Full text of Commercial and Financial Chronicle : December 10, 1910, Vol. 91, No. 2372 [Copy 2]

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Bank & Quotation Section
• Railway & Industrial Section
Railway Earnings Section
. Bankers’ Convention Section
VOL. 9 1 .
SATURDAY, DECEMBER 1 0 1 9 1 0 .
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Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; Gcorgo S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses ot all, Office of the Company.
C L E A R IN G -H O U S E R E T U R N S .
T he follow ing tab le, m ad e up by teleg rap h , & c., ind icates th a t th e to ta l
b an k clearings o t all clearing houses of th e U nited .States for w eek ending
to -d ay hav e been $3,381,035,545, ag a in st $3,413,715,443 last w eek an d
$3,481,997,722 th e corresponding w eek la st year.
Clearings— Returns by Telegraph.
Per
Week ending Dec. 10.
1910.
Cent.
1909.
New Y ork.................................................
$1,696,010,391 $1,747,726,773 —3.0
Boston ........................................................
133,991,501 + 1.2
135,667,272
130,410,494 —6.8
Philadelphia.............................................
121,487,865
Baltimore...................................................
29,268,544
29.022,387 + 0.8
226,631,644 + 3.4
Chicago .....................................................
234,274,686
60,982,181 + 10.5
67.396,665
St. Louis............................... ...................
20,578,273 —0.2
20,535,145
New Orleans.............................................
Seven cities, five days........................... $2,304,640,568 $2,349,343,253 — 1.9
490,468,946 + 7.5
527,416,209
Other cities, five d a y s .........................
Total all cities, five days..................... $2,832,056,777 $2,839,812,199 —0.3
642.185,523 —8.3
All cities, one day___________________
548,978,768
Total all cities for week____________ 83,381,035,545 83,481,997,722 1 —2.9
T he full details for th e w eek covered by th e abo ve will be given n e x t S a t­
u rd ay . W e c an n o t furnish them to -d a y , clearings being m ade up by th e
clearing houses a t noon on S a tu rd a y , a n d hence In th e abo ve th e la st d a y
ot th e w eek h a s to be In all cases estim a te d , as we go to press F rid a y nig ht.
W e p resent below detailed figures for th e w eek ending w ith S a tu rd a y ,
noon, December 3, for four years.
Week ending December 3.
Inc. or
1907.
1910.
1909.
Dec.
1908.
S
S
8
$
%
New Y ork............ 1,992.630,017 2,320,888,914 — 14.1 2,190,116,891 1,434,538,166
Philadelphia----- 166,807,325 175,900,145 — 4.0 138.967,662 133,349,312
Pittsburgh............ 52,509,126 51,900,010 + 1.1 42,864,416 51,968,974
B altim ore............ 35,259,702 35,243,280 + 0.05 28,479,806 26,732,919
9.069,434
8,474,507
Buffalo.................. 10,874,288 11,781,408 —7.7
8,214.220 —25.4
5,943,649
6,120,600
5,193,322
Albany..................
8.486,529
8,327,267 + 1.9
7,124,607
W ash ingto n----6,351,948
5,298,744
4,407,032 + 20.2
4,189,953
3,711,144
R ochester............
2,765,586
2,967,177 — 1.4
2,349,204
2,925,615
S cran ton..............
2,785,204 —6.3
2,131,605
2,610,170
2,061,787
S y racuse_______
1,362,125
1,579,596 + 3.1
1,301,929
Wilmington_____
1,628,981
1,473,993
Reading................
1.748,835 —8.3
1,602,263
1,311,909
1,593,696
Wilkes-Barre . . .
1,623,833 — 1.4
1,292,316
1,597,217
1,714,133
Wheeling ............
2,053,387 + 1.6
1,579,737
2,085,940
H arrisbu rg------1,169,939
1,294,802
1,402,634 —7.7
1,104,120
Y o rk .....................
803,560
1,081,786
+
8.5
760,592
996,261
Trenton _______
2,055,331 ...________’
2,266,521
2,335,411 —2.9
E rie ................ ......
855,332
701,351
053,754
894,473 —4.4
C h ester-----------576,226
475,545
498,801 + 15.5
553,425
B ingham ton-----534,100
475.400
431,900 + 23.7
464,700
G rccnsburg..........
712,932
603,591
435,075
557,601 + 27.9
F ran k lin ..............
240.030
252,878
262,222
300,000
—20.0
A ltoona................
431,610
406,212
410,394 + 5.2
425,001
Total M iddle.. 2,299,233,826 2,635,213.783 — 12.7 2,444,801,364 1,685,875.863
Boston ................ 168,544,415 182,368,470 —7.6 173,350,086 132,993,088
9,680,600
9.479.100 + 2.1
Providence..........
7,716,600
6,737.400
4,321,745
3.962,027 + 9.1
H a rtfo rd ..............
3,634,864
3,300,484
2,762,436
2.890.472 —4.4
New H aven------2,671,717
2,674,130
2,389,047
2,350,000 + 0.8
Springfield............
2,185,771
1,974,943
2,342,636
2,015,798 + 16.2
P o rtla n d ..............
2,093,527
1,999,085
2,130,837 + 16.4
2,480,571
W orcester............
1,822,807
1,404,096
1,281,973 .—4.3
Fall R iver............
1,127,305
1,358,882
938,589
New Bedford___
1,341,876
1,396,661 —3.9
1,093,282
804,299
622,516 + 4.4
Holyoke..........
649,933
536,121
,
577,063
471,055 + 14.6
Low ell................ 540,199
503,251
494,089
Total New Eng 196,160,763 208,968,809 —6.1 198.975,908 153,987,865
» Note.—For Canadian Clearings see "Commercial and Miscellaneous News."
fllpmrln/iv nt “
QiCUf




Week ending December 3.
Inc. or
Dec.
1908.
$
$
%
Chicago.........
293,206,548 295,196,090 —0.7 272,790.884 202,532,159
Cincinnati . . .
25,237,850 27,108,700 —6.9 26,364,150 22,126,250
C leveland............ 21.617.553 20,132,147 + 7.4 15,485,963 15,674,654
D etroit...........
18.501,175 16,670,113 + 11.0 14,910,083 13,048,218
M ilw aukee...
13.569.253 13,546,117 + 0.2 13,582,372 10,587,433
8,970,234 10,463,916 — 14.2
Indianapolis___
8,215,394
6,581,454
5.653,200
Columbus . . .
7,427,700 —23.9
4,765,800
5,408,200
T oledo_____
4,485,248
4,085.369 + 9.8
3,796,892
3,404,277
P e o ria ..................
3,906,593
3,644,146 + 7.2
2,157,524
3,567,361
2,664,919
Grand Rapids__
2,706,527 —1.3
2,319,369
2,172,142
D a y to n ................
2,000,353
2,158.002 —7.3
1,432,723
1,946,465
2,123,871
E v a n sv ille ..........
2,340,681 -—9.3
1,963,196
1,723,576
1,431,790
K alam azoo___
1,870,520 —23.4
1,130,654
893,052
1,005,268
Springfield, 111 .
1,013,738 —0.8
1,075,000
840,317
1,037,989
980,183 + 5.9
Fort Wayne . . .
800,895
723,453
980,894
Youngstow n__
1,203,626 — 18.5
1,027,303
812,947
1,285,981
L exington..........
724,640
765,181
1,118,501 + 14.9
1,012,000
A k ro n ................
951,350 + 6.4
620,000
390,000
1,102,501
C anton......... ......
719,543
595,881
690,000 + 6.0
687,607
Rockford ..........
605,528 + 13.6
478,687
520,015
Bloomington__
575,055
461,029
470,135
511,061 + 12.5
710,082
Quincy................
636,894 + 11.5
460,163
505,036
432.318
Springfield, Ohio
486,364 — 11.1
400,788
4S5.273
548,407
South B end..
371,014
561,592 — 23.3
471,562
382,790
D ecatur ..............
488,891 —21.7:
429,644
351,561
Jackson .........
375.000
321,708 + 16.6
304,978
330,000
262,116
Jacksonville, 111.
292,603 — 10.4
199,633
329,533
437,561
Mansfleld..............
369,917 + 18.3
263,872
261,038
436,013
D anville____
489,244 — 10.9
345,815
424.375
L im a ..............
358,839 + 18.2
288,150
300,000
350.000
Ann A rb o r...
332,496 + 5.3
214,772
196,718
Adrian ____
30,477
36,502 — 16.5
17,923
20,118
656,072
Saginaw................
661,669 —0.8
380.000 Not Included in total
L ansing..........
Tot.M id.W est. 416,101,090 419,789,734 — 0.9 380,946,246 295,207,222
San Francisco__ 47.597,227 46,426,538 + 2.5 40,341,757 29,210,844
18,827,304 15,059,944 + 25.0 13,043,763
Los Angeles. .
6,869,352
Seattle ................ 11,096,450 13,210,427 — 16.0
9,832,664
7,221,501
4,900,000
Spokane................
3,897,632
2,821,335
5,109,806 —4.1
7,715,635
Salt Lake C lty ..
3,808,369
8,467,578 —8.9
7,517,739
9,493,383
P o rtla n d _______
8,730,357 + 8.7
4,406,183
6,681,418
4,229,438
T acom a..........
6,062,465 —30.2
4,771,017
4,853,179
O akland................
3.566,489
2,012,690 + 77.2;
1,337,329
1,779,367
Helena ____
1,20 it,733
1.085,989 + 11.3
1,264,774
875,563
Sacram ento..
1,685,163
1,578,766 + 6.7
1,113,132
750,000
1,335,754
San Diego__
1,047,388 + 27.5
793.000
F resno............
957,938
900,733 + 0.4
729,210
S to ck ton___
868,677
813,379 + 6.8
617,904
614,815
San Jose.......... __
540,611
650.000 — 16.8
533,503
360,000
497,272
N orth Yakima . .
431.766 + 15.4
300.000
B illin gs_____
199,527
382,187 —47.8
273,497
Pasadena............
715.000
550.000 +30.0
Total Pacific.. 115,434,601 112,519,983 + 2.6 93,472,509 63,046,308
Kansas C ity ___ 53.341,407 51,317,886 + 3.9 40,887,414 25,979,864
M inneapolis..
26,687,17_ 28,752,885 —7.2 26,745,668 26,504,084
O m aha...........
14,660.144 14,722,518 —0.4 13,884,000 10,738,885
St. Paul......... ..
13,927.238 12,325,665 + 13.0 11,923,671 10,938,904
9,800,032 10,129,031 —3.2
Denver........... . . .
7,596,942
9,101,519
D uluth......... ..
5.790.107
7,906,848 —26.8
6,277,3
St. Joseph............
6,443,823 — 2.6 15,175,229
3,625,701
3.750.000
Des M oines..
3,688,706 + 1.7
3,086,562
2,880,018
2,620,094
Sioux C ity ...
2,544,470 + 3.0
1,955,498
2,661,397
3,515,759
W ichita................
3,050,110 + 15.3
1,110,546
1 675.472
Lincoln ____
1,475,842 + 7.4
1,584,543
1,658,020
1,351,395
2,213,825
1,759,161 + 25.8
D avenport. ..
976,661
1,306,523
1,463,262
Topeka ..............
1,494,418 — 2.1
1,173,572
914,219
1,219,665 + 17.4
1.432.107
Cedar R ap id s__
842,713
813,396
Fargo ............
889,149
1,051,431 — 15.4
712,352
798,415
1.050.000
Sioux F a lls .........
820,000 —28.0
635,000
585,000
Colorado Springs
679,000
621,889 + 9.2
642,628
514,787
678.422
Pueblo ________
580,375 + 16.9
550,022
576,265
F rem o n t_______
290,784
285,592 + 2.8
233,032
382,042
H asting s..............
235,349 ot Included In total
Tot. otherW cst 150,659,403 150,190,315 + 0.3 122,695,401 98,442,015
St. Louis.............. 79,236,224 70,479,379 + 3.6 68,203,222 58,125,362
New Orleans___ 25,677,358 22,511,074 + 14.1 21,500,646 21,863,900
L ouisville............ 14,259,963 15,638,828 —8.8 15,117,904 10,465,608
H o u sto n .............. 14,525,288 15,425,288 —5.8, 15,834,951
9,639,945
G alveston______ 10,092,500
6,846,000
7.639.000 + 32.1
7,085,500
Richmond ____
7,775,044
9,138,994 — 14.9
6,916,553
6,334,505
Fort W orth..........
9,665,153
8.287,296 + 16.6
4,676,422
6.549.128
M em phis---------- 11,674,254
8,430,865 + 38.5
6,967,284
6,728,551
Savannah ............
9,613,810
5,839,392 + 64.6
5,574,312
5,698,498
A tla n ta ................ 15,576,723 12,301,699 + 26.6
5,955,949
5,979,346
4,408,387
3,887,147 + 13.4
Nashville --------3,914,095
3,082,520
4,113,615
Norfolk ................
3,828,240 + 7.4
2,917,383
3,473,046
2,953,370 • 2,716,128 + 8.7
B irm ingham ----2,076,639
2,199,027
3,653,381
A ugusta................
2,614,481
3,243.682 + 12.6
2,340,705
2,653,712
1,488,244
Little R o ck .. . .
1,943,772 + 36.5
1,763,939
1,315,254
1,863,096 + 12.6
2,098,679
Chattanooga __
1,673,937
2,701,493
2,194,546 + 23.1
Jacksonville----1,395,494
1,674,063
1,566,162
2,800.000
Charleston............
1,777,522 + 57.6
1,640,814
1,842,724
1,603,353
M obile..................
1,562,471 + 17.9
1,550,845
1.700.000
K noxville............
1.591.129
1,891,919 — 10.1
1,413.577
O klahom a............
1,417,760
2,427,693 + 9.2
2.650.000
754,035
1.550.000
M acon_________
946,554
1.200.000 + 29.2
768,412
1,455,976
A u stin ..................
917,488 + 58.7
588,392
893,980
747,978 — 1.1
740,030
Beaum ont ..........
584,700
367,500
434,233 + 5.0
Vicksburg ______
455.907
604,458
540,784 + 63.9
Wilmington, N. C
886,199
4 50,000
410.000
470,000 + 75.5
825.000
Jackson ................
410.000
440,377 + 24.8
M eridian..............
550.000
Total Southern 236,134,760 213,778,891 + 10.5 185,218,050 160,338,124
Total a ll........... 3.413,715,443 3,740,461,515 —8.7 3,427,109,476 2,454,897,397
Outside N. Y . 1.4°1,085,4261,419,572/01 .4-0.1 1,233.982,5851,020.359,231
Clearings at—

\v t
PUBLISHED WEEKLY.

Electric Railway Section
State and City Section
NO. 2 3 7 2 .

THE CHRONICLE

1534

T H E F IN A N C IA L S IT U A T IO N .
It was somewhat of a surprise to learn the present

[VOL. L X X X X I.

LaFollette’s beliefs are well known. He is the most
rabid of radicals and when he speaks of “ special
interests” , he means the very interests which it was

the purpose of the Constitution to safeguard, but
which he would destroy, such as the protection of
vacant places in the United States Supreme Court. property, the preservation of personal rights, & c., &c.
Chief Justice Fuller has been dead since the 4th of Men like LaFollette have no desire to see the Consti­
July and Justice Moody announced Oct. 4 that he tution upheld. They would subvert it instead.
Of course the purpose of the President is plain. As
would avail of the right given him by Congress to retire
at full pay. Accordingly Mr. Taft has had a long time the Senate must ratify the appointments, he wants to
in w'hich to make up his mind, and it was supposed reduce opposition on the part of individual Senators
in view of the need of a full bench to consider the to a minimum. But it is a shock to one’s sense of the
several urgent cases pending before the Supreme Court proprieties to have him seriously confer with men of
that the appointments to these two places would be the LaFollette type. Let Mr. Taft submit his nomi­
week that Mr. Taft had not yet definitely determined
upon the appointments he intends making to the two

among the very first to be sent to the Senate after the
convening of Congress on Monday of this week.
What has occasioned still more surprise is the intelli­

nations on their merits, and then if there is opposition,
let him appeal to the country. W e can assure him
that the response will not be uncertain.

In the re­

gence in the daily papers that the President had “ of buke administered on election day to ex-President
late been endeavoring to ascertain the attitude of Roosevelt and the revolutionary doctrines for which •
various progressive Senators as to certain men he has he stands, the people of this country have shown their
desired to consider in connection with the Supreme determination not to tolerate interference with the
Bench.” If there is anything regarding President fundamental principles underlying our Government.
Taft concerning which everybody in both political They will rally to the support of the President should
parties has had absolute confidence it is the rectitude the handful of LaFollettes remain unregenerate.
of his purpose in making appointments to the Su­
Mr. Taft has been a judge himself,

By request of the “ Outlook,” Mr. Walker D. Hines,

has a judicial temperament, and no one up to now

General Counsel and Chairman of the Executive Com­

preme Court.

mittee of the Atchison Topeka & Santa Fe road, con­
tions he would be governed solely by considerations tributes to the current number of that periodical an
relating to qualifications and fitness, ignoring entirely article upon the pending rate problem. His main
the question of opinions and political affiliations, and proposition is that, above all regular disbursements,
allowing not even his own views or desires regarding including dividends, a railroad must obtain from some
the important cases now pending before the Court source funds to cover increasing expenditures “ in order
to influence him in the slightest degree. Now we are to keep up and develop the property in accordance
suddenly told that the President has been conferring with the public demands and requirements.” That
with the so-called “ progressives” to see if the candi­ those requirements increase, and most assuredly that
dates he had in mind would be satisfactory to them. the demands are increasing and very insistent, is

has permitted himself to doubt that in making selec­

We reiterate that it has been felt there would be

certain; the man loudest in protesting against in­

no attempt to put men on our highest tribunal with

crease in either freight or commutation rates and most
sweeping in complaints of railroads is as loud as the

preconceived opinions.

To find, therefore, that the

President is anxious to please men in public life of the
most extreme type and who are known to have a con­
tempt for the Constitution as being a barrier in the
way of their carrying out their revolutionary projects,
has been extremely disturbing and has also had a

rest in his expression of what the roads owe to and
ought to do for the public. Therefore the necessity
for funds for this purpose, to come from some source,
is conceded. The theory that these should come from
new stock and that the income from the new work or

improvement will make return upon such stock, Mr.
disquieting effect.
Nothing conducive to a wise selection can be gained Hines does not treat at length; he merely points out,
by conferring with political leaders of that kind. unanswerably, that much new work (for example,
There would appear to be no reason to question that better stations and elimination of grade crossings)
Mr. Taft has been seeking to obtain the views of the will never yield pecuniary return at all.
Mr. Hines’s contention is that the roads must have
“ insurgent” Republicans, since a letter has been
printed in the newspapers containing the reply of adequate credit; that such credit depends upon pay­
Senator Robert M. LaFollette of Wisconsin, the most ment of reasonably attractive dividends and “ realiza­
violent of the radical Senators, to an invitation from

tion of verv substantial surplus earnings in addition;

the President’s Secretary, asking Mr. LaFollette to
come to the White House to discuss with the President
these judicial appointments. Mr. LaFollette thought
it best not to call, but wrote the letter referred to
instead. W hat Mr. LaFollette would say could have

further, that this is in the public interest.”
In comment, the “ Outlook” seems to concede all
his points, except that it readduces the proposition
that increased efficiency remains as a possible escape.
Mr. Harrington Emerson, who is cited as a witness

been imagined beforehand. The "o n e suggestion” he for this proposition, is speaking of what might be ac­
would offer is that “ only such men should be selected complished by an ideal or perfect management. One
as will be certain to construe the Constitution and the feature in such a scheme would be a piece-work and
law with due regard to the interests of the people, bonus plan, admirable in itself, yet contrary to the
eliminating from consideration those whose legis­ first theory of organized labor and unalterably opposed
lative or judicial record showed a bias towards special by the unions. Nobody claims that railway manage­
interests or whoso legal connections would tend to ment is ideally perfect, and we are not aware of any­
prejudice their minds in favor of such interests.”
Mr. thing human which is so. The economy theory as to






1536

THE CHRONICLE

[VOL. L X X X X I.

States of smaller area gains ranging from 5 to 21% are
to be noted, and in a few acreage has been slightly
reduced.
The average condition of the crop on Dec. 1 was, as
stated, appreciably lower than last year. In fact,
the average for the whole country at 82.5, besides com­
paring with the high condition of 95.8 on the same
The cotton-crop estimate of the Department of date in 1909, contrasts with a ten-year average of 91.3.
Agriculture, which was made public yesterday after­ The general condition of the crop, moreover, is lower
noon, while a little in excess of the expectations of at this early stage than at the corresponding time in
those whose crop views were seemingly but an echo any year since 1896. A particularly low state of the
of the low estimates lately current, was nevertheless plant is reported this year in some localities where last
lower than had been looked for quite generally. year it was very good. In Oklahoma, for instance,
Following its announcement, therefore, there was a 58 this year compares with 98 a year ago; in Texas 71
sharp upward movement in prices on the local Ex­ contrasts with 95; in Kansas (which has nearly one-fifth
change, amounting in some options to as much as of the winter-wheat area) 73 with 98; in Illinois 82 with
cent per lb. The Department estimates that the 100, and Missouri 83 with 98. The only State of large
crop of 1910-11 will reach 5,464,507,000 lbs. of lint production in which the situation Dec. 1 is reported
(not including linters), equivalent to 11,426,000 bales better this year than last is Pennsylvania.
of 500 lbs. gross weight each. This estimate, if it In the above we give the facts as we find them.
should by any possibility prove correct, would mean But condition in December is assigned little or no
an increase of only about one million bales over last weight by those in the trade or well informed in crop
year’s yield (linters being included) and a decrease of matters. We have only to turn to last year for the
fully 2 million bales from the production of 1908-09. reason for this. In December 1909 condition as re­
Among the conservative and well-informed there ported was well above the average of previous years;
seems to be a disposition to view the Government’s but, due to the vicissitudes of weather during the win­
prognostication as appreciably less than the amount ter and early spring, deterioration was quite pro­
that will be marketed during the season, and belief nounced, and the situation of the crop on May 1 was
that such will be the case is strengthened by the fact less favorable than in the preceding year, though in
that almost invariably the Department’s estimates this preceding year the condition at the beginning of
winter had been well below the average. Further­
prove too low.
The report on amount of cotton ginned to December 1 more, and consequent upon the unfavorable weather,
also made its appearance this week. It shows that, there was an unusual abandonment of area last spring,
excluding linters, there had been 10,139,986 bales averaging 13.3% of the fall planting. This instance
prepared for market to the date mentioned in 1910, and others that could be cited emphasize the unrelia­
against only 8,876,886 bales in the same period of last bility of December condition as a basis for forming
year, 11,008,661 two years ago, 8,343,396 bales in crop ideas. If wheat is to winter well it is important
1907 and 10,027,868 bales in 1906. It follows, that there should be an ample snow covering to protect
therefore, that if the Department’s crop estimate of it from extreme cold. Current reports indicate that
11.426.000 bales is to prove correct, there remained to over much of the winter-wheat territory the crop is
be ginned after Dec. 1 this year an aggregate of only now under a blanket of snow, and therefore favorably
1.286.000 bales, whereas in the like period of last situated for the time being at least.
year 1 % million bales were ginned, in 1908-09 over
two millions, in 1907-08 nearly 2% millions, in 1906-07 The week’s financial developments have not been
about 3 millions and in 1905-06 a little short of 2 without peculiar feature. In London there has been
millions. In view of the lateness of the crop this year, witnessed a break in Consols to the lowest level ( 7 S y )
picking still being in progress in some sections, it in two generations, concurrently with a marked decline
appears unlikely that so little should remain to be in discount rates and expectations of a reduction in the
Bank of England’s minimum rate. The weakness in
ginned.
what used to be termed the world’s premier security
The winter-wheat report of the Department of Agri­ could not be directly attributed to the general election,
culture for Dec. 1, issued on Wednesday, was rather and certainly not to any scarcity of money in the open
better than expected, even though showing a much market. As a matter of fact, the private discount
lower condition of the crop on the date mentioned than rate in London has fallen 1% below the official charge
at the corresponding date last year. The newly-seeded of 4J^% and call loans have been made at 2@3%.
area in the United States is found to be 2.5% greater The comfortable monetary conditions were not con­
than the revised estimate of acreage planted in the fall fined to England. Paris, Berlin, Amsterdam and other
of the previous year, giving for the whole country an Continental cities all quote lower discount rates and
area of 34,485,000 acres under winter wheat at this there has been improvement in the banking position.
time, or 828,000 acres more than last year, and conse­ Coming to New York, there has been witnessed, in
quently a record planting. In all the States of large the second week of December, the unusual spectacle
production farmers have been conservative in adding of a rise in call loans materially above the maximum
to the wheat area, although practically all such States recorded at the opening of the month—this in spite
share in the increase recorded. The addition in Ohio of abundant offerings of time facilities at the minimum
is placed at 4%, in Nebraska, Illinois, Oklahoma and quotations of the season. Whereas last week’s settle­
Texas 3%, Kansas and Missouri 2%, Indiana 1%, ments were carried out without an advance in call
Avhile in Pennsylvania no change is indicated. In some money beyond 2J^%, a quotation o f 3 % % was reached

are down to 193,155,140 lbs. Up to last March stocks
continued to pile up, foreign purchasers having taken
the metal merely because at prevailing prices they
considered it cheap. Now they appear to be buying
to supply actual consumptive wants and not because
the metal appears to be cheap to hold.




Dec. 10 1910. j

THE CHRONICLE

on Thursday of this week. Yet time money is pressed
on the market at last week’s low rate of 4% for
all maturities from sixty days to six months, and
commercial paper is sometimes quoted at a new low
figure—1%%■
Again, instead of the upward movement in foreign
exchange often experienced in December, on account
of preparations for meeting indebtedness maturing at
the end of the year, there has been a radical fall in
rates, an incident all the more remarkable because
of the absence of finance bills and only moderate
exports of commodities. On Thursday demand ster­
ling closed at 4 85%, or almost 2%% below the
quotation of a year ago. Rumors were at once cir­
culated that engagements of gold were being arranged
in London, but local bankers showed no anxiety to
bring about an inflow at this juncture inasmuch as they
already have as much money on their hands as they
can place on remunerative terms. Should, however,
the surplus reserve reported to-day show half as serious
a shrinkage as that announced last Saturday ($12,­
631,200), imports might be resorted to on a moderate
scale, provided the Bank of England should interpose
no barriers. Though possessing unusual features, as
already remarked, the international monetary outlook,
fortunately, occasions not the slightest uneasi­
ness.

1537

in the fulness of time he was removed from his ex­
alted office. The Young Turks, immediately on
overthrowing the Sultan, took steps to secure the
money thus deposited. The Bank, however, refused
to give it up, on the plea that the depositor had signed
the order for its withdrawal under duress. This con­
tention was upheld by the Provincial Court at Berlin
when suit was brought ostensibly in the name of
Abdul Hamed; but on Wednesday the Imperial Su­
preme Court reversed the decision and ordered the
Reichsbank to surrender the $4,500,000 held on de­
posit to the credit of the former Sultan. Not long ago
it was reported that Turkey paid Germany for certain
mere or less antiquated warships a very high price in
coin which had been deposited in that country by the
deposed Turkish ruler, so that, altogether, the latter’s
scheme for self-protection has not worked out quite as
he had planned. The Young Turks assuredly need
every penny they can raise if they persist in carrying
out the ambitious militant schemes they have devised
—schemes which might profitably be subordinated to
the industrial, mineral and agriclutural development
of the country.

The British elections in progress throughout the
week have emphasized most notably the sobriety of
thought—the phlegmatic temperament—of the aver­
age Briton. The political leaders have indulged in a wild
Britain’s trade is not suffering from the political un­ campaign, momentous issues have been at stake, every
settlement, judging from the official returns for conceivable device has been introduced to stir up
November. The imports reached the huge figure of voters; yet, instead of a freely predicted cataclysm,
$320,425,000 and the exports $184,485,000, the bal­ the polling has been merely a mild repetition of that
ance of imports being, therefore, $135,940,000, and witnessed in January last. The contest is leaving the
the total foreign trade $504,910,000. As compared dominant parties exactly where they were when Par­
with November last year, the increase in imports was liament was dissolved. And the question is still
$12,399,500 and the gain in exports $17,879,500, asked: What do the voters want? Each side can
while there were increases of $27,029,500 and $18,­ claim endorsement of its principles and panaceas—
802,000 in October. The November receipts of mer­ Mr. Asquith interprets the results as approving his
chandise included unusually large amounts of cotton, policy of Home Rule and an emasculated House of
the increase from America amounting to about Lords; Mr. Balfour asserts that the people are against
$7,500,000 and from Egypt $8,750,000. Employment any revolutionary changes in the present form of
throughout the United Kingdom was never more government, for have not more Unionists than Liber­
plentiful than it is at present, although, as frequently als been returned to Westminster? The course of the
happens when labor is in keen demand, prosperity is election has been closely followed as one day the Gov­
interrupted at certain points by strikes. Notwith­ ernment party would gain a few seats only to lose
standing the bitterness of the political contest now them the next. On Monday the Unionists won four
being fought out at the polls, there has been a general seats, the Liberals two, giving the former a clear gam
agreement to minimize the disorganization of business. of five up to that time. At the close of Tuesday’s
The voting has, of course, necessitated the withdrawal polling the vote stood: Liberals, 106; Laborites, 20,
from the metropolis of most members of Parliament, and Nationalists, 26, a coalition total of 152 against
yet the Christmas trade in London is reported to be 147 seats secured by the Unionists. On Wednesday
very active. Britons contrive to carry out changes in evening it was found that the Opposition had cap­
the Imperial administration without that widespread tured six seats and lost only two; this brought the total
and prolonged paralysis of industry which too often Unionist gains to eighteen and the Liberal victories
precedes Presidential ('lections in this country.
to eleven, while the Labor party had won four and
the O’Brienites had polled a majority in five constitu­
Deposed rulers proverbially inspire scant reveronce. encies. The closeness of the contest was again appar­
The dethroned Sultan of Turkey, with crafty foresight ent on Thursday, the figures at the close of that day
begotten no doubt by knowledge of his own short­ reading: Liberals 147, Laborites 28, Nationalists 45;
comings, was at great pains to insure that, if misfor­ Independent Nationalists 6—total, 226; Unionists,
tune overtook him, a large fortune would be at his 193, leaving a Government majority of 33, or only
exclusive command. While in power, he deposited two below that held for the same constituencies in
several million dollars with the Imperial Bank of Ger­ the last Parliament. Last night’s cable dispatches
many on the strict understanding that the money stated that the Unionists have gained to date 21 seats,
would not be paid out except on presentation of an the Liberals 14 and the Labor Party 4. The voting
order under his hand and secret seal. Well, Abdul now stands as follows: Liberals, 156; Irish National­
Hamed’s precautions proved to have been wise, for ists, 53; Independent Nationalists, 6; Labor Party, 29.




1538

THE CHRONICLE

Total coalition seats, 244; Unionists, 207; Government
majority, 37.
The immigration statement for the month of Octo­
ber, made public this week, indicates that the influx
of aliens into the United States during that period
this year was somewhat heavier than for the same
period of 1909 and more than double the movement of
1908, when, however, it was very small. The total
arrivals reached 100,334 (made up of 83,805 immigrant
and 16,529 non-immigrant aliens), comparing with
32,372 in the month of 1909 and only 60,715 in 1908.
While Italians, as for some time past, came in greatest
numbers, the total of that nationality was less than
for the same month a year ago. On the other hand,
there was an increase in the arrivals from Northern
Europe—English, Irish, Germans, Scandinavians,
&c. In fact, the arrivals of these nationalities, which,
speaking generally, furnish a higher class of labor,
were greater even than in 1907 and 1906, when immi­
gration was at its flood. For the ten months of the
current year the aggregate alien inflow (immigrant
and non-immigrant combined) was 1,068,535, against
965,466 for the corresponding period last year, 445,509
two years ago and 1,295,714 in 1907.
Emigration of aliens in October was somewhat
freer than for the month of 1909, the number of de­
parting steerage passengers having been about 35,000,
against 30,838, but was less than in 1908 or 1907,
and materially so in the latter case. For the ten months
the efflux totaled 325,829, against 260,668 last year,
521,207 in 1908 and 360,075 three years ago. Striking
a balance between the figures of immigration and emi­
gration, we find that for the ten months ended with
October 31 1910 there was a net addition to the foreignborn population of 742,706, this contrasting with a
gain of 704,798 last year, a loss of 75,768 in 1908 and
an increase of 935,639 in 1907.
In connection with this immigration statement,it
is a fact of interest that the final report of the Immi­
gration Commission created under the Act of 1907
to investigate the various phases of the question was
transmitted to Congress on Tuesday. The Commis­
sion unanimously urges the restriction of unskilled
labor immigration, and in doing so says in part that
“immigration from Europe is not now an absolute
economic necessity, and as a rule those who come to
the United States are impelled by a desire for better
conditions rather than by the necessity of escaping
from intolerable ones." “This fact," the report
further states, “should largely modify the natural in­
centive to treat that immigration movement from the
standpoint of sentiment and permit its consideration
primarily as an economic problem." Stricter tests
for the admission of immigrants are suggested by the
Commission, and as tho boards of special inquiry are
a very important factor in the administration of the
laws, it is urged, in justice to the immigrants, that their
personnel should bo improved. Canada, we observe,
has recently taken steps temporarily to restrict immi­
gration. Commencing with November 1 last immi­
grants, except those under engagement as farm
workers, were required to possess on landing a mini­
mum sum of $50 instead of $25, the sum exacted dur­
ing spring and summer months. The change con­
tinues in force imtil March next, and is intended to
restrict immigration at the time when employment
is least available.



[VOL. L X X X X 1.

European discount rates have again declined, and
unless the Bank of England exerts itself to prevent
further weakness in London, great difficulty will be
encountered in making the 4 /xz % official rate effective.
The easiness has not been confined to London, but
has been in evidence at Paris, Berlin, Brussels and
Amsterdam. Naturally, however, chief interest has
been taken by New York in the developments in Lon­
don. Private rates there went a full 1% below the
official minimum, but there was a slight recovery
yesterday. The range is 3 9-16% for spot, sixty
and ninety-day bills and 3^% for bills to arrivcrates that are stimulating the paying off of loans
at the Bank. The Bank of France on Thursday re­
ported only a nominal decrease in its stock of gold,
while it reduced discounts by $37,560,000 and note
circulation by $18,070,000; bills are now negotiable
there at 2^% , occasionally a fraction lower. Berlin
has fallen to the basis of 4%% for spot bills and 4%%
for bills to arrive, notwithstanding the loss of $1,998,­
000 gold reported yesterday by the Imperial Bank
of Germany. There has been a notable decline
at Brussels, to 3^% , as contrasted with a Bank rate
of 5%, a disparity that should mean an early reduc­
tion by the Bank. In Amsterdam, also, money is plen­
tiful, the charge there being only 3)^%. It is im­
probable that foreign discounts will go much lower be­
fore reflecting the usual demands incidental to the
yearly settlements. Only on rare occasions is the
monetary outlook in the second week of December as
comfortable everywhere as it is to-day. The pres­
ent banking position is all the more satisfactory in
view of the fact that trade in Europe is, on the whole,
of generous volume, this being notably true of Great
Britain.
Although the Bank of England again purchased, at
the minimum price, most of the new gold offered in the
open market on Monday, and also secured smaller
quantities later in the week, the net gain recorded on
Thursday morning was only trifling, namely £6,154,
owing to the large internal demand for gold in Great
Britain. The total reserve showed an increase of
£199,073, while other favorable changes included a
reduction in loans of £1,087,030 and a decrease in cir­
culation of £192,035. A decrease of £1,359,065 in
public deposits was accompanied by a corresponding
gain (£1,410,088) in other deposits. Government se­
curities increased £950,032. The net result was an in­
crease; in the ratio of reserve to liabilities from 50.25%
last week to 50.59% this week, a proportion exceeded
only once (in 1909) during recent years in this week.
The amount of bullion now carried by the Bank, £35,­
637,626, is also, with tho exception of last year, the
largest reported at this season in years. Since these
figures were compiled, the Bank has purchased £234,­
000 gold, and despite the low discount rates now ruling,
the exchanges are still in favor of London, New York
being the only important exception. According to
our special cable from London, the Bank of England
gained £6,154 bullion, as already stated, and held
£35,637,626 at the close of the week. Our corre­
spondent further advises us that there was no move­
ment to or from abroad, the gain being due to the fact
that shipments to the interior of Great Britain, while
heavy, were more than offset by purchases in the open
market. The details of the movement into and out

D eo. 10 1910. j
THE CHRONICLE
1539
of the Bank were as follows: Imports, £824,000, fers to 4 8524,as contrasted with fully 4 86 and 4 8634
wholly bought in the open market, ancl £14,000 for these two classes of remittance on Monday. The
French coin; exports, nil, and shipments of £818,000 direct cause was a heavy output of bills by an impor­
tant trust company which often figures prominently
net to the interior of Great Britain.
Lower interest rates have this week been reported
from Chicago, from Boston and from Philadelphia, but
in New York there has been an unexpected advance
in call loans. The only obvious explanation is that a
week ago the actual surplus reserve was reduced to
$5,048,500 through an increase of $18,270,800 in
loans, a gain of $8,240,800 in deposits and a loss of
$10,509,500 in cash, with considerable payments by
the banks to the Government during the current week.
There has been no abnormal activity on the Stock Ex­
change, and no substantial appreciation in market
values to entail fresh demands for accommodation.
Had there been a corresponding rise in time money,
the firmness in call loans would not have appeared
so strange; but borrowers of time funds have been
able to secure ample supplies at 4%, except for 30
days. The final loan on call last week was made at
2 H % , but on Monday of this week the minimum was
2%% and the maximum 2%%. On Tuesday 334%
was recorded, on Wednesday 3%% and on Thursday
3%%, while the ruling rate moved up to 334%- Yes­
terday the range was 234% to 3134%> with the last
loan made at 234%- The average rate for the
week has been 3%, as compared with only 2 % % last
week. So limited is the inquiry that brokers are little
perturbed by what they regard as purely temporary
firmness. The average commission house is carrying
so few stocks that its complement of time money is
adequate for all requirements. The money market,
indeed, is very dull, and unless speculation broadens
materially, lower quotations are looked for imme­
diately after the new year. Already several offerings
of new securities are being brought out, with a view
to taking advantage of the cheap money promised,
and the indications are that the investment demand
will improve. Financial institutions, it is contended,
will prefer to buy bonds or short-term notes
rather than lend their excess reserves at very low call
rates or on lower terms for long maturities than can be
obtained on high-grade investments.
Discounts have tended downward. Exceptionally
attractive bills have been negotiated at as low as
134% and a fair amount of business has been put
through at 424%. The general run of choice paper,
however, is being placed at 5%. The output is some­
what larger than the quietness in trade might suggest,
and the demand is not very animated. Buyers who
look more to yield than to quality can still pick up
bills on a high basis—even G% names arc not unknown.
The range, however, may be said to be 424 to 534%
for prime 4 to 0 months’ single-name bills and GOto 90
days endorsed bills receivable, with 534 to 524% far
less desirable varieties. The easiness, in money out
of town has stimulated buying of paper in a moderate
way. The range for time money is 4@434% for 30
days, 4% for GO days, 90 days, three, four and five
months and 4@434% for six months.

in exchange operations.

The market has also been

depressed by selling of long bills by houses which
bought them when money was higher abroad than it is
now. There have also been fairly large offerings of
cotton bills, as well as of grain bills. Yet December
ordinarily brings an extensive inquiry for remittance
to meet the year-end obligations. Last December
demand sterling was quoted at nearer 4 88. Some
operators view this week’s collapse as wholly artificial,
and they look for an equally abrupt recovery within
the next three weeks. Such a development may be
fostered by the Bank of England through the marking
up of discounts in London by means of borrowing in
the open market so as to obviatef another reduction
in the official minimum.
434%

In a 3 3 4 % money market, a

Bank rate is not strictly in order.

London

may also be influenced by rather large shipments of
gold to Turkey.

In local stock market circles reports

have been energetically circulated that New York
bankers contemplate bidding for the new South African
gold to be sold in the open market at London on Mon­
day, but in exchange circles engagements are regarded
as improbable. New York would be able to get over
the December-January period without foreign assist­
ance, and though the London institution holds in its
vaults a greater amount of bullion than recorded at
this season in any recent year save 1909, shipments to
America would no doubt be resented. The settlement
of the cotton-bill-of-lading question in favor of this
country has not been a potent factor in the exchange
market, as the proposals assented to by English bank­
ers at the end of October eliminated all uneasiness on
the part of our bankers. The changes disclosed in
to-day’s Clearing-House bank returns may lend inter­
est to Monday’s offering of South African bars in
London, especially if exchange should again decline.
The situation is out of the ordinary, and may there­
fore undergo sudden changes.

As already mentioned,

a recovery in quotations would be more seasonable
than a fresh relapse.

Compared with Friday of last week, sterling ex­
change on Saturday was firmer, with demand quoted
at 4 SG10@4 8615, cable transfers at 4 8G55@4 8660
and sixty days at 4 8255 @4 8260. Demand on Mon­
day fell to 4 86 @4 8605 and cable transfers to 4 8640 @
4 8645; while sixty days advanced to 4 82G5@4 8275.
On Tuesday demand broke to 4 8575 @4 8580 and
cable transfers to 4 86 @4 8610. Weakness again
ruled on Wednesday; demand fell to 4 8555 @4 8565,
cable transfers to 4 8590@4 86 and sixty days to
4 8250@4 8260. On Thursday, when bills were
freely offered by one large institution, demand broke
after the official close to 4 8535 @4 8545, cable trans­
fers to 4 8575 @4 8585 and sixty days to 4 8240 @
4 8250. On Friday rates declined to a new low level
for the week, but recovered before the close to the
overnight range. The market closed at 48230@48210
for 60 days, 4 8535@4 8540 for demand and 4 S575@
4 8580 for cables. Commercial on banks was quoted
Foreign exchange rates have fallen to near the at 4 8124 @4 82 and documents for payment 4 81%
normal gold-import level. After an orderly decline @4 81%. Cotton for payment ranged from 4 81 @
during the first half of the week, demand sterling on 4 8134, grain for payment from 4 81 %@4 81%.
Thursday afternoon broke to 4 8524 and cable trans­




1540

THE CHRONICLE

[VOL. L X X X X I .

The following shows the daily posted rates for surplus, it may be said, in a word, that the estimates
for the fiscal year ending with next June are, from the
sterling exchange by some of the leading drawers.
Treasury
point of view, disappointing. Appropria­
Frl., Mon., Tues., Wed.. Tliurs., F rl.,
Dec. 2. Dec. 5. Dec. 6. Dec. 7. Dec. 8. Dec. 9. tions of Congress have turned out larger than the
Brown
j 60 days 4 83
8334 83 34 8334 8334 83
Bros. & Co.............. -\S lg h t.. 4 87
87
87
8634 8634 86 34 Treasury expected last December, and as a conse­
Kidder,
J60 days 4 83
83
34 83 34 8334 83 34 83 34 quence the estimated surplus of $35,931,000 is now
Peabody & Co----- -IS lght-- 4 87
87
87
87
8634 8634
Bank of British
J60 days 4 83
83
83
83
83
83
N orth A m erica__ -\S lg h t-. 4 87
87
87
87
87
8634 reduced to $15,805,000. This of itself would doubtless
Bank of
J60 days 4 83
83
83
83
83
83
M ontreal_________ -IS lght-- 4 87
tend toward keeping the Treasury situation in even
87
87
87
87
87
Canadian Bank
J 60 days 4 83
83
83
83
83
83
of Commerce____ -IS lg h t.. 4 87
87
87
8634
8634
8634
better equilibrium; but unfortunately the calcula­
Ilcldelbach,
83
/40 days 4 83
83
83
83
83
Xckelhelmer & Co. . IS lght.. 4 87
87
87
8634
86
34
8634
tion excludes the requirements on Panama Canal ac­
Lazard
83
83
83
J60 days 4 82 U 83
F reres....................... -IS lg h t.. 4 8634 8634 8634 8634 8634 8234
86
Merchants’ Bank
j 60 days 4 83
8334 83 34 83 34 83 34 83 34 count, requisitions for which upon the ordinary
of Canada............ -IS lg h t.. 4 87
87
87
86 34 8634 8634 Treasury funds will lead to a deficit of $29,595,000.
The following gives the week's movement of money Mr. MacVeagh renews his recommendation for the
financing of the Canal through Government bonds
to and from the interior by the New York banks.
exclusively, and brings up again the vexed question
Net Interior
Received by Shipped by
of the rate at which bonds of the sort should be issued.
iV. Y . Banks. iV. Y . Banks. Movement.
Week ending Dec. 9 1910.
C urrency.................................................... $6,873,000 $8,275,000 Boss $1,402,000 He repeats his recommendation that, in order to pre­
971,000
1,692,000 Loss
718,000
Gold ......................................................
serve the market parity between the 3% bond with
Total gold and legal tenders............ S7,847,000 $9,967,000 Loss $2,120,000
the circulation privilege and the outstanding 2 per
With the Sub-Treasury operations the result is as cents, the tax on circulation secured by the 3 per cents
should be raised to \ lA % . This proposal, it will be
follows.
recalled,
was obstructed in the Senate, partly because
Into
Out o f
Net Change in
Banks.
Week ending Dec. 9 1910.
Banks.
Bank Holdings. of a wish to hold back any change until the new-fangled
Banks’ Interior movement, as above. $7,847,000 $9,967,000 Loss $2,120,000
Sub-Treasury operations....................... 28,300,000 31,000,000 Loss 2,700,000 postal savings experiment should be under way. The
Total gold and legal tenders............ $36,147,000 $40,967,000 Loss $4,820,000 Secretary, possibly foreseeing continued obstruction,
makes the following interesting suggestion:
The following table indicates the amount of bullion “If, on the other hand, authority were given to issue
in the principal European banks.
$50,000,000 or $100,000,000 3% bonds without the
circulation privilege, we should be able to gauge experi­
Dec. 9 1909.
Dec. 8 1910.
Banks of
mentally the rate at which the Government could
Silver.
Total.
Gold.
Silver.
Total.
Gold.
borrow on an investment basis, and we should then
£
£
£
£
£
£
35.637.626 35,909,363
E ngland-. 35,037,626
35,909,363 be better able to formulate a financial policy for the
France . . 131,464,420 33,004,880 164,469,300 141,745,320 35,773,640 177,518,960
Germany 36,513,800 13,056,700 49.570.500 36.004.000 12,174,150 48,178,150 future."
R u ssia__ 148,082,000 6.190.000 154,272.000 142,608,000 6.833.000
A us.-IIun. 55.392.000 12,006,000 67.398.000 56.991.000 12,160,000 149,441.000
S p ain ----- 16.404.000 30,698,000 47.102.000 16.094.000 30,969,000 69.151.000
If this proposition were to be seriously pressed, we
47.063.000
Italy_____ 39.147.000 3.405.000 42.552.000 38.372.000 3.965.000 42.337.000
N etherl’ds 10.257.000 1,899,500 12.156.500 10.080.000 2.815,300 12,895,300 suppose that considerable conflict of opinion would be
N at.Belg.. 5.480.000 2.740.000 8,220,000 4,216,667 2,108,333 6.325.000
4.476.000 4.373.000
Sweden . . 4.476.000
4.373.000 developed. For one thing, it would necessarily create
6.331.000 5.003.000
Switzerl’d. 6.331.000
5.003.000
1.910.000 1.669.000
Norway . . 1.916.000
1.669.000 two different classes of outstanding Government bonds.
Total week 491,100,846 103,000,080 594,100,920 493,065,350 106,798,423 599,863.773 This objection might conceivably not be material; it
Prev. week 489,376,392 104,292.330 593,668,722 495,265,189 106.646,247 601,911,436
might, indeed, as the Secretary hints, do some service
toward creating a genuine market for our future
THE TR E A SU R Y REPORT.
Federal borrowings. But the other somewhat awk­
The Secretary of the Treasury's report suggests to ward consideration remains as to what price Govern­
mind the old saying, Happy is the people which ment 3% bonds, without the circulation privilege,
has no histoiy. That adage meant that national peace could command on the open market. French 3%
of mind could be best attained in the absence of rentes arc selling at present around 98, and this, al­
exciting and spectacular political events. Much the though two or three points below the existing price for
same may be said regarding the recent history in our Government 2 per cents, would probably be con­
Treasury affairs. It is fortunate, alike for the peace sidered a highly advantageous price. But the Im­
of mind of the Treasury officers and of financial perial German 3 per cents sell no higher than 83.
markets, that the converging of excited controversy The reason for this discrepancy between French
on this or that recourse or policy by the Treasury has and German Government bonds, as for the very low
not been witnessed these last two years. There has price commanded by British consols, is that the
been no such unwieldy public surplus that currency German Government, like the Briitsh Government, is
was drawn away from the money market at the spending enormous sums in excess of public revenues,
moment that the market most urgently needed it; con­ and is a constant and lavish borrower for the purpose.
sequently there have been no appeals from the market This is not true of French finance, but with our own
to the Treasury for help, because it was well understood Panama Canal experiment under way, it is notably
that the Treasury had no help to give. This is quite true of the United States. Another not wholly
as it should be under normal conditions, and as it pleasant case in point is found in New York City's
would always be if public revenue and expenditure bonds. At present the city's 4 per cents sell around
were adjusted with scientific foresight, as they are in 99 and its per cents below 87. A 3 per cent New
the budgets of many great foreign Governments.
York City issue could, on the basis of parity, hardly
The absence of discussion regarding any such critical command as good a price as 80. There are doubtless
aspects of public finance as these diverts interest in causes in the city’s market which do not exist in the
Secretary MacVeagh's report to his treatment of topics market for national bonds, and United States 3 per
collateral to the immediate problem of Treasury cents would doubtless sell higher on their merits;
administration. Regarding the question of deficit or but the fundamental cause for the low price of New



Deo. 10 1910. j

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1541

York issues is the knowledge that enormous borrowings
will continue, and this would manifestly be the case F E D E R A L P O L I C Y I N I T S R E L A T I O N T O
B U S IN E S S .
with the United States securities.
The Secretary refers in a very guarded way to the In another article we pass in review the leading fea­
postal savings bank experiment. He admits that, tures of President Taft’s message. What Mr. Taft,
since 30% of such deposits may be invested in Govern­ has to say, however, with reference to further legis
ment bonds, “it is possible that these bonds may find lation concerning the Inter-State Commerce Act and
a market through this new bank/’ But his report is the Anti-Trust Law deserves separate treatment,
manifestly lacking in enthusiasm over the project, and for it is of wide bearing upon business interests. C a r e ­
the best that he can say of the experiment is that ful reading of these portions of the Message would ap­
its “economic effects . . . will be observed with pear to warrant the conclusion that the President has
great interest.” For ourselves, we are unable to do learnt the lesson of the late elections, which in their
more than share the Secretary’s curiosity. Even at results indicated a widespread revulsion of public senti­
the present time, we doubt if any one has any clear ment against the policy of radicalism in politics which
idea as to what will happen when the scheme in the in recent years has been permeating the ranks of both
half-baked form in which it passed the last session of the great parties, and has almost completely taken
Congress is fully in operation.
possession of the Republican Party. This tendency
Mr. MacVeagh’s remarks on the much-discussed towards radicalism and the revolutionary doctrines
topic of economies in public administration are inter­ embodied in it has caused serious disturbance to busi­
esting and greatly to the point. He takes issue very ness. The President now recognizes that it is time
plainly with Senator Aldrich’s off-hand statement to call a halt. That is obviously a great point gained.
that $300,000,000 could be saved in annual expenses What is more, it affords genuine reason for encourage­
through a drastic system of retrenchment. The Secre­ ment as to the prospect of better conditions in that
tary retorts, rather convincingly, that the Govern­ particular in the* future.
ment’s entire ordinary expenditures last year were In the sense here indicated the Message may prop­
less than $060,000,000, and that probably half of erly be termed conservative. It will, perhaps, be
these are permanent in character and not reducible at recalled that last year’s annual Message (which was
all. He therefore asks how $300,000,000 savings Mr. Taft’s first document of the kind to Congress) was
could be made out of $300,000,000 expenditure. Per­ also considered conservative, but that shortly thereafter
haps the Secretary somewhat exaggerates this aspect the community was shocked by the startling nature of
of the matter, but his remarks are not in any respect the legislative proposals which the President was urg­
framed in defense of relaxation in the policy of re­ ing upon the attention of Congress. The reason for
trenchment, and his further observation, that ex­ the sudden reversal of opinion was found in the fact
cessive ideas of policy savings ought to be corrected that the President had reserved out of the annual
“in order that there may be some encouragement Message, for consideration in special messages, the two
given to those men, scattered through the depart­ most important subjects with which he had undertaken
ments, who want to bring about all the improvement to deal, namely the amendment of the Anti-Trust
possible,” is perfectly reasonable.
Law and the revision of the Inter-State Commerce
The Secretary speaks with much feeling on the ques­ Law. The President’s position with reference to
tion of currency reform; but he, like Mr. Schiff and these two measures was so extreme and aroused such
many other recent speakers on the matter, is obviously deep anxiety that trade activity was almost imme­
handicapped by the fact that tangible discussion is diately interrupted and the reaction has been in pro­
obstructed until the Monetary Commission makes a gress ever since. On the present occasion Mr. Taft
definite report. Mr. MacVeagh declares that when is apparently holding nothing in reserve, and the cir­
we have in sight the establishment of a permanent, cumstance that the life of the present Congress ex­
safe and sane banking and currency system, “ it makes pires the 4th of next March, making the session neces­
one impatient to see it accomplished.” With this, all sarily a short one, would preclude the possibility of
thoughtful students of our currency system will con­ legislation in any event, since the time is too limited
cur. They will agree very largely, also, with the for the purpose.
Secretary’s statements that “we have no system of re­ Entirely apart, however, from such considerations,
serves,” and that our present system “concentrates the tone and language of the Message make it clear
the President has determined not to persist any
in New York what are pretended to be reserves, and that
further
in the course upon which he launched his Ad­
then forces the New York banks to lend and abolish ministration
the beginning of the previous session
them.” Perhaps this is something of an overstate­ of Congress. atWe
hardly say that neither the
ment of the case, but the further criticism, that there present Message norneed
the
preceding
contains any of
is now “no way of increasing our currency when it is the violent and explosive languageone
which
the
needed, except under the Aldrich-Vreeland law, which utterances of his predecessor in office. marked
Both
mes­
will soon expire, and which is only intended for
are hence conservative, in contradistinction to
emergencies,” is altogether sound. We wish we could sage's
the documents to which we had become accustomed
share the Secretary’s idea that financial panics in this at the hands of Mr. Roosevelt. There is the further
country are solely a consequence of our currency sys­ difference the present year that we are not left to mere
tem, and would be wholly avoidable if the system were conjecture for encouragement, but that there is a
to be remodeled. But even when one admits that specific declaration of a purpose no longer to persist
our present system is ill-adapted for dealing with, and in former policies. We quote the following passages
moderating the phenomena of, a financial crisis, we from the concluding portion of the Message. We put
fear that the real cause of panics, like the real cause some of the words in italics so as to emphasize the por­
of business fluctuations, will be found in human nature. tions of most significance and importance.



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[ VOL. L X X X X I

they had been advanced, following investigation, if it
found the advance unreasonable, reparation and dam­
ages could likewise be awarded to the shippers who
had suffered by the advance. There is no such
provision now with reference to the damages sus­
tained by the railroads by reason of the fact that
higher rates are allowed only after the lapse of many
months, instead of at the beginning. It must be re­
membered, too, that this will be the situation on each
occasion when necessity shall arise for any advance in
transportation rates. The carrier cannot feel sure
that he will be permitted to make the advance until
after long delay, and in the end he may fail anyway.
Under such circumstances it is not surprising that con­
fidence in railroad investments has been seriously im­
paired, that new loans can be placed only with great
difficulty and that investors feel disposed to hold
aloof. On the other hand, the inability of the rail­
roads to find the means with which to push new exten­
sions and go ahead with improvement work, and the
further fact that they are obliged to curtail their ordi­
nary outlays (since they cannot secure the added reve­
nue needful to sustain permanent additions to their
stren g th en in g o f con fiden ce o f c a p ita l in d o m estic in ­ expenses), has led to such a diminution of railway or­
vestm en t.
ders for supplies, materials, equipment, &c., that these
Note the expression of opinion [on the part of the branches of industrial activity are seriously crippled—
President that existing legislation has reached a point evidence of the crippling process being found in the
where it is time to stop for a while and enforce exist­ lethargic state of the iron and steel trade to-day.
ing statutes rather than undertake to enact any more. On this matter of the fair treatment of the railroads,
What could be more comforting or assuring than that? the President’s attitude is not as assuring as it might
It is a pity that the President, evidently so genuinely be. Lie takes pains to point out that the amendments
desirous of promoting the public welfare, should not to the Inter-State Commerce Law, as made the present
have adopted this attitude at the beginning of his Ad­ year, do not embody all of his specific recommenda­
ministration, instead of embarking upon the destructive tions, the things missing being more particularly the
policies inaugurated by his predecessor. Suppose that prohibition of purchase by a parallel and competing
a halt in new legislation had been called before the Inter­ road of the stock of another road, and the right of the
State Commerce Law was amended and the Inter­ Inter-State Commerce Commission to regulate new
State Commerce Commission invested with despotic stock and bond issues. It is true Mr. Taft declares
and destructive power over railroad rates, and before he does “not press the consideration of any of these
the enactment of the Federal Corporation Tax, would objects upon Congress at this session,” yet he does urge
business to-day be in the doldrums, and industrial the making of an appropriation to enable the Inter­
activity everywhere be paralyzed, with confidence state Commerce Commission to undertake the physi­
steadily on the wane and no one disposed to engage cal valuation of all railroad properties in the country.
in new ventures because of the many doubts and un­ What could be more chimerical or more absurd? The
only purpose such a valuation could serve woidd be
certainties confronting the business world?
that
it might supply the Commission with a further
Consider the pall that hangs over the railroad world
instrument
for reducing rates. If the valuation
to-day because of the power given the Commission to
proved
higher
than the capitalization of a road, the
suspend proposed advances in railroad rates—a power
Commission,
we
may be sure, would find some reason
of which it has availed with so much freedom and
for
refusing
to
be
bound by it. They would probably
without the slightest compunction for the interests
claim
that
the
increased
valuation had come about as
of the railroads. Confronted with a tremendous in­
a
result
of
the
application
of surplus earnings, and
crease in expenses, railroad managers are no longer
that
the
roads
were
never
entitled
to have any surplus
left free to take care of the same in the usual way—
earnings.
If,
on
the
contrary,
the
valuation should
by making a moderate advance in transportation
prove
less
than
the
capitalization,
they
would have a
charges. The rise in expenses went into immediate
plausible
reason
for
cutting
rates
still
lower. Thus
effect, but the revenue to meet it cannot be obtained
the
effect
would
inevitably
be
to
create
further un­
except after long delay, if it is obtained at all, and after
easiness
at
a
time
when
what
is
needed
above
every­
interminable wrangles with shippers and the Com­
thing
else
is
relief
from
the
existing
well-grounded
anxi­
mission. If in the end permission is obtained to
ety.
Rates
are
not
determined,
any
way,
by
capitali­
make some advance it will be given grudgingly, and
in the meantime the roads will have sustained enor­ zation or valuation. It is competition that controls
mous losses, an attest of which is found in the monthly rates.
But if there is no assurance that the railroads are
returns as they come to hand from day to day.
The roads have absolutely no redress against this to have fair treatment, at least it is gratifying to have
situation, and it is a wholly new development, full the President say that “legislation with reference to
of continued danger. Under the old state of things, the regulation of corporations and the restraint of
where the Commission could order rates reduced after their business has reached a point where” the Ad-

“I do not now recommend any amendment to the
Anti-Trust Law. In other words, it seems to me
that the existing legislation w ith reference to the regu­
la tio n o f co rp o ra tio n s ancl the restra in t o f th eir bu sin ess
has reached a point where we can stop for a while and
witness the effect of the vigorous execution of the laws
on the statute books in restraining the abuses which
certainly did exist, and which roused the public to
demand reform. If this test develops a need for
further legislation, well and good; but until then let us
execute what we have. Due to the reform movements
of the present decade, there has undoubtedly been a
great improvement in business methods and standards.
The great body of business men of this country, those
who are responsible for its commercial development,
n ow have an earnest desire to obey the law and to
Square their conduct of business to its requirements
and limitations. These will doubtless be made clearer
by the decisions of the Supreme Court in cases pend­
ing before it.
“ 1 believe it to be in the interest of all the people
of the country that for the time being the activities of
Government, in addition to enforcing the existing law,
be directed toward the economy of administration
and the enlargement of opportunities for foreign trade,
the conservation and improvement of our agricultural
lands, the building up of home industries a n d the




D

ec.

10 1 9 1 0 .]

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1543

ministration is ready to stop. The words “regulation late years been carried forward to international
of corporations and the re s tra in t o f th eir b u sin e ss” in­ prominence and responsibility.
dicate accurately the situation under which the coun­ The subject of economy brings in a tabular statetry has been laboring for so many months. Business men of estimates for the next two fiscal years, with in­
h a s been restrained by legislation—purposely re­ crements and decrements in comparing estimates with
strained—when it should have been expedited and estimates and with appropriations. The array of plus
advanced. It is well to have the admission from the and minus signs is more interesting than conclusive,
President himself. The President, we grieve to say, unless conclusive about the great difficulty of getting
is casting a slur upon the integrity of those engaged economy out of the abstract into the concrete. It is
in mercantile pursuits when he ventures the further pointed out that the Treasury has grown by accretion
statement that “the great body of business men . . instead of system, thus involving duplications and
. now have an earnest desire to obey the law.” The wastes; that the customs service also involves those
“great body” have always had a desire to “obey the and might well be brought under retrenchment with­
law.” There is not now, nor has there ever been, out loss of efficiency; that as to the mints, the public
greater lawlessness in the business world than in other printing and public buildings the same is true. This is
walks of life. The impression that there has been, is certainly so; it can be emphatically said of the huge
founded on the circumstance that such unlawful acts waste in printing and the vast abuse of franking
as have come to light in business channels (for we which is closely conjoined with that; and when the
have not reached the millenium there any more than suggestion of a one-cent rate on letters is reached
elsewhere) have been given undue importance and again, coupled with a recommendation of a parcelsexploited for the advantage of notoriety-seeking poli­ post and mention of an increase on second-class
ticians, who have sought thereby to gain favor with matter as a mode of keeping down the annual deficit,
the populace. The President touches upon another the free mail matter (which, of course, stimulates
factor in the problem when speaking of the desire to waste in printing) seems the proper subject for the
obey the law and to square the conduct of business priming-knife. Without stopping to discuss the
“to its requirements and limitations,” he takes pains parcels-post, it is questionable whether that falls
to state that these requirements and limitations “will under the dissemination of intelligence which is the
doubtless be made clearer by the decisions of the Su­ fundamental purpose of the mail service.
preme Court in cases pending before it.” Some of the The subject of the tariff is discussed at length, the
supposed law-breakers among business men (if they only positive suggestions being for delay, for a per­
arc transgressing the law at all) arc violating it simply manent commission of inquiry, and for touching only
because no one understands it or is able to conform to one schedule at a time, lest business be disturbed. It
it, and no authoritative determination of its scope seems to be assumed, on one side of this subject, that
and provisions is forthcoming.
an upward revision may properly be accomplished
This aside, it is pleasing to note that the President suddenly, but that any downward changes are liable
is now on the right track. If lie persists in this course to produce shock and halt in business. Yet all sound
he may be able to make amends for the mischief al­ judgment will join in the hope, attributed to the
ready done by his part in giving effect to the Roose­ advocates of a permanent sitting Commission, “that
velt policies. He is absolutely correct when he says it the question of a rate of duty imposed shall become
is “in the interest of all the people of the country that more of a business question and less of a political ques­
for the time being (why for the time being alone?) the tion, to be ascertained by experts of long training and
activities of Government, in addition to enforcing the accurate knowledge.” And these paragraphs from the
existing law, be directed to the economy of administra­ Message will be widely approved, in its spirit at least:
tion and the enlargement of opportunities for foreign
method of impartial scientific study by experts
trade, the conservation and improvement of our agri­ as “The
a preliminary to legislation, which I hope to see
cultural lands, the building up of home industries and ultimately adopted as our fixed national policy with
the strengthening of confidence of capital in domestic respect to the tariff, rivers and harbors, water-ways
investment. Lhose are all essential requirements, and public buildings, is also being pursued by the non­
Monetaiy Commission of Congress. An ex­
and the most important one of the lot is the “strength­ partisan
haustive
most valuable study of the banking and
ening of confidence of capital.” No one can fail to currency and
systems of foreign countries has been com­
see that we have moved measurably towards a better pleted.
state of things to have the President recognize the “A comparison of the business methods and institu­
tions of our powerful and successful commercial rivals
fact.
'
with our own is sure to be of immense value. I urge
upon Congress the importance of a non-partisan and
T H E P R E S I D E N T ’S M E S S A G E .
disinterested study and consideration of our banking
The document is of great length, filling about three and currency system. It is idle to dream of commer­
and a half ordinary newspaper pages. More than a cial expansion and of the development of our national
half-page is given to our foreign relations, and this trade on a scale that measures up to our matchless
unless we can lay a solid foundation in
very wide and varied review receives unusual promin­ aopportunities
sound
and
enduring
banking and currency system.
ence by coming at the beginning. The fisheries The problem is not partisan,
is not sectional—it is
question, lately before the Arbitration Court at The national.”
Hague, the outlook for general peace through a per­ Organized labor receives its usual, and possibly un­
manent peace commission, limitation of armaments— avoidable, sop by recommendation for enlarged appli­
these aie the opening topics, without any expressed cation of the eight-hour law, by proposing an invita­
hint of a possible disarmament. The United States is tion to an international congress, to sit in Washing­
at peace with the world, yet this unusually extended ton, concerning workmen’s compensation, and by a
statement reminds us how greatly our country has in renewed recommendation for a law to limit issue of



1544

THE CHRONICLE

jV o l

Lxxxxr.

injunctions without notice; the latter suggestion also road, industrial and financial development in the
revives the old, indefinite talk of abuses hitherto prac­ Chinese Empire. “It is gratifying to note,” says the
ticed, and the recommended limitation, says Mr. Taft, President, “that the negotiations for a loan to the
would remove all excuse for some veiy radical legis­ Chinese Government for the construction of the trunk
lation urged by some, which legislation would “sap railway lines from Hankow southward to Canton
the foundations of judicial power and legalize that lines westward through the Yangtse Valley, known as
the Hukuang loan, were concluded by the representa­
cruel social instrument, the secondary boycott.”
On the other hand, in a paragraph urging relief of tives of the various financial groups in May last, and
the Supreme Court from unnecessary appeals, so that the results approved by their respective governments.
it may have time for other duties, we find the remark The agreement, already initiated by the Chinese Gov­
that its chief and proper usefulness is “so to expound ernment, is now awaiting formal ratification.” After
the law—and especially the fundamental law, the recalling the attempt of Secretary Knox to secure the
Constitution—as to furnish precedents for the inferior “internationalization and commercial neutralization
courts in future litigation and for the executive officers of all the railways of Manchuria,” the President dwells
in the construction of statutes and the performance of upon the assistance rendered by the Government in the
their legal duties.” Here appears the judicial train­ successful negotiations by American bankers to float
ing and temperament from which Mr. Taft cannot go a $50,000,000 loan for China. Because of the im­
portance of this project, because of the chain of events
far.
Of the Corporation Tax, he says it has worked well it will start, because of the fundamental change in­
and has been easily collected; that “it offers, moreover, volved in China’s attitude towards foreign super­
an opportunity for knowledge, by the Government, vision of her expenditures, President Taft’s declara­
of the general condition and business of all corpora­ tion on the subject is worth reproducing here in full:
tions, and that means by far the most important part This policy has recently found further exemplifica­
in the assistance given by this Government to the
of the business of the country.” Upon this no com­ tion
negotiations
China and a group of American
ment is at present needed beyond the statement bankers for between
a
loan
of
$50,000,000, to be employed
which we have frequently made that, as this Corpora­ chiefly in currency reform.
The confusion which has
tion Tax Law includes the small, private corporation from ancient times existed in the monetary usages of
operating entirely within State boundaries, and seeks the Chinese has been one of the principal obstacles
commercial intercourse with that people. I he
to reveal the private affairs of such, it is a dangerous to
United
in its treaty of 1903 with China obtained
invasion of the rights of the individual, as well as of a pledgeStates
from the latter to introduce a uniform na­
the State. It remains to be seen if the Supreme Court tional coinage, and the following year, at the request
of China, this Government sent to Pekin a member of
will sustain it.
Recommendation of the enactment of a general the International Exchange Commission to discuss
with the Chinese Government the best methods of
incorporation law as to all corporations in inter-State introducing
reform. In 1908 China sent a com­
commerce is renewed, without further remark—which missioner to the
the
States to consult with Ameri­
is accepted as implying a determination not to push the can financiers as United
to the possibility of securing a large
loan with which to inaugurate the now currency sys­
matter.
The remarks on the attitude of the Government tem but the death of their Majesties the Empress
and the Emperor of China interrupted the
towards railroads and on the subject of further legis­ Dowager
which were not resumed until a few
lation regarding corporations we have discussed in a negotiations,
months
ago,
this Government was asked to
previous article. As there noted, the Message con­ communicate towhen
the bankers concerned the request of
cludes with the opinion that matters are at a point China for a loan of $50,000,000 for the purpose under
“where we can stop for a while and witness the effect review. A preliminary agreement between the Ameri­
and China has been made covering the loan.
of the vigorous execution of the laws on the statute canForgroup
the
success of this loan and the contemplated
books” at the present time.
reforms,
which
are of the greatest importance to the
This accords with the pacific tone of the document commercial interests
of the United States and the
throughout. There is an entire lack of denunciation civilized world at large, it is realized that an expert
and there is no intemperance of language. If the sub­ will be necessary, and this Government has receiver
stance is not entirely satisfying, the manner does not assurances from China that such an adviser, who shall
disappoint. If the document is not as encouraging in be an American, will be engaged.
some respects as might be wished, it is not disquieting. The appointment of an American as a financial ad­
It does not show reaction from intense radicalism; but viser to China has not yet been made, and any one who
no more of that is proposed; on the contrary, the last has followed the tortuous ways of Oriental diplomacy
words arc an appeal for “the building up of home in­ will regard the actual appointment as vastly more
dustries and the strengthening of confidence of capital important than the promise. China’s European cred­
itors have before now striven to secure just such a
n domestic investment.”
safeguard, but wholly' without success, notwithstand­
ing that their interests are very much greater than ours.
C LO SE R F IN A N C IA L R E L A T IO N S W IT H
Will America be more favorably treated?
C H IN A .
The establishment of direct financial relations be­ Admittedly the present authorities in Pekin are
tween the Chinese Government and powerful American especially friendly towards the United States, a not
capitalists is attracting attention throughout Europe, unnatural fruit of our considerate, even indulgent,
in the Orient and at home. President Taft, in his attitude towards the Empire during the last quarter
lengthy message to Congress, which we comment upon of a century; yet the Chinese are peculiarly jealous
of their independence in monetary matters, their
in the article,above refers approvingly to the progress ways
not our Western ways, and they argue, if
made by our bankers, cordially supported by the once anareinch
of authority be granted a foreigner, what
Government, in supplying funds necessary for rail­



Dec.

1 0 1 9 1 0 .]

THE CHRONICLE

guaranty have they that he will not usurp an ell?
Furthermore, the feelings of Great Britain particularly
and of other European nations having large invest­
ments in China have to be considered. Will they
acquiesce in the selection of an American to super­
vise Chinese expenditures, even though the supervision
ostensibly is confined to capital raised by American
bankers and those associated with them? The point
is beset with delicate considerations, and before an
arrangement agreeable to all parties can be devised, a
good many weeks will probably elapse—we would not
be astonished were the matter to drag along in an
undecided way for months.
That there is need for outside supervision of China’s
handling of moneys supplied by foreign bankers no
one at all familiar with the Celestial Empire’s history
can for a moment doubt. Money has an unfortunate
habit of shriveling up between its release from the
national treasury and its ultimate disposition in pay­
ment for services rendered, a habit, unhappily, not
confined to China. Perhaps less opposition will be
offered to the appointment of an American adviser
than to a representative of any leading European
Power, on the theory that this country cannot for an
instant be suspected of designs in the way of territorial
aggrandizement in the Orient.
The necessity for reform is widely recognized
throughout the Empire, as well as in Europe; hence,
the selection of an American for the duties mentioned
might be a feasible compromise. Inasmuch as an
agreement has been entered into between our bankers
on the one hand and those of Great Britain, France
and Germany on the other, providing for the partici­
pation of these countries in any future Chinese loans
awarded America, there could not be any well-grounded
fears of discrimination against European interests and
in favor of America. As an able correspondent of the
London "Times” points out: "It cannot be stated too
emphatically that, in the present condition of the
Chinese Government, the best interests of that coun­
try and of foreign investors alike will best be served by
rigid insistence on the clearest possible definition of
the purposes of foreign loans, and the provision of
effective safeguards to ensure their fulfilment. The
experience of the past two years alone suffices to
prove beyond all doubt that a continuance of the
policy of foreign finance in the Far East cannot fail
to lead China, and therefore her creditors, into seri­
ous difficulties.”
The United States stands ready to deal fairly with
China in the future as in the past, and the willingness
of our financiers to share with European bankers the
privilege (for so it is esteemed) of supplying the
awakening Empire with capital is a guaranty that we
have no desire to steal a march over what may be
termed the financial nations of Europe. Jealousy of
America should not be allowed to stand in the way of
urgently-needed reform in China, where European
investors have so much at stake.
Yesterday’s cable dispatches from Pekin, announc­
ing that "The Throne” has decided to grant the de­
mand of the Imperial Senate for the immediate crea­
tion of a Constitutional Cabinet, justify the assump­
tion that the Chinese authorities are alive to the neces­
sity for abandoning the antiquated methods of .their
ancestors and placing the administration of national
affairs on a more democratic and businesslike basis.



1545

The assurance from the Chinese capital that “it seems
safe to announce that the ancient absolute regime in
China will exist only historically after the Chinese New
Year next February,” should be received with reserve,
as events seldom move in the Orient with Occidental
swiftness. So fundamental a reform is likely to be
carried out without haste. The important point,
however, is that there is now every sign that it will be
inaugurated with reasonable celerity.
R A IL R O A D G RO SS E A R N IN G S FOR
NOVEM BER.

Railroad gross earnings are showing diminishing
amounts of gain, taking the roads collectively, and in
many separate instances are recording losses. The
matter is of importance as indicating unfavorable
statements of n et earnings, inasmuch as recent monthly
returns make it evident that substantial gains in
gross revenues are necessary in order to offset the
large augmentation in the expense accounts of
the roads arising chiefly out of recent advances in
wages.
The compilation we present to-day covers the month
of November and comprises the roads which make it
a practice to furnish early preliminary returns of their
gross revenues. Altogether, 45 roads contribute
returns, operating an aggregate of 87,809 miles of line.
This is in excess of one-third the railroad mileage of
the country, but three Canadian systems are included,
the bulk of whose mileage lies outside the United
States. Altogether, the roads reporting show an
increase of 81,690,055 in their gross receipts as com­
pared with the corresponding month last year, the
ratio of gain being only 2.48%. Thirteen of the roads
have sustained losses. Trade activity has been
diminishing, but it is open to question whether the less
favorable comparisons can to any appreciable degree
be attributed to that circumstance. The truth is,
the companies furnishing early returns consist chiefly
of grain-carrying roads in the West, and cotton-carrying
roads in the South, while the contraction in trade has
been felt chiefly in the great manufacturing districts
of the Eastern and Middle States.
The cotton traffic in the South was of heavier
volume than a year ago, but not up to that of two years
ago. On the other hand, the grain traffic in the West
suffered a great shrinkage, and it would appear that
the loss in earnings on the roads running through the
grain districts has been due to that cause rather than
to a slackening of general trade. At all events, the
falling off in the Western grain movement was of large
dimensions. The deliveries of corn—in the aggregate
and at some of the separate primary points—were
larger than last year, but in the case of the other
cereals,and more particularly wheat, oats and barley,
there was a heavy falling off. Combining wheat,
corn, oats, barley and lye tin' deliveries of grain at the
Western primary markets for the four weeks ending
November 26 reached only 50,910,849 bushels, as
against 61,428,334 bushels in the corresponding four
weeks of last year. Besides this, there was a shrinkage
in the receipts of flour, these having been only
1,467,342 bbls. in the four weeks this year, as against
1,848,616 bbls. in the four weeks last- year. The
details of the Western grain movement in our usual
form arc set out in the following:

W ESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
Barley.
Corn.
Oats.
Wheal.
(bush.)
(bush.)
(bush.)
(bush.)
Nov. 26. 0bbls.)
Chicago—

1910___ 649,026
1909___ 793,667
Milwaukee—
1910___ 294,300
1909___ 414,250
St. IjouI —
1910___ 226.020
1909----- 262,475
Toledo—
1910___
1909___
Detroit—
19,409
1910___
1909___ 27.195
Cleveland—
1910___
6,307
6,769
1909___
Peoria—
1910___ 165,800
1909___ 262,020
Duluth —
1910___ 103,480
1909___ 52,240
Minneapolis1910___
1909___
Kansas C ity
1910___
1909----- .............
1910___ 1,467,342
1909___ 1,843,618

[Voii. L X X X X I .
Canadian Pacific is concerned, has been to make the
improvement in the earnings of that road smaller than
we have been accustomed to see it in the past. On
account of the wonderful expansion and development
which is going on in the Dominion of Canada, the
gains of the Canadian Pacific, until lately, have been
running in excess of $1,000,000 a month. For
November the gain is only $331,000. No American
road included in our list has a gain as large as this.
The Missouri Kansas & Texas nominally added
$434,030 to its earnings of last year, but $109,800 of
this is due to the inclusion of the Texas Central the
present year but not in 1909. The following shows
all changes for the separate roads for amounts in
excess of $30,000, whether increases or decreases:

THE CHRONICLE

1546

1,164,500 7,139,750 6,172,800 2,037,000
2,055,200 5,184,550 7.039.550 3,094.027
865,800 1,675,800
1,722,290
238,430
154,000 1,102,500 1,779,400
1,000,500
1,683,063
793,995 1,751,000 393,400
1,666,330 1,189,120 1.212,800 287,300
216,800
228,200
304,500
142,800
368,000
380,900
163,569
168,721
397,781
146,558
102,028
175,599
2,167
208,135
514,642
93,433
77,408
381,256
508,705
25.024
555,938 400,S00
91,000 1,178,130
404,346 304,452
85,805 1,155,469
77,585 1,277,652
72
3,274,221
683,673 1.919,349
8.823,909
716,230 1,227,240 2,265.340
7,830,739
304,590 1,673,600 2,395,790
10,521,690
352,000
713,200
2,543,900
512,300 .............
776.600
2,992,540
18,783.672 11,925,430 11,678,567 8,052,159
27,714.597 9.755,962 13,359.383 9,857,720
W heat.

(bush.)
Nov. 26. (bbls.)
Chicago—
1910___ 7,424,145 20,698,900
1909___ 7.822.352 24,949,992
Milwaukee—
1910___ 2,872,798 9.644.850
1909___ 3 113,603 7.248,305
St. Ijouis—
1910___ 2,410,355 17,758,090
1909___ 2,449,390 19,600.407

Corn.
(bush.)

Oats.
(bush.)

Barley.
(bush.)

Rye.
(bush.)

101,000
164,000
103,620
107,000
27,635
29,090
4,000
7,700

31,000
13,700
38,986
115,586
159,780
303,590
...........
466,021
740,666

Rye.
(bush.)

87,288,550 90,695,300 22,180,900 960,000
79,623,971 81,457.176 23,815,270 1,263,850

P R IN C IP A L C H A N G E S IN GROSS E A R N IN G S IN N O V E M B E R .
Increases.
M issouri K ansas & T ex as. $434,030 Buffalo R och & P ittsb u rg h $32,067
C anadian P acllic_________ 331,000
Louisville & N ashville___ 240,22« R epresenting 15 roads In
our c o m p ilatio n _____ $2,300,031
S o uthern R ailw ay _______ 233,092
Illinois C e n tra l___________ 221,800
Decreases.
S t Louis S o u th w e ste rn __ 145,168
S eaboard A ir L in e_______ 105,183 G reat N o r th e r n .._______ $437,150
99,267 M Inneap S t P aul & S S M . 116,863
Y azoo & M ississippi V all.
59,730
93,500 M inneapolis & S t L ouis...
D cnver & R io G ran d e____
54,213
87,353 Iow a C entral __
T exas & P acific....................
82,300 M issouri P acllic__________
44,000
C entral of G eorgia________
77,223
M obile & O hio___________
R
epresenting
5
roads
In
C hesapeake & O h io ............ j/69,915
our c o m p ilatio n _____ $711,956
47,900
C anadian N o rth e rn ______
l/These figures are for th ree w eeks only.

The losses, it will be seen, come almost entirely
from the grain-carrying roads, while the Southern
19,810,082 19,976,470 1,767,965 280,523 roads make a very good showing on account of their
18.576.465 16,823,065 2,532,400 220,913 larger cotton traffic. Thus, the Louisville & Nashville
Toledo
1,000 110,650 has forged ahead of last year in the sum of $240,228, the
3,990,000 3,551,100 3,740,150
1910___
5,655 187,600
1909___ .............. 3,975,400 3,052,100 3,122,000
Southern Railway in amount of $233,092 and the
Detroit
1910___ 214,155 1,568,722 2,648,745 2,310.254
1,000 St. Louis Southwestern $145,168. The gain of
1909___ 162,899 1,829,300 2,030,584 2,097,089
Cleveland—
7,242 $221,800 by the Illinois Central may also doubtless
79,660
734,345 4,460,741 4,846,092
82,352
1910___
471,507 4,338,490 6,955,441 363,295 25,157 be attributed in large measure to the same circum­
1909___
60,771
Peoria
1910___ 2,590.012 1,157.264 14,427,482 11,836,535 2,350,829 352,592 stance, as that road has a line to New Orleans.
1909___ 2,073,393 1,252,585 13,206.055 7.635,657 2,388.840 286,100
The cotton shipments overland during November
Duluth
918,851 5,574,263 10,303,417 453,403 1910 reached 305,504 bales, against 246,126 bales in
1910___ 788,485 28.785,242
1909___ 3,049,560 48,435,230 1.275,808 4,471,869 9,200,353 542,948
November 1909, while the receipts at the Southern
Minneapolis
89,251,359 7,939,451 17,298,528 19,060,267 1,707,050 outports amounted to 1,673,039 bales, as against
1910___
18,497,544
2,370,695
13,111,889
72,510,960 4,668,985
1909___
Kansas City —
1,292,983 bales in the month last year. But though
38,863.050 14,534,450 4,198.400
1910___
the cotton movement ran considerably in excess of
1909___ ........... 31,496,190 9,779,880 5,774,300
Total1910___
of all 16,382.302 218.457.428 162,306,122 171.896.657 68,361,731 5,143.340 1909, it fell far below the movement in 1908, as already
1909___ 13,731,978 211,769,882 142,262,038 149,768.086 69,278,563 5,872,103 stated. This fact is brought out in the table we now
It will be observed from the foregoing that the bulk insert.
OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND FROM
of the decrease in the grain movement was in the RECEIPTSJANUARY
1 TO NOVEMBER 30 1910, 1909 AND 1908.
wheat deliveries. Of this loss the greater part in turn
Since January 1.
November.
was at the spring-wheat points, especially at Duluth
Ports.
1910.
1909.
1908.
1908.
1909.
1910.
and Minneapolis. At the former centre the receipts Galveston ......... bales 476,950 496,980 738,073 2,435,454 2,714,374
3,058,297
128,042
reached only 3,274,221 bushels, against 8,823,909 Port
Arthur, &c.......... 86,244 28,866 26,523 306,112 301,964 1,748,358
Orleans________ 315,474 226,750 423,866 1,207,993 1,407.857 302,194
Mobile ........................... 52,364 44,773 75,629 210,460 284,983
bushels, and at the latter point 7,830,739 bushels, New
148,290
27,333 57,553 31,049 104,136 196,083 1.204,073
Pensacola, &c......... ..
..................... 273,760 208,368 247,343 1.111.797 1,425,155
against 10,521,690 bushels. The losses here have Savannah
181,159
277,942
145,658
44,422
Brunswick..................... 45,445 43,390
224,884 102,477
76.424 32,670 35,417 234,024
undoubtedly followed from the diminished yield of Charleston.....................
1,311
1,903
1,448
485
372
253
Georgetown..................
352,209 379,268
ilm ington................ 105,491 50,820 76.143 316,887
493,752 510,187 408,445
spring wheat in the Northwest. The contraction in WNewport
N orfolk......................... 162,287 98,076 130,141
6,944
8,990 21,891
610
4,484
News, &c__
883
the shipments is reflected in the very notable decreases T o ta l____
_____ __ 1,673,039 1,292,983 1,829,707 6,576,691 7,779,352 7,849,458
in earnings reported by the spring-wheat roads of the
Northwest. We may mention as instances the One reason why the earnings returns are less favor­
Great Northern Railway, which has fallen $437,150 able now than in the earlier months of the year is
behind, and the Minneapolis St. Paul & Sault Ste that comparison is now with heavy totals last year.
Marie, which has fallen $116,863 behind. Besides In November 1909, our early preliminary compilation,
these, the $59,730 loss sustained by the Minneapolis comprising substantially the same roads now in­
& St. Louis and the $54,213 decrease by the Iowa cluded, recorded a gain of no less than $7,515,357,
Central may be ascribed to the same cause. The or 12.91%. This followed a loss in 1908, but the loss
Great Northern no doubt also lost heavily in its pas­ then was small, reaching only $1,804,233, or not quite
senger traffic, as last year, this was of exceptional pro­ 3%. Prior to 1908, the record had been one of con­
portions because of the Alaska-Yukon Exposition at tinuous gains year by year ever since 1896, as may
be seen from the following summary, showing the
Seattle.
In Canada, too, the 1910 wheat yield was consider­ aggregates back to that time according to our early
ably reduced, but the only effect of this, as far as the tabulations for each of the years.
—

—

—

—

-




6.720,070 11,420,650 12.617,693 1,205,280
5,709.700 8,319,600 12.475,200 987,900

THE CHRONICLE

D e c . 1 0 1 9 1 0 .]
Mileage.
Year Yr.pre­ In Given. ceding. cr’se.
Year. 1toads Miles. Miles. %

1896 ___
1897 ___
1898 ___
1899 ----1900 ___
.'901___
1902 ----1903 ___
1904 ___
1905 ___
1906 ___
1907 ___
1908 ___
1909 ___
1910___
Jan. 1
1896 ___
1897 ___
1898 ___
1899 ___
1900 ___
1901___
1902 ___
1903 ___
1904 ___
1905 ___
1908 ___
1907 ___
1908 ___
1909 ___
1910___

122
126
114
117
105
100
74
70
68
55
69
56
51
45
45
to No

116
119
114
110
103
93
74
70
67
69
55
50
44
45

89,936 89,214
96,391 95,103
89,367 88,235
98,684 96,967
97,494 94,059
103,453 101,924
90,106 88,251
86,742 84,573
84,002 82,427
83,677 81,709
07,240 94,861
74,439 73,168
79,108 77,518
81,218 79,588
87,809 85,221
V. 30.
88,629 87,907
95,150 93,873
89,367 88,235
96,867 95,172
96,630 93,195
102,492 100,995
90,106 88,251
86,742 84,573
83,968 82,393
83,677 81,709
97,240 94,861
74.037 72,766
78,706 77,116
81,008 79,378
87,809 85,221

0.81
1.35
1.28
1.77
3.65
1.50
2.10
2.56
1.91
2.41
2.51
1.74
2.05
2.05
3.04

Gross Earnings.
Year
Year
Preceding.
Given.
S
S

39,415.623
50,213,481
47.777.9S9
59,800,183
59,169,448
68,966,766
62,023,087
60,220,508
63,536,601
71,044,232
87,119,750
54,770,493
59,940,539
65,522,732
69,828,448

44,188,179
41,517,497
45,833,778
54,149.899
57.853,427
61,260,137
57.983.250
57,887,073
57,818,885
65,109,098
83,250,084
53,425,317
61,744,772
58,007,375
68, 38,393

0.82 411,624,390 404,636,777
1.36 460,682,396 433,915,117
1.28 461,937,617 424,007,183
1.77 559,918,434 511,496,013
3.68 595,487,645 542,700,820
1.48 677,212.805 609,239,714
2.10 623,776,463 576,882,954
576,573,058
2.56 639,338,998 606,552,863
1.91 613,553,405
2.41 673,611,217 626,490,472
2.51 900,355,234 794,728,647
1.74 590,965,575 540,238,902
2.06 575,231,637 662,099,137
2.06 618,292,490 551,266,144
3.04 717,209.189 644,249,456

Increase (+ )
Decrease (—).

S
%
—4,772,550 10.79
+ 8,695,984 20.94
+ 1,944,211 4.24
+ 5,650,284 10.43
+ 1,316,021 2.28
+ 7,706,629 12.58
+ 4,039,837 6.96
+ 2,333,436 4.03
+ 5,717,716 9.88
+ 5,935,134 9.11
+ 3,869,666 4.65
+ 1,345,176 2.52
—1,804,233 2.92
+ 7,515,357 12.91
+ 1,690,055 2.48
+ 6,9S7,013
+ 26,767,279
+ 37,930,434
+ 48,422,421
+ 52,780,825
+ 67,973,091
+ 46,893,509
+ 62,705,940
+ 7,000,542
+ 47,114,745
+ 105626 5S7
+ 50,726,673
—80,867,500
+ 67,026,346
+ 72,959,724

1.72
6.09
8.94
9.46
9.72
11.15
8.12
10.88
1.15
7.52
13.29
9.39
13.12
12.16
11.3s

Note.—Neither the oarnlngs of the Mexican roads nor the mining operations of
the anthracite coal roads are Included In this table.
To complete our analysis we now annex six-year
comparisons of the earnings of leading roads, arranged
in groups.

EARNINGS OF NORTHW ESTERN AND NORTH PACIFIC GROUP.
P fNovember.
m
Canadian Pac.
Chic Gt West*
Dul So'Sh A At
G t N orthern..
Iowa C entral..
Minn’A St L._
M StP&SSM a

1910.
1909.
1908.
S
s
S
9,249,000 8,918,000 7,303,303
1,053,518 1,064,253 915,490
260,085 263,784 232,191
5,698,315 66,135.465 65,673,562
254,137 308,350 233,686
432,397 492,127 363,531
2.004,763 2,121,626 1,730,388
18,952,215 19,303,605 16,452,151

1907.
S
6,953,967
715,391
258,786
6,093,554
253,047
351,208
1,709,286
10,335,239

1900.
S
0,234,583
791,613
249,728
5,142,301
276,679
315,651
1,709,067
14.719,522

1547

G RO SS E A R N IN G S A N D M IL E A G E IN N O V E M B E R .
M ile a g e .
Gross E arnings.
Inc. ( + ) or
Dec. (— ). 1910. 1909.
1909.
1910.

5

A labam a G reat S o u th e rn .
382,558
A tla n ta Blrm A A tla n tic . 249,341
Buffalo R och A P ltts b ___ 833,579
C anadian N o rth e rn ______ 1,565,400
C anadian Pacific_________ 9,249 ,000
C entral of G eorgia______ 1,199,700
C hesapeake A O hio_____ 1/1,846,458
Chicago A A lto n . ____ 1,229,562
Chicago G reat W e s te rn .. 1,053,518
Chicago In d ia n an A Louis 481,415
Cin New O il A T exas Pac 808,689
Colorado A S o u th e rn ____ 1,581,379
D enver A R io G ran d e___ 2,153 ,000
D enver N orthw A Pacific 1/78.808
D etroit A M a c k in a c .__
88,590
D e tro it T oledo A Iro n to n
163,379
A nn A rb o r_______ . .
187,861
260,085
D u lu th Sou Shore A A tl. .
G eorgia S o uth A F lo rid a . 1/141,286
G rand T ru n k of C a n a d a.)
G rand T ru n k W estern ) 3,845 ,640
D ct Gr H av A M ilw ._ 1
C anad a A tla n tic _____ )
G reat N o rth e rn .. ______ 5,698 ,315
Illinois C e n tra l__________ 5,348 ,567
In te rn a t A G reat N o r th ..
872,000
Iow a C entral __________
254,137
K an City Mex A O rie n t..
180,400
Louisville A N ashv ille___ 4,780 ,925
M ineral R a n g e ......................
61,270
M inneapolis A S t L o u is .. 432,397
M inn S t P aul A S S >.r___ 2,004 ,763
M issouri K ansas A T exas 0 2,86 7,469
M issouri Pacific__________ 4,613 ,000
M obile A O h io .. _______ 1,001,566
28,235
N cvnd a-C al-O regon_____
52,891
Rio G rande S o u th e rn ____
S t L ouis S o u th w estern __ 1,227,617
S eaboard Air L in e---------- 1.839,890
S o uthern R ailw ay _______ 5,322,337
T exas A Pacific__________ 1,687,042
T oledo Peoria A W estern 103.847
T oledo St Louis A W e st. 326,474
W abash . _______ ____ 2,551 ,636
Y azoo A Miss V alley____ 1,174,392
T o tal (4 5 r o a d '; '. . ___ 69,82 8,448
N et Increase (2 .4 8 % )____
M exican R oads (not Inclu d e d In to ta
Intero ceanic of M exico___ 688,766
M exican Railway . . ____ 1/454,200
N ational R y s of M ex ico.x 5,179,822

S
368,682
239,702
801,512
1,517 ,500
8,9 1 8 ,0 0 0
1,117 ,400
y l , 776,543
1,215,708
1,064,253
494,195
797,745
1,570,546
2,059 ,500
1/64,244
88,539
143,143
170,818
263,784
y \ 53,543
3,839,761

S
+ 13,876
+ 9,639
+ 32,067
+ 47,900
+ 331,000
+ 82,300
+ 69,915
+ 13,854
— 10,735
— 12,750
+ 10,944
+ 10,833
+ 93,500
+ 14,564
+ 51
+ 20,236
+ 17,043
— 3,699
— 12,257
+ 5,879

309
661
568
3,304
10,276
1 916
2,224
1,025
1,489
616
336
2,031
2,553
214
360
441
301
604
395
4,528

309
640
568
3,224
9,916
1,916
1,933
988
1,511
616
336
1.C80
2,552
214
248
441
301
593
295
4,528

6,135 ,465 — 437,150 7,275
5,126 ,767 + 221,800 4,551
856,000 + 16,000 1,159
558
308,350 — 54,213
+ 24,500 740
155,900
4,540 ,697 + 240,228 4,591
— 9,333, 127
70,603
— 59,730, 1,027
402,127
2,121 ,626 — 116,863 3,572
2,43 3 ,4 3 9 + 434,0 30 3.369
— 44,000 7,231
4,657 ,000
924,343 + 77,223 1,114
— 8,120
184
36,355
— 7,843
180
60,734
1,082,449 + 145,168 1,476
1,734,707 + 105,183 2,995
5,089 ,245 + 233,092 7,039
+ 87,358 1,68b
1,599,684
248
+ 13,640
90,207
451
— 26,570
353,044
+ 22,228 2,514
2,529 ,408
+ 99,267 1,372
1,075,125
68,13 8,393 + 1,090,055 87,809

6,976
4,551
1,159
558
600
4 398
126
1,027
3,424
3.072
6,488
1,114
184
If 0
1,469
2,997
7,050
1,885
248
451
2,514
1,371
85,221

1905.
S
b—
5,741.543
+ 41,186 1,035 1,018
647,580
782,204
+ 30,500 361 340
1/423,700
249,242
4,946 ,835 + 232,987 6,147 6,178
5,240,083
270,520
341,949
a Includes th e T exas C entral In 1010 only.
1,752,025
x Now Includes M exican In te rn atio n a l In b o th y ears, y T hese figures
arc for th re e w eeks only.
14,378,160
G RO SS E A R N IN G S FR O M JA N U A R Y 1 TO N O V E M B E R 30.
* IncludesWIason City A Ft. Dodge and the Wisconsin Minnesota A Pacific In
1910, 1909Jan<l 1908. a Includes Chicago Division In 1910, 1909 and 1908; for
Increase. Decrease.
N am e oj R oad.
1910.
1909.
previous[years we have combined Minn. S t. P. A S. S. M. and Wise. Central.
5
$
$
b Actual figures of earnings are now used for comparison.
A labam a G reat S o u th e rn . . 4,096,493 3,399,327 697,166
A tla n ta B lrm & A tla n tic .. 2,437,757 2,131,124 306,633
EARNINGS OF MIDDLE AND MIDDLE W ESTERN GROUP.
Buffalo R och A P ittsb u rg h 8,434,832 7.473,321 961,511
C anadian N o rth e rn _______ 12,823,100 9,662,900 3.160,200
1*11
■
Mas
C
anadian P acific_________ 91,982,105 77,154,452 14,827.653
November, y 131910.1!
1905.
1909. |! 190S.
1906.
1907.
C entral of G eorgia_________ 11,257,455 10,350,669 906,786
C hesapeake & O hio L in e s .. f/28,795,440 y25,496,1 67 3,299,273
wish
s
S
S
S
S
S
A lto n __________ 12,640,293 11,911,844 728,149
BufflRoch & P [833,579 801,512 547,945 754,546 752,748 744,299 Chicago GAreat
W e ste rn ____ 11,584,072 10,025,843 1,558,229
Ch Ind ’A Lou. 481,445 494,195 433,785 417,260 487,877 495,240 Chicago
554,990
Chicago Ind A L o u isv ille .. 5,695,994 5,141,004 1,014,760
Gr Trk'of Can. 1
Cin
New
O
rleans
Pac 8,638,392 7,623,632 1,467,237
i' Gr,Trk West 13,845,040 3,839,761 3,545,458 3,934,548 3,760,728 3,446,074 Colorado A S o u th&eTrnex_____
14,227,692
15,694,929
i ‘ Det G H A M
D enver A R io G rand e____ 22,137,856 20,415 703 1,722,153
r ' Can 'Atlantic i
N orth w A P a c ____ j/957,799 V714.995 242,804
Illinois Central 5,348,567 5,126,767 <15,07 1,164 5,313,028 4,630,897 4,588,622 DD enver
33,128
it A M ackinac______ 1,137,235 1,104,107
Tol Peor A W . 103,817
90,207
88,533
93,937 107,962 110,357 D etro
etro
it
T
oledo A I ro n to n .. 1,674,622 1,353,261 321,361
Tol St L A W . 326,474 353.044
344,548 367,394
301,899
351,338
1,599,244
195
A
nn
A
rb
o
r_____________
1,794,490
Wabash _____ 2,551,036 2,529,408 2,081,315 2,127,700 2,219,101 2,060,981 D ulu th So Shore A A tl____ 3,070,158 2,811,673 258 246
485
140,111
S o uthern & F la ___ 1/2,067,149 1/1,927,038
8 f? o ta l'_____ 13,491,188 13,234,894 12,073,129 12,992,357 12,303,801 11,818,967 GG eorgia
rand
T
ru
n
k
of
C
a
n
a
d
a
..1
pa a
G rand T ru n k W e s te rn .. 40,394,760 37,428,014 2,960,140
D ct Gr H av A MUw-----a Embraces, beginning with this year, some large Items of Income not previously
C anada A tla n tic _______
ncluded In monthly returns.
G reat N o rth e rn ....................... 59,789,068 53,931,539 5,857,529
Illinois C e n tra l------------------- 57,482,610 52,323,519 5,159,091
EARNINGS OF SOUTHERN GROUP.
In te rn a t A G reat N orthern 8,158.880 7,488,907 669,913
103,426
Iow a C e n tra l-------------------- 3,060,427 2,957,001 241,576
K an C ity M exico A O rie n t. 1,711,649 1,470,073
P^November.
1910.
1909.
1908.
1907.
1903.
L ouisville & N ashville------ 49,567,050 43,441,679 6,125,371
1905.
767,788
700,641
M ineral R a n g e ........................ 4,637,277
425,210
4,212,061
•S
S
S
S
S
8
M lnncap A S t L outs---------Ala Gt S o u ... 382,558 368,682 295,711 323,637 327,619 337,009 M inn S t P & S S M . . ........... 20,619,615 19.531.883 1,087,732
a25.526.138 23,367,130 2,159,008
Ala N O A T P
M
issouri
K
ansas
A
T
e
x
a
s
..
,. N O A N E . C298.052 290,052 281.639 276,044 250,430 275,582 M issouri P a c illc ...................... 49.056,409 45.143,711 3,912,698
BTAla A Vicks C157.753 157,753 148,156 148,2.38 134,172 133,936 M obile & O hio........................ 9,966,134 9,098,927 807,307
435,435
362,751
r Vicks Sh A P cl.33,801 133,861 127,442 141,638 141,942 126,102 N evada-C al-O rcgon_______
467,486 104,164
80,901 R io G rande S o u th e rn _____
571,650
Atl Blrm A Atl 249,311 239,702 189,803 162,663 130,121
1,130,379 1,059,676 1,0 46,833 S t Louis S o u th w e ste rn ____ 10,499,921 9,647,683 852,238
Central of Ga. 1.199,700 1,117,400 1,008,065 2,458,019
d ie s A O hio.. d2,703,707 2,657,437 2,118,133 702,161 2,111,236 2,033,482 S eaboard A ir L in e_________ 18,896,202 17.030.883 1,805,319
678,768 672,783 S o u th ern R ailw ay_________ 53,647,064 49,338,259 4,308.805
CIn N O A T P 808,619 797,745 625,508
4,118,887 3,051,805 T exas & Pacific__________ _ 14,580,789 13,305.483 1,275,306
Lou A Nash.b 4,780,925 4,540,697 3,863,382 3,912,611
133.473
Mobile A Ohio 1,001,566 924,343 880,432 858,494 844,934 840,559 T oledo P eoria A W e ste rn .. 1,140,764 1,007,291
Seaboard Air L 1.839,890 1,734,707 1,484.200 1,340,075 1,388,093 1,282,559 T oledo S t L ouis A W estern 3,443,615 3,280,527 103,088
Southern Ry_. 5,322,337 5,089,245 4,465,162 4.622,207 4,724,443 4,597,838 W a b a sh ........................................ 27,152.363 25.094,164 2,058,199
Yazoo & M V. 1,174,392 1,075,125 a l, 146,398 996,107 899.200 896,998 Y azoo & Miss V alley_____ 9,323,232 8,055.357 367,875
139,831
Bf T o ta l............ 20.050,831 19,132,749:16,634,031 17,072,273 16,809,521 15,970,387
T otal (45 ro a d s)------------- 717,209,180 644,249,456 73,099,555
72,959,724
N et Increase (1 1 .3 2 % )-----a Includes, beginning with this year, some large Items of Income not previously In­
exican roads (not Include d In total)
cluded In monthly returns, b Includes Louisville A Atlantic and the Frankfort A M
530,511
Intcro ccanle of M exico____ 8,108,002 7,577,491
Cincinnati In 1910 and 1909. c Month In 1910 not yet reportd; taken same as M
exican R ailw ay ..................... f/7,411,100 f/7,621,200 689,900 Ch
ast year, d F ourth week not yet reported; taken same as last year.
N a t R ailw ays of M exico.x . 59,716,630 52,724.097 6,992,539
EARNINGS OF SOUTHW ESTERN GROUP.
a Includes th e T exas C entral, beginning w ith Ju ly , In th is year on ly.
x Now Includes M exican In te rn atio n a l In b o th years.
November.
1910.
1909.
1907.
1908.
1905.
1906.
y These figures are dow n to th e end of th e th ird w eek of N ovem ber only
n bo th years.
S
S
S
s
S
S
Colo A South* 1,581,379 1,570,540 1.437,267
1,422,672 1.158.503 1.063,681
Den A Illo Gr. 2.163.000 2,059,500 1,836,889 1.858.378 1,868,409 1,757,425
Int A Gt Nor. 872,000 856,000 834,042 606,217 920,994 705,542
Mo Kan A T .a 2,867,409 2,433,439 2,318,061 2,018,059
2,407,084 2,099,948
T H E D E C IS IO N I N T H E A N T H R A C IT E
Mo Pacific----- 4.613.000 4,657,000 4,006,075 3,819,501 4,099,063 3,805,469
St L A Sou W . 1,227,617 1,082,449 1.022,037 875,623 945,388 820,439
COAL C ASES.
Tex A Pac----- 1,687,012 1,599,084 1.517,794 1.386.379 1.613.503 1,319,973
T h e r e is n o t h i n g in t h e d e c is io n h a n d e d d o w n o n T h u r s d a y
T o ta l............ 15,001,507 14,258,018 12,972,765 11,986,829 13,079.004 11,572,477 b y t h e U . S . C i r c u i t C o u r t f o r t h e E a s t e r n D i s t r i c t o f P e n n ­
* Includes all affiliated lines except T rinity & Brazos Valley IIR. a Includes s y l v a n i a in t h e c a s e s b r o u g h t b y t h e U . S . G o v e r n m e n t
a g a i n s t t h e a n t h r a c i t e c o a l c o m p a n ie s t h a t f u r n i s h e s a n y
the Texas Central In 1910.



1548

THE CHRONICLE

g ro u n d fo r g e n e ra l u n e a s in e s s . T h e a lle g a tio n s of c o m b in a ­
tio n a n d c o n s p ira c y in r e s tr a in t o f in te r - S ta te tr a d e a re d is ­
m is s e d a s t o a ll t h e s e p a r a t e c o a l c o m p a n i e s a n d a n t h r a c i t e
c o a l-c a rry in g r o a d s m e n tio n e d , a n d th e c h a rg e t h a t th e
A n t i - T r u s t L a w is b e i n g v i o l a t e d in t h e a r r a n g e m e n t u n d e r
w h ic h t h e c o a l c o m p a n i e s p a y t h e i n d e p e n d e n t o p e r a t o r s f o r
t h e c o a l a t t h e m i n e s 6 5 % o f t h e s e llin g p r i c e a t t i d e w a t e r
is a ls o f o u n d u n t e n a b l e .
T h e o n e p a r t i c u l a r in w h ic h t h e c o n t e n t i o n s o f t h e G o v e r n ­
m e n t a r e u p h e l d is in t h e a l l e g a t i o n t h a t t h e T e m p l e I r o n C o .
is a c o m b i n a t i o n f o r b i d d e n b y t h e S h e r m a n L a w . I n t h i s
i n s t a n c e i t a p p e a r s t h e r e w a s a s p e c if ic v i o l a t i o n o f t h e la w
in t h e f a c t t h a t t h r o u g h t h e f o r m a t i o n o f t h a t c o m p a n y t h e r e
re s u lte d “ c o n c e rte d a c tio n fo r th e a v o w e d p u rp o s e o f b rin g in g
a b o u t a n a b a n d o n m e n t o f th e p r o je c t” fo r th e b u ild in g o f a
n e w r o a d f o r t h e c a r r y i n g o f c o a l f r o m t h e W y o m i n g r e g io n
to tid e w a te r .
T h e s u it w a s b e g u n in J u n e 1 9 07 d u r in g th e A d m in is tr a ­
tio n of P r e s id e n t R o o s e v e lt, th e d e f e n d a n ts in c lu d in g th e
R e a d i n g C o ., L e h i g h V a l l e y R R . a n d E r i e R R . , a n d t h e i r
a llie d c o a l c o m p a n i e s , t h e D e l a w a r e L a c k a w a n n a & W e s t e r n
R R ., N ew Y o rk S u s q u e h a n n a & W e s te rn R R . a n d a n u m b e r
o f o t h e r c o a l r o a d s , t h e T e m p l e l r o n C o ., a n d a b o u t f o r t y so c a lle d i n d e p e n d e n t c o a l c o m p a n i e s . T h e P e n n s y l v a n i a R R . ,
N e w Y o rk O n ta rio & W e s te rn a n d D e la w a re & H u d s o n ,
th r e e le a d in g a n th r a c ite c o a l-c a rr y in g r o a d s , w e re n o t in ­
v o lv e d i n t h e s u i t , a s t h e y a r e n o t c o m p e t i t o r s in t r a n s p o r t i n g
a n t h r a c i t e t o t i d e w a t e r . T h e d e f e n d a n t s , i t is c l a i m e d ,
c o n tro l a b o u t 9 0 % o f th e a n th r a c ite c o a l la n d s in P e n n s y l­
v a n i a a n d t h r e e - q u a r t e r s o f t h e o u t p u t o f h a r d c o a l. T h e
G o v e r n m e n t c h a r g e d t h a t a ll t h e d e f e n d a n t s n a m e d h a d
l o n g b e e n p a r t i e s t o a g e n e r a l c o m b i n a t i o n w h ic h w a s t a n t a ­
m o u n t t o a c o n s p i r a c y w h ic h s t if le d c o m p e t i t i o n a n d o b ­
s t r u c t e d i n t e r - S t a t e t r a d e a n d c o m m e r c e in a n t h r a c i t e c o a l,
t h e s e p a r a t e a c t s c h a r g e d in t h e s u i t t o h a v e b e e n c o m m i t t e d
b y v a rio u s g ro u p s o f th e d e f e n d a n ts b e in g s te p s to w a rd s a
c o m m o n e n d a n d b e i n g i n d e p e n d e n t l y a s w e ll a s c o ll e c tiv e ly
in v i o l a t i o n o f t h e S h e r m a n A n t i - T r u s t L a w . T h e i n d e ­
p e n d e n t c o a l c o m p a n ie s , a s a b o v e in tim a te d , w e re b r o u g h t
in to th e c ase th ro u g h th e 65 p e r c e n t a rr a n g e m e n t, th e G o v ­
e r n m e n t c o n te n d in g t h a t th e y w e re fo rc e d in to th e s e c o n ­
t r a c t s b e c a u s e t h e r e w a s n o o t h e r w a y t o g e t t h e i r c o a l to
m a r k e t if t h e c o a l r o a d s c h o s e t o d i s c r i m i n a t e a g a i n s t t h e m
in t h e m a t t e r o f c a r s a n d r a t e s .
T h e G o v e rn m e n t a s k e d th e C o u rt to a d ju d g e a n d d e c re e :
(1) T he defen d an ts a re parties to a com binatio n and conspiracy in re­
stra in t of tra d e , and th a t th e y be enjoined from con tinuin g th e com binatio n.
(2) T h a t th e y be enjoined from co n tinuin g th e 65% c o n tra c t existing
betw een th e big com panies and th e ind epend en ts.
(3) T h a t th e acq uisition by th e E ric R R . of th e c ap ita l stock of th e New
Y ork S u sq u eh an n a & W estern R R . a n d of th e P en n sy lv an ia Coal Co. and
th e D elaw are V alley & K ing ston R R . w as illegal u n d er th e A n ti-T ru st A ct.
(4) T h a t th e acq uisition by th e R eadin g C om pany of th e cap ital stock of
th e Jersey C entral w as also illegal.
(5) T h a t th e acq uisition by th e L ehigh V alley R R . of th e cap ital stock
of Coxe Ilro th c rs & Co. w as also illegal.
(6) T h a t th e T em ple Iro n Co. be declared a co m binatio n of th e defend­
a n t railro ad s In vio lation of law , a n d th a t th e com binatio n be dissolved.
T h e o p i n i o n s a r e v o l u m i n o u s , c o v e r i n g , it is s a i d , a b o u t
13 2 p r in te d p a g e s , e a c h o f th e th r e e ju d g e s (G ra y , B u ffin g ­
t o n a n d b a n n i n g ) r e n d e r i n g s e p a r a t e o p in io n s ; b u t f o r c o n ­
v e n ie n c e t h e t h r e e o p i n i o n s h a v e b e e n s u m m a r i z e d in tlie
p e r c u r i a m o p i n i o n o f t h e C o u r t a s f o llo w s :
T he resu lt of th e foregoing opinion Is th a t th e C ourt un anim o usly agree
th a t th e p etitio n should be dism issed (1) as to th e charges in p arag rap h 7
of th e p e titio n concerning th e acq uisition by th e E rie com pany of th e cap ital
sto ck of th e N ew Y ork S u sq u eh an n a & W estern R R ., (2) as to th e charge
In p a rag ra p h 7 concerning the acq uisition by th e R eadin g com pany of th e
m a jo rity of th e cap ital stock of th e C entral R R . Co. of New Jersey , and (3)
a3 to th e general charg e of a com binatio n or conspiracy in vio lation of th e
A n ti-T ru st A ct of Ju ly 2 1890, In th e dev elo pm en t of w hich it is charged
th e o th er com binatio ns set fo rth in th e p etitio n w ere used as steps, set forth
In p a rag ra p h 7 of th e petitio n .
A m a jo rity of th e C ourt hold th a t th e p etitio n should be dism issed as
to th e charg e in p a rag ra p h 7 of th e p etitio n concerning th e so-called G5%
c o n tra c ts.
A m a jo rity of th e C ourt also hold th a t th e charge of an Illegal com bina­
tio n In resp ect of th e m a tte rs rela tin g to th e T em ple Iro n Co. set fortli In
p a rag ra p h 7 of th e p etitio n should be su stained, and th a t th e in ju n ctio n or
restra in in g o rder specifically p rayed for in th e p etitio n should be g ran ted
so far as it will serve to p re v e n t and restra in a con tinuin g vio lation of th e A ct.
I t w ill t h u s b e s e e n t h a t o n e j u d g e ( G r a y ) d i s m i s s e d a ll
t h e G o v e r n m e n t ’s c h a r g e s e x c e p t t h a t r e l a t i n g t o t h e T e m p le
I r o n C o ., w h ic h h e s u s t a i n s ; t h a t a s e c o n d m e m b e r o f t h e
C o u r t ( J u d g e B u f f i n g t o n ) d is m is s e s a ll e x c e p t t h e o n e a g a i n s t
th e T e m p le c o m p a n y a n d th e o n e r e la tin g to th e 6 5 % c o n ­
tr a c t w ith th e in d e p e n d e n t co al o p e ra to rs ; a n d t h a t th e
t h i r d ( J u d g e b a n n i n g ) f i n d s a g a i n s t t h e G o v e r n m e n t o n a ll
p o in ts .
J u d g e G r a y s a y s t h e C o u r t is c o m p e l l e d t o c o n c l u d e t h a t
th u s f a r th e d ir e c t e v id e n c e re lie d u p o n b y th e G o v e r n m e n t
t o s h o w t h a t t h e d e f e n d a n t s h a v e lo n g b e e n p a r t i e s t o a g e n ­



[VOL.LXXXXI

e ra l c o m b in a tio n a n d c o n s p ira c y , (c o m m e n c in g p re s u m a b ly
in 1 8 9 6 , a n d c o n t i n u i n g d o w n t o t h e f ilin g o f tire p e t i t i o n , )
w h ic h s tif le s c o m p e t i t i o n a n d o b s t r u c t s t r a d e a n d c o m m e r c e
a m o n g t h e S t a t e s in a n t h r a c i t e c o a l, f a ils t o e s t a b l i s h t h a t
c h a r g e . J u d g e G r a y h o ld s t h a t a s t o t h e T e m p l e I r o n C o .
t r a n s a c t i o n , i n w h ic h s ix o f t h e d e f e n d a n t r o a d s a r e i n v o l v e d ,
i t is c h a r g e d , a n d t h e c h a r g e s a r e s u p p o r t e d b y t h e t r u t h ,
th a t th e d e fe n d a n ts n a m e d e n te re d in to a c o m b in a tio n o r
c o n s p i r a c y t o d e f e a t a r id p r e v e n t t h e b u i l d i n g o f a r a i l r o a d
a n d th e c o n s tru c tio n o f a n in te r -S ta te ro u te fo r th e c a rry in g
o f c o a l f r o m t h e W y o m i n g r e g io n t o t i d e w a t e r .
J u d g e G ra y fu rth e r sa y s:
T his avow ed a n d conceded pu rp ose ren dered all th a t w as done in p u r­
suance thereo f v io lative of th e A ct of Congress In question , how ever innocent
and legitim ate it m ig ht hav e otherw ise been. It Is tru e th a t th e Sim pson
& W atk in s collieries m ig ht hav e been inn ocently pu rch ased by th e defend­
a n ts, sep arately or in com binatio n: b u t as th e y w ere p u rch ased in order to
c arry into effect th e purpose of an unlaw ful co m binatio n, It seem s to m e
th e tran sa ctio n w as clearly w ithin th e den u n ciatio n of th e law . T he T em ­
ple Iro n Co. w as th e palp ab le in stru m e n t or m eans by w hich th e unlaw ful
purpose of th e com binatio n w as accom plished, and Its acq u irem en t of th e
said collieries, in pu rsuance of th a t com binatio n, m u st be held as illegal.
I t m a tte rs n o t for p resent pu rposes w h eth er th e en terp rise w ould h av e
resulted or n o t in failure. T he im p o rta n t fact Is th a t th e d efen d an ts n am ed ,
in terested In th e prod uction an d carriag e of coal from P en n sy lv an ia to tid e ­
w ater in N ew Y ork, believed th a t th e pro ject of co n stru ctin g th e road
w ould go throu gh a n d Induced them to com bine In o rder to th w a rt th a t
purpose. T he com binatio n b ro u g h t ab o u t th e a b an d o n m en t of th e pro ject,
and th e possibility of a com peting road In in te r-S ta te com m erce w as, for
th e tim e being, fru stra te d . I can n o t escape th e conclusion, therefore, th a t
th e decree of this C ourt should denounce as Illegal th e com binatio n by w hich
this resu lt w as b ro u g h t ab o u t if a decree for an Injunction, u n d e r th e p ra y e rs
con tain ed in th e p etitio n , can be founded upon such den oun cem en t.
T he Injunction or restrainin g order specifically prayed for in p etitio n
should be g ra n te d , so far as It will serve “ to prev en t and re s tra in ” th e fu tu re
or con tinuin g v io lation of th e A ct. T his is th e only jurisd ictio n conferred
upon th e C ourt In such a proceeding as th e one before us, and th e re can be
no In jun ctive relief g ra n te d unless it tend s to restra in som e specific fu tu re
or continuin g violation of th e A ct.
J u d g e B u f f i n g t o n d is c u s s e s in g r e a t d e t a i l t h e T e m p l e
Iro n C o. m a tte r. W ith re g a rd to th e 6 5 % c o n tra c ts , h e sa y s :
T h a t these c o n tra c ts do restra in com m erce is d e a r from th e ir effect, and
if th ey do n o t fail w ithin th e b an of a s ta tu te “ aim ed” as w as said in Chesa­
peake & O hio Fuel Co. vs. U nited S ta te s su p ra, to “ m a in tain in te r-S ta te
com m erce on th e basis of free c o m p e titio n ,” th e n th a t s ta tu te Is m ade of
no avail by co n tracts w hich sh u t o u t com petition for all tim e, and w hich,
if Increased in nu m b er, m ay , w ith o u t ab so lute purchase a n d ow nership, end
in th e defen d an t railro ad s’ acq uisition of th e rem ain ing coal area. W e
arc therefore of opinion these co n tracts, as th e y now sta n d , are illegal.
Seeing, th e n , th a t these six d e fen d an t railroads did unlaw fully com bine
to g eth er th ro u g h th e T em ple Iro n Co., a n d th a t th e rea fter in fu rth e r com ­
bin atio n th ey b ro u g h t a b o u t these illegal, p erpetual co n tra c ts, th e d u ty of
th e C ourt seem s clear to forbid them fu rth e r m ain tain in g th eir unlaw ful
com bination In th e T em ple Iro n Co. a n d from continuin g these unlaw ful
c o n tra c ts. F o r if th e T em ple com bination w as Illegitim ate in b irth , w hen
did th e ta in t of illegitim acy leave it? T he A n ti-T ru st A ct, as It seem s to m e.
is directed n o t only a t the illegal acts an illegal com binatio n does, b u t also
a t the existence a n d con tinuan ce of such illegal com binatio n. M oreover,
in this case it Is n o t only because th e com bination in th e T em ple Iron Co.
w as originally Illegal, b u t because it can be used in th e ru tu re as It has been
in th e p a st, and because its existence to -d ay tend s to forbid, p re v e n t and
restra in com petition th a t this C ourt should decree such illegal com bination
should end.
I record m y dissent to tile actio n of th e C ourt in refusing to enjoin them .
J u d g e B a n n in g s a y s w i t h r e g a r d t o t h e a c q u i s i t i o n in 1 8 9 8
b y th e E rie R R . of th e m a jo rity o f th e s to c k o f th e N e w Y o rk
S u s q u e h a n n a & W e s t e r n , o n w h ic h m u c h s t r e s s h a d b e e n
la id a s c o n s t i t u t i n g o n e s t e p in t h e a lle g e d c o m b i n a t i o n , t h a t
in h is o p i n i o n t h e p r o o f s s h o w t h a t w h a t e v e r c o m p e t i t i o n
b e t w e e n t h e tw o r o a d s w a s e l i m i n a t e d b y t h e c o m b i n a t i o n ,
s u c h e l i m i n a t i o n w a s s o in c o n s id e r a b le a m a t t e r t h a t i t d id
n o t e n t e r i n t o t h e o b j e c t s w h ic h in d u c e d t h e E r i e R R . to
i n c r e a s e i t s c a p i t a l s t o c k b y $ 2 6 ,0 0 0 ,0 0 0 , a n d t h a t i t w a s b u t
a n i n c i d e n t a l , a n d n o t t h e d e s ig n o r p r i n c i p a l , r e s u l t o f t h e
c o m b in a tio n .
W ith re fe re n c e to th e p ro p o s e d n e w co al r o a d , h e s a y s t h a t
it m a tte r s n o t t h a t th e in d e p e n d e n t co al o p e ra to r s h a d b e e n
t h r e a t e n i n g to b u i l d i t , o r w h a t in f lu e n c e t h a t t h r e a t h a d ,
if a n y , u p o n t h e f o r m a t i o n o f t h e c o m b i n a t i o n w h ic h a b s o r b e d
t h e c o llie r ie s o f S i m p s o n ’ & W a t k i n s a n d m a d e p o s s ib le t h e
o p e r a t i o n o f t h e T e m p le I r o n C o . b y t h e c o a l - c a r r y i n g r o a d s .
H e s a i d t h e r e w a s n o p r o o f in t h e c a s e t h a t t h e
Iro n
c o m b in a tio n d ire c tly d e fe a te d th e c o n s tru c tio n o f a n y ra il­
r o a d w h a t e v e r , n o r d id t h e T e m p le c o m b i n a t i o n a c q u i r e t h e
c a p i t a l s t o c k o f t h e n e w r a i l r o a d c o m p a n y , n o r d o e s i t in a n y
m a n n e r c o n tr o l i t . J u d g e B a n n i n g s a y s f u r t h e r a s t o t h i s
p o in t:
I t m ay be observed th a t the allegation of the G overnm ent Is th a t the con­
stru c tio n of th e proposed new road lias already been defeated and a b a n ­
doned. T he A nti-T ru st A ct confers on circuit cou rts “ jurisd ictio n to p re­
v e n t and restra in " vio lations of th e A ct. Ilu t tills C ourt can n o t p revent
or restra in a past violation of th e A ct. T here is no suggestion in th e p e ti­
tion th a t th e T em ple Iro n com bination Is still preventin g th e con stru ction
of th e proposed railro ad . N or docs it a p p ear th a t if the pray er for inju nc­
tion should be granted the new railroad w ould be bu ilt.
If, th e n , a n y relief can be gran ted un d er th e allegations of th e petitio n
against the T em ple Iro n com binatio n, it m u st be because th e re w as a pooling
and division of the tra n sp o rta tio n business of th e Sim pson & W atkin s
collieries am ong th e railroads above m en tioned . I t is n o t charged th a t th e
P h ilad elp hia & R eadin g R y . Co. ob tained an y p a rt of the ton nage of those

Temple

D e c . 10 1910. |

THE CHRONICLE

1549

collieries. The fact is that none of the eight Simpson & Watkins collieries
is tributary to the Reading Ry. Co. I understand, too, that none of them
is tributary to the Central RR. of New Jersey. They are located at widely
separated points In the Wyoming region.

•

with the White Sulphur Springs agreement. One of the
provisions thereunder is that bills of lading are not to be
signed until the cotton is in possession of the railway com­
In concluding his opinion Judge Lanning uses very strong pany, which is also the requirement insisted upon by the
language in reaching the conclusion that no proof can be Inter-State Commerce Commission in its notice to the roads
shown of a general conspiracy or trust. He says:
published in this department a week ago.
What we are asked to do Is to find that In 1895 the defendants entered
President Taft, in his annual Message this week also
Into a combination or conspiracy of the broad sweep above mentioned, and
that In the development of It they used as steps the Eric and Susquehanna referred to the bill-of-lading matter and urged upon Congress
combination of 1898, the Temple Iron combination of 1899, the Eric and the enactment of a law safeguarding the interests of those
Pennsylvania Coal Co. combination of 1899, the combination formed through advancing moneys on such bills. We give his remarks
the Instrumentality of the 65% contracts In 1900 and the Reading and Cen­
tral combination of 1901. Wc are also asked to consider the acquisition herewith:

of the capital stock of Coxe Brothers & Co. by the Lehigh Valley In 1905
as an element of proof to support the charge of a general combination or
conspiracy.
But there Is no satisfactory proof that these combinations were parts of
or steps to a scheme entered Into by the defendants generally for the con­
trol of the anthracite coal business. They were Independent combinations,
the first of them having been created three years and the last ten years after
it is alleged the general combination or conspiracy was formed. What
‘‘contract, combination In the form of trust or otherwise or conspiracy.”
for example, existed among the defendants generally for the purchase by
the Reading company of the capital stock of the'Central?
These combinations cannot be tied together In one gigantic trust or con­
spiracy without proof. They have no common board |of control, no com­
mon scheme of managing their affairs and no common business Interests.
Each of them Is wholly separate from and Independent of the others. I
am satisfied that the proofs fall to show the existence of a general combi­
nation or conspiracy of the nature set forth In the petition.

The case will no doubt be carried to the United States
Supreme Court in view of the importance of the issues in­
volved, but meantime it is an assuring fact that the affairs
of the coal roads will be little, if at all, disturbed by the de­
cision just rendered.
In our “ Investment News” columns wc refer briefly to a
decision handed down this week by the Federal Court in this
city in a suit brought byanindependent Pennsylvania coal op­
erator to recover triple damages against the anthracite rail­
roads for alleged violation of the anti-trust laws. The de­
cision is merely on a demurrer and not on the merits, and
would seem to be overruled by the decision discussed above.
We refer to it mainly to point out a current misapprehension
as to the rulings made.

ITEMS ABOUT B A N K S, BA N K ER S A N D TR U ST CO’S.
— The public sales of bank stocks this week aggregate
103 Y2 shares, of which 47
shares were sold at auction and
50 shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 00 shares. A lot of 123^
shares of National Reserve Bank stock was sold at auction
at 111, an advance of 10 points over the price paid at the last
previous public sale. A sale of 15 shares of Mutual Bank
stock at 290 was the first public transaction in the stock
since January last, when the price was 282.

Shares. BANKS— New York.

Low . H igh. Close. Last previous sale.

*.18 Commerce, Nat. Bank o f.. . . 195 200 196 Nov. 1910— 196
*18 Fourth National Bank
193 195 )4 191 Nov. 1910— 196
15 Mutual Bank______
. . 290 290 290 Jan. 1910— 282
12)4 Reserve Bank, N at..
111 111 111 Nov. 1910—zlOl
BANK—B rooklyn.
20 City Bank, National_____ . . 285 285 285 Nov. 1910— 285)4
TRUST COMPANIES— New York.
15 New York Trust Co_____ . . 612 612 612 Sept. 1909— 675
36 Title Guarantee & Trust Co. . 501 501 y» 501 Oct. 1910— 497)4
10 Union Trust Co_________ ..1290 1290 1290 Nov. 1910—1300)4
5 United States Trust Co_____ 1185)4 1185)4 1185 )4 July 1910—1170
* Sold at the Stock Exchange, x This was for stock of the Consolidated
National Bank, the former name of the National Reserve Bank.

— At the close of a meeting of the National Monetary
Commission held on the 2d inst. in Washington, announce­
ment was made that the Commission has taken no action
toward the adoption of a concrete legislative measure, and
that no report may be expected until the December 1911
session of Congress. It is also reported that the Com­
mission has decided to hold conferences in Washington
during the present session of Congress with representatives
of financial and commercial interests, and after March 4
will make a tour of the country for the purpose of continuing
these conferences throughout the large cities.
.
— A meeting was held on Monday of representatives of
eighteen of the local banks which have large dealings in
foreign exchange, relative to the observance by the railroads
of the regulations governing the issuance of bills of lading
for export cotton under the agreement adopted last July
at the conference held in White Sulphur Springs, W. Va.
It is stated that some of the roads have failed to conform to
the regulations contained therein, and have been negligent in
the matter of attaching validation certificates to the bills
of lading. The banks have accordingly decided that they
cannot safely purchase foreign bills of exchange against bills
of lading for export unless the latter are validated in line



For the protection ot our own people and the preservation of our credit In
foreign trade I urge upon Congress the Immediate enactment of a law under
which one who. In good faith, advances money or credit upon a bill of lading
Issued by a common carrier upon an Inter-State or foreign shipment can
hold the carrier liable for the value of the goods described In the bill at
the valuation specified In the bill, at least to the extent of the advances
made In reliance upon It. Such liability exists under the laws of many
of the States. I see no objection to permitting two classes of bills of lading
to be Issued: (1) Those under which a carrier shall be absolutely liable, as
above suggested; and (2) those with respect to which the carrier shall
assume no liability except for the goods actually delivered to the agent Issu­
ing the bill. The carrier might be permitted to make a small separate
specific charge In addition to the rate of transportation for such guaranteed
bill, as an Insurance premium against loss from the added risk, thus re­
moving the principal objection which I understand Is made by the railroad
companies to the Imposition of the liability suggested, viz.: that the ordin­
ary transportation rate would not compensate them for the liability
assumed by the absolute guaranty of the accuracy of the bills of lading.
I further recommend that a punishment of fine and Imprisonment
be Imposed upon railroad agents and shippers for fraud or misrepresenta­
tion In connection with the Issue of bills of lading Issued upon Inter-State
and foreign shipments.

— William Hanhart, Secretary of the Savings Bank Sec­
tion of the American Bankers’ Association, died at St.
Luke's Hospital on the 7th inst. Mr. Hanhart had been
identified with the Savings Bank Section from the start,
having been made temporary chairman at the time of the
preliminary organization in November 1902, and had ever
since served as its Secretary. He was indefatigable in his ef­
forts to promote its interests, and one of his important ac­
complishments was the compilation of savings bank forms,
issued in elaborate book form in 1906. Mr. Hanhart was
born in London in 1849 and a part of his business life was
spent in that city. One of his early business associations
here was with Ladenburg, Thalmann &Co., and he was also
formerly Assistant Comptroller of the Emigrant Industrial
Savings Bank. He was President of the Bankers’ Life
Insurance Company.
— We are informed by Secretary Farnsworth of the Ameri­
can Bankers' Association that the Clearing-House Section
of the Association has called a meeting of transit managers
to be held in Chicago on Monday next at the Chicago Clearing
House. Its object is the discussion of the question of sym­
bols to be used on checks and drafts, in line with a system
devised by the Clearing-House Section some two years ago,
whereby cities are designated by letters and Clearing-House
banks by their Clearing-House numbers. Since its incep­
tion the proposition has been taken up by some of the larger
cities as well as by the State of Texas, which have devised
plans of their own, and this, it is feared, will, if extended,
lead to complications. The conference next week is to be
held with the expectation that from it will result some uni­
form plan which will be desirable and advisable. The execu­
tive committee of the Clearing-House Section will also meet
during the sessions of the transit managers. Only a few of
the expert transit managers of the larger cities will attend
the conference, the following cities being represented:
New York, Chicago, Philadelphia, Boston, Pittsburgh,
St. Louis, Minneapolis and St. Paul, Cleveland, Denver,
New Orleans, and also the State of Texas.
— The trustees of the Seaman’s Bank for Savings, the
Emigrant Industrial Savings Bank and the Metropolitan
Savings Bank of this city decided this week to maintain the
4% interest rate on deposits for the six months to Jan. 1.
The Greenwich Savings Bank will continue the policy,
adopted with the July declaration, of paying interest at the
rate of 4% on accounts up to $1,000, and 3
on sums
in excess of $1,000. The Citizens’ Savings Bank and the
Union Dime Savings Bank, which lowered their rates in
July from 4 to 3 j^ % , have announced that the lower rate
will be continued at this time. None of the Brooklyn sav­
ings institutions has thus far made any change from the
4% rate, the several banks which have already taken action
in the matter having adhered to that amount, including the
Brooklyn Savings Bank, the Williamsburgh Savings Bank,
the South Brooklyn Savings Institution and the Sumner
Avenue Savings Bank.
— Several of the cotton operators against whom indict­
ments were returned as a result of the Government inquiry

1550

THE CHRONICLE

last spring into an alleged cotton pool agreement were
arraigned before Judge Hough of the United States Circuit
Court on Monday. They were James A. Patten of Chicago,
Eugene G. Scales of Dallas and William P. Brown of New
Orleans. The indictment on which they were arraigned
was found by the Federal Grand Jury on Aug. 4, and was
intended to correct the original indictment returned in June,
which is said to have been defective by reason of the fact
that the Grand Jury which handed it down was not legally
drawn. Messrs. Patten, Scales and Brown entered pleas
of not guilty this week and were released under bail of
$5,000 each. The others who are made defendants in the
new indictment are Col. Robert M. Thompson, a special
partner in the cotton house of S. II. P. Pell & Co. of New
York and Frank B. Hayne of New Orleans, both of whom,
it is stated, are now out of town and will be arraigned next
week. The latest indictment does not name as defendants
Charles A. Kittle, the Cotton Exchange member of S. H. P.
Pell & Co.; Morris II. Rothschild of Woodsville, Miss., and
Sydney J. Harman of Shreveport, who were included in the
former indictment. Mr. Kittle, however, it is said, is re­
ferred to in the new indictment, together with Fuller E.
Callaway, James W. Cannon and Lewis W. Parker, as being
among those with whom the defendants conspired on Jan. 1
1910 “ to monopolize the inter-State trade and commerce in
available cotton during the last four months of the crop year
ending Sept. 1 1910 by purchasing in a manner calculated to
avoid enhancing the price thereof; that is to say, by each
buying for himself and spreading the purchase over many
days and with certain agreements as to their holding their
cotton off the markets long enough to prevent its interfering
with their purposes, and finally selling to consumers at arbi­
trary and excessive prices enough cotton to accomplish their
ends, no one of said conspirators being financially able to do
this alone.” The indictment is also said to charge the five
defendants with

engaging In a conspiracy In restraint of Inter-State trade and commerce
In cotton which Is carried on by bona fide spinners and manufacturers In
acquiring cotton for their needs, by running a “corner” in cotton on the
New York Cotton Exchange, knowing that the natural result of their acts
would be to obstruct that trade and commerce and Injure said bona fide
spinners and manufacturers by compelling them in buying cotton to- com­
pete with ‘‘short” sellers who would be purchasing under the abnormal
conditions produced by the “corner.”
— No developments with regard to the future of the Equi­
table Life Assurance Society resulted at this week’s annual
meeting held on Wednesday, the only announcement fol­
lowing the session being that no plan had yet been devised
for the disposition of the stock acquired by J. P. Morgan a
year ago, and that the company would continue without
change for the present. The holdings bought by Mr. Morgan,
it will be remembered, were formerly owned by Thomas F.
Ryan, and the purchase was subject to the trust under which
Morgan J. O’Brien, George Westinghouse and the lateGrover
Cleveland were made voting trustees for the benefit of the
policyholders. Although the trust agreement expired in
June, the formal transfer of the stock has not yet taken place,
and the surviving trustees still exercise the right to vote.
Both Messrs. Westinghouse and O’Brien were present at the
meeting this week, and the latter, it is stated, cast the proxy
ballot voting the 502 shares owned by Mr. Morgan. The
directorate continues as heretofore, fifteen members whose
terms had expired having been re-elected to the board.
— An opinion was handed down by the United States
Supreme Court on the 5th inst. holding that the U. S. Circuit
Court erred in dismissing certain counts in the indictments
against F. Augustus Heinze charging misapplication of the
funds of the Mercantile National Bank of this city. On
several occasions, both last year and this, some of the indict­
ments against Mr. Heinze were quashed before the case was
brought to trial, and even later, when he was placed on trial
last spring, a number of the counts in the indictments which
stood against him at the beginning of the trial were dismissed
before the case went to the jury, which was charged only with
the consideration of thirty counts. These, it was understood,
concerned the over-certification of checks of Otto Heinze &
Co. on Oct. 14 1907 aggregating $404,000 and the misappli­
cation of the funds o f the bank to that extent. The trial
resulted in an acquittal, the jury bringing in a verdict of
“ not guilty” on May 12. It is stated that one of the points
on which the lower court held the indictments insufficient
was that they did not show a conversion by the recipient
of the proceeds of certain notes discounted. In passing on
this question the Supreme Court said:

It follows that the Circuit Court erred in considering as necessary not only
that there should be alleged conversion by the officer of the bank, but also
of the recipient of the proceeds of the discount. The conversion may be
to the use of either and the Indictment fulfills the requirement.




[VOL. L X X X X I,

The Court also upheld the constitutionality of the Act of
March 2 1907 allowing the Government an appeal in adverse
decisions on preliminary pleas in criminal cases.
The appeal was taken to the Supreme Court by United
States District Attorney Henry A. Wise, who was this week
quoted as stating that he was not yet ready to say whether
Mr. Heinze would be tried again on the counts in the indict­
ments which Judge Hough ruled out.
— The banking and Stock Exchange firm of Fisk & Robin­
son resumed business under auspicious circumstances on
Thursday of this week, in its handsome new offices at 20
Exchange Place. During the day many old friends of the
firm called to convey their best wishes, which, together with
the large number of congratulatory letters from out of town
and the many handsome flowers received, made the open­
ing day a very delightful one, besides evidencing the high
esteem in which the firm is held.
---- Miles M. O’ Brien has resigned as Vice-President and
director of the Mercantile National Bank of this city. Con­
tinued ill-health is announced to be the reason for his with­
drawal. As noted a week ago, Charles II. Imhoff has be­
come a Vice-President of the bank, and he was yesterday
chosen to succeed Mr. O’Brien on the board.
— Joseph C. Baldwin Jr. has been chosen to succeed his
father, the late Joseph C. Baldwin, as a trustee of the Wash­
ington Trust Co. of this city. Mr. Baldwin is Vice-President
and Treasurer of the American Dyewood Co.
— Walter Kerr, First Vice-President of the New York
Life Insurance & Trust Co., has been nominated to fill a
vacancy in the board of that company.
— Vacancies on the board of the Bank of New York,
N. B. A., this city, were filled on Tuesday, when JamesBrown, of Brown Brothers & Co., and Samuel T. Hubbard,
of Hubbard Brothers & Co., were elected to the directorate.
— Frederick Thompson Adams, a member of the New York
Stock Exchange since 1886, with an office at 10 Wall Street,
died on the 3d inst. He was also a member of the New York
Produce, Cotton and Coffee exchanges and the Chamber o f
Commerce. He was fifty-six years of age.
— Walter A. Hall, formerly a paying teller at the Herald
Square branch of the Greenwich Bank of this city, whosedisappearance last summer disclosed a shortage in hi&
accounts, surrendered himself to District-Attorney Whitman
on Wednesday. Hall disappeared on July 3, taking with
him $44,000 of the bank’s money, of which $15,690 was
returned by him this week; the rest, he stated, had been lost
at the race tracks in Canada. He pleaded guilty to an in­
dictment, handed down on Sept. 28, charging grand larceny.
Hall, who is but twenty-four years old, had been with thebank for nine years.
— Cornwall A. Arnold, an assistant receiving teller of theSeventy-second Street branch of the Corn Exchange Bank,
was arrested on the 2d inst. charged with the larceny of
$1,485 of the bank’s funds. He was held in $5,000 bail.
Vice-President Frew is reported as stating that the accused
confessed to having taken two sums of $1,000 and $485,
respectively, which had been deposited by two customers
— Edward F. Buchanan, formerly a partner in the failed
firm of A. O. Brown & Co., of this city, died in Atlanta, Ga.,
on the 4th inst. Mr. Buchanan was formerly a telegraph
operator in the South, and eventually secured employment in
that capacity with C. I. Hudson & Co., in which A. O. Brown
was then a partner. When Mr. Brown withdrew and formed
his own firm in 1902, Mr. Buchanan was taken into the
partnership of the new concern. The suspension of A. 0 .
Brown & Co. on Aug. 25 1908 was followed by an investiga­
tion by the New York Stock Exchange into the extraordinary
dealings on the Exchange on the previous Saturday—
Aug. 22— in which the firm was concerned, resulting in the
expulsion from the Exchange of its two Board members.
— Judge James B. Dill, the well-known corporation lawyer
and organizer of the Corporation Trust Co. of New Jersey,
died on the 2nd inst. Mr. Dill is also said to have been in­
strumental in securing the adoption of the Corporation
Registration law of New Jersey. The United States Steel
Corporation was one of the many incorporations brought
about by him. He was fifty-six years of age.
— The Federal Trust Co. of Newark, N. J., which in­
creased its annual dividend rate from 8 to 10% eighteen
months ago, has now placed its stock on a 12% basis, the
directors having decided to declare a semi-annual dividend
for the current half-year of 6% . The institution has a

D eo. 10 1910.]

THE CHRONICLE

capital of SI,000,000 and surplus and profits of close to that
amount. It began business in 1901.
— Governor-elect John A. Dix, whose resignation as a
Vice-President and director of the First National Bank of
Albany, N. Y ., was announced last week, has also resigned
as a director and member of the executive committee of the
Albany Trust Co. Ilis nephew, John Dix Coffin, has been
chosen to replace him as a director of the trust company.
— W. J. Trimble, Cashier of the Traders’ National Bank
of Rochester, was elected President of the National Credit
Men’s Association for Rochester at the annual meeting held
on November 29.
— Benjamin B. Perkins has been elected President of the
Commercial National Bank of Boston to succeed the late
William O. Blaney. Thomas W. Saunders, heretofore
Assistant Cashier, has been chosen to the office of Cashier
to take the place of Mr. Perkins.
— The Commerce & Deposit Bank of Cincinnati, which
recently took action towards increasing its capital from
$25,000 to $50,000, is offering its new stock for subscription
at 105 per share of $100.
— It is reported that William L. Swormstedt, former
Cashier of the Citizens’ National Bank of Evansville, Ind.,
who was indicted in June on a charge of making false entries
in reports to the Comptroller of the Currency, has been freed
under suspended sentence by Judge Anderson.
— The membership of the board of the New Standard Trust
& Savings Bank of Chicago has been completed with the
election of the following new directors: Judge Charles S.
Cutting, J. J. Walser, President of the Goss Printing Press
Co., and W. F. Van Buskirk, Vice-President of the bank.
The institution'began business on Sept. G.
— The directors of the National City Bank of Chicago
have accepted plans for increasing the capital of their insti­
tution from $1,500,000 to $2,000,000, which will be pre­
sented to the stockholders for ratification at their annual
meeting in January. The new issue will be offered pro rata
to the present shareholders at par, $100.

1551

by State Bank Commissioner Dailey for double the amount
of their holdings, and this, together with the liquidation of
assets, enabled the payment of all but about $54,000 of
the indebtedness. It is stated that there is a sufficient
number of items to protect all except $35,000 of the deposits,
and, to cover this, negotiable guaranty certificates will be
issued to the depositors bearing 6% interest until redeemed.
— The Bank of Kentucky, at Lexington, K y., made an
assignment on the 5th inst. to J. W. Porter, Cashier of the
First National Bank of that city. The Bank of Kentucky
began business on July 12 .1909. It had an authorized
capital of $150,000, of which $75,000 was reported paid in
at the start. The following statement with respect to the
suspension is attributed to Assignee Porter:

Realizing that the banking Held In Lexington Is already well filled and
that It would be Impossible to continue longer without impairing the capital
stock of the bank, the directors of the Bank of Kentucky executed to-night
a deed of assignment to J. W. Porter, Cashier of the First National Bank,
of this city. This step was taken by the directors, after a conference with
their attorney, as the best way in which to liquidate the bank with the least
expense. Mr. Porter accepted the trust and will take charge of the bank
at once. It Is expected that he will be able to effect an arrangement with
the First National Bank to pay off all of the depositors Immediately.
— The 93d annual meeting of the shareholders of the Bank
of Montreal was held in Montreal on Monday last. Tho
deposits, which showed an increase of some $36,000,000 in
the previous annual statement, have again increased some
$18,000,000, the aggregate deposits in the present statement
being about $197,500,000. The assets of the bank reach the
large total of $239,892,330, as against $220,582,746 in the
previous year. The profits for the year ending Oct. 31 1910
were $1,797,992, which, with the balance brought forward
from last account of $603,796, gave a credit of $2,401,789,
from which the usual dividend at the rate of 10% was paid,
calling for $1,440,000, leaving a balance of $961,789 carried
forward. The remarks made at the meeting by the Presi­
dent, R. B. Angus, and the Vice-President, Sir Edward
Clouston, will be found in another column, and throw much
light on the prosperity now existing in Canada— bounteous
crops, large immigration and rapid growth of all industrial
and agricultural enterprises.

— The Ashland State Bank of Chicago, formed to take over
the business of the Ashland Exchange & Savings Bank, a | > X m x c t a v y 1 ( £ o m m t v d a t g t u #
private banking institution, began business on the 3d hist.
(From our own correspondent.]
With the change to a State bank the capital has been in­
L ondon, S a tu rd a y, N ov. 26 1910.
creased from $100,000 to $200,000.
The outbreak in Mexico has not had as bad an effect upon
— John II. Barker, President of the Haskell & Barker Car markets as might have been anticipated, partly because
Co. and a heavy stockholder in a number of banking insti­ people have confidence in the ability and firmness of Presi­
tutions, died of pneumonia on Saturday, the 3d inst., at his dent Diaz and partly because they feel sure that even if the
home in Michigan City, Ind. Mr. Barker held stock in the worst were to happen, neither the persons nor the property
of foreigners would be endangered. Still, the rigorous cen­
First National Bank, FirstJjTrust & Savings Bank, the Corn sorship is believed to be unnecessary, and is therefore caus­
Exchange National Bank, thc'CoIonial Trust & Savings Bank ing some bitterness.
and the National Safety Deposit Co. of Chicago; the First
In the beginning the Brazilian Government, likewise,
National Bank of Duluth and the Merchants’ National Bank seemed inclined to keep back information. During the past
of St. Paul. He was sixty-seven years old and leaves a for­ couple of days, however, it has supplied fairly full reports,
and telegrams from railways companies, banks and business
tune of many millions to his only daughter, aged fourteen.
people of all kinds have been received in the city in fair num­
— Resolutions identical with those adopted in June by the bers. As it now appears that there is nothing political at
Minnesota Bankers’ Association, commending the practice the bottom of the mutiny, it is hoped that everything will
of firms and corporations who sell their paper in the open be settled in a very short time and that order will be restored.
For all that, the incident has undoubtedly shaken Brazilian
market, in furnishing independent audits of their business credit. For some time the credit of Brazil has been rising
by certified public accountants, were passed by the Illinois remarkably in London, owing not only to the long continu­
Bankers’ Association at its last annual meeting. The reso­ ance of order but to the increasing wealth of the country.
It was hoped that the Government would grow stronger and
lutions of the latter are as follows:
We commend the attitude of firms and corporations who sell their paper stronger. The mutiny of the fleet has given a shock, there­
In the open market In furnishing Independent audits of their business by fore, to the. holders of Brazilian securities, who are exceed­
responsible certified public accountants: and,
ingly numerous, especially upon the Continent, and more
Whereas, we believe that such Independent audits are of great value particularly in France.
both to the borrower and the lender,
Outside of these two departments there has been little
Therefore, be It resolved that we recommend this practice becoming doing
during the week, for the ups and dojvns in New York
general, and wo further recommend that the allairs of all firms and corpora­ have
been too frequent to be pleasing to operators here, and
tions which arc In any way Identified with each other be audited by such
the near approach of the elections is making everybody dis­
accountants as of the same date.
inclined to engage in new risks. The betting is still very
— A dividend of 30% has been declared in favor of the strong and confident in favor of the Government. But it is
depositors of the First National Bank of Billings, Mont., to bo noted that the Unionists are less depressed than they
which closed its doors on July 2.
were when the Government policy was first announced.
— Early the coming year, it is stated, plans to increase the Then the general impression amongst the Opposition was
that they would lose seats. Now it is said that the country
capital of the Central National Bank of Denver, Colo., from agents of the Opposition are more hopeful, and, indeed, are
$200,000 to $325,000 will be perfected.
predicting the gain of some seats in the agricultural districts.
— E. S. Makins has been appointed receiver of the Abilene On the other hand, the Liberal Party continues as confident
as ever, and it is looking for the acquisition of several seats
State Bank of Abilene, Kans., which closed its doors in in London, the Midlands, and generally in the manufacturing
September, following the disappearance of Cashier J. A. districts. People who are not very much committed to
Flack, who is said to be a defaulter to the extent of about either side are inclined to think that there will be little
$75,000. It is understood that the bank is the first in the change in the strength of the opposing parties. On Monday
State to give practical working to the deposit-guaranty law. the dissolution will take place, and on Saturday of next week
According to the Topeka “ Capital,” the institution (which it is hoped that the first elections will be held. It is pre­
dicted that nearly one hundred will be held on that day,
had $25,000 capital) had deposits of about $160,000 at the although nothing can j'et be definitely settled. It is hoped
time of its suspension. The stockholders were held liable that the whole of the elections will be over by the 17th of



1552

THE CHRONICLE

f V oi,. L X X X XI.

National Banks.—The following information regarding
December. While they are going on, the general impression
in the city is that business will remain very inactive. That national banks is from the office of the Comptroller of the
the Government will come back with a large majority, nobody Currency, Treasury Department:
on any side doubts
But if the majority is lessened it is APPLICATION TO CONVF.RT INTO NATIONAL BANKS RECEIVED.
The Bridgeport State Bank, Bridgeport, Wash., Into ‘‘The Bridgeport
quite possible that the city may be encouraged, and that
National Bank.” Capital $25,000. Correspondent. T. J. East, Bridge­
even before the elections are over there may be an improve­ port,
TheWash.
Bank of Clarksville, Clarksville, Ark., Into ‘‘The National Bank of
ment in business.
.
Clarksville.”
Capital, $50,000. Correspondent, Bank of Clarksville.
The inactivity of the Stock Exchange is increased by the
The First State Bank of Crosbyton, Crosbyton, Texas, Into "The First
last settlement of November. The settlement in mining National Bank of Crosbyton.” Capital, $50,000. Correspondent,
securities began yesterday, Friday. The settlement in W. D Pctzel. APPLICATION TO CONVERT APPROVED.
other securities will begin on Monday, and all will end on
The Kenova Banking A Savings Co., Kenova, W. Va., into “The First
Wednesday, the last day of the month. The settlement is National Bank of Kenova.” Capital. $40,000. Correspondent K. B.
Cecil,
Cashier, Kenova Banking & Savings Co.
not a very heavy one, and so far as it has proceeded it shows
no special features. Moreover, in view of the end of the
DIVIDENDS.
month, the joint-stock banks have been calling in loans as
The following shows all the dividends announced for the
they usually do, which has added to the scarcity of supplies
in the open market. On Tuesday and Wednesday there future by large or important corporations:
was, in consequence, a good deal of borrowing by the outside
market from the Bank of England, which charged 5^2% on
Books Closed.
Per When
loans. On Thursday, in consequence of this borrowing and
Days Inclusive.
Payable.
Cent.
Name o f Company.
the letting out of money by one or two institutions, the mar­
R a ilroa d s (S te a m ).
ket was easier. But as the end of the month draws nearer A lba n y &Susquehanna,
3 Dec. 16 to Jan. 2
4% Jan.
g u a ra n teed ..........
everybody is looking for firmer money. The money market Allegheny cfc Western, guaranteed-------------- 3
(an. 3 Holders of rec. Dec.22a
2% Feb. l Holders of rcc. Dec.30a
Top.
cfc Santa Fe, pref. (No. 2 5 )-----was disagreeably surprised on Wednesday by the with­ Alch.
2% Dec. 10 Nov. 30 to Dec. 9
tic C oast L ine C o ., C on n , ( q u a r .) - drawal from the Bank of England of a quarter of a million AA tlan
10
3 Jan. 10 Dec. 17 of torec. Jan.
tlan tlc C oast L ino R R .. c o m m o n .............
Dec.23a
sterling in gold for Egypt, Egypt having parted with a million Beech Creek, guar, (quar.)............................... 1 Jan. 313 Holders
Holders of rcc. Nov.30a
<fc A lb a n y (q u a r .)................................
2% Dec.
and a half sterling to India before it was quite prepared to BB oston
oston & L ow ell................................................
$4 Jan. 2 Nov. 28 to Dec. 3
do so. At first it was feared that this withdrawal would B o s to n & M aine, c o m . (q u a r .)................. 1% tun. 2 Hold* rs of rec. Dec. la
2 Holders of rcc. Dec.15a
oston R ev ere B ea ch & L y n n ......................
3 Jan.
be followed by others to-day. But, although it is too early CBanadian
P acillc, c o m . (q u a r.) (N o . 5 8 ) .
1% Dec. 31 Holders of rcc. Nov.30a
C om m on (e x t r a )....................................... —
to speak confidently, yet the impression now is that very
% Dec. 31 Holders of rcc. Nov.30a
C hesapeake & O h io (q u a r .)-------- ------------1% Dec. 31 Holders of rec. Dec. 9a
little, if any, will be taken to-day, and that whatever may Chicago
cfc Fast. Illinois, pref. (quar.)-----1% Jan. 3 Holders of rec. Dec. 17a
be further required by Egypt will probably be found in Paris. C hica go & N orth W estern, c o m m o n ------ 3% Jan. 3 Holders of rec. Dec. 9a
2 Jan. 3 Holders of rcc. Dec. 9a
(q u a r .).......................................
The India Council offered for tender on Wednesday 70 lacs Cln.P referred
N . O . <fc T e x a s P acific, c o m m o n ..
2% Dec. 17 Holders of rec. Dec.10a
of its bills, and the applications exceeded 049 Yz lacs, at prices C olora d o & Southern , c o m m o n ...............
2 Dec. 31 Dec. 22 to Jan. 2
of rcc. Dec.15a
4 Jan. l Holders
Railroad
............................................
ranging from Is. 4 l-10d. to Is. 4 3-32d. per rupee. Appli­ Delaware
D elaw are & H u d son C o. (q u a r .).............
2% Dec. 2(1 Holdors of rec. Nov.29a
cants for bills at Is. 4-lGd. and for telegraphic transfers at D elaw are L acka w a n n a & W estern (ex tra ) 10 Dec. 22 Holders of rcc. Dec.10a
2% Jan. 16 Dec. 25 to Jan. 8
v er & R io G rando, p referred ..........
Is. 4 3-32d. per rupee were allotted about 11% of the DD en
etroit & M ackinac, co m m o n (N o . 1 ) . .
2% Jan. 3 Dec. 16 to Jan. 4
amounts applied for.
2% Jan. 3 Dec. 16 to Jan. 4
P rcferrcd ...................................................
2% Dec. 15 Holders of rec. Dec. 3a
E ast M a h a n oy ......................................- - ­
1% Deo. 1C Holders of reo. Nov.30a
E ric & P ittsb u rg h (q u a r .).........................
English Financial Markets—Per Cable.
Fonda
Johnstown
&
Glov..
pref.
( quar.)..
1% Dec. 15 Holders of rcc. Dec. 10a
The daily closing quotations for securities, &c., at London, Georgia RR. cfc Banking (quar.)...............
2% Jan. lOIJan. 1 to Jan. 15
Dec. 20 Holders of rcc. Dec.14a
3 Jan.
G reene R R . g u aran teed ...........................
as reported by cable, have been as follows the past week:
10 Holders of rec. Dec. 19a
2
Hocking
Valley, common...........................
London.
3 Holders of rec. Dec.24a
Jan.
2%
In terb orou g h R a pid T ransit (q u a r .)-----Week endlwj Dec. 9.
Sat. Mott. Tins. Wed. Thurs. Erl.
3 Holders of rcc. Dec. 9a
Jan.
3%
Morris
cfc Fssex, guaranteed........................
25%
25
25 5-16 25 1-16 25
Silver, peroz.....................(1- 25% 79
3 Holders of rcc. Dec. 15a
Jan.
5
N.
Y.
<fc Harlem, com. and preferred—
78 11-16 78 11-16 78 15-16 78%
Consols, New, 2% per cents. 79 9-16
3 Holders of rcc. Dec.15a
Jan.
N.
Y.
Lack.
<fc Western, guar. (quar.)...
1%
15-16 78 15-16i 79 3-16 79 1-1
For account_______________ 79%79%_ 7897.75
19
Holders of reo. Nov.30a
N orfolk & W estern , co m m o n ( q u a r . ) . . .
Dec.
1%
97.87% 97.87% 97.87,
French Rentes (In Paris). _fr. 97.87% 97 87%
14
Holders of rec. Dec. 31
Jan.
Northern
Central
(No.
9 2 ) ................................ $2
65% 65%

Amalgamated Copper Co----------- 65% 66%'
((Anaconda Mining Co_________ 8% 8%
Atchison Topeka & Santa Fe. 102% 103
104
Preferred........................... 104
108%
Baltimore
Ohio............. 108%
Preferred&______________
92
92%
Canadian Pacillc.........................197% 198
Chesapeake
<fc
Ohio..................
82%
Chicago Great Western_______22% 83
22%
'Ihlcago Mllw. <fc St. Paul____ 124% 124%
Denver & Rio Grande................29% 72
29%
Preferred.............................72
28%
....................
28%
Erie................46
First Preferred....................46
36
Second Preferred....................... 35%134%
Illinois Central___________134
145
I.oulsvllle & Nashville...........145
32%
Missouri Kansas A Texas---- 33
65%
....................65
Preferred
72
Nat. RR. of Mexico, 1st Pref. 71
36%
Second
Preferred................
36%
N. Y. Central & Hudson Rlv.113% 114
N. Y. Ontario & Western... 41% 41%
100
Norfolk & Western.................100
92
Preferred .. ..................... 92
Northern Pacillc.........................116% 116
65%
^Pennsylvania........................... 65% 75
aRcadlng Company................ 75
45%
aFIrst Preferred......................45% 49
ftSecond Preferred.............. 49
Southern Pacillc.........................116% 116%
25%
Southern Railway......................25% 60
Preferred.........................Union
Pacific............................61174% 174%
95
.. ..................... 95
U.Preferred
S. Steel Corporation_______75%
76
Preferred......... ..................119% 119%
16%
Wabash .
16% 34%
Preferred .............................34%
Extended I s ..........................64% 64%
a Price per share. 6 £
sterling.

66%
8%
103
104
108%
92 %
198%
83%
22%
124%
29%
71%
28%
46%
36
135
145
32%
66
71
37
114
41 %
100
92
117
66
75%
45%
49
110%
25%
60
175%
95
76.%
119%
16%
35
65

04
8%
101%
104
107%
92%
196%
81%
22%
123
28%
69%
27%
45
35
134
144
31%
65%
71
36%
113
41
99
92
116
65%
73%
45%
49
114%
24%
58
170%
95
72%
118%
16%
33%
64

8%
102%
104%
107%
92%
197%
82%
22
124
28%
70%
27%
45%
35
134
145
31%
65%
71
36
114%
41%
99%
92
116%
65%
74%
45%
48
115%
24%
60%
172%
95
74%
119%
16%
34%
64

8%
103%
104%
108%
92%
197%
83%
22%
125%
29%
71%
28%
45
34%
134
146
31%
64%
71
36%
115
•11%
09%
92
117
05%
75%
45
48
117
25%
60
174%
95
74%
119%
16%
34%
04

Northern Securities

.........................................
S t. L ou is & San F ra n cisco—
C hic, cfc E a st. 111. co m . stk. tr. ctfs
P referred stock trust ctfs. ( q u a r . ) . .
K .C .F t .S .& M .p r e f. stk. tr. c t f s .(q u a r.)
..................
Southern P a cillc C o. (q u a r.) (N o . 1 7 )-----cfc
U nion P a cillc, co m m o n (q u a r .)....................
RR.
....................
W h ite P ass & Y u k o n ..........................................
cfc
......................
Street a n d E lectric R a ilw a y s.
Am erican R a ilw ay s (q u a r .) ...........................
B rook ly n R a o ld T ra n sit (q u a r .) .................
cfc
)
.............................
C ontinental Pass, l t y . , P h ila d elp h ia -----D u lu th -S u perior T ra ctio n , c o m . (q u a r.)
P referred ( q u a r . ) . ................................
,
cfc
In dian a polis S treet R y ............... - ..............
............
M assachusetts E lectric C os ., p r e f . . . .
New O rleans R a ilw a y cfc L ig h t, p r e f—
N orthern O hio T ra ct,
L ight (q u a r.)
cfc
.
18)

St. Louis Southicestem, preferred
Toledo St. Louts Western pref. (quar.).
Valley (N. Y.), guaranteed
Worcester Nashua Rochester
Chattanooga
Ry. (quar.)
L, pref. (quar.) (No.6
Cleveland Railway

Frank, Southicark Pass Ry-, Phila. (qu.)
Louisville Traction, com. (quar.)
Portland(Or.)
Ry., L. P.,cfcpfd (qu.)(No.
St.Joseph
Ry.,L.,H.&P.,pfd.(qu.)(No.AA)
cfc

Sa o P au lo T ra m ., L .
P ow . (q u a r.)
S econ d cfc T h ird Streets P ass., P hila
S ou th Side K iev . R R ., C hica go (q u a r.)
T w in -C ity R . T .. M Inneap., c o m . (q u .)
P referred (q u a r .t ..................................
...............
cfc

Union
Philadelphia
UnitedTraction,
Traction
Klee.,
(qu.).)
Washington
Wat>r
Power,Providence
Spokane (quar
W est P enn T ra ctio n , c o m . (N o . 1 )-----B anks.
Mercantile
National
(quar.).....................
Montauk, Brooklyn
............ .......... .......
T ru st C om p an ies.
Columbia
(quar.)............................................
.........................................
Guaranty
(quar.)
Mutual
of
Westchester
Co. (quar.)-----G f o m m e v c i a t a n d H ^ i 5 c c I l a u e i n t 5 4 j c x u B New York Life Ins. cfc Trust.......... •—
Extra
............................................................
United Stales.............................
7..................
Canadian Bank Clearings.— The clearings for the week end­
M iscellan eou s.
Beet
Sugar,
pref.
(qu.)
(No. 46)
ing Dec. 3 at Canadian cities, in comparison with the same Amer.
A m . B rake Shoe cfc F d y ., c o m .cfc pref. (q u .)
week of 1909, shows an increase in the aggregate of 1.0%.
American
Can,
pref.
(quar.)
.........................
American
pref.(quar.)
(quar.)------Am.Preferred
Car cfcCaramel,
Fdy.,
com.
(No. AA)..
Week ending December 3.
(quar.)
(No.
4 7 ).......... - - - - - - ­
Clearings at A m erica n Chicle, co m m o n (m o n th ly )
Inc. or
American
Cigar, preferred...........................
Dec.
1908.
1907.
1909.
1910.
A m erican E x p ress (q u a r .)............... - - - Amer.
Iron
cfc Steel Mfg., com. cfc pfd.lqu.)
S
$
•S
%
C anada —
S
American
Piano,
pref. (quar.).....................
32,963,552 31.334,957 Amer.
40,967,788 —+17.1
Montreal .................... - 35,090,000
38,924.310 32,190,113
Pipe
.<• Construction (quar.)---------8.7
29,105,255
25,250,062
Toronto..........................
n R a d ia to r , co m m o n ( q u a r . ) . —
+ 1.5 20,329,839 15,761,862 AA mm .erica
27,845,410
Winnipeg....................... .28,263,015
Sugar R e fg ., c o m .& p r e f. (q u a r.) —
3,894,351 3,950,023
9.236,265 7,416,159 + 24.5 3,306,851
Vancouver.....................
Amer.
Smelt,(quar.)
cfc Refg., com. (quar.)---------Ottawa
........................... 2,982,057 3,655,851 —18.4
Preferred
(No. 4 6 ) .........................
—2.5 2,395,507 3,264,725
2,806.483
Quebec........................... 2,413,252 2.474.712 —39.2
1,700,670 1,938,100 American Snuff, common (quar.)...............
Halifax ........................... 1,378,786 2,268,340 + 32.3 1,908,960
(extra)
....................................
1.465,007 Common
Calgary ........................ 3,655,443 2,763,029 + 18.9 1,697,232 2,102,319
PreferredSurety
(quar.)
..................................
Hamilton.......................
2,042,871 + 3.9 1,264,463 1,617,772 American
(quar.)
(No. 8 6 ) - . .
London ......................... 2,419,093 1,182,269 —2.1
1,379,453 1,249,664 American
Extra
.......... ...............................................
1,436,934 + 90.9 1,084,338
St. John...........------- 1,228,357
1,406,788
Tobacco,
pref.
(quar.)(No.
-----940,310
Victoria.-....................... 2,376,499 1,244,673
American Woolen, pref. (quar.)
4 7 ).
867,011

1.797,940 1,194,710 + 50.5 _______ 1,040,517 B o r d e n ’s C ondensed M ilk, pref. (q u a r.)
+ 22.6
Regina ........................... 1,386,811
B rook ly n U nion G as (q u a r.) (N o . 39)
612,811 Not1,132,766
Include d In tot al.
Brandon......................... 675,595
B u ffa lo G en. E le c., c o m . (q u a r .)(N o . 65)
Not
Include d In tot al.
Lethbridge.......................
Butte
Electric cfc Power, com. (auar.)..
d
In
tot
1.037,870
al.
Not
Include
.Saskatoon.......................
C alum et <fc H ecla .Mining (q u a r .)..........
C om p a n y (q u a r .).......... - .........
Total Canada............... 132,468.616 133,822,216 —1.0 102,017,485 92,728,401 PCelluloid
E x tra ..........................................................



4

Jan.
Jan.
1% Jan.
1 Jan.
2 Jan.
1% Jan.
1 Jan.
2% Jan.
2% Jan.
61 Jan.
2% Jan.
1% Dec.
1% Jan.
1% Jan.
Jan.
S31% Dec.
1% Jan.
1 Jan.
$4.50 Jan.
3 Jan.
Jan.
«o1 Jan.
' 2% Jan.
Dec.
1% Jan.
1% Jan.
2% Jan.
S3 Jan.
% Dec.
1% Jan.
1% Jan.
$1.50 Jan.
1% Jan.
1% Jan.
1 Dec.
1% Jan.
2 fan.
2 Dec.
8 Dec.
1% Dec.
20 Dec.
Dec.
25 Jan.
1% Jan.
el% Dec.
1% Jan.
2 fan.
% Jan.
1% Jan.
1 Dec.
3 Jan.
$3 Jan.
1% (an.
1% Jan.
2 Jan.
2 Dec.
Jan.
1%
1 Jan.
1% Jan.
5 Jan.
3 Jan.
1% Jan.
2%
Dec.
Dec.
1% Jan.
Jan.
1% 'Dec.
1%
1% fan.
1% Dec.
1% Jan.
$7 Dec.
1% Dec.
2 Dec.
5

10 Dec. 29 to Jan. 10
3 Dec. 18 to Jan. 3
3 Dec. 18 to Jan. 3
3 Dec. 18 to Jan. 3
16 Holders of rcc. Dec.31a
3 Holders of war’t No. 17
16 Holders of rcc. Dec.31a
3 Holders of rec. Dec. la
3 Holders of rcc. Dec.22a
14 Jan. 2 to Jan. 14
2 Holders of rec. Dec.20a
15 Deo. 1 to Dec. 4
2 Holders of rcc. Dec.10a
1 Holders of rcc. Dec.15a
1 Holders of rcc. Dec. 15
30 Holders of rcc. Nov.3(.’a
2 Holders of rec. Dec.17a
2 Holders of rec. Dec. 17a
2 Holders of rec. Dec.15a
Dec. 23 to Jan. 1
Holders of rec. Dec.10a
2 Holders of rcc. Dec. 5a
10 Jan. 1 to Jan 15
15 Holders of rec. Nov.30a
Holders of rcc. Dec.12a
Holders of rcc. Dec.15a
Holders of rcc. Dec. 15a
Holders of rcc. Dec. 5
31 Dec. 21 to Jan. 2
2 Holders of rec. Dec. 12a
2 Holders of rec. Drc.lSda
Holders of rcc. Dec. 10
Dec. 14 to Jan. 2
Holders of rtc. Dec. 15
Dec. 8 to Dec. 15
Deo. 24 to Jan.
Dec. 16 to Jan.
Holders of rcc. Dec.27a
Holders of rcc. Dec.3la
Holders of rec. Dec. 30
Holders of reo. Dec. 6a
Holders of rcc. Dec. 6a
Dec. 20 to Jan, 2
Holders of rcc. Dec.21a
Holders of rec. Dec.16a
Holders of rcc. Dec.16a
D'e. 22 to Jan. 1
Holders of rcc. Dec.12a
Holders of rec. Dec.12a
Holders of rec. Dec.14a
Holders of rcc. Dec.15a
Holders of rcc.Nov.30a
Holders of rec. Dec.20a
Dec. 11 to Jan. 2
Holdrrs of rec. Dec. 15
Dec. 23 to Jan. 1
Holders of rcc. Dec. la
Dec. 16 to Jan. 5
Dec. 16 to Jan. 5
Holders of rec. Dec.15a
Holders of rec. Dec.15a
Holders of rec. Dec.15a
Dec. 16 to Jnn. 10
Dec. 16 to Jan. 10
Holders of rcc. Dec.10a
Dec. 22 to Jan. 4
Dec. 6 to Dec. 15
Dec. 18 to Jnn. 2
Holders of rec. Dec. 20
Holders of rcc. Dec.15a
Holders of rcc. Nov.25a
Holders of rec. Dec.14a
Holders of rcc. Dec.14a

THE CHRONICLE

D e c . 1 0 1 9 1 0 .)

Name of Company.

Per When
Cent. Payable.

Miscellaneous (Concluded).
Central
Leather, preferred (ouar.)..........
Chic. June. Rye. & U. Stk.Yds.,com.(qu.) 2I K
Preferred (quar.) __________________ I K
Chicago Telephone (quar.)......................
Childs Company, common (quar.)_____ 22 K
Preferred (ouar.) ___ _________ . _
Citizens' Oas o f Indianapolis (No. 1)___ II KK
Dividend No. 2......................................
Columbus Gas A Fuel, pref. (quar.) .......... II KK
Consolidated Gas of N. Y. (quar.)_____ I K
Consumers’
Power, pref. (quar.)...........__
Crex
Carpet.................._................
........... I K
Crucible Steel, pref. (quar.) (No. 29).. 3I K
Cuban-Amerlcan Sugar, pref. (quar.)___ I K
Detroit Edison (quar.)............................ I K
Diamond Match (quar.)_____________ I K
duPont(E.J.)de
Nemours Pow.,com.(qu.) 2
Preferred (quar.)................._............
Du Pont Internal. Powder, pref. (quar.)..

Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
UCv•
Jan.
Dec.
Dec.
Jivii .
Jan.
Dec.
Dec.
I K Jan.
I K Jan.
2 K Jan.
2I KK Jan.
Jan.
3 Dec.
I K Dec.
Jan.
2I K Jan.
30c. Jan.
20c. Jan.
1 Dec.
I K Jan.
2 K Jan.
3 Jan.
1 .Feb.
I K Dec.
1 Jan.
154 Jan.
K Jan.
K Jan.

Rooks Closed.
Days Inclusive.

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Dec. 3.
Dec. 1012a The
figures for the separate banks are the averages for the
Dec.
Dec. 12 daily results. In the case of the totals the actual figures
Jan. 2 at
the end of the week are also given.
Dec. 10
Dec.
r definitions and rules under which the various items
Jan. 101 arelomade
up, see “ Chronicle,” V. 85, p. 836.
Jan. 1

Holders of
of rec.
rec.
Holders
Holders of rec.
Dec. 29 to
Dec. 4 to
to
Dec.
Dec. 164 to
Dec. 16 to
Holders of rec. Dec. 15a
3 Holders
rec. Nov.30a
Dec. 19a
of rec.
15 Holders of
24 Holders of rec. Di e. 12a
16 Holders of rec. Jan. 3a
15 Holders of rec. Nov.22a
16
25
2
of rec. Dec.20a
2 Holders
Holdersof rec. Nov. 30a
2 Holdersof rec. Nov. 30a
2
15
15
3
14 Holders of rec. Dec.20a
31
of rec. Dec. 31
31 Holders
Holders of rec. Dec. 31
30 Holders
rec. Dec.14a
3 Holders of
Dec. 15
31 Dec. 15 of torec. Jan.
3
Holders
of
rec.
Dec.
1 Holders of rec. Jan. 10a
20
31 Dee. 21 to Jan. 2
14
2
2
2
15
15
30
3
31 Holders of rec. Dec. 20
31
31
1
15
14
31
31
Dec. 19
10 to
to Nov.
Dec. 22
13
15 Nov.
3 Holders
of
rec.
Dec.
20
3 Dec. 24 to Jan. 3
31 Dec.
10 to Dec. 18
31
of rec. Jan.
Dec. 2a
15
16 Holders
Holders
20 Dec. 1 of torec. Dec.
20
2
of rec. Dec.15a
15 Holders
Holders of rec. Nov. 30
31 Dec.
21 to Jan. 2
1
30 Holders of rec. Dec.20a
30 Holders of rec. Dec.20a
16 Holders of rec. Jan. 3a
16 Holders of rec. Jan. 3a
28 Holders of rec. Feb. la
20 Dec. 8 to Dec. 20
14 Holders of rec. Jan. 5
2 Holders of rec. Dec.17a
31 Holders of rec. Dec.15a
31 Holders of rec. Dec.15a
15
of rec. Dec. 9a
23 Holders
Holders of rec. Dec. 10a
23 Holders
rec. Dec.10a
15 Holders of
of rec. Nov. 30
1 Holders of rec. Dec. 15a
14 Jan. 1 to Jan. 15
3 Dec. 23 to Jan. 3
3 Dec. 23 to Jan. 3
Dec. 20 to Jan. 10
Dec. 20 to Jan. 10
Holders of rec. Nov. 30
Holders of rec. Nov. 18a
Holders of rec. Dec.24a
Dec. 18 to Jan. 5
Holders of rec. Dec. 15a
Dec. 21 to Dec. 30
Holders of rec. Dec.20a
Dec. 16 to Jan. 2
Dec.
14
Dec. 172 to
to Deo.
Dec. 20

Eastman Kodak, com. (quar.)________
Common (extra).....................................
Preferred (quar.)..................................
Equitable 111. Gas Lt., Phlla., pref___
Federal Mining A Smelting, pref. (quar.)
General
preferred (quar.)........
General Chemical,
Electric (quar.)...........................
Goldfield
Consolidated
Mines (quar.)___
Extra ..................................................
Granby Cons. M in., Smelt. A Pow., L td ..
Great
Lakes Towing,
Guggenheim
Explor. pref.
(quar.)(quar.)__
(No. 32)..
Ingcrsoll-Rand,
preferred.........................
Intercontinental Rubber, com. (quar.) ___
Preferred (quar.) .................................
Internal. Harvester, com. (qu.) (No. 1). _
International Sliver, pref. (quar.)____
Preferred (extra)........ .....................
Internal. Smokel. Pow.&Chem.,com. (qu.)
Laclede
Gas Ugnt,
com. (quar.)........
IK
Preferred
..............................................
Lanston Monotype Machine (quar.) .......... 2I KK Dec.
Mackay Companies, com. (quar.)(No.22)_ I K
Preferred (quar.) (No. 28)................. 1
M ay Department Stores, pref. (qua r.)...
Jan.
Mergenthaler
Linotype (quar.).-.......... 2154
K
Extra ................................................
5
Michigan
State
pref.(quar.)___
(quar.). I K Feb.
MuskogeeIllscult,
Gas ATelephone
Elec.,
pref.
Dec.
National
com. (quar.)
(No 49) II KK Jan.
N a’tonal Enamel <fc Stpy., pref. (quar.).. I K Dec.
National Lead, common (ouar.).............. K Dec.
Preferred (quar.) (No.76)......................
Dec.
National Sugar Refg., pref. (quar.) .......... II KK Jan.
National
Suicty
(quar.)............-.............
2
Jan.
Nevada Consolidated Copper (quar.)---Dec.
New England Teleph. & Teleg. (quar.).. 37 IKKc . Dec.
Niagara Falls Potcer (No. 4 ) ............... .. 2 Jan.
NUes-Bement-Pond, common (quar.)... I K Dec.
North American Co. (quar.)---------------Oklahoma Gas A Elec., com. (quar.).. 2I K Jan.
Dec.
Olil Dominion S. S. (No. 70)------------- 3 Jan.
Onderdonk Estate, common..................... 5
Preferred ---------------------------------- 3K Jan.
Phelps, Dodge A Co. (quar.) ..................... 2 K Dec.
Extra ..................................................... 2 Dec.
Philadelphia Electric (quar.)...................
Quaker Oats, com. (quar.)___________ 2I K Jan.
Common (extra)..................................... K Jan.
Preferred (quar.)..................................
Quincy Mining (quar.).................... ....... SII K Feb.
Hallway Steel-Spring, pref. (quar.).......... I K Dec.
Realty Associates (No. Hi)__________
fan.
Republic Iron A Steel, pf. (qu.) (No. 36). 3 Jan.
Royal liaking Powder, com. (quar.) .......... 3I K Dec.
Preferred (quar.) .......................... .......
Dec.
Rubber Goods M fg., pref. (quar.) (No. 47) II KK Dec.
Safety
Car
Heating
&
Llgntlng
(quar.)..
2
Dec.
Extra ..................................................
San Diego Cons. Gas & EL.com. (quar.) 3I K Dec.
Dec.
Sears.
Roebuck A Co., pref. (quar.)___
Jan.
Securities Company. ________________ 2I KK Jan.
South Porto Rico Sugar, com. (quar.) ____ 1 Jan.
Preferred (quar.) .................................... 2 Jan.
Standard
common..................... 2 Dec.
PreferredCoupler,
..............................................
Dec.
Standard Gas A Electric, pref. (quar.).. 4I K Dec.
Standard Oil (quar.)................................ S 10 Dec.
Subway Realty (quar.)............................ I K Jan.
Swift A Co. (quar.) (No. 97)................. I K Ian.
Texas Company (qiutr.).. .........................
Texas & Pacific Coal (quar.) ................... 2I KK Dec.
Dec.
Underwood Typewriter, pref. (ouar.)---United Hank Note Corp. , pref. (quar.) II KK Jan.
Dec.
U. 8. Steel Corp., com. (quar.) (No. 28).
Utah Copper (quar.) (No. 10).................. I K Dec.
Dec.
Van Dyck Estate, common..................... 75c.
3 Jan.
Preferred
(quar.)..................................
I K Jan.
Ver Planck Estate, common................. . 7K Jan.
Preferred ------- ------- ------------------ K Jan.
Western Electric Co_________ ________ 13 1-3/
Dec.
Dec. 25 to Dec. 31
E x tra ..................................................... 2
Dec. 25 to Dec. 31
Woman's Hotel (No. 7)......-................... 2 K Dec.
Dec.
Holders of rec. Dec. 8
Yukon Gold (quar.) (No. 6).................. 10c. Dec.
Dec. 14 to Jan. 2
a Transfer books not closed, b Less Income tax. d Correction, e Declared 7%
on both common and preferred stocks, payable In quarterly Installments. /Two
months’ dividend on account of change In dividend period from Q.-F. 1 to Q.-M. 31.
Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian II. Muller & Son:

Stocks.
Stocks.
.
100 N. Y. Engine
Co......................22
36 Title Guarantee A Trust Co.,
10 Brooklyn Academy of Music. 26
$100
each.......................501-501)^
30 Union Typewriter Co. com.. 50K 15 N. Y. Trust Co................ 612
101 Buff.
Amcr.AChicle
12K Nat. Reserve Bank, N. Y .ill
Susq. Co.
Ily. com____
Co. com.I2244 K 47
Nat. Spool-Less Music Roll
5 Tiffany Studios com...............101
Co........................................$55
lot
6 Albany Trust Co------------- 180
5
United
Trust Co.Co__
100 Library Sq. Realty Co.?l 50persh.
5 Union States
Typewriter
6%1185
2 Tiffany A Co.. $1,000 each.
1st pref.......................................105
$5,700 per share
Union
Trust Co.................... 1290 K
110 Amer. Nickel Co., $10 each.$6 lot 105 People’s
Surety Co.................121
1,600 Little Chief Mln’gCo., $5 ca.
60 Homestead Bank ofBklyn.. 68
1,000 Rawhide Coalition Mines
15
Mutual
Bank..................
290
each.........................
6,700 Co.,
Black$1 Diamond
Anthracite
__
Ronds.
Coal Co. of N. J., $1 each.. S77
Peoria Water Works Co. 1st
200 Edison, Jr., Elect. Light A) lot 57.000
cons. 4s-Cent.
1948........................
60 A Int.
Power Co. pref., $1 each..'
$160,000
Foundry Co. deb.
200 Edison, Jr., Elect. Light A
•515.000 Georgia
May HH0
coupons
on..
Power Co. com., $1 each..
Coast A Piedmont 35
50 S5
Golden
Star Mines Co.,
RR- Hampshire
Co. 1st 5s. 1946.
M. ACo.S.681stA int.
each.................................
$5,000
Sou. IUt.
20 Nat. City Bank of Bklyn__285
5 s, 1 9 3 4 _______________________ yij
Correction.—$3,000 Georgia Coast A Piedmont ItR. Co. 1st 5s, 1940, M. A S.,
reported
department last week as having been sold at 67K and Int., should
havo
beenIn69this
K nnd Interest.




1553

We omit two ciphers (00) in all cases.
Capital. Surplus. Loans. Specie. Lcgals. Deposits. Re­
Average. Average. Average. Average. s'vc.
s
8
§
$
S
S 25.6
%
Bank of N. Y -. 2 ,000,0 3,624,1 19,655,0
3,514,0 900,0
17,185,0
Ranks.
00s omitted.

Manhattan Co.
Merchants’ ___
Mech. A Metals
America ..........
Phoenix..........
City ................
Chemical------Merchants’
Gallatin___Ex.Butch. A IJrov.
Greenwich___
Am.
Exchange.
Commerce........
Mercantile___
Pacific --------Chatham..........
People’s _____
Hanover ..........
Citizens’ Cent..
Nassau--------Market A Fult’n
Metropolitan
_.
Corn Exchange
Imp. A Traders’
Park................
East River___
Fourth______
Second --------First ----------Irving Exch...
Bowery ..........
N. Y. County..
German -Amer.
Chase................
Fifth Avenue..
German Exch..
Germania____
Lincoln____ .
..........
Garfield
Fifth ................
Metropolis___
West Hide____
Seaboard_____
Liberty ______
N. Y. .Prod.
Ex.
State
..............
14tli Street___
Coal
Iron__
UnionA Exch__

2,050,0 4,362,2 30,300,9 7,614,0 1,781,0 34,700,0 27.1
2,000,0 1,832,1 18,413,0 3,686,0 999,0 18,267,0 25,6
6,000,0 8,049,5 52,699,2
1,262,0 50,165,7 24.7
1,500,0 6,006,3 23,460,1 11,149,3
1,699,4
26.6
1,000,0 759,6 8,269,0 4,492,9
1,634,0
237,0 23,216,6
7,441.0 25.6
25,000,0 31,588,3 167,368,6 35,353,1 5,460,0
153,023,3
26.7
3,000,0 0,577,7 27,788,3
4,549,9 1,954,7
25.9
600,0 602.6 6,756,6 1,415,8 222,1 25,226,6
6,736,8 24.3
1,000,0 2,517,2 8,349,6 1,213,4 532,6 6,521,6
26.7
300,0 162,0 2,624,7 533,3 89,5 2,273,9 27.4
845,4 7,563,1 1,911,6 210,0 8,404,0 25.0
500,0
5,000,0 4,252,9 33,400,2 5,637,8 2,657,2 31,905,3 26.1
25,000,0 16,601,4 142,413,1 24,692,0 6,835,8 119,182,7 26.5
3,000,0
14,135,0 1,608,8 1,074,3 10,313,7 26.0
500,0 2,723,8
927,8
337,7 525,0 3,077,3 28.0
450,0 1,012,4 3,563,7
956,7 1,234,4 8,663,9 25.2
200,0 480,3 8,178,8
478,4 148,8 2,041,8 30.7
1,856,3
3,000,0 12,069,9 62,007,1 11,078,9 7,296,2
69,102,1 26.6
2,550,0
1,713,2
21,234,9
5,078,9
228,2 20,381,8 26.2
500,0 546,0 7,167,4 613,0 1,184,4
22.8
1,000,0 1,749,1 8,471,7 1,830,0 651,0 7,847,0
8,531,3 29.0
2,000,0 1,518,8
12,074.4
3,257,2
249,4
12,803,2
27.3
3,000,0 5,429,2 40,862,0 7,480,0 4,545.0 47,480,0 25.3
1,500,0 7,675,1 25,101,0 3,859,0 1,806,0 22,194,0 25.5
5,000,0
19,229,0
25.5
250,0 12,550,1
111,9 79,222,0
1,409,9 314,5 1,574,0
1,633,4 29.0
160,9 81,500,0
5,000,0 5,635,0 28,296,0 4,608,0
2,400,0
27,243,0
25.7
1,000,0 2,116,1 12,573,0 2,815,0 143,0 11.9S0.0 24.t>
10,000,0 20,913,1 99,233,8
21,365,3 1,797,5 87,509.7 26.4
2,000,0 1.741,1 22,844,5 4,800,2 1,360,9 23,922,2 25.7
250,0 802,7 3,399,0 821,0 63,0 3,541,0 25.0500,0 1,726,6 7,750,3 1,119,2 559,6 7,474,0 22.9750,0 711,2 3,932,2 759,0 229,6 3,744,3 26.4
5,000,0 8,108,3
73,730,1 14,425,4 5,077,0 78,267,1 24.9
100,0 2,170,6 12,201,2 2,258,4
13,560,2 25.7
200,0 901,3 3,860,0 52J.7 1,239,1
4,150,6 25.5
200,0 1,023,4 4,904,9 837,5 537,9
505,1
5,608,1 23.0
1,000,0 1,563,1 13,949,6 2,753,7 879,8 14,545,1
25.0
1,000,0 1,208,7
8,032,7
1,784,0
440,7
8,139,9
27.3
510,4 3,331,4 467,0 354,7 3,366,0 24.4
250,0
1,000,0
24.8
200,0 2,088,4
1,051,5 11,690,8
4,053,0 1,497,5
933,0 1,391,8
224,0 11,598,0
4,479,0 25.8
1,977,2
1,000,0
20,619,0
4,463,0
1,663,0
23,786,0
25.7
1,000,0 2,719,9 16,576,8 3,922,8 866,4 17.114,9 27.9
1.000,0
735,6
7,879,1
2,297,1
214,4
9,503,0
26.4
1,000,0 893,2
4,540,0 324 0
1.000,0 311,2 15,332,0
5 ,949.1
1,133,9 643,4 6,703,6 26.5
1,000,0 408.9 5,751,0
728,0 780,0 5,781,0 26.0
1,000,0 970,7 8,786,3 1,218,2
910,0 8,582,1 24.7
Totals, Average 133,350,0 196,577,1 1229,080,5 243,588,7 68,122,8 1199,337,8 26.0
Actual figures Dec. 3.. ......... 1240,575,8 238,800,4 67,634,C 1205,543,6 25.4
On the basis of averages, circulation amounted to $48,449,000 and United States
deposits (Included In deposits) to SI,670,900: actual figures December 3, circulation,
S48,423,800; United States deposits, SI,652,900.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 86, p. 316.

STATE BANKS AND TRUST COMPANIES.

Week ended Dec. 3.

State Banks Trust Cos. Slate Ranks Trust Cos.
in
in
outside of
outside of
Greater N . Y . Greater N . Y . Greater N . K. Greater N . 1".

$
S
S
S
Capital as of Nov. 10___ 25,275,090
65,406,000
*8,998,000
*9,075,000
Surplus as of Nov. 10___ 39,391,800 174,583,300 *10,891,650 *9,817,991
Loans and Investments.. 288,105,600 1,008.028,500 95,388,200 142.772,300
Change from last week
+ 196,500 + 1,900,600 + 229,000 + 223,500
48,460,200
111,698,000
Change from last week. + 2,409,000 —1,048,400
.................. ..................
Legal-tenders
A
bk.
notes
24,115,300
12,838,800
Change from last week. —407,100
+ 96,700 .................. ..................
148,343,600
Change from last week. 333.253.700
+ 2,768,300 1,050,881,600
+ 8,140,000 101,115,000
+ 613,400 + 539,800
Reserve on deposits----- 94,335,300 130,530,800 20,835,500 20,704,500
Change from last week. + 3,623,400 —659,000 + 408,400 + 166,000
P. C. reserve to deposits..
28.9%
14.6%
21.4%
15.7%
Percentage last week..
14.5%
28.1%
15.8%
21.1%
+ Increase over last week. — Decrease from last week. * As of Aug. 31.
Note.—“Surplus” Includes all undivided profits. “Reserve on deposits” In
eludes, for both trust companies and State banks, not only cash items, but amounts
duo from reserve agents. Trust companies In New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys hold in trust and not payable within
thirty
and also exclusive
time deposits
not payable
30 days,
sented days,
by certificates,
and also ofexclusive
of deposits
secured within
by bends
of the repre­
State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according
amendment
of
the StatetooftheNew
York. of 1910) and exclusive of deposits secured by bonds
,
— Trust Cos.— — State Ranks —
Reserve Required for Trust Companies
Total
Of
Total
Of
and State Ranks.

Reserve

which Reserve

which

Location —
Required in Cash.Required, in Cash.
Manhattan
Borough............................
15 %
15 %
25% 15%
Brooklyn
Borough
(without
branches
In
Manhat.).15%
10 %
20 %
10%
Other Boroughs (without branches In Manhattan). 15% 10%
15%
7K %
Brooklyn Borough, with branchesln Manhattan..15%
15% 20% 20%
Other Boroughs with branches In Manhattan___15%
15% 15% 15%
Elsewhere In State.................................................. 10%
5% 15% 6 %

THE CHRONICLE

1554

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
H ouse. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each corre­
sponding item in the two statements, thus affording an
aggregate for the whole of the banks and trust companies in
the Greater New York.

NEW YORK CITY BANKS AND TRUST COMPANIES.

Total&ofTrust
all
Banksnot& Banks
.-House State
Clear
.-House Clear
Banks.
Week ended Dec. 3. ActualFigures
Banks.
Cos. Average.
inTrust
C.-H.Cos.Aver.
Average.

$
$
5
S
208,081,000
74,731,000
133,350,000
'Capital as of Nov. 10-. 133,350,000
Surplus as of Nov. 10-. 196,577,100 196,577,100 183,170,000 379,747,100
1,229,080,500 1,097,686,200 2,326,760,700
Loans and Investments 1,240.575,800
Change from last week + 18,270,800 + 14,604,000 + 2,259,400 + 10,923,400
1,205,543,600 1,199,337,800 al,046.584,700 2,245,922,500
ileposlts
.....................
Change from
last week + 8,246,800 + 11,674,600 + 1,487,600 + 13,162,200
238,800,400 243,588,700 118,406,400 361,995,100
Specie.........................
Change from last week —8,450,500 —2,771,500 —1,135,200 —3,906,700
89,282,800
67.634.000 68,122,800 521,160,000
+ 155,900
— 546,800
Change from last week —2,119,000 —702,700
cl39.566.400 451,277,900
306,434,400 311,711,500
Aggr’tc money holdings —10,569,500
—979,300 —4,453,500
—3,474,200
Change from last week
Money on deposit with
23,839,300 23,839,300
other bks. & trust cos.
+ 826,100 + 826.100
Change from last week ....................... ..................
475,117.200
163,405,700
311,711,500
306,434,400
Total reserve.........
—153,200 —3.627,400
Change from last week —10,569,500 —3,474,200
Percentage to deposits
17.4%
26.01%
25.45%
requiring reserve---17.4%
20.57%
20.51%
Percentage last week..
Surplus reserve............ 5,048,500 11,877,050
+ Increase over last week. — Decrease Irom last week.
a These are the deposits after eliminating the Item "Due from reserve depositories
and other banks and trust companies In New York City"; with this item Included,
deposits amounted to 51,102,580,200. an Increase of 57,974,500 over last week.
In the case of the Clearing-House banks, the deposits are “net” both for the aver­
age and the actual figures, b Includes bank notes, c Of this amount State banks
held 515,029,600 and trust.^companies 5124,530,800.
The averages of the New York Clearing-House banks
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:

com bined

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

B oston and Philadelphia Banks.- —Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.
We omit two ciphers (00) in all these figures

Banks.

Specie.

S
$
S
382,271,2
2.330.077.9
Oct. 1-- 2,388,453,3
2.316.630.7 374.198.8
Oct. 8-. 2.387.881.5
2.300.865.9 371.151.9
Oct. 15-. 2.382.131.5
367.935.1
Oct. 22.. 2.365.975.6 2.287.487.9
2,273,641,0 361.544.7
Oct. 29-- 2.358.583.6
357.466.7
2.271.515.7
2.361.563.2
Nov. 5..
2.248.637.7 355.905.1
Nov. 12.. 2.340.467.7
2.227.604.7 363,380.5
Nov. 19. . 2.309.880.1
2,212,760,3 365.901.8
Nov. 20-. 2.309.843.3
Dec. 3-. 2.320.760.7 2,245,922,5 361.995.1
R eports of Clearing Non-M em ber

is the statement of condition of the clearing non-member
banks for the week ending December 3, based on average
daily results:

We omit two ciphers (00) in all these figures.

Banks.

Capi­
tal.

N. Y. City
Boroughs of

S
100,0
250,0
400,0
300,0
200,0
Fidelity
500,0
250,0
200,0
100,0
Plaza -- -- 200,0
23d Ward 100,0
200,0
200,0
300,0
Aetna
Nat,
Borough of
M an.A Brx.

Brooklyn.

Broadway .
Mechanics'.
Nassau Nat.
Nat. City..
North Side.
First Nat..
Jersey City.
First Nat..
Hud.Co.Nat
Third Nat..
Iloboken.
Second Nat.
Tot. Dec. 3
Tot. Nov.26
Tot. Nov.19

200,0
252,0
1,000,0
750,0
300,0
200,0
300,0
400,0
250,0
200,0
220,0
125,0
7,497.0
7.497.0
7,497,0

Sur­
plus.

Legal Deposit with
Loans,
I endei
Disc’ls
Other
Net
and Specie. and Clear­ Banks,
Deposits.
ing
Bank
Invest­
Notes. Agent. &c.
ments.

$
274,3
155,0
391,4
775,8
172,5
537,5
313,9
379,5
402,0
110,6
482,0
259,8
101,0
315,7

$
1,234,0
1,393,0
5.485,3
0,205,0
990,5
3,047,0
2,535,1
3,252,7
4.242,0
1,825,7
3,950,0
2,320,0
1,559,8
2,114,1

S
141,0
33,8
898,0
622,0
79,4
172,1
486,0
33,7
302,0
158,5
74,5
251,0
197,0
459,5

S46,0
187.3
443,0
580,0
83,8
341,7
28,6
615,0
398,0
50,4
692,9
84,0
49,3
34,1

$
116,0
00,5
569,4
593,0
121,7
183,9
459,4
709,9
487,0
215,0
199,3
249,0
69,7
35,9

534,2
838,4
882,0
1,013,1
014,9
149,5
623,9
1,264,0
763.1
400,9
626,0
267,4
12,777,0
12,777,0
12,568,6

3,244,7
5,554 0
11,087,0
6,533,0
3,795,0
2,108,5
3,333,0
5.130,2
3,094,5
2,106,1
3,178,7
2.795,3
92,120,2
92,413,6
93,431,5

24,7
441,7
331,1
571,0
99,0
142,8
309,0
289,4
138,7
50,2
139,2
110,8
0,617,3
6,003,7
6,703.3

370,6
207,9
1,193,0
308,0
522,0
111,5
81.0
481,3
49,5
90,6
27,1
91,1
7,167,7
7,005,1
7,170,5

285,0
088,8
1,396,2
1,431,0
000,0
222,5
355,0
1,404,7
393,7
477.9
145,5
63,6
11,545,6
11,794,4
10,654,5




S18,0
141,3
230,7
87,0
585*6
82,9
—
........
-----260,8
24,0
____
31,1

S
1,183,0
1.480,6
6,956,0
1,016,3
3,659,4
3,3/1,3
4,284,4
4,961,0
1,950,3
5,052,5
2,48o,U
1,322,8
2,032,7

96,9 3,423,5
122,8 5,624,8
221,0 14,135,4
7,001,0
____
4,802,0
173,0 2,429,2
89,5 2,964,0
38,0
144,0 5,900,1
113,4 2,685,6
15,2 2,226,3
79,1 2,834,7
168.8 2,953,5
2,722,5 103688.4
2,749,5 103817,9
2,815,5 104112.3

Loans.

Specie. Legals. Deposits, a Circu­ Clearings.
lation.

the imports at New York for the week ending Dec. 3; also
totals since the beginning of the first week in January.

FOREIGN IMPORTS AT NEW YORK.
1907.
1908.
1909.
1910.
For week.
$3,207,420 $3,669,541
$3,248,034 $3,750,051
General Merchandise--------- 12,600,080 13,656,147 12,383,383 11,076,517
$15,914,120 $17,406,798 S15.050.803 $14,740,058
Since January 1.
$116,272,490 $171,711,779
$145,802,160 S156,023,869
Dry
Goods..............-.............
General Merchandise--------- 694,455,947 052,306,496 474,310,246 016,083,619
Total 48 weeks.................. $840,258,107 $808,330,365 $590,582,736 $787,795,398
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 3 and from Jan. 1 to date:

EXPORTS FROM NEW YORK FOR TIIE WEEK.
1907.
1908.
1909.
1910.
$11,598,197
$11,984,040
$14,534,168
S15.954.435
For the week....................... 622,070,973 503,827,142 576,566,052 586,540,509
Previously
reported---------Total 48 weeks------------- $638,025,408 $578,361,310 $588,550,698 $598,138,700
The following table shows the exports and imports of
specie at the port of New York for the week ending Dec. 3
and since Jan. 1 1910 and for the corresponding periods in
1909 and 1908:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Week. Since Jan. 1.

Imports.
Week. SinceJan. 1.

Total 1908.....................................
Silver.
$610,745 $36,521,334
55,300 2,253,900
5U6.438
868
73,794
47,825
7,740
$666,913 39.501,037
Total 1909.................................... 1,034,852 41,107.302
Total 1908..................................... 1,207,039 39,803,590

$13,344
5,719
13,310
78,147
1,724,027
1,219,812
1,457,578
$4,511,937
4,950,739
3,839,270

Gold.

Tot. Money Entire Res.
Legals. Holdings. on Deposit.

S
S
PS
497.810.3
471.497.4
89.228.2
489.103.9
87.948.8 462,147,6
88.364.2 459.516.1 484.935.4
480.063.0
88.481.0 456.416.1
89,325.5 453.870.2 477.425.5
470.422.9
88,230,4 445,097,1
467.943.4
87.892.2 443.797.3
451.719.5 474.847.4
88.339.0
89.829.0 455.731.4 478.744.0
89.282.8 451,277,9 475,117.2
B an k s.— The following

Capital
and
Surplus.

S
S
S
S 245.346.0
$
$
Boston.
S
157,615,1
7.965.0
23.701.0
4.478.0
206.023.0
Nov. 12.. 40.200.0
187,550,6
3.904.0 245.558.0 7.981.0
24.021.0
40.200.0 200.954.0
Nov.
19-.
199.385.0 23.708.0 3.803.0 237.844.0 7.977.0 135.073.3
Nov. 20. . 40.200.0
40.200.0 199.744.0 22.749.0 3.936.0 241.325.0 7.940.0 108.544.4
Dec.
Plilla.3-- 55.465.0 253.989.0
302.810.0 16.055.0 134.455.8
67,4 )4,0
Nov. 12-. 55.465.0 252.431.0
167.889.8
306.020.0 16.078.0
69,9 13.0
Nov. 19. .
15.873.0 130.869.8
302.701.0 15.755.0
71.0 19.0
252.029.0
Nov. 26.. 55.465.0
106,807,3
303.421.0
70.0
14.0
Dec. 3-- 55.465.0 252.395.0
a Including Government deposits and the Item "due to other banks.” A.t Boston
Government deposits amounted to $3,049,000 on December 3, against $3,051,000
on November 26.
Im ports and E xports for th e W eek .— The following are

We omit two ciphers in all these figures.

Loans and
Week
Ended. Investments. Deposits.

[V O L . L X X X X I

Fiance -------------Mexico ............................................
South America...............................
All other countries.........................-

$13,469,730
$32,150,000 _______
$19,300 3,588,379
314
4,455
1,000 555,490
$400 3,453.017
8,254 294,725
69,269 2,154,881
**75*666 9,568*766
41,900 66,588 1,599.447
$75,400 $45,218,138 $164,411 $21,602,972
3,781,900 91,150,617 422,404 8,376,390
1,671,025 49,996,225 344,991 10,222,127
30
26,040
15,008
40,360
.$88,044
$57,598
131,399

Of the above imports tor tne weeit in luiu,
merican gold coin and $ ........ American silver com. U1
exports during the same time, 875,400 were American
old coin and S....... were American silver coin. ■■■' ; H'■i ,'j
ic

JSTOCK OF MONEY IN THE~COUNTRY.—The followlg table shows the general stock of money in the country,
s well as the holdings by the Treasury, and the amount in
irculation on the dates given.

Money in Circulation ---— Stock o f Money Dec. 1’10­ — Dec.
1
Dec. 1.
' InStales.
United
Held in
1910.
1909.
Treasury.A
5

3
601,492,185 603,961,316
old coin and bullion....*1.701.198.787
842,874,397 790,377,269
old
certificates.a
-............
.
,nfir,R7n
74,598.407
75,527.038 481,109,593
tandard silver dollars----- 5G4,783,o08 7,462,588
1.) ■ .-<
ilver
certlllcatcs.o............
.vvY/a' nim
akb 14,974,568 480.727,412
141,572.284 145,341,044
ubsldlary
silver...............................,
9,026 3,484.374 3,977,470
reasury notes of 1890----- 3,494,000 6,169,091
340,511,925 342,221,749
nlted States
notes------- 726 .8 o j .i w _____________________
20.430,734 700,425,099 _ _689,724,086
atlonal
bank notes.........
________
TV,,.,
3,499,559,990 300.944,082 3,192,615,314 3,131,310,934
Population' of The United States Dec. 1 1910 estimated at 90.905,000; circulation
Aa?evlsed3estl?natc by the Director of the Mint of the stock of gold coin was
lo o t e d In the statement for Aug. 1 1907. There was a reduction of $135,000,000.
JaPFor redemption of outstanding certificates an exact equivalent in amount of
te appropriate kinds of money Is held In the Treasury, and Is not included In the
■’oniint o f monev held ft9 assets of the Oovcrnmcnt.
t i n _ £,i|,,nr
b A revised estimate by the Director of the Mint of the stock of 81\bsk.V^y_? LqCr
>ln
was aaopted^Re statement of Sept. 1 1910. There was a reduction of $9.“d
statement
In the
Treasurybank
as as;sets
c>f ‘‘j® to the crcuu oi
ot This
Include
depositsofofmoney
publicheld
money
In national
depositaries
:ie Treasurer of the United States, amounting to $3o,G93,647 JU.

THE CHRONICLE

D ec. 10 1010. j
|B ; r a t o u g
T H E

B A N K

im tl
O F

ffitta tic M

.

M O N T R E A L .

PROCEEDINGS AT THE NINETY-THIRD ANNUAL
MEETING OF SHAREHOLDERS,
HELD DEC. 5 1910.
(From the Montreal “ Gazette” , Dec. 6 1910.)

Theofninety-third
annual
of the
Shareholders
of theat
Bank
Montreal
was
held general
yesterdaymeeting
at noon
at the
Board Room,
the
Bank’s
headquarters.
There James
were present:—Messrs.
D.Macdonald,
Morrice, SirII. Thomas
V. Meredith,
C. R.
Hosmer,
Ross, SirIt. William
Shauglmessy,
Sir
Edward
Clouston,
B.
Angus,
E.
B.
Greenshields,
Hon.
Robert
Mackay,
A. Baumgarten,
E. Rawlings,
C. J. Fleet,
K.C., R.J.S.T.David,
A.
Pennington,
JohnW.Patterson,
*W. A. Murray.
II.Stanway,
Joseph,
James
Alexander,
B.
Blackader,
William
WilliamRoss,
H.(J.
Evans,
William
Agnew,
John
Taylor,
W.
It.
Miller,
O.
Meredith,
Simpson
Garland,
G.
F.
C.
Smith,
C.
J.
Doherty,
M.P.,
James
Kirby,
James
Henry Dobell,
M. S. Foley,
Caban, K.C.
P.K.C.,
It. motion
Gault, Skeoch,
P. Mr.
F. McCaffrey,
Dr.theGardner,
JohnMr.C.P.It.H.
Knight.
On
of
D.
Morrice,
President,
B.
Angus, was
requested
to takemoved
the chair.
It
was
then
by
Mr.
C.
J.
Fleet,
K.C.,
seconded
by Mr.
A.
Piddington,
thatasMessrs.
G. F. and
C. Smith
and James
WilliamAird
Stanway
be ap­
pointed
to
act
Scrutineers,
that
Mr.
be
Secretary
of the meeting. This was carried unanimously.
THE ANNUAL REPORT.
P'then
-Sircalled
Edward
Clouston,
Bart.,
the report
GeneralofManager
of thetoBank,
was
uponninety-third
to read the
annual
the Directors
the Share­
holders
at
their
Annual
General
Meeting,
held
5th
December,
1910:
. ,
The ofDirectors
havebusiness
pleasureforinthepresenting
Report
showing
result
the Bank’s
year endedthe31st
October,
1910.the
Balanceforofthe
Profit
Loss31stAccount
1909— §003,790 30
Profits
yearand
ended
October31st
1910,October
after deducting
h*charges of management, and making full provision for all
k*bad and doubtful debts............................................- 1,797,992 81
EUJfl
§2,401,789 11
Dividend
2 ' A percent paid 1st March 1910__8300,00000
Dividend
2
'A percent paid 1st June 1910....... 300,00000
00
Dividend 2'2' AA per
cent paid
paid 1st
1st Sept.
1910___ 300,000
Dividend
percent
Dec. 1910.......
300,00000
1,440,000 00
aBalance
.
' Loss
.............
............................. $901,789 11
of Profit and
carried. forward...................
p.Victoria
Since the
last(Hamilton),
Annual Meeting
Branches
haveHigh
beenRiver,
openedAlta.,
at BartonStreet
B. C.,
Perth,
N.The
B., Branches
and
Princeat Andover,
Rupert, B.Penticton,
C.
N.
B.,
and
Warsaw,
Out.,
have
been
closed.
With deep
regret The
the Directors
to A.record
the deathK.C.M.G.,
of their
esteemed
President,
Hon. Sirofhave
George
Drummond,
C.V.O.,
who
had
been
a
member
the
Board
for
upwards
of
twentyeight
years.
Duringfor
thatfiveperiod
lie served as Vice-President for nineteen
years
and
President
years.
Mr. R.onB.theAngus
to succeed
him as ofPresident,
the
vacancy
Boardwas
liaselected
been filled
by the election
Mr. II. V.andMere­
dith.
.
All theduring
Officestheof year.
the Bank, including the Head Office, have
been
in­
spected
„
.
,
.
R. B. ANGUS, President,
j -Bank of5thMontreal,
December 1910.
THE ANNUAL STATEMENT.
■read
'•Theasannual
statement
of the position of the Bank at 31st October was
follows:
»-.] . .
L ia b ilities.
..............$14,400,000 00
Capital
Stock.............................................
Rest_______
_____
___________S12.000.000
Balance of Profits carried forward----- 901,7890011
$12,901,789
11
1,855 51
Unclaimed
Dividends.........................
Quarterly
Dividend,
payable
1st
Decem­
ber 1910........................................ 300,000 00 13,323,044 02
F3 • •
$27,723,044 02
N : :
Notes
of not
the bearing
Bank ininterest----------circulation------ $14,502,591
0033
Deposits
43,425,978
Deposits
interest___________
17
Balances bearing
due to other
Banks in Canada. 154,117,878
122,238 37
212,108,085 87
$239,892
330' 49
A ssets*
00
Gold
and
Silver
coin
current...............$10,202,147
Government
demand
notes-------------Deposit
with
Dominion
Government
re­ *11,590,013 50
quired
by
Act
of
Parliament
for
secur­
ity by
of general
bank
note circulation..
Due
agencies
of this
■ ■ 000,000 00
••Great
bank and
other
banks
in
Britain_______
Duebankby and
agencies
ofbanks
this $11,414,749 09
other
foreign
countries___
CallinGreat
and Britain
short
loans
in 5,799,898 87
and
the
01,918,750 00 79,133,398 50
United States..............--------------Dominion
and
Provincial
Government 1,498,344 07
Securities..--------------------------Railwav
and
other
Bonds,
Debentures
07
•and and
Stocks__________
Notes
Cheques of other Banks....... 18.884,975
4,849,328 12
120,704,800
32
000,000 00
Bank'Premises
atandMontreal
andinBranches......................
Current
Loans
discounts
Canada
and elsewhere
(rebate
interest re- $112,087,98180
•served)
and by
othermortgage
assets----------------Debts
secured
or
otherwise
424 79
Overdue
debts
not specially secured
(loss 231208,117
provided
for)___________________
52112,527,524 17
$239,892,330 49
E. S. CLOUSTON, General Manager.
Bank
of
Montreal.
. .. Montreal, 31st October 1910.



1555

THE PRESIDENT’S ADDRESS.
The President, Mr. R. B. Angus, then moved the adoption of the
Report, seconded by the Vice-President, Sir Edward Clouston.
In moving the adoption of the report the President said:—
“With your permission, Gentlemen, I move the adoption of the report
just read.
“On this occasion we recall the fact that at the last annual meeting of
the shareholders the President was unable to attend, because of illness,
which, unfortunately, and to the great regret of his colleagues, resulted in
his demise on the 2d of February last. Sir George Drummond occupied
a most distinguished position in the business community; and the share­
holders of this Bank may well entertain a grateful appreciation of his
services as President and of his work in the Senate, where his intelligent
and patriotic efforts were largely devoted to the protection and develop­
ment of the banking interests of the Dominion.
“To fill the vacancy created by the death of Sir George, it was deemed
advisable that I should, for a time, occupy the chair; and consequently
I was elected to the Presidency on the 22d of July—while the directorate
was at the same time strengthened by calling the Assistant General
Manager, Mr. H. V. Meredith, to a seat at the Board. The expansion of
business in recent years vindicates the expediency of this latter arrange­
ment.
“The period under review has been marked by almost unbroken pros­
perity. The bounteous crops harvested during preceding years had
raised the expectations of our farmers and excited the attention of in­
tending immigrants, and although the bright prospects of the present
season were somewhat dimmed by the excessive drought of June and
July, causing partial failure of the wheat crop in some districts of the
West, the actual result has proved more favorable than was then antici­
pated. The latest estimate of the harvest from the Western grain fields,
by parties well qualified to judge, gives a yield of
95 million bushels of wheat
128 “
“ “ oats
25 “
“ “ barley and flax
which under the conditions existing may be regarded as fairly satisfactory.
“We are naturally most interested in the outcome of the young and
rapidly-growing country, for to it belongs the future. Still it may be
long before it overtakes the productiveness and wealth of the older
provinces, which in their undeveloped resources, timber, minerals and
arable lands, afford abundant opportunities for expansion and settle­
ment.
“On the first intimation of injury to the growing crops in the West the
confidence of Eastern merchants and manufacturers was somewhat
shaken; but the curtailment of business activity which followed was only
temporary in its character and soon gave way before more hopeful indica­
tions. Business quickly revived and has continued good throughout the
year.
“One notable feature may be remarked, that the Western people,
farmers and settlers and tradesmen, showed little sign of depression under
the circumstances. The unusually dry season might serve as a warning
to more careful tillage of the soil, but could not disturb the prevailing
hopefulness and contentment. The agricultural results in the Eastern
provinces of the Dominion were upon the whole quite gratifying.
“Immigration from Europe and the United States of America was on
an extensive scale, no less than 300,000 to 350,000 being the estimated
number of arrivals during the season, enriching the country by valuable
contributions in property and money and still more by additions to the
agricultural population. Such an unprecedented influx of new settlers
to a comparatively small community, many of them experienced farmers,
could not fail to have a stimulating effect upon all the commercial interests
of the country. The extraordinary expenditures on railway construction
and other public works also largely contributed to this result. The rapid
growth of all industrial enterprises, no less than the great and profitable
expansion of agricultural operations, together with the opportunity of
acquiring unoccupied land, render Canada a popular field for the employ­
ment of European capital. Important transfers of money to this country
are of daily occurrence, and especially from England, where political and
financial unrest has induced many people to seek new avenues for invest­
ment
.
"Contributions
through the Stock Exchanges and money markets of
Europe to the financial enterprises of Canada have been extremely
generous of late, and it is eminently desirable that the confidence thus
displayed should not be abused. Some offerings have been made, it is
feared, by over-sanguine promoters, whose statements it would be hard
to justify, and in relation to schemes where the advantages to buyers are
not quite apparent. It might be well to consider that, while money
seeking investment is much more abundant in some countries than it is
with us, there is seldom much lack of capital here for participation in
enterprises that are unquestionably sound. Our friends abroad might
reflect that a home market, especially in the case of industrial securities,
will generally furnish some indication of values.
“In the earnings of the railways, the output of factories and the large
volume of commercial transactions there is evidence on every hand of
widespread and almost universal prosperity throughout the land. The
statement of the Bank’s affairs now submitted shows that this institution
has participated to a considerable extent in these advantages; the net
profits have been fair,’about the same as last year, and would have been
more ample had not the Bank met an unfortunate complication through
the error of an Agent and the failure of a foreign bank. The earlier
rumors concerning this matter were much exaggerated, and to the best
of our knowledge the ultimate loss has been fully provided for.
“I leave the General Manager to comment upon the Annual Exhibit
and the more technical aspects of the situation, but may here state that
the Accounts, Cash and Securities of the Bank have been examined and
verified by the Inspecting Officers and by Committees of the Board.
The organization of the Bank is believed to be in excellent condition,
and, as is customary in this institution, the reserves have been main­
tained at a very high standard of safety.
“In reference to a question that has exercised the minds of some of our
friends, who marvel that the Bank premises account remains at the
comparatively modest figure of $600,000, while the known expenditures
under that head have of late years been unusually large, the fact is, as
stated,
the
being
that the
have
indisposedcon­
to
burden
theirexplanation
Assetsand
withthey
anyhave
large
itemDirectors
that could
notbeen
bedirectly,
promptly
verted
into
cash;
consequently
charged
against
revenue
the entireof expenditure
connectedthese
withamounts
the building
extension
and maintenance
the Bank’s premises;
have been
con-

1556

THE CHRONICLE

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

well
as tothat
the greatly
increased
prosperity
of the
people, asis
sitlerable,
to tliefacilities
necessityatofimportant
opening branch
new settle­
probably
dueascheese,
the fact
while
our
production
of such
foodstuffs
ments andowing
enlarging
centresoffices
whereinbusiness
has population,
butter,
eggs,
etc.,
has
increased
during
the
present
twelve-month,
outgrown
the
existing
accommodation.
the exports of these products have declined, indicating a large home
‘‘Tlie ofDirectors
are, has
however,
opinionandthatthatthesuch
call charges
for extraordinary
outlays
this
nature
almostofpassed
will here­ consumption.
“As
regards
thepessimists
general prospect,
in the olderthecountries
after
cease
or
greatly
diminish.
athave
least
enough
to counterbalance
optimifew,
sts.there
In seem
Canadatoat
“Itvarious
is unnecessary
that
I should
attempt
toreference
give a specific
account
of be
we
many
of
the
latter,
and
few
of
the
former—too
perhaps,
the
industries
of
the
country,
but
in
to
the
more
im­
times,to remember
to sufficiently
regulate
our youthful
exuberance.
mightdue
be
portant
natural
products
it may
noted that
theonlumber
business
has well
that
the
prosperity
we have
enjoyed
may
beItlargely
been
fairly
good
in the East,
andbeunusually
active
the Pacific
Coast.
to
a
continuity
of
policy
and
*ispo
on
to
employ
experience
rather
Exports
to
the
United
Kingdom
have
not
been
as
large
as
in
former
than theory
the basis forandtheseem
conduct
ofcalculated
our affairs.
Suchour
principles
years,
havepulp
beenmills
offsethaveby found
the greater
demand.
madeandusaspermanent
self-reliant,
best
to insure
future
“Thebutwood
a United
goodhome
market
for their products have
progress
stability.”
(Applause.)
notwithstanding
adverse
duties
in
the
States.
“There
has
been
a
wholesale
falling
off
in
the
exports
of
produce
from
THE DISCUSSION.
this port during
the
season
navigation,
owing
partly to decreased Mr. John Taylor then asked
if heThis
mightwasbeimmediately
allowed to say
a fewbywords
production
anddecline
alsopast
largely
to ofincreased
home
consumption.
without
moving
an
amendment.
granted
the
“A
marked
in
the
exports
of
live
stock,
which
was
observable
Chairman.
during
the
last
few
years,
and
was
probably
to
be
accounted
for
by
tlie
Mr.
Taylor.—“I
am
sure,
Mr.
President,
that
we
here
are
all
delighted
requirements
of
new
and
expanding
settlements
and
the
home
consump­
to seebeen
youassociated
sitting in your
asofPresident
offorthisveryBank.
name
tion of a growing
population,
now tofacilities
be checked.
It wasraising,
naturaltheto has
withthecapacity
thedayBank
Montreal
manyYour
years,
and
suppose
that
in only
view
of temporary,
our seems
unequaled
for cattle
some
of
us
remember
when
the
shareholders
launched
it
on
the
condition
would
be
and
it
is
gratifying
to
find
a
change
road
to
prosperity.
But
although
the
Bank
is
still
on
the
road
to
pros­
for
the
better
has
set
in—the
shipments,
especially
from
the
West,
having
perity,
I
am
sorry
to
say
that,
in
my
opinion,
the
shareholders
are
not
largely
increased.
.
,
,
,
,
takenthat
intothey
the confidence
of theasDirectors
as they should,
I do
“A true
to theimports
rapidlyand
increasing
ofpast
thefiscal
country
may
be being
not
think
are being given
full information
as theyand
sli ould
found
in thetoindex
combined
exports trade
ofas the
year,
which
amounted
the
big
total
of
$093,211,221,
compared
with
$571,268,­
demand.
“Something
said usto-day
regarding
losses
in Mexico.
You,thatMr.a
707,“Itshowing
increase
of $121,945,454
overoftheimports
previous
haveisisgiven
some
facts,
but
no figures.
I contend
is to bethean
noted,
however,
that theareexcess
overyear.
exports
is President,
bank’s
business
done
in
figures,
and
should
be
expressed
in
figures.
increasing;
Government
revenues
buoyant,
but
Canada’s
borrow­
“Andknow
further,
there
is thethematter
of Bank
premises.
Allonour
ings
from Europe
are verybuilding,
large, and
will
doubtless continue
so, while
holders
that
we
want
best
bank
premises
to
carry
ourshare­
busi­
expenditures
for
railway
the
improvement
of
navigation
and
ness.
But
I
have
known
banks
to
do
enormous
business
in
moderately
for
tlie
legitimate
needs
of
growing
municipalities
are
maintained
on
the
expensive
premises.
I
think
the
Directors
of
this
Bank
have
gone
out
present
extensive
scale.
, goods houses report that of all bounds in the money they have spent on bank premises. Such
“With
regard
to
trade,
the
wholesale
dry
expense,
it
seems
to
me,
was
not
needed
for
business,
and
this
is,
above
business
during
the average,
past year while
lias been
exceedingly
good,rare.and The
payments
have
shown
a fair
failures
havetrade,
been
same
business
concern.”there are no further remarks I will reply to
TheaTaylor’s
President.—"If
remark
applies
to
groceries,
iron
and
hardware
leather,
boots
and all,
Mr.
inquiry.
. .had
. prepared.
shoes,
and
other
branches.
“With regard
toofthetheBank’s
premises,
we inhavebank
recently
"I am aware
these
are butresults
running
comments,
and
to give
any
adequate
a
careful
estimate
amount
invested
premises,
or rather
description
of
the
season’s
would
call
for
a
review
from
tlie
Atlantic
ofwhere
theirbetween
present $7,000,000
value, andand
find$8,000,000.
that the totalButamount
would be
some­
to thehavePacific.
Witli ourview
partialexemplified
shortage ofthis
cropseason,
in the Western
provinces
this
extends
over
the
we
one
reassuring
namely
that
with
whole
Dominion.
We
have
no
less
than
147
different
buildings
in
that
the
newly
developed
territories
the
field
is
now
so
extensive
that
what
list,
and
while
the
shareholders
might
have
had
fuller
particulars
as
affects
one
part
of
the
country
adversely
or
otherwise
is
unlikely
to
induce
progress of that
account,
inquiry at any time would have elicitedto
similar
conditions
elsewhere.
Evenwasthesovisitation
ofthat
the drought
wasfrom
by the
the
information
we
are
now
giving.
no
means
uniform.
The
weather
capricious
the
injury
“Recently
we have completed
erection of this
building,
for it was
that source
occurred
in widely
separated
and the result
of the har­
really
reconstructed,
I But
thinkI think
verythesuccessfully,
andyear
wethere
are putting
vest,
although
lesswhich
than
anticipated,
wasspots,
yet immense,
considering
the some
other
buildings.
that
after
this
will
be up
no
small
population
has
to
share
its
benefits.
“We
are,
therefore,
safe
in
saying
that
the
country
as
a
whole
has
further
call
for
buildings
of
importance.
The
erection
of
branch
offices
throughout
the
country
is
likely
to
go
on
in
a
limited
way,
but
the
undoubtedly
experienced
a
fair
degree
of
prosperity
throughout
the
year,
and no doubt
need be entertained
as toweitsarecontinued
andourrapid
in amount
needed
for
that will
not not
be large.
, or
“With
regard
to the
losses,
it has
been customary
with
this. Bank
wealth
andmust
population;
if,avoid
however,
to realize
bestgrowth
expecta­
any
other
bank
in
Dominion
or
elsewhere
to
give
an
account
of
itsof
tions,
we
carefully
undue
inflation.
In
some
districts
there
so long
as the shareholders
weremade
satisfied
thatWefrom
thebeen
profits
has
been excessive
speculation
inlanguishing,
town and village
properties,
but.lands
the losses,
the
Bank
the
ultimate
loss
had
been
good.
have
unfor­
movement
already
shows
signs
of
while
farm
and
fruit
tunate,
asmay
I remarked
in my address,
this year in making a loss
maintain
their
or steadily
appreciate.
“Moneypoint
hasofvalue
been
very
abundant
throughout
theayear,
and from
a but
thatthere
beno considered
a past matter.
. abroad,
, the
“If
is
further
discussion,
I
will
put
the
question
for
lender’s
view
the
rates
of
interest,
except
for
brief
period,
have
been
abnormally
low,
thus
rendering
it
difficult
to
employ
our
surplus
adoption
of
the
report.”
report
unanimously
adopted.
fundsreadily
to advantage
in London
New York,ofwhere
short orwillcallbeloans
Itthanks
wasannual
moved
bymeeting
Mr.wasII.then
Joseph,
seconded
byPresident,
Mr. W. the
Stanway,
that
are
available.
But
thisordepartment
theseconds
subject
left theThe
to
the
General
Manager,
Sir
Edward
Clouston,
who
tlie
adoption
of
the
be
presented
to
the
Vice-Presi­
for
their
attention
to
the
interests
of
the
Bank.
of The
the conclusion
report.’’ of the President’s address was greeted with applause dentThisandwasDirectors
unanimously adopted.I thank you for this manifestation of
Theconfidence.
President.—“Gentlemen,
by the meeting. SIR EDWARD CLOUSTON.
your
On behalf
Vice-President
Direc­
I wish
tohope
thank
you
forof the
thehavePresident,
continued
confidence year,
youand
have
dis­
In seconding the adoption of the report, Sir Edward Clouston said:— tors,
played,
ami
I
that
we
shall
another
prosperous
and
that
“In my address last year I made the remark that I should be very whoever
has
the
honor
of
occupying
this
chair
dining
the
coming
twelve
willbyhave
aC.more
satisfactory
and prosperous
(Applause.)
much disappointed if we did not make a better showing of profits during months
Mr.
It. Hosmer,
seconded
by Mr.Manager,
A.year.”
Baumgarten,
that
the year we have just passed through, and, though I did not say it, I theMoved
thanks
of
the
meeting
be
given
to
the
General
tlie
Assistant
had in my mind that I might be able to suggest to the Directors that it General Manager, the Inspectors, the Managers and other officers
of
the
was time to do something for our shareholders in the way of a bonus. Bank, for their services during the past year.
was unanimously
adopted.
Unfortunately, my anticipations were not realized. Our profits show This
TheAssistant
General
ManagerManager
(Sir
Edward
Clouston).—
-"On behalf
oftomyself,
$28,000
00
less than
last year.
the
General
and
the
other
officers,
Iofwish
thank
'‘The
general
statement,
as
you
see
by
the
copies
you
hold
in
your
you
for
this
kind
motion.
I
also
have
to
thank
the
staff
the
Bank
for
hands,
is
a
strong
one,
and
exhibits
the
steady
progress
the
Bank
is
their great (Applause.)
loyalty to the Bank and myself under very trying circum­
making.
For
the
first
time
in
our
history
our
circulation
exceeds
our
stances.”
capital,
andbywethewereGovernment.
obliged to make use of the emergency circulation Moved by Mr. II. Dobell, seconded by Mr. Janies Kirby, K.C., that the
authorized
ballot
openminutes
for theelapse
electionwithout
of Directors
bebeing
keptcast,
openwhen
untilit2shall
o clock,
“Our
deposits
have
increased
$18,000,000,
butas this
does
notwefairly
show
unless now
fifteen
a votepurpose
be
the
actual
increase
in
our
regular
deposits,
last
year
had
some
closed,
and
until
that
time,
and
for
that
only,
this
meeting
be,
large
special
deposits
which
were
withdrawn
during
the
year.
Our
continued.
, proceeded
, , with, and
readily
realizable
assets,
that
is
our
reserves,
are
about
the
same,
though
The
ballot
for
the
election
of
Directors
was
then
show employed
a slight decrease
inofpercentage
to our
The amount without much delay the Scrutineers appointed for that purpose reported
ofthey
money
outside
Canadawho
has
beenliabilities.
reduced
$14,000,000.
following gentlemen duly elected, the old Board being re-elected:—
Fault
has
been
found
with
us,
by
critics
have
not
given
sufficient
con­ the
Messrs.—
sideration
to
the
subject,
for
keeping
such
large
balances
in
other
coun­
R.
B. ANGUS.
tries,
butCanada,
experience
has
taught
usholdthatlarge
it isreserves
not onlywhich
safer for
the
Bank,
A. BAUMGARTEN.
Tml.
but
for
that
we
should
we
can
draw
SIR
EDWARD
CLOUSTON, BAR’
on
in
case
of
necessity
without
disturbing
financial
conditions
in
our
own
E.
B.
GREENSHIELDS,
country.
The important
position
the Bank
of ofMontreal
in the
C.
It.WILLIAM
IIOSMER.C. MACDONALD.
cial
fabric involves
the for
keeping
of aoflarge
portion
ourresponsibilities
assets
in afinan­
form
SIR
immediately
available
conversion
into
cash.
Our
in
DON.
MACKAY.
thislend
respect
forcein usLondon
to beand
content
with
a avery
lowwhich
returnforonlong
the periods
money II. V. ROBERT
MEREDITH.
we
on
call
New
York,
return
D.
MORRICE.
during
pastoutyearof was
than
2 per centthat
at either
centre,ignore
and JAMES ROSS.
_
taxessuperior
tothecome
that.little
Ita better
is5 not
tocent
be call
supposed
we would
SHAUGIINESSY,
K.C.VK).
the
advantages
of
per
rate
in
Canada
could
we SIR
RT. THOS.
HON. LORD
STRATHCONA
AND MOUNT ROYAL, G.C.M.G.
employ
$10,000,000
or
$20,000,000
here,
with
the
certainty
that
we
could
get
back oninthree
notice any
day weiswanted
it. for by G-C-V-°OFFICERS ELECTED.
“Of
theitincrease
our hours’
investments,
$5,000,000
accounted
At
i meeting of the Directors held later, the Right Honorable Lord
the
purchase
of
a
municipal
issue
which
has
been
largely
disposed
of
since
StrathconafantfMount;6Royal,
G.C-V-O
•, was ^cted
the“Our
closeloans
of the
President ofBart.,
the Vice-President.___________________________
Bank, Mr. It.G.C.M.G.,
B. Angus,
1resident,
and SirHonorary
Edward
andstatement.
advances
have
increased
$21,000,000,
and callourforshare
no Clouston,
special
comment,
except
that
they
evidence
that
we
are
doing
in “The
assisting
the development
of our rapidly
country.
present
sessionasof Parliament
willcome
seegrowing
introduced
legislation
of im­
portance
to
bankers,
our
charters
up
for
the
usual
decennial
renewal.
Though
the
Bankers’
Association
has
not
been
taken
into
the
R a ilr o a d a n d I n d u s tr ia l S t o c k s
confidence
of tlieit hardly
Government
about
any will
proposed
alterations
or amend­
Let
us
send you our circular describing 110 ISSUES of listed Rallments,
I
think
likely
that
there
be
any
great
change.
The
Act
isinaother
very good
one asand
it stands,
is thought
welltheof by
financial authori­
>ad and Industrial Stocks.
ties
countries,
answers
admirably
requirements
of
our
own.
When
arises
istheaptActtobutbeofcondemned
by
S p en cer T rask & C o.
critics,
but
it istrouble
not
the
fault itofwill
thosethewhofallibility
workunthinking
under
it,
43 EXCHANGE PLACE.------ NEW YORK.
and
no
amount
of
legislation
guard
against
of
the
Chicago, 111., Boston, Mass.,
Albany, N. Y.
personal
factor andhaskeep
menonfrom
fools
“The
President
spoken
the being
general
tradeor ofknaves.
the
country,There
whichis
M em bers N ew York. Stock Exchange.
may
be
characterized
as
satisfactory,
with
a
promising
outlook.
possibly
too much real
speculation
in some sections
of thepart
country,
and municipalities
are estate
borrowing
rather
heavily;
thegrowth
greater
of it,
however,
is
quite
legitimate,
arising
from
the
rapid
of
the
newer
cities
and
towns
throughout
the
West.
.
.
.
W H I T E ,
W E L D
&
C O .
“Tothethem
flows
theatever-increasing
tide ofwillourthisimmigration,
which,
from
best
figures
present
available,
year
number
over
Members New York Stock Exchange.
300,000one souls.
Thethatquality
of this immigration
is admittedly
high, and
considerspopulation,
it represents
singleit year
ofwhen
the country’s
it is wellin athat
is so.about
To one-twentieth
this influx of



5

N A S S A U
N E W

S T R E E T .

Y O R K

T H E

R O O K E R Y .

O IIIC A G O

THE CHRONICLE

D e c . 10 1910.

1557

(*?>aaettje.

bid. New Orleans, commercial, 75c.@$1 per $1,000 dis­
count; bank, $1 per $1,000 premium. Charleston, buying,
par; selling, l-10c. per $1,000 premium. San Francisco,
W all S treet, F rid a y N igh t, D ec. 9 1910.
sight, par; telegraphic, 2c. per $1,000 premium. St. Louis,
The Money Market and Financial Situation.— The Presi­ 25c. per $1,000 discount bid; 15c. per $1,000 discount asked.
dent’s Message to Congress made public on Tuesday, and St. Paul, 75c. per $1,000 premium,
15%c. per
the judicial decision in the anthracite coal case given out $1,000 discount.
to-day, are among the leading events of the week. Both
State and Railroad Bonds.— Sales of State bonds at the
stimulated a little activity in the security markets, but in Board $5,000 Virginia Gs, deferred trust receipts, at 36.
neither case was the elTect other than brief and unimportant.
There has been a little more activity in the bond depart­
The Message was conservative in tone and recommendation ment at the Stock Exchange; chiefly in railway and industrial
and therefore about what had been expected.
issues, and changes in quotations are generally to a fractionally
The Government report of this year’s cotton ginned higher level. The transactions have been well distributed
indicates that the crop is larger than former estimates and throughout the list, including a large number of issues.
caused a sharp break in prices at the Cotton Exchange.
Among the exceptional features are Third Avenue conv.
To-day there was a sharp advance on a lower Government 4s, Rock Island 4s and Norfolk & Western conv. 4s, which
crop estimate than had been expected. Another report of have declined half a point.
interest was that of the Copper Producers’ Association, show­
United States Bonds.— Sales of Government bonds at the
ing the stock of metal on hand reduced nearly 9,000,000 Board are limited to $500 3s, coup., at 102. The following
pounds during the month and the quantity produced dimin­ are the daily closing quotations; fo r yearly range see th ird
ished over 7,000,000 pounds, as compared with the previous page follow in g.
month, which, however, had one more day.
Reports of railway net earnings are in an increasing
Interest Dec. Dec. Dec. Dec. Dec. Dec.
Periods 3
9
5
6
7
8
number of cases unfavorable and a reduction of the dividend
rate on St. Louis Southwestern preferred shares from 5 to 2s. 1930 ____ ---- registered Q—Jan *100% *10051 *100% *100% *100% *100%
^S,
1930..........
------coupon
Q—Jan
*100
51
*100% *100% *100% *100% *100%
4% had been foreshadowed in previous reports of that «3S, 1908-18... — registered Q—Feb
*10151 *101%
* 01% *101% *102 *102 *102
company. It is suggestive, however, of what may be looked 3s, 1908-18 ... ____ coupon Q—Feb *10151
*101% *102 *102 *102
..
.registered
4s,
1925
____
Q—Feb
*115% *115% *115% *11554 *11554 *11554
for in other directions if present conditions in the transpor­ 4s, 1925_____ ..........coupon
Q—Feb
*U5%
*115%
*115%
*11554 *11554 *11554
tation industry are maintained.
2s, 1936.Panama Canal rcgls Q—Feb *100% *100% *100% *10054
*10054 *10054
Last Saturday’s bank statement showed a reduced surplus 2s, 1938-Panama Canal rcgls Q—Nov *100 % *100% *100%
reserve and the tendency of call money has been steadily
towards higher rates, a maximum of 3 % % having been •This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.— The stock market
recorded. The London money market continues easy, how­
ever, and it is reported that there has been some shifting of has been irregular on a moderate volume of business through­
out the week. The market showed considerable strength
loans from here to that center.
The open market rates for call loans at the Stock Exchange on Monday, notwithstanding an unfavorable bank statement
during the week on stock and bond collaterals have ranged on Saturday, but on Tuesday and Wednesday the general
from 2% to 3 % % . To-day’s rates on call were 3 @ 3 % % . tone was one of weakness. In most cases the lowest prices
Commercial paper quoted at 4 % @ 5 % % for 60 to 90-day en­ were recorded on Wednesday and on Thursday a reaction
dorsements, 4 % @ 5 % % for prime 4 to 0 months’ single set in which has continued and has carried practically the
entire active list to above last week’s closing prices.
names and «r)% @ 5 % % for good single names.
Lehigh Valley has fluctuated over a range of nearly 7
The Bank of England weekly statement on Thursday
showed an increase of bullion of £6,154 and the percentage points, and closes with only a fractional net gain, although
2 % points higher than last night. It, with other anthracite
of reserve to liabilities was 50.58, against 50.25 last week.
The rate of discount remains unchanged at 4 % % , as fixed carriers, has been strong to-day on the decision referred to
Dec. 1. The Bank of France shows a decrease of 1,725,000 above. Reading has advanced 2% points to-day on trans­
actions aggregating a very large amount. Interboro-Metrofrancs gold and 2,025,000 francs silver.
politan issues have been exceptionally strong on the dis­
NEW YORK CITY CLEARING-HOUSE BANKS.
cussion of new subway projects. There have been no excep­
1910.
1908.
tional features in the industrial list.
1909.
Averages for Differences Averages for Averages fur
For d a ily volum e o f business see page 1565.
week ending
week ending week ending
from
Dec. 5.
D c. 3.
Dec. 4.
The following sales have occurred this week of shares not
previous week.
represented in our detailed list on the pages which follow:
S
S
• S
S

liu a ik g X B *

Capital......................... 133,350,000
127,350,000 126,350,000
180,024,400 163,720,100
Surplus____________ 196,577,100
1,347,145,300
Loans and discounts__ 1,229,080,500 Inc. 14,664,000 1,192,793,100
Circulation................... 48,449,000 Dec. 115,200 52,889,500 45,959,700
1,168,629,800 1,424,132,500
Net deposits________ 1,199,337,800 Inc. 11,674,600
8,900 1,693,800 8,799,700
U. S. dep. (incl. above) 1,670,900 Inc.
Specie...... .................. 213,588,700 Dec. 2,771,500 230,668,400 296,706,800
Legal tenders_______ 68,122,800 Dec. 702,700 69,203,700 79,498,100
Reserve held_______
Dec. 3,474,200 299,872,100 376,204,900
25% of deposits.......... 311,711,500
299,834,450 Inc. 2,918,650 292,157,450 356,033,125
Surplus reserve........ 11,877,050 Dec. 6,392,850 7,714,650 20,171,775
Surplus, cxcl. U. S. dep 12,294,775 Dec. 6,390,625 8,138,100 22,371,700
Note .—The Clearing House now Issues a statement weekly showing the actual
condition of tire banks on Saturday morning as well as the above averages. These
llgures, together with the returns of separate banks, also the summary issued by the
State Banking Department, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on tiro second page preceding.

Foreign Exchange.— A downward tendency has prevailed
throughout the whole week and quotations close virtually
at the lowest level, demand sterling being available at 4 85%
and cable transfers at 4 85%.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 82% for sixty-day and 4 86% for sight. To-day’s
actual rates for sterling exchange were 4 8230@4 8240 for
sixty days, 4 8535@4 8545 for cheques and 4 8 5 % @ 4 8585
for cables. Commercial on banks 4 8 1 % @ 4 82 and docu­
ments for payment 4 8 1% @ 4 81%. Cotton for payment
4 81 @ 4 81% and grain for payment 4 8 1 % @ 4 81%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 2 2% @ 5 21% less 1-16 for long and 5 20 less 3-32@
5 20 less 1-16 for .short. Germany bankers’ marks were
94 5-lG@94% for long and 95 less l-32@ 95 for short. Am­
sterdam bankers’ guilders were 40 20@40 22 for short.
Exchange at Paris on London, 25f. 27% c.; week’s range
25f. 28%c. high and 25f. 26%c. low.
Exchange at Berlin on London 20m. 44%pf.; week’s
range 20m. 46%pf. high and 20m. 44pf. low.
i exchange for the week follows:

Sterling Actual —
_ _Days.
4 82%
High
for the week.................. Sixty
Low
for
the
week...................
4
8254
82%
Paris Hankers' Francs—
High for the week.................. 5 21%
Low for the week.................... 5 22%
2254
Germany Bankers' H arks —
High for the week.................. 94 54
Low for the week.................... 94 %
Amsterdam Bankers’ Guilders—
High for the week------' 40 04
Low for the week...........
40

Cheques.

4 8590
4 83%
5 20 plus 1-16
5 20 54
95 1-16
94 15-16
40 25
40 20

Cables.

86 54
44 8560
5 19 %
5 20 less 1-16
9554
95
40 29
40 24

The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
5c. per $1,000 premium. Boston, 8c. per $1,000 premium



STOCKS.

Week ending Dec. 9.

Am Brake Shoe
& Fdy..
Comstock
Tunnel_____
Des
Moines
&
Ft
E I du Pont Powd.,Dodge.
prel.
Evansv &Sugar
TerreRefining.
Haute..
Federal
General Chemical, pref..
Lackawanna Steel..........
North Ohio Trac & Lt._
Ontario Silver Mining__
Pacific Tel & Tel, pref..
St L & S F—C & E III
new stock trust certs.
Soutli Porto Rico Sugar.

Range for Week.
Range since J a n . 1.
Lowest.
Highest.
Lowest. Highest.
900 89
% Dec 5 9054 Dec 7 83% Oct 9154 Nov
100 21c. Dec 3 21c. Dec 3 20c. Dec 36o. Jan
100 4 54 Dec 8 454 Dec 8 454 Nov 4 % Nov

Sales
for
Week.

112 8254 Dec
200 60
Dec
120 30 Dec
25 10354 Dec
400 39 Dec
300 392 Dec
100
Dec
100 94 Dec
10 57 Dec
200 88 Dec

3 83 Dec
9 60 Dec
5 30 Dec
5 103 54 Dec
7 39 Dec
39 % Dec
37 2 Dec
8 94 Dec
9 57 Don
5 90 Dec

3 8254 Dec 88
9 55 Sept 6154
5 30 Dec 38
5 20154 June 107
7 34 Oct 45
9 35 Feb 3954
3 2 July
8 94 Dec 98354
9 53 Sept 63
7 81 July 90

Jan
Oct
Oct
Mch
May
Dec
Feb
Mch

Feb
Sept

Outside Market.— Business in outside securities this week
has been less active and fluctuations in prices irregular,
though the losses have outnumbered the gains. Towards
the close the market developed a firmer tone, but the volume
of business was only moderate. Chino, after a fractional
advance to 22% became weak and dropped to 20% . A
recovery to 22% followed, the close to-day being at 21%.
Giroux fell from 6 15-16 to 6% and recovered finally to
6 11-16. Greene Cananea advanced from 6% to 7 % , ran
down to 6% and sold to-day at 7. Inspiration Copper sank
from 9% to 9 and finished to-day at 9 % . Mason Valley
was off from 9% to 9% , transactions to-day being up to 9% .
Miami, after the loss of over half a point to 19, jumped to 20
and ends the week at 19%. Ray Central went down from
2% to l ' H3-16’ and up to 1%. Ray Consolidated at first im­
proved fractionally to 20, but dropped to 18, with a subse­
quent recovery to 18%. Kerr Lake receded from 6% to
6% and was traded in to-day up to 6% . La Rose Consoli­
dated advanced from 4% to 4 % and closed to-day at 4 9-16.
Intercontinental Rubber relieved the monotony in miscel­
laneous securities by an advance from 26% to 31, due to the
announcement that the directors had voted to retire 25%
of the preferred stock on Jan. 1. The usual dividends were
also declared, viz.: 1 % % on preferred and 1% on common.
Later the stock reacted to 29%, but to-day sold up to 30.
AmericanTobacco, after an advance of 3 points to 406, broke
to 400, but recovered all the loss; to-day on an active de­
mand the price jumped to 422. Standard Oil lost 5 points
to 610 and advanced to 611. A feature in bonds was the
heavy transactions in Western Pacific 5s and the drop in
price from 92% to 89, with a recovery to 91. American
Smelters’ Securities 6s, “ w. i.,’’ fell from 101 to 100%.
Outside quotations will be found on page 1565.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES

STO CKS— HIG HEST A N D LOW EST SA L E PRICES.
Friday
Tuesday Wednesday Thursday
Saturday Monday
Dec. 8.
Dec. 9.
Dec: 6
Dec. 7
Dec. 5
Dec. 3

Sales of
STOCKS
NEWEXCHANGE
YORK
STOCK
the
Week
Shares.

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

Range for Previous
Year (1909)
Highest

Uail.'oads________ 25 Feb 26 36 Mch 2 20 Mch 25 Mck
nn Arbor__
*25 30 *25 30
*25 30
30 *25 30
*25 30
*25
A
4St
2 Feb 25
72i2 Mch 8
Do ore!__________
70 49,200 titch
70 *65
70 *65
70 *65 10034
70 *65 100
*65 70 *05 100%
9034 J’ly 2 u I241* Jan 3
. 7* Jan 126*8 Oct
Topclta & Santa Fe 297
97;)i4
997* *101*4
99*4 101*| 98*2 100*4
98*3 99*, 10134
0812 10134 100
99*8 101*4
104%
Jan 10 100
Jan 106*4
J’ly
1
595
Do
pret_____________
102
J’n*
10R;
102U
1013J
101*2 115 HOI
*101*2
143*2 Aug
102I2 J’W 26 137D Jan 6 107*1- Jan
1,000
Atlantic
Coast
Line
RR..
11012
*114
115
115
115
*113% 115% 115
113*2
113
113
ido
'4 soy 6 1191* Jan 8 10311- Feb
a'tlmore
&
Ohio_____
10434 10512 105l2 10578 11,400
122*4
J’ly
105*8 105*4 104*2 105*, 104 104* ■ *89
104*4 1051.1
Nov 91) Apr
87 >4 Sep 10 04 Jail 7 !'l " Jan
200 U Do pret.....................
*80 91
*89 91
90 90
OH- *89 91 783t 91
* J’nu
08*-\ Feb
Feb 8/ 82% Ma.v2 1 67 Mch 827
741* 13,605 Brooklyn
Trans't. 170
74% *73%
74*? 74% 74's *89
74% 192%
74% 191** 192U
73% 7. '■ 191
73% 19134
CanadianRapid
Pacific______
20
23*
Nov
1
rl05
192l2 1927* 5,200 ( 'anada
189*8
° ct
19H*
192%
193
191*193
70
Jan
4
4
Jan
60
i2
J’ly
2
u
Southern_____
7012
60*
*62
*62
.
70*4
7012
*62 280
70*2 *62 701- *62 701- *62 701' ‘260 275 *260 280
Feb 823*2 Nov
J’ly
26 312 Jail 7
Central ot New Jersey__ 248
Sep
280
*265
*265
*200
280
*265
285
Jan 9114 Deo
65 Aug 2 92
Jan 3
45,080 Chesapeake & Ohio____ 23
*79% 80t4
70 80l2
79*4 40
80% so 807, 78*2 81 78 797, *30
FeD 74*4 Apr
J'ly 26 6C34 Jan 3 65%
677* Nov
Chicago & Alton KH___ Oil's?* J'nei.7
34 *__
*30 33
35
*30
*30
40
40
*30
*30
69 Jan
Apr 31 70 Dec 78*2 Mch
Do pref____________ 19 J’ly 26 367*
♦ ___ 66% ¥__ 66*.
66*- _. 66*; *21 r2 6612
217* 6612
22 1,6207 .’hlcDo
Gt YVes; trust ctfs..
Dec
31*2 Dec 87**
21 §41% 22
2H- *42
21
21% 217S
21*4 21*4
21*2 44%
*43
44%
40 J’ly iO 04%Jau 10
64*4 Deo
pret
trust
ctfs___
4114
44158*4 Feb 165'*
*43
45 *43
46 *42
Sep
11914 12134 12134 12234 46,150 Chicago M'lw & St Paul.. 11384 J’nejo 1583* Jan 3
111
119%
120%
119%
121%
119*4
12034
120*2
121%
1453* 1453s 1,297 Do prel____ ________
lsl Aug
Sep 1 17214 Jan 3 158*2 Mch
145
*145 146 *145 146 145 145*- 1443* 145 145
Feb 193%
144% *14012 144 2,5i0 Chicago & North Western 141
13714 J’ly 20 I82i2 Jan 3
Aug
173'* Mch
1437* 1427* 143*8 143 210
143 143 143 205
143*4 143% 210
225 Jan 6 208
*190
210
203
Jne27
Do
prel____________
(23!)
Aug
*180
210
*190 210
*185
♦
ISO
*130 145
Chic
St
P
Minn
& Omaha 140 Apr 28 162*2 Feb 23 148 Apr
150
167
Aug
*135 150.
150
150
*135
*135 150 *135
25 }170i4
Feb 184 106*2 Jan
Do pret__ __________ }16021- Apr
1180 J’ly
165 *155 1653%*155 1653% *234 170312 *160
*155 1653*- *155
Dee
7 J an
*234 1703*63*
Jan
May24
Chic
Un
Trac
ctls
stmpd
3*2
*2*4 3*2 *234
*2*4
*23.4
Dec 18*4 Jan
Sep 28 1214 Jan 4 7*4 Jan
Do prel ctls stmpd___ 6147* Nov
*6 8 *6
*6 8 02*4
*6 8
92*4 Jan
Mch 15
18 68 Jan 83*4 Deo
648 ♦ 6512
64 105
Cln
Chic & St L__
6512 550 Cleve
63 *98%
*64 07 *04 67 64 64 *98**
Sep 141 104
985* 105
105 Mch
Do
pret____________
100
99
105
*98*s
105
*98**
103
*98*s 103
.6 6534 Feb 25 51 Oct
56 5012
1,555 Colorado
& Southern.... 48 J’ly
68*4 Jaa
5534 56
57 58*4 55*4 56% *73
57 *74
*56*2 76
Jan 86
May
J’ly 27 8,f
Men
4
75 *56
*72 57
Do
I
t
preferred__
.
.
.
75
70
70*2
75 *72
76 *73 76 *69 72
*73
Jan
81 Jan 6 73*4 -Feb 84*2 jan
.
.
Aug
1
72
70
*69
Do
2d
preferred...__
72
75 1615s 1615* *60
*71 75 *70 75 *70
16234
185
200
May
16234
Jan
3
163
I
Delaware
&
Hudson__
163
1,000
149*4
J’ly
26
167*4
1'
161%
1RU*160*4 164 1623i 575
16234
680 Apr
*500 575 *490 575
Mch 21 635 Feb
50 A/eiaware Lack & West. 490 J ly 26 020
526
*500
*500 575 §520
*500 575
Jan
52 Jan
283*
28 28
3
6 * Apr
Denver
&
Rio
Grande__
4,050
2314 J’ly 20
37%
27*- 27%
26*4
28*? 27 28*28 28*s 27*4
6834
62%J’ly 26 84 Jan 3 79*2 Jan «o Feb
Do pret____________
68 I4 69
67% 68*2 *52%
69% 70 66*2 693* *52
69*Detroit
United________
. Jan
Aug
*54l2 69 4,240 Duluth
Jr';y ii 60
*51*4 111? *10% ___
*52 69*4 *51
Hi* Jan
Nov 71*4
1834
Jan 273 56
21 Jan
So Shore & Atlan 45
*1014 1112 100 Do pret___________
10 J ly 1
1*1%
111- *1014
*10% 12 *21
11 22%
11 *10%
28
Feb
345*
Jan
4
17
J'ly
26
36*2
Jan
100
*20
22
21
*20
21
21
22*- 26% 27 26% 27 273* 281* 14,120
22 27% 27*? *21
*21
iy% j iy 20 345* Jan 6 225* Mch 39 J’ne
273*
27
27 44 45 263*
J’ly .7 6234
Mch 88 36*2
1st p r e fllllllll 35
66*4 Aug
43 4334 4312 4412 4,570 E rlVo43*4 32
43*- 34
45 33
44
44%
44*42 Jan
Mch
28*- Men
Mch 48
Aug
26U J’ly 27
Do
2d
pref_______
1,170
33l2
34
33
34
§34
*343* 35*2 35 35 120
3
1677*
Aug
136-%
Feb
12234 13,050 Great Northern pref____ 113 J’ly-o 1437*
12034 12134 12134
120 121
121 121 121*8 54*2 121*4
120*2
801- Jan 4 65*8
IronBay
Ore &properties__
45 J’ly 6
88*2 Aug
Mch
54 55 5434 55 4,000 Green
54 54*4 *1312
55*,
50*2
55%
56*4
*55*2
131
,
Nov
11
Aug
10
181*
Mch
22
2
i
Deo
W,
deb
ctfB
5
*13
14!2
1412
14113*13*2
*13 14% *13% 14% *13
Electric... . . . 881- Jan 10 971. Apr 14
£eb 103 Deo
H avana
Do pref_________ 9312 N0V17 09 Jan 4 39
9412 *___ 9412
83*8 Feb 100 Deo
94*2 *125 135
*
*
941- +125 135 ¥§125 125
94*2
Hocking
Valley........
.........
140
Oct
4
102
“
May
6
30
*125
135
135
*125 135 *125
Jan 5 11%fob
132 130 130
500 llinois Central_______ 124 J'ly 26 147
Aug
134 *128
131 *128
133 130
*129
129*4 120*4
Mch 102*8
25*- Jan 11 137
26%
Deo
19% 201* 20
1414 J’ly 20
2 OI4 30.050 I nterboro-Metropolltan .
19% 20*2 5314
19 20*, 53*.j
19 197,
18*2 19
03 %Deo
Do
pret___________
027*
Jan
12
4ll2
J’ly
26
541*
547
*
36*4
Mch
551*
29,500
541? 52*i 55% *17 55
52% 52*2
61%
2034
Nov
15
J'ne3U
30
Jan
3
30
Apr
Central---------------17 1712 1734 I 8I4 1.900 towa
18 *29
18% IS*, *29 30
18% 30*4
♦ 17 18 17% 30%
Apr
J’ly
64*4 Jan
48 yep 62
31 30l2 313* 1.900 DoG Ftpret
30 31 30*4 78 *75 30*4
Aug 262 80
82 Sop
Feb
1833 74*4
68
S & M trcfs, pref 25
78 *74 77%
geo
77% *74 77%' *75
♦ 75 77*? *74
K
37
Teb
J’ly
26
44%
Jan
Aug
ansas City Southern.. 23 Aug 2 71 Jan 4 677* gob 60%
307*
2,500
30%
3012
29 30% 29*2 29% 30%
30 30 30
30
75*2 Aug
58 J’neju 2534 Jan 5
pref.
647* 65 *64l2 67
470 akeDoErie
67 §65
64 64 *14
♦ 63 65*- *62*2
29*2 J'ne
Aug
& Western__ 37*4
15 Dec 3 6234 Jan 3 48
19*2 *Jan
eb 647*
*14 18
20
*14 20 *14 65
20 *14 18 *37
*14 20
LLehighDoValley.............
pref________
40
*37
40
100
40 *37 40 *37 42
37% 37% *35
17314
Deo
7
186
N0V28
177
174
1
4
138,200
177
17914
179%
175
180
173%
177
177%
177% 17834
go J’ly 1 10*4 Apr 14 69 Jan " 711, Deo
200 Long Island-------------62 6212 *62 67
67 *62 67 *62 67 141
*62
67 *62 140%
& Nashville__ 131%
J’ly 26 15934 Jan 6 rl21 Jan 162*2 Aug
142 142I4 14214 3,200 Louisville
140 140% 139 139
140 140*? 139
140% 140
139*4 140 §138
139*4 140
jV/I
anhattan
Elevated__
123
Oct 04 137 Deo 153%Jan
139
139
1,011
1391*
138
*137
J’ly 26 140
01 lnneapolls & St Louis 23 J’ne30
6334 Jan
27
65 Jan
Jan
300
251
2 2534 *24
*23 27
26*? *24 27
*24 54
*24 27
?.epu 90
Seo 21 80
si Mch
Do
pref__________
Feb 24 61
54
*44
54
40
54 *45 54 *44
*45 130%
*45 54 *45
St P & S S Marie... 114
J'ly
26 145 Men 3 105*
1283* 1283* 3,915 Minn
127 1285*
2
.--132*2
Jai1
149*2
JA
aa
129 147%
128%
130
130*4
128%
130%
130%
„„,
j
’ue
o
Do
pref_________
1473*
150
D
Mch
2
144
Anr 164*2
147 147
700
Aug
*147 150 *147 150
*147 150
*147 150
leased line ctfs----- x80%Sep 20 U23j Jan 3 147
94
Deo
89<24 8912 8912 360 MoDoKansas
89I2 303
89
J*y
90
90 §88%
88%
*88*2
90 ♦ 88*2 31**88*2
27 J'ly
J’ly 20
Jan 66 35*2
60% Oot
3034 3114 7,400 Do pret____________
307* 32 2934 3034 362OI4 62 *62
31*2
71 * Fob
Feb 78%
.6 61*8
745* Jan
Oct
100 Missouri Pad& Texas____
641? ♦ 31*2
61*4 64*65 445* 45»* 44% 65
65 *62
♦ 30*4
J’lV 20
735* May23
11c_______ 67
65
Feb
41
46 9,850
77*2 Aug
46% 46 471? *62
45*4 47%
45 45% *135
4661 145
536 140 Nov 3 122%Jan 142 Deo
ash Chatt & St Louis, 125 J’ly
145
*135
145
*135
145
*135
145
*135
143
*135
N
Feb
723
*
Nov3
at Rys ot Mex 1st pref 60
44*2 Apr
Deo
71 *68
71 *68 71 *68 76 *68
71% *68
*69 35*?
2312 J’ly 20 37*2 N ov14 21 Deo 64
205* May
Do 2d pret_____
355* 71
355* 1,700
357*
355* 35*4
35 110%
35 *35U
35*2 35*- 109%
35**
10934 IIU
4 11U2 1121* 27,250 N Y Central & Hudson.. 1051« J’ly 26 128 Mch 9 120*2 Tel) 14734 Aug
109%
110 110*4
111%
109*4 110*?
48%
Mch
687*
Nov
3
Y Chic
& St Louis___ 55>2 May 4
*62 64 *63 64
200 N Do
*63 64 63 110
63 *101
66 *100
63*2 *63 111)
63*2 110
Jan 21 100 Tcb 69 Nov
Feb
1st pref__________
pret_______
110
§iol
J’ly
8 10934
110
110 *100
*101
95 Nov
98 Jan 19 76*4 Apr 100
Do 2d
94 *101
8234
Apr
28
94
*86
*S4 94 *86
*86 94 *150
94 *150
*86*4 153
94 *102*4
*80 153
1154 Nov 174*4 J’no
N Subscription
Y N H & Hartford___
162
Mch
14
149
Apr
28
153 153 *151 153%
153 *144
153*? *144 146
*150
*150
receipts a..
Mch 115 71147*2
Dec
*144 147
Jnelu2 A151
*145 147 *145 147 39*4 40 *3934 147
*145
556* J’ne
42*i Dec
Feb 71149*4
Y Ontario
& Western. al43
38'-Aug
60 Jan
1,760 NNorfolk
4 P4
397* *40 41 395* 4034
397* 147
84% Jan 102 Dec
& Western...__
7,600
963* *40l4
83i2
J’ly
26 108% Mch 21
963* 971*
96 4014
96*- *83
96 ___
97% ___
967* 97% *___
96*4
97*- *83
97
OH4 Mch 163 85*8 Mch 02%J'ly
Do adjustment
pref__ 88 Feb 2 1455*
93 *1141* 1147* __________
93 Pacific_____
93 112% 113% 112I2 1137*
93
*83 93 1127* 113*4
111D Aug 3 11834 Jan
Aug
25,520 Northern
112 1137,
112*2 113%
Jan 21 133*4
acific Coast Co____
70 Feb
Mch 150*2
100
Oct
13
1161- Deo
*98 110
110
110 *98
*91 110
110 *90
*100 110
108
108
*99*2
P
*99*2
Do
1st
pref_____
100
Mch
§106
“Sep
*90
110
*90
110
*90 III) *100 110 *100 110 *100 110
*90 110 *90 110
Do 2d prel_____
105 Feb 14 118 Jan . 88 Mch 115 Deo
+100
*100 110 *100
Pennsylvania______ _ _ 122*2 J’ly 26 138*2 Mph 9 126%
F eb
151% Sep
1281* 129 36.690
12814
1275* 110
1205s 128% 1265* 127% 1271*
128*4
127%
12734
Pltt.'b
Cln
Chic
&
St
L._
89 J’ly
26 1045* Mch 22
177
997* Deo
*90
97
86*2 Jan
95
95
97 *100 112 *110 112
95*1 *100
*95 112
*95 97 *100
§95*4 114
*94 97 *100
Do
pref____________
HO
Oot
25
116
Mch
1
101
Feb
116% Sep
*108 115
115*2
Ueadfng___________
1305*
J’ly
2u
172*4
Feb
18
118
Feb
173**
14534 1473* 737,000
145
1441- 142I2
144*4 146% 142*4 146*?
142*2
144*2 1451?
1st pret________ 1 85 Aug 24 93lj Fob 17 89 Mch 90 Sep
400 I v 2d
Aug
8712 *S712 91
90 90 90**
881- 8712
90 *87*2 90
*87*2
pref_______ ___ 87 J'ly 26 110*2 Jan 3 90 Feb 117%Deo
400 Rock Island
921*
921*
91
14 9 P 4
*93 95 *87*2
95 *87*2
*92 97 *92
Company__
67*4
Jan
3
207*
Feb
35,300
283*
227*
J'ly
26
81
2934
2934
30l2
297*
30*2S*s
29*4
3034
28*4
30%
29% 62*? 62 62*- 617* 62 01 61 60 60 *60 62 1.400 Do pref_________ . . . 64 J’ly 27 92*- Apr 9 67% Feb 94*4 Deo
Deo
Fr, 1st pref.. 68 Aug 11 73 Jan 6 65% Mch 74 Deo
63 ♦ 60 63 1,550 S t LDo& San
*60 63 *58
63 *60 63
♦ 62*2
60 63 *60
00
Jan
34 l2 Aug 2
2d
pref...........
..
36
Feb
60*4
Sep
38
33
3812
39
387,
37
37
38
38
37*4 3734
37*2 23*? *22*2 25 2234 2234 241* 2134 900 St Louis Southwestern__ 18*-J’ly 26 341- Jan . 20*2 Feb 85** Deo
25 22*4
25 *23*2 581*23*2
77*-Jail 43 471- Jan 82 Dec
Do pref____________ 61*2 J’ly .6 rl38*4
3.000 Southern
56 56 59 61 75.760
555* 571? 55*4 56% 1113*
57 1125*
53 *57
Fob
Pacltlc
o .... 103*4 J’ly 26 3334 Jail
Aug
1131*
1107* 1123* 241* 113
1123*
113*4
113*2
112
Jan 3 1145*
v tr cfsCstmpd.
22 Feb 139'*
34
243* 11412
2434 5.700 Southern
18 J’ly 26
241- 23*2 58*2
23*4 58 2434
24*- 111*8
241- 24*2 577*
24%
24 577,
76*2 Aug
Deo
Do pref
do
75
Jan
"
3,420
60
Jan
43
J’ly
26
59
59
59
56
58
57%
57*2 25 25
56*2
Aug
Jan
2434 251* 25U 2512 1.400 ' Texas & Pacific____ ..
Feb 40%
J'ly 26 30%
247* 25 247* 25 *10
. *24*4
Jan
6 i-J‘no 1
A bird Avenue (N Y)__ 22*2
19%Jan . 30
12%
Deo 42%
3,300 Toledo
1014 107*
10% 10*2 *7 11812 *7
10% 25*2
118 10*2 11%
10 10*8
153* Jan
7 May
Railways & Light 6*2 J’ly 6 543*
1534 Jan 12
100
812 1,600
*7
7*4
8*?
8
*6*4
7*4
*
6*4
Oct
j an
Toledo St L & Western.. 4234
43 Feb 617*
215*
2U2 2ll2
227* 227* 22*2 227, 201- 21*4 2U2
*22 23*2
74 %Jan
J’ly 26
28 7214 Jan
Do City
pref_________
___ 19 J’ly
61*4
Feb 116%
5412 55 2,100
6212 6334 ♦ 10SU
52*2 *10712
56*- 62 531? *107
52 no
*___
561- *§109*4 109*4
Dec
97 Jan
Rapid Transit
440 Twin
103
J’ly
26 117*2 Jan
110 495,750
10912 1683* 16934
109*2
109
108*2
109
jan
172*- Fob 219 Aug
Pacltlc______
152*4 J’ly 26 20434
1677* 166
1677* 169% 168*2 170** 106*4 170*, 166*4
U nionRys
xOi “ Mch 118*2 Aug
Do pref_______
___
3,600 Unit
91*4 168I2
88*4 J’ly 20 10334 Jan
*9U2
92
921*
91*4 91%
92 92 92 92 *24
*02 93 *25
30 Feb 47 Sep
Inv't of San Fr 2334 J 11630 42*4 Jan
100
*24 27 *2412 27
27 *50
25
*25 27
60*4
Feb 77 Sep
Do pret__________
Jan
47 J’ne30 7233
400 YVT
54
5112 1,900
*52 27 25
52 51*2 51*2
*52 54
-15- Feb
Deo
2734 Jan
abash...................
1534 6U2
1512 333*
153*
125*
J’ly
26
16 1534 33I
157, 157* 55
16 62
155* 33*4
16
16%
. 157* 33%
Deb 277*
41
61*4 J’no
61 Jan
Do pret--------8.400 West Maryland
281* j ’ly 26
2 33
“
*
32%
34*, 32*2
33%
823.J 46*,| 33%
32%
643*Mch
12
Ry__
400
46
40
j
’ly
26
441
2
.
44l2
*45
44%
44*s
443* 44% 45
*4414
Novl9 5 J'ly
Do pref____________
AUg 15 75
74>2 *72 74i2 300 Wheeling
74 74 74% 45
74% 74 74 *72I2
, *73*8 746 *4
10 Jan
Jan
12%Jan
& Lake Erie.. 873 Apr
28 23
*4 6 *4 126
*4 6 *4 156 *10
1*12
*4*2 16 *10 150 *10
J5% J’ly 257*
jan
Do
1st
pref_______
100
8
J'neJO
12
15
15 *10
6%J'ly 15%Jan
13i2 Jan
Do 2d pref_______ _
4. J'ne30 64
8
*6
*5 588 1,400 Wisconsin
*6 8 *6 548 *54
*5 588 53
*7 8 *54
357* Jan 0.17* Apr
Nov
Central........... 44 J’ly 26
68
*54
54 53*4
*55 58

BANKS AND TRUST COMPANIES—BROKERS' QUOTATIONS.

Ranks Hid Ask
Ranks Hid Ask
Ranks Hid Ask
Ranks Hid Ask
Ranks m a Ask
Ranks Hid Ask
300 350 Irving N Ex 200 210 Mutual H ... t290 ___ Prod Exch 1i 162
Filth
.........
Chatham
.
.
330
310
240 . . — Reserve__ t ill m m
175 180 Chelsea ExIJ 190 200 First _____ 840 ___ JefTersonll.. ___ 185 Nassau 1|__ 210
Aetna____ 695
-Seaboard . . 400
Neth’d 900 220
155 Liberty___ 675 « ... New
150 fl95%
..
130 14th
Stlj— 1194
America
11.. 230 005 Chemical
___ ■Second___
400 425
Lincoln___ 400 425 New
Fourth___
Amer Exoh.
Otl 425
155 Gallatin
150 387
New YorkCo
York. 315 325 Shermnn__
mmmm
115 125 Citizens’
332
Manhattan^
.
.
.
335
330
325
Audubon
.
.
City.............
380
225 230 State 11 . . . . 135
122%
N’ht
&Day1;
275 290
Mark’t&Ful
269
Battery Rk. 376
Coal
& Iron 153 158 Garfield__ 290 300
Ward.
250
150 Mooh&Met’s 215 25 b" 19th
260
12
th
VVard.
140
Germ-Am 11 140 505
Bowery 11__ 300
Colonial
H-400
Northern . . ___ . 105 23d Ward.. 110 - .•
ierm'u ExH 485
Mercantile
Bronx Boron 200
157*2 Pacltlcfl----Columbla
230 240 Union Exc. 172% lS2ta
Merch
Exch. 150
160 170
fl. 569 565 Merchants'.
Commerce11-. tl95 " f 405
200 ” Germania
Bronx Nat 155 205 Corn
....
Park........... 350 355 Wash ll'ts i 275
1S1
Gothara __ 150
179
1L.
315
Bryant Pk |
160 East Ex
303
SIdo1J.I] 650 . . . .
245 V55 West
Metropolis
1!
People’s
11..
Greenwich
390
410
River. 115
255
285*
Butch & Di 133 145 Fidelity
YorUviUe
Hanover__
Phenlx___
190
200
C
O
O
620
Metropol
'OT
202
206
H_.
175
610
165
Bentury
1]-. 170 451751 Fifth Aren 4000 4250 Imp & Trad 550 665 Mt MorrtsU. 250 260 PiazaH____ C25 ___
Bhaao.........
430
lEx-rigiit3. iLoss than 100 shares, fistato oanks. « Ex-dividend au l rigtus. 0 Now stock,
•ti.il
and
a aed Exchange
prees: no or
sales
wero made
tms uay.
It First Installment paid, n Sold at private sale at this price, e 2d paid. y 3d paid.
; tSale at Stock
at auction
thisonweek
Neva York




New York Stock Record—Concluded—Page 2

D eo. 10 1910.]

S I OCKS— HIG HE S T A N D LOW EST £ ALE PRICE S.
Friday
Tuesday Wednesday Thursday
Saturday Monday
Dec 9
Dec 8
Dec. 7
Dec. 0
Dec. 5
Dec. 3

Sales 01
STOCKSSTOCK
the
NEW YORK.
Week
EXCHANGE
Shares

Range Since January 1
On basis oj 100-share to.s
Highest
Lowest

inuustriak: .-lisceJlanccu. 245 Nov23 >270 Jan 5
250
*226 260 *230
15 Jan 3
♦ 8% 308% 200
e rj_______
J’ty 5 6^84
9 *248% 308% *24
Jail 6
100 llls-Chalm’
Do pret______
___ ; 77%Aug
31
90%Jan 3
63% 64% 144,220 Amalgamated
Copper
.
_
55’J'ly
18
01% 633«
033.1 4334
45 40 4.300 Amer
41%
Oct 21
Agricultural
Cliem.
35
J'ly
26
43% *95 46% *90
Do pre!___ __ ____ 90% Apr 103 jau
10
86^4 38
4 /% Jan 10
37 39% 22,275
American
Beet
Sugar___
24
J’ly
26
30%
353S
Uo
pret____________
89
J’ly
.7
■
j5%J’ne j5
*92% 949 938% 949 *928% 049 1 400
900 American Can___
0% J ne,J6 %-> Inn 3
9 70% 703s 773S 70% 77% 7.400
Do pret_______
02 J’ly 20
82% Nov 22
761s
49% 115
60 6,610
American
Car
&
Foundry
72-s Jan 3
48% 49% 115
39 %J'ly 20
49 ♦ 111
47% 112
605 Do pret..
.
109
Jne.ju
120
112 58 55% 115
573S 6.310
67 102
Cotton _______
O il... 82%J’ly 20 693 Aleh
Mch 99
67% 102
200 American
Do pret_____
100 Dec i 107 Oct 13
*99
250
American Express
*220 250 +220
13
*4 334% 100 American
Hide __<Jc Leather ' 193 %Sep
411
4 4 *204 234 +20
*4
Do pret___
Sep 8 fils Jan 6
2.800
13
lt.%
Dec
7
*17
American
Ice
Securities..
17
17%
103,
Mch 9
17
17
17
‘
{
7
I
4
175s
ITh
11% 32
Linseed
12 *30
1734 jan 3
11% C400
10% J ly 27 29%
12 *11% 32
12% 113a 30
113s *11%
♦ 17^2
115S 12 *11% at
OO American
Do pret___
26 %J’ne 30
40-sJan
30 *29
30 3534
30
American Locomotive__ 29 J’ly 20 02%Jau 33
35% 35% 4.200
35% 36 105
34
36 358,
35 % 371,
350
Do pret___ _
105
%Aug
105%
7
100 *104
♦ 105 106 105% 105% 105 1054 *104
300 American
*3 4 1,050
Malt Corp.. 1023%
Dec 01 i.158 Jan
♦ SI" 334 33%
4 32%
Feb 18
*384
3% 314 3% 31- 32%
*3% 32% *32
Do
pret____
33^
33
28
i,
J'ne
,0
48
Mch
21
33
321’
♦ 32 32%
32 8£34 *85 85% *85% 85% *86% 86 *85 85% 80 Amer Smelters Sec pret B 82 J’ly 23 90-s Jan 3
♦ 7ssi'*
73% 73% 74% 117,100
Amer
Refining oi% J’ly 26 104 Jau 3
71% 104
737® 75 713. 75 70% 73% 10334
au 86%
7410 5853.1
Do Smelt.ng&
pret________
*103% 103% 360 American
98 %J’lv 20 112% Jan 3
♦ 103% 1033. 1035, 1035, 1033, 1033, IO.384 101 *245
Snutt__
245 101% 101% 101% +101% 102 102 102 *200
♦♦ 100
245 102 ♦*10019
10134101S4
Do pret_______
400
95i-Ja.i 13 102 Deo 8
1,783 Amer Steel Found (new) 38
41% 42 2,900
40% 403., 114%
405, 113%
J’ly 26 66 jan 10
4034 42% 405S 114
42 114
42^4 43 114
42 1147,
American
Sugar
Refining
114% 112% 115%
111%Oct 3 1287, Feb 18
1141, 114 m i- *112
114%
114
112% 532 Do pret________ . 11 lip Dec 7 124 Feb 28
115 14038 141%
113
112 112 139%
113
111%
9.425
American Teieph & Teleg 12034 J’ly 26 1433, Feb 24
139% 139% 140%
1393. 1401s
140 139 1403, 139
1,010 American
94 2.300
(new)__,pt 90 %J’ly 20 UJ% Mch 14
93% 94 933s 943., *94
95 93%
06 *93%
*93%
American Tobac
Woolen___
31 32
25 %J’ly 6 39% Men 18
32 29% 30% ♦ 3090% 31
33 33 33% 30% 93*2
33
1.912
Do
pret____________
93
10% Deo 7 104 Mch 7
*90
91%
90%
91
92'3 92% 91*i 92% 90% 91%
3934 40% 4.260 JAnacondaCopper Par$Z 5 J33%
30
J’ly
3
40
39 39 393s 3938 387s 39% 37% 39
J U0 3t26 554 Jan
3.000 lJethlchem Steel______ 21
Oct 21
29% 29 29
29% +2734
29% 29% 29%
30% 29%
28%
28*4
1 > Do pret__________ 49 Aug 10 347,
GO 1.400
6a
jau
19
59 *130%
59 18034
5fr’8 133
am. 6S% 5S34 1303,
591- 69% 59% 132% 133
5912 131*4
1.750 Brooklyn Union Gas___ 1258 J’U0
J‘iy 2'J
20 164%Jan 3
1309 1309
13191» 9l0 *131
Term <5eliy See
300 Brunswick
*9 10
18%Jan
9% 91, *29
*9 135
10 *9 10
J’ne 8 33
Jan 34
200 Uutterick Co__________ 28
30
♦ 313.
293s 30 291.1 293s
30 +29% 31
2078 30% 30%
*29%
30
*29%
/ central Leather______ 251., J'ly 20 48%Jail 3
32% 31*4 32 *1047,
30 ' 106
32 301•> 31 *104%
301.8 106 *110% 117 14,350
V, L)o pret__________ 99%J;}y *7 109% Mch 8
20C Colorado
105% 105% 105% 105% 29%
+1041,
50 Jan 3
4,906
Fuel & iron__
ly 20
30-%
2934 100 30
30l2
12 92%Jan 4
*4 30S4
Col & Hock Coal & Iron. 223%JSep
*4 315% 132%
5%
♦ 4 31 31
*4 31 *4 315% *4 30%
5% 131
133%
10.425
132%
Consolidated
Gas
(N
Y).
122 J'ly 20 1603, Jail 3
131% 132
131%
132%
130%
132%
130%
132%
147s 15% 15% 15% 2,600 Corn Froducts Refining.. 111, J UC30 23%Jan 6
15 7!)
16%. 15 80
15% 15 80
15% *77
16 15 *77
78% 78% 120 Uo pret____________ 70%J’ly 20 863s Jan 3
78% *58
*77
♦ 70 78
*68 70
70 2.750 Crex Carpet_______
70 **77
70
*00
70
70
32%
31% 31%
Distillers’Alining
Securities
Corp 25% J'iy 26 3634 Jan J0
32% 3134 31*4 31 31% *10
31%
32%
531% 31%
*10
Federal
& Smelt’g
20
12 Oct 20
♦ 10 20 *10 20 *10 20 *10 20 *45 20
Do pret_____________
5ft *45 61
37
Oct 27 60 Mch 8
153
4,100 dGoldfleld
General Electric____
153_ 29.250
150%
151%
1513.
1493,
151%
134
J'ly
20 1607, Jan 0
♦ 15019 1523.1 1518I.1 15283, 149%
Con AI.P a r 510 5734 Oct 14
83s 8%
8% 8% 1103s
81.i 83, 81, 83, 108%
81j 1087, 109 108%
| ut Harvester stk tr etts 583%
8.500
Feb
8 12a-8 Jan 10
109% 121% 110%
1001-'
108%
109%
no *121
♦ 109 121*1
*117
Augll
800 i- Do pret stk tr ctfs__
12134
129 Jan 4
121% 121% 121 121 121
♦ 121
*4%121
lnt
Mer
Marine
stk
tr
etts
*4%
5%
♦ 412 5% *4% 121%
6%
6% *4% 5% +4% 6% *15
4%J
y
25
lftl3 • 15% 17
Do pret..__________ 12%J ly 20 7%Jan 5
1284 12% 13 " 13
600 international Paper____ 9 JMy 1 16 Jan 3
13% 13% 13% 13 13 +54
♦♦ 54
12*4 60
13% *12*4
60 1.900 Do pret____________
% 55% 55%
iy 20 61%
*54
64 64 55 50
Steam Pump__ 41%JJ’iy
40% 4084 7.450 Internat
41 65
64%Jan
Jan 73
41% 39% 405,
40% 40 401.1 *8234
41 41*, *83%
3958
*0 9034Jan
100 Do pret____________ 36%
85 2.080
85 83% 83% *82 85 *82 84%
17
♦ 83 104
85 104% 104%
78%
J
'iy
no
Gas (St L) com.. 93%J’iy 29 116%Jan 10
101 90 *87%
103% 104% 103 1031.1 103 103% x88
103% IO88334 400 Laclede
Mackay
Companies____
90
91%
♦
87%
89%
79 J’iy 26
92
88%
08
Oct
*87%
92
200 Do pret____________ 71 J’iy 27 7s34 Oct 10
♦ 74 75 74% 7478 *74 75 *74 75 *74 75 x71 74
740 \J atlonal Biscuit___ 100 Aug 3 llo Jan 106
♦ 108 111
*108% 1101" 10934110 *107 111 108% 108% 110% 111
T* Do pret__ __
♦ 120 130 *120 1221*>*120
*120 122 *120 122
NatDoEnamel’g
& Stamp's 14 Sep 17 28%Jan 3
- +15 18 *15 18 *15 IS *14 18 *14 18 *14 18
pret_______
♦ 523S
82 87 *82 87
so
*821
•
>
87
*81
Lead_________
523* 51*4 6234 50% 62% 60 50% 51% 5134 x5l% 61% 6.200 National
46%J’iy
89%Jan 8
300 Do pret_____________ 101
♦ 104 106 *104 105% *104 1051) *103% 105% 105
105 105
J'iy 220o 110%
Jan 17
1834 105
dNev Cons Copper.P a r 55 sn59i-%‘ J’iy
10 6,406
1878 19 19 10 185g 101g 18*i
10 70 70%
o
5223,
Oct 1/
J’ne o 96%Jan
400 New Yorii Air Brake__
♦ 67" 70 *65 70 *67 70 69-s 69% *65
70
American
Co. new C0%Nov 23 84 Jan 33
62% 1.300 North
61% 62 623S 31%
613., 3034
♦ 3033
01 30*4
65 0134 013.| 62 63 61% 303,
Pacific
Alalt.....................
3.410
31 31% 43% 1.425 -L acific lelep & Teleg.. 22-8 J'ly 36 43%Jan 4
31% 32% 30% 31% 29%
43 104%
43% 104%
§43% 104% 1.600 People’s G L & C (Chic). 30 J’ly 25 40%Jan 4
♦ 42 43 1013s
43% 104
43 43% 43 43 104%
1043,
♦ 104 104% *43
103 J’ly 36 1163sJan 3
105
103%
104%
♦ 87 02
Philadelphia
Co (Plttsb’h)
92
Jan 8
♦♦ 1734
87 92
92
*87
92
*87
*8
T 92 +87
84
Pittsburgh
Coal
Co____
17 17% 163s 17% 1.400
1834 *17% 18% 17% 1784 16% 17 66%
13 J’ly
J'ly 366 106%
27% Jan 5
Do pret____________ 60
1.200 Pressed
06% *00
68*2
85
Jan
3
♦ 303.|
07 30*4
09 6738 673g 66 67 66% 00% 20 29%
%
J'ly
26
2.180
Steel
Car_____
30% 30%
5178 Jan 3
25 J’ly .6
28 29 *93 06 *92%
Do pret_________
95 1.270 Pullman
♦162
9319 102 ♦ 30 31 29 29
Company..
*159 163 *169 162
155 J’ne 29 200 Jan 11
161% 159% 1597^
100 yulcksllver
Mining_
4 3% 3% 700
4 101
2 Sep 26 37, Apr 5
112 5%
*1% 1014 158%
4 *1% 4 +25 6%
*1%
♦♦ 134
Do pret____ _____
*434
*5 6*8
Aug 2 578 May21
5%
5
5
5
6%
Pallway Steel Soring.. 2827, J’ly
1,300 IV
♦♦ 95
30 33% 31 31 301.t 30% 30% 30% 31 31 30
3034
26
51%Jan 3
Do
pret__________
92%
02%
810
97%
*95
02%
93
97%
953S
x90%
Sep
Jan 17
90
*93
90
3078 31 313.( 3134 303.t 31% 29% 30% 30 30% 3034 30% 7.200
Republic
Iron & Steel__. 27 J'ne 47 1U7
457g
Jan 3
Do
pret_________
1.050
945,
02%
94l2
92%
94%
92%
93
9412
93%
94
82 %J’ly "6 104% Jan 3
92%
93
♦ 176l2 ISO *178 180 *176% ISO *177 180 +170% 179 179 179
106 Cenrs, Roebuck & C o... 150 J'ne30 190 Nov 12
49% +_49% 49% 49 493s 49 49 48% 40% 40% 4934 2.050 Oloss-Sheffield Steel & Ir 48% Dec 8
4914 110
♦ ___
*
10
114%* - 114%
Do pret__________ 114 J’ly 6 118% Feb 1
35 35 35 110
dTenncsseet'opper F ar 525 519%
35% §114%
34% 114%
35 33% 110
34% 33% 34% 34% 35 5.000
J’ly 267 $40%Jan 3
136
m 13619 130 130% 130 130 130 130 *135% 138 ♦ 135% 138
1.000 1 exaa Co (The)________
134 Oct
♦ 88 92 *88 02 *88 92 ♦ 88 92 00 90 +88 92
100
Texas
Pacific
Land
Trust
83
Feb
AIayl8
♦7
*7 9 *7 9 *7 9 +7 0 +7 9
Bag & Paper___ 6 J’ly 68 95
13%Jan
10
♦ 54 609 *54
62% 210 IP [ nlon
§52%
62%
62%
60
Do
pret_____
_____
54
54
*52
69
52%
Dec
9
73
Jan
17
103 *101
100
100
♦ 101 102%
+90%
101%
500
103
100
101
*99%
103
United
Dry
Goods
Cos..
90
Aug
2
101% 101% §102 102 *100 102% *101 102% 102 102
232 Do pret____________ 99%Aug 2 113-s Jan 4
♦ 99
17
*15 10 *15 66
16% 15% 15% 15% 16% *53
200
♦ 15 10% *15 55
I Plpo & Foundr 14%J'ly 21 32 Jan 3
65 *50% 100
*50% 55% 54 54 ♦ 93 100
100 U SDoCast
♦ 53 55% *53
pret____________ 49
84 Jan 10
+93
100 *93 100 *93
100
United
States
Express.. 95% J'ne28
♦ 03 100 *93
Jan 10
J ly 26 145
08% *00 70
200
67 68%
70 *05 68 67
U
S
Realty
&
Improvcm't
♦ ♦074% 70 *07
84%Jan 4
64%
J’ly
26
*4% 712 +4% 712
+4% 177% *16
U
S
Reduction
it Refining 4 J’n027 11 Jan 14
*4% 7% *4% 7% *15
71?
17 *15
17
17 *15 17 32 32% 32% 33
*15 34
17 *15
2 .T/in 3
+32% 33
United
States
Rubber__. 27 J’ly 6 291
*32
32 32 32 321, 109
62%Jan 3
100*3 lUU*g 2.000
109 109
805
109% *71
Do
1st
pret___
1097s 1097s
*100%
110
*108%
110
09
J’ly
26 110%Jan 10
/a*a 200 Do 2d pret___ __ _ _ to ■>J’ly 27 84 Jan 3
78 73*4
72 72 70 75
*70 75 72 72 *72 75 703S
995.227 United States Steel__
72*8 72% 110
72% 116% 116%
73% 73 74% 71% 74%
61% J’ly 26 91 Jan 3
72% 115%
7.590 Do pret_____ _
115%
115%
115%
110
115
no
115
110%j ’ly 26 12538 Jan 3
44% 45% 45% 45% 20.800 dUtah
P ar 5io 5539%
45%
Copper__
463,
40%
40%
46
44
46%
44%
Jan 6
00 00% C03g 01 595, 00% 59% 60 69% 00% 00% 60% 8.600 Vlrglnia-Carollna Cbem__ 47 J’neao
Feb 3 560%
66% Oct 21
*123
124% 5123 123 121 121 *120 123 *120 123 *121 122
260 Do pret_____________ 117 J’ly
28 129%Jan 4
5150 150 *140 150 ♦ 142 152 *142 162 *142 150 +144 160
Fargo & Co____
Deo 1 al95 Jan 4
70*a
70% 70*4 70% 70 7984 69% 70 6934 70 70 70 1,7976 Wlells
3 V estem Union Teleg.. 144%
66 J’ly 28 78% Mch 4
66 66
67 67 3.940 Wcstlngh’seEl
66*2 07
65% 00 65 60 65 05% *110
-SsMIg
assen
49%
J’ly
*120 124 *120 124 *120 124
124
120 120 *110 124
300 Do 1st pret_________ llo May 263 130 Feb 24
♦ 240
♦ 8% 0 *8% 9
*___sia 318*s *27%
31 27% 27%
63% 42
05 61%
63
04*8
*42 44 42
42% 65%
43
3534 365S 30
35% *92%
35%
94
94
03 93
9 9% *920 9
0 9
77% 70% 77%
703s 763i 76%
4978 60% 48 60%
49>2
♦ 111
♦ 111
115 *111
5934 115
59*4 5934 60% 57% 115
69%
♦ 99 101 *99 101 100 100

Banks
Brooklyn
Broadway
Brooklyn 1i_f
Coney
Isl'df
First.......:
HlllsldoU...
H om es teadf

*8%
*27
01%
42%

BANKS AND TRUST COMPANIES—BANKERS' QUOTATIONS.

1559

Range / or Previous
Tear (19U9
Lowest
Highest

190 Jan
123, Feb
38 Feb
65 Feb
33%
95% Jan
Jan
20 %Jan
8271, Jan
Feb
7 lip Feb
44% Feb
1U7%
Feb
42% Jau
9s Jan
(206 Feb
Feb
346% Feb
IS?, Jan
12 Feb
29 Jan
49 Feb
109% Feb
5%J’iy
38
Nov
80
Jan
7734 Feb
101 Jan
95 Mch
34% Nov
Feb
H53,
118 Nov
126 Feb
90%
Feb
20 Feb
93.%Jan
837%
1834 Feb
Mc h
47 Feb
1I8 Jan
17-, Dec
23% 3an
25%Men
993, Apr
29 Feb
213, Feu
114%
Feb
16%Feb
73% F'eb
321, Feb
55 " F'eb
Mch
8U
150% Feb
jan
109% Jan
J'iy
*9%Mch
473, Mch
33% Feb
82% Jan
404
J’ne
70
69%Jan
Jan
96% Jan
125, Feb
71 %Feb
10234 Apr
80 Jan
Feb
72
29%
Feb
46% Nov
101%
99% Jan
Flee
10 Apr
40 Feb
30 %F'eb
169is, Jan
jan
3 Men
32% Mch
977,
F'eb
165, Feb
67% F'eb
68 Feb
107% F'eb
*331,
Oct
80% Feb
Feb
669% Jan
116 Oct
rl09
Sep
243, F'eb
70
Mch
82 l-’eb
64 F'eb
10 Mch
27 F'eb
98 Jan
67% F'eb
41% Feb
107
FeD
$39% F'eb
40%
Feb
114 Jan
300
64
<110
74

250 Nov
16% Aug
67%Nov
>0 %Nov
50 Aug
103
Aug
491, Aug
98
Oct
15 ; NOV
86 J'ne
761,
Nov
1243, Aug
79%Nov
107%
Nov
.(-0 Dec
10 Sep
617,
Aug
42% Apr
20
J
'ne
473, J’ne
69% Aug
J22 Aug
11%J’ne
69 Sep
92% AUg
105% Nov
116*4 Aug
105 May
663, Nov
1303s Sep
131
Apr
145% Sep
104 May
4012 JAug
1073,
’no
5543,
Deo
36% Sep
69'2 Sep
1041, Deo
19% Deo
37 Nov
613, Oct
111
Sep
63 Deo
91% Dec
165% Jan
26%
J’ne
931, J’na

%
%Jan
May
1723, AUg
U834 Deo
1289 Oct
Deo
li)% Jan
09*4 Aug
54% Nov
91 Sep
U33
s Deo
951, Nov
77*8
Deo
120 Sep
41
95

30'4 Deo
94 ‘ AUg
11334 Aug
97% Nov
87%
J.n*
48 %Nov
64 Oct
120
Aug
103 Dec
293, Nov
87%Deo
66 Aug
20093, JAug
ly
10 May
54%Aug
109 Aug
49% Sep
110%J’iy
945, Oct
120 Sep
$49 Jau
93 -«J iy
15% J’ne
81% J'na
125'?
114 Deo
Dec
35% J’ne
87% Aug
§111 Deo
87 Sep
17%J ne
57%
Aug
123% Aug
89% Aug
94% Oct
131 Oct
567% Nov
56*8 Dec
128 Dec

Jan 670 Deo
Feb 85%
90 Nov
Aug
F'eb
Mcb 145 Sep

trust Co's But Ask trust Co's liia Ask trust Co's But Ask
Guarty Tr.
NY Llfe&Tr 1120 1130 Brooklyn
Ouardlan Tr 800 810
Brooklyn Tr 420 430
N Y Trust. 1012
Hudson__ 105 180
180
90 410
175
100 Citizens'__
125 135
Knlckerb’kr
Standard
l*r
400
295
30)
200 220
Law T 1& I'r 252% 267% ntleUu* Tr t501 t501% Flatbush_
160
Franklin__
210
Lincoln Tr. 130 135 Tr Co ot Am 320 330 Hamilton . . 270 280
90
Union Tr... r 1290
Madison__
200
205
Home____
103
110
M anufac'rs
Manhattan 376 400 US Mtg& fr 476 48o Kings Co . . 500
M echanics'll
Mercantile . 700 740 Unit States) 1185%
L Isl L & Tr 300 310'
M ontauk . .
320
Metropol't’n 500
505 Washington 375
Nassau___ 170 ISO
270
N a s s a u ____
640
Mutual___
130
Westchester
People’s . . 300
150
100
315
Mut All nee 125 130 Windsor
Co.
120 130 uueens
vVlillamsb'g UO 125
100
'♦ Bid and asked prices: no sales on tins day. i Less than 100 Bharos. t Ex-rlghts. 0 New stock c Ex-dtv and rights. d Now quoted dollars per share.
TBalo at Stock Lxchango or at auction this week, s fit- stock dividend. HUanks marked with a paragraph (fli aro State banks.
lua

Ask

J80
... —290
—
—
415
230
—
245

405
IO0
155
300
125
llo
—
245
150




Banks Hut
Brooklyn
Nat City__ 1285
North
n 150
Feo pieSide
’3 __ 158
Frosp’otPlH]
160
terminal
lru$t
Co's
N Y City
Astor . . . . . 315
Bankers' i'r 625

Ask

trust Co's HUi Ask
N Y City
B'way Tr.. j 148
Carnegie . . 14
120
Central Tr.. no 1025
Columbia .. 1016
2(10
285
Commercial 120 130
Empire . . . 800 310
Euult'ble Tr 405 472'
Farm Lo&'i 1025 1650
Fidelity__
Fulton___ 2131a
290 217-

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
onds
1I BBold
[

Ja n . 11909, the E xchange m ethod of quoting bonds was changed, a n d prices are now a ll—"a n d interest”—except /or incom e ancl d e fa u lte d bonds

BONUS
Mange
Week’s
Price
BON OS
Mange
W eek’s
Price
nince
Mange or
F riday
N. Y. STOCK EXCHANGE
bince
Mange or
F riday
N. Y. STOCK EXCHANGE
J
a
n u a ry l
L
ast
nale
Deo
If
J
a
n
u
a
ry
1
W
eek
E
nding
D
ec
9
L
ast
Dale
\
Deo
9
Week endino deo 9
Mia
Love n i g h Mo L o w H ig h
D id
A sk Low J fig h ■ Mo Low H ig h
S. t'OVtM'lllllClll
Oo°8 Sep '09
80
Cliatt Div purinou g 4s.1931 J-V 103-4
10 iy I 00-4 Oct ’10 __ iooy 101*4
U 8 2at ,consul
registered.cll930 I< 100-4
1047hJ‘uo 08
Mac
*
Nor
Div
1st
g
5s.
1940
J-J
iooy
101-34
10034
ioi
*4
100-4
J’ue’ioi
UU SS 2s
coupon....dl930 1< 102 102 Hi 101-4 Nov’10 __ 10134 10234 Alld Ua * Atl Div 5s....1947 J-J lo iy
110 Nov’05
3s consol
registered............A1018
n102o 103
no
110 J an ” 0
Mobile Div 1st g 5s.......1940 J-J 107
Nov’10 101*4 193
U S 3s coupon..................A1918 < 102 102 Hi 102
101*4 J’ly’io __ 102*4 102*4 Cen lilt * Bot Ga col g 5s 1937 M-N 102 107 10 2 \ N ov ’ 10
U S 3a con small bonds../cl018 ' _ ii5H» n o y 115*4
120 125*4
N J gen’lgold 5s.1987 J-J 12 1 122 H 1122
122»8
Deo’10 .... 114*4
114-8 115*4
115*4 s’eutol
U S 4a registered...............1925 Q-F 1 1 6 H1 n o y 115 H.Nov’tO
21 y
121 Hi
120*4 126
121 Hi Sale
U S 4a coupon.................1925lQ-F 100 *4........ IOO8# Aug’10 .... 100 V 190V AmHegistered................/U087
107 109
108 N ov’ 10
Dock * Imp gu 5s..1921 J 108
B e* liud it geugugos 1929 J-JJ 1U1
Hi 101*4
100 HiNov’10 100
Bell A Wilks B Coal 6a..1912 M-N 100y 1 0 1 y 100
foreign (iovornmcnt
100 100*4
ext guar 4*as....pl9l9 Q-M 90 .......... 99 V May’10
98*a 25 95*4 98>« N Con
Argentine—Internal 5a ot 1909'M-S 1 97*4 98H. 98
98 99*\,
99 ^
X
*
Bong
Br
gen
g
4s
1941
M-S
liuperiiil
Japanese
Governin'!1
94-8 95 43 94 06 Hi lent Pacino nee no Pacilio Co
95 94
Sterling loan iy s ..........1925 F-A it 9478
85
8 8 s4
94 *2 sale
Q-F 87 00 87 V Nov’10
94*4 18 93*4 95V
2tt series 4*43................1925 J-J ) 887a
88-4 Dec’io
89
H
i
83 V 104
92 Hi
Sterling
loan
4
s.............1931
J-J
100 Nov’10 100 101*4
bah- 102 103 20 10ly
A-O
BepuUol Cuba 5a exten item.. M-S (103
101 Hi 1u4 103 Nov’10 102 106 Hi
sale 97
97
Binding
* lmpt 5s. 19299 J-J 112
97 Hi Genconsol
8an
(Brazil)a ItrustSs
J-J t( 97
112y 112*4112*4
y s:Ue 112
110*4 11454
g os...........193
M-N
96 29 1195
95*4
90 Hi 06
95*4 99*4 1stiiegisiered....................
UGold
S Paulo
ol la.Mexico
g 0a.....1954
ol 1919
1899 J^-D
Q-J
112 HiJan’!
M-N'
91-4 92**,
1939
92
H
i
Nov’10
s 14 0 2 y 97y
ot i904___
99 I03 Hi
101
101 Hi
hese a re pr ices 0 n the b ISIS ol $5 to £ . General gold 4 Has............ 1992 M-S
101
\
J
’ne’lo
8 1017»
Uegistereu....................1992 M-S 94 Hi Salt 94 *8 94 Hi 1017
S t a t e a m i C it y S e c u r i t i e s j
89
95*4
F-A
Convertible
4
y
s
..............1930
100-4
Sale
iooy
100-4
130
100
101v
N Y City—4*4S...................1950
88V Nov 10
87
89
nig sanoy 1 st 4 s .............. 1944 J-D ........ 38
yy ^ ^ajt* 937s 99 V lol 96 iooy Coal
80-4 Nov’lU
83
88*4
85-4 .....
87 1U4
Jty 1st gu 4s ..194a J-l> 102*4
99 *2 Sale tuo-g
99 lUOH,
99 -J 06 90*4 190 y CraigItiv
*^l) CU1
LOI 104*s
Hi Sep 10
Valley
ist
g
5s....1940
J-J
1U0
H
i
Sale
20
105
*8
10978
New 4 y»
90 Jan ’09
Potts Creek Br 1st 4s.. 1940 J-J 9s i5 9 «0
102*4 ........ 102*4 102 *4J 1 102*4 io.i y
"94‘*4 "IAT*
90 Hi B ee’ 10
0 Hi 91
it * a d iv 1st con g 48..1939 J-J
100
sale 106*4 IO6 H1 8 losy n o
Sep'10
90 Hi 93
91
H
.
93
2d consol g 4 s..................1939 J-J
102 *H4i ........
102
102*4
6
102
104
113*4
j
eu’O
O
lo
l
lo7
H
i
Warm
spr
Vul
1st
g
Os..1941
90-4 iooy Greenbrier Ity lstgug 4s ’40 M-S
9J*a 99*4 26 101
4% Corporate s io c k __1957 M- 994-4\ t'ale
87*« 95
90y 92 95 Oct ’ 10
M-N
‘4 105*8
104*8 101-4 D ecio
N X State—Canal lmpt4a.l0OU J- lu...............
70 77
73
73
* Ait lilt rei g 3s...1949 A-O 73 n 747» 09
103 y hue
. 3*4 J’iy
3o C a r o lin a 4 ‘u a n o - in .........10 33 J08*4 75
09 V
H allw ay 1st lieu 3 his... 1950 J-J 09 Hi 7
uci '10
’10 __ iooy
94-4 96
95 -8 9 l 1196
Penn new settlement 3a..1913 J
76 Hi Oct’09
iiegisiered....................... 1960 J-J
89
91
38
Nov’10
87
9U78
Virginia
fund
debt
2-3s...1901
99
y
99
‘4
98
7a100
99
y
.......
hue
B
u
r
l*
ueuv
d
4
s
1922
F-A
37
45
36
36 6 36 56
Ba deterred Brown Bros otfa.
80 Hi 8 J*a
83*4 S a le 87 Hi 887a
Illinois
Div 3*38..............1949 J-J
88
Sop’10
87*4 88
8 6 * 4 .......
Uegistereu....................1949
J -J
iliiilroai.
100
loo -i
1/8*1 101
J-J 10
Ills Div
s ......................
1949 A-O
* laoaiua Cent .see so ity
1040 ‘4 Sale
....... 104*4 D eo’ 10
Iowa
Div4omit
lund 6s..1919
10A-4 101a4
TAiabu Midi nee At Coast,Cine
98 Hi lOO
U9y
100
H
i
A-O
99
j
8
ou-s
sinning
mud
4s..............1919
Albany ita suaa nee l>el<Ss llud
0B\
t'S-’e
08 iooy
Neorasna laxteusiun 4a.1021 M-N 08*8 99 101
Allegheny valley nee Penn Kit
'8 Mar’oo
Uegialered....................... 1927 M-N
Alieg A West nee Bun It A 1' J 77*4 79 77
97'*4
iUuy’10
97*4 99
M-S
Soutnwestern
Div
4s....i92i
8
74
83
H
i
78
Ann Aruor 1st g 4a........ A1U95
Joint oonus nee Great North
99 2741 07y 101
U8-4 Sale 98*8 J’ne’lU
Bec’10 100*4
102*8
Doueuture 6s...................1U13 M-N lo i 1 0 2 y LOI
98 100
........ 98 ‘e
90a4 100
9034 97 **>, 100
97 *8 sale
General 4 s ....................... 19o3 M-S
OU-b Sale 90-8
95
9o V i 83
*4 102
........ 100-j Dee’lo
M-S 100
93 Jau’lo
92 92
Han
st
Joscousoi
0s..i911
81
8 0 *«
8 1 i 83
Hi 83 y 83 Hi 121
J-J 123H
90-4 13! 89 94*4 hue* it 111rot os imp g 4S1956 A-O
90-4 Sale 90
127*8 121 J’l y ’ iu
1st cousoi g 08.................1934 M-N 109*4
........ 100-4 105*4 Nov'lo
105 117
Conv 4a issue ot 1909...1955
10338 127
113
111 1 U N o v
consul 1st o s . .. . 1931
........105-2 1U4 *2 104 H. 6 100 122 V General
Conv g 4s........................1955
114
M a y ’ oO
Uegistereu.................... 1937 M-N
102 *2 Sale 102 y 102*4 l*j! 98 104y
Conv 4s (issued 1910).i960
n o 112
122 *'8 Chic* inuC ity isl6s.l930 J -J 103 Hi.......... 110 O ct ’ lu
V Jan1**8’iO 38
10-yeat conv g o s ........lo!7 J-l lui 'e Sale 107
937a
9
b 78 987a ’lucago * itrie nee Erie
85 Oct86*.
00 84
87 *4
84V 85V 125
M-S 126
teo’lo
98
y
9rt-,
’10
124*8 129*4
J •2 1 1 0 ........
9V Apr’10
97 97 *4
00
.......... 114 D e c ’ 09
gold os.........1947 J-J
J-J
93 90*4
95 03*4 93*4 io 92 94-4 ltelumuug
Short Bine 1st 4s g........1958 J- ........110
J’nolO
100
uouiav N A A Cli 1st Os. 19lo
107 Hi J’iy '1° .... 107*4 109*4 Ohio
92 '.IYij Ii o92o " i b94o y
92
*bTy 102°8
*....... 1023
Ind * Sou 60-yr 4s..1950 J-J 102‘4
Atl Knox & N nee B & N
s Det ’10 . . . ? 10 2 3 g l0 3 y
92
96
V
cmoMU
a at P term g 6a 1914 J -J
48
95
Sale
03
°
b
05
120! 98 100*4
99 H'i Oct99n
General g 4s series A ..*1989 J-J 99 *# Sale 103
107 U . lull Sep’0.1
08
Uegistereu.................. ei9s9
........
94V 04V Ueneraig
Nov’10 ...2] 80°8 89
........
87a4 892y
b Hi 83
3*assenes B.«lo69 J 92Hi
128 ........ UiSe-N07’10
Ol 91*4 108
9334
927ay Alar'0217ao ...J'luVy
y’i-4 J’uo'Ou
92 *8 91 89 95 y 25-yrdooen4s................1934 J 100*8 . . . . . . lu7
92 .......
92**8 1*>7
Chic * B su Div g os__ 1921
122-4
108 ........ 108 HiDot’10 __j!io7 noy
UU Mar’10 . 112 112
Chic * Mo UlV Div 5s...1920 J-J
110*8........
looy to/ 107 Dec’lu!....|!lu63# io8»4
Chic* P W 1st g 5s.......1921 J-J
95-b........ 96 J’ly ’10 .... 95 97 y Dak
Sll Bp Oca
A G guneeg 4s
..1918
10 2j4 10i»6 103 *a Del ’lol__ 110 2 * 4 1033i
* Gt SO g 6s............1910 J-J
Atlantic
A Banv
South
Uyl J ■
iiO J4 May’ 1 0
I l i b 3, ntj»4
J-J 117-4
Ear A sou assu g Os.......1924 J-J
Austui A. N W nee Sou Pacilio1
106 *e
105*8 *0a*8
1 1 0 4 -j 100
BaCrosse* D let 6s....1919 J-J 100
92*4 Sale 0134 92*4 13 00 93
____1 u 634 A u g lu
105*4 108
Wis * Mluu Div g o s....l9 2 l J-D 10334.........
91*4 Get '09
UO
017b
98 Sait 97-4
* No 1st cons Os....1913 J-D 993* 100*4103£,8 A uE'10 ...J|ioa«8 i05*a
93 37 07*4 100 *4 MU
U0 *4 Nov’lU
Extendcu
4
ns..............1913
........ 99 y 120
96
99
‘t
111
Nov
’
10
112 99 Nov 10'....l.* 1107s
113
y-F 110
Del ’ol
Uncos a or ui w cous 7s....l915 E-A
l i -^s ........
Pitts J uuo 1st gold Os... 1922 J ■ i 87
90-u 1U1
99 *4........
Deo
’ 10
87 a4 90
Extension 4s........ 1330-1920 i)’-A ........
89*8
07 95 *8J iy ’10 I.... 96*8
96*8
91 y
02
92 Sale
*32 87°a
30
93
Uogistereu..........1330-1920
87y o9 62 87 90
83 b ale
90 90*4 90
90*4 6 89 02-4 General gold 3 “as............ 1937 M-N
P3*8 Apr'09..........................
y-E .112
o s y ........ 89 HiApr ’10
Uegistereu.................pl9s7 A-O
89*4 90 y
11034 Sep ’lu!.... 110 *y 111*4
9 3 y ........ 103 Max’10 103 103
sulking tuuu Os...1379-1929 A-O n. o. ........
n *4 Aov’ 09
Uegialered..........1379-1929 A-O lu 6°8 ........ii
3 *103 ........ 109 HO ,TT2V 109
113y Sinking
109*4
sale
|l056aMario
195-8 ..1 106
................
mud
6s...1379-1929
101-8........
Eeb’07
104n........ 'lOO
lOO 1U0
Uegistereu..........1379-1929 A-O
Lu.5\ ........ 10678
112 Dec’Oa
lOtl 107*4 105-1 Nev 10 .. 105 107
A-O
Debenture
6s...................1921
103 ”........ 112 Nov’09 . Jl1 ........
100*4 i-oo’iu
A-O ..................
........
Uegistereu....................1921 M-N
iu y ^ ........ llUHi
Mar’04
....................109 Sep ’ 10 ..: IO0 H1 1004
Sinking
tuuu deb 6s.......1933
osy Sep
’ou
....................109 J iy ’08 ..109 I ll y
Iiegisiered....................
1933 M-N
M-S 115
1 16*4 Dec’io
iiT y
MUExtB As *Imp
West
1st gg 6s
Os 1921
Beech Creek
N Y c A 11
F-A 109 ........luu Nov’ 10 .. n109i'a 1123,
s lund
1929 M-S
Bellev
A Car nee
nee Illinois Cent
117
........
142
*4 i to ’ 0 2 .......
........
Ashland
Div
1st
g
Os..1925
Bklyu A Moutauk nee Bong 1
J-J 117-4........118y Nov’10___ • 118*4 118*4
MlCh DlV 1st g Os........ 1924 M-N
Bruns* West nee Atl Coast B
100
Hi........103*uMay’u9.................
..........
lucernes.......................
1911
Buttaio N 1 A Erie nee une
loyf
........109
109*4Aug’l
100 <V 62 109*4112
Ohio Itock Isl * Pac Os...1917 J-J
i u y i i 6 78 u e y J ’iy ’io 1 100
n a y huh
BuBalo It * P gen g 5s. ..1937
103 -8110*8
0 ....
109 109
Uegistereu.................... 1917 J-J
iooy General
107 109 108*8
-*93*8
J-J 97a4 sale 97 93 , __ 04Hi 99
90 Aug’10
gold
4s................1933
96
09
*s
90*8........ 10:1
J-J
9334 Eel)’ 10 ]___ 98-y 93*4
........
J’l.y’Ul
Itogistered.................... 1933 A-O
89 *4 Sale 39 89 ‘4 ! 97 80
92
lietundmg g 4 s ..............1934
J’nelO .... 116 117
116 *8 118 116
97 y J ’iy ’ioi J 97 *« 97*8
CoU trust Senes J 4s....1912 M-N
SOP ’16 ...J |7n 2o y 110-4
116
Hi........ 116*4
94 Hi Juu *10 ....* 94 Hi 94Hi
M -iS...............................1916 M-N
72 Mar’lo
72
..................
....
94 D oc’09 ...I
N 4s............................... 1910 M-N
Bur
CS ito 1st
* Nextnee
C It I *1913
P |
IV1-N
94*4 M ay’10!___ 1 04*4 94*4
0 48................................1917 fvl-N
102 y 105 V
103 193*8 78 10U-8
6 a ............
103
93 *4 Aug’O'J__
Clan
........
96
P
4s................................1918
101-4
-4 191*4
IUU-4 103y
Sale IOO
.'2dRegistered....................1913
5s............................... 1913
7 2 'e 641
M-N
72 *4 Sale 71*a
U 1 * Pao 1111 4s..2002
*........100*4 100*4 iooy 2 100 *4 100 *4 ChlC
7 O-4 May’l o __ 70-4 8 0 7,
M
N
Uegistereu...................
2002
Garb * Shawn nee 111 Cent
80 *
94 N ov 1 0 ___ 03
........
94
III Ark*Louis 1st 4 '-.s 1934 M-S
Carolina ceut nee Seal) Air B
n o *4 27 UO 114*4
110*4 Sale 110
BUT C U 02 A—Istg 6a.1934 A-O
Carthage * Ad nee N V c * H
120*4
Mar’03
...J
1....
A-O
Uegistered.................1934
C edilla* AN nee B O U A N
ib T y " 1 ” ^ 10 6 -4 o u t ’io . . . 10 6 -4 io o ’
OKIE * N W 1st gu 6a. 1921 A-O
Cen Brancn ity nee Mo Pao
J-J) m i l l m i l l ib*4 * M ay’ilj IIII i ’0’4 * io i*
loov n a y
M
*
St
B
1st
ga
g
7s..1927
109 V Oct *10 ....6 103-4
Cent ot Ua BB 1st g 6a..pl945 5 111*4........ 106'u
J-J
ioo
Choc Ok * G gon g 6s .01919 M-N 107-4 110 107*4 l u 7 3 4 i l l l 0 7 H i l l 0
107
71 100 *4 Sale 1 Cl Apr’Of!
Consol gold Os............1962 A-O 10 0 101*4 1 0 1 E e b ’l u 1. . . . 1 103*8104
bl -4 Keok
* ues M 1st 6s....1923
90 26 82
89 91 90
00 y Jluo st i. * iN D nee IU Ceut
91 99 Nov’lf 16 I 84
Stamped............................... 1 . 89
JUio
St
E * Pitts see Penn Co J-D 124*4126 125-a Oct
76
88y
87
Sale
87
87*4
2u prei income g 6s....pl94S t
123 i2 7 y
75 883a Jluo St P M * O con Os...1930 J-D
88 Hi 88-g Nov’lu 21 1) 75
2d pi el income g 6s stamped; . 87
86 ..... I 93 Deo’03i....jj.......
86*4
Cons Os reduced to 3 ys. 1930
85
83*4
84
3d prei income g 6s....pl945jt . 83
1
80
86
83
86
85
*8
Oct
’10
3d prei income g 5s stamped.
iHlsCKIilnVNEOLlS BONDS—Continued on Next Page.

r.

.....100i4
lul 101Hi

twy.....

1

*4

10

ti

00y"837i

S t r e e t lia iltv a y

Brooklyn Bap Tr g 5s.......1946 A-O
1st
rotund
g 4s__ 2002 J-J
J-J
BkClty
1stconv
con 6s.1910.1941
Bky Co<fe S con gu g 63.1941 M-N
Bklyu Uu El istg 4-53.1950 F-A
Stamped guar 4-5S....1950 F-A
Kings Co El let g 4s....1949 E-A
Stamped guar 4 s........ 1949 E-A
Nassau Eleo gu g 4s....l96] J-J
Conn
lty«fe guar
B 1 st*
ref g 4 *48*61 J-J
Stamped
4 His........1951
J-J
Det United 1st con g 4 *48.1932 J-J
FA
Havana Elec consolg 6 s. 1962 A-O
Inter-Met coll 4 H18............ 1966 M-N
Inter Kap T 3-yr conv Os.1911 M-N
43-year 6 s Series A .......1952 J-J
InternacEleo
Trac1stcoll
tr 4s..1949
Manila
<&coll
5s. 1953 M-S

1 101*« 105
103
103 y
baits 103y
82y*4*- Sale
87
79-4 104
81*4y 102
82-«y lib) iooy
102
103
102
102 98 Nov’10
99
98 Sale
o?y
101 101 y 101
ioi y S It)8 99 103
101 Sale lOly Nov’10
09
V103
84*,
85
81*4 1 823*
85 y
85*4 Nov’10
85*4
81-4 85*4
7 80
77 y 78
82
76
__ lo2*s 102 V
102 V 101*4
102*8 Mar’K
Aug’lo
iooy 102
100V101V
70 y 80 J'ly’lC80 82
96yV
06 05*4 Nov’lo
93 83
80
y
Hale iooy
80
79
V
171
77
iooy
iooy IOO*,
104
103 V 6251 iooy
too 103 V
103*4 Sale 103
by y Mar’ll
67 y 67*s
98
ilay’OU

Street R a ilw a y
Met St liy gen col tr g 5 s .1997
ltef g 4 s ............................... 2002

Bway»fc7thAvl8tog6sl943
Col A 9th AV 1st gu g 68.1993
Bex AAvo
t & P E 1st gu g 6 s 1993
Third
UUcougu4»2000
CentTr Co certfa stmpd...
Third Avo Ity 1st g 6a..1937
N Orl Ity & Bt geu 4H»s ..1936
St Jos Ity Bt H & P istg 6 s *3 <
si Paul City Cab con g f>s. 1931
Tri-City By 16 Bt 1st s t 58.1923
underground ol Bon 6 s... 1920
4 *48.......................................193M
Income Os.......................... 1^48
Union EL (Ohio) 1st g o s . . 1946
United liys St B 1st g 4S.1U34
United lilts San Era 1 48.1927

•A
■-D0
•S
-S
•J
-J
-J
•N
•J
-0
•N
-J
•0
•J
-0

76 y 77 75V 7oy 2 74*4 82V
46 64
48 Oct’10
101 102 102
102 y
102 __1 96
98*4 102
oay
Nov
’ 10
98V
99
07 98 V 08*8 Nov’10
96*4
67y
69 y
coy Nov’ 10
*67*4
55 osy
68 y Sale 68*8 69*4 80 105y
IO8 7.
108 1
108 V108 108
847» 87
80*4 SiV O ct’lO
u<j 98 Nov’OS
104
107 V DCO’OU
99
Sale 98 ‘4 98-\ 20 96 ........
98*4
Apr'09
95 99*4 08
89 y
8934
89 y Nov’10
83
40
a iy_ ...••*
37-4 Deo’10
37 y 88
84 uct ’08 ... __
79 y 83
80 Aug’10
66 66 Coy 2 65 74
65 81V

•N o price Erlday: latest this week. HElat. aDuo Jan d Due Apr « Dne M»y (jrDueJ’ne ADue J ’ly ADue Aug oDue Oct j> Due Nov s O ption Sal*




D

eo

New York Bond Record—Continued—Page 2

. 1 0 1 9 1 0 .1

BUNDS
IVeek’t
Range
BONDS
Price
W eekft
Range
Price
Range or
Since
F riday
Range or
Since
N. Y. STOCK EXCHANGE
F riday
N. Y. STOCK EXCHANGE
Last Sale
J a n u a ry 1
Dec 9
Last Sale
J a n u a ry 1
Deo 9
Webk Ending dec 9
Wkkk Endinb m o 0
A s k Low High.
Rid.
L 010 H igh
H ia
A sk Low H igh
Ohio
St PP AMAlinn
A O-{1st
Von)
193 127 Erie A Pitts See Penn Co I
123
122%
126%
I , _ Dec
_ 09.....
Oh
g 6s 1918 I
129% J’ly’10
May’09
Evans A T H 1st cons Os.1921 J-J 110 ........llo
122%
127*2
NorStWisconsin
1st 6a...
1930
101
V
101V
)
Nov
10 101 lO'JN
LYi% 112
ii*4% 1st general gold 5s........ 1942 A-O, 101
112 ........ 112 % 112 % 108*2
St
P
A
M
City
1st
k Os...1919
Apr’05
114
108%
110 110*2
Vernon 1st gold 6s..1923, A-O ........112 95 J’ue’08
Chic* West Ind gen g 6s ql932
88 93 *2 Ml
91*4 110*2
92
02 sale
Sull Co Branch 1st g 63 .1 9 3 0 A-0
C
odsol 50-year 4s........... 1952 .
L'argo (to 80 See Ch M (to St P
Ohio <6 W Alich See Pere Marq
x lint & Pere Al See Pere Alar
OhooHO&&1)Galt
See C R I <6 P
Oct '00
Fla
Line J-J 80 ......... 92 Aug’10
Oln
2d gold
4 Vs...1937
88*2
Oct *10 101 108 FortCStA Pemn
103 *2106
U D CoSee
1stSea
g 4Air
*28.1941
Cln D A l 1st gu g 5s...1941
84
Ft
VV
A
Rio
Gr
lstg
4s...1928
J-J 80 84*2 84 Sep TO
O Find & Ft W 1st gn 4s g.’23
85
87*4
84 83%
*ai
Har
A
S
A
See So Fac Co
Cln 1 A VV 1st gn g 43.1953
10 134 107 YalH A Hof 18821st58.1913 A-0 95*4 101 97 J’ly’09
100's 104
Xnd Deo A VV 1st g 6s... 1935
Georgia & Ala See sea A Line
1st guar gold 5s...........1936
Ga Car A Nor See Sea A Line
0 I St L A O See O O C A St L
Georgia Pacitio See So By
Oin S A o See O O C Sth
Gila VGA Nor See So Pao Co
Olearileld A Alah See B R A P
90*2 »6 Vl Gonv
92V) 92*
A Os wegat
See H Y Cent
Olev Cm C A Mt L gen g 4s 1993
9 3 %Dec’10
93Vi
93
V
.
Grand
A Xnd AteePenn
RR
Cairo Dlv 1st gold 4 s....1939
90 94*2 Gray’s Rap
92
92
Pt
Term
See
St L S W
Cln W A A1 Dlv 1st g 48.1991
94*2 97*8
95%
96*4
8934 96*4 Gt Nor—O BA Q coll tr4s
94 9912 34 Nov’10
1921
J-J 05=8 Sale
StRegistered....................
L Dlv 1st col tr g 4s..1990
95 *2 Nov’
94*4 100
96%
96 99
O
ct
’07
*3 96 Dec’09
Registered. A.................. 1921 Q-J ........
1990 ■
9910
93
98
.......
100*s
St
Paul
M
A
Alan
4
s....1933
J-J
Spi * Col Dlv 1st g 4s.. 1940
125
V
128*4
.
.
.
______
120*4 128
90
90
125%
126*4
90
Alay’10
90%
le
t
c
o
n
s
o
l
g
o
ld
6
s
..........1933
J
-J
W VV Val Dlv 1st g 4s... L940
...................'132 Apr’09
105*4
106*4 Feb ’ 10
Registered................. 1933 J - J 106
0 1st
1 Mtgold
L A4s...................*1930
C consol 6s..1920 I 1<;5
Saic ,|10o*4- T, 106, u 103*4 i*o*7*%
97*4 Oct *10 105*4
06*2 98
98Vi
95 ^ 97*4
Reduced
to gold 4 *281933!
1933 J-J
J - J : --96
P
6 Aug’10
97%
94
Registered.............
...................1108*4
JNov
ne o9lO0
*9*7*2100**4
— ext 1st gold 4s..1937!
- .....“«J-D| 95 .........!! 993%
103
108
108
Oct’10
Mont
3 *tNovT
105
V
Cm Registered..............*1930
S A Cl con 1st g 5s..1928
109*4
Deo’09
108
.
Registered................1937;
J-D;
....................'
100*4
ucl
’ 00
0 Consol
U C A lsinlc
C0U80l7s........
1914
99*4 99*4
I
99a4Jau’lo
EAImnNorDivlstg4sl948
A-O
95*g........
Iund7s....l914
113 129
114 V)
126 vD eo’10 .... 119 126*a
1114 *2 Nov’10
123*" !
Mmn
Union
lstg6s..1922'J-J 126*4
”114* ........
General consol
gold 0s. 1934
126
........
1126*4 Nov’10
MontC
1 st gu g 6 s__19371 J-J
Registered.................1934
9
4
”
j’iy’ba
130*4
■
'(.(>’06
Registered...............1937
J-J
ludludBlAAVV
VV 1stpiprel
48.1940
110** 113%
111*4114
112* Nov’10
1st<§g uSarFgolu
5s.......1937
-J
O
Nov’lo
J’ne’09
112
....... 116
Will
1st gold
6s 1938 JJ-D
PeoA
Fast 1st
1st con5s...(<1938
48...1940
08*4
Greenbrier
By
See
Ches
A
O
lncoiue4s.....................1990
87
94%
J-J 83 9S 89
GH olIA
Ulev A Marietta See Penn Bh
an ASStIlstretA
Jo See tg6s
C B A61952
<4
Ulov & Pitts See Penn Co
70%
Nov’10
65
81%
ousatomo
SeeN
Y
U
H
A
H
65
69
Col Midland 1st g 4s........ 1947
10
99% 104
0 2 *< 102 V.
93 977* llock Vall8tconsolg4*23.1999 J-J 102*4 102®» 1100*2
90% Sale 95*4
Colorado A Sou 1st g 4s...1929
"s
94*2 99
Registered.......................1999!
J-J 93*4 95 93 Mep93’08
97 Sale 97 9790*8
Belaud & ext 4 V s........ 1935 I
93 96%
Col
A 11 V 1st ext g 4s.. 1948 A-O
112*4....... 113 Nov’10 lU V ilU
Ft VV<1* Den C 1st g Os..1921
93*»........ 99*4 Fob’09
Col A Tol 1st ex 4 s.......1955
Oolum A Greeuv see So By
Houst E A W Tex See So Pac
Col A Hock Val See Hook Val
HoustATexCen See So Pac Co J-J
Col
&
To!
See Hock Val
104 J’ne’10 104 106%
I lilnois
Central 1st g 4s..1951 J-J
Col ConnPas
& Term 1stSeeg N48.1943
«fe W
107*6
Api’07
JL
Registered....................1951
Conu
*89**2 *92**
SJSjDeoTO
100 May’10---- 100 100
89*2
1st gold 3*28....................1951 J-J
99 "a.
Cuba &
lilt 1stKlvs
60-yr 5 g....l952
94 sep ’Oil
J-J
Registered....................1961 A-0
" tak <to Gt So See O M A St P
93V»May’09
Extenued
1st
g
3*as.......1951
D /alias
a LackA<toWaco
See Al K <fc T
J ’ly ’09
1st gold 3s sterling........ 1951 M-3 93*8 Sale au
Del
Western—
99 100*4
9y*g
oa3*
108 *<110 108 V) Oct ’ 10
Coll T rust gold 4s........... 1962 A-0
Moms<to
Essex
lst7
s...1914
1
U9
J’ne’ou
A-O
1113*
111%
Registered....................1952
Ill's
112
*4
1st consol guar 7s.......1916
08
96
99%
127
J’ne’06
.........................
1955 M-N *9*7** *98*' OljS4
1st
rcl
4
s
Registered.................1916
97 >4 100%
99 *»
99 *«Sale 99*«
Sop’09
L Ai O A Tex gold 4s ... 195 3 IM-N ........
*»*7**
”9*4* 1>94
1st ref gu g 3 *26...........2000
96
Nov’lu
9b
96
96
1
8
%
N
’
10
113
113%
115
118
Registered...................
1953,A1-N
N V Lack (few 1st 6s...1921
loO
Apr *09
Oct
’ 10
106 110*2 Cairo Bridge gold 4s__ I960! J-D 95 100
107 ...... 100
Construction 6s..........1923
«7
*«
M»y’ll)
90
99
Nov’10
8*7
%
*8*8*"9
9
8
's
100
97
V
101
LouisvDivATerm
g3
*
28.1963
J
J
Term <&
123 Muy’99
i’oT* ......
102 *a D e b ’ 03
Middle Dlvreg5s..........1921 *’-A
Warron
1stimprove
relgug4s....1923
3 >28.2000 1 It866 >2 .......
77®i Mar’lo
......
7*7% 77*4
120 120 Oct ’ 10
Omaha Div 1st g 3s.......1951 F-A
Del Registered....................1917
A Hud 1st Pa Dlv 78.1917
J-J 74
77V 79*i Dec ’ 08
74
........ 118 149 A u g ’ 01
St
Louis
DivAterm
g
33.1951
J-J
98s sale 98‘g 98 V)
Registered....................1961
10-yrconV
deh
4s..........1916
89 Feb’lO
88*4 89
85 89 101*8
100 %L01*2 1007a 101
Gold
3 V»s.......................1951 J-J
1st lien equip g 4 >28 .... 1922
Oct ’99
j -J
99 Vj Sale 98*4 99 *4
Registered.................1961
1st (fcref 4 s ......................1943 I
Nuv’uo
/ ........ 100
9d *2 sale 92*2 92%
Spring Dlv 1st g 3V»s...1951 J-J 895%
Alb
(to
Sue
oonv
3
>28....... 1946 1
95 98
96 *2 May
Oct TO
.
Western Lines
g 4s..1951
...................
... 1*-A
Wester
' 1st
Reus db Saratoga 1st 78.1921 f 123*2...... 123 *2 Sep ’lo
’ 10
Believ A Car 1st 6 s.......1923 J-U 94 ........ 117
Del Rlv RR Bridge See Pa RR
96 V Oct TO 117*2117%
95% 99
92as 104*2
97 % Carb
A Sliaw 1st g 4s...1932
94*s 94% 94 94*2 101*8
Deuv <fc R Ur 1st oou g 48.1930
114*4 119
110 o c t’10
CluoStLA
N O g 6s...1961 J-l>
J-U 112*2119*2
101 102 s 10
l*s Nov’lO
101*8
Consol gold 4*28.............1936
118 Mar’10
118
118
100
106
111
U5
Registered....................1951
101%
1U()
101*4
Improvement gold 6s...1928
90 Oct ’0 0 __
89 94*2
Uold 3*28.......................1951 J*D 86 S9 97
90*8
89% Sale 89
1st <to refunding 6s........1955 ■
*2 Mar’lol__ 9< V 97*2
98
Feb’Ob
Meinph
Div
1st
g4s...l951
J
/D
Rio Gr J uno 1st gu g 6s. 1939 .
Dec’09
St L Sou 1st gu g 4s__ 1931 M‘s ........ 98 98 J’ly’118
79 78
Bio Gr So 1st gold 4s. ..1940 .
85 Mar’08
lud Bl A West N’m CCC A StL
Guaranteed...................1940 >
96 98
96 MayTO
U4V)
87a4
ind
A la 1st g 48........ 1950 J- J 107*2
95*8 108*4
85*2 107*4
90*«
90*s
90
Bio Gr West 1st g 4s__ 1939
107 110*4
83 86 Int AillGreat
iu7*4
84Si
84*2
Nor lstg 6 s.. 1919 U-N
84*4
Mge and col trust 4s A. 1949 ■
110 May’lo
97 Jan ’ 62
106*4
112
2
d
gold
5s.........................1909
N-S
Utah Cent lstgug 4s <*1917 H2%
Mate 102 102 hi 102
Trust
Co
certls..................... w-s 102*2
Des Mol (to n't D See Al & St L
15 36
16 NovTO 102*4
.10 Sep’04
14*8 15
3d
gold
4s.........................1U21
DesMoi Un By 1st g 6s.. 1917 ■
106%
105 103*4 NovTo
94 Sep’lo
94 97
1st gold 6s..1938
J-U8 ........
Det <to Alack 1st lieu g 4s.1995
69
77 V
........ 70 70 Nov’10
88
91 7s Iowa
GoldCentral
4s.............................
1951 M89
89 Sale 89
Gold 4s..............................1996
94 91%
74 Oct ’ 10
72 74 James F A Clear 1st 4s... i960 J-D 94*4 94 V 94 *4 94 2
........ 73 108*4
Det So—O S Dlv 1st g-4s.l941 I lo»%
106
111
1
.
u
A
d
ui
u
see
L
»
<&
m
*
Get’10
llo
Dal
<to iron liauge Ist5s..l937 ••
lVaii do Mich See Tol AGO
106*2 Aiar’oe
Registered.......................1937
K U Ft S A Al See St L A S F
2d 6s.................................1916
K
U A M itA B See St L A S F
Dul Short Line Set Nor Pao j . j 106%109% 107 V Get ’10 .... 106*2 107*4 Kan
C A Pacilio See Al K A T
Dal
SootShore
A Atl
g 6S..1937
71V 74
Kan
City Sou 1st gold 3s.. i860
A-O 73 73V 73*4
i'ast
Alum
see
St
P
M
<to
Al
03 <*el73*4
'uv
ia50 A-o
IElgin
-last Ten Va <&Ga See So By nil-K 103% . 108*2Nov’ 10 . . . . 108*2 108*2 Registered.......................
9u*8l03
Ret A impt 6 s Apr 1950........A-O 99 101 lOl^NovTo;....
Jol <fe East Istg6s.l941
98 NovTo1.... 93 98
Kansas
Cityoent
Terml
1st 4s 1900 J -J
Elm Cort <fc No See LohA N V
nemucKy
see LA N
118a4 ........ 120 Nov’10
Erie
KeokADeaMo see C R IAP
100*4 ........ 100 J’ue’io
NY 1st
<fcconsol
Erie 1stgold
ext7gs....1920
4s 1947 f* 163*8
Knoxville A Ohio See so By
........ 104*4
2d ext gold 6s............... 1919 ‘ 1 00 *8 ........
Nov’101.... 108*2 112%
ake Erie AW lstg 6s..1937 J-J ........107
108 2 11« 109*8
103 Oct
Mai’’10
10
8d ext gold 4 *23............1923 ( 103*2........ 106*4
LNorth
100 Vi Mar 10 ‘__ 1100 V 107 **
2d gold 5s......................1941 J - J
Jan
’ 10
4th ext gold 6s..............1920 <
109
Mar’101.
...| 108*2 112
Ohio
lstg
u
g
6
s„
1945
A-O
9Ua4
Feh
’
10
106*4.......
6th ext gold 4s..............1928
L Slio A Alich S see N V Cent
"""119*8 118 uct TO
N Y L EA W istg fd 78.1920 i
10o% 108
107
107
Leh Val N Y 1st gu g 4 *28.1940 J-J
106V
84 85 83*8 84 >2
ErieRegistered.................1996
1st cou g 4s prior..1996 1<
105 V
105 | 106
registered...............................1940J-J103%, 1105
85 81 *s Nov’09 13 67 70% Lehigh
96% 98
yg Nov’10
Val (Pa) cons g 4s.2003 M-N
74 -2 Male 74
V
.
74*2
1stRegistered.................1990
consol gen lien g 4al99U >>
Nov’10 ll2 V115%
V Ter By 1st gu g 6s.l94i A-O i*13* 113V 113%*aGet
85*2 Feb’07
’99
*83*2
*838*7*2 Leu
86 V. Nov ’ 10
Registered................................1941A-O 113 109
Penn coll tr g 4s........1951 I
108
Nov’otf
64
7 1 7» 72*2
Leh
V
Coal
Co
1st
gug
68.1933
J-J
10
6
*
4
.
60-year oonv 4s A __ 1963 1
93% 96
9334
Mar
TO
6
6
73
*
2
68
69*4
Leh
A
N
V
1st
guar
g
4s„1945
M-S
94*2,
do
Series B.1963 J
ns** Registered............................... 1>J45M-S
110 Deo’lo ... n o
Bull N Y & Erie 1st 7s..1916
3 110 116
lbTv ib iv
ib
i
s
Feb
to
111*2
HIS.
El
C
A
N
1st
pt
6s .......1914 A-0 102
Ohio & Erie 1st gold 6s.. 1982 f
121 Deo’08
guarR 63see
.........................1914
101*4 ocp ’09
Ulev <to Alahou Val g 68.1938
m** LehGold
123VtNovT0 riao’*
A Hud
Cent ot N J A-0100
Long
oonaol
g 6s..1935
114 m
Leh A WlLkesb see Cent 01 N J
104'109*8 111 Apr’10 ii..................
Coal <toDock
UR 1st
cur gu
Os.1922 .'< loO%........1103
V Uct ’09
Leroy
A Uauey
Val see Mo P
Dock (to Imp 1st cur 6s..1913 >
Liong Dock
see m e
99*4........1 99*4■ Nov’10 ....
N Y (to Green L gu g 6a. 1940 1 Iu0%103
Long
isl’a—
1st
con
g 5s.A1931 Q-J
.... 110 110 2 “ °.. 112%
|101
101
I
6
N V Sus (to W 1st rei 58.1937
1st consol gold 4s.........U1U31 y-J 109
96 100
. 100*2 100*4 Deo’061....
2d gold 4*28...................1937
I *9*3 *9*7%
General gold 4s.......................19381J-D91 *2 95% *9*4** Oct ’lO "***t
80 87Vil 89 J’no’lO! ’! 89 93
General gold 6a............1940 . *108%........TIOVNovTO
berry gold 4 Vis.......................1922M-s97% Sale * 97% b7%l '*2 1 97 100%
108 110*2 Gold
Terminallst gold 6s...1943 1
4s...........*........................ 19321J-D91 97 99*4 Oct’06 .... j 93% 95
Regis
<
>
6,600 each...1943 I
Uallied gold 4 s.......................1949M-S94 95
"9 3 " *99*2 ib i %Mar’’iot***v ib i V 101 *2 Debenture
Wllkdb E111st gu g 68.1942
104 V Deo’081
gold 6 s...........1934 J-D
Kv(to lad lstcou gug Os.,1926
106 ........114 Uct’0 9 ....'.....................

«

ov

(Inn mid Electric Light
Atlanta
L Co1stlstg
Bklyu UGGas
con 6s...1947
g 5s. 1946 J-D
Bullalo Gas 1st g 53..........1947 .Vl-N
Columbus Gas 1st g5s__ 1932 A-O
Detroit City uusgbs........1928 J-J
J-J
Det Gas Co cou 1st g 6s...1918 F-A
EqU LN Y 1st con g6s.,1932 71-8
GasA Elec Berg Co eg 5s. 1949 J-D
Gr Map G L Co 1st g 6s... 1916 F-A
Hudson Co Gas 1st g Os.. 1949 .Vl-N
Kau City (Mol Gas lstg 5s 1927 A-0
Kings Co El LA P g 5s...1937 A-O
Pnrohase money 6s......i997 A-O
Ed El II Bku lstcon g 4s 1939 J-J
Lac Gas Lot Rt L 1st g 5a.«19i9 4-F
A-0
Rel and ext 1st g 5s.......1934 M-N
Milwaukee Gas 1.1st 4s..1927 J-D
Newark Con Gas g 6s.......194b

lU lS O C h liA N K O U S B O N D S—C o n tin u e d ou N e x t P a g e .

102 .
106% 107 4 105 ib*7*%
106%
........ 106
65 V 00% Sep TO
.... 60% 67
ibb‘%’Too V i*o*6‘* ib iv
i*o*b%
ibb
v
160
96% Sep ’03
105 .......; 105 Oct TO .... Loi^ 105
61V oet ’01
** ••••••
*9*8 ib i 100 Oct ’09
10 i v iu3*«
102%........ 102% Nov-10
97 102
97
97 ........ 97 Mar’ 10 **2 (00
101 %1 0 2 % 100% 100%
110V 115
113 115 114 Oct TO
86% 90
80%........ 88 Nov’10
V 105
102 *4 Male
1U2V ‘*8 100
100% Sale 102
101*4
iuo%% 101
2 99
91 92%
89% 92% 91 Apr TO

C»nx and Electric Light
N Y G E L H A P g 5S...1948 J-D
Purchase
money
F-A
Ed El 111 1st
consgg4s...1949
5s..1995 J-J
F-A
NYAyElLAP Istcong6sl930 Nl-N
NPacific
Y A Rich
Gas 1st
g 58.1921
G A Elec
Co Cal
GA E
corp unifying A ref 3s 193? M-N
peo Gas a u 1st <x)u g 68.1943 A-0
Refunding gold 5s......... 1947 M-S
Ch G-L A Cke Istgug6sl937 J-J
Con G Co of Ch 1st gag 5s.’36 J-D
Ind Nat Gas A Oil 30-yr 5s ’30 il-N
Mu FuelGas 1st vTigos. 1947 M-N
Philadelphia Co conv 6s ..1919 F-A
Syracuse Lighting 1st g 6s.’51 J-D
Trenton G A El 1st g 5s..1949 * b
Union Elec LA P lstg5s. 1932 M-S
Westchester Light’g g 5s.l95u J-D

101 1 0 1 % 101v 101*4
83 VV Oct85TO
85
110% lllS * 110
luOV Mar’lu
97 V J’ly ’09
93
Sal*
92
93
116% 117 V llOVAug’10
101%
102V
102 V
104 Oct TO
102V103%
100*4 103 101 Nov’10
90 Nov’10
■........ 90 101
Mai’li
100 100V
07 101 99%
98 Nov’HJ
Aug’16
98 .... UO
.'1»>’06
lo
o v ....... 93 Oct’ll
102 %....... 102% Nov’10

99% 103%
80 87
110 111%
1 0 0 %101 %
91 119
93
116%
101*8 104
102
100%V 104*4
102
90 101
90
101
99 105
93 100
*93** *9*3**
100 103%

* No price Friday; latest bid and asked tills week, a Due Jan b Due Feb d Due Apr « Due May A Due J ’ly k Due Aug q D ae Deo » O ption Male




1562

New York Bond Record—Continued—Page 3
fa

1\)>OlJ#r{ 1
1! t i j u r

BONUS
N. Y. STOCK EXCHANGE
Wkkk enwn<* dec 9
Long Island—(C on)
l SV
T.S
M-S
Bkiyn &
M-S
1st 5a.,
NN iY 15* &U
(?-J

BONDS
Price
Week's
Range
F riday
Range or
Since
N. Y. STOCK EXCHANGE 5s, K
Deo 9
Last bale
J a n u a ry 1
■ 5a.
Wrick Endino Dec 9
blu
ASh Loic Jiign b o Low H igti N Y Cent <b H K—(Con)
7

[Y

ol

.

l x x x x i.

Co

Price
tr id a y
Dec 0

Week’s
Range
Range or §
Since
Last bale
J a n u a ry 1
IjOW I t iffh
L<yio JJigti

80 4 794 80
78
954 Sale 9514 08
044 100
Midi Cent coll g 3 ‘*iS....1998 F-A
79*4 824
804
4
8U4
Registered....................1998 F-A 9834 . 794 HO
97 984
98
\
Deo’10
Seech
Creole
lat
gu
g
4s,
1936
.
J
•
J
lu3 ........
984
984
984
98
4
Nov’lo
Registered....................
1936
J
J
.
101 .
2d gu gold 5s............... 1936 J-J lOoti
101
........ 104 101 1 101 104
84 4 liceciiCr
Ext
lstg
3
4s
51963
A-0
94 ........
97 4 Apr’09
6a Ad 1st gu g 4s... 1931 J -O
2 112 4 HG4 Cart
^ ii lul 4 Dec’l0
J-D ........115
m
Gouv
A 03w elstgug6s 1942 J-D
,.
1114
114
M-N
,18 7bJ’ue’10
Aloli
6a Mai 1st gli g 4s.. 1991 M-S
984 994
Oct ’02
084 Sah. 98 4 084 266
1004 N J .June R gu 1 st 4s...1936'F-A 93 ... 105
J-J
.... 964
93
Aug’10
N
Y
ib
Harleun
g
3
4 s... 2 0 0 0 ;M-N
J-J
974
Nov
Til
93 ” *93 4
974
974
....
108 Oct'09
Deo’09 -...
A-O 108 ........ lOU'n
NN YY606s Pu
North
latgug
g 6s...1927
A-O
luT'aaop'll
107
n
o
lat
con
4s
1993 A-O ’*957» "98 4 95 7a Nov’10
954
*984
M-N
1114115
J-D I ll ........ 115 Cet’lC .... 103
Nor 60 Mont lat gug os. 191 6 !A O
106
1314
fan
’09
1(14
V
l
Nov’lC
M-N 122
Pine
Croek
rog
guar
6s.l932i
J
*D
1U14106
L Cm <fc Lex gold 4
....
4 ........ 1214NOV’10 ....
1254 R Wtfco con latext6s./il922lA-0 106a4 1101, 107 Nov’16 107 110
J-J
118 .Nov’lC .... 1214
103 105 Jan ’ 03
1184 1184 Os
J-J 117 4 ........ 106
wo & R 2d gu g 5s. ..#1916 F-A 10ia4
4NOVTll .... 105
104 J'ne’10
M-S 1054
104 104
lU
4
119 4 R VV
<b OT R lat gu g 53.1918 M-N 163
........ LI718 Sop’lC
113
114
95
102 4 Fob 'lb
M-S 113
1014 1024
Rutland
1st
con
g
4
4s..
1941
J
J
Muy’09
Oct
’10
7 i 4 ... 934 Sep
83^
84
80 4 914
Ogi&LCliam
Istgu4sgl048
J-J
02 4 n o i nTO 7 110
92 j'ue’09
M-N
91 111
054
Rut-Canadlstgug4s'1949
J-J 95 .210 115
J’ne’09
J -D ........
111 Bait
St2d
Law
60 Adir lstg 5s. 1996 J-J
Fob
’08
125
6s......................1996 A-O
9i Sop91' 10 ....5 ! 94 97 4 Uticagold
Nov’ iO 100 102
78 100
94 944 ion
J-J 102
<&Blk Rlv gug 4s. 1922 J-J 99
90 4 Bale 100
M-S
4 ........
,102 105 ■a
89
92 4
89 4> 89904
Lake
Shore
gold 3 4 s....1997 J-D
J*D 88
....
904
Get
TO
........
9u
38a,
89
38 4 92
1 80 >a 02
J-J
Registered.................1997
....
4 1124 1 1 2 4 NOVT0 1064 1124
93«a Bale 93 93®8
92
954
N Fla <fe s 1st gu g 5s... 1931 F-A 107
Debenture
g
4s............1928
M93 4 Bale 92 a4 93
9 8 4 ........
92 964
25-year e 4 s ......... 193 1 1M-N
, Oot ’ll! .... ii6*4 1 1 0 4
1 1 0 4 ........ i'll)1
1104 -.
F-A
Ka A «&0*1
G Rr1st
gu 05s..19341
58.1933' J*
J - JJ 110
110 Nov ’ 10 .... 1094114
109 O ct ’ 07
H4
F-A 1094
Mahon
r
1st
100 Deo'09
.
M-S ........ 93 91 Oot’10 — 884 04
Pitts ife L Erie 2d g 6s.al928 A-O 100
1 3 0 4 Jan ’ 09
1224ft..
L N A <fc Cli See O l& L
Pitts
McK6<fe
Y 1st gu 6 s. 1932 J-J
J-J 120
2d
guar
s.....................1934
|\/1 ahon Coal bee L 8 & M 8 A-O 963, 973, 07 Nov’lO
107
.
93
7a
98l,
J-J
MoKeea«fe
B V lstg 6s 1918 M-S
104 Apr'05
1 1 0 4 Oct ’10
Mich
Cont6s....................1931
j ue’OO 1104 1104
A-O ........ 98 97J, 973,
0 4 4 094
1084
Registered.................1931
To
07 99 119
99 Jan
99 99
3:!?!
AlcK'pt & B V bee N Y Cent J-J 094 90 4 99 V, 99 >, 3 964 004
*8lV................................1940
Doc’09
J-J 03 4
08
Registered................
1940 54-S
J’ue
u
8
90
J’ly .................. 3 i May' LI) .... 274 314
JL«fc
B lstg 3 4 s.......1951
Apr’10
M-N 85
1st g 3 4 « .....................1902,
87 90
2d cons mo g 3s trust recta. M-S 70 ........ 77 Mar’ 10
90 87
9144 87
75 77
89
20-year
deb 1st
4a.............
92 4
70 Nov’10
Bat
C 6s Btur
gug 3s.1929
1989 A-O
J-D 994 Bale 014
M-S
79
79
100
09
J-D
100 MayTO 100 100
N Y Chic A 3t L lat g4a 1937 A-O 984
97
41004
100 D ee’ 09
Registered....................1937 A-O
Mich Cent bee N Y Cent
01
9144
90 92
Debentures 4s..............1931 M-N 100 1014
Mid LoLVJ
100
West
Bhore
1st
4s
gu
...2361
J-J
99 4 102 4
Mil
S & NVbeebeeErie
Clilc & 1
......
J-J 10U
100 4
964 1004
Mil ib North bee Cli M. ib S J-D 130 ........ 132 Nov’lO 131 132 N YRegistered....................2361
ib Green w Lake bee Erie
N Y db liar bee N Y C i& Hut
100 0, J’ly ’io __ 100 4 101
J-D
«fc W bee D L 6a VV
108
iOS 2 1024 109 NN YY LLack
........1084
M-N
E ib w bee Erie i»f N .1
1st consol gold 5s.
73
Nov’LO
M-R ........ 73
674
814
87 Mar To
J-J
1334183 4 1334
*3*
87 014
1304 1354
___ _____J-J
994 W994
Minn «&St L gu bee B O R& N J-J ..................
Conv deben 3 ___
4a............1956
J -J 99 4 J00 112
964 1034
064N ov’1O .... 064 100
OG3,
971,
4
Oct
TU
1124116
llouaatonio
it
con
g
5 a.. 1937 [M-N 112 121
J-J *92 4 93 98 4 Jan T 0 .... 08 4 084 N H «&Derby con cy 5 a.l 9 is M-N 100 4 ........ L07 Aug’09
Y da North bee N Y C 6a li I
Minn Un bee St P M ibM
9 7 % 11 96 4 100
J-D 074 884 97
96 08
Y O &$5W,0 0rei0 only........
lstg 4s..ai992M-S
95 J’ue'uo
964
8 9Si8U)9
.1 102
F-A 1U)
8 9 Nov
8 3 10“a ....3 82
874 N Regis
019921 M-S
1014
2d gold 4s...........
M-N
100
105
N
Y
<b
Put
bee
N
Y
C
«fc
H
1
1st ext gold 5s..,
4NOVTU .... 784 86 4 N Y ib R 15 bee Long Island
M-S ........ 804 80
1st & refund 4s.
6 83 4 904 N Y 8 6a VV bee Erie
80
J-J 844 8*> 81
Gen h I 4 4a.-.,
N Y&Tex
<fe M.1stbeeg 5s........
Bo Pao194
Co 1 >M-N
.
io'i ........ 195 J’ne’10 ios i '05 Nor
M-N ........
Bouth
10G7a ........ 101 May’iO .... 100 1 0 1 4
804 llO
F-A
89 4^ cct
^ ovTO
10
NorXib
West
gen
g
6 s.......1931 M-N 1214........ 125 4 Sep TO .... 123 1204
894
93
4
123 128 126 Mar’10 ' 1244 1204
A-O
1004
114
106
113
Improvem’tib
ext
gua..1934
F-A
M-N 1102
0 7 4 1034 1O0°« Nov'10
108 4 New River 1st g 6 s.......1932 A-O 122
4 125 123 May TO
1244
DCC’10 __ 103
105 191
M-S
1U0
4105
4
N
6a VV Ry 1st con g -Is.1996 A-O 99 Bale 98 4
99 65 123
96 4 100
J -D 102 100 1194 Apr'U0
Registered...................1996
A-O
97
Apr'10
Slier Sh & so 1st gu g
97
97
M-S 105
4 109 195 4 Nov’10
i08
92
4 Bale
92*4 92 4 92 4
Div’i
1st
i<&conv
gong4s__
4 s... 1944 J - J
91 034
M-N 108 4 10J 108-1 108-1 2 1U5
994
1932
J-D
107 i n
10-25
year
99
4
99
7|
268
9441084
M-S 1 0 1 4 -^ale 101‘1
lul-J 12 iuo 1 0 2 4
88 4 88
83*8 5 86 4 90 4
PoOuh C 6a C joint 4a.. 1941 J -D 88 ........
00 “8 Mar’ll)
105
Nov’10
Registered................ a 191' M-S
CO&T 1st gu g 5a........1922' J-J 104
1044106
00*8 1 00*8
F-A Too l8 io i 1914 Nov’10 __ 100
97
........
964
Doo’10
024
Scio
V
«fe
N
E
1st
gu
g
4s
1939
M-N
94 964
M-S 764 77 77 Nov’ 10
75
814
M-N ........
08 4 954
Nov’09
Ui7a
Bale
01°,
93
M
S
094
Salo
06
1024
1st & rot conv 5s......
_______Q
J 08 99 094
914 Bait 914 014 113 89
l:J-D
-A 85
99 99W>7e 1286 99
Cent Br Ry 1st gu g 4
914
98
44 101
Registered....................
1997 y-J
86 »? ^ May'Iu
86 05
87 4 General
>.
70“,
30
69
Hen gold 3a__ «2047 ty-F 704 7U\ 70
7U 70 ..I1 OJ 74
8terea.................« 2 0 4 7 ty-F
724
F-A ........ 98 4 n96o 4 Gotn oTu .... 0 6 14 ioov BtKegi
Oli'aNoviO
Puui-Dul
Div
g
4S....1996
J
-D
904
974
........1x0
4
119
113
99
EeU
TO
J-J 107
1
DulBhort
L
1st
gu
6 a.. 191 6 M-S
99
99
lo74 107 107 L8 105 4 n o
A-O
C B «b *4coll tr 4s bee u t N or!
8t L Ir Mib Bgeu con g 581931 A-O
....
sop ’00
1064........ 111
........llG4NovT0
Bt P <fc N P gen g 6s__ 1923 F-A 110
Gen con stamp gtd g os 1931 J-J ........
116 ■ , 118",
83 4
4 8834
81
86
...................'in i'uu'io •— U17
Registered
certidc’s
..l 923 G-F
Umiied 6a ref gold 4s.. 1929 M-N 84 83
117
8 i&a 1021 44 Dco’10
loo*,..........n
o
J’oo’iu
824
374
Bt
Paul
&
Dul
1st
6s....1931
F-A
Riv & a Div lat g 4s..1933 M-S
..
a
no
Jan
Tu
2d 6 3 ..............................1917 A-O .........103 UJ3 Got TO — ' insu loa
102 41024
Verdi V1& W 1st g 5s. 1926
os
Duo’OG
1st consol geld 4s........ 1963' J -D 92 954 96 4 Apr To .... Oii’a s,
Mob J& K U 1st cons g 5s.1953 J -D 118 i2 i lie )a H i 1! l 115 1214 Wash
91 ........ ' 92 4 NovTU
1st g 4s........ 1943
Mob 6a Ohio now gold 6s.. 1927 4-J n o 4 n o 4 i n - , u n . 5 11141174 Xor PacCent
I » n , « 2 '<
Ter Co 1st g 6s..1933 J ■ J 111 ........ ILI4 N 0 VTO ....
1st extension gold 6s../tl027
.... n u H in i”,
83 90 80 4 Oet ’llll
864
00
Xor
Ry
Cal
bee Bo Pao
General gold 4a...............193c MS
........ 4 Nov’10
F-A 105
107 100 Xor Wis bee C Bt P M «fe O
Montgom Div lat g 5a..1947 W-F
80 ........ 100
75 .uay'od;
<fe Mont bee N Y Cent
9t L 6s Cairo coll g 4a..#193u J J 02
4 94 01 Nov’lo .... 01 96 Nor
Guaranteed g 4s.......... 1931
ib W bee C C C ib Bt L
U lnd
iuo Riv RR bee lialt ib c
M & O coil 4a bee Southern
Mohawk
&
Mai
bee N 1 CTb l i
MouongaJiela Rlv bee B A O
Mono CentLabee
St 1J M 6a 31
Morgan’a
6a T bee H P Co
1044.
104 D0 0 TO 1024 108 7§
>ao Coast Co 1st g 6s....1946
Morris
6a Eaaex bee Del L& \\
. ao of Missouri bee Mo Pac M-N
A u g ’10 .... 102 1034
1064........
aah Chat <b St L lat 7s. 1913 JA-UJ 1094
102
10841104
lOOH1360’!0
NJasper
110 4 n o )io 2 1084 110 4 Consol gold 6s.................1919 M-S
110 1094 Jan ’U9
1st cousoi
goldlat5s........
103
116
4
........
Branch
g 6s..1928
1923 J-J
1167,
Nov’10
Consol
gold
4a.................1943
M
-JX
e»ct *1J| '*** 1 0 2 4 iu 6 *‘
1154
1154
1924
J-J I06 4 ........ 117 4 Mar’06
W 6a Allat1st6a__
6s..191
191 ’ J-J
Convertible g 3 4s..........1912 M-N 98', Bale
I 987g 90 21*1 97 4102
106 ...... 113 J’ly ’04 .... .................. Convertible
TMOM
cb P31Branch
Bale I 964 96 V 27 1 94 4 974
g
3
4s..........1916
J
-D
957,
Nash Flor <b Slief bee L 6a N
32 100
1914 1024
1044
Cousoi gold 4 s ...............1943 M N 104 Bale 103 O ct104TO'I ,...
1 -J 044 Sale 9D>» Si's' 8 93 4 954 AUeg Vaigen gu g 4s... 1942 «i-B
Nat ltya of Mexpr 14 4a 1957 A-O
100
J
Guar gen 4s.....................1977 J-J 100
89 44 104
904 894 Nov’10
87 4 92 4 D R R RdbBgelstgu 4s g.’36 E-A 944
Nutol 31ex prior lien 4 4-s. 1926 A-O
100■ , Nov’10
PhiiaBal<&W 1st g 4s.. 1943 M-N 1014
10 L4 Deo’ 19 . ... 1014 1014
82 4 1024
85
lat consol 4»..................1951
834 a 44 844 S44 e 109
Bod Bay 60 Bo 1st g 6a. ..1924 J - J 100
1 U2 jan ’03 ,
. 103 iu i“
New
li
6a D bee N Y N li & U
4 May’10
U
N
J
RR
«b
Can
geu
4s.
1944
M8
104 103
1U3‘»
N J June UR bee N Y Cent
103 4! 5 103 106
103
’euu
Co—Guar
lstg
4
4S.1921
J-J
N Y Bkin & 3Iau lich bee L 1
102 **1 ...... 1034 Eeb’iol, ... 1034 1034
Registered....................1921
J-J
89 Sale 884 804' 22 874 92
1. 90 90
N YRegistered....................1997
Cent 6a 11 Riv g 3 48.1097 J-J ____
Guai 3 4s coll trust rog. 1937' M-S 884 ...... 90 Aug’U
884 874 Nov’10
J-J
89 4 89 4 b9 4 ...'I
2 68
864 054
904 Guar31ascoli tr ser B ...I 941 F-A 884
93 4 26 02
98 98*4 974 97 V 8 954 914
Deben g 4s......................1934 M-N 03 4 Bale 03
Tr
Co
eertif’s
gu
g
3
48.1916
M-N
984
Lake BUore coil g 3 4s... 1908 F-A 804 *Slll° 794 804 All 79 4 33 4 Uu3 4str ctfsC..............1942 J-D 8 /4 894 87 Aug’lu .
79 1 24' 78 80 4 Gu 3 4str etis D..............1944 J -D 884 904 91 Deo’09 . II 87 90
Registered.................... 1993 F-A 79 sale 79
1H I 8C K L I 4 N U O U 8 R O N D S —*C on tin u ed o n N e x t i ’ a g u
C oa l and Iron

Baft ib Sueq Iron a i 5a__ 1932 J-D
Debonturo 5s...............a lb 26 M-S
Coi r* <b i Go g e n a I g 6a .. 19-U F-A
Convertible dob g 5s__ 1911 F A
Col indulsLblstst
COll guosg.1952
63 gll.. 1934 F-A
Contin’talC
F-A
Gr
Riv
Coal
&
C
lstg
s..1919
Teil ifc Clear c ib 1 1st g6 5s.
1926 A-O
J-D
Kail<b H C ib C lat a rg58.I9l>l J-J
Pocah Con Collier tats i 5s.’57 J a!
Sunday Creek Co g 6s__ 1944 J J
Tenu Coal geu 6s..............1961 J-J
Tenn Div 1st g 6s.......al917
Birin Div lstconsol 6s.. 1917 A-O
Cali C M Co lat gu g 6s. 1922
De BarFuel
C A1stl Co
g 6s. 1910
Victor
s tgu
5s........1953
Valron CoaUbColHt g 5s.1949

994 Nov’09
90
90 3 90 00
07 Nov’10
96 101
994
90
4
99 4 'ao 93
82 *4
76
4
77
*2 70
i074 Deo’04
L02*8 Apr'OH
107 Muy’07
105
Deo’06
83 4 J’nt’10
.... *83** ‘*8*3**
102 4 103 \ 61 102 104 4
lu4i<eOot ’ 10
103 107
105 Nov’10 .... lOa’eiOT
110 Jan’09
100 Juu TO ~ 100 100
87 Aug’OD
95 4 Sale 914 95 4 12 9 4 4 1 0 0

........
........
974
100
7a 4
96 io i
99 100
........ 85
103'a Sale
lDfa 100
iutt
1044
luU ........
06
00
95
00
75

Manufacturing S t Industrial
Allls-Chalmers lat 5s.......1936 J-J
Am Cot
Ag ohem
0 5s...... 1928 A-O
Am
Oil ext1st44s..........1916
^-E
Am
Hide
A
L
1st
s i gg 6s..1919
Amcr Ice aecur deb
6s.. 1925 .9-8
A-O
Am
Spirits Allg
6s.. 1915 Ai-S
Am Thread
1st col1sttrg 4s..1919
J-J
Am Tobacco 40-yr g 6s__ 1944 A-O
FA
4s.....................................1961
doth Bteel 1 st ext si 5 3 ..I 920 -J
A-O
•tent Leather 20-year g 6s. 1926 F-A
ons Prod
1Tobacco
1951
Corn
Ret sgl4s.........
g 5s__193
«1-N
1st 25-year st fls.............1934
Cuban-Amor
0s T 81 M-N
\-\j
Distil ^eo CorSugar
conv coll
1st gtr6a.’2
E I duPont Powder 4 4s.. 1936 A-O
J-D
1

^*>1

7 6 4 Snle
70 77
.........102984s 102 Deo TO
97 97
94 4 98 05
96 4
........ 66 4' 6 8 4 66 4
94 4 98 07 07
91 Buie
92 4 024 Nov’10
106
80 Sale 1054
7 97a 1964
80*4
804
salt
86*4 86 4
9 9 4 Bait
084
034
70
8 0 4 80 Nov’lo
9 / 4 97
4 97 97 4
05
944
9i4 944
96 97
0O4J’lyTO
774 Sale 77 4 78
85 84 Nov’10

♦ No price Friday} latesthid and asked. aD n e Ja n 6 D ue Feb e Due May g Dno ;n o h Duo .riy ADu© Aug o Dun e c t




9 D ue

72 814
100 103
034 102
084
02
6 6 4 73 4
94 101
89 93
1044109
764
83 4 854
89
9? 102
764
93 83
07 44
034 07
964
06
07 78
84 88

Nov q D ue Deo /E la t.

D

ec

New York Bond Record—Concluded—Page 4

. 1 0 1 9 1 0 .]

1563

I n f st
Period

BONDS
BOND*
Range
Price
Week?)
Range
Week?* - 3
Price
Since
f'riii ay
Range or
N. Y. STOCK EXCHANGE
Since
Range or
fr id a y
N. Y. STOCK KXCTTANGE
Ja n u a ryl
Last sa le
J
a
n
u
a
ry
1
Pec 9
Last
Sale
Pee 9
Week Endow D eo 9
week Endino D eo 0
Hm
Low H iqS
ASH'
H igh A'o Low H igh
H ign
Hia
ash Loio
Pennsylvania
Co—g(Con)
Sab- Low
93*4 957g
94 *a
98 Jan
Oct ’05
TO
93 *4 94 *4
04*a 99
J-J 107
AO ioii 34 ........ 110
Guar
15-251styear
4s--- 1931 M-N
*3 Sale 107*4 107 7g
103*8 m 34
J.J
Cl -Mar
gu g4%s..l936
110
May’OU
Kejnstercd....................
1994
110%
Jan’09
........
J-J
100
J-J
Cl & P gen gu g 4 %s sor A .’42 A-O 106 ........ 109%J’ly’OO
73 817*
76 %sale 75% 70
Develop A gen 4s Ser A. 1950 A-0 83
Series B.........................1942 M-N 90 ........ 96 Aug'09
84 n90*3
Mob ADiv
Ohio1stcollg 4*4-53...
tr g 4*..1938
*3 108
84 *< 108
81 Sep’lo
81*3 106
M-S
Sorles DC 83%s.................1948
107
Mom
1996
90
M
ay’08
J-J
• Series
%a.................1950 F-A 91*4........
85
85*4 Nov’10
St boms div 1st g 4s__ 1951 J-J
2 %Nov ’ 10 .... "in" *92^
80*3% l 087o7 7a
*4 85^ 107%
....... 908%
Erie & Pitts gug 3%s 15.1940 .1 J 92
Nov* 1C 107
107
AlaCenR 1st g Gs........ 1918 J-J
Apr '04
92 106*s
........
J-.I 100
Serioa
C.........................1940
93
Nov’10
Ati A Danv 1st g 4s.......1948 J-J 89
89*4 93*»
104 *3 Oct ’09
Gr it & I ex 1st gu g4%s1941 J-J 101 ........ 104*sDec’10
82>s Oct
’10
2d 4 s ..............................1948 J-J 82
82*3 82*3
104 *„ 100
Pitts Ft W & C 1st 7s...1912 J-J 101 ........ 104 *4 Nov’10 .... 104*4
Ati
A
Yad
1st
g
guar
4s.
1949
AO
1057g
207s...............................
1912
J-J
100 ....... 106*3 Nov’10 106*3 106*3
Col A Greenv 1st 6s.......1916 J-J 107
107 Oct ’08
3il7s............................A1912 .M
A-O
10334
........
110 FeU’lu
106 110
K T Va A Ga Div g os.. 1930 J-J 110*s*2 109
May’10 109
........ 109
Pitts Y& Ash 1st con 5s.1927 -N 107
110* 110*8 110>« 109 114*3
107 100
107 *V Con 1st gold 5s............1950 M-S
........107
107•'*8 Nov’ 10
PC C & St Lgn4%s A ... 1940 A-O
104% 106
E Ten reor lien g 6s.......1938 M-N 101%___
I04«s
Nov’10
1 Oct’10
lo3 *3 10734 Ga
Senes J5 guar............... 1942 A-O ........103 10
........ 67 05 Nov’09
Midland 1st 3s..........1946 A-O 112
0 6 M 100 \ 15 100*3 100*3
Senes C guar............... 1942
....... 1 1 2 78 N ov” 0 i‘ri*%1Ys»4
Sale 198*s
Ga Pac By 1st g Os........ 1922 J-J no
97*4
9834
7
98%
senes D 4s guar...........1945 M-N 98
118
Knox A Ohio 1st g 0s...1925 J-J
Nov’10 114 110
00a4 92
91
91*-. 27 90*4 94
Genes
guar g___1949 JF-AD ..................
105*3....... 118
105 *3 Nov’10
Mob*
Dirprior
1945 J-J
Series EF 43*a
n guar.........1063
J-J i‘04'4iof* 82 Nov’OS 105*3 105*3
Mortgage
goldueug6s
4s........1945
C St L & P 1st con g 5s. 1932 A-O Ill**........ 112*4 NoV’ 10 .... 111 *3 112*3 Rich
oot ’10 io5*aioe*%
A Dan con g 6s__ 1915 J-J 104%....... 105*3
Pensacola & Ati See L & Nash
Nov’10
A-O 71 ....... 10634
DebA08Meok
stamped...........
1927 M-N
Poo A&> Pek
East UuSee1stCgC6Cs__
A St L
76
Oct
’08 105 10734
112 112
Rich
1st g 4s...1948
112 Feb ’ 10
Q-F 107=8........
Peo
1921 M-N
*3 ....... 103 Nov’10
M-N 103
96 Oct ’10
00*3 95
91
97
Ho
Car
A
Ga
1st
g
6s....1919
2u
gold
4*128....................61921
lo6%....... 112 Oct’06
........ 70 71 Nov’10 100
Virginia Mid ser C GS...1916 M-S
79
Pero Marquotto—ltet 4s.. 1955 JJ-J
>3....... 108*3 Deo ’00
101*3 101 *01 2 707s 102*4
Series E5s....................1920
D 4-53............... 1921 M-S 103
-D 100*8
Cltifc
WPM
M 6 sa...................1921
105
....... 10734 Deo’09
Series
108*3
112*4
108*4
Sep
’10
108*4........
M-S
A-O
Flint*
Os..............1920
106 “s 107
105% N ov 10 105% 107%
General
5s....................
1936
M-N
1st
consol
gold
6 s........ 1939 M-N 101 103 *3 101 Aug’10 __1101 101
%.......
*8 NovlO
100
........ 100 105 Oct '10 101..............
Guar stamped..........1930 M-N 105
Pt Huron DiV 1st g 6S.IU39 A-O
66 ....... 105
91 Feb’10 105*8
91 105*3
91
W
U
A
W
1st
cy
gu
4s..1924
F-A
Sag Tua A H 1st gug 48.1931 F-A
104 ....... 100*8 May’lo
WestN
O
1st
cou
g
Os..1914
105*3
106*#
J-J
Phil
15
A
VV
See Ponn lilt
A N Ala See b A N
Philippine By 1st 30-yr a f4s’37 j - j 86 80 89 >aJ’ly ’10 .... 88 90 Spokane
J - . 102 106*4 lO034 Sep ’09
1955 A-O
Pitts Cm
Li See
Pouu Co
106*8.......... 104 *4 Oct ’10 .... 10434 107*a
' I er A olInternat
St D 1st 1st
g 4g*385s..1939
Pitts
CloveA &StTol
See 15 A O
1894-1944
Iu7**........
1Gen
1st con
gold
5s__
Aug’10 .... 109 115*3
Pitts Ft W A Ch See Penn Co
98 .......... 109
refund s t g i s ........ 1953 F-A
J-J
98*8 98t» 2 96 98*3
Pitts McKees A Y See N Y Con
‘gN 'ov’lO .... 112 112*8 St b M Bge Ter gu g 58.1930 A-O 108 10334 109 Nov'io
109 109*8
Pitts Sh & b E 1st g 6s...1940 A-O 112*3........ 112
Tex A N O See So Pao Co
93%J,iy’07
1st oonsol gold 5s............1943
J-D 109*3 110*8 110 *3 Deo’10 .... 108*3 112*8
Tex A Pac 1st gold 5s.......2000 Mar
Pitts A West see BAG
2d gold ino 5s.................gilOUO J.J U8%........ 70 Mar’10__ 70 70
08*4 119 07 100
08*4 Sale
1> ending Co gen g 4s.......1997
Div B b 1st g os.......1931 F-A
103 Sep ’0 9 __*...................
Nov’10
95 98*4 LaMin
0a*4
L\ Registered....................1997 jj -. jj ........
W AN W lstgu os’JO J-J ib*7% ib*8% 100*3
Nov’0 4 __"....................
i 95 98*4 TolWADC
97
____ 07
Jersey
Cent
coll
g
4s.
..1961
A
0
1073.34 Tien’in1
Dec’iof.l"! 10u H2%
1st g 5s..............1936 A-O 108 ........ 107
ttensseiuer A Bar See D A H
Western Div 1st g 6s...1935 J-D ........ 102 112 oep’09
Rich A Dan See Soutli By
General gold as............... 1935 A-O 89*3 91*a 101*3
99 1047a
Rich
Meek SeeSeeDen
Southern
04*4 Dec’10
Mar’10
Kan A A1 1st gu g 4S....1930
90*3
94*4
Bio GrAAWest
A Bio Gi
9138 .......... 93 Sep’10
Tol P A W 1st gold 4s....1917 J-J
92
93*3
Booh
Pitts
See 15 B A P
89*3........
87
Aug’10
87
90
Tol St b A W pr lien g 3 *38.1925 J-J
Home
Wat
A
Og
See N Y Cent
A-O .......... 70*3 76*3Nov
70 81
60-year gold 4s............... 1950 F-A
Butland See IN Y Cont
8310
83 83
Coll tr 4s g Ser A..........1917 -D 81
oag Tus A H See Pero Murq
80*3 80*4
89 J’ne’10 ... 87*4
86*4........
91
Tor Ham A Butt 1st g 4s./ll94G JJ-D
D t Jo A Gr lal 1st g 4s...1947 J.J 85 ........ 89 Nov’10
88®*
04
100 104 Nov'10 ...J 100 106
lster* Del 1st cong 6s 1928 A-O 104
St D A Cairo See MoO A Ohio
U
b3*3 87 80 oct ’09
1st rotund g 4s..........1952 J-J luu%saie
at L A Iron Mount see M P
10034 101*8 85 99*4 102
St b M Br See T Bit A ot St b
UnPao
B it* 1gr g 4s ...1947 J-J luo ........ 100
118 *4 1 2 0 ** 120 Apr’10
. 98*3 101*3
Registered....................1947
at bouia A S F—Geng 6s.1931 J-J
120 124
____
103*4 Salt 10^% Nov’io
J-J
....
20-yr
conv
4s..................
1927
107
Sop’10
General gold 6 s...............1931 J-J ioo°a........
105
10834
101 11634
00% sale 90*8 103V204
‘J 91*8 917 Oct ’lu
M-S
1st
A
ref
4s....................p2008
StGbeul6-20yr6s
A H F KB cons.........1U27
g 4s..’90 J-J 886*4
07
Oi
l1 95
98*8
90
9
l7e
05%
sale
J-D
Sale 86
60*«
20 84
Ore
By
A
Nav
con
g
4s.1940
94
M-N *J9ai........
95%
39
94 98*3
99
114
114*3
0 9 %Oct ’10 ... 09 100*4
F-A
14
II
Ote
Short
bine
1st
g
Os..1922
115
7
113*4117
A-O
Houtliw
Div
1st
g
os..1947
ai** salt 81 o 811, 33 78*3 8&
1st consol g 5s..............1940 J.J 111
*s salt
Kolunding g 4s............1961
111*3
93 *4S ale 111*4
........ 117 Sop ’1U 114 117*3
93 625- 11108
Guar
relund 4s........... 1929
92*4
"• *4 11378
9478
K C Ft S A M cong 68.. 1928 J-J HO3*
91
94
Jau
’OUi
Registered.................1929
..
*L
31
........
77°fc
70
8‘
2
34
76
78
K O Ft S A M Ity rot g 4s 1936 M-N
A-O
11
........ 1 0 0 b Dec’06
Utah*
Nor
gold
6s..
1920
104*3
.
107
*8
Deo’09
K OA 51 B A B 1st gu 6 s. 1929 A-O 100
N J BB A C Co See Pa UK
Oz’rkAChCl8tgu6sg.l913 A-O 97*4 98 97 *4 97 *a 44 90 ii 9834 Uni
Utah
Bio Gr Wes
dt bouis So See Illinois Cent
Utah ACentral
North See
See Un Pacino
21
Sale
90
00*4
St b S W 1st g 48 bd otts. 1989 M-N 90*3
88
03^
bll Sait 80 81 11 79 82 Utica A Black K See N Y Cent
2d g 4s ino bond otfs...pl080 J-J 77
Salo 73 ®g 77 41 72*3 7978 Vaudalia consol g 4 s __ 1955 F-A
98 Nov’OS .
Consol gold 4s.................1932 J-D
J-J
90 Apr’1 0 .... 96 90
Gray’sP tX erl 8tgu g 6 s 1947 J-D 0 0 * 8 ........ 101 *s A p r ’07
VereraVaiCruz
IndAPlstgu4*3sl934
A W see Mo P
6 t Paul A Dui See N or Paonio
Virginia Alid See South By
St P Mum A Man See Ut No
Va a Southw’t 1st gu 68.2003 J-J 107 110*3 loo J’ly ’10 ....1 0 5 108
at P A Nor Pao See Nor Pae
1st cons 50-year 6s........1958 A-O 93 91*4! 94 Uct'lO ; 04 98*a
3t P A S’x City See U St P M *u
1st gold...........
6s......193*j |m-N 109 I 0 0 a81109 109*4 13 10/ 1133*
87 Sale 80 87 34 83*3 88*4 VV abash
8 A A A Pass lstg u g 4 s...1943 J-J
1939, F-A 98 09:>« 99*3 9J=8 0 98 103%
2d gold 6s...............
09*3........ 194 Oct ’09
8 F A N P 1st sink 1 g 68.1919 J J
Debenture series B .......1939 J • J ........
80 J’ly ’10 '....'! 86 86
Sav F A West See Ati Coast 1.
1st lien equip sfd g 5 s..1921 M-S 90 100oa >4 100
.... 100 102
Soioto Val A N E See Nor A W
85 12 81*3 8078 1st lien 50 yr g term 4s.1964' J -J ........ 85 90 J’ue’10
84*3 Sale
.... 90 90
Seaboard A b g 4s stamped ’5U A-O 100
84*4
5 90 100*8 1st ref and ext g 4a ....1956 J-J 62 *4 sait 02 ilar'lo:
03
143 J 56*4 77*%
s, 100 100
Coll tr refund g 6 s ........1911 M-N 703i 100
70% 171 09*3 78*3 Det A Oh Ext 1st g 6s.. 19411J - J lo» ........ 106 J’ly ’10 .... 105 107%
F-A 83 *3 salt
74
7s Nov’10
DeaMoln
Div 1st..........1941
g 4s..1939 J-J
.... 80 87
83 Deo’oJ1
84*3 b 4
M-S
Om ADivCh1st
J.J lOl3,
91 ........
75*8
75 *8 Nov’10 , 72-3 77
91 92
92
........ 103
Tol
Divg 3*38
1st g 4s... 1941 A-O
M-S
83
Sep’10
103
103
J-J
83 00
Wab
Pitts
Term
1st
g
4 s .l 954 J-D ...... .... . 46 Dec’lu
10 1**8........
J-J
33 52 >4
Trust co certts.......................
J.J 104 ........ 103*447
side
i()034
103*4
46
48*8
470
32
64
104
........
2d
gold
4s........................1954
J.J
6*3
J-D
•...••• 104 194*3
Ga A Ala By 1st con 5sol945
104
-4■•
11*4
7*4i 8 44 12*3
V'* 7
Trust Co certfs.....................
103<V........
034
J-J 1U43«
lu4
IU4
1943.
7%
15
........ 100 see Del Dae A West
J-J
.... 100 100 Warren
Wash
Cent
See
N
or
Pao
SUer shr A So see M K A X
Wash O A W See Southern
SU
Sp ocaPacUlo
A G SeeUo—
Ati Coast.
Wash Terml 1st gu 3 *3 8 .. 1946 F-A
89
Southern
Nov’10
88*4 90%
02 92
02*4 92
10 89 85 West Maryland 1st g 4s... 19521A-O *80** Sale 89*4
J-D ........
80
80‘s
82*4 86*4
Gen A conv g 4 s ............ 1952 A-O
J-D 90*4 Sale 91 Oot ’lu
71*3
Feb’lo *68 71 78
80
«1
Trust Co certfs.....................
U03. 277 02'*4 100*4
M-S
90
73-3 Apr’10
|
6 8 >a 74%
W Va Cent A P 1st g 6 s 1911 J-J
F-A
07 94*3 98*4 WestN
90%
Nov’ 00
tf-A
Y A Pa 1st g os..1937 J-J 109 i n k 100*3
97 Fob’lo
97 9 1 Gen gold
n o Nov’10 .... ib'0 %iio 34
J-D 88
4s......................1943
90*u........
88
90
7
90*4
00%
A-O
86*3 Sep ’lo .... j 86*4 02
87*3
00*4
94 92 J’ne’lo t#< 91*8 94
Income 5s......................<110431 Nov
A-O 1U634 107
34 Feb’07
West N o Car See South By
91 1A SAM A Plat 6 s.. 1931 M-N
____ 107
104%*4 Nov’10
oep ’o .... 1037a 109 Wheei’g
M-N ____
A
b
E
1st
g
6s...1926'
A-O
105
105*8
Nov’10 i j10434 105*3
IU3 *8 100
1U634 106 *4 May’u.
M-N 194*8
Wheel ADivImp
1stgold
gold6s...1930
6s..1928 JF-A
- J 100 103*a 103 *3 Nov’i0
103 *4 104
M-N
Exten
....
103*4
Aug’lo
i03*4
106**8
100 102*>4 102 J’ue’10 *1: 90 102
J.J 109-j HO 109% Nov'io ....’ 109*3 110*3 Blt 1st consol 4s.... ....1049 il-S 82*8
82
82*8
” 5 i 77
110
A-O 108*3
20-year
equipSee
s f Erie
os ...1922 J.J 00 07 *3 0b *3 OCt’10 1 08*3 87*4
*4N o v ’09
98*3
91 00 109
Wilkes
A East
A-O llo
93% N ov ’10
'92
98
*4
Gen goal 4s int guar..1921 \1-N
^
llb
A Sioux F See St P 51A M
110*4 119*4 Wii
Waco AN W ill v 1st g 6s ’30 J-J 102 ........ 119*4 M a r’io
WisCent 60-yr 1st gen 4s 1949 j . j 93 Sale 92*4 93 u 90 95
A A N W 1st gu g 6s....1941 A O 114*3 116*3
il6 116*8 SupA DuldivA term lst4s’30 m-N 02*8
92*4 02*4 92*4 10 ! 00 94
J-J 1 10 *3........ 112 iieo’07 .... ......
110*3 110*4
1
1j
Telegraph and Telephone
...... Am
A-O lUO ........ 100 J’no’io
Telep A Tel coll tr 4s 19291j . j
100 luo
J-J 102 ........
91
9034
.
0O34
93
1
6
Convertible 4s................ 1936 M- S 104*%Sale 103H 1043s 501 ! 89*8
Nov’ 10 .... 102 102 Mi«h
A-O 102 ........
So P a o ot C al98 106%
State Telep 1st 6 a .. 1954 F-A wo
A-O
uo
AUg
1U__
wO
O
N YTelep IstAgens X4*as.’39 M-N 98S. Sale 1 98*4 0 8 %134
gu*. 99,
„O
M.ay’07
M-N 100
107*4........ HO
95%
100 **C “ .... 100 *8 101 Pao Tel A Tel 1st Os........1937 J.J 97
Bale 97 97*3 134
37
9599%
J.J 84 100*3
93 UO 9
J.J
....
Union coltr cur os.1938 J.J 100 Sale I10 O 100 i 4 97 100*3
.... 101*8 10-3*4 West
M-S 1 0 1*8 1 0 1 \ 101% i
FU
and
real
estg4*a8...1950
M-N
........
U5%
95 Nov '10
93
97*4
J-J 101 ........ 102 1
Conv 4s, Senes A..........1936 M-N1 101% 102% 102 102*4 * 100*8l0234
JllSCELbANEOUS BONUS—Concluded.
iHmiiifncturliig <fc Industrial
Manufacturing <Sc Industrial
Gen Electric deb g 3%s..l942 F-A
v*a-Oar Chom 1st 15-yr ds 1923 J-D 100 Sale 99*4 100 13 92 % 100%
82 82 Westlnghouso
82 Jan’io
10-yrg
deb
6s..................
1917 J-D 147 Sale 145
E A Ms x os ’31 J.J 91 Sale 91
148
41
130
152%
91
4 86 93 %
Int Paper Co lstoon g Os.loic F-A lot 105 101 105 34 100 105
Jliscetlaneous
CoiisoL conv s f g 6s.......1935 J-J 84*3 80*4 84*4 86*4 4 82% 80*4 Adams Ex
001 tr g4a.........1948 M-S
91
%
Sale
91
91
%
21
%
Int st Pump 1st s f os__ 1929
ACo lsticaiest4 s;8’39 J-D 92 s a le 91 *a 92 16 90
0i
91*4
96% Armour
92*4 02 Nov’10
90 % 93
94 %
Lackaw Stool 1st g f>s__ 1923 M-S ......
Bush Termmal 1st 4s.......1955 A-O
96% 100
Dec’lo ....
....
90S
90*4
..........
88
%
SO
N
o
v
’10
89
87*4
Nat Enam A Stpg lsl 6s.. 192 • A-O
J-D
_
Consol 6s.......................... 1955 J-J .......... 05*3 95 *3*>ct ’lu
94 97% Chic
95 00 Sep102’10 2 100
95 *a 98
N Y Air Brake 1st conv 6s ’28 M-N ...... 103
t Yard col g5s.l916 J-J 95 % 106 100 M ay’lu
114% DetMJoAAM Idgr
100 100
By Steel Spgs 1st s f 5 s...1921 J-J lui»„
90*4 07% 102
incomes..1911 A-O 36 40 86 A ug ’10
07%Nov'10 .... 102
08*3
00*3
35 40
Bepub 1 A S 1st A coltr 6s. 1934 AO 101*4
104 institfor Irrig Wks 4*ss 1043
102 Oot ’10
96 ..........
98
Union Dag A P 1st si 6s..l93i; J-J 90 1U4
01**4 96*4 lut Meroan Marino 4>38.. 1022 M-N
03 93 Nov’ 10
A-O 63 64*4 96*4
63 % N o v64’10% ** 8 90
56 71 %
Stamped..................................
00
03
Int
Navigation
ls
t
s
f
6S.1929
90*4
03
95
May
’ 10 ...
F-A
80
81
76
81
%
N
ov
’10
83
U S l.eath Co s fdob g Os..1913 M-N 101*4 105 104*4 104*4
105 Novrp Ne Ship A D D 5s ill900
08 .......... 95 i>eo’O0
U S Realty A I conv deb g 5s’24 J.J 87 Sale 80*4 87 7 104*4
85% 94% N Y Dock 50-yr 1st g 4s..1061 J-J
90
% 94
F-A
91
N o v ’10
J-J b7*8 88 87 Nov’ '0
U S Bed A ltef 1st s 1g 6s. 1931 J-D
80
90% Provldenco see deb 4s....1067 d-N •••••• . . . . . . 00 Sep TO ... 90 ......
90
lu 2 *8 Sale 102*4 103*3 *0*6 LOl
U S Rubber 10-yr coll tr 6s.’18 M-N 103%
*>4 104% Provident Loan Soo 4 *33 .1921 M-S ........... . . . . . . 05 J ’l y ’OO . . . .
U sSIsteel
Corn—1
coup
.<11963
Sale
103
‘4 103% 42 S 101*3 105% 8 Yuba Wat Co con g 6 s.. 1923 J-J
......
......
....
........
......
112
J
’l
y
’04
M-N
10-00 yr 6s. (reg ..<<1003
........ ........ 103 *e 103*4 3 101 %105% W'ash Water Pow 1st 6S..1939 J-J 1024103 103 A ug’lO . . . . 101 10s

J

* No price Friday; latest bid and asked this week. 6D ue Feb d Duo A pr « Due May g Duo J ’ne h D u e J'ly fcDuo Aug oDueOct^pD a eN ov »OpOon Sale 1




CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
STOCKS— HIGHEST A N D LO W EST SA L E PRICES
Saturday Monday
Tuesday Wednesday Thursday
Friday
Dec 3
Dec 5
Dec 8
Dec 6
Dec 7
Dec 9

Sales
of the
Week
Shares

STOCKS
CHICAGO
STOCK
EXCHANGE

Chicago Ra.
Cityroads
Ky____ 100
Last Sale 1% July’ 10
2*2 *1% 2)2
*
112
212 *U2
212
**61‘ 2 ___
Chicago
&
Oak Park-.100
*6
6% 684
*6
*4 6 *4
6
100
Do
pret
________loo
*91
921?
*91
9212
0012 901? 90lS iib'% 90
90D
90 90 169 _'hlc Rys part ct£ “1"__
2234 23
23 23)4 22% 23 22 2278 23
23'8 *10
2378 1,300 Chic Rys part ctl “ 2 " __
*(*6012 11 *23
11
10% 11
11
11
♦10
11
10
10
35 Chic
Rys part
ctl "3''__
*6
014 *6
6)4
*6
6
I
4
Last
Sale
6 I4
Ihlc ltys
part ctl
"4"__
*4 44 *4 4I4 *4 414 4% 4% 4% 4% "250 Chicago
4'4
4)4
Subway.....1
00
*20
*20
*20
21*4
21 % 21 % 21 % 211'21*4
Kans
City
Uy
&
Lt-.lOO
75
*70 275U4 *70 275II4 *20
*70
75
*70
75
73%
75
73%
73%
Do
prcf...................100
25
20
20
20
20
20
20
20
20
20
Vtetropol IV S Kiev__ 100
65 65
65 65 *19
65 65 *19
*64 20
66
*64
66
*64 66 1,2-0
Do pret_________
100
139 Northwestern
*18
22
*18
22
*18
22
*J
8
22
Last
Sale
Kiev__ 100
20
Sept’10
*58
60
*58
60
*58
60
*53
60
Last
Sale
Do
prel_________
100
60
Nov’10
*64 65 65 65 65 65 65 66 66 67 *64 65 330 ,-ioiith Side Elevated..100
11% 1114 *m 2 12
11*4 11*4 11>4 *11 12 *11 12
IH4 60
Streets VV Stable C L.10U
70
*52
55 *52 55 50
*5012 54 50 52 *50 52
20 Do pret_________ 100
Miscellaneous
94 9
9U4 773S
9)4
Can_______100
9 9
9's 779*8 834 9 76l2
9 779% 1,404
730 American
763
763
7714
76
77
Do
pret................ .100
76%
7614
761.1
♦ 260 ___
260
261
*260
260
*260
*200 261 *280
261
10
American
Radiator..100
*__ 131 ♦
131
20 Do pret_________100
131
*125 135 *125 135
*128 128
*
**
7738
77%
76
76
77%
5
*76
7a
*76
78
Araer
Shipbuilding__
100
♦ in 11212 •H I 112i2 *111 112)? *111 1121? 111% 11 %*111 112% 50 Do pret_________100
*1391
2 140*2 *13912 140)2 *13912 140 I2 *139 140
Last
Sale
141%
Nov’10
Araer
Tetep
&
Teleg____
*37
37 3714 *37 38 37 37% *37 38 39 41 *607 booth Fisheries com___
36 38
36
36
3619
37%
Trust ctf...........
64
64 361?
64 3612
64 36>?
*6212
64 3612
64 64 36%
64 37
66
65 40
67 1,756
1,669 Voting
Do pret_____________
*48 50 *48
50
*48
Last Sale 17 Aug'10
50
Cal
&
Chic
& D.100
*1 l'« *1 601*8 *48
*1
Last Sale
Chic Drew’gCanal
& Malt'g___
*2
3 *2 3 *2
31>8 *1
*2
31% Last Sale 31 4034Nov'10
Oct’10
Do pret_. . . . ________
40*2
*40
41
4012
403
4
4012
401?
403?
*40
41
40% 122 12234 12234 *___ 123 116 Chic Pneumatic Tool.100
*___ 123 123 123 122 122 122
Telephone
. . .1 0 0
4
Fnh*OS 67 Chicago
Do rights___
______
*151 1531? *151 1531? *151 1531? *151 1531? *152 158 2I153
153
40
Chic
Title
&
Trust__
115 115 115 115 115 115 115 115 115 115 115 1153s 384 Commonw th-Edison. 100
100
Do Prod
rights_________
17~ls Nov* 10
Corn
Ret
Co
com__
79 I4 Apr*10
Do uo
pret___
SOU 901? 93lZ 941? 9H2 921o 92 02 92% 92% 94 91 1,022 Diamond
Match____
loo
65*8 65-->s 65l8 67 66
O8I4 66 67% 65% 66 66% 663, 1,310 Illinois brick................ 100
Masonic
Tempie_______
*63>2 64 ♦ *6312 64 63 64 *63% 64 105 McCrum-Howell Co..l00
♦ *63%
___ 64
___ 64
97 ♦ *6312
97 ♦ __ 97
97 95 97 *----- 97
60 Mllw
Do & Chic
pref___________
Brewing___
*
21 ♦ _
21 *___
21 ♦ ___
21
Last Sale 20 Nov’09
Do
pret______________
*110 111 *109 111
110 110 %*109 HOD 109 109
110
110
71
National
Biscuit____
100
*121 122 *121
122
121 121
121 12134 *121 122 *121
122
Do pret_________100
21 National
*___
*__
123 123
123
120 120 *119 120 *119
120
Carbon.........100
50
*118 123
119
*118
119
*118
119 *118 119 Last Sale 123 Dec'10
Do pret_________
100
104M 10414 104)3 10412 104 104l2
104 104 104% 104%
Gas L&Coke.lOO
"434 People's
Do
rights______.
.
.
..
178
1771.1 179 *1191. 180 180 180 178 179% 178 178 179 179% l".149 Sears-Roebuck com..100
120
120
*11912
120 120 119-% 1193a 120 120
Do
pret..................
100
142
120
120 "
10D8 10138 10U2 102 10U2 102 10184 10134 10134 102% 102% 103 7sO Switt & Co...................100
*165
170 168 163 166 166 166 166 *166 170 *166 170
Oats Co..
100
55 l'heDoQuaker
rights...........
............
*102I2 1031
2 103 103
103
103
*10219
103
*102%
103
Do
pref..
.
.
.
.
.
.
.100
*102%
103
""85
*6'4 634 *6 612 6)4 OI4 0% 6% *6 6% *6
6 % 100 Unit Box Bd & P Co. 100
Do pret_____ __100
24 24 *23 2412 *23 24*2 *23 2419 *22 25 73423 Apr'09
23 "iio Western Stone_____ 100

Chicago Bond Record
BONDS
CHICAGO
STOCK
EXCHANGE
W eek ending D ec. 9

• Friday
Price
1 Dec. 9

Range for Year 1910
Lowest

Highest

Range for Previous Y ea
Lowest

(1909)

Highest

180 Oct 24
>J’ly 28
41% J’ly
60%
Sep .8-a
11% Sep 13
8 Mav26
3 1 JMay24
ns 29.8
2% Aug
20
Feb H
17
OJ Jan
16 Feb 7
51
15 Apr 1
63 Miy3l
55% J’ly
J’ly 285
7
40 J’ly 16

1858%Jan
Mch 26V
7% Jan /
109 Jan 8
36 Jan 3
16 Jan li
9%
6%Ja’
Aug 166
3u
. an ,161
773.i itch
26 J’ne.i
72 J’no jl
23 J ne i
66 Jn e.l
72%
J ne-23
£4*3 Jan
104 Jan 6

1801%Mch
Oct
6 Oct
97/8 Dec
3)101? Dec
Dec
8 Dec
3%
Dec
30 Dec
78
Dec
15% Sep
47
Jan
17 Nov
63
Jan
60 Jan
29% Apr
97 Feb

190 Feb
4 Jan
15 Jan
119%J'iy
45% Jan
30 Jan
13% Jan
29 %Jan
62
J’ly
86% May
19%
Dee
59 Deo
25 May
73 May
61
May
54i Deo
103 Deo

6% J'ne30
62 %j ’ly 26
Apr is
240 J’ly
1.6 Feb 197
72 Aug 6
107
131% J’ly
J’no306
31 Aug
22
29
J'na 11o
56
Aug
47 Feb
4
31 Sep 23
26
25%J’ly
110 Mavl7
142 Aug 26
108%J’ly
lij Jan 27
ib
J’ly 9
13%
79*4 Apr 7
82l2 Sep 30
53 J’ly 26
43 %Mch 9
40 Mcb 17
93 J’ns28

13%Jan H
;.2 Jan 4
261 Dec 5
135 Apr 4
84% Jan
Maylt11
112
14;’%Mch 9
41 Dec 9
40
Dec 94
74 Jail
55 Feb 7
l Feb 4
Sep 231
473 Feb
137 Jan 3
163 Menlo
121%
11
2 Jan
Jan
2234
Jan 128
82 Feb 28
12/ , an b
91 Mch 28
46 Jan 7
66 Oct 21
102*4 Apr 20

778 Jan
71% Jan
Jan
126 Jan
54%
Apr
101 Feb
139
Aug
10 Mav
20 J’ue
Oct
48
51% Jan
1 Apr
2%
Apr
20 Mch
127 Jan
117 Jan
107 Jan
17% Feb
70%
Mch
117 Jan
38 Jan
43 Jan

15% Nov
86 J’no
225%
Oct
132 J’ly
81i*
Deo
112 Sep
145
Nov
?ii Deo
35 Dec
<6% Deo
68 Apr
l Apr
Nov
422% Deo
140 Sep
152 Oct
121% J’ly
25%’Aug
88% May
130*4 Aug
88% Deo
47 Sep

Aug 1*3j
101
J’ly
118
Feb 24
104 Feb
lu
112 J’ly 26
103
148
116% Feb
Aug 87
101 Sep 16
155 J’ly
27
6 Jne22
1Q1 J’ly 16
6% Apr 28
15 J’ne30

115
J2n Jan
Jan
187
145
Oct 31
123 Nov 1
115% Jan 3
188% Nov 12
122 Jan
Mch 88
109%
186 Feb 19
9 May26
106 Jan 6
15%Jan 3
20 Novl8

20 Nov
97/8 Jan
118%
Feb
82 Jan
110
Jan
102 Jan
%Feb
65 can
101
100% Jan
Jan
119 Jan
98% Jan
%Feb
Mch
153% Feb

21 J’na
119% Sep
130
108% Sep
Dec
124 Nov
119/8 Aug
1 Mch
109% Oct
Dec
121%
114% Aug
162 Deo
105 Dec
1%Mch
9% Jan
25 Mch

200

Chicago Banks and Trust Companies

Week’s
B'ds
Range
NAME
Range or Sold
for
Last Soli
Year 1910
Bid
Ask Low
High No. Low High Calumet National____
___
99*4 Mch’10
9934 9934 Chicago City_________
)l ___
.................
917S

Outstand­ Surplus
ing
and
Stock
Profits

Dividend Record
In Per­ Last Paid
1903 1909 iod.
%
In

1
T
u An Dec ’09,6
SlUO.UUu
846,478
Amor Strawb’d 1st 6s. 1911
500,006 245,216 106 10 J-J
Inly *10,5
Armour & Co 4 4$s__ 1939
Nov’10
.
.
.
.
90*4
94%
Contl’tal
&
Comm
Nat
20 ,000,000 9,764,964
Oct ’10, 2 %
) .................
Aurora Elgln&Chlc 5.1941
Corn
Exchange
Natlona.
3,000,000
5,497,543
"
12 " "I2 " Q-J* Jan ’ll, 4
Cal & So Chic Ry Co
Drexel State_________
30,767 6
U-J Oct ’10. 1%
1st M 5s....................1927 P - 1 . . . . . . . . 102 J’ne’09
Drovers’ Dep National. 200,000
GOO,000 402,510 914 109 Q-J
Oct TO, 2%
Cass Av & K G (St L) 5s T2 J 101% Oct’09
Englewood
State_____
200,000
40,1)16
6
Q-J
6
Oct TO, 1%
Chic Board ot Trade 4sl927
) II” IIII 100 May'07
First National_______ 10,000,000 10,903.894 12 124 Q-M Sep
30’ 10,3u
Chicago City Ry 5s__ 1927
i {102% Sale 102% 102% ""ll
Nat Bros
Englewood__
150,000 193,486 10 10 Q-M Sep 30*10,2%
103 Apr’04 ___ 101% 10314 First
Chic Oouso; Hr & Mlt 6s__ J Foreman
B k’g Co. 1,000,000
552,446 Priv ate Ba nk
Chic Consoi Trac 4 4 s 1039 J - ) IIII IIII 50 Apr’09 ___
Fort
Dearborn
National
1,500,000
417,082
Oct TO, 2
8
Q-J Jan
Chic Auditorium Ist5sl929
96% Jan’06 —
Hibernian B'k’g Ass’n .. 1,500,000 981,665 88
’ll, 4
Chic JC
Dock
1929 -VIKaspar State Bank___ 200.000 162,240 10 108 Q-J
J-J
July
TO, 6
Chic
RRCo
1st1st
M g43..
53.1945
Dec’09
'941*2
La
Salle
St
National
..
1 ,000.000
258,839
y’l.
Beg.
b
13.
M
V.90,
p.1277
Chic No Shore Elec 6s.1912 \ • ) -HI IIII 87 Feb’06
Live
Stock
Exch’ge
Nat
1,250,000
525,597
10 + 2
Q-M
Sop
30’10
10
Chic
fool 1st 5s.al921
t 86%___
Monroe
National_____
88
32 8-414 88 Nat
88
300,006 66,795 4
Q-F Nov TO. 2%
4
Chic Pile
Ry 53__________
1927 FJ -- 11 t----98
Bank
ot
Republic..
08
96
101*g
98
2 ,000,000 1,255,625
Q-J
8
8
Oct TO, 21 2
Chic Rys 4-5s series “A”
)
{--.88%
National
City________
Nov’10
87*4
1,500,000
405,878
87I2
05iS
3
6
Sep30
10. 1%
Q-J
Chlo Rys 4-5s series “B”
) 80% Sale 79% 80% ___ 75 86 National Produce_____ 250,000 81.807 . . . .
3 Q-J Oct TO,
1%
Chic Rys 4-5s series “C"
North
Avenue
State__
90%
Mch’10
9012
91
200 ,00 U
70,952
"2 h
6 H Q-J Jan ’ll, 134
___
Chlo Rys coll 6 s ...1913
. {IIII 99 * 98% Nov’10 ___ 9714 lODg North Side State Sav’gs 50,000 29,191 0
6
Q-J
Oct
TO,
1%
Chic Rys Fund 6s..1913
North West State......... 200,000 22,228
Sep’10 ___ 9714 98 People’s
Q-J Oc.. TO, 1
. ___ ___ 97% Apr’08
ChicR Rys
1st 5s
Stk Yds State. 300.000 109,870 - IIII Q-)
Oct TO, 2
Chic
I & 1*Tem
RRCtfs
4s..2002
___ 10018 10034 vPrairle National._.
1 ___ ___ 100%
.
.
66%
Aug’OS
250.000
(»)
Collat trust g 5s__ 1913 M- S
66% July’08
Prairie State-------------- 500.000 86,405 8
Q-M
6
OCt
TO, 21%
Chic Telephone 5s___ 1923
Railway
Exchange___
1 {102 IIII 102
102
3 10038 103L
250,000 33,452 2 None
Jan
’08,
Commonw-Edison
os.1943
MSecurity____________
i
101
Sale
101
101%
19
300,000
100%
10278
Oct
TO,
194,357
"J-j"
Hi
Chic Edison deb 6s. 1913 J - J ___
___ 100U IOOI4 South Chicago Savings . 200,000 89,000 ""o’ 6 Q-J Oct TO, 21%
10078 Nov’10 ___
■ ___ 100%
1st g os___ July 1926
Oct’10
100 100 % South Side State_____
10,43y Beg. b us Sep t ’09 Oct
V. 89,TO,
p. 817
____ ____
Debenture 5s___ 1920
State Bank ot Chicago.. 200,000 1,782,614
3
Q-J Sep30'10,2
11
12
H- {100% sale 100%
Commonw
Elect
5sM943
100% Aug’09
1 ioo" 10234 Stock Yards Savings__ 1,500,000
100%
Q-M
250,O
O
U
200,198
7
8
Illinois
Tunnel
5s___
1928
80
Union
Bank
ot
Chicago.
Dec’08
—
M-N
Nov
TO,
3
200.000
6
6
37,006
Kan City Ry & Light
Washington Park Nat’l 100.00J
159
7,877 Sec V. 9b,
P Q-M
Co 5s.........................1913
95% Oct’10
vVendel. .state_______ 50,000 10,044
bec31*08,1%
94*4 9434
95% Central
None
6
Knlck’b'ker
Ice 1st 5s 1928 An -- Nt
04*4
9434
Trust
Co
ot
111.. 2 ,000,000
Q-J
Oct’10
Oct
TO,
7
938,613
7
Lake St El—1st 5s...1928 J - . " " " . 77 Oct’10
Sav Bk & Tr__ noOO.OOO 112,944 IH 6 QQ-J-l Oct
TO, 21%
Income os______ .192 Feb ........... I - 16 May’05 IIII 75 85 Chicago
Chicago
Title
&
Trust..
Oct.
TO, 2
6 ,000,000 (1,543,802
6
0
lletr VV Side El—
A-O OctO.’lO,
Citizens Trust
50,000
8,622 4 8 +42 Q-J
1st 43____________ 1938 F - A 81*4 Sale 82
82
Trust && Savings
Saving? 600,000
1 80 84 Colonla'
Jan ’ll, 32 %
8+2
459,366
Extension g 4s___ 1938 J - J {78 79 78 Nov’10
___
Cont
&
CommTr
&
Sav.
80 Drovers' J rust&SavIngs 3,000,000 444,155
Morris West
&Co.El 1st____1939
90*4 Sale 00% 90% *""2 70
88 931.4
200,006 123,963 " 7 H "s"
Q-J ocV'ToIY"
North
4s.1911 JVI - J { 95%
31 9334
Sale 95%
96>4 Farwell Trust Co_____ 1,600,001)
95%
173,728 ___ 13; Q-M
Q-J Oct. TO, 1%
No
W
G-L
& Coke Co os 23 G - M
99
Apr’
.
lO
99
99
First
Trust
&
Savings..
2,500,00.
3,165,066
sep3i)'10, 4
Ogden Gas 5s_______ 1945 VI - N { - ... 92% 92% 92%
1908
92l2
96>4
Guarantee
Trust
&
Sav.
orated
200,000
Ihcorp
19,621
V.87. p.1138
Pearsons-Tatt
os____ 1916 J - D 98%___ 100% Mch’09 ___
Q-J
Harris
irust
& Savings. 1,250,000 1,471,163 6
9
H
Oct
TO, 3
4.40S________________
___
MS
95
___
Mch’10
961;
96%
Illinois
Trust
&
Savings
9612
16
+
4
16
+
4
5,000,00u
8,609,829
9
Nov
19*10. 1
4.60s
Series E________ .VI - N 96 ___ 97 Feb’10
97 97 Kenwood Trust & Savgs 200,00. 59,499 0
6 % Q J Oct TO, 1*4
4.
80 s Series F________ M - N
___ 98%
97%
.
..
.
Mch’10
98%
Lake
View
Trust&Savgs
5
98<2
200 ,00k
41,792 4H 12 Q-J
Oct TO, 1%
Peo Gas L & C 1st 6s. 1943 M.. .
121% May’O'J
Merchants’ Loan<5cTr Co '-.UOC.UOo
Q-J Oct TO, 3
12
Refunding
g 5s___
1947 A - Oi {101%
ti Q-J
101% 101% ~’i3 10034 103U Metro
pollta nTrust&Sav 750.00k 6,012,401
220,783 6 us. Oct
Sep30
10, 1%
Chic
Gas L&C
1st 5sl937
. . . . Sale
___ 103
J
J
103
104%
Nov’10
Michigan
Ave
T.Co__
j/50,000 Beg. b
29 T JV91,p.1221
200.000
Consum Gas 1st 53.1930
___
.
Dec’10 ___
IOOI4 102% Northern Trust Co____ 1,600,
8
UOO 2,382,005 86
Q-J Oct TO, 2
Mut'l Fuel Gas Ist5sl947 JM*- N1) ----- 101 101
___
Oct’10
100%
100% ioi % North-Western Tr&Sav
6
69,040
J-J
200,000
luly TO,
South Side Elev 4 Hs.1924
92% ___10 91% 94 Pullman Trust & Savgs. 600.000 233,906 8
8
Q-J Oct
TO, 32
. . . Sale
___ 92% Nov’10
Swift & Co 1st g 5s...1914 J - J . 92%
100 10078 Sheridan Tr & Sav Bank 200,000 21,530 Beg b ua J’iy
12 0 '.) V 89,p.141
Union El (Loop) 5s..1945 JA -- OJ ___ ___ 100
___
Apr’10
83
88
88
260,075
Comm
^Standard
Tr
&
Sav____
1 ,000,000
cnced
bus.
Sept 6 1910
Union Pacific conv 4s. 1911 VI - N
114 Nov’04 ___
Stockmen’s Irust & Sav 200,000 39,003 6
J-J ntly TO, 3
United Box Board col 6s 26
61 ..II 70 Apr’10 __~
70
Union Trust Co---------- 1.200.000 1,161,140 8 t 8 +52 Q-M
Sep30'10,2
General mtge 6s._____ j - j 58%
___
60
Oct’10
01%
oWest’n
Trust
&
Savings
6 D4
148,374
6
1,250,000
6
Oct 30*10,2
TO, 1%
Q-J Sep
Western
Stone Co 5s..
1909 AmustO ___ ___ 85% July’08
West
Side Tr&SavBauk
119,050 . . . .
Not- —Accrued
interest
1
be added to all Chicago b omf prices.
Woodlawn
Tr.V'+ivRen • 200,000
58,122
200.000
‘"a" "67 Oct TO. 2
V
Jr. a p.latest
3' Q0.
ra, oon
tmaDeo.
aay- 10 (clo3eot bu3lne93) f°r national banks and Nov. 11 (opening of business) lor State Institutions.
Friday;
price this raweek,
a Due
31. JN0v'
b Duo
June, k Also 20% In stock, n Capital and surplus to be increased, q Dividends aro paid Q-J.
pT„?nPay,.nla? 9 'Faddition the equivalent ot 4% more came from First Trust & Savings Bank, t July 311910. u In addition the equivalent ot 1% come

n Y m V l r # \X W




ia9Q?6

V P rarl° Nat’ Banlc and VVc3tem Trust * aav. Bank merged and capital ot latter Increased trom *1,000,000; V. 91. p. 314. to Bee

D

eo

THE CHRONICLE

. 1 0 1 9 1 0 .]

Volume of Business at Stock Exchanges
TRANSACTIONS AT
I'HEWEEKLY
NEW YORK
EXCHANGE
DAILY,
ANDSTOCK
YEARLY.
Week ending
Dec. 9 1910.

Shares.

Slocks.
Bar value.

Railroad,
dec..
Bonds.

Slate
Bonds.

U. S.
Bonds.

Saturday
________ 280,117 824,926,2001 $966,000 881,000
__
Monday _________
161,000
30.787,000 1,159,000
Tuesday__________ 347,545
1,913,000
36,000
62,923,950 2,024,500
783,496 70,414,600
Wednesday ______ 703,507
41,500
$500
Thursday_________ 745,220 66,260,000 1.985,0)9
70,000
Friday___________ 630,190 54,155,000 2,133,000
86,000
Total..................... 3,490,365 $303,766,750 $10,380,500 $480,500
$500
Sales at
Jan. 1 to Dec. 9.
Week ending Dec. 9.
New York Stock
1909.
Exchange.
1910.
1910.
1909.
4,340,448 160,570,951 203,652,836
Stocks—No. shares__ 3,490,165 $393,823,150
Par value_____. . . $300,760,750
$71,000 $14,331,169,5/5
Bank shares, par____
$5,600
$1,082,200 $18,033,876,500
$249,950
Bonds.
$17,000
$500
3359,700
Government bonds__
$778,700
639,500
489,500 25,971,000
40,382,050
State bonds ................ 10,380,500
30,067,400
553,158,700 1,208,737,600
RR. and mlsc. bonds.
$10,870,500! $26,027,5001__$506,900,45ol $1,245,583,700
DAILY TRANSACTIONS ATEXCHANGES.
THE BOSTON AND PHILADELPHIA
Week ending
Dec. 9 1910.

Saturday_________
Monday__________
Tuesday ________
Wednesday________
Thursday________
Friday___________
Total ................

Boston.
Listed Unlisted
shares. shares.

9,323
12,412
25,467
26,581
22.358
18,081

114,222

Bond
sales.

7,789
10,404 $12,500
44.000
10,347
15,114 53.500
94.000
14,222 34.500
11,025 63.500
74.90ll $302,000!

Listed
shares.

Philadelphia.
Unlisted Bond
shares.
sales.

5,909
10,443
12,997
11,791
13,029
9,102
03,8711

Outside Securities

6,350
0,614
15,162
17,046
25,967
15,040

$26,100
33,400
70,700
44.000
77,100
86,500
86,779 $337,800

All hood prices are now "and interest’' except where marked ’ f,”
Bid Ask
Street
Railways
Street Railways
New York City
15 21
Pub
Serv
CorpRyN 5sJ (Con)
Bleeck St A Put Fy stk.100 58
107
65
106 215
New’k
Pas
’30.-J-J 235
1st mtge 43 1050--------I-J
140
Rapid
Tran
St Ry___100
B’y A 7th Ave stk...........100 120
100
98
1st
5s
1921.............A-O
102
2d
mtge
5i
1014--------J-J
list
J C Hob
A Paterson—
Con 5* 1911—See Stock Exc
102 105
g 1941...........M-N
73
B’way Crosstown
Surface 1ststock..
5.3 gu 1924
90 So4sJ Gas
El
A True.. . 100 128
Ccnt’l
100
/ 8O' 85
97
1st
mtge
6)
1922---M-N
Gu
g
5s
1953........51-S
21
Cen Pk N A E RIv stock. 100 15 85
No5sHud
Co Ry
6s 1914 J-J 103
..............
..J-J 104
Christoph’l A lOthStstk 100
1928
list
95
Col
A
9th
Ave
5s
—See Stock
Ext
5s
1924..........M-N
Dry Dock E B A B—
Pat
Ry
con
6s 1931 ..J-D 113 110
99 101
1st gold 6s 1932------- J-D 95 100
2d
63 opt 1914___A-O
Scrip 6s 1914.............-F-A 30 40 So Side El (Chic)— See Ch Icago list
Eighth Avenue stock__100 200 300
Syracuse
R
T
5.3 1916 ..M-S 100 102*'
Scrip 6s 1914.............F-a 95 100
P A II 5s 1943...J-D 97
42d & Gr St F’y stock.. 100 200 300 Trent
United Rys of St L—
42d St M A St N Ave... 100
9*g
Com
vot tr ctfs_____100
1st mtge Gs 1910___M-S 4.)
e Preferred ________ 100 384 38-3.1
2d Income 6s 1915___J-J inge
Gen
4s
1931
—See Stock Exc list
Inter-Met —Sea Stock Exciv
Unit Rys
—See Stk Exc list
Lex Av & Pav F 5s—See Stk Exc
32 33
Wash
Ry San
& ElFran
Go..........100
Motropol
St
Ry
— See Stk Exc
100 86 804
Preferred....................
155
Is 1951........................J-D
Ninth Avenue stock-----100 10
83 83*4
Second
Avenue
stock
— 100 99
1st
M
5s
’00
ext
TO..M-N
Gas
Securities
56
Consol 5s 1948______F-A
e Sixth Avenue stock__100 115
New York
Sou Uoulev 5s 1945-----J-J 60
Cent Un Gas
5s 1927___J-J 102 103
88
So
Fer
1st
5s
1919--------A-O
Con
Gas
(N Y)— See Stock Exc list
Third Avenue Rll— See Stk JExc
e Mutual Gas..................100 167 173*:
New Amsterdam Gas—
Tarry W 1* A M 5s 1928 50
1st consol 5s 1948___J-J 1014 102
Y’kers St RR 5s 1946 A-O 75
N
Y & E R5sGas
1st 5s '44 J-J 103 105
28th A 29th Sts 5s '9G--A-0 fnlO
190
Consol
1945______j-j
Twenty-third St stock.. 109 1001;
100
NNorYUn
A: Richmond
Gas.. 100 97
Union Ry 1st 5s 1942— F-A 65
35 50
1st 5s 1927___M-N
Westchester 1st 5s '43 J-J
99
Gas com___100 55 101
Ie Standard
e P oferre ' .................100 85
Brooklyn.
1st 5s 1930________M-N 104
Atlan
RR—• A-O 1014 103
Con Avenue
5s g 1931--------97 102
BBrooklyn
B A WCity
E 5sStock-----1933-----A-O
Cities.
170 Am Gas Other
165 list
10 ange
& Elec com____50
*50*2 51*2
Con 5.1—See Stock Exch
42
Preferred____
50 *41
Bklyn Ilgts 1st 5s 1911 A-O 98 102 Amer Light & Tract___100 287
104
103 290
Bklyn Queens Co * Sub—• 100 101
Preferred................
100
State Gas.......... 50
c 1st g 5s ’41 op 1916 .J-J
991; Bay
e 1st con 5s '41 op T6 M-N 974 list
Blngh’ton (N Y) Gas Wks ®10
Bklyn Rap Tran— See Stock Exc
1st
g 5s 1938.............. A-O 95 100
75
Brooklyn U11 Gas—Sec Stk Exc
list
Couey Isl A Bklyn------ 100 60
83 Buffalo
City Gas stock.. 100
1st cons g 4s 1918-----J-J 78
80
75 100
1st 5s 1947—See Stock Exc5 list6
Con g 4s 1955......... J-J 95
Cities Service Co.............100 58 61
Brk C & N 5s 1939...J-J
Preferred.................... 100 77 79
Kings Co El 4s—See Stock Exc list
Gas of N J 5s 1936 .J-J
Nassau Elce pref...........100 103 105 Con
Consumers’ 1, II & Pow— 90 94
1944..............
A-O
105
5s
1st 4s 1951—See Stock Exc list
92 Denver1938......................J-D
NSteinway
W’b'g *1stFlat
ox 4 Ms 87 106
Gas & Klee........100 180
6s 1st
1922__J-J
104
Gen g 5s 1919 op___At-N 90 205
Elizabeth Gas Lt Co___100 300 93
Other Cities
Essex A Hudson Gas__100 134 130"
Buffalo Street Ry—•
78 80
A El Bergen Co___100 98
1st consol 5s 1931___ F-A 105 1064 eGas
101
Gr Rap 1st 5.s 1915 ...F-A 131
Dob
6s
1917...............A-O
104*2
105
Hudson
Co
Gas...............100
136
Columbus (O) St Ry----- 100
964
33
Indiana
Lighting
Co___100
35
Preferred__________ 100 101 104
4s
1958
op..................F-A
64
Colum Ry con 5s—See Ph! la list 102 Indianapolis Gas_______50 11 65
Crosst’n 1st 5s 1933..J-D
1st g 5s 1952..............A-O 80 20
85
e Conn Ry A Ltg coin... 100 74 /5 Jackson Gas 5s g 1937.-A-O / 88 924
81
e
Laclede
Gas..................100
j1stPreferred
-----------10°
79
103
104
A ref 4 'A h—S ee Stock Exc list
« Preferred_________100 80 102
Grand Rapids Ry prof.-100 82 85 Madison
Gas6s6s 1914___Q-j
1926__A-O 103 108
Newark
Gas
c Loulsv St 5s 1930____ J-J 105 1054
120
Newark
Consol
Gas........100
Lynn * Bos 1st 5s 1924.J-D 104 106
90 93”
c Con g 5s 1948..........J-D 103 104
e New Orl ltys A Lgt__ 100 25 254
67 No Hudson L I U Pow—
Preferred_________
100
65*4
list 5s 1938.............
Gen M g 4 Ms 1935—See S tk Ex 116
A-O
Pacific Gas & E, com__100 102
PubTrServ
N J...100
67*2
ctfs Corp
2% toof 6%
perpet 114
991 100
Preferred..................1100 67
89
North Jersey St lly_.100 60 75" Pat A Pas Gas A Elec.. 100 88
80
86
1st 4s 1948______ M-N 7312
eCon g 5s 1949........M-S
Cons Tract of N J_________100724734 St Joseph Gas 5s 1937..J-J 1004
90 102*2
934
1st 5s 1933.............J-D 1034 104*4
8 *4

1565

Electric
Companies
Ask
Bid A
Chicago
Edison
Co— See Ch Bid list
Industrial
and..........100
Miscel 124 121(
Gr’t West Pow 5s 1946..J-J ;ago
89
87*2
e
Crucible
Steel.
e Kings Co El LA P Co. 100 122 124
76' 77
e Preferred..................100 *J3g
Narrug tn (Prov) El Co__50
Davls-Daly
Copper Co__10
N Y A Q El L A Pow Co. 100 *89
40 90
50
91
e
Diamond
Match
Co__100
92Is!
100 80
73 78 duPont (E I) de Nem Po 100 146 149
Preferred....
United
Electric .........
of N J__100
85
Preferred.._______ 100 83 85
1st g 4sPower
1949.............
J-D 40
75*2 41
76*2 ee Gold
S5
4Ms 1936___J-D
Western
com___100
12
Boat.................. 100 “ 51• 53
Preferred__________100 63 63*2 Electric
Preferred.................... 100
15
To''
Empire
Steel..................100
Telegraph and Telephone
55 62
Preferred.............. 100 94
e Amer Teleg A Cable... 10U 78
100
e
General
Chemical____100
e Central A So Amer___100 117
e Preferred.................. 100 101
1034
Comm’l
Un Tel (N Y)__25 105
Gold
Hill Copper________1 *7,(
Empire A Bay State Tel. 100 65
*7
Greene-Cananea_______20
Franklin ...........
100 40
Guggenheim Explor'n.-lOO 189
e Gold A Stock Teleg__ 100 110
e Hackensack Water Co—
e Northwestern Teleg___ 50 no
85 86
RefSignal
g 4s ’52
1912 ..J-J 20
Paelite A Atlantic______25 60
Hall
Co op
com........100
e Pac Telep A Teleg pref 100 90
4 356
Havana
Tobacco
Co___100
90
Southern A Atlantic____25
Preferred.....................100
8
12
1st g 5s June 11922 J-D
59
Ferry
Companies
Ilecker-Jones-Jewell
Milling
90
BN AY NA EY It1stFerry
63 1911___J-J
1st 6s 1922________M-S 103 105
stk... 100 20
Herring-Hnll-Mar
new.. 100
100 35 40
55
1st 5s 1922............... M-N 97
Hoboken
Land1930______
A Imp..
N Y A Hob 53 May ’46.J-D 105
1st
5s
Nov
Hob Fy 1st 5s 1946..M-N
Houston Oil................... 106 >'8 8
N Y A N J 5s 1946____J-J 96
Preferred__________100
484 494
Hudson
Realty____...100 110
10th A 23d Sts Ferry... 100 30
1st mtge 5s 1919___ J-D 65
e Ingersoll-Itand com...100 93
e Preferred..................100 X 97
e Union Ferry stock___100 26
Intercontinental Rubber 100 294
e 1st 53 1920.............M-N 96
30
Internat’l Banking Co.. 100 90 160
155 165
International
Nickel___100
Short-Term
Notes
984 Preferred__________ 100 90 924
Am Gig sor A 4s 1911..M-S 9S4
1st g 53 1932...............A-O 92*i 94
Scr B 4s Mch 15 T2..M-S Ojfy 100
99* International
Salt..........106
9914
Balt
A
Ohio
4
Ms
1913.
J-D
1st g 5s 1951............ A-o 50 6
Bcth'.eh Steel 6s 1914..M-N 964 074 International
Silver___100 107 80
68 %
Chic A Alton 5s 1913..M-S 9~
98*4
0784
113
CIn
1913...J-J
110 112
OO CHam
A StAL1)5s,4sJune
1911.. 1004 100*2 Preferred...................100
1st
6s
1948------------J-D
140
Hudson Companies—
Internat Smelt A Refg. .100 130
205
6s Oct
1911...........A-O OGI4 909-4‘ Internat Time Record..100 ISO
110 115
0s
Feb 15
1 1913...........F-A
98*4 1003^' Jones
Preferred_________
100
Inter!) It T g 0s 1911..M-N 1004
A
Laughlln
Steel
Co
IOU4
9834 99*4 1st s 1 g os 1939........Al-N 100
IC
C ltyA StA LLtg6s5sT2___M-S
Minn
1911..F-A 99* 100
Steel___100 u£> 45
« N Y C Lines Eq 5s ’U-’22 54. GO 4.40 c Lackawanna
c 1st con 5s 1950___Al-S 85
4 Ms Jan 1911-1925____ 64.60 4.40 eDeb 5s 1915............ Al-S $S*4 9112
60
N Y N H A H 5s T1-T2.. 100 101 Lanston
Monotype........100
248
St53L Mch
A S F1 4Ms
T2 op.F-A
Lawyers’ Mtge Co..........100 243
230
275
16*:
96 98*4
1913..........
M-S 974
Leb
A
Wllkes-B
Coal___50
South Ry g 5.s 1913___F-A 984 985s e Lorlllard (P) prel____ 100 135 145
101* Madison Sq Garden____100 35 45
Tidewater 6s, 1913, guar... 101
Wabash
4 MsA 1913___
M-N
2d 6s 1919.............M-N 85
Wc3t Telep
T 5s T2.F-A
*1
99*4 100
Manhattan Transit_____20 55
1*4
100*. May
100
Wcsllngh’se
El
A
M
6s
1913
57*2
Dept Stores..........100 104 105*2
5% notes Oct 1917..A-O
Preferred....................100
*7*2 20*2
Monongaliela
R Coal........50 **20
7*8
Preferred___________50
Chic PeorRailroad
a ScL—
113*2
Mortgage
Bond
Co____100
11S12
Priormtge
lien gg 5s4Ms
’30.M-S S5 50 Nat Bank of Cuba_____100 ___ 106*2
Con
1930...J-J
Surety(oId stk) 100 262
Income 5s, July 1930___ // .---.. . 5 National
191 265
195
New stock..................100
Chicago Subway...........100 3~t 44 e NevadaCons’dCopper.
See 3tk E x list
109
107
Kan
A
Col
Pac
6s
1938.F-A
Nev-Utah
Min
A
Sm___.10
*‘8
Nat Ity3 of Mexico—See S t Exc list cNew Central coal_____20 30 CO1
Northern
Stubs.. 100 112*' N Y Air Brake 6s—See Stock Exc list
Pitts Bes3Securities
A L E _______50
*32 35
Y Biscuit 6s 1911___Al-S 100
Preferred......................50 *70 76 eNNew
York Dock.........100 ___ 35
e Railroad Securities Co—
80
e
.................100 Goli 205
111C stk tr ctfs ser A__52 GO 95 N YPreferred
Mtge
A Security__100 200
*4
Seaboard Company—
N
Y
Transportation........20
1st preferred............100
80 Nlles-Bcm-Pond com__100 60 1005
Com A 2d pref—See Bal 75
Exc list Nlplssir.g
Mines..................5 *10*4 n
Seaboard Air Line—
Copper Co________10 *l!i
Coll 5s ext May 1911.M-S 99*8 1004 eOhio
Ontario
Silver_______
100 48ll« i°i«
West Pac 1st 5s 1933..M-S 90* 91 Otis Elevator com_____100
502*4
£6
68
Preferred__________100
Industrialgand
Miscel
Brewing____50 *22~s 23
904 Pittsburgh
Adams
4s 1917__l-D
41
/’180
824 190
*40*4 list
Preferred___________50 Exc
AhmeekExp
Mining.........
Pittsburgh
Coal
— See Stoc
120
115
Alliance Realty...............100 153 156 Pope Mfg Co com_____100
58
60
American Hook...............100
78
100
Preferred....................
125 Pratt
American Brass..............100 120 224
102*2 104
A
Whitney
pref..
100
American Chicle com... 100 218
114
148
Producers
Oil..................
100
Preferred .................... 100 160 103 Realty Assoc (Bklyn)__100 180 120
Royal Bak Powd com__100 105 190
AmPreferred...................100
Graphophone com..100 205
108
Preferred................ ..100 132 134
122 102 Safety
Amer
Hardware______
100
Heat A Lt__100
Am Malting 6s 1911___J-D 100 100 Seneca Car
75
Mining................
25
Amer Press Assoc’ 11___100 95
Singer Mfg Co.................100 3405 3508
Am St Found new— See S tk Ex list
South
Iron
A
S
com___100
102
Os 1935......................A-O
Preferred.................... 100 10 16
Deb
4s 1923................ F-A 100*2
69 70 Standard
Cordage_____100
American Surety.............. 50 227
1st M g 5s '31 red___A-O r3T 204American
Thread
pref___5
*4*2
*54
Adjust
M
5s Apr 1 1931. .
Am Tobacco Co com___100 420 425 Standard Coupler
com.. 100 100 40
Amer
Typef’ders com__100
40 42
Preferred..............
100 16 18
Preferred..........
..........100 98
100
Standard
Milling
Co___100
Deb g 0s 1939_____M-N 97 100
54
Preferred__________100
Amer Writing Paper___100 2*i 3*2 1st 5s 1930________M-N 50
S3 87
Preferred____ _____ 100 294 30 Standard Oil of NJ........100 60S
315
89 Swift A Co— See Boston Stk Exc list
1st s f g 5s ’19red 105.J-J
10
Atl Gif A W I SS Lines.. 100
1st 5s.
See Chicago Stk Exc list
Preferred............. 100 204
Texas
Company
— See Stock Exc list
Col tr g 5s 1959...........I-J 66 674
95 100
e
Texas
A
Pacliic
Coal.. 100 135
Barney A Smith Car___100 15 30
Title
Ins
Co
of
N
Y____100
98 Tonopah Min (Nevada)__1
*77S 140
Preferred................... 100 tk90Ex list
Bcthl’m Steel Corp—See S
Trenton Potteries com.. 100 4 8*3
Bliss Company com___50 124 130
Preferred new______ 100 45 558
118 l*x2 Trow
Preferred .............. 50 250
Directory............100 30 •«•»«£
Bond A Mtge Guar____100
257*2
60 01*2
Typewriter. 100
123 Underwood
Borden’s Cond Milk___100 120
Preferred....................
100 100 101
107
105
Preferred....................100
50 1062S
Union
Typewriter
com..
100
*63S 04 1st preferred..............100 101
British Col Copper........ 5 *18
19
Butte Coalition Mining. 15
103
107
2d
preferred................
100
*49 52
Casein Go of Am com— 100 502*4 583*2 United Bk Note Corp__50 *50
52
Preferred__________100 125 140
Preferred_________
50
59 61
Casualty Co of Amer__100 132
United Cigar Mfrs_____100 100
Celluloid
Co....................100
e Preferred_________100 4*2 103
*6*'
Cent Fireworks com___100
Copper................ 100 10 206
40 United
Preferred
....................100
Preferred__________100
Central
Foundry______
100
U
S
Casualty............—
100 215
50
Preferred
S Envelope com____ 100 110
DebOs’19 ....................100
redat 105.AI-N / 33 38 U Preferred__________100
Chesebrough Mfg Co___100 700
U
S
Finishing..................100
95 113
100
Chino Copper Co______ 5 *2134 21>g Preferred__________100 106
111
City Investing Co_____100 68 62
1st
g
5s
1919..............
J-J
100 105
Preferred__________100 101 105
Con g 5s 1929_______J-J 95 100
e Wallin (H B) com.........100 102 106 U S Steel Corporation—
e 1st preferred______ 100 93 96
Col tr s f 5s 1951 opt ’ll . 114 114*4
e 2d preferred______ 100 94
Col tr s f 5s '51 not opt.. 114 114*4
Col A Hock Coal A I pf.100
U
S Tit Gu A Indem___100 — 92*i
1st g 5s 1917.............. J-J 45
e Utah Copper Co— See Stk Exc
Col tr 6s Oct 1956___ J-J 45
Westchester
A Bronx Title 160 166
42*2
Consol Car Heating___100
& Mtge Guar_______ 100 '139
4 Westlngh’se
3
Consol Rubber Tire___100 40*2
140
Air
Brake..
50
Preferred...................100 22
West El A Mfg 5s
—See Stk Exc
Debenture 4s 1951..A-O 40
Worthlngt'n Pump pref. 100 104 list
108
88*4

* Per share. b Basis. 0Sells on Stock Exchange, but not very active. / F lat price, n Nominal, s Sale price. t New stock, x Ex-dlv. v E z-rlghti



BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
'SHARK PRICKS— HOT PER CEN TU M PRICES
Tuesday Wednesday Thursday
Sal nrday Monday
Dec. 7
Dec. 6
Dec 8
Dec. 5
Dec. 3

F rid a y
Dec 9

Sates
of the
Week
Shares

STOCKS
BOSTON
STOCK
exchange

Range Since Jan. 1
Highest

Range for Precious Yeat

(1909)

Highest

Railroads
125% Oct
98 Jan 106
123%Jan 3
91% Aug
J ly 262 101%
Atch
Toppref________
& Santa Fe.10:
IOi 97*“
175
9878 987fj 100%
99*8 102
991; *101
9914 102
9914 *101
*9912 100 *101
J’no
9912
99%
100%Jan
Jan 7 225
Do
50
102%
102
*101
102
*101
102
239%
Apr
Jan
234
Jail
II
218
J’nO/0
10e
Boston
&
Albany___
131
223
222 *127
II4 221*4 22112 22H; 222
221 221 22
221 221
135
Deo
124%
Jan
Aug
;
136%
Jan
t
r.v:.2
Boston
Elevated____
IOC
199
1271s 12718 * .
1271.1 *210
127% 128 12714 216
12712 12734 1___216
12734 12734 '___210
Mch
223%
Dec
227
Feb
.4
J'ly
7
20J
Boston
&
Lowell____
100
63
215
216 210 122 122 122 122 122 122 124 124 123
Nov
152 Feb : 132%Jan
121 NOV21
Maine____ 100
128 Boston
122 300
122l2 299 299 299 299 299 299 *___300 * .
Jan
Sep
Oct 1;4 3 0 Nov 3 295
Boston &A Providence.
100 285
25 Boston
*295
Feb
U34
Jan
J’ne
J01o
NOV18
14
Suburban
El
Cos.
50
*15
*15
16
15
15
*15
16
16 *70 72 *70 72 70 70 *70
16 *15
*15 72
77 %Nov
Jan
J’ly .1 78
Apr 39. 6()i“
Do pref___________ 708 Mob
6 Boston
*70 72 '___
*70
14%
Mch
10
May
lc%
Sep
.
Wore Elec Cos. 35 Aug 29 48 ja 1 J 40% Dec t.5% Oct
10% <
10 39Last Sale
10
'___ 10 *39 39%
*___ 40
10
Do &
pref___________
'*54 Ohio
39 *39
39 39 *15712
39 39
*39
162 J’na
143
oan
160
Dec
9
Sep
16
139
Juno
lty
&
USY.10'
145
ICO
160 * *15712 160 *15712 160 15712 157*2 114 114
*15712
3 lla Jan L 115 Nov 123 J'ly
Do pref_________ 10< _109 Oct
*113 160 *113 115 *113 115 *___114
Oct 13 27J Mch lb 267 Jan 275 Mch
Connecticut Uiver__ 10o 260
Sale 260 <
'___270 130Last130
124%Sep 21 133(“ Jan 3 128%Nov 136 F'eb
100
Fitchburg,
pref_____
97
130
12912 1291; 130 130
*129
/ 5 Jail 103 Deo
*129
123
Oct 147 79
Electric___ 100 104
170 GaDoRy &pref_________
(an 881“ Sep
*1171“ 13012
11734 11712 11734 117 117*2 *116 113 *116
118
*115 13012
90 Oct
Oct
86 Ja.i
Apr -. 210
lOt 202
35
87
83 *210%
*87 88 *210i2 ----*87 88 *21012
Jan
195
Oct 195%
*8714 88
88
*87 210
l
Fen
in
Maine
Central_______10u
13
*21012 ___ 17*2 ___
19 Nov
Oct
11%
Jan
210
210
210
22
’.
Nov
16
11
%
J'ly
.6
Electric
Cos____ 100 75 J’ly 1 .'634 NOVl/ 531 oan 84
280 Mass
17 17 *17%
171“ 83
18 18 *83 83*2
1812 83
18 1S12 *18
Do
pref...................IOi
281
83%
83*4
174%
J’ne
8314
153
Nov
84 85 *83
162
S
M
cll
•149
Apr
•'
N
Y
N
H
&
Hartford.
10'
007
152
149 Aug
1*5*11 1511“ 152 151 15134 150% 151*2 *139
146 Apr
Feb 215
15U-* 141
1511c 151
14.% Aug25
139 Deo
12 Northern N H_______ 10t 210
Sep
139 139 *139 141 *139 141 *139Last 141
*139
Men.;
Mayl t 212
Norwich A Wor pref. 100 181% Sep
Sale 210 June’10
Dec
200%
Jan
:00
.Tun
7
14
Old
Colony_________10”
188
186
18534
1S534
185 1*85
40
J’no
185* 1*8*5* *___
Apr
185’ 185"
*185' 186 *35
2
o
May
41%
Nov
1
Rutland pref. . 10
Dec’10
37 Last Sale 36
*35 37
117% Aug
38 *___103
90% Mch 107
*35 37 < _ 108
119 Jan l
Aug 18 196
Seattle Electric_____ 10 c 103
105% Deo’10
107*2 *102Last .Sate
97% Apr 218% Aug
Mcll - 172%
08% Auv 2 204
19 Do pref..................100 153%
.. 168% 169% 1,606
102
Aug
...
102 102 *102
Feb
___102 16918
**___103
%
Jan
8
J’ly 26 1033g Jan 3 931“ Mcb 117%Aug
Union
100
168
I6OI4 1677a 16638
107 170 *91*2
16778 16918 *9H“ 16934
8J%
J’ly
26
Do Pacific..............
pref_____ loo
Last Sale 92 Nov’10
92
2 9212
175
Apr
921; *9H
165
Jan
*9114 92 *157
168
Jan
17
J5
.
Oct
15
Vermont
A
Mass____
100
3
*157
157 157 *157 160 *157 160
*157 160 89 160
West End St_________50 b3 Sep 26 05% Mch 8 88 Jan 1)8%Apr
8912 8912 895s 89*4 89*2 89 89 89 89% 378
891“ SOI25 Do prof__________50 99 J ’ly 0 100 Feb to 102 Oct 112 Apr
*10238 105 51025s 105 10233 103 *102% 105 102% 102% *102% 105
. Miscellaneous
60% Aug
33%
40% Oct
2o
36
J’ly
1,799 Amer
Chcm..l00
45% 4534
43 46
43 43 99
43 43
43 2 100
43 9978
94 Jan
Jan 1059% J’ly
421“ 4234 99I
98%
Mcll 27“7 195
Sep
26
Do Agricul
pref..................
100
99 540
9934 99
991*8
997g 99
Feb
5
%
J
an
100 100
4
Dec
;%
s
Feb
11
Amer
Pncu
Service__
50
505
*4%
5 516 Do pret__________50 J3% Deo 8 24 Feb U 13 Jan 22% Nov
434 *4%
5
47s 14412 1443.( *134 1334
*434 478 *434
14% 14%
1334 1438
14 14 1141;
ill
Oct
3
*14 15 1131“
127%Mch 2 114 Nov 136 Apr
100
Amer
Sugar
Relln___
362
114
115
113%
114%
1131“
114
115 113 113 113 113% 113 113% 441 Do prer_________ 100 11l b Oot 3 124 Mch ill 7 Nov 131 Apr
114
11312 114U
11334 113*4
26 14378 N ov 4 125% Feb 145% Sep
113U 11312 113
Telco A Tcleg-.IOO 1226:71.1 J’ly
141% 5,224 Amer
139% 140 140%
139 1137,8
140" 139 1397s
Feb 40% Aug
7 391“ Mch 19 27%
13953
140%
1395S
140
woolen___ 100 1.01“ J’ly
110 American
32
30% 30% 32
30
34 *91* *92* *29
Deo
Mch287 93%
*321“ 331“ *33
Do
pref_________ion
1,004
91% 200 Atl Gulf A WI S S L.100 V Mch 167 104%
91 91% 91%
91 ■___
4%Jan
Apr 108
12%J’no
Sep
91 9214 *___ 10 * 90*2
11%
Jan
92?s
93
10
10
__
10
10
16%
Apr
16
Maylo
31%
Aug
28
Jan
'
*10
___
Do
pret_________100
089
20%
20%
20%
20*2
20*2
205g
334
Apr
8%
Oct
8%
Jan
li
*20
___
Boston
Land_________10
Sale 6*** Nov"10
*6 7 . Last
*6 7 *14878
147%
Nov
>38
•
J’ly
2a 1521; Mch 3 125 Jan
*5
7
Cumb
Telep
A
Teleg.100
145
Nov’10
Last
Sale
1521
2
7
Jan
*148*8
153
s 153
13% JApr
’no
Apr i4 11%Jan 3 245 Jan 260
*14.81“ 153 1487
East Boston Land_____ ;23'J7 %Ja
*7% 8 2818 2818 975
Nov 16 1603g Eeb 173 Aug
8 8I.1 *2808 8 280734 2808 280734 2818 280
Edison E'ec Ilium__ 100 135 J’ly .2b6 292%
184 General
2S0
16J%Jan
280
280
100
Electric____
289
152
153
15034
151%
1491
2
151
151
152
152*
83% Deo
Jan 97
76% Feb
151% 1511“ 152
9l% Novl6 59
88% 88% 1,980 MassachusettsGasCos
88*4 881“ 88
8834 89*4 931
89
Apr
89 Jan 220%
89 Jan
May 164 97 Men ts 202%
89 89 89
Do pref_________ 100
100
9334 88%
9334 93% 93% 537
931; 223
93 220
933s *223 2 225
931; *223
Deo
Men
214%
*9314
931
2 93
.26 N ovi 4
Mergen
thaler
Lino___100
43
2215
215
223
224
3%
Oct
224
2
Jan
224 224
2%
Jan
3
<
3
3
4
Mayio
Mexican
Telephone..
10
*4
5
150
*4 5 110 110
*5 5*8 1106 1105 110
68 Apr 125 Oct
5 5 1105 1105 ♦ 110
107
Sep
22
124
Jan
’
N
E
Cotton
Yarn___
100
67
110
112
Oct
93
Jan
110 110
Aug 3 115 Jan 11 120% Jan
pref_________100 99%Aug
21 Do
109 137* 109
109 *____
Sep
lOd 109 *___ 1371“
*109
110 110 110 137*2
W 138%
Mch 116 75 Feb
E Telephone______100 129%
137 207 NPacific
136% 137 93%
Oct
1383s 13 7
13812
138% 133U 138
100
Jan
93%
NOV
Coast
Power..
100
Nov'10
Last
Sale
Aug
*931;___
*93l
2
___
108
Jan
*9312 . . . . 162
'~
J’neau
200 Feb li y3j Jan
Pullman Co_________lOu 153
162 162 *194
160%
162
160
161
Sep
100
160*4
162 162 *12 162
11%
Jan
ii
14
Oct
3
Reece
Button-Hole_10
12 12 119
12% 1234 *12 . .. 12 12 102%
114%
Aug
13% 10134
100
Jan
*12 1212 10112 1017.S
100
Jan
24
10934
.
1
all
19
480 Swift A Co.................... 100 28 Mch3u 34% Dec 8 20% May 34 Deo
102%
102 102 101%
102
10073 IOII4 *30 331“ 32*2 102
34
34% 1,638 Torrlngton___________25
34%
331“ 33
321“ *32
35 Nov
24 %Jan
27 Jan 18 31 May
31 31
Do pref................
25 166
28
23
09 United
28
23
28 196
27*2 196
2712 *27%
*27 28 193
Deo
126G Jan 170
%Jan 16 290 Sep .0 *54
*27
28
Fruit________100
197
638
196
197
193
196
71
Oct
19318
Mch
19234 193 193
7134
Apr
18
46%
J’ly
Un
Shoe
Mach
Corp_25
1,198
55
55
5334
54
54
54
55 55*4
55 5514 *2834
31%
Sep
28%
Jan
5414 55
31
Jan
4
25%
J’ly
Do
pref._________25
77
*2834 29%
29%
29%
287s
29%
29*8
29
2914
4134
Feb
9478
Oct
*29
2912
0034
Jan
3
J’ly
26
73 35,127 U S Steel Corp..............100
70% 723g 72%
70t2 11534
717s 115%
71 741S *11514
7278 74 115*4
131
Oot
111 J’ly 26 125% Jan
107
Feb
72% 73% 115*2
Do
pret_________100
137
116%
116%
1157s
116
1157a
1J
Deo
14
Feb
l
:
6%
Jan
1
,
’
%
Sep
30
♦ *1612
11518 1155
s
West
Telep
A
Teleg..l00
40
*16
17%
*16
17*“
171;
1712 *16
1612 90
lfil *16*2
70
Mch
96
Deo
81
Aug
15
1712 90
94
Jan
3
Do
pret_________100
9
90 90 *86 90 *86 90 *86 90
90 90
10 Sep
Feb 15) 478 Oct 10%May
VdventureMining
Con_______25 4 J’ly
7 252
*61“ 7 *6%
6%
61
6%
61
2
612
6
Deo 132 1434
6I4
61;
Algomah
Mining__....25 318% J'ly
555
9
9
*3%
*8%
9
8*4
9
9
Jan 62 Oct
9
9
85g 83.| 39 39 39% 39*2 38 38 38 38%l 38% 381.1 885 Anouez______________26
13
58
Feb ..3 34
96%
05
Jan
3712 3712 6334 643.| 61% 65 61*8 63% 61% 6338! 633S <54%54,732 Amalgamated Copper 100 55%J’ly 12 00%
40i“ Nov
Deo
23 Feb
Mch 61%
Jan
6338 641S 2614 2334 26 26 2J78 25% 25% 25% 26 26 1,615 Am Zinc Lead A S itu. 25 19%J’ly 26 4o%
Deo
30
Feb
26
2612
12%May 4 5034 Jan 3
\tlzona
Commercial.
25
5,241
14%
15
1334
14%
14
12%
18
Jan
1334 143s 136 14%
8 J iy
1334 1334 *6
5
J
I1C30
12%
Jan
14
Atlantic........................
25
365
*5"8 7
6 6 6 6 *.50
May
6
.45
Feb
6*
.79
Mch
2
8
6
£0
Mch
u
6
.55 450 Bonanza Dev Co___ 10 5 10 May 4 24% Jan 13 17% J’ly 24 Deo
.55
.75 .5013 13.50’* .50
.55 *.50 13%
♦ .50 13.65 *.5013 13%
13 13% 13% 1334 1,021 UosACorbCopASUMg
11%Deo
8 Sep
4% Nov 5 18% May26 2138
13534 57g 6*8 7*2 13%
Butte-Balakiava
Cop.1510 lS^s
7 7 738 187% 187% 4,710
7 18%
0% 7%
eb
33% Nov
J’ne3u 28%Jan 3 06%FMay
Butte
Coalition_____
955 Calumet
18
18 40 18
18 46
119
Jan
18 18 18
44%
J’ly
l:
103
Jan
3
1712 171“
A
Arizona..
10
477S
1,891
47 49 x530
iV s
51% 530 535 630
Aug
50 643
52 535
Feb 695
51 660
Jan 3 685
51*2 5U2 *545
J'ly t 085
A Heel a___ 25 600
60 Calumet
530 16 535
41% Sep
29
Feb
38
Jan
3
545 545
13%J’ly is
Centennial___________25
330
16
16
16
16
15%
1534
.35
Jan
15%
.10
J’ne
04
J’ly
o
.16
Jan
To
15 15.08 *.0515U 15*4
1
.ions
Mercur
Gold___
.05
Nov’10
.08 *.05 65.03 66Last Sale
NOV
.08 *.05
68% Feb 86-%
Feb 17 85 Jan
*.05 67 67 67%
Copper Range Con Co 100 683% Sep
67 1*363 Only-West_____
66 6634
65 684 65
12 Mch
May 16%
28
66l 2
9%Mcb28 7%
. . . . 20
20 East Butte Cop Min..
3% 3% 8,525
4 *3% 4 12%
*3%
4 *3%
Apr
7%
Feb
*312 4 *3*“
6%
J’ly
13
14
Nov
14
10
12% 1,400 Elm River___________12 .05 Oct 11 2%Feb
11 11% 11% 12
1 Oct 2%Jan
1H“ 12% 11
11«4
11
.14 12.1 .109% .12
19
Aug
13
Feb
9 %J'nejo
22%
Mch
Franklin____________25
"*934
646
To’
9%
’*91*2
To*
J’nc 12% Nov
J’lyoo 12%Jan 10 9073s Feb
*10" io* *1*0* 9% 10
"91*2
Giroux Consolidated. 5 206 J’ly
6% 6% 6% 38634 39634 2,190
110%
67a 377 36678 38678 366% 3867S 376% 37%
111
%
Jan
Consolidated. 100 6%Sep 2 IDs Jan 3 9 Feb 14% Deo
775 Granby
NOV
36
Greene
Cananea____
678 37634 3867$ 227 227 4,286
63.,
678 7% 207S
38 Deo
7 7*8 213
Sep
7 21714 2214
%Oct
J iy 27
1
36578 Jan
12 8%
Hancock
Consolidated2025 141%
1,175
22
21% 2184
4 22*4
22 %
7%
Aug
6%
Dec
Jan
21
Helvetia Copper__ _ 25 10 J'ly is 44% Mch
55 Indiana
2 *is4 " 12% 12% 1.050
*134 2 *134
4
2
134 1% *13
Mining........... 25 30% Deo 8 3334 Oct 29
12
12%
11
12
11%
12 % 12
12
lli
2 12
Island
Creek
Coal__
1,146
31 3034 31%
3078 31% 13034
31%
313a
3112 31
84% Nov 7 90
Nov26 22% Apr 33%Fab
pref------------886 IsleDoRoyale
88 % 87% 8734 87% 8734 87% 88
8SI4 88
88
87 88
May 3 28*2 Jan
Copper.. 25 1613' Sep
17634 17634 960
16% 16% 17
17
18
1778 17%
03g Aug
177g
7%
Apr c7%
18
18
l
11
Jan
Kerr
Lake_______
_
5
460
O.34 684 634 63, 634 684
Deo
2%May
*634 678 *367a 67g
6*4 Jan 14
3 J’ly 7
Keweenaw
Copper__25
275 Lake
3 3
3 *32% *3*4' 7,240
74%
Deo
3 33%
3 29%
16
Jan
3*4
*273 331“
314
28%J’ly 15 94%Jan 2J
Copper
Co____
25
32
31%
19
%
Deo
33
30’s
3234 33% 7% 7% 7% 7% 7%
10%J’ly
3371“
19
Jan
1
7%
Nov
17
La
Salle
C
opper.....
25
1.050
7% 7%
May
4% Mch 18%
738 71“
712
41- Men
10*8 Jan
Oct 13
Consol__________25
7% 1,395 Mass
Deo
7% 784 7 Sale
8* .50 7%Nov'10
Apr 61 Nov
8 *7% 8
8
8 I4
13- .303 %Apr
.35 Nov
Oct 16
21 61*8 Jan
Mayllowcr
________
+.40 .60 *.40 .60 *.40 .60 Last
*.40Vs .60
.01
Mexico
Cons
M
A
S
.
.
10
Last Sale .03 Nov’10 711 Miami Copper______ 5 17 J IV 1» 29 Jan
1234
Feb 28% Deo
*19% 19»4
534 Oot
13% Mch
19%
19% 193g 19 193% 19%
19*2
21 r57%
*1938 195s 1938
3 758%Jan
Michigan__________ 25 433%jDeo
*3% 4 175
3%
70% Jan
3%
J’ly
Jan
22
3U 45314 454 454 *453% 3% *3
'iy
38
4
o
hawk_____________25
208
46
*45
45
45
10%
F'eb
4434 45
30
27i»
Jan
11
45
17%J.'ly
‘ 10%Jan V. 3%Nov 8%Nov
Nevada Consolidated.
*183.1 19 3,201
1834 19
183.,
18%
18*4 19 194 194 18%
J’ly 17
13
New Arcadian
Copper 255 3i~
540 Nlplsslng
4
4
3%
978 Oot 13 Deo
4 4 *3%
Sep
4 19
4
12 May;
4 4*8 1034 1034 1034
9%
Ja.i
Mines.........
1,345
107s
1078 1034
10*4
10%
1034
47
Deo 85% Jan
50
Jan
1034 107g 29*4 30% 28 1034
nc.jO 2578 Mch
North Butte_________15 186%JDeo
2934 13,788
27% 28% 28%
4%
Mch
117|
Aug
29G3.1 29i2 634 7 634 307 276% 273.1
North
Lake__________25
602
6%
61.1
6%
6%
63.,
634 Nov 14i“ Deo
1234 Jan 14
5 Sep
25
Ollbway
Mining____
6% 130
6%
5%
5%
.40
Jne
*5% 6 *.505% 534
*5*2 7.60 .50
90
Deo
1%
Feb
’
*6
AUg
9
Colony__________25 .25
100 Old Dominion
.60 800
.60 *.50
.50 37 37.60 *.50
47% Feb
Feb 69 Aug
*.50
£5 Jan
*.50
no 16 166
Co___ 25 296 JJ’ly
37% 123
37% 71 Old
*36%----122
170 Deo
38% 3634 38 120
Jan
38 38 *37
27 2is4 Jan
Osceola_____________25 114
123
125
120 124
19
Deo
125 125 *120 125
J’no
*120
125
12 J’ly
Parrot Silver A Cop. 10
12% 310
12% 73
12 74
12 *70
12% * ____
12% 74
13 73
*12 74
83 Dec 36%
12% 121; *___
99 Jan
92
Mch
12%
12%
J’ly
08
Oulncy______________
25
35
74 74 73%
73%
24%
Mch
*6%
J'ly
183,
1834
3,025 Ray Consol
10 1%N0V26 234 Jan
18% 18%
18% 18%
19% 191; 19 193? *1%
1%Nov 278 Jan
If % 19%
Fe GoldCopper..
A Cop. 10
Last Sale 1% Dec’10 1*695 Santa
*1%
1*4 *1%
13.1
Jan B 13%Feb 17%Jan
8%
J’ly
' 18334 Jan
12 200 shannon____________10
11% 11% 11%
11 111%
11%
1138 11% 11
11 li^ *1*4
1
%
Deo
Utah M A S . . . 5 36 J'ly 19 08% Jan 14 34 Jan 67 Deo
1% 1,099 South
1% 4134
1% 40% 41% 4134
1*4
1*4 *1%
Superior_____________25
41
3934
406 *4*2* *1%
42*2
421% 42**
18 Jan 12 13% Nov 18% May
A Boston Min 10 4% Deo
6 1,822 Superior
6
6 6 13%
6
6 421“
6
6
5*4 6 127S
6%
127g Apr 18% J’ly
10%Jan lo 62
0 J’ly
SuperiorAPltta Copp. 10 45>“
13% 4,714
13% 13%
131
13 13% 13
13 13 *51 127s *51
J’ly 90 Feb
78
Jan
J’ne
22
Tamarack_________
25
260
62
51
50
49
49
51
*50
17%Jan
9% Dec 69
1138
Jan
41“
Deo
“
Trinity____________
25
969
4%
4%
47g
478
478
4%
5
**5*'
’*5"
5
5
Sep
39
Feb 54 Oct
65
Jan
Deo
S Smelt Ref A Min. 50 30
6,273 U Do
303.1 31% 3134 33
32 30
31
32 32% 30%
32%
3234
44
oan
63%
Jan
45%
J
ly
20
pref________
50
2,166
46%
46
453.1
46
453,1
4534
4534
46%
46%
0%Jan
46% 461; 461.4
4
Oct
5%
Jan
2%
Deo
“
Utah-Apex
Mining__
5
190
2-% 1323s *2%
2% 12%
2% 132% 13%
2% 13%
Nov
37%
Feb 49%
46 Jan
12% J’U030
Deo 2 C0i«
Utah Consolidated—
123, 132% *121*2 1*8% 4,009
1234
13%
666 Nov
13
3934 Feb
Jan
Utah Copper Ca____ 10 h39%
45% 2,945
433i 45
453g 45%
45%
46% 46% 452% 46%
Deo
46
46
3
Oct
534
Jan
1
2
Deo
'
155
Victoria
.........................2"
2% *2 234 2% 2% *2% 2*4
13% Deo
*29 234
♦ 92
Apr 158
15 Jan 1 13943* Mch
13
Winona___________ 2 1026 J’ly
83., 118S34 1158% 11787g *1158% 1178% 1178<8 1179 895
9
Aug
60
Jan
J'ly
1
:
106
Wol
venue_________
2
117 117 115 118 115 13S 1% 1% *1'S 1% *1% 2 305 W yandot________ _ 2
2 Oot 4 Jan
33j Jan 1
1%J’ly 26
*13g 134 1%
*1*4
1%
BtTaiid asKed prices, a New stoex. a A.ss o paid, d Ex-stoot Jlv. it Ex-righw. a Ex-div. ana rignts.



D e o . 10 1910.1

Boston Bond Record

I5G7

UOIVD.Ir5 «!J Lange
Lange
Weetc’s
lkre/c’6 hr
t-rxee
BOSTON STOCK E X O H ’G E to
Since
Lange or L3 5
Lange or 1j-. -0 Since
F
riday
W
eek
K
ndino
D
ec
9
J anu ar>i 1
Last Sale
Last Sale
J a n u a ry 1
Dec 9
Dec 9
ARK Low D ig n .Vo Low High,
Hu.
sis ft I m w H ig h file Lo w H ig h ' Illinois Steel deben 5s___1913 IA -0 JHla
12 1 9 0 '4 io 4 ;,s :
100 100 100*8 100*8 6 99 T 1 01
A m A grloulC hem 1st 5 s ..1928
lu 4 38 'Til.- j102
lOl^s
9 3 *4 ‘ la Falls A Sioux C is t 7 s.. 1917 A-O . . . . . ___ *8 117 A p r’OS
Am 1 elen A T ei eoli tr 4 s .1929
9 9 ®8 sale ! 99 *4 99Bs 83 89
99 T 190 I K an C Clin A Spr 1st 5 s ... 1925 a O . . . . . . ...
C onvertible 4 s____ ____ 1939
103 >4 193 >4 1 0 1 D ec’*0
93*s M ar’10
"93**8 " o f”
C F t B A G ull e x t 5 s.. 1911 J -D ___
Am W rit i ’auer 1st s 15s g 1919
9 9 \ 9934
............ ... 87 T Sep TO
99T Feb TO
87 >4 87 34 ICan
an C F t S cott A M Os___1928 M-N 116 l i e **4 110*4
A m Zinc I. A S deb Os___191a
97 119 I KK an
110*5 1 1 1 3 118
10s Bale 105 109
C
M
A
B
gen
4
s............1934
M-S
89
94
A m Com Cop 1st convO s 192o
9 3 *4 93
........
O
ct
TO
99
00
90
sale
-J
l
92 -, 93*4
At(Sn Ton As s b e gen g 4 s.. 1995
98 101« b ! A ssented incom e 5 s........1934 M-S
90
90
5: 90 92
98»4 Bale t'8 >s 9 8 34
A dju stm ent k 4 s ___J ’ly 1995
88*4 94 S | Ivan C A M Uy A Br 1st 5 sl929 A-O 10 IT 103
102T N ov’10 ... 102 103
90 91 99*8 N ov’10
M
aine
C
ent
cons
1st
7
s
...1912
A-O
S ta m p e d .................J ’ly 1995
90»8
943e
113 *>a N ov’OO!
90 91 9u Bg yuog . .. J 102 >4 102- J Cons 1st 4 s .........................1912 A-O
50-yoarconv 4 s.............. 1955
101 *4 Sep ’05
102Si 1’ly T o
M aro H ough A O ut 1 s t Os. 1925 A-O
10-year conv 5 s............. 1917
115 J ’ne’08
108 *a N ov’ 10 ....! 108 >« 117*4' M
ass
G
as
4
*
4
8
......................
1929
J
.
1
99
99
T
A tl G ull A W 1 SS L in e s5 s .’59
99
99
101 97 100
07
07 hi O; 03 73 1 ill tell T e le p lst o s.................1917 J- J
07
Hale
Boston E lect L consol os. 1924
97 A ug’10 ...Jj 97 99*8
110 F e b ’04
M iune Gen Klee con g 5s 1929 J -J
102 *4 A ug ’ 0 4
B oston * i-ow eli 48.............1910
190 M M ar’09
N ew K ng Cot V ara 5 s___1929 F-A 100 T Bale 100**4 1003, 5 ibo"*8105“
Boston a M aine 4 >us..........1944
104 -1 Get ’08
N ew K ng Telepli o s............1915 A-O
102 F e b ’09
Boston T erm inal 1st 3 >*8.1947
112 -j Ja n ’03
5s.............................................1910 A-O
100*4 Sep ’08
103 103
B ur A Mo Hiv cons Os ... .1918
103 F e b ’10
N ow E nglan d cons g 5 s... 1945 J - J
B u tte rs Boston 1st Os___1917
100 J ’ne’01
B oston T erm 1st 4 s........1939 A-O
B u tte Klee A Pow 1s t g 5s. 1951
75 O ct TO
113-4 M nv’10 . 113*4 114 N ew lliv e r (The) eonv os. 1934 J - J
76 79*4
Cedar Hup A M o B 1st 7s. 1910
99 *4 3 90*8 102
99
87 N ov 10 J 8 5 8 8 N Y N H A H con deb 3 *4Sl950; J -J
C ent V erm i 1st g 4 s..M a y l9 2 0
87
Conv deb Os ( e tts ) ..........19481J - J 133 133 S, 133 133
11103 u c t ’07
7, 131 135
O B A <4 Iow a DlV 1st 58.1919
Old
Colony
gold
4
s
..............1924
F-A
A
p
r’09
101
"
98
*4
*98*4
98-i J ’ne’10
Iow a Jliv 1st 4 s .................1919
101 *4 101»4 O reg B y A N av con s 4 s.. 1940 J-D
98 7t S e p ’09
1 0 l:»4 M ar’tO
D ebenture 6 s ......................1913
S. N’ov’10 ... 99*8 100 O reg 8 I1 L ine 1st g Os........1922 F-A
114 114
5 113*6 n o 3*
D enver K xten 4 s............. 1922
99 *4 100 99
99
903s
P e re M arqu ette deb g Os.. 1912 J . J
99 M ar’lO
99 M a r ’ 10 ..J 98*4 99
N ebraska E x I od 4 s ........1927
H epub Valley 1st s 1 Os. ..1 91 9 J - J
99 O ct ’09
103** Sep ’ 10 . .. 103*8 103*8
B A 8 W s I 4s....................1921
8G:*8 83 ab ltu tla n d 1st con gen 4 L s. 1941 J . J
87 7a Sep TO
Illinois DlV 3 * 4 8 ................ 1949
107*4 u v ’ 05
ltutland-C anadian 1st 4sl949 J - J
3 10 0
1 0 1 a4
101
102 M ai’02
Ohio .j o Uy A y tk Vos 5s .1915
101 101 >4 101
S avannah Klee 1st cons 58.1952 J - J
. . 'I 8 9
92*4
99a4 N ov’lO
CoU tru s t refun ding g 4 s l 9 4 U
78*4 A pr TO
78T 78*4
S eattle Kleo 1st g 5 s..........1930 F-A 104 ........ 10J*j,
Oil M il As S t P D ub D Os.. 1920
li3®B I13«s 5 1 1 3 * ^ 1 1 5 * 4 Shannon-A
103 104*4
nz 1st g Os___1919 M-N 95 97 97 NN oo vv ’’ 10
120 F e b ’05 II
Oil M & Bt P Wis V div 081929
10
88
110
97 A p r’07
Ohio <to N o M lcu 1st gu 5 8 . 1 9 3 1
101 99 O ct TO j p o o ' 100*4 T erre H aute Kleo 1; o s___19291 J -J
2 100 101 T orring ton 1st g 5 s............1918 M-S
1003, M a r ’ l o . . . lO O 3, 1U034
Ohio A W M idi gen 5 s___1921
Sale 101 101
U
nion
P
ac
HU
A
1
gr
g
4s.
1947'J
J
1
00
*4
Sale
Oonoord A M ont eons 4 s ..1920
100*4 101
91 D ee’07
4 99*s 101*4
20-year oouv 4 s.................1927; J - J
Oonn A Pass H 1st g 4 s ... i9 )3
O ct TO ... 1047* 1U9*>8
112*4 J a n ’03
U nited F ru it geu s 1 4 -,8.1923 J . J " ’I " **97**4 104*6
100*4 Aug’OU
C udahy P a c k (T h e )lst g 6 s 19 .4
97*6 97 >8 3 1 95*4 97-j
U
B
Coal
A
Oil
1st
s
I
Os..
1938
M
N
106
C urrent u iv e r 1 st 5 s..........1920
99 99
N ov lO ...1 4 5 1GO
99 A u r’10
lO Jt, 103**8 5 101*4 105*4
88 90 U S Steel Corp 10-00 yr os. 1963 M-N
D e tU r lta p A W 1st 4 s ...1940
88 Doe TO
98 *4 J ’ly To ..Jj 97 98*4
Dominion Coal 1st a t 5 s.. 1949
90*4 9S34 W est Knd S tree t Uy 4 s___1915 F-A
96*4 J ’noTO
90
98
Gold 4 - 4 3 .............................. 1914 M-S
10134 J ’ue’09
F itch b u rg 4 s ..........................1910
103‘s A pt ’06
98 *4 Apt T o !” !!" 9*8 T ’ 99**8
Gold deb en ture 4 s............1910WI-N
4 s ............................................1927
..................... I 90 Apt ’03
98 O ct TO ...'! 97 93
4 s..................................1917: F-A
ITrenit Klk A Mo V 1st 0 s ..1933
3 127*4 127T WGold
127 14 Bale |127 K* 127
estern Telepli A T el 5 s .1932 J-J 9 7 *4 'ait 97
97-4 8 1 9 4 T 99
U nstam ped 1st 0s............1 9 3 3
......................>140 A p r’05
94**8 Ja n *i>. ... P I3* 94ag
CH N or C B A y coil tr 4s 1921
94*4 97 H W isconsin C ent 1st geu 4sl949 J - J
9.V<4 Bale I 95*4 9 o»4
Ite g is te re d ls ...................... 1 9 2 1
94Si 90T
95H ,......... 9 5 ‘a 95 T
N o te —Buyer pays aocrued in te rest In addltton to the purchase prloo Car all Boston Bonds. * No price F rid a y ; la test bid and asked. Jj F la t price.
UU.l II,''
c
BOSTON STOCK KX OH ’G E
sa.
WEEK KNDINO DEO 9

P h ila d e lp h ia a n d B a ltim o re S to c k E x c h a n g e s— S to c k R eco rd , D aiiy , W eek ly , Y ea rly
L ange Since
L ange tor Previous
Sales j ACT1VK STOU fCS
Jan J
Year ClHoy j
Bonits an d Jnac ive
Week ( r o rStock*
see be to to)
Lowest
H ighest | lAnvesi H ighest
Shares
1
B a ltim o re
5 Con. G as Kl. L. A Pow . 1 0 0 40 M ar21 04 *4 D ec 8 30 -Mar 48 Deo
04 *u 04*4 *04*u
8
100
eO M a rti
90 90 *90
121 Deo
1 ‘2 0
127 12734 ^ 1 lie Hi 127
♦ 1 2 0 127
120
*125*4
Seaboard (new )............... 1 0 0 18*^ J ’ly 29
*19 2 0
20*4
*19
Do 2d prer.............. 1 0 0 40 U ct 17 47 Ja n 8
*40*4 42 ♦ .......... 41 *39 41 ♦ 39 41 <39 41
U nited By A E lec tric.. 50 12®6 May 3 15 *4 J ’ly 1 6 9 34 Feb 14*a Deo
*14*4 143i *14*4 15 *14*4 15*4 *14*4 1434 =*‘ 14*4 1434 ♦ 14*4 15
1
P h ila d e lp h ia
1 0 A m erican C em en t......... 50
17*a Sep 19
24 24 *24 25 *24 25
*24 25
154 A m erioan H allw a y s.... 0 0 41®, J ’ly 2 1 60 J an 0 4 4 ®6 J ’ly 4 8 Deo
*42 *4 43
42*u 4234 4234 423* * 1 2 43 >'42 43 *42 43 2,919
C am bria S te e l................. 6 (J 40*4J’ly2 0 5 3 * 4 Ja n LO 32*8 Feb 49*8 Deo
*42 *4 43
43 43
4 1 **4 4 2**6 4 1**4 43
42*4 42 7s
42*u 43
* l l B4 U '*6 1 134 1 1 34 U ®8 l l 34 * 1 1 ®8 l l 3. 1 1 ®8 11 ®8 *11*4 ll»4 3 iO E lectric Co of A m erica 1 0 1 1 ‘ 4 J ’ly 29 1 2 *a Jan 14 uTO'g Jan 1 2 ' 8 J ’ly
42 J ’ne30 04 *4 M arlli 43 Jan 03*4 J ’ly
47 47
8 * 1 Eloo Storage B attery .. 1 0 0
»47*u 48T 47 47 Si 47 4 ri
47 4 /
40*4 47
Ja n 29 15 *4 Ja n 3 3 * 4 Deo
♦ 32 32*4 32 32
3 1 34 3 134 30 3 l 3, 3 1*4 3 Ll4 1,(78 G en A sphalt tr e tts .... 1 0 0 19*4 J ’ly 2 0 834*s
31*4 3*
77
1,105
Do prof tr c tf s ___ 1 0 0 01 J ’iy2G 4 * 4 ja u to 1 53 Jau 84*4 Deo
(0
*70
70*4
76
*a
76l4
70*4 70*4 7034 7034 76 78 70*^4
y
__
13 o a n lu j y ^2 jh l 15 A pr
9*4 9 4 ,
9
9*4 9*4 72u K eystone T eleph on e... 50 7 J ’ly 0 28*4
Ja n 3 14j4 Jau 33*8 May
27 *4 20-4
27 ♦ 2 0 7b 27*4 2 0 * 4 2 0 78 1,036 Lake su p e rio r C orp___ 1 0 U 15*4 J ’ne.lo
2G34 2 0 * 6 27
033 Lem gh C A N av tr ctfs 6 0 80 J ’ne3o 123 J a u 71 90 Ja n 125 *4 Deo
93 94
91 9 3
9 o34 91
93*4 94
91 “ 91*4 *91 92 ! ,804
L ehigh V alley................. 60 03*4 J ’ly al 1 2 1 * 4 M arl* 07 Feb 113 Sep
7fs 89 ®8 87 *4 90
88*4
89*4
80*4 8 8 * 4 87**4 8 8 * 4 S834 89*4 1 2,032
P enn sylv an ia U U .......... 50
J 'ly 2 t> 693! b M ar 9, 03 *8 Feb 75 \ Sep
Ol 04*4
;j4 04*5 03*4 03 ’4 03*>4 0 1
G36b i3A6ie Oo *®lg 61*16
41*4 44 ‘ 4 293 PliUudelp’aCo (P ittsb ). 59 42 J ’noJe 6 3 ‘4 Ja n 8 4 0 *u Feo 5178
44*4 4 t *4 ♦ 44 *4 4 1 Sj 41 44Si 44 44
44 44
Deo
16 *4 16*>8 15®a 16 ^ 15*4 15ab 1 6 s 1 a*v 1 j *4 16®b io°# 15j4 2,216 P hiladelphia EleetncU 26 f 13 7g r eo 3 1 0 * 4 Alarlb, 11 *4 Feb 14 *s Deo
18 18
19
18 *4 18*-.
19*6 18 19
18 18*8 8,39* Phila B a p id T ra n s it... 50 i5 A p r 2 8 2a *4 Ja n 3 24 7s Ja n 30*a A pr
18*4
713e 73*10 7 i 3io 7 l 7, 71*4 72**,. 73*8 73®b 10, LOO H e ad in g ............................ 6 0 05*4 j ’ly 20 80 Fob lo 69 *4 Feb 80 '4 Sep
72®ia 72®* 72*<8 73
l’ouopali M ining .......... 1 0 *4 J aii 3 y tla 51ayi3 d :,4 JaL 7*3 i6 M ar
h *4 8 * 8
8
0*8
fc®16 8 * 6
8*10
«*(> 8*4 8
8 J io
43 43*4 *43 *4 44
44
44*4 44 *4 443» 4334 44*4 a;l 2 u» 43 3 , 4 7 2 u m on T ra c tio n .............. 50 33 Oct 2 4 5 t <Ui 0 60 78 Jan 58 *8 -May
64*8 84*4 8434 843i 8 4 18 81**6 83*4 83 34 b3 ;*g 83 7g 84 84 3,209 U nited G as lm p t............ 50 79 J ’ly2 o 9 5 * 8 J a n 10 84®8 .via} 93 *4 Deo
B id As/c
B id A sk |
B id | A sk
B A L T I.U O K K
B id a sit
P H IL A D E L P H IA
l’l i l K A D K 1.IT! 1A
P H IL A D E L P H IA
Ph A Head 2d 5s ’33. A-O ......................1 C hari C A A 2d 7s’10 A-O
B o nds
in a c tiv e S lo clts
Cou 51 7s 1911........J-D 101 1 0 1 *4! City A Sub 1st 5 s ..’22 J-D 1U5 107
JYtces are a ll u anil
K x Im p M 4a g '4 7.A O l #0
O ily A Sub( W a s)lst6 s’48 102 103
interest."
A m etlcan M illing........10
T erm in al 5s g 1941. Q-F 110 1 1 7 * 4 Coal A 1 By 1st 5 s ’20F-A I00*u I01*a
A lt A LV Kleo . Ts’33.F-A
68
A m er Pipe M Ig..........100
Col A G rn v lst0 a .l9 1 0 J -J 107
83*4 P W A B col tr 4 s ’21 .J-l
A m G as A E lo c5 s’07.F-A
Bell Tolepliono (P a). 100
Consol G as 5 s ..1939 J-D 107 *a ib s "
P o rtlan d B y 1st Os 1930.
A m U yscouvO s 1911.J-D
C am bria I ro n ..................50 45 40 A tl City 1st 6s g T 9 .M-N 103 ......... Koch HyA L c o u o s ’o lJ-J 9 8 * 4 .. 1 C tfs iu d eb t 4 * 4 8 ........J-J 95
C entral Coat A Coko.100
Spanish-A m Xr Os ’27 J-J 101*4 1 0 1 * 4 Cons G K A P 4 Ts ’35. J -J 83*s '8 3* \
BergA KBr w 1st Cs’21 J -J 100
U T rue In d gen Os’lO .J-J
B ethle S teel Os 1998.(J-F
Consol T rao ot N J ...1 0 0 72*4
F airA C iT r iS t5 s ’38.A -0 90 9034
U n Bys T r e tts 4s’49J A J —
E aston Con E lectric 6.50
* 7 5 * " Gads A la 1st con 5s ’4oJ -J
A Mo 1st 6s 1949 J -J
103 *a 10334
.......... Clioc
U nited B ys In v 1st coll tr
Ch Gk A G gen 6s T 9 J -J
F t W ayne A W V........100
G a C arA N 1st 5s g ’29 J-J 106 105*4
Col S t By 1st con 6s 1932 ...... .......... s f os 1920..................M-N 7 9 Vi 8 0 G eorgia P 1st O s... ’22 J-J 113 113*4
Germuutovvn P a ss........50
U T rao P it gen 5s ’97 J-J 101®gi......... GaSo A F la 1st 5s 1945J -J 107
C o n T ra c o IN J 1st 5 s .’33
Indianapolis S t............100
K A A 1st M 6s 1920 M-N 100*4
W olsbach s t 6s 1930.J-D 8 9 9 0 G-B-S Brew 3-4s 1951M-S 43S.
Indian a U rnou T r ___100
2d incom e 6s 1951 M-N
6
In su ra n c e Co of N A .. 10 "‘20*8 "20*4 Klee A Poo T r stk tr otfs 105T " 88** W lks-ii G A K conos’OOJ-J
E<] 11 Cus-L l s t g 6s 1928
B A L T LUO ICE
K noxv T rac 1st 6s ’28A-G 102 *a
In te r Bm Pow A d i e t
Indianapolis Uy 48.1933
In a c tiv e •■ 'lochs
L ak eii E l 1st gu 5s’42M-S 10G
9*4
K eystone T elephone ..5 0
In te rs ta te is 1943 ..F -A 63 51 A la Cons CoalA Iro n. 100
M acon KyA L tis t5 s ’63J-J 96
P re fe rre d ......................60
P r e t ............................... 100 4 0 8 0 M em phis b t 1st 5s’45 J-J 97 90
L ehigh N'av 4 * 4 8 T 4.Q -J
K eystone W atch Case. 100
98
L eh V ail T ra n v t o . . . 50 4*4 5
A tla n ta A C h arlo tte ..100
M etb tl W ash)l8t5s’*25F A 107 109
H its 4s g ........1914.CJ-F
P referred v t c ........... 50 16*4 16
A tlan Coast L (Conn) 100 2 2 3 2 3 0 M t Vor C ot D uck 1st 5s. 73 73*4
Geu At 4 -js g .l9 2 4 .y -F
L it B ro th ers.................... 1 0
C anton Co......................100 1 1 7 121 N ptN A U P 1st os’38 M-N
Leh V C 1st 6s g ’3 3 ..J-J 10934
L ittle S chu ylkill............60
Leh V ext 4s le t 1948.J-D
Cons Cot D uck C orp...5 0
6 * 4 N or A P o rT r is t5 s ’J0 J-D
**82**4 *8*3**
M Diehill A Scliuyl J1..50 " 0 2 “ ......... Consol Os 1923........J-l)
P re fe rre d ..................... 50 1 84 * 4 20 N orioik b t 1st 5s ’4 4 ..J-J 105
N H aven Iro n A S te e l.5
G eorgia Sou A F la ...l0 0 3 0 ......... N o rth C eut 4 ‘us 1925 A-G 104
Consol 4 T s 1 9 2 3 ...J-D
N o rth ern C en tral..........50 120*4 127*4 A n n u ity Os............... J-D i*40"
1st p ro f....................... 100 9 4 9 0
Series A 5s 1 9 2 C ....J-J 110
N orth P e n n sy lv an ia ..50 97
G en eons 4s 2U03.M-N 97 *9*7;>i 2d p re f..........................100 7 0 7 3
Series B Ds 1920___J-J 110 111
Leh V T ran con 4 s ’35J-D
P eim syl HU receipts
G-B-S B rew in g ............100
2
P u t Uu T rac 5s 1997-J-J 107
1
110
101
P enn sylv an ia b a ll........60
Is ts e n e s B S s (935.M-S
B o nds
Polo Val 1st 5s 1941..J-J 1 0 6
P enn sylv an ia s te e l..100
Now Con G as Os 1948 J-D
Prices are a ll “ an d
Sav Fla A W est o s ’34 A-O L07
interest."
N ew ark Pass eon 5s 1930
Scab A Uoan 5s 1920. J-J 105
P re te rre d ....................100 103
99 A naeostia A P o t 5s............ 1 0 0 * 4 101 S outh B ound 1st 5s..A -O 107*4 109
Ph tla Co (P itts) p ref...6 0 41 4 1 '4 N V Ph A No 1 s t4s ’39 J-J
A tl Coast L (C t)ctfs 5s J-D 102*4
Incom e 4s 1939...M -N
U El L A P lsl4 *us’29 M-N 92 f>a*9
Phil G erm an A N o rris.00 83
84 N oohioT rao cou6sT 9.J -J .......... .......... C tts of in d e b t 4 s___J-J
By A Kt 1st 4s ’49 M-S 84 *4 85
Phila T ru ctio n................50
.......... U uIncom
6 - 2 0 y r 4s 1925..........J-J
H allw ays G eneral........10
P enn Cons os 1919 .. Var
9*4
e 4a 1949........J-D 00»4
91
P enn A Mil ste e l eon Os.
B a ltO P a a s ls tS s T l M-N l o o i b b * s F u n d in g 6s 1930'...J-D 84*>« CL
S usqueh Iron A S te e l..6
T idew ater S te e l............lo
B alt F u ndg 5 s .1910 M-N 1 0 3 * 4 1 0 4 * 4 Va M id 2d sor Os ’11.51-S 100 85
P a A N T Can 6s ’39.A-O
P r e te r re d ...................... jo
Con 4s 1939..............A-O
E xchange 3 *48 1930 J-J
91
I 3d series Os 1910..5I-S 105
U nion T r ot In d ..........1 0 0 20
B alt A P 1st Os m l ’l l A-O 9 3 ® s 10ti» b ! 4th ser 3.4-es 1921.M-S 101
P enn Steel 1st 6s T7 M-N
People’s T r tr certs 4s '43 *9*1*4 ’*9*2*0 B 8 P A C 1 St 4 TS '53F-A 100*8
U nited N J HU A C ., lot)
5 th se n e s 5s 1920.M-S luo
95
94*8
U nit T rao P itts p ret..5 o
P Co 1st A col tr 6s’49 M-S
102 B alt T rao 1st 6 s .. ’29 5I-N l o o 1 0 8 Va (State) 3s new ’32.J-J 88
W arw ick lio n A S te e l.lo 10 10*4 Con A col tr 5s 1951 M-N 94*4 05
N o B alt Div 5s 1942 J-D 110 112
Fund debt 2-3s 1991. J-J 88
W elsbacliC o..................loo 40 43 P hil Klee gold tru s t otfs. 101 101*4 C eut’l H ycou5sl932 5I-N 1 0 3
W est N C con Os 1914 J -J 105
W est Jo rso y A S eaS h.60 62*,
T ru st ccrtlfs 4 s....-........ 70 70*4 E x t A Im p 5s. 1932 5L S
W es Va C A P 1 st Og’l 1 J-J 100*4 100
W estm oreland C oal....50 91*4
P A K geu M 6 g ’20. A-O 10738 107*8 Chas City Uy 1st 5 s’23 J -J l o o
WU A W eld 5S ..1935.J-J 110 l l l l
W ilkes Gus a K leo..100
G en 61 4s g 1920..AAO lUO '4
Chas By G A K15s ’99 M-S 9 4 *9*8 |
*Bid and asked; no sales on th is day. IjK x -riih ts. U plopabL t $12*4 paid. t$13*4paid. < i|35 paid. a U ecoipts. b 325 paid. c $ 3 0 p aid . ii$42*4pai
Sa turd ay
Deo 3

s h a r e P ric e s—N ot P e r C en tu m P ric e s
Tuesday W ednesday T h u rsd a y
M onday
Dee 7
Dec 8
Dec 0
Dec 5




tY id a y
Dec 9

1568

THE CHRONICLE
jm r e stm m t a n d
H A ILH O A D

R a ilr o a d
GROSS

[Voi> . L X X X X I

I n te llig e n c e .

EA R N IN G S.

Tho following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whoso fiscal year does not begin with July, but covers some other
period The returns of the electric railways are brought together separately on a subsequent page.
Ju ly 1 to Latest Date.
tales'. Gross E arnings.
Week or Current Previous Current Previous
Year.
Year.
Year.
Year.
M onth.
$
A la N O & Tex P a c 559 ,255,792
N O & N or E a s t. 2d w k Nov 65.000 64.000 1,284
668 423 622,014
A la & V tcksburg. 2d w k Nov 32.000 34.000
572 033 536,785
Vlcks Shrev & P . 2d wk Nov 27.000 28.000
24,091
34 231
0,677
10,361
Ala T enn & N o rth . O ctober . .
36,091 ,145 ,879,236
A tch T opeka & S Fe O ctober . . 9,031,805 9,444,348
71,911 1,158 931 ,071,871
A tla n ta Birm & A tl 1th wk Nov 77,083 2,503,776
9,021 ,842 .334,509
2,557,255
A tlan tic C oast Line O ctober _ . 8,168,817
7,840,698 32,684 ,444 ,518,589
g B altim ore & O hio. O ctober _.
95,403 407 932 285,909
B & O Ch T er HR leptem b er 136.34 ~ 256,084
995 ,959 950,551
250,550
B angor & A roostook O ctober
21,062
0,687
31 069
8,790
B ellefonte C e n tra l.. O ctober _ .
,573,202
B oston & M aine___ O ctober . . 4.085.314 3,914,354 16,215 892
19,181
3,828
20 479
4,456
B ridgeton & Saco It O ctober
,033,724
B ull Roch & P ltts b . 1th wk Nov 240,764 240,454 4,203, 426
853 663,683
BuHalo & S u sq____ S eptem ber 202,422 230,890 593 200
C anadian N orthern . 4 th wk Nov 465,200 449,500 6,791 130 ,629,100
C anadian P acific___ 1th wk Nov 2.768.000 2,082,000 16,918 651 ,552,790
,174,292
C entral of G eorgia. . 1th wk Nov 355.000 312,100 5,495,
,182,359
2,418,345 2,459,702 9,045, 744
C entral of New J e r . O ctober
142 ,370,465
C entral V erm o nt___ O ctober . . 303,707 352,353 1,304,
29,037
,595
33
1,490
1,812
C h attan oog a S o u th . 1st wk Nov
,268,371
618,414 13,212 ,985
Ches & Ohio L ines. 3d w k Nov 651,209 293,514
6,481 774 ,110,378
Chloago & A lto n ___ 4tli wk Nov 303,274 8,363,547
,270 ,896,895
Chic Burl & Q uincy O ctober _. 8,909,593 237,756 32,759
5,484 ,498 ,038,717
p Chic G reat W est. 1th wk Nov 227,368
146,655 2,741 ,647 ,588,667
Chlc In d * L o u lsv . 4th wk Nov 147,976 tral.
Y ork Cen
Chic Ind & Southern — See New 6,508,261
0,553,305 24,352,306 23,610,689
Chic Mil & S t P a u l. O ctober
4,795,113
1,310,990 1,029,087 27,750,328
Ch MU & P u g S d . O ctober _ . 7,378,280
27,238*044
7,499,670
O
ctober
.
.
Chic & N orth W est1,494,236 5,987,850 5,261,453
Chic S t P M & O ra. O c to b e r __ 1,662,073
Cln H am & D ayton O ctober _ . 864,697 885,624 3,443,609 3,336,250
Clev Cln Chic & S t L —S ec New Y ork Cen tral.
867,475
Colorado M id la n d .. O ctober _ . 203,964 243,962 758,162 7,235,937
Colorado & S o u th . 4 th wk Nov 478,600 479,699 7,577,813
140,479
Copper R an g e____ A u g u s t___ 66,774 62,557 137,508
60,125
56,644
11,906 14,020
C o rn w a ll_________ O ctober
153,312
Cornw all & L eb an . O ctober ._ 28,431 39,575 131,681
C uba R a ilro a d _____ O c to b e r __ 100,692 156,698 821,883 641,234
D elaw are & H udson O ctober . . 1,948,931 1,836,202 7,212,815 6,704,037
12,257,177
Del L ack & W e s t.. O ctober . . 3,218,296 3,261,250 12,354,823
10,497,889
D eny <& Rio G rande 4 th wk Nov 625,500 583.000 10.945.195
473,514
D enver N VV & P a c . 3d wk Nov 25,425 19,728 528,025
702,717
D et Tol & fro n t Sys 1th wk Nov 48,910 42,651 898,896
4 th wk Nov 57,969 54,781 867,748 803,143
A nn A rb o r.
507,003 513,833
D e tro it & M ackinac 4th w k Nov 22,583 25,236 4,516,927
5,484,405
D ul & Iron R a n g e .. O ctober . 922,872 1,280,069
D ul Sou Sh & A tlan 4th w k Nov 67,943 68,283 1,487,754 1,476,194
2,371,061 2,328,575
E l P aso & Sou W est O ctober _ . 602,817 584,996 20,231,648
18,894,541
E r i c _______________ O ctober _ . 5,115.689 5,180,085
8,016
7,503
1,884
1,900
F airchild & N or E . O ctober
78,832 71,108 356,166 321,666
F o n d a Jo h n s & Glov O c to b e r . . 316,283
318,130 1,042,208 1,015,690
G eorgia R ailroad . . O ctober _
Georgia South & Fla See Sout hern Hall way.
1,127,837 19,218,579 10,202,719
G rand T ru n k S y st. 4tli wk Nov 1,132,67.',
2,449,141
G rand T rk W est 3d w k Nov 110,420 127,348 2,298,908
802,607 808.391
D et Gr H av & MU r3 d wk Nov 46,8711 38.713
41,920 44,168 788,430 872,458
C anada A tlan tic- 3d wk Nov 5.698.315
6.135,465 30,240,65 31,078,021
G reat N o rthern Syst. N ovem ber.
476,017 491,290
Gulf & S hip Isla n d . S eptem ber 160,657 177,432 2,945,970
2,774,562
H ocking V alley____ O ctober .. 759,561' 782,298 26.112.196
Illinois C e n tra l___ N ovem ber. 5,343,56 5,126,767 4,122,419 24,420,838
3,743,782
307.000 281.000
In te ru a t & G t N or 4 th w k Nov 258,094
241,02 3,548,962 3,310,GOO
a Intero ceanlc M ex. 1th wk Nov
4 th wk Nov 62,614 68,224 1,442,623 1,476,450
Iow a C e n tra l..
K anaw ha & M ich .. S eptem ber 313,402 229,382 891,324 681,580
3,018,670
K ansas C ity S outh O ctober .. 051,102 861,897 3,527,437
K C Mex & O rient . 4 th wk Nov 50,800 39,800 838,518 724,753
Lehigh V alley_____ O ctober . 3,384,100 3,344,380 12,409,081 11,012,704
151.392
39,858 34,866 173,594
L exington & E a s t .. O ctober .
Inc. 260 ,238
Inc. 62 ,744
L ong Isla n d ______ O ctober . .
L ouisiana & A rltan fJeptcm ber 120,030 110,214 363,548 310,364
L oulsv H end & S t L O ctober . . 108,944 104,591 426,611 396,844
1,356,50 23,082,930 21,465,414
s Loulsv & N a s h v .. 1th wk Oct 1,403,470
15,626 16,785
51,184
52,559
M acon & B irni'ham O ctober . . 823,574
3,252.151
M aine C entral___ O ctober _ . 42,284 782.135 3,302,065
148,963
39,518 163,08
M aryland & P c n n a . O ctober - . 149,300 155,300
3,232,100 3,000,300
a M exican R ailw ay . 3d wk Nov 218,690
122,973 774,446 411,310
a M exico N or W est. O ctober . .
M lchlgan C entral —Sec New Y ork Cen tral.
16,408 24,062 313,429 360,260
M ineral R an g e_____ 4th wk Nov 97,790
97,620 2,357,840 2,318,737
M lnneap & S t Louis 4 th wk N ov
M inn S t P & S S M l 4 th wk Nov 517.034 584,540 10,184,116 10,831,169
Chicago Division.)
77,541 82,042 307,977 278,033
M ississippi C entral O ctober . .
« Mo K an & T exas N ovem ber. 2,867,469 2,433,430 13,123,633 11,858,586
Mo P ac & Iro n M tl
C entral B ra n c h . I 4 th wk Nov 1.384.000 ,378,000 23,107,363 22,810,275
3,873,282 3,790,626
N ashv C h att &St L O ctober . . 1,019,241 ,009,213
26,505,161 23,149,867
a N a t R ys of M ex .f. 4 th wk Nov 1,644,155 ,653,159
8,947 179,947 232,410
7,860
N evada-C al-O regon 4 th wk Nov
18,449
6,867
18,110
6,046
N evada C en tral____ Septem ber
N O G reat N orthern O ctober . . 139,005 117,864 575,503 430,656
32,552 711,570 630,204
N O M obile & Chic Wk N ov 26 38,752 702,628
3,482,661 3,134,081
N Y O nt & W estern O c to b e r _ 743,446
ROADS

R O A D S.

Latest Gross Earnings.
July 1 to Latest Date.
Current
Week, or Current Previous
Year.
Year.
Year.
M onth.

N Y N II & H a rtf.. O ctober . .
e N Y C & H ud R lv O ctober . .
L ake Shore & M S O ctober . .
n L ake E & W est O ctober . .
Cldc In d & S outh O ctober . .
M ichigan C entral. O ctober . .
Cleve C C & St L . O ctober . .
Peoria & E astern O ctober . .
C incinnati N o rth . O ctober 1 .
P itts & L ake Erie O ctober . .
R u tla n d _________ O ctober . .
N Y Chic & S t L . O ctober _.
Toledo & Ohio C . O ctober . .
T o t all lines above O ctober . .
N Y Susq & W e s t.. O ctober . .
N orfolk S o u th e rn .. O ctober . .
N orfolk & W estern . O ctober . .
N orthern C e n tra l.. O ctober . .
N orthern P acliie___ O ctober . .
Pacltlc C oast Co___ O ctober _ .
P enn sylv an ia Co___ O ctober . .
cl P en n — E of P & E O ctober _ .
d W est of P & E . O ctober _.
Pere ila rq u e tto ____ O ctoocr . .
P h lla B alt & W ash . O ctober . .
P itts Cln Ch & S t L_ O ctober ._
R aleigh & S o u th p ’t O ctober___
H eading Com pany
P h lla & R ead in g . O ctober . .
Coal & Iro n C o .. O ctober - .
T o tal both cos___ O ctober . .
R ich F red & Potom Septem ber
HIo G rande J u u c __ S eptem ber
Rio G rande S o u th .. 4th wk Nov
R ock Island L in e s.. O ctober . .
S t Jos & G rand Isl. O ctober . .
S t L ouis & San F ran O ctober . .
Cldc & E ast I I I ._ O ctober . .
/ E vansv & T er H O ctober . .
T otal of all lines. O ctober . .
S t L R k y M t & P a c . O ctober . .
S t Louis S o u th w est. 4th wk N ot
San Ped L A & S L . Septem ber
S eaboard A ir L ln e .l
A tla n ta & B lr m .) 4 th w k Nov
F lo rida W ShoreJ
S o uthern In d ia n a .. S eptem ber
S o uthern Pacific Co O ctober . .
S o uthern R a ilw a y .. 4 th wk No*
M obile & O h io ... 4 th w k Nov
Cln N O & T ex P . 4th w k Nov
A la G reat S o u th . 4 th wk Nov
G eorgia Sou & Fla 3d wk Nov
T exas ct Pacific____ 4th wk Nov
T idew ater & Vvest. O ctober . .
T oledo Pcor & W est 4 th wk Nov
Toledo S t L & W est 1th wk Nov
T om blgbee V a lle y .. O ctober . .
U nion Pacific S y st. O ctober . .
V a n u a lla _______ O ctober . .
V irginia & Sou W est O ctober . .
W a u a s d ________ 4 th wl; Nov
W estern M aryland . S eptem ber
W Jersey & S c a sh .. O ctober . .
W heeling & L ake E O ctober___
W rl fhtsvllle & T enn Septem ber
. uo .u & Miss V all. .vovem ber.

5

5

S

5,571,071 5,417,411 22,046.413
9,166,923 8,889,031 35,971,005
4,399,008 4,307,470 17,586,250
495,288 505,275 2,002,702
327,011 324,804 1,100,586
2,706,510 2,700,718 10,621,990
2,868,096 2,585,574 10,858,460
342,741 294,300 1,317,324
117.580 119,076 484,447
1,634,951 1,001,088 C,305,259
331,91S 321,384 1,298,688
1,003,571 984,127 3,876,970
500,823 384,832 1,985,879
23984419 23017745 93,415,703
335,527 326,381 1,246,136
248.034 229,268 040,040
3,300,513 3,015,354 12,591,374
1,180,907 1,245,307 4,401,377
6,308,879 7,793,072 25,491,057
804,850 758,029 3,142,392
4,933,070 4,9 4 4 ,0 4 5 20.202.707
14576084 14773884 50.599.707
Inc. 2,28
In c .12 1,400
1,453,521 1,509,404 5,710,37..
1,600,681 1,564,481 0,840,976
3,087,60c 2,069,747 12,063,728
15,332 14,260
52,148
4,003,362 1,062,
892,138
2,992,642 3,444,
079,040
571,170
6,990,004 7,507,
550,070
176,133 143,
287,369
100,463 90,
277,987
15,435 10,
282,000
0,622,782 6,410,
044,028
180,079 172,
821,545
4,074,796 3,828,
278,299
1,171,671 1,085,
982,237
228,049 210,
082,082
5,475,117 5,130,
707,108
194,237 148,
300,037
3f>3,078 313,
808,100
634,845 655,
516,556 485,004 8,334,737 7,701,266
155,996 120,702 474,496 340,357
12,478958 12,054702 17.372,010 40,311,021
1.597,221 1,494 ,571 15,030,849 24,255,806
345,070 306,340 4,550, 008 4,300,102
202,000 203,044 4,001,510 3,684,757
131,812 136,051 1,890,443 1,053,080
51,181 030,540 800.539
47,711
582,716 540,53-1 7,150,114 0,087,315
26,065
70
28,205
6,643
37,304 32,633 554,404 493,300
74,298 79,234 1,OIG.ool 1,658,123
27,179
25,122
0,271
0,440
32,474,222
8,905,657 8,890,381 13,911,422
962,560 919,442 3,758,283 3,310,456
116,519 111,704 420,587 416,781
755,041 761,477 .3,197,058 12,585,315
665,058 610,391 2,003,356 1,733,046
484,730 437,030 2,007,500 2,043,009
771.581 010,874 2,580,589 2,471,015
72,620
70,020
32,710 37,270
,174,392 1,075,125 4,322,429 4,249,202

Various Fiscal Years.

Bellefonte Central___________ Ja n
D elaw are it H u d so n ----------------- Jan
a Alexlcau R ailw ay ____________ Jau
a Mexico Norm Western........... Ian
c N Y Central & Hudson Rlvcr. Ja n
Lakc Shore & Michigan South Ian
n Lake Eric & Western........... Tail
Ian
Chicago Indiana & Southern. Ian
Michigan
Cleve
Cin Central—
Chicago &...............
St Louis Ian
Jan
Peoria & Eastern__________
Cincinnati
Northern_______ Ian
Pittsburgh & Lake Erie____
Rutland-------------------------New York Chicago & St Louis
Toledo & Ohio Central_____
Total all lines_____________
Northern Central____ ________
d Penn—East of Plttsb & Erlc.. Ian
d West o f Plttsb & Erie_____
Phlla
Baltimore & Washington,
l’ittsb
Cln Chicago
6s St Louis. .
Rio Grande
Junction_________
Texas
&
Pacltlc______________
W est Jersey & Seashore_______ Ja n

Period.
1 to O ct
i U) Oct
i to IVov
i to O ct
i to Oct
i to o c t
i to Oct
i to Oct
i to O ct
i to O ct
i to o c t
i to O ct
i to O ct
i to O ct
i to O ct
i to O ct
i to O ct
i to O ct
i to O ct
i to O ct
i to O ct
i to Oct
i to Sept
i to N ov
i to O ct

Current Previous
Year.
Year.
550,314
31 570,343 16,001,404
31 10,848,067 0,721,200
21 7,111,100 1,029,008
31 1,843,33«
31 82,041,864 76,038,451
31 41,299,387 37,038,582
31 4.573,043 4,077,233
2,571,125
31 3,032,345 22,543,054
31 24,009,403
31 25,039,728 22,634,621
31 2,909,083 2,402,701
975,457
31 1,074,413 11,830,433
31 14,538,878 2,573,816
31 2,775,033
9,320,499 8,209,747
31 4,151,566
3,177,743
31
194739 503
31 210321842 10,072,071
31 10,091,771
31 137023G50 125222056
3 1 m c .l 1,00 1,000
31 15,920,387 14,631,387
24,080,408
31
30 843,170 705,504
30 14,580,789 13,305,483
31 5,507,521 5,041,621

AGGREGATES OF GROSS EA RN IN G S— W eekly and M onthly.
Current Yr. Previous Y . Inc. or Dec. %
M onthly Sum m aries.
C ur’nl Year Prev’s Year Inc. or Dec. %
$
5
S
S
8
M ileage C u rr.Y r. P rcv. Y r.
5
174,159,723 + 28,098,767 16.15
+ 598,420 4.41 F ebruary ..2 3 6 ,8 5 2 231,652 202,258,490 204,910,997
3d week Sept (40 ro a d s)____ 14,164,775 13,560,355
+ 814,119 4.47 i .M a rch _____ 235,025 230,841 237,533,005
+ 32,616,008 15.02
4th week Sept (46 ro a d s)____ 19,035,149 18,221,030
+ 375,833 2.08 A p r il ............. 237,509 232,463 225,225,596 190,595,911 + 23,620,680 14.56
1st week Oct (42 ro a d s)____ 14,399,640 1 1,023,810
- 5 7.),365 4.80 : M a y ................237 560 232,494 234,310,642 201,009,381 + 33,241,261 10.53
2d w eek Oct (42 ro a d s)____ 14,838,200 14,158,835
+ 002,475 4.15 i Ju no _______238,108 232,051 237,030,159 209,270,887 + 27,765,272 13.27
3d w eek Oct (42 ro a d s)____ 15,114,753 14,512.278
5.90
+ 023,798 3.00 J u l y ................238,109 233,203 230,015,770 217,803,354 + 12,812,422 7.75
4 th week O ct (40 ro a d s)____ 20,827,930 20,204,138
+ 302,290 2.01 A u g u s t____238,403 239,404 254,005,972 235,720,000 + 18,279,972 4.18
1st w eek Nov (41 ro a d s)____ 14,198,835 13,830,545
+ 182,023 1.27 S e p te m b e r.. 233,428 229,161 252,711.515 242,562,898 + 10,148,617
2d w eek Nov (43 ro a d s)____ 14,555,98* 14,373,360
+ 700,206 5.10 O c to b e r ___81,498
79,146 69,014,101 67,173,773 + 1,840,328 2.14
3d w eek Nov (40 ro a d s)____ 14,278,852 13,578,640
+ 400,027 2.71 N o v e m b e r.. 87,809 85,221 09,828,448 68,138,393 + 1,090,055 2.48
4 th w eek N ov (40 ro a d s)____ 17,439,211 16,978,284
a M exican currency d Cover: lines directly' op erated, e Includes the New Y ork & O ttaw a, the S t. Law rence & A dirondack a n d th e O tta w a *
N. Y. K y., th - la tte r of w hich, being a C anadian road, docs not m ake returns to the In te r-S ta te Com m erce Com m ission t Includes E v an sv m e a
dlana H R g Includes th e C leveland L orain A W neelthg Ky In both years, n Includes the N orthern Ohio H it. r> Includes earnings o( M nuonouy
Et Dodge and VVisc M inn. * Pacltlc. s includes L ouhvllie It A tlantic from Ju ly 1 I 939 an l ‘ ho F ran k fo rt Is C laclnn at irom Nov 1 1009. < in the M exican In tern atio n al Iram Ju ly 1910. u Includes th e T exas C entral In 1910.
W eekly Sum maries.




L a test G ross Earnings b y W eek s. —In the table which
follows we sum up separately the earnings for the fourth week
of November. The table covers 40 roads and shows 2.t 1%
increase in the aggregate over tlie same week last year.
Fourth W eek of November.
A labam a G reat S o u th e rn ____
A tla n ta B lrm lngnam & A tla n tic
Buffalo R o ch ester & P ittsb u rg h
C anad ian N o rth e rn ____________
C anad ian Pacific----------------------C entral of G eorgia--------------------Chicago & A lto n ----------------------Chicago G reat W e ste rn ................
Chicago In dian ap olis & L oulsv
Cine Mew u ri c 'l'exar Pacific
C olorado & S o u th e rn __________
D enver & R io G ra n d e _______ _
D etroit & M ackinac.................... ..
D etroit T oledo & Iro n to n ..........
A nn A rb o r__________________
D uluth S o uth S hore & A tlan tic
G ran d T ru n k of C a n a d a ..-----G rand T ru n k W e ste rn --------D etroit G rand H aven & M il.
C anada A tla n tic ____________
In te rn atio n a l & G reat N orthern
Tntcroceanlc of M e x ic o ............
Iow a C e n tr a l---------------------------K ansas C ity M exico & O rient .
L ouisville & N ashv ille------------M ineral R a n g e -------------------------M inneapolis & S t L o u is--------- M inneapolis S t P aul & S S M ..1
Chicago D ivision.......................I
M issouri Pacific------------------------M obile & O hio__________ —
N ational R ailw ays of M exico.
N cvada-C allfo rn la-O reg o n _____
R io G rande S o u th e rn ....................
S t L ouis S o u th w e ste rn ..................
S eaboard A ir L in e _____ ________
S o u th ern R a ilw ay _____________
T ex as & Paolflo................................
T oledo Peoria & W e ste rn . . .
T oledo S t L ouis & W estern . . . .
W a b a sh ___________ ___________ _
T otal (40 ro a d s)............................
N et Increase (2.71% ) .. . . . . .

Increase. Decrease.
1900.
1910.
S
S
S
•$
4,839
131,812 136,651
5,172
71,911
77,083
310
240,764 240,454
15,700
465,200 449,500
2,768,000 2,682,000 86,000
355,000 312,100 42,900 ______
9,760
303,274 293,514
10,388
227.368 237,756
1,321 ______
147,976 146,655
1,638
262,006 263,614
1,099
478,600 470,690
625,500 583,000 42,500 ______
2,653
___
25,236
22,583
6,259 ______
42,651
48,010
3,188 ______
54,781
57,969
340
68,283 .............
67,943
4,837
1,132,674 1,127,837
307,000
258,094
62,614
50,800
1,403,470
16,408
97,790
517,034
1,384,000
345,070
1,6 44,155
7,860
15,435
353,078
516,556
1,507,221
582,716
37,304
74,208
755,646
17,439,211
..................

281,000
241,022
68,224
39,800
1,356,507
24,062
07,620
584,549
1,378,000
306,346
1,653,159
8,047
16,172
313,651
485,004
1,494,571
540,634
32,633
79,234
761,477
16,078,284
..................

26,000
17,072
11,000
46,963
170
.............
6,000
38,724
30,427
31,552
102,650
42.082
4,671
584,258
460,027

5,610
7,654
67,515
9,004
1,087
737
______
4,936
5,831
123,331

to L a test D a tes. —The table fold net earnings of STEAM railroads
3d this week:

.

urrent Previous Current
Year.
Year.
Year.
ft dads.
S
%
5
10,361
6,677
5,224
A labam a T cnn & N O .O ct
16,732
24,001
34,231
Ju iy 1 to O ct 3 1 ---------3,828
235
4,456
B ridgeton & Saco R lv er.O c t
19,181
7,115
20,479
Ju ly 1 to O ct 31 . _ . .
C entral New E n g la n d , b 705,194
Ju ly 1 to S ep t 3 0 ............. 772,242
,
______ H 282,525
.
Ja n 1 to S ept 30 .
.2,250,450 1,075,726 011,365
C entral of New J e r s e y .b .O c t 2,418,345 2,450,702 1 , 0 0 0 , 2 2 6
Ju ly 1 to O ct 31
0,645,744 0,182,350 3,081,542
C hesapeake & O h io .b . .O ct 2,003,302 2,706,051 061,350
Ju ly I to O ct 31.11,502,717
10,401,828 4,152,733
Chic H url & Q u in c y .b O ct 8,900,503 8,363,547 3,840,960
Ju ly 1 to O ct 31
.32,759,270 30,806,805 1 1 , 6 0 1 , 0 0 0
Chic & N orth W e ste rn .b -O ct 7,378,280 7,499,670 2,233,631
Ju ly 1 to O ct 31 ...........27,750,328 27,238,044 8,770,707
D elaw are & H u d s o n .b .O c t 1,948,031 1,836,202
900,618
Ja n 1 to O ct 31
.16,848,067 16,001,404 6,737,571
D enver & R io G ra n d e .a O ct 2,284,437 2,269,460
655,460
Ju ly 1 to O ct 31 ..
81702,106 8,438,390 2,752,051
90,266
308,234
D uluth So Sh & A tl b . O ct 280,052
445,924
Ju ly 1 to O ct 3 i_ .
1,227,660 1,212,410
G rand T ru n k of C anada
G rand T ru n k R y _____ O ct 3,251,308 3,129,646
920,255
Ju ly 1 to O ct 31 __ ...1 2 ,0 7 5 ,2 4 6 11,847,404 3,434,280
525,582
78,107
G rand T ru n k W estern . O ct 542,615
1,064,606 2,093,568
362,797
Ju ly 1 to O ct 3 1 __
184,441
51,585
D et Gr Ila v & MUvr O ct 201,960
664,764
687,637
101,222
Ju ly 1 to O ct 3 1 . .
202,446
45,988
C anada A tla n tic . — O ct 203,006
731,434
57,668
668,657
Ju ly 1 to O ct 31 _ .
7,253,966 3,307,724
Oct 6,579,390 24,943,156
Cireat N o rth e rn .b
1 1,058,100
24,542,342
Ju ly 1 to O ct 31
782,208
315,988
Oct 759,569 2,774,562
H ocking V alley-b
1,261,821
2,945,070
Ju ly 1 to O ct 31 .
L ittle Falls & D olgevllle. b—
24,208
21,122
11,545
Ju ly 1 to S ept 30.
104,591
25,124
108,944
L oulsv H ead & S t L .a O ct 426,611
396,844
107,568
Ju ly 1 to O ct 31
73,725
64,374
7,460
Oct
M ineral R an g e, b.
d c f.520
298,657
252,159
Ju ly 1 to O ct 31
488,553
1,269,067 1,915,981
M inn S t P & S S M .a . . O ct 4,951,868
5,934,041 1,000,043
Ju ly 1 to O ct 3 1 ..
802,660
192,104
Chicago D ivision . a . . O ct 810,508 2,983,460
890,378
3,227,484
Ju ly 1 to O ct 3 1 ..
30,774
82,042
77,541
Oct
M ississippi C e n tra l. b
278,033
128,861
307,977
Ju ly 1 to O ct 31
1,348,510
M issouri P a c ific .b .
Oct 4,889,260 4,915,31 1 4,619,416
Ju ly l to O ct 31
18,404,363 18,162,275
264,218
N ashv C h att & S t L b Oct 1,019,241 1,009,213
94 1,003
Ju ly 1 to O ct 31 . _
3,873,282 3,790,626
16,032
N evada-C al-O regon. b . . O ct
49,350
38,018
72,205
151,712
196,055
Ju ly 1 to O ct 3 1 ..
47,311
117,864
New O rl G reat N o rth .a Oct 139,005
224,603
575,503
430,656
Ju ly l to O ct 31 .
177,071
702,628
N Y O ntario & W est .a .O ct 743,446
3,482,661 3,134,981 1,209,718
Ju ly 1 to O ct 3 1 ..
6,368,870 7,793,072 2,628,271
N orthern P acific.!)------ .O ct 25,491,057
28,901,368 10,703,233
Ju ly 1 to O ct 3 1 ..
804,850
170,270
758,929
Paclllc C oast C o . . ____ O ct 3,142,392
732,267
3,030,650
Ju ly 1 to O ct 3 1 ..
4,933,070 4,044,045 1,768,244
P enn sylv an ia C o m p an y. bOct 20,202,767
19,011,172 7,478,360
Ju ly 1 to O ct 31 .............
P itts S haw m ut & N o r.b —
360,183
56,460
274,638
Ju ly 1 to S ept 3 0 ..
57,974
33,548
24,876
R io G rande S o u th e rn .b -Oct 225,006
152,609
85,440
Ju ly l to O ct 31 _.
172,227
46,270
S t Joseph & G rand I s l.b .O ct 185,070
615,907
105,600
644,028
Ju ly 1 to O ct 3 1 ..



1569

THE CHRONICLE

D e c . 10 1910.

Previous
Year.
8
3,363
12,278
d cf.91
6,843
209,129
.
761,835
1,162,318
4,132,820
1,123,380
4,345,056
2,604,702
0,629,214
2,610,597
0,519,530
017,699
6,371,802
718,48
2,765,461
107,733
420,616
048,481
3,457,162
104,629
587,385
44,285
168,136
53,531
93,023
3,885,230
12,086,614
341,454
1,174,028
7,193
10,207
97,665
7,883
50,174
1,080,279
2,835,276
277,308
1,030,815
33,054
118,103
1,828,047
5,047,780
297,108
097,829
29,074
116,902
' 39,482
141,111
205,215
091,375
3,672,540
13,396,176
157,536
765,159
2,106,747
8,149,117
58,087
6,800
37,199
60,115
171,709

-N et E a m in g s— Gross E a m in g sPrevious Current P revious
Current
Year.
Year.
Year.
Year.
Roads.
S
$
6
8
393,497
402,373
S t L ouis S o uthw est .a - Oct 1,174,874 1,148,285 1,084,124 1,190,623
4,079,020 3,774,160
Ju ly 1 to O ct 31 . .
606,660
589,095
S eaboard A ir Line .a
Oct 1,835,894 1,741,268
6,494,847 6,026,559 1,754,048 1,757,673
Ju ly 1 to O ct 31 .
S o u th ern R ailw ay—
57,842
57,193
208,762
G eorgia Sou & I 'la .b Oct 207,891
195,283
194,273
789,251
730,096
Ju iy 1 to O ct 31
619,258
683,051
T exas & P acific, b . . . . . O ct 1,645,111 1,575,952
12,893,747 11,705,799 2,785,005 £.750,756
J a n 1 to Oct 3 1 ..
855
378
6,643
6,276
T idew ater & W e ste rn .b Oct
4,255
3,920
28,265
26,065
Ju ly 1 to O ct 31
2,011
2,241
6,271
6,440
T om blgbee V a lle y .. .O ct
8,247
10,055
27,179
25,122
Ju ly 1 to O ct 31
U lster & D elaw are, b —
164,377
386,303
164,913
Ju ly 1 to S ept 30. . . . . 415,187
284,946
009,877
281,542
846,818
J a n 1 to S ept 3 0 . „
288,728
301,320
919,4 42
____ O ct 962,560
Van ml! a b
981,137
3,758,283 3,310,456
929.219
J uly 1 to O ct 3 1 ..
IN D U ST R IA L COM PA N IE S .
A blngton & R ockland Elect
7,766
3,959
3.367
L ight & Pow er C o .b .O ct
9,330
Ja n 1 to O ct 31
20,592
21,638
78,549
58,929
44,878
15,948
B lackstone V ail G & E l.b .O ct
92,366
93,807
Ja n 1 to O ct 31 .
428,024
375,303
839,554
785,471
E dison E lect (B rockton) bOet
13,808
27,565
25,973
13,342
J a n 1 to O ct 3 1 ............. 245,052
110,358
93,455
214,995
Fall R iver Gas W o rk s.b .O c t
43,347
18,976
42,064
22,197
J a n 1 to O ct 31 __ 360,074
334,918
145.953
155,969
H oughto n Co E lect L t .b .O c t
24,572
22,850
13,157
11,641
J a n 1 to O ct 31 _ ___ 217,640
205,047
98,168
106,309
Lowell E lect L t C o rp .b .O c t
38,256
33,843
16,723
16,466
343,040
Ja n 1 to O ct 31
289.400
140,377
122,620
113,157
94,364
M inn Gen E lect C o .b . O ct
73,747
56,844
885,836
J a n 1 to O ct 31 ........... .023,329
628,440
502,606
49,200
45,283
35,362
S ierra Pacific El C o .b . Oct
26,353
a N et earnings here given are after ded ucting tax es,
b N et earnings here given are before d ed ucting tax es.

In terest Charges and Surplus.

-B a l. of N et E 'ng s.— In t., Rentals, &c.~
Current Previous Current P revious
Iloads.
Year.
Year.
Year.
Year.
S
5
?
3
B ridg eto n & Saco R lv er.O c t
640
593
def .405
684
Ju ly 1 to O ct 3 1 ............
2,435
4,680
2,459
4,384
C entral New E n g lan d —
Ju ly 1 to S ept 30 _
147,936
120,244 £150,297 £196,838
J a n 1 to S ept 30 _
831,761
747,657 £123,454 £641,180
C entral of New Je rse y . Oct 533,813
342,762
475.413
810,556
2,114,762 1,989,059 1,866,780 2,143,761
Ju ly 1 to O ct 3 1 __
C hesapeake & O hio. _ Oct 622,428
532,752 £338,931 £590,637
Ju ly 1 to O ct 3 1 ..
. 2,024,174 2,089,559 £1,528,559 £2,255,497
D enver <5c Rio G ran d e. O ct 526,887
447,214 (1193,657 (1327,182
Ju ly 1 to O ct 31 .......... 2,000,209 1,710,309 d l , 052,742 (11,308,181
97,839
D uluth So Sh & A tl__ .O ct
90,395
1,791
21,528
383,014
368,010
87.920
70,849
Ju ly 1 to O ct 31
.
L ittle Falls & DolgcvIIIe —
2,478
£0,099
Ju ly 1 to S ept 3 0 __ .
5,606
£4,975
£9,633
Loulsv Ilcn d & St L ____Oct
17,256
10,075
£3,256
Ju ly 1 to O ct 3 1 _____
68,397
04,401
£41,353
£36,003
M ineral R a n g e .................... Oct
13,614
13,399 £ d e f4 ,9 15 £dcf5,482
Ju ly 1 to O ct 3 1 ______
53,084
52,983 £def48,647 £def2,713
N evada-C al-O rego n.____O ct
4,380
3,594
£13,308
£26,555
14,360
17,019
£58,309 £106,240
Ju ly 1 to O ct 3 1 ______
41.71 1
45,398
11,692
7,280
N ew Orl G reat N o rth e rn .O c t
184,948
73,664
15,822
Ju ly 1 to O ct 31 _ _ . .. 167,152
93,302
65,201
N V O ntario & W estern .O c t 111,870
111,913
381,152
742,618
610,221
Ju ly 1 to O ct 3 1 _____ _ 467,100
P itts S h aw m u t & N o rth —
70,508
£10,061
Ju ly 1 to S ept 3 0 ____
87,383
£18,048
Rio G rande S o u th e rn . . . Oct
18,770
19,119
£6,211 £def 10,400
Ju ly 1 to O ct 31 _____
77,410
75,574
£12,235 xdcf32,401
U lster & D elaw are—
Ju ly 1 to S ept 3 0 ______
63,447
60.937 £101,798 £109,311
Ja n 1 to S ept 3 0 . . _
181,519
171,722 £109,021 £119,552
IN D U S 1TRIAL C O M PA N IES.
A blngton & R ockland E lect
592
803
3,367
L ight & Pow er C o____O ct
2,502
7,511
4,632
19,081
Ja n 1 to O ct 3 1 ____
17,000
29,421
30,238
14,640
16,527
B lackstone Vail Gas & E l. O ct
278,983
146,990
J a n 1 to O ct 3 1 ______ 281,034
96,320
3,651
8,572
4,770
10,157
E dison E lect (B rockton) .O ct
33,370
68,065
42,293
60,085
J a n 1 to O ct 3 1 ____
1,772
4,285
14,691
20,425
F all R iver Gas W o rk s__ O ct
36,353
22,922
119,610
123,031
J a n 1 to O ct 3 1 _____ _
4,553
4,265
8,604
7,377
H oughton Co E lect L t..O c t
44,081
41.671
62,219
56,496
J a n 1 to O ct 3 1 ______
4,237
4,145
12,486
Low ell E lect L t C orp___Oct
12,321
44,495
46,177
100,200
J a n 1 to O ct 3 1 .......... ..
78,123
32,351
M inn Gen E lect C o______ O ct
31,561
41,396
25,281
302,880
312,438
J a n 1 to O ct 3 1 ______ 316,002
199,726
5,707
29,342
S ierra Paclllc El C o_____ O ct ■ 6,020
20,646
d T hese figures arc a fte r allow ing for o th er incom e a n d for discount and
exchange. T he sum of 510,000 Is u ed uctcd ev e ry m o nth from su rp lus
a n d placed to th e cred it of th e renew al fund .
x A fter allow ing for o th er Incom e received.

ELECTRIC R A IL W A Y A N D TRACTION COM PANIES.
N am e of
Road.
A m erican R ys C o____
c Au E lgin & Chic R y
B angor R y & Elec Co
B aton R ouge E lec Co
B lrm ’h am R y L t & P
B rookt’n & P ly S t Ry
B klyn R ap T ra n S y s.
Cape B reton Elec C o.
C arolina Row & L t Co
C ent P ark N & E R lv
C entral P enn T ra c ..
C h attan oog a R y & Lt
Chicago R ys Co
Cleve P alnesv & E ast

Latest Gross E a rn in g s.
W eek or Current Previous
M onth.
Year.
Year.
$
S
O ctober . . 339,378 310,419
O ctober . . 154,359 137,662
O ctober . . 49,593 49,173
O ctober . .
9,598
8,937
28,462 27,788
J u l y ........... 216,505 183,187
0,797 10,253
O ctober .
A u g u s t___ 1972,238 1936,237
O ctober . 30,495 27,253
O ctober . . 29,164 24,271
A u g u s t___ 58,425 53,469
O ctober . . 68,635 62,773
O ctober . . 77,993 67,570
Septem ber 1175,420 1066,056
O ctober . . 31,818 29,467

J a n . 1 to latest date.
Current Previous
Year.
Year.
S
S
3,279,158 3,025,511
1,415,845 1,296,068
471.776 444,663
89,425
79,686
1,496,110 1,276,482
103,027 114,155
14,573,476 13.707,505
247,558 215,157
201,676 180,609
422,480 391,843
691,474 627,520
728,940 642,355
9,014,329 8,188,754
301,199 271,673

THE CHRONICLE
Latest Gross E arnings.
W eek or Current Previous
Year.
M onth.
Year.
5
S
C oney Isl & B rooklyn A u g u s t___ 160,020 166,357
D allas E lectric Corp S eptem ber 119,804 107,570
D etro it U nited B y . . 4 th wk Nov 206,174 197,701
D D E B & B at (Rec) A u g u s t___ 54,036 56,506
D u lu th S uperior T rac O ctober . . 95,278 87,235
E a s t S t Louis & S u b . O ctober . . 209,592 191,775
E l P aso E lectric
O ctober
55,172 58,347
O ctober . . 58,504 41,433
F t W ayne & W abash
V alley T raction Co O ctober . . 131,360 122,806
42dStM & SN A v (Rec) A u g u s t___ 129,238 120,563
G alv-H ous Fleet Co o c to o e r . . 113,476 102,014
G rand R apids R y Co O ctober . . 91,267 82,519
H a v a n a E lectric R y . Wk Deo 4 43,167 41,510
H onolulu R apid T ran
& L and C o ..
O ctober . . 39,118 36,375
H ou ghto n Co T rac Co O ctober
26,192 26,543
H ud son & M an h attan A u g u s t___ 186,862 138,433
Illinois T raction C o .. S eptem b er 529,291 455,137
In te rb o r R T (S ub)._ A u g u s t___ 915,702
In te rb o r It T (E Icv ). A u g u s t___ 1189,428
Jacksonville E lect Co O ctober .
48,367 41,567
K ans C ity R y & L t Co O ctober . . 693,420 642,238
L ake S hore E lec R y . O ctober . . 105,075 94,255
L ong Islan d E lec tric. A u g u s t___ 24,226 24,625
M etropolitan S t (Rcc) A u g u s t___ 1132,410 1072,661
Mllw El R y & L t C o. O ctober . . 406,919 376,355
MUw L t I I t & T r Co. O ctober . . 89,028 77,696
M ontreal S tree t R y .. O ctober . . 386,688 354,007
N ashvlllc R y & L ight O ctober _ 161,51 7 148,992
N ew O rleans R y & Lt O ctober . . 533,764 527,180
N Y C ity In te rb o r___ A u g u s t___ 20,534 • 15,503
N Y & L ong Islan d T r A u g u s t___ 40,319 30,307
N Y & Q ueens C ounty A u g u s t___ 111,065 98,936
166,776 156,540
N orf & P o rtsm T r Co O ctober . 208,342
184,815
N orth Ohio T rac & L t O ctober - .
N o rth T exas Elec C o. O ctober . . 154,007 135,697
N orthw est Elec C o .. N ov em ber. 187,654 178,938
24,147 26,764
O cean E lectric______ A ugust —
P a d u ca h 'Tr & L t Co. O ctober . . 20,9 19 18,924
Pensacola E lectric Co O ctober . . 23,650 21,027
P o rt(O re )R y ,L & P Co O ctober . . 503,485 426,708
P u g et S ound E lec C o. O ctober ... 161,760 170,199
R ichm ond L t & R R . J u l y _____ 47,797 42,658
Rio de Janeiro T ram
L ight & Pow er C o. O ctober . . 965,265 645,195
S t Jo seph (Mo) R y L t
H e at & Pow er C o. . N ovem ber. 87,644 82,296
Sao P aulo T r L t & P . O ctober . . 255,628 205,146
53,794 50,618
S a v an n ah E lectric Co O ctober .
S e a ttle E lectric C o— O ctober _. 469,033 544,077
Second A venue (Rcc) A u g u s t___ 83,582 80,683
S o u th ern B o u lev ard . A u g u s t___ 10,799
9,817
Sou W isconsin R y Co O ctober . . 15,606 13,651
S ta te n Isl M idland___ Ju ly ........... 41,446 37,082
T am p a E lectric C o._ O ctober
43,254 50,759
T h lrd A venue (R ec). A u g u s t___ 296,474 278,686
T oledo R ys & L t C o. O ctober . . 258,820 239,375
T oronto R y Co______ O ctober . . 379,721 332.977
T w in C ity R ap T ra n . 4 th w k Nov 182,235 172,331
U nderground E l R y
of L ondon—
T hree tu b e lines . . W k D ec 3 £14,040 £13,405
M etropolitan D Ist . W k Dec 3 £11,504 £10,738
U nited T ram w ay s. W k Dec 3 £4,745 £5,044
U nlon (R c c)_________ A u g u s t___ 212,511 189,321
U nion R y,G & EC o (111) O ctober . . 284,29." 266,263
U nited R R s of S an Fr O ctober . . 670,295 733,766
W estches Elec (R e c). A ugust ___ 56,584 51,103
W h atcom Co R v & Lt O ctoberl . . 35,620 35,672
Y onkers R R ( R c c ).. A u g u s t___ 59,107
N am e of
Road.

J a n . 1 to latest date.
Current Previous
Year.
Year.
$
1,027,223 1,025,421
1,037,613 931,301
8,527,301) 7,306,320
411,023 420,645
906,001: 810,83,
1.966.354 1,672,853
515,504 485,222
504,497 387,874
1,266,086 1,161,156
929,909 859,684
1,079,612 996,619
947,928 858,541
1,994,408 1,868,302
373,675 341,939
263,642 268,968
1,656,179
4,404,389 3,870,163
9,149,929
10,069,685
471,781 392,154
6,189,534 5,697,04 9
1,018,739 929,316
140,872 130,921
9,385,226 9,156,290
3,863,695 3,493,240
896,007 783,825
3,712,797 3,293,772
1.503.354 1,415,675
5,162,783 4,972,849
146,362 110.935
243,107 226,817
742,763 656,371
2,045,748 1,818,987
1,195,57 1,045,816
2,021,612 1,886,791
86,979
88,482
223,114 205,077
4,609,974 3,974,355
1.607.034 1,581,086
195,133 189,996
8.999.034 6,252,690
942,007 887,466
2,406,201 1,981,417
521,977 502.436
550,467 564,896
59,067
72,240
134,061
149,597
146.097
149,793
502,4 59 487.013
2,378,817 2,008,166
2,437,467 2,220,81 l
3,575,659 3,190,208
6,879,281 0,346,776
£616,360
£518,675
£300,876
1,488,773
2,421,889
6,337,515
352.450
334,910

£607;830
£475,369
£289,338
1,355,726
2,282,987
6,190,805
288,795
330,862

c T hese figures a rc for consolidated com pany .

E lectric R ailw ay N et E arnin gs. —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 Nov. 26 1910. The
; issue of Dec. 24 1910.
Current
Year.
$
B aton R ouge E l C o .b __ O ct ;
9,598
Ja n 1 to O ct 31 ______
89,425
B rock & P!ym S t R y .b .O c t;
9,707
J a n 1 to O ct 31 ______ 103,927
Cape B reton E l C o .b ___O ct : 30.495
J a n 1 to O ct 31______ 247,558
C h attan o o g a R y & L t.b .O c t : 77,993
Ja n 1 to O ct 31 ______ 728,940
C olum bus Elec C o .b ____O ct ; 46,962
C om m onw ’ith Pow er R y & L t
Co (G rand R apids) .b .O c t; 425,742
J a n 1 to O ct 3 1 ______ 4,081,714
E l P aso E lec C o .b _____ O ct ; 55,172
J a n 1 to O ct 31 .
. 515 504
G alv-H ous E lec C o .b — O ct; 113,476
J a n 1 to O ct 31 ___
1,079,612
H o u g h to n Co T rac C o .b .O c t; 26,192
J a n 1 to O ct 3 1 ..
263.642
Jackso nv ille E lec C o .b .-O c t; 48,367
Ja n 1 to O te 31______ 471,781
N ew O rl R y & L t .a ------O ct ; 533,764
J a n 1 to O ct 31 ______ 5,162,783
N or T ex as E lec C o .b ___O ct , 154,007
J a n 1 to O ct 31 ______ 1,195,575
P a d u ca h T r & L t C o .b -.O c t ; 20,949
23,650
P ensacola E lec C o .b ____O ct
J a n 1 to O ct 31______ 223,114
P o u g h k ’sie C 'y & W ap F a lls. b—
48,003
Ju ly 1 to S e p t 3 0 ______
P u g e t .Sound E l C o .b ___O ct , 161.760
.
1,607,034
J a n 1 to O ct 31 ______
Itoch S yrac & E a s t.b —
Ju ly 1 to S ept 3 0 ______ 199,745
S tJo s(M o )R y ,L t,IIt& P bN ov' 87,644
J a n 1 to N ov 30.._____ 942.007
S a v an n ah E lect C o .b — O ct, 53,794
J a n 1 to O ct 3 1 ---------- 521,977
S e a ttle E lect C o .b ------- O ct ; 469,033
T am p a E lect C o .b ------- O ct ; 43,254
J a n 1 to O ct 3 1 ______ 502,459
T oledo R ys & L ig h t C o ..O c t 258,820
2,437,467



Previous Current Previous
Year.
Year.
53,325
53,770 Year.
3
8 937
23,335
79,686
31,561
2,661
10,253
3,461
34,510
114,155
32,298
13,206
27,253
17,049
85,718
215,157
115,788
29,198
67,570
40,402
269,511
642,355
357,830
14,417
30,038
33,053
187,072
201,369
389,368
3,560,631 1,977,048 1,731,015
22,635
22,253
58,347
216,908
189 050
485,222
47 539
37,362
102,014
421,777
407,312
996,619
13,373
13,473
26,543
125,264
124,198
268,968
21,279
19,430
41,567
214,912
168,120
392,154
200,267
210,438
527,180
4,972,849 1,935,12 2 1,800,109
71,102
82,884
135,697
471,200
559,832
1,045,816
9,202
7,160
18,924
10,072
8,648
21,027
91,714
87,827
205,077
18,071
23,549
43,779
60,681
59,609
170,199
564,354
536,405
1,581,086
114,493
114,087
59,878
43,683
39,962
82,296
887,466
439,150
427,435
50,618
18,276
17,645
502,436
181,105
176,284
544,077
229 393
217,877
50,759
19,256
23,968
487,013
223,692
201,987
239,375
95,959
109,655
2,220,811
921,041
957,042

[Y o i» . LXXXXT

------Gsoss E arn ings— -------N et E arn ings------Current
Previous C urrent
P revious
Year.
Year.
Roads.
Year.
Year.
S
$
$
5
T ro y & N ew E n g la n d .b
16,289
10,529
10,122
Ju ly 1 to S ept 3 0 . .
16,375
144,041
129,977
U nion R y Gas & E l i 111) b O ct 284,293
266,263
Ja n 1 to O ct 31______ 2,421,889 2,282,987 1,085,068 1,110,050
407,650
370,492
U nited R ys of S t L . a . . .O c t 1,041,837 1,035,624
J a n 1 to O ct 31
9,601,041 9,230,939 3,160,870 3,385,267
W h atcom Co R y ft L t.b O ct
16,064
35,620
35,672
17,478
J a n 1 to O ct 3 l._ _ . 334,910
143,506
330,802
136,470
a N et earnings here given arc a fte r d ed ucting taxes,
b N et earnings here given are before ded ucting tax es.

In terest Charges and Surplus.

—In f., R entals, & c.— D al. o f N et E a rn s.------Current Previous C urrent P revious
Roads.
Year.
Year.
Year.
Year.
$
8
5
5
1,914
1,951
B ato n R ouge E l C o____ .O c t
1,820
1,374
B rock & Plym S t R y ___ .O c t
1,578
1,756
883
905
J a n 1 to O ct 3 1 ..
17,013
18,103
15,285
10,407
Cape B reton E lect C o .. .O ct
6 161
6,109
10,888
7,007
J a n 1 to O ct 3 1 ..
55,071
55,113
00,717
30,605
C h attan oog a R y & L t .. -O ct
16,702
22,218
23.700
6.980
123,229
Ja n 1 to O ct 3 1 ..
215,281
54,230
231,601
12,100
1,502
17,932
12,915
Colum bus E lect C o____ .O c t
C om m onw ealth Pow , R y &
68,337
79 336
L t (G rand R a p id s '___O ct 122,033
118 735
548.314
745,950
J a n 1 to O ct 31 ______ 1,231,608 1,183,301
14,215
E l Paso E lect C o............. .O c t
14,029
8,224
8,420
108,633
J a n 1 to O ct 3 1 ..
133,626
83,282
80,417
14,877
G alv-IIouston E lec C o. .O ct
21,974
25,565
22,485
192,602
J a n 1 to O ct 3 1 ..
235,805
185,972
214,710
7,258
H ou ghto n Co T rac C o. .O c t
6,637
0,215
0,730
J a n 1 to O ct 3 1 ..
64,195
63,998
60,003
61,266
Jacksonville E lect C o .. .O c t
9,346
9,452
9,978
11,933
J a n 1 to O ct 3 1 ..
92,502
93,062
75,058
122,410
N orthern T exas E lec Co .O c t
20,290
16,189
54,013
62,594
J a n 1 to O ct 3 1 ..
194 745
170,873
365,087
300,336
P a d u ca h T r ft L t Co___ .O c t
7,170
6,625
2,032
535
P ensacola E lect C o____ -O ct
5,105
4,474
4,967
4,174
J a n 1 to O ct 3 1 ..
50|34i)
43.527
41,300
44,300
P o u g h ’sie C’y & W app Falls—
Ju ly 1 to O ct 31 _____
9,070
9,225
28,401
214,354
P u g et Sound E l Co____ .O c t
50.018
49 777
9,832
10,003
472,037
508,313
50,041
04,308
Ja n 1 to O ct 31._
R och S y rac ft E a st—
89,534
58,260
24,959
1,612
Ju ly 1 to S ept 30 .
20,375
23,308
21,608
18,354
S t Jo s (Mo) R y ,L t,H t& P . N ov
235,210
188,780
250,364
192,225
J a n 1 to N ov 3 0 ..
57
17 620
25
18,219
S av an n ah E lect C o------- O ct
2,078
3,413
172,871
178,427
J a n 1 to O ct 3 1 . _
102,169
119,480
115,708
S e a ttle E lect Co______ .O c t 109,913
13,126
19,344
4,624
T am p a E lect C o_______ .O ct
6,130
172,263
J a n 1 to O ct 3 1 ..
45,807
150,180
51,429
234,285
T oledo R ys ft L ight Co. -O c t
75,616
217,784
78,452
Ja n 1 to O ct 3 1 ..
1558 2231,068
727,818
769,162
T roy & New E n glan d—
Ju ly 1 to S ept 3 0 ..
27,835
2,823
2,734
27,437
66,845
U nion R y Gas ft E l (111) .O ct
52,739
77,796
77,238
472,732
660,301
643,318
424,707
Ja n 1 to O ct 3 1 ..
U nited R ys of S t L . . . . O ct 232,654
232,267 2141,563 2179,032
2,333,304 2,333,899 2861,879 21,080,081
J a n 1 to O ct 3 1 . _
9,229
8,469
8,249
7,595
W h atcom Co R y & L t.. .O ct
87,930
82,758
48,534
00,808
J a n 1 to O ct 3 1 ..
x A fter allow nig for o th er Incom e received.

A N N U A L R E P O R T S ;,

A nnual R eports. —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 Nov. 26. The next will appear in that of Dec. 31.
M assachu setts E lectric C om panies, B oston.
{Report for Fiscal Year ending Sept. 30 1910.)
Pres. Gordon Abbott, Boston, Dec. 1, wrote in substance:

General Results of Operating Cos.— T he year show s an Increase In gross
of 5508,593. or 6 .3 2% , w ith an Increase In n e t of 5281,887. Of this, 552,­
975 w'as absorbed In div idend s on th e Increased Issue of pref. shares of th e
op erating com panies, leaving an Increase In net divisible Incom e applicable
to th e com m on shares of those com panies of 5228,913. 'Phis show ing en­
abled th e Old Colony S t. R y. Co. to raise Its ra te of dividend from 5% to 6 % ,
th e ra te on th e B oston & N orthern S t. R y . Co. rem aining th e sam e, 5% .
Neio Stock.— D uring th e year the. B. & N . S t. R y. Co. sold 5,883 shares
of pref. stock an d th e O ld dolony S t. R y . Co. 4,041 sh ares, a to ta l of 9,924
shares, w hich n e tte d the com panies 51.141,260.
H ands.— No bonds w ere sold by either of th e com panies du rin g th e y ear,
b u t th ey hav e a t th e p resent tim e a u th o rity to Issue 51.009.000 bonds,
and these will be sold as th e m a rk e t oilers a favorable o p p o rtu n ity . M any
of these bonds have com e Into th e trea su ry of the o p erating com panies In
exchange for bonds of th e old un derlying com panies w hich m atu red an d
w ere paid du rin g th e year from cash In th e trea su ry , refun ding bonds being
issuecl In their place. To these p ay m en ts Is due th e floating d e b t of 5500,­
000 w hich appears In th e consolklatcd balance sheet as due to oth ers th a n
your com panv. I t is expected th a t early In 1911 th e o p erating com panies
will ob tain the rig h t to Issue fu rth e r bonds on acco unt of cap ital exp en di­
tu res du rin g th e past y ear.
E xpenditures upon the Properties, Aggregating 5 1,610,691, D uring P ast Y ear.
T rack c o n stru ctio n _________5186,726 Rower s ta tio n s .. — ________5146,288
T rack rec o n stru c tio n ---------- 538,084 I.and and bu ildings............. 1 5 4 , 7 7 0
. . 9,294
Cars and electric eq u ip ------ 382,240 S u ndry eq u ip m en t.
O verhead lines a n d feeders 136.207 Ily d c P a rk pow er s ta tio n .. 57,083
D uring th e year 8.1 m iles of new trac k have been co n stru cted and 29 M
m iles of track reco n stru cted . W ork on 4.3 m iles of new trac k co n stru ction
and 14.6 m iles of trac k reco n stru ctio n In progress will be finished before
Ja n . 1 1911; 107 m iles of feeder and transm ission cable w ere strun g; 5.8
miles of un derground con duit w ere com pleted, 1.4 m iles being In conrsc of
co n stru ction. F o rty-four 28-foot box cars, th irty -tw o 12-bench open cars,
eight 14-bench open cars, th re e 30-foot express cars and six service cars
w ere pu rch ased , a n d w ork is In progress on three 30-foot express cars and
four vacuum cleaners. T he Installation of th e 800-klIow att a ltern a tin g
gen erator a t Lowell has been com pleted, th e Installation of th e 1,200kilo w att gen erator a t L aw rence practically so and a 750-kP ow att ro ta ry
con verter Installed a t Fall R iv er. New car houses b u ilt a n d b u l'd lng and
add itions and a lteratio n s will Increase th e cap acity of car houses by 270
cars. A p a in t shop has been erected a t Full R iver.
In add ition to th e m oney spent as above noted for c o n stru ction a n d re­
c o n stru ction, th e cost of m ain ten an ce charged to o p eration reached a
higher figure th is y ear, bo th In actu al exp en ditu re and In percen tag e of
gross earnings, th a n ever before In th e h isto ry of th e prop erties.

F is c a l Y e a r o f O p e r a tin g C o s .—In compliance with a law passed In 1909
the llscal year of street railways In this State has been changed so that it
now ends, beginning with this year, on June JO. For purposes of com­
parison the subjoined tables give the operating results for the 12 months
ending
Sept. 30.
. . . . . .
D is c o u n t on B o n d s .—The last Legislature passed an Act enabling street
railway companies to issue bonds to cover the discount on bonds previously
sold. Under this Act authority was given after the expiration of the last
ilsealOld
yearCol.
for the
an aggregate
of $517,000
bondsthat
of the
Bos. sinking
ft Nor.
and
St. issue
liy. of
companies,
it being
stipulated
annual
fund payments be made to extinguish the same before maturity. For this
reason no portion of the discount on bonds appearing in the subjoined bal­
ance sheet has been charged oil, nor will any such charges be made in future,
theWsinking
fund payments talcing their place.
a g e s .—'The agreement with conductors and motormen having expired
Oct. 1, a new one took Its place, running for four years, and containing pro­
visions for an increase In wages of between 5 and 6%. The result will be
a considerable increase in cost of operation.
P r o s p e c ts fo r P a y m e n t o f A c c u m u la te d D i v id e n d s .—Dividends at the full
rate of 4% on the pref. shares having been resumed, inquiries have naturally
been made as to the payment or funding of the accrued and unpaid divi­
dends on those shares. To accomplish this it is obvious that an income is
required which will suffice not only to pay the 4% dividend on the existing
pref. shares, hut also to pay dividends on any securities Issued for the pur­
pose of funding the accrued dividends, which now amount to $3,648,938.
Your trustees are of opinion that It would not be wise to attempt to carry
out any funding plan until sufficient time has elapsed to establish still
further the earning power of the operating companies.
C O N S O L ID A T E D ) IN C O M E A C C O U N T O F O P E R A T IN G S T R E E T
R A IL W A Y A N D E L E C T R IC L IG H T C O M P A N IE S .

1907-08.
1900-07.
1909-10. 1908-09.
Earnings______________ $8,560,949 $8,052,350 $7,809,010 $7,758,511
Expenses . . ---------------- 5,300,295 5,148,397 5,001,517 5,000,052
Net earnings......... — .$3,200,054 $2,903,959 $2,807,403 $2,757,850
Interest, rental,taxes. . 1,792,937 1,778,129 1,784,438 1,702,023
D ivisible Incom e_______$1,407,717 $1,125,830 $1,023,055 $1,055,230
880,773
880,773
Dividends ________
1,130,501 1,000,464
B a la n ce ........... .......... $277,156 $125,300 $1 12,282 $174,403
N o te .—The surplus brought forward Sept. 30 1909 was $210,398, making,
with the surplus for the year ending Sept. 30 1910 , $277,150, a total of
$193,554, from which were made the following deductions, aggregating
$272,194, viz.: Reconstruction, $178,001; premium on bonds redeemed,
$1,048; adjustment of accounts, $3,153; replacement, $82,991; deprecia­
tion, $7,000; leaving a surpl is as of .Sept. 30 1910 of $221,300.

C O N S O L I D A T E D B A L A N C E S H E E T O F A L L S T R E E T R Y . A N D E L E C R IC
L I O IIT C O M P A N I E S C O N T R O L L E D B Y T H E M A S S . E L E C T R IC
C O M P A N I E S F O R T H E Y E A R E N D I N G S E P T . 30.

1910.
1909.
L ia b ilitie s —
S 19,042,900
$
Common
stock__ 19,042,900
Preferred stock__ 2,088,000 1,096,200
Funded debt........ 18,434,000 19,453.000
Notes with Mass.
Electric Cos---- 500,000 2,575,000
Vouchers, acc’ts. 344,768 287,912
salaries,
&c___ 80,598 84,640
Coup’s
outstand’g.
054,166
674,182
Int.,rentalsfttaxes.
562,662 937,770
Divs.deed’d unpaid 231,411
271,425
Accident,&c..
funds
Depr. fd.H.P.El.L.
3,802
1,206 77,170
Replace’t
suspense
I’rem. on pref. stk. 258,4S0 109,020
Surplus................. 221,360 210,398
Total................ 45,710,167 44,810,063 Total................ 45,710.167 44,810,063
x To be written oft during life of bonds—onc-flftleth each year.
M A S S A C H U S E T T S E L E C T R IC C O M P A N IE S — IN C O M E A C C O U N T
Y E A R S E N D I N G S E P T . 30.
In c o m e —
1909-10. 1908-09. 1907-08. 1900-07.
DIvs. on stocks owned...$1,040,029 $907,030 $880,841 $880,837
Int. on notes, &c_______ 172,830
127,109
107,962
82,004
Total Income_________$1,212,859 $1,094,799
$988,803 $902,841
E xpen ses—
Salaries—General
officers $13,917
$13,250
$11,000 $11,000
Legal and miscellaneous.
10,720
6,145
8,390
5,030
Interest...............
181,537
157,500
157,500
157,500
Divs. on pref. s to c k s .(3 M % ) 770,903 (2 A ) 513,935 _____ _
________
Total_______
________ $977,083
$690,830 $811,907
$176,896 $788,711
$174,130
Balance,
surplus_______
$235,770 $403,909
M A S S A C H U S E T T S E L E C T R IC C O S — G E N E R A L B A L A N C E S H E E T S E P T . 30
1910.
1909.
1910.
1909.
Assets—
S
5
L ia b ilitie s —
s
S
Sundry stocks,&0-,
Preferred shares. .20,557,400 20,557,400
In treasury____31,487,545 33,300,935 Common shares. ..14,293,100 14,293,100
Coupon notes____ 3.700,000 3,500,000
Stock dep. to sec.
Vouchers payable.
012
coupon notes__0 250,000 4.375.000 Accrued
500
interest on
38,504 40,509
Cash.
coupon notes... 41,625 39.375
2.575.000 Dlv.&coup.
Notes rec.oper.cos. 3 .270,000
unePm. 7,079
2,891
2,890
7,079
Casli for coup., &c. 562,011
937,690 Proflt & loss, surp.*3,015,926 2.898,758
Divs. receivable ..
Total................41,015,742 41,292,024 Total................41,015,742 41.292,024
* After adding $53,712 pront from salo of stocks and deducting premium on coupon
notes purchased, $5,821, and discount on coupon notes sold, $106,500.—V. 91,
p. 1328, 1254.
1910.
1909.
A ssets—
$
S
Property______ 43,200,705
41,809,288
028,757 1,090,070
128,083 121,027
Accts.
Couponreceivable-deposits-81,040
Sinking ft redemp- 80,597 70,730
54,548 45,225
131,845
Accts.
suspense.
Prepaidin taxes,
In171.708
sur. and rentals. 110,027
Lease accounts__ 73,444 41,708
Materials and sup- 769,310 775,374
Discount on bonds #532,845 *533,093

American Sugar Refining Co.
The bill of complaint in the suit which was recently
brought against the company by the U. S. Government in
the U. S. Court for the Southern District of N. Y., 2d Cir­
cuit, for alleged violation of the Anti-Trust Act approved
July 2 1890, brings together considerable information which,
though not wholly new or possibly free from error, has
sufficient statistical value to deserve of preservation in
condensed form in these columns. It should be understood,
however, that it is only a resume of the statistical data th;it
we would endeavor to cover, and not all the main points on
which the Government bases its argument.
While the Government alleges that the company and
allied interests control about 72% of the total consumption
of refined sugar in the country not produced frum beets and
about 70% of the total refined sugar of every kind consumed
in the country, the company itself claims that it has, in­
cluding its beet-sugar interest, only about 51% of the coun­
try’s sugar trade. (See “Chronicle” of Dec. 3, p. 1514.)
The bill of complaint was prepared by Henry A. Wise and
James 11. Knapp, respectively U. S. Attorney and Assistant
U. S. Attornc}' for the Southern District of N. Y., acting
under the direction of George W, Wickersham, AttorneyGeneral for the United States.
{Data from Bill of Complaint in Government Suit.)




1571

THE CHRONICLE

O r ig in a l S u g a r T r u s t a n d I ts S u c c e s s o r , th e A m e r ic a n S u g a r R e f in e r ie s .—
Tile following tables, two In number, cover (1) the formation in 1887 o f
the original sugar “trust" known as "Sugar Reiinerles Co.,” holding th e
stocks of companies that controlled 90% of the refined sugar output of th e
country, a pool that involved the issuance of $50,000,000 trust certificates,
and that In 1890 was adjudged illegal; and <2) the merger In the American
Sugar Refining Co. from 1891 to 1892 of not only the title of the aforesaid
trust properties, but other properties as well, giving the company at th a t
time control of 98% of the output; also subsequent acquisitions to and in­
cluding 1897, all of which matters are separately considered in the complaint.
Sugar T r u s t, F orm ed in 1887 w ith $50,000,000 T r u s t C e r t.— (D eclared
illegal in 1890.—V. 5 j, p. 905)— C on trol o f 90% o f O u tp u t.

(a) P lants acquired in 1887 under trust deed. D aily M elting, D tsLbs.
m antled.
1. Ilav cm cy er S ugar R ef. Co., (a) B ro o k ly n 2,000,000
1889
(b) Jersey C ity _____________________ 2,000,0001
Consol.
2. F . O. M atthtessen ft W eichcrs Sugar Refilling C o., 2,0 00,00 0/ in 1887
3. De C astro ft D onner Sugar R efining Co.. B k ly n .. 1,200,000 1889
4. H oller, Sierck ft Co., B rooklyn, N . Y .....................
200,000 1887
5. O xn ard B roth ers, B rooklyn, N . Y ------------------------- 200,000 1887
0. N orth R iver S ugar Refining Co., New Y o rk ------ 200,000 1887
7. B rooklyn S u gar Refining Co., B rooklyn, N . Y — 1,200,0001 Consol.
8. llav em cy ers & E lder, B rooklyn, N . Y ----------------- 3,000,000/ in 1887
9. D ick ft M eyer, B rooklyn, N . Y ...................................... 200,000 1887
10. S ta n d ard S u gar R efinery, B o sto n -------------------------- 2,000,0001 Consol.
11. C o ntinen tal Sugar R efinery, B o sto n --------------------- 400,000] In 1887
12. B ay S ta te Sugar R ellnery Co., B o sto n ___________ 200,000 1887
13. B oston .Sugar Refining Co., B o sto n ______________ 1,000,000 1887
14. F o rest C ity S u gar R efining Co., P o rtla n d , M e .. 250,000 1887
15. S t. L ouis S ugar R efining Co., S t. L ouis, M o_____ 1,800,000 1887
10. P la n te rs’ S u gar R efining Co., New O rleans______ 250,0001 Consol.
17. L ouisiana S u gar R efining Co., New O rleans____ 2 ,00 0,000/ in 1887
(5) Purchased by llavem cyers & Elder in 1888 and in
1891 leased to Western Sugar R ef. Co. ( A owned by
A m er. Sugar R efin ing Co. of N . J .)—
A m . S ugar R ef. Co. of Cal.; closed 1891; 1906 b u rn e d . 1,000,000
1906
T h e “ S u gar R efineries C o .,” it will be observed, co n ce n tra ted Its
operation s a t llav em cy ers & E lder refinery in B rooklyn, M atth iessen &
W eichcrs refinery in J . C.. S ta n d ard Sugar R efinery in B oston an d L ouisiana
S u gar R efinery a t New O rleans, w hile th e A m . S u gar R efinery Co. of Cal.
w as held by a friendly in te rest. T he concerns w hich still rem ain ed Inde­
pen d en t, w ith th e ir dally m elting cap acity , w ere: N ash ,S p au ld in g ft C o.,
B oston. 200,000 lbs.; D elaw are Sugar H ouse, P h ila., 200,000 lbs.; E . C.
K nig ht & Co., P h ila., 500,000 lbs.; H arrison, F razier ft Co., P h ila., 2,­
200,000 lbs.; C alifornia S ugar R efinery, San F ra n ., 1,000,000 lbs.; to ta l
4,100,000 o u t of th e grand to ta l of 23,400,000 lbs.
A c q u is itio n s b y A m erican S ugar R e f. C o . fro m 1891 to 1897— S tock G iven
as C o n s id e ra tio n ( A P r e f.) — (C om pare V . 51, p . 609).
(a) Acquisitions o f 93% o f Producing Capacity in 1891-92.
D a ily Sold to Considcr'n
Stock
M illing A .S .R . Stock
Issued. Cap. Lbs. Co. ( A pref.).
The Sugar Refineries’ Co.—
Standard Sugar Refinery, B o sto n __ 1550,000,000 (2,000,0001
llavem cyers & Elder Refinery, Bklyn) (trust {5,000,000)1891 S50.000.000
M atth. ft Welchers Ref., Jersey City. | ctfs.)
|2,000,000|
Louisiana Sugar Ref., New O rleans..J
12,500,000 j
llavemcyers & Elder Refinery, San Fran(Leased to Wcst’n
Cisco (closed 1891).................................................. ........... 1,000.0001 Sug. Ref. Co. (A
California Sugar lief., San Francisco------ 300,000 l.OOO.OOOlowncdbyAm.Co.)
Dela. Sugar House, Phila. (closed 1890).. (?)
200,000 1S92
472,500
E. C. Knight & Co.. Phila. (closed 1890). (?)
500.000 1892 2,050,000
Franklin Sug. Itcf. Co.,Phila.(closed 1897) 5.000,000 2,000,000 1892 10,000,000
SprcckelsSug. Ref. Co., Piilia. (built 1891) 5,000,000 2,000.000 1892 10,000,000
-

D e o . 10 1 9 1 0 .]

Total........................................-................................. 18,200,000
(6) B u ilt 1892 a n d 1897— Purchased by A m . S u g. R ef. C o. an d D ism a n tled .
■

C a p ita l
Stock.

D a ily
M eltin g C a p .

D ale P u rchased.

Baltimore (Md.) Sugar Refining Co..........$1,300,000 600,000 (lbs.) 1891-92
U. S. Sugar Refining Co., Camden, N. J .. 2,000,000 Not stated Sept. 4 1897
If wc Include the San Francisco refineries acquired under lease by the
Western Sugar Refineries Co. (one-half of whose stock was acquired by the
Am. Sugar Ref. Co. of N.J., as below stated, the only refinery not Included
In the merger of 1891-92 Is shown to have been the Boston plant (daily
melting capacity 400,000 lbs.) owned by Nash, Spaulding ft Co. and still
Independent, being now known as the Revere Sugar Co.
W estern S u g a r R e fin in g C o .—In March 1891, In order to eliminate com­
petition between California Sugar Refinery and llavemcyers ft Elder
(owners of San Francisco refinery of former Am. Sug Ref. Co. of California),
which had resulted In severe financial loss to the California Sugar Refinery,
the Sprcckels, who owned the capital stock of the California Sugar Refinery,
entered into an agreement with Ilavemeyers & Elder which resulted in the
incorporation of Western Sugar Refining Co. March 20 1891, under
laws of California, with $2,000,000 capital stock, one-half of which
was Issued to llavemcy ers & Elder and the other half to said Claus, John D.
and Adolph B. Spreckels. Thereupon the factories of California Sugar
Refinery and Ilavemeyers & Elder, at San Francisco, were leased to West­
ern Sugar Refining Co. for a term of ten years. Shortly thereafter Havemeyers & Elder sold their factory and their one-half of the capital stock
of Western Sugar Refining Co. to the American Sugar Refining Co., which
company has ever since held and voted one-halt of the capital stock of
Western
Co., until
and owned
the continuously
factory until leased
It wastodestroyed
by fire inSugar
1906; Refining
said factory
then was
Western
Sugar Refining Co. and by It kept closed. The other half of the capital
stock of Western Sugar Refining Co. has at all times been owned and held
by Claus, John D. and Adolph B. Sprcckels, or the latter two; and the lease
of the Cal. Sugar Refinery to West. Sug. Ref. Co. has from time to time
been renewed, to and including the year 1917, and the factory Is now being
operated by the latter company under such lease.
N ational Su g ar R e f. C o . an d O ther A llied C ane Su g ar C o m p a n ie s .

N a tio n a l S u g a r R e fin in g C o . o f N e w J e r s e y .—The New York Sugar Re­
fining Co., Incorporated March 31 1897: the National Sugar Refining Co.,
incorporated Sept. 7 1892, and the Mollenhauer Sugar Refining Co., In­
corporated Sept. 26 1891, were In May 1900 Independent companies operat­
ing their respective factories when on the basis Indicated In the following
table
all their
outstanding
were1151);
acquired by a new company, the
National
Refinery
Co. of N.securities
J. (V. 70,
O utstanding Stock an d D a lly M eltin g C a p a city o f C om pan ies M erged in 1900 in N a ­
tion al R efin in g Co. o N . J . — A m ou n t o f N a tio n a l P ref. G iven in E xchange.
■
D ate D a ily C apac.
N a t. R e f.
F a cto ry—
In corp. (I.b s.).
C a p ita l O ut.
P ref. in E x .
N. Y. Sugar Refining Co------- 1897 2,000,000/
Stock $000.0001 3,000,000
bonds Si’
82,400,000/
Moll.S.ltcf.Co.(closed
Aug.’91)
1892 1,400,000
1,000,000 1 3% Stock
Stock
,000’,000 3,000,000
National
Sugar Refining
Co. .1891
Si,0J0.000
2,225,000
The said National Sugar.Refining Co. of N. J. was Incorporated with
$20,000,000 of authorized capital stock, $10,000,000 thereot being preferred
and thereupon acquired the entire capital stock of the Nat. Sugar Refining
Co., Mollenhauer Sugar Refining Co. and the N. Y. Sugar Refining Co.
and the entire $2,400,000 3% bond Issue of the last-named company, all of
which have ever since been held by tbe National Sugar Refining Co. of
N. J. [The merger agreement provided for cancellation of the bonds.—Ed.]
Of the capital stock of the new company, $8,250,000 preferred was there­
upon distributed to the stockholders of the old companies (the bonds of the
N. Y. Sugar Ref. Co. being surrendered along with the stock); and the
entire $10,000,000 of common stock was delivered to Henry O. Ilavemeyer
for no consideration.
For the $300,000 of stock of Mollenhauer Sugar Ref. Co. held by It the
Am. Sugar Refining Co. received $900,000 pref. stock of the Nat. Sugar
Refining Co. of N. J., and thereafter It purchased more of said shares until
1000,
when
heldvoted.
51,280 shares of such preferred stock, which it
ItDec.
has31ever
since
heldIt and
The $10,000,000 common stock was acquired by Mr. Havemeyer for
himself and associates and Mr. Havemeyer thereupon placed Ills 76,000
shares (afterwards Increased to $9,300,000) In a voting trust for the
benefit of his children. Since the death of Mr. Havemeyer the executors
and trustees under his will have been the holders of [93,000 shares] such
stock, and at all times James II. Post has voted the same, so that
there has been no competition with the Am. Sugar Refining Co. The
directors are: James II. Post (Pres:), Thomas A. Howell, Fred. H. Howell,
Frederick D, Mollenhauer (Treas.), Geo. R. Bunker (Sec.), H. F. Mollen-

THE CHRONICLE

1572

h au er, J . H en ry D ick an d N ath an iel Toolcer. In A ug ust 1901 th e M ollenh a u cr su g ar facto ry w as perm an en tly closed.
M cC ahan Sugar R ef. Go.— T he VV. J . M cC ahan S ugar R efining Co. w as
lncorp. O ct. 13 1892, w ith a n a uth orized c ap ital sto ck oi 82,000,000, an d
since 1893 has o p e ra te d Its refinery In P hilad elp hia. D ally m eltin g ca­
p acity In M ay 1900, 1,250,000 lbs. In Ju n e 1900 th e N ational S u gar R e­
fining Co. o;. N . J . pu rch ased 25% of th e auth orized cap ital sto ck and now
holds th e sam e. T h e directo rs are W . J . M cC ahan (P res.), R . S . P o m ero y
(T reas.), Ja m e s M. M cC ahan (M anager), H en ry C. B u tch e r, T hom as
Cooper, W in . H . A rro tt a n d T hos C. M cC ahan.
[P res. M cC ahan Is q u o ted as saying: “ T he com pany Is a n in d ep en d en t
sto ck c o m p an y c h artered u n d er th e laws of P en n sy lv an ia. I t Is ab so lu tely
ow ned by th e sto ck ho lders. T he officers an d d irecto rs p erson ally ow n
over 56% of th e sto ck an d are no t officers or directors In a n y o th e r su garreflnlng co m pany . Since th e Incorporation in 1892, th e only change m ad e
in th e d ire cto ra te w as occasioned In 1896 by th e d e a th of one of its m em ­
b e rs.” V . 71, p . 88.— Ed.]
C alifornia
H aw aiian Sugar R efin ing Co.— T his com pany , Incorpo­
ra te d In C alifornia In 1897 w ith 85,000,000 a u th . c ap ita l sto ck , a fte r
being su b jected to disastro us com petition , en tered in 1903 in to a n agree­
m en t w ith th e W estern S ugar Refining Co. by w hich th a t c om pany w as to
m a rk e t all th e p ro d u c t, pay ing therefor a n agreed price an d a fu rth e r
sum of $200,000 a year. T he fac to ry w as th e n closed from A pril 1903 to ’06.
P ennsylvania Sugar R efin in g Co.— In 1903, w hen th is com pany 's new
refinery In P h lia. w as ab o u t to be placed in op eration , th e C ham pion Con­
stru c tio n Co., w hich erected th e sam e, being sh o rt of fund s borrow ed
$1,250,000, secured by pledge of $2,600,000 of th e $5,000,000 sto ck an d
$500,000 bonds of th e refining com pany a n d $1,000,000 1st M. bonds of the
M ajestic A p a rtm e n t H ouse. In te re st on th e loan w as d efau lted and th e
A m . S u gar Refining Co., w hich. It tu rn e d o u t, m ade th e loan, caused th e
refinery to be k e p t closed. (See V. 89, p . 1284).
C uban-A m erican Sugar Co.— M em bers of B . H . H ow ell, S o n & Co.
aided In form ing th is c o m binatio n, ow n a large p a rt of th e sto ck a n d arc
officers a n d d irecto rs a n d th e sole selling a gents thereo f: an d th e y , w ith
o th e r d e fen d a n ts, cause its business to be o p erated in com binatio n w ith th a t
of th e N a t. S ugar Refining Co. of N . J . an d th e A m . S u g ar R efining Co.
T he A m erican S u gar R efining Co. has loaned large sum s of m oney to th e
C uban-A m . S ugar C o., a n d in th is an d o th e r w ays has do m in ated th e
affairs of th e la tte r a n d exercised con tro l over th e raw su g ar shipped from
C uba to th e U nited S ta te s. Colonial S u gar Co. w as Incorporated In Ja n .
1902, a n d has since o p erated Its fac to ry a t G ram crcy, L a. In A pril 1908
th e C uban-A m . S ugar Co. pu rch ased th e e n tire cap ital sto ck of said com ­
p a n y . (V . 90, p. 916 1046, 1680; V. 89, p. 719.)
A llied B e e t-S u g a r C o m p a n ie s.

Spreckels Sugar Co.— In 1897 th e A m . S ugar R efining Co. purchased
from C laus, Jo h n D . an d A dolph B. Spreckels one-half of th e $500,000
cap ital sto ck of W estern B eet S ugar Co. u n der an agreem en t w hereb y th e
Spreckels S ugar Co. was lncorp. in A ug. 1897, an d on e-h alf of Its cap ital
sto ck w as issued to Claus, Jo h n D. an d A dolph B . Spreckels a n d th e o th er
half to th e A m erican S u gar R efining Co. S h o rtly a fte r Incorporation the
Spreckels S ugar Co. erected a beet-sugar facto ry a t S alinas, C al., an d lias
since o p erated It. In 1899 It purchased th e p ro p e rty of W estern B eet Sugar
Co. and p e rm a n e n tly closed dow n its facto ry .
„ , _ ,
Purchase of Reel Sugar C om panies.— T he A m erican S u gar Refining Co. In
1901 increased Its c ap ita l sto ck from $75,000,000 to $90,000,000 an d un der­
too k by co m petition an d otherw ise to secure con tro l of th e beet-sugar
concerns, and in th is connection ap p o in ted a co m m ittee w ith pow er to
pu rch ase for It a controlling In terest In th e sam e.
A m erican H eel-Sugar Co.— In D ecem ber 1902 th e A m . S ugar R ef. Co.
entered Into an agreem en t w ith th e A m erican B eet-S ugar Co., w hich w as
effective u n til 1906, m aking th e A m erican S ugar Refining Co. “ supervising
a g e n t” for th e disposal of th e p ro d u c t of th e A m . B eet-S ugar Co., and agree­
ing to give th a t co. as com pensation X cen t per po un d on all su gar sold
an d collected for th o B eet-S ugar C om pany. A bo ut th e sam e tim e th e A m .
S u gar R efining Co. acquired $7,500,000 of th e cap ital sto ck of th e A m .
B eet-S ugar Co., and from D ec. 1902 u n til 1907 these com panies con ducted
th e ir business in accordance w ith th e abo ve-m en tion ed agreem en t. Be­
tw een 1907 an d 1909 th e A m . S u gar R efining Co. disposed of lt3 sto ck In
this com p an y , a n d since 1909, so ta r as petitio n er Is a t p resent adv ised, th e
tw o com panies h av e n o t acted In com bination.
M ichigan Reel-Sugar C om pany and A llies.
T he “ B eet-S ugar C om m ittee” by Ju ly 1902, w ith th e assistan ce of Charles
B. W arren, had pu rchased for th e A m . S ugar R efining Co. a t least 50%
of th e Issued cap ital sto ck of th e M ichigan S u gar Co. ($200,000), B ay C ity
Sugar Co. ($600,000), P enin sular S ugar Refining Co. ($1,000,000), A lm a
(M ich.) S u gar Co. ($650,000) and S anilac S ugar R efining Co. ($600,000),
respectively; an d by A ug ust 1903 a t least 50% of the issued sto ck of th e Sagi­
naw S u gar Co, ($650,000) an d V alley S ugar Co. of M ich. ($500,000).
T h e A m erican S u gar Refining Co. th e re a fte r caused (1) th e nam e of
B ay C ity S u gar Co. to be changed to R ay C ily-M ichigan Sugar Co. an d th e
M ichigan S ugar Co. to sell Its facto ry (perm an ently closed in Ju n e 1903) to
said com pany . (2) T he nam e of S aginaw S u g ar Co. to be changed to
Saginaw -V aliey Sugar Co. a n d th e V alley S u gar Co. to sell its factory (per­
m a n en tly sh u t dow n in J a n . 1905) to said com pany . (3) Sebew alng Sugar
R efining Co. to be Incorporated in M ichigan w ith $060,000 sto ck (one-half
of w hich th e A m . S ugar R ef. Co. Im m ediately p u rch ased ), an d to pu rch ase
th e Sebew alng S u gar C o.’s factory a t Sebew alng.
In A ug ust 1906 th e A m . S ugar R efining Co. an d C harles B . W arren
caused M ichigan S ugar Co. to be lncorp. in M ich, (the A m . S ugar R efining
Co. becom ing th e ow ner of one-half of Its a u th . cap ital stock) and In S ept.
1906 caused It to ta k e over th e factories, &c., of the B ay Clty-M lchlgan
P enin sular S ugar R ef. Co., A lm a S ugar C o., S aglnaw -V alley
f uugg arar CC o.,
o., Sebew alng S ugar R ef. Co. and S anilac S u gar R ef. Co. T he
d irecto rs of th e M ich. S ugar Co. arc: C harles B. W arren (P res.), A . W .
W righ t (1st V .-P res.), T hom as A . H arv ey (2d V .-P res.), F red erick R .
H a th a w a y (Sec.), H iram A . D ouglas, B enjam in B outell, T hom as C ranage,
W o rth y L. C hurchill, W illiam H . W allace, George B. M orley. B enton
H a n c h c tt, VV. T . K now lton, W a tts S . H um phrey. G ilm ore G. S cran to n ,
C. F . B ach, H enry B . Jo y , C yrus E . L o th ro p , G ilbert VV. Lee and Geo. P eck.
Of th e c o m p an y ’s 37,035 sh ares of pref. and 55,342 shares of com m on stock
o u tsta n d in g , th e A m . S ugar R efining Co. holds 20,438 sh ares of pref. and
20,555 sh ares of com m on. T he a u th . cap. sto ck Is $5,000,000 pref. and
$7,500,000 com m on, p a r of shares $100 (com pare V . 91, p. 1331— E d .).
T he A m . S u gar R efining Co. a n d C harles B. W arren caused: (1) In O ct.
1905 th a t C arver C ounty S ugar Co. be lncorp. In M innesota, w ith a u th .
c ap ital sto ck of $600,000 (of w hich A m . S ugar Refining Co. holds $483,700)
and th a t it pu rch ase th e m achinery of th e T aw as S ugar Co. (org. by sam e
Interests in 1902) and erect a beet-sugar factory a t C haska, M inn.: and (2)
in Dec. 1906 th a t Iow a S ugar Co. be lncorp. In Iow a w ith a u th . cap ital stock
of $550,000 (of w hich A m . S u gar Refining Co. ow ns $416,000) and th a t it
pu rch ase m achinery from a facto ry of old M ich. S ugar Co. a n d erect a beetsu gar facto ry a t W averly, Iow a: (3) In D ec. 1902 th a t M enom inee R iv er
S u gar Co. be Incorporated, A m . S ugar Refining Co. ow ning $300,000 of the
$825,000 sto ck , a n d th ro u g h C harles I. Cook d o m in atin g said com pany.
In F eb . 1905 th e A m . S ugar R efining Co. p u rch ased $360,000 of th e
c ap ita l sto ck of th e C o ntinen tal S u gar Co. of O hio (org. in 1905); and
H en ry O . H avem eyer acquired for him self $360,000 m ore of such sto ck ,
w hich since his d e a th has been v o ted by hts executors and tru ste e s, co­
o p e ra tin g w ith A m . S u gar R ef. Co. in controlling said co. T he a u th . cap.
sto ck is $2 ,000 ,0 00 .in $100 shares, of w hich $1,200,000 Is o u tstan d in g .
Great W estern (Reel) Sugar Co.
In 1902 th e A m . S ugar Refining Co. acq uired a m a jo rity of th e sto ck of
E a to n S u gar Co. ($750,000), G reat W estern S u gar Co. ($1,000,000) and
G reeley S u g ar Co. ($750,000), all of C olorado, an d also in M arch 1903
W indsor S ugar Co., lncorp. In Col. In 1902 w ith $750,000 sto ck . In 1902,
likew ise, A m . S ugar R efining Co. and C hester S. M orey caused th e L ong­
m o nt S ugar Co., th e F o rt Collins, C olorado, S ugar Co. to be lncorp. In Col.,
an d to erect beet-sugar factories a t L ongm ont an d F o rt Collins, respectively.
In Ja n . 1905 th e Great Western Sugar Co. w as lncorp. un d er th e law s of
N . J .. u ltim a tely cap italized a t $30,000,000, w hich has been alw ay scontrollcd by th e A m . S ugar Refining Co. and H enry O. H avem eyer an d his
child ren or rep resen tativ es, w ho to g eth er hold a m a jo rity of Its c ap ital
sto ck a n d a ct In concert In respect th e reto . T he G reat W estern S ugar Co.,
In exchange for Its ow n c ap ital sto ck , acquired all th e assets, business and
good will of th e six C olorado co rpo ration s last above described (V. 82, p.
104 1272: V. 91, p. 156). T he a u th . cap ital sto ck Is div ided into $15,000,OOO of preferred and $15,000,000 com m on In $100 shares, of w hich $13,130,­
000 pref. a n d $10,544,000 com m on Is o u tsta n d in g . T he directo rs are:
C hester S . M orey of D enver (P res, and Gfcn. M an .), VV. A . D ixon (V .-P re s.),
Charles B o ettch er (2d V .-P res.), M ahlon D . T h a tch e r (T reas.), C harles
W W a te rm an , G odfrey S chlrm er, Jo h n II. P o rte r, It. M. Booraem and
A . V H eelv all of Colo., an d H orace H avem eyer an d S am uel C. H ooker.
From D ec. 1904 an d D ec. 1902. respectiv ely, A m . S ugar Refining Co. and
associates caused inco rp oratio n of S terling S ugar Co. (stock $900,000) and




[ VOL. L X X X M .

M organ C o unty C onstruction Co. (au th . sto ck $1,400,000), b eet-sugar
factories a t (a) S terlin g, C ol., 700 ton3 c ap ., and (b) B rush an d F o rt M or­
gan , Col., each 600 ton s c ap ., an d In Dec. 1905 a n d F eb. 1907, respectiv ely,
caused th em to sell o u t to th e Great Western Sugar Co., for sto ck of th a t
com pany . T he sam e in te rests In M arch 1905 caused th e lncorp. of B illin g s
Sugar Co., a u th . cap ital sto ck $1,250,000, a n d caused it to erect a beetsu gar facto ry a t Billings, M o nt., w ith daily slicing cap a city of 1,200 ton s;
a b o u t F eb. 1907 th e G reat W estern S u gar Co. to pu rch ase an d hold th e
en tire cap ital sto ck . In 1909 th e G reat W estern S u gar Co. caused th e in ­
corpo ration of Scottsbluff Su ga r Co. In N ebrask a, w ith $1,000,000 cap ital
stock, w hich now o p erates a beet-sugar facto ry a t S cottsblufL N eb., w ith
dally slicing cap acity of 1,200 ton s.
Utah-Idaho (Reet) Sugar Co. and A llies.
T he A m . S ugar R efining Co. pu rchased (1) 111 M arch 1902 one-half of th e
($2,000,000) c ap ita l sto ck of th e U tah S ugar Co.; (2) In D ec. 1902 a m a ­
jo rity of th e $250,000 sto ck of B ear R iv er W a te r Co., an d In D ec. 1902
m erged said com panies as th e U ta h Sugar Co., w ith a u th . cap ital sto ck of
$6,000,000, of w hich th e A m . S ugar R efining Co. purch ased one-half. In
1903 U ta h S ugar Co. erected a beet-sugar facto ry a t G arland , U ta h . In
F eb. 1903 th e Id ah o S u gar Co. an d In A ug. 1903 th e F rem o n t S ugar Co
w ere lncorp. In U tah, each w ith $1,000,000 a u th . sto ck , th e A m . S u gar
R ef. Co. pu rch asin g one-half thereo f, an d erected beet-sugar factories a t
S ugar C ity a n d Idah o F alls, Id a . In M ay 1905 said Id a h o an d F rem o n t
com panies w ere m erged as th e Id ah o S u g a r Co., w ith $3,000,000 a u th .
sto ck A m . S ugar R ef. Co. pu rch asin g one-half of th e issued sto ck . In
A ug. 1905 th e Idah o S ugar Co. p u rch ased a m a jo rity of th e c ap ita l sto ck of
S n ak e R iv er V alley S ugar Co., L td ., lncorp. In Id ah o In Ju ly 1903 w ith
$1,000,000 a u th . cap ital sto ck a n d ow ning a b eet-sugar facto ry a t B lackfoot, Id a . In Ju n e 1905 W estern Id ah o S ugar Co. w as lncorp. In U ta h ,
w ith $2,000,000 a u th . c ap ita l sto ck (A m . S u gar R ef. Co. pu rch asin g onehalf of th e sto ck ), an d erected a beet-sugar facto ry a t N am pa, Idaho .
In Ju ly 1907 U ta h S ugar Co., Id ah o S ugar Co. an d W estern Id ah o S u g ar
Co. w ere m erged as th e U ta h -Id a h o Sugar C o., a n d th ereu p o n th ere w as
Issued to A m . S u gar R ef. Co. $3,975,500 pref. an d $1,500,000 com m on
sto ck , w hich It has ever since held; a n d H enry O .H av em ey er th e n becam e
th e holder of $2,317,400 of pref. sto ck , w hich since Ills d e a th h a s b e e n held
b y th e executors and tru ste e s of his w ill, co-op erating w ith th e A m . S u gar
R ef. Co. in con tro lling said com pany . In Ja n . 1908 tho en tire cap ital stock
of th e S n ak e R iv er V alley S ugar Co., L td ., h av ing been acquired, th e
U ta h -Id a h o S ugar Co. took over th e p ro p e rty of th a t com pany .
T he a u th . cap . sto ck of th e U tah-T daho Sugar Co. is $13,000,000 ($10,­
000,000 pref. an d $3,000,000 com m on). In sh ares of $10 each, of w hich only
$8,102,180 pref. and $3,000,000 com m on hav e been Issued. T h e d irecto rs
are: Jo seph F . S m ith (P res.), T hom as R . C utler (V .-P res. and G en. M an.),
D avid Eecles C harles W . N ibley, H cber ,T. G ran t, Jo hn H enry S m ith , Jo h n
C. C utler VV. S. M cCorniek and G eorge R om ney, all of S alt L ak e C ity (com ­
pare V . 85, p. 415; V. 86, p. 173; V. 90, p. 918).
A m algam ated (Beet) Sugar Co. and A llies.
A b o u t M ay 1902 th e A m . Sugar R ef. Co. purch ased one-half of th e Issued
cap ital sto ck of th e O gden S u g ar Co. (lncorp in 1898 w ith $500,000 sto ck
and ow ning beet-sugar factory a t O gden, U tah) a n d also of th e L ogan S ugar
Co. (lncorp. in Dec. 1901 w ith $500,000 a u th . stook an d ow ning a p la n t
a t L ogan. U ta h ), an d m erged said corpo ration s as th e A m algam ated S ugar
Co., w ith an a u th .c a p . sto ck of $4,000,000;th e new com p n y also too k over
th e factory. &c., of th e O regon .Sugar Co. (lncorp In F eb. 1898 w ith $500 000 stock; facto ry a t L a G rande), one-half of w hose Issued sto ck h ad been
acq uired by A m . S u gar R ef. Co. U pon th e form ation of A m algam ated
S ugar Co. th e A m . S u gar R ef. Co., as a sto ck ho lder of th e m erged com ­
panies, acquired one-half of th e Issued A m algam ated sto ck . Of th e
$4,000,000 a u th . sto ck $2,666,600 Is pref. and $1,333,400 Is com m on (par
of shares $100), of w hich $1,701,000 Is pref. an d $850,400 com m on. T he
directo rs arc D avid Eccles (P res.), M. S. B row ning (V Ice-Pi(es.), H iram H .
S pencer (T reas.), Jo seph F . S m ith , F red. J . K iesel, Jo sep h Scow eroft,
A dam P a tte rso n , Jo seph C lark, W m . H . W a tts, E . P . EllIsOH a n d Geo. VV.
S to d d ard .
T he L ew iston S ugar Co. w as lncorp. in U ta h in Ju ly 1003 w ith a u th
cap . sto ck of $1,000,000. an d In Ju n e 19C3 a n unlaw ful agreem en t w as
entered in to w hereby said com pany w as n o t to erect Its proposed facto ry
(at L ew iston, U tah) un til 1905, resulting In tho sale of tho c ap ital sto ck
as follows: % to A m . Sugar R ef. Co. an d H to D avid Eccles and associates.
A m . Sugar R ef. Co. now holds and votes $225,000 thereo f, an d since co­
op eratin g w ith said E ccles. has controlled said com pany .
Present C onditions.— ‘‘T he d efen dants [corporations. H rm sand indlv ldu als
nam ed In th e bill— Ed.] a re actin g in concert an d w ith o u t co m p etitio n ,
an d th e y hav e for th e last th ree years m an u factu red , sold an d d istrib u te d
m ore th a n 72% of all th e refined su gar consum ed In th e U nited S ta te s n o t
produced from dom estic b eets. E xcep t th e R evere S ugar R ef. Co., w ith
a relatively sm all p la n t a t B oston [form erly N ash, S p au lding & Co.; see
V . 84, p. 1185, and tab le above], th e concerns now refining cane su gar
an d in w hich a p p are n tly no defen d an t has a p ecun iary Interest sta rte d
op erations since 1892. Som e of them are large, b u t all to g eth er could n o t
possibly su pply th e dom estic dem an d for refined su gars and th e y are sub­
je c t to th e ob stru ctio n interpo sed by th e d efen dants, by m eans of w hich
the lh ttc r exercise th e pow er to fix and control prices of b o th raw an d re­
fined sugars. T hirty-sev en com panies w ith 66 factories arc now engaged In
m an u factu rin g refined su gar from dom estic beets (sec tab le belo w ). T he
d efen dants, thro u g h th e A m . Sugar R ef. Co. an d otherw ise, hold sto ck In,
do m in ate th e affairs of, an d are actin g in co-operation and con cert w ith , 14
of th e abo ve-nam ed com panies, w hich op erate 32 factories, th e com bined
averag e o u tp u t of w hich for 1907, 1908 and 1909 w as ab o u t 290,000 to n s,
being 64% of th e to ta l dom estic p rod uction of beet su gar. A nd th e con­
ditio ns prevailing durin g those years fairly Indicate those of th e present y e a r.
“ Of th e to ta l refined su gar of every kind consum ed in theX Jn ltedS tates
in th e year 1909 th e d efen dant com panies, actin g In co-operation and con­
c ert, as show n, m an u factu red , sold and d istrib u ted as a p a rt of In te r-S ta te
a n d foreign trad e and com m erce over 2,200,000 ton s, being ab o u t 70% of
th e w hole.” [The com pany claim s to han dle only a b o u t 51% of the to ta l.
See V. 91, p. 1514.— E d.]
T he d efen dants conceal th e ir ow nership a n d in te rest In certain corpo ra­
tions w hose cap ital stock th e y hav e acquired a n d in m an y cases d en y th e
fact of such ow nership and Interest an d cause m an y of said corpo ration s
to preten d to a ct as com peting a n d Independent concerns.
A LL E X IST IN G CA N E SU G AR R E F IN E R IE S IN U NITED ST A T E S.
(I) American Sugar Refining Co. ami Allies.
-------Capital Stock-------- Location Aver. Melting Daily
Melt. Cap.
A mount American
Year.
ct
(lbs.).
Issued.
Co. Owns. Factories.
(Its.).
Name—
[Boston, Mass. 291,498,953 1.750.000
I Chalmctte.La.
2.500.000
The Amer. Sugar
I (beg.Junc’09)
Ref. Co. (N. J.) $90,000,000
( New Orleans
I (closed June 600,470.188 2,500,000
( X pref.)
I 1909).
[Jersey City. 379,159,360 2,000,000
Amer. Sugar Ref.
1,005,567,016 5,250,000
All
Co. of N. Y ___ 3,500,000
Brooklyn.
Spreckels Sugar
Philadelphia. 005,736,784 3,000,000
Ref. Co. (P a.). _ 5,000,000
All
Franklin Sugar
Ref. Co. (P a .).. 5,000,000
All ' Philadelphia not operated 2,000,000
Total Am. Sugar
2,882,430,601 19,000,060
Refining C o ...
Western Sug. Ref.
Co. (Cal.)_____ 1,000,000 One-half San Francisco. 222,4f0,680 ,500,000
Nat. Sugar Ref.) 20,000,000/’ $5,128,000 1Yonkers,N.Y. 253,341.071 ,400,000
Co. (see p. 154 of]- (H Pref.) {(Hav.fam llv)L.I C itv.N A . 421,575,747 ,000,000
not operated ,000,000
“ Ry.& Ind.” Scc)J see "c " (89,300,000) J Brooklyn
Colonial Sugars
288,100 Seed below. Gramcrcy,La. 29,075.150 300,000
Co. (N. J .) .........
VV. J McCahan
Sugar Refining
Co. (Pa., 1892). 2,000,000 See e below. Philadelphia. 208,178,950 1,250,000
G rand total. 4,017,053,109 26,450,000
c $5,128,000 preferred Is owned by Amer. Sugar Ref. Co. anil $9,300,000 common
by Havemeyer family.
d All owned by Cuban-Am. Sug. Co. See above and V. 90, p. 910, 1046, 1680,
e$500,000 owned by Nat. Sugar Itef. Co. of N. J. Par of shares. S100.
Note.—The term "dally melting capacity” Is used In the sugar trade to Indicate
the amount of raw sugar and molasses possible to be manufactured Into retinal
sugar bv a factory within a working day. The Am. Sug. Ref. Co. of N. Y. was Inccrln 1901 to own for the Am. Sugar Ref. Co. of N. J. the Brooklyn refinery.

D e c . 10 1910.]

THE CHRONICLE

^2) Independent Cos., with Melting Output (Av. 3 Years) and Dally Cap. In Lbs.
Av.M elt.,lbs.Daily Cap.
(Refs. to “Chronicle” by Ed.) Cap.Slock. Factories.
Revere Sugar ltellnlng Co.
89,842,701 400,000
(V. 84, p. 1185)________ 1,750,000 Boston.
W arner Sugar Rellning Co.
(V. 83, p. 973)............... .. 5,000,000 Edgewater, N. J. 153,302,004 700,000
Federal Sugar Rellning Co.
445,6S4,052 l,75O,0CO
(V. 90, p. 1 2 9 8 ).-.............10,000,000 Yonkers, N. Y.
557,699,297 2,2f0.000
Arb’iekle liros. (partnership) _______Brooklyn.
95,877,089 300,000
W m .Henderson (an Individ.) .............. New Orleans, La.
J. R. Norman (an Individ.)................... . Cogswell, La. (not
................
75,000
operated) --------Cunningham Sugar Refining
17,808,566 150,000
Co. (T exas)......................... 850,000 Sugar Lands, Tex.
Cal. & Hawaiian Sugar Re•
lining Co. (Cal., 1897)
210,629,333 1,000,000
V. 82, p. 1324..................... 5,000,000 Crockett, Cal.
Total ................................................................................................1,570,843,702 6,625,000
B E E T SUGAR R E F IN E R IE S OF U NITED ST A T E S A N D HOLDINGS TH ER E IN
OF A M . SUGAR REF. CO. IN T E R E ST S (.SO F A R A S K N O W N ).
"Eastern Group.”
---- Slock Owned by----- Avge. Daily
American Have- Slicing, Slc’g.
Capital
Sugar
meyer 1907-09. Cap.
Company and Factories—
Stock.
Ref. Co. Family. Tons. Tons.
Michigan Sugar Co. (V. 91, p.
1331), Bay City, Caro, Car­
rollton, Alma, Sebewalng and
__
Croswell, Mich_________ apref.S3 , 7 0 3 ,600152,043,800 ------------- 289,761 4,250
acorn. 5,534,200) 2,055,500
Carver Co. Sug.Co.,Chaska,Minn. aOOO.OOO 483,700
21,297 6C0
Continental Sugar Co. (V. 80, p.
1177; V. 79, p. 082), Bllsslleld,
Mich., Fremont, Ohio_______o l,200,000
505,440 $360,000 80,444 1,250
Iowa Sugar Co., Waverly, l a __ a550,000
410,500
est.35,000 400
Menominee (Mich.) River Sug.Co. tf825,000 300,000
27,045 1,000
Total Eastern cos. In which Am. Sugar Ref. Co. Is Interested......... 460,147 7,5C0
West Bay City (Mich.) Sugar Co. $200,000 .......................................1
000
St. Louis (Mich.) Sugar Co............ 390,000 ................................
600
German-American Sugar Co.,
Salzsburg, Ac., M ich------------ 740.000 ___
1,500
Holland (Mich.) Sugar Co............ 400.000 ___
450
Mt. Clemens (Mich.) Co________ 507,070 ___
600
Owosso Sug.Co.(Owoss..tI.ans'n) 1,250,000 (V.76,p.1358) ............1470,635 1,900
Rock Co. Sug. Co...Janesville, Wls. 800.000 ___
600
W. Mich.Sug.Co.,Charlevoix,Mich, 350.000 ___
400
Chippewa (Wls.) Sugar Co............ 550.000 ___
600
600
U. S. Sugar Co., Madison, Wls. 52,500 ___
600
Wise. Sugar Co., Menominee Falls 492.000 -----400
Charles Pope, RIvcrdale, III____
/ Began \
Western Sugar Rellning Co.,
-\O ct. ’xOf 350
Marino City, Mich....................... 150.000
Total In which Am. Sugar Ref. Co. has no known Interest------------470,635 9,200
"Colorado Group.”
Great W estern Sugar Co. (V. 91,
p. 150), Greeley, Eaton, Long­
mont, Loveland, Windsor, Fort
Collins, Sterling, Brush and
Fort Morgan, Colo___a com.S10,544,0001S9,224,100 $8,494,000 853,897 7,300
a prof. 13,130,000/
Billings (Mont.) Sugar Co..............a l,250,0001 All owned by Great 1101,520 1,200
Scottsbluff (Neb.) Sugar Co_____ a875,000f Western Sugar Co. 1 ............ 1,200
Total Colorado cos. In which Am. Sugar Ref. Co. Is Interested___ 955,417 9,700
American Beet Sugar Co. (V. 90,
p. 1300; V. 88, p. 1130, 1063,
and “Ry. & Ind.” Sec., p. 138),
Rocky Ford, Col.; Lamar, Las
Animas and Grand Island, Neb.................................................................... 1
f 2,500
Western Sugar A Land Co.,
Grand Junction, C o l ..._____ 1,967,000 (V. 86, p. 1228).
|
450
National Sug. Mfg.Co..Sugar City 1,497,500 (V. 89, p. 415).
)478,738 500
Holly Sugar Co., Holly A Sw ink. 4,724,000 .......................................I
1,800
U. S. Sugar A Land Co. (V. 88,
p. 105), Garden City, Kans.
and Glendale, A ria ..................... 5,464,500 ....................................... J
1,500
Total In which Am. Sugar Ref. Co. has no known Interest................ 478,738 6,750
"U tah Group.”
Southwestern Sugar A Land Co. $3,000,000 ......................................................... ........
U tah-Idaho Sugar Co. (V. 90, p.
918), Lehigh and Garland,
Utah; Idaho Falls, Sugar City,
Blackfoot A Nampa, Ida./d pref.8,102,180 3,975,5001 2,317,400 410,336 5,150
\d com.3,000,000 l,509,000f
Amalgamated Sugar Co. (V. 75,
p. 186), Logan and Ogden,
Utah; La Grande, O re., ja com. 850.400J 1,275,700 .............. 132,113 1,450
\a prcf.l,701,0001
Lewiston (Utah) Sugar Co____ </006,430 225,000 e225,000 70,027 600
Total U tah cos. In which Am. Sugar Ref. Co. Is Interested.............. .612,476 7,200
•
"Pacific Group.”
Sprockets (Cal.) Sugar Co. (V.
68, p. 430)....................................«$5,000,000 250,000 ................. 163,956 3,000
Alameda, Cal., Sugar Co. (V. 91,
p. 591), Alvarado, Cal----c745,000 465,750 ________ 45,891 750
Union Sugar Co., Betteravla, Cal. cl ,265,000 (V. 90, p. 981)
90,291 850
Total Pacific cos. In which Am. Sugar Ref. Co. Is Interested..............290,138 4,600
American Beet Sugar Co., Chino
(2,300
and Oxnard, C al____________See above ..............................
600
Los Alamltos (Cal.) Sugar C o ... 500,000 ............................
337,514(
Sacramento Valley Sugar Co.,
700
Hamilton City, C al.. ______ 1,000,000 - ..........................
500
Wash. State Sugar Co., Spokane. 500.000 ............................
Total In which Am. Sugar Ref. Co. has no known Interest________337,514 4,100
Par value of shares $100; b par $50; c par $25; d par $10. e By stockholders
of aAmalgamated.
N o te.— T he possible o u tp u t of a beet-sugar facto ry , know n as Its “ d a 'ly
slicing c a p a c ity ,” is estim ated according to th e nu m b er of ton s (2,240 lbs.)
of raw beets w hich It can slice or consum e In a day; th e actu a l o u tp u t de­
pends on how m uch of th is cap acity Is utilized T he refined su gar u lti­
m ately produced w eighs from one-eighth to one-sixth as m uch as th e
raw beets.—V. 91, p. 513.
A m erican Soda F ou n ta in Co.

(Statement in Connection with Proposed Readjustment.)

The “Boston News Bureau” recently published the fol­
lowing statement of Treasurer I. F. North in connection
with
the proposed readjustment:
T he com pany has Just passed throu gh a period of rea d ju stm en t a n d p a r­

1573

T he T reasurer believes th a t th e actu a l o p eratin g by th e com pany d u rin g
th e year ending S ep t. 1 1910 has been carried on a t a slight profit, or cer­
ta in ly w ith o u t any su b sta n tia l loss, a n d th is in sp ite of th e fact th a t th e re
lias been d u rin g th e y e a r a fu rth e r liq u id atio n and decrease In th e volum e
of business In order to fu rth e r scale dow n th e d e b t. U nless, how ever, th e
cap ital stock Is re d u c e d .lt w ould be Im possible, because of legal restrictio n s,
to pay dividends un til th e p resent nom inal cap ital Is m ad e good. B ecause
of this restriction It will be necessary to reorganize th e com pany , a n d th e
directo rs, un der th e guidance of th e a tto rn e y , arc considering a reo rg an iza­
tio n or rea d ju stm en t based up on th e a ctu a l resources. T he proposed plan
will be su b m itted to th e stockholders In du e tim e w hen th e affairs of th e
com pany are In condition for th e change.
T he com pany is now In excellent financial con dition w ith cash on h an d
considerab ly in excess of liabilities, so th a t no ad d itio n al cap ita l will be
req u ired , a n d no call wll be m ad e up on stock ho lders for su bscription s for
a n y purpose.
B A L A N C E S H E E T OF A U G . 31 1010.
LiabilitiesA ssets—
$104,040
C a s h ___________ ________ _ $137 901 N otes p a y ab le .................
508
C ustom ers’ accts. re c c lv .. 156,890 A ccrued in te re s t_________
18,224
12,222 A ccounts p a y ab le ________
O ther accts. receivable___
7,387
N otes rccelv. A accr’d Int. 625,100 A ccrued ta x e s___________
19,159
insuran ce prem ium s p re p ’d
3,107 Com . n o t y e t m a tu re d ___
M erchandise in v e n to ry ___ 333,914 S u rp lu s ___________________ 1,307,808
M achinery, tools and lix t’s 157,992
S to ck in o th er com panies.
10,900
S t. L ouis real e sta te _____
19,097
T o ta l ..................................... $1,457,126 T o tal ............................ ......... $1,457,126
P a te n ts an d good-w ill, w hich rep resen ted an Item of $1,582,441 in p re­
vious years, a re n o t Included as an asset in th e abo ve sia te m e n t.— V . 91,
p. 1513.
Southern Iron & Steel C o.

(Report for the Six Months ending June 30 1910.)

Vice-President James Bowron, Nov. 28 1910, says:

Su bsequ en t to Ju n e 30 th e com pany disposed of an ad d itio n al $200,000
deb en tures (of th e $1,200,000 auth o rized ), as well as $600,000 on e-ycar 6%
gold no tes, a n d th e c u rre n t liabilities th ereb y red uced accordingly. (Com­
pare V. 91, p. 657: V. 90. p. 703).
M arw ick, M itchell A Co., ch a rte red a cc o u n ta n ts, sta te : “ D uring th e
(6 m o n th s’) period covered by our e xam in atio n, a considerable a m o u n t
of recon struction w ork has been done. T he A labam a C ity p la n t Is still
un com p leted , how ever, and has only been In p a rtial o p eration for a sh o rt
period. T he results show n by th e acco unts can n o t, therefore, be reg ard ed
as a criterion of w hat th a t p la n t is cap able of producing. In accordance
w ith th e practice ad o p ted du rin g th e recon struction period , In terest
am o u n tin g to $24,479 on th e exp en ditu res on th e A labam a C ity p la n t to
th e d a te a t w hich th e various p a rts of th a t p la n t w ere p u t In o p eratio n
has been add ed to c o n stru ction. T he Interest w as calcu lated on th e ex­
p en ditures on th e b last furnace to th e end of F e b ru a ry , steel p la n t to th e
enil of A pril a n d rod and w ire mills to Ju n e 30.”
In th e profit and loss acco unt th ere has been charged a loss of $54,843
by reason of th e drop In th e m a rk e t price of pig iron on h a n d a n d a sh o rt­
age In th e form er estim ates of th e am o u n t of ore on h a n d , rela tiv e to
w hich th e aud itors sta te : “ W e have reduced th e price a t w hich th e pig Iron
w as carried to th e averag e selling price as show n by th e records of th e
com pany a t Ju n e 30 1910, as th e cost price w as In excess of th e m a rk e t
valu e. T he change in price resulted In a red uction of th e valu e of th e pig
Iron of $41,952, w hich has been w ritten oir to profit and loss.”
S O U T H E R N IR O N & S T E E L CO. P R O F IT A N D L O S S A C C O U N T
F O R T H E S I X M O N T H S E N D E D J U N E 30 1910.
Gross Incom e from op er.. $74,373; m lscell. Incom e, $18,392______ $92,765
Deduct— R eduction In In v en to ry valu e of pig Iron, $41,953; sh o rt­
age In ore piles, $12,891; cost a d ju stm e n t, $17,119; Idle ex­
pense, $8,494; tax es, $4,199; Int. an d d isco un t, $7,625______ 92,281
O peratin g p ro fit_________________________________________________
$484
S ta rtin g op en-hearth furnaces, prospectin g, disco un t on b o n d s____ $22,837
B ond In t., $187,857: less charg ed to con stru ctio n , $24,479______ 163,378
D ebenture In te re st--------------------------------16,339
Loss for six m o n th s______________________________________________$202,070
S O U T H E R N IR O N & S T E E L CO. A N D G EO RG IA S T E E L CO.
C O N S O L ID A T E D B A L A N C E S H E E T J U N E 30 1910.
Liabilities ($29,257,746).
A ssets ($29,257,746).
P la n t a n d p ro p e rty ____$23,590,721 Preferred sto c k __________ $7,000,000
New co n stru ction, re­
Com m on sto c k __________ 10,000,000
c o n stru ction, A c_____ 2 610,645 S. I. A S. 1st M. 20-yr. 4s 6,885,000
F u rn itu re and fix tu re s..
11,109 6% 5-yr. convertible deb s. 1,000,000
C om pany’s sto c k ________
920,000
700,000 G eorgia Steel Co. b o n d s.
T ru st Co. of A m erica.
L acey-R uek Iro n Co. bds.
375,000
17,500 C h a tta ’ga I. A C. Co. bd s. 592,000
fire loss a c c o u n t_____
17,681 A ccounts p a y ab le ______
S ink, fund of subsld. co s.
754,332
Inven tories ____________ 1,565,479 N otes p a y ab le __________
727,295
404,559 A ccrued ta x e s__________
14,178
A cc’ts recelvable.
2,725 A ccrued in te re s t________
108,720
N otes r e c e iv a b le ..-----•A dvances by reorg. c o m . 765,096
N otes r cetvable— G ads­
92,500 R eserves _____ _________ *116,124
den d o n atio n s________
29,532
C a s h ___________________
13,224
D eferred charg es________
202,070
D eficit _________________
N o te .— T here is also t c on tingen t liability on notes receivable— dlsco u n ted , of $25,963.
• T his am o u n t rep resents th e balance of th e adv an ces m ad e by th e re­
organ ization com m ittee p u rsu a n t to th e reorganization plan . If per­
m itte d by law , this acco unt will be paid in preferred sto ck a t p ar and th e
stock thereu po n be either sold by th e com m ittee and th e proceeds used for
th e benefit of th e com pany , or th e preferred sto ck be retu rn ed to th e com ­
p a n y as trea su ry sto ck . I t it is determ ined th a t th e com pany c an n o t
Issue Its preferred sto ck In p ay m en t of th e claim , th e com m ittee will re­
lease th e com pany from its liability on account thereof.
x R eserves Include ex tin guishm en t, $31,279; rellning b la st furnaces,
$25,825; rebuilding op en-hearth furnaces, $5,680; m oulds a n d stools,
$12,773; sinking fund to retire bonds, $9,640; w orkm en's Insurance fund,
$14,034; b ad deb ts, accid en t, A c., $16,883.
y C om pany’s stock Includes $600,000 preferred held by tru ste e to con­
v e rt $1,000,000 d eb en tures and $50,000 pref. and S50.000 com m on un der
o p tio n to th e P resident .and em ployees a t $50 an d $10, respectiv ely.—
V . 01, p. 1517, 657.
A eolian , W e b e r P ian o & P ia n ola C o.

(Balance Sheet of June 30 1910.)

1909.
1910.
1909.
Liabilities—
1910.
.Stock of oth. eos $9,009,800 $9,009,800 Preferred stock. $3,500,000 $3,495,000
480,000 Common stock. 6,178.200 6,478,200
Accts. receivable 592,000
32,073
Cash ......... ..
408.473
511,317 S u rp lu s_______
27,917
T o ta l_______$10,010,273 $10,001,117 T o ta l..............$10,010,273 $10,001,117
—V. 80, p. 999.
_______________________

G E N E R A L IN V E S T M E N T N E W S ,
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
A lg o m a Central & H u d son B a y R y .

— Bonds Offeredfin

tial liqu idation , beginning In 1006, w hich w as ren dered necessary by several Paris on RTov. 20.—The Banque Franco-Americaine^and
years of losing business. Its allalrs hav e now reached a m ore satisfacto ry P. Saint-Loger et Cie. offered in Paris at the price of 463.50
co n dition , a n d th e officers feel th a t It Is In position to exp an d its o u tp u t francs
per $100 bond (515 francs) $3,000,000 of the new" 1st
a n d do a larger volum e of business w hich will enable It to m ake a reasonable
profit on Its sa'cs. In th e fall of 1906 th e d e b t am o u n ted to m ore th a n M. 5% bonds. Compare V. 91, p. 93.—V. 91, p. 1327,£1511.
$1,250 000. A su b sta n tia l liqu idation w as determ ined upon ns th e only
possible m eth od to save th e business, and th is has been carried on ns ra p ­
A m erica n (E lectric) R a ilw a y s, Philadelphia.-— Exchangejof
idly ns possible. A t th e p resent tim e th e d e b t Is considerably less th a n th e
cash now on h an d . M any Item s en te r Into th e red uction of expense, b u t, Bonds. —The “Phila. News Bureau” of Dec. 3 said:
considering only a few of th e principal Item s, th ere will be a savin g of
T he A m erican R ailw ays Co. has retu rn ed all of th e In te r-S ta te 485 bonds
$38,000 In ov erh ead charges this year over last.
d ep osited b y M essrs. Fox A M oore, am o u n tin g to so m ethin g over $1,000,


1574

THE CHRONICLE

[V O L . L X X X X I

E a st R iv er to P in eapp le S treet in B roo klyn . T he so-called su bw ay lines
(p a rt of w hich are e lev ated ), including th e F’o u rth A venue, B rooklyn,
su bw ay line to 43d S tre e t,u n d e r con stru ctio n , agg regate a b o u t 35.5 m iles
in leng th, th e com pany agreeing to c arry or tran sfer passengers over th e
e n tire sy stem , including th e present subw ay lines, w ith prop osed extens ons to C ney Island a n d F o rt H a m ilto n , for a 5-cent fare.
T he lines follow largely those laid dow n for th e tri-borough sy stem , w ith
th e ad d itio n of the M a n h a tta n w est side dow n line a n d th e E astern P a rk ­
w ay line in B rooklyn to Buffalo A venue a n d th e L afa y e tte A venue line to
C hesapeake & Ohio R y . —Syndicate Dissolved.—The syn­ B roadw ay. T he com pany proposes to o p erate th e lines for 49 years from
pletion, th e leases of th e present su bw ay lines to be am end ed so th a t
dicate headed by Kuhn, Loeb & Co., which last March under­ com
e op eratio n of all th e lines will cover th e sam e period . T he c ity , it is pro­
wrote §31,930,000 20-year 4j^% convertible bonds, issued thposed,
shall ta k e all the n et profits for th e first 5 years from th e com m ence­
of o p eratio n on any p a rt of the new subw ays a fte r cost of op eration ,
in connection with the purchase of the Hocking Valley Ry. mm ent
ain
ten
charges, depreciation, obsolescence and in te rest and sinking
and for other purposes, has been dissolved, the bonds hav­ fund on ancityce, bonds,
the proilts a fte r th e 5 years to be equally divided be­
tw een th e city a n d th e com pany, a n y deficit In m eeting th e com p an y 's
ing been sold (V. 90, p. 771, 848).—V. 91, p. 1159, 1095. charges
in an y year to be borne by it and n o t be a cu m ulative charge against
C h icago & N orth W estern R y . —Bonds All Sold.—Kuhn, fu tu re earnin gs. A ny deficit sustained by th e city in m eeting in te rest and
king fund on its bonds is to be a charge ag ain st fu tu re profits before
Loeb & Co., who recently purchased §15,000,000 gen. mtge. sin
n y division thereof is m ade. On th e F o u rth A venue line th e deficit a fte r
4% bonds, announce that they have privately sold the en­ acharges
is to be paid a nn ually by th e city , b u t th a t po rtio n which rep resents
pay m en ts m ade by the city on bonds issued by It is to accu m ulate and be a
tire amount. Compare V. 91, p. 1385, 1095.
charg e against fu tu re profits before a n y division is m ade betw een th e city
C incinnati U n ion D e p o t & T erm in al C o . —Franchise.—The and th e com pany . T he n e t profits a fte r prov idin g for th e aforesaid p ay ­
ts Is to be equally divided. T he com pany agrees to o p erate such
company filed on Dec. 2 its acceptance of the ordinance adm end itio
n al extensions as m ay be hereafter co n stru cted by th e city , provided
the city shall agree, on term s to be arran g ed , to m ake good a n y financial
passed last summer; also a $100,000 surety bond.
loss
to
the com pany.
T he proposed sta tio n will be betw een T hird a n d P earl streets (an d near
the P ost-O ffice), w ith a building 400x200 f t. on th e n o rth side of T hird S t.
Favorable
Tax Decision.—The Court of Appeals at Albany
and train -sh eds 509 ft. w ide to the so u th side of P earl S t. T he plan pro­
vides for 14 th ro u g h trac k s, b u t as th ere Is little th ro u g h service, train s on Nov. 26 rever ed the decision of the Appellate Division
will en ter a n d d e p a rt a t each end , m aking p ractically 28 trac k s for the and annulled the assessment by the State Comptroller of
traffic, w hich is said to agg regate 276 inb ou nd passenger train s d aily . A franchise taxes for the 3 years ending June 30 1909, amount­
large office-building will be erected over th e sta tio n , abo ut half of w inch
Is exp ected to be occupied by th e various railw ays. In ad d itio n , th ere will ing to $481,062 60, and directed the making of a new assess­
be a se p a rate building to acco m m o date th e num erous electric in te ru rb a n
railw ays. T ne cost m ay e ventu ally reacli $20,000,000 or $30,000,000. ment based upon Y of 1% of the earnings derived from
T he franchise provides, th a t, w ithin 21 m o nth s, the c o m p an y m u st subway operations and Y of a raid for each 1% of dividends
hav e $2,000,000 of assets, a n d w ithin live years th e dep ot an d term inals upon the par value of the capital stock.
m u st be com pleted. A . S . W hite is P resident a n d Jo h n E . B lcekm an,
T his m eans a cancellation and a cre d it to th e com p an y 's tax es already
V ice-P resident. C om pare V . 90, p 1362; V 91, p 154, 462, 518.
paid to th e am o u n t of $112,335 a n d a saving In fu tu re taxes of betw een
C olu m bu s M arion & B u cy ru s (E lectric) R R . —Pref. Stock. $40,000 and $50,000 a n n u a lly .— V. 91, p . 1385, 1254.

000 o u t of a to ta l d ep osited w ith th e A m erican R ailw ays Co. of oetw een
S I,600.000 and S I.700.000. Som e of th e sm aller holders of th e 4 y>s given
In exchange lor th e ir In te r-S ta te 4s do n o t seem a t all anxious to re-ex­
chang e them . T he A m erican R ailw ays Co. has no pow er to force them
bach. W hen th e position of th e In te r-S ta te , as a result of its recent leases
a n d th e preferred stock plan , is b e tte r u n d erstoo d, it is th o u g h t th a t all th e
form er holders of th e In te r-S ta te 4s will be desirous to etlect th e re-ex­
change. C om pare V . 91, p. 1511, 1445.

—The shareholders will vote Dec. 31 on increasing the capital
stock from $500,000 (all common) to $600,000, by the crea­
tion of $100,000 pref. stock, to be used, it is supposed, in
adjusting indebtedness, including a part at least of the over­
due interest.—V. 89, p. 1541.
D e s M oin es (I o w a ) C ity R y . — Decision.— Judge Apple­
gate at Adel on Dec. 2 directed the jury to dismiss the quo
warranto suit to eject the company from the city streets on
the ground that its franchises had expired.

Laram ie H ahn’s Peak & Pacific R y .— Payment of Maturing
Notes.—The $250,000 6% 2-year notes maturing Dec. 15

will be paid at the office of Lawrence Barnum & Co., 27
Pine Street, this city.—V. 88, p. 1061.
L ehigh V alley R R . —Decision.—The United States Circuit
Court of Appeals in this city on Dec. 8, reversing the lower
court, overruled the demurrer of the company in the suit
brought by Henry E. Meeker, a Pennsylvania anthracite
coal operator, to recover triple damages under the Sherman
Anti-Trust Law from the company and other coal carriers.

T h e C ourt held th a t th e T u rn e r franchise or ordinance of 1866, un der
w hich th e com pany Is o p eratin g . Is w ith o u t lim itatio n , no tim e lim it being
as claim ed th a t tiic defen dants, th ro u g h the m edium of the T em ple
sta te d th erein , a n d th a t he could n o t a t this tim e pass upon th e length or IroItn wCo.
d otherw ise, conspired and com bined to Increase th e prices of
d u ra tio n of th e ordin ance, b u t w ould, if he could do so, be inclined to give a n th ra c iteancoal
a t th e m ines and also charges for th e tra n sp o rta tio n of
t th e lim itatio n of 50 years, or un til O ct. 1 1916, so as to correspond w ith c o a l,so as to m onopolize
e a n d com m erce in a n th ra c ite coal betw een
th e life of th e com pany . A fter th a t d a te , he held, th e question as to the P enn sylv an ia a n d New Ytheorktrad
drive ind epend en t sh ippers o u t of busi­
g h t to th e use of the stre ets could be prop erly raised . B oth th e com pany ness. T he C ourt holds th a t theandplaintiff
Is n o t seeking redress as a shipper
a n d th e c ity a u th o rities th in k th e decision m ay be heipful in leading to an ag
ain st .the d efen dant as a carrier, b u t as a p a rty to a n alleged unlaw ful
a d ju stm e n t of th e franchise con tro versy . C om pare V. 89, p. 224; V. 88, conspiracy,
the unreasonableness of the ra te being only one of th e m eans
p . 1313.
em ployed to m ake th e conspiracy effective. T he cou rts, it Is sta te d , will
D u lu th Winnipeg & P a cific R y . —Listed in London.—The therefore no t refuse redress m erely because th e In te r-S ta te Com m erce A ct
a trib u n al to w hich shippers m u st resort prim arily for relief against
London Stock Exchange has listed the £950,000 1st M. 4% creates
freigh t rate s. T he decision docs n o t hold, as has been w idely
debenture stock. Compare V. 90, p. 1490.—V. 91, p. 154. excessive
rep orted , th a t It is unnecessary In a general w ay th a t com plaints regarding
rates should be b rou gh t to th e a tte n tio n of the In te r-S ta te C om m erce
G ainesville M idland R y . —General Manager, Not President, freight
C om m ission before being tak en to th e F ederal co u rts.

Resigns.—E. B. Eppes recently resigned as Gen. Mgr. (not

Favorable Decision as to Coal Roads.—See editorial re­
as President), effective Jan. 1 Geo. J. Baldwin is still marks
on a preceding page.—V. 91, p. 1447, 1386.
President.—V. 81, p. 1848.
L
ehigh
V alley T ransit Co., A llen tow n, P a .— Preliminary
H u d so n & M an h attan R R . — Offer to Operate New Subway
—The “Philadelphia Press” of Dec. 6 said:
Lines and to Pay Part Cost of Construction.—The company on Report.
to a prelim in ary rep o rt prepared by P res. S tevens, th e com ­
Nov. 18 made a formal proposition to the city that the city p a nAyccording
earned a surplus of ab o u t $211,000 above all charges for th e year ended
co n trastin g w ith $101,683 th e year before. T he su rplus Is eq u iv a­
construct and equip additional subway lines in Manhattan, Nlentov.to30,4.22%
tlie $5,000,000 pref. stock o u tsta n d in g , w hich Is en titled to
Brooklyn and the Bronx (55 miles of track in all), estimated 5% cu m ulativeon dividends
from N ov. 3 1910. T he rep o rt show s th a t th e
pany’s incom e w as no t only increased by a dd itional passenger business,
to cost $150,000,000 for equipment and operation, any excess com
b
u
t
also
throu
gh
pow
er,
electric
light an d express business T he com pany
over $100,000,000 to be borne by the company, which offers has practically doubled its su rplus
du rin g th e last th ree years, investing
th e surplus in Im provem ents. I t Is now engaged in increasing its pow er
toAlloperate
the
same
on
a
5-cent-fare
basis.
surplus earnings after fixed charges of all kinds arc to be divided cap acity 50% w ith o u t calling for an y a dd itional new c ap ita l.— V . 91, p.1328.
equally betw een th e city an d th e com pany , b u t a n y deficit to be a charge
M assachusetts Electric C om panies. —Report.—See “An­
a g ain st fu tu re earnings before any division Is m ad e. T he com pany also
n tlm a tes th a t it m ay be w illing to o p erate th e F o u rth A venue (B rooklyn) nual Reports.”
subw ay, un d er con stru ctio n to 43d S t., and th e proposed extensions to
To Merge Subsidiaries.—P. J. Sullivan, President of the
Coney Island and F ort H am ilton . W illie th e new lines w ould connect w ith Boston
& Northern Street Ry. Co., filed with the Secretary
th e present ones, an e x tra fare Is to be charged on th e la tter,co n sistin g of
18 miles of trac k . T he proposed new lines inciude, w ith o th ers, the of the Commonwealth of Mass, on Dee. 6 a petition for legis­
B roadw ay-L ex lngto n A venue line, as plan ned in th e so-called T ri-borough lation
to authorize the Boston & Northern to purchase the
ro u te so uth from R iver A vc. in th e B ronx, w ith extensions to connect w ith
th e lines now being bu ilt by th e com pany to th e G rand C entral S tatio n ; a n d
and property of the Old Colony Street Ry. Co. on
a new line from Church S t. betw een L iberty and R ector, ex tend ing under franchise
th e E ast R iver to a connection w ith th e F o u rth A venue Subw ay now under terms agreed upon by a majority of the board of directors
con stru ctio n . T he proposed new lines arc in ten ded to form a p a rt of th e and approved by a majority in interest of the stockholders
am end ed T ri-borough ro u te to be com pleted later. Sec offer of In te r­ of each road and by the Railroad Commission. The “Bos­
borough R apid T ran sit Co. below .— V . 91, p. 1253, 1160.
Transcript” says:
, ,
In te rb o ro u g h Rapid Transit Co.—Next) Offer to City for ton
T he legislation so ugh t would auth o rize the B . <Jc N . to Increase its c ap ital
Subway Construction and Operation and Extension and Third- stock
by such com m on and preferred cap ital sto ck , no t above th e am o u n ts
sam e stocks of th e Old Colony o u tsta n d in g a t th e d a te of pu rchsae,
tracking of Elevated Lines.—The company on Dec. 5 sub­ ofas thIs edeem
ed necessary by th e Com m ission. It w ould perm it th e p u rch as­
mitted to tlie Public Service Commission an offer to build ing
co rpo ration to m ake any of this cap ital sto ck pref .slock w ith such re­
n th a t th e a m o u n t issued shall n o t exceed the agg regate am o u n t of
and equip new subway lines in Manhattan, Brooklyn and strictio
n d in g com m on sto ck , and un der it th e B. &, N ., after tlie com pletion
the Bronx,for the sum of $53,000,000 (the approximate cost oofa tu tsta
ase, as successor to th e Old Colony, could Issue bonds unissued
te of purchase, from th e la tte r com pany to th e Old Colony lr u s t
to the city of the present subway lines) to be furnished by Co.ththeeTpdheuarch
bonds
pany, w hich are a t th e com pletion of th e
the city, the latter to provide the necessary easements and purchase legal in vofestmeithenerts com
for savings ban ks, w ould, un der th e proposed
legislation, con tinue valid for th a t purpose w hile th e pu rch asin g com pany
rights of way and the company to supply the additional cost earns
and pays each year dividends a t of legist 5 % .— V .91, p.1328, 1254.
o f construction and equipment, estimatedgat $75,000,000. M etropolitan
S treetR y .,N ew Y o rk .— Extension of Time .—
The Commission this week approved the com­ The Public Service
on Thursday granted an ex­
pany's application to build at its own expense (estimated at tension of time untilCommission
25 to put into effect the joint rate
$32,000,000) elevated extensions in the Bronx and third- with the Central ParkDec.
North & East River RR., ordered on
track its present Second, Third and Ninth Avenue Elevated
2. The time as previously fixed expirod on
lines, and also to operate the Belmont tunnel when com­ Aug.
pleted by the city at a cost of about $1,500,000. See com­ Dec. 5.—V. 91, p. 1512, 1386.
pany’s former offer, V. 91, p. 870, 1254. The total esti­ N orthern Securities Co.—Dividend Increased.—A divi­
mated expenditure by the company for both subway find ele­ dend of 4% has been declared on the capital stock, payable
vated lines, if the company’s subway offer is accepted, would Jan. 10 1911 to holders of record on Dec. 28, comparing with
therefore be about $107,000,000. Compare offer of Hudson 2 y2% in Jan. 1910, 4% in 1909 and 5% in 1906 to 1908,
& Manhattan RR. above. The Board of Estimate and inclusive.—V. 91, p. 1386.
Apportionment yesterday approved .the arrangement with Philadelphia R apid T ransit Co.— Proposed $ 1 0 ,0 0 0 ,0 0 0
regard to the Belmont tunnel.
Bond Issue, with Guaranty of Union Traction Co.—The
T ho A fanh attan lines lucludc a co n tin u atio n of th e present subw ay along
L exington A venue from ab o u t 42d S tre e t to a b o u t 149th S tree t a n d a directors of the Union Traction Co. and of the Philadelphia
dow n-tow n w est side line extension of th e p resent line along S eventh A venue Rapid Transit Co. announced on Dec. 7 that they had
a n d oth er stre ets (serving th e P enn sylv an ia R R . station ) to L ib e rty S tree t agreed upon a financial plan, saying:
and the B a tte ry , w ith a bram jh ex ten d in g un d er L ib erty S tree t an d th e




D e c . 10 1910.]

THE CHRONICLE

As a result of nu .ncro us conferences, end ing w ith th e m eetings of th e tw o
boards to -d ay , the Union T raction board has agreed to recom m end to
the com p an y 's stockholders th e gu aran teein g of a §10,000,000 bond Issue,
prov ided th e R apid T ran sit stockholders will m ake over to th e Union 'fra c ­
tio n system th e ow nership of the M arket Streec E lev ated ro ad , w hich would
th en be used as collator u of the new bond Issue. T he R apid T ra n sit board
lias agreed to s com m end th is a ctio n to Its stockholders.
T hese s ockholders’ m eetings can only be held a fte r 60 d a y s’ a dv ertised
notice, a n d ta e plan can only becom e effective In case th e C ity Councils
a ssen t. Tnosc m eetings have n o t y et been called, and will no t be un til
th e details of th e plan arc w orked o u t. A letter will be sen t to M r. S to tesbu ry a Ivlsing him of this actio n, a n d tak in g up w ith him th e o th er m a tte rs
referred to In Ills letter.
The “Philadelphia Ledger” of Dec. 8 said:
T he S to tesb u ry program In d etail, as far as ou tlined, Is th a t th e M arket
S tree t E iev atcd R ailw ay Co. shall issue stock to th e am o u n t of 57,200,000.
T his, to g eth er w ith 52,800,000 In ou tstan d in g sto ck , now held by th e Union
T ra c tio n Co. (V. 91, p. 1386) will give th e collateral req uired by th a t co.
W hen th e R apid T ran sit C o.’s loan Is gu aranteed a n d the U nion T raction
Co. becom es ow ner of the M arket S treet ” L ,” th e p ro p erty will be leased
to th e R apid T ra n sit Co. for a nom inal consideration, 51. A 510,000,000
bond Issue of th e M arket S t. E l. R y. Co. (V. 86, p. 547) w as th e nucleus
for th e nearly 520,000,000 cost of th e road.
It is not inten ded th a t th e new §10,000,000 loan shall be floated In it3
6 itlre ty a t a n y one tim e, b u t th a t th e m oney be ob tain ed as req uired ,
p obably In S2,000,000 lots. See also V. 91, p. 1386, 1161.

S t. Louis Southw estern R y . —Preferred Dividend Re­
duced.—A semi-annual dividend (No. 4) of 2% has been de­

clared on the $19,893,050 5% non-cumulative preferred
stock, payable Jan. 15 to holders of record Dec. 31, com­
paring with 2]/i% paid in July and Jan. 1910 and 2% in
July
1909, the first distribution made.
A sta te m e n t was Issued a fte r th e m eeting th a t while tile gross earnings

have show n a satisfacto ry increase over la3t year, the cost of o p eration has
risen so d ispropo rtio nately th a t th e directo rs deem ed it wise to reduce the
div idend . See earnings for 4 m os. ending O ct. 31 on pages previous to
" In v e stm e n t N ew s.” — V . 91, p . 942, 317. 313 .

Seaboard Air L ine. —Syndicate Dissolved.—Blair & Co.,
managers of the syndicate which last year underwrote
$18,000,000 40-year adjustment 5% bonds have called upon
the members of the syndicate to deliver to them on Dec. 15
the balance of the bonds in their hands, after which the syn­
dicate
will be dissolved, having disposed of the entire issue.
T hese bonds w ere olTered to stockholders a t 70, b u t th e su bscription s

from stockholders am o unted to only 51,500,000. T he bonds are now q u oted
a ro u n d 76 (V. 89. p. 4 3 ).— V. 91, p. 1021.

Second Adjustment Coupon to Be Paid in Full.—The execu­
tive committee has recommended the full payment on Feb. 1
next of the second semi-annual 2 y2% coupon on the out­

standing $24,979,500 adjustment incomes from the earnings
of the 0 months ending Oct. 31 last. The first 0 months’
interest was also paid in full on Aug. 1 last. The distribution
calls for $024,487 for the 6 months, or .$1,248,974 for a year.
The amount available for adjustment interest out of the
earnings for the year ending Oct. 31 (the first full year during
which the bonds were outstanding) was $2,970,000, leaving
a surplus of about $1,727,000, or nearly 1}/2 times the amount
required to pay the adjustment interest.—V. 91, p. 1021,871.
Third Avenue RR., New York.—Rehearing Denied.—The
Public Service Commission, after further consideration of
the arguments and proposed line of proof of the reorganiza­
tion committee, on Dec. 5 denied the application of the
committee for a rehearing on the amended reorganization
plan. Compare V. 91, p. 1096.—V. 91, p. 1255, 1162.
Union Traction Co., Philadelphia.—Guaranty.—See Phila.
R. T. Co. above.—V. 90. p. 1678, 1556.
Wabash-Pitt3burgh Terminal Ry.—Application to Issue
West Side Belt Receivers’ Certificates.—The receivers of the
Wabash-Pittsburgh Terminal Ry. and of the West Side Belt
lt.R. on Dec. 8 applied to Judge Orr in the United States
Court at Pittsburgh for permission to issue $2,000,000
receivers’ certificates to purchase 2,000 freight cars for the
West Side Belt road. The trustees of the bondholders and
the bondholders’ protective committee approved the appli­
cation, but counsel for the Wabash R.R. objected. A
decision is expected shortly.
Postponement Denied.—John G. Milburn, appearing for
the Wallace committee in the suit of the Colonial Trust Co.
of Pittsburgh to compel the return of bonds by the Wallace
1st M. bondholders’ committee, which have been deposited
with it, yesterday asked for a postponement of arguments
in the case, inasmuch as a plan of reorganization had been
agreed upon and would probably be published within two
weeks, saying that in that event there would be no occa­
sion
to argue the motion.
Sam uel U ntcrm ycr, of counsel for th e Colonial T ru st C o., o b jected to a

1575

IN D U ST R IA L , GAS A ND M ISCELLANEO US.
A labam a C onsolidated Coal & Iron Co.—Financing.—

Plans, it is reported, are under consideration for taking care
of maturing obligations (including with minor items $421,000
6% 1st M. bonds, due May 1 1911, and $275,000 6% notes
maturing Feb. 1 1911; Mercantile Trust <fe Deposit Co. of
Baltimore, trustee. The “Baltimore Sun” of Nov. 26 said:

J . W illiam M lddendorf a n d E dw in W . R ich rep resented th e m in o rity
sto ck ho lders a t th e a n n u a l m eeting In Jersey C ity on N ov. 23. I t Is said
th a t th e m eeting w as In every w ay sa tisfac to ry . I t show ed th a t th e p ro p ­
e rty w as being m an ag ed w ith profit. Since A pril 5120.000 has been ex­
pended from n e t earnings In pay ing In terest on bonds, for sinking fund re­
q u irem en ts, a n d In p a y m e n t of m a tu re d no tes. T he financial req uirem ents
w ere discussed, w ith th e result th a t th e B altim o re In terests again signified
th e ir w illingness to furnish ad d itio n al fund s, prov idin g satisfacto ry a r ­
ran g em en ts could be m ad e.
T he rep o rt th a t It Is proposed to float 51,529.000 5% consols of 1903 Is
Incorrect. T he to ta l au th o rized Issue of th e consols w as originally 53,500,­
000, b u t on J a n . 7 1905 51,250,000 of these w ere canceled T he rem aining
52,250,000 now sta n d as follows: H eld to re tire u n d erlying bonds (being
th e 1st 6s du e F eb. t 1911, red uced by sinking fund to 5421,000), 5490,000;
held In sinking fund, 559,000; o u tsta n d in g , 51,701,000. A recent p ay m en t
into th e sinking fund , a m o u n tin g to 1 % of th e o u tsta n d in g bonds of th is
Issue, has n o t y e t been In v ested .— E d. “ Chronicle
[The balance sheet of O ct. 31 1909— n o t 1910— show ed o u tsta n d in g : 1st
M. 6s, du e M ay 1 1911, 5421,000; 1st consol. 5s, 51.721,000; collat. tru s t
no tes, d u e F eb. 1 1911, 5275,000; loans pay ab le, 5244,701. A t th e sam e
d a te th e re w ere pledged as se c u rity for th e collateral tru s t notes 5900,000,
a n d for loan end orsem ent 5400,000 of th e 55,000,000 refun ding a n d Im ­
prov em ent 1st M. 50-year gold bonds.

Earnings.—Vice-Pres. II. S. Matthews, in a letter to Pres.
Joseph H. Iloadley, gives the earnings for the fiscal year
ended Oct. 31 1910 as follows: “Figures now available in­
dicate net earnings of $132,498, after deducting bond inter­
est, sinking fund and all fixed charges. This is against a
loss of $32,336 for the previous year, thus showing an im­
provement of $164,834. These comparisons are without
deducting the depreciation charges for either year, as this
charge for the year just closed cannot be determined until
after the audit of the books by Price, Waterhouse & Co.”
The annual reports have shown:

A n n u a l Reports for Years ending Ocl. 31 1905 to 1909 (not 1910.)
-------O utput (Tons)------Iron
P ro fits. N et Total N et
F iscal
Year.
Iron. Coal. Coke.
Sales.
M dse. R ents. E arnings
1909...........140,790 624,085 281,280 51.088,0255102,967 531,733 572,128
1908______ 117,841 471,289 177,590 1,563,748 76,824 31,285 93,523
1907______ 120,020 704,179 282,244 2,230,953 92,560 35,749 657,986
1906______ 119,691 664,648 259,266 1,772,486 69,907 31,835 497,979
1905............. 118,829 642,230 268,383 1,623,446 78,308 31,664 559,641
From th e n et earnings as abo ve for 1908-09 (572,128) th e re w ere d e­
d u cted ; Bond ln t., 5111,400; provision for deprec. a n d rep lacem ent, 5140.­
000, a n d for exh au stion of m inerals, 533,871, m ak ing th e n e t loss for the
year 5213,203. T he to ta l gross sales to th e public for th e year 1908-09
(Including coal a n d coke as well as Iron) w ere $1,913,014, on w hich th e gross
profits w ere 555,615; these, add ed to th e o th e r Incom e Item s abo ve show n,
to g e th e r w ith "m iscellaneous” (56,507), m ade to ta l profits of 5196,822,
ag ain st w hich w ere selling, &c., charges to a to ta l of $124,695, leaving th e
n et 572,128 as abo ve show n.— V. 91, p . 1448, 590.

New Directors.—Douglas H. Gordon and Joshua Levering
have been added to the board.—V. 91, p. 1448, 590.
A m algam ated Copper Co.— Anaconda's Smelter Output.—
The “Boston News Bureau” on Dec. 5 said;

Official llgurcs of A n acond a’s N ovem ber o u tp u t place th e p ro d uction of
the tw o sm elters a t 21,900,000 pounds.
Comparative F igures o f A naconda Sm elter O utput fo r Three M onths (in Lbs.)
Septem ber. October.
N ovem ber.
Total.
W a sh o e ____ _______ . 15,400,000 15,900,000 16,000,000 47,300,000
G reat F a lls ____________ 6,800,000 6,200,000 5,900,000 18,900,000
T o t a l _________ _____ 22,200,000 22,100,000 21,900,000 66,200,000
— V. 91, p. 277, 216

American Agricultural Chemical Co.—Directors Reinstated.
—Robert S. Bradley and James F. Gifford, whose places
had been temporarily filled by C. B. Hobbs and J. A. Starret,
while the former were in Europe, have been reinstated.
—V. 91, p. 791, 586.
American Gas Co., Phila.—Earnings.—For half-year:
Jan.
Feb.
M ch. A p ril. M a y . J u n e.
Total.
1910..................$55,597 $47,911 541,556 $44,671 $40,199 $43,163 $273,097
1909_________ 45,892 39,188 37,032 35,464 32,888 37,630 228,099
A dding the n et earnings of P h ila. S uburban Gas Co. (V. 90, p .5 6 3 ;V .9 1 ,
p. 218, 876), said to tie a b o u t $30,000 for th e 6 m o n th s, increases the
n et Incom e for th e late half-y ear to a b o u t $303,097. D ividends of 7%
yearly on th e A m erican com pany’s $2,308,500 sto ck call for §1 6 1 ,5 9 5 .—
V. 91, p. 872 475

American Naval Stores Co., Savannah, Ga.— Verdict
Against Officers Affirmed.—The United States Circuit Court

of Appeals at New Orleans on Nov. 19 affirmed the conviction
in May 1909 of a number of the company’s officers for viola­
tion of the Sherman Anti-Trust Law, two of them being
also sentenced to terms of imprisonment (V. 89, p. 44).

fu rth e r po stpo nem en t, denying th a t any acceptab le p la n ,a t le ast, has been
T he appeal w as argued in O ct. 1909 A n effort will be m ade to o b tain a
ollered, and th a t Independently of an y plan th e bondholders w ere en titled w rit
of certiorari to th e U nited S tates Suprem e C ourt . — V. 89. p. 41.
to w ithd raw their bonds.
Ju dgo N oyes declined to g ra n t a fu rth e r po stpo nem en t a n d th e case w as
American River Electric Co., California.—Merger.—See
to be arg ued y esterday a ftern o o n .— V. 91, p. 1313, 1386.
Western States Gas & Electric Co. below.—V. 87, p. 1013.

We3t Chester Kennett & Wilmington Electric Ry.—De­
Snuff C o.—Increased Extra Dividend.—An ex­
fault —Committee.—Default having been made as to the Dec. traAmerican
dividend of 3% in addition to thd regular quarterly dis­
coupons of the 1st M. 5s.of 1905 due 1935 ($1,000,000 auth.,
$420,000 at last advices outstanding), the following protect­
ive committee asks deposits of the bonds with the Girard
Trust
Co. of Philadelphia as depository:
T,r,M?b erb J .B ru nlcer. George B. A tlee an d M orris E b ert, all of P hiladelphia;

W illiam 3 . J . VVetherlll, S ecretary . 119 S o uth 4 th S t., P hilad elp hia. T he
com m ittee is given full pow er to form ulate and c arry ou t a plan of rcorganlzatlo n or consolidation, b u t to raise funds to m eet th eir expenses they
can n o t assess th e bondholders in excess of 3 % . T he d ep ositary will furnish
copies of th e ag reem en t.— V. 86, p. 670.

West End Street Ry., Boston.—To Sell Common Stock at
Auction. The 1,049 shares of the new common stock of the

company not subscribed for by the shareholders at the recent
offering will be sold at public auction at the office of Francis
Ilenshaw & Co., 97 Milk St., Boston, on Dec. 14—V. 91,
p. 1513, 872.
Wost Side Belt RR., Pittsburgh.—Application to Issue
Receivers’ Certificates.—See Wabash-Pittsburgh Terminal
Ry. above.—V. 91, p. 947.



bursement ot 5% has been declared on the $11,001,700
common stock, payable Jan. 3 to holders of record Dec. 15.
This compares with 2% extra in Oct. and July last. The
common dividends payable out of the earnings of 1910
aggregate 27%, against 20% in 1909.

1903-06.
1907.
10 yearly .
10M
— V. 91, p. 655.

D ividend Record (Per C ent).
1908.
1909.
1910.
1911.
13
19
20 & 4 e x t. 5 & 3 ext

B essem er Coke Co. —Bonds Called.—Nine bonds, Nos. 39
to 47, both inclusive, under mortgage covering Martin Plant,
dated Dec. 15 1902, will be redeemed at par and interest on
Dec. 15 at the Colonial Trust Co., Pittsburgh, trustee.—
V. 87, p. 1302.
C alum et & Hecla Mining Co.— Output.—The estimated
copper output of the company and its subsidiaries for Novem­
ber and the 11 months ending Nov. 30, stated in pounds was:

T H E

1576

jjVOL. LXXXXI.

C H R O N IC L E

J u n e 30 1910. S e p t. 30 1910.
--------- N o v e m b e r - -----— 11 M o s . e n d . N o v . 30Interest, of th e com pany In the gross assets of the
1909.
1910.
1909.
1910.
sub.cos. specified in le tte r below, based upon
C alum et & Ile c la ______ 3,890,801 8,470,473 65,328,537 73,816,056
Its p ro p o rtio n ate stockholdings in these cos.—
O s c e o la ________________ 1,533,425 2,050,110 17,514,855 23,885,3 18
F ix ed assets, real e sta te, p la n ts, &c., a t cost,
A hm eek________________ 1,012,515 1,112,695 10,740,516 8,362,335
less dep reciatio n ___________
$12,127,000 $13,216,261
T a m a r a c k ______________
788,850 1,232,715 10,780,461 12,115,986
C u rren t assets (Inventories a t cost, receivables
O ther su b sid ia rie s-------- 1,574,872 1,402,096 16,639,922 *13,007,492
a n d cash, th e S ep t, figures Including pro­
24,511,000 38,372,599
ceeds of $15,000,000 n o te s)________
T o t a l ________________ 10,800,263 12,268,088 121,002,291 130,887,217
M iscellaneous In v estm en ts______________________
252.000
406,609
* Includes th e S uperior com pany for 7 m onths o n ly .— V . 91, p. 465, 271.
Citizens’ Gas Co. of Indianapolis.—First Dividends.— L iabilities,
T o tal __________________ __ __________________ $36,920,000 $51,995,460
cith er directly or th ro u g h said sub-cos. 14,312,000 14,225,105
Dividends Nos. 1 and 2 of 1 ) 2% each have been declared,
payable Jan. 1 to holders of record Dec. 15 on stock out­ EA qfteru ityseInttinn egt assets
of said su b .co m p an ies____$22,608,000 $37,770,363
aside sufficient cash to p ay all bank loans a n d m atu red
standing Dec. 31 1909 and June 30 1910 respectively.
obligation
s,
th
e
com
panies
should hav e a b o u t $3,000,000 of cash on h a n d .
T he tru stees on N ov. 22 in stru cted th e directo rs to establish th e days
for p a y m en t of reg ular dividends w ithin 90 d ay s a fte r J a n . 1 a n d Ju ly 1 e n e r a l M o to r s C o P r o p o r tio n o j th e P r o f its o f th e S u b s id ia r y C o m p a n ie s ,
B a s e d o n I ts P r e s e n t S to c k h o ld in g s .
In each y e a r.— V. 91, p . 520.
v io u s ly E s l. N o w A s c e r ta in e d .
Citizens’ Heat & Light Co., Elwood, Ind.—Receiver.— F or year 1908-09 ___________________________P r e$8,844,600
$9,257,152
Judge Austin at Anderson, Ind., on Dec. 0 appointed the F orT heyearn eending
S ep t. 30 1910______________ io ,485,000
10,266,322
abo ve sta te d rep re se n t profits w hich w ould norm ally
Elwood Trust Co. of Ehvood as receiver for the company. be availablet profits
for p ay m en t of dividends, all ord in ary o p eratin g a n d ad m inis­
T he su it w as b ro u g h t by Jam es It. M oody a n d som e 50 o th er form er tra tiv e expenses
having been du ly provided for. B oth In th e abo ve v a lu a ­
consum ers of the com pany 's n a tu ra l gas, w ho allege th a t alth o u g h th e tio
n
of
assets
in com putin g th e profits, du e provision has been m ade for
com pany ceased In Ja n u a ry last to su pply n a tu ra l gas, a cash deposit of $5 dep reciatio n, and
over $ 1 , 0 0 0 , 0 0 0 hav ing been set aside therefor in th e tw o
a m eter m l ie by th em has no t been refun ded. P lan s w ere recently ad o p ted years
now
rep
o
rted
upon. O ur final figures will n o t differ m ate ria lly from
for Installing an artificial gas p la n t.— V . 87, p. 1302.
those given in th e foregoing sta te m e n t.
exam in atio n has been lim ited to th e affairs of su bsid iary m o to r car
Citizens’ Light, Heat & Power Co., Johnstown.—Change m aOnurufacturing
com panies, a n d In th e above v alu atio n of assets we have
in Control.—Ilodenpyl, Walbridge & Co. of New York and no t ta k e n Into acco unt o th er Investm en ts of the G eneral M otors Co. which
associates,having purchased control, caused on Dec. 7, the arc carried a t a book value of $7,663,940.

election of the following board and officers:

A b s tr a c t o f Letter fro m V ic e -P r e s . \V. C . D u ran t, N o v . 14 1910.

H e ld b y

T o ta l

Issu ed .
C a p ita liz a tio n —
A u th o r iz e d . O u ts ta n d 'y . S u b . C o s .
H . D. W albridge, Pres.: H . II. W eaver, V Ice-Pres. a n d G en. M gr.; P ref.
sto ck , 7% c u m ___ $20,000,000 $14,485,600 $3,552,800 $18,038,400
C. G. C am nbell, T rcas. Jo h n It. W aters, Ja c o b F . K ress, P a tric k L avelle, Com
m on sto c k _________ 40.000,000 15,788,683 4,085,347 19,874,030
P ercy A llen Kose, Jo seph M organ, J . M. M urdock. (W . A . R elber Is See.) 6 % first
N one. 15.000,000
lien n o te s_____ 20,000,000 15,000,000
C om pare V. 89, p . 1670.
T hese llrst lien notes are pay ab le b o th principal a n d Interest. In gold In
. Y . C ity w ith o u t ded uction for tax es. A n an n u al cash sinking fund is
Cudahy Packing Co.— New Officers.—Vice-President Ed­ Nprov
ided, pay ab le on or before O ct. 1 In each year, $1,500,000 In 1911,
ward A. Cudahy has been elected President and Treasurer $1,500,000
111 1912, $2,000,000 in 1913, a n d $2,000,000 In 1914— to be used
of the company to succeed his brother, the late Michael to retire these no tes. T hese pay m en ts m ay be Increased a t op tion .

Cudahy, and Joseph M. Cudahy, a son of Michael, has been
made Vice-President and also a director.—V. 90, p. 375, 305.
Cumberland Railway & Coal Co., Nova Scotia.— Sale of
Control.—See Dominion Steel Corporation in last week’s
“ Chronicle,” page 1515. .—V. 91, p. 94.
Detroit Edison Co.—Option to Subscribe for §1,500,000 6%
Convertible Bonds.—Shareholders of record Jan. 10 1911 will
be permitted to subscribe at par, at the company’s office,
30 Broad St., N. Y., on or before Jan. 31, on the company’s
warrants (to be issued Jan. 11), for $1,500,000 lO-ycar 0%
convertible bonds, the remainder of the issue of $3,000,000
authorized Feb. 23 1910, to an amount equal approximately
to 25% of their respective holdings. Subscriptions may be
paid in full Jan. 31, the bonds in this case to be delivered at
once; or 50% Jan. 31, 25% May 1 and 25% Aug. 1. The
holders of the debentures due Sept. 1911 who convert the
same into stock on or before Jan. 10 1911 will be entitled
to subscribe pro rata for these new debentures. A circular
dated Dec. 7 further says:
T h e bonds now offered will be convertible betw een F eb. 1 1913 a n d Feb. 1
1919, a tth e o p tlo n of th e holders, into full-paid stock of th e sam e p ar valu e.
T he bonds are to be d a te d F eb. 1 1911 and will m a tu re F eb. 1 1921: In t.
p a y ab le F . & A . B oth prln . a n d Int. will be pay ab le In gold coin w ith o u t
red u ctio n . F a r $100 or $1,000 (c*), registered as to p a y m en t of principal.
T he bonds m ay be called by th e com pany for red em ptio n on or a t a n y tim e
a fte r A pril 1 1915 a t 105 an d in t. on 60 d ay s’ notice, and w hen so called for
red em p tio n th e y m a y , a t th e o p tion of th e holders, provided th e tim e for
conversion has n o t expired, be con verted in to sto ck as aforesaid, a t a n y
tim e before th e d a te nam ed for red em ptio n.

Debentures to be Called.—The company it is announced,,
will call for payment at par on Feb. 1 next,or shortly after­
wards such of its $1,000,000 6% debenture bonds, due
Sept. 1,1911,as shall not have been converted into common
stock prior to that time. Over 25% of the issue has already
been converted.—V. 91, p. 1387, 398.
Diamond Match Co.—Authorized.—The shareholders on
Dec. 4 authorized the proposed issue of $2,000,000 10-year
6% convertible debentures and an increase of stock from
$16,000,000 to $18,000,000, to provide for possible conver­
sion of bonds. Compare V. 91, p. 1256, 1325.
Equitable Illuminating Gas Light Co. of Philadelphia —
Bonds Called.—Two hundred and nine ($209,000) bonds of
1898 will be paid at 105 and int. at the N. Y. Trust Co., 26
Broad St., on Jan. 3 1911.—V. 89, p. 1485.
General Motors Co., New York.— Offering of 6% First Lien
5-Year Sinking Fund Gold Notes.—J. & W. Seligman & Co.,
New York, and Lee, Iligginson & Co., Boston, N. Y. and
Chicago, have sold the entire present issue of $15,000,000 6%
“first lien 5-year sinking fund gold notes,” dated Oct. i
1910 and due Oct. 1 1915, but redeemable as a whole (or in
part through sinking fund) on any int. date at 102 & int.
Central Trust Co. of N, Y., trustee. Par, $1,000 (c*).
Int. A. & O. Authorized issue, $20,000,000, of which tile
remaining $5,000,000 can be issued only when approved fey
the board of directors and finance committee. Applica­
tion will be made to list these notes on the N. Y.Stock Exch.
While the entire issue has been sold, the advertisement
describing it is inserted for record purposes on another page.
F -x tr a c ts fr o m

L etter o f

A la r w ic k , M itc h e ll & C o ., C h a r te r e d
N ew Y ork , N ov. 14 1910.

A ccou n ta n ts,

O ur le tte r of S e p t. 30, w hich d ealt w ith th e position of m a tte rs as a t
Ju n e 30 1910 (V. 91. p. 948), Indicated th a t th e con dition of th e com panies
as a t S e p t. 30 1910 w ould prob ably show an Im provem ent, a n d our subscn u e n t Investig ation has proved th is to be th e case Since S ep t. 30 1910
th e com pany has received th e proceeds of S15.000.000 6 % first lien 5-ycar
no tes, a n d has paid off con tingen t liabilities of $600,000, referred to In
our previous le tter, th ereb y com pleting th e p u rch ase of th e stock of one
of th e su bsid iary com panies a n d . In ad d itio n , releasing to th e treasu ry
$600,000 of its ow n pref. sto ck pledged In connection w ith th a t tran sa ctio n .
A S S E T S A N D L I A B I L I T I E S — G E N E R A L M O T O R S CO.
[A fter a d ju stin g th e figures as a u d ited by us to S e p t. 30, so as to ta k e Into
acco u n t th e sale of th e first lien notes, &c., as above stated .]




S e c u r ity f o r F ir s t L ie n N o te s — C o m p a n y 's E n tir e I n te r e s t in S u b . C o s. C o n ­
n e c te d w ith M o to r C a r M a n u fa c tu r in g in d u s tr y .

(1) T he $13,300,000 6 % 1st M. 5-ycar notes of th e G eneral M otors Co of
M ichigan d a te d O ct. 1 1910 an d secured by a 1st m tge. to th e C entral
T ru st Co. of N . Y ., as tru stee, upon all land s, p la n ts a n d eq u ip m en t,
p a te n ts, A c., w hich th e com pany then ow ned or shall hereafter acq uire.
P rio r to tile execution of th is m tg e., all real e sta te, plan ts, o th er llxcd
assets a n d p a te n ts of th e B utck, C adillac, O lds, O akland, E lm ore,
N orthw ay, M arq u ette, R apid M otor, R eliance, W elch of D etro it, W elch
M otor, C ham pion Ig nitio n, Jackson-C burch-W ilcox, M ichigan M otor
C astings a n d O ak P a rk Pow er com panies had been conveyed to th e
G eneral M otors Co. of M ichigan, so th a t, throu gh th e pledgo of these
$13,300,000 1st M. notes w ith th e tru s te e ,th e notes purchased by you
are secured by a llrst Hen upon all of those prop erties, as well as by a
first lien upon th e cap ital stocks nam ed below.
(2) C apital stock In th e follow ing com panies, w hose p rop erties, except
as m arked “x ” hav e been conveyed to said G eneral M otors Co. of M ich:
T otal
Issu ed.

A s Secu rtly.

T o tal
Issu ed.

A s Secu rtly.

Bulck Mot. Co. pref. 5500,000 5498,500 RcllanceMot.Trk.Co. $481,200 $474,223
Buick Mot. Co. com .2,000,000 2,000,000 Welch Co. of Detroit 275,000 275,000
Welch Motor Car Co. 250,000 249,800
Cadillac Motor C o .. 1,500,000 1,500,000 Gcn.Mot.Co.ofMlch.
100,000 100,000
Olds Motor W orks...'!,132,390 3.132,390
Oakland Mot.CarCo. 800,000 800,000 Champion IgnltlonCo. 100,000 75,000
Elmore Mfg. Co___ 600,000 600,000 Jackson-Church-Wllcox Co__________ 240,000 240,000
zCartercar Co. com . 557,720 552,720 xMich.
Auto P’tsCo. 300,000 300,000
Cartercar Co. pref-- 50,000
Mich.Mot.Cast’gsCo. 100,000 100,000
Northway Motor &
Park Pow. C o .. 200,000 132,800
Mfg. Co................ 725,000 725.000 Oak
Motor
Marquette Motor Co. 793,000 793.000 ^McLaughlin
Co................... .1,003,000 500,000
^Randolph M.CarCo. 399,400 299,400 zWCar
eston-M ott Co__ 1,500,000 747,000
Rap. Mot. VehlcleCo. 500,000 500.000
S u b s ta n c e o f I m p o r ta n t P r o v is io n s o f T r u s t D e e d .
W hile a n y of these notes arc o u tsta n d in g , none of said su bsid iary com ­
panies a m a jo rity of w hose cap ital stocks is pledged th e reu n d er shall
m ortgage Its properties, or m ark et or dispose of an y ponds, notes or o th er
evidences of d e b t m atu rin g three m onths or m ore from d a te , unless all
such m ortgage or o th er indebtedness Is sim ultaneously acq uired by the
G eneral M otors C om pany a n d pledged w ith th e tru ste e as fu rth e r security
for these no tes. N one of such subsidiary com panies shall Issue any
sto ck hav ing preference or prio rity over the stock now pledged ; and
If an y com pany stock of w hich Is pledged un der said deed of tru s t in­
creases th e present am o u n t of its sto ck , th e G eneral M otors C om pany
m u st acq uire and pledge, as fu rth e r security for these notes, such prop or­
tio n a te am o u n t of such Increased stock as shall be req uired to preserve th e
percentage of th e w hole now held. W hile a n y of these notes are o u tsta n d ­
ing, th e com pany will no t d istrib u te In cash div idend s on Its com m on stock
m ore th a n one-half of th e n et profits su bsequ ent to O ct. 1 1910 applicable
to such dividends. T he n et quick assets of the com panies (as carefully
defined) m u st alw ays equal a t least 133 1-3% of th e am o u n t of these notes
o u tsta n d in g plus an am o u n t equal to th e to ta l cash dividends, If a n y , paid
on Fthinea ncom
m on sto ck .
„ ,
, , ..
.
c ia l C o n d itio n .— T he G eneral M otors Co. has received th e proceeds
of th e abo ve Issue of $15,000,000 llrst lien notes, an d from these will dis­
charge all Its o u tsta d n in g indebtedness a n d th a t of Its subsidiary m o to r­
m an u factu rin g com panies (except c u rren t o p erating acco unts), a n d will
then have a b o u t $3,000,000 In cash on h an d . Since S ept. 30 1910 a cash
dividend of 3 'A% on th e pref. stock has been declared, pay ab le N o v .30 19 m .
M a n a g e m e n t. — A m ajo rity of th e com pany 's o u tsta n d in g pref. a n d com ­
m on sto ck has been deposited un d er a v o ting tru st agreem en t w lta Jam es
N . W allace, F rederick S trau s 3 , Jam es J . Storrow , W illiam G. liu r a n t am i
A nDthirectors:
o n y N . BArady,
ePlem
nth onyv o ting
N . Btruradstees.
y , Jam es N. W allace, J . H . M
A lcC
lciment
ni
and A lbert S trau ss of New Y ork: E m o ry W . C lark, A ndrew II. G retn d r.,
M. J . M urphy and T hom as N eal of D etroit; Jam es J . S to n o w of B oston,
W . C. D u ran t of F lin t, M ich., a n d N . L . T tlncy of O range, N . J .
Fin an ce C om m ittee: E m ory W . C lark, W . C. D u ran t, A ndrew H . G reen
J r ., M . J . M urphy, T hom as N eal, Jam es J . Storrow a n d A lb e it cstrauss.

•

G ro ss S a le s a n d N e t P r o f its .

T h e gross sales of th e su bsid iary com panies d u rin g th e year end­
Ing
ct. th1 e1909
ere a p pOroct.
x im1 a1910
te ly -------------------non
Do Ofor
yearwending
w ere a p p r or x i m a t e l y . j 8 ,ilnn
o00,000
T he eq u ity of G eneral M otors Co. in th e net prollts of Its sunsuiiary com panies am o u n ted in th e y e a r 1908-09 to ............................ 59,2,>7,1.j 1
Do in th e year ending S ept. 30 1910....................... •
-------- 10,-66,322
T he com panies m an u factu re 12 different m akes of pleasure and com ­
m ercial m o tor vehicles, including high, m edium am i low -priced cars,
viz: C adillac, B ulck, O tdsm oblle, E lm ore, O akland, Cai te rc a r,R ainier,
W elch, W elch-D etrolt, R apid T ru ck . R eliance T ru ck , R and olp h Iru o k .
[The form a n d v alid ity of th e deed of tru st and notes, we are In­
form ed, have been passed upon by th e counsel for th e bankers, M essrs.
C ravath, H enderson & de GersdorIT of New Y ork anil by M essrs.Stevenson,
C arpenter & Butzel of D etroit, counsel for th e com pany . M essrs. Fish,
R ichardson, H errick & N cave of B oston hav e also app ro ved the form of the
notes anil th e provisions of th e deed of tr u s t.— Eil.]

R em oval o f O ffice .—The company’s executive offices, it is
announced, will be moved from New York to Detroit in
order to centralize operations and effect more economical
results.—V. 91, p. 1449, 1387.
Granby Consolidated Mining, Smelting & Power Co.—
D iv id e n d s R esu m ed .—A dividend of 1% has been declared
on the $14,850,000 stock, payable Dec. 30 to holders ol
record Dec. 14. The last previous distributions were 2%
each in Dee. 1909 and June and Dec. 1908.

D e o . 10 1910.1
1903.
1

1904-05.
None.

TH E

C H R O N IC L E

1577

$279,282; depreciation in sundries, $104,667; balance, $174,615; previous
$110,088; total surplus, $284,703. Compare V. 90, p. 1169.—
1900
to Sept.
1907. 4 (J.&D.)
1908. 2 1909.
1910. surplus,
V. 91, p. 1151
12 y’ly
(3 quar.).
(Dec.) 1 (Dec.)

D iv id e n d R e c o r d (.P er C e n t ) .

Purchase.—The Victoria correspondent of the “Engineer­ Oklahoma Natural Gas Co.—First Dividend.—An initial
quartely dividend has been declared on the 84,000,000 capi­
ing and Mining Journal” of N. Y. says (issue Dec. 9):
tal stock, pavable Dec. 31 to holders of record Dec. 9.—
The. . Granby. Consol. Smelting
& ,Power
Co.
recently
madeDonnOt
arrange­
c.
1
.L
„
1
._
I
_
..4
4
l.n
ITI.I
>
1
nn
'
I
ments to purchase 80% of the capital stock of the Hidden Creek Copper Co. V. 90, p. 1486.
for $400,000, and part payment has been made. The remaining 2 0 % is
held by M. K. Rodgers of Seattle, Wash. The Hidden Creek Copper Co. s
Phelps, Dodge & Co.—Copper Production.—Theproduction
group of nine mineral claims Is near Goose Bay, Observatory Inlet, B. C.t of copper ore by the Copper Queen, Detroit and Moctezuma
the latter Inlet being an arm of the Portland Canal. No work lias been
done on th e claim s for a b o u t a y ear, b u t prior to th a t ab o u t
feet of mines, owned by Phelps, Dodge & Co., for eleven months
tu n neling w as driven and a b o u t 1,500 feet of open-cu t w ork done. T his of this year, viz., Jan.-Nov., was 108,113,873 lbs., as com­
w ork opened a large body of copper-sulphide ore, m uch of it ru n n in g from
4 to % copper a n d $1 to $3 per to n In gold an d silver. I t Is a fav orab le pared with 114,891,017 lbs. for the same period in 1909,
ore for sm elting, con tain ing an excess of iron over silica. T he ore zone has as follows:
been opened for 2,000 feet In leng th and from 200 to 500 feet in w id th .
P o u n d s.
1910.
1909.
P ou n ds.
1910.
1009.
1 ,0 0 0

8

A vailable ore Is estim ated a t 400,000 cons.— V. 91, p. 1250, 948,

Great Western (Beet) Sugar Co.—Control.—See American
Sugar Refg. (Jo. on a preceding page.—V. 91, p. 156.
Hudson County (N. J.) Water Co.—Suit by Receivers.—
Harry Hubbard and William N. Leonard, as receivers,
have brought suit in the United States Circuit Court against
the New Jersey State authorities to set aside the Acts of 1909
and 1910 preventing the carrying out of the company’s con­
tracts to supply water to Staten Island (Richmond Borough).

January____ 10,633,620 11,389,569 J u ly ________10,519,336 9,650,562
9,887,618 10.727,358
February
- 8,653,166 10,253,448 August______
_._10,116,773 10,288,819
March _____ 9,786,726 10,789,066 September
9,320,991 10,630,065
April .............. 9,480,150 9,837,226 October____
M ay________ 10,038,177 10,281.778 November .... 9.759,005 10,763,905
J u n e................ 9,918,311 10,279,221
Total (pounds) for eleven months---------------------108,113,8731 14 ,891,017
Custom ores business added a further amount for the current year of
20,254,793 pounds in 1910.—V. 91, p. 720, 280.

Extra Dividend.—An extra dividend of 2% (the same
amount as a year ago) has been declared, together with the
T he A cts arc claim ed to be un co n stitu tio n al on th e ground th a t th e y are regular 2j/£% quarterly disbursement maintained since
a n Inhibition against th e e x p o rtatio n of an article of com m erce (w a te r), March 1909, both payable Dec. 30 to stock of record Dec. 20.
a n d th a t th e y Im pair th e ob ligation of c o n tra c ts. I he actio n of th e S ta te —V. 91, p. 720, 280.
officials, including th e forcible preventio n of th e laying of pipes u n d er the
Kill von K ull, it Is claim ed, c o n stitu te an un law ful seizure of th e com ­
Pittsburgh (Land) Company.—Bonds Called.—Five 1st M.
p a n y ’s pro p erty w ith o u t com pensation, in v io lation of th e F ederal C on­
stitu tio n . A n in ju nction is ashed for prev en tin g th e S ta te officials fro m coll, trust bonds dated July 1 1899 have been called for re­
Interferin g w ith th e carry in g o u t of th e c o n tra c ts.— V . 90, p . 1242.
demption on Jan. 1 at par and int. at the Guaranty Trust
Humboldt (Cal.) Gas & Electric Co.—Merger.—See West­ Co., New York.—V. 90, p. 1682.
ern States Gas & Electric Co. below.
Pure Oil Co.—Dividend Reduction Explained.—Treasurer
Intercontinental Rubber Co.—Stock Retired.—The direc­ W. W. Tarbell in a statement accompanying dividend
tors on Dec. 5 voted to retire on Jan. 1 25% of the $2,000,000 checks Dec. 1 says:

Is upw ards of $400,000 pref. sto ck expiring d u rin g 1911. As
outstanding pref. stock, reducing the amount to $1,500,000. thisT here
ob ligation th a t we m u st be prepared to m eet, it has been consid­
Second Common Dividend.—The company has declared the ered isadvanisable
rs th a t th e q u a rte rly dividend, p ay ab le D ec. 1,
to 1 X % - — V . 91, p. 1451.
regular quarterly dividend of 1%% on the pref. stock, pay­ be reduced (fromby th2%e )directo
able Jan. 1 to holders of record Dec. 20, and a dividend of Shawinigan Water & Power Co.—New Stocky—It is com­
1% on the common stock, payable Feb. 1 to holders of record monly reported that the company is preparing to issue
Jan. 20. The first dividend of 1% on the common stock was $500,000 new stock, possibly at a small premium.—V. 91,
paid Oct. 15 last (V. 91, p. 057).
p. 877, 721.
T he n e t earnings of th e com pany for th e q u a rte r ended O ct. 31 am o u n ted .
Southern California Edison Co.—Bonds Called.—One hun­
It is sta te d , to over 51,100,000. I t w as also sta te d th a t th e business of th e
com pany continues good a n d n o tw ith sta n d in g a sh rin kage In th e prices
of ru b b e r generally, th e co n tracts w hich th e com pany has a ready entered
in to for 1911 Insure a profitable y ear, as 75% of Its p ro d u c t Is a lread y sold
for n e x t year a t a p p ro x im ately this y e a r's prices. A n official sta te m e n t
say s' "D u rin g th e year 1910 th e com pany has paid all of its arrears in pref.
sto ck dividends am o untin g to over 3700,000 and retired , Including th e sto ck
retired J a n 1 nex t, 32,700,000 of th e pref. sto ck o u tsta n d in g , th e reb y
reducing its pref. stock dividend req uirem ents from $294,000 to $150,000
a y e a r.”

New Director.—Giles W. Mead has been elected a director
to fdl a vacancy.—V. 91, p. 1515, 1288.
Kankakee Gas & Electric Co.—Bonds Offered.—P. W.
Brooks & Co., New York and Boston, are offering the balance
of an issue of $450,000 of this company’s 5% bonds at a price
of 95 and int. This issue is a “first and refunding mortgage”
upon the lighting plants in Kankakee, 111., which supply,
without competition, all the gas, electric light and power
for the entire city. The population served is 25,000. The
property is at present earning, it is stated, three times the
interest charges on the bonds. See further particulars in
V. 91, p. 875, 720.
Long Acre Electric Light & Power Co., New York.—Mort­
gage Held Invalid.—Justice Whitney in the Supreme Court in
this city on Dec. 7 held that a mortgage for the authorized
amount of $350,000,000, which was claimed to be a lien
against the company’s electric-light franchise, should be
adjudged invalid and removed from the record.

The decision was rendered in the suit brought against John D. Moore
and the Anti-Monopoly Co. None of the defendants. It is held, lias any
right, title or Interest to the franchise, which was originally held by M. F.
Mlntur. No bon is. It is reported, have been Issued under the mortgage.—
V. 91. p. 1450, 875.

(W. J.) McCahan Sugar Refining Co., Philadelphia.—

Status.—See Am. Sugar Rofg. Co. on a preceding page.—
V. 71, p. 88.
Macon (Ga.) Gas Light & Water Co.— Arbitrators Fix
Price on Purchase by City. —See “Macon, Ga.” in “State and
City” Dept.—V. 91, p. 792.
Mexican Light & Power Co., Ltd.— Listed in London .—

The London Stock Exchange has listed $1,500,000 additional
7% cumulative pref. stock, making the total listed 85,400,000—V. 91, p. 1331, 399.
Michigan Lake Superior Power Co.— Agreement Operative.
—The Pitcairn committee on Nov. 30 announced that the
proposed agreement between the committee and the Lake
Superior Corporation, dated Oct. 25 1910, has become
operative, it having been unanimously approved by the de­
positing bondholders. See V. 91, p. 1445, 1516.
Michigan Sugar Co.—See American Sugar Refining Co. on
a preceding page.—V. 91, p. 1331.
National Sugar Refining Co.—Control.—See Am. Sugar
Refining Co. on a preceding page.—V. 90, p. 450.
O’Gara Coal Co., Chicago.—Earnings.—The company in­
forms us that the following statement published on or about
Dec. 1 is “not for the year ending Oct. 31, but for an audit
period ending at that date and in excess of one year.” [The
long-continued strike at the mines in Illinois last summer
seriously affected the results.—Ed.]
Gross earnings, $4,104,170; cost of coal sold, $3,225,591; Ecncral expen­
ses. $354,061; net profits, $524,518; other Income, $155,946; total net
Income, $680,404; deductions, $55,313; fixed charges, $345,869; net profit,




dred and twenty-five ($125,000) Edison Electric Co. 1st and
ref. M. 5% bonds, dated Sept. 1 1902 (Nos. 312 to 436, both
inclusive), have been called for payment at 110 and interest
on March 1 1911 at the United States Mortgage & Trust Co.,
55 Cedar Street, New York.—V. 91, p. 1517.
Spanish-American Iron Co.—Bonds Called.—One hundred
and thirty-two ($132,000) first mortgage 20-year sinking fund
6% gold bonds due July 1 1927 have been drawn for redemp­
tion on Jan. 3 at par and int. at the office of the Girard Trust
Co., Philadelphia, trustee.—V. 90, p. 1682.
Spreckels Sugar Co. of California.—Status.—See Am.
Sugar Ref. Co. on a preceding page.—V. 65, p. 278; V. 68,
p. 430.
Superior & Pittsburgh Mining Co.—Plan.—See Calumet
& Arizona Mining Co. above.—V. 91, p. 274.
Swift & Co.—Only Part of New Stock to be Sold at Present.—
An official is quoted as saying that the company will not
offer at present all of the $15,000,000 new stock to be au­
thorized on Jan. 5. The amount of the offering, it is thought,
will not exceed $10,000,000.—V. 91, p. 1517, 721.
Temple Iron Co.—Adverse Decision.—See editorial re­
marks on a preceding page; also Lehigh Valley RR. item
above.—V. 78, p. 2015.
Tennessee Copper Co.—Bonds Offered.—William Salomon
& Co., New York, are offering at 100 and int. a block of the
new 1st M. 6% gold bonds, total auth. issue $1,500,000,
dated Dec. 1 1910 and due in annual installments each Dec. 1
from 1911 to 1917, as follows: 1911 and 1912, $150,000 yearly;
1913 and 1914, $200,000 yearly; 1915 and 1916, $250,000
yearly; 1917, $300,000, but redeemable as an entire issue at
103% and int. on any interest date on 60 days’ notice. Total
issue, $1,500,000. Par $1,000 (c*). Guaranty Trust Co.
of New York, trustee. Int. J. & D.
A b s tra ct o f L etter fro m P resid en t L e w iso lm , N ew Y o rk , N o v . 18 1910.

T hese bonds will pro v 'd e fund s to p ay th e p resent e n tire fund ed d e b t
($350,000 1st M. 5% bonds) and $600.0006% n o te s,a n d for o th er co rpo rate
purposes. A rrangem en ts h av e been m ad e to call in b o th th e 1st M. 5%
bonds and th e 6 % no tes. T he new m o rtg age will provide th a t dividends
on th e stock shall be paid only o u t of n et Incom e accu m ulated su bsequ ent
to D ec. 31 1909, a t w hich d a te th e su rplus w as $1,263,792.
N et Tangible A ssets at Book V alue Aggregating $8,000,000, on which the
$1,500,000 New B onds arc a Closed F irst L ien.
H eal estate, p la n ts, eq u ipm en t, ore land s, & c.. believed to hav e
an actu al value of $10,000,000; book valu e,D ec. 31 1909____$6,738,270
N et c u rren t a sstts D ec. 31 1909 (cash, acco u n ts receivable. In­
ventories, &c., a fte r d ed ucting c u rre n t liabilities)___________ 682,039
E x pen ditures m ade d u rin g 1910 for com pletion of new acid p la n t 580,000
Earnings A vailable fo r Interest Charges ($90,000 on $1,500,000 N ew 1st 6 s.
1003
1904.
1905.
1906.
1907.
1908.
1909. A vg S y r s .
$450,065 $216,996 $494,781 $852,828 $830,674 $363,174 $402,656 $485,192
D uring th e 8 -year period, 1902 to 1909, th e com pany d istrib u te d o u t of
surplus earnings $2,306,250 in dividends and add ed to its su rp lus $1,208,­
067. C apital sto ck o u tsta n d in g , $ 5 , 0 0 0 , 0 0 0 , In $25 sh ares. D ividends
averaging 7% per an n . hav e been paid for th e 7 years since 1903. B ased
on results for first 1 0 m o n th s, th e to ta l earnings available for Interest for
1910 should be a b o u t S485.000.
T he p ro p erty is located In Polk Co., T en n ., an Im p o rta n t copper te rrito ry ,
and com prises; (a) S m elting p la n t, w ith 7 furnaces and pow er buildings
of brick a n d steel, an n u a l cap acity 2 0 , 0 0 0 , 0 0 0 lbs. of copper; (b) acid p la n t,
now producing a t ra te of a b o u t 1 1 2 , 0 0 0 ton s of su lphu ric acid per ann um ;
(c) over 1 2 , 0 0 0 acres of m ineral and tim b er lands ow ned in fee: (d) th re e
m ines, w ith an agg regate dally c ap a city of 2 , 0 0 0 ton s of ore; (e) a b o u t eight
m iles of stan d ard -g au g e railro ad con nectin g w ith L . & N . R R ., 5 locom o­
tives and 69 ore cars.
W ith th e c o m p le t io n o f th e n e w a c id p la n t o n o r b e fo r e J a n . 1 19 11 th e
a n n u a l c a p a c it y w ill b e in c r e a s e d t o 2 2 5 ,0 0 0 t o n s o f s u lp h u r ic a c id , d o u b lin g
th e
presen t
c a p a c ity .
U p on
th e
b u s in e s s
has
b e e n c h ie fly
m in in g
and
s m e ltin g .
U p o n c o m p le t io n o f t h e n e w u n it o f t h e
s u lp h u r ic -a c id

1578

T H E

C H R O N IC L E

p la n t, th is p la n t, costing a b o u t $1,750,000, will be th e larg est of lts
kind in th e w orld a n d should prod uce su lphu ric acid a t a cost low er th a n
$2 25 per to n . R ased on an a n n u a l o u tp u t of 200,000 tons of 60-degree
acid a t $5 25 per to n (long-tim e c o n tra c ts for th e sale of large am o unts
having been m ad e a t or abo ve th is price) a n d an an n u al prod uction of
ab o u t 14,000,000 lbs. of copper a t th e low price of 13 c ts. per lb ., a n d m ak­
ing allow ance for o th e r rev en ues, th e n e t profits are estim ated n e x t year a t
$1,000,000 per ann um a g ain st an a n n u al Interest charge of $00,000. T he
m an u factu re of fertilizer in rec e n t y ears has g reatly increased th e dem and
for su lphu ric acid . [As to Im p o rta n t c o n tra c t see In te rn atio n a l A gricul­
tu ra l C orporation, V . 01, p . 1515— E d.] See also ann ual rep o rt In V, 01,
p. 272.— V. 01, p. 1451.

Texas Company.— All Sold .—The stock offered by Halk
garten & Co. and Harris, Winthrop & Co., it is announced,
has been sold. Compare V. 90, p. 1494.—V. 91, p. 960.
Union Stock Yard3 Co. of Baltimore.—Called Bonds.—
Eleven first mortgage 5% gold bonds, secured by mortgage
to the Safe Deposit & Trust Co. of Baltimore, as trustee,
dated Dec. 15 1898, will be paid at par and interest at the
Western Nat. Bank of Balt. Jan. 1 1911.—V. 89, p. 1487.
United Box Board Co., Chicago.— New Officer.—Hyatt
Cox, Vice-President and Treasurer of the United Box Board
Co., Treasurer of the American Strawboard Co., and a
director in both companies, has resigned, and has been suc­
ceeded by Gustav Wuerst as Treasurer of both companies
and director of the Box Board Co. The vacancy in the
board of the Strawboard Co. has not been filled. The
appointment is said to be temporary.—V. 91, p. 1518.
Utah-Idaho (Beet) Sugar Co.—History—Control.—See
Am. Sugar lief. Co. on a preceding page.—V. 90, p. 918
Western Electric Co., N. Y. and Chicago.— Bonds Offered.
—Lee, Higginson & Co., N. Y., Boston and Chic., and Higginson & Co., London, offered for subscription this week at
par and int. $6,250,000 1st M. 5% gold bonds, dated Dec. 30
1909 and due Dec. 31 1922, but callable as a whole or in part
on any interest date after 1911 at 105 and int. Int. J. & J.
in Chic, and N. Y. Par 81,000 (c*). Outstanding, includ­
ing bonds now offered (closed mortgage), 815,000,000.

[VOL. LXXXX1.

No a d d itio n al “ first an d refun ding” 5s can be Issued, except (a) for 80%
of new p ro p e rty acquired: (b) w hen n et earnings for th e preceding 12 m o n th s
are double th e Interest on all ou tstan ld n g bonds, including the c o n tem p la te d
Issue: (c) w hen deposited as collateral for this n o te Issue (lim ited to $2,500,­
000) In th e ra tio of $250 bonds to $200 no tes.
C o n d e n se d E x tr a c t s from L etter o f P re s. H . M . B y lle s b y N o v . 28 1910.

T he c ap italizatio n and earnings of the p ro p e rty a p p ear from th e follow ing:
C apitalization—
A uthorized. O utstanding.
U nderlying b o n d s________________________________ Closed
$2,568,000
2 J^-year gold 6% n o te s* _____ ___________________ $2,500,000
2,000,000
P referred s to c k ____________________________________10,000,000
1,500,000
C om m on sto c k ________________________
5,000,000
1,500,000
* S ecured by th e deposit In escrow , w ith su itab le restrictio n s, of $2,500,­
000 of a to ta l au th o rized Issue of $10,000,000 1st and refun ding 5% bonds.
E arnings fo r 12 M onths ending Sept. 30—
1908-00.
1909-IQGross e a rn in g s .-----------*$677,642
$737,641
N et earnings from o p e ra tio n ______________________ $358,170
$406,884
F ix ed charges (underlying b o n d s)------------------------------------------- $135,000
In te re st on above $2,000,000 6% notes will b e __________ _ ____ __ 120,000
R alancc a fte r present charges on basis of earnings for 19 09 -1 0.. $151 , 8 8 4
* R ichm on d earnings for 12 m os. ending S e p t. 30 1909 are ap p ro x im ate.
A s a resu lt of th e ex p en d itu re of new funds and the econom ies effected by
the consolidation, th e n et earnings for th e calen d ar year 1911 should reach
$550,000, and th e charges on the $2,000,000 6% notes will th u s be earned
a b o u t 3 V% tim es.
T he com pany develops electric pow er aggregating 7,000 h. p. from hy d ro
plan ts and electric pow er aggregating 7,650 h .p . from steam p la n ts. I t
has excellent co n tracts, th ro u g h w hich It acts as d istrib u to r and retailer of
pow er, sold it by the Pacific Gas & E le c trIc C o .,a t R ichm ond a n d a t S to ck­
ton , In ad d itio n to th e pow er d istrib u te d from the com p an y ’s ow n g en erating
plan ts. T he com pany also m an ufactures am i d istrib u te s gas In S to ck to n
a n d E urek a. S anderson & P o rter h av e passed upon the franchise situ a ­
tion an d find th a t it is entirely satisfacto ry to the c o m p an y ’s in te rests.
We estim ate replacem ent value of properties to be in excess of $4,917,929.
T he com pany Is controlled by the S ta n d ard Gas & E lectric C o., w hich Is
In tu rn controlled a n d o p erated by II. M. B yllesby & C o.— V. 91, p . 1518.

Whitney Company, North Carolina.—Date of Sale.—
Special Master A. H. Price, at the request of R. P. Ncilson
and J. D. White, of New York, representing the trustees, has
ordered the sale of the company’s property at auction on
Dec. 15. Compare V. 91, p. 1188.
Youngstown Iron & Steel Roofing Co.— New Name, &c.—
The name is now Youngstown Iron & Steel Co.

E xtensive Im provem ents, it Is said, arc being m ade a t the Y oungstow n
E x t r a c t s f r o m L e t t e r o f P r e s . H . 13. T h a y e r , N . Y . , D e c . 1 , 1 9 1 0 .
p lan t, do ubling th e cap acity of th e w orks a n d Increasing facilities for
T he com pany Is con tro lled by th e A m erican T elephone & T elegraph Co, han
dling business. See artic le In “ Iro n A ge” of N . Y ., D ec. 1 1910.—
throu gh ow nership of m ore th a n 80% of Its $15,000,000 cap ital sto ck . V. 83,
p. 1541.
I t Is the larg est m a n u factu rer of telephonic a p p a ra tu s In th e w orld
a n d th e largest d istrib u te r of electrical supplies In th e U nited S tates.
Its undivided su rp lus (earned) N ov. 30 100!) was $17,436,786. T he p ro ­
—The second annual convention of the managers and
ceeds of these $6,250,000 bonds will be used In p a rt to retire the $5,000,000
4 14% 2-year no tes,w hich have been d u ly called for p ay m en t on Ja n . 1 1011. department heads of H. M. Byllesby & Co. and affiliated
T he com pany will th e n be free of all d e b t except these $15,000,000 bonds companies will be held at the Congress Hotel, Chicago,
a n d will have am ple w orking cap ital, including a b o u t $3,000,000 cash.
Sales and P rofits fo r Years 1908-09 and A vg . fo r 6 Years ending N o v. 30 1809 Jan. 17-20 inclusive. Byllesby & Co., which has head­
1908-09. A vg . 6 Yrs. quarters at Chicago, operates and manages ft considerable
Gross sales w ero___________________________________ $45,575,138 $46,076,000 number of electric, gas and street railway properties in the
3,192,965
N et p rollts applicable to Interest c h a rg e s_________ 2,404,010
West and South. Since the first convention, held last year,
In te re st on funded d e b t. Including $6,250,000
bonds now sold, oalts fo r_____ ________
$750,000
750,000
Cash dividends were paid averag ing 7.29% per ann um from 1881 to 1895 several properties have been added to the list and the former
attendance of 200 will be largely increased. At a recent
and 8 % yearly since th a t d a te .
T he book v a lu atio n of real e sta te a n d p lan ts In N. Y . an d Chicago cov­
of a committee of managers preliminary arrange­
ered by th e m ortgage (the actu a l cost exceeded $18,500,000) was on N ov. 30 meeting
1909 $9,552,377, a n d th e to ta l n et assets, a fte r d ed ucting c u rre n t liabilities, ments were made for a four-days’ program, to be devoted to
w ere $34,404,610. T he sale since N ov. 30 1909 of these $15,000,000 bonds technical and profsesional subjects. It is the belief of Presi­
has provided for th e p ay m en t of all (loating d e b t and has Increased th e above dent Byllesby that the annual meeting and interchange of
n e t assets to a b o u t $49,000,000 (net cash and quick assets alone am o u n t
to a b o u t $36,000,000). A gainst these n e t assets th e only Indebtedness ideas among managers and department heads accomplishes
consists of these $15,000,000 1st M . 5s.
T he fiscal year heretofore ending on N ov. 30 has been changed to end on much towards improving the service offered the public in
Dec. 31. W hile no ab so lute sta te m e n t of th e c u rre n t y e a r’s prollts can be the various cities where utilities are operated by this or­
m ade u n til a fte r Dec. 31, It Is safe to say th a t as reg ards n et profits, as well
as n e t assets, th e con dition since N ov. 30 1909 has show n a m aterial Im ­ ganization.
p rov em ent as com pared w ith th e figures abo ve given.
—On Jan. 1, prox., a new brokerage firm will begin busi­
T he gross sale 3 du rin g th e 12 m o nth s ending N ov. 30 1910 have been a t
th e ra te of ab o u t $61,000,000, as com pared w ith $45,575,000 for y e a r end­ ness in Chicago, with offices in the Rookery, viz., Carter,
ing N ov. 30 1909. O n N ov. 1 1910 th ere were a b o u t 24,000 em ployees on Shimmin & Douglass. The firm will have memberships in
th e com p an y 's pay -roll. C om pare previous offering, V. 90, p. 307.
the Chicago Stock Exchange and Board of Trade. Ford R.

C on densed

Notes Called.— The $5,000,000 2-year 4)^% collateral
trust gold notes have been called for redemption on Jan. 1
1911 at 100 (par and int.) at the Man. Trust Co., N.Y.
Extra Dividend—Dividend Period Changed.—On account
of the change in the end of the fiscal year, formerly Nov. 30,
so as to correspond with the calendar year, the company has
declared a dividend of 1 1-3%, covering the months of No­
vember and December, or two-thirds of the regular quarterly
rate of 2 % as maintained since 1896, and also an extra divi­
dend of 2 % , the first extra cash distribution during the
period mentioned.

H ereafter q u a rte rly dividends will be paid M arch 31, Ju n e 30, S ep t. 30
a n d Doc. 31 Instead of F eb., M ay, A ug. a n d N ov. T he ann ual m eeting of
the stockholders will be held on th e first T uesday In A pril.— V. 91, p. 73 1 .

Western States Gas & Electric Co.—Notes Offered.—E. II.
Rollins & Son3, N. Y., Bost., Chic., Denv. and San Fr.;
White, Weld & Go., N. Y ., and Montgomery, Clothier &
Tyler, Phila., are offering at par and int. $2,000,000 6% gold
coupon notes. Authorized, $2,500,000; issued, $2,000,000.
Dated Dec. 1 1910 and due June l 1913, but callable in lots
of $100,000 or over, at 101 and int., on any interest date,
upon 60 days' notice. Fidelity Trust Co. of Phila., trustee.
Int. J. & D. in N. Y., Phila. and San Fr. Tax-exempt in
Pennsylvania. A circular says in substance:

T he com pany w as lnco rp . N ov. 25 1910 (V. 91, p. 1518) as a consolida­
tion of th e H u m b o ld t Gas & E lectric Co., S to ck ton Gas & E lectric C orp.
(V. 8 8 . p. 8 8 6 ), R ichm ond L ight & Rower Co. (V . 91, p. 1517) and A m eri­
can K lver H lectrlo Go. (V .82, p. 1498; V. 87, p. 1013). T he notes offered
a re secured by pledge of $2,500,000 "first and refu n d in g ” 5% bonds,
p a rt or an a u th . Issue of $ 1 0 , 0 0 0 , 0 0 0 bonds secured as an ab so lute first
m ortgage on th e p ro p e rty of th e R ich. L t. & Pow er Co., an d as a refun ding
m ortgage su bject to un derlying liens agg regating $2,568,000 on th e three
o th e r m erged prop erties.
Serves a to ta l popu latio n of a b o u t 75,000, in S to ck to n , R ichm ond.
E u rek a. Plaoervllle, F lo rin. E lk G rove, L odi, G ault and o th er tow ns In
H u m b o ld t, S an Jo aq u in and a d ja c en t counties In C alifornia, In districts
grow ing w ith g re at rap id ity . M anufactures and d istrib u te s electric c u rre n t
derived from hy dro and steam In stallation s, a n d also m an fu actures a n d
d istrib u te s gas In S to ck ton and E urek a.
T he to ta l cost of these assem bled prop erties Is over $2,000,000 In excess
of th e un derlying bo nd s. T hus th e notes rep resen t a b o u t 6 6 % of cost.
T he balance of c®st has been m et by th e sale of $1,500,000 of pref. stock
to th e .S tandard Gas & E lectric Co., w hich com pany , by supplem en tal in ­
d en tu re dated Deo. 1 1910, agrees to pu rch ase a fu rth e r am o u n t of pref.
sto ck for $500,000 cash, prior to Ju n e 1 1911, for use In extensions, &c.
T hus, th e cash e q u ity follow ing this no te Issue will be Increased to ap p ro x i­
m ately $1,500,000 on or before Ju n e 1 1911.



Carter is Vice-Chairman and a member of the Governing
Board of the local Stock Exchange; he was formerly associ­
ated with the prominent brokerage house of Granger Farwell & Co. Robert P. Shimmin has for ten years been a
trader on change for S. B. Chapin & Co. John W. Douglass
acquired his brokerage experience with Knight, Donnelley
& Co., S. B. Chapin & Co. and other active Chicago Board
of Trade houses. In brief, this new firm is a combination
of youth, experience and energy. *
—Attention is called to the advertisement on another page
of the offering by George II. Burr & Co. of the McCrumIlowell Co. 7% cumulative preferred stock. The official
statement regarding this company was given at length in
the last issue of the “Chronicle'' on page 1450. There is no
bonded indebtedness, as will be noticed in the balance sheet
published in the advertisement, and the company is paying
dividends at the rate of 3% on $3,500,000 of common stock.
The unsold portion of the preferred stock is offered fit par
with a bonus of 10% of common stock.
—Edward V. Kane & Co., the Philadelphia investment
bond dealers, want to buy Danville Urbana & Champaign
5s, due 1923; Decatur Ry. & Lt. Co. consolidated 5s, due
1933; Toledo Fremont & Norwalk 5s, due 1920, and Decatur
Gas & Electric consolidated mtge. 5s, due 1930. Address
inquiries to Edward V. Kane & Co., 610 Morris Bldg., Phila.
—Dominick & Dominick, 115 Broadway, this city, will
buy or sell United Bank Note Corporation preferred and
common stock, International Nickel 5% bonds and pre­
ferred stocks. Dominick & Dominick are specialists in these
securities.
—A. B. Turner & Co., 24 Milk St., Boston, Mass., have
issued their “Special Stock Bank and Trust Company
Circular'' for the month of December, a useful compilation
of 18 pages, covering chiefly cotton-manufacturing and
other securities best known on the Boston market.
—John E. May, formerly with Bond & Goodwin, has be­
come a member of the firm of Curtis & Sanger, and will be
its Chicago manager.

D e c . 10 1910.]
S g to e

T H E

C H R O N IC L E

© 0 n .u u je tx .1a i

C O M M ER CIAL E PIT O M E .

Friday Night, D ec. 9 1910.
With big crops of grain, high prices for cotton and money
comparatively easy, wholesale trade is of fair proportions
under the curb of a conservative policy; and retail business,
favored by seasonable weather, presents a not uncheerful
aspect.’ The country as a whole is feeling its way rather
than taking chances.
LARD on the spot has been firmer, owing to a rise in the
market for live hogs and small offerings of product. Trade
has been quiet. Prime Western lO.ilOc., Middle Western
10.25c. and city steam 9%®10c. Refined lard has been
quiet and firm. Continent 10.60c., South American 11.50c.
and Brazil in kegs 12.50c. The speculation in lard futures
here has been dull and featureless. At the West the trading
has been active and prices have moved irregularly within
comparatively narrow limits. There has been buying at
times on moderate arrivals of live hogs and a stronger market
for hogs. Leading packers have purchased. On the other
hand, liquidation lias been noticeable at times and there has
been some selling on weakness of late in corn.

D A II.Y C LO SIN G P R IC E S O P LA R D F U T U R E S IN NEW YORK.
S a t. M on. T u bs . W ed. 1’hurs. I<'ri.
J a n u a ry d e liv ery ______ 10.12 10.10 10.00 10.15 10.10 10.33
10.00 10.10 10.05 10.15
M ay d e liv ery __________10.00 10.00
D A IL Y C LO SIN G P R IC E S O F L A R D F U T U R E S IN CHICACiO.
S a t.
M on. Tues. W ed. T hurs. F ri.
Ja n u a ry d eliv ery ----------9.87 'A 10.05
9.87 H 9.87 M 9 .8 7 ^ 10.10
M ay d eliv ery .................... 9.7 2 'A 9.90
9.75
9.77 'A 9 .7 7 ^ 9.92 'A

1579

C O T T O N .

Friday Night, D ecem ber 9 1910.
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
400,593 bales, against 432,629 bales last week and 393,380
bales the previous week, making the total receipts since
Sept. 1 1910 4,916,634 bales, against 4,485,659 bales
for the same period of 1909, showing an increase since Sept. 1
1910 of 430,975 bales.
Receipts at—
G a lv e sto n ______
F o rt A rth u r . _ _
T exas C ity, & e. .
New O rleans____
G u lfp o rt_______
M obile _________
P e n sa c o la ___
Jackso nv ille, Ac.
S a v an n ah ______
B runsw ick ____
C h a rle s to n __ _
G e o rg e to w n ____
W ilm in g to n ____
N orfolk _______
N ’p o rt N ew s, Ac.
New Y o rk ______
B o s to n ______ _
B altim ore _____
P h ilad elp h ia ____
T o tals th is w eek

Sa t. M on . Tues.
14,833 16,630 34,344
____
■ ____
13,575
18,134
16,384 6,621
_ _ ____
2,219 3 870 3,903
959
10,305 11,310 16,508
3,205 2,333 3,744
2,427 3,235 2,387
7,090 6,308 7,466
5
619
811
235
50 —
—
70,707 52,082 86,781

W ed. Thurs.
22,895 10,521
____
14,787 16,521
____
____
2,266 2,563
____ j ____
1
10,706 8,107
___1
__
1,614 2,212
663
1,065
7,371 I 4,669
50
385
403
—
—
61,149 51,709

Total.
121,018
128
17,064
84,025
2,255
17,325
2,541
67,628
17,800
16,136
10,416
36,013
289
100
2,821
4,984
50
78,165 400,593

F ri.
15,795
128
3,489
11,578
2,255
2,444
1,582
10,632
17,800
3,028
639
3,109
289
45
368
4,984

The following shows the week's total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
PORK on the spot has been quiet and steady. Mess last year:
$19 50, clear $21@$22 50 and family $24 50. Beef has been
Stock
1910.
1909.
quiet and easier, with larger offerings. Mess $14 50@$15, Receipts to
packet $16@$16 50, family $18 50@$19 50 and extra India
This Since Sep This Since Sep
Dec. 9.
1909.
week. 1 1910. week. 1 1909.
1910.
mess $80. Cut meats have ruled steady, with trade small.
Pickled hams, regular, 113^@14c.; pickled bellies, clear, G alveston_______ 121,018 1,776,755 84,492 1,559,3321 203,640 199,610
l4K@ 17^c., and pickled ribs 13%@l5J^c. Tallow has exas C ity, A c_. 17,064
128 77,977 14,699 01,600
783 22,563
139,470
been quiet and steady; city 7p£c. Stearines have been dull TNew
O rlean s____ 84,025 704,579 21,272 595,504 222,118 142,272
and easy; oleo 9j^@10c. and lard 11 xA c. Butter has been MG ulfport
6,205
7,981
6,205
723
__ . . 2,255
__________ 17,325 147,717 7,455 147,646 67,747 46,241
quiet and easy; creamery extras 29@29]^c. Cheese has P enobile
34,970
sacola______ _
850 78,959
been quiet and steady; State, whole milk, colored, Sept., Jacksonville,
13,275 1,881 23,942
A c. 2,541
67,628 937,977 25,610 1,029,0801 172,492 128,363
fancy, 15J^c. Eggs have been quiet and firmer; receipts SBaruv annswn aickh _______
918 172,992 24,634
____
17,800 139,891
10,592
light; Western firsts 35@37c.
arle sto n ______ 16,136 216,307 4,909 169,606 40,597 42,115
656
n __
25
632
OIL.—Linseed has been steady. The raw material has CGWheorgetow
ilm ington ____ 10,416 292,566 6,954 246,249 33,328
14,762
weakened of late, despite small arrivals of seed, a fact which N orfolk______
. 36,013 359,077 18,162 323,954 34,225 35,587
289
2,497
685
7,695
’po rt News, &c_
has made consumers of product purchase sparingly. City, NNew
2,366
52
2,818 237,075 128,611
r k ____
raw, American seed, 95@96c.; boiled 96@97c. and Calcutta, B o s toYno__________
2,821
13,222
147
4,259
1,547
2,753
4,984 51,077 1,980 30,249
ltim o re______
raw, $1 03. Cocoanut has been quiet and easy; Cochin PB ha ila
15,583
17,403
50
50
602
1,914
d e lp h ia ____
5,150
103^@10%c.; Ceylon 9p£@9%c. Olive has been quiet and
steady at 90@95c. Corn has been active and steady at T o ta l................_. 400,593 4,916,634 190,910 4,485,650 1,064,341 770,94*
7@7.05c. Cotton seed has been moderately active; winter In order that comparison may be made with other years,
7.25@8c.; summer white 7.10@7.90c. Cod has been in good we give below the totals at leading ports for six seasons:
request at an advance in prices; supplies light; domestic
53@55c. and Newfoundland 55@58c.
at— 1910.
1909.
1908.
1907.
1906.
1905.
COFFEE on the spot has been firmer. There has been GReceipts
a
lv
e
s
to
84,492 160,095 88,255 126,851 85,274
increased buying by interior dealers of late, but the pur­ P t.A rth u r,&n ___c. 121,418
869
8.961
9,619
17.192 15,482 13,015
chases as a rule have been limited to small lots. Rio No. 7, New
O rleans. 84,025 21,272 84,302 103,334 112,620 58,760
18,600 15,428
7,455 20,664
8,674
17,325
13^@13%c.; Santos No. 4, 13%@14c. West India growths .SM aovbailen n______
a h ___ 67,628 25,610 59,367 64,063 63,506 39,755
have been in moderate demand and firmer; fair to good CB harleston,
7,489
9,487
948 11,575
11,627
runsw ick —
17,800
6,993
6,434
3,659
4,934
Cucuta 14%@14%c. The speculation in future contracts W ilm in g to nAc.. 16,136
9,447
28,903
7,629
10,416
11,967
6,954
has been active with frequent and at times sharp fluctuations. NN ’po rfo
36,013
lk _____
18,162 30,136 30,570 29,669 26,554
289
278
2,419
627
680
Early in the week the drift of prices was upward in the main, o rt N .,A c.
owing to strong cables from Europe and Brazil and buying All o th e rs____ 12,751 4,916 8,711 4,807 23,910 12,628
for local, outside and foreign account. Of late, however, T otal th is w k . 400,593 190,910 406,266 354,161 408,984 264,806
the tendency has been reactionary, owing to heavy liquida­ Since S ept. 1. 4.910,634 4,485,659 5,232,295 4,021,277 5,105,640 4,601,721
tion. Also a report current at one time that 600,000 bags
of valorization coffee had been sold in the French market The exports for the week ending this evening reach a total
of 314,045 bales, of which 171,428 were to Great Britain,
has
been denied. Closing prices were as follows:
D ecem ber ____ 10.95o. A p r i l ________ 10.78c.
22,487 to France and 120,130 to the rest of the Continent.
J a n u a r y ________ 10.90o. M ay ____________10.70c. AS eupgteu ms t_________10.51c.
b e r _____ 10.46e. Below are the exports for the week and since Sept. 1 1910.
F eb ru ary ............ 10.88c. J u n e ____________10.63c. O ctober _____ _ _ 10.37c.
M a rc h __________ 10.86c. Ju ly . . .............. ..1 0 .5 6 c . N ov em ber . .. 1 0 . 37c.
Week ending Dec. 9 1910. From. Sept. 1 1910 to Dec 9 1910.
SUGAR.—Raw has been firmer and more active. Cen­
Exported to—
Exported to—
trifugal, 96-degrees test, 4.05c.; muscovado, 89-degrces test,
Conti­
Great
Conti­
Great
3.55c. and molasses, 89-degrees test, 3.40c. Refined has rom— Britain
Total.
F r’nce nent. Total. Britain. France nent.
been firmer and in moderate demand. Granulated 4.80c.
Spices have been quiet but firm; supplies moderate. Teas GPortalveston___
72,443
43.905 116,348 650,731 187.87* 496.575 1,335,182
rthur__
15,559 14.572 47.846 77,977
have been quiet and firm. Wool has been dull and steady. TexasACity,
Ac. 13,575
2.143 114,624
13,575 112,481
New O rleans.. 14,365 2,613 24,867 41,845 312,630 44,641 121.707 478,978
Hops have been in moderate demand and steady.
obile.............. 17,077
17,077 28,678 7,405 13.921 50,004
PETROLEUM.—Trade has been moderately active and PMensacola___
_
9,207 10,23*
35,070
___ ___ ____ ______ ___ _15.625
prices have ruled steady. Refined, barrels, 7.40c.; bulk Savannah
G u lfp o rt..........
----- 9,740 19,874 22,046 51,660 175,544 65.41S 222.149 463,103
3.90c. and cases 8.90c. Gasoline has been firm with a good Brunswick----17,883 47,731
17,883
44,607 92,338
trade; 80-dcgrees, in 100-gallon drums, 18%c.; drums $8 50 Charleston----4,949
11,259 16,208 10,949 9,900 70.451 91,300
ilm ington... 15,850 ___ 9,194 25,044 99,243 19.240 130.091 248,624
extra. Naphtha has been fairly active and firm; 73®70- NWorfolk_____
___ ___ ___ ___ 10,345
116 10,461
degrees, in 100-gallon drums, 16%c.; drums $8 50 extra. Newport
___ __ _
News. ,
• 4 •**..* ______
4.921 5,189 158,626 47.623 95,489 301,741
New Y ork___
268
Spirits of turpentine has been quiet and easier at 78c. Boston
4,356 56,655
........... 4,578
1,199 5,777 52,299
Rosin has been quiet and easier; common to good strained $6. B altim ore----700 9,218 2.8*9 32,307 44,325
700
__ 25,636
1,400 27,036
. . ___
TOBACCO.—The market for domestic leaf has been Philadelphia
__ ___ ______ ______
Portland, M e..
quieter of late. Cigar manufacturers continue to take a San
Francisco.
1,521 1,521 ____ ___ 18,917 18,917
—
14.191 14,191
............ — . . . . 1,218 1,218
moderate amount of binder, but the firmness of prices for Seattle
6,439
acom a............
6,439
other descriptions has caused consumers to purchase spar­ TPortland,
___ ______ ____.
400
Ore.
400
___ ______ ___ __ _
P em b ina..........
ingly. Havana and Sumatra have been quiet and firm.
500 —
50*
............
COPPER has been quiet and easier. Lake 12.80® 12.90c.; D etroit.............. — — — —
electrolytic 12.65® 12.70c. and casting 12j^® 12.60c. Lead Total - .......... 171,428 22.487 120,130,314,0451,719.377,409,758 1,338.730 3.467,865
has been quiet and steady at 4.45©4.55c. Spelter has been
dull and easy at 5.80©5.90c. Tin has been firmer on specu­ Total 1909___ 81,696 45,769 59,472 186,937 1.243.340 666,760 1,381.093 3,291,193
lative buying; spot. 38h®. Iron has been quiet and easier; In addition to above exports, our telegrams to-night also
No. 1 Northern $15 25®$15 50; No. 2 Southern $15 25. give us the following amounts of cotton on shipboard, not
Statistics recently issued show that the production is the cleared, at the ports named. We add similar figures for
New York.
smallest in eighteen months.




100

—

6 ,6 8 6

1580

Dec. 9 at—
N ew O rle a n s..
G a lv e s to n ____
S av a n n a h ____
C harleston . .
M o b ile ________
N o r fo lk ______
N ew Y o rk ____
O ther p o rts —
T o ta l 1 9 1 0 ..
T o tal 1 9 0 9 ..
T o tal 1 9 0 8 ..

T H E

Great
B ritain .
19,430
24,405
800
___
5,013
3,000
800
13,000
07,108
31,700
102,200

On Shipboard, N ot Cleared Jor—Ger­ Other Coast­
France m an y. Foreign wise.
8,899 9,395 4,000
420
14,839 37,115 19,399 3,450
2,200 2,700
____
500
52
9,950 13,328
16,389
1,200
500 2,000
—
15,000 2,000 —
34,888 77,538 30,905 20,817
16,563 68,892 19,097 07,381
27,021 84,984 45,173 30,378

Total.
42,756
99,408
5,700
500
28,943
19,389
4,500
30,000
231,250
204,233
290,356

[VOL. LXXXXI.

C H R O N IC L E

Leaving
Sto ck.
179,362
104,172
100,792
40,097
38,804
14,830
232,575
56,447
833,085
500,713
773,324

FUTURES.—The highest, lowest and closing prices at
New York the past week have been as follows:
21 |
I I SI SI SI I
0 I @

£«

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Speculation in cotton for future delivery had been quiet at
COCO I
some net decline up to Thursday night. The Government
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crop estimate on Friday of 11,426,000 bales caused an out­ £ v> © I © I ©
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burst of bullish speculation in which prices were carried up a
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roughly 55 to 65 points. The estimate was exclusive of
Til Tf-f 12
linters and re-packs. In recent years the Government has
lI Oo HH
underestimated the crop. The estimate to-day took the
market by surprise, as the ginning figures of the 8th inst.
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had led many to suppose that the Government figures on the
© I © I © I © I © I © I © I @| 0
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crop might be very much larger than they were. The gin­
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ning report on Thursday, the 8th inst., gave the unexpectedly
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large total ginned up to Dec. 1st of 10,139,986 bales, against
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8,876,886 for the same time last year, 11,008,661 two years
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ago, 8,343,396 in 1907 and 10,027,868 in 1906. This shows
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that from Nov. 14 to Dec. 1 the ginning amounted to £3
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1,359,553 bales, against 764,687 for the same time last year,
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1,412,852 in 1908, 1,042,731 in 1907 and 1,465,626 in 1906.
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The ginning in Oklahoma has already exceeded some of the
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crop estimates for that State, and that is also practically
true of some of the guesses on the Georgia crop. It will be
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remarked, too, that the ginning for the last period from
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Nov. 14 to Dec. 1 was only 53,299 bales less than for the
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same period in 1908-09, when the Census figures on the total
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crop were 13,432,131 bales. Nor was there any very striking
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difference between the figures for the above period and those
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for the same time in 1906-07 (only 106,073 bales), when the
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Census Bureau's crop figures were 13,305,265 bales. It was
2rH Zh2 12 2 2 2 2 2*2
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not altogether surprising to the trade, then, to see prices
drop 23 to 33 points soon after the report was read, the
fcu.9
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ti.9
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figures being regarded as distinctly bearish, notwithstanding
ojawo , cj o £a ©^ I scdO
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the contention of some that the ginning this season has been
unusually rapid and that while 88.1% of the crop had been
ginned up to Dec. 1 last year, fully 90% had been ginned up
to the same date in 1910. Neither was much attention paid THE VISIBLE SUPPLY OF COTTON to-night, as
to predictions by advocates of higher prices that from now made up by cable and telegraph, is as follows. Foreign
on the ginning will decrease rapidly. The tendency in recent stocks,
as well as the afloat, are this week's returns, and
years has seemed to be towards a marked falling off in consequently
foreign figures are brought down to Thurs­
ginning after Dec. 1, even in some large crop years, but the day evening. allBut
make the total the complete figures
actual figures published on Thursday and the continued for to-night (Friday),to we
the item of exports from the
large receipts, encouraging a belief that the bulls have been United States, including inadd
it
the
exports of Friday only.
underestimating the crop, had, with heavy liquidation, partly December 9—
1910.
1909.
1908.
1907.
on stop orders, a distinctly depressing effect, as may be S tock a t L iverp ool_________bales. . 700,000 1,000,000
030,000 085,000
gathered from the decline of 81 to 81 65 a bale in a SStock
. 4,000
9,000
to ck a t L ondon __________
10,000
15,000
. 50,000
05,000
a t M a n c h e ste r______
34,000
53,000
single day. Western, Southern, Wall Street and
other interests sold freely. The cotton-goods trade has Stocl? a t H am b u rg .
. 76G.000 1,074,000 080,000 753,000
. 3,000
4,000
14,000
10,000
been reported quiet in this city and not in a satisfactory
. 147,000 247,000 217,000 202,000
condition in New England. Breaks in the stock market at S to ck a t M arseilles.
. 148,000 418,000 199,000 138,000
. 2,000
2,000
3.000
4,000
times have had some effect. Liverpool prices have fre­
8,000
.
9,000
23,000
15,000
quently been disappointing to those who were looking for a I S to ck a t B arcelona
. 34,000
45,000
37,000
18,000
1,000
4,000
25,000
rise. Speculation has been narrow and for the most part S to ck a t T rieste
of a professional character, and the support of large operators
. 343,000 725,000 597,000 418,000
was necessary at times to prevent prices from sagging, even
1,799,000 1,277,000 1,171,000
before the ginning report was received. On the other hand, In d ia c o tto n alloat for E u ro p e ___.1,109,000
. 121,000 113,000
50.000
40,000
Liverpool’s spot sales have latterly increased, on Thursday AE gmypcr.t,Bcorazil.&
tto n aflo at for E u ro p e ... 903,009 043,079 1,077,127 903,013
c.,a(lt.for E u ro p e .. 66,000
94,000
89,000
88,000
reaching 18,900 bales. German spinners are said to have
. 203,000 217,000 249,000 209,000
been buying heavily in Liverpool. Some Liverpool dis­
. 230,000 353,000 195,000 325,000
770,940 1,003,080 951,092
patches insist that the Continent is short in the English S to ck In U . S. Interior to w n s____.1,064,341
759,261 801,451 823,830
market. On Thursday’s decline the South reduced its TJ. S. ex p o rts to -d a y ______ .. 804,992
50,717
24,098
71,550
30,783
offerings in Liverpool. Fall River’s sales of print cloths
.4,012,059 4,773,984 4,933,808 4,242,324
have latterly increased. The British Board of Trade returns
an an d o th er descriptions arc as follows:
were regarded as favorable in some respects. Western re­ A m erican—
. 603,000 910,000 530,000 582,000
ports of the retail dry goods trade are in the main cheerful. M anchester sto ck .
42,000
52.000
30,000
. 45,000
. 323,000 702,000 552,000 337,000
Exports of cotton from the ports are now running ahead of
. 903,009 043,079 1,077,127 903,013
those of last year. Large spot interests have bought to
.1,064.341 770,940 1,003,080 951,092
. 804,992 759,201 801,451 523,830
some extent. To-day Liverpool was unexpectedly firm un­
24,098
71,550
30,783
. 50,717
der the influence, as stated, of a good trade demand, light
offerings from the South and the reduction in the estimate E ast Tndian, B razil, & c.— .3,794,059 3,801,948 4,191,808 3,370,324
of the size of the India crop. Everybody anxiously awaited
90,000 100,000 103,000
103,000
10,000
9,000
4,000
15,000
the Government crop estimate. It proved to be 11,426,­ L ondon sto c k ____
4,000
12,000
. 11,000
11,000
000 bales, as above stated, against an estimate of 10,088,000 M anchester sto ck .
23,000
45,000
20,000
81,000
50,000
bales last year, 12,920,000 in 190S-09, 11,678,000 in 1907-08, EIngdyiap t.alloB razil,
. 121,000 113,000
40,000
at for E u ro p e ___
94,000
89,000
. 00,000 217,000
&c., aflo at.
88,000
12,546,000 in 1906-07. Spot cotton here has been quiet.
249,000 209,000
, 203.000
Middling uplands closed at 15.10c., an advance for the week
353,000
. 230,000
195,000 325,000
of 10 points.
818,000 912,000 742,000 872,000
The official quotation for middling upland cotton in the
3,801,984
.3,794,059
4,101,808 3.370,324
New York market each day for the past week has been:
T o tal visible su p p ly -----------------4,612,059 4,773,984 4,933,808 4,242,324
10

10

10

10

00

375

Dec. 3 to Dec. 9 —
S at. M on. T ucs. W ed. T h u rs. Fri.
M iddling u p la n d s______________15.05 15.05 i5.0 0 15.00 14.80 15.10

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 10 for each of the past 32 years have been as follows:

1910 .C -.
1909____
1908____
1907____
1900____
1905____
1904____
1903____

..1 5 .1 0
. .14 .9 5
. . 9.25
..1 2 .1 5
..1 0 .9 5
..1 2 .6 0
. . 8.10
..1 2 .4 0

1902-C__
1901____
1900____
1899____
1898____
1897____
1890____
1895____




. . 8.50
. . 8.50
-.1 0 .1 2
. . 7.69
. . 5.88
. . 7.44
. . 8.44

1894.c __
1893____
1892____
1891____
1 8 9 0 ......
1889____
1888____
1887____

. . 5.75
. . 7.81
. . 9.75
. . 8 06
. . 9.38
..1 0 .2 5
. . 9.88
..1 0 .5 0

1886.c ____ 9.50
1885______ 9.31
1884______ 1 1.00
1883______ .10.50
1882______ 10.38
1881______ .11.94
1880______ .11.88
1879............. .12.44

M iddling U pland , L iverp ool------M iddling U p land . New Y o rk ____
E g y p t, Good B row n, L iv e rp o o l..
P eru v ian , R ough G ood. L iverpool
B roach, Fine, L iverp ool_________7
T lnnevclly, G ood, L iverp ool____

3 04

0

0

7.95d.
7.94d.
4.80d.
0.38d.
15.10c. 15.20c.
9.10c. 12.10c.
8 15-10d. 10 11-lGd.
ll ) ^ d .
10.90d.
9.25d.
7.80d. 11,75d.
11-1 Oil. 7 5-16d.
4J<d. 5 13-16d.
7 5-8d.
7d. 4 11-1 (id. 5 7-1 Gd.

Continental imports for the past week have been 99,000
)ales.
_
The above figures for 1910 show an increase over last week
>f 287,920 bales, a loss of 161,925 bales from 1909, a
lecrease of 321,749 bales from 1908, and a gain of 369,735
)ales over 1907.

D e c . 10 1910.1

T H E

C H R O N IC L E

AT THE INTERIOR TOWNS the movement—that is,
in detail below.

1581

Closing Q uotations fo r M idd ling Cotton on—
S a t'd a v, M onday, Tuesday, W ed’day, Thursd'y, F rid a y,
14%
14%
14%
14 %
15
14 %
14 11-16 14%
14 %
14 %
14 11-16 14 %
14%
14%
14 11-16 14 %
14
%
14%
14 7-16 14%
14 %
14 %
14 %
14 %
14%
14%
14%
14 %
14 %
14 9-16
14 %
14 %
14 %
14%
14%
14%
14 %
14 9-16 14 %
14%
14%
14%
14%
14 %
14 %
15.30
15.30
15.25
15.25
15.05
15.35
14 11-16 14%
14%
14 %
14 11-16 14 %
15%
15%
15%
15%
15%
15%
15
15%
15%
15%
15%
15%
14%
14%
14%
14 %
14 %
15
14%
14%
14%
14 %
14 %
14%
ORLEANS OPTION MARKET. — The highest,

Week ending —
\
December 9.
, G a lv e sto n _____
Mew O rleans___
M obile ..................
S avann ah _____
C h arleston_____
W ilm ington____
N o rfo lk _____
B a ltim o re ...........
Ph ilad elp hia . . .
A u g u sta _______
M em p h is______
S t. L ouis______
H ou ston _____
L ittle R o ck ____

NEW
lowest and closing quotations for leading options in th eNew
Orleans cotton market for the past week have been as follows:

C►-i*ciOc«o Vi»—*tssoCO

t\3 r\5MhO»-*O0*vlCStO-a t\5MCJ £* )-*CR Cl CO4^O
_ C<o_OO_ MOOOOMO
. ClC____
. 00o zaCl cn
C_OM
HAcn
Otoo >-»»-*<D►£*.a•sI»-‘OOOCO'vJtsjCTOOCsOO
OooC\3CD_________
O4*.IS9CO-4o

4*COCiMOO*4gQCO>-*OoOCOOSOOetNiCDOjU-OOCOOCiOOCDCiO

Oo
O bo O Co bJH*0o ►•‘ Cot'o Cl a to4i.CnCO(-^O^CS«DCT»-*M^tOtv5CT
**| COrf^rf^4^tO»s|tOCOCo*KlO»-»
OOC«COCiCO*vlbOCOO^OCOOOMCOt^.l\5C0
a*
ro^-‘MOCOOOMCn»-*>UC/IK‘COCOtO«4it-OOl--k»^OC'5C«tO>-kCD-vlOM^€OCi
OO^O^Qg>i^O>iUi^QO{OOQO^COMMih.OQo
Cl QObo05 boO COCOCnbO*^1

b c o o * u o » ^ ^ « M V 5 M V M V o V j w o c o o b b o H c t co h*ci o «o

CO
W
boHU K
-L
oooH*o>to'
ci M
bo bJ
J^C5bo^^ bov-^H*boH*ci
foMcici*
k$ i"09V®^ wol»Vm om M'i)cClo>bj*»uo
o*wb-4
C5CO<DO,'lCOOO>iUC350HsjMtOOOOMC5
bo
O
lOQObooqDCiO^^octOCo^OQJ^OboCJOOso^o^^S Ci S ClS C2T5Q©0t\3ci

»-M^-* ooc
b-5bJto»M^bj thooowos^Moc-ioo^
13COMM ,Umm05
jvi©COrooop co>-*o© bo»-*
t\3 b4
om

w00 tob oCOOCiCO**i'-*OMtj
b o p a ^ ^ c ’Oobsciooocoococico^^ocDOOM
ost^^ooo^bobo
bo 0>-*COMCOObOOOO>rf^COO>COOCO
Cl 000D5-*MO
Clb0>^OCiC0C0 00OMOQ0*>l>U»~*
■ 'ICiObOtOOCOi^OOAMO'vlMOOCiO

Cl

111
Si?1'?

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«>

to bo »-* Cl COIo ► -*t o
*COH»rf*.U Cl bo ^ ^
H"*CitOOOCOOOO^Cii-*OOboOOOOCDbOOOObOObOOboOociJ
bo

MOCJNOO^MCOD^OONbJMCiCiMtOMOOWClOMM^COWMD
r> bO
00
CO ► -»► -»>-* bobOH**-*CO »-*i—*H*COco co tt*H**fc.Co S 3 0)
COCOCl 0*0 O Cl b» O O bO00^ QD^ boCOCOCl COci to
o^co<oooo«OMbjOH*oc3MCoobjocoo)0>Mocoo>ocoo5^Mo;o
MCOl-*Cl»vIOOOCQbOO>-»CO—*OOTOQ>-*CiCObOOOOOOCOClOMCltOJ^OOCO 1 1.
44. bo
CO4* kco>-»»-»o>to oo
Cl Cl ^O
4^ ClMCOtoCIH*co
to - bo
Cl
Co>-a
O-si SCtJ
V1® ‘.U 'l'u ’u b ’o O M '-j £ V]V) 13 rj a>Vj « ci o <
? 8 fL
co
CO00^ NO>080C>H50CD^JCnMC5C>04*COOOCiCOCOC/TibOOOMOt

The above totals show that the interior stocks have in­
creased during the week 27,614 bales and are to-nigth 45,731

bales more than at the same time last year. The receipts
at all the towns have been 126,512 bales more thanthesame
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.—We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
------------1010-----------December 0—
Since
Shipped—
W eek.
1.
V ia S t. L o u is.................... .............2 0 ,8 1 0 Sept.
108,540
V ia C a iro _________ _______ ................12,321 118,853
V ia R ock I s la n d _________ . . . . . . 1,171
18,118
V ia L o u is v ille ___________ _______ 5,573
40,855
V ia C in cin nati___________ _______ 4,040
32,083
Via V irginia p o in ts ______ ............. .. 6,874
67,681
V ia o th er routes, &o_____
64,575
..54,380 540,005
Deduct shipm ents—
O verlan d to N . Y ., Dost.
. 7,055
66,715
B etw een Interior to w n s.
. 047
14,004
. 3 78
20,002
T o tal to be d e d u c te d ___________ 0,280 101,711
448,10 1
• Includ ing m o vem en t by rail to C anada.

------1000
Sin ce
IVeefc. Sept. 1
21,211 177 337
6,675
88,000
0 53
5,728
1,409
33,018
1,542
18,036
3,708
48,000
5,376
74,140
40,064 445,258
2,185
37,024
004
11,482
1,152
16,327
4,331
65,733
36,633 370,525

-----------1910----------Since
W eek. Sept. 1.
.400,503 4,016,634
- 45,106
448,104
- 31,000
600,000
.496,690 5,073,828
. 27,614
754,214
.524,313
................... 6,728,042
1. 65,600 1,015,583

-----------1 000----------Sin ce
W eek. Sep t. 1.
190,010 4,4*5,659
36,633
379,525
52,000
754,000
270,543 5,619,184
22,845
676,098
302,388
6,205,282
84,550
082,186

The foregoing show’s the week’s net overland movement
has been 45,106 bales, against 36,633 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 68,669 bales.
In Sight and S p inn ers’
T akings.

Movement into sight in previous years:

Week—
1008— D ec.
1007— Dec.
1006— Deo.
1005— Deo.

Bales.
12________
531,477
13....................... 458,047
1 4 --------------------- 557,580
15 ----------------------- 305,574

.1908—
n$ tnciDec.
i Sept-1l 2~ . . .................... 7,188,887
Dales.
!907— D ec. 13-------------------5,428,003
1008— Deo. 1 4 ........................6,821,437
1005— Deo. 15
............. lo ,239,844

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cottondayat ofSouthern
each
the week.and other principal cotton markets for




December—
R ang e .............
C losing______
J a n u a ry —
R a n g e ______
Closing______
F ebruary—
R a n g e .............
C losing______
M arch—
R a n g e .............
C losing---------A p ril—
R a n g e ______
Closing______
M a y—
R a n g e ______
C losing.............
June—
R a n g e ______
C losing______
J u ly —
R a n g e ---------C losing______
A ugu st—
R ang e ______
Closing______
Tone—
S p ot . . _____
O p tio n s _____

S a t’day, M onday, Tuesday, W ed'day. Thursd’y, F rid a y,
Dec. 3. Dec. 5. Dec. 6. Dec. 7. Dec. 8. Dec. 9.
— ® — 14.73-.83
14.69-.70 14.83-.84
14.65-.79 14.80-.91
14.75-.76 14.91-.92
— @ — 14.99 —
14.88-.90 15.01 *
14.93-.05 15.05-.17
15.01-.02 15.16-.17
— @ -— — @ —
15.11-.13 15.26 *
15.11-.24 15.22-.36
15.19-.20 15.35-.36
— @ —— @ —
15.26-.28 15.42 *
15.25-.31 15.39-.45
15.28-.29 15.44-.45
— @ — —- @ —
14.50 —
S tead y . F irm .
S tead y . S tead y .

14.75-.02 14.72-.79 14.56-.68 14.47-.98
14.75-.77 14.76-.77 14.54-.56 14.00-.91
14.81-.93 14.81-.90 14.59-.79 14.53-.12
14.85-.86 14.86-.87 14.62-.63 14.00-.00
— @ — —■ @ — — @ — — @ —
14.05 * 14.06 * 14.72 * 15.09 *
15.07-.18 15.05-.15 14.85-.04 14.80-.38
15.09-.10 15.13-.14 14.88-.89 15.26 —
—
@ — —• @ — — @ ■— — @ —
15.19 * 15.23 * 14.97 * 15.36 *
15.25-.38 15.25-.33 15.04-.22 14.09-.55
15.28-.29 15.32-.33 15.06-.07 15.46-.47
— @ —— @ — — @ — — @ —
15.35 * 15.30 * 15.13 * 15.51 *
15.34-.45 15.35-.44 15.14-.33 15.07-.59
15.37-.38 15.41-.42 15.15-.16 15.54-.55
— @ —— @ —— @ —— @ —
14.45 — 14.80 — 14.80 — 14.94 —
S tead y . S tead y . E asy . S te a d y .
S tead y . tS eady. S tead y . S te a d y .

WEATHER REPORTS BY TELEGRAPH.—Our tele­
graphic advices from the South this evening indicate that
on the whole the weather has been satisfactory the past week.
Rain has been light as a rule where any has fallen. Tem­
perature lower towards the close. The marketing of the
crop continues on a fairly liberal scale.
Galveston, Texas .—There has been rain on one day during
the week, the rainfall being one hundredth of an inch.
Average thermometer 52, highest 66, lowest 38.
Abilene, Texas.—There has been no rain the past week.
The thermometer has averaged 37, the highest being 48 and
the lowest 26.
Palestine, Texas .—Dry all the week. The thermometer
has averaged 44, ranging from 30 to 58.
San Antonio, Texas.—There has been no rain the past week.
The thermometer has ranged from 38 to 54, averaging 46.
Taylor, Texas .—No rain the past week. Average ther­
mometer 45, highest 48, lowest 42.
New Orleans, Louisiana .—There has been rain on one day
the past week, the rainfall being eighteen hundredths of an
inch. The thermometer has averaged 53.
Vicksburg, Mississippi.—There has been rain on two days
during the week, the rainfall being fifty-seven hundredths of
an inch. Average thermometer 47, highest 68, lowest 28.
Helena, Arkansas .—Cotton nearly all picked. There has
been rain on two days of the week, to the extent of thirtyseven hundredths of an inch. The thermometer has aver­
aged 36.6, the highest being 47 and the lowest 29.
Memphis, Tennessee.—There has been rain, snow and sleet
on three days of the past week, the rainfall being sixty-five
hundredths of an inch. The thermometer has ranged from
23 to 46, averaging 36.
Mobile, Alabama .—Rain has fallen on two days during the
week, the precipitation reaching sixteen hundredths of an
inch. The thermometer has ranged from ,30 to 73, aver­
aging 49.
.
Montgomery, Alabama.—We have had rain on two days
of the week, the rainfall being sixty-six hundredths of an
inch. The thermometer has ranged from 25 to 73, averag­
ing 42.
Selma, Alabama .—We have had rain on three days during
the week, the precipitation reaching one inch and thirty
hundredths. The thermometer has ranged from 22 to 68,
averaging 39.
Savannah, Georgia.—We have had rain on one day during
the week, the precipitation reaching eight hundredths of an
inch. The thermometer has ranged from 25 to 66, averageing 44.
Madison, Florida.—There has been no rain the past week.
The thermometer has ranged from 30 to 65, averaging 48.
Charleston, South Carolina.—We have had rain on one day
of the week, the rainfall being one hundredth of an inch.
The thermometer has ranged from 29 to 64, averaging 47.
Charlotte, North Carolina.—Fields are picked clean.
Rainfall for the week one inch and fifty-three hundredths.
Average thermometer 37, highest 50, lowest 20.

T H E

1583

C H R O N IC L E

WORLD’S SUPPLY AND TAKINGS OF COTTON.
1910.
1909.
Season.
W eek. Season.
W eek.
4,324,139
4,675,474
1,931,022
1,405,514
524~313 6,728,042 302,388 0,295,282
84.000 377.000 110,000 379.000
63.000
1,000
59.000
6,000
56.000 592.000 44.000 459.000
87.000
90.000 11.000
8,000
5,002,452 9,341,556 5,143,862 9,414,304

C o tton T ak in g s.
W eek a n d Season.

IV o L. LXXXXI

MANCHESTER MARKET.—Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for both yarn and
cloth is good. We give the prices for to-day below and
leave those for previous weeks of this and last year for com­
parison:

V isible su p p ly S e p t. 1 _________
A m erican in sig h t to Deo. 9 ____
B o m bay receipts to Deo. 8 _____
1910.
1909.
O th er In d ia sh lp’ts to D ec. 8 __
A lexandria receipts to Deo. 7 . .
SH
lbs.
ShirtCot’n
854 lbs. Shirt­ Cot'n
O ther supply to Deo. 7 * . . _____
ings, common Mid.
32s Cop
ings, common Mid.
32s Con
Upl’s
to finest.
Twist.
to
finest.
Upl's
Twist.
T o tal iu p p ly ..................................
d.
9. d.
s. d d. d.
d.
B.
d.
s.
d.
d.
d.
Deduct—
Visible su pply D eo. 9 __________ 4,612,059 4,612,059 4,773,984 4,773,984 Oct
21 11
@ 1154 5 7 @10 9 7.95 10 54 @ 1054 5 454 @9 9 7.37
28 1 0 5 4 @ 1154 5 654@10 8 7.76 1054 @ 1154 5 6 @9 11 7.71
T o tal takin gs to D eo. 9 _________ 390.393 4.720.497 369.878 4.640.320 Nov
Of w hich A m erican .................. 300.393 3.727.497 317.878 3.887.320
1013,e @
5 6 @10 754 7.81 1054 @ 1154 5 6 @9 11 7.59
Of w hich o t h e r ______________ 90,000 1,002,000 52,000 753,000 114 lOi»i0 @ 1154
1154 5 7 @10 9 8.00 1054 @ 1154 5 6 Co 9 11 7.72
18 11 @ 1154 5 7 @10 10 7.85 1054 © 1154 5 6 @9 11 7.72
* E m brace* receip ts In E urope from B razil, S m y rn a, W est In d ies, &c
25 1154 @ 12 5 754 @10 10l2 8.10 1054 @ 11 5 5 @9 10 7.62
INDIA COTTON MOVEMENT FROM ALL PORTS. Dec.2 113-16© 1254 5 8 @10 11 8.06 1054 @ 11 55 6554@9
7.72
U
7.94
@10
9 113-16@ 12 H 5 8 @11 0 7.95 1014 @ 1154
December 8.
1910.
1909.
1908.
SHIPPING NEWS.—As shown on a previous page, the
Since
Since
Receipts at—
Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. exports of cotton from the United States the past week have
reached 314,045 bales. The shipments in detail, as made
Bom bay_________________ 84,000 377,000 110,000 579,000 40,400 225,000 up from mail and telegraphic returns, are as follows:
from —
Bombay—
1910..........
1909..........
1908..........
Calcutta—
1910____
1909_____
1908_____
Madras—
1 1 ) 1 0 _____
1909.........
1908 ___
All others—
1910____
1909.........
1908..........
Total all—
1910..........
£1909____
& 1908..........

Since September 1.
For the Week.
Great Conti­ Japan
Great Conti­ Japan
Britain. nent. JcChina Total. Britain. nent. <fc China. Total.
1 , 0 0 0 84,000 17,000 52,000
3,000 19,000 41,000 63,000
3,000 3,000 6 , 0 0 0

6 ,0 0 0

9,000
2 ,0 0 0
2 ,0 0 0

1 ,0 0 0
2 ,0 0 0

2 ,0 0 0

4,000
3.000
3.000

1 ,0 0 0

4,000

—

2 .0 0 0
1 ,0 0 0

..........

5 ,6 6 6

1 ,0 0 0
1 ,0 0 0
1 ,0 0 0

2 ,0 0 0
1 ,0 0 0
6 ,0 0 0

1 1 ,0 0 0
1 0 ,0 0 0

4,000

186,000 79,000 271,C00
127,000 257,000
96,000 69,000 105,000
5,000
7,000
7,000
9,000
9,000 11.00C 24,000
1 2 ,0 0 0
9.000
1 ,0 0 0
4.000
8 ,0 0 0
1 1 ,0 0 0
2 ,0 0 0
7.000
40.000
28,000
1 ,0 0 0
35,000
1 ,0 0 0
46.000
53,000
5,000 62,000

1 2 1 ,0 0 0

4.00C 36,000 18.00C 5S.00C 122,000 223.000 80.00C 330,000
3.00C 19,000 42.00C 64.00C 24.00C 167.00C 129.00C 320,000
.......... 8,000 5,000 13,000 10,000 165,000 87,000 262,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
A lexan dria, E gypt,
December 7
Receipts (cantars) —
T his w e e k __________
S ince S ep t. 1 _______
E xports (bales)—
T o L iv e rp o o l..
To M a n c h e ste r__________
T o C o n tin e n t.......................
T o A m erloa______________
T o ta l e x p o rts--------------

1010.

1009.

1908.

420,000
4,439,031

330,000
3,444,774

420,000
3,213,920

T his
W eek.
5.50'
8,750
19,000
9,250
42,500

Since
Sep t. 1.
103,551
91,329
119,986
39,708
354,664

T his
W eek.
9,250
6,000
24,250
8,000
47,500

Since
Sept. 1.
72,101
55,982
117,641
29,583
275,307

T h is
W eek.
9,250
17.250
19.250
1,000
46,750

Since
Sept. 1.
61,561
55,936
99,038
15,383
232,818

AGRICULTURAL DEPARTMENT’S COTTON CROP
ESTIMATE.—The report on cotton, issued by the Agricul­
tural
Department on Dec. 9, is as follows:
T he C rop R ep o rtin g B oard of th e B ureau of S ta tistic s of th e U nited S ta te s

Total bales.

N E W Y O R K — T o L iverpool— Deo. 2— C eltic, 98 u p la n d , 170 Sea
268
I s la n d ________________________________________________________
46
T o B rem en— D ec. 7— F ried rich, 16 up lan d , 30 Sea I s la n d - -----200
T o A ntw erp— D ec. 6— G othland, 200-------------------------------------200
T o B arcelona— Dec. 8— B uenos A ires, 200_____________________
T o G enoa— D ec. 2— K onlg A lbert, 2 ___D ec. 5— C leveland,
2 .2 7 3 .. .D e c . 7— R egina d ’lta lta , 400_____________________ 2,675
T o N aples— D eo. 2— K onlg A lb ert, 1,000___D ec. 5— Cleve­
lan d , 100 E u ro p a, 100 D ec. 7— S an G iovanni, 100------ 1,300
T o V enice— D ec. 6—M arth a W ash ingto n, 20 0________________
200
T o T rieste— Dec. 6— M artha W ash ingto n, 100------------------------100
T o Flum e— Deo. 6— M arth a W ash ingto n, 200_________________
200
G A LV ESTO N — T o L iverpool— D ec. 31— B oniface, 10,121: Iow a,
23 ,001__ Dec. 5 ___ Indo re, 16,058___ D ee. 7— L ugano, 8,768 57,948
T o M anchester— D ec. 7— G loria de L arrln aga, 14,495-------------- 14,495
T o B rem en— D ec. 2— A ugustus. 5,0 98 D eo. 6— S t. O sw ald,
10,730 _______________________________________________________ 15.828
T o B arcelona— N ov. 30— G crty, 9,3 06--------------------------------9,306
T o G enoa— Deo. 2— D ora B altea, 8 ,5 3 3 ...D e c . 2— M onglbello,
10 238
. _______________________________________________ 18,771
T E X A S C IT Y — 'To’ L iverpool— Dec. 2— C om m odore, 13,575---------- 13,575
N E W O R L E A N S— T o L iverpool— D ec. 2— W and erer, 8 ,7 7 4 ...D e c .
6— W in. Cliff, 4,9 41__________________________________________ 13>IJ5
T o Glasgow— D ec. 8— F aslioda, 650----------------------------------------6^0
T o H av re— D ec. 6— O lym pic, 2,6 13....................................................... 2,613
T o H am bu rg— D ec. 7— D ortm u nd, 2,9 16------------------------2,910
218
T o A ntw erp— D ec. 5— T iverto n, 218........ .................................. ............
T o O porto— Dec. 2— C atalina, 1,619------------------------------, - - - - - - £>619
T o B arcelona— Dee. 2— C atalina, 2 ,5 7 5 ...D e c . 8— C arolina,300 2,87o
T o G enoa— Dec. 3— F ram , 6,9 02 D ee. 6— Ita lia , 5,200------ 12>£02
T o T rieste— Dec. 3— E m ilia, 2 ,4 3 7 ...D e c . 8— C arolina, 1 ,9 00. 4,337
T o V enice— D ec. 3— E m ilia, 600— D ec. 8— C arolina, 150-------750
50
T o Flum e— D ec. 3— E m ilia, 50-----------------------------------------------M O B IL E — T o L iverpool— D ec. 2— L ogician, 10,272 — Deo. 3—
E rn esto , 2,8 18______________________________________________ - 13.090
T o M anchester— Dec. 3— Y u catan , 3,9 8 7 ______________________ 3,987
SA V A N N A H — T o M anchester— D ec. 6— K halif. 9 ,7 4 0 ...............
9.740
T o H avre— D ec. 5— G adsbv, 8 ,9 0 2 ...D e c . 8— P o ntiac, 10,972 19,874
T o5 B895
rem en—
D
ec.
3—
D
om
inion,
9
,5
00___Deo.
8—
N
ord
h
av
et,
________________________________________________________ 15,395
T o H am bu rg— Deo. 2— R oscbank, 50_— D ec. 3— G anges, 4,076 4,126
T o R o tterd a m — D ec. 6— H olland, 25------ - . — - - - - - - - - - - - - 2o
T o A ntw erp— D ec. 2— R o scbank , 1,025 D ec. 6— H olland,37o 1,400
T o Bergen— Deo. 2— R osebank, 100 — D ec. 3— D om inion, 100
200
T o W arberg— D ec. 3— D om inion, 20 0— Deo. 8— N ordh av et,
500
3 0 0 ..
...... ............................. ............................................ - ......................100
T o M alm o— D ec. 3— G anges, 100----------------------------------------------300
T o R eval— Deo. 8— N ord h av et, 300---------------------------- ---------- 00„
B R U N S W IC K — T o L iverpool— D ec. 7— Colonial, 17,883--------------- 17,883
C H A R L E ST O N — To L iverpool— D ec. 8— C undall, 4,949--------------- 4,949
T o B rem en— D ec. 5— F rcd crlke, 11,259....................... ........................ 11.25®
W IL M IN G T O N — T o L iverpool— D ec. 2— H illglen, 15,850------------ 15,850
To B rem en— D ec. 6— T yne, 9,104 ................................... .............. - - 9,194
BO ST O N — T o L iverpool— D ec. 6— W inifredlan, 3,8 39------------------- 3,839
T o M anchester— D ec. 5— B ostonian, 73 8---------------------------------738
T o G enoa— D ec. 6— C anopic, 1,190------------------------------------------ 1.19®
B A L T IM O R E — T o L iverpool— D ec. 1— T cm plem ore, 70 0_________
700
SA N FR A N C ISC O — T o Ja p a n — D ec. 6— C hina, 1,5 21____________ 1‘521
S E A T T L E — To J a p a n — D ec. 3— S ada M aru, 1,218________________ 1,218
T o ta l............................................................................
314,045

D ep artm en t of A griculture estim ates, from th e rep o rts of th e correspond­
e n ts a n d a g en ts of th e B ureau, th a t th e to ta l p rod uction of c o tto n In the
U nited S ta te s for th e season 1910-11 will am o u n t to 5,464,597,000 lbs. (not
Including lln te rs), eq u iv alen t to 11,426,000 bales of 500 lbs., gross w eight.
T he estim ated p rod uction In 500-lb. gross-w eight bales, by S ta te s, Is as
follows:
V irginia___________________
13,000 L o u is ia n a ________________ 260,000
N orth C aro lin a___________ 675,000 T e x a s ____________________ 3,140,000
LIVERPOOL.—By cable from Liverpool we have the fol815.000
S o uth C aro lin a___________ 1,116,000 A rk an sa s.
305.000 lowing statement of the week’s sales, stocks, &c., at that port.
G eorgia . _ ............................. 1,750,000 Tennessee
48.000
F lo r id a .................
58,000 M issouri
Dec. 9.
Dec. 2.
v. 18. N ov. 25.
900.000 Sales of th e w eek______ b a le s.N o48,000
61,000
A labam a ______
1,174,000 O klahom a
47.000
45,000
12.000
1,000
M ississip p i_______________ 1,160,000 C alifornia .
1,000
Of w hich sp eculators to o k .. 1,000
2,000
2,000
1,000
------1,000
2,000
Of
w
hich
ex
p
orters
to
o
k
53,000
® U nited S ta te s .......................................................................................................11,426,000 Sales, A m erican _______________ 42,000
42.000
39,000
3,000
26,000
e x p o rt.................
4,000
4,000
180,000
As a matter of interest in connection with the foregoing AF octual
104.000
rw a rd e d _____________________106,000
124,000
706.000
639.000
a te d _______ 575,000
658.000
report, we subjoin a statement showing for a series of years T oOfta l wstohichck—A Emstim
603.000
551.000
r,?®>£!22
the annual crop estimates of the Department of Agriculture T o ta l Im ports oferican---------------491,000
149.000
110.000
th e w eek--------171,000
?42.000
115.000
87,000
Of w hich A m erican ---------------143,000
176.000
and the final commercial crop as _compiled
by
us.
576.000
504.000
_ * Department x “Chronicle”
A mOfo unt
a
tlo
a
t------------------------r>01’25JS
456.000
412.000
361.000
w hich A m erican _________ 400,000
E stim ate. Commercial Crop.
1 9 1 0 -1 1 ________
bales. 11,426,000
10,650,961
1900- 10
______ ____ 10,088,000
The tone of the Liverpool market for spots and futures
13,828,846
1908-09 ________________
12,920,000
each day of the past week and the daily closing prices of
11,581,829
1907-08
. . . . . . . . ___________ 11,678,000
13,550,760
1906-07
.
_____ 12,546,000
spot cotton hav^ been as follows:
11,319,860
1905-06 ._
10,167,818
13,556,841
1904-05
...
..
_____ 12,162,700
10,123,686
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
1903-04
. . 9,962,039
Spot.
10,758,326
1902-03
. . 10,417,000
Fair
10,70,1453
Large
1901- 02 __
9,674,000
Market 1
Good
10,425,141
business business Easier.
Good
1900-01 ______
10,100,000
12:15 \ Quiet. ! demand.
demand.
doing.
doing.
9,439,559
1899-00 ____________________________________ 8,000,000
P. M. J
• N ot Including lln ters. x Includ ing llnters.
7.95
8.03
8.02
8.08
8.00
7.96
Mid. Upl’ds
MARKET AND SALES AT NEW YORK.
10,000
10,000
10,000
18,000
8,000
7.000
S a le s____
500
1,000
500
1,000
600
Spec.&exp. 1.000
F utures Sales o f Sp ot and Contract.
a t Steady un­ Steady at Steady at Steady a t ’
Futures. Steady a t Steady
M arket
Spot M arket
M arket 1 4@ 5 pts. 6(3)7 pts. changed to 2@3 pts. 254@4 pts. 154@ 354 H
Con- Con­
Closed.
Closed.
Spot. sum 'n. tract. Total. opened j decline. advance. 1 pt. deo. decline. pts. adv. pta. dec. q
s t’y Steady at
M arket 1 Quiet at Steady a t Quiet unch. Steady at Varely
S a tu rd a y . _ Q uiet 5 p ts a d v ____ S te a d y .............
4® 5 pts. 854® 10 to 154 pt. 2 pts. dec. unch. to 7 1001754
: : : : 9,866 9,866
M o n d a y ... Q uiet ......................... Q uiet .............
p ts: adv.
pts.
deo.
to
54pt.adv
pts.
adv.
decline.
decline.
P.
M.
I
S
t
e
a
d
y
.
____
6,900
:
:
:
:
6,900
Q
uiet
5
pt*
d
ec...........
T uesday . .
2,000 2,000
W ednesday Q u i e t _____ _______ S te a d y ______
7,000 7,000
T h u rsd ay . Q uiet 20 pt* deo------ E a s y _______
The
prices
of
futures
at
Liverpool
for
each
day
are
given
7.300 7,300 below. Prices are on the basis of upland, good ordinary
F rid a y ____ S te d y 30 p t s a d v . . . F i r m ............. ..
38.000 clause, unless otherwise stated,
T o tal __



D e o . 10 1010.

T H E

C H R O N IC L E

The prices are gUen in pence and 100Ills. T hus, 7 74 m eans 7 74-100d.
D ec. 3
M on.
S at.
to
D e c. 9. 12H 12H
i 2M 4
p.m . p.m . p.m . p.m .
7 7 4 % 80
83
D ecem ber
7 7 3 % 79% 82
D cc.-Jan .
J a n .-Fob «
7 74
80 83
Feb.-M ch.
81% 84%
7 75
M ch.-A pr.
7 76% 83 86
A pr .-M ay.
7 77 83% 86%
M ay-June
7 78 84%
Ju n e -Ju ly . . . . 7 76% 83
Ju ly -A u g .
7 73% 80 83%
A ug.-Scp_
7 51 58
Sep .-O c t.
7 10 17 20
O c t.-N o v .
6 92 98 01

ll*

T u e s.

12X
p.m .
81
80%
81%
83
84%
85
86%
85
82%
60
19
00

% ed.

4 12 H 4
p.m . p.m . p.m .
81% 78% 81
81 78 80%
82% 79% 82
84 80 83%
85% 82% 85%
86 83% 86
87 84% 87%
85% 83% 86
83% 81 84
61 58% 61%
20 17 18
01 98 99

T h u rs.

12%
p.m .
85%
85
86%
88
90
91
92
90%
88
65%
24
04

4
p.m .
76
75%
76%
78
79%
80%
81%
80
77%
54%
18
98

F ri.
12H 8
p.m . p.m .
75
9 2 %
74
92
7 4 % 94%
76 94
77% 96
78% 96%
79% 97%
78 96
75% 94
53% 72
16 28
96 08

BREADSTUFFS.

1583

confidently expected in the near future. To-day prices
declined slightly early on selling by cash interests and liqui­
dation, but they rallied later on covering.

D A IL Y CL O SIN G P R IC E S O F N O . 2 M IX E D CO RN IN N E W Y O R K .
S a t. M o n . Tues. W ed. Thurs. F ri.
55% 55
. . . 53% 53% 55 % 55
54%
. . . 56
56% 56% 55% 55
. . . 56
55% 55%
56% 56% 56
O F C O R N F U T U R E S IN CHICAGO.
S a t. M on . Tues. W ed. Thurs. F r i
D ecem ber delivers
. . . 40% 40% 46% 45% 45% 45%
. . . 48% 48% 48% 47% 47% 47 %
. . . 49% 49 % 48% 48% 48% 48%

Oats for future delivery in the Western market have moved
within relatively narrow limits, with the tone easier of late,
owing to increasing sales by the country, depression in corn
and selling by elevator interests and commission houses.
There has been buying at times by certain well-known inter­
ests, but among many the feeling is bearish, owing to the
large supplies in the country, heavy stocks of contract grade
at Chicago and expectations of heavier receipts. To-day
prices closed firmer. Cash interests sold, but commission
houses purchased.

Friday, December 9 1910.
Prices for wheat flour have been steady as a rule during
the week. The attitude of the trade is still largely a waiting
one. A few cars have been sold recently in the local mar­
ket, but purchases have generally been confined to small
lots of the best grades. Reports latterly received from Min­
DAILY CLOSING PRICES OF OATS IN NEW YORK.
neapolis, St. Louis and Kansas City, as well as other dis­
M o n . Tues. W ed. T hurs. F ri.
tributing points, have been cheerless. New business has No. . w .h ite------------------------------------39S a t. 39
39 % 39 % 39
39
been sluggish at many points and shipping directions on old DAILY CLOSING PRICES OF OATS39 %FUTURES
IN CHICAGO.
contracts have been received slowly. Rye flour and corn _ . . . .
, e ,le v a to r------32S a%t■ 32
M o%n . T31ues.
meal have been quiet and steady.
ber delivery In
% W ed.
% T hurs.
i w F3 ri.
i«
Wheat has fluctuated within comparatively narrow limits JuMD ecem
ay deliv ery In e lev a to r--------------- 35 % 34% 34 % 34 %
%
%
%
and the net changes for the week are therefore small. ly delivery In e lev a to r--------------- 35 34 % 34 % 34 %
Though the December delivery in Chicago shows a note­ The following are closing quotations:
FLOUR.
worthy advance for the week, the drift in other options has
low grad es____ 52 75@ $3 40 K ansas stra ig h ts, sack_54 50 (> 75
on the whole been slightly downward. The Government WW inin ter,
ter p a te n ts..................... 4 80 5 00 K ansas clears, sack s___ 4 00 <; 544 40
ter s tr a ig h ts ................4 20 4 30 C ity p a te n ts ___________ 6 00 5 6 80
report which appeared on Wednesday, though apparently WW inin ter
3 75 4 03 R y e flour_______________ 3 85 5
bullish on its face, was not so sensationally so as bullish pre­ Spring pclears___________
a te n ts ..................... 5 25 5 55 G raham U our__________ 4 15 5 44 40
25
dictions had led some to expect, and accordingly the day on Spring
stra ig h ts...................4 80 5 00 Corn m eal, kiln d r ie d .. . 2 75 5 2 85
which it appeared, Wednesday, Dec. 7, prices actually de­ Spring clears_____________4 25 4G35R A IN .
clined somewhat. The condition of winter wheat was stated W h eat, per bushel—
p er bushel—
C ents.
at 82.5%, against 95.8% Dec. 1 last year and a ten-year N . S pring, N o. 1__________51 18 C orn,
N o. 2 n ew ............f.o .b .
55
N o. 2 __________ 16%
average of S5.3%. Something lower than 82% had been ex­ NR ed. Spring,
N
o.
2 m ix ed ___ f.o .b . N om inal
w
inter,
N
o.
2
_________
98%
N
o.
2
w
h
ite
____
f.o
.b
.
N om inal
pected. Besides the acreage was stated at 34,485,000 acres, H ard w inter, N o. 2 ................1 01 % R y e, per bushel—
Cents.
or an increase of more than a million acres over last O ats, per bushel, new —
N o. 2 W e ste rn ___f.o .b .
83%
38%
S ta te a n d P en n sy lv an ia 81 ( 82
year’s area. Then, too, since Dec. 1, the date of the SNtao.n d2 awrdhs....................................
ite ............... .. . . 39 B arley—
90 @95
Government report, good snows have failed in many parts N o. 3 w h ite.............................. 38 F eeding,M alting.............
c .l.L , N . Y _ . N om inal
of the West, and the inference that the plant has been corres­ AGRICULTURAL DEPARTMENT’S
ON
pondingly benofitted seems reasonable. The condition of the CEREAL CROPS DEC. 1.—The AgriculturalREPORT
Department’s
plant on the increased area indicated a crop on Dec. 1 of report on cereal crops Dec. 1 was issued on the
7th inst.,
524,172,000 bushels, against an indicated vield a year ago
of 589,301,000 bushels and a final crop last season of 458,­ asT hefollows:
C rop R epo rtin g B oard of th e B u reau of S ta tistic s of th e U nited
294,000 bushels. It was considered a significant fact that spS taond
en t of A gricu lture estim a te s, from th e rep o rts of corre­
d agents of th e B ureau, as follows:
the Government stated the condition in Oklahoma at 58%, as WteINsentsDT Ee pRana rtm
W
H
E A T .— A rea sow n th is fall . % m ore th a n th e revised
against the percentage given in the Oklahoma State report
ated area sow n In fall of 1909, eq u iv alen t to an Increase of 828,000
recently of only 38.6%. Liverpool prices, on the whole, have estim
acres, th e Indicated to ta l area being 34,485,000 acres. C ondition on
Dec. 1 w as 82.5, ag ain st 95.8 a n d 85.3 on D ec. 1 1909 a n d 1908, respec­
shown a tendency to stand still or else to recede. Indeed, on tively
, a n d a ten -y ear average of 91.3.
one day they broke quite sharply. Also prices at Buenos sow
R Y E .— A rea sow n th is fall 1.2% less th a n th e revised estim a te d area
of 1909, eq u iv alen t to a decrease of 25,000 acres, th e Indicated
Ayres have declined. The flour trade at important to ta nl aInreafallbeing
2,138,000 acres. C ondition on D ec. 1 was 92.6, against
distributing points at the West has been dull. The North­ age
94.1 and 87.6 on D ec. 1 1909 a n d 1908, respectiv ely, a n d a te n -y ear av e r­
.,,0 9
western output has latterly exceeded the sales. The Michi­ of 93.5. |
gan State report puts the condition at 98%, against 92 a The statements of the movement of breadstuffs to market
year ago. Northwestern stocks have been increasing to
below are prepared by us from figures collected by
some extent. Both Northwestern and Southwestern mar­ indicated
the
New
York
Exchange. The receipts at Western
kets have fallen. Good snows have occurred in Kansas, Mis­ lake and river Produce
ports
for
ending last Saturday and
souri and Nebraska, breaking a drought in some sections, since August I for each ofthetheweek
last
three years have been:
it is said, of three months. The outlook for the foreign crops
is reported to be cheerful, though in parts of Russia the pros­ Receipts at— Flour. Wheat. Corn.
Oats.
Barley.
Rye.
pects are said to be unfavorable. The visible supply in­
bbls.iom
s.
bush.
60
lbs.
bush.
56
lbs.
bush.
32
lbs.
bushASlbs.
bu.b6
lbs.
creased last week about half a million bushels, as against CMhicago----131,440
118,800 2,246,500 1,436,400 685,500 42,000
ilwaukee..
73,900
102,830
153,680
209,100 341,900 24,480
an increase of over three times that much in the same D uluth.........
70,384 221,923
8,999
week last year. Yet for one cause or another Minneapolis. 14,055 1.134.400
1.785.400
299,640
303,980 440.050 20,740
there has been no sharp decline in this country during the TDoledo____
165.000
142,800
21,000
37,310
39,594
34,216
past week. The Government report after all showed a con­ etroit____. . "2,586
37,254
57,151
110,318
1,712
” 1*298
dition about 3% under the ten-year average, and some pri­ Cleveland
St. L o u is...
43,880
234,892
337,625
329,800 154,000 *8*800
e o ria ..........
33,894
6,000
446,629
83,800
91.200
3,200
vate reports still insist that drought has done a good deal of PKansas
432.000
218,400
112,200
damage in parts of the Southwest. At times Northwestern Total wk.City.
’10 301,461 4,050,792 3,939,735 2,716,556
108.219
millers have bought cash wheat rather freely. The world’s
wk. ’09 421,207 5,381,821 4,355,979 2,336,588 1,935,871
1,816,401 146,897
shipments reached only 11,568,000 bushels, against 13,328,­ Same
Same wk. '08 458,945 6,109,308 3,075,851 2,842,807 2,097.100
112,481
000 in the previous week and 12,224,000 last year. There is Since Aug. 1
still believed to be quite a large short interest in the wheat 1910..........
6,689,543 123,613,470 62,460,216 85,665.867 32,320,770 2,688,882
1909.1__ 8.864,723 144.035,361 54.S16.085 75,940,883
3,721,842
markets at home and abroad, showing that the general senti­ 1908_____
8,985,602 141,186,573 42,162,647 74,953,213 B9,013,859!
44,321,137 3,587,984
ment is bearish and that possibly the short side is somewhat
overcrowded. To-day prices declined on favorable foreign Total receipts of flour and grain at the seaboard ports for
crop news, dulness on the spot and liquidation.
the week ended Dec. 3 1910 follow:
D A IL Y C L O SIN G P R IC E S O F W H E A T F U T U R E S IN NEW Y O RK .
S t a n d a r d s ................................ .................
2

%

39

39

38%

3 8 j$

31

3
3 4
34

3 4
34

3914

1

2

S a t. M on. Tues. W ed. T hurs. F ri.
N o. 2 red w in te r_________
1)9
99% 99% 98% 98%
D ecem ber deliv ery In etc^
____98
98 % 98 % 97% 97% 06%
M ay deliv ery In e le v a to r.
------103% 103 % 104 103 % 102% 102%
D A IL Y C L O SIN G P R IC E S OF
O F W H E AT F U T U R E IS IN CH ICA GO .
S a t. M on . Tues. W ed. T hurs. F ri.
----- 91 % 91 % 93
92 % 92
91 %
M ay deliv ery In e le v a to r.
. . . . 97% 97% 07% 96
% 96% 95%
Ju ly delivery In e lev a to r.
----- 94%
04 % 94% 94
93% 93

5

Flour,
Wheat,
Com,
Oats, Barley, Rye.
Receipts at—
bbls.
bush.
bush.
bush.
bush.
bush.
New Y o rk .............. 202.787 219,603
285,175
77,625
12.650
B oston__________ 58,502 174,896
87,745
1,290
7.735
5,009
Portland, Me..........
314
Philadelphia.......... 63,124 184,459
154,318 1,000
00,772
Baltimore............... 42,102
24,311
59,586 166,295
27,881
lllchrao nd.............. 3,677
38,142
30,078
11,382
New Orleans *------ 31,650
162,000
73.500 ..........
Newport News----5,714
Norfolk..................... 1,282
G alveston..-............................
3,000
39,000
............
.......... —
Mobile......................
1,474
4,986
Montreal................... 9,105 368,773 100,169 453,297 43,560
St. John................... 4,000 153,000
Total week 1910. 421,731 1,210,696 620,724 1,108,424 45,856 45,540
SlnceJan. 1 1910.16,846,866 72,622,566 37,308,333 47,574,871 3748,779 890.653
Week 1909............ 449,197 3,168,923 1.292,270 1.014,982 203,153 16,390
Since Jan. 1 1909.16.211,155 91,952,441 38,521,997 42,146.957 7055,231 1080,169
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading. ,

Indian corn futures in the local market have been dull and
featureless. At the West the trading has been fairly active
with the trend of prices downward of late, owing to increased
selling by the country, larger receipts, hedge selling and
liquidation. The cash domand has been light at declining
quotations. Recently a moderate export business was
transacted, but of lato the demand from foreign sources has
been extremely small. The shipments from Argentina to
Europe have been largo. The work of husking at the West is The exports from the several seaboard ports for the week
making good progress and materially larger receipts are ending Dec. 3 1910 are shown in the annexed ■ tatement:



T H E

1584

Corn,
Wheat,
bush.
bush.
Exports from,—
New Y o rk ______ 578,755 56,830
Portland, Me----- 307,643 19,559
B o ston_________ 360,000
1,000
Philadelphia----9,321
Baltim ore-............ 283,390
New O rleans------ ............ 25,500
Newport News__
Galveston............- ............
4,986
Mobile__________
1,000
M ontreal________ 3,000
Norfolk............—
St. John, N. B __ 1 5 3 ’,666
Total week___ 1,601,188 118,190
Week 1900............1,946,741 449,998

Flour,
Oats,
bush.
bbls.
6,216
89,695
314
17,666
2.),000
31,123
20,300 ’ if,666
5,714 ............
9,000 ............
1,474
3,666
____
1,282
4,000
200,568 12,816
252,714 16,179

C H R O N IC L E

Rye, Barley, Peas,
bush. bush. bush.
_____ 10,238 3,771
_____ _____ 1,605

14,000
30,238
37,000

5,376
5,545

The destination of these exports for the week and since
July 1 1910 is as
below:
■ Wheat—----------------------Corn---------Flour---------

Since
Since
Week
July 1
Week
Week July 1
1910. Dec. 3.
3.
Ex ports for week and Dec. 3.
1910. Dec.
bush.
bush.
bush.
since July l to—
bbts.
bbls.
16,417,040
3,416
United Kingdom__ 115,399 1,867,235 539,622 10,218,424
C ontinent_________ 42,533
826,045 1,151,566 122,392 75,148
4,OSO
Sou. & Cent. Amer. 12,823 474,784
34,552
West In d ie s.............. 37,804 517,110
1,000
Brit. Nor. Am. Cols. 052 50,926
7.000
Other Countries----- 357 63,556
Total _________ 209,568 3,805,656 1,691,188 26,704,850 118,196
Total 1909_______ 252,714 4,450,761 1,946,741 44,322,334 449,998

Since
July 1
1910.
bush.
2,497,100
2,998,348
1,476,156
627,948
7,224
14,273
7,621,049
4,380.123

The world's shipments of wheat and corn for the week
ending Dec. 3 1910 and since July 1 1910 and 1909 are
shown in the following:
_______________________ _
Wheat.

\
Corn.
1909.
1910.
1909.
Since
Since
Week
Since
Since
Week
July 1.
July l. Dec. 3. July 1.
Dec. 3. July 1.
Bushels. \ Bushels. Bushels. Bushels.
Bushels. Bushels.
-1,356,000
71.507.000 195,000 7.368.000 7.150.000
N orth Amor. 3.448.000 53.107.000 109,896,000
187,000 3.620.000
R u ssia.......... 1.072.000 113,000,000
502,000 47.902.000 8.464.000
D anub e----- 1,600,009 55.528.000 10.208.000
1,624,090 39.759.000 52,705,000
Argentina . . 952.000 22.210.000 13.032.000
14.936.000 4,852,000' ______
A ustralia. _. 484.000 23.064.000
24.288.000 / ............
I n d ia ............ 856.000
Oth. countr’s 176.000 4,182,000 f
If ............
T o ta l___ 11568000 286,057,000 234,383,000 2,508,000 98,649,000 72,675,000
1910.

Exports.

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
___________

Doc. 3 1910..
Nov. 26 1910..
Dec. 4 1909..
Dec. 5 1908. .
Dec. 7 1907..

Wheat.
United
Kingdom. Continent. Total.
Bushels. Bushels. Bushels.
16,210,000 22.525.000 38.768.000
18.488.000 23.464.000 11.952.000
10.400.000 12.640.000 29.040.000
10.160.000 98.400.000 20,000,000
15,360,000 10.210.000 25.600.000

Corn.
United
Kingdom.
Bushels.
6.583.000
7.744.000
.3,910,000
5.355.000
4.200.000

Continent.
Bushels.
13.676.000
15.147.000
5.865.000
5.440.000
4.500.000

Total.
Bushels.
20.204.000
22.891.000
9.775.000
10.795.000
8.700.000

[VOL. LXXXXI.

whether the Government's return will serve to break the
practical deadlock between buyers and sellers remain to
be seen. The ginners' report, published yesterday and show­
ing a larger quantity of the staple ginned than many had
expected, was responsible for lower bids in the goods mar­
ket; such offers, however, met with no response from holders,
inasmuch as current prices are well below cost of production
based on 15c. raw material. First hands continued very
firm and conservative on contracts, and the volume of busi­
ness done in the primary market was of meagre proportions.
The fact that many jobbers are taking_ inventories, and arc
therefore not inclined to enter upon additional commitments,
contributed to the dulness. In some of these houses stock­
taking has proceeded far enough to indicate that the quan­
tity of goods on hand is unusually small, and the complete
returns are likely to show that this condition is quite gen­
eral. For this reason sellers are confident that jobbers will
have to make substantial purchases of domestic cottons in
order to meet even normal requirements in the near future.
Local jobbing concerns and houses handling special lines
received frequent requests during the week for prompt
shipments of holiday goods, which is taken to reflect an
active demand at retail, as well as limited supplies in the
hands of retailers. Cotton yarns ruled fairly steady but
quiet, with demand confined principally to actual needs.
The market for silk piece-goods for spot and spring deliver­
ies was active and broader, with an upward tendency on
goods to be made. In men's wear, overcoatings for quick
shipment continued the most active line, and the formal
opening of new lines for next season is awaited with interest,
especially since there is talk of concessions being made.
The feature in the dress goods market was the naming of
prices on a leading line of worsted-warp broadcloths for
next fall delivery from oc. to 10c. per yard below (he basis
established a year ago.
DOMESTIC COTTON GOODS.—The exports of cotton
goods from this port for the week ending Dec. 0 were 3,722
packages,- valued at $364,060, their destination being to the
points specified in the tables below:
-------- 1910------------------------ 1909--------N ew York to Dec. 3—
W eek.
G reat- B rita in ------------------ --------- -----------2
---------------------35
OC hina
ther E u ro p e a n — --------.................. .................................
In d ia
.......................................... m
A ra b ia ............. ........................- .......................
200
A fr ic a ____________________________________ 51
W est In d ie s_________________
565
M exico ............................................
48
C entral A m erica.............— ------319
S outh A m erica............ ........................
520
O ther co u n tries_________________________ .1,871
T o ta l .................. ........................- ................... 3,722

Since
J a n . 1.
1,811
909
58,485
u .2 4 6
13,748
0,576
30,447
1,877
12,953
48,102
46,427
235,581

W eek.
12
, , £ 7
3,171
250
--199
534
0
301
824
4.>1
5,770

Since
Jan. l
j ’5Io
.p,1, ’? , ,
169,644
1 0 ,2 7 4

25,370
1-3,434
38,01t.
1,635
1 3 .2 0 8
o0,748
21,67o
354,895

The value of these New York exports since Jan. i has been
The visible supply of grain, comprising the stocks in $16,729,702 in 1910, against- $19,503,027 in 1909.
granary at principal points of accumulation at lake and Ticketed lines of drills and sheetings were in moderate re­
quest and steady; unbranded descriptions received a little
seaboard ports Dec.
3 1910, was as follows:
AMERICAN ^ DArw STOCKS.
Balrey, more attention from buyers and a few mills were more dis­
Oats,
Rye,
Wheat,
Com,
bush. posed to book orders for delivery in the early part of 1911;
bush.
bush.
bush.
bush.
54,000 the majority, however, continued conservative on forward
28,000
977,000
43,000
New Y o rk ......... .......... 3,008,000
60,000
aflo at.............. 288,000
25,000 business. Tickings were in good demand and are reported
B o sto n ............................- 669,000
5,000
64,000
well-conditioned, while denims met with a fair call and
Philadelphia.................. 541,000
2,000
326.000 136,000
B altim ore.- ...........
8S5.000
136,000
coarse,colored cottons were taken in better volume by the
133.000
New O rleans_________
3,000
132,000
manufacturing trades. A steady movement was noted in
Galveston_____________ 91,000
3,000
91.000 510.000 prints, particularly sub-count staple prints, and a good de­
865.000
B uffalo...................
2,873,000
57,000
400,000
311.000
" afloat_______ 4,361,000
-----------" 7,666
304.000
mand was reported for certain specialties. Napped cot­
T o led o _______________ 1,563,000
48,000
14.000
133.000
D e tro it...................
319,000
194,000
tons continued seasonably but modeartcly active among
12.000
Chicago............................- 5,907,000
91,000 6,093,000
secondary
distributers. Aside from some sales of drills
■ ' afloat......... .. 113,000
- ..........
84.000
13,000
428.000
M ilwaukee___________ 141,000
15,000
6,000 280,000 to India and prints to miscellaneous ports, export trade was
799.000
D u lu th -..............- ........... 1,424,000
--------- 2.879.000
152,000 172,000 quiet. In the print cloth market, Borden interests were
Minneapolis ............. 11,808,000
19,000
22.000 active bidders for narrow sub-count print cloths at 3 l-16c.
6,000
345.000
St. Louis .................
2,269,000
15,000
194.000
Kansas City......... ........... 4,122,000
197,000
for 27-inch 50x52s for December delivery, which is l-10c.
2,000
Peoria......... .....................10,000
46,000 1.595.000
91,000
Indianapolis.................... 523,000
127,000
the price recently paid. Other print cloths and con­
40,000 302,000 above
158.000
On L ak es_______
2,072,000
115,000
vertibles
were in light but steady request; 383^-inch standard
1,849,000 gray goods remain unchanged.
Total Dec. 3 1910..42,990,000 1,545,000 15,758,000 507.000
Total Nov. 26 1910--42,485,000 1,452,000 15,502,000 453.000 2,206,000
WOOLEN GOODS.—The naming of lower prices on a
Total Dec. 41909--31,080,000 4,206,000 13,580,000 912.000 4,058,000
Total Dee. 5 1903.-51,215,000 4,509,000 9,070,000 1,102,000 6,767.000 leading line of broadcloths for fall, 1911, despite the firmness
CANADIAN GRAIN STOCKS.
the wool market, occasioned much surprise in dress goods
Rye,
Barley, in
Wheat,
Corn,
Oats,
bush.
bush. circles; the reduction, it is thought, was made with a view
bush.
bush.
bush.
............
88,000 to stimulating demand, and the result is awaited with inter­
M ontreal.......................... 283,000
20,000 1,453,000
Fort W illiam_________ 3,580,000
............
............
est. Current business in the dress-goods market for near-by
Port A rthur__________ 1,717,000
............
- ..........
and spring delivery was of moderate proportions, and with­
Other Canadian_______ 4,639,000
............
............
............
88,000 out particular feature outside of continued offerings of stock
Total Dec.
1910.-10.219,000
20,000 1,453,000
_____
52,000 goods at concessions. Some of the cheaper suitings and over­
Total Nov. 26 1910.-12,018,000
22,000 1,058,000
......... .. 147,000 coatings for next fall delivery were opened in the men’s wear
Total Dec.
1909.-10,393,000
64,000
758,000
______
81,000
Total Dec.
1908.. 5.580,000
28,000
241,000
market, and general lines of overcoatings are expected to be
SUMMARY.
Rye,
Birley, shown for that season in the course of two or three weeks;
Wheat,
Corn,
Oats,
bush.
tush. opinion is divided as to whether prices will be lower or un­
bush.
bush.
bush.
507,000 1,849,000
American .......................42,990,000 1,545,000 15,758,000
............
88,000 changed. A well-known line of fine light-weight worsted
Canadian .......................10,219,000
20,000 1,453,000
507.000 1,937,000 suitings was advanced 5c. a yard, and the mill making this
Total Dec. 3 1910..53.209,000 1,565,000 17,211,000 453.000
2,258,000 advance announced that additional orders for production
£ Total Nov. 26 1910.-54,533,000 1,474.000 16,560,000
Sr Total Dec. 4 1909..41,479,000
1,270,090 14,338,000 912.000 4,205,000 before Feb. 1 could not be accepted. Duplicate orders on
spring lines of men’s wear generally came forward slowly.
T H E DRY GOODS TRADE.
FOREIGN DRY GOODS.—Silk goods and ribbons were
New York, December 9 1910. in better request and firmly held. Imported woolens and
were taken in moderate quantities only. Trading
With the exceptiomfof seasonable^activity in holiday worsteds
linens was confined chiefly to housekeeping lines, an active
merchandise, trading in textile markets generally was quiet in
coming from retailers who are preparing for their
during the week. Dulness was noticeable, particularly in the demand
white sales; but dress linens for spring delivery were
cotton goods division, where most interests seemed disposed January
less active; prices rule very firm. An easier tone
to await the Government cotton report this afternoon, giv­ somewhat
in the burlap market, reflecting the decline in
ing the final estimate of the yield; at least the quietness developed
but prices remain quotably unchanged at the
was commonly attributed "to this factor; but whether this Calcutta,
was the only uncertainty" holding business in check and week-end; business was light in volume.
3

4
5




D e o . 10 1910. j

T H E

C H R O N IC L E

1585

D enom inations: $500 each, or such o th er am o u n ts as th e pu rch aser m a y
desire. D ate J a n . 1 1011. In te re st (rate n o t to exceed 5% ) pay ab le sem i­
an n u ally a t th e C ity T re a su re r's office or such o th er place w ithin th e S ta te
of M innesota or New Y ork C ity, or Chicago, as th e pu rch aser m ay d esig nate.
Certified check for 10% of bid, pay ab le to th e City T reasurer, is req u ired .
O fficial circular sta te s th a t th e principal and Interest of all previous Issues
h
av e alw ay s been p ro m p tly paid a t m a tu rity , and th a t no bonds h av e ever
M U N IC I P A L B O N D S A L E S I N N O V E M B E R .
been c on tested : also th a t no contro versy or litigatio n of a n y kind Is now
ding or th re a te n e d alTectlng th e corp o rate boundaries of th e m u nici­
N e a rly 24 m illio n s o f m u n ic ip a l b o n d s w e re so ld d u rin g pp en
a lity or th e titles of Its p resent officials to th e ir respectiv e offices or th e
N o v e m b e r, th e e x a c t a m o u n t b e in g $ 2 3 ,7 1 2 ,0 5 1 . I n a d d i­ v alid ity of these bonds.

tio n to th is , $ 1 9 ,2 1 7 ,8 4 5 te m p o r a ry lo a n s w e re n e g o tia te d
a n d $ 2 ,3 6 8 ,7 7 9 b o n d s p u t o u t b y p la c e s in th e D o m in io n of
C a n a d a . A m o n g th e la rg e r a n d m o re im p o r ta n t issu es
. p la c e d la s t m o n th a re th e fo llo w in g : $ 1 ,0 0 0 ,0 0 0 3 ^ s of th e
S ta te of M a ry la n d , $ 1 ,2 2 5 ,0 0 0 5s of th e K a w V a lle y D ra in a g e
D is tr ic t, K a n ., $ 5 0 0 ,0 0 0 4s a n d $ 4 7 5 ,5 2 7 Gs of P o r tla n d ,
O re ., $ 8 2 5 ,0 0 0 4 ^ s of S e a ttle , W a s h ., $ 7 5 0 ,0 0 0 4 s of th e
C o u n ty of A lle g h e n y , P a ., $ 2 5 0 ,0 0 0 4 .1 0 s a n d $ 1 ,0 0 0 ,0 0 0 4 s of
C le v e la n d , O h io , $ 3 5 0 ,0 0 0 4 M s a n d $ 3 0 0 ,0 0 0 4 s of D a lla s,
T e x ., $ 5 8 0 ,0 0 0 4s of P a w tu c k e t, R . I . , $ 5 2 8 ,0 0 0 4 s of
F a ll R iv e r, M a ss., $ 5 0 0 ,0 0 0 4 ^ s of A tla n ta , G a ., $ 4 0 0 ,0 0 0
5 s of S a le m , O re ., a n d $ 3 5 0 ,0 0 0 4s of L o u isv ille , K y .
T h e n u m b e r of m u n ic ip a litie s e m ittin g b o n d s a n d th e n u m ­
b e r of s e p a r a te iss u e s m a d e d u rin g N o v e m b e r 1910 w e re 189
a n d 2 7 5 , re s p e c tiv e ly . T h is c o n tr a s ts w ith 297 a n d 447 fo r
O c to b e r 1910 a n d w ith 31S a n d 412 fo r N o v e m b e r 19 09.
F o r c o m p a r a tiv e p u rp o s e s w e a d d th e fo llo w in g ta b le ,
s h o w in g th e a g g re g a te s fo r N o v e m b e r a n d th e e le v e n m o n th s
fo r a se rie s of y e a rs:
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901

For the
M onth o
Novem ber. Eleven M os.
__ .$23,712,051 $279,4 3,462
____ 18,906,555 307,673,842
____ 28,427,304 285,717.250
____ 4,408,381 213,924,703
____ 12,511,550 180,483,172
____ 25,888,207 174.825,430
____ 32,397,509 240,819,161
____ 14,846.375 138,789,253
____ 13.728,493 136,895,772
____ 6,989,144 116,092,342

1900
1899
1898
1897
1896
1895
1894
1893
1892

____
____
____
____
____
____
____
____
____

For the
M onth o f
Novem ber. Eleven M os.
$9,956,085 $123,572,311
8,790,489 113,131,780
7,721,284
95,778,450
0,868,775 120,128,531
34,913,894
95,831,773
6,524,901 105,475,829
4,549,580 103,689,851
7,300,770
60.114,709
5,170,012
80,526,260

A n d o v e r, A s h ta b u la C o u n ty , O h io .— Bond Sale .— A n
issu e of $ 2 4 ,0 0 0 4 J ^ % w a te r-w o rk s b o n d s w a s a w a rd e d o n
D e c. 5 to O tis & H o u g h of C le v e la n d fo r $ 2 4 ,8 6 0 (1 0 3 .5 8 3 )
a n d a c c ru e d in te r e s t.

D enom ination $500. D ate Ju ly 15 1910. In te re st M arch a n d S ep t.
M atu rity from M arch 1 1916 to S ep t. 1 1930.

A s h ta b u la , A s h ta b u la C o u n ty , O h io .— Temporary Loan .—
T h is c ity , a c c o rd in g to re p o r ts , h a s issu e d te m p o r a ry lo a n
n o te s fo r $ 1 0 ,5 0 0 in a n tic ip a tio n of ta x e s .
A tla n tic C o u n ty (P . O . M a y s L a n d in g ) , N . J .—Bond Sale.
— O n D e c. 7 th e $ 6 0 ,0 0 0 5 % b rid g e -re b u ild in g b o n d s d e ­
sc rib e d in V . 9 1 , p . 15 26, w e re a w a rd e d to W e il, R o th & C o.
of C in c in n a ti a t 1 0 3 .6 2 . T h e o th e r b id s w e re:

G uaran tee T ru st Co., A tlan IR . M . G ra n t & C o.. N . Y ____ 101.52
tic C ity ------------------------------103.07 A. B. I.cach & Co., N. Y ____ 101.436
N . W . H a rris & C o., N . Y 102.289 j H ow ard K . Stokes, N . Y ____101.235
D ate Ja n . 2 1911. In te re st sem i-annu al. M atu rity $10,000 y early on
Ja n . 1 from 1920 to 1925 Inclusive.

A z u s a , L o s A n g e le s C o u n ty , C a l .—Bond Sale .— A c c o rd in g
to r e p o rts , $ 4 0 ,0 0 0 6 % s tr e e t- im p r o v e m e n t b o n d s w e re
a w a rd e d o n N o v . 28 to G . G . B ly m y e r & C o. o f S a n F r a n ­
cisco a t 1 0 8 .4 6 3 .
B e lla ire , B e lm o n t C o u n ty , O h io .—Bond Sale .— O n O c t. 11
th e $ 3 0 ,0 0 0 b o n d s (th e u n s o ld p o rtio n o f th e issu e o f $ 4 0 ,0 0 0
4 % 2 0 -y e a r c o u p o n re fu n d in g w a te r-w o rk s b o n d s m e n tio n e d
in V . 9 1 , p . 895) w e re so ld to S e a so n g o o d & M a y e r o f C in ­
c in n a ti a t p a r a n d a c c ru e d in te r e s t.
B ro n x v ille , W e s tc h e s te r C o u n ty , N . Y . — Bond Sale .— I t
is s ta te d t h a t on N o v . 30 J o h n J . H a r t of A lb a n y w a s
a w a r d e d th e fo llo w in g b o n d s a s 4 .4 0 s:
$11,500
6,500
1,200

16-year (average) series ’ I ” street-im p ro v em en t bonds for $11.­
538 70— th e price th u s being 100.336.
11-year (average! series “ J ” sew er bonds for $6,516 80— th e price
th u s being 100.258.
4-year series “ K '’ street-im p ro v em en t bonds for $1,201— th e price
th u s being 100.083.

O w in g to th e c ro w d e d c o n d itio n of o u r c o lu m n s , w e a rc
B ro o k le t, B u llo c k C o u n ty , G a .—Bond Offering .— P ro p o s a ls
o b lig e d to o m it th is w e ek th e c u s to m a ry ta b le sh o w in g th e
w ill b e re c e iv e d u n til 10 a . m . D e c . 15 b y B ra n n o n & B o o th ,
m o n th ’s b o n d sa le s in d e ta il. I t w ill b e g iv e n la te r .
a tto r n e y s ( P . O . S ta te s b o ro ), fo r S 7 ,0 0 0 6 % g o ld sc h o o l­
b u ild in g a n d s ite - p u rc h a s e b o n d s v o te d o n S e p t. 1 (V . 9 1 ,
p . 8 1 7 ).
D enom ination $700. D ate Ja n . 1 1911. In te re st a n n u a lly a t B roo klet.
G o ld field , Toller C ou n ty, C o lo . — Litigation. — A p p e a l h a s M atu rity $1,400 on Ja n . 1 In each of th e years 1915, 1919, 1923, 1927 and
No d e b t a t p re se n t. A ssessed v alu atio n In 1910 $146,502 13.
b e e n ta k e n to th e S ta te S u p re m e C o u rt fro m th e D is tric t A1931.
ccording to th e official circu lar, th e re Is no th re ate n ed con tro versy or
C o u rt of D e n v e r C o ., w h ic h re fu s e d t o g r a n t t h e t o w n a n i n j u n c - litigatio
n affecting th e co rp o rate existence or th e boundaries of th e tow n , or
tio n re s tra in in g th e h o ld e rs of $ 3 0 ,0 0 0 of its o u ts ta n d in g th e title of th e present officials to th e ir respectiv e offices, o r the. v a lid ity of
o b lig a tio n s fro m se llin g o r tra n s f e rrin g th e s a m e . T h e these bonds.
B u ffa lo , N . Y .—Bonds Awarded in Part .— O f t h e tw o
b o n d s in q u e s tio n w e re issu e d so m e tim e a g o fo r th e p u r ­
c h a se o f la n d a n d w a te r rig h ts . T h e to w n a u th o r itie s , it is issu e s of 4 % re g is te re d re fu n d in g b o n d s o ffe re d o n D e c . 6
s a id , c la im t h a t th e la n d a n d p re te n d e d w a te r r ig h ts w e re a n d d e s c rib e d in V . 9 1 , p . 15 26, o n ly th e $ 1 0 0 ,0 0 0 re fu n d in g
n o t w o rth m o re t h a n $ 2 ,0 0 0 a n d t h a t th e iss u a n c e of th e w a te r issu e w a s s o ld . T h e p u rc h a s e r w a s th e S e c u rity T r u s t
C o. in R o c h e s te r a t 1 0 0 .1 0 a n d a c c ru e d in te r e s t. N o o th e r
b o n d s w a s th e re s u lt of a fr a u d u le n t s c h e m e .
M a tu r ity $ 5 ,0 0 0 y e a r ly o n J a n . 1 fro m
M acon , G a . — Arbitration Board Reports A s to Value of b id s w e re re c e iv e d .
Water Plant.-—T h e a r b itr a tio n c o m m itte e a p p o in te d to 1912 to 1931 in c lu s iv e .
B u r k b u r n e tt In d e p e n d e n c e S c h o o l D i s tr i c t (P . O . B u rk d e te rm in e th e v a lu e of th e p la n t of th e M aco n G a s L ig h t &
W a te r C o ., w h ic h th e c ity p u rp o s e s p u rc h a s in g , fix es th e b u r n e tt ) , W ic h ita C o u n ty , T e x .—Bond Sale .— T h e $ 1 6 ,0 0 0
v a lu e of t h a t p r o p e r ty a t $ 6 9 9 ,0 0 0 , I t is sa id t h a t b o th th e 1 0 -4 0 -y e a r (o p tio n a l) s c h o o l-b u ild in g b o n d s m e n tio n e d in
c ity o ffic ia ls a n d th e w a te r c o m p a n y o ffic ia ls a re sa tisfie d V . 91 , p . 89 5 w e re a w a rd e d o n D e c . 1 to th e S ta te o f T e x a s
w ith th e fin d in g s. T h e e le c tio n to v o te b o n d s in th e a m o u n t a t p a r a n d a c c ru e d in te r e s t fo r 5 s.
D enom ination $1,000. D ate A pril 10 1910. In te re st a n n u a l.
n a m e d w ill b e h e ld , it is e x p e c te d , a b o u t M a rc h 15.
C a ld w e ll, N o b le C o u n ty , O h io .—Bond Sale .— W e h a v e j u s t
Seneca F a lls, Seneca C ou n ty , N . Y . — Bonds Declared
is e d t h a t th e $ 3 ,5 0 0 4 % C u m b e rla n d S tr e e t im p ro v e ­
Invalid by Court of Appeals. — T h e C o u rt of A p p e a ls h a s bmeeenn t a (vd villa
g e ’s p o rtio n ) b o n d s , b id s fo r w h ic h w e re re je c te d
d e c id e d t h a t th e $ 2 4 0 ,0 0 0 w a te r b o n d s v o te d b y th e v illag e
in J u n e 1909 a re in v a lid , a s w o m e n ta x - p a y e r s w e re d e n ie d o n A u g u s t 12 (V . 9 1 , p . 4 7 7 ), w e re so ld a few d a y s a f te r t h a t
th e r ig h t to v o te o n th e p ro p o s itio n . F o r th is s a m e re a s o n d a te to lo cal p a rtie s . M a tu rity $ 1 ,0 0 0 y e a r ly o n J a n . 1
th e b o n d s w e re d e c la re d illeg al in S e p t. 1909 b y J u s tic e fro m 1918 to 1920 in c lu s iv e a n d $ 5 0 0 o n J a n . 1 19 21.
C h a m b e rla in , B ru le C o u n ty , S o . D a k .—Bond Election .—
B e n to n of th e S u p re m e C o u rt, S e v e n th J u d ic ia l D is tric t.
V . 89, p . 737.
R e p o r ts s ta te t h a t a n e le c tio n w ill b e h e ld D e c. 20 to v o te o n
a p ro p o s itio n to issu e $ 8 ,5 0 0 5 % re fu n d in g b o n d s . M a­
Bond Proposals and Negotiations this week t u r it y J u ly 15 1921.
C h e c o ta h , M c In to s h C o u n ty , O k la .—Bond Sale .— O n
have been as follows:
N o v . 30 th e $ 4 0 ,0 0 0 6 % se w e r b o n d s w e re p u rc h a s e d b y
A d ria n , L en a w ee C ou n ty, M ich . — Bond Sale. — T h e $ 3 0 ,­ J o h n H . M a se r a t p a r a n d a c c ru e d in te r e s t.
A b id o f p a r
00 0 4 % c o u p o n s tr e e t-im p ro v e m e n t b o n d s v o te d o n N o v . 8 less $ 8 0 0 w a s a ls o re c e iv e d fro m th e D a lla s B a n k & T r u s t
(V . 9 1 , p . 1399) h a v e b e e n a w a rd e d to lo ca l p a r tie s a t p a r.
C o ., w h ile F . R . S to n e o ffere d p a r less $ 1 ,6 0 0 . T h e s e b o n d s
In te re st a t th e C ity T reasu rer’s office. P.onds arc exem p t from all tax es. w e re o ffe re d o n N o v . 29 (V . 9 1 , p . 1 3 4 2 ), b u t all b id s re ­
M a tu r ity J u ly 1 1935.
A lb a n y , N . Y . — Bond Offering. — P ro p o s a ls w ill b e re c e iv e d c e iv e d o n t h a t d a y w e re re je c te d .
u n til 11 a . m . D ec. 15 b y H o w a rd N . F u lle r, C ity C o m p ­
C h e ro k e e , A lfa lfa C o u n ty , O k la .—Bond Sale .— T h e $ 2 5 ,0 0 0
tro lle r, fo r th e fo llo w in g 4 % re g is te re d b o n d s ’
lig h t a n d th e $ 5 ,0 0 0 w a te r 6 % b o n d s , o ffe re d fo r sa le la s t
$100,000 (th ird scries) w ater-im prov em en t bonds. D enom ination $1,000. J a n u a r y , h a v e b e e n so ld , w e h a v e j u s t b e e n a d v is e d , to J o h n
M atu rity Dec. 1 1030.
100.000 (second series) new hlgh-school bonds. M atu rity $5,000 yearly N u v e e n & C o. of C h ic ag o a t p a r . D e n o m in a tio n $ 5 0 0 .
on D ee l from 1011 to 1030 Inclusive.
D ate D ec. 1 1010. In te re st sem l-annuallv by m ailed check. B onds I n t e r e s t J u n e a n d D e c e m b e r.
a rc ex em p t from ta x a tio n . Certified check for 2% of bonds bid for, p ay ­
C h ic a g o (111.) S a n ita r y D i s t r i c t .—Bond Offering.— A d d i­
able to O tto Tantz, City T reasurer, Is req uired . B onds will ITc read y for
delivery D ec. 20. P u rchaser to pay accrued Interest.
tio n a l d e ta ils a re a t h a n d re la tiv e to th e o ffe rin g o n D e c . 22
Albert Lea, Freeborn County, Minn.— Loan O fferin g. — o f th e $ 1 ,0 0 0 ,0 0 0 4 % c o u p o n (w ith p riv ile g e o f r e g is tr a tio n
P ro p o s a ls w ill b e re c e iv e d u n til 7 :3 0 p . m . D e c. 13 b y th e a s to p rin c ip a l) b o n d s m e n tio n e d in V . 9 1 , p . 15 26. P r o ­
C ity C o u n c il a t th e office of C . J . D u d le y , C ity C le rk , fo r th e
fo llo w in g lo a n s a u th o riz e d a t th e e le c tio n h e ld N o v . 8 p o sa ls fo r th e s e b o n d s w ill b e re c e iv e d u n til 1 p . m . o n t h a t
(V . 9 1 , p . 12 7 4 ):
d a y b y I . J . B r y a n , D is tric t C le rk , a t R o o m 15 00, A m e ric a n
$01,000 perm an en t Im provem ent rev olv ing fund certificates. V ote 026 T r u s t B u ild in g , C h ic a g o .
t
to 01. M atu rity J a n . 1 1021.

N ew s Item s.

18.000 (city 's portion) Im provem ent bo nd s. V ote 013 to 01. M atu rity
D enom ination $1,000. D ate J a n . 1 1911. In te re st sem i-annu ally a t
u,
Ja n . 1 1025.
th e D istrict T re a su re r’s office. M atu rity $46,000 on Ja n . 1 1913 a n d
20.000 bonds, of w hich $15,500 will be used to fund o u tsta n d in g w ater $53,000 yearly on J a n . 1 from 1914 to 1931 Inclusive. Certifled cheek (or
tv., .
w a rran ts and $4,500 to ex tend th e w ater m ain s. V ote 880 to 87. cash) on som e Chicago b an k for 5% of bid, m ade p a y ab le to th e ‘'C lerk of
£3 J i - a a M atu rity $2,000 yearly on J a n . 1 from 1010 to 1025 Inclusive.
th e S a n ita ry D istrict of C hicago,” Is req u ired .




1580

T H E

[VOL.

C H R O N IC L E

LXXXXI.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Childress, Childress County, Tex.— Bond Sale.— T h e

D enom ination $500. D ate Deo. 1 1910. In te re st sem i-annually a t
th e office of th e S inking F u n d T ru stee. M atu rity $500 each six m o nth s
from A pril 1 1915 to O ct. 1 1924 Inclusive.

Cincinnati School District (P. O. Cincinnati), Ohio.—Bond
Sale.— O n D e c. 5 th e $ 2 4 0 ,0 0 0 4 % 4 0 -y e a r c o u p o n sc h o o l-

D enom ination $1,000. D a te J a n . 1 1911. I n te re s t sem i-an n u al.
M atu rity p a rt y early on J a n . 1 from 1912 to 1935.

D u n m ore,

L a ck a w a n n a

C ou n ty,

P a .— B on d

S a le. — On

$ 4 ,0 0 0 5 % 1 0 -4 0 -y o a r (o p tio n a l) w a te r-w o rk s b o n d s re g is ­ D e c . 6 th e $ 6 5 ,0 0 0 4 ) 4 % c o u p o n b o n d s m e n tio n e d in V . 9 1 ,
te re d b y th e S ta te C o m p tro lle r o n S e p t. 21 (V . 9 1 , p . 895) p . 1527, w e re a w a rd e d to N . W . H a rris & C o. o f N e w Y o rk
h a v e b e e n p u rc h a s e d b y E . C . B a d le y of W a te r V a lley , M iss. C ity , fo r $ 6 5 ,0 3 8 5 0 (1 0 0 .0 5 9 ) a n d a c c ru e d in te r e s t.

p r o p e r ty - im p r o v e m e n t b o n d s d e s c rib e d in V . 9 1 , p . 146G,
Ellis C ou n ty (P . O. W a x a h a ch ie ), T e x .— Bonds N ot S o ld . —
w e re a w a rd e d to th e C itiz e n s ’ N a tio n a l B a n k , W e il, R o th & N o b id s w e re re c e iv e d o n D ec. 1 fo r th e 7 issu e s of 5 % 10-40C o. a n d th e D a v ie s -B e rtra m C o. of C in c in n a ti a t th e ir j o in t y e a r (o p tio n a l) ro a d d is tr ie tb o n d s , a g g re g a tin g $ 5 8 2 , 5 0 0 , and
b id of 1 0 0 .6 1 3 a n d a c c ru e d in te r e s t. T h e fo llo w in g b id s d e s c rib e d in V . 9 1 , p . 1049.
w e re a lso re c e iv e d :
E lm ore C ou n ty (P . O. M ou ntain H o m e ), I d a h o .— B ond
S easongood & M ayer) Cln_ .$241,392 M arket N a t. B ank , C in ____$240,500
G erm an N a t. B a n k ../
E . H . R ollins & Sons, C hic. 240,360 S a le. — A n issu e of $ 2 7 ,2 0 0 5 ) 4 % re fu n d in g b o n d s was
W estern -G erm an B ank, Cin. 240,726 C entral T r. & S. D . Co., Cin. 240,312 a w a rd e d o n N o v . 28 to W o o d in , M c N e a r & M o ore of C h i­
A tlas N ational B ank , C in .. 240,250
A bid of p ar w as received from th e C olum bia B ank & S avings Co. In c a g o fo r $ 2 7 ,7 0 0 — th e p ric e th u s b e in g 1 0 1 .8 3 8 . T h e o th e r
C incinnati for $10,000 w orth of bonds.
b id d e rs w e re:
Cleveland, Ohio.— Bond Sale.— O n D e c . 5 th e $ 5 0 0 ,0 0 0 S. A . K ean, & C o., C h ic a g o ..$27,6 7 5 |C . II. Coffin, C h ica g o ...........$27,301
4 % 3 0 -y e a r c o u p o n g ra d e -c ro s s in g b o n d s d e s c rib e d in V. 91 , Jo h n N uvecn & Co., Chicago 27,472 | Coffin & C raw ford, C h icag o. 27,300
D enom ination $1,000. In te re st J a n u a ry and Ju ly .
p . 1467, w e re a w a r d e i , i t is s ta te d , to O tis & H o u g h a n d
th e T illo ts o n & W cPo'& t C o ., b o th of C le v e la n d , a t th e ir
E n g le w o o d , B ergen C ou n ty, N . J .— B on d S a le — T h e
jo in t b id of 1 0 0 .0 6 2 7 .
$ 1 3 ,0 0 0 4 ) 4 % 3 0 -y e a r sch o o l b o n d s , th e b id fo r w h ic h w a s
if Clinton County (P. O. Plattsburgh), N . Y.—Bond Offer­ re je c te d o n J u ly 19 (V . 9 1 , p . 2 2 9 ), h a v e b e e n so ld .
ing. — P ro p o s a ls w ill b e re c e iv e d u n til 10 a . m . D e c . 15 b y
ph raim , Sanpete C ou n ty, U ta h .— B ond S ale P ostpon ed.
C h a rle s S a m p le , C h a irm a n of B o a rd of S u p e rv is o rs , a n d — E
e $ 8 1 ,0 0 0 6 % w a te r-w o rk s b o n d s re c e n tly
C u rtis E . I n m a n , C o u n ty T r e a s u re r, a t th e C ity N a tio n a l v o Ttehde (Vsa.le9 1of, p th
0 0 ), w h ic h w a s to h a v e ta k e n p la c e D e c. 1,
B a n k in P l a t t s b u r g h ,f o r $1 1 0 ,0 00 4 ) 4 % re g is te re d re fu n d in g w a s p o s tp o n e d . u1 n4 til
D e c. 15. P e te r C . A n d e rs o n is C ity
bonds.
D enom ination $1,000. D ate Ja n . 2 1011. In te re st sem i-annu ally a t R e c o rd e r.
th e C ity N ational B ank in P la ttsb u rg in New Y ork exchange. M atu rity
E sse x C ou n ty, M a s s . — N ote O ffering. — P ro p o s a ls w ill b e
on J a n . 2 as follows: $3,000 in 1912 a n d In 1913 and $4,000 y early from
1914 to 1939 Inclusive.
re c e iv e d u n til 11 a . m . D e c. 12 b y th e C o u n ty C o m m issio n e rs,
Coal Grove, Lawrence County, Ohio.— Bond Offering .— M o o d y K im b a ll, J a m e s C. P o o r a n d J . M . G ro sv e n o r J r . , a t
P ro p o s a ls w ill b e re c e iv e d u n til 12 m . D e c. 15 b y I t . A . S a le m , fo r th e d is c o u n t of th e fo llo w in g n o te s d a te d D e c . 1
G re g o ry , V illag e C le rk , fo r $ 2 ,0 0 0 5 % c o u p o n p ris o n b o n d s . 1910:

A u th o rity 3939. G eneral Code. D enom ination $500. D ate J a n . 1
B ridg e-approach n o tes. D enom inations tw o no tes of
1911. In te re st sem i-annu ally a t th e F irst N ational B ank In Iro n to n . $60,000 H av erh illeach
a n d one of $10,000.
M atu rity 5 years from d a te . B onds a re ta x -e x e m p t. C ertified check 40.000 $25,000
chain-bridg e n o tes. D enom inations tw o notes of $15,000 each
for $200, pay ab le to W illiam S h a ttu c k , T re a su re r. Is req u ired . B onded
and
one
of
$10,000.
d e b t, n o t Including this Issue, $21,000. F lo atin g d e b t $7,500.
28.000 chain-bridg e no tes. D enom inations tw o n o tes of $10,000 each
a n d one of $8,000.
Colorado Springs School District N o . 11 (P . O . Colorado 10.000 Salem
cou rt-hou se no te.
Springs), Colo.— Bonds Withdrawn from the Market.— T h e

$ 2 5 ,0 0 0 b o n d s (th e u n s o ld p o rtio n of th e $ 1 2 5 ,0 0 0 1 0 -2 0 -y e a r
[o p tio n a l] s c h o o l-b u ild in g a n d g ro u n d -p u rc h a s e b o n d s m e n ­
tio n e d in V . 9 1 , p . 8 9 6) h a v e b e e n w ith d ra w n fro m th e
m a r k e t.

C on nellsville T o w n sh ip S ch ool D istrict (P . O. South C onn e llsv ille ), F a y e tte C ou n ty, P a .— B on d S a le. — O n N o v . 30

$ 1 2 ,0 0 0 5 % g o ld c o u p o n o r re g is te re d s c h o o l-b u ild in g b o n d s
w e re a w a rd e d to D . R . T in b rie fo r $ 1 2 ,5 0 0 — th e p ric e th u s
b e in g 1 0 4 .1 6 6 .

D enom ination $250. D ate D ec. 1 1910. In te re st A pril 1 a n d O ct. 1
a t th e Second N ational B ank In Connelisvlllc. M a tu rity $3,000 yearly on
O ct. 1 from 1911 to 1914 Inclusive. B onds are tax-free to holder, d istric t
pay ing ta x e s. B onded debt- (this Issue). $12,000. F lo atin g d e b t, $1,900.
S inking fund , $3,000. A ssessed v a lu atio n In 1910, $1,225,987.
C o ron a d o,

San

D ie g o

C ou n ty,

C al.— B ond

E lection .—

T h e b rid g e n o te s a re d u e A p ril 3 1911 a n d th e c o u rt-h o u s e
n o te m a tu re s J u n e 1 1911. T h e g e n u in e n e s s o f th e n o te s
w ill b e c e rtifie d to b y th e O ld C o lo n y T r u s t C o. of B o s to n ,
w h ic h w ill f u r th e r c e rtify t h a t th e le g a lity of th e issu e s
h a s b e e n a p p ro v e d b y S to re y , T h o rn d ik e , P a lm e r & D o d g e
of B o s to n , a c o p y of w h o se o p in io n w ill b e d e liv e re d to th e
p u rc h a s e r. T h e n o te s a re e x e m p t fro m t a x a tio n .
F all R iv e r, B ristol C ou n ty, M a ss.— B ond O fferin g. — P r o ­
p o sa ls w ill b e re c e iv e d , a c c o rd in g to d is p a tc h e s , u n til 10:30
a . m . D e c. 14 b y th e C ity T re a s u re r fo r $100,000 4 % b on d s,
d a te d D e c. 1 1910 a n d d u e in 10 y e a rs .
F ran klin , F ran klin C ou n ty, N e b . — B ond S a le. — T h e $8,000
5 % 5-25-3re a r (o p tio n a l) e le c tric -lig h t b o n d s v o te d o n O c t. 11
(V . 9 1 , p . 9 7 7) w e re a w a rd e d in N o v e m b e r to th e I l a n c h e tt
B o n d C o. a t p a r less $300 fo r e x p e n s e s .

P ro p o s itio n s to issu e th e fo llo w in g b o n d s w ill b e v o te d u p o n ,
it is s ta te d , D e c . 14: $ 1 7 ,5 0 0 fo r th e e a s t sid e se w e r s y s te m ,
D enom ination $500. D ate D ec. 1 1910. In te re st sem i-annu al.
$ 1 0 ,5 0 0 fo r th e K S tr e e t se w e r a n d b a y o u tle t, $ 8 ,0 0 0 fo r
se w e r la te r a ls in all c ity a lle y s , $ 6 ,7 0 0 fo r a s p h a ltin g O ra n g e
G eorge C ou n ty (P . O . L u ce d a le ), M iss. — B on d S a le. — T h e
A v e n u e , $ 1 0 ,0 0 0 to im p ro v e th e fire d e p a r tm e n t, $ 2 ,0 0 0 to $ 4 0 ,0 0 0 5 % c o u p o n c o u rt-h o u s e a n d ja il b o n d s d e s c rib e d in
p l a n t tre e s or p a lm s o n O ra n g e A v e n u e a n d $ 1 5 ,0 0 0 fo r a V . 9 1 , p . 8 9 7 , h a v e b e e n so ld .
c ity h a ll.
G len R id g e S ch ool D istrict (P . O. G len R id g e ), E sse x
C otta ge G ro v e , L an e C ou n ty, O re.— D escription o f B on ds. C ou n ty, N . J .— B on d S ale. — O n D e c. 6 th e $ 3 5 ,0 0 0 4 ) 4 %
— W e a re a d v is e d t h a t th e $ 3 0 ,0 0 0 6 % w a rra n t-f u n d in g c o u p o n sch o o l b o n d s d e s c rib e d in V . 9 1 , p . 14 67, w e re
b o n d s a w a rd e d o n N o v . 14 to U le n & C o. of C h ic ag o a t p a r a w a rd e d to O u tw a te r & W ells of J e rs e y C ity a t 1 0 1 .1 3 .
(V . 9 1 , p . 1527) a re in d e n o m in a tio n s of $ 1 ,0 0 0 e a c h a n d a re O th e r b id s re c e iv e d w e re a s follo w s:
d a te d O c t. 1 1910. I n t e r e s t s e m i-a n n u a l. M a tu rity O c t. 1 E ssex T itle G u aran ty & T ru st C o., M ontclair__________ _____________ 100.883
Jo h n D . E v c rltt <Ss Co., New Y o rk _____ _____________________________.100.33
19 30.
M atu rity on Dec. 1 as follows: $2,000 In each of th e years 1930, 1931 and
Council B lu ffs, P o tta w a tta m ie C ou n ty, I o w a .— B on d

S ale. 1932; $3,000 In each of th e years 1933, 1934 and 1935 a n d $4,000 in each

— T h e $ 2 0 ,0 0 0 4 ) 4 % fire -e n g in e -h o u se b o n d s m e n tio n e d in of th e years 1936. 1937, 1938, 1930 and 1940.
Grantville, Coweta County, Ga.— Bond Sale.— A n issu e
V . 9 1 , p . 1196, w e re so ld o n N o v . 23 to th e H a rris T r u s t &
of $ 1 2 ,0 0 0 2 -2 5 -y e a r (se ria l) sch o o l b o n d s w a s a w a rd e d on
S a v in g s B a n k o f C h ic ag o a t 1 0 0 .8 7 .
D enom ination $500. D ate N ov. 1 1910. In te re st sem i-annu al. M a­ O c t. 2 8 to th e J . B . M c C ra ry C o. of A tla n ta . D e n o m in a tio n
tu rity te n years.
$ 5 0 0 . D a te J u ly 1 1910. I n t e r e s t a n n u a l.
C u ya h oga C ou n ty (P . O. C levela n d ), O h io.— B onds N ot
Hardin County (P. O. Kenton), Ohio.— Bond Offering .—
S o ld . — R e p o rts s ta te t h a t n o b id s w e re re c e iv e d o n D e c. 7 P ro p o s a ls w ill b e re c e iv e d u n til 12 m . D ec. 12 b y E lm e r J .
fo r th e $ 3 0 0 ,0 0 0 4 % c o u p o n c o u rt-h o u s e -c o n s tru c tio n b o n d s C a re y , C o u n ty A u d ito r, fo r $ 1 6 ,4 0 5 5 % p ik e -c o n s tr u c tio n
d e s c rib e d in V . 9 1 , p . 1467. I t is f u r th e r s ta te d t h a t th e y b o n d s .
w ill b e re -a d v e r tis e d a s 4 ) 4 p e r c e n ts .
A u th o rity . Sections 7218 and 7219. G eneral Codo. D enom inations
C u ya h oga F a lls, Su m m it C ou n ty, O h io.— B id s. — T h e fo l­ 4 bonds of $1,370 each, 5 bonds of $1,160 each a n d 5 bonds of $1,025 each.
D
ate
D ec. 1 1910. In te re st sem i-annu ally a t th e C ounty T reasurer s office.
lo w in g b id s w e re re c e iv e d fo r th e $ 8 ,2 0 0 5 % F r o n t S tr e e t M atu rity
$3,555 yearly from 1911 to 1914 Inclusive an d $2,18.) In 1915.
im p ro v e m e n t (v illa g e ’s p o rtio n ) b o n d s a w a rd e d to S e a so n - Certified check on som e K enton b an k (or cash) for $1,000, pay ab le to th e
g o o d & M a y e r of C in c in n a ti o n N o v . 28 (V . 9 1 , p . 1527) a t C ounty A u d ito r, Is req uired .
P ro p o s a ls w ill a lso b e re c e iv e d u n til 12 m . D e c . 19 b y
1 0 3 .6 7 a n d a c c ru e d in te r e s t.
Seasongood & M ayer, C in ..$8,501 OOJOtls & H ou gh, C le v e la n d ..$8,330 00 E lm e r J . C a re y , C o u n ty A u d ito r, fo r $ 2 7 ,2 4 0 5 % d itc h S tacy & B rau n , T oledo ___ l 8,337 6 0 [W eil, R o th & C o., C in------- 8,327 10 c o n s tru c tio n b o n d s .
D a y to n , C olu m bia C ou n ty, W a s h .— B ond E lection P ro­
A u th o rity , S ections 6489, 6492 a n d 6493, G eneral Code. D enom ina­
3 bonds of $1,170 each, 3 bonds of $270 each, 3 bonds of $680 each,
posed. — I t is re p o rte d t h a t a p e titio n w ill b e p re s e n te d to th e 4tions:
bonds of $1,290 each, 4 bonds of $1,720 each, 2 bonds of $240 each, 2
C ity C o u n cil a s k in g th e m to h o ld a n e le c tio n to s u b m it to bonds
of $220 each, 4 bonds of $1,270 each, 4 bonds of $300 each a n d 4
of $410 each. D ate Dec. 1 1910. In te re st sem i-annual. M a­
th e v o te rs a p ro p o s itio n to issu e $ 2 0 ,0 0 0 s tr e e t- p a v in g b o n d s . bonds
tu rity $7,570 In 1911 a n d In 1912, $7,110 in 1913 a n d $4,990 In 1914. Cer­
D in w id d ie C ou n ty (P . O. D in w id d ie ), V a . — B id . — W . N . tified check on som e K enton ban k (or cash) for $500, pay ab le to th e C ounty
C o le r & C o. of N e w Y o rk C ity h a v e b e e n g iv e n a n o p tio n a t A ud itor. Is req uired .
Harrison County (P. O. Gulfport), Miss.—Bonds Not Sold.
p a r a n d in te r e s t o n a n issu e of $ 8 2 ,5 0 0 6 % ro a d b o n d s .
T h e s e s e c u ritie s ta k e th e p la c e of th e $ 8 2 ,5 0 0 b o n d s (th e — N o sa le w a s m a d e of th e $ 5 0 ,0 0 0 6 % R o a d D is tric t N o . 2
u n s o ld p o r tio n of th e $ 1 0 2 ,5 0 0 5 % b o n d s m e n tio n e d in b o n d s o ffe re d o n D e c. 5 (V . 9 1 , p . 14 68.)
V . 8 9 , p . 14 39) w h ic h h a v e b e e n c a n c e le d .
Highland Irrigation District (P. O. Las Animas), Bent
D o v e r (P . O. Canal D o v e r ), T u sca ra w a s C ou n ty, O h io.— County, Colo.— Bond Sale. — T h is d is tr ic t h a s so ld th e $ 25,000
Bids Rejected.— R e p o rts s ta te t h a t th e b id s re c e iv e d o n 6 % c o u p o n irrig a tio n -w o rk s b o n d s , p ro p o s a ls fo r w h ic h w e re
D e c. 1 fo r $ 1 0 ,0 0 0 4 % e le c tric -lig h t a n d p o w e r- p la n t b o n d s a sk e d (V . 9 0 , p . 647) u n til M a rch 12. I n t e r e s t J u n e 1 a n d
D e c. 1. M a tu rity fro m M a rch 1 1920 to M a rch 1 1930.
o ffere d o n th at d a y w e re re je c te d .



JftBO. 10 1910.]

T H E

C H R O N IC L E

H o m e r, C la ib o rn e P a r is h , L a .— Bond Sale. — I t is s ta te d
t h a t th e $ 4 0 ,0 0 0 5 % w a te r-w o rk s b o n d s o ffere d o n N o v . 1
a n d d e s c rib e d in V. 91 , p . 9 7 7 , w e re so ld a t p r iv a te sale
a b o u t N o v . 2 3 . M a tu r ity J a n . 1 1950, s u b je c t to call a f te r
J a n . 1 1930.
H o u s to n C o u n ty C o m m o n S c h o o l D is tr ic t, T e x .— Bond
Sale. — T h e $ 1 ,0 0 0 5 % 5 -2 0 -y e a r (o p tio n a l) b o n d s re g is te re d
b y th e S ta te C o m p tro lle r o n S e p t. 19 (V . 9 1 ,p .8 9 7 ) h a v e b e e n
p u rc h a s e d b y th e H o u s to n C o u n ty P e r m a n e n t S ch o o l F u n d .
J e f fe rs o n , A s h ta b u la C o u n ty , O h io .— Bond Sale. — A n
issu e of $ 2 4 ,0 0 0 i lA % 1 3 )4 -y e a r w a te r-w o rk s b o n d s h a s , i t is
s ta te d , b e e n a w a rd e d to O tis & H o u g h of C le v e la n d fo r
$ 2 4 ,8 6 0 — th e p ric e th u s b e in g 1 0 3 .5 8 3 .
J e llic o , C a m p b e ll C o u n ty , T e n n .— No Bonds Offered.— W e
a re a d v is e d t h a t th e re is n o t r u th in th e re p o r ts w h ic h a p ­
p e a re d in so m e of th e n e w s p a p e rs s ta tin g t h a t p ro p o s a ls
w o u ld b e re c e iv e d u n til D e c . 1 fo r $ 9 0 ,0 0 0 6 % w a te r-w o rk s
a n d s e w e ra g e -s y s te m b o n d s . T h e S e c re ta ry of th e W a te r
C o m m issio n w rite s u s t h a t p re lim in a ry s u rv e y s a n d e s tim a te s
a re b e in g m a d e so a s to a s c e rta in w h a t a m o u n t of b o n d s it
w ill b e n e c e s s a ry to issu e . A s s ta te d in V . 91 , p . 1277, th e s e
s e c u ritie s w e re v o te d o n S e p t. 8.
K a n a w h a S c h o o l D is tr ic t (P . O . K a n a w h a ) , H a n c o c k
C o u n ty , I o w a .— Bond Sale. — A n issu e of $ 1 ,2 0 0 b o n d s h a s
b e e n a w a rd e d to G eo . M . B e c h te l & C o. of D a v e n p o r t.
K a n s a s C ity P a r k D is tr ic t (P . O . K a n s a s C ity ), K a n .—
Bond Sale.— T h e $ 9 5 ,0 0 0 b o n d s re c e n tly a u th o riz e d (V . 91 ,
p . 1198) h a v e b e e n s o ld , a c c o rd in g to lo ca l p a p e rs .
K a w V a lle y D ra in a g e D i s tr ic t (P . O . K a n s a s C ity ), W y ­
a n d o tte C o u n ty , K a n .— Description of Bonds.— W e a re a d ­
v ise d t h a t th e $ 1 ,2 2 5 ,0 0 0 5 % r iv e r -im p r o v e m e n t b o n d s , th e
sa le of w h ic h w a s re p o rte d in V . 9 1 , p . 1344, a re d a te d D e c. 1
1910 a n d m a tu r e M a rc h 1 19 40. T h e y w e re d is tr ib u te d a s
fo llo w s: $ 7 2 5 ,0 0 0 to S p e n c e r T ra s k & C o. o f C h ic a g o , $ 2 5 0 ,­
000 to th e N a tio n a l C ity B a n k o f N e w Y o rk a n d $ 2 5 0 ,0 0 0 to
th e N a tio n a l C ity B a n k of C h ic a g o . T o ta l b o n d e d d e b t of
d is tr ic t, in c lu d in g th is iss u e , $ 1 ,2 8 5 ,0 0 0 . N o flo a tin g d e b t.
A ssesse d v a lu a tio n fo r 1910, $ 4 8 ,6 7 6 ,2 0 0 . R e a l v a lu e (e s ti­
m a te d ) , $ 1 0 0 ,0 0 0 ,0 0 0 .
K in g s b u r g , F re s n o C o u n ty , C a l.— Bond Offering.— P r o ­
p o sa ls w ill b e re c e iv e d u n til 7:30 p . m . D ec. 15 b y J . W . M e
I n ty r o , C ity C le rk , fo r $ 2 6 ,0 0 0 5 % g o ld c o u p o n w a te rs y s te m -c o n s tru c tio n b o n d s .

1587

M a ro a ,J M a co n .C o u n ty , 111.— Bonds Offered by Bankers. —
1 h e H a rris I r u s t & S a v in g s B a n k of C h ic ag o is o ffe rin g fo r
sa le $ 9 ,0 0 0 5 % 5 -1 3 -y e a r (se ria l) c o u p o n p u b lic - im p ro v e ­
m en t b o nds.

D enom ination $1,000.
M arch 1 1910. In te re st an n u ally a t th e
C ity T reasu rer's office. TD__oate
ta l d e b t, Including th is Issue, $12,590 68.
A ssessed
__ . valu atio n $258,197.
®7. R eal valu e (estim ated ), $1,000,000.
M artin C ou n ty (P . O. F a irm o u n t), M in n .— R o n d Sale.—
O n N o v . 29 th e fo u r issu e s of d itc h b o n d s a g g re g a tin g $ 5 4 ,0 0 0 ,
d e s c rib e d in \ . 91 , p. 1468, w e re a w a rd e d a s 5s to th e U n io n
I n v e s tm e n t C o. oi M in n e a p o lis a t 1 0 2 .7 0 3 a n d a c c ru e d in ­
te r e s t. P u r c h a s e r a lso to fu r n is h b la n k b o n d s . T h e fo l­
lo w in g b id s w e re re c e iv e d :

U nion In v estm en t Co., M inn.$5 5 ,4 6 0 IT hos. J . Bolger Co., Chicago $55 325
M innesota L n. & T r. C o..M inn 55,455 .McCoy & C o., C hicago______ 55l260
W ells & D ickey Co., M in n .. 55,380] K ane & C o., M inneapolis___ 55,200

M ason S ch ool D istrict (P . O. M a so n ), W a rren C ou n ty,
O h io .—
— O n D e c. 1 8 2 5 ,0 0 0 4 ^ % c o u p o n sc h o o l­

Bond Sale.

b u ild in g b o n d s w e re a w a rd e d to S e a so n g o o d & M a y e r o f C in ­
c in n a ti a t 1 0 2 .8 1 2 a n d a c c ru e d in te r e s t. O th e r b id s re ­
c e iv e d w e re a s fo llo w s:

B a rto .S co tt & Co.. CoIum .$25,692 5 0 |N ew F irst N a t. B k ., C o l..$25,595 00
W ell, R o th & Co., C IncIn. 25,657 50 M ason B ank C o., M a s o n .. 25,462 50
C. K. D enison & C o..C Icv. 25,596 7 5 1H ay d en , M iller& Co., Clev. 25,392 00
n!'noilIMnatu
*l rity pt a rt each
Da t esixD ec.
1 1910.
In te re stM arch
p ay ab1le1913.
a t th e M ason
Hnnank.
m o nth
s beginning
M edina S ch ool D is trict (P . O. M ed in a ), M edina C ou n ty !
O h io.—
.— O n D e c . 1 th e $ 3 5 ,0 0 0 s c h o o l-b u ild irg

Bond Sale

°,fJ e re 51 011 t h a t d a y (V . 9 1 , p . 1278) w e re a w a rd e d to
N . W . H a rris & C o. of N ew Y o rk C ity a t 1 0 3 .8 2 .
M erced C ou n ty

S ch ool D is trict,

Cal

.—Bond Sale.— An

issu e of $ 1 0 ,0 0 0 5 % 1 -1 0 -y e a r (se ria l) b o n d s w a s so ld o n
N o v . 9 to E . H . R o llin s & S o n s of S a n F ra n c is c o a t 100 53
D e n o m in a tio n $ 1 ,0 0 0 . D a te D e c . 1 19 10. I n t e r e s t a n n u a l.
M illburn, E sse x C ou n ty, N . J .— Bond Offering.— P r o ­
p o s a ls w ill b e re c e iv e d u n til 8 p . m . D e c. 12 b y th e T o w n s h ip
C o m m itte e fo r $ 1 2 ,0 0 0
g o ld c o u p o n se w e r b o n d s .

D enom ination S 1 . 0 0 0 . D ate D ec. 1 1910. In te re st sem i-annu ally a t
th e U nited S ta te s M ortgage & T ru st Co. In New Y ork C ity. B onds are
ta x -ex e m p t. M atu rity D ec. 1 1930. N o deposit req u ired . B onds will
be certllled as to th eir genuineness by th e U nited S ta te s M ortgage Sc T ru st
Co. 1 heir legality Is being ap p ro v ed by Caldw ell & R eed of N ew Y ork
C ity, w hose opinion will be delivered to th e pu rch aser.
M ilford S ch ool D istrict, C lerm ont and H am ilton C ou n ties,
O hio. —
— R e p o rts h a v e i t t h a t th e e le c tio n h e ld

Bonds Voted.

D e c. 5 re s u lte d in a v o te of 259 “ fo r” to 82 “ a g a in s t” in fa v o r
of th e q u e s tio n of iss u in g th e $ 7 5 ,0 0 0 s c h o o l-b u ild in g b o n d s
A u th o rity election held N ov. 9 19 t0. D enom ination $1,000. D ate m e n tio n e d in V . 9 1 , p . 1469.

Dec. 15 1910. In te re st sem i-annually a t th e C ity T reasu rer’s office
M atu rity $1,000 yearly on Dec. 15 from 1920 to 1945 Inclusive Certified
check on a ban k In C alifornia for S I.000, pay ab le to th e C ity T reasu rer Is
req uired . P u rchaser to p ay accrued In terest. A ssessed v alu atio n In
1910 $220,000. R eal valu e (estim ated) $750,000.
L a s A n im a s C o u n ty (P . O . T r in id a d ) , C o lo .— R o n d Offer­

in g — P ro p o s a ls w ill b e re c e iv e d u n til 10 a . m . D e c. 15 b y
J u a n B . R o m e ro , C o u n ty C le rk , fo r th e $ 1 5 5 ,0 0 0 4 j/£%
c o u p o n re fu n d in g b o n d s v o te d o n N o v . 8 (V . 91 , p . 1468)"

D enom ination $500. D ate A pril 1 1911. In te re st sem i-annual. M a­
tu rity 20 years, su b ject to call a fte r 10 years. No d e b t a t presen t. A ssessed
v alu atio n , $13,235,902.

L e e C o u n ty ( P . O . J o n e s v ille ), V a .— Bonds Voted.— T h e
e le c tio n h e ld N o v . 29 (V . 9 1 , p . 1115) re s u lte d in a v o te o f
1,58 6 to 645 in fa v o r of th e p ro p o s itio n to issu e th e $ 3 5 0 ,0 0 0
ro a d -im p ro v e m e n t b o n d s . D a te o f o ffe rin g n o t y e t d e te r ­
m in e d .
L e x in g to n , F a y e t te C o u n ty , K y .—Bond Sale.— W e a re
a d v is e d t h a t $ 1 6 ,6 7 6 54 6 % L im e s to n e S tr e e t b o n d s h a v e
b e e n a w a rd e d a t p a r a n d a c c ru e d in te r e s t to K e lly B ro s, of
P o r ts m o u th , O h io , th e c o n tr a c to r s w h o c o n s tru c te d t h a t
p a r t of th e s tr e e t fo r w h ic h th e b o n d s w e re iss u e d .
L o n d o n S c h o o l D is tr ic t (P . O . L o n d o n ), M a d is o n C o u n ty ,
O h io .— Bonds Voted.— A n e le c tio n h e ld D e c. 6 re s u lte d , it is
s ta te d , in fa v o r of a p ro p o s itio n to issu e $ 8 0 ,0 0 0 h ig h -sc h o o l
b u ild in g b o n d s .
L o re n a I n d e p e n d e n t S c h o o l D is tr ic t (P . O . L o re n a ) , M e
L e n n a n C o u n ty , T e x .— Bond Sale. — T h e $ 5 ,0 0 0 5 % 2 0 -y e a r
b o n d s re g is te re d b y th e S ta te C o m p tro lle r o n A u g . 8 (V . 9 1 ,
p . 744) w e re so ld o n D ec. 1 to th e S ta te o f T e x a s a t p a r .
D e n o m in a tio n $ 5 0 0 . D a te J u n e 19 1910. I n t e r e s t a n n u a l.
L o w e ll, K e n t C o u n ty , M a s s .— Bond Sale. — D is p a tc h e s
s ta te t h a t o n D e c. 8 $ 2 0 ,0 0 0 4 % 1-10-y e a r (se ria l) c o u p o n
m u n ic ip a l b o n d s w e re a w a rd e d to A . B . L e a c h & C o. o f
B o s to n a t 1 0 4 .0 5 9 .

M in den , K ea rn ey C ou n ty, N e b .—

Bonds Awarded in Part.

— O f th e $ 2 1 ,0 0 0 5 % c o u p o n re fu n d in g w a te r b o n d s o ffere d
o n F e b . 7 a n d d e s c rib e d in V . 9 0 , p . 3 9 1 , $ 2 ,0 0 0 w e re d is ­
p o se d of to lo ca l in v e s to rs a n d $ 1 8 ,0 0 0 w e re e x c h a n g e d fo r
o ld b o n d s a t p a r . :-.! •>;
M ississip p i. — Additional Sales of Bonds. — W e a re a d v is e d
u n d e r d a te of D e c. 5 t h a t “ a b o u t $ 2 7 5 ,0 0 0 ” of th e $ 6 0 0 ,0 0 0
4 % 2 0 -y e a r b o n d s h a v e b e e n d isp o se d o f. T h is m a k e s a
to ta l of a b o u t $ 1 2 1 ,0 0 0 b o n d s so ld sin c e o u r la s t r e p o r t.
S ee V. 9 1 , p . 1278. O u r in fo rm a n t f u r th e r s ta te s t h a t th e re
is a n o p tio n n o w O u ts ta n d in g o n th e u n s o ld p o r tio n o f th e
issu e .
M on rovia , L o s A n g eles C ou n ty, C al.— Bond Offering .—
P ro p o s a ls w ill b e re c e iv e d u n til 5 p . m . D e c . 16 (n o t J a n . 1
1911 a s a t firs t re p o rte d ) b y C . H . R e e d J r . , C ity C le rk , to r
th e fo llo w in g 5 % g o ld c o u p o n b o n d s .

$50,000 w ater-im prov em en t bo nd s. D enom ination $625. M atu rity
$1,250 yearly on J a n . 1 from 1911 to 1950 inclusive.
120,000 sew er-im provem ent bonds.
D enom ination $500.
M atu rity
$3,000 yearly on J a n . 1 from 1911 to 1950 Inclusive.
D ate Ja n . 1 1911. In te re st sem i-annually a t th e C ity T re a su re r’s office
B onds are ta x -ex e m p t. C ertllled check on a b an k in C alifornia for $10 000'
pay ab le to th e C ity T reasu rer, I? req uired .

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
M o n tc la ir, E s s e x C o u n ty , N . J . — Bond Offering.— F u r th e r

d e ta ils a re a t h a n d re la tiv e to th e o ffe rin g o n D e e. 12 o f th e
$ 6 6 ,0 0 0 4 % g o ld re fu n d in g sch o o l (n o t re fu n d in g se w e r)
b o n d s m e n tio n e d in V . 9 1 , p . 1528. P ro p o s a ls fo r th e s e
b o n d s w ill b e re c e iv e d u n til 8 p . m . o n t h a t d a y b y th e T o w n
C o u n c il.

A u th o rity , C h ap ter 101, Law s of 1907. D enom ination $1,000. D ate
D ec. 1 1910. In te re st sem i-annually a t th e B ank of M ontclair In M ont­
clair. M atu rity D ee. 1 1940. Certllled check for 2% of bid, p ay ab le to the
a su re r. Is req uired . O fficial circular sta te s th a t th e re has n ev er
D enom ination $1,000. D ate Deo. 1 1910. In te re st sem i-annu ally a t I ow n a ntre
y defau lt In th e p ay m en t of a n y obligations no r has th e legality of
th e Old C olony T ru st Co. of B oston. Bonds are ta x -ex e m p t In M assa­ been
these bonds ever been question ed . T he v alid ity of th e b o nd s has been a p ­
ch u setts.
proved by H aw kins, DelaOcld & Longfellow of N ew Y ork C ity w ho will
desired, furnish th e ir certlllcate of v alid ity w ith o u t charg e to th e p u r­
L y n n , E s s e x C o u n ty , M a s s .— Bond Sale.— R e p o rts s ta te ifchaser.
will be delivered on or a fte r D ec. 12. S H W enek Is
t h a t $ 1 ,0 0 0 m u n ic ip a l-lo a n a n d $ 8 ,5 0 0 m u n ic ip a l-im p ro v e ­ T ow n T reBaonds
su re r. Liioft

m e n t b o n d s h a v e b e e n a w a rd e d to P e rry , C o ffin & B u rr of
B o s to n a t 1 0 3 .6 2 . D a te O c t. 1 1910. M a tu rity 10 y e a rs .
M c L e a n s b o ro , H a m ilto n C o u n ty , 111.— Bonds Voted.—
R e p o rts s ta te t h a t th e e le c tio n h e ld D ec. 1 re s u lte d in fa v o r
of th e p ro p o s itio n to issu e th e $ 2 0 ,0 0 0 d a m a n d w a te r-w o rk s e x te n s io n b o n d s m e n tio n e d in V . 91 , p . 1468.
M a d is o n , M o rris C o u n ty , N . J .—Bond Offering.— P r o ­
p o s a ls w ill b e re c e iv e d u n til 8 p . m . D ec. 12 (n o t D e c. 9 a s a t
first re p o rte d ) b y th e F in a n c e C o m m itte e fo r $ 1 0 0 ,0 0 0 of a n
a u th o riz e d issu e of $ 1 2 5 ,0 0 0 4 ) ^ % re g is te re d se w e r b o n d s .

D cnom lnutlon $1,000. D ate Ja n . 2 1911. In te re st sem i-annu ally In
M adison. M atu rity Ja n . 1 1941. su b ject to call a fte r Ja n . 1 1921 T he
bonds aro ta x -ex e m p t. S. G. W llllts Is B orough Clerk.

M a ld e n , M id d le s e x C o u n ty , M a s s .— Temporary Loan .—
O n D ec. 6 a lo a n of $ 1 0 0 ,0 0 0 d u e A p ril 10 1911 w a s n e g o tia te d
w ith B la k e B ro s. & C o. of B o s to n a t 3 .6 4 % d is c o u n t a n d
50 c e n ts p re m iu m .



M o n tp e lie r, W a s h in g to n C o u n ty , V t . —Bonds Defeated .—
A p ro p o s itio n to issu e $ 1 0 0 ,0 0 0 sch o o l b o n d s w a s d e fe a te d
a t a n e le c tio n h e ld D e c. 6.
N a s s a u C o u n ty (P . O . F e r n a n d in a ) , F l a . —Certificate Offer­
ing. — P ro p o s a ls w ill b e re c e iv e d u n til D e c. 14 b y th e B o a rd
o f C o u n ty C o m m issio n e rs, W . T h e o . W a a s , C h a irm a n , fo r
$ 4 9 ,3 0 0 0 % ro a d -c o n s tru c tio n c e rtific a te s , b e in g p a r t o f a n
issu e of $ 6 0 ,0 0 0 .

D enom ination $100. In te re st sem i-annual. C ertificates will be Issued
ln eleven scries, pay ab le one series, yearly beginning four years from d a te .

N e p h i, J u a b C o u n ty , U t a h .— Bond Sale. — T h e S ta te of
U ta h p u rc h a s e d la s t m o n th a t p a r th e $ 4 ,0 0 0 w a te r-w o rk s
a n d $ 1 1 ,0 0 0 e le c tric -lig h t 5 % 2 0 -y e a r b o n d s d a te d O c t. 15
1910 a n d m e n tio n e d in V . 9 0 , p . 1508.
N e w b u r y p o r t, M a s s .— Bond Sale. — T h e $ 3 0 ,0 0 0 4 % 1-15y e a r (se ria l) c o u p o n sc h o o l-h o u se b o n d s , d e s c rib e d in V . 9

T H E

1588

C H R O N IC L E

p . 1697, w e re a w a rd e d o n D e c. 6 to P e r r y , C o ffin & B u rr of

B o s to n a t 1 0 2 .8 0 a n d a c c ru e d in te r e s t.
w e re a s fo llo w s:

F . S . M oseley & C o., B oston.102.G 2
N . W . H arris & Co.. B oston 102.52
F irst N at. Blc., N evvburyp’t.10 2.511
H ay d en , S tone & C o., B o ston l02 .4 28
In s t. lor S a v ., N e w b u ry p o rt. 102.40
H . L. D ay & C o.. B o sto n ____102.39
C .M .F arnsw o rth& Co., B o st.102 .33

O th e r b id s re c e iv e d

[Voij. L X X X X l .

Bond Offering.— I t is re p o rte d t h a t p ro p o s a ls w ill b e
re c e iv e d u n til 2 p . m . D e c. 12 b y A . L . B a r b u r , C ity A u d ito r,
fo r $ 1 6 1 ,2 7 6 6 % im p ro v e m e n t b o n d s .

Geo. A . F ern ald & Co., B o st.102 .29
te re st sem i-annual. M atu rity 10 years. C ertified check for 5% Is
E stab ro o k & Co., B o ston ____ 102.28 reqInuired
.
O 'd Colony T r. Co , B o s to n ..102.189
M errill, O ldham & Co., B o s t.102.179
R
a
n
d
c h o o l D is tr ic t (P . O . R a n d o lp h ) , C e d a r C o u n ty ,
K uh n, F isher & Co., B oston .1 02 .1 55 N e b .— Ro olpn hd SSale.—
T h e $ 1 5 ,0 0 0 5 % 1 0 -2 0 -y e a r (o p tio n a l)
B lodget & Co., B o ston_______102.09
A dam s & C o., B o sto n ________ 102.01 c o u p o n s c h o o l-b u ild in g b o n d s d e s c rib e d in V. 9 1 , p . 9 0 0 ,

N e w C a rlis le , C la rk C o u n ty , O h io ,— Bond Sale. — O n h a v e b e e n a w a rd e d to W . E . B a rk le y J r . of L in c o ln a t p a r
D e c . 5 th e $ 2 0 ,0 0 0 5 % c o u p o n w a te r-w o rk s -c o n s tr u c tio n a n d a c c ru e d in te r e s t.
b o n d s d e s c rib e d in V . 9 1 , p . 1528, w e re a w a rd e d to S e a so n Bond Sale.— A . H . M a n n in g , of lle n o , p u r ­
g o o d & M a y e r of C in c in n a ti a t 106.311 a n d a c c ru e d in te r e s t. c h Ra seendo ,o nN Ne vo .—
v . 16 $ 5 ,1 0 7 75 7 % s e p c ia l s tr e e t- im p r o v e m e n t
T h e fo llo w in g b id s w e re re c e iv e d :
Seasongood & M ayer, C ln.$21,262 251 W eil, R o th & Co., C ln— $21,254 00 b o n d s a t p a r a n d $89 3S a c c ru e d in te re s t.
D ate N ov. 30 1910. In te re st an n u ally In S eptem b er. M atu rity p a rt
H ayden,M liler& C o.,C leve. 21,261 25 S. A. K ean & Co., C h ic .. . 21,100 00
B reed & H arrison , C ln
21,255 0 0 1F irst N . B k ., N ew Carlisle 20,600 00 y early on S ep t. 1 for five years.

N e w h a ll S c h o o l D is tr ic t, L o s A n g e le s C o u n ty , C a l.— Bond
R iv e rs id e , R iv e rs id e C o u n ty , C a l.— Bonds Voted.— T h e
Sale. — R e p o rts s ta te t h a t th e $ 6 ,0 0 0 5 % 1 -0 -y e a r (se ria l) e le c tio n h e ld N o v . 25 (V . 9 1 , p . 1279) re s u lte d in fa v o r of th e
sch o o l b o n d s , p ro p o s a ls fo r w h ic h w e re a s k e d u n til O c t. 3
(V . 91, p . 821) w e re so ld o n N o v . 17 to D r. J . H . B u lla rd
fo r $ 6 ,0 0 1 — th e p ric e th u s b e in g 1 0 0 .0 1 6 .
N e w Y o rk C ity .— Bond Sale. — T h e S in k in g F u n d of th is
c ity d u rin g N o v e m b e r p u rc h a s e d a t p a r th e b o n d s g iv e n
h e re w ith :
A m o un t.

p ro p o s itio n to issu e $ 3 0 ,0 0 0 F a ir m o u n t P a r k a n d $ 2 0 ,0 0 0
tire -d e p a r tm e n t 4 % % 1 -2 0 -y e a r (se ria l) im p ro v e m e n t b o n d s .
T h e v o te fo r th e fire b o n d s w a s 1,43 8 to 374 a n d th e p a r k
b o n d s 1,30 4 to 4 9 6 . P ro p o s a ls fo r th e s e b o n d s w ill b e
o p e n e d , w e a re a d v is e d , a b o u t M a rch 1 19 11.
R o m e , O n e id a C o u n ty , N . Y .— Bonds Awarded in P art .—
In t. Rate. M atu rity.
P urpose—
$255,700 W e a re a d v is e d t h a t $ 4 0 ,0 0 0 4 % F is h C re e k w a te r b o n d s
1959
...
3
V arious m unicipal p u rp o se s. .
3,000,000 o ffe re d o n D e c. 1 w e re d is p o s e d of to lo ca l p r o p e r ty o w n e rs
1959
___ 3
W a te r b o n d s_________________
1.000
___ 4
1959
R a p id tra n sit b o n d s--------------a t p a r.
T o t a l .....................................
$3,256,700
D enom ination $1,000. D ate D ec. 1 1910. In te re st Ja n u a ry a n d Ju ly .
M atu rity Dec. 1 1930.
T h e fo llo w in g re v e n u e b o n d s (te m p o r a r y s e c u ritie s ) w e re
a lso issu e d d u rin g N o v e m b e r:
R u s h v ille , R u s h C o u n ty , I n d . — Bond Sale. — O n D e c. 1
Interest.
A m o u n t.
R evenue bonds, c u rre n t exp en ses---------------------------- 5
$5,000,000 S it),00 0 6 % w a te r-w o rk s b o n d s w e re a w a rd e d to th e M e y e rR evenue bonds, c u rre n t exp enses___________________ 4M
1.600,000 K ise r B a n k in In d ia n a p o lis a t 111. O th e r b id s re c e iv e d
R evenue bonds, c u rre n t exp en ses----------6,002,252
5,000,000 w e re a s fo llo w s:
R evenue bonds, c u rre n t exp enses........ ............................. 4
J . F . W ild A C o., In d ia n a p .-$ 1 1 ,0 501Seasongood A M ayer, C ln ..$10,808
R evenue bonds, s p e c ia l------------------------150.000
R evenue bouds, s p e c ia l____________________________
4
290,000 M iller, A dam s A Co., I n d . . 10,955 S. A . K ean, C hicago________10,805
F letcher A m . N a t. B k ., In d . 10,940 III. M. L ukens & Co_________ 10,400
T o tal ______________ ____ __________________________________
$18,042,252 Breed & H arrison , C lncln... 10 ,810 |W . W . W inslow ___________ 10,300
D enom ination $1,000. D ate N ov. 15 1910. In te re st sem i-annual.
N o rw o o d , H a m ilto n C o u n ty , O h io .— Price Paid for Bonds.

— W e a re a d v is e d t h a t th e p ric e p a id fo r th e $ 5 ,8 4 7 18 4)/o %
B u rw o o d A v e n u e im p ro v e m e n t b o n d s , a w a rd e d o n N o v . 28
to th e G e rm a n N a tio n a l B a n k of C in c in n a ti (V . 9 1 , p . 1529)
w a s $ 5 ,9 4 2 18 o r 1 0 1 .6 2 4 . D a t/1 N o v . 2 1910. I n te r e s t
a n n u a l. M a tu rity p a r t y e a r ly fro m o n e to te n y e a rs .
O k tib b e h a C o u n ty R o a d D is tr ic t N o . 1 (P . O . S ta rk v ille ),
M is s .— Bond Sale. — T h e $ 2 0 ,0 0 0 5 % 1 1 -2 0 -y ea r (se ria l)
ro a d -im p ro v e m e n t b o n d s o ffered w ith o u t su c ce ss o n N o v . 7
(V . 91 , p . 1529) w e re so ld o n D e c. 5 to A . J . H o o d & C o. of
D e tro it a t 1 0 0 .5 3 . D e n o m in a tio n $ 5 0 0 . D a te O c t. 3 1910.
I n t e r e s t s e m i-a n n u a l.
O ttu m w a , W a p e llo C o u n ty , I o w a .— Bond Sale.— O n D e c. 1
th e $ 2 7 5 ,0 0 0 (n o t $ 1 7 5 ,0 0 0 a s a t first re p o rte d ) 5 % w a te r ­
w o rk s b o n d s v o te d o n N o v . 22 (V . 9 1 , p . 1529) w ere
a w a rd e d to th e P u b lic W a te r C o. a t p a r .
D enom inations: 212 bonds of $1,000 each an d 330 bonds of $100 each.
In te re st Ju n e and D ecem ber.

S a lt L a k e C ity S c h o o l D is tr ic t (P . 0 . S a lt L a k e C ity ), S a lt
L a k e C o u n ty , U t a h .— Bond Sale. — T h e $ 4 5 0 ,0 0 0 4 % b o n d s ,
th e u n s o ld p o rtio n of th e issu e of $ 7 0 0 ,0 0 0 m e n tio n e d in
V . 91 , p . 7 4 6 , h a v e b e e n d isp o se d o f. W e a rc a d v is e d t h a t
$ 4 1 0 ,0 0 0 of th e s e b o n d s w e re a w a rd e d o n N o v . 18 to M cC o rn ic k & C o. of S a lt L a k e C ity a t 9 5 % , w h ile th e re m a in in g
$ 4 0 ,0 0 0 w e re e x c h a n g e d a t p a r fo r a h ig h -sc h o o l s ite .
S a n M a te o H ig h S c h o o l D is tr ic t (P . O . S a n M a te o ), S a n
M a te o C o u n ty , C a l.— Bonds Voted.— A c c o rd in g to re p o rts , a n
e le c tio n h e ld re c e n tly re s u lte d in a v o te of 39 0 “ f o r ” to 124
“ a g a in s t” a p ro p o s itio n to issu e $ 5 0 ,0 0 0 h ig h -s c h o o l-c o n ­
s tr u c tio n b o n d s .
S a n S a b a C o u n ty (P . O . S a n S a b a ) , T e x .— Bonds Not Sold.
— U p to N o v . 28 th e $ 7 5 ,0 0 0 5 % 1 0 -4 0 -y e a r (o p tio n a l)
c o u rt-h o u s e -c o n s tru c tio n b o n d s o ffe re d o n N o v . 1 a n d d e ­
s c rib e d in V . 9 1 , p . 1200, h a d n o t b e e n so ld ! T h e s e b o n d s
w e re re g is te re d o n N o v . 3 b y th e S ta te C o m p tro lle r.
S c h e n e c ta d y , N . Y .—Certificate Sale. — O n D e c. 2 th e
$ 1 0 0 ,0 0 0 c e rtific a te s d u e M a rch 1 1911 a n d d e s c rib e d in
V. 9 1 , p . 1469, w e re p u rc h a s e d b y th e A lb a n y S a v in g s B a n k
of A lb a n y a t p a r fo r 4 .4 0 s T h e o th e r b id d e rs w ere:

P e c o s , R e e v e s C o u n ty , T e x .— Bond Election Postponed .—
T h e e le c tio n w h ic h w a s to h a v e b e e n h e ld D ec. 3 to v o te on
th e q u e s tio n of issu in g th e $ 2 5 ,0 0 0 sew era g e b o n d s m e n ­
tio n e d in V. 9 1 , p . 1200, w a s p o s tp o n e d .
P e r r y , D a lla s C o u n ty , I o w a .— Bond Sale.— A rra n g e m e n ts Boiicl & G oodw in, New Y ork— $11 prem ium for 4.50**.
h a v e b e e n m a d e w ith W m . H o n a b in , c o n tr a c to r , fo r th e K ountze B ros., New Y ork— P a r for 4.50 per cents
d isp o sa l of “ a b o u t $ 8 0 ,0 0 0 ” 6 % p a v in g b o n d s a t p a r in W indsor T ru st Co., New Y ork— P a r for 4 SA per cents.
S e a ttle , W a s h .— Bond Sales for November.— T h e fo llo w in g
p a y m e n t fo r w o rk d o n e .
D enom ination S500. In te re st an n u ally on A pril 1. M atu rity p a rt b o n d s , a g g re g a tin g $ 2 2 7 ,9 0 7 9 0 , w e re d is p o s e d of d u rin g
yearly from 1911 to 1917 Inclusive, being su b ject to call on A pril 1 In any N o v e m b e r:
y ear, if assessm ents are paid In adv an ce.
M a tu rity.
A m o un t—
P urpose.
P h o e n ix U n io n H ig h S c h o o l D is tr ic t, M a ric o p a C o u n ty , $1,821
N ov. 18 1015
7 2 .....................G radin g_____________
.N ov. 11 1915
2 1 -------------------G rade and c u rb __
A r iz .— Correction.— W e a re a d v is e d t h a t th e $ 1 5 0 ,0 0 0 b o n d s 7,939
N ov. 11 1915
2,766 61.......................W a te r-m a in ________
re c e n tly so ld to W o o d in , M c N e a r & M o o re of C h icag o c a rry 23,713
N ov. 11 1920
54...................... P aving ..................... ..
N ov. 12 1920
0 3 ___________P a v in g _____________
4 1 4 % in te r e s t a n d n o t 5 % a s re p o rte d la s t w e ek , V . 91 , p . 32,640
.
N
o v . 12 1915
8,716
53..............
G
rade
and
c
u
rb
--1529.
N ov. 12 1915
10.014 31 -----------------S e w e r --------------------N
o v .14 1915
0,145
23
___________
S
id
e
w
a
lk
....................
P i tt s b u r g h , P a . — H ila n d S u b -S c h o o l D i s tr i c t .— Price Paid 14,831 9 4 .......................Sew er ............................
N ov. 14 1915
for Bonds.— W e a re a d v is e d t h a t th e p ric e p a id fo r th e $ 2 5 0 ,­ 13,246
N o v .14 1915
66___________W a te r-m a in ------------N ov. 14 1015
54.........................G rade and c u rb --00 0 4 % % 2 0 -2 9 -y e a r (se ria l) b o n d s a w a rd e d o n N o v . 30 to 1,365
.N ov. 14 1915
1,571 95 ____________ G rade and c u rb --th e C o m m o n w e a lth T r u s t C o. of P itts b u r g h (V . 9 1 , p . 1529) 30,750
N ov. 14 1915
55.................... ..G ra d e and c u rb __
N ov. 17 1915
4 0 .......................S idew alk___________
w a s 1 0 4.511 a n d in te r e s t— a b a s is of a b o u t 4 .2 0 4 % . T h e 6.277
.N o \. 17 1015
1,493
0
3
___________
Sidew
alk
___________
.N ov. 17 1915
fo llo w in g b id s w e re a lso re c e iv e d :
3,899 24__________ W a te r-m a in ________
J.S .& W .S .K u h n .In c., P itts . 104.293
Safe D ep. & T r. Co. of P itts . 104.067
D rcxel & Co., P h ila d e lp h ia .. 104.067
N . W . H arris & Co.. N. Y__ 103.709
L aw rence B arnum A C o.,N .Y 103.433
U ssing. Scovllle & Co., P itts. 103.29
A bid w as also received from E . S.

B ank of P ittsb u rg h , N . A ___103.20
Bar*-, L ynn & Co., P itts ____103.10
D ollar S av. B k .. P itts b u r g h .103.08
F arson, Son & Co., N . V ____103.02
W ash’ton In v . Co., P lttsb _ .1 0 2 .3 0
Mellon N a t. B k ., P itts b u r g h .101.60
W heeler of P ittsb u rg h .

5,071
12.888
9,181
32,703
969

8 4 __________ W a te r-m a in ________
08 .......................S e w e rs_____________
43 ........ .............. C urb and p a v in g ...
02 ___________W a te r-m a in ________
14___________S e w e rs______________

.N ov. 17
.N o v .18
.N o v .25
.N o v. 25
.N o v .28

1915
1915
1015
1915
1915

T h e firs t-m e n tio n e d issu e c a rrie s 6 % in te r e s t a n d th e
re m a in in g issu e s c a rry 7 % in te r e s t. T h e b o n d s a re d a te d
o n d iffe re n t d a y s in N o v . 1910 a n d a re all s u b je c t to call a f te r
one y e ar.
S e n e c a C o u n ty (P . O. W a te r lo o ), N . Y .— Bond Offering .—
P ro p o s a ls w ill b e re c e iv e d u n til 2 p . m . D e c. 10 b y F . G .
D enom ination $1,000. D ate M ay 1 1910. M atu rity $1,000 yearly on S m ith , C o u n ty T re a s u re r, fo r $ 1 7 ,7 8 0 g o o d ro a d s b o n d s .
M ay 1 from 1931 to 1950 Inclusive.
A u th o rity C hapter 115, Law s of 1898. D enom ination 52,222 50. D ate
15 1910. In te re st sem i-annually (rate to be nam ed In bid) a t th e
P o r tla n d , O re .— Bond Sale. — W e a re a d v is e d t h a t th e CDec.
ounty T reasu rer’s office. M atu rity $2,222 50 yearly from 1911 to 1918
a m o u n t of 6 % 1 0 -y e a r im p ro v e m e n t b o n d s p la c e d o n N o v . 21 Inclusive. Certl.'led check for 5% of bid, pay ab le to th e C ounty T reasurer,
uired T otal d e b t, Including th is Issue, $31,855 56. A ssessed v alu a­
(V . 9 1 , p . 1529) w a s $ 4 7 5 ,5 2 7 2 1 . T h e s e c u ritie s w e re Istionreq1909,
$15,455,275.
d is p o s e d of a s follo w s:
y , G re e n w o o d C o u n ty , K a n .— Bonds Awarded in Part.
$100,000 to H oehler A C um m ings of T oledo a t 100.0675; $3,000 to — SR eevpeorrts
s ta te t h a t $ 3 ,0 0 0 o f th e $ 8 ,0 0 0 5 % 1 5 -y e a r c o u p o n
H op kln Jen k in s a t 100.125; $10,000 to E \ D . Rood a t 100.25: $2,000 to
A . L. K eenan a t 100.25: $1,500 to C. E cks a t $100.50: S4.500 to N . G. e le c tric -lig h t b o n d s o ffered o n N o v . 22 a n d d e s c rib e d in
P a tte rso n a t 100 50 and the follow ing aw ards a t par; $30,000 to th e H ibernia V . 9 1 , p . 1280, w e re a w a rd e d to lo ca l p a rtie s .
S avings B ank of P o rtland : $15,000 to th e S candlnavlan-A m crlcan B ank of
P o rtla n d : $5,000 to W . L. Page: $2,500 to A . H . M aegly; $10,000 to M orris
S n o h o m is h C o u n ty (P . O . E v e r e t t) , W a s h .— Bond Sale .—
Bros, of P o rtla n d : $75,000 to th e L 'nlted S ta te s N ational B ank of P o rtla n d ;
$15 000 to D. W ennerberg: $1,000 to G. F . S. K uinm erer; $2,000 to Isaiah O n N o v . 28 $ 1 0 0 ,0 0 0 5 % re fu n d in g b o n d s w e re a w a rd e d
Buc’km an; $500 to E. S. McCoy; $122,000 to W . F . W hite; $2,500 to A be
T Ichner and $74,027 21 to th e C ity T reasurer In tru st for fund s of th e c ity . to E . H . R o llin s & S o n s of C h ic ag o a t 1 0 3 .3 7 5 . O th e r
b id d e rs w e re a s follow s:
P u rchasers to p ay accrued Interest.
-j

P le a s a n to n , A la m e d a C o u n ty , C a l.— Bond Sale. — D u rin g
th e m o n th of N o v e m b e r th e $ 2 0 ,0 0 0 4 % % w a te r-w o rk s
b o n d s (th e u n s o ld p o rtio n of th e issu e of $ 4 0 ,0 0 0 b o n d s m e n ­
tio n e d in V . 9 1 , p . 1051) w e re p u rc h a s e d b y th e S ta te of
C a lifo rn ia a t 1 0 0 .1 0 .




Deo. 10 1910.|

T H E

C H R O N IC L E

ieasongood St Uaycr, Cln-->102,S80 Thos.
ParsonJ. Son
& Co., Chlcago->101,5*5
Bolder
Co.. Chicago 101,051
Harris Tr. & Sav . Bk.. C hio. 102.528 First National
Bank. Ever­
W o o d l n , U cN ear it M oore,
ett
.............................. 100.300
Chicago
______ ___________ 1 0 2 , 3 7 5
A bid was"alsV reoe'lved'from the State of'Washlngton at par for bonds
subject to call after one year. Denomination >1,000. Interest annual.
Bonds are subject to call after 10 years.
S o m e rse t, S om erset C ou n ty , P a . — Bonds Voted. — A n
e le c tio n h e ld N o r . 20 re s u lte d in fa v o r of a p ro p o s itio n to
issu e $ 2 5 ,0 0 0 w a te r-s y s te m -im p ro v e m e n t b o n d s . T h e v o te
is re p o rte d a s 25 7 to 06 .
S p aldin g C o u n ty ( P . O . G riffin ), G a . — Bonds Validated .—
I t is s a id t h a t th e p a p e rs v a lid a tin g th e $ 8 0 ,0 0 0 5 % 0 -2 5 -y e a r
(se ria l) g o ld c o u p o n c o u rt-h o u s e -e re c tio n b o n d s v o te d o n
N o v . 8 (V . 9 1 , p . 1402) h a r e b e e n sig n e d b y J u d g e R e a g a n .
S p ok an e, W a s h . — Bond Sale. — L o cal p a p e rs s ta te t h a t
$ 5 1 2 ,0 0 0 p a v in g b o n d s w ore d isp o se d of o n N o v . 29 to th e
J . F . H ill P a v in g C o. in p a y m e n t fo r w o rk d o n e .
S p rin g field , G reeno C ou n ty, M o . — Bonds Defeated. — T h e
e le c tio n h e ld D ec. 5 re s u lte d in d e fe a t of th e q u e s tio n of is­
s u in g th e $ 1 7 5 ,0 0 0 p u b lic -im p ro v e m e n t b o n d s m e n tio n e d in
V. 9 1 , p . 1470.
S ta ffo rd , S ta ffo rd C o u n ty , K an .—Bond Offering— P r o ­
p o sa ls w ill be re c e iv e d u n til 8 p . in . D e c. 20 b y G . A . M ikesell, C ity C le rk , fo r th e $ 8 0 ,0 0 0 w a te r-w o rk s -s y s te m c o m ­
p le tio n a n d $ 2 5 ,0 0 0 e le c tric -lig h t-s y s te m p u rc h a s e 5 %
b o n d s v o te d o n N o v . 15 (V . 9 1 , p . 1170).
Interest semi-annually through the fiscal agency of the State of Kansas.
Maturity 20 years, subject to call after 10 years. Certified cheek for 2%
of bid Is required.
S ta m fo r d , J o n e s C o u n ty . T e x .— Bonds to be Offered Shortly.
— W e a re a d v is e d t h a t th e $ i0 ,0 0 0 p a v in g b o n d s v o te d o n
S e p t. 20 (V . 9 1 , p . 9 0 1) w ill b e o ffere d fo r sa le in th e n e a r
f u tu re .
Stiiw ell, A d a ir C ou n ty, O k la . — Bonds Voted. — T h e e le c ­
tio n h e ld N o r . 29 (V . 9 1 , p . 1470) re s u lte d in a v o te of GO
“ fo r " to 10 “ a g a in s t" a p ro p o s itio n to issu e $ 4 5 ,0 0 0 6 %
e le c tric -lig h t-p la n t a n d w a te r-w o rk s -c o n s tru c tio n b o n d s .
M a tu rity 1930.
S to w T o w n sh ip (P . O. C u ya h oga F a lls ), S u m m it C ou n ty ,
O hio. —
.— O n D oc. 5 th e $ 8 ,0 0 0 4 > £ % c o u p o n

Bond Sale

ro a d -im p ro v e m e n t b o n d s d e s c rib e d in V . 9 1 , p . 1345, w e re
a w a rd e d to H a y d e n , M iller & C o. of C le v e la n d a t 10 1.35
a n d a c c ru e d in te r e s t. T h e fo llo w in g b id s w e re re c e iv e d :

Havdcn, Miller & 0o.,Qlev->8,t08 OOlSeasongood & Mayer, Cln_>8,051 00
8,100 64 Well, Roth Sc Co.. CIn___ 8,010 00
Staov
Braun,
Toledo___
Barto, &Scott
& Oo.,
C olura. 8,074 00|New First N. Ilk., Colum.. 8,038 50
Date Deo- 3 191*. Maturity >1,000 yearly on Oct. 1 from 1912 to 1919
Inclusive. Bonded debt, Inoludlng this Issue, >22,000. No lloatlng debt.
Assessed valuation In 1910, >807,810.
S u m m it C ou n ty (P . O. A k r o n ), O hio.— Bond Offering .—
P ro p o s a ls w ill b o re c e iv e d u n til 11 a . m . D e c. 22 b y th e
B o a rd o f C o u n ty C o m m issio n e rs, C h a rle s L . W ir th , C le rk ,
fo r th e fo llo w in g 4 Jd j% c o u p o n ro a d -im p ro v e m e n t b o n d s :
>97,000 assessment bonds. Maturity $16,000 yearly on Oct. 1 from 1911
to 1915 lnoluslve and >17,000 Oct. 1 1916 Inclusive.
248,000 county's portion bonds. Maturity >25,000 yearly on Oct. 1 from
1912 to 1920 tnoluslve and >23,000 Oot. 1 1921.
Authority Sections 2294-2295 and 6913 of the General Code. Denomina­
tion >1,000. Date Deo. 32 1910. Interest April 1 and Oot. 1 at the
County Treasurer’s offloe. Ccrtillcd check for 5% of bonds bid for. pay­
able to the County Treasurer, Is required. Purchaser to pay accrued
Interest.

1589

T w in s b u rg T o w n s h ip (P . O. T w in s b u rg ), S u m m it C ou n ty,
O h io. —
— O n D e c . 7 th e $ 7 ,0 0 0 4 ) ^ % c o u p o n

Bond Sale.

ro a d -im p ro v e m e n t b o n d s d e s c rib e d in V . 9 1 , p . 1470, w e re
a w a rd e d to O tis & H o u g h of C le v e la n d a t 1 0 0 .9 0 , a c c ru e d
in te r e s t a n d b la n k b o n d s . T h e o th e r b id s re c e iv e d w e re a s
follo w s:

Rodgers <5o Son, Ch. Falls._*>7,087|Seasongood & Mayer, Clm__ >7,055
* Bid was not marked “Proposals for bonds.”
Maturity >1,000 yearly on Oot. 1 from 1912 to 1918 Inclusive.
U n ion C ou n ty (P . O. M a ry s v ille ), O h io.— Bond Offering .—
I n a d d itio n to th e $ 3 0 ,0 0 0 5 % c o u p o n g ra v e l a n d s to n e ro a d
b o n d s to b e o ffere d a t 12 m . to -d a y (D e c . 1 0 ), p ro p o s a ls w ill
a lso b e re c e iv e d a t th e s a m e tim e a n d p la c e b y B e r t. J .
S h e lto n , C o u n ty A u d ito r, fo r $ 4 8 ,0 0 0 5 % c o u p o n d itc h c o n s tru c tio n b o n d s .
Authority Section 6489, General Code. Denomination $500. Date
Dec. 1 1910. Interest semi-annually at the County Treasurer’s office.
Maturity > 1,000 each six months from June 1 1911 to Dec. 1 1916 Inclusive.
Certitied check for SI.000 Is required. Bidders must satisfy themselves
as to the legality of bonds before bidding. Bids must be unconditional and
made on blank forms furnished by the Auditor.
U p lan d S ch ool D is trict, San B ernardino C ou n ty, C a l.—

Bond Election Proposed.— R e p o r ts s ta te t h a t th e B o a rd of

E d u c a tio n p ro p o s e s to call a n e le c tio n to v o te o n th e q u e s tio n
of issu in g $ 7 5 ,0 0 0 P o ly te c h n ic -h ig h -s c h o o l b o n d s .
V ern on , W ilb a rg er C ou n ty , T e x a s .— Bond Offering .—
P ro p o s a ls w ill b e re c e iv e d a t a n y tim e fo r $ 9 ,0 0 0 w a te r-w o rk s e x te n s io n a n d $ 3 ,0 0 0 s e w e r-e x te n sio n 5 % c o u p o n b o n d s
d e s c rib e d in V . 91 , p . 9 0 1 .

Denomination >500. Date Oct. 1 1910. Interest semi-annually In
Vernon or. If held by the State. In Austin. The bonds are tax-exempt.
Maturity 40 years, subject to call after 10 years. Bonded debt, including
these Issues, >58,000. Floating debt, >9,240 85. Assessed valuation for
1910, >2,112,412.
V irgin ia B ea ch , P rin cess A n n e C ou n ty , V a . — Bond Elec­
tion.— A le tte r re c e iv e d b y u s o n D e c. 7 s ta te s t h a t a n e le c tio n
w o u ld b e h e ld “ in a b o u t t h ir t y d a y s ” to v o te on th e q u e s tio n
of iss u in g b o n d s .
W a lw o rth , W a lw o rth C ou n ty , W i3 .— Bond Sale. — O n
D e c. 5 th e $ 1 8 ,0 0 0 5 % w a te r-w o rk s -c o n s tr u c tio n b o n d s
o ffere d o n t h a t d a y a n d d e s c rib e d in V . 9 1 , p . 1530, w e re
a w a rd e d to U le n & C o. of C h ic ag o a t 1 0 2 .5 6 3 a n d a c c ru e d
in te r e s t. T h e fo llo w in g b id s w e re re c e iv e d :
U'cn & Co., Chicago......... >18,461 501 John Nuveen & Co.. Chic.>18.054 00
Farson, Son & Co., Chic.. 18,227 OOIS. A. Kean & Co., Chicago 18,000 00
C. If. Coffin, Chicago___ 18,201 001Walworth State Bank.
I Walworth _____________ 18.000 00
Maturity >500 yearly from 1916 to 1919 Inclusive, 51,000 yearly from
1920 to 1923 Inclusive and $1,500 yearly from 1924 to 1931 Inclusive.
W a sh in g to n C. H ., F a y e tte C ou n ty, O hio.— Bond Sale .—
R e p o rts s ta te t h a t a n issu e o f $ 2 ,0 0 0 4 % s tr e e t-im p ro v e m e n t
b o n d s w a s so ld o n N o v . 30 to th e P e o p le ’s & D ro v e rs ’ B a n k of
W a s h in g to n C . H . a t 10 0 .6 0 a n d a c c ru e d in te r e s t.
W a te rto w n , M id dlesex C ou n ty, M a ss.—

Bond Offering.—

P ro p o s a ls w ill b e re c e iv e d u n til 3 :3 0 p. m . D ec. 12 b y H . W .
B rig h a m , T o w n T re a s u re r, fo r th e fo llo w in g 4 % cou p on highsch o o l b o n d s .
>95,000 bonds dated April 1 1910. Maturity >5.000 yearly on April 1
from 1911 to 1929 Inclusive.
20.000 dated Nov. 1 1910. Maturity >2,000 yearly on Nor. 1 from 1911
to 1920 Inclusive.
Denomination $1,000. Interest semi-annually at the Fourth National
S w eet G rass C ou n ty (P . O. B ig T im b e r), M o n t.— Bonds Bank In Boston. Bonds are exempt from taxation In Massachusetts and
will be certified as to genuineness by the Old Colony Trust Co. In Boston,
Not Sold. — W e a re a d v is e d u n d e r d a te of N o v . 29 t h a t n o which
will further certify that the legality of the bonds has been approved
a w a rd w a s m a d e o n N o r . 12 of th e $ 8 5 ,0 0 0 4 ) ^ % 1 5 -2 0 -y e a r by Storey. Thorndike. Palmer & Dodge of Boston. Bonds will be ready
(o p tio n a l) g o ld c o u p o n re fu n d in g b o n d s d a te d J a n . 1 1911 for delivery about Dec. 13. Purchaser to pay accrued Interest.
W a u k on , A llam akee C ou n ty, I o w a .— Bond Offering. —
a n d d e s c rib e d in V . 9 1 , p . 1052. O u r in f o r m a n t f u r th e r
P ro p o s a ls w ill b e re c e iv e d b y T . B . S to c k , M a y o r, fo r $ 5 ,0 0 0
s ta te s t h a t th e s e b o n d s w ill b e re -o ffe re d n e x t s p rin g .
T a co m a , W a s h .— Bond Sale. — O n D ec. 8 th e $ 4 0 5 ,0 0 0 5 % sew er b o n d s . T h e s e s e c u ritie s a r e p a y a b le from a
2 0 -y e a r g o ld c o u p o n (w ith p riv ile g e of r e g is tra tio n ) p u b lic - sp e cial ta x a n d a re e x e m p t fro m t a x a tio n .
W a y n e C ou nty (P . O. D e tr o it), M ich .— No Action Yet
w h a rf a n d d o c k b o n d s d e s c rib e d in V . 9 1 , p . 1530, w e re
a w a rd e d to B lo d g o t & Co-, a n d R . L . D a y & C o ., b o th of Taken.— T h e D e p u ty C o u n ty C lerk w rite s u s, u n d e r d a te of
D ec. 2 , t h a t n o a c tio n h a s y e t b e e n ta k e n lo o k in g to w a r d s th e
B o sto n , a t 1 0 2 .0 8 8 fo r 4 > ^s— a b a s is of a b o u t 4 .3 4 3 % .
T a y lo r C ou n ty (P . O . A b ile n e ), T e x . — Bond Sale. — W e a re is s u a n c e of th e $ 2 ,0 0 0 ,0 0 0 g o o d -ro a d b o n d s v o te d (V . 9 1 ,
a d v is e d t h a t th e $ 1 5 0 ,0 0 0 P re c in c t N o . 1 m a c a d a m -ro a d p . 1346) o n N o v . 8 . H e f u r th e r s ta te s t h a t n o th in g w ill b e
b o n d s v o te d o n S e p t. 17 (V . 91 , p . 823) h a v e b e e n “ c o n d i­ d o n e fo r so m e tim e to c o m e.
W e stfie ld , U n ion C ou n ty , N . J .— Bond Offering.— P ro p o s ­
tio n a lly s o ld ."
T h orn w oll D rain age D istrict N o. 1, C alcasieu P a rish , L a . a ls w ill b e re c e iv e d u n til 8:15 p . m . J a n . 3 1911 fo r th e fo l­
—Bond Offering.— P ro p o s a ls w ill b e re c e iv e d u n til 2 p . m . lo w in g c o u p o n (w ith p riv ile g e of re g is tra tio n ) b o n d s :
J a n . 10 1911 b y E lm a r B a k e r, S e c re ta ry (P . O . L a k e A r th u r ) , >40,000 5% sewer, sidewalk and read bonds. Maturity >4,0*6 yearly on
Jan. 3 from 1912 to 1921 Inclusive.
fo r $ 3 0 ,0 0 0 5 % im p ro v e m e n t b o n d s . C e rtifie d c h e c k fo r
4 4$% North Main Sewer bonds. Maturity Jan. 3 1*21.
$ 1 ,0 0 0 , p a y a b le to th e S e c re ta ry , is re q u ire d . B o n d s a re 16.000
Denomination $1,000. Date Jan. 3 1*11. Interest sem i-a n n u a l.
Eioyd Thompson is Town Clerk.
s e c u re d b y a tw e n ty -y e a r a n n u a l a c re a g e t a x of 2 5 c. o n
The official notice of this bond offering teill be found among
11 ,7 00 a c re s of fa rm la n d .
T o le d o , O h io .—Bond Sale.— O n D e c. 7 th e $ 2 0 0 ,0 0 0 4 % the advertisements elsewhere in this Department.
1 3 -16 -y e a r (se ria l) w a te r-w o rk s -im p ro v e m e n t b o n d s d e ­
W ich ita , S ed g w ick C ou n ty , K a n . —Bonds Authorized .—
sc rib e d in T . 91 , p . 1280, w ere a w a rd e d to O tis <fc H o u g h of O rd in a n c e s h a v e b e e n p a s s e d p ro v id in g fo r th e issuance of th e
G lo v elan d a n d S eason ,g ood & M a y e r of C in c in n a ti a t 1 0 0 .1 0 5 fo llo w in g 5 % c o u p o n -im p ro v e m e n t b o n d s .
a n d a c c ru e d in te r e s t. T h e fo llo w in g b id s w ere re c e iv e d :
>4,397 40 Vlotoria Place Avenue bonds. Denomination >509, exeept one
bond of >250 and ene of >147 40. Maturity >147 40 Nov. 1
Otis Sc Hough, Cleveland, and Seasongood St Mayer. Cincinnati.>200,311 50
Hayden & Miller, Cleveland____________
______________a o o ,1 8 3 00
1 11. >250 Nov. 1 1*12 and >»00 yearly on Nov 1 from 1913
Stacy St Braun, Talado........................................................................... 209.1J1 75
to
1920 Inclusive.
Hochlcr Sc Cumminga, Toledo_______
_______ _
par 11,300 42 North
Mdln Street bond*. Denomination $1,009, exeept one
bond of >300 42. Maturity >300 42 Nov. 1 1911, $1,000 yearly
T u rtle Creek, A lleg h en y C ou n ty , P a . —Bond Offering .—
on Nov. 1 from 1912 to 1914 Inclusive, $2,00a Nov. 1 1915,
>1.000 yearly on Nov. 1 from 191* to 1919 lnelusive and >2.000
Proposals will be received until 12 m . D oc. 19 b y Jam es
Nov. 1 1920.
3,740 02 Elizabeth Street bonds Denomination >40*. except ene bond
Strang, Chairm an o f Finance C om m ittee, for $30,000 4><*%
of >140 02. Maturity >140*2 Nor. 1 1*11 and >400 yearly
on Nov. 1 from 1*12 to 192* lnelusive.
co u p o n street-im provem en t b on d s.
Date
Nov.
1 1910. Interest semi-annually at the fiscal agsnsy of Kansas
Denomination >1,000. Dat* Nov. 1 ltio. Interest semi-annual.
Maturity >1,000 yearly en Nov. 1 from 1915 to 193# Inclusive and $2,000 la Topeka.
yearly on Nov. 1 Irene 1937 to 1940 Inclusive. Bonds are exempt from
W ich ita F a lls, W ic h ita C o u n ty , T e x . — Bond Election Pro­
State tax. Certified eheck en a natlenal bank far >1,000 Is required.
posed .— T h e C ity Council has been petitioned to call an eleo-

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.




tion to v ote on the qu estion o f issuing $00,000 street-p a y in g
b on d s.

1590

T H E

VOL LXXXX1.

C H R O N IC L E

W illo w , G le n n C o u n ty ,,C a l.— Bond Election.— W e a re a d ­ b e in g o ld issu e s w h ic h h a v e b e e n h e ld b y th e S in k in g F u n d
v ise d t h a t th e p ro p o s itio n s to iss u e th e $ 2 5 ,0 0 0 c ity -h a ll, a s in v e s tm e n ts :
$ 5 ,0 0 0 c ity -h a ll-s ite a n d $ 1 0 ,0 0 0 fire -e n g in e -h o u s e a n d a p ­ $15,000 w ater-w o rk s-extcn slon bonds. D enom ination $1,000. D ate F eb.
p a r a tu s 5 % 1 -4 0 -y e a r (s e r ia l) b o n d s m e n tio n e d in V . 9 1 ,
29 1908. M atu rity $2,000 yearly on O ct. 1 from 1920 to 1925 In­
clusive a n d $3,000 on O ct. 1 1926.
p . 8 2 5 , w ill b e v o te d u p o n o n D e c . 12.
p ro v em en t (city’s portion) bonds. D enom inations $1,000
W o o s te r , W a y n e C o u n ty , O h io .— Bond Sale. — O n D e c. 3 16,500 andstreet-im
$500. D ate A pril 1 1910. M atu rity $500 on O ct. 1 1911 and
$4,000 yearly on O ct. 1 from 1912 to 1915 Inclusive.
th e $ 5 ,0 0 0 4 % 1 0 -y e a r c o u p o n w a te r-w o rk s -s ite b o n d s ,
2.200 street-im p ro v em en t (city’s portion) bonds. D enom inations $1,000
d e s c rib e d in V. 9 1 , p . 1531, w e re a w a rd e d to th e C itiz e n s
a n d $100. D ate A ug. 16 1909. M atu rity O ct. 1 1011.
1.800 street-im p ro v em en t (city’s portion) bonds. D enom inations $50#
N a tio n a l B a n k in W o o s te r a t p a r a n d a c c ru e d in te r e s t.
a n d $400. D ate F eb. 1 1907. M atu rity $900 on O ct. 1 In each
A c o n d itio n a l b id o f p a r a n d i n te r e s t w a s a ls o re c e iv e d fro m
of th e years 1911 a n d 1912.
S e a so n g o o d & M a y e r of C in c in n a ti.
1,115 street-im p ro v em en t (city ’s portion) bonds. D enom inations $1,009
a n d $115. D ate M arch 1 1907. M aturity $1,000 on O ct. 1 1911
W o rc e s te r, V /o rc e s te r C o u n ty , M a s s .— Bond Sale. — I t is
a n d $115 on O ct. 1 1912.
8.000 llre-englne bonds. D enom ination $1,000. D ate A pril 1 1009.
s ta te d t h a t o n D e c. 7 $ 1 0 0 ,0 0 0 4 % 2 0 -y e a r g ra d e -c ro s s in g
M atu rity $2,000 yearly on O ct. 1 from 1911 to 1915 Inclusive.
b o n d s w e re a w a rd e d to E . S . M o seley & C o. a t 1 0 7 .2 1 . D a te
2.500 llre-englne bonds. D enom inations $1,000 a n d $500. D ate M ay 8
O c t. 1 19 10.
1007. M atu rity $1,000 on O ct. 1 1911 and $1.600 on O ct. 1 1912.
1.800 llre-englne bonds. D enom inations $1,000 a n d $800. D ate O ct. 1
W y m o re , G a g e C o u n ty , N e b .— Bonds Voted.— T h e e le c ­
1906. M atu rity $1,000 on O ct. 1 1911 a n d $800 on O ct. 1 1912.
2.000 W est B o ardm an S t. w idening bonds. D enom ination $500. D at*
tio n h e ld D e c . 1 (V . 9 1 , p . 14 71) re s u lte d , i t is s a id , in fa v o r
Ju ly 20 1909. M atu rity $1,000 on O ct. 1 In each of th e year*
of p ro p o s itio n s to iss u e m u n ic ip a l w a te r a n d lig h t p la n t
1911 a n d 1012.
b o nds.
1.500 Fire S ta tio n N o. 8 com pletion bonds. D enom ination $500. D at*
A ug. 16 1909. M atu rity O ct. 1 1911.
Y o u n g s to w n , O h io .— Bond Offerings.— P ro p o s a ls w ill b e
500 Falls A ve. Im provem ent bonds. D enom ination $500. D ate M ay *
1907. M atu rity O ct. 1 1911.
re c e iv e d u n til 2 p . m . D e c . 12 b y W m . I . D a v ie s , C ity A u d i­
1.000 park bonds. D enom ination $1,000. D ate A pril 9 1906. M a­
to r, fo r th e fo llo w in g 5 % b o n d s :
tu rity O ct. 1 1911.

$2,000 cre m a to ry bonds, d u e $1,000 on O ct. 1 In each of th e years 1911
a n d 1912.
3.000 garbage-disposal bonds, d u e $1,000 yearly on O ct. 1 from 1911 to
1913 Inclusive.
.
2.000 sidew alk a n d Intersection bonds, du e $1,000 on O ct. 1 In each of
th e years 1911 a n d 1912.
670 P y a tt S tre e t opening a n d Im proving bonds, due O ct. 1 1911.
■ 495 L ansing A venue sew er bonds, due $99 yearly on O ct. 1 from 1912
to 1916 Inclusive.
7,480 W oodland A venue pav ing bonds, due $1,496 y e a rly on O ct. 1 from
1912 to 1916 Inclusive.
1,500 Q uarry S tree t grading bonds, du e $300 y early on O ct. 1 from 1912
to 1916 Inclusive.
2,245 Q uarry S tree t sew er bonds, du e $449 yearly on O ct. 1 from 1912
to 1916 Inclusive.
1,720 W ick A venue cleaning bonds, du e O ct. 1 1912.
D ate D ec. 19 1010. In te re st sem i-annu ally a t th e C ity T re a su re r’s
office. Certified check on a n atio n al bank fo r 2% of a m o u n t of each block
bid on , pay ab le to th e C ity A ud itor, Is req u ired . E ach block of bonds
m u st be bid on se p a rate ly . P u rch aser m u st be prepared to ta k e th e bonds
mot la te r th a n Dec. 19, th e m oney to be delivered to one of th e c ity ban k s
or th e C ity T re a su re r’s offloe. T his city Is now p repared to Issue reg istered
bonds In exchange for coupon bonds.

I n a d d itio n to th e a b o v e , p ro p o s a ls w ill a lso b e re c e iv e d
u n til 2 p . m . D e c . 12 b y th e S in k in g F u n d T ru s te e s , W m . I .
D a v ie s , S e c re ta ry , fo r th e fo llo w in g 5 % b o n d s , th e s a m e

2.000
3.000
1.000
1.500
200
2.000
6.000

park bonds. D enom ination $1,000. D ate F’eb. 29 1908. M a­
tu rity $1,000 on O ct. 1 In each of th e years 1911 an d 1912.
park bonds. D enom ination $1,000. D ate A pril 6 1908. M a­
tu rity $1,000 on O ct. 1 In each of th e years 1911, 1912 a n d 1913.
park bonds. D enom ination $1,000. M atu rity O ct. 1 1911.
p a rk bond. D enom ination $1,500. D ate A ug. 8 1910. M atu rity
O ct. 1 1912.
R idge A ve. Im prov em ent bond. D enom ination $200. D ata
Ju ly 29 1909. M atu rity O ct. 1 1911.
street-im p ro v em en t bonds. D enom ination $1,000. D ate F e b . 2#
1908. M atu rity $1,000 on O ct. 1 In each of th e years 1911 a n d 1912.
garbage-disposal bonds. D enom ination $1,000. D ate A ug. 16
1909. M atu rity $1,000 yearly on O ct. 1 from 1011 to 1916 In­
clusive.
150 School S t. w idening bonds. D enom ination $150. D ate A ug. 16
1909. M atu rity O ct. 1 1911.
2.800 S o uth W a tt a n d Fox streets w idening bonds. D enom inations
$1,000 a n d $800. D ate D ec. 15 1906. M atu rity $1,000 on O ct, 1
1911 an d $1,800 on O ct. 1 1912.
8,375 E verg reen A ve. pav ing bonds. D enom inations $1,000 a n d $675.
D ate A pril 27 1910. M atu rity $1,675 y early on O ct. 1 from 1911
to 1915 Inclusive.
9.200 S t. Louis a n d O ak H ill A ve. pav ing bonds. D enom inations $1,00#
a n d $840. D ate A pril 27 1910. M atu rity $1,340 yearly on O ct. 1
from 1912 to 1916 Inclusive.
Coupons h av e been clipped to a n d Including O ct. 1 1910. In te re st sem i­
a n n u ally a t th e office of th e C ity T re a su re r. Certified check on a n atio nal

N E W LOANS

N E W LOANS.

$ 1 ,0 0 0 ,0 0 0

S I 7 0 ,0 0 0
CITY OF MONROVIA, CA L,
W A T E R AN D SE W E R BONDS

The Sanitary District of Chicago
FOUR PER CENT BONDS
Being the Twenty-Seventh Issue Thereof
S ealed proposals, addressed to th e B oard of T ru stees of T he S a n ita ry D Irstict of Chicago, and
lad ersed , "P ro p o sals for P u rchasin g B o nds,’’ will be received by th e Clerk of said T he S a n ita ry D istrict
of Chicago, a t R oom 1,500. A m erican T ru st B uilding, Chicago, Illinois, un til one (1) P . M . (stan d ard
tim e) on T H U R S D A Y , D E C E M B E R 2 2 . 1910.
T he bonds for th e pu rchase of w hich said bids will be received are th e tw en ty-seventh and present
]*aue of one m illion $1,000,000 00) do llars w orth of bo nd s of said T he S a n ita ry D istrict of Chicago, In
tk e den om in ation of one th o u san d ($1,000) dollars each, all to bear d a te th e first d ay of Ja n u a ry . 1911,
w ith In terest a t th e ra te of four (4% ) per cen t per an n u m , pay ab le sem i-annually on th e first d a y of
Ju ly an d th e first d ay of J a n u a ry of each year u n til said bonds are paid . F orty-six tho usan d ($46,000)
dollars of th e prlnolpal of said one m illion ($1,000,000) dollars w orth of bonds hereby offered for sale
are to be p ay ab le on th e first day of Ja n u a ry , 1913, and fifty -three th o u san d dollars of th e principal of
la id bonds hereb y offered for sale are to be pay ab le on th e first d ay of Ja n u a ry of each succeeding y ear,
up to a n d Including th e year 1931, b o th principal a n d In terest to be pay ab le a t th e office of th e T reasurer
of said T he S a n ita ry D istrict of Chicago.
P roposals will be received for one m illion ($1,000,000) dollars w orth of said bonds, or a n y po rtio n
thereo f.
E ach proposal m u st be acco m pan ied by certified check or cash In am o u n t equal to five (5% ) per
cen t of th e a m o u n t of th e bid A ll certified checks m u st be draw n on som e responsible Chicago ban k
a n d m u st be m ade pay ab le to th e order of th e "C lerk of T he S a n ita ry D istrict of Chicago. ’ Said
am o u n t of five (5% ) per cen t of th e am o u n t of th e bid will be held by said T he S a n ita ry D istrict of
Chicago u n til all of said proposals h av e been canvassed and th e bonds h av e been aw arded.
T he rig h t Is reserved to reject a n y a n d all bids.
T he said bonds to be paid for a n d delivered a t th e office of th e T reasurer of said T he S an itary
D istrict of Chicago.
F o r fu rth e r Inform ation, app ly to th e P resident or Clerk of said T he S a n ita ry D istrict of Chicago,
R oom 1,500, A m erican T ru st B uilding, C hicago, Illinois.

R e y n o ld s , W a ts o n

T H E S A N I T A R Y D IS T R IC T O F C H IC A G O ,

B y TH O M A S A. SM Y TH .

I. J . B R Y A N .
Clerk.

BANKERS




P resident.

&

C o.

Municipal and Corporation Bonds
W e o ffer a v e ry e x c e p tio n a l

M U N IC IP A L
Safest Investments 4 %
knows. YloUlln* from

U L E N

P roposals will be received by th e un der­
signed u n til 5 o’clock p. m . of FR ID A Y ', D E ­
C E M B E R 16, 1910, for th e pu rch ase of th*
follow ing bonds of th e City of M onrovia, Cali­
forn ia, In th e sum of O ne H un dred a n d S eventy
T h ou sand ($170,000) D ollars, th e said bond*
being described as follow s, to-w lt:
F IR S T : $50,000 W ater D ep artm en t Bond*
of th e den om in ation of $625 each, dated Ja n . 1,
1911, and tw o of said bonds shall be pay ab l*
each year beginning J a n . 1 1912.
SE C O N D : $120,000 Sew er B onds of th*
den om in ation of $500 each, d ate d Ja n . 1 1911,
a n d six of said bonds shall be pay ab le each
year beginning Ja n . 1 1912.
All of said bonds shall bear 5% Interest (Jan . 1
a n d Ju ly 1), a n d th e principal and Interest shall
be pay ab le a t th e office of th e City T reasurer.
Said bonds arc to be Issued In accordance w ith
an A ct of th e L egislature en titled "A n A ct
au th orizin g th e Incurring of Indebtedness by
cities, tow ns and m unicipal corpo ration s for
m unicipal Im provem ents a n d reg ulating th*
acquisition, con stru ction or com pletion th e reo f",
becom ing a law F ebruary 25, 1901, and any
am end m ents thereto , and In accordance w ith th*
general Incorporation A cts of th e S ta te of Cali­
fornia for cities of th e six th class an d th e ordin­
ances of said city.
No proposals for said bonds will be en tertain ed
for less th a n face value and accured In terest t*
d a te of delivery of said bonds.
E ach proposal m u st be accom panied by a
certified check draw n upon som e responsible
bank of th e S ta te of C alifornia and pay ab le to th*
C ity T reasurer of th e C ity of M onrovia for th*
sum of T en T housand ($10,000) D ollars as &
g u a ra n ty th a t th e bid der will purch ase and p ay
for said bonds In accordance w ith his bid In th*
ev en t such bkl Is accepted.
T he B oard of T rustees reserves th e rig h t to
reject any and all bids a n d to w aive any form ality
In any bid as th e Interests of said C ity m ay require
By order of th e B oard of T rustees of th e C ltv of
M onrovia, m ado a t Its m eeting N ovem ber 21,1910.
C. H . R E E D , J R .,
C ity Clerk of th e City of M onrovia.
D ated N ovem ber 21, 1910.

B O N D S

to 6 %
& CO.

W rite for
Circular.

C H IC A G O

H.

E S T A B L IS H E D 1885

D R A IN A G E BOND
NETTING

C. SP E E R & SO N S CO .

First Nat. Bank Bldg., Chicago
SCH O O L,
CO U N T Y A N D M U N IC IP A L BO N D S

6 %

400

T he R oo k e ry

CH ICAG O

Dec . 10 IDIO.]

T H E

1591

C H R O N IC L E

bank for 2% of each Issue bid for, payable to the Sinking Fund Trustees
rk s la n d ,
1* required. Bids must be made upon each Issue separately. Purchaser a$ n1 0d 0 te,0 le0 0p haobnaet.to$ ir6 0, ,0$0205 ,0w 0a 0te r,q u$a8r,0r y0,0 $B1o0a,0rd0 0o f pWu bolic
ity a n d
to be prepared to take the bonds not later than Dec. 10 1010, the money to
be delivered at one of the banks in Youngstown or at the City Treasurer s
0 sw im m in g -p o o l d e b e n tu re s .
office The official advertisement states that this city Is now prepared $ 2 0G,0o s0fie
ld N o r th T o w n s h ip , O n t.— Debenture Sale. — T h is
to Issue registered bonds In exchange for coupon bonds.
to w n s h ip d is p o s e d of $3 ,4 81 5 % d ra in a g e d e b e n tu re s d u rin g
N o v e m b e r to G . A . S tim s o n A' C o. of T o ro n to . M a tu rity
Canada, Its Provinces and M unicipalities. p a r t y e a r ly fo r 10 y e a r s .
B elgrav e S ch ool D is trict N o. 2 5 8 7 , S a sk .— D eben tu re
G ra n d v ie w , M a n .— Debenture Sale.—'T h e $ 5 ,0 0 0 5 % d e ­
O fferin g .— P ro p o s a ls w ill b e re c e iv e d u n til D e c . 20 b y E r n e s t b e n tu re s o ffere d o n D e c . 1 (V . 9 1 , p . 1403) w e re a w a rd e d to
C. J e n n in g s ( P . O . M e lfo rt) fo r $ 1 ,0 0 0 6 % d e b e n tu re s re ­ W . A . M c K e n z ie & C o . o f T o ro n to a t 9 5 .1 8 a n d a c c ru e d i n te r ­
e s t. O th e r b id s re c e iv e d w e re a s fo llo w s:
p a y a b le in te n a n n n a l in s ta llm e n ts .
B ig g a r, S a sk . — D eben tu res N o t S o ld .— U p to N o v . 29 n o C. H . R urgess & C o., T o r ____*$4,078 j O ntario S ecurities Co.. T o r ..*54,807
sale h a d y e t b e e n m a d e o f a n issu e o f $ 1 5 ,0 0 0 6 % w a te r­ N atio n al F in an ce Co_________4 ,0 5 0 1N ay & J a m e s R eg in a_________ *4,484
* A nd accrued Interest.
w o rk s a n d fire -p ro te c tio n d e b e n tu re s , p ro p o s a ls fo r w h ic h
M atu rity p a r t yearly for 20 years.
w e re a s k e d u n til N o v . 1. M a tu rity p a r t y e a r ly fo r 15 y e a rs .
H a m ilto n , O n t.— Debenture Election.— I n a d d itio n to th e
B rid g e b u rg ,
O n t. — D eben tu re S a le .— T h is
to w n sold
$ 3 0 ,0 0 0 5 % se w e r d e b e n tu re s d u rin g N o v e m b e r to W . A . b y -la w to issu e $ 1 2 5 ,0 0 0 s tr e e t-p a v in g d e b e n tu re s to b e v o te d
M a c k e n z ie & C o . of T o ro n to . T h e d e b e n tu r e s a re d a te d u p o n a t th e J a n u a r y e le c tio n (V . 9 1 , p . 1 5 3 2 ), th e q u e s tio n
N o v . 1 1910 a n d m a tu r e p a r t y e a r ly fo r 30 y e a r s . T h e se of issu in g $ 3 5 ,0 0 0 d e b e n tu re s fo r a n e w g e n e ra l h o s p ita l s ite
s e c u ritie s ta k e th e p la c e of th e $ 2 0 ,0 0 0 d e b e n tu re s a w a rd e d w ill a lso b e d e c id e d b y th e ra te -p a y e rs .
on S e p t. 28 ( V . 9 1 , p . 9 0 2 ), th e sale of w h ic h w a s s u b s e q u e n tly
In g le s id e S c h o o l D is tr ic t, S a s k .— Debenture Sale.— A n
c a n c e le d .
issu e of $ 1 ,7 0 0 6 % sch o o l d e b e n tu re s w a s d isp o se d of la s t
M a tu rity
C aradoc T o w n sh ip (P . O. S tra th roy ), O n t.— Debenture m o n th to W . A . M a c k e n z ie & C o . o f T o ro n to .
Sale.— O n N o v . 5 th e $ 2 ,0 0 0 4 y 2% s c h o o l-b u ild in g d e b e n ­ p a r t y e a r ly fo r 10 y e a r s .
tu re s , o ffere d o n N o v . 1 (V . 9 1 , p . 1 1 1 7 ), w e re a w a rd e d to
I r v in e , A lb e r ta .— Debenture Offering.— F u r th e r d e ta ils a re
W m . G rig g a t 1 0 0 .6 0 . A b id w a s a lso re c e iv e d fro m W m . a t h a n d re la tiv e to th e o ffe rin g o n D e c . 15 o f th e $ 5 ,0 0 0 6 %
B la ir a t p a r.
c o u p o n fire -p ro te c tio n d e b e n tu re s m e n tio n e d in V . 9 1 , p .
D a te N ov. 5 1910. In te re st an n u a l. M atu rity p a rt y early for 10 years. 14 72. P ro p o s a ls fo r th e s e d e b e n tu re s w ill .be re c e iv e d u n til
C h atham , O n t. — D eben tu re O ffe rin g .— P ro p o s a ls w ill b e 12 m . o n t h a t d a y b y J . F . O . B a rs c h e l, S e c re ta ry -T re a s u re r.
re c e iv e d a t a n y tim e , it is s ta te d , fo r $ 4 7 ,0 0 0 5 % 1 0 -y e a r
In te re st an n u ally In O ctober a t th e U nion B ank of C anad a. M a tu rity
p a rt yearly on O ct. 1. T he d eb en tures arc ta x -ex e m p t. T o ta l d e b t a t
d ra in a g e d e b e n tu re s . W m . A b r a h a m is R e e v e .
presen t, 5900. A ssessed valu atio n for 1910, 5189,700.
E lm ira, O n t. — P ric e P a id f o r D eb en tu res.— T h e p ric e p a id
e p p e l T o w n s h ip , O n t.— Debenture Sale. — G . A . S tim s o n
fo r th e $ 2 ,0 0 0 s id e w a lk a n d $ 2 ,5 0 0 b rid g e 5 % 2 0 -y e a r d e b e n ­ & KC o.
ro n to w e re th e su c c e ssfu l b id d e rs la s t m o n th fo r
tu re s a w a rd e d in O c to b e r to G e o . A . S tim s o n & C o. of $ 2 ,5 0 0 o5f %T osch
o o l d e b e n tu re s , re -p a y a b le in 15 in s ta llm e n ts .
T o ro n to (V . 9 1 , p . 1202) w a s $ 4 ,5 0 0 2 5 , o r 1 0 0 .0 0 5 . D a te
L is to w e l, O n t.— Debenture Election.— A n e le c tio n w ill b e
O c t. 1 19 10.
.
h e ld J a n . 2 1911, i t is s ta te d , to v o te o n th e q u e s tio n of iss u in g
P o r t W illia m , O n t. — D eben tu re E le c tio n .— R e p o r ts s ta te
that a t th e J a n u a r y e le c tio n th e r a te - p a y e r s w ill v o te o n $ 5 ,0 0 0 4 Yif/o e le c tric -lig h t d e b e n tu re s .
L o n d o n , O n t.— Debenture Election.— R e p o rts s ta te t h a t
b y -la w s to issu e th e fo llo w in g d e b e n tu re s : $ 1 2 ,0 0 0 p a r k ,
$ 4 0 ,0 0 0 m a rk e t-s ite , $ 1 0 0 ,0 0 0 s tr e e t ra ilw a y , $ 5 0 ,0 0 0 lig h t b y -la w s to issu e $ 1 0 0 ,0 0 0 d e b e n tu re s to p u rc h a s e th e L o n d o n
N E W LOANS

N E W LOANS

NEW

$ 3 0 ,0 0 0

8 1 6 , 0 0 0

8 4 0 ,0 0 0

Borough of Turtle Creek, Pa.f
S T R E E T IM P R O V E M E N T B O N D S
Turtle Creek, Allegheny County, Pa.,
Dec. 5 1910.
Bids will be received by the undersigned at the
Council Chamber of the Borough of Turtle Creek
until 12 o’clock m , DECEMBER 19 1910, for
the purchase of thirty (30) street Improvement
caupon bonds of $1,000 00 each, dated November
let 1910, Interest 4 H per cent per annum, payable
semi-annually. Free from State tax. Bonds
mature
follows:1on November 1st 1915
Bond asNo.
Bond No. 2on November 1st 1916
Bond No. 3on November 1st 1917
Bond No. 4on November 1st 1918
Bond No. 5on November 1st 1919
Bond No. 6on November 1st 1920
Bond No. 7on November 1st 1921
Bond No. 8on November 1st 1922
Bond No. 9on November 1st 1923
Bond No. 10on November 1st 1924
Bond No. 11on November 1st 1925
Bond No. 12on November 1st 1926
Bond No. 13on November 1st 1927
Bond No. 14on November 1st 1928
Bond No.
No. 16
15on
on November
November 1st
1st 1929
Bond
1930
Bond No. 17on November 1st 1931
Bond No. 18on November 1st 1932
Bond No. 19on November 1st 1933
Bond No. 20on November 1st 1934
Bond No. 21on November 1st 1935
Bond No. 22on November 1st 1936
Bonds Nos. 23 and 24 on November 1st 1937
Bonds Nos. 25 and 26 on November 1st 1938
Bonds Nos. 27 and 28 on November 1st 1939
Bonds Nos. 29 and 30 on November 1st 1940
A certified check on a national bank for
$1,000 00 required withJAMES
each bid.
STRANG.
Chairman of Finance Committee,
Borough of Turtle Creek.
Turtle Creek, Pa.

TO W N OF W E S T F IE L D , N.J.
H O E T H M A IN S E W E E B O N D S
NOTICE IS HEREBY GIVEN that the Council
of the Town of Westfield In the County of Union,
New Jersey, will receive, at the Council room.
121 Prospect Street. Westfield, Union County,
New Jersey, on TUESDAY EVENING, JANU­
ARY 3D 1911, at 8:15 o'clock, sealed bids for an
Issue of bonds authorized under General Ordinance
No. 116. entitled “An ordinance to provide for
an Issue of bonds to raise the cost and expense of
constructing the North Main Sewer," passed and
adopted December 5th 1910. The total Issue
amounts to $16,000, there being sixteen bonds
of the denomination of $1,000 each. Interest
coupons attached, interest payable half-yearly,
option of registering. Bonds dated January 3d
1911, payable January 3d 1921, Interest at 4H%
per annum, payable on January 3d and July 3d
In each year.
..........................
Copies of the ordinance under which said bonds
are Issued may be had on application to the Town
Clerk.
The Council reserves the right to reject any or
all bids. LLOYD THOMPSON. Town Clerk.
Westfield, N. J., December 6th 1910.

TOWN OF W E S T F IE L D , N.J.
S E W E R , S ID E W A L K A N D R O A D
BONDS
NOTICE IS HEREBY GIVEN that the Council
of the Town of Westfield, In the County of Union,
New Jersey, will receive, at the Council room,
121 Prospect Street, Westfield, Union County,
New Jersey, on TUESDAY EVENING, JANU­
ARY
8.15 o’clock,
bidsOrdi­
for
an Issue3D,of 1911,
bonds atauthorized
undersealed
General
nance No. 117, entitled “An ordinance to author­
ize the Town of Westfield to Issue Its corporate
bonds for the purpose of paying off certain Im­
provement certificates and extending the time
when the several amounts thereof shall be dis­
charged,” passed and adopted December 5th 1910.
The total Issue amounts to $40,000, there being
forty bonds of the denomination of $1,000 each.
Interest coupons attached. Interest payable half­
yearly. option of registering. Bonds dated Janu­
ary 3d 1911, payable $4,000 on January 3d 1912,
$4,000 each year thereafter Interest at 5% per
annum, payable on January 3d and July 3d of
each year.
the be
ordinance
under whichtosaid
areCopies
Issuedofmay
had on application
the bonds
Town
Clerk.
The Council reserves the right to reject anyjor
all bids. LLOYD THOMPSON, Town Clerk.
Westfield, N. J., December Cth 1810.

RO D EN PY L, W A L 8K B 8E & GO.

7 W all S t.. Now York
Railroad, Street Ry., Gas & Elec. Light
S EC U R ITIE S

McCOY

&

COMPANY

Municipal and
Corporation Borda
181 La S a lle S treet, C hloaga



LOANS.

8 2 6 ,0 0 0
TOWN OF KEARNY, HUDSON CO., N. J.,
Play-Ground Bonds

Sealed proposals will be received by the Coun­
cil of the Town of Kearny, Hudson County,
N. J.. at the Town Hall, DECEMBER 14TH,
1910, AT 8 P. M., for the purchase of
$2 6 ,0 0 0 00 4 >3% 2 0 -Y e a r P lay G rou n d B o n d s .
Each bid must be accompanied by a certified
check for $1,000 00. The Council reserves the
right to reject any or all bids.
For further Information, address
BURTON E. CANFIELD, Town Treasurer.

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS

FIRST NATIONAL BANK BUILDING
CHICAGO

F. W M KRAFT
LAW YER

.

$ 6 0 ,0 0 0

S p ecializin g In E x a m in a tio n of

GA,

TO W N OF K IR K W O O D ,
W A TEE A N D SE W EE BONDS
Sealed proposals will be received by the Town
of Kirkwood, Ga., up to 8 p. m. DEC. 20TH for
$60,000 00 Town of Kirkwood 5% semi-annual
Interest, Water and Sewer Bonds, maturing
serially. Bids should be addressed to the under­
signed and should state on the envelope that they
are bids for bonds. Each bid must be accom­
panied by certified check for $1,000 00. The
right is reserved to reject any and all bids. For
further Information apply to E. M. Willingham,
Mayor, 540-542 Whitehall St., Atlanta, Ga.

Municipal and Corporation Bonds
1313 F IR S T N A T IO N A L B A N K R i O O ..

C H IC A G O , I L L .
&

o o .

BANKERS
421 C h e stn u t S t .. P H I L A D E L P H I A , P A .

Municipal and
Corporation Bonds

1593

T H E

E le c tric C o. a n d $ 5 0 ,0 0 0 fo r b rid g e p u rp o s e s w ill b e v o te d
• n in th e n e a r f u tu r e .
M a ck in to sh S ch o ol D is trict, M a n . — Debenture Sale. — G . A .
S tix n so n & C o. o f T o ro n to p u rc h a s e d $ 1 ,0 0 0 G % sch o o l d e b e n ­
tu r e s d u rin g th e m o n th of N o v e m b e r. M a tu rity p a r t y e a rly
for 10 y e a r s .
M a rm ora , O n t. — Debentures Voted.—Debenture Offering .—
W e a re a d v is e d t h a t th e e le c tio n h e ld N o v . 28 (V . 91 , p . 1472)
re s u lte d in a v o te of 114 “ fo r” to 14 “ a g a in s t” a p ro p o s itio n
to issu e $ 4 ,0 0 0 5 % e le c tric -lig h t-p la n t-p u rc h a s e d e b e n tu re s .
I n t e r e s t a n n u a l. M a tu rity p a r t y e a r ly fo r tw e n ty y e a rs .
P ro p o s a ls fo r th e s e d e b e n tu re s w ill b e re c e iv e d u n til D e c. 15.
_ N e w H a m b u rg , O n t .— Debenture Sale.— A n issu e of $ 1 0 ,0 0 0
5 % d e b e n tu re s w as so ld d u rin g th e m o n th of N o v e m b e r to
G . A . S tim s o n & C o. of T o ro n to . M a tu rity p a r t y e a rly fo r
30 y e a r s .
N orth V a n co u v e r, B . C . — Debenture Sale. — B ro u s e , M itc h ­
e ll, & C o ., of T o ro n to , a re re p o r te d a s h a v in g p u rc h a s e d
$ 3 0 ,0 0 0 5 % 5 0 -y e a r w a te r-w o rk s d e b e n tu re s .
Debenture Election.— A c c o rd in g to r e p o rts , a n e le c tio n w ill
be h e ld to v o te o n p ro p o s itio n s to issu e $ 3 ,0 0 0 d e b e n tu re s fo r
th e “ p u rc h a s e of la n e s ” a n d $ 1 2 ,0 0 0 fo r th e p u rc h a s e of R ice
L ake.
Oak B a y , B . 0 . — Debenture Sale. — D u rin g th e m o n th of
N o v e m b e r th e D o m in io n S e c u ritie s C o rp o ra tio n , L td ., of
T o ro n to , p u rc h a s e d $ 6 0 ,0 0 0 5 % 3 0 -y e a r w a te r-w o rk s d e b e n ­
tu re s .
R e s to n S ch ool D is trict, M a n . — Debenture Sale. — T h e
$ 2 ,5 0 0 5 % s c h o o l-im p ro v e m e n t d e b e n tu r e s o ffe re d o n
N o v . 15 a n d d e s c rib e d in V . 9 1 , p . 1347, w e re a w a rd e d to
B r e n t, N o x o n & C o. of T o ro n to . M a tu rity p a r t y e a r ly fo r
20 y e a r s .
R o ch e s te r T o w n s h ip , E ssex C ou n ty, O n t.

— Debenture Sale.

— W e a re a d v is e d t h a t $ 1 ,0 4 5 5 % d e b e n tu r e s w e re so ld
d u rin g N o v e m b e r to G . A . S tim s o n & C o. o f T o ro n to . M a­
t u r it y p a r t y e a r ly fo r 10 y e a r s .
S t. H y a cin th e, Q u e .— Debentures Not Sold. — W e a re a d ­
v ise d , u n d e r d a te o f D e c. 2 , t h a t no s a le h a s y e t b e e n m a d e
of th e $ 6 0 ,0 0 0 4 J ^ % w a te r-w o rk s a n d e le c tric -lig h t d e b e n ­
tu re s o ffere d (V . 9 1 , p . 8 2 7 ) o n S e p t. 3 0 .

NEW LOANS

l VOL. L X XXXI

C H R O N IC L E

S t. M a r y ’s, O n t .— Debenture Offering.— P ro p o s a ls w ill b e
re c e iv e d u n til 6 p . m . D e c. 14 b y T . M . C la rk , C le rk , fo r
“ a b o u t ” $ 1 2 ,0 0 0 5 % lo c a l-im p ro v e m e n t d e b e n tu re s .
S t. S te p h e n s , N . B .— Bids Rejected.— All b id s re c e iv e d on
N o v . 30 fo r th e $ 2 5 ,0 0 0 3 6 -y e a r w a te r a n d th e $ 1 5 ,7 0 0
3 0 -y e a r “ N ew C o n s o lid a te d D e b t” 4 % d e b e n tu r e s d e sc rib e d
in V. 9 1 , p . 1283, w e re re je c te d .
S m ith F a lls , O n t.— Debenture Election.— A n e le c tio n w ill be
h e ld , re p o r ts s ta te , to v o te o n th e q u e s tio n of issu in g $ 1 0 ,0 0 0
w a te r-w o rk s -im p ro v e m e n t a n d $ 3 0 ,0 0 0 lo c a l-im p ro v e m e n t
d e b e n tu r e s .
S w a n s o n S c h o o l D i s tr ic t N o . 2 5 9 0 (P . O . W a lp o le ), S a s k .
— Debenture Sale. — W e h a v e j u s t b e e n a d v is e d t h a t $ 1 ,2 0 0
6 % s c h o o l-b u ild in g d e b e n tu r e s d u e 1920 w ere so ld on
S e p t. 2 to th e O n ta rio S e c u ritie s C o ., L td ., of T o ro n to , a t
p a r . I n te r e s t a n n u a lly in D e c e m b e r.
U n ite d T o w n s h ip s of D r u r y , D e n is o n a n d G ra h a m , O n t.—
Debenture Sale. — D u rin g th e m o n th of N o v e m b e r, C . H . B u r­
g e ss & C o. o f T o ro n to p u rc h a s e d $ 8 5 0 6 % d e b e n tu re s , d u e
p a r t y e a r ly fo r 3 y e a rs .
V ic to ria , B . C .— Debenture Sale. — W e a re a d v is e d t h a t
$ 6 5 0 ,0 0 0 4 % d e b e n tu re s w e re d is p o s e d o f in N o v e m b e r to
G . A . S tim s o n & C o. of T o ro n to . T h e sa le of $ 5 0 0 ,0 0 0 of
th e s e d e b e n tu re s w a s re p o rte d in V . 9 1 , p . 1472.
Debenture Election.— I t is s ta te d t h a t a n e le c tio n w ill be
h e ld to v o te o n th e q u e s tio n o f issu in g $ 5 0 ,0 0 0 f ire -d e p a rt­
m e n t a n d $ 1 5 ,0 0 0 lo c a l-im p ro v e m e n t d e b e n tu r e s .
W a ld ro n , S a s k .— Debenture Offering.— P ro p o s a ls w ill b e
re c e iv e d u p to a n d in c lu d in g D e c . 10 b y W . J . J o h n s to n ,
S e c re ta ry -T re a s u re r, fo r $ 3 ,0 0 0 6 % lo c a l-im p ro v e m e n t d e ­
b e n tu re s , re p a y a b le in 15 a n n u a l in s ta llm n e ts .
W a tr o u s , S a s k .— Debenture Sale. — A n issu e o f $ 1 0 ,0 0 0
53/2'% d e b e n tu re s w a s d is p o s e d of la s t m o n th to C . I I . B u rg e ss
& C o. of T o ro n to . M a tu rity p a r t y e a rly fo r 20 y e a r s .
W in g h a m , O n t.— Debenture Offering.— P ro p o s a ls w ill be
re c e iv e d , a c c o rd in g to r e p o r ts , u n til D ec. 16 fo r $ 6 ,0 0 0 4 ^ %
2 0 -y e a r d e b e n tu re s .
Y o rk T o w n s h ip , O n t.— Debentures Authorized.— I t is
s ta te d t h a t a b y -la w p ro v id in g fo r th e iss u a n c e o f $ 2 5 ,0 0 0
sch o o l d e b e n tu re s h a s b e e n p a s s e d .

NEW LOANS.

MISCELLANEOUS.

$7 OO O O
$ 2 5 ,0 0 0
KANSAS CITY, MISSOURI, Town of Conrad, Montana, A d r i a n H . M u l l e r & S o n ,
BONDS

Scaled proposals wl be received by th e un der­
signed, th e M ayor a n d th e C ity C om ptroller of
K ansas C ity, M issouri, un til D K C K M ..ER 15 1910
a t 10 o’clock A. M ., to r th e purchase ot all or any
p a rt o t th e follow ing-nam ed bonds of the City of
K ansas C ity, M issouri, in th e follow ing-nam ed
am o unts:
CLA SS ' A ”
W ater W orks B onds, Second Issu e . .$500,000 00
CLASS ‘'B 11
Flro P ro tectio n B onds, Second I s s u e .. $50,000 00
In cin eratin g P la n t B ond*____________ 100,000 00
K ansas C ity B ridge B a n d s----------------- 100,000 00
$250,000 00
Class “ A ” bonds b sar lntoreat a t th e ra te of
tou r per cen t per a n n u m . Class “ B ” bonds bear
Interest a t th e rate of four a n d one-half per cent
per a n n u m . All of these bends a re of th e de­
no m in atio n of $1,000 #0 each, d a te d S eptem ber 1st
1910, to m a tu re S eptem b er 1st 1930. In te re st
a t th e offlco a t th e C ity T reasurer of
gayable
iansas C ity, M issouri, or a t th e Chase N ational
B ank In the C ity a n d S ta te a t New Y ork, a t th e
op tion of th e holder.
N o bid will be received w hich Is In w hole or In
p a rt less th an p a r.
,
, ,
T he legality of th a bonds will be app ro ved by
M essrs. D illon, T hom aon & Clay of New Y ork,
w hose opinion as to th a legality, or d u plicate
thereof, will be delivered to th e p u rch aser or
pu rchasers of said bonds.
E ach bid m ust be m ade on a blank form fur­
nished by the C ity, a n d m u st be accom panied by
a d u ly certified check oh a N ational B ank doing
business In K ansas C ity. M issouri, pay ab le to the
o rder of the City C om ptroller of K ansas C ity.
M issouri, for 2 per cen t of th e par valu e of th e
bonds bid for. T he right Is reserved to reject
any and all bids.
£5 D elivery of th e bond* will be m ad e on T u esday,
Ja n u a ry 3rd 1011. a t 10 o’clock A . M ., a t the
•fflce of the C ity C om ptroller of K ansas C ity, In
K ansas C ity, M issouri. Bids will be received a t
th e office of th e M ayor of K ansas C ity. M issouri:
In th e C ity H all In said C ity; b u t no bid will be
ontltled to consideration unless received by or
before th e hour abo ve set for receiving bids.
P rin ted circulars con tain ing m ore detln ltc and
detailed Inform ation w ith reference to said bonds,
and blank form s for bids, ean be had on app lica­
tion to the City C om ptroller of K ansas C ity,
M issouri, or to M essrs. D illon, T hom son & Clay
•f New Y ork.
fV?
D A R IU S A . B R O W N ,
ft*.
•'*1
M ayor of K ansas C ity, M issouri.
'D* : f ? *’’’•
OUS P E A R S O N .
C om ptroller of K ansas C ity. M issouri.

A U C TIO N E E R S .

SEW ER BONDS

N otice Is h ereb y given by th e T ow n Council
Regular Weekly Sales
of th e tow n of C onrad, In the S ta te of M ontana,
OF
th a t th e sew er bonds of said tow n In the sum of
$25,000 00, bearing Interest a t six (6) per cen t
per an n u m , in terest pay ab le sem i-annu ally on S T O C K S a n d B O N D S
th e first of Ja n u a ry a n d first of Ju ly In each
year, will be offered for sale a t public au ction
to th e bidder otlering th e highest price therefor,
a t th e C ouncil C ham ber of th e T ow n Council of
EVERY W EDN ESDAY
th e tow n of C onrad, In th e tow n of C onrad,
C ounty of T eto n anil S ta te of M ontana, on th e
O ffice , N o. 58 W I L L I A M S T R E E T ;
28TH DAY O F D E C E M B E R , A . D. 1910, a t the
h o ur of 2 o'clock p. m . of th a t day .
Lorn**- Pine Sireet.
T he Council reserves th e rig h t to reject all or
a n y bids or oilers of purchase.
T he principal of said bonds to be p ay ab le In
tw en ty years from th e d a te thereof, and $3,000 00
O T T O JU L IU S M ER KEL
thereof redeem able In five years, $5,000 00 re­
BROKER
deem able In ten years and $5,000 00 redeem able
In fifteen years from th e d a te thereof a t the
44 A N D 46 W A L L S T R E E T . N E W Y O R K
op tion of th e Tow n Council. AH tend ers, bids
IN V E S T M E N T SE C U R IT IE S
or otters to pu rchase to be addressed to F . H .
Pings, M ayor, and a certified check for not less
C orrespondence In v ited
th a n $300 00 to accom pany each bid to Insure
good faith on behalf of the bidder.
D ated a t C onrad, M ontana, th is 19th d a y of
EDWIN R. CASE
N ovem ber, 1910.
By order of th e T ow n C ouncil.
NEW JE R S E Y S E C U R ITIE S
Ne better State
No better Securities

B L O D G E T

&

BO N D S

LTST ON A P P L IC A T IO N ,

SEASO N G O O D & M AYER
M ercantile L ib ra ry B uildin g
C IN C IN N A T I




IHWSEV CITY

Rank- and Trust Company Stocks

BONDS

(JO S T A T U S T R E E T , B O S T O N
30 P I N E S T R E E T , N E W T O R S .

NBW

YORK

YND B R O O K L Y N

R O U O H T AN O SO L D

c LINTON

STATE, C IT Y & R A IL R O A D B O N D *

S W ALL

ST.

GILBERT
N EW

YORK

Ready About January 15, 1911

R a n g e c f P r ic e s fo r S t o c k s a n d B o n d s
FROM

1907 to January 1, 1911

Earnings, Fixed Charges and Dividends for Series of Years
H an d

M U N IC IP A L AN D R A IL R O A D

16 E X C H A N U E P L A C E

♦ >!*. 368 and 791

C O .

B ook

of

S e c u ritie s

Priee of Single C o p i e s ................................................................................. $1 00
T o Subscribers of the Chronicle
.........................................................
75

C o m m e r c ia l
F ron t

F in a n c ia l C h r o n ic le
Pine and D epeya ter S treets,
N B W STORK.