Nineteenth Ward
and Twelfth Ward banks into the Security Bank are pend­
ing and will be carried to completion the coming week.
— Clinton L. Rossiter, First Vice-President of the Long
Island Loan & Trust Co. of Brooklyn Borough, is a passenger
on the “ Olympic,” which leaves for Europe to-day. During
his absence, Secretary Frederick T. Aldridge will assume
charge. Mr. Aldridge has been made Third Vice-President.
Second Vice-President David G. Legget is abroad, and the
presidency of the company, which became vacant last Febru­
ary with the death of Edward Merritt, still remains unfilled.
— It is gratifying to note the evident prosperity of the
trust companies doing business in New Jersey. In growth
and development the trust companies easily lead the two
other classes of State banking institutions operating under
the control of the New Jersey Department of Banking and In­
surance. Of the 131 institutions reporting on June 30 to Bank­
ing Commissioner Lewis, with total deposits of $300,426,000,
eighty-six are trust companies with deposits of $178,305,­
801, showing an increase of $11,150,833 over last year.
This compares with $107,465,703 deposits of the 25 savings
banks, a gain of $4,293,621, and with $14,654,495 deposits
for the 20 State banks, an increase of $821,052. Out of the
$370,592,791, the aggregate resources of the three classes
of institutions, the trust companies,are ahead with $234,798,­
422, a gain of $13,778,492 compared with June 30 a year ago,
the savings banks second with $116,946,495, an increase of
$5,076,179, the State banks third with $18,847,873, an in­
crease of $1,020,086. The surplus and undivided profits
of the trust companies amount to $28,041,467, a gain of
$976,485; savings banks had a surplus of $8,311,870, a
growth of $987,425, while the surplus and undivided profits
of the State banks totaled $1,897,237, an increase of $223,818.
These figures do not include the national banks in the State
of New Jersey.
— The interests identified with the proposed Springfield
Avenue Trust Co. of Newark, N. J., have elected the follow­
ing officers: Edward E. Gnichtel, President; Dr. Henry Ost
and Rev. Oscar E. Braune, Vice-Presidents. The charter of
the company was approved by the State Banking Depart­
ment on June 15. The institution is to begin business about
Jan. 1 next. Its capital has been fixed at $100,000.

— The deposits of the Plainfield Trust Co. of Plainfield,
N. J., reached $3,425,000 on the 8th inst. This compares
with $3,108,038 on Jan. 1 1911, $2,098,155 Jan. 1 1909 and
$1,592,236 Jan. 1 1906. The company began business in
1902 and its deposits on Dec. 31 of that year were $380,428.
The officers are: O. T. Waring, President; A. V. llcely,
Henry A. McGee and J. Herbert Case, Vice-Presidents; II. II.
Pond, Secretary and Treasurer; Dc Witt Hubbell, Assistant
Secretary and Assistant Treasurer.
— The stockholders of the Connecticut Trust & Safe De­
posit Co. of Hartford on the 15th inst. ratified the proposition
to increase the capital from $300,000 to $750,000. The ad­
ditional stock is offeryd pro rata to the present shareholders
at par, $100, the subscriptions to be paid by Oct. 3.
— Through a conversion of a part of its surplus the Old
Colony Trust Co. of Boston plans to increase its capital from
$2,500,000 to $5,000,000. As part of the proceedings, it is
proposed to pay to the stockholders a cash dividend of 100%
($2,500,000), which may be applied by the shareholders in
subscribing at par, $100 per share, to a pro rata amount of the
additional stock. A meeting of the stockholders is to be
held on the 25th inst., when they will be asked to sanction
the proposal and also to act on several other propositions to
be submitted for their ratification. While it is the purpose
to raise the outstanding capital to $5,000,000 at the present
time, the authorized amount, now $3,000,000, is to be in­
creased to $7,500,000. The matter of issuing the further
$2,500,000 of stock (beyond the $5,000,000) is to be left to
the discretion of the board of directors. Besides its present
capital of $2,500,000, the company has a surplus of $10,­
000,000. The cash dividend which the stockholders are to
receive will reduce the surplus to $7,500,000; but when the
— W. N. Coler, founder of the banking house of W. N. additional capital is paid in, the aggregate capital, surplus
Color & Co. of this city, died at Interlaken, Switzerland, on and profits will be the same as now, namely $12,500,000.
the 15th inst. Mr. Coler was eighty-five years of age, and According to the Boston “ Transcript,” the pending action
had been in the- banking business for fifty years. Ho is is a final step in the merger entered into on Feb. 19 1910,
survived by a wife and two sons— Bird S. Coler and W. N. when the Old Colony Trust Co. assumed the deposit liabilities
Coler Jr.
of the City Trust Co. The latter had previously acquired




A u g . 19 1911.]

THE CHRONICLE

the Mercantile Trust and the Massachusetts Trust companies.
In a petition to the Massachusetts Legislature early in the
year, the Old Colony Trust, which in its ownership of the
other organizations was practically in the position of a hold­
ing company, sought legislative authority to complete the
merger. Legislation under which this privilege is given was
enacted during the late session, and the stockholders at their
forthcoming meeting will carry the same into effect. As
stated in our issue of Jan. 21 (where reference to the legis­
lative proceedings was made), under the bill which has since
been passed the Old Colony has been given permission to in­
crease its capital to the aggregate amount of the authorized
capital of the constituent corporations, subject to certain
requirements of the law, the liabilities, debts and obligations
of the constituent companies being assumed by it.
__At a meeting on the 11th inst. the stockholders of the
North Penn Bank of Philadelphia ratified a proposition to in­
crease the capital from S50,000 to §150,000.
__Alexander McKnight, Vice-President of the Fidelity
Mutual Life Insurance Co., died in Philadelphia on the
10th inst. He was fifty-five years of age and had been
connected with the organization for twenty-seven years.
— George M. Reynolds, President of the Continental &
Commercial National Bank of Chicago, has been elected
Chairman of the Board of Directors of the Hibernian Banking
Association and J. Ogden Armour has been elected to the
board of the latter to fill a vacancy. As was recently indi­
cated in these columns, arrangements have been made for
the acquisition of control of the Hibernian Banking Associa­
tion by the Continental & Commercial National. It is re­
ported that the committee of Hibernian stockholders having
charge of the negotiations has signed the trust agreement
papers, thus perfecting the proceedings.
— A permit to organize the All Night & Day Bank of
Chicago was issued by State Auditor McCullough on the
10th inst. The institution is to have a capital of $200,000.
Sidney M. Johnson, John A. Armbrustcr and John O. Monroe
are interested in the venture.
— The Home Savings Bank of Detroit, Mich., has pur­
chased for about $300,000 the site of the eight-story office
building in which it is a tenant. The bank will also purchase
the building if a satisfactory price can be obtained from the
present owners, whose lease on this site terminates in six
years. The Home Savings Bank increased its capital on
June 30, as noted in our May 20 issue. The deposits of the
institution are $9,182,544. Julius H. Haass is President
and Edwin J. Eckert, Cashier.
| — Richard Fitz Gerald, who was for five years associated
with H. W. Poor & Co., bankers, New York City, and for
the past two years lias represented Bonbright & Co. in Chi­
cago, has been appointed manager of the bond department
of the Hibernian Banking Association, which bank has re­
cently come under control of the Continental & Commercial
National Bank of Chicago.
— Cameron Currie, of the failed firm of Cameron Currie &
Co. of Detroit, was granted a discharge from bankruptcy
by Judge A. C. Denison of the U. S. District Court on the
15th inst. Ilis partner, Louis II. Case, was refused a dis­
charge. A portion of Judge Denison’s decision, relating to
some of the office accounts of the firm, is quoted in the
Detroit “ Free Press” as follows:

o p p o s it io n to this d isch a rge, alleg ed th a t M r. Currie p a r ticip a te d In o r h a d
k n o w le d g e o f these fra u d s .
_
>

The firm was placed in receiver’s hands in July 190S. ^
— In a resolution adopted at its late annual convention,
the Montana Bankers’ Association urges upon the members
of the State Legislature “ the necessity for further laws
regulating the banking interests, the creation of a State
banking department which shall have under its supervision
matters pertaining only to banking, and the passage of laws
providing for the punishment of persons making false state­
ments to banks for the purpose of obtaining credit.” The
meeting took place on the 7th and 8th inst. at Anaconda.
An address on “ The National Reserve Association” by R.tV .
Bonynge, a member of the National Monetary Commission,
was a feature of the proceedings. A. L. Smith, Vice-Presi­
dent of the National 13ank of Montana at Helena, is the new
President of the State Bankers’ Association.
— It is reported that the stockholders of the Yellowstone
National Bank of Billings, Mont., have voted to increase
the capital of their institution from $50,000 to $100,000 and
to create a surplus of $50,000. M. D. Thatcher, President
of the First National Bank of Pueblo, Colo., has become a
stockholder in the Yellowstone National, having, it is re­
ported, purchased the stock formerly held by the Peter Lar­
sen Estate. No change has occurred in the officers or di­
rectors of the Yellowstone National, of which A. L. Babcock
is President.
__According to the “ Denver Republican” of the 23d ult.,
the annual report of the Bank Examiner of State banks in
New Mexico shows that there are 44 State banks in New
Mexico, or four more than last year. Their total resources
are stated to exceed $7,000,000, a gain of $037,000, and de­
posits were $5,300,000, a growth of $514,000 in one year.
— The conversion of the Federal State & Savings Bank of
Denver into the Federal National Bank has been completed,
following the issuance by the Comptroller of the Currency
of a national charter to the institution. The Federal State
& Savings Bank was formed in 1907 with $100,000 capital.
On July 1 last arrangements were perfected for increasing
the amount to $200,000. The institution continues under
the management of W. T. Ravcnscroft, President; A. J.
Bromfield, Vice-President; J. Mignolet, Cashier, and C. A.
Root, Assistant Cashier. It maintains, as heretofore, com­
mercial, savings, investment bond and safe deposit depart­
ments. John A. McMullin is Manager of the bond depart­
ment.
.
— A resolution voicing the approval of the \\ isconsin
Bankers’ Association of the tentative plan for the establish­
ment of a National Reserve Association, but without branches,
was adopted at its annual convention at Milwaukee on the
13th ult. The resolution in full reads as follows:

I t w ou ld seem th a t there w as n o Intent t o c o n ce a l In v o lv e d In tlicsd
tra n sa ction s e x c e p tin g such an Intent e n te rta in e d b y the e m p lo y e e s w h o
ca rried these a ccou n ts an d w h o se Intent w as t o c o n c e a l th em fro m Currie
T h e m o s t th a t ca n be said again st C u rrie Is th a t the c o n tin u a n ce o f these
a c c o u n ts ju stified either the Inferen ce th a t th e e m p lo y e e s w ere c o n ce a lin g
their dealings from Currie o r the Inferen ce th a t Currie w as k n o w in g ly c a r r y ­
in g an d m ain tain in g on p ap er a fictitiou s c a p ita l. T h e form er Is the m ore
p r o b a b le Inferen ce, an d con sid e rin g th a t th e b u rd e n rests u p o n th e o b je c tin g
c r e d ito r s , th e y h a ve n o t establish ed the s ta tu to r y in te n t to c o n c e a l.
T h e p resu m p tion th a t Case, general o ffic e m a n a ge r, w o u ld a n d did
c o n c e a lin g his fra u d fro m Currie is a t least as s tro n g as a n y
general v a g u e p resu m p tio n th a t Currie k n ew all o f the business w h ich w as
bein g ca rried o n In his o ffic e . So th e cre d ito r s fall to sustain th e b u rd e n
res tin g u p o n th em , a n d e v e n If Currie kn ew o f th e u n tru th s represen ted b y
the o ffic e a c c o u n ts , It Is d iffic u lt to find th erein th e s ta t u t o r y Intent to
c o n c e a l.

succeed In

T h ere c a n b e n o Intent t o con ce a l1 unless th e co n c e a lm e n t Is to b e fro m
s om e o n e . T h ere Is n o reason to th in k th a t an e x a m in a tio n o f the b o o k s
b y a n y on e a t a n y tim e w as an ticip a te d b y C urrie, an d It d o c s n o t a p p e a r
th a t he ever u sed o r Intended to use sta te m e n ts d ra w n fro m th e b o o k s
as a basis o f c r e d it. T h e Inferences rath er a rc th a t th e c r e d it o f the c o n ­
c e rn w as so h igh th a t su ch statem en ts w ere u n n e ce ssa ry . A t th e first
ex a m in a tio n o f th e b o o k s w h ich w as m a d e . It seem s th a t th e full fa cts
w ere d isclosed to the exa m in ers an d a great p a r t o f the m atters n o w c o m ­
plain ed o f w as first learned b y Currie from these exa m in e rs.
It Is ap p a ren t th at this failure has be e n d e e m e d fra u d u le n t m a in ly
b eca u se o f a fra u d u le n t m isuse o f o th e r p e o p le ’s p r o p e r t y .
It Is n o t, In




445

R esolved, T h a t th e W isco n s in B a n k e rs’ A s s o c ia tio n h e a rtily a p p ro v e s o f
th e g reat u n d e rly in g p rin ciples o f th e te n ta tiv e plan o f th e N a tion a l M on e­
ta r y C om m ission t o establish a n a tio n a l reserve b a n k , b u t w ith o u t bran ch es,
as th e y are u n n ecessary an d te n d to w a rd m o n o p o ly ;.a tyank th at w ill aid
th e In depen den t b an k in g s y s te m , so as t o p r o v id e th e o n ly essential la c k in g ,
e la s tic ity : a ls o as it will sa fegu a rd us a gain st m o n o p o ly . Inflation a n d o v e r ­
e x te n sio n o f c r e d it. T h e rights sh ou ld e x te n d t o S ta te b a n k s an d tru st
co m p a n ie s , an d thus p e rfe ct, as fa r as p o ssib le , th e b e s t b a n k in g system
In th e w o rld : an d
R esolved, T h a t th e N a tio n a l C u rren cy A c t b e s o a m e n d e d as t o read
“ B r a n ch b a n k s u n d er th e N a tio n a l C u rren cy A c t shall n o t be p e rm itte d In
th e U n ite d S ta te s, a trust c o m p a n y o r savin gs b a n k , o r b o t h , t o be c o n ­
sid ered a p a rt o f a n ation a l b a n k .”
'
R esolved, T h a t a c o p y o f th e fo re g o in g r e so lu tio n s be fo rw a r d e d b y ou r
S e cre ta ry t o the N ation a l M o n e ta ry C om m issio n an d t o o u r m em bers o f
C on gress In d u e sea so n .
>

— The receiver of the Bank of Kentucky of Lexington,
K y., was discharged on the 18th ult. and the bank’s assets
placed in charge of the reorganization committee of the
institution. Efforts are being made to reopen the bank
for business. At a meeting of the new board of direc­
tors on the 15th ult., Charles W, Bell of Frankfort,
K y., State Insurance Commissioner, was elected President,
and Louis Zinzer, a local furniture man, was chosen Vice­
President. As already reported in these columns, the Bank
of Kentucky made an assignment Dec. 5 1910. It was or­
ganized July 12 1909 with an authorized capital of $150,000,
of which $75,000 was reported paid in at the start, and de­
posits were about $150,000.(
. — A first dividend of 20% was recently paid to the de­
positors of the Virginia Safe Deposit & Trust Corpora­
tion of Alexandria, Va., which closed its doors on Dec. 29
last. The total amount represented in the distribution is
stated as $108,000.
— The handsome new bank building of the Dollar Savings
& Trust Co. in Wheeling, W. Va., was opened on the 5th inst.
for the inspection of the general public.

446

THE CHRONICLE

[VOL. L X X X XIII.

— An application to organize the Central National Bank
DEBT STATEMENT JU L Y 31 1911.
o f Richmond, Va., has been approved by the Comptroller
Ihe following statements of the public debt and Treasury
of the Currency. The proposed institution is to have a cash holdings of the United States are made up from official
capital of $250,000. The interests identified with the move­ figures issued July 31 1911. For statement of June 30 1911
ment are W. H. Schwarzchild, J. F. Grimmel, B. B. Bowles see issue o f July 29 1911, page 265; that of J u l y 31 1910, see
Aug. 20 1910, page 440.
and W. C. Schmidt.
At its eighteenth annual session, held on July 11 and 12
at White Sulphur Springs, W. Va., the West Virginia Bank­
ers Association adopted a resolution endorsing the currency
plan as proposed by Mr. Aldrich, and amended by the Cur­
rency Commission of the American Bankers’ Association.
. . — A run on the All Night & Day Bank of Memphis, Tenn.
on Monday resulted in the closing of that institution on Tues­
day. Ih e trouble is said to have started when it became
known that E. L. Hendry, President of the bank, had been
indicted in Oklahoma on charges in which, according to the
Oklahoman,” he is alleged to have defrauded the Planters’ &
Mechanics’ Bank of Oklahoma City, through its connection
with the Night & Day Bank. The latter is a small institu­
tion organized in 1910. Its liabilities on June30are reported
to have been about $150,000.
A small institution, the Mississippi Bank & Trust Co. of
Jackson, Miss., which started business in 1903, closed its
doors July 22d and went into the hands of a receiver. Its
capital stock is $100,000 and deposits only $200,000. The
institution is a State depositary, the amount held by it to
the credit of the State being reported as $16,000. Oscar
Newton Jr., President of the Jackson Board of Trade, and
also President of the Jackson Bank, and Judge Wylie Potter
were named as co-receivers.

IN T E R E ST -B E A R IN G D E B T J U L Y 31 l < m .
.

Interest
Title o f Loan—
Payable.
2s, Consols o f 1930.............. Q-J.
3s, Loan of 1908-18 ......... Q-F.
3s, Loan of 1925 _________Q-F.
4s, Pan. Canal Loan 1906.Q-F.
2s, Pan. Canal Loan 1908,Q-F.
3s. Pan. Canal L oin 1911.Q-S.
2 K s Postal Saving Bonds. J-J.

Amount

- — - — Amount Outstandiry-----------------

Issued.
Registered.
Covvon.
Total
.?
$
$
4
? i ? ’ ?® 9d50 642,005,.550 4,244,600 646,250 150
198,792,660 43,361,340 20,584,120 611,045)460
162,315,400 98,962,800 19,527,100 118,489,900
54,031,980 54,605,740
26,240 54,631,980
30,000,000 29,635,820
364,180 30,000,000
25,899,500 16,143,300 9,756,200 25.899.500
41,900
35,780
6,120
41,900

Aggregate int.-bo.irlng debt. .1.117,931^90 8 8 4 7 v 5 0 ;m sT.OOsTseo oKoTTsliaO
DEB1 ON W H IC H IN T E R E ST HAS CEASED SINCE M A T U R ITY .
June 30.
July 31.
Funded loan o f 1891, continued at 2 % , called
May 18 1900, Interest ceased Aug. 18 1900..
$7,000 00
$7,000 00
Funded loan o f 1891, matured Sept. 2 1891
23.650 00
23.650 00
Loan o f 1904, matured Feb. 2 1904______
13.450 00
13,450 00
Funded loan o f 1907, matured July 2 1907111
916,700 00
909,650 00
Refunding certificates, matured July 1 19071111"
14.650 00
14.650 00
debt matured at various dates prior to Jan I
1861 and other items o f debt matured at various
dates subsequent to Jan. 1 186 1.......... .................
904,380 26
904,380 26
Aggregate debt on which interest has ceased
since m aturity......... ............ ................................ 31,879,830 20
D E B T B E A R IN G NO IN T ER EST .
01ditden?«tnrtCm-............................................ - .............. $34<(681,<H6 00
uid demand notes______ ___________ _ ___ _____
gg 2 8 2 *>()
National bank notes— Redemption account.
33 160 2 2 8 0 0
Fractional currency, less 38,375,934 estimated as
’
'
lost or destroyed.........................................................
6 , 8 5 7 ,3 9 0 93
Aggregate debt bearing no interest...................... $380,751,917 43

31,872,780

6,857,379 90
$384,979,351 40

RE CA PITU LA TIO N .

1911

Classification—
July 3 1
Interest-bearing d e b t........... $939,258,890 00
Debt interest ceased_______
i 872 780 26
Debt bearing no i n t e r e s t . . 3 8 4 ; 9 7 9 , 3 5 1 40

Increase < + ) or
June 30 1911.
Decrease (— ).
S915.353.190 00 +$23,905,700 00
1,879,830 26
— 7,050 00
380,751,917 43
— 1,772,506 03

— From the Houston “ Post” we learn that two Galveston
Total gross d e b t--------------- $1,326,111,021 66 $1,303 984 937 69 4-S22 1 26 0 9 '! 07
banks, the City National and the Galveston National, have con Cash
balance in Treasury*.. ___302,525,300 34 "g288,20oi699 93+ 1 4 ’,324!701
11
solidated, the enlarged institution operating under’ the name
of the City National. The Galveston National in its report
MnchKlCes^$156,'o"o"o,bb6"rese?ve’ fn n (/2^ ? r t ^ ^ f ^ ^ ^ i -^ o - ^ ? i i ^ V " ,^ ^ _^
3s: oni .K S S o S £
of June 7 had a capital of $125,000 and deposits of $1,756,­ “ewkmlsSa
776, while the City National on the same date had $200 000 «1 TOR
figures show a gross debt on July 31 of
capital and $2,682,097 of deposits.
$ l,d z b ,ll l,0 -l 6G and a net debt (gross debt less net cash
— Sam W. Brown, Cashier of the First National Bank, in the Treasury) of $1,023,585,721 32.
TREASURY CASH AND DEMAND LIAB ILITIES.—
Georgetown, Tex., has resigned, to become Cashier of the
l o cash holdings of the Government as the items stood
Laredo National Bank, Laredo, Tex.
July 31 are set out in the following:
— The directors of the All Night & Day Bank of Los An­
ASSETS.
L IA B IL IT IE S .
Trust Fund Holdings—
§
geles at a meeting on the 4th inst. took action toward issuing
Trust Fund Liabilities—
$
®.?kl c°*n........................... 991,457.669 00 Gold certificates.............. 991,457,669 00
$60,000 of additional stock, so as to increase the paid-in Silver dollars.................... 467,546,000 0 0 Silver certificates........... 467,546,000 00
Silver dollars o f 1 8 9 0 ...
3,218,000 00 Treasury notes of 1 8 9 0 ..
3,218,000
00
capital from $140,000 to $200,000. It is stated that the new
Total trust fund......... 1,462,221,669 00
Total
trust
liabilities.
1,462,221,669
00
issue was offered to the existing stockholders at $110 per
General Fund Holdings—
Gen. Fund Liabilities—
694 330 34 National bank 5% fund
share, and was at once over-subscribed. W. II. Joyce has Cerlirtcd checks_______
25,174 207 41
Golcl coin
..................
32.4181613 68 Outstanding checks and
been elected Vice-President of the institution.
Gold certificates..............
80,361,620 00
<J,rafts, ......... - ...............
15,320,126 31
| ver certificates--------6,845,366 00 Disbursing
bal­
The Citizens’ Trust & Savings Bank of Los Angeles, in­ SI ver d o l la r s ................. 25,287,659 00 ances _ — officers’
......................
77,384,199 53
Silver bullion..................
4,05.8,937 31 Post Office Department
corporated several months ago with $500,000 capital and United States notes____
51632 726 00
a c c o u n t....... .............
5,429,094 23
notes o f 1890.
oi.315 00 Miscellaneous item s____
representing a reorganization of the Broadway Bank & Trust Treasury
1,192.419 96
National bank notes____
42,774 0 1 5 50
* ’
’
Co., began business on the 7th inst. The new institution Farctional silver coin ___ 21,153,058
99 Total gen. liabilities____ 124,500,047 24
Fractional currency____
8
8
21
is affiliated with the Citizens’ National Bank, interests repre­ Minor coin ....... .................
1,883,207 50
11.779 74
senting the latter having obtained control of the Broadway Bonds and interest paid
Tot. In Sub-Treas’ ies. 220,530,717 2 7
Bank & Trust early in the year. The Citizens’ National has
In Nat. Bk. Depositaries—
increased its capital from $1,000,000 to $1,500,000 in accord­ Credit Treasurer of U. S. 38,139,298 07
ance with action taken several months ago. The institu­ Credit U. S. dis. officers 11,105,465 40
in banks.............. $49,244,763 47
tion had its inception as the Citizens’ Bank, organized in In Total
Treas. Philippine Islands—
4,370,872 94
1890 with $100,000 capital. It became the Citizens’ Na­ Credit Treasurer o f U. S.
Cash balance and Reserve—
Credit U. S. dis. officers.
2,873,993 90 Total cash and reserve.. 302,525 300 34
tional in 1901, when the capital was raised to $200,000; in
Made up o f —
Total in Philippines..
7,249,866 84 Available $152,525,300 34
1906 its capital was increased to $300,000, and in 1909,
and
Reserve Fund Holdings—
Reserve Fund —
when a merger of the American National Bank with the Gold
coin and b u llio n ... 150,000,000 00
Gold&bUli. 150,000,000 00
Citizens’ National was effected, the capital of the Citizens’
Grand total..................1,889.247.016 68
■ ° ran(1 total..................1,880.247.016~5S
became $1,000,000, and the still further addition just made
brings it up to $1,500,000. R . J . Waters is President of
both the Citizens’ National Bank and the Citizens’ Trust &
Savings Bank.
( F r o m our o w n correspondent.
"
London, Saturday, Aug. 12 1911.
Tinker, formerly President of the Bankers’ Trust
lne long contest between the two Houses of Parliament
Co. of Houston, Tex., has located in Seattle and, following
was brought to an end on Thursday evening. Up to the
t le purchase of a block of stock in the Citizens’ National very last it was doubtful whether the Veto Bill would pass,
Bank of that city, has been elected Vice-President of the for the insurgent Peers had the notion that the Government
bank. The Citizens' National was formed early in 1910 as was playing a game of bluff and would not dare to create a
successor to the business of II. O. Shuey & Co. H. O. Shuey urge number of new Peers. So strong was this delusion of
is its President, Franklin Shuey is Cashier and E. W. Camp­ theirs that, at the instance of Lord Rosebery, Viscount Mor­
ey had to read from a paper, evidently agreed upon beforcbell is Assistant Cashier.
s'tatcnuniU^6 ^ lnls^ers' ^le f°Howng clear and emphatic
It is formally announced that the capital stock of the
If the bill should be defeated to-night, His Majesty would
Sterling Bank (headquarters, Toronto, Canada) will be in­
creased by $1,000,000. The bank has a capital of $944,632. assent to a creation of Peers sufficient in number to guard
against any possible combination of the different parties in
The new stock was offered to shareholders on the* 7th opposition by which the Parliament Bill might again be ex­
inst. This institution, established in 1905, has a reserve posed a second time to defeat.’
fund of $281,617 and $4,992,000 deposits. G. T. Somers is
The same thing practically had been said by the Marquis
ot Grewe a night or two before, but the insurgent Peers rePresident; W. K. George, Vice-President; W. Van Allen
Cashier; F. W. Broughall, General Manager, and E. C Iused to believe it._ Lord Morley's statement, however car­
ried so much conviction that a number of Opposition Peers
indsay, Acting Manager.
voted with the Government and thereby carried the bill




26

July 31.
$346,081,016 00
53,282 50
31.387,673 00

^tmtetariii@otniuevcialEuglisTt^jcius

THE CHRONICLE

A u g . is 1 9 H .]

447

The whole conflict is thus at an end. There will be no special
Messrs. Pixley & Abell write as follows under date of
creation of Peers, but the House of Lords is reduced to im­ Aug. 10:
potence. It can, of course, reject bills that it does not like,
n o f o r e ig n d e m a n d f o r g o l d a n d o u t o f t h is w e e k 's a r r iv a ls
and probably it will do so, but the bills will become law o r, G£ 0O8 0L, 0D0-0T Iht cIsr ee xlsp estiI1
c t e d t h a t t h e B a n k o f E n g l a n d w ill s e c u r e n e a r ly £ 6 0 0 , 0 0 0 , a l­
nevertheless after a stated interval. To all intents and pur­ t h o u g h i t i s p r o b a b l e t h a t , o w i n g t o d i f f i c u l t i e s o f t r a n s p o r t , d u e t o t h e s t r i k e , o n l y
poses, then, the opposition of the House of Lords is deprived aa nsdm aa ml l op uo nr tti ot no oo fn tl hy £i s6 w3 ,i 0l l0r0e.a c hS itnhc ee Bo ua rn kl a tsht i st hwe e Be ka .n k I nh da isa rne cr ee iqvueidr e£m5 e5n0t,s0 0a 0r e Ins mbaalrl
of its sting, and the Government will be able to carry the long g o l d . F r a n c e h a s s e n t s o v e r e i g n s t o t h e v a l u e o f £ 1 8 , 0 0 0 ; G e r m a n y , £ 1 0 , 0 0 0 , a n d
list of reforms which it has promised to the country. The
first to be introduced, of course, will be Home Rule for Ire­ C O P n o n 4 4. I rtV n o A «
4V**, «**
u r n A i n u a , £^0,U U U . W e s t l l i u i r s ,
land. It will be followed by Welsh disestablishment, by a e T n n n n k t o t i ' £ 6 S 0 - 5 ° 0 - S h i p m e n t s — B o m b a y , £ 9 9 , 0 0 0 : C a lc u t t a , £ 1 , 0 0 0 : t o t a l ,
Of
2
L
m
2
n
t
h
^
o
f
J
u
ly
:
A
r
r
iv
a
ls
—
G
e
r
m
new education bill, a new licensing bill, and, of course, by m n n '? ’ / , 4 ^ ^ k SS u t h A f r la a - £ 2 . 6 7 3 ,0 0 0 . S hai np my , e n£ t3s1—, 0R0 u0 s: s iaF r, a£n1c 6e ,0 , £0 40 50 9; , 0G0e0r ­;
one vote for every elector. The immediate result will be a m a n y , £ 1 . 3 9 3 , 0 0 0 ; F r a n c e , £ 3 6 , 0 0 0 ; T u r k e y . £ 7 0 2 .0 0 0 .
S IL V E R .— P r i c e s In t h e s i lv e r m a r k e t s h o w l i i t l e c h a n g e o n t h e w e e k . T h e m a r weakening of the Conservative Party throughout the coun­
try, whose strength is ficticiously increased by its members m o n s o o n b r o" u4g h t s e llinmg aolnr dlve r so na tC thhinisa lebvueyl i nagn,d htuhte dpirsica pe p go ainvtei nwg anye wt os 2a4b olu- 1t 0tdh.e,
having votes in a number of different constituencies, and by ™ . * : , ? ' f“r t h a n la s t w e e k . C h in a h a s b e e n v e r y s t e a d y , a n d h a s g iv e n u s e f u l
t to th e m a rk et
B a n k s t h e r e a p p a r e n t l y fin d it d iffic u lt , t o o b t a i n a n v o t h e r
the English practice of spreading an election over several sc ou vpepro rTor
t h c .r p u r c h a s e s o f s t e r lin g , t h e d e f ic ie n c y in im p o r t s c a u s e d b y o p i u m a lo n e
weeks. Furthermore, the action taken by the insurgent a m o u n t in g t o a c o n s id e r a b l e s u m ; a n d t h e p o s it i o n In C h in a w o u ld n o d o u b t J u s tify
c r f o r t h e fu t u r e if t h e w e a t h e r r e p o r t s fr o m I n d i a i m p r o v e d .
Peers has divided the Opposition. There is bitter resent­ T r.i\ I°ra . i ' t h e orfespi,v
o r t s fr o m I n d i a a r e n o t s a t is f a c t o r y .
T h ere has been g ood
ment against the leaders of the party, and for a considerable w J t V . e ' I i , a n d in t h e n o r t h e a s t , a n d a ls o in t h e c e n t r a l p r o v in c e s , b u t in G u la w a r a n fl a la r g e p o r t i o n o f t h e P u n ja b th e r e h a s b e e n n o ra in a n d t h e r e
number of years it seems very unlikely that a Conservative
.t y / ° r ,t lc a u ,u r a n c r o p s .
T h e d a i ly o ff t a k e in B o m b a y h a s f a lle n t o
Government can be formed. Meanwhile, the ending of the sn v h V iv
®h n w a
in c r e a s e a t 1 2 .8 0 0 b a r s .
S t o c k s in C h i n a , t o o , a r e
strife is felt to be a relief by all parties.
mi] Unt..t o 2 1 ' a c s o f t A e la a n d 6 ,2 9 0 b a r s
C u r r e n c y fig u r e s in
V
r r. ° f l? la c s '
T h e T>rlcr ln I n flia is R s - C1
P c r 100
On the very same evening on which the Parliament Bill t o la h s h F n r
w Y ort
£ 2 1 6 ,0 0 0 : S o u t h A m e r ic a , £ 3 . 0 0 0
was passed by the Lords, the House of Commons adopted a S(Mf inr nW2 0 Rnnr rnn Sh i,,n ' w k , t Airr" 'NaH s' T£ 9X >c000:
t o t a l . £ 2 4 8 ,0 0 0 .
S h i p m e n t s — P o r t S a id .
6 ? o f ™ i n ' r r as - £ 2 -5 0 0 : t o t a l , £ 6 0 , 0 0 0 .
F o r m o n t h o f J u ly :
resolution in accordance with which every member of the A
House is in future to be paid £400 a year. There is some RA uns, s, iia. , £^1|C410^,0o0n0o , Gr e, r m a 0n0y0 j£. T1 8 4o, 0 0? 0 £; -F2 2r a- °n0c e° :, £U7.8 ,S0.0 0A.. , £ 9 5 1 . 0 0 0 . S h i p m e n t s —
•objection to the form in which this is done, many thinking
The quotations for bullion are reported as follows:
that it ought to have been passed in a regular bill. But
G O LD .
Aug. 1 0 . Aug. 3 . .
S IL V E R .
Aug. 1 0 .
Aug. 3 .
against the thing itself there is no real opposition. The
London Standard.
s. d.
s. d.
London Standard.
d.
d.
payment of members is too general now to be objected to in B a r g o l d , f i n e , o z ............. 7 7 9
77 9
B a r s i l v e r , f i n e , o z _____ 2 4 1 - 1 6
24 A
76 4 %
76 4 %
2 4 3 -1 6
“ 2 m o . d e l i v e r y ____ 2 4 %
a country whose constitution is so democratic as that of the GU e. rSm. agno lgdo lcdo icno, i no ,z o_____
z .. 76
4
76
4
C a k e s i l v e r , o z _________ 2 6
2 6 1 -1 6
United Kingdom.
5 'A M e x i c a n d o l l a r s ________n o m .
F r e n c h g o ld c o in , o z . . 7 6
5%
70
nom .
70 4
Meanwhile, business is utterly disorganized by a great J a p a n e s e y e n ....................... 7 0 4
strike in London. It began at the docks, where for very
The following shows the imports of cereal produce into
many years there has been much discontent, owing to the fact
that much of the labor there is of the casual kind. It has the United Kingdom during the season to date, compared
extended to carters, with the result that London is threat­ with previous seasons:
ened with an actual famine, the strikers objecting to any­
IMPORTS.
body conveying goods from the docks. Already there has
W eek*—
1910-11.
1909-10.
1908-09.
1907-08.
been a very considerable rise in the prices of food, and unless, ImForty-eight
ports of w h e a t .. . ............... cwt_92.258.600 94,775.340 82.784,300 85,935,350
there is a speedy end of the strike the consequences will be Rarloy ................................................ IS,010,500 21,117,800 20.736,800 19.269,680
ats- - - ..............- - - ........................... 15,240.000
18,429,400 13.827,400 12,135.199
serious. There is also a strike among the railway porters, £Rras...................................................... 2,142,072 2,170,450
1,385.540
1,332,980
and generally the unrest among the working classes through­ TfBrans..................................... - .......... 663.357 1.972.744 1,195.220
920,540
c o m ....................................... -.41 ,954 ,00 0 32,181,458 34.483.600 36,203,257
out England is very serious and very general. The Gov­ Indian
Flour ................................................... 9,340,100 10,331,819 10,412,900 12,792,200
ernment is doing what it can to bring about an arrangement
Supplies available for consumption (exclusive of stock on
between the employers and employed, and, furthermore, a
large body of troops has been placed at the disposal of the September 1):
Chief Commissioner of Police of London, if it be found neces­
1910-11.
1909-10.
190S-09.
1907-08.
sary to call them in to aid the police.
Wheat im ported........................cw t.92,258,600 94.775,340 82.784.300 85,935.350
Imports of flour.............................. - . 9,340,100 10,331.819
10.412.900 12,792,200
In addition to all this trouble, and to the unrest of the Sales
of hom e-grown.......................... 22.110,555 25,800,533 25.502,216 32,389,892
working classes all over England and Scotland, there con­
Total ............................................ 123,709,255 130,907,692 118,699.416 131,117.442
tinues, of course, the Moroccan question. Nothing is really
Average price wheat, week_______
30s. Od.
33s. 5d.
43s. 5d.
34s lOd.
known of what progress is being made, but the belief is very Average price, season...................... 30s. lOd. 32s. 6d.
36s. Od.
33s. Od.
general that a friendly arrangement will be arrived at. At
The
following
shows
the
quantities
of
wheat,
flour
and
the same time it is feared that the negotiations may be spun
out over a very long time, and while they are spun out there maize afloat to the United Kingdom:
is little hope of much improvement in business. In Berlin
This week. Last week.
1910.
1909.
and in Paris markets are exceedingly dull. Everybody W heat ..................................... qrs. 2,995,000 2,900,000 2,598.000 2,235,000
Flour, equal t o ........................ qrs.
125,000
110.000
102.000
105,000
talks hopefully but everybody is afraid of engaging in new M aiza............................................. qrs. 648,000
445,000
915.000
945,000
risks. The fall in New York has added to the general dis­
comfort. Nobody was prepared for so great a drop in prices,
and the losses, in consequence, arc considerable. Indeed,
English Financial Markets— Per Cable.
people generally had been looking forward to New York as
a mainstay, and the sharp fall has therefore been not merely
The daily closing quotations for securities, <fcc., at London,
a loss but a sore disappointment. Money continues to be as reported by cable, have been as follows the past week:
plentiful and cheap, and is likely to remain so for some
London,
months yet.
Week ending Aug. 18.
Sat.
M on.
Wed.
Tues.
Thurs.
F ri.
Unfortunately, there is no improvement in the news from Silver, per o z ........................ d . 24
24
24
2 4 1 -1 6
24
24
78%
7 8 7 16
7 8 7 -1 6
78%
78%
India. Along the eastern half of that empire the rains arc Consols, new, 2 % p e r c e n ts .. 78%
For account________________78%
78%
7 8 7 -1 6
7 8 7 -1 6
78%
78%
fairly good and there will be no serious drought, but the French Rentes (In P a ris).fr . 95.02% _____
_____ . '
9 4 .8 5
9 4 .7 2 %
9 4 . SO
64%
63%
62
65%
62%
western half is in a bad way, especially the northwest and the Amalgamated Copper C o__ 63%
American Smelt. & Ref. C o . 72
72
74 %
73
72%
72%
north. It is possible even yet that sufficient rain may fall, b Anaconda Copper C o......... 7%
7%
7%
7%
7%
7%
but every day that passes now makes the situation more Atch. Topeka & Santa Fe___ 107% 1 0 7 %
108%
107%
107%
108%
Preferred_________________
106
106
1
0
6
1
0
6
1
0
6
1
0
6
grave.
Baltimore & O hio.....................105
106
105%
105%
105%
105%
The following returns show the position of the Bank of
Preferred.........................
89%
89%
89%
88%
88%
88%
Canadian
Pacific.......................244%
2
4
5
%
2
45%
240%
242%
243%
England, the Bank rate of discount, the price of consols, Chesapeake & O hio..... .............7.5%
76%
77%
76
77
75%
&e., compared with the last four years:
Chicago Great W estern......... 20%
21
21
20%
20%
20%
t

io n .

1910.
10.

1909.

Aug.

Aug. 9.
£

Aug. 11.

£

C i r c u l a t i o n ................. . 3 0 , 4 6 3 . 7 4 5
P u b l i c d e p o s i t s _____
7 .0 5 1 ,7 3 4
O t h e r d e p o s i t s _______ 4 3 , 4 0 0 , 3 8 3
G o v e r n m 't s e c u r it ie s 1 4 ,9 6 7 ,2 8 0
O t h e r s e c u r i t i e s _____ 2 8 , 5 2 7 , 8 0 0
R c s c r v e .n o t e s & c o ln
2 7 ,0 6 1 ,1 7 7
C o in & b u ll.,b o t h d e p 3 9 ,6 7 4 ,0 2 2
P r o p , r e s e r v e t o li a ­
54%
b i l i t i e s ................p . c .
B a n k r a t e .............p . c .
3
C o n s o ls , 2 % p . c . . _
78%
S i l v e r ................................
2 ! l-1 0 d .
C le a r .-h o u s c r e tu r n s 2 2 3 ,2 8 2 ,0 0 0

£

2 8 ,6 5 9 ,9 5 5
1 0 ,5 6 0 ,9 4 2
4 0 .5 5 7 ,3 3 0
1 7 ,3 7 1 ,5 1 7
2 8 ,6 1 0 ,0 5 3
2 9 ,1 7 2 ,9 3 9
3 9 ,3 8 2 ,8 9 1
51

2 9 ,7 5 1 ,8 7 5
9 ,3 0 2 ,4 0 1
4 4 ,2 9 1 ,8 4 0
1 5 ,3 6 5 ,0 7 2

28,306,299
2 7 ,8 3 5 ,3 3 4
3 9 ,1 4 0 ,2 0 9

1 -1 0
3

8145
24 7 -I0 d .
2 4 0 ,6 5 5 ,0 0 0

51

1908.
12.

Aug.
£

2 9 ,5 2 5 ,7 9 0
5 ,1 4 3 ,0 3 8
4 5 ,5 4 0 ,0 9 2
1 5 ,5 3 2 .2 9 3
2 7 .7 3 7 .9 S 2
2 5 ,4 7 5 ,1 1 3
3 0 ,5 5 0 ,9 0 3

1 5 -1 6

£

2 9 ,3 4 5 .9 4 0
6 ,0 4 0 ,4 1 8
4 2 ,0 1 7 ,3 0 5
1 4 ,5 7 3 ,0 0 1
2 7 .9 0 4 ,5 4 7
2 4 ,9 5 8 ,8 1 1
3 5 .8 6 4 ,8 8 1

50%

2%

8 4 3 -1 0
2.3 H d .
2 1 9 ,9 2 7 ,0 0 0

1907.
14.

Aug.

50 %

2%

1H

8 0 1 1 -1 6
81%
24% d.
32% d.
2 0 8 ,1 3 2 ,0 0 0 2 0 5 ,5 0 4 ,0 0 0

The rates for money have been as follows:
Bank of England rate............
Open market rate—
Bank bills —00 d a y s _____
— 3 months____
— 4 m onths____
— 6 m onths____
Trade bills—3 m onths-----— 4 m onths____
Interest allowed for deposits
By joint-stock banks.........
By discount houses—
At call........... ................ 7 to 1 4 days------------------




Aug.

12.
3

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

Aug.

4.
3

2 % @ 2 %
2 % @ 2 7 -1 6
2%
3%
2 % @ 3
3%

July

28.
3

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

JvXy

21.
3

i% @ i

2
2
3
2
3

11%
%
%
%

1%

1%

1

%

IS

1%
1%

1
1

%
%

Chicago Milw. & St. P a u l . . . 122%
Denver & Rio Grande........... 26%
Preferred...............
56%
E r i e ........... ............................
30%
First p referred...................... 51%
S»cond preferred__________40%
Illinois Central___________ ..1 4 2
Louisville & Nashville______ 146%
Missouri Kansas & Texas____ 33
Preferred.............................. 68
Missouri P a cific ........................ 43
Nat. R R . of Mex., 1st p r e f.. 67
Second preferred.................. 29%
N. Y . Central & Ilud. R i v ..l 0 6 %
N. Y . Ontario & Western___40%
Norfolk & W estern................ 106%
Preferred.............................. 93
Northern Pacific....................... 123%
a Pennsylvania______ ______ 62%
a R e a d in g ................................. 7 5
a First preferred___________ 46%
a Second preferred_______ 47
Rock Island ................................27%
Southern Pacific....................... 116%
Southern R a ilw a y .................... 29%
Preferred................................. 7 0 %
Union P a cific........................... 177%
Preferred__________________ 9 5 %
U. S. Steel Corporation............75
Preferred........... ................... 119%
W a b a s h ..... ............................... 15
Preferred...............................32
Extended 4 s ....... ................ 63
a Price per share. b £ sterling.

122%
26
55%
30%
51%
40%
142
147%
33%
68
42%
67
30
107%
41
107
93
122%
62%
74%
46%
47
26%
117
29
69%
176%
95%
71%
119%
15
31
63%

12.3
27%
56%
31%
51%
41%
143
148%
33%
68
44
65%
30
107
41%
107
93
124%
63
75
46%
47
28%
118
29%
71
178%
95%
76%
119%
15%
32
64

119
26%
55
30%
50%
41
142%
147%
33%
68
43%
66
.30
107
41
106%
93
124
62
74
46%
47
27%
117
29%
71
175%
95
74%
119%
14%
31%
64

116%
25%
55
29%
50
40%
142
147
31%
68
42%
66
29%
106%
41
106%
9.3
121%
62
74
46%
47
26%
116
28%
71
174%
94
74%
119%
14%
31
64

118%
25%
55%
30
51
41%
144
148
32%
68
42
67
29%
107
41%
106%
93
121%
62
74
46%
47
27%
117
29%
71
170
94%
75
119%
14%
30%
64

448

THE CHRONICLE

[VOL. L X X X X I I I

Commercial ami ^isccXlaucmisglcius

FOREIGN TRADE OF NEW YORK— MONTHLY
STATEMENT.— In addition to the other tables given in
TREASURY CURRENCY HOLDINGS— The following this department, made up from weekly returns, we give the
compilation, based on official Government statements, shows following figures for the full months, also issued by our
the currency holdings of the Treasury at the beginning of New York Custom House.
business on the first of May, June July and August 1911.
Merchandise Movement to New York.
Customs Receipts

T R E A S U R Y N ET H OLDIN GS.
M ay 11911. June 11911. July 11911. Aug. 11911.
Holdings in Sub-Treasuries—
$
$
S
$
Net gold coin and bullion................220,749,280 206,383,234 227,465,139 262,780,234
Net silver coin .and bullion............. 29,734,798 33,466,607 41,086,259 36,191.962
Net United States Treasury notes
8,743
10,194
9,135
9,315
Net legal-tender notes_____ _____ 10,660,527
11,664,414
6,140,456
5,032,726
Net national bank notes................. 30,356,824 30,964,360 37,345,845 42,774,015
N et fractional sliver........................ 21,278,864 21,388,360 21,136,906 21,153,059
Minor coin, & c..................................
1,185,336
1,000,970
4,268,230
2,589,406

Total cash In Sub-Treasuries..313,974,372 304,878,139 337,451,970d370.530,717
Less gold reserve fund...................... 150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In Sub-Treasuries.. 1&3,974,372 154,878,139 187,451,970 220,530,717
Cash in national banks................... 46,393,015 49,828,771 56,620,782 49,244,763
Cash In Philippine Islands_______ 4,929,019
5,564,013
4,941,116
7,249,867
Net Cash In banks, Sub-Treas.215.296,406 210,270,923 249,013,868 277,025,347
Deduct current Uabilltles.o......... 129.590,504 123,792,976 110,813,269 124.500.047
Available cash balance_______ 85,705.902 86,477,947 138,200,599 152,525,300
o Chiefly “ disbursing officers’ balances." d Includes $4,058,937 31 silver bullion
and $2,589,405 79 minor coin, & c., not included in statement “ Stock of Money.”

BANK NOTES— CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.— We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. T h e s ta te m e n t f o r J u l y 1910
w i ll b e f o u n d i n o u r i s s u e f o r A u g . 20 1910, p a g e 441.
Bonds and Legal Tenders
on Deposit fo r
1910-11.

July 31
June 30
May 30
April 30
Mch. 31
Feb. 28
Jan. 31
D ec. 31
N ov. 30
O ct. 31
Sept. 30
Aug. 31

1911
1911
1911
1911
1911
1911
1911
1910
1910
1910
1910
1910

Bonds.

Legal
Tenders.

$
705,648,210
698.605,810
697.441.300
695,657,540
697,082,510
697,088.760
696.706.300
695.663,920
696.693,160
694.926,070
691,961,860
689,813,710

31,396,930
33,169,435
34,812,726
36,675,998
35,891,130
35,815,326
33,506,185
34,335.925
33,160,390
33,538,463
32,638,029
3 0 ,1S8,72S

$

Imports.

Month.

Jan uary..
February.
M a r c h __
A p r i l ____
M a y _____
J u n e ____
J u ly .........

|

1911.

1910.

1911.

1910.

S
74.513,315
66.677,912
84.252.892
71,065,446
57,570,521
69,527.171
69.247,136

$
78,656,123
77.826.788
102,955.233
78,224,201
68,497,815
72.216.599
69,966,872,

$
61,365,707
61.749,886
71,039,369
73,279,073
66.065,070
65,127,728
58,702,124

$
52,644,329
49,927,253
56.874.809
52,027,281
58,511,642
61,704,701
56,019,567

Legal
Tenders.

701,427,086
695.025,073
693,665.285
691,468,720
693,261,786
693,119,715
692,939,203
693,370,056
693,695,443
691,335,845
688,157,577
687,132,323

31,396,930
33,169,435
34,812,726
36,675,998
35,891,130
35.815,326
33,506,185
34,335,925
33.160,390
33,538,463
32.638,029
30,188,723

i
Total.
732.824.010
728,194.508
728.478.011
728,144,718
729,152,916
728,935,041
726,445.388
72?,705,981
726,855,833
721,874.308
720,795,606
717.321.051

1911.

1910.

$
16.898.957
16,334.953
19.487.785
14.903,015
16,013,192
14,917,580
16,481,668

$
17,545,140
18,778.740
21.988.922
16,276,428
14,999,384
17,119,870
16,911,067

Total . . 492,854,393 548,343,631^57,329,557 387,699.585 114,977,150 123,619,557

The imports and exports of gold and silver for the seven
months have been as follows:
Cold Movement at New York.
Imports.

Month.

1911.

Silver— New York.
Imports. 1 Exports.

Exports.

1910.

1911.

1910.

$
$
1.325,148
421,946
632,423 1,912.799
1,158.724 2,425,120
470,074
470,490
3,850,931
493,413
2,319,280
532.143
519,068 4,906,446

$
$
871,445 3,113,570
351,125 2,786,542
436,292 1,644,417
591,794 30,168,360
395.000
438.769
49,777
127,503
269,508
177,490

T o t a l ............ 10,275,648^ 11,162,663

2,965,541 44,456,657

January .........
February ____
M a r c h _______
A p r i l ................
M a y ..................
J u n e ..... ..........
J u l y ..................

Circulation Afloat Under—
Bonds.

at New York.

Exports.

1911.

|

$
!
875.810
601.167
970.394
873,523
882,315
572.630
556.492

1911.
$
4,858,676
3,585.088
4,764,044
3,742,414
4,312,224
4.679,370
4,419,553

5,335,337 30,391,369
1

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 month of
July. From previous returns we obtain the figures for
previous months, and in that manner complete the statement
for the seven months of the calendar years 1911 and 1910.
______ G OVERN M EN T RE CE IPTS AND D ISBU RSEM EN TS.
1010.

1911.

innn?
VWvo mnins/i
Uf i l l licit.\
)

M ay. June. 1 July. 17 Mos. M ay. 1 June. 1 July. 7 Mos.

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
U. S. Bonds Held July 31 to Secure—
Bonds on Deposit
July 31 1911.

4 % loan of 1925....... .....................
3 % loan of 1908-1918 --------------2 % consols o f 1930......................
2 % Panama of 1936...................2 % Panama of 1938_____ _____
3 % Panama of 1961....................
4 % Philippine loans . .................4 % Porto R ico loans....................
3.65% District of Colum bia-----Various, Territory of Hawaii —
4 % Philippine Railw ay........... . .
Various, State, city and railroad
T o t a l ...........................................-

Bank
Circulation.

Public Deposits
in Banks.

$
22,268,800
17,390,240
586.894.150
51,473,040
27,621,980

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

%
4,060,000
4,047,300
19,419,900
2,464,000
1,435,000
7,200,000
4,737,000
834,000
872,000
676,000
146,000
3,610,000

S
26,328,800
21,437.510
606,314,050
53,937,040
29,056,980
7,200,000
4,737,000
834,000
872,000
676,000
146,000
3,610,000

705,648,210

49,501,200

755,149,410

_____
_____

Total
Held.

I

1$

Receipts—
S
$
t
~ $
$
$
Custom s.......................... 24,073 24.358 23.405 175,115 23,011 27,660 25,051
Internal /O r d in a r y ... 21,850 27.170 22.754 161.668 22,192 42,076 29,582
Revenue \Corp. ta x ___
895 24,526 1,391 1 28,102 \6,405 6,535 4,185
M iscellaneous................ 14,408 9,674j 4,535 1 46,112
I______
Total receipts______ 61,232 85,727:52,085 410,997 51,608 76,271 58,818
Disbursements—
1
Civil & m iscellaneous.. 15,321 13,454 21,632 107,904'13,585 16,969 21,528
W a r ................................. 11,864 13,222 19,343 ; 96,509 10.599 12,926 20,118
N a v y ............................... 9,475 10,271 10,760 69,314 8,079 10,839 10,302
I n d ia n s .......................... 5,836 1,632 1,454 1 14,135 4,017 i 2,362 1,533
Pensions.......................... 14,368 11,897 13,169 91,182 14.309 12,227 13,877
1
Postal deficiency______ 1,035
1,119
Xnt. on public debt____ 1,977
i d ! 3,259 13,893 1*955
*135 3^247
Panama Canal................ 2,830 3,161{ 3,010 20.157 3,968 2,704 4,441

$

189,981
177,740
33,283
401,004
107,322
86,915
70,179
11,582
91,519
1,598
13,883
22,041

Total disbursements. 62,706 53,738 72.627 414,£73 57,112 58,162 75,046 405,039
Less repayment o f un­
expended balances.. 3,068 3,C57| 1,439
1,438 4,964 1,865 2,193
2,193
Total............................. 58,738 5O 08l;71,188 412,835 52,148 56,297 7)2,853 402,846

1

N ote.— 1911 receipts d o not include $50,873,744 proceeds of Panama Canal bond .

Breadstuffs Figures brought from Page 480.— The state­
The following' shows the amount of national bank notes
afloat and the amount of legal-tender deposits July 1 and ments below are prepared by us from figures collected by
Aug. 1, and their increase or decrease during the month the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
of July.
National Bank Notes— Total Afloat—
Amount afloat July 1 1911............_....................... ............ ............................... 5728,194,508
N et amount Issued during July______ ____ „ . . . i ..........................................
4,629,508
Amount o f bank notes afloat Aug. 1 1 9 1 1 - - - - ......................................... $732,824,016
Legal-Tender N otes—
v i:
Am ount on deposit to redeem national bank notes July 1 1911________ $33,169,435
N et amount of bank notes retired In July________ _________ ___________
1,772,505
Am ount on deposit to redeem national bank notes Aug. 1 1911........... $31,396,930

STOCK OF MONEiV 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. T h e s ta te m e n t f o r A u g . 1 1910 w i ll be
f o u n d i n o u r i s s u e o f A u g . 20 1910, p a g e 441.
Stock o f M oney A m . 1 1911. — M oney in Circulation—
In United
Held In
Aug. 1
A vg. 1
States.
Treasury, d
1911.
1910.
$
3
$
3
Gold coin and bullion____*1,764,107,103 182,418,614
590,230,820
591,665,438
Gold certificates.a.......................................... 80,361,620 911,096,049
831,663,029
Standard silver dollars------- 565,059,508 25.287,659
72,225,849
72,156,154
Sliver eertlflcatcs.o_____________________
6,845,366
460,700,634
476.603,376
Subsidiary sliver..................... 6159,709,862 21,153,059
138.556,803 144,728,035
Treasury notes of 1890____
3,218,000
i 9,315
3,208,685
3,620,954
United States notes_____
346,681,016
5,0.32.726
341,648,290 337,891,977
National bank notes............. 732,824,016 42,J74,016
6 9 0 ,0 5 0 ,0 0 0
675,363,438
T o t a l ------- ------------ -------- 3,571,599,505; 36:L$82,375 3,207,717,130 3,133,752,401
Population of the United States Aug1.1 1011) estimated at 94,122 000; circulation
per capita, S34 OS (see note).
* A revised estimate by the Director o f 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.
a For redemption of outstanding certificates an exact equivalent In amount of
the appropriate kinds of money Is held in the Treasury, and Is not Included In the
account of m oney held as assets of the Government.
6 A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted In the statement o f Sept. 1 1910. There was a reduction of
*9,700.000.
d This statement o f money held In the Treasury as assets o f the Government docs
not Include deposits of public money In national bank depositaries to the credit of
the Treasurer of the United States, amounting to $38,139,298 07.
N ote.—The figures representing the population o f the United States during the
past ten years have been estimated upon the basis o f the Census o f 1900. The
figures for thl3 statement are estimated upon the basis o f the Census o f 1910 repre­
senting the population o f continental United States.
'




Receipts at— j
C h icago____
M ilw aukee..
Duluth.........
MinneapolisToledo
D etroit.........
Cleveland . .
St. L o u is ...
P e o r ia .........
Kansas City.

Flour,

j

Corn.

Wheaf.

I

Oats.

;

Barley.

Rye.

bblsAWlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAHlbs. bu.56 lbs.
556,800
3,500,600
130,421
2,473,400
121.500
37,500
70,060
171,700
62,000
215,230
111.500
26,520
23,003
.............
25,975
250,678
10,996
13,043
______ 1 1,158,590
78,930
165,720
101,260
61,580
______477.000
45,100
451,500
48,886
30,000
107,764
6,531j
::::::
::::::
No report r ecclved
564.000
*520*392
* 6L870
547,400
14,300
4 ,2 0 0
91,670
24S.400
42,000!
273,490
5,500
14,400
902,400
381.000
110,500

Total wk. ’ l l
Same wk. ’ 10
Same wk. ’ 09

329,397
364,670
402,257;

6,138,246
9.438.312
0,200,860

1,974,890
2,306,085
3,104,785

5,351,683
9,350,252
6,760,791

363,856
445.994
285,649

158 443
73,041
112,509

Since Aug. 1
1911.........
1910_____
1909.........

658,142' 13,595.406
684,602 19,971,351
779,865 12,960,709

4,201,202
5.831.713
5.974,486

10,982,518
14,666,592
8,087,278

667,302
980,109
603,491

263,283
140,089
177,509

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 12 1911 follow:
Flour,
bbls.
Receipts at—
162,550
■New .Y o r k ......... ..
B o s to n ....................
39,004
i Philadelphia ____
54,061
Baltimore................
41,751
New O rleans*____
30,508
Newport News____
7,606
Galveston..................................
M obile......................
2,050
Montreal..................
23,275

Wheat,
bush.
872,300
244,582
568,823:,
525,780
133,200

Com,
bush.
1,18,275
.. 2,000
14,165
51,728
66,300
2,958

Oats,
bush.
860,400
114,988
254,918
232,566
94,000

Barley,
bush.
24,348
1,167

bush.
1,150
1,000

1,321

4*953

394,395

4,715

R u e.

14,000
93 (L241

26*855
80,285

Total week 1011.
360,805
3,293,926 362,566
1,951,267
31,551
7,103
Since Jan. 1 1911.11,137,005
4 6,315,554 49,500,205 33,646,050 2731,23 6 371,784
290,446
1,418,348 470,289
1,124,715
7,100
5,686
Week 1910..........
Since Jan. 1 1910.10,425,512
40,786,436 26,232,751 28,301,144 2044,2S4 448,764
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Aug. 12 are shown in the annexed statement:

A ug.

Exports from —
New Y o r k ............
Boston — ............
Ph iladelphia____
Baltim ore..............
New O rleans____
Newport News___
Galveston_______
M o b i le .................
Montreal..............

Wheat,
bush.
2 7 1,080
89,833
398,000
613,281
5,600

Com,
bush.
22,693
1,000
34,800
39,000
2,958

1,500
307,000

449

THE CHRONICLE

19 1911]

26,855
267,000

Flour,
bbls.
33,797
9,676
12,000
11,901
21,628
7,606
5,065
2,050
27,000

Oats.
bush.
2,310
1,200

Rye,
bush.

__
__
___ _
_
___ __
__
1,000
___ __
__ _ _____ __

157,000

..

Barley,
bush.

____
—
___
__
—
--_
___

Peas,
bush.
278

—
—
—

50

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
D i v i d e n d s a n n o u n c e d th is w e e k a re 'p rin ted i n i t a li c s .

—

—

_____

24,000

Per
Name o f Company.

Cent.

Railroads (Steam ).
Aug.
Alabama Great Southern, preferred_____
3
Sept.
4 tell, l opeka & Santa Ke, com. (q u a r .)..
The destination of these exports for the week and since Baltimore & Ohio, com m on_____________ 3I X Sept.
2
P r e fe r r e d ________ ____________________
Sept.
July 1 1911 is as below:
Boston A Maine com . (qu ar.)___________
O ct.
i
--------- Fitnir---------- ------ -—- yvaieac------------ ------------(JO--------------P re fe rre d __________ . . . ______________
Sept.
3
Since Canadian Pacific, com. (guar.) (N o. 6 1 ) ..
Since
Since
Sept.
2 A
July 1
Week
July 1
Week
2
July 1
Week
P referred _______________________
Sept.
1911.
1911. Aug. 12.
1911. Aug. 12.
Exports fo r week and Aug. 12.
Chestnut Hill (qu ar.)..... .................
Sept.
I X
bush.
bush.
bush.
bush.
bbls.
bbls.
Since July 1 to—
Sept.
Chic. MIlw. <fc St. Paul, com . and pref___
Z A
621,811 4,303,893
101,000 1,564.918 Chic. St. Paul Minn. & Om. com . & pref.
469,835
80,114
Aug.
Z A
126,848 1.201,494 Cin. N . O. <£ Tex. Pac., pref. (quar.)____
219,153 1,062,983 4,224,082
C ontinent_________ . 24,491
l X Sept.
160,975
98,128
31,220
86,507
Sou. * Cent. Amer. 7,293
Cleveland & Pittsburgh, reg., guar, (qu.)
Sept.
I X
251,945
111,463
1,500
4,719
45,238
Special, guar, (qu ar.)...............................
W est Indies............. 17,213
Sept.
l
1.257 Cripple Creek Central, pref. (qu .)(N o,23)
3,522
1,612
Brit. Nor. Am. Cols.
Sept.
3,262
30,580
Delaware & Bound Brook, guar. (q u a r.).
Other Countries------ .........
A ug.
2
............
............
Delaware & Hudson Co. (qu ar.)......... ......
Sept.
2X
3,183,851
394,306
932,681
1,080,294
130,723
8,619,201
Evansville & Terre Haute, com & pref___
T o ta l____________
Sept.
5
69,974 1,518,490
632,913
690,970 3,507,666
Grand Trunk, 1st and 2nd P r e f..............._
Total 1910................ 125,123
2A
Central (N o. 113)___________ ____
Sept.
Z A
The world’s shipments of wheat and corn for the week Illinois
N. Y. Chic. & St. Louis. 1st & 2d p r e f .. .
Sent.
ending Aug. 12 1911 and since July 1 1911 and 1910 are shown N. Y. N. II. & Hartford (qu ar.)................ 22 A Sept.
Norfolk
&
Western,
com
m
on
(q
u
a
r.)____
Sept.
I X
in the following:
North Pennsylvania (qu ar.)_____________
2
Aug.
Oswego & Syracuse, guaranteed________
Aug.
4 X
|
Wheat.
Com .
Pennsylvania (qu ar.)........................ ..........
Aug.
I X
Phila. Germantown & Norristown (quar.)
Sept.
3
1910.
|
1911.
1910.
1911.
Exports.
2
Sept.
Reading Co., first preferred-------------------Dct.
Southern Pacific (quar.) (N o. 2 0 )----------ix
Since
Week
Since
I Week
Since
Since
O ct.
Union Pacific .common (qu ar.)--------------2 A
July 1.
July 1. 1Aug. 12.
Aug. 12.
July 1.
July 1.
2
:)ct.
P referred-------------------------------------------Sept.
Utica & Black R iver......... ...........................
Z A
Bushels.
Bushels.
Bushels.
Bushels.
Blushels.
Bushels.
Aug.
1
Vandaha (q u a r .) ...........................................
6,671,000 276,000
2,633,000
1,863,000
North Amer. 2,908,000 15,480,000
2
O ct.
Wisconsin Central, preferred................—
1,366,000
R u ssia -------- 2,408,000 15,504,000 18,552,000 2,558,000 10,864,000
Street and Electric Railways.
4,320,000
6,808,000 2,771,000 13,762,000
0.249,000 Brooklyn Rapid Transit (quar.)------------- D a n u b e ------ 1,432,000
Oct.
ix
8,024,000
6,000,000
............
728,000
16,891,000 Chippewa Val. R y ,,L.& Pow .,pref. (quar.)
Argentina . .
Sept.
I X
______
2,680,000
Australia___ 520,000
5,776,000
Sept.
Columbus (O .) R y ., com . (quar.)(N o.33)
IX
680,000 10,066,000
S,472,000
............
India _.........
Detroit United R y. (qu ar.)______ _______
W i Sept.
272,000
1.0.10,000
472,000
............
Elmira Water, Ll. <t- RR., pref_____ _____
2 ^ Sept.
Federal Light & Trac., pref. (qu ar.)____
1 A Sept.
26,369,000
27,259,000
T otal____ 9,0)8,000 60,890,000 49,655,000 5,605.000
Aug.
2
Georgia Ry. A Elec., com. (quar.)________
Northern Ohio Tract. & Light (qu ar.)___
X Sept.
The quantity of wheat and corn afloat for Europe on dates Northern Texas Elec.Co., eom .(qu.)(N o.8) l A Sept.
Preferred (N o. 12)____________________
Sept.
3
mentioned was as follows:
Philadelphia Co., preferred...........................
2 X Sept.
Portland R y.. Lt. <fc Pow. (quar.)(N o.3)
Sept.
31
Wheat.
Rochester R y. S: Lt., pref. (quar.)_______
VA Sept.
S t.J o s .R v .,L .H . & P .,c o m .(q u .)(N o .l2 )
A Sept.
United
Seattle Electric Co., preferred__________
United
2 A Sept.
Kingdom. Continent.
Total.
Total.
Terre Haute Tract. & Light, pref....... ..........
Aqg.
3
Kingdom. Continent.
Banks.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Chemical National (bi-monthly) ........... ......
Bushels.
2 A Sept.
Trust Companies.
Aug. 12 1011 . . 22.501,000 13.272.000 35.776.000 4.508.000 5.721.000 10.319.000
2 A Sept.
Aug. 5 191 1.. 24.088.000 13.480.000 37.568.000 4.270.000 5.007.000 9,283,000 Citizens, Brooklyn________________________
Miscellaneous.
Aug. 13 1010._ 19.760.000 11.010.000 30.800.000 0,520.000 10.285.000 19.805.000
Sept.
Adams Express (qu ar.)...........................—
Aug. 14 100 9.. 18.080.000 12,080,000 30.160.000 7.505.000 11.900.000 19.405.000
Aug.
Amalgamated Copper___________________
Aug. 15 190S.. 15.250.000 9.120.000 24.400.000 0,400,000 5.270.000 13.730.000
Aug.
Aug. 17 1007.. 17.680.000 8.920.000 26,000,000 0,880,000 7.300.000 14.240.000 American Chide, com. (monthly)________
American Coal___________________________
Sept.
Oet.
American Express (qu ar.)----------- --------National Banks.— The following information regarding American
Gas (quar.)------------------------------I X Sept.
national banks is from the office of the Comptroller of the American Radiator, com mon (q u a r.)____ 2 Sept.
Amer. Shipbuilding, pref. (qu ar.)............
I X Oct.
Currency, Treasury Department:
Am. Smelt. Secur., pref. A (qu.) (N o. 26)
1 A Sept.
Preferred B (quar.) (N o. 2 5 )__________
I X Sept.
C H A R T E R S IS S U E D TO N A T IO N A L B A N K S A U G . 2 T O A U G . 9.
Amer. Sugar Refining .corn. A pref. (qu.)
I X Oct.
1 0 .0 0 0 —
T h e F irst N ation a l B a n k o f H u ttlg , H u ttlg , A r k . C a p ita l, 325 ,­Am. TeFg & Cable, guar, (qu ar.)______
I X Sept.
00 0 .
F . W . S c o t t . P res.: M . VV. H a r d y , V lc o -P r c s . an d C ashier.
1
Oet.
American Writing Paper, preferred-----10.001—
T h e F irst N ation a l B a n k o f R u ra l R e tre a t, V a . C a pital, 3 35 ,000 .Associated Merchants, common (q u a r .)..
I X Aug.
A . B . H en d rick s, P re s.; J . W . B e ll, V lc e -P r e s .; L . H . S h u m a te,
Aug.
Common (extra ).........................................
A
C ashier.
Sept.
2
Barney & Smith Car, pref. (qu ar.)______
1 0 .0 0 2 —
T h e Jenk ins N a tio n a l B a n k , J en k in s, K y . C a p ita l, 55 0 ,0 0 0 .Borden’s Cond. M ilk., pref. (quar.)______
1A Sept.
G eo. T . W a tson , P res.; J n o . E . B u ck in g h a m , Cashier; W . S .
25c. Sept.
Butte Coalition Mining (qu ar.)................
P erry , A sst. Cashier.
Ilutterick Company (qu ar.)______ _______
X Sept.
1 0 .003—
T h e C om m ercia l N ation a l B a n k o f C h e co ta h , O k la . C a p ital,Cities Service, com mon (m on th ly)---------X Sept.
$ 5 0 ,0 0 0 . J . V . H o lt, P res.: W . T . M iller, V lce -P re s.; A . O . J o h n ­
Sept.
Preferred (m on th ly)__________________
A
s o n , Cashier: I I . L . W o o d , A s3t. C ashier. (C o n ve rsio n o f T h e
Columbus (O .) Gas & Fuel (qu ar.)---------A ! Sept.
C om m ercia l B ank o f C h e co ta h .)
Sept.
Consolidated Gas of New York (q u a r .)..
1A
1 0 .004—
T h e F ederal N ation a l B a n k o f D en ver, C o lo . C a pital, 3 2 0 0 ,0 0 0 .Cuban-A m er. Sugar, pref. (quar.)----------I X Oct.
W . 'I'. R a v e n s c ro ft, P re s.: A . J . B rom fteld , V lc e -P r e s .; J . M lg n o Sept.
Diamond Match (quar.)----------- -------------lA
le t. Cashier; C . A . R o o t , A sst. C ashier.
(C o n v e rsio n o f T h e
Sept.
Eastman Kodak, common (extra )______
5
Federal .State & S a v in gs B ank o f D e n ve r.)
Fay (J. A .) <t- Eagan, pref. (quar.)---------I X Aug.
10.005— T h e F irst N ation a l B a n k o f L u ra y , K a n . C a p ital, 330 ,0 0 0 .
Federal M in. <t- Smelt., pref. (quar.)-----I X Sept.
W . P . O ’ B rien, P re s.; G . W . E llio tt, V lce -P re s .; P . E . M oss,
General Asphalt, pref. (quar.) (No. 1 7 )..
I X Sept.
Cashier; O . I . S te v e n s o n , A s s t. C ashier.
(C o n ve rsio n o f T h e
Sept.
General Chemical, common (qu ar.)..........
1A
L u ra y .State B a n k .)
Oet.
Preferred (quar.).........................................
lA
Oct.
2
.
V O L U N T A R Y L IQ U ID A T IO N .
General Electric (quar.)----------- ---------------Sept.
9 ,9 4 3 — T h e O k la h om a N ation a l B ank o f T u lsa, O k la ., J u ly 7 1911. T o
Great Northern Paper (quar.)................—
1A
Sept.
be ta k en o v e r b y T h e First N ation a l B a n k o f T u lsa , O k la .
Harblson-Walker llcfrac., com. (quar.) —
A
llomestake Mining (monthly) (No. 441). 50c. Aug.
C H A N G E OF T IT L E .
Sept.
Internat.
Harvester,
pref.
(qu.)
(No.
18)
I
X
0,0 2 8 — T h e H ardin N ation a l B ank o f E liz a b e th to w n , K y ., to " T h e F lrstInternational Nickel, common (q u a r.)__
A Sept.
Ila rd ln N ation a l B a n k o f E liz a b e t h t o w n .”
2
Sept.
International Smelting & Ref’g (q u a r .)..
CHANGE OF C H A R T E R N UM BER.
Sept.
2
Kings County Elec. L. & P. (qu.) (No.46)
T h e F irst N ational B a n k o f L y o n s , Io w a , fro m 2,733 to N o . 60, the latter
Laclede Gas Light, com . (o u a r .i________
I X dept.
b e in g th e original ch arter n u m ber o f th e b a n k .
Aug.
2
Lenlgh coal \ Navlg. (quar.) (N o. 1 3 1 )..
Sept.
M ac Arthur Bros., preferred (N o. 17)_____
3A
Michigan State Telep., com . (qu ar.)____
I X Sept.
Preferred (qu ar.)________________ ____
1A Nov.
Canadian Bank Clearings.—The clearings for the week endBiscuit, com . (quar.) (N o. 5 2 ) - .
I X Oct.
ng Aug 12 at Canadian cities n comparison with the same National
Preferred (quar.) (No. 5 4 )_____ _____ I X Aug.
l X e Oct.
Nat. Enam. & Stpg., pref., (qu.) (No. 51)
week o f 1910. shows an increase n the aggregate of 19.4%.
National Lead, com mon (quar.) (N o. 31)
X Sept.
Preferred (qu ar.)________ ____________
I X Sept.
Week ending Aug. 12.
1
Sept.
N . Y . <fe Queens El. L. <fc Pow., pref. (qu.)
leavings a I—
Niles-Bcment-Pond, common (q u a r.)___
I X Sept.
Inc. or
Oct.
North
American
(qu
ar.)_________________
I
X
1910.
1908.
1911.
Dec.
1909.
People’s Gas Light & Coke (qu ar.)---------I X Aug.
Philadelphia Electric (qu ar.)......................
Sept.
1A
$
S
Canada—
S
S
%
Pittsburgh Brewing, com. (quar.)________
I X Aug.
Montreal .......................... 43,860.658 37.307,960 + 17.0 35,416,900 20,992,999
Preferred (quar.)_________ ___________ _
I X Aug.
T oron to_____ _____ _____ 29,990,071 28,106.708 + 14.9 24,061,260 21,168,507
Pittsburgh Steel, pref. (qu ar.)....................
I X Sept.
7,988,954
W in n ip eg .......................... 20,668,844 15,273,259 4-35.3 10,017,780
Pressed Steel Car, pref. (quar.) (N o. 5 0 ).
I X Aug.
11,012,428
3,441,2.31
V a n cou v er....... ............ ..
7.007,985 + 4 5 .1
5,677,904
2 A Sept.
Pure Oil. com mon (qu ar.)........... ..............
3,341,282
3,070,759
—
1,3.8
3,877,751
3,392,702
O tta w a ..... .........................
Quaker Oats, com mon (qu ar.)....................
2 A Oct.
2 781,215
2,174,949
2,235,258
Q u e b e c ......... .....................
2,509,954 + 10.8
Preferred (q u a r .)______ _______________ f ‘l A Aug.
1,728,512
1,924,402 — 10.2
1,812,807
2,259,924
H a lifa x ...............................
Preferred (q u a r .).................................... ..
I X Nov.
2,006,006
1,728,777 + 16.0
1,528,904
1.322,967
Hamilton ..........................
Sept.
M ining (quar.)................................... SI
1,549,179
1,255,009 Quincy
1,657,562
1,431,615
— 6.5
St. John....... .....................
Sept.
$6
Standard Oil (quar.)......... .......... ...................
3,902,674
2.506,370 + 52.1
1,216,660
1,687,458
Sept.
Stern
Bros.,
pref.
(quar.)
(N
o.
3
)
.........
..
I
X
1,308,261
1,294,104
1,291,520
1,042,030
+ 1.1
Sept.
Studebaker
Corporation,
pref.
(q
u
a
r
.)..
I
X
2,281,810
2,702,706 — 15.5
1,057,845
1,324,677
1
Oct.
Underwood Typewriter, com mon (quar.)
2,075.487
1.488,487 + 3 9 .4
710,086
1,001,033
Preferred
(qu
ar.).......
..........
............
........
Oct.
I
X
1,330,300
888,747 + 50.4
United Cigar Mfrs., pref. (qu ar.)................
I X Sept.
484,618
536,145
— 9.6
United Dry Goods Cos., pref. (qu ar.)-----I X Sept.
1,225,000 Not Include d In tot al
Sept.
U. S. Envelope, preferred................
759,000 Not include d in tot al
U. S. Steel C om ., com . (quar.) (N o. 3 1 ).
I X Sept.
466,000 Not Include d In tot al
L eth b ridge........................
Aug.
Preferred
(quar.)
(N
o.
4
1
).........
I
X
442,000 Not Include d In tot al
B ran tford...........................
Total w eek____1i.686,294
Week 1910........... 690,970

394,306 130,723
69,974 125,123

161,510
27,787

___

___

.........

24,000
32,000

328
2,424

___

1

2

zx

Total Canada________ 128,363,345 107,470,480




+ 19.4

01,866,746

73,321,112

Books Closed. y
Days Indusive.

When
Payable.

28 Holders of rec
Holders o f rec
Holders o f rec.
Holders o f rec.
2 Holders of rec.
Holders of rec.
to
30 Sept. 2
to
30 Sept. 2
to
5 Aug. 20
Holders of rec.
21 Holders o f rec.
Holders o f rec.
Holders of res.
1 Holders o f rec.
1 Holders o f rec.
to
21 Aug. 12
20 Holders of rec.
Aug. 20
to

1
1
1
1

1
1
1

1
1Holders of
1Holders of

30
18
25
21
31
5
9

1

2
2
30
25
2

July22a
July28a
Aug. la
Aug. la
Sept, la
Aug. 15a
O ct. 4
O ct. 4
Sept. 4
Aug.11a
Aug. 4a
Aug.26a
Aug.10a
Aug.10a
Aug.17a
Aug. 17
Aug.28a
Sept. 4

rec,, Aug. 1
rec,. Aug. la
Holders of rec. Sept.15a
Holders of rce,, Aug.31a
Aug. 15
Aug. 10 to
Holders o f rec. Aug.10a
Holders of rec.. Aug. 5a
Sept. 4
Aug. 20
to
Holders o f rec. Aug.23a
Holders of war1nt N o.20
.2 to
O ct. 10
.2 to
O ct. 10
Holders o f rec. Sept. 15a
Holders of rec. Aug.15a
Holders o f rec. Sept. 14

1
1
Holders o f rec.
1

Sept. 9a
Aug.31a
Aug,15a
Aug.16a
Aug. 31
Sept. 1
Aug. 21
Aug.3 la
Aug. 14a
Aug. 14a
Aug.10a
Aug. 12a
Aug.25a
Aug. 15a
Aug. 31
Aug. 31

1 Aug. 26

Aug. 31

Holders of rec.
Aug. 18 to
Aug. 16
to
Aug. 11
to
Holders of rec.
Holders o f rec.
Holders o f rec.
Holders of rec.
Holders of rec.
Holders of rcc.
H olders of rec.
Aug. 16
to
Aug. 22
to
to

1 Holders o f rec. Aug. 21
Aug. 15
to
Aug. 31
Holders of rec. July29a
Holders o f rec. Aug. 14a
Aug. 22
to
Sept. 1
Holders o f rec. Aug.31a
Holders o f rec. Aug. 21
Sept. 22
to
Sept. 30
Aug. 31
Aug. 23
to
Aug. 31
Aug. 23
to
Holders o f rec. Sept, la
Holders of rcc. Aug .3 la
Holders o f rcc. Sept. 15a
Holders of rec. Aug. 26
Holders of rcc. Aug. 26
Sept. 1
Aug. 18
to
Sept. 15
15[Sopt. 6 to
Sept. 1
1 Aug. 17
to
Holders of rec. Aug. 15a
Holders of rec. Aug. 20
Holders of rec. Aug. 20
Holders o f rec. Aug. 15a
Holders of rec. Aug.16a
Holders of rcc. Sept.15a
Holders o f rec. Aug.31a
Holders of rec. July 31
Aug. 10
to Aug. 21
Holders of rec. Aug. 26
Holders of rec. Aug. 15*
H olders of rec. Aug.22a
Holders of rec. Sept.22a
Holders of rec. Sept. 2a
Sept. 1
Aug. 22
to
Holders of rec. Aug. 19
Aug. 20
to
Holders o f rec. Aug. 16
Sept. 1
Aug. 13 to
Sept. 1
Aug. 19 to
Holders of rec. Aug .2 la
Sept. 16
Sept. 2
to
Holders of rec. July 31
Aug. 31
lA u g . 22
to
Sept. 1
Aug. 18
to
N ov. 1
Oct. 15
to
Holders o f rec. Sept.28a
Holders of rec. Aug.17a
Sept. 30
Sept. 11
to
Sept. 13
Sept. 9
to
Aug. 22
Aug. 19
to
Holders of rec. Aug.25a
Sept. 20
Sept. 10 to
Holders of rec. Sept.15a
Holders of rec. Aug. 3a
Holders of rec. Aug. 15a
Aug. 30
Aug. 20
to
Aug. .30
Aug. 20
to
Holders of rec Aug. 18'
Aug. 22
Aug. 3
to
Aug. 1 1
Aug. 15
to
Holders of rec. O ct. 2a
Holders of rcc.. Aug. lt!
Holders of rec., N ov. la
Holders of rec.. Aug.30a
Holders of rec.. Aug.18a
Sept. 4
Aug. 19 to
Holders of rec.. Aug. 15
Holders o f rec. Sept .20a
Holders of rec. Sept.20a
Holders of rec.. Aug.25a
Holders of rec. Aug.24a
Sept. 3
Aug. 16 to
Sept. 11
Sept.
2 to
Aug. 1»
Aug.
2 to

a Transfer books not closed, b Less income tax. d Correction, e Declared 7%
payable In quarterly Installments. /D eclared 2 % payable in quarterly installments.

4-50

THE CHRONICLE

Auction Sales.— Among other securities, the following, not
usually dealt in at the Stock Exchanges, were recently sold at
auction in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent.
55 Texas Land Syndicate No. 3
S5 each....... .....................$18 per sh.
74'N at tonal City Bank................-.4 4 0
700 Great Lakes C oal C o ......... $1 persh.
23 Jefferson Bank...................... 182-182

Bonds.
Per cent.
S 4.000 City o f New York 3 A s . 1910.
A. & O ......... ............................973-6 & int.
31,000City o f New York.’l ^ s , 1917,
M. & N ......... ................... ........ 9634 & int.
$11,000 City of New York 334s,
1918, M. * N ........................ 9034 & int.
34.000 City o f New York 3 34s, 1927,
M. & N ................ .....................92 34 & Int.

By Messrs. R. L. Day & Co., Boston:
Shares.
$ persh. Shares.
$ per sh.
3 Atlantic Cotton M ills......................80
15 Ware River R R . C o......... ............ 174
5 Androscoggin Mills.................... .. 1 8 5
20 Massachusetts Lighting Cos____12434
1 D wight Mfg. Co., par 3500____ 1175
62 Rights American Glue C o______ 10c.
5 Davis Mills. Pall lU vcr.................110
4 State Street exch a n g e ......... 85 & int.
10 Great Falls M fg. C o______ _____ 190H 12 New Eng. Inv. <fe Sec. Co., p f . 95-9534

By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ persh. Shares.
$ persh .
5 Lowell & Andover R R . C o____212
10M erchants Nat. Bank............. .28034
10 Androscoggin M ills.................... 190
l Boston Library Society_______
5
15 Amoskeag Mfg. C o........ 32344-325
230 Rights American Glue C o......... l i e .
11 Manchester & Lawr. R R . C o . . 223>4 25 Amer. Glue Co., prcf.,ex-rights 148

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
% persh.
25 Pneum. Cushion Sole Shoe C o . 5
lQ 2d A 3d Sts. Pass. R y . C o____25 4
14 Continental Pass. R y . C o_____ 12545
25 Bank of No. Am erica..........312-314
0o. Finance Co. o f Pa., 1st pref___115
2(1. Northern Trust C o..... ........... -.4 0 0
15 German Theatre Realty Co.,
par S 1 0 - .................................. 4
15 Fourth St. Nat. Dank________ 3013-5
13 Corn Exchange Nat. Bank____288J4
4 Girard National B ank............... 35134
25. Union National B ank............... 205
10:Commercial Trust C o............ — 401
o .Girard Trust C o_______________976
lOjPfflla. T r., S. D. A Ins. C o . ..6 4 1
15 Excelsior Tr. A Sav. Co.,parS50 56
12 rennsylv. Co. for Ins., A c ____581
49„ltcal Estate Tr. Co., p r e f_____ 9934
5 Hamilton Trust Co., par S 5 0 .. 60

Shares.
S persh.
I Fire Assoc, o f Phila., par 350. .342
10 Mechanics’ Ins. Co., par 3 2 5 .. 473 4
30 People’s N at.F ireIn.Co.,par$25 3 5
20 Phila. Life Ins. Co., par $ 1 0 .. . J134
3 Germantown Pass. R y . C o .. 120
112 East Mahanov R R . Co., par$50 54 34
70 Am cr. Pipe & Construe. C o___94
10 Eastorn Light A Fuel Co., c o m . 112
14 John B. Stetson Co., c o m .566-571
25 D. B. Martin Co., pref________ 68
500 Colo. Gold M .A Sm. Co., par $1 25c.
Ponds.
$245,000

Norwalk Steel Co.

Percent.
1st

435s. 1925...................................357,000

S 100,000 Norwalk Steel Co. 1st
324,250
4 35s. 1925----------------31,700 Spring!. Water Co. 5s. 1920.100
$1,000 N o.Springf.W at.Co. 5s. ’ 28.100

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

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

D E T A IL E D

Trust Cos.
00? omitted.
M an h a ttan ___
B r o o k l y n ____
Bankers _____
U. S. M tg.A Tr
A s t o r ________
Title Guar.&Tr
Guaranty..........
F id e lity ...........
LawversT.I.&T
Colum bia.........
Standard _____
P e o n ie s ______
New Y ork ____
F ra n k lin .........
Lincoln ______
M etropolitan..

Surplus.

R E TU RN S OF TR U S T COM PANIES.

On Dep.
Net
Loans.
Specie. Leqals. with C .11 Deposits.
Averaqe. Averaqe. Averaqe. Banks. Averaqe.

3
3
3
2,331,4 19,966,0 2,267,0
2,397,2 17,084.0 1,665,0
12,860,9 139,019,0 14,663,0
4,446,4 40,13.8,0 3,368,0
1,013,1 17,085,0 1,839,0
11,429,9 36,269,0 1.835,0
22,977,9 149,221,0 13,650,0
1,272,4
6,867,0
567,0
6,453,8 20,211,0 1,476,0
1,813,1 16,776,0 1,621,0
1,426.3 16,141,0 2,209,0
1,727.4 17,269,0 1,982,0
11,183,3 48,870,0 4,656,0
977,4 10,731,0 1,275,0
582,0
9,515,0 1,082,0
6,107,4 25,076,0 2,864,0

S
25.0
415,0
523,0
869,0
25,0
1,451,0
1,302,0
226,0
924.0
90,0
20.0
384,0
184,0
292,0
223,0
13,0

Reserve.

S
$
%
1,90.8,0 14,987,0 15.2 + 11.2
4,025,0 12,211,0 17.0 + 24.6
12,972,0 100,073,0 15.1 + 11.4
5,000,0 27,878.0 15.1 + 15.0
1.724,0 12,048.0 1 4 .6+ 10.4
3,462,0 22,158,0 14.8 + 13.3
18,467,0 93,229,0 1 0 .0+ 16.5
731,0
5,071,1 15.6 + 11.0
1,782,0 15,099,0 15.9 + 10.5
1,500.0 11,458,0 14.9 + 11.5
2,236,0 16,055,0 1 3 .8+ 12.2
1 , 8 8 .8 ,0
15,727.0 15.0 + 10.6
3,568,0 31,454,0 15.3 + 10.1
1,147,0
9,836.0 15.9 + 10.1
8,608,0 15.1 + 11.0
1,067,0
2.578,0 17,888,0 1 0 .0+ 12.5

Totals, A v g e .. 91,029,9 590,238.0 57,025,0

6,966,0 64,055,0 414,380,0 15.4 + 13.3

Actual figures

6.858.0 65.894,0 411,827,0 15.3 + 13.7

Aug. 12 58S,252,0 56,142,0

Th<' capital of the trust companies Is as follows- Manhattan, $1,000,000; Brooklyn.
31.000.
000; Bankers, 35,000,000; U. S. Mortgage A Trust, $2,000,000; Astor,
31,250,000: Title Guarantee & Trust, 34,375,000; Guaranty, $5,000,000; Fidelity,
81.000. 000: Lawvers’ Title Insurance A Trust, $4,000,000; Columbia, $1,000,000;
Standard, 31,000,000: People's, 31.000,000; New York, $3,000,000; Franklin.
31,500,000: Lincoln, S I,000.000: Metropolitan, 32,000,000: total, 335,125,000.
SU M M ARY CO VERIN G BO TH BAN KS AND TR U S T COMPANIES.
Week
endina
A w . 12

Capital.

Surplus.

Loans.

Specie.

On Dep.
Lcqal with C.H .
Net
Tenders. Banks.
Deposits.

Averages.
3
S
3
3
3
$
S
B a n k s __ 135.150.0 190,141,3 1.373.064.0 294.921.0 77.27.8.0
1.409.758.0
Trust 0 0 s. 35,125,0 91,029,9 590.238.0 57.025.0
6,966,0 64,055*6 414.380.0
T otal__ 170.275.0 281,171,2 1.963.302.0 351.946.0 84.244.0 64,055,0 1.824.138.0
Actual.
B a n k s __
1.403.404.0
1.362.824.0 299.098.0 77.380.0
Trust cos.
588.252.0 56.142.0
0.858,0 65,894" 6 411.827.0
T o t a l ...

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

............ 1,951,076,0 355,240,0 84,238,0 65,894,0^,815,231,0

hares.
3 per sh. IBonds.
Per cent.
0 Bonita Mfg. C o.............................35 IS500 N o.Springf.W at.Co. 1st 5s,’ 2S 100
2 2d * 3d Sts. Pass........................ 25534131,000 Springf. Water Cons. 5s. '25 100

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
Statement of Now York City Clearing-House Banks and in the whole State, but the figures are compiled so as to
Trust Companies.— The detailed statement below shows the distinguish between the results for New York City (Greater
condition of the New York City Clearing-House members New York) and those for the rest of the State, as per the
for the week ending Aug. 12. The figures for the separate following.
banks are the averages of the daily results. In the case of
For definitions and rules under which the various items
the totals, actual figures at the end of the week are also given. are made up, see “ Chronicle,” V. 86, p. 316.
For definitions and rules under which the various items are
S T A TE B A N K S AND TR U ST COMPANIES.
made up, see “ Chronicle,” V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
State Banks
Trust Cos.
Stale Banks
Trust Cos.
Week ended Awi. 12.

D E TA ILE D R E TU R N S OF BA N K S.

in
in
outside of
outside o f
Greater N . Y . Greater N . Y. Greater N . Y. Greater N . Y.

W e omit tico ciphers ( 0 0 ) in all cases.
Capital.
3

Surplus.

Loans.
Averaqe.

3
Bank o f N. Y .
2 , 0 0 0 ,0
20,8S9,0
3,680,6
M.-yyiattan Co
2,050,0
4,413,4
35,650,C
Merchants’ ___
1,951,8
21,576,C
2 , 0 0 0 ,0
Me?h.& Metals
6 ,0 0 0 ,0
8,230, l
55,3 15,C
A m e r ic a .........
1,500.0
6,134,4
28,742, C
City ................ 25,000,(1 24,969,9 188,911,C
Chemical_____
3,000,(1
6,641,0
31,379,0
Merchants’ Ex
600,0
7,067,0
579,5
Gallatin______
1 , 0 0 0 ,0
9,231,0
2,508,5
B ilteh.A D rov.
300,0
156,4
2,260,0
G reen w ich ___
500,0
8,227,0
874,5
Am, Exchange
5 000 0
4,416,4
42,215,0
Commerce____ 25,000,0 15,101,7 143,853,0
Mercantile . . .
3,000,0
2,727,2
14,822,0
PaqMc ______
500 0
936 8
4.102,0
Ghat. A Fhen.
2,250,0
1,105,4
15,059,0
Pepplo’s .........
2 0 0 ,0
470,9
1,759,0
H ;W iovcr_____
,3,009,0 12,620,6
69,029,0
2,550,0
Citizens’ Cent.
1,847,8
22,820,0
N a s s a u ............
500.0
504,1
9,298,0
1 , 0 0 0 ,0
M feket & Full.
1,7.88,8
9,120,0
Metropolitan .
2,009,0
1,572,3
11 , 2 0 1 ,0
3,000,0
Corn' Exchange
5.557,8
48,892,0
Im p. A T r a d ..
1,500,0
26,561,0
7,735,6
P a r k ................
5.000,0 12,9 41,4
86,226,0
Ejist R iver. .
250,0
1,432,0
101,4
F o u r t h ...........
5,000.0
36,278,0
5.675,3
S e c o n d ______
13,589,0
1,090,0
2,244,9
Fii.st . ............. 1 0 , 0 0 0 ,0 20,906.7 118,946,0
IrVIng E x c h ..
2 ,0 0 0 0
24,320,0
1,897,0
Flowery .........
3,405,0
250,0
794,9
N , Y . C ounty.
500,0
8,395,0
1,758,3
German-Amcr.
4,214,0
750,0
717,7
Chase................
5,000,0
80,137,0
8,4 40,1
Flftn Avenue.
1 0 0 ,0
13.053,0
2,227,3
Gyfman E x ch .
2 0 0 .0
888,4
3,715,0
G erm an ia____
2 0 0 ,0
1,041,2
5,518,0
Lincoln ...........
1, 0 0 0 ,0
15,736,0
1.632,5
Garfield............
1 , 0 0 0 ,0
1,242,4
8,798,0
F ifth ------------250,0
532,8
3,550,0
M etrop olis___
1 , 0 0 0 ,0
2,145,7
12,540,0
W est S i d e ...
2 0 0 ,0
1,064,0
4,452,0
Seaboard_____
1 ,0 0 0 ,0
22,059,0
2,049,3
L ib e r ty ______
1 ,0 0 0 ,0
2,717,7
17.734,0
N 7Y .P rod.E x.
1 ,0 0 0 ,0
797,4
8.637,0
State ________
t . 0 0 0 ,0
967,5
15,851,0
14th Street__
1 ,0 0 0 .0
326,7
6,271,0
Cp 3 \ A Iron. . .
1 ,0 0 0 .0
435,0
0,163,0
Union E x c h ..
9,577,0
1,000.0
951,6
Nassau, Bklyn.
7,854,0
1 , 0 0 0 .0
1 , 0 0 0 ,0

Specie.
Leqals. Net Depos­ Re­
Averaqe. Averaqe. its, Aver. serve.
s
3
4,153,0 1,016,0
19.168.0 26.1
8.882.C 1,691,0
41.100.0 25.7
4,386,C 1,499,0
22,57 4.0 26.0
12,064,0 1,485,0
53.662.0 25.2
5,313,C 2,128,0
29.716.0 25.0
53.710,0 5.SOO.O 199.124.0 29.8
5,750,(1 1,682,0
29.350.0 25 3
228,0
1,386,0
7,0.83,0 22.7
458,0
1,497,0
7.608.0 25.6
6 6 ,0
495,0
2.302.0 24.3
205,0
2,131,0
9.318.0 25.0
7,176,0 3,538,0
41.046.0 25.7
23,916,0 8,025,0 122.396.0 26.0
994,0
1,961,0
11.095.0 25.2
399,0
451,0
3.467.0 2 4.5
2,893.0
938,0
15.342.0 25 0
436,0
151,0
2.357.0 25.0
1 0 , 1 2 2 .0 4,722,0
77.949.0 26.7
5.124.0
622,0
22.225.0 25.8
1,360.0 1 , 2 2 0 ,0
10.693.0 24.1
1,223,0 1,081,0
9.032.0 25.5
2,615.0
2 1 2 ,0
11.284.0 25.3
9,159.0 5,468,0
58.234.0 25.1
4,911,0 1,511,0
24.563.0 26.2
21,132,0 1.584,0
90.117.0 25.2
279,0
125,0
1.612.0 25.1
8,215.0 2.810,0
40.427.0 07 2
3,258,0
132,0
13.230.0 25 >>
24,061,0 3,493,0 112.203.0 25.0
4,510.0 2,314,0
26.404.0 25.9
829,0
60,0
3.565.0 24 9
1,425,0
712,0
8.529.0 25.0
859,0
2 1 1 ,0
4.070.0 26.0
19,925.0 6,747,0
98.458.0 27.0
2,719,0 1,032,0
1 4,854,0
320.0
630,0
.3,762,0 25.2
1,182,0
503,0
6.501.01 25.9
3,010,0 1,227,0
16.812.0 25.2
1,638,0
647,0
8.922.01
760,0
341,0
3.939.0 27.«
1,188,0 2,003,0
12,681,0 2.5.1
1,016,0
223,0
5.058.0 24.8
4,712,0 2,332,0
26.177.0 26.9
4,149,0 1,167,0
18.828.0 28.2
420,0
2,365,0
10.420.0 26.7
4,066,0
33.3,0
20.055.0 24.9
1,279,0
531,0
7.300.0 24.7
1,267,0
512,0
6.567.0 27.0
842.0 1,622,0
9.774.0 25.2
280,0
1,595,0
7.515.0 25.0

3
62,206,000

38,912,100

178,697,600

11,631,137

11,999.889

295,721,200 1,141,282,200
— 1,918,500 — 15,231,900

99,443,600
+ 754,000

153,173,700
+ 1.904,400

Totals, Aver. 135,150,0 190,141,3 1373,004,0 204,921.0 77,278,0 1109,758,0

26.4

Actual F-Igur 03 Aug. 12

26.8

.............. 1362,824,0 299,093,0 77,380,0

CircnbiUon.— On the basis o f averages, circulation of natronal banks In the Clearing
House amounted to $17,651,000 and according to actual figures was 347,795,000. °




Surplus as of Juno 7.
Loans and Investments..
Change from last week

s
9,453,000

3
23,275,000

Capital as o f June 7.
Banks.
0 0 -j omitted.

3
9,525,000

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

51,510,500
+ 423,000

116,265,200
— 1.441,500

Legal-tenders A bk. notes
Change from last week

24,081,300
+ 535,000

11,480,500
— 223,400

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

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

349,055,900 1,250,136,500
— 2,143,500 — 15,440,400

106,100,300
+ 065,100

102,541,600
+ 948,300

Deposits .............................
Change from last week.
Reserve on deposits.........
Change from last week.

97,620,200
+ 505,600

130,80.8,900
— 2,023,000

22,274,200
+ 159,500

24,212,000
—431,200

P. C. reserve to deposits..
Percentage last w e e k ..

2 .8 .2 %
27.!)%

16.4%
10.3%

21.9%
21.9%

15.7%
16.0%

+ Increase over last week.

— Decrease from last week.

Note.— 1’’Surplus" Includes all undivided profits. "R eserve on deposits” Includes,
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keen a Reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reserve required Is computed on the
aggregate o f deposits, exclusive of monevs held In trust and not payable within
thirty (lavs, and also exclusive of time deposits not payable within thirty days,
represented bv certificates, and also exclusive of deposits secured by bonds or
obligations o f the State or Citv o f New York, and exclusive of an amount equal to
tlie market value (not exceeding par) of bonds or obligations of the State or City
o f New York owned by the bank or held In trust for it by anv public department.
The State banks are likewise required to keep a reserve varying according to loca­
tion, the reserve being computed on the whole amount of deposits exelusiveof timo
deposits not payable within thirty days, represented bv certificates (according
to the amendment of 1910) and exclusive o f deposits secured (aerordlng to amend­
ment of 191D by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding pari of bonds or
obligations o f the State or Citv of New York owned by the com pany or held In trust
for it by any public department.
5^
— Trust C os.—
— State Banks—
Reserve Required fo r Trust Companies
Total
Of
Total
of
and State Banks.
Reserve
which Reserve
which
Location—
Required, in Cash. Required, in Cash
15%
25%
15%
Manhattan Borough..................................................... 15%
Brooklyn Borough (without branches In Manh.at.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan! 15%
10%
15%
7'A %
Brooklyn Borough, with branches In M anhattan.. 15%
15%
20%
20%
Other Boroughs, with branches In Manhattan____15%
15%
15%
ir,%
Elsewhere In State..........................................................10%
5%
15%
6%

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

AUG.

li> m i.]

THE CHRONICLE

House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
NEW

Week ended Aug.

YORK

12 —

%

S u r p lu s a s o f J u n e 7 ___

S
3 5 ,1 5 6 ,0 0 0

S
1 7 0 ,2 7 5 ,0 0 0

3
2 0 5 ,4 3 1 ,0 0 0

2 8 1 ,1 7 1 ,2 0 0

2 8 1 .1 7 1 ,2 0 0

9 3 ,6 3 8 ,1 0 0

3 7 4 ,8 0 9 ,3 0 0

L o a n s „ a n d I n v e s t m e n t s 1 ,9 5 1 ,0 7 6 ,0 0 0
C h a n g e f r o m la s t w e e k — 2 6 ,2 7 1 ,0 0 0

1 ,9 6 3 ,3 0 2 ,0 0 0
— 2 7 ,5 0 6 ,0 0 0

6 3 0 ,5 7 4 ,3 0 0
— 3 ,0 5 1 ,7 0 0

2 ,5 9 3 ,8 7 6 ,3 0 0
— 3 0 , 5 5 7 ,7 0 0

1 ,8 1 5 ,2 3 1 ,0 0 0
D e p o s i t s 1...... ....................
C h a n g e f r o m la s t w e e k — 1 5 ,8 8 6 ,0 0 0

1 ,8 2 4 ,1 3 8 ,0 0 0
— 2 8 ,6 0 9 ,0 0 0

0 6 3 0 ,8 7 0 ,2 0 0
— 1 5 0 ,9 0 0

2 ,4 5 5 , 0 0 8 .2 0 0
— 2 8 , 7 5 9 ,9 0 0

S p e c i e ...................................
C h a n g e f r o m la s t w e e k

3 5 5 ,2 4 0 ,0 0 0
+ 5 ,7 5 5 ,0 0 0

3 5 1 ,9 4 6 ,0 0 0
+ 8 4 0 ,0 0 0

6 5 ,3 9 5 ,1 0 0
+ 4 4 9 ,9 0 0

4 1 7 .3 4 1 .1 0 0
+ 1 ,2 8 9 ,9 0 0

L e g a l - t e n d e r s ---------------C h a n g e f r o m la s t w e e k

8 4 ,2 3 8 ,0 0 0
— 4 9 7 ,0 0 0

8 4 ,2 4 4 ,0 0 0
— 4 5 6 ,0 0 0

6 1 2 ,2 9 6 ,2 0 0
+ 1 8 2 ,6 0 0

9 6 ,5 4 0 ,2 0 0
— 2 7 3 ,4 0 0

B a n k s i j c a s h In v a u l t . .
I t a t i o j t o d e p o s i t s -------

3 7 6 ,4 7 8 .0 0 0
2 0 .8 3 %

3 7 2 .1 9 9 ,0 0 0
2 6 .4 0 %

1 3 ,9 1 0 ,2 0 0
1 4 .0 5 %

3 8 6 ,1 0 9 ,2 0 0

Pti

T r u s t J J o s .c a s h in v a u l t

6 3 ,0 0 0 ,0 0 0

6 3 ,9 9 1 ,0 0 0

6 3 ,7 8 1 ,1 0 0

1 2 7 ,7 7 2 ,1 0 0

A g g r ’ t c m o n e y h o l d in g s
C h a n g e f r o m la s t w e e k

4 3 9 ,4 7 8 ,0 0 0
+ 5 .2 5 8 ,0 0 0

4 3 6 ,1 9 0 ,0 0 0
+ 3 8 4 ,0 0 0

7 7 ,6 9 1 ,3 0 0
+ 6 3 2 ,5 0 0

5 1 3 ,8 8 1 ,3 0 0
+ 1 ,0 1 6 ,5 0 0

6 5 ,8 9 4 ,0 0 0
— 1 ,0 4 7 ,0 0 0

6 4 ,0 5 5 ,0 0 0
— 1 ,9 8 1 ,0 0 0

2 3 ,1 6 3 ,7 0 0
— 5 5 7 ,0 0 0

8 7 ,2 1 8 ,7 0 0
— 2 ,5 3 8 ,0 0 0

5 0 5 ,3 7 2 ,0 0 0
+ 4 ,2 1 1 ,0 0 0

5 0 0 ,2 4 5 ,0 0 0
— 1 ,5 9 7 ,0 0 0

1 0 0 ,8 5 5 ,0 0 0
+ 7 5 ,5 0 0

6 0 1 ,1 0 0 ,0 0 0
— 1 ,5 2 1 ,5 0 0

2 5 ,6 2 7 ,0 0 0
1 .2 2 5 ,9 5 0

1 9 ,7 5 9 ,5 0 0
1 ,8 3 4 ,0 0 0

2 6 , 8 5 2 ,9 5 0
+ 8 ,9 4 6 ,6 0 0

2 1 ,5 9 3 ,5 0 0
+ 6 ,0 4 8 ,3 5 0

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

% ’o f c a s h preserves o f tr u s t c o s . —
1 5 .3 0 %
C a s h o n d e p . w it h b k s .
1 3 .7 9 %

1 5 .4 4 %
1 3 .3 9 %

1 5 .1 0 %
1 .3 6 %

2 8 .8 3 %

1 6 .4 6 %

C lia n g e jf r o m la s t w e e k

We omit two ciphers

T o t a l _________ ________

Banks.

Clear.-House State Banks & Total o f all
Members. Trust Cos. not Banks JtTrust
in C.-H. Aver. Cos. Average.
Average.

Clear.-Howe
Members.
ActualFigures
1 7 0 ,2 7 5 ,0 0 0

T o t a l r e s e r v e ................
C h a n g e f r o m la s t w e e k
AH •
. S u r p lu s „ C A S H r e s e r v e
B a n k s i(a b o v e 2 5 % ) . .
T ru s t c o s .( a b o v e l5 % )

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
in all thess figures.

(0 0 )

C IT Y B A N K S A N D T R U S T C O M P A N IE S .

C a p it a l a s o f J u n e 7 . . .

M o n e y j o n d e p o s i t w it h
o th er b k s. & tru st cos .
C h a n g e f r o m la s t w e e k

451

2 9 .0 9 %

J u ly 2 2 . .
J u ly 2 9 . .
A ug. 5 ..
A ug. 12. .
I’ h lla .
J u ly 2 2 . .
J u ly 2 9 . .
Aug. 5 ..
A ug. 1 2 ..

Loans.

Specie.

$
4 1 .3 5 0 ,0
4 1 ,3 5 0 ,0
4 1 , 3 5 0 ,0
4 1 ,3 5 0 ,0

$
2 2 3 ,7 1 4 ,0
2 2 5 ,0 7 3 ,0
2 2 7 ,2 0 1 ,0
2 2 5 ,2 2 0 .0

2 8 ,2 0 7 ,0
2 9 ,2 3 1 ,0
2 7 ,1 7 7 ,0
2 5 ,8 5 4 ,0

6 0 .1 0 5 .0
6 0 .1 0 5 ,0
6 0 ,1 0 5 .0
6 0 ,1 0 5 ,0

2 8 1 ,1 0 6 ,0
2 8 1 ,6 4 3 ,0
2 8 3 .2 3 8 ,0
2 8 3 ,2 9 6 .0

$

Legals. Deposits,
S
4 ,3 2 3 ,0
4 ,1 0 0 ,0
3 ,9 3 3 ,0
4 ,1 1 7 ,0

8 2.4214.0
8 4 ,1 3 8 ,0
8 0 ,9 6 2 ,0
7 6 ,7 4 7 ,0

Clearings.

Circu­
lation.

a

$
2 7 5 ,6 5 1 ,0
2 7 0 ,5 2 1 ,0
2 7 2 ,1 2 0 ,0
2 6 8 ,8 4 0 ,0

$
7 ,1 2 7 ,0
7 ,0 5 8 ,0
7 ,0 6 5 ,0
7 ,0 7 6 ,0

8
1 6 1 ,6 1 8 ,8
1 3 8 ,3 3 0 ,6
1 5 8 .7 2 9 J >
1 4 2 .T 7 0 .7

3 4 4 .8 8 3 .0 1 5 .3 3 8 .0
3 4 2 ,3 8 5 ,0 1 5 ,3 1 7 ,0
3 4 1 ,6 7 6 ,0 1 5 ,3 1 5 ,0
3 3 5 , 0 3 8 , o 1i 5 , 3 3 8 , o

1 7 1 2 5 3 .8
1 2 9 5 2 2 .1
1 4 8 ,7 1 3 ,3
1 3 2 ,2 0 3 ,1

n I n c l u d e s G o v e r n m e n t d e p o s i t s a n d t h e I te m “ d u e t o o t h e r b a n k s .”
A t B o s to n
G o v e r n m e n t d e p o s i t s a m o u n t e d t o 8 3 ,0 6 9 .0 0 0 o n A u g . 1 2 , a g a in s t * 3 ,0 6 8 .0 0 0 o n
A u g . 5.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Aug. 12; also
totals since the beginning of the first week in January.
F O R E IG N

Fo r week.

IM P O R T S A T N E W
1911.

YORK.

1910.

1909.

1903.

|

D r y G o o d s ......................................
G e n e r a l M e r c h a n d i s e ................

8 2 ,4 9 1 .8 1 1
1 5 ,4 8 3 ,8 3 5

$ 3 ,0 9 0 ,0 1 4
1 5 ,2 2 0 ,3 5 3

T o t a l .............................................
Since January 1.
D r y G o o d s . .....................................
G e n e r a l M e r c h a n d i s e ................

S 1 7 .9 7 5 ,C 4 6

5 1 8 ,3 1 0 ,3 6 7

8 8 5 .6 8 6 ,5 4 4
4 4 9 ,9 3 8 .8 6 9

S 9 7 .3 5 7 .8 7 2 8 1 0 6 ,1 1 1 ,4 8 0 $ 7 2 ,7 6 3 , 7 9 0
4 8 2 ,7 1 9 ,9 7 0 4 2 5 .4 8 1 .8 9 8 , 3 0 3 ,3 2 9 , 4 3 6

$ 3 ,2 6 1 ,1 9 0 ,
1 4 .1 9 5 .4 0 8 i

$ 2 ,6 1 9 ,2 0 1
8 ,0 7 9 , 1 1 3

8 1 7 ^ 4 5 6 .5 9 8 : $ 1 0 ,6 9 8 , 3 1 4

T o t a l 3 2 w e e k s ........................ 8 5 3 5 ,6 2 5 .4 1 3 8 5 S 0 .0 7 7 .8 4 2 $ 5 3 1 ,5 9 3 ,3 8 4 $ 3 7 6 ,0 9 3 , 2 2 5

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

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Aug. 12 and from Jan. 1 to date:
EXPORTS

+ I n c r e a s e o v e r la s t w e e k .
— D e c r e a s e fr o m la s t w e e k .
a T h e s e a r e t h e d e p o s i t s a f t e r e lim in a t in g t h e Ite m “ D u e fr o m r e s e r v e d e p o s i t o r ie s
a n d o t h e r b a n k s a n d t r u s t c o m p a n i e s in N e w Y o r k C i t y ” ; w it h t h is I t e m I n c lu d e d ,
d e p o s i t s a m o u n t e d t o 3 7 2 3 ,5 2 9 ,5 0 0 , a d e c r e a s e o f § 3 3 6 ,0 0 0 fr o m la s t w e e k .
I n th e
c a s e o f t h e C l e a r ln g - I I o u s e m e m b e r s , t h e d e p o s i t s a r e " l e g a l n e t d e p o s i t s ” b o t h f o r
t h e a v e r a g e a n d t h e a c t u a l fig u r e s ,
b In clu d e s b a n k n o te s .

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
C O M B IN E D R E S U L T S O F B A N K S A N D T R U S T C O M P A N IE S IN
GREATER NEW

B oston .

Capital
and
Surplus.

FROM

NEW

YORK.

F o r week.

1911.

1910.

1909.

190.8.

F o r t h e w e e k _________ ________
P r e v io u s ly r e p o r t e d __________

$ 1 3 ,6 6 7 ,4 5 9
4 6 2 ,1 4 9 ,8 3 9

$ 1 6 ,6 2 5 ,6 3 5
3 8 8 ,5 5 4 ,5 2 0

$ 1 1 ,1 3 6 ,0 8 7
3 7 2 ,3 1 2 ,8 5 5

$ 1 2 ,4 2 5 , 3 8 8
3 8 8 ,3 2 7 , 8 6 2

T o t a l 3 2 w e e k s . . ................... 8 4 7 5 ,8 1 7 .2 9 8 $ 4 0 5 ,1 8 0 ,1 5 5 $ 3 8 3 ,4 4 8 ,9 4 2 $ 4 0 0 ,7 5 3 , 2 5 0

The following table shows the exports and imports of
specie at the port of New York for the week ending Aug. 12
and since J an ..l 1911, and for the corresponding periods in
1910 and 1909:

YORK.

EXPORTS

AND

IM P O R T S O F S P E C IE A T N E W

YORK.

We omit two ciphers In all these figures.
E x p o rts.
t

Week
Ended.

June
Juno
June
J u ly
J u ly
J u ly
J u ly
J u ly
A ug.
A u g ._

1 0 ..
1 7 -2 4 -1 -8 ..
1 5 ..
2 2 ..
2 9 ..
5 ..
1 2 ..

Loans and
Investments.

Deposits.

S
2 ,5 6 5 , 3 7 5 , 5
2 ,5 7 0 . 7 9 5 , 8
2 ,5 8 3 , 1 1 3 , 7
2 ,5 9 5 , 8 3 4 , 8
2 .0 4 6 ,4 8 0 .3
2 ,6 4 8 . 8 9 3 , 6
2 .6 3 7 . 3 7 1 . 8
2 .6 3 0 , 9 7 3 , 8
2 .0 2 4 , 4 3 4 . 0
2 ,5 9 3 , 8 7 6 , 3

8
2 ,5 7 8 ,7 8 7 .0
2 ,4 6 2 ,9 5 4 .7
2 .4 7 7 ,5 6 4 ,5
2 .4 U 0 .S 2 0 .U
2 ,5 0 9 .2 4 3 ,7
2 ,5 1 3 ,5 1 5 .5
2 .5 0 6 ,5 3 2 ,8
2 ,4 9 8 ,6 0 8 ,1
2 ,4 8 3 ,7 6 8 ,1
1 5 5 ,0 0 .,3

Specie.
S
4 3 9 ,2 0 5 ,0
4 4 7 ,1 9 9 ,3
4 5 5 ,3 6 8 .6
4 5 4 ,5 3 8 ,2
4 1 8 ,9 1 4 ,6
4 1 4 .5 1 7 .0
4 1 9 ,0 8 7 ,8
4 2 0 ,7 4 5 ,3
4 1 6 ,0 5 1 ,2
4 1 7 .3 4 1 ,1

$
9 4 ,3 1 1 ,3
9 4 ,3 6 6 ,0
9 5 ,6 8 0 ,3
9 6 ,1 4 1 ,7
9 6 ,1 8 0 ,0
9 8 ,2 4 7 ,0
9 8 ,5 7 9 ,5
9 7 ,7 0 6 ,6
9 0 ,8 1 3 ,6
9 6 ,5 4 0 ,2

8
5 3 3 ,5 1 6 ,3
5 4 1 ,6 6 5 ,3
5 5 1 ,0 4 8 ,9
5 5 0 ,6 7 9 ,9
5 1 5 ,1 0 3 ,6
5 1 2 ,7 9 4 ,0
5 1 7 ,6 6 7 ,3
5 1 8 ,4 5 1 ,9
5 1 2 ,8 6 4 ,8
5 1 3 ,8 8 1 ,3

8
5 6 1 ,2 5 0 .2
0 2 6 ,3 9 6 ,0
6 6 1 ,0 9 6 .0
6 4 9 ,4 8 9 ,1
6 0 4 ,3 1 8 ,6
6 9 9 ,3 8 9 ,3
6 0 2 ,7 6 7 .4
6 0 6 ,7 9 2 ,3
6 0 2 ,6 2 1 ,5
6 0 1 .1 0 0 ,0

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending Aug. 12, based on average daily results:
We omit two ciphers

Banks.

Capi­
tal.

Sur­
plus.

(0 0 )

in all these figures.

Loans,
Dlsc'ls
and
Invest­
ments.

Specie.

On
Legal
Tender Deposit
•with
Net
and
C.-H . Deposits.
Bank
Notes. Banks.

N e w Y o r k C ity ,

Manhattan <& Bronx.
W a s h in g to n H e ig h ts .
C e n t u r y ...... ....................
C o l o n ia l ...........................
C o l u m b i a ...........................
F i d e l i t y .............................
J e f f e r s o n ...........................
M o u n t M o r r i s ................
M u t u a l................................
P la z a ...................................
T w e n ty -th ir d W a r d ..
Y o r k v l l l e ........................
N e w N c t h e r l a n d ...........
B a tte r y P a r k N a tio n a l
A e t n a N a t i o n a l ------------

Borough o f Brooklyn.

S

1 0 0 .0
2 5 0 .0
4 0 0 ,0
3 0 0 ,0
2 0 0 ,0
5 0 0 ,0
2 5 0 ,0
2 0 0 ,0
1 0 0 ,0
2 0 0 ,0
1 0 0 ,0
2 0 0 ,0
2 0 0 ,0
3 0 0 ,0

B r o a d w a y .....................
2 0 0 ,0
M a n u fa c tu r e r s ’ N a t ’ l .
2 5 2 ,0
M e c h a n i c s '...................... 1 ,0 0 0 ,0
N a t i o n a l C i t y ................
3 0 0 ,0
N o r t h S i d e ........................
2 0 0 ,0
F ir s t N a t i o n n l ................
3 0 0 ,0

$

2 9 1 .2
1 2 7 ,8
4 3 3 ,4
7 9 6 ,5
1 8 2 ,2
5 3 3 .3
3 3 9 ,9
4 0 1 ,8
4 7 3 ,7
1 0 5 ,8
5 0 2 ,3
2 7 3 ,3
1 4 3 ,8
3 0 9 ,2

$
1 ,3 4 7 ,0
1 ,5 0 6 ,0
6 ,0 3 1 ,0
0 ,7 4 2 ,0
1 ,0 4 7 ,0
4 ,0 3 0 ,0
2 ,7 3 9 ,0
3 ,5 0 4 ,0
3 ,9 3 0 ,0
1 ,8 2 2 ,0
3 ,9 5 6 ,0
2 ,4 1 5 ,0
1 ,3 6 0 ,0
2 ,1 9 7 ,0

5 5 4 ,0 2 ,9 7 8 .0
8 5 0 ,7 5 ,6 3 0 ,0
9 1 8 ,6 1 0 ,9 6 6 ,0
5 9 8 ,0 4 ,0 3 8 .0
1 ,9 4 5 .0
1 6 1 ,7
6 4 1 ,2 3 ,5 4 0 ,0

$
1 4 1 ,0
2 9 ,0
8 3 2 ,0
6 9 7 ,0
4 5 ,0
2 6 7 ,0
4 9 1 ,0
1 5 ,0
3 3 5 ,0
2 4 3 ,0
4 8 ,0
2 5 6 ,0
3 1 5 ,0
5 2 4 ,0

*

$

5 1 .0
2 1 5 ,0
4 2 4 ,0
5 5 3 ,0
1 1 5 ,0
4 8 1 ,0
3 4 ,0
6 7 7 .0
4 3 7 ,0
8 7 ,0
8 9 2 ,0
8 5 ,0
4 6 ,0
4 0 ,0

$
1 7 6 ,0
1 3 4 ,0
8 8 3 ,0
5 3 0 ,0
1 3 1 ,0
1 1 8 ,0
3 3 8 ,0
4 5 0 ,0
1 ,1 9 1 ,0
2 8 4 ,0
6 5 3 ,0
2 2 6 ,0
1 0 2 ,0
1 2 9 ,0

1 ,0 9 2 ,0
1 ,6 9 2 ,0
7 ,2 8 2 ,0
7 ,3 7 1 ,0
9 9 4 ,0
4 ,5 2 3 , 0
3 ,4 1 0 ,0
3 ,7 4 7 ,0
4 ,1 1 2 ,0
1 ,9 9 5 ,0
4 ,5 8 4 ,0
2 ,3 6 5 ,0
1 ,4 3 5 ,0
2 ,2 9 2 , 0

3 2 6 ,0
2 3 2 ,0
6 3 9 ,0
1 8 8 ,0
3 1 9 ,0 1 ,7 4 9 ,0
3 9 3 ,0
2 9 3 ,0
1 8 4 ,0
9 8 ,0
4 1 7 ,0
9 6 ,0

4 0 7 ,0
7 9 6 ,0
1 ,5 0 9 ,0
6 1 3 ,0
4 1 1 ,0
4 5 9 ,0

2 ,9 5 5 ,0
5 ,2 0 1 ,0
1 2 ,9 4 1 ,0
4 ,1 0 9 ,0
1 ,9 5 1 ,0
3 ,3 0 3 ,0

G re a t B r i ta i n .......................................
F ra n c e ........................................................
G e rm a n y .................................... ..............
W e st I n d ie s .................... ........... ................
M exico ........................... ............................
S o u th A m e ric a .........................................
A ll o th e r c o u n tr ie s ................................

1 ,2 8 7 ,6
7 7 5 ,1
4 1 1 ,2

6 ,2 0 0 ,0
3 ,0 9 4 ,0
2 ,1 3 1 ,0

3 0 2 ,0
3 1 9 ,0
1 3 8 ,0

3 5 2 ,0
7 8 ,0
2 1 7 ,0

3 ,3 9 0 , 0
2 7 2 ,0
4 1 7 ,0

4 ,3 3 8 ,0
2 ,4 2 4 ,0
1 ,8 9 7 ,0

2 2 0 ,0
1 2 5 ,0

6 3 2 ,4
2 7 7 ,9

3 ,5 3 2 ,0
3 ,0 3 6 ,0

2 2 7 ,0
1 8 0 ,0

6 4 ,0
4 9 ,0

2 5 9 ,0
2 5 8 ,0

1 ,7 0 5 ,0
1 ,3 6 1 ,0

T o t a l s A u g . 1 2 _____ (1 ,7 4 7 ,0 1 2 ,0 2 8 ,6 8 9 ,3 1 6 ,0 7 ,5 8 2 ,0 7 .5 5 3 .0 1 4 ,1 4 5 .0
T o ta ls A u g .
6 ------- 6 ,7 4 7 ,0 1 2 ,0 2 8 .6 8 9 ,5 2 1 ,0 7 ,5 0 7 ,0 7 ,1 5 1 ,0 1 3 ,8 5 5 ,0
T o t a l s J u ly 2 9 -------- 6 ,7 4 7 ,0 1 2 ,0 2 8 ,6 8 9 ,0 3 1 ,0 7 ,7 5 3 .0 7 ,5 5 5 ,0 1 5 ,0 0 0 ,0

8 9 ,0 7 9 ,0
8 8 ,5 3 3 ,0
9 0 ,7 7 9 ,0

W eek .

S in c e J a n .l

” 5 ’666

1.088! 561
172,250

" “ $179
484,420
115,445
17,461

$73,067
474,445
2,578
1,210,202
3,427.337
2,085,812
1,334,754

$10,200
50,000
19,580

82,925.241
44,493,653
74,870,182

$017,505
1,875,581
169,458

$8,608/195
14,788.032
6,297,703

Silver.
G re a t B r i ta i n .......... ........... ........... ......... $1,089,222 S29.243.064
F ra n c e _______________
52,400
1,782,600
G e rm a n y ________________________
167,149
89,008
W e st I n d ie s ___________ _____
200
M exico ........................................................
S o u th A m e ric a .................................. .......
20,401
- ......
All o th e r c o u n tr ie s ........................
6,248

S970
10,907
97,176
1,522

8170.928
7,823
19,987
34,265
2,519,554
1,041,499
1,014,501

T o ta l 191 1 .............................................. $1,141,822 $31,308,470
T o ta l 191 0 ..............................................
869,661 27,199,546
T o ta l 1 9 0 9 ________
556.305 2S.951.246

S 110,575
80,425
115,560

$4,808,557
2,546.676
3,254,{jh

~ $ 5 ,2 00

T o ta l 1 9 1 1 .......................
T o ta l 1 9 1 0 ...... ................. .............
T o ta l 190 9 ..........................................

" 83^500
1,660,930

Of the above imports for the week in 1911, $145 were
American gold coin and 840 American silver coin.
.

anliing and fin an cial,
Diversify Your Investments
W rite for our circular entitled
treats the above subject In detail.

“ Judicious

Investm ent,”

which

Spencer Trask & Co.
43 EXCHANGE P L A C E .- - - N E W YO RK .
Chicago, III.
Boston, Mass.
A lbany, N. Y.
M em bers N ew

4 0 0 ,0
2 5 0 ,0
2 0 0 ,0

S in c e J a n . 1

W eek .

J e rs e y C ity .

F ir s t N a t i o n a l ................
H u d son C ou n ty N a t . .
T h ir d N a t i o n a l ..............

Im p o rts.

G old.

Tot. Money Entire Res.
Holdings. on Deposit.

Legals.

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

H oboken,

F ir s t N a t i o n a l ................
8 e c o n d N a t i o n a l ...........




WHITE,
5

NASSAU
N EW

STR E E T:
Y O R K

W E L D

&

CO.
TH E

R O O K E R Y
C H IC A G O

3

THE CHRONICLE

452

[VOL.

L X X X X III.

$10,000 New York 4s, 1960, at 10334, and $18,000 Virginia
6s deferred trust receipts at 50 to 5034The market for railway and industrial bonds has been more
active on liberal offerings of a few specific issues. The ten­
Wall Street, Friday Night, Aug. 18 1911.
dency of prices has been downward, although only a few issues
The Money Market and Financial Situation.— Liquidation have declined as much as a full point. The conspicuous fea­
in the security markets was vigorously renewed early this tures have been American Tobacco, Union Pacifies and Atchi­
week and has continued with slight and unimportant inter­ sons. Tobacco 4s declined 2% points and Atchison conv.
ruption. There has been enough good news in the meantime 4s, Southern Pacific conv. 4s and Northern Pacific 4s are
.to have created a demand for securities from investors with down about one point. On the other hand, Wabash ref. &
ext. 4s have advanced a point within the week and Rock
;an abundance of unemployed capital, had not the effect of Island 4s are fractionally higher.
such news been more than offset by the apparently insatiate
United States Bonds.— Sales of Government bonds at the
-desire on the part of politicians and their creations to inves­
tigate and to regulate the important business interests and Board include $100,000 4s coup, at 113% to 114, $85,000
Panama 3s at 10234 to 102% and $500 3s coup, at 10134industrial enterprises of the country. To this as a restrict­ Closing
quotations have been as follows: For yearly range
ing influence there must be added, however, the really critical see third page following.
labor situation which now obtains in the principal English
cities, and which has no doubt caused some of the liquidation
Interest Aug. Aug. Aug. Aug. Aug. Aug.
16
18
12
17
1 Periods
14
15
in securities here that carried prices, in many cases, to the
*10 0 % *1 0 0 % *1 0 0 % *1 0 0 % *1 0 0 % *1 0 0 %
2 s , 1 9 3 0 ................
lowest of the year.
2 s , 1 9 3 0 .................. .......... c o u p o n Q — J a n * 1 0 0 ) 6 * 1 0 0 % * 1 0 0 % ♦ 1 0 0 % * 1 0 0 % * 1 0 0 %
Moreover, these influences are felt outside of Wall Street, 3 s , 1 9 0 8 - 1 8 ........... ..r e g i s t e r e d Q — F e b * 1 0 1 ) 6 * 1 0 1 % * 1 0 1 % * 1 0 1 % * 1 0 1 % * 1 0 1 %
*101%
3 s , 1 9 0 8 -1 8 _____ _____c o u p o n Q — F e b
although with less force. The report last week to the effect 4 s , 1 9 2 5 ................ . . r e g i s t e r e d Q — F e b ** 11 01 13 )%6 ** 11 10 31 %% ** 11 10 31 %% ** 11 10 31 %% ** 11 10 31 %% * 1 1 3 %
______c o u p o n Q — F e b * 1 1 3 %
113% *113% *113% *113% *113%
that orders for iron and steel products booked in July showed 42 ss ,. 11 99 23 56................
*100
*100
*100
. P a n a m a C a n a l r e g is Q — F e b * 1 0 0
*100
i* 1 0 0
an increasing demand was regarded as a favorable symptom, 3 s . P a n . C a n a l w h e n i s s u e d . ------------ * 1 0 1 ) 6 1 0 2 % 1 0 2 % * 1 0 1 % 1 0 2 % 1 0 2 %
but this week, from the same authentic source, the informa­
* T h i s Is t h e p r ic e bid a t t h e m o r n in g b o a r d ; n o sale w a s m a d e .
tion is given out that “ Buyers are rather more hesitant.”
Railroad and Miscellaneous Stocks.— As has frequently
The good news referred to above consists in part of a crop
outlook which has substantially improved since the Govern­ been the case of late, the stock market was strong on Mon­
ment report for July was made up; the exceptionally favor­ day. There was a substantial recovery from the sharp de­
cline of last week,several issues recovering a point or more of
able foreign trade statement for July and also for the calen­ their recent loss, but on Tuesday liquidation was resumed
dar year to date, and a continuation of unusually easy money and continued until a list of about 20 active stocks had sold
market conditions at homo and abroad.
at the lowest prices of the year. These prices proved at­
The open market rate for call loans at the Stock Exchange tractive, and stimulated a little buying,which checked the
during the week on stock and bond collaterals has ranged downward movement. On Thursday the market recovered
from 2 to 2 ^ % . To-day’s rates on call were 2 @ 2 % % . somewhat, although very irregularly. To-day more strength
Commercial paper quoted at 4@43^% for 00 to 90-day en­ developed, and closing prices for the active list average about
dorsements,
for prime 4 to 6 months' single names the same as last week.
Stocks which have been leaders of the market for some time
and 5% for good single names.
The Bank of England weekly statement on Thursday past were active throughout the week, and some of them
showed an increase in bullion of £408,720 and the percentage fluctuated over a wide range. Union Pacific covered 7%
points, Canadian Pacific 7, Reading 5% , Northern Pacific
of reserve to liabilities was 55.91, against 54.10 last week.
$ The rate of discount remains unchanged at 3 % , as fixed and Southern Pacific from 4 to 5.
The industrial group as a whole has not been conspicuous.
March 9. The Bank of France shows an increase of 2,300,000
francs gold and 1,600,000 francs silver.
. .. . Steel common declined 3% points, but recovered and closes
with a net gain within the week of over a point. The Texas
N E W Y O R K C I T Y G L E A R 1 N Q -H O U S E B A N K S .
Company dropped 15% points and recovered 9.
(Not Including Trust Companies.)
For daily volume of business see page 462.
1910.
1909.
The following sales have occurred this week of shares not
1911.
Averages
fo
r
Differences
Averages for
Averages fo r
represented in our detailed list on the pages which follow:
week ending week ending
from
week ending

t o f e m

Aug.

12.

'

previous week.

S
1 3 5 .1 5 0 .0 0 0
_____
C a p ita l
1 9 0 .1 4 1 .3 0 0
S u r p l u s ...................................
L o a n s a n d d i s c o u n t s ___ 1 .3 7 3 .0 0 4 .0 0 0
4 7 .6 5 1 .0 0 0
C i r c u l a t i o n _______________
N e t d e p o s i t s --------------------- 1 .4 0 9 .7 5 8 .0 0 0
2 9 4 .9 2 1 .0 0 0
S p e c ie ...................................
7 7 .2 7 8 .0 0 0
L e g a l t e n d e r s . . . ...........
R e s e r v e h e l d ------------------2 5 % o f d e p o s i t s .............. ..
S u r p lu s r e s e r v e ...........

C S a x e ttK o

5
D e c . "is,420’ 666
D ec.
8 3 ,0 0 0
D e c . 1 3 ,7 3 0 ,0 0 0
In c.
2 ,6 6 0 ,0 0 0
D eo.
3 4 4 .0 0 0

Aug.

13.

Aug.

14.

S
8
1 3 2 ,3 5 0 ,0 0 0
1 2 6 .3 5 0 .0 0 0
1 8 9 ,1 3 1 ,4 0 0
1 7 4 ,4 5 0 .1 0 0
1 .2 2 4 .3 0 5 .3 0 0 1 .3 6 0 .7 3 1 .9 0 0
4 8 .4 8 6 .0 0 0
4 9 ,9 0 1 ,1 0 0
1 .2 5 0 .7 4 1 .3 0 0 1 .4 2 4 .6 5 9 .9 0 0
2 9 6 ,2 3 7 ,6 0 0
3 0 1 ,1 1 6 ,8 0 0
7 1 .2 0 7 .0 0 0
7 8 ,3 7 8 ,4 0 0

3 7 2 .1 9 9 .0 0 0 I n c ,
3 6 2 .4 3 9 ,5 0 0 D e c .

2 ,3 2 2 ,0 0 0
3 ,4 3 2 .5 0 0

3 0 7 ,4 4 5 ,2 0 0
3 1 4 ,1 8 5 ,3 2 5

3 7 9 ,4 9 5 ,2 0 0
3 5 6 .1 6 4 .9 7 5

1 9 ,7 5 9 ,5 0 0 I n c .

5 ,7 5 4 ,5 0 0

5 3 ,2 5 9 ,8 7 5

2 3 ,3 3 0 .2 2 5

C learing H o u se now Issues a s ta te m e n t w e ek ly sh o w in g th e a c tu a l
c o n d itio n of th e b a n k s o n S a tu rd a y m o rn in g , a s w ell a s th e a b o v e a v e ra g e s. T h ese
figures, to g e th e r w ith th e r e tu r n s o f th e s e p a r a te b a n k s a n d t r u s t c o m p an ies, also
th e s u m m a ry Issued b y th e S t a te B a n k in g D e p a r tm e n t, g iv in g th e c o n d itio n of
S t a te b a n k s a n d t r u s t c o m p a n ie s n o t r e p o rtin g to t h e C le a rin g H o u s e , a p p e a rs on
t h e seco n d p ag e follow ing.

STOCKS.

Week ending Aug.

18.

Sales
for
Week.

Range since Ja n .

Range fo r Week.

200 96
A m e r ic a n S n u ff, p r e f . . .
5%
A m T e l & T e l r i g h t s _____ 2 1,4111
1 00 5 0
A s s o c i a t e d O H ____________
200 $ 1 %
B a t o p l la s M i n in g _________
C o m s t o c k T u n n e l .............. 1 ,0 0 0 2 0 c .
2 0 1 20
D e t & M a c k in a c , p r e f - 50 70
D c t r o i t U n i t e d ___________
6 0 108
G e n e r a l C h e m ic a l, p r e f . .
10x85
H o m e s t a k e M i n in g ______
2 5 167
P itts F t W a y n e & C h ic .
300| 8 6
T exa s P a c L an d T r u s t ..

Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug

Lowest.

Highest.

Lowest.
18
17
16
15
17
16
14
15
18
15
18

96%
5%
50
$1%
20c.
1 20
70
108%
x85
167
86

Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug

15
12
10
15
17
16
14
10
18
15:
18j

96
Aug
5%
Aug
48
M ch
$1%
Aug
20c.
F eb
100
M ay
67%
Jan
103%
Jan
8 3 % J u ly
166% June
86
Aug

1.

Highest.
104
7%
55%
$2%
34c.
120
74
108%
87
1 67
92

M ay
Juno
Apr
Jan
M ay
Aug
F eb
Aug
M ay
Aug
Jan

N o te .—T ho

Outside Market.— The situation on the Exchange affected
the “ curb” market this week, prices generally being easier
and trading more active on the decline. Later there was a
Foreign Exchange.— In tho early part of the week foreign tendency to improvement, but changes were insignificant.
exchange was easier, but as the week progressed and bills American Tobacco, after a loss of 2 points to 375, advanced
to 382, but dropped back again to 375, recovering finally to
became scarcer a firmer tendency was n o t e d .........................
377. Houston Oil common was conspicuously active, and
T o - d a y ’s ( F r i d a y ’s) n o m i n a l rates for sterling e x c h a n g e w e r e 4 84 % for
8 0 - d a y s a n d 4 8 0 % for sight.
T o - d a y ’s actual rates for sterling e x c h a n g e
sold up from 9% to 10, reacted to 9% and sold up to-day from
w e r e 4 8 3 % @ 4 8 3 % t o r 0 0 flays, 4 86(<S4 8 0 1 0 for c h e q u e s a n d 4 8 6 3 5 @
9% to 9% . The preferred gained a point to 74, moved down
4 8 8 4 5 for cables.
Commercial o n banks 4 8 3 % ® 4 83)4 a n d d o c uments
for p a y m e n t 4 8 3 > $ @ 4 8 3 % .
C o t t o n for p a y m e n t 4 8 3 , % @ 4 8 3 % a n d
to 7234 and up finally to 74. Intercontinental Rubber com­
grain for p a y m e n t 4 8 3 14 @ 4 8 3 % .
„
mon lost 2 points to 23 and was traded in to-day at 2334,
T o - d a y ' s ( F r i d a y ’s) actual rates for Paris b a n k e r s francs w e r e 5 21 % ®
5 21 % less 1-10 for l o n g a n d 5 19 % less 7-04(5)5 19 % less 5-64 for short.
with 25 paid for odd lots. Standard Oil, after an early gain
G e r m a n y b a n k e r s ’ m a r k s w e r o 9 4 % © 9 4 9-16 for lon g a n d 9 4 1 5 - 1 0 <jb
of 4 points to 610, dropped to 600, the close to-day being at
9 5 less t-32 for short. A m s t e r d a m b a n k e r s ’ guilders w e r e 4 0 1 8 @ 4 0 2 0
596, ex the usual dividend of $6, which was declared this
E x c h a n g e at Paris o n L o n d o n 25fr. 2 6 % c . ; w e e k ' s r a n g e 25fr. 27c. h i g h
week. Studebaker Corp. common gained about 2 points to
a n d 25fr. 2 5 % o . low.
61% but reacted to 59%. The preferred fell from 106% to
E x c h a n g e at Berlin o n L o n d o n 2 0 m . 4 8 % p f .; w e e k ’s r a n g o 2 0 m . 4 8 % pf.
h i g h a n d 2 0 m . 47pf. low.
102 and finished to-day at 103. The bond department was
T h e r a n g e of foreign e x c h a n g e for th e w e e k follows:
quiet. N. Y. Westchester & Boston Ry. 4%s weakened
C a b le s .
S te r lin g A c tu a l—
S ix ty D a y s.
C h equ es.
4 8045
H i g h for the w e e k . . .
4 83 %
4 8015 .
from 97% to 97% and end the week at 97%• Oregon-Wash.
4 8020
L o w for the week'
4 83)4
4 8585
RR. & Nav. 4s moved up from 92 to 92% and down finally
P a r is B a n k ers’ F ra n cs—
5 19 %
5 1 9 ) 4 le s s 1 -1 6
H i g h for the w e e k ___
5 2 1 % less frlO
to 91%. N. Y . City 4% s advanced from 102% to 103 and
5 20
5 1 9 Vs l e s s 1 - 1 0
L o w t o r the w e e k ___
5 21 %
.
closed to-day at 102%. In the mining division, Braden Cop­
G e r m a n y B a n k ers' M a r k s—
9
5
1
1
6
l
e
s
s
1
3
2
9
5
l
e
s
s
1
3
2
H i g h for th e w e e k . . .
94 %
per weakened from 5 to 4% and closed to-day at 4% . British
9 5 ls c s 1 -3 2
94 %
L o w for the w e e k ___
94 %
Columbia improved from 3 % to 4% , lost all the improve­
A m s te r d a m B a n k e r s ’ G u ild e r s —
4 0 21
40 25
ment and finished to-day at 4. Butte Coalition ran off from
H i g h for the w e e k ___
4 0 1-16
4 0 21
4 0 17
L o w for t he w e e k ___
40
17 to 15% and recovered finally to 16%. Giroux dropped
Dom estic Exchange. — T h o following are the rates for d o m e s t i c e x c h a n g e from 5% to 4 % and closed to-day at 5.
Greene Cananea
at the u n d e r m e n t i o n e d cities at the close of th e w e e k : Chica g o , 10c. per
31,000
discount.
B o s t o n par.
N e w Orleans, c o m m e r c i a l , 50c. p e r 31,000 sold down from 6% to 6% .
Inspiration weakened from 7%
discount; b a n k $1 per $ 1 , 0 0 0 p r e m i u m .
Charleston, b u y i n g par; selling
to 6% and ends the week at 6% . Kerr Lake eased off from
l-10c. p r e m i u m .
S a n Francisco. 20c. pe r $1 , 0 0 0 p r e m i u m .
St. L o uis
5c. p e r $ 1 , 0 0 0 discount.
St. P a u l 20o. pe r $1 , 0 0 0 p r e m i u m .
Minneapolis
4% to 4% . La Rose Consolidated declined from 3 15-16 to
20c. p e r $ 1 , 0 0 0 p r e m i u m .
3% and finished to-day at 3 13-16. Nipissing fell from 8%
State and Railroad Bonds.— Sales of State bonds at the to 8 and closed to-day at 8% .
Outside quotations will be found on page 462.
Board include $20,000 New York 4s, 1961, at 102% to 103,




New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
S T O C K S --H IG H EST A N D LOW EST S A L E P R IC E S.
Saturday
Aug 12

Monday
Aug 14

10214 10414
IO 4 I 4
10212 1023j § 1 0 3
12 2
12 2 l2
IU U 4 10 ^ 4
10 1* 4
....
_____ §88
7 4 l2 75U
7412
23612 2 37 7 , 237*4
72L *
*265
280
*205
74
73%
*20
30
*20
*40
50
*40

12 1

20
40
113%
*145
140
*190
*132
*150

20*4

20 12

1057;
103

12 314
10 2 *;
88
70*4
2397;
721,
280
75b
30
50

21

391.
114*8
*145
140%
*195
*131
*150
2
2
214
6
*5
+5
* 5 U 2 5912 * 5 1 1 2
*94%
* 9 4 % 100
501g oU%
49*4
80
*79
*79
80
♦ 75
*76
1 65
105
165
650
*530
*530
2412 251 2
25
54
63
54
* 1 0 1 4 73
* 10 14
20
20
*19
20
30%
2 0 1*
48*8
48
if*
89
39
XZ'l'iS
1 25
47
*12
1 1 J2
9912 * 9 3 1 2

40
116*3
150
111
2 05
135
ICO
214
7
691?
100
50
81
80
165
5 45
25*4
55

* _____
*
18712 138
1 38
AO'S *<*>4
15
4 2 l4
i
f
4
4 1 7g 4 2
*
17
17
18
♦ 34
36
34
♦ 73
80
*73
29
2 i)l2
*6 51 2 G7
66
....
....
*10
....
....
*25
164*8 165*4 164*4
+ W 2 02
♦4912
142
} 4 2 % 14312
*130
135
*133
30
30
30
44
44
45
132
132*4 13312
*146
152
*146
*86
92
♦SO
32
31*4 32*8
*65
0 5 ?8
66 I4
4018 , « « 8
4112
♦ 150
1 60
*160
*63
67
*63
*29
3 8 I4
281 2
1UZ&8 X04
1031S
+0012 0 0
55%
*9 5
1 02
*95
* 8 2 1 2 877S * 8 2
*133
1 36
134
40
39*8
10212 104
10312
02
♦ 80
*89
-------—
*52
119*4 119*8
118
*95
1 05
♦ 90
*85
1 10
*85
*95
105
*90
1
21
120
12012
04
94
*93*4

1 35
1381?
16
44
4134
18
35
80
31
06
13
30
I 67 I 4
52
145
137
30
45
1 35
152
92
33
66l,|
43
ICO
67
281?
1 04 1,
551 .
102
88
135
401,
104
92
60
121*8
105
107
1 05
121
95

40L
1141 2
150
1401g
205
135
160

143
14^ S
92
*90
*9012 9 1
247g
6OI4 5212
♦ 04
66
4 1 1 . 42
*2 8 *4 3 1
6878
68
112*8 1 1 4 %
2 7% 28
(IH 4 6 8 I2
2 5 i2
2! '2
J>4
3‘2
*6
18
19
45
*40
105 1 2 1 0 . J 2
16914 172^8
9214 921 2
341 2 3 0
02
60

13%
28*4
50%
*75
3%
**L\*
31.
51

1437a
*90
*9012
25*8
5 U4
00
4H a
*2 8*4
07
113*8
27*8
6712
25
8
*0
181*
45
1051*
1 70 1.
92
*33
*00
V

I f,*

30*4
67
85
31*
9
41,
6212

141a
29*4
5 7 lj
*75
*3
*8
*31*
63

11
23
307g

Tuesday
Aug 15

103%
1051* 106
103
1 0 2 i 2 103
123U 123*a 1 2 1
10 2 13 1 0 2 b
101*4
*85
87% * 8 5
76*4 70%
2 32
2 3 7 L 2 39
*
72% '♦ ___
2 80
*265
*265
74*s 75%
73%
30
*20
*20
50
*40
*40
20
2 0 1* 2 0 %
40
40
38
115*2 110*4 1 1 2
*145
150
+ 1 46 %
U I I 4 142
1 40 %
205
*190
*195
135
*132
*132
*145
160
*150
*2 14
2*4
*2%
*51 4
*5%
6*4
* 5 U 2 51
*51%
* 9 4 1 , 100
*941,
*49*4 GOl.i * 4 9 %
*79
80
*79
*74
75
*7 4
*1 6 5 1 * 107 %
164
*530
550
635
247«
2 5 I4 25%
531* 5 3 %
53%
IOI4 1 0 %
10 %

20

20

103*8
102%
12 1%
10 1%
1021,;
*85
871
74%
752351
232%
72% * _____
*265
280
72%
74%
* _____
30
60
*40

105%
1027s

12 2 %
10 2 %

20

20

20

3812
1123a
*146%
140
*195
*132
*145
*2%
*5%
*51%
*94%
49%
*78
*73
104
539
24%
53%
9*4
19*4
281.
49
40
123%
40%
*11%
♦93%

3 8%
116%
150
141
201
140
160
3
7
51
100
49%
79
75
165
5 39
24%
64
10
10*4
29%
4 9%
40
1 25 %
47%
11*4
90%

6*4

20

28
3 0%
48
49*8
+ 39
40b
1 2 3 % 125%
47b
46%
11*4 1134
*93%
99%

*
_
♦ _____ 1 3 6
1 35
*110
*138
140
137*4 137*4 1 40
163,
1512 1 5%
15
15
43
41%
43*4
4 1 % 42*4
40%
1.8%
18
19
*18
19
36
36
36
35
30
+73
*73
SO
*73
80
29%
*30
3 1%
29
29%
* _____
69
*65
* 6 51 2 69
*10
*10%
13
12%
13
*25
♦ 25
*25
oO
30
1 677, 1 6 2 % 166
166
1 62
*4 9
52
* IQ
*49
52
* 1 43 1 2 1 4 5 1 , 1 4 2 % 1 43 % 1 4 3
*133
137
1 3 4 % 1 31 % * 1 3 8
30
31
31
*30
§30
*42
46
*45
+45
50
130
137
1 33
1 31 % 134
152
*145
$1.->H2 1 51% * 1 1 5
92
* S 6 % 93
*85
♦SO
3 2 1 . 327?
30%
30*4 32
* 8 5 1 a 69
♦ 65 %
68
* 6 5 14
40%
42
40
41*4 4 2 %
*145
07
*04
*04
67
*64
29
28*4 2 9 %
28*4
28%
102*4 101%
102%
103% 104L
56
*55
57
*55
*55
102
KM)
*95
*95
100
*82
88
*82
88
*82
134
133
1 3 4 li 1 35
133
40
40
39*8 40% * 3 9 %
1 03 1, 1 0 3 %
1 0 3 1 , 104
103
92
92
*89
*89
*89
00
*50
6 1% 5 4 % * 5 0
120
117
121*8 11734 120
104
♦94
105
+ 93
*94
*85
105
1 05
*85
*85
104
*94
1 05
*93
*95
121%
120 7, 121*8 120
1 20
*93*4 9 5
93
93*4 * 9 3

1407 r 1 45%
91
*90
93
♦90U
271,
26%
5.33,
6378
62
62
42
417S
32
31
671? * 6 7
1 15 8 114%
29
28%
69
*6712
26
2 47 ,
8 '*
8%
7
*7
1914
19%
45
*40
1 05 1, * 1 0 5
174*., 1723a
92
9 2 l4
38
3 fl*
641?
61*4
3812 ♦ _____
14*8
31
571*

80
S l4
9
41*

53*4

14%
30%
58
*75
*3
*8
*3%
54

146% 142
91
+ 90
95
♦90
25%
27*8
48
83%
62*4 + 62
43
40
3 1% * 3 0
69% *67
116*8 111 %
29
27%
69
68%
25%
24
9
8%
7%
61«
19
1 9%
44%
417S
107
*105%
!7 3 %
167%
92%
91
34%
31%
00
<jl?4
38%
14%
31
68
85
3%
9%
4%
54%

14
29|s
JW %
*75
3
*8
*3
51

87b
75%
2 3 5 s;
72%
270
74%
30
50

39
1 1 5 5;
150%
140Sj
205
140
160
3

20

307 r
30
49*4 5 0 1 ,
40
40
126
1267a
47*s 4 8 1 ,
121,
*11%
*931. 99%

W ig
40
120*4
4 012
11*8
991 2

105s
103

12 2 1

51
100
60b
80
75
166b
535
25
53%
10 %

1 15 %
92
2 6%
52
63
41*4
32
69
114%
2 8%
09
247,

14%
30
57
85
3
10
4%
52

105

100*8

10 2
10 2 %
1 2 2 % 1223.
10 2
10 2 %
*85
88
75*3 7 5 %
234*4 2 36
72%
*201
§2 61
7 3 % 75%
30
45
§45
20%
JO
3$
38*4
1 1 4 % 115 %
150 %
*148
142
*140
201
*190
*132
140
*145
160
*2 %
3
*5%
7
*51%
52
* 9 4 1 , 100
4 9 % 4 9%
70
*77
75
*73
*104
107 .
535
6391 2
25
25%
54%
64
11
*9*4
21
*19%
297g
29
49*4 50
♦40
40*j
1247a 126
47%
48
♦ 11%
11*4
•93% 90%

*115
129
1 29
1 40 % 1 40% 1401.
15%
15%
16*8
42%
42%
42%
41
19
* !§ %
18%
34
34
30
*73
80
80
3 0%
30
301,
66
67
67
12%
12%
1 2%
*25
30
30
1 64 % 163 % 1647s
♦49
ft 2
52
1 43 % 1 4 3 %
1 43%
*134
140
137
40
_____ * 3 1
50
*45
52
1 34 % 134
135%
152
*150
155
93
*85
93
31%
31% 32
68
68
*65%
41%
41
42
♦ 145
160
160
07
*63
67
2834 * 2 3 3 . 29%
1 03 % 1 0 3 % 10478
57
55
55
1 02
102
*95
88
83
*82
1 35
133*4 134
40
40
40
1 03 % 1 0 3 % 10378
92
92
*89
60
58
*50
119*4 1 18 % H 9 7s
100
*85
1 05
100
*85
1 05
100
1 05
*85
120 % 1 20 % 12034
93
95
93

iates 0)
the
Week
Shares

PA G E S
Range since January 1.
On basis o f 1 0 0 -s /w re lots.

„ „
STOCKS
N EW
Y O R K STOCK
EXCH AN G E

Lowest.

R a ilr o a d s
A t e n T o p e k a & S a n t a F e 1 00%

8 1 ,0 0 0
1.55C
4.80C A t l a n t i c C o a s t L i n e R R . .
8 ,8 5 0
L J a l t . m o r e & O h i o ...............
il »*
Do
p r e f ........................
2 0 ,8 0 0 B r o o k l v n R a p i d T r a n s i t .
5 5 ,6 2 0 ( 'a n a u l a n P a c i f i c _______
5
2 7 ,8 8 0

6C
1 ,7 0 0
2.40C
7 1 ,2 4 0
3 ,2 7 0

3 00

960

1 ,3 0 0
6 00
3 ,0 0 0
1 ,8 2 5
425
6 00
7 7 .9 0 0
1 5 ,7 0 0
7 00
3 5 ,9 8 0
1 4 ,9 5 0
16

1 ,7 0 0
1 0 ,0 5 0
9 ,3 0 0
4 00
800
2 .6 0 0
3 ,6 0 0
2 00
2 00
8 7 ,2 0 0
4 ,4 2 0
500
6 50
300
3 ,8 0 0
60
1 0 ,6 0 0
100
2 7 ,1 5 0

8*4

14%
30
57%
85
3%
10
41?
53 “

14%
30
5 8%
85
3%
8
5
“ V

Jan
Aug
Aug
Aug
Jan
M ch
M ch
Aug
Apr
M ch
Aug
Aug
Aug
Jan
Aug

3
i
3
17
;
12

Aug
’no

£'ly
J’ly

1 ,6 4 0
4 ,0 2 5
7 ,5 0 0
100
7 0 ,8 6 0

D o 2 d p r e f e r r e d ____
3 4 ,6 9 0 P e n n s y l v a n i a _______________
SCO P l t t s b C In C h i c A S t L . . .

30
53
*75
*3
7%
*3
521f

8*4

Jan

100*4 J a n

117
101%
87
74%
195%
62
270
72%
25
62
20
38
112
147

00

900
2 0 ,7 0 0
200
100

Highest.

Aug

14
29%
57
*75
3%
*3
*3%
53

02

Lowest.

Highest.

88*2 J*•

*6
7
18*4 187s
40
42%
108
108
1 0 7 % 1 70 %
* 8 97 S 92
31*4 3 D 4
60
60

0 1*4

40*4 41
*30
31*4
67%
67%
1 1 1 % 1137a
2 7% 28%
6 8 % 69
23*4 2 4 1 ,

|

Range fo r Previous
Year 1 9 1 0 .

1 2 4 ig J a n
1 16 % J 'n e 5
90*4 J ’ ly
104% J a n
J ’ ly
*97
1 05 % J 'n e 12
1371* J a n
1 32 % J ’ l y 19
102% J i y
1 1 9 ig J a a
10934 J ’ l y 14
100% S e n
94
Jan
91
Jan
4
87% S
f ep
82*g M a y
8 4 % J ’ l y 20
681 2 •'eb
i 2 47 J ’ l v 21 17634 •'eb 202*g N o v
70
ja n
5 §09
M a v is
6012 I’ l y
10 2 8 5
F e b 21
C e n t r a l o f N e w J e r s e y ____
248
J’ly 3 1 2 J a n
92
Jan
17
85*4 F e b 8
C h e s a p e a k e & O h i o ............
65
C h i c a g o & A l t o n R R _____
7
31% M a v 2 3
66*4 J a a
23'g J J y
04% J
53
J a n lu
D o p r e f ...................................
69
Apr
17
25% J ’ n e £
367g J a n
C h lo G t W e s t t r u s t c t f s . .
11
l'J
.1 ’ It
16
49% F e b G
40 J ’ l y
6 4 ig J a n
D o p r e f t r u s t c t f s _______
I58 3 g J a n
C h i c a g o M llw & S t P a u l . .
16 1 3 3 % F e b
7
113 -34 J
D o p r e f __________
3 155b F eb 2
143 S e p 17 2 14 J a n
C h ic a g o A N o r th W e s te r n
14 0
12 1 5 0 b J ’ n a l 2
13714 JV l y
18212 J a n
D o p r e f __________ _
§209
Jan
7
203
JI’ n e
225
Jan
C h ic S t P M in n & O m a h a
J ’ n e 12
Apr
1 3 0 % A p r 2 0 144
140
I 0 2 i2 F e b
D o p r e f ________________
152
F e b 18 § 1 6 0
A p r § 17 0 14 F e b
M c h 27 $ 1 6 0
C h lo U n T r a o c t f s s t m p d
2
Apr 7
2ig D e c
3% F e b
*
5*g J a n
5
J ’ne S
D o p r e f c t f s s t m p d ____
47g S e p
12 14 J a n
7% F e b 0
C l e v e C tn C h l o & S t L ____
65
Aug 6
66 J a n IS
61 N ot
92% M c h
94% J ’ ly 8
D o p r e f ___________________
98
F eb
1
99
S ep
1 04
Jan
C o l o r a d o A S o u t h e r n _____
00
J a n 18
4 9 % A u g 17
46 J ’ i y
65*4 F e b
D o 1 s t p r e f e r r e d _______
74% M ch 2 7
70 J ’ l y
82 J ’n e 3 o
83
M ch
D o 2 d p r e f e r r e d _______ _
73% J a n 11
76% M ch 2
70
Aug
81
Jan
T Y e l a w a r e & H u d s o n ____ 1 04
A u g 16 1 7 4 ? g J n e 8
.4 9 % J ’ l y
185
Jan
L e la w a r e L a ck & W e s t . 5 10
F e b 9 660
J ’no 5
490 J ’ l y
620
M ch
2 4 % A u g 12
D e n v e r & R i o G r a n d e ___
35
F eb 1£
2314 J ’ l y
52
Jan
63
Aug 1
D o p r e f ___________________
74
K e o 21
8t
Jan
62% J ’ ly
9*4 A u g 5
D u lu t h S o S h o r e & A t la n
15% M c h 30
10 J ’ l y
18*4 J a n
19*4 A u g 17
D o p r e f ___________________
30% M c h 30
17
J ly
24 % J a n
2 7 % J a n 11
U r l e ..............................................
38*8 J ’ l y
1
34% ja n
i « i 2 J ’ iy
45% J a n 12
Lj
D o 1st p r e f e r r e d ...
61% J ’ ly
1
36
J ’ly
62*4 M o b
35
Jan
9
D o Id
p r e f e r r e d ____
2 6% J ’ l y
42
M ch
49*4 J i y
1
F e b 21
1 40
Jn e 8
G r e a t N o r t h e r n p r e f _______ 1 2 2
1437g J a n
118
J ’ ly
4 6 % A u g 12
Iro n O re p r o p e r t ie s ...
63*4 F e b 2
45 J ly
8 0 i* j a n
1
1
%
A
u
g
14
1
5
%
J
a
n
17
11
Aug
G reen B a y & W .d e b o t f B
1 8ig M c h
9 3% J ’ l y 22
9 0 % J n o 19
T J a v a n a E l e c t r i c ________
971* A p r
93*4 J a n 12
92
M ay
99
. an
1 28
M c h 24 134
A p r 29
112
J no
140
O ct
132
Jan
3 147
J ’ l y 31
124
J iy
I U l n o l s C e n t r a l .....................
1 47
Jan
15
A u g 14
20*s F e b 10
1 4 i4 J ’ l y
251* J a n
• n tw b o r o -M e tr o p v t ctfs
4
1
%
A
u
g
17
6
6
%
J
’
l
y
19
Do
p r e f ..............................
4 11 2 J ’ l y
62?g J a n
4 0 % A u g 17
5 5 % J ’ly l j
19 % F e b 3
15
M a y 12
J 'n e
I o w a C e n t r a l . .......................
30
Jan
37
Aug 8
28
A p r 24
D o p r e fe r r e d .. __
..
5414 J a n
J ’ly
70
M ay 4
Aug
74
Apr 6
80
F eb
1 / C F t S & M tr c t f s .p r e f
29
A u g 12
3 7 % J 'n e 13
44U j a n
I V a n s a s C ity S o u t h e r n
J iy
69*4 J ’ u o 13
04% Jan
3
Do
p r e f e r r e d ...............
71
Jan
16% J ’ n e 16
J ’n*
T a k e B r ie & W e s t e r n . .
1 2% A u g 17
26*4 J a n
40
J a n 13
L
D o p r e f e r r e d _____ .
3714 D e c
27
A u g 10
62*4 J a n
L e h i g h V a l l e y ...........................
1 62
A u g 17 1 8 1 % F o b 3
186
N ot
17 3 14 D e c
L o n g I s l a n d _____
60
J ’iy
70U A p r
1
6
6
'
J
’
l
y
l
y
L o u is v ille & N a s h v i ll e ..
142
A u g 12
169*4 J o n
1 3U 2 j ’ ly
\ .fa n h a t t a n
E le v a t e d ..
134
M c h 28 1 4 2 % J a n 19
123
J ’n e
146
O c*
M i n n e a p o l i s & S t L o u is
2 1 % A p r 26
32
J ’ l y 10
53*4 J a n
Do
p r e f e r r e d ___________
35
M c h 13 § 61)
Seo
F e b 14
80 F e b
1 31% A u g 16 1 52 % M c h 30
M in n S t P & S S M a r i e . ..
145
M cb
147*4 J a n
C 160
Do
p r e f e r r e d ___________
M cb3U
J ne
1551* M o b
87% J ’ly 6
Do
l e a s e d l i n e o t f s ____
9 0 % M c h 15
x86% S e p
92*4 J a n
3 8 % J ’ n e 14
M o K a n s a s & T e x a s _______
3 0 % A u g 16
27
J ’ ly
6U g J a n
6 3 % J a n 16
09
J 'n e lu
Do
p r e f e r r e d ___________
67
74»g J a n
J iy
40
A u g 17
63
F e o 15
M i s s o u r i P a c i f i c ___________
J ’ ly
41
73*. M a y
J 'n e l i
125
■ \ J a s h C h a t t ft S t L o u i s . 1 40 % J a n 19 16.)
140
N ov
63
M ay24
72% J a n 2 1
F3 a t R y s o f M e x 1st p ref
72*g N o t
2 8 % A u g 14
38*g F e b 15
D o 2 d p r e f e r r e d ___
2 3 i2 J ’ l y
371* N o t
1 0 2 % A u g 17 1 1 5 % F e b 3
105 ig J ’ l y
N Y C en tra l A H u d s o n ..
128
ilc t o
65
J a n 19
55% M ay
N \ C h i c &, S t L o u i s _____
55
A u g 18
68?g N o t
100
A u g 15 1 0 1 % M c h 20 § 1 0 1
J ’ly
D o 1 s t p r e f e r r e d _______
109*4 J a n
W)
J a n 27
82*4 A p r
D o 2 d p r e f e r r e d ________
83
Apr 7
98
Jan
149
Apr
1 33
A u g 16 1 51 % F e b 23
1 62
M ob
N Y N I I & H a r t f o r d _____
467S J ’ l y 22
N Y O n ta r io & W e s t e r n .
3 9 % A u g 16
60
Jan
3812 A u g
N o r f o l k & W e s t e r n _______ 10 0 % J a n
1 1 0 % J ' n e 26
108% M ch
8 8 i2 J ’l y
91% J ’ n e 8
88
F eb
D o a d ju s tm e n t p r e f . .
J-5*4 A p r 18
9 114 M o h
5 4 % A u g 15
N o r t h e r n O h io T r a c & L t
39% Jan
3
3 f.
F eb
4 0 ig D e e
N orth ern
P a c i f i c __________
1 16
Jan
3 1 37 % J ’ n e 8
145*g J a n
ll li2 Aug
" p a c i f i c C o a s t C o __________
100
J a n 11 102
J a n 10
118*4 J a n
100
O ct

143*4 1 45 % 6 4 2 ,0 5 0 P c a t l i n g ...................................
1 s t p r e f e r r e d ________
*90
91
100 l A i
*90b
95
26*4 6 5 ,1 0 0 R o c k I s l a n d C o m p a n y ____
4 9 % 5 0 b 2 9 ,8 0 0
Do
p r e f e r r e d ___________
6 U 4 6 W4
1 ,1 0 0 C t L & S a n F r . 1 s t p r e f .
41
4 ,9 0 0 U
D o 2 d p r e f e r r e d _____
41
31
31
1 ,0 7 0 S t L o u i s S o u t h w e s t e r n . .
6833 6 8 %
Do
p r e f e r r e d ___________
800
113 % 1 14% 9 9 ,7 0 0 S o u t h e r n P a c i f i c C o _______
28%
2S7s 2 9 ,0 0 0 S o u t h e r n v t r c t f s s t m p d .
6 9 % 7 0%
3 ,6 0 0
Do
pref
do
24
4 ,2 0 0 i T V x a s ft P a c i f i c __________
24%
§8
2 ,7 2 5 A. h l r d A v e n u e ( N Y ) ___
8
*0
100 T o l e d o R a i l w a y s & L t ___
7
*17
1 ,3 0 0 T o l e d o S t L & W e s t e r n . .
18%
4 1 % 417g
1 ,8 0 0
Do
p r e f e r r e d ___________
107
700 T w i n C it y R a p i d T r a n s i t .
107
170
1 72% 9 1 8 ,0 0 0 I T n i o n P a c i f i c _____________
9 1 % 92
D o p r e f e r r e d ________
2 ,1 7 1 L
34
800 U n it R y s I n v ’ t o f S a n F r
35
62
6 00
Do
p r e f e r r e d ____________
62

141% 144%
9 0% 90%
*9Q1 q 95
2 5% 26%
48
50

8*4
61?
19
417a
106 %
172%
92
31%
00

Friday
Aug 18

Thursday
Aug 17

Wednesday
Aug 16

TW O

\ \ T a b a s h -----------------------------TT
D o p r e f e r r e d .............
W e s te r n M a r y la n d R y . . .
Do
p r e f e r r e d ___________
9 0 0 W h e e l i n g A L a k e E r l o ____
200
D o 1 s t p r e f e r r e d _______

8 .1 * 5
4 .9 0 0
3 ,8 0 0

4 ,io o l W i s c o n s in

C e n t r a l......

99 *4 J ’ l y 5
120
A u g 10
93
A u g 16
1 08
A u g ll
1 4 1 % A u g 17
88
M ch 1
9 0 % A u g 10
247g A u g 12
48
A u g 16
00
A u g 14
38
A p r 22
24
J a n 13
59*4 J a n
3
1 1 1 % A u g 17
25% M ch 4
6 1 % J a n 11
23% A i t g l 7
8
A u g 14
6*s A u g 8
18
A u g 12
40
A u g 17
1 0 5 % A u g 12
1 67 % A u g 16
907S M c h 6
3 1 % A u g 10
60
A u g 12
?>8
A u y lO
80
J ’ l y 18
13 *4 A u g 12
2 .8*4 A u g 12
4 8 % A p r 18
3
7%
4
II

J 'n e
J ’ ly
J ’ ly
Aug

1 02
1 30 %
1 00
112
161*4
92
io i
34*8
68%
09%
4 9%
34
72

J a n 11
F eb 2
J a n 17
F e b 17
F eb 7
J ’ l y 14
M av 2
J ’ n e 14
J 'n e 14
J ’ l y 27
J ’ l y 19
F eb 4
J ’ n e 2 t»
12 6 *8 J 'n e 2 6
33*8 J ’ l y 19
7 6 % J 'l y - 2 0
30 t F e b 2 1
14% J ’ n e 9
8 % J n .n 17
2434 F e b 8
o.37g J a n
5
111
F eb 2
102*8 J ’ l y : 2
90
J ’ l y 24
49
F e b 20
76*4 M c h 22
45
A p r 24
JS*
A p r 23
18% F e b 23
40% F « b 23
85% J ’ly 7
8 8 4 J ' l y 24
6% F o b i
28
17% F e b 3
27
8
T eb 7
16 *
72% M a y 1
12

1 05
1221 2
89
1 10
130*8
Z85
87
227g
64
53
34! 2
181 2
6D 2

10 3 14
15
43

22i2
6>2
5 i*
10
42*4
103

15 2 14
8814
23*4
47

til

F e i.
113
Jan
J ’ly
U 8 I2 Mch
J ’ly
104% M ch
O ct
1 16
M oh
172U F e b
J ’ ly
Aug
93% F e b
llO ij J a n
J 'l y
J ’ ly
67U J a n
J ’ly
92% A p r
Aug
73
Jan
Aug
60
Jan
341. J a n
J ’ly
J ’ly
7712 J a n
J ’ ly *138% J a n
J ’ ly
3 3*4 J a n
J ’ly
75
Jaa
36*4 J a n
J ’ly
J ’n e
1912 J a n
15*4 J a n
J ’ ly
54*. J a n
J ’ly
7214 J a n
J ’ ly
J ’ ly
117*2 J a n
204*4 J a n
J ’ ly
103*4 J a n
J ’ly
4214 J a n
Jn e
J 'n e
72*g J a n

1 2 *. J ’ l y
;8 i . J ’ ly
40
J ’ly

AUg

APT
J a*

J ’ne
44

J ’ ly

2 7 I4
61
64*.
77
10
23
131*
64

Jaa
Jan
M ch
D ai
Jan
Jan
Jan
N ov

BANKS AND TRUST COMPANIES— BROKERS’ QUOTATIONS.
Banks

tstd

Ask

180
600
265
145
<09
300
190
155
133

185
6 15
270
156
4 15

New York
A e t n a ............

America t__
A m cr E xch .

Battery Pk.
BoweryH...

B ron xB orel
B rosx N at
U r v a .it P k t

Butch <3s Dr
SJentary
C h a s e _______

. . . .

650

_

200
160

145
153
5 75

ttvi

31**

C h a t A P h e nix 1 70
C h e l s e a K x j; 2 0 0
C h e m ic a l . _
445
C i t i z e n s ’ C tt
160
C i t y __________ t 4 4 0
C oal & Iron
1 50
C o lo n ia l § ) . .
400
C o lu m b ia jj.
375
C om tu erco .
2 09
C o r n E x 1 ) .. 315
B ast R iv e r .
115
F i d e l i t y D __
166
F ifth A v e K . 11 0 0

175

Banks

455"
168
1 60
400 "

2 12
326

12 0
175
4350

Rtd

Atk

F i f t h ............
300
F ir s t ________
960
1 4 th S t H ~ .
F o u r t h _____ tJO s”
G a lla t in . . .
3 85
G a r f i e l d ___
2 95
G crm -A m 5
140
G e r m ’ n BxT( 4 35
G e r m a n ia
6 50
G o th a m . . .
150
G re e n w ich
240
H a n o v e r ____ 6 35
H a r r lm a 1 . .
285

3 50
080

Banks

. . . .

3V 0
300
145

5*75*’
155
2 50
6 45

hut

4 !*

Im p & T ra d
650
I r v in g N U x 215
J o f f e r e o n ^ . . 1 182
L i b e r t y _____
675
L in c o ln ....
375
M a n h a tta n !! 3 30
M ark ’ t& F u i
265
U o c h & M e t ’s 1 1 }
M e r c a n t ile
150
M a rsh E x c h
165
M erch a n ts'
18 0
M e t r o p o lis 5 370
M e t r o p o l ‘ n f 198

175

B anks

B anks

.. MM tu tMu aolr Ur l_s_Y_

Atk

B anks

280
295

R e s e r v e ____
" S e a b o a r d __
S e c o n d _____
S e c u r i t y ____
M iai m a n . . .
S t a t e 1 _____
1 3 th W a r d .
23d W a r d ..
U n io n B x o .
W ash H 't t j
W w t S id e t
fo r k v lU e

- N a s s a u _____
N e w N e t h ’d
N aw Y orkC o
N aw
Y ork .
1 9 th W a r d .
P a d f l c D _____
270""
P ark . . . . . .
370
P e o p le ’s 9 . .
2 46
P l a a a l i __ . . .
825
P r o d E x o h ■§ 179

1 139 %
6 00
425
340
2721]
180
170
1 85
3S 5
205

HUt
250
285
300
210
900
300

220*
975
310
280 *
375

175 ‘

175*’
170
2TS
860
5 00

Atk

««
<10
160
274

US'

1

• B i d a n d a s k e d p r i c e s ; n o s a le s w e r e m a d e o n t h i s d a y .
t E x -r ig h ts .
§ L ess th a n 100 sh a re s .
S S ta te h a n k s,
a B x -d lv id a n d a n d r ig h ts .
t S a l e a t S t o c k 1E x c h a n g e o r a t a u c t i o n t h i s w e e k .
h F i r s t I n s t a l l m e n t p a i d , ft S o l d a t p r i v a t e s a l e a t t h i s p r i c e , e 2 d p a i d , , v 3 d p a i d .




«*d
90
4 15
385
15 )
136
210

h New steel

454

N gw Yoik Stock Record— Concluded— Page 2
STO CK S—H IG H EST A N D LO W EST S A M ! T R IC E S.

Saturday
Aug. 12
*225

Monday
Aug. 14

235

Tuesday
Aug. 15

*222
235
*634
71
*20
23
G ilo
62%
633.
50
55%
551

Wednesday
Aug. 18

Thursday
Aug. 17

Friday
Aug. 18

Sat-, of
Vie
Week
Shares

*222

S T O C: K c
N E WV Y O R K S T O C K
EXC H A N G E

[Vol.

Range since January J.
basis e f 100-share lets.

On

Lmjcml.

Highest.

♦10114

6%
2" 1

*220 " ' '
20%

21

Range far Previous
Year 1 9 1 0 .
Lareest.

I n d u s t r ia l ft M is c e lla n e o u s
230
*222
230
*220
228
*220
230
dam s E xpress.
§234
J ’ly
7%
6%
6%
*6%
7%
*6%
7%
200
I lls -C h a lm e r s . .
6
Ang
20
2 0 H ♦ 17
—
20
*17
“20
*
1
7
—
500
I l o p r e f _____________
61
20
A u g 15
613 4 63%
5 9% 61%
5 0%
61%
60%
1 5 8 .5 5 0 A m a l g a m a t e d C o p p e r . .
*54%
6 9 % A u g 17
56
56%
55
65%
5J%
6 4%
6
3
%
2
.6
0
0
A
m
e
r
A
g
r
i
c
u
l
t
u
r
a
l
C
h
c
m
.
10 11 4
46
Jan
3
* 101%
* 10 1%
*
1
0
1
%
*
1
0
1
%
D o p r e f ________________
49%
5012 5 1 %
50%
1 0 1 % J a n 27
51
5 2%
60
*51%
51
52%
53
s
2 5 ,8 5 0 A m e r i c a n B e e t S u g a r . . ’ ’
944*4 J a n 12
9S14 * 9 7
98%
98
98
*
9
5
0
8%
*
9
6
081.4
D
o
p
r
e
f
___________________
150
9
!)l 2
Ul2
93j
92% J a n
9
9%
9%
9%
9%
9%
9%
9%
6,000 A m e r i c a n C a n _____
9%
S l l 3 821
82
83%
s 's J a n
6
8 3%
8 3%
8 1 % 8 3%
8 2%
8 1 % 8 2%
83
D o p r e f ___________________
8 ,2 5 0
49%
50*8
5034 513 4
77
Jan
5
5 1%
52%
50%
51
6 0%
51
61%
00h
4
,3
7
5
A
m
e
r
i
c
a
n
C
a
r
&
F
o
u
n
d
r
y
* 1 1 4 % 118% *1 16
H 8 I4 * 1 1 6
4 9 % A u g 12
118%
1 1 6 % 1 16 % * 1 1 5
118% * 1 1 6
118%
D o p r e f ________
10 O
0 2 I4 5 i
5 3 I4 5 5
114 % M c h 13
54
541
63
54
68 % 5 1% * 5 4
54%
4 ,3 0 0 A m e r i c a n C o t t o n O i l .
10012 10012 * 9 9
101
4 »% M a y 2
§ 10 0
10 0
*99
1 02
*100
102
*
1
0
0
103
D
o
p
r
e
f
_______________3
.
1
136
28
5220 220 * 2 1 5 2 3 0
10 0
M a y 20
§210 210 § 2 1 0 2 1 5 * 2 1 0 22 0
*4
2 05 A m e r i c a n E x p r e s s
•II4
§210
A u g 16
*4
41 2
*33 4
4 1,
*3%
4%
*3%
4%
*3%
4%
A m o r io a n H id e & L e a th e r
21
3 % J a n 25
*18
22 “
20% *2 0
20
—
2
1
2
1
2
1
D
o
p
r
e
f
_____
.
.
1 ,3 0 0
20
*19%
1 9 l2 20
20
J a n 10
19
18%
18% * 1 9
19%
1 9%
8 I4
1 ,6 7 5 A n i e r i o a n I c e S e c u r i t i e s ’
S l4
8*3
1734 J a n 17
*S%
10
8*8
*8
10
8%
* 8%
400 A m e r i c a n L i n s e e d ,
*2
»%
31
27% 27% * 2 7
8
A u g 11
30
2 7 % 2 7%
2
7
%
2
8
*
2
7
%
28
D o p r e f ________
30
400
io %
361* 3 7
2 7 % A u g 14
34
F e b 14
*36
37
36%
36
37
38
38
38
2 .9 0 0 A m e r i c a n L o c o m o t i v e
♦ 1 0 4 U 100
*104
3 5 % A p r 21
106
4 3% M a y S J
§ 1 0 7 % 1071 * 1 0 4
107
*104
110
*104
1
1
0
_______
D
o
p
r
e
f
50
*4
5
*4
1 04
A p r 18 110 % J a n 18
5
*4
5
*4
5
*
4
4%
10 0 A m e r i c a n M a l t O o r p I "
4%
*3S
40
*38
3 % F e b 17
39
6 % J a n 31
*38
40
*38
40
3 9 % 3 9 % *8 8
40
D o p r e f _____
200
873.| 873.! * S 7 % 881
31% M oh
4 3 % J ’ l y 22
8 7% 87%
87% 87% *87
88
*87%
88%
300 A m e r S m e lt e r s S e c p r e f ’ B
6 8 % 0')3 4
0 % 7 2%
8 9 % J ’ l y 19
71%
71?8
6 9% 7 1 %
GS%
7
0
%
7
0
%
7 1 % 6 8 ,3 0 0 A r a e r S m e l t i n g * R e f i n i n g
IO H 4 10 4 1 * 1 0 4 U 1 0 5 % * 1 0 4 % 1 05 %
6 3% A u g 12
8 8% J ’ n e 15
* 1 0 4 % 1 0 5 % 1 0 5 % lO Slg 1 05 % 105 %
D o p r e f ..................
400
30
36
103% J a n
3 108 1 J ’ n c 16
*35
37
36
36
36
36
*35
36
*35
36
600 A m e r S t e e l F o u n d ( n e w ) I
113
115
30
J ’ ly
5 2% F e b
*114
1 10
1 1 4 % 1 15
115
1 1 5 % 1 14 % 1 15
1 14 % 1 15
2 .9 0 0 A m e r i c a n S u g a r R e f i n i n g
110 116 * 1 1 5
1 13
Jan
6 1 2 2 % F e b 27
...
*115
1 16
115
115
1 15
115
* 1 1 2 % 117
D o p r e f ..................
370
134
134.3s 13334 1 34 % 1 3 4 % 134 %
111
Jan
1 19 % F e b 14
1337g 134%
1 3 3 % 134
1
33
7j
1337s
8
,7
9
0
A
m
e
r
i
c
a
n
T
e
l
e
p
h
&
T
c
l
e
i
?
92
92
133 % A u g 17 153 % J ’ n c 8
9 2% 93
93%
94
93
93
921.4 9 2%
92%
9 2%
2,020 A m e r i c a n T o b a o ( n e w ) , p f
*28
29
92
Aug 1
29
29
1 0 / 'M a y 18
*28
30
*28
29%
28% 28% *28
32
3 60 A m e r i c a n W o o l e n
90
2 8 % A l l g 12
90
90%
3 6 % M c h 21
90%
§90
90
90
90
88
8
9
"
*
88
%
8
9
%
7
75
D
o
p
r
e
f
_________
H
i
m
2714 2 7 I4
$6% l i c l i « i
9 0 % J ’ n e 14
28%
29
*2 7% 29
28% *2 7
*2 7% 29
2 8% 2 8 1*
4 00 A m e r W r i t i n g P a p e r , p r f l
361* 363..
2 7 % A u g 12
37
8 4 % F e b 16
37%
36%
37%
36% 36%
36% 36%
3 6% 36%
3
,9
5
0
n
A
n
a
c
o
n
d
a
C
o
p
p
e
r
P
arSSZ
30
31%
8
3
6
%
A
p
r
18
$
4
1 % J ’ n e 13
30%
31%
30%
31%
29% 30%
2
9
%
3
0
2
9
%
3
0%
o
e
t
b
l
e
h
e
m
S
t
e
e
l
____
6
,4
0
0
*59
2 6 % i l e h 14
60
*59
38% A u g ‘
6 1 % *0 0
61%
5 0%
0 0%
5 9 % 60
6 0%
60%
D o p r e f ___
1 ,5 0 0 * 4
*137
5 8 % A u g 10
140
*135
140
6
6% J ' l y 31
*136
1 40
*136
1 40
*136
1 40
*134
110
B r o o k ly n U n io n G as
*8
10
1 35
Jan
3 145% J ’ n e
*8
10
8%
8%
*8
8%
8%
*8
0
200 B r u n s w i c k T e a r t n * l t y S c o
*2 9 1 * 31
8 % A u 1' 15
29% 29% *28%
1 0% F e b I
31
*28%
31
* 2 8 % “ 1*
♦281*
301*
100 U u t t c r i c l c C o ____
2434
28
F e b 16
24%
2 4 % 2 4%
31
M c h 30
2 5% 26%
24% 26
25
25%
23%
20
2 ,8 2 5 1 'c n t r a l L e a t h e r . .
*95
24
A u g 10
981
3378 F e b
*97
98% *97
99
98
98
*9 7% 98% *9 7%
98%
D o p r e f __________
100 1
1933 20 1 s
977s A u g 10
1934 2 0
106
F e b 10
20% 20%
1 9% 20
19
20
19%
20
10,2,50 d C t i l n o C o p p e r ------- P a r Z 5
29
$ 19
A u g 17 $ 2 5 % M a y l 9
2934
30
291* 3 0
!0
28%
28
2 77 j 2 9
♦ 28% 29
3 ,0 0 0 C o l o r a d o F u e l <fc I r o n
13534 1 37
2773 A u g 17
1 3 5 % 1381
36% F e b
1 3 7 % 1 3 8 % * 1 3 3 % 130
1 3 4 % 1 36
1 36
1 37 % I S ,0 10 C o n s o l i d a t e d G a s ( N Y ) ’ x 183% A u g 16
1 2 1 2 12 *3
1 2%
1234 *12S 8 13%
148 ■j J n e
1 2%
13
*
1
2
%
13
13
13
1 ,7 0 0 C o r n P r o d u c t s R e f i n i n g ’
777S - ­
1 2% A u g 14
763,8 7 7
16% M a v l 7
*76
~~
78
*76
78
77
78
*77
79
D
o
p
r
e
l
__________
6
00
3012
7
4
%
J
a
u
10
_ 30% 32
3 2%
32
85
M a y 29
30% 31%
30%
32
32
32
4 ,4 0 0 D i s t i l l e r s ’ S e c u r i t i e s C o r n
3 0 '* A u g 12
* -------35
35
•38%
M ch
35
1-------- 3 5
*20
35
*20
35
F e d e r a l M in in g * S m e lt ’ g
17% J a n
*50
6:
*50‘
63
30
F e b 16
*50
63
*50
63
*50
63
*50
D
o
p
r
e
f
_____________
6
3%
1 5 U 2 1 52
4
8
%
J
a
n
l
i
152
1 53 %
1 5 4 % 1 5 1% 151
661* M a y l 9
153%
1 52
152%
153
1 53 %
E l e c t r i c ____I I I 3 1 1 4 5 % M c h
3 ,7 2 0 G e n e r a l
4Gt 2 4 8
§46
46% *4 6%
168-% M a y 2 9
47
44% 45%
45
45
45
46
1 ,1 6 0 G e n M o t o r s v o t t r c t f s l .
84
84
4 4 % A u g 16
82%
84
51% A u g
*82%
84% *8 2%
84
82
82
8
1%
81%
D
o
p
r
e
f
v
o
t
t
r
c
t
f
s
.
.
600
51 2
51 2
8 1 % A u g 18
51»
86% A u g
5%
5%
5%
5%
53S
6%
5%
5%
6 ,3 7 6 G o l d f i e l d C o n M . P u r 5 1 0
1 1 4 % 1 15
5% J a n 14
117
77,s J a n
117%
117
117% 1 1 4 % 1 17
1 16
1 15
1 1 7 % 1 18
2 .7 5 0 | n t H a r v e s t e r s t k t r e f t s 109
Jan
1 2 0 1 s I 2 OI3 * 120% 122%
129% M a y
* 1 2 1 % 123%
1
23
%
123%
*
1
2
1
%
123%
2
50
1
D
o
p
r
e
f
s
t
k
t
r
o
t
f
s
4
4'
1 2 0 -s A u g 1 2 1 2 .3 1.1 M a y
*4%
5%
*4 13
51,
*4%
6
%
4%
4%
*4
'
300 I n t M c r M a r in e s t k tr o tfs
4%
14*4 1434 * 1 4 %
4
A u g »0
1 6% * 1 5 %
5% J a u 30
15%
14%
15
15
1 5%
15
D o p r e f ............
.
15
1,200
*10
1 4% A u g 12
* 10
11
19% J ’ n c 17
11
*10
10
10 % * 10
11
*10
11
I n t e r n a t i o n a l P a p e r .............
46
467 3 4 6 %
9% A p r 27
1 8 % J a n 31
46%
47
47
47
*
4
7
47
47
D o p r e f ________
8 00
33*4
32%
44% M a y l*
34
34%
66% J a n 1
3 4% 34%
35
35
33%
34
34%
2 ,1 5 0 I n t e r n e t S t e a m P u m p "
* 86 % 8 7 % * 8 0
3 2 % A u g 12
87
44
F eb
*80
87
§S 0 %
86 %
87
D o p r e f _______
...
87
15
1 0 2 % 10 4 % 1 0 3 % 101
8 4 % J a n 26
9
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104
104
1 0 3 % 104
104%
1
0
4
%
104% 104%
2 .7 5 0 L a c l e d e G a s ( S t L ) e o m l ’
8 3% 83% *8 2
102
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83
83
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75
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1,200 M a v D e p a r t m e n t ’ S t o r e s
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J ’ne26
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D o p r e f __________
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1938 20
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1
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117% J a n 16
1 29 % * 1 2 8
141
Apr
129% * 1 2 8
129% * 1 2 8
129 %
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D o p r o f ________
100 t - ’
17
124
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15
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15
15
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15
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15
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♦91
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p r e f _____
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54
Aug 8
1 0 2 % 1 0 3 % * 1 0 2 % 103%
5 9 % J a n 30
* 1 0 1 % 103 % * 1 0 1 % 103%
100 U n i t e d D r y G o o d s ’ C o s ’
1 0 0 % J a n 27 1 08
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D
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f
___________________
2
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5 107% J ’ l y 7
1 3%
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1 ,4 7 0 U S C a s t I P i p e <fc F o u n d r
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1 3 % A u g 18
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4 6 % 40%
—
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D o p r e f ___________________
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J
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71
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68
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69
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69
1 ,8 0 0 U S R e a l t y & I m p r o v e m ’ t
35%
6 5 % J a n 25
36!
36
38
7 9 % M a y 29
37% 37%
37
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f
____
200
7 2 ')8 7 2 % * 7 2
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71
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1153s 11538 1 1 5 % 1 16 %
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1 1 5 % 116
1 1 5 % 1 16
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D
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___________________
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5 3 % A u g 17
§120 120
7 0 % F e b 28
1197g 120
119 % 119%
1 19
119
*119
119 %
D o p r e f ___________________
7 50
1 5 8 5 1 5 8 % + 1 55
158
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1
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17
1 58
1 58
1
2
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%
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c h 15
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155
1 55
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157 %
2 30 \ \ T e l I s F a r g o fc ’ c o l _____ § 1 5 0
73
743.,
J a n 18 .177
73%
74%
M ay2o
74
74%
74%
7 5%
74-% 7 6
75%
76%
1 0 ,4 6 5
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65
65%|
66
7 1 % A p r 18
66
84% M a y 2 4
6 5 % 66
64% 65%
6 4 % 6 5%
6
5%
6
5
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6 ,4 0 0 W c s t l n g h ’ s e E l f t M f g a s s e n
* 110
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•■Du A u g 5
1 16
79
M ay29
* 110
116
1 1 0 % 114 1 114
114
* 1 1 1 % 118
3 00
D o 1 s t p r o f _______________ 1 10 % A u g 16
123
Jan
6

6%
21

lxxxxui .

Highest.

A

* 8%

21

86 Meh 8

*121% 122%

200

if

*■

*128

210

101% 101%

S

*112

100% 101
112 112

86

86

2,200
120

9 9% J 't y

"51%J'ly*
1 22 % J ’ ly
11%J'nn
7 0%
25%
12
37
134

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J 'l y
O ct
O ct
J ’ ly

Aug
J 'l y
S ep
O ct
J ’ ly
J ’ ly
J 'l y
J 'n i i
N ov
J 'l y
J 'l y
J 'l y
J ’ ly
J 'l y
J 'l y
J 'l y
J ’ly

1 55
J ’nc
28
J ’ ly
*90% S e p
27
82%
150
48%
S 1 9%
134

J 'n o
J ’ ly
J ’ iki
D ec
J ’ly
O et

102% 102%

*1101_ 111%

1121

*110% 112

I'.Parilb

120 120

ja n
Jan
Jan
Jan

3664.Jan

60
M ch
88
Jau
1007* J a u

67% O c t
483% Ft«l>
*117
/V u g
4% J ' l y
1 2% J ’ l y
9 J 'l y
4 1% J ’ l y
s o % J 'l y
7 8 i* J ' l y
9 3 % J 'l y
79
J ’ly
71
J ’ ly

1 00
1 1 ,8%
14
84
46%
1 01 %
v'17%
59
GO%
2 2%
30
103
S4
13
60%
25
90

60
100-%
2 3%
86%

30%
125
1 20
7%
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16
61%
54%
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1 16 %
98
7 8%

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Jau
Jau
Jan
Jan
Jan
Jan
Jan
Jan
Ian
O ct
O ct

1 19 %
1 25
281*
96%
80%

D oe
ja n
,Ja n
Jan
Ian

S 2 2%
95%
84
43%
4 0%
110 %
1 06 %
27%
85
61%
107%

O ct
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

110%.i«n

'2 6 6 " J a u "

517s Jan

107

Jan

457#
104 %
1 00
86%
540%
144

ja n
Jan
N ov
Jau
Jau
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13% J a n
73
Jan
122 .J a n
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32
Jan
8-1 J a n
145
Jan
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52% J a n
1 16 % J a n
84
Jr. i
91
Jan
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360% J a n
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129 % J a n
195
Jan
78% M c h
82% J a n
1 30
F ob

BANKS AND TRUST COMPANIES—'BANKERS' QUOTATIONS.
Banks

Bid

A sk

Brooklyn
B r o a d w a y 1 385
C o n e y I s l 'd 1
F i r s t .............
2 'JO
H lU s id c fl...
- ___
H e m e s te a d l.
M a a u f a o ’ rs'
416 ’
M e c h a n ic s ’t
2 25
M en ta u k
_____
N a s s a u ____ »2 1 2

_

Banks

Btd

Ask

2 85
150
158
1 36

300
176
105
142

350
6 95

3 60
705

Brooklyn
4 00
155
300
125
115
430
240
150
225

N at C ity . .
d o r t h S id e H
P e o p l e ' s ____
P r o s p ’ c tP k ^ l

Bid

Ask

N Y City

i ru st C o ’s

__

Fidelity

N YCU y
A s t e r _______
B an k ers’ T r

1ru st C o ’ s

B ’ vm y T r ._
142 % 148
C e n t r a l T r . . 1000
1040
C o lu m b ia . .
3 00
310
G o n o m e r o la l
106
S m p t r o ___
300
310
B q u l t ’ b le T r 5 0 0
F a r m L e f t '! ' •'ir 4 “ « 1525
. . .
2 1 7 % 2 22 %
F u l t o n _____
300
3 10

1 r u s t C o 's

BUt

Ask

trust Co’ s

Btd

U n a r it y T r .
G u a r d ia n T r
H ud son . . .
K n l o k u r b 'k r
L aw T I ftT r
L in c o ln T r .
M a n h a tta n
U e ro a n tU e .
M e t r o n o l 't ’ n
M u t u a l _____
M u t A ttn o c

8 00
135
140
295
245
1 25
390

815

N Y L i f e 4 :T
N Y T ru st.

590

470“
137%
130

480"

1 50
305
2 50
132
4 10

_

140

S a v o y _____
S t a n d a r d T r 3 90
T r 480
Tr Co of Am
Union T r
1330
495
U n it S t a t e s . 1125
Washington 3 6 0
Westchester 1 50
Windsor
5197%

TttleGu*

,

US Mtg&'fr

Atk
1070
610
75
405
495
8 75
1250
6 10
1150
375
160
—

Iru st C e’ s

Bid

Atk

Brooklyn
B r o o k l y n T r 4 45
C i t i z e n s ’ ____ 130
F l a t h u s l a __
2 00
F r a n k l i n ____ 4 2 7 0
H a m ilto n . .
235
H om e . . . . .
105
K in g s C a __ 505
L IS1 L * T r 3 3 0
N a s s a u _____
155
P e o p l e ’ s ___
295
M aoena C o .
100

1 30
2 15
2 90
2 76
115
3To"
165
305
115

• B i d a n d a s k e d p r i c e s : n o s a le s o n t h i s d a y
§1 ,
t S a l o a t S t o c k E x c h a n g e o r a t a u e t lo n t h is w e e k .




(V J 'a r o ’ s t a t o b w ° I u . q U O t e d d 0 l U r * P a r s b a r 9

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
J a n . 1 1EKMJ, t h e L'.vc'ian ge m e t h o d o f ( p io t ln g b o n d s w a s c h a n g e d , a n A v r l s e s a n n o w a l l — “ a n d i n t e r e s t " — s x s t p t f o r i n c o m e a n d d e f a u l t e d b o n d s .

H.

Y . STOCK

B X n p *.

v f K K K E souw * A

n

k

ugu st

18

p ,n (’tain l O S O vr 2s.fcl!*3
F o r e ig n

A '« » « « a r

I a s i Hal*

J u r i s t IS

l l

Hid

•u v u rm iiv m

i;. * .

Weekfe

fr ie s

FV* ele-v

v o k

A sle Lei*

b

H igh y

Low

H igh

D M *c A p r 11 . . . . 1 0 1 % i n f %
1 01
M ay’ l l
m i
io i%
102
A p r’l 1
107
108%
1 0 1 7 , M a y ’ l l . . . . 1 0 1 7 , 1O0IQ
101*4 J ’ l y ’ l l
113*4 1 1 4 4 1 1 4 Q J ’ n a ’ U #
ii i
114
u; 1 1 3 % im %
1 13*4 *14H ) 1 13 7#
100
1 0 0 Vj 10 0 * 4 J ’ j i e ’ n
10 0 % ’ 0 0 %
10 2 ’#
1 0 2 *(, 8 5 1 0 1 % 1 0 3
102*4 ^ a lt
100*9 1 0 O \
1(H I*« 100 *a
l b l S 102*4
1 0 1 * 4 .........

O -J
D -J
g -F
Q -K
Q-IZ
0 -F
V F
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_

( i i r n i i 'i i n i r i n
M .S t
- f 1

87
97*^
3 8 * * S a le

F -A 1 9 4*4 S a le
J J 1 P 4 Q 9 4 *5
S t e r l i n g l o a n 4 « ................1 0 3 1 J J * F 8*4 * a t e
R o p u b o t C n b a ■>» o a t e n d e b t . . M S 1 1B.SV, 1 0 4
...........
b’ -A t 9 7
J - J t 9 7*4 8311O -J * 0 7 * 9 ..........
J -D
89*4 9 0
1 7 hese a r e p r
S t a t e au*t C it y S e c u r i t i e s
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1 1 0 * 4 ......... . 1 1 1 * 4 N o v ’ oV
H u n tin g lu n a 6 s . .. l b 7 9 .1 9 2 9 A - 0
107
........... 1 0 7 * 8 j ’ l i e ’ t l
R e g i e t e r e d ..............1 8 7 9 - 1 3 2 9 A - 0
1 0 3 i a ......... . 1 0 7 * 4 M a y 11 . . . . 1 07 *4 1 0 7 * 4
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1o 4 j,
104*>« S o le 1 0 4 8,
3 104*« 1 66
R e g i s t e r e d ........................... 1 9 2 1 A - 0
1 0 6 * 4 F o b ’ ll
H l u k l n g l u n a d o b o s ..........1 3 3 3 M -N
107
A ug’ll
i b 'f i t i i B S
R e g i s w r e d ........................... 1 9 3 3 M -K
107**,
.........................1
07 *4 A u g ’ 11 . . . . 1 0 7 * 4 1 0 8 * 4
M i l B b A W e s t 1 s t g Os 1 9 2 1 M -S
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118
............1 4 2 *a F e b ’ O'.
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I l 8 * s 1 1 9 Ts 1 1S J ’J y ’ l l
O h io R o c k I s l A P a c O s . . . 1 9 1 7 j . j
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R e g i s t e r e d ........................... 1 9 1 7
1O80*....... 109 Aug’ lO
J
G e n e r a l g o l d 4 s ..................... 1 9 8 8 j . j
9 5 * 4 3U34 3 7
97
R e g i s t e r e d ........................... 1 9 8 8 J - J
i) 8 34 F e b M C
R e f u n d i n g g 4 s ................... 1 9 3 4 A - 0
89
e9
26
8 8 *a 9 0
89
C o l l t r u s t S e n e s J 4 s . . . . 1 9 1 2 M -N
9 7 * s J ’ l y ’ l*
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C h i c i t 1 A P a o R R 4 s . . 2 0 0 2 11-N
72
77
7 2 s* b a l e
72
72*4 2 1 9
R e g i s t e r e d .......................... 2 0 0 2
...
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9730
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........... I l l *8 A U g ’ 11 . . . . 1 1 1 * 8 1 1 2 * 4
ill
R e g i s t e r e d ....................... 1 9 3 4 A - 0
110 ......... 120*4 Mftt’ Oi:
C U 1 J S A W l s t g u 6 s . 1 9 2 1 A -O
105 ......... 100*v F e b ’ l l
M & O l B 1 s t g u g 7 s .. 1927
C h o o O k A G g e u g 6 s .0 1 3 1 9
iu2*i i’0 3 " i o 2 34 " 102*4
C o n s o l g o l d 6 s ................... 1 9 6 2 M -N 1 0 8
108*4 1 0 8 >4 J ’ly ’ll
K e o k A B e s M. 1 s t 6 s . . . . 1 3 3 3 A - O
......... 102
101 A u g ’ l l
C h ic B V h A A ’ u
bee 111 C e n t
O h io S t B «fe P i t t s bee B o n n C o
O h io 8 t P M J* o c o n 6 s . . . 1 3 3 0 J - D
124
125*1
121
1 2 6 * 5 ,1 2 5
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C o n s 6 s r e d u c e d t « 3 * a s . l 9 3 0 J - D 1 8 8 * 4 ......... 93
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....

....

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97
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....

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1107,

102% 1 03 »,
100% 101%
100% 100%

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... 108*4 10U»a
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23 107%
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tiki
id
ln o ^
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M b C K I J A N £ O U 9
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W S A X glTTMKO AUQUKT 18

101 101»(.

1
47
...
30

C

••Street I t u i l w u y
B r o o k l y n R a p ’I T g 6 s ..........1 9 4 6
1 st r o fu n d e o n T g 4 s . . ..2 0 0 2
B k O i t y l a t e o u 5 s . 1 9 1 0 .1 9 4 1
R k U <J»AH c o n g u g 6 s . 1 3 4 1
J i k Q C o A - S l a t 5 s .........194 1
U k ly n U u R l 1 s t g 4 -6 8 .1 9 0 0
S t a m p e d g u a r 4 - 5 s ____ 1 9 5 0
K i n g s C o B1 l e t g 4 s ____ 1 9 4 9
a t a m p e d g u a r 4 » ............ 1 3 4 3
R a a s c u K t e c g u g 4 s — 1961
C o n n KyJfc R l s t A » r e t g 4 * 5 » 8 o l
H t . v a p e d p u a r 4 * 4 8 ............ 1 33 1
D e t U n it e d 1 s t c o n c 4 * « 8 .1 0 o 2
K a T .ia a E l e c c o n s o l g 5 3 .1 9 6 2
I n t e r - M e t c e l l 4*48 .................1 9 5 6
I n t e r R a p T 6 s H e r A ___ 1 3 6 2
x n u 'c n a t T r a c c o l t t r 4 s . . 1 9 4 9
M a n ila E le c ls t « fc c o ll o s . 1953

B 4 »W D < 4

Range
State
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107
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100%
100

B O N O . ^ — C o n t i n u e d o n N e x t l'tege.

102

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101 Vj 103

1 00 *4 1 0 3 * 4
100*4 1 0 3
8 t ss 8 5 *4
8 2 *4 8 5 * 4
78
81
101*4 101*4

101 102*4
«U *a 82*4
9 4 *4 0 8 * ,
77*4 8 3
1 0 3 *4 1 01 *4

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S t r e e t llu ily v a y
M e t S t R y g e n c o l tx g 6 t ,1 0 9 7
K e f g 4 s .....................................2 0 0 2
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C ot A 9 th A T 1 s t g u g 6 8 .1 9 0 3
B a x AT A P if 1 s t g u g 5 s 1 8 9 3
T h ir d A t s R R c a n g u 4 s 2 0 0 0
C a n t T r C o c e r t fs s t i n p d ...
T h u d ATS R y 1 s t g 5 s . . 1 8 3 7
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S t J o s R y L t H Jfc P l s t g 8 s ‘ 37
s t P a u l C it y C s b c a n g t a .1 9 3 7
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U n d e r g r a u n d at B o n 6 s . ..1 8 2 0
4 *48 ............................................... 1 0 3 3
I n c o m e 0 s ................................ 1 9 4 8
U n io n E l ( C h ic ) 1 s t g 6 s . .1 0 4 5
U n it e d l i y s S t L 1 s t r 4 8 .1 9 3 4
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s D u e M ay

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9 8 % io o %
1 0 0 % 100%
97
93

100

Jan ’l l

10U*s 100‘s

69*4 J’ u o ’ l l
0 3*4
64*4
1 0 9 % 109% 110
J ’ne’ l l
84
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87*4 A n g ’ l l
98
...........
98
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1 0 6 % . . . . . . 1 06 *4 A p r ’ l l
97*4
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38
A p r ’ 09
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95*s
........... 5*7
69
69
........... 6 1 %
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A u g ’ lO
........... 7 6
67
A u g ’l l
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79

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101 Vj 102*4

193*4
00 100**
101

69
70*4
58*4 70*4
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84
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9 (3 *4 '9 7 **
38*4

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67___72*«
« O p t i o n Sale

456

New York Bond Record— Continued- -Page 2
B O N D ?*

2T. T . S T O C K E X C H A N G E
■ W « s k K N D ifti* A u g u s t 18
S h io S t P M A O —( Con)
C h S t t* A 41 m u l e t * Ga 1 9 1 8
N o r W i s c o n s i n 1 s t G a . . . 19.80
S t f & t * C ity 1 st g 6 a ... 1910
B h lo A W e s t In d g e n g 6 s (1 9 3 2
C o n s o l 5 0 - y e a r 4 s ............... 1 9 6 2
O h io A VV M i c h dee P o r e M a r q
C h oc O & C a lf
dee C R I So P
D in r l A D 2 0 g o l d 4 T 8 . . . 1 9 3 7
C m D A 1 1st g u g 6 s . ..1 9 4 1
C F i n d * F t W I s t g u 4 s g . ’ 23
C i n 1 A VV 1 s t a u * 4 s . 1 9 6 8
I n d D e o A VV 1 s t g 6 s . . . 1 9 8 5
l i t g u a r g o l d 6 # ................ 1 9 8 5
O 1 S t L <£> O dee C C C A S t L
D in S A C
dee C C O S t L
D le a r d e ld A i l a h
dee S K A P
C le v C in C 4 n U , g e n a 48 1 9 9 3
C a ir o D iv 1 s t g o ld 4 a ... .1 9 3 9
C i n VV A M D i r 1 s t g 4 a . 1 9 9 1
S t L D i v lH t c o l t r g 4 s . . 1 9 9 0
R e g i s t e r e d ...........................1 9 9 0
' 8 p r A C o l D i r 1 st g 4 s . .1 9 4 0
W W V a l D iv 1 s t g 4 a . . . 1 9 4 0
C 1 S t L A C c o n s o l 6 a .. 1 9 2 0
1 s t g o l d 4 s ..........................£ 1 0 8 0
R e g i s t e r e d ................... g l 0 3 O
O ln S A C l c o n l o t g 6 a . . 1 9 2 8
O C C A l c o u s o l 7 s ............1 9 1 4
C o n a o ia iu K f u n d 7 a . . . . l 9 1 4
C e n e r a i o o u s o l g o ld 6 a . 1 9 3 4
R e g i a l u r e d ....................... 1 9 3 4
l n u 131 A VV 1 s t p r e i 4 a . 1 9 4 0
O lu d A W 1 s t p i 0 s ...i£ 1 9 3 8
P e o A J £a ot 1 s t c o n 4 a . . . 1 9 4 0
l n c o m e 4 a ..............................1 9 9 0
D io r A M a r ie tta
dee P e n n H R
O l s v A P i t t a dee P o n n C o
C o l M i d l a n d 1 s t g 4 a ........... 1 9 4 7
C o lo ra d o A S od 1 st g 4 s . ..1 9 2 9
R e l a n d A e x t 4 T s ............1 0 3 6
F t W A D e n C 1 st g 6 s ..1 9 2 1
C o lu in A C r e e n v
dee S o K y
C o l A H o c k V a l dee H o o k V a t
C o l A T o l dee H o c k V a l
C ol C ou n A T erm
dee 61 A W
C o n n A P u s R l r s 1 s t g 4 8 .1 9 4 3
C u b a R R 1 st 6 0 -y r 5 g . . . . 1962
a k A C t S o dee O i l A S t P
a li a s A W a c o
dee M
D e l L a o lc A W e s t e r n —
M o r r is A E ssex i s t 7 « . . . 1914
1 s t c o n s o l g u a r 7 s ......... 1 9 1 6
R e g i s t e r e d ....................... 1 9 1 6
1 s t r e l g u g 3 * 4 8 ...............2 0 0 0
N Y L a c k A VV 1 s t 6 3 . . . 1 9 2 1
’
C o n s t r u c t i o n 6 s ..............1 9 2 3
T erm A n n p r o v » 4 a ....l9 2 3
W a r r e n l e t r e l g u g 3 * 1 ,8 .2 0 0 0
D e l A H u d 1 st P a D ir 7 s .1917
R e g i s t e r e d ........................... 1 9 1 7
1 0 - y r c o n r d e b 4 a ..............1 9 1 6
1 s t l i e u e q u i p g 4 T s ____1 9 2 2
1 s t A r e f 4 a ..............................1 9 4 3
A l b A s u b c o n v 3 “a s ......... 1 9 4 6
R e u s A S a ra tog a 1 st 7 s . 1921

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124
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111*4
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198*4 1 2 6
1 11 S 1 1 2 H
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..........
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l O i q . T ’ l y ’ 11
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101
105
103
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83
88
8 8 T ........... 8 8 * 4 a u g ’ l l . . . .
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9 i* 4 9 3
...........
90
9 0 Hi 9 3
1 0 } T ...........
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9 6 * , ...........
107
...........
1 0 7 1 s ...........
123

........... 1 2 5 '4 F o b ’ l l
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45
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96
96
112

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92

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06
97
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1 s t A r e f u n d i n g 6 s ........... 1 9 6 5
R io O r J u n o 1 st g u g 6s . 1939
R i o C r V V sst 1 s t g 4 s . . . . 1 9 3 9
M g e t v n d c o l t r u s t 4 S A .1 9 4 9
U ta h C e n t l s l g u g 4 s a !9 1 7
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1 0 7 * » ........... 1 0 7 « » J ’ l y ’ 11
........... 1 10 *8 1 1 0 * 8 j ’ n e ’ l l
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90
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1 14 *., 1 1 6 H, 1 1 6 Hi J ' n e ' l t ___
1 0 6 * 4 ........... 1 0 7 4 M a y ’ l l
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....
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R e g i s t e r e d . . ........... . . . . . . . 1 9 3 7 A - O
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New York Bond Record— Continued— Page 3

A ug, 19 1911.1
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M. 8 S M A A 1 s t g 4 l i l t g u 1 9 2 0 J - J
M in n U n
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M is s is s ip p i C e n t 1 s t 5 s . .. 1949 J - J
M o K a u cu L e x 1 s t i. 4 S . . . 1 9 9 0 J-JJ
2 d g o l d 4 s ................................j i . 9 0 0 F - A
1 s t o x t g o l d 6 s ....................... 1 0 4 4 M -N
1 s t A r e f u n d 4 s .....................2 9 0 4 M -S
G e n s £ 4 4 s ......................... 1 9 8 0 J - J
8 t L D lv 1 s t r e f g 4 s — 200 1 A -0
D a l A W u 1 s t g u g O s . . . 1 9 4 0 M -N
K a u C A P a o l o t g 4 s . . .1 9 9 0 F -A
U o K < U 1 st g u g 5 s . . .1 9 4 2 A -0
U K A O k 1 s t g u o s ......... 1 9 4 2 M -N
M K A T o l T 1 s t g u g 6 s . 1 9 4 2 M -S
S lie r S h A s o 1 s t g u g 5 3 .1 9 4 8 J - D
T e x A O k l a 1 s t g u g o s . . . 1 9 4 3 M -S
M o P a o i f l u 1 s t c o n * 0 e . . . 1 9 2 0 M -N
T r u s t g o l d O s s t a m p e d . « 1 9 1 7 M -S
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1 s t c o l l g o l d 6 s . .....................1 9 2 0 F - A
4 0 - y e a r g o l d l o a n 4 s ......... 1 9 4 6 M - S
8 d 7 s e x t d a t 4 * 4 ...................1 9 3 8 M -N
1 s t A r e r c o n v 5 s ............... 1 9 6 u M S
C e n t B r R y 1 s t g u g 4 a .l 0 1 9 F -A
O eu B r a n c h U P l s t g 4 s . l 9 4 8 J -D
L eroy A O V A L ls t g Q s 1920 J -J
P a o U o l M o 1 s t e x g 4 s . 1 9 3 3 F -A
2 d e x t e n d e d g o ld O s. ..1 9 3 8 J - J
S t L l r A lA S g e n e o n g 6 s l0 3 1 A -0
G e n c o n sta m p g td g 6 s 1931 A -0
U n ifie d A r e f g o ld 4 s . . 1 9 2 9 J -J
K i t A G D i v 1 s t g 4 S . . 1 9 3 3 M -N
V o r d l V l A VV 1 s t a 6 s . 1 9 2 0 M - S
M o b A O h i o n e t v g o l d O s ..1 9 2 7 J - D
1 st e x te n s io n g o ld 6 « ../il 0 2 7
G o n o r a i g o l d 4 s ..................... 1 9 3 3
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M o h a w k A M a i d ee N V C A 11
M o n o u g a u e l a H i v dee B A G
M o n t C e n t dee S t P M A M
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J a s p e r B r s n o h 1 s t g O s .. 1 9 2 3 J . J
M o M M VV A A i 1 s t O s ..1 9 1 7 J - J
T A P B r a n c h 1 s t O s .. ..1 9 1 7 J . J
N a s h F l o r A S h o t See L A N
N a t lty s o f M e x p r M 4 s 1957 1 - J
G o a r g o n 4 s . . . . .................... 1 9 7 7 A - O
N a t o f M e x p r io r lie n 4 4 8 .1 9 2 0 J -J
1 s t o o n s o l 4 s ........................... 1 9 6 1 A - O
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s a e N X N li* H
N J Juno UR
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R e g i s t e r e d ............................1 9 9 7 J - J
D e h s n g 4 s ..............................1 9 3 4 M -N
L a k e S h o t s o o U g 3 4 s . . .1 9 9 9 F -A
R e g i s t e r e d ........................... 1 9 9 3 F -A
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N. Y. STO C K E X C H A N G E
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N o r <to M o n t l s t g u g 6 8 . 1 9 1 6 A -O
F i n e C r e e k r e g g n a r 6 e . l 9 3 2 J -D
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R u tla n d 1 s t c o n g 4 4 e . . 194 1 J - J
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R u t-C a n a d l e t g u g 4 8 .1 9 4 9 J -J
S t U w <to A < lir 1 s t g 6 s . 1 9 9 6 J - J
2 d g o l d ( i s .............................. F J 9 6 A - O
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M a h o n 0*1 l t R 1 s t 5 s . . 1 9 3 4 J . J
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2 d g u a r 6 s ..............................1 9 3 4 J - J
M c K e e s * B V l s t g d s 191 8 J .J
M i c h G e u t O s ........................... 1 9 3 1 M - s
R e g i s t e r e d ...................... 1 9 3 1 ■Q -M
4 8 ................................................1 9 4 0 , J - J
R e g i s t e r e d ....................... 1 9 4 0 J . J
J L <fc S 1 s t g 3 4 a .......... 1 0 5 1 M - S
1 s t g 3 4 s ............................. 1 9 5 2 M -N
2 0 - y e a r d e b 4 s ...................1 9 2 9 A - O
B a t C & S t u r l s t g u g 3 s .1 98 9 J -D
N X C l U O * 3 0 L 1 s t g 4 b J .9 3 7 A - O
i t e g i s t e r e d ........................... 1 9 3 7 A - O
D e b e n t u r e s 4 s .................. 1 0 3 1 M -N
W e st S h ore 1 st 4s g u . .. 2361 J -J
R e g i s t e r e d ........................... 2 3 6 1 J - J
N Y * G r e e n w L a k e dee E n e
N Y * H o r dee N Y C * H u d
N Y L a c k * VV dee D L * W
N Y l E * W
dee E r i e
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N Y N r i * H - N o n c o n 4 s . ’ 6 6 M -N
C o u v d e h e n 3 4 s ............... 1 96 61 J . J
C o n v d e b e n 6 s ................... I 9 4 fcl J - J
H a r le m
- P t C h e s 1st 4 s l 9 6 4 M -N
c o n . N E n g 1st g u 4 8 -1 9 6 1 J -J
H o u s a t o u i o R c o i l g 6 s . . 1 9 3 7 M -N
N 11 * D e r b y c o n c y 6 s . 1 9 1 8 M -N
P r o v i d e n c e s e o d e b 4 8 — 1 9 6 7 M -N
•N X * N o r t h
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N Y O * VV r e f l e t g 4 8 - 1/ 1 0 9 2 M - S
l l e g i s * 5 , 0 0 0 o n l y ............flO .992 M -S
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N X * P u t dee N Y C * H
N Y * R B dee L o n g I s l a n d
N Y 3 * VV dee E r i e
N Y T e x * H . dee S o P a c C o
N o r * S o u t h 1 s t g 6 s ........... 1 9 4 1
N o r f * W e s t g e n g 6 s ......... 1 9 3 1
ii n p r o v e m ’ t * e x t g 6 s . .1 9 8 4
N e w R i v e r 1 s t g « s ......... 1 0 3 2
N & W R y 1 st con g 4 s. 1096
R e g i s t e r e d ........................... 1 0 9 6
D iv ’l l s t l * g en g 4 u . „ 1044
1 0 -2 5 y e a r o o n v 4 8 — 103 2
P o c a J i C * O J o in t 4 8 - 1 0 4 1
C U * T 1 s t r u g 6 a ........... 1 9 2 2
8 0 10 V * N £ 1 s t g u g 4 s 1 0 8 0
N o r t h I l l i n o i s dee C h i * N W
N o r . h O h i o dee L E r i e * W
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R e g i s t e r e d ........................... 1 9 9 7
G e n e r a l B e n g o l d 3 s ____« 2 0 4 7
R e g i s t e r e d .......................a 2 0 4 7
S t P a u i-D u l D lv g 4 8 — 1 09 6
D u i s h o r t L 1 st g u 5 S -1 9 1 U
G R * ( j c o l l t r 4 s 6 'e a G t N o r
S t P * N P g en g 68— 1023
R e g is t e r e d c e r t lfla ’ s — 1 0 2 3
S t P au l * D u l 1 st 6a— 1031
2 d 6 s ........................................ 1 0 1 7
1 s t c o n s o l g o l d 4 s ........... 1 0 6 8
W a s h G e n t 1 s t g 4 s ........... 1 0 4 8
N o r P ad T e r C o 1 st g 6 a „1 0 3 3
N o r R y C a l Use S o P a o
N or w is
des O S t P 51 * O
N o r * M o n t dee N Y c e n t
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P en n K li 1 st re e l eat g 4 s. 1023
C o n s o l g o l d 5 a ....................... 1 0 1 0
C o u a o l g o l d 4 s ....................... 1 0 4 3
C o n v e r t i b l e g 3 4 s .............. 1 9 1 2
C o n v e r t i b l e g 3 4 s .............. 1 9 1 5
C o u a o l g o l d 4 s .....................1 0 4 8
A U e g V a l g e n g n g 4 S ...1 0 4 2 M -8
D R it it * B g e 1 s t g u 4 s g . ’ 3 6 r ‘
P h t ia B a i * W 1 s t g A s ..1 0 4 3 1
S o d R a y * S o 1 s t g 6 S ...1 0 2 4 ,
U N J R R * Can g o o 4a. 1044 f
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R e g i s t e r e d ..........................1 0 2 1 .
G o a l 3 4 a o o ll tr u a t r e g .1 0 3 7 J
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N

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96
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1 1 •.!#« 1 1 4 4 1 1 4 4 A u g ’ l
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109
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95
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92 4
92*4
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90
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109
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101

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9 1 4 06 4
84
804
1 0 0 4 1 00 *4
784
83 4

12

23
70
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16
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97
0 5 4 97

094

994

N o v ’ 10
07

994

994

964
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98
5
70V
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98
70
60
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1 1 6 4 1 1 6 4 l l 8 4 J ’ne’ n ....
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See G t N o r
90
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S t P A S ’ x C i t y see C s t P A l a u
W/ a b a s h l i t g o l d 6 s ......... 1 9 3 9 M -N 1 0 8 S a le 1 0 8
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see A t l C o a s t G
98
98
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100
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...........
85
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102
103
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83
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...................
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C o n s o l g o l d 6 s ...................1 3 4 8 j .
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60
40
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G e n g o l d 4 s ...............................
........... 9 7
97
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M o r t g u a r - g o l d 3 H is .. £ 1 9 2 9
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105
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1 0 9 % ........... 1 0 9 % J ’ l y ’ l l
2 0 -y e a r e q u ip s t 6 s .. .1 9 2 2 J -J
l0 9 H i 110*4
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S a le
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93
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9 2 Hi 9 2 *b A u g ’ l 1
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93
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98
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c o n v e r t i b l e 4 s ....................... 1 9 3 6 M - S
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...........
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99
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1 s t c o n g u a r g 5 s .............1 3 3 7 M -N 1 0 3 * 4 ........... L1 0
i
98
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lo s t * , S a le
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89
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97
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........... 9 0 %| 9 1 ’3 A u g 1 J
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1 01 *4 1 0 2 * 3 1 0 1 * 4
llH * ,
1 99*8 1 0 3 %
T e x A N O S a b D i v l s t g b s .1 3 1 2 M -S
............1 0 1 *4 1 0 1 7 , M a y 1 1 1
J 1 0 1 % IOL7TJ
F d a n d r e a l e a t g 4 H i s ... i 9 6 0 M -N
. . . . . . 9«S*4| 9 6 s,
98%
C o n g o l d 5 s . . . ...................1 0 4 8 J - J
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>
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102% ....

n

...

♦...... 100*!

101

101*3

98*3 101

_

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iHlaiCGI.liANKOirsi
l U u i i u l n c t u r i n g «fc I n d u s t r i a l
C u b a n - A m o r S u g a r c o l l t r G s ’ 1 8 A .O
90
97
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7 5 % S a le
G I d a P e a t P o w d e r 4 H is .. 191
193 01 J - D
......
86
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l l G y r g < l « b 6 » ........................ i a i 7 j . p j
...... 1 0 0
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as
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98
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l e t c » n 5 s S e r l o e A ___ I 9 3 i v i - s
8 1*4 S a lo
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9 8 % 9 3 H?
N a t K n a n iiS i d t p s 1 st » s . . 1 9 2 j J -D
04%
94%
N Y A i r n r a k e 1 s t c o n v 6 s '3 8 M -N
10 2
B y S t e e l f5 p s s 1 st s f 5 s . . . 1921 J . J
9 8*4 l u u
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1 0 2 % ... ...
1 0 - 3 0 y e a T 5 s s 1 ....................1 9 1 9 A - 0
91*4
U a i . e a t l i C o s 1 d e b g 6 s . . 1 9 1 3 .vl-N
10 2 *3 103

,

H m in fu c tiir in g
9G
Aug’ll
75%
76
85%
8 5 Hi
J’n o’t l
82
10 1
J ’i y ’ l l
91)
98%
10 2 %
102*3
83
X3
93*3
93%
98
98
81
8 (%
03
03%
91*,
94%
10 2
103
9 8*3 J ’ l y ’ l l
1027,
10 2 %
94 S A u g ’ l l
1 02 ‘4 A u g ’ l l

* N o p r ice F riday; latest bid and asked this w eek, o D ue




B U N D a — Concluded.

96*3 97
7**4 30
8 2 7, 3 0 *3
81
82
1 45
107
9 3 * 3 99*4
10 1
1U4H<
83
87
9 1 * , 96
0 6 * , 9 9 >,
31
8 8 *4
90
90
94*4 9 5*a
102
100
97*4 OH
102 7 103*4
04'
96

102

1 0 .)

(so U Due Apr

I n d u s tr ia l

U s K # * lty A I o o n r d e b g 5 s ’ 24
U S R u b b e r 1 0 -y r c a U tr 6 s . ’ 18
U S s t e e l HAirp — 1 c o u p .( 1 1 9 0 3
S t 1 0 -0 0 y r S e . j r o g . . d l 9 0 3
m vM Jer C h e m l e t 1 5 - y r 6 s 1 9 2 3
W e s t E l c o t n o 1st 6s D e o 1 92 2
» f a l l 1) 4 h o u s e G A M e I 6 s ’ 8 1
J liH c r lliu ie o u .t
A d a m s Ihx c o l v r * 4 3 ........... 1 9 4 3
A r in o u r A C o ls t io iU e s t 4 * 4 3 ’ 3 »
H u sh T e r m in a l 1 st 4 s . . . . 1 9 5 2
C ensol 6* ..,
10 5 5
l n t M e r o a n M a r i’ ii * 4 *3' , ‘ ' I O 2 2
m t N a v ig a n o * le t s f 6s . l 9 2t
M o r r i s A C o l e t e t 4 *3 8 . . 1 0 6 1
N \ D o c k 3 0 - y r 1 s t % 4 e ..lU 0 1
i’ u b S e r v C o rp N J g * n 5 s. 1939
W a s h W a te r P o w 1 s t 5 s .. 1939

J -J

J- D

89
CO
104
S a le
1 0 4 * , S a lo

89

101

M -N
M -N
J -D
J -J
j . j

104*3
104*4
” 99*** " m
9 8 7e
1 0 1 Hi 1 0 2 H< 1 92
93
94
9 3*3

Ml-8
J -D
A -0
J -J
A -O
F -A
J -J
F -A
A -O
J -J

...........

85*,

92 '4 02*4
02*3 J>3
97
05
...........
9 0 *a
8 2 Hi
9 2 Hi
101

■•<•/ jD iifi.fte h Due. Ply /oDuaAua

89
103
1 0 3 s,
1 0 8 B,
OB’7,
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9 1 s,

89»,
1 0 4 *»
lb o
I U 4 ’7,
90*,

102
94

80
A u g ’l 1
W2 *u
92**

9 2 H> A u g ’ 11
9 8»4 A u g ’ l 1
98
t>5
66\
S a le
82*4
82k
82
OO*, J ’ l y ’ l l
91
J ’ lie ’ l l
8 5 Hi 8 1
9 3 H,
0 3 7t
94
........... L 0 2 *3 M a r ’ l l

o D u o O ct p D u o N ov

2t

91
105
lo o t,
100*4
1 02 *4
1 0 2 7,
95*4

80
91
9 2 * 3 9 3 Hi
98*4
90
100*3
97
04
08*4

82

‘ <0*4 9 2
90
84
0 3 4 90*4
0 2 >» 1 0 2 *a

1 O p t io n S a le

CHICAGO STOCK E X C H A N G E -Stock R ecord -D aily, Weekly and Yearly
S T O C K S - HIGHEST
Saturday
Aug. 12
*185
*11?
*23.1
* -—
♦88
*90
29%
*10
*6
*2%
*15
*40

*9
*45
0%
82
*270
*128l,i
5412
*108
*131
*38
*51
*1
*5
47
123
*160
130

190
3
4
25
90
97
2934
12

7%
3
18
41

101?
50
03s
821280
55
no
135
41
04%
63
H4
61?
47%
123
165
131%

104 104
♦ 102 1023,
i>i% 52%
47
*93

47
95
134
129
110
119
105
138
120
102
190
107
21-

*132
* 1277a
* __
*115
1013a
1361a
120
102
*180
*1061?
*2%
7 1.23
♦ 19 ~ 21
Note .— Ol

Honda y
Aug. 14

AND

Tuesday.
Aug. 15

LOWEST
Wednesday
Aug. 16

190

*185

♦180
+2
♦5
2478
85 ’
*90
95
29U
31
♦10
12
+6
71?
2%
23.1
*15
18
41
*40

190
3
7
2478
85 "
100
29b
12
71?
23?
10
42

SALS

PRICES.

Thursday
Aug. 17

Friday
Aug. 18

Last Sals 190
Last Sale li2
Last Sale 3

Apr’ l l
J u ly 'll
June’ 11

sales
•t he
Week
bn.re

STO C K S
C H IC A G O S T O C K
EXCHANGB

R a ilroads
. . . . C h icago C ity I t y _____ 100
C h icago & O ak P a r k . 100
Do p r e f____________ 100
n
22

Last
29
ImsI
0
2?*
Last
Last
Last
Last
Last
Last
Last
*9
Last

Sals 95
Aug’ l l
291S __________
A u g 'll
Sale 11
____ ____
6
2%
234
258
Sale 16
Aug’ l l
Sale 4012 A lls’ l l
June’ l l
Sale 27
Sale 711? JuneTl
Sale 2.j% June’ ll
Sale G8% Junc’ l l
Sale 79i2 July’ H
10
912
91?
Aug 11
Sale 50

____
515
....
20
355
....
....
____

Itanje strut January 1
On basis ol 10O-share lots
---------------------Highest.
Lottes t.
185 Jan 11 190 A pr 28
11? J ’n e lfi
l i 2 J ’ne 16
3 J ’ ne .6
0 Men 23
21 J ’ly 12
2934 J ’ lv 21
85 J 'ly ly
93 J ’lv 21
80 A o r 29 101 A u g 2
20% Mav 13
34% A u g 2
8 M ayl3
12l2 A u g 3
4l2 M.-n 1
7U A u g 3
23S A u g 16
6 Mcii 1
16 A u g 10
26 F eb 23
40 J ’n e 13
72'2 Feb 25
27 J ’ nc 30
191? F e b 1
74 12 J ’lie 30
29lz J ’ n e 30
201? A p r 27

C h ic R y e part c t f “ 1” ___
Chic R ys p art c t f “ 2 ” ___
Chic R y s part c t f " 3 ” ___
Chlo R y s part c t f “ 4” ___
C h icago S u b w a y _____ 100
Kaus C ity R y & L t__10 0
D o p r e f____________ 100
U ecropol W 3 E le v ___ 100
D o p r e f...................... lo o
____ X orthw cr.tcrn E le v ___ 100
D o p r e f____________ 100
____ Sou th .Side E l e v a t e d .100
68 Jan .
3 5 Streets W Stable C D .1 0 0
$l2 J ’ ne 1
101? *912 1012
9
9
*9
....
D o p r e f____________ 1 0 0
40 J 'n c 1
*45
60
50
*45
60
*45
M iscellaneous
600
93s
A
m
erican
C
a
n
_______
100
9%
9 Jan 16
91?
9i2
9l2
93j
9%
912
Ob
740
Do p re f____________ 1 0 0
8,i34 833,,
81%
82%
813t 83
82
82
7078 Jau 7
8214 83
. . . . A m erican R a d ia t o r .. 100 265 Jan 9
Feb’ l l
Last Sale 265
*270 280 *270 280 *270 280
.
.
.
.
Do p r e f................. . .1 0 0
Last Sale 131 July’ 11
*12814
*128!2
12612 Men 9
*129 133
235 A m er b u lp b u lld ln g ___ 100
5419 5412 ____ ____
5412 A u g 12
5158 54% *54
55
5H2 55
....
Do p re t____________ 1 0 0
Last Sale 111 July’ H
*105 110 *100
110l4 Jan 0
110 *105 n o
.
_
_
_
A
m
er
'i
elep
&
T
e
lc
g
____
65
131
134
13334 13384 *134 135 *131 1341?
13334 A u g 14
300 B o o m H snerles c o m ___
41
41
____
*38
30%
*39
35 A p r 26
40
40
42
*40
V otin g trust c t f ________
Last Sale 43l2 July’ l l
D o p r e f_______ _
210
+64i2 ____ *04% -----*64
65
62
J ’lie 20
65
____ Cal Sc Chic Canal Sc D .1 0 0
Last Sale 51% July’ l l
*51
491? A o r 24
63
*51
53
*51
53
. . . . Chic B rew ’ g <!c M alt’ g ___
July’ l l
*1
Last Sale 1
*1
*1
1 J ’ly 20
U,1
1%
H4
l )o p r e f________________
July’ 11 ____
Last Sale 534
*5
51?
61?
*5
312 M eh27
+5
795 Chic P n eu m atic T o o l . 100
47l2
4734
47U 48
41 Jan 3
4734 481,
4638 475S 4712 4712
____ . .
109 C h icago T e le p h o n e ___ 100 115 J a n 25
122 122
133 123 *122 123
122 122
____ Ch c iit le & l'r u s t___100 15112 Jan 6
Last Sale 165
A n a 'll
*160
105 *160 10.5 *160 105
12934 130
394 i jin m o n w ’ th -K d Iso n .1 0 0 111 Jan 19
132 132
1301? 131
131b 131% 13H2 132
123S 123S
25 Corn P rod R e f Co c o m ___
Jan’ l l
Do
do
p r e f____
Last Sale 78
10334 10334
182 D iam ond M a tch _____ 100
921? F e b 1.)
1031'? 11)312 1033* 1031? *1021? 103 *103I2 104
445 11 rt Sbifrner & Mi.rx p f.
102 IO2 I4 102 103
1021.1 1023, 1 02 b 10214
1,315 lii no.s B rick _________ 100
61
51
601? A u g 17
5U* 51% *52
521 ?
5U 2 5212 SOl2 51
47 Jan 16
50
Aug’ l l
M asonic l e m p l c _________
10 M cC ru m -lio w e ll C o . .1 0 0
*47
50
45 M ch 3
*461? 47
*47
50
*4612 47
*47
50
____
Aug’ l l
Do p r e f_______________
92 M ch 3
Last Sale 96
*93
95
*93
95
+93
95
____ Nat', >nal B i s c u i t . . ___ 100 117i4 Jan 17
Aug’ l l
Last bti'j 133
*130 133 *131 134 *130 133
____
D o p r e f____________100 123 Jan 3
Last Soli 12812 A u g 'll
H27 129
*127 129
25 N a t'o n a l c a r b o n _____ 100 100 A u g 18
♦ _ 110 *105 n o *100 109 *100 106
1 00
1 00
D o p r e f____________ 100 118 Jan 16
Last Sale IJ 8 I2 July’ 11 ____
*115 110 *115 119 *115 119
103b 101% 1,485 P e o p le 's Gas L & C ok e.lO O 103's A pr 8
10414 l()17g 1043, 1017a 104b 1043, 104 104
1373., 1,7.)
1391.4 13912 1,588 S c a is -K o e b u c k c o m . .1 0 0 cl3 6 l2 M ai 26
139 140
1381? 139
155
D o p r e f____________ 1 0 0
118l2 A u g 18
11S12 118*2
♦119 121 *119
121 *119 121 *119 121
1.036 S w 'ft & C o ____________ 100 100i8 Mch 1 i
1013.1 102
1013.1 102
.102 102
1017a 1021s 1013s 102
____ T h e Q uaker O ats C o . .1 0 0 165 M ch 7
A u g 'll
Last Sale 190
*180 190 *180
190 *186 190
30
Do p r e f____________ 100 102% F e b 1
»ioi:i? 1071? +1061? 10.1 1 *1061? 1071? 106 106l2
475 U nit B o x B d & P C o . 100
2i4 A u g 10
2%
25s
2%
21?
93S
711,
721,j
723.i 2,810 U nited States Steel c o m .
W estern S to n e _______ 100
19i2 A p r 12
Last Sale 20
’ July’ lT
♦19
21
21 ‘ ♦19
21
♦19
fi Tj r, i-et n 1 longer r*n ort? trausac Ilona of less than lo sbar OS.
*90

97

*90
30
12
*10
*10
*6
71?
*6
234 *2%
234
*15
*15
18
*10
*40
41

Inter­
est
Period

Pries
Friday
Aug. 18
BU

A m er Stravvb’ d l? t 6 s . 1911
A rm ou r & Co 4
___1939
B ooth Fish Co D e b G 5s’ 17
D eb £ 5««
1924
Sink Fd D eb6s tr r o c . .
C alum et <Si S ou th C h icago
R y 1st 5s............ .......1927
Cass A v * f O 1s t L) 5,i 12
Ohio B oard ol Trade 4s 1927
C hicago C ity R y 5s___1927

F
.1
J
J
A

Chic N o Shore Elec 0 s . 191’!
Chic P u c Tool 1st 4 s .d l» 2 l
Ohlc R y 5s.......... ........... 1927
Chic R y s 4 - 5s scries ” A ”
Chlo Rys 4 -5a series “ B ”
Chic Rys 4-5a series ’ ’ C’
Chic R ys coll 6s___ 1913
Chic R ys Fund 6 s . . 1913
Chic R ys Tern Ctfs 1st 5s
Chic R 1 Sc P U R 4 S ..2 0 0 2
C ollat trust g 5s— 191.)
Ohlc T eleph on e 5s___ .19 2 3
O otnm ontv-E dison 3 s . 1943
Chic Edison deb Os-1913
1st g 5S____ July 1926
D ebenture 5s____ 192u
C om m onw Elect 5 s d l9 »t

■\ • 0
.1 - i
F - A
A - O
J - D
F - A
F - A
F - A

F
J
J
F
J
C h lcO onsoi I'rac 4
1030 J
K
Chic A u ditor!u 1 Ist5sl92 0
C h ica go E lev R y 5 s . .1914 j

- A
•D
- J
- J
- O
-

Mv lJ HJ A H»1 -

Illinois Tunnel 5s____ 192s j K an City R y & Light
11 K n lck ’ b ’ ker Ice 1st fis 192s A Lako St Kl— 1st 5 s ...1 0 2 S J M etr \V Side HI —
1st 4s.......................... 1938
E xten sion g 48____ 1938
M or-l
& Co.
H ____ 1939
North West El 1st 4 s . . . 1911
N orthw estern Gas L igh t Sc
C oke Co Gs................. 1928
O gden lias us________ 1u*•»
Pearsons-1’a ft 5s_____ 1916
4 . 4 0 s ________________. . .
4.60s Meries K___________

F
J
J
M

-

A
J
D
A
J
U
A
j

N
b
D
b
J
O
S
b
i>

Li '(IS
SsU

Bangs
for
Year 1011

Aik Low

nigh 4Vo. Lou
Jan’ 1 1
100%
92%
92%
2
92%
100
Mch’ 11
90%
Mch 11
90
100
98%
98% A p r 'll
100%

92 1*2 Sale

99%
101%
109
1027*
10278 Sale
103
.
.
ob
9t>%
983*
94%
87
89
89
90
9934
99% Salo
947*
t ------ 95%
883*
t ____ 88%
90
101).%
tlOO-% Salo
100
t 9934 Bale
99%
06%
06%
1103% 103% 103%
1027*
103 Salo
1007*
100
1003*
t U)27S gala
1027*
U 00 Salo
80

N
()
J t ------

86

A
80% Salo
J ------ 82%
J t 90
01%
S t ------ 100

Q -M
.1 - R
J - 1)
M- S
M- N
M- N
A - O
M- b
J * J
J - 1)
M- N
J - J
J - J
A - O

Week's
Range or
Last Sale

97%
100
89%
IS

Lowest.

Highest.

ICO O ct
112 j ’ly
4
J ’ ly

135 M ch
31? Jan
?i2 Jau

60% Sep
1U4 Sep
8 ila\
3 M a'
21* J ’ nc
20 Aug
69 Feb
16 lau
51 Feb
15 Apr
53 11 a v
-5% J 'ly
7 J ’ ly
40 J ’ly

12i2 M ay 9
887* J ne 2
265 Jan 9
131 J ’ly 29
79 F e b 6
113 M ay 18
152l4 J ’ ne 12
69% Mcll 4
57J4 Men 9
82 ’ Mcll21
62. F eb 2
l i 4 J no 7
5 b J ’n c 9
55l2 F eb 23
1241? J ’ l l - 21
170 J ’ ne 9
137b J 'ly 15

G% J ’ ne
62i2 J 'lv
240 A pr
126 J 'ly
72 Feb
107 Aug
13U4 J 'lv
31 J ’ D«
29 A u g
50 .1' tie
46 D ec
1 F eo
3 Sep
261? J 'ly
110 Via'.
142 A u g
1061? J 'ly
131 ? J ’ ly

I05i2 J ’ly 10

821? Sep

70 Jan 20
50<8 A u g 2
0 7 ’ Jan 3
98 F e b 2
140 A p r 7
130 Mch31
120 M ch 14
120 M ch 23
108b Jan 19
19234 Jan 31
122 M ch 11
101 J nc 5
193 J ’ nc 2 j
10712 J ’ ly 21
7 Jan 3
81 73 F eb 6
25 ' Jan 27

40 Mch
93 J n *
101 A u g
118 J ’ ly
104 Fen
112 F eo
103 J ’ ly
148 Feb
11012 A ug
100 D ec
155 J 'ly
101 J ’ ly
6% A pr

63

15

J ’ ly

J ’ ne

100
36

Jan
Jan
Jan
9% Jan
6% A u g
39 Jan
7 734 M ch
25 J no
72 J ’ne
23 J ne
66 J ns
721? J no
64% Jan
104 Jan
16

13% Jan
^2 Jan
261 D ec
135 A p r
841* May
112 Jan
1421* Mch
43 D ec
41 D eo
74 Jan
15 F eb
1 F eb
3 Sep
47 D ee
137 Jan
163 M ch
1:11? Jan
22*4 Jau
82 F eb
12/ Jan
91 M ch
46 J an
67!2 D ec
102 % A p r
119 D ec
125 Jan
145 O ct
123 N o v
11534 Jan
186% N o v
122
M ch
1095* Jan
ISO F eb
106 Jan
15% Jan
26%Deo

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
C H IC A G ) ST O C K
EXCHANGE
W eek ending A u g . 18.

80 J ’ ne 30
1J14 F eb 28
50 Jan 9

Range tor Previous
Y car l'J iu.

July’ l l ____
Oot’lW ____
May’ll / ____
1027*
8
Apr’04 ____
Apr’OO ____
Jan’06 ____
A u g 'll
Dec'09
Feb’OO ____
Aug’ l l
997*
19
947*
3
3
88%
July’ l 1
3
100%
Jan 'l 1 _ _
10
99%
_
_
Aug'Os
July’08 ____
A u g 'll ____
12
103
N ov'lO ____
Feb’ l l ____
A UK’09 ____
1027*
1
21
10(J
Doo’08
M ay'll __ _ _
May’ l l ____
July’ l l ____
May’05

1
80%
80%
82% Aug’ l l ____
July’ 11
91
J u ly 'll
100

High
1IM%
933*
100
100
99

99%

99%

____
102%
..
____
____
98%

____
102'*
____
____
____
997*

„„ .
87%
9 73*
93%
82%
90
99%
100
9734

____
91
100
95%
89%
.90
lOO?*
100
100

102 103%
100% 103%
100

100
...
100% 1027*
103% 1073,
96% 9734
9734 100
77
89%
82%
78%
9o«4
96%

__
l 93% Salo
9 8 % ____
95
____
96
____
9712

86-%
82'*
vl*4
100

99% 100
99% Aug’ l l
1 92
93%
94%
93%
1003* Mou’09 ____
96% Mcll’ 10
97
F cb’ 10
Mch’ 10
_
P co Gas L & C 1st 6 s . 1943
1
1213, May’ Ol)
R efund ing g 0s____ 1N47
6 1013. 10234
Ul>2% Sale
1023*
102%
Chic Gas L&C 1st 5sl937
102.* 103%
1103% Salo
103%
103%
Consuin Gat) 1st 58.1934
1102
102% 102 July’ l l
101% 102
M llt’ t Fuel Gas Ist5sl947
101% 101%
------ 101% 10U? J u ly 'll
South Side Kiev 4 H s .i 9 2 4
93
U534
95% 95%
953*
ic
S w ift & Co 1st g 5s___1014
1 0 0 % 1001 ? 1003* Aug’ l l
100 1017*
U nion El (L oop) 5 s _ .lU 4 j
Apr’ lo
88
U nited B ox Hoard col G? 2U
Apr’ 10
70
Mch’ l l
General m tgo 6 s . ----------- J - .1 _ _
56
60
60
W estern E lec Co 5 3 . . . 1922 ,/ - J __ _
1003* 103
102% A u g 'll
N ote. — Accrued Interest m ust bo a d d ed to a 11 C h icago b ond prices

N AM E

Outstand­
ing
Slock
(t>

Surplus
and
Profits
(t)

Dividend Record
In
lOOi)

In
1910

Per­
iod.

Last Paid,
%

An Jan ’ l l , 0
$49,360
6
6
$ 1 0 0 ,0 0 0
C alum et N a tio n a l_____
271,322
10
10
j - j J ly ’ l l , 5
C h icago C it y ____________
5 0 0 ,0 0 0
____ Q-J July '11, 2%
C on ti’ tal <5t C om m N a t . y 20000000 10,285.337 ____
12
16
Corn E x ch an ge N ational 3,000,000 5,696,273
Q-J July ’ l l , 4
Douglas S t a t e . .. _____ ___
200.000
31 Beg. b usilay 31 '1 l.V .92,pl538
8
D rexel S ta te ____________
9
200,000
41,198
Q-J July ’ l l , 1%
D rovers’ D ep N a tio n a l.
600.000
443,233
10
10
Q-J July ’ l l , 2%
200,000
6
E n glew ood S ta te _______
61.U40
6
Q-J July ’ l l , 134
12i Q-M >ne 30’ ll,3 u
12l
First N a tio n a l_________ 10 , 0 0 0 .0 0 0 11,276,436
y-.v; Joe30’ ll,2 %
150.000
10
First N at E n g le w o o d ..
191,247
10
i'o r e m a u Bros B 'k ’ g C o . 1,000,000
563,476
Prlv ate Ba nk
616,188
S
F o rt D earborn N ational 2.000,000
8
Q-J July ’ l l , 2
H ibernian B 'k 'g A ss’ n . . 1,500,000 1,053,878
8 + 2 Q-J July ’ l l , 2
8
200,000
.vaspar S tate B a n k ____
193,557
10
10+ 15 J-J July ’ l l , 5
200.000
L. u;e View State_________
3,156 Beg. b US Apr 8 ’ 11 V.92,p.1004.
257.031 Beg. b us. Ma y ’ 10 V.90, p. 1277
L a Salle St N a tio n a l___ 1,000,000
Q-M Jne 30’ 11.2%
L iv e S to ck K x ch 'g o N at 1,250.000
546.108
10
10
300,000
4
M onroe N a tio n a l_______
66,841
4
Q-T A g ’ l l , 1
N at Bank o f R e p u b l ic .. 2.000.000 1,313,977
8
8
Q-J Jue30’ l l , 2
6
C-J July 11. 1%
494,341
6
N ational C it y ---------------- 2,000,000
250,000
4
3
N ational P r o d u c e _____
90,390
Q-J July ’ l l , 1%
200,000
74,633
N orth A v e n u e S ta te —
6H Q-J July ’ l l . 1%
5>*
50,000
6
Q-J July '11, 1%
34,29/
6
N orth Side S tate S av'gs
200,000
4
Q-J July ’ l l , 1%
30,403 ____
N orth W est S ta te _____
7
300,000
115, L 7 ____
Q-J J Liy '11, 2%
P e o p le ’ s Stk Y ds S ta te .
0
Q-M July ‘ 11, 1%
500.000
62,711
6
Prairie S ta te ____________
300,000
221,092
4M Q-J July ’ l l , 1%
S e c u r i t y ________________
1H
200,000
94,500
6
S o u th C h icago S a v in g s .
I X Q-J July ’ l l , 2
200,000
6
12,782
S ou th Side S t a t e _______
Q-J July ’ l l , 1%
ix
12
12
Q-J July '11. 3
S tate Bank o f C h ica g o . 1,500,000 1,965,670
250,000
Q-M Jne 30’ 11, 2
196.488
8
8
S to c k Y ards S a v in g s___
M-N May '11, 3
t’200,000
49,854
6
U nion Bank o f C h ic a g o .
6
8.494 See V. 90. p. 159
100,000
W ash in gton Park N a t’ I
50.000
Q-M D cc31'08,l%
13,275
977,674
Central T ru st Co o f 111.. 2,000,000
7
I X Q-J July ’ l l , 2
224,478
C h icago Sav B k 3c T r . . 1,000,000
6
6
Q-J July ’ l l , 1%
C h icago T itle He. T r u s t . . 5.000,000 <1.810,642
6
I X O-J July ’ l l , 2
50,000
Citizens T ru st 3c Savings
12,104
4
6
Q-J July ’ l l , 2%
600,000
8+2
C olonial T ru st & Saving
475,687 8 + 2
Q-J July ’ l l , 2%
3.000,000
734,546
200,000
Q-J July ’ l l , 2
140,926
8
8
D rovers’ Trust3cSavlngs
6
Q-J J ly ’ l l . 1%
239,419
3
Far well T ru st C o _______ 1,500,000
Q-M Jne 30 ’ 11,4
12
16
First Trust 3c S a v in g s .. 2,500,000 3,648.690
3.057 Beg. b us. Apr 3’ 11 V. 92, p . 929
250.000
F t.D o a rb o rn Tr3cSav Bk
29,470 Incorp orated 1908 V.87 .p.1138
200,000
G uarantee T ru st 3c S a v .
9H 11+ 5 Q-J July ’ l l , 3
Harris T ru st & S a v in g s . r 1,250,000 1,918,434
300,000
52.427 Beg. b us Apr l u ’ l 1V.92.P.1004
Home Bank 3c Trust_____
Illinois T ru st 3c Savings 5,000,000 8,850,823 1 6 + 4 18 + 4
7 July ' l l , 4
200,000
62,030
K e n w o o d T ru st & Savgs
OM 7 + 1M Q-J July ' l l , 1%
200,000
49,680
Lake V iew T ru st& S avgs
5
5H Q-J July '11, 1%
M erch ants' L o a n i T r Co 3,000,000 6,273,210
12
12
Q-J July *11, 4
750.000
6
Q-J Jne30’ l l . l %
248,857
6
200,000
60,057 Beg. b us. Oct 29 ’ 1 0V91.P.1221
M ichigan A v e T r C o —
500,000
58,372 Com. b US. Ap rlO ’ llV 9 2 p l0 0 4
M ld -C lty T r 3c S av B k .
8
N orth ern T ru st C o ____ 1,500,000 2,507.084
8
Q-J Jne30 ’ l l , 2
a
J-J July ’ l l , 4
S
N o rth -W e s tern Tr3cSav *200,000
77,298
200,000
Old Colony Tr Sc Sav Bank
5,057 Beg. b 11s J’ne I ’ l l V.92,p.1537.
500,001
P e o p le ’ s "Tr & Sav B k . .
137,535 Beg. b us.Dec 1 ’ 10 V. 92, p. 96
300, OOC
259,672
8
P u llm an T ru st 3c S a v g s .
8
Q-J J u n e 3 (m . 2
S heridan T r & S av Bank
200.00C
26,979 Beg. b us. J’ ly 12 'C 9 V .89,p.141
Stan d ard T r 3: S a v in g s. 1 . 0 0 0 . 0 0 c
284,858 Comm enced bus. Sept 61910
43,462
S to ck m e n 's T ru st Sc Sav
200,00(
5
5 X J-J July '11. 3
U nion T ru st C o ________ 1,200,OOC 1,229,38'J 1 8 + 2 *8 + 2 Q-M Jn e3 0 'll,2 T
VVest’ n T ru st & Saving! 1,250,00(
203,658
0
6
Q-J July ’ l l , 1%
Q-M July ' l l , 2
6
W est Side T r& S avB an k
200,00(
112.071
W o o d la w n T r& S a v B a n t
200,000
69,161
6
I X Q-J July ’ l l , 2%

* 131(1 a n d a s k e d p rice s: n o sa le s w e re m a d e o n t b ls d a y .
f J u n e 7 (c lo s e o f b u s in e s s ) fo r n a t io n a l b a n k s a n d J u n e 8 (o p e n in g o f b u s in e s s ) fo r S t a te I n s titu tio n * .
1No
p r ic e F r id a y ; la t e s t p r ic e t h is w e e k ,
a D u e D o c . 31. b D u e J u n e , e E x - s t o c k d lx ld e n d o f 33 1-3% . k A ls o 20% In s t o c k , q D iv id e n d s a r e p a id Q -J , w ith e x t r a p a y ­
m e n t s Q -K .
r C a p it a l t o b e In cre a s e d t o $1,500,000. V . 02, p . 1811.
s i n a d d i t io n , th e e q u iv a le n t o f 4 % m o r e c a m e fr o m F ir s t T r u s t & S a v in g s B a n k ,
f Ju n e30
to ll,
u In a d d it io n , t h e e q u iv a le n t o f 1% c a m e fr o m F ir s t T r u s t * S a v in g s B a n k , r c a p i t a l I n cr e a s e d io $600,000
V . 1)3, p . 142. u> M a rc h 31 1011.
t o In c r e a s e c a p it a l t o $250,000 r a t ifie d .
V . 92, p . 1352.
y C a p ita l t o b e in c r e a s e d t o $21,600,000 t o a c q u ir e c o n t r o l o f H ib e r n ia B a n k in g A s s o o . V. S3, p. 17, 323.
U A l s o p a i d a n e x t r a d i v i d e n d o f 2 % In J u ly l o l l .




BOSTON STOCK EXCHANGE—Stock: Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CEN TU M PRICES
Saturday
Aug. 12

Monday
f Aug. 14

Tuesday
Aug. 15

. Wednesday 1 Thursday
Aug. 16
Aug. i f

Friday
Aug. 18

Saia
o f 'he
W e eh
Shares

STOCKS

BO STON STOC K
EXCHANGE

Range since January 1,
On basis o f 100-share lots.
Lowest.

Range tor Previous
Year (1910).

Highest,

Highest,

R a ilroad s
A tch T o p & S an ta F e .1 0 0 102t* Jan
1 1 6 >4 J ’ ne 5
*103*3
01*j J ’ ly
* 10214 103*4
Do
p r e f___________ 100 IOU3 Jan
30
105 J ’ tlO't)
(7i? Amr
221
221
222
Apr 21 220 F e b 1o 218 J n
2 22
222
222
223
01 B oston & A lb a n y _____100 21$
127 127
1
2
0
l
2
A
u
g
10
12714
1271,
,
216 B oston E le v a t e d ______ 100
13012 A u g 1 1122
Aug
127*2 126*4 127
____
♦217
207 F eb 1 217 J 'n e s i
*217
____ *217
218
10 B oston & L o w e ll_____ 100
200 J ’ly
105 105
102
1 02
104 101
252 B oston & M ain e_____ 100 101 M aylO 122*8 F en 15 118 Deo
103
____
♦295
299
Last Sale
July’ l:
B oston & 1 ’ r o v ld e n c e . 1 0 0 292 Mr b 2i JO ) M ch 0 285 O ct
* 1212 14
Last Sak, 1312 Aug’ i:
13 J ’ ne 20
B o sto n S u b u rban El C o s .
15
14 J ’ne
10 M ch 6
____
♦75
73 Jati 0
Last Sale 76*8 Aug’ i:
Do
p r e f_________ _____
7» i4 J ’ u e 2 j
70 J ’ly
♦___
1 2 *?
Juir’ i:
F eb 15
Last Sale 12
B o sto n & W o re Eleo C o s .
121 *
0
13 J ’ ly 13
8 Mch
38i? Jan 3
*51
52
*64
Do
p r e f................... .......
5-ilj
51
51
55
35 Aug
5* J 'ly 1
00
____
*165
150 A p r 29 105 A u g 3 13!) Sep
*165
160
165 * ____105
10 Chlo Ju n o R y & U S Y .1 0 0
* ___
11412
A ug'l
Last Bait 114
Mchli 115l2 J 'ly 25 109 O ct
Do
p r e f______________
114*2
*271
Last Sale 272 July’ i:
C o n n e cticu t R iv e r ___ 1 0 0 265 Jan 31 272 J 1)0 0 200 O ct
*127 128
1271? 12 M,
128 *127 128
23 F itch b u rg , p re f_______ 100 125 A p r 10 130 Jau 4 I 2 H4 Sep
_
*151
Last Sale 1571? July’ l
Ga R y A E le o trlc_____100 1171? Jan 23 157>2 ) ly 27 104
an
____
*92
____ *92
*90
92*?
Do
p r e f___________ 100
85 F e b 20
85 A p r
b.}*2 J ’ ne lu
10
*141
Last Sale h i 40 July’ l)
145
115
M aine C en tral________ 100 ftl40 J 'ly 25 215 Jau 18 202 Fot)
20
1734
20
191?
H tj J ’ ly
18 A pr 20
181.1 18*4
24 J '110 3
18*2 2.470 Maas E le ctric C o s _____100
891?
83*2 89
89
83*4 Jan u OSht J 'ly 16
90*4 90*4
D o jp r e f .__________ 100
8 S12
6 ‘>6
75
J ’ly
134U 135
13U? 1323, I 3 4 I4 133*4 134*4 1,134 N V N B 4 H a r tfo r d . 100 132*4 A lt? 10 151-a F e b 23 149 A p r
Last Sale 142 Jlily’ ll
139 Jan 13 142 Muh 0
N orthern N H _____ ..1 0 0
139 Dec
*212
Last Sale 2 12
*212
*212
*212
Julr’ l l
N orw ich 4 W o r p r e f . 100 210 Jan 20 213 J ’ly 14 210 May
____ *188
____ *188
*188
*188
1831?
I 8 U4 Sep
188 188 *183
5 Old C o lo n y ___________ 100 133 M ch 15 189 Jan
*35
40
*35
40
32 Jan 20
*37
37
40
.37
40
*35
40
*35
25 May
43 F e b 21
10 R u tlan d p r e f____ _____ 1 0 0
Las! Sale 111
*110
111*8 * 1 1 0
111*8
Seattle E le c tr ic ______ 100 lOS'i A p r 18 112 F eb 27 103 A ug
Aug’ l 1
111*8 * 110*2 111*8 * 1 1 0
103 103 *10112 103
*103
103
Do
p r e f___________100 z07'a M ch 1.1 103'j A ug U
9834 Auv
*103
103 103
103
69
167*2 172*4 169 170
170 1721? 171»4 1741,, 1725a 173
17U*<i 172
2,030 U nion P a cific ________100 167*2 A u g IS IO2 I3 J ’ ly 22 153*4 J ’ ly
Last Sale 95
90 M ch 9
00*8 M ay 12
Do
p r e f___________ 1 0 0
*91*4 9234 *0134 9214 *92
9212 *90*2 OU4
July’ 11 ____
89*4 J ’ly
____
*162
Ixist Sale 161 June’ 11
*163
V erm ont & M ass_____ 1 0 0 150 M ch 21 164 J ’ne 10 154 O ct
*163
*103
87 J 'ly 11
8S
87*4 88
88
83 Sep
93 Men 22
88
88
1,320 W est E n d S t ___________ 50
88*4 80
801?
88
89
88
* ____ 102*2 102 1 02
101
100
100
Do
p r e f____________60 100 A u g 17 105 Jan 10
99
J ’ly
100
1 0 0 i2
45
101*2 101*2 * 1 0 0
M iscella n eou s
461? Jan 3
54
54
36 J ’ ly
00*3 M a v is
54*2 56
54
54
63*J 561?
2,014 Aracr A g ricu l C h e m .,1 0 0
55
56
55*2
55
99 Jan 6 105b M ch
9812 D eo
10334 104*8 10334 103*4 103 103
D '
p re f............... . .1 0 0
IO373 1037S 103*2 104
103
103*8
382
4 A u g 12
4 D ec
0i 2 Jan 20
4
4
4
4
4
4
4
1,600 A m er P n eu S e r v i c e .. 50
41,
4
412
4
4*2
13*4 A u g 16
1 )>4 Jan 31
Do
p r e f____________50
13*4 Dec
1334 1418
14
14*4 113, *1412 15
14
1,285
*14*8 141?
13*4 14*4
111 O ct
IM I 4 115*2 11-4*2 115
114*4 115
829 A m er Sugar R e fln ___ 100 118 A u g 12 122 F eb 27
113 USD 114 1147s 11434 115
Do
p r e f__________ 100 111*4 Jan 5 12013 M a v is
115 1151? 115 115
I I D 4 O ct
11534 116
115 116
115
116
632
115*? 116
133*4 134 10,231 A m or T elep & T e lo g .1 0 0 133U A u g 17 153U J 'n o 8
127*4 J 'ly
134 134*8 134 13433 13418 134*4 13334 134*8 133*4 131
2 8 l4 A u g 17
36'.i Mch 20
20 A m erican W o o le n _____ 1 0 0
20
J ’ ly
28*4 28*4
Do
p r e f__________ 100 *80 M ch 2b
9 OI4
90
U012 J'ni* 15
90
90*? Deo
90
90
90
90
90
8812 90 '
88*4
90*2
693
8 I4 Jan 17
*9
A tl G ulf & W I SS L .1 0 0
Last Sale 10
10
10
*9
10
Aug’ l 1
*9
7 “ M cb
11
May 29
*9*2 101 ?
D
o
p
r
e
f__________
100
18*4 183.1 *18
18is A u g 15
20
18*8 18*3 * ____
18
20 Jan 31
16 May
30
18*3 13*8
B oston L a n d ________ 10
7
.Till v’ 11
5i2 Jan 13
8 I4 A p r 2b
4 i 2 J 'ly
14514 Jan 10 159*2 J n e l5
156 156
*156 157
150 150
155 155 *155 157i2 *15-1*2 157*2
229
i38t2 J ’ ly
93
4
7U Jan 18
934 10*4
10
10
10
12
M av 1
10*4
7 ls Apr
10 U 101 ,
1 0 *?
101 ? 1,535
10*8
95
78?g F eb 3
05
0 1 *i 9434
94 *4 95
95
95 A u g 10
95
2 2 0 Eastern S t e a m s h ip ... 1 0 0
70
J ’ly
04*2 94*2
280 286*2 *28(5 286*2 280*? 2801?
*286*2 ____ 28612 287
*286
87 Edison E lc c Iliu m ___100 *27814 J ’ly 14 292'? F e b 3 5239 Ju
*14518 M ch 3 167*4 M a y 29 135 J ’ly
152U 1537S 153 154
152 1531? 1533,1 15334
151*2 154
151 152
687
87*4 Jan 3
9334 93*.,
70*4 Feb
9212 03*?
03
93
96*4 A u g 3
93*2 94
93*4 93 ls
93
93
2,2C3
Do
p r e f.
9734 97*4
97
9734
89 May
.100
98 M ch 25
97*2 9734
94*2 J ’ ntt27
0712 971?
97*2 971?
9734
214
07*4
23(5
23312 234 * _
230 *230 236
* - .233 233 *226
234
.100 211 Jan 4 235 A u g 3 212i2 Dec
20
434
2*4 Jan
4*8 Jan 31
3>2 M ch 20
4
4
4
*4
*4
4
4l2
*3*4
4*2
4*4 1,300
. 10
4*4
*
1
1
2
112
114 * 1 1 2
113
114 * 1 1 2
.100 109 A u g 17 119 Mch 14 107 Sep
114
109 109
113
40
113
Do
p r e f.
*109
111
*109 111 *109 111
99*2 Aug
109 109
1 10
1 10
74
.100 100 Jan 3 1101? M ch 13
137 Jan 14 160*3 J ’ 110 14) 129*2 Aug
*140 14712 14712 147*2 *146 147*2 14712 1471? *140 147*2 1471? 14712
140
____ *105
____ *105
O3 I4 N ov
90 Jan 9 105 J 'n e28
*105
Las! Sale 1041? July’ 11
*105
62*4 J ’ ly 29
*631?
♦64
05 A u g 7
63*4 6 .T4
63
03
40
157l2 A u g i7 103 Jan 30 153 J ’ne
159*2 159*2 158 15812 153 158
168 1581? 15712 158 ' 1 59
221
159*4
IU 4 Jan
*13
14
*131? 14 *
Lae! Sole 14
14 ♦
Aug’ 11
14
10 x l2 Jan 5 16 M ay 1
100 Jan 26 104 J ’no 6
10112 1017s 1015s 1017? 101*8 102
100 Jan
101*4 101*2 101*4 1 ,0 0 1
101*8 UU*,, 101
28 Mch
30 F e b 1 30 Jan
*31
31*r 30
30
303.1 *30
*30
31
30
31
313
30*8 *30
27 Jau
27 M ch 23
Do
p r e f.......................25
*29
29
29
31 J ’ ly 17
30
*29
30
*29
60
*29*2 30
30
F ru it__________100 ISO M cli 13 197*2 J ’ly 16
183 186
184 1854 2 185 185
183 185
183*4 183*4
183*2 185
6 86
106*2 Jan
4634 J ’ ly
OS?* F o b 18
42 A u g 12
42
421j 421?
43
4334
43
421,
4334 44*4
44
4312 6,213 Un S hoe M ach C o r p . . 25
45V«
29>4 Jau 31
27*4 Auir 14
D o p r o f_____________ 25
*2714 2734 27*4 271?
*271j 28
159
2712
25*4 J*|y
27*2
2714 271? *2712 28
71 A u g 16
82's F o b 6
71
72*4
oi*3 J *y
71
7314
73
72
74
7314 33,725
71*3 72*8
73*8 74*8
Do
p r e f.
111 J’ly
116 1167.,
391
110
1151* 115*2 115*4 1157s 115*4 115*4 1 1 5 3 4 116
.100 115*2 A u g 14 120*2 F eb
1 10
Feb
23U F ob
10i2 Jan 17
17
181? 181? *17*2 18*2
650 ! cut Telen t
19
.100
19
18
181?
18
17l2
IHU,
Aug
Do
89 Jan 23 100 J ’ly 28
p r e f_____
*96*2 100
961a 96*2
—
100
♦96*2 93
—
.100
06*2 W612 *9612 100
M ining
7i8 J 'n e l 6
4 J ’ ly
4i? A p r 24
0
6
*5
6*2
*0
*6
7
7
*6
224
73 . Deo
11 J ’ no 13
6 Jan 24
7
7*2
7
G'**4 7
6*2
7
7
6*4
1,025
678
„ 612
39 Jau
24 A u g 17
25
24
241?
20
25*?
241?
31 J ’ly
26
26
24*2
* ...
26
2(5
160
71»s J ’ne 19
59*4 A u g 17
6134
69*2 OH.,
59*4 60*,
61
55*4 J ’ ly
01
61*4 12,099
62*s 63*2
01*4 03*8
3 0*s J ’ne 14
23ia 24 2
2212 A u g 18
2534 26
24t2 26
23
23*2
iu i 2 J ’ly
2212
2512 253,
23*41 0,877
18*8 J ’ n e i514 A u g 18
U I 4 12
7U
8*2
1214 May
12
12
7 10,327
7*4 11*4
25
11*2 12
6*4
May22
.60
.50 Jan 6 .75
.70
.70 .50
70 *.50
.50 Mch
250 B on anza D ev C o____ 10
*.60
.70 *.50
101E 10
15*2 May27
3*8 A u g 18
034
6
10
10 May
10
5
10
10
5
7 *2
6,080 B osA C orbC op& S lIM g
373
334
6 *? Jan 14
3*8 A u g 12
334
3*4
1*2 N ov
33,
4 4 1-10
438
760 U u tte-B ala kla va C o p . 10
334
3*8
4*4
15!>8 J 'n o
20*3 M ay24
1512 1512 *15*4
in34 1034
16*8 A u g 16
16
1012 1012
1612 1 G12 *15*3 I d s
2,761 B utte C o a litio n _______15
63 J 'n o 6
40 Jan 19
4434 J 'ly
47
4912 51
49I2 51
4912
46
48
5014
49
49
48
8,107 Calum et & A r i z o n a .. 10
400 A u g 16 645 Jan 4 5 0 0 J'ly
400 420
410 420
410
410
405 410
405 405 *410 415
189 C alum et A Ile o la ____ 25
15l2 Jan 4
9 A u g 14
*9
9
9
9t2
91
9
01?
912
812 9
i3 i 2 J;iy
*91.1 11
204 C en tennial______________25
Last Sale .07
.01
J iy
.07 *.05
.Ot
*.05
.07 *.05
Aug’ P
Cons M erour G o ld ____
1 .05 Jan 6 .15 J ’ n e i
69*4 F eb 2
5314 A u g 10
58 Feb
6412
65
55
55
50
53*4 64
5 6 I4 '63t4 ”5*5*14
64*4 5512
2*419 1 upper R a n ge C on Co 100
3*2 SeP
3 F eb 8
0*2 J ’ n e 21
6
*5U
0
*5 *4
*5
6
5
0
5
200 D a ly - W e s t .____________ 20
*5U
53S 533
14*4
J
’ne24
9*8
A
u
g
17
J iy
10
103s; 9,787 East B u tte C op M In ._ 10
IOI4 1112
III 4 1178
1 H 2 117S
1114 12
953 10*8
0
D ec
14 J ’ ne b
7 Jan 21
9
9
9
912 10
0
91?
10
10
10U IOI4
1,725 F r a n k lin _______________25
8*4
ids F eb
J’ly
6 A u g 17
5
5*4 5 5-16 5 5-16 8,956 G iroux C o n so lid a te d .
6 7-10 51■
5l2
5 7-10 6 l 2
512
5
5*8
61*
43*2 J ’ ne21
J'ly
27 A u g 18
29
27
29
30l2 311;
30
2912
30
31
30
29
1,301 G ra n by C o n s o lid a te d .100
7*8 J ’ ne 19
6*8 Sep
6»8 M ob 10
612 6*8
0*3
_G*a 2,170 Greene C ananea_____ 2 0
05s
C7,
6 5-16 Gl2
012 6 1-6
638
6%
30*4 J ’ne 19
18 Jan 24
14*1 J i y
2112 2,425 H a n co ck C on solidated 25
2 0 14 22
19% 2 H4
2014 2134
20
2012 21
2 H2 21*4
13, Oet
2
F eb
.99 A p r 22
1
1
*1
*1
130 H elvetia C o p p e r .____ 25
1*4
1*4
1*4
16 J 'n o 2
J'ly
91 ? A u g 18
1 0 -1 ] 103.|
101 * 11
..
iD
10
11
11
0*4 IOI4
91*2 *9*4 1,800 Indiana M in ing_______ 26
9*1 M ay27
0l2 A u g 17
6 *., 5,730 Inspiration C op p er____ 10
67S
7 1-10
678
7
6 9-16 67s
015-10 71-10
0 '2
6*3
30*, Dec
40*3 J 'n e o
29>4 M ay
3612 36*j
38
361
* 3 0 1 ? ____
36
30
1
3612 31l2 3412
341
905 Island Creek C o a l____
91 J 'n e 3
8 U4 N ov
86*4 A u g 18
87 14 8734 87
871?
8 6 *S 87
85U
8 6 I4 87
Do
p re f___________
1
86
86
85*4 1,256
19*8 J ’ne 13
1334 14
IDs A p r 8
137g 14
131? May
131? 2,250 Isle R o y a le C o p p e r .. 25
14
1212
111 ,
1312
13
13*2 I 4 I4
*434
47j
7*8 Jau 21
4 S4 1,555 K err L a k e ________ . . .
20
Sop
4*s A u g 18
47,
4*4
5
478
47S 4 11-16 434 4 11-16 434
4*8
3*4 J ’ ne it
* 2L
134 Alav 1,1
* 214
21 ?
* 214 2*4
. 3 J'ly
2 i4
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2 8 -1 0
214
330 K ew eenaw C o p p e r___ 25
238
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40
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'n
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i
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p
r
22
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2812 291?
28*2 J 'ly
29
30
26i2 2714 6,258 Lake C op per C o ____ _ 25
27
29
26i2 2712
6
J 1111 5
3 A u g 17
0 i4 D ec
3l2
312
*3
312
312
31? 1,016 La Salle C o p p e r_____ 25
312
3l 2
312
3 I4
3
3
10*4 Mav29
834
6 l2 A p r 24
Aug 11
*81.1
*S14 ____
M ason V alley M in es___ 5
Last! Sai 8*2
6
May 10 e lo J ’ n e io
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8
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0
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e *2
0*8 *376 Mass C o n s o l . . ____ . . . 25
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1
1
1
1
*1
1
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1
25 .20 F e b 18
1
1
1
1,025 M a y flo w e r__________
1*8
227| j ’ 110 21
18*4 A p r 0
193g
1012
19
19U I 9 I4
1914 1912
1912
1912 191j
17 J ly
825 Miami C o p p e r____ . . .
5
1912 197s
3*2 Jan 4
21t
1*4 A p r 7
*2
2 i2
2
*2
*2
3*4 D eo
208 M ic h ig a n _______________25
*2
2
212
2
2
53 J 'u u lfi
36 A p r 18
41
_ 25
42
43
41
43
4312
4312 44
42
43
J 'ly
647 M oh aw k _____
43
41
4?*
17 A u g 10
21*4 J 'n e 15
1714 n i l
5
17*1 J ’ly
171* 1712
17*8 2.423 N evada C o n so lid a te d .
17
1714 17*8
17*4
17*4
4*4 A n r 28
2 A u g 16
212
2 I4
212
2
3*2 J 'ly
2*4 1.435 New A rcadian C op per 25
2 '2
2*4
2*4
034 Jau
713 j ’ ly 24
8
8
11*8 F eb 17
8
1,430 N lplssing M ines_______ 6
8
8
8
8 1-16 8 I4
ft
8
8 *s
24 A u g 17
36*4 J ’ no 2
26*3 2734 24U 26U
18 J'no
2714 28U
27
28
241|
2 512 13,126 N orth B u tte ____ . . . . 10
25
24
4*8 A p r 22
6
934 J ’ no 3
. 20
6*4 D eo
6*4 1 ,1 0 0 N orth L a k e .
014
612
612
7
67a
CI4
61?
6 l2
6*2
*6*3
5 Jan 17
5 Sep
8*2 J ’ ne 6
Std
6
6
370 O llbw ay M in in g_____ 25
5
«512
5
612 *5
6
6 I4
6*4
6I4
*138
.25 Aug
3ia J ’ly 10
♦134
2
1*4 *1*4
21*
17« 1,040 Old C o lo n y .____ . . . . 25 .50 Jan 6
1*4
1*4
1*8
1*4
H2
29*2 J 'ne
35 A p r 22
3712 40
40
49 J 'n e 13
40
1.505 O ld D om inion C o ____ 25
37
41
4112 39*4 30*4
37U 38
37
89 A u g 16 124 Jan 3
89
94
25
114
J 'ly
204 O sceola . .
92
92
92
94
9112 92l2 89
90
90
90
12
9 *2 A u g 18
11
11
*10
189 P arrot Silver" A * C op . 10
978
11
11
912 10
11
D ec
11
13 M ay2l
1 H2
9*1
65 Jan 25
*60
07
05
66
63
*00
60
140 u 'n c y _________________ 25
70
00
07
66 J 'ly
74 J 'n e 21
08
*07
1434 16
14*4 15
1478 15
14*4 15
15*4 J'ly
14*2 A u g 17
1412 1514
868 R a y Consol C o p p e r .. 10
15
ls fy ja n 4
15
114 N ov
*4 A p r 20
100 San ta Fe G old & C o p . 10
**4
134 J 'n o 10
.95
1*4
.95
* 1*8
* 118
n2
111
834 J'ly
" ’ 93S
814
714 A u g 18
012
9*4
7*4
10
91 ?
12 1 F ob 2
8*4 9,601 Shannon .
8*4
7*4
*.70
f t * .70
1 D ec
‘ f t *.70
100 South Utah M*& S . . .
J ’ne29
.7 5 *.70
f t .75
.75
I'm M ay 18
5 •70
25
36 J 'ly
25
21
350 S u p erior________________ 25
25
25
25i2 *2112 25
21 A u g 17
25
25
42>? Jan 3
24
” 2314
412
4*8 D ec
4
4
4
4*4
4*4
412
414
8*4 J ’ ne 16
4»2
4*4
4*4 2,365 Superior A B oston i l l n 10 2 « i « A p r 7
4*4
* ____
28
20
28
28
28
45*2 J'ue
285 T a m a r a c k ____ _________ 25
28
20
28
*26
62 Jau 3
28
*20
20
A u g l7
334
334
*334
3*4
3*4
334
770 T r i n i t y ..
4
4*2 Deo
6
Jan 3
3*.|
"
.2 6
312
3 *2 A p r 22
312
3*4
3*4
32*8 3312 33
34
33
34
40*8 J ’ no 14
30 Dec
341?
341
34I2
33l 2 3,055 U S Sm elt Ref*& M in . 60
32*s A u e l7
3338 34
47
46l.| 4G12
4534 J ly
1,172
4612 47
47
47
491 ? J ’ne26
47
46
40
45i2 A pr 4
46*4 4714
D
p r e f____________ 50
210
212
2 l2
*214
S b J ’ no *5
2*4
2
D ec
2 M ch 10
212
5
2*8 2 l 2
212
2*4
2*4 1.505 U ta h -A p cx M in in g___
2*8
123.4 13
14
15'
141?
I 4 I4 1434
1 2 l2 13*4
15
20 J ’ n o 14
12i2 Dec
13
13*2 2,142 U tah C o n so lid a te d ___
9*4 Jan 20
5
445S 43*3 4412
44 *2 45
441
52 J 'n e 14 53984 j ' no
1,641 Utah C opper C o . . ___ 10
451S 451j> 451 46
45
44
42*8 A p r 18
1
2 *? F e b 7
295 V ic o r l a ____________
*1
*1*4
25
2 D ec
1*8
13s
1*4
1*4
1*4
1*4
1 A u g 17
1*4
* ____
7
6
*614
7
* 6*4
7
7
9*» F eb 6
6
6
225 W i n o n a ____ ___________ 25
6
J 'ly
6
A p r 18
10412 10U 2 100 10412 100t2 101
103 103
109
lO i
178 W olve rin e . . . 2 5
10012 102
100 A u g 16 122 F e b 10 120 J 'ly
*1
*H8
2 F eb 6
1*8
1*8 *1
225 V V ya n d o tt_____ I I ___ 25
1*4
1>4
Us
1*4
Ur A u g 16
1«4
1*8
1*8
1*4 J 'ly
‘ Bid and askad price. dN ow stoek, e AssT paid
? Ex-stoaS dir. h Ex-rignts. a Ex-div. and rights.
101

104-3, 1055s *10533 1053? ! 104
102*3 1023s 1 0 2 *? 1021 ? * 10212
*221
222
*22114 2 22
* 221*4
127 127*2 127L 12714 126*2
*217
217 217 *217
104 104
104 104
103
*295
*295
*295
* 1212 15
* 1212
* * 212 15
*75
*75
*75
121 - + _
121 ?
*51
52
51
♦si
51
165 165 * __
103 * ___
* _ 1141? * _ 114*2 *
*271
*271
*271
128 128 *127 123 *127
*160
*160
*160
9212 92*?
*141 145 * 1 1 0
145 *140
19
19*2 19*? *19*2 1934
90
91
80*2
90
91
1323.,
13334 135
134*s 135

1017s 1 104*8 105
10314 *102*3 103*4

105*j

1051j

210

107

6*4
0
20
10

2

T’

V

r2




2
2

2

I23i8 Jan
1 0 H4 Jan
234 .’ ah
13634 Jan
227 Feb
152 F eb
300 N o v
10*3 N o v
76 A p r
10i2 Sep
48 Jan
160 D eo
118 Jan
270 M ch
133*? Jan
123 O ct
90 O ct
218 D eo
2113 N o t
8S34 N ov
10183 M ch
141 D eo
2 12
Mch
200 Jan
44*2 N o v
110 Jan
106 M ch
204i2 .Jan
1033s Jan
1C8 Jan
95*2 Mch
109 F eb
49l2 O ct
105 Sep
87S F eb
24 F eb
12733 M ch
124 M ch
1437* NOV
3 9 I3 Mch
104*4 M ch
11*2 Jan
28 Jail
8*2 J an
152i2 M ch
11*8 Jail
80 O ct
292i2 N ov
100*2 Jan
018 g N o v
97 Mch
226 N ov
0*4 M ay
124 Jan
115 Jan
13834 D oc
100 Jan
200 F eb
14 O ct
10934 Jan
37 D ec
31 M ay
200 S e p
7134 A p r
31 Jan
0084 Jan
125*3 Jan
1084 S e p
94 Jau
10 Feb
14*4 Sep
58 F eb
0084 Jan
40*2 j an
6084 Jan
.70 M ch
24*4 Jan
I 8 I4 M ay
28*2 Jan
103 Jan
Jan
Jan
.16 Jan
85 Jan
u*s Moh
14 N o v
2212 Mch
12*2 Jan
U l *4 Jaa
IDs Jan
80 Jan
67g Jan
44 *a M ch
3334

O ct

00

NOV

28*2 Jan
11 Jan
6*4 J an
94i2 Jan
19 Jan
10*s O ct
178 Jau
Jan
8*2 Jan
75 Jan
27i2 Jan
10*3 Jan
12
M ay
60 Jan

29

25*3 Mch
Jan
Feb
Jan
1 66 Jan
21*4 Jan
02 Mch
24*4 Mch
234 Jan
18 Jan
6*4 Jan
68*4 Jaa
18 Jan
78 Jan
11*3 Jan
55 Jaa
53*3 Jan
6*4 Jan
46 Jan
COij Jan
5*4 J a a
15 J a a
150 J a a
3*4 Jaa
12*4
1*4

60

461

Boston Bond Record

A ug. 19 1911.]
150.X I).'
I -wu O
DOSTUM ST O C K K X C H ’ U c.
h i fe
W kkk endinw A ugust 18 1-SN

P rice
Frl day
A u gust 13

Weetc's
Jinny* or
Last mat*

31 L a n g e
i !
mince
*4 3 J a n u a ry

W

l

H igh AV> Low uxqh\
I
A s k L ow
L ta
101*4 102 Hi
101 r8
A m A g rlo u i Chorn 1st 6 s .. 1928 A-O .....................101°8
91 I 8 4 1 8 9 * 5 92 i
9 0 *, B a le | 9 0 ‘ a
Am r eiop A l o i c o ll U 48.1929 J . j
lo&
100 lOS3, J ’l y ’ l l . - - - 1 10f>78 l i d j !
C on v ertib le 4 s .................. 1936 M-S
90 j
90
f o b ’ 11
......................... I 9 0
A m W rit Bauer l s t s t bay 18111 j . j
100 122 Hi I
105 I
A m Z in c 1. A S <tob O s .... 191.) Ji-N i b - i S a m j l 0 3
57
80 I
92 Hi j
67*8 ‘’ Ale I 67
A rm Com Cop 1st c o n v Os 192b J .D
99 H-1
98
9834 9 9 'a | 9 8 ’ e •T’ ly ’ 1 1
A lC llT op & tt 1' o«eU ft 4 a .. 1985 A -O
91
9 1 7s!
91
9 2 * 4 91 >4 J’l y ’ l l
A d ju stm en t * 4 s . . . . J ’ ly 1996 N ov
91
92 I
May’ l l
9 L > , 9 2*4 9 2
Stam ped ..7 ........... J ’ ly 1996 M-N;
109 *8 113
J ’ly ’ l l
o u -y e a r c o u v 4 s.............1966 J-D ......................... 1 1 3
......................i l l 0 » 8 M a r ' l l 1 . . . 108*4 l i o ’ 8 l
10-ycax oou v 6 s .............1917 J-D
09 Hi| 291 08
7c
66*5 6 / S i 6 3
A tl UuU A W 1 s s L in es 5 s .’ 69 j - J
F a b ’ OX
B oston E le c t 1. cou soi 68.1921 M-S ........ 110
Bouton A LoweLi i s ........... 1910 J - J .....................100 <4 M ar’09
B oston t» .Maine 4 ‘<j».......... 1911 J -J .....................l o t s , O ct ’ 0 8
112 *a J an ’03
B oston T erm inal 1st 3 (*8.1917 F-A
103
J a n ’ 1 1 .. 1U3 1U3 Hi
B n r Ob M o ltiv con s Os ... .19 1 8 J - J
100 J ’ u e’Ol
B u tte si Boston 1st Os....1 9 1 7 A-O
B u tte E lo e A T ow le t ft 6 s. 1961 J-D
11)08 A u g ’ n .
Ll i °8 1 J 13<
Cedar Bap A M o B 1st Vs. 1910 M-N
90
90*4
4 87*3 OdOft
C en t V orm t 1st g I s ..M a y 1920 y - F ........ 90
11103 O ct '07 .
0 B & m Iow a D iv 1st 6 s . l 9 l » A -O
99 Feb ’ l l .
Iow a D ir 1st i s ................1919 A -O
lO0a4 101*4
101*4 M ay’ l l .
D eb en tu re 6 s ...................1 9 1 8 M-N
99*4 100
99*4 May’ l l .
D en ver E x te u 4 s.............1922 F-A
0S»8 V9 *4
99*3 M ay’ l l .
N ebraska E x to n 4 » ........ 1927 M-N
99** F o b ’ l l .
99*8 9 0 's
B A » W 8 I i s ................... 1921 M-S
87*3 8 8 *4
87 ** J ’ly 11 .
Illin ois D iv 3 *3 8 . . ............1949 J - J I
3 100 102*a
Ohio j o B y a a m i d s 6s .1 9 1 6 j - J j 1 0 1 »* Sale 101*3 i o 1 7ft
90*4 A u g ’ l 1 . ,.J| 89*3
C oll trust re lo a d in g « 48194b A-O ......... 91
114 Jau ’ l l . . . . 114 114
Oil Mill A Bt 1? D u b D Os.. 1920 J - J
1130, F e b 'l l . ...: 113 o8 113 “j
Oh M A a t P W is V ‘Bv 0 s l9 2 0 J - J
99 100 100*, J ’ ue 11 . ...I* 9 8 ‘u 101
Ohio A) Mo M ien 1st gu 6s. 1931 M-N
Ohio A VV M loll gon 6 s ....1 9 2 1 J -D 101*3 1 U2 4 lOlHi A u g ’ 11 . . . . 100 10i**4
91
D e c ’ 07 .
O onoord & M ont con s 4 s .. 1920 J -D
112*4 Jan ’ 03 .
Ooun A Pass H le t g 4 8 ...1 9 1 3 A-O
100*4 A u g ’0 9 .
Cudahy P a c K (T h e )ls t g 6 a 1924 M-N
97
M a r 'l l .
97
97
C urrent B lv er 1st 6 s ......... 1823 A-O
87
873ft
86
87«i J ’l y ’ l l .
D e tG r Ban A W 1 st 4 s ...1 9 4 8 A-O
93
D om inion Coal 1st s t 6 s .. 1940 M-N
98 Hi 98 J ’ n e’ l l .
95*4 98
103*8 A p i '06 .
F iton bu rg i s ........................ 1916
96 A p r ’ 08 .
4s
. ....1 9 2 1 M-S
128 J ’l y ’ l l . . . . 1 2 7 * 4 1 2 8
F rerot E lk A M o V 1st 6 s . . 1933 A-O
140 A p r ’ 05
U nstam ped l e t t i s ........... 1933 A-O
9 t M o r O B A *j coll tr 4s 1921 J - J
96*4 Sale
96*4
9 0 a4i 17.1 96*3 9Sj4
95 **8 98
R e g is te r e d 4 s ..................... 1 9 2 i| (j-J ! . . . . „ 96
H68, J ’l y ’ l l ;

8

is k k

E

n d in g

A

ugu st

V

18

j-Ss; ; L a n ge ■
W een s
P rice
mince
F riday
1 K ance or
J a n u a ry 1
Last ■>aie
A u gu st 18

bo IV
J i iv i .1 0 .Lorn n ig h
Illin o is Stool d eben 6 s . ...1 9 1 3 A-O
100 1023a
1u o *,
lb b :;.
l a F a ll s * S i o u x C i s t 7 s .. 1017 A -O
117 A p r ’08
‘.'•l '4 94*4
K an O CUn A S pr 1st 6 s . . .1 9 2 6 A O
'.•4*4 F e b ’ l l
1 (<U
1 0 0 ‘s
K an C F t te A G u lf e x t o s . .1911 j - D
10b -Uay’ l 1
K an C F t S c o tt A M Os___ 1928 M-N
il6 * a
116*.,
j 1 15 116*4
.
.
.
J
93 *3
K an C Al A B ge n 4 s ............ 1934 M-S
92 M a v l l
1-2
90
A s s e n te d in co m e 5 s .........1934 M-S
89
89
0 88
103
102
K an C A M B y A B r 1st 5 s l9 2 9 A-O 102*3.
103 M ar’ l l
l0 2 a4 102*4
M ain e C ent c o n s 1st 7 s . ..1 9 1 2 A-O
102'., F e b ’ l l
C on s 1st 4 s .................................. 1912 A-O
101 *4 Sep ’ 06 . . . .
.........
M aro H ou gh A O nt is tO s .1 9 2 5 A-O
115 J’ n eT S
M ass G as 4 * 2 3 .......................1929 j J
99 7» 1 0 0 I 0 99 Hi lOO*^
90*4 1 0 0
M ic h T e le p ls t 5 s ................ XU 17. J - J
9 9 Hi M av’ 111.... 9J*a 99*3
A linne G en E le c co n g us 1929 J-J
102 Hi A u g 0 ___
M ew E n g Got Yarn 5 s ___ 1929 F-A
101 A u g ’ 11 ____ 10U
1 03
M ew E n g T e le p h 5 s ............ 1915 A-O
1013s M a i’ l l . . . . 1 0 l **4 1 0 2
6 s......................................................1910 A-O
100 Hi -“>op ’ 08
M ew E n g la n d co n s g 5 s ... 1945 j . j
Boston T e r m 1st 4 s .........1939 A-O
M ow B iv e r (T h e) c o n v 5 s . 1934 j - j
75 O ct 1 0 ___ i......................
M Y M U A 11 con deb 3 HislOotj; J . J
9634 May’ l 1 . . . . i 96s* 9 9 *3
133*8 May’ l l . . . . I3 2 a* 1343*
C on v deb 6 s ( c t l s ) .......... 1948 J - J
Old C olon y gold 4 s ....................... 1924 F -A
HU A p r ’0 9 :..............................
O reg By A M av co n g 4 a . . 1946 J-D
9 8 7s 8 e p ’ 09
G reg Sh la n e 1st g Os........1922; F-A
I 1 4 7s F e b ’ l l . . . J ; 1 1 4 * 4 1 1 4 7g
P e re M a rqu ette d eb g 6 3 .. 1912 J - J
9 8 3*
98 J’ l i e 'l l . . . . I I 9 8
lte p u b V a lley 1st s 1 O s... 1919 J - J
103
103 J a n ’ l l . .. .'1 0 3
B u tland 1st c o n ge n 4 * ss.l941 J - J
107*3 .v j *’ 06
Butiaud-CanaiUan 1st 4 s l9 4 9 j - J
102 M a i’ 02
Savannah E lec 1st co n s 58.1952 J -J
70*4 D e c ’ 10
S eattle E lec 1st g 5 s ......... 193u F-A
104
104
104 105
S h annon-A ria 1st g Os— 1919 M-N
93
91*2 A u g ’ l l
91
T e r r o H au te E leo g o s . ...1 9 2 9 J -J
07 A p r'O i
I C O 3, M a r ’ 10
T o rriu g to n 1st g 6 s ........... 1918 M-S
100*8 J ’l y ’ l l .... 100**8 101
U n iou P a o B B A 1 gr g 4 s . 1947 J -J
2 0 -year c o n v 4 s ................. 1927 J - J
104*8 A p r ’ l l . . . J 1013ft 104°*
U n ited F ru it geu a t 4 HA-1923 J - J
07*8 97
91
1 I 9 5 'ft 97*3
165 N o v 10
U S C oal A O il 1st s I O s.. 1938 M-N
U S S t e e l O o r p 1 0 - 0 0 y r 5 s . 1 9 0 3 M-N
106*3J ’l y ’ l l . . . . 104*4 i b o * *
99 M ay’ l l ___I 98 _ 99
W est E n d S tre e t B y 4 s — 1916 F-A
1 0 0 Hi M a y 'l l I .. .J 1 0 0 Hs
G old 4 * 3 8 ..............................1914 M-S
98*3 Apt T J . . . . ! ..........
G olu d e b e n tu re 4 s.......... 1910 M-N
9 8 Hs Jan ’ l l . . . . 9 8 ‘s 98 *,
G old 4 s................................1917 F-A
98
98
7 90 8» 100
W estern T elep h A T e l 68.1932 J - J
93*4 J a n ’ l l ....I 93*. 93*4
W isco n sin c e n t 1st ge n 4 s l9 4 9 J - J

100*3

M oth —B uyer pays a ccru ed in te re st In a d d ition to the p urchase prloe tor all B o sto n B on ds.

* M o p rice F r id a y ; latest bid a n d asked.

U F la t prloe.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
L a n g e S in e s
Jan 1 W l l

I Sales
A C T IV E S T O C K S
------------------- or the
F rid a y
* W eek ( F o r B o n d s a n d In a c t i v e
T h u rsd a y
S to c k s see b e l o w )
A u g u st 17 A u g u st 18 Shares

( S hare l'rlcea— M o t P e r C o n t a i n P r i c e s

A u g u s t 12

98Hj 98*3
*23
*50
18

65
18

M on d ay
A u g u st I d
* ......... 92
OS8* 9 8 a4
1 2 7 3 4 128
26
*23
60
*64
18
18

T uesday 1 W ednesday
A u g u st IS A u gu st 16

OS3*

U2
U834

*90*3

91*3

tt_
*23

18

18

*17*3

17*8

...

*91
•*>y834
♦126
»2 3 Hi 26*4 ♦i:*!
*55
*54
69
17*3 18
(*17*3

_____1
233
3

92
99

9S34 9 8 a4

1 28

26
67
18

l iit llim o r e
Do

pret.

1,062

Low est

U ujOesl

12
12
*11
*11
44
44*»
44*8
41*3
443#
46
44*>8 443,
1 1 7»
l i ’ s 11'»
1 l 7fl
62*3
60*3
5 0 ‘s 62
30 »»
30
3U
♦29Hi
72
70*3 70*3 *6934
7*3
24
23
23*4 *'23*3
90
88*4
8 9 S 8 9 'a
84
817ia 83
81«ia
60 8ft
O0*ft «0»l» 601,8
52
61
61
0 1.
17*4
*6'» 17*4
16*4
223, 23
23 *s
2 2 7*
73Jie 7 o i* le 7213,e 7 **18
6 *3 6 -'ft
6°s
61
6 0 * 4 50 "4
50*4
86
8 5 a4 86
86

PlJll/ADKM'lllA

in a c t iv e m o cU e
A m erica n M illin g ........10
C am bria I r o n ................. 60
C en tral Coal A C ok e. 100
P ro te r r o d .................. l o o
C o n s o lT r a o o t N J ...1 0 0
(Jerniantow u P a ss........60
H u n tin g d o n A B T -----50
P reterrod ...................56
In d ian ap olis S t ........... 160
Indian a U nion T r . . . .1 0 0
In su ra n ce Co ot M A . . 10
In ter Sm P ow A C liom .6 0
K e n tu c k y S e cu ritie s , lo o
K eyston e i o io p v t 0 . . 6 O
P r e f e r r e d ..................... 60
K ey ston e W atchCaae. 100
L eli V a il T ran v t c . . . 6 0
P re fe rre d v t 0 ............60
L it B r o th e r s ................... 10
L ittle S c h u y lk ill........... 60
M lnehtll A Sohu yl I I . .6 0
M at G as Eleo L t A P o loO
P r e io r r e d ................... l o o
N H a v e n ir o n A s t e e l . 6
N orth ern C en tra l......... 6 6
N orth P e n n s y lv a n ia ..6 0
P en n sy lv a n ia s a l t ........60
P en n sy lv a n ia m e o l.,1 0 0
P r e t e r r e d ................... 100
P h lla Co (P itts ) p r e f...6 0
P h il G erniau A M orr is. 60
Phrla T r a c tio n ................60
H allw ays G en era l........l o
T on op a h B e in 'o n t D e v .l
U n ited Cos ot M j . . . . 1 0 0
U n it T r a c P u ts p r e t..6 0
.W a rw lok I ron A s t e e l, l o
W a s h in g to n -V a B y ., l o o
P r e f e r r e d ................... 160
W e is bach C o ................. 100
W e s t J e r s e y A S e a S h .6 0
W es tm orela n d C oa l....5 0
W ilkett i-.hs . E1OC..100
Y o r k l. m l w a y ................. 60
P r e t e n o u .................... 50

1 >«

77*3
79
75*4

20*3

20*4

16

i 6 *3

6 *9
21

9
22*4

16*4

96
113
42*4

97
114
43*4

160‘s 15i*a
86
85

0*3

OOft

40

9 7t
43*4

10*4

66

7*3

8*4
23*4

12
443ft
46
U 7i
61
30*4
VO3,
24
88*3

82
ti0°14
62
L7
28

7 l 7n
6 o»
6Uvft
86

*12
44*8
♦ l l 7*
62
30
*71
*7
24
89*3
8134
60*4
*61
17
23*,
71
*6*„
60 «»
bd

12*4
4P*,
•143ft
12
62H>
30
72
8
24
89*4
823ft
0. 3ft
52
17 Ss
23 S
7^18
6 -,
61
86

100 61 Jan 9 94 i l a y 2 9 46 -Mar
100 89 Jan 9 1 00 *3 J ’ ue 7 80 M a r
60 m
Jan 11 130>, J ’ ueJO 115 Jau
Jan 4 2838 J ’ ue 3 J8»8 J ’ly
100 21
100 4 3 *4 Jau 4 62 J ’ ne 3 10 o c t
60 1 6 Hi J an U 1 9 76 J ’ly 2 0 1 2 8S May

64*s Den
90 J ’ly
132 Feb
27*4 Jan
47 Jan
16*5 D eo

17*3 Jan 4 17 D ec
45 *3 Jan 2o 41 3, J ’ ly
18a4 ft e o IS 10*4 J ’ly
12 *•} Jan ;4 11'4 J ’ly
42 J ’ no
66** J ’ n e l5
3 i y4 Jau 10 19*, J ’ly
8 3 'a Jau 30: 64 J 'ly
7 J ’ly
9*8 Jan 10
32 F eb 6 10*3 J ’ne
98 Jan li| 80 J ’ ne
90*3 r o b 3 62*3 J ’ly
65
Feb 2 til*1,* J ’ly
59*4 J n e 6 42 J ’ne
IS J ’ ly l o U J 'l
24 *8 A u g 1 16 A pr
80^, F e o l o 06 -3 J i y
0*3 Jan
8 “ft Jau l7
62 *« AUg 1 38 O ct
893a Jan 9 79 j i y

28 Jan
60 Jan
53*5 Jaji
12*3 Jan
64 *4 M ar
343ft Deo
C4*« Jan
13 o a n
2 9 7ft u e o
123 Jan
121*4 M ar
693,6 Mar
to’6 *4 Jan
l o - , Mar
2o Hi Jan
60
Feb
9*10 May
523, Jau
95*8 Jan

60 12 M ay23
60 42 Jau 5
60 42 *3 Jan 3
10 11 S J a n 4
100 48*3Jan 3
10O 30 A n g i2
100 70*3 A u g (6
60
7 Hi aus '1 2
10U 23 A u z l 6
60 »3*a J ’ ne29
60 813is A u g l7
A u g 12
60
60 *50 Jan 3
25 16 Jan 19
50 17 A p r le
61 ! 70l6i« A ug i 0
1
6*3 J ’ly 2 8
60 43 Jau 3
85*» A u g 10

60
1,995
528
1,732
1,108
210
25
1,913
105
4,470
6,193
235
4,90 l
7,040
1 8 ,6 6 *
l,4 6 o
4,753
2 ,/ 37

P U lL A D E liP I U A

P I lllD X D E L P H I A

H on da
■Prices are a ll 4‘ an d
interest
A lt A L V Eleo i *3 8 ’ 3 3 .F -A
A m G as A E le c 5s'07. F -A
Am B y a c o n v 6s 1 9 1 1 . J-J)
C oll t r u .t 6s 1 9 1 7 .A-O
A t! C E leo re f 6s ’ 3 8 .M -S
B o r g A E B r w 1st 6s’ 21 J -J
B eth ie S teel Os 1 9 9 8 .C2 -F
Ohoo A M o l e t 6s 1949 J -J
Oh O k A G gen 6 s ’ 19 J-J
Con T r a c of M J 1st 6 s .’ 38
D ei C o lly s tr o t fi 1 s’ 4 j J-J
E A A 1st 41 6s 1920 il-M
E lo c A P e o T r stk tr otfs
G eu Aspka.lt 6S1018.M -B
l udianapons B y 4 s. 1933
In te rs ta te 4s 1943 ..F - A
K e y sto n e T e l 5s 1936.J-J
L a ke Sun C ory Inc 6s’ - 4 O
E oin gU M av 4 *34 ’ 1 4 . 14.3
G en M 4H»a g . l 0 2 4 .u - F
Leh V O 1st 6 e g ’ 3 3 . . J J
L eh V e x t 4s 1 s t1 9 4 8 . J-D
C o n so lO s 19 2 3 ........J -l)
C on sol 4His 1 9 2 3 ...J -D
A n n u ity Os.............J - D
G en c o n s 4s 2 0 0 3 .M -N
L eh V T ran eon 4 s ’85J-I)
1st s e n e s A 4 s 1936 51-8
le t series B 6 s 1935.M -S
M a t L 11A P B erB A s’ iy J -J
Mew Con G as 6 s 1048 J -D
M Y Ph A M o 1st 4 s ’ 3 9 J-J
in c o m e 4a 1 9 3 9 ...M -N
Penn A Aid Steel co n 6 s.
Pa A M Y Can 5s '39. A-O
P en u Steel 1st 5 s '17 M -N
P e op le’ s T r tr ce r ts 4s ’ 43
p Co ls t A col tr 6 s’ 40 Al-S
C o n A C o ft r 0 s l9 5 lA t .M
P h il E lec gold tru st ctfa .
'Trust c e r tifs 4 s...............
P A E g e n At 6 g ’ 2 0 . A-O
G en At 4s g 1 9 2 0 ..A A O

Ph A Beau 2d 6 h ‘ 3 3 . A-O
E x Im p M 4s g ’ 4 7 .A-O
T erm in al 6 s g 1 9 4 1 .U-F
P W A B col tr 4 s ’ 2 1 .J-J
B e a d T r a o . s i 6 s 1933 J-J
ltoch By a L c o n 6 s ’ 64J-J
S pauish -A m i r 6s ’ 27 J-J
S tan’d Gas A E Os ’ 26 51-N
S ta u d S tl W k s is to s ’ -SJ-J
U ira u in d geu 6s’ l9 .J -J
Uu B ys T r c t ls 4 s’ 49J A J
U nited B y s lu v 1st c o ll tr
8 1 os 1926................ M-M
W olsb ach s f 6 a 1 9 3 0 .J -D
W lks-B G A E o o n 5 8 ’65J-J
X'ork B y s i s t 6 s i 9 3 7 .J-D

86
85*3
100 100*8
91*3
117

102*4
1 0 4 ',
89

90

*82**3

**8*6*‘

67*4
60*"

101
104
109
104

B A L T 1 .U O R E
l n u c t iv o .“'l o c k s
A la C ous Coal A ir o n . 100
P r e t ........................
‘ ‘ ‘
A tia n C oast L (Conu)lO O

109*8

I 0334 1 0 4 * ,
147
07*8 *9*8**

2 d p r e l.............
G-U-S B re w in g .

B id

98

1*
0*3 "

93
102*4
9>
103
81

Io7

......
.........
*93 Hi
I02a,
1UO
103*3
C*1 Hi
107 HI

6s

1 0 1 6 ................... M-M
A u a c o s u a A Put 6s

U A L T U IO R K

|A s k

116

*94*4
S 3 3,

84*4
90

&*4*8‘*
i V i " 120
93
75
1
9*»
72>a

06
80
2
9°ft
73 V

93*s
93
l o o s 101 *3
105
104
101
101*5

Cons G E A P 4 his ’ 3 5 . J -J
F a ir A C lX r r s t 6 s ’ 3 8 .A -0
Ua A A l a i s t c o n 6s '4oJ-J
G a Car A M 1 s i 6s g ’29 J-J
G eorgia P 1st 6 s .. . ’ 22 J -J
G aSo A F la 1st 6s 1946J -J
G -B -S Brew 3 -4s 1951M -S
K u o x v T ra c 1st 6s ’ 2eA -G
M acon By A L tls t6 s '6 3 J -J
M d E lec B y 1 s t i s ’ 3 i A-O
M em p m s o t 1st 6 s ’ 45 J-J
i l l Ver Cot D u o s 1st o s.
M pi M A G P 1st 5s'38 M-M
M o r A P o r T r i s t 6 s ’ 3UJ-D
M urlli Cent 4 H<3 1925 A-G
Series A 5s 1 9 2 6 ....J -J
S e n e s B us 1 9 2 6 ....J -J
P itt Uu T rao 6s 1997.J-J
P o lo Val 1st 5s 1 9 4 1 ..J-J
Sav Ela A W est 6s '34 A-G
Seab A ir L 4s i uoO ..A -O
A d ju s t us l'u4t». . . i '- A
Seau A Bonn 5s 1 9 2 6 .J -J
South B ou n d 1st o s ..A -O
U El L A P 1st 4 HiS*23 M-M
Uu B y A El 1st 4s ’4 » M -S
in c o m e 4s 1 9 4 9 ........J -D

F u n d in g 5 s 1 9 3 6 ...J -D
V a M i d 3 d s e r 6 s ’ 1 6 . M -S
.....
4 t h s e r 3 -4 -5 8 1 9 2 1 .M - 8
*9*2*'
6 lh s e r ie s o s 1 9 2 6 . M -S
97*3 *98
107
107*3 V a ( S t a t e ) 3 s n e w ’ 3 2 . J -J
F u n d d e b t 2 - 3 s 1 9 9 1 . J -J
n o
1 1 0 si
W e s t M O c o n 6 s 1 9 1 4 J -J
92
93
W U A W e l d 6 S ..1 9 3 5 .J - J
105

..

C tls ot lu d e b t 4 8 . . ..J -J
6-20 jrr4 s 102 5......... J-J
B 8 P A O l s t 4 *38 ’ 6 3 F -A

11)4

96*4
1 0 2 Hi

1U7
1(19*4

G e n 4 His 1 9 5 4 ........... A - O

77

97*a
..
9 9 “- U* 0 *s

“ ’

106
195*4
114
108*3
44
106
" 98**3
99
77*4
94*4
89*4

94*3
86*4

63

87*4

1

’ • Bui aud asked; no nines on th is day. U E x -d iv. A righ ts. |U 15 paid. t$ 1 2 * 4 p a ld . * $ 1 3 >3 paid. * $ 3 5 paid, a R eceip ts. 6525 paid. c$;S0 paid,




L id I A s k

0 B y E x t A lin p 5s’ 32 AI-S
C h a s C ity lty 1 st 6s’ 23 J -Jj
Chas B y G A El 6s ’ 99 Ai-S;
— I.1
mw ^ " 9*934 C ity A S ub 1st 5 s . . ’ 22 J-D!
City A S u b (W a s ) is t 6 s ’ 48;
120
126
Coal A C B y 1st 66*19 A-O
lUOHi
Coal A 1 B y 1st 6 s ’ 20F -A !
101*3 102
C ol A U r u v 1st 63.1916 J -J
102*4
C on sol G as 6 s ..1 9 3 9 J-D
116

H onda
P r ic e s a rt a ll “ a n d
i n t e r e s t ."
_

07*4

Jlig host

| Lowest
1

P h ila d e lp h ia
13
*11
*10
12
44 ** 41*8 *44
443,
4434 45
44 Ts
44 *3
U 7a
1 l 7ft 1 1 78
l * 7ft
62 *»
61*.. 62 Hi
62*3
30
30*4 30*4
30*3
72
72 S
7 1*3 72*4
7*3
7*3
24
23*>8 24
24*3
uo
*8J
90
90
h3 ‘ri
8 2 j4 83*18
83
6 0 * 4 60 *ift
003ft
’5 1
*)3 j ^61
62
17*« l ' 8* XI I 1*
17*3
23
22*4 '-3*4
3 2 7*
72*8
7 2 *>8 72 72‘ 6i»
6 8ft
5 °8 6**18 [
0 a4
d 0 84
5 0 ", 51*4
60 Hi
86
8 6 * 3 8634

*11
*4438
44Hi
1 l 7a
62
30
*71*3
7*3
23Hi
*89
82*4
60
52
17*3
22*4
71 ‘ft
S>\
60

L a n g e to r P r e c io u s
T e a r ( 1U1UJ

d

$42 *3 paid.

462

THE CHRONICLE

Volume of Business at Stock Exchanges

[VOL. L X X X X III.

Bid I Ask
E lectric C om pa n ies
Chicago lidUon Co— See Ch cage list
Gr't Weet Pow 5i 1646..J-J
88*2 S712
e King* Co El L A P C o. 100 126
Nxrragan (Prov) El C o . . . 50 *S4
63
N Y A Q El L A Pow C o. 100
P referred......... ............. 100
73
99
United Electric of N J . . . 100
lat g 4s 1 9 4 9 ............ J-D
78
Western Power com ____100
28
Preferred......... ............. 100
£8

A 3It
Industrial nnd Aliscel
Bid
Consol Car Heating____100
62
65
Consol Rubber Tire____109
2i;
4
P re fe rre d ...................... 1 00 . . .
19
Debenture 4i 1 9 5 1 ..A-O ) 42
45
e Crucible Steel................100
12
12*3
80
e Preferred.................... lo o
81
Stocks.
Railroad,
Davl3-l)aly Copper C o .. 10
7a
It eek ending
A c..
Stale
V . S.
e
Diamond
Match
i
o
_
.
109
103*'
104
August 18 1911.
Shares
Bar value.
Bonds.
Bonds.
Bonds.
duPont (E 1) do Ncin Po 10U 135 ‘ 145
e Preferred____
100
96
Saturday . . . . . . . . . .
642,145 $59,462,000
$1,538,500
...........
$85,500
* Gold 4 Hs 1 9 3 6 ...."J-l)
*5
Monday ____________
781,734
71.458,900
2.756.000
85.500 $103,000 T elegraph nnd T elephone
Electric Boat....... ............. 100 «10
is"
Tuesday_____________
436,029
39,610,100
1,5X5,500
87.000
5,000 3 Amer Teleg A Cable___100
83
Preferred..... ............ 100 raid
50
Wednesday ________
967,243
94,946,050
2.055.500
105,500;
500 e Central A So Amer____100
118*2 Empire Steel____;_____ kx ,
15
Thursday________ . . 3
795,205
73.240,500
2.234.000
37.000
44,000 OomraT Un Tel ( N Y ) . . 25
Preferred _.....................io o
£0
60
F rid a y _______ . . . . . I
370,965
32,579,000
1.525.500
46.0001 33,000 Empire & Bay State T el. 100
75"
e General Chemical......... ioo 12 .
133
F r a n k lin ........................... 100
45
e Preferred................... 100
106
Total........................ 3,993.326 $371,296,8501 $11,625,000
$446,500 $185,500 e Gold A Stock T e l e g . .. 100
118
* 1.
Gold Hill Copper................. 1
115
s Northwestern Teleg____50
Greene-Cananea ........... . .a o
0*4
*0*8
Sales at
Pacino & Atlantic........... 25
70
Week ending August 18.
Guggenheim Explor’n . . io o 180 195
Jan. 1 to August 18.
Neu.' York Stock
e Psc Telep A Teleg pret 100
09:
e Hackensack Water Co—
Exchange
Southern A Atlantic......... 25
95
1911.
1910.
1911.
Ref g 4s '52 op 1012 ..J -J
83
87
1910.
Hall Signal Co com ......... 100
7
10
Stocks— No. shares___
3,993.326
2.733,058
3
Havana Tobacco Co____100
69,850,998
119,374,332 _ , Ferry C om pa n ies
5
Par v a lu e _________ §371,296,850,$213,319.300 $0,250,130,900 $10,737,065,500 B A N Y 1st 6a 1911____J-J
88 08
8
Preferred
........... __iou
12
Bank shares, par_____
N
Y
A
E
R
Ferry
s
t
k
.
.
.
100
$10,900
$3,000
1st g 53 Juno 1 1922 .J-D / 54
$1,340,500
58
8799,600
1st 6s 1922.................. M-N
60
Bonds.
60
Heckor-Jones-Jewcil Milling
Government bonds___
98'
S185.500
$5,000
99*4
1st 6s 1922................M-S
162
$2,496,000
S297.700 N Y A Hob 58 May '46 J-D
State b o n d s _________
Hob Fy 1st 5s 194 6..Al-N 1051 107
529,000
416,500
15
78,630,000
Herring-Hall-Mar n e w .. 100
32.528,450
R R . and mlsc. bonds.
98
11,625,000
7,684,000
478.500,000
Hoboken Land A I m p .. 100
395,287,000 N Y A N J 5s 1946......... J-J
25 ’ 35 '
10th A 23d Sts Ferry__ 100
1st 5s Nov 1930............... 104 105*4
58
Ut
mtgo
5s
1919____J-D
Total bonds____
05
IIou3ton Oil....................... 100
$12.257.0001 $8,218,OOol $559,620,OOpj. $128.113.150
UI4
9**
20
* Union Ferry stook____100
711; 74
25
Preferred .......................100
D A IL Y TRANSACTIONS AT TH E BOSTON AND PH IL A D E L P H IA
94
e 1st 5a 1920................ M-N
99
e Incersoll-Rand com . . l o o 10J ____
EXCH AN GES.
e Preferred..................lo o
100
Short-T erm N otes
Intercontinental Rubber 100
23*4
0973 100*4 Interoat'l Banking C o .. 100
Amai Cop 5 s Apr 1 191 3..
95
Boston.
Philadelphia.
American
Cigar—
International NtokeL. 100 £45 230
Week ending
£9 100*3
Ser B 4s Moll 15 12..M -S
rjo
Preferred...........
99 100
August IS 1911.
Listed Unlisted
Bond
Listed
Unlisted
Bond
Balt
A
Ohio
4
'/is
1913
J-D
0934
100*3
1st
g
5s
1932...........
"
.
a
o
99 10’.
shares. shares.
sales.
shares.
shares.
sales.
Bethleh Steel 6 s 1914..M-N IOOI4 100
International Salt........... 100
5
9812 99
Chcs A Ohio 4123 1914.J-D
1st g 5s 1951_______ A-0 / 48
S a t u r d a y ..._______ _ 16,614
53
7,211
$67,500
13,074
8,175
$13,652 Ohio A Alton 5a 1 9 1 3 ..51-S
997S
993*
80 100
International Sliver____100
M onday_____ . . . . . . .
19,105
12,900
54.500
11,906
13,204
39,700 Cln Ham A D 4s 1913
J
-l
9914
Preferred....................... 100 115 118
T u e sd a y ____________ 20,544
10,587
27.000
9,115
7,947
42,200 Erie fls Apr .8 1 9 1 4 .. .A-O 8 100U 1007g
1st 6s 1948__________J-D 110 til
W ednesday_. . . ____ 20,587
18,170
2 2 .0 0 0
12,060
26,282
38,000 eGeneral Motors 6 s 'l5 A A O
98i" 987g Internat Smelt A R e fg .,1 0 0
124**
Thursday ___________ 32,672
18,490
46.500
1 2 ,0 2 1
12,050
20,060 Hudson Companies—
Jone3
A Laughlln Steel Co
F riday______________
28,137
15,177
81,000
5.728
7,373
47,080
63 Oct 15 1911........... A -0 100
100*2
1st s f g 5s 1939......... M-N 101 102*4
6
s
Fob
1
1913...........
F-A
98
98*
■
>
40
35
e Lackawanna Steel........ 100
T otal........................ 137,7491
82,535 $298,500
63,904
75,031 $197,612
63 O ct 15 1 9 1 3 . . A A 015
9 /l 2 9S12
a 1st con 5s 1950____ 61-S
80*s H17S
Int A Q t No 53 Tr Co etts
96
98
933g 9312
eD eh 5s 1915........... 61-S
K C Ry A Lt 03 ’ 12____M-S
02
94
Lapstg>n M onotype.. . . 1 0 0
95
95*2
Minn A St L g 6 s 1913-.F -A
94
95
Lawyers' Mtge Co........... 100 260 2/0
Mo Kan A Tex 5i May 1'13
98i2 U‘J
Loll A VVilkcs-B C o a l... 50 260
A i l b o n d prices are n o w " a n d interest" e x c e p t w here m arked " f . "
MoPuclflc 6 s 1914 . . . . J - d
9634 97** e Lorlllard (P) pret.......... 100 145
98
Nat R.ys of Mex 4Hs"’ 13J-D
97
Madison Sq G arden.. . . 10(1 50
60
m Y U Lines Eq 53 ’ l l - ’22 5 4.45
2d 6s 1 0 1 9 ............... m -N
95
Street R a ilw a ys
Bid
Ask
Street R a ilw a y s
4H s Jan 1912-1925......... 5 4 .4 5
*2
Manhattan Tran sit..
an
271«
N Y Cent 4H s 1914...61-S
097g 100*3 * May Dept Store-— See Stk Excli list
New York City
Pub Serv Corp N J (Con)
N Y N H A H 63 Jan 1912 100 1(10*4 eMIaml Copper— S c Stook
Bloeck St A Ful Fy stk. 100
.xch 1st
21
15
New’k Paa R y 5a '3 0 . . J-J
4H sM ch 1 1 9 1 2 ____M -S lOOig 10UI2 Monongahela R Coal.......... 50 *10
1st mtge 4s I960........... J-J
XOIj
00
70
Rapid Tran St lty : . . . 100 235 “ 240
PuoServCorpN J 5 3 T 3 .A - 0 10O luO
B 'r & 7th A v estk ______ 100 120
Preferred.........................50 *j;i7g 34
140
1st 5s 1921.............. A-O 102
.
.
.
.
St
L
A
a
F
5a
1913____Al-S
98\<t
99
111
2d mtgo 5s 1914........... J-J
Mortgage Bond Co_____ 1001
114
99 *01
J C Hob A Patorson—
5s June 1 1913 o p t ..J - I )
98*2 99
Nat Bank of Cuba............ 100 102 106
Con Ss LUt^— See Stock Exo list
4s g 1949................ M-N
75*a 77
South Ry g 5s 1913____F-A
997S 1001
« National S u re ty _______ 100 220 230
B’ way Surface 1st 5s gu 1924 10H; 103
So J Gas El A T r a o .. 100 130
tidewater 6 s. 1913, guar . 101*2 10134 Ncv-Utah Min A Sm_____ 10
Cent'l Crosstown s to c k .. 100
10 “ u
yo
Gu g 53 1953......... M-S
98
99
Wabash 4 H i 1913____M-N ____ 97
e Now Central Coal............ 20
1st mtge 6 s 1922____M-N / 80
85
No Hud Co Ry 0s 1914 J-J 101 102
West Telep A T 6 s '1 2 .F-A 100L 100
e New York D ock______ 100.
25 “
CenPk N A E Rlv sto c k .100
10
20
5s 1928...................... J-J lu3
Westlugh'se
El
A
M
6
s
1913
10U
2
__________
100
e
Preferred
66
IOH 3
Ohrl3 toph'l A 10th St 3tk 100
95 120
E xt 53 1921........... 61-N 100
*5 % notea Oct 1917-A-Of 95
15 219
97*2 N Y Mtge A S e c u r ity ... 100
Col & 9th Ave 5s— See Stock Exo list
Pat Ry con Oa 1 9 3 1 ..J-D 114
*3
N Y Transportation..........20
R ailroad
1
Dry Dock E B A B—
2d 6s opt 1914____A-O lOUj 103
Chle
Peor
A
St
L—.
Nlles-Bem-Pond com ___ 100
62
1st gold 8 s 1932........... J-D
97
9S ioo
So Side El (Chic)— See Ch leant) list
Prior lieu g 4H s '30.M -S / 90
NlDlssIng. Mines.................... 5
*8
Scrip 5a 1914............... F-A t 30
40
Syracuso R T 6s 1946 ..M -S 103 103
Con mtge g 5s 1930.. J-J / 40
Ohio Copper Co............... 10 *1718
Eighth Avenue stock___100 275 310
Trent P & H 5s 1943.. J-D
96
99
Income 6 «, July 1 9 3 0 ... / 5
Ontario Power Co—
Scrip Os 1911............. F-A / 9o 100
United Rys o f St L
~
Chicago Subway........... 1 06
2i 2
' 1st g 5s 1943 o p t ____ F-A
067g 98*2
42d A Gr St F’ y stock. .100 100 220
Com vot tr ctfs______ 100
9*4 07| Northern Securities S tu b s.. 100
42d St M A St N A v e .. .100
1*4
40
e Preferred ........... . .. 1 0 0
41
Pitta
Bess
A
L
E
_____
5
0
*32
70
71**
2d income 63 1915.. . J - l / 40
00
Gen 43 1934— See Stock Exo list
P referred........................ 50 egy
99 101
Inter-Met— See Stock Exoh ange list
Unit Rys San Fran—See stk Exc list
»
Railroad
Securities
Co—■
*20
2 0 I4
Lex Av A Pav F 6 s— See Stk Exc list
Wash R y A El Co........... 100
43
45
1U C stk tr ctfa ser A . . .5 2
83
Motropol St R y— See Stk Exo list
. . . 5 0 * . . — 44
S7U 89
Preferred....................... 100
Seaboard Company—
Ninth Avenue stock____100 150 175
-.1 0 0 x . . . . 104
4s 1951...........................j - d
84** 85*2
1
st
preferred...............
1
00
84
Pope
Mfg
48
9
53
Second Avenue stock___100
— 100
13
Com A 2d pret—See Bal t Exc
75
Consol 5s 194.8........... .F-A / 46
77
49
G as Securities
West Pac 1st 5s 1933..M -S
91*4
— 100 1021; 105
ft Sixth A vomit) s t o c k ... 100 120
•211
Industrial
and
M
lsccl
Sou Boulev 5s 1945____J-J
05
85 100
75
New York
Adams Exp g 4s 1947.-J-D
88*2
84
..J-D
So For 1st 5s 1919........... A-O
■See S ik Ex list
85
96
Cent Un Gaa 5s 1927____J-J 100** 10212 Abmoek
Mining......... .. . .-.22 55 *160 1 /6
Third Avenue R R — See Stk Exo list
— 100 112 117
Con Gas <N Y) — See Stock Exc Hat
Alliance Realty______ 1.100
125 135
-.1 0 0
..IOO 11.6 205
Tarry W P A M 5s 1928.. / 60
80
« Mutual Gaa................ -.1 0 0 166 175
Arndr Bank Note com —
49
. . 60
50 ♦46
— 101) 1 106*2 108
Y ’kers St R R 5s 1946 A-O
75
80
New Amsterdam Gas— "
Preferred......................... 50 ♦51
53
..1 0 0 120 121
23th A 29th Sts 53 '9 0 . . A-O / 18
25
1st eoasol 5s 1948____J-J 10012 101*4 American B o o k ..
100
165
170
Seneca Mining..................2
..1 0 0
Twenty-third St stock - . 100 190 215
N Y A E It Gas 1st 63 '44 J-J 104 105
«Am Brake ShAFdycoinlOO
90
94
mlOO
Blngor Mfg Co...................100 255 265*”
Union Ry 1st 5s 1 9 4 2 ...F-A 101 ** 103
Consol 6s 1945.............. J-J 101 103
123 L<3
eProferred.....................
. . 110000
South Iron A S com ____100
2
5
Westchester 1st Os '43 J-J
65
75
N Y & Richmond G aa.. 100
American Brass......... .. 100 122 124
Preferred.......................lot)
6
10
Nor Un 1st 5s 1927____M-N
255
American Chicle c o m ... ..1100
0 0 245
Standard
C
o
r
d
a
g
e
....
..1
0
0
Brooklyn.
a Standard Gaa com ____100
P referred....................... 100 104 107
1st M g 5s '31 r e d .. .A-O / ‘f i r 15*4
Atlan Avenue U R—
e P re fe rre d ................... 100
10
6
Am Graphophone c o m ...100
Adjust M 5s Apr 1 1931.. / 1
.1 0 0
3
Con 5s e 1931________A -0 101 102*2
1st 5a 1930.................. M-N
20
.
.
Preferred.......................
100
Standard
Coupler c o in ..lo o
42
45
B B & W E 5s 1933____A-O
98 102
.
140
Amsr Hardware.............100
P referred......... ............. 100 105 115
..1 0 0
Brooklyn City Stock......... 10 163 168
Other Cities.
102
Am Malting 6a 1914____.J-D
J-D 100
« Standard Milling C o . . . 100
15
Con 5s— See Stock Each ango list
17
Am Gaa & Eleo com _____ 50 *571; 59
Amer Press Assoo'n____
90 100
e Preferred ..............
100
. . 1100
00
53
Bklyn Hgts 1st 5s 1941 A-O
47
98 102
P referred.........................50 *43
44'2 «Arner Snuff c o m . . . . . . 1 0 0 250
____
f la t 5s 1930................ m -N
S734
Bklyn Queens Co A Sub—
Amer Light & Tract____100 293 296
« P referred ...................ioo
100 x5V5~ 597
90 . . - . Standard Oil of N J . . .
e 1st 8 5s '41 op 1910 _J-J
98 101
P referred....................... ioo 106 100l2 Am St Found new— See S tk Ex list
Studebakor Corp c o m ..100
69*;' CO
« 1st con 5a '41 op '16 M-N
97
99
Amer Power A Lt c o m . 100
7612
Preferred______ _
1935......................... A-O 101 104
Bklya ltap Tran— See Stock Ex o list
*10$ 103
Preferred____________ 100
8212
84
"
Deb 4a 1923................... P-A 67
69
Sulzberger A Sons co p fllO O 10012 101*2
Coney Isl & Bklyn......... 100
50
65
Bay State Uas................ 50
‘ l American Surety.................50 280 285
**l
Swift A Co— See Boston Stk Exo (1st
1st oona g 4s 1948____J-J
75
82
Uliigb’ ton (N Y) Gaa Wks
Amorloan Thread pref_____5 *5
5*2
1st 6s. See Chicago Stk Exc Mat
Con g 43 1955________ J-J
75
80
1st g 5a 1938...........
A-O
97 100
Am Tobacco Co com _____100 377 378
Texas Company— See Stock Exc list
Brk O A N 5s 1 9 3 9 ...J-J
98 101
Brooklyn Un Gaa— See Stk Exc list
Amer Typef'dera com ___ 100 50
54
e Texas A Paclilo C o a l.. 100
90 100
Kings Co El 4s— See Stock Exo list
Buffalo City Gas s to c k .. 100
6
O'*
P r e fe r r e d .................... 100 100 102
oTexas PaclQc Land T r.100
89
86
Nassau Eleo pret______ 100
*st j 53 !947— See Stock Exc Hat
Deb g 6s 1939........... M-N
99*2 100*2 n tle Ins Co of N y . . ..lo u j 125 136
Be 1944........................A-O i o i 103
Cities Service Co......... .. 100
76
77
Amer Writing Paper____100
1*2
2*4 Tonopah Min (N e v a d a )... 1 *5l2 6*4
1st 4s 1951— See Stock Exc list
P referred....................1 100
80
81
« Pret erred— See stock Ex ch’gc list
4
Trenton Potteries c o m .. 100
8
N W ’ b'g A Flat 1st ex 4 Hu
90
94
Con Gas of N J 5s 1930 .J-J
93
90
( ?A n C I 1tvs a e a * f I r ft- n - _
60
e i«t a f g o s ’ I9red I 0 6 J-J
90U 91*s
Preferred now ............ 100
55
Stelnway 1st 6 a 1 9 2 2 ...J-J 100 194
Consumers’
L II & Pow —
At! Gif A W I 8 S Linos.. 100
al2 9
25
Trow Directory................. 100
35
5s 1938.........................j . d 100
Preferred........................ 100 18
19
sUnderw'd Typewriter — See Stk E x list
Other CUtes
Denver Gas A Elec......... 100 200
Col tr * 6a 1959_______ JQ 68
70
40
Union Typewriter c o m .. 100
42*2
Buffalo Street R y —
Gen g 5s 1949 op ____M-N
93
95
Barney A Smith Car_____ 100 nl5
26
1st preferred.................100 108 113
1st consol 5a 1931____F- a 1M
Bllzabeth Gas Lt C o .. 100 300
Preferred.......................100
100
103
2d
preferred...................
100
105
D eb 6 s 1917................ A-O 104
Essex A Hudson G a a ... 100 138 143'
Bliss Company com ____ 60
80 100
£01* 62
United Cigar Mfra........... 100
Columbus (O) St R y ____100
63
Gaa A El Bergen Co____100
83
86
P referred.................... 50 124 126
e Preferred______ - ___ 100 101l2 10312
Preferred .................... .lo u
95
s Gr Rap 1st 6» 1915 . .. F - A
99 101
Bond A Mtge Guar........... 100 245 250
114 2*4
United
Copper______
.
..
1
0
0
Colum R y eon 5s— See Phi la dm
Hudson Co Gaa.................loo 134 130
Borden’s Cond Milk_____ 100 123 125
10
Preferred . . . _________ 100
16
Crosst’n 1st 53 193 3..J -u . IOD 4 1021
Indiana Lighting Co____100
33
35
Preferred...................... 100 xio0*2 108*2 U S Casualty........... .........100 215
• Conn R y A Llg 0 0 m . . . 100
75
4s 1958 o p ___________ f - a
77
87
6912 British Col Copper........... 6 *4
72
U
S
Envelope
com
_____
100
4*4
« Preferred .................. 100
80
77
’
82
Indianapolis Gas______ "..5 0
21)
27
Butte Coalition Mining 15 *157g I 6 I3
Preferred....................... 100 108 115
1st A ref 4 l i e —See Stock Exc list!
1st g 5a 1952.............. ."a -O
79
86
2
2*2 U 3 Finishing.....................100
..100
90
95
Grand Rapids R y p re t.. 100
SO
85
Jackson Gaa 5a g 1937.. A-O / 90 100
40
53
100 105 110
Preferred..............
• Loul.iv St 83 1930......... J-J 100 10614 « Laclede Gaa— See Stock E xch II
st
..100 125 HO
1st g 5s 1919................J-J 100 105
Lynn A Bos 1st 53 1924.J-D 106 107
e Preferred..................... 100
134 137
Con g 5s 1929................J-J
95 100
ft Now Ort Rys A L gt— .100
34
Madison Gaa 6a 1920.. A-O 103
6
..100
« U S Indust Alcohol . ..1 0 0
10
23
29
* Preferred..................... 100
78<
79
Newark Gaa 6s 1944...'.Q -J 127
15
40
« Preferred................ ..1 0 0
90
Gen M g 4H s 1935— See 6 tk Ex Hat Newark Consol Gas_____ 100
97
97
..100 700 800
U 8 Steel Corporation—
« Pub Serv Corp of N J— See Stk I xl 1st
e Con g 5a 1948........... J-D 103 100
Stoc k Exc list
Cel tr s f 5s 1951 opt ’ l l . 114*3 115
. Tr ctf 3 2% to 6 % perpe, 105*2 107
No Hudson L H A Pow —
.
.
City
Investing
Co.
Col tr s f 5s '51 not o p t .. 114*3 115
..100
65
Col tr g 5 % notea 'la a - 0 101*2 lo t
5i 1938.........................A-O 100
98 100
U S Tit Gu A Indem____H)0 IOO
North Jersay s t tty . . 100
65
PaclUo Gaa A E, com ___100
69
eoig
96 100
Westchester A Bronx Title
1st 41 1948.............M-N
77
Preferred....................... 100
88
U
O
..100
91 . . . .
A Mtgo Guar................ 1 00 100 166
Coua Tract of N J____l(x,
73
75*2 Pat * Paa Gas & E le o .. 100
92
e 2d preferred.
. . . ” tVo3tlngh’se Air B rak e.. 50 * _ .
.100
92
1st 5a 19J3........... J-I
103
150
105
eC on g 5s 1949......... Al-b 101
[.100
Worthlngt’n Pump pref. 100 108"" 110
St Joseph Gas 5s 1937..J-J
92
__1
..J -J / 45 1 65
^ P o r s n a r . . o Basis,
j :>ei4a o n d t o j k Ex.-.iaage. o u t n o t very active. / F.at p.-ia;. '/'i'-Momiuin
s Sato p rice,
j N ew s to c k .
* E x -d iv .
*, E x -r lg h tl
TRANSACTIONS AT TH E N EW YO R K STOCK EXCH AN G E
D A IL Y W E E K L Y AND YE A R L Y .




Outside Securities

ta

ill

A u g . 19 1911 ]

THE CHRONICLE

463

|raiestmml and fiailtaad Intelligence*
RAILROAD

GROSS

EARNINGS.

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

Ween ir
M onth.

Current
Year.

July 1 to Latest Date

P reviou s
Y ear.

Current
Y ear,

P revious
Y ear.

A la N O * T e x Pa —
$
S
N O & N or E a s t, f u l y _____
270,373
276,259
270,373
276,259
A la A V ic k s b u r g . fu ly _____
123,507
134,42
123,507
134,422
V ick s S h r c v A P ar f u l y _____
108.490
125,417
125,417
108,490
A la Term A N o rth . June
9,581
7,143
120,194
86.483
A n n A r b o r _________ 1st ivk A u g
47,012
42,978
235,209
194,551
A tc h T on ek a & S Fr func
8,341,420 8,459,030 107555 1 10 t04993,195
A tla n ta BIrm A A tl 1st wk A u g
55,515
51,053
284,983
204,864
A tla n tic Coast Line f u n e _____ 2,332,12 2,194,978 31,022,410 29,810,268
0 B a ltim ore A O hio J u n e _____ 7.461,709 8 ,088,755 88,145,004 88,901,252
117,21
B & O Ch T er R Il J u n e ____
135,215 1,451,102 1,205,246
B a n gor & A r oos took J u n e _____
277,046
227,028 3,173,112 2,990,530
B oston & M ain e___f u n e _______ 3,803,030 3,064,201 44,815,084 43,357,175
B rld reton A Haco If J u n e _____
4,45
51,633
4,922
51,907
BufT R o c h A P I tts b . 2d wk A u g
208,259
216,469 1,205,519 1,275,745
B u ffalo A S u su ____ M a y _______
191.771 2,170 144 2,011.490
214,538
C anadian N o rth e rn . 2d wk A u g
310,700
233,000 2,128,200 1,700,900
C a nadian P a cillc ___2d wk A u g
205,000 1,999,000 13,708,000 12,724,000
Central o f G e o r g ia ., ,1st wk A u g
243.300
210,400 1,208,200 1,224,400
Central o f New J e r . M ay _____
540,160 2,409,531 26,705,373 25,724,404
Central V e r m o n t___d a y ______
354.849
326,209 3,626,827 3 .470,425
d i e s A O hio L in e s . 1st w k A u g
600,639
587,897 3,290,680 3,276,592
C h icago A A lt o n ___lis t w k Aug
306,812
301,516 1,567,765 1,472,507
Chic Burl A Q u l n c y l / u n e _____ 6,087,389 7,100,474 88,272,208 87,809,517
V Chic G reat W e s t .. 1st w k A n ;
229.490
226,086 1,196,087 1,178,123
Ohio In d & L o u ls v .il s t wk A n
132,040
133,803
679,513
602,080
C ldc M llw A S t Paul r u n e _____
,182,263 5,507,330 34,075,095 04,846.804
Ch Mil * P u g S d . funo . .
1,203,852 1,171,592 14,516,367
Chic A N orth W est n i n e _____ 6,401,846 0,570,812 74,918,186 74,175,085
Chic St Paul M * O r u n e _____ 1,218,446 1,284,377 10,092.851 15,095,023
Cldo T II A South E f u n e _____
131,207
221,321 1,993,979 1,899,410
Cln H am A D ayton J u n e _____
836,581
831,022 9,570,282 9,446,524
C olorado M id la n d . f u n e _____
142,493
186,479 1,914.657 2,340,286
C olorado A S o u t h .. 1st w k A u g
275,337
311,310 1,383.860 1,654,531
C op per R a n g e _____ May _____
53,721
61,148
631,693
676,048
C o r n w a l l ................. f u n e _____
15,588
17.378
168,291
203,097
Cornw all A L eb a n on M a y ..........
25,337
35,330
301.178
400,091
C uba R a ilr o a d _____ J u n o _____
262,954
228,108 3,059,050 2 ,359,330
D elaw are A H udson f u n e _____ 1,780,642 1,546,061 0,988,075 19,808,799
D el L a ck A W e s t .. r u n e _____ a 210,003 3,194,163 35,947,066 36.005.988
D en v A R io G rande 2d w k A u g
486.300
470,800 2,928,100 2 ,930,000
D en ver N W A Pa< i unc .
9<2, l S3
91,61 1 1,044,258
973,873
D etroit T o l A Iront 1st wk A u g
33,748
36.378
104,597
187.749
D etroit & M ackinac 1st wk A u g
22,260
24,527
121,788
127,746
D id Si Iron R a n g e .. 1u n e ____
859,949 1,292,880 7,362,400 9,530,101
D ul Sou Shore A A tl 1st wk A u g
70,459
74,098
360,004
388,500
El P a so A Sou West J u n o _____
561,348
667,706 7,195.887 7,437,061
E r i e ___________
M ay
4,834,975 4,506,138 51,740,311 50,197,299
i airch lld A N E ___ Juno . ____
1.895
1,832
23,423
25,039
F o n d a John s A G lov J u n e _____
81,945
79,291
940,360
904,751
G eorgia R a il r o a d .. June
209,951
198,004 3,210,425 3 ,020,507
G rand T run k S y s t . . 2d w k A u g 1,048,062
877,152 6,303.427 4,783,556
G rand T rk W e s t. 1st wk A u g
134,221
07,500
685.726
471,027
D ot Gr H A M llw 1st wk A u g
43,156
28,888
214,354
150.040
C anada A tla n tic . 1st wk A u g
43,500
35,141
223,249
161,006
G reat N orthern Syst Ju ly .......... 5,707,765 5,792,462 5,797.705 5,793,402
G ulf A Ship Isla n d . J u n e _____
155,562
152,956 2,000,790 2,094,070
H ook in g V a lle y ____ J u n e _____
583,570
720,252 7.172,731 7,783,083
Illinois C en tra l____ Ju ly ............ <1,990.740 ,804,791 4,990,740 4,804.791
In tc rn a t A G t N o r . 2d wk A u g, 152,000
148,000
879,000
980.000
a Interocean lo M c x . 1st w k A u g
170,325
157,256
884,265
867,399
Io w a C en tral............. 1st w k A u g
02,073
60,352
312,343
300,242
K a n aw h a A M ic h .. J u n e .......... > 275,418
247,300 3,111,052 2,760,657
K ansas C ity S o u t h . J’ u n o _____
771,842
860,684 10,125,583 0,723.878
K C M ex A O rien t. 4th w kJuly
43,590
50,085
131,814
161,354
Leh igh V a lle y .......... M ay _____ 3,519,574 3,180,300 33,990,731 32,915,051
L ex in g ton A E a s t .. June
51,016
54,392
532,849
484,620
L ou isiana A A r k a n . J u n e _____
08,318
113,740 1,432,638 1,322,761
L ou is v H en d A St I, June
95,658
96,419 1,214,603 1,170,869
s L ou lsv A N a s h v .. 1st wk A u g 1,016,800
973,725 5,272,730 5,175.825
M aoou A B lrin ’ham J u ly
10,583
10,583
11,570
11,579
M aine C en tral_____ June
775,396 9,067,803 8,022,312
834,667
M arylan d A P c n n a . June
33,410
32,522
438.147
400,229
a M exica n R a ilw a y . 3d w k J u ly
152,800
172.900
427.600
474.000
M lnoral R a n g e ___
1st wk A u g
14,321
14,181
73,313
70,832
M inn A S t L o u is .
1st w k A u g
87,967
83.670
406,984
497,239
M inn S t P A S S Ml 1st vrk A u g
488,417
435,344 2 ,502,517 2,358,554
C h icago D iv is ion ]
M ississippi Central J u n e _____
71,527
u M o ICan A T e x a s . 2d w k A u g
494,445
M issouri P a cific ____ 2d w k A u g 1,015,000
N ashv C hatt A S t I, Jun e .
951,998
a N at R y s o f M e x .f . 1st w k A u g 1,048,294
N eva d a -C a l-O rcgon . 1st w k A u g
0,859
N evad a C en tcu l____ J u n e _____
7,294
N O G reat N orthern M ay _____
146,028
N O M obile A C ld o. W k A u g 5
33,718
e N Y C A H ud R lv J u n o _____ 8,845,348
L a k e Shore A M S J u n e _____ 3 ,951,967
71 Lake Erie A W . J u n e _____
406,621
Chic Ind A South J u n o _____
292,522
M ichigan Central. J u n o _____ 2 ,394,785
J
u
n
e
_____
Cleve C C A St L .
2 .440,290
242,211
P eoria A Eastern J u n o _____
98,893
C incinnati N orth . J u n o _____
P itts A Lake Erie J u n o _____ -1,322.451
954,592
N Y Chle A St L . J u n o _____
425 ,085
T o l A O h io C e n t. J u n o ______
T o t all lines a b ov e J u n e ______ 21384 305
N Y N II A H a r t f .. J u n o --------- 5,572,800

81,073
484,005
,003,000
,020,249
,109,032
9,786
6,010
153,871
33,010
8,304,092
4,193.704
422,952
230,815
2,392,023
2,398.593
279,001
105,551
1.600.635
818,041
505,032
21358 019
5,428,182

915,704
3,119,028
0,284,000
12,323,863
6,336,418
35,780
84,614
1.555,345
160,371
101740 342
48,452,124
5.460,012
3 ,680,755
29.700,822
30,007.020
3 ,508.586
1,244,993
15,708,374
11.181,159
5,032.572
208771 100
62,153.434

803,040
3 ,004,509
0,197,000
11,037,204
0,475,379
41,460
60,003
1,352,791
147,074
07,568,889
48,579,016
5,447,520
3,722,387
28,812,407
29,330,980
3,282,262
1,243,024
17,339,923
10,854,257
4,4 7 6 ,7 0 5
252781 095
00,693,607

Latest G ross Earn ings.
ROADS.

Current
Y ear.

N Y O n t A W estern Jun e ..
N Y Susq A W e s t .z M a y ..
N orfolk S o u t h e r n .. Jun e . .
N orfolk Si W estern Jun e _.
N orthern P a c lflc -.T June
Pacific Coast Co
Ju n e . .
P e n n sylva n ia R R ” June . .
B alt Ches A A tl
June . .
C u m berland V a il. June
L o n g Is la n d ___
June . .
M a ry l’ d Del A V a Jun e . .
N Y P h lla A N orf Juno . .
N orth ern Central June
P h lla B a lt A W
June . .
W Jersey A Seash Jun e . .
P en n sylva n ia C o .
Jun e . .
G rand R a p A In d June . .
P itts Cln C liA S t L June . .
V a n d a l la ___
Jun e . .
T o ta l lines—
E a st P itts A E . J u n e __
W e s t P itts A E June . .
Atl E ast A W es June . .
Pore M a rq u e tte____ J u ly . .
R aleigh A S o u th p o rt J u n e __
R ea d in g
C om p a n y
P h lla A R e a d in g s
Coal A Iron C o . .
T o ta l b o ta c o s ___
R ich Fred A P o to m
R io G rande J u n e ___
R io G rande S o u th __
Aug
R o c k Island L i n e s ..
R u tlan d ___________
St Jos A G rand I s l.
St L ou is A San Fran
Chic A E ast 111..
/ E v a n sv A T er H
T o ta l all lin os___
St L R o o k y M t A P .
St L o u is S o u th w e s t.
Aug
San P ed L A A S L .
Aug
S e a b o a rd A ir L i n e ..
S outhern Paclflo Co
k Aug
Sou th ern R a il w a y ..
k Aug
M o b ile A O h io ___
k Aug
Cln N O A T P a c .
k Aug
A la G reat S o u th .
G
eorgia
Sou A Fla k A u g
-----, ---------------------„
T on n A la A G eorgia 1st w k A n
T exas A
I P
“ a cific
I M ____ ' f t k A n
T id e w a te r A W e st.
T o le d o P o o r A W est
Aug
T o le d o St L A W est
Aug
T o m b lg b e o V a ll e y ..
U nion P a cific S y s t .
V irginia A So W est .
W a b a s h ____________
Aug
W estern M a ry la n d .
W heelin g A L ake E
W ich ita Falls A N W ___,
W rlg h tsv A T e n n .J -fu n e .
Y a z o o A Miss V a lle y 1J u ly _

July 1 to Latest D ate.

P reviou s
Year.
i
9,295,702
3,556,859
2,035 671
35,557.522
64.005.439
7,798,739
157234105
270,00
3,027,798
10,144,508
130,032
3.372,484
12,868,159
19.078,476
0,144,564
51,042,438
5,071,128
38,924,315
10.422.440

18985 995
9,082,018
28068 013
1.360,877
14,150
4,081,254
2.056,714
7,017,908
221 .597
78,755
9,946
6.140,400
306,020
129,725
3,317,073
905,461
172,977
4,395,511
159,769
202,352
864,312
414 ,390
10480 737
1.148,162
195,201
171,010
78,681
42,840
2,106
203,189
9,298
18,303
80,845
7,796
7,127,602
131,830
581,057
607,345
590.290
62,068
1G,990
700,389

V a riou s F isca l Y ears.

Current
Y ear.

P erio d .

D elaw are A H u d s o n . . ................... Jan 1
N Y C entral A H u d son R iv e r o . Jan 1
L a ke Sh ore A M ichigan Sou th Jan 1
L a k e E ric A W estern _ n _____ Jan 1
C h icago Indian a A S o u th e r n . Jan 1
M ioh igan C en tral..................
Jan
Cleve Cln C h icago A St L o u is Jan
P eoria A E a ste rn ______________ Jan 1
Cincinnati N o rth e rn __________ Jan 1
P ittsbu rgh A Lake E r i e ____ Jan 1
N ew Y o rk C h icago A St L ou is Jan 1
T o le d o A O h io C en tral_______Jan 1
T o ta l all lin es__________________ Jan 1
P e n n sylva n ia R ailroad __________ Jan 1
B a ltim ore C hcsap A A t la n t ic . Jan 1
C u m berland V a lle y ____________Jan 1
L o n g Is la n d _____ ______
Jan 1
M a ry l'd D elaw are A V irg in ia . Jan 1
N Y P h ilad elp h ia A N o r f o l k .. Jan 1
N orth ern C en tral.......................... Jan 1
P h iladelph ia B a lt A W a s h . . . Jan 1
W est Jersey A S eash ore_____ Jan 1
P en n sylva n ia O om p an g__________ Jan 1
G rand R a p id s A I n d ia n a ____ Jan 1
P itts C lncin Chle A S t L o u i s . . J an 1
V a n d a lla ______________ __ . . Jan 1
T o ta l lines— E ast P itts A Eric Jan 1
W e st P itts A Erie Jan 1
A ll lines E A W . Jan 1
R io G rande J u n ctio n ___ __
. D ec 1
R u t l a n d __________________________Jan 1
T e x a s A P a cific __________________ Jan 1

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

June
Jun e
June
Jun e
Jun e
June
Jun e
June
Jun e
Ju n e
Ju n e
June
June
June
Jun e
Jun e
Ju n e
June
June
Ju n e
Ju n e
Ju n e
Jun e
J une
J une
Ju n e
Ju n e
Jun e
June
M ay
Jun e
Aug

,
.
;
I
:
;
i
I
:
i
;
;
;
;
;
;
:
:
I
I
;
I
:

10,224,010
48,808,638
22,745,043
2,524,167
1,872,846
14,059,414
14,425,885
1,564,278
540,688
0,937,297
6 ,391,805
2,108,274
120978 355
75.325.681
105,258
1,391,284
4,680,394
48,974
1,598,446
6,207,802
9,119.338
2 ,587,385
22,630.409
2 ,315.155
18,051,613
4 ,760,995
106903 539
49,963,445
150860 984
424,148
1,573,828
8 ,560,554

$9,567,615
46,970,799
23,713,128
2,570,881
1.925.758
13,987,403
14,181,268
1.591.758
089,066
8,283,619
5,449,523
2 ,105,687
121429 790
78,5-18,872
104,575
1,491,743
4,314,002
47,586
1,692,579
0,138,270
9.002,568
2 ,424,492
25,707,843
2 ,423,022
19,728,677
4,875,928
109873 231
54,831,456
164704 687
465 ,930
1,470,342
9 ,0 7 3 ,1 2 9

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W eek ly Sum m aries.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st

w eek
w cok
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

M ay
Jun o
Jun o
Jun e
.fune
J u ly
J u ly
J u ly
J u ly
Aug

(47 r o a d s )____
(43 r o a d s )____
(43 r o a d s )____
(1 1 r o a d s )____
(46 r o a d s ) . . . .
(43 r o a d s ) . . . .
(43 r o a d s )____
(45 r o a d s )____
(43 r o a d s )____
(43 r o a d s )____




CuPnt Year P rev’s Year In c. or D ec.
5
$
19,068,495 19,020,243
12,949,540 13,155,850
13,444,208 13,775,015
13.605,015 13.716.230
18,931,412 18.396,034
13,136,803 12,831,023
13,761,631 13,374,701
13,803,219 13,471,939
19,242,625 18,322.990
13,998,504 13,473.019

S
+ 3 9 ,2 5 2
— 208,301
— 330,747
— 111,215
+ 5 3 8 ,3 7 8
+ 302.180
+ 389,870
+ 331,280
+ 919,620
+ 524 ,885

%

|

M onthly Su m m aries.

\cur'nl Year P rev’s Year I n c . t r D os.

M ileage Curr. Y r. P r e v .Y r . 1
S
$
$
0.21
O c t o b e r ____ 241,215
2 37 ,835 263 .401 .60 5 260 ,821 .54 6
+ 2 ,6 4 3 ,0 5 9
1.57
N o v e m b e r ..241,272
237 ,545 248 ,559 ,12 0 247 ,564 ,47 0
+ 994,050
2.40
D e cem ber ..2 4 1 ,3 6 1
238 ,080 230 ,835 ,30 4 220 .870 ,15 1 + 15,965,153
0.81 | J a n u a r y ___ 242,479
238 ,866 215 ,057 ,01 7 210 .808 .24 7
+ 4 ,2 4 8 ,7 7 0
F e b r u a r y ___ 242.640
2.94
238,603 109,035,257 2 02 .492 .12 0 — 3 ,456,863
2.36
M a rch ___. .. 2 4 2 , 6 8 8
238,941 226.997.481 2 3 8 ,336 ,60 9 — 11,339,128
2.92 i A p r i l .............242,933
239,132 2 1 8 ,177 ,12 3 225 ,700 ,81 1 — 7 ,523,688
2.40
M a y ............... 235 ,230
232,503 2 2 6 .442 ,81 8 231 ,066 ,80 6 — 4 ,624,078
5.02
Ju n e . . . . . . 2 2 2 , 8 2 5
218,379 2 15 ,801 ,45 2 2 2 2 ,965 ,34 7 — 7 ,1 0 3 .8 9 5
3.90
J u l y ............... 89,573
87,6241 65,8 1 5 ,9 4 8 63,604,818 + 2,1 5 1 ,1 3 0

%

1

1.01
0 .5 0
7 .2 *
2.01
1.78
4 .7 6
3 .3 3
1.99
3 .2 0
3.39

THE CHRONICLE

464

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the first week
of August. The table covers 43 roads and shows 3'90% in­
crease in the aggregate over the same week last year.
F ir s t w eek o j A u g u st.

A n n A r b o r ______________________
A tla n ta B irm in gh am & A tla n tic
B u ffa lo R o c h e s te r & P ittsb u rgh
C a n adian N o rth e r n _______
C a n adian P a c ific _____ .
C en tral o f G e o r g i a _________ . .
C h esapeake Pc O h i o . .
.
C h ica g o & A lt o n . _____________
C h ica go G reat W e s te rn . _ ___
C h ica g o In dia n a p olis Cc L o u is v .
C lncin N ew O rl & T e x a s P a cific
D en ver & R io G r a n d e ________
D etroit & M a c k in a c . .. _______
D etroit T o le d o & f r o n t o n ___
D ulu th S ou th S h ore & A t la n t ic .
G eorgia S ou th ern Pc F lo rid a .
G rand T ru n k o f C a n a d a _______]
D etroit G rand H a ven & MUwi
C an ada A t la n t ic ____ _____ __J
I n te rn a tio n a l & G reat N o rth e rn

M in n eap olis S t P aul & S S M . . \
C h icago D iv ision __________ J
M issouri P a c ific ................. ........... M ob ile & O h io ............ ..
N ation a l H allw ays o f M e x ic o . .
S t L ou is S ou th w es te rn ------------T e x a s & P a c i f ic ...............................
-------T e n n A la & G e o r g ia . .
T o le d o P eoria * W e s t e r n _____
T o le d o St L ou is & W e s te rn ____

1911.

1910.

S
78,081
47,012
5 5,515
193,959
882 ,550
2 ,2 7 2 ,0 0 0
243 ,300
600,639
306 ,812
229 ,499
132,040
171,010
275 ,337
481 ,1 0 0
22,2 66
33,748
70,459
42,8 4 0

S
81,751
42 j978
51,953
216 ,469
248 ,200
2 ,0 6 5 ,0 0 0
216 ,400
587 ,897
301 ,516
2 26 ,686
133,893
171,603
31 1,316
447 ,1 0 0
2 1,527
30,378
74,998
42,954

1,017,982

726,508

140,000
170,325
02,973
1,016,080
14,321
87,967
488 ,417

146,000
157,256
66,352
973 ,725
14,181
83,670
455 ,344

470,594
954 ,000
195,201
1,048,294
6,859
9,946
205,079
414,390
1,148,162
263,236
2,100
18,303
80,845
594,651

469,365
989,000
191,649
1,190,032
9,786
11 ’ 056
211 ,460
401 ,8 3 6
1 ,130,275
254,212
1,862
22,633
75,621
601,177

T o t a l (43 r o a d s ) ........................... 13,998,504 13,473,619

In crea se. D ecrease.
5

S
8,070

4,034
3,562
22,510
84,350
2 07 ,000
2 6 ,900
12,742
5,296
2,813
_______
34,666

1,853
593
35,979
2,261
2,630
4,539
114

291,474
6,000
13,069
3,379
4 2 ,355
140
4,297
33,073
1,229
35,000
150 ,738
1,110
6,381
12,560
17,887
9,024
244
4,3 3 0
5,224
6,526
814 ,825
524,885

289 ,940

Net Earning3 Monthly to Latest Dates.— In our “ Railway
Earnings” Section, which accompanies to-day's issue of the
“ Chronicle” as a special supplement, we print the June
returns of earnings and expenses (or in the absence of the
June figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns are all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of
instances these figures differ from those contained in the
monthly statements given out by the companies themselves
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
pursued in many instances for years. We bring together
here (1) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. We also give (2) the re­
turns of such roads (even where the figures correspond exactly
with those in the Inter-State Commerce reports) which go
beyond the requirements of the Commission and publish
their fixed charges in addition to earnings and expenses, or
(3) which have a fiscal year different from that of the Inter­
State Commerce Commission, in which latter case we insert
the road so as to show the results for the company's own year.
We likewise include (4) the few roads which operate entirely
within State boundaries, and therefore do not report to the
Federal Commission, and (5) Mexican and Canadian com­
panies. We add (6) the roads which have issued their own
statements for June, but have not yet filed any returns
for that month with the Commission. Finally (7) we give
the figures for any roads that have already submitted their
July statement.
------- G ross E a rn in g s----------------- N et E a rn in g s -------Current
P rev io u s
Current
P rev io u s
Y ea r.
Y ea r.
Y ear.
Y ea r.
5
$
$
$
A tc h T o p & S a n ta F c .- J u n e 3 ,3 4 1 ,4 2 0 8 ,4 5 9 ,0 3 0 j Z ,915,715 J3,4 3 1 ,6 6 0
J u ly 1 t o Ju n e 3 0 ____1 0 7 ,5 0 5 ,1 1 0 1 0 4 ,9 9 3 ,1 9 5 J36,796 ,8 6 4 ^ 3 5 2 3 1 ,3 7 5
2 7 7 ,0 4 6
77,604
227 ,028
B a n g o r & A r o o s t o o k ___ Jun e
130,440
1 ,205,240
,173,112
2 ,9 9 0 ,5 3 0
J u ly 1 t o Jun e 3 0 .......... 1 ,169,340
6,683
1,214
4,8 5 6
835
B c lle fo n te C e n t r a l.b ___J u ly
7,674
45,957
Jan 1 t o J u ly 3 1 _______
39,822
6,517
1,422
4,922
B r id g e to n & S a co R iv e r .J u n e
4 ,4 5 5
1,261
14,647
51,907
51,633
J u ly 1 to Jun e 3 0 _______
14,407
838
,8
1
7
233
,2 4 6
762,152
B u ffa lo R o c h & P lt t S -b .J u n c
168,899
8 ,9 3 6 ,1 1 8
,134,402
2 ,988,546 3,0 3 2 ,2 1 2
1 ,228,700
202 ,8 0 0
C anadian N o rth e r n ____ Ju n e 1 ,4 65,600
318,200
J u ly 1 t o Ju n e 3 0 - . '_ ___15 >,199,500 1 2,821,300
4,1 6 5 ,8 0 0 3 ,6 2 6 .9 0 0
8 ,8 0 7 ,8 1 7
2 ,7 1 7 ,9 1 6
3,024,671
C anadian P a c l f lc .a ____ Ju n e 9 ,4 7 9 ,6 5 0
,167,808 9 4 ,0 8 9 ,4 8 8 36,009,831 3 3 ,8 3 9 ,0 5 6
2,4 0 9 ,5 3 1
1,024,161
1,147,193
,540,160
,705,373 2 5 ,7 2 4 ,4 6 4 11,453,179 11,6 7 7 ,1 3 5
2 ,5 1 5 ,5 6 0
8 30 ,166
.694,548
848,832
,583,411 3 1 ,2 3 7 ,1 6 9 10,789,796 1 2 ,3 0 0 ,4 7 0
1,0 0 3 ,0 4 0
2 3 3 ,6 4 7
,037,937
246,440
2 ,9 4 0 ,0 6 8
,618,642 1 2,074,743
3 .176,636
1,353,238
416 ,5 5 7
,060,359
385,146
5 ,9 1 4 ,5 2 6
>,824,065 16,777,981
5,489,953
226 ,198
110,584
C u ba R R ________________ Ju n e
262 ,954
121,741
1 ,107,299
,0 5 9 ,6 5 0 2 ,5 5 9 ,3 3 6
1,374,071
1,546,061
,7 80,642
547 ,9 0 7
700,129
J a n 1 t o Ju n e 3 0 .
),2 2 4 ,010 9 ,5 6 7 ,6 1 5
3,742,133
3,6 6 8 ,8 1 4
R oa d s.




[V O L . L X X X X III

------- Gros.s E a rn in g s—
Current
P revio u s
Y ea r.
Y ea r.
$
$
D e n v e r & R io G r a n d e .a .M a y 1 ,914,805
1,922,198
J u ly 1 to M ay 3 1 _______ 2 1,494,138 21,5 6 0 ,6 5 1
D u lu th S o Sh & A t l - b - . J u n e
295,698
302 ,980
J u ly 1 t o Ju n e 3 0 _______ 3 ,1 4 8 ,8 1 8
3,3 0 2 ,1 4 7
E r l e .a ............................
M ay 8 ,4 3 4 ,9 7 5
4,5 0 6 ,1 3 8
J u ly 1 t o M a y 3 1 _______ 51,740,311 50,197,299
209,951
198,004
G eorgia R a il r o a d .b _____ Ju n e
J u ly 1 t o Ju n e 3 0 ________ 3 ,2 1 0 ,4 2 5
3,0 2 0 ,5 0 7
G rand T ru n k o f C anada—
2,8 5 6 ,1 4 9
G rand T ru n k R y ______ M a y 3 ,0 6 0 ,0 5 5
J u ly 1 to M ay 3 1 _______ 3 1 ,785,534 3 0 ,7 4 2 ,7 0 5
532,881
G rand T ru n k W e s t ’n .M a y
528,258
5 ,7 1 1 ,6 5 4
J u ly 1 to M ay 3 1 _______ 5,8 0 6 ,4 5 3
165,947
D et Gr H a v & M U W ..M a y
107,894
1 ,848,190
J u ly 1 t o M ay 3 1 _______ 1 ,866,065
176,167
C anada A t la n t ic _______M a y
185,413
1,8 7 8 ,4 8 7
J u ly 1 t o M ay 3 1 _______ 1 ,760,885
4,6
4 6 ,8 5 2
Illin ois C e n tr a l.a ________ Ju n e 4,8 1 9 ,1 4 2
,34466,9
,97755
J u ly 1 to Jun e 3 0 _______ 61,4 4 8 ,5 2 3 5588,3
830 ,663
g I n te ro ce a n ic o f M exico.Ju n e
785,634
8 ,6 3 7 ,3 4 5
J u ly 1 to Ju n e 3 0 _______ 8,8 6 4 ,2 8 2
860 ,684
K ansas C ity S o u t h . b . .J u n e
771 ,842
9 ,7 2 3 ,3 7 8
J u ly 1 to Jun e 3 0 _______ 10,125,583
96,419
L o u is v H en d & S t L .a .J u n e
95,656
1,176,369
J u ly 1 to Ju n e 3 0 _________1 ,214,693
(/M e x ic o N orth W e s t .a .J u n e
187,113
194,696
Jan 1 to Ju n e 3 0 _______
745,793
1,068,891
62,738
M ineral R a n g e .b ________Ju n e
59,808
826 ,500
J u ly 1 to Ju n e 3 0 _______
746 ,425
1 ,338,367
M inn S t P & S S M . a ____ Ju n e 1,1 0 1 ,6 9 7
J u ly 1 t o Ju n e 3 0 _______ 13,135,908 1 5 ,407,179
795 ,562
C h icago D iv i s io n .a .- J u n e
694,364
8 ,9 2 8 ,2 2 5
J u ly 1 to Ju n e 3 0 _______ 8 ,8 3 6 ,6 7 0
1,966,151
M issouri K a n & T e x a s .a .J u n e 2,1 8 6 ,1 6 8
2 6 ,5 5 9 ,3 4 6
1.310,238
M issouri P a c i f lc .b _______M ay 4 ,3 4 5 ,8 5 9
J u ly 1 to M ay 3 1 _______4 8 ,647,497 4 8 ,7 9 5 ,1 2 5
g N ation a l R y s o f M e x _ _ J u n e 5,431,856
6,029,481
61,4 8 3 ,1 4 7
N e v a d a -C a l-O r e g o n b . .M a y
33,064
31,832
J u ly 1 t o M ay 3 1 _______
414,039
306,641
cN Y C & H u d R i v e r .b .J u n e 8,845,348
8,3 9 4 ,0 9 2
Jan 1 t o Jun e 3 0 _______48,8 0 8 ,6 6 3 4 6 ,9 7 0 ,7 9 9
L a k e S h ore & M S . b . J u n e 3,9 5 1 ,9 6 7
4 ,1 9 3 ,7 9 4
Jan 1 to Jun e 3 0 _______ 22,745,043 2 3 ,7 1 3 ,1 2 8
422 ,952
n L a k e Erie & W e s t.b .J u n e
406,621
2 ,570,881
Jan 1 t o Jun e 3 0 ............. 2,5 2 4 ,1 6 7
239 ,8 1 5
C h ic In d & S o u t h .b - .J u n e
202 ,522
1,925,758
Jan 1 to Jun e 3 0 ............. 1,872,846
2,3 9 2 ,9 2 3
M ichigan C e n t r a l .b ..J u n e 2 ,3 9 4 ,7 8 5
Jan 1 to Ju n e 3 0 _______ 14,059,414 13,987,403
2 ,3 9 8 ,5 9 3
C lev C ln C h & S t L . b . J u n e 2 ,4 4 9 ,2 9 0
Jan 1 to Jun e 3 0 _______ 14,425,885 14,181,268
279,091
P e o ria & E a s t e r n ..b .J u n e
242,211
1 ,591,758
Jan 1 t o Ju n e 3 0 _______ 1,534,278
105,551
C incinnati N o r t h . b . .J u n e
98,893
580,966
Jan 1 t o Jun e 3 0 ...........
540,683
1,6 0 6 ,6 3 5
P itts & L a ke E r l e .b - .J u n e 1,322,451
8 ,2 8 3 ,6 1 9
J an 1 to Jun e 3 0 _______ 6 ,037,297
818,941
N Y C h ic & S t L - b - . J u n e
954 ,592
5,4 4 9 ,5 2 3
Jan 1 t o Jun e 3 0 _______ 5,3 9 1 ,8 0 5
505,632
T o le d o & O hio C e n t.b .J u n e
425 ,685
2 ,1 6 5 ,6 8 7
Jan 1 t o Jun e 3 0 _______ 2 ,108,274
2 1 ,3 5 8 ,0 1 9
Jan 1 to June 3 0 .......... 120,978,355 121429790
792 ,859
N Y O n tario & W e s t .a .J u n e
798 ,236
8 ,5 7 8 ,7 8 3
J u ly 1 to Jun e 3 0 _______ 9 ,295,702
280,241
N Y Susq & W e s t e r n .a .M a y
340,481
3 ,1 8 6 ,0 6 8
J u ly 1 to M ay 3 1 _______ 3,5 5 8 ,8 5 9
3,0 0 1 ,9 2 3
N orfolk & W e s t e r n .b .- J u n e 2,8 9 5 ,6 1 0
,06633,8
,87700
J u ly 1 to Jun e 3 0 .............35,5 5 7 ,5 2 2 3355,0
720,264
P a cific C o a st____________ Ju n e
678,156
7 ,903,143
J u ly 1 to Jun e 3 0 _______ 7,7 9 8 ,7 3 9
R o a d s.

P en n sylva n ia L ines—

1 3 ,424,586
7 8,548,872
20,044
104,575
263 ,390
1,491,743
905,601
4 ,314,002
9,848
47,586
360,220
1,692,570
1,016,102
6,1 3 8 ,2 7 0
1,650,411
9,0 6 2 ,5 6 8
514,822
2.4 2 4 .4 9 2
5 ,220,293
2 5 ,7 6 7 ,8 4 3
404 ,827
2 ,4 2 3 ,0 2 2
3 ,2 9 5 ,7 4 6
19,728,677
871 ,034
4,8 7 5 ,9 2 8
1 9,445,955
109873,231
1 0 ,157,739
54,8 3 1 ,4 5 6
2 9 ,6 0 3 ,6 9 4
164704,687
1 ,372,510
P crc M a r q u e t t e .b _______J u ly 1 ,300,877
R e a d in g C o m p a n y —
4,0 2 5 ,7 2 3
P h lla & R e a d in g .b ___M a y 4 ,0 6 1 ,2 5 4
4 1 ,4 8 8 ,3 6 7
2,983.331
Coal & Iro n C o . b ____ M a y 2 ,9 5 0 ,7 1 4
J u ly 1 to M a y 3 1 _______32,2 1 2 ,4 2 9 3 1 ,2 3 9 ,2 3 5
7 ,0 0 9 ,0 5 4
T o ta l b o th c o s . b _____ M ay 7 ,0 1 7 ,0 6 8
7 2 ,7 2 7 ,6 0 2
R e a d in g C o m p a n y ___ M a y
J u ly 1 t o M ay 3 1 _______
T o ta l all c o m p a n ie s ..M a y
J u ly 1 to M ay 3 1 _______
78,755
76,137
R io G rande J u n c t io n ___M ay
424 .148
465 ,930
D ec 1 t o M ay 3 1 _______
25,058
B a lt C hesap & A t l .a .J u n c
105.258
Jan 1 to Jun e 3 0 ----------C u m berland V a lle y .a Ju n e
245 ,902
Jan 1 to Jun e 3 0 ----------- 1,391,284
L o n g Island . a ________ Ju n e 1,023,966
Jan 1 t o Jun e 3 0 _______ 4,0 8 3 ,3 9 4
M a ry l’d D el & V a .a - . J u n e
10,956
Jan 1 t o Ju n e 3 0 , '. ------48,974
N Y P h ila & N o r f - a .- J u n e
298 ,700
Jan 1 to Ju n e 3 0 ____ _ 1 ,598,446
N orthern C e n tr a l.a ..J u n e 1,005,004
Jan 1 t o Ju n e 3 0 _______ 6 ,207,802
Phi la B a lt & W a s h .a .J u n e 1,638,358
Jan l to Jun e 3 0 ________ 9 ,119,338
W e s t J ersey & Seash a J u n c
502 ,130
Jan 1 t o Ju n e 3 0 ______ 2 .5 8 7 .3 8 5
P e n n sylva n ia C o . a _____ Ju n e 4,4 2 8 ,8 3 2
Jan 1 t o Jun e 3 0 _______ 2 2 ,039,409
G rand R a p & I n d . a .- J u n e
3 76 ,125
Jan 1 to Ju n e 3 0 _______ 2 ,3 4 5 ,1 5 0
P itts C C & S t L . a . - . J u n c 3 ,100,002
Jan 1 t o Jun e 3 0 _______ 18,051,013
V a n d a lla a ------------------ Ju n o
796 ,2 8 5
Jan 1 t o Jun e 3 0 _______ 4 ,7 0 9 ,9 9 5
T o ta l E ast P & E _ a .J u n c l8 ,9 8 5 ,9 9 5
Jan 1 t o Jun e 3 0 _____ 106,903,539

------- N et E a rn in g s—
Current
P reviou s
Y ear.
Y ear.
$
5
6 2 4 ,7 7 5
553 ,155
6 ,2 3 5 ,3 1 4
5 ,9 0 7 ,6 6 2
99,351
79,688
1,0 3 2 ,8 9 9
879 ,477
1,2 7 4 ,4 7 7
1,5 4 4 ,5 3 0
14,5 5 7 ,0 8 6 1 4 ,1 7 8 ,6 7 0
159,786
41,215
904,234
701,921
1 ,019.045
8,096,151
43,068
1,116,324
8,030
241,281
8,273
148,310
1 ,072,927
1 4 ,393,049
279 ,5 0 0
3 ,187,931
283,294
3 ,6 2 3 ,1 5 4
12,865
228,201
104,241
300 ,449
8,164
38,838
301 ,156
3 ,9 2 0 ,6 0 7
106,393
1,807,558
489 ,4 0 7
7,4 5 3 ,1 2 9
462 ,609
11,289,321
1,8 1 4 ,2 7 3
2 2 ,6 5 5 ,0 7 6
11,607
93,935
2,5 4 9 ,1 9 3
11,803,754
1,2 5 5 ,1 5 5
6,3 4 4 ,2 4 9
50,645
343 ,950
67,760
426 ,062
839 ,864
3,3 2 3 ,0 7 1
678 ,809
3 ,142,011
35,639
227,859
8,868
37,234
664,038
3,3 0 7 ,7 5 3
287 ,483
1 ,300,625
122,909
480 ,503
6 ,561,263
30,737,071
255,749
2 ,5 4 9 ,0 9 3
122,605
1,222,728
886,609
12,599,242
1.17,243
1,328,930

1,028,778
7 ,8 0 1 ,5 4 8
88,083
1,3 9 3 ,7 1 7
14,113
408 ,3 5 7
18,980
299 ,4 0 6
843 ,409
1 2,004,674
386 ,667
3 ,1 8 4 ,3 1 8
2 81 ,235
3 ,3 4 6 ,9 7 2
14,209
2 9 1 ,8 4 5
113,332
612 ,660
5,042
87,8 3 0
487 ,238
6,3 8 0 ,5 7 8
213 ,902
2 ,0 0 5 ,7 2 9
238 ,104
6,3 6 0 ,3 7 9
1,194,609
14,194,012
2 ,5 6 0 ,8 7 7
2 4 ,7 5 4 ,8 2 9
13,408
213 ,230
2 ,2 8 4 ,1 2 5
11,2 0 3 ,1 3 7
1 ,182,469
7 ,1 1 2 ,7 2 7
8 9 ,8 3 0
550 ,797
3 3 ,0 7 0
538 ,000
594,133
3,9 5 1 ,9 4 1
468 ,5 3 7
3 ,2 2 0 ,2 9 4
59,335
425 ,139
22,932
111 ,635
935,798
4 ,4 6 9 ,8 0 3
162,826
1,715,651
197,204
669 ,603
6 ,030,261
3 3 ,9 6 8 ,7 2 7
250,091
2 ,4 8 4 ,9 4 3
97.763
952 ,859
1 ,0 7 8 ,1 1 5
14,017,111
115,829
1,512,479

2 ,9 5 3 ,2 4 6
16,472,899
900
2,750
70.2 1 0
349,312
311 ,288
536,579
d e f5 ,2 2 3
d e f 1 6 ,5 3 1
63,796
299 ,0 8 4
115,841
622,097
377 ,866
1.659,544
158,131
361.721
1,402,597
5 ,457,842
61,736
257 ,676
837 ,613
4 ,2 1 1 ,8 1 6
148,871
736 ,933
4,1 0 9 ,3 2 7
20.4 9 6 ,4 9 3
2 ,5 4 1 .5 7 3
11,170,899
6,7 4 0 ,9 0 0
3 1 ,667.391
335,933

3,3 0 4 ,8 2 2
19,002,222
d c f2 ,7 1 7
5,524
57,625
470 ,089
242,112
602,128
d ef 4,108
d ef 12,664
130 ,200
496,181
140,727
8 3 7 .8 2 5
307,391
1 ,6 2 1 ,7 6 0
103,171
210,541
1 ,764,219
6 ,508,478
30,016
244 ,545
467,737
4 ,0 8 3 ,1 7 9
176,675
826 ,740
4,3 8 0 ,2 5 2
23,4 5 9 ,1 0 1
2 ,5 1 1 ,0 8 4
12,083,507
6 ,8 9 1 ,3 3 6
3 5 ,5 4 2 ,6 0 7
378 ,704

1,660,791
1.511,195
14,977,834 16,312,079
150,470
40,160
490 ,897
1,230,369
1,811,261
1,5 5 1 ,3 5 5
15,477,732 17,542,448
148,484
150,397
1,606,645
1,600,967
1,699,839
1,961,658
17,084,377 1 9,143,415
n 23 ,626
«2 2 ,8 1 1
U127.244
n l3 9 ,7 7 9

AUG.

19 1911.]

THE CHRONICLE
N et E a rn in g s-

465

ELECTRIC RAILW AY AND TRACTION COMPANIES.

R oads.
Latest G ross E a rn in g s.
R io G rande S o u th e r n . b .M a y
J u ly 1 t o M ay 3 1 _______
R o c k Isla n d L i n e s .b ___ Jun e 0 ,140,400
J u ly 1 t o Ju n e 3 0 _______6 8,487,473 68,220,570
306,020
270 ,570
R u tla n d , b .......................... Ju n e
J a n 1 to Ju n e 3 0 _______ 1,573,828
1,476,342
S t L o u is & San F r a n .b .J u n e 3 ,317,073
3,1 4 5 ,8 0 6
J u ly 1 to Jun e 3 0 _______ 43,1 5 0 ,2 2 7 4 1 ,1 6 5 ,0 3 0
C h ic & E a stern I ll .b .J u n e
005,461
040 ,738
J u ly 1 to Ju n e 3 0 _______ 12,281,344 1 1 ,750,355
E v a n s v & T erre H .b . J u n e
172,077
211 ,943
J u ly 1 to Ju n e 3 0 ............. 2.5 0 0 ,0 6 5
2 ,4 7 1 ,1 7 6
T o t a l all l in e s .b .......... June 4 ,395,511
4 ,2 0 8 ,4 8 8
J u ly 1 t o Jun e 3 0 . ...........58,030,637, 55,387,471 18,6 2 0 ,7 3 9 17,233,690
S t L R o c k y Alt & P a c .a .J u n e
159,769
180,005
57,711
58,332
J u ly 1 to Ju n e 3 0 . .......... 2,0 0 8 ,6 2 3
1,9 7 4 ,2 4 3
667,511
716 ,490
S t L ou is S o u t h w e s t .a .-J u n e
847,052
866 ,0 1 5
140,158
256 ,083
2 ,4 5 8 ,1 4 3
J u ly 1 to Jun e 3 0 _______ 11,888,037 1 0,986,515
2,9 3 0 ,1 2 1
3 ,6 3 6 ,2 5 6
S ou th ern P a c l f lc .a .......... J u n e lO .4 8 0 ,7 3 7 11,2 9 4 ,4 1 3
3 ,142,141
J u ly 1 to Ju n e 3 0 ............. 132 ,620 ,53 0 135 ,022 ,60 7 42,7 6 4 ,0 7 8 47,2 3 8 ,3 8 5
167,732
T e x a s & P a c i f l c . b _____ Jun e 1,072,711
1,160,282
100,066
1,4 4 2 ,5 7 3
Jan 1 to June 3 0 ............ 6,0 3 3 ,3 5 4
7,430,674
700 ,657
T o le d o P eoria & W e s t .b .J u n c
111,224
96,149
0,348
27,068
1,173,421
J u ly 1 to Ju n e 3 0 ---------- 1,293,561
247.706
257,084
J u l y ..............................
101,836
03,903
15,370
13,808
U n ion P a cific . a ............... Jun e 7 ,1 2 7 ,6 0 2
7 ,5 0 8 ,9 5 3
3 ,1 9 6 ,0 1 6
2 ,0 6 2 ,3 4 6
J u ly 1 to Jun e 3 0 ............. 8 8 ,0 8 3 ,1 0 8 0 0 ,2 2 8 ,0 9 2 3 5 ,7 1 3 ,2 4 1 4 0 ,0 2 4 ,8 3 5
W estern M a r y la n d .a — M a y
607 ,345
647,823
r2 1 4,818
r2G6,700
J u ly 1 t o M ay 3 1 . ......... 6 ,593,981
6,4 9 2 ,1 7 9 r 2 ,330 ,972 r 2 , 558,772
Y a z o o & M iss V a lle y .a .J u n e
730,541
726 ,336
123,058
38,142
J u ly 1 to Jun e 3 0 ----------- 1 0 .817,549 10,181,453
2,0 4 7 ,6 8 6
1,8 2 8 ,3 6 0
I N D U S T R I A L C O M P A N IE S
------- G ross E a rn in g s-------- --------N et E a rn in g s-------.
Current
P revio u s
Current
P reviou s
C om panies
Y ear.
Year
Y ea r.
Y ea r.
S
$
'
•5
$
E d ison E l 111 C o(I5 oston )J u Iy
369 ,872
3 3 2 ,5 0 3
107,829
177,277
K e y s to n e T & T C o . a . - J u l y
06,1 0 6
94,472
47,044
4 7 ,050
a N et earnings here given are a fter d e d u ctin g ta x e s ,
b N et earnings here given are b e fo re d e d u ctin g ta x e s .
_ c In clu d es th e N ew Y o r k die O tta w a , th e S t. L a w ren ce & A d ir o n d a c k an d
th e O tta w a & N ew Y o r k R y ., th e latter o f w h ich , be in g a C a nadian r o a d ,
d oes n ot m ake returns to th e In te r-S ta te C o m m e rce C o m m ission .
g th es e results are In M exican cu r r e n c y .
J T h e c o m p a n y n o w Includes th e earnings o f th e A t c h . T o p . & S a n ta F e
R y ., G ulf C o lo . & S a n ta F c R y ., E a stern R y . o f N ew M e x ico S y s te m ,
S a n ta r e I r c s c o t t & P h o e n ix R y ., S ou th ern K a n sa s R y . o f T e x a s , T e x a s
& G u lf R y ., G . & I . R y . o f T . an d C . S . S . & L . V . H R . In b o th y e a rs,
l o r Ju n e ta xes am ou n te d t o 328 2 ,9 0 7 , a gain st 556 3,86 8 In 1910; a fte r
d e d u ctin g w h ich , net fo r Ju n e 1011 w as 52 ,0 3 2 ,8 0 8 , a ga in st 52,8 0 7 ,7 0 2 last
year.
F o r p er io d from J u ly 1 to Ju n e 30 ta xe s w ere $3,4 7 4 ,6 0 7 In 1911,
a g ain st $ 4,006,410 In 1010.
n In clu d es th e N orth ern O h io R R .
n a fics c I\l5Wrc s represent 3 0 % o f gross earnings.
r A fte r a llow in g for m iscella n eou s re ce ip ts and net fro m co a l an d o th er
d e p a rtm e n ts , to ta l n e t earnings fo r M ay 1911 w ere 525 9 ,3 1 6 , a gain st
3 2 9 7,44 2 In 1010: and from J u ly 1 to M ay 31 w ere $ 2 ,7 1 6 ,0 1 5 In 1911,
again st 53,0 3 5 ,1 5 2 In 1010.

Interest Charges and Surplus.
-H al. o f N et E a r n s .—
- I n t ., R en tals. & c .—
P revio u s
Current
P revio u s
Current
Y ea r.
Y ea r.
Y ea r.
Y ea r.
S
S
S
?
£ 6 ,1 3 7
B a n g or & A r o o s t o o k . .. J u n e
115 ,880
93,353
£ 30 .354
J u ly 1 t o Ju n e 3 0 _______ 1 ,179,965
£35 7,33 4
£ 1 6 8,00 4
1,020,648
B rid g e to n & S a co R iv e r Ju n e
631
676
74 6
630
7,520
J u ly 1 to Ju n e 3 0 _______
7,358
6,878
7,289
B u ffa lo R o c h & P i t t s .. .J u n e
173,848
196,658
£ 5 0 ,7 0 8
£ 1 1 0 ,1 8 0
J u ly 1 to Ju n e 3 0 ............. 2 ,1 1 7 ,7 9 7
2 ,0 5 4 ,8 6 3 £ 1 ,7 0 9 ,2 7 8 £ 1 ,5 2 7 ,3 7 4
C en tral o f N ew J e r s e y ..M a y
532,135
531,538
615 ,655
492 ,026
J u ly 1 to M a y 3 1 _______ 5 ,742,652
5,5 5 5 ,7 0 6
5 .7 1 0 ,5 2 7
6,1 2 1 ,4 2 9
C h esapeake & O h io ____ June
309,303
558,083
200 ,749
520,863
J u ly 1 to Ju n e 3 0 _______ 7,561,511
6 ,009,984
3 ,2 2 8 ,2 8 4
6 ,2 9 0 ,4 8 6
206,836
C h ica g o G reat W es te r n . June
191,006
£ 7 4 ,5 1 7
£ 71 ,183
2,7 5 2 ,1 4 3
J u ly t t o '.June 3 0 _______ 2 ,525,031
£ 7 6 7 ,9 0 7
£ 3 6 0 ,5 3 6
333,466
C o lo ra d o & S o u th e r n ___June
271,666
ClO.3.195
C104.001
J u ly 1 to Ju n e 3 0 _______ 3 ,2 7 2 ,1 0 6
3 ,142,870 c 2 ,2 0 0 ,0 6 0 c 2 .9 5 l.6 3 3
C u b a R R .............................Ju n e
57,580
36,6 6 7
64,161
73,017
J u ly 1 t o Ju n e 3 0 .............
576,755
4 3 5 ,2 1 0
797 ,316
072,089
D en v er & R io G r a n d e ..M a y
483,833
465,491
<T219,729
<1213,492
J u ly 1 to M ay 3 1 _______ 5 ,434,916
4 ,0 2 6 ,8 4 8 d l , 0 3 1 ,0 4 0 <12,124,266
D u lu th S o Sh & A tl ___Ju n o
105,538
112,503 £ d c f 2 0 ,199 £ d e f5 ,3 5 5
J u ly 1 to Ju n e 3 0 _______ 1,161,514
1,1 7 3 ,2 5 3 £ d e f2 2 0 ,4 6 5 £ (le f8 1,824
G eorgia R R ______________Ju n e
72,726
225,091 £ d e f2 3 ,0 8 3 £ d e f3 0 ,4 1 0
J u ly 1 to Ju n e 3 0 _______
877,966
001 ,4 7 0
£ 2 1 ,5 2 2
£ 1 3 0,85 2
L o u ls v I lc n d & S t L — .J u n o
23,601
21,352 £<lef0,681
£ d c f0 ,6 4 9
217,016
J u ly 1 t o Ju n e 3 0 _______
204 ,574
£ 1 6 ,7 6 5
£ 9 3 ,3 0 0
M ineral R a n g e __________Jun e
11,480
11,694 £ d e f2 ,0 8 7
£<lcf5,424
151,684
J u ly 1 to Ju n e 3 0 _______
167,508 £ d c f9 5 ,3 1 7 £ d cf0 9 ,7 0 2
517,081
M issouri K an sas & T e x .J u n e
463 ,8 3 6
£ 1 8 ,7 6 2 £ d e fl 53,258
J u ly 1 to Ju n e 3 0 _______6,104,512
5 ,6 1 6 ,7 8 7 £ 1 .7 7 3 ,7 0 6 £ 1 ,0 1 1 ,4 6 3
N c v a d a -C a l-O r e g o n _____ M ay
5,404
3.612
£7,1 6 0
£10 ,923
J u ly 1 t o M a y 3 1 _______
58,387
48,9 2 0
£44 ,2 7 3
£17 0 ,1 0 6
102,514
N Y O n t dfc W e s t e r n ____.Tunc
102.053
153,235
147,138
J u ly 1 to Ju n e 3 0 _______ 1,406,157
1,1 7 2 ,1 4 5
1,1 4 2 ,9 3 6
1,312,798
N o rfo lk & W e s t e r n _____ Jun e
501,157
561 ,748
£ 5 0 7 ,4 9 5
£73 0 ,4 6 7
J u ly 1 t o Ju n e 3 0 _______6 ,112,867
5 ,6 0 4 ,0 5 0 £ 7 ,7 4 0 ,3 7 0 £ 0 ,0 4 3 ,1 6 5
P erc M a r q u e tte __________ J u ly
392 ,310
367 ,0 5 6 t/d f.92,342
7/tlf.9,872
R e a d in g C o m p a n y ______ M ay
885,000
899,971
814 ,839
1 ,061,687
J u ly 1 to M ay 3 1 _______ 9,7 3 5 ,0 0 0
9,8 9 9 ,6 8 1
7 ,3 4 9 ,3 7 7
0 ,2 4 3 ,7 3 4
R io G rande J u n c t io n ____M ay
8,333
8,3 3 3
15,293
14,508
D e c 1 to M a y 3 1 _______
50,000
50,000
77,224
89,779
R io G rande S o u th e r n ____M ay
10,110
20,678 £ d e f .2,60 9 £<lef.5,4G8
J u ly 1 t o M ay 3 1 ...........
211,247
217 .0 5 3 £ d e f. 17,121 £ d c f.0 1 ,260
S t L R o c k y M tn & P a o .J u n e
29,7 7 5
32,522
2 7 ,9 3 6
25,8 1 0
J u ly 1 to Jun e 3 0 .........
387,122
4 01 ,110
3 29 ,377
2 6 6 ,3 9 5
S t L ou is S o u th w e s te rn .J u n e
210,193
227 ,682
£ 8 9 ,1 8 5
£ 4 3 ,6 5 4
J u ly 1 to Ju n e 3 0 ----------- 2,241,181
2,1 8 0 ,7 9 8 £ 1 ,2 1 5 ,8 2 3
£ 8 1 6 ,4 6 7
T o le d o P eoria & W e s t ..J u n e
23,793
25,078
£ 5 ,532 £ (le f.9 ,4 4 8
J u ly 1 to Ju n e 3 0 ______
294 ,405
296 ,1 1 2
£ 7 ,170 £ d e f . l 2 , 904
2 4 ,0 8 3 '
J u l y .................................
24,234 £ d e f.5 ,7 1 3 £ d e f.5 ,9 9 8
IN D U S T R IA L C O M P A N IE S .
— I n t., R en tals, & c .—
— B a t. o f N et E a rn s .—
Current
P revio u s
Current
P rev io u s
Y ea r.
Y ea r.
C om p a n ies.
Y ea r.
Y ear.
$
$
$
$
K o y s to n o T & T Co
J u ly
24,392
24,611
22,652
22,4 3 9
R oads.

c A fte r a llow in g fo r m iscella neous charges an d cre d its t o In com e.
d T h ese figures are a fte r allo w in g fo r o th e r Incom e am i tor d is c o u n t an d
e x c h a n g e . T h e sum o f $10 ,000 Is d e d u cte d e v e r y m o n th fro m surplus and
p laced to the cr e d it o f the renew al fu n d.
£ A fte r a llow in g fo r oth e r Incom e r e ce iv e d .
y A fte r a llow in g fo r o u tsid e o p e r a tio n s , hire o f e q u ip m e n t .and o th e r
In com e.




N am e of
R oad.

W eek or
M onth.

J a n . 1 to latest date.

Current i Previous
Y ear. ! Y ea r.

S
S
A m erican R v s Co
359,547 337,404
J u n e _____
A tla n tic S h o re R y ___ M ay _____
26,66(
25.357
cA u r E lgin & C h ic R\ J u n e _____
161,382 151,851
B a n go r R y & E lec Co J u n e _____
49.58C
45,707
B a ton R o u g e E lec Co J u n e _____
9,8G£
8,942
B in g h a m to n R a ilw a y J u n e _____
3 3 ,517
32,269
BIrm R y . Lt A P ow _ M ay .......... 2 2 4 ,98C 218 ,255
B rock & P ly m S t R y J u n e _____
10,973
10,418
B k lyn R a p T ran S y s . A p ril .
. . 183 5,00C 1735,105
Cape B reton E lec Co J u n e _____
27,427
25,755
C a rolin a P ow & L t Co J u n e _____
20.42C
18,297
C ent P k N & E R lv
50,026
A p r i l _____
53,036
C entral P enn T r a c . . J u n e _____
76,324
73,952
C h a tta n o o g a R y & L 1 J u n e _____
77,910
72,714
C lcv e P a ln e sv & Easl J u n e _____
35,765
33,261
C lcv S o u th w & Col
99,637
J u n e _____
91,357
C o lu m b u s (Ga) El Co J u n e _____
39,554
37,294
C on ey Island & B k lyn A p r i l _____
110.39C 106,794
D allas E le c tr ic C o m . J u n e ___
1 2 2 ,11C 114,514
D e tro it U n ited R y ___ 3d w k J u ly 198,150 193,898
D D E B & B a tt (R c c ) A p r i l _____
50,656
51,887
D u lu th -S u p e rio r T ra c Jun e . . .
96,225
95,340
E a st S t L ou is & S u b . J u n e _____
185,736 200,553
E l Paso E le c t r ic ____ J u n e ___
52,470
45,224
I1alrm & Clarks T r Co J u n e ___
64,512
51,057
42<lStM & S N A v (R e c) A p r i l _____
125,222 111,974
G a lv -H o u s to n E l C o . J u n e ____
134,934 109,083
G rand R a pid s R y Co J u n e ___ __ 101,647
99,952
H a v a n a E le ctric C o . . W k A u g 13
44,056
43,167
H on olu lu R a p id Tran
& L a nd C o _____ . A p r i l _____
39,332
36.129
H o u g h to n Co T ra c Co J u n e _____
26,940
26,751
H u dson & M anhattan J u n e _____
375 ,870 324 ,169
M ay _____
535 ,213 472 ,255
Illinois T ra ctio n Co
I n te r b o r o R a p T r a n s. M ay _____ 2622.791 2571,716
47,625
46.720
Jack so n v ille Elec C o . M ay _____
113,950 103,533
L a ke S h ore E lec R y . J u n e _____
14,935
L o n g Isla n d E le c tr ic . A p r i l ..........
14,653
M etrop olitan St (R ec) A p r i l _____ 1120,081 1099,835
418,823 388 ,174
M llw El R y & Lt C o . J u n e _____
103,839
96,072
M llw L t , IIt & T r C o . J u n e _____
M ontreal S treet R y
J u n e .......... 432,026 384 ,564
157,570 157,427
N ashville R y A Light r u n e _____
N ew O rleans R v & Lt J u n e _____
22,936
N Y C ity In te rb o ro . A p r i l ..........
18,494
30,716
N Y & L o n g Island T r A p ril . . . .
27.543
96,757
N Y & Q ueens C ou n ty A p r i l _____
84,230
171,813 160,492
N o rf A P ortsm T r Co M ay _____
15,185
N orth a m E a ston & W M ay _____
14,505
N orth O h io T r a c <Sc Lt J u n e _____
245.097 221,673
N orth T e x a s E lec C o . J u n e _____
136,061 120,964
N orth w est E le v C o__ J u n e _____
176,820 181,760
O cea n E le ctric (I. I ) . A p r i l _____
4,917
4,734
O k la h o m a C ity R y _ _ J u n e _____
61,397
57,105
P a d u ca h T r & L t C o . J u n e _____
20,647
19,740
P e n sa co la E lectric Co J u n e _____
24,741
21,762
P o r t (Ore) R y .L & P C o . J u n e _____
551,767 478,879
P u ge t Sou n d El Co _ M ay _____
148,828 169,190
R ic h m o n d L t & R R . A p r i l _____
24.488
23,324
R io d e Ja n e iro T ram
L ig h t A P ow er C o . J u n e _____ 1071,964 945,454
S t J o s e p h (M o) R y .L l
H e a t & P ow er C o . . J u n e _____
95,021
85,401
S a o P a u lo T r , L & I*. Ju n e _____
282 .558 241 ,858
S av an n ah E lectric Co J u n e _____
59.927
53,610
Seattle E le ctric Co__ J u n e _____
433,701 447 ,676
S e co n d A v e n u e (R ec) A pril . .
68,756
67,072
S ou th ern B o u le v a rd . A p r i l _____
9,194
8,486
S ou W iscon sin R y Co J u n e _____
18,318
16,240
S taten Isl M id la n d .. A p r i l _____
17,625
17,226
T a m p a E le c tr ic C o _ . J u n e _____
56,812
49,895
T h ird A v e n u e ( R e c ) . A p r i l _____
289,753 291 ,206
T o le d o R y s & L t C o . 1st w k A u g
34,087
32,453
T o r o n t o R y C o . ___ . J u n e _____
401,186 364 .795
T rl-C lty R y & L ig h t . J u ly _____
210,899 202,329
T w in C ity R a p T r a n . 1st w k A u g 149,387 147,847
U ndergrou n d El R y
of L ondon—
T h ree tu be lines _ W k A u g 12 £ 1 1 ,1 8 0 £ 1 0 ,3 2 5
M e tro p o lita n IM st. W k A u g 12 £ 1 0 ,1 4 0
£ 9 ,1 0 1
£9,821
U n ite d T r a m w a y s . W k A u g 12
£ 7 ,1 1 1
U n ion ( R e c ) ___ . .
181,333 164,716
U n lo n R y .G & E C o G U ) T u n e _____
237 ,408 219,137
U n ited R y s o f S t L _ . J u n e _____ 1030,294 996,263
U n ited R R s o f San Fr J u n e _____
627,4 69 605,189
W e stch e ste r E l (R e c) A p r i l _____
45,142
37,627
W h a tc o m C o R y & L t J u n e _____
29,385
30,460
Y o n k e rs R R ( R e c ) . A p r i l ..........
54,214
Y o u n g s t & O h io R l v . J u n e _____
19,840!
16,577'
c T h ese figures are foi c o n s o lid a te d c o m p a n y .

Current
Y ear.

P reviou s
Y ear.

$
1,942,883
103.365
801.217
264,649
56,172
179,957
1,134.227
50.514
6,977,751
152,135
132,884
190,879
413,874
445 .955
163,717
520.167
235,584
404,564
768,949
5 ,378,386
196,016
535.077
1,091,720
334,035
336 .325
464,268
712,292
553 ,360
1,454,607

$
1,842,144
111,339
738 ,770
255 ,306
52,081
167,551
1 ,069,376
49,439
6,6 0 1 ,8 9 0
147,548
115,531
191,437
393 ,7 4 7
408 ,428
153,578
474 ,176
212 ,932
392,301
682,282
4 ,9 5 9 .1 4 5
199,690
511.641
1,119,353
309 ,238
269 775
421 ,828
609 ,130
530,823
1 ,325,546

156.115
145,263
114,468
150,995
2 ,2 9 0 ,1 5 3 1.967,378
2,7 1 4 ,1 4 0 2 265 ,773
13.117,583 12,741,758
245.427
237 ,059
558 ,586
526,728
53,681
49,9 7 5
4 .314,224 4 ,2 2 3 ,7 8 5
2,4 0 1 ,3 1 4 2 ,2 4 9 ,4 7 3
489,332
457 ,094
2,308,878 2 ,0 6 5 ,3 5 7
952,118
887 .954
3 ,3 3 7 ,4 3 3 3,1 4 2 ,2 9 4
85,435
62,802
105,477
91,888
346,839
300 ,656
826 .450
765,607
63,791
1,222.675 1,0 8 7 ,3 3 5
775,004
677 ,620
1,101,680 1,096,218
13,691
15,326
301 ,207
289 ,313
126,482
119,370
138,848
127,786
3,114,812 2,6 4 5 ,6 1 2
712,456
761 ,475
91,548
86,352
6 ,107,773

5,0 4 2 ,7 3 7

530,322
1 .684.253
330,264
2,6 9 9 ,6 1 2
254 ,685
33,396
93,381
63,818
334,784
1,1 3 1 ,0 1 5

494 ,015
1.387,425
300 ,574
2 ,7 3 6 ,1 9 0
246 ,399
29,913
8 5 .290
60,856
312,384
1,1 3 9 ,5 4 5

2.2 4 6 ,0 4 0
1,522,320
4,633,841

2 ,0 3 7 ,6 5 3
1,395,854
4 ,4 0 5 ,7 4 3

£ 4 4 5 ,8 3 5
£ 3 7 8 ,8 4 0
£ 2 1 2 ,8 1 0
668,414
1 ,518,456
5,825,239
3,8 2 1 ,1 3 5
164,171
184,619
198,500
108,164

£ 4 1 4 ,1 0 4
£ 3 4 9 ,3 5 0
£ 2 0 3 ,0 1 3
611 ,475
1 ,4 3 1 ,0 2 0
5 ,6 0 2 ,0 6 4
3,754,861
135,378
200 ,380
92.624

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 June 12.
------- G ross E a rn in g s— Current
P rev io u s
Y ear.
Y ea r.
S
$
T r a n s it___J u ly
121,000
113,701
J u ly 3 1 ----------720,743
643,149
L t . a . — J u ly
202 ,329
210,899
1,395,854
J u ly 3 1 ---------- 1,522,320

R oads.
L e h igh V a lle y
D ec 1 to
TrI-C Ity R y &
Jan 1 to

-------N et E a rn in g s------Current
P reviou s
Y ear.
Y ea r.
S
S
65,956
56,781
3 26 ,246
267 ,4 0 7
9 0 ,287
87,829
633,092
572 ,662

a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s ,
b N et earnings here g iv e n are b e fo re d e d u ctin g ta x e s .

Interest Charges and Surplus.
— I n t., R en tals, A c .—
Current
P rev io u s
Y ear.
Y ea r.
$
S
22.147
L e h ig h V a lle y T r a n s it — J u ly
25,308
186,475
D eo 1 to J u ly 3 1 ----------207 ,504
C60.936
T rI-C Ity R y & L t .......... .J u l y
58,273
Jan 1 to J u ly 3 1 ----------- c 4 3 l.
410 ,059
R oads.

B a l. o f N et E a rn s .—
Current
P rev iou s
Y ea r.
Y ea r.
$
S
43,809
31,473
139.767
59,903
29,351
29,5 5 6
2 01 ,394
162603

c In clu d e s d iv id e n d o n p referred s t o c k .

ANNUAL REPORTS,
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of July 29. The next will appear in that of Aug. 26.

46(5

THE CHRONICLE

Canadian Pacific Railway.
(Statement for Year ending June 30 1911.)
The results for the fiscal year were as follows:
1910-11.
1909-10.
1908-09.
1907-08.
G ross ea rn in g s _________ $ 1 0 4,16 7,8 08 $ 94 ,089 ,49 0 $ 76 ,313 ,32 1 $71 ,384 ,17 4
O p era tin g e x p e n s e s ____ 67,467,978
6 1 ,149,534
5 3 ,3 5 7 ,7 4 8
4 9 ,591,808
N et ea rn in g s _________ $36 ,6 9 9 ,8 3 0 $33 ,8 3 9 ,9 5 6 $ 2 2 ,0 5 5 ,5 7 3 $ 2 1 ,792 ,36 6
SS . earns. In excess ot
a m ts. In m th ly . s ta te ’s 1 ,118,350
909 ,2 3 5
399 ,9 0 9
1,112,759

[V O L . L X X X X I I I ,
BA LA N C E SH EET.

July 29 ’ l l . Feb. 26 ’ 10.
$
S

July 29 ’ l l .F e b . 26 '1 0 Asset.}—
Liabilities—
S
$
Plant, property,
Preferred s t o c k ... 3,322,800 3,322,800
machinery, A c . 10,840,175 10,600,430 Common s t o c k ... 0,677,200 6,677,200
Raw & reflned su­
A cc’ ts A bills pay.
gar, suppl., A c . 6,323,437 4,822,136
(inch future pay­
A cc’ ts A bills rec. 2,005,018 1,412,228
ings for raw sag.>8,963,080 6,352,299
947,692
168,812 S u rp lu s.................. *1,153,242
Cash .....................
651,337
T o t a l ......... ........ 20,116,322 17,003,636

T o t a l .................. 20,116,322 17,003,636

* B e fo re d e d u ctin g th e A u g . 1 d l v ., ca llin g fo r $ 4 9 ,8 4 2 .— V . 9 0 , p . 1298
T o t a l n et In c o m e ____ $37 ,8 1 8 ,1 8 0 $ 34 ,749 ,19 1 $ 2 3 ,3 5 5 ,4 8 2 $ 2 2 ,905 ,12 5
F ix e d ch a r g e s ----------------- $10 ,011 ,07 1
$ 9 ,916,911
$ 9 ,4 2 7 ,0 3 3
$8,770,077
F o r S S . and pension fu n d 1,080,000
980 ,0 0 0
8 80 ,000
880,000
D lv . o n c o m m o n * . ( 7 % ) 1 2 ,6 0 0 ,0 0 0 (6 M )9 ,7 5 0 ,0 0 0 (6 )9 ,0 0 0 ,0 0 0 (6 )7 ,3 0 0 ,8 0 0
D lv . on preferred ( 4 % ) .
2 ,2 5 3 ,8 6 7
2 ,2 1 4 ,9 3 3
2 ,1 0 7 ,8 6 7
1,916,407
I n t . o n Installin’ ts on
.................
417 ,179
.............................................
n ew s to c k s u b s c r ip t s
B a la n ce, su rp lu s.......... $ 11 ,873 ,24 2 $1 1 ,4 7 0 ,1 3 8

$ 1 ,9 4 0 ,5 8 3

$4,037,841

‘ A ls o 1 % e x tr a paid In 1907-08, 1908-09 an d 1909-10 fro m interest on
land sales, v iz .:
A p ril 1 a n d H % O c t . 1; an d In 1910-11 2 'A % e x tr a ,
v iz .: M % In Jan . an d
each In A p ril, J u ly an d O c t . t o i l .
T h e a b o v e sta tem en t does n o t Include special in c o m e fro m Interest o
la n d sales an d fro m o th e r e x tra n e o u s assets, a m o u n tin g t o $6,602,205 1 .
1910-11.— V . 93, p . 285 , 104.

Seaboard Air Line Railway.
(Report for Fiscal Year ending June 30 1911.)
G E N E R A L IN C O M E A C C O U N T R A IL A N D W A T E R L IN E S .
1910-11.
1909-10.
1908-09.
G ross r e v e n u e ________ ______ __________ $ 2 2 ,6 0 6 ,4 5 3 $ 20 ,856 ,37 4 $18 ,338 ,87 4
O p era tin g exp en ses an d t a x e s ________ 1 5 ,999,852
14,542,684
13,491,264
O p era tin g In c o m e __________________ $6,600,601
147,419
O th er I n c o m e .. ____________________ -

$6,3 1 3 ,6 9 0
137,837

T o t a l I n c o m e ________________________ $6,7 5 4 ,0 2 0
In terest o th e r th a n on a d ju s t , b o n d s . $3,345,901
329,964
R e n ta ls an d o th e r d e d u c t io n s -------------

$6,4 5 1 ,5 2 7
$ 4 ,974,756
$3,484,3701 $4,404,032
2 3 9 ,2 5 3 ]

$ 3 ,6 7 5 ,8 0 5
B a l a n c e _________________ z -------------------- $ 3 ,0 7 8 ,1 5 5
1,248,975
In teres t o n a d ju s tm e n t b o n d s -------------

$3,7 2 3 ,6 2 3
$ 2 ,7 2 7 ,9 0 4
832 ,650

$ 4,404,032
$570,724

S u rplu s _____________________________
— V . 93. p . 408, 283 .

$1,8 9 5 ,2 5 4

$570,724

$1,8 2 9 ,1 8 0

$ 4,847,610
127,146

The British Columbia Packers’ Association, Vancouver, B. C.
(Balance Sheet June 30 1911.)
President and General Manager \V. H. Barker, Vancouver,
July 18, wrote in substance:
T h e d ire cto rs presen t herew ith th e ba la n ce sheet d a te d Ju n e 30 1911.
T h e sy stem o f form er years has been fo llo w e d , th e profit and loss a cco u n ts
in clu d in g tran saction s to D ec. 31 1910, all ex p e n d itu re s sin ce th a t d ate be­
ing carried as a d v a n ces on a c c o u n t o f p a ck o f 1911.
W e op e ra te d 14 ca n n eries— 9 In n orth ern B ritish C o lu m b ia and 5 on the
F raser R iv e r — and o n e c o ld -s to r a g e plan t: also saw m ill and b o x fa c to r y .
O ur p a ck w as 202 ,4 1 3 cases, besides th e usual q u a n tity o f m ild -cu re d ,
fresh and frozen salm on and h a lib u t. P rices w ere a gain lo w e st b efore p a ck ­
ing sea son , b u t w ere gen era lly g o o d . W e h a v e p u t on a n o th e r steam er
th is y ear h a lib u t fishing: b o th steam ers are d o in g fa ir ly w ell. O ur N lm p kish h a tc h e r y tu rned o u t o v e r 5 ,3 0 0 ,0 0 0 s o c k e y c fr y ; all o th e r h atcheries,
b o t h D om in ion and P ro v in cia l, tu rn ed o u t a large n u m b e r. T h e natural
sp a w n in g g rou n d s w ere also wrell seed ed .
P rep a ra tion s are fo r a b o u t last se a s o n ’s p a c k , v iz ., a little m ore than
200 ,0 0 0 ca ses.
P rices are h igh , o w in g to Increased d e m a n d an d sh ort s u p ­
p ly . S to c k s a rc e x h a u ste d . A ll th e canneries h a v e m ade a fair s ta r t.
T h e season w as late In sta rtin g: b a d w eath er p reva iled fo r so m e tim e after
it o p e n e d .
If th e present g o o d w eather co n tin u e s , w e m a y e x p e c t a fa ir
p a c k . S o far th e run o n th e F raser is d is a p p o in tin g .
F inan ces are in g o o d s h a p e .
P referred shareh olders h a v e received their
d iv id e n d s to d a te , and w e h a ve p a id (on M ay 20 1911) a d iv id e n d (o f 2 % )
on th e c o m m o n s to c k : also h a v e red eem ed an a d d itio n a l 1,405 shares o f
p re f. s t o c k , m ak in g a to ta l o f 2,1 5 4 shares re d e e m e d , a sa vin g o f $15,078
In d iv id e n d s .
W e tru st w e ca n c o n tin u e retirin g th is [stock and also c o n ­
tin u e d iv id e n d s on th e c o m m o n s t o c k .
T h e ba la n ce s h eet sh ow s a net p ro lit fo r th e ca le n d a r y e a r 1910 o f $30 8,77 8,
a fter d e d u ctin g d ep r e c ia tio n o f $ 5 0 ,5 2 2 .
B A L A N C E SH EET JU N E 30.
1911.
1910.
1911.
1910.
Assets—
S
Liabilities—
$
$
$
R c a lc s t., bldgs..canOrdinary shares. -.1,511,400 1,511,400
ning A cold storage
Pref. shares A __ l(il,054,600 1.195,100
plants, brands,
Pref. shares B . J
good-will, A c ____2.259,876 2,487,675 Duo Bank o f Montreal
147,814
Packers’ SS. Co.,Ltd. 129,535
and Canadian Bank
Nimpkish Hatchery.
7,000
7,000
o f C o m m e rce ... . . 155,434
253,198
37,119
32,826 Sundry creditors. . .
Sundry debtors.........
3,512
11,528
Salmon—consigned
20,312
Insurance reserve . .
17,761
and on band_____
68,932
83,835 Pref. shares redempAlert Bay saw mills.
17,707
42,774
tlon fund......... . .
3,677
83,983
Sundry advances___ 728,364
641,134 Profit and loss__ . . *252,825
Surplus a cco u n t.. . . y246,773
370,088
T o t a l ...................... 3 ,248,533 3,443.058

T o t a l .................. ..3,248,533 3,443.058

a 81,270,000, less 8215,400 series “ B ” redeemed. Compare V. 90, p. 449.
x The item "profit and loss” Is made up o f "profit of 8308,778 for cal. year end.
D ec. 31 1910, less provisions for redemption o f pref. shares series “ B ,” $55,953.
y The Item "surplus account” Is made up from the balance surplus at hand on
June 30 1910, of *370,088, less adjustment after realization of 1909 pack of S I,735.
less dividend o f 7 % on pref. stock for year end. Mav 20 1911 and 2% on the common,
aggregating $107,652. less depreciation on investment in Packers’ S. S. Co., as a
result o f re-valuation of boats and scows of $13,928.— V. 92, p. 1245.

Federal Sugar Refining Co., New York.
(Report for 17 Months ending July 31 1911.)
President C. A. Spreckels, Aug. 14 1911, referring to the
figures given below, says in substance:
.

T h ese figures are v e r y g r a tify in g , b u t th e fo llo w in g fa c ts I co n sid e r even
m ore so : T h e p la n t, the c a p a c ity o f w h ich has been d o u b le d sin ce 1904, has
been m a in ta in ed at so h igh a sta n d a rd th a t w ere the c o m p a n y to build to
d a y an e n tirely new sugar refin ery, It c o u ld n o t im p ro v e o n It. E v e ry Im­
p r o v e m e n t in th e refining art is In co rp o ra te d in this p la n t. S h ou ld there
be a re d u c tio n in the sugar tarilf— an d there is reason to believ e such will be
m ade— there w o u ld result to this c o m p a n y a m arked sa vin g In th e ca rryin g
charges o f raw an d refined sugars, as w ell as a great ben efit t o th e sugar re­
fining business In gen eral, o w in g t o th e increase In c o n s u m p tio n w h ich
w ou ld fo llo w the d ecrease In p rice .
D uring the past y e a r co n d itio n s In the
sugar business h a v e g r e a tly Im p r o v e d , an d th e o u tlo o k fo r th e fu tu re is g o o d

I N C O M E A C C O U N T F O R 17 M O S . E N D . J U L Y 31 1911 A N D Y E A R
E N D E D F E B . 26 1910.
17 Mos. ’ lO-’ l l . Year 1909-10.
17 Mos. ’ lO-’ l l . Year 1909-10.
Net ea rn in gs...S 835 ,110
$639,952 Pref. d 1vs*(9 % )$299,052*
(6)S199,368
Deduct—
D epreciation ___$34,154
$24,000
Bal., surplus.S501,904
S116.584
x In clu d es “ d iv id en d s p a id ” (7 V i % ) . $24 9 ,2 1 0 , and “ d iv id e n d s d u e ”
( 1 1 4 % ). $49 ,8 4 2 . T h ese d iv id e n d s c o v e r a p e rio d o f 18 m o n th s , the re­
q u irem en ts fo r th e 17 m o n th s bein g $ 2 8 2 ,4 3 8 .




American Cement Co.
(Report for Fiscal Year ending Dec. 31 1910.)
President Robert W. Lesley of Philadelphia on Jan. 4 1911
wrote in substance:
Trade C onditions .— T h e y e a r lust c lo s e d has been c h a ra cte riz e d , so far a s
th e c e m e n t tra d e is co n c e r n e d , b y d is tu rb in g a n d u n s a tis fa cto ry c o n d itio n s .
T h e prices h a v e been e x tre m e ly lo w d u rin g th e greater p a rt o f 1910, a n d
co n d itio n s h a v e been u n s a tis fa cto ry alik e to p ro d u ce rs a n d co n s u m ers .
T h e new y ear o p e n s w ith o u t im p ro v e m e n t in sig h t, b u t y o u r b o a r d hopesan d believ es th a t th e large a m o u n t o f c a p ita l Invested In the c e m e n t w ork s
o f this c o u n t r y will n o t rem ain In defin itely u n p ro d u c tiv e , an d th a t the
c o n s ta n tly g ro w in g d e m a n d will u ltim a te ly result in th e esta b lish m en t o f
r e a so n a b ly s a tisfa c to r y c o n d itio n s .
N orfolk P la n t. —A s s ta te d in th e re p o rt fo r 1909, th e c o n s tr u c tio n o f a
new pla n t u p o n th e lands fo rm e rly ow n e d b y y o u r c o m p a n y a t N o rfolk w as
begu n th ro u gh a c o m p a n y organ ized u n d e r the title o f the N o rfo lk P ortla n d
C em ent C o rp o ra tio n . T h e financial plan as ou tlin e d in the last a n n u al
re p o r t w as d u ly ca rrie d o u t , a n d it w as h o p e d th a t the w ork s w ould be c o m ­
p leted in th e e a rly fall, b u t o w in g to d elays in c o n s tr u c tio n th e m a n u ­
fa ctu re o f c e m e n t w as n o t begu n u n til late In O cto b e r , w hen o n e kiln w a s
fired. F ro m th e e x p erien ce so fa r o b ta in e d It is b elieved th a t th e c o s t o f
m a n u fa ctu rin g w ill n o t e x ce e d th e e s tim a te s . T h e ce m e n t p ro d u c e d an d
so ld Is g iv in g sa tisfa c tio n , a n d the lo n g tim e tests a rc sh o w in g c o n tin u in g
ga in s. T h e lo c a tio n o f these w o rk s at T id e w a te r has a lread y d e m o n stra ted
th a t a large e x p o r t trad e Is p r a ctica lly trib u ta ry t o the new p la n t, an d th a t
w ith in the lim its o f a te r rito r y w h ich c o n su m e s a n n u ally o v e r 10,000,000
barrels o f cbm en t, th e c o m p a n y h as an a d v a n ta g e In fre igh t rates o f a b o u t
20 cen ts a barrel o v e r a n y c o m p e tito r .
G eneral R es u lts .— T h e total n u m b er o f barrels o f c e m e n t sh ip p e d d u rin g
the y e a r w as 1 ,4 9 1 ,6 4 0 , b e in g an Increase o v e r th e y e a r 1909 o f 160,553, or
a b o u t 1 2 % ; b u t there w as a d ecrease o f a b o u t 5 % in th e av e ra g e net price
re ce iv e d .
N o tw ith s ta n d in g tw o Increases o f 10 “ 3 each In w ages d u rin g the
y e a r, the c o s t o f p r o d u c tio n w as k e p t d o w n , th ro u gh strict e co n o m ies in
o th e r d ire ctio n s, to su b sta n tia lly the sam e figu re as th at o f th e p re vio u s y e a r .
F rom the T reasu rer’s re p o rt It will a p p e a r th a t e v e n u n d e r the a b n orm a l
co n d itio n s o f the y ear the net earnings w ere s u fficie n t to p r o d u c e a su rp lu s
o f $4,287 o v e r an d a b o v e all ch arges and sin k in g fu n d p a y m e n ts to th e
a m o u n t o f 345 ,0 0 0 , an d th a t a fte r d e d u ctio n o f th e d iv id e n d o f $ 21 ,000
p aid In J u ly 1910 the net decrease In y o u r su rplu s w as o n ly $ 16 ,713 , lea v in g
a surplus as o f D e c. 31 1910 o f $ 5 2 3 ,2 9 8 .
C O M B IN E D IN C O M E A C C O U N T . A L L C O M P A N IE S .
191 0.
1909.
1908.
N et earnings o f su b sid ia ry co m p a n ie s
fo r y e a r e n d in g N o v . 3 0 .
$16 5,22 7
$13 9,84 8
$26 8,18 6
D educt—
B o n d Int. A s in k , fu n d A m e r . Gem .
C o. o f N . J ., paid & a ccru e d t o D e c.
31 (in cl.$ 3 3 ,0 0 0 b d s . ca n ce le d In’ 10)
$64 ,240
$60 ,535
$65 ,575
B o n d Int. an d sin k , fu n d R elian ce
C em ent C o. to N o v . 30 (in cl. b o n d s
c a n ce le d , $ 15 ,750 in 1910 an d 1909)
4 8 ,087
47,014
48,869
R e lia n ce C em ent C o. d lv . o n p f . s to c k
*11,725
*10,850
*9.975
A m e r . C em ent C o. o f N . J ., expen ses .
16,287
12,875
14,481
A m e r . C em ent C o. o f N . J ., d iv id e n d s ( % ) 2 1,000
(4 )8 1 ,0 0 0
(6 )1 2 0 ,0 0 0
T o ta l d e d u c t io n s ____________________
$156,561
B a lan ce fo r y e a r .
.
.
d ;f.$ 16,713
$523,208
Surplus a c c t . S e p t. 1899 to end o f year
$14 1,11 7
S u rp . A m . C om . C o ., N . J ., D e c. 3 1 . _

$21 7,05 2
d e f .$51,325
$540,01 1
$232,809

$ 2 5 8,90 0
BU1-.$9,286
$575,781
$201,122

* A fte r d e d u ctin g $9,275 re ce iv e d b y A m e rica n C em ent C o . o f N ew Jersey
In 1910, again st $10 ,150 In 1909 an d $11 ,0 2 5 in 1908.
CO M BIN ED G EN ERAL B A L A N C E SH EET. A L L C O M PA N IE S. N O V . 30
1910.
1909.
11U U.
1909.
Assets—
$
Liabilities—
$
S
$
Property account._a3,831,706 3,873,801 Capital stock (Amer.
Lesey A Trinklo Co.,
Cem. Co. of N. J.) 2,100,000 2 , 100,000
additional invest’ t
50,000
50,000 1st M. 5% gold bonds
Other stks. A b d s ..61,305,127 1,297,051
(A m .C .C o.of N .J.) 587,000
620,000
60,863 Other stks. A bds. . c l , 535,750 1,551,500
Cash ............
55,573
Bills receivable.........
210
Reserves for doubtful
221,973
accts. A bags, A c .
18,978
Sundry accounts____ 289,654
15,470
216,142 Bills payable_______ 133,450
Materials, supp., Ac. 188,472
101,125
12,918 Int. A s.f. (Am .C.Co.
Suspense account___
12,918
Deferred charges—
of N. J.) a ccru ed -.
12,392
12,667
3,717 Bond Int. A div. pref.
Legal expense, Ac.
2,478
Norf. Port. Cement
stk., Itel. Com. Co.
21,957
22,430
25.000 M iscellaneous............ 208,766
Corp.selling ag’cy 25,000
157,147
Profit and loss______ 1,142,845 1,181,126
T o t a l ...................... 5,761,138 5,761,465

T o t a l ...................... 5,761,138 5,761,465

a Property account includes plant, machinery, real estate in Pennsylvania and
New York, cement and limestone quarries, patents, railroad rights of way, floats,
tools, trade-marks, good-will, A c., A c., $3,760,599, and new purchases of lands
surveys, options. A c., In New York State, and patents, $71,107.
6 Including Reliance Cement Co. preferred stock, $132,500; common stock, $500,­
000; Central Cement Co. common stock, $200,000; North American Portland Cement
Co. pref. stock, S100, and common stock and rights, $18,406; American Cement Co.
o f New Jersey scrip, $297; Norfolk Portland Cement Corporation pref. stock (at par),
3115.500; com mon stock (at par), $335,900, and bonds (at co'Bt), $1,425; miscel­
laneous securities, 8999.
c Includes Reliance Cement Co. pref. stock, 8300,000; common stock, $500,000;
first mortgage 6% bonds, $520,750, and mortguge on land, $15,000. Central
Cement Co. com mon stock. $200,000.— V. 92, p. 121.

American Pneumatic Service Company.
(Report for Fiscal Year ending March 31 1911.)
Pres. Wm. H. Ames, Boston, Aug. 3 1911, wrote in brief:
C apital A ss e ts.— T h e a d d itio n s to c a p ita l assets d u rin g th e y ear w ere as
fo llo w s : tu b e sy ste m s, $ 4 0 3 ,8 8 3 ; C h icago $ 36 ,052 ; N ew Y o r k , $35 6,67 6
B o s to n , $ 11 ,155 ; leased pla n ts, L a m son C o ., $ 33 ,886 ; L ow ell p la n t, $25 ,386 ;
to ta l, $46 3 ,1 5 5 .
D e d u ct: a m o u n t p re v io u sly p ro v id e d fo r a d d itio n s t o
S t. L ou is S y ste m n o w su sp e n d e d , $11 9 ,3 0 8 : surplus: M arch 31 1910 o f B arr
C o . and T a is e y C o. n o w a b s o r b e d as re d u ctio n o f In vestm en t In these c o s .,
$ 49 ,836 , and o th e r a d ju s t ., $ 3 ,394; to ta l, $ 17 2,53 8.
N et, $29 0,61 6.
W orking C a pital.— Increase in curren t assets d u rin g the y e a r $53 2 ,1 0 3 ;
decrease In cu rren t liab ilities, $67 3,89 7; net increase In w o rk in g c a p ita l,
$1 ,2 0 6 ,0 0 0 . A ll n otes p a y a b le w ere retired d u rin g the y e a r; on M arch
31 1911 there w as $ 5 9 3 ,4 1 4 ca sh on hand again st $76,224 o n M arch 31 1910.
N ew S to ck .— T h e p ro ce e d s o f the Issue o f 1st p re f. s to c k w ere $1,5 0 0 ,0 0 0
an d the a d d itio n s to su rplu s an d reserve a cco u n ts fo r the y e a r a g gregated
$81,522; to ta l, $ 1 ,5 8 1 ,5 2 2 . T h is a m o u n t Is w h o lly a c c o u n te d fo r as fo llow s:
a d d itio n a l net w o rk in g ca p ita l, $ 1 ,2 0 6 ,0 0 0 ; co n s tr u c tio n and Investm en ts,
$29 0,61 6; sinking fu n d assets, $ 54 ,679 ; re d u ctio n o f c o n tin g e n t liab ilities,
$ 44 ,955 ; decrease in deferred ch arges, A c ., $ 14 ,728 .
N ew York T u bes.— D u rin g the past y e a r o u r lines In N . Y . C ity w ere
d ecreased a p p ro x im a te ly 0.64 m iles, o w in g t o ch an ges In lo ca tio n s o t p ostal
s tation s. T h e co st o u tsid e o f a loss In reven u e a m o u n ts to $40 ,1 8 0 , w h ich
was ch arged to o p e ra tin g expen ses.
A s the large e x ten sion s on the ca st side In N ew Y o r k w ere n o t c o m p le te d
until late In this fiscal y ear. It w as n o t until the last few m on th s pre ced in g
M arch 31 1911 that full ad v a n ta g e w as o b ta in e d fro m the a d d itio n a l re ven u e
d e riv e d th e re fro m . T h e N ew Y o r k system sh ou ld sh ow b e tte r results
d u rin g 1911-12. T h e co st o f these lines w as $48,000 less than ou r estim a te.

T h e t w o m ile s o f lin e b e t w e e n t h e C u s t o m H o u s e a n il A p p r a i s e r s
w are­
h o u s e In N . Y . C it y , w h ic h w e b u ilt a n d s o ld t o th e U . S . T r e a s u r y D e p t .,
w a s c o m p le t e d in D e c . 1 9 1 0 .
,
. ____
.
N ew Construction in P rospect. — I n N . Y . C i t y t h e G o v e r n m e n t d e s i r e s a t
t h e p r e s e n t t im e a c o n n e c t io n , a b o u t 0 .9 2 m ile in le n g t h , f r o m t h e G e n e r a l
P o s t O f f i c e t o P o s t a l S t a t i o n “ S ” in t h e d o w n - t o w n d i s t r i c t ; a ls o a h a lf - m i le
c o n n e c t io n b e tw e e n th e n e w p o s t o ffic e a t th e P e n n s y lv a n ia I t R . a n d lim e s
H<' l n S t . L o u i s a s h o r t e x t e n s i o n Is t o b e m a d e b e t w e e n t h e U n i o n R a i l w a y
S ta tio n a n d th e n e w p o s t o ffic e .
I n C h ic a g o w e w e r e o b lig e d t o b u ild a n
■ e x te n s io n o f 0 .4 o f a m ile b e t w e e n t h e U n io n D e p o t a n d t h e n e w C h ic a g o &
N o r th w e s te r n R y . S t a t io n , t o k e e p o u r p r e s e n t s y s te m in t a c t .
.
A p o s t a l c o m m i s s i o n lia s a d v i s e d a g a i n s t t h e a u t h o r i z a t i o n a t t h is t i m e
o f e x t e n s io n s o n t h e w e s t s id e in C h ic a g o , a s t h e lo c a t i o n o f t h e n e w G e n e r a l
P o s t O f f ic e , w h e n d e t e r m in e d , w ill g r e a t l y in flu e n c e t h e r o u t e o v u w h ic h
a t u b e s y s t e m s h o u ld b e c o n s t r u c t e d .
T h e te r m s o f o u r fr a n c h is e r e m a in t h e
sam e.
A n o t h e r cIT o rt w a s r e c e n t ly m a d e t o h a v e th is fr a n c h is e a m e n d e d ,
bu t

n o th in g

s a tis fa c to r y

S ta tem en t

by

c o u ld

be

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

p rocu red .

O akes

A m es,

B oston .

A u gu st

Operating Results o f the Store-Service Com panies.
(Y e a rs ending M arch 3 1 ) . —
« i 12 ? R 7 7 fi
m
400 270

G ross

b u s i n e s s ____________________ ____________ -

N e t e a r n i n g s a f t e r a l l c h a r g e s -----------A d j u s t m e n t o f i n v e n t o r y -------------------S u r p lu s

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

3

1911.

5 1 ,4 2 8 ,7 7 6
2 4 0 ,4 7 1
0 9 ,7 0 2

5 1 , 10 0 ,27 0
1 0 3 ,6 5 3

1909.
$ 1 ,1 7 1 ,0 9 1
1 0 9 ,0 9 4

$ 1 7 0 ,7 6 9

$ 1 0 3 ,G 53

$ 1 0 9 ,0 9 4

[T h e a d ju s t m e n t o f $ 6 9 ,7 0 2 in 1 9 1 1 c o v e r s a r e d u c t io n in t h e v a l u a t io n o f
a ll m a n u f a c t u r e d s t o c k t o t h e b a s is o f t h e p a s t y e a r ’ s c o s t s , w h ic h w e r e
c o n s id e r a b ly lo w e r
t h a n in p r e v io u s y e a r s .
I t a ls o c o v e r s lo s s o n s t o c k
n o w c o n s i d e r e d m o r e o r le s s o b s o l e t e a n d o n o t h e r m a t e r ia l s c r a p p e d . — L d . j
N e w b u s i n e s s t a k e n s h o w s a g a i n o v e r t h e p r e c e d i n g y e a r o f 1 2 Vi% a n d
w e c a r r ie d o v e r in t o th e n e w fis c a l y e a r u n c o m p le t e d c o n t r a c t s a m o u n t in g
t o o v e r $ 7 5 0 ,0 0 0 .
T h e i m p r o v e m e n t s in r e s u lt s is la r g e ly d u e t o r e d u c e d
m a n u fa c tu r in g c o s t s , p r o g r e s s h i s ta n d a r d iz a tio n o f a p p a r a tu s a n d a n im ­
p r o v e m e n t in g e n e r a l c o m p a n y c o n d i t i o n s .
C o n s id e r a b le n e w m a c h in e r y
lia s b e e n I n s t a lle d in o u r f a c t o r y a t L o w e ll a n d a p a r t ia l r e -a r r a n g e m e n t m a d e
of

d ep a rtm en ts.
,
,
T ile b u s in e s s o f o u r c o n v e y o r d e p a r t m e n t h a s m a d e g r a t if y in g g a in s a n d
s a t i s f a c t o r y r e s u lt s ; s e v e r a l la r g e I n s t a lla t io n s w e r e b e g u n o r c o m p l e t e d ,
n o ta b ly th e
m a il-h a n d lin g m a c h in e r y I n s ta lle d in th e n e w P e n n s y lv a n ia
R R . T e r m in a l , in N . Y . C it y , a n e x t e n s iv e a u t o m a t i c la h o r r s a v in g p ie c e
o f a p p a ra tu s, th a t h as a ttra cte d
w id e
a t t e n t io n : a ls o
la r g e c o n v e y in g
s y s t e m s In s e v e r a l o f t h e l a r g e r s t o r e s o f t h e c o u n t r y , t h e e q u i p m e n t o f
s e v e r a l la r g e p o s t o f f ic e s w it h a u t o m a t i c
m a ll h a n d lin g
m a c h in e r y a n d
v a r i o u s la r g e p n e u m a t ic p la n t s f o r c o m m e r c ia l p u r p o s e s .
W e h ave con tra cted
w ith
th e
U . S .
G o v e r n m e n t fo r b u ild in g e ig h t
p n e u m a t ic a m m u n it io n h o is t s fo r 12 a n d 8 -I n c h g u n s , w h ic h w o r k w e e x p e c t
t o c o m p le t e w ith in a fe w w e e k s .
A la r g e a n d p r o f i t a b l e b u s in e s s is e x p e c t e d
in t h is li n e , a n d o u r a p p a r a t u s is w e ll c o v e r e d b y p a t e n t s .
O n J a n . 1 1 9 1 1 t h e b u s i n e s s o f t h e B a r r C a s h &, P a c k a g e C a r r i e r C o . a n d
th e T a is e y
P n e u m a tic S e r v ic e C o ., t w o o f o u r
s u b s id ia r y s t o r e -s e r v ic e
c o m p a n ie s , w a s m e r g e d w ith th a t o f th e L a m s o n C o .
P r a c t ic a lly a ll o f o u r
m a n u f a c t u r i n g w o r k is n o w b e i n g c a r r i e d o n a t o u r L o w e l l f a c t o r y .
T he
g e n e r a l c o n d i t i o n o f o u r p l a n t is g o o d , a l t h o u g h s o m e o f t h e b u i l d i n g s a r e
o ld a n d n o t a s w e ll a d a p t e d t o p r e s e n t n e e d s a s m ig h t b e ; th is w e h o p e t o
r e m e d y d u r in g 1 9 )1 -1 2 .
T h e c o n d i t i o n o f o u r le a s e d p la n t s is e x c e l le n t
a n d th e 2 5 ,0 0 0 o r m o r e s t a t io n s o n le a s e a r e g iv in g g o o d a n d e ffic ie n t s e r v ic e .
D u r in g th e y e a r a d e c is io n h a s b e e n h a n d e d d o w n in o u r f a v o r b y th e
U . S . C o u r t o f A p p e a l s in a n I n fr in g e m e n t c a s e w t iie h lia s b e e n p e n d i n g fo r
s e v e r a l y e a r s a n d w h ic h lia s a fa r - r e a c h in g e l f e c t in s u b s t a n t i a ll y g i v in g u s
c o n t r o l o f a ll p r a c t ic a l p o w e r - s a v in g d e v i c e s , s o - c a lle d , u s e d in c o n n e c t io n
w it h o u r p n e u m a t ic t u b e p la n ts .
____
T h e r e c o n t i n u e s t o b e m o r e o r le s s c o m p e t i t i o n , w h i c h , h o w e v c i , w e b e l i e v e
a c t s m o r e a s a h e lp t h a n a d e t r im e n t t o o u r b u s in e s s .
R e p o r t s fr o m o u r v a r io u s a g e n c ie s in d ic a t e th a t th e p r o s p e c t s
a n d p r o fit a b le b u s in e s s f o r th e c o m in g y e a r a r e p r o m ls lu g .

fo r a la r g e

S tatem en t by O p e r a t i n g M anager M. L. E m erson A u g u st 3 1911.
T h e a v e r a g e t o t a l m ile s o f p n e u m a t ic t u b e s e r v ic e In o p e r a t i o n d u r in g t h e
ils e a l v e a r w a s 4 1 .2 7 9 5 .
F o r th is s e r v ic e th e c o m p a n y r e c e iv e d r e n t a l fr o m
t h e u ; S . P o s t O ffic e D e p a r t m e n t a t th e r a t e o f $ 1 7 ,0 0 0 p e r m ile p e r a n n u m .
Double-Tube M ileage on which Com pany was R eceiving R ental M arch
Growth o f System s.
1911.
6 .7 7 4 0
1 .3 5 0 0
9 .2 0 5 8

T h is r e s u lt s In I n c r e a s e d p o w e r c o n s u m p t i o n , a n d In a d d i t i o n a l la b o r ,
liie
o p e r a t in g e x p e n s e s , n e v e r th e le s s , a lth o u g h In cre a se d b y th e e x t r a o r d in a r y
e x p e n s e s o f t h e N e w Y o r k s y s t e m , h a v e b e e n k e p t c o n s is t e n t w it h la s t y e a r .

C O N S O L ID A T E D E A R N I N G S S T A T E M E N T .
1 9 1 0 -1 1 .
G r o s s s a l e s ..................................... - ................................
N e t p r o l l t s .............. - ................... ...................................

1 9 0 9 -1 0 .

D e p r e c i a t i o n a n d a d j u s t m e n t s ..................
- S i n k i n g f u n d o b l i g a t i o n s ----------------------------I n t e r e s t o n b o n d s , <5co______________________
D iv id e n d s p a id o n m in o r it y s t o c k o f
L a m s o n C o ____________________________________
D iv id e n d s o n 1 st p r e f. s t o c k (7 % ) —

Total

d e d u c t i o n s . . ............................................

B a l a n c e , s u r p l u s f o r y e a r -----------------------------

$ 5 1 4 ,1 2 8

$1« s 7 ? ’ 7 i o
$ 3 7 2 ,7 1 6

$ 1 5 9 ,2 8 1
3 0 ,9 8 0
8 5 ,9 3 1

$ 1 1 4 ,7 7 1
3 0 ,9 8 0
1 2 0 ,4 1 9

$ 1 0 7 ,2 1 9
3 6 ,9 8 0
8 9 ,7 1 3

1 ,1 7 8
1 0 5 ,0 0 0

689

1 ,3 7 8

$ 3 8 8 ,3 7 0
$ 1 7 0 ,2 7 7

$ 2 7 2 ,8 5 9
$ 2 4 1 ,2 6 9

$ 2 3 5 ,2 9 0
$ 1 3 7 ,4 2 6

C O N S O L ID A T E D B A L A N C E S H E E T A M E R I C A N P N E U M A T IC
■
S E R V I C E CO. A N D S U B S I D I A R I E S M A R C H 3 1 .
1911.

1910.

Assets— ■

$
$
P a t ' t s <fc g o o d - w i l l 1 , 5 5 8 , 5 8 8 1 1 3 , 2 7 6 , 3 3 5
I n v e s t m e n t s .............1 1 , 6 9 8 , 0 1 7 /
P la n t c o n s t r u c t . . 0 ,1 2 0 ,4 7 9
o , 7 4 7 .3 4 0
P a t t e r n s , d r a w in g s
a n d d e s i g n s -------• C a sh , o f f i c e , b a n k s
N o te s & a c c ’ ts r e c .
M e r c h . in v e n to r ie s
W o r k in p r o g r e s s .
P r e p a id a c c o u n t s .
S i n k i n g f u n d .............
O t h e r i t e m s ________

5 9 3 ,4 1 4
3 9 6 ,1 0 1
7 5 1 ,9 9 3

224,800
6,442
244,893
1 3 ,2 9 0

T o t a l .........................2 1 . 6 0 8 . 3 1 9

6 3 ,7 9 3
7 6 ,2 2 1
3 4 7 ,7 0 5
8 9 4 ,5 8 8
1 1 5 ,1 9 5
7 ,1 3 0
1 9 0 ,3 1 4
3 3 ,6 5 5

2 0 ,7 5 1 .2 7 9

1911.
8
C a p i t a l s t o c k ............ 1 8 , 0 2 0 , 2 5 7
B o n d e d d e b t ............ 1 , 0 4 5 , 0 0 0
N o t e s p a y a b l e .....................................
A cco u n ts p a y a b le .
1 9 4 ,5 0 1
A c e r ’ d I n t ., I n s u r
4 2 ,7 1 5
& ta x
7 9 .1 3 8
R e n t a l s p r c p ’ d ,< f c c .

Liabilities—

C o n t in g e n t lla b ll’s
R eserves— D eprec.
o f p l a n t s ................
In su r. o f p la n t s .
C o m p le t io n o f
c o n t r a c t s ____
S i n k i n g f u n d ____
M i s c e l l a n e o u s _____
S u r p l u s .........................

1 9 t0 .
$
1 0 ,5 2 5 ,8 8 7
1 ,0 4 5 .0 0 0
7 1 5 ,9 0 1
1 5 6 .9 3 3
4 1 .7 2 4
1 0 3 ,4 5 0

8 5 8 ,1 7 7
2 4 ,4 6 7

7 2 3 ,7 0 2
1 8 ,1 8 4

7 ,5 5 5
2 4 4 ,9 9 2
1 ,4 8 0
* 4 9 0 ,0 4 1

1 1 9 ,7 7 1
2 0 8 ,6 8 9
1 7 ,3 7 7
4 7 4 ,0 0 1

T o t a l ......................... 2 1 , 0 0 8 , 3 1 9

2 0 ,7 5 1 ,2 7 9

* A f t o r d e d u c t i n g c o m m is s io n o n u n d e r w r it in g $ 1 ,5 0 0 ,0 0 0 1 s t p r e f. s t o c k ,
$ 10 5 ,000, a n d
c a n c e l i n g s u r p l u s o f B a r r C o . a n d T a i s e y C o . , I n c l u d e d in
s u r p lu s a t M a r c h 3 1 1 9 1 0 , d u e t o a b s o r p t i o n , $ 4 9 ,8 3 0 .— -V . 9 3 , p . 4 0 9 .

United States Worsted Co.
( B a la n c e S h e e t J u l y 1 1911.)
1911.
$
Assets —
L a n d , b ld g s
m ac h ln c r y ,
&<•- ' • 1 3 7 , 6 9 a
S tock s & sccu rs.
9 6 .).0 0 2
2 1 9 ,9 7 0
■ G a s h .................... - A c c ’ ts
<fc
n otes
r e c e iv a b le .
.
6 1 8 ,8 4 0
M a t ’ I .s u p p ., A c . 1 ,7 2 5 ,1 2 4
M is c e lla n e o u s
.
. .
F r a n c h is e s ,g o o d w i l l , & o _____
.3 ,0 0 0 ,0 0 0
T o t a l _______

.7 ,6 0 8 ,0 9 1

— V . 03, p . 110.




1910.
$
1 ,0 3 1 ,2 9 8
4 9 2 ,1 0 0
2 1 0 ,5 5 2
4 1 6 ,9 3 8
1 ,3 !7 ,6 ..8
^ , 9 18
___„ _ _
3 ,0 0 0 ,0 0 0
0 ,4 8 0 ,4 6 2

L ia b ilitie s —
P r e fe r r e d s to c k 3
C om m on s t o c k ..3
B ills p a y a b l e .
A c c 't s p a y a b l e &
d e p o s i t s _______
R eserv e a n d su r­
p l u s _______________

19 11.
$
,0 0 0 ,0 0 0
,0 0 0 ,0 0 0
8 9 2 .5 0 0

1910.
$
2 ,3 4 0 ,6 0 0
3 ,0 0 0 ,0 0 0
0 4 2 ,5 0 0

2 2 ,1 7 5

2 3 ,8 5 8

7 5 2 ,0 1 6

4 7 3 ,5 0 4

T o t a l ........................ 7 . 6 6 6 , 6 0 1

(.R e p o r t f o r F i s c a l

6 ,4 8 0 ,4 6 2

&

Telegraph Company.
31 1910.)

Y e a r e n d in g D e c .

O P E R A T IO N S A N D F IS C A L R E S U L T S .
1910.
T o t a l s t a t i o n s _______________
4 5 ,8 4 7
M ile s o f w ir e , t o l l & e x c h .
1 2 1 ,7 4 9
G r o s s e a r n i n g s _______________ a $ l , 8 4 4 , 6 5 4
G ross
expen se
(o p e r a ­
t i o n , t a x , & in a i n t . r e s .) 6 1 ,3 8 5 ,5 1 5
I n t e r e s t ________________________
3 8 ,6 1 7
D i v i d e n d s ____________________
(8 )3 6 7 ,9 2 4
S u rp lu s fo r y e a r .

$ 5 2 ,5 9 8

1909.
3 7 ,3 7 3
9 5 ,4 5 8
$ 1 ,5 3 4 ,1 8 0

1908.
3 1 ,7 5 8

1907.
2 7 ,4 0 9

$ 1 ,3 5 6 ,7 0 4

$ 1 ,1 2 5 ,3 8 8
9 3 5 ,9 6 8

1 ,0 8 2 ,0 8 8 1
1 0 5 ,7 8 4 /
(6 ) 1 4 6 ,1 0 0

1 ,1 4 7 ,0 5 3
1 1 2 ,7 2 1
(8 )2 5 0 ,3 9 2

(6 )1 2 5 ,4 7 5
$ 6 3 ,9 4 5

$ 2 2 ,7 5 2

$ 2 4 ,0 1 3

a

I n c lu d e s e x c h a n g e e a r n in g s , $ 9 3 8 ,9 8 7 , t o lls , $ 8 8 2 ,9 3 6 a n d m is c e lla n e o u s
$ 2 2 ,7 3 1 .
b E x p e n s e s in c lu d e In 1 9 1 0 o p e r a t io n , $ 7 3 4 ,6 1 8 ; r e p a ir s , $ 2 6 0 ,3 9 7 ; d e p r e ­
c ia t i o n , $ 3 1 8 ,5 0 0 ; a n d t a x e s , $ 7 2 ,0 0 0 .

B A L A N C E S H E E T D EC.
1910.
A s sc ls —
8
E x e h s . A: t o l l l i n e s . . 5 9 1 5 , 8 0 3
2 9 2 ,8 4 6
S u p p lie s o n h a n d —
4 6 7 ,1 9 4
R e a l e s t a t e -----------------9 2 ,3 5 1
S to ck s a n d b o n d s ..
1 5 5 .2 0 6
2 5 5 ,3 1 3
B il ls & a c c t s . r c c 'b l e .
8 7 .5 3 S
M i s c e l l a n e o u s -------------

1909.
8
4 ,7 7 8 ,4 0 1

2 6 6 ,2 5 1

5 ,6 5 5 ,4 9 4

T o t a l _____________ - . 7

169,165
4 4 7 ,6 4 4
4 9 ,4 8 7
1 4 8 ,9 0 7
*
6 1 .8 9 0

-----

31.
1909.
S
,4 9 2 ,0 0 0
1 7 8 ,1 0 0
2 1 2 ,7 3 8

1910.
?
C a p i t a l s t o c k _________4 , 0 2 4 , 5 0 0 4
S u r p l u s _________________
2 3 0 ,6 9 9
B i l l s p a y a b l e ................ . 1 , 3 2 1 , 1 0 7 1
A c c t s . p a y a b l e _______
1 0 7 ,2 1 7 /
A c c r u e d lia b ilit ie s ..
3 6 ,9 1 4
U n e a rn e d r e v e n u e ..
1 1 0 ,5 4 1
R e s e r v e s _______________
8 3 5 ,2 7 3

Liabilities —

T o t a l ............................. 7 , 2 6 6 , 2 5 1

* I n 1 9 0 9 a c c o u n t s & b ills p a y a b le w e r e s h o w n
it e m a ft e r d e d u c t in g a c c o u n t s & b ills r e c e iv a b le .

7 7 1 ,6 5 6
5 ,6 5 5 ,4 9 4

u n d e r lia b ilitie s a s a n e t
V . 92, p . 666, 192.

Electric Properties Company.
30 1911.)
The report, signed by Treasurer John Seager, shows:
{ R e p o r t f o r F i s c a l Y e a r e n d in g A p r i l

1 9 1 0 -1 1 .
I n t. a n d d iv id e n d s , & c .
M i s c e l l a n e o u s _______________
P r o fit o n s a le o f s e c u r itie s

$ 2 5 1 ,8 4 1
__________

T o t a l _________________ . . .
S a la r ie s , le g a l e x p ., t a x e s
a n d g c ti. n iis c e l. e x p
_
D iv id e n d s — P r e f. s t o c k .

$ 2 5 1 ,8 4 1
$ 6 2 ,1 0 1
--------------$ 1 8 9 ,7 4 0

S u r p lu s

1 9 0 9 -1 0 .
$ 2 1 9 ,8 9 8

1 9 0 7 -0 8 .
$ 2 7 7 ,7 2 3
2 ,9 4 8

1 9 ,1 5 5

1 9 0 8 -0 9 .
$ 1 7 1 ,1 1 0
8 ,9 7 5
5 1 ,1 0 3

$ 2 3 9 ,0 5 3

$ 2 3 1 ,1 8 8

$ 2 8 0 ,6 7 1

$ 5 5 ,3 2 7
1 3 5 ,6 6 9

$ 8 7 ,2 0 0
(6 )1 7 9 ,3 4 4

$ 4 0 ,1 9 2

$ 1 4 ,1 2 7

$ 5 4 ,0 6 2
(6 ) 1 8 1 ,7 7 5 (4
$ 3 ,2 1 6

B A L A N C E S H E E T APRIL^AO
Assets—
C a s h ...............................
S u b s , t o p r e f. s to c k
S u b -c o . (W o s tin g lio u s e .
C h u rch ,
K e r r & C o . ) ____
I n v c s t m ’t s e c u r ’s .
N o te s r e c e iv a b le ..
A c c ts . r e c e iv a b le .

1911.
S
4 2 ,2 6 1
8 7 2 ,1 0 3

1910.
S
2 5 5 ,1 8 6
8 7 5 .3 2 8

7 ,0 0 0 ,0 0 0
1 .6 0 1 ,6 2 7
4 4 5 .4 5 6
1 9 7 ,4 8 8

7 ,0 0 0 .0 0 0
1 ,4 1 3 ,4 1 3
3 6 3 ,0 0 0
1 5 1 ,8 1 8

T o t a l .........................1 0 . 1 5 S . 9 3 5

1 0 ,0 5 8 ,7 4 5

1910
S

1911.
Liabilities—
S
C o m m o n s t o c k ____ 6 , 0 0 0 , 0 0 0
P r e f e r r e d s t o c k ____ 3 , 9 2 0 , 2 0 0
D iv id e n d o n p r e f.,
d u e M a y ..............................................
A cco u n ts p a y a b le .
2 ,1 1 7
5 ,0 0 0
A c c r u e d t a x e s _____
S u r p l u s .........................
* 2 3 1 ,6 1 8

T o t a l .......................... 1 0 . 1 5 8 , 9 3 5

* A f t e r d e d u c t i n g S 5 1 .1 0 3 f o r r e d u c t io n i n b o o k v a l u e o f s e c u r i t i e s .—

6, 000,000
3 ,9 2 0 ,2 0 0
4 5 ,5 6 4

9 2 ,9 8 1

1 0 ,0 5 8 ,7 4 5

V.

91, p . 588

Cleveland & Sandusky Brewing Co.
{ R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1910.)
R E S U L T S FO R C A L E N D A R Y E A R S .
Expenses —
1909.
1910.

1910.
G e n e r a l c h a r g e s --------- $ 1 6 1 , 3 9 3
B a d d eb ts an d d e­
2 1 1 ,6 4 9
p r e c i a t i o n ...................

1909.
8 1 7 5 ,0 2 8

4 1 ,3 4 8
1 4 ,7 6 2

$ 6 5 7 ,2 9 3
N e t p r o f i t ...............
B o n d i n t e r e s t ------------- $ 3 8 5 , 0 0 7
5 0 .0 0 0
S i n k i n g f u n d ...................

$ 4 6 4 ,5 3 3
$ 3 8 8 ,2 0 6
5 0 ,0 0 0

$ 8 4 5 ,8 8 5

B a la n c e , s u r p l u s . . $ 2 2 2 ,2 8 6

$ 2 6 ,3 2 7

4 2 5 ,4 6 9

4 7 8 ,2 4 6
B a r r e l s s o l d ......................
Earnings —
E a r n in g s fr o m b r e w ­
e r i e s ................................. S 9 6 3 . 9 0 9
I n c o m e fr o m c o m ­
p a n y ’ s p r o p e r tie s .
4 8 ,5 5 6
I n t e r e s t a c c o u n t _____
1 7 ,8 7 0

S 7 8 9 .7 7 5

T o t a l e a r n in g s ...$ 1 ,0 3 0 ,3 3 5

B A L A N C E S H E E T DEC.

1 9 0 8 -0 9 .

(I
$ 5 5 8 ,6 4 7

Deduct —

Pioneer (Bell) Telephone

31.

1911.
1910.
1910.
P o s t o ffic e s c o n n e c t e d ..
45
40
0 .7 7 1 0
E m p l o y e e s N o _______________
186
183
1 .3 5 0 0
78
07
9 . 2 0 5 8 T e r m i n a l s e t s __________________
55
49
P o w e r U n i t s , N o ......................
2 1 .2 7 6 3
3 ,0 8 5 3 ,2 7 0
1 . 9 4 6 5 T o t a l r a t e d h . p ____________
1 .9 4 6 5
-------------------I C a r r l e r s , N o --------------------------- 4 , 6 1 0
4 ,2 0 0
4 0 .5 5 2 6
-.4 4 .4 4 9 3
.
__
.

4(57

THE CHRONICLE

A u g . li) 1911.]

1910.
Assets—
S
P la n t s ,
fix t u r e s ,
g o o d - w ill, < fc C --ll,3 1 4 ,7 9 7
S a lo o n a n d o th e r
8 2 5 ,7 0 5
p r o p e r t i e s .............
S in k i n g f u n d , fir s t
m o r t g a g e _______ 1 1 , 0 3 8 , 6 0 2
3 4 7 .0 4 8
M e r c h a n d is e s t o c k
2 4 ,4 2 3
S u n d r y a s s e t s -------4 2 ,3 5 9
C a s h ..............................
L o a n s & a c c t s , r e c . 1 ,2 9 9 ,3 5 0

T o t a l .........................1 4 , 8 9 2 . 2 8 4

1909

S
1 1 ,3 5 7 ,7 5 0
7 6 9 ,7 4 1
9 0 6 ,3 5 2
3 4 S .9 2 6
2 5 ,1 8 7
1 5 ,1 1 3
1 ,4 1 6 ,1 3 9

1 4 ,8 6 9 .2 0 8

2 0 6 ,3 2 4

31.
1909.
$
2 .5 0 2 .0 0 0
2 ,3 8 6 ,5 0 0
6 .0 3 9 .0 0 0
5 5 3 .0 0 0
5 2 ,4 4 6
4 8 6 ,1 5 1
1 4 2 .0 0 0
6 1 ,3 9 5
9 0 6 ,3 5 2
1 , 000,000
7 4 0 ,3 6 4

1910.

Liabilities—
S
P r e f e r r e d s t o c k ____ 2 . 5 0 2 . 0 0 0
C o m m o n s t o c k ____ 2 , 3 8 6 , 5 0 0
F i r s t m t g e . b o n d s . 6 . 021 .00 0
5 3 0 ,0 0 0
U n d e r ly in g m t g e s .
C o l l a t e r a l l o a n ____
280’ 202
B i l l s <fc a c c t s . p a y .
C o n t ln g .lia b ilit ie s *
1 0 9 ,9 3 5
6 1 ,3 9 5
D e fe r r e d d iv id e n d
S in k . fd . r e s e r v e . . 1 ,0 3 8 .0 0 2
W o r k i n g c a p i t a l . . 1 , 00 0 ,0 0 0
9 6 2 .0 5 0
P r o f it & lo s s a c c t .
T o t a l .........................1 4 , 8 9 2 , 2 8 4

* N o t e s o f c u s t o m e r s , s e c u r e d b y m o r t g a g e , w h ic h h a v e b e e n s o ld
p a n y . a n d o n w h i c h i t Is l i a b l e o n l y a s e n d o r s e r . — V . 9 2 , p . 5 2 9 .

1 4 ,8 6 9 ,2 0 8
by

th e co m ­

Canadian General Electric Co., Ltd., Toronto.
{ R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1910.)
President W. R. Brock at the annual meeting March 27
said in substance:
G eneral R esu lts. — T h e g r o s s p r o f i t s e x c e e d e d t h o s e o f t h e p r e v i o u s y e a r b y
n e a r ly 5 0 % a n d a ft e r r e s e r v in g $ 1 8 8 ,0 8 8 fo r d e p r e c ia t io n a n d t h e p a y m e n t
o f $ 7 0 ,8 2 1 In in t e r e s t , t h e r e r e m a in e d t h e s u m o f $ 6 1 6 ,3 0 0 .
D e d u c tin g
fr o m th is a m o u n t d iv id e n d s o n p r e fe r e n c e a n d c o m m o n s t o c k s a t th e r a te o f
per
(S 4 9 4 , 6 2 5 ) t h e r e r e m a in e d a b a la n c e o f $ 1 5 1 ,6 7 5 . w h ic h h a s
b e e n c a r r ie d t o th e c r e d it o f p r o fit a n d
lo s s , m a k in g t h e p r e s e n t b a la n c e
$ 3 1 1 ,1 4 3 , o r , w ith th e r e s e r v e fu n d o f $ 1 ,6 6 9 ,5 3 2 , a t o t a l s u r p lu s o f $ 1 ,9 8 0 ,­

7%

annum

075.
T h e b u s in e s s c o n t r a c t e d f o r d u r in g t h e p a s t y e a r w a s m o s t s a t is f a c t o r y ,
b o t h w ith r e g a r d t o v o lu m e a n d p r ic e .
U n fin is h e d b u s in e s s , u p o n w h ic h
n o p r o f i t w h a t e v e r h a s b e e n t a k e n i n t o a c c o u n t , is c a r r i e d f o r w a r d t o t h e
c u r r e n t y e a r t o t h e v a lu e o f $ 4 ,0 0 0 ,0 0 0 , a n d o r d e r s a r e s t ill b e in g r e c e iv e d in
s a tis fa c to r y
v o lu m e .
„
O n a c c o u n t o f t h is la r g e a m o u n t o f b u s in e s s b e in g In p r o c e s s o f m a n u ­
fa c tu r e
o u r c u r r e n t lia b ilitie s h a v e m o d e r a t e ly In c r e a s e d , b u t a r e fe r e n c e
t o t h e c u r r e n t a s s e ts w ill s h o w a c o n t r a a c c o u n t o f $ 5 ,9 9 9 ,7 3 1 In I n v e n t o r y
a n d a c c o u n t s r e c e iv a b le .
D u r in g th e y e a r th e r e h a s b e e n u n d e r c o n s t r u c t io n a n e x t e n s iv e a d d it io n
t o t h e m a in m a c h in e s h o p a t t h e P e t e r b o r o u g h w o r k s , a n d t h is s h o p .w it h
t h e a d d i t i o n , w ill b e a p p r o x i m a t e l y 1 ,0 0 0 f e e t In l e n g t h .
I t Is a n t i c i p a t e d
t h a t th is e x t e n s io n w ill h e c o m p le t e d a n d f u lly e q u ip p e d b y a b o u t M a y 1
1911.
I t w ill r e lie v e th e p r e s e n t c o n g e s t io n a n d e n a b le a m a t e r ia l In c r e a se
° * i n 'o r d e r t o In c r e a se t h e c a p a c it y o f o u r s tr u c t u r a l s te e l d e p a r t m e n t th e
c o m p a n y h a s le a s e d t h e la n d s a n d p la n t o f t h e C a n a d ia n S h ip b u ild in g C o .
n e a r B r ld g e b u r g , O n t .,
W h i l e t h e t r a n s a c t i o n is In t h e n a t u r e o f a l e a s e ,
t h e c a p it a l s u m o f $ 2 5 0 ,0 0 0 w ill h e e x t in g u is h e d b y 2 0 a n n u a l p a y m e n t s o f
p r ln
<Sc I n t . , s o t h a t a t t h e e n d o f t h e 2 0 y e a r s t h e p r o p e r t y c o m e s i n t o t h e
a b s o lu te p o s s e s s io n o f th e c o m p a n y w it h o u t fu r t h e r c h a r g e .
T h is tra n s ­
a c t i o n is r e s p o n s i b l e f o r t h e I n c r e a s e in t h e m o r t g a g e i n d e b t e d n e s s f r o m
$ 2 6 7 ,0 6 8 , a s s h o w n in t h e la s t s t a t e m e n t , t o $ 5 0 3 ,7 0 3 t h is y e a r .

468

THE CHRONICLE

T h e r e a l e s t a t e o w n e d is c a r r i e d o n o u r b o o k s f a r b e l o w t h e p r e s e n t m a r k e t
v a lu e s.
I t Is p r o p o s e d t o s e c u r e a r e p o r t o f t h e p r e s e n t v a l u e a n d t h e
a p p r e c i a t io n In v a l u e w ill b e s h o w n in n e x t y e a r ’s a n n u a l r e p o r t .

IN C O M E A C C O U N T F O B Y E A R E N D IN G D E C .
P r o f i t o n o p e r a t i n g ________
Deduct —
D I v s . o n c o m . s t o c k ____
D lv . o n n e w p r e f., 7 % .
D lv . o n o ld p r e f. (r e tir e d
J a n 1 1 9 0 8 ) . ........................
I n t e r e s t ________________________
D e p r e c i a t i o n ________________
T o t a l d e d u c t i o n s ________

1909.
$
6 2 5 ,9 9 0

1908.
$
7 5 3 ,0 8 8

(7 )3 5 4 ,6 2 5
1 4 0 ,0 0 0

(7 )3 2 9 ,0 0 0
1 4 0 ,0 0 0

(7 )3 2 9 ,0 0 0
1 1 0 ,0 4 2

7 6 ,8 2 0
1 8 8 ,0 8 8

5 1 ,6 6 0
9 1 ,0 9 3

9 6 ,4 7 4
1 4 6 ,2 4 7

1 8 ,0 0 0
1 4 1 ,2 2 9
2 2 0 ,9 7 7

7 5 9 ,5 3 3
s u r l 5 1 ,6 7 5

6 1 1 ,7 5 3
s u i '1 4 , 2 3 7

6 8 1 ,7 6 3
s u r 7 1 ,3 2 5

8 5 6 ,2 0 6
d e fl3 3 ,7 7 3

B A L A N C E S H E E T D EC.
1910.
1909.
3
S
P a t’ ts & con tra cts
4 1 6 ,5 0 6
4 2 8 ,0 1 3
R e a l e s t .,b ld g s .,& c .* 3 ,9 3 5 ,0 0 8 * 3 ,5 2 8 ,2 6 4
P a t t e r n s & d r a w 'g s
4 1 3 ,1 1 3
3 4 7 ,2 2 0
M a c h in e r y & t o o ls . 2 ,0 0 1 ,1 9 4
1 ,6 8 7 ,3 0 0
C a s h .................................
1 0 ,6 6 2
1 8 ,0 6 6
A c c t s . r e c e iv a b le . 2 ,6 8 1 ,9 5 9
1 ,9 5 1 ,4 7 3
N o te s r e c e iv a b le ..
4 5 ,1 3 1
2 8 ,9 6 4
I n v e s t m e n t s .............
2 1 8 .7 9 3
2 1 1 ,6 3 0
M d s e . I n v e n t o r y .-1
f 2 ,0 1 2 ,1 2 9
E x p e n d itu r e s o n
13 , 2 5 4 , 5 7 4 1
con tra cts, n e t ..)
4 7 ,9 9 0
l
D e fe r r e d c h a r g e s ..
8 ,1 9 4
2 0 ,3 7 1

Assets—

T o t a l .........................1 3 , 0 0 4 . 7 1 6
__________

1907.

$

7 2 2 ,4 3 3

5 ,3 9 2 ,7 3 7
2 , 0 0 0,000
1 ,2 2 4 ,2 4 0
1 ,5 0 4 ,0 3 6
5 0 3 ,7 0 3
1 ,6 6 9 ,5 3 2
3 9 9 ,2 6 5

2 1 9 ,9 6 2

3 1 1 ,1 4 3

1 5 9 ,4 6 8

t a l .........................1 3 , 0 0 4 , 7 1 6

G r o u n d r e n t s .............. ................
F a r m a n d lo t r e n t s .. . .
W h a r f r e n t s __________________
H o u s e r e n t s ___________________
W h a r fa g e , w a r e h ’s e , & c .
____________________
In terest
S a le s o f s a n d a n d g r a v e l,
p r i v i l e g e s . & c .....................
S u n d r y e x p . r e fu n d e d ..
P e r m a n e n t I m p r o v e m ’ ts
r e f u n d e d ______ __________
S a l e s o f r e a l e s t a t e ________
S a l e s o f a n n u i t i e s __________

M AY

31.

1911.
$ 5 1 ,0 9 1
1 4 ,7 7 5
5 2 ,4 6 1
1 ,3 5 1
5 ,4 7 8
7 ,6 1 8

1910.
$ 4 9 ,7 2 1
1 2 ,0 9 7
5 1 ,6 3 8
1 ,4 0 7
3 ,3 0 2
5 ,5 7 4

1909.
$ 5 0 ,9 1 0
1 1 ,9 2 3
5 3 ,3 8 9
1 ,3 7 4
2 ,3 3 5
5 ,9 6 7

1908.
$ 4 9 ,7 6 5
1 3 ,1 4 5
4 1 ,1 3 3
1 ,2 0 5
6 ,0 9 4
4 ,9 3 2

837
2 ,6 6 9

1 ,5 9 1
2 ,0 6 3

1 ,3 8 7
1 ,5 7 2

2 ,5 1 6
2 ,1 2 1

2 ,6 0 1
1 2 1 ,1 1 0
5 1 ,4 9 9

1 8 ,0 1 1
9 9 ,0 4 8
2 ,8 5 8

300
5 5 ,0 8 1
1 ,5 0 0

2 2 0 ,0 8 5
3 (6 2 0

$ 2 4 7 ,3 1 0

$ 1 8 5 ,7 3 8

$ 3 4 4 ,6 3 0

5 1 3 0 ,2 8 8
737
7 ,1 5 9
2 3 ,5 8 0
2 8 ,4 2 1
A% ) 78064
_____________
________

5 6 1 ,6 3 5
514
1 ,2 6 3
2 4 ,7 2 6
2 6 ,3 9 2
( 3 )6 7 ,4 7 6
........................

5 1 4 3 ,7 1 0
1 ,4 9 6
1 2 ,2 9 1
2 4 ,0 8 0
2 5 ,4 3 4
(2 ^ )5 7 ,2 8 0
3 4 ,0 9 5

5 1 8 2 ,0 0 6
s u r .5 3 ,7 3 2

5 2 9 8 ,3 8 6
s u r .5 4 6 ,2 4 4

T o t a l i n c o m e _____________
$ 3 1 1 ,4 9 0
D eductions —
P e r m a n e n t im p t . a c e t .,
new
b ld g s .,
g r a d in g
a n d C a n ton R R . C o ..
5 3 2 ,9 3 1
R o a d s , stre e ts & s e w e r s .
34
S u n d r y e x p . & r e p a ir s ..
959
S a la r ie s , o ffic e e x p ., & c .
2 3 ,5 4 0
S ta te , c ity & c o . t a x e s ..
2 7 ,5 0 8
D i v i d e n d s --------------------------( 3 ) ^ % ) 7 7 , 5 7 0 ( 3
C a n c e l e d s t o c k ____ _________
_____________
B i l l s r e c e i v a b l e _____________
1 1 2 ,9 6 5
T o t a l d e d u c t i o n s _________
5 2 7 5 ,5 0 7
B a l a n c e f o r y e a r .............. ...
s u r .5 3 5 ,9 8 3
B a la n c e In b a n k , b e g i n ­
n i n g o f y e a r .............................
1 2 3 ,5 0 8
B a l . In b a n k , e n d o f y r .
— V . 91, p . 395.

E N D IN G

5 2 6 8 ,2 4 9
d e f.5 2 0 ,9 3 9

5 1 6 4 ,4 9 1

PJ

1 4 9 ,4 4 7

1 4 5 ,7 1 5

9 9 ,4 7 1

5 1 2 8 ,5 0 8

5 1 4 9 ,4 4 7

5 1 4 5 ,7 1 5

Nipissing Mines Company.
Y e a r e n d in g D e c . 31 1910.)
President E. P. Earle, New York, April 1 1911, wrote:
{R ep ort f o r F is c a l

T h e o p e r a t io n s fo r t h e y e a r 1 9 1 0 , a s d e s c r ib e d In th e r e p o r t s o f t h e o p ­
e r a t in g c o m p a n y , s h o w
t h a t t h is p e r i o d w a s t h e m o s t p r o f i t a b l e In t h e
c o m p a n y ’s h is to r y .
N e t e a r n in g s I n c r e a s e d 5 4 8 0 ,0 0 0 ; a ls o t h e r e w a s a n
I n c r e a s e o f o v e r 5 4 0 ,0 0 0 in s u r p l u s ; 5 2 , 1 0 0 , 0 0 0 w e r e p a i d in d i v i d e n d s
an
In c r e a se o v e r 1 9 0 9 o f 5 6 0 0 ,0 0 0 .
T h e p r o d u c t io n c o s t o f s liv e r w a s r e d u c e d
t o 1 4 .7 2 c e n t s p e r o z .
O n l y 2 8 6 t o n s m o r e o r e w e r e s h i p p e d t h a n In t h e
p r e v io u s y e a r , b u t th e p e r -t o n v a lu e w a s n e a r ly 5 7 0 g r e a te r .
A lt h o u g h o r e s c o n t a in in g o v e r 5 ,5 0 0 ,0 0 0 o z s . o f s ilv e r w e r e m in e d , t h e
r e s e r v e s a t t h e e n d o f t h e y e a r w e r e g r e a t e r t h a n a t t h e b e g i n n i n g , a n d In
th is r e s e r v e n o a c c o u n t w a s t a k e n o f t h e v e r y la r g e a m o u n t o f m illin g o r e
o n d u m p s a n d In t h e m i n e s .
T h i s r e s u l t Is m o s t g r a t i f y i n g , p a r t i c u l a r l y
In v ie w o f t h e f a c t t h a t o n l y n in e a c r e s o f n e w t e r r it o r y w e r e o p e n e d u p
d u r in g th e y e a r .
P r o s p e c t in g a n d d e v e lo p m e n t w ill b e v i g o r o u s ly p u r s u e d
d u r i n g t h e p r e s e n t y e a r , a n d , c o n s i d e r i n g t h e l a r g e o r e r e s e r v e s In t h e p a r t l y
d e v e l o p e d a r e a , a n d t h a t m u c h o f t h e p r o p e r t y Is s t i l l u n p r o s p e c t c d , p r e s e n t
c o n d it io n s a n d fu tu r e p r o s p e c t s m a y b e c o n s id e r e d v e r y s a t is fa c t o r y .

E x tr a c ts from R eport of General M anager of N ip issin g M g. Co. A pr. 1 1 9 1 1 .
.
Shipm ents in
Dry
N et value Gross ozs.
Net
% o f tula
■
1910—
tons.
p er ton.
silv er.
value.
net value.
H i g h - g r a d e o r e s --------- 1 , 5 3 1 . 7 9 2
L o w -g r a d e s lllc ’ s o r e . 4 ,8 3 4 .3 3 1 5
C o n c e n t r a t e s -----------------3 1 9 .1 2
N u g g e ts
...............................
1 3 .6 8 6 5
i,

5 1 ,3 1 7
88
457
1 1 ,0 5 4

3 ,9 9 9 .5 8 0
1 ,0 0 8 .3 5 8
2 9 6 ,4 9 1
2 9 3 ,3 5 0

5 2 ,0 1 8 ,1 5 2
4 2 7 ,0 7 0
1 4 5 ,8 0 5
1 5 1 ,2 9 4

T o t a l ------------------------------- 6 , 6 9 8 . 9 3
5409
5 ,5 9 7 ,7 7 9
5 2 ,7 4 2 ,3 2 1
A v e r a g e a s s a y o f s h ip m e n ts ( o z . s ilv e r p e r t o n ) :
I llg h -g r a d e o r e ,
(w ith 9 .3 5 % o f c o b a lt a n d 0 .7 2 % o f n ic k e l); lo w -g r a d e s lllc lo u s o r e
c o n c e n t r a t e s , 9 2 9 .0 8
(w ith
6 .4 6 %
c o b a lt
and
2 .6 8 %
n ic k e l);
2 1 ,4 3 3 .5 1 ; a v e r a g e o f t o t a l, 8 3 5 .6 2 .




7 3 .6
1 5 .6
5 .3
5 .5
1 0 0 .0
2 ,6 1 1 .0 4
, 2 0 8 .5 8 '
n u g g e ts,

Unprospected

1907
12%
N on e

1908
12%
N on e

1909
1910
14%
20%
8 E j% 1 5 %

20)
5

1911
5 - - 5 -----------

-

2 A -2 'A -2 A —
N I P I S S I N G M I N E S CO. I N C O M E A C C O U N T (H O L D IN G C O M P A N Y ) .
1910.
1909.
Deduct—
1910.
1909.

D lv s . o n N ip . M g .
C o . s t o c k ------------- $ 2 , 1 2 7 , 5 0 0 5 1 , 5 3 5 , 0 0 0
In te re st r e c e iv e d ..
199
301
T o t a l ----------- ----------5 2 , 1 2 7 , 6 9 9

S I , 5 3 5 ,3 0 1

D iv id e n d s ( 3 5 % ) 5 2 , 1 0 0 .0 0 0 (2 5 )5 1 .5 0 0 .0 0 0
G en eral ex p e n se s.
4 1 ,2 8 9
2 2 ,0 1 8
T o t a l d e d u c ’ n s . 5 2 ,1 4 1 ,2 8 9 5 1 ,5 2 2 ,0 1 8
B a l a n c e ...................- _ d e f S 1 3 , 5 9 0 s u r $ 1 3 . 2 8 3

N I P I S S I N G M I N E S CO. B A L A N C E S H E E T
Assets—
1910.
1909.
Liabilities—

Canton (Land) Company of Baltimore, Md.
{ R e p o r t f o r F i s c a l Y e a r e n d in g M a y 31 1911.)
President W. B. Brooks on June 8 1911 said in substance:

YEARS

P a rtly Prospected.

A n n u a l D ividen d Record (D ividen ds P a ya ble Q .- J
„
,
1906
R e g u l a r --------------------------------------------- o %
E x t r a -------------------------------------------------- 2 %

1 0 ,2 9 1 ,8 3 9

D u r in g t h e fis c a l y e a r t h e r e h a v e b e e n t w o d iv i d e n d s d e c la r e d f r o m In ­
c o m e , n a m e ly :
J u ly 1 1 9 1 0 , $1 5 0 p e r s h a r e
a n d J a n . 1 1911 $1 50 p e r
s h a re a n d a n e x tr a d iv id e n d o f 50 c e n ts a s h a re , m a k in g
53 50 p er sh are
N o s t o c k w a s p u r c h a s e d ; t h e r e a r e n o w o u t s t a n d in g 2 2 ,1 6 3 s h a r e s
'
W e h a v e p r o c e e d e d w ith th e I m p r o v e m e n t s o n t h e w a t e r fr o n t ly in g w e s t
o f 1 0 t h S t . a n d t h i s w o r k Is a b o u t 2 5 %
fin is h e d .
I t w ill I m p r o v e a n o t h e r
l a r g e a r e a o f la n d , m a k i n g It t h e m o s t v a l u a b l e p r o p e r t y t h e c o m p a n y o w n s
D u r i n g t h e y e a r t h e r e h a s b e e n q u i t e a m o v e m e n t In o u r p r o p e r t y .
W e
h a v e p r a c t i c a l l y d i s p o s e d o f a l l t h e l a n d In t h e s e c t i o n o f t h e O l d C a n t o n
P a r k , a n d h a v e ju s t d is p o s e d o f e ig h t b lo c k s o n E a s te r n A v e . e a s t o f 1 3 th S t.
O n th is p ie c e o f la n d w ill b e c o n s t r u c t e d a n u m b e r o f d w e llin g s
T h e b r o o m fa c t o r y s itu a te d b e tw e e n 2 d a n d 3 d s tr e e ts , s o u t h o f T o o n e
S t . , Is I n f u l l o p e r a t i o n a n d Is e m p l o y i n g a n u m b e r o f h a n d s .
T h e A m e r ic a n
C i g a r C o . Is w o r k i n g a l a r g e f o r c e a n d
has
e n te r e d in t o a le a s e fo r th e
p r o p e r t y f o r fiv e y e a r s .
T h e A m e r ic a n T o b a c c o C o . h a s r e c e n t ly a c q u ir e d
th e h a lt p r o p e r t y , o n w h ic h w e h e ld a g r o u n d r e n t , w h ic h t h e y h a v e re ­
d e e m e d , a n d a r e n o w c o n s t r u c t i n g a la r g e f a c t o r y .
O u r p r o b l e m Is t o s e c u r e t h e e s t a b l i s h m e n t o f m a n u f a c t u r e s w h e r e I t Is
p o s s i b l e t o m a k e a n a r r a n g e m e n t f o r l a b o r , a n d w e h a v e o i r e r e d l i b e r a l In ­
d u c e m e n t s f o r tills p u r p o s e .
T h is p o l i c y h a s w it h i n t h e la s t t h r e e y e a r s
c a u s e d t h e c o n s t r u c t i o n o n o u r p r o p e r t y o f o v e r 1 ,2 0 0 d w e lli n g s , a t t r a c t i v e
m o d e r n a n d a re s e llin g a t r e a s o n a b le p r ic e s .
A t p r e s e n t a ll o f o u r b u ild ­
in g s a r e r e n t e d o u t .

Gross value s ll- N et value
ver, cobalt, nickel received
& arsenic p a id fo r . fr 'm sm el.

429
306
r >3
C o n £ l o m e t a r e .............. ............
K e e w a t ln
------------------------------------176
166
io
D i a b a s e ___________________________
241
16
225
T h e r e s u lts fo r th e p a s t y e a r h a v e b e e n m o s t g r a t ify in g ; b o t h p r o d u c t io n
a n d p r o fits h a v e e x c e e d e d th o s e fo r a n y s im ila r p r e v io u s p e r io d .
E nough
a d d it io n a l o r e w a s d e v e lo p e d fu lly t o r e p la c e th e la r g e o u t p u t .
T h e cost
o f p r o d u c in g s ilv e r w a s r e d u c e d f r o m 1 6 .3 9 c . t o 1 4 .7 1 c . p e r o z .
S ilv e r w a s
s o l d f o r a n a v e r a g e o f 5 3 . 4 4 7 c . p e r o z . , c o m p a r e d w i t h 5 1 . 5 4 7 c . In 1 9 0 9 .
I h e n e t p r o fit , a ft e r d e d u c t in g e x p e n s e s o f e v e r y k in d , w a s 5 2 ,1 6 7 ,1 0 3 ;
t i l l s Is 7 2 . 6 %
o f th e g ro s s v a lu e o f th e o r e p r o d u c e d .

1909.
3
4 ,7 0 0 ,0 0 0
2 , 000.000
5 7 2 ,1 5 8
7 0 3 .1 5 1
2 6 7 ,5 6 8
1 ,6 6 9 ,5 3 2

I n a d d it io n t o th e lia b ilitie s a b o v e s h o w n o n D e c . 31 1 9 1 0 th e re w a s a
c o n t in g e n t lia b ilit y o n n o t e s r e c e iv a b le d is c o u n t e d a m o u n t in g t o S 17 5 3 2 7
— V . 92, p . 883.

FO R

Gross ozs.,

P resent Su rfa c e C ondit’n . Total acres.

1910.
8

" I n c lu d e s rea l e s ta te , b u ild in g s , & c ., a t T o r o n t o , P e t e r b o r o , B r ld g e b u r g
M o n t r e a l, b r a n c h e s a n d p o w e r p la n t a t N a s s a u .

R E S U LTS
Incom e fro m —

D ry wyht.,

32
5 2 4 ,1 6 4
5 2 3 ,8 8 7
7 5 3 ,1 5 4
5 0 5 ,6 3 8
4 7 1 ,6 6 7
2 ,2 1 4 ,8 2 2
1 ,5 7 6 ,8 5 3
1 ,4 2 1 ,6 5 6
2 ,2 3 9 ,5 5 2
1 ,3 7 3 ,0 8 9
1 ,2 3 4 ,4 9 2
2 ,8 9 3 ,0 3 1
1 ,5 2 6 ,6 8 6
1 ,3 6 4 ,4 7 8
4 ,6 1 6 ,8 6 9
2 ,4 1 7 ,7 6 7
2 ,1 8 0 ,4 0 7
5 ,5 9 7 ,7 7 9
3 ,0 0 8 ,0 0 1
2 ,7 4 2 ,3 2 1
I h e u s u a l a m o u n t o f d e v e lo p m e n t a n d e x p lo r a tio n w a s d o n e th r o u g h
8 s h a fts a n d 2 t u n n e ls .
T w o n e w s h a fts , N o . 127 a n d N o . 141
w ere su n k
t o e x p l o r e v e in s In t h e K e e w a t ln ; t h e d e v e l o p m e n t s h a v e n o t b e e n v e r v
f a v o r a b le In c it h e r .
T h e t r e n c h in g g a n g d u g 3 1 .7 m ile s o f t r e n c h e s t o a n
a v e r a g e d e p t h o f 2 .7 f t ., la r g e ly in th e c e n t r a l a r e a a lr e a d y p r o s p e c t e d
1 h r e e v e i n s w e r e f o u n d In t h e c o n g l o m e r a t e a n d 11 v e i n s In t h e K e e w a t l n
(N o s . 134 t o 147 I n c l.).
T h e m o s t I m p o r t a n t o f t h e s e Is v e i n N o . 1 4 1 - o t h e r
v e in s th a t w e re w o r k e d a r c N o s . 143 a n d 1 4 5 .
’

31.

Liabilities —
C o m m o n s t o c k ____
P r e f e r r e d s t o c k ____
A c c t s . & b ills p a y .
B a n k a d v a n c e s ____
M t g e s . p a y a b l e ____
R e s e r v e f u n d .............
R e se rv e fo r d ep re­
c i a t i o n ____________
P r o fit a n d lo s s a c ­
c o u n t _____________

1 0 ,2 9 1 ,8 3 9

Total shipm ents to

Dec. 3 1 1 9 1 0 —
lbs.
1 9 0 4 _________________
1 9 0 5 ______ ____________ _______
9 3 9 ,3 7 3
1 9 0 6 __________________ _______ 4 , 0 1 9 , 4 9 4
1 9 0 7 __________________ _______ 4 , 8 0 4 , 4 2 6
1 9 0 8 ._ . .
. . . . . _______ 7 , 0 0 9 , 9 9 8
1 9 0 9 __________________ _____
1 2 ,8 2 5 ,1 6 9
1 9 1 0 __________________ _____ 1 3 , 3 9 7 , 8 6 0

31.

1910.
$
9 1 1 ,2 0 8

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

C a p . s tk . N .M .C o .5 6 ,0 0 0 ,0 0 0
D iv s . r e c e iv a b le ..
4 5 5 ,0 0 0
C a s h ...............................
3 ,3 8 1

S 6 .0 0 0 .0 0 0
4 6 5 ,0 0 0
6 ,9 7 1

T o t a l ..........................S O ,4 5 8 , 3 8 1 5 6 , 4 7 1 , 9 7 1 |

D EC.

31

1910.
1909.
C a p i t a l s t o c k ............. 5 6 , 0 0 0 . 0 0 0 $ 6 , 0 0 0 , 0 0 0
D iv s . p a y a b le J a n .
4 5 0 ,0 0 0
4 5 0 ,0 0 0
8 ,3 8 1
2 1 ,9 7 1
S u r p l u s ...........................
T o t a l ...............................$ 6 , 4 5 8 , 3 8 1 S 6 , 4 7 1 , 9 7 1

N I P I S S I N G M I N I N G CO . IN C O M E A C C O U N T ( O P E R . C O M P A N Y ) .
_
1910.
G r o s s v a l. o f o r e .* $ 2 ,9 8 4 ,0 8 4
O t h e r i n c o m e -------- ------ 5 2 , 6 6 9

1909.
|
1910
1009
5 2 ,4 6 2 ,0 3 9 | C ost o f n t ln ’ g , & c .
$ 8 6 9 ,6 5 0
S 8 1 5 ,i3 1
4 0 , 3 2 0 j D i v i d e n d s ................... o 2 , 1 2 7 , 5 0 0 6 1 , 5 3 5 , 0 0 0

T ° t a l ....................... - 5 3 , 0 3 6 , 7 5 3 5 2 , 5 0 2 , 3 5 9 1

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

.
b
'
* T h c Ite m o t g r o s s v a lu e
Is m a d e u p a s f o l l o w s :
G ro s s s e ttle m e n ts fo r
(I n c lu d in g 1 9 0 9 o r e p a id f o r In 1 9 1 0 , $ 4 1 7 ,5 5 6 ) ; g
t r a n s it a n d a t s m e lt e r s , D e c . 31 1 9 1 0 , $ 9 1 6 ,9 7 2 ;
Y ol n L ° L ll,l v c n t o r y ’
**)J , U o 4 , U o 4 .

n e c ' 31

1909,

$ 5 5 7 ,9 9 1 ,

5 3 9 ,6 0 3

5 1 5 2 ,2 2 8

o f o r e In 1 9 1 0 ( $ 2 , 9 8 4 , 0 8 4 )
t h e y e a r 1 9 1 0 , $ 2 ,0 2 5 ,1 0 3
r o s s v a l u e o f o r e a t m i n e . In
t o t a l , $ 3 , 5 4 2 ,0 7 5 ; le s s g r o s s

le a v in g

gross

v a lu e

1910

N I P I S S I N G M I N I N G CO. B A L A N C E S H E E T D E C .
Assets—
1910.
1909.
Liabilities—
1910.

M in in g p r o p e r t y . .
P la n t , e q u ip ., & c _
C o b a lt C ity b o n d s .
O r e a t s m e lt’ s , & c .
A c c ts . r e c e iv a b le .
C a s h ...............................

S 2 5 0 .0 0 0
1 7 5 ,0 0 2
2 3 ,4 3 0
9 1 6 ,9 7 2
766
4 8 7 ,0 3 3

T o t a l ......................... 5 1 . 8 5 3 , 2 0 3
— V . 92, p . 1181.

S 2 5 0 .0 0 0
1 6 1 ,2 6 3
...................

557,991
7 ,9 4 1
8 1 3 .3 4 8

5 1 ,7 9 0 ,5 4 3

C a p i t a l s t o c k .............
A ccts . p a y a b le
O n t. G o v t, t a x
A c c r ’d e x p . o n o r e
D i v s . p a y a b l e --------S u r p l u s .........................

1909,
5 2 5 0 ,0 0 0
1 1 0 9 ,8 7 5
1 5 2 ,4 7 3

5 2 5 0 ,0 0 0
1 1 3 2 ,5 8 8
J
6 2 ,8 1 6
4 5 5 ,0 0 0
9 5 2 ,7 9 9

T o t a l .........................5 1 , 8 5 3 , 2 0 3

ore.

31.

4 6 5 ,0 0 0
9 1 3 ,1 9 5
S I , 7 9 0 ,5 4 3

GENERAL IN V E S T M E N T N E W S ,
RAILROADS, INCLUDING ELECTRIC ROADS.
Albia (la.) Interurban Ry.— B o n d s O f f e r e d . — Reynolds
Davis & Co., 31 Nassau St., New York, arc placing at 98 and
int. 1st M. 6% gold bonds, dated June 1 1910 and due serially
June 1 1913-1930 inch, but subject to call after June 1 1913
at 101 and int. Par $100, $500, $1,000. Interest J. & D.
in N. Y. and Albia. A circular shows:
C a p ita liz a tio n :
C a p it a l s t o c k ( a u t li ., $ 2 5 0 ,0 0 0 ) o u t s t a n d in g , $ 2 0 1 ,9 0 0
bon d s
5 3 0 0 ,0 0 0 ) o u t s t a n d in g , $ 2 0 0 ,0 0 0 .
H a s 2 5 -y e a r fr a n c h is e s .
A l b i a is t h c c o u n t y s e a t o f M o n r o e C o u n t y , t h e c e n t r e o f a r i c h a g r i c u l ­
t u r a l a n d s t o c k - r a is in g s e c t i o n a n d In t h e p r in c ip a l c o a l - m i n i n g s e c t i o n o f
Iow a .
C . B . & Q ., I o w a C e n tr a l a n d W a b a s h H its , p a s s th r o u g h t h e c it y .
1110 c o m p a n y o w n s a n d o p e r a t e s t h e e l c c t r l c - l l g h t , p o w e r a n d s t e a m ­
h e a t in g p la n t s In A l b i a , t o g e t h e r w it h 10 m ile s o f e le c t r i c s t r e e t a n d I n t e r ­
u r b a n r a il w a y , r u n n in g o v e r p r iv a t e r ig h t o f w a y e x c e p t In A l b i a , r e a c h ­
in g t o th e m in in g to w n s o f H o c k in g a n d H it e m a u .
T h e p r o p e r t y is t h o r o u g n iy m o d e r n ; c a p a c it y s u ffic ie n t fo r s e v e r a l y e a r s to c o m e ; n o w s e r v in g
h j m u t o o 0 c o n s u m e r s w i t h e l e c t r i c l i g h t a n d p o w e r , a n d t h i s n u m b e r Is
s t e a d ily In c r e a s in g .
I t h a s 1 0 -y e a r c o n t r a c t w ith c it y lo r s t r e e t lig h t in g
a n d fo r p u m p in g c it y w a te r.
T h c e x h a u s t s t e a m is u s e d f o r s t e a m h e a t i n g .

_

E a rn in g s fo r Y ears ended M a y 3 1 1 0 1 0 and 1 9 1 1 .
Gross.
N et.
B o n d In t. B a l.,
Oth.Chgs.

S u rp .

..................$ 6 1 , 9 0 7
$ 2 5 ,2 0 2
$ 9 ,7 2 0
$ 1 5 ,4 8 2
$ 2 ,6 2 5
$ 1 2 ,8 5 7
1 9 0 0 - 1 ° ................. ...
5 6 ,9 3 3
2 0 ,5 1 5
0 ,7 5 0
1 0 ,7 0 5
003
9 ,8 6 2
‘ O t h e r c h a r g e s " In 1 9 1 0 -1 1 I n c lu d e e x p e n d it u r e s m a d e o n B u x t o n e x t e n ­
s io n .
O u t o f t h c p r o c e e d s o f t h e r e m a i n d e r o f t i l l s I s s u e Is t o b e c o m p l e t e d
t h e e x t e n s io n o f 8 A m ile s o f e le c t r i c r a il w a y lin e t o B u x t o n , h a v i n g a p o p u ­
la t io n o f 6 ,0 0 0 , b u t p r e s e n t n e t e a r n in g s s h o w a s u b s t a n t ia l s u r p lu s a b o v e
I n t e r e s t o n a ll t h e b o n d s t o b e I s s u e d w i t h o u t t h e a id o f t ills e x t e n s i o n . A c ­
tu a l c a s h c o s t o f p r o p e r t y , e x c lu s iv e o f fr a n c h is e s , & c ., t o d a t e , $ 3 0 8 ,0 9 2 .

American Railways Co.— L i n e s T a k e n O v e r . — Arrange­
ments were concluded on Aug. 9 for taking over the lines of
the Ohio Valley Electric R y. Compare V. 92, p. 1435.
T h r e e h u n d r e d t h o u s a n d d o lla r s h a s b e e n s e t a s id e b y th e n e w o w n e r s fo r
I m p r o v e m e n t s , t h e fir s t o f w h ic h w ill b e th e b u il d i n g o f d o u b l e t r a c k s f r o m
H u n t in g t o n t o K e llo g , 6 m ile s .
t . * u c o n n e c t i o n w i t h t h e d e a l t h e a n n o u n c e m e n t Is m a d e t h a t t h e C i t i z e n s ’
L ig h t & I c e C o ., a n I n d e p e n d e n t c o r p o r a t io n o f H u n t in g t o n , h a d b e e n
a b s o r b e d b y th e C o n s o lid a te d L ig h t & B o w e r C o ., a s u b s id ia r y o f th e O h io
V a lle y E le c t r ic R y . C o .
S e n . W . C . S p r o u l . o f P h il a d e l p h i a , w ill c o n t in u e
a s P r e s id e n t o f th e O h io V a lle y E le c t r ic R y .— V . 9 3 , p . 1 6 2 .

Bangor (Me.) Railway & Electric Co.— M e r g e r or A m a l g a ­
S e c u r i t i e s . — An official circular signed by
Clerk Howard Corning, Bangor, Aug. 15 1911, has been sent
to the shareholders, saying in substance:
m a tio n — N e w

T h e d ir e c to r s h a v e a p p r o v e d a p la n to r th e r e o r g a n iz a tio n o f th e c o m p a n y
In c o n n e c t i o n w it h t h e B a n g o r P o w e r C o . ( w h ic h h a s r e c e n t l y a c q u i r e d a ll
th e p r o p e r t ie s a n d fr a n c h is e s fo r m e r ly o w n e d a n d o p e r a t e d b y t h c B o d w e ll
W a t e r P o w e r C o .), th e V e a z le L u m b e r C o . a n d th e P e n o b s c o t R e a lt y C o .,
u p o n t h e fo llo w in g b a s is : T h c p r o p e r t ie s a n d fr a n c h is e s o f th e th r e e c o m p a ­
n ie s n a m e d a n d o f t h e B a n g o r R y . & E le c . C o . s h a ll b e p la c e d u n d e r o n e m a n ­
a g e m e n t a n d c o n t r o l, e ith e r b y a c t u a l m e r g e r o r b y s t o c k o w n e r s h ip , a n d th e
c o m b in e d e n t e r p r is e s h a ll b e r e p r e s e n t e d b y t h e o u t s t a n d in g c a p it a liz a t io n
o f t h e B a n g o r R y . & E le c . C o ., w h ic h s h a ll b e a s f o llo w s , t o - w lt :
B o n d s , ln c l. p r e s e n t b o n d s o f th e B a n g o r I i y .
&
E l. C o . a n d Its
u n d e r ly i n g c o m p a n ie s , a ls o $ 7 5 0 ,0 0 0 o f n e w b o n d s [s e e B a n g o r
P o w e r C o . u n d e r “ I n d u s t r i a l s , ” b e l o w . — E d . ] ________________________ $ 3 , 3 5 0 , 0 0 0
P r e f . s t o c k 7 % c u m . (a n e n t ir e l y n e w I s s u e .— E d .)
”
1 ,5 0 0 0 0 0
C o m m o n s t o c k (h e r e t o fo r e $ 1 ,5 0 0 ,0 0 0 — E d , ) . . .
’
2 O O O ’ OOO

T h i s p l a n w il l r e q u i r e a n I n c r e a s e In t h e c a p i t a l s t o c k o f t h e B a n g o r R y . &
E l . C o . t o $ 3 ,5 0 0 ,0 0 0 , o f w h ic h 3 1 ,5 0 0 .0 0 0 s h a ll h e 7 %
c u m u la tiv e p r e f.
sto ck a n d
3 2 , 0 0 0 .000 c o m m o n s t o c k .
T h e p re s e n t s t o c k h o ld e r s o f tn e
B a n g o r R y . & E l. C o . w ill r e c e iv e f o r e a c h (S 1 0 0 ) s h a r e o f s t o c k h e ld b y
th em o n e sh a re o
th e n e w p r e f. s to c k a n d o n e sh a re o f th e n e w c o m m o n
sto ck .
Y o u a r e r e q u e s t e d t o d e p o s it y o u r p r e s e n t s t o c k , w ith p o w e is -o r a t t o r n e y d u l v e n d o r s e d a n d w it n e s s e d In f a v o r o f t h e B a n g o r l i y . & E l . C o .,
w it h E . W . C la r k & C o .. P h ll a ., o r M e r r ill T r u s t C o ., B a n g o r
A s p e c i a l m e e t in g o f t h e s t o c k h o l d e r s w ill b o h e ld A u g . 2 6 1 9 1 1 f o i t h e
p u r p o s e o f v o t i n g u p o n t h e p la n o u t li n e d a b o v e a n d I n c r c ;is .n g t h e c a p it a l
s t o c k t o $ 3 ,5 0 0 ,0 0 0 , t o b e d iv i d e d I n to 3 5 ,0 0 0 s h a r e s o f $ 1 0 0 e a c h , o f w h ic h
$ 1 ,5 0 0 ,0 0 0 s h a ll b e 7 " o c u m . p r e f. s t o c k a n d $ 2 ,00 0 ,0 0 0 c o m m o n s t o c k .
f f t h e p l a n o u t l i n e d a b o v e Is n o t a p p r o v e d b y a s u f f i c i e n t n u m b e r o f t h e
s t o c k h o l d e r s , a n y s t o c k d e p o s it e d w ill b e r e t u r n e d u p o n t h e s u ir e n d e r o f
th e

t e m p o r a r y r e c e ip t s .— V . 9 2 , p .

1374.

Buffalo Rochester & Eastern RR —■ A p p lic a t io n A g a i n D e ­
n i e d . — The Public Service Commission, 2d Dist., on Aug. 12,
by a unanimous vote, after a re-hearing, denied the applica­
tion of the company for a certificate of public necessity.
T h e o r ig in a l a p p lic a t io n w a s d e n ie d o n M c h . 15 1 9 0 9 a n d
r e -h e a r in g w a s g r a n t e d .
S e c r e m a r k s In 4 . 8 8 , p . 1 2 - 7 .

e a r l y in 1 9 1 0 a
V . 8 8 , p . 12o2

Carolina Clinchfield & Ohio Ry — P r o p o s e d L e a s e .— S ea
Seaboard Air Line Ry. below.— V. 93, p. 345.
Central of Georgia Ry.— I n t e r e s t o n I n c o m e s . — The direc­
tors on Aug. 15 declared for the fiscal year ended June 30
1911 the full interest of 5% on both its $4,000,000 first and
$7 000,000 second income bonds, and a dividend of 1.458%
on' its $4,000,000 third income bonds, all payable Oct. 1.
These disbursements call for $008,320.
P revio u s Interest P aym ents (P e r C ent).
’96.
’9 7 .
1st In c. lj^
2 ^
2 d ln c .0
0
3 d In c 0
0
T h e p a y m en ts
th o s e fo r 1909 a
p r e lu d lc e t o a n y
a m o u n t s , If a n y ,

’9 9 .
'0 0 .
’0 1 .
’0 2 .
5
3
5
5
5
5
5
5
2 .3
2 .3
0
0
0
2
5
5
5 2 .8
. .
. .
0
0
0
0
0
0
0
5
5
5
. .
. . . .
f o r 1 9 0 7 -1 0 w e r e m o s t l y m a d e In 1 9 1 1 f o l l o w i n g li t ig a t i o n ;
n d 1 9 1 0 b e in g v o lu n t a r ily m a d e b y th e c o m p a n y w it h o u t
r ig h ts th e b o n d h o ld e r s m a y h a v e t o r e c o v e r s u c h a d d it io n a l
a s th e c o u r ts m a y h e r e a fte r d e c r e e .
S ee p a g e 26 o f ‘ ‘Ity . &
2

’98.
2

0

0

469

THE CHRONICLE

A u g . 19 1911.]

3

0

M ileag e o f F o u r Com panies N am ed— A m ount fo r w hich Bon ded.

■ System —
M ile s .
5 % B o n ds.
$ 1 ,0 0 0 ,0 0 0 2 0 - y r .
G a r y & I n t e r u r b a n R y . — I n o p e r a t i o n I n G a r y ________2 2
G ary
&
C o n n e c t in g
R y s .— B u ild in g ,
B road w ay,
G a r y , t o G o o d r u m , I n d ., o n G o s h e n S o u th B e n d &
C h i c a g o a n d V a l p a r a i s o & N o r t h e r n _____________________ 1 6
4 0 0 ,0 0 0 1 0 -y r .
V a lp a r a is o & N o r t h e r n R y .— N o r t h a n d s o u t h lin e ,
V a lp a r a is o t o C h e s te r to n a n d P o r t e r , I n d , n e a r ly
2 5 0 ,0 0 0 2 0 - y r .
c o m p l e t e d a n d p a r t i a l l y I n o p e r a t i o n _____________________ 1 2
G osh en S ou th
B end
& C h ic a g o — In o p e r a t io n , L a
P o r t e , I n d . , w e s t e r l y t o G o o d r u m ______________________ 2 0
N on e.
T h e l a s t - n a m e d c o m p a n y Is a p p a r e n t l y s u c c e s s o r o f t h e C h i c a g o N e w Y o r k
E le c t r ic A ir L in e R R . , w h ic h w a s I n c o r p o r a t e d N o v . 1 9 0 5 w it h $ 2 5 ,0 0 0 ,0 0 0
c a p it a l t o b u ild fr o m N e w Y o r k t o C h ic a g o , a n d a t la s t a c c o u n t s h a d o u t ­
s t a n d in g $ 2 ,2 0 0 ,0 0 0 o r m o r e s t o c k , p a r t ly 7 % c u m . p r e f . s t o c k (n o b o n d s ) ,
a n d w a s o p e r a t i n g 2 9 m ile s o f e le c t r i c r a i l w a y . I n c lu d in g t h e V a lp a r a is o &
N o rth e rn R y . (c o n tr o lle d ).
P r e s , a n d G e n . M g r ., A . C . M ille r , C h ic a g o .
I n 1 9 1 0 th e u n d e r w r ite r s w e r e r e p o r t e d a s o ffe r in g th e p r e f. s h a r e s a t $ 2 6 ,
com m on a t $12 50.
P a r v a lu e s a id t o b e $ 2 5 .
T h e C o - o p e r a t i v e C o n s t r u c t i o n C o . ( o f f i c e M a j e s t i c B l d g . , C h ic a g o ) Is
b u i l d i n g t h e n e w l i n e s a n d Is c l o s e l y a f f i l i a t e d t h e r e w i t h .
[T h e C a lu m e t U n ite d
R a ilw a y s , s a id t o b e a $ 5 ,0 0 0 ,0 0 0
c o r p o r a tio n
b a c k e d b y C . I I . G e ls t o f P h l l a ., in M a y la s t o b t a i n e d a 50 - y e a r fr a n c h is e In
G a r y p r e p a r a t o r y , It w a s s a id , t o b u il d i n g t o C h ic a g o .]

Grand Trunk Ry.— E a r n i n g s .— For half-year (partly est.):
I la l - Y ear to
Ju n e
30—

•
G r o s s r e c e i p t s ____ 3
O p e r . e x p e n s e s .,2

1911.
£
5 6 1 .2 0 0
6 2 8 .2 0 0

1910.
£
3 ,3 2 1 ,6 3 6
2 ,4 5 6 ,0 6 5

N e t r e c e ip t s ..
C h a r g e s , le s s c r e d

9 3 3 ,0 0 0
4 8 8 ,6 0 0

8 6 5 ,5 7 1
4 4 8 ,8 9 6

4 4 4 ,4 0 0
B a l a n c e _________
G . I t . & M . d e fic it 1 8 1 ,4 0 0
C a n a d a A tl. d e f ...

4 1 6 ,6 7 5
/3 4 ,5 4 8
(3 4 ,9 6 6

’0 3 .

'0 4 .
’05.
B a l. f o r h a lf - y r . 3 6 3 ,0 0 0
-V . 92, p . 1237.

B a l. f o r h a lf-y e a r
B rou g h t I n ..
__

1911.
£
3 6 3 ,0 0 0
9 ,1 0 0

1910.
£
3 4 7 ,1 6 1
1 1 ,8 3 9

D iv is ib le b a l_ .
G u a ra n te e d d lv .
F i r s t p r e f . d i v ____
S e co n d p r e f. d lv .

3 7 2 ,1 0 0
2 1 1 ,7 0 0
8 5 ,5 0 0
6 3 ,2 0 0

3 5 9 ,0 0 0
1 9 7 ,8 1 6
8 5 ,4 2 1
6 3 ,2 1 0

'0 6 . ’ 0 7 . ’ 0 8 .
’ 0 9 .’ 1 0 .
3 4 7 ,1 6 1
B a l. f o r w a r d ..
1 1 ,7 0 0

1 2 ,5 5 3

International & Great Northern R y.— S u c c e s s o r C o m p a n y .
— The company was incorporated in Texas on Aug. 10 with
$11,500,000 of authorized stock (of which $5,000,000 is pref.)
as successor per plan V. 92, p. 1310 of the r a i l r o a d company
I n d . S e c ’. ” — V . 9 3 . p . 4 4 .
•
Chicago-New York Electric Air Line RR.— See Gary & of the same name. The general offices are to be moved from
Palestine to Houston, Texas. The directors and officers are:
Connecting Railways below.— V. 88, p. 1619.
Chicago Rock Island & Pacific Ry.— A n n u a l M e e t i n g . — D oDu igrae lcdt o .1r s. : P Hr i co er a oc fe PBaol oe ts ht i,n eA, l far ne dd WR .i l l Hi s o wI I a. r dC ,o pWe , i l lSi aa mm u eLl . BM. a Du rayb naenyd,
The shareholders will vote at the annual meeting on Oct. 12 T h o m a s J . F r e e m a n , F r a n k T . R i c h a r d s o n a n d M i l t o n L . M o r r i s o f H o u s t o n .
OJ/tccrs.— P r e s . , T . J . F r e e m a n ; 1 s t V . - P . , G . I I . T a y l o r ; 2 d V . - P . ,
on authorizing the execution of—
H e n r y M a r t in ; S e c . a n d T r e a s ., A . R . H o w a r d .— V . 9 3 , p . 1 6 4 .
(a ) A g u a r a n t y o f t h e p a y m e n t o f p r in c ip a l a n d I n t e r e s t o f t h e $ 1 0 ,0 0 0 ,0 0 0
1 s t M . b o n d s o f S t . P a u l & K a n s a s C it y S h o r t L in e R R . C o . (s e e V . 9 2 ,
p . 5 2 6 , 5 9 3 , 1 3 1 1 ); a ls o (b ) a g u a r a n t y o f th e p a y m e n t o f p r in c ip a l a n d In te r ­
e s t o f $ 4 5 3 ,6 0 0 n o t e s o f R o c k I s la n d A r k a n s a s & L o u is ia n a U R . C o ., t o b e
g iv e n t o L ittle R o c k & H o t S p r in g s W e s te r n R R . C o . fo r p u r c h a s e o f a p ­
p r o x im a t e ly 2 2 .6 8 m ile s o f r a ilr o a d a n d a p p u r t e n a n t p r o p e r t y o f t h e L it t le
R o c k & H o t S p r in g s W e s t e r n C o ., lo c a t e d fn th e S t a t e o f A r k a n s a s .
C om ­
p are V . 9 3 , p . 345.

Iowa Central R y.— M r . E r b a D i r e c t o r . — P r o p o s e d E x ­
Minneapolis & St. Louis below.— V. 91, p.1442.
Kentucky & Indiana Terminal RR.— L i s t e d i n L o n d o n .—
The London Stock Exchange has listed £1,031,000 1st 4J^%
gold bonds of £100 each, in lieu of scrip, together with
Chicago Terre Haute & Southeastern Ry.— D i v i d e n d o n £200,000 additional of the bonds Nos. 10,311 to 12,310.
I n c o m e s . —The company
has declared dividend No. 1, Compare V. 92, p. 187, 261, 1032.
1% , on its $6,500,000 income bonds, payable Sept. 1 at the
Little Rock & Hot Springs Western R R .— S a l e . — See Chi­
First National Bank, New York, or First Trust & Savings cago Rock Island & Pacific Ry. above.— V. 93, p. 346.
Bank, Chicago.
#.
Louisiana & Arkansas R y.— R e p o r t . —
Under the provisions of the mortgage, when sufficient
Gross
Exps. &
Net
F ix e d D ividen ds B a la n c e.
earnings have been made dividends may be declared in tw o J u nYeearSO.
—
E a rn in g s .
Taxes.
Incom e. Charges. ( 2 lA % ) . S u rp lu s .
installments, but this 6 months only o n e installment has been 1 9 1 0 - 1 1 ............. $ 1 , 4 3 2 , 6 3 8 $ 9 4 5 , 8 9 4 $ 5 9 2 , 6 8 3 $ 3 2 5 , 3 5 7 $ 1 1 2 , 5 0 0 $ 1 5 4 , 8 2 6
1 .3 2 2 ,7 6 1
8 3 5 ,2 5 8
5 9 2 ,3 5 7
2 9 5 ,0 0 7
1 1 2 ,5 0 0
1 8 4 ,8 5 0
declared. Holders are required tosurrender the two coupons, —1 9 V0 . 9 -911 0, . ______
p . 1447.
Nos. 1 and 2, but only one will be paid. See advertisement
Louisville & Nashville R R .— B o n d s C a l l e d . — Fifty-five
on a previous page.— V. 92, p. 594.
($55,000) Henderson Bridge Co. bonds, for payment at 105
Detroit River Tunnel Co.— S u p p l e m e n t a l M o r t g a g e — $16,­ and int. Sept. 1 at Central Trust Co., N. Y .— V. 93, p. 45.
000,000 B o n d s N o w R e s e r v e d f o r F u t u r e A d d i t i o n s — P r e s e n t
Macomb & Western Illinois R R.— S a l e . — The road is to
I s s u e O n l y $14,000,000.— H. B. Ledyard, President of the
Detroit River Tunnel Co. and Chairman of the Michigan be sold to the highest bidder on Aug. 21 by order of the
bankruptcy court.
Central RR. Co., authorizes the following:
I r fT h e m o r t g a g e t o t h e G u a r a n t y T r u s t C > ., t r u s t e e , p r o v id e s f o r a n a u ­
t h o r iz e d Iss u e o f $ 3 0 ,0 0 0 ,0 9 0 b o n d s , o f w h ic h $ 1 4 ,0 0 0 ,0 0 0 w e r e r e s e r v e d
fo r fu tu r e Issu e fr o m tim e t o t im e , w h e n r e q u ir e d , to p r o v id e f o r a d d it io n s
a n d e x te n s io n s , a d d itio n a l re a l e s ta te , e q u ip m e n t o r o t h e r p r o p e r t y , s u b ­
je c t to th e m o rtg a g e .
T h e o r ig in a l o lfe r w a s o f $ 1 6 ,0 0 0 ,0 0 0 b o n d s ; b u t th e
a m o u n t a c t u a lly
Issu ed a n d s o ld
w a s o n ly
$ 1 4 ,0 0 0 ,0 0 0 , th e r e m a in in g
$ 2 ,0 0 0 ,0 0 0 n o t th e n b e in g r e q u ir e d .
T h e p r o c e e d s o f th e $ 1 4 ,0 0 0 ,0 0 0 o f
b o n d s I s s u e d a n d s o ld h a v e a c t u a l l y b e e n e x p e n d e d In t h e a c q u is it i o n o f
th e T u n n e l C o m p a n y ’s p r o p e r t y , o r t o c o v e r p r e v io u s a d v a n c e s m a d e to
th e T u n n el C o m o a n v
f o r t h a t p u r p o s e , le s s a b o u t $ 2 , 0 0 0 , 0 0 0
o f su ch
p roceed s
n ow
a c tu a lly
In
th e
trea su ry
of
th e
D e tr o it
R iv e r T u n n e l
C om pan y
a w a itin g
e x p e n U tu re
fo r
t h e w o r k n o w In a c t u a l p r o g r e s s o n
the
C o m p a n y ’s s t a t io n a n d
o t h e r te r m in a l p r o p e r t y .
B y
s u p p le ­
m e n ta l a g re e m e n t b e tw e e n
th e c o m p a n y
and
th e G u a r a n ty T r u s t C o .,
t h e r e m a in in g $ 2 ,0 0 0 ,000 b o n d s o f t h e $ 1 6 ,0 0 0 ,0 0 0 o r ig in a lly o tte r e d h a v e
b e e n b r o u g h t u n d e r th e r e s t r ic t io n s a p p lic a b le t o t h e r e s e r v e d S 1 4 .0 0 0 .0 0 0
of
bon d s,
and
w ill
o n ly
be
Issu ed
u n d e r c ir c u m s ta n c e s w h ic h
w o u ld
a u th o r iz e th e Issu e o f th o s e r e s e r v e d
bon d s.
T h e r e Is n o q u e s t i o n w h a t e v e r a b o u t t h e l e g a l l t v o f t h e I s s u e o r t h e r e g u ­
la r it y o f th e p r o c e e d in g s u n d e r ly in g th e Issu e .
T h e T unnel C om pan y has
t h e c e r t U lo a t c o f Its c o u n s e l t o t h is e f f e c t .
C o m p a r e b o n d o ffe r in g , V .

Tunnel

t e n s i o n . — See

O n ly o n e b id h a s b e e n o ffe r e d t o d a t e , v i z ., o n e m a d e b y th e C h ic a g o
W r e c k in g C o . fo r $ 3 0 ,0 0 0 .
T h e r o a d c o n s i s t s o f 1 9 .6 0 m il e s o f t r a c k a n d is
o p e r a t e d b y b o t h s te a m a n d e le c t r ic m o t o r , th e e le c t r ic it y b e in g g e n e r a t e d
b y a g a s o lin e e n g in e .
T h e r o a d , It Is s t a t e d , r e p r e s e n t s a n I n v e s t m e n t o f
$ 3 7 5 ,0 0 0 .
B o n d s a u t h ., $ 3 0 0 ,0 0 0 1 s t M . 4 0 .y e a r g o ld 5 s , d u e 1 9 4 3 , C o n t i­
n e n ta l & C o m m e r c ia l T r u s t & S a v in g s B a n k o f C h ic a g o , t r u s t e e , o f w h ic h a t
la s t a c c o u n t s n o n e h a d b e e n s o ld .
S t o c k , $ 2 5 ,0 0 0 .
P r e s , a n d G e n . M g r .,
W m . A . C o m p t o n , M a c o m b , 1 1 1 .; S e c . a n d T r e a s . , R . S . C h a n d l e r .
F a r m e r s ’ a n d b u s in e s s m e n a l o n g t h e lin e o f t h e r o a d , r a t h e r t h a n s e e t h e
r o a d w r e c k e d , a r e t r y in g t o r a is e fu n d s t o p u r c h a s e It, b e li e v in g t h a t if
$ 4 0 ,0 0 0 c a n b e r a is e d , t h e r e fe r e e w ill a llo w t h e r o a d t o b e s o ld f o r t h a t s u m .

Metropolitan West Side Elevated R y., Chicago.— N e w
board has been reorganized in the interest of
the Chicago Elevated Railways Co. as follows:
D i r e c t o r s . — The

O ld d ir e c t o r s r e m a in in g :
B r it t o n I . B u d d
la n o a n d H o w a r d G . I le t z le r .
N e w d ir e c to r s
I r a M . C o b c , J . I I . G u llc k , H e n r y A . B la ir , W
a n d G ilb e r t E . P o r t e r .
M r . B u d d w a s e le c te d
E l . la s t w e e k a n d w i l l b e P i 'e s l d e n t o f t h e S o u

(P r e s id e n t ), F r e d e r ic k A . D e ­
:
S a m u e l I n s u ll (C h a ir m a n ),
illia m
A . F o x , J . F . G ilc h r is t
P r e s id e n t o f th e N o r t h w e s t e r n
t h S id e “ L . ” — V . 9 2 , p . 1 4 3 6 .

Minneapolis & St. Louis R R.— M r . E r b E n t e r s B o a r d —
was announced Aug. 15 that Newman Erb of
New York had been elected a director of the Minneapolis &
St. Louis and also of the Iowa Central, and having acquired
a large stock interest, will hereafter be associated with Edwin
Hawley in control of both properties. The announcement
states that: “ The Minneapolis & St. Louis is to be extended
(some 250 miles.— Ed.) to the Canadian border and will af­
I m m e d i a t e l y f o l l o w i n g t h e s a le u n d e r t h e “ g e n e r a l lie n a n d d iv i s i o n a l
ford an entrance into Minneapolis and St. Paul to one or
1 s t M . ” t h e r e w ill b e o ffe r e d (u n d e r fo r e c lo s u r e o f th e c o n s o l, m o r t g a g e
both of the Canadian roads now being constructed to the
( K n i c k e r b o c k e r T r u s t C o ., t r u s t e e ) In s e p a r a t e p a r c e ls (a ) a ll o t h e r lin e s o f
r a ilw a y c o n s t r u c t e d o r a c q u ir e d b y m e a n s o f th e c o n s o lid a t e d b o n d s , s u b je c t
Pacific Coast. An important extension of the Iowa Central
t o t h e p u r c h a s e - m o n e y l i e n s t h e r e o n ; ( b) 1 0 0 s h a r e s o f s t o c k o f
th e T o le d o
is also contemplated.” The last-mentioned line, it is said,
S o u t h . R y . a n d 1 ,0 1 4 s h a r e s ( $ 1 0 1 ,4 0 0 ) o f p r e f . s t o c k o f t h e A n n A r b o r R R .
q 'h e s a l e f i r s t m e n t i o n e d w i l l b e m a d e s u b j e c t t o $ 4 , 4 9 5 , 0 0 0 D e t r o i t S o u t h .
will be about 180 miles in length, also extending to the Cana­
R R . , O h io S o u th e r n D iv is io n 1 st M . 4 s , d u e M a r c h 1 1 9 4 1 , u p o n w h ic h
dian junction. Presumably both extensions will await a
i n t e r e s t Is d u e s in c e S e p t . 1 1 9 1 0 ( S e p t . 1 9 1 0 c o u p o n la s t p a id ) a n d a ls o
s u b je c t t o c a r tr u s t n o te s a n d o b lig a t io n s o f th e D e t r o it S o u t h e r n R R . (s o m e
favorable time for the floating of the necessary new securities.
$ 8 0 0 0 0 — E d .) a n d s u b je c t a ls o t o e q u ip m e n t le a s e s t o t h e D e t r o it T o l e d o
Mr. Erb controls the Ann Arbor R R .— V. 92, p. 659.
& I r o n t o n R y . C o . fr o m th e M e r c a n tile T r u s t & D e p o s it C o . o f B a lt im o r e ,
t r u s t e e , d a t e d O c t . 1 1 9 0 2 , t h e le a s e f r o m t h e A m e r i c a n L o c o m o t i v e C o .
Missouri Oklahoma & Gulf R y.— N e w S u b s i d i a r y . — The
d a te d S e p t. 15 1909
a n d t h e le a s e f r o m t h e A m e r . L o c o m o t i v e C o . d a t e d
Oklahoma City Terminal Ry. was organized on Aug. 7 with
J a n . 15 1 9 1 1 .
( V . 9 2 . p . 1 4 3 5 ).— V . 9 3 , p . 2 8 6 .
gjjGary (Ind.) & Connecting Railways — T r a f f i c A g r e e m e n t . $75,000 stock, to build a terminal on the proposed extension
— A mutual traffic agreement, we learn, has been entered to Oklahoma City and to take over the notes and cash sub­
into by this company, the Gary & Interurban (see V. 91, scribed by the Chamber of Commerce.
p. 1385, also “ Electric R y .” Section), the Goshen South I t Aw fi tl le rb teh eh epl dr o pb eyr ttyh er e qt eurimr eidn af ol rc ot hme pc ao nn ys t ruunctti il o nt h oe f Rt haei l tr eo ramd i nCaolmI sms ietct ue re e do f
Bend & Chica' o a id the Valparaiso & Northern electric t h e C h a m b e r o f C o m m e r c e I s s a t i s f i e d t h a t t h e M . O k l a . & G u l f h a s c o m ­
railways, to fu niah each other all the freight and passenger rp ol ea tde dc oI mt s pe an nd y o. f t Ah et ct oh ne t rsaa cmt ,e wt hi me ne tah en ep wr o pc eo rn ttyr awc it l l wbiel l d be ee d seidg nteod t hb ey r ta hi le­
business possible, but this does not call for any definite r a i l r o a d c o m p a n y w i t h t h e t e r m i n a l c o m p a n y w h i c h w i l l a l l o w o t h e r r o a d s
maximum or minimum payments, as has been reported.: .. . t o u s e t h e t e r m i n a l s u n d e r t h e t e r m s a g r e e d u p o n I n t h e o r i g i n a l c o n t r a c t

92,

p .

1499.

Detroit Toledo & Ironton Ry.— S a l e O cto b e r 5.— This
company’s property is advertised to be sold at auction in
Detroit on Oct. 5 under foreclosure of the “ general lien and
divisional 1st M.” and the consolidated mortgage. All
property covered by the first-named mortgage (N. Y. Trust
Co., trustee) will first be offered at an upset price of $2,­
500,000.
,




E x t e n s i o n . — It

470

THE CHRONICLE

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

m s r c c . ' - - - V 1C9 2 a l l p ° ai f)O on d

t h ° I ,o a r d o f d ir e c t o r s o f t h e C h a m b e r o f C o m flat cars. 1he bankers have sold privately the entire amount
New York Susquehanna & Western RR.— S u i t . — The of notes.— V. 93, p. 164, 106.
trustees of an estate holding $56,000 of the income bonds is­
ooaboard Air Lino R y ,— Proposed Lease.— The “ Manusued by the former Midland RR. of New Jersey have brought faotiuers Record” says that the special meeting of directors
suit in the Supreme Court for unpaid interest on the bonds of the company which was called for Aug. 15 to act on the
since the consolidation in 1881, and to establish a lien on the proposition to lease the Carolina Clinchfield & Ohio Ry.
property formerly owned by the Midland R R. in their favor. has been postponed until the latter part of September, on
account of the difficulty of getting the members of the board
F o ‘ r a So n n A u V T n h e ^ rh I ° n .v a r>r c t t r a i n a r y m o t i o n I n t h e s u i t b e f o r e J u s t i c e
' ,,?
' i & In ce t h e c o n s o lid a t io n o f t h e 6 r o a d s , th e e a r n im -s o f
together during the summer, and also because more time
h ? v e b e e n in c r K c d , a n d n o I n t e r e s t h a s b e e n p a id o n t h e U k lwas desired to consider the matter before acting thereon
'a n d 3
1 ,5 0 0 ,0 0 0 a u t h . I s s u e ), w h ic h h a v e n e v e r b e e n t r e a t e d
n o n a « r , ° K l ‘^ a l o n ' . r il u P l a i n t i f f s c o n t e n d
th e I n c o m e b o n d h o ld e r s h a v e
a
[It nas been rumored that the Chesapeake & Ohio was in
h v n t h ? v h V P r « p C r t y e / <?frm e r y o f t h e M i d l a n d ; t h a t t h e s a m e i s h e l d I n t r u s t
b lie N . Y . S u s q . & W e s t e r n f o r t h e p a y m e n t o f d e b t s o f t h e M i d l a n d
end
some way interested in the contemplated new arrangements],
i V h 'T l 0 c I a m ° C t b e b o n d h o l d e r s is s u p e r i o r t o t h e v a r i o u s m o r t g a g e s w h i c h
. Snale $
l ^ l s t s T h c c°mpany has sold to Blair
h a v e b e e n is s u e d b y th e c o n s o lid a t e d c o m p a n y .
T h e c la im
fo r in te r e s t
& t o . yl,o00,000 41^% equipment notes, maturing $75,000
J i m e ° r t I , e c o n s o l i d a t i o n is b a s e d o n t h e g r o u n d t h a t t h e c o m p a n y
v i o l a t e d t h e a g r e e m e n t c o n t a i n e d i n t h e i n c o m e b o n d s , t h a t n o m o r t 'm ^ e
amf
proceeds will bo used to provide about
s h o u ld b e p la c e d o n th e p r o p e r t y a h e a d o f t h e m , a n d t h e r e b y c a u s e d th e
p r in c ip a l o f th e b o n d s a ls o t o b e c o m e d u e .— V . 9 1 . p . 1 1 5 0 .
1
n n n i’000 worth of equipment ordered in April, including
Norwich & Westerly Traction Co.— R e o r g a n iz e d C o m p a n y . 1,000 box curs, 200 steel phosphate cars, o0 caboose cars,
— This company has been incorporated as successor of the 3 exp less, 3 combination, 3 postal cars and 25 locomotives.
Listed.— T h e N Y. Stock Exchange has listed $19,000,000
bankrupt Norwich & Westerly Ry. Co. and has taken
possession of the property, but is not prepared as yet to refunding M. 4% bonds and has authorized the listing of
make a statement as to its new securities. R. W. Perkins $o,295,000 additional bonds prior to Jan. 1 1912 oil notice of
issuance, making the total amount to be listed $24,295,000.
of Norwich is Treasurer.— V. 92, p. 1500.
'Xere issucd chiefly for refunding purposes.
Ohio Valley Electric R y., Huntington, W . V a . — S a l e —
(V. 92, p. 1110, 1179, 1244).
See American Railways Co. above.— V. 92, p. 1427
.Pacific Light & Power Corporation, Los Angeles.— N e w V ^93^^408^ 283a /^ ^tatement•— ®ec “ Annual Reports” .
B o n d s . — The stockholders will meet Oct. 9 to vote on author­
Toronto (Can.) R y .— Stock Offered— Slock Dividend.— Thc
izing a new issue of 835,000,000 bonds, of which a sufficient
amount will, it is understood, be reserved to retire the “ not stockholders on Aug. 14 ratified the proposed increase in the
authorized stock from $8,000,000 to $12,000,000 and also
to exceed $9,015,000” of outstanding bonded debt of certain
payment of a stock dividend of $1,000,000 to holder) of
subsidiary companies, and also the corporation’s present in­ the
debtedness of $3,000,000 collateral trust 6% 5-yr. gold bonds. record Aug. 25 in the proportion of one share for every 8
shares held on that date (vr. 93, p. 230). Stockholders of
n n ^ n n A 3 r e c e n t l y r e p o r t e d t h a t a r r a n g e m e n t s h a d b e e n m a d e t o s e l l $ 1 0 ,­
record Aug. 2o will be allowed to subscribe for $2,000,000
0 0 0 ,0 0 0 o f t h e n e w b o n d s .
v ’
W h ile th e P a c ific L ig h t A P o w e r C o r p . a n d th e S a n J o a q u in L ig h t &
of the stock at par in the proportion of one share for every
P o w e r C o r p . a r e c o n t r o lle d b y th e s a m e in t e r e s t , t h e y a r e s till, w e a r e in ­
4 shares held, on terms to be announced later. The certifi­
fo r m e d , s e p a r a te c o r p o r a tio n s .
cates tor the stock dividend will be issued on and after
Touching the plan to install a huge hydro-electric power on Sept.
15.— V. 93, p. 409, 347.
13ig Cieek in hresno County, Cal., Los Angeles press dis­
Underground Electric Rys., London.—Earnings of Subpatches, as reported by the San Fran. “ News Bureau ” sa v
T h e p o w e r s y s te m o f th e P a c ific L ig h t & P o w e r C o a n d *h o s m
V n a m .ln
Companies.— For half-year ending June 30:
i u

h

L i g h t & P o w e i ^ o . t h a t h a s j u s t b e e n l a u n c h e d Is p l a n n e d t o f u r n i s h c u r r e n t
l n a, y a s ‘ s t r e t £ h ° f C a l i f o r n i a 3 0 0 m i l e s l o n g , e x t e n d i n g f r o m M e r c e d o n t h e
n o r t h , t h r o u g h F r e s n o . U a k e r s ile ld a n d L o s A n g e le s , a s f a r s o u t h a s L o n g
d m lt

TtI w l? n 'p ^ r p n g iC f W ^ lies a r e u l t i m a t e l y t o t o u c h e v e r y c i t y w i t h i n t h a t
e x t e n d h a m th e o c e a n e a s tw a r d a s fa r a s S a n B e r n a r d in o .
Io n w ^ I t h t h c t r e 3 n o p r o je c t , VV. G . K e r c k h o f f s a y s :
“ W h ile
5
t o h o s A n g e le s a n e n o r m o u s a m o u n t o f p o w e r , w e fig u r e th a t
t n e r c w ill b e m o r e t h a n e n o u g h d e m a n d f o r a ll w e c a n p r o v i d e a n d a ll t h a t
t h e c it y a q u e d u c t w ill fu r n is h , a n d t h a t fu r t h e r d e v e lo p m e n t w ill b e r e ­
q u ir e d a t t h a t .
T h is o n e s o u r c e o f s u p p ly w ill g iv e th e P a c ific L ig h t &
1 o w e r C o . 1 5 0 ,0 0 0 h - p . a t o n c e .
T h e e s tim a te o f th e c it y a q u e d u c t s u p p ly
‘V n 0 ? 1 6 ^ 1
ik e
h .p ., s o t h a t w it h in a v e r y s h o r t tim e L o s A n g e le s
w ill h a v e a t Its o r d e r 2 0 0 „ 0 0 0 h .p . o f e L e c tr lc p o t e n c y .
A l t o g e t h e r in Its
I3 Ig C r e e k w a t e r t h e P a c i l l c L i g h t & P o w e r C o . h a s c o n s i d e r a b l y m o r e h o r s e
p o w e r t h a n is c o n t a i n e d in t h e N i a g a r a P a l l s , o n e s t r o t c h o f w a t e r g i v i n g a
*
is

I
2 ,0 5 0

ft.

in

ln f o u r
le n g t h .— V .

93,

T h a t p o r t io n
p . 408.

of

th e

fir s t fa ll t o

be

u t iliz e d

Railway & Light Securities Co., Boston.— N e w S t o c k . __
Common stockholders of record Aug. 1 1.911 are ofFercd the
right to subscribe, at par ($100 per share), for the $1,000,000
new 6% cumulative prof, stock (callable at 125 and accrued
div.) at office of Sec.-Treas. E. J. B. Huntoon, 60 State St.,
Boston, on or before Sept. 1 1911, to the extent of one share
for each share of common held by them, respectively. Sub­
scriptions arc payable in full at once. Common stock auth.
$1,200,000; issued, $1,000,000. Issued preferred stock now
to be $2,000,000. Compare V. 93, p. 286.
Rapid Transit in New York City.— I n j u n c t i o n D e n i e d .—
Justice Ford in the Supreme Court in this city on Aug. 16
denied the application of the Admiralty Realty Co., as a°taxpayer, for an injunction restraining the Bradley Contracting
Co. from continuing work on the new Lexington Avenue
(Manhattan) subway and from entering into the arrangement
with the Brooklyn Rapid Transit looking toward the opera­
tion by the latter of the proposed system of new subways.
I n c fir s t s p a d e f u l o f e a r t h w a s t u r n e d b y C h a ir m a n V V IU cox o f t h e P u b l i c
S e r v ic e C o in m ls d o n o n J u ly 3 t a t L e x in g t o n A v e n u e a n d 6 7 th S t r e e t , w ith
a p p r o p r ia t e c e r e m o n ie s , a n d a n u m b e r o f s h a fts h a v e s in c e b e e n s u n k a t
v a r io u s p la c e s a lo n g th e r o u t e b y th e B r a d le y c o m p a n y .
J u s t ic e F o r d s a y s t h a t u p o n th e a r g u m e n t h e w a s I n c lin e d to t h e v ie w
t h a t t h e c h a n g e s In t h e s p e c i f i c a t i o n s o f t h e c o n s t r u c t i o n c o n t r a c t s b e t w e e n
t h e ir a d v e r t is e m e n t a n d a c t u a l a w a r d m ig h t b e o f s u c h a n a t u r e a s t o c a ll
f o r th e I n t e r v e n t io n o f th e C o u r t , b u t a c a r e fu l s t u d y o f t h e b r ie fs s u b m it t e d
h a s b r o u g h t a im t o t h e c o n t r a r y v i e w .
P l a i n t i f f li a s , ln h is o p i n i o n , f a il e d
t o r e b u t th e p r e s u m p tio n t h a t th e p u b lic o ffic ia ls c h a r g e d w ith th e p r e p a r a t lo n , a d v e r t is e m e n t a n d a w a r d in g o f th e s o -c a lle d B r a d le y c o n tr a c ts h a v e
a c t e d In g o o d f a it h a n d ln c o m p l i a n c e w it h t h e la w .
T h e C o u r t s a y s t h a t t h e g r a v e r q u e s t i o n p r e s e n t e d Is t h e s e c o n d
v iz •
w h e th e r t h e p r o p o s e d p la n o f o p e r a t io n (o ffe r e d b y th e B r o o k ly n R a p id
T r a n s i t C o . ) is v i o l a t i v e o f t h e C o n s t i t u t i o n o f t h e S t a t e o r b e y o n d
th e
P o w e rs o f th e C ity o f N e w Y o r k .
A s t o th is . J u s t ic e F o r d s a y s :
i 'u e s e e m i n g l y c o n t e m p l a t e d g u a r a n t y o f
c e r ta in
net
e a r n in g s t o
a
p r o s p e c t iv e b id d e r m ig h t o r m ig h t n o t b o e ith e r v io la t iv e o f th e C o n s t it u t io n
or beyon d
th e p o w e r s o f th e m u n ic ip a l c o r p o r a t io n .
B u t
I th in k
th e
p l a i n t i f f s a p p l i c a t i o n f o r i n j u n c t i v e r e l i e f u p o n t i l l s b r a n c h o f t h e c a s e Is
p r e m a t u r e .”

Bidder Declines Award.— Charles II. Peckworth, who as
the lowest bidder for Section 7 of the Lexington Avenue sub­
way, received the award of the contract, has notified the
Public Service Commission of his refusal to undertake the
work, owing to the long delay between the putting iu of the
bid and the letting of the contract.
M r . i ’ c c k w o r t h ’s b id fo r t h e s e c t io n w a s $ 2 ,7 5 0 ,1 0 0 . w h ile
C o n t r a c t in g C o ., th e n e x t lo w e s t b id d e r , a s k e d $ 3 ,8 7 0 ,3 3 3 .
It
b e e n d e c id e d b y t h e C o m m is s io n w h e t h e r n e w b id s w ill b e a d
o r w . i e t h 'c t h e c o n t r a c t w i l l b : g i v e n t o t h e B r a d l e y c o . —
93,

th e B r a d le y
has n ot yet
v e r tis e d fo r
p. 280, 230

v.
St. Louis & San Francisco RR.— Equipment Notes Sold
and Re-Sold.— The company has sold to Speyer & Co. about
$3,000,000 equipment trust notes covering approximately
$3,300,000 worth of equipment to be used on its system and
consisting of 1,500 refrigerator cars, for the fruit and vege­
table trade, 51 steel passenger cars, 32 locomotives and 250




L ondon
,

..

F ir s t Passengers,
H al —
N u m ber.
1 9 1 0 ...5 0 ,0 4 5 ,1 4 0

Gross
llc v .
£

E le c tr ic

Net
lie v.
£

2 2 !h 8 1 7 2 1 7 .8 9 8
3 0 5 ,6 2 4 1 9 8 ,4 0 4

„
M e tr o p o lita n
t o n . . .4 0 , 5 3 9 , 4 0 4 3 2 7 ,1 7 0 1 7 4 ,4 2 9
1 9 1 0 -------- < 6 , 1 8 0 , 3 0 8 3 0 0 , 0 4 0 1 5 0 , 7 1 5
r r o o t th e e a r n in g s o f th e 0 m o s

R a ilw a y .

Ollier
In c .
£
5 ,7 1 3
5 ,7 4 3

F ix e d
d ig s .
£
9 5 ,4 3 0
9 4 ,5 0 4

D ioidcnds —
P ro f.
o rd .
£
£
a 0 3 , 0 0 0 b 1 0 ,6 4 0
—

rial

S u rn ’
£

1 8 ,5 4 1

............................ _

D is t r ic t R a ilw a y .
4 9 , 0 1 1 1 3 2 , 1 8 8 < 1 0 8 ,7 1 5
4 5 , 3 8 1 1 3 0 , 7 0 0 < 1 5 3 ,7 5 0
. o f 1911 £ 7 ,5 0 0 w a s s e t

22 2 5 7
' 1 7 ’ ,5 8 0
a s id e " b y ’ t h e

- ' e t n e u > ;,;.a s ,ar r e s e r v e f o r c o n t i n g e n c i e s a n d r e n e w a l s , a g a i n s t
£ 1 3 .0 0 0 in 1 9 1 0 .
I h e M e tr o p o lita n
D is tr ic t R y . s e t a s id e £ 1 0 ,0 0 0 a s a
r e s e r v e fo r r e n e w a ls fr o m t h c e a r n in g s o f t h e 0 m o s . In e a c h o f t h e t w o y e a r s .
a

D 'v .

on

d
_ d,
/ w
r a t e o< 4 J 4 %

£ 3 ,1 5 0 ,0 0 0

p r e f. s t o c k

a t th e

ra te

of 4 %

per annum

o r ,ll,la i'y s h i r e s , f u ll y p a id , a t I % p e r a n n u m .
d v s - 0 :1 ‘l / ? f f U a r - s t o c k , a n d o n l l r s t p r e f e r e n c e s t o c k a t t h e
p e r a n n u m In 1 9 1 1 , a g a i n s t 3 % in 1 9 1 0 .— V . 9 3 , p . 4 0 9 , 3 4 7 .

Union Pacific RR.— N o D i s s e n s i o n s . —'President Lovett
on Aug. 18 gave out the following:
f,G n d ; l y i U n i o n P a c i n e h a s b e e n s i n g l e d o u t a s t h c o b j e c t
O v itT c .A
,
111 ) r y n u l n b ? r o f b i s : i e s s r u m o r s s o p e r s i s t e n t l y - r e i t e r a t e d
r,
h i s - , : 3 ? n V ' , l ° . Vn e d u I , , U F s t o c k h o l d e r s , w h o m
s u c h s to r ie s a r e d e s ig n e d
... .
A J ] , 11 1
1 M a t e t h a t t h e r e a r c n o d i s s e n s i o n s w h a t e v e r In
h!
,
o f J l r c o t o r i . t h i t t h e m a n a g e m e n t f r o » t o p t o b o t t o m Is p e r f e c t l y
[d o u s '
a c h a n ce In t h e d i y l l e n d r a t e h a s n o t b e e n d i s c u s s e d o r ln
a n y w . i \ e o m l d e r • 1, a n 1. a s l l e f r o m s o m e r e - a r r a n g e m e n t o f a n d a d d i t i o n s
t o o u r o r g a n i z a t i o n , a s I s o m ; t i m e a g > r e c o r n m e n le d a n d w h i c h ln d u e t i m e
w i n o o m a d e , i n a c t i o n h a s b e e n t a k e n o r l.s c o n t e m p l a t e d o u t o f t h e o r d i n ­
ary.
See V . 93, p . 409, 405.

United Railroads of San Francisco.— I n d i c t m e n t s D i s ­
Court Judge Win. P. Lawlor on /Vug. 17
dismissed the indictments found against President Patrick
Calhoun and Tirey L. Ford, Thorn well Mullally and William
M. Abbott, all officials of the company, for alleged bribery
of public officers, in accordance with the order of the District
Court of Appeals.— V. 92, p. 1244.
United Railways & Electric Co., Baltimore.— Called.— All
the $195,000 outstanding car trusts, series C; also all thc
$340,000 car trusts, series B, that mature subsequent to
Oct. 1 1911 when 885,000 are due. Both blocks will be paid
at 102 and int. at the Safe Deposit & Trust Co., Baltimore,
on Sept. 30.— V. 93, p. 165.
Wabash RR.-—E q u i p m e n t N o t e s S o l d . — The company has
sold to Blair & Co. $1,000,090 5 % equipment notes to cover,
it is said, about 1,000 box cars, 200 hopper cars and some
locomotives.— V. 93, p. 47.
Winona (Minn.) Railway & Light Co.— R e c e i v e r s h i p . __
Judge Charles A. Willard in the U. S. District Court at Mil­
waukee on Aug. 15 appointed Howard Morris of Milwaukee
receiver for the company on application by the Old Colony
Trust Co. of Boston, thc mortgage trustee, in a suit to fore­
close thc mortgage of $495,000. The “ Minneapolis Journal”
on Aug. 16 said:
m i s s e d . — Superior

C la r e n c e C . S m it h , r e c e iv e r o f t h c I .a C r o s s e W a t e r P o w e r C o
ow n er of
th e c o m m o n s t o c k o f th e W in o n a c o m p a n y , a s k e d fo r a n a p p e a l a n d a s t-iv
5 J ? K a u cst; fo r a n a p p e a l w as g ra n te d b u t th e s ta y w as
r e fu s e d , s o th a t
a h . M o r r is w ill a t o n c e
a ssu m e c o n tr o l o f th e W in o n a p r o p e r ty
in te r e s t d u e o n t h c m o r tg a g e o n J u ly 1 , a m o u n t in g to $ 1 2 3 7 5
w as ten ­
d e r e d t o th e O ld C o lo n y T r u s t C o . b y t b e r e c e iv e r o f th e L a C r o s s e c o m p a n y
b u t w a s d e c lin e d o n th e g r o u n d t h a t w h e t h e r I n te r e s t w a s p a id o r n o t th e
s e c u r it y o f th e p r o p e r t y w a s in s u ffic ie n t u n d e r th e o ld m a n a g e m e n t a n d
o n ly a n I m m e d ia t e r e v o l u t io n ln t h e m e t h o d s o f o p e r a t io n c o u ld p r o t e c t
th e In te re sts o f th e b o n d h o ld e r s .— V . 9 3 , p . 2 8 7 .
*
in o t c c t

INDTJ3TBIAL, GAS AND MISCELLANEOUS.
American Milling Co.— Assessment— 1The protective com­
mittee has sent a circular letter to the stockholders who de­
posited their shares with the committee under the terms of
the trust agreement of Aug. 24 1910.

AUG.

THE CHRONICLE

19 1911.]

T h e c o m m it t e e s t a t e s t h a t It h a s w a iv e d Its r ig h t t o a n y c o m p e n s a t io n ,
b u t t h a t th e tr u s t a g r e e m e n t p r o v id e d t h a t r e a s o n a b le e x p e n s e s c o n n e c t e d
w ith th e p r o c e e d in g s fo r w h ic h t h e c o m m it t e e w a s o r g a n iz e d s h a ll b e a l­
lo w e d a n d p a id , a n d t h a t t o m e e t e x p e n s e s a lr e a d y In cu rre d a n a s se s s m e n t
Is n e c e s s a r y .
I f a n y o f th e d e p o s it in g s t o c k h o ld e r s a re u n w illin g t o c o n t in u e w it h th e
c o m m it t e e a n y lo n g e r , t h e y m a y w it h d r a w th e ir s h a r e s a fte r h a v in g p a id
a n a s s e s s m e n t o f ir> c e n t s a s h a r e w i t h i n 1 5 d a y s .
D e p o s itin g s to c k h o ld e r s
w h o d e s ir e t o c o n t in u e th e lit ig a t io n a r e t o in d ic a t e t h e ir d e s ir e a t t h e tim e
o f p a y in g th e a s s e s s m e n t.
A m e e t in g o f th e s t o c k h o ld e r s w h o w is h t o c o n ­
t in u e t h e li t ig a t i o n w ill b e h e ld a t t h e D r e x c l B l d g ., P h l l a ., o n A u g . 3 0 ,
w h e n t h e c o m m i t t e e w i l l m a k e a f u l l r e p o r t . — V . 9 .1 , p . 1 2 1 .

E a rn in g s fo r

12

471

M o s. end. A p r .

30 1911

{P ric e, Waterhouse & Oo., A u dito rs.)

N e t e a r n in g s o n a n a p p r o x im a t e w e e k ly p r o d u c t i o n o f 6 0 0 ,0 0 0
l o a v e s o f b r e a d , a f t e r d e p r e c i a t i o n , & c ____________________ _________________
I n t . a t 3 1 i i % o n $ 1 ,0 0 0 ,0 0 0 (p e n d in g e m p lo y m e n t o n e x t e n s io n s )

$ 1 0 7 ,0 1 6
3 5 ,0 0 0

T o t a l f o r b o n d i n t e r e s t ( $ 7 5 , 0 0 0 p e r a n n u m ) ____________________________
$ 1 4 2 ,0 1 6
W it h th e e c o n o m ie s t o b e e ffe c t e d , I e s t im a t e t h e e a r n in g s o f th e p r e s e n t
p la n t s , w it h b r e a d a t p r ic e s n o w
p r e v a ilin g , w ill s h o r t ly a m o u n t t o o v e r
$ 1 8 0 ,0 0 0 a y e a r ,a n d , w it h p r o p o s e d n e w p la n t s In o p e r a t io n , a t t h e e n d o f i t s
fir s t fis c a l y e a r $ 2 6 0 ,0 0 0 a y e a r .
W it h a ll a d d it io n a l p la n t s t h a t w ill b e p r o ­
v i d e d w it h t h e c a s h n o w In t h e t r e a s u r y , t h e e a r n in g s s h o u ld s t e a d i ly g a i n t o
o v e r $ 5 3 0 ,0 0 0 a y e a r , o r m o r e t h a n s e v e n t im e s t h e b o n d I n t . r e q u ir e m e n t s .

American Multigraph Co., Cleveland.— I n c r e a s e o f S t o c k .—
Central Hudson Gas & Electric Co., Poughkeepsie, &c.,
The stockholders on Aug. 15 approved the proposed increase N. Y .— B o n d s O f f e r e d . — James A. Hutchinson and Merrill,
in the pref. stock from $300,000 to $1,000,000. Of the pref. Oldham & Co., both of Boston, are placing at par and int.
stock, $300,000 is to be issued at once, increasing the amount $000,000 “ first and refunding” mtge. 5% gold bonds, dated
outstanding to $500,000.
June 1 1911 and due June 1 1941. Interest J. & D. in N. Y .
T h e p r e f . s t o c k Is t o b e r e d e e m a b l e I n w h o l e o r I n p a r t a t 1 1 0 a n d a c c r u e d
City. Par $500 and $1,000 (c*). Trustee, Knickerbocker
d iv id e n d a t a n y d iv id e n d p e r io d .
B e fo r e d e c la r in g a n y d iv id e n d o n th e
Trust Co., N. Y . Tax-exempt in N. Y . State.
c o m m o n s t o c k , t h e c o m p a n y m u s t h a v e a n d r e ta in a s u ffic ie n t s u r p lu s t o
p a y th e 7 % d iv id e n d o n th e p r e fe r re d fo r t w o y e a r s .
A d i r e c t o r is q u o t e d a s s a y i n g t h a t a d i v i d e n d w i l l b e d e c l a r e d o n t h e
c o m m o n s t o c k t h is f a ll . If e a r n in g s c o n t i n u e t o b e f a v o r a b l e .
T h is w o u ld
h a v e b e e n d o n e b e fo r e h a d th e c o m p a n y n o t n e e d e d th e m o n e y fo r Im p ro v e ­
m en ts.
T h e n e w s t o c k Is s u e w ill p r o v i d e f o r r e q u ir e d I m p r o v e m e n t s .

N e w D i r e c t o r . — Samuel T. Nash has been elected a director
to succeed Frank J. Smith, resigned.— V. 93, p. 287.
American Smelting & Refining Co.— A c q u i s i t i o n . — The
company, it is stated, has acquired the Tiro General Mine
and Railroad in the State of San Luis Potosi; the railroad
known as the Potosi Central being 6 ^ miles in length and
connecting the mine at Charcos with the National Railways
lines at Los Charcos. The purchase price, it is said, is
$800,000.
T h e m in e h a s b e e n w o r k e d f o r m a n y y e a r s , b u t e n g in e e r s o f th e G u g g e n h e lt n s s t a t e t h a t m o r e t h a n $ 1 ,5 0 0 ,0 0 9 In o r e v a l u e s a r c In s ig h t .
T he new
o w n e r s h a v e m a d e a r r a n g e m e n t s w ith th e N a t io n a l R a ilw a y s o f M e x ic o fo r
th e h a n d lin g o f o r e a n d s u p p lie s b e t w e e n th e m in e
and
t h e s m e lt e r In
A g u a s c a lle n t c s .— V . 9 3 , p . 2 8 4 , 2 9 1 , 2 3 1 .

Bangor (Mo.) Power Co.— S u c c e s s o r C o m p a n y — B o n d s to
company was incorporated in Maine on
Aug. 11 with $1,250,000 auth. stock and $750,000 bonds, to
succeed to the rights, property and franchises of the Bodwell
Water-Power Co. (V. 84, p. 1184), which were bid in at fore­
closure sale on May 19 1911 by the reorganization committee.
A meeting of the stockholders of the Bangor Ry. & Electric
Co. (see that company under “ Railroads” ) has been called for
Aug. 20 to consider the guaranteeing of the $750,000 Bangor
Power Co. bonds, also the issuing of new stock for the pur­
chase of the Bangor Power Co. stock.
Beatrice Creamery Co., Lincoln, Neb.— D e n i a l . —The re­
port printed in various papers (but not in the “ Chronicle” )
that the company’s license to do business in Minnesota had
been revoked by the courts for violation of the anti-trust
laws is pronounced incorrect.
B e G u a r a n te e d . — This

[ T h e r e c e n t d e c i s i o n o f t h e M i n n e s o t a .S u p r e m e C o u r t , w e le a r n , w a s n o t
r e n d e r e d a g a in s t tills c o m p a n y o r a n y o f its s u b s id ia r ie s , b u t a g a in s t th e
C re a m e ry P a ck a g e M fg . C o .
N o s u c h a c t i o n o r s u it Is p e n d i n g a g a i n s t t h e
B e a t r ic e C r e a m e r y ( j o .— E d .l

Incom e Account fo r Y ea r ending F e b .

28

1911.

N e t e a r n in g s f r o m m a n u fa c t u r e a n d s a le o f c r e a m e r y b u t t e r , $ 2 2 9 ,l l l ; p u r c h a s e , m a n u fa c t u r e a n d s a le o f d a ir y a n d p r o c e s s b u t t e r ,
• $ 4 2 ,0 5 2 ; p u r c h a s e a n d s a le o f e g g s , $ 4 5 ,0 5 2 ; m a n u fa c t u r e a n d s a le
o f le e a n d c o l d - s t o r a g e r e n t a ls , $ 7 8 ,3 1 1 ; m a n u f a c t u r e a n d s a le o f
cream
s e p a r a t o r s , $ 1 7 ,0 1 4 ; p u r c h a s e a n d s a le o f p r o d u c e a n d
m i s c e l l a n e o u s m e r c h a n d i s e , $ 2 3 , 8 0 3 __________________________________________ $ 4 3 5 , 9 4 3
4 9 ,2 4 3
I n c o m e f r o m I n v e s t m e n t s a n d m i s c e l l a n e o u s s o u r c e s --------------- ------------- --

G
E
F
F

T o ta l In com
en eral exp en
x p e n d itu r e s
o r c o n t in g e n
or 0%
d iv a ,

e f r o m a l l s o u r c e s ------------------------------- ------------------------------------------------- $
s e s , I n c lu d in g a d v e r t is in g , s a la r ie s , g o v ’ t t a x , & o _ _
o n n e w p l a n t s ____________________________________ - ................... ................
t l o s s e s ---------------------------------------------------------------------------------------------------------( o n p r e f . , $ 1 2 0 , 0 0 0 ; o n c o m m o n , $ 9 0 , 0 0 0 ) ---------------------

4 8 5 ,1 8 0
$ 9 1 ,3 9 0
1 0 0 ,0 0 0
4 1 ,4 7 4
2 1 0 ,0 0 0

B a l a n c e a d d e d t o s u r p l u s a n d u n d i v i d e d p r o l l t s .............. ............................. $ 4 2 , 3 2 2
T o t a l c r e a m e r y b u t t e r m a n u fa c tu r e d fo r th e y e a r In th e c o m p a n y ’s o w n
p la n t s , 2 0 ,1 3 0 ,1 8 0 l b s .; In p la n t s p a r t ia ll y o w n e d , 5 ,8 8 7 ,2 8 4 lb s .
T ota l
s a le s o f p r o d u c t s f r o m t h e c o m p a n y ’s o w n p la n ts a n d
a g e n cie s w e r e o v e r
$ 1 2 ,0 0 0 ,0 0 0 ; fr o m p la n ts p a r t ia lly o w n e d , $ 3 ,0 0 0 ,0 0 0 .
T h e " s u r p l u s " o f $ 0 4 9 ,9 5 9 s h o w n In V . 9 3 , p . 1 6 0 , I n c lu d e d :
s in k in g
fu n d f o r r e t ir in g t h e p r e f. s t o c k , $ 0 0 0 ,0 0 0 ; u n d iv id e d p r o llt s ,
$ 3 4 8 ,9 5 9 ;
t o t a l, $ 9 4 8 ,9 5 9 .
C om pare V . 03, p . 100, 288.

Bodwell (Me.) Water Power Go.— S u c c e s s o r . — See Bangor
Power Co. above.— V. 92, p. 1111.
Canada Bread Go., Ltd., Toronto.— B o n d s O f f e r e d .—
Baillie, Wood & Croft, Toronto, arc aiding the vendors,
Cawthra Mulock & Co., to place, at 98j/£, $1,250,000 6%
1st M. sinking fund 30-year gold bonds offered with a bonus
of 25% of common stock.
D a ted A u g . 1 1911, d u e A u g . 1 1941.
I n t . (F . & A .) a t a n y b r a n c h o f
th e U n io n B a n k o f C a n a d a o r th e M e t r o p o lit a n B a n k .
P ar $100, $500
a n d $ 1 ,0 0 0 .
T r u s t e e , G u a r d ia n T r u s t C o .. L t d ., T o r o n t o . A fir s t m o r t g a g e
o n a ll p r o p e r t y n o w o w n e d o r h e r e a ft e r a c q u ir e d .
T h e c o m p a n y m a y re­
d e e m b y d r a w in g s o n th r e e m o n th s
n o t ic e a n y o r a ll b o n d s o n F e b . 1 o r
A u g . 1 In a n y y e a r a t 1 1 0 % a n d In t.
S in k in g fu n d o f 1 % p e r a n n u m o n
t h e p a r v a lu e o f a ll b o n d s o u t s t a n d in g t o a c c r u e fo r t h w it h .

C ap ital Issu ed and F u lly P a id U p.
1 s t M . 0 % 3 0 - y e a r s i n k i n g f u n d g o l d b o n d s ........................................................ $ 1 , 2 5 0 , 0 0 0
P r e f e r r e d s t o c k , 7 % n o n - c u m . , I s s u e d a n d f u l l y p a i d u p _____________ 1 , 2 5 0 , 0 0 0
C o m m o n s t o c k , is s u e d a n d fu lly p a id u p
--------------------------------------------------- 2 , 5 0 0 , 0 0 0
T h e p r a c t ic a l m e n w h o h a v e m a d e t h e d if f e r e n t c o m p a n ie s s u c c e s s fu l w ill
b e Id e n tifie d w it h t h e m a n a g e m e n t a n d d ir e c t io n o f th e n e w c o m p a n y .
D ir e c t o r s .— C a w t h r a M u lo c k ( P r e s .) , M a r k B r c d in ( V .- P . a n d G e n . M a n .) ,
G e o . W e s t o n , I I . C . T o m lin , A lfr e d J o h n s t o n a n d E . I f . L a s c h ln g e r ( S e c .) ,
a ll o f T o r o n t o , a n d V /. J . B o y d , W in n ip e g .

Assets (Aggregating

$ 1 ,8 4 7 ,6 5 0 ).

T h e a s s e ts (a p p r a is e d ) In e x c e s s o f a ll lia b ilit ie s , a n d w it h o u t a l­
l o w a n c e f o r g o o d - w i l l , t r a d e - m a r k s , (Sec-----------------------------------------------------C a s h p la c e d In t r e a s u r y fo r th e p u r c h a s e o r c o n s t r u c t io n o f a d d i­
t i o n a l p l a n t s a n d t o p r o v i d e a m p l e w o r k i n g c a p i t a l . , ........................
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O r g a n iz e d o n J u n o 3 0 1 9 1 1 (u n d e r la w s o f O n t a r io ) a n d h a s a c q u ir e d
t h e p r o p e r t ie s a n d b u s in e s s e s o f fiv e o f t h e la r g e r b r e a d m a n u fa c t u r in g
c o m p a n ie s In C a n a d a , t h r e e in
T o r o n t o (a ll
In
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y e a r s , v i z ., B r c d in B r e a d C o ., G e o . W e s t o n ’s “ M o d e l B a k e r y ” a n d I I . C .
T o m l i n ’ s “ T o r o n t o B a k e r y " ) , o n e i n M o n t r e a l ( S t u a r t 's , L t d . ) a n d o n e in
W in n ip e g (W . J . B o y d )
(la s t t w o In o p e r a t io n n e a r ly 2 0 y e a r s .— E d .) .
T o t a l c a p a c it y , 0 0 0 ,0 0 0 lo a v e s o f b r e a d p e r w e e k .
I t Is I n t e n d e d f o r t h w i t h
t o u s e $ 5 0 0 ,0 0 0 o f t h e $ 1 ,0 0 0 ,0 0 0 c a s h n o w In t h e t r e a s u r y t o a c q u ir e o r
c o n s t r u c t o t h e r m o d e r n p la n ts In th e c itie s n a m e d , b r in g in g th e o u t p u t u p
t o 1 ,0 0 0 ,0 0 0 lo a v e s o f b r e a d p e r w e e k .
I t Is a ls o t h e I n t e n t io n t o e r e c t
fu r t h e r p la n ts a t U o g ln a , C a lg a r y , V a n c o u v e r a n d o t h e r p o in t s .




Com bined E a rn in g s fo r Calendar Y ears P rio r to Consolidation .
1909.
1910.
I
1909.
1910.
G ro s s e a r n in g s ...$ 5 9 5 ,4 1 1
$ 7 2 0 , 9 6 7 O t h e r I n o o m e ______
$ 3 ,1 7 8
$ 8 ,8 0 1
N e t, a fte r t a x e s ..
1 8 4 ,0 4 4
2 1 3 , 8 4 6 [ T o t a l n e t _____________ 1 3 7 , 8 2 2
2 2 2 ,0 4 7
I n t e r e s t o n p r e s e n t $ 2 , 0 0 0 , 0 0 0 m o r t g a g e d e b t c a l l s f o r _________________ $ 1 0 0 , 0 0 0
B a l a n c e f o r d e b e n t u r e s a n d s t o c k ___________ _________________________________ $ 1 2 2 , 6 4 7
A c o n s o lid a t io n in 1 9 1 0 o f th e P o u g h k e e p s ie L ig h t , H e a t & P o w e r C o .
(V . 9 1 , p . 1 7 7 7 ), N e w b u r g h L ig h t , H e a t & P o w e r C o . (V . 8 9 , p . 5 3 2 ) a n d
t h e H u d s o n C o u n tie s G a s & E le c t r ic C o ., t o g e t h e r d o in g t h e e n t ir e g a s a n d
e le c t r ic b u s in e s s In N e w b u r g h a n d P o u g h k e e p s ie a n d t h e e le c t r ic b u s in e s s
in H ig h la n d , H y d e P a r k , N e w P a lt z , W a l k ll l, W a l d e n , C o r n w a ll a n d o t h e r
c o m m u n it i e s In O r a n g e a n d U ls t e r c o u n t ie s .
N e w b u r g h a n d P o u g h k e e p s ie
a re o ld a n d s u b s ta n tia l c o m m u n it ie s w ith g r o w in g m a n u fa c t u r in g e n te r ­
p r is e s a n d a d ja c e n t t o a d is t r ic t o f p r o s p e r o u s fa r m s a n d r e s id e n t ia l c o u n t r v
e sta tes.
S e r v e s a p o p u la t io n o ffic ia lly e s t . a t 1 0 0 ,0 0 0 .
C o u n s e l fin d s t h e
fr a n c h is e s a d e q u a t e , fr e e fr o m b u r d e n s o m e r e s t r ic t io n s a n d , w it h t w o u n ­
im p o r ta n t e x c e p t io n s , t h e y e x te n d b e y o n d 1 9 4 1 .
D ig e s t

of

L e tte r

fro m

S e cre ta ry

T .

C a p italiza tio n .

R .

B eal

J u ly

8

1911.

C a p i t a l s t o c k ( a u t h o r i z e d , $ 2 , 5 0 0 , 0 0 0 ) ______________________________________ $ 1 , 1 0 0 , 0 0 0
B o n d , 1 s t a n d r e f u n d i n g 5 s ( a u t h . , $ 5 , 0 0 0 , 0 0 0 ) ; t h i s i s s u e ________
6 0 0 ,0 0 0
R e s e r v e d f o r p r i o r H e n s ------------------------------------------ ------------- ----------------------------------------- 1 , 4 0 0 , 0 0 0
T o t a l m o r t g a g e d e b t _______________________________________________________________ $ 2 , 0 0 0 , 0 0 0
C o n v e r t ib le d e b e n tu r e s o f s u b - c o ’s ( c o n v . in t o $ 4 5 0 ,0 0 0 s t o c k ) . .
$ 4 3 0 ,3 0 0
[ T h e p r i o r lie n s a r e : P o u g h k . L t . , l i t . & P . C o . 1 s t 5 s , d u e 1 9 1 4 , $ 7 5 ,0 0 0 ,
a n d 1 st c o n s o ls , d u e N o v . 1 1 9 2 1 , b u t c a lla b le a ft e r N o v . 1 1 9 1 1 a t 1 0 5 ,
$ 5 2 5 ,0 0 0 (s e e V . 9 1 , p . 1 7 7 7 ); N e w b u r g h L t . , H t . & P . 1 s t 5 s . d u e F e b . 1
1 9 2 1 , $ 7 0 0 ,0 0 0 (s e e V . 8 9 , p . 5 3 2 ); H u d s o n C o u n t ie s G a s & E l. C o . 1 s t M .
5 s , d u e J u n e 1 1 9 3 0 , in t . J . & D . a t K n ic k . T r . C o ., N . Y „ $ 1 0 0 ,0 0 0 .
T he
c o n v e r t i b le d e b e n t u r e s I n c lu d e $ 1 5 0 ,0 0 0 P o u g h k e e p s ie 6 s , d u e J u ly 1 1 9 2 6 ,
I n t . Q .- J ., a n d $ 3 0 0 ,0 0 0 N e w b u r g h 8 s , d u e J u n e 1 1 9 1 8 , in t . J . & D .— E d .]
T h e c o m p a n y h a s a t P o u g h k e e p s ie a n e w ly e q u ip p e d g e n e r a tin g s t a t io n
o f 5 ,3 0 0 k .w . a n d a n o t h e r a t N e w b u r g h o f 1 ,1 2 0 k .w .; a ls o g a s p la n t s a t
P o u g h k e e p s ie a n d N e w b u r g h o f a to ta l g e n e r a tin g
c a p a c ity
of
1 ,2 5 0 ,0 0 0
c u . f t . p e r d a y , w it h a n e w p la n t b u ild in g a t P o u g h k e e p s ie w h ic h w ill in ­
c r e a s e t h is t o 1 ,8 5 0 ,0 0 0 c u . f t . p e r d a y .
T h e s e b o n d s ($ 6 0 0 ,0 0 0 ) p r o v id e f o r a n e n la r g e m e n t o f b o t h g a s a n d e le c ­
t r ic p r o p e r tie s m a d e n e c e s s a r y b y In c r e a s e d d e m a n d a n d fo r llo a t ln g d e b t
in c u r r e d t h e r e fo r .
T h e y w ill b e a 1 s t M . o n th e n e w g a s p la n t a t P o u g h ­
k e e p s ie a n d o t h e r p r o p e r t y . I n c lu d in g o f f ic e b u ild in g s a n d r e a l e s t a t e in
P o u g h k e e p s ie a n d N e w b u r g h , t o g e t h e r e s t im a t e d a s w o r th o v e r $ 3 0 0 ,0 0 0 ,
a n d w it h t h e p r o c e e d s o f th is Iss u e e x p e n d e d a b o u t $ 4 0 0 ,0 0 0 .
T o ta l v a lu e
o f e n tir e p r o p e r t y , a s s ta te d b y th e P u b lic S e r v ic e C o m m . D e e . 31 1 9 1 0 ,
$ 3 ,5 3 3 ,7 8 1
(fix e d c a p it a l, $ 3 ,2 1 0 ,8 8 7 ; llo a t ln g c a p it a l, $ 2 3 7 ,3 7 0 ; I n v e s t­
m e n t s , $ 4 2 ,2 2 5 : m is c e lla n e o u s , $ 4 3 ,2 9 8 ), w h ic h w ill n o w b e I n c r e a s e d t o
o v e r $ 3 ,8 0 0 ,0 0 0 .
O f t h e a u t h o r . Is s u e o f $ 5 ,0 0 0 ,0 0 0 b o n d s , $ 3 ,0 0 0 ,0 0 0 a r e I s s u a b le o n ly f o r
fu t u r e I m p r o v e m e n t s o r a d d it io n s w h e n n e t e a r n in g s a r e 1 % t im e s t h e in ­
t e r e s t c h a r g e , in c lu d in g t h e b o n d s p r o p o s e d t o b e is s u e d .
T h e b o n d s se­
c u r e d b y th is m t g e . a n d u n d e r ly in g m t g e s . c a n n o t a t a n y t im e e x c e e d 8 0 %
o f th e t o t a l c a p it a liz a t io n o f b o n d s a n d s t o c k .
D a t a fr o m S t a t e m e n t b y P . S . C o m m is s io n o f N . Y . A p r il 1 9 1 1 ( s u p p .b y E d .)
D iv id e n d h is t o r y o f c o n s t it u e n t c o m p a n ie s : N e w b u r g h C o . (s t o c k D e c . 31
1 9 1 0 , $ 5 0 0 ,0 0 0 ), 1 9 0 1 , 1 9 0 2 , 1 9 0 3 , n o n e ; 1 9 0 4 , 1 H % : 1 9 0 5 . 3 ^ % ; 1 9 0 6 ,
1 9 0 7 , 1 9 0 8 , 4 % ; 1 9 0 9 , 5 % ; 1 9 1 0 , 6 J -j% .
P o u g h k e e p s ie C o . ( s t o c k D e c . 31
1 9 1 0 , $ 5 0 0 ,0 0 0 ), 1 9 0 1 , 1 9 0 2 , n o n e ; 1 9 0 3 , 1 H % ; 1 9 0 4 , 1 9 0 5 , 2 % ; 1 9 0 6 , 1 9 0 7 .
1008, 1909, 4 % ; 1910, 9 % .
H u d s o n C o u n t ie s C o . (s t o c k , $ 1 0 0 ,0 0 0 ) h a s
p u t it s e a r n in g s I n t o I m p r o v e m e n t s a n d e x t e n s io n s ; U s n e t e a r n in g s a f t e r
a ll e x p e n s e s a n d c h a r g e s w e r e in 1 9 0 9 a n d 1 9 1 0 m o r e t h a n 6 % o u I t s c a p ­
it a l s t o c k .
T h e N e w b u r g h e a r n in g s a r e r e p o r t e d a s I n c r e a s in g fa s t e r t h a n
t h o S e o f P o u g h k e e p s i e , b u t a s t h e c i t y o f P o u g h k e e p s i e Is g r o w i n g v e r y r a p ­
id ly , t h e P o u g h k e e p s ie d iv is io n w ill p r o s p e r a c c o r d in g l y , w h ile t h e N e w ­
b u r g h d iv i s i o n m a y e x p e r ie n c e q u it e a r e d u c t io n In e a r n in g s w h e n t h e A s h o k a n A q u e d u c t w o r k Is c o m p l e t e d .
T h e P o u g h k e e p s ie C o m p a n y ’s d is t r ib u t io n In 1 0 1 0 w a s a s f o l l o w s ;
C it y
o f P o u g h k e e p s ie , 4 ,3 9 8 ,6 9 1 k .w . h o u r s ; t o w n o f P o u g h k e e p s ie , 3 4 8 ,7 3 5 k . w .
h .; t o w n o f H y d e P a r k , 3 8 ,4 2 5 k .w . h .; t o w n o f L lo y d , 3 6 ,1 8 9 k .w . h .
T h e
c o m p a n y a ls o r e n t e d s p a c e In Its p o w e r h o u s e t o t h e N e w b u r g h C o m p a n y
f o r a la r g e s t e a m t u r b in e a n d g e n e r a t o r , fr o m w h ic h 8 ,2 1 3 ,0 0 0 k .w . h o u r s
o f c u r r e n t w e r e d e liv e r e d t o t h e t r a n s m is s io n lin e d u r in g 1 9 1 0 .
T h is la s t
c m a p p e a r s t o h a v e b e e n s o ld p r in c ip a lly t o th e N . Y . C it y A q u e d u c t c o n ­
t r a c t o r s ; w e u n d e r s t a n d t h a t th e u s e o f t h is c u r r e n t w ill b e lim it e d t o a
p e r io d o f a b o u t fo u r y e a r s , t w o o f w h ic h h a v e e x p ir e d .
D is tr ib u tio n a t
N ew bu rgh :
C it y o f N e w b u r g h , 2 ,5 7 9 ,1 1 1 k .w . h .; t o w n o f N e w b u r g h , 3 1 6 ,­
3 0 4 k .w . h .; t o w n o f N e w W in d s o r , 1 3 4 ,6 5 5 k .w . h .; t o w n o f M a r lb o r o u g h ,
0 6 ,1 8 8 k .w . h .; w h o le s a le (p r in c ip a lly t o N . Y . A q u e d u c t c o n t r a c t o r s ),
1 2 ,3 0 6 ,7 5 0 k . w . h .

Cities Service Co.— E a r n i n g s . — For 10 mos. end. July 31:
E a r n s , o n s u b . c o ’ s s t o c k . . $ 7 1 8 , 2 l 9 | N c t e a r n i n g s ______________________ $ 7 2 7 , 7 8 3
M i s c e l l a n e o u s e a r n i n g s ________
3 2 ,8 6 3 1
D educt —
P r e fe r r e d
d i v i d e n d s __________ $ 4 1 3 , 9 5 6
C o m m o n d i v i d e n d s ________________ 1 1 8 , 6 5 0

I

—
T o t a l d i v i d e n d s _______________ $ 5 3 2 , 6 0 6
S u r p l u s ________________________________ $ 1 9 5 , 1 7 7

— V .

93,

p .

231.

Colorado Springs Light, Heat & Power Co.— E a r n i n g s .—
Bertron, Griscom & Jenks report:
Y r . end.
J u n e SO—

Gross
E a rn s .

1 9 1 1 ________ $ 5 3 2 , 5 0 9
1 9 1 0 ________ 5 2 8 , 1 2 5
— V . 91, p . 1097.

N e t ----------- Interest on ---------E a rn s . U n d erl'fg . XstARef.fts.
$ 2 5 0 ,6 8 7
2 3 0 ,4 2 4

A m o riiration .

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

$ 6 5 ,0 0 0
$ C O ,0 0 0
$ 1 0 ,1 1 6 $ 1 1 5 ,5 7 1
9 9 ,2 0 0
.......................................
2 0 .0 0 7 1 1 1 ,2 1 7

Dominion Coal Co., Ltd.— S a l e o f B o n d s . — Lee, Higginson
& Co., New York, Boston and Chicago, and Higginson & Co.,
London, recently offered at 9 8 ^ and int., and have now sold,
the final $700,000 1st M. 5% sinking fund gold bonds dated
1905 and due May 1 1940, but callable at 105 and accruedint.
Outstanding (closed mortgage), $6,905,500; retired by
sinking fund, $94,500; total auth., $7,000,000.
A b s t r a c t o f L e tte r fr o m P r e s . J . H . P lu m m e r , M o n tr e a l, J u ly 5 1 9 1 1 .
C o n t r o lle d b y D o m in io n S te e l C o r p o r a t io n , L t d ., w h ic h o w n s o v e r 9 7 %
o f f tuhnod ,$ 1$59, 4
0 ,0500, 0
0 ;0 0o uc to smt a. n sdt ionc gk __________________________________
.
P r e f. s to c k (7 %
c u_________________
m . ) . $ 3 , 0 0 $0 6, 0, 90005. , 5 0 0
C a p o B r e t o n r e a l e s t a tTotal
e d ebF
en
$ 8 7 , 8 8$ 67 ;, 0 D
u tnudreeds , Debt,
4 1o ,m
9 1i n5 i. o n r o l l i n g
d e bbeonntdu sr ,e sd ,u $e 4 189, 45 02 , 9 a. .....................................
1 3 6 ,4 1 5
1 s ts tMo c. k5 %
u t h . , $ 7 , 0 0 0 , 0................................................
0 0 ; r e t i r e d b y s i n.............
k in g

E a rn in g s fo r F ifte e n M onths E n d e d M arch 3 1 1 9 1 1 .
N e t e a r n i n g s ------------------------------- $ 2 , U 8 , 6 8 6 [ I n t . o n b d s . ( $ 3 8 6 , 6 8 2 ) , & c . $ 4 3 7 , 8 3 3
D e p r e c ia t io n & r e n e w a ls ..
$ 5 0 0 , 0 0 0 1 S u r p l u s a f t e r c h a r g e s ------------ $ 1 , 1 8 0 , 8 5 3
N o t w it h s t a n d in g t h e fa c t th a t th o a b o v e p e r io d c o v e r s fo u r m o n t h s d u r ­
in g w h ic h t h e s t r ik e e x is t e d , a n d In c lu d e s t w o w in t e r p e r io d s w h e n e a r n in g s

THE CHRONICLE

<172

a r c n e c e s s a r ily s m a ll, t h e n e t e a r n in g s , a ft e r c h a r g in g o i l 5 5 0 0 ,0 0 0 f o r d e ­
p r e c ia t io n a n d r e n e w a ls , w e r e m o r e th a n fo u r t im e s b o n d In te r e s t c h a r g e s .

R esults. Y ears

1 9 0 4 -0 9 — 15

1901.
O u t p u t ( t o n s ) - . 3 ,0 2 3
N e t e a r n in g s —
5 1 .6 2 0

1905.
3 ,1 8 9
$ 1 ,5 7 3

M os. ended M arch
1906.
3 ,5 5 2
* $ 1 ,1 3 7

1907.
3 ,5 4 1
* $ 2 ,0 9 4

31

1911

1908.
3 ,5 5 5
* $ 2 ,6 8 6

(0 0 0

omitted).

1009.
’ 1 0 -’ l l .
2 ,7 3 4
4 ,4 1 2
* $ 1 ,1 1 3
$ 2 ,1 1 8

* I n 1 9 1 0 t h e c o m p a n y p a id t o t h e s t e e l c o m p a n y $ 3 ,5 5 0 ,0 0 0 In s e t t le ­
m e n t o f s u it .
T h i s Is c h a r g e a b l e a g a i n s t t h e e a r n i n g s f o r 1 0 0 6 t o 1 9 0 9 ,
I n c l u s i v e , b u t a s t h e p a y m e n t w a s a l u m p s u m It Is n o t p o s s i b l e t o d i s t r i b u t e
it a g a in s t th e v a r io u s y e a r s .
D iv id e n d s o f 8 %
p e r a n n u m w e r e p a id o n th e p r e f. s t o c k fr o m o r g a n iz a ­
tio n t o M a y 1 9 0 5 a n d 7 %
p e r a n n u m s in c e t h a t d a t e .
D iv id e n d s o f 4 %
p e r a n n u m w e r e p a i d o n c o m m o n s t o c k in 1 9 0 7 , 1 9 0 8 a n d 1 9 0 9 a n d 1 % in
A p r il 1 9 1 0 .
O n J u l y 3 1 9 1 1 t h e c o r p o r a t i o n p a id a d iv i d e n d o f 1 % o n Its
o w n s t o c k a n d th e fe w r e m a in in g h o ld e r s o f c o m m o n s t o c k o f th e C o a l C o .
r e c e iv e d a d iv id e n d a t th e s a m e r a te .
P ro p erty . — T h e 5 9 s a . m i l e s o f l a n d a r e a a n d 8 3 s q . m i l e s o f s e a a r e a a r c
e s t im a t e d t o c o n t a in a b o u t 1 ,4 0 0 ,0 0 0 ,0 0 0 t o n s o f c o a l; a b o u t 4 0 0 ,0 0 0 ,0 0 0
t o n s In t h e t h r e e u p p e r s c a m s n o w b e in g w o r k e d .
T h e r e a r e e ig h t c o llie r ie s
e q u ip p e d w it h m o d e r n m a c h in e r y , c a p a b le o f a n o u t p u t o f a b o u t 4 ,0 0 0 .0 0 0
t o n s p e r a n n u m ; a b o u t 1 2 0 m ile s o f r a ilr o a d , 2 8 s t a n d a r d -g a u g e lo c o m o t iv e s ,
1 ,6 0 0 f r e i g h t c a r s , 6 p a s s e n g e r c a r s , 6 s t e a m s h i p s , 2 t u g s , 8 b a r g e s , c o a i
d o c k s a n d p ie r s a t S y d n e y , L o u is b u r g , H a li f a x , S t . J o h n , M o n t r e a l. T h r e e
R iv e r s a n d Q u e b e c , a n d o t h e r v a lu a b le p r o p e r t y w h ic h , e n t ir e ly a s id e fr o m
t h e c o l l i e r y e q u i p m e n t , is v a l u e d a t w e l l o v e r t h e a m o u n t o f b o n d s o u t ­
s ta n d in g .
T h e c o m p a n y h a n d le s Its o u t p u t fr o m m in e s t o d e s t in a t io n .
P rospects. — T h e o u t p u t o f c o a l s i n c e t h e t e r m i n a t i o n o f t h e s t r i k e h a s
s h o w n a s a t i s f a c t o r y i n c r e a s e , a n d it Is e x p e c t e d t h a t t h e p r o d u c t i o n f o r t h e
p r e s e n t fis c a l y e a r w ill s h o w a v e r y la r g e g a i n .
T h e n e w m in e s In t h e L ln g a n d is t r ic t a r c b e in g s t e a d ily d e v e lo p e d , a n d t w o c o llie r ie s t h e r e w ill s o o n
lie in f u ll o p e r a t i o n , w i t h t w o m o r e u n d e r w a y .
T h e t w o m in e s o f t h e C u m ­
b e r la n d R y . & C o a l C o . a t S p r l n g h i l l a r e o p e r a t e d u n d e r le a s e a n d s h o u ld
p r e s e n t ly tu r n o u t a b o u t 4 5 0 ,0 0 0 t o n s o f c o a l a y e a r fo r d e liv e r y t o p o in t s
in N o v a . S c o t ia , N e w B r u n s w ic k a n d M a in e .— V . 9 2 , p . 1 4 3 4 .

General Motors Co.— C h a n g e o f F i s c a l Y e a r . — The directors
have decided to change the date of the fiscal year so as to
end July 31 instead of Sept. 30. The next statement of
earnings will therefore be for 10 months instead of a full
year. The action is taken in order to have the fiscal years
correspond with the trade seasons which have been estab­
lished by custom.— V. 93, p. 413, 411, 348.
Georgia Power Co., Atlanta, Ga.— S t a t u s . — This com­
pany, incorporated in Georgia about Oct. 1 1908, acquired
in May 1910, after foreclosure sale, the hydro-electric
development of the North Georgia Electric Co. at Gainesville,
Ga.; capacity about 5,000 h.p. (V. 90, p. 1243; V. 83, p.1595);
also in June 1910, following foreclosure under mortgage of
the Etowah Power Co. (Knickerbocker Trust Co., N. Y.,
trustee), the water-power rights of that company on the
Etowah River in Cherokee and Bartow counties, near Cartcrsville, Ga. These and other acquisitions have, it is stated,
placed the company in possession of most of the available
water-power sites in North Georgia. A 50-year franchise
has been obtained from the city of Atlanta, and on May 23
1911 the Georgia RR. Commission authorized the company
to issue 810,000,000 each of stock and bonds on account of
previous acquisitions and the new hvdro-electric plants and
transmission system which the Northern Contracting Co. of
N. Y . has been organized to build. Work is very actively
going on and the company is building 240 miles of steel
tower transmission lines. The Blue Ridge Electric Co. is
a subsidiary concern. The entire enterprise is under the
control of C. Elmer Smith of York, Pa., and associates in
Detroit, Mich. The “ Electrical World” of New York on
Jan. 19 1911 said (revised to June 15 1911):
P l a n s f o r t h e h y d r o - e i c c t r l o d e v e l o p m e n t In N o r t h e r n G e o r g i a
w h ic h a r e
b e in g m a d e b y th e G e o r g ia P o w e r C o . a r e n o w in d e fin it e s h a p e .
T h e con ­
s t r u c t io n w o r k w ill b e d o n e b y t h e N o r t h e r n C o n t r a c t in g C o . o f M ic h ig a n ,
o f w h i c h C . E l m e r S m i t h o f Y o r k , P a . , Is P r e s i d e n t ; A . W . M c L . m o n t ,
V .- P r e s .; C . O . L e n t z , 71 B r o a d w a y , N e w Y o r k , C h ie f E n g in e e r .
T h e co m ­
p a n y h a s a t t h e p r e s e n t tim e fo u r a v a ila b le s ite s : A t E t o w a h , o n th e E t o w a h
R iv e r ; a t T a llu la h F a lls , o n t h e T a llu la h R iv e r ; a t N e u n a n a n d a t B u fo r d ,
o n th e C h a t t a h o o c h e e R iv e r .
W h e n a l l o f t h e s e s i t e s a r e d e v e l o p e d , I t is
e s t im a t e d t h a t 1 5 5 ,0 0 0 h .p . w ill b e g e n e r a t e d .
T h e fir s t d e v e lo p m e n t t h a t
w i l l b e u n d e r t a k e n — a n d . In f a c t , c o n s t r u c t i o n w o r k h a s a l r e a d y b e e n c o m ­
m e n c e d u p o n I t — is a t T a l l u l a h F a l l s .
A t th is p o in t a d a m 3 8 4 f t . lo n g a n d
1 1 2 f t . h ig h w ill b e c o n s t r u c t e d .
I t Is e x p e c t e d a t t h i s p o i n t t o d e v e l o p
a b o u t 9 0 ,0 0 0 h .p .
T h e p r e s e n t p la n s fo r th e g e n e r a t in g s t a t io n c o n t e m ­
p la t e s ix 1 6 ,0 0 0 k .w . t u r b in e s . A 1 0 0 ,0 0 0 - v o l t t r a n s m is s i o n lin e o f h e a v y
c o p p e r w ir e w ill b e c o n s t r u c t e d t o A t l a n t a . 9 0 m ile s d is t a n t , w h e r e a s u b ­
s t a t io n w ill a ls o b e b u il t .
S e c o n d a r y p o w e r w ill b e d is t r ib u t e d a r o u n d t h e
o u t s k ir t s o f A t la n t a a t 2 ,3 0 0 v o l t s .
T h e r e a r e m a n y la r g e f a c t o r ie s a n d
c o t t o n m ills w h ic h a r e p r a c t ic a ll y u n d e r c o n t r a c t , a n d t h e p r o m o t e r s o f t h is
e n t e r p r is e a r c c o n f i d e n t t h a t t h e y w ill h a v e a m a r k e t f o r a ll o f t h e e n e r g y
th e y ca n g e n e ra te .
T h e p l a n t a t T a l l u l a h F a l l s Is e x p e c t e d t o b e In o p e r a ­
t io n w it h in 18 m o n t h s .
T h e o ffic e r s a re C . E lm e r S m ith o f Y o r k , P a .,
P r e s .:
K ir k L a t h r o p c , S e c . & T r e a s ., D e t r o it , M ic h .
T h e p r o p e r ty o f th e
N o r . G a . E l e c , w a s r e p o r t e d a s b id In a t f o r e c l o s u r e , s u b j . t o $ 5 0 0 ,0 0 0 b o n d s ,
b u t w h e t h e r th e s e o b lig a t io n s r e m a in o u t ’g d o c s n o t a p p e a r .)— V .9 0 .p . 1 2 4 2 .

Gilbert Transportation Go,, Groton, Conn.— D e m a n d o f
number of the stockholders
have determined to take protective measures to contest the
suit by Receiver Butterworth for payment at par for the
8625,000 common stock, which was distributed as a 50%
bonus to the subscribers of the .81,250,000 pref. stock.
P a y m e n t f o r C o m m o n S t o c k .— A

T h e o u t s t a n d in g $ 1 ,2 5 0 ,0 0 0 c o m m o n s t o c k w a s g iv e n t o P r e s id e n t G il­
b e r t a t th e o r g a n iz a t io n o f th e c o m p a n y fo r p r o m o t io n a n d o t h e r s e r v ic e s ,
o n e -h a lt b e in g tu r n e d b a c k t o th e c o m p a n y a n d d is t r ib u t e d a m o n g s u b ­
s c r ib e r s t o th e p r e f. s t o c k .
I t Is c l a i m e d t h a t t h e
tr a n s fe r t o
P r e s id e n t
G ilb e r t w a s Ille g a l, a n d t h a t t h e c o m m o n s t o c k h o ld e r s a r e lia b le f o r t h e fu ll
p a r v a lu e o f th e s t o c k a n d th e p r e f. s t o c k h o ld e r s fo r th e d lU c r e n c e b e tw e e n
p a r a n d w h a t t h e y p a id (8 5 ).— V . 0 0 . P . 1 5 5 7 .

Great Falls (Mont.) Power Co.—Bonds, &c.— This com­
pany, incorporated in Montana in 1910 with $15,000,000 of
auth. capital stock ($10,000,000 common and $5,000,000
preferred), took over the water-power properties of the
Great Falls Water Power & Townsite Co. (V. 88, p. 1624),
and under date of May 1 1911 made a mortgage to the
Bankers Trust Co. of N. Y ., as trustee, to secure an issue of
$15,000,000 1st M. sinking fund 5% gold bonds due May 1
1940. Of these bonds a block of $4,000,000 was sold some
time ago to the Guaranty Trust Co. of N. Y ., being part of
the first $5,000,000 issuable under the terms of the mortgage
in payment for the company’s plant and property
and for the completion of the development work in progress,
to pay floating debt and for other corporate purposes.
r - iT r io c o m p a n y c o m p l e t e d In J u ly 1 9 1 0 a h y l r o - c l c c t r i c p la n t o f 3 6 , 0 0 0 h . p .
r a t e d c a p a c i t y a t t h e R a i n b o w F a lls o n t h e M is s o u r i R i v e r a n d It o w n s
he




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

B la c k E a g le F a lls d a m
a n d w a te r p o w e r o n th e s a m e r iv e r , c a p a b le o f
g e n e r a tin g
a p p r o x im a t e ly
1 0 ,0 0 0
h .p .
T h e
com p a n y
ow ns
a d d itio n a l
w a t e r p o w e r s o n th e M is s o u r i R iv e r n e a r th e c it y o f G r e a t F a lls , u n d e v e l­
o p e d , c a p a b le o f g e n e r a t in g 7 5 ,0 0 0 h .p . o r m o r e .
A l a r g e p o r t i o n o f t h e p o w e r g e n e r a t e d 13 u s e d a t G r e a t F a l l s b y t h e
B o s t o n & M o n t a n a S m e lt e r , th e R o y a l M illin g C o . a n d t h e E le c t r ic L ig h t
& S te e l R a ilw a y p r o p e r t ie s . A d o u b le s te e l t o w e r h ig h -t e n s io n tr a n s m is ­
s i o n li n e 1 3 0 m il e s in l e n g t h c o n v e y s p o w e r t o t h e o l t v o r B u t t e , s e r v i n g t h e
m in e s a n d s m e lte r s , a n d fr o m
B u t t e t o A n a c o n d a , a d is t a n c e o f 2 2 m ile s ,
a s in g l e s t e e l t o w e r lin e fu r n is h e s p o w e r t o t h e W a s h o e s m e lt e r .
T h e
R a in b o w d a m
is 1 , 1 4 6 f t . l o n g a n d 2 9 f t . h i g h , f o u n d e d o n s o l i d r o c k
t h r o u g h o u t it s e n t ir e le n g t h .
T h e p o w e r p la n t o p e r a t e s a t 1 0 5 f t . h e a d .
T h e B la c k E a g l e d a m w a s b u il t In 1 3 9 0 .
O f t h e $ 1 5 , 0 0 0 , 0 0 0 b o n d is s u e , $ 1 0 , 0 0 0 , 0 0 0 is r e s e r v e d f o r n o t e x c e e d i n g
8 5 % o f th e c o s t o f fu tu r e Im p r o v e m e n ts , e x t e n s io n s a n d a d d it io n s , w h e n th e
a n n u a l n e t e a r n in g s a r e 1 M tim e s th e t o t a l In te r e s t c h a r g e , in c lu d in g b o n d s
a p p lie d fo r .
I t Is p r o v i d e d , h o w e v e r , t h a t , e v e n i f t h e e a r n i n g s a r e le s s t h a n
a b o v e s t a t e d , n o t ’ e x c e e d in g $ 3 ,0 0 0 ,0 0 0 o f t h e b o n d s m a y b e Is s u e d In r e ­
s p e c t o f 7 0 % o f th e c o s t o f th e p r o p o s e d d a m a n d p o w e r p la n t a t th e G r e a t
F a lls , b u t In t ills c a s e t h e r e m a in i n g 1 5 %
ca n b e p u t o u t o n ly
w h en th e
n e t e a r n in g s r e a c h t h e m in im u m a b o v e s t a t e d .
T h e b o n d s a re d a te d M a y 1 1 9 1 1 a n d a r e d u e M a y 1 1 9 4 0 , b u t a r e s u b je c t
t o c a l l a t 1 0 7 'A a n d I n t . o n o r
fte r M a y 1 1912 o n 0 w e e k s ’ n o t ic e .
S in k in g
f u n d , b e g in n in g in 1 9 1 2 ,a s u m In c a s h e q u a l t o 1 %
o f a ll b o n d s c e r t i f i e d .
P a r $ 1 ,0 0 0 c * .
O f th e c a p it a l s t o c k
t h e r e Is o u t s t a n d i n g o n l y
$ 1 0 ,0 0 0 ,0 0 0 c o m m o n .
T h e c o n t r o l o f t h e s t o c k Is o w n e d b y t h e G r e a t F a l l s W a t e r P o w e r & T o w n s i t e C o . ; o n e - h a l f o f t h e c a p i t a l s t o c k o f G . F . W . P . & T . C o . Is o w n e d
b y B u tte E le c t r ic A P o w e r C o .
J o h n D . R y a n Is P r e s i d e n t a n d P . E . B I s l a n d S e c . — V . 9 2 , p . 8 8 4

Great Western Cereal Co., Chicago.— Purchase of Bonds.—
The Continental & Commercial Trust & Savings Bank has,
it is said, purchased $290,500 of the outstanding 1st M. 6%
bonds, at 77.455%, with a portion of the $1,000,000 derived
from the recent sale of two plants to the Quaker Oats Co.
Suit.— A newspaper dispatch says that Judge Horan at
Muscatine, Iowa, on Aug. 14 issued an injunction restraining
the company from disposing of the money received from the
said sale.— V. 93, p. 411, 289.
Houston Oil Company of Texas.— Readjustment Plan (Ap­
proved July 28 1911).— The details of the plan for the read­
justment of the finances of the company were finally com­
pleted, Aug. 14, at a meeting of the readjustment managers
held in New York. This is the plan formulated by the direc­
tors and approved at the meeting of the board.
A ll h o ld e r s o f c o m m o n s t o c k o r p r e f. s h a r e s d e s ir in g t o b e c o m e p a r tie s
t o tin ; p la n a r e r e q u i r e d o n o r b e f o r e S e p t . 1 5 t o d e p o s i t t h e ir s h a r e s In n e ­
g o t ia b le fo r m
w ith o n e o f th e d e p o s it a r ie s , n a m e ly th e S t . L o u is U n io n
T r u s t C o . , S t . L o u i s , a n d M c r e a n i 't e T r u s t & D e p o s i t C o . o f B a l t i m o r e .
T h e d e p o s it a r i e s w ill b e r e a d y t o r e c e iv e c o m m o n s t o c k o n A u g . 2 1 1 9 1 1 .
D e p o s it o f p r e fe r re d s t o c k b e g a n A u g .
15 1 9 1 1 .
S e e a d v e r t is e m e n t In
la s t w e e k ’s “ C h r o n ic le ,” a ls o o n a n o t h e r p a g e o f t o - d a y ’s Is s u e .
E dw ards
W h i t a k e r o f S t . L o u i s Is C h a i r m a n o f t h e r e a d j u s t m e n t m a n a g e r s .

Explanatory Statement.
T h e c o m p a n y w a s o r g a n i z e d In 1 9 0 1 t o d e v e l o p o t l la n d s h e a v i l y t im b e r e d
a n d n o w r e p o r t e d t o c o n t a in a b o u t 8 4 2 ,4 9 3 a c r e s .
Its a u th o r iz e d c a p it a li­
z a t io n c o n s is t e d o f t im b e r c e r t ific a t e s , 8 1 1 ,0 0 0 .0 0 0 ; p r e fe r r e d s t o c k , $ 1 0 ,­
0 0 0 ,0 0 0 ; c o m m o n s t o c k , $ 2 0 ,0 0 0 ,0 0 0 .
T h e t im b e r w a s s o ld u n d e r n tu m p a g e
c o n tr a c t to th e K ir b y L u m b e r C o .
S u bsequ en t
c o n tr o v e r s ie s
w ith
th e
L u m b e r C o m p a n y r e s u lt e d In p r o lo n g e d lit ig a t io n , w h ic h w a s s e t t le d b y
d e c r e e o f th e C ir c u it C o u r t o f t h e U n ite d S ta te s fo r t h e S o u th e r n D is t r ic t
o f T e x a s ( V . 8 7 , p. 2 9 0 ) , r e d u c i n g t h e m i n i m u m p a y m e n t s t o 8 0 %
o f th e
o r ig in a l c o n t r a c t a m o u n t a n d p r o v id in g f o r t h e llo a t in g d e b t b y a n is s u e o f
2 d lie n a n d I n te r e s t t im b e r c e r t ific a t e s .

Stock, Tim ber Certificates, & c .. Outstandino as oj F e b .
Report, V . 9 2 , p . 1 5 6 0 . )
1 s t t i m b e r c e r t i f i c a t e s ............ $ 1 , 2 0 5 , - 1 0 0
2 d t i m b e r c e r t i f i c a t e s _____ 3 , 5 0 0 , 0 0 0
I n t . a n d e x p e n s e c e r tifi­
c a t e s , 3 s c r i e s _____________
1 ,0 4 7 ,0 0 0

1912

( Compare

P r e f e r r e d s t o c k ----------------------- $ 8 , 8 2 4 , 2 0 0
A ccru ed
d lv s .
F eb.
1
1912,
5 4 % .............................$ 4 , 7 6 5 , 0 0 8
C o m m o n s t o c k ............................ $ 2 0 , 0 0 0 , 0 0 0

T h e in c o m e o f th e c o m p a n y , a ft e r p r o v id in g fo r t h e t im b e r c e r t ific a t e s
d u e e a c h y e a r , le a v e s a n a n n u a l d e fic it o f a b o u t $ 1 6 5 ,0 0 0 .
T h e accu m u ­
la t e d d e f ic it w ill in A u g . 1 9 1 6 , w it h I n t e r e s t , a g g r e g a t e $ 1 ,1 6 4 ,0 0 0 .
F or
th e p r o p e r d e v e lo p m e n t o f th e o il a n d o t h e r In te re s ts , a w o r k in g c a p it a l
o f $ 5 0 0 , 0 0 0 Is n e e d e d .
T h e d is c h a r g e o f th e a c c u m u la t e d d e fic it w o u ld
p o s t n o n e d iv id e n d s o n th e p r e fe r r e d s t o c k u n til A u g . 1 9 1 8 ; a n d a t th is
t im e t h e a c c r u e d d i v i d e n d s w ill a m o u n t t o 9 3 % , o r $ 8 .2 0 6 ,5 0 6 , s o t h a t t h e
c o m p l e t e li q u id a t io n t h e r e o f w ill n o t b e c o m p l e t e d till 1 9 2 5 .
T h e p u r p o s e o f t h i s p l a n Is t o a p p r o p r i a t e t h e c u r r e n t I n c o m e f r o m t h e
s tu m p a g e c o n t r a c t t o th e c u r r e n t p a y m e n ts , to p r a c tic a lly fu n d th e a c ­
c r u e d p r e f. d iv id e n d s , a n d t o p r o v id e fo r r e d e m p tio n o f d iv id e n d s fu n d e d .
N o s t o c k h o l d e r o r e i t h e r c la s s n e e d h e f o r c e d o r c o m p e l l e d t o J o in in t h e
p l a n : It c a n h e c a r r i e d o u t b v t h o s e w h o w i s h t o j o i n , a n d t h o s e w h o d e c l i n e
c a n k e e p th e ir p r e s e n t p o s it io n w it h o u t h a v in g th e ir r ig h t s I m p a ir e d .
N or
is a n y s t o c k h o l d e r s ’ m e e t i n g o r a n y c o r p o r a t e a c t i o n r e q u i r i n g t h e c o n ­
s e n t o f s t o c k h o ld e r s n e c e s s a r y .

Capitalization Under New Plan.
New F irst L ien T im b e r C ertif icates,

b e a r in g 0 % In te re st (F . & A .)
o r s u c h lo w e r r a t e a s t h e r e a d ju s t m e n t m a n a g e r s m a y fin d
w is e , m a t u r in g In s e r ie s f r o m
1013 to
1 9 2 3 ($ 1 0 0 ,0 0 0 s e m i­
a n n u a lly A u g . 1 9 1 3 t o A u g . 1 9 1 5 ; $ 1 2 0 ,0 0 0 F e b . 1 9 1 0 ; $ 1 3 5 ,0 0 0
A u g . 1 9 1 6 ; $ 2 1 5 ,0 0 0 F e b . 1 9 1 7 ; $ 2 3 0 ,0 0 0 A u g . 1 0 1 7 ; $ 2 3 5 ,0 0 0
F e b . 1 9 1 8 ; $ 2 4 5 ,0 0 0 A u g . 1 9 1 8 ; $ 2 5 5 ,0 0 0 F e b . 1 9 )9 ; $ 2 5 5 ,0 0 #
A u g . 1 9 1 9 ; $ 2 7 0 ,0 0 0 F e b . 1 9 2 0 ; $ 2 7 5 ,0 0 0 A u g . 1 9 2 0 ; 8 3 5 5 ,0 0 0
F e b . 1 9 2 1 ; 8 5 8 0 ,0 0 0 A u g . 1 9 2 1 ; $ 7 2 5 ,0 0 0 F e b . 1 0 2 2 ; $ 6 9 5 ,0 0 0
A u g . 1 9 2 2 ; $ 6 7 0 ,0 0 0 F e b . 1 9 2 3 ; $ 1 9 0 ,0 0 0 A u g . 1 9 2 3 1 . b u t s u b ­
j e c t t o c a l l a t 1 0 2 J4 a n d I n t .
A ll t o h a v e t h e s a m e fir s t lie n o r
th e
b e n e fit o f t h e lie n o f e x i s t i n g c i f s .
T o t a l Issu e (s e c b e lo w )$ 6 , 2 5 0 ,0 9 *
T o b e r e s e r v e d t o a c q u ir e o r r e t ir e $ 5 ,7 5 2 ,4 0 0 e x is t in g
t im b e r c e r t ific a t e s , v i z ., t h e $ 3 , 500,000 2 d c e r t ,
a n d t h e $ 1 ,0 4 7 ,0 0 0 I n t e r e s t a n d E x p e n s e c e r tifi­
ca tes s a y
In
1 9 1 2 a n d t h e fin a l $ i 2 0 5 ,4 0 0 1 s t
C e r tific a te s a s f o llo w s : A u g . 1 0 1 2 , $ 7 0 0 ,4 0 0 ; a n d
F eb.
1913,
$ 5 0 5 , 0 0 0 -------------------- ------------- -----------------------------B a la n c e
_________________________________________________________________
4 9 7 ,6 0 0

P referred Stock

1 6 % c u m .).
T h e p r i n c i p a l o f t h e p r e f . s t o c k Is
in n o w a v r e d u c e d o r d i s t u r b e d a n d s e m i - a n n u a l d i v i d e n d s o u t
o f cu rren t U m ber p a y m e n ts a rc to be resu m ed
on
toe
stock ,
c o m m e n c in g t o a c c r u e
F eb . 1 1912, and
th e a c c r u e d
d iv i­
d e n d s w ill b e fu n d e d in t o 6 % "a c c r u e d d iv id e n d c e r t ific a t e s ,
a s b e lo w s t a t e d .
T h e c e r tific a te s a r e a ls o t o b e tr u s t e e d a s In ­
d ic a te d
and
tru st
c e r tific a te s
Issu ed
th e r e fo r ,
lo ta l
au­
t h o r i z e d , $ 1 0 , 0 0 0 , 0 0 0 ; o u t s t a n d i n g -------------------------------------------------- ------------- $ 8 , 8 2 4 , 2 0 ®

Accrued D ividen d Certificates

h e a r in g
in te r e s t a t 6 % p e r a n n .,
p a y a b l e s e m i - a n n u a l l y , c o u p o n N o . 1 In A u g . 1 9 1 2 .
P r in c ip a l
a m o u n t ( t o b e p a id $ 1 5 5 ,0 0 0 A u g . 1 9 2 3 , $ 6 2 0 ,0 0 0 r e b . 1 9 2 4 ,
$ 6 0 0 ,0 0 0 A u g . 1 9 2 4 a n d $ 3 8 9 ,3 4 0 F e b . 1 9 2 5 , u n le s s p r e v io u s ly
c a lle d f o r p a y m e n t a t p a r , p lu s a ll u n p a id I n t e r e s t , m a t u r e d
a n d u n m a t u r e d ) ______________________________________ _____________ ___________________

Common Slock.

1 ,7 6 4 ,8 4 ®

N o d e p o s its a r c n e c e s s a r y fo r th e s u c c e s s o f th e
p la n , b u t a s s e n tin g h o ld e r s w h o c it h e r p a y 5 0 c t s . c a s h p e r
s h a r e (p a r S 1 0 0 ) o r s u r r e n d e r 5 %
o f th e ir s t o c k to p r o v id e
w o r k i n g c a p i t a l , & o ., w ill r e c e iv e 2 5 % o f p r o fit s fr o m o il o p e r a ­
t io n s w h ic h w o u ld o t h e r w is e h o u s e d f o r th e r e t ir e m e n t o f th e
a c c r u e d d iv id e n d s o n th e d e p o s it e d p r e f. s t o c k .
A ll d e p o s it e d
s t o c k t o h e p la c e d in a v o t i n g t r u s t .
T o t a l I s s u e -----------------------. 2 0 , 0 0 0 , 0 0 0
’ i’ h e I s s u e o f t * 'e n e w t i m b e r c e r t i f i c a t e s a n d r e t i r e m e n t o f t h e o l d t o b e
m a d e b y s a l e , e x c h a n g e , p u r c h a s e o r p a y m e n t , a n d a t t h e t i m e s a n d In t h e
m a n n e r d e t e r m in e d b y th e r e a d ju s t m e n t m a n a g e r s .
T h e m an agers m a y
in c r e a s e t h e Is s u e , r e d u c e t h e I n te r e s t r a t e a n d fix t h e s a le p r ic e a n d r e ­
d e m p t io n ra te o f th e n e w c e r tific a te s .
T h e p a y m e n t d a te s o f th e n e w tim b e r c e r tific a te s a r e s o fix e d t h a t th e
r e g u l a r s e m i - a n n u a l p a y m e n t u n d e r t h e K i r b y c o n t r a c t w il l p a y In c a s h :
(1 ) I n t e r e s t o n n e w t im b e r c e r t ific a t e s ; (2 ) p r in c ip a l o f n e w t im b e r c c r t lfl-

c a t e s ; ( 3 ) c u r r e n t d i v i d e n d s o n p r e f . s t o c k a c c r u i n g f r o m F e b . 1 1 9 1 2 ; (4 1
c o u p o n s o n a c c r u e d d iv id e n d c e r t ific a t e s ; a n d a ft e r th e r e tir e m e n t o f th e
t i m b e r c e r t if i c a t e s w ill b e a p p l ie d t o t h e r e d e m p t i o n o f a c c r u e d d iv i d e n d s
a n d p r e f. s t o c k a n d c e r t ific a t e s u n d e r th is p la n t h e r e fo r .
T h e $ 0 ,2 5 0 ,0 0 0 n e w c e r t ific a t e s w ill b e s e c u r e d b y a fir s t lie n a s fo llo w s ;
H e a l e s t a t e v a lu e , 8 4 2 ,4 7 2 a c r e s , a t $ 5 , $ 4 ,2 1 2 ,4 6 2 ; y e llo w p in e t im b e r s o ld
t o K ir b y L u m b e r C o . s t u m p a g e p a y m e n t s ($ 5 p e r 1 ,0 0 0 f t . ) , $ 2 3 ,7 9 5 ,5 3 7 ;
s u r p lu s y e llo w p in e a n d h a r d w o o d s n o t c o v e r e d b y K ir b y c o n t r a c t , $ 3 ,3 7 4 ,­
6 9 0 : t o t a l, $ 3 1 ,3 8 2 ,6 8 0 .
D u r in g t h e p a s t t e n y e a r s , n o t w it h s t a n d in g lit i­
g a t io n , a ll In te r e s t a n d m a t u r in g s c r ie s o f t h e t im b e r c e r t ific a t e s h a v e b e e n
p a id .
T h e r e a d ju s t m e n t m a n a g e r s m a y k e e p th e e x is t in g t im b e r c e r tifi­
c a te s a liv e a s s e c u r it y fo r th e n e w c e r tific a te s .
T h e a c c r u e d p r e f . d i v i d e n d s w il l in F e b . 1 9 1 2 a g g r e g a t e ( 5 4 % ) $ 4 , 7 6 . ) , 0 6 8 .
T i l l s a m o u n t Is t o b e d i s p o s e d o f a s f o l l o w s : C o n t r i b u t e d ( l . e . , w a i v e d )
by
p r e f e r r e d s t o c k h o 'd e r s c o n d i t i o n a l l y f o r e x p e n s e s , c o s t , & c . ( 1 0 % ) , $ 8 8 2 , ­
4 2 0 ; t o p r e f. s t o c k h o ld e r s fo r a c c r u e d d iv id e n d s , w ith d is c o u n t a n d a d ju s t ­
m e n t a llo w a n c e (4 4 % ,), $ 3 ,8 8 2 ,6 4 8 , r e p r e s e n t e d b y
(a ) a c c r u e d d iv i d e n d
c e r tific a te s
p r in c ip a l a m o u n t
(2 0 % ),
$ 1 ,7 6 4 ,8 4 0 , a n d
(b )
6%
In te re st
th e re o n
fr o m
F eb . 1912
to
F eb . 1925
($ 1 ,3 0 7 ,4 2 5 , b e in g s u b s t a n t i a ll y
p a r t o f th e p r in c ip a l s u m a c c u m u la t e d ), a n d a llo w a n c e f o r a d ju s t m e n t s a n d
d is c o u n t f o r p a y m e n t s o n a c c r u e d d iv i d e n d s In a d v a n c e o f 1 9 2 5 w h e n t h e
liq u id a t io n o f p r e f. a c c u m u la tio n s w o u ld o th e r w is e h a v e b e e n c o m p le t e d ,
t o t a l ( 2 4 % ,), $ 2 ,1 1 7 ,8 0 8 .
T h e r e a d ju s t m e n t m a n a g e r s m a y p r o v id e t h a t d iv id e n d s o n p r e f. s t o c k
c e r t ific a t e s a n d c o u p o n s o n “ a c c r u e d d iv id e n d c e r t ific a t e s ” s h a ll a c c r u e
f r o m A u g . 1 9 1 1 , o r s ix m o n t h s e a r lie r th a n a b o v e p r o v id e d , t h e n e c e s s a r y
a d ju s t m e n t t o b e m a d e o u t o f th e 1 0 %
c o n t r ib u t e d , th u s d e c r e a s in g th e
c o n tr ib u tio n b y th e p r e f. s to c k h o ld e r s .
A ll p r e f. s t o c k w ill b e d e p o s it e d w it h a t r u s t e e a n d v o t i n g t r u s t c e r t if i­
c a t e s I s s u e d , b u t a n y p r e f . s t o c k c e r t if i c a t e h o ld e r m a y v o t e h is s h a r e s in d i­
v i d u a l l y If h e s o d e s ir e s , a n d t h e ( r u s t c o m p a n y w ill b e c o m p e l l e d t o is s u e
p r o x i e s f o r a n y m e e t i n g t o h is o r d e r .
T h e 10%
o f a c c r u e d d iv id e n d s c o n t r ib u t e d (l.e ., w a iv e d ) b y t h e p r e f.
s h a r e h o l d e r s I s a c o n t r i b u t i o n t o t h e expense o f u n d e r w r i t i n g o f n e w c e r t i f i ­
c a t e s a n d c o s t o f r e tir in g t h e e x is t in g c e r t ific a t e s a n d e x p e n s e s o f a n d
a d ju s t m e n t s u n d e r th e p la n .
T h e 10%
is o n l y c o n d i t i o n a l l y w a i v e d o r
c o n tr ib u te d .
I f th e w o r k in g c a p it a l n o w s u p p lie d p r o d u c e s p r o fits fr o m
o il o r o t h e r o p e r a t io n s a n d t h e a s s e ts o r e s u ffic ie n t ly in c r e a s e d , th e n th e
p r o fits fr o m
o il o p e r a tio n s a re t o b e a p p lie d t o r e im b u r s e m e n t o f p r e f.
s t o c k h o ld e r s f o r th is " c o n t r ib u t i o n o f 1 0 % ,.”
S o m e s t o c k h o ld e r s m a y d e s ir e t o h o ld
th e a ccru e d
d iv id e n d
w it h o u t
I n t e r e s t In p r e f e r e n c e t o t a k i n g t h e a c c r u e d d i v i d e n d c e r t if i c a t e s f o r t h e
d is c o u n te d
a m ou n t.
T h is
p r e f e r e n c e c a n b e b e t t e r s e r v e d b y j o i n i n g In
t h e p la n , s in c e t h e p r in c ip a l o f th e a c c r u e d
d iv id e n d c e r t ific a t e , 2 0 % ,
t o g e t h e r w i t h t h e c o u p o n s a n d I n t e r e s t t h e r e o n , w i l l b e e q u a l ( a s f a r n s I t is
p r a c t i c a b l e t o c a l c u l a t e ) t o t h e a c c r u e d d i v i d e n d a t t h e t i m e ( 1 9 2 5 ) I t Is
p a y a b le u n d e r th e p re se n t s ta tu s.

Term s Offered A ssentino Shareholders.
P r e f. shareholders f o r e a c h $ 1 0 , 0 0 0 p r e f . s t o c k d e p o s i t e d :
a. I ’ r e f. s t o c k v o t i n g t r u s t c e r t , ( r e c e iv in g s e m l- a n n .

ca s h d lv ld l v l d e n d s , 0 % y r l y . , N o . 1 , A u g . 1 9 1 2 , o r p o s s i b l y F e b . 1 '1 2 ) . $ 1 0 , 0 0 0
I). A c c r u e d d l v . 6 % ', c e r t i f i c a t e s ( p a y i n g 6 2 $ I n t e r e s t a n n u a l l y ) - 2 ,0 0 0
T o t a l $ 1 2 ,0 0 0 , y ie ld in g a n a n n u a l r e v e n u e o f $ 7 2 0 , a c c r u in g
fr o m F e b . 1 9 1 2 .
T h e p r e f. s t o c k c e r t ific a t e w ill c a r r y In a d d it io n
e x t r a d iv i d e n d s , a m o u n t in g In t h e a g g r e g a t e t o n o t o v e r 1 0 % If
e a r n e d o u t o f o il o p e r a t io n s .

Common shareholders
E ith e r

(1 )

fo r
S u rren der

e a c h S t O .O O O c o m m o n s t o c k d e p o s i t e d —
$500
o f t h e ir c o m m o n s t o c k t o r e a d ju s t ­

m e n t m a n a g e rs t o p r o v id e fo r w o r k in g c a p it a l, e x p e n s e s , a n d
r e c e iv e
In
c o m m o n s t o c k v o t i n g t r u s t c e r t i f i c a t e s ________________
$ 9 ,5 0 0
O t h e r w is e ( 2 ) P a y 5 0 e t s . p e r $ 1 0 0 s h a r e , $ 5 0 In a ll, In c a s h , f o r
s a id p u r p o s e s , a n d r e c e i v e In c o m m o n s t o c k v o t i n g t r u s t c e r t s .. _ 1 0 ,0 0 0
C o m m o n s t o c k c e r t if i c a t e s a r e e n t i t l e d . In a d d i t i o n t o a n y d iv i d e n d d e ­
c la r e d t h e r e o n a s s u c h , t o o n e -l’o u r t h o f a ll o il p r o fit s d i s t r ib u t e d w h ic h
w o u ld o th e r w is e b e a p p lic a b le t o th e liq u id a t io n o f a c c r u e d d iv id e n d o n th e
d e p o s i t e d p r e f . s t o c k ( s u c h 2 5 2 ,', n o t e x c e e d i n g , h o w e v e r . I n a n y f i s c a l y e a r
a d iv id e n d o f 1 % o n th e p a r v a lu e o f th e c o m m o n s t o c k c e r t ific a t e s ).
T h e p la n a t o n e ; g iv e s v a l u e t o th e $ 1 ,1 7 5 ,8 0 0 u n is s u e d p r e f. s t o c k (r e ­
m a i n d e r o f t h e $ 1 0 ,0 0 0 ,0 0 0 a u t h .i a n d m a k e s It a v a i l a b l e f o r r a is in g a n y
a d d it io n a l c a p it a l r e p a ir e d b e y o n d t h e 3 5 0 0 ,0 0 0 p r o v id e d b y t h e p la n .
O n c o m p l e t i o n In A u g . 1 9 2 5 o f t h e la s t p a y m e n t u n d e r t h e s t u m p a g e
c o n t r a c t , a ll t h e t im b e r c e r t ifi c a t e s a n d a ll a c c r u e d d i v i d e n d s w ill h a v e b e e n
p a id In f u ll , a n d t h e c o m p a n y ’ s c o n d i t i o n a n d s u r p lu s f o r r e d e m p t i o n o f
p r e f. s t o c k a n d f o r c o m m o n s t o c k w ill h e a s fo llo w s ;
S u r p lu s fr o m K ir b y
c o n t r a c t ., S t .C 8 0 .0 0 0 ; y e l l o w p in e t im b e r n o t c o v e r e d b y
K ir b y c o n t r a c t ,
$ 1 ,8 0 4 ,0 5 7 ; h a r d w o o d s , .8 1 ,5 0 9 ,9 3 3 ; w o r k i n g c a p i t a l $ 5 0 0 ,0 0 0 w it h s i m o l c
l n t . a t 6 % , .8 8 8 1 ,0 0 4 : l a n d , 8 4 2 ,4 8 2 a c r e s a t $ 5 p e r a c r e ,
$ 4 ,2 1 2 ,4 6 2 :
to ta l.
$ 1 0 ,1 4 8 ,6 5 6 ;
le s s
p r e f.
stock
o u ts ta n d in g ,
$ 8 ,8 2 4 ,2 0 0 ;
b a la n c e ,
s u r p lu s f o r c o m m o n s t o c k , $ 1 ,3 2 4 ,4 5 6 .
I f w c d e d u c t as o f F e b . 1 9 2 3 th e
a m o u n t r e q u i r e d t o p a y t h e r e m a i n i n g t i m b e r c e r t i f i c a t e s ( .8 1 9 0 ,0 0 0 ) In
f u ll, a ls o t h e a c c r u e d d iv id e n d c e r t ific a t e s a n d c o u p o n s ($ 1 ,9 0 7 ,4 7 0 ) a n d th e
p r in c ip a l o f th e p r e f. s t o c k ( $ 8 ,8 2 4 ,2 0 0 ), th e r e w o u ld r e m a in a s u r p lu s fo r
th e c o m m o n s t o c k a s o f t h a t d a t e o f $ 1 5 p e r s h a r e , o r $ 3 ,1 0 5 ,1 3 6 , s u b je c t
t o d iv id e n d s a n d e x p e n s e s u n t il r e d e m p t io n o f p r e fe r re d s t o c k .
T h e
p la n o r ig in a lly p r o v id e d f o r a c o n t r ib u t io n fr o m t h e c o m m o n s h a r e ­
h o ld e r s o f 2 0 %
In s t o c k , b u t t h e r e a d ju s t m e n t m a n a g e r s d e c id e d t h a t s o
la r g e a c o n t r ib u t io n o f c o m m o n s t o c k w a s n o t n e c e s s a r y a n d t h e r e fo r e th e
a m o u n t w a s fix e d a t 5 % a s a b o v e .
See V . 93, p . 107, 289, 4 1 1 .

P R O S P E C T IV E O PERATIO N OF P L A N , M A K IN G NO A LLO W A N C E FO R
P O S S IB L E IN CO M E FR O M OIL.
| T h c r e c e i p t s a r c t h e I n c o m e f r o m K i r b y lu m b e r c o n t r a c t p lu s In 1 9 1 2 $ 6 ,2 5 0 ,0 0 0
f r o m s a le a t p a r o f t h e n e w 6 % t im b e r c e r t ifi c a t e s .
T h e Ite m s o f " p r in c ip a l tim b e r
c e r t ific a t e s ” e m b r a c e th e r e d e m p t io n fr o m A u g . 1 9 1 3 t o A u g . 1 9 2 3 o f t h e e n tir e
n e w I s s u e o f $ 6 , 2 5 0 , 0 0 0 o f s u c h c e r t i f i c a t e s , w h i l e In F e b . 1 9 1 2 t h e y i n c l u d e $ 7 1 5 , 3 5 0
p r e s e n t 1 s t T im b e r c e r t ifi c a t e s , $ 3 ,5 0 0 ,0 0 0 2 d c e r t , a n d $ 1 ,0 4 7 ,1 2 3 l n t . & E x p . C e r t .,
In A u g . 1 9 1 2 $ 7 0 0 ,4 0 0 1 s t c e r t . , I n t e r e s t I n c lu d e d , a n d In F e b . 1 9 1 3 S 5 0 5 .0 0 0 ( p r i n ­
c i p a l ) o f 1 s t c e r t ifi c a t e s , a ll o f w h i c h a r e t o b e r e d e e m e d o r a c q u ir e d .]

T»to.l
Working lnt. New Principal Preferred lnt..Acer. Bal.,Cash
Receipts. Expenses. Tim.Ctfs. Tim.Ctfs. Dividends. D iv.C lfs. on Hand.
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925

—
----------------* ------------------ --------_____ $---------------------7 , 6 5 6 , 2 5 0 --------------------------------$ 1 6 6 ,0 6 6
3 7 5 .0 0 0
6 0 5 .0 0 0
5 2 9 .4 5 2
_____ 1 , 4 0 0 . 2 5 0
1 6 6 ,6 0 6
200.000 5 2 9 . 4 5 2
3 6 6 .0 0 0
_____ 1 , 4 0 0 . 2 5 0
1 6 6 ,6 6 6
3 5 4 .0 0 0
200,000 5 9 2 . 4 5 2
_____ 1 , 4 0 0 , 2 5 0
1 6 6 ,6 6 6
2 5 5 .0 0 0
3 4 1 ,4 0 0
_____ 1 , 4 0 0 , 2 5 0
5 2 9 .4 5 2
1 6 6 ,6 6 6
4 4 5 .0 0 0
_____ 1 , 5 0 2 . 5 0 0
3 2 3 .2 5 0
5 2 9 .4 5 2
1 5 8 .3 3 3
4 8 0 .0 0 0
_____ 1 , 5 0 2 , 5 0 0
2 9 5 ,9 5 0
5 2 9 .4 5 2
1 5 0 ,0 0 0
5 1 0 .0 0 0
_____ 1 , 5 0 2 . 5 0 0
2 0 6 ,5 5 0
5 2 9 .4 5 2
1 5 0 ,0 0 0
5 4 5 .0 0 0
_____ 1 . 5 0 2 , 5 0 0
2 3 5 ,5 0 0
5 2 9 .4 5 2
1 5 0 ,0 0 0
_ _ 1 .9 2 3 ,6 6 2
9 3 5 .0 0 0
2 0 0 .2 5 0
5 2 9 .4 5 2
1 5 0 ,0 0 0
1 .4 2 0 .0 0 0
1 3 3 ,0 5 0
2 ,3 3 8 ,6 2 5
1 5 0 ,0 0 0
5 2 9 .4 5 2
1 .1 6 0 .0 0 0
2 .1 4 8 .1 2 5
4 9 ,5 0 0
1 5 0 ,0 0 0
5 2 9 .4 5 2
_____ 1 , 9 7 8 . 2 5 0
1 5 0 .0 0 0
5 2 9 .4 5 2
2 2 5 ,0 0 0
. . . . 2 ,8 2 8 ,7 5 0
5 2 4 ,0 5 2

$ 5 2 ,9 4 5

$ 1 ,0 6 1 ,5 3 0

1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
1 0 5 .8 9 0
7 7 ,9 9 0
1 1 ,6 9 5

6 8 5 .7 7 1
7 2 4 .0 1 2
7 7 4 ,2 5 3
7 8 2 ,0 9 4
7 8 2 ,6 6 8
7 8 3 ,8 7 5
7 8 4 ,4 8 3
7 8 1 ,1 4 1
7 8 4 ,2 1 0
7 8 4 ,4 4 3
9 3 7 ,7 2 6
2 ,1 5 8 .5 3 3
S e e b e lo w

Note . — O u t o f t h e c a s h b a l a n c e f o r y e a r s 1 9 2 3 , 1 9 2 4 a n d 1 9 2 5 , I t i s p r o p o s e d
t o a p p l y t o r e d e m p t i o n o f a l l t h e “ a c c r u e d d i v i d e n d c e r t i f i c a t e s ” In 1 9 2 3 , $ 1 5 5 , 0 0 0 ,
In 1 9 2 4 3 1 , 2 2 0 , 0 0 0 , in 1 9 2 5 $ 3 8 9 , 8 4 0 , l e a v i n g a v a i l a b l e f o r r e t i r e m e n t o f p r e f . s t o c k
$ 1 6 8 0 0 0 0 w ith a c a s h b a la n c e A u g . 1 9 2 5 o f $ 7 8 1 ,6 9 6 .
T h e a b o v e s c h e d u l e Is b a s e d o n r e s u m p t i o n o f c a s h d i v i d e n d s A u g . 1 9 1 2 ; It d o e s
n o t p r o v id e fo r p a y m e n t o f c o u p o n s o r p r in c ip a l o f a c c r u e d d iv id e n d c e r tlfle a te s
f o r t h e 1 0 % c o n d i t i o n a l l y c o n t r i b u t e d o r f o r a n y I n c r e a s e In p r e f . s t o c k , a n d d u e
a d ju s t m e n t m u s t b e a llo w e d fo r th e s e Issu es if m a d e .
C om ap re V . 93. p . 107, 289.

Hoosac Cotton Mills, North Adams, Mass.— Sale of Stock.
— The shareholders having authorized on Aug. 11 an in­
crease of $250,000 each in the pref. and common stocks, the
company lias sold to Ilornblower & Weeks $400,000 common
and $250,000 pref. stock, making outstanding $1,000,000
of each class. The $400,000 common stock and possibly the
$250,000 pref. will, it is stated, be offered to stockholders
by the underwriters. “ Boston News Bureau” said:
T h e f u n d s s o o b t a i n e d a r c t o b e u s e d In e n la r g in g a n d r e c o n s t r u c t i n g t h e
E c lip s e m ill a t N o r th A d a m s .
W h e n th e p r o p e r t y w a s ta k e n o v e r la s t
N o v e m b e r fr o m t h e A r n o ld P r in t W o r k s . It c o n s is t e d o f t w o p la n ts , s it u ­
a t e d h a lf a m ile a p a r t — t h e E c lip s e m ill, w it h 8 0 ,0 0 0 s p in d le s , a n d t h e
H e a v e r m ill, w it h a b o u t 3 0 ,0 0 0 s p in d le s .
I t Is b e l i e v e d t h a t t o b r i n g a b o u t
e ffic ie n t o p e r a t io n th e E c lip s e p la n t s h o u ld b e r e -a r r a n g e d a n d e n la r g e d , a n d
t h e e n t ir e b u s in e s s c o n c e n t r a t e d In t h a t p la n t .
T h e c o n te m p la te d
Im ­
p r o v e m e n t s in c lu d o a n e w s p in n in g m ill, p o w e r h o u s e a n d o t h e r b u ild in g s .
— V . 91, p . 1330.




473

THE CHRONICLE

A u o . 19 lu ll.]

Hudson River Electric Power Co,— Plan Operative.—
The bondholders’ committee, James R. Hooper, Boston,
Chairman, announces that the reorganization plan has
become operative through the approval of the holders of
more than 51% of the bonds concerned, and without, it is
said, a single dissent.— See plan V. 93, p. 3 4 8 . ....................
Intercontinental Rubber Co.— New Directors.— John R.
Morron, President of the Atlas Portland Cement Co.; Joseph
T. Talbert, Vice-President of the National City Bank; Chas.
A. Corliss, President of the Lamont-Corliss Co., and I.
McGlone have been elected directors of the Intercontinen
Rubber Co. to fill vacancies.— V. 92, p. 666.
International Steam Pump Co.—Earnings.— For the qu ter ending June 30:
1911.
1910.
N e t p r o f i t s ----------------- $ 5 7 0 , 4 5 9 $ 6 1 6 , 8 7 4
Deduct —
D e p r e c i a t i o n ----------- $ 1 1 7 , 0 7 3 $ 1 2 3 , 7 3 6
I n t e r e s t o n b o n d s . 1 2 4 ,2 0 2
1 0 6 ,2 5 0
1 2 ,4 9 7
1 1 ,7 5 0
O t h e r I n t e r e s t _______

1911.
1910.
P r e f . d i v i d e n d ____ $ 2 1 4 , 9 5 0 $ 2 1 4 , 9
H e s ’v ’d fo r s k . f d .
6 8 ,9 4 4 1
5 3 ,7
R e s ’d fo r b d . d is e t .
I
1 7 ,1

T o t . d e d u c tio n s $ 5 3 7
B a la n c e , s u r p lu s . $ 3 2
T o t a l o rd e rs ta k e n fo r th e th r e e m o n th s e n d in g J u n e 3 0
in c r e a s e o f 1 5 %
o v e r th e b o o k in g s fo r th e c o r r e s p o n d in g
p r e v io u s y e a r .— V . 9 2 , p . 1 3 1 4 , 1 3 0 8 .

,0 6 6 $ 5 2 7 ,5
•
,7 9 3
.* 5 9 ,3
1911 s h o w a
p e r io d In t

Iroquois Iron Co., Chicago, 111.— D e b e n t u r e s O f f e r e d .—
William Salomon & Co., New York and Chicago, have re­
cently sold at par and int. the unsold portion of $1,000,000
6% serial gold debentures, dated Dec. 1 1910, due in annual
installments of 8100,000 from June 1 1912 to June 1 1921,
inch, but callable at 105 and int., either as entire issue or any
part (by lot), and after 1911 for sinking fund on any int. date
on six weeks’ notice. Standard Trust Co. of N. Y ., trustee.
Int. J. & D. The management is practically controlled by
Rogers, Brown & Co. interests, who are well known as per­
haps the leading pig-iron merchants in this country.
A b s tr a c t o f L e tte r fr o m P r e s . M . C o c h r a n e A r m o u r , C h ic a g o , F e b . 2 0 1 9 1 1
Debentures. — T h e s e d e b e n t u r e s a r e I s s u e d t o p r o v i d e f u n d s f o r t h e c o m ­
p le tio n o f Im p r o v e m e n ts o f t h e m a n u fa c tu r in g p la n t a t S o u th C h ic a g o , In ­
c lu d in g t w o n e w b la s t fu r n a c e s ; fo r th e a c q u is it io n a n d d e v e lo p m e n t o f
Iro n o r e p r o p e r t ie s c o n t r o lle d b y th e c o m p a n y , a n d t o r e im b u r s e t h e c o m ­
p a n y f o r lik e e x p e n d it u r e s .
T h e o r e p r o p e r tie s o f th e c o m p a n y a r c e s ti­
m a te d b y e x p e r t m in in g e n g in e e r s t o c o n ta in a t o n n a g e o f o r e s u ffic ie n t t o
s u p p ly th e m a x im u m r e q u ir e m e n ts o f th e fo u r fu r n a o e s fo r 3 5 y e a r s .
T h e I n d e n t u r e s e c u r in g t h is Iss u e p r o v id e s (a ) t h a t s h o u ld t h e c o m p a n y
d e c id e t o Iss u e m o r t g a g e b o n d s In e x c e s s o f t h e p r e s e n t a u t h o r iz e d a m o u n t
o f 1 s t M . 5 s ( $ 3 , 0 0 0 , 0 0 0 ) , le s s a n y t h e r e o f r e t i r e d w i t h o u t b e i n g r e f u n d e d ,
th e s e d e b e n t u r e s m u s t b e r e t ir e d a t 1 0 5 a n d ln t .; (b ) t h a t d u r in g t h e life
o f th e s e d e b e n tu r e s th e c n t lr o o u t s t a n d in g fu n d e d d e b t , w h e th e r m o r t g a g e
b o n d s o r d e b s ., s h a ll b e li m it e d t o $ 4 ,0 0 0 ,0 0 0 , t h e t o t a l n o w a u t h o r i z e d .
Properties. — T h e m a n u f a c t u r i n g p r o p e r t i e s a r e l o c a t e d I n S o u t h C h i c a g o
a n d I n c lu d e : (1 ) T w o b la s t f u r n a c e s , w it h a n a n n u a l c a p a c i t y o f a b o u t 1 8 0 ,0 0 0
t o n s o f p ig I r o n , s it u a t e d o n a b o u t 2 0 a c r e s o f la n d w h ic h fr o n t s o n t in ? C a lu ­
m e t R i v e r b e t w e e n 9 5 t h S t . a n d t h e m a in lin e s o f t h e B . & O . , L a k e S h o r e
an d P enn. R R . cos.
(2 ) T w o n e w b la s t fu r n a c e s n o w u n d e r c o n s t r u c t i o n
o n a t r a c t o f a b o u t 2 9 a c r e s a t th e m o u t h o f t h e C a lu m e t R iv e r d ir e c t ly
o p p o s it e t h e p la n t o f t h e I llin o is S te e l C o .
T h e s e t w o fu r n a c e s w ill m o r e
th a n d o u b le th e c a p a c it y o f t h e e x is t in g p la n t .
T h e tw o tra cts a re c o n ­
n e c t e d b y a f o u r -a c r e s t r ip o f la n d o w n e d b y th is c o m p a n y a n d le a s e d t o
t h e C h ic a g o S h o r t L in e R y . , w h ic h lin e c o n n e c t s w it h t h e p r in c ip a l r a il r o a d s
e n te r in g C h ic a g o .
A n A c t o f th e I llin o is L e g is la tu r e J u n e 1 5 1 9 0 9 g iv e s
t h e c o m p a n y t h e r i g h t f o r 1 5 y e a r s f r o m t h a t d a t e t o fill In a n d a c q u i r e t i t l e
t o a b o u t 8 5 a c r e s o f la n d n o w s u b m e r g e d a n d a d jo in in g t h e 2 9 -a c r e t r a c t
a b o v e r e fe r r e d t o .
T h is w ill p r o v id e a m p le r o o m fo r fu t u r e g r o w t h .
W h e n t h e o r e p r o p e r t ie s h a v e b e e n d e v e lo p e d t o th e ir n o r m a l c a p a c it y
t h e c o m p a n y e s t im a t e s t h a t t h e c o s t t o It o f o r e t h e r e fr o m w ill b e o v e r $ 1
p e r t o n le s s t h a n t h e p r e s e n t m a r k e t p r i c e o f o r e .
O n t ills b a s is , W h e n fo u r
f u r n a c e s a r e o p e r a t e d o n o r e e n t i r e l y f r o m t h e s e p r o p e r t l s e I t Is e s t i m a t e d
t h a t th e c o m p a n y w o u ld h a v e a n a n n u a l s a v in g o f $ 7 5 0 ,0 0 0 .
...........................

V aluation, $ 9 , 4 0 4 , 1 3 0 , or Over 2 % Tim es the E n tire F u n d e d Debt.
R e a l e s t a t e a n d p la n ts a n d o r e r e s e r v e s , a s d e t e r m in e d b y In d e ­
p e n d e n t e x p e r t a p p r a is a ls , t o g e t h e r w ith t h e p r o c e e d s fr o m
t h e s a le o f t h e 1 s t M . b o n d s a n d t h e p r o c e e d s f r o m t h e s a le
o f t h i s I s s u e , a r c c o n s e r v a t i v e l y v a l u e d a t _______________________________ $ 8 , 3 2 4 , 8 3 3
N e t q u i c k a s s e t s D e c . 3 1 1 9 1 0 ____________________________________________________
1 ,0 7 9 ,2 9 7
T h e a b o v e e s t im a t e d o e s n o t i n c l u d e t h e r i g h t t o fill In 8 5 a c r e s o f s u b ­
m e r g e d la n d , n o r t h e v a l u e o f t h e o r e p r o p e r t i e s le a s e d d i r e c t l y t o t h e c o m ­
p a n y , w h ic h , a s a lr e a d y s t a t e d , a re e s tim a te d t o c o n t a in s u ffic ie n t o r e t o
s u p p ly th e m a x im u m r e q u ir e m e n ts o f th e fo u r fu r n a c e s fo r 3 5 y e a r s .
S in k in g F u n d fo r T h is Issu e. — ( a )
F o r t h e fir s t 4 0 0 ,0 0 0 t o n s o f o r e
m in e d a n d s h ip p e d in e a c h y e a r fr o m t h e o r e p r o p e r t ie s n o w u n d e r le a s e
t h e c o m p a n y a n d o n Its p r o p o r t io n a l s h a r e o f o r e m in e d a n d s h ip p e d f r o m
o t h e r o r e p r o p e r t i e s I n w h i c h t h e c o m p a n y Is n o w I n t e r e s t e d , 2 5 c e n t s a t o n .
(b ) W h e n t h e s e p a y m e n t s In a n y y e a r a m o u n t t o $ 1 0 0 ,0 0 0 , 1 5 c e n t s p e r t o n
o n a d d it io n a l o r e m in e d a n d s h ip p e d d u r in g t h a t y e a r .
U p o n c o m p le t io n
o f t h e t w o n e w b l a s t f u r n a c e s . l t Is e s t im a t e d t h a t t h e e n la r g e d p l a n t w il l
r e q u ir e o v e r 7 5 0 ,0 0 0 t o n s o f o r e a n n u a lly .
T h e n e w o r e p r o p e r tie s s h o u ld ,
w it h in a fe w y e a r s , p r o v id e t h is , m a k in g t h e s in k in g fu n d $ 1 5 2 ,5 0 0 y e a r ly .
E a rn in g s . — T h e a v e r a g e a n n u a l n e t p r o f i t s f o r 5 !•$ y e a r s t o S e p t . 3 0 1 0 1 0
w e r e $ 2 9 6 ,8 7 0 , o r n e a r ly 1 % t im e s th e a n n u a l In te r e s t c h a r g e s o n th e fu n d e d
d e b t a fte r th e Issu a n ce o f th e se d e b e n tu re s.
T h e s e r e s u lts w e r e o b t a in e d
fr o m t h e o p e r a t io n o f o n ly t w o b la s t fu r n a c e s o v e r a p e r io d w h e n t h e c o m ­
p a n y w a s r e q u ir e d t o p a y m a r k e t p r ic e s o n p r a c t ic a lly t h e e n t ir e a m o u n t
o f ore u sed.
U p o n c o m p le t io n o f th e t w o a d d itio n a l b la s t fu r n a c e s , a n d
w it h t h e o r e p r o p e r t ie s a t t h e ir n o r m a l c a p a c it y , t h e a n n u a l n e t e a r n in g s
s h o u ld b e m a n y t im e s th e n e w In te r e s t r e q u ir e m e n ts .

by

Capitalization o f the Com pany.
C a p it a l s t o c k , a u t h ., $ 5 ,0 0 0 ,0 0 0 ; o u t s t a n d in g (fu ll p a id a t p a r ) .* $ 3 ,0 0 0 ,0 0 0
1 s t M . 5 % b o n d s , a u t h ., $ 3 ,0 0 0 ,0 0 0 ; o u t s t a n d in g ( V . 9 0 , p . l l 2 ) . . 2 ,3 0 0 ,0 0 0
S in k in g fu n d 6 %
d e b e n t u r e s , a u t h . a n d o u t s t a n d i n g _________________ 1 , 0 0 0 , 0 0 0
• S in c e

F eb. 20

1911

in c r e a s e d

to

$ 5 ,0 0 0 ,0 0 0 .— E d .

.

T h e $ 7 0 0 ,0 0 0 u n is s u e d 1 s t M . b o n d s a r e r e s e r v e d f o r f u t u r e a d d it io n s a n d
Im p rov em en ts a t 6 0 %
o f cost.
. .
M anagem ent . — P r a c t i c a l l y c o n t r o l l e d b y R o g e r s , B r o w n & C o . I n t e r e s t s ,
w h o a r e r e p r e s e n te d o n th e b o a r d b y W illia m A . R o g e r s o f B u ffa lo , N . Y . ,
D . B . M e a c h a m o f C i n c i n n a t i , O . , M . C o c h r a n e A r m o u r a n d E . L . B U U n g s le a
o f C h ic a g o .
M . C o c h r a n e A r m o u r Is P r e s i d e n t ; W i l l i a m A . R o g e r s , V . - P r e s . ;
E . L . B U U n g s le a , 2 d V . - P r c s . ; G e o r g e A . T r i p p , S e c . & T r e a s .: S a m u e l A .
K e n n e d y , G en . M g r. C om p a re V . 9 2 , p . 192; V . 9 1 , p . 1773; V . 9 0 , p . 1 1 2 , 55

Keasbey & Mattison Co., Ambler, Pa.—Bonds.— This
company, manufacturer of asbestos building papers, felts,
millboards, &c., and magnesia felts, pipe and boiler cover­
ings, its plant at Ambler being described as the largest of its
kind in the world, has recently filed a mtge. to the Royal
Trust Co. of Montreal and the Girard Trust Co. of Phila­
delphia, co-trustees, covering the plant in Ambler and asbes­
tos mines at Thetford, Que., to secure 81,750,000 bonds.
T h e T r e a s u r e r w r it e s : “ A ll t h e b o n d s Is s u e d b y u s a r e s o ld in L o n d o n t o
E n g lis h b a n k e r s ."
R . V . M a t t is o n , M . D ., P r e s .; R . V . M a t t is o n J r .;
1st V .-P .: E . I I. H a m m e r, 2 d V .- P .;H .
E v e r h a m , S e c .;
G .F u n k , T r e a s .

v.

U.

La Crosse (Wis.) Water Power Co.—Receivership.—
Clement C. Smith of Milwaukee has been appointed receiver
of the property by Judge Sanborn in United States Court at
Madison, upon application of the State Bank of Chicago,
trustee for the bonds. (V. 84, p. 807; V. 92, p. 884, 1181.)

474

THE CHRONICLE

O n A u g . 1 4 a u t h o r it y t o Is s u e $ 0 0 ,0 0 0 r e c e iv e r s ’ c e r t ific a t e s w a s g r a n t e d .
A s t o t h e r e c e iv e r s h ip f o r t h e a llie d o r s u b s id ia r y W in o n a R a il w a y &
L ig h t C o . s e e “ R a ilr o a d s " a b o v e .— V . 9 2 , p . 1 1 8 1 .

Long Acre Light & Power Co., New York — Rehearing
Denied.— The Public Service Commission, First District,
yesterday denied the application of the New York Edison Co.
for a rehearing of the order of July 29, granting to the Long
Acre company authority to issue $2,000,000 stock and $
000,000 bonds.
T h e a p p l i c a t i o n , I t Is t h o u g h t . Is m e r e l y f o r m a l I n o r d e r t o c o m p l e t e
re co rd fo r an a p p ea l to th e c o u rts .
C om p are V . 93, p . 349.

th e

[V O L. LKXXXIII.

[ T h e C o m m is s io n e s t im a t e d t h a t Its o r ig in a l o r d e r f o r r e d u c t i o n o f r a t e s
In N . Y . C it y w o u l d r e d u c e t h e t o ll lin e r e v e n u e o n t h e b a s is o f b u s in e s s f o r
y e a r e n d in g N o v . 1 1 0 1 0 b y 5 1 ,2 1 6 ,1 8 9 ).

B a la n c e Sheet Dec. 3 1 1 9 1 0
L ia b ilitie s

Assets ( $ 2 0 6 , 1 9 6 , 8 3 5 ) —
P la n t
____________________________ $ 9 1 , 0 5 5 , 2 6 5
R e a l e s t a t e ____________________
1 5 ,2 8 8 ,6 9 7
S t o c k s a n d b o n d s ___________ 7 2 , 2 1 2 , 0 0 0
B ills a n d a c c t s . r e c e iv a b le 1 9 ,9 3 1 ,1 7 0
S u p p l i e s _______________________
3 ,4 9 2 ,6 3 4
1 5 2 ,1 0 2
P r e p a i d e x p e n s e s __
S i n k i n g f u n d s ________________
1 7 2 ,5 2 0
C a s h --------------------------------------------3 ,8 6 2 ,4 4 7
— V . 93, p . 167.

($ 2 0 6 ,1 9 0 ,8 3 5 )—
C a p i t a l s t o c k _________
$ 1 2 5 ,0 0 0 ,0 0 0
B o n d e d d e b t . . . .................
5 2 ,3 0 4 ,0 0 0
A c c o u n t s p a y a b l e ______ . .
1 ,7 6 0 ,1 9 7
R e s e r v e s (o b lig a t io n s ) . .
1 ,0 3 4 ,3 9 5
R eserves
fo r
r e p la c e < -V -l
m e n t ..................
1 1 ,7 7 8 ,8 1 9
S u rp lu s a n d r e s e rv e s fo r
c o n t i n g e n c i e s ................
1 4 ,3 1 9 ,4 2 4

Mexican Northern Power Co., Ltd.— Listed.— The London
Niagara Lockport & Ontario Power Co, -Earnings
Stock Exchange has listed scrip for $4,500,000 1st M. 5% OMos. end. S a le o f Cost o f Gross
Net
. Other
IstM .bcl.
B a t.,
30-year gold bonds. See Y. 92, p. 1036.
J u n e 3 0 . P o w er. P ow er, incom e.
earns.
sur.
1 9 1 1 _____ $ 5 2 9 , 9 9 9 5 2 5 9 , 1 4 0 $ 2 7 0 , 8 5 9
$ 1 0 8 - 8 3 7 5 1 2 , 3 a i $ 12 ™ 0 0 0 $ 5 6 , 1 8 8
Mountain States (Bell) Telephone & Telegraph Co., 1 9 1 0 _____ 448860, .339900 - -3- 9 , 1 -0 ­6 2 4 7 , 2 8 4 1 4 7 , 6 7 2
7 ,8 4 *
1 2 5 ,0 0 0
3 0 ,5 2 1
—
V
.
9
2
,
p
.
1
6
1
0
.
Denver.—Stock Offered.— Boettcher, Porter & Co., Denver,
are offering at 101 a block of the stock, “ now paying 7%
Omaha (Neb.) Electric Light & Power Co,— N eiu S t o c k .—
per annum (Q-J 15); authorized, $50,000,000; issued and A certificate was filed in Maine on Aug. 7 increasing the
outstanding, $18,937,400; par of shares $100, full-paid and authorized capital stock from $2,500,000 ($1,500,000 com­
non-assess. No bonded or floating debt.” A circular says: mon and $1,000,000 5% cum. pref.) to $4,000,000 by an in­
T h e c o m p a n y , I n c o r p o r a t e d In C o l o r a d o In 1 9 1 1 , o w n s a r id c o n t r o l s t h e
crease in the limit of common stoke to $3,000,000.
te le p h o n e p r o p e r tie s o f s ix S ta te s a n d c r o s s e s th e b o r d e r o f t w o o th e r s ,
o p e r a t i n ' 1: i n C o l o r a d o , U t a h , I d a h o , M o n t a n a , W y o m i n g a n d N e w M e x i c o
w ith
t o ll lin e s e x t e n d i n g in t o t h e s u r r o u n d i n g t e r r it o r y .
I t o c c u p ie s a
r e g io n fr o m
C a n a d a o n th e n o rth to M e x ic o o n th e s o u th — a n a g g re g a te
t e r r it o r y o f a p p r o x im a t e ly 6 6 0 ,0 0 0 s q . m ile s , o r m o r e th a n o n e -fift h o f t h e
m a i n l a n d a r e a o f t h e U n i t e d .S t a t e s .
T h e m e r g e r h a s b e e n c ir e c te d b y th e a c q u is it io n o f th e s t o c k o f e a ch c o n ­
s t it u e n t c o m p a n y , w it h t h e t r a n s fe r t o t h e n e w c o m p a n y o f a ll t h e p h y s ic a l
p r o p e r t i e s , f r a n c h is e s , g o o d - w i l l , & c ., a n d t h e I s s u e o f s t o c k In a m o u n t
c o n s i d e r a b l y le s s t h a n t h e c o m b i n e d c a p i t a l lia b ili t ie s o f t h e t h r e e c o m ­
p a n ie s , w h ic h a m o u n t e d t o 8 2 0 ,2 8 5 ,2 5 7 , a s fo llo w s :
C o lo r a d o T e le p h o n e
C o . , $ 1 0 ,0 0 0 ,0 0 0 ; T r i - S t a t e T e l e p h o n e & T e l e g r a p h C o . , ,$ 1 ,0 0 0 ,0 0 0 ; R o c k y
M o u n t a in B e ll T e le p h o n e C o ., $ 9 ,2 8 5 ,2 5 7 .
T h e r e d u c t i o n Is $ 1 , 3 4 7 , 8 5 7 ,
o r 6 .6 % .
T h e C o lo r a d o T e le p h o n e C o . o p e r a te d
In C o l o r a d o a n d N e w
M e x i c o , e x c e p t In t h e s o u t h e r n m o s t c o u n t i e s ; t h e R o c k y .M o u n t a in In U t a h ,
Id a h o,
M o n ta n a
and
W y o m in g ;
th e . T r i - S t a t e
C o . in
C o c h is e
C ou n ty ,
A r lz ., S o u th e r n N e w M e x ic o a n d E l P a s o C o u n ty , T e x a s .
F ro n t 1 9 0 0 t o 1 9 1 0 th e a r e a s e r v e d b y th e M o u n ta in S ta te s C o . s h o w e d
a n I n c r e a s e I n p o p u l a t i o n o f m o r e t h a n 5 5 % , i n c o m p a r i s o n w i t h 2 0 .9 " ,')
fo r th e U n ite d S ta te s a s a w h o le .
T ile p o p u la t io n
o f C o lo r a d o , U ta h ,
I d a h o , M o n t a n a , W y o m i n g a n d N e w M e x i c o a g g r e g a t e d 2 ,3 1 7 ,2 8 8 In 1 9 1 0 ,
a g a i n s t 1 ,5 0 9 ,3 0 1 In 1 9 0 0 , I n c r e a s e 5 5 3 4 % .

Com bined Statistics ( T ri-State T . A T . Co. incl. only in 1 9 1 0 an d 1 9 1 1 ) .
N um ber of Num ber of
Exchange
Toll W ire. Tot. M ile s
Exchanges. Subscribers. W ire. M ile s.
M iles.
W ire.
M
D
D
D
D
D

ay
ec.
eo.
ec.
ec.
ec.

31
31
31
31
31
31

Assets

1 9 1 1 ______ 3 0 7
1 9 1 0 ______ 2 9 0
1 9 0 9 ______ 2 7 4
1 9 0 8 ______ 2 8 6
1 9 0 5 _____ 2 3 6
1 9 0 0 ______ 1 0 2
($ 2 4 ,3 9 3 ,0 2 7 ) —

1 4 9 ,6 7 2
1 4 1 ,1 1 4
1 2 0 ,8 9 6
1 1 0 ,5 6 6
7 7 ,9 6 2
1 5 ,8 3 8

3 3 3 ,7 0 3
2 7 3 ,9 2 2
2 3 6 ,2 3 3
2 2 1 ,2 4 7
1 1 0 ,8 6 1
2 1 ,9 2 5

6 1 ,1 0 1
5 9 ,2 2 0
5 2 ,7 8 5
4 8 ,4 0 8
3 4 ,4 6 7
1 4 ,2 3 1

3 9 4 ,8 0 4
3 3 3 ,1 4 2
2 8 9 ,0 1 8
2 6 9 ,6 5 6
1 4 5 ,3 2 9
3 6 ,1 5 6

BA LA N C E SH EET.
L ia b ilitie s

($ 2 4 ,3 9 3 ,0 2 7 )
C a p i t a l s t o c k _________________ $ 1 8 , 9 3 7 , 4 0 0
R eserve
fo r
ta x es,
in t­
5 ,3 9 5 ,7 0 1
e r e s t , & c -------------------------------2 1 5 ,1 8 5
B i l l s p a y a b l e _________________
5 2 8 ,9 5 7
C u r r e n t p a y -r o lls , & o _ _ .
5 0 3 ,2 2 4
S u r p lu s , u n d iv id e d p r o fits
a n d d e p r e c i a t io n r e s e r v e 4 ,2 0 8 ,2 6 1

Real estate____________ 51,637,195
Exchange plant________ 14,177,820
T o ll

p l a n t . ________________________

Construction In process, _
814,510
Supplies, tools, & c ____
726,358
Stocks and bonds_______
213,289
Bills and accts. receivable
950,318
Cash ____________ _____
427,820.
Officers: E. B. Field, President; Bdw. B. Field Jr., V.-Pres. and Treas.;
.T, E. Macdonald, Sec.; E. M. Burgess, Gen. Man.; Roderick Reid, Gen.
Auditor. Transfer Agent, the Secretary of the company, Denver. Regis­
trar, International Trust Co.
S ta tem en t by P res. G. 15. F ield , D en ver, A d d ressed to Bankers A ug. 18 ’l l .

The merger of the Colorado Telephone Co., the Tri-State Telephone &
Telegraph Co. ami the Rocky Mountain Bell Telephone Co. into the Moun­
tain States Telephone A Telegraph Co. has been brought about by what
may be termed an ultra-conservative method. Absolutely no water has
been Injected Into the stock and the earnings of the merger company will be
entirely sufficient to assure continuance of the 7% dividend which the
Colorado Telephone Co. has paid In the past. Only the one stock will be
Issued; there will be no bonds nor pref. stock; and, so long as we are able
as In the past, to sell treasury stock for alt extensions, no bonded debt will
be considered. I have read the entire contents of the circular descriptive
of the company and that the facts therein set forth arc exact.— V. 93 n
412, 290.
’ ‘

New York Edison Co.—
tion s

in

G r e a te r

N ew

“ F r a n c h i s e s o f E le c t r ic a l C o r p o r a ­
Y o r k . ” — The report of Commissioner

Milo R. Maltbie to the Public Service Commission, 1st Dist.,
on the franchises of electrical corporations in Greater New
York, has been printed for distribution, forming a volume
of 237 pages.— V. 93, p. 39; V. 92, p. 1377.
New York (Bell) Telephone Co.— A m e n d e d O r d e r R e d u c i n g
R a te s to S u b s c r i b e r s i n G r e a te r N e w Y o r k . — The Public Ser­
vice Commission, Second District, on Aug. 8 postponed
until Dec. 1 the date on which the company is required to
reduce certain of its rates to regular subscribers in Greater
New York, in order that due preparation may be made for
the large increase in business expected to result from such
reduction, and further fixed the limits of the districts to
which the new rates are to apply substantially as follows:
R ate o f

5 Cents (P reviou sly 1 0 Cents) fo r Toll Connections o f 5 M in utes or L ess.
F o r te le p h o n e s e r v ic e b e tw e e n Z o n e 1 (e m b r a c in g c e n t r a l o ff ic e d is tr ic ts
In t h e B o r o u g h o f M a n h a t t a n b e lo w 1 1 0 t h S t . W e s t a n il 1 0 3 d S t . E a s t ) t o
t h a t s e c t io n o f. L o n g I s l a n d ly in g n o r t h a n d w e s t o f a lin o e x t e n d i n g fr o m
N e w Y o r k B a y a t 6 5 t h S t ., B r o o k l y n , a lo n g th e r o u t e o f t h e B a y R U lg e
e x te n s io n a n d M a n h a tta n B e a c h d iv is io n o f th e L o n g I s . R R . t > a n d a lo n g
s u c c e s s iv e ly N e w L o t s A v e ., B la k e A v e ., M y r t le A v c . (b e g in n in g a t a p o in t
n e a r F o r e s t P a rk ) to a p o in t 100 ft . e a s t o f D ry H a r b o r r o a d e x te n d e d a n d
t h e n c e p a r a lle l t o s a id r o a d , a n d a lo n g N o r t h H e m p s t e a d R o a d t o a n d a lo n g
F lu s h in g C r e e k t o F lu s h in g B a y .

Rates R educed fro m 1 5 Cents to 1 0 Cents.
B e t w e e n Z o n e 1 a fo r e s a id a n d c e n t r a l o f f ic e d is t r ic t s o f F lu s h in g , R ic h ­
m o n d III1 1 a n d J a m a i c a , r e s p e c t i v e l y .
T h e o r d e r w ill c o n t in u e In f o r c e u n t il c h a n g e d o r a b r o g a t e d b y t h e C o m ­
m is s io n , b u t fo r n o t e x c e e d in g th re e y e a r s .
T h e o rd e r d o e s n o t a p p ly to
p a y s t a t io n s .— V . 9 3 , p . 1 6 7 .
•
S t a t e m e n t f o r 1910.— The figures furnished to the P. S.
Commission from the report to the stockholders shows:

Incom e Account fo r C alendar Year 1 9 1 0 .
T e le p h o n e r e v e n u e s : E x c h a n g e s e r v ic e . 5 2 7 ,8 5 6 ,7 3 3 ; to ll s e r v ic e ,
5 8 , 4 9 7 , 1 6 6 .................................................. ................................ ..........................................................5 3 0 , 3 5 3 , 8 9 9
T e le p h o n e e x p e n s e s : G e n e r a l, 5 6 7 0 ,8 2 6 ; o p e r a t in g , 5 9 ,6 8 5 ,3 5 2 ;
m a in te n a n c e ,
5 1 0 ,7 0 7 ,0 7 0 ; r e n t a ls ,
$ 2 , 6 8 2 ,2 4 1 ; I n s u r a n c e ,
5 0 6 ,1 3 9 ; t a x e s , 5 1 ,8 3 2 ,5 0 4 .
T o t a l ........................................................................ 2 5 , 7 3 4 , 7 3 3
N e t t e l e p h o n e e a r n i n g s ____ ____________ ___________________________________ _ _ . $ 1 0 , 6 1 0 , 1 6 5
O t h e r I n c o m e : D l v s . a n d l n t . , $ 3 ,8 4 0 ,6 0 5 , a n d m l s c ., $ 3 6 ,9 1 4 - .
3 ,8 7 7 ,5 4 0
T o t a l n e t e a r n i n g s ___________________________________________
5 1 4 ,4 9 6 ,7 1 5
D e d u c t I n t e r e s t c h a r g e s ______________________________________________________________ $ 2 , 1 5 0 , 7 1 4
D e d u c t d i v i d e n d s ______________________________________________________________________
8 ,7 1 2 ,4 8 8
B a l a n c e t o s u r p l u s a c c o u n t a n d r e s e r v e f o r c o n t i n g e n c i e s ______ $ 3 , 6 3 3 , 5 1 2




E a rn in g s as Reported fo r C alendar Y ears.
Gross.
N et.
D eprec. B o n d ln t . P r e f . D i v . B a l . , S r .

1 9 1 0 ------------ $ 9 2 0 , 3 6 7
$ 4 0 8 ,3 7 5
5 1 5 0 ,0 0 0
$ 1 0 5 ,9 1 2
$ 2 4 ,0 9 0
5 1 2 8 .3 7 3
3 8 6 ,2 4 0
1 2 5 ,0 0 0
1 0 7 ,0 4 3
2 4 ,0 9 0
130 113
1 9 0 9 ------------ 7 9 3 , 0 9 5
O n D e c . 3 1 1 9 1 0 h a d o u t s t a n d in g $ 2 ,1 7 7 ,3 0 0 c o m m o n s t o c k , 5 4 8 1 .8 0 0
p r e f . s t o c k a n d 5 2 ,2 3 8 ,0 0 0 1 s t M . 5 s o f 1 9 0 3 ( a u t h . is s u e $ 3 ,0 0 0 ,0 0 0 ) . C o m ­
p are V
8 1 , p . 2 1 5 .— V . 9 1 , p . 1 7 7 6 .

Oneida-Regal Textile Co., Utica — P r e f . S t o c k O f fe r e d —
The unsold portion of the total issue of $500,000 7% cumu­
lative preferred stock is being placed at par and interest by
Wollenberger & Co., Chicago. President’s letter,V.93,p.109.
Ontario Power Co. of Niagara Palls.— E a r n i n g s .—
SM os. end. S a le o f
J u n e SO. power.

G ov’t Gross
rental, incom e.

Net
earns.

Other
Interest
incom e, charges.

B a t.,
sur.

1 0 1 1 ............. 5 2 1 6 , 9 9 3 5 1 4 , 0 9 8 5 2 0 2 , 8 9 5 $ 1 6 5 , 2 8 5 $ 2 1 , 4 4 5 $ 1 0 7 , 5 3 7 $ 1 9 , 1 9 3
1 0 ) 0 .............
1 8 2 ,6 0 1
1 2 ,2 2 0
1 7 0 ,3 7 5
1 3 7 ,1 8 2
1 4 ,7 3 4
1 3 7 ,7 4 8
1 4 ,1 6 8
I n t e r e s t a s a b o v e fo r t h e 3 m o n t h s o f 1 9 1 1 ($ 1 6 7 ,5 3 7 ) I n c lu d e s ; O . P . C o .
( a g a i n s t $ 6 4 ,3 3 8 In 1 9 1 0 ) ; O . T . C o . r e n t a l, 5 3 9 ,5 6 2 ( a g a in s t
5 2 8 ,4 1 0 , th e la s t-n a m e d a m o u n t I n c lu d in g ln t .o n 1 s t 5 s f o r 1 m o n t h
and
r e n ta l fo r 2 m o n t h s a s le a s e o f c o m p a n y w e n t I n to c ir e c t o n M a y 1 1 9 1 0 )
a n d $ 1 5 ,0 0 0 I n te r e s t o n t h e 5 3 ,0 0 0 ,0 0 0 o u t s t a n d in g O . p . C o . 6 %
deben ­
t u r e s o f 1 9 0 6 , c o m p a r e d w it h a lik e a m o u n t In 1 9 1 0 .— v . 9 2 , p . 1 5 6 9 .

(F•H.) Peavey & Co,, Minneapolis.— R e o r g a n i z a t i o n .— See
“ Items about Banks, Bankers, & c.,” on previous nase.—
V. 84, p. 452.
Pigeon River Lumber Co.— S o l d . — See Champion Lumber
Co. on page 410 last week’s “ Chronicle.” — V. 82, p. 450.
Pittsburgh Brewing Co.— C h a n g e i n D i v i d e n d P a y m e n t s .—
The company has declared the regular quarterly dividends
of 1% % on the $6,100,100 pref. and 1J/iVo on the $5,962,250
common, both payable Aug. 30 to holders of record Aug. 19.
P a y m e n t s h a v e h e r e t o fo r e b e e n m a d e o n th e 2 0 th d a y o f th e m o n th
b u t o n a c c o u n t o f t h e f a c t t h a t th e P it t s b u r g h S t o c k E x c h a n g e r e q u ir e s a t
le a s t o n e w e e k ’s n o t ic e o f d iv i d e n d s o r t h e c l o s i n g o f b o o k s , d iv i d e n d s w ill
h e r e a f t e r b e p a y a b l e o n t h e 3 0 t h d a y o f t h e m o n t h . - - V . 9 1 , p. 1 ,3 2 5 .

Pittsburgh Coal Co.— R e s u l t s o f S a l e o f C o a l L a n d s a n d
circular issued by W, N. Burt Jr. & Co.,
Pittsburgh, says in substance:
M e r g e r . — The

s t a n d in g 1 st M . b o n d s o f P it t s b u r g h C o a l C o ., w h ic h c a n b e c a l l c d a t l l O
a n d In terest.
T h e M o n o n g a h e l a R i v e r C o a l C o . r e c e iv e s 5 7 ,6 5 0 ,0 0 0 In
H . C . F r ic k C o k e C o . b o n d s w it h s a m e g u a r a n t y in p a y m e n t fo r 9 ,0 0 0 a c r e s
o f P i t t s b u r g h v e i n c o a l ( b e i n g ,$ 8 5 0 p r e a c r e ) , o r j u s t a b o u t e q u i v a l e n t t o
th e o u ts ta n d in g 1st M . d e b t (V . 9 2 , p . 1 5 7 0 ),
I n th e m e r g e r th e $ 7 ,5 0 0 ,0 0 0 M o n o n g a h e la p r e f. s t o c k h e ld b y th e p u b lic
w ill b e e x c h a n g e d fo r 5 %
2 0 - y e a r d e b e n t u r e b o n d s (In a ll $ 6 ,0 0 0 ,0 0 0
o f P it t s . C o a l C o ., d a t e d J u ly 1 1 9 1 1 , a $ 1 ,0 0 0 b o n d f o r e v e r y 2 5 s n a r e s
( 5 1 ,2 5 0 ) o f s t o c k , I. e . , $ 4 0 p e r $ 5 0 s h a r e , o r , i f t h e b o n d s s e ll a t 9 0 . $ 3 6
p er $50 sh are.
H o ld e r s o f th e o u t s t a n d in g M o n o n g a h e la c o m m o n s t o c k
w ill r e c e iv e o n e $ 1 0 0 s h a r e o f P it t s b u r g h C o a l c o m m o n s t o c k f o r e a c h t w o
o f th e ir $ 5 0 s h a r e s , o r p a r fo r p a r ( V . 0 3 , p . 2 3 2 ).

Capitalization B e ore and A fte r S a le an d M erger.
-"B e fo r e .
Pittsburgh.
M ononga.
Total.
T o t a l b o n d e d d e b t ------------ $ 2 3 , 7 3 7 , 0 0 0
P r e f. s t o c k o u t s t a n d in g . 2 7 ,0 7 1 ,8 0 0
C o m m o n s t o c k ........................ 2 8 , 1 0 4 , 0 0 0
T o t a l c a p it a liz a t io n ..5 7 8 ,9 1 3 ,4 0 0

5 9 ,0 8 7 ,0 0 0
1 0 ,0 0 0 ,0 0 0
2 0 ,0 0 0 ,0 0 0
$ 3 9 ,0 8 7 ,0 0 0

5 3 2 ,8 2 4 ,0 0 0
3 7 ,0 7 1 ,8 0 0
4 8 ,1 0 4 ,6 0 0
$ 1 1 8 0 0 0 ,4 0 0

A ft e r ."
.
„
.
Pittsburgh.

521
27

024*000
0 7 l ’ 80<)

32|ooo’ ooo
$ 8 0 ,0 9 5 ,8 0 0

T h e c o m b in e d a c r e a g e o f th e t w o c o m p a n ie s o f P it t s b u r g h C o a l, b a s e d o n
t h e ir la s t a n n u a l r e p o r t s , a r e : (a )
B e fo r e s a le a iu l m e r g e r , 1 6 9 ,4 8 4 , w it h a
t o t a l c a p it a liz a t io n o f $ 6 9 0 p e r a c r e ,
A f t e r s a le a n d m e r g e r , 1 0 3 ,4 8 4
a c r e s , w ith a c a p it a liz a t io n o f $ 5 2 0 p e r a c r e .
T h e c a p i t a l i z a t i o n Is t h u s
r e d u c e d a p p r o x i m a t e l y $ 3 3 , 0 0 0 , 0 0 0 ( o f w h i c h $ 1 2 , 0 0 0 , 0 0 0 is I n b o n d s a n i l
5 2 6 , 0 0 0 , 0 0 0 i n s t o c k ) , o r f r o m .$ 6 9 0 t o $ 5 2 0 p e r a c r e .
T h e bon d ed d ebt
p e r a c r e Is r e d u c e d f r o m $ 1 8 8 t o 5 1 3 7 .
T h e r e s u l t w il l b e t h a t t h e n e t I n t e r e s t c h a r g e s .o f t h e P i t t s b u r g h C o a l C o .
w ill b e r e d u c e d b y a b o u t $ 5 5 0 ,0 0 0 p e r a n n u m , o r t o a b o u t 2 %
per an num
o n th e p r e fe r r e d s t o c k , th e a m o u n t o f w h ic h r e m a in s u n c h a n g e d .
M onon­
g a h e la p r e f. s t o c k w ill r e c e iv e a n n u a lly f r o m
t h e d e b e n t u r e ., a n a m o u n t
eq u a l to 4 %
o n th e p a r v a lu e o f t h e ir s h a r e s , a s c o m p a r e d w it h d iv id e n d s
a v e r a g in g d u r in g t h e la s t t e n y e a r s o n l y
3 .6 5 % .
W h ile M o n o n g a h e la
c o m m o n s t o c k h o ld e r s r e c e iv e p a r f o r p a r In P it t s b u r g h c o m m o n , w h ic h
h a s 3 0 % a c c u m u la t e d d iv i d e n d s a h e a d o f It, t h e y w ill b e In a m u c h b e t t e r
p o s i t i o n , a s P i t t s b u r g h , a f t e r t h e m e r g e r , Is o n l y b o n d e d f o r $ 1 3 7 p e r a c r e
w h ile M o n o n g a h e la w a s b o n d e d f o r $ 3 0 0 p e r a c r e .
A ls o , t h e y r e c e iv e a
s t o c k w h ic h h a s m o r o s p e c u la t iv e p o s s ib ilitie s a n d a b e t t e r m a r k e t .
The
p o s i t i o n o f P i t t s b u r g h c o m m o n Is m u c h b e t t e r
In t h a t , w i t h le s s f ix e d
c h a r g e s , t h e c h a n c e s o f t h e p r e fe r r e d p a y i n g o l f it s a c c u m u l a t e d d iv i d e n d s
a r e m u c h I m p r o v e d ; a n d I t s e q u i t y Is g r e a t l y I n c r e a s e d , b e c a u s e o f t h e a c ­
q u ir e m e n t o r 1 8 ,9 0 0 a c r e s o f M o n o n g a h e l a R i v e r c o a l , w h ic h , a t $ 8 5 0 p e r
a c r e , is w o r t h $ 1 6 , 0 0 0 , 0 0 0 .
W e b e l i e v e t h e m e r g e r Is a g o o d o n e ; a l l t h e s t o c k h o l d e r s s h o u l d b e n e f i t
b y It.
W e b e lie v e t h a t th e s a le o f M o n o n g a h e U i h o ld in g s w a s a d v a n t a g e o u s
a t a fa ir p r ic e .
W e d o n o t th in k th e c o k in g c o a l o f th e P itts b u r g h C o a l C o
w a s s o ld a t a n y t h i n g lik e Its v a lu e
T e n y e a r s a g o th e I I . C . F r ic k c o k e
p r o p e r t y w a s p u t I n t o t h e U . S . S t e e l C o r p . a t a b o u t $ 2 ,5 0 0 p e r a c r e . S u r e ly
c o k i n g c o a l h a s r is e n In v a lu e s in c e t h e n .
T h e P it t s b u r g h C o a l C o . d u r in g
t h e la s t 4 y e a r s h a s p r o d u c e d a n a v e r a g e o f 6 ,4 7 7 t o n s o f c o k e p e r a c r e ;
a s s u m i n g a n a v e r a g e p r o f i t o f 3 0 c e n t s p e r t o n , t lil3 w o u l d g i v e a p r o f i t o f
$ 1 ,9 4 3 p e r a c r e .— V . 9 3 , p . 4 1 2 .

(b)

Postal Typewriter Co., Norwalk, Conn.— F o r e c l o s u r e S a l e
Sept. 19.—The South Norwalk Trust Co, of Norwalk, Conn.,
trustee under the mtge. of April 3 1906, securing thirty 6%
bonds of $500 each, due Apr. 2 1921, announces by advertise­
ment on another page that, inasmuch as interest has been in
default on said bonds since April 5 1909, it will, as trustee, in
pursuance of the power contained in the mtge., and upon re-

A ug.

19 m i.]

THE CHRONICLE

475

ises.— In W a rre n fo r e le ctric ligh t a n d p o w e r fo r 25 yea rs, fo m r
quest of at least 25% of the bonds, foreclose said mtge. by­ J uFlyra17n ch1908;
w a te r fo r 20 years fro m Ju n e 1910; gas fo r 25 years fro m Ju n e
selling at public auction, at the office of the company on 1901. In N iles, t o set p oles a n d strin g w ires t o m u n icip a l sta tio n , & c.;
Knight St., Norwalk, on Sept. 19 1911, at 11 o ’clock in the gas fra n ch ise fo r 20 years fro m J u ly 1 1909. A ll fa ir an d e q u ita b le .
) f o r Y ear ending M a y 31 1911, and E stim ates
forenoon, the entire property, including the land with the Com bined E a rn tn ys (Cf oertified
r Calendar Y ears 1911 and 1912.
191 0-1 1.
1911 (E st.)
1912 (E s t .)
buildings thereon, being about 109 ft. front, machinery, im­
$19 0 ,0 0 0
$2 2 0 , 0 0 0
G ross e a rn in g s ..............................- ................ .$ 1 7 3 ,9 8 5
plements, engines, boilers, patents, franchises, &c.
N et earnings (a fte r t a x e s ) _______________
64,713
75,0 0 0
9 5 ,000
P
h
y
s
ica
l
v
a
lu
a
tio
n
o
f
H
y
d
r
o
-E
le
c
tr
ic
&
G
as
p
ro
p
e
rtie
s,
a
pp
ra
isal
Sioux Falls (S. Dak.) Light & Power Oo.— P u r c h a s e d .— 1909, $56 0 ,0 0 0 ; 3 w a te r-p o w e r p lan ts an d rip arian rig h ts sin ce a d d oe df ,Dneoc.t
H. M. Byllesby & Co., engineers and managers of public less than $80 ,0 0 0 ; t o ta l, $64 0 ,0 0 0 . B o a rd o f a r b itra tio n v a lu a tio n In
utilities, with principal office at Chicago, have purchased this 1909 o f W a rre n W a te r & L ig h t p r o p e rtie s , $44 2 ,0 0 0 ; su b se q u e n t a d d ition s
d b e tte rm e n ts, $85 ,000 ; t o ta l, n o t less th a n $ 5 2 7 ,0 0 0 . T o t a l p h y sica l
company, which owns and operates a water-power generating an
v a lu a tio n o f c o m p a n y , s a fe ly , $ 1 ,2 0 0 ,0 0 0 .
W arren Is o n e o f th e finest to w n s o f Its size In O h io an d Its m a n u fa ctu rin g
plant on the Big Sioux River, reinforced by a modern steam
are dive rsifie d . A large pe rce n ta g e o f th e In can d escen t lam ps
auxiliary station, and serves the greater part of Sioux Falls Industries
used In the U . S . Is m a n u fa ctu re d In W a rre n .
In N iles Is lo ca te d so m e o f
with current for lighting, transportation and power. Com­ th e large steel a n d o th e r h e a v y m a n u fa ctu rin g In du stries. C o n tin u e d a n d
p ro sp e ro u s g r o w th o f th e c o m m u n itie s se rv e d .
pare V. 88, p . 1135.
United States Cast Iron Pipe & Foundry Co., New York.—
Southern California Edison Co.— Dividends.— President
Dividend Omitted.—The directors on Aug. 15 decided to omit
John B. Miller gives substantially this notice:
the quarterly dividend on the $12,106,300 7% nonOwing' t o th e op en in g o t a tra n sfe r o ffic e in N . Y . C ity , it lias b e co m e
cum. pref. stock. The following statement was given out:
n ecessa ry t o fix perm an en t d ates fo r the p a y m e n t o f d iv id e n d s . T h e d ire c­
tors h a ve th erefore a u th orized the fo llo w in g , c o n tin g e n t u p o n ea rn in gs, v iz .:
“ It has been deemed advisable not to declare any dividend
(a) D ivid en d s t o h olders o f pref. s t o c k , as sh o w n o n the h o o k s a t th e close
on the pref. stock for the quarter ending Aug. 31. While the
o f business on tile last d a y s o t M arch , Ju n e, S e p t, an d D e c ., ch e ck s t o be
fo rw a rd e d th erefor on th e 15th d a y o f A p ril, J u ly , O c t . an d J a n .; (b) d iv i­
earnings for the quarter are estimated as more than sufficient
d en d s to h olders o f c o m m o n s to c k , as sh o w n on th e b o o k s o n the last d ays
to pay the dividend of 1J4%> the management has found it
o f Jan , A p ril, J u ly a n d O c t ., ch e ck s to be fo rw a r d e d th e re fo r o n th e 15th
d a y s o t F e b ., M ay, A u g . and N o v .— V . 02, p . 1705.
advisable to secure additional property and to undertake the
Spanish River Pulp & Paper Mills, Ltd., Toronto.— B o n d s, material improvement of plants to increase operating effi­
rfcc.— The report that American newspapers are negotiating ciency.”
D ivid en d R ecord (P e r C e n t).
for the purchase of Canadian paper mill properties lends in­
’ 99. ’ 0 0 . ’ 0 1 . ’ 0 2 -’ 0 3 . '0 1 . ’ 0 5 . ’ 0 6 . ’ 0 7 . ’ 0 8 . ’ 09. ’ 10.
1911.
terest to the affairs of this company, $1,300,000 (£207,000) P r e f
1 H 3 Vi 0
4 y ’ ly 4
8
7
7
3a 5M 6
1 K , l 'i . O , . 0 0 0
0
0
1
4
4
0
0 0
----------0---------of whose 1st M. bonds were offered last March by the Lon­ C oCmom pa
re last r e p o r t, V . 93, p . 40, 52.
don & Southwestern Bank, Ltd., of London, and the Domin­
United WirelessTelegraph Co.—Convictions Affirmed.— The
ion Bond Co. of Montreal, by the latter at 97 ^ “ unstamped.”
U. S. Circuit Court of Appeals on Aug. 10 affirmed th - con­
R on d s: 1st M. 0 % d m D ec. 1 19-31 b u t c a lla b le , all o r a n y , on o r after
viction and sentence to imprisonment by the lower Court of
J a n . 1912 at 110. P a r £ 2 0 9 (o r $973 32, at fix e d rate o f £1 to $4 86 2-3)
a n d £100 ( o * ).
f n t . J . & J . in L o n d o n , M ontreal o r T o r o n t o . M ontreal
President Christopher C. Wilson, Attorney Francis X . But­
TruSt O o. is tru stee.
ler and Selling Agent Win. A. Tompkins. (V. 92, p. 1706.)
A bstract of Letter froth Pres. W . J. Sheppard, Jan. 20 1911.
T h e c o m p a n y (an O n ta rio c o r p o r a tio n ) has taken o v e r as a g o in g c o n ­
cern the S pa n ish R iv e r P u lp & P a p e r O o ., L t d ., w hich w as in c o rp o ra te d In
N o v . 1899 to c o n s tr u c t an d o p e ra te p u lp an d pap er m ills a t E s p a n o la , O n t .,
w ith the rig h t from th e O ntario G o v e rn m e n t, n o w e x te n d in g to O ct. 1930,
to c u t the p u lp w o o d a n d ja c k -p in e a lo n g the Spa n ish , V erm ilion and O n a p ln g riv ers, an area estim a te d a t 6,000 s q . m iles. P u lp m ill a t E sp a n o la ,
O n t ., c a p a c it y 140 to n s (d r y ) p u lp p er d a y ; w a te r-p o w e r d e v e lo p m e n t,
10,500 h . p . 'rite new spaper m ills, to be b u ilt w ith pro ce e d s o f b o n d s held
In th e trea s u ry , w ill h a ve a c a p a c ity o f 100 ton s o f n ew spaper p er d a y ,
a n d s h o u ld b o In op e r a tio n e a r ly In 1912.
C a pitaliza tion —
A u th orized . ,
Issu ed .
F irst m o rtg a g e 0 % sin k in g fu n d b o n d s
________ $ 2 ,5 0 0 ,0 0 0
$1,3 0 0 ,0 0 0
1 % p referen ce s tock (in .shares o f 3 1 0 0 )................... 2 ,0 0 0 ,0 0 0
1,500,000
C o m m o n s to c k (In shares o f $ 1 0 0 ).......
2 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
T h e p roceed s o f the present Issue o f $ 1 ,3 0 0 ,0 0 0 b o n d s will d isch a rge o u t s ta n d ln g b on d s o f th e old c o m p a n y , p r o v id e a d d itio n a l w o rk in g c a p ita l
a n d c o m p le te th e purcl.a ;e price o f the p r o p e r ty . T h e ba la n ce o f the p u r­
ch a se m o n e y has been taken up In preferred a n d c o m m o n shares. S in k in g
fu n d o f 3 % p er ann um co m m e n ce s in 1912.
A p p ra is ed v a lu e o f fixed assets (b u ild in gs, m a ch in e ry , w a te r-p o w e r p la n t,
electr ic -p o w e r plan t, & c.,) Is, e fte r d u e a llo w a n ce fo r d e p r e c ia tio n , $ 2 ,4 8 9 ,­
684 , e x clu s iv e o f the s ta n d in g tim b e r c o v e r e d b y the co n c e s s io n .
O u 'pa l o f G round W ood P u lp [D ry) ,\N et E a rn in g s after D ep recia tio n , A c .
1908.
1909.
|
1908.
1909.
1910.
2 5 ,6 6 7 ton s 36,591 ton s 10,382 to n s]
$50,894
$ 1 6 9,55 5
$207,910
T h e n et p rofits, a fter the Installation o f the p ap er m ill, sh o u ld a m o u n t to
a t least $ 4 5 0,00 0 per an n u m b e fo re d e d u ctin g Interest o n b o n d s .
M any o f
the p ap er mills In the U n ite d States are n o w d e p e n d e n t o n C a n adian and
E a stern m ills fo r their s u p p ly o f pap er m a d e fro m g r o u n d -w o o d p u lp .
D irectors: VV. j . S h ep p a rd , P resid en t, W n u b a u s h cn c, O n t.; J . B . T u d h o p e an d T . I f . S h ep p a rd , O rillia, O n t.; G eorge U . B a rb er, G e o rg e to w n ,
O u t.; G. K loep fer, G u elp h , O n t.; It. A . L y o n , T o r o n t o , O n t.; G . P . G rant,
T o r o n t o , Ont,.; T . If. W a ts o n , T o r o n t o , O n t .; A lla n M cP h e rso n , L o n g fo rd
Mills, Ont,.; G. A . M cC ool, O tta w a , O n t.; O . U. S h e p p a rd , T o r o n t o , O n t.;
W . II. T o t t le , L o n d o n , E n g .— V . 85, p . 288.

G eorge I I . P a rk er, w h o sold s to c k o n th e P a cific C o a st, has n o t a p p ea led
from his sen ten ce o f tw o yea rs, a n d W illia m A . D ib o ll, T re a su re r, an d
S am uel S. B o g a r t, V ic e -P r c s ., h a v e -e s c a p e d w ith fin es.— V . 9 3 , p . 290 .

s t o c k on th e N ew Y o r k E x ch a n g e In the e n d e a v o r to cre a te a b ro a d e r
m a r k e t .— V . 92, p . 1705.

P lans h a v e been m a d e to m o v e th e a u d itin g d e p a rtm e n t, w ith a b o u t
1 000 e m p lo y e e s, fro m N ew Y o r k t o C h ica g o In the fa ll.
M r. E arle s a y s : “ O n A u g . 1 th e s e rv ice o f th e c o m p a n y w as e x te n d e d
o v e r 17,000 m iles o f new lines. T h ese In clu ded th e W a b a s h . M issouri
Paihfic. C o tto n B e lt, Iro n M o u n ta in , T e x a s P a cific. T o le d o & A n n A r b o r ,
In te rn a tio n a l & G reat N orthern and th e W h e e lin g & L a k e E r ic . T h is
necessitated m a n y new a rran gem en ts w h ich w ill m ake C h ica g o th e ce n tre
o f th e entire W e lls, F a rgo s y s t e m ." [T he total m ileage o v e r w h ich th e c o m ­
p a n y o p e ra te s Is n o w a b o u t 6 6 ,0 0 0 .— E d .]— V . 92, p . 1440.

Vulcan Detinning Co.—Circular— Appeal— Payment of
Accumulated Pref. Dividends.— The company has issued a
circular notifying the stockholders that it, as well as the
American Can Co., has appealed from the decision of Vice­
Chancellor Howell, confirming the special master’s report
awarding the Vulcan company $677,352 for infringement of
patents and the use of its detinning process by the Ameri­
can company (V. 93, p. 233).
T h e V u lcan c o m p a n y w ill c o n te n d th a t th e a w a rd sh o u ld h a v e be e n larger.
Its prin cipa l e x c e p tio n s to the M a ster’s re p o r t b e in g th a t h e a llo w e d th e
A m erica n Can C o . fo r th e tin scrap p r o d u c e d in its m a n u fa ctu rin g p lan ts
a h igh er price th an It w as w o rth at th e tim e It w as s h ip p e d t o Its detin n in g
p la n ts; that he a llo w e d th e A m e rica n c o m p a n y $ 7 7 ,1 3 8 fo r general and dis­
trict exp en ses, an d th a t h e failed t o c h a rg e th e A m e r ic a n c o m p a n y and allow
th e V u lca n c o m p a n y Interest on all p ro fits fro m th e tim e th e y w ere re ceiv ed
b y th e A m erica n c o m p a n y .
R eg a rd in g th e d is p o s itio n t o b e m a d e o f th e a w a rd w hen th e a m o u n t
finally de cid e d u p o n Is re ce iv e d b y th e c o m p a n y , th e n e t a m o u n t, it Is s ta te d ,
less such slim as th e d irectors m a y deem a d v is a b le to h o ld in reserve, w ill
he used first In th e p a y m e n t o f t h e 2 1 % o f a ccu m u la te d d iv id e n d s o n th e
$1 ,5 0 0 .0 0 ') pref. s t o c k , c a llin g fo r $ 3 1 5 ,0 0 0 , th e rem a in d er, If a n y th in g , t o
b e available fo r o th e r pu rp oses, in c lu d in g d iv id e n d s o n th e c o m m o n s to c k
If d eem ed a d v is a b le .

It is generally expected that a larger dividend disburse­
ment will be made to the preferred stockholders in the October
quarter than the 1 Y % that has been paid for the past year,
but it is doubtful, it is stated, whether the annual rate will
Swift & Oo. (Packers), Chicago.— To be Listed in London.— be increased or an extra payment ordered.— V. 93, p. 233.
Wells, Fargo & Co. (Express).— Removal of Offices to
Negotiations have been entered into for listing the stock on
the London Stock Exchange, preliminary transactions having Chicago.— It was announced on Aug. 12 that Vice-President
and General Manager E. A. Stedman would shortly open
already taken place.
offices in the Harris Trust & Savings Bank Building, Chicago.
f t Is c u r r e n tly rep orted t h a t th e m a n a g e m e n t m a y also a p p ly to list the
Trumbull Public Service Co., Warren and Niles, Ohio.—
Bonds Offered.— Otis & Hough, Cleveland, are placing at par
and int. $700,000 G% 1st M. sinking fund gold bonds, dated
June 1 1911 and due June 1 1929, but redeemable as an
entire issue on any int. date at 105 and int. or for sinking
fund at 102 and int. Denominations $1,000, $500 and $100.
Interest J. & D. at Citizens’ Savings & Trust Co. (the trustee),
Cleveland, or First Nat. Bank, N.Y. City. A circular says:
In c o r p o r a te d In O h io (July 1911.— Ed.|, bein g a co n s o lid a tio n o f T h e
W a rren W a te r & L ig h t C o . ( V . 78, p . 2006) a n d T h e H y d r o E le c tr ic &
G as C o. ( V . 8 9 , p . 9 9 7 ).
C a pital s to c k ou ts ta n d in g ($100 sh a re s): c o m m o n , $ 1 ,5 0 0 ,0 0 0 ; p r e f.,
$ 2 0 0 ,0 0 0 .
B on d s a u th ., $ 1 ,5 0 0 ,0 0 0 ; issu ed, $ 70 0,00 0; reserved in treas­
u ry , $ 8 0 0 ,0 0 0 . O f these $80 0,00 0 b o n d s, $16 4,00 0 m a y be Issued w hen the
ann u al net earnings reach $ 84 ,000 ; a d d itio n a l b o n d s m a y be Issued fo r
betterm en ts o r exten sion at 9 0 % o f c o s t, w hen th e n e t earnings e x ce e d i w i e c
th e in terest ch a rge. T h e m o rtg a g e Is an a b s o lu te first lien o n all p ro p e rty
n o w ow n ed o r hereafter a cq u ir e d . S in k in g fu n d , a s u fficie n t sum t o retire
a n n u a lly 2 % ot all the bond s o u ts ta n d in g , co m m e n cin g Ju n e 1 1915, a t n o t
o v e r 102 an d Interest.
T h e p r o p e r ty con sists o f ele ctric ligh t, p o w e r, w a te r a n d artificial gas
su pplies fo r th e c ity o f W arren an d e le ctricity fo r N iles, N e w to n Falls an d
L e a v ltts ln irg . Serves a p o p u la tio n o f a b o u t 2 2 ,0 0 0 p e o p le .
E x ce p tin g
t w o o f the h oa rd , th e d irectors are all local m en . T h e o p e ra tio n is In the
han ds o f the D o h e rty O p eratin g C o ., o n e o f th e m o s t su ccessfu l o p e ra to rs
o f p u b lic u tilities In th e c o u n tr y . T h e w a te r-w o rk s , e lcc tr lc-lig h t-p la n t an d
gas plants h a v e been In successful o p e ra tio n fo r a n u m b er o f years. T h e
h y d ro -o le ctrio plants w ere p u t in to o p e ra tio n e a rly in 1910.

Wilkes-Barre (Pa.) Co.—Darnings.— This company, which
controls the gas, electric-light and power and steam-heating
business of Wilkes-Barre, reports for the six months to Juty 1
1911 total profits after all interest charges of $53,175, the net
earnings of the gas department having increased 40% and
the electrical department 29% .— V. 91, p. 731, 658.

— King, Farnum & Co., Chicago, have recently removed
their bond department from the main floor of The Rookery,
(where their general brokerage offices are situated) to the
fifth floor (Room 507), where Norris B. Henrotin is in charge.
This firm has quite successfully participated in the disposi­
tion of the recent S10,000,000 issue of 4}^ % Illinois Steel Co.
debentures and the 4 ^ % bond issue of the N. Y . West­
chester & Boston Ry. “Co.- King, Farnum & Co. are the
Chicago correspondents of Kissel, Kinnicutt & Co.
— The “ Directory of Directors in the City of New Y ork,”
Statement (Condensed) by Henry I.. Doherty, Pres. Doherty Operating Co., 1911-12 edition, has just been issued by the Audit Co. of
New York. June 22 1911.
New York. The book contains the names of some 29,000
P r o p e r tie s .— (a) T h ree w a te r-p o w e r plan ts, n om in a l c o m b in e d r a tin g o f
900 k . w ., bu ilt threo years a g o ; gas-en gin e s ta tio n , 350 h . p .; steam s ta tio n ,
New York City directors in various corporations, with an
gen era tor c a p a c it y o f 1,100 k . w .; also rip arian rig h ts a lo n g M ah on in g K lv e r
appendix
comprising selected lists of corporations in bank­
a n d tribu ta ries; rights in G eauga C o u n ty , u n d e v e lo p e d , a v a ila b le fo r 400
a d d itio n a l k . w . c a p a c ity ; transm ission lines fro m th e w a te r-p o w e r plants
ing, insurance, transportation, manufacturing and other
t o W a rren , L ea v ltts b u rg a n d N ew ton Falls; 1 0-year c o n tr a c t w ith C ity o f
lines of business, showing their executive officers and all
W arren fo r street ligh tin g, d a te d N o v . 1 1910, an d 2 0 -y c a r c o n tr a c t w ith the
m u n lclp a lly -ow n ed d is trib u tin g plan t a t N iles,
(b ) G as p la n t, 250 ,000
directors.
c u . f t . c a p a c ity ; holder c a p a c ity , 200 ,000 c u . f t .; 17 m iles o f d istrib u tin g
— Estabrook & Co., Chicago, are offering a block of the
m ains a n d 10-year ex c lu s iv e co n tr a c ts fo r fu rn ish in g gas to all th e la m p ­
m a n u fa ctu rin g con cern s o f W arren , (c) W a te r -w o r k s , c a p a c ity 3 ,0 0 0 ,0 0 0
$15,000,000 bonds of the Mississippi River Power Co.,
gallons per d a y , a d eq u a te s u p p ly , 28 m iles o f d is trib u tin g m ain s c o v e r in g
which were brought out last May by Kidder, Peabody & Co.
W arren and su b sta n tia lly all the d istan ce betw een W arren an d N iles; 10-year
c o n tr a c t w ith W arren fo r h y d ra n t ren tals. W ith in th e p a s t tw o yea rs the t and Stone & Webster (see V. 92, p. 729).
A handsome
rates fo r ele ctr ic ity , gas and w ater have all been p assed u p o n b y th e c it y
illustrated pamphlet shows the progress of construction.
fo r a period o t 10 years.




47G
3P

THE CHRONICLE
x£

© o m ia e r c ia l

g im .e s ,

COMMERCIAL EPITOM E.
_
_
Friday Night, August 18 1911.
Further slight improvement is indicated in general trade,
as conditions in some of the metal trades are still rather en­
couraging and leading markets of the country report further
moderate expansion of orders for near-by future delivery,
although it is true that the unsettled labor conditions in the
West and abroad, together with possible famine in India and
the apparent withdrawal of support from the stock market
by large interests, have at times caused uneasiness.
LARD has in the main been steady, although packers
at times have been sellers; prime Western here 9.35c., City
8% c., refined for the Continent 9.55c., South America 10.50c.
Brazil in kegs 11.50c. Futures have been steady and at
times higher on buying by packing interests.
S h D A I L Y C L O S IN G P R I C K S O F L A R D F U T U R E S IN N E W Y O P K .
M o n .,
Tties.
S a t.
W ed.
SS
T h urs.
F r i.
S e p tem b er d e liv e ry
- _ .0 .0 5
9.2 0
9 .2 0
0.16
0.27
9.33
J a n u a ry d e liv e r y _____ . . 8 . 6 5
8.82
8.75
S .70
8.84
8 .8 5
D A I L Y C L O S IN G P R I C E S O F L. VU E F U T U R E S IN C H IC A G O
M o n ,.
T u es.
S a t.
W ed.
Thurs.
F r i.
S e p te m b e r d e liv e r y ___ -0 .1 0
0 .0 7 >7 8.02 M 8.92 A
8 .9 5
9.07 A
J a n u a ry d e liv e r y _____ _ .8 .8 0
8 .7 5
8 .6 5
8.6 5
8.72 'A 8.80

[VOL. L X XXXIII.

C O T T O N .
Friday Night, Aug. 18 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
38,537 bales, against 20,305 bales last week and 7,567
bales the previous week, making the total receipts since
Sept. 1 1910 8,467,726 bales, against 7,299,581 bales
for the same period of 1909-10, showing an increase since
Sept. 1 1910 of 1,168,145 bales.
R eceip ts at—

S a t.

G a lveston ____
P o r t A r t h u r ____
T e x a s C ity, & c _ .
N ew O r l e a n s ___
G u lf p o r t ________
M obile
P e n s a c o la _______
J a ck so n v ille , & c.
S av an n ah _______
B r u n s w ic k _____
C h a r le s t o n ..........
G e o r g e t o w n ____
W i lm i n g t o n ____
N o rfo lk ________
N e w p ’ t N ew s, &c
N ew Y o r k _______
B o s t o n _________
B a ltim o re _____
P h il a d e l p h i a ___

M on.

4,818

Tries.

W ed.

T h urs.

F r i.

Total.

4,424

7,594

6,833

3,379

6,299

33,3 4 7

'3 0 6

'1 5 5

"734

'3 6 9

'2 2 5

'5 5 4

2,501

2.

""‘ I

112

"86

26
497

26
2,281

----

----

"5
963

” 141
. . . .

----

1

17

“ 482
1

1

. . . .

26

26

5

----

'" 5

’ 228
44

228

44
FORK has been somewhat easier under Western liqui­
58
58
—
—
—
dation; mess here 819 25@$19 50, clears $16 25@$17 50 and
—
—
family $18 50@$19 50. Cut meats have continued steady T o ta ls this w e e k . 5,298 4,705 9,569 7,346 4,117i 7,442 38,537
with a fair demand. Pickled hams 14@ 14% c., pickled bel­
lies, clear, 12 % @ 1 3 % c., and pickled ribs nominally l l % @
The following shows the week's total receipts, the total
12%c. Beef quiet with prices very steady; mess $10 5Cfto since Sept. 1 1910, and the stocks to-night, compared with
$11, packet $12 to $12 50, family $12 50 to $13 and extra last year:
India mess $18 50 to $19. Tallow 6 to G%c. for City.
Stearines higher at 8% to 9c. for oleo and 10% to 11c. for
1910-11.
1909-10.
S lo c k .
R eceip ts to
New York lard. Butter moderately active and firm; low
A u gu st 18.
This S in ce S ep
This S in ce S ep
grades have been in light supply. Creamery extras 27c.,
W eek .
1 1910.
W eek .
1 1909.
1911.
1910.
firsts 24 to 25 % c. Cheese steady to firm; State, whole milk,
G a lv e s to n ________
2,7 9 7 .9 1 7 25,480 2 ,4 9 7 ,7 4 5
27,314
15,235
colored, 11% to 12%c. Eggs, Western firsts, 17% to 18%c. P o r t A r t h u r . ____ 33,347
—
206 .943
....
1 4 2 ,3 8 !
OIL.— Domestic iinseed has been more active and firm; T e x a s C it y , & c__
360.794
72,300
N ew O rle a n s ____
2,501
1,588,251
2,287 1,3 0 8 ,4 4 7
26,200
24,0 6 7
spot supplies are believed to be small. City, raw, American G u lfp o rt ________
34,211
8,892
seed, 85 to 86c.; boiled, S6 to 87c.; Calcutta, raw, 95c. to $1. .Mobile _________
17
249 ,934
15
254 ,498
387
199
P e n sa co la
123,906
138,104
Cottonseed higher on purchases by refining interests; winter J a c k s o ” vii ej <5:c_
20
26,103
39,680
6c., summer white 5.87 to 6.23c., crude nominal. Cocoanut S a v a n n a h ________ 2,281 1,428,75 t 7,563 1,361,410
0,88 1
9,476
.
222 ,738
229 ,4 2 0
651
1,747
firm on light supplies. Cochin and Ceylon still 9% c. Corn CB hr ua nr les ws tico nk ____
_____
1 285,097
227,273
3,473
1,891
770
steady at 6 to 6.05c. Lard has continued in moderate supply G e o rg e to w n ____
1,454
1,376
W
ilm
in
g
to
n
____
26
410 ,806
101
312,611
158
and steady; prime 74 to 76c., No. 1 extra 56 to 60c. Cod N o r fo lk _______. . .
8
559,223
545,553
1,200
998
2,051
quiet but stocks are light. Newfoundland 56 to 57c. and N e w p ’ t N ew s, & c.
18,780
3,924
N ew Y o r k .......... ..
228
42,417
83,204
54 to 56c. for domestic.
14,711
490
175,852
B o s t o n ___________
14,564
44
5,017
38,930
151
1 ,922
# COFFEE on the spot has been dull but steady. Large B a ltim o re _______
81,028
58
214
113,512
179
1,037
2,581
—
836
515
interests are said to be offering high-grade Santos coffees at P h ila d e lp h ia ____
1,654
slight concessions. Rio No. 7, 13% to 13%c. and No. 4
T o t a l . _____
38.537 3,4 6 7 ,7 2 6 •40,707 7,299,581
158.701
233 ,1 1 5
Santos 14 to 14 %e. Futures have declined slightly under
In order that comparison may be made with other years,
long liquidation and the slow spot demand; crop accounts
are conflicting. Closing prices were as follows:
We give below the totals at leading ports for six seasons:
.H .7 5 @ ll.7 7
1 1.80 @ 1 1 .8 1
1 1 .4 3 ® 11.45
1 1 .2 3 @ 1 1 .2 3

D ec . .
.Ian
Feb __
M arch

1 1 .1 8 @ 1 1 .1 9
ll.1 0 @ ll.1 8
11.1 2 ® 11.13
1 1 .0 8 ® 11.09

A p ril _ -------11 .0 8 ® 11.09
M a y . . -------1 1 .0 7 ® 11.03
Ju n e . ------ 11.06 @ 1 1 .0 8
J u l y . . -------1 1 .0 6 ® 11 .08

SUGAR.— Raw has advanced; European beet sugar ad­
vices arc unfavorable but in Louisiana a large cane crop is
expected. Centrifugal, 96-degrees test, 4.92c.; muscovado,
89-degrees test, 4.42c.; molasses, 89-degrees test, 4.17c!
Refined, granulated, 5.75 to 5.95c. Teas fairly active and
steady; imports are expected by some to be smaller. Formosas in good demand and Foochows and Congous firmly held.
PETROLEUM has continued quiet but steady. The local
inquiry is slow but foreign demand has not fallen off. Re­
fined, barrels, 7.25c.; bulk, 3.75c. and cases 8.75c. Gaso­
line, in 100-gallon drums, 18%c., drums $8 50 extra.
Naphtha, 73 to 76 degrees, in 100-gallon drums, 16%c.;
drums $8 50 extra. Spirits of turpentine higher at 50%c.
Rosin $5 85 to $6 for strained, common to good. Hops
strong and higher. Oregon and Eastern growers have
latterly received the best prices since 1881.
TOBACCO.— Business as yet has not broadened to any
extent, as buyers continue to make only such purchases as
are needed from time to time. Many, however, look for an
improvement in the near future. Crop accounts have been
favorable in the main. In Connecticut the crop is in good
condition and in Wisconsin the drought has been relieved to
some extent. According to private reports, stocks of de­
sirable Cuban filler are light.
COPPER has continued steady; producers expect a fur­
ther reduction in stocks. Lake 12%c., electrolytic 1 2 % @
12%c., standard 12%c. Tin firm; spot and August here
45% to 47c. Spelter 6.05 to 6.15c. Lead easier at 4.45 to
4-69c. Pig iron has continued* in fairly active demand;
Eastern buyers have placed additional contracts for basic
iron for near-by future delivery. No. 1 Northern $15 15 to
$15 75, No. 2 -Southern $14 50 to $14 75. Steel products
have shown a considerable activity at the mills, although buy­
ers in some instances have given evidence of hesitation. An
improved demand for steel cars and rails is noted, and the
. steel-plate industry is encouraged by expectations of con­
siderable vessel building. The U. S. Steel Corp. continues
to make a satisfactory showing. The Erie IIR. has placed,
it is said, contracts for 4,000 steel cars and is also expected
to arrange for the construction of still more rolling stock,
including locomotives, in the near future. The C. & O.,
the Penna. and the Pittsburgh & Lake Erie companies are
known to be in the market for considerable structural steel.




R eceip ts at—

1911.

1010.

G a lv e s t o n ___
P t. A rth u r, & c.
N ew O rle a n s.
.M o b ile _______
S a v a n n a h ___
B r u n s w ic k ___
C h arleston , &c
W ilm in g t o n ..
N o r f o l k ____
N ’ p o r t N ., &c
A ll o th e r s ____

35,517

26,4 8 0

2,501
17
2,281

2,287
15
7,503

i
26
8
358

820

T o ta l this w k .

38,5 3 7

40,707

1908.

1009.

1907.

1006.

6,313
475
3,438
2,2 7 3
1,028

32,654

6,302

2,349
2,471
3,907

1,703
420
872

35,659
, 25
2,2 2 6
331
7,7 8 6

1,891

10

2,651

479

52
147
558

682
60
2,0 8 5

374

1,161
5
920
48!)
290

1,153

47

14,306

4 4 ,246

11,357

48,901

S in ce S en t. 1 . 8.4 6 7 .7 2 6 7.299.581 9,8 2 1 ,8 2 8 8 ,3 1 0 .2 8 7 9 ,6 9 2 ,4 7 2 7,3 3 3 ,3 6 0

The exports for the week ending this evening reach a total
of 14,119 bales, of which 5,612 were to Great Britain,
63 to France and 7,744 to the rest of the Continent.
Below are the exports for the week and since Sept. I 1910:

Exports
from —
G alveston ____
Port Arthur__
lexasC lty, &c.
New Orleans-Mobil* ______
P en sa cola____
G u lfp o r t_____
Savannah ____
Brunswick____
Charleston____
W flmlngton___
N o rfo lk ............
Newport News
New Y o rk ____
Boston ...........
B a ltim ore____
Philadelphia . .
Portland, M e -San Francisco.
Seattle ............
T a co m a ______
Portland, Ore.
P e m b in a _____
D etroit_______

Week ending Aug. 13 1911. From Sept. I 1910 to A tig. 18 1911.
Exported to—
|
Exported to —
---------- -----------------------------------------------------------------------------------------------Great
Great
Conti­
Conti­
Britain Ffncc. nent. Total. Britain. 'France
Total.
nent.
____
____
____
21
____
—
—
____
____
—
____
5,195
271
____
125
____
____
____
____

__
50
____
____
____
____

3,898

3,948
21

_

____

7H

2,756
90
1,000

8,664
361
1.000
125

_
_
__

.

_

_
__
—

T o t a l ........... 1 5,612
1
Total 1909-loJ 14.16li

—
763

—
7,744

—

952,067300.933 1.033.750 2,337,350
44,891 54,969 107.076 206,943
212,Slf 56.933
33.424 303,173
886,946 144,879 470.300 1,502,131
68,736 42,754
184,878
73.388
50.30S 30.595
37.103 124,006
6,271 19,333
34,211
8.602
324,488 11 1.000 404,137 903,225
101,133
78,325 182,458
....
97,351 120,083
18.832, 9,900
137,S71 32.015 213.226 3 8 3 ,112
5,130
15,931
10.801
....
...........
....
306,313 04.020 328,552 728.885
• 8,858 110,239
101,381
83,094 113,988
22,304 8,530
16,114
____
07,312
51,198
____
669
069
SI, 555
84,555
45,007
■15,007
11,876
11.876
500
500

_

2,627

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

2,627

14,119 3,309,319 909,400 3,250,3717,109.159

------ 1 15.05ll 29.812 2.392.037929.805 2,773.771 0.095,013

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

THE CHRONICLE

A u g . 19 1911.]
On S h ipboard, N o t Cleared or—
A u g . 18 at—

Great
B ritain . F ra n ce

N ew O r le a n s ..
G a lv e s t o n ------S av an n ah -----C h arleston —
M o b i l e ________
N o r f o l k ----------N ew Y o r k ------O th er p o r t s —
T o t a l 1 9 1 1 ..
T ota l 1 0 1 0 .
T o ta l 1 9 0 9 ..

Coasttv is c.

Other
G er­
m a n y . Foreign

3,285
4,7 4 5

1,256
3,427

1,285
2,775

261
4,000

’ 200
100

"2 6 6

"50ft

"2 6 6

1

T otal. !

300!

20,113
12,257
9,864
3,473
387
616
8 2 ,194
6,579

23,218
27,1 '::
27,1031

135,483
205 ,973
161,048

0 ,087
15,057;

“no

“ 6741

674

8,330
6,513
3,583

1 ,1 0 0

200

4,883
9 ,196
1 1 ,2 0 1

4,760
5,401
3,953

L ea vin g
S tock.

4.461
3,046
3.998

784
2,926
4,3 0 8

Speculation in cotton for future delivery has continued
fairly active, with a tendency on the part of large spot and
trade interests to protect their obligations in maturing con­
tracts. The net result of the week has been an advance of
on August and the more distant positions, while Septem­
ber and October have advanced slightly less. Bulls argue
that with a 3-cent decline in prices from the high levels estab­
lished not so long ago and a heavy withdrawal from the sur­
plus stocks during the past trvo years, an estimated consump­
tion during the coming season of around 14,000,000 bales,
speculative interests would, on any decidedly bullish crop de­
velopments, take at least 1,000,000 bales and hold them for
higher prices. Such are the claims of many. Crop advices
from India and Egypt have been bullish, more rain is needed
in the American Southwest, where temperatures have been
high, although it is true that hot, dry weather tends to mini­
mize insect depredation; in the Mississippi delta there has
been excessive precipitation, with many complaints of insect
damage, and Western advices of late have indicated an im­
proved demand for dry goods. But the South has steadily
sold the ncw-crop months, thereby evincing a belief in an
early and largo crop, private advices latterly have been of
ample rains in Texas, sales of spot cotton at Houston have
been large and there has been a further increase in the cur­
tailment of production not only in New England and the
South but in England as well, labor troubles there having
caused much uneasiness on the part of large interests.
The weekly Government report was favorable in the main.
Rumors have been rife of a private settlement in
the August option, and, significantly enough, there
has latterly been considerable selling of the August delivery
by large metal interests who are generally believed to bo long
of that month to a considerable degree. Lower spot prices
in many Southern markets and the activity of spot cotton
at Houston have probably in a degree unsettled confidence
as to the advisability of maintaining a bullish attitude as
regards the August position. Bears were encouraged to a
considerable extent by a private estimate of only 3% of
deterioration in Texas during the past month, as other esti­
mates had boon as high in some cases as 17%. Latterly
offerings of spot cotton in the Southwest have increased,and
it was claimed that with the continuation of English labor
troubles much new cotton would have to be “ hedged” by
sales of futures. To-day prices advanced on short covering,
buying by spot interests and on reports of insufficient rain in
Texas and Oklahoma. Spot cotton has advanced to l ‘2 .50e.,
an advance of 10 points for the week.
The rates on and off middling, as established Nov. 16 1010
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a i r ...................... c . 1.50 on M id dling............c . Basis
S tric t m id . f a ir ___ 1.30 oil Strict low m ia____ 0.25 oft
Low m iddling____ 0.75 oft
M iddling fa ir ......... l . I O o n
Strict good tnid----- 0 .6 0 on ■Strict good o rd ____ 1 20 oit
Good m iddling----- 0.41 on Good ordinary____ 2.00 oft
Strict middling----- 0.22 on Strict g’tl mid. tgd .0 .3 5 on

Good m id. tinged . c Even
Strict mid. tin g e d ..0 .1 5 off
Middling tinged . .. 0 .2 5 off
Strict low mid. ting.0.75 off
Low mid. t in g e d .. 1.75 off
Middling stain ed-. 1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
A u d . 12 to A n a . 18—
Snt.
M id d lin g u p la n d s _______________12.10

M on .
12.40

Tues.
1 2 .0 0

W ed . Thurs.
12.00

_ c _____ 12.50

________ 1 0 . 1 0
________ 10.75
...............10.65

1 9 0 3 . 0 . . . - .1 2 .7 5
9.00

1 8 9 5 .0 .
1 8 9 4 ..
189 3____
1 8 9 2 ..
. 6.19 1 8 9 1 ._ _
1893_____ _ 5.88 1 8 9 0 ____
180 7_____ . . s.oo 188lt_
189 6______ . . 8 .44 1 8 8 8 . . .
1 9 0 1 _____

8 .0 0
1 0 .0 0

. . ._ 7.56

12.50

1 3 8 7 -C -- . . .

188 5____
188 4___.
1 8 8 3 ____
. . . 1 1 . 9 4 1 8 8 2 -----. . . 11.38 1 8 8 1 -----.... .1 1 .2 5 183 0____
-.-

7.31

9 .69

...1 0 .3 8
. . . 1 0 .8 8
...1 0 .1 9
...1 3 .0 6
.. .1 2 .2 5
_ - .ll.6 0

MARKET AND SALES AT NEW Y O R K .
The total sales of cotton on the spot each day during the
week at Now York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
S p ot M arket
Closed.

F u tu res
M arket
Closed.

S t e a d y ..........
S a t u r d a y ___
V e ry s t e a d y ___
_ _ o n d a y ____
T u e s d a y ___ Q u iet, 20 pts. (U lv .- B a re ly s t e a d y . .
V e ry s t e a d y ___
W ednesday.
T h u rsd a y
Q u iet, 20 p ts. d e c — S t e a d y _________
F r i d a y ____ Q u iet, 1 0 p ts . a d v . . S t e a d y _________
T ota l

—




SALES.
S p o t.

C en tr'd

FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:
S

.

E

a

'

e

^

g

.

S

a

Total.

o

a

-

g

e

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1 «o B
1 MB 1 « 3 w B 1 m 3 ?
g3 p g3 g3 p gS p g3 p p g*l
Cl II S3 II SS II S5 SS S| 55 S3 SS

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O O C O M O C A - v t
1© 1© 1© 1© 1® 1®

i s M la i s is 1a i s i s

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 Thurs­
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
A u g u st 18—
S to c k a t L iv e r p o o l.......... ....... ba les.
S t o c k a t L o n d o n ___________
S to c k a t M a n c h e s t e r _____ _______

1911.
513 .000
15,000
4 3 ,000

1910.
3 57 ,000

1909.
8 79 ,000

8 ,0 0 0

2 1 ,0 0 0

1 0 ,0 0 0

29,000

51,000

4 8 ,0 0 0

T o ta l G reat B ritain s t o c k _____
S to c k a t H a m b u r g .
S t o c k a t B r e m e n _______
S to c k a t H a v r e _________
S t o c k a t M arseilles--------S t o c k a t B a r c e l o n a ____
S t o c k a t G e n o a _________
S t o c k a t T r i e s t e ________

571 ,000
14.000
3 4 .0 0 0
7 2 .000

394 ,000

2 ,0 0 0

2 ,0 0 0
1 2 ,0 0 0

19,000
7 ,000

9 5 4 ,0 0 0
9,0 0 0
157,000
171,000
3,0 0 0
2 4 ,0 0 0
18,000
5,000

4 5 3 ,0 0 0
2 4 ,0 0 0
191 ,000
8 9 ,000
4 ,0 0 0
2 3 ,0 0 0
13.000
18,000

163,000

2 0 3 ,0 0 0

3 87 ,000

3 6 2 ,0 0 0

7 34 ,000
50,000
2 9 ,1 4 6
33,000
62,000
4 53 .000
158,701
94,511
3,722

597 ,000 1 ,3 41,000
6 7.000
60.000
71,094
67,4 60
17,000
3 0,000
38,000
56,000
4 75 ,000
2 17 ,000
2 38 ,115
188.151
4 5 ,813
8 0 ,3 5 0
2,184
.............

81 5,0 0 0
7 8,000
70,118
18,000
6 5,000
4 2 0 ,0 0 0
185,289
116,284
9,242

T o ta l C o n tin e n ta l s t o c k s .
T o ta l E u ro p e a n s t o c k s -----------In d ia c o t t o n allo a t fo r E u r o p e —
A m erican c o t t o n a flo a t fo r E u ro p e
E g y p t ,B r a z il,& c .,a flt .fo r E u r o p e .
S to c k In A le x a n d r ia , E g y p t . - S to c k in B o m b a y , I n d ia ________ S to ck In U . S . p o r t s _____________
s t o c k In U . S . in te rio r t o w n s ____
U . S . e x p o r ts t o - d a y _____________

18.000
10,000
7 ,000

O f the a b o v e , to ta ls o f A m erica
A m erica n —
L iv e r p o o l s t o c k ___________b a l e s .. _
M an ch ester s t o c k _________________
C on tin en tal s t o c k _________
A m erican a llo a t fo r E u r o p e _____
U . S . p o r t s t o c k s _____________
U . S . Interior s t o c k s _________
U . S . e x p o r ts t o -d a y _________
T o ta l A m e rica n ......... ..
........
E a st In d ia n , B r a z il, A c .—
L iv e r p o o l s t o c k ...............................
L o n d o n s t o c k ..... ........... .. . . ___
M an ch ester s t o c k _______________
C o n tin e n ta l s t o c k ......................
In d ia a llo a t fo r E u r o p e . ______

1 2 ,0 0 0

7 1 ,0 0 0
7 7 ,000

1908.
3 9 5 ,0 0 0

,5-14,022 2 ,0 4 2 ,1 4 5 1 ,7 8 5 ,9 3 3
d e scrip tio n s a rc as fo llo w s :

I:ri.

12.40

NEW Y O R K QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 18 for each of the past 32 years have been as follows:
...............12.80

477

791 ,000
4 1,000
3 47 ,000
67,460
188,151
8 0,350
2,184

2 9 2 ,0 0 0
3 7 ,0 0 0
2 82 .000
79,118
185,289
116,284
9 ,24 2

329 .000
3 1,000
117.000
2 9,146
158,701
9 4 ,5 1 1
3,722

263 ,000
2 3,000
143,000
71,094
2 33 ,115
4 5 ,8 1 3

7 63 ,080

784 ,022 1 ,5 1 7 ,2 4 5 1 ,0 0 0 ,9 3 3
9 4,000

1 0 3 ,0 0 0

184.000
15.000
12.000
46.000
50.000
3 3.000
'6 2 ,0 0 0
4 53 .000

55,000
67.000
17,000
33,000
4 75 ,000

8 55 ,000
763 ,080

760 ,000
525 ,000
7 8 5 ,0 0 0
781,022 1 ,5 1 7 ,1 4 5 1 ,0 00,933

'otal v is ib le s u p p ly ----------6 .6 9 d .
idling U p la n d , L iv e r p o o l
1 2 .5 0 c.
Idling U p la n d , N ew Y o r k -----10 m .
p t, G o o d B ro w n , L iv e r p o o l. _
u v ia n . H ou gh G o o d , L iv e r p o o l 1 0 .4 0 d .
6 'S r i .
a c h , Fine, L iv e r p o o l-------------n e v e fly . G o o d , L iv e r p o o l------- 6 5 -1 6 d .

,544.022 2,042,1-15 1 ,7 8 5 ,9 3 3
8 .2 6 d .
G .67d.
5.59(1.
1 5 .9 5 c .
1 0 .0 0 c .
1 2 .6 5 c.
13 H d . 9 13-16(1.
8 7 -1 6 d .
8.90(1.
ll.O O d .
8.35(1.
5 5 -1 6 d .
7 ybd .
6 IU\.
5d.
7 H A . 5 15-lC d

Egypt, Brazil, Ac., afloat......... -

S to c k In A le x a n d r ia , E g y p t ____
S t o c k In B o m b a y , I n d ia -----------’o ta l E a st In d ia , & c .
‘o ta l A m e r i c a n ----------

8 ,0 0 0
6 ,0 0 0

8 8 ,0 0 0
2 1 ,0 0 0

13,000
4 0,000
60,000
3 0,000
■ 50,000
2 17 ,000

1 0 ,0 0 0
1 1 ,0 0 0

8 0 ,0 0 0
7 8 ,0 0 0
18,000
6 5,000
4 2 0 ,0 0 0

ontinental imports for the past week have been 51,000
::::

::::

The above figures for 1911 show a decrease from last week
of 39,2.92 bales, a gain of 74,058 bales over 1910, a de­
crease of 424,065 bales from 1909, and a loss of 167,853
bales from 1908.

478

THE CHRONICLE

AT THE IN TERIO R TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for tlie week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.
e-i .
o

N M O H O O O M n N N C O O fJ rtM O M r'a tS N O t'O M X N ■
b - N t O O O O J n c O i O W Q O J O r t t l '- ' O C l r t O O l ’ f n j J O r i i a H
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The above totals show that the interior stocks liave
creased during the week 1,277 bales and are to-night 48,698
bales more than at the same time last year. The receipts
at all the towns have been 9,885 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE W EEK AND
SINCE SEPT 1.— Wc 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:
-1 0 1 0 -1 1 S in c e
S e p t. 1.
523 ,646
2 13 ,946
26,032
132,117
8 0 ,0 1 0
176,464
171,858

A u g u s t 18—
S !iip pert—
V ia S t . L o u is ____________
V ia C a i r o ____ _________
V ia H o ck Is la n d _____
V ia L o u is v i ll e ___________
V ia C in c in n a ti___________
V ia V irg in ia p o in t s _____
V ia o th e r ro u te s , &c ____

W eek,
_ 1 ,381
888
75
19
109
67
53

D eiiuct sh ipm en ts —
O v erla n d t o N . Y . , B o s to n , &c
B etw een Interior tow n s
I n 'a n d , A c ., fro m S o u t h .
T o t a l t o b e d e d u cte d _

W eek .
5.085
1,332
1.245
238
546
204

- 2 ,595 1.321,373
330
5
1 ,882

S in ce
S ep t. 1.
460,943
185,408
19,915
134,157
48,909
147,337
153,371

8 ,6 5 0 1,150,100

167,668
62,467
63,469

820
368
1,096

141,090
67,267
8 1 ,7 9 0

2 ,217

293.604

2,284

2 90 ,147

378

1,030,7119

6,360

8 39 ,953

* In c lu d in g m o v e m e n t b y rail t o C anada.

Tho foregoing shows the week’s net overland movement
has been 378 bales, against 0,308 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 170,810 bales.
-•
------- -1 0 1 0 -1 1 ---------I n Sight and S p in n ers'
S in ce
T a kin gs.
W eek.
S e p t . 1.
R e c e ip ts a t p o r ts t o A ikc. 1 8 _____ 3 8,537 8 ,4 6 7 ,7 2 6
N et o v e r la n d t o A u ? . 1 8 . ..
378
1 ,0 30,769
S o u th e r n co n s u m p tio n t o A u g . 18 33,0,00 2 ,3 3 9 ,0 0 0
T o t a l m a r k e t e d - ...........

7 1,915 11 ,8 3 7 ,4 9 5
*1,277
4 3 .7 3 3

C am e Into sigh t d u rin g w e e k . . .
T o ta l in s ig h t A u g . 1 8 . . . ______

70,638

N orth .spinn ers’ takings t o A u g . 18

9,7 7 0

* D ecrease during: w e e k .

----------19(
100-10------ —
S in ce
W eek.
S e p t. 1.
40,707 7,299.581
6,366
859,953
25,000 2 ,3 4 7 ,0 0 0
72,073 10,50(1,534
* 10,097
£ 3 7 ,3 5 0
61,976

11,881,228
2,159,821

10,469,185
787

2,139,059

£ Less th a n S e p t . 1.

Movement into sight in previous years:
, a K ee,ir ~
„„
n a tes. \ S in c e S e p t. 1—
}n n »“ T
-------------------- 6.0.88711908-00— A u g . 0 0
?SSS'_
t l *•I?----------- ------ 75,0.17! 1907-08— A u g . 22
'9 0 7
A llg . 2 ,1 . ------ ----------------- 57,521 1 3 0 6 -0 7 — A u g . 2.1
1 0 0 6 — A u g . 2 4 -------------------------- 0 2 .9 2 0 11 00 5-0 6— A u g . 24

Hales.
---------13.047.C98
---------1 1,441,150
---------13,451,122
11,152,680

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




C losing Q uota tions for M id d lin g C otton on —
A u g u st 18.
GalvevSton ..........
N ew O rle a n s___
M o b i l e _________
S a v a n n a h _____
C h a r le s to n _____
W ilm in g t o n ____
N o rfo lk _
B a ltim ore
P h ila d e lp h ia . . .
A u g u s t a ...............
M em ph is ______
S t. L o u is _____
H o u s to n
____
L ittle H o c k ____

S a t’ dag.

M o n d a y . Tuesday. W ed 'd a y ., Thursd 'y. F r id a y .

1 2 ys
12
12
12 H

12 >4
11 H
12
nVs

12 H
U K
12
12

12 Vx
11 H
11 X
11 15-15
12

12 M
11H
Vi
11 15-16
12

12 H
n y
11 X
l l 15-16

1 2 Yi
13
12.65
12JS
13
12 H
12 3-16
—

i a .ji
13
12.65
12 %
13
12 %
12 1-16
------- ------

12 H
13
12.85
L1 H
13
12 Yx
12 3-16
—

12 X
13
12.85
HK
13
12 54"
12 3-16

12X
13
12.65
11 K
13
12 Yx
12 3-16

12 V
12 Y
12.75
U J4
13
12 H
12 3-10

11

—

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

£ $3*5‘Sw
*1
® *$'"i*cio rp-■
?i-T<
c
m
11to o

iClOuliOOd1
•M c j h o h
i»-« t thm

[ V o l . L x x x x in .

S a t'day, M on d ay, Tuesday, W ed'day, T h ursd’y F r id a y ,
A u g . 12. A u g . 14. A u g . 15. A u g . 16. A u g . 17 A u g . 18.
A u gu st—
1
R a n g e ............. l i .9 7 - .0 0 jl 2 .0 4 - .0 7 12.13-!2 5 12.09-.1 6 11.9 9 -.1 0
C lo sin g _______ 11.96 — 12.00-.0 3 1 2.15-.2 0 12.14-.1 6 1 2 .1 0 - .i l
S e p t.—
R a n g e _______ 1 1 .1 6 -.1 7 — @ — 11.39-.4 9 — <a — l l.2 1 - .2 3
C lo sin g _______ 11.16 — 11.24-.2C 1 1.37-.3 9 1 1 . 3 3 - . 3 5 1 1.27-.2 9
O ct.—
R a n g e _______ 10.93-. 10 1 1 .0 4 -.2 0 i l.2 0 - .3 6 l l. 0 9 - .2 2 1 1.07-.1 8
C lo sin g _______ 11.03-.04 1 1.11-.1 2 1 1.23-.2 4 l l.2 1 - .2 2 i l.1 7 - .1 8
N o v .—
R a n g e ______ — @ — — f? — — ® — 11.16 — — <M
> ~
C lo sin g _______ 1 1.03-.0 5 11.11*
11.23*
1 1.22-.2 3 11.17*
D e c .—
R a n g e _______ 10.93-.0 9 1 1 . 0 4 - . 1 r> 1 1 .2 0 -.3 6 11.09-.23 1 1 .0 0 -. 19
C losin g____
11.03-.0C 1 1 . 1 1 - 12 11.23-.2 4 l l.2 2 - .2 3 1 1.18-.19
J a n .—
R a n ge __
10.9C -.12 l l. 0 7 - .2 3 1 1.24-.4 0 1 1.15-.2 8 11.14-.24
C lo sin g ---------- 1 1.06-.0 7 1 1 .1 4 -. 15 11.27-.28 1 1.27-.2 8 1 1 .2 3 -. 24
F eb. - R a n g e ----------- — <$ — - — @ — — (a) — —
($ — — (3) —
C lo sin g- _
11.1 1-.13 11.20*
11.31*
11.32*
11.28*
M a rch —
R a n ge _______ ll.0 9 - .2 -i 11.10-. 30 1 1 .3 7 -. 52 l l.2 6 - .3 9 11.2 5 -.3 5
C lo s in g ___
11.18-. 19 11.2(5-.27 U .3 8 -.3 3 11.38-.39 tl.3 -4 -.3 5
A p ril—
R a n ge . _
—
— (51 —
— ® — ---- @ ---- ---C lo sin g _______ 11.22-.2 4 11.30*
11.42*
11.43*
11.39*
M ay
—
_
R a n ge . . . . . - l 1.25 — — @ — 1
— 11.57
11.44 —
C lo s in g _______ 1 1 .2 8 -.3 0 1 1.36-.3 8 1 1 .4 7 -.4 8 l l.4 8 - .4 9 11.45-.4G
T on e—
S p o t _________
Q u ie t.
Q u ie t. ' Q u ie t, i Q u ie t, j Q u ie t.
O n t lo n s --------- S te a d y . S te a d y . S te a d y . S te a d y . 1 S te a d y .

12.03-. 10
1 2 .1 6 -.2 0
• @ —
11 .38-.40
l l.1 0 - .2 9
1 1.27-.2 8
-- @ —
11.27*
1 1 .1 1-.30
1 1 .2 8 -.2 9
11.10-.35
1 1 .3 4 -.3 5
__ (a) __
1 l .39*
11 .2 8 -.4 7
11.4 5-. 40
— @ —
11.49*
@
1 1 .0 5 -.5 7
S te a d y .

W EATHER REPORTS BY TELEGRAPH.—Telegraphic
advices to us this evening from the South are of a somewhat
conflicting tenor. There have been beneficial rains in
Atlantic sections, but from portions of the Gulf region and
Arkansas there are complaints of too much rain. In Texas
it is claimed that the intense heat is causing premature
opening in some districts. Picking is active in parts of
Texas and gradually becoming general elsewhere.
Galveston, Tex.— Intense heat in the interior is causing
premature opening of boll, and if relief is not had will cause
great damage to crop. Picking is progressing under favor­
able conditions. Rain has fallen on four days during the
week, the rainfall being one inch and ninety-four hundredths.
The thermometer has ranged from 72 to 92, averaging 82.
Brenham, Tex.— Dry all the week. Average thermometer
87, highest 101, lowest 73.
Cuero, Tex.— No rain during tho week. The thermometer
has averaged 89, the highest being 105 and the lowest 72.
Henrietta, Tex.—There has been rain on one day of the
week, the precipitation reaching five hundredths of an inch.
Tlie thermometer has averaged 89, ranging from 72 to 105.
Huntsville, Tex.— We have had no rain during the week.
The thermometer has ranged from 79 to 99, averaging 80.
Kerrville, Tex.— We have had rain on one day during the
week, tho rainfall being fourteen hundredths of an inch.
Average thermometer 84, highest 103, lowest 04.
Lampasas, Tex.—-We have had no rain tho past week.
Tlie thermometer has averaged 87, tho highest being 104
and the lowest 09.
Longview, Tex.— We have had rain on four days during tlie
week, to the extent of two inches and nineteen hundredths.
The thermometer has averaged 85, ranging from 70 to 100.
Luling, Tex.—-It has rained on three days of the week, tlie
precipitation reaching seventeen hundredths of an inch.
The thermometer has ranged from 74 to 102, averaging 88.
NacogdochesTex.— Rain has fallen on one day of the week,
the rainfall being one inch and twelve hundredths. Average
thermometer 84, highest 97, lowest 70.
Palestine, Tex.—There has been no rain tho past week.
The thermometer lias averaged 85, the highest being 98 and
the lowest 72.
Paris, Tex.— We have had no rain during the week. Tlie
thermometer has averaged 87, ranging from 70 to 103.
San Antonio, Tex.—-Wo have had no rain during the week.
The thermometer has ranged from 74 to 102, averaging 88.
Weatherford, Tex.— We have had rain on two days tho past
week. The thermometer has averaged 88, the highest being
104 and the lowest 72.
Ardmore, Okla.— It has rained on twodays during the week j
the precipitation reaching eighteen hundredths of an inch.
The thermometer has averaged 87, ranging from 72 to 103.
Marlow, Okla.— Dry all the week. The thermometer has
ranged from 70 to 102, averaging 8(5.
Tulsa, Okla.—-Dry all tho week. Average thermometer
82, highest 94, lowest 70.

A m

ip

1911.]

N e w Orleans, La.— It has rained on four days of the week,
the precipitation being two inches and seventy-four hun­
dredths. The thermometer has averaged 81, the highest
being 91 and the lowest 71.
Alexandria, La.—-It has rained on four days during the
week, the precipitation reaching two inches and ten hun­
dredths. The thermometer has averaged 81, ranging from
70 to 91.
.
Shreveport, La.— We have had rain on two days during the
week, the rainfall being one inch and ninety-two hundredths.
The thermometer has ranged from 72 to 95, averaging_84.
Meridian, Miss.— The week's rainfall has been two inches
and forty hundredths, on five days. Average thermometer
80, highest 90, lowest 70.
.
Vicksburg. Miss.—The week's rainfall has been one inch
and thirty-three hundredths, on five days. The thermometer
has averaged 80, the highest being 92 and the lowest 72.
Helena, Ark.— Damage to crop from-rain is claimed. }Ve
have had rain on five days during the week, the rainfall being
two inches and sixty-two hundredths. Average thermome­
ter 79.2, highest 91, lowest 72.
Little Ilock, Ark.— The week’s rainfall has been three
inches and eighty-six hundredths, on five days. The ther­
mometer has averaged 83, the highest being 95 and the low­
est 71.
Texarkana, Ark.— There has been rain on one day of the
week, the precipitation reaching twenty hundredths of an
inch. The thermometer has averaged 86, ranging from
73 to 99.
Chattanooga, Tenn.— Rain has fallen on two days of the
week, the rainfall being thirty-eight hundredths of an inch.
The thermometer has ranged from 08 to 89, averaging 78.
Memphis, Tenn.— Crop prospects continue good. Rain
has fallen on five days of the week, the rainfall being one inch
and twenty-five hundredths. Average thermometer 81,
highest 94, lowest 70.
Nashville, Tenn.— We have had rain on two days of the
past week, the rainfall reaching fifty hundredths of an inch.
The thermometer has averaged 81, the highest being 92 and
the lowest 70.
Mobile, A fa.— Heavy rains in interior early part of week.
Caterpillars are reported in some sections, but with little
damage so far. We have had rain on six days during the
week, to the extent of five inches and thirty-two hundredths.
The thermometer has averaged 79, ranging from 72 to 88.
Montgomery, Ala.— Too much rain is causing deterioration.
We have had rain on four days during the week, the rainfall
being one inch and fifty-two hundredths. The thermometer
has ranged from 69 to 91, averaging 79.
Selma, Ala.— Rain has fallen on five days of the week, the
rainfall being ninety-four hundredths of an inch. Average
thermometer 78, highest 89, lowest 71.
.
Madison, Fla.—There has been rain on five days of the
week, to the extent of two inches and twenty hundredths.
The thermometer has averaged 81, the highest being 93 and
the lowest 69.
Tallahassee, Fla.— We have had rain on four days during
the week, to the extent of one inch and ninety-eight hun­
dredths. The thermometer has averaged 81, ranging from
71 to 90.
Atlanta, Ga.— Rain has fallen on two days of the week, the
rainfall being twenty-nine hundredths of an inch. The ther­
mometer has ranged from 68 to 89, averaging 79.
Augusta, Ga.— We have had rain on two days during the
week, the rainfall being eighteen hundredths of an inch.
Average thermometer 83, highest 96, lowest 71.
Savannah, Ga.— It has rained on one day of the week, the
precipitation being seven hundredths of an inch. The ther­
mometer has averaged 83, the highest being 94, and the low­
est 73.
Charleston, S. C.— It has rained on one day during the
week, the precipitation reaching ten hundredths of an inch.
The thermometer has averaged 85, ranging from 76 to 94.
Florence, S. C .— We have had rain on two days during the
week, the rainfall being forty-two hundredths of an inch.
The thermometer has ranged from 70 to 103, averaging 86.
Charlotte, N . C.— We have had rain on one day during
the week, the rpecipitation reaching twenty-five hundredths
of an inch. The thermometer has ranged from 70 to 97,
averaging 82.
Raleigh, N . C.— Rain has fallen on three days of the week,
the rainfall being one inch and eighty-four hundredths.
Average thermometer 82, highest 96, lowest 68.
The following statement we have also received by tele­
graph, showing the height of rivers at the points named at
8 a. m. of the dates given.
AMO. 18 191 1.
F eet.
N ew O rlea n s.
. — AbO.VC z ero o f g a u g e .
5.3
0 2
M em phis ... ................. . A b o v e z ero o f jjaur,o.
N a s h v ille . ...
A b o v e z ero o f g a u g e .
7 8
S h r e v e p o r t ____ . . . ------- B elow zero o f g a u g e .
1 2
V i c k s b u r g ____ _____ . A b o v e z ero o f g a u g e .
13.0

A u g . 10 1910.
F eet.
5.3
7.9
8 .5
4.0
12.1

COTTON CROP CIRCULAR.— Our Annual Cotton Crop
Review will be ready in circular form about Wednesday,
Sept. 6. Parties desiring the circular in quantities, with
their business card printed thereon, should send in their
orders as soon as possible to secure early delivery.




179

THE CHRONICLE

W ORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight, for the like period.
1909-10.

1 91 0-1 1.

Cotton Takings.
W eek and Season.

W eek .

S ea son .

S eason .

W eek .

1,657,372
1,661,993
V is ib le s u n p ly A u g . 11 _______
1,931,022
1,49 5~, 514
V is ib le s u p p ly S e p t. 1 ___________
" 66,076 10,491,184
' 70,638 11,881,228
A m e rica n in sigh t t o A u g . 1 8 . .
2 ,4 8 3 ,0 0 0
8 .0 0 0
B o m b a y re ceip ts to A u g . 1 7 ___
9.0 0 0 3 ,1 6 3 ,0 0 0
515.300
1 0 ,0 0 0
567 .000
37,000
O th er In d ia sh lp ’ ts t o A u g . 1 7 .
1 ,0 1 0 ,9 0 0
100
6 54 ,700
A le x a n d r la re ce ip ts t o A u g . 16 .
2 86 .000
348 ,000
’ L ogo
4.0 0 0
O th er s u p p ly t o A u g . 16 * ____
T o t a l s u p p ly ___________________ 1 ,777,010 17,733,942 1,752,069 1 7 ,0 9 2 ,9 0 6
D ed uct—
V isib le s u p p ly A u g . 1 8 _________ 1 ,618,080 1 ,618,080 1,544,022 1,5 4 4 ,0 2 2
T o ta l tak in gs t o A u g . 1 8 _______
O f w h ich A m e r ic a n ___________
O f w h ich o t h e r ___

2 08 ,047 1 5 ,5 4 8 ,8 8 4
130,947 11,611,184
77,100 4 ,3 8 7 ,7 0 0

158 ,930 16,115,862
70,930 11,91 1,602
4 .2 0 4 ,2 0 0
8 8 .0 0 0

* E m b ra ce s re ce ip ts In E u ro p e fro m B ra zil, S m y r n a , W e s t In d ie s , & e.

INDIA COTTON MOVEMENT FROM ALL PORTS.
Aug. 17.

1910-11.

Receipts at—
W eek.
B om bay____

I

| Since
Week. Sept. 1

Total.

911,000
975,000
588,000

2 ,0 0 0
2 ,0 0 0
2 ,0 0 0

3,000
5,000

42,000
50,000
47,009

19.000
47,000
31,000

3,000 1 0 ,0 0 0
3,000
1 .6 6 6
4,000

15,000
4,000

30,000
38,000
49,000

3,300
2 1 ,0 0 0

15,000

48,300
63,000
70,000

72,000
37,000
31,000

297,00C
326,001
295,000

34,000
39.00C
85,000

403,000
402,000
411,000

2 ,6 6 6

5,000

2 ,0 0 0
1 ,0 0 0
2 ,0 0 0

1 ,6 6 6

2 ,0 0 0

5,000
3,000

1 ,6 6 6

2 ,0 0 0

1 .0 0 0
1 ,0 0 0

13,000
3,00(

ll.OOC 25.00C
1 ,0 0 0
5,00C
1 ,0 0 0
4,000

3,000

11 ,000

1 ,0 0 0

13,000
7,000

14,000 38,000
2 ,0 0 0 16.000
4,000 15,000

4,000

Japan
J China.

Continent.

57,000
95,000
25,000

1 ,0 0 0
6 ,0 0 0

1 ,000
6 ,0 0 0

Total all—
1910-11..
1900-10..
1908-09..

Great
Britain.

3,00C

3,000

4,000 2 , 1 0 0 .0 0 0

Since September 1.

Great Conti- Japan
Britain. nent. &Chlna Total.

Bom bay—
1910-11..
1909-10..
1908-09..
Calcutta—
1910-11..
1909-10..
190S-09-.
Madras—
1910-11..
1009-10..
1908-00..
All others—
1 0 1 0-11 __
1909-10..
1908-09..

Since
Sept. 1.

Week.

9,000 3,163,000

8,000 2,483,000
For the Week.

Exports
fro m —

1908-09.

1909-10.

Since
Sept. 1.

6 ,0 0 0

6 ,0 0 0

616,0001,584,000
945,000 2,015,000
674,000 1,287,000
64,000
1 0 2 ,0 0 0

84,000

147,0001,280,000 672,301 5.099,300
141,000 1,389,000 1,052,000 2,382,000
6 8 .0 0 0
979,000 805,0001,812,000

According to the foregoing, Bombay appears to show a
decrease compared with last year in the week’s receipts of
1.000 bales. Exports from all India ports record a gain of
22.000 bales during the week and since {Sept.^l show’ a
decrease of 482,700 bales.
'. •-. ‘ '.
ALEXAN D RIA RECEIPTS AND SHIPMENTS OF
COTTON.—Through arrangements made with Messrs.
Choremi, Benachi & Co. of Boston and Alexandria, wTe now
receive a w’eekly cable of the movements of cotton at Alex­
andria, Egypt. The following are the receipts and ship­
ments for the past week and for the corresponding week
of the previous two years:
1

A lex a n d ria . E g yp t,
A u gust 16.

!

1910-11 .

R eceipts (ca n ta rs )—
100

S in ce S e p t. 1 ________

1

E xp orts (bales)—
To
To
To
To

L iv e r p o o l_____________
M a n c h e s t e r ____ ____
C o n tin e n t . _________
A m e r ic a _________ _____

7.579.343

190 9-1 0.

1908-09.

600
4,981 .1 57

400
6 ,6 7 5 ,8 2 9

This
S in ce
W eek, S ep t. 1.

S in ce
T h is
W eek. S ep t. 1.

S in ce
This
B eek . S ep t. 1.

213.791
219 ,0 8
2,2 5 0 112,329
122,728
—

3,000 159,669
3,000 122,286
2,500 311,319
64,621
1 ,0 0 0

195,933
______ 218 ,444
3,250 372,035
91,5 5 0
—

3,250 877,962
9.5 0 0 660,805
T o ta l e x p o r t s _________
2,250 9 68 ,996
N o te.— A c a n ta r is 99 lb s . E g y p t ia n bales w eigh a b o u t 750 lb s .

MANCHESTER M ARKET.— Our report received by cable
to-night from Manchester states that themarket is steady for
both yarns and shirtings, in con equenco of stoppage of
spindles by the railway strike. We give the prices for to­
day below and leave those for previous weeks of this and
last year for comparison.
1910.

1911.
S54 tbs. Shirt­
ings. common
to finest.

32s Cop
Twist.

d. s. d.

d.
J’ ne
30
July
7
14
21
28
Aug.
4
11
18

s. d.

1054

@

1154 6

1054
10 54
1014
954

@
@
@
@

11 >4 6 0 54 ^ 11 3
1114,6 0 @ 1 1 154
1054!5 11 @ 1 1 0
i n . 5 9 @ 10 8

9 5 -1 6 ®
954
•»
9 54 @

1054 5

io n

1054

5

154® H 3

754010 6
8
10 754
7 5 4 0 1 0 754

Cot’ n
Mid.
V pi’s
d.

32s Cop
Twist..
d.

85{ l b s . Shirt­ Cot’ n
ings, common Mid.
Upl’s
to finest.
d. s. d .

s. d.

d.

8.01 1054

@

1154 5

5 54® 10 4

7.86

7.87
7.76
7.39
6.90

1054
10 '4
1054
1054

@
@
@
@

11
5
11
5
1154 T)
1154 5

5 (" 10
5 @ 10
554010
6 @10

4
454
6
7

7.92
7.94
7.97
8.16

6.95'1054
6.77 1054
6.69 1054

@

11H 5
HH 5
1154 5

6
6
C

@10 7
to 10 754
@ 1 0 754

8.07
8.31
8.26

@

SHIPPING NEWS.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 14,119 bales. The shipments in detail, as made
up from mail and telegraphic returns, arc as follows!

THE CHRONICLE

480

Total
X B W Y O R K — T o L iv e r p o o l— A u g . 11— C a rm an ia, 1 ,5 2 5
A u g . 10
C ed ric, 3 ,4 8 4 _________________________ ____________________________
T o M anchester-— A u g . 11— C a v o u r, 86 S ea I s la n d ________________
T o L o n d o n — A u g . 11— M in n eton k a , 100_________________________
T o H a v r e — A u g . 12— V irgln lc, 600 u p la n d , 113 f o r e ig n _________
T o B r e m e n — A u g . 14— B rem en, 2 ,3 5 0 ____________________________
T o H a m b u r g — A u g . 11— A m erik a, 5 0 ___A u g . 15— B a ta v ia , 156
T o G en oa— A u g. 16— L u lsian a, 2 0 0 ________________________________
X E W O R L E A N S — T o M arseilles— A u g . 14— Ire n e , 5 0 _______________
T o O p o r t o — A u g . 17— C on de W llfr e d o , 5 0 0 ______________________
T o B a rce lo n a — A u g . 14— Iren e, 1 0 0
A u g . 17— C o n d e W llfr e d o , 1 ,9 3 0 _____________
T o G en oa — A u g . 14— D o ra B a ltc a , 1 ,3 6 8 _________________________
M O B I L E — T o L iv e r p o o l— A u g . 17— ■____ __________ , 2 1 . --------------------B O S T O N — T o L iv e r p o o l— A u g . 14— A r a b ic , 8 1
A u g . 16— Saga­
m ore, 1 9 0 _________
T o S t. J o h n — A u g . 12— C a lvin A u s tin , 9 0 ..............................................
B A L T I M O R E — T o B re m e n — A u g . 16— N e ck a r, 1 ,0 0 0 ---------------------P H I L A D E L P H I A — T o L i v e r p o o l —A u g . 11— D o m in io n , 1 2 5 ----------T o ta l

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

bales.
5,009
86
100
713
2,350
206
200
50
500
2 ,0 3 0
1,368
21
271
90
1,000
125
14,119

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great F ren ch G er- — Oth.TCurope— M e x ..
B r ita in , po rts, m a n y . N o rth . S ou th . & c. J a p a n .
N ew Y o r k _____ 5,195
713 2,5 5 6
____
200
....
. ..
N ew O rle a n s___ ____
50
____
____
3,898
—
—
M o b i l e _________
21
____
____
____
____
----271
____
____
____
____
90
...
B oston ________
B a lt i m o r e _____
____
____
1,000
........
.....................
...
125
........
........
........
.....................
—
P h ila d e lp h ia ___
T o t a l ...............

5,612

763

3,5 5 6

-------

4,0 9 8

90

-----

Total.
8,664
3,948
21
361
1,000
125
14,119

Thcexports to Japan since S ep t.l have been 139,842 bales
from Pacific ports and 9,283 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
M on.
1 5 @ }$
15
25
15
25

S a t.
L iv e r p o o l .
_ . . . 1 5 ® }$
15
M a n c h e s t e r ___
.
25
H a v r e ______________
15
B r e m e n ____ _____ __
25
H am bu rg . .
. . . .
20
A n t w e r p ____________
26
G h en t, v ia A n tw e rp
2 7 }$
R c v a l _______________
2 7 }$
G o th e n b u rg ________
30
B a rc e lo n a ___
—
30
G en oa ________ __ . .
37
T r i e s t e ------------- —
45
Jap an . .
---------------

20

26
2 7 }$
2 7 }$
30
30
37
45

T u es.
1 5 @ }$
15
25
15
25
20
26
2 7 }$
27 >$
30
30
37
45

_ _ed.
}$
15
25
15
25
20
26
2 7 }$
2 7 }$
30
30
37
45

Th urs.
1 5 @ }$
15
25
15
25
20
20
2 7 }$
2 7 }$
30
30
37
45

10®

F r i.
1 5 @ }$
15
25
15
25
20
26
2 7 }$
2 7 }$
30
30
37
45

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
J u ly 2 8 .
Sales o f th e w e e k _______ bales . 41,000
2,000
O f w h ich sp ecu la tors to o k . .
2,000
O f w h ich e x p o rte rs t o o k . _ .
Sales, A m e r ic a n _______________ . 35,000
A c t u a l e x p o r t _________________ _ 7,000
F orw arded . . . _____ _______ . 46,0 0 0
T o ta l s t o c k — E s tim a te d . . . . 562,000
O f w h ich A m e r ic a n ________ .3 9 9 ,0 0 0
T o ta l Im ports o f th e w e e k . . . 25,0 0 0
O f w hich A m e r ic a n ________ . 10,000
A m o u n t a flo a t _________ ______ . 38.000
6,000
O f w h ich A m e r i c a n _______ .

A u g. 4.
35,000
1,000
3,0 0 0
2 7 ,000
6,000
4 9 ,0 0 0
520 ,0 0 0
355 ,0 0 0
12,000
2 ,0 0 0
39.000
4 ,0 0 0

A u g . 11.
2 6 ,0 0 0
1,000
1.000
21,0 0 0
6,000
36,000
501,000
329 ,000
22,000
6,000
48,000
5,000

A u g . 18.
1 0 ,0 0 0

1,000
6,000
5,000
1,000
513.000
329,000
18,000
3,000
40,000
8,000

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:
Saturday.

Spot.
Market,
12:15
P. M.

Monday.

1
} Neglected. Negleetcd.
J

Tuesday.

Wednesday. Thursday.

Neglected.

Neglected.

Friday.

Neglected. Neglected.

Mid. Upl’ds

6.04

G.71

6.61

6.74

6.73

6.69

2,000
300

1,000
100

1 .0 0 0

Spec.&exp.

2,000
200

2,000
100

1,000
100

100

Weak at Steady at
Futures.
Market
1 11@ 12 pts. 5 @ 6 pts.
opened
/ decline.
advance.

Steady at
1@ 3 pts.
advance.

Steady at
4 @ 5 pts.
decline.

\ Barely sty. Steady at
) 13}$ @ 1 5 }$ 5 @ 1 2 }$
pts. adv.
j pts. dec.

Strong at
8 ® 12 pts.
advance.

Steady at Steady at
Quiet at
0 @ 1 0 Yi 2 pts.dee.to }$ © 2 pts.
pts. dec. 2 pts. adv. pts. adv.

Market,
4
P. M.

Steady at
2 points
advance.

Quiet at
}$ @ 2 pts.
advance.

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 p rices are given in ponce and 100ths.
Sat.

A u g . 12
A u g . 18.

1214
p .m .

A u g u st - _
A u g .-S e p N o v .-D e e .
J a n .-F e b
F e b .-M ch .
M oll .-A p r .
A p r.-M a y
M ay-Ju n e

—

12}$
p .m .
6 3 2 }$
6 is y
03
5 87
5 83
5 82 >$
5 8 3 }$
5 85
5 87
5 88
5 8 9 }$

M on .

T u es.

T hus. 0 00 m eans 0 OO-lOOd.
W ed.

T h u rs.

Fri.

12 ',$ 4
12}$
4
12}.$
4
12}$
4
12}$
4
p .m . p .m . p .m . p .m . p .m . p .m . p.m . p .m . p .m . p .m .
39

27
07
01
97
96 Vi
9 7 }$
97
99
01
03

37 H
25
05
99 !$
9 5 }$
95
96
97 >$
99 }$
0 0 }$
02

3 2 }$
23
05
0 0 1$
9 6 }$
96 }$
97
98 H
0 0 }$
01 }$
03

4 5 }$
30
17
11 }$
07
0 6 }$
07 }$
08 }$
10 }$
11 H
13

35
42
34 }$ 27
07 V,
17
11 }$ 02
07
9 7 }$
07
97 'A
0 7 }$ 98
08 }$ 99 }$
01
10
02
11
12 }$ 03 }$

11

32 1$
10
0 4 }$
00
00
0 0 }$
02
03 }$
04 }$
0 5 }$

37
37 H
37
27 V$ 27 ■$ 28

00
9 5 }$
9 5 }$
96
9 7 }$
99
00
01 1$

01
06 y.
90
9 0 }$
98
99
00
0 1 }$

02 *
9 7 }$
97
9 7 1$
99
00
01

0 2 }$

[VOL. L X X X X III.

ing the week totaled 338,000 bbls., against 333,600 the pre­
vious week and 264,000 a year ago. Mill feed has been
steady.
Wheat had declined, owing largely, it seems, to long liqui­
dation by Western interests, based upon more favorable
crop accounts in general, principally from Canada and
Russia, not to say Argentina, and large stocks at points of
accumulation, stocks at Chicago alone, it is said, being
greater than the total visible supply of the U. S. at this time
last year. Notwithstanding occasional unfavorable crop
accounts from the Northwest and some European drought
complaints, the weather and crop advices have in the main
been of distinct improvement. Canadian advices latterly
have been of favorable conditions and of an anticipated large
yield, whereas until recently there had been much talk of
danger to the Canadian crop by frost, owing to expected late
maturity. In Russia harvesting has been facilitated by im­
proved weather conditions, while in the United Kingdom
harvesting is over and the quality of the yield is good, with
expectations of some 16,000,000 bush, more available for
the mills than last year. France, it is believed, notwith­
standing drought complaints, will not need to import
any wheat until the spring of 1912. In Southern Russia the
weather, as already intimated, has been more favorable for
harvesting operations. Nevertheless, exporters have been
buying quietly in this country and during the week have
taken around 1,200,000 bush.; interior receipts have de­
creased, the world’s exports have fallen off, crop accounts
from the Volga district in Russia have been very bad, many
experts agree that the Russian surplus for export will be
small and advices from the Northwest have been unfavorable,
reporting poor spring-wheat yields and that in Minnesota
wheat has sprouted in the shocks. Strength of prices has
been shown at times in the Northwestern markets, and there
has been a fair cash demand at the West. The appearance
in Chicago of a prominent European exporter has not been
without sentimental effect. Southwestern Europe, it is
claimed, will have very little wheat for export this year.
To-day prices ended fractionally lower on improved crop
accounts from Canada and the American Northwest. The
world’s exports were 9,008,000 bush., against 10,928,000
last week and 11,120,000 a year ago. The world’s visible
supply increased but 382,000 bush., whereas last year there
was a gain of 8,169,000 bushels.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN N E W YORK.
S a l. M o n . T u es. Wed. Th urs. F r i .
9 7 }$ 95 'A 95
94 K
95
95
N o . 2 r e d ___________
S e p te m b e r d e liv e ry In e le v a t o r . _ . 98 >6 96 1a
95 }$ 9 5 }$
95
9 6 }$
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN CHICAGO.
S a t. M o n . T u es. Wed. T h urs. F r i .
S e p te m b e r d e liv e ry In e le v a t o r ------- 92 r,4 90 5$
89 }$ 89 }$
90
89 J$
D e ce m b e r d e liv e ry In e ie v a t o r ------- 9 6 }$ 95
03 }$ 9 3 }$
9 4 }$
9 4 }$
9 0 }$
9 9 }$ 100 -}$ 100 K
M a y d e liv e ry In e le v a to r ___________102 1$ 100?.$

Indian corn has ruled slightly lower under good rains at the
West, generally favorable crop advices and a resultant dis­
position to increase crop estimates. Many claim that con­
sumers have had little trouble as to the quality or quantity
of supplies. Yet the visible supply fell olT 862,000 bushels
and there have been many complaints of crop damage in the
Southwest by hot and dry weather. There has also been a
fair cash demand. Prices to-day rose slightly on continued
reports of damage from hot, dry weather in the Southwest.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN N E W YORK.
S a t. M o n . T u es. W ed . Th urs. F r i.
Cash c o r n ______________
72 'A 71
71
71
71?$ 7 1 }$
S e p te m b e r d e liv e ry in e le v a t o r ___7 2 @ 7 3 n o m . n o m . n o m . n o m . n o m .
D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN CHICAGO.
S a t. M o n . T u es. W ed. Th urs. F r i .
S e p te m b e r d e liv e ry In e le v a t o r ____ 65 ?•$
6 3 }$ 6 4 }$ 6 4 }$
6 4 }$ 65
D e ce m b e r d e liv e ry In e le v a t o r ____ 62 'A
61 h
61 }$ 6 1 }$
61 }$ 6 i } $
M a y d e liv e ry In e le v a t o r ____________ 64 ?$ 63
04 }$ 64 }$
64 }$ 64 }$

Oats have been quiet but steady as to prices, with the
country offerings moderate, although it is true that the
pressure of new oats has at times caused some weakness of
prices in cash oats and in the near-by deliveries. Stocks are
fairly large, the condition of pastures has latterly improved
and there was an increase of 3,820,000 bushels in the visible
supply. Some bad crop accounts, however, have been
received; in Iowa it is claimed that high temperatures have
caused damage and that oats have been growing in the
shocks. To-day prices were a shade lower under long liqui­
dation and increasing stocks.
D A I L Y C L O S IN G P R I C E S O F O A T S I N N E W Y O R K .
S a t. M o n . l u e s . W ed. T h urs. F r i .
S ta n d a rd s ____________________________ 46
46
46
46
n o m nom
N o . 2 w h it e ............................................. 46 'A 4 6 } . 4 6 }$
46 14
n om n om
D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S I N CHICAGO.
S a t. M o n . T u es. W ed . T hurs. F r i.
S ep tem b er d e liv e ry In e le v a t o r ____ 41 J$ 4 1 ,
4 1 }$ 41 ?$
4 1 }$ 4 1 }$
D e ce m b e r d e liv e ry In e le v a t o r ____ 44 H 4 3 }$
4 3 }$
4 3 }$
44 % 4 4 }$
M ay d e liv e ry In e le v a t o r ___________471$
4 6 v.
4 6 }$
4 6 }$
4 7 }$ 4 7 }$

The following are closing quotations:

BREADSTU FF'S.
Friday Night, Aug. 18 1911.
Flour has been moderately active and steady, although,
with the recent decline in wheat, buyers of flour have gen­
erally lowered their bids. The pressure of large wheat stocks
at principal points, notably Chicago, has in a measure en­
couraged flour purchasers to demand concessions, which
in"some cases have been granted. Nevertheless, sales during
the week have in many instances equaled the output of
mills. Kansas City reports a slow but steady improvement.
Many of the trunk railroad lines, it appears, will concede a
lower freight rate by part-water routes, and this would tend
to enable millers to make slightly lower prices, it is said.
The flour output at Milwaukee, Minneapolis and Duluth dur­




W in te r, low g r a d e s____ $3
W in te r p a te n ts _________ 4
IV ln te r s tr a ig h ts __________4
W in ter cle a rs ___________ 3
S pring p a te n ts _________ 5
S pring s t r a ig h t s ............ 4
S pring cle a rs____________ 4

FLOUR.
0 0 @ S 3 25 K ansas straigh ts, s a c k .54 3 5 @ 5 4 50
00®
475K an sas clea rs, s a c k s . . . 3 8 5 ® 4 15
150
440C ity p a te n ts ...................... o i o ® 6 50
75®
400R y e H our............................. 4 9 0 0 $ 5 1 5
3 8 5 r«o 4 00
2:>®
540G raham Hour.............
8 0 ® 5 00 C orn m eal, kiln d r i e d . . . 3 7 0 0 3 8 0
25®
450

G R A IN .
C orn , per bushel—
W h e a t, per bu sh el— f .o .b .
$1 1 0 }$
N o . 2 ............
f .o .b .
N . S p rin g, N o . 1 ________
1 09 1$
S team er ........... e le v a to r
N . S prin g, N o . 2 ...............
95
N o . 3 ................... e le v a to r
R e d w in ter, N o . 2 _______
9 7 }$ R y e . per bushel—
H ard w in ter, N o . 2 _____
C ents.
N o. 2 W e s te rn ________
O ats, per bushel, new —
44
S tate and P en n sylva n ia
S ta n d a r d s________________ .
44 Vi B a rley— M a l t i n g .............
N o. 2 w h ite _____________
4 3 }$
N o . 3 w h ite _____________
F or oth er tables u s u a lly g iv e n here, sec page 418.

Cents.
713$
N om in a l
N om in al
N om in a l
N om in al
N om in a l

THE CHRONICLE

AUG. 19 1911.]

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 12 1911, was as follows:
AM E RICA N
Wheat,
bush.
New Y o r k ......... ..........
Boston - ................... .

393,000
742,000
B a ltim ore-.......... ........ - 1,962,000
New O rleans......... ...... .
170,000

G R A IN
Corn,
bush.
194,000
20,000
216,000
169,000

STOCKS.
Oats,
bush.
5S0.000
3,000
94,000
307,000
120,000

59,000

22.000

M inneapolis.................. . 4,822,000
St. L o u is____________ . . 4,679,000
. . 5,005.000
10,000
..
819,000
. . 1,430,000
1,790,000
361,000
On Canal and R iv e r ..

(7,000
118,000
599,000
3,000
358,000
582,000
534,000
240,000

1,922,000
486,000
196,000
6,130.000
656,000
273.000
489,000
430,000
598,000
238,000
1,673,000
183,000
779,000
75,000
191,000

5.640.000
Aug. 12 1911.-48.171,000
0,005,000
Aug. 5 1911--45,881,000
3.017.000
Aug. 13 1 9 1 0 -.18,532,000
2.124.000
Aug. 14 1909-- 8,283,000
CAN AD IAN G R A IN
Corn,
Wheal,
bush.
bush.
46,000
M o n t r e a l.--....................
S47.000
......... Fort 'William__________ 2,228,000
______
Port Arthur___________ 1,245,000
______
Other Canadian_______
8S2.000

15,423,000
13,000,000
4.128,000
2,442,000
STOCKS.
Oats,
bush.
471,000
930,000
1,075,000
2,002,000

B uffalo______ ________. . 2,780,000
T o l e d o ---------------------- .. 2,304,000
D e tro it..........................
C h ic a g o ......... ............... .19,013,000
Milwaukee ..................

449,000
49,000
215,000
1,859,000

Total
Total
Total
Total

Total
Total
Total
Total

Aug.
Aug.
Aug.
A u j.

121 9 1 1 ..
519 1 1 ..
1319 1 0 ..
14190 9-.

5,202,000
5.397,000
3,721,000
1,368,000

Wheat,
bush.
American ............. ........ 48,171,000
C anadian_____________ 5.202,006
Total
Total
Total
Total
Total
Total

Aug.
Aug.
Aug.
Aug.
Aug.
Aug.

12 1911. .53,373,000
r> 1911. .51,278,000
13 1910. .22,303,000
14 1909. . 9,651,000
15 1908. -17.413.000
S 1908. .16.998,000

40,000
4,478,000
588,000
4,231,000
17,000
742,000
83,000
162.000
SU M M ARY.
Corn,
Oats,
bush.
bush.
5,640,000 15,423,000
40,000
4,478.000
5,686,001)
6,593,000
3,034,000
2,207.000
1,576,000
1,816,000

19.901,000
17,231,000
5,170.000
2,604,000
2.265,000
1,674,000

Rl/c,
bush.
.........

Barley,
bush.
8,000

ii’ ooo

1,000

______
2,000
7,000
31,000

458,000

1.000
17.000
27.000
4.000

72,000
18,000
22,000
37,000

......

---------3,000

2,000

66,000
22,000
221,000
154,000
Rye.
bush.

647.000
669.000
884.000
205.000
Barley,
bush.
13.000

13,000
31,000
97,000
87,000
Rye,
bush.
66,000
______

Barly,
hush.
647,000
13,000

66,000
22,000
221,000
154,000
151,000
138,000

660,000
700,000
981.000
292,000
478.000
570,000

T H E DRY GOODS T R A D E .
York, Friday Night, August 18 1911.
With the exception of cotton goods, textile markets
generally displayed a moderate, though encouraging,increase
in activity this week; inquiries wore more numerous, buyers
operated with more confidence apparently , and a larger
volume of business was done than for same time past. The
improvement was noticeable, particularly in the dress goods
division, and formed a marked contrast to the dulness which
has prevailed in that quarter in recent weeks. Buyers
showed more interest in dress fabrics for spring and fall; a
steadily increasing demand came forward from retailers and
there was a better inquiry on the part of jobbers in various
sections for special lines that are being offered at popular
prices, while road salesmen sent in fairly numerous orders.
In the men’s wear market some improvement was also
noted, and, although business continued to be unevenly
distributed and competition keen, leading interests are" said
to have booked substantial orders as a result of the low
opening prices and attractive values offered; profits, how­
ever, are very narrow. The silk trade increased somewhat,
and demand, especially from retailers, for broad silks,
specialties and ribbons gave promise of further expansion,
but in this quarter, as in men’s wear, complaints of limited
profits are frequently heard. Agents handling hosiery and
underwear reported an increase in the number of inquiries
and of small orders; an unfavorable and rather unsettling
factor, however, is the offering of inferior stock at low prices
by certain interests in order to secure forward business,
lii cotton goods, conditions in the primary market remained
practically unchanged, trade again being restricted by the
unsettled market for raw material, but toward the week-end
buyers in need of various staples, notably drills and sheetings,
displayed more interest in these lines, and were apparently
becoming anxious over deliveries in the next two or three
months, owing to the increasing curtailment among mills
and to the limited stocks in first hands. Orders placed were
still confined chiefly to small quantities for prompt and
near-by deliveries, to replenish depleted supplies; there was
little bulk buying for distant needs. Mills continued firm
on contracts, but some showed more willingness to accept
business for shipment during the next two months in order
to keep at least a portion of their plants running during the
autumn. Cotton yarns were unsettled and prices generally
easier; some dealers, in expectation of lower staple, continued
to offer yarns for last-quarter delivery at levels well below
any which spinners were willing to accept for prompt de­
liveries. Worsted yarns were also easy, certain leading
spinners having accepted very close prices in order to secure
much-needed business.
WOOLEN GOODS.-—In the primary dress goods market,
some of the loading selling agents, especially those offering
new stylos of fabrics at attractive prices, booked fair-sized
orders for spring, but the demand for spring goods, particu­
larly staples, has not so far come up to expectations of
sellers, and some of the large manufacturers will close their
mills for a week or two prior to Labor Day. As indicated,




481

fancy worsteds and novelties moved more freely than regular
corporation goods, such as serges, &c. Special offerings of
dress goods by jobbers were well patronized. The men’s
wear market was more active, and as a result of the heavy
application of buyers, several lines of staple and fancy light­
weight worsteds for spring, as well as a well-known line of
serges, were withdrawn, and further advances were an­
nounced on staple worsteds. A better demand for heavy­
weight woolen suitings was also reported.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week were 4,351 packages.
---------1911--------S in ce
J a n . 1.
493
642
68,624
17,876
12,524
9,272
24,735
1,421
12.475
37,858
23,511

---------1910--------S ince
W e ek . J a n . 1.
1,314
41
630
6
49,461
5,065
8,488
60
7,640
100
3,5 6 9
119
805
17,799
1,266
40
7,027
485
31,013
1.093
28,743
1,722

W eek .
N ew Y o rk to A u g . 12.
________
4
G rea t B r ita in ___
O th e r E u r o p e ___ __ ____
_________
20
C h in a __________
In d ia _________________________ _________
10
A r a b ia ___________________________
_________________ __ .. _______ 556
A fr ica W e s t In d ie s _____ _______________ _________ 852
M e x ico
. . .
_ _ ______ _________
26
C entral A m e r ic a _________________ _________ 350
S o u th A m e r ic a __________________ _________ 2,031
O th er c o u n t r i e s _________________________
502
T o ta l

____________ _________ _

________4,351

9 ,5 3 6

2 09 ,436

156 ,956

The value of these New York exports since Jan. 1 has been
$14,651,810 in 1911, against $10,832,863 in 1910.
Some lines of domestic cottons moved a little more freely,
but others dragged. Jobbing houses reported a better
demand for wash fabrics, printed flannelettes, the better
qualities of ginghams and other seasonable goodsjorders, how­
ever, continued small, buyers taking goods about as they need
them. Denims were quiet but firmly held as a result of curtail­
ment. Bleached and brown goods were also in light request
and steady. As already noted, drills and sheetings received
more attention from buyers who will need additional supplies
shortly and who are coming to realize the important bearing
that extensive curtailment will have upon deliveries. Export
trade generally was quiet, pending more settled conditions in
the staple. Trading in print cloths and convertibles was
confined principally to filling-in purchases, although some
business was reported dont for September and October
delivery, and some mills wore disposed to release spot goods
on contract deliveries running into November. Gray goods,
38 J^-inch standard, were quotably unchanged; wide converti­
bles generally ruled steadier than print cloths, prices for the
latter being more or less irregular and on some descriptions
largely nominal.
FOREIGN DRY GOODS.— Imported woolens and wor­
steds, particularly the latter in lightweights for spring, were
in better request. Linens, both dress and housekeeping
lines, continued firm and fairly active. Trade in burlaps
was light, with prices unsettled and irregular; lightweights
arc somewhat easier, at 3.80c., but 10j^-ounce remain
unchanged at 5.25c.
Importations and Warehouse Withdrawals of Dry Goods.
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48.2

S tate

THE CHRONICLE

a im
News Items.

Arizona-New Mexico.—-President Vetoes Statehood Bill.—
In a special message to the House of Representatives on
Aug. 15, President Taft vetoed the resolution admitting the
Territories of Arizona and New Mexico to Statehood. ' The
President is opposed to the Arizona Constitution, as it allows
the recall of State and county judges.— V. 92, p. 422.
It is said that the House Committee on Territories has
agreed that no attempt will be made to pass the resolution
over the President’s veto, but that instead a compromise
resolution will be introduced compelling the elimination
ot the recall as applied to the judiciary from the Arizona
Constitution and providing that the New Mexico Constitution
be made easier of amendment.
Bartholomew County (P. O. Columbus), In d .— Injunction
Dissolved.—Judge Wickens of the Bartholomew Circuit Court
has dissolved the temporary order restraining the sale of
$ 11,500 gravel-road bonds.

[VOL. LXXXXIII.

S S S R J * ? 1*1*. d **tertot Shall n o t ex ce e d 10 mills o n tho d o lla r e x c lu s iv e o f
.IL L ,n 1 ian d ln tcrest purposes as afo re sa id , an d shall n o t p r o d u c e fo r
“ r,
11 a greater a m o u n t o f ta xe s th an le v ie d In th e y e a r 1010. as
p r o v id e d in p aragrap h th re e o f this e n tr y .
^ h c,ney;cr -m y le v y for to w n sh ip , c o u n t y , s ch o o l o r m u n icip a l purth S m a x im u m a m o u n t th a t m ay he levied fo r such p u rp o s e .
' l b y S e c tio n o61 9 -3 a . G eneral C od e, th e n such e x ce s s iv e le v y
b y ,th.c b u d g e t c o m m is s io n t o the m a x im u m a m ou n t
p n?i r m ,. !1 n’ ? !’ s,e ct! o n b e fo r e said b u d g e t c o m m is s io n proceeds t o revise
an d re d u c e all th e levies ce rtifie d fo r such ta x in g d is tric t t o bring th e aggreV ^ row 11 th e i m it a t io n s a b o v e referred to, t o w it: 10 mills o n each
le v ie d in th e ycearPri°9PlC)r ty a m t(> aU a m o u n t n o t n e a t e r th an th e taxes
“ It Is th e re fo re ord ered an d a d ju d g e d b y the C o u rt th a t th e a b o v e
an d fo re g o in g
be en tered In said jo u r n a l e n try as paragrap h fo u r
strick e n 1 h e r e f r o m ° <K' iKlnal paragT aph fo u r 1,1 said original’ e n tr y he

Republic of Cuba.—Bonds Listed.— The $5,500,000 4
gold coupon bonds, tho final installment of the $10,500 000
loan awarded to the Speyers by the Cuban Government in
July 1909 (V. 89, p. 677), were admitted on Aug. 15 to the
stock list of the New York Stock Exchange. The entire
$16,500,000 has now been listed. The last installment of
$5,500,000 was offered at popular subscription on Feb. 6.
See V. 92, p. 477.

, United States.— Panama Canal Bonds Listed.— The recent
issue of $50,000,000 3% 50-year Panama Canal bonds was
Bristol, Conn.— Voters Adopt City Form of Government.
admitted to the stock list of the New Yrork Stock Exchange
The new charter recently passed by the Legislature providin'1- on Aug. 10. See Y. 93, p. 302.
for a city form of government was adopted at an election
Stephenson Investigation Oct. 2.— The committee of the
held Aug. 14 by a vote of 1,105 to 120. Bristol was in­
corporated as a town in 1785 and will end its existence as such U. S. S.mate appointed to investigate the charges of bribery
in October when a Mayor and other officers will be elected in connection with the election of Senator Stephenson of
Wisconsin has decided to begin its probe on Oct. 2 at Mil­
Cincinnati, Ohio.— Election on Annexation.— Ordinances waukee.
have been passed providing for submission to the voters of
Cincinnati on Nov. 7 of propositions to annex the villages
of Elmwood Place, Hartwell, Pleasant Ridge, Cheviot,
Bond Gails and Redemptions,
Fernbank and Oakley, and the cities of Norwood and St.
Denver, Colo.—Rond Call. -The following bonds are
Bernard. The propositions to annex Elmwood Place and called for payment Aug. 31:
Cheviot were submitted last November, and carried in Cin­
,, ,
„
, „
STORM SE W E R BO NDS.
cinnati, but were defeated in the villages themselves.
n " No> £ o f th e C a p ito l H ill S to rm S ew er D ist. N o. 1, B o n d N o. 12.
W
?
.t
nU
C1^
D lst. N o. 1. B o n d s N os. 233 t o 243, Jncl.
East Rutherford, N. J —Election on Commission Form of
W est D e n ve r S to rm S ew er D lst. N o .
! . B on d s N o s . 1 t o 39, Inch
Government.— An election will be held Aug. 29, it is stated,
T
IM P R O V E M E N T BO N D S.
E a st D e n ve r I m p . D lst. N o. 4. Bond.) N o s . 95 to lOT. ln cl.
on the question of adopting the Commission form of govern­
M o n tcla r Im p t. D ist. N o . 1. B o n d s N os. I!) a n d 20.
ment.
N orth Side Im p t . D lst. N o . 3, B on d N o . 130.
Garfield, N. J.— Voters Reject Commission Plan of Govern­
P A V IN G B O N D S .
A lle y P a v ng D lst. N o . 18. B on ds N os. i t and 12.
m ent— An election held Aug. 15 resulted in the defeat of
A ley P a v n g D ist. N o. 19, B o n d s N os. 6 to 12, Inch
the proposition to adopt the commission form of government.
A lle y P a v in g D lst. N o. 23, B on ds N o s. 1 t o 0, Inch
W est D e n v e r P a v in g D lst. N o. 1 , B on d s N o s. 1 to 5, inch
The vote was 251 to 196.
„
S U R F A C IN G B O N D S .
Hester School District, Cal.—Litigation.— The San Jose
S u rfa cin g D lst. N o . 3, B o n d N o. 60.
U p on the requ est o f the h olders o f a n y o f the a b o v e b o n d s receiv ed 10
“ Mercury” states that suit was started July 27 to enjoin the d ays
b efore th e e x p ira tio n o f this ca ll, th e T reasu rer w ill arra n ge fo r their
sale of 8100,000 school-building bonds voted June 28. The p a y m e n t at the M erca n tile T r u s t C o ., N e w Y o r k C ity , b u t n o t o th erw ise.
complaint sets forth that illegal votes were cast for the bonds
Missouri.—Rond Calls.— Whitaker & Co. of St. Louis, in
and the School Board is said to have verified this statement
and agreed to consent to the injunction being made perma­ their quotation pamphlet dated Aug. 15 report the following
list of municipal bonds as having been called for redemption:
nent.
Montgomery, A la.— Circuit Court Upholds City Commis­
sioners.— Judge W. W. Pearson of the Montgomery Circuit
Court, in an opinion handed down recently in the suit brought
by C. E. Crenshaw to oust four city commissioners (V. 93,
p. 359), holds that the latter were legally appointed. As
previously stated,it was claimed by the plaintiff that the bill
providing for the appointment of the four commissioners
was antedated by another bill which provided for the ap­
pointment of the President of the Board and the election of
the other four commissioners. This latter bill was vetoed
by the Governor but it was contended by the plaintiff that
more time had elapsed before lie took this action than the
law allowed. The Court says that while the records show
that the bill was received by the Governor on March 22 and
not returned by him on March 29, the date on which the
limit expired, it appears that a recess was taken by the
Legislature, which gave the Governor more time in which
to take action.
New York State .—Bonds Listed— The 810,000,000 5%
50-ycar gold canal bonds sold on April 14 (V. 92, p. 1133)
were admitted to the stock list of the New York Stock
Exchange on Aug. 18.
Ocean City, N. J.—Commission Plan of Government
Adopted.— By a vote of 18S to 181 the electors of this city
on Aug. 15 approved the commission plan of government.
V. 92, p. 359.
Ohio.— Supreme Court Revises Opinion in Tax Case.— The
State Supreme Court on Aug. 15 revised in part its decree as
to what 1-vies could be made by municipalities under the
new Smith 1% tax law. V. 93, p. 359. The Court says:
“ T ills cau se Is s u b m itte d t o th e C o u rt u p o n an a p p lic a tio n fo r m o d ific a ­
tio n o f Journal e n tr y , and It ap p e a rin g t o th e C ou rt th a t paragrap h fo u r
o f said e n tr y has given rise to so m e d o u b ts , c o n fu s io n and d isagreem en t in
th e co n s tr u c tio n th ereo f, b y ta x in g office rs o f th e S ta te , said paragrap h fo u r
Is revised an d e x p a n d e d so as to m ore cle a rly and m o re fu lly set o u t the
findings an d ju d g m e n t o f this C ou rt in referen ce to the m 'atters therein
co n ta in e d , as fo llo w s , to w it:
“ 1. A m u n icip a l co r p o r a tio n m a y le v y fo r m u n icipa l pu rp oses, as p ro ­
v id ed In p reced in g paragraphs 1, 2 and 3, an ag g re g a te o f 5 mills on the
ta x a b le p r o p e r ty w ithin such c o r p o r a tio n o n ly In th e e v e n t th at such le v y
o f 5 m ills, w hen ad d ed to th e le v y o f S ta te , c o u n t y , tow n sh ip and sch ool
pu rp oses, shall n o t e x ce e d In the ag g re g a te 1 0 m ills on th e d o lla r o f the
ta x a b le p r o p e r ty w ith in such ta x in g d is trict c x c 'u s lv e o f levies for sin kin g
fu n d an d Interest p u rp oses n ecessary t o p r o v id e fo r a n y In debtedness In­
cu rred after the passage o f said A c t b y a vote, o f th e p e o p le , an d p ro v id e d
fu rth er that such le v y o f 10 m ills o n the do lla r o f taxable p r o p e r ty shall
n o t p ro d u ce for th e y ea r 1911 .an a m o u n t greater than the a m o u n t o f taxes
lev ied in the yea r 1910, and w h e n e v e r such le v y e x ce e d s eith er o f said lim i­
ta tion s. then It Is the d u t y o f th e b u d g e t co m m issio n to revise and red u ce
said levies In m anner and fo rm as d irected an d au th orized b y S e ctio n
.>6 19-Jo, G eneral C od e, as e n a cte d Ju n o 2 1911, h a v in g d u e regard to the
p r o p o r tio n s o f th e tota l a m o u n t th a t e a ch ta x in g b o a rd o r t a x ln " office rs
are a u th orized to le v y , so th at such a ggre ga te o f all ta xe s fo r all pu rposes In




A u ro r a S ch o o l D ist. 6 % B on d N o . 5 fo r 3500, d a te d J u n e 14 1892, has
been ca lle d an d will be paid A u g . I 1911.
C hristian C o u n ty S ch o o l D lst. N o . 79, R . 22, T 26 & 27, 7 % B u ild in g
b o n d s X o s . I an d 2. d a te d Ju n o 15 1908, h a ve been ca lle d a n d will be paid
A u g . 12 l o l l .
C o tto n P lan t, D unklin C o u n ty , S c h o o l D ist. N o . 3. T . 17, R a n g e 9 and
10 6 % b on d s N os. 2 and 3. fo r 3300 e a ch , d a te d A u g . 15 1005, h a ve been
c a l'e d a n d will bo paid A u g . 15 1911.
D unklin C o u n ty S ch o o l D lst. N o . 3-16-8 an d 9, 6 % b o n d s No.-, t and 2,
fo r •>o 0 0 ea ch , d ated Ju n e 12 1905, h a v e been ca lle d a n d will be p aid
A m ?. 10 1911.
Jasper C o u n ty S ch o o l 111st. N o. 4 -8 , 6 % b u ild in g b o n d N o . 6, d a ted
S e p t. I 1901, has been ca lle d an d w ill he paid S e p t. 1 1011.
■epringi'icld S ch o o l D ist. 4
bo nds N os. I to 20 in c l.. fo r .".1,000 each ,
date ! June 1 1906, h a ve been c a lle d an d w ill he p aid Ju n e 1 1911.
V e rn o n C o u n ty I '- j v , re fu n d in g b o n d s N os. 19. 20 anil 21, for 8 1.000
earn , d a te d A u g . 22 1898, have been ca lle d an d will be p a id S e p t. I 1911.

Pensacola, Fla.— Bond Call.— The following described
bonds are called for redemption Sept. 1 at the (J. S. Mtge.
& Trust Co. in New York:
S P E C IA L I M P R O V E M E N T B O N D S .
Series A , G rou p 2, N os. 41 t o 80 ln c l.
D en o in . 350 0. D a te J u ly 1 1909.
D ue J u ly 1 1912.
Series B , G rou p 1. N os. 201 t o 240 ln cl.
D c n o m . 3300.
D ate J a n . 1
1010.
D ue Jan . I 1912.
Series C, G rou p 1, N os. 401 t o 429 ln cl.
D c n o m . 3500.
D ate J u ly 1
1010.
D ue J u ly 1 1912.

Pueblo County (P. O. Pueblo), Colo.—Bond Call.— An
issue of $350,000 5% 10-20-year (opt.) refunding-bonds dated
Jan. 1 1897 will be redeemed on Aug. 15 at the First National
Bank in New -York City.

Bond Proposals and Negotiations this week
have been as follows:
A C Q U A C K A N O N C K T O W N S H I P SC H O O L D IS T R IC T NO. 10 tP . o.
C lifto n ), P a ssa ic C o u n ty . N. J.
Lionil O d e r inn. -P roposals w ill be received
until 8 i>. m . Vug. 29 b y th e B oa rd o f E d u ca tio n for 38,000 4 14% co u p o n
sch ool b o n d s .
D cn o m . $500 <& 3 1 ,0 0 0 .
D ate M ay 1 1911.
Duo part
yea rly from 1916 to 192 t. C ert, c h e ck fo r S200, p a y a b le to A . D . Chester)
D istrict C lerk, requ ired .
A K R O N . S um m it C o u n ty , O h io. -B o n d O fferin g .— P r o p o sa ls w ill be re­
ceiv ed until 2 p . m . S e p t. 5 b y W . A . D u ra n d , C ity A u d ito r , fo r the fo llo w ­
ing 4 lA % s tre e t-im p t. b on d s a ggre ga tin g $14 5,40 0:
$8,000 S ta n to n A v e . p a v in g b o n d s.
D en oin . $800. D u e S800 v r lv
J u ly 1 fro m 1912 t o 1921 Incl.
105,130 H igh S treet p a v in g b o n d s.
D e n o m . 51,000 and 5 1 3 0 . D ue on
J u ly 1 as fo llo w s: 310,000 In 1912. 1914, 10IG an d 1918: 310 130 In
1920 and 311,000 In 1913, 1915, 1917, 1919 and 1921.
9,000 M adison A v e . sew er b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ue 33.000 J u lv 1
In 1912, 1913 and 1914.
7,950 W ild w o o d A v e . sew er b o n d s.
D e n o m . $1,000 and 3650
Due
32,650 J u ly 1 In 1912, 1913 an d 1914.
15,320 A k ro n p ub lic-inapt, ( c it y ’s p o rtio n ) b o n d s.
D cn o m . 31.000 and
$320.
Due J u ly l 1914.
H ate J u ly 1 1911.
In t. J . & J . a t tho N at. Park Bank In N ew Y o r k
C ertified ch e ck o n a b an k In O h io fo r 5 % o f b o n d s bid fo r , p a y a b le to the
C ity A u d ito r , requ ired.
P u rch a ser to p a y a ccru ed Interest.
B on d S a le.— T h e bids received on A u g . 15 fo r the eigh t Issues o f 4
stre e t-p a v in g b o n d s, a ggre ga tin g $13 2 ,8 0 0 , w ere as fo llo w s:

Aueu 19 1911.]

THE CHRONICLE

$5,300 $12 ,800 $15 ,000
bonds.
bonds.
bonds.
*$5,320* $13,006* $15,258*
15,245
12,075
12,960
15,107
. 5,309
15,225
. 5,306
12,946
15,202
S ecu rity S a v . B ank & T ru s t C o .,
15,197
S ta c y & B rau n, T o l e d o . . ____._ .
15,183
First N ation a l B a n k , C le v e la n d .
15,177
1. ______
$7,300
$6,500
$35,000
bonds.
bonds.
bonds.
*$35,563 $6,585 *$7,404*
7,400
*6,590
. 35,501
0,582
7,392
. 35,497
D a vlcs-B ertra m C
C in cin n a ti___
7,383
6,574
. 35,511
H ayd en , M iller & C o ., C levelan d. _
______
6,578
S ecu rity S a v . B a n k & T r u s t C o ., T o l c d o .
______
______
S ta c y & B rau n , T o l e d o _______________ . 35,508
—
—
First N ation a l B a n k , C le v e la n d _______ . 35,411
P r o v . S a v . B a n k & T r u s t C o ., C in cin n ati 35,400

$2 0 ,0 0 0
bonds.
$20,138
20,063
20,066
20,084
___

20,067
2 0 ,066
20,087
$30 ,900
bonds.
$31,431
31,335
31,287
31,360
______
______
—

* S u ccessfu l b id s .
T h e .above are n o t new b o n d s b u t securities w h ich h a v e been h eld b y the
sin kin g fu n d as in vestm en ts.
A L A M E D A , A lam ed a C o u n ty , C a! . - B o n d E le c tio n .— A n e le ctio n w ill be
h eld at an ea riy d a te , rep orts s ta te , o n the q u e stio n o f Issuing $24 0,00 0
b on d s fo r va riou s p u rp ose s.
A L B A N Y , A th e n s C o u n ty . O h io .— B on d S o l e — O n A u g . 14 the $2,500
0 % 0 -1 0 -y ea r (ser.) c o u p o n U rc-dopt. b o n d s (VC 03, p. 359) w ere aw ard ed
to VV. W . B lake o f A lb a n y , O h io, a t 108.20 an d ln t .— a basis o f a b o u t
1 .7 5 0 % . O th er bids follo w :
H a y d e n . M iller <fc C o .,C lev _ S 2 ,0 3 0 00 |B a rto . S c o t t & Cc>., C o l u m .$2,505 00
S e cu rity S . B . & T r C o ., T o L 2,027 50 N ew F irst N a t. B a n k , C o l . . 2 ,5 5 7 00
F irst N a t. B a n k , B a r n c s v ._ 2,001 0 0 1
A N D R E W S C O U N T Y COM M ON SC H O O L D IS T R IC T NO. 1, T e x a s —
Bon ds Registered and S o ld .— A n issue o f $1,500 5 % 10-yr. b ld g , b o n d s was
aw ard ed to the S ta te S ch o o l F u n d a t par a n d ln t. o n A u g . 10. T h ese b o n d s
were registered o n A u g . 10 b y the S ta te C o m p tro lle r.
A N D R E W S C O U N T Y COMMON SC H O O L D IS T R IC T NO. 5. T e x a s .—
B on d R egistered and S old .— O n A u g . 10 $750 5 % 10-yr. b ld g , b o n d s w ere
pu rch ased b y the S tate S ch o o l Fu nd at par an d ln t. T h ese b o n d s w ere also
registered b y the S ta te C om p tro lle r o n A u g . 10.
A N S O N IA , D arke C o u n ty , O h io .— B on d S a le .— -The C itize n s’ N a t. B a n k
o f A risonla w as aw ard ed a t par o n A u g . 14 $1,0 0 0 5 % 3 -y r . stre e t b o n d s,
It is s ta te d .
A R A N S A S P A S S IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . A ra n sa s
P a s s ), San P a tricio C o u n ty , T e x .— B on d S a le .— O n A u g . 10 the S ta te S ch o o l
F u n d was aw arded an Issue o f $5,000 5 % 1 0 -40-yr. (o p t .) b ld g , b o n d s at par
an d interest.
A R C H E R C I T Y . A rch er C o u n ty , T e x .— P u rch a ser o ) B o n d s.— T h e pur­
ch aser o f the 3 12 .000 0 % 5-4 0 -ye a r (o p t .) w ater b o n d s (V . 03, p . 42 3 ),
aw arded on A u g . 1, w as the First N a t. B a n k o f W ich ita Falls fo r $12,025
(100.208) a n d ln t.
D cn o m . $500.
D ate J u ly 1 1911.
l n t . a n n u al.
A S T O R IA , C la ts o p C o u n ty , Ore .— B on d S a le .— O n A u g . 11 the $45,000
5 % 2 0 - y r . g old c o u p , w a te r-p la n t b o n d s (V . 9 3 , p. 300) w ere a w a rd e d t o the
A s toria S av in gs B a n k in A sto ria a t 101.58 an d ln t .— a basis o f a b o u t
4 .8 7 0 % . A bid o f $ 45 ,495 was also re ce iv e d fro m S . A . K e a n & C o. o f C h ic.
A T T L E B O R O , B ristol C o u n ty , M a s s.— T em porary L o a n .— A lo a n o f
$40 ,000 due D ec. 11 1911 w as n e g o tia te d o n A u g . 11 w ith B o n d & G o o d w in
o f B o s to n a t 3 .0 4 % d is c o u n t.
A U B U R N . C a y u g a C o u n ty , N. Y .— B on d S a le .-- 'T h e fo llo w in g Issues o f
4 H % b on d s (V . 93, p . 180) w ere a w a rd e d to Isaac VV. Sherrill o f P o u g h ­
keepsie:
$10 ,400 00 b on d s a w a rd ed o n Ju n e 28.
D e n o m . $725, o n e b o n d o f $250.
D ue $250 Ju n e 15 1912 an d $725 Ju n e 15 1913 to 1920 Incl.
9,748 52 b on d s a w a rd ed o n Ju n e 30.
D cn o m . $ 2 ,3 7 5 , o n e b o n d o f
$2 18 52.
Due $248 52 Ju n e 15 1912 a n d $2,375 Ju n e 15 1913
to 19 10 lncl.
33,321 12 b on d s aw arded on J u ly 18.
D cn o m . $ 1,135, o n e b o n d o f
$400 12.
D ue $400 12 Jun e 15 1912 a n d $1,1 3 5 Ju n e 15 1913
t o 1911 ln cl.
D ate Ju n e 15 1911. I n t . .T. & D .
A U S T IN . T r a v is C o u n ty . T e x a s . -B ond E le c tio n .— A n e le ctio n will be
held O ct. 10 (d a te ch a n g e d fro m A u g . 22) to d ecid e w h eth er o r n o t the
$33 ,000 5 % c e m e te r y b on d s (V . 93, p . 302) shall be Issued.
B A B Y L O N , Su ffolk C o u n ty , N. Y .— B on d s D efea ted .— A n e le ctio n h eld
A u g . 15, It Is s ta ted , resu lted In d e fe a t o f the q u e s tio n o f Issuing $15 ,000
recrea tion g ro u n d b o n d s.
B A I N B R I D G E , D eca tu r C o u n ty . G a .— B on d E le c tio n .— L o c a l pap ers
sta te th a t p ro p o s itio n s to Issue $50 ,000 sc h o o l, $30 ,000 c ity -h a ll and $20 ,­
000 p a v in g b on d s w ill be s u b m itte d to th e citize n s e a rly In S e p te m b e r.
B A R B E R T O N . S um m it C o u n ty , O h io .— B ond O fferin g .— P rop osa ls w ill
be receiv ed until 12 m . S e p t. 11 b y J . VV. T r a c y , Clerk o f C o u n cil, fo r the
fo llo w in g 5 % c o u p , stre e t-im p ro v e m e n t b o n d s:
$5,560 stre e t-lm p t. (c it y 's p ortion ) b o n d s. A u th . S e c. 3821, G en. C od e.
D cn o m . $500 an d $56 0. D ue $500 y r ly . M ch . 1 fro m 1912 to 1920
Incl. a n d $1,560 M ch . 1 1921.
3,5 5 0 C rccd m ore A v e . an d F o u rth S t. assess, b o n d s. A u th . S e c. 3912
an d 3914. G en . C o d e . D e n o m . $300 an d $250.
D ue $300 y r ly .
M ch . 1 from 1912 to 1920 in cl. an d $550 M ch . 1 1921.
14,360 T h ird S t. assess, b o n d s. A u th . S ee. 3912 an d 3914, G en. C o d e .
D en om . $500 an d $360.
D u e $1,500 y r ly . M ch . 1 fro m 1912 to
1919 In cl., $ 1 ,000 M ch . 1 1920 and $1,360 M ch . 1 1921.
D ate A u g . 1 1911.
I n t. F. & A . at the C ity T re a s. o ffic e .
C ert, ch e ck
(or cash) for $200, p a y a b le to the C ity T r e a s ., requ ired.
B ids m u st he u n ­
co n d itio n a l e x c e p t as to re gu la rity o f Issuance. P u rch a ser t o fu rn ish all
b la n k b on d s.
B A R N E S V IL L E IN D E P E N D E N T SC H O O L D IS T R IC T NO. 60 (P . O .
B a rn e s v ille ), C lay C o u n ty , M in n .— B on d S a le .— O n A u g . 9 the $3,000 4 H %
10-yr. c o u p . ref. b on d s (V . 93, p. 360) w ere a w a rd e d to W elts & D ick ey C o .
o f M in n eapolis a t p ar an d ln t. A b id o f p ar w as also re ce ive d fro m F. E .
M agraw o f S t. P a u l.
B A R T O N (T ow n ) U N IO N T R E E SC H O O L D IS T R IC T NO. 7 (P . O .
W a v e r ly ), T io g a C o u n ty , N. Y .— B on d S a le .— O n A u g . 15 th e $66,000
4 H % 2 -2 1 -y r. (ser.) c o u p . b ld g , b o n d s (V . 03, p . 423) w ere a w a rd e d to
A . B . L ea ch & C o. o f N . Y . at 101.41 an d Int.— a basis o f a b o u t 4 .3 4 3 % .
A m o n g the bids receiv ed w ere the fo llo w in g :
F a rson , S o n & C o ., N . Y -------1 0 l.0 4 3 | J o h n .). H a rt, A lb a n y _________100.525
1. W . Sherrill, P o u g h k e e p s ie . 100.719] D ouglas F e n w ick & C o .,N .Y . 100.242
B A T A V I A SC H O O L D IS T R IC T NO. 6 (P . O . B a ta v ia ), G enesee C o u n ty ,
N. Y .— B on d S a le.
O n A u g . I $3,000 5 % b u ild in g b o n d s w ere aw ard ed to
M yron VV. G reene o f R och ester fo r $3,060 50 (101.016) and ln t.
D enom .
$ 20 0.
D ate A u g . 1 1911. I n t. a m i. In N o v .
D ue $200 N o v . 1 1912 to
1926 Incl.
B A Y ST. L O U IS . H a n co ck C o u n ty , M is s .— B on d s A u th orized .— A n o r­
d in a n ce has been passed, It Is rep o rte d , p r o v id in g to r the Issuance o f $50 ,000
Im p rov em en t b o n d s.
B E AC H C I T Y , Stark C o u n ty , O h io .— Bon ds N ol S o ld .— W e a rc a d v is e d
th a t $9,500 bon d s oirered o n Ju ly 10 w ere n o t s o ld .
B E A U M O N T , J effers on C o u n ty , T ex.— B on ds V oted . — T h e e le ctio n held
A u g . 1 1 resulted In fa v o r o f the p ro p o s itio n s t o Issue the fo llo w in g b o n d s
( V . 93, p. 2 4 3 ), it is stated :
$60 ,000 park b on d s uy a v o t e o f 263 to 59.
50.000 sew er b o n d s b y a v o t e o f 273 to 36.
25.0 0 0 p a v in g b on d s b y a v o te o f 269 to 40.
25.000 a b b a to lr b on d s b y a v o te o f 245 to 65.
15.000 Jail b o n d s b y a v o te o f 225 to 84.
25.0 0 0 s ch o o l b on d s b y a v o t e o f 277 t o 28.
B E A V E R , B eaver C o u n ty , P a .— B on d O fferin g .— P ro p o sa ls w ill b e re­
c e iv e d uutil 8 p. m . A u g . 22 by G . I t. B o v a r d , S e c . T o w n C o u n cil, fo r the
fo llo w in g ta x -free b on d s v o t e d June 17 (V . 9 2 , p. 1 7 1 4 ):
$ 2 0 , 0 0 0 4 H % p a v in g b on d s.
D en om . $500.
D ue o n v a rio u s d ates fro m
A u g . 1 1913 to A u g . 1 1941.
30.0 0 0 4 } $ % m u n icip a l-b ld g , b o n d s.
D e n o m . $ 1 ,0 0 0 .
D u e o n va rio u s
d ates fro m A u g . 1 1914 t o A u g . 1 1941.
D a te A u g . 1 1911. I n t. F . & A . a t th e B o ro u g h T re a s. o ffic e . C ert,
c h e c k fo r 2 % o f bid req u ire d .
B E L D IN G SC H O O L D IS T R jC T NO. 9 (P . O . B c ld in g ), Ion ia C o u n ty ,
M ic h .— B on d S a le.— O n J u ly 27 th e $ 7 . 5 oa 5 % '- t 5 - ''e a r (ser.) sch o o l
b on d s (V . 93, p . 243) w ere aw ard ed to W . E , M oss & C o . o f D e tr o it a t 102.80.




483

B E L L E F O N T A IN E , L o g a n C o u n ty , O h io .— B on ds A u th o rised .— A n o r­
d in a n ce has been passed p r o v id in g fo r th e Issuance o f $8,000 5 % c o u p o n
sid e vra lk -im p t. assessm en t b o n d s . D c n o m . $40 0.
D ate J u ly 1 1911.
I n t . J . & J . a t the C ity T reasu rer’ s o ffic e
D ue $800 y e a rly J u ly 1 fro m
1912 to 1916 ln cl. a n d $800 y e a r ly J u ly 1 fro m 1913 to 1917 in cl.
B E N N IN G T O N . B rya n C o u n ty , O k la .— B on d s V o ted .— A n election h eld
o n A u g . 9 resu lted In fa v o r o f a p r o p o s itio n to Issue $20 ,000 w a ter-w ork s
b o n d s ,th e v o te be in g 65 t o 8 , a c c o r d in g t o r e p o r t -.
„ B E T H L E H E M SC H O O L D IS T R IC T (P . O . B e th le h e m ). N orth a m p ton
C o u n ty , P a .— B on d S a le .— T h e $24 ,000 (u n so ld p o r tio n o f $55,000) 4 %
b ld g , b o n d s ( V . 93, p . 119) h a v e been a w a rd e d t o lo ca l in ve sto rs a t prices
ra n g in g fro m p a r and Int. to 101 .50 an d in t.
B O A Z . M arshall C o u n ty . A la .— B on ds A w arded in P a r t .— O n A u g . 1
$12 ,5 0 0 o f the $20 ,000 5 % 3 0 -y e a r w a te r b o n d s ( V . 93, p . 302) w ere
aw a rd e d t o J . B . M cC rary C o. o f A tla n ta a t par.
D a te M arch 1 1911.
T B O IS E C I T Y IN D E P E N D E N T SC H O O L D IS T R I C T (P . O . B o ise C it y ).
Ida C o u n ty , I d a .— B id s .— O th er bids re ce ive d o n A u g . 7 fo r th e $30,000
W a s h in g to n b ld g , an d $20 ,0 0 0 P a rk b ld g . 5 % 1 0 -2 0 -y r. (o p t .) g o ld c o u p ,
b o n d s, aw ard ed to the T lio s . J . B o lg c r C o. o f C h ica go a t 104 .03 (V . 93, p .
4 2 3 ), w ere as fo llo w s :
E . H . R o llin s & S on s. C h lca*o$5 1,3 30 W . E . S w eet & C o ., D e n v e r .$50,580
F irst T r . & S a v . B k ., C h ica g o 51.330 N . W . H alsey & C o ., C h ic a g o 50,575
C u tter. M a y & C o ., C h ic ____ 51,228
S c a s o n g o o d <5c M ayer, C i n e . . 50,530
S . A . K ea n & C o ., C h ic a g o .. 51,150 C. I I . C offin , C h ic a g o ________ 50,501
W o o d in .M c N e a r & M o o r e , C h ic .51,010 U len & C o ., C h ic a g o _________ 50,267
H arris T r . & S a v . B k ., C h ica g o 5 0 ,8 3 0 C on tin en tal T ru s t C o ., D e n v . 50,055
H a n c h e tt B o n d C o ., C h ica g o 50,827 M cC o y & C o ., C h ic a g o _______ 50,000
A . B . L e a ch & C o ., C h ic a g o . 50,785
L O K C H I I O , B ryan C o u n ty , O k la .— B on d s V o ted .— T h e e le ctio n h eld
J u ly 31 resu lted In fa v o r o f th e p r o p o s itio n t o Issue th e $ 12 ,500 w a te r b o n d s.
T h e v o t e w as 47 to 4 5 . It Is s ta te d .
B O N H A M , Fannin C o u n ty , T e x .— B o n d O fferin g .— T h is c it y is o fferin g
fo r sale the fo llo w in g 5 % b on d s o ffe re d w ith o u t su ccess o n Ju n e 15 ( V . 93,
p . 181):
$10 0,00 0 s tr e e t-im p ro v e m e n t b o n d s. A u th o r it y v o t e o f 243 “ fo r ” t o 25
‘ again st ”
D a te J u ly 1 1911.
30,000 w a te r-w o rk s -im p r o v e m e n t b o n d s. A u th o r it y v o t e o f 263 “ fo r ”
t o 10 “ a g a in s t.”
D a te Ju n e 1 1911.
D cn o m . $ 1 ,0 0 0 .
In te re st se m i-a n n u a lly a t th e S ta te T re a su re r's o ffic e .
D ue 40 years, o p tio n a l a fte r 20 years.
B O U L D E R , B ou ld er C o u n ty , C o lo .— B on d S a le.— E . II. R ollin s & S on s
o f D e n ve r, A . B . L e a ch & C o. o f C h ica go and W in . E . S w e e t & C o. o f
D e n ve r w ere a w a rd e d , a t th eir Joint b id o f 100 .65, $12 5,00 0 5 % 1 5-year
w ater b o n d s. T h e pu rchasers a lso agree to p a y 4 % o n certifica te s o f d e ­
posit and furnish b lan k b o n d s . A bk l o f 100.374 w as also re ce iv e d fro m
th e H arris T ru s t & S a v in gs B a n k o f C h ica g o .
B O W E R S T O N . H arrison C o u n t y , O h io .— B on d s N ot S old .— R e -O ffe rin g .—
N o bid s w ere re ce iv e d on J u ly 31 fo r th e $7,500 4 H % 1 t-y e n r (a v .) c o u p o n
s tr e e t-im p t. (v illa g e ’s p o rtio n ) b o n d s ( V . 93. p . 1 8 1 ).
W e are a d v is e d th a t
these securities w ill b e re -o ffe re d o n S e p t. 2.
B O X E L D E R C O U N T Y (P . O . B r ig h a m ), U ta h. — B on d S a le .— O n A u g . 7
th e $ 2 0 0 , 0 0 0 4 1<j % 10-20-year (o p t .) ro a d an d brid g e b o n d s ( V . 93, p . 181)
w ere a w a rd e d to th e H arris T ru st & S av in gs B ank In C h ica g o a t p a r an d
ln t. less $3,750 fo r exp en ses, o r 9 8 .1 2 5 — a 4 .6 8 5 % basis.
B ids w ere also re c e iv e d fro m S . A . K ean & C o ., E . H . R o llin s & S on s,
th e U tah S av in gs & T r u s t C o ., T h o s . J . B o lg e r C o . an d W o o d ln , M cN e a r &
M oore.
B R A G G S . M u sk o g e e C o u n ty , O k la .— B on d O fferin g .— P r o p o sa ls w ill be
re ce iv e d until 8 p . m . A u g . 21 b y J . J . J o h n so n , T o w n C lerk, fo r $ 2 0 ,0 0 0
0 % w ater-w ork s b o n d s. C ert, c h e c k fo r $200, p a y a b le t o T . A . S c o t t .
P res. B o a rd o f T o w n T ru stees, Is r e q u ire d .
BREA IEN . F airfield C o u n ty , O h io .— B on d O fferin g .— P ro p o sa ls w ill b e re ­
c e iv e d until 12 m . A u g . 26 b y C. E . T h o m p s o n , V il. C lerk, fo r $3,848 94
5 % S to rm W ater Sew er D istrict N o . 1 se w e r-co n stru c. assess, b o n d s.
D cn o m . $800 & $648 94.
D ate Ju n e 1 1911.
In t. J . & D . D u e $648 94
Ju n e 1 1912 and $800 y r ly . Jun e 1 fro m 1913 to 1916 ln cl.
B o n d s t o be d e ­
live re d and paid fo r w ith in 10 d a y s fro m tim e o f a w a r d . C ert, c h e c k o r
b o n d fo r 2 % o f b o n d s, p a y a b le to the V il. T r e a s ., r e q u ire d . P u rc h . to
p a y a ccru ed interest.
B o n d S a le .— O n A u g . 14 the tw o Issues o f 5 % c o u p o n im p t. b o n d s
a ggre ga tin g $8,000 (V . 93, p . 302) w ere aw arded t o th e B rem en B a n k C o.
In B re m e n . T h e b ids fo llo w :
$3,0 0 0
$ 5 ,000
Issu e.
I s su e.
B rem en B a n k C o ., B r e m e n __________________________ $3,070 45
$5,1 7 6 15
W . T . B ea ch . Z a n e s v ille .____ ________________________ 3 ,0 5 2 55
5,094 00
W e ll, R o th & C o ., C in cin n a ti______________________ 3,0 4 2 00
S c e u r itv S avin gs B a n k -& T r u s t C o ., T o l e d o _______3,031 25
5,151 75
B a rto . S c o tt & C o .. C o lu m b u s ______________________ 3,017 50
5,067 50
S c a s o n g o o d & M a y e r, C in c in n a ti____________________ 3,016 00
5,051 00
H a y d e n , M iller & C o ., C le v e la n d ____________________ 3,010 00
5,082 00
B R O W N V A L L E Y , T ra v e rse C o u n ty , M in n .— B on d S a le .— T h e S ta te has
been a w a rd e d an Issue o f $10 ,000 4 % lig h t b o n d s, w e are a d v is e d .
B U T L E R , C u ster C o u n ty , O k la .— B on d E lectio n .— A n e le ctio n w ill be
held S e p t. 5 t o v o t e o n the q u e stio n o f Issuing $25 ,000 w a te r b o n d s, a c c o r d ­
ing to re p o rts.
B U I L E R T O W N S H IP (P . O . M a n s fie ld ), R ich lan d C o u n ty , O h io .— B onds
N ot S old .— W e are ad vise d u n d er d a te o f A u g . 12 th a t th e $ 4 0 ,0 0 0 4 M %
ro a d b o n d s offe re d o n J u ly 28 (V . 93, p . 243) h a ve n o t been s o ld .
C A L D W E L L , N oble C o u n ty , O h io .— B on d O fferin g .— In a d d itio n to the
$2,250 4 % M iller S t. im p t. (v il. p o rtio n ) b on d s t o be o ffe re d on A u g . 29
(V . 93, p. 3 6 0 ), issues o f $1,150 N orth S t. Im pt. and $1,650 C aldw ell and
Belle V a lley R o a d Im pt. 4 % (v il. p o rtio n ) b o n d s will also be o ffe re d o n th a t
d a y . A u th . S ec. 3821, G en. C od e.
D e n o m . $500 an d $15 0.
13ate A u g . 1
1911. I n t. F . & A . T h e $1,150 issue is d u e $1,000 A u g . 1 1916 a n d $150
A u g . 1 1917, and the $1,650 Issue, $1,000 A u g . 1 1921 a n d $650 A u g . 1 1922.
B o n d s t o be deliv ered an d paid fo r w ith in 10 d a y s fro m tim e o f a w a rd .
C ert, c h e ck fo r 1 0 % o f bond s b id fo r , p a y a b le to VIL T r e a s ., r e q u ir e d .
P u rch a ser t o p a y a ccru e d Interest.
C A L D W E L L C O U N T Y (P . O . L o c k h a r t), T e x — B on d S a le .— A c c o r d in g
t o lo ca l p ap ers, $ 1 5 0,00 0 r o a d -lm p t . b o n d s h a v e b e e n sold t o a L o c k h a r t
bank.
C A L H O U N C O U N T Y (P . O . A n n is to n ). A la ,— B on d E le c tio n .— R e p o r ts
sta te th at the q u e stio n o f Issuing the $30 0,00 0 g o o d -r o a d b o n d s ( V . 92,
p . 407) w ill be s u b m itte d to a v o t e in N o v e m b e r.
C A L V E R T , R o b e rts o n C o u n ty , T e x a s .— B ond E lection P ro p o sed .— R e ­
p orts state th a t a pe titio n w as circu la te d and signed b y a nu m ber o f citizen s
asking th e C ity C ou n cil to call an ele ctio n to v o te o n th e issu an ce o f $ 35 ,000
w ater and sew erag e Im p ro ve m e n t b o n d s.
C A M IL L A , M itchell C o u n ty , Ga .— B on ds R efu sed .— J o h n W . D ic k e y o f
A u g u sta has refu sed to a c c e p t th e $20 ,0 0 0 5 H % 3 0 -y r . sew er an d c ity -h a ll
b o n d s a w a rd e d t o h im o n J u ly 13. D e n o m . $50 0.
D a te J u ly 1 1911.
In t. J . & J.
C A N T O N , Stark C o u n ty , O h io .— B on d O fferin g .— P r o p o sa ls w ill be re­
c e iv e d until 12 m . S e p t. 11 b y E . C. B ru m b a u g h , C ity A u d ., fo r th e fo llo w ­
ing
b o n d s:
$39,100 Sew er D istrict N o . 4 sew er c o n s tr . b o n d s.
D e n o m . $1,0 0 0 and
$100.
D ate S e p t. 1 1911.
D ue $4,000 y r ly . S e p t. 1 fro m 1913
t o 1918 Incl. a n d $5,000 S e p t. 1 1919 an d 1920, an d $ 5 ,100 S e p t. 1
1921.
1,100 C olu m bu s A v e . sew er b o n d s.
D e n o m . $1,000 an d $10 0. D a te
M ch . 1 1911.
D ue $1,000 M ch . 1 1915 an d $100 M ch . 1 1916.
4,000 W en dall A v e . Im pt. b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate M ch . 1 1911.
D u e $1,000 y r ly . M ch . 1 fro m 1913 t o 1916 Incl.
700 W en d a ll A v e . Im pt. ( c it y ’s p o rtio n ) b o n d s.
D e n o m . $70 0.
D ate
M ch . 1 1911.
D ue M ch . 1 1916.
2,900 D o u g h e rty A v e . Im pt. b o n d s.
D e n o m . $ 1 ,000 an d $900.
D ate
S e p t. 1 1911.
D u e o n S e p t. 1 as fo llo w s : $1,0 0 0 in 1913 a n d 1915
an d $900 in 1916.
500 D o u g h e r ty A v e . im p t. ( c i t y ’s p o rtio n ) b o n d s .
D e n o m . $ 50 0.
D ate S e p t. 1 1911.
D ue S e p t. 1 1916.
I n t . M . & S. P u rch a ser t o furnish bla n k b o n d s a t his o w n e x p e n s e .
C ert, c o p y o f the a b s tr a c t sh o w in g th e le g a lity o f the issue w ill be furnish ed
u p o n a p p lic a tio n to th e C ity A u d ito r .
B o n d s t o be d e liv e re d an d p aid fo r
w ith in 1 0 d a y s fro m tim e o f a w a rd . C ert, c h e ck on a ban k In C a n to n fo r
5 % o f b o n d s b id fo r , p a y a b le t o th e C ity T r e a s ., re q u ire d .
B o n d S a le.— O n A u g . 7 th e fo llo w in g b ids w ere re ce iv e d fo r th e eigh t
Issues o f 4
Im p t. b o n d s a g g re g a tin g $28,300 ( V . 93, p . 3 6 0 ):

484

THE CHRONICLE

A m oun t
P rem iu m .
S t a c y & B ra u n , T o l e d o _____________________________________ 528 ,300
$227 73
F irs t N a tion a l B a n k , C le v e la n d __________________________ 28,3 0 0
15 50
S e a s o n g o o d & M a yer, C in cin n a ti__________________________ 22,300
207 10
P r o v id e n t S a v in g s B a n k & T ru s t C o ., C in cin n a ti____ 19,800
157 64
H a y d e n , M iller & C o ., C le v e la n d __________________________ 17,700
115 00
W e ll, R o t h & C o ., C in c in n a ti__________________________
t s io o o
160 80
C A R L T O N . O rlean s C o u n ty , N. Y .— B on d O ffering.— R . W . B a m b e r,
T o w n S u p e rv is o r (P . O . W a tc r p o r t R . F . D .) , w ill sell a t p riva te sale on
A u g . 22 an Issue o f $12 ,352 62 4 A % c o u p , bridge b ld g . b d s. I n t. M . & S .
at th e C itizen s’ N a t. B a n k o f A lb io n (In N . Y . e x ch a n g e if d e s ire d ).
D ue
$2,352 62 M ch . 10 1912 and 52,000 y r ly . M ch. 10 fron t 1913 t o 1917 ln cl.
C A R S O N C I T Y , M o n tca lm C o u n ty , M ich .— B on d O fferin g.— P ro p o s a l
w ill be re ce iv e d u n til A u g . 22 fo r $1,000 5 % park b o n d s. A u th . v o t e o f
73 to 27 a t an e le ctio n held A u g . 7.
D ue In 1015 an d 1916.
C E N T E R T O W N S H I P , P o s e y C o u n ty . In d . — B on d S a le.— O n A u g . 15
$ 8 ,0 0 0 4 'A % b on d s w ere a w a rd ed , It Is s ta te d , t o th e M erca n tile T ru st &
S a v in g s C o. o f E v a n sv ille at par.
„ C E N T R A L SCHOOL D IS T R IC T , C o n tra C o s ta C o u n ty , C a l.— Bond
S a le.- o n A u g . 7 $ 2 0 ,0 0 0 .5 % b on d s were d is p o s e d o f , a c c o r d in g to rep orts,
t o B . F ern a n d ez a t 1 0 3 .7 5 .
C H A M P A ION C O U N T Y (P . O. U rb a n a ), O h io .— B on d O fferin g.— P r o ­
posals w ill be received until 11 a . tn. A u g . 21 b y C. E . R u ssell, C o. A n d ., fo r
S3,040 4 % co u p o n D itch N o . 349 im p t. b o n d s. A u th . S e c . 6480, G en. C od e.
D e n o m . $840. D ate A u g . 21 1911. I n t . F . & A . at the C o u n ty T rea s.
o ffic e .
D ue $840 each 6 m o s . fro m F e b . 21 1912 to A u g . 21 1915 ln cl.
B on d s are e x e m p t fro m ta x a tio n .
N o d e p o s it re q u ire d .
C H A P P E L L SCH O OL D IS T R IC T (P . O . C h a p p e ll), D urel C o u n ty , N eb.
— B onds V oted.— A fa v o r a b le v o t e w as c a s t r e c e n tly . It Is s ta te d , o n the
q u estion o f Issuing the $12 ,000 b ld g , b o n d s (V . 93, p . 3 0 3 ).
C H A R L O T T E , M eck le n b u rg C o u n t y , N o. C a ro .— B o n d S a les.— On A u g .
14 the $300,000 4 I $ % 3 0 -y e a r co u p o n w ater b o n d s (V . 93, p . 243) w ere
aw arded to the A m e rica n T ru s t C o . In C h a rlo tte a t 100 .635 & Int. O ther
bid s fo llo w :
W ell, R o th & C o ., C in cin n ati— p a r and In t., less $4,153 fo r exp e n se s.
H a m b leton & C o ., B a ltim o re — p a r & in t ., less $ 5 ,125 fo r legal & o t h . e x p .
S e cu rity T r . C o ., S p a rta n b u r g — p ar & In t., less $5,7 5 0 fo r b d s . & o t h . e x p .
T h e A m erica n T ru st C o. also p u rch a se d a t 100 .30 th e $100,000 4 y . %
c o u p o n s c h o o l b on d s ( V . 9 3 , p . 120 ). A u th . v o t e o f 1,502 to 151 at the
election held J u ly 4 .
D e n o m . $ 1 ,0 0 0 (or to su it p u r c h a s e r ).
D ate O ct. 2
1911. I n t. J . & J . in C h a rlotte o r N ew Y o r k .
D ue 30 y e a rs.
T h e A m erica n T ru s t C o . also secu red an o p t io n o n au d ito riu m b o n d s, n o t
to ex ceed $65 ,0 0 0 , a t 1 00 .30, p r o v id e d th e b o n d s are issu ed w ith in 30 d a y s
fro m A u g . 14.
C H A R L O T T E S V IL L E . A lb e m a rle C o u n ty , V a — B ond E lection .— A p ro ­
p os ition to Issue $25 ,000 g a s -lm p t. b o n d s w ill be s u b m itte d t o a v o t e , re­
p orts s ta te, o n S e p t. 5.
C H E H A L I S C O U N T Y SC H O O L D IS T R IC T NO. 9, W a s h — B on ds N ot
S o ld .— N o bids w ere re ce iv e d o n J u ly 1 fo r the $2,000 1 -3 -yea r (o p t .) b u ild ­
in g b on d s (V . 9 3 , p . 6 4 ).
C H E R R Y , Bureau C o u n ty , III.— B onds V oted.— A n e le ctio n held J u ly 29
resu lted In fa v o r o f a p r o p o s itio n t o Issue $ 6 ,0 0 0 w ater b o n d s, It is s ta te d .
C H IC A G O , 111,— B o n d Sale a fter N ovem ber.— D isp a tch e s sta te th a t In
N o v e m b e r the v o te rs w ill be ask ed a se co n d tim e to g iv e th eir a p p ro v a l
to th e Issuance o f $ 4 ,6 5 5 ,0 0 0 b o n d s fo r brid g e b u ild in g and $90 0,00 0 for
ju d g m e n t fu n d in g . T h e se b o n d s w ere v o te d last sprin g, b u t it w as d is c o v ­
ered , a fter $ 1 ,4 0 0 ,0 0 0 o f th em had been s o ld , th a t th e b o n d s w e rc in v a lid ,
o w in g t o te ch n ica l llaw s In th e o rd in a n ce prepared b y th e fo rm e r c ity a d ­
m in is tra tio n . T h e C o rp o ra tio n C ou n sel’s o ffic e Is n o w d ra ftin g a new o rd i­
n an ce, and If this is a p p ro v e d b y th e v o te r s , it Is e x p e c te d th a t a b o u t $ 2 ,­
0 00 ,000 o f th e b on d s w ill bo offe re d fo r sale.
C H IL L IC O T H E SC H O O L D IS T R IC T (P . O. C h illic o t b e ), R o s s C o u n t y ,
O h io .— B on d S a le.— O n A u g . 1 the $40 ,000 4 % 2 0 ^ - y r . (a v .) c o u p , bon d s
(V . 93, p . 303) w ere a w a rd e d t o Jam es I . B o u lg e r, A g e n t, a t 100.675 & i n f
C H O C T A W C O U N T Y (P . 0 . H u g o ), O k la .— B on d E lection .— A n e lection
will be h eld In a b o u t 60 d a y s , a c c o r d in g t o r e p o rts , t o v o te o n th e p r o p o s i­
tio n to Issue $ 3 5 0,00 0 ro a d b o n d s.
C H O U T E A U C O U N T Y (P . O . F ort B e n to n ). /M o n t— B on d S a le.— On
A u g . 1 the $60 ,000 5 % 2 0 -y e a r c o u p . ref. b o n d s (V . 93, p- 64) w ere aw arded
t o W ells & D ick ey C o. o f M in n eapolis fo r $ 63 ,560 (105.933) an d Int.— a
basis o f a b o u t 4 .5 4 6 % . O th er bids fo llo w :
F irst N a t. B a n k , B u tt e ---------$6 3 ,3 7 5 | E . I I . R o llin s & .Sons, D e n v -$ 6 3 ,3 5 4
C L A R K S D A L B , C o a h o m a C o u n ty . /Miss.— B o n d S a le.— O n J u ly 25 the
$60 ,000 5 % 2 0 -y r. c o u p , w a te r, ligh t an d sew erage b o n d s (V . 93, p . 181)
w ere a w a rd ed to the P la n te rs’ B a n k o f C larksdale a t p a r.
D e n o m . $ 50 0.
D a te S e p t. 1 1911. I n t . M . & S .
C O A L G R O V E , L a w ren ce C o u n ty , O h io .— B on d O fferin g.— P rop osa ls w ill
b e receiv ed u n til 12 in. S e p t. 9 b y R . A . G re g o r y . V il. C lerk, fo r $7,500
4 4$% P ik e S t. im p t. b o n d s.
D e n o m . $50 0.
D ate A u g . 1 1911. In t.
F. & A .
D u e A u g . I 1921.
B o n d s to be d eliv e re d an d p aid fo r w ith in 10
d a y s fro m tim e o f a w a rd . C ert, c h e c k fo r 5 % o f b on d s b id fo r , p a y a b le to
the VII. T r e a s ., req u ire d . P u rc h . to p a y a ccru e d in terest. T h e se b o n d s
w ere p r ev iou s ly o flc r e d o n A u g . 1 ( V . 93, p . 181 ).
C O E U R d ’ A L E N E , K o o te n a i C o u n ty , Id a .— B on d S a le.— O n A u g . 1 th e
$49 ,0 0 0 1 0 -2 0 -y r. (o p t.) fu n d in g b on d s (V . 93, p . 303) w ere aw ard ed to
F a rson , S on & C o. o f C h ica g o fo r $49 ,735 50 (101.501) an d in t. fo r 5 }$ s .
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1911.
C O IT S V IL L E T O W N S H IP SC H O O L D IS T R IC T (P . 0 . S tation “ A , ”
Y o u n g s t o w n ), M a h on in g C o u n ty , O h io .— B on d O fferin g.— P r o p o sa ls w ill be
re ce iv e d until 2 p . in. A u g . 26 b y J . S . P a lm er, Clerk B d . o f E d ., fo r $10,000
4 A % c o u p . b ld g , ta x -fre e b o n d s. A u th . S e c . 7 62 5, 7626 an d 762 7, R e v .
S ta t.
D e n o m . $500.
D a to A u g . 26 1911.
In t. F . & A . at the C om m ercia l
N a tion a l B a n k in Y o u n g s to w n .
D ue $1,000 y r ly . on A u g . 26 fro m 1915
t o 1924 ln c l. C ert, c h e ck fo r $ 1 ,0 0 0 , p a y a b le to the Clerk B d . o f E d ., re­
q u ired .
P u rchasers m ust bo prepared to take th e b on d s o n A u g . 26 1911.
C O L D S P R IN G IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . C old
S p r in g ). San J a c in to C o u n ty , T ex.— B on ds R egistered.— On J u ly 31 the
S ta te C om p troller registered $6,000 5 % 10-40-year (o p t.) buildin g b o n d s.
C O L F A X SC H O O L D IS T R IC T (P . O . C o lfa x ). J a s p e r C o u n ty , Io w a —
B on d O fferin g .— P rop osa ls w ill be re ce iv e d u n til A u g . 25 fo r $5,000 5 %
10 -2 0 -yr. (o p t.) b ld g , b o n d s. A u th . v o t e o f 225 to 94 at e lection held
A u g . 10.
C O L L I N G D A L E . P a . — B ond S a l e — O n J u ly 15 $8,500 5 % 3 -2 0 -y e a r
(o p t .) fu n d in g b on d s w ere a w a rd e d t o the D elaw are T r u s t, S afe D e p o sit &
T itle In s. C o. o f C hester a t 1 00 .50. D e n o m . $50 0. D a te Jun e 1 1911.
In t. J. & D.
C O L U M B U S , O h io .— Bern! E lectio n .— In a d d itio n t o th e p ro p o s itio n to
Issue $70 0,00 0 g ra d e-cro ssin g elim in ation b o n d s, to b e v o t e d u p o n N o v . 7
(V . 93, p. 3 6 0 ), a v o te w ill b o taken also o n the q u e s tio n o f Issuing $250,000
p rls o n -b u lld in g b on d s.
C O L U M B U S , O h io .— Bonds A u th orized .— O rd in a n ces h a v e been passed
p r o v id in g fo r th e Issuance o f th e fo llo w in g c o u p o n assessm ent b on d s:
$ 4 ,0 0 0 4 A % sew er b d s.
D ue S e p t. 1 1917. o p t . S e p t. 1 1912.
3 .0 0 0 S p rin g S t. Im p t. b d s .
D u e S e p t. 1 1922, o p t . S e p t. 1 1912.
4 .0 0 0 a lle y -Im p t. b d s.
D u e M ch . I 1922, o p t . S e p t. 1 1912.
8.0 0 0 K ossu th S t. im p t. bd s.
D ue S e p t. 1 1922. o p t . S e p t. I 1912.
11.000 F o u rte e n th A v . im g t. b d s .
D u e S e p t. I 1922, o p t . S e p t. 1 1912.
55.000 S u m m it S t. Im p t. b d s .
D ue S e p t. I 1922.
5.000 G ro v e S t. Im p t. b d s .
D u e S e p t. 1 1 9 2 2 , o p t . S e p t. 1 1012.
9.0 0 0 s e w c r -c o n s tr u ctio n b d s .
D ue S e p t. 1 1917, o p t . S e p t. 1 1912.
5.000 N o rth w o o d A v . b d s. S e p t. 1 1922, o p t . S e p t. 1 1912.
5.000 N in eteen th A v . b d s .
D u e S e p t. 1 1922. o p t . S e p t. 1 1912.
5.000 R ich S t. Im pt. b o n d s. D ue S e p t. 1 1922, o p t . a fte r S e p t. 1 1912.
9 .0 0 0 R ic h S t. b on d s.
D u e S e p t. 1 1922, o p t . a fte r S e p t. 1 1912.
9.0 0 0 S h o r t A lle y b on d s.
D u e S e p t. 1 1922, o p t . a fte r S e p t. 1 1912.
10.000 S ev en teen th A v e . b o n d s .
D ue S e p t. I 1022.
10.000 E ld rld ge A v e . b o n d s.
D u e S e p t. 1 1922.
3.0 0 0 H ughes S t. b on d s.
D ue S e p t. 1 1922, o p t . a fte r S e p t. 1 1912.
6.0 0 0 D on a ld s on S t. b o n d s.
D ue S e p t. 1 1922, o p t . a fter S e p t. 1 1912.
12.000 H ild reth A v e . b o n d s.
D u e S e p t. 1 1922.
5.000 H arris A v e . b o n d s.
D u e S e p t. 1 1922, o p t . a fter S e p t. 1 1912.
10.000 O gden A v e . b o n d s.
D ue S e p t. 1 1922.
5.000 M orrill A v e . b o n d s.
D u e S e p t. 1 1922, o p t . a fte r S o p t. 1 1912.
12.000 S ou tln v o o d A v e . b o n d s.
D u e S e p t, l 1922.
10.000 W arren A v e . b o n d s.
D u e S e p t. 1 1922.
9.000 S ixteen th A v e . b o n d s.
D u e S e p t. 1 1922, o p t . a fte r S e p t. 1 1912.
7.0 0 0 W elch A v e . b on d s.
D ue S e p t. 1 1922, o p t . a fter S e p t. 1 1912.
6.000 S o u th w o o d A v e . bon d 3.
D u e S e p t. 1 1922, o p t . after S e p t. 1 1912.
6.000 S tate S t. b o n d s.
D u e S e p t. 1 1922, o p t . after S e p t. 1 1912.
3.000 M cC oy S t. b o n d s.
D u e S e p t. 1 1922, o p t . a fte r S e p t. 1 1912.
12.000 4 A % sew er b o n d s .
D u e S e p t. 1 1917.




[VOL. LXXXXIII.

$ 2 , 0 0 0 4 A % S tep h en s A v e . sew er b o n d s. D u e S e p t. 1 1917, o p t . S e p t. 1 ’ 1 2
2.0 0 0 4 'A % L c c h n e r A v e . sew er b o n d s. D ue S e p t. 1 1917, o p t . S e p t. 1 ’ 12
2.000 4 H % Jen k in s A v e . sew er b o n d s. D ue S e p t. 1 1017, o p t . S e p t. 1 ’ 12
4.0 0 0 4 A % S u lllv a n t A v e . sew er b o n d s. D ue S e p t. 1 1917, o p t . S e p t. 1 '12
2.0 0 0 4 A % W r c x n a m A v e . sew er b o n d s. D u e S e p t. 1 1917, o p t . S e p t. 1 12
2.0 0 0 4 A % G u ilfo rd A v e . sew er b o n d s. D u e S e p t. 1 1917, o p t . S e p t. 1 ’ 12
2 .0 0 0 4 A % B ro a d S t. sew er b o n d s. D u e S e p t. 1 1917, o p t S e p t. 1 ’ 12
D e n o m . $ 1 ,0 0 0 .
D a te n o t later than S e p t. I 1911. I n t . M . & S . a t th e
C ity 'T reasurer’s o ffic e .
O rd in a n ces h a v e also been passed p r o v id in g fo r th e issu an ce o f th e fo llo w ­
in g c o u p , b on d s:
$500 park b o n d s.
D e n o m . $50 0. D a te n o t later th an S e p t 1 1 9 1 1 lilt .
M . & S . at th e a g e n c y ’s o ffic e in N ew Y o r k .
D ue S ept l 1931.
10.000 2 0 -y r . c o u p , tire-h ydran t b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate n o t later
th a n O ct. 1 1911. I n t. A . & O . at the c it y a g e n c y ’s o ffic e in N Y .
2 .0 0 0 N elson sew er b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate n o t later th an O ct 1
1911.
I n t. AI. & S . at the C ity T re a s. o ffie e . D ue M ch 1 1022
4 .0 0 0 L o n g S t. sew er b o n d s.
D en om . $ 1 ,000
D a to n o t later th an O ct 'l
1911. I n t. Al. * S. a t th e C ity T re a s. o ffic e . D u e M ch 1 1922
5.000 2 0 -y r . Schiller P a rk im p t. b o n d s.
D en om . $ 1 ,0 0 0 . D a te n o t later
th an O ct. 1 1911. I n t. A . & O . at th e a g e n c y o f C olu m bu s In N Y
3.0 0 0 4 A % In d ta n o la A v e . assess, b o n d s .
D e n o m . $ 1 ,0 0 0 . D ate n o t
la te r th a n O ct. t 1911. I n t. AI. & S . at th e ’Treas. o ffic e
D u e A lch. 1 1917, o p t . a fte r M ch . 1 1912.
A ll b o n d s bear 4 % in t. e x c e p t as oth e rw ise d e sig n a te d .
C O L V I L L E . S te v e n s C o u n ty , W a s h . B o n d E lection . - A n e le ction will
be held A u g . 25 to v o te o n the q u e stio n o f Issuing $22 ,500 b o n d s, it Is s ta te d .
C R A W F O R D , D a w e s C o u n ty , N eb.— B on d S a le.— W o a rc a d v is e d th a t
th e $24,000 w ater b on d s ( V . 93, p . 65) h a v e been aw a rd e d to th e S ta te o f
N ebrask a.
C R A W F O R D .C O U N T Y (P . O . B u c y r u s ), O h io . — B o n d S a le.— O n A u g . 12
th e $10,000 4 A % 2 -y r . (a v .) B ridge b on d s (V . 93, p . 380) w ere aw ard ed
t o the B u cy ru s C ity B a n k In B u cy ru s at 100.16 an d in t. O th e r bids fo llo w :
D a v le s-B e rtra m C o ., C in c in n a ti______________
.
_
$10,016 00
F a rm ers’ & C itizen s’ B a n k & S a v in g s C o ., B u cy ru s
__ _ 10,003 33
P r o v id e n t S av in gs B a n k & T ru s t C o ., C in c in n a ti_________ _______ 10,001 50
C U M B E R L A N D C O U N T Y (P . O . F a y e tte v ille ), N o. C a t.— B o n d E lection .
— I n c q u e stio n o f issuing $20 0,00 0 r o a d -lm p t . b o n d s w ill be s u b m itte d to
a v o t e o n N o v . 2, a c c o r d in g to re p o rts .
C U S T E R C I T Y , C u ster C o u n ty , O k la .— B on d S a le.— O n J u ly 15 $28 ,000
w a ter-w ork s a n d $12 ,000 e le ctr ic -lig h t 6 % 2 5 -y r . c o u p , b o n d s w ere aw ard ed
t o K e n n e d y & F lem in g at p a r.
D a te J u ly 15 1911. I n t . j . & J.
C U S T E R C O U N T Y SC H O O L D IS T R IC T NO. 35 (P . O. C a lu m e t), M o n l.
— B ond O f f e r i n g . — P rop osals will be rece iv e d until 12 m . S e p t. 1 b y IT. \V.
L y m a n , D lst. Clerk, fo r $3,000 6 % c o u p , s ite and b ld g , b o n d s. A u th .
A r t . 19, Chap 7, T itle 3, P a rt 3, P o litica l C od e; also an e le ctio n held A p ril
lo ll.
D e n o m . $50 0.
D a te J u ly 1 1911. I n t . J . & J .
D ue 10 y r s ., o p t .
a ft e r 5 yea rs.
D A Y T O N , /M on tgom ery C o u n ty . O h io .— B o n d O fferin g.— P r o p osa ls w ill
be re ce iv e d until 12 m . s e p t . 6 b y G . W . B ish , C ity A u d ito r , fo r the fo llo w ­
ing c o u p o n Im p ro v e m e n t b o n d s:
$6,700 4 A % H e n ry S t. b o n d s.
D e n o m . $ 1 ,0 0 0 , e x c e p t o n e b o n d o f $ 1 ,7 0 0 .
D ue $1,700 S e p t. 1 1919 an d $1,0 0 0 y e a r ly S e p t. 1 fro m 1920
t o 1924 In clu sive.
2 0 .000 4 % w a te r-w o rk s -lm p t. b o n d s .
D e n o m . $ 1 ,0 0 0 . D u o $ 5 ,000 y e a r ly
S e p t. 1 fro m 1923 to 1026 ln cl.
28,3 0 0 4 % C lo ve r S t. b o n d s.
D e n o m . $ 1 ,0 0 0 , e x c e p t o n e b « n d o f $ 1 ,3 0 0 .
D ue $3,300 S e p t. 1 1919 an d $5,000 y e a rly S e p t. 1 fro m 1920
t o 1924 ln cl.
2 5 .000 4 % stre e t-Im p t. b o n d s .
D e n o m . $ 1 ,0 0 0 .
D u o $ 5 ,0 0 0 y e a r ly on
S e p t. 1 fro m 1920 to 1924 ln c l.
7,2 0 0 4 A % p a rk b o n d s.
D e n o m . $ 1 ,0 0 0 , e x c e p t o n e b o n d o f $ 1 ,2 0 0 .
D ue S e p t. 1 1919.
D ate S e p t. 1 1911. I n t . M . & S . in N ew Y o r k
B o n d s t o b e deliv ered
S e p t. 6 1911. C ert, c h e c k o n a n a tio n a l b a n k fo r 5 % o f b o n d s, p a y a b le
to the C ity A u d it o r , re q u ire d .
D E C A T U R C O U N T Y (P . O . L e o n ). I o w a — B on d S a le.— G e o . M . B ech tel
& C o . o f D aven p ort w ere aw a rd e d a t 101 .172— a basis o f a b o u t 4 .3 4 2 % —
o n J u ly 18 $25 ,000 4 y , % 7 -1 1 -y r . (ser.) fu n d in g b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1911. I n t . F . * A .
D E L A W A R E , D elaw are C o u n ty , O h io .— B o n d S a le .— O n A u g . 11 the
$2,500 C a m p b e ll S t. an d $2,000 E liz a b e th S t. an d Cen tral A v e . 5 % 5 2 -3 y r . (a v .) c o u p , s tr e ct-im p t. assess, b on d s (V . 03, p . 244) w ere a w a rd ed to
the P r o v id e n t S av in gs B a n k & T r u s t C o . o f C in cin n ati fo r $4,646 93
(103.265) an d h it. O th er b ids fo llo w :
V in to n B a n k in g C o . . ............... . $ 4 ,5 5 5 IS e a s o n g o o d & M a y e r, C l n c i n ..$ 4 ,5 4 6
D E V I L ’ S L A K E , R a m s e y C o u n ty , N o. D a k .— B on d S a le.— O n J u ly 31
the $10 ,000 5 % 2 0 -y r . fire-hall b o n d s (V . 9 3 . p . 244) w ore a w a rd e d t o T . L .
B elseker at p a r.
D e n o m . $ L,000.
D a te A u g . 15 1911. I n t . an n u a lly.
D E W IT T C O U N T Y COM M ON SC H O O L D IS T R IC T NO. 3 , T e x .— B on d
O fferin g.— It. K le b e rg J r ., C o u n ty J u d ge (P . O . G u oro), is olle rln g fo r sale
an Issue o f $5,000 5 % sc h o o l-h o u s e b o n d s . A u th . v o t e o f 5 4 to 10 a t an
e lection held Alay 5 1911. D e n o m . $10 0. I n t . A . & O . at th e S ta te T reas.
o ffic e , o r at H a n o v e r N a t. B a n k In N . Y ., o r a t A m erica n E x c h . N at.
B a n k In D allas. D u e 40 y r s ., o p t . a fte r 10 yrs. N a d e b t at p resen t.
A ssessed v a lu a tio n , $ 33 3,46 0.
„ D U B L IN IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . D u b lin ). Eratli
C o u n ty , Tex,— B on ds V oted.— T h e e le ctio n h eld A u g . 5 resu lted In fa v o r of
the p ro p o s itio n to Issue the $45 ,000 5 % 1 0 -4 0 -y r. (o p t.) b ld g , b o n d s (V . 93,
p . 3 6 1 ). 'l'h e v o te w as 172 t o 79.
D U N M O R E , L a ck a w a n n a C o u n ty , P a .— B on d O fferin g.— P ro p o sa ls will
be received u n til 8 p . m . A u g . 29 b y J . E . Alllner, P res. T o w n C ou n cil, for
$80,000 4 A % c o u p . g e n . Im p t. b o n d s, Series N o . 2.
D e n o m . $1,000.
D ate A u g . 1 1911.
I n t. F . & A .
D ue p a r t y r ly . o n A u g . 1 In 1918, 1921.
1022, 1925 and 1920 to 1940 ln c l. C ert, ch eek o n a S tate or n ation a l bank
fo r $500, p a y a b le to the B o r o o f D u n m o re , is requ ired .
D U R A N D , Pepin C o u n ty , W is .— B on d s P ro p o sed .— 1This p la ce Is c o n ­
sidering the issu ance o f $ 2 5 , 0 0 0 s c h o o l b o n d s, a c c o r d in g to re p o rts.
, E A R L Y C O U N T Y (P . O . B la k e ly ). G a — B on d s D efeated.— l 'h e election
held A u g . 10 resulted In d e fe a t o f the p r o p o s itio n to Issue the $10 0,00 0 5 %
road bond s (V . 93, p . 2 4 4 ).
E C O R SE T O W N S H IP SC H O O L D IS T R IC T NO. 1, W a y n e C o u n ty ,
M ich .— B on d S a le.— O n J u ly 29 the $30 ,000 o % 15-year s ch o o l bon d s
(V . 93, p . 303) w ere a w a rd e d to I I . W . xNoble & C o . o f D e tro it fo r $31,600
(105.33) an d e x p e n se s. D a to A u g . 1 1911.
E L K O . E lk o C o u n ty . N ev.— B on ds V oted.— A n e le ctio n held A u g . 3
resulted In fa v o r o f the p r o p o s itio n t o Issue $60 ,000 sew er b o n d s, a c c o r d in g
t o re p o rts.
E L P A S O , El P a so C o u n ty , T e x a s — B on d s V oted.— A n e le ction held
A u g . 8 resu lted In fa v o r o f the p r o p o s itio n to Issue $29 4,00 0 fu n d in g an d
$50,000 s ch o o l b o n d s. A c c o r d in g to r e p o r ts , the v o t e w as 600 to 76 o n the
fu n d in g bon d s an d 660 to 44 o n the s c h o o l b o n d s.
E L R E N O , C anadian C o u n ty , O k la — B on d O fferin g.— P r o p o sa ls w ill be
received until 2:30 p. m . A u g . 23 b y F . T . S ta o k p o lo , C o rp o ra tio n C lerk ,
fo r the $35,000 0 % c o u p , w a ter b o n d s o f 1911 (V . 93, p . 3 6 1 ).
D en om .
$1,000.
D ate A u g . 1 1911.
In t. F . & A . a t the llscal a g e n cy o f th e S tate In
N ew Y o r k , o r, in the e v e n t o f the d is co n tin u a n ce o f such a g e n c y , then a t
the N at. R eserve B ank In N . Y .
D ue A u g . 1 1936. C ert, c h e ck fo r $1,000
requ ired.
, E S C A M B IA C O U N T Y (P . O . P e n s a co la ), F la.— Bids[R e jec te d .— 1The fo l­
low in g bids re ce ive d on A u g . 15 fo r the $18 0,00 0 4 A % 1 -3 0 -y ca r (ser.) g old
c o u p , fu n d in g bon d s (V . 03. p . 244) w ere re je c te d .
F ie ld , L o n g stre th & C o ., C in ._ 9 6 .1 7 j U nion S a v . B k . & T r . C o ......... 9 5 06
P r o v id e n t S . B . & T r . C o ., C ln .9 5 .4 7 W o o d ln , M cN ca r
& M o o re,
A . B . L each & C o ., N ew Y ork _9 5.1 3|
C h i c a g o _____ _______ _______ 9 5 . 0 5
E S S E X C O U N T Y (P . O . L a w r e n c e ), /M ass.-■-Tem porary L o a n .— A loan o f
$ 6 5 , 0 0 0 , due D e c. 25 1011. lias been n e g o tia te d w ith the M erch an ts’ T ru st
C o . o f L a w ren ce a t 3 .3 5 % d is c o u n t, it is sta te d .
E V E R E T T , M id d lesex C o u n ty , M a s s .— L oa n O fferin g.— P rop osa ls w ill be
re ce ive d until 5 p . m . A u g . 22 b y N ath an N ich o ls, C ity T r e a s ., fo r $60,000
4 % reg. loan n o te s.
D ate J u ly 1 1911.
In t. J . & J . at the C ity T rea s.
o ffic e .
D ue o u e n o te o f $5,540 a n d o n e n o te o f $1,660 J u ly 1 1912, on e
note o f $5,200 and o n e n o te o f $1,500 o n J u ly 1 fro m 1913 to 1916 ln c l.,
and $5,200 y r ly . J u ly 1 fro m 1917 t o 1921 ln cl.
N otes are t a x -e x e m p t in
M ass, and w ill be ce rtille d as to genuineness b y the O ld C o lo n y T ru s t C o
o f B oston , w h ich w ill fu rth er c e r tify th at the le ga lity o f the n otes has been
a p p ro v e d b y S to r e y , T h o rn d ik e , P a lm er & D o d g e o f B o s to n , a c o p y o f
w hose o p in ion w ill be fu rn ish ed t the p urchaser w ith o u t ch arge.
F A IR V IE W SC H O O L D IS T R I C 1 , l e x a s .— B on ds Voted.— A n election
held re ce n tly resu lted , re p o rts s ta te , In fa v o r o f the qu e stio n o f Issuing
s ch o o l-b u ild in g b on d s

A u g . id

1911.

THE CHRONICLE

FINDLAY. H a n c o c k C o u n ty , O h io .— B on d O fferin g.— -P roposals w ill be
re c e iv e d until 12 m . S e p t. 11 b y A . 1$. C rozicr, C ity A u d it o r , tor th e fo llo w ­
in g 4 % im p ro v e m e n t assessm en t b o n d s.
514 ,153 5G E a st F in d la y S u b -S e w e r D Ist. N o . 5 b o n d s .
D e n o m . $1,000
and $1,153 56.
D ue 51,153 56 S e p t. 1 1912, 51,0 0 0 S e p t. 1
1913 to 1917 Inc!, an d $2,0 0 0 S e p t. 1 1918 to 1921 in cl.
1,650 00 L og a n A v c . b o n d s.
D e n o m . $500 and $65 0.
D ue o n S e p t. 1
as follow s: $650 In 1912 an d $500 in 1914 and 1916.
D a te S e p t. 1 1911.
I n t. M . & S . at th e C ity T r e a s u r y . C ert, c h e ck
fo r 3 % o f b on d s b id fo r , p a y a b le t o th e T re a su re r, Is re q u ir e d . P u rch a ser
to p a y a ccru ed in terest.
B on d s A u th orized .— A n o r d in a n ce has been p assed p r o v id in g fo r the
issu an ce o f $2,519 81 4 % im p t. assess, b o n d s.
D e n o m . $500 and $519 18.
D a te S ep t. 1 1911. I n t . M . & S .
D u e S519 18 S e p t. 1 1912 an d $500
S e p t. 1 1913 to 1916 in c l.
F IS H E R C O U N T Y COMMON SC H O O L D IS T R IC T NO. 3 9 , T e x .— B on d s
R egistered and Bold.— T h e S ta te S c h o o l Fu nd p u rch a se d o n A u g . 10 $1,800
5 % 5 -1 0 -y r. (o p t.) b ld g , b on d s at p ar and Int. T h ese b o n d s w ere registered
o n the sam e d a y (A u g . 10) b y th e S ta te C o m p tr o lle r .
FLOMATON, E sc a m b ia C o u n ty . A la .— B on d S a le.— 'T h e $ 6 ,0 0 0 5 % s c h o o l­
b u ild in g b on d s ( V. 92. p . 1655) w ere so ld o n A u g . 10, it Is s ta te d , to the
B a n k o f B rew ton a t 93.
FORT LUPTON, W e ld County, Colo.— B on d S a le.— W e are a d v is e d th a t
$35 ,0 0 0 w a ter b on d s h a ve been issued an d s o ld .
FOSTORIA, Seneca C o u n ty , O h io .— B on d O fferin g.— P ro p o s a ls w ill be re­
ce iv e d until 12 m . A u g . 28 b y J . H . M o rto n , C ity A u d ., fo r $9,272 4 'A %
c o u p . gen . street-Im p t. ( c it y ’ s p o rtio n ) b o n d s. A u th . S e c . 393 9, G en .
C od e.
D en om . $500, e x c e p t on e b o n d o f $27 2.
D a te A u g . 1 1911.
In t.
F. A A.
D ue $272 F e b . 1 1912 an d $500. ea ch s ix m o n th s fro m A u g . 1
1012 t o F eb . 1 1921 Incl. B o n d s t o be d e liv e re d a n d p a id fo r w ith in 10
d a y s fro m tim e o f a w a rd . C ert, c h e c k fo r 1 0 % o f bontls b id fo r , p a y a b le to
th e C ity T re a s .. requ ired .
P u rc h . t o p a y a c c r u e d in t .
FRANKLIN C O U N T Y (P. O . C o lu m b u s ), O h io .— N o B o n d s O ffered .—
T h e rep orts that $50 0,00 0 brid ge b o n d s w ere t o be o ffe r e d o n J u ly 26 are
erron eou s, w e arc a d v is e d .
F R A N K L I N V 1 L L E , C a tta ra u g u s C o u n ty . N. Y.— B on d O fferin g.— P ro ­
posals will be receiv ed until 12 m . A u g . 23, It Is sta te d , b y A . I I . C ole, V illage
C lerk, fo r $50,000 sew er b o n d s .
D e n o m . $ 50 0.
D a te D e c. 1 1911. I n t.
In D ee. a t the U n ion N a t. B a n k la F r a n k lln v llle .
D ue $2,000 y e a rly
D eo. 1 fro m 1915 t o 1939 Incl. C ert, c h e c k fo r $ 1 ,000 re q u ir e d .
B onded
d e b t, Incl. this issue, $ 5 2 ,0 0 0 .
Ilea l v a lu e ( c s t .), $ 1 ,0 0 0 ,0 0 0 ; assessed
v a lu a tio n for 1911, $ 6 0 1 ,5 8 5 .
FRIARS P O IN T , C o a h o m a C o u n ty , Miss.— B on d s Mot S old .— N o satis­
fa c to r y b id s were receive d o n J u ly 27 fo r $9,000 6 % c o u p . b o n d 3 . D e n o m .
$100 an d $500.
D ate A u g . 1 1911. I n t . J . & J .
D u e $100 J a n . I 1912
to 1931 an d $7,000 In 1931.
FULTON", O sw e g o C o u n ty , N. Y .— B on d S a le.— O n A u g . 10 th e $20 ,000
1 -2 0 -yr. (ser.) reg. sew er b o n d s (V . 93, p . 303) w ere aw a rd e d to P a rk in son
& B urr o f N . Y . at p a r a n d Int. fo r 4 'As. O th er b ids fo r 4 > $ % b o n d s as
ad v ertised fo llo w :
M org a n , L iverm ore A C o .,
IA . B . L e a cli A C o ., N . Y ____ 101.775
N ew Y o r k . ........................... -1 0 1 .8 7 |N. W . H a ls e y A C o ., N . Y _ . 101 .537
FULTON COUNTY (P . O. W a u s e o n ), Ohio.— B on d O ffering------- T h is
c o u n t y , It Is s ta te d , will o ffe r fo r sale on S e p t. 6 an Issue o f $22 ,376 r o a d im p t. b o n d s .
(1A L IO N , C ra w ford C o u n ty , O h io .— B o n d S a le .— O n A u g . 7 th e three
Issues o f 4
c o u p . Im pt. bon d s a ggre ga tin g $41 ,200 (V . 93, p . 361) w ere
aw a rd ed t o I la y d e n , M iller A C o. o f C levelan d. T h e b ids fo llo w :
$27 ,000
$7,800
$6,400
'
is su e .
is s u e .
is s u e .
H a y d e n , M iller A C o ., C lo v e .......................$27 ,450 00
$7,968 00 $6,449 00
P r o v id e n t S a v . B ank A T ru st C o ., C l n . . 2 7 ,396 90
7 ,9 5 0 54
6,432 64
B reed A H arrison, C in c in n a ti...................... 27,359 10
7,932 60
6,438 40
N ow F irst N ational B a nk, C o lu m b u s ------- 27,351 00
7,919 00
6,413 00
First N ation a l B a n k , C le v e la n d -------------- 27,2 6 6 50
7,9 1 5 75
6,4 0 5 50
W ell, B o th & C o ., C in c in n a t i------------------ 2 7 ,2 3 6 25
7,897 50
6,-125 60
S ta c e y A Braun. T o l e d o ..............................
2 7 ,1 7 0 10
7,849 14
6,440 32
O t i s A H o u g h , C le v e la n d -------------------------- 27,018 00
7,808 00
A hid w as also r e c e iv e d fr o m S e a s o n g o d A M a y e r o f C in cin n a ti
G A R F I E L D T O W N S H I P C O N S O L ID A T E D IN D E P E N D E N T SC H O O L
D IS T R IC T (P . O . W e b b ) , C lay C o u n ty , I o w a .— B on d S a le..... On Aim-, t o
S6,000 5 % 5 -1 0 -y ea r (o p t .) b u ild in g b o n d s w ere a w a rd e d to the U a n ch ctt
B on d C o. o f C h icago at par a n d Int. D e n o m . $ 1 ,0 0 0 .
D ate J u ly 1 l O i l .
In t. J . A J .
„ G IL L H A M S P E C IA L SC H O O L D IS T R IC T N O. 47 (P . O . G illh a m ),
Sevier C o u n ty , A r k .— B onds A u th o rized .— T h is d istrict has au th o riz e d the
Issuance o f $10,000 2 0 -y r . c o u p . b ld g , b o n d s . I n t . In J a n . A ssess, v a l.
$12 5 ,1 7 2 .
( iI R A R D . T ru m bu ll C o u n ty , O h io .— B on d S a le .— O n A u g . 14 the $5,800
5 % c o u p , ta x-free L ib e rty S t . (v illa g e ’s p o rtio n ) Im pt. b o n d s ( V . 93, p. 361)
w ere a w a rd ed , it is s ta te d , to the F irst N a t. B a n k o f G irard fo r $ 5 ,964,
m a k in g th e price 102 .827 .
G LE N N C O U N T Y (P . O . W illo w ), C a l.— B on d E le c tio n .— A n ele ctio n to
v o t e o n the qu estion o f Issuing $16 0,00 0 ro a d an d $ 29 0,00 0 brid g e b o n d s will
b e h eld S e p t. 12, It Is s ta te d .
G R E E N E C O U N T Y (P . O . G r e e n s b o r o ', G a .— B on d E lection P r o p o s e d .—
A c c o r d in g to loca l p ap ers, th e G rand J u r y h a ve re co m m e n d e d th at an
e le ctio n be called p r o v id in g fo r th e Issuance o f $75 ,000 In b o n d s — $15,000
fo r steel bridges, $35 ,000 fo r p erm an en t r o a d -im p r o v t . an d $25 ,000 as a
c o n tin g e n t fu n d , to be used as n eeded fo r r o a d Im p rovem en ts a n d bridges.
G R E E N E A N D L A W R E N C E C O U N T IE S
D R A IN A G E
D IS T R IC T
(P . O. P a ra g ou ld ), A r k .— D escrip tion o f B o n d s.— T h e $26 0 ,0 0 0 6 % dratu a go b on d s aw arded on J u ly 29 to the S ta te N a t. B a n k o f L ittle H o ck at
101.50 (V . 93, p. 424) are In the d e n o m . o f $500 ea ch a m i d a te d A u g . 1 1911.
I n t. F . A A .
D ue fro m 1910 to 1931.
G R E E N W O O D A N D S A L U D A C O U N T IE S , S o. C a ro .—-Bonds D efeated.
— F r o m rep orts la loca l papers It app ears th a t the p r o p o s itio n t o Issue
b o n d s agg reg a tin g $15 0,00 0 In aid o f a railroad from G re e n w o o d to S aluda
w as d efea ted a t a rece n t e le ctio n In b o th c o u n tie s .
G R O V E C I T Y , Fran klin C o u n ty , O h io .— B on d S a le .— O n A u g . 15 the
$1,300 B roa d S t. and $631 M id lan d S t. 5 % Im pt. assess, b o n d s (V . 93, p .
361) w ere a w a rd ed to th e N ew F irst N a t. Bank In C o lu m b u s. A b id w as
also receiv ed fro m B a rto , S c o t t A C o . o f C o lu m b u s .
H A L E C E N T E R IN D E P E N D E N T SC H O O L D IS T R IC T (P . O . H ale Cen­
te r ). H ale C o u n ty . T e x . - Bonds R egistered.— O n A u g . 10 the S ta te C o m p tro'ler registered $10 ,000 5 % 10-10-yr. (o p t .) b ld g , b o n d s.
B on d S a le. —T h e S ta te S ch o o l F u n d o n A u g . 10 pu rch a se d $ 5 ,000 5 %
10-40-yr. (o p t .) b ld g , b o n d s a t p ar a n d in t.
H A L L C O U N T Y (P . O. M e m p h is ), T e x . -Bonds R egistered .— T h e S tate
C o m p troller registered $ 25 ,000 H oad D istrict N o . I an d $40 ,000 R o a d D is­
trict N o . 2 5 % 10-40-yr. (o p t .) b o n d s o n A u g . 1 1 .
H A M IL T O N , B u tler C o u n ty . O h io .— B onds A u th o rized .— O rd in a n ces
h a ve been passed p rov id in g fo r tho Issuance o f th o fo llo w in g 4 $ £ % c o u p ,
s a n lta ry -s cw cr-co n s t. assess, b on d s:
$4,878 40 C S t. b o n d s .
D uo $ 187 84 y e a r ly A u g . I fro m 1012 to 1921 in cl.
934 59 F S t. b o n d s.
D ue $03 45 y e a rly A u g . I from 1912 to 1921 Incl.
D a te A u g . 1 1911. I n t . F . A A . at the C ity T re a su re r’s o ffic e .
H A N C O C K C O U N T Y (P . O . F in d la y ), O iiio .— B o n d O fferin g .— P rop osa ls
w ill be received u n til 12 m . A u g . 21 o y J . R o lle r , J . W . M o n tg o m e r y an d
L . B rlck m a n , B d . o f C o . C o m m ’ra, fo r th e fo llo w in g 5 % c o u p . Im pt. b o n d s:
$12,500 M arqu art R o a d b o n d s.
D e n o m . $50 0.
D u o $3,500 y r ly . S e p t. 1
fro m 1912 to 1918 Incl. an d $1,0 0 0 S e p t. 1 in 1919 an d 1920. A
d ep osit o f $200 re q u ire d .
1,600 In g oh l R o a d b o n d s.
D e n o m . $32 0.
D u e $320 y r ly . S e p t,
fro m 1912 to 1916 Incl. A d e p o s it o f $50 requ ired .
10,500 B losscr R o a d b o n d s.
D e n o m . $500.
DUe $2,000 on S e p t. 1 in
1912, 1913 an d 1914, an d $1,500 y r ly . S e p t. 1 fro m 1915 to 1921
in cl. A d e p o s it o f $200 requ ired.
1,900 W a lk er R o a d b o n d s.
D e n o m . $380.
D ue $380 y r ly . S e p t. 1
fro m 1012 to 1916 incl. A d e p o s it o f $50 requ ired .
D ate S ep t. 1 i o n .
in t . M . A S . at the C o. T rea s. o ffic e .
D e p o sits In
th e a b o v e a m ou n ts m ay he m ade In cash o r ce rtifie d c h e c k .
B o n d s and
c o u p o n s t o be fu rn ish ed b y the c o u n t y to purch aser.
H A R D W I C K , C a ledon ia C o u n ty . V t .— B ond O fferin g .— P ro p o sa ls will be
received until 8 p . in. A u g . 2 1 b y B. E . B u llard , C h airm an o f B on d C om ­
m ittee, fo r $25,000 FT) c o u p o n e lcc .-llg h t lo a n o f 1911 b o n d s.
D enom .
$ 1 ,0 0 0 .
Date J u ly l 1911.
In t. J . A .1. a t th e P r o c to r T ru st C o . In P r o c ­
to r .
D ue J u ly 1 1931.
P u rch . to p a y accru e d Int. T h e b o n d s will be
certified as t o their genuineness b y th e O ld C o lo n y T r u s t C o . o f B o s to n ,
w h ich w ill fa rth er c e r tify th a t the legality o f this Issue has been a p p ro v e d




4S5

b y R o p e s , G ra y A G orh am o f B o s to n , a c o p y o f w h o se o p in io n w ill a c c o m ­
p a n y th e b o n d s w h e n d e liv e re d w ith o u t ch a rg e to th e purch aser.
H A R D Y C O U N T Y (P . O . A lo o r c fie ld ), W . V a .— B on d s D efeated .— A n
e le ctio n h eld J u ly 29 resu lted In th e d e fe a t o f th e q u estion o f Issuing $ 2 0 ,0 0 9
co u r t-h o u s e b o n d s . T h e v o t e w as 335 " f o r ” t o 875 “ a g a in s t ."
H A R R I S B U R G . P a .— B on d s P ro p o sed .— T h is c it y , a c c o r d in g to re p o r ts ,
p ro p o se s to Issue $ 3 0 8,00 0 m u n icip a l b o n d s .
D a te S e p t. 1 1911.
H A R R I S C O U N T Y (P . O . H o u s t o n ), T c x . - B on d s N ot S old .— N o b id s
w ere r e c e iv e d o n A u g . 1 fo r the $ 1 ,2 5 0 ,0 0 0 4 V£% sh ip -ch a n n e l n a v ig a tio n
Im p r o v e m e n t b o n d s ( V . 9 3 , p . 120 ), it is s t a t e d .
H A R R IS O N C O U N T Y' ( P . O . C o r y d o n ), In d .— B o n d Sale P o stp o n ed .—
D ispatches sta te th a t th e sale o f th e $ 3 7 ,5 2 0 (2 Issues)
r o a d -im p t .
b o n d s w h ich w as to h a v e ta k e n p la ce A u g . 10 ( V . 9 3 , p . 361) w as p o s tp o n e d ,
as tlie bids re ce iv e d fo r th e c o n s tr u c tio n o f th e ro a d s e x c e e d e d th e estim ated
c o s t an d w ere r e je c te d .
H A Y W A R D S SC H O O L D IS T R IC T . A lam ed a C o u n t y . C a l — B on d E lec­
tio n .— O n S e p t. 8 an e le ctio n w ill be h eld to v o t e o n th e q u e s tio n o f issuing
$80 ,000 h ig h -s ch o o l b o n d s , a c c o r d in g t o r e p o rts .
H E R M IS T O N , U m atilla C o u n ty , O re.— B on d s V oted .— T h e e le ctio n held
A u g . 7 resu lted lr. fa v o r o f th e p r o p o s itio n t o Issue th o $ 2 5 ,0 0 0 w a ter an d
$4,000 p a rk b o n d s . T h e v o t e , a c c o r d in g t o re p o r ts , w as 87 t o 32.
H IG H L A N D P A R K , W a y n e C o u n ty , M ich .— B on d s N o t S old.— T h e
$45 ,000 2 0 -y e a r w ater a n d $28 ,000 10-year fire d e p t . 4 % b o n d s offered on
J u ly 24 (V . 93, p . 244) h a v e n o t b e e n s o ld , w e are a d v is e d u n d e r d a te o f
A u g . 14.
H IL L S B O R O , W a s h in g to n C o u n ty , O re.— B en d s D efea ted .— T h e p r o p o ­
sition t o issu e s c h o o l-b u ild in g b o n d s fa ile d to e a rry , r e p o rts s t a t e , a t an
e le ctio n h eld r e c e n tly .
H OO D R I V E R I R R IG A T IO N D IS T R IC T (P . O . H o o d R iv e r ). H o o d
R iver C o u n ty , O re.— B on d s O ffered by B a n k ers.— C arstens A E a rles, I n c .,
o f Seattle are o ffe rin g t o Investors th e $ 70 ,000 6 % g o ld e o u p . c o m p le t io n
b on d s m e n tio n e d In V . 9 3 , p . 66.
H O P K IN S , H ennepin C o u n ty , M in n .— B on d S a le .— O n J u ly 25 $ 1 7 ,0 0 0
5 % city -h a ll b o n d s w ere a w a rd e d t o th e U n io n In v e s tm e n t C o . o f M in n , a t
100.14.
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1911. I n t . F . A A .
H O U STO N , H arris C o u n ty , T e x . — B on d O fferin g.— P r o p o sa ls w ill b e
re ce ive d until 12 m . S e p t. 25 (d a te c h a n g e d fro m S e p t. 11) b y th is c it y fo r
the $50 0,00 0 4 >A% c o u p , n u b lic -s c h o o l-b ld g . b o n d s ( V . 9 3 , p . 4 2 4 ). A u th .
v o t e o f 1441 to 95 a t th e e le ctio n h eld M ay 23 1911.
D e n o m . $ 1 ,0 0 0 . D a te
Jun e 26 1911. I n t. J . A D . a t th e U n io n T ru s t C o. In N ew Y o r k .
D ue
30 y r s ., o p t . a fte r 20 y r s . C ert, c h e c k o n a H o u s to n ban k far 1 % o f b o n d s .
p a y a b le t o H . B . R ic e , M a y o r , r e q u ir e d .
H O W A R D C O U N T Y (P . O. B ig S p r in g ). T c.x.— B on d s R egistered.— A n
Issue o f $10 0,00 0 5 % 2 0 -4 0 -y r . (o p t .) R o a d D is tr ic t N o . 1 b o n d s w as regis­
tered o n A u g . 7 b y th e S ta te C o m p tr o lle r .
H U M B O L D T . G ibson C o u n ty . T cn n .-— B o n d O fferin g .— P ro p o sa ls w ill be
re ce iv e d until 4 p . m . A u g . 28 fo r $12 ,0 0 0 fu n d in g an d $ 1 5 ,0 0 0 cltv -h a ll
5 % b o n d s. A u th . e lection s held Ju n e 14 a n d J u ly 2 6 .
D e n o m . $ 50 0.
I n t. s e m l-a n n . at the Chase N a t. B a n k In N ew Y o r k .
D u e 30 y e a rs. C ert,
c h e ck fo r $1,000 re q u ire d . O fficia l cir c u la r states th a t this c it y has n ev er
d e fa u lte d in a n y p a y m e n t o f Interest.
H . J . F o ltz Is S e c r e ta r v .
H U N T IN G T O N T O W N S H IP SC H O O L D IS T R IC T ( P . O . H u n t in g t o n ).
L orain C o u n ty . O h io .— B on d S a le.— O n J u ly 15 the $ 1 2 ,0 0 0 b ld g , b on d s
offered b u t n o t sold o n Ju n o 21 (V . 93, p . 66) w ere aw a rd e d t o t h e N ew
F irst N a t. B a n k In C ol. a t 104.20 fo r 5s.
I R E D E L L C O U N T Y (P . O. S ta te s v ille ). N o. C a r.— B on d S a le.— YY oodin,
M cN ear A M oore o f C h ica go h a v e been a w a rd e d a t 104 an d Int. 5 1 7 5 ,0 0 0
5 % ro a d b o n d s.
D ue S 50.000 J u ly 1 1926 an d $ 1 2 5,00 0 J u ly 1 1951.
IS H P E M IN G . M arqu ette C o u n ty . M ich .— D escrip tion o f B o n d s .— T h e
$40 ,000 (ire b o n d s v o te d o n J u ly 3 (V . 93, p . 1S2) bear in t. a t 5 % and
m atu re $5,000 y e a rly fro m 1910 to 1923 In cl. I t Is th o u g h t Ulccly th a t the
b o n d s w ill be sold lo c a lly .
J A C K S O N . M adison C o u n ty . T e n n .— B o n d O fferin g.— P r o p o sa ls w ill b e
rece iv e d until 12 m . A u g . 25 b y T . G .H u g h e s , C h airm an o f F in a n ce C o m ­
m itte e , fo r $30 ,000 fu n d in g , $55 ,000 r e fu n d in g an d $ 5 0 ,0 0 0 h lg h -s ch o o lb ld g . 4
2 0 -3 0 -y r . (o p t .) b o n d s; also $ 2 0 ,0 0 0 4 )A % 2 0 -y r . str e e t-lig h tin g
b o n d s. I n t. se m l-a n n . C ert, c h e c k fo r 1 0 % o f b id r e q u ire d .
JA C K S O N CO U NTY' (P . O . M a ria n n a ), F la .— B on d s V oted .— A n e lection
held re ce n tly resu lted In fa v o r o f th e q u e s tio n o f Issuing $30 0,00 0 5 %
(a n n .) 4 0 -y r . ro a d b o n d s . T h e v o t e w as 1,049 t e $58 .
JA C K S O N C O U N T Y (P . O . J a c k s o n v ille ), O re .— B on d E lectio n .— A n
e lection t o v o t e o n a p r o p o s itio n t o Issue $ 1 ,5 0 0 ,0 0 9 g o o d -r e a d b o n d s w ill
be h eld, re p o rts s ta te , o n O c to b e r 2.
JA C K S O N SC H O O L D IS T R IC T , San ta Clara C o u n ty , C a l.— B en d S a le .—
O n A u g . 7 $5,000 5 % 6 -1 5 -y r. (ser.) b o n d s w ere a w a rd e d to O ttls F . H a rd ies
at 101.30— a basis o f a b o u t 4 .8 4 1 % .
D e n o m . $S09. D ata A u g . 1 1911.
In t. F . A A .
N o o th e r b id s w ere re c e iv e d .
J A N E S V I L L E , R o ck C o u n ty , YVis.— D escrip tion o f B on d s.— T h e $ 25 ,000
5 % F o u rth A v c . (n o t R a cin e S t ., as a t first re p o rte d ) b r id g e b o n d s a w a rd ed
o n J u ly 15 t o lo ca l in vestors are In th e d e n o m . o f $500 each an d d a te d
J u ly 1 1911. I n t . J . A J .
D u e p a r t y e a r ly fo r 20 yea rs.
J A S P E R , P ick e n s C o u n ty , F la.— B on ds N ot S old .— N o e a tls fa c to r y b id s
w ere re ce iv e d on A u g . 10 fo r the $30 ,000 5 % 3 0 -y r . s e w e ra g e , s tr e e t an d
c ity -h a ll b o n d s (V . 93, p . 2 4 4 ).
J E S U P , YVaync C o u n ty , G a.— B on d O fferin g.— P rop osa l* w ill be r e c e iv e d
until 12 m . S e p t. 1 b y the M a y o r an d B o a rd o f A ld e rm e n fo r $20 ,0 0 0 5 %
w ater b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te D e c. 1 1911. I n t. J . A D . a t th e
T o w n T re a s . o ffic e .
D ue $1,000 y e a r ly D e c. 1 fron t 1917 t o 1936 in cl.
J . S teele Is C lerk o f C ou n cil.
J O L IE T , W ill C o u n ty , III.— B on d s R efu sed .— L co a l pap ers s ta te th a t th e
$35,000 4 14% 2 0 -y e a r artesia n -w ell b o n d s so ld o n J u ly 31 t o the H ands
T ru st A S a v in gs B a n k o f C h ica go (V . 93, p . 424) h a v e been refused b y th a t
In stitu tion , fo r the reason th a t the fu ll o rd in a n ce w as n o t p rin ted on b a llo t.
J O S E P H IN E C O U N T Y SC H O O L D IS T R IC T NO. 7 (P . O . G ra n t’ s P a s s ).
O re.— B on d O fferin g.— P ro p o sa ls w ill b e re ce iv e d until 7:30 p . m . S e p t. 19
b y E . S . V an D y k e , Clerk B o a rd o f D ire cto rs , fo r $20 ,000 5 % r e fu n d in g and
gen e ra l-lia b ility b o n d s. I n t . s e m i-a n n .
D u e 20 years, o p t . a fte r 10 y ea rs.
C ert, c h e ck fo r $ 2 ,0 0 0 , p a y a b le t o th e B o a rd o f D ire cto rs , r e q u ire d .
K LAAYATH F A L L S , K la m a th C o u n ty , O re .— B on d S a le.— R e p o rts sta te
th a t th e YVoodm en o f th e W o r ld h a v e p u rch a se d $20 ,000 c it y b o n d s.
L E A G U E C IT Y IN D E P E N D E N T SC H O O L D IS T R IC T (P . O. L ea gu e
C ily ), G a lv e sto n C o u n ty , T e x .— B on ds R egistered.— T h e S ta te C o m p troller
registered o n A u g . 10 th e $15 ,0 0 0 5 % 2 0 -4 0 -y r . ( o p t .) c o u p . b ld g , b on d s
offered b u t n o t sold o n M a y 9 ( V . 92, p . 158 4).
L E B A N O N . Linn C o u n ty , O re .— B o n d O fferin g.— P r o p o sa ls w ill b e re­
c e iv e d until A u g . 22 fo r th e $70 ,000 6 % 2 0 -y c a r g o ld c o u p o n sew er b on d s
refu sed o n A p ril 4 b y M orris B ro s , o f P o r tla n d (V . 93, p . 3 6 2 ).
LE E C O U N T Y (P . O . S a n fo r d ), N o. C ar .— B o n d O ffering P o stp on ed .—
T h o o ffe rin g o f th e $15 ,000 5 % c o u p . J o n e s b o r o T w p . ro a d b o n d s ( V . 91.
p. 1661) w h ich w as to h a v e ta k e n p la ce A u g . 7 has been p o s tp o n e d until
S e p te m b e r 4 .
L E X IN G T O N , F a ye tte C o u n ty , K y .— B o n d E le c tio n .— A p r o p o s itio n to
Issue $15 0,00 0 sew erag e bon d 3 w ill b e v o t e d u p o n , a c c o r d in g t o re p orts, at
an e le ctio n in N o v e m b e r.
L IN C O LN SC H O O L D IS T R IC T (P . O . L in c o ln ), L a n ca ste r C o u n ty , N eb.
— B on d S a le.— O n A u g . 7 th e $350,000 4 > i%
cou p .
b ld g , b o n d s
(V . 93, p . 304) w ere aw a rd e d t o YV. E . B a rk le y J r. a t p a r less $6,000 fo r e x ­
penses. A jo in t b id o f 97 w as also re ce iv e d fro m N . VY. H a lse y A C o .,
E . H . R ollin s A S on s an d A . B . L e a ch A C o . o f C h ica g o . B o n d s are d u e
in 3 0 -yrs. b u t o p t . o n a n y in t . c a t e .
L IV IN G S T O N , Park C o u n ty , M o n t.— B on d O fferin g.— N . E . E n trlk in ,
C ity Clerk, w ill offer a t p u b lic a u c tio n a t 12 m . S e p t. 25 an issue o f S 6 5 . 0 0 O
4 'A % g o ld c o u p o n fu n d in g b o n d s .
D e n o m . $ 1 ,0 0 0 . D a te O ct. 1 1911.
In t. A . A O . a t th e C ity T rea su rer’s o ffic e , o r, a t th e o p t io n o f h old er, a t
som e b an k In N ew Y 'ork to be d esign ated b y th e C ity T reasu rer.
D ue
20 years, o p t . a fte r 10 y e a rs. C ert, c h e ck fo r $ 1 ,0 0 0 , p a y a b le to J . F .
A ls p a u g h , M a y o r , re q u ire d .
LOCKYVOOD I R R IG A T IO N D IS T R IC T (P . O . B illin g s ), Y e llo w s to n e
C o u n ty . M o n t.— B on ds N ot S old .— W e are a d v is e d th a t th e $45 ,000 6 %
b on d s (V . 9 3 , p . 66) h a v e n o t be e n s o ld .
L O G A N , L o g a n C o u n ty , W . Va .— B on d O fferin g.— P rop osa ls w ill b e
re ce ive d u n til 1 p . m . A u g . 26 b y the C ircu it C lerk fo r $15 ,0 0 0 5 % c o u p .
S tra to n S t. Im p t. b o n d s. A u th . v o t e o f 218 t o 19 at an e le ction held
Ju n e 10 1911.
D e n o m . $50 0. I n t. a n n . a t th e First N a t. B a n k o f L o g a n .
D ue 30 y e a rs , o p t . a fte r 10 y e a rs. T h ese b o n d s w e re p re v io u s ly offered,
o n J u ly 2 2 , b u t th e b ids r e c e iv e d w ere r e je c te d .

486

THE CHRONICLE

LONG RE AC H, Lon A ng e le s C ou n ty , Cal .— B on d E lection P r o p o s e d .—
L o c a l pap ers s t a t e the City C ou n cil has o rd e re d the C ity A t t o r n e y to pre­
pare an o rd in a n ce ca llin g an e le ctio n to v o t e on the q u e s tio n o f Issuing
b on d s t o c o m p le te th e sew er s y s te m . T h e c o s t o f th is I m p r o v e m e n t, it is
s ta te d , w ill p r o b a b ly be $35 0 ,0 0 0 .
L O R A IN , Lorain C o u n ty , O h io .— B on ds A u th o rized .— A n o rd in a n ce w as
passed J u ly 21 p rov id in g fo r the Issuance o f $7,000 4 4 % co u p o n streetlm p t. ( c i t y ’s p ortion ) b o n d s.
D e n o m . $ 50 0.
D ate A u g . 15 1011. tn t.
M . & 3 . , beg in n in g M eh . 1 1012, p a y a b le a t th e S in k in g F u n d T ru s te e s ’
o f fic e .
D u e $ 2 ,000 y e a rly S e p t. 15 fr o m 1912 t o 1014 in c l., and $1,000
S e p t . 15 1015.
A n or d in a n c e has also been passed p r o v id in g fo r th e issu ance o f $90,000
4 % c o u p o n w a ter-w ork s r e fu n d in g b o n d s.
D e n o m . $50 0.
D ate N o v . 1
1911. Xnt. W. & S ., b egin n in g M ch . 15 1012, p a y a b le a t the S in k in g F u nd
T r u s te e s ’ o ffic e .
D ue S e p t. 15 1931.

[V ol .

L xx xx in .

flr e -d e p t. 10-year 4s t o the S o u th S id e S t. B a n k in M in n , a t - p a r . T k «
bid s fo llo w :
$20 0,00 0
$50 ,000
$20 0,00 0
$25 ,000
$42 ,000
3 0 -y r. 43.
3 0 -y r. 4s. 3 0 -yr. 4s.
10-yr. 4 s. 2 0 -y r . 4 'As.
B id N o . 1 ------ $ 198.2S0 on $.19,570 00 $19 8,28 0 00 $24 ,7 8 5 0 0 $43,041 00
B id N o . 2 ____ 197,000 00 4 9 ,675 00
.
2 4 7 8 7 fin
n id n o . 3 . ............. _ —
------------------: : : : : :
2 5 ,* o o o o o
::::::::
B id N o . 4 ------ 193,220 00 4 9 ,5 5 5 00
198 ,220 00 2 4 ,777 5(1 42 630 00
197,560 00
......
_
____
B id N o . 5 ____ 197,560 00 4 9 ,3 9 0 00
Bid N o . 6 . ----- 197.340 00 49,2 7 5 00
197,340 00 2 1,772 50 42 877 80
B id N o . 7 . ----- 197,120 00 49,2 8 0 00
197,120 00 24,610 00 42 747 00
B id N o. 8 ------- 196,300 00 4 9 ,0 7 5 00
196,300 00 24,5 3 7 50 4 ’>*75i) 40
B id N o . 9 ------ 195,000 00 48,7 6 0 00
195,040 00 2 4 ,600 00 42 324 00
B id N o . 1 0 . . ----------------- ------------------------- -------------------------- 42,*266 00

LOS A N G E L E S CITY H IG H SCHOOL DIST R IC T, Los A ng e le s C o u n t y,
Cal.— B on d O fferin g.— P rop osals w ill be r e c e iv e d until 2 p . m . S e p t. 5 b y

th e B oa rd o f C o u n ty S u p erv isors (P . O . L o s A n geles) fo r $280,000 4 4 %
g o ld alto an d b u ild in g b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te S e p t. 1 1911. I n t .
M . & S . a t th e C o. T r c a s y . D ue $7,0 0 0 y e a r ly .S e p t. 1 fro m 1912 to 1951 Inc.
C ert, o r cash ier’s ch eck fo r 3 % o f b on d s b id fo r , p a y a b le to the Chairm an
B o a rd o f S u p erv isors, re q u ire d . A c c r u e d in t. t o be paid b y purch aser. A
certified c o p y o f an o p in io n b y D illon , T h o m s o n & C lay o f N . Y . fa v o ra b le
t o the v a lid ity o f the b on d s w ill be fu rn ish ed t o the p u rchaser. H . J.
L ela n d e Is C o u n ty Clerk an d e x -o fflc lo C lerk B o a rd o f Su p erv isors.

LOS A N G E L E S CITY SCHOOL DIS TR IC T. Los A n g e le s C ou n t y . Cal.—
B on d O fferin q.— P rop osals w ill bo rece iv e d until 2 p . m . S e p t. 5 b y the
B oa rd o f C o u n ty S u p erv iso rs fo r the $ 1 ,1 6 0 ,0 0 0 4 4 % g o ld site and b u ildin g
b on d s v o te d Ju n e 6 (V . 92, p. 165 6 ).
D e n o m . $ 1 ,0 0 0 .
D ate S e p t. 1 1911.
I n t. M . A S . at the Cou ty T r o a s y . D ue $29 ,000 y e a rly S e p t. 1 fro m 1912
to 1951 in cl. C ert, o r ca sh ier’s ch e ck fo r 3 % o f b o n d s bid fo r, p a y a b le to the
C hairm an B oa rd o f S u p e rv iso rs, re q u ire d . P u rch a se r to pay a ccru e d in t.
A certilled c o p y o f an o p in io n b y D illon , T h o m s o n & C lay f N . Y . fa v o ra b le
to the v a lid ity o f th e b on d s w ill be fu rn ish ed to th e purchaser.
II. J .
L ela n d e Is C o u n ty C lerk an d e x -o ffic io C lerk B o a rd o f S u p erv isors.
LUCA S CO U NT Y (T o le d o ), O h io .— B on d O fferin o .— P rop osals will
be receiv ed until 10 a . m . S e p t. 6 b y C. J . S an zen baeh er, C o. A n d ., fo r
$22 ,376 4 !-S% r o a d -c o n s tr . b o n d s . A u th . S ee. 692 6-6949, (io n . C od e.
D e n o m . $50 0, e x c e p t o n e b o n d o f $37 6.
D ate S e p t. 16 1911. I n t. M . A S .
a t th e C o u n ty T reasu rer’s o ffic e .
D ue $2,3 7 6 S e p t. 16 1912, $2,500 ya rlv
S e p t. 16 fro m 1913 to 1916 Incl. and $ 2 ,000 y e a rly S e p t. 16 from 1917 to
1921 in cl.
B on d s t o b e d e liv e re d S e p t. 16 1911. A d e p o s it in cash or
certified c h e c k o n a b a n k in T o le d o fo r $500 re q u ir e d . P u rch a ser to p a y
a ccru e d int.
AlcAllNN C OU NTY (P . O. A t h e n s ) , 'V e n n — B o n d S a l e — A c c o r d in g t o r e p orts . on A u g . 15 th e $30 0 ,0 0 0 5 % 3 0 -y r. r o a d b o n d s (V . 93, p . 304) w ere
a w a rd ed to a C h ic a g o firm a t 1 01 .30.
,
M c M IL L A N C O U N T Y (P . O . T ild e n ). T e x .— B ond E lection .— A n ele ctio n
w ill bo held S e p t. 2 t o v o t e o n th e qu e stio n o f issuing $35 ,0 0 0 ro a d b o n d s,
a c c o r d in g t o re p o rts .
M A N H A T T A N , G allatin C o u n ty , M o n t .— B on d O fferin g.— It. H . D ean,
T o w n C lerk, will oile r a t p u b lic a u ctio n at 8 p . m . S e p t. 11 an Issue o f $30 000 6 % w ater b o n d s.
D e n o m . $500.
D a te O c t . 1 1911. I n t. J . ,s; . at
th e T o w n T rea su rer’s o ffic e , o r , a t the o p t io n o f h o ld e r, a t so m e ban k In
N ew Y o r k t o be design ated b y h old er.
D u e O c t . 1 1931, o p t . after Jan . 1
1917. C ert, c h e c k fo r $ 1 ,0 0 0 , p a y a b le t o th e T o w n T r e a s ., requ ired .
M A R B L E H E A D , E s s e x C o u n ty . M a s s . — B o n d Bale.— O n A u g . t o
$10 ,0 0 0 1- 1 0 -y e a r (ser.) w ater loan A c t 1908 and $45 ,000 1 -9 -yea r (ser.)
street 4 % c o u p o n b on d s w ere a w a rd e d to B lake B ro s. A C o. o f B o sto n a t
101 .27— a basis o f a b o u t 3 .7 4 2 % and 3 .7 2 % r e s p e c tiv e ly .
D e n o m . $1,000.
D ate M ay l 1911. I n t. M . A N . at th e W in th r o p N a t. B a n k in B o s to n .
B on d s are t a x -e x e m p t In M assach u setts.
O th er b id s fo llo w :
P erry , C o ffin & B u rr, B o s t o n .101.207 R . L . D a y A C o ., B o s t o n ____ 101.059
B lo d g e t & C o ., B o s t o n _______101.189 O eo. A . F erna ld A C o ., B o s_ _ 1 0 0 .9 0
A d a m s & C o ., B o s t o n _______ 101.18
M errill, O ld h am A C o ., B os__ 100.77
C urtis’ & S an ger, B o s t o n ____ 101.09
N . W . H arris & C o ., B o s t o n . 100.63
E s ta b ro o k & C o ., B o s t o n .. .1 0 1 07
MA RIO N COU NTY (P. O. Pa lm y ra ), Mo. B o n d O fferin o .— P rop osa ls
w ill bo received until 10 a . m . S e p t. 5 b y W . M a x w e ll, C o . T r e a s ., fo r $5,000
of an issue o f $75 ,0 0 0 4% h o sp ita l b o n d s.
D e n o m . $50 0.
D a te J u ly :>i
1908.
In t. J . & J.
D uo 20 yea rs, o p t . a fte r 10 yea rs. T h ese b o n d s w ere
p r e v io u s ly offe r e d o n A u g . 1, b u t th e bids re ce iv e d w ere r e je c te d .
(V .
93, p . 302 .)
M A R TI N C OU NTY ( P . O. F a ir m o n t). Minn .— B on d O fferin o.— P rop osa ls
w ill be r e c e iv e d until l p . m . A u g . 23 b y I I . 1>. E d w a rd s , C o . A u d it o r , fo r
tlic fo llo w in g d rain age b o n d s a t n o t e x c e e d in g 6 % interest:
$65 ,0 0 0 J u d icia l D itch N o . to b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ue $5,000 y e a rly
fro m 5 to 14 years in cl. an d $3,000 y e a rly fro m 15 to 19 years in cl.
C ert, c h e c k tor $1,000 requ ired .
13,000 C o u n ty D itcli N o . 3 b o n d s.
D e n o m . $1,0 0 0 and $500.
D ue
$ 1 ,000 y e a rly fro m 3 to 13 years Incl. an d $500 y e a rly Trom 14 to
17 years in cl. C ert, c h e c k for $500 re q u ire d .
C ertilled ch eck s In the a b o v e a m o u n ts m ust be m ad e p a y a b le t the
C o u n ty T rea su rer’s o ffic e .
P u rchaser to furnish b la n k b o n d s.
M A R Y V I L L E , N o d a w a y C ou n t y , Mo. — B on d E lectio n .— A n e lection will
b e held A u g . 24 (d a te ch a n g e d fro m A u g . 15) to v o t e on the qu estion o f
Issuing $ 1 0 0,00 0 b on d s to c o n s tr u c t o r p u rch a se , Im p ro v e and ex te n d a
w a ter-w ork s s y s t e m .
• M E C H A N IC V IL L E ,
Saratoga C ou n ty , N. Y. — B onds D efeated.— A n
election held A u g . 9 resulted in d e fe a t o f th e q u e stio n o f Issuing $40,000
b ig . b o n d s. T h e v o te w as 55 “ f o r ” to 146 “ a g a in s t .”
M E D I N A C OU NTY R OA D DISTR ICT NO. 1 (P . O. Mallet Creek). Ohio

— B on d S a le.— O n A u g . 5 the $30,000 4 4 % 13 1 -3 -yea r (a v .) c o u p , road
b on d s (V . 9 3 , p. 362) w ere aw ard ed to S e a s o n g o o d & M a y e r o f Cincinnati
a t 103.36 and Interest. T h e b ids fo llo w :
S e a s o n g o o d & M ayer, C ln , _ $31,008 I P r o v id e n t S a v in gs B a n k &
F ifth -T h ir d N ation a l B a n k ,
T ru st C o ., C in c in n a ti____ $30,894
C i n c i n n a t i -------------------------- 31,281 IN ew F irst N a t. B a n k , C olu m . 30,661
A1EA1PHIS, T erm .— B on d s A u th orized .— A n o r d in a n ce p r o v id in g fo r the
issu ance o f $25 0,00 0 w ater b o n d s was passed o n first re a d in g on A u g . 8.
ME N OM IN EE, Me nominee C oun ty . Mich. — B on d E lection .— A proposi­
tion to Issue $9,000 park b o n d s will be s u b m itte d to the v o te rs o n Sep t 12
a c c o r d in g t o re p o rts .
'
’
MERCER CO U NT Y (P . O. C cli na ) , Ohio. — B on d O fferin o .— P rop osals
w ill b e receiv ed until 10 a. m . S e p t. 12 b y J . L . M o rro w , C o. A u d ., fo r $22 000 4 4 % c o u p , p ik e b o n d s . A u th . V o i. 94, p . 9 0 , O hio L a w s, and am e n d ­
m en ts th e re to .
D en om . $500.
D ate S e p t. 20 1 9 1 1
I n t. M . A S
D ue
on S e p t. 20 as fo llo w s : $4,000 in 1912 aud 1913, $4,500 In 1914 and 1915
an d $5,000 In 1916. A d o p o s lt o f $100 In cash m ust b e m a d e w ith the Co
Aud.
MIAMI C OU NTY ( P . O. T r o y ) , O h io .— B on d O fferin o .— P rop osa ls will
b e receiv ed until 10 a . m . t o -d a y (A u g . 19) b y A . E . Sinks, A u d ito r fo r
$15 ,0 0 0 5 % brid ge b o n d s. A u th . S e c. 2434, 2435 an d 2 43 8, G en. C od e o f
O h io , 1910 (S ec. 871 an d 872 R e v . S t a t .).
D e n o m . 81 000.
D ate J u ly 1
1911.
In t. J . A J . a t th e C o. T re a s u ry .
D ue 81.000 J u ly 1 1913 and S’* 000
each s ix m on th s from J a n . I 1914 to J a n . 1 1917 Incl. B o n d s to b e d e­
liv ered an d paid fo r w ith in 5 d a y s fro m tim e o f a w ard . C ert, ch e ck o n a
b a n k in M iam i C o u n ty (o r cash) fo r 3 % o f b id , p a y a b le to th e C o . A u d .,
req u ired . P u reh . to p a y a ccru e d in t.
B id m ust be u n c o n d it io n a l’ B id ­
ders m ust s a tisfy th em selves as to the le g a lity o f the Issue p rio r to th e tim e
o f a w a rd , as n o tran scripts o f th e p ro ce e d in g s w ill be fu rn ish ed b y the
B oa rd o f C o u n ty C om m ission ers.
M I D D L E T O W N , Butler C ou n t y , Ohio, — Bonds A u th o r iz e d __ R e p o rts
state th at th e C ity C ou ncil p assed an o rd in a n ce p ro v id in g fo r Issuance o f
$15 ,000 s e w er-im p rov em e n t b o n d s.
M I L W A U K E E C OU NTY (P . O. M i lw a u k ee ) , W is . — B onds A u th orized .—
O rd in a n ces h a v e been pa ssed , reports s ta te , p r o v id in g fo r th e Issuance o f
$ 1 8 8,00 0 a gricu ltu ral s c h o o l-b u ild in g an d $299,950 Insane-asylum 4 14%
2 0 -y e a r b on d s.
M I S S O U R I . — O fficial V ote on C apitol B o n d s .— P apers state th a t th e
offic ia l oan va ss o f the v o te east a t the e le ctio n held A u g . 1 show s th a t th e
p ro p o s itio n t o Issue $ 3 ,0 0 0 ,0 0 0 b o n d s t o e re ct a new C apitol at Jefferson
C ity ( V . 93, p . 362) was a d o p te d b y a v o t e o f 144,664 to 4 5 ,4 6 8 .
M I N N E A P O L IS . Minn — B o n d S a le.— O n A u g . 10 the 5 Issues o f coud b o n d s a g g re g a tin g $517,000 (V . 93, p. 245) w ere aw arded as follow s- $200 000 brid g e an d $20 0,00 0 h ospital 30-year 4s at 99.14 and $ 4 2 OOOvotlnir
m ach in e 2 0 -y c a r 4 '<s a t 102.48 to W m . A . R e a d A C o. o f B oston - $50 000
c r e m a to r y 3 0 -y e a r 4s to W ells A D ic k e y C o . o f M in n, at 99 .3 5 an d $25*000




MONMOUTH, W arren C o u n ty , HI.— Bond Election.— R e p o rts sta te th at
an o rd in a n ce w as passed ca llin g an e le ctio n fo r S e p t. 5 to v o t e on the
q u e stio n o f Issuing $45 ,000 c ity -h a ll b o n d s.
D en om . $ 50 0. D ate O c t . 1
1911.
D u e at variou s tim es fro m 1912 to 1931.
MONROE SCHOOL DIS TR ICT , M erced C o u n ty , Cal. - Bond S a le.— A m
issue o f $3,000 6 % b o n d s has been a w a rd e d , it is r e p o r te d , to the W m . It.
S taats C o. o f P a sa d en a a t 100 .40.
MONTGOMERY COU NTY (P*. O. R o c k v ille ). M l . — Description of Bonds.
— T h e $12 ,000 4 % ro a d b o n d s a w a rd e d o n J u ly 25 to the M utual F ire In s .
C o . fo r $12,001 IV . 93, p. 362) arc in th e d e n o m . o f $600 each a n d d a te d
A u g . 1 1911. I n t. F . A A .
D u e S600 A u g . 1 1012 t o 1931 Incl.
MONTGOMERY COUNT Y (P . O. D a y t o n ) , Ohi o. — B i d s .— T h e fo llo w in g
b id s w ere re ce ive d o n A u g 17 fo r the $5,0 0 0 4 , 4 % 1 -4 -yr. (ser.) c o u p .
B ro o k v ille D itch b o n d s:
D a y to n S a v . A T r . C o ., D a y t_ $ 5 ,0 1 2 | S cason good A M ayer, O in ____$5,005
A u th . S e c. 6489, G en. C o d e .
D e n o m . $62 5.
D ate A u g . 19 1911.
In t.
F . A A . at the 'l're a s. o ffic e .
MORGANTON, Burke C o un ty , No. Caro. — B o n d O ffe rin o .— P rop osa ls
w ill be re ce iv e d until 4 p . m . S e p t. 18 b y I f . E rw in , T o w n Clerk, fo r $35 ,0 0 0
5 % c o u p , w a te r b o n d s.
D a te O c t . 1 1911
In t. A . A O .
D ue O ct 1
1931. C ert, c h e ck fo r $1,000 re q u ire d .
M U S K E G O N . M u sk eg on C o un ty , Mich. — Bond Offerino.— P rop osa ls will
be receive l until A u g . 28, it is s ta te d , fo r the $30 0,00 0 4 ! j % w a te r-ln ip t.
b o n d s v o t e d J u ly 17 (V . 93, p. 2 4 5 ).
D en om . $ 1,000. I n t . J . A J .
D ue
$ 10 ,000 y e a r ly J a n . I fro m 1915 to 1044 in cl.
M U S K O G E E COU NTY (P . O. /Muskogee), Okla. — B on d Election. An
e le ctio n will be held A u g . 26 to v o te on a proposition to issue $50 0,00 0
co u r t-h o u s e b o n d s, re p o rts sta te.
NAVA SOT A, Grimes C o u n ty , T e x . — B o n d sIlco istered .— T h o S t a t c C o m p ­
troller registered $20 ,000 5 % 10 -4 0 -yr. (o p t .) sehool-hou.se b o n d s on J u ly 3 1 .
N EI.I GH . A n te lo p e C oun ty . N e b . — Bonds Not to bo Offered at Present .—
N o a c tio n has y e t been taken tow a rd s the Issuance or th e 810 ,000 sow er
b o n d s v o te d on Ju n e 21 (V . 03, p. 6 7 ), w e are a d v ise d u n d er date o f A u g . 9 .
N EW A L B A N Y , Union C o un ty , Miss .— B on d O fferin o . — W . S . Par ks.
M a y o r , w ill o ile r on S e p t. 5 $5,000 5 % 2 0 -y e a r s c h o o l b o n d s.
I n t. an n u al,
N E W A R K , N. J. B ond O fferin o . — P ro p o sa ls w ill bo rece iv e d u n til
12 m . A u g . 30 b y T . F a m ily , C ity C o m p ., fo r $300,000 4 % 4 0 -5 0 -y r . (o p t.)
c o u p , o r reg. ta x -fre e s c h o o l b o n d s.
D e n o m . $1,000 o r $ 10 ,000 .
D ate
S e p t. 1 1911.
I n t. M . A S . C ert, ch e ck fo r 2 4 % o f b on d s bid fo r re­
q u ire d . P u rch a se r to p a y a ccru e d Interest.
N E W A R K , L ick in g C o u n t y , O h io .— Bonds A u th orized .— A n o rd in a n ce
has been passed p r o v id in g fo r the Issuance o f $ 6 0 , 0 0 0 4 % c o u p , w ater­
w ork s b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate S e p t. 1 1911. I n t . M . A S . a t the
S in k in g F u n d 'T rustees’ o ffic e .
D ue $5,000 o n M arch 1 an d $10 ,000 on
S e p t. 1 In 1912 an d 1913, $5,000 o n M arch 1 an d $13 ,000 o n S e p t. 1 in 1914
an d $12 ,000 S e p t. 1 1915.
N E W B U R G H (P. O. Cleve lan d), C uy a h o g a C o un ty . Ohio.— Bond Offer­
ino.— P roposals will be re ce iv e d u n til 12 m . S e p t. t2 b y R o y A . W o o d ,
C ity A u d it o r fo r th e fo llo w in g 4 4 % assessm ent b o n d s:
$3,4 0 0 E ast l l ) t h S t. s e w e r-m a ln -e o n stru ctlo n b o n d s.
D ue $600 O c t . 1
1912 an d $700 y e a r ly O c t . 1 from 1913 to 1916 Incl.
3,433 K ysella A v e . S . E .‘ so w e r-co n s tru ctio n b o n d s .
D ue $033 O ct 1
1912 and ?7 0 0 ye a rly O ct. 1 fro m 1913 to 1916 Incl.
4.308 E ast 114th S t. se w c r -m a ln -c o n s tr u c tlo n b o n d s .
Due $850 y e a rly
O ct. 1 fro m 1912 to 1915 Incl. an d $908 O c t . 1 1916.
4.308 E ast 113th S t. s cw e r-m a in -co n s tru e tlo n b o n d s.
Due $708 O ct 1
1912 a n d $900 y e a r ly O c t . I fro m 1913 to 1916 Incl.
6,650 E a st 130th S t. Im p t. b o n d s .
D u e $1,330 y e a rly O c t . 1 fro m 1912
to 1910 Incl.
D ate " d a y o f s a le .”
I n t. A . A O . a t th e S u p erior S av in gs A T ru s t C o.
In C levelan d. B on d s to be d e liv e re d an d paid fo r w ithin 10 d a y s fro m tim e
o f a w ard . C ert, ch e ck for 5 % o f b o n d s bid fo r requ ired .
Pu rchaser to p a y
a ccru ed Interest. S ep a ra te bids m u s t be en tered for each Issue.
N E W B U R G H EI G H TS (P. O. Cleveland) , Ohio.— B on d S a le.— Oil A u g .

$15,262 83 w as also re ce iv e d fro m O tis A H o u g h o f C levelan d.
N EW PO R T, C a m p bell C o u n ty , K y . — B o n d O fferino. — P rop osa ls w ill be
re ce iv e d until 12 111. A u g . 23 b y C. A . K eslar, C ity A u d ito r , fo r $10 0,00 0
4 % 3 0 -y r. c o u p , s tre e t-lin p t. b o n d s.
D e n o m . $50 0.
D ato J u ly 1 1911.
In t. J. A J . at the T re a s. o ffic e o r Bank o f A m e rica I11 N . Y . C ert, ch eck
fo r 5 % o f b o n d s bid fo r, p a y a b le to th e T r e a s ., Is re q u ire d . Th ese secu ri­
ties were pre v io u sly oirered on J u ly 31 (V . 93, p . 1 8 3 ), bu t th o bids re ceiv ed
o n th at d a y w ere re je c te d .
NILE S. Trumbull C o un ty . O h io .— B o n d O fferin gs.— P r o p o sa ls w ill be re­
c e iv e d until 2 p. m . S e p t. 5 b y I I . T h o m a s, C ity A u d ., lo r $34,900 4 4 %
S u b -D is trict N o. 3 o f S ew er D istrict N o . 3 se w c r -c o n s t. b o n d s. A u th .
S e c. 91, M u n icipa l C od e.
D ctio m . $500 an d 5400.
D ate S e p t. 1 1 9 1 1 .
I n t. M . A S .
D ue $7,000 y e a r ly S e p t. 1 fro m 1912 to 1915 Incl. and $0,900
S e p t. 1 1916.
B on ds to be p aid fo r w ith in 10 d a y s from tim e o f a w a rd .
Pu rchaser to p a y a ccru ed Int. C ert, c h e c k fo r 2 % o f bond s bid fo r , p a y ­
ab le to the C ity T reasurer, requ ired .
P ro p o sa ls will also be re ce iv e d until 2 p . m . S e p t. 8 b y th o C ity A u d . for
$0,800 5 % V ien n a A v e . Im pt. an d S u b -D is tr ic t N o . 3 o f Sew er D istrict
N o . 3 se w e r-co n str. ( c it y ’s p o rtio n ) b o n d s . A u th . Seo. 3939, G en. C od e.
D e n o m . $500 an d $300. D a te S e p t. 15 1911.
In t. M . & a .
D ue $2,000
S e p t. 15 1021 a n d 1922 an d $2,800 S e p t. 15 1023. B on d s to bo d eliv ered
an d paid fo r w ithin 10 d a v s fro m tim e o f a w a rd . C ert, ch e ck oil a ban k in g
house In Niles fo r 2 % o f b o n d s bid fo r , p a y a b le to the C ity T re a s ., re q u ired .
P u rch a ser t o p a y a ccru e d in t.
NORTH B E R G E N , Hu d so n C o un ty . N. .1.— B o n d S a le .— O n A u g . 17
th e $174,000 5 % 3 0 -ye a r c o u p o n (w ith p riv . o f rcg.) sin k in g fu n d b on d s
(V . 93, p. 425) w ere aw ard ed to A . B. L e a ch A C o. o f N ew Y o r k a t 107.579
— a basts o f a b o u t 4 .5 3 6 % .
O th er bids fo llo w :
It. M . G rant A C o ., N . Y ____ 107.261 H arris, F o rb e s A C o ., N . Y _ .1 0 6 .3 1 9
W . N . C oler A C o ., N . Y ...........1 0 6 .9 1 1H o w a r d K . S to k e s , N . Y _____104.633
NORTH MA N KA TO , Alinn.— B on d E lection .— A n e le ctio n w ill b o held
A u g . 21 to v o te on the q u e s tio n o f Issuing $ 4 ,000 w ater b o n d s, a c c o r d in g to
reports.
NORTH PLA TTE , Lincoln C oun ty , Neb. — Bonds D efeated. — T h e q u es­
tio n o f Issuing $22 ,000 c ity -h a ll b on d s was d e fe a te d at an ele ctio n held
A u g . 2. T h e v o te w as 386 “ tor” and 283 " a g a in s t ” — a th r c c-llfth s major­
ity being necessary t o au th o rize .
OD BBOLT. Sac C o u n t y, Io w a .— Pu rch aser 0/ B o n d s. — T h e p u rchaser o f
th e $8,300 5 % tire-station b o n d s aw arded on M ay 12 (V . 93, p , 4 2 5 ) w as
th e In v e sto rs’ S ecurities C o . In Des M oines at par.
D e n o m . $500. D ato
Ju n e 1 1 9 1 1 .
I n t. J . A D .
D ue $4,000 Ju n e 1 1921. $4,3 0 0 Jun e 1 1926.

O D EL L SCHOOL DISTR ICT (P. O. Odell), Gag e Co un ty

Neb.— B o n ds

Voted.— A p ro p o s itio n to Issue $2,500 h lg ti-sch o o l-b u lg . bon d s ca rrie d , it Is
sta te d , b y a v o te o f 108 t o 58 at an e le ctio n held A u g . 5.
O K L A H O A 1A .— B o n d S a le . — ’The $ 1 , 7 5 0 , 0 0 0 5 % p u b lic b u ild in g b on d s
offered on A u g . 15 (V . 93, p. 183) were a w a rd e d , It Is s ta te d , to I . N .
N ak d lm en , a ban ker o f Salllsaw , O k la ., a t par and a ccru e d Int. from M ay 1,
the d ate o f the Issue. O f the to ta l issu e, $25 0,00 0 w as d eliv ered at on ce
an d the rem ain der, $ 1 ,5 0 0 ,0 0 0 , w ill be d e liv e re d n o t later than N o v . 1.
OR A NG E. E ssex C o u n ty , N. J . — B o n d S a le .— On J u ly 1 7 tho $ 1 0 3 , 0 0 0
4 H % 25-year fu n d in g b o n d s (V . 9 3 , p . 1 2 2 ) w ere aw arded to B lo d g e t A C o .

AUO. 19 1911.]

THE CHRONICLE

o f N . Y . a t 104.148— a basis o f a b o u t 4 .2 8 1 % .
D c n o m . $ 1 ,0 0 0 .
D a te
J u ly 1 1911. I n t . J . & J .
O R A N G E C O U N T Y (P . O . G o sh e n ), N. Y .— B on d O ffe rin g .— P roposals
w lU ^ic received until 12 m . A u g . 21 b y R . J o h n s t o n , C o u n ty T r e a s .. fo i
$23 ,000 4 Vi% c o u p , h o sp ita l b o n d s.
D c n o m . $ 1 ,0 0 0 .
j? a ]° S e p t. 1 19
.
In t M . & S . a t G osh en.
D u e $ 3 ,000 M arch 1 1913 and $o,0 0 0 y e a n y
M arch l from 1914 t o 1917 ln c l.
N o d e p o s it r e q u ire d .

bu
ild a co o u r t-h
uua
t-n o u s e a n d
a Jail.
ja u .
_
„
.
I STTRR
— - (P,. C -. ° ? at u a ;> m ^ u g C 25 b y
O T T A W A SC H O O L D IS
IC. ~
T . ------NO. 141
III.— B on d O ffe rin g .— P rop osa ls will l>o^received
D ate O c t . 1 1 9 1 i.
I n t.
v o te d J u n o 21 ( V . 9 3 , p . 0 7 ).
D cn o m $ 1 ,0 0 0 .
D ue $3,000 y e a rly O ct. 1 fro m 1912 to
a n n . a t th e D lst. T re a s . o ffic e ,
l/ uu "
” XT *
t?.i n f ft l
rcn u lrcd
1926 ln cl. C ert, ch e ck fo r 3 % o f b id . p a y a b le to» the B d 1o f E d ., r c q u u e a
O ffic ia l circu la r states th a t thero Is n o co n tro v e rsy ^ o r 1ltlgath m pendinp^or
th rea ten in g this Issue; also th a t pr 1n clpa 1 and
.
.
Issues ilav0
h a v e a lw a ys b e e ^ r o m p t W ^ a W
wVc r e S o d m 4s on A u g . 14 (V . 93. p . 4 2 0 ). b u t th e b ids re ce iv e d o n th at

<l;nVPOR n° SCMOOI DISTRICT (P. O. Oxford), Butler County, Ohio.—
Proposals will be received until 12 m Aug. 21 by the
Hd of Ed W . J McSurely. Clerk, for the $6,500 4 M % coup, heating.
a n d sa n ita ry b o n d s v o t e d J u ly 17 ( V . 93. p . 3 0 5 ). A u th . S e c. 3991,
an d 3 9 9 4 R«'v S t a t . (S e e . 7025. 7626 an d 7629, G en . C o d e ) . D cn om
I n t sem i-an n . a t t h e O x fo r d N a t. H ank o f O x fo r d .
D u e $500
v e a riy M arch 1 fro m 1922 to 1934 ln cl. C ert, ch e ck fo r $500 requ ired .
P A R I S Lam ar County, Tex.— R on d E lection .— A n e le ctio n w ill b o h eld
S e p t? 5 t o v o te o n the qu e stio n o f Issuing $35 ,000 10-50-year ( o p t .) w a te r
b on d s at n o t ex c e e d in g 5 % In t., It la s ta te d .
P A R M A T O W N S H IP . C u y a h o g a C o u n ty , O h io .— B on d O fferin g P o s tv w e d . — Ttio ollc r ln g o f th e $10,000 4 H % 1-10-year (ser.) r o a d -Im p t. b o n d s
w hich w as t o h a v e taken p la ce o n J u ly 29 (V . 9 3 , p . 183) has been p o s tp o n e d
w o aro a d v lsod , p en d in g an e le ctio n .
PARNASSUS, Westmoreland County. Pa.- -B o n d s A u th o r i z e d .— 'This
b o ro u g h has a u th oriz e d the Issuance o f $ 22 ,000 4 .4 0 ‘% 1 5 -3 0 -y r. (o p t.)
lm p t. b o n d s. D e u o m . 5 1 ,0 0 0 .
PEARL, Pike County. III.— B on ds D efeated .— A n e le ctio n h e ld A u g . 1
resulted In the d efea t o f a p ro p o s itio n to issue sid e w a lk b o n d s.
PERR YSBURti. Wood County, Ohio.— B o n d S a le.— O n J u ly 31 th e $38 ,­
500 4 yt % S econ d S t. lm p t. assess, b o n d s ( V . 9 3 , p . 184) w ere aw ard ed to
S ta c y & B rau n of T o le d o fo r $ 3 8 ,9 4 3 , m a k in g th e p rice 1 01 .15.
3992

PETTY INDEPENDENT SCHOOL DISTRICT (P. O. Petty), Lamar
County. T e x — B on ds R egistered.— 'Th e $ 12 ,000 5 % 1 0 -4 0 -y r. ( o p t .) b ld g ,
b on d s (V . 93, p . 67) w ere registered b y th e S ta te C o m p tro lle r o n A u g . 7.
PLAINFIELD. Union County. N. J.— B on d S a le .— O n A u g . 14 the $4 0 ,­
000 4 % 2 5 -y r. (a v .) g o ld c o u p , (w ith p r lv . of re g .) s c h o o l b o n d s (V . 9 3 .
p. 363) w ere aw ard ed to the S ta te T ru s t C o . In P lain field a t 100 .125 an d
Int. an d th e $34,000 5 % g o ld c o u p . 1 -3 -y r. (o p t .) street-Irapt, b o n d s (V . 93,
p . 363) w ere aw ard ed t o th o P la ln llcld T r u s t C o. In 1 laln flcld at 1 0 1.39.
PI FA SANT V A I LEY SCHOOL DISTRICT. Butte County. Cal.— B o n d
Scde^— O n A u g . 9 $"4,000 6 % b ld g , b o n d s w ere a w a rd e d to N a n c y J . G al­
braith a t 1 0 1 .1 5 .
D e n o m . $ 1 ,0 0 0 . I n t . a n n . In Ja n .
PLYMOUTH, Litchfield County Conn.— B ond 3 a U .— O n A u g . 11 th e
£75 000 4
% 2 5 -y r . c o u p , fu n d in g b o n d s ( V . 93, p . 363) w ere a w a ru ca to
th e A e tn a l i f e I n s t a n c e C o . a t 101.165 an d Int. O th er b id s fo llo w :
>4 rUt»nr lin rlrk <fc C o .. N . Y -1 0 0 .5 9 I E s ta b ro o k & C o ., B o s to n
1 0 0 .oo7
P a rk inson & B u rr, H a r t f o r d - 1 0 0 .5 5 7 1H in ck s D ro s .& C o ., H a r tfo r d 100,
d c d t i o p COUNTY (P. O . R a v o n n a ), Ohio.— B on d S a le.— O n A u g
tlio 's y o 000 4 % Ita v c n n a - R a n d o l p h r o a d llm p t . b o n d s ( V . 93. p . 363) w ere
aw ard ed t o loca l In vestors at p a r an d In t., It is s ta te d .
P O R T A N G E L E S . C helan C o u n ty . W a s h .— B on d O fferin g.—^ P r o p o sa ls
w ill bo received u n til 2 p . m . A u g . 29 b y C. E . S h ield s, C ity C le rk , fo r $ j 0 .000 g old o o u p . ta x -fre e re f. b on d s a t n o t e x c e e d in g 0 % Int. A u th . S e c .
5114, R o m . an d B a l. C od e.
D e n o m . $ 1 ,0 0 0 .
D a te l_eb. 1 1912.
U jt.
E. & A . a t the T rea s. o ffic e .
D ue 20 y r s ., o p t . a fte r o y r s .
N o d e p o s it

rC PORT CARBON. Schuylkill County. Pa.— Bond
An election
will be held, reports state, to vote on a proposition to issue $
sewer
bonds.
, .
,
PORTLAND, Ore.— B on d S a le .— O n J u ly 24 $323,931 80 lm p t. b o n d s

20,000

w ere aw ard ed as fo llo w s :

P r t o ,.

A m o u n t.

P ortla
T ru
s t C o ., P o r t la n d .........................................
......... J n Q '^ r ^ £
^3n0’,0
n oo
Tda
M n dA rn
rson
- .......................103.125
00
_W a E W
/r.. .?so11---------------------- - ...............................
tm w
£ 2 0 ,0 0 0
__________________________?102.75
W . l? . w hittm u ....................
102.80
£ 7 ,5 0 0

no
00
00
00

U . S . N ation a l B a n k . P o r t la n d ..............................................I l 0 2 'o o t0

K. L . H u rnhani- _ _______________________________________ i u o .uu
S ecu rity S av in gs B a n k & T ru s t C o ., 1 'o lc d o ---------------- 102.55
A . E . E c k h a r d t---------. . . . . . .................................... - - - 1 0 1 .o 0 2
D avis & S tru v o B on d C o ., S e a t t le ...................................... 7IH o"Si
(1 0 2 .5 2
P
o
r
t
la n d ________________________ (1 0 2 .2 7
L a d d & T ilto n Bank,
1 1 0 2 .1 5
M a y or A . G . R u s h l i g h t - . - ........................................................in T T T T

J . M u rp h y ...
- . . . - - - - - ■ - 1 ■- - v : c r - c 'A w a rd ed " $261^431 80 b o n d s a t this p r ice .

________
£ Successfu l

5 2 .5 0 0 00
£ 3 ,5 0 0 00
£ l ,0 0 0 00
£500 00
1/323,931 80
3 23,931 80
100,000 00
50.000 00
50.000 00
50.000 00
31.5 0 0 00
23,931 80
20.0 0 0 00
18,000 00
5.000 00
5.000 00
3,000 00
b id s . / / “ A ll

0 t B and O fferin g.— P rop osals w ill be r e c e iv e d until 2 p . m . S e p t. 11 b y A . L .
D arbur C ity A u d ito r , fo r th o fo llo w in g 4 % g o ld b o n d s:
$60 0,00 0 bridge b o n d s.
D ate S e p t. 1 1911. I n t. M . A S .
D ue 30 yea rs.
250 ,000 park an d b o u le v a rd b o n d s . D a te J u ly l 1011. I a t . J . & J .

Denom 's T o ^ f o ^ T n t . p a y a b le a t th o C ity T re a s . o ffic e . C ert, c h e c k on
a b an k In P ortla n d fo r 5 % o f b o n d s b id fo r , p a y a b le to the M a y o r , re q u ire d .
Bids to be u n con d itio n a l e x c e p t as t o the ie g a llty o f the b o n d s.
P O IIG H K F F P S I E . D u tch e ss C o u n ty , N. Y. — B on ds V oted.— A n e le ctio n
h eld A u g . 16 resu lted In fa v o r o f the q u e stio n o f Issuing $250,000 h lgli-sch o o l
an d $70,000 g r a d e -s c h o o l 10-yr. b o n d s a t n o t e x c e e d in g 5 % interest.
O U IN C Y , N orfolk C o u n ty , M ass.— B on d S a le.— O n A u g . 15 the $52,100
4 % street an d sidew alk loan b o n d s o f 1911 (V . 9 3 , p . 426) w ere aw a rd e d to
B lod get & Co. o f B o s to n a t 101 .067 , It Is s ta te d .
P R A I R I B B U R G , Linn C o u n ty . I o w a .— B o n d O fferin g .— P ro p o sa ls w ill
be received until 12 m . A u g . 21 b y J . J . D o la n . Clerk, fo r $5,0 0 0 5 % lo -2 0 vear (o p t .) w a ter-w o rk s b o n d s .
D e n o m . $500. T h ese b o n d s w ere pre­
v io u s ly offered o n A u g . 7 ( V . 93, p . 3 6 3 ).
P IIF B IO
P u eb lo C o u n ty . C o lo .— B on d Ordinance V etoed .— R e p o r t s
state th a t o n A u g . 3 M a y o r W e s t v e to e d an o rd in a n ce p r o v id in g fo r th e
Issuance o f $25 0,00 0 filtra tio n -p la n t b o n d s .
PU TN AM COU NT Y . N. Y.— B ond O fferin g.— P ro p o sa ls w ill b o re ce ive d
until 12 m . A u g . 30 b y E . D S ta n n a rd , C o . T re a s. (P . O . B re w ste r), fo r
$18 000 4 M % ro a d lm p t. b o n d s. D a te S e p t. 1 1911. I n t. F . & A . a t the
T r e a s . o ffice In N . Y . e x c h a n g e o r at th e F irst N a t. B a n k In B rew ster.
D ue $2,000 A u g . t 1917 t o 1925 ln cl. C ort. c h e c k fo r 2 % o f blcl Is re q u ire d .
The officia l notice o f this bond offerin g w ill be fo u n d am ong the advertise­
m ents elsewhere in this D epartm ent.
R A V F N N A T O W N S H IP (P . O . R a v e n n a ), P o rta g e C o u n ty , O h io .—
__ a bid o l imr an d Int. fro m the .Second N at. B a n k o f R a v e n n a was
received o n A u g . 15 fo r the $9,000 4 % 2 -1 0 -y e a r (ser.) R a v e n n a -I r c e d o m
road b o n d s (V . 9 3 , p . 3 6 3 ).
R E D W O O D C O U N T Y (P . O . R e d w o o d F a lls ). M in n .— B ond S a le. -O n
A u g 8 the $32,000 7 1-3-year (a v .) d itch b on d s (V . 93, p . 363) w ere
aw arded to the M inn. L oa n & T ru s t C o. o f M in n , a t 102.109 fo r as.
D ate
J u ly 1 1911.




487

RO I I A P h e lo s C o u n ty , M o .— B on ds D efeated.— A n eleotlon h eld re
c e n t iy r e s u lt e d inPthe d e fe a t o f th e q u e stio n o f Issuing $8,000 U gh t-lm pt. b d s
R O S E B U D C O U N T Y (P . O . F o r s y t h ), M o n t.— B on d O fferin g. P r o p o s a ls
w ill be re ce iv e d u n til 10 a. m . S e p t. 8 b y th e B o a rd o f C o u n ty C0 ™ 188™
fo r $12 5,00 0 c o u p o n co u r t-h o u s e b o n d s at n o t e x c e e d in g 5 % in t. A U tn .
S e c. 289 4, 1907 C odes: also a v o te o f 3 3 1 t o 152 a t an Bteotlon h e ld J u ly 10
1911.
D e n o m . $ 1 ,0 0 0 . D a te J u ly 1 1 9 1 1 .
In t. J .
a t C h ica g o o r
N ew Y o r k , at the o p tio n o f th e p u rch aser.
D u e 20 y e a rs, o p t . attar 10
yea rs. C ert, c h e c k on a ban k in g In stitu tion fo r $ 3 ,0 0 0 , PaY^iT ticratinn
C o u n ty T r e a s ., requ ired . O fficia l circu la r states th a t there is n o litig a tio n
p e n d in g o r th reaten ed a ffe ctin g the c o r p o r a te e x is te n ce o r bo u n d a ries o f
c o u n t y , title o f Its present o fficia ls t o th eir o ffic e s , o r .tk o v a lid it y o f .tn
b o n d s: also n o p re vio u s Issues h a v e been c o n te s te d an d th e p rin . a n a in t .
o n all Issues h a v e been p a id .
R . J . C ole Is C o u n ty C lerk,
f } l e .f^ a^e ^ o a
o f L a n d C om m ission ers has w a iv e d Its rig h t to p u rch ase th is issue.
R O Y A L T O N T O W N S H IP (P . O . L y o n s ). F u lton C o u n ty . O h io. B id s —
T h e o th e r bids re ce iv e d o n J u ly 10 fo r the $1,050 6 % c o u p , b o n d s a w a rd ed
to P . M arla tt a t 102.38 ( V . 93, p . 363) w ere as fo llo w s :
L y o n s C o m . B a n k , L y o n s ____ $1,064 |F arm ers N a t. B a n k , D e lt a — $1,061
R U R A L V A L L E Y SC H O O L D IS T R IC T , A r m s tr o n g C o u n t y . P a .— B on d
S a le .— A n Issue of" $3,100 4 y2% 2 -2 0 -y e a r (o p t .) b u ild in g b o n d s has been
so ld , w e are a d v is e d .
.
S A G I N A W , S a g in a w C o u n ty , M ic h .— B ond S a le.— O n A u g . 2 an Issue
o f $70 ,000 b o n d s w as a w a rd e d to lo ca l In vestors, w e aro a d v is e d .
ST. J O H N S V IL L E . M o n tg o m e r y C o u n t y . N. \ — B on d s D efeated — 'T he
e lection held A u g . 15 resu lted In d e fe a t o f th e q u e s tio n o f Issuing the 515 ,0 0 0
B ridge S t. p a v in g an d $ 5 ,0 0 0 w a te r-m e te r b o n d s .
ST. L O U IS C O U N T Y SC H O O L D IS T R IC T NO. 39 (P . O . D u lu th ), M in n.
— B on d S a le.— O n J u ly 14 $60 ,000 5 % 1 -6 -y r. (ser.) b ld g , b o n d s w ere
aw ard ed t o th e M in n . L o a n & T r u s t C o . o f M in n, a t 100 .25 a n d b la n k b o n d s .
D e n o m . $ 1 ,0 0 0 .
D ate Ju n e 1 1911. I n t . J . & D .
SAN B E R N A R D IN O SC H O O L D IS T R IC T . San B ernardino. C o u n ty . C a l.
__ B on d E lection P ro p o sed .— A n e le ctio n w ill p r o b a b ly be h eld in S e p te m b e r ,
It Is s ta te d , t o v o t e o n th e q u e stio n o f Issuing $ 2 0 0,00 0 p o ly te c h n lc -h lg h sch o o l b o n d s .
.
SAN J U A N C O U N T Y SC H O O L D IS T R IC T NO. 4 . N. M e x .— B on d
O fferin g .— P rop osa ls w ill be re ce iv e d u n til A u g . 26, it Is s ta te d , fo r $12 ,0 0 0
6 % 1 0 - 3 0 -y e a r s c h o o l b o n d s .
SAN M IG U E L SC H O O L D IS T R IC T , T e x — B o n d E lectio n .— A n election
w ill be h eld A u g . 30 t o v o t e o n th e q u e stio n o f Issuing $ 2 ,000 b ld g , b o n d s .
It Is sta te d .
„ .
.
. „ ,
c a w t a B A R B A R A C O U N T Y (P . O . Santa B a rb a r a ), C a l.— B on d S a le.—
O n A u g 5 t h e $ 1 0 0,00 0 6 % G o le ta r o a d -lm p t. b o n d s ( V . 93, p. 363) w ere
aw ard ed t o th e C o m . B a n k a n d F irst N a t. B a n k o f S a n ta B a rb ara a t th eir
jo in t bid o f 9 3 .1 0 .
D e n o m . $ 1 ,0 0 0 .
D a te O c t . 4 1910. I n t. an n .
S A N T A M O N IC A , L o s A n g e le s C o u n ty , C a l.— B on d E lectio n .— A p r o p o ­
sition to Issue $52,900 b o n d s w ill be s u b m it te d t o a v o t e , re p o rts s ta te , on
S opt 5
S A V A N N A H Ga — B on d E lectio n .— O n D e o . 6 an e le o tlo n will b e h eld
It is sta te d ? to voVe o n th e q u e s tio n o f Issuing $ 6 0 0,00 0 ^ % 3 0 - y r . h ou sedrainage an d sew er b o n d s.
D e n o m . 300 b o n d s o f $500 e a c h an d 450 b on d s
o f $1,000 e a ch . I n t . s e m i-a n n u a l.
SC R A N T O N , B ow m an C o u n ty . N o. D a k .— B on d
be re ce ive d a t a n y tim e b y N . J . S w an son , V lll. C lerk }.° r,
r ^ L A ° *^nnllr c -d e p t. b o n d s. A u th . S e c. 297 9. R e v . C od es o f 1905.
D e n om $500
D ate A u g . 1 1911.
I n t. A u g . a t G rand R iv e r S ta te B a n k In S c r a n to n D u e A u g . 1 1931. B o n d s are e x e m p t fro m t a x a tio n .
N o d e p o s it r e q u ir e d .
N o d e b t at presen t. A ssessed v a lu a tio n fo r 1911, $ 1 8 3 ,0 0 0 .
S C U R R Y C O U N T Y (P . O . S n y d e r ). T e x . -B o n d s R eg istered .— O n A u g . 7
$16 ,000 3 % 1 0 - 3 0 -y r . (o p t .) Jail b on d s w ere registered b y th e S ta te C o m p t.
SC R A N T O N , L a ck a w a n n a C o u n ty . P a .— B on d S a le.— O n A u g . 16 th e
$210,000 4
1 - 3 0 -y e a r (ser.) c o u p o n o r r e g . ju d g m e n t-fu n d in g 3 d S eries
b oo n
nd
d ss (V
(V .. 93,
93, p.
----- w
-- ere
- - aw a rd e d t o N . W . H a ls e y & C o . o f N ew Y ork
b
r - 426)
att 101.508 an d Int. O th
a
' er b ids fo llo w :
R h o a d e s & C o .. N . Y _______ 101.3313 H arris. F o r b e s & C o . . N . Y
100.684
S cra n to n S . B k ., S cra n to n . * 101.2 57 G ra bam & C o ., P h Ila d e lp h la -1 0 0 .673
B lo d g e t & C o .. N ew Y o r k _ _ a l0 0 .6 7
A . B . L ea ch & C o ., N . Y _ .a l 0 1 .2 1 7
M erchants* U n io n T r u s t C o .,
E s ta b ro o k & C o .. N . Y — a l0 1 .1 9
P h il a d e l p h i a -----------------------100.24
R . M . G rant & C o ., N . Y . . a l 00.71
a A n d a ccru ed Int.
* B id fo r $ 2 1 ,0 0 0 .
S H F I B IN A
S h e l b y C o u n t y , M o .— P u rcha ser o f B o n d s .— T h e purch aser
o f th e $84*000 w £ e r a n d s e w w b o n d s so ld last m o n th (V 93, p . 427) w as
the F id e lity T ru st C o . In K a n . C ity . M o .
D c n o m . $ 1 ,0 0 0 .
D ate A u g . 1
1911.
Int'. an n .
Due $10 ,000 In 10 years and $74 ,0 0 0 In 20 years.
S H P F V F
W a v n e C o u n t y . O h i o . — B ond O fferin g.— P rop osa ls w ill b e re­
c e iv e d u n t B 'l 2 my A u g 28 b y C M organ , V il. C lerk, fo r th e fo llo w in g 4 M %
$12!ooO se w e r-syste m and d is p o s a l-p la n t (v illa g e 's p o rtio n ) b o n d s.
D on o m . $50 0.
I n t. M . & S .
D ue $500 y r ly . S e p t. 1 fro m 1912 to
14,500

se w e r-syste m an d d isp o sa l-p la n t assess, b o n d s .
Pne.n,°| ^ -A 5,®.0 . ? ? ?
$450.
I n t . J u ly .
D ue $1,4 5 0 y r ly . J u ly 1 fro m 1912 to 1921 ln cl.
D a te J u lv 1 1911.
I n t. p a y a b le at th e V il. C le r k s o ffic e .
B on d s are
e x e m p t fro m all t a x a tio n . C ert, c h e ck o n a b a n k fo r $500,
V il Clerk, re q u ir e d . P u rch a ser t o p a y a ccru ed Interest. B id d ers shall
agree to p rin t o r p a y fo r p rin tin g o f n ece sary bla n k b o n d s In fo rm sa tisfa c­
t o r y to th e said v illa g e .
B o n d s t o be d e liv e re d an d p a id fo r . In fu ll a m ou n t
o r n et a m o u n t, a fte r d e d u ctin g th e cash p a y m e n ts o f assessm ents, w ithin
10 d a y s a fter th e a w a rd .
B o n d e d d e b t . Inclu din g th is issue, $ 3 3 ,4 0 0 .
A s s e s s , v a l. fo r 1911, $66 3 ,2 1 2 .
c m i r u C O U N T Y (P . O . C a rth a g e ). T e n n .— B on ds D efeated.— A n elec­
t i o n h e l d A u g : 5 resu lted ^^.Tdefeat o f th e p r o p o s itio n t o Issue $30 0,00 0
ro a d b o n d s.
c m i t h i i p n d St .lo scn h C o u n ty , I n d — B on d S a le.— O n A u g . 10 $ 2 0 ,­
000 4 % 2 0 -y e a r re f. b on d s w ere a w a rd e d to J o s- T . E llio t t & Son s o f I n d .
O th er bids fo llo w ;
•it in** 9 7 5 __ basis o f a b o u t 3 .8 4 % .
E . M C a m p b c lllo n s 0C o . . I n d .$20.3571 B reed & H arrison . C in cin n ati $20 ,302
J F W ild & C o ., I n d ............. 2 0 , 3 5 5 M e y e r-K lse r H ank, In d
2 0 ,lo o
S t. J o e S avin gs B a n k ________ 2 0 ,3 5 1 1G avin L . P a y n e & C o ., I n d . . 2 0 ,0 7 o
D e n o m . $ 1,000.
D a te S e p t. 1 1911.
I n t. M . & S .
SO U TH M IL L S T O W N S H IP SC H O O L D IS T R IC T NO. 9 (P . O . South
Mills) C am den C o u n ty . N o. C a ro .— B on d O fferin g .— P ro p o sa ls w ill b e re­
ceived’ until 12 m . S e p t. 4 b y VV. R . D o zie r. S e c ., fo r $5,000 6 % b ld g ,
bonds
D e n o m . $500. I n t. an n .
D u e In 10 ann u al p a y m e n ts .
SO UTH SAN J O A Q U IN IR R IG A T IO N D IS T R IC T (P . O . M a n te c a ), San
J o a q u in C o u n ty . C af.— B on d S ale.— O n A u g . 8 th e $ 1 ,4 1 5 000 5 % c o u p ,
bonils (V . 9 3 , p . 305) w ere a w a rd e d t o E . I I . Z io n at p ar a n d Interest.
S O U T H W E S T G R E E N S B U R O (P . O . G r e e n sb u r g ), W e s tm o re la n d
P a — B on d S a t e — O n J u ly 17 th e $20 ,000 4 H % 5-2 4 -yea r (ser.)
ta x -fr e e c o u p o n s treet-Im p t. an d fu n d in g b o n d s ( V . 9 3 , p . 185) w ere a w ard ed
a t par, Int. an d e xp en ses fo r p rin tin g an d e n g ra v in g b o n d s.
S P O K A N E , W a s h .— B on d O fferin g.— P r o p o sa ls w ill b e re ce iv e d u n til
12 m . O c t . 11 b y Jam es M cG o u g a n , C ity A u d ., fo r $ 7 0 0,00 0 re fu n d in g gen.
m u n . and $500,000 re f. w ater g o ld b o n d s a t n o t e x c e e d in g 5 % in t.
D en om .
$ 1 ,0 0 0 . D ate O c t . 1 1911.
In t. A . & O .
D u e in 20 yeaxs. C ert, c h e ck
fo r 2 % o f bid Is re q u ire d . T h e b o n d s ai*c t o re fu n d a lik e a m ou n t d u e
O ct 1 1911- T h e su ccessfu l b id d e r m u st d e p o s it th e purch ase price w ith
th e llscal a g e n cy o f th e S tate o f W a s h in g to n in N ew Y o r k an d au th orize
said a g e n c y , as tru ste e , t o p a y a n d ca n ce l th e o u ts ta n d in g b o n d s, a n d as
fast as said o u ts ta n d in g b o n d s aro p a id a n d c a n c e le d t o d e liv e r t o th e
purch aser refu n d in g b o n d s to an a m o u n t eq u a l t o th e ca n celed b o n d s.
B id s m ust c o n ta in sta te m e n t o f a c c e p ta n c e o f a b o v e co n d itio n .
The o fficia l notice o f this bond offerin g w ill be fo u n d am ong the advertise­
m ents elsewhere in this D epartm ent.
S P R I N G F I E L D , C lark C o u n t y , O h i o — B on d s A u th o rised .— O rd in a n ces
h a v e been passed p r o v id in g fo r the Issuance o f th e fo llo w in g b o n d s:
$3 600 4 t4 % c o u p , s tr e e t-lm p t. b o n d s.
D cn o m . $1,000 a n d $60 0. D ue
M arch 1 1915.
,
_
............
„
B r.fto 5 % se w e r-co n stru ctlo n assessm ent b o n d s .
D e n o m . $ 1 ,1 1 2 .
D ue
’
$1 112 y e a rly M arch 1 fro m 1912 t o 1916 Inclu sive.
676 5 % In n lsfa llen A v e . s e w e r-lm p t. assessm ent b o n d s
D enom .
'
$135 20.
D u e $ 1 3 5 2 0 y e a rly M arch 1 fro m 1 9 1 2 t o 1 9 1 6 ln cl.
3 164 5 % H illside A v e . lm p t. assessm ent b o n d s .
D e n o m . $632 8 0 . D ue
’
'
$632 80 y e a rly M arch 1 fro m 1912 t o 1916 ln cl.
D ate M arch 1 1911. I n t . M . & S . at th e C ity T r e a s . o ffic e .

Countv

4-88

THE CHRONICLE

S T R A T T O N S C H O O L D IS T R IC T , K in g s C o u n ty , C a l.— B on d S a le.— O n
A u g . 7 $0,0 0 0 b o n d s w ere a w a rd e d . It is s ta te d , t o the W m . It S taats T o
o f P a sa d en a fo r 5 0 ,3 2 7 50, m a k in g the p rice 103 .638 .
’
S T R O T H E R S , M a h o n in g C o u n ty , O h io .— B o n d O fferin g.— P ronosals
w ill be receiv ed u n til 12 m . S e p t. 6 b y L . S . C reed, V illage Clerk, fo r 54 500
5 % street-Im p t. (v illa g e ’s p o rtio n ) b o n d s.
A u th S e c. 3012 e tc
den
C od e.
D en otn . 550 0.
D ate O c t . 1 1011. I n t. A . & O .
D u e O ct 1 1 9 2 0 ’
P o n d s t o be d e liv e re d an d paid fo r w ith in 10 d a y s fro m tim e o f a w a rd !
C ert, ch e ck fo r 5300, p a y a b le to the V illa ge T r e a s ., requ ired
P u rch a se r
to p a y a c c r u e d ln t.
S U F F E R N SC H O O L D IS T R IC T (P . 0 . S u ffc rn ), R o c k la n d C o u n ty N V
— B o n d O fferin g .— P r op o sa ls will be received until A u g 22 b y W i l P o tte r
C lerk B d . o f E d ., fo r 300 ,000 5 % 5 -3 4 -y r. (ser.) b o n d s. It ^ s t a t e d
Cert
c h e c k fo r 1 % is req u ired .
1 01 .733 .

SC» O O L D IS T R I C T . Cal .— B o n d .S a le .- On A u g . 7
u n n n ) b on d s w ere aw ard ed to O tto F . H ardies at
D e n o m . $ 1 ,0 0 0 .
D a te Aug*. 1 1911. I n t . F . & A .

S U T T E R C I T Y , S u tter C o u n ty , C a l.— B on d E lection P ro p o sed .— A n e lec­
tio n is b e in g con sid ered t o v o t e o n the qu estion o f issuing $20,000 sch o o l
D onas, it is s ta ted .
D IS T R IC T (P . O . S u tto n ), C lay C o u n ty . N eb.—B on d s Alot S old.— I he 538 ,800 5 % 5-2 0 -yea r (o p t .) b u ild in g b on d s offered
on d u ly 24 (V . 0J, p . 240) h a v e n o t y e t been s o ld .
I t is e x p e c te d th a t the
b t a t e w ill pu rch ase these secu rities.
D e n o m . $50 0.
In te re st an n u al.
S Y R A C U S E , N. Y .— B on d S a le.— O n A u g . 15 the $20 0 ,0 0 0 4 W % 1-20y ea r (ser.) reg. sew er b o n d s (V . 03, p. 427) w ere a w a rd e d to Curtis &
San ger o f B oston at 1 0 3 .1 3 3 — a basis o f a b o u t 4 .1 3 % . O th er bids fo llo w :
S u tro B ros . & C o ., N . Y . . . $20 6,02 0 F a rso n , S on & C o ., N . Y ___ $20 5,12 0
O 'C o n n o r & K a h ler, N . Y
205,782 R . L . D a y & C o ., N . Y _____ 205,062
E . I I . R ollin s & S o n s , B os_ _ 205 ,644 M orga n , L lverm ore<5cC o.,N .Y 2 05,043
B lo d g e t & C o ., B o s t o n _____ 205,574 P a rk in son <& B u rr, N . Y ___ 204 ,042
N . W . H a lsey & C o ., N . Y _ _ 205 ,2 8 0 H arris, F o r b e s & C o ., N . Y . 204 ,838
A . B . L ea ch & C o ., N . Y ___ 205 ,220 S y ra cu s e S a v . B k ., S y ra cu se 200 ,000
T A R B O R O . E d g c c o m b C o u n ty . N o. C a r.— B on d S a le.— O n J u ly 31 the
$25 ,000 4 0 -y ea r p a v in g a n d 525 ,000 3 5 -y ca r w ater 5 % c o u p o n b o n d s (V . 03,
p. 240) w ere aw ard ed to T o w n s e n d S c o t t & S o n o f B a ltim o re a t p ar and in t.
D a te J u ly 1 1011.
T A R E N T U M , A lle g h e n y C o u n ty , P a.— B o n d O fferin g .— P ro p o sa ls will
b e re ce iv e d until A u g . 26 b y VV. A . G ibson , S e c ., fo r $10 0 ,0 0 0 4 y2% c o u p ,
ta x -fr e e w a ter-w ork s b o n d s .
D e n o m . $ 1 ,0 0 0 .
D ate A u g . 1 l o l l .
in t .
F. & A.
D ue $10 ,000 A u g . 1 1021, 520 ,000 A u g . 1 1926, $30 ,000 A u g . 1
1031 an d $40 ,000 A u g . 1 1036. C ert, c h e c k fo r $500 Is r e q u ire d . Th ese
b on d s w ere p r e v io u s ly offe re d b u t n o t sold o n A u g . 14.
T E N S M U IR SC H O O L D IS T R IC T , K in g s C o u n ty , C a l.— B on d S a le .—
O n A u g . 7 $6,000 b on d s w ere a w a rd e d , It Is s ta te d , to th e W m . R . S ta a ts
C o. o f P a sa d en a a t p a r a n d Interest.
T E T O N C O U N T Y SC H O O L D IS T R IC T NO. 28 (P . O . D u t to n ), M o n t . B o n d O fferin g .— P rop osa ls w ill be re ce iv e d u n til 2 p . m . S e p t. 5 b y O . T
W lp e n d , C lerk o f S c h o o l B o a rd , fo r $4,000 6 % c o u p o n site an d bu ild in g
b o n d s . A u th e le ctio n h eld M a y 20 1011.
D e n o m . $50 0.
D ate S e p t. 5
1011. I n t . In S e p t.
D u e 10 y e a rs, o p t . a fte r 5 years.
U n co n d itio n a l
certified c h e c k fo r 1 0 % o f b o n d s bid fo r , p a y a b le to the C o . T re a s ., requ ired.
T I F F I N , Seneca C o u n t y . O h io .— B on d O fferin g.— P rop osa ls w ill be re­
ce iv e d until 12 rn. A u g . 26 b y J . E . D lem er, C ity A n d ., fo r $70 ,400 4 %
c o u p o n s tr e e t-lm p t. ta x -fr e e b o n d s.
D e n o m . $ 1 ,0 0 0 , $500, 5300 and $200

[V O L . L X X X X IIJ.

D ate S e p t. 1 1011.
I n t. M . & S .
p a y a c c r u e d Interest.

D ue fro m 1 t o 7 y e a rs.

T I T U S V I L L E . Brevard C o u n t y, F l a .—

•

P u rch a ser to

B o n d O f f e r i n g .— T h e

$ 20 ,00 0 5%

c o u p o n w ater b o n d s, bids fo r w hicli w ere re je cte d o n Ju n e 24
are b ein g ofTerecl a t p riv a te sale, w e are ad v ise d u n d er date

o f \ ifg

TOPEKA, K a n .— D e s c r ip tio n o f B o n d s . — T h e $08,472 60 4 V,% p a v in g
b o n d s a w a rd e d o n J u ly 25 to th e S ta te S av in gs B ank in T o n e k a at nar m o t
100;323 as r e p o rte d in V . 03 p 305) are ln*the d e n o m . 'X s s o o 'c S c h and
d a te d J u ly 1 1911.
In t. J . & J .
D ue p a rt y e a rly fo r l o vears.
T O W E R , St. Louis C o un ty , Minn. — B o n d s V o t e d . — A fa v o ra b le v o te was
ca st on A u g . 7, rep orts sta te , on th e q u e stio n o f issuing $18 000 light and
p o w e r -p la n t-c o n s tru c. b o n d s. T h e v o te was 02 to 8 .
*
u 1 Knt anQ
T U L A R E , Tulare C ou n ty . Ca l .— B o n d s D e f e a t e d .— 'The ele ctio n held A u g
8 resu lted in the de fe a t o f the p ro p o s itio n to Issue the $ 1 0 , 0 0 0 5 % gram m ars ch o o l b o n d s.
/0
T U L S A COUNTY (P. 0 . T u ls a ) , O k la .— B o n d O f f e r i n g . — P rop osals w ill
be re ce iv e d u n til 10 a. m . A u g . 28 b y R . E . C urran , C o u n ty Clerk for the
$5 0 0 ,0 0 0 5 % R o a d D lst. N o . 1 b o n d s (V . 93, p. 3 6 4 ).
D u e 25 years'
Cert
c h e c k o n a local ban k fo r $5,000 r e q u ir e d .
P u rch a ser to furnish all legai
i U K I A H SCHOOL DISTR ICT, iMendocino C o u n t y , Cal. — B ond S a le.— It
Is s ta te d th at on A u g . 7 56,500 5 % b o n d s w ere a w a rd e d to T h o m a s &
T h om a s, a tto rn e y s , o f U klah fo r $ 6 ,8 3 0 , m a k in g the p rice 105 .077 .

r> U,n nI!, I) L^/-rC? U N r X SCHOOL DISTR ICT NO. G (P. O. P e nd le to n) ,

O re.— B o n d ^ O ffe r in g . — P rop osals will be re ce iv e d u n til 12 m . S e p t. 0 b y
C. W . B ra d le y , T r e a s ., fo r $15,000 s ch o o l b o n d s.
I n t . se m l-a n n .
D ue
20 yea rs, o p t . a fter 10 yea rs. C ert, c h e ck fo r $500 r e q u ire d .
^ an hlin Coun ty , Neb. — B o n d O f f e r i n g . — P ro p o sa ls w ill be
1 * °r $10 ,0 0 0 5 % w ater b o n d s .
D e n o m . $500.
Pa
P"- 1 J01.1- TI n U a n n - D ue 2 0 y r s ., o p t . a fte r 5 yrs. C ert, ch eck
fo r $500 requ ired . J . R . B u ck n ell Is V illa ge C lerk.
. JJRBANA, C h am p aign C o un ty . Oh io .— B o n d S a l e . — O n Ju ly 24 the two
r,o!IU 5 a ffKrc ? a t in g $ 29 ,000 ( V . 93, p. 186) w ere aw ard ed as fo llo w s :
$4,000 5 / „ 3 -4 -y e a r (ser.) b on d s to th e C h am paign N ation a l Bank In
or „ „ „ , ,
at 102— a basis o f a b o u t 4 .3 8 4 % .
-o.OOO 4 H / o 18 2 - 0 -y e a r (a v .) w ater b o n d s to W e ll, R o th tc C o . o f Cin­
cin n ati a t 104.50 an d Interest.
r e p o r ts ?

1

? £ n t? n C o u n ty- I o w a .— B on d E le c tio n .— A n e le ctio n is p r o ­
the lssu aace ot
lig h tin g -p la n t b o n d s, a c c o r d in g to

,Y ? n Wer t C o un ty , Ohio.— B on d S a le.— O n A u g . 7 the
j d , uuu 4 l a /o 4- 1-5-year (a v .) w a ter-w ork s b o n d s (V . 93. p. 394) were
ce iv e d ^ r n m ^ ° NeW Fi rsjl
U ank In C o lu m b u s. O th er bids w ere reCo of C incinnati 0118'0 0 ' 1 & i I a y e r ancl the P r o v id e n t S a v . .D a n k & T ru st

,,,,,Y^

*Df-lON-

Clay

C o un ty .

So.

Dak.—

B ond

O f f e r i n g .—

iv,L rbnnr « o /lvetl u n t 1 8 P- m A u g . 28 b y C. I . V a u g h a n ,
5 3 2 ,0 ° ° 5 % c o u p o n w a te r-w o rk s b o n d s.
D e n o m . $500.
L” 1*: l
* ?• at V e rm illio n .
D ue 20 yea rs, o p t .
B o n d s are e x e m p t fro m ta x a tio n . C ert, ch e ck fo r $500,
< t nnnA u d U reciu lre d .
P resent b o n d e d d e b t, $18 ,5 0 0 .
5 4 ,0 0 0 . A ssessed v a lu a tio n fo r 1911, $ 5 9 2 ,6 1 3 .

P ro p osa ls
C ity A u d ., fo r
D a te S e p t. 15
a fte r 5 yea rs.
p a y a b le to the
F lo a tin g d eb t
•

VERNON P A R IS H (P. O. Leesville), La. — B o n d O f f e r i n g . — P rop osa ls
w ill be received until S e p t. 15 fo r $40 ,000 5 % 2 0 -3 0 -y r. (o p t.) sch o o l b on d s.
W . L . F o rd is P arish S u p e rin te n d e n t.

NEW LOANS.

CITY OF MEMPHIS, TENNESSEE
$ 661,000

$ 150,000

Street Improvement Bonds

Normal School Bonds

Street Improvement Bonds, &c.

N o tic e Is h ereb y given th a t sealed bids w ill be
receiv ed b y E n nis M . D ou gla ss. C ity Clerk o f the
C ity o f M em p h is, T en n essee, a t th e C ity H all In
M em phis, T en n essee, until 2:30 o 'c lo c k p . m .,

^i0 t*Se J s k ereb y given th a t sealed b id s w ill be
re ce iv e d b y E n nis M . D ou gla ss, C ity Clerk o f the
o f M em phis, T e n n ., a t th e c it y hall in M em ­
phis, T e n n ., until 2:30 o ’c lo c k p . m .,

N o tic e Is h e r e b y give n th a t sealed bids w ill be
re ce iv e d b y E n nis M . D o u gla ss, C ity Clerk o f the
C ity o f M em ph is, T en n essee, a t the C ity H all In
M em phis, T en n essee, u n til 2:30 o ’c lo c k p m .,

T U E S D A Y , A U G U ST 22 1911,
fo r the sale o f $66 1,00 0 o f general lia b ility b o n d s,
for street Im p rov em en ts o f th e C ity o f M em phis,
T en n essee. Said b o n d s w ill b e d a te d A u g u st 1
1911. O n e-fifth o f said b o n d s shall m atu re In on e
y ea r, o n c -flfth In tw o years, o n e -fifth In three
years, o n c-flfth In fo u r years and o n c-flfth In five
years from their d a te , w ith o u t o p tio n o f prior re­
d e m p tio n , an d th ey will bear Interest a t the rate
o f 6 per c e n t per a n n u m , p a y a b le o n the first d ays
o f F eb ru a ry and A u g u s t in each year: b on d s and
c o u p o n s p a y a b le In M em ph is, T en nessee, or In the
C ity o f N ew Y o r k , a t the o p tio n o f the h o ld e r
th ereof.
N o b id fo r less th an par an d a ccru e d
Interest w Pl be en terta in ed , and the c it y reserves
th e rig h t to r e je c t a n y an d ail b id s. E ach bid
m ust be fo r th e en tire $66 1,00 0 b o n d s, a c c o m ­
pan ied b y a certified ch eck fo r $ 5 ,0 0 0 , p a y a b le to
th e ord er o f th e C ity o f M em ph is, as a gu a ra n ty
o f g o o d fa ith o n the part o f the b id d er, said ch e ck
t o be certified b y som e M em phis b a n k . Said
ch e ck o f the successful b id d e r shall be retain ed
b y the c it y as and for liq u id a te d d am ages u p o n
failu re o f such b id d e r to a c c e p t an d p a y for b o n d s.
C h ecks will be retu rn ed to u nsuccessful b idders.
T h e b on d s to be deliv ered an d paid fo r In the C ity
o f M em ph is. T h e lega lity o f these b on d s has been
a p p ro v e d b y D illon , T h o m s o n A C la y o f N ew Y o r k ,
a c o p y o f w hose o p in io n will be furnish ed t o the
su ccessfu l b id d e r .
F or fu rth er in fo rm a tio n a p p ly
to the u n d ersign ed .
E . H . C R U M P , M a yo r.
A tte s t: E N N IS M . D O U G L A S S , C ity Clerk.
T h is J u ly 28 1011.

Thomas

J.

Bolger Co.

T U E S D A Y , AUG. 22 1911,

T U E S D A Y , A U G U S T 22D 1911,

fo r th e sale o f $15 0,00 0 N orm al S ch o o l b o n d s, the
p roceed s o f said b on d s to be used fo r the p u rp ose
v ’ erca tla s anti e q u ip p in g b u ild a, f i f o r #tb e ,<,taf e N orm al S ch o o l In S h e lb y C o u n ty
? i n hn rl f^ T lleV *
,c Ity llm lts 01 M em ph is.
Tenn. Said b o n d s will be d a ted A u g . 1 1 9 1 1 ,
p a y a b le A u g . 1 1936, w ith o u t o p tio n o f prior p a y ­
m en t, be a rin g 4 H per ce n t Interest per a n n u m ,
p a y a b le r c b . 1 and A u g . I, re s p e ctiv e ly .
B on ds
an d c o u p o n s p a y a b le in M em ohls, T en n
o r in
N ew Y o r k C ity , a t th e o p tio n o f the h old er thereof
N o bids fo r less than par and accru ed in terest wili
be e n te rta in e d , an d the c it y reserves th e right to
r e je c t a n y an d all b id s . E a ch bid m ust be fo r the
en tire $ 1 5 0 ,0 0 0 , all bid s a ccom p a n ied b v a certified
c h e c k fo r $ 1 ,5 0 0 , p a y a b le to the order o f the C ity
o f M em ph is, as a gu a ra n ty o f go o d fa ith on the
part o f th e b id d e r, such c h e ck to be certified b y
so m e M em ph is b a n k . Said ch e ck o f the successful
b id d e r shall be retain ed b y the c it y as an d fo r
liq u id a te d dam ages u p on the failure o f such b id d e r
to a c c e p t and p a y fo r th e b o n d s. Checks w ill be
retu rn ed to u n successful bid d e rs. T h e b o n d s are
to be d eliv ered and paid fo r In the C ity o f M em phis
T h e le g a lity o f these b o n d s has been a p p ro v e d
b y D illo n , T h o m s o n & C lay o f N ew Y o r k C ity a
c o p y o f w h ose o p in io n will be furnished to the
su ccessfu l b id d e r.
F o r fu rth e r In form ation a p p ly
to the u n d e rsig n e d .

fo r th e sale o f $ 3 0 0,00 0 o f general lia b ility bon d s
fo r the Im p ro v e m e n t o f streets, alleys and h igh ­
w ays o f said c it y , an d fo r se p a ra tin g th e grades
o f ce rta in streets fro m th e grades o t certa in c o m ­
m ercial railroads an d fo r b u ild in g sew ers In the
C ity o f M em ph is, T en n essee. Said b o n d s w ill be
d a te d A u g u s t 1st 1911, p a y a b le A u g u st 1st 1046,
w ith o u t o p t io n o f p rio r p a y m e n t, bearin g 4 H %
Interest per a n n u m , p a y a b le F eb ru a ry 1st and
A u g u s t 1st, r e s p e c tiv e ly , b o n d s and c o u p o n s
p a y a b le In M em ph is, T en n essee, or In th e C ity o f
N ew Y o r k , a t the o p t io n o f the h o ld e r th ereof.
N o bid fo r less th an p ar an d a ccru e d Interest will
be en te rta in e d , an d the c it y reserves th e rig h t to
r e je ct a n y and ail b id s.
E ach bid m ust be for
the en tire $ 30 0,00 0, all bids a c co m p a n ie d b y a
ce rtifie d ch e ck fo r $ 3 ,0 0 0 , p a y a b le to the ord er
o f th e C ity o f M em ph is, as a g u a ra n ty o f g o o d
faith o n th e p art o f the b id d er; such ch eek to be
certified b y so m e M em phis b a n k . Bald c h e c k o f
the successful b id d e r shall be retain ed b y th e c it y
as an d fo r liq u id a te d da m a ges u p o n th e failure
o f such b id d e r to a c c e p t an d p a y fo r the b o n d s.
C h ecks w ill be retu rn ed to u n successful bid d ers.
T h e b o n d s are to be deliv e re d an d paid fo r In the
C ity o f M em ph is. T h e le g a lity o f these b on d s
has been a p p ro v e d b y D illon , T h o m s o n & C lay
o f N ew Y o r k C ity, a c o p y o f w h ose o p in io n w ill
be furnish ed t o the su ccessfu l b id d e r . F o r fu rth er
In form ation a p p ly t o th e u n d ersign ed .
E . H . C H U M P , M a yo r.
A tte s t: E N N IS M . D O U G L A S S , C ity C lerk.
T h is J u ly 28th 1011.

FT H . C R U M P , M a y o r.
A tte s t: E N N I S M . D O U G L A S S , C ity Clerk
T h is J u ly 28 1011.

$ 700,000

M U N IC IP A L B O N D S

MACON, GEORGIA,

L ega l fo r S a v in g s B a n k s,
P oatal S av in gs an d T ru st Funds

Water-Works Bonds

SKN D FOR LIST

Sealed b ids t o be re ce iv e d b y A . R . T in sle y
Treasurer C ity o f M a c o n , G a ., up to n o o n o f

19 South La Salle St.,

CHICAGO

BLODGET & CO
BONDS
00 S T A T E S T R E E T , B O S T O N
SO P I N E S T R E E T , N E W Y O R K

STATE, CITY & RAILROAD BONDS




$ 300,000

S E P T E M B E R 4 1911.

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO

to be p u b li c ly ’o p e n e d b y th e M a y o r an d Connell
in o p e n C ou ncil on th e 5th d a y o f S e p tem ber 1911
b U l tIflCtl c b c c k fo r 51.000 to a c c o m p a n y each
C ity reserves th e rig h t to r e je c t a n y and all bids
B o n d s to be d eliv e re d t o p urchaser a t th e o ffic e
o f the C ity T reasu rer, M a c o n , G a ., on S a tu rd a v
S e p te m b e r 30th 1911.
N o te .— T h is sale Is fo r $ 70 0,00 0, n um bered
fro m 1 to 700, In clu sive, th e rem ain in g $200,000
to be sold at a later d a te .
F o r full In fo rm a tio n a p p ly to
A . R . T I N S L E Y , Treasurer.
M a co n , G a.

H0DENPYL, HARDY & CO.
t W e l l S t . . s'i*w y « r ( f
Railroad, Strut By., Gas & El«c. Light

SECURITIES

489

THE CHRONICLE

A u g . 19 1911.]

W A L T H A M , M a ss.— T em porary L o a n .-—'This c it y has b o r r o w e d $15,000
u n til D e c. 8 fro m Curtis & San ger o f B o s to n a t 3 .6 0 % d is co u n t.
W A P A N U C K A . J o h n s to n C o u n ty , O k la .— B on d E lection. A n e le ctio n
will bo held A u g . 22 to v o t e o n th e p r o p o s itio n to Issue $7,000 w a te r b o n d s,
it is sta te d .
W A R E C O U N T Y (P . O . W a y c r o s s ), G a — B o n d Election P ro p o sed .—
T h ere Is talk o f h old in g an e le ctio n th is m o n th t o v o t e o n th e p r o p o s itio n to
Issue the $ 25 0,00 0 r o a d -lm p t. b o n d s ( V . 02, p . 158 8).
W A S H IN G T O N C O U N T Y (P . O . W a s h in g t o n ). I ow a— B o n d S ale.— O n
J u ly 13 $ 27 ,500 4 Vi% 5 -2 0 -y e a r (o p t .) h osp ita l b o n d s w ere a w a rd ed to
G eo. M . B ech tel & C o . o f D a v e n p o r t a t 1 00 .009 .
D e n o m . $.>00. D ate
A u g . 1 1011. I n t . F . & A .
W A S H IN G T O N C O U R T H O U S E . F a y e tte C o u n ty , O h io .— B on a b a le .
T h e C om m ercia l B a n k o f W a sh in g to n C ou rt H ou se has b®eP
Time 7
an d ln t. $14,401 48 4 H % 2 H -y e a r (a v .) strce t-Im p t. b o n d s .
D ate J u n e 7
1011. I n t . M . & S.
W F I DON SCHO OI D IS T R IC T . H o u s to n C o u n ty , T c x . — Bonds Voted.
and S old .— T h e e lection h eld A u g . 7 resulted in
2*0 yea^ bu H d ln g
Issuing $ 2,400 (n o t $ 1 ,0 0 0 , as r e p o rte d In V._03. p ..306) 4 % 20 y e a r bu im u ig
bon d s.
W e a r c a d v is e d , u n d er d a te o f A u g . 0, th a t these securities n a v e
been s o ld .

W O O S T E R W a y n e C o u n ty , O h io .— B on d O ffe rin g .— P ro p o sa ls will b e
re c e iv e d until’ 12 m . S e p t. 2 b y J . B . M in er, C ity A u d ., fo r th e fo llo w in g

$3?0P8°on 9 0 °M ansfleld R o a d b o n d s.
D u e p a rt y e a r ly fro m 1 t o iO years.
4,201 86 W e s t L ib e r ty S t. b o n d s .
D u e p a rt y e a r ly fro m 1 t o 10 years.
13,286 45 S o u th S t. b o n d s.
D u e p a rt y e a rly fro m 1 t o 10 years.
0,3 3 3 16 S o u th B u ck e y e S t . b o n d s .
D u e part y e a r ly fro m 1 to 10 years.
2,3 8 4 56 N orth G ra n t S t. b o n d s .
D u e p a rt y e a rly fro m 1 to 5 years.
Y O N K E R S . N. Y.— B on d O ffe rin g .— P ro p o sa ls w ill b e r e c e iv e d u n til 12 m .
A u g . 22 b y J o se p h M iller, C ity C o m p ., fo r th e fo llo w in g 4 y, % registered bd s.
$ 80 ,000 w a te r b o n d s .
D ue $ 2 ,000 J u ly 1 1012 t o 1951 in c l.
10.000 p u b llc -b u lld ln g b o n d s.
D u e $500 J u ly 1 1912 t o 1931 ln cl.
5 8 .000 s ch o o l b o n d s.
D ue $ 2 ,900 J u ly 1 1912 t o 1931 ln cl.
D a te J u ly 1 1911. I n t . A . & O . In N . Y . e x c h a n g e . C ert, c h e c k for
2 % o f b o n d s b id fo r , p a y a b le t o the C ity C o m p ., Is re q u ire d . T h e op in ion
o f lla w k ln s , D elafteld & L o n g fe llo w o f N . Y . C ity , c e r tify in g t o the v a lid ity
o f th e a b o v e Issue, w ill be fu rn ish ed t o th e p u rch a se r.
Y O U N G S T O W N O h io .— B on d S a le.— T h e b id s r e c e iv e d o n A u g . 14 for
th e eigh teen issues o f 5 % Im pt. b o n d s (V . 9 3 , p . 365) w ere as fo llo w s :
B
issues ui /u
k
5550 $850 $38 i000 $ 2 0 ,2 2 5 $ i2 ,8 1 0 5 7 ,1 1 5
B d s . B d s . B o n d s. B o n d s. B on d s. B on d s.
F ifth -T h ir d N a t. B k .. C ln c ln . _ . . . .
---------$ 2 0 ,5 7 0
--------­
N ew F irst N at. B k ., C o lu m b u s .$ 5 5 1 $851 *30,536 *2 0 ,6 4 8 $13 ,069 *$7,262
•13,069
20,633
T illo ts o n & W o lc o t t C o ., C l e v . . 556 850 3 9 ,482 2
0.633 *13,069
7,258
b u r ^ F S l r o o l ^ e ^ C o u n t P ^ V ^ V a B o m P s a l e l L o n ^ A u g / ^ 5 ' the $ 8 5 ,0 0 0 e5 %
...
--------- 2 0 ,6 1 5 13,041
F irst N a t. B a n k , C le v e la n d -------. . .
P r o v . S a v .B k .& T r .C o ., C ln c ln . . . .
...
3 9 ,246 20,509 12,090
l O - s t ’y e ™ I m p r o v T bonjta (V . 03 P- 240) w ere a w a r d e d t o D e v lt t , T re m b le
7 ,2 2 9
........... 20,558 13,014
H a y d e n , M iller & C o ., C l e v c . . . .................
7,2 5 0
O tis & H o u g h , C le v e la n d ----------- . . .
...
3 9 ,450 2 0,620 13,053
A J ° H o o d &CC o ° D etroit6 3 7 $ 8 5 /7 1 0 1C u tter, M ay & C o .. C h ic a g o .$85 ,000
7,2 4 0
S e a so n g o o d & M ayer, C in c in _ ...................- 39,152 20,581 13,035
M ah . N a t. & C ity S a v . B a n k ,
Y o u n g s t o w n -------- ----------------- - - - - 3 8 ,0 2 5
...
W H IT E S T O W N (P . o . W h lt e s b o r o ), O neida C o u n ty . N. Y .— ■N o A c tio n
P o lice P en sion F d ., Y ’ t o w n ------ *556 *859
Y et T a ke» . - N o a c tio n has y e t been ta k e n to w a rd s th e Issuance o f th e
$ 1,710 $420 $770
$16 ,795 $1 1 ,9 1 5 $935
$7,000 brid ge b o n d s v o t e d o n Ju n e 30 ( V . 93, p . 124 ).
B o n d s. B o n d s. B o n d s. B on d s. B d s. B d s.
17,082 12,118
W H IT T I E R SC H O O L D IS T R IC T . L o s A n g e le s C o u n ty , C a l.— B onds
421 771
V.7 n
17,141 *12,158
" 036
V oted. - A n e le ctio n held A u g . 4 resulted in fa v o r o f th e p r o p o s itio n t o Issue
*953 * 1 ,7 4 4 428 785
17,134 12,155
$30,000 5 % 1 5 -yea r bu ild in g b o n d s .
I h e v o t e w as 230 to 24.
____
17,118 12,130
W I L K E S -B A R R E . L u zern e C o u n ty . P a .— B on d S a le .— O n A u g . 1 0 the
17,031 12,082
770
V .713
$ 4 , 1 0 0 5 % 5 -y ea r p a v in g b o n d s ( V . 93. p . 240) w ere a w ard ed to F . B . S p r y
"9 3 5
17,071 12,106
____
____
17,115 12,140
o f P ly m o u th .
D ate J u ly 1 1011.
—
—
12,123
—
—
17,089
av . . . . J V . , -------------------w i i i 1AM SON C O U N T Y (P . O . G e o r g e t o w n ). T e x .— B on ds O ffered by
*429
--­
B anfeers— T h e H a r d s T r u s t & S a v in gs B ank o f C h ica g o Is o ffe rin g to Inves­ Jam es Squ ire, Y o u n g s t o w n ..................... . 781
_____
426
P
o
lice
P
en
sion
F
u
n
d
.
Y
’
to
w
n
.
tors the $ 1 0 0,00 0 5 % 1 0 - 4 0 -y e a r (o p t .) R o a d D is trict N o . 2 b o n d s registered
$ 6 ,5 5 0 $890 $ 2 ,525 $ 2,855
o n Ju n e 8 (V 92, p . I 8 6 0 ).
D e n o m . $ 1 ,0 0 0 .
D a te J u n e 1 1911.
In t.
B d s. B on d s. B o n d s. B d s . B o n d s. B on d s.
A . & O . In N ew tfo r k , C h icago o r the S ta te T re a su re r’ s o ffic e .
N ew First N a t. B a n k . . - . . - - -S 866*$ 10,142 *$6,683 $891 $2,528 $2,857
6 ,6 8 2 *908 *2,576 •2,912
W IN D B E R S om erset C o u n ty , P a .— B on ds D efeated .— A n e le ctio n h e ld
T illo ts o n & W o lc o t t C o ., C le v ._ 882 10,130
2 ,885
2,552
6 ,6 5 5 890
Tulv 2 2 resulted In the d efe a t o f th e q u e stio n o f Issuing $ 45 ,000 s tr e e t, sow er
H a y d e n , M iller & C o .. C l e v e .. 865
0,094
6 ,6 7 5 . . .
an d fu n d in g b o n d s . T h e v o te w as 117 " f o r " t o 120 " a g a in s t .”
-------. . .
lb .1 4 4
O tis & H o u g h , C leveland
6 ,6 6 5 . . .
S e a s o n g o o d & M ayer, C l n c l n .. . . . .
10,109
W IN T E R S , Y o lo C o u n ty , C a l.— D escrip tion o f B o n d s .— T h e $ 28 ,000 5 %
........... 903
P o lic e P e n sion F u n d , Y ’ t o w n - - —
sew er b on d s a w a rd ed o n A u g . 1 t o N .W . H a lse y & C o . o f S an F ra n cisco a t
10’ 561 (V . 0 3 , p . 428) arc In th e d e n o m . o f $1,000 each a n d d a te d J u ly 1
* Su ccessfu l b id s .
in ti
In t J & J . O th er b id s re ce iv e d fo r these b o n d s w ere as fo llo w s :
A ll bids Inclu de a ccru e d in terest t o d a te o f d e liv e r y .
W m . R . S ta a ts & C o ., L os A . $ 2 8 ,3 1 6 1G .G .B ly m y e r & C o .,S an F r . . $ 28 ,075

llisssb: bSSS»v.SS3S:: SS«

_

___

___

W O O D C O U N T Y CO M M ON SC H O O L D IS T R IC T NO. 17. T c x — B on d s
R egistered and S o l d .- T h e S ta te S c h o o l F u n d w as a w a rd ed o n A u g . 10 an
Issue o f $ 1 ,000 5 % 1 0 -2 0 -y r. (o p t .) b ld g , b o n d s a t par an d ln t. T h e se
b on d s w ere registered b y th e S ta te C o m p tro lle r o n A u g . 10.

o r d in a n c e IftaV b een
Im p t. ( c it y ’s p o rtio n ) b o n d s .
M . & S.
D u e S e p t. 1 1921.

___ _
_ _
_
___

6l i ^ f ^ I n F
D a te S e p t. 1 1911.
ln t.

D e n o m . $1 ,0 0 0 .

NEW LOANS.

NEW LOANS.

NEW LOANS.

$ 160,000

$ 18,000

$ 1, 200,000

BONDS

Gold Refunding General Municipal
and Water Bonds

KANSAS CITY, MISSOURI,
BONDS
Sealed proposals will be received by the under­
pinned the Mayor and City Comptroller of Kansas
City, k lsso u rlf until A U G U S T 28TH 1911. a t
10 O 'C L O C K A . M ., for the purchase of all or any
Dart of the following-named bonds of the City of
Kansas C ity, Missouri, In the following-named
amounts:
CLASS A
T u b ercu losis H o s p ita l B o n d s ................... $2 5 ,0 0 0 .0 0
CLASS B.
Public Levee Bonds.....................................
’22
? :i’2 2 2 ’22
Workhouse Bonds.......................................
K ansas C ity S ew er B o n d s ......................
5 0,000.00
$16 0,00 0.0 0
Class " A ” b o n d s b ea r Interest a t th e rate o f
4 p er c e n t p er an n u m . Class “ B ” b o n d s bear in­
terest a t th e ra te o f 4 H per c e n t per ann um . A ll
o f these b o n d s are o f th e d e n o m in a tio n o f $1,000.00
ea ch , d a te d S ep tem b er 1st. 1910, t o m atu re S e p ­
tem b er 1st, 1930. In terest p a y a b le a t th e o ffic e
o f th e C ity T reasurer o f K an sas C ity , M issouri,
o r at th e Chase N ation a l B a n k In th e C ity and
S ta te o f N ew Y o r k , at th e o p tio n o f th e h o ld e r.
T h e M arch a n d S ep tem b er, 1911, c o u p o n s will be
d e ta ch e d fro m said b on d s b e fo re d e liv e ry an d
WlN o ° b ld <wl<ll lie receiv ed w h ich Is In w h o le o r In
p a rt less th a n p a r.
,
.
. , ,
T h e leg a lity o f the b on d s w ill b e a p p ro v e d b y
M essrs. D illon , T h o m s o n & C lay o f N ew Y o r k ,
w h ose op in io n as to th e le g a lity , o r d u p lica te
th e re o f, w ill b e delivered to th e pu rch aser or
purchasers o f said b o n d s.
.
,
V E a ch b id m u st be m a d e o n a blan k fo rm fu r­
nished b y th e c it y , and m u st b e a cc o m p a n ie d b y
a d u ly certified ch e ck on a N ation a l B ank d o in g
business In K an sas C ity, M issouri, p a y a b le
o r d e r o f th e C ity C o m p tro lle r, o f K an sas C ity ,
M l s o u r), fo r 2 per cen t o f the par va lu e o f the
b on d s b id fo r . T h e rig h t Is reserved to r e je c t a n y
a n D eh very8o f the b o n d s w ill be m ade o n T u e sd a y ,
S ep tem b er 12th, 1911, at 1 0 o ’c lo c k A . M .. a t th e
o ffic e o f th e C ity C om p tro lle r o f K ansas C ity,
M issouri. B ids w ill be r e ce iv e d a t th e o ffic e o f
th o M a y or o f K an sas C ity , M issouri, In th e c it y
hall In said c it y , b u t no bid will be en titled t o c o n ­
sid era tion unless receiv ed b y o r be fo re th e hou r
a b o v e set fo r receiv in g bids.
.
.
P rin ted circu lars c o n ta in in g m ore d efin ite an d
deta iled In form ation w ith referen ce to said b o n d s,
an d blan k form s fo r bid s, ca n be h ad on a p p lica ­
tio n to the C itv C om p tro lle r o f K an sas C ity, M is­
sou ri! or t o M essrs. ‘D illo n . T h o m s o n & C lay o f
N ew Y o r k j

BROW N,
M a y or o f K ansas C ity , M issouri.
GUS P E A R SO N , „
.
C om p troller o f K ansas C ity , M issouri.

Putnam County, New York, City of Spokane, Washington,
S ealed b id s will b e r e ce iv e d b y the und ersigned
u p to tw e lv e o 'c lo c k n o o n A U G U S T 30, 1911,
fo r th e pu rch ase o f $18 ,000 H ig h w a y I m p r o v e ­
m en t b o n d s, t o be Issued b y th e C o u n ty o f P u tn a m ,
N ew Y o r k .
,
„
,
,
B o n d s w ill b e p a y a b le $2,000 o n th e first d a y o f
A u g u s t, In each y e a r, fro m 1917 t o 1925, b o th
In clu sive, a n d w ill bear Interest a t fo u r an d o n e q u a rter per c e n t per an n u m , p a y a b le s e m l-an n u ah y
o n th e first d a y s o f F e b ru a ry an d A u g u s t.
P rin cip a l a n d in terest p a y a b le In N ew Y o r k
E x ch a n g e a t th e o ffic e o f th e C o u n ty T reasu rer,
o r a t th e F irst N ation a l B a n k , B re w ste r, N ew
Y ork .
A ll b id s m u st b e a c c o m p a n ie d b y a certified
c h e c k fo r tw o per c e n t o f th e to ta l a m o u n t Issued.
T h e rig h t Is reserved t o r e je c t a n y an d all bid s.
B o n d s w ill b e d a te d S e p te m b e r 1, 1911.
D ated B rew ster, N . Y . , A u g u s t 14, 1911.
ED W ARD D. STAN NARD,
C o u n ty T reasu rer o f P u tn a m C o u n ty .

F. WM. KR AFT
LAWYER

Specializing ia Examination of

ftJaaicipal and Corporation Bond;
1312 F IR ST N A TI O N A L B A N K B L D G . .

CHICAGO,ILL.

n a t io n a l l ig h t ,
H E A T &, POW ER C O M P A N Y
g ua r a n teed

BO N D S

... .

A" lMue*

L I S T O N A P P L IC A T IO N

P 11TH D AY OF OCTOBER 1911

MUNICIPAL BONDS

8 A N K F .R S
iJO Pin* Str* * t,

N »w Yo rk

H v u tm en i

/\

« t . YleW in* fro m “

ULEN
E S T A B L IS H E D IM S

H. C. SPEER & SONS

SEASONGOOD & MAYER

First Nat. Bank Bldg., Chicago

Ingalls Building
CINCINNATI

SCH O O L,




*

fo r th e purchase o f all o r a n y p o rtio n o f a $ 1 ,2 0 0 .­
000 00 b o n d Issue o f said c it y , e x c e p t th a t n o
b id w ill be co n sid e re d th a t is fo r less th an $25,­
000 00 o r m u ltiple th e re o f.
Said b o n d s t o b e Issued fo r th e p u rp ose of re­
fu n d in g a like a m o u n t o f o u tsta n d in g b o n d s m a­
turin g O cto b e r 1 1911, d escrib ed <os fo llo w s :
$700,000 00 G eneral M u n icipa l B o n d s o f th e C ity
o f S p ok a n e. Series A ; $ 50 0,00 0 00 Series B W a ter
B o n d s o f the C ity o f S p o k a n e , a u th orized and
in cu rred pursuan t t o O rd in a n ce N o . A 4 0 o f th e
C itv o f S p o k a n e , a p p ro v e d Ju n e 26th 1891.
R e fu n d in g bo n d s uear d a te o f O cto b e r 1 1911,
p a y a b le 20 years a fter d a te , an d d ra w Interest at
a ia te n o t t o e x c e e d 5 % per an n u m , p a y a b le
se m i-an n u ally.
.
B on ds w ill be Issued as fo llo w s:
R e fu n d in g G eneral M unicipa l B on ds o f th e
C ity o f S p o k a n e , Series A , o f 1911: d e n o m in a tion
$1,000 00 e ach , n u m bered co n s e cu tiv e ly from
on e to seven h u n d red ; R e fu n d in g W a te r B on d s
o f the C ity o f S p o k a n e , Series B. o f 1911; d e n om i­
nation $1,000 00 e a ch , n u m bered c o n s e c u tiv e ly
fro m on e to live h u n d red .
.
T h e pu rchaser o r purchasers o f these refu n din g
b o n d s m ust enter in to an agreem en t w ith the city
w h ich agreem en t shall p r o v id e th a t the refu n din g
b o n d s and the purchase p rice th e re o f shall be de­
p osited w ith the F iscal A g e n c y o f th e S ta te o f
W a s h in g to n In N ew Y o r k C ity , as tru stee, aud
au th orizin g said tru stee fro m the fu n ds so d e­
p osited to pay and ca n ce l said o u ts ta n d in g b o n d s ,
and as List as said o u ts ta n d in g b o n d s are s o paid
an d ca n ce le d t o d eliv er t o said p urchaser o r pur­
chasers refu n d in g b o n d s t o an a m o u n t equal t o
the ca n ce le d b o n d s.
N o b id w ill be con sidered
w h ich d o c s n o t c o n ta in a sta tem en t o f a cce p ta n ce
o f the a b o v e co n d itio n s .
T h e S in k in g F u n d C om m ission reserves th e
rig h t to r e je c t a n y and all bid s, an d each offer
m u st he a cc o m p a n ie d b y a certified ch e ck fo r 2 %
o f the a m o u n t o f th e b id , and m u st b e fo r at least
par and a ccru ed Interest.
JA M E S M cG O l G A N ,
C ity A u d ito r .

A. H. Bickmore & Co.,

M U N IC IP A L AN D R A IL R O A D

BON D S

Sealed p roposals w ill b e r e ce iv e d b y th e Sinking
F u n d C om m ission o l th e C ity o f S p o k a n e , W ash
in g to n , at the o ffic e o f th e C ity T reasu rer o f said
c ity u p t o 12 o ’c lo c k n o o n o f the

CO

COUNTY AND MUNICIPAL BONDS

/U

C tQ £ .
fiJ

W r,M

& CO.

SA NKEU9

C H IC A G O

R. T.

Wilson

& Co.

33 W A L L STREET
INEW

YORK

to r

C irc u la r.

490

THE CHRONICLE

Canada, its Provinces and M unicipalities.

c a p ita l, $1 ,5 0 0 ,0 0 0 fo r w ater n itra tio n an d $ 4 ,5 0 0 ,0 0 0 f o r p u b lic w ork s

sb!.K<,muw,"e*« “ “
.,op
nro°rai,W K ff an sa
In terest M . & S . Certified c h e ck fo r 1 %

CAM SAC
SCHOOL DIST RIC T. Sa sk .— Debenture S a le . — T h e Na5
20 -'lM tTll Sen t d e b e n t u r e 8
WaS a w ar d ed - reP ° rta s t a t e , $8,000
C H I N G U A C O U S Y T O W N S H I P . Ont.— B o n d S a le .—
$ 3 0 ,0 0 0 5 %
1 0 -liis ta llm e a t t e le p h o n e b o n d s w e r e
D o m in io n S e c u r itie s C o r p o r a t io n o f T o r o n t o .

R e p o rts sta te th a t
r e c e n tly a w a r d e d to th e

C L A R E S H O L M . O n t.— Debenture

S a t e .— T h e $ 6 ,5 0 0 5 %
2 0 -ln s ta llm e n t
w a te r d e b e n tu r e s v o t e d J u ly 15 (V . 9 3 , p . 3 0 7 ) w e re D u rch a se d b v th e O n
t a r lo S e c u r itie s C o . o f T o r o n t o , r e p o r ts s tk te
P
by th 0 ° n "
C o u n t y . O n t. — Debenture S a le .— T h e
D o m i n i o n S e c u r it ie s C o r p o r a t i o n o f 1 o r o n t o Is r e p o r t e d a s h a v i n g p u r c h a s e d
a n Is s u e o f $ 1 8 ,6 0 0 5 % 5 a n d 1 0 -ln s t a llm c n t d e b e n t u r e s .

n

,
8 ? tf l k DeJ e% ure O ffering. — P r o p o s a l s w i l l b e r e c e i v e d u n t i l
12 m . A u g . 2 5 b y J . 1 . B r id g e w a t e r , T o w n C le r k , f o r t h e $ 1 6 ,0 0 0 4 u %
30I n s t a l l m c n t w a t e r - w o r k s d e b e n t u r e s v o t e d r e c e n t l y ( V . 9 3 , p. 1 2 4 ) .

T O W N S H I P (P. O. B el g ra v e) , On t. — Debenture Of-

flr t n o .—

P r o p o s a ls w ill b e r e c e iv e d u n t il t o - d a y ( A u g . 1 9) b y F . A n d e r s o n .
T w p . T r e a s ., f o r $ 1 8 ,0 0 0 5 % d e b e n t u r e s ,p a y a b le In 2 0 a n n u a l I n s ta llm e n t s
o f p r in c ip a l a n d I n te r e s t, b e g in n in g D e c . 2 0 1 9 1 1 .

• > n 9 ® P Ir.P , C H ' O n t . — Debenture S a le . — A c c o r d i n g t o r e p o r t s , $ 2 8 , 5 0 0 5 %
3 0 -ln s ta llm e n t d e b e n tu r e s h a v e b e e n a w a r d e d t o
th e O n t a r io S e c u r itie s
C o. o f T oron to.
. G R A ND V IE W , M a n . — Debenture S a le . — A c c o r d i n g
t o r e p o r ts , a n Issu e
o f $ 4 ,9 0 0 5 %
1 5 -y e a r d e b e n tu r e s , w a s p u r c h a s e d b y th e N a tio n a l F in a n c e
C o ., L t d ., o f R e g in a .

GR I M S BY , Ont . — L o a n E lectio n . — O n S e p t . 5 a n e l e c t i o n w i l l b e h e l d
I t Is s t a t e d , t o v o t e o n a b y - l a w p r o v i d i n g f o r a l o a n o f $ 1 0 , 0 0 0 a s a b o n u s
to th e R a d ia n t B lc c t r lo C o .
Q U E L P H , Ont . — Debenture S a le . — A n I s s u e o f $ 2 2 , 0 0 0 4 K % 1 0 - y r . d e ­
b e n tu re s h as b e e n a w a rd e d , re p o rts s ta te , to W o o d , G u n d y & C o . o f T o r o n to .
H A I L B Y B U R Y , Ont . — Lo a n E lectio n . — A b y - l a w p r o v i d i n g f o r a l o a n
$ 1 5 ,0 0 0 f o r w a t e r -w o r k s w ill b e v o t e d u p o n , r e p o r t s s t a t e , o n A u g . 2 8 .

of

HAL TON C OU NT Y ( P . O. M i l t o n ) . O n t.— Debenture S a le . — O n A u g . 1
t h e $ 9 0 ,0 0 0
4 %
2 0 -ln s t a llm e n t r o a d
d eb en tu res
(V . 9 3 , p . 250)
w ere
a w a r d e d t o A e m lllu s J a r v is & C o . o f T o r o n t o f o r $ 8 6 ,0 5 2 , m a k in g t h e p r ic e
9 5 .6 1 3 .
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 8 1911.
I n t . a n n u a ll y In J a n u a r y .
HI LL C R E S T M I N E S SCHOOL DIS TR ICT NO. 1916, Al ta .— Debenture
S a le . — T h e O n t a r i o S e c u r i t i e s C o . o f T o r o n t o h a s b e e n a w a r d e d t h e $ 3 5 0 0
1 0 -ln s ta llm e n t c o u p .

LAUDER

SCHOOL

b ld g , d e b e n tu r e s

D IS 1 R I C T

b y -la w p r o v id in g fo r a lo a n
s t a t e , t o - d a y ( A u g . 19).

o f

NO.

$ 5 ,0 0 0

(V .

779,

93, p .

1 8 7 ).

Man .— Loan E lectio n .— A

w ill b e s u b m it t e d

to

a

v ote,

re p o rts

S . — Debenture S a le .— O n J u l y 3 1
t h e $ 3 5 ,0 0 0
2 0 -v r
$ 4 6 ,0 0 0 a n d $ 2 3 ,0 0 0 4 0 - y r . 5 % c o u p , d e b e n t u r e s ( V . 9 3 , p . 2 5 0 ) w e r e s o ld
to t h e D o m i n i o n S e c u r it ie s C o r p o r a t i o n o f T o r o n t o , a c c o r d i n g t o r e p o r t s .

M A C L E O D , N.

&

« } * » ' irffsasg:
,ot con’,r“ r e q u ir e d .

M O RR IS T O W N S H IP (P . O. B lu e v a le ). Ont.— D ebenture O fferin g — P r o ­
p osals w ill be r e ce iv e d fo r th e pu rch ase o f 5 % de b e n tu re s to b e ^ o M report^
s ta te , in a m o u n ts ran gin g fro m $200 t o $ 4,000. A . M acISwen i l C lerk .
N O R TH B A T T L E F O R D , S a sk .— D ebentures N ot S o l d __ T h e tr .1 3*14 b°/

4 0 -ln st all m en t sewer-Impt. d ebent ures offered o n J u l y 17
h a v e n o t been so ld.

tv
' v

'n
P-

•

B o n d S ale — T h e D o m in io n Secu rities C o rp o ra tio n o f T o r o n t o nurehased
an issue o f $25 ,500 5 % 20 a n d 2 5 -y r s . sin kin g fu n d b o n d s ? it te reported^
NORTH TORONTO. O n t — D ebenture E lection — Accor din g to reports an
el ec tio n will be h eld on S ep t. 9 to v o t e on the Issuance of $257000 road debs!
O A K V IL L E ,

O n t.— D ebentures

V oted.— T h e

p r o p o s itio n

to

ico „„

• ( V ' ° 3 ’ P ' 307) c a r r le d ’ K 18 ^ P o r t e d , at the e l a t i o n

h e ld A u g T r

, P 0 I? I , § X , ^ L E Y ' O n t.— L oa n V oted .— T h e b y -la w p r o v id in g fo r the
lo a n o f $12 ,750 t o pu rch ase a ligh t an d p o w e r pla n t ( V . 9 3 , p . 360) carried
It is sta te d , b y a v o t e o f 174 t o 2 a t th e e le ctio n h eld A u g . 9 .
’
P R IN C E A L B E R T , S ask .— L oa n E le c tio n .— O n A u g . 26 th e ra te-p a y ers
w ill v o t e o n b y -la w s p r o v id in g fo r loan s o f $27 4,90 2 and $ 5 0 0,00 0 t o c o n ­
s tr u c t a p ow er s ta tio n a t L a Colie F alls, It Is sta te d .
R O U L E A U , Sask .— D ebenture S a le.— A n Issue o f $ 60 ,000 5 K % 4 0 -ln sta fim en t deben tu res has been p u rch a sed b y th e N a tio n a l F in a n ce C o ., L t d .
o f R e g in a , a c c o r d in g t o re p o rts.
m h ^ ^ ? ™ i* h ^ H N | C I P A L I T Y
L A U R I E R , S ask .— L oa n A u th o riz e d .—
m ^ n ts.^ a cco rd ln g1 re^ rm forts. k ° rrow Inlf o f $ 15 ,000 fo r p e rm a n e n t lm p r o v c Sa s k .—-L o a n E lectio n .— -The fo llo w in g lo a n b y -la w s w ill be
f m S h w i 1' *>^n neo 0fn A Y ? ' 2 4 ’ , 1,t Is s ta tc d : 5 10 ,000 fo r r o a d -lm p t ., $ 60 ,000
n bint anrt
c ' ty s t a b >es an d s to re -h o u se , $1 5 ,0 0 0 fo r m a c h in e r y ,
w a t e r wnrkYY.TPtT n c ^ n °r «9,YaPd o f, W o r !<s an d B o a rd o f H e a lth , $ 7 5 3 ,0 0 0 fo r
F 7 5 ? o V r fm wa\VTflTt?itlo7n X „ t r ele ctrlc" USh t a n d p o w c r s y s tem an d
YVinnFnJ2aFvlE L D SCHOOL D ISTR ICT NO. 1,569 (P. O. Transcona), East
A i v 2 2 fnV <!h ? r n s f - w f r« Q/Zerino — F roposais w ill bo r e ce iv ed until
d u e i n V n l nn?,'n0i°i0n6r°iib dl?Vb ° n d ? ■ , D ate A u g . 1 1911. P rin cip a l a n d Int.
a u e m 20 ann ual installm ents b e gin n in g A u g . 1 1912.
Sash*— D ebenture O fferin g .— P ro p o s a ls w ill b e r e c e iv e d
deben tu res' 15 b y J ' W ' L a w m a n * S e c .-T r c a s ., fo r $ 5 ,0 0 0 fire -a p p a ra tu s
T A B E R . A lta .— D ebenture O fferin g .— T h is m u n ic ip a lity Is o f fe r in g fo r
?a4a. $7,000 10-year sid e w a lk , $4,000 2 0 -y a r h o sp ita l, $ 3 ,0 0 0 2 0 -y e a r flrep r o te o tlo n an d $ 2 ,000 2 0 -y e a r s t r ce t-lm p t. 5 % d e b e n tu re s.
*
. T R A I L . B. C .— D ebentures N ot S o ld .— T h o $ 25 ,000 6 % 2 0 -y c a r s c h o o l
de b e n tu re s o ffered o n J u ly 17 h a v e n o t y e t been s o ld .
D ate J u ly 3 1911.

MIMICO. O n t.— Debenture S a le . — O n A u g . 1 1 t h e $ 9 , 0 0 0 5 % 3 0 - v c a r
m u n i c i p a l d e b e n t u r e s ( V . 9 3 , p . 3 6 8 ) w e r e a w a r d e d t o C. I I . B u r v e s s * o n
o f T o r o n t o f o r $ 8 ,8 7 7 (9 8 .6 3 ) a n d I n t.
O t h e r b id s f o l l o w
N a t . F in a n c e C o ., L t d .,R e g ln a .$ 8 ,8 7 5 | G o o . A . S t lm s o n

[VOL. LXXXXIII.

C o ., T o r . . $ 8 ,8 0 1

W A IN W R IG H T , A lta .— L o a n V oted .— T h e ra te p a y e rs. It Is s ta te d h a v e
s a n ctio n e d a b y -la w t o raise $35 ,000 fo r a fire h a ll, fire en gin e and sid ew a lk s
W E L L A N D , O n t.— D ebentures N ot S o ld .— T h e $ l o t ,0 0 0 3 0 -y e a r an
$ 29 ,598 63 1 0 -y ca r 4 « % d eben tu res offe re d o n J u ly 24 (V 93 n 25 d
h a v e n o t y e t been s o ld .
’

M O NT R EA L. Que.— Lo a n O ffering. — P r o p o s a l s w i l l b e r e c e i v e d until
1 0 a . m . S e p t . 1 8 b y t h e C it y C le r k f o r £ 1 ,4 3 8 ,3 0 0 s t e r lin g o r $ 7 % 0 0 0 0 0 c u r e n c r o r fr a n c s 4 % 4 0 -y r . re g is te r e d s t o c k o r c o u p , b o n d s .
T h e proceeds of
h e l o a n will b o u s e d f o r t h e f o l l o w i n g p u r p o s e s : a $ l , 0 0 0 , 0 0 0 f o r w o r k i n g

MISCELLANEOUS.

ENGINEERS

OFFICE OF TH E

ATLANTIC MUTUAL INSURANCE COMPANY. J.
N ew

Y ork . Jan u ary

2 0 th , 1911.

The Trustees, in conformity with the Charter of the Com pany, submit the follow ing statement of Us a ffairs
_
.
on the 3 1 s < of December. 1 9 1 0 .
P r e m iu m s o n
P r e m iu m s o n
T o ta l

$3 981 997 35

M a r in e R is k s fr o m 1 s t J a n u a r y , 1 9 1 0 , t o 3 1 s t D e c e m b e r , 1 9 1 0
P o l i c i e s n o t m a r k e d o f f 1 s t J a n u a r y , 1 9 1 0 ________________________________________ _

’685

546

90

1 s t J a n u a r y , 1 9 1 0 . t o 3 1 s t D e c e m b e r , 1 9 1 0 ___________________________ $ 3 , 7 9 3 , 8 6 3

I n t e r e s t r e c e i v e d d u r i n g t h e y e a r __________________________________________ $ 3 7 3 , 5 7 1 5 0
R e n t l e s s T a x e s a n d E x p e n s e s ---------------------------------------------------------------------1 4 6 ,5 8 6 9 1

88

$ 5 2 0 ,1 5 8 " 4 1

L o s s e s p a id d u r in g t h e y e a r w h ic h w e r e e s t im a t e d In 1 9 0 9
a n d p r e v i o u s y e a r s ............................................................................ ................_■_______$ 5 0 4 , 3 1 1 3 3
L o s s e s o c c u r r e d , e s t i m a t e d a n d p a i d I n 1 9 1 0 _________________________ 1 , 0 2 1 , 3 5 6 1 2

$ 1 ,5 2 5 ,6 6 7

L e s s S a l v a g e s ........................................................................$ 1 9 5 , 9 3 1 2 7
R e - l n s u r a u c e s ....................................................................
4 0 2 .1 0 6 6 3

43-49 Exchange Place, NEW Y O R K
Chicago, Ilia.

M a r i n e P r e m i u m s ___________________________________________________ _______________________________________________ $ 4 , 6 6 7 , 5 4 4

P r e m iu m s m a r k e d o ff fr o m

G. W H IT E & CO.
Engineers, Contractors

Electric Railways, Electric Light and
Power Plants, Gas Plants, Financed,
Designed and Built.

45

London Correspondents:
J . G. W H I T E & C O ., Lim ited

5 9 8 ,0 3 7 9 0

9 Cloak Lane, Cannon S t.. E . C.

$ 9 2 7 .6 2 9 7 5 5
R e t u r n s o f P r e m i u m s ____ ______________________________________________________
E x p e n s e s , I n c lu d in g o f f i c e r s ’ s a la r ie s a n d c le r k s ’ c o m p e n s a t lo z T ,V t a t t o n e r v ~
n e w s p a p e r s , a d v e r t i s e m e n t s , e t c ______________________ _________________________________ J_*

ASSETS.

a

51 5 «

*
$36 3,22 3

39

L IA B IL IT IE S .

United States & State of New York
S t o c k , C ity, B a n k a n d other Se-

1 ,1 3 4 ,4 4 8

P r e m iu m s o n U n t e r m in a t e d " R is k s I
C e r tific a te s o f P r o fit s a n d I n t e r e s t
U n p a i d ______
R e t u r n P r e m i u m s U n p a i d . I I ...............
R e s e r v e fo r R e -ln s u r a n c o P r e m iu m s
& C la im s
i ot
s e t t le d , in c lu d in g
C o m p e n s a t i o n , e t c . . ______
C e r tific a te s o f P r o fit s O r d e r e d R e ­
deem ed,
W ith h e ld
fo r
U n p a id
P r e m iu m s .
C e r tific a te s
o f "P r o fits " O u tsta n d ­
i n g _____________________________________________

70

2 1 0 .4 3 5 7 4
9 3 5 ,4 7 8

C. G. YOUNG

Estimated Losses and Losses Un­
settled .......... ................................. ..
$2 , 7 1 4 , 0 3 5

c u r l t l e s ................................................
$ 5 ,4 1 8 ,7 9 2 0 0
S p e c ia l d e p o s it s In B a n k s A s T ru stC o s . 1 .2 0 0 .9 1 6 6 6
R e a l E s t a t e c o r . W a ll & W illla m S t s .,
& E x c h a n g e P l a c e .$ 4 ,2 9 9 ,4 2 6 04
O th er R e a l E sta te &
c la im s d u e t h e c o m ­
p a n y -------------------------------7 5 ,0 0 0 0 0
4 ,3 7 4 ,4 2 6 0 4
P r e m iu m n o t e s a n d B ills R e c e iv a b le
C ash
In
th e
hands
of
E u rop ean
B a n k e r s t o p a y lo s s e s u n d e r p o li­
c ie s p a y a b l e In f o r e ig n c o u n t r i e s .
C a s h in B a n k a n d N . Y . C i t y r e v ­
e n u e b o n d s _________________________________

s .132

R e a l E s t a t e R e s e r v e F u n d ______

76

.7

88
8 7 3 .6 8 0 3 7

2 6 2 ,4 2 7 7 5
1 4 6 ,0 8 4 0 3

1 6 0 ,0 0 0

00

2 2 .4 5 9

61

.4 4 1 ,1 0 0 0 0
4 0 0 ,0 0 0 0 0

90
______________
A g g re g a tin g .................................... ................ $ 1 2 , 0 1 9 , 7 8 7

64

. ,.,A

d Lv l d e n . d of I n t e r e s t of Six p e r c e n t o n t h e o u t s t a n d i n g c e r t i f i c a t e s o t p r o f i t s w i l l be p a i d t o the
h o l d e r s t h e r e o f , o r t h e i r l e g a l r e p r e s e n t a t i v e s , o n a n d a f t e r T u e s d a y t h e seventh o f F . h n . a r v n f i t
°
.
o u t s t a n d l n g c e r t i f i c a t e s o f t h e I s s u e o f 1 9 0 5 w i l l b e r e d e e m e d a n d p a i d t o t h e h o l d e r s thereof
o r t h e i r l e g a l r e p r e s e n t a t i v e s , o n a n d a f t e r T u e s d u y t h e s e v e n t h o f F e b r u a r y n e x t f r o m w h ic h
In te r e s t t h e r e o n w ill c e a s e .
T h e c e r tific a te s to b e p r o d u c e d a t th e t im e o f ^ o a v m e n t
c J n c ^ a 1*
U
A d i v i d e n d o f F o r t y p e r c e n t Is d e c la r e d
on
t h e e a r n e d p r e m i u m s o f^ th e C o m S S n v f o r t h e v e a e
e n d in g 3 1 s t D e c e m b e r , 1 9 1 0 , w h ic h a r e e n t it l e d t o p a r t ic ip a t e In d i v i d e n d
fo r w h ic h 7 u n o n a n n M *
c a t io n , c e r t ific a t e s w ill b e Is s u e d o n a n d a ft e r T u e s d a y th e s e c o n d o f M a y n e x t
P
ap p I1'
of

the

Q. STANTON FL O YD -JO N ES. Secretary.

B oard,

TRU STEES.
F R A N C IS M . B A C O N ,
JO H N
N . B E A C H .
E R N E S T C . B L IS S .
V E R N O N
H . B R O W N .
W A L D R O N
P . B R O W N .
JO H N
C L A F L IN ,
G E O R G E
C. C L A R K ,
C L E V E L A N D H . D O D G E .
C O R N E L IU S
E L D E R T .
R IC H A R D
H . E W A R T ,
P H IL IP A . S . F R A N K L IN




H E R B E R T L . G R IG G S .
C L E M E N T A . G R IS C O M ,
A N S O N W . H A R D .
,
T H O M A S H . H U B B A R D .
L E W IS C A SS L E D Y A R D ,
C H A R L E S D . L E V E R IC H .
L E A N D E R
N . L O V E L L .
G E O R G E
H . M A C Y ,
C H A R L E S
II.
M A R S H A L L ,
N IO H O L A 3 F . P A L M E R .
H E N R Y
P A R IS H ,
A D O L P P A V E N S T E D T ,
A .

A .

R A V E N ,

C H A R L E S M . P R A T T .
D A L L A S
B . P R A T T ,

^ Er

^

N

Methods,

Operation

Reports for Financing

S IX T Y
W A L L ST.,
NEW Y O R K

Frederick H. Lewis
Civil and Mechanical Engineer

Consulting Engineer
Srown-Msrx Bldg.

Birmingham, A la .

E s ta b lis h e d

1889

A. L. R E G IS T E R &, C O .
E N G IN E E R S -C O N T R A C T O R S
Philadelphia

S T E W A R T .

MINING ENGINEERS

H. M. C H A N C E
Consulting Mining Engineer and Geologist

P resident.

H . JO N E S

Plans,

. Q U IN T A R D -

JO H N
J. R IK E R .
D O U G L A S
R O B IN S O N .
G U S T A V
II. S C H W A B .
W IL L IA M
S L O A N E ,
L O U IS
S T E R N .
W IL L IA M
A . S T R E E T .
G E O R G E
E . T U R N U R B ,

W R N E L I T T S E L D E R T , V ice-President.
W A L T E R W O O D P A R S O N S . 2 d V i c e -P r e s i d e n t
C H A R L E S E . F A Y , 3 d V ice-P resident
, ’aeTl1’
JO H N

Engineering and Construction
Public Utilities and Industrials

A g g r e g a t i n g . . . ............................................... $ 1 3 , 2 7 4 , 4 9 7

By order

San Francisco, Cal.

Investigations and Reports on Electric
Rail way. Gas. Electric Light and Pole?
Properties. Irrigation Systems. & c.. for
Financial Institutions and Investors.

UhVice-PresideiU

GOAL AND MINERAL PROPERTIES
Examined, Developed, Managed
rS7 Drexel B ld g .,

P H I L A D E L P H I A . PA.