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Bank 8z Quotation Section
Railway Earnings Section
VOL. 93
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, DECEMBER 16 1911.
The Throniclit.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2425.
Week ending December 9.
Clearings at
1911.
I
1910.
3
273,267,123
24,783,300
17,810,381
17,453,129
14,264,412
8,638,096
5,774,000
4,133,373
3,845,423
2,540,902
2,119,013
2,296,125
785,254
1,108,198
1,134,719
1,082,343
1,351,666
710,164
925,009
908,173
643,529
736,156
582,700
560,489
416,892
454,081
350,000
414,563
337,767
324,804
597,200
203,402
30,729
450,499
Inc. or
Dec.
%
+7.9
+11.7,
-1-16.7
+32.8
+10.9
+9.4
-6.2
+8.9
+10.0
+25.1
+10.8
+1.2
+16.3
+10.5
+1.5
-10.3
-1.6
-5.8
+21.7
+46.0
+2.9
-8.0
-1.5
-11.2
+44.0
-9.8
+46.4
+7.5
+15.4
-10.5
+33.7
+0.9
-55.8
-6.7
1909.
$
268,199,004
27,868,200
17,465,476
15,369,981
12,782,207
9,272,204
7,850,100
3,868,136
3,641,915
2,495,383
2,183,787
2,099,312
691,502
1,116,056
1,120,024
1,023,117
1,134,332
685,911
730,238
934,320
502,630
560,776
547,535
440,460
488,328
406,680
318,503
407,138
314,545
348,543
580,870
215,600
52.997
375,000
1908.
$
294,774.306
Chicago
257,433,228
For One Year
$10 00
Cincinnati
27,672.550
27,069,300
For Six Months
6 00
Cleveland
20,790,880
14,317,325
European Subscription (including postage)
13 00
Detroit
23.176,577
13,408,422
European Subscription Fix months (including postage)
Milwaukee
15,822,970
12,514,886
27
Annual Subscription in London (including pestage)
25
10s.
4
9,953,856
9,070,032
Six Months Subscription in London (including postage)
£1. ha. Indianapolis _
Columbus
5,414,400
5,209,900
Canadian Subscription (including postage)
$11 50
Toledo
4,503,170
3,117,247
Subscription includes following SupplementsPeoria
4,229,425
3,557,892
3,179,139
2,093,726
BANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids_ _ _
Dayton
2,347,776
1,962,515
RAILWAY EAR,INGS(monthly)
ELECTRIC RAILWAY(3 times yearly)
Evansville
2,324,375
1,905,478
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
Kalamazoo
913,441
547,162
Springfield, Ill_
1,224,469
Terms of Advertising-Per Inch Space
985,066
Lexington
1,151,670
794,368
Transient matter per inch space(14 agate lines)
$4 20 Fort Wayne_ .._ _
970,277
830,287
Two Months
(8 times)
22 00 Youngstown _ _
1,330,259
723,985
Three
Months
(13
times)
29
00
Rockford
669,963
Standing Business Cards /
601,660
Six Months
(26 times)
50 00 Canton
1,126,184
664,510
Twelve Months(52 times)
87 00 Akron
1,326,000
665,000
CHICAGO OFFICE-Pliny Bartlett,513 MonadnockBlock;Tel.Harrison 4012. Bloomington_ .._
662,650
492,552
Quincy
677,201
530,603
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
South Bend
571,052
420,728
WILLIAM IL DANA COMPANY, Publishers,
Springfield, Ohio
497,842
412,207
Decatur
604,183
513,463
P.0. Box 958. Front. Pine and Depeystor Sta.,
Now YoCtit.
Mansfield
409,541
310,652
512,392
325,000
Published every Saturday morning by WILLIAM B. DANA COMPANY. Jackson
445,462
326,471
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana. Danville
389,419
263,481
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all. Office of the Company. Lima
Jacksonville, Ill.
290,680
286,500
Saginaw
798,183
Ann Arbor_ .._ _
205,203
176,345
CLEARING-HOUSE RETURNS.
Adrian
47,868
15,316
402,427
r4:The following table, made up by telegraph, dee., indicates that the total Owen3boro
bank clearings of all clearing houses of the United States for week ending
Tot. Mid. West 428,936,720 391,023,614 +9.7 386,126,610 361,511,107
to-day have been $3,292,202,153, against $3,325,444,789 last week and
$3,129,004,618 the corresponding week last year.
San Francisco__
53,566,524
45,249,641 +18.3
41,168,234
37,147,617
Los Angeles
19,541,658
17,459,936 +11.9
15,176,960
11,656,370
Seattle
10,731,852 +0.6
11,800,485
12,070,561
9,325,696
Clearings-Returns by Telegraph.
Per
Spokane
5,067,280
5,000,000 +1.3
5,290,861
3,876,343
Week ending Dec. 16.
1911,
1910.
Cent.
Salt Lake City
8,196,413
8,289,567 -1.1
7.736,227
7,187,072
Portland
11,630,082
8,852,872
11,171,860 +4.1
6,990,095
New York
81,529,962,132 51,452,260,160
+5.3 Tacoma
4,542.717
4,419,600 +2.8
5,780,693
5,089,938
Boston
147,318,826
132,632,661
+11.1 Oakland
3,830.768
3,560,298 +7.6
1,990,313
1,518,985
Philadelphia
123,557,668
120,385,604
+2.6 Sacramento
2,156,364
1,730,583
1,301;613
+24.6
980,648
Baltimore
30,557,774
30,344,258
-0.7 Stockton
948,733
759,061 +24.9
680,952
546,032
Chicago
238,936,267
256,663,667
+7.4 San Jose
706,991
+32.7
532,413
588,009
502,480
St. Louis
72,637,876
69,570,280
+4.4 Fresno
1,107,203
917,330 +20.7
712,893
617,963
New Orleans
21,560,120
-1.1 Pasadena
21,331,583
902.062
862,799 +4.6
575,000
Yakima_ _
North
498,482
-5.5
527,139
508,205
300,000
Seven cities, 5 (lays
$2,181,816,008 52,065,902.860
+5.6 Reno
324,374
328,107 -1.1
273,193
Other c ties, 5 days...
..
140,116,298
551,016,208
+4.8
Total Pacille
124,820,136 112,240,386 +11.2 102,706,796
85,739,239
Total all cit.es, 5 days
$2,721,932,306 $2,580,919,077
+5.5
55,472,778
All cities, 1 day.
51,472,308 +7.8
47,581,942
40 321,601
570,269,847
5.8,085,541
+4.0 Kansas City
Minneapolis
28,394,549
23,079,517 +23.0
21,041,705
23,062.026
'rnt n1 n11 eltioa for win*
SA 9099091A/
qi 19000A AM
Omaha
15,313,640
i_ro
15,305,509 +0.1
13,059.074
13,421,768
11,510,072
St. Paul
13,085,005 -12.0
10,230,504
9,828,869
The full details for thc week covered by the above will be given next Sat- Denver
9,365,189
9,265,046 +1.1
9,272,237
9,847,822
urday. We cannot furnish them to-day, clearings being made up by the Duluth
5,478.065
3,760,660 +45.7
4,903,641
clearing houses•at noon on 'Saturday, and hence in the above the last day of St. Joseph
7.208,138
6,347,447 +13.7
6,136,524
5,826,613
the week has to be in all eases estirhated, as we go to press Friday night.
I/es Moines
4,565,923
3,733,713 +22.3
3,395,8(3
3,017,008
We present below detailed figures for the week ending with Saturday, Sioux City
2,747,827
2,796,942 -1.8
2,551,870
2,813,201
noon, Dec. 9 for four years.
Wichita
3,476,418
3,724,175 -6.7
2,858,372
1,688,663
Lincoln
1,806,606
1,608,769 +12.3
1,360,566
1,275,520
Topeka
1,579,941
1,552,260
+1.7
1,300,724
1,127,110
Week ending December 9.
Davenport
1,918.924
1,976,017 -2.9
1,462,134
1,001,280
Clearings at
Cedar Itapids_ _
1,245,051
1,271,0:34 -2.0
1,387,916
906,571
Inc. or
Fargo
1,123,165
+19.4
940,659
1,186,235
8413.967
1911.
1910.
1909.
Dec.
1908.
Colorado Springs
641,399
645,529 -0.6
781,252
874 597
Pueblo
839,752
915,459
-8.2
549,851.
564,620
$
$
$
$
%
390,602
322,979 +21.0
249,044
412,465
1,869,701,116 1,876,104,729 -0.3 2,171,894,527 2,004,408,464 Fremont
New York
Waterloo
1,200,806
1.117,058 +7.5
915,951
Philadelphia __
161,854,911 146,165,546 +10.7 157,574,857 121,531,404 Hastings
218,789
219,385 -0.3
Pittsburgh
49,530,773
50,026,888
48,934,075 +1.2
:39,798,705 Aberdeen
420,435
536,704 -21.7
468,320
Baltimore
39,327,354
34,956,534
35.288,103 +11.4
27,136,017 Helena
1,229,151
928,492 +32.4
800,983
918.071
Buffalo
12,092,416
10,151.214 +19.1
9,448,176
7,932,760 Billings
275.000
149.644
+83.8
231,374
228,149
Albany
0,342,902
6,289,447 +1.8
6,069,740
6,704,440
Tot.other West 156,422,22.3 144,754,320 +8.1 131,834,196 117,878,813
Washington
8,615,696
7,761,088
8,165,306 +5.5
6,252,611
Rochester
5,200.550
3,884,784
4,322,716 +20.3
3,415,738
Scranton
79,643,212
77,792,297 +2.4
2,846,177
70,366.571
71.322.854
2,969,282
2,597,905 +9.6
2,552,917 St. Louis
Syracuse
24,998,439
24,412,967 +2.4
2,513,959
24,821,582
20,181,300
2,140,652 +17.4
2,045,068
1,882,753 New Orleans_ _ _
Wilmington
14,858,487
1,617,013
12,536,768 +18.5
1,384,116 +16.8
15,422,334
14,641,707
1,648,194
1,222,729 Louisville
Reading
1,747,209
20,890.749
15,669,149 +33.3
15,058,658
1,434,892 +21.8
15,598,285
1,566.449
1,368,043 Houston
Wilkes-Barre
1,720,090
10,575,000
9,895,500 +6.9
7,915.500
1,526,038 +12.8
8.226,500
1,519,392
1,247,410 Galveston
Wheeling
1,801,190
Richmond
9,123,451
7.005.262 +30.2
8.513,987
1,013,053
1,624,890
7,047,497
5.8
1,384,631
2,668,477
Trenton
11,519,396
9,832,091 +17.2
2,349,946 +7.6
7,579,481
6,582,127
2,316,897
1,617,900 Memphis
1,027,447
19,101,311
York
16,541,503 +15.5
1,048,668
13,768,506
6,070,917
078,943
2.0
790,719 Atlanta
888,738
8,732 550
8.432,318 +3.6
Erie
826,260 +7 6
8,636.829
6.444.260
715,235
665,979 Fort Worth
664,036
7,394,154
7,456,420 -0.8
Chester
509,966 +30.4
618,817
6,332.006
4,899,185
485,516 Savannah
6.304.211
562,:382
4,400,141 +43.3
Greensburg
517,192 +8.7
2,722,861
745,330
4.094,394
494,348 Nashville
643,200
4,600,305
Binghamton
501.300 +28.2
4,270,334
+7.7
2.996,141
446,400
3,770,165
502,400 Norfolk
482,639
2,823,732
Altoona
441,104 +9.4
2,714.641
+4.0
2.521,028
435,052
2,352,886
403,920 Birmingham ___ Augusta
986,100
918,794 +3.9
2,998,639
Lancaster
3,631,286 -17.4
2,694,507
2,083,370
Jacksonville
_
3,665,108
2,875,763 +27.5
2,252,961
1,671,227
Total Middle_ 2,172,835,245 2,153,560,602 +0.9 2,459,246,523 2,231,806,904 Chattanooga _ _ _
2,094,890 1+18.4
2.479,184
1,695,770
1,607,007
2,513,323 +4.0
Little Rock
2.613,894
2,072,536
1,765,567
Boston
1,653,483 -9.3
168,896,473 162,071,713 +4.2 165,765,414 170,323,031 Mobile
1,500,936
1,424,331
1,390.048
8,333,800 -7.2
1,514,001 +33.9
Providence
7,730,300
2,027,406
1,645,852
1,565,267
8,182,300
7,216,900 Knoxville
Charleston
2,692,535 -21.2
3,974,040 +12.2
Hartford
4,458,577
2,120,733
2,042,400
4,140,384
1,485,015
3,450,086
2,600,000 -9.3
2,597,273 +25.0
New haven
__
2,359,461
3,245,004
2,238,237
1,313,238
2,675,610
2,353,156 Oklahoma
1,706,893 4 23.1
Springfield
2,100,000
2,423,438
2,137,062 +13.4
1,03'3,615
711,463
2.275.000
1,835,197 Austin
5,181,109
2,008.005 +9.0
Portland
1.600,000 +223.8
2,189,581
1,300,000
1.640.251
965,673
1,713,282 Macon
833,048
1,981,292 +31.2
Worcester
912,133 --8.0
2,599,481
5f)9,488
1,658,159
402,081
1,618,158 Wilmington, N.C
460,262
Fall River
.542
Vicksburg
1,523,871 -14.0
1,310,058
275
-15.1
400,653
1,512,669
636,935
1,338,697
515,692
New Bedford_
700,000 -26.3
1,177,457 -15.9
990,790
500,000
1,437,454
.415,000
885,124 Jackson
Lowell
1,035,040 Not included in total
569,117
559,782 +1.7
513,024
458,705 Muskogee
Not
901,913
Holyoke
591,056
included in total
581,216 +1.7
546,154
440,995 Tulsa
Total Southern 247.426.600 225.996.069
-4-8.5 208.763.484 185.104,411
Tot. New Eng_ 1e6,003,875 186,9.16,611
+4.3 190,376,419 191,631,931
Total all
3,325.444 7993.213.819,902 +3.5'3.479.053.11/9,173,724,905 •
Y.
Outside
1,455,743,03
N.
+8.8
Nole.-For Canadian clearings see -Commereta. and .okitscola!teuu4
1.337.715.173
1.:.s07.159.49111.169.256,441
'
1628
THE CHRONICLE
THE FINANCIAL SITUATION.
There has been a succession of favorable events the
past week. As a result the tone in business circles has
become • still more hopeful, while on the Stock Exchange
the imp roved feeling has been reflected in a further tise
in prices. The undercurrent of affairs is certainly much
better. The growing revival of confidence is in the
main to be ascribed to court decisions calculated to
hold in check, for the time being at least, disturbing
political tendencies which for so long have had an
unsettling effect, and to this must be added a display
of solicitude on the part of political leaders for the
welfare of business interests that is in the highest
degree encouraging. But there have also been concrete evidences of improvement in trade. The iron
and steel industry has for some time been showing multiplying signs of expansion. Orders have
latterly been pouring in at a totally unexpected
rate.
Low prices have had the usual effect of inducing
purchases on an extremely liberal scale. There is a
lesson in this which should not be altogether lost on
our industrial leaders. Some of them are pleading
most earnestly that price maintenance is the only
correct way for carrying on business in these modern
days, and there is certainly much to be said against
allowing prices to drop to unduly low levels. Yet the
experience of the last few months demonstrates that
there is nothing so effective in stimulating demand as
a drop in prices to a point where consumers become
convinced that they are getting a bargain. So long as
the downward trend of values was resisted by the
leading producing interests, business in the iron and
steel trade was stagnant. But just as soon as the
stiff hold on price was relaxed, a regular buying fever
set in and now mills and furnaces find their books
loaded up with orders which will keep plants going for
a long time. Thus we see that old-fashioned methods
have not wholly lost their effectiveness in providing a
way out of a trying situation.
As evidence of the growing activity of the iron and
steel industry, we have the monthly statement of the
Steel Corporation, issued last Saturday, showing the
aggregate of unfilled orders on the books of the subsidiary companies. According to this statement, the
aggregate of such orders Nov. 30 was 4,141,955 tons.
That compares with only 3,694,328 tons on Oct. 31,
thus indicating that during this one month alone there
was an addition to the aggregate of unfinished business
of 447,627 ton s. Knowing that orders had latterly
been coming in very freely, every one was prepared to
see some increase; but the actual extent of the addition has been a revelation and a surprise. Of course,
it is easy to exaggerate the importance of this expansion in activity, as far as the Steel Corporation is concerned. The new business was taken at inordinately
low, if not at actually unprofitable, prices, and thus
for months to come the Steel Corporation will be keeping its plants active without making much, if any,
money. But already prices are moving towards a
higher level. The distinctly encouraging feature of
the week has been the announcement of advances in
prices in several different lines of steel products. Here,
again, old-fashioned methods have worked out the
usual cure. The low prices have stimulated purchases
to such an extent that consumption has overtaken production, and as a consequence the downward tendency
of prices has been reversed. In the copper trade much
[VoL. Lxxxxxii.
the same thing has been going on. Accumulated stocks
have been worked off at such rate that prices have risen
in quite a noteworthy fashion.
In the steel industry, of course, there are no accumulated supplies. But in the copper trade visible stocks
of copper a year or more ago were of enormous proportions. Thanks, however, to the large foreign consumption month by month, and latterly also to some
increase in the domestic consumption, visible supplies
of the metal are no longer of unwieldy proportions.
Betterment of prices under such circumstances seems
natural, though there have been suggestions of possible
speculative manipulation; albeit rumors to that effect
seem gratuitous when the statistical situation affords
such a sure basis for a genuine rise in price. At all
events, within a month the price of copper has risen
a full cent a pound, and on Thursday news came that
the Calumet & Hecla Mining Co. had advanced its
price for copper to fourteen cents a pound. It is stated
that sales of electrolytic copper were made on that
day at 13% cents.
The foregoing furnishes, of course, tangible evidence of improvement. But sentiment is an even
more powerful influence in the industrial world, and
this has had much to cheer it up in the happenings of
the past week. On Monday the Commerce Court
dismissed the conflicting motions in the inter-mountain
or long -and-short-haul cases and made permanent the
temporary injunction previously granted against the
order of the Inter-State Commerce Commission, which
seeks by wholly arbitrary rules to bring about an
equaliz ation of rates as between inter-mountain territory and PacificCoast terminal points. This action of
the Comm erce Court was of course looked for, but it
had a stimulating influence in serving as a reminder
that the Commerce Commission is not after all to be
allowed to continue its destructive and disturbing
work. On Monday also the U. S. Supreme Court
refused the request of the Leaf Tobacco Board of
Trade of New York and of the independent tobacco
interests to review the decree of the U. S. Circuit Court
for the Southern District of New York approving the
reorganization plan of the American Tobacco Co.
This removes the only possible obstacle in the way of
the.carrying out of this plan for the disintegration of
the old Tobacco combination in punishment for its
violation of the Sherman Anti-Trust Law. On Monday likewise the report of the Hadley Railroad Securities Commission was made public and exercised
.a favorable effect by reason of the conservative nature
of its recommendations and the calm and judicial
character of its discussions.
Another thing that has done much to make sentiment more optimistic is the manifest desire of political
leaders of all shades of opinion to placate business interests and their professions of a determination to refrain
from disturbing the mercantile community. On Saturday last Congressman Oscar W. Underwood of Alabama, the Chairman of the Committee of Ways &
Means of the Lower House of Congress, delivered an
address before the Pennsylvania Society of New York.
What he had to say of the relation of politics to business was distinctly encouraging. After stating that he
did not agree with President Taft when the latter suggests indefinite additional legislation by means of a
Federal Act or otherwise, he went on to say: "Is it
not proper for all of us, irrespective of party, to insist
that the time has come for us to join together in putting
an end to this profitless agitation and proposals for
DEO. 16 1911.]
TIIE CHRONICLE
tinkering with the law? As the necessity arises we
can from time to time enforce the Act as it now is,
without fear or favor, but without any disposition
to get political capital out of what we may be called
upon to do." This certainly breathes the true spirit.
"Is it too much to insist," he went on to ask, "that the
only safe plan is for us to make up our judgments
when the hurry and bustle of our journeys are over,
and that we substitute for the rule-of-thumb proceeding some approach to scientific, business-like methods?"
Of course, we do not agree with Congressman Underwood when he cites the tariff as the chief source of
the country's ills. The main trouble, in our estimation, is in the way the great railroad-carrying industry
has been crippled through the action of the Inter-State
Commerce Commission in using, to the detriment of
the roads, the extraordinary powers conferred upon it
by the amended railroad law of last year. But even
here the outlook is growing more encouraging. We
have referred above to the action of the Commerce
Court in making permanent the injunction previously
granted against a peculiarly arbitrary order of the
Commerce Commission. That is not an isolated instance. The U. S. Supreme Court has itself on numerous occasions interfered to prevent the Commerce
Commission from proceeding in disregard of the law
and the Constitution. In the last analysis it remains
for the Supreme Court to safeguard the railroadcarrying interests, and that tribunal has never failed
the country in the past.
One of our readers asks us to indicate how the weekly
return of the Clearing-House banks should be studied
so as to get at its true meaning. He does not refer in
this to the great discrepancy which appeared in the
return for December 2, when, owing, it is supposed,
to the temporary "ear-marking" of a considerable
amount of gold for the Canadian banks, an apparently
unaccountable loss in money holdings and surplus reserves occurred. His complaint is that, owing to the
change in the form of the statement occasioned by the
admission of the trust companies to Clearing-House
membership, he finds it difficult to master the intricacies of the returns. In the old statement he was able
to discern the tendencies. But the new return is not
yet intelligible to him in the same way. Most people,
he thinks, look merely at the figures of surplus, and
care for nothing else. He wants to go beyond this,
and to get at the "drift of things" from week to week.
The new form of statement certainly is more or less
confusing. This is so not only because the exhibits of
the trust company members form part of the returns,
but also because the Clearing-House managers undertake to show the actual condition of the institutions
at the end of the week as well as the averages for the
week. Up to the time of the panic of 1907 it was the
custom to give merely the averages. As far as the
separate banks are concerned, these averages are still
the only thing reported. But after the panic the
Clearing House began to make up the general totals
so as to show the actual results at the end of the week
as well as the week's averages. At the same time the
State Superintendent of Banks began to make public
general totals for all the State institutions and to report separately the results for the State banks and
trust companies outside the Clearing House. By
combining these latter results (which are on the basis
of averages for the week and do not show the condition
at the end of the week) with the figures of averages in
the Clearing-House statement, one is enabled to get a
1629
set of totals covering substantially the entire banking
institutions of the Greater New York.
It would simplify things very much if the Clearing-House could be induced to discard altogether the system of averages and confine itself to showing the actual
condition at the end of the week, and if the State Banking Department could be prevailed upon to substitute
the actual figures for the averages in the case of the institutions under its care. We would then have a
true statement of the banking situation for each Saturday morning. But under present conditions it is
not possible to have such a statement, and the only
thing to do is to use the 'figures really available.
If our inquirer will refer to the tables given on pages
1650 and 1651 to-day, and which are in the precise
form in which we report them every week in that identical place, he will see that we seek to make the presentation clear and intelligible. We show the returns
of the banks by themselves, also the returns of the
trust companies by themselves, and then give totals
embracing both banks and trust companies. We also
print the figures given out by the State Banking Department, awl then furnish a further table in which
the different items in the two sets of statements are
brought together and an aggregate made up for the
two combined. This latter then affords the basis
for another little statement in which we take the combined results for all the banks and trust companies in
Greater New York for the latest week and compare
them with the corresponding totals arrived at in the
same way for preceding weeks. The items of course
are limited, but comprise the loans, the deposits and
the money holdings of the combined institutions and
would hence appear to furnish what our correspondent
wants, namely an indication of "the drift of things."
We reproduce this table here. It is precisely the
same as the table on page 1651, only that we extend it
a few weeks further back.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week
Ended.
Loans and
Investments.
Deposits.
Specie
Levis.
Total Money
Holdings.
Sept. 2_ _ $2,547,191,800 82,420,409,700 4122,588,300 $96,012,100 $518,600,400
Sept 9-- 2,548,812,600 2,412,039,000 412,202,600 94,780,400 506,983,000
Sept. 16..._ 2,551,764,600 2,418,993,600 411,293.400 96,563,500 507,856,900
Sept. 23.— 2,549,499,300 2,418.189.190 413,729,900 95,222,200 508,952,100
Sept. 30..__ 2,536,059,100 2,404,638,200 411,904,600 94,394,600 506,389,200
Oct. 7. _ 2,520,644,000 2,382,520,900 403,975,700 91,545,000 495,520,700
Oct. 14._ 2,526,299,80) 2,388,182,000 402,340,700 91,112,100 493,452,800
Oct. 21...._ 2,519,188,71)0 2,380,090,900 399,322,000 93,911,600 493,233,600
Oct. 28_ 2,517,970,400 2,380,965,600 903,805,500 92,996,100 496,801,60(1
Nov. 4... 2,525,948,900 2,384,031,800 401,382,500 93,244,200 494,626,700
Nov. 11_. 2,524,634,500 2,376,207,500 398,091,600 93,208,600 491.300,200
Nov. 18._ 2,518,727,700 2,375,438,300 398,222,300 93,756,300 991,974,600
Nov. 25._ 2,517,982.100 2,362,329,500 391,111,700 92,911,600 489.023,300
Dec
2_ _ _ 2,510,340,400 2,346,988,200 380,755 500 92,208,300 472,963,800
Dec. 9.— 2,480,178,000 2,310,182,600 372,627,800 92,405,500 465,033,300
The foregoing shows a marked diminution in money
holdings, the total having been reduced from $518,600,400 Sept. 2 to $465,033,300 Dec. 9, in considerable
part as the result of shipments of gold to Canada and
South America and some transfers of gold to San Francisco. The changes in loans are smaller than might
be expected. They stand now at $2,480,178,000,
against $2,547,141,800 Sept. 2. The loss in deposits
is less than the combined reduction in loans and in
money holdings. In other words, deposits are now
$2,310,182,600, against $2,420,404,700 on Sept. 2.
The treatment of pensions does not form a record
to which the country can point with just pride. When
the season for campaign speeches arrives, each party
claims credit for liberality; and when the course is
criticized each party responds that the other is quite
as much in fault. Credit and excuse for the latest
pension bill, which has been rushed through the House
by a vote of about 23/i to 1, will probably be distrib-
1630
THE CHRONICLE
[VoL. Lxxxxin.
uted in the old manner, although all but eight of the were 3% millions less than in 1910, and the eleven
92 negative votes came from the Democrats. The months' aggregate of $1,392,550,817 shows a drop of
measure is one for which nobody seriously pretends to 333' millions from last year. The net balance of exfind good reasons. The real veterans of nearly a half ports for November reaches $75,461,648, or slightly
century ago are passing off, in the course of nature, less than that for 1910; but the eleven months' excess
yet the pension outlay seems to admit no waning. As at $475,054,897 compares with 211 millions for the like
with other lines of public spending, professions of period of last year and 219 millions in 1909. The
economy fail at the test, the self-interest and atten- record balance was in 1908-559M millions.
tion of those who are expectant to receive being so
The cotton-crop estimate of the Department of
much sharper than of those who contribute. When
made public Monday last, • served to
Agriculture,
private
money goes out from the common treasury to
already well substantiated by
opinion,
the
confirm
of
sound
a
as
hands, it is tagged and moves with
ginning report, that the
Census
most
recent
the
along
glides
it
in,
comes
it
when
trumpet, so to speak;
under cover of "indirect" levy, and since the voter current season's yield of the staple far exceeds the
previous record production. The promulgation of
does not see the process, he does not realize it.
Great Britain, France, Germany, Austria and Hun- the estimate, therefore, was a practically negligible
gary combined expended for pensions 33 millions less influence in the cotton markets of the world, although
than the United States in 1910, said the head of the its immediate effect was a slight decline in prices.
Appropriations Committee; yet, although the old-age The Department estimates that the crop of 1911-12
pension scheme of Representative Berger would (actual growth as distinguished from the commercial
doubtless be popular, would win votes, and could not crop, or the amount marketed between September 1
be successfully opposed as not consistent, few Con- and August 31) will reach 7,121,713,000 pounds of lint
gressmen ventured to say publicly what' they think (not including linters) equivalent to 14,885,000 bales
privately. It might be too much to expect the Senate of 500 pounds gross weight each. This estimate,
to show a courage which the lower branch does not even if it be not exceeded, means an increase of about
possess; yet can it really be true that moral courage three million bales over last year's yield (linters being
has lost its power to command recognition and fol- included in each case) a gain of 43/b million bales
lowing? Statesmanship may be this or that, and man- as contrasted with 1909-10 and an excess of fully 13i
kind are not quite agreed upon it; yet is not one million bales over the previous record commercial
characteristic of it the fixed determination to judge crop of 1908-09.
The conservative nature of previous year's estimates
public measures by their intrinsic justic eand reason,
or the lack of that, without regard to the probable of the Department of Agriculture has caused them to
effect on one's own political fortunes? We suppose it is be considered minimum approximations likely to
admitted that less outspoken independence upon a be exceeded, barring extraordinarily adverse concontroversial topic would have secured to Grover ditions in the late picking season; and they have
Cleveland, in 1888, the second term for which he quite generally been exceeded. The report of the
waited another four years; and as to this subject of Census Bureau on amount Of cotton ginned to Decempensions, his patient delving for facts and his conse- ber 1 made its appearance last week, and showed
quent vetoes of many private bills cannot be forgotten that, excluding linters, there had been no less than
so soon. Again and again he returned such bills, 12,814,334 running bales (somewhat heavier than
which had been shoved along without the trouble of 500 pounds gross) prepared for market to the date
examination, and pointed out the unanswerable mentioned in 1911. This compares with only 10,reasons (such as an actual duplication, in some in- 139,712 bales in the same period last year, 8,876886
stances) why they were entirely devoid of merit. bales two years ago, 11,008,661 bales three years
This was not a popular course, at least temporarily, ago, and 8,343,396 bales in 1907. To reach the
but it justified itself; and although the habit of bidding Department's crop estimate, therefore, there remained
for this and that "vote" has become a fixed one in to be ginned after December 1 this season really less
public life, are we sure that it is finally fixed, and that than 2 million bales, whereas in the like period of the
Americans would not again rally to the support of last large crop year (1908-09) over 2 million bales
men who stand for things which are right and dismiss were ginned, in 1907-08 nearly 2% millions and in
1906-07 over 3 million bales. But this season the
personal consequences as comparatively trivial?
amount to be ginned hereafter is a matter of less
The foreign trade of the United States in• November importance than usual, as in any event the crop will
1911, both inward and outward, was moderately prove of exceptional dimensions. The yield, in fact,
smaller than in the same month of 1910, but in excess will be of sufficient magnitude, despite the shortage in
of the corresponding period of all earlier years ex- East Indian and Egyptian growths, to provide for
cept 1907. Exports of merchandise covered a value the season's prospective augmented consumption,
of $201,608,429 in the month this year, against and still leave a more or less substantial surplus to go
$206,629,377 a year ago and $193,998,000 in 1909. to fortify reserve supplies.
The decrease was due entirely to the lower price
By a severe contraction in loans the Associated
of cotton, an appreciably larger quantity of that
Banks,
according to last Saturday's Clearing-House
commodity giving a value 183 million dollars
below that of November 1910. It is obvious, statement, converted their deficit of the preceding
therefore, that other articles in the aggregate showed week into a surplus reserve of $8,408,500. These are
an important increase. For the eleven months of the figures for the banks alone. Including the trust
the calendar year the export total is much in excess company members there was a loan contraction last
of any former record, reaching $1,867,605,414, or week of $45,853,000 and for the two weeks of $71,230 millions greater than 1910 and 151 millions more 136,000. From what divisions of financial or mercanthan the previous high-water mark—that of 1907. tile activities were these loans called? We have disImports of merchandise for the month,at $126,146,781, cussed this subject with leading bankers at this centre
DEC. 16 1911.]
THE CHRONICLE
whose own transactions should make their opinion of
value, and our conclusions are that a substantial part
of these loans was called in from the financial district,
and that they were paid off out of the proceeds of
foreign loans. In other words, speculative and commission-house accounts have during the last fortnight
been transferred from New York to London. Reasonable confirmation of this statement is contained in the
high contango rates quoted for American securities
at the London fortnightly settlement which began on
Tuesday, these rates having ranged between 5 and 6%,
as compared with 4
at the preceding fortnightly
settlement. Additional confirmation is furnished by
the sharp break in sterling that took place last week
and from which there has this week been a substantial
recovery. On the subject of foreign exchange, we
speak in greater detail in a subsequent column.
It is not unlikely that the transfer of Stock Exchange
accounts has merely been from the American funds of
our banks and other lenders to credits controlled by
the same lenders abroad. Within the last week or so
a disposition has become evident in international
banking circles here to modify the estimates that were
recently current as to the American loans placed
abroad when French bankers so generally withdrew
their funds from Germany at the beginning of the
Franco-Qerman controversy over Morocco. Until
within the last week or so estimates of the volume
American loans thus placed in Germany have all
exceeded $100,000,000. The current disposition, however, seems to be to cut these figures fully 50%. In
other words, including the Prussian Imperial loan of
80,000,000 marks, half of which ($10,000,000) was
recently placed here, our loans to Berlin are not now
generally figured at above $50,000,000; and there is
excellent authority for the statement that an important
percentage of that part of the Prussian loan that was
placed here has already found its way into London
banks. There seems also a disposition to modify
recent estimates of the volume of American securities
that were turned back to this centre when the real
seriousness of the Moroccan situation became known
abroad.
d
At the recent dinner of the Canadian Society in this
city (Dec. 8), Robert Laird Borden, the new Canadian
Premier, who led the campaign against the proposed
reciprocal trade relations between his country, and our
own, delivered a very felicitous address. Its tenor
may, perhaps, be best summarized by presenting the
toast to which he responded and which furnished the
basis for gratifying enthusiasm, obviously genuine in
its spontaneity and fervor. The toast follows:
"As long as the rivers shall flow to the ocean, as long as
the mountains shall cast their shadows across the valley,
as long as the heavens shall nourish the stars, let good-will,
friendship and peace endure between these two great
kindred nations."
Demonstrations of this character are beneficial.
The report of Premier Borden's speech, which was
given wide circulation by the press associations
throughout the country, will, we believe, furnish
opportunities of distinctly practical value, for a full
resumption of the friendly and cordial relations that
are so helpful and so pleasant in the conduct of international trade. We have no desire to intimate that
any business strain that deserves to be called serious
has followed the result (so unexpected to many on
this side of the border) of the Canadian elections.
Nevertheless, on our side of the line, plans that had
1631
been tentatively formed to take advantage of the
proposed new business conditions had to be cast
aside; and on the other side of the border the bogy
of "annexation" had been so adroitly paraded in the
political campaign that, for the moment, at least, a
feeling of keen resentment was unfortunately aroused.
Some degree of commercial reserve can, under such
conditions, hardly fail to be reflected for some little
time; and the sooner this is completely removed, the
better.
It is not surprising that Mr. Borden should himself
believe that the decisive victory to which he owes his
position of Premier will prove fairly permanent in its
results. On this particular point, we are assured,
there are many in his own country as well as ours
who do not agree with the Canadian Premier; they
argue that the Canadian verdict was not so much
against improved facilities for reciprocal trade as it
was against the phantom of "annexation" that apparently derived such solid substance from injudicious
and misleading speeches in our own Congress. "In
the early days of our development and progress,"
quoting Mr. Borden, "we imagined that we were
almost completely dependent upon your markets; and
when the reciprocity treaty of 1854 was denounced in
1866 a feeling of despair prevailed in some parts of our
country. That feeling has long since passed away
and never will return. For thirty years, and more, we
have followed certain national ideas and policies which
we firmly intend to pursue and continue in the future.
We reached the conclusion that the recent proposals.
were inconsistent with those ideals and policies. Moreover, we entirely disbelieve in the framing of tariffs
by diplomatic methods. . . . May I be permitted
to express my personal conviction that in the interests
of good relations between our countries, it is better
that each should maintain and preserve unhampered
to the fullest extent the control of ifs fiscal policy.
And assuredly, good relations between the two countries do not depend upon the existence of any particular
form of reciprocal trade relations. No press, however
jaundiced, can lead me to accept any such conclusion. I ask you to believe that the recent decision
did not proceed from any desire to refuse your
trade."
The British Ambassador, Mr. Bryce, followed Mr.
Borden and assured his hearers of his own knowledge
of the goodwill and friendship of the people of the
United States, "a friendship stronger now, both
toward Britain and Canada, than it has ever been
before since the days of the Revolution." Governor
Dix, of New York, appropriately responded for our
own country. "Canada's decision," he said, "had
been received by our people here with some disappointment, and yet absolutely without resentment. . .
The old tie of acquaintance and Sympathy is not
broken, but is strengthened with the added strand
of respect for a people who put faith in themselves and
confidence in a destiny developed by themselves alone
and along traditional lines above all other attractions
and advantages."
By a virtually unanimous vote of 300 to 1 the
House of Representatives on Wednesday adopted a
resolution that had been introduced by Representative Sulzer of New York, Chairman of the House
Committee on Foreign Affairs, denouncing the treaty
of Dec. 18, 1832, between Russia and our Government. This action by the House of Representatives
has followed what appears to be a well-defined cam-
1632
THE CHRONICLE
[VOL. Lxxxxin.
The entire matter will now undoubtedly be frankly
paign of agitation having in view the abrogation of the
treaty in question. The resolution, in brief, recites discussed through diplomatic channels; and we bethat the people of the United States assert as a funda- live that a solution will be found whereby the rights
mental principle that the rights of citizens shall not of American citizenship will be fully respected by
be impaired at home or abroad because of race 'or Russia, while safeguards will be found to prevent what
religion and that the Government of the United M. Sazonoff describes as agitators, revolutionaries and
States concludes its treaties for the equal protection anarchists from using American citizenship as a cloak.
of all classes of its citizens without regard to race or It seems hardly worth while at this early date of the
religion. The resolution then goes on to charge that diplomatic negotiations to discuss the results that
Russia has violated the treaty in question by refusing, would follow the abrogation of the treaty. It is not
on account of race or religion, to honor American pass- unlikely that a tariff war would ensue detrimental to
ports duly issued to American citizens and "in the American interests, which by the terms of the treaty
judgment of Congress the treaty ought to be termi- are now guaranteed fair and equitable treatment in
the Russian market. Russian estimates are that the
nated at the earliest possible moment."
We have no criticism of the resolution as adopted abrogation of the treaty would affect Russian trade
by the House. Had the vote been sufficiently final to the extent of about $8,000,000 annually, and
to have at once severed the friendly relations that have American trade to four times that amount. We hope
so long existed between the two countries we would and believe that a satisfactory settlement will be
have felt impelled to suggest a calmer and more de- reached without rendering additional offensive measliberate method of dealing with so important a ques- ures necessary.
tion. As the matter stands, however, there will still
While full details are not yet available, London cable
be ample time, even should the Senate promptly
adopt the House resolution, of securing satisfactory dispatches announce that a peaceful settlement has
results before the life of the treaty ends. We are' been reached between the British railway directors
pleased to hear that the Russian Government has now and the representatives of the railroad workmen's
under consideration suggestions for a change of the unions. "Complete recognition of the men's unions
treaty which were agreed to at a recent conference has not, however, been accepted," we are told. The
between the Secretary of State, Mr. Knox, and George settlement removes a factor that has been the source
Bakhmetieff, the new Ambassador from Russia. The of undoubted concern in financial circles in Britain.
suggestions are merely tentative, and do not afford At the same time, it ranks as an example of successful
full satisfaction for American citizens of the Jewish official mediation in labor disputes. It will readily
religion, but they will furnish a good basis for further be recalled that in the summer, as a result of the disnegotiations. The Senate Committee on Foreign affection of labor in nearly all branches of transportaRelations may decide to report the Sulzer or similar tion in the large British cities, especially in London
resolution before the holiday recess; but it is be- and Liverpool, it became virtually impossible to move
lieved to be the intention to delay pressing the merchandise, and hardly less so to provide for passenresolution to a vote in the Senate until time has ger transportation. American and other steamers had
been given for President Taft to communicate with great difficulty in unloading their cargoes at British
Congress on the subject, as he has intimated in his ports, and in a number of instances were forced .to rerecent message. he desires to do. In any event, turn with them. The steamship lines, after holding
the convention will remain in force long enough out for several weeks, agreed to a compromise, and all
to give opportunity for a settlement, and dur- other disputes with the exception of those of railway
ing the negotiations it can do no harm that Rus- employees were adjusted. Finally, a compromise in
sia is now fully advised of the attitude of this remaining instance was reached, by which it was
this country as outlined in the House. Indeed, agreed that the men should return to work on condiimmediate effect seems already to have been produced tion that recommendations, after an impartial investiby Wednesday's vote, fol. on Thursday the "Novoe gation of the entire railway labor question, should be
Vremya," which is usually considered a Russian made by a Royal Commission.
official organ, published an interview with the Russian
It has only recently developed that the decision of
Foreign Minister at St. Petersburg, Sergius Sazonoff, the railway directors to agree to what was virtually
explaining the Russian side of the contention. The Government arbitration was forced as a result of the
Foreign Minister declared that neither the Russian Government's appeal to their patriotism. It has since
Ministry of the Interior nor the Russian consuls had been shown by the speech of Sir Edward Grey, the
raised any obstacles against the entry into Russia of British Foreign .Secretary, that war with Germany
American commercial men or financiers of the Jewish was actively threatening; and the completely disorfaith. The present agitation, he explained, did not ganized condition of the British railway system might,
relate to that class of persons. Many agitators, revo- in contingencies that at that time were in no sense relutionaries and anarchists who were adherents of the mote, readily have become a national calamity. The
Jewish religion had emigrated to America during the railway managements at once deferred to the wishes of
recent troubles, and, the Foreign Minister argued, it the Government and agreed to accept the recommendawas not to be expected that Russia should encourage tions of the Royal Commission. But their employees,
the return of these elements. "The Russian Govern- while returning to work, declined to enter into any
ment," according to a St. Petersburg cable, "appre- corresponding agreement unless full "recognition" of
ciates the present opportunity of bringing to the their unions was included. The Commission failed
attention of the American public through the medium to present such a recommendation. Consequently, a
of the conversations now going on, that the existing renewal of the strike has recently been imminent,
laws had never been fully used by those desirous of though fortunately it now has been averted. In a reentering the country, and that a disposition exists cent consideration of the question in the House of Comto meet legitimate complaints respecting the actual mons, the Chancellor of the Exchequer offered the
hardship imposed by these laws."
following resolution:
DEC. 16 1911..]
THE CHRONICLE
"That in the opinion of this House a meeting should take
place between the representatives of the parties on whose
behalf the railway argeement of August 1911 was signed, to
discuss the best mode of giving effect to the report of the
Royal Commission, and this House asks the Government to
use its good offices to bring both sides into conference without delay."
The British Board of Trade invited each side to send
representatives to a conference; but it was not until
the close of November that the contending interests
consented to accept the invitation. The railway directors , feeling that the reasons that in the main
prompted their original agreement to accept the recommendations of the Royal Commission no longer existed, were disposed to withdraw from the undertaking
on the ground that their employees had released them
by refusing to accept the Commission's recommendation. However, Mr. Asquith in the House of Commons' debate came forward with a conspicuous example of his well-known tact when he said:
"When you have got rid of any suggestion or censure upon
the directors—because I entirely assent to the view that
they were entitled to assume that the findings of the report
would be accepted on both sides—when you have got acceptance on the part of the representatives of the men of the
report in substance, and in every respect except the adjustment of detail, I cannot help thinking that, in consonance
with the traditions of our industrial life, it would be in no
way inconsistent with the self-respect of the railway directors themselves if they were to meet the men now under the
auspices of some further conference of the strictly limited
kind I have suggested."
Thus the way was cleared for the directors to act
without loss of dignity and the definite and satisfactory results just announced by cable were reached.
Latest advices indicate that W Morgan Shuster, who
has been endeavoring to introduce modern business
methods in the fiscal affairs of Persia, will retire. The
Persian Cabinet, we are told, has decided to terminate
his contract, and all that is now necessary is for the
Persian National Council to consent to his dismissal.
Russia has not, in accordance with its threat to force
the retirement of the young American, further advanced; and there seems excellent reason to believe
that Great Britain ,has been advising moderation
upon her colleague. Sir Edward Grey, the British
Foreign Secretary, has been under severe criticism at
home for what is called his antagonism to Persia. His
statement that was promised last week was duly presented in the House of Commons on Thursday, but it
failed to shed new light on the broad situation. The
Russian Government, he explained, had demanded
that Mr. Shuster should be withdrawn. The British
Government had said that it did not object to that demand. Mr. Shuster's intentions in appointing British
officials in Northern Persia were good, but the spirit
and intention of the Anglo-Russian agreement could
not be permitted to be upset, and two great nations
to be embroiled by the action of any individual, no
matter how good his intentions were. Sir Edward
contended that if the difficulty were mismanaged or
rashly handled by those concerned, larger issues of
policy might become involved. The British Government strongly opposed the restoration of the ex-Shah,
and Russia had given a categorical assurance that she
had no intention of that kind. The Anglo-Russian
agreement was not intended to impair the independence
and integrity of Persia.
1633
or is soon to be held there between representatives of
the Revolutionists and the Imperialists. Press dispatches have been indefinite as to exact detail. Some
advices name Hankow as the place of meeting. The
Imperial .Government, according to a Shanghai dispatch, professes confidence that a limited monarchy
will be acceptable to the Revolutionists, but initmates that Tang Shao-Yi, the representative of Premier Yuan Ski-Kai, is empowered to agree to a compromise on virtually any terms. Wu Ting Fang,
former Minister to the United States, will represent
the rebels. It is stated that the latter will agree to the
election of Yuan Ski-Kai, the Premier, as temporary
President. Under these circumstances the prospects
for a formal and final suspension of hostilities seem
much brighter. Still, conditions so far as China is
concerned, frequently change over night.
The most brilliant of Durbars in the history of
India was held on Dec. 12 at Delhi, when the loyal
population witnessed the crowning of their new
Emperor and Empress, King George V. and Queen
Mary. Possibly one of the most important of the
practical features of the celebration was the dramatic
announcement that Delhi is to replace Calcutta as the
capital of India. This was a secret that had been
well kept, but, according to press dispatches, the
announcement was made with the full knowledge of
Indian chiefs, and is welcomed alike on historical,
political and administrative grounds. The native
princes and the army are declared to be greatly pleased
at the revival of the ancient glories of Delhi. It is
feared, say cable advices, that the change will be
resented in Calcutta and by the Mohammedans in
Eastern Bengal. The transfer is estimated to involve
a cost of $25,000,000. India has for ages been associated with pomp and splendor, with richness of color
and decoration; and it is quite probable that the
accounts received of this week's function that all previous exhibitions of this character were eclipsed
are not over-statements. King George seems more
partial to these elaborate displays than was his father.
The Coronation in London, it will be recalled, was one
of unusual pomp and magnificence.
European political affairs are becoming calmer.
The Anglo-German incident, for all practical purposes,
is closed, the thorough and frank understanding that
has been reached having cleared the atmosphere.
All doubt as to the ratification of the Moroccan agreement by France was set at rest on Thursday, when a
motion by Count de Mun, one of the leaders of the
Conservative side, to postpone the ratification of the
Franco-German agreement until after the negotiations
now going on with Spain are concluded, was defeated.
Official bank rates of discount remain unchanged,
but open market rates at all the large European centres
are close up to the official quotations. In London the
volume of Christmas borrowings at the Bank of
England, according to late press cables, already suggests a new record, and at the same time indicates a
retail merchandise movement that, while it lasts, will
be apt to tax the routine resources of the banks. This
seasonal demand for money, however, is worldwide;
and there seems no reason to expect pronounced ease
until the new year is fully under way. Discounts were
reported yesterday by cable at 3 15-16% for 60 days
In China affairs are waiting on the results of the (an advance for the week of 1-16%) and 3%% for
Peace Conference that either is in session at Shanghai 90 days—an advance of %%. Paris quotes 3% for
16 :4
[VoL.
THE CHRONICLE
Sterling exchange ruled firm throughout the week,
all maturities an advance of %%. In Berlin 5@53%
is named for 60 and 90-day bills; last week we quoted reflecting, chiefly, the year-end requirements, especa range of 4%@5%. Amsterdam is 1-10% higher at ially those to cover the January dividend and interest
3 15-16%. Brussels is a shade easier, being quoted payments on American securities in the hands of foreign holders. There are also rather definite indications
at 3 8%, comparing with 4% a week ago.
'
Call money in London advanced gradually from that last week's decline in rates was overdone; that the
33/2% to 43/2% , reaching the higher figure on Thurs- weakness had been aided by short speculative commitday; though a decline to 33/2@% took place yester- ments that have this week been covered at a loss.
day. A Peruvian 40
0 salt loan of £1,172,000 was Holiday remittances have also necessarily been a facoffered at 983/2 on Tuesday. Cable advices state that tor in the week's recovery in sterling. Measured by
it was well taken, having been several times over- the minimum demand rate, this week's recovery brings
subscribed within a few hours of the opening of the list. the level 65 points higher than a week ago. That there
The issue of £7,000,000 Canadian Northern RR. de- has obviously been competitive bidding for French
bentures last week was not a success at the issue price funds by both London and Berlin is indicated by the •
of 93, the underwriters having been compelled to take rates of exchange in Paris on those two centres. The
a large part of the issue. A Brazilian loan of £2,500,- London check rate in Paris this week has advanced
000 was also unfortunate, the underwriters in that to 25.253/2 francs from 25.23 francs last week, while the
case, too, having to take a large part of the offering Berlin check rate in Paris has advanced to 123.42 marks
It is, of course, not improbable that the higher money from 123.25. It is not considered likely, however,
rates ruling in London will tend to check additional that Paris will ship gold in connection with these moveofferings until after the turn of the year.
ments in exchange. The Russian banks, which usually
The Bank of England in its statement of Thursday maintain heavy credit balances in Paris, have, we are
reflected the holiday demands that it is being subjected informed, transferred large amounts from Paris to
to, as well as the preparations by the joint-stock insti- Berlin. .
Compared with Friday of last week, sterling extutions for the year-end disbursements. Total reserve showed a decrease of <£1,045,000, reducing the change on Saturday was firmer with demand quoted
proportion of reserve to liabilities to 49.40%. Accord- at 4 8580@4 8585, cable transfers at 4 8630@4 8635
ing to the cablegram of our special London correspond- and 60 days at 4 8235@4 8245. Rates advanced
ent, the Bank lost £1,152,353 in gold coin and bullion, sharply on Monday on easier rates for call money here
due to large shipments both to"South America and the and firmness in discounts abroad in connection with
interior of Great Britain. The increase in the item the year-end settlements; in the late afternoon, how"other securities" £1,310,000 indicates market bor- ever, speculation caused a slight reaction from the
rowing to that extent. Ordinary deposits decreased top and the close was at 4 86@4 8605 for demand,
£1,989,000. Our special correspondent furnishes the 4 8650@4 8655 for cable transfers and 4 8250@4 8260
following details of the movement into and out of the for 60 days. On Tuesday demand again advanced to
Bank for the Bank week: Imports £573,000 wholly 4 8625@,4 8630, cable transfers to 4 8675@4 8690
bought in the open market; exports £918,000 (of which and 60 days to 4 8270@4 8280. After a firm opening
£920,000 to South America and £28,000 to Java) and sterling on Wednesday moved up about 10 points on
shipments of ,E777,000 net to the interior of Great Brit- active trading, higher discounts in London. and the
ain.
continued ease in money rates here; final figures were
4 8635@4 8640 for demand, 4 8685@4 8690 for cable
The local money market is somewhat easier, call transfers and 4 8275@4 8285 for 60 days. Thursday's
rates having ranged between 2M and 4% the pres- market ruled firm, demand advancing to 4 8650 and
ent week. This compares with 4@514% last week. cable transfers to 4 87 during the forenoon; there was a
Out-of-town banks have not been as actively calling reaction later, following a recurrence of firm rates for
upon New York for funds, but there is slight expecta- call money, although the close was above Wednesday's
tion of any substantial decline in rates until the new level, with demand at 4 8640@4 8645, cable transfers
year is well under way. As we have indicated in an- at 48690@4 8695 and 60 days at 4 8285@,4 8295.
other column, the banks have been freely calling loans, On Friday demand was unchanged at 4 8640@,4 8650,
and have thus been able to strengthen their surplus re- cable transfers unchanged at 4 8690@4 87 and 60
serve. New York is just now showing distinctly its im- days were firmer at 4 83(04 8325'.
portance as an international money centre, and under
The close was at 4 83@4 8325 for 60 days, 4 8640@
these circumstances it is natural that rates here should 4 8650 for demand and • 4 8690 ®4 87 for cables.
reflect the high figures reported from abroad. On Mon- Commercial on banks was quoted at 4 813j@4 82U
day the call money quotations at New York were DA@ and documents for payment 4 8231@4 833. Cotton
/
1@4 82 and grain
43/2%, with the higher figure the ruling one; on Tues- for payment ranged from 4 821
day 23/2@4U% was the range, with renewals at 4%; for payment from 4 83@4 8331.
Wednesday's extreme figures were 33/2 and 4%, with
The following gives the week's movement of money
3% the ruling quotation; on Thursday 33/2@%
was the range, with 4% the usual rate; and on Friday to and from the interior by the New York banks.
range was 33/2@43'%, with renewals at 4%. Time
Shipped by
Net Interior
Received by
Week ending Dec. 15 1911.
N. Y. Banks. N. Y. Banks.
Movement.
money has not been in active demand. The closing
$4,827,000 Gain $11,937,000
$16,764,000
quotations are 43'1@43/2% for 60 days, while other Currency
1,194,000 Umn 2,206,000
3,400,900
Goal
periods up to 6 months are quoted at 4%. Commercial Tota gold and legal tender
$20,164,000
$6,021,000 Gain $14,143,000
paper is not pressing on the market. Quoted rates
With Sub-Treasury operations result is as follows.
are 431@,4%% (a reduction of Yi% for the week) for
Into
Out ol
Net Change in
60 to 90 days endorsed bills receivable and also for
Banks.
Banks.
Week ending Dec. 15 1911.
Bank Holdings.
four to six months single-name bills; others are quoted Banks' Interior movement,a.above- $20,164,000 $6,021,000 Gain $14,14:L000
22,600,000
Sub-Treasury operations
27,000,000 Loss 4,400,000
5% (a decline of M%).
Total gold and legal tenders
$42,764,000
$33,021,000 Gain $9,743,000
DEO. 16 1911.]
THE CHRONICLE
1635
How deep and how permanent will be the impresThe following table indicates the amount of bullion
in the principal European banks Dec. 14 1911 and sion of this imposing ceremony on the Indian people,
is yet to be seen. Its purpose undoubtedly was to
Dec. 15 1910.
conciliate India and intensify Indian loyalty to BritDec. 15 1910.
Dec. 14 1911.
rule, at a time of great and general political disturbish
Banks of
Saver.
Total.
Total.
Gold.
Silver.
Gold.
ance under the surface in Oriental countries. It folz
35,088,033 lows repeated, though undoubtedly very vague, ru35,954,031 35,088,033
England__ 35,954,031
France — 128,480.400 32,248,360 160,728,700 131,456,200 33,087,000 164,543,200 mors of political unrest in India—more momentous
Germany. 39,785,900 14,755,200 54,541,100 36,513,800 13,343,200 49,857,000
Russia a_ 143,702,000 6,087,000 149,789,000 148,082,000 6,190,000 154,272,000
Aus.-Hunb 53,759,000 11,671,000 65,430,000 55,433,000 11,980,000 67,413,000 and ominous, perhaps, because of the startling light
Spain --- 16,713,000 30,163,000 46,876,000 16,410,000 30,639,000 47,049,000
40,737,000 3,560,000 44,297,000 39,214,000 3,450,000 42,664,000 which has been thrown on the question of aspirations
Italy
Neth lands 11,456,000 1,180,200 12,636,200 10,258,000 1,928,600 12,186,600
6,098,000 3,049,000 9,147,000 5,505,333 2,752,667 8,258,000 among Eastern peoples by the recent amazing political
4,475,000
4,733,000 4,475,000
Sweden _ _ 4,733,000
6,330,000 revolutions in such communities as Turkey, China and
S witz'land 6,432,000
6,432,000 6,330,000
1,785,000
2,154,000 1,785,000
Norway __ 2,154,000
Persia. At a longer distance it follows recurrent
Total week 490,004,331 102,713,760592,718,091 490,550,366 103,370,467 593,920,833
Prey. week 491,066,417 102,453,627 593,520,044 491,101,140 103,286,460594,387,106 political and military outbre aks, which had sometimes
seemed to indicate that the English Government in
a The total of gold In the Bank of Russia ncludes the balance he d abroad—
that is, the amount held for Russian account in other Continental banks. The India was seated on a smouldering volcano.
proportion so held, and consequently duplicated in the above statement, is about
Not only was a position of this.sort suggested by the
one-seventh of the total this year, against about one-eighth a year ago.
mutinies of the Indian troops in the nineteenth
earlier
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling century, but as lately as the eighties a traditional misPounds was by considering the Gulden to have the value of 80 cents. As the
the attitude of Russia toward
Kronen has really no greater value than 20 cents, our cable correspondent in Lon- giving existed as to
don, in order to reduce Kronen to Pounds, has altered the basin of conversion by Great Britain's Oriental Empire. There was a time
dividing the amount of Kronen by 24 instead of 20.
in Mr. Gladstone's administration when the cry .of
d The division (between gold and silver) given in our table of coin and bullion in
the Banks of Italy and Belgium Is made from the best estimates we are able to ob- "Russia at the gates of Herat" became just such a
tain; it is not claimed to be accurate, as the banks make no distinction In their weekly
constant source of uneasiness to the English people and
returns, merely reporting the total gold and silver; but we believe the division we
make Is a close approximation.
government as the "German peril" has become in these
later days. One is reminded how, more than a century
ago, the Emperor Napoleon cast his eyes on England's
ENGLAND AND INDIA.
Indian empire and afterwards avowed at St. Helena
The coronation of King George ofi England as Em- that he had long cherished a purpose of invading
peror of India, which took place with great ceremony Surinam,and that he had been dissuaded from that
at Delhi last Tuesday, was an event of singular inter- purpose only because of his pre-occupations in Contiet and perhaps of far-reaching importance. In a nental Europe.
It cannot be said that relations between England
picturesque way it provided a curious link between
India are as precarious as they were in those
and
ancient and modern ideas of royalty. From a purely
earlier
periods. Not only has the backbone of Russian
political point of view it was an event of possible
military
ambition been broken by the Japanese war,
curious significance in the history of the British Emfeeling largely removed by the
and
its
anti-British
pire. A Durbar is in India the term applied either to
Anglo-Russian understanding, but the English Governa council for administering the affairs of a native State
ment of India has undoubtedly become more adapted
or to a purely ceremonial public gathering. It is not,
through experience to the prejudices of the natives.
as European readers have imagined, a national fair or
The English rulers were slow in learning that important
commercial congress; such as that at Nijni-Novgorod, lesson, but the lesson has been learned. The amazing
though in an Oriental community such commercial blunders by British commanders, which resulted in the
paraphernalia will naturally accompany it.
Sikh mutiny, have never been repeated. There are
It was in 1877 that the Durbar was first directly no `;larded cartridges." Not even an Indian native
employed for the purpose of imperial politics; in that would believe to-day the rumors which, whether true
year Queen Victoria, having been endowed at the hands or false, then circulated widely throughout India of
of Disraeli with the title Empress of India, was so pro- rebellious natives, punished by being blown from the
claimed with great splendor and ceremony in India. mouth of British cannons—a punishment which in
At the famous Delhi Durbar of 1903 King Edward the eyes of the Indian religion deprived them of their
was similarly proclaimed. On both those occasions, place in the future world. Along with this has come
however, the sovereign was absent, and the corona- recognition of the beneficent influence of the English
tion ceremonies were performed by deputy. This rulers for the interests of the Indian people. The
week thelKing of England appeared in person before British Government has dealt successfully with the
his Indiansubjects to receive the investiture of the famines,that formidable scourge of a country so thickly
settled as India and so greatly subject to the accident
Imperial Indian crown.
The cabled -accounts of last Tuesday's ceremony of harvest failure. Education has been promoted;
describe the occasion as one of perfect weather, of political preferment offered to natives. It is the
dazzling splendor of uniforms, accoutrements and sur- sentiment arising from this better state of things to
roundings,iand of a notable expression of native loy- which the ceremony of last Tuesday is designed to
appeal.
alty. The King addressed in person the Indian
Still more is it an interesting historical event as an
princesiassembled around him and the great popular
offset, and perhaps an antidote, to the widespread
assemblage which had been convened. His speech political unrest in the
East,to which we have referred
announcedilarge grants for popular education in India, already. In much the same way as
happened half a
releasel:ofipolitical prisoners, wide extension of privi- century ago, the Eastern mind has seemed, through
leges to native officers in the Indian army, and re- some mysterious means,
to have absorbed the new
moval:of,,thelIndian capital from Calcutta,the British political ideas and aspirations which were causing
commercial.metropolis of that country, to Delhi, the radical political changes in the West. When recent
ancienticapital of the Mogul Empire.
dispatches from China have4:reported a purpose of the
1636
THE CHRONICLE
[VoL.
successful insurgents to introduce a constitution on most promising practical gain to
be reached. Whether
the American plan, a President to be chosen by a we, are moving really
towards State independence
two-thirds vote of the present Chinese Provinces, a while apparently moving, away
from it is a serious
national assembly whose laws shall be subject only to question which ought to be,
yet does not seem to be,
Presidential ratification, and the Speaker of that seriously considered. A
union of distinct sovereignAssembly to be elected by open ballot, nothing that ties which, for certain •
specified directions of "the
might occur in , another Oriental community could general welfare", blend
into one central sovereignty,
cause very much surprise. The strange and obscure was without precedent in
1790; to the imagination
combination of events which has led in Persia to the of the Founders it may
have seemed a sort of repreappeal of the Persian people to an American Treasurer- sentative body in which
each State retained a share
General for protection against the intrigues of Russia in of its power and submerged the
rest, for the sake of the
the affairs of Persia, is a startling illustration to the common advantage. But
impatience over some
same effect.
troubles of rapid growth has led us to construct a
We should say that so far as regards the probability central government which
is clothed, in the popular
of a similar state of things in India, the character of imagination, with a
distinct entity; it is supposed to
the people, their long familiarity with what has been in have superhuman attributes
of wisdom, power and
recent years the beneficent rule of England,and, above goodness, and, withal,
to be an inexhaustible source
all, their habitual reverence for authority, power and of material blessings.
So the States go to it to get
splendor of display, would do much to safeguard the things, and the rivalry is
over which can get the most.
British rule from a similar popular uprising. At The distribution so
fascinates the eager desire that
this late day, indeed, it is hard to conceive of a move- the processes of contribution
are dimly seen and are
ment from the Indian people for a constitutional India only half realized; the hand
of giving makes us forget
under the rule of elected native officers. There has the hand of taking.
never been such a demonstration. No movement of
It is yet to be discovered whether the impatient
revolt against the British rule has ever occurred in demand for quick
remedies to cure overestimated
India, except such uprisings as were based on the diseases has not led the
American people to construct
effort to proclaim the independence of some.province a Frankenstein. To-day,
sovereignty and rights of
or provinces under the absolute sovereignty of a native States,;together with
duties of States, form a subject
prince; without any popular voice in government; which apparently
enlists inconsiderable attention.
what the rule of such native princes was when the The only proposition of
which we can feel sure is that
experiment was tried is a lesson which India learned the States will never
let go their taxing powers.
long ago, and India does not forget.
Upon so much, they are sensitive and are disposed
to make a stand; all else seems to be viewed with
THE VISIT OF THE GOVERNORS.
indifference, in the desire to get aid. Events may,
An incident of this week has been the visit of the however, yet compel the
country to take up as the
Governors, in due course upon their journey east- most practical of questions
what seems now merely
ward. They came on a train made up for their academic.
purpose, dubbed the "Alfalfa Special". The three
Pacific States and five others west of the Mississippi
THE REPORT OF THE RAILROAD sent their Executives or special representatives and
SECURITIES COMMISSION.
the train carried out the educational purpose which
The report of the Railroad Securities Commission,
the railways have already used to promote land appointed last year by President Taft, measures up
development and better farming. The train was to a high standard, and is educational and instructive.
a traveling exhibit. The Dakotas and Minnesota It treats an important subject in a broad and intellihad one car, the latter ,emphasizing dairy products gent way. It makes many helpful suggestions and
and wheat, while the other two States showed grasses, recommendations and punctures numerous fallacies
corn and wheat. Washington laid stress upon fruit.. and delusions. In the orderly arrangement of the
Montana proclaimed water-power and millions of different topics bearing on the main subject this reacres of fine land still untouched. Idaho also pro- port has never been surpassed by any public docuclaimed her water-power and Oregon and California ment that has come under our notice. In clearness
displayed their well-known products.
of statement it leaves nothing to be desired, and the
The avowed object was to arouse the country in reasoning quite generally is sound and convincing.
favor of a project, still in the indefinite stage, to The language all through is temperate, the discussions
celebrate the opening of the Panama Canal, in 1915, rational, and there is an evident purpose to be fair and
or, later, by an international fair at San Francisco. to weigh•most carefully all the evidence for and against
The Exposition idea has already been largely ex- every particular proposition or in support of any speploited, and trade (international and other) needs cial theory.
artificial fostering not so much as it needs to be
If we should animadvert at all upon this most meripermitted and liberated. However, an interchange torious document, it would be that there are so many
of amenities and an increase of acquaintance between qualifying statements in it. After having in the most
East and West is always timely, as making for lessen- convincing way disposed of a controverted point, we
ing of jealousies and misunderstandings.
are told somewhere else in the report, or perhaps in the
The conferences which have already been held, same paragraph, that the matter cannot be regarded
under the somewhat fanciful name of the House of as definitely closed—that there are contingencies
Governors, are recalled to mind. Not much has when the matter may have to be reopened.
apparently been accomplished by that movement, By reason of that fact a distinct impression is created
yet preliminary work towards good may have been that what the Commission recommends is, after all,
done, for there was some hopefulness in the idea. meant to be only tentative and provisional—someUniformity of action upon many subjects, without thing that will answerlwell enough for the time being,
sacrificing independence of the States, seemed the but may soon have to give way to more extreme meas
DEC. 16 1911.]
THE CHRONICLE
ures. In other words, we have very conservative
recommendations—and appealing ones, too—but a
sort of notice that very radical action, before long,
is by no means outside the range of possibility, The
report of the Commission is unanimous, and it may
be that the qualifying statements to which we refer,
and the guarded forms of expression used in many
parts of the discussions, are merely an attempt to
reconcile conflicting views and present statements and
forms of propositions to which all could subscribe.
The Commission comprised men of different shades
of opinion and whose thoughts would hardly always
be expected to run in unison. At one end of it there
was President Arthur T. Hadley of Yale University,
a man of exceptional qualifications and attainments
and with a trained mind, and at the other end there
was Balthasar H. Meyer, the newest recruit to the
radical element on the Inter-State Commerce Commission. Besides this, there were three other members, namely an eminent banker in the person of Frederick Strauss of J. & W. Seligman & Co., a prominent
Western lawyer in the person of Frederick N. Judson,
and Walter L. Fisher, now Secretary of the Interior.
Thus two of the five members were Government officials with leanings in favor of the extension of Government control, though neither of these two men occupied his present position at the time of their appointment. Rumor has it that the Chairman of the Commission, Dr. Hadley, wrote the most, if not the whole,
of the report, and the document certainly evidences preeminent ability. But, judging by the different uses to
which certain words and phrases are put, some of the
other members of the Commission must have made interpolations and additions, if they did not actually
write certain parts of the report. At all events, whoever
did write these parts had constantly in mind the fact
that guarded utterance and well-balanced phraseology was necessary to insure the concurrence of the
whole body.
We make this reference to the personnel of the
Commission and the composition of the report because
it seems to us that by reason of the way in which some
of the recommendations are hedged about, opportunity will be afforded those so disposed to dispute
its conclusions, thus depriving the report of some of
its binding force. We have seldom seen the numerous
fallacies bearing on this subject so neatly and effectively disposed of as'they are in this report. If the
Commission, after having in each particular instance
demolished the erroneous arguments, rested there,
it would not be possible for demagogues in and out of
Congress to bring the subject up afresh again as if
nothing had been settled. In the situation in which
the Commission leaves the matter it will be possible
for the agitators to quote the report itself as evidence
going to show that the Commission contemplated the
possibility of an early extension of Government
authority far beyond present limits.
The Commission suggests publicity, absolute publicity, as to all new stock and bond issues as the one
great remedy for the numerous complaints against the
railroads. This publicity is to extend to all of the
details in connection with such new issues. The railroad must show what it is intended to do with the
money and must account in full for the proceeds of the
issues. It must also show whether the directors have
any interest in the proceeding, and generally to furnish full and authentic information, so as to afford
assurance that everything in connection with the
transaction is straightforward and honest. We can
1637
conceive of no better way to protect the investor or to
assure the shipper' than by'such methods. This
journal has always adVocated the fullest publicity
regarding railroad affairs.' It has done more than that.
It has undertaken to gather the information itself
where it could not be obtained from railroad reports
and was not insisted upon by the Government. And
we began our campaign for publicity over forty years
ago, when railroad managers generally thought they
were privileged to keep security holders and the
public alike in complete ignorance.
Thern report indicates very clearly the many advantages and benefits that must result from enforcing
publicity as regards new security issues. We could
only wish the Commission were more emphatic in insisting that that is as far as the Federal Government
can wisely go, not only now but for all time in the
future. Instead of that, certain of its remarks suggest
doubt on its part as to the effectiveness of the proposed
remedy even as far as the immediate present is concerned. Such, for'instance, is the effect of a declaration contained in subdivision 12, where the Commission
speaks of the "Results to be Expected." After expressing the belief that the powers to be granted to
the Inter-State Commerce Commission by the recommendations suggested may be found large enough to
protect the public without the necessity of passing
a law that should require specific approval, in advance,
of the amount and purpose of stock and bond issues,
the report goes on to indicate that it will not be easy
to enforce such publicity, and also intimates that such
publicity is intended to pave the way for much more
comprehensive control in the future. Here is what it
says on this point:
We do not say that the enforcement of a law of this
kind will be easy. The public in all parts of the country has become accustomed to the evasion of laws
concerning capital stock. It is far easier to pass a
radical measure which is going to be evaded than to
secure obedience to a conservative one. But we are
confident that full public knowledge of the facts will
diminish the evils and misunderstandings described in
the opening paragraphs of this report as being the chief
sources of the demand for immediate Federal action,
and will at the same time furnish the proper foundation
on which to base more thorough-going reforms.
Obviously, the effect of such a statement, on the
one hand, must be to suggest doubt as to the sufficiency
of the proposed scheme of publicity, and, on the other
hand, it must encourage a disposition on the part of
those reckless spirits who are impatient of delay to
rush ahead and seek to obtain at once legislation which
will provide "thorough-going reforms" without waiting
for experiments in publicity.
The same cautious attitude is observable in many
of the other discussions in the report. The Commission is not prepared to urge the substitution of exclusive
Federal control for the jurisdiction of the several
States over their railroad corporations. It advances
cogent arguments, too, against taking away control
from the States. These arguments are brought to
gether in such a way as would seem to foreclose the
need of further discussion. Here is what it says on
that point:
The local needs of different parts of the country are
still divergent. Many railroad problems, both of
operation and of control, are still in the experimental
stage. Enforced uniformity under Federal law would,
in the opinion of many, discriminate against the
development of new territory and the formation of independent companies; for a well-established system
1638
THE CHRONICLE
[VoL. Lxxxxm.
has less difficulty in securing the necessary capital by respect whenever they might see fit. The Commission
pledging its credit than an independent projector points out that "physical valuation" in its bearing
wishing to develop a new district.
on the capitalization of railroads has been to some extent
advocated, and to a greater extent opposed, upon
In place of any added Federal requirements concern- the idea that, if undertaken by the United States
ing payment for capital stock, your Commission
recommends the adoption of provisions regarding Government, it will be made a justification for reducing
publicity which will show the actual facts regarding the amount of the outstanding securities of the
stock and bond issues in the several States, and the railroads to the figure thus ascertained or for preventing
consideration received therefor.
them from issuing new securities when the amount of
*
*
their outstanding stocks and ,bonds exceeds the
An Act of this kind does not limit the freedom of the physical value of their properties as so determined.
several States to make any kind of laws which they The Commission expresses the opinion that "should a
please regarding their own corporations. If they want
them str ngent they may make them stringent. If valuation of the physical property of railroads be made,
they thi k they can encourage the investment of it ought not, if properly applied, to involve either of
capital by permitting the issue of stock for less than those dangers." We have never seen the futility
par, they can allow such issues. If the result of of physical valuation, and the dangers connected
enforcing existing laws interferes with local needs, with it, more clearly set out than in the following
they may change the laws. But the companies must paragraph, which we cull bodily.
indicate precisely what they are doing. They must
An attempt to scale down old securities is clearly
not attract the bondholders' money by representing
that there has been a payment of one hundred cents, out of the question. Apart from the obviously.
when there has been a payment of only fifty cents. Constitutional difficulties of such a course, consideraThey may, if they please, direct the Treasurer to set tions of public expediency of themselves forbid it.
down their partly-paid stock in the balance sheet as The direct loss from the unsettlement of legal and
a liability in full; but they must make it plain to the equitable relations would be very great. The indirect
investor to-day and to the public to-morrow how much loss from the withdrawal of confidence in American
of that liability was represented by cash assets con- railroad investments would be immeasurable. Such
tributed and how much consisted of what is called in a readjustment would become archaic almost from the
English balance sheets "nominal additions to capital." outset, because an adjustment of securities based upon
Such liability is of the corporation to its stockholders the values of to-day might be totally erroneous toand not of the public to either.
morrow. It would be equally inadvisable, in cases
where outstanding securities were in excess of the
The foregoing leaves practically nothing more to say physical valuation, to prohibit the issue of new
on that branch of the inquiry. The considerations securities until physical value had become equal to the
advanced against giving the Federal Government amount of securities outstanding;because this principle,
if generally applied, would prevent roads so situated
•exclusive and unfettered control, every one must admit, from securing the capital needed for the service of the
are extremely weighty and it is difficult to see why community.
they will not be as absolutely controlling fifty years
The foregoing would appear absolutely to settle the
hence as they are now conceded to be. And this
Yet, only three or four sentences below the
matter.
conviction becomes all the stronger when we turn to
Commission,
after saying that "eminent railroad men
part
of
the
report
and
find
another
further arguments
advanced against Federal restrictions except in the who appeared before this Commission have stated
direction of enforced publicity. Thus, on page 10, the that in their opinion cost of reproduction or physical
Commission expresses the belief that as far as conecrns value was the most important single element in deterthe immediate action of Congress "stringent pro- mining the true value of the railroad as whole," provisions regarding publicity of stock and bond issues, ceeds to tender this advice:
which will show how far the laws are obeyed, and
We believe it to be in the interest of railroads, no less
will enable the Federal Government to hold the than of those who use them, that the Inter-State
railroad officials responsible for the consequences of Commerce Commission should be given broad powers
not obeying them, will be more salutary and more and adequate means for valuation of the physical propeffective than any new statutory demands." It goes erty of railroads as one element in determining fair
judgment of that Commission,
still further and makes the statement that "so long value, whenever, in the
this ,is of sufficient importance to warrant such action.
as the railways engaged in inter-State Commerce are This will give the public information which if is entitled
chartered by the States and subject to State laws to demand, and which can, in our judgment, be better
regarding their securities, added Federal restriction and more economically obtained in this way than in
will tend to create further confusion in a situation any other. The attempt to oppose a system of physialready too complex." All this is obviously beyon d cal valuation of this kind tends to give countenance to
dispute. Yet in the very next sentence the Com- exaggerated estimates of the amount of water in
railroad stocks.
mission goes on to say: "But we also believe that
the time is near when the difficulties of the present
Does not this last look very much as if the Commissystem of dual control and the conflict of State laws sion had allowed sentimental considerations to overrule
will become so manifest that further legislation on the its better judgment; or was the suggestion that physisubject will be imperative." Thus, while on the one cal valuation be permitted to the Commerce Board
hand expectation of immunity from disturbing made out of deference to its representative on the
Federal interference is gratified, on the other hand Securities Commission? That the Commission should
assurance that such immunity can be long ma intained urge giving the Commerce Board power to make a
is vetoed in advance.
physical valuation is the more noteworthy inasmuch
The very striking paragraph dealing with the as in another part of the report, where it again reverts
question of physical valuation is in like manner robbed to the subject,the Commission takes express pains to
of some of its force by superimposed clauses urging say: "It is hardly necessary to add that your Comthat it might be well to allow the Inter-St ate Commerce mission does not believe that the cost of reproduction
Commissioners to indulge their propensities in that of the physical properties, however carefully corn-
Did. 161911.]
THE CHRONICLE
1639
be "clearly inadmissible," and lays down the rule
that in general there should be as little disturbance as
possible of the relations to-day existing between
different classes of security-holders. It thinks that
the confusion and litigation which would result from
the attempt to disturb them would outweigh any
possible good to be obtained. It expresses belief that
no restrictions except those of publicity should be
placed upon the power of the directors to issue new
stock pro rata to their stockholders at or above par,
even though the price received be less than the existing
market value of the old stock. It says the experience
of Massachusetts has shown that the attempt to
prohibit the issue of stock below its market value has
hampered the investment of capital and has distinctly
interfered with the development of facilities. A further
objection to any attempt to compel the sale of new
stock at a price above par is that it implies a certain
warrant that this value, thus publicly fixed, will be
maintained in the future, on the old stock as well as
the new. "In thus •attempting to limit profits, it.
may actually tend to guarantee them."
As to allowing directors to issue stock below par, it is
argued that if a road, whose stock for any reason
whatsoever sells below par, is prohibited from issuing
stock at less than par, it means that it must raise
all its money by bonds. Accordingly, such a road
would be compelled to go more and more deeply into
debt. The worse the financial position of the road,
the stronger would be the compulsion,and the heavier
the interest charges on the bonds. The most that can
properly be done, the Commission thinks, is to allow
companies which cannot sell such stock at par to
arrange for the "amortization" or gradual cancellation
of any necessary discount by appropriating "out
of future income or surplus which may accrue subsequent to the issue of such stock an annual sum having
precedence over dividend payment, to be so applied
on capital account as to make the deficiency good in
a period of no very great length." The Commission believes, however, that a better plan would be to authorize the creation of shares without par value; then no
one would be deceived as to the amount paid in on
the stock and the question of discount or premium
A growing railroad has constant need of money, would not come up. The Commission agrees that
and its officers and directors are the best judges of the no limitation should be placed on the price at which
amount of its annual requirements. It is manifestly bonds can be sold, but any discount should be canceled
to,the interest of the company and of the public that a
during the life of the bonds by annual
road should get its money as cheaply as it can. The or amortized
ons
from surplus or income.
,
appropriati
with
to
accumulate
debt
floating
policy of allowing a
What the Commission says regarding railroad divia view to its extinction by the sale of permanent
securities upon the completion of its improvements,is dends is thoroughly sound. It argues that no attempt
not a good one, and should be avoided wherever should be made by statute to limit railroad profits to
possible. An administrative body whose .approval a fixed percentage, or to treat a high cash dividend as
was required in advance for the sale of securities would necessarily indicating extortion. "Railroad charges
have great difficulty in always acting promptly enough
control rates by
to enable the roads to avail themselves of favorable must be reasonable; but to try to
manager who
the
is
to
put
profits
limiting
of
floating
arbitrarily
creation
the
avoid
and
money markets,
debt, and might do its work so carelessly as to result in makes his profit by efficiency and economy on the
shielding the directors from responsibility, instead of same level as the one who tries to accomplish the same
acting as a safeguard to the public.
result through extortionate charges." Scrip, bond
We are disposed to leave.for the present to State and stock dividends, however, the Commission would
commissions the responsibility of passing upon the
On this point it says:
questions of public convenience and necessity involved prohibit.
If we prohibit scrip dividends, we can permit the
in the building of lines to be constructed within the
limits of their several States and to rely on full publi- creation of proper reserve funds without having them
city as to the use of the proceeds of the sale of securities regarded with suspicion as being a pretext for future
and of other assets as a safeguard against financial issues of unpaid stock. Sound finance demands that
abuses.
the companies should set aside such funds, out of income, to "defray the cost of progress." They can
It is, of course, highly encouraging that the Com- thus provide against obsolescence, or make improvemission is opposed to "any disturbance but a voluntary ments which add nothing to the earning capacity of
one of the existing amounts or status of bonds or stocks the property and ought not, therefore, to be made the
validly issued." It declares such a course would basis of increased capital liability.
puted, is the sole element to be considered in determining the present value of a Failroad, or that the
outstanding securities could or should be made to
conform to any such arbitrary standard." The Commission further records its belief "that the amount and
face value of outstanding securities has only an indirect effect upon the actual making of rates, and
that it should have little, if any, weight in their regulation." Under the circumstances, it seems all the
more strange that the Commission should deem it
advisable to suggest allowing the Commerce Board to
inaugurate the movement.
The fact that such valuation is to be only at the
option of the Commerce Board signifies nothing, for
the members of that body have long been pleading for
authority to undertake the job, and, once endowed
with such authority, the work would be pushed
vigorously along and appropriation after appropriation
demanded of Congress until every railroad in the
country had been covered. The information, too,
there is unfortunately reason to believe, would be
used in a way that would unsettle security values, and
the effect would be to impede still further the progress
and prosperity of the railroad industry. For the
Commerce Board is a political body, and it has never
acted.in any way except as political bodies always do.
It always indulges in special pleading as the advocate
of the users of the roads and invariably makes the welfare of the carrier a secondary consideration.
We have already indicated that the report as a whole
merits the highest praise. The Commission doubts
the expediency under present conditions of a general
law forbidding railroads to sell securities without
specific authorization in advance, it being understood
that the face value of these securities is not to be
construed as an obligation on the public. Authorization in advance, it truthfully says, would tend to
create an impression on the part of the investing public
of a guaranty or official recognition of values "which
no Administrative authority can safely give." The
absence of such recommendation by the Commission
is intended to make it clear that no such guaranty
should be given. The report then adds:
1640
THE CHRONICLE
Failure to encourage the creation of reserve funds
out of surplus earnings would cause a constant increase
of fixed charges, already heavy enough. Whatever
gain there might be in a present lowering of rates
would be merely temporary. Investors and shippers
wOuld alike be misled; the former into a fancied
security as to the permanence of dividends, the latter
into the belief that such reduction in rates was permanent. Ultimately such a course would lead either
to higher rates or to steadily diminishing dividends
and consequent impaired credit. Railroad credit is
an important asset to the entire country, and it should
not be wasted. In encouraging, therefore, the creation of reserve funds, we are only suggesting that the
present generation shall not be unmindful of its obligations to future users of transportation.
Cash dividends are not likely to be as large as scrip
dividends, because the former involve the distribution
of a corresponding amount of cash, while the latter
do not. Under these circumstances, the prohibition
of scrip dividends should of itself encourage the creation of proper reserve funds. In this, as in other
respects, all these three proposals—freedom from
arbitrary restriction of profits, prohibition of scrip
dividends and creation of proper reserve funds—hang
closely together. Any one, by itself, may be of
doubtful value. Taken together, they should Produce
a result advantageous to all.
We also like very much the statement in the report
indicating how little Government can do for the
assistance of either the investor or the shipper. Says
the report: "The Government cannot protect the investors against the consequences of their unwisdom
in buying unprofitable bonds any more than it can
protect the consumers against the consequences of
their unwisdom in eating indigestible food." No
truer words were ever spoken than those contained in
the following additional declaration: "The function
of the Government is to see that correct information is
available."
The report discusses the subject of the restoration
of public confidence and adds: "We are told that a
good law regarding national incorporation would of
itself create public confidence. This is an overstatement. Such a law would remove one set of sources
of distrust, but there is another set, more fundamental,
which can only be removed by the exercise of intelligence on the part of the American people as a whole."
It then enters into a discussion of the need of new
capital for the roads. It points out that even if the
building of additional mileage should be less rapid
than in the past, the capital needed for the development
and improvement of the mileage already existing is
enormous. It is frankly admitted that "neither the
rate of return actually received on the par value of
American railroad bonds and stocks to-day, nor the
security which can be offered for additional railroad
investments in the future, will make it easy to raise
the needed amount of capital." The ratio of interest
and dividends to outstanding bonds and stocks of
American railroads is stated to be not quite 43/
2%lin
each case. The average ratio of dividends to the
capital of national banks is given as being between
10 and 11% and the ratio of dividends to capital and
surplus combined over 63%. Bearing in mind future
uncertainties, investors in railroad securities, and
especially in stocks, take risks, it is well said, which
cannot be accurately forecast. On the questionlof
what is to be regarded as a reasonable return on
capital invested in railroads, the report makes the
following sensible remarks.
We hear much about a reasonable returnion capital.
A:reasonable:return is one which under honest account-
[VoL.
ing and responsibleImanagement will attract the
amount of investors', money needed for the development of our railroad facilities. More than this is an
unnecessary public burden. Less than this means
a check to railroad construction and to the development of traffic. Where the investment is secure,
a reasonable return is a rate which approximates the
rate of interest which prevails in other lines of industry. Where the future is uncertain the investor
demands, and is justified in demanding, a chance
of added profit to compensate for his risk. We can
not secure the immense amount of capital needed
unless we make profits and risks commensurate. If
rates are going to be reduced whenever dividends
exceed current rates of interest, investors will seek
other fields where the hazard is less or the opportunity
greater. In no event can we expect railroads to be
developed merely to pay their owners such a return
as they could have obtained by the purchase of investment securities which do not involve the hazards
of construction or the risks of operation.
It deserves to be mentioned that there are no
statistics or tabular statements in the report. But
there is nothing surprising in that. The limited time
at the disposal of the Commission and the small
amount of funds at its command obviously made
elaborate original research out of the question.
THE TIDE OF IMMIGRATION.
Immigration statistics, as officially announced by
the Department of Commerce and Labor for the
month of August, and tho;e for later months compiled by us, indicate an important decline in the
influx of aliens into the United States, as compared
with the corresponding periods of either 1910 or
1909. At the same time the departures of steerage
passengers have continued somewhat freer; consequently, the net gain to the country in foreignborn population thus far in the current year has been
less than in any recent year except 1908. The
August 1911 bulletin shows that the arrivals of all
classes of aliens during the month reached 63,352
(made up of 50,110 immigrant and 13,242 nonimmigrant aliens), this total contrasting with 91,460 in
1910 and 71,992 in 1909. There is little to be said
as to the nationality of the arrivals, except that,
as in the two preceding months, Hebrews predominated in numbers, and that the inflow of Italians was
comparatively restricted. For the eight months
of the calendar year 1911 the arrivals were 625,999,
contrasting with 867,745 last year, 788,006 in 1909
and no less than 1,104,863 in 1907. In 1908, of
course, as a result of depression then prevailing here,
the inward movement was only 328,159 forithe
eight months.
Departures of steerage passengers, as already
intimated, have been freer month by month than in
either 1910 or 1909, the outflow for the period for
January 1 to August 31 this year having been approximately 335,000, as against 260,829 and 199,880,
respectively, but in 1908, for reason already stated
(depression following the panic of 1907), theIefflux
was 437,067. Striking a balance between the inward
and outward movements we find that there was a
net gain in foreign-born population of only 290,999 in
the eight months of the current year, whereas in the
period of 1910 the increase reached 606,916, in 1909
was 588,126 and in 1907 nearly 850,000. 1908, however, showed a decrease of 108,908.
In connection with the foregoing, we noteithatla
conference of representatives of Southern Stateslwas
heldginilWashingtonlon November 16 and 17 to con-
DEC. 161911.
THE CHRONICLE
alder the question of distributing immigrants. Aside
from the formation of a permanent organization to be
known as the National Conference of Immigration, the
objects of the body were announced to be in favor
of (1) increased Congressional appropriations, which
would enable the Bureau of Immigration to take up
the work of inducing labor to leave congested population centres and go to agricultural and industrial
communities; (2) the creation of State bureaus of
immigration and information with representatives
at ports of entry; (3) the extension of the activities
of such bureaus to the protection, education and
assimilation of immigrants; (4) fullest co-operation
between the several State bureaus and between the
State bureaus and the Federal authorities, and (5)
the enlisting of the aid and co-operation of commercial, civic, philanthropic and other organizations.
The objects of the organization need no special commendation; if intelligently carried out, they will obviously greatly benefit all concerned.
Canadian immigration, contrasting sharply with
results in the United States, has been of unprecedented
volume thus far in the current fiscal year, both as
regards the number coming via the ocean ports and
•those passing across the border from the United
States. This, of course, is not unnatural, in view
of the increasing opportunities opened up to the
farming classes in the vast agricultural regions of the
Northwest and the pressing need for labor in railroad
construction, &c. Some little time since the inability
of the railroad contractors to secure a sufficient labor
force became, in fact, so manifest that the immigration officials made special effort to assist. This took
the shape of an order, issued in early September,
relaxing until the close of October the regulation
relating to money qualifications where the immigrants
had been assured permanent employment on construction work, the privilege being restricted to the
citizens of countries in which immigration effort is
being made by Canada. The effect of this was to
quite appreciably swell the inflow of aliens during
the period covered. The latest official statement
of immigration into Canada indicates that for the
seven months of the fiscal year 1911-12 (April 1 to
October 30 1911) the alien arrivals totaled 265,835,
of which 172,260 entered at ocean ports and 93,573
were from the United States. The major part of
those arriving from the United States have been
farmers, who have largely settled in the prairie provinces. In the seven months of 1910 the arrivals
werelonly about 224,000 and in the full twelve months
of 1909-10 (April 1 1909 to March 311910) but 208,794.
Canada at the present time holds out better opportunities for industrious immigrants than perhaps
any other country.
RAILROAD GROSS EARNINGS FOR NOVEMBER.
Our early compilation of railroad gross earnings'for
thefmonth of November does not yield altogether
satisfactory comparisons. Results are decidedly irregular as between different roads and different sections
of the country. Not a few roads show losses, some for
very considerable amounts. On the other hand,
gaingare not lacking and some of these also are of
substantial proportions, though where that is the case it
follows usually because in the same month last year
these particular roads had sustained heavy decreases
bytreason of crop shortages or other special causes,
and have now recovered a part,or the whole, of such
1910 losses. Perhaps it is not surprising that results
1641
should be irregular, seeing that trade activity is still
at a low ebb,and that in certain sections of the country,
particularly in the Southwest, the 1911 grain yield
was not up to that of 1910.
Taking the aggregate of all the roads collectively,
our statement shows an increase, as compared with the
corresponding month last year, of $1,247,559; or
1.73%. This covers 90,287 miles of road the present
year. More than the whole of the increase, however,
is contributed by the three Canadian systems that
are included in the compilation. The Canadian Pacific
alone has a gain of $1,150,000, the Canadian Northern
reports $436,100 increase and the Grand Trunk
Railway of Canada has a gain of $255,604. The
three roads combined, therefore, have furnished
$1,841,704 gain. As the total increase, however, for
the whole 51 roads represented in our table is only
$1,247,559, it follows that for the United States alone
there is actually a loss of $594,145. As a matter
of fact 25 out of the 48 American roads contributing
returns have fallen behind in larger or smaller amount.
Such a showing is the more noteworthy inasmuch
as in November last year our early statement revealed
only moderate improvement in the aggregate, even
with the aid of some increase by the Canadian roads,
while a number of the separate roads, for reasons
already given, actually suffered decreases. In brief,
our table last year, covering 87,809 miles of line,
recorded no more than $1,690,055 increase, or 2.48%,
of which $384,779 was contributed by the three
Canadian roads. The year before-1909-there was,
of course, very considerable improvement, the gain
then being $7,515,357, or 12.91%; but this represented in part a recovery of losses sustained in 1908.
Even in 1907 and 1906 the increases were relatively
slight. In the following, we furnish the aggregates
back to 1896:
Mileage.
Gross Earnings.
November.
Year.
1898 -1897
1898-1899 -1900 ____
1901 -1902
1903
1904
1905 ---1906
1907 --1908 1909 _--1910
1911
Increase(+)
Or
Year Yr.pre- InGiven. ceding. cr'se.
Roads Miles. Miles.
%
Year
Given.
$
I
I
Year
Preceding.
Decrease (-).
122 89,936 89,214 0.81 39,415,823 44,188,179 -4,772,556 10.79
126 96,391 95,103 1.35 50,213,481 41,517,497 +8,695,984 20.94
114 89,367 88,235 1.28 47,777,989 45,833,778 +1,944,211 4.24
117 98,689 96,967 1.77 59,800,183 54,149,899 +5,650,284 10.43
105 97,494 94,059 3.65 59,169,448 57,853,427 +1,316,021 2.28
100 103,453 101,924 1.50 88,966,766 61,260,137 +7,706,629 12.58
74 90,106 88,251 2.10 62,023,087 57,983,250 +4,039,837 6.96
70 86,742 84,573 2.56 60,220,508 57,887,073 +2,333,435 4.03
68 84,002 82,42; 1.91 63,536,601 57,818,885 +5,717,716 9.88
55 83,677 81,709 2.41 71,044,232 65,109,098 +5,935,134 9.11
69 97,240 94,861 2.51 87,119,750 83250,084 +3,869,666 4.85
50 74,439 73,188 1.74 54,770,4931 53,425,317 +1,345,176 2.52
51 79,108 77,518 2.05 59,940,539 61,744,772 -1,804,233 2.92
45 81,218 79.588 2.05 65,522,7321 58,007,375 +7,515,357 12.91
45 87,809 85,221 3.04 69,828,448 68,138,393 +1,690,055 2.48
51 90,287 88,685 1.77 73,469,030 72,221,471 +1,247,559 1.73
Jan. 1 to No
1896 -- 116
1897 _--- 119
1898 ---- 114
1899 _- 110
103
1900
93
1901
1902 ____ 74
1903 _--_ 70
1904 __-_ 67
1905 ____ 55
1906 ____ 69
1907 ____ 55
1908 ____ 50
1909 ____ 44
1910 ____ 45
51
1911
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
78,708 77,116
81,008 79,378
87,809 85,221
90,287 88,685
0.82 411,624,390 404,636,777 +6,987,613 1.72
1.36 460,682,396 433,915,117 +26,767,279 6.09
1.28 461,937,617 424,007,183 +37,930,434 8.64
1.77 559,918,434 511,496,013 +48,422,421 9.46
3.88 595,487,645 542,700,820 +52,786,825 9.72
1.48 677,212,805 609,239,714 +67,973,091 11.15
2.10 623,776,463 576,882,954 +46,893,509 8.12
2.56 639,338,998 576,573,058 +82,765,940 10.88
1.91 613,553,405 606,552,863 +7,000,542 1.15
2.41 673,611,217 626,496,472 +47,114,745 7.52
2.51 900,355,234 794,728,647 +105626,587 13.39
1.74 590,965,575 540,238,902 +50,726,673 9.39
2.06 575,231,637 662,099,137 -86,867,500 13.12
2.06 618,292,490 551,266,144 +67,026,346 12.16
3.04 717,209,180 644,249,456 +72,959,724 11.32
1.77 739,426,368 724,138,811 +15,287,527 2.11
Note.-Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are included in this table.
When we come to examine the returns of the
separate roads, we find that the Illinois Central leads
all others in amount of decrease, having fallen behind
$692,507. To be sure, there was a special cause in
that instance, namely the craftmen's strike which
was in progress on that road throughout the whole
of November, and the Yazoo & Mississippi Valley,
which has $191,582 loss, may be supposed to have
been similarly affected. But there are other roads
distinguished for considerable amounts of losses.
[VoL. Lxxxxin.
THE CHRONICLE
1642
Among these are the Missouri Kansas & Texas with
$294,908 decrease, the Colorado & Southern with
$219,487 decrease, the Denver & Rio Grande with
$83,400 decrease, the Chesapeake & Ohio with $126,885
loss, the Wabash with $199,588, besides several others
for smaller amounts. On the other hand, among the
gains :we find arrayed the Great Northern With
$516,110, the "Sob" with $298,727, the Missouri
Pacific with $228,000,the:International & Great Northern with $148,000, the Texas & Pacific with $88,244,
&c. The Great Northern and the "Soo" had heavy
losses last year and iI may, hence, he assumed that the
spring-wheat yield in their territory was better in 1911
than it had been in 1910. On the other hand that the
parts of the spring
grain movement in certain.E
wheat States was smaller even than in 1910 is evident
from the decrease in earnings shown by the Minneapolis & St. Louis, the loss being in addition to the
decrease suffered by the same road last year. In the
following we show all changes for the separate roads
or sys.tems for amounts in excess of $30,000, whether
increases or decreases:
diminished receipts of one cereal or another or in the
aggregate of the entire grain deliveries. Duluth for
the four weeks ending November 28 received 5,769,160
bushels of wheat, against 3,274,221 bushels in the
corresponding four weeks of 1910, but comparing
with 8,823,909 bushels in 1909. At* Minneapolis the
receipts of wheat were 11,502,821 bushels in the four
weeks of 1911, against 7,830,739 bushels in 1910
and 10,521,690 bushels in 1909. Taking the aggregate
of the entire grain movement-that is wheat, corn,
oats, barley and rye combined-the deliveries for the
four weeks this year were 54,281,781 bushels, as
against 50,910,849 in 1910, but comparing with
61,428,334 bushels in 1909. The following gives the
details of the Western grain movement in our usual
form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
Ending
Wheat.
(bush.)
Nov. 25.
Chicago1911____
497,131
1,692,600
1910____ 649,026
1,164,500
Milwaukee1911._
238,040
932,580
1910____
294,300
1,722,290
St. Louis1911____
219,095
1,041,105
PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER.
1910_
226,020
1,683,068
Increases.
Decreases. Toledo,
1911
234.000
$1,150,000 Illinois Central
Canadian Pacific,
8692,507
1910
216,800
294,908
516,110 Missouri Kansas & Texas_
Great Northern
219,487 Detroit436,100 Colorado & Southern__ __
Canadian Northern
199,588
298,727 Wabash
Minn. St. Paul & S. S. M_
1911_
29,645
233,747
255,604 Yazoo ec Miss Valley_-_
Grand Trunk._
191,582
1910._
19,409
168,721
126,835
228,000 Chesapeake & Ohio
Missouri Pacific_
Cleveland
83,400
148,000 Denver & Rio Grande_ .._ _
Internat. & Great North__
1911____
2,825
29,749
53,701
88,244 Minneapolis & St. Louis__
Texas & Pacific
1910_ ___
6,307
93,433
47,054
72,224 Chicago Great Western _
Seaboard Air Line
44,218 PeoriaCentral of Georgia
52,000 Louisville & Nashville_ _ _ _
42,171
1911._
165,100
Atlanta Him. & Atlantic_
83,000
41,291 Buffalo Hoch. & Pittsb__ _
30,185
1910_ __
Alabama Great Southern_
41,165 Mobile & Ohio_
165,800
91,000
Southern Railway
34,327
Duluth1911____
86,175
5,769,160
Representing 13 roads in
Representing 12 roads
1910____
106,480 3,274,221
our compilation
In our compilation__ _82,025,686
$3,361,792
Minneapolis1911
11,502,831
1910
7,830,739
Kansas City1911
1,480,000
1910
2,543.900
It may seem strange to find certain Southern roads,
• like the Louisville & Nashville and the Mobile & Ohio,
numbered among the decreases and certain other roads,
like the Southern Railway, the Central of Georgia, the
Texas & Pacific and the International & Great Northern, included among the increases. But the Southern
• cotton movement was quite irregular. In Texas it
was very much larger than last year and the Texas
roads, as a consequence, show the benefits. In
certain other parts of the South the cotton traffic
fell below a year ago, notwithstanding the tremendous crop raised, some Southern planters being
disssatisfied with the level of prices prevailing and
withholding supplies from market. Shipments overland aggregated only 236,253 bares in November 1911,
against 305,504 bales in November 1910. The
receipts at the ports make very much better comparisons reaching 1,953,246 bales, against 1,673,039
bales; but the bulk of the increase is found at the
Texas ports and at Savannah; New Orleans shows
smaller receipts than in 1910 and so does Norfolk,
as will be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND
FROM JANUARY 1 TO NOVEMBER 30 1911, 1910 AND 1909.
November.
Since January 1.
Ports.
bales
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, eze
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c...
Total
1911.
1910.
1909.
566,311
194,187
312,614
57,733
46,328
368,377
64,050
85,375
233
108,305
146,796
2,987
476,956
86,244
365,474
52,364
27,333
273,766
45,445
76,424
372
105,491
162.287
883
496,980 2,614,098 2,435,954 2,714,374
28,866 649,698 306,112 301,064
226,750 1,204,935 1,207,993 1,467,857
'44,773 220,328 210,460 284,983
57,553 180,489 101,136 196,083
208,368 1,605,555 1,111,797 1,425,155
43,39)) 248,981 145,658 277,942
32,670 275,451 234,024 224,884
253
1,724
1,963
1,448
50,820 352,409 316,867 352,269
98,076 466,389 493,752 510,187
5,763
4,484
21,891
8,990
1911.
1910.
1909.
1,953,246 1,673,039 1,292,983 7,825.220 6,576,691 7,779,352
The Western grain movement ran ahead of that
of last year in the aggregate by reason chiefly of the
enlarged deliveries of spring wheat at. Duluth and
Minneapolis, but several of the primary points show
Flour.
(Ms.)
1911___ 1,237,911
1910_ _ 1,467,342
Flour.
Jan. I to
(bids.)
Nov. 25.
Chicago191E._ 4,861,997
1910._ 7,424,145
Milwaukee1911_ __ 2,785,135
1910___ 2,872,798
St. Louis1911_ __ 2,251,035
1910____ 2,410,355
Toledo1911_
1910_
Detroit1911_ _ _ • 219,687
•1910.... 214,155
Cleveland1911._ _ _
27,062
1910..___
82,332
Peoria1911___ 1,864,945
1910___ 2,590,012
Duluth1911._ 602,935
1910._
788,485
Minneapolis1911_
1910_
Kansas City1911_
1910_
22,998,772
18,788,672
Wheat,
(bush.)
Barley.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
6,741,900
7,139,750
5,343,400 3,106,300
6,172,800 2,037,000
Rye.
(bush.)
243,000
101,000
445,220
238.430
549,800
865,800
1,210,300
1,675,800
240,720
103,620
1,087,385
798.995
899,600
1.751.000
281,484
393,400
12,154
27,635
309,900
223,200
109,500
304,500
349,673
397,781
191,122
163,560
186,658
514,642
142,350
208,135
3,124
2,167
1,632,556
1,178,130
262,400
555,938
187,200
400,800
17,600
31,000
72
676,930
77,585
911,875
1,277,652
131,954
38,986
843.074 2,854,010
1,227,240 2,265,340
378,480
159,780
502,040
716,230
888,200
713,200
12,143,532
11,925,430
Corn.
(bush.)
2,000
4,000
540,500
352,000
9,559,276 8,554,293 1,025,908
11,678,567 8,052,159 466,021
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
34,356,702 86,634,850 79,108,400 18,820,700 1,469,200
26,693,000 87,288,550 00,695,300 22,180,900 960,000
7,625,210
9,644,850
14,793,787
17,758,096
6,041,750
9,940,604 9,748,656 1,556,420
6,726,070 11,420,650 12,617,693 1,265,280
•
18,344,190 16,905,600 1,883,152 194,390
19,810,682 19,976,470 1,767,965 286,523
6,130,000
3,990.600
3,704,900
3,551,100
3,341,000
3,740,150
1,975,937
1,568,722
2,762,955
2,648,746
2,595,661
2,310,264
457,651
734,345
3,357,365
4,460,741
2,264,045
4,846,092
1,165,822
1,157,264
1,000
12,000
110,650
37,745
79,660
512
7,242
12,593,106
14,427,482
6,150,058 1.708,183
11,836,535 2,350,829
193,800
352,592
28,422,579
28,785,242
1,494,406
918,851
3,508,592 5,781,327
5,574,268 10,303,417
705,924
453,403
76,336,010
89,251,359
5,789,081
7,939,451
23,124,710
38,868,050
13,050,900
14,534,450
9,135,874 17,967,540 2,008,209
17,298,528 19,060,267 1,707,650
5,351,600
4,198,400
Total of all1911_ _ _12,642,796 194,334,40 153,774,403 138,301,434 55,947,303 6,140,455
1910____16,382,302 218,457,428 162,306,122 171,896,657 68,361,731 5,143,340
To complete our analysis • we add the following
six-year comparisons of the earnings of leading roads,
arranged in groups:
.1
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
November.
1911.
•
1910.
1909.
1008.
1907.
1906.
$
8
8
$
8
$
Canadian Pac. 10.399,000 9,249,000 9,075,964 7,303,303 6,953,967 6,234,583
915,490
Chicago Gt W. 1,061,765 1,108,810 1,064,253
715,391
791,613
232,191
Dul SO Sh & A
270,968
234,847
260,085
258,786
249,728
Great Northern 6,139,119 85,623,009 86,135,465 85,673,562 6,093,554 5,142,301
IOws Central__
308,350
233,686
289,781
311,695
253,047
276,579
492,127
Minn & St L..
303,531
385,934
439,635
351,208
315,651
M StP&SSM a_ 2,303,491 2,004,764 2,121,620 1,730,388 1,709,286 1,709,067
Total
20,813,937 18,997,007 19,468,753 16,452,151 16,335,239 14,719,522
Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific in
1911, 1910, 1909 and 1908.
a Includes Chicago Division In 1911, 1910, 1909 and 1908; for previous years we
have combined Minn. St. Paul & S. S. M. and Wisconsin Central.
Actual figures of earnings are now used for comparison.
GROSS EARNINGS FROM JANUARY 1 TO NOVEMBER 30.
EARNINGS OF SOUTHERN GROUP.
November.
Alabama Gt So
Ala NO & T PN 0 & N E_
Ala & Vieks_
Vicks Sh &P
Atl Birm & Ati
C,emral of Ga.
Ches do Ohio _ c..
CM N 0 & TP_
Lou & Nash _b_
Mobile & Ohio_
Seaboard A L_
Southern Ity__
Yazoo do Id V..
1906.
1911.
1910.
1909.
1908.
1907.
$
423,404
$
382,239
$
368,682
$
295,711
$
323,637
327,619
342,307
165,704
148,134
280,047
1,242,500
2,644,515
792,230
4,826,955
974,082
1,965,685
5,392,950
999,269
328,512
161,503
190,911
244,756
1,190,500
2,771,400
808,306
4,871.173
1,004,267
1,893,461
5,358,623
1,190,351
281,639
296,052
198,156
157,753
127,442
133,861
189,803
239,702
1,117,927 1,008,065
2,657,437 2,118,133
797,744
025,508
4,540,697 3,863,382
880.432
924,343
1,734,707 1,484,200
5,089,245 4,465,162
1,075,125 0,146.398
276,044
148,238
• 141,638
162,663
1,130,379
2,458,010
702,161
3,912,611
858,499
1,340,075
4,022,207
996,107
250,439
139,172
141,942
130,121
1,059,676
2,111,236
678,768
4,118,887
844,934
1,388,093
4,724,443
899,200
a Includes, beginning w th this year, some large items of income not previously
included in monthly returns.
S Includes Louisville & Atlantic and the Frankfort & Cincinnati in 1911, 1910
and 1909.
c Includes Chesapeake & Ohio of Indiana, beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
November.
1911.
1910.
1909.
s
s
Cob & South*
Deny & Rio G
Internat&GtN.
Mo Kan &
Mo Pacific_ ___
St Louis So W..
Texas do Pao_
$
1,349,986
2,069,600
1,026,000
2,676,665
4,969,000
1,220,000
1,807,133
1,569,973
2,153,000
878,000
2,971,573
4,791,000
1,210,000
1,718,889
1,570,545
2,117,050
875,667
2,433,439
4,659,078
1,082,448
1,599,684
1
1908.
I
1907.
1906.
$
i
$
3
1,158,503
1,868,409
926,994
2,467,084
4,009,663
945,388
1,613,563
1,437,267
1,836,889
839,092
2,318,061
4,006,075
1,022,037
1,517,794
1,422,672
1,858,378
606,217
2,018,059
3,819,501
875,023
1,386,379
15,118,384 15,241,935 14,337,917 12,972,765 11,986,829 13,079,604
Total
* Includes all affiliated I sea except Trinity & Brazos Valley RR.
a Includes the Texas Central in 1911 and 1910.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
November.
1911.
1909.
1910.
1908.
1907.
8
597,945
433,785
$
754,546
417,260
$
851,588
487,570
1906.
752,748
a770,664
809,417
Buff Koch do P
509,229
487,877
498,175
Chic Ind & Lou
Ord Trk of C_1
Grd Trk WI 4,101,244 3,845,640 3,839,701 3,545,458 3,934,548 3,760,728
DetGII&M
Canada All
Illinois Cent_c_ 4,829,634 5,522,141 55,126,766 5,074,164 5,313,028 4,630,807
93,937
88,533
90,207
107,902
105,359
100,442
Tol Peo do Was
351,338
301,899
353,044
342,797
344,548
337,148
Tol St L & Wes
2,385,610 2,585,198 2,529,408 2,081,345 2,127,700 2,219,101
Wabash
Total
13,061„670 13.740.293 13,219,074 12,073,129 12,992,357 12,303,861
a No longer includes receipts from outside operations.
S No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of the Indianapolis Southern, beginning with July 1910.
GROSS EARNINGS AND MILEAGE IN NOVEMBER.
Mileage.
Gross Earnings.
Name of Road.
1911.
$
423,404
Ala Great Southern__
Ala N 0 & Tex Pao342,307
New On Fe Nor E....
165,704
Ala & Vicksburg__ _
148,134
Viclis Shrev & Pac_
197,517
Ann Arbor.
280,047
Atlanta Birm & Ati__
_
6,548
Bellefonte Central_
809,417
Buffalo Poch & Pitts_
2,001,500
Canadian Northern...._
Canadian Pacific.._ _ _ _ 10,399,000
1,242,500
Central of Georgia_ _ _
2,644,515
Chesapeake & Ohio__
1,249,559
Chicago & Alton
1,061.765
Chicago Gt Western.._
498,175
Chicago Ind & Louisv
792,230
Cino New On & P.__
1,349,986
Colorado & Southern_
Denver & Rio Grande 2,060,600
04,866
Denver N W Fe Pao_ _ _
89,934
Detroit & Mackinac_ _
150,621
Detroit Toledo & l'ton
234,847
Duluth So Sh & Atl_ _
207,266
Georgia Sou & Fla__ _
Grand Trunk of Can..
4,101,244
Grand Trunk West
Dot Or Hay & Mil
Canada Atlantic_ _
6,139,119
Great Northern
4,829,634
Illinois Central
1,026,000
Internet & Gt Nor
289,781
Iowa Central
p123,870
K C Hex & Orient.... _ _
Louisville & Nashville 4,826,955
_
13,838
Macon & Birm'ham_
60,803
Mineral Range
385,934
Minneap & St Louts.._
_
2,303,491
Minn St P & S S
2,678,865
Mo Han & Texas_a
4,969,000
Missouri Pacific
074,082
Mobile & Ohio
31,932
Nevada-Cal-Oregon _ _
35,456
Rio Grande Southern_
St Louis Southwestern 1,220,000
1,965,685
_
_
Line...
Air
Seaboard
5,392,950
Southern Railway_ _
8,047
Tenn Ala & Georgia_
1,807,133
Texas do Pacific
100,442
Toledo Poor & West_ _
337,148
Toledo St L & Western
2,385,610
Wabash
999,269
Yazoo Fe Miss Valley_
1910.
Inc. (+) or
Dec. (-). 1911. 1910.
$
382,239
328,512
161,503
140,911
192,853
244,756
8,506
851,588
1,565,400
9,249,000
1,190,500
2,771,400
1,275,040
1,108,819
487,570
808,306
1,560,473
2,153,000
102,886
88,590
164,316
260,086
209,586
$
+41,165
309
309
+255,604 9,528 4,528
5,623,009
5,522,141
378,000
311,695
y123,338
4,871,173
15,112
81,270
439,635
2:009,764
2,971,573
4,741,000
1,004,287
28,236
52,891
1,210,000
1,893,961
5,358,623
7,650
1,718,880
105,359
342,797
2,585,198
1,190,851
+516,110 7,345
-692,507 4,755
+148,000 1,160
558
-21,014
700
+532
-94,218 4,705
105
-1,279
127
-967
-53,701 1,027
+293,727 3,769
-294,908 3,398
+228,000 7,231
-30,185 1,114
204
+3,196
180
-17,431
+10,000 1,409
+72,224 3,046
+34,327 7,089
94
+397
+88,244 1,885
247
-4,917
451
--5,649
-109,588 2,515
-191,582 . 1,372
7,274
4,732
1,160
158
740
4,591
105
127
1,027
3,525
3,353
7,236
1,119
184
180
1,476
3,027
7,039
92
1,885
247
451
2,515
1,372
+1,247,559 00,287 88,685
-91,397 1,035 1,025
am
375
--16,300
-186,386 6,132 6,166
a Includes the Texas Central in both years.
z Includes Mexican International in both years.
y These figures arc for three weeks only in both years.
1911.
4,126,455
Alabama Great Southern__
Alabama N 0 & Tex PacNew On & Northeastern 3,309,201
1,539,532
Alabama & Vicksburg__
1,290,846
Vicks Shrev & Pacific......
1,930,437
Ann Arbor
2,765,799
Atlanta B'ham & Atlantic_
64,295
Bellefonte Central
8,375,412
Buffalo Rochester & Pitts_
15,656,300
Canadian Northern
100,119,952
Canadian Pacific
12,137,308
Central of Georgia
29,866,576
Chesapeake & Ohio
Chicago & Alton
13,500,830
Chicago Great Western_.
11,709,498
Chicago Ind do Louisville_
5,836,750
Ono New Or! & Tex Pac
8,426,964
Colorado & Southern
13,174,842
Denver & Rio Grande
21,058,019
Denver Northw & Pacific_
991,326
Detroit dc Mackinac
1,095,331
Detroit Toledo & Ironton._
1,526,067
Duluth South Shore & Atl_
2,828,265
Georgia Southern & Florida 2,181.171
Grand Trunk of Canada.._
Grand Trunk Western.. 44,240,500
Det Gr Haven & Milw_
Canada Atlantic
Great Northern
57,958,752
Illinois Central
55,210,327
Internat'l & Gt Northern.... 8,485,489
Iowa Central
3,238,793
Kansas City Max & Orient y1,547,893
Louisville & Nashville_
49,689,182
Macon & Birmingham........
142,698
677,873
Mineral Range
Minneapolis & St Louis
4,322,329
Minneap St Paul & S S M.. 21,468,416
Missouri Kansas & Texas_a 26,112.135
49,251,135
Missouri Pacific
10,455,837
Mobile & Ohio
302,516
Nevada-California-Oregon..
434,431
Rio Grande Southern
10,608,888
St Louis Southwestern..
20,620,012
Seaboard Air Line
55,951,954
Southern Railway
107,071
Tenn Alabama & Georgia_ _
14,312,747
Texas & Pacific
Toledo Peoria & Western.... 1,149,121
Toledo St Louis & Western 3,512,784
26,820,328
Wabash
Yazoo & Mississippi Valley 9,294,001
1910.
$
4,096,174
Increase.
Decrease.
$
30,281
32,843
3,276,358
58,795
1,598,327
68,361
1,359,207
97,817
1,832,620
332.626
2,433,173
14,613
78,908
77,431
8,452,843
12,823,100 2,833,200
91,982,105 8,137,847
889,053
11,298,255
9,974
29,856,602
12,685,773
815,057
24,861
11,884,637
5,702,121
134,629
211,046
8,638,010
2,511,533
15,686,375
900,255
21,958,274
19,246
972,080
41.904
1,137,235
148,917
1,674,984
241.893
3,070,158
45,720
2.135,451
40,394,806 3,845,694
1,755,009
59,713,761
456.707
55,667,034
249,649
8,235,840
120,807
3,117,986
105,891
v1,653,784
31,864
49,657,298
9,927
132,771
22,769
700,642
322,187
4,644,516
237,347
21,231,069
481,894
25,630,241
71,082
49,180,053
482,632
9,973,205
60,237
362.753
125,362
559,793
128,585
10,482,303
18,949,777 1,670,235
53,711,349 2,240,605
91,493
15,578
299,887
14,612,634
9,058
1,140,063
52,846
3,459,938
408,625
27,228,953
69,992
9,224,009
739,426,368 724,138,841 23,118,949 7.831,422
Total (51 roads)
15,287,527
Net increase (2.11%)
Mexican Roads (not includ ed in total
112,814
8,002,617 8,115,431
Interoceanie of Mexico_ ___
93.900
y7,426,000 y7,529,900
Mexican Railway
2,976,913
59,784,777
56,807,864
National Rys of Mexico_z_
a Includes the Texas Central in both years.
z Now includes Mexican International in both years.
y These figures are down to the end of the third week of November only
in both years.
ITEMS ABOUT BANKS, BANKERS AND TRUST 00'S.
-The public sales of bank stocks this week aggregate 147
shares, of which 77 shares were sold at auction and 70 shares
at the Stock Exchange. A sale of 10 shares of stock of the
Yorkville Bank at 617 represents the first public transaction
in the stock since May 1910, when the price was 566.
195
195
+13,795
142
142 Shares. BANKS-New York. Low. High. Close. Last previous sale.
+4,201
171
171
+7,223
June 1911- 150
125
125
50 Battery Park Nat. Bank__ 125
292
292
+4,609
Nat. Bank of___ _199 ?1,,i 199, 199'/ Dee. 1911- 198
661
601 *60 Commerce.
+41,291
July 1911- 845
630
630
630
17 Hanover National Bank
27
27
-2,018
Oct. 1911- 370
370
370
572
566 •10 Park Bank. National
370
-42,171
+438,10e 3,781 3,304
May 1910- 586
617
617
617
10 Yorkville Bank
+1,150,000 10,809 10,276
+52,000 1,915 1,915
-126,885 2,242 2,224
• Sold at the Stock Exchange.
-25,981 1,026 1,028
-The Sherwood Service Pension Bill (known as the
-47,054 1,496 1,989
+10,605
616
615
granting increased pensions to veterans of
-16,076
336
336 dollar-a-day bill)
-219,987 1,978 2,031 the Civil and Mexican Wars, passed the House of Repre-83,400 2,555 2,553
-8,020
215
215 sentatives on the 12th inst. by a vote of 229 to 92; eight
+1,344
353
360
84 Democrats.
-13,691
941
441 Republicans voted in the negative with the
-25,238
616
604
attempt was made by the minority interests
-2,320
395
395 An unsuccessful
3,845,040
Total (51 roads) __ _ 73,469,030 72,221,471
Net increase (1,73%)..
Mexican Roads (not in eluded in to tall-696,196
604,799
Interoceanic of Alex_
y960,500
f/944,200
Mexican Railway_ _
5,061,577 5,247,963
Nat Rys of Mexico_z_
Name of Road.
s
20,203,782 20,346,502 19,132,775 10,634,031 17,072,273 16,809,521
Total
1643
THE CHRONICLE
DEC. 16 1911.]
to substitute the Subway Pension Bill, which passed the
House last spring, but failed of passage in the Senate, and
which fixes the pension according to age instead of service.
During the final discussion of the Sherwood Bill in the
House, it was amended in several particulars, the most
important being the elimination of the provision which
would have prohibited veterans whose income amounts to
$1,000 a year from participating in its benefits; another
provision which was stricken out made veterans receiving
a pension of $25 a month ineligible for admission to Federal
soldiers' homes. The bill as it passed is as follows:
AN ACT (H. R. 1) granting a service pension to certain defined veterans
of the Civil War and the War with Mexico.
Be It Enacted, etc., That any person who served in the military or naval
service of the United States during the late Civil War or the War with
Mexico, and who had been honorably discharged therefrom,and all mein
hers of State organizations tbat are now pensionable under existing law,
shall, upon making proof of such facts according to such rules and regulations as the Secretary of the Interior may provide, be placed on the pention
roll and be entitled to receive a pension as follows: For a service of 90 days
or more in the Civil War. or 60 days or more in the War with Mexico, and
less than 6 months, $15 per month; for a service of 6 months or more
and less than 9 months, $20 per month; for a service of 9 months or more
and less than one year, $25 per month; for a service of one year or more.
$30 per month; Provided, That any such person who served in the_War
with Mexico shall be paid the maximum pension under this Act, to wit, 430
a Month.
1644
THE CHRONICLE
Sec. 2. That any person who served in the military or naval service of
the United States during the Civil War and received an honorable discharge
and who was wounded In battle or in line of duty, and is now unfit for
Manual labor, through causes not due to his own vicious habits, or who
.from disease or other causes Incurred in line of duty, resulting in his disability, is now unable to perform manual labor, shall be paid the maximum
pension under this Act, to wit, $30 per month, without regard to his length
vt service.
Sec. 3. That no person shall receive a pension under any other law at the
same time or for the same period he is receiving a pension under the provisions of this Act.
Sec. 4.—That rank in the service shall not be considered in applications
f- iled hereunder.
Sec. 5. That pensions under this Act shall commence from the date of
filing the application in the Bureau of Pensions after this Act takes effect.
Sec. 6. That no pension attorney, claim agent or other person shall be
entitled to receive any compensation for services rendered in presenting
.any claim to the Bureau of Pensions,or securing any pension under this Act.
While the advocates of the measure concede that it will
increase the expenses of the Government to the extent of
about $35,000,000 or $40,000,000 a year, Walter L. Fisher,
Secretary of the Interior, it is stated, estimates that it will
add about $75,000,000 to the annual expenditures. It is
,generally thought that even if the bill is favorably acted upon
-by the Senate, it will finally be killed through the President's
veto. The present pension rate per month is from $12 to $24.
—The development of the postal savings bank system,
:since its inauguration last January, is referred to in the
annual report of Postmaster-General Hitchcock, made public
this week. The system, he says, now comprises practically
all the 7,500 -Presidential post-offices, and preparations are
being made to establish it in about 40,000 fourth-class offices
that do a money-order business. As to the deposits, Mr.
Hitchcock says: "Amounting at the end of the first month
to only $60,252 in the forty-eight experimental offices, they
increased in a half-year to $679,310, and now, after eleven
months of operation, have reached a total of $11,000,000.
The Postmaster renews his recommendation of last year for
legislative authority to start a parcels post on rural routes,
and asks for authority for the introduction of such service in
cities and towns having delivery by carrier. After the
organization of a parcels post on rural routes and in the city
delivery service is completed, he continues, its extension
to include railway and other transportation lines can be
more readily accomplished without impeding the handling
of the ordinary mail. The report also deals with the pending
inquiry into the rates on second-class mail matter, and the
hope is expressed by the Postmaster that the Commission
will favor the recommendation that the rate on this class
of mail be increased from 1 to 2 cents a pound. For the first
time since 1883 a profit is shown in the annual statement of
the Department. The present figures are for the year ending
June 30 1911 and the surplus for that period amounts to
$219,118; at the beginning of the present Administration,in
1909, it is pointed out, the postal service was in arrears to
the extent of $14,479,770, which, it is stated, was decidedly
the largest deficit on record.
—The first redemption of postal savings bank bonds at
par was made by Postmaster-General Hitchcock on the 8th
inst., when $200 was paid in cash for two $100 bonds forwarded from New York. The transaction is in line with the
recent decision of the Government to purchase at par postal
savings bonds from holders compelled to relinquish them.
—The Stanley Committee, which was named to conduct
the inquiry into the affairs of the United States Steel corporation, resumed its hearings on Monday. The differences
which arose between Chairman Stanley and Martin W.
Littleton, over the question as to the advisability of continuing the investigations in view of the Government's
suit against the Corporation were adjusted at a conference
held by the Committee on Saturday last. The controversy
developed with the filing of a protest by Richard V. Lindabury, Counsel for the Steel Garporation, against the continuance of the proceedings because of the institution of the
Government's action; while Mr. Stanley was in favor of
carrying the inquiry to completion, Mr.[Littleton questioned
the right of the Committee to proceed further, the resolution
under which it was appointed stipulating that the investigation shall not be extended to violations which have been
prosecuted by the Executive Officers of the Government.
At the conclusion of last Saturday's meeting Chairman
Stanley gave out an announcement with regard to the
unanimous decision to continue the inquiry in which, according to the New York "Sun", he said:
The objection made by the counsel for the Steel Corporation to the
further continuance of this Investigation was based upon the ground that
the Government had filed a bill in the courts of New Jersey against the
corporation, seeking its dissolution under the Anti-Trust Law. As to this
objection it is our unanimous opinion that the committee should continue
the Investigation a. if no proceeding on the par of the United States
[VOL. Lxxxxm.
Government were now pending against the corporation, but not for the
purpose of determining the question involved in the action brought by the
Government against the Steel Corporation, and any inquiry into the
subjects embraced In the action should be made for the purpose of enabling
the committee to recommend such further legislation as in its opinion is
desirable, Touching all other matters, the committee will proceed as
heretofore.
—A sub-committee of the National Monetary Commission
was this, week named to undertake the preparation of a bill
for currency reform based upon the plan submitted by exSenator Aldrich. Mr. Aldrich has been made Chairman of
the committee, which includes Robert W. Bonynge and
L. P. Padgett. Mr. Aldrich conferred with President Taft
on Thursday, his visit, it is understood, having to do with
monetary legislation. Chairman Aldrich is quoted as stating
that when the report of his commission is presented to Congress by Jan. 8, as required, he will retire forever from
public life.
—Plans for a mass meeting in Chicago next month of the
National Citizens' League for the Promotion of a Sound
Banking System were considered this week at a conference
of directors of the league from ten States. From the Chicago
"Record-Herald" we learn that the report of the Secretary
shows that branches have been established in twenty-six
States, with prospects that every State will have at least one
branch by the first of the year. Sixty-one cities in Illinois,
it is stated, have formed organizations within eight days.
—At a meeting of the New York Board of Trade and Transportation on Wednesday, a resolution calling for a national
convention in Washington next March for the discussion of
the Federal Anti-Trust Law was adopted.
The resolution, proposing an amendment to the Anti-Trust
Law, which. was presented last month to the Union League
Club by Frank D. Pavey, and referred to a committee to
report thereon at the meeting of Dec. 14, was tabled at this
week's meeting. The resolution was given in our issue of
Nov. 11.
—Plans which have been devised for guarding against
forged bills of lading will be put into operation by the Baltimore Clearing-House Association on Jan. 1. It has also been
agreed to lend money only on such bills as have been stamped
as follows:
"This bank notifies all persons that in collecting the draft to which this
bill of lading was attached, it is acting as a collection agency only, and is
not responsible for the genuineness of this bill, nor for the quantity, quality
or the delivery of the goods called for thereby, nor for the genuineness of
the indorsement thereon."
The notice, it is understood, is to be signed by the Cashier
of the receiving bank. The Baltimore "Sun" states that a
"clearance bureau" will be established in connection with the
work of the traffic committee of the Chamber of Commerce.
Under this arrangement, the "Sun" says, the banks loaning
money on bills are to furnish daily to the bureau a list of the
ladings pledged, thus giving the bureau facts which will permit the prompt tracing of all cars named in the bills. Reports will be made daily by the bureau to interested banks
that it has notice from the railroads of receipt of manifest
or other matter confirming the genuineness of paper, and
also that notice has been sent the consignee of the actual
arrival of the car. It is stated that the carriers entering
Baltimore have agreed to co-operate with the bureau in
promptly furnishing the desired information. A majority
of the banks, it is added, will also join in an agreement to
decline to accept as collateral any bills which do not bear the
signed stamping or the certificate of a delivery carrier in
Baltimore that it is a genuine bill. It is furthermore• proposed that the bureau shall act as trust agent for the assenting banks and their customers in caring for exchange of collateral. The above plans have developed from the recent
losses suffered by the Baltimore banks through alleged forged
bills held as collateral for loans to the two firms which failed
recently, namely, Pitt Bros. & Co. and Kirwan Bros. Grain
Company.
A proposition to change the clearing hour from 9 a. m.
to 10 a. m. was defeated by the members of the Baltimore
Clearing House on the 7th inst.
—The West Side Savings Bank of this city is the first of
the local savings institutions which have heretofore maintained the 4% rate to announce a reduction in interest at
this time. Beginning Jan. 1 the bank will adopt the 332%
rate. The Seaman's Savings Bank will continue to -pay 4%,
as will also the Maiden Lane Savings Bank, the East River
Savings Institution, the New York Savings Bank, the Excelsior Savings Bank, the Broadway Savings Institution and
the Emigrant Industrial Savings Bank, while the Greenwich
Savings Bank will, as heretofore, credit accounts up to $1,000
with 4% and those over $1,000 with 33-%. • The Bowery
DEC. 16
1911.]
THE CHRONICLE
1105
Savings Bank has declared interest at 33%; this rate was struction of the banking laws gives the Superintendent only
power to investigate a going concern; to give him such a
adopted by it some time ago.
In Brooklyn, where the 4% rate had been adhered to by power as he invokes against Mr. Grout would permit him to
all the savings banks, two of the institutions have decided to intrude upon the legitimate domain of the courts and
reduce the interest payments with the January distribution authorize investigations of a general character. The
to 3%%; they are the East Brooklyn Savings Bank and the new law he holds makes the Banking Department a receiver
Green Point Savings Bank. The Brooklyn Savings Bank, of a closed bank, and there is no occasion, in his view, for
the South Brooklyn Savings Bank, the Williamsburg Sav- the examination as now proposed. The case will be carried
ings Bank, the Bay Ridge Savings Bank, the Home Savings to the Court of Appeals. Early in October Mr. Grout,
Bank and the German Savings Bank, the only other banks after his refusal to obey the subpoena, appeared before
which have made an announcement as yet in the matter, the investigating committee, and in a statement read to it
offered to furnish evidence on certain questions. He was
have again declared the 4% rate.
—Raymond B. Cox resigned this week as Auditor of the advised, however, that he would be notified when wanted.
—B. P. Van Benthuysen was this week elected Cashier
First National Bank of Baltimore to become manager of the
Transit Department of the Fourth National Bank of New of the National City Bank of Brooklyn Borough,succeeding
York. Mr. Cox is well known among the banking fraternity, Henry M. Wells, who was elected to the presidency last
he is President of the American Institute of Banking and has week. Mr. Van Benthuysen has been with the bank since
made addresses at several of their conventions. He has 1886, and for the past few years had been paying teller.
been connected with the First National of Baltimore for R. R. Wardwell continues as Assistant Cashier.
about ten years.
—The Homestead Bank of Brooklyn has resumed the pay—The estate of John W. Gates, who died on August 9, ment of dividends, declaring a semi-annual dividend of 2%,
is appraised at $18,542,705 in an inventory filed in the Probate payable Jan. 2 1912 to holders of record Dec. 19 1911. The
Court at Beaumont, Texas, on the 12th inst. The above last and only payment previously made on the stock was of
figures ,however, it is stated, are subject to a deduction of the same amount on Aug. 1 1908.
$2,303,068 which the estate owes, but, on the other hand,
—Herbert T. Jennings, President of the failed Mt. Vernon
there is $772,211 due the estate which is not included in the National Bank of Mt. Vernon, N. Y., was arrested on
appraisal.
Monday under an indictment said to charge misapplication
—The Guaranty Trust Co. of New York has granted a of the bank's funds. He pleaded not guilty and was released
bonus of 10% on the salaries of all its employees.
under $25,000 bail. It is alleged that the money was used
—The First National Bank of this city has.declared the in various enterprises of Mr. Jennings, notably building
regular quarterly dividend of 7% and an extra dividend of concerns of this city; charges it is said are made that loans
10%, both payable Jan. 2 1912 to holders of record Dec. 30 were obtained in some cases without security, and that
1911. The last two extra payments were 8% each in Jan- transactions were affected through dummy loans, one of
uary 1910 and 1911. Including the dividends paid on the which was made to an office boy. Samuel K. Raymond
First Security Co's stock-12% (3% each quarter)—the Cashier of the bank,who is said to have been indicted jointly
present declaration brings the annual return up to 50%.
with President Jennings, surrendered himself on Tuesday;
—As a souvenir of the Christmas season the Battery Park he also entered a plea of not guilty and furnished bail to the
National Bank of New York, 2 Broadway, is presenting a amount of $10,000. The Mt. Vernon National closed its
1912 diary-memoranda book to the depositors and pros- doors on March 24, following the suspension of the First
pective patrons of the institution. This handsome memo- National Bank of Oneonta, N. Y., of which Mr. Jennings
randa book is of vest pocket size and made of suede leather. was Vice-President, and whose assets, it is understood,
Besides a diary for 1912, calendars of 1912 and 1913 and have since been taken over by the Citizens' National Bank
printed space for personal items, there are maps of the of Oneonta. A 15% dividend was paid to the depositors
world and much interesting information regarding the United of the Mt. Vernon National in September; an assessment
States Census population, postage rates, weights and of 100% has been levied against the stockholders, payment
measures, rates of income on stocks, interest laws and of which was called for on October 11, and suit against some
statutes of limitations, weather bureau intelligence, &c. •of those who have failed to meet the assessment is now
E. A. de Lima is President of the Battery Park National pending.
Bank and Edwin B. Day, Cashier.
—An action brought by the Columbia Trust Co. of Middle—A decision sustaining the right of the State Superintend- town, Conn., against former officers and directors of the
ent of Banks to compel the attendance and testimony of institution, was recently decided in the company's favor_
Edward M. Grout in the investigation into the affairs of the by Justice William L. Bennett of the Superior Court at
failed Union Bank of Brooklyn Borough was handed down Middletown. The suit, the Hartford "Courant" states, is
by the Appellate Division of the Supreme Court of Brooklyn one of seven in which it is sought to recover damages from
on the 8th inst. This affirms the decision rendered by the former directors for losses claimed to have resulted from
Justice Harrington Putn'am of the Supreme Court of Brook- unsound investments, negligently made, upon securities and
lyn on September 9. The opinion of the Appellate Court agreements which, it was contended, were beyond the legal
was written by Justice Burr, and was concurred in by powers of the corporation. With respect to the decision the
Justices Hirschberg and Thomas, while Justices Woodward "Courant" says:
Judge Bennett finds that the defendants in buying securities of the Pacific
and Rich dissented from the findings of their associates.
Packing & Navigation Co. and entering into an underwriting agreement in
The question as to the rights of the Superintendent in the connection
with the same concern acted honestly, but negligently, falling
matter arose through the refusal of Mr. Grout to obey a to exercise the diligence which would have shown them that they were
their
powers. He adds that these transactions were rather in
exceeding
subpoena to appear before the investigating committee
nature of speculation than of investment. Judge Bennett finds that
unless he was informed as to the line of inquiry. Justice the
there has been no ratification of these acts by the stockholders, such as
Burr, according to the Brooklyn "Eagle," maintains that would bar them from having a remedy, and that the case is not within the
of limitations, the cause of action having accrued within six years
statute
the statute under which the Superintendent invokes the
from the commencement of the suit.
right of subpoena makes no distinction in express terms
In regard to the charter of the Columbia Trust Co., which has always
between active and delinquent banks and, furthermore, been regarded as a very liberal one, and upon the broad scope of which the'
say they based many of their official acts. Judge Bennett says:
defendants
that the power of the Banking Department to conduct "I have construed
the charter of the Columbia Trust Co. as conferring upon
examinations is not limited to active banks. The Appellate that corporation the ordinary powers of a bonding and trust company."
Division, the "Eagle" adds, does not pass on the kind of
Damages of $35,906, with interest, are awarded the comquestions that may be properly put to Mr. Grout further pany in the present action; the defendants are E. H. Burr,
than to say that they must be limited to those matters on H. R. Butler, D. W. Chase, J. T. Elliott, F. K. Hallock,
which the information sought would be of assistance to the C. B. Leach, C. E. Stanley, Orrin E. Stoddard and H. C.
Superintendent in performing his official duties. If an Whittlesey. The transactions date back several years.
attempt were made to extend the scope of the examination The trust company was reorganized on August 30 1909.
the witness would be justified in declining to answer. In In Oct. 1908 it was placed under an order restraining the payconclusion Justice Burr says:
ment of funds or the disposal of any assets for a specified
We think that the statute authorizing the issuing of this subpoena and period. Shortly before its reorganization was effected
issuing
of
a
provision
the
authorizing
warrant
compel
the
to
further
the
appearance of a witness duly subpoenaed before the officer issuing such arrangements for a settlement with the depositors was made
subpoena is valid, and the order appealed from should be affirmed.
and it reopened its doors for a trust and investment business.
Justice Woodward,who, with Justice Rich, gave a dissent—A comparative statement depicting the growth of the
ing opinion, insists (says the "Eagle) that a proper con- Rhode Island Hospital Trust Co. of Providence, during the
HE CHRONICLE
1646
forty-four years of its operation, has been issued by the institution. On Oct. 31 1911 its total assets reached $48,006,962,
having grown from $40,781,383 on Oct. 311909; $20,204,265
on Oct. 31 1899; $10,816,943 Oct. 31 1889; $6,107,761
Oct. 311879, and $1,217,259 Oct. 311869. The institution
began business in 1867 and is the oldest trust company in
New England. Herbert J. Wells is President, Edward S.
Clark and H. A. Hunt, Vice-Presidents, and William A.
Gamwell, Secretary.
—J. J. Oldfield, Treasurer of the American Trust Co., of
Boston, died on the 4th inst. after a brief illness of pneumonia. Mr. Oldfield had been associated with the institution for many years, and had been its Treasurer since January 1909.
—The dividend rate of the Liberty Trust Co. of Boston
has been increased from 5 to 6% per annum, in the declaration of a quarterly distribution of 13%, payable Jan. 1.
—Peter Boyd, President of the Tradesmen's Trust Co. of
Philadelphia, which closed its doors on Sept. 18 last, committed suicide on the 9th inst., shortly after the conclusion
of a meeting of the directors and receiver. Mr. Boyd, it is
stated, suffered a nervous breakdown following the failure
of the institution, and had only recently returned from a
sanitarium. Besides his connection with the trust company,
Mr. Boyd is said to have been trustee and executor of three
large estates, some of whose funds were deposited with the institution. Mr. Boyd succeeded the late Mayor Ashbridge
as President of the company in 1906. He was born in Scotland in 1854, but came to Philadelphia at an early age.
—The Central National Bank of Philadelphia, since, its
organization on Feb. 13 1865, has paid to the shareholders in
dividends $4,190,000, and in addition to this large return
an allotment of $250,000 in new stock was made at par to
the stockholders in Oct. 1910. We give below a statement in
ten-year periods, showing how the institution has prospered:
surptus & Profits
Date.
1866
1876
1886
1806
1906
1911
Capital.
$750,000
750,000
750,000
750,000
750,000
1,000,000
Earned.
$104,000
830,000
1,102,000
1,865,000
2,672,000
3,351,000
Dividends.
$82,500
90,000
90,000
90,000
97,500
140,000
Rate.
11%
12%
12%
12%
13%
16%
As the above indicates, since the bank's inception the
surplus and profits (earned) have increased year by year
until at present they reach $3,351,000. The last official
call of Dec. 5 shows deposits of $17,827,642 and aggregate
resources of $22,541,832. William T. Elliott is the head
of the institution; William Post is Cashier; Wm. Y. Conrad
is Assistant Cashier, and A. H. Jones, Second Assistant
Cashier.
—The Dec. 5 statement of the Mellon National Bank of
Pittsburgh has just come to hand. The gross deposits as
reported to the Comptroller on that date were. $39,489,196;
capital, surplus and undivided profits, $7,717,914, and aggregate resources, $51,056,678. The executive staff of this
growing institution consists of Andrew W. Mellon, President;
Richard B. Mellon and Alfred C. Knox, Vice-Presidents,
and Walter S. Mitchell, Cashier; B. W. Lewis, A. W. McEldowney and H. S. Zimmerman, Assistant Cashiers.
—Action on the question of increasing the capital of the
Provident Savings Bank & Trust Co. of Cincinnati from
$1,000,000 to11,400,000 will be taken by the stockholders
on the 27th inst. The actual merger of the business of the
Cincinnati Trust Co. with that of the Provident, for which
purpose the new capital is to be issued, was completed on
Monday of this week, when the office of the trust company
became a branch of the bank. The consolidated institution
on Dec. 9 had deposits of $9,767,564; before the merger the
deposits of the Provident were in the neighborhood of
$5,500,000.
—National Bank Examiner Richard W. Goodhart has
been appointed by Comptroller Murray as receiver for the
Union National Bank of Columbus, Ohio, which suspended
on the 4th inst. The State Bank of Pleasantville, Ohio, of
which W. S. Courtright, President of the Union National,
was a director, was closed by the State Banking Department
on the 6th, owing to a "run;" but was reopened on the 12th.
There are, it is stated, sufficient funds in the Pleasantville institution to pay depositors in full on demand.
—Ross H. Wallace will become Secretary of the Union
Trust Co. of Indianapolis on Jan. 1, succeeding in that office
Charles S. McBride, who will assume the office of Treasurer.
Mr. McBride succeeds H. M. Foltz, heretofore Vice-President
and Treasurer. The latter will continue as Vice-Presiden
VoL. Lxxxxin.
Mr. Wallace, the new Secretary, has for several years been
Cashier of the Union National Bank, and was chosen as a
Vice-President of the new National City Bank, which has
been formed to take over the business of the Union National
and Columbia National banks. He was associated with the
Union Trust Co. as Assistant Secretary before taking the
cashiership of the Union National in 1909.
—At a meeting on Nov. 23 the stockholders of the People's
State Bank of Huntington, Ind., voted to place their institution in voluntary liquidation. The bank began business in
June. The Indianapolis ."News" states that there has been
much dissension among the stockholders, some of whom
sought the appointment of a receiver by the Court; Judge
Cook, it is added, declined to name a receiver, holding the
bank to be solvent, and directed that a trustee be chosen to
close up its business.
—The Des Moines National Bank, of Des Moines, Ia., of
which Arthur Reynolds, the newly elected Chairman of the'
Executive Council of the A. B. A., is President, has enjoyed
a noteworthy growth in its business during the past year.
Its deposits have increased nearly a million dollars, to
$5,086,771 Dec. 5 1911, from $4,295,304 on Dec. 5 1910.
Aggregate resources under the recent call amounted to
$5,998,339.
—It is announced that J. W. Wheeler, President of the
First National Bank of Crookston, Minn., has purchased
an interest in the Capital National Bank and the Security
Trust Co. of St. Paul. It is understood that while he will
retire from the presidency of the Crookston bank, he will continue his financial interest in it, and that he will become an
officer of the Capital National of St. Paul.
—The Marshall & Ilsley Bank of Milwaukee has issued in
pamphlet form the proposed plan of the National Monetary
Commission, so arranged that comparison can readily be
made between the different sections of the original and revised drafts. Comments by Prof. W. A. Scott, Director
of the School of Commerce, University of Wisconsin, are
added at the end of each of the various sections.
—Since the removal of the Omaha National Bank of
Omaha to its magnificent new banking quarters, the business
of the institution has steadily increased. Deposits on
Jan. 7 1911 amounted to $10,010,330, while under the new
call of Dec. 5 they were $12,066,849. Aggregate resources
for the year increased considerably over two million dollars,
having advanced in the eleven months from $12,351,268 to
$14,713,642. Ex-Senator Millard is at the head of the institution, and his assistants in the management are William
Wallace, W. H. Bucholz and Ward H. Burgess as VicePresidents and J. DeF. Richards, Cashier.
—The payment of a 5% dividend to the depositors of the
Capital State Bank of Boise, Idaho, was recently authorized.
According to the Idaho "Statesman," the distribution completes the payment of 100 cents on the dollar which the
depositors had in the bank when it failed in Jan. 1908. The
'deposits at that time amounted to about $1,250,000.
—The Farmers' & Merchants' Bank of Phoenix, Ariz.,
has been reorganized, and it is stated that its paid-in capital
will shortly be increased from $25,000 to $50,000. The institution is of recent origin. It was established by Frank
S. Westfall and J. B. Westfall, who have resigned as President and Cashier, respectively. James P. Ivy has succeeded
to the presidency; A. G. Smoot is Vice-President; and Leroy
H. Civille, Secretary of the Arizona Trust Co., and previously
Assistant Cashier of the Valley Bank of Phoenix, has been
made Cashier of the Farmers' & Merchants'.
—Arrangements to consolidate the American Bank and the
new Merchants' & Planters' Bank with the German National
Bank of Little Rock, Ark., are announced. The formation
of the Merchants' & Planters' Bank was recently undertaken
by interests identified with the German National, who, it is
understood, were to have been replaced in the control of the
German on Jan. 1 by a syndicate representing the American
Bank. The various interests have now decided to unite,
merging their affairs in the German National, the capital of
which will be increased from $300,000 to $1,000,000. The
American Bank has $100,000 capital; the Merchants' &
Planters' Bank was organized with $300,000 capital, of which
$200,000 was to be the paid-in amount. The merger is to
be completed on Jan. 9.
—Robert G. Hill, President of the Los Angeles Hibernian
Savings Bank, is said to have sold his holdings in the institution to George Chaffey, J. D. Radford, 0. M. Souden,
A. M. Chaffey and others. A reorganization has resulted in
DEC. 161911.]
THE CHRONICLE
1647
net profits; the
the election of the following officers: George Chaffey, Presi- $4,473,433, this including the aforesaid
year's account;
last
from
forward
of
brought
$310,204
balance
Allan.
G.
Vice-President;
Managing
dent; J. D. Radford,
-appropriations in connection
Hancock, and J. A. Cashion, Vice-Presidents, and George $500,000 recovered from over
premium on new
A. J. Howard, Cashier. Mr. Chaffey was formerly Vice- with assets now realized, and $1,357,820
was applied in
$1,057,218
In
the
appropriations
stock.
Angeles,
Los
of
Bank
President of the American National
written off bank premises;
which was consolidated with the Citizens National Bank in dividends at 10%; $400,000 was
fund; $1,400,000 was
1909; Mr. Radford was formerly Vice-President of the $55,000 was transferred to the pension
was also added the
which
to
to
the
transferred
rest
account,
Mr.
Angeles;
German-American Savings Bank of Los
premium of $1,357,820 on new stock, leaving the sum of
Souden is Vice-President of the United States National Bank
to be carried forward. Action towards increasing
of Los Angeles. The Los Angeles Hibernian Savings Bank $203,395
paid-in
capital of the institution from $10,000,000 to
the
$250,000.
began business on June 1 1910. It has a capital of
was taken last spring. At present the amount
$12,000,000
—The proposition to increase the capital of the Globe stands at $11,697,275; when the payments in connection
Savings Bank of Los Angeles from $200,000 to $500,000 was with the new stock have been completed, the rest fund will •
ratified by the stockholders on Nov. 16. The bank, as we be $10,000,000.
noted in our issue of Oct. 14, has arranged to take over the
—Cable advices have been received from London this week
Bank of Southern California, capital $300,500. The assets
the effect that negotiations are still being carried on looking
to
own
its
of the latter will be liquidated for the benefit of
the taking over of the Colonial Bank of London by the
to
shareholders, who, in addition, receive a cash bonus of
Royal Bank of Canada, which, if consummated, would make
the
to
According
Bank.
Savings
$20,000 from the Globe
the Royal one of the largest banks in the Dominion, giving it a
Los Angeles "Times," when the consolidation is finally concapital of $8,200,000, a surplus fund of about $10,000,000
summated, the stockholders of the Bank of Southern Cali- and deposits of about $100,000,000. The Colonial Bank was
the
Globe
in
stock
buying
of
option
fornia will be given the
incorporated by royal charter in 1836; it has a subscribed
Savings Bank at $150 per $100 share.
capital of £2,000,000, paid-up capital of £600,000 ($3,000,—A charter for the Capital National Bank of Sacramento, 000) and reserve fund of £150,000 ($750,000). The bank
Cal., was issued by the Treasury Department under date of has been particularly active in the British West Indies, havNov. 28. The institution has been organized to take over ing in the islands 14 branches and 5 agencies. If the merger
the commercial business of the Capital Banking & Trust Co. goes through, the Royal Bank will practically have a moof Sacramento. The latter will continue in operation, de- nopoly of the business in these islands. It also operates 18
voting itself to a trust and savings business. The Capital branches in Cuba and Porto Rico, in addition to its 175
National has a capital of $100,000. Its officers are Alden branches in Canada and Newfoundland. Its New York
Anderson, President; F. W. Biewener, Vice-President, and agency is at 82 Wall Street.
• W. W. Bassett, Cashier. Mr. Anderson was formerly State
Superintendent of Banks; he is President of the Redding
pArmetarglaommtrciareEnglisitgews
National Bank.
—The Seattle National Bank of Seattle is distributing to
(From our own correspondent.)
its friends and correspondents the first issue of its semiLondon, Saturday, December 9 1911.
annual "Trade and Crop Bulletin," which has been compiled
The excitement that remained after the conclusion of the
for the institution with great care by William S. Peachy, Franco-German agreement is gradually calming down.
Assistant Cashier, and George R. Martin, the bank's publicity Upon the whole, the German Chancellor's speech in the
made a favorable impression
manager. The work covers the general trade and crop con- Reichstag last Tuesday has
here. Part of the speech is regarded here, indeed, as pure
ditions of the Pacific Northwest, including the States of special pleading. But that is attributed largely to the
Washington, Oregon, Idaho and Montana, giving the re- desire to put himself and his foreign policy in the most
sources and crop returns for the important counties. The favorable light possible on the eve of the coming general
Seattle National is one of the largest banks on the Pacific elections. The tone of the speech, taken altogether, is
in both countries
Coast and is enjoying an unusual degree of prosperity. By pacific, and it is hoped now that passions
will gradually die down, and that they will be able to live
the statement of Dec. 5 1911 the deposits are $14,628,665 together with less friction than of late. Consequently, a
and the aggregate resources $16,943,125. E. W. Andrews more hopeful feeling is springing up.
is President; J. W. Spangler, E. G. Ames and F. K. Struve,
The course of events in Pekin, likewise, is regarded here
as pointing to a more favorable conclusion than a little while
Vice-Presidents, and R. V. Ankeny, Cashier.
dared to anticipate. Especially it is believed
—A consolidation of the ,Citizens' National Bank and ago people
resignation of the Regent will help Yuan-Shi-Kai
the
that
the Mercantile Bank of Seattle, Wash., has been arranged to come to some kind of friendly arrangement with the
to go into effect Jan. 1. The controlling interest in the revolutionists. The trouble that has grown up in Persia,
Citizens is reported to have been purchased from President though people vaguely feel that it may lead to a severe
not so far conH. 0. Shuey and his associates by William N. Redfield, testing of the Anglo-Russian entente, yet itthere
is likewise
though
Lastly,
dangerous.
really
sidered
the
L.
who
prinJaffe,
represent
Joseph
and
C. S. Harley
between Italy and Turkey
war
the
what
of
fear
vague
a
cipal stockholders of the Mercantile. Mr. Shuey has re- may lead to, people, on the other hand, are getting accussigned the presidency of the Citizens', Mr. Redfield having tomed to it, and are, therefore, paying less attention to it
been elected his successor; H. N. Tinker and Samuel Rosen- than it seems to deserve. Upon the whole, then, political
berg have also retired as Vice-Presidents of the Citizens and apprehensions are far less keen than they were, and generally
entertained that the New Year will
D. B. Fairley has been made a Vice-President; Mr. Tinker, there are strong hopes
business and great prosperity.
active
of
year
a
be
of
Trust
Co.
Bankers
of
the
President
who was formerly
During the next three weeks it is probable, indeed, that
Houston, entered the management of the Citizens' last in London the rates of interest and discount will be close up
summer, following the purchase by him of a block of its to the Bank rate, and that in Berlin and Vienna there will
stock. The Citizens' National was formed early in 1910 as be considerable stringency. Every competent person
course of events
successor to the business of H. 0. Shuey & Co. Franklin recognizes that much will depend upon theupon
London for
York. If New York has to draw
New
in
a
has
capital
bank
Cashier.
The
its
as
will
continue
Shuey
it is universally felt that the Bank of England
gold
much
of $200,000. The Mercantile Bank began business in Janu- will have to raise its rate to 5 per cent; and if it does so, the
ary 1910. It has a capital of $100,000.
Reischbank will have to follow suit, and the stringency in
other hand, New
—Edgar H. Sensenich, who had conducted an investment Berlin will be instensified. If, on the
can do without gold shipments from London, or even
York
the
Real
Philain
Estate
Building,
Trust
business
security
if the shipments are small, the 4 per cent rate will suffice,
delphia, has discontinued his brokerage business and be- and business will not be much affected in London. In Paris
come connected with the Portland Trust Co. of Portland, Ore. the banks are known to be preparing new issues on a large
—Substantial growth in the business of the Canadian scale. But they are not doing much in any way as yet.
they are waiting, firstly, until the Morocco
Bank of Commerce (head office Toronto) during the past Apparently, between
France and Spain are concluded; and,
negotiations
Nearly
annual
issued.
just
statement
year is shown in the
secondly, until the French Chamber ratifies the Franco$20,000,000 has been added to the deposits in the period German Morocco Agreement.
from Nov. 30 1910 to Nov. 30 1911, this item having inIn Berlin everybody is looking for an extraordinary
creased from $126,834,254 to $145,965,735; the growth wit- demand for banking accomodation at the end of December.
at that season of the
nessed in the assets is likewise particularly marked, the There always is a very large demand
year. But this year people anticipate something quite
amount now being $182,389,984, against $157,053,015 a abnormal.
There is also expected to be much stringency
year ago. The net profits for the late twelve months were in Vienna. But if the London money market is not dis$2,305,409, as compared with $1,838,065 in the previous turbed by considerable gold withdrawals for New York, it is
statement. Altogether there was available for distribution generally expected that the French banks will employ large
1648
THE CHRONICLE
[VoL Lxxxxm
surplus balances, both in Berlin and in Vienna, and thereby
English Financial Markets-Per Cable.
will prevent any trouble. Meanwhile the London market is
The daily closing quotations for securities &c., at London,
surprised at the number of new issues that are being brought as reported by cable, have been as follows'
the past week:
London.
out. Everybody anticipated that they would be postponed
Week ending Dec. 15
Sat.
Tues,
Mon.
Wed. 7'hurs.
Frt.
until the New Year. And, as the City condemns the Sliver,
per oz_
d. 2536
2534
2536
2534
253-4
25 0-16
bringing out of them so soon,it is possible that several of Console, 234 per cents
76 11-16 7634
76 15-16 773-11) 77 3-14 77
For account
7634 . 77 1-16 7736
7734
7734
773-16
them may not be well subscribed. In Paris, again, business, French
Rentes (in Paris), fr_ 95.7234 95.6736 95.6236 95.6234 8
96
5.5 7 ki 6
95
7.57%
both in the money and in the stock markets, is quiet, mainly, Amalgamated Copper Co.__
63%
65
6334
6534
Smelting Sr Rein. Co_ 7234 73
76
74%
74%
6
it is understood, until the Franco-Spanish negotiations are I)Amer.
Anaconda Mining Co
734
8%
8
8%
8
over. In Berlin and Vienna the rates of interest and Atchison Topeka& Santa Fe_107734
A
.0836
10936
10934
10934
10934
Preerred
107
discount in the open market are almost up to the official
107
107
10(154
107
107
Baltimore & Ohio
103%
10534
10536
10334
10534
10434
rates, and there is little inclination to engage in new risks.
Preferred
9136
9134
9136
9136
9134
9134
The Board of Trade returns for the month of November Canadian Pacific
24536
248
247
24534
24834
24734
Chesapeake
dr
75
7536
7636
7634
7634
7634
are exceedingly satisfactory, showing that neither the ex- Chicago Great Ohio
Western
20
20
• 2034
2034
2036
2054
treme international crisis through which the country passed Chicago Mliw. dr St. Pam _ _113
113
114
114
11434
11434
dr Rio Grande
21
2136
2134
2234
22
2134
between the beginning of July and the end of September, Denver
4554
Preferred
.26
46
46
4634
4636
nor the various strikes and lockouts, and other causes of Erie
3134
3134
3234
3234
;1234
3334
First preferred
52 •
5136
5234
5336
5234
anxiety have prevented a very great expansion. The value
5434
Second preferred
4234
4236
4234
4234
4256
4434
of the imports for the month amounted to £65,432,935, Illinois Centre.
146
147
14436
24534
146
14634
Louisville dr Nashville_ ._ _ _16016
160
161
161
162
showing an increase compared with the corresponding month Missouri
160
Kansas tfc Texas
3031
3034
3034
31
3034
3034
of last year of £1,343,083, or 2 per cent. For the eleven
Preferred
67
67
67
67
67
67
40
months the value was £615,674,630, an increase over the Missouri Pacific
40
3934
3934
4034
4034
Nat. RR.of Mex., 1st pref.._ 70
70
70
69
6936
6954
corresponding eleven months of last year of £6,353,717, or
Second preferred
3434
3434
3434
3434
3434
3494
1 per cent. The value of the exports of British and Irish N. Y Cent. dr Mid. River_108% 109
10936
10936
110
1:
0
i0
016
N.Y. Ontario & Western..
4136
4134
41
4134
41
4036
produce and manufactures for the month was £40,986,391, Norfolk
dr Western
110
1,0
11036
114%
11136
11034
an increase over November last year of £4,088,966, or 11 per
Preferred
9334
9336
9336
9316
Pacific
16-l'i :6120
121
123
122
cent. For the eleven months the value was Z415,710,581, aNorthern
Pennsylvania
6236
62%
62%
6234
63
63
an increase of £22,544,880, or 5.7 per cent. The value of the a Reading
7634
76n
77%
7734
78%
78 A
a Flist preferred
4536
4536
45%
4556
4536
4554
re-exports for the month was £7,834,229, an increase over
a Second preferred
48%
___ .
49
49
49%
November last year of £375,623, or 5 per cent. For the Rock Island
"4%
2636
..'
26
2536
25%
Pacific
114%
114
eleven months the value was £94,040,950, an increase of Southern
116
11535
11534
11534
Southern Railway
30
.,036
3134
31
3054
£141,465, or 0.1 per cent.
Preferred
7234
7236
73
73
74
7354
17634
The India Council offered for tender on Wednesday 40 lacs Union Pacific_
17634
17934
17934
17836
17834
96
96
96
96
96
96
of its bills and the applications amounted to nearly 353 lacs U.Preferred
S. Steel Corporation
64
6334
6634
6836
6634
8934
Preferred
.11234
at prices ranging from is. 4 1-32d. to is. 4 3-32d. per rupee.
11234
11236
11234
114
114
7
734
754
8
734
734
Applicants for bills at is. 4 1-16d. per rupee were allotted Wabash
Pre,eired
1936
1836
1834
1334
1834
1834
20 per cent, and above in full. No transfers were allotted.
Extended 4S
5394
5336
63
53
5254
5256
'a
Price
per
share.
b
£
sterling.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
Jo., compared with the last four years:
(Commercialand Wascellantons
•
1911.
Dec. 6
£
Circulation
28,798,170
Public deposits
11,453,681
Other deposits
39,547 454
Goveinm't securities 14,437,210
Other securities..
27,489 077
Reserve,notes&coin 26,758,214
Coindrbull.,botb dep 37,106,384
Prop, reserve to liabilities.
52 7-16
P. c.
Bank race_ _ _.p. c.
4
Consols, 234 p. c___
773 xd
Silver
2536d.
Clear.-house returns 302,023,000
*Dec. 9, 1910.
1910.
Dec. 7.
£
28,202,600
10,056,809
41,095,752
15,593,568
27,404,148
25,885,026
36,637,626
1909.
Dec. 8.
E
28,353,230
7,185,402
38.646,139
14,412,788
23,095,979
26,006,133
35,909,363
1908.
Dec. 9.
1907
Dec. 11.
28,937,490
7,449,516
40,709,320
14,730,533
27,647,758
23,463,050
33,950,545
28,939,670
5,338,000
45,022,582
14,332,136
30,205,933
23,674,013
34 163,683
.e
.e
•
50 9-16
56%
48 11-16
47
436
5436
236
7
71)
83
8234
83 9-16
25d.
23)1d.
2234d.
2636d.
296,575.000 241,003,000 218,168,000 201,569,000
The rates for money have been as follows:
Dec. 8.
Dec. 1.
Nov. 24.
Nov. 17.
Bank of England rate
4
4
4
4
Open market rateBank bills-60 days
334
334
334Q)3 7-16
3%
months
-3
31 3-16 334 ©3%
3 7-16©336
33j
-4 months
39-16 334@37-16
3%
334
-6 months
334
334@3 5-16 3 1-16©33(
334
Trade bills-3 months_
434
4
4©434
3K@4
-4 months__ _
434
4©434
4©434
4
Interest allowed for depositsBy Joint-stock banks
236
236
236
236
,
By discount housesAt call
235
254
236
254
7 to 14 days
234
2%
234
234
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest atParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid '
Copenhagen
Dec. 2.
Nov. 25.
Nov. 18.
Nov. 11.
Bank Open
Bank Open
Bank Open
Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
336
336
334
336
336
334
334
334
434
5
436
5
5
5
43's
431
5
434
5
5
434
436
5
434
5
436
5
5
434
4 9-16
5
436
4
4
4
4
4
4
4
334
336
456
454 4
436
4
436 4
5
5 4 15-16
434
5
434
434
5
5
nom.
5
nom.
5
nom.
5
nom.
436
434
436
436
454
434
434
434
5
5
5
5
5
5
5 5
Messrs. Pixley & Abell write as follows under date of
Dec. 6:
GOLD.-There has again been no inquiry from abroad, so the Bank Is securing
the whole of this week's arrivals of bar gold, which amount of about £835,000, with
the exception of £100,000 taken for India. We learn that further shipments of
sovereigns from Australia to India have been arranged. Since our last the Bank
has received £656,000 in bar gold and has lost sovereigns to the value of £100,000
to France, £100,000 to Buenos Ayres, £100,000 to Egypt and £46,000 to Java.
while £60,000 has been set aside for the gold portion of the Straits Settlements
Notes Guarantee Fund. Next week we expect £780,000 from South Africa. Arrivals-South Africa 2673,000; India, £112,500; New Zealand. £20,000; West
Africa, £5,000; Brazil, £25.000; total, £835,500. Shipments-Aden, £1,000; Bombay.£96,000; total,.£97,000.
SILVER.-The tendency during the last few days has been downwards, to-day's
quotations being 25%d for spot and 2534d. for forward, at which the market is
fairly steady The difference of Md. between spot and forward,shown by the
above quotations indicates an easier position of spot silver, but there are still some
bear sales to be covered, and a small premium may continue for a little time yet.
Both the Indian Bazaars and China have been buyers, but their support has not
been very steady. In Bombay the stock remains at 14,000 bars, while the Government's holding of rupees has unexpectedly increased by nearly a crore, and
stands at 24 crores. In China the political outlook has improved, and it is tonow
be
hoped that a more settled state of affairs will shortly be established and that this
w.11 'lead to an Improved demand for silver for that country. The Bombay
quotation is Rs. 6436 per 100 tolahs. Arrivals-New York, £307,000;
New
Zealand, £3,000; total. £310,000. Shipments-Bombay, £289 000.
The quotations for bullion are reported as follows:
GOLD.
London Standard.
Bar gold, fine, oz
U. S. gold coin, oz
German gold coin,oz
French gold coin, oz
Japanese yen
Dec. 6.
S. d.
77 9
76 4
76 4
76 536
76 4
Nov. 30.
SILVER.
Dec. 6.
s. d.
London Standard.
d.
77 9
Bar silver, fine, oz--- _25%
76 4
" 2 mo. delivery, oz_25%
76 4
Cake silver, oz
2734
76 536 Mexican dollars
nom.
78 4
Nov. 30,
d
256-16
25
79
5-16
5
nom.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, ordinary
Preferred
Albany & Susquehanna
Albany & Susquehanna (special)
Allegheny & Western, guaranteed
Ashland Coal & Iron By. (guar.)
Atchison Topeka & Santa Fe, preferred_ _
Atlantic Coast Line RR., common
Beech Creek, guaranteed (guar.)
Belt Railway of Chicago
Boston & Albany (guar.)
Boston & Lowell
Boston & Maine, common (quer.)
Boston & Providence, guaranteed (quar.)- _
Boston Revere Beach & Lynn (quar.)-Canadian Pacific, corn. (quer.)(No.62)
Carthage Watertown & Sackets Harbor
Chesapeake dc Ohio (quer.) (No. 21)--Chicago Burlington & Quincy (quar.)-Chicago & Eastern Illinois, pref. (quar.)_
Chicago Indianapolis & Louisville, com
Preferred
Chicago & North Western, corn. (guar.).
Preferred (quer.)
Chicago Rock Island & Pacific fly.(quer.)
Chicago dr Western Indiana (quer.)
Colorado & Southern, common (annual),
Delaware & Hudson Co.(4144r.)
Delaware Lackawanna & Western
Delaware Lackawanna & Western (extra)
Delaware River RR & Bridge
Detroit & Mackinac, common and pref._
East Mahanoli
Greene RR
Harrisburg Portsm. Mt. Joy db Lancaster_
Hocking Valley
Illinois Central, Leased Line, guarantee&
Interborough Rapid Transit (quer.)
Kanawha & Michigan
Maine Central (guar.)
Manhattan Ky., guar. (quer.)(No. 111).
Morris dr Essex, guaranteed
N. F.Cent. & Hud. River (guar.)
New York & Harlem, common and pref. _
N. Y. Lack. dr Western, guar. (quar.)_.
N. Y. New Haven & Hartford (quer.)
Norfolk & Western, common (quar.)
Norfolk Southern (guar.)
Northern Central
Northern RR. of New Hampshire (qtuir.)
Northern Securities (annual)
Norwich & Worcester, pref. (guar.)
Old Colony (guar.)
Philadelphia Baltimore & Washington_ _ _ _
Philadelphia & Trenton (guar.)
Pitts. Ft. W.& Chic. reg., guar. (quar.)_
Special guaranteed (quer.)
Reading Company, second preferred_ _ _
Rensselaer & Saratoga
St. Lawrence & Adirondack
St. Louis & San FranciscoC. & E. Ills., corn. stock trust certifs.Preferred stock trust certifs. (quer.) _
K.C. Ft. S. AM. pfd. stk. tr. ctfs.(qu.)
St. Louis Southwestern, preferred
Southern Pacific (quer.)(No. 21)
Southwestern of Georgia
Union Pacific, common (quar.)
United N. J. RR.& Canal Cos., guar.(gu.)
Valley Railroad (N Y.)
Street and Electric RallwaYs•
American Cilia Co., pref. (No. 1)
Boston at Worcester Eke. Cos., pref
Brooklyn Rapid Transit (quer.)
Brooklyn Union Elevatea, preferred -
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
2%
134
1%
1
4
4
Dec. 21 Holders of rec. Dec. 2e
Feb. 24 Holders of rec. Feb. 3e
2 Holders of rec. De0.154
Jan.
5 Holders of rec. Jan. 2a
Jan.
1 Holders of rec. Dec.22a
Jan.
Dec. 20 Holders of rec. Dec.15a
Feb.
1 Holders of rec. Dec.294
Jan. 10 Dec. 16 to Jan. 10
Jan,
2 Holders of rec. Dec.23a
Dee. 31
Dec. 30 Holders of rec. Nov.29a
Jan.
2 Nov. 27 to Dec. 2
Jan.
2 Holders of rec. Dec. la
Jan.
1 Holders of rec. Dec.204
Jan.
1 Holders of rec. Dec.I5a
Jan.
2 Holders of rec. Dec. la
Dec. 30 Holders of rec. Dec.23a
Dec. 30 Holders of rec. Dec. 80
Dec. 26 Holders of rec. De0.196
Jan.
2 Holders of rec. Dec.164
Dec. 29 Holders of rec. Dec.164
Dec. 29 Holders of rec. Dec.16a
Jan.
2 Holders of rec. Dec. its
Jan.
2 Holders of rec. Dec. la
Dec. 39 Holders of rec. Dec.15a
Dee. 31
Dec. 30 Dec. 21 to Jan. 1
Dec. 20 Holders of rec. Nov.276
Dec. 20 Dec. 2 to Dec. 17
Dec. 22 Dec. 2 to Dee. 17
Dee. 21 Holders of rec. Dec.13a
Jan.
2 Dec. 16 to Jan. 3
Dec. 15 Holders of rec. Dec. ba
Dec. 10 Holders of rec. Dec.14a
Jan. 10 Holders of rec. Dec.204
Dec. 30 Holders of rec. Dec. 84
2 Dec. 12 to Jan. 4
Jan.
Jan.
2 Holders of rec. Dec.23a
Dec. 30 Deo.16 to Dec. 31
1 Holders of rec. Dec.164
Jan.
2 Holders of rec. Dec.164
Jan.
Jan.
1 Holders of rec. Dec. Oa
Jan. 15 Holders of rec. Dee 20a
Jan.
2 Holders of rec. Dec.154
Jan.
1 Holders of rec. Dec.11a
Dec. 30 Holders of rec. Dec. 9a
Dec. 18 Holders of reo. Nov. 30a
Jan.
1 Holdm of rec. Dec. 23
Jan. 15 Holders of rec. Dec.31a
Jan.
1 Holders of rec. Dec.11a
Jan. 10 Dec. 28 to Jan. 10
Jan.
1 Dec. 17 to Dec. 31
Jan.
1 Holders of rec. Dec.16a
Dec. 30 Holders of rec. Dec.13a
Jan. 10 Dec. 31 to Jan. 10
Jan.
2 Dec. 10 to Jan. 2
Jan.
2 Dec. 16 to Jan. 2
Jan. 11 Holders of rec. Dec.264
2 Holders of rec. Dec.154
Jan.
Dec. 30 Holders of rec. Dec. 23
136
1
2
136
236
236
2%
2%
2 Dec. 17 to Jan. 2
Jan.
2 Dec. 17 to Jan. 2
Jan.
2 Dec. 17 to Jan. 2
Jan.
Jan. 15 Holders of rec. Dec.304
2 Holders of reo. Dec. la
Jan.
Jan.
5 Dee. 16 to Jan. 5
Jan.
2 Holders of rec. Dec. its
Jan
10 Dec. 21 to Jan. 1
Jan.
1 Holders of rec Dec.104
3
El
134
236
Jan.
2 Dec. 21 to Jan. 1
Jan,
1 Holders of ree. Dee. 23
Jan.
2 Holders of reo. Dec. 9a
Dec. 31 Holders of rec. Dec.224
2%
3
454
$3.45
3
1
234
3%
1
2
231
4
1
234
1%
236
236
1%
2
194
194
2
1%
2
1
136
2
234
35g
10
3
2%
236
3
336
3
2
256
236
136
154
334
134
5
1%
2
1%
54
4
136
3
2
134
DEC. 161911.]
THE CHRONICLE
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
1649
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Street and Electric Rail ways (Cenciuded).
Miscellaneous (Concluded).
Capital Traction, Wash., D. C. (quar.)- 134 Jan.
1 Dec. 11 to Jan. 10 International Silver, preferred (quar.).- 131 Jan.
2 Dec. 17 to Jan. 2
Carolina Power & Lt., pref. (gu.)(No. 11) 1!I Jan.
2 Holders of rec. Dec.23a
Preferred (extra)
Jan.
2 Dec. 17 to Jan. 2
Chattanooga Ry. & L., pre!. (qu.)(No. 10) 114 Jan.
2 Holders of rec. Dec.15a Internat. Smokeless P. & Ch., corn.(cm)
Jan
2 Holders of rec. Dec.20a
Chicago City Ry. (guar.)
234 Dec. 30 Dec. 20 to Dec'. 23
Common (extra)
Jan.
2 Holders of rec. Dec.20a
Extra
134 Dec. 30 Dec. 20 to Dec. 23 La Belle Iron Works (guar.)
234 Dec. 30 Dec. 21 to Jan. 1
Cleveland Ry.(quar.)
1 Holders of rec. Deo.16a Lanston Monotype Machine (quar.)
154 Jan.
134 Dec. 30 Holders of rec. Dec. 23
Columbus (Ga.) Elec. Co., pref.(No. 11).. $3 Jan.
1 Ho ders of rec. Dec.20a La Rose Consolidated Mines
2
Jan. 20 Dec. 31 to Jan. 17
(guar.)
Continental Passenger Ry., Philadelphia_
$3 Dec. 30 Holders of rec. Nov.29a Louisville Gas
3
Jan.
2
Duluth-Superior Traction, corn. (quar.)_
13‘ Jan.
2 Holders of rec. Dec.16a Louisville Lighting
2
Jan.
2
Jan.
1
Preferred (quar.)
2 Holders of rec. Dec.16a Mackay Companies, corn.(quar.)(No.
26) 134 Jan.
2 Holders of rec. Dec. 9a
Frankford & Southwark Pass.,Phila.(gu.)_ $4.50 Jan.
1 Holders of rec. Dec.15a
Preferred (quar.) (No. 32)
Jan.
2 Holders of rec. Dec. 91
Germantown Past. Ry., Phila. (quar.).. - $1.3114 Jan.
2 Dec. 13 to Jan. 1 Manufacturers' Light & Heat, Pittsburgh
Dec. 20
Indianapolis Street Ry
3
Jan.
1 Dec. 23 to Jan. 1 May Department Stores, pref. (guar.)--- - 13,
1 Jan.
1 Holders of rec. Dec. 20
154 Jan. 1
Lake Shore Electric Ry.,first pref. (guar.)_
Mergenthaler Linotype (quar.)
234 Dec. 30 Holders of rec. Dec. 9a
Louisville Traction. common (quar.)___ _
1
Jan.
1 Dec. 11 to Dec. 15
Extra
3% Dec. 30 Holders of rec. Dec. 9a
Manila El. RR. & Ltg. Corp (guar.)... _
134 Dec. 30 Holders of rec. Dec.18a Mich. State Telephone, pref.
134 Feb.
1 Jan. 14 to Feb. 1
Massachusetts Electric Cos., pref
1 Holders of rec. Dec. 2 National Biscuit, cons.(quar.)(quar.)
$2 Jan.
(No. 54).. 15.1 Jan. 15 Holders of rec. Dec.288
Memphis St. fly., pref. (guar.)
134 Dec 30 Dec. 21 to Jan. 1 National Gas, Elec. L.& P., pref.(quar.) 134 Jan.
1 Dec. 27 to Jan. 1
New York State figs., corn. (quar)
134 Jan.
2 Dec. 17 to Jan. 8 National Lead, common (quar.)
Dec. 3O Dec. 9 to Dec. 13
Preferred (guar.)
2 Dec. 17 to Jan. 8 National Licorice, pie,. (quar)(No. 38).. 134 Dec. 30
134 Jan.
Dec. 27 to Jan
1
Northern Ohio Trac. & Lt., pref. (quar.) 134 Jan.
1 Holders of rec. Dec.15a NationalSugar Re/g., pref. (guar.)
134 Jan.
2 Holders of rec. Dee. 18
Porto Rico Railways, Ltd., corn. (guar.)._
1
Jan.
2 Holders of rec. Dee 22 National Surety (quar.)
Jan.
2
3
Dec. 23 to Jan. 1
mo Preferred (guar.)
134 Jan.
2 Holders of rec. Dec. 22 Nevada Consolidated Copper (quar.)_ _
3O
Dec.
Dec.
9 to Dee. 11
St. Joseph Ry., L.,H.&P.,pf.(qu.)(No.37) 134 Jan.
2 Holders of rec. Dec.15a New England Telep. & Teleg. (quar.)._ 3734c. Dec. 30
Holders of rec. Dec.15a
Sao Paulo Tram.,L.&P.,Ltd.(qu.)(No.39) 234 Jan.
2 Holders of rec. Dec. 11 Niagara Falls Power (guar.)
2
Jan. 15 Holders of rec. Dec.30a
Second & Third Sta. Pass. Ry., Phi a_ __ - $3
Jan.
2 Dec. 5
to Jan. 4 Niles-Bement-Pond, common (quar.)_ _
134
Dec. 20 Dee. 10 to Dee. 20
Stark Electric RR. (guar.)
Jan.
2
Nipe Bay Co. pref. (guar.)
1
Jan. 15 Holders of rec. Dec. 26
Toronto Street Ry. (guar.)
Jan.
2 Holders of rec. Dec.15a Nipissing .41inn (guar.)
2
Jan. 20 Dec. 31 to Jan. 17
5
Tr -City Railway & Light, pref.(quar.).. 1% Jan.
2 Holders of rec. Dec. 22
Extra
234 Jan. 20 Dec. 31 to Jan. 17
Twin City R. T., Minneap., corn. (quar.) 134 Jan.
2 Holders of rec. Dec.12a North American Company (quar.)
2 Holders of rec. Dec.15a
Jan.
Preferred (quar.)
13,
4 Jan.
2 Holders of rec. Dec.15a Nova Scotia Steel & Coal, Ltd., corn. (qu.) 1;(
134 Jan. 15 Holders of rec. Dec.30a
Union Passenger Ry., Philadelphia
$4.75 Jan.
1 Holders of rec. Dec.15a Old Dominion Steamship
3
Jan,
2 Dec. 21 to Jan. 1
3
Union Traction, Philadelphia
1 Holders of rec. Dec. 9a Otis Elevator, common (guar.)
Jan.
1
Jan. 15 Holders of rec. Dec. 30
United Tine. & Elec., Prov. (guar.)
2 Dec. 19 to Dec. 21
134 Jan.
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 30
Virginia Railway & Power, preferred.... 234 Jan.
8 Holders of rec. Dec.16a Phelps-Dodge & Co.. Inc
2% Dec. 28 Holders of rec Dec.15a
West End Street Ry., Boston, preferred _ $2 Jan.
1 Dec. 23 to Jan. 1
Extra
2
Dec. 28 Holders of rec. Dec.15a
Tan.
West India Elec. Co.,Ltd.(qu.)(No. 18).
2 Dec. 23 to Jan. 2 Pittsburgh Plate Glass, corn. (guar.)
'134 Dec. 31 Holders of rec. Dec. 15
$5 Jan.
1 Holders of rec. Dec.15a Producers 011 (quar.)
West Philadelphia Passenger EL'
134
Dec.
30 Holders of rec. Dec.15a
Banks.
Quaker Oats, common (quar.)
234 Jan. 15 Holders of rec. Jan. 2a
3
BaUery Park National
ran.
2 Holders of roc Dec.22a
Preferred (amar.)
1% Feb. 29 Holders of rec. Feb. la
134 Jan.
Coal de Iron National (guar.)
2 Holders of rec. Dec. 13 Quincy Mining (quar.)
$1
Dec. 23 Holders of rec. Dec. la
7
First National (guar.)
Jan.
2 Holders of rec. Dec.30a Railway Steel-Spring, pref. (guar.)
134 Dec. 20 Dec. 7 to Dee. 20
10
Extra
Jan.
2 Holders of rec. Dec.30a Realty Associates (No. 18)
3
Jan
15 Holders of rec. Jan. 5
3
First Security Co. (guar.)
Jan.
2 Holders of rec. Dec.30a Republic Iron & Steel, pl. (qu.)(No.
90) 134 Jan.
1 Holders of rec. Dec.15a
Homestead (Brooklyn)
2
Jan.
2 Dec. 21 to Jan. 2 Royal Baking Powder, corn. (guar.)
3
Dec. 30 Holders of rec. Dec.15a
Mercantile National (quar.)
134 Jan.
2 Dec. 24 to Jan. 2
Preferred (guar.)
1.34
Dec.
30
Holders of rec. Dec.15a
Metropolitan (mar.)
2
Jan
2 Dec. 17 to Jan. 1 Safety Car Heating & Lighting (guar.)._
2
Dec. 22 Holders of rec. Dec. 80
Mount Morris (guar.) (No. 48)
3
Jan.
2 Dec. 21 to Jan. 1
Extra
1
Dec. 22 Holders of rec. Dec. 80
Seaboard National (guar.)
3
Jan.
2 Holders of rec. Dec. 22 Sears, Roebuck & Co., pref. (guar.)
134 Jan.
1 tHolders of rec. Dec.15a
Trust Companies.
Sloss-Sheffield Steel & Iron., p1. (qu.)... 134 Jan.
2 Holders of rec. Dec.19a
Guaranty (guar.)
8
Dec. 30 Holders of rec. Dec. 30 South Porto Rico Sugar, common
(guar.) 1
Jan.
2 Holders of rec. Deo.21a
Dee 30 Dec. 23 to Jan. 1
Knickerbocker (guar.)
3
Common (extra)
2
Jan.
2 Holders of rec. Dec.21a
Lawyer's Title Ins. & Ti.(TO (No. 53)- 3
Jan.
1 Dec. 16 to Jan. 2
Preferred (quar.)
2
Jan.
2 Holders of rec. Dec.21a
Mechanics' of New Jersey (guar.) (No. 50) 5
Jan.
2 Dec. 29 to Jan. 2 Standard Coupler, common
2
Dec. 23 Dec. 17 to Jan. 9
Mutual ol Westchester Co. (guar.)._
134 Dec. 31 Holders of rec. Dec. 31
Preferred
4
Dec. 23 Dec. 17 to Jan. 9
Extra
1
Dec. 31 Holders of rec. Dec. 31 Standard Gas Light, New York, common.. 2
Dec. 30 Dec. 21 to Jan. 1
United States
25
Jan.
2 Dec. 20 to Jan. 1
Preferred
3
Dec. 30 Dec. 21 to Jan. 1
Miscellaneous.
Subway Realty (guar.)
114 Jan.
2 Holders of rec. Dec.23a
Aeolian, Weber Piano & Pianola.pf.(gu.) 134 Dec. 30 Holders of rec. Dec.26a Sulzberger
& Sons, preferred (quar.)___ _
Jan.
2 Dec. 16 to Jan. 1
Am Agile. Chem., corn. (qu.)(No.
1
Jan. 15 Holders of rec. Dec. 30 Swift & Co. (quar.)(No. 101)
134
Jan.
1 Dec. 17 to Jan. 9
Preferred (guar.)(No. 26)
131 Jan. 13 Holders of rec. Dec. 30 Texas Company (quar.)
131 Dec. 30 Holders of rec. Dec.15a
American Bank Note, preferred (guar.)._
134 Jan.
1 Dec. 16 to Jan. 1
Underwood Typewriter, cont. (guar.)
1
Jan.
1 Holders of rec. Dec.20a
Amer. Beet Sugar, pref.(quar.)(No. 50.) 134 Jan.
2 Holders of rec. Dec.16a
Preferred (guar.)
Jan.
1 Holders of rec. Dec.20a
Amer. Brake Shoe&Fdy., com.depref.(gu.) 154 Dec. 30 Holders of rec. Dec.20a
Union Bag & Paper, pref. (qu.)(No. 51). 131 Jan. 15 Holders of rec.
Dec.30a
American Can, preferred (quar.)
134 Jan.
2 Holders of rec. Dec.15a Union Carbide (guar.)
Jan.
2
Dee. 19 to Jan. 1
Amer. Car & Fdy., corn. (quar.)(No. 37)
1 Holders of rec. Dec.1 lo
34 Jan.
United Fruit (guar.)(No. 50)
2
Jan. 15 Holders of rec. Dec. 26
Preferred (quar.) (No. 51)
154 Jan.
1 Holders of rec. Dec.11o Tinned Fruit (extra)
10
Dec. 19 Holders of rec. Dec. 4a
American Chicle, common (monthly)
1
Dec. 20 Holders of rec. Dec.1la United Gas improvement
(guar.)
2
Jan. 15 Holders of rec. Dec. 30
American Cigar, pref. (guar.)
3
Jan. .2 Holders of rec. Dec. 15a
United Shoe Machinery, corn. (guar.)_ _ _ _ 2
Jan.
5 Holders of rec. Dec. 19
American Express Omar.)
Jan.
$3
2 Holders of rec. Nov.296
Preferred (guar.)
5 Holders of rec. Dec. 19
134 Jan.
Amer. Gas & Elec., corn. (guar.)
134 Jan.
2 Dec. 20 to Jan. 2 U. S. Printing of Ohto (guar.)
2 Dec. 20 to Jan. 1
134 Jan.
Preferred (guar.)
134 Feb.
1 Jan. 16 to Feb. 1 U. S. Steel Corp., corn. (quar.)(No. 32). 134
Dec. 30 Dec. 2 to Dec. 12
Amer.Iron & Steel Mly., corn. & pf (guar.) 13.; Tan.
2 Holders of rec. Dec.20a Utah Copper (quar.)
14)
75c. Dec. 30 Dec. 9 to Dec. 12
American Locomotive, pref. (guar.)
134 Jan. 22 Jan. 5 to Jan. 22 Va.-Carolina Chem., (No.(qu.)
(No. 65). 2
pref.
Jan. 15 Dec. 31 to Jan. 15
American Manufacturing (quar.)
134 Dec. 30 Holders of rec. Dec. 15
WesternElectric (guar.)
2
Dec. 30 Holders of rec. Dec.23a
American Pipe & Construction (quar.).- - 2
Jan.
1 Holders of rec. Dec.15o
Extra
Dec. 30 Holders of rec. Dec.23a
American Radiator, common (quar.).... 2
Dec. 30 Dec. 23 to Jan. 1
Western Union Teleg. (guar.)(No. 171)
31 Jan. 15 Holders of rec. Dec.20a
Amer.Smelt. & Refin.,com.(qu.)(No.33)
Jan. 15 Dec. 28 to Jan. 3 Yukon Gold Co.(emar.)(No. 10)
734c. Dec. 30 Dec. 13 to Jan. 8
Preferred (quar.)(No. 50)
134 Jan. 2 Dec. 16 to Dec. 25
American Snuff, common (quar.)
5
Jan.
a Transfer books not closed for this thy dend. b Less income tax. d Correction.
2 Holders of rec. Dec. la
Common (extra)
2
Jan.
2 Holders of rec. Dec. lo e Payable in common stock.Va Payable In stock of the Lackawanna RR. of N. J.
Common (special)
(h)
Holders of rec. Dec. 1 h Payable in common stocks:of the George W. Helme Co. and Weyman-Bruton Co.
Preferred (quar.)
1% Jan.
2 Holders of rec. Dec.15o -36 4-11% of each.
Amer. Sugar Ref., corn. & pref. (quar.).. 154 Jan.
2 Holders of rec. Dec. in
American Surety (guar.) (No. 90)
3
Dee. 30 Dec. 16 to Jan. 9
Extra
3
Dec. 30 Dec. 16 to Jan. 9
Canadian Bank:Clearings.-The clearings for the week endAmerican Thread, preferred
234 Jan.
1 Nov. 16 to Nov. 30
American Tobacco. pref. (guar.)
134 Jan.
2 Dec. 2 to Jan. 1 ing Dec. 9 at Canadian cities, in comparison with the same
Amer, Type leoundsrs, common (guar.)
1
Jan. 15 Holders of rec. Jan.10a week of 1910, shows an increase in the aggregate of
32.9%.
Preferred (quit.)
134 Jan. 15 Holders of rec. Jan.10a
American Woolen, pref.(quar.)(No,51).: 134 Jan. 15 Dec. 21 to Jan. 4
Baldwin Locomotire Works, corn.(No.
1
Jan,
Holders of rec. Dec. 18
Week ending December 9.
PrIerred
3% Jan.
Clearings atHolders of rec. Dec. 18
Brooklyn Union Gas (quar.)(No. 43).... 1% Jan.
2 Dec. 17 to Jan. 1
Inc. or
Extra
1
Jan.
2 Dec. 17 to Jan. 1
1911.
1910.
Dec.
1909.
1908.
Buffalo Gen. Mee., cons. (quar.)(No. 69).. 131 Dec. 30 Holders of rec. Dec. 20
Calumet & Reda Mining (quar.)
Dec. 20 Holders of rec. Nov.24a
$6
CrInada$
s
$
$
%
Canadian Gen. Elec., Ltd., com.(quar.). 134 Jan.
1 Dec. 16 to Dec. 31
Montreal
57,245,468
43,518,911 +31.5
41,943,061
30,015,450
Canadian Westinghouse,Ltd.(au.)(N0.28) 1% Jan. 10 Dec. 31 to Jan. 9 Toronto
44,270,624
35,977,733 +23.1
33,994,080
29,088,293
Jan. 10 Dec. 31 to Jan. 9 Winnipeg
1
Extra
39,704,217
25,619,148 +55.0
24,105,853
19,143,826
1% Dec. 30 Holders of rec. Dec.15o Vancouver
Celluloid Company (quar.)
12,274,517
10,432,310 +17.7
7,540,001
3,915,211
Dec. 30 Holders of rec. Dec.150 Ottawa
2
Extra
9,561,159
4,006,239 +13.9
3,571,434
2,936,054
Central Coal & Coke, commm (guar.).
134 Jan. 15 Dee. 31 to Jan. 15 Quebec
3,608,913
2,893,016 +24.7
2,513,907
2,392,082
134 Jan. 15 Dee. 31 to Jan. 15 Halifax
Preferred (guar.)
2,266,567
1,743,365 +30.0
2,061,225
1,990,943
Central Leather, pref. (quar.)
2 Holders of rec. Deollo Calgary
134 Jan,
5,706,963
3,958,141 +94.2
2,625,180
1,794,944
Chesebrough Manufacturing (quar.)
$10 Jan.
5 Dec. 6 to Jan. 5 St. John
1,645,597
1,719,671 -4.3
1,637,297
1,643,569
Chic. Junc.Rys.&Un.Stk.Yds.,com.(qu.). 2
Jan.
2 Holders of rec. Dec.1 la Hamilton
2,925,087
2,101,776 +39.2
1,850,528
1,532,111
Preferred (quar.)
2 Holders of rec. Dec.1 lo London
134 Jan
1,825,175
1,712,564
+6.6
1,449,685
1,352,561
Chicago Telephone (guar.)
Victoria
2
Dec. 30 Holders of rec. Deo.20o
2,767,419
2,364,360 +17.0
1,688,427
1,113,461
Cincinnati Gas & Electric (guar.)
2 Dec. 15 to Dec. 21 Edmonton
3,432,745
'Si Jan
1,784,208 +92.4
1,251,102
971.559
Cincinnati & Suburban Telephone (quar.) 2
Jan.
2 Dec. 24 to Dec. 29 Regina
2,305,228
1,520,713 +51.6
1,099,075
Columbus(O.) Gas & Fuel, pref. (quar.)_
134 Jan.
1 Holders of rec. Dec. 15 Brandon
941,805
808,931 +16.4
Columbus (0.) L.,11.&Puto., corn. (guar.). 134 Jan.
741,021
2 Holders of rec. Dec. 15 Lethbridge
612,677 +21.1
Preferred (guar.)
134 Jan.
2,215,181
2 Holders of rec. Dec. 15 Saskatoon
1,033,569 +114.3
Commonwealth Water (N. Y.), preferred 2% Jan.
Moose Jaw
1,404,831 Not included in total
1
Cons. Gas, El. L. & P., Balt., corn. (cm.) 134 Jan.
655,736 Not included In total
2 Dec. 27 to Jan. 1 Brantford
Crucible Steel, pref. (quar.)(No. 33)____
15( Dec. 22 Holders of rec. Dec.12a Fort William.__ _
727,917 Not included in total
Cuban-American Sugar. preferred (mum) 1;4 Jan.
2 Holders of rec. Dec.15a
134 Jan. 15 Holders of rec. Jan. 2a
Detroit Edison (guar.)
Total
188,437,686 141,807,332 +32.9 127,330,855
97,890,069
duPont(E.I.)deNemoursPow.,pref.(qu.). 134 Jan. 25 Jan. 16 to Jan. 25
du Pont Internat. Powd., pref. (quar.)
13( Jan
2 Holders of rec. Dec.20a
13( Jan.
Preferred (extra)
2 Holders of rec. Dec.200
Auction Sales.-Among other securities, the following, not
2
Eastern Light de Furl (guar.)
Dec. 31 Holders of zee. Dec. 20
234 Jan.
Eastman Kodak, commos (quar.)
2 Holders of rec. Nov.290 usually dealt in at the Stock Exchanges, were recently sold at
134 Jan.
Preferred (quar.)
2 Holders of rec. Nov.290 auction in New York, Boston and Philadelphia:
Electrical Utilities Corp., pre/. (gu.)(V0.7) 134 Jan. 15 Holders oi rec. Dec.31a
By Messrs. Adrian H. Muller & Sons, New York:
Electric Light & Power ot Abingdon and
$4 Jan.
Rockland, Mass
1 Holders of rec. Dec.20a Shares.
Per cent. Shares.
Per cent.
Galena-Signal 011, preferred (quar.) --- - 2
Dec. 30 Holders of rec. Dec. 4a
Home Insurance Co
50
710
50 Battery Pk. Nat. Bank
125
General Chemical, common (extra)
Se
Feb, 1 Holders of rec. Dec.30a
1 Clinton Hall Ass'n
52
100 U. S. Motor Co., corn
16
Preferred (quar.)
134 Jan.
2 Holders of rec. Dec.19a
10 Yorkville Bank
617
8 U.S. Casualty Co
205
Gen. Chemical of California, 1st pf. (q11.) 13i Jan.
2 Holders of rec. Dec. 19
Pacific Fire Ins. Co
20
176
10
Am,
Soda Ftn. Co., 2d pfd..._ _ _ 334
General Electric (quar.)
Jan. 15 Holders of rec. Dec. 2a
2
Hanover
17
Bank
630
Bonds.
Per cent.
Goldfield Consolidated Mines (quar.)---- 30c. Jan. 31 Holders of rec. Dec.30a 250 Hocking Nat.
Valley Products CO,
$5.000 Hocking Valley Products Co.
Extra
20e. Jan. 31 Holders of rec. Dee.30a
vot. tr. Ws
8
1st 5s, 1961
f59
Great Lakes Towing, preferred (quar.).. 134 Jan.
2 Dee. 16 to Jan. 2
Guggenheim Exploration (quay.)(No. 36) 234 Jan.
2 Dec. 16 to Jan. '2
By Messrs. Francis Henshaw & Co., Boston:
Homestake Mining (monthly) (No. 945)- 50e. Dec. 25 Dec. 21 to Dec. 25
.sharp4.
$ per sh. Shares.
Ingersoll-Rand. preferred
$ per's/i.
Jan.
1 Holders of rec. Dec.12a
3
6 Old Boston Nat. Bank
125
1 Boston Athenaeum
311
Intercontinental Rubber, preferred (quar) 134 Dec. 30d Dec. 21 to Jan. 1
1 Mass. Cotton Mills
119
$80 Cent. Vermont Ry. scrip
Internat. Harvester, corn.(quar.)(No. 8) 134 Jan. 15 Holders of rec. Deo.23a
8%
100 Waltham Watch Co.,corn
25
Name of Company.
DETAILED RETURNS OF TRUST COMPANIES.
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
30 Merchants' Nat. Bank, New3234
buryport,$20 each
5 First Nat. Bk., Newburyport_ _10234
1 Pacific Mills, $1,000 par__3775
115
73 Tremont & Suffolk Mills
1243
11 Arlington Mills
10134;
7 MIMI. Mills in Georgia
119
2 Mass. Cotton Mills
100 Merrimack Vail. El. Cos., pref. 60
225
2 \Nikon RR.(N. H.)
37).4 Boston Water Power Co_ _ _ _ 10c.
8 per sn.
Shares.
60 Brookline Riverdale Land Ass'n.75c.
148H
2 Amer. Glue Co., pref.
25 Nor. Dos. Ltg. Properties, pfd_130
Per Cent.
Bonds.
$9,000 Town of Metheun water loan
9s, tax-exempt, 1924-32.
103%-10534 & ini.
$1,000 Chelsea park loan 43, 1936,
9934 & int.
$500 Newton St. By. 1st Is ,1912,
1003.4 cir int.
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per s.h. Shares.
Shares.
275 Camden Fire Ins. Ass'n., $5
1,000 Tramp Consol. Mining Co.,
13$4
each
1'%c.
$1, each
400$4
3 Penna. Fire Ins. Co
200 Am.Inv. Secur. Co.,$10 each 3%
10 Lumbermen's Ins. Co., $25
143;4 Tonopah & Tidewater Co.,
9551
each
$80 lot_
"B" otoek
200 Delaware RR. Co., $25 each. 4551
25 Farmers' & Meehan. Nat.
30
30 Chattanooga By. & It. Co
Bank
141-1423.
5 Butt. & L. Erie Tr. Co., corn. 4
21 Nat. Bank of Nor. Liberties_250
6 Phita. & Camden Ferry Co.,
5 Girard F. & Marine Ins. Co_ _285
11531
$50 each
20 Girard Av. Farmers' Mkt. Co.,
15 Chas. Warner Co. of Del., 1st
35%
$50 each
805
pref.
42 Phila. Life Ins. Co., $10 each 113
4 Phila. Bourse, corn., $50 each 3511
310
8 Bank of North America
_175
Co_
Hardart
Baking
&
Horn
12
_109
_
Camden_
67 Nat State Bank,
3.00
178 Pratt Food Co.,$1 each
10 People's Nat. Fire Ins. Co.,
1
50 Riverside Traction Co
27A-283i
$25 each
&
Dm
Co.,
Lum.
Internat.
2
2,000 Stewart Mining Co., Idaho,
•
2193'
$300 each
76e
$1 ean
16-4000 parts Ins. Ct.. of State of
400 Nev.-Utah Mines & Smelt.
45
Pa.(certf.)
140.
Co., $10 each..
Per cent.
Bonds.
16 Fourth Street Nat. Bank_ _ _ _300
Co.,
Bullfrog
RR.
Goldfield
$16,250
Germantown,
of
5 Nat. Bank
34
gen. 5s, 1938
145
850 each
$3,000 Harrison Bros. & Co., Inc.,
120
5 North Penn Bank
8051
5s,
1924
1st
34
_119
_
Bank._
Nat.
15 Southwestern
21236 $5.000 Buff. & 1.ake Erie Trac. Co.
1 Union Nat. Bank
6831
1st ref. 55, 1930
120
6 Western Nat. Bank
$2,000 Ills. Cent. Trac. Co. 1st 5s,
1000
1 Girard Trust Co
0451
1933
1015
5 Fidelity Trust Co
23 Guar. Tr. & S.D. Co-159-160H $2,000 Toledo Fremont dr Norwalk
99
RR
10 Mutual Tr. Co., $50 each...- 47
$1,000 Springfield Water Co. 5s,
670
1 Philadelphia Trust Co
100
1926
5 Real Est. Title I. & T. Co_283
$1,000 No. Springfield Water Co.
6 Real Estate Tr. Co., pref..... 983
100
5s, 1928
50 Pa. Warehousing dr S. D.
86
Co.. 850 each
On Dep.
Net
Trust Cos. Surplus. Loans. Specie. Legals with C.11 Deposits. Reserve.
Average. Average. Average. Banks. Average.
00s omitted.
150,0 1,900,0 15,325,0 15.1+11.0
2,155,8 19.703,0 2,166,0
Manhattan
429,0 1,868,0 13,391,0 16.1+12.1
Brooklyn _ _ _ _ 2,400,7 18,463,0 1.722,0
10,037,0 91,647,0 14.7+ 9.5
687,0
13,142,7 121.549,0 12,873,0
Bankers
654,0 5,828,0 28,001,0 15.0+17.0
U.S.Mtg.&Tr._ 4,476,1 38,046,0 3,560,0
36,0 1,647,0 12,386,0 15.4+11.2
1.032,7 15,698,0 1,874,0
Astor
Title Guar.&T. 11,439,4 35,801,0 1,798,0 1,266,0 1,785,0 20,772,0 14.7+ 7.7
22 697.7 142.161,0 14,343,0 1,275,0 13,189,0 102,375,0 15.2+11.4
Guaranty
637,0 4,702,0 15.1+11.3
230,0
483,0
1,274,8 6,829,0
Fidelity
914,0 1,439,0 14,113,0 15.0+ 9.2
6,176,4 19,303,0 1,195,0
Lawyers
80,0 1,255,0 11,350,0 15.3+10.0
1,824,1 16,411,0 1,662,0
Columbia
41,0 1,682,0 12,834,0 15.8+11.5
Standard _ _ _ _ 1,432,5 14,996,0 1,986,0
409,0 1,806.0 15,576,0 15.3+10.3
1,681,1 16.560,0 1,980,0
People's
3,142,0 28,035,0 15.8+10.0
4,305,0
134,0
44,175,0
11,532,0
York
New
316,0 1,023,0 8,724,0 15.8+10.4
1,357,3 10,397,0 1,065,0
Franklin
995,0 8,439,0 15.1+10.5
224,0
551,0 9,340,0 1,051,0
Lincoln
14,0 2,374,0 15,695,0 15.1+13.1
6,096,8 24,295,0 2,358,0
Metropolitan
Totals, Avge__ 89,271,7 553,727,0 54,421,0 6,859.0 50,607,0 403,365,0 15.1+11.1
Actual figures Dec. 9_ 546,898,0 56,032,0 6.799,0 51,516,0 396,955,0 15.8+11.4
The capital of the trust companies is as fol ows: Manhattan,$1,000,000; Brooklyn,
$1,250,$1,000,000; Bankers, $5,000,000; U. S. Mtge. & Trust, $2,000,000; Astor,
$1,000; Title Guarantee dr Trust, $4,375,000; Guaranty, $5,000,000; Fidelity,
000,000; Lawyers' Title Ins. dr. Trust, 54,000,000; Columbia, $1,000,000; Standard,
Franklin,
$3,000,000;
$1,000,000;
York,
New
$1,000,000; People's, $1,000,000;
Lincoln, $1,000,000; Metropolitan. $2,000,000; total, $34,625,000.
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Per cent.
$ per sh. Bonds.
Shares.
$4,100 Philadelphia City 4s, 1940_10151
100 Fairmount Park Transp., $50
1.J0151
45,
City
Philadelphia
3200
751
each
$10,000 Ind. Nor. Tr. 1st 5s, '32._ 8951
36 Terre H. Ind. dr East. Trac.,
$1,000 Leh. Val. Trans. 5s, 1960_ 8931
12
common
$1,000 Springfield Wet. Co. 5s,'26 100
62
160 Ter. H. Ind. & E. Trac., pfd
$1,000 No. Sp'gf'd Wat. Co.5s,'28 100
141.4 United Firemen's Ins. Co.,
15
$10 each
Statement of New York City Clearing-House Banks and
Trust Companies.-The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Dec. 0. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Dec. 9
Capital. Surplus.
Capital. Ourp/us.
$
2,000,0
Bank of N. Y_
Manhattan Co. 2,050,0
Merchants' _ _ . 2,000,0
Mech.& Metals 6,000,0
1,500.0
America
25,000,0
City
3,000,0
Chemical
600,0
Merchants' Ex
1,000,0
Gallatin
300,0
Butch. dr Drov
500,0
Greenwich
5,000,0
Amer. Exch._
Commerce.- 25,000,0
Mercantile - 3,000,0
600,0
Pacific
Chath.dr Phen. 2,250,0
200,0
People's
3,000,0
Hanover
2,550.0
Citizens' Cent_
500,0
Nassau
Market & Fult 1,000.0
2,000,0
Metropolitan _
Corn Exchange 3,000,0
Imp.& Traders 1,500,0
5,000,0
Park
250,0
East River...
5,000,0
Fourth
1,000.0
Second
10,000,0
First
2,000,0
Irving Exch._
250,0
Bowery
500,0
N. Y. County_
750,0
German-Amer.
5,000,0
Chase
100,0
Fifth Avenue_
200,0
German Exch.
200,0
Germania
1,000,0
Lincoln
1,000,0
Garfield
250,0
Fifth
1,000,0
Metropolis _
200,0
West Side.... _
1,000,0
Seaboard
Liberty
1,000,0
1,000,0
N. Y. Prod.Ex
1,000,0
State
1,000.0
Securtty
Coal & Iron... 1,000,0
Union Exch. 1,000,0
1,000,0
Nassau, Bklyn
$
3,657,6
4,496,8
1,887,9
8,317,8
6.039,6
27,475,2
6,799,9
574,6
2,538,9
156,7
905,5
4,624,3
15,532,1
2,771,7
910,4
1,160,3
473,3
12,744,2
1,882,8
590,5
1,799,5
1,605,5
5,555,0
7,580,4
12,947,5
98,2
5,783,4
2,290,2
21,189.3
1,904,1
809,7
1,684,1
710,5
8,444,5
2,089,2
872,7
1,047,1
1,667,6
1.234,9
517,4
2,154,4
1,017,1
2,082.1
2,709,5
820,6
878,9
503,2
446,5
952,9
1,063,2
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average its, Aver. serve.
s
$
$
21,089,0 3,785,0 1,035,0
33,050,0 7,965,0 1,510,0
19,245,0 3,275,0 1,501,0
53,129,0 11,573,0 1,598,0
25.265,0 4,505,0 2,098,0
170,051,0 33,113,0 6,500,0
28,637,0 5,098,0 1,754,9
190,0
6,558,0 1,752,0
420,0
8,553,0 1,307,0
84,0
570,0
2.323,0
180,0
8,580,0 2,292,0
39,035,0 5,470,0 3,790,0
135,068,0 20,470,0 6,734,0
898,0
13,524,0 1,655,0
568,0
411,0
4,013,0
16,246,0 2,997,0 1,142,0
152,0
469,0
1,871,0
65,108,0 12,646,0 5,300,0
638,0
21,873,0 4.713,0
857,0
9,809,0 1,588,0
9,210,0 1,235,0 1,030.0
267,0
12,942,0 3,222,0
45,393,0 7,551,0 5,838,0
25,758,0 4,515,0 1,738,0
82,046,0 20,217,0 1,234,0
107,0
382,0
1,389,0
30,657,0 5,011,0 2,000,0
129,0
14,124,0 3,345,0
112,895.0 22,418,0 4,276,0
24,227,0 4,686,0 1,813,0
67,0
861,0
3,454,0
689,0
8,304,0 1,378,0
228,0
858,0
3,969,0
83,248,0 17,499,0 4,189,0
12,857.0 2,513,0 1,151,0
512,0
430.0
3,580,0
153.0
5,640,0 1,447,0
15,251,0 2,518,0 1,337,0
535,0
8,446,0 1,687.0
584,0
285,0
3,515,0
12,621,0 1,699,0 1,487,0
979,0
249.0
4,352,0
23,876,0 5,138,0 2,476,0
10,586,0 3,083,0 1,137,0
489,0
8,441,0 2,154,0
355,0
16,596.0 4,975,0
10,100,0 2,403,0 1,219,0
431,0
6,356,0 1,199,0
9,639,0 1,102,0 1,373,0
298,0
7,418,0 1,280,0
$
18,879,0 25.5
37,400,0 25.3
19,062,0 25.0
50,021,0 25.8
25,259,0 26.1
157,554,0 25.1
25,990,0 26.3
6,825,0 28.4
6,6.19,0 25.7
2,524.0 25.9
9,807,0 25.2
36,865,0 25.1
107,929,0 25.2
9,973,0 25.6
3,630,0 26.9
16,274,0 25.4
2,228,0 27.8
70,646,0 25.4
20,799,0 25.7
11,021,0 22.1
9,036,0 25.0
13,643,0 25.4
53,058,0 25.2
23,408,0 26.7
84,573,0 25.3
1,656,0 29.5
31,473,0 24.1
13,786,0 25.2
104,754,0 25.3
25,892,0 25.1
3,602,0 25.6
8,249,0 25.0
3,801,0 28.5
90,345,0 24.0
14,438,0 25.3
3,671,0 25.6
6.547,0 24.4
15,931,0 24.1'
8,504,0 26.1
3,482,0 25.0
12,781,0 25.0
4,915,0 25.0
28.407,0 26.8
10,507,0 25.5
10.079,0 26.2
21,252,0 25.0
14,086,0 25.7
6,519,0 25.0
9,785,0 25.2
6,566,0 24.0
135,150,0 196,029,3 1305,023,0 252,324,0 74,340,0 1291,031,0 25.3
1290,243,0 251,364,0 76,043,0 1275.994,0 25.6
Actual figures Dec. 9
Totals, Avge
Circulation.-On the basis of averages, circulation of national banks in the
Clearing House amounted to $50,790,000, and according to actual figures was
$51,302,000.
Loans.
Specie.
On Dep.
Net
Legal with C.11.
7'enders. Banks. Deposits,
$
$
S
Averages.
1,291,031,0
Banks __ 135,150,0196,029,3 1,305,923,0252,324,0 74,340,0
Trust cos. 34,625,0 89,271,7 553,727,01 54,421,0 0,859,0 50,607,0 403,365,0
Total __ 169,775,0285,301,0 1,859,650,0306,745,0 81,199,0 50,607,0 1,694,396,0
Actual.
1,275.994,0
1,290,243,0251,364,0 76,043,0
Banks
546,898,0, 56,032,0 6,799,0 51,515,0 396,955,0
Trust cos.
1,837,141,0,307,396,0 82,842,0 51.515,0 1,672,949,0
Total
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
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. 9.
DETAILED RETURNS OF BANKS
We omit two ciphers (00) in alt cases.
Banks.
00s omitted.
[VoL. Lxxxxm.
THE CHRONICLE
1650
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
3
9,525,000
Capital as of Sept. 29- _
$
22,771,000
$
61,050,000
Surplus as of Sept. 29....
38,568,700
174,752,800
11,456,214
11,378,230
Loansand investments.. 283.308,400 1,098,659,100
-822,900
Change from last week_ + 1,311,600
104,409,300
+990,500
158,424,100
+802,200
338.090,100 1,165.561,500
-207,700 -18,727,200
110,565,100
+821,000
WI 134
165,7,10,800
+1,571,400
Specie
Change from last week_
50,827,400
-622,400
114,218,900
+129,600
Legal.:tenders & bk. notes
Change from last week_
23,564,400
+435,500
11,040,200
-20,400
Deposits
Change from last week_
9,417,974
Reserve on deposits
Change from last week_
94,729,700
-866,400
132,498,100
-984,600
22,645,000
+150,000
22,809,600
+277,500
P.C. reserve to deposits..
Percentage last week. _
28.8%
28.5%
10.3%
16.2%
21.5%
21.5%
14.6%
14.4%
week.
+ Increase over last week. - Decrease from last
Note.-"Surplus" includes all undivided profits. "Reserve on deposits" includes,
for both trust companies and State banks, not.only cash items but amounts due
State are required by law to
from reserve agents. Trust companies in New Yorkratio
varying according to lokeep a reserve proportionate to their deposits, the
is computed on the
cation as shown below. The percentage of reserve required
and not payable within
in
trust
held
moneys
of
aggregate of deposits, exclusive
thirty days,
thirty days, and also exclusive of time deposits not payable within by
bonds or
represented by certificates , and also exclusive of deposits secured
amount equal to
obligations of the State or City of New York, and exclusive of anthe
State or City
the market value (not exceeding par) of bonds or obligations of
of New York owned by the bank or held in trust for it by any public department.
locaThe State banks are likewise required to keep a reserve varying according to
exclusive of time
tion, the reserve being computed on the whole amount of deposits
(according
certificates
by
thirty
represented
days,
within
deposits not payable
to amendto the amendment 01 1910), and exclusive of deposits secured (according
York, and exment 01 1011) by bonds or obligations of the City or State of New
of
bonds or
par)
exceeding
(not
clusive of an amount equal to the market value
company or held in trust
obligations of the State or City of New York owned by the
department.
for it by any public
-State Banks-Trust Cos.Total
01
of
Total
Reserve Required for Trust Companies
which
Reserve
which
Reserve
and State Banks.
Required. in Cash. Required. in Cash.
Location15%
15%
25%
157
Manhattan Borough
20%
10%
Brooklyn Borough (without branches in Manhat.) 15% • 10%
751%
10%
15%
Other Boroughs(without branches in Manhattan) 15%
15%
20%
_15%
20%
Manhattan_
in
branches
with
Brooklyn Borough,
15%
15%
15%
Other'I3oroughs, with branches in Manhattan..._15%
6%
15%
5%
10%
Elsewhere in State
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
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
DEC. 16 1911.]
THE
CHRONICLE
1651
Boston and Philadelphia Banks.-Below is a summary of
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affordin4 an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers(00)in all thesefigures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Members. Trust Cos, not Banks &Trust
Week ended Dec. 9- Members.
Average. in C.-H. Aver. Cos. Average.
Actualfi'igures
)Nat. banks
Capital ) Sept. 1 and
'State banks
Surplus ) Sept. 20 _ --
169,775,000
169,775,000
34,652,000
204,427,000
285,301,000
285,301,000
93,130,300
378,431,300
Loans and investments 1,837,141,000 1,859,650,000
Change from last week -15,853,000 -40.801,000
620,528,000 2,480,178,000
+10,641,600 -30,162,400
1,672,949,000 1,694,396,000
• Deposits
Change from last week -38,281,000 -18,888,000
a615.786,600 2,310,182,600
+12,082,400 -36,803,600
Specie
Change from last week
307,396,000 306,745,000
-431,000 -10,595,000
65,882,800
+2,467,300
372,627,800
-8,127,700
Legal-tenders
Change from last week
82,842,000
+2,180,000
81,199,000
-169,000
b11,200,500
+366.200
92,405,500
+197,200
Banks cash in vault_ _
Ratio to deposits_ _ _ _
327,407,000
25.66%
326,664,000
25.30%
13,114,900
14.39%
339,778,900
62,831,000
Trust cos. cash in vault
Aggr'te money holdings
Change from last week
Money on deposit with
other bks. & trust cos.
Change from last week
125,254,400
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Dec. 9; also
totals since the beginning of the first week in January.
50,607,000
-2,387,000
19,661,100
--907,800
70,273,100
-3.294,800
FOREIGN IMPORTS AT NEW YORK.
4,681,500
--506,500
96,755,400 535,306,400
+1,925,700 -11,225,300
15.16%
1.04%
27,32%
26.34%
16.20%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past
COMBINED RESULTS OF BANKS AND TRUST COMPANIES;IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
1
vxxxx0000
—0....0.0
)p,,,5”!
-r!.!.
;4 1
9 Asui 175 (I
Specie.
Legals.
$
403,975,7
402,340,7
399,322,0
403,805,5
401,382,5
398,091,6
398,222,3
391,111,7
380,755,5
$
91,545,0
91,112,1
93,911,6
92,996,1
93,244,2
93,208,6
93.756,3
92,911,6
92,208,3
579 097 o
no inK K
Surplus.
$
495,520,7
493,452,8
493,233,6
496,801,6
494,626,7
491,300,2
491,978,6
484,023,3
472,963,8
Aar. etql 1
$
579,936,1
580,679 2
575,895,6
580.002,4
575,900,4
565,413,1
568,571,4
560,301,6
546,531,7
nox.,nn 4
On
Legal
Loans,
Tender Deposit
Disc'ts
•
and
with
Net
Specie. and
InvestBank
Deposits.
menu.
Notes. Banks.
New York City.
$
3
3
$
Manhattan Sc Bronx.
297,0 1,337,0 141,0
230,0 1,087,0
66,0
Washington Heights_ 100,0
120,3 1,627,0
250,0
140,0 1,629,0
36,0 243,0
Century
463,4 5,836,0 821,0 448,0
400,0
944,0 7,124,0
Colonial
786,9 6,902,0 724,0 671,0
300,0
757,0 7,961,0
Columbia
167,3 1,098,0
200,0
165,0 1,045,0
53,0 120,0
Fidelity
531,0 3,715,0 348,0 472,0
500,0
713,0 4,452,0
Jefferson
340,2 2,409,0 440,0
250,0
352,0 3.057.0
41,0
Mount Morris
393,9 3,479,0
200.0
40,0 606,0
378,0 3,752,0
Mutual
475,2 4,030,0 362,0 338,0
100,0
844,0 4,245,0
Plaza
98,8 1,860,0 259,0
208,0 2,063,0
98,0
Twenty-third Ward_ 200,0
506,2 4,083,0
81,0 752,()
100,0
558,0 4,547,0
Yorkville
278,6 2,679,0 280,0
199,0 2,483,0
200,0
92,0
New Netherland
132,6 1,489,0 225,0
94,0 1,374,0
93,0
Battery Park Nat _ - _ 200,0
313,2 2,235,0 487,0
84,0 2,183,0
49,0
300,0
Aetna National
120,0 1.239.0 322,0
102,0 1,290,0
12,0
200,0
Gotham National_ _ _
Brooklyn.
535,5 3,051,0 472,0 141,0
281,0 3,085,0
Broadway
200,0
867,3 5,438,0 440,0 277,0
716,0 4,870,0
Manufacturers' Nat'l_ 252,0
839,5 10,660,0 330,0 1,688,0 1,576,0 12,518,0
Mechanics'
1,000,0
592,9 3,714,0 442,0 212,0 1,071,0 3,727,0
National City
300,0
93,0
200,0 2,033,0
159,0 2,010,0 206,0
North Side
'00,0
First National
65,0
408,0 2,808,0
659,0 3,610,0 350,0
300,0
Jersey City.
281,0
5,223,0
First National
490,0 2,204,0 4,502,0
400,0 1,292,2
Hudson County Nat'l 250,0
877,0 2,372,0
776,8 3,239,0 250,0 122,0
Third National
200,0
473,0 1,820,0
414,1 2,090,0 131,0 168,0
Hoboken.
67,0
220,0
First National
625,8 3,682,0 212,0
332,0 1,723,0
50,0
125,0
Second National
264,5 3,133,0 187,0
240,0 1,343,0
Totals Dec. 9._ 6,947,0 12,051,2 89,868,0 7,920,0 7,464,0 14,146,0 89,093,0
6.047.0 12,051 2 „7,81)9.0 7,074,0 14,171,0 87,768.0
Totals Dec. 2
Tn•nlo Nnv. 2n_ _
n+9,0 7.173,0 11.046.0 87.880,0
8,047,1) .1 200 0152
$3,986,171
14,687,857
$21,740,317 316,613,977 $22,558,590 $18,674,028
3133,364,046 $149,061,985 $159,688,115 $120,258,661
698,885,991 707,810.099 674,200,740 488,998.103
$832,250,037 $856,872,084 i$833,888,955 $609,256,764
1911.
For week.
1910.
1909.
1908.
For the week
Previously reported
$17,892,748 $14,486,009 $15,243,185 315,795,539
719,779,863 638,025,408 578,361,310 588,550.698
Total 49 weeks
$737,672,611 $652,511,417 $593,604,495 $604,346,237
The following table shows the exports and imports of
specie at the port of New York for the week ending Dec. 9
and since Jan. 1 1911, and for the corresponding periods, in
1910 and 1909:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers(00)in all these figures.
Capital.
83,664,346
18,894,244
33,259,825
13,354,152
EXPORTS FROM NEW YORK.
Tot. Money Entire Res,
Holdings. on Deposit.
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Dec. 9, based on average daily results:
Banks.
1908.
1909.
1910.
83,707,649
18,032,668
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. 9 and from Jan. 1 to date:
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the Item "Due from reserve depositories
and other banks and trust companies in New York City"; with this Item included,
deposits amounted to 8682.881,400, an increase of $1,273,100 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
$
2,382,520,9
2,388,182,0
2,380.090,9
2,380,965,6
2,384,031,8
2,376,207,5
2,375,438,3
2,362,329,5
2,346,988,2
9 sin 1129 A
1911.
Total 49 weeks
15.19%
11,15%
Deposits.
For week.
Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise
-% of cash reserves of tr MEWS
15.83%
Cash in vault
11,49%
Cash on dep. with bks.
$
2,520.644,0
2,526,299,8
2,519,188,7
2,517,979,4
2,525,948,9
2,524,634,5
2,518,727,7
2 517,982,1
2,610,340,4
a Includes Govermnent deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,183,000 on December 9, against $3,162,000
on December 2.
465,033,300
-7,930,500
11,696,250
Total
Change from last week +10,387,350
Loans and
Investments.
337,869,0 15,344,0 152,634,3
330,335,0 15,324,0 137,656,5
328,730,0 15,335,0 162,693,2
331,076,0 15,307,0 135,986,1
331,636,0 15,320.0 162,239,4
329,408,0 15,433,0 148,315,6
331,372,0 15,470,0 163,966,7
322,509,0 15,481,0 161,854,9
77,0811,300
+2,833,500
3,006,250
775,250
Week
Ended.
60,105,0 280,105,0
75,704,0
60,105,0 279,193,0
73,443,0
60.105,0 276,209,073,604,0
60.105,0 274,291,0
75,248,0
75,388,0
60.105,0 272,588.0
60,105,0 271,075,0
77,114,0
77,696,0
60.105,0 272,090,0
72,180,0
60,105,0 271,275,0
$
$
7.361,0 186,367,6
7,370,0 176,114,7
7,375,0 229,525,7
7,382,0 166,874,6
7,387,0 180,465,7
7,231.0 166,210,6
7,450,0 154,505,3
7,43 1,0 168,896,5
(13,974,400
8,408,500
3,287,750
Total
$
$
$
$
$
41,350,0 220,639,0 27,806,0 4,177,0 285,096,0
41,350,0 225.858,0 28,270.0 4.130,0 280,595,0
41,350,0 231,129.0 28,032,0 4,151,0 294,736,0
41,350,0 235,879,0 28,599,0 4,355,0 292,463,0
41,350,0 233,993,0 29,164,0 4,513,0 293,377,0
41.350,0 234,151,0 27,958,0 4,644,0 286.651.0
41,350,0 232,750.0 26.440,0 4,271,0 282,057,0
41,350,0 228,621,0 26,194,0 4,539,0 274,320,0
61,280,000
441,753,000 438,551,000
+1,788.000 -13,151,000
Surplus CASH reserveBanks (above 25%)- Trust cos.(above15%)
Boston.
Oct • 21
Oct 28
Nov. 4
Nov.11
Nov.18
Nov.25
Dec. 2
Dec. 9
Philadelphia.
Oct.21_
Oct. 28
Nov. 4
Nov.11
Nov.18
Nov.25
Dec. 2
Dec. 9
Specie. Legals. Deposits. Circu- Cleary/dm
lotion.
a
390,238,000 387,944,000
+1,749,000 -10,704,000
51,515,000
+39,000
Total reserve
Change from last week
Capital
and
Loans.
Surplus,
Banks.
Imports.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1911
Total 1910
Total 1909
$327
5,953
53,503,745
3,500
574,200 1,945,220
79,539
191,000
2,505
72,688
11,962
4,406,430
174,755
$267,705 $10,033,650
38,710 45,256,848
1,978,000 93,128,617
Silver.
Great Britain
•
France
Germany
West Indies
Mexico
South America
All other countries
Week.
Since Jan.1
200
$73,394
515,739
2,578
1,609,162
7,659,196
2,973,715
1.931,847
$170,469 14,765,631
186,354 21.849,326
340.186 8,716,582
$1.458,925 $44,496,488
2,824,034
167,149
103,895
200
36,617
7,748
$1,459,325 $47,635,931
1,003,048 40,504,085
538,432 41,705,734
Total 1911
Total 1910
Total 1909
Since Jan.1
$634
25
1.472
51,284
34,341
3,000
$173,210
11,792
26.919
80,358
3,106,384
1,749,414
1,435,918
$90,756 $6,583,995
83,974 4,595,911
77,576 5,028,315
Of the above imports for the week in 1911, 40,334 were
American gold coin and 984 American silver coin.
•
Attuning and finasciaL
Diversify Your Investments
Write for our circular entitled "Judicious Investment." which
treats the above subject in detail.
Spencer Trask & Co.
43 EXCHANGE PLACE. - - - NEW YORK.
Boston, Mass.
Chicago. III,
Albany, N. V.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities
5 NASSAU STREET,
NEW YORK
THE ROOKERY,
CHICAGO
[VoL.
THE CHRONICLE
1652
,
mita.?
azette.
The week's range has been as follows: for yearly range see
third page following.
•
Wall Street, Friday Night, Dec. 15 1911.
The Money Market and Financial Situation.-The movement of security values this week is evidently the result of a
more encouraging outlook for general business and a more
optimistic sentiment in financial circles than recently obtained. There are, undoubtedly, substantial reasons for
both. A well-known director of the United States Steel Corporation has ventured the prophecy that "1912 will be a
record year in the steel trade," and it is reported on good
authority that some of the large steel plants have booked
orders which will keep them busy for six months at least.
It s said, moreover, that the output at present is larger than
at any time during the past two years. There are also other
evidences of a steadily broadening activity in the iron and
steel industry, one of which is an advance in coke.
In other departments an event is a further advance in the
price of copper metal, a movement which has been quite
steadily in progress since the statement for November was
given out, showing a large reduction in the stock on hand.
.Another incident of more or less significance is the fact that
some of the interior banks are reporting a better home
demand for accommodation.
On the other hand, there are signs of activity in political
circles, and it would be an experience almost, if not wholly,
without precedent if the Presidential campaign, with all its
attendant distractions and uncertainty as to results, did not
interfere to some extent with the business of the country.
The local money market has maintained a firm tenor
throughout the week and the Bank of England reports a
smaller percentage of reserve than last week. The latter is,
however, well above the average for the season
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2% to 43/2%. To-day's rates on call were 332@43%.
Commercial paper quoted at 43@4%% for 60 to 90-day endorsements and for prime 4 to 6 months' single names and
5% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,152,353 and the percentage
of reserve to liabilities was 49.40, against 52.45 last week.
The rate of discount remains unchanged at 4% as fixed
Sept. 21. The Bank of France shows an increase of 825,000
francs gold and a decrease of 925,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1911.
Averages for
week ending
Dec. 9.
Differences
from
previous week.
1910.
Averages for
week ending
Dec. 10.
1909.
A verages for
week ending
Dec. 11.
•
$
$
5
5
Capital
135,150,000
133,350,000 127,350,000
Surplus
196,020,300
196,577,100 180,024,400
Loans and discounts_ __ 1,305,923,000 Dec. 30,308,000 1,234,134,600 1,181,994,200
50,790,000 Inc.
Circulation
32,000
48,483,600
52.887,800
1,291,031,000 Dec. 39,373,000 1,194,740,300 1,159,110,000
Net deposits
252,324,000 Dec. 8,384,000 235,519,600 230,841,600
Specie
74,340,000 Dec.
23,000
66,824,300
68,898,100
Legal tenders
Reserve held
25% of deposits
326,664,000 Dec. 8,407,000
322,757,750 Dec. 9,843,250
302,343,900
298,685,075
299,739,700
289,777,500
9,962,200
3.658.825
Surplus reserve
3.906.250 Inc. 1.436.250
Note.-The Clearing House now issues a statement weekly show ng the actual
condition of the banks on Saturday 'morning, as well as the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Foreign Exchange.-A steady advance continued throughout the week.
To-day's (Friday's) nominal rates for sterling exchange were 4 84 for 60
days and 4 87 for sight. To-day's actual rates for sterling exchange were
4 83 ® 4 838% for 60 days, 4 8640@4 8650 for cheques and 4 8690 ® 4 87 for
cables. Commercial on banks 4 81 8%@4 82 4 and documents for payment
4 82 8%4 838%. Cotton for payment 4 82 6.4 82 M and grain for payment
4 83@4 838%.
To-day's (Friday's) actual rates for Paris bankers' lames were 5 21 X less
1-16 ® 5 218% for long and 5 188%@5 188% less 3-32 for short. Germany
bankers' marks were 94 5-16@94 8% for long and 95 4 less 1-64 ® 95
plus
1-64 for short. Amsterdam bankers guilders were 408% plus 1-16 ® 40 0-16
less 1-16 for short.
The posted rates for sterling, as quoted by a representative house, have
not been changed during the week from 4 838% for 60 days and 4 87 for sight.
Exchange at Paris on London, 25f, 23 Xc.; weeks range, 25f. 25 Mo. high
and 25f. 22 Mc. low.
Exchange at Berlin on London,20m.45 Xpf.; week's range, 20ni. 46 %pr.
high and 20m. 44 Xpf. low
The range for foreign exchange for the week follows:
Cheques.
Sterling, Actual-Sixty Days.
Cables.
High for the week__ _4 83 X
4 86 hi
4 87
Low for the week__ A 828%
4 8660
4 8610
Paris Bankers' Francs
High for toe week__ _ 5 21
5 18 A
5 188%
Low for the week__ .5 218%
5 18 X
5 19 h
Germany Bankers' MarksHigh for the week..__ 948%
05 3-16 less 1-32 958%
95 3-16
Low for the week__ 94 X
95 1-16
Amsterdam Bankers' GuildersHigh for the week__ _40.06
40.34
40.29
Low for the week__ _40.00
40.30
40.25
Domestic Exchange.-The following are the rates for domestic exchange
at the under-mentioned cities at the close of the week: Chicago, 30c. per
$1,000 premium. Boston, par. New Orleans, commercial, 50c. discount
per $1,000; bank, $1 premium per $1,000. San Francisco, 10c. per $1,000
premium. St. Louis 40c. premium bid per $1,000 and 45c. asked. Savannah, buying,16% per $1,000 discount and selling, par. Charleston, buying,
par, and selling, 1-10 of 1% premium per $1,000.
State and Railroad Bonds.-Sales of State bonds at the
Board include $104,000 New York 4s, 1961, at 1019 to
101%, $136,000 New York Canal 4s, 1961, at 1013/i to
1013% and $20,000 Virgin a 6s deferred trust receipts at
46% to 47.
United States Bonds.--Sales of Government bonds at the
Board are limited to $30,000 Panama 3s at 1013% to 102.
Interest
Periods
2s, 1930
registered Q-Jan
28, 1930
coupon Q-Jan
registered Q-lieb
3s, 1908-18
3s, 1908-18
coupon Q-Feb
4s, 1925
registered Q-Feb
0, 1925
coupon Q-Feb
2s, 1936.Panams Canal regis Q-Feb
Is, 1961____Panama Canal_ Q-Mch
Dec.
9
Dec.
11
Dec.
12
Dec.
13
Dec.
14
Dec.
15
*100 *100 *100 *100 *100 .100
*100 *100 *100 *100 *100 *100
*1018% *1018% *1018% *1018% *101 4 *1018%
*1018% *1018% *1013.1 *1018% *1018% .1018%
.1138% '1138% *11334 *1138% '1138% *1138%
*1138% 81133-f *1138% *1138% .1138% *1138%
*100 .100 .100 *100 *100 *100
1018% *1018% *1018% 102 *1018% *1018%
'This is the price bid at the morning board no sale was made.
Railroad and Miscellaneous Stocks.-With the exception
of a brief period of reaction Wednesday, and again late on
Thursday, the general tendency of the stock market has been
upward, and almost the entire active list shows a net gain
of 2 to 4 points. The highest prices of the week were generally recorded on Thursday, when several issues were from
5 to 6 points higher than last week. To-day's market has
been somewhat irregular, but net changes unimportant.
Among the exceptional features United States Steel has
been by far the most active stock throughout the week.
About 340,000 shares were traded in on Thursday, or nearly
one-half the whole reported at the Exchange. It led the
market, advancing steadily day by day, and closes 63 points
higher than last week. Reading is 6 points higher, Union
Pacific 4, Amalgamated Copper 53% and Smelting nearly 4.
Great Northern Ore certificates, on the other hand, are
nearly 4 points lower, Wabash preferred over 2, and the
American Tobacco issues are down fractionally.
For daily volume of business see page 1662.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ,ending Dec. 15.
Sales
for
Week.
Range for Week.
Range since Jan. 1,
,
Lowest.
Highest.
Lowest.
Highest.
American Snuff, pref_
200 103 Dec
Assets Realization__ _ _
200107 Dec
Baldwin Locomotive,pfd 1,760106 Dec
13atopila., Mining
800 518% Dec
Cent & So Am Teleg_ _ _
751158% Dec
Colorado Fuel & I, pref_
100110 Dec
Cripple Creek Central_
10 25 Dee
Cuban-Amer Sugar, prei
200 95 Dec
General Chemical
..00 133 Dec
Lackawanna Steel
189 30 Dec
Norfolk Southern
572 524 Dee
Pittsburgh Steel, pref_ _
100102M Dee
Rlt Securities-Ills Cent
stock trust ctfs
70 88 Dec
So Porto Pico Sugar
130 88 Dee
125 110 Dec
Preferred
Standard Milling, pref_ _
200 52 Dec
Texas Pacif10 Land Test
100 89 Dec
20 106 Dec
United Cigar Mfrs, pref_
Virginia Iron, C &
400 68 Dec
14 105 Dec
15 1078% Dec
14 107 Dee
14 $11,, Dec
14 1158% Dec
14 110 Dec
15 25 Dec
14 968% Dec
14 133 Dec
15 30 Dec
11 528% Dec
13 10234 Dec
12 96
14 107
15 106
13 518%
14 113
19 106
15 20
12 884
11 100
15 30
13 458%
13 101
Aug 105
Dec 1078%
Dec 107
Aug 528%
Sept 122
Oct 112
Nov 25
Jan 97
Jan 135
Sept 48
Oct 60
Sept 106
11 88 Dec
9 88 Dec
11 110 Dec
14 52 Dec
9 89 Dec
14 106 Dec
14 734 Dee
11 88
9 82
11 110
14 50
9 84
11 1008%
14 52
Oct 93 June
Apr 90
Jan
Feb 113
Jan
July 528% Oct
Jan
Sept 92
Sept 1068% Oct
July
Jan 97
Dee
Dec.
Dec
Jan
Mch
May
Dee
Dee
Feb
Apr
Mch
June
Outside Market.-Activity and strength characterized
speculation in the "curb" market this week with the Tobacco
issues the principal features. American Tobacco old corn,
reached a new high record, selling up some 48 points to 535.
The close to-day was at 525. American Tobacco corn.,
ex-subsidiaries, was also traded in freely clown from 287
to 241 and up to 250, the final figure to-day being 247.
British-Amer. Tobacco stock made its appearance and rose
from 15 to 183 the close to-day being at 18. Liggett &
Myers declined from 197 to 170 and recovered to 180..
P. Lorillard lost 21 points to 179, moved up to 190 and
finished to-day at 180. Porto Rican-Amer. Tobacco receded
from 292 to 280, then advanced to 300. R. J Reynolds
moved doWn from 195 to 185 and back to 195. United
2. United
Cigar Mfrs. corn. improved from 463% to 483/
Cigar Stores was active and erratic, moving up from 234 to
252,down to 225 and up again to 235. To-day, it slumped to
214 closing at 225. Intercontinental Rubber corn. went
/
s,selling up again to
up from 183 to 19 and down to 185
1934. M. Rumely Co. improved from 98 to 983%, reacted
to* 98 and to-day moved up to 99. Trading in bonds was
considerably restricted with the listing of several of the
more active issues on the Exchange. Liggett & Myers 5s
4 and at 88 finally,
were traded in between 87% and 883
and on the Exchange down from 883' to 88 and up to 883/8.
The 7s advanced from 1163/8 to 117 and reacted finally to
1163. Exchange transactions were up from 1163% to 117
and down to 1169/8 and at 1163% finally. P. Lorillard 5s
improved half a point to 89, sank to 88% and went up to
889/8 finally. On the Exchange sales were from 89 down
4reached
to 883 and at the close at 88%. The 7s from 1161
117 and fell to 1163%. On the Exchange sales were from
4. Metropolitan St. Ry.
117 to 1173/i and down to 1163
new 4s sold up from 803 to 813/i and down to 813 and on
the Exchange from 819/8 down to 80%. The new 5s advanced from 513/i to 543/i and eased off to 549/
8. The
Exchange registered transactions from 543 up to 54% and
%
3
finally. New York
down to 54, with the close at 54
State new 4s rose from 1013 to 101 11-16, weakened
to 1013/8 and advanced to-day up to 101 9-16. Among
coppers Braden sold up from 59/8 to 5%, the close to-day
being at 532. Butte Coalition gained 23/8 points to 203/8.
Giroux ranged between 3% and 4 7-16, the final quotation
/
to-day being 43
8. Greene-Cananea moved up from 79/8
to 83
% and ends the week at 83/8. Inspiration rose from
93/8 to 109/8 and finished to-day at 1032.
Outside quotations will be found on page 1662.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Dec. 9
Monday
Dec. 11
Tuesday
Dec. 12
Wednesday
Dec. 13
Thursday
Dec. 14
Friday
Dec. 15
Sales ol
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis cd 100-share lots.
Lowest.
lizoest.
Range for Previous
Ye2r 1910.
Lowest.
Highest.
Railroads
A tch Topeka & Santa Fe
./1. Do pref
Atlantic Coast Line RR_ _
faaltimore & Ohio
11 Do pref
Brooklyn Rapid Transit_
lanadian Pacific.
Vientral of New Jersey _
Chesapeake & Ohio
Chicago & Alton RR
Do pref
Chic Gt West trust ctfs
Do pre' trust ctfs
Chicago Sillw & St Paul._
Do pref
Chicago & North Western
Do pref
Chic St P Minn & Omaha
Do pref
Chic Un Trao ctfs stmpd
Do pref ctfs stmpd
Cleve On Chic & St L
Do pref
Colorado & southern
Do 1st preferred
Do 2d preferred
elaware & Hudson
elaware Lack & West_
Denver & Rio Grande
Do pref
Duluth So Shore & Allan
Do pref
10518 10514 10538 10638 10614 10658 10534 10612 10633 10634 10618 1061, 17,400
9971 Sep 27 11658 J'ne 5
1
4 Jan
0034 J'ly 124/
10373 10378 10334 10334 10334 10334 510378 10373 *10334 10378 10378 10378
10034 Jan 3 10512 J'ne 12 x97 J'17 10414 Jan
630
137 137
13634 137
137 13712 137 1371: z1331. 131
136 136
117 Jan 3 13914 Nov23 10213 J'ly 13712 Jan
5,000
10034 10114 101 10112 10218 10238 10214 10212 10234 10278 10238 10273 5,375
1312 Sep 29 10934 J'ly 14 10014 Sep 11918 Jaa
89
"*88
*8812 8913 *8812 8913 48834 8104 89
*88
89
8714 Sep
8512 Aug 30 91 Jan 4
8934
750
94 Jaa
7513 7558 7534 76.38 7612 7612 7613 7634 77
7714 7612 7714 5,150
72 Sep 13 8418 J'ly 20
6813 Feb
8238 May
23814 23834 23838 24034 24073 24214 23912 241
19558Jan 3 247 Ply 21 17634 Feb 20233 Nov
24018 24073 240 24034 28,350
305 305 *395 320
*295 320
305 305
307 315
260 A tig24 317 Dec 15 248 J'ly 312 ..aa
720
315 317
7134 7234 7234 7312 73
72
72
7414 74
6838 Sep 25 8634 Feb 8
7438 7312 7434 11,000
65 Aug
92 Jan
*18
28
24
*18
24
28
*18
28
*18
15 Aug 28 3113 May23
28
*18
237.3 J'ly
100
2S
6634 Jan
*35
45
45
'*35
*35
45
*35
45
*35
37 Oct 2 53 Jan 19
45
*35
6478 J'ne
45
60 Apr
*1914 20
1078 20
20
2034 2014 2038 20
1958 1958 1,410
17 Sep 13 2514 Pao b
20
19 Ply
3678 Jan
37
37
37
3734 3712 3779 37
36 Sep 13 4914 Feb 6
3712 3734 3734 *3714 3734
40 Ply
1,100
6418 Jan
1013 10973 10914 11112 11033 11178 1101$ 11158 111 11173 11053 11138 28,050
10334 Oct 4 13313 Feb 7 11334 J'ne 158/
1
4 Jan
14610 14612 *146 147
14612 14612 14512 146
14534 146
141 Sep 14 1551,Feb 2 143 Sep 17214 Jan
145 14513 1,520
14218 14218 *142 144
*142 143
14273 143
13818 Sep 1 1501 J'ne 12 13714 P17 18212 Ian
143 143
14314 14378 1,000
*189 200 *191 19114 *191 200 *189 200 *190 200
191 Nov13 ;209 Jan 7 203 J'ne 225 Jan
191 191
250
*137 141 *137 141 *137 141 *137 141 *137 141 *137 141
13013 Apr 20 144 Pile 12 140 Apr 16212 Feb
*150 160 *150 160 *150 160 *150 160 *150 160 *150 160
147 Nov28 1160 bic827 5160 Apr 417014 Feb
*3
212 *2
212 *2
212 *3
318 Dec
217 *2
153 Sep 30
214 *2
213
338 Feb 4
533 Jan
*5
512 *5
512 *5
512 *5
512 *5
510
512 *5
434 Sep 11
473 Sep
1214 Jan
7.4 Feb iJ
*59
63
*59
63
*5912 63
*59
63
63
*591, 63
*59
4813 Sep 15 66 Jan 18
GI Nov
9214 Met'
*95 110
*95 110
*05 110
*95 110
*95 110
9414 Ply
*95 110
98 Feb 1
99 Sep 104 Jan
*47
50
97
47
46
4613 46
*45
40
47
4631 4634
43 Sep 23 00 Jan 18
46 J'iy
6534 Feb
870
*76
77
7633 7633 7612 7612 *76
7612 7612 7612 *70
7634
x40 Sep 25 82 J'ne3l)
400
70 Ply
83 Mch
*65
75
*65
75
*65
75
*65
75
*65
75
*65
75
363 Sep 25 7512 Meii 2
70 Aug
81 Jan
•1136 169
167 167
16712 16712 *167 169 *167 169
16734 16734
15912 Sep 20 17478 Pne
14914 Ply 185 Jan
300
*500 570 *500 670 *500 570 *500 570 *505 670 *510 570
505 Sep 23 570 Nov10 490 J'ly 620 Moil
*2033 22
*2038 29
*2012 22
*2034 21
*2073 22
2012 2114
1934 Dec 8 35 Feb 15
700
2314 PLY
52 Jan
45
*44
45
45
*44
46
45
45
4458 4518 44
4434
1,100
4278 Dec 8. 74 Fe° 21
6251 J'ly
81 Jan
*8
*8
10
*8
10
10
*8
10
*8
10
*8
10
9 Nov23 1553 Mch 30
1834 Jan
10 J'ly
• *17
1713 174 *17
19
1718 *17
1738 *17
1758 *17
1734
1713 Dec 11 3013 Mch 30
100
17 Ply
3458 Jan
3014 3058 3012 3114 3113 3112 31
3134 3134 3358 3178 3212 42,150
2714 Jan 11 3838 Ply 1
1913 P17
3453'Jan
5014 5012 5012 5112 5133 5112 5112 52
5214 5388 5212 5333 4,850
rieDo 1st preferred
4558 Jan 12 6114 Ply 1
35 J'ly
5234 Nich
9012 41
41
41
91
4113 41
4212 4213 1,300
4114
41
43
Do 2d preferred
4934 Ply 1
35 Jan
42 Mch
2614 J.17
12634 127
12634 12814 12814 12812 128 12834 12833 129
1283$ 12878 12,807 Great Northern pref
119 Sep 25 140 J'ne 8 118 J'ly 14378 Jan
36
3914 34
3534 3514 304 3334 3614 3478 3534 3412 3512 24,300
Iron Ore
45 J ly
8012 Jan
_ 3334 Dec 13 6334 Feb 2
*1112 13
*1112 1358 *1112 13
*1112 13
*1112 13
*1112 13
Green Bay &properties_11 Aug 28 1514 Jan 17
11 Aug
W,deb etf13
1813 Mels
*9312
*9312
'
*9313
*9312
avana Electric
*9312 ---- -----9314 J'ly 22 98 Oct 11
8812 Jan
9712 Apr
•
Do
9334 Jan 12 10258 Oct 0
-----preferred
92 Slay
99 Jan
124 Nov15 134 Apr 29 112 Jab 140 Oct
Valley
*ijois 174-14 14213 14-21; Lig., 14213 *141 ai" iii" ili" 14112 142- -Iiiiiii Hocking
1 llinois Central
132 Jan 3 147 J'ly 31 124 J'iy 147 Jan
1414 1414 1418 1433 1433 1412 1412 1533 1478 1514 15 1514 5,000 A nterboro-Metr
1414 Ply
op v t ctfs 1318 Sep 22 2033 Feb 10
2512 Jan
4612
4633 4653 *4614 47
47
4734 4833 4712 4834 11.100
48
Do pref
3934 Sep 25 5633 Ply 19
4112 J'17
6278 Jan
4613_
_
45
45
- *4414 45
45
4613 4614 47
4612 4733 3,550
Do prof vot tr Ws_
3913 Sep 14 5513 J'iy 19
*16
18
*16- -18 - *16
17
*16
1613 *16
17
*16
17
15 May12 22 Sep 7
Iowa Central
J'ne
30 Jan
3113 *30
32
30
*30
.33
*30
33
3113 32
*31
34
Do preferred
28 Apr 24 42 Sep 7
550
26 P17
5414 Jan
*7814 80
*7814 80
*781.4 80
*7814 80
*7814 80
*7714 7817
C Ft S &
58 Aug
tr etts,pref 74 Apr 8 7914 Nov28
80 Feb
29
2818 2858 2812 2812 29
*27
29
ll
29
2912 *28
2514 Sep 25 3738 J'ne 13
2914
amas City Southern
23 Ply
700
4414 Jan
• *64
6634 *64
6634 *61
67
*64
67
*64
67
*64
6112 Sep 26 6934 Pile 13
67
Do
preferred
58 Aug
71 Jan
*12
16
*12
16
*1212 1613 *1213 1613 *1212 1612 *12
T ake Erie & Western
16
10 Sep 25 17 Nov 9
15 J'ne
2534 Jan
*27
32
*27
32
*27
32
*27
32
*27
32
_Li Do preferred
*27
32
25 Sep 1
40 Jan 13
3714 Dec
6234 Jan
17614 17738 1704 17812 17712 17838 17713 17858 178 17918 17813 17933
151 Sep 14 1$.114 Nov13 17314 Dec 186 Nov
96,100 Lehigh Valley
*44
52
*44
52
*44
52
*44
52
*44
52
*44
52
Long Island
45 Nov27 63 Jan 16
60 J'ly
3014 Apr
155 156
156 15612 15612 15738 15612 15738 15434 15734 15434 156
13612 Sep 14 16034 Nov24 13112 Ply 15934 Jan
17,600 Louisville 46 Nashville
*134 137 *131 137
135 135
136 136 *135 137 *133 137
lt4 anhattan Elevated_ _ 13114 Sep 22 14213 Jan 10 123 J'ne 146 Oct
300
*30
35
*32
35
3373 33.7
3334 3412 *32
35
*32
34
600 Minneapolis & St Louis 2112 Apr 26 4213 Sep 6
23 Ply
5334 Jan
59
59
59
5912 6914 5958 5934 5934 5912 6934 *5912 5934 3,100
Du preferred
35 Mch 13 6812 Sep 6
90 Sep
80 Feb
13253 133
133 133
133 133
13314 13314 13438 13412 134 136
3,150 Minn St P & S S Marie__ _ 212434 Sep 22 15214 Mch30 114 Ply 145 alch
1 14612 14812 *146 14812 *14612 14812 *14612 14813
*147 14812 *14612 14812 ,
Do preferred
146 Nov23 100 M eh 30 144 J'ne 15512 Mob
*86
9014 8733 8758 *8712 9014 *8712 9014 *8712 9014 *8713 9014
Do leased line ctfs
8712 Ply 5 9012 Men 15 x8614 Sep
100
1234 Jan
2938 2912 2953 2934 30
3014 2912 3014 2934 3012 2912 2934 4,000 Mo Kansas & Texas
27 Sep 26 3818 J'no 14
27 Ply
5118 Jan
6413 6413 *65
6512 *6413 6512 *65
6513 6478 65
Do
*6378 6513
6234 Sep 25 70 Oct 17
300
preferred
57 Ply
74
/
1
4 Jan
3833 39
3834
38
3834 3813
3812 3918 3912 3978 3918 3934 4,600 Missouri Pacific
3314 Sep 19 63 Feb 15
91 J'ly
735s MAW
*150 ---- *150*150 ____ *150
__ *155
____ *150
'ash Chatt & St Louis_ 14014 Jan 19 160 J'ne14 125 Ply 140 Nov
.....
*66
70
*66 -6-9-13 67
67
11
*6614 1914 *66
at
70
*6614 -6-914 -1:668
Rys of Mex 1st pref 60 Aug 23 7238 Jan 20
60 Feb
7238 Nov
34
3414 3418 3418 3312 3334 3334 3378 3373 3378 33
3373 2,300
Do 2d preferred,.,.- 2578 Aug 28 3833 Feb 15
2313 J'ly
371: Nov
10533 10534 10534 10612 10538 10513 10519 107
107 10714 10658 107
6,620 N Y Central h Hudson
X99'8 Sep 21 11513 Feb 3 10513 J'ly 128 Mon
*5312 55
*5312 55
*5312 55
*5312 55
*5312 5512 *5312 55
N Y Chic is St Louis
5512 May
48 Sep 14 65 Jan 19
687s Nev
*9812 110
*9812 110
*9812 110
*9812 110
*9812 110
De 1st preferred
*9812 110
9812 Nov29 10158 /itch 20 4101 J'ly 10934 Jan
*75
85
*75
85
*75
85
*75
85
*75
85
*75
85
Do 2d preferred
8213 Aug25 90 Jan 27
8234 Apr
98 Jan
13712 13712 *135 13812 138 138 *137 13812 138 13815 13812 13813
500 NY NH & Hartford
12678 Sep 14 15118 Feb 23 149 Apr 162 Mob :
*3934 40
40
40
3973 40
3978 3978 3914 3958 39
3914
3812 Ault
1,410 N Y Ontario & Western_
59 Jan !
3734 Sep 25 4678 Ply 22
10634 10078 10634 10738 10714 10734 10734 109
10812 100
10812 109
9,000 Norfolk & Western
0934 Sep 25 11114 Nov24
8813 J'ly 10858 Mob :
*9014 9114 *9013 9118 *9014 9114 *9013 9114 *0013 92
*90
Do adjustment pref
92
8534 Apr 18 9114 Pne 8
9114 Mel
88 Feb
11612 11634 11658 11778 11734 11813 118 119
11834 11938 11814 11834 27,150 Northern Pacific
11034 Sep 25 13778 Pno 8 11112 Aug 14538Jan
*90 105
9434 9434 *90 105
*9() 105
*90 105 .
*93 105
100 pacific Coast Co
9434 Dec 11 102 Jan 10 100 Oct 11834 Jan
*85 105
*85 105
*85 105
1.
*85 105
*85 105
*85 105
Do 1st preferred
*90 105
*90 105
*90 105
*90 105
*93 105
Do 2d
*90 105
9934.1'1y 5 102 Jan 11 105 Feb 118 Jan
12134 12212 1224 12212 122 12234 12213 13318 12214 12278 14,639 Pennsylvaniapreferred
12134 122
11834 Sep 25 13018 Feb 2 12212 J'iy 13812 Mel
*9413 9578 *9412 9578 957g 9573 *9412 9578 9573 9612 896
97
800 Pittsb Cln Chic & St L
9018 Sep 26 100 Jan 17
89 J'ly 10458 Mob 1
0101 11518 *101 11518 *105 11518 *101 11512 *101 11512 *101 11512
Do preferred
10218 Sep 25 112 Feb 17 110 Oct 118 Mob
14778 14858 14773 15013 15012 15114 150 15178 15114 15313 152 154 590,900 D =ding
134 Sep 25 16178 J'ne 3 13058 J'17 17214 Feb
*8812 90
*8812 90
*8812 8912 *881, 8912 8912 8912 *8813 891:
88 blch 1 92 Ply 14 x85 Aug
100 Lt., 1st preferred
9312 Feb
*93
96
*93
96
*90
97
*90 - 96
96
96
2d preferred
*91
97
100
10012 Sep 20 141 Slav 2
87 J'iy 11012 Jan
24
2438 2378 2513 2434 25
2418 2518 25
2513 2.134 2514 9,810 Rock Island Company
2234 Sep 22 3438 J'ne 14
2274 J'iy
5714 Jan
4534 46
4578 4634 4634 4714 4612 47
47
4738 4653 4634 3,800
Do preferred
44 Sep 25 68/
1
4 J'ne 14
54 J'iy
9212 Ape
25
25
25
*22
25
25
*22
25
*22
25
*33
25
200 Qt Louis & San Fran,.... 2434 Nov 6 2/ Oct 16
*65
68
*66
6'512 *65
68
*66
6712 *66
60
8.) Do 1st preferred._ _ _
*65
59 Sep 19 6914 J'iy 27
6912
58 Au
73 Jan
4134 4114 42
4114 4114 41
4013 4112 4113 4113 41
4114
Do 2d preferred
2,925
3/ Sep 25 4912 Ply 19
3413 Au
60 Jan
*30
32
3118 3134 *30
*2913 32
32
*30
32
*30
32
200 St Louts Southwestern
1812 Ply
14 Jan 13 34 Feb 4
3413 Jan ,
*71
72
71
71
72
*70
72
*711
*71
72
*70
72
Do preferred
100
5934 Jan 3 72 J'ne 26
5112 J'iy
7713 Jan
11034 11212 11214 11234 11113 11318 11212 11338 11213 11278 28,300 Southern Pacific
11012 111
10412 Sep 25 12633 J'ne26 10314 J'ly t13814 Jan
2973 3013 2933 2934 12,400 Southern v tr ctfsCo
29
2914 2914 297
2914 30
2934 30
18 Ply
2434 Sep 28 3338 J'ly 59
3334 Jan
stmpd _
*7014 71
7114 7112 7138 7134 7112 7134 *71
71
71
7134
Do pref
1,700
6114 Jan 11
43 J'ly
do
7514 J.17 29
75 Jan
2253 2234 23
2313 *23
2312 2234 2234 *2213 2312 *2212 2312 1,000 Texas & Pacific
2214 Sep 22 3014 Feb 21
2212 J'iy
3634 Jan
5
5
612 Ps 18,590
5
hird Avenue (N Y)
5'4
634 7
558 818
64 7
1413 Pne 9
234 Nov27
512 J'ne
1912 Jan
3614 3634 361$ 3734 3714 3838 3814 40
3934 3812 39
39
26,945
New (when issued)
13
Dee
Nov27
31
40
434 434
4
412
913
413 413 ---- ---- *3
438 *4
500 Toledo Railways & Lt...
812 Jan 17
4 Nov17
1,
34 Jan
512 J.17
1534 1578
1513 1578 1534 1578
1534 1573 1578 1573 1533 1534 2,800 Toledo St L & Western.._
2434 Feb 8
15 Dec 6
13 J'ly
5438 Jan :
38
3833 38
3934 3953 3958 3913 3013 3812 3833 *35
38% 2,050
Do preferred
Jan
5
5378
Dec
36
7
4234
J'iy
7214
Jan •
105 105 8105
____ *10312 1061, 10.5 105 *104 100 *10312 106
200 Twin City Rapid Transit_ 104 Sep 15 111 Feb
103 Ply 11713 Jan :
17034 17134 17C34 174
17358 17453 1727$ 175
17373 17512 17234 17433 409,050
nlon Pacific
15312 Sep 25 18238 J'ly 22 15214 J'ly 204 Jan
49314 9314 9318 9318 9314 9314 93
*9213 9312
93
93
93
900
Do preferred
89 Sep 13 96 J'iy 24
8814 J'17 10374Jan .
*31
32
32
32
32
32
33
32
33
32
32
33
800 Unit Rya Inv't of San Fr 2812 Sep 25 49 Feb 20
2334 J'n
4214 Jan
60
60
69
61
6912 601, 60
6034 6034 6034 2,956
Do preferred
6012 60
52 Sep 25 7614 bich22
7253 Jan ;
47 J'n
•____ 4113 *____ 4112 *____ 4112 *____ 4112 *____ 4112 *____ 4112
Virginia Sty & Power
37 Sep 5 45 Apr 24
81
81
SI
81
81
81
81
81
81
Do preferred
81
77 Sep 20 583 Apr 23
612 673
612 7
633 718
2.
1 - 71: 10,8
718 778 --.6
7
7
abash
70
80
578 Dec 8 1833 Feb 23
1258 Ply
2734 Jan
1718 1734
18
1858 1713 18
1713 18
1712 1814
1614 1753 12,600
Do preferred
1614 Dec 15
4038 Feb 23
`Ms Ply
61 Jan ;
*5973 62
6013 6113 6153 6213 6112 62
6112 6113 *59
62
1,500 Western Maryland
66 Ply 8
- 4878 Apr 18
40 J'l
5138 Mek
*7011 83
834 83
83
*80
*90
85
*8012 85
Do
*80
85
100
preferred
75 Jan 14 8814 Ply 24
67 Au
77 Doe
414 *4/3
412 *413
414
412
413 *413 413 *413 412
*413
100 Wheeling & Lake Erse_._
212 Sep 28
3 Ap
614 Feb 3
J...) Jan
*1012 12
*1012 12
*1012 12
*1012 12
*1013 12
*1013 12
Do 1st preferred
7 Sep 28
8 J'n
1758 Feb 3
23 Jan i
*5
6
*5
6
*5
*514 6
6
*514 6
*514 6
Do 2d preferred
3 Aug 23
8
Feb
4
7
J'n
1312Jan
*53
*52
5712 *52
57
55
*52
57
*52
Wisconsin Central
6713 *52
48 Sep 22
5712
44 J'I
7218 MaY 1
04 Nov ,
D
E
H
U
W
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America
Amer Each_
ilkittery Plc..
jowery
Bronx liorol
Pions Nat_
Bryant Pk 1!
hutch
Dr
tury
,
Bid
175
COO
245
1125
385
300
175
150
135
550
Banks
Bid
Ast
Chr.ta,Phenix 173
178
180 Chelsea EMI 195
200
Chemical
610
435
445
2521 Citizens' Ctl 155
160
Ott!.
418
422
Coal tvc iron 15212 15712
Colonial
425
110- Columbia $.. 300
40015.5
Commerce _ 119938 119913
140 Corn Er 11-- 305 315
1521 East !liver_ 105
115
Fidelity II..
575
165
175
Ask
Bank.
Bid
Ask
Fifth Ave. 4100 4250
Filth
300
325
First
975
Fourth
200
205
Gallatin
330
335
Garileld
275
290
Germ-Ain $ 140
Germ'n EMI 420
4-31'
Germania I_ 550
Gotham
150
1
.61Greenwich II 245
255
Hanover_
1630
Banki
Harriman
Imp ec Traci
Irving N Ex
leifersonl_
Liberty......
Lincoln
Manhattanli
Mark t& Ful
Medi dellet's
Mercantile _
Morel' Sic'
Merchants'
Bid
300
570
210
145
510
390
330
250
202
147
16212
180
Ask
580
155
550
410
345
255
2613
150
1671
185
Bid
Banki
Metropolis $ 370
Metropol 'nil 198
Sit Morris%_ 250
280
Mutual
Nassau ____ 300
New Neth..1 210
New Yorke° 875
New York_ 300
Paci
-_ _ 270
Park
1370
People's I_ 240
Plaza'
700
Ask
385
200
260
290
Banks
Prod Exch
Reserve __
Seaboard
Second
Security
220 Sherman._
State 1
_
310 23d Ward$
280. Union Exc.
Wash 11'ts
West Side $
250
Yorkville I.
*Bid and asked Prices: no sales were made on this day. t Ex-rIThts. 'Less than 100 shares.
%State banks. a Ex-dividend and rights
tSale at Stock Exchange or at auction this week. h First installment paid. n Sold at
private sale at this price. x Ex-dividend.
Bid
170
85
415
375
145
135
Ask
175
90
400 "1
1521i
260
175
165 ,
275
fir
b New stock.
STOCKS-1110FIEST AND LOWEST SALE PRICES.
Saturday
Dec. 9
[VOL. Lxxxxiu.
New York Stock Record-Concluded-Page 2
1954
Monday
Dec. 11
Tuesday
Dec. 12
Wednesday
Dec. 13
Thursday
Dec. 19
Friday
Dec. 15
•
•
STOCKS
Sales ol
NEW YORK STOCK
the
EXCHANGE
Week
Shares.
Range since January 1.
On basis el 100-share lots.
Lowest
Highest.
Range lor Prerriosti
Year 1910.
Lowest.
Highest.
Industrial& Miscellaneous
3198 Nov29 4245 Apr 7 4235 Dec x270 Jan
Adams Express
*193 203 *193 203 *193 203 *195 203 *194 203 *193 203
15 Jan
712 J'iy
934 May31
173 Dec 11
17
3,850 ciills-Chalmers
2
2
2
218
2
178 218
2
2
218 213
27 Aug
5434 Jan
634 Dec 15 34 Feb 3
9
Do pref
812 812 *8
812 .812
812 872
634 81. 1,450
828
487
5513
J'ly
19
J'ne
7153
25
Sep
903
4434
4 Jan
Amalgamated
Copper
6114 62
6112 6318 6314 6334 6318 6518 8473 651, 6438 663; 120,390
4913 Oct
35 J'ly
4434 Sep 25 6012 MaY18
14,100 Amer,Agricultural Chem_
55
5114 5514 5453 5534 5512 5758 5714 593-8 5813 60
55
9914 Apr 103 Jan
1.912 Oct 27 103 Feb 7
*10314 ___ *102
Do pref
_ ___
._
_ _ *103
_ *103
__ *103 _ _ *103
4714 Jan
24 J'iy
3914 Jan 12 5934 Oct 20
53 -5312 5314 V78 5358 -53.31 5312 1433 5414 i413 5418 -553-8 -6,825 American Beet Sugar_ __
9512 .41141
89 J'ly
- 6213 Jan 9 101 Oct 11
991. 10014 10014 *95 10012 §997 997 *9'312 10012 x9913 9912
Do pref
525
98
1378 Jan
678 3'ne
878 Jan 6 1212 May 0
1034 1114- 11
8.785 American Can
1114 11
1133 11
11
1114
1034 1114 11
62 .Ply
8214 Not
77 Jan 5 9318 Dec 2
Do pref
9014 40,785
9014 9118 91
9138 x90
9113 9038 9112 9014 9112 91
3912 J'ly
728 Jan
5212 53
5412 5,800 American Car & Foundry 422 Sep 28 5814 J'iy 19
x53
54
5334 5418 5333 5438 5338 5473 54
113 Oct 24 120 May23 109 J'na 120 Met]
Do pref
*11613 11814 *11314 118 *114 11814 *115 11814 *115/3 118 *1151.2 118
5218 J'ly
4158 Nov 2 l(23 Feb 28
6934 Mob
*4312 44
44
845 American Cotton 011
44
4433 441. 4412 4412
*4312 4412 44
44
92 Nov29 10512 Feb 16 100 Dec 107 Oct
Do pret
9214 9213 *92
93
200
*92
95 *92
93
93
*92
9312 *92
1.01 Sep 26 3255 Jan 2, §230 Dec 320 Jan
10 American Express
*210 215 4215 215 *210 215 *212 218 *212 213 *212 218
5 J'ne l4
312 Sep
312 Sep 22
818 Jan
*338 378 *338 378
312 312 *313 334 *312 334 *312 334
100 American Hide & Leather
19 Sep
18 Sep 25 261/ J'ne 11
478 3an
Do prof
23
125
2212 *20
*20
2313 421
*21
*20
21
21
2212 21
Dec
163
2914
Mob
11
Aug28
2534
J'ly
1612
Securities_
American
*18
19
Ice
200
19
1914
1914 *18
*19
20
*1914 21
1914 1914
1013 J'iy
1734 an
8 Aug 11 12,8 Feb 14
470 American Linseed
934
4912 912
978 073 *9
938 933 *9
934
912 958
2312 J'ne
4673 Jan
2618 Oct 27 34 Feb 14
3113 3013 3112 1,900
Do pref
*2712 29
*2712 29
*2712 29
2812 2914 30
29 J'iy
1212 Jan
3218 Oct 27 4314 May22
37
371, 37
800 American Locomotive
37
*3313 3512 *34
37
37
38
37
37
102 Oct 24 11034 Mch 1 10212 Aug 115 Jan
*10234 10334 *10234 10331 *10234 10334 5103 103 *103 105 - 104 104
Do pref
300
53 Jan 21
314 Dec
8 Feb
412 412
3 Sep 25
400 American Malt Corp
412
5
414 412 *4
412 *4
414 414 *4
2812 J'ne
48 Mcb
3112 Mon 8 4358 J'iy 22
4173 42
Do pref.
*4112 42
300
42
*4078 43
*4012 43
4214 4214 *41
82 J'ly
9073 Jan
Amer Smelters Sec pref B 82 Sep 26 8913 J'ly 19
*8412 8512 *8134 8514 *8434 853;
*8412 8512 *8412 8512 *8434 86
6138 J'iy 104 Jan
7214 7318 7214 7378 7338 7412 7318 7414 52,050 Amer Smelting& Relining 5658 Sep 25 8373 J'ne 15
7012 7112 707 73
0814 J'ly 11234 Jan
9834 Sep 27 108;2 J'ne 15
104 10412 x10218 10213 1,000
Do pref..
*10234 10334 10313 10378 10334 10334 104 104
66 Jan
38 J'iy
34
3312 .33
33
700 Amer Steel Found (new). 25 Sep 25 5212 Feb u
33
*32
*32
33
33
*32
33
*32
11514 11558 11518 11513 1,800 American Sugar Refining 11214 Sep 25 12212 Feb 27 11118 Oct 12712 Feb
11512 11512 11514 11514 115 11512 115 115
Dec
11912
111
124
Jan
11112
6
Fen
14
Feb
*114
1161
11618
100
Do
pref
*114
115
11618
11612
115
*11518
11618
*11518
*11518
13953 140
8,607 American Teleph & Teleg 13112 Aug30 1531s J'ne 8 12634 J'iy 14338 Feb
13938 110
13914 110
13818 13858 13858 1393 1393 140
9012 J'iy
9934 Met
87 Aug 24 10514 Dec 11
104 10458 104 10514 10334 10112 1035 10378 10312 10.114 10333 10:373 15,425 American Tobacco, pf
9213 Sep 1 105 Dec 6
Certfs of deposit
10378 10418 10378 105
104 10418 10378 10378 10334 1037 10313 10378 5,070
2518 J'ly
3913 Ma
27 Sep 14 3612 Mch 21
2714 2714 *26
100 American Woolen
2712 *25
2712 *2512 2712 *2512 2712 *3512 2712
0018 Dec 104 Met
8514 Oct 27 16314 J'ne 15
Do pre(
89
600
8913 8912
8812 8812 8334 8834 89
89
*87
89
*87
Amer Writing Paper, pd. 2413 Sep 26 :s412 Feb 15 _
*2612 2712 *2812 2712 *2612 2712 *2612 2712 *2612 27
*2612 271,
393:, 20,840 nAnacondaCopper Par$25 529 Sep 25 $4118 J'ne 13 53312.1'1Y 354 Jan
3873 3953 3834 3912 39
3734 378 3734 3812 387 30
3473 Oct
21 J3i0
26 Sep 21 3818 Aug 1
1,100 I.Zethlehem Steel
293 *2914 3012 2912 30
2973 3014 2914 2914
*28
29
*29
65 Jan
49 Aug
54 Sep 29 6634 J'iy 31
*5314 58
Do pret
I'
5814 58
*53
5914 5838 5834 1,600 '
5814 56
58
58
3129 Sep 15 14814 Nov10 125 J'iy 16413 Jan
Brooklyn Union Gas
*140 143 *140 145 *140 195 *140 145 *140 145 *138 14313
28 J'ne
33 Jan
28 Feb 16 31 Meh30
29
215 Butterlck Co
29
29
*29
30
30
$30
29
30
*29
:30
*29
2514 .'ly
1834 Sep '15 338 Feb 2
4834 Jan
21
2014 2014 21
2012 2034 2013 2034 2033 2114 2018 2058 2,800( lentral Leather
9914 J'ly 10914 Mid
9118 Dec 15 105 Feb 10
Do pref
9212 9112 9112 913 9112 9118 911)
550 k
*9014 9414 *91
94
04
2314 23
23
23
233
2312 237
23
2312 23
2414 13,100 delft° Copper_ __Par 45 $1612 Sep 25 42534 May19
24
50 Jan
2212 J'ly
25 Sep 23 3638 Feb 6
*2712 2812 2,200 Colorado Fuel 63 Iron
2712 2812 2834 29
27
27
2512 28
26
26
4,081 Consolidated Gas (N Y)- 12834 Sep 25 198,3 J•ne 6 12212 J'ly 1603 Jan
13634 137
137 13838 13833 13812 13812 13913 13834 1391, 1381. 139
1313 Xis': 2314 Jan
958 Oct 19 1534 May17
W% 11:08
W% N% 10% M12 §1012 1012
W% 1138
. Mak
. 1034 1,510 Corn Products Refining
8G3 Jan
73 Sep 27 85 May29
708 J'ly
Do pref
100
*7512 7612 7513 7512 *7413 7613 *7413 7612 *75
7612 *7412 7612
3634 Jan
5514 J'ly
3,400 Distillers' Securities Corp 29 Sep 21, 3814 Mch 1
3112 313
3114 *3118 3113 3034 3178 317 317
3114 3114 31
12 Oct
60 Mel
100 Federal Mining & Smeit'g 13 Dec 7 38 Feb 16
18
*n 1812 *1312 1812 184 1814 *1012 1812 *1014 1812
*M
Jan
88
Oct
37
May19
37
Deo
6
Do
102
prof
800
42
3918 *3912 43
42
39
4214 4214
398 398 *3734 45
a 142 Sep 22 16833 May29 134 J'ly '6078 Jan
3,000 General Electric
15334 15414 15113 1543.1 15378 155
*151 153
15314 154
152 152
1,100 Gen Motors vot tr ctfs__ 35 Nov18 5134 Aug 4
37
3512 3513 35
35
35
35
3514 *35
35
35
35
7412 Dec 11 8658 Aug 5
Do pref vot tr etts___
500
7513 7513 *75
*74
78
7413 75
7934
75
7933 *75
75
3734 Oct
$014 Sep
20,525 Goldfield Con M_ Par $10 $312 Oct 18 $773 Jan 3
5
5
153 153
5
5
5
5
434 478
434 5
58318Feb
125 Jan
107 10714 107 1075 10712 10712 3,515 I nt Harvester stir It efts 9918 Sep 20 12933 May 5
106 107
10413 1011: 10514 108
100 L. Do pref stir tr ctfs__ 115 Sep 22 12814 May 4 :::117 Aug 129 Jan
*115 120 *115 120 *115 120 *115 12013 *115 12012 12014 12014
414 J'ly
713 Jan
578 Jan 30
314 Sep 1
*4
413 *4
413
412 412
412 412 1,000 lot Mer Marine stir tr etfs
417
113 412 *4
1258 Xi)
, 2438 Jan
14 Aug 30 1914 J'ne 17
*1612 17
Do prof
*1612 17
17
1714 1718 1718 1738 1734 *1612 1712 1,200
16 Jan
9 J'ly
9 Sep 9 133 Jan 31
500 International Paper
*913 1014
*913 1013
934 10
*912 1012 *913 10
10
10
6113 Jan
4113 J'ly
*46
Do pref
461. *4513 4613 4678 467
47
550
*4512 47
4613 4678 *45
445 MaY15 563 Jan 17
5158 Jan
3658 XIV
23 Oct 30 44 Feb 8
1,400 Internat Steam Pump
34
*3214 33
33
34
3312 3414 3378 337i 3314 3314 *33
0034 Jan
7812 J'ly
80 Oct 9 0012 J'no 12
Do pref
83
200
8312 8312 *8212 8313 8312 8312 *82
*81
81
*8213 8334
9334 XIS/ 11613 Jan
*10212 10312 10314 104
10114 Sep 25 11413 Jan 20
2,000 Laclede Gas (St L) corn
10414 10412 10412 105
10134 105
10413 105
98 Oct
79 J'iy
81 Dec 14 95 Feb 7
300 Mackay Companies
8112 8113 *81
8713 *81
SI
8712 *80
8112 *8112 83
85
7834 Oct
71 J'ly
7114 Dec 14 77 Mch 2
Do pref
200
72
7114 7114 72
*7114 73
*71
73
*71.14 73 *7114 73
May Department Stores_ 70 Apr 28 87 J'ne26
*71
73
*71
7312 *71
$71
73
72
73
*71
73 *71
*111 112 *111 112 *110 112 *110 111 *110
10734 Sep 21 11314 J'ne 6
Do pref
_
_
_ *110
2134 22
2178 223.
2178 22
dMiami Copper___Par $5 31658 Sep 28 523 Nov24
23 - _"
22 --2214 23
2234 13
11714 Jan 16 14334 Nov14 100 Aug 11912 Dot
*138 14012 *13718 190
139 13978 13934 1398 139 139 *13812 1397
2,400 National Biscuit
124 Jan 2(1 130 Feb 4 11834 J'Iy 125 Jan
*124 128 *12678 128 *1267 128 *1267 128 *12678 128 §12712 12712
Do pref
21
14 Sep
2813 Jan
*1312 15
*1313 15
Nat Enamerg & Stamp'g 1334 Oct 30 22 J'iy 24
*1312 15
*14
16
*1334 15
*14
16
84 Oct
9612Jan
85 Jan 6 10034 J'iy 22
*9112 9513
Do pref
06
*911. 96
100
*9213 0612 *9213 97
x9514 9514 *92
8l) Jar
497 4973 4914 4934 497 497 • 4934 5078 507k 5214 5133 5314 10,200 National Lead
4612 J'iy
1212 Sep 25 59 Feb 2
106 106
104 Sep 22 10934 Aug 13 10134 J11, 11012 Jan
*10414 10514 *10414 10512 *10414 105 *10414 106
Do pref_
300
10678 10678
1812 1834 1834 19
§175 1758 1734 1814 1814 185
1834 1013 12,950 tiNey Cons Copper_Par $5 $151g Sep 26 $2114 J'ne 11 $1713 J'ly 8'223 001
69 J'ne
95124an
57
*53
45 Oct 24 70 Feb 4
56
58
300 New York Air Brake
*50
*50
58
5434 5-131 55
65
*51
6018 Nov
81 Jam
7334 1,160 North American Co (new) 64 Jan 20 7634 May18
7312 *7213 7312 7313 7312 *71
73
7333 *73
7234 73
2273 J'ly
2318 Apr 10 338 Nov24
1,600 pacific Mall
4314 Jam
3012 3012 3114 3113 3134 3134 3112 3178 3113 3173 3012 31
30 J'iy
9614 Jar
49
2,05(1 -1-- aciflo 'reiep & Teleg
35 Sep 24 545 Jan 31
4714 4712 47
47
4712 4833 4853 4834 4834 401,1 49
10312 10312 10313 10314 103.13 10312 10334 10414 10234 10313 10234 10314 2,500 People's G L & C (Chic) _ 10112 Aug22 109 Jan 11) 103 J'ly 11638 Jar
84 J'iy 10613 Jam
Philadelphia Co(Pittsb'h) 99 Sep 25 11813 J'ne 3
550 Pittsburgh Coal Co
2734 Jar
13 JIY
-I/ If" -iii3 17-1-2 i1814 -1814 -17r2 1712 *1714 1814 *1753 1814
17 Dec 6 2314 J'ne 5
6014 J'iy
85 Jar
83
1,750
Do pref
6734 Jan 4 9078 J'iy 26
82
8213 8214 83
*8112 83
8158 8158 8133 8212 *82
5178 Jam
3314 3314
900 Pressed Steel Car
25 J'ly
3314 34
25 Sep 25 3753 J'ne 21
32
32
*32
33
3214 3214 327 327
Do Dret
90 J'17 10713 Jar
100
91 Sep 21 10234 J'ne 16
100 100
*0913 101 *100 102 *100 103
*99 100
*99 101
*10834 113 *10712 113 *10712 113 *107 113 *107 113 *107 113
Pub Service Corp of N J_ 108 Oct 27 120 Feb 7
210 Pullman Company
*156 158
15712 15713 15713 15712 1'157 158 *157 15713 *157 153
154 Sep 23 163 Jan 30 155 J'ne 200 Jar
51% Jar
800 I)ailway Steel Spring
28 J'ly
3173 3173
26 Oct 27 39 J'ne 14
32
3112 *30
31
32
32
32
31
32
*30
92 Jan 3 103 J'ne 15 39014 Sep 107 Jar
Do pref
*99 105
*99 101 *100 103 *100 10'3
*99 105
Ik
*99 103
1514 15
1558 1553 1578 158 1618 1614 1612 1614 1713 20,250 dRay ConsCopper Par $10 412 Sep 23 41812 May18
15
4573 Jett
27 J'ne
4,300 Republic Iron & Steel
18 Oct 27 3514 Feb 6
2273 23
2338 2378 237 2373 24
2514 2.153 20
2413 25
8234 J'ly 10414 jai
Do pref
7418 Oct 27 9938 Feb 1
82
8413 8434 85% 313314 8312 6,550
82
8234 8338 8312 8334 84
100 Qears, Roebuck & Co_ _ 12512 Sep 21 192 Feb 6 150 J'ne 190 No
141 141
*139 142 *139 141 *140 142 *13913 142 *14012 142
8612 Jai
4814 Dec
*38
600 ',Noss-Sheffield Steel ecIr 34 Sep 25 5614 Feb 6
40
*40
43
*38
45
40
41
*40
42
*40
45
3734 3731 2,500 dTennessee Copp..Par 525 53014 Sep 26 544 J'ne 13 $1934 J'iy $4058 Jai
3734 38
37
3678 38
3878 37
3512 3534 36
*86
7412 Nov23 13613 Feb 1 134 Oct 144 00
88
*85
88
8612 86
8634 8713 8814 88
38334 8434 1,150 Texas Co (The)
63 Mch29 111 J'ne26
*10512 108
10712 1087 10812 10813 10813 10878 10813 10813 10634 10378 2,057 1 rnderwood Typewriter_
V
Do pref
*111 120 *111 11314 *111 11314 *111 11314 *111 11314 *11112 11314
103 Mch 31 11378 J'iy 28
6 J'ly
1314 Jai
478 47
9 Feb li
434 Dec 15
300 Union Bag & Paper
*434 5
431 434
*134 5
*434 5
'*434 5
73 Jai
5218 Dec
Do pref
*50
53
*50
*50
55
*32
5018 Nov 1 5913 Jan 30
53
53
*50
*5018 55
52
*977 100
96 Aug .122 jai
United Dry Goods Cos
*99 100
*9778 100
*99 100
*9914 100
9712 Sep 2(1 108 J'ne20
*9914 100
9914 Aug 11378 Jai
*10312 106 *103 106 *104 106 *104 106 *105 106
Do pref
100
105 105
10034 Sun 25 10712 J'iy 7
1418 J'ly
32 Jai
*14
15
15
*14
15
220 U S Cast I Pipe & Foundr 11 Sep 25 19 Feb 23
15
16
*141. 16
1434 1434 *15
84 Jai
49 J'ne
4914 4914 50
1,120
Do pref
50
*49
4013 Sep 25 x61 Feb 23
50
493-4 50
4034 4934 *4912 50
50 United States Express
86
*82
§84
86
84
*84
*84
88
88
*81
*84
88
84 Dec 6 111)5 Jan 27 .49312 Dec 145 Jai
8414 Jai
6434 J'iy
1,000 U S Realty .3Improvem't 6518 Jan 25 7934 May29
*6712 69
*6712 681:. *6734 694 6734 69
69
*8318 6913 *68
27 J'ly
3012 Sep 25 48 Deo 14
6212 Jai
4712 478 10,610 United States Rubber
4618 4714 4712 471 4712 4734 475 48
46
96
1,200
90 J'ly 11612 Ja
Do 1st pref
10978 1097 110 110
*10834 1001' 109 1097 10978 110 *10914 110
104 Sep 25 11513 J'ly 7
6012 J'iy
84 Jr.
300
75'. *74
7514 753 7512 *7434 7514 *75
Do 2d pre
66 Sep 26 79 Mch 1
*74
76
*75
76
6118 J'iy
91 Ja
0412 6418 6638 6634 63
64
6134 621k 62
64
66
6778 906,164 United States Steel
50 Oct 27 8218 Feb 6
13,762
10834 1093 10938 10912 10913 1107 110% 11138 11034 111
Do pre!
10834 109
103 Oct 27 12078 Feb 4 11012 J'iy 12538 Ja
5114 51
4958 50
5218 5314 5214 5312 59,750 dUtah Gopper___Par ;10 438 Sep 25 35312 Dec 15 13393 J'ne £6014 Ja
5113 5034 52
50
5412 *54
5434 3,800 Virginia-Carolina Chem_ 4318 Sep 25 7038 Feb 28
0613 00
5312 5312 5312 5378 54
53
53
47 Feb
53
53
10
Do pret
114 Sep 25 12813 Mob 16 111 J'iy 12014 Ja
$118 118 *118 122 *118 122 *118 122 *118 122 *118 122
*147 151 *147 151 *147 151 *147 151 *1.17 151 *147 151
IlTells Fargo & Co
139 Sep 25 177 May26 14413 Dec 105 Ja
7813 Mtdi
50 J'iY
7918 8013 17,300 T V estern Union Teleg„ 7153 Apr 18 8412 May24
80
79
7034 79
7813 7813 78
795
*77
78
6644 6612 6612 68
66
4912 J'ly
8212 Ja
*6434 6512 65
3,260 Westingh'seEl &Mfg assen 5818 Sep 25 79 May29
65
*6418 6-134 65
.44
11Q
.11,
.
1/Q
.11A
lle ,
C11 r.
115
*118 114 *1187. 116
Tln int ornt
1101. Aug'lil 11,3 Jan a 110 May 130 Fe
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
Banks
Br •oksyn
Broadway 1 385
Coney
280
First
HillsideHomestead'
Mantitac'rs 416
Mechanics' 225
Montauk 11 5212
Nassau
Ask
400
155
290
123
100
431
2.10
150
225
Bid
Banks
Brooklyn
"at Cit,
_ _ _ 280
North Side 1 150
People's __ _
Prosp'etPle 140
Ask
295
170
165
135
Trust Co's
.V Y GIP/
Astor
350
Bankers' rr 700
360
Trust Co'3 Bid
N Y City
'Sway jr.,., 145
,)entral 'Ur__ 1010
Columbia _ _ 300
Commercial 105
Empire _ _ 300
En 01 t'ble Tr 490
Farm Lo&'1
Fidelity - 2171Fulton
290
Ask
150
1030
310
310
1 c152221
Bid Ask
Trust Co's
Guar'ty Tr_ 800 815
Guardlan Tr 103
113
Hudson
_
145
II nIckero•in 2-8-5- 2:).5
Law T 13er: 230
210
Lincoln 'Ur 110
120
Manhattan
375
etro Do,'
410
420
Mutu'l(NY) 123
130
NY Lite doT 1000 1040
Trust Co's
.
31 Y Trust_
.savoy
Standard Tr
l'ItleGiu& Tr
rr Co of Am
Union Tr__
US Mtg& Tr
Unit States _
ashington
Westchester
Windsor --
Bid
685
343
480
333
1273
460
1125
360
150
190
Ask
600
1(0
360
4-7-1;
1150
375
160
195
Trust Co's
Brooklyn
Brooklyn Tr
Citizens' ___
Flatbusit
Franklin__
Hamilton -home
Kings Co
L 1st L & Tr
Nassau
Peoples' Queens Co-
1152
Ash
495
120
200
273
265
105
515
325
155
285
100
455 j
130 1
215 I
285 276
115
340
165
295 1
hG
'Bid and asked prices; no sales on this day. iLess than 100 shares. tEx-rights. 1) NOW stock. a Ex-dtv. and rights. d Quoted dollars per share.
tSale at Stook Exchange or at auction Ws week. s Ex stock dividend. liSanks marked with a paragraph (11) arc State banks. z Ex-dividend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1901 the Mrs's-me oistall of gullta7 bortis was changed. and Prices are now all-"and interest"-ezcept for income and defaulted bonds.•
BONDS
N. Y. STOCK EXCHANGE
Week Ending Dec. 15.
Price
Friday
Dec. 15
Week's
Range or
Last Sale
.
..
t.;1
Range
BONDS
Since
N. Y. STOCK EXCHANGE :?.. -E
Week Ending Dec. 15.
ga,
January 1
Price
Friday
Dec. 15
Week's
Range or
Last Sale
pAc%
Range
Since
January 1
High No. Low High
Ask Low
1328
High No, Low High Chesapeake 53 OhioBid
Ask Low
2 10278 10614
Gen funding & impt 5s__1929 J -J 10434 Sale 10134 10434
10014 10118
100 10012 10014 Nov'11
111% 11318
let consol gold 55
1939M-N 11112 Sale 11114 11112
10018 10134
100 10034 10018 Dec '11
11112 11134
Registered
1939 M-N ____ 11114 11112 Noe'11
10158 10314
10112 10212 10178 Sep '11
10038 102
-53
General
gold
4
Ms
1992 M-S 10134 Sale 10158 10134
10134 10234
10112 10214 10134 Dec '11
9938 100
Registered
1992 M-S 9914 ____ 9933 Nov'11
11312 116
11338 11378 11312 Dec '11
Convertible 4 Ms
1930 F-A 9314 Sale 0234
11313 11412 11338 Oct '11
11334 11638
0314 17 9214 9712
87 39
Big Sandy 1st 4s
1944 J-D 8714 8838 87 May'li
100_ 10012 J'ne'11
10012 10012
85 8812
Coal Riv Ely 1st gu 4s_ __ _1945 J-D 85 8912 8812 J'ne'11
1o134 414 10134 102 28 10134 103
10234 103
Craig Valley 1st g 5s
1940 J-J 10012 10412 10234 J'ly '11
8612 87
Potts Creek Br 1st 4s.,
1946 J-J 82 87 87 Dec '11
Foreign Government
2 94 96
9438
R & A Div 1st con g 4s 1989 J -J 9412 96 9458
9634 99
9718
Argentlne-Internal 5s of 1909_ 11-S 9634 97 9718
cons&
gold
4s
1989
J-J
8812
2d
92
9012 9214
g__
9214
'11
9534 99
J-D 1.-- 9814 96 Dec
J'ne'll
Chinese (Hukuang) By Is
Warm Spr Val 1st g 5s 1941 11-S 105 10812 11314 Feb '05
Imperial Japanese Government
Greenbrier By 1st gu g 4s 1940 M-N 8918 __ 95 Oct '19
9218 22 9134 9534
Sterling loan 4345
1925 F-A t 0218 9212 9134
7112
1949 A-0 71 7112 7112
-70 - -7334
2 9155 9514 Chic & Alt RR ref g 3s
9158
2d Series 4 Ms
1925 J-J I 9112 92 9158
6513 6713 66
4 65 7112
1950 J-J
6618
Railway 1st lien 3 Ms
8658 00
Sterling loan 4s
1931 J J 186 88 8814 Nov'll
5 99 9978
9938
Chic B & Q Denver Div 4s 1922 F-A 9938 Sale 9938
10218 104
Republic of Cuba 5s exten debt_
S 010234 Sale 10234 10234
1949 J-J
3 Sae 8734
Illinois Div 3 Ms
9712 100
8812 19 8718 8812
External loan 4 ms
1949 F- A 0 9734 9812 93 Nov'11
1949 J-J ---Itegistered
_ ----88 Sep '10 _97 9734
San Paulo (Brazil) trust 5s_1919 J-J t 97 9714 9718 Dec '11
18 (3814 16611949 J-J 9958 100 9958 100
g
Illinois Div 48
9512 98
96
U S ot Mexico s t g 5s of _ _ _1899 Q-J t 06 9658 96
1949 J J ____•___ 100 Jan '11
100 10038
Registered
8912 9412
9212 Nov'll
Gold 43 of 1904
1954 J-D
105% 10514
Iowa Div sink fund 5s._ _1919 A-0 10434 105 10514 J'ly '11
Thsse are p rices on the sts o $5 to
1919 A-0 99 9912 99 Oct '11
99 9973
Sinking fund 4s
State and City Securities
0814
3 9(133100
Nebraska Extension 4s_ _1927 II-N ___ 99 9814
10214 68 10034 103
N Y City-43s
M-S 10218 Salo 10218
98% 9818
1927 /11-N 9713_.._ 9818 Mch'll
Registered
10018 47 98% 10014
4% Corporate Stock__ _11:
9)5
60
9 1141-N 100 Sale 100
99 ools
1921 M-S 99 ____ 9918 Oct '11
28 9812 10011
Southwestern Div 4s
4% Corporate Stock. 1958 M-N 100 Sale 9978 100
Joint bonds See Great North,
10018 74 9834 101
4% Corporate stock
1957 M-N 100 Sale 100
10034 10115
1913 1I-N 10071O1 101 Dec '11
Debenture 5s
New 434s
1957 MN 10719 Sale 10734 107% 16 10878 10914
9638 42 9334 98
1958 ffl-S 9638 Sale 9614
10178 103
10212 Oct '11
General 4s
New 4 Ms
1017 AI-N 102
801, 9 80 83
4 M % Corporate Stock_ _1957 M-N 10712 10778 10712 10778 25 10612 10918 Chic .33 B Ill ref & imp 4 gs_1955 J-J 8012 Sale 8012
12633127
1st consol gold tis
1934 A-0 124 126 124 Dec '11
102 103
4 M % assessment bonds_1917 111-N 102 10238 10212 Nov'11
General consol 1st 55_ _ _ _1937 M-N 10914 11012 10912 10912 10 109 11112
8034 89
8834
314% Corporate Stock 1954 111-N
8834
10834 10834
Registered
1937 M-N ___ ___ 10834 Meh'11
N Y State-4s
1961 11I-S 10112 Kilt; 10112 10178 96 10112 10334
109% 11014
Chic 53 Ind C By 1st 5s 1936 J-J 109 ____ 10533 Dec '11
Canal Improvement 4s 1961 J-J 10158 Sale 10112 10134 144 101 10334
8314 -56 8214 86%
10112 10614 Chic Gt Western 1st 45_1950 M-S 8234 8312 8212
10112 Nov'll
• Canal Improvement 43_1960 J-J
12614 12834
Chic Ind & Louisv-Ref 69_1947 J-J 12734 128 12734 Dec '11
10313 J'ly '10
So Carolina 434s 20-40._,,J933 J -J
Refunding gold 65
10738 111
1947 J-J 10818 110 109 Noy'll
90 -ig
98 Oct '11
Tenn new settlement 3s_
1913 J-J 9714 __
Refunding 48 Series C
95 9568
1917 J-J__ 9534 9558 Apr '11
86 88
Virginia fund debt 2-3s_
8612 8714 Noy'll
1991 J-j Ind Ss Loulsv 1st gu 45_1956 J-J ____ ____ 97 J'ne'10
20 40 6712
47
6s deferred Brown Brosctts_
-46 48 4612
Chi., Ind 63 Sou 50-yr 4s___,,1956 J .1
9012 9278 92 Noy'll
-6/33 -631-3
Chic LB 63 East 1st 4 ms_ _ _1969 J-D ...._ 104 104 Dec '11
104 10414
Railroad
101% 102%
Chic Mil & St P terml g 5s 1914 J-J ____ 10214 10214 10214
8012 17 7878 85
nn Arbor 13t g 4s.,_ _OO5 Q-J 7912 8012 7912
A_M
11
gold
45
Gen'l
Series
_e1989
J-J
9918
98 9953
A.
987
18
99
tchlson Topeka &Santa
FeRegistered
e1989 Q-J ------ 9812 Noy'll
9813 9915
Gen gold 4s
9012 83 98 9978
1995 A-0 9933 Sale 0875
6612 8818
18 8718 Dec '11
Gen'! gold 3 Ms Series B..61989 J-J
6 07 9834
97%
Bistered
1995 A-0 97% 9814 9738
Registered
86 86
e1989 J-J ------- 86 J'ne'11
911,
1 9034 9212
Adjustment gold 4s___111995 Nov 9114 9158 9112
9214
91 9315
1934 J-J 9214 9212 9214
25-year deben 4s
92 Jan '10
Registered
1)1995 Nov 8912
106 107
106
Chic & L Sup Div g 5s_ _ _1921 J-J 10512 ____ 106
9134 46 9078 9212
M-N 9138 Sale 9138
•
Stamped
10834
109
.103
Apr
'11
5s__..1926
J-J
10834
Mo
Itiv
Div
Chic
&
'11
105
11438
J'ne
11438
99
55 J -D
Cohv 48 issue of 1909......h
.1
19
106 10712
1921 J -J 106 Sale 106
Chic & P W 1st g 5s
11 10334 11578
10614
Cony gold 4s
1955 J -D 1130.1-2 168 '- 10612 107
6 9314 95
CM & Puget Sd 1st gu 48 1949 J-J 9434 Sale 9438
9434
Cony 4s (Issue of 1910)_1960 J-D 10034 Sale 10058 10118 391 9612 10558
10318 10334
Dak & Gt So gold 5s
1916 J-J 10278 10338 10318 Aug'11
24 10514 11012
109
10-year cony gold 5s_ _1917 J-D 10814 10912 108
11314 11412
Dubuque Div 1st St 6s 1920 J-J 11314 ---- 11314 Dec '11
Debentures 4s Series J
1912 F-A ----_- 9878 Jan '10
11714 11738
1924 J-J 115 ____ 11738 Aug'11
Far 63 Sou assum g 6s
9914 J'ly '11 -- 9014 9934
Series K
1913 F-A ---10412 105
LaCrosse 63 D 1st 55
12
1919 J-J 10412 Sale 10412 10112
96 Dv3'11
East Okla Div 1st g 4s..1928 /41-S 9512
10614 107%
19
Wis & Minn Div g 5s_,, 1921 J-J 10638 ____ 10614 Dec '11
93
Short Line 1st 4s gold
1958 J-J 0234 9314 9234
11238 114
Wis Vail Div 1st Os
1920 J-J 1123__, 11238 Noy'll
19
06
8
214
3 10999
_ 110 10834 Nov'li
S Fe Pres 63 Ph 1st g 5s 1942 M-S
4711422
102 10334
MU & No 1st cons 6s
1913 J-D 10114 ____ 102 Sep '11
Chic 63 St L 1st 13s
1915 M-S /6414 __ _- 10638,1'1y '11 _ 10638 1063
10014 10032
Extended 43s
1913 J -D 10C33,,,,_ 10014 Nov.11
9578 80 9334 9618
Ati Coast L 1st gold 48_81952 M-S 9512 Sale 9512
Chicago & N West cons 7s _1915 Q-F *10712____ 10734 10734
10734 112
98 Oct '06
, Registered
M-S
10858 Aug'11
0773 9934
1880-1926 F-A 9734 __ 98 Sep '11
1083
3 Extension 45
Ala Mid 1st gu gold 5s_ _N992
58
2 M-N 10712
Registered
97 9913
9734 Nov.11
9514 Meh'll ____ 9514 9514
1886-1926 F-A ___
Bruns & W 1st gu gold 45 1938 J -J 9514 _
General gold 3 Ms
8718
85 8818
1987 M-N 8618 87 8718
Charles & Say 1st gold 70 1936 J -J *134
Registered
P1987 Q-F 85 .._ _ _ 8634 Nov'11
86 8634
-611-2 48 -917-8 -661;
L & N coil gold 4s
01952 M-N 9414 Sale -61
General 45
9819 -55 9713 9913
1987 M-N 9814 Sale 9734
12412 129
Say F & W 1st gold 65_1934 A-0 12514 126 12514 Deo '11
Sinking fund 6s____1879-1929 A-0 11178 ____ 11134 Noy'l
11134 112
,
1 10
7%19
1%
11053 May'll
1st gold 5s
7
1934 A-0 10818 _
Registered
1879-1929 A-0 11013 _ 11114 Nov'00
Sil Sp Oca & G gu g 4s
1918 J-J 9638 6g14 97 Sep '11
Sinking fund 5s
106 10733
1879-1929 A-0 107 -.10712 Oct '11
7 9112 93
92
Balt 63 Ohio Prior 3 Ms _1925 J-J 9134 02 9134
Registered
10714 long
1879-1929 A-0 10358 ___ 10714 May'll
Registered
9114 9114 Nov'll
111925 Q-J
Debenture 5s
41 106 10618 Sep '11
1o434 lops
1921 A-0
1114
2 99
9838 45 97
Gold 45
1112
2
1i1948 A-0 9818 Sale 98
'10
Registered
--------10612Feb
A-0
_
1921
97
9318
9818
J'ly
11
Registered
li1948 Q-J
Sinking fund deb 5s
iof- 116'1933 M-N 10812 __ 10938 Noy'll
12
734 112
8834
..2: 18
112 Nov'll„
Pitts June 1st gold lis _ _1922 J-J 112
10712 10912
Registered
1933 M-N 107 ____ 10734 Auell
8818 Aug'11
P June & M Div 1st g 3101925 M-N 8813 _
Frem
Elk
Noy'll
127 1284
&
12718
63_1933
A-0
12E48
__
3,Io
V
1st
1
•
6
4
8
9
0
8
12
9
9114
9
2
1
1
2
8
38 91
, PLB 63W Va Sys ref 4s.1941 M-N 9034 61Mani G B & N W 1st 3 Ms 1941 .1 -J ___ ___. 9012Sep '09
9012
Southw Div 1st gold 3 Ms 1925 J-J 9012 Sale 9014
Milw &S L 1st gu 3 Ms_1941 J-J
__
___
Cen Ohio R 1st c g 4 34s__1930 M-S 10014 -- 103 Mch'10
11375 11612
Mil L S & West 1st g 6s_ _1921 n-s 113 11434 11378 Oct '11
1108811112
.C1 Lor & W con 1st g 55_1933 A-0 11012 11112 11058 Nov'll
Ext & imp s 1 gold 58_1929 F-A 10812____ 11088 Aug'11
1091211110218 10218
Monon ltly 1st gu g 5s___1919 F-A 10214 _ 102t3 Feb '11
Ashland Div 1st g 6s 1925 VI-S 11612 _ _ 14212 Feb '02
Ohio River RR 1st g 5s__1936 J -D 10814 - - 10912 Apr '11 __._ 10912 10912
11618 118
Mich Div 1st gold 6s 1924 J-J 11612 ____ 11618 Oct '11
General gold 5s
1937 A-0 108 11618 106 J.1)? '11 _- 106 10912
Northw Union 1st 75 g_ _1917 11-S 112 11478 115 J'ly '11
115 115
Pitts Clev & Tol 1st g 63_1922 A-0 11312 _ _ _ 11318 Aug'11 -- 11318 11334
Winona 64 St P 1st ext 7s 1916 J-D 11112 11478 11334 Aug'11
11334 11334
Pitts & ‘Vest 1st g 4s
1917 J-J 9712 _ _ 9712 SeP '11 -- 0738 9712
108% 110
85 gg 95 Nov'll --- 95 95 Chicago Rock Is & Pa 6s,,,.1917 J-J 109 __ 109 Dec '11
Stat Isl By 1st gu g 4 34s_1943 J
1917 J-J 10712 10934 109 Aug'10
11258 Nov'll - 112% 113
Registered
Buffalo It & P gen g 5s
1937 M-S 110
1988 J-J 9578 Sale 9534
9612 --Li 9513 987
General gold 48
10718 10838
Consol 434s
1957 M-N 10378 1063-4 10718 Aug'11
1988 J -J 95 96 9834 Feb '10
Registered
_ 97 Feb '11 - 97 9712
All .33 West 1st g 45 gu_ _1998 A-0 9518
891 -110 -8713'W1934 A-0 8938 Sale 8914
Refunding gold 45
Ci & Mdli 1st gu g Os..,_1943 J -J 108 _ _ _ _ 103 J'ly '08
1912 M-N 9'734 ____ 9718 J'ly '1
11334 1,
Coll trust Series J 48
.
13-4
Roch & Pitts 1st gold 68_1921 F-A 11214 _ 11334 Nov'll
W1";-Hsi
Series L
1914 M-N ____ ---- 9734 Sep '11
11612 11678
1922 J-D 11514 11714 11678 Mch'11
Consol 1st g 99
1915 M-N____ 9712 9612Noy'll
M 9s
9612 974
50 72 Meh'10
Buff 63 Sumo 1st ref g 48._.81951 J-J
94
Dec
'09
____
____
10134
Dec
'11
16112
1916
111-N
10158
/6618
N
4s
10112
J-J
ran So 1st ext Os
9414 May'10
10014 10138
0 4s
1917 M-N ____
1913 M-S 100% 10038 10014 Dec '11
N./ 2d Os
9434 9434
P 45
1918 M-N ___ 9512 9434 J'ne'11
10034 Jan '11
10034 10034
1913 M-S
Registered
723 90 7012 77
Chic R I 6: Pao RR 45_ _2002 M-N 723 Sale 7214
Central of Ga 1st gold 58_ _p1945 F-A 11218 __ 112 Nov'11 _- 112 11412
7414 7514
24 1900
110
Registered
110507
7114 1000
111 17
0
861122
2002 M-N ---- ----7514 J'ly '1
1945 M-N 10812 1/. 109
Consol gold 55
921, 3 9212 94
II I Ark & Louis lit 4 Ms 1934 M-8 ___. 94 9212
1945 11-N 107_ 10712 Noy'll
Registered
11012 11212
Bur C R & N-Ist g 5s 1934 A-0 11014 ____ 11012 Noy'l
1st pre( income g .5s__p1945 Oct *98 /66 103 Dec '11
Registered
1934 A-0 ____
12012 Atch'03
*101 103 10612 May'll
Stamped
C II IF & NW 1st gu Os '21 A-0 10413
10514 Sep '11
10514 10612
2d pret income g 58____p1945 Oct *102 101 105 Dec '11 ..--- 91 10014
M & St L 1st gu g 7s_ _ _1927 j-D ____ __,._ ____
96 100
____
*104 105 96 Noy'll
2d prof Income g Os stamped_ _
Choc Ok & G gang 5s__o1919 J-J 10278__. 10234 Aug'11
10212 1O23
ad pref income g ils____p1945 Oct *105 108 107 Dec '11 ...- 85 107
Consol gold 5s
1081210912
1952 M-N 10612 10812 10812 Sep '11
*105 110 8513 Oct '10
ad pret income g 55 stamped
Keok & Des M 1st 5s
99 103
1923 A-0 100 10113 10218 Noy'll
8714 9112 8812 Oct '11
Chatt Div pur mon g 48_ _1951
123 12512
_ - 106 Aug'11 ___ 10512 10612 Chic St PM 6:0 con 6s_ __ _1930 J-D 123 12512 12312 Dec '11
Mac & Nor Div lit g 5s__1946 J -J 107
68
Cons
10_1930
J-D
90
__
reduced
to
3
93
Dec
'03
Nov'05
115
Mid Ga & Atl Dly Os... 1947 J-J 10453 10712
10834 1093.1 Ch St P &Minn 1st g 6s_ _1918 M-N __ ____ 12338 Dec '11 ---- 12333 125l
10934 May 11
Mobile Div 1st g 58
1946 J-J 10712 _
1930 J -J
10112 103
Nor Wisconsin 1st 6s
12958 May'09
Con 1411 & B of Ga col g 58.1937 M-N 10212... 102 Nov'11
1118j 1121
12112
3
St P & S City lat g 6s_ _ _1919 A-0 11034 11214 11134 Aug'11
12012 125
12112
12112
122
of
N
J
gen.
'
gold
Cent
5s_ _1987 J-J
Superior Short L 1st 5s g_1930 11-5 108
12114 11 120 12312
_Registered
121% 12112 12114
81987
108 1091*
3 10612 10814 Chic 64 West Ind gen g 6s__g1932 Q-M 109 ____ 10812 Oct 'II
-J 10618 _ _ _ 10612 10012
Am Dock & Imp gu 5s._1921 ?-j
9214 12 91 9312
1952 J-J 9214 93 9214
Consol 50-year 48
Le & Hutt 14 gen gu g 53_1920 J-J 10118
1937 J-J *W038
10038 Dec '11
10032 10114
10131-2 160
.1-2 On H & D 2d gold 4 Ms
--1-1
100 101 1551-2 Au-g'
Leh .33 Wilkes-B Coal Os_ _1912
45
1959
J-J
____
9112
____
refunding
1st
&
9812
_
M-S
'11
10012
43_1941
Aug
10
10012
gen
g
Br
Long
012
Y
46
N
1959 J-.1
let cmaranteed 45
_ 9075. 89 Mas'll
8912
89
4 8712 9214
8834 89
Cent Vermont 1st gu g 4s...81920 Q-F 8914
MISCELLANEOUS BONDS-Continued on Next Page.
U. S. Government.
TI S 2s consol registered. 41930 Q..1
U S 25 consol coupon____(11930 Q-J
k1918 (1-F
IJ S 3s registered
k1918 Q-F
U S 3s coupon
1925 Q-F
U S 4s registered
1925 Q-F
U S 48 coupon
S Pan Canal 10-30-yr 2s k1936 Q-N
U S Panama Canal 3s g_ _ _1901 Q-S
--
g
Styee(NY)Railway.
cons 4s_1990 A-0 9612 Sale 9012
97
15 98 9858
102 10434 Manhat R
11 9614 9812
Stamped tax-exempt____1990 A-0 97 Sale 97
97
8234 88%
97
Met St By gen coll tr g 5s__1997 F-A 9612 Sale 9234
28 7314 97
10112 103
9614 Sale 9213 97 1168 73 97
Guaranty Trust Co certifsHoi
9'7 100
1
59
4512 59
*A--(
-5 59 Sale 5714
Refunding gold 4s
_ _ 5918 Sale
Farmers' Loan & Tr ctf_
a ee 5834
idles 1.6f1-2 i615-8 i6f8-8 ---1 i661-3 fogi4
5938 43 45 5938
10138 10134 10134 Dec '11 __ 10034 103
Stamped
56
5734 773 4314 6734
1
__ 17
04
8138 206 8078 8138
Refunding 4s i when issued)._
8
__ 85 8512 Nov'll ____ 8412 86
15 8212 8618
85
547 737 54 6473
S(
47
84 8534 8413
Adjustmt Inc Os (w12 Issued). _ _, 5438 Sale 5
J--t) 103 10334 103
103
1 9812 104
Bway & 7th Av Mc g 5s.1943 .
77 78 78
78
18 77 81
10178 ____ 10134 Apr '11 ____ 101341013.1
Col & 9th Av 1st gu g 53_1993 MS ____ 103 102 Dec 'II ____ 9914 102
13 9933 10212
Lex Av & P Fist gu g 513_1993 M-S 101 103 10112 1021
:.....
2 10178 10178
1_0_11
!
4 101 10214
7712
5 59 ?Pi
_
Third Ay RR cons gu 4s..2000 J-J 7712 Sale 7712
78 149 7
Central Trust Co certs _____ ____ *78 79 7614
683
-gr --i -id- -034
158
80 Sale -lir
4 7
_7
5
544
76134 16
69
78
3 5834 /0.4
Cent Tr Co cts stamped_
7578 Sale 7334
9934 ---- 90 J'ly '10 ......
8612 1030 8334 $612
ref 41
8614 Sale 8512
---. 0914 0934 Nov'll ._. -W2 -6,53-4
en
wh
is
e
sn
uel
d
inc
c
w
5
h
s
75
ssued_„ 7638 Sale
Adjust
7934 292 7714 83
7912 Sale 7858
5 0634 111
Third Ave By 1st g 5s._,.1937 .f-a 10918 11012 10914 11014
10318
6 10134 10412
10318 Sale 103
Due
Oct.
p Due Nov q Due Dec. s Option sale.
Due
Aug.
o
it
Due
July.
k
April.
0
DU
May.
this
week.
a
Duo
price
Friday;
latest
• No
Street Railway.
Brooklyn Rap Tran g 5s___1945 A-0
1st refund cony gold 4E3_2002 J-J
Ilk City 1st con 5s 1910-1941 J J
Bk Q Co & S con gu g 5s..1941 M1I-N
Bklyn (3 Co 6G 8 1st 5s___1941 J-J
13klyn Un El 1st g 4-55_ _io50 F-A
Stamped guar 4-5s.._ _1950 11-A
Kings Co El 1st g 45
1949 F-A
Stamped guar 4s
1949 F-A
Nassau Elec guar gold 49_1951 J-J
Conn Ry.33141st & ref 5 g 4 34s_'51 J-J
Stamped guar 434s
1951 ,1-.4
Denver Con Tram cons g 5s..1933 A
Del United 1st cons g 434s.1932 J -J
Grand Rapids fly 1st g 5s_ _1916 3-B
Havana Elm consol,g 58_1952 F-A
Interboro-Metrop coil 434s.1956 A-0
Interboro Rap M. Os Ser A-1952 M-N
103 Sale
8334 Sale
____ 102
__-_ 100
103
10412 21
8334
84
54
10214 Dec '11 __
97 Noy'll __
g
1656
IC
BONDS'
1..
Y. STOCK EXCHANGE 1
...,n,
Week Ending Dec. 15.
New York Bond Record-Continued-Page 2
Price
Friday
Dec. 15.
Week's
Range or
Last Said
1
Range
BONDS
Since
::-1,
N. Y. STOCK EXCHANGE
Week Ending Dec. 15.
cqe71 January 1
Bid
Ask Low
High No. Low High
Din Ham & Dayton (Continued)
_1941 M-N
2 10214 10134
Cln D & I 1st gu g
10314
1
0314
5s__43g 1923 NI-N -------- -83 Mch'11 ____ 88 88
C Find & Ft W 1st gu
Cin I do W 1st gu g 4s____1953 J-J 8714 --- 8712 Nov'll __-- 8712 8812
Day & Mich 1st cons 43.0 1931 J -J
Ind Deo & W 1st g 5s__1935 J -J i5i 1.5i1-2 idi154
- L idi ioE
1st guar gold 53
1935 J-J
_
10712Dec '02 ----__.
.._
Cleve Cin Chic & St LouisGeneral gold 45
9358
1993 J-D 935 Sale 93
2 92 95
Cairo Div 18t gold 45_
1939 J-J 93 0412 94 Dec '11 ---- 412 94
Ctn W & M Div 1st g 4s 199I J-J 9018 9138 9318 Dec '10_ ___
St L Div 1st col tr g 4s
1990 M-N 9112 Sale 9112
9112 10 -0014 99
Registered
1990 M-N *90
91 Oct '07
Spr & Col Div 1st g 4s
1940 M-S 90 91
96 Dec '09
W W Val Div 1st g 4s
1940 .1-J
91 ____ 9112Dec '10 -----------(3 / St L & C consol 6s
1920 M-N 10558 ____ 10534
2 10512 10634
10534
1st gold 45
k1936 Q-F 9718 ____ 9712 Nov'll ____ 96 9712
Registered
k1935 Q-I, 9612 9814 9718 Dec '11
9718 9718
Cin S do Cl con 1st g 5s___1928 j-J 107 ____ 10714 Oct '11 ---- 106 10714
1914 J-D
C C C & I consol 7s
107 10712 Aug'11
10718 10778
_
Consol sinking fund 7s..1914 J -D
4
General consol gold 6s_1934 J-J 12312 ____ iii34 Oci-di __-_ iiii4ii61_
1934 J-J
Registered
/nd Ill & W 1st pref 4s
1940 A-0 90 ____ 99.- J'ly '08 ---- __ ____
0 Ind & W 1st pret 5s__d1938 Q-J __
Peo & East 1st con 4s
1940 A-0 9112
-6112Dee-'11 ____ id 53
Income 4s
1990 Apr
40 4014 40
40
26 40 6112
60 53 Nov'll
Dol Midland 1st g 4s
1947 J-J
5778 (19
Dolorado & Sou 1st g 4s
1929 F-A 9613 97 96
9614 22 9434 9712
,Refund & ext 4 Ms
1935 At-N 97 9734 97
3 96 9834'
9714
Ft IN do Den C 1st g 6s_....1921 J -D 11112112 11112 11112
2 11112 11312
Donn & Pas Rivs 1st g 4s_1943 A-0 ....._ ____
-..... ____ ____i
1952 J-J
Duba RR 1st 50-yr 5 g
100 - Ma-i'15
net Lack de Western1
11,
- Morris & Essex 1st 7s_ _1914 M-N 10618 108 10634 Nov'll _- 10634 108341
1915 J -D
1st consol guar 7s
10912 Oct '11 ___ 10912 11134
1915 j
---- ---- 11138 Dec 'I()
-D_
Registered
2000 J-D 85_ 91 Jan '11 __ 91 01
1st ref gu g 3 Ms
1921 j-J 114 1.15
.12 11312 Oct '11 ____ 11312 11614 1
N Y Lack do 'W 1st 6s
Construction 5s
1923 F-A 106
10638 Nov'll
10638 107121
1923 M-N
Term do Improve 4s
98 Dec '11._ 9734 99121
Warren 1st ref gu g 3 Ms_2000 F-A ---- ----10213 Feb '03
____1
Del & Hud 1st Pa Div 7s...._1917 1)1-S _-___ 11518 11512 Aug'11 ____ 11g1-2 116 1
Registered
1917 mps ...... ___ 149 Aug'01
-1
1916 J -D 9734 Sale 9712
• 10-yr cony deb 4s
9778 33 9633100 1
1st lien equip g 4 Ms
1922 J-J 101 10112 101 Nov'll
,101 102 1
lit do ref 4s
99
1943 M-N 9858 Sale 9858
21, 9773 100121
Alb & Sus cony 34s_1946 A-0 9112 9258 92 Dec '11 ____ 8912 9414
Rens & Saratoga 1st 7s....1921 114.-N 122 __ 122 Dec '11 ---- 122 129121
Denver .55 Rio Grande1936 J-J
9034
3 8978 94 1
8978 Sale 8978
1st consol gold 4s
Consol gold 43..s
1936 J-J ____
93 Sep '11 --- 93 98
Improvement gold 5s
1928 J-D _ 9814 98 Nov'll --- 98 101
8514
8534 17 8414 935
1st & refunding 5s
1955 F-A 851;
Rio Cr Junc 1st gu g 5s 193 J-D -.._ ___ 10434 Mch'll ____ 10434 10434
Rio Cr So 1st gold 4s
1990 J-J
'1 6112 Apr '11 ____ 6112 6112
Guaranteed
1910 J-J ---- ---- 85 Mch'08 ---- ___ -_,-_,.
1939 J-J ____ 8812 88 Nov'll -- 871-2 923-4
Rio Cr West 1st g 4s
Mtge 63 col trust 4s A 1949 A-0
7 81 Dec '11 ____ 81 8512
Utah Cent 1st gu g 4s_a1917 A-0 ---- ---- 07 Jan '0
__ __1917 M.89 ____ 110 Sep '04 __-:.
,Atot Un Ry 1st g 5s
& Mack 1st lien g 49_1995 J -D 92 95 92 Nov'll ____ 92 02
1995 J -D 8912
Gold 4s
91
91
8 8812 95
T & 1-0 S Div 1st g 451941 M-S 68
70 Aug'11 ____ 70 70
Missabe & Nor gen 5s 1941 J-J 10412 109 - 105 Sep '11 ____ 105 10614
& Iron Range 1st 5s__1937 A-0 106 110 106 Nov'll ..--. 10512 10914
egistered
1937 A-0 _______ 10612 Mch'08
_
_
191k J -J
104 Feb '11 ___ loci idi
Sd 68
So Shore & AU g 5s_ __..1937 J -J 104 1073 108 Jan '11 ___ 108 108
In Jol 63 East 1st g 5s 1941 M10812 ____ 112 J'ly '11 __'112 112
_192# M-S 118 ____ 118 Nov'll ___ 11734 12058
e 1st consul gold
g 4s 1947 M10112
10112J'ne'll ____ 10012 1015
' N Y & Erie 1st eat7s_1919 M-S 104 ____ 10578 May'll ____ 19414 108 1
2d ext gold 58
,
_ 101 Oct '11
1923 M-S 10218
, 3d ext gold 4;is
101 104 1
1020 A-0 105i4.,. 10518 Dec '11 __ 105 10634
4th ext gold 5s
9912J'ne'll ____ 9912 9912
192 J -D 100 101
d 4s
5th exb
I Y L E & W 1st g fd 7s_1920 M-S ____ 12034 118 Oct '10 ____ ___ ____
88
22 8413 00
1996 J-J 88 89 8734
•
rle 1st con g 41 prtor
1996 J -J 842_-.. 8414 Oct '11- " 8212 86
Registered
r
79
33 7312 7934
'..
1st consol gen lien c 4s..1996 J -J '7834 Sale 78s3
• 199$ J-J
77 J'ly 11 ___ ' 77 77
*,
Registered
• Penn cell tr g 43
1951 F-A 8853 891 8912 Nov 11 -- 86 91 ,
87
53 73 92
•• 50-year cony 48 A,,_._1053 A-0 8634 8714 85
7678 144 69 8012,
•
do
Series B _ .... _ 195 4-s
7678 Sale 7534
0 Er N Y & Erie 1st 7s....191 J-D 10814 ___ 10938 Oct '11 ____ 10914 111581
1,11058 113
le & Erie 1st gold 56_198 M-N 11215 Sale 11212 11212
!
ev & Matron Val g 54_193 .1-5 10934 ____ 111. Apr '11 ____ 111. 1113s
Registered
193 Q-J 108
t
_
ng Dock consol g 68_1935 A-0 52212.__ 12518 Nov'll ___ 123 12518
al & RR 1st cur gu 0_1922 M10418 ____ 10418 Oct '11 ____ 10418 1041)
ck & Imp 1st cur 68_191 J-J 102 ____ 10218 Nov'1 1 ____ 10058 10218
10212__
10212 Sep '11 ____ 10012 10212
•
Y & Green L gu g 5s_1941 M10314
2
Y Sus & W 1st ref 58..1937 J -J 10312 105 10314
13 1043
1937 F-A 79 ____ 10014 Dec '06 -----------2d gold 43.4s
__
,
1940 F-A 88 9212 88 Dec '11
,
General gold 5s
i
Terminal 1st gold 5s 194 M-N 10812 ____ 10812 Nov'll __-- 10812 110121
Wild of N J. 1st ext 5s
1941 A-0 11034_,...., 11012 Oct '11 .___ 11013 11012
• W41k & Ea 1st gu g 5E1_1942 J -I) 9834 10014 10034 Dec '11 __ 9813 10118
& Ind 1st con gu g 83_1926 J-J 109 ____ 110 Aug'11 ___ 110 11012
ans ee T H 1st cons 68_1921 J-J 11173 ____ 11178J'ne'11 ____ 11112113
1942 A-0 101 103 10213 Aug'11 __ 101 10212
it general gold 53
1923 A-0 10758 ____ 108 Nov'll ___ 108 108
t Vernoa 1st gold 6s
ull Co Branch 1st g 5s.. _ 1930 A-0
_
95 J'ne'08
Wilda E Coast 1st 43.s_1059 J-D 97 9712 9712
1
,
971, 2 95 9812
Ort St U D Co 1st g 4;0_1941 J-J 90 95 92 Aug'10
W & Rio Cr 1st g 4s...,.._102' T-J __ _ 8218 83 Nov'll ____
A-0 9612
9712Oct '11
al H & H et 1882 1st 5s_1913
9712 9818
rest Northern9612 Sale 9612
967 294 9512 98
, 0 B & Q coil trust 4s__1921 J-J
Registered _8
1921 Q-J 9638 9678 9612 NOV'll ..-- 9538 9818
41 100 10112
'let & refund 4 39s ser A_ _1961 J. J 101 Sale 10012 101
1001
Registered
-li ____
, 1St Paul M & Man 4s
.1--.1 tWI8 __ _ _ 5618 Dec'
1933 1 125 12558 Oct '11
1st consol gold 63
1933 J-J
125 12714
_
Registered
1933 J-J ---- ---- 132 Apr '09
Reduced to gold 43s1931 J-j 1051-2 100 10578 Dec '11 ___ 105 10614
Registered
1933 J-J ___ „ 10834J'ne'09
Mont ext 1st gold 4s_1937 J -D ......- -913-8 9712 Dec '11 ---- 9514 9812
Resristered
193 .11-D
____ 98 J'ne'll ____ 98 98
_
B
k
E
lk
, 8412
ii21-
5312 6618
Price
Friday
Dec. 15
[VoL. Lxxxx.m.
Week's
Range or
Last Sale
cgo:
Range
Since
January 1
High No. Lou' Hills
Ask Low
Bid
St P.M & Al (Continued)
Pacific Ext guar 4s
__ 1940 J-J
9212 ____ 9258 Mch'11
928 9258
.E._g4s1948 A-0 96.34 991, 96 Oct '11 -- 96 96
E Minn Nor Div 1st
11412 1 1634
11518 Aug'11
Minn Union 1st g 6s.„1922 J-J 11512 _
127 12878
Mont C 1st gu g 6s__1937 J-J 12714 128 12714 Nov'11
1957 J-JI
13614 may•08
Registered
11212 IE3-4
1937 J-J
- 113 - 11234 Sep '11
1st guar gold 5s
1937 J-J
Registered
1E1-2 11734
Will & S F 1st gold 5s_1938 J-D 113
1112sep
4 8818 '9534
94
93 9514 93
Gulf & S I 1st ref & t g 5s__51952 J-J
61952 J-J
Registered
2 161 - 1(7158
nook Val 1st cons g 43s_1999 J-J 10212 1022 10212 iti2:172
-Li Registered
1999 5-3
10012 Sep '08
9a
94
Col & H V 1st ext g 4s
1948 A-0 947____ 9412 Dec '11
96 90
1955 F-A 9'134__.,. 90 Feb '11
Col & Tel 1st ex 48
nous Belt do Term 1st 5s
1937 S-J __ 101
9912 10012
7 9912 10113
Illnois Central1.
10014 103
gold 4s
1951 J-J 102 ____ 103 Dec '11
100 100
Registered
1951 J-J 100 ___ 100 Sep '11
8614 91
1st gold 3;is
1951 J-J *803*___ 91 Aug'11
89 89
Registered
1951 J-d *81333___ 89 Apr '11
9312 May'00
-Extended 1st g 3 ms_1951 A-0
Registered
1951 A-0
--- - - 80 Sly '09
1st gold 33 sterling
1951 11-S
--Registered
1951 VI-S
-CO;Oct '11
Coll trust gold 4s
1952 A-0 tig
9812
Aug
'11
9(312
08
Registered
1952 A-0
0812 9812
9614 30 9618 98
1st ref 4s
1055 M-N 9614 Sale 9618
86 83
88 Oct '11
Purchased lines 3 3.s
1952 J-J _0_5_9_8 _8_8_
9712 9918
L N 0 & Tex gold 4s,.._1953 11I-N
4)434 9434
c
en
b
c
21 S
D
Fa
612 _9_8_ 97
94
, .3
Registered
1953 111-N 95
96 9712
Cairo Bridge gold 45
1950 J-D
7518 Sep '11
75% 7518
Litchfield Div 1st g 3s
1051 J-S 7334
1 85 8714
85
Loulsv Div & Term g 3 Ms1953 J-J -___ 85 85
I
Nio
av
y:0
10
,
Registered
1953 J-J
Middle Div reg. 5s
5:
3114
2
1921 F-A i77
17
8
23
618
4
Omaha Div 1st g 3s
1951 F-A
St Louis Div & term g 3s_1051 J-J
7312 7'7 '7512j
Ja..nne
'
1
Registered
1051 J-J
Gold 3 Me
1951 J-J 84 86.34
ma-57.1i
Registered
1951 J-J
84 _
10118 Oct '99
Spring Div 1st g 3;is
1951 J-J
100 Nov'00
Registered
1951 J-J
.-.-_-_-_
Western lines 1st g 4s_ _.._1951 F-A
9612 __-_ 90 Oct '11
-1;558 964
• Registered
1951 F-A
Bellev & Car 1st 6s
_11712 Ma757*-15
:
-_ _1923 J-D
Carb & Shaw 1st g 45
1932 M-S 9434 ____ 9514 Oct '10
11384117
Chic St L & N 0 g ISs
1951 J-D 119 1155 11334 Sep '11
113 115
Registered
1951 J-D 113 ___ 114 Feb '11
Gold 3;is
1951 J-D 8412 __
90 Oct '09
Registered
1951 J-D
Memph Div 1st g 4s
1051 5-I) "tir
8712 Mch'lO
Registered
1951 J-D
St L Sou 1st gu g 4s
1931 114-S
08 Sly '08
'3413 111$
Ind III do In let g 4s
1950 J-J -6413 16 - 95 Nov'll
Int do Great Nor 1st g 6s.....1919 .1I-N 10918 ____ 10912 Dec '11
10712 10919
Iowa Central 1st gold 5s.....1938 J-I) 10134 1021_ 10134 Dec '11
i 70::
153
1_0
56:
01c2. 1
665
Refunding gold 4s
1951 M-S 8512 6734 68
Tameetown Franklin &
1, Clearfield 1st 4s
941 94 Nov'll
1959 J-D
g 7314 7472
74
'Iran City Sou 1st gold 3s_1950 A-0 7314 7411 7312
63 Oct '00
Registered
1950 A-0
100
13
Ref do impt .5s
Apr 1950 J-J farSale wo
99
Kansas City Terml let 4s__1960 J -J ____ cols 99
10
998
6
4 ,19
,)
1;14
59 8
T ake Erie & W 1st g 5s___1937 J-J 10812 10912 11012 11012
-4-4
2d gold 5s
1941 J-J 10118 10112 104 Dec '11
11113
0114
643111;
44: 1111,1:1746
05
7
11,00
North Ohio 1st gu g 5s
1945 A-0 1106 __ 10712 Oct '11
Leh Vali N Y 1st gu g 4;0_1940 S-J 10518 ____ 10514 Sep '11
Registered
1940 J-J 10412 105 10112 Oct '11
Lehigh Vail (Pa) cons g 48_2003 M-N 9634 ___ 9733 Oct '11
Leh V Ter Ry 1st gu g 5s 1941 A-0 11112 11418 11378 Nov'1 1
1.190
11_ 1:
12_89
1:14: 1;
1 00113:
1_
Registered
1941 A-0 11114 112 11114 Nov'11
Leh V Coal Co 1st gu g 5s.._1933 .1-.7 10718 ____ 103 Nov'09
Registered
1933 J-J
1st int reduced to 4s
1933 J-J
di-.11
-444
Leh & N Y 1st guar g 4s_1945 AT-S -5314
_
Registered
1945 NT- S
Fet3-i5
El C & N 1st pret 6s
1914 A-0 103
Gold guar 55
1914 A-0 loot( ____ 10114 Sep '09
Long Islandlet consol gold Ss
81931 Q-J 10912 112 11038 Oct '11
lit consol gold 48
81931 Q-J 93 __
General gold 4s
1038 J-D 9314 Sale -53-1-4 -631-4 io -03-4
1)6
11182 1
,
00
7 ,
100
914(
)
Ac
utg:
(1161
Ferry gold 4 Ms
1922 M-S 9
gold 4s
1932 J-D
1
Coined gold 4s
1049 M-S ____ 9334 93 May'll
-153 - "i51Debenture gold 5s
1931 J-D 102 10112 10419 Dec '08
_9_9_17 96 Dec '11
Guar ret gold 4s
1949 m-s
1949 M-S
95 Jan '11
95 95
Registered
N Y B & M B 1st con g 55 7935 A-0 105.34.,__ 11014 Nov'06
N Y dc It B 1st g 5s
1927 M-S 10373 ____ 105 Apr '07
105
1 10313 1(1(3
Nor Sh B 1st con g go 55.o1932 Q-J. 10534 ____ 105
94 9832
Louisiana to Ark 1st g 5s
1027 M-S -__ 9612 9734 Sop 'II
Louisville do Nashville11518
1 112 11612
1931 J-D 11478 11518 11518
General gold (Is
112 11212
Gold 5s
1937 M-N 11214 ___ 112 Nov'li
9818 9972
9914 Sale 9918
Unified gold 45
1940 J-J
9914
_ - -Registered
1940 J-J 8 97 ___ 9734 Nov'10
1(-)834 10934
Collateral trust gold 55_ _1931 NT-N 10934 111 10834 Sep '11
111 Ill
E.II & Nash 1st g 6s
1919 J-D 111 115 _ 111 Sep '11
10512 -Fly '11
L Cln & Lea gold 4 31s
1931 51-N
1(111it 1(212
51;
HS 121 Sep '11
N 0 & II 1st gold 6s_ _ _1930 J-J
2 111)8
318 19
1,
854
N 0 & M 2d gold 6s
1030 J-J 1171211914 11813 Nov'11 2_
Nto
cti
v:1 1
Paducah & Mans dlv 4s_ _1916 F-A 9134 96 9534 i‘
:Fo,ecbt :1 1
17 131
13,7388 10534
112 1(71):)
____ 1053/ 105108
Pensacola Div gold 6s
1920 M-S 160E8
113 1i3
St Louis Div 1st gold 6s_1921 M-S
7112 7112
1981; M-S
2d gold Is
'323, 75 92 93114
AU Knox & Cln Div 4s_ .1917 M-N 9253 Sale 9233
144
11;11112 10
Atl Knox do Nor 1st g 5s_1946 J -I) 11234 115 112 Oct '11
100 Apr 'II
Header Bdge 1st s f g 65_1901 M-S
95 951: 9912 Dec '11
96
1.4
Kentucky Cent gold 4s_ _1087 J-J
L &N doM &M 1st g 4 3s19.1 M-S 105 106 103 Dee '10
91
90
00
-gg L & N-South M joint 4s 1952 .T-J
95 Feb '05
81952 Q-J
Registered
_1997 F-A 10818 ____ 10814 May'll
N Fla ec S 1st go g 3s
101
N do 0 Bdgc gen gu g 4 Ms 1942 (-3.
if()Pens & AU 1st go g 6s___2928 F-A 11014 ____ 110)4 Nov'11
11034 11N
S & N Ala con gu g 5s___1936 F-A 111 11158 111 Nov'll
2 9114 94
1. & Jeff Bdgc Co gu g 4s_ _ _1945 M-S 9114 Sale 9114
9112
•
•
MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway.
W S El (Chic) 1st g 45_1938 F-A
w Elec Ry & Lt cons g 581926 F-A
. Refunding & eaten 4 3.0_1931 J-J
Inneap St 1st cons g 5s__1919 J -J
OW Or! Ry do Lt gen 4 Ms_1935 J-J
land Ry 1st & ref 5s___1930 11-N
land Ry, Light & PowOPortland Gen Bien 1st 5s_1935 J-J
Jos By, L, H & P Istg 58 1937 NI-N
Paul City Cab cons g 5s__I937 J-J
1937 J -4
Guaranteed Os gold
Ry & Lt 1st s f 5s..1.923 A-0
yerground of London 5s.1920 M-N
1938 J-J
WI
1948 _ __
3 ncome Gs
1111on Eleo (Chic) 1st g 5s_1945 A--0
ItIted Rys Inv let lien coil
t
it 5s Pitts issue
1928 M-N
•
o
i
-City
_ 9312J'ly '06
--------10413 10112
9314 ____ 9312 Dec '11
,
1 101 ____ 10712 Feb '06
____ 8034 8714 Aug'11
9812 9912 0812
9912
-/-31-- -iii1-4
2 9812 9834
_
___ __
-- ----9(9.- ___ -98 - No-v-'oi)
105 ____ 105 Nov'll -_-_-_-_ jog - i661-4
97 Nov'll
-- --------___ 98 Apr '09
96
0512 96 96
6518
13518
--------84 Oct '03
___ 8514 83 Oct '11
LA.P.No price Friday: latest bid and asked this woak.
Street Railways.
United Rys St L 1st g 4s___1934 J-J
St Louis Transit gu Os__ 1024 A-0
10 i.5i1-2i54-.1-2
9312 9312 United RRs San Fr s f 4s....1927 A-0
07
gg
1 -5514 -tii2C. 3814 6612
____ ____
83
8818
a Duo Jan, 9 Due Feb.
7714 80 77 Dec '11
8212 843 83 Nov'11
6817
63 6934 68
•
75 77
83 85
17 6512 nal
10212 ___i(-9i3-4
10534 Sale 16g3-4
____ 63 62 Dee '1 1
9138 9473 ;,7 05
1,i;
1s
Neop
10018 10012 1.11;5
-v:Li
1 idgs-4 jail;
5914 OS
Gas and Electric Light
Atlanta G L Co 1st g 3s____1947 J-D
Ilklyn U Gas 1st con g 5s__119
,
45
7 AA4-N
0
Buffalo Gas 1st g 5s
Columbus Gas 1st g 5s
193: .r -3
Detroit City Gas g Os
Dct Gas Co con 1st g 5s_ ___110
92
13
8 13
:'
..11
Det Edison 1st coil tr 3s___1938 J -J
Eq G L N Y 1st con g 5s__1932 M-S
Gas & Eke Berg Co o g 5s_1940 .11-1)
Cr Rap (3 L Co 1st g 5s____1915 11-A
Hudson Co Gas 1st g 5s___1949 M-N
Kan City(Mo)
.Gas 1st g 59._1922 A-0
4 Due April. 8 Due July.
i1511-4 10-2- 10134 Dec '11
10512 1053.1 106 Oct '11
13112 Oct '01
101 _
9934 101.- 100 Oct '09
10414 105 105 Deo '11
98 9934 9812Deo '11
1c Duo Aug. 0 Due Oot.
rod - Rif"
idd - hir
105 10111%
Oa9712
a Option ado.
DEC. 16 1911.1
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE hr
Week Ending Dec. 15.
Price
Friday
Dec. 15
Week's
Range or
Last Sale
Range
BONDS
Since
N. Y. STOCK EXCHANGE
January 1
Week Ending Dec. 15.
ii
1657
Price
Friday
Dec. 15
iWeek'
Range or
Last Sol;
Range
Sacs
January
----Bid
High No. Low High
Ask Low
—
097k Sale -661
4 -6918 3 1)9 i&51-8
_ 9834 Nov'11 _- 9834 9884
1 8934 9235
9014 9034 9012
9012
10112 Sale 50114
1011,. 14 9712 10115
98 Sale 08
98
6 97 10012
10012 10012
10012J'ly '11
Bid
Ask Low
High No. Low High
Michigan Central—(Con)
Airanlia RR—Sou lines 4s_1936 M-N __ 88
Bat C &Sturlstgug3s_1989 J-D
•Lv-11-exlean Cent cons g 4s__1911 J-J
166-6638 100 N Y Chic & St L 1st g 4s1937 A-0
2d eons Inc g as trust mots_ __ - _
2512 Apr '09
____
Registered
1937 A-0
Equip & coil g 58
1917 A-0
Debenture 4s
1931 M-N
2d series g 5s
1919 A-0
West Shore 1st 45 guar_ _2361 J-J
Hex Internat 1st con g 4s 1977•S
77 Mc-h-To
Registered
2361 J-J
Stamped guaranteed
1977•S ___ 80 79 Nov'10
NY Cent Lines eq tr 4 30 1923 J -J
131 130 Aug'11
1927 J -D
Minn & St L 1st gold 78
130 130
N Y New Haven & Hartf—
11018 Aug'11
11012 11018
Pacitio Ext 1st gold 6s_1921 A-0
Non-conv deben 4s
1955 J-J
9438 Aug'11
9314 94%
103- idi 104 Dec '11
1934
'1st consol gold 55
103 109
Non-conv 4s
1056 M-N -6114 -631-2 92 Noy'll
92 9418
664
70
Dec
70
'11
1949 M-S
1st and refund gold 4s
65 75
Cony debenture 3 30_ __ _1956 J -J
9212 94
10012
93
Dec
'11
89
7834 Noy'll
Des M & Pt I) 1st gu 4s 1935 J-J
7834 8112
Cony debenture 8s
7834
1948 J-J 132 Sale' 132
11 12634 13424
132
97 9734
_ 9534 98
- 97 Dec '11
Harlem 11-Pt Ches 1st 4s_1951
21St P.S:SSM con g 43 int gu.1938 J-J
99 Oct '11
99
99
9S12 Jan '10
Cent New Eng 1st gu 43_1961 J-J 03 Sale 93
SSM &A lst g 4s int gu_1926 J-J
93
11 9212 9334
Mississippi Central 1st 53_1949 J-J
9312 Mch'11
Housatonic R. cons g 5s_ _1937 14-N
9312 -1/S1-2
11318 J'ne'11
11318 11313
N H & Derby cons cy 5s_1918 m-N 1E18 -_-_-_-_ 107 Aug'09
Missouri Kansas & Texas1990 JD 9684 9714 97
1st gold 45
New England cons 5s_
9714 17 9612 98
1945 .3-i
- 91990 F-A 8312 841 8412
2d gold 45
5 8314 86
Consol 48
8412
9912 __
1945 J-J
_
1st ext gold 5s
1944• N 10112 Sale 10112 10112 10 9912 10312
Providence Secur deb 43_1957 14-N iS12 87 May'11
-if1st & refund 4s
2004 M-S 7914 803 7912
8112
2 78 83
N Y 0 & W ref 18t g 45_91992 M-S ii3-8
e 9412
-16 9414 97
Gen sinking fund 4 30__ _1936 J- J 8834 Sale 88
Registered $5,000 only_g1992 M-S
89
95 8312 891g
9458
9314 9418
9314 Oct '11
St Louis Div 1st ref g 4s_2001 A-0 78 80 7834 Nov'11
General 49
78 7914
1955 J -D
9114 9238
— 9114 Aug'11
Dal & Wa 1st gu g 5s_
I940
10538 Aug'11
10534
10538 10538 Norf & South 1st gold 5s.._1941 M-N 10178 _ _ 10212(let .11
10212 10313
ICan C So Pao 1st g 4.s___ _1990 F-A 88 _ _ - 91 Noy'll
Norf & West gen gold 6s_ _1931 /11-N 12318 _
88 91
12314 Nov'11
12:314 12434
Mo K & H 1st gu g 5s
1942 A-0 10814 1093-4 10812 Oct '11
Improvement & ext g 65_1.934 F-A 12478 _ _ 124 Sep '11
10734 11012
124 127
1‘1,K
1
& Ok 1st guar 5s_ _ _1942 M-N 10612 108 10612 Dec '11
New River 1st gold 6s
10614 108
1932 A-0 124 1i452
- 12312 Oct '11
12312 125
K & T of T 1st gu g 5s_1942 M-S 102 10518 104
2 10234 10538
104
N& W fly 1st cons g 4s 1996 A-0 -- 9814 9758
9734
11 9712 99%
Sher Sh dc So 1st gu g 5s_1943 J-I) 10314 10414 10312 May'll
10312 10514
1996 A-0 6
Registered
98 98
714
- ---- 98 Jan '11
Texas & Okla 1st gu g 53 1943 M-S 10312
_ 103 105.34
Div'l 1st 1 & gen g 45_ _1944 J-J
9334 04
9334
9378 18 9112 9414
- 10534 Nov'11
Missouri Pao 1st cons g 6s 1920 M-N 103 Sale 108
108
8 10612 111
10-25-year cony 4s_..1032 J -D 108 Sate 10738
1085
44 10012 11014
Trust gold 5s stamped_ _a1917 M-S 100 Sale 100
11 9958 10214
190
Poeah C & C joint 4s.._1941 J
91 92 9114 Dec '11
8838 93
09 Meh'10
Registered
al917•S
CC & T 1st guar gold 5s_1922 J-J 10412-- 10417 Oct '11
10412 19)4%
1st collateral gold 5s_ __1020 F-A -99 8 100 9978 Dec '11
-663-4 162 Selo V & NE 1st gu g 4s..1989 M-N 98 68
.1 98 Dec '11
9614 98
1930 F-A
Registered
Northern Pac prlor 1 e 4s_ _1997 Q-J
9934 Sale 9914
100
26 9858 10034
7334 -5 -1S- 82
40-year gold loan 45
1045 M-S 7234 -fal; 73
Registered
1997 Q-J
93 9914
9812 9914 09 Noy'll
95 9012 May'l
ad 78 extended at 4%__..1038 M-N
9612 9612
General Ben gold 3s___ _a2047 Q-F 6934 Sale 6912
6934 23 68 7112
1st & ref cony 55
21 84
88
1959 M-S 88 Sale 87
9658
Registered
•
a204?
68 6912
---- 6812 68 • Dee '11
92 Nov'11
Cent Br Ry 1st gu g 4s_1919 F-A 92 _
St Paul-Duluth Div g 45_1996 J-D __.- 97 06 Sep '11
9938 9334
96 98
831
Cent Br U P 1st g 4s
1948 .1-D 78 84 8312
Registered
83 8312
1996 J-D
102 110 Mch'0
Leroy &OVA L 1st fr 5s_ 1926 J-J
Dui Short L 1st gu 5s__ _1916 M-S 99 ____ 99 Fel)-'18
5 -66- -683Pao It of Mo 1st ext g 4s_1938 F-A __ 971 97
97
St P & N P gen gold 68_ _1023 F-A 11514 _ _ _ 11538 Nov.11
4
1163-8 11634
2d extended gold 5s.__1938 J-J
1091 10812 May'll
Registered certifleates_1923 Q-F 11412 ___ 11538 Aug'11
10812 10812
11533 115%
10612 12 106 10858
5th Ir M&S gen eon g 58_1931 A-0 10612 10858 10618
St Paul & Duluth 1st 5s_1931
109 ....„ 110 J'ne'10 ____
Gen con stamp gu g 5s_1931 A-0
Ill Sep '09
2d 5s
1917 A-0 10212 __ 10234 J'ne'll
10234 10234
8012 82 81
81
5 81
Unlfled & ref gold 4s_ _1929 J-J
1st consol gold 4s
877
1968 J -D 89
92 .
1
1
9
961
11s
2 Apr 0
13.334Meh'll
Registered
1929 J- J
8634 8634
Wash Cent 1st gold 4s__ _1948 Q-M
4
8 -611-6118334
84
10 8214 8838 Nor Pao Term Co 1st g 6s_ _1933 J-J 11114 _ 11138 Dec 'II
fly & G Div 1st g 4s_1933 M-N -gsfi
111 11112
0212 Jan '10
Verdi V I & W 1st g 5s 1926 M- S
pacific Coast Co 1st g 58..1946 J -D 104 1047: 10434
10434 los
10434
12-6- 122
Mob & Ohio new gold Os_ _1927 J-D 12038 1271-2 i2o3a-Deo .11
enna RR 1st real estg4s_1923 M-N
10012 Nov'11
10012 102
114 11634
Consol gold 5s
1st extension gold tis__81927 Q- J 114 117 114 Sep '11
1919
- mi.108 J'ne'll
108 108
1938 M-S 8534 87 87 Nov 11 __ 86 87
Consol gold 46
General gold 48
-N
S 102
1943 r
102 Nov 11
102 1034
11018
1 110 111
Convertible gold 340__ _1912
Montgom Div 1st g 5s__ _1947 F-A 11018 11078 11013
9912 9958 9912
991
5 9834 99%
83 Sale 83
83
4 81 83
Convertible gold 3 4.0__ _1915 J -D 9652 Sale 9658
St L do Cairo coil g
9673 146 9578 9714
9314 9334 9312 Melt'11
Guaranteed gold 4s
Registered
1931
9312 9412
2915 J -D
964 97
Mashy Chatt & St LouisConsol gold 4s
1948 M-N 102121023 10112
4 SeP
10
.
2134
1 18 102 10412
1st 78
1913 J-J 10418 10412 10433 Dec '11
Alleg Val gen guar g 4s_ _1942 8%-S 99%10014 9978 Apr '11
10438 10612
10014
9978
1st consol gold 55
1928 A-0 109 11014 10912 Deo '11
10018 111
D 11 11 R & Bge 1st gu 4sg1936 F-A 100
11578 Noy'l()
Jasper Branch 1st g 6s_1923 J -J 113
Phila Bait & W 1st g 48_ _1943 11-N
-- _
102 Nov'11
i61.18 10214
10812
1071
Dec
'10
Melt M W & Al 1st 68_1917 J-J
4 --Sod Bay ec Sou 1st g 5s_ _1924
J
- -- - 102 Jan '03
11:1 J'iy '04
& P Branch 1st 6s_ _ _1917 J-J 10714 _
Sunbury & Lewis 1st g 45 1936 J.- J
9714 _
9238
9214 Sale 9214
Nat Itys of Hex pr lien 4 3s.1057
-6 - -6518
U NJ RR & Can gen 4s 1944 M-S
16112 1611-2 10112
2 10113 fori2
Guaranteed general 421_1977 A-0 85 87 95 Noy'll
83 8934 Pcnna Co guar Ist g4 30
1921 J-J iiiii 2104 10334 103
1 10314 104%
Nat of Mex prior lien 4 Ms1926 J-J ____ 001 10034 Feb '11
Registered
10034 10034
1921 J-J
10278 Mch'11
10278 102%
lot consol 48
1951
7914 7934 7912 Nov'11
Guar
7818 8318
3 30 coil trust reg_ _1937 M-S 88 __._ 90 Aug'10
10418
0 &NE prior lien g 6s__p1915
Guar 3 30 coil trust ser B.1941 F-A 88
8858 J'iy '11 ___a. 88 89
ew Orleans Term 1st 4s 1953 J-J 88 ____ 88 Dec ,11
Trust Co certfs gu g 3 40_1916
- -5112
9734
9712-9734 9752
97 9834
Y Central & Ilud River—
Guar 3 Ms trust ctfs C__ _1942 -D 88 90 87 Aug'10 -1997 J- J 8734 Sale 8758
88
38 87 90
Guar 3 30 trust ctfs D_ _ _1944 J -D 8734 88 89 Nov'il
Gold 3 Ms
-f-33 - 89
_ 8812 Nov'11
1997 J-J 87
Guar 15-25_year g 4s
Registered
86 8912
1931 A-0
_ 98 9813
9818
1 9734 99
1934 M-N 9334 Sale 9334
9334 146 9218 9412
Debenture gold 4s
Gin Leb do Nor gu 45 g
1942 M-N 9612 9712 9614 J'iy '11
96 0614
1034 M-N 9212 _ 9234 Sep '11
Registered
Cl & Mar 1st gu g 45s1935 M-N 10312
9212 9318
110 Jan '05
79
Lake Shore coll g 340_ _1998 F-A 7858 79 79
58 78 8078
Cl & P gen gu g 4 Ms ser A 1942 J-J 10618 10734
___- 11034 Jan'I
1098
F-A 7712 7838 78
Registered
78
Series B
1 75 7934
1942 A-0 107 ___ 10934 J'ly '09
Mich Cent coil gold 3 40_1998 F-A 78 7812 78 Noy'll
Int reduced to 3%5_1942 A-0 9114
7612 7912
1998 F-A
Registered
Series 0 340
75 78
7714 76 Deo '11
1948 M-N 9114 __
-66- Aug 9__
Beech Creek 1st gu g 48_1936 J-J
994
Series D 3 Ms
9858 Dec '10 _.
1950 F-A 9114
90 May'08
Registered
1936 J-J
Erie & Pitts gu g S 40 13_1940 J-J
99 May'll
-94- 99
9018 ____ 9012 Apr '11
-661-2-9-13d guar gold 5s
1936 J- J
---Series C
1940 J-J
9018 __ 98.34 Apr '04
Registered
1936 J- J ____
Gr R do I ex 1st Fru g 4 40_1941
10412 1C0i 105 Sep '11
16.114 168.Beech Cr Ext 1st g 3 Ms_b1951 A-0
Pitts Ft W & 0 1st 7s
-—
1912 J-J 10112 Sale 10112
10112 10 10112104
2d 75
Cart & Ad 1st gu g 4s...._1081 J-D 90 ____ 9712 Apr '09
1912 J-J 10112
_ 10378 Feb '11
103% 103%
3d 7s
Gouv & Oswe 1st gu g 58_1942 J -D 108
81912 A-0 101 ___ 101 Dec '11
101 101%
Moh & Mal 1st gu g 48
1091•S ____ 99 -5618 mcliqi.
Pitts Y & Ash 1st con 5s_1927 111-N 10712._ 109 May'10
-66- -661
8
NJ June R guar 1st 4s 1986 F-A 9534 100 105 Oct '02 __
ToI W V & 0 gu 4 40 A__1931 .1-J 101 __
_
103 Aug'07
Registered
1986 F-A
Series B 4 Ms
1933 J-J 101 ____ 100 J'ly '10
2000 M-N 8812 ____ 9013 Feb '11
Series C 4s
N Y & Harlem g 3 Ms
9018 9018
1942 M-S 95
_
•
Registered
2000 M-N P C & St L gu 4 Ms A 1940 A-0 10612
1561-2 1661i(1838 10714
Series 13 guar
• N Y & Northern 1st g 58_1927 A-0
1942 A-0
- 108 Oct-'55
_ 107 10612Dec '1
10512 10714
Y & Pu 1st eons gu g 4s1993 A-0 ---- 9712 9778 Aug'11
9714 -6f7Series
C
guar
1942 M-N *16612 ....„ 106 J'ne'll
8
106 106
_
Nor dc Mont lst gu g 5s_ _1916 A-0
Series D 4s guar
1945 M-N
__
9858
9858
1 98% 9858
13112 Jan '09
Pine Creek reg guar 6s__ _1932 J -D 120
Series E 3 Ms guar g_ _ _1949 F-A 079212 9334
- 9318 Aug'11 -- 9134 93%
• R W & 0 con 1st ext 55_111922 A-0 10714 108 10714 Noy'll
Series F gu 4s g
id/- 110
1953 J-D 97 _ _ _ 9778 AUg'11 — _ 97% 97%
Oswo & R 2d gu g 5s_ _ _e1915 F-A
_ 10512 105 Jan '08
Series G 4s guar
1957 /.1- N 97 99 08 Oct '11
98 9958
104 J'ne'10
R W &OTR 1st gu g 5s_1918 M-N
0 St L do P Ist con g 5s1932 A-0 11358._ 11312Nov'11
113 113%
9838 J'ly '11
• Rutland 1st con g 4 40_1941 J-J 05 _ _
1921 Q-F
98-gig Peo & Pek Un 1st g 6s
93
912/day
6
.6 _ 0
109 109
86 Sep '11
Og&LCham 1st gu 4s g.1948 J-J
84 91
8612 9012
2d gold 4 30
Jan
81921 111-N
9312 931g
92 J'no'09
Itut-Canad 1st gu g 48_1949 J -J
--- -- - Pere Marquette—Ref 4s1955 J-J
68 Nov'll
66 76%
115 J'ne'09
St Lawr & Adir 1st g 58_1996 J-J
Refunding guar 45
1955 J-J
—
67 76%
125 Feb '08
2d gold Os
1996 A-0 118
Ch & W M 5s
1921 J-D 0958
100% 100%
A°
Pr
v
_ 16
080814
4N
-61/34 166
Utica & Blk Riv g-u g 4s_1922 J-J
Flint & P H g 6s
11018 Oct '11
9934-- 9978 No9'.1.1
1920 A-0 11018
10934 11034
89
88 00
Lake Shore gold 3 40___ _1097 i-1) 8814 Sale 8814
1st consol gold 5s
1939 M-N 9958 Sale 9958
9058 103
995
8
2
874 89
1997 J -D ---- 8912 89 Dec '11
Registered
Pt Huron Div 1st g 55_1939 A-0 ..9_8_1210_2 98 Aug'11
98 10338
9358 32 9212 95
Debenture gold 48._ 1928 M-S 9312 Sale 9312
Sag Tus & H 1st gu g 45_1931 F-A
93
62 9218 9434 Philippine fly 1st 30-yr St 45i37 J-J ___ 84 84
1931 111-N 9338 Sale 9318
25-year gold 4s
-84 - ---i 84 88
9334 May'l
•
_1931 M-N
Registered
9334 9334 Pitts Sh & L E 1st g 5s.._1940 A-0
11278 May'll
11213 11278
Ka A & G 11 1st gun 58.1938 J-J 168 -_-_-_-_
1st consol gold 58
1943 J-J _6E71_4
11314 Nov'11
11314 11314
11-2 mcia-qi
1108 11113 i)ending Co gen g 4s
Mahon CI RR 1st 58_1934 J-J 11112_
1997 J-J
Sale 9818
9814 70 9634 9812
puts & L Erie 2d g 55_ _a1028 A-0 10314
100 Dec '09 ____
J-1., Registered
1997 J-J 9714 ____ 9714 Dec '11
9718 9734
Jersey Cent coil g 4s
, Pitts McK 63 Y 1st gu 6s_1032 J-J 121 ____ 13018 Jan '09 ____
1951 A-0 9712 981 9712 Dec '11
96 9814
lig - 123 Atlan City gu 4s g
123 Oct '11
1934 J -.I 123
2d guaranteed es
1951 J -3
McNees & DV lst gOs_1918 J-J 108
Qt Jo & Gr Isl 1st g 4s
1947 J-J -8618 -ill- -if - No-v-'11
8514 -56-4 i163Illichigan Central 5s
1931 M-S 11014111 i1638 111.2 11038
L & San Fran gen g 63_1931 J-J 11871101g 11378
11878
1 118 11918
Registered
1931 Q-M 10918 110 119 J'ne'06
General gold 5s
1931 J-J 10714 Sale 107
10714
7 107 108
1940 J-J
9834 99
•
4s
_ 9834 Noy'll
St L S F RR cons g 0_1996 J-J
88 0134 90 Sep '11
90 91
1940 J-J
Registered
9812 Nov'll
9812 9812
Gen 15-20 yr 5s
127 M-N 8812 Sale 8812
89
36 8512 90
S
_
8818 90 J'ne'08
J L & S 1st gold 3 30_1951
Southw Div 1st g 55_1947 A-0 9812 ____ 100 Oct80
'11
100 1011g
1052 M-N 8634 8812 8812 Oct '11
8634 80
1st gold 3 30
• Refunding g 4s
1951 J-J
7958 8012 80
26 77 83
6 9012 93
9114
0012
20-year debenture 4s_ _1929 A-0 0012 91
1951 J-J
Registered
8034 Mch'11 ____ 8034 801
MISCELLANEOUS BONDS—Continued on Next Page.
9812 _ _ _
-gif,
J3
4-0.
E
Gas and Electric Light
Kings Co El L do P g 5s__1937 A-0
1997 A-0
Purchase money 65
Convertible deb Os
1922 M-S
Ed El II 131tn 1st con g 4s_1939 J-J
Lac Gas L of St L 1st g 5s_ _e1919 Q-F
Ref and ext 1st g 5s
1934 A-0
illwaukee Gas L 1st 4s___ _1027 ,14-N
1048 J-D
Newark Con Gas g 55
Y GELH & P g 5s
1948 J-D
Purchase money g 48_ _1949 F-A
Ed El Ill 1st cons g 5s__ _1995 J-J
Q El L&P lst con g 5s_1930 F-A
i Y & Rich Gas lst g 5s__1021 M-N
acid() a Rs El Co Cal G & E
Corp unifying & ref 58_1037 141-N
Pat & Passaic G & E 55
1949 81-S
l
Y&
____ 106 105 Noy'll
114 11578 11578
11578
118
11712 Nov'11
00 Sale 90
90
10212 10234 103
103
10034 10152 10114 Noy'll
00 9118 90 Oct '11
10478
10478
10514
10318 Sale 10334 10312
8812 89 8812
8878
11218 ____ 11212 Oct '11
101
10012 ....10232 101
_ 9712 J'ly '09
__
____ 94,34 9112
10134 ____ --
1, *No price Friday: latest bid and asked.
_.
1
_ __
1
3
_ _,
1
13
6
_ ._
2
_•
9412
---- -
10112 106
11334 117
11712 11712
8714 90
102 104
100 10:3
90 91
10014 10478
10114 10417
87 8958
Ill 11234
100 10112
4 9134 96
Gas and Electric Light
Peo Gas de C 1st con g 63_1943 A-0
1947 /11-S
Refunding gold 55
1947 51-S
Registered
Ch G-L & Cite 1st gu g 58_1937 J-J
Con G Co of Ch 1st gug 551938 J-D
Ind Nat Gas & 011 30-yr 5s '30 11-N
Mu Fuel Gas 1st gu g 58 1947 M-N
1947 M-N
Registered
1919 F-A
Philadelphia Co cony 5s
Syracuse Lighting 1st g 5s_1951 J -D
1954 J-J
Syracuse L & P 58
Trenton G & E 1st g 5s_ _1949
Union Eleo L & P 1st g 5sI932 M-S
1933 M-N
Ref & ext 5s
1950 J -J
Utica El L de P 1st g 5s
1957 J-J
Utica Gas & E ref 5s
Westchester Light'g g 53_1950 J-D
a Due Jan. 8 Due Feb. s Due May.
g Due June. 8 Due July.
11614 117 11614 Dec '11
10158 10214 10158
101
____ 1011 103 Feb'
103 104 10234
10234
101410252 102 Noy'll
--- 90 Mehl'
---_ 10118 Aug'11
100 10112 101
101
,--- 811 81 J'ne'll
102 __, 109 Feb '01
1004
_ 9812 Sep '11
0634 ___ 9612Nev'll
10212
9
-01-2 10412 1(5g1; 10412 1041
11618 1194
1013810
ió34 i63-4
101 102
90 9132
10012 1014
104 115
101 101 :
81 82
93
ibrA
We
99*
104 1
ink
p Due Nov. a Option WO.
1658
BONDS
N. Y. STOCK EXCHANGE b
"a,
Week Ending Dee. 15.
[VoL. Lxxxxxxi.
New York Bond Record—Concluded—Page 4
Price
Friday
Dec. 15
Week's
Range or
Lott Sale
04
BONDS
Range
1
N. Y. STOCK EXCHANGE .ii
Since
34
15.
Ending
Dec.
Week
1
January
al"'
Price
Friday
Dec. 15
Range
Since
January 1
Week's
Range or
Last Sale
High NO. Low High
Ask Low
Bid
Bid • Ask Low
High No. Low High
St L & San Fran (Con)
07 07
5 116 1185s Vends-11a cons g 4s Ser A_1955 F-A 93 -- 97 Oct '11
117
K C Ft S & M con g 6s_1928 M-N _—_ 118 117
.9634 9712
Consol 4s Series B____1957 M-N 03 9512 9718 Marll
8014 43 7718 81
KG Ft S & M By ref g 48_1936 A-0 7978 S018 80
93 Noy'll
00 93
9934
9034
1st
P
ec
J-J
gu
Cruz
34s_1934
Vera
4
1936
---79
---'10
A-()
__-Sep
_—___
Reg'.stered
zo 10312 110
105
vabash 1st gold Is
1939 ;1-N 10312 Sale 10312
10014 Dec '09 --- _
K C & NI 11 & B 1st gu 58_192 A-0
94 '119 9212 101
1' 2d gold Is
1939 F-A 94 Sale 9212
i 6f1-2 iii1-2
99
Ozark et Ch C 1st gu 5s g_1913 A-0 99 9914 99
98 98
Debenture Series B
1 8978 9234
1939 J-J ___ 105 98 Apr '11
9110
St L S W 1st g 4s bd. ctfs_ _1089 II-N 0112 9134 9112
100 104
1st lien equips fd g 5s
1921 M-S --- 10012 100 Dec '11
2d g 4s Inc bond ctfs____p1989 J -.1 82 8212 82 Dec '11- ---- 78 83
Dec '10
1932 ,J-D 7912 Sale 7914, 7912 52 7518 8112 • 1st lien 50-yr g term 9s 1954 J-J ____ 85 83
Consol gold 43
52 • 1075 47 7158
and ext g 45
51 Sale 5018
1956 J-J
Gray's Pt Ter 1st gu g 5s_1947 J-1) 05 ____ 10118 Apr '07 ---- _- -„- • 1st ref
10712 10814
10712 Sep '11
1941 J-J 105
21 -86- 8814 • Det & Ch Ext 1st g 5s
87
104$ J-J 87 Sale 8634
S A & A gass 1st gu g 4s
8112
81
8112 May'l 1
Des Moin Div 1st g 4s
1939 J-J
L
04 Oct '09 --- __-- -,.
S F & N P 1st sink 1 g 53_1919 J-J 99
67 7534
Noy'll
67
Om
Div
1st
3
_70
g
34s
1941
A-0
2
--871
8534
'11
Oct
Air
-----8712
---Line
4s
g
14)
Seaboard
50 A-0
85
85
May'll
&
Tol
85
Ch
g
fi
1st
85
Div
4s
1941
51-S
1950 A-0 8758 -88 8734 Dec '11 ---- 8434 88
• Gold 48 stamped
1 4014 4934,
4014
1954 J-D
4014
Wab Pitts Term 1st g 4s
_-- -,--_- --- --195 A-0 ---- ____- ___
Registered
121 38% 50
41
-564 "461-4 40
Cent & Old Col Tr Co certfs-82 - 226 741-2 8238
01949 F-A 82 Sale 811-2
Adjustment Is
10
*39
40
40
41
3912 50.
Co
Columbia
Tr
ctfs
50 8119 8214
82
1959 A-0 82 Sale 82
Refunding 4s
*39 41
Col Tr ctfs for Cent Tr ctfs_
Atl-Birm 30-yr 1st g 4s_e1933 11-5 8714 8712 8812Dec '11 ---- 8514 89
713
3
134
11
1
2DeC-*1951-15
:
--11
4s
:1
gold
2d
4
913
4
913
---'11
Apr
9238 98 9134
Car Cent 1st con g 4s
1949 J-J
17
2
112 212 112
Trust Co certfs
34 • 8
Fla Cen & Pen 1st g 58_1918 J-J 10058-- 103 May'll ---- 102 103
8 8738 Oct '11
8738 00
____ ---- --.._ ,„ Wash 'fermi 1st gu 3 14s,_,.1945 F--A ..—_
1st land gr ext g 5s
1930 J-J 103
4 Apr '11 ---- 1053-4 1003-s • 1st 40-yr guar 4s
1943 J - J 10513,.... 1053Congo! gold Is
81734
Sale
8734 —55 86 -5g1-2
5 kF
952
-gf1-2
O
West Maryland 1st g 4s
C-A
194
Ga & Ala By 1st con 5s_o1945 J-J 107 ___ 107 Noy'll --- 104 107
2 109 11018
309
1937 J-J 109 10912 100
West N Y & Pa 1st g 5s
Ga Car & No 1st gu g 58_1929 J-J 105 ____ 10912 Oct '11 ---- 104 105
8812 Oct '11
____
8812
A-0
1943
8818 8834
Gen
43
gold
109
109
--May'll
10558
109
1926 J-J
Seab & Roe 1st Is
34 Feb '07
Nov
Income 5s
Southern Pacitic Co—
Mill
4
10412 Dec '11
10334 Wig
26 A-0 1031
1943
9214 12 9012 9378 Wheeling & L E 1st g 5s.._S
Gold 43.(Cent Pac coil) k1949 J-D 9178 Sale 9134
10218 10434
Wheel Div 1st gold 53_1928 J-J 102 104 10218 Nov'11
k1949 J-D ___ 9018 9112Nov'11 ---- 90 9112
Registered
Exten & Imp gold 51____1930 F-A ____ 103 102 J'ne'10
9738 130 9418-100
g1929 11-S 9714 Sale 9078
20-year cony 43
_. 85 8518 Dec '11
-82- -36RR 1st consol 48
0634 15 98 9710
Cent Pac 1st ref gu g 4s__1949 F-A 0653 Sale 9612
9812 0912
0812 Feb '11
JI- J
2 N5
Ei14
1949
20-year equip s f 53_192
1949 F-A 95 0612 97 Feb '10 --__ __ ___:1
Registered
95 May'll
94 95
Winston-Salem S B 1st 4s,,1980 J-J
Mort guar gold 3 jesk1929 J-D 9012 9134 9012 Noy'll --- '60 92
93
9218 9358
93 'Safe 9234
Through St L 1st gu 48_1954 A-0 -___ 93 9212 Nov'll ---- 9112 9334 \Nis Cent 50-yr 1st gen 4s 1949 J-J
1st & refunding 4s
1959
G H & SAM & P 1st 58_1931 M-N __-- 10734 10712 Dec '11 ---_, 10812 1081
1111w & L Winnebago 63_1912 A
J
J.:O
103
1 103 103
Gila V G & N 1st gu g 5s_1924 31-N 10218 ._-. 103
9178 93
018
9213
8
-01Sup&Dul div & term 1st 43'38 M-N
--- 105 J'ne'll --- 105 10534
Ilous 13 & W T 1st g 58_1933 M-N 104
1933 151-N 104 ____ 10412 Aug'11 ---- 10912 105
1st guar Is red
Manufacturing and Industrial
II d: T C 1st g 5s lot gu,._1937 J-J 10953 110 10958 Aug'11 ---- 10912 11034
Consol g es lot guar1912 A-0 109 11018 10712 Sep '11 ---- 10712 10014
276 4978 79
54
50 Sale 49%
1036 J-J
Allis-Chaltners 1st 58
9518 Nov'll ---- 9334 96
Gen gold 48 lest guar 1921 A-0 9513 96
6 101 10258
10258
Am Ag Chem 1st c
1028 A-0 10134 10212 102
• Waco & N W div 1st g 6s'30 M-N 114____ 11914 Mch'10 --1 06 9834
98
98
98
0834
Am
Q-1?
1015
Cot
ext
011
433s
103
108
108
----J
10712
108
'11
.1
Oct
531041
_
g
gu
1st
A &N W
10
95 0733
95
95
—
05
5s
11519
Debenture
11234
11418
11212 Sep '11 ---- 11212
Morgan's La & T 1st 78_1018 A-0
9912 12 9614 100
1 M-1 09 Sale 9812
919
193
1920 J-J 10934_ Ill Mch'll ---- Ill 111 , Am Hide & L 1st s g 6s
1st gold Gs
73
7212
75
Noy'll
65 78
Amer
Seem'
g
Ice
1025
deb
6s
A-0
_
____
g___1912
A-0
4s
gu
Ai
&
Tex
NI
35 100 104
1 Am Smelt Securities s f 63 1926 F-A 10258 Sale 102% 103
1938 A-0...._._ fills IN Feb"ö7 ---Na of Cal guar g 55
0014 102
Am Spirits Mfg 1st g 63
1915 M-S 100 102 101 Oct '11
Ore & Cal 1st guar g 53_1927 J-J 101 _--- 102 J'ly '11 --- itii 102
9212 9358
1919 J-J 9314 -- r - 9234 Oct '11
1912 A-0 10018 ___ 10112 May'll ---- 10112 10218 Am Thread 1st col tr 4s
So Paz of Cal—Gs E
11818
1554
Sate
11778
118%
10278
11818
Am
A-0
Tobacco
1944
40-yr
6s
g
11410 Dec '04 ---1012 A-0 10013
1st gold Gs F
10212 11710
11718
11712
Registered
1944 A-0
___- 116 "May'07
1937 N1-N 111 11271
1st con guar g Is
1177 Sale 11673 11778 312 1.0958 1177;
of
Certificates
deposit
--„
---'09
J'ly
00
_
gu
1st
4s
g_1937 J-J 91-So Pac Coast
9112 Sale 0078
9178 1888- 7978 9314
Gold
4is
Rm
0033 9318
91 Dec '11 ---, __-San Fran Terml 1st 43_1950 A-0 0012 01
1 8214 91
91
91
Registered
1 100%1017s
10058
Tex & N 0 Sab Div 1st g 88'12 II-S 100%..._ 10058
91% 1346 8518 9178
9112 Sale 1)078
of
Certificates
deposlt
103
11995511
A14:
10158
FF----„
May'll
101%
1943 J-J
Con gold Is
146
Sale
117
11658
11658 117 .
117
1)
Liggett
&Myers TobCo7..i(w
9518 85 9358 96
95 Sale 9973
1955 J-J
So Pac RR 1st ref 4s
88% Sale 88
'8812 290 88 8812
Os when issued
76 10912 10912
1994 J-J 108 Sale 10712 108
Southern 1st consol g 5s
1167311718
Sale
137
11634
11678
11718
P
::__
105
Lorillard
issued
Co
7s
when
105
-,-,'11
Registered
1994 J-,I --------105 Sep
89 316 8818 89
8818 Sale 8813
5s when issued
7918 177 7434 8014
Develop & gen 48 Ser A.1931 A-0 7918 Sale 7834
89
13 8834 9178
8834 Sale 8834
Am Writg Paper 1st s f 5s__1919 .7-J
Mob Ze Ohio colt tr ir ..13...1938 11-S 8512 8812 86 Dec '11 ---- 85 88
10312 10334
34
190 • J-J 108 10011 108 Oct '11 ---, 108 10912 Baldw Loco Works 1st 5s__1940 51-N 93% Sale 10334 Dec '11 19 102%103
Mem Div 1st g 4 4.6-53
8012 9813
Beth Steel 1st ext s f 55_ ___1926 J-J
9334
9314
6 8612 89
8712
89 8712
1951 J
St Louis city 1st g 4s
9012 40 05 100
1918 J..
J 10612 110 10778 Nov'10 ---- -------- Cent Leather 20-year g 58_1925 A-0 9814 Sale 0014
-J---Ala Cots Ii 1st g 13s
9138
8118 0133
0034
3951 F-A
88 8973 9012 Nov'll —.
12 112 Consol Tobacco g 48
1098 J-J
Atl & Daley 1st g 4s
57 Nov'07
1051 F-A
Registered
8214 8234 8214 J'ly '11 ---- 8214 8214
1948 J-J
2d 48
"Oir 1)758
1931 n-N 95 94l 9634 Dec '11
., __ _--- Corn Prod Ref I g Is
Atl & lad 1st g guar 43_1940 A-0 81
9513
0812 9712
9512 96 Noy'll
_
1st 25-years I 58
05 2 107
4 Deo-'11 ---- 11
1910 J - J 10558 1051 1053Col & Greenv 1st 68
N i;111-4 97 97 Dec '11 _ai 9512 97
A-O
934 M
1930 J-J 10778 _..... 10734 Noy'll --- 107%10814 Cuban-Amer Sugar coil tr 6811918
E '1' Va & Ga Div g 5s
7512 31 7034 80
Distil Sec Cor cony 1st g 58_1927 A-0 75 7512 7512
1950 11-N 11073111 11078 Dec '11 ---- 10912 112
Con 1st gold Is
8512 11 8278 8612
E I du Pont Powder 413s,.1938 J-D 85 8512 8512
1938 111-S 105 ____ 10634 Noy'll ---- 105 107
E Ten reor lien g 5s
81 82
F-A _ 8212 82 J'ne'll
- Gen Electric deb g 3
199; A-() 6212 72 65 Nor09 ---Ga Midland 1st 3s
145 167
153 Noy'll
1917 J-1)
10-yr g deb 5s •
Hit-2IN
— 11234 11212 Oct '11
1922 J-J
Ga Pac By 1st g Gs
98
9834
9812
97 9914
Sale
0812
lien
1st
Gen'l
6s..._1915
Motors
_
A-0
114
---11512
J-J
1
May'll
63_1025
1512 116
Knox & Ohio 1st g
101 J'ne'09
III Steel non-cony deb 5s
1913 A-0
Mob & Blr prior lien g 53_104 J -J 104 ...„ 10512,Nov'10
95 J'ne'07
1945 J-3 78 ---- 78 Nov'11 ---- 78 - -7814 Ingersoll-Rand 1st g 5s___g1935 J-J
Mortgage gold 4s
101 10)53
J 1. 103 ioi 10312 10312
8 F-2
15
93
1915 J-J 10412_ 104 Oct '11 --- 109 10578 lest Paper Co 1st con g 63_19
Rich & Dan con g Gs
83 87
83 8412 84 Nov'11
10412 105
_ Consol cony s f g Os
• 1927 A-0 103 ...... 10411 Dec '11 —
Deb 5s stamped
tat St Pump 1st 8.1 55
1929 81-S 9114 9214 9112 Dec '11 _- 0138 95
_ 71 Mch'11 ___ 71 71
Rich & Meek 1st g 4s_1948 M-N 72
4
9918
(97
97
96
1634
10412
A-0
97
g
1023
1st
Steel
53
103
104
Lackaw
Noy'll____
10318
10351
1919 M-N
So Car & Ga 1st g 5s
7734
77% 21 77 8814
_
1930 51-S ..._ 78
_
1st con 5s Series A
Virginia Mid ser C Os ..,.191O 51-S 105 10712 112 Oct '00 ____
9114 63 90 96
Sale 9058
91
51-S
1915
5s_
convertible
____
-year
5
.J'ne'll
10414
_
10314
I0414
14
4
.
51-S
11
1921
Series D 4-5s
1 94 9512
04
1929 J-D 9312 9512 99
Nat Enam & Stpg 1st 5s
1926 111-S 105 __ 106 'Alch'll____ 10,3 108
Series 5 5s
Y Air Brake 1st cony 68_1928 11-N 9914 9912 9914 Dec '11 ---- '94. 105
1931 M-S 10512 ___ 105 i,J'ne'10 ____ _—
Series F 58
9718 — _ 08 Noy'll -- 97 90
108
J-J
1921
1st
_
107
5s_
Spgs
f
s
Steel
By
0
108
Sale
'I
108
108
51-N
1936
General 55
_ 10278 Aug'11 --- 10278 10313
Repub I & S lst&col tr 53._1934 A-0 10278
Va & So'w't 1st gu'38_2003 J-J 10753 ___ 10811;1'1y '11 ____ 108 110
91
8978 90
91
10-30-year Os s 1
1940 A-0 9012 t
1st cons 50-year 5s 1958 A-0 97 9712 97% Deo '11 _--- 9412 9753
86 89
88
88
4
883
1st
1930
Milling
1I-N
58_
8712
Standard
06
98
____
,Voy'll
,
96
____
85
W 0 & W 1st cy gu 4s1929 F-A
9434
2
94 98
9958
00
4
3
The
94
J-J
Texas Co cony deb es_ _1931
1914 J-J __ 105 10434' l'iy '11 ____ 10412 105
West N 01st con g 6s
0012 9513
94 9514 04 Dec '11
Spokane Internet 1st g 5s 1955 J-J 101 105 1021i Apr '11 ...— 102 10258 Union Bag A Paper 1st 58_1930 J-J
92 96
94
'11
9714
J'ne
4
943
10578
_
Stamped
10434
___
Noy'll
Mer A of St •L 1st g 4 s._1939 A-0 10478.._ 10578
5 102 105
10258 10258
51-N 102
1930.1. 1st con gold 5s_.1894-1944 F-A 11134 -- 112 'Aug'11 ___ 11034 11238 U Leath Co s f deb g 6s...._1913
2 16712 91
- 88
88
8812 8012
US Realty & I cony deb g
J-J
95 0618 0814 Noy'll ____ 9558 98
1953 J-J
Gen refund s 1 g 48
70 88
US Red & Refg 1st g 63_1931 J-J ___ 60 70 Apr '11
St L M Bge Ter gu g 5s...193.0 A-0 105 ____ 10813 Feb '11 ____ 10812 10812 (23
10418 Sale 104
10412 45 10134 105
93 .-D
J-D
j
Rubber 10-yr coil tr 88_1918
4,110 11158
2000 J-D 109 11012 11012 11012
Tex & Pac 1st gold 5s
Jan 'II
10313
Registered
------------50
70
q2000
Mch
Meh'10
53
Inc
gold
24
10173 418 -164173 1151-114
9912 Apr '11 ____ 9012 992 U 8 Steel Corp—jcoup _ _ 01963 NI-N 10153 KtiO 10158
La Div B L 1st g 5s. __ _1931 .1-.3 10
4 00 10614
10158
10218
_81963 Nt-N
S 1 10-60-yr 5slreg
__ r„,
W Min W & N W 1st gu 5s_'30 le-A ---- -----10612 Nov'04 _
10014 10012 10014 10012 10 9873 10214
_1923
5s_
J-D
15-yr
1st
Chem
Va-Car
110
110
___
10014
'11.
J-J
Dec
-1935
;
1101
4
106355
g
Gist
igol &O
19
10014 10278
10214
10214
Sale
10214
J-.1
1922
Dec
Is
1st
West
Electric
_— „,1935 A-0 1081a 10912 112 Sep '09
Western Div 1st g 5s
24 0012 0514
93
9258 Sale 9212
Westinghouse S & AI s f 58_21)31 J-J
1935 J -D 103 ____ 104 Noy'll _ 10112 104
General gold 5s
1.;6 96
96 J'ne'11
58_1917
A-0
colt
92
notes
tr
10-year
9318
9(3
9212
1900
92
A-0
'11
Oct
____
1st
43
g
gu
Kan & M
7 0012 09
98 9914 9812
9812
1927 J-J
• 2d 20-year 5s
•
Telegraph & Telephone
2 90 94
0212
9212 95 9212
1917 J-J
Tol P & W 1st gold as
9014 35 893s 9218
9018 901, 0018
8712 8912 Ass Telep & Tel colt tr 4s 1920 J-J
8712 ___ 8712 Sep '11 _
Tol St L & W pr lien g 3 3,55.1925 J-J
35
11318
10018
10•113
10834
109
Sale
PA-S
1936
7978
4s
87
Convertible
i
68
1950 A-() 68 Sale 6712
50-year gold 4s
: Chicago Telephone 1st 5s_ _1923 .J -I)
1917 F-A ___ 7512 75 Nov'll ____ 75 811
Coll tr 45 g Ser A
__ 83 N
si 3;112
_ 0012 Noy'll __ 87 9012 Commercial Cable 1st g 43_2397 Q-J 82
Tor Ham & Bull 1st g 4s_h1940 ,T-D 89
82
8312 Nov'11
8312 89
,397
Registered
TTIster & Del 1st con g 55.._1928 J-D 10412 __ 105 Sep '11 ____ 105 106
83 Oct '11
83 85
1952 A-0 85 8512 8512 J'ly '11 _. 8512 8512 Keystone Telephone 1st 5s_1935
%-7 1st refund g 4s
4
103 Dec '11
103 104
51-N 1011918
Os
f
s
1st
&
Tel
Tel
Metropol
Pacific—
Union
98 101
10214 Mich State Telep 1st 5s___ _1924 F- A u95310014 10014 Dec '11
RR ec land grant gold 48_1947 J-J 10114 Sale 10034 10114 88 100
10314 May,i
10314 10314
1947 J-J 99_ _ 99 Dec '11 _ ._ 99 10078 NY&NJ Telephone 5s g_ 1020 51-N 1661Registered
10014 3i 9833 101
8 Sale 10018
Al-N
1939
s
&
1st
14133
gen
Telep
NY
1104
10218
10312
100
824
J-J
;ale
7
:
1927
10314
4s
cony
20-year
Oil
99 Sale 9834
26 97 9034
1937 J-J
9712 13 9534 9814 Pac Tel & Tel 1st Si
g2008 M-S 9738 Sale 973
1st & ref 95
9918 11)3
9538 20 9313 9714 West Union col tr cur 53: 1938 J -J 10034 10134 10134 10134
Ore By & Nay con g 48_1946 J -D 95 9578 9514
II 1941) 9812
97
11-N
-Sale
07
08
_1950
;is
4
Fd
g
and
est
real
'11
Dec
___
113
11312
11514
F-A
11312
68_1922
11414
g
- Ore Short Line 1st
10.158
103
11
____
10434
NI-N
Nov
1936
10.128
11918
Cony 43, series A
5 10914
1940 J-J 111 11134 11134 114134
1st consol g 5s
103 103
1936 M-N
103 Feb '11
Registered
9438 19 9212 95
1920 J-D 9438 Sale 94
Guar refund 4s
104 10458
J'ne'll
M-N
_1941
104
_
5s_
Un
ext
108
gu
Mut
108
Tel
___
May'll
_
105
103
J-J
1926
Utah & Nor gold 5s
103 J'iy '04
Northwest Tel go 4 ;is g_1934 J-J
91
Mi. I-.1
-—
tat Axtpnriod is
y
--------
-
MISCELLANEOUS BONDS—Concluded
II
Miscellaneous
2 8312 91
87
1948 M-S 88 8714 ST
Adams Ex coil tr g 48
92
Armour & 001st real est 4133'39 J-D 92 Sale 9112
1311 913 9312
I 00 0314
9034
1052 A-0 91 9134 904
Bush Terminal 1st 4s
09
t 97 10012
1955 J-J
9834 Sale 98
Consol Os
110
44 100 11318
Chino Copper 1st cony 65_1921 J-J 110 Sale 110
---1812
J'ne'll ____ 18
Comstock Tunnel Inc 4s_ _1919 __ _
Irrigation Wks & I) of A 4-13s '43 M:N 92 95 0315 Noy'll ____ 92 9313
6614 34 6312 6339
Int Mercan Marine 4;0_1922 A-0 6558 sale 6512
311 78 8212
82
NIA NavigatIon 1st s f 5s.....1929 F-A -- 81 ,813
1966 A-0 ___ 88 89 Apr '11 ._ll 89 89
Mg() Bond (N Y) sec 2-4s
84 85
9004 92
Morris & Co 1st s 1 4 kis_ _ _1939 J-J _ __ 0014 9112NorIl
83 86
8253
1 82 00
100 10412 N Y Dock 50-yr 1st g 43-1951 F-A 61 82 32
1932 J - J 10012 — _ 102 Apr '11 ____ 102 102
Nlag Falls Pow 1st 55
10312 106
____
_ - _ ___
__
-Refunding & gen es_ _a1932 A-0
10334 10512
__
___
_
1945 M-N ___ 96 _
Ontario Transmission 5s
___
4
921-2 "943103-4 1
3
8 9234 iii5_ ____ Pub Serv Corp N J gen 5s.._1959 A-0 925___
87 ._ 10012 Sep '05 ...
1930 J-J
-if 8812 St Jos Stk Yds g 4 3-e,s
2
1023
10212
__
Alch'll
10212
100
J-J
1930
5s
13t
Wash Water Pow
9112 98
•No price Friday;latest bid and asked aDue Jan dDue Aprll eDue May gDue June hElue July kDuo Aug oDue Oct pDue Nov gDue Dec sOptlon sale
Coal & Iron
7 -- 97 Feb '11 --Buff et Susq Iron s I 5s____1932 J-I)
.
Nov'll --a1926 NI- S ----01
Debenture Is
99
1
Col F & I Co pens I g 5s____1943 F-A 98 6614 99
10734 Nov'11
1919 M-N 10734 _
Col Fuel gen 85
73
19
Col Indus 1st & coil 5s gu 1934 F-A 73 Sale 72
cons had Coal Me 1st 53_193" J-D ___ 8412 85 J'ne'11 ____
09
1
Cons Coal of Md 1st & ref 58 1950 2-1) ____ 9534 94
10258 Apr .96 ___
Or lily Coal & C 1st g 6s_ _81919 A-0 90 __
9814 la- 99 Oct '11 ____
Kan & H C & C 1st s f g 53_1951 J-J
Pocah Con Collier 1st s f 53_1957 J-J __ _ 8512 85 Apr 'II --__
._ 8014 8412 J'ne'll ___
195 J.i__T
St L Rock Mt & P 1st 58
10118 10
1951 J-J 101 10112 19118
Tenn Coal gen 55
10312 10312 10312
2
Birm Div 1st consol 6s 1917 J-J
al917 A-0 ida-ii 104 10414 Nov'11 ____
Tenn Div 1st g es
Gals C AI Co 1st gu g 88_1922 J-I) ____ 110 110 Jan '09 ____
--- ------ ---1931 M-S
Utah Fuel 1st g 55
8714 Ata-y'll
-86
1053 J-J _
Victor Fuel 1st s f 58
VaIron Coal & Coke 1st g 351941 51-S 9512 97 9512 Dec '11 __
9614 97
89 91
07 10214
10734 10734
72 7912
85 85
94
97
_ _
_
ig -ii,5
-10
CHICAGO STOCK EXOHA.NGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Dec. 9
.170
' *1
*3
*29
9134
*95
3411
1114
614
*:(8
*18
*8.
*33
Monday
Dec. 11
Tuesday
Dec. 14
190 *170 190 *175
3
*1
3
*1
*2
5
*2
4
429
*39
30
30
*9?
.9134 *92 .99
9112 9112 *95
97
*34
34
3418 34
1112 *11
1114 *11
*13
612 *6
614
12
*18
22
*18
22
812 *7
*38
40
40
*7
433
1Wednesday
Dec. 13
190
3
4
30
9-1
96
*1
*2
30
*92
*95
3112,
111,- *11
6172 *6
-2-2
*13
8
40
*7
*38
Thursday
Dec. 14
Friday
Dec. 15
190
Last Sale 190 Apr'll
3
Last Sale 112 July'll
June'll
4
Last Srlie 3
1;0
30
3033
3014 30
9l34 9134
94
06
90
9634
186
*95
gay
:3438
35
3478 *34
111, *11
1112 *11
1112
612
612 *8
812 *6
Dec'1 I
Last Sale 33
Last Sale 2034 Noy'll
2054
Last Sale 50 Dec'll
8
778
734
Last Sale IS Nov'11
40
1114 1114
11
1133
11
1113 1114
11
11
11
11
11
9114 9114 9034 9112 9014 9112 90
91 • 01
9014
90
00
0300 304 *300 304 *300 304 *300 304
Las Sale 100 Noy'll
*13213 133 *13258 133
132 132
132 132 *13258 133
*49
50
*19
;i5- -51;449
50
50
4912 4934 *49 '3()
*100 10512 4q.00 10512 *1(10 100(2 *100 10512
Last &IA 10112 Sep 11
13833 13833 13812 13858 *139 140 *13912 14014 4140 14014 *140 14014
45
45
45
51
50
30
4712 4978 50
45
5078 *48
*45
46
49
46
411
46
371 8713
*85
____
*33
84
84
8612 8512 8712
*49
__ _
Last Sale 59 Noy'll
____ *49
*49
_ *40
114 *1
-1-14 *1
1-14
Last Sate 113 Oet'l 1
*1
114 *1
*6
8
*6
8
Last Sale 312 Nov'11
*6
8
8
*6
*46
4634 4634 *4612 4712 4012 4612
47
4714 4714
138 13814 13814 13812 13834 139
139 1:3914 13914 13014 i5554 139
*170 174
180 180 *178 185 *8.73 185
174 170
174 174
135 13518
13334 13334 13314 13314 13378 13514 13514 13512 *13412 135
*10
11
*10
1012 1012
11
Last Sale 78 .Tan'11
108
105 1-61-38 10514 165, 1051., 1-6(1.
10814 10312 , 10712 10734
103 10312 ,1 10318 10334 410:314 10334
10334 10312 1031,
433
*5512 5712 *5012 58 *5612 58 57 5712 *55 58 ;:io- 108
105 10514
*107 108 *107
;VI/ 16" *47 50 *47 50 *47 30
Last Sale 50 Aug'll
40:4 41 *40 41 4112 42 *4112 42 42 4314
021, 03
0312 9312 94
93 -9-412
9114 9414 05
93
94
*13712 140 *133 140 *139 140 *13912 14012
Last Sale 141 Noy'll
*127 129 *126 128 *126 128 *126 128
Last Sale 125 Dec'11
102 102
10014 10033 103 103 *102 103 *102 103
101 101
*118 11812 *118 1181, *118 11812 118 118' *113 120 *118 120
10318 10318
10312 10312 10312 10312 *103 10334 10312 10134 10358 104
141 1411, 14114 1411,
13973 140
13978 13973 140 14034 141 141
12112 12112 *121 122 - *121 122
*121 122 *12112 122 *12112 122
10112 Mos 10118 10112 10114 10114 10114 10112 10112 10112 0934 10134
*200 205 *200 205 4200 205
202 205
Last Sa-e 203 Den'll
*10514 105(2 10512 10512 105 10512 1051. 10512 *105 10512 10512 10512
114
114
118
114
114
1(8
1:
118
118
1
13.!
*112
6414 6418 6618 67.8 6718 6633 67
6213 6218 6214 6378 61
*13
*14
1412 15
*14
*14
15
15
*14
15
15
15
"gT3-
10012
10312 --
Sales
of the
11teek
Shares
STOCKS
CHICAGO STOCK
EXCIIANGE
Range since January 1
Highest
Lowest
Railroads
Chicago City Hy
100 185 Jan 11 190 Apr 28
112 J'ne
112 J'ne 16
Chicago & Oak Park_100
3 ,J'nell
6 Mch 23
Do pref
100
21 J'ly 12 3038 Dec 15
100 Chic (31ley itys coin
Do pre(
17
85 J'iy 58 91 Nov15
80 Apr 29 101 Aug 2
45 Chic Rys part ctf
2034 May13 3634 Dec 15
2,330 Chic Itys part ctr
8 May13
1212 Aug 3
25 Chic Rys part ctf "3" ___
412 Mch 1
712 Aue
20 Chic itys part etf "4"___
Chicago Subway
100
6 Mch 1
14 Nov14
Kens City Fly & Lt_100 15 Sep 25 25 Feb 23
Do pref
100 39 Sep 26 7212 Feb 25
25 Streets W Stable C L_100
7 Dec 7
1314 Feb 23
Do pre)
50 Jan 9
100 38 Nov21
Miscellaneous
950 American Can
100
Do pref
100
865
American Radiator_100
Do pre(
12
100
55 Amer Shipbuilding__ .100
Do pre,
100
135 Amer Teiep & Telt:a
1,377 Booth Fisheries coin
Voting trust ctf
766
Do met
590
Cal & Chic Canal & D-100
Chic Brew'g & Nlait'g___
Do pref
160 Chic Pneumatic Tool_100
2,403 Chicago Teleptionc___100
120 Chic Title 8c Trust___100
1 399 Co m monw'th-Edison _100
25 Corn Prod ltdr co corn
Do
do
pref.._ _
541 Diamond Match
100
419 Hart SilAffIler & Marx pf..
20 Illinois Brick
100
26 1nternat Harvester Co -Masonic Temple.
395 McCrum-Howell Co 100
Do pre(
703
National Biscuit
100
100
Do pref
100
125 Nett°nal Carbon
Do pref
100
20
193 People's Gas L&Coke_100
833 Sears-Roebuck coin 100
Do pref
100
10
100
571 SwIft ec Co
The Quaker Oats Co 100
Do pre
100
161
5,320 Unit Box lid & P Co_100
2,725 United States Steel com_
20 Western Stone
100
9 Jan 16
7678 Jan 7
565 Jan 0
12612 Mch 9
48 Nov 8
10612 Sep
13158 Aug 30
35 Apr 28
38 J'ne 14
60 Sep 22
4912 Apr 24
1 J'iy
312 Mch 27
3912 Sep 22
115 Jan 25
15113 Jan 6
113 Jan 19
934 Oct 27
78 Jan IL
9213 Feb lu
100 Sep 22
4978 Sep 26
9914 Sep 29
47 Jan 18
3812 Nov 2
00 Oct 3
11714 Jan 17
123 Jan 3
100 Aug 18
117 Sep 13
101 Sep 27
12334 Sep 21
113 Sep 25
9734 Sep 25
165 Alch 7
10212 Feb 1
1 Dec 11
5012 Oct 27
13 Dec 8
1212 May 9
93 Dec 1
304 Oct 11
133 Nov28
79 Feb 6
113 May18
15214 J'ne 12
5914 Mch 4
5734 Itch 0
88 Dec 4
52 Feb 2
114 J'ne 7
7 Nov 1
5512 Feb 23
14114 Nov25
180 Dec 13
13738 J'ly 15
1538 J'ne 15
78 Jan 18
11034 Nov28
10334 Dec 13
70 Jan 20
129 May 5
5018 Aug 2
G7 Jan 3
98 Feb 2
141 Nov13
130 Mch31
120 Mch 14
120 Mch 23
108:88 Jan 19
19234Jan 31
122 Meh 11
104 J'ne 5
203 Dec 8
10712 J'iy 21
7 Jan 3
8178 Feb 6
25 Jan 57
Range ;or Previous
Year 1910.
Lozvesi.
Hialtest.
160 Oct
112 J'ly
4 J'ly
185 Mch
313 Jan
112 Jan
6034 Sep
1114 Sep
8 May
3 May
218 J,44.0
20 Aug
69 Feb
J'iy
40 J'iy
"100
Jan
36 Jan
16 Jan
91$ Jan
614 Aug
39 Jan
7734 Mch
543$ Jan
104 Jan
653 J'ne
1328 Jan
82 Jan
6212 J'ly
240 Apr 261 Dec
126 J'ly 135 Apr
8413 May
72 Fe))
107 Aug 112 Jan
13114 J'ly 14218 Mch
43 Dec
31 J'ne
41 Dec
29 Aug
74 Jan
56 J'ne
46 Dec
55 Feb
1 Feb
1 Feb
• 3 Sep
3 Sep
47 Dec
2512 J'ly
110 May 137 Jan
142 Aug 163 Mch
10812 J'iy 12115 Jan
2234 Jan
1312 J'ly
82 Feb
7914 Apr
3212 Sep 127 Jan
53 J'iy
9478 Aug
4312 Mch
40 Mch
93 J'ne
101 Aug
118 J'ly
104 Feb
112 Feb
103 J'iy
148 Feb
11612 Aug
100 Dec
155 J'iy
101 J'iy
614 Apr
15
J'ne
91 Mch
115 Nov
46 Jan
.3712 Dec
10234 Apr
119 Dec
125 Jan
145 Oct
123 Nov
11534 Jan
18634 Nov
122 Mch
1093 Jan
136 Feb
106 Jan
1853g Jan
2038 Dec
Noto.--.01 Octal sheet, o longer rep orto transae dons of lea, than 10 she 05,
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dec. 15.
OutstandInterest
Period
Pries
Friday
Dec. 15.
Week's
Range or
1,431 Sale
Sold
Range
for
Year 1911,
Lazo
High
High
Ask Low
Bid
Ania• Strawb'd 1st 69_1911 • - A
10012 10012
10012 Jan'll
Armour & Co 4 sis___1939 I • D
9114 Dec'll
9114 9353
9913 100
Booth Fish Co Deb(I 51'17 J - J
100 Itch'11
Deb q54
1924 .1 - J
90 100
100
Mcli'll
9818 99
Sink Pd Deb 6s tr sec -- A - 0
9,12 Apr'll
Calumet & South Chicago
Fly 1st 5s
1927 F -A
0914 July'll
8914 9214
Cass Av &
(58 L) 5s '12 J - J
10114 Oct'09
Chic Board of Trade 481927 J - 1)
109
May'01
Chicago City ity 5s
1927 N' - A 10212 Sale 10212
13 i(12.18
10234
J
Chic l.301180i 13r & Mit 6s...._ J
103
Apr'04
Chic Consot 'Frac 4 435 1939
-1)
50
Apr'09
Chic Auditorium lst5s1020 N' 'A
9834- Jan'06
Chicago Hies, fly 53_1914 J -J t5i- - 08
9778 Oct'll
"Ws Ws
9.112 Dec'09
Ohio Jo Itit 1st Si g Ss 1945 41 - s
--Chic No Shore Elec 68.1912 A Feb'06
87
Chic Poe Pool 1st 5s.a1921 J
91
66i4 Sale 9034 9034
1927• - A 100 Sale 100
Chic fly 53
10018 42 9738 10014
Chic itys 4-15s series "A" A 9712 40 9318 0712
97
597' Sale
Ohio itys 4-5s series "B" 3-0 9014 Sale
9114 299 8218 0114
90
Chic itys 4-53 series "C"• - A
91
90
Sep'11
91
02
91
Chic itys colt 0s_1913
- A 5100 10014 10014 Noy'll
0958 10078
Chic ltys Fund 6s,...1913 • - A 510018
Jan'll
100
100 100
Chic itys Tells Ctfs 1st 5s
100
Dee'll
9734 100
Chic It 1. et P RR 4s 2002 M - N
6612 Aug'08
Collat trust g 5s_ 1913
y'08
8812
Chic Telephone 53_ ,._192,1 J
510314 §Rie 10:314 10314
102 10352
Co tumuli w- Edison 5s _1943
16 10012 10318
103
103 Sale 103
Chic Edison deb 63_1913 .1 - J
..-- 10078 Nov'10
1st lc 3s__July 1926 A - 0 ....
100
Feb'1 1
100 100
Debenture bs
1920
S
- 10033 Aug'09
Commonw Elect 501943 Pi • b *.10314 10212
2 10034 103
10212
Dia hlatch Con tib 6s...1920
10314 11012
10934 Nov'll
116U2 109
lilinols runnel 5s........1928
80
Dec'08
Kan City Fly & Light
Co
1913
N
9734 May'll
9638 9734
Knick'b'ker Ice 1st 58 1928 A - 0
1 9734 100
100 May'll
Lake St E1-1st 05_1928 J . J
8912
8714
8714
77
Dwaine 5s
192) Feb
16
May'05
Metr W Side El1st 48
1938
4 8218 863.1
- A
85
8512
85 Sale
Extension g 4s____19118 J - J
7818 5278
8114 8138 8112 Nov'1 1
Morn!' & Ce. 4____1939
J 5---- 90
90 Noy'll
804 0134
North West El 1st 4.1._ 1911 51-S
100 Jul y'l 1
Ms 100
Northwestern Gas Light &
Coke Co 5s
1928 Q M
0958 Oct'll -- 9912 100
°Neil Gas bs
11041
- N
Dec'll
92
9612 90
0612
Pearsons-Taft 53
1016 J - I) 6872
10033 Mch'09
.41 - S 95
4.40s
9612 Nich'10
it - N
4.60s Series E
Feb.10
96 ._. 97
ii - N
4.80s Series
0814 Noy'll
9712 ____
Peo Gas L & C 1st 03_1943 A - 0
12113 11,13y'09
Refunding g
515178 1-6214 10173 10173 2 10134 10-23-4
Chic Gas L&C 1st 5s1937 J - J 110314 /0312 10314 Noy'll ---- 10273 10313
Consurn Gas 1st 5s_1936 J
I) 110112 102,
8 10112 Sep'11 ---- 10112 14)2
'Fuel Gas lst5s1947 It - N
Mut.
17 101 10158
101
Noy'11
J
South Side Eicv 4 30..1924 J
OgsSaie 9513 9514 1 03 9534
Swift & Co lat g 5s_1014 J - J 110012 Sale 10012 10012
2 100 10158
Union El (Loop) bs__1945 A - 0 85 Sale
85
85 -- 85
85
United Box Board col 6726
Apr'10 -70
J
Ueiwral intge 63
J
60 31ch'll
60
,
. 102
Western Elea Co Os,., 1922 I
J :jai
10238 Noy'll
10034 103
NAME
Stock
(5)
Surplus
and
Profits
(1)
Dividend Record
In
11e09
Per- Last Paid.
in
1910 ted
-----•
(3
An Jan •11.
ly :
1
12
1. 4
5
c1
J-.1
.4 j
Ja
un
10
Q-J Jan '12, 212
5100,000 1552,216
Calumet National
6
Chicago City
590.003 11266,453
10
Conti'tar & Comm Nat_ 21,500,000 8,805,613
Corn Exchange Nationai 3,000,000 5,814,152
12
Douglas State
2.1
00
0:00& 1 1
Beg. b eMay 311 1, V.92,p15313
8
Q-J Oct '11, 112
Drexel State
9
50,283
Q-J Oct '11, 212
2
600:(0)0
00
10
Drovers' Dep National_
Q-J Jet '11, 134
Englewood State
10
6
49
19
4
45
55
3:3
12;
12s Q-I1 3ep 30'11,3u
First National
10.000.0(k) 11,618,417
150.000
10 Q-M Sep30'11,212
First Nat Englewood
10
100,748
Foreman Bros 13'k'g Co_ 1,000,000
565,226
Priv ate ..,13a ak
Fort Dearborn National 2,000.000
8
Q-.1 Jet '11, 2
611,695
8+2 Q-J July '11, 2
Hibernian 13'leg Ass'n.... 1,500.000 1,225,025
8
5004100
10+15 .I-J July '11..3
Kaspar State Bank
29,145
10
200,000
Lake View State
116,062 deg b ur Apr 8'11 V.92,p. 1001
1,000.000
La Salle St National
284,343 deg. b us. Ma y'Ill V.90, 13•1277
Q-.61 Sep 30'11,212
10
Live Stock Exch'ge Nat 1,250,01./0
603,782
10
4
Q-1, Nov '11, 1
300,01/0
4
'Monroe National
161,814
8
Q-J Jan '12, 2
8
Nat Bank of Republic_ 2,000.000 1,335,228
'11 112
2,000,000
Q-J
523,705
6
National
4
Q-J Oct '11, 112
2581,000
National Produce
93,517
3
75,985
200,000
631 61-.1 Jan '12, 134
Northt Avenue State
53.4
50,000
6
Q-J Oct '14, 112
North Side State Say'gs
37,711
6
200,000
4
Q-.1 Oc. '11, 114
North West State
35,657
300000
679
218
Q-J Oct '11. 212
People's Stk Yds State..
137:0
7
300,000
6 Q-M Oc: '11, 112
Prairie State
112
400,000 4327.429
Oc
et
t :N.2
Security
111
-3 0
4
7 3m4 Q4
208,000
South Chicago Savings_
100,000
6
Q-J Oct '11 112
200,000
16,597
13•1
South Side State
Q-J Jan '12,3
12
State Bank of Chicago_ 1,500,000 2,093,092
12
8 Q-11 Sep 3011,2
250.000
Stock Yards Sayings
198,015
8
500,000
6 Id-N Nov '11,3
Union Bank of Chicago_
130,572
6
100,000
Washtngton Park Nat'l
47,814 See V. 90. p 159
50.000
Wendell State
19,767 None None 18-21 0e031'08.112
xvCentral Tr Co of Ill,. 1,000,000 1,015,465
7
733 Q-J Occ '11,2
1.0013,000
/4-J Oct '11, 112
Chicago Say Ilk & Tr
226,687
6
5.000.000 11,810,642
Chicago Title & Trust
6
73.4 Q-J Jaa '12,2
50.000
6
Q-J Oct '11, 212
16,395
4
Citizens Trust & Savings
600.000
476,333 8+2 8+2 Q-J Jan '12,2l
Colonial'rrust & Saving
Coot & Comm Tr ec Say 3,000.000 1,011,315
200,000
Oct '11, 212
8
Drovers'Trust&Savings
153,30
8
12
Q-M Scp30' 11,4
r First Trust & Sayings_ r2,500,000 3,972,600 16
250,000
us.Apr 3' 11 V. 92. p. 929
6,377 Beg,
Ft.Dearborn Tr&Say Bk
Greenbaum Sons Bk & Tr 1,500,000
72,863 __
'4-3 Oct '11. 212
200,000
-1908 V.87.P. 1133
228,100 Inoorp orated
Guarantee Trust & Say.
llarris Trust & Savings_ 1,500,000 1,007,6713
93.4 11+5 Q-3 Oct '11,3
300,000
dome Bank & Trust....._
59,793 Beg. b us Apt 1..'1 IV.92,1).1004
q Oct '11. 3
Illinois Trust & Savings 5,000.000 9,0J8.028 16+4 16+4
200,000
71,007
Ikenwood Trust & Savgs
65f 1+13.4 Q-J Oct '11. 13‘
12
53i Q
J
Oacnt '42
1:
/4
12
Lake View Trust&Savgs
200,000
58.839
5
12
Merchants' Loanderr Co 3,000,000 6;391,793
750,000 4260,413
6
6
Q-J Oct '11,112
2;Metropolltan Tr & Say
459,951 Beg. b us, Oct 291 0/913).1221
Michigan Ave 'Jr Co
200.000
500,000
56,791 Com. b us. Ap r10 11V92p1004
Mid-City 'jr & Say Bk,
Q-.1 Sep30'11. 2
8
8
1,500.000 2,612,164
Northern Trust Co
250,(1017
6
J-J July '11, 4
115,530
6
North-Western Tr &Say
200,000
50,382 Beg.
us J'ne 111 V.92,9. 1537
Old Colony Tr & Say Bank
166,264
12. 2
600.000
n'
People's 'Jr & Say Bk_
p 3(r 11, 2
300,000
278,450
Sep
Pullman Trust & Savgs_
200,000
427,960 Beg. b us. J'iy 12010 V.89,p,141
Sheridan Tr & Say Bank
324,378 Comm cooed uus Sept 6 1910
Standard Tr & Savings_ 1,000,000
200,000
534 J-J July '11,3
46,358
5
Stockmen's Trust & Say
1,200,000 1,331,735 18+2 18+2 Q-M sep30'11.2
Union Trust Co
8
Q-J Oct '11, 112
223,002
West'n Trust & Savings 1,250,000
6 Q44 July'11. 2
145,128
200,000
Note.-Accrued Interest must beadded to all Chicago b ond prices.
West Side Tr&SayBank
200.000
79,551
Woodiawn Tr&SayBanic
734 Q-J Oct '11,2
'
'
1 Bid and asked prices; no sales were made on this day. t Dec.5 (close of business) for national banks and Dec. 8 (opening of business) for State institutions. I No
ice Friday; latest price tills week. a Due Dec. 31. b Due June. c Ex-stock divi lend of 33 1-3%. k Also 20% in stock. q Dividends are paid Q-J, with extra
eats Q-F. s In addition, the equivalent of 4% more cams from First Trust & Savings Bank. t June 30 1911. u In addition, the equivalent of 1% came from
Trust Jt Savings Bank. r Cap. to be Inc. to $5,000,000, a stock div. of 100%to be dec ared. V. 93, p. 1436. v Monroe Nat. 1.38,21c to be taken over by the Central Tr.; V.93,
b. 1164 MM. 1.• Moh, 31 1911. x Central Tr. and Metropol. Tr. Jr Say. Bank consol.: V. 93. p. 1303. s Sept.8 1911. iSept 1 1911. [Sept.2 1911.
-iir,
--- "BW
if
"Us'
BOSTON STdCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Dec. 9.
Monday
Dee. 11.
Tuesday
Dec. 12.
Wednesday
Dec. 13.
Thursday
Dec 14
Friday
Dec 15
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1,
On basis 0/ 100-share lots
Lowest
Railroads
150 Atch Top & Santa Fe_100 10058 Sep 25
10538 10533 10633 10638 10618 10618 *10614 10612 *10658 10678 10618 10618
prel
100 104 Sep 7
Do
Last Sale 101 Dee'll
*10334 104 *10358 104 *10358 104 *10312 104
100 219 Apr 21
119 Boston & Albany
22012 22012
221 22112 221 221
221 222
221 221
221 221
12412 Sep 23
Boston
100
Eievated
353
12973
130
130
130
130
130
12978
1293
4
130
12078
12978 12078
100 207 Feb 1
33 Boston & Lowell
215 215
21514 21514
21414 21414 215 215
*214 215 '214 215
100 0612 Oct 27
128 Boston & Maine
100 10013 100 100
100 100
100 100
*100 1001'2 100 100
Boston & Provi9ence_100 292 Mch 21
Last Sale 93 Dee'll
*298 299 *698 299 *208 299 *298 299
12 Sep 1
Boston Suburban El Cog_
*12
15
Last Sale 14 Nov'll
15
15
*12
*12
15
*12
70 Oct 9
Do pref
75
*74
10
*74
75
*74
75
75
*74
74
75. 74
*74
0 Feb 15
Boston & Wore Elec Cos_
Last Sale 12 Noy'll
3812 Jan 3
Do
prer
15
>,1 154- -3-6 - *54 643 56 50 *55 57
543
*54
'
IS- 8159
170 17012 *17012 171
*153
150 Chic June Ry & USY _100 15d Apr 29
158
*152
107 Mch17
Do pref
10
_ _ 11-6 *.--- 110 0____ 110
10912 10912
110
*110 1-1-2 •
Connecticut Itiver_100 265 Jan 31
_ *271
Last Sale 271 Oct'll
*266---- 271
100 125 Apr 10
127, 127
33 Fitchburg, pref
127 12r
124 127
*12612 12814 12612 12314 127 cif
100 11712 Jan 23
1531, 15812 *159 15912
158 15434
140 Ga Ry & Electrie
159
159 159
*151 159
Do pref
100 86 Feb 20
20
9112 9012 9012 _ - 92 0__ 92
_
Maine Central
100 135 Sep 20
145. *1,-15 145 *140 145
Last Sale 135 Sep'11
*iio 176
16 Apr 20
Mass
Electric
Cos_
_
_100
217
8
2158
2178
2112
22
22
1,150
22
2173
22
2214
2173 217s
Do pref
100 8334 Jan 9
9412
806
9334 91
94
0312 94
9312 94
0312 9334 9378 94
138 ,13814 138 13814 138 13812 13812 13834 138 13834 13813 13414
664 N Y N 11 do Hartford_100 12714 Sep 14
100 139 Jan 13
6 Northern N H
14112 14112
Norwich & Wor pref _100 210 Jan 26
*H5Last Sate 214--No-v-.1.1
*213
_ 2ii*213
100 183 Mch15
21 Old Colony
188 Ili
188 188 *183 18812 *18614 --_
187 188
*187 118
100 32 Jan 26
19 Rutland pref
40
*371, ____ *38
_
38
40
38
*38
40
40
IOU 10512 Apr 18
*10612
78 Seattle Electric
*106
_ 107 107
108 11012
-*106
100 x971, Mch 13
Do pref
_ fof
112
10114 10114 10114 10114 *10012 10114
101 1-61-14 •___ 101
1531,Sep 25
Union
100
Pacific
17412
1,194
174
179
17418
175
ir34
17178
17334
17314
17112
17934
17314
Do pref
100 1)3 "3,1ch 9
9312 *9234 9314 *93
4
9314 *9212 9312
9312 9312 9312 9312 *93
100 156 Alch 21
Vermont & Mass
_
_ *163
Last Sale 16212Nov 11
*163_ *163
50 85 Sep 22
871
:
106 West End St
*87
88
8612 8612
8712 8712 *87
80 -8-6
8612 8012 *163Do pref
•
50 101 Aug 17
26
• __ 10362 3____ 10312 810212 10312 10212 10212 *10212 10312 103 103
Miscellaneous
46 Sep 25
100
Amer
Aericul
Chem_
5512
8,444
5412
5553
5712
5714
5912
553
5358
60
5412
4
55
55
D, pref
100 99 Jan
466
10338 10334 103 10332 103 10314 10312 10317 10312 10312 103'4 10312
312 Aug 25
50
417 412
417 412
780 Amer Pneu Service
434 434
414 5
*414
412
414 414
1218 Aug 26
Do pref
50
16
161 3 2,976
1533 1673
15
1612 1512 1614
1473 15
1434 15
690 Amer Sugar liefin_100 112 Sep 25
11518 11514
11578 11573 11518 11534 115 11534 115 11538 115 116
Do pref
100 11134 Jan 6
1151,3 116 • 11514 11534 11514 1151.3 11513 11512
347
11614 11614 116 116
13912 14014 13912 13934 6,160 Amer Telep & Teleg_100 13158 Aug30
13812 13878 13858 13914 13914 13934 13934 140
26', Dec 14
2612 2612 2658 2638
150 Amer,can 'Woolen_ _ _100
Do
peel
100 8512 Oct 27
89
89
89
375
883.j -88-3
.
4 19-90
-18- 181; , 8S
7812
Dec 8
Amoskeag
Manufacturing
0____
7812
10
7812 783
*-- 79 *--- 711
7812
Do
100 Nov16
pref
182
lou loo 100 10012 1.56- 166100
100 100 *_.... 100
Atl Gulf e'e W I 55 L_100
738 Dec 5
*714 si 4*734
16112
1/.4.9
7 t Snale 1612Dee'1
*712 9
8
*712
Do pref
100 1412 Nov 3
*16
88
17
17
17
*16
18
17
*16
157 15712 15714 15712 4,600 Cunib Telco & Teleg_100 14514 Jan 10
15614 15612 15614 15634 15612 15078 15612 157
714 Jan lb
10
1034 1034 *1014 1034
1114
1034 1118
1114
1,760 East Boston Land
11
1012 10
10
7878 Feb 3
100
111 111
112 112
111 Ill
111 111
143 Eastern Steamship
110 110
295 295
107 Edison Elec Illutn_100 275 Sep 9
291 2127" 292 292 *203 295
*200 20012 291 292
100 142 Sep 22
154 154
1543.8 15412
294 General Electric
152 15212 152 1521,.13212 154
90
877 Massachusetts Gas Cos100 8734 Jan
9014 9012 9012 9014 9034 90
90
9012 901.3 901: 90
Do p_ef
100 9412 J'ne 27
9512 95
95
309
95
95
95
95
9512 95
9514 9534 95
221 221
51 Mergenthaler Lino_ _ _100 211 Jan 4
222 222
-___ 225 *220 225
3 Oct 2
Mexican Telephone
10
Last Sale 314 Dec'l 1
*314 4
*314 4
4
*314 4
*314
_100 103 Oct 18
105 105 *104 105
22 .i PI Cotton Yarn_
105 105
105 105 *104 105 *104 106
Do pref
100 101 Nov25
*104-- _ *105
Last Sale 10112Nov'll
*105
_ *104
100 137 Jan 14
158 164832 N E Telephone
163 16512 16314 164 r157 1611
15678 15-712 15712 158
Pacific Coast Power_ _100 96 Jan 9
_
____ *104
Last Sale 10012 Oet'l
*104
*104
_ *104
Portland (Me) Eiec _ _100 6234 J'ly 29
*7412
Last Sale 7334 Nov 11
_ *7412_
*74
__ *7412
100 153 Sep 25
157 157
157 158
132 Pullman Co
157 118157 157
15838 1-5838 157 158
10 x12 Jan 5
14
*13
*13
*13
24 Reece Button-Hole
14
133.1
13
13
13
100 9734 Sep 26
- 10112 10112 10114 10138 x 9934 100
209 Swift & Co
101 10112 • 10114 10112 10114 161-58
25 29 Sep 29
31
31
70 Torrington
*3034 31
3114 *3034 31
3034 3034
*3012 3114 *30
Do pref
25 27 Mch23
31
31
43
*30
30
30
*29
30
*2934 30
*29
30
100 8178 Dec 4
13114 13312 183 184
538 United Fruit
18334 184
18314 144
18114 18134 18114 IV
25 4014 Aug 26
4512 4538 4512 2,798 Un Shoe Mach Corp
44
4512 45
4612 47
4.514 46
*4512 433
Do pret
25 2612 Sep 20
2312 28
2312 23
1,149
2314
2314 *23
2312 2778 2812 28
*28
100 50 Oct 27
6378 64
6634 6734 6618 6734 28,741 U S Steel Corp
6433 6418 6614
6134 6218 4 62
Do pref
100 10312 Sep 22
111 11114 11058 111
388
10913 10912 10912 111
109 109
*10834 109
Mining
4 Sep 22
25
612
5
512
*414
478
933 5
345 Adventure Con
5
478 478 *4
25
212 Oct 19
41, 434
334 488
412 473 3,764 Algomah Mining
358 358
334 334
358 334
25 21 Aug 23
39
920 Allouez
35
3512 3512 3612 3612 3714 38
39
3412 3434 35
6558 6412 6614 10,670 Amalgamated Copper 100 4434 Sep 25
65
6114 6134 6138 6314 6314 6334 6312 65
1934 Oct 5
2934 2434 2478 2558 2512 2618 2613 2614 3 245 Am Zinc Lead & Sm. 25
2438 2978 2438 25
.20 .20
.20 .30 1..30 .40
685 Arizona Commercial_ 25 .10 Nov22
_
.35 .35
•
.30 .35
10 .30 Oct 24
100 Bonanza Dev Co
.36 .36
0.36 .38 0.36 .38 0.36 .38 *.36 .38 0.30 .33
334 Aug24
5
712 8
714 738
714 714
712 734 2,885 Bos&Corbeop 6cSilMg
7
714
678 678
3 Nov20
4 • 418
413
418 1,030 Butte-Balaklava Cop_ 10
4
4
*334 4
*334 4
4
4
15 14 Aug26
1038 20
1938 1978
1778 1812 1814 1934
5,200 Butte Coalition
17
17
1714 1714
6812 5712 5914 5914 6034 5912 5012 8,864 Calumet & Arizona_ 10 45 Sep 25
57
57
5814 57
66
25 360 Sep 20
416 422
404 410
412 415
400 405
173 Calumet & Hecia
390 390
395 395
25
8 Aug24
1312 *13
*1112 12
1312
13
13
13
410 Centennial
*1112 1212 1214 1214
Cons Alercur Gold
1 .03 Nov 6
.05
Last Sale 03 Nov'll
.05
.05 *.03 .05
5212 5312 5312 54
62
52
3,530 Copper Range Con Co 100 4634 Sep 25
5014 5014 51
5234 5112 52
*5ss 6
3 Feb b
*552
20
220 Daly-West
*538 534 • 5158 558
558 553 *533 6
878 Aug 26
1212 1258 8,252 East Butte Cop Alin_ 10
12
1212 13
1212 1214 1234
1113 1112 1132 1218
512 Aug24
25
10
4,358 Franklin
934 1018
10
913 9118
014 912
912 978
038 912
338 Sep 22
4
418
4
378 4346
4
418 4144 6,689 (31roux Consolidated_ 5
443
4
4
4343
3214 33
3312 33
31
31
32
790 Granby Consolidated_100 26 Aug25
33
32
30
30
30
20 5.43 Oct 9
71313 She
758 8
818 812
758 778
8
814 7,546 Greene Cannons
712 758
17 Sep 26
2612 2512 2634 2514 27 • 2534 2614
1,896 Hancock Consolidated 25
. 25
2612 2512 2612 25
112
112 *1
25
*I
112 *1
114
114
*1
112
1
1
34 Sep 21
270 Helvetia Copper
25
1134 12
514 Oct 18
12
1234 1214 1214
11
2,206 Indiana Mining
1114 1114 1112 1112 1134
175 Sep 22
91116 978 01310 10,8 1018 1012 1014 1012 22,044 inspiration Copper_ __10
991s 958
038 058
2014 May 9
1
4,032 Island Creek Coal
44
3934 4012 4014 4118 9112 4212 4134 4214 4212 4378 43
Do pret
8218 Sep 25
1
8712 8112 8712 8712 8712
329
*8634 87
87
8714 87
211 -2-2"3", 6,051 Isle Royale Copper
2034 2112 2114 22
25 1112 Aug 23
20
2012 2012 21
20
20
258 Oct 21
5
234 234
234 234
234 234
278 279 211n3 234 234 2131s 1,110 Kerr Lake
25
12 Nov15
.80 .80
.80 .80 1,910 Keweenaw Copper
.70 .85
.80 .85
.55 .55
.78 .80
25 22 Aug24
3618 35
6,003 Lake Copper Co
35
3434 3534 3412 36
36
3312 3334 3312 36
25
3 Aug 17
512
512 *3
*5
534 578
512 524
534 534 1,060 La Salle Copper
512 512
4,445 Live Oak Developm1_10 2014 Nov 1
3612 3614 3714
3412 3414 3434 35
3414 3434 3414 3412 34
1073 11
1112 1178
10
10
10
1012 1012 11
1112 1134 3,200 Mason Valley Allnes___5
0,2 Apr 24
712 734
412 Aug24
25
*834 712
714
7
7
980 Mass Consol
7
75s 734 *713 734
25 .20 Feb 18
2
214
212 2543
178
178
258 2,865 Mayflower
*173 218
214
218 238
5 1678 Sep 28
2212 2212 2278 2212 23
*2112 22
2134 2214 22
2238 23
1,565 Miami Copper
114 Nov 9
Michigan
25
Last Sale 214 Deell
*2
212 *2
*112 2
212 *2
212
25 36 Apr 18
40
47
4612 47
360 Mohawk
47
49
48
49
45
45
*4512 90
1814
18
1818 1858 1812 1838 1834 19
1,662 Nevada Consolidated.. 5 15 Sep 23
18
18
/878 19
318 318 *3
2 Aug 16
314
313 312
338 312 1,665 New Arcadian Copper 25
*278 318 *278 318
713 Ply 24
5
714 751s 1,050 Nipissing Alines
rie 73/3
714 714
714 714 761, 753.
714 714
26
15 20 Sep 25
2514 2658 2514 2612 18,942 North Butte
24
2514 2412 2518 2412 2514 25
6
612 613
612 612
25
6
1,515 North Lake
7
7
334 Aug 23
6
614
6,2 714
353 Dec 11
418
412
25
6
512
5
5
4
358 414
434 514
2,460 Ojibway Mining
9
258 234
253 278
25 .50 Jan 5
*238 238
212 212
234
234 234 3,221 Old Colony
273 471, 4712
25 3414 Sep 25
4514 46
46
4612 4034 47
4634 4714 47
910 Old Dominion Co..
4712
25 81 Sep 22
101 102
101 102
100 101
416 Osceola
102 102
98
9812 98 101
12
1112 1112 12
*11
778 Sep 22
12
*11
12
12
285 Parrot Silver & Cop.. 10
12
12
12
25 55 Sep 22
66
67
67
70
66
66
66
382 •:Blincy
64
*65
70
64
69
10 12 Sep 25
1614 1658 1610 1734 5,825 Ray Consol Copper
1614
1518 1633 1514 1512 1534 1578 16
112
1
1
*114
138 *113
1
1
20 Santa Fe Gold & Cop_ 10
*113
112 *114
1,2
34 Apr 26
1014
10
10
9 ' 012 912
934 1014
7 Oct 4
10
9
108 1.960 Shannon
934
5 .60 Sep 5
'08 *60 .70
.60 .611
.70 .70
.60 .63 0.62 .70
1,565 South Utah M & S
25 20 Oct 27
25
2518 27
28
26
28
2,840 Superior
2914 2913 3038 2934 -3-63-8
,
338 358
*312 334
e218 Oec 26
378 4
378 4
334 4
1,872 Superior 6: Boston Min 10
334
25 20 Sep 8
587 Tamarack
23
*25
26
26
2612 2613 2612 2614 28
2712 2814 28
412
414
414
Oct 27
25
1,332 Trinity
518
5
514
*4
414 *4
412
414
35
3513 3.514 36
3V4 3014 3578 3614 2,686 U S Smelt lief & Min_ 50 3038 Sep 25
*3412 3434 3434 35
98
pref
50 4514 Aug 20
48
4812 48
4714 48
D.
4912 2,628
4734 4734 4734 4734 48
214
212 212
214 *218 214 *2
214
173 Nov 3
5
*2
214
760 Utah-Apex Mining
214 2916
5
16
16
16
1614 1612 16
934 Jan 20
1712 2.286 Utah Consolidated
16
1612 1634 1712 17
52
10 33 Sep 25
5213 53
so
5114 6112 51
50
5014 51
5234 6318 2,244 Utah Copper Co
.,
O212 3
212 210 *212 3
1 Aug 17
150 Victoria
278 278
234 234 *212 3
514 51:i
5
514 *51. 6
6
6
520 Winona
6
6
25
334 Nov 4
9112 95
88
88
89
90
25 74 Nov 2
133 Wolverine
91
91
88
*518-83
- - *88
89
*538
178 2,405 Wyanclott
.45 .45
.40 .50
25 .30 Nov23
O.30 .50 *.35 .40
Ex-Jt03.>
*Andand salted prioe_ d New stool:,
elx-rigata. a Ez-div. and luaus.
2%
Highest.
Range tar,PTEVIOUS
Year(MO),
------Highest.
Lowest.
9112 J'19
11514 J'ne 5
r712 Aug
105 J'ne 20226 Feb 15 213 J'ne
13012 Aug I r122 Aug
218 Sep 14 200 J'ly
122$3 Feb 15 h118 Dec
300 Mch 6. 285 Oct
14 Joe
16 Mch 15
70 J'ly
7614 J'ne 22
8 hich
13 J'ly 13
58 J'iy I.* 35 Aug
17012 Dec 14 139 Sep
11512 J'ly 25 109 Oct
272 J'ne V. 260 Oct
130 Jan 4 12414 Sep
164 Oct 4 104 Jan
85 Apr
9312 J'ne 19
215 Jan 18. 202 Feb
1414 J'ly
24 J'ne 3
75 J'ly
96 Nov22
15138 Feb 21 149 Apr
142 Mali Cr'' 139 Dec
214 Nov27, 210 May
190 Nov18 18114 Sep
43 Feb el
25 May
112 Feb 27 103 Aug
0834 Awe
104 Aug 2S
19218 J'ly 22 15314 J'ly
8914 J'ly
9518 May12
164 J'ne le 154 Oct
b3 Sep
03 McIs2l
99 J'iy
105 Jan 10
6012 May18
10514 Alch I
612 Jan 20
1914 Jan 31
122 Feb 27
12018 May19
15314 J'ne
3614 Mel'20
9612 J'ne 15
81 Nov21
10012 Dec 5
11 May29
20 Jan 31
15912 inc 15
12 May 1
118 Nov23
295 Dec 15
16734 May29
9634 Aug 3
9812 Oct 17
235 Aug 3
478 Jan 31
119 Mch 14
11612 Mch13
16512 Dec 13
105 J'ne28
7334 Nov18
163 Jan 30
15 May 1
104 J'ne 5
36 Jan 3
31 J'ly 17
19712 J'ly 15
5878 Feb 18
2914 Jan 31
8218 Feb 6
12012 Feb 2
718 J'ne 16
11 J'ne 13
39 Jan 4
7158 J'ne 19
3058 J•ne 14
1838 J'ne 14
.75 Ai ay22
1512 Alay27
612 Jan 14
2012 Al ay24
63 J'ne 6
545 Jan 4
1512 Jan 4
.15 J'ne 15
6934 Feb 2
612 J'ne 21
1434 J'ne 24
14 inc 8
818 Feb 6
4312 J'ne 21
813 Nov23
3014 Joe 19
2 Feb 4
16 J'ne 2
1012 Dec 14
44 Dec 15
91 J'ne 3
2213 Dec 15
778 Jan 21
334 J'ne 15
40 J'ne 13
0 Jan 3
3714 Dec 15
1178 Dec 15
J'ne 19
3 May18
23 Dec 14
312 Jan 4
53 J'nelf.,
2114 J'ne 15
414 ADC '28
1133 Feb 17
3614 J'ne 2
934 J'ne 3
312 J'ne 6
318 J'ly 10
49 J'ne 13
124 Jan 3
13 May22
74 J'ne 21
1858Jan 4
134 J'ne 10
1214 Feb 2
1,43 May18
4212 Jan 3
814 J'ne 15
52 Jan 3
533 Nov22
4018 J'ne 14
4912 J'ne 26
312J'ne 15
20 J'ne 14
6318 Dec 15
318 Nov 1
012 Feb 6
122 Feb 10
3 Feb 6
12318 Jan
10414 Jan
234 Jan
13634 Jan
221 Feb
152 Feb
300 Nov
1618 Nov
76 Apr
1012 sop
48 .Ian
160 Die
118 Jan
270 Mch
13312 Jan
123 Oct
90 Oct
118 Dee
2118 Nov
8834 Nov
16433 Alch
141. Deo
.112 Mch
200 Jan
441: Nov
116 Jan
APS Men
20112 Jan
10333 Jan
1C8 Jan
0512 Men
109 Feb
16 J'151
64t0 Dec
4 "Dec
1334 Dec
III Oct
11134 Oct
12714 J'IY
26 J'IY
901,Dec
4912 Oct
105 Sep
8%3 Feb
24 Feb
12773 Mch
124 Mch
14373 Nov
3912 Mcb
10414 Mob
7 itch
16 May
13812 J'1Y
718 Apr.
70 J'1y
239 Jan
,
135 .1.13
7614 Feb
89 May
21212 Dec
234 Jan
107 Sep
9912 Aug
12913 Aug
9314 Nov
1113 Jan
28 Jan
15212 Mob
1132 Jan
86 Oct
29212 Nov
16012 Jan
9132 Nov
in Mob
225 N011
634 May
124 Jan
115 Jan
13834 Dee
100 Jan
153 j5ij 200 lob
19 Oct
1114 Jan
100 Jan 1093 Jan
37 Des
28 Mcb
Jan
31 May
27
16512 Jan 200 Sep
'1134 Apr
4134 J.117
31 Jan
2514.
..Y
9034 Jan
6138 •PlY
In riy 12553 Jan
10 Feb
4 J'ly
73, Dec
1434 Bop
58 Feb
31 J.1Y
5514 J'ly
9034 Jan
4012 Jan
1012 J'ly
1214 May
5034 Jan
.50 Mch .70 Molt
10 Ma) 2414 Jan
912 NOV
1814 May
15s3 J'ne
2813 Jan
4434 J'ly 103 .lan
500 J'ir 68.- Jan
38 Jan
1312 J.1Y
.04 J
'1y
.16 Jan
58 Feb
85 Jan
953 mob
312 Sep
514 J'ly
19 Nov
• ij Dec
2212 mak
6 J'ly
1112 JILli
20 J'ly 1 1114 Jan
638 Sep
1172 Jan
1434 J'ly
36 Jan
134 Oct
57s Jan
4434 mom
10 J'1Y
3034 rieW
8414 Nov
1312 May
x6 Sep
3 J'iy
2812 J'ly
614 Dec
333400*
90 Nov
2812 Jan
11 Jan
634 Jan
9412 Jan
19 Jail
41, licb
.35"Oct
17 J'1Y
314 Dec
43 J'ly
1753 J'ly
312 J'iy
934 Jan
18 J'ne
614 Dec
5 Sep
.25 Aug
2912inc
114 J'ly
11 Dec
66 J'ly
1514 J'ly
114 Nov
834 J'iy
1 Dec
36 J'ly
458 Dec
4512 J'ne
412 Dec
30 Dec
4534 J'ly
2 Dec
1212 Dec
h3934 inc
2 Dec
5 J'1y
120 J'ly
114 Ply
1058 OW
172 Jan
29 Jell
812 Jan
75 Jan
2712 Jan
1952 J as
12 May
50 Jan
2578 Mob
1234 Jan
134 Feb
54 Jan
166 Jan
2134 Jan
02 Mob
2434 mob
234 Jan
18 Jan
334 Jan
6814 Jan
13 JIM
78 Jan
1133 Jan
55 Jon
5318 Jan
514 Jan
46 Jan
6012 Jan
534 Tan
15 Jan
150 Jaz
344 Jan
DEO. 16 1911.1
Boston Bond Record
BONDS
BOSTON STOCK EXCHANGE
Week Ending Dec. 15
rrg
Price
Friday
Dec. 15
Range
Since
January 1
Week's
Range or
Last Sala
High No Low High
Ask Low
Rid
1 10053 1021:
Am Agrioul Chem 1st 5s___1928 A-0
10238
10238
Am Tclep & Tel coil tr 43_1920 J-J
0014 63 8912 92
0018 Sale 90
Convertible 4s
1938 M-S 10812 110 11113 Noy'11 __ 104 11112
0S34 Oct '11 --_ 90 9834
Am Writ Paper 1st s f 5s g_1919 J 98 12212
AM Zino L S deb es
106 Deo '11 -1915
Ariz Corn Cop 1st cony 8s 1920 J-D 94 45
36 9212
43
45
Atch Top & S Fe gen g 41905 A-0 0914 Sale 9914
9914
I 98 9912
Adjusttnent g 4s_ __ _July 1995 Nov 9114 9214 9114 Sep '11 ____ 01 9172
Stamped
July 1995 fl-N 9114 0214 92 May'11
91 92
50-year cony 43
1955 J -D
107 Dec '11 ___ 107 113
10-year cony Os
10314 11058
1017 J -D ---11053 Mch'11
AU Gulf es W I SS Lines 5s..1959 -J 69 Sire
20 6334 73
69
69
Boston & Lowell 45
1016 J-J
10014 Mch'Os- ---- -------Boston ec Maine 4 )is
10412 Oct '08
1944 J -J -Bur & Mo Riv cons 6s
153 1 1
1918 J-J
0:133142
11
03
103 Jan '11
Cedar Rap & Mo 11 1st 7s_ _1916 11-N
11153 Sep '11
Cent Vermt 1st g 4s_ _May 1920 Q-F
4 8712 9058
-_-_-_-_ 90
o 13 & Q Iowa Div 1st 5s
1103 Oct9
1919 A-0
'
0
07
Iowa Div 1st 45
1919 A-0
---- 99 Feb '11
Debenture 55
-Oct
'11
10034
1915 M-N ---i0
56
Denver Eaten 4s
93
1741 10
50
i14
1922 F- A
Nebraska Eaten 45
99
94
78
442 ____ 9833 9912
1927 M-N
13 & S W f 4s
991s 9913
1921
S
Illinois Div 3)is
97
9)12
3F
8738 8814
Neobv 2111
1949 J-J
8734
_ 8
Chic Jet By & Stk Yds 5s 1915 J J 101 10138 101
100 1021s
101
Coll trust refunding g 4s_1940 A-0 8734 8834 90
00
4 8714 0034
Ch Milw & St P Dub 1) 631920 J-J ---114 Jan '11 __ 114 114
Oh It ee St P Wis V div 63_1920 J j
1135s Feb '11 ____ 11353 11358
Oh & No Mich 1st gu 5s
3 9812 101
10015
8 100
1931 11-N 99 16619912 10134
Chic & W Mich gen Os
1921 J -D 100 101 10015 Dec '11
0712Sen '11 ____ 9712 9712
Coneord & Mont cons 48_ _ _ 1926 J -D
10014 Aug'05
Cudahy Pack (The) 1st g 53 1924 M-N
97 97
97 Alch'll
Current River 1st 5s
1926 A-0
Dot Cr Rap & W 1st 4s
194 A-0 8512 _ _- 85120ct '11 ___ 851^ 8738
Dominion Coal 1st s f 5s
1940 ,11-N 0734 9812 9753 Noy'll____ 9534 9814
__
10318 Apr '05
1915. it-s
Fitchburg 4s
113 Apr '08
1927
4s
S
Fremt Elk & Mo V 1st es
128 J'ly '11-___ 12714 128
1033 A-()
Unstamped 1st 6s
140 Apr '05
1933 A-0
General Motors 1st 5-yr Os..1915 A-0 9813
91k
971.,Sep '11 ___ 95
7:: t:8
23 9512 9834
963
Gt Nor C B & Q coil tr 4s_121 J-J
9612 9634 965S.
Registered 45
11
IDN:'
1921 Q-J
—
9614 - -- NOTE.—Buyer pays accrued interest in addition to the purchase price for all
00
1661
Price
Friday
bee. 15
BONDS
BOSTON STOCK EXCHANGE
Week Ending Dec. 15
Range or
Last Sale
Range
SinceJanuary 1
High No. Low High
Bid
Ask Low
Illinois Steel deben 5s
100 10252
1913 A-0 10012 101 10012 DeO '11
Ca Falls & Sioux C 1st 7s__ _1917 A-0
---- 117 Apr '08
Kan C Clin & Spr 1st 5s
1341 -t-;i11925 A-0 ---9414 Feb '11
4
Kan C Ft Scott & Mem 68_192:3 M-N
11718 Dec '11
115 11714
Kan C M & 13 gen 48
1034 hi-S • 92 93 92 Noy'll _.i92 9312
Assented income Os
1934 M-S ___ 89 89 • Noy'll
88 90
Kan C & M By & Br 1st 53_1929 A-0 10253 103 1021,Nov'11
102 10312
1912 A-0
Maine Cent cons 1st 7s
10234 10234
---- 10234 Feb '11
1912 A-0 ---- ---- 10114 Sep '05
Cons 1st 4s
115 J'ne'es
Marq Hough & Ont 1st es_1925 A-0 ____
1029 J -.J
Mass Gas 4 ;is
100
99 Sale 99
it;1917 J.J
9912 Alay'll
Mich Telephone 1st 5s
9912 9913
951
New Eng Cotton Yarn 53_1929 F-A 90 -6:71-2 9914
99 103
1015 A-0
10133 Mch'11
New Eng TeL:ph 53
10134 102
1910 A-0
10012 Sep '0
5s
9834 Sep '41
1945 J-J
11;4-4
New England cons g Os_
1939 A-0
Boston Term 1st 4s
-fE- Oct
New River (The) cony 53_1034 J-J
963: May'll
-5634 -9912
NY N H & H con deb 3)4s..1950 J -J
1251213434
1048 J -J
12'312 Oct '11
Cony deb Gs (ctfs)
1924 F-A
101 Apr '0,
Old Colony gold 45
9878 Sep '10
Oregon By & Nay con g 4s..1946 J.D
1922 F-A
11314 Dec '11
113 11472
Oreg Sit Line 1st g 63
98 J'ne'll
98 9834
Pere Marquette deb g 6s_ _ _1912 J-J
1919 J-J
103 Jan '11
103 103
Repub Valley 1st s f 6s
7014 Dec '10
Savannah Elec 1st cons 53_1952 J -J
104 105
1930 F-A
Seattle Elec 1st g 5s
1041, 10412 1041
1919
Shannon-Ariz 1st g Os
80 03
N
---- 80 Noy'l
Terre Haute Elec g 53
1929 J-J ---97 Apr '07
Torrington 1st g 55
10034 Mch'10
1918
S
Union Pac RR & 1 gr g 4s 1947 J-J
156381a-10073 Oct 'ii
20-year cony 45
1031s 10458
1927 J-J
10318 Dec '11
United Fruit gen s 1 4)0_1923 J-J
9135
13578 9712
96 -1763-,3 9633
Debenture 4;is
1925 J -J
9512 9672
90 9638 9618 Dec '11
U S Steel Co 10-60-yr Os Apr 1903
10134 Dec '11
100 106
West End Street By 4s___ _1915 F-A
981. 9918
---- 9918 Sep '11
Gold 4 SO
1914 M-S ---10012 May'll
100173' 10012
Gold debenture 4s
1916 M- N
9812 Apr '1.3
Gold 43
1917 F-A
9812 N ov'1 1
9818 99
Western Teleph & Tel 5s__ _1932 j-J
6;734 &ire 9934
997
0634 10012
Wisconsin Cent let gen 4s 1949 J-J
9314 Jan '11
9312 9314
Boston Bonds.
• No price Friday; latest bid and asked.
if Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Oct Centum Prices
Saturday
Dec. 9.
Monday
Dee. 11
Tuesday
Dec. 12.
Wednesday
Dee. 13.
Thursday
Dec. 14.
___ *---- 0512 *____ 9512 *95
*941.
100 100
*959912 9912 9912 9912 *99 .- 100 100
758 758
758 73.1
758 758
*711 778
734 734
70
6912 (3912
6934 7012 7012 7012 6912 70
4,126 127 *126 127 *126 127 *126 127
-2-612
2734
9912 9912 9912 9912 ;55T2
991 9912
*0234 64
64
64
6314 6314
64
64
1834 1812 1812 *---.. 1834 ;igrz 18731834
4
2
4512 4512
, 4312 4312
•*12
1215
Si
5.118
2912 2,13,
71
71
*675 _ _ _
420
261?
89.38 8958
*8814: 8414
*8
834
2318 2314
, 6078 61
, 5234 5231
1634 1578
2273 2278
-07414e 7434e
6"ie 7
61
it51
8558 8558
.11116
7
*45
435s
*12
5412
30
*7012
7
451,
44
1215
5514
3012
7112
21312
8934
8838
*8
*23
6073
5212
*1558
23
7418
7
51
8534
2612
8934
8833
9
2312
6114
5212
1578
2314
7518
7
6114
80
ACTIVE STOCKS
Sales
ol the
'Vat (For Bonds and Inactive
Stocks see bslow)
Shares.
*9412 95
9912 100
744 8
70
70
127 127
*2512 2612
*9912 9034
*6214 6314
1838 1334
Baltimore
Con Gas El L & Pow_100
prof
100
Do
81
100
3,780 Houston Oil
pref
100
Do
1,170
50
Northern Central
Seaboard Company_ _100
100
1st prei
Do
45
100
2d pre/
Do
22
609 United By & Electric_ 50
Rang.; Sines
.Tan. 1 1911
Lowest
Inactive Stocks
10
'American Milling
50
Cambria Iron
Central Coal & Coke_100
100
Preferred
Consol Trac of N J
100
Germantown Pass
50
Huntington & B T____50
Preferred
50
Indiana Union Tr_ ___100
Insurance Co of N A
10
Inter Sin Pow & Chem_50
'Interstate Itys. pref _10
Kentucky Securities__ 100
Preferred
100
Keystone Telep v t c___50
Preferred
50
Keystone Watch Case_100
10
',Lit Brothers
50
Little Schuylkill
50
Minehill So Schuyi H
Nat Gas Elec Lt & P0_100
100
Preferred
North Pennsylvania__50
50
,Pennsylvania Salt
Pennsylvania Steel__100
Preferred
100
Phila. Co (Pitts) pref_ -50
Phil German & Norris _50
Phila. Traction
50
Railways General
10
Tonopah Belmont Dev1
United Cos of N J____100
United Trac Pitts pref_50
Virginia By & Pow-_-100
100
Preferred
• Warwick Iron & Steel__10
• Washington-Va By__ 100
100
Preferred
100
Weisbach Co
West Jersey & Sea Sh_ _50
Westmoreland Cosl____50
100
"Wilkes Gas & Elec
50
Tork Railway
5
Preferred
712 *612
4512 *45
44
4414
1218 12
55
5414
3212 3178
7212
74
BLS iAsk
112
114
7812 7012
SO
79
14
if7
-:7114 -211-2
8
95
16
100
____
_
20
70
____
111
ifi-
4312 44
4
8412 -114311
814 838
_ 241)
1014 1012
4512 461:
-___ 69
40
271
834
28
•Bid and asked; no sales on this day
Bid lAsk
PHI LA DE LPH IA
Bonds
Prices arc an "and
interest"
Alt & L V Rice 4 3is'33F-A
Am Gas & Elec Os '07_F-A
A-0
Am Rys Os 1917
Atl 0 Elec ref Os 1938..M-S
Berg&L'ilrew 1st (3s.21 J-J
,
Betbleh Steel Os 1098 _Q-1
Choc & Me 1st Os 1949.44
Ch Oic & G gen 53 1919 J-J
Con 'frac of N J 1st Os '33
Del Co Rys tr ctfs 41e49J-J
Elea & l'eoples Tr tr ctfs._
Fr Tacall 1st is 1940-J-J
Gen Asphalt 5s 1916_151-S
Indianan Ity 4s 1933....J4
F-A
Interstate 48 1943
Keystone Tel es 1935..J-J
Lake Sup Corp Inc 5s'24_0
Lehigh Nay 4 Sis '14 Q-J
Gen M 4 5s g 1924_Q-F
Leh V C 1st Os g 1933 _J-J
Leh V eat 45 1st 1948 _J-D
Cons°, 6s 1923
J-D
Cousol 4 So 1923
J-D
J-D
Annuity es
Gen cons ss 2003__M-N
Leh V Tran con 45 '35 J-D
1st series A 4s 1935..M-S
1st series II Is 1935 M-S
MarketStEl 1st 4s'55 M-N
NatLII&P ser B 5s '19 J-J
New Con Gas 58 1948_J-D
NY Ph & No 1st 4s'39 J-J
Income 45 1939_ _Al-N
Pa & N IC Can Os '39_A-0.
Penn Steel 1st Os '17_ 11 I-N
People's Tr tr ctfs 4s 1943
P Co 11t &colt tr 58'49 Af-S
Con & coll tr 55 '51 111-N
Phil Elec gold tr ctfs_A-0
Trust ctfs 45 1949 __J-J
P & IS gen AI Os g '20_A-0
Gen Al 45 g 1920
A-0
if liz-div.es rights.
85
ii(114
103
87
PHILADELPHIA
Ph & Read 2d 5s 1933 A-0
Ex Imp Ai 4s 1947_A-0
Terminsr 5s g 1941_Q-F
P W & 13 cot tr 4s '21__J-J
-E1-2 Read Trac 1st Os '33__J-J
96 Roch fly & Leon 5s'54 J-J
Spanish-Am Ir es '27__J-J
Stan's!. Gas & E Os'25 M-N
Stand Sti Wks lst5s'28 J-J
U Trac Ind gen Os '19_J-J
Un flys Tr ctfs 48.49__J-J
United Rys Inv 1st colt tl
S t 55 1926_
__M-N
88
Weisbach s f 55 1930__J-D
WI)-))G&E con 58'55_J-J
98
York Itys 1st 5s 1937_J-D
95
8218
BALTIMORE
5734 6812
8318
Inactive Stocks
65)4 60
Ala Cons Coal & Iron_100
Preferred
10012
100
101
Atian Coast.L (Conn)_100
10812
100
Canton Co
Georgia Sou & Fla___ _100
1st preferred
100
2d preferred
100
147
G-B-.3 Brewing
100
100
9734 98 Seaboard Air Line
Preferred
100
Bonds
Prices are all "and
interest"
Bait City 3 )48 1930
J-J
43 1954-1955___Various
9814
M-N
5s 1916
Anacostia & Potom 5s A-0
AU Coast L(Ct)ctts 5s J-D
92 921
' Ctfs of indebt 4s___J-J
1021
5-20-yr 4s 1920
J-.I
9631 BSP&C 1st 4 545'53 F-A
10134 102
Balt Trac 1st 5s'29__M-N
No Bait Div 5s 1942 J-D
7912 80
Car Pow & Lt 5s 1938 F-A
10
06
(
612
093 .- _ _ Cent Rs* cons Os '32__M-N
"tifi
671-2
U $15 paid.
$13 54 paid.
Highest
64 Jan 9 95 Dec 7
89 Jan 9 101 Sep 18
7 Mch31 10 Aug 15
45 Feb 8 79 J'iy 31
121 Jan 11 13034 J'ne 26
21 Jan 4 2838 J'ne 3
80 Jan 6 9912 Dec 6
4314 Jan 4 65 Nov20
1612 Jan
1978 J'ly 20
Philadelphia
50
5 Nov27
719
712 *612 712 *7
35 American Cement
50
42 Jan 5
53 American Railways
4512 4512 4512
4512 *45
50
4078 Sep 22
4434 4435 4434 4412 4458 1,926 Cambria Steel
1112 Jan 4
6,39 Electric Co of America 10
1218
1218 1218 121s 12
4812 Jan 3
5412 641? 5434 5414 5414 2,810 Elec Storage 13attery_100
2812 Aug 25
100
3212 3212 1,877 Gen Asphalt tr ctfs
3338 327i 33
pre tr ctfs.100
68 Aug 26
327
Do
7234 *72
7212
7234 *72
Keystone Telephone_ 50
678 Dec 7
*___
7
*634 7
2112 Sep 14
2612 271'. 2712 2778 2778 2778 *27
2734 2,015 Lake Superior Corp 100
50
8312 J'ne 29
91
186 Leh C & Nay tr ctfs
90
90
9012 9012 91
89058 91
50
614 Lehigh Valley
89
89
89 8911() 89344 8912 8938 8958
7534 Sep 14
014 Jan 11
50
*812 9
200 Leh V Trans tr ctfs
878 8784
*812 9
*812 9
2312 *2312 24
1813 Jan 16
*23
360
Do pref vol tr ctfs 50
2334 2334 2334 24
61 61540 61146 6114 6114 6112 6114 61748
50
730 Pennsylvania RR
6938 Sep 25
*5214 53
50
4814 Sep 21
421 Philadel Co(Pittsb)
5214 012 5212 5 212
*52
53
1578 1578 1534 1534 1578 1578 1573 16
25
693 Philadelphia Elea
1512 Nov23
2314 23
23
50
17 Apr 18
23
2338 2358, 2338 2333 4,205 Phil 11 T vot tr eta
75544 7512 7554s 751313 751344 7612 Wm
50 601540 Sep 25
7678 10,308 Reading
61,18 7
1
7
7
512 J'Iy 28
718 1,376 Tonopah Alining
7
7
7140
5114 5114 5114 5114 51.35 01
51
50
2,687 Union Traction
51
43 Jan 3
86
86
50
8614 1,916 Union Gas Impt
8414 Sep 25
5618 8014 8614 8614 86
*612
4512
44
1178
5478
3034
72
PHILADELPHIA
•
Frisiam
Dee, 15.
Bit
Ask
Range for Prerfous
Year (1010)
Lowe.;)
IftgSest
46 Mch
6412 Dec
80 Mch
90 J'ly
1) Nov
5 Sep
61 Dec
35 J'iy
115 Jan 132 Feb
2714 Jan
1858 J'iy
7212 Feb
8012 Jan
47 Jan
40 Oct
1258 May
1612 Dec
1712 Jan 4
17 Dec
28 Jan
4612 Nov16
4134 J'ly
60 Jan
4834 Feb 18
4014 J'iy
5312Jan
1212 Jan 14
1114 J'ly
1212 Jan
5618 J'ne 15
42 J'ne
6414 Mch
3914 Oct 23
1914 J'ly
3438 Dec
8378 Jan 30
64 J'ly
8414 Jan
918 Jan 10
7 J'ly
13 Jan
32 Feb 6
1512 J'ne
2078 Dec
98 Jan 14
86 J'ne. 123 Jan
9012 Feb 3
6212 J'Iy 12114 Mch
312 J'ne
978 Oct 24
634 Dec
1212 Jan
2538 Oct 23
20 Deo
65 Feb 2 011144 J'ly 69344 'Itch
5.314 Jan
5914 J'ne 5
42 J'ne
18 J'ly 10 t1378 Feb
1614 Mch
2513 Jan
2418 Aug 1
15 Apr
8034 Feb 10
80 Feb
6512 J'11'
858 Jan 17
9'i.3 May
6'2 Jan
5234 Aug 1
38 Oct
5234 Jan
8938 Jan 9
79 J'iv
9518 Jan
BALTIMORE
___ ___ C By Ext&Imp 5s '32 11-S
1001 101 Chas City fly let 5s'23 J-J
119 Chas My G & El Os'
99 H'S
993-4 100 City 4c Sub 1st Os 1922 J-D
-__ 125 City & Sub(Was)lst 53 '48
Coal & C fly 1st 58'19 A-0
10014
___ 1011-2 Coal & I Ry 1st Ss'20_1f-A
____ ___ Col&Grnv 1st es 1916 J-J
___ ____ Consol Gas 5s 1939___J-D
Gen 4 s 1954____A-0
95 ____
Cons G E & P 43's '35 J-J
75 76
Fair & Ci Tr 1st 5s'38 A-0
8314 8334 Ga & Ala 1st con 5s '45•J-J
Ga Car&N 1st 5s g '29_J-J
8934 90
____ ____ Georgia P 1st es 1922—J-J
____ 95 Ga So ec Fla 1st Os '45-J-J
G-B-S Brew 3-43 '51..M-S
Knoxv Trac 1st Os '28 A-0
MaconRy&Lt 1st 58'53 J-J
___ 41
Md Elec Ry lat 5s'31_A-0
___ GO
Memphis St lit Os '45_.T-J
255 ____ Mt Vet Cot Duck 1st 5s__
118 122 Npt N & 0 P 1st 5ts'38M-N
35 50 Nor&Port Tr 1st 5s'36 J-D
94 ___ North Cent 4 As 1925-A-0
Series A 53 19213____J-J
75 85
1, 1
series B 58 1926..___J-J
2434 2512 P.tt Un Trac 53 1997__J-J
47 49 Poto Val 1st 5s 1941__J-J
Say Fla & West 55'34 A-0
Scab Air L 4s 1950___A-0
Adjust 5s 1949____F-A
Scab de Roan 55 1926__J-J
___ 95 South Bound 185 58_A-0
_____ _ U El L&P 1st 454529 Id-N
104 —
___ Un By & El 1st 48 '49 M-S
Income 45 1949___J-D
10j- __
Funding 5s 1936___J-D
___ __ Va Mid 3d ser es '16__M-S
921,
4th ser 3-4-5s 1921 _M-S
90 9612
5th series 5s 1926__M-S
1071,10812 Va (State) 3s new '32_J-J
___ 11112
Fund debt 2-3s 1991 J-J
____ ____ West N C con es 1914_J-J
I Wil as Weld 55 1935___J-J
Bid
Ask
103 __,._
904.9714
---- 10512
104 10412
---- 9412
101 _ _
1031- 10612
1087i 10912
9714 98
8814 8812
9912 100
__
_
105
11212
108 _
35
3512
10114 102 _
98 100
'77
7712
___
____ -83 ____ 1i-612
107
871- 84
813:1 82
____ __
931, 94
851. -6174 62 ____ ____
_ __
_
_-_
108 __
87 - -8778
1
[VOL. LXXXXIII.
THE CHRONICLE
1662
Bid
Ask
Industrial and Miscel
Bid Ask
Electric Companies
100 1172 12
s Crucible Steel
Chicago Edison Co-See Ch cago list
100 8032 81
e Preferred
Get West Pow be 1918..3-J 8334 8434
818
1
Davis-Daly Copper Co___10
8 Kings Co El L & P Co_100 125 128
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
100 107 108
Narragan (Pray) El Co-- _50 *8812 8912 e Diamond Match 1 o
DAILY, WEEKLY AND YEARLY.
duPont (it I) de Nein Po 100 143 152
57
Y Jc Q El L &Pow Co.100 52
8))
95
e Preferred
'11
Preferred
100 73
I0 85
8512
e Gold 4163 1930........11-0)
93
United Electric of N J
100 90
Stocks.
Railroad,
10
15
Steel
g
Empire
is
1949
1st
78
J-D
U. Si
Stale
Week ending
&c.,
45
100 40
Preferred
Western Power com
3791
100 28
Bonds.
Bonds.
Dec. 15 1911.
Shares.
Par value.
Bonds
100 132 135
60
e General Chemical
Preferred
100 58
100 10534 10752
e Preferred
$12,500 $25,000
Saturday
190,844 817,234,400 81,418,500
1 Vas 614
Gold Hill Copper
Telegraph and Telephone
44,000
Monday
4,792,500
526.223 40,562,300
838
20 *8
Greene-Cananea
e
Amer
'releg
&
76
81
Cable_
IOU
132,000
2,859,0001
Tuesday
376,647 33,974,700
175 185
Explor'n-100
Guggenheim
e
4c
So
1
6
5
Central
16
1
5
4
17
Amer__100
5,000
95,500
4,004,5001
Wednesday
578,385 52,822,000
e.Hackensack Water CoConun'l On Tel (N Y)___25 108 115
161,500
4,333,500
Thursday
861,084 77,901,400
84
Ilalitleiggo4os:5(220oopo,.1912 _,,,J-J
Empire & Bay State Tel_100
159,500
3,231,000,
Friday
488,369 41,650,450
12
8
100
50
Franklin
100 40
6
7
118
Havana Tobacco Co____100
Total _
q 021 5:12 A270 145.250 521.217.000
S605.000 130,000 e Gold & Stock Teleg_100 110
15
15
0 17
16
5
100 10
Preferred
e Northwestern Teleg___50 16
/
55
_J-D
1st
g
5s
1922
June
1
Atlantic
25
L'acitlo &
Jan. 1 to Dec. 15.
Week ending Dec. 15
Sales at
95
814 -,93-- Hecker-Jones-Jewell Milling
e Pac Telep & Teleg pref 100 8
1st Bs 109
/11-S 101 10212
' New York Stack
'
25
Southern & Atlantic
1910.
25
1911
Herring-Hall-Mar new 100 15
1910.
1011.
Exchange.
Hoboken Land & Imp._100
Ferry Companies
102,418,295 B & N Y 1st 6a 1011___J-J 88
123,395,107
1st 58 Nov 1030___.M-N 103 105
1,847,344
3,021,532
93
Stocks-No. shares_ -7
10
Hooking Val Products_ ,100
5
12
$270,145,250 3101,372,550 311,133,218,450 $14,492,542,125 N Y &E It Ferry stk__100
Par value
$1,100,600
57
51,521,700
61
$18,400
$7,000
Bank shares, par
1st 63 1922
13-N 50
ssttg
on58
01119c6o1rn ctfs 1
712 8
‘10
4
0
Bonds.
NY
Hob 5.9 May '46_J-D 9814 0012 Holu
$359,700
$3.396,500
Preferred etts .__
830,000
100 6934 7014
Government bonds._
Bob Fy 1st 53 1948 M-N 104 40;806,050 NY &NJ 5s 1940
90.828,400
$514,000
_ 3 In rersoll-Rand corn_ ..100 105
805,000
State bonds
J-J 08
568,052,700 10th & 233 Sts Ferry..._100 25
755,659,700
e Preferred
100 100
35
RR. and misc. bond-s. 21,217,000 11,894,000
b/
05
Intercontinental Rubber 100 19 "IRC
1st mtge .53 1919____J-D
$809,308,450 e Union Ferry stock
92
8849,884,000
Internat'l Banking Co_100 88
821,852,000 512,408,000
22
Total bonds
100 18
International Nickel-_ 100 244 247
08
93
e let 5s 1920
102
DAILY TRANSACTIONS AT TkIE BOSTON AND PHILADELPHIA
100
Preferred
Short-Term Notes
EXCHANGES.
A-0 9912 101
Amal Cop 541 Apr 1 1913..
2
4
100
International Salt
American Civx60
Philadelphia.
A-0 / 40
Boston.•
581:::4
Ils: gg5.5
90
9: 1
1 :1'8
4
Ser B 4s Mob 15 12 M-S 10
75
90
934 1
1(
1110
18
4 International Silver._, 100 65
Bait & Ohio 43-is 1013_J-D 10
Week ending
Bond
100 113 115
Listed
Unlisted
Bond
Preferred
Listed Untisted
Sethieh Steel 01 1914_54-N
Dec. 15 1911.
sales.
sales.
shares.
shares.
lot es 1948
J-D 111 112
shares. shares.
Ches & Ohlo 4125 1914.41-D 9918 0932
Chic & Alton be 1913 M-S 9834 9918 Internal Smelt & Refg_100 124 131
828,900 Cin Ham & D 4s 1913___J-1
9,521
834,000
1,922
3,963
Jone.s & Laughlin Steel Co
8,040
Saturday
21,800 Erie (3s Apr 8 1914...A-Os 10
lot s f g 5,3 1939
90
12,180
23,000
8,392
15,033
M-N 10034 10114
912 10991'8
21,002
Monday
55
45,000 *General Motors 63'15 AJ,0 9312 9818 Kayser (Juilus) & Co_100 53
18,734
27,000
7,870
21,098
8,904
Tuesday
41,800
1st
21,819
5,842
25,585
preferred
32,576
32,000
100 10012 102
Hudson CompaniesWednesday
33,000
e Lackawanna 8teel____100 30
17,314
12
E13
oecbt 1
1519
37,480
31,523
57,000
7,395
(3s
63 F
F-A 9812 99
Thursday
78
e 1st eon 5s 1950__M-5
55,900
14,842
28,181
11,380
27,495
20,000
3_- A&015 9814 9834
Friday
e Del) 53 1015
hl-S 17034 01
Int & Gt No 5s 1914-- 1,
-A 9634 9712
931s
Lanston Monotype..-___100 03
97
84,807 $225,900 K C Ity & Lt 63 '12____M-S 94
41,835
148,381 121,938 $193,000
Total
100 20212 26712
Minn & St L g 5.3 1913._F-A 9414 3434 Lawyers' Mtge Co
9438 9878 Loll & WIlices-B Coal._ 5O 270 304
Mo Kan & Tex 53 May 1'13
e Lorillard (P) prof
100 140
MoPacille Ss 1914 _.-J-D 96
Nat Rye of Meg 43-is'13J-D 0414 9914 Madison Sq Garden.....100
9712
M-N
eNYC Lines Eq 55 '11-'22 8412% 414q,
All bond orices are now "and interest'. excedt where marked "C"
, 134
20 *13
4;is Jan 1912-1925
0412% 'Deo Ma2ndha6sttaln91'19'ransit
N Y Cent 4563 1914___M-5 100 10014 e May Dept Stores-See 5tit Each list
Ask
Bid
Exch
list
Bid Ask
Street Railways
NYNH&H5sJan 1912 100 10014 eMiami Copper-Se- Stock
Street Railways
Pub 8erv Corp N J (Con)Monongahela R Coal
50 *078
4553 Mch 1 1912__M-S 100
240
235
*32
...100
St
Hy_
Rapid
Tran
Preferred
St
L
50
& SF63 1913
New York City
M.8 9812
A-0 102 ---;9
9: Mortgage Bond Co
25
1st 53 1921
100 105 110
58 June 1 1913 opt -_J-D 9812 19
Bieeek St & Fut Fy stk_100 20
J-43 6712 72
J 0 Bob & Paterson100 103
South Ity g 5s 1913-A 10018 10038 Nat Bank of Cuba
let mtge 4s 1950
76
75
150
4s
g
1949
51-N
140
100
100 250
Tidewater 63, 1013, guar.-- 101 10138 e National surety
B'y & 7th Ave atk
*18 31s
127
309 Gas Eli & Trae
100
ilev-Utith Min & Srn
J-J ItO 101
10
Wabash 435s 1013____M-N 0612 97
2d mtge 53 1914
50
Gu g 5.3 1053
M-S 9812 9912 West Telep & T be '12_F-A 100 10014 e New Central Coal
20 30
-See Stock Exe list
Con 5i
101
25
New
York
103
10112
3
No
ilud
J-J
VW!!
Dock
Co
Ity
63
1014
100
10118
1924
WestIngh'se El & 131 eis 1013
B'way Surface 1st 5s gu
J-J 102
e Preferred
6412
00
Ss 1928
10(1
65% notes Oct 1917-A-0 95
Cent'l Crosstown stock..100
9712
N Y Mtge & Security_ _100 208 213
85
Ext 5s 1924
M-N 98
M-N
1st mtge (is 1922
Railroad
*3
N Y Transportation
5
'20
Pat Ity con 6s 1931-J-D 114
2
Con Pk N Jr E Itly stock.100 10
Chic Peor & St L94
2,1 tis opt 1914___A-0 100 102
Silos-Bern-Pond com_100 90
94
Chrlatoph'i & 10th St stk 100 110 125
Prior lien g 43-is '30_M-S f 88
Nipissing Mines
5 *718 732
Republic Ry & Light...100 2812 2912
50
Col as 9t,i Ave 53-See Stock Exc est
Con mtge g bs 1930___J-J 1 40
Ohio Copper Co
10 *15. 1144
Preferred
100 7812 so
10
Income 5e, July 1930
Dry Dock E B & B1-114 1/
1
4
So side El (Clew-See Cli icago list
100
12 e Ontario Silver
J-D 97 103
1st gold bs 1932
Chicago Subway
14
100
10112 10212 Northern Securities Stubs__
71
Otis Elevator corn
40
Syracuse It T 5.3 1946
100 70
F-A / 35
101 105
Scrip 53 1914
08
loo
100
95
Preferred
......
__100
310
Trent
P
&
275
H
53
_100
1943..._J-D
eighth Avenue stock.Oregon-Wash RR & Nay*st8
858
United Rys of St L50
F-A / tTh 100
Scrip 13s 1914
1st & ref gU 4.3 '61 op-J-J 9134 9214 Pittsburgh Brewing
912 934 Pitts
Preferred
50 *3018 3614
Com vbt in etts
100
34
42d & Or St .ry stock..100 225 250
Bess & L E
50 *31
e Preferred _ ... 100 4014 4012
72
e Pittsburgh Steel pr
,
.
ef.......110
00 102 103
42d St Id & St N Ave...100
Preferred
60 *65
44
Pope Mfg Co com
100 40
Gen 4s 1934-See Stock Exc list
40
J-J
2d incoma 68 1915
O Railroad Securities Co67
Preferred
70
Unit Rys San Fran-See Stk Rae list
95
Inter-Met-See Stock Each sage
la C stk tr ctfs sex A__ _52 -Pratt & Whitney pref_100 98 10212
Wash sty & El Co
100 341312 47
Lea Av 416 Pay F 5s-See Stk Exc 1181
Seaboard Company-See 135 It Exc list
Producers Oil
100 95 105
Preferred
100 *8778 4,8
00
Metropol St Ity-See Stk Rae lIst
West Pao 1st Us 1:433__M-S 89
/Ray Consol Copper-See 5 tk Ex list
4s 1951
J-D *8634 8878
Ninth Avenue stock .,...100 150 175
Industrial and Miscel
Realty Assoc (Bklyn).-100 113 117
12
8
87
Second Avenue stock... 100
Adams Rap g 48 1947__J-D 84
190 198
46
(ins Securities
_F-A / 43
Consol bs 1918
Ahmeek Mining......
25 *212 s220 Royal Bak Powd corn..
Preferred
100 108 10812
New York
Alliance Realty
100 120 127
Sixth Avenue stock__ _100 115 125
(rdea
Cto,
3,pLrte..f7.10
00 9812 9912
Y
ea
1
75 Cent tin Gas 5s 1927___1-9 102 10312 Amer Bank Note corn_ 50 *38
4
52
Sou Liouley 5s 1945___J-J
x119 120
aume1
... Safety
05 Con Gas (N Y)-See Stock Rae list
A-0 85
Preferred
50 449
So Per 1st bs 1919
*25
Seneca Mining__
100 165 175
e Mutual Gas
Third Avenue BR-See Stk Exc list
American Book
100 165
Singer Alfg Co
100 292 air
60
80
New Amsterdam Gas6A.In Brake Sh&Fdy com1(10 8712 90
Tarry W P & H Ss 1923__
rr
(
r
r
o
g
i
1
tak
:
u
ns
t
rt
h
d
e
fame
I
S
s
o
1
12
10112
2
2
5
3
1
1001
82
18
1st
cousol
58
13
2
10
52
1048.
-J-J
21
A-0
2
1946
Ss
Y'kers St RR
ePreferred
100
2
4
NY &ER Gas 1st 58 '44 J-J 104 106
28th & 29th Sts 55 '96-A-0 / 1912 23
American Brass
100
en
(
C
Sis
o.64r,d
3Sa
lgere::::::A
r
0
0
9
101 103
223
Consul 53 1945
Twenty-third St stock_ 100 190 215
American Chicle com.-100
/
Ili14
50
35
10412
N
103
Y
&
102
105
Richmond
Gas.
_F-A
100
100
Union ity 1st 58 1042_
Preferred
Adjust 111 bs Apr 1 1931__ / 1
3
80
Nor Ca 1st 33 1927__M-N 99 101
5
Westchester 1st 53 '43 J-J 70
Am Graphophone com_100
Standard Coupler corn.
38
45
Standard Gas corn
100
100 28
---Preferred
1371,
Preferred
100 105 115
e
i'refe-red
95
100
Brooklyn.
100
Amer Hardware
Standard
14
Milling Co..._110000
16
1st 6s 1930
hl-N 104 lOSli Am Malting Gs 1914____J-D 0912 10112 e
Atlan Avenue RRe9
d30__......m.N 6114 52
ae rerr
srtet5sl
A-0 101 1021
95
Con be g 1931
Amer Press Assoe'n____100
8712 8824
Other Cities.
W E bs 1933-_A-0 98 102
BB
100 ---- J00
eAmer Sault corn
646
Standard
Oil
of NJ
100
685
10 DA 168
Am Gas &Elea eons
50 *5512 67
• Brooklyn City Stook
100
6 Preferred
Standard Olt ex-subsidiar's. 330 360
46
Preferred
Con 5s-5e8 Stock Exch :urge list
50 *43
Am St Found new-See S Ill Ex llet
Standard Olt Subsidiaries.. 300 325
Amer Light & Tract....100 293 295
Bklyn Hgts 1st 5s 1941 A-0 98 102
08 1935
A-0 9912 101
551
07
Studebaker Corp corn..100
6612
Preferred Bkiyn Queen., Co & Sub100 10812 108
F-A
Deb 45 1923
IOU 10214 103
Amer Power & L- com-100 73
75
4 205514 sulP.rbeerfegrorred‘csons
51-3s 1st g 63 '41 op 1916 _J-J 98 101
50 21
American Surety
CO pf _100 1)9 101
Preferred
e 1st con bs '41 op '18 141-N 9512 98
100 8212 84
American Thread pret____5
ose
Seeecr
5s0
Swis
iftt &
iootg
on
o8
Sa
tk Exo bit
*38
Bay State Gas
Bklyn Rap Tran-5e6 Stock Exc est
50
12 Am Tobacco Co corn____100 525 530
Rae list
55
Binghlon (N Y) Gee Wks
100 45
104
407
7
7 2
243
946
Coney 1st & Bklyn
Ex-subsidiaries
Texas Company-See Stock Rae list
32
1st g bs 1938
1st cons g 41 1948---J-J 75
A-0 97 100
Amer Typerders cam-- _100
e Texas & Pacific Coal. 100 98 100
75
80
Brooklyn tin Gas-See Stk Exe list
J-J
Con g 4s 1955
Preferred
100
eTexas Pacific Land 'Tr.100 89
98 101
Buffalo City Ga.3 stock 100
3
5
Brk 0 & N 5s 1939___J-J Ex0
Deb g Gs 1939
M-N 99 102
s Co of(N
ltnieopinili
NeYva
To
.1%5:12
.
0
1 119 123
list
1st 5s 1947-See Stock Exc list
112 2
Kings Co El 44-See Stock
Amer Writing Paper.....100
7
714
Cities Service Co
st5912
100
431,44 118
'g7
100 80 81
Nassau Elee pret
ePreferred-See Stock Ex ch8
Trenton
4
frif
I
63
Potteries
com_100
-8
Preferred
A-0
83
100 81
5s 1944
61st s g bs '19 red 105J-J
Preferred new
100 50
66
Con Gas of N J 58 1936 _J-J
1)4 let 43 1051-See Stock Exc llst
AU Gil (ft %V 88 Lines...100
Trow Directory
17
100 30
40
94 Consumers' L 11 8. PowPreferred
100 10
N W'b'g & Flat 1st ex 4s 90
eUndorw'd Typewriter-See Stk
5.3 1938
x lies
70
J-D 100
67
Steinway 1st 6s 1922-J4 100 1u4
Col tr g 53 1959
J-J
25
Union Typewriter com_100 38
40
Denver GaS & Elec.... 100 220
-- Barney & Smith Car.
100 15
lit preferred
100 105 10612
Gen g be 1949 op____M-N 9312 95
Other Cities
'Preferred
100 80
2d preferred
100 1)8 102
Elizabeth Gas Lt Co.. 100 300
90
Buffalo Street RyBliss Company com____ 50 80
United Cigar Mfrs
100 48
4812
Essex & Hudson Gas._ _100 133 136r
1st comet 59 1931____F-A 104 100
Preferred
50 124 128
6 Preferred
100 104 106
Gas & El Bergen Co. _100 84
87
A-0 10312 105
Bond & Mtge Guar
Deb es 1917
100 245 250
100
112 2
127 12812 United Copper
Columbus(0) St Ity-100 7514 7814 e Or Rap 1st Ss 1915 __F-A 9934 101
Borden's Cond Milk...
Prilerred
100
8
Hudson Co GM
10
100 132 135
100 8934
Preferred
Preferred
100 100 111
100 215
elst 5s 1949
. British Col Copper
31-N 10414
Colum Ity con Ss 1932J-J 102 104
5 *438 434 U 8 Casualty
100 70
Indiana Lighting Co---- 100 38
75
1034 U B Envelope corn
Crosst'u 151 5s 1933.....J-D 101 102
Butte Coalition Mining_ 16 *19
Preferred
100 110 114
4s 1958 op
70
214 234
F-A 67
•Conn ay & Ltg COM-- _100 75
69
Casein Co of Am corn-- _100
nis51117
4 019
lektlg
US
5112 Indianapolis Gas
100 89
95
00
e Preferred
100 80
50
20
100 55
Preferred
Preferred
1st g 55 1952
100 102 107
1st & ref 45is-See Stock Exc Ust
80
A-0 70
Casualty Co of Amer.. 100 125 140
J-9 100 106
Jackson Gas Es g 1937_A-0 97
Federal Light Jr Trae-100 38
40
Celluloid Co
100 137 140
Con g bs 1929......
94
2
9$
Preferred
100 78 80 e Laclede Gas-See Stockft xch 11 St
1
100
Cent Fireworks corn.
20
0 Preferred-Grand Rapids Ity pref_100 80
100 97
20 • U S Indust Alcohol ...100 23
82
100 10
Preferred
e Preferred
Madiwn Gas es 1928- _A-0 104 109
92 99
s Loulsv St 6-s1930J-J 10534 105
Chesebrough Mfg Co.._.100 700 800
U S Steel Corporation_. 19°
Lynn & Bog 1st 5s 1924 1-D 10414 10534 Newark Gas ds 1944____Q-J 125 127
eChino Copper Co-See Stec k Ear list
Col Sr a f Sa 1951 opt '11 _ 11312 11412
50
Newark Consol Gas
100 96
• New 05 Rys &
30 38
City Investing Co
100 47
Col tr s f bs '51 not opt- 11312 11412
100 7914 .
J-D 105 108
• Preferred
e Con 3' 53 1948
98
Preferred
100 95
U 8 Tit Gu & Indem____100 11212 100
Gen Mg 45is 1035-See 8 tk Ex list No Hudson L II & Pow88
e Cladln (H B) corn
100 85
A-0
Westchester & Bronx Title
6Pub Sell,Corp of N 9-See Stk I-. xilst
90
53 1038
e 1st preferred
100
& Mtge Guar
95012 46
160 166
Tr etts 2% to 6% perpet 105 106
Facia° Gas & E, corn- _100 14
•2d preferred
88
100 85
100 8812 8912 Consol Car Heating___100 03
164
North Jersey St Ity_ 100 80Preferred
Westingtese Air Brake
85
60
M-N
77 -N
95
4
414 Woolworth (F W) Co tw 0. 8011 8114
1st 41 1948
. Pat & Parr Gas & Elev.-100 92
Consol Rubber Tire____100
M'S 102 104
30
108/2 100
70
Preferred (w I)
e Con g Ss 1949
Preferred
Cons Tract of N J-___10(1 75
100 25
.1-1) 104 105
95
A Joseph Gas ba 1937__J-J 90
let bs 1933
Worthingt'n Pump prot_100 106
Debenture 43 1951__A-0 I 4212 45
New'k Pas Ity bs '30__J-J 10719 -- --
Volume of Business at Stock Exchanges
Inactive and Unlisted Securities
5;6-
--
......25
12.6.
4,per abate.
8 .b61314, •kleits on Stock .0-x0128.14e/ but not very active. / Flat price.
a Nominal
s holeDr aa,
INeW stook.
•Ex-dty.
KTAilliata.
Dnc. 16 1911..]
THE CHRONICLE
.13
Investment and '23aitroa1 intelligence.
•••••••••
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEANI railroal from which regular weekly or monthly return
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Wee:4 or
Month.
Current
Year,
Previous
Year.
July 1 to Latest Date.
Curren!
Year.
Previous
Year.
Ala N 0 h 'rex Pao$
3
$
3
N 0 63 Nor East_ November_ 342,307 328,512 1.558,837 1,488,071
Ala Se Vicksburg.. November_ 105,704 161,503
766,926
719.573
Vick3 Shrev & P. November_ 148,134 140,911
617,214
639,944
Ala Tenn 63 North.- October__
49,530
34,231
15,727
10,361
Ann Arbor
let wk Dec
946,680
40,810 1,034,316
47,197
At3h Topeka & S Fe October__ 0,045,875 9.931.805 35,739,383 36,091,145
Atianta Blrm & Atl 4th wk Nov
85,920
73,427 1,378,131 1,154,346
Atlantic) Coast Ulla October -- 2.782,164 2.557,255 9,634,142 9,021,813
g Baltimore 63 Ohlo- October __ 8,259,823 8,108,817 32.150,705 32,634,444
B 33 0 Oh Ter RR October.- 153,324 144,573
580,644
552,555
Bangor do Aroostook October.... 303,322 269.559 1.145,214
935,959
Boston & Maine
October__ 4,115,342 4,085,314 16,413,608 16,215,892
5,488
Bridgeton 63 Saco It October_4,456
23,290
20,479
Bull Roca 63 Pittsb_ 1st wk Dec 172,086 194,196 4.350,336 4,415,631
October__ 213,309 208,195
839,637
802,959
Buffalo & Susq
Canadian Northern_ let wit Dec 481,600 339,200 8,964,900 7.130.400
1st wit Dec 2,478,000 1,973,000 54,217,800 18,891,129
Canadian Pacific
Central of G3orgia_ 1st wk Dec 292,000 283,800 6,285,307 5,770,251
Central of New Jar_ OcL3ber___ 2,646,423 2,418,345 10,127,744 9,615,744
Central Vermont- October__ 378,483 333,707 1,487,173 1,394,142
Ches & 01110 Lines_ 1st wit Dec 628,282 588,936 14,863,614 14,863,103
Chicago 63 Alton
1st wk Dec 285,586 289,815 6,989,207 6,817,088
Chic Burl & Quincy October__ 8,320,216 8,909,593 31,485,144 32,759,270
p Chic Great Weit
1st wit Dec 264,093 229,841 5,939,686 5,775,236
Ohio Ind 63 Louisv_ 1st wit Dee 116,283 105,772 2,984,531 2,853,544
Ohio Memph & Gull September
24,862
20,638
61,185
10,263
Ohio Slilw 63 St Paul October__ 8,1413525 6,508,261 22,613,790 24,352,306
• Ch Aill 63 Pug Sd- October__ 1,582,690 1,319,990 5,647,119 4,795,113
eChic lie North Wes. October__ 7,476,655 7,487,881 28,032,270 28,600,984
vChlo St Paul M & 0 October.... 1,499,608 1,872.527 5,421,717 6,021,836
Ohio T li & S E......._ October__ 168,474 196,663
627,412
828,323
Qin Ham 63 Dayton October___ 921,092 884,697 3,717,737 3,443,599
Colorado 63 Midland October__
758,182
203,352 203,964
733,997
Colorado do South
let wit Dec 307,789 340,419 6,782,710 7,915,326
Copper Rang°
July
60,551
80,551
70,733
70,733
Cornwall
October _
15,914
60.125
11,906
63,669
Cornwall 3:Lebanon October _
131,681
25,053
28,431
117,118
Cuba Railroad
October__ 257,682 190,692 1,037,957
821,883
Delaware do Hudson October... 1,955,818 1,948,030 7.599,833 7,212,815
Del Lack & West
October__ 3,301,711 3,218,298 12,897,463 12,354,823
Deny & Rio Grande 1st wk Dec 433,400 433,300 11,163,301 11,378,498
Western Paciflo_ October.... 530,234
1,990,089
Denver N W do Pao- 1st wk Dec
21,898
603,331
21,401
573,436
Detroit Tol & front. 4th wk Nov
49,121
40,147
770,118
899,834
18,402
Detroit 63 Mackinac 1st wk Dec
21,838
537,485
525,405
Dul 63 Iron Range__ October__ 938,074 922,872 3,952,082 4,516.927
56,727 1,467,984 1,544,481
53,590
Dul So Sh 63 Ati___ 1st wit Dec
El Paso 63 Sou West October__ 620,637 602,817 2,251,704 2,371,061
October...... 3,205,347 3.115.689 20,537,865 20,231,648
Erie
Fairchild 63 N E...... October__
1,900
2,193
7,550
8,016
Fonda Johns do Cloy October__
77,486
78,831
352,988
356,163
October _ 345,323 318,283 1,151,023 1.042,208
Georgia Railroad
Grand Trunk Syst
1st wk Dec 892,957 838,345 22,612,535 20,056,924
Grand Trk West_ 4th wk Nov 173,320 143,640 2,802,628 2,445,166
Det Gr Hay & Mil 4th wk Nov
82,023 1,025,080
70,301
867,234
Canada Atlantic_ 4th wk Nov
61,960
945,675
55,191
841,943
Great Northern Syst November_ 6,139,119 3,823,009 31,548,159 30,165,351
Gulf & Ship Island_ October.... 160,960 179,553
651,830
655,570
Hooking Valley
October__ 658,758 759,560 2,673,710 2,945.970
Illinois Central
November_ 4.829,634 3,522,141 25,371,428 26,694,844
Laternat & (St Nor. 1st wit Dec 200,000 175.000 4,614,824 4,374,419
a Interoceanic Mex. 1st wk Dec 139.071 161,810 3,578,186 3,718,202
Iowa Central
1st wk Dec
73,858
84,892 1,600,623 1,565.072
Kanawha & Mich
October__ 316,439 290,685 1,212,403 1,132,008
Kansas City South.. October __ 860,200 951.102 3,208,093 3,527,437
K 0 Mex Is Orient
3d wk Nov
40,108
39,934
715,325
778,109
Lehigh Valley
October __ 3,405,305 3,384,099 13,303,641 12,409,082
Lexington & East
October__
46,307
39,858
194,724
173,594
Louisiana 33 Arkan_ October... 109,671 113,838
429,982
477,386
Loulsv Head & St L October__ _
115,312 10E1,944
443,641
428,011
s Loutsv & Nasliv_ 1st wk Dec 1,147,690 1,071,185 24,787,959 24.244,353
Macon & Birming'm November_
13,838
15,112
70,724
86,808
Maine Central
October _- 083,822 909,216 3,911,326 3,617.580
Maryland & Penne_ October__
43.170
42,284
168,818
163,085
a Mexican Railway_ 3d wk Nov 158,700 151,400 3,085,800 3,300,300
Mineral Range
1st wk Dec
14.870
14,025
326,195
327,454
Minneap 63 St Louis 1st wit Dec
90.167
84,547 2,008,404 2,449,624
Minn St P & S S Ml 1st wk Dec 475.817 419,797 12,371,408 10,603,914
Chicago Divisionj
77,511
Mississippi Central.. October__
77,758
308,686
307,977
it Mo Kan & Texas.. 1st wk Dec 540,344 568,037 13.511,258 13,703,774
Missouri Pacillo
1st wk Dec 1,157,000 972,000 25,345,858 24,203,413
Nashv Chatt & St L October__ 1,057,483 1,019,241 4,082,439 3,873,282
a Nat Rys of Mex..1_ 1st wk Dec 1,285,338 1.224,708 28.083,020 27,708,070
Nevada-Cal-Oregon 4th wk Nov
168,160
7,861
9,288
179,948
Nevada Central
September
6,046
16,620
5,512
18,110
571,169
N 0 Great Northern October__ 140,754 138,901
575,113
N 0 Mobile & Ohio_ Wk Nov 25
43.419
754,058
38,752
703,088
4131 Y C do Hud Rly October __ 9,553,551 9,166,923 37,618,921 35,971,085
Lake Shore & M S October __ 4.351,609 4,399,008 17.516,306 17,586,259
n Lake Erie 63 W. October _ 488,256 495,287 1,994,586 2.002,780
Ohio Ind & South October _ 388,328 327,011 1,256,939 1,106,588
Michigan Central. October __ 2,888,021 2,700,510 10,822,376 10,622,000
Cleve 00 Is St L. October __ 2,897,280 2,888,098 10,851,006 10,858,480
Peoria & Eastern October __ 280,715 342,741 1,109,237 1.317,325
Cincinnati North_ October __ 122,688 117,580
480,930
484,447
Pitts & Lake Erie October __ 1.442,323 1,634,051 5,810,610 0,305,257
N Y Chlo Is St L. October __ 1,001,351 1,093.571 3,858,943 3,876,975
Tol 63 Ohio Cent_ October __ 500,939 500,823 1,970,247 1,085,880
,
Te. ell Ilnna ahnvel Ontnher
_ 23873681 23852801 03 9011 1 cd es 117 ni A
Latest Gross Earnings.
ROADS.
Weal: or
Month.
Current
Year.
July 1 N Latest Dale.
Previous
Year.
Current
Year.
Previous
Year.
October
5.735,127 5,571,071 22,180,322 22.046,413
N V N 11 & Hartf
720,393 743,446 3,394,140 3,432,661
N Y Ont & West__ October...._
N Y Susq & West__ October...... 345,061 335,527 1,338,430 1.246.138
Norfolk Southern... October__ 278,227 248,034 1,051,851
940.040
Norfolk & Western_ October.___ 3.495,794 3,300,513 13,469,729 12,591,375
Northern Pacille___ October__ 0,604,918 3,368,880 23,309,316 25,491.957
Pacific. Coast Co___ October___ 761.988 801,830 2,912,951 3,142,332
Pennsylvania RR__ October
14353719 14237091 54,501,091 55,250.101
20,216
Bait Clint & Atlan October
20.269
133,946
134,271
Cumberland Vail_ October
268,425 295,272 1,007,854 1,115,074
Long Island
October
870,743 801,846 4,313,988 4.038,928
Maryrd Del & Va October
11,263
11,006
67,975
64.676
N Y Phila 63 Nod October
289,718 282,424 1,188,142 1,236,221
Northern Central. October
1.201,495 1,174,251 4,358,235 4,370,268
Phila. Bait& Wash October
1,667,126 1,653,173 6,823,443 6,832,116
W Jersey 63 Seash October
448,619 451,603 2,813,736 2,813,264
Pennsylvania Co..... October
4.877,0.15 4,933,070 19,128,576 20,202.768
Grand Rap & Ind October .._ 453,119 446,106 1,882,294 1,886.264
Pitts Cln Cis& StL October
3,533,146 3.641,968 13,880,1195 14,213,555
Van:Latta
October
919.761 962.560 3,499,665 3.758,283
Total linesEast Pitts & E. October
20449432 20281727 80,590.945 81,417,345
West Pitts & E October
10231173 10387023 40,101,618 41,626,399
All East& West October
30680308 30660657 120832504 123043744
Pere Marquette
October.._ 1,609,287 1.453,523 6.045,133 5.718.375
Raleign 63 Soutnport October__
16,170
15,332
53,704
52,143
Reading Company
Phula & Reading_ October..„ 4,118,724 4,003,362 15,109,778 14.892.138
Coal 63 Iron Co.._ October___ 3,748,332 2,092.642 9.932.500 8.679.040
Total both cos
October___ 7,865,050 8,906,004 25,042,278 23,571.178
Rich Fred do Potom October__
197,611 178,319
706,962
728,389
Rio Grande Juno
September
110,241 100,463
277,122
287,359
Rio Grande South
8,469
11,560
let wk Dec
219,287
289,547
Rook Island Lines
October... 6,188,324 6,622.782 22,953,189 24,282,659
Rutland
October.... 320,819 331,916 1.284,433 1,298,690
St Jos & Grand Isl.. October___ 153,834 183,319
609.311
639,532
St Louis & San Fran October__ _ 4,122,871 4,074,796 11,558,118 1.1,821,545
f Ohio Is East Ill_ October__ _ 1,471,325 1,400,321 5,429,303 5,260,537
Total all lines...... October__ _ 5,594,196 5,475,117 19,987,924 20,082.082
St L Rooky Mt do P. October___
149,200 194,237
542,493
707.159
St Louis Southwzst_ 1st wk Dec 278,000 272,000 5,455,553 5.561.019
San Ped LA 63 S L.. October.._- 751.512 743,496 2,979,425 2,641,656
Seaboard Air Line
1st wk Dec 494,536 436,663 9,635,808 8.874,971
Southern Pacific Co October.._ 11925,128 12478,958 45,815,973 47.372,616
Southern Railway.._ 1st wk Dec 1,297,620 1,242,113 28,003,870 26,943,248
Mobile .33 Ohio
1st wk Dec 220,026 217.571 5.045,134 4,775,304
Cie N 0 & Tex P. let wk Dec 180.321 170.813 4,211,094 4,171,946
Ala Great South_ 1st wk Dec
85,317
80,293 2,051,970 1.979,420
Georgia Sou do Fla let wk Dec
51,211
52,001 1.063,987 1,050,845
Tenn Ala 63 Georgia 4th wk Nov
3,505
2,343
48,718
39,167
Texas & Pad do_
1st wk Dec 386,455 351.863 7,765,848 7,533,823
Tidewater 63 West_ October__
8,681
6,643
35,092
28,265
Toledo Peor 63 West 1st wk Dec
20,644
19,135
566.933
582,838
Toledo St L & West 1st wk Dec
81,705
76,858 1,807,977 1.739,832
Tombigbee Valley October...._
8,602
6,440
32,170
27,479
Union Pacific, Syst_ October...._ 8,714,435 8.905,657 32,191,481 33,911,422
Virginia 63So West_ October___ 152.818 116,515
583,138
426,587
Virginian
Octbber___ 418,983 314,856 1,580,776 1,150,553
Wabash
1st wk Dec 567,188 590,120 13,374,749 13,863,768
Western Maryland_ September
667,823 665,658 1,893,604 2,003,358
Wheel & Lake Erie_ October...... 708,651 612,581 2,821,833 2.580,589
Wrightsv do Tennille October_..
40,956
34,989
122,911
105,910
Yazoo 63 Miss Valley November.. 999,269 1,190,851 4,107,630 4,338.888
Various Fiscal Years.
Delaware 63 Hudson
Jan
N Y Central & 1-Indoors River_e_ Jan
Lake Shore 33 Michigan South Jan
Lake Erie & Westem_n
Jan
Chicago Indiana do Southern_ Jan
Michlgan Central
Jan
Clove Cie Chicago & St Louis Jan
Peoria do Easi,3rn
Jan
Cincinnati Northern
Jan
Pittsburgh Is Lake Erie
Jan
New York Chicago 63 St Louts Jan
Toledo 63 Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Jan
Baltimore Cliesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaw Is Virginia
Jan
Philadelphia
NY
Is Norfolk.._ Jan
Northern Central
Jan
Philadelphia Bait Is Wash
Jan
West Jersey Is Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids Is Indiana
ran
Pitts Chicle Chic Is St Louis
Jan
Vandalla
Jan
Total lines-East Pitts Is Erie Jan
West Pitts &Erie Jas
All lines E Is W.Jan
Rio Grande Junction
Dec
Rutland
Jan
Texas Is Pacific
Jan
Period.
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oot
Oct
Oct
Oct
Oct
Oct
Oct
Sept
Oct
Dec
Current
Year.
Previous
Year.
31 17,823,842 10,780,429
31 86,427,585 82,941,863
31 40,261,350 41,299.387
31 4,518,754 4,573.641
31 3,129,786 3,032,345
31 24,881.790 24,609.403
31 25,276,891 25,039,728
31 2,673,516 2,909,083
31 1,021,663 1,074,413
31 12,747.907 14.588,878
31 9,250,748 9,326,499
31 4,078,520 4,151,566
31 214268 511 213546 809
31 129916 773 133798 975
239,205
31
238,847
31 2,300.137 2,606,815
31 8,999,383 8.352,932
31
116,950
112,262
31 2,786,588 2,923,799
31 10,566,038 10,508,539
31 13,742.782 15,894,685
31 5,401,122 5,237,757
31 41,767.985 45,970,610
31 4,227,451 4,309,288
31 31,032,807 33,942,230
31 8.269,664 8,834,210
31 187404 485 191290 578
31 90,085,064 98,457,855
31 277559 549 237748 433
783,686
30
843,178
31 2,858,261 2,775,032
7 14,699,204 14.984,49
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Cuent Year Prees Year Inc. or Dec. %
Monthly Summaries.
Cuent Year Pret's Year Inc. or Dec. %
3
3
$
Mileage Curr. Yr. Prey, yr.
$
$
$
Z0.449,514
19.832.136
4th week Sept (43 roads).+617,378 3.11
February _242,640 233,603 199,035,237 202,492.120 -3,456,883 1.73
last week Oct 144 roads)____ 15,529,299 15,172,833
+358,668 2.35
March
243.686 238,941 220.997.481 238,338,603 -11,339,128 4.76
45 roads).- 18.284,214 15,661.237
2d week Oct
+802,977 3.85
April
242,933 239,132 218,177.123 225.700.811 -7,523,688 3.33
44 roads)____ 16.388.525 15,951,483
3d week Oct
+437.042 3.74
may
243,170 239,357 229.642,771 234.339,874 -4,697.103 2.00
4th week Oct (43 roads)____ 23,008,784 21,859,863 +1,239,121 5.63
June
243,733 240,012 231,697,053 238.156,755 -6,459,702 2.71
1st week Nov (45 roads)._ 15.864,577 15,175,043
+489,534 3.30
July
244,503 240,083 231,683,000 233.189.887 -1,481,881 0.65
25 week Nov (43 roads)___ 15,775,795 15,348,588
+429.227 2.80
August
239,530 227,076 243,816,594 245,784,289 -1,987.695 Q380
-91,200 0,59 septernber-230,918 226,526 249,054,033 240.014,235
3d week Nov (44 roads)--- 15.175,623 15.368.825
+39,801 6.01
4th week Nov (44 roads)._ 10,907.122 19,400.300
+476,022 1.93
82,623
October
81,105 72,398,885 68,742,513 +3,658,352 9.23
let week Dec (40 roads)._ 15.251,799 14,088,335 +1.183.464 8.18
November
90.287
88.635 73.469.030 73.221.471 -1-1.247.559 1.77
a Mexican oarronoy. e Includes tee Boston It Albany. his Nen York It Ottawa. the St. Lawrenao 33 AdIronia
,k and tae Ottawa Is N. Y fly. ,
the latter of which, being a Canadian road, doe* nit make returns to the inter-State Commerce Commission. f Includes Evansville
Is Terre Haul
Ineludea the Clevolaa 1 Locale Is Wheeling Fly, in both years. n Includes the Northern Ohio RR.
and Evansville Is Indian3 1311.
p Include'
of Mason City 63 Ft Dolga and Wisconsin Minnesota Is Pacific. s Includes Louisville Is Atlantic from July 1 1909 and the
earnings
e
Frankfort &
Cincinnati from Nov. 1 1903. 1 Includes the Mexican InternatIonal from July 1910. it Includes the Texas Central. •Includes
not
only
operatInt
c000lptq.
=MON but also a4 °fiber
Weetty Summaries.
1
[VOL. Lxxxxm.
THE CHRONICLE
1664
Latest Gross Earnings by Weeks.-In the table which ELECTRIC RAILWAY AND TRACTION COMPANIES.
follows we sum up separately the earnings for the first week
Jan. 1 to latest date.
Latest Gross Earnings.
of December. The table covers 40 roads and shows 8.18%
Name of
increase in the aggregate over the same week last year.
Previous
Current Previous Current
or
Road.
First week of December.
1911.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville
Cino New Olreans ec Texas Pao.
Colorado & Southern
Denver & Rio Grande
Denver Northw & Pacific
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida__ _
Grand Trunk of Canada
Grand Trunk Western
Det Grand Haven & MIlw_ _
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Iowa Central
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Minneapolis St Paul & S S M_I
Chicago Division
Missouri Kansas & Texas
Missouri Pacific
Mobile do Ohlo
National Rys of Mexico
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_ _ .. _
Wabash
IgTotal (40 roads)
Net increase (8.18%)
1910.
$
$
80,296
85,317
40,810
47,197
194,196
172,086
339,200
461,600
2,478,000 1,973,000
283,800
292,000
588,956
628,282
289,815
285,586
229,841
264,093
105,772
116,283
170,813
180,321
349,419
307,789
433,300
433,400
21,898
21,401
18,402
21,838
56,727
53,590
52,001
51,211
$
5,021
6,387
22,110
4,229
34,252
10,511
9,508
100
41,630
497
3,436
3,137
790
54,612
175,000
200,000
161,810
139,071
64,892
73,858
1,147,690 1,071,185
14,025
14,870
84,547
90,167
419,797
475,817
25,000
566,037
540,344
972,000
1,157,000
220,026
217,571
1,265,388 1,224,768
11,560
8,469
272,000
278,000
486,663
494,536
1,297,620 1,242,113
351,863
386,455
19,135
20,644
76,658
81,705
590,120
567,188
a
122,400
505,000
8,200
39,326
838,345
892,957
22,739
8,966
76,505
845
5,620
56,020
25,693
185,000
2,455
40,620
3,091
6,000
7,873
55,507
34,592
1,509
5,047
-----
15,251,799 14,088,335 1,310,312
1,163,464
146,848
------
22,932
For the fourth week of November our final statement
covers 44 roads and shows 1.93 increase in the aggregate
over the same week last year.
Fourth week of November.
1911.
1910.
$
$
'
Previously reported (37 roads) _ 18,861,598 18,352,131
85,920
73,427
Atlanta Birmingham & Atlantic
919,746
876,316
Chesapeake do Ohio
29,085
21,785
Denver Northw & Pacific
40,147
49,121
Detroit Toledo ec Ironton
63,789
. 61,263
Georgia Southern & Florida
7,861
9,288
Nevada-California-Oregon
3,505
2,340
Tennessee Alabama do Georgia_
Total (44 roads)
Net increase (1.93%)
Increase. Decrease.
$
984,583
12,493
7,300
$
475,116
43,430
8,974
2,526
1,427
1,165
19,967,122 19,490,200 1,006,968
476,922
530,046
Net Earnings Montlh .to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
--Gross Earnings- -Net Earnings Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
Year.
Year.
Year.
Year.
American Rys Co_ _ _ _ October __ 397,964 380,345 3,629,526 3,451,303
308,473
297,928
23,369 28,742
Atlantic Shore Ry__ _ October __
cAur Elgin & Chic By October__ _ 156,742 154,359 1,500,934 1,415,844
471.777
491,497
53,129 49,593
Bangor By & Elec Co October__ _
89,421
96,311
9,597
10,593
Baton Rouge Elec Co October.._ _
272,696
292,100
33,158
36,418
Binghamton Railway September
103,926
103,043
9,797
9,336
Brock 63 Plyrn St By.. October__ _
Bklyn Rap Tran Syst August _ _ _ 2119,302 1972,238 15,470,394 14,514,820
266,532
275,148
31,650 30.496
October.._ _
Cape Breton Elec
200,409
289,769
39,392 35.562
Carolina Pow & Lt Co October __
420,375
421,930
58,425
56,864
_
__
August
Riv
E
6:
N
Cent Park
691,474
723,895
69,494 68,385
Central Penna Trac_ _ October __
728,940
780,934
83,698 77.993
Chattanooga Ry & Lt October__ _
301,199
310,567
31,818
30,974
October..__
East_
Clev Painesv &
881,619
945,618
99,404 96,394
Clev Southw & Colum October __
372,764
401,047
44.451 42,736
Columbus (Ga) El Co October__ _
989,311 1,028,065
81,491 160,020
Coney Island & Bklyn August
Dallas Electric Corn_ October.._ _ 181,459 165,372 1,337,545 1,202,985
Detroit United By__ _ 4th wk Nov 238,264 206,901 9,299,153 8,527,510
404,713
405,803
53,666 54,036
D DEB & Bat(Rec) August .._ _
906,006
942,037
96,704 95,278
Duluth-Superior Trac October.. _ _
1,878,479
1,966,354
209.592
200,629
Sub_
October___
&
Louis
St
East
515,504
555,430
55,172
62,011
El Paso Electric..__ _ October___
504,514
611,639
67,970 58,504
Fairm & Clarks Tr Co October..__
929,225
1,037,887
120,238
139,814
42dStM&SNAv (Rec) August ___
Galv-Hous Elm Co__ October___ 132,645 113,476 1,254,061 1,079,612
947,929
966,461
93,587 91,267
Grand Rapids By Co.. October.._ _
Havana Elec Ry Co.. Wk Dec 10 48,096 43,548 2,246,487 2,037,954
Honolulu Rapid Tran
373,675
409,727
42,582 37,118
October___
ec Land Co
263,641
254,146
24,249 26,192
Houghton Co Trac Co October..__
Hudson & Manhattan September 377,007 323,493 3,375,968 2,902.080
Illinois Traction Co _ October___ 642,068 614,476 5,661,779 4,907,077
Interboro Rap Tran_ October__ _ 2707,569 2547,654 24,795,600 24,030,857
471,775
472,529
49,743 48,366
October___
Jacksonville Trac
Lake Shore Bien By.. October..__ 107,620 105,075 1,069,857 1,018,739
139.011
145,798
24,226
24,854
Long Island Electric_ August ___
Metropolitan St(Rec) August ___ 1148,050 1132,411 8,969,721 8,672,440
Milw El By & Lt Co. October..__ 448,150 466,919 4,122,458 3,863,695
896,007
943,671
92,932 89,028
Milw Lt, Ht & Tr Co.. October.._ _
Montreal Street By.. October _ 442,393 386,888 4,087,632 3,712,796
Nashville Ry & Light October___ 174,049 161,507 1,614,224 1,503,359
New Orleans By & Lt September 521,570 489,458 4,894,456 4,618,471
146,662
191,411
20,534
26,531
N Y City Interboro_ _ August ___
243,055
259,043
N Y de Long Is( Trac_ August ___
39,908 40,318
741,742
835,574
N Y & Queens County August ___ 116,831 111,065
138,982
145,903
14.856 14,626
Northam Easton & W October___
180,813
201,088
20,987 24,536
No Caro Pub Serv Co October..__
North Ohio Trac & Lt October __ 220,342 208,342 2,240,088 2,045,748
North Texas Elec Co_ October___ 168,512 154,007 1,346,517 1,205,575
88,064
95,961
28,546 24,147
Ocean Electric (L I) August _
182,977
193.229
21,251
22,801
Paducah Tr & Lt Co. September
223,113
236,804
24,415 23,650
Pensacola Electric Co October.._ _
Phila. Rap Trans Co_ _ October..._ 1947,002 1831,067
Port(Ore)Ry,L do PCo. October___ 540,764 503.485 5,238,372 4,609,974
Puget Sound Elea Co October__ _ 154,752 161,760 1,487,085 1,607,031
233,756
248,857
40.177 39,277
Richmond Lt & RR_ August ___
Rio de Janeiro Tram
Light & Power Co_ October..__ 1128,972 965,265 10,649,198 8,999,034
St Joseph (Mo) Ry,L1
854,363
903,306
91,442 87,613
Heat & Power Co __ October.._ _
Sao Paulo Tr, L 6: P. October__ _ 315,549 255.528 2,899,779 2,406,201
521,976
571,253
53,794
Co..
59,843
October..__
Electric
Savanna
Seattle Electric Co_ _ Otcober__ _ 461,501 469,033 4,521,484 4,625,012
610,918 ,550,712
90.866 83,582
Second Avenue (Bee) August __ _
72,240
83,041
10,799
12,345
Southern Boulevard_ August __ _
149,605
161,520
15,600
16,700
Sou Wisconsin By Co October...._
182,285
104,262
34,136 32.607
StatenIsi Midland _ August _ _ _
502,459
564,611
59,328 43,254
Tampa Electric Co.._ October.._ _
Third Avenue (Rec)_ August.___ 312,272 296,472 2,428,675 2,271,954
Toronto Railway Co_ October...._ 415.757 379,721 3,936,539 3,575,659
Ry & Lt Co.. October __ 235,360 222,217 2,194,466 2,035,465
Twin City Rap Tran_ 1st wk Dec 147,634 142,084 7,283,932 7,021,366
Underground El Ry
of LondonThree tube lines _ _ Wk Dec 9 £15,080 £14,250 £669,175 £629,418
Metropolitan Dist _ Wk Dec 9 £12,059 £11,638 £570,757 £533,369
United Tramwaye_ Wk Dec 9 £5,461 £5,144 £317,641 £306,054
Union (Bee) ----- _ _ August _ _ _ 219,883 212,512 1,643,281 1,486,006
UnionRy,G &ECo(Ill) October__ _ 299,154 284,293 2,574,556 2,421,889
United Rys of St L_ _ October.._ _ 1051,471 1041,837 9,910,080 9,597,604
United RRs of San Fr October __ 700,271 670,295 6,511,043 6,337,515
332,450
406,146
56,584
60,599
Westchester El (Rec) August _ _ _
334,893
314,260
34,500 35,602
Whatcom Co Ry & Lt October...._
446,333
_
59,107
__
57,291
_
Yonkers RR (Ree)_ August
173,891
196,086
20,686 18,886
Youngst & Ohio By.. October_ _ _
def5
1,486
8,566
6,548
Bellefonte Central_ b__Nov
16,475
11,593
69,295
78,908
Jan 1 to Nov 30
172,421
213,405
541,476
610,721
Chicago Ind & Loulsv__Oct
819,514
853,987
2.370,072 2,260,202
July 1 to Oct 31
Chicago do North West_a_Oot/7.476,855 17,487,881 2,438,538 2,081,232
/28,032,270 /28,600,964 8,800,500 8 573,433
July 1 to Oct 31
648,453
547,938
Chicago St P M & 0_a_Octil,499,608 11,672,527
15,421,717 16,021,836 1,508,209 2,034,429
31
Oct
to
1
July
496,761 1,500,571
Illinois Central a-- ------Oct 4,639,641 5,720,975
20,541.794 21,172,703 3,586,130 4,959 949
July 1 to Oct 31
Oct 5,268,364 4,886,886 1,183,678 1,090,146
Missouri Pacific-6
19,218,266 18,489,930 3,761,660 4,295,119
July 1 to Oct 31
170,280
169,140
804,850
Oct 761,988
Pacific Coast
732,267
611,615
2,912,954 3.142,392
July 1 to Oct 31
6,203
6,950
15,332
16,170
Raleigh & Southport_b_Oot
16,524
23,090
52,148
58,704
July 1 to Oct 31
606,669
563,693
Seaboard Air Line_a__ _Oct 2,024,276 1,835,894
7,175,587 6,494,847 1,807,373 1,754,648
July 1 to Oct 31
26.460
117,297
26,395
Toledo Peoria & West b_Oct 114,865
17,452
105,359
13,659
100,442
November
132,663
563,703
111,784
546,290
July 1 to Nov 30
804,855 1,003,588
Oct 2,691,293 2,848,208
Wabash b
10,421,951 10,688,450 2,977,941 3,543,400
July 1 to Oct 31
275,097
965,137
124,965
Yazoo & Miss Valley_a__Oct 784,921
443.116
516,579
3,108,361 3,148,037
July 1 to Oct 31
INDUSTRIAL COMPANIES.
--Gross Earnings- -NetEarnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
124,110
92,782
Adams Express Co_ b__ _Aug 1,297,316 1,246,134
188.059
62,557
2,456,523 2,436,499
July 1 to Oct 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
f Includes not only operating revenue, but also all other receipts.
c These figures are for consolidated company.
Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week.
-Gross Earnings---*- --Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
•
Chautauqua Traction_ b39,129
76,649
43,834
77,201
July 1 to Sept 30
95,501
258,361
98,133
Toledo Rys & Lt Cob.._Oct 264,854
917,758
958,804
2,434,184
2,553,626
Jan 1 to Oct 31
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Chautauqua TractionJuly 1 to Sept 30
Toledo Rys do Lt Co...... _Oct
Jan 1 to Oct 31
27,282
3
25
53
02:2
884
17,546
3
53
9:416
88
v7
x17,193
1x
4:84114
13
18
1
x22,294
858
zx
7 4
7:5
14
15
x After allowing for other income received
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
*
del 241
236
1,236
250
Nov
alefonte Central
8,843
13,879
2,596
2.750
Jan 1 to Nov 30
902,571 1,707,104 1,178,661
Chicago & North West_ _Oct 731,434
2,843,618 3,006,345 5,956,882 5,567,088
July 1 to Oct 31
477,405
374,190
171,048
Chicago St Paul M & O_Oct 173,748
824,496 1,367,597
666,832
683,713
July 1 to Oct 31
x2,893
x6,660
23,560
25,905
Toledo Peoria & Western Oct
24,117 xdef6,075 xdef4,405
24,134
November
.
x6,396
x21,953
125,048
120,373
July 1 to Nov 30
z After allowing for other income received.
Week
Month.
Increase. Decrease
•
ANNUAL REPORTS,
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue of
Nov. 25. The next will appear in that of Dec. 30.
•
DEC. 16 1911.]
THE CHRONICLE
Minneapolis & St. Louis RR.
(Report for Fiscal Year ending June 30 1911.)
President T. P. Shonts, New York, says in substance:
Results.-Although the partial crop failure In the Northwest last fall
materially affected the general business conditions in the territory served
by your company's lines, gross operating revenues for the year were
$5,094,016, an increase of $148,625, or 3.01%, and are the largest In the
history of the company. [The surplus after charges was $75,884, contrasting with $77,937 in 1909-10. No dividend was paid on the $4,000,000 pref.
stock; in 1909-10 2 M , or $100,000, was paid,snaking a deficit for that year
of $22,063.-Ed.1
Revenue from freight traffic was $3,527,056, an increase of $128,746, or
3.79%, due entirely to an increase of 4.10% In the earnings per ton per
mile, occasioned by change in class of commodities handled. Revenue
from passenger traffic was $1,226,348, an increase of $7,255. The number
of revenue passengers carried increased 99,244, or 7.23%. Local passengers
carried one mile increased 5.18%, but through passengers decreased 17.04%,
a net increase for both classes oi 358,248 passenger miles, or 0.55%. The
average distance each passenger was carried decreased 2.93 miles, or 6.21%.
Maintenance.--Expendltures for maintenance of way and structures
decreased $66,244, or 12.13%, as compared with the year 1910, and incrossed $16,950, or 3.66%, as compared with 1909. The increased rate In
pay of szetion men from 13 y, to 15 cents per hour, which was In effect only
three months of 1909-10, was In force during the entire 12 months of this
year. There were placed In track 57,981 cross ties, a decrease of 36,170;
8.39 miles of 50-1b. rail between Angus and Berkley was replaced by 7.36
miles of second-hand 66-lb. rail and 1.03 miles of second-hand 60-1b. rail;
on the western division east of Watertown 17.43 miles of 60-1b. rail was
replaced by new 80-lb. open-hearth steel rail. Cost of removing snow,sand
and ice decreased $30,906. Three bridges were renewed, expense $18,340.
Maintenance of equipment cost $688,279, an Increase of $99,836, or
16.97%. During the year a general advance In rate of pay of shop employees was granted.
Other Operating Expenses.--Expenses of the traffics department were
$125,552, a decrease of $21,223, or 14.46%. The cost of conducting transportation increased $76,169, or 3.85%. The rate of pay of practically all
classes of employees engaged in transportation service was increased
approximately 7% during the year. The aggregate increase In the cost
of fuel for locomotives was $34,872. The cost of operating stations increased $13,327, due wholly to increased force made necessary by the
burdensome State and Federal requirements. Settlement of claims and
damages increased $35,702. General expenses were $175,008, an increase
of $16,151, or 10.16%, due principally to an increase of $17,198 In law
expenses, which, for the most part, represent our proportion of the expense
of the Minnesota rate case.
New Connections, &c.-A number of new industries have been located at
the principal stations on your line of road. Connections with the tracks
of the Ft. Dodge Des Moines de Southern RR., south of Ft. Dodge, and
with the South Dakota Central at Watertown, S. D., were constructed.
These connections should afford considerable new traffic to your company.
The total amount paid in taxes account of the calendar year 1910 was
$225,844, an Increase of $17,757, or 8.53%. Since June 30 1905 there has
been an increase of $67,282, or 42.43%.
Funded Debt.-Thero were issued during the year, under the first and
refunding 4% mortgage, 5900,00 Obonds to reimburse the company for
additions and betterments costing $270,000, and $636,000 for cash paid on
Dec. 1 1910 to redeem the Southwestern Extension 7% bonds of like amount.
Additional equipment trust notes of a new series ($180,000 Series B) were
issued Oct. 1 1910 for deferred payments on ten new consolidation freight
locomotives and two new 8-wheel Mogul switch locomotives. Equipment
notes of $60,000 were paid.
Improvements.--The expenditures for additions and betterments to road
and equipment during the year, amounting to $456,439, were charged to
capital expenditures [chiefly rolling stock, $125,032, and terminal yards,
$109,123.1. Ten new consolidation freight locomotives and two new 8wheel Mogul switch locomotives constructed by the Baldwin Locomotive
Works, costing $208,353, were purchased and received during the year.
General Remarks.-NotwIthstandIng the partial crop failure and marked
recession in general business activities In the territory served, your comapny.
has enjoyed the largest gross-earning year in its history. Liberal but
judicious expenditures have been made for the up-keep of rolling stock and
the physical property, the general condition of which has been greatly
Improved during the year. The operations have felt the full effect of the
higher rates of wages paid, and with the constantly increasing requirements
of State and Federal laws and Administrative Boards, the necessity for a.
proportionate advance in rates of transportation to compensate such increased costs is still prominent.
(As to proposed merger with Iowa Central fly. and the sale of $2,500,000
5% bonds of a new $75,000,000 issue, also contemplated changes in share
capital, see a following page of this issue and also V. 93, p. 1600, 1324,
1106. 469. The sale of 6% collateral notes, due Feb. 1 1912, was noted in
V. 93, p. 659. The balance sheet shows outstanding $4,000,000 2-year 5%
gold notes, due 1913, and $1,285,000 1-year 6% gold notes, duo 1912, but,
on the other hand, the 55,000,000 5-year 5% gold notes, due 1911, have
been retired.-Ed.]
ROLLING STOCK OWNED ON JUNE 30.
Locomotives-- Pass. -Freight Equip't- Work.
Tractive Power. Equip.
No.
No. Cap.(tons). Equip.
2,588,265 lbs.
92
4,289
110
1911
122,735
183
2,200,680 lbs.
92
103
1910
124,975
4,441
107
CHARACTERISTICS OF ROAD JUNE 30.
Tangent.
Curves.
Total Ascents!
Total Descents.
1911 __165 miles 833 miles 10,679 It. In 406 nsiles 8,801 ft. in 366 miles
Bridges,&c.(ft.) -Ballast (miles)
Rails (miles)
Steel. Trestles. Gray. Gina. Soil. 80-16. 75-lb. 70-16. 06-16. 60-16.0ther.
9 307 152
567
32 214
43
1911 _ _6,241 49,435 682
__ 567
25 230
7 306 134
1910 _.__6,223 49,791 684
51
AVERAGE REPAIRS PER YEAR.
i35Per Mile of Road.
t45Car.
Per Locomotive. Per Pass. Car.PerF
$539 31
52,924,26
1910-11
669 35
1909-10
531 73
2,820 19
CLASSIFICATION OF FREIGHT- PRODUCTS OF (TONS).
Agriculture. Animals. Mines. Forests. ManTers. Miscell.
1910-11
1,320,952 105,949 557,601 234,956 313,415 501,753
1909-10___ .__ _1,220,884
93,884 615,457 234,487 432,305 409,202
1908-09
1,005,986
95,876 530,004 190,179 190,579 516,124
1007-08
900,919
86,880 507,177 196,095 171,006 422,380
OPERATIONS.
1910-11.
1909-10.
1907-08.
1908-09.
Average miles operated_
1,027
1,027
1,027
1,005
Passengers carried. No__ 1,471.333
1,372,089
1,261,770
1,297,889
Pass. carried one mile_ 65,073,025 64.714,777 57,948,361 55,039,452
Rate per pass. per mile_ 1.885 Ms.
1.884 cts.
1.823 cts.
1.859 cts.
Rev,freight carried,tons 3,043,626
3,006,219
2,284,457
2,528,748
322,589,619 323,526,343 260,058,071 240,435,168
do 1 mile, tons
1.093
Ms.
mile
Rate per ton per
1.050 cts.
1.075 cts.
1.063 cts.
$1.07
Earns, per pass. tr. mile
$0.99
*1.11
$0.95
$2.90
Earns, per fgt. train mile
$2.80
$2.55
$2.51
$4,884
Gross earnings per mile_
$4,738
$3,994
$3,750
291.68
Tons per train mile_ _ _ _
291.17
262.87
266.68
REVENUES, EXPENSES, &C.
1909-10.
Revenue1910-11.
1908-09.
1907-08.
$1,226,348 $1,219,092 81,076,984 $1,003,377
Passenger
Freight3,527,050
3,398,309
2,796,606
2,555,133
327,990
340,613
Mall, express and misc..297,725
268,005
Total opera. revenue_ _55,094,017
ExpensesMaInt. of way & struo__ _ 5479,867
Maint. of equipment__
688,279
Transportation expenses_ 2,054,494
Traffic expenses
125,552
General
175,008
Taxes
229,561
$4,945,391
$4,171,315
53,826,516
$546,112
588,4431,978,324
146,775
158,856
225,279
$462,917
572,808
1,542,908
122,480
144,493
192,244
*443,577
518,962
1,451,976
111,542
137,564
167,426
Total expenses & taxes.$3,752,761 $3,643,789 $3,037,8501152,831,047
Net operating revenue-$1,341,2561$1,301,6027$1,133,465ZW$995,469
1665
INCOME ACCOUNT,
1909-10.
1910-11.
Net operating revenue
$1,341,256 $1,301,602
Income from investments
39,857
37,774
Hire of equipment-balance
Dr.17,114
Dr.6,091
Rentage, trackage and terminals (net) *110,188
88,752
Sundry interest (net), &c
24,850
Dr.38,451
1908-09.1
$1,133,465
40,828
Dr.1,279
87,316
8,970
Total income
$1,444,676 $1,437.947
Deduct-Interest on funded debt_ _ _ _$1,368,792 51.360,010
Preferred dividends_
12;0100,000
51,269,300
51,366,259
(5)200,000
Total deductions
Balance_
51,368,792 $1 460,010 51.556,259
sur.575,884 def.522,063 def.$296,959
* Consists of receipts, $192,390, less payments, 582,202.
BALANCE SHEET JUNE 30.
1911.
1910.
1911.
Assets$
$
Liabtlfties$
Road & equip't__a31,082,549 30,618,905 Common stock_ __ 6,000,000
Securs. of MillisPreferred stock._ 4,000,000
ted, &c., cos.Bonds
20,738,000
716,678
716,678 Equip, trust notes 660,000
Pledged
Unpledged
617,600
617,600 Bills payable
1,408,400
360,800
Cash
222,400 Vouchers & wages 312,668
1,456,700
550,700 Traffic, &c., bals_
Securities owned
50,315
235,286 Agent:3' drafts....
32,258
Agents & conduc.._ 193,997
674,515
622,655 Mind'. accounts__ 318,749
COS. & individuals.
292,688 Matured int., &c__
Material & supplies 357,833
77,560
12,093 Taxes accrued_ __. 161,976
Miscell. accounts
63,346
118,749 Accrued interest__ 510,347
Unadj. fgt. claims.
80,141
Oper. reserves_ ___
Dakota Construe65,602
5,192,136 4,906,618 Misc. def. credits..
81,218
tion Co
Other def. charges
96,992 5% notes,due 1911
56,250
2-year 5% notes,
due 1913 ___ ._. 4,000,000
1-year 6% notes,
due 1912
1,285,000
Profit and loss_ _... 1,150,752
1910.
$
6,000,000
4,000,000
20,468,000
540,000
350,000
281,209
125,191
38,582
161,224
74,508
158,235
474,606
86,384
172,860
5,000,000
1,080,565
Total
40,852,845 39,011,364
Total
40,852,845 39,011,364
--a After deducting reserve for accrued depreciation of equipment, $175,833.V. 93, p. 1600, 1324.
Iowa Central Railway.
(Report for Fiscal Year ending June 30 1911.)
President T. P. Shonts says in substance:
Results.-Notwithstanding the unsettled condition of business throughout
the country during the year, general conditions in the section served by
these lines remained about normal. The gross operating revenues were the
largest in the history of the company, amounting to $3,511,537, an Increase
of *150,255, or 4.47%. [After meeting charges there was a deficit from
the operations of the year Os $16,028. against $26,664 for 1909-10.-Ed.)
Revenue from freight traffic was $2,805,396, an increase of $144,195, or
5.42% due to the greater volume of tonnage moved. The number of tons
mile increased 3.10%. The revenue per mile os road was $5,020,
carried
an increase o. $255. Revenue from passenger traffic decreased 51,762.
Maintenance. -Expenditures for the up-keep of way and structures decreased $13,800, or 3.13%, and averaged 5765 per mile of road. The Increase In rate of pay of section men from 13 to 15 cents per hour, in effect
only three months of last year, was in force for the entire 12 months of this
year. There were placed in track 122,155 cross-ties
Expenditures for
maintenance of equipment increased $67,984, or 11.95%. A general advance in rate of pay of shop employees was granted during the year.
Funded Debt.-There were issued during the year $348,000 "first and
refunding" 4% bonds to reimburse the company for additions and betterments to road and equipment not provided for in any previous issue of
bonds under the mortgage.
Additional equipment trust notes ($154,000 series 13) were issued Oct. 1
1910 to cover deferred payments on 10 new consolidation freight locomotives and equipment. Equipment notes maturing during the year amounting to 546,946 were paid (V. 91, p. 1095).
Improvements.-Expendltures for additions and betterments to road and
equipment amounted to $277,279 (road, 5149,844; equipment, $127,435),
and were charged to capital expenditures. Ten new consolidation
freight
locomotives built by the Baldwin Locomotive Works were purchased and
received; cost. $179,837.
ROLLING STOCK OWNED ON JUNE 30.
-Locomotives- Pass. -Freight Equip.No.
Trac. Power. Equip.
No. Cap.(tons).
1911
109
2,717,161 lbs.
51
3,557
115,430
1910 _
102
2,398,209 lbs.
51
3,611
115,090
1909
90
1,958,653 lbs.
52
3,475
109,550
CHARACTERISTICS OF ROAD JUNE 30.
Curves.
Tangent.
Total Ascents.
Total Descents.
1911 _116 miles. 424 miles. 6,880 ft. In 250 miles. 5,740 ft. In 202 miles.
1910 __115 miles. 424 miles. 7,156 ft. in 249 miles. 5,995 ft. in 203 miles.
Bridges,&c.(ft.) -Ballast (Miles)- -Rails (Miles)
Steel. Trestles, Gray. Cind Slag. Soil. 80-16. 70-16. 60-lb. 56-/b. 50-1b,
1911 ____8,301 37,953 330
62
5 134 112 196 114 109
8
1910....8,490 37,722 330
62
5 133
81 199 142 108
8
1909...-49,134- 299
68
6 157
57 203 162 108
8
OPERATIONS AND FISCAL RESULTS.
1910-11.
1909-10.
1908-09.
1907-08.11
Miles operated June 30_
559
558
558
558
OperationsPassengers carried (No.) 1,009,993
1,013,778
1,001,314
Pass. carried one mile__ 28,686,488 29,253,096 27,330,948 25,4
906,4
30 981
Rate per pass, per mile_ 1.919 cts.
1.887 eta.
1.872 cts.
1.889 cts.
Rev. freight (tons) car'd 2,685,111
2,603,446
2,355,717
2,291,152
Freight (tons) car'd 1 m.467,154,400 453,116,263 383,310,444 402,447,559
Rate per ton per Mlle__ _ 0.601 eta.
0.588 cts.
0.616 cts.
0.592 eta
Tons per train mile
311
310
275
291
Earns, per pass. train m.
$$$501.9..778339
$8$
50
..74
361
813.
1.3.
.70
2694
$$
$
50
Earns. per freight tr. m_
Gross earnings per mile..
$6,219
REVENUES,
$$0178EXPENSES, ETC.
Revenue1909-10.
1910-11.
1908-09.
1907-08.
Passenger
$552,150
$550,388
$511,646
$479,987
Freight
2,661,200
2,3
14
54
9:4
2.805,396
57
454
2,3
18
58
3:
28
01
78
Mail, press & miscell_
155.753
147,932
Total operating rev__ $3,511.537
ExpensesMaint. of way & structs. $427,511
Maint. of equipment__
590,130
Traffic expenses
88,153
Transportation expenses 1,461,925
General
103,469
Taxes
116,909
$3,361,282
$3,015,647
$3.002,475
$441,311
527,146
100,107
1,417,420
107,359
98,524
$330,590
596,028
107,370
1,332,294
105,390
89,103
$378,685
322,446
102,377
1,196,932
106,071
86,843
Total exp. and taxes_ $2,788,097 $2,691,867
Net operating revenue__
$723,440
$669,415
INCOME ACCOUNT.
1910-11.
Net operating revenue
$723,440
Other income
28,703
$2,560,776
$454,871
$2,193,354
$809,121
1909-10.
$669,415
49,497
1908-09.
$454,871
69,656
Total operating income
DeductInterest on bonds
Sundry interest (net)
Rentals, trackage and terminals
$752,143
$718,912
$524,528
$634,931
31,064
102,176
$627,504
7,743
*110.329 •
$571,601Cr.3,832
184,279
Total deductions
Balance, deficit
$768,171
$16,028
$745.576
526,664
$752,049
$227,521
!
.1 Includes hire of equipment; $48,959, and rentals, &c.,
1666
THE CHRONICLE
BALANCE SHEET JUNE 30.
1911.
1910.
1911.
Assets8
LiabilitiesRoad & equip't_ _a29.573,910 20,332,281 Common stock__ 8,525,623
Securs. of affird,
Preferred stock__ 5,674,810
555,000 Bonds
&c., cos pledged 555,000
_14,714,095
Coal mines, lands,
Equip. trust notes 411,246
619,711
&c
619,711 1.1111s payable
600,000
Cash
190,237
173,178 Vouchers & wages 298,851
Securities owned_ _ 844,000
998,000 Traffic, &c., baL
Agts. & conductors
71,482
40,293
40,135 Misc. accounts_ _ _
Cos. & individuals 345,314
16,328
340,404 Matured int., &c.
Traffic,&e., bal'ces
84,671
2.913
Taxes accrued_ _
U. S. P. 0. Dept.
118,867
5,005
5,393 Accrued interest__
Loans & bills rec_
41,171
13,663
38,171 Oper. reserves__
Material & supplies 247,533
96,230
250,783 Other def. credits_
Other def. chges.._
68,769 Profit and loss.....b1,991,630
39,981
Total
32,530,307 32,419,825
Total
1910.
8,525,623
5,674,810
14,366,095
304,192
600,000
390,107
25,925
30,657
14,419
73,090
110,295
20,139
65,177
2,219,296
32,536,307 32,419,825
After deducting reserve for accrued depreciation of equipment, $138,854.
b After deducting $191,930 for discount on securities sold and $19,709 miscellaneous.-V. 93, p. 1324. 1105.
Southern Iron & Steel Co.
(Report for Fiscal Year ending Dec. 31 1910.)
The pamphlet report, which was issued early in 1911, has
only this week come to hand. For record we give a partial
digest of the remarks of Vice-Pres. James Bowron, dated
Feb. 15 1911. (See plan V. 93, p. 1026, and amendment
under Ala. Consol. Coal & Iron Co., V. 93, p. 1602).
•
[VoL. Lxxxxm.
673, $87,750; $600,000 one-year notes at 100 (V. 01, p. 657), $600,000
(secured by $1,000,000 "first and ref. mtge. bonds); total, $2,178,750.
It is unfortunate that the fixed charges were based upon average market
prices for the previous ten years. Had they been based upon the lowest
prices, the company would not be in its present embarrassed condition.
The fixed annual interest charges of the company at present aggregates
$483,790, and the company also has minimum sinking fund payments
as follows: Georgia Steel Co., $25,000 (advancing to $50,000 after 1911,
to $60,000 after 1916 and to $65,000 after 1921); Lacey-Buek Iron Co..
;25,000.
The working capital account was considerably reduced by the profit and
loss deficiency for 1910, which amounted to $680,095, as well as by costs
of construction in excess of the proceeds of securities available.
If the output is to be increased to its maximum designed capacity, means
should be devised to increase the net working capital from $830,345 (as of
Dec. 31 1910) to $1,500,000.
Charged Off.-By reason of the high initial costs of operation, usually
incident to the commencement of operations and small production, costs
for the year 1910 do not represent a fair criterion for future costs, and in
order that the operations for 1911 shall not be embarrassed by the high
costs of the inventory of supplies and products on hand Jan. 1 1911, a revaluation was made as of Dec. 31 1910 and the difference has been charged
to profit and loss, which accounts for $87,309 of the loss in said account.
During 1910 the company absorbed in profit and loss for interest on its
funded debt 5414,273. and on account of miscellaneous expense, Interest
and discount, &c., $17,389, none of which was earned, and in addition
thereto has had to meet an operating deficit of $248,434, a total of $680,095,
to which extent the working capital has consequently been reduced, besides the additions to construction account.
DESCRIPTION AND CONDITION OF THE PROPERTIES FEB. 1911.
[Tabulated by the "Chronicle."]
Est.
Monthly
Present Mihty
1. Red Ore Sands-Est. Amount
Tons.
•onos.
Output Tons.
Bearing MineralCc.pacity,
Crudup, Etowah Co., Ala. (1,497
u.o0
acres ore rights, 40 surface)
11,256,000 20,000
Consolidated Statements.-The books have been audited by Marwick, Porterville,
DeKalb Co.. Ala., 719
Mitchell & Co., and I submit, as approved by them, the consolidated
acres ore land
7,000,000 Property now idle.
balance sheet of the Southern Iron k Steel Co. and the Georgia Steel Co. Gayiesville,
Cherokee Co., Ala., est.
(entire capital stock owned by the So. Iron & Steel Co.), as well as the con3,500 acres, part in fee
30,000,000 Exp.to mine;not now op.
solidated profit and loss account of said companies.
Walker Co., Ga., est. 450
History of Company.-As I only became Vice-President on Aug. 8 last. Estelle,
acres,
part
in
fee
3,275,000
2,000 Not now oper.
the facts as to the reorganization and the operations prior thereto have Ringgold, Catoosa Co., Ga..
est.
been obtained from present and former officers, the books and records, &c.
1,200 acres, mostly fee
4,000,000 (Ore excel'nt; no min.yet)
The plan of reorganization of the Southern Steel Co. was dated May 15 !Using
Fawn, Dade Co., Ga., 7,511
1908 (V. 86, p. 1288; V. 87, p. 484, 551) and was declared effective Feb. 5
acres of ore
90,000,000
4;00)
1909. The Southern Iron & Steel Co. was incorporated March 15 1909
2. Brown Ore Lands and Mines(Tons)and through bankruptcy sales obtained title about May 1 1909. The Bartow
&
Cherokee
Cos.,
Ga.,
17.271
work of improvement was begun in July 1909, about which time the comacres (15,730 in fee), long worked-Notstated4,000 to 7,000
pany, determined that instead of rehabilitating the old finishing mills at. Oremont,
Polk Co., Ga., est. 800
Ensley at the estimated cost of $250,000. greater economy would be effected
do
do
acres,
800
mostly
fee
by abandoning the old mills at Ensley and building new mills, of practically
3. Coal Lands and Minesdouble the capacity of the old mills, at Alabama City, near Gadsden, Virginia,
Jefferson
Co.,
Ala.,
present
furnaces
where the company had an iron furnace and its open-hearth steel
seam in operation
18,003 to 19,000
14,840,000
and blooming mill, using such of the machinery from Ensley as was suitable. Labuco, Jefferson
Co., Ala., 2,150
It was estimated that such new mills would cost not to exceed $600,000
acres
L.
&
made)
N.
RR
(No
improvements
5,000,000
more than rehabilitating the old mills; towards the additional amount the Graves, Jeff. Co., Ala., 326 acres_ _ _ _ 2,000,000 18,000
citizens of Gadsden subscribed $150,000 and it was supposed that the com- Altoona, Etowah
and Blount Cos.,
pany would have a ready sale for the property at Ensley. The then estiabout 2,000 acres
6,000,000
18,000
mated cost of all repairs and improvements, including the new mills, was Cole
City, Dade Co., Ga., and Jackson
$1,600,000, as compared with the $1,000,000 provided by the plan of reCo..
fee_Long
Ala.,
worked-not
24,257
acres,
mostly
now
operated
improvements
of
such
repairs
and
organization. The actual cost, however,
Sequatchie Co., Tenn., 10,has far exceeded the estimates, and to Jan. 1 1911 the company had for Dunlap,
700 acres, mostly fee
61,000,000 12,000
3,000
such purposes expended a total of $2,642,072.
4.
Limestone
QuarriesIt was thought that the new mills would be completed by Feb. 1 1910,
Fawn, 28 miles from Chatt..
but they were not ready even tot partial operation until May 1910 and the Rising
"probably finest quarry in State" 300,000,000
finishing departments, owing to lack of funds, have not yet been entirely
Not worked
acres 25,000,000
completed, the wire-drawing department being completed to about 75% Ironaco,WalkerCo.,Ga.,est.200
5. Iron Furnacesof its designed capacity, the galvanizing department to about 50% the Chattanooga,
Tenn. (7.3 acres in
barb-wire department to about 86 2-3%, the nail department to Aout
7,000
city), good condition
80% and the woven-fence department to about 50%. The repairs and Trussville, Jefferson Co., Ala., with
improvements and the construction of the new mills have, however, been
6,000 Just blown out
1,783
acres
and
300
coke
ovens
first class in all particulars.
Fawn, 73x18.6 ft. (expensive
In order to complete the mills for operation to their full designed ca- Rising
to operate)
Not operated
pacity and to provide further storagea ccommodations. an additional Alabama
City, on edge of city of
$350,000 is required. If operated to their then full capacity, the monthly
8,000
Gadsden, Ala
(1)
output of the open-hearth furnaces and the finishing mills of the company
6. Steel and Finishing Plantswould be approximately as follows:
open-hearth
steel
furnaces,
blooming
mill
Alabama
City-Six
50-ton
15,000 tonslNalls
Steel billets
5,200 tons
(36-In.), continuous rod mill (capacity 10,000 tons monthly) and uncom8,000 " Field fence
Plain wire
1,500 "
pleted 10-In, bar mill (monthly capacity to be 2,500 tons), wire mill (ca2,500 " Merchant steel bars
Barb wire
1,700
pacity when finished 7,500 tons monthly of wire and wire products).
2,000
Concreting bars, hoops, bands and cotton ties
rchan
&et
. bar mill (capacity 80 tons per day of light rails, merchant
The above estimate of expenditure in no way embraces additions and
bars,
improvements that might be Judiciously made to enlarge the capacity, such
The
lands at Crudup are 9 miles from the Ala. City plant; present
red
ore
as the addition of a mixer and bessemer converter to the open-hearth de- thickness of 32
inches; three mines, 220 Workmen's houses, &c. The ore
partment, which would add 50% to the present theoretical capacity of the deposit at Porterville
and Gaylesville, are expensive to mine, and suitable
should
also
plan
open-hearth steel plant. The company, in my opinion,
for use only when prices are high. The property at Estelle includes 2 miles
to spend approximately $500,000 for the acquisition of an additional supply of narrow-gauge railroad and about 102 workmen's houses. At Ringgold
and development of red ore, as the present deposits are relatively thin and 2,445 acres are owned in fee and 200 are mineral rights; estimated acreage
expensive to work.
bearing
1,200 acres, and est. tonnage 4,000,000 tons. The ore
General Results.-Owing to the low market price of pig iron during 1910, has beenmineral
merely opened and no extensive work done, but quality is exthe company restricted its production of pig iron to 132,925 tons, (Truss- cellent. Situated on the Western
Atlantic RR. The ore at Rising Fawn is
ville, 63,442 tons; Chattanooga, 33,364 tons; Alabama City, 36,119 tons)
self-fluxing but rather low in iron.
against the estimated total capacity of 264,000 tons.
deposit at Bartow (17,271 acres, including 1,541 acres of
The
brown
ore
Considering the unfinished condition of the mills and the inexperience of mineral rights) have on one side been worked for about 60 years and Is not
abor, incident to the commencement of operations, the Increase in produc- yet entirely exhausted. The other side, believed to be of equal richness,
tion, with diminishing costs in the manufacture, are quite satisfactory.
has not yet been touched. While the estimates of brown ore contained
are more or less guesswork, in the absence of adequate systematic drilling,
Production of Finished Products for the Last Six Months of 1910.
,
July. Aug. Sept.
Oct.
Nov. Dec. these properties are considered to be of great value. The ore is of average
quality, varying considerably both in Iron, silica, manganese and phosIdle
4,860
billets
Steel
Idle 1,033 6,760 5,881
and AlaPlain wire
2,716 3,419 3,602 3,711 3,986 3,706 phorus. The property Iles about midway between Chattanooga
Barb wire
419
578
793
884
909
818 bama City. Equipment 36 miles of standard-gauge railroad, 8 locomotives,
Nails
1,267 2,152 2,183 2,286 2,625 2,346 9 steam shovels, large machine shop, new power house with generators,
Field fence
177
165 washers, and 103 dwelling houses.
106
173
179
162
At Virginia there may prove to be four coal seams in addition to the one
Merchant bars
56
565 1,010.
a.
in operation; equipped with 301 beehive coke ovens, tipple. 1,500 ton coal
Referring to the operating deficit of $248,434, t is proper to point out bin,
161 workmen's houses. This is the only important coking operation
that part of this arose from the continual shrinkage of values in the year in the
Birmingham district where the coal does not require washing, and
1910, iron produced in the early months of the year, when labor and material the coke
produced for the company's use is probably the cheapest made
were high, being carried in hopes of a better market, which did not come, iwnintd
he
indgisetnrIccitn
.e. The operations here could be largely increased by a heavier
wa.,
finally
and
which
sold
greatly
reduced
and
at
prices. If the pig iron
the billets produced in the first half of the year had been sold at market.
The
property
at Graves is equipped with pumping and winding machinery,
prices, as they were at the time when they were produced, I estimate that boilers, 50 workmen's
houses, but no washer. A portion of this property
the operating loss would have been reduced by $51,072.
has recently been advantageously leased on a royalty. The Altoona propThe estimated average annual earnings, as stated in the plan of re- erty includes 1,286 acres in Etowah Co. and 1,840 acres in Blount Co., Ala..
organization, of $1,200,000, was based on the average market prices over Partially worked out; about 2,000 acres, it is estimated, remaining available,
a period of ten years.
avge. thickness 36 inches; 176 workmen's houses, 3 tipples, &c. Distance
17 miles from Ala. City. The Cole City property is equipped with 100
Comparative Market Prices, Showing Low Prices for Last Half of 1910.
(No. 2 Foundry Southern pig iron at Cincinnati; steel products at PIttsb.1 modern beehive coke ovens, 25 partially built; washing plant, machine
Last Half shop, 102 dwelling houses and 6 miles of railroad. There are said to be
1904.
1907.
1902.
1900.
1009.
1910.
five seams ranging from 18 to 60 inches. Tile property has been worked
1910.
No.2 F.pig iron $17 04 $20 00 $12 73 $23 10 $16 06 $16 00 $14 25 more or less for 30 or 40 years and much coal has been taken out, but the
22 08
29 23
24 58
Bess. steel bill.. 25 15
30 32
25 25
24 00 amount in the present workings is limited and would under present condi37 50
32 00
30 50
59 00
37 50
34 50 tions be too expensive to work. The territory, however, has not been
Plain wire
35 75
49 50
40 50
46 00
44 00 adequately prospected, and there may be many millions of tons of good
Galv. barb wire 66 00
53 50
46 00
40 50
34 50
35 00
38 50 coal available which could be developed.
Nails
54 00
40 00
39 00
32 00
28 20
26 60
28 00
Merchant bars.. 32 20
31 60
25 00
At Dunlap there are 14,600 acres, consisting of 13,557 owned in fee and
In the case of steel products during 1910, the actual prices were cut as 1,043 mineral rights, of which 10,700 acres estimated as bearing coal; this
much as $3 or $4 below the quoted prices, especially during the last half coal being above the valley level is operated by self-acting gravity plane,
of 1910. and our pig iron if brought to Cincinnati netted us, owing to trans- delivering the coal to washer and 168 coke ovens. When washed it makes
portation charges, only $10 or $11 a ton.
most satisfactory coke.
Financia1.-A comparison of original estimate and actual cost shows:
The iron furnace at Chattanooga is in good condition and practically ready
Estimated. Expended. for service, with four blowing engines, Brown 'ship hoist, &c. The furnace
$1,022,250 $1,559,727 at Trussville is equipped with Brown skip hoist, brick and steel cast house,
Cost of clearing properties
Improvements, betterments and construction_ _ _ _ 1,000.000
2,642,072 five stoves, four blowing engines, 18 boilers, stock house, tracks, loco227,750
Expenses
255,731 motives and 212 workmen's houses; coal washer and 300 beehive coke
ovens, with capacity for 10,000 tons of coke monthly. Furnace recently
$2,250,000 $4,457,530 blown out; needs overhauling and considerable expenditure
Total
• The Alabama City properties are located on 233 acres owned in fee simple,
F The securities available under the plan provided $3,266,486 cash, as
follows: Clearing properties, $1,559,727; expenses, $255,731; cash to new in Etowah Co., Ala., on the edge of the city of Gadsden, and embrace (1)
company (working capital, &c.). $1,451,028. The reorganization com- blast furnace, McKee skip hoist, steel cast house, four 90x20 stoves, four
mittee also returned to the treasury 11,000 shares of the preferred stock blowing engines, eleven boilers (4,200 h.p.), casting machine and hot metal
and 5,000 shares of the common stock.
cars for conveying the molten iron to the open-hearth furnaces; also electric
Further cash requirements have been provided from sales of securities power station, producing power for the blast furnace. &e. (2) Steel plart j
and loans as follows: $1,200,000 debentures at 90 (V. 90, p. 703), 51.080,- consisting of six 50-ton basic open-hearth furnaCes, two electric charging
000; 5600,000 of 4% bonds at 68 %, $411.000; $130,000 of 4% bonds at machines, two electric ladle cranes, 30 gas producers, &o. (3) Blooming
DEO. 16 1911.j
THE CHRONICLE
1667
mlii (36-inch) driven by Todd engine, eight boilers (3,000 h.p.), six gas
producers, electric ash-handling outfit, three electric cranes, &c. 18 pass;
Also (4) Garrett-Cromwell continuous brick and steel rod mill,
capacity 10,000 tons montlhy, with three gas-fired reheating furnaces, six
gas producers, live rolls, reels, &c.; and one 10-Inch bar mill, at present
frcni
unfinished, with monthly capacity of 2.500 tons, taking bars direct
system.
rod mill; 22 Sterling boilers(10,000 h.p.) with Telpher ash-handling
wire,
production
galvanizing
and
drawing
for
(5) Wire mill (brick and steel)
wire hoops, with
of nails, staples, barb wire, woven field fence, bale ties,and
wire products.
of wire
total capacity when finished of 7,500 tons monthly
all driven
Machinery
tons.
4,000
to
3,500
Present monthly capacity from
workmen's houses.
by electricity and equipped with Telpher system; 170and
facilinecessary
mill
bar
merchant
Complete
(6)
railroad tracks, &c.
merchant bars, &e.
ties for the production of 80 tons per day of light rails,mills
at Ensley, Ala.,
The company also owns the site of the old finishing
15.63 acres, surrounded by railroad and street frontage.
AND
SOUTHERN IRON de STEEL CO. CONSOLIDATED PROFIT
LOSS ACCOUNT FOR YEAR ENDING DEC. 31 1910.
hand
on
Gross loss on operations, $27,056; reduction in inventories
piles
at Dec. 31 from cost to market price, and shortage in ore
less overrun in pig-iron stocks, $87,309; cost adjustment,$37,722;
idle exrense, $63,981; administrative and gen. exp. $70,340;
' loss_ _$248,434
total, $286,408; less misc. income, $37,974; net operating
Add-Starting open-hearth furnaces, $12,585; prospecting, $12,267; disc. on debs., $20,000; misc., $1,542; total, $46,394; less
disc. on bonds purchased, $26,309, and profit on collecting accts.
17,389
purchased from So. Steel Co., $2,696; net
352,700
Bond int., $377,179, less charged to construction, $24,479; net
61,573
$12,000
gold
notes,
6'0
on
Debenture interest, $49,578, Int.
will rank with the existing stock for the full dividend accruing
for the quarter ending Dec. 31 1912. A circular stating the
terms of subscription and payment, and enclosing warrants
of subscription, will be mailed to shareholders on or about
Jan. 15.-V. 93, p. 1461, 1103.
Central of Georgia Ry.-Sale of Income Bonds.-Lazard
Freres on Wednesday announced that they had consummated an arrangement for the sale of the income bonds to a
purchaser which is understood to be the Illinois Central RR.
The firm says:
$680,095
Loss for year
SOUTHERN IRON & STEEL CO. AND GEORGIA STEEL CO. CONSOLIDATED BALANCE SHEET DEC. 31 1910.
Liabilities ($27,498,124)Assets ($27,498,124)$5,900,000
$23,103,504 Preferred stock
Plant and property
9,900.000
stock
Common
2,746,550
&c..
New const., rcconst.,
11,966 S. I. & S. 1st M.20-yr. 4s 6,823,000
Furniture and fixtures
1,200,000
x40,000 Gold debentures
Company's coin. stock
600,000
8,811 One-year 6% gold notes_
Sink,fund of subsid. cos_
592,000
1,140,957 Chatt. Iron & C. Co. bds_
Inventories
375,000
344,208 Lacey-Buek Iron Co. bds.
Accounts receivable_ _ _ _
897,000
15,776 Georgia Steel Co. bonds_
Notes receivable
95,293
M.°Wig. on lands purch_
Notes receivable Gadsden
628,416
51,303 Notes and accts. payable
donation
258,245
21,309 Accr. Int., taxes & wages
Cash
//130,213
Reserves
Deferred charges to op98,957
13,740 Surplus
eration
Note.-Therc is also a contingent liability on notes receivable-discounted, of $92,805.
z Includes 4,000 shares of common stock held under option to employees at $10.
// Reserves include extinguishment. 547,050; replacement, $36,652.
sinking fund ta reti,T bonds, $7,975: workmen's insurance fund, $20,179;
accident, $13.045, and bad debts, $5,312.-V. 93, p. 1469, 1026.
Offer of Committees.-The protective committees for the
first, second and third preference incomes by advertisement
on another page state that they have accepted the offer on
behalf of the bonds deposited with them and recommend
to all certificate holders the acceptance thereof and that as
the committees have accomplished the purpose for which.
they were formed, they have elected to terminate the agreements as of Feb. 28 1912 and have withdrawn from the pending litigation. The advertisements say in substance:
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Boston & Worcester Electric Companies.-Dividends Resumed.-The trustees have declared a dividend of $1 per
share on the 33,936 4% cumulative preferred shares, payable
Jan. 1 to holders of record Dec. 23, being the first distribution
since Jan. 1910. Semi-annual payments of $1 a share ($2
per annum) were made from Jan. 1909 to Jan. 1910, and
prior to that period $2 semi-annually (or $4 a year), beginning
in July 1904. Compare V. 90, p. 1674.-V. 93, p. 1018, 795.
British Columbia Electric Ry.-Stock.-The shareholders
voted on Nov. 30 "to increase the capital to £4,000,000 by
each."-V. 93, p.
the creation of 800,000 new shares of
1323, 345.
Bullfrog-Goldfield RR'.-Bonds Called.-Seventeen ($17,000) lot M. 6% bonds dated Dec. 311906, for payment at
1023' and interest on Jan. 1 1912, at the Fidelity Trust Co.,
325 Chestnut St., Philadelphia.-V. 91, p. 1628.
Canadian Northern Ontario Ry.-Offering of 3%% Stock
Guaranteed by Dominion Government.-Lazard Bros. & Co.
in London offered for subscription from Dec. 7 to 12 at .e93
per £100 stock, £7,000,000 3%% guaranteed first mortgage
debenture stock, unconditionally guaranteed as to principal
and interest by the Government of the Dominion of Canada.
A circular says:
The stork will be registered in London. It will be repayable at the
Canadian Bank of Commerce in London in sterling, and interest will be
in sterling,
payable by warrant half-yearly on Jan. 20 and July 20 in London
of £1 sterling, or.
or in Toronto. The stock will be transferable in sumsform.
common
in
writing
in
instrument
by
multiples thereof,
This stock is secured under a trust deed in favor of the British Empire
Trust Co.. I.td ., of London, and the Guardian Trust Co.. Ltd., of Toronto
(inter alma) by a first mortgage upon about 970 miles of railway, now under
construction, forming part of the main line of the Canadian Northern
System. A copy of the guaranty (see below) will be endorsed on each
stook certificate. The net proceeds of the stock are, under the terms of
the Act of Parliament authorizing the guaranty, to be paid to the credit of
the Minister of Finance and Receiver-General of Canada, and paid out by
him to the railway company in compliance with the terms of that Act.
The total amount of stock is limited to $35,000 per mile of the lines of
railway mortgaged as security therefor, not exceeding in any event 1,050
miles, or, say, £7,493,835 12s. id.
Form of Guaranty.
I. William S. Fielding, Minister of Finance of the Dominion of Canada,
by virtue of the power conferred upon me by an Act of the Parliament of
Canada, 1911, Chapter 6, and by virtue of an Order-In-Council approved by
His Excellency the Governor-General. do certify that the issue of debenture stlock of the Canadian Northern Ontario Ry. Co., payable in 50 years,
from the 19th day of May 1911, and hearing interest at the rate of 3;6,',
per annum, payable half-yearly, to the amount of E7,493,835 I2s. 4(1‘.
sterling Is guaranteed as to the payment of both principal and interest by
the Dominion of Canada. [Dated at Ottawa,Oct. 4 1911, and signed by
"W.S. Fielding, Minister of Finance of Canada."].
'Press reports say that a large part of the loan had to be taken by the
underwriters.-Ed.1-V. 93, p. 1599.
Canadian Pacific Ry.-Option to Subscribefor New Stock.The company is offering, by advertisement on another page,
to ordinary shareholders of record Jan. 2 1912 the privilege
of subscribing at 150 until 3 p. m. Feb. 13 for $18,000,000 of
new ordinary stock to the extent of 10% of their respective
holdings. Subscriptions are payable at the Bank of Montreal, London, New York or Montreal, in five equal installments of $30 per share in 1912, viz.: Feb. 13, April 12,
June 14, Aug. 16 and Oct. 18. Interest at 7% will be paid
in October on installments up to and'including that of
Au?. 16 1912, if paid on or before due dates. All shares on
which installments have been paid in full on the due dates
Lazard Freres, on behalf of themselves, Maitland. Coppell & Co. and
other holders of trust company certificates for the first, second and third
income bonds of the Central of Georgia Railway Co., have negotiated a sale
of their holdings. The same terms have been reserved for all other certificate holders, and hondholders who have not heretofore joined the committee will be offered an opportunity to share in the benefits of the sale
upon payment of a certain proportion of the expenses.
The purchasers of the bonds have agreed to pay 95. 92 H. and 90, respectively, for the three classes of bonds, the interest heretofore unpaid,
and a portion of the expenses of the committees. All the certificate holders
will be required to pay 1% towards the expenses of the committees, and.
bondholders who have not heretofore deposited their bonds with the committees, and who wish to avail themselves of the offer, will, in addition,
be required to pay 2%, 2 WA, and 3% respectively, on the first, second
and third income bonds. The committees unanimously recommend a
prompt acceptance ol the offer.
An offer has been made to purchase the bonds deposited under the protective agreements and also such additional bonds as may be deposited
with the committee. The purchasers have agreed to pay a portion of the
expenses and disbursements of the committees and the sum of $1,013 76,
$1,056 79 and $1,095 42 for each of the first, second and third preference
bonds, respectively, with all unpaid coupons or interest warrants attached,
being respectively $950 for the principal of each bond and 553 76 for the
first incomes, for Interest heretofore unpaid, and $10 for interest from
Oct. 1 1911 to Dec. 13 1911; for the second incomes, $925 for the principal.
5121 79 for unpaid Interest to Oct. 1 1911 and $10 for interest since that
date, and for the third incomes 5900 for the principal, $185 42 for interest
heretofore unpaid to Oct. 1 1911 and $10 for subsequent Interest.
In order to afford to all holders of income bonds an opportunity to share
In the benefits of said offer,said bonds, with all unpaid coupons or interest,
warrants attached, will be received by the Metropolitan, Manhattan and
Central trust companies, respectively, to and including Dec. 28, upon payment of $20, $25 and $AO per bond, respectively, for account of the expenses of the committees.
Bondholders who deliver their bonds and make the cash payments above
mentioned, and holders of certificates of deposit who desire to sell the
bonds represented thereby, on or before Deo.28, will receive upon delivery
of their bonds or surrender of their certificates the said sums oi $1,013 76
$1,056 79 and $1,095 42 per bond, respectively, less $10 to be retained,
subject to the order of the committee, to be applied on account of its
expenses and disbursements.
Any holder of certificates of deposit who does not desire to avail himself
of said offer may withdraw the bonds represented thereby, upon surrender
of his certificates, provided there shall have been paid upon said certificates
the sum heretofore called by the committee, and upon further payment
of $10 for each bond represented by such certificates, being the holder's
share of the expenses and disbursements fixed by the committee.-V. 93,
p. 870, 664. 673.
Chicago City Ry.-President Resigns.-Thomas E. Mitten
has resigned as President, to take effect Dec. 31, owing to the
pressure of his duties in connection with the Philadelpiha
Rapid Transit Co. and the International Traction Co. The
successor is expected to be announced about Dec. 27.
Extra Dividend.-The directors have declared the regular
quarterly dividend of 23% (the rate paid since Mch. 1910)
on the $18,000,000 stock, also an extra dividend of 1%
out of surplus (comparing with 2% extra at the same time
in 1911), both payable Dec. 30 to holders of record Dec. 19.
-V.93, p. 1599, 666.
Chicago & North Western Ry.-Through Pacific Coast
Passenger Service.-It was announced on Dec. 12 that an
arrangement had been completed between the company and
the Northern Pacific Ry. Co. for the operation of through
passenger train service between Chicago and the North
Pacific Coast over the lines of the two companies.
The Northern Pacific train ("North Coast Limited") will, beginning
Dec. 17, have Chicago instead of St. Paul as its Eastern terminal point,
covering the distance between the two cities over the Northwestern's line.
The time between Chicago and the Pacific Coast terminal will be 72 hours,
the same as that of other through service between Chicago and points on
the North Pacific Coast.
The arrangement is expected eventually to result In a mutual interchange
of freight traffic on a larger scale than heretofore. Lumber eastbound over
the Northern Pacific could be transferred to some extent at the "Oakes
Gateway" to the North W. estern's lines, and distributed by them over a
considerable territory to the southeastward, In return for which the North
Western would give the Northern Pacific a large amount of westbound
general merchandise.
Listed.-The New York Stock Exchange has listed $351,000 additional general mtge. 3%% bonds, due 1987, which
were issued to retire old bonds, making the total amount
listed $31,316,000. There are also listed $22,500,000 gen.
M. 4s.-V.93, p. 1190, 883, 864.
Chicago Rock Island & Pacific Ry.-Bonds Offered.Harris, Forbes & Co., New York; N. W. Harris & Co., Boston, and Harris Trust & Say. Bank, Chicago, are offering at
4%,"first and refunding" mortgage
89% and int., netting 43
4% bonds, dated 1904 and due April 1 1934. See advertisement on another page.
Digest of Letter from Chairman Roberts Walker, New York, Dec. 7 1911.
These bonds are a direct obligation of the company, which was formed in
1880, from which time it has uninterruptedly paid dividends on its capital
stock, and since 1899 at not leas than 5% per annum.
The bonds are secured (a) by a first lien (either directly or through pledge
of the entire issue of 1st M. bonds) on railway lines aggregating 1.158 miles,
including the line from St. Louis to Kansas City, on terminal properties in
St. Paul and Minneapolis, on shops at Silvis, near East Moline. Di., and on
valuable equipment (b) by a lien (subject to existing mortgages) on all the
lines of the company aggregating (exclusive of leased lines and trackage)
5,682 miles. (See map on pawls 118 and 119 of "Ry. & IoU. Sec."-Ed.)
1668
THE CHRONICLE
[VoL. Lxxxxm.
Issue Limited to $183,000,000—Purposes for which present $94,942,000
Metropolitan Street Ry., New York.—Assessment May Be
hare been Issued.
Paid in Installments.—The joint committee, Guy E. Tripp,
_$33,312,000 Acquisitions of properties
Refunding
1 or securities
$24,130,000 Chairman, gives notice by advertisement
General corpOrate purthat the as15.000,000 Improvements
22,500,000
poses
sessments payable under the plan (V. 93, p. 1533) may
Of the remaining $68,058,000 bonds authorized under the mortgage,
$48,713,000 can only be issued against underlying bonds, $13,500,000 to be paid either in full at once or 25% thereof at
pay for 75% of the purchase price of bonds of other companies, and the time of deposit, leaving the remaining 75% thereof payable
balance of $5,845,000 bonds for improvements and acquisitions of other
on call of the committee, such call to be made when the
properties or securities as prescribed in the mortgage.
The average annual surplus of the company for the five fiscal years 1911, securities of the new company are ready for delivery.
1910, 1909, 1908 and 1907, after providing for all fixed charges, taxes,
Depositors thus desiring to pay the assessment in two installments must,
rentals &c., amounted to $5,965,089. (See report in V. 93, p. 939. 1196.)
Section "E" of the N. Y. State savings bank law requires that for five in addition, pay 4% interest on said unpaid balance of the assessment from
years preceding the investment by any savings bank in the bonds of a rail- Jan. 1 1912 until the date of final payment. ,
way company (owning in fee not less than 500 miles of railway, and not elseTort Claims.—Special Master William L. Turner on Dec. 13
where specified in the Act),the gross earnings of such company in each year
shall not have been less in amount than five times its interest and rentals, filed with the Court his report on the apportionment of the
and that the dividends paid shall be at least 47 per annum upon all its out- $5,500,000 paid last year to W. W. Ladd, receiver of the
standing capital stock. The Chi. R. I. & P. °Ry. Co. for a period of over
ten years has more than complied with these standards of safety. Under a New York City Ry., in settlement of its action against the
specific provision of the Act.these bonds remain a legal investment as long Metropolitan Securities Co. Under the report, the receivers
as at least 4% dividends per annum are paid and the capital stock is at least
one-third of the funded debt. When all the bonds authorized under this of the Metropolitan St. Ry. cannot obtain much, if any,
mortgage have been issued, the present capital stock outstanding will stilt of this, as the New York City Ry. Co. may, it is stat3d, use
be in excess of one-third of the total Issue of said bonds. Application wil, as an offset to the claim of the Metropolitan Street Ry.$4,be made to list these bonds on the N. Y.Stock Exchange. See also V. 93, pi
000,000 of Metropolitan 4% notes, which it holds.
259, 1198.
Chairman Tripp of the reorganization committee says that it appears to
Chicago & Western Indiana RR.—Bonds.—White, Weld him
the chances are favorable for the tort (or accident) claimants
& Co. and Potter, Choate & Prentice recently offered $500,- (thesethat
claims being against the New Yoric City By., as lessee of the road,
and not against the Met. St. Ry.) receiving more out of the fund than it was
000 consol. mortgage 4% bonds.
supposed they would.
These bonds are dated 1902 and due July 1 1952; authorized, $50,000,000;
The accident creditors' protective committee (Henry A. Gildersleeve,
issued, $39,034,000. Only $3,926,334 remain to be issued aside from chairman; Benjamin Catchings, Secretary; Windsor Trust Co., depositary)
the amount held to retire the $7,039,668 general mortgage 6s which are notifies holders of claims that they may be entitled to receive full payment
In process of being retired by the sinking fund.
with interest, and that the acceptance of the reorganization plan would
The report current tills week that the company had sold $1,800,000 of mean the receipt of, say,only 75 to 90% of their claims. The committee says
the cons31. M. 4s could not be confirmed yesterday in this city.—V. 93, that It the New York City By. Co. estate ultimately pays 100% and lot.
p. 1323, 407.
on the accident claims, "the same public spirit and policy"(with which it
has been actuated.—Ed.)"may and should actuate the new company in
City Island Ry., New York.—Receiver.—See Pelham dispasing
of any amount realized above the value of the bonds now offered
Park Ry. below.
on the claims assigned under their reorganization plan."
creditors intending to act through the committee arc requested
Cleveland Akron & Cincinnati Ry.—Operating Arrange- to Accident
deposit their assignments of claims with the depositary. Depositing
ment.—The Pennsylvania Company, under an arrangement creditors must decide for themselves whether their claims are to be assigned
the joint reorganization committee. The receipt by the accident commade with this company, will, commencing midnight, to
mittee of duly executed assignments in the form required by the reorganizaDec: 311911, operate the road.—V. 93, p. 105.
tion committee will be regarded as an election by the claimants to have
them deposited with the reorganizatino committee.—V. 93, p. 1600, 1387.
Connecticut River RR.—Proposed Acquisition or Merger.—
The company has filed with the Secretary of State a petition
to the Legislature for authority to acquire the Vermont
Valley RR. or to consolidate with the same.—V. 87, p. 414.
Forty-Second St. lYlanhattanville 86 St. Nicholas Ave.
RR., New York.—Again Adjourned.—The foreclosure sale
has been again adjourned from Dec. 18 until Jan. 18, at the
request of the Union Trust Co., the mortgage trustee.—
V. 93, p. 730.
Georgia Light, Power & Railways, Macon, &c., Ga.—
Security for Bonds—Earnings.—The $2,355,000 first lien
5% sinking fund gold bonds recently offered by A. B. Leach
& Co. have as part security a $450,000 (not $4,500,000) note
of Central Ga.Power Co., for other data see V. 93,p. 1532.
Earnings of Macon Ry.& Light Co. and Macon Gas Co.—Year end. Oct. 31 '11
$824,1971Int. on $1,001,500 R.&L.bds.$50,500
Gross earnings
Net earnings (after taxes) _ _$258,43716% on$283,600 R.&L.pf.stk. 17,016
Balance, surplus
921
19appliThe above statement for the year ended Oct. 31 shows earnin:s
cable for interest on the $2,355,000 Georgia Light, ,Power & Railways
bonds of over 1 34 times the interest requirement, without including the
earnings and benefits to be derived through operation of the Central Georgia
Power Co. and Central Georgia Transmission Co.
Georgia Light, Power & Railways has purchased and pledged for its
bonds practically all ($900,000) of the common stock of the Macon By. &
Light Co., practically all of the $200,000 common stock and $300,000 pref.
stock of Macon Gas Co. and $2,000,000 [of the $4,000,000] stock and
$450,000 notes of the Central Georgia Power Co., all of which securities
will be deposited with the trustee. See also V. 93, p. 1532.
Minneapolis & St. Louis RR.—Report.—See Minneapolis
St. Louis and Iowa Central under "Annual Reports.
Circular as to Consolidation and New Bonds.—A circular,
dated New York, Dec. 13 1911, and signed by Newman Erb,
as President of the Iowa Central Ry. Co., and by Edwin
Hawley, Chairman of the Minneapolis & St. Louis RR. Co.,
announces that the directors of each company have agreed,
subject to the approval of the stockholders at meetings to be
held Dec. 18 and 19, (a) for the sale and conveyance by the
Iowa Central Ry. Co. of all its property, subject to its debts
and liabilities, to the Minneapolis & St. Louis RR. Co.,
making the total mileage owned and operated by the latter
1,585 miles; and (b) for the payment by Iowa Central Ry.
Co. to the Minneapolis & St. Louis RR. Co. of the sum of
$2,500,000, in consideration for the issue and delivery by
the Minneapolis & St. Louis RR. Co. of 19,175 shares of its
pref. stock, 93,702 shares of its coin, stock and $2,500,000 of
an issue about to be made by it of "refunding and extension
mortgage" 5% 50-year gold bonds. The circular show:
&
New $75,000,000 Mtge.—A First Lien on 230 Miles, (Watertown to Leola
and Conde to Le Beau, S. D.) and Contemplated Extensions.
Said bonds will be dated Jan. 1 1912 and will bear Interest from Feb. 1
1912, payable quarterly (Q.-F.) and will be redeemable at 105 at any interest
period. They will be part of an authorized issue of $75,000,000 of
bonds secured by mortgage upon the railroads and properties now owned
by the said companies, subject to existing liens thereon, and said mortgage,
through the retirement of the outstanding $8,250,000 of bonds of the
Minnesota Dakota ofC Pacific By. Co., will also be a first lien upon the property of said M. D. do P. By. Co. constituting the recent extension to the
Missouri River, 229.6 miles. Said mortgage will also be a first lien upon the
Gulf Florida & Alabama Ry.—New Directors.—W. W. contemplated
extensions of the property of the Minneapolis & St. Louis
RR. Co. The issue of the $2,500,000 of bonds above referred to will not
Jennings, F. B. Erwin and T. A. Jennings have been elected increase
aggregate
the
indebtedness of the companies, as the proceeds are
directors of the road, which was recently organized by .Me- to be used to take up maturing
obligations.
gargel & Co. G. A. Berry has been appointed General. Mgr. Basis on Which It Is Proposed that the Securities to Be R3(Tived by the Iowa
Central Ry. Co. Shall Be Distributed.
Specifications have been issued for 50 locomotives and 200 box, fiat and
Iowa Central.
Minneapolis cfc, St. Louis Stock—
passenger cars, and deliveries are expected by the time the present con10 shares of pref. stock
1 share of pref. and 9 shares of corn. for
struction work has been completed.—V. 93, p. 1259, 163.
2 shares of coin. stock
1 share of common stock for
Pro
Illinois Central RR.—Purchase.—See Central of Georgia 'Shareholders of Both Companies of Record Dec. 28 Entitled to Subscribe,
Rata (10%) for the $2,500,000 New Bonds at Par with 50% Preferred
Ry. above.—V. 93, p. 1323, 1191.
Underwritten.
Bonus—Issue
Stock
Under agreement with J. S. Bache & Co., N. Y. City, the Iowa Central
Iowa Central Ry.—Report.—See "Annual Reports."
By. Co. has agreed, subject to the approval of the stockholders, that the
&
Minneapolis
to
Subscribe.—See
Terms of Merger—Option
$2,500,000 of "refunding and extension mortgage" bonds above referred to.
shall be offered by the Iowa Central By. Co. for subscription to stockholders
St. Louis RR. below.—V. 93, p. 1324, 1105.
of the two companies of record Dec. 26 1911, pro rata, to the extent of 10%
held by them,respectively, together
Kansas City Street Railway & Light Co.—Called Bonds.— of the nar value of the shares of the stock
with $1,250,000 of the pref. stock of The Minn. & St. Louis RR. Co., at.a
Fifty ($50,000) first mortgage 5% bonds of the Corrigan price
of $1,000 for each $1,000 "refunding and extension mortgage" bond,
Consolidated Street Ry. dated 1886, for redemption on Jan. 1 with pref. stock of the par value of $500. The entire amount of subscriptions will be payable on or before Jan. 25 1912. .Stockholders who desire
1912 at 110 at the Central Trust Co., New York City, trustee. to
subscribe for more than their ratable proportion may indicate their
—V.87, p. 1532, 1458.
wishes to A. C. Doan, Secretary of Iowa Central By. Co., 25 Broad St.,
N. Y. City, and if any of these securities remain unsubscribed for, their
Lancaster Oxford & Southern RR.—Sale.—The Court at wishes will receive consideration.
A syndicate has been formed -by J. S. Bache So Co. for the purpose of
Lancaster, Pa., upon petition of receiver John A. Naumann, purchasing
so much of said $2,500,000 of bonds and $1,250,000 of preferred
made an order to sell this narrow-gauge road at public auc- stock as shall not be subscribed and paid for on or before Jan. 25 1912.
The money received from the proceeds of this transaction will enabie the
tion on Jan. 20.—V. 92, p. 725.
properties to discharge obligations maturing Feb. 1 1912, aggregating
Pacific
Ry.—Bonds
Offered.—
and release underlying bonds aggregating $1,850,000.
$2,100,000,
&
Laramie Hahn's Peak
Lawrence Barnum & Co. are offering at par and int. the un- Effect of Merger—Total Preferred Stock about $4,100 Per Mile, Corn., $10,000.
• The capitalization of the Minn. & St. Louis RR. Co., after the acquisition
sold balance of the 1st refunding M.6% gold bonds. Total by
it of the properties of the Iowa Central By. Co., will be less than the
issue $1,800,000, of which $240,000 are reserved to retire aggregate
capitalization of the two separate companies. The outstanding
stock of the Minn. & St. Louis RR. Co. will be increased to $5,917,500.
pref.
1929.
the 1st 6s due
being about $4,100 per mile, while the outstanding common stock will be
The company is now operating its standard-gauge road extending from at an average of about $10,000 per mile.
the Union Pacific main line at Laramie, Wyo. to Coalmont, Colo., 112
The Iowa Central By. Co. has considerable value as a feeder to the Minn.
miles, traversing a country described as rich in agricultural resources, min- & St. Louis RR. and logically should be a part of a through line from the
erals, cattle, sheep and timber.—V. 93, p. 1387.
Missouri River to the Canadian border, while the records show that without
concentrated upon its lines from the Minn. & St. Louis RR. Co.,
Manila Electric RR. & Lighting Corporation.—Dividend the tonnage
Iowa Central By. Co. would be unable properly to sustain itself.
Increased.—A quarterly dividend of 1A% has been de- the
Proposed Extensions Important as Affording Canadian Lines Access 0
clared on the $5,000,000 common stock, payable Dec. 30
Minneapolis and St. Paul and Direct Route to Gulf.
0 in April, July and
The importance of the proposed extensions in the development of the
to holders of record Dec. 18, against 137
can
hardly be overestimated. They should establish the propproperties
Oct. last, thus increasing the annual rate to 6%.
erty as one of the most important in the Middle west,giving to independent
Previous Dividend Record (Per Cent).
Canadian roads a direct connection with Minneapolis and St. Paul, forming
1911.
1910.
1908.
1909.
1907.
a through direct line from Canada and the Canadian Northwest to the Gulf
• 1908.
4
33
4
4
3
The managers of the respective companies have the greatest confidence ins
3
•: • • •. •
the earning power and success of the properties with these plans executed
—V. 93; p. 1311.............
DEC. 16 t 91 LI
THE CHRONICLE
1669
Pelham Park Ry.—Receiver.—Bion L. Burrows has been
appointed receiver of the company and the City Island RR.
in two suits by the Interborough Rapid Transit Co. to foreclose mortgages of $28,520 and $27,550 for non-payment of
$1,400 interest.—V. 75, p. 907.
about
Co.—Legislation
New England Investment & Security
Pennsylvania Company.—Operating Contract.—The comAsked to Permit Sale of Assets to New York New Haven dc
pany has contracted with the Cleveland Akron & Cincinnati
Hartford RR.—See that company below.—V. 91, p. 946.
Pty. Co. to operate its road, commencing at midnight, Dec.31.
New York Central Lines.—Equipment Trusts Authorized.—
The agreement between the Cl. Ak. & Cin. fly. Co. and the Pennsylvania
The Public Service Commission, 2d Dist., on Dec. 14 ap- Company, dated Dec. 1 1911, provides for the operation of the property of
former by the Pennsylvania Company, effective Jan. 1 1912, terminable
proved of the proposed agreement establishing the equipment the
by either party upon six months' written notice, the net earnings from
trust of 1912, and authorized the issuance of $15,000,000 operation to be turned over to the Cleveland Akron & Cincinnati Ry. Co.
43% certificates, of which one-fifteenth is payable yearly —V. 93, n. 1324.940.
Portsmouth (N. H.) & Exeter Street Ry.—Sale.—Judge
on Jan. 1, 1913 to 1927, inclusive. They are to be sold at
Aldrich in the U. S. Circuit Court at Concord on Dec. 12
not less than 97.
The agreement Is to be executed between John Carstensen, Alfred H. ordered the sale of the road. If no purchaser is found, the
Smith and Edward L. Rossiter, as vendors, the Guaranty Trust Co. of decree orders that the road be dismantled and sold for junk.
N. Y., as trustee, and the petitioners, the N. Y. Cent. & Hud. River RR.
and the Lake Shore & Mich. Sou. Ry. The proceeds arc to be used to —V. 90, p. 237.
purchase the following equipment: (1) For the N. Y. Central & Hudson
Rio de Janeiro Tramway, Light & Power Co.—New Stock.
River RR. 20 passenger locomotives, 30 freight locomotives, 12 switching
engine locomotives, 3,000 box cars, 2,500 coal cars, 500 flat cars, 350 gon- —The shareholders voted Dec. 11 to increase the authorized
dolas, 150 ballast cars and 70 steel coaches; (2) for the Lake Shore & Michiof which
gan Southern By., 4,000 box cars; (3) for the Michigan Central RR.. 20 capital stock from $40,000,000 to $50,000,000,
switching engines and 2,500 box cars; (4) for the Cleveland Cincinnati Chi- $5,000,000 will be offered to present shareholders—one new
cago & St. Louis By., 10 switching engines, 10 passenger engines, 30 freight
for eight old. See circular, V. 93, p. 1463.
engines, 1,500 box cars and 25 steel coaches.—V. 93, p. 1600, 1463.
St. Lawrence & Adirondack Ry.—Dividends Resumed.—
New York New Haven & Hartford RR.—Reported Lease
of Lighting Plants to United Gas Improvement Co. Interests.— A dividend of 4% has been declared on the $1,615,000 stock,
all of which is owned by the N. Y. Central & Hudson River
A press dispatch dated at New Haven on Dec. 11 says:
since
The large electric and gas companies acquired some years ago by the RR., payable Dec. 30. This is the first distribution
New York New Haven & Hartford 12R., when the Connecticut Railway & 1908, when the same amount was paid.
have been given up by the railroad, acting with
The Minn. & St. Louis RR. Co. earned and paid dividends consecutively
in Soutn
for 15 years until Jan. 11910, when it was met with a crop failure
Dakota which was repeated and aggravated in the present year. The
conditions that State, so far as it is possible to judge at this time, point
to a good crop, as the earth, for the first time in three years, is thoroughly
water-soaked.—V. 93, p. 1600, 1324.
Lighting Co. was leased,
Dividend Record (Per Cent).
the controlled Connecticut Co. and the Housatonic Power Co. These
1911.
lighting nroperties have been sub-leased to a corporation entitled "The 1901. 1902. 1903. 1905. 1906. 1907. 1908. 1909-10.
4
0
4
5
3
13
5
2H
2;i
United Electric Light 1k Water Co.," chartered by the Connecticut Legis1605.
p.
87,
--V.
of
Co.
Improvement
lature, and understood to represent the United Gas
PhIladelnhla and almost the same group of financiers who originally procomSouthern Railway.—Equipment Trusts Sold.----The
moted the Connecticut Railway & Lighting Co. properties and who now
pany has sold to E. T. Stotesbury of Drexel & Co., Philadeltake them back in part under sub-lease.
All properties arc included except those used for railway purposes in the phia, $1,500,000 series "P" 4y% equipment trusts dated
towns of Waterbury, Naugatuck, Watertown and Cheshire-- 'not including
power stations used wholly or in part for railway purposes"--also the same Dec. 1 1911 and due $75,000 semi-annually to Dec. 1 1921 incl.
class of properties In Norwalk, Wilton, New Canaan and Greenwich. The
The certificates are Issued under an agreement with Edward T. Stotessub-lease also covers the gas system in Norwalk and Naugatuck and an bury and covers the following equipment, on account of which a cash payuncompleted gas plant in Greenwich. The lighting properties of Branford ment of $307,000 was made: 1,700 all-steel 50-ton gondola cars, 500 steeland Suffield are not included, however, as they are a considerable distance underframe 30-ton box cars and 250 all-steel 50-ton fiat cars. See V. 93.
away from the main group leased.
p. 1464.
The lease Is made to the United Electric Light & Water Co. for 994 years
Springfield (Mo.) Railway & Light Co.—Bonds—Earnand calls for the payment by the lessee of $363.000 a year in monthly payments. The lessee gives a bond of $500,000 to fulfill its obligations and default ings.—D. Arthur Bowman & Co., St. Louis, are offering a
of payment for 30 days cancels the lease. The lessee pays taxes and other
charges. The lessee has control and possession of the electric and gas block of the first lien 15-year 5% sinking fund gold bonds
properties and the right to make changes In the plant and to sub-let and dated May 11911, being part of the present issue of $2,000,mortgage them. The lessee is to buy electricity from the lessor at certain
varying rates in different localities and the lessee agrees not to compete 000, fully described in V. 92, p. 1566. The firm has obtained
with the lessor in Its business.
the following official statement:
The gas and electric light branches now leased have been operated by the
Earnings for Cal. Years 1908 to 1910 and for 12 Mos. end. Oct. 311911.
Housatonic Power Co., whose last full statement, for the year ending
1910-11.
1910.
1909.
1908.
.Tune 30 1910, showed a clear profit over all charges of $102,651. 'that
$330,506 $376,354 $444,153 $504.548
earnings
Gross
and
gas
the
of
operation
return, however, Included only four months'
_$134,464 $174,878 $194,420 $227,945
(after taxes) _
electric light nranches, which had previously been operated by the Con- Net earnings
100.000
on these $2,-000-,000 bonds will be
necticut Company. Tile sum paid for the lease, $365,000 a year,capitalized Interest charges
See also V. 92, p. 1637, 1566.
at 4%,amounts to about $9,000,000 and indicates about the value of the
properties leased.
Dividend.
Preferred
RR.—No
Western
&
Louis
St.
Toledo
This new action on the part of the railroad company in alienating Its
outside properties, other than those used for transportation, is, according —The directors have not declared the usual quarterly
to an official statement, In pursuance of a policy which from time to time payment of 1% on the $10,000,000 4% non-cum. pref. stock
has been strongly urged by members of the board of directors. Much significance is attached to it here in view of Its coming right on the heels of which would have been disbursed next month, owing to the
the proposed transfer of navigation properties and the Ontario & Western. cessation of dividends on the Chicago & Alton RR. pref.
and It is regarded ao indicative of a policy of contraction on the part of
stock, of which $6,480,000 is owned. Disbursements at that
this great railroad corporation.
Legislation Asked Afjecting Trolley Properties—Possibly
Company will Buy.—Two petitions were filed on Dec. 8 with
Secretary of State A.P. Langtry at Boston regarding trolley
properties in which the company has baen interested. One,
signed by the Selectmen of Huntington, Goshen, Cummington, Plainfield, Chesterfield, Worthington, Blandford, Russell, Granville, Southwick, Westfield and Agawam, asks for
legislation permitting the subsidiary Berkshire St. Ry. Co.
to buy or consolidate with the Springfield St. Ry. Co., on
condition that a connection with the Springfield and Berkshire systems be built.
The other petition came from the New England Investment
& Security Co., which took over the street railway property
of which the railroad had to divest itself a few years ago in.
consequence of a Supreme Court decision adverse to its presumed right to own trolley lines in Massachusetts. Since
then public sentiment is believed to have changed and authority is asked to sell the street railway securities held to the
N. Y. New Haven & Hartford RR.Co.—V.93, p. 1600, 1534.
Northern Pacific Ry.—New Joint Arrangement.—See Chicago & North Western Ry. above.—V. 93, p.' 1027, 1022.
Ocean Shore RR., San Francisco.—Bonds.—A mtge. was
filed on Dec.4 to the Union Trust Co. of San Fran., as trustee,
to secure $700,000 1st M. bonds, for which the shareholders
will be permitted to subscribe pro rata until Dec. 20.
The proceeds, it Is stated, will he used to pay.a note held by the Union
Trust Co., to buy new equipment and to carry the company through the
winter, when the expenses arc heavy and the travel light. Since August
the road has. it Is said, been earning a substantial amount over operating
expenses. F. V.'. Bradley is Chairman and W. S. Reynolds Pres.—V. 93.
P. 1 1 ()(S .
Oregon Short Line RR.—Dividend.—The report to Oregon
State RR. Commission for the fiscal year ending June 30 1911
shows that the company paid during the year dividends
amounting to $68,680,000 or 68 68% on the $100,000,000
outstanding stock, which is all owned by the Union Pac. RR.
Of this $53,728,678 was derived from profits on the distribution of
assets of the Northern Securities Co.(V. 93, p. 1387), 54,439,113 from the
profits of sale of Oregon RR. & Navigation Co. stock to the Oregon-Washington RR. & Navigation Co., making a total of $58,167,791 from the sale
of securities, the remainder being taken from current income. In 1906
and again la 1910 50% was paid on the $27,460,100 stock then outstanding.
—V.93, p. 1387.
Pacific Gas & Electric Co., San Francisco.—Reported Purchase.—See Metropolitan Gas Corporation under "Industrials" below.—V. 93, p. 1463, 1191.
rate were made regularly from Apr. 1907 to Oct. 1911 inclusive.—V. 93, p. 1529, 732.
Union Pacific RR.—Dividend on Stock Owned.—See Oregon Short Line RR. above.—V. 93, p. 1391, 1388.
Vermont Valley RR.—Proposed Merger.—See Connecticut
River RR. above.—V. 92, p. 660.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Co.—Stockholders'Committees.—The following stockholders' protective committees are announced:
Common Stockholders' Committee.—Alexander J. Hemphill (Chairman).
Frederick Strauss, J. Horace Harding and Albert H. Wiggin. Depositary,
Guaranty Trust Co. of New York.
Preferred Stockholders' Committee.—Charles Allis (Chairman), Gates W.
MeGarrah, Pres. Mechanics' & Metals Nat. Bank; W. Emien Roosevelt of
Roosevelt & Son; M. N. Buckner, Vice-Pres. N. Y. Trust Co., and Herman
W. Falk, Pres. Falk Co. of Milwaukee, Wis. Secretary, Charles E. Haydock, 26 Broad St.; counsel, Strong & Cadwallader; depositary, N. Y. Tr.Co.
The last-named committee says: "Present conditions require concerted
and vigorous action on the part of the preferred stockholders, who are
therefore requested to deposit their certificates for preferred stock without
delay with the depositary, subject to the terms of agreement." Application will be made in due course to list the certificates on the New York
Stock Exchange. (See advertisement on another page.)
L. M. Prince & Co., 20 Broad St., who request pref. stockholders to communicate with them, have issued a letter In which they advise the taking
of steps for mutual protection.—V. 93, p. 1602, 1023.
American Agricultural Chemical Co.—First Dividend.—
An initial quarterly dividend of 1% has been declared on the
$17,114,500 common stock, payable Jan. 15 to holders of
record Dec. 30, along with the regular quarterly disbursement .of 1% on the $19,289,400 pref. stock.
Chairman Robert S. Bradley says in substance:
The company has expended on plants and charged to profit and loss
since organization $5,248,768. Nearly all the plants are In condition to
manufacture their maximum output with the greatest efficiency. During the past 3 years there was charged off for depreciation and losses in
the sale and dismantling of various properties in whole or part, and for depreciation of other investments, $2,669,871, and for discounts and expenses in the sale of bonds $880,964.
During the past year 3 fertilizer companies have been acquired, one each
at Pensacola, Fla., Montgomery, Ala.. and Spartanburg, S. C., for which
$549,746 was paid in cash. Three entirely new plants have been constructed, one each at Wilmington, N. C., Columbia, S. C., and Savannah,
Ga., costing, with the lands, $877,894. The 3 plants arc completed and
in operation. Additional investments in several smaller companies
amount to $413.004. The aggregate cash expenditure for these properties
Is $1,840,644. They will add about 200,000 tons to our production.
The investment in the Charlotte Harbor & Northern By. terminal and
lands at Boca Grande, Fla., Is $2,628,844. The railway and terminal have
been operated for several months and are yielding a fair return on the capital
invested, with prospects for doing much better In the near future. The road
has in sight an annual tonnage of over 500,000 tons of phosphate rock from
1.670
THE CHRONICLE
the company's mines and others whose freight it controls. The revenue
from other merchandise, as well as passenger, mall and express traffic, is
constantly increasing. The company owns very extensive high-grade
phosphate properties In Florida, sufficient to meet requirements for more
than a century at the present rate of consumption. Before Jan. 1 next
the bills payable will be reduced to approximately $500,000. For the
past 3 yrs. the net earnings have, after payment of the pref. stock dividends,
averaged 9% on the common stock. It is believed that the rate of
quarterly can be maintained, barring unforeseen circumstances.
New Director.—Frederick H. Eaton, President of the
American Car & Foundry Co., has been elected a director,
to succeed H. S. Zell, who resigned.—V. 9,3, p. 797, 524.
American Cities Co.—First Semi-Annual Dividend.—An
initial semi-annual dividend of 3% has been declared on
the 6% cumulative preferred stock, payable Jan. 2 to holders
of record Dec. 20.—V. 93, p. 1190, 285.
Lxxxxin
to intervene and to appeal from the plan of disintegration
approved by the lower Federal Court(compare V. 93, p.1603).
Chief Justice White announced the views of the Court In a brief written
statement, giving three grounds for the Court's action, the third being:
"1 he general nature and character of the interest • • • is not in any
event of such a character as to authorize them • * • to assail the
action of the Cowt below. This is more obvious S •
since the act
of the Court which is assailed has been accepted by those who are parties
to the record."—V. 93, p. 1603, 1536.
Assets Realization Co.—Listed.—The New York Stock
Exchange has authorized the listing of $9,911,700 capital
stock, with authority to list $88,300 additional on notice of
issuance and distribution, making the total authorized to be
listed $10,000,000.—V. 93, p. 107.
Baldwin Locomotive Works.—First Dividends--.---Pref. Stock
American Sugar Refining Co.—Sale of Beet Sugar Property. Listed.—An initial dividend of 1% has been declared on the
—In addition to the holdings in the Western Sugar Refining
Co. of California and Carver County Sugar Co., referred to
last week, the company, it is stated, has sold $750,000 of
its stock in the Michigan Sugar Co.(V. 93, p. 529), and now
owns less than 35% of the stock of the latter.
Of the $7,147,107 common and 53,703,500 pref. stock of the Michigan
Co., the American Co. on Dec. 31 1910 owned $2,607,400 common and
$2,043,800 pref. stock.—V. 93, p. 1603, 1023.
$20,000,000 common stock, also a semi-annual dividend
of 3% on the $20,000,000 7% cumulative pref. stock, both
payable Jan. 2 to holders of record Dec. 18. The pref. stock
has been listed on the N. Y. Stock Exchange.—V. 93, p. 668,
529.
Central Georgia Power Co.—Note.—See Georgia Light,
Power & Railways under "Railroads" above.—V. 03, p.1536.
American Tobacco Co., New York.—Distribution—Right
Chicago Suburban Light & Power
go Subscribe, &c.—The distribution of stocks to the common Called.—See Public Service Co. of Ill, Co.—Merger.—Bonds
above and V. 93, p.
shareholders of record Dec. 1 announced last week pursuant
to plan (V.93, p.1122, 1123),in fractionsjof a share,has been
reduced by the "Chronicle" to a "dollar basis" as follows:
Distribution to Common Shareholders of Record Dec. 1 on Dollar Basis.
(Far of shares $100 each, except British-Am. Tob. Co., £1 each.]
Total
To A.T.Co.Com.Sh'hold's.
•
Outstand'g.
Tot. Amt.
18S8
h.
9
Pser
Amer.Snuff Co., common stock_ __ _511,001,700
$7,590,800
Amer. Snuff Co., preferred stock..__a12,000,000
5.91
2,376,400
George W. Helme Co., corn, stock.._ y4,000,000
6.87
y2,760,200
Prof. et. votin i. (7% non-cum.)_ _ 4,000,000
Weyman-Bruton Co., corn. stock__ y4,000,000
6.87
y2,760,200
Pref. st. voting'(7% non-cum.)_ _ 4,000,000
MacAndrews ec Forbes Co., com.stk. 3,000,000
5.26
2,112,900
Preferred stock (6% non-voting) _ b3,758,300
J. S. Young Co. (of Md,) corn. stock 1,000,000
1.75
i70-4-,565
Preferred stock (7% non-voting) c1,000,000
Conley Foil Co. stock
1.23
825,000
--4-9-5-0565
Johnst n Tin Foil & Metal Co. stk
45
d300,000
d180,000
R. J. Reynolds Tobacco Co. stock
12.44
7,525,000
5,000,000
Corp. of tin. Cigar Stores stock_ __ _ 9,001,000
14.93
6,000,000
Porto Rican-Am. Tob. Co. stock__ _ 1,999,400
3.29
1,323,600
British-American Tobacco Co., Ltd.,
ordinary shares (£1 each)
13,720,021
12,280,012
x£5.67
Preferred (5% cum., non-voting) £2,100,000
1607.—V. 92, p. 1567.
Cleveland Electric Illuminating Co.—New Securities.—The
company on Dec. 1 2 applied to the Ohio Public Utilities Commission for authority to issue $1,500,000 additional common
stock, to be sold at par, and $1,500,000 5% bonds, to be
sold at the price that body may direct.
It is stated that $663,613 of the funds to be derived from the sale of the
stock and bonds is to be used to refund expenditures from income for
extensions and betterments, while the remaind or is to be used for new additIons.—V. 93, p. 1326, 228
Dallas (Tex.) Automatic Telephone 0o.—Stock.—A certificate was filed at Austin, Tex., Nov. 17, increasing the
authorized capital stock from $500,000 to $700,000.
Houston (Tex.) Oil Co.—New Directors.—Edwin G.
Beatjer and A. H. S. Post of Baltimore have been elected
directors to succeed Jay 0. Moss, deceased, and H. B. Collins, resigned.
Total to be distributed on each share of $40,182,400 common _-_$105 50
Offering of Timber Certificates Issued for Refunding Furposes.—In pursuance of the plan of reorganization now
a Total Issued,$12,000,000,of which $8,000,000 to be exchangeable for
same amount of preferred stock of Helme and Weyman-Bruton cos. till
Jan. 1 1915. b $1,000,000 of this exchangeable for $1,000,000 J. S. Young
pref. till Jan. 1 1915. c Exchangeable as stated above for $1,000,000
MacA. & Forbes pref. d Entire $300,000 issue distributed among Conley
Foil shareholders.
x Say $27 61. y The Am. Snuff Co. turns over $8,600,588 of its
tangible assets, &c., to these two new companies, in exchange for their
$16,000,000 capital stock (total of each company $8,000,000, of which
$4,000,000 pref.), and distributes the common stocks as a dividend to Its
own common shareholders, and will use the $8,000,000 pref. to retire twothirds of Its own $12,000,000 pref. See V. 93, p. 1122, 1123. The common
shareholders of the Am. Snuff Co. of record on Dec. 1 1911 accordingly receive (V. 93, p. 1603), in addition to the regular cash dividend of 5%
and an extra cash dividend of 2%, 36 4-11% in common stock of the new
George.W. Helme Co. and 36 4-11% in common stock of the new WeymanBruton Co. The Am. Tob. Co., as the leading shareholder, participates In
this distribution and pays out to its own common shareholders the stock
so received. z The entire $1,000,000 is distributed as a 33 1-3% dividend
to the common shareholders cf the MacAndrews & Forbes Co., among
whom was the Am. Tob. Co.
Sale of All the Common Stock of Liggett & Myers and P. Lorillard Co. at
Par (6100 a Share) Option to Common Stockholders of American
Tobacco Company of Record December 1.
Holder of $100 A. T. Co. Corn. Buys
Amount.
Fraction of a Share.
Equal to
Liggett & Myers com__ _521,496,400
314964-401824
$5350
P. Lorillard Co. corn_ 15,155,600
151556-401824
Subscription warrants (Issued by company) must be filed with Guaranty
3 ts,
Trust Co., N. Y., on or before Jan. 10 1912.
Securities—Retirement
Exchange of
of American Tobacco Co: Bonds.
By Giving for Each $1,000 Bond
To Be Re—L. & M. Bonds— —P. Lor. Co. Bonds
Outdeemed—
standing. Cash. 7% Bonds. 5% Bonds. 7% Bonds, 5% Bonds
5
Am.Tob.6s 52,882,650 600
$293 25--------$206 75 _
Am.Tob.4s 47,844,200 480
$293 25
$20675
Cons.Tob.4s 3,509,900 480
293 25
206 72
Making total issue auth
15,507,800 15,059,600 10,033,500 10,617,450
• Said exchange may be made, with an adjustment of interest, at the
Guaranty Trust Co., N. Y., within three years from Jan. 10 1912.
The new 7% bonds and the new 5% bonds will mature at the time fixed,
respectively, for the maturity of the old 6% bonds (Oct. 11944) and the 4%
bonds (Aug. 1 1951) of the Am. Tob. Co. now outstanding, and will be
Issued under an indenture of substantially like terms with the present bond
indenture of the Am. Tob. Co., the 7% bonds to have priority In charge
over the 5% bonds in the same way that the 6% bonds of the Am. Tob. Co.
have priority of charge over the 4% bonds. Denominations of new bonds:
Coupon bonds, $1,000; registered bonds In larger denominations and In
denominations of $1,000, $500, $100 and $50.
Stock Exchangeable for the 678,689,100 6% Cum. Non-Voting Pref. Stock
of American Tobacco Co.
Amer. Tob. Co. L. & M. Tob. Co. P.LorillardCo.
Voting 6% Cum. Pf. New 7% Cum. Pf. New7%Cum.P.
$66.66 2-3
Per $100 share
$19.55
$13.78 1-3
$52,459,400
,
Total issuable
$15383,800
510,846,000
Said exchange may be made within three years from Jan. 1 1912 at the
Guaranty Trust Co., N. Y. The new pref, shares of the Am. Tob. Co.,
unlike the old pie!. will have voting power. Par value of all the new shares
is $100. All the new
' stock will have the same dividend payment dates as
the old, so that these exchanges will be without adjustment of interest.
The shareholders of the Am. Tob. Co. will vote Dec 26 on bestowing full
voting power on the new preferred stock.
The Guaranty Trust Co. will eliminate all scrip by purchase or sale, at
option of the exchanging party. See also terms of plan in V. 93, p. 1122.
None, we understand, of the issues of new pref.stock is subject to call.
The recent order of the Court, enjoining the fourteen defendant companies from combining, making loans to one
another or having common officers or directors,etc., forbids
the individual defendants for three years from buying any
stock except from each other. See editorial remarks in
V. 93, p. 1558, also V. 93, p. 1326.
effective (see terms V. 93, p. 472), Whitaker & Co., St. Louis;
Ladenburg, Thalmann & Co. and William Salomon & Co.,.
New York, and the Mercantile Trust & Deposit Co. of Baltimore, brought out Dec. 11, and are offering at 983
/
2 and int.,
the new timber certificates issued by Maryland Tr Co.,
trustee, Baltimore, in respect of payments under Kirby
Lumber Co. stumpage contract guaranteed by Houston Oil
Co. of Texas. Dated Aug. 1 1911. Par $1,000 (c*). Int.
F. & A. Total authorized issue, $6,250,000. The certificates bear the maturity date of Aug. 1 1923,but, commencing
Aug. 1 1913, are to be retired by lot at par and int. on semiannual dates in the minimum amounts first proposed as
maturity installments, as shown,in V. 93, p. 472; any payments in excess of the minimum and proceeds of real estate
sales are also to be applied to redemptions by lot at par.
Nelson, Cook & Co., Baltimore, are dealing in the certificates.
Abstract of Letter from V.-Pres. Henry .1. Bowdoin, St. Louis, Dec.6 1911.
Description.—The company owns in fee about 808,778 acres of land In
Southeastern Texas and adjoining parishes In Louisiana, containing, as
shown by report of Marwick, Mitchell & Co. dated March 28 1911, 4,386,000,000 ft. of yellow pine and 510,000,000 ft. of hardwoods and cypress
and 2,300,000 Ms. The contract with the Kirby Lumber Co., as modified
In 1908, provides for the sale to that companseof the yellow pine for fixed
minimum payments, the final due in 1925; the balance still to mature Is over
$19,271,875, or more than $630,000 in excess of the amount necessary for
the redemption of principal and interest of the total issue of certificates.
Alt This Issue of $0,250,000 Certificates to be Used for Refunding.
53,480,000
To he forthwith issued for refunding present certificates
Reserved for second series of certificates in hands of investors
[due In semi-annual installments Aug. 1 1913 to Aug. 1 1915,
deposited
with
the
be
will
are
informed,
trustee
we
but money,
during Jan. 1912 to call and pay off entire amount at 105—Ed.] 2,770,000
A first lien on all the property of the Houston 011 Co., subject only to
such of the present $2,770,000 2d series certificates as may not be immediately retired, and against which, pending such retirement, new timber
certificates are reserved. These certificates are secured by an assignment
to the trustee of the above-mentioned contract of the Kirby Lumber Co.,
guaranteed by the Houston 011 Co., and to further secure the said guaranty
the latter company has executed a mortgage on all of its property to trustee
Property Feb. 1 1912 Valued at $26,690,455, or 4 V Times Total Issue Certls•
Yellow pine sold to Kirby Lumber Co., still to be cut and paid
for at contract price, $5 per 1,000 ft
$19,271,875
Surplus yellow pine and hardwoods not covered by Kirby contract 3.374,690
Real estate value, 808,778 acres, at $5 (sales have generally been
4,043,890
at $1( to $25)
The cut-over lands are nearly all adaptable to cotton, rice and other agrl,
f
.
ra
wlIso
f tgheensea
osocs
pis
r(
ee
cultura
plropeu
real ehtate and all payments under the Kirby
All
contract in excess of the minimum are also payable to the trustee. for the
retirement ot timber certificates,so that the balance due under the Kirby contract, with said surplus pine and hardwood and real estate, at said valuation, must always be about four times the outstanding certificates.
Under the Kirby contract, in case the company defaults In any of the
minimum payments, the Maryland Trust Co. has the right to take possession
of all the trams, mills and plants of the Kirby CO. (reported by it to have
cost over $3,000,000),and operate the same, applying the proceeds to the
Interest and principal of the timber certificates, and this right of the trustee
has been sustained by the U. S. Circuit Court for the Southern Dist. of Tex.
Properly of Kirby Lumber Co.-190 miles of train lines (160 miles standard
gauge), 53 locomotives, 616 cars, 13 saw mills, &c.: annual capacity. 800,000,000 ft. on day runs, or 400,000,000 ft. if run also at night.
The Kirby Lumber Co. is one of the largest producers of long leaf yellow
pine lumbee In the world; it has an established market throughout the
Middle West and Southwest, and does a large business with the railways of
the West, especially the Atch. Top. & Santa Fe. Ry. The aforesaid contract has been In fofce for over 10 years, and out of over 511.000,000 of certificatei heretoiore issued more than $5,000,000 have been retired under
Its terms. For further particulars see report in V. 92, p. 1560, and final
plan In V. 93, p. 472, 732.
Independents Lose.—The United States Supreme Court on
Dec. 11 denied the application of the independents for leave
Hudson River Electric Power Co.—Possible Purchase.—See
Municipal Gas Co. of Albany above.—V. 93, p. 1326, 799.:j
DEC. 16 1911.1
• THE CHRONICLE
International Steam Pump Co.-New Directors.-H. B.
Hollins, Walter Kutzle and Arthur W. Kenworthy, all of
N. Y., were elected directors to succeed William Barbour,
Charles S. Hirsch and Charles K. Allen.
Report.-For 18 months ending Sept. 30 1911, including
operations of associated cos.:
Int. ec, Disc. Preferred
Net
on Bonds. Dividends.
Profits.
Period Covered18 mos. end. Sept. 30 1911..$2,676,449 $880,176 $1,289,700
421,074
997,516
Year ending March 31 1910._ 2,003,153
-V.93, p. 1262, 473.
Balance,
Surplus.
$506,573
584,563
Lehigh Coal & Navigation Co., Philadelphia.-Sale of
Bonds for Electric Development.-Brown Brothers & Co:,
Philadelphia, have placed at 101 and int. the new $3,000,000
"collateral trust 432% power loan" dated Dec. 1 1911 and
due Dec. 1 1921. Callable as an entire issue, but not any
part, at 1023 and int. on any int. date upon 60 days' notice.
Total amount auth., $3,000,000. Trustee, Guar. Trust &
Safe Dep. Co., Phila. Par $1,000 c*. Int. J. & D.
1671
Municipal Gas Co. of the City of Albany.-Stock.-Probable
Purchase.-As stated last week, the shareholders will vote
Dec. 29 on increasing the capital stock from $2,000,000 to
$6,250,000 (par of shares $100). "Albany Journal" says:
No one with the authority td speak is disposed just now to tell the purpose of this increase, but one of the stories heard to-day among financiers
was that it had to do with the probable purchase of the properties of the
Hudson River Water Power Co. and its affiliated concerns. These properties were sold under foreclosure last August to Charles H. Tyler, a Boston
lawyer, who represented Francis M. Edwards and the Boston bondholders'
committee. George Van Vranken of Schenectady was present at the sale,
bidding for Anthony N. Brady (President of the Municipal Gas Co. of Albany). His highest bid was $7,250,000, and the properties went to Tyler
for $7,500,000. (See sale plan, description of properties, &c., V. 93,
p. 1326, 799, 348; V. 92 p. 1432; V. 88, p. 229).
The story heard to-day was that negotiations had been In progress for
the purchase of these properties by the Albany and Troy gas companies from
the Boston bondholders' committee. If this story is correct, It Is probable
that the stockholders of the Troy Gas Co. will also meet to vote an increase
in capital stock (see Troy Gas Co. below). The Municipal Gas Co. now
gets electric power from the Spier Fails plant of the Hudson River Water
Power Co. (V. 88, p. 229), but if the rumored purchase goes through, will
own its own plants for generating purposes.-V.93, p. 1605.
Omaha (Neb.) Water Co.-City Bonds Authorized for Fur-
The proceeds of these bonds will be used in carrying out the company's chase.-See "Omaha" in "State and City" department.
plan, announced some time ago and delayed by the requirements of the
State law, for building near Mauch Chunk In the company's mining region -V. 93, p. 1327, 349.
an electrical generating station of present capacity about 30,000 k.w., to
Philadelphia Electric Co.-Assessment Expected.-The
utilize the great accumulations of coal dust in operating turbines for
making power, and to deliver the electricity generated thereby for use in the "Philadelphia Press" of Dec. 8 said:
40
miles.
within
a
radius
of
about
Nutowns
mines and in counties and
There is no longer any doubt that the Philadelphia Electric Co. will call
merous local companies have been organized and are being merged Into the
Payment
Lehigh Navigation Electric Co. which will own and operate the system. an assessment of $2 50 next year, probably in March or April.
will
be made in two installments of $1 25 each (or probably in full at once);
which
towns
will
probably be supplied are
The "Phila. Ledger" says that the
will make no disCatasauqua, Hazleton, Shenandoah, Mahanoy City, Easton, Portland, but it can be stated quite positively that the companycompany
has spent
Bangor, Slatington, Ashland,Tamaqua, Pottsville,Scranton, Wilkes-Barre, bursement to be applied to assessment purposes. The
a considerable sum this year in the purchase and erection of new electricAllentown and 13ethlehem. Compare V. 92, p. 729.
The new bonds are a direct obligation of the company and will be secured light standards for the city and in improving its power plants so as to be
by a deposit with the trustee of $1,000,000 Lehigh Coal & Navigation Co. able to furnish electricity to the Phila. Rapid Transit Co. By this contract
gen. M. 4
gold bonds and $3,000,000 Lehigh Navigation Electric Co. Rapid Transit pays $250,000 per year and the contract runs for five years.
1st M.5% gold bonds. The Lehigh Coal & Navigation Co. has $26,557,950 -V. 93, p. 1538, 942.
of capital stock outstanding, upon which dividends are now being paid at
Public Service Co. of Northern Illinois.-Called.-The comthe rate of 8% per annum.-V. 93, p. 232.
Los Angeles Gas & Electric Corporation.-Additional
Bonds Offered-Earnings, &c.-Harris, Forbes & Co., New
York; E. H. Rollins & Sons, Boston New York; N. W. Harris & Co., Boston, and the Harris Trust & Savings Bank,
Chicago, are offering at 9834 and int. an additional $250,000
"first and refunding mtge." 5% gold bonds, dated 1909 and
due Sept. 1 1939, but callable at 105 and int.
Condensed Letter from Pres. W B. Cline, Los Angeles, Dec. 1 1911.
The physical property, without allowance for franchise or good-will, is
conservatively valued at over $14,500,000, thus showing an equity of over
$7,138,000 above the $7,362,000 outstanding bonds.
Capitalization.
Pref. stock (1st pref., $4,000,000; 2d pref., $6,000,0001, issued__
None
Common stock, authorized, $20,000,000; issued
$7,250,000
First and refunding 5s, authorized, $15,000,000; issued_
3,943,000
Underlying (closed mortgages): Los Angeles Lighting Co. 5s, $944,000; Los Angeles Electric Co. 5s, $482,000; Los Angeles Gas &
Electric Co. 5s, $1,993,000
3,4190_
Of the above bonds, $288,000 are held in sinking funds of constituent cos.
additional
to
above have been canceled by operaFirst & ref. 5s $138,000
tion of sinking fund; $3,419,000 are reserved to retire the underlying bonds
and $7,500,000 are issuable for not exceeding 75% of cost of permanent
extensions and additions; but only when net earnings (after taxes) shall
have been at least 1 Y, times the annual int. charge, incl. bonds applied for.
Earnings for Calendar Years 1907 to 1910 and 12 Mos. ending Oct. 311911.
1910-11.
1907.
1908.1909.
1910.
Gross earnings_ _32,530,284 $2,615,909 $2,910,811 $3,334.861 $3,727,078
Net (after tax.). 907,102 1,003,675 1,207,632 1,236,563 1,420,539
Total annual int. charge, incl. bonds now offered
$368,100
Property Nov. 1 1911.-Gas plants, rated capacity of 25,600,000 Cu. ft.
24 hours; gas holders, combined capacity 14,000,000 cu. ft.•, 974 muss of
aitis, 93,322 gas meters. During the first 10 months of 1911 2,589,938,700
u. ft. of gas were sold; price, 80 cis. per 1,000 ft. Electric plant,7,000
h. p. in boilers, 17,650 h. p. In steam engines and turbines and 17,344 h.p.
In elect, apparatus, serving 26,513 consumers on Nov. 1 1911 from 1,931
miles of overhead main wire and 15.39 miles of underground conduits;
total connected load about 52,465 h. p.
Meters Installed, Jan. 1 1905 to Jan. 1 1910 and Nov.1 1911.
Nov.-11Jan.-10 1910. 1909. 1908. 1907. 1906. 1905.
93,322 84,773 74,353 62,605 59,800 54,061 44,439 34,849
Gas
26,513 24,130 20,844 17,414 15,683 13,258 10,134 7,953
Electric
Two-thirds of the gross earnings are derived from the sale of gas. In
Los Angeles, Pasadena, South Pasadena and Alhambra the corporation controls over 85% of the gas business; it has the entire gas business in Huntington Park and Vernon. The electric business has been carried on successfully for many years and is confined to Los Angeles, which is also served
by the Southern California Edison Co. (see below) and the Pacific Light
& Power Corporation. See "Electric fly." Sec. Excellent relations
exist between the threC companies, to all of whom the business is profitable.
The territory served has a population of about 416,000.-V. 01, p. 1264.
Manning, Maxwell & Moore, Inc.-New Officer.-W. H.
McIntyre has been elected First Vice-President and General
Manager.-V. 83, p. 1594.
Massachusetts Gas Cos.-Bonds Sold.-A syndicate composed of Kidder, Peabody & Co., R. L. Day & Co. and
Estabrook & Co. has purchased $4,000,000 43i% gold bonds,
dated July 1 1911 and due July 1 1931. The bonds were
offered in Boston on Thursday at 98 and int., and were
oversubscribed. The proceeds of the issue will be used to
retire floating debt and to provide for extensions and improvements.-V. 93, p. 1468, 1020.
Metropolitan Gas Corporation, San Francisco.-New
Name and Control-Bonds.-The control of the Metropolitan
Light & Power Co. (V. 84, p. 807), incorporated in Cal.
Oct. 31 1899 as the San Francisco Coke & Gas Co., its capital
stock being $10,000,000 auth. and $5,000,000 outstanding,
has recently passed to new interests, supposed to be identified with the Pacific Gas & Electric Co. The name of the
company has been changed to Metropolitan Gas Corporation
and a mortgage has been filed to the Mercantile Trust Co. of
San Francisco, as trustee, to secure $1,368,000 bonds.
There are also outstanding, with possibly other bonds, $1,625,000 general
mortgage 40-year 5s of San Francisco Coke & Gas Co., dated May 1 1905
and due May 1 1945, but callable at 102 A. Int. M. & N. at Knick. Trust
Co., N. Y., trustee (V 81, p. 731; V. 84, p. 808, 275.). The company manufactures gas by the New Lowe process, and it owns, in addition to some 50
miles of mains, the block bounded by Jefferson, Powell, Beach and Mason
streets. Leopold Michels remains as President.
pany has called for redemption at Ill. Trust & Savings Bank,
Chicago, on Feb. 11912, at par and int. (a) the $2,000,000
Chicago Suburban Light & Power Co. 1st lien coll. tr. gold
debentures dated Feb. 1 1912; (b) the $125,000 Evanston
Heating Co. 1st M. bonds dated Feb. 1 1903. Compare
V. 93, p. 1607.
Offer to Purchase.-Referring to the above redemption
notices, N. W. Halsey & Co., Chic., N. Y., San Fr. and
Phila., and Russell, Brewster & Co., Chic. and N. Y., offer
to purchase on behalf of the company any of the aforesaid
bonds with Feb. 1 1912 coupons attached under discount at
the rate of 4% per annum. See V. 93, p. 1607.
Pullman Company, Chicago.-Earnings.-"Chicago InterOcean" Dec.6 reported:
-Month of October- -4 Mos. end. Oct. 311911.
1911.
1910.
1910.
Operating revenue
$3,139,295 $3,074,667 $13,884,461 $13,677,029
Net after taxes
5,431,645
5,977,287
851,253
883,132
President Runnelis has been quoted: "For the four months ending Nov.
30 last, our gross receipts from sleeping car operations showed a decrease of
$57,011 as compared with a year ago. In a way offsetting this situation,
however, on Dec. 1 1911 we had orders for 4,500 more freight cars than on
the same date a year ago. We are at present employing about 7,000 men.
Business conditions seem to be improving.' [Between 7,500 and 8,000
men,it is said, are now employed la the various manufacturing departments.
or about one-half the number employed at the maximum last year.- Ed.]
-V. 93, p. 1389.
Southern California Edison Co.-Bonds, Earnings, &c.
Harris,Forbes &Co.,N.Y.; N. W. Harris &Co.,Bost.; Harris
Trust & Savings Bank, Chic.- E. H. Rollins & Sons, Bost.,
Chic., Den. and S. Fr. and Perry, Coffin & Burr, Bost., are
offering at 9634 and int., yielding 534%, $1,000,000 general
mortgage gold 5s, dated 1909 and due Nov. 1 1939, but
callable at 105 (V. 89, p. 1599, 1673).
Condensed Data from Letter of Pres. John B. Miller, Los Angeles, Dec.1'11
Capitalization Dec. 1 1911.
Pref. stock 5% cum., authorized and outstanding
$4,000,000
Corn. stk. (receiving 5% divs. per an.), auth., $26,000.000; out. 7,900,000
6% 5-year gold debentures (convertible into common stock at
par up to April 1 1916) (V. 92, p. 1705)
1,000,000
9,336,000
General mortgage 5s authorized, $30,000,000; outstanding
Prior liens (closed mortgages), $8,898,000, less $4,674,000 thereof
Add by trustee as additional security to general mortgage 5s.. _ 4,224,000
Earnings Years ended Oct. 31, with Present Int. Charge, incl. $1,000,000 Debs.
1910-11.
1910-11.
1909-10.
$738,630
Gross earns. $3,329,094 $3,659,786 Total interest charge
680,000
Net earnings_$1,685,848 $1,867,697 Depreciation
Balance, surplus, after depreciation and present interest charge_$449,067
Of the $20,664,000 bonds held in escrow, $4,224,000 may be issued to
retire at par underlying bonds, and the balance for 75% of the cash cost of
permanent extensions and additions after Jan. 1 1910, provided the net
earnings shall have been at least equal to 13j times the annual interest
charge on all bonds outstanding, including those proposed to be issued and
those reserved to retire bonds of existing mortgages. In accordance with
thelerms of its mortgage, the company has deposited up to the present time
$494,860 on account of its special trust fund (2% yearly on bonds outstanding) for permanent extensions and additions.
Including both water power and steam plants, the company has an
electrical generating capacity of approximately 75,000 h.p., by means of
which it operates electric light and power properties in Los Angeles, Pasadena, Santa Monica, San Pedro, Long Beach, Redondo, San Bernardino,
Redlands, Riverside, Pomona, Whittier, Fullerton, Anaheim, Santa Ana,
&c., &c. and a gas-lighting and heating business in San Pedro, Santa
Monica and Pomona, serving a population estimated to exceed 600,000
and rapidly increasing.
Company's Business Oct. 31.
1909.
1910.
1911.
Oct. 311908.
Incandesc't lamps (50-watt equiv.) _764,154 878,499 969,442 1,208,946
3,489
4,087
2,931
Motors, number
4,902
37,727
45,560
59,832
Horse power
70,994
45,011
42,055
64,169
Electric meters
53,730
17,493
17,390 *16,475
Gas meters
•9,041
Municipal arcs
685
799
782
804
437
321
33
Commercial arcs
1,819
21,387
Gas stoves
21,667 *21,180
'11,797
'
Decrease due to sale of gas properties.
See also V. 91, p. 1517; V. 92, p. 1705; V. 93, p. 1538.
(John B.) Stetson
Philadelphia.-New Stock.-Stock12 are offered the privilege of subscribCo.,
holders of record Dec.
ing at par until Jan. 25 for one share of the new issue of
Metropolitan Light & Power Co., San Francisco.-Change $1,496,900 common stock for every four shares now held.
must be paid in full on Jan, 25, and the new stock will
in Control-New Name, &c.-See Metropolitan Gas Cor- beSubscriptions
entitled to participate in the dividend declared for fiscal year ending
poration above.-V. 84, p. 807.
•
Oct. 31 1912.-V. 89, p. 1487.
1672
THE CHRONICLE
Troy (N. Y.) Gas Co.-Stock.-The shareholders will vote
Dec. 28 on increasing the capital stock from $1,000,000 to
$3,000,000 (par $100).
Probable Purchase.-See Municipal Gas Co. of Albany
above.-V. 66, p. 762.
United Fruit Co.-Listed.-The New York Stock Exchange
has authorized to be listed on and after Dec. 19 the $2,705,800
additional stock which was offered to stockholders of record
on Dec. 4 last, for subscription at par, the stockholders having the right to apply the 10% cash dividend to be disbursed.
Dec. 19 in payment for the same. This makes the total
authorized to be listed $29,764,700. Compare V. 93, p.
1390.-V. 93, p. 1608, 1597, 1539.
United Gas & Improvement Co., Philadelphia.-Reported
Lease to Allied Company.-See New York New Haven &
Hartford RR. under 'Railroads" above.-V. 93, p. 669.
United Shoe Machinery Corporation.-Government Dissolution Suit.-The Government on Dec. 12 filed a bill in equity
in the U.S. Circuit Court at Boston against the corporation, the
United Shoe Machinery Co., 18 subsidiary companies and 23
individuals for alleged violation of the Sherman anti-trust law.
The Court Is asked to restrain the defendants from "maintaining and
engaging in unlawful combinations, contracts and conspiracies in restraint
of Inter-State and foreign trade and commerce, in violation of the Sherman
Act, in the manufacture, sale and lease of machines, mechanisms, tools and
devices used in the manufacture of boots and shoes," and to order the
dissolution of the defendant corporations Into such parts that no one of
them will constitute a monopoly or can become a monopoly of the shoe
machinery business. It is asked that if the Court should be of the opinion
that the public interest will be better served thereby, that receivers be
appointed to take possession of all the property, assets, business and affairs
of said defendants and wind up the same.
The petition alleges that the defendants control more than 98% of the
manufacture, sale and lease of all the essential and kindred and auxiliary
machines and devices manufactured and used in the United States for
attaching the bottoms to the uppers of boots and shoes; and that they
have it within their power to double or treble the royalties for the use of
their machines whenever they may deem such action advisable.
The prayer for relief also requests that the Court decree that all lease
and license agreements containing like or similar exclusive-use and tying
provisions which defendants have used be declared illegal, and that the
defendants be enjoined from enforcing the same; that defendants be enjoined from enforcing any contracts with boot or shoe manufacturers to
purchase or lease from defendants any machines or devices controlled by
them by which manufacturers are compelled to purchase or lease any one
or more of the machines, as a condition to the purchase or lease of any other
machines; and that the defendants be restrained from discriminating
against any boot or shoe manufacturer desiring to purchase or lease any of
said machines because of the fact that such manufacturer purchases or
leases any one of said machines from others; that defendants be enjoined
from making discounts or granting rebates, either by reduction of royalties
on machines leased and licensed by them, or by cash discounts, or by any
other scheme to manufacturers to use exclusively or as an inducement to
them to use exclusively machines controlled by defendant.-V.93,p.959,801.
United States Lithograph Co.-Notes.--The blanket mortgage for $1,500,000 secures an issue of "first and refunding"
M. 6% gold bonds dated Nov. 1 1911 and due Nov. 1 1931
(V. 93, p. 1539), which have been deposited as collateral for
an issue of $1,200,000 3-year 6% gold notes dated Nov. 1 and
due Nov. 1 1914, the proceeds of the latter to be in turn used
to refund the floating debt of about 'that amount. Of the
notes, $1,000,000 will be issued at present. The bonds, it is
expected, will be sold later to redeem the notes. The Guaranty Trust Co. is trustee both of the mortgage and of the
indenture securing the notes.
The notes are subject to call on any interest date (May 1 or Nov. 1) after
May 1 1913 at par and accrued interest, Nos. 1 to 1,000 being In denomination of $1,000 each and 1.,001 to 1,400 being for $500 each. The $200,000
notes tfnissued consist of 200 of $1,000 each.
The bonds (denomination $1,000 each) are also subject to call on any interest date, but at 105 and accrued interest after Jan. 1 1917. Annual
sinking fund payable in cash or bonds taken at par value on or before Nov. 1
yearly beginning 1917; in 1917 to 1921, $52,500; 1922 to 1926, $67,500,
and 1927 to 1931, $82,500.-V. 93, p. 1539.
United States Steel Corporation.-Subsidiaries' Orders
Nov. 30.-The report of orders given out Dec. 10 shows unfilled orders on the books Nov. 30 aggregating 4,141,955 tons,
being an increase of 447,627 tons during November.
Tonnage of Unfilled Orders (00,000 onalted)-•All on New Basis.
1911
'10. '09. '04.
Nov. Oct. Sept. Aug. July..I'ne. May. Apr.Mch. Feb. Jan. Dec. Dec. Sept.
4,1 .3,7 3,6 3,7 3,5 3,3 3,1 3,2 3,4 3,4 3,1 2,7 5,9 2,4
-V.93, p. 1328, 1263, 1258.
Western Steel Corporation, Seattle.-Creditors Meet.-At
a meeting of the creditors in Seattle on Dec. 12, Lester Turner
and Sutcliffe Baxter, who have been serving as receivers, and
Edgar Ames were elected as trustees in bankruptcy. The
Metropolitan Trust Co. of New York, it was stated, would,
in case of prompt reorganization, aid in the formation of a
new company to take over the steel plant at Irondale, Wash.
The "Iron Trade Review" of Cleveland for Dec. 7 contained
an illustrated article regarding this plant.-V. 93, p.
1108, 1026.
Western Union Telegraph Co.-Earnings.-For three and
six months ending Dec. 31 (partly estimated in 1911):
Net
Interest on
Dividends
Balance,
3 Mos. ending
Dec. 31Earnings.
Bonds.
Paid.
Surplus.
1911
$2,460,200 $434,200
( %)$747,910 $1,278,()
433,062
679,945
1,760,809
1910
()%) 747,802
6 Months868,365
(1 )%)1,495,816
2,434,955
1911
4,799,136
866,125
1,340,179
1910
3,701,876
(1%70)1,495,572
Total surplus Dec. 31 1911 (est.), $12,549,311.-V. 93, p. 1609, 1047.
-J. S. & W. S. Kuhn,Inc., of Pittsburgh, Chicago, Philadelphia, New York and Boston, are offering a large and attractive list of municipal bonds, many of which conform to
the requirements of the U. S. Government to secure deposits
under the Postal Savings Bank law. The correspondence of
banks, institutions and private investors desiring to participate in original offerings is invited. The firm deals in bonds
for investment purposes only. Address of head office,
Bank for Savings Building, Pittsburgh.
[VoL. Lxxxxm.
-White & Co., bankers, 25 Pine St., this city, have prepared a brochure for investors entitled "Gas Securities as a
Profitable Investment." This booklet contains some Government statistics which are used to illustrate the attractiveness of gas securities as a profitable and conservative investment. The data are taken from the last report compiled
by the Census Bureau of the Department of Commerce and
Labor, and they show that the net earnings of all companies
mandacturing gas for illuminating and heating purposes
from 1904 to 1909 increased 62%, while gross output gained
only 34%. The firm will mail a copy to any one interested
in this subject.
-Dodge,Day & Zimmermann,engineers and constructors,
at 608 Chestnut St., Philadelphia, have recently been succeeded by Day & Zimmermann. The utilities department
of the new firm makes a specialty of investigations and reports upon electric railroad, electric light and gas properties
and projected developments. Through the facilities of the
industrial department Day & Zimmermann will examine industrial plants and furnish reports recommending improvements for introducing modern shop methods, intended to
effect the greatest economy of manufacture and administration. The concern will also design, construct and equip
new industrial plants.
-Williams, McConnell & Coleman, 60 Wall St., this city,
offer their clients a selected list of public utility stocks and
bonds carrying attractive investment value and sound
underlying security. The firm specializes in American Light
& Traction Co., American Gas & Electric Co., Cities Service
Co., Denver Gas & Electric Light Co., Empire District Electric Co.,and strongly recommends the securities on properties
owned, controlled or operated by the house of Henry L.
Doherty & Co., 60 Wall St. Williams, McConnell & ColeMan issue a monthly bulletin of quotations and make
comment on the securities in which they are specialists.
-The New York Real Estate Security Co., 42 Broadway,
New York, is offering to investors 6% mortgage bonds at
par and interest in denominations of $1,000, $500 and $100,
secured by a trust mortgage to a leading New York City
trust company as trustee. Under this mortgage are pledged
valuable improved, incotne-producing properties owned by
the company•which are located in the best business and residential sections of Manhattan Island, New York City. The
company invites inquiries for particulars of these popular
6% mortgage bonds. The capital of the New York Real
Estate Security Co. is $3,950,000.
-Jas. H. Oliphant & Co., bankers and brokers at 20
Broad St. N. Y., and the Rookery, Chicago, will send
on request
'to prospective clients the latest edition of their
"Earning Power of Railroads" by Floyd W. Mundy, member
of the firm, and various impartial pamphlets on investments.
Jas. H. Oliphant & Co. are members of the New York and
Chicago stock exchanges and have nothing to sell to clients,
confining themselves to the execution of orders on commission basis only for the purchase and sale of stocks hndc
and all investment securities.
-Chandler Bros. & Co., Phila., N. Y., Bost. ant.,
caster, have prepared a circular entitled "The New York
Traction Situation," which deals with the status of the Metropolitan Street Ry. and Third Avenue RR. systems under
their respective reorganization plans and the methods by
which the Interborough-Metropolitan Co. may me,t the
assessment ($5,513,460) on its holdings of $42,740,000 of
the $52,000,000 stock of the Metropolitan Street Ry.
-In our advertising columns to-day Harris, Forbes & Co.
of New York are offering the unsold balance of $3,500,000
Chicago Rock Island & Pacific first and refunding mortgage
4% bonds, due April 11934, which are legal investment for
savings banks and trust funds in New York and Connecticut;
price 89% and interest, netting the investor 4%%. See
advertisement for details and our "General Investment
News" department for full particulars regarding this issue.
-The business of John E. De Wolf of Milwaukee, Wis.,
was succeeded on Nov. 15 by the new firm of John E. De
Wolf Co. the personnel of the firm being John E. De Wolf,
President:
' John C. Meiners, Vice-President, and Walter
Reitman Secretary and Treasurer. As heretofore, the company will deal in high-grade municipal and corporation bonds.
Offices are on the second floor of the Railway Ex',31tange Bldg.
-"Trust Companies of the United States," 1911 edition,
has been issued by the United States Mortgage & Trust Co.
of New York. It is a compilation of the statements of condition of the trust companies of the United States as of June 30
1911; also of officers, directors, correspondents, dividend
rates, stock quotations and other statistics. 400 pages.
-Herbert W. Cost, representing the well-known investment banking firm of D. Arthur Bowman & Co. of St. Louis,
was a visitor during the week in New York. Mr. Cost is a
son of Edward F. Cost, who at the time of his death in 1910
was President of the Midland Securities Co. of New York,
one of the enterprises with which John W. Gates was
identified.
-In the advertisement in our last issue of W. N. Coler &
Co. offering Dallas County, Tex., 04% bonds the price was
incorrectly given owing to a typographical error. The price
should have been 101 y,-see advertisement on another page.
A detailed circular will be mailed on request.
DEO. 16 1911.]
THE CHRONICLE
Witt Touxuternal
1673
COTTON.
COMMERCIAL EPITOME.
Friday Night, December 15 1911.
Gradual gains in trade are reported, more particularly in
the metal industries, notably in steel, iron andc opper,
though caution is still observable in very many branches
of business, and it is noticeable that the number of idle cars
has increased. Bank exchanges for the week show a moderate increase over those of last year but are considerably
smaller than in 1909. Yet the tone, on the whole, is somewhat more hopeful. Whether the future is to verify this
expectation is, of course, purely conjectural.
LARD has been higher, advancing in sympathy with the
hog and grain markets. Latterly, however, these have
receded. Prime Western here 9.30c., refined for Continent
9.50c., South America 10.35c. and Brazil in kegs 11.35c.
Foreign supplies of hogs are said to be turning out unexpectedly large. Hog receipts West have increased.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Tues.
Mon.
Sat.
Wed. Thurs.
Fri.
Dec. delivery in tierces_ _9.05
9.00
9.00
9.05
9.00
9.05
Jan. delivery in tierces_ _9.11
9.06
9.06
9.11
9.12
9.20
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Tues.
Mon.
Sat.
Wed. 7'hurs.
Fri.
8.8734 8.8734 9.00
Dec. delivery in tierces_ _8.85
8.97 14 9.0734
8.90
8.9734 9.0734 9.0234 9.10
Jan. delivery in tierces_ _8.95
Friday Night, Dec. 15 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
435,157 bales, against 458,694 bales last week and 458,203
bales the previous week, making the total receipts since
Sept. 1 1911 6,198,399 bales, against 5,333,835 bales for
the same period of 1910, showing an increase since Sept. 1
1911 of 864,564 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Galveston
16,257 20,104 41,307 19,024 13,421
Texas City
4,376 2,339 4,651 4,421 8,491
Port Arthur, &c.
New Orleans_ _ _ _ 10-,48.
7 11,403 18-.0
.69 16-,260 11-,44i
Gulfport
Mobile
3,074
2,318 4-,7
756 3-;18
8 1,7711i
Pensacola
Jacksonville, etc. 1-,414
-46e
Savannah
12,854 13,272 12,454 14-,162 11,031
Brunswick
Charleston
3-.136 3-,2
2-,797 fiiii iiii
Georgetown _ _ _ _
Wilmington _ _ _ _
4-,6-86 4-,120 5,829 4,232 4,63(
Norfolk
3,811 7,408 6.304
2,695 5,261
N'port News, &c.
New York
Boston
411
433
191
323 1,079
Baltimore
____
____
____
____ • ____
Philadelphia_
"18
---_-_,
-
65:1
-4-5
Fri.
Total.
16,449 126,569
1,224 25,510
10,000 10,000
8,592 76,248
5,129 5,129
2,849 17,966
8,750 8,750
440 2,862
11,945 75,719
750
750
2,367 16,872
5,130 28,633
4,030 29,515
3,104 3,104
812
4,286
3,244
4,286
PORK has been steady. Mess here $17 25@$18; clear
Total
$17 25@$18 50. Cut meats have been in moderate demand;
61.106 64.859 96.599 66.106 60,631 85,857 435,157
pickled hams 11(:).113c.; pickled bellies, clear, 113
/
8 ®12c.
The
following
shows the week's total receipts, the total
demand;
mess
$12;
packet
fair
Beef in
$13, family $14 50,
and extra India mess $21 50@$22. Tallow steady; city since Sept. 1 1911, and the stocks to-night, compared with
634c. Stearines 9c. for oleo and WA ®10c. for New York last year:
lard. Butter lower. Creamery extras 34c. Cheese lower.
1911.
1910.
Stock.
Eggs easier. Western firsts 32@34c.
Receipts to
Dec. 15.
This Since Sep This Since Sep
OIL.-Linseed oil has been quiet. Purchases are being
week. 1 1911. week. 1 1910.
1911.
1910.
made for necessary requirements only. City, raw, American
seed, 73@74c.; boiled 74@75c.; Calcutta, raw,83c. Cotton Galveston
126,569 2,012,641 109,787 1,886,542 438,058 211,410
25,510 368,707 33,968 153,917
Texas City
87,330
seed has declined. Offerings of crude have been more plen- Port
Arthur, &o_ 10,000 100,157 11,217 108,715
tiful while the demand is small. Winter, 5.75@6.25c., New Orleans_ _ _ _ 76,248 720,546 97,590
802,169 275,862 221,160
5,129
21,122 2,284
16,542
8,489
8,489
summer. white, 5.50@5.75c. and crude 4.17@4.23c. Cocoa- Gulfport
Mobile
17,966 199,769 18,288 166,005
86,117
74,387
nut steady at 9%@10c.for Cochin and 83
/
1@93
4c.for Ceylon. Pensacola
81,365 8,050
8,750
43,020
Corn steady at 5.75@5.80c. Lard lower. Prime 75@85c. Jacksonville, &c.. 2,862 28,959 1,441 14,716
75,719 1,415,658 66,361 1,004,338 265,099 183,796
No. 1 extra 55@60c. Cod steady. Newfoundland 55® Savannah
Brunswick
750 183,013 14,700 154,591
601
21,272
Charleston
58c. and domestic 52@53c.
16,872 269,199 9,335 225,642
37,913
63,438
Georgetown
368
656
COFFEE on the spot has been quiet at some advance. Wilmington
_ _ _ _ 28,633 326,522 5,063 297,629
36,285
27,747
Rio No. 7, 1434@14%c.; Santos No. 4, 15%®16c. Futures Norfolk
29,515 386,764 26,691 385,768
31,456
66,065
N'port News, &c_
3,104
8,509
2,497
have shown considerable strength. The receipts at primary New
York
2,251
1,265
3,631 119,110 252,053
ports in Brazil are decreasing, though it is claimed that there Boston
3,244
27,028 3,176
4,713
16,398
1,907
Baltimore
4,286
45,821
7,985
59,062
9,892
16,140
are large holdings in the interior. Havre and Hamburg, as Philadelphia
50
3.235
4,509
well as the Brazilian, markets have been strong. Leading
Total
435,157 6,198.399 417,201 5,333,835 1,472,147 1.092,239
roasters have sustained December. Though trading in futures
haibeenilight, prices have risen. Closing prices were as follows:
In
order
that
comparison may be made with other years,
Dec
13.74@ 13.75 April
13.04913.06 Aug
13.01913.02
Jan
13.40913.45 May
13.01913.02 Sept
13.00913.01 we give below the totals at leading ports for six seasons:
Feb _. _ _13.20913.25 June
March __ ..13.109 13.11 July
13.01913.02 Oct
13.01913.02 Nov
12.99913.01
12.99913.01
have been too firm for much business. Stocks in
, r titry m ,rkets in this State are small. Prime to choice
_
fork Mae
and a good demand prevails at
Pacific Coast points
for futures.
54@56c.,
IESUGAR has been active at lower prices. Yet reports from
Cub9. state that rains are hindering grinding. Owing to the
cold]weather, the Louisiana crop is estimated at 300,000 tons,
wherei,s a short time ago it was estimated at 370,000 tons.
Centrifugal, 96-degrees test, 4.87c.; muscovado, 89-degrees
test, 4.37c.; molasses, 4.12c. Refined has been dull at unchanged prices. Granulated 5.75@5.80c.
PETROLEUM has been quiet. Export business is almost
at a standstill. Refined, barrels, 7.35c.; cases 8.85c.;
gasoline, in 100-gallon drums, 19c.; drums $7 50 extra.
Naphtha 73 to 76 degrees, in 100-gallon drums, 17c.• drums
$7 50 extra. Spiritsturpentine 53c. Rosin $6 60 for Arained.
TOBACCO.-Trade continues quiet and devoid of features
of really striking interest. Some look for a better state of
things in the early part of 1912, but in the meanthne the
buying is merely to satisfy imperative requirements for the
thne being. Good binder is steady and it is a fact beyond
question that the supply of such tobacco is only moderate.
For • Wisconsin and Sumatra of desirable grade there is a
moderate demand. It is noticeable, however, that the sales
of Sumatra a,re rather small, as selections are less and less
inviting as time goes on. Cuban leaf meets with only a light
demand. Ini word, the tobacco trade, take it for all in all,
is in the position of a good many others; that is, there is
little disposition to do more than buy from hand to mouth
and await further developments. The U. S. Supreme Court
has refused to re-open the case of the American Tobacco Co.
on application of the Leaf Tobacco Board of Trade.
COPPER has advanced. Europe has been a heavy buyer.
So have speculators. Domestic consumers have been buying
moderately. Lake 13% ®14c., electrolytic 13 Yt ®13%c.
Tin has declined. Spot here 43.50 ®43.85c. Spelter 6.25@
6.35c., lead 4.40@4.50c. Pig iron has been less active.
It is expected that after the first of January there will be a
large increase in the output of steel. Mr. Frick has been
expressing himself in a very optimistic strain about the outlook for 1912. No. 1 Northern $14 75(015; No. 2 Southern
$14(014 25. The United States Steel Corporation in its
repot for November showed 447,000 tons increase in its
unfilled orders for finished and semi-finished steel. The
Republic Iron & Steel Co. advanced steel bars $1 a ton.
Receipts at-
1911.
1910.
Galveston _ _ _
TexasCIty,&c.
New Orleans_
Mobile
Savannah __ _
Brunswick_ _ _
Charlcston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others__ _ .
126,569
35,510
76,248
17,966
75,719
759
16,872
28,633
29,515
3,104
24,271
109,787
45,185
97,590
18.288
66.361
14,700
9,335
5,063
26,691
Total this wk_
435,157
417,201
24,201
1909. I
1908.
76.2511 141,587
984,
39,583; 84,636
7,535, 15,022
52,563
27,743
13,687, 36.050
5,369
6,926
9,472
9,491
17,401!
31,576
1.047i
75
5,252
25,426
204,324
403,352
1907.
1906.
21,522
6,292
99,196
20,551
59,974
16,028
7,672
17,417
26,621
184
15,907
122,413
8.705
110,567
8,517
60,841
5,740
4,264
3,696
20,756
875
7.833
391,364
354,207
Since Sept. 1.. 6,198,399 5,333,835 4,689,983 5,635,647 4,412,641 5,459,847
The exports for the week ending this evening reach a total
of 318,771 bales, of which 122,471 were to Great Britain,
38,622 to France and 157,678 to the rest of the Continent.
Below are the exports for the week and since Sept. 11911:
I
Exports
from-
Week ending Dec. 15 1911. From Sept. 1 1911 to Dec. 15 1911.
Exported toExpotted to-
I Great
ConnGreat
Btitain. Fr nce. nem. Total.' Britain. France
Galveston
_ _ 43,642
Texas City_ _20,6'78
PortArthur,&c.
10,566
New Orleans_ .., 18-.61.4
Mobile
6-,668
Penswola _ _
85
Gulfport
Savannah_
6,277
Brunswick
Charleston_ _ 7.863
Wilmington.._ _ t!,8.S6
Norfolk
Newport News.
New York _ _ _ 9,377 7,18
Boston
6,489
Baltimore -_ _
825
Philadelphia
5,697
Portland, Me_
San Francisco_
:
Seattle
Tacoma
Portland, Core_
Pembina
Detroit
Total
Continent. I Total.
46,636 90.278: 726.281 153,809 518,86511,398,955
885 21,5631 228,554 36,00.3
16,408 281,5415
10,000,
8,636 30.494
32,470
71,600
13.308 31.322 262,636 59,574 143,780 465,990
6,665 32.390 19,631
28,684 80,705
8,500, 28,882 25,533
27.063 81,483
4,580
4,580
53,814 60,091 279,574108,687 468,005 856,266
87,349
__
88,352 175.701
19,572
7.1-14i3
126,490 146,062
17,300 27,185 63,181 65,318 141,521 270,020
2,991
2,991
1,401
76
28,533
6,589
2,226
5,773
6,732
5,450
6,732
5,450
100
108,835 44,766
74,832
9,705 3,111
22,571
128,481 282,082
4751
79,585
72.470 85,286
7,566 30,137
64,528
28.258
3,500
186
64,528
28,258
3,500
186
122,471 38,622'157,678 318,771 1,956,1721547.526 1.905,779 4,409,480
Total 1910.._ 185,27441.073 130,078 356.425 1,904,6491450,864I1,470,036 3,825,549
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
. On Shipboard, Not Cleared forOther CoastGerGreat I
Dec. 15 at- Britain.I France many. Foreign wise.
Total.
319 51,239
New Orleans__ 18,662 7,677 9,116 15,465
Galveston ___ _ 45,671 24,091 36,440 28,91'7 2,240 137,359
2,100
7,000
____
5,100
Savannah _
---------9,000
9,000
Charleston___ _
1,061 46,312
____
19-,-752 3,-350 22,169
Mobile
29,000 33,800
4,800
Norfolk
8,200
____
200 2,500 1,500
3,0001
New York_
56,000
31,000 2,000 23,000
Other ports
r
Leaving
Stock.
224,623
300,699
252,999
55,438
39,805
32,265
110,910
102,398
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
I
@
00
0000
0000
Dec. 9 to Dec. 15Middling uplands
Sat.
0.20
Mon. Tues.
9.20
9.20
Fri.
9.45
Wed. Thurs.
9.45
9.20
NEW YORK QUOTATIONS FOR 32 YEARS.
1911c-----9.45
15.20
1910
15.15
1909
0.10
1908
12.10
1907
10.55
1906
1905
12.20
8.00
1904
1903_o
1902
1901
1900
1899
1898
1897
1896
12.45
8.65
8.50
10.19
7.69
5.81
5.88
7.19
1895_0
1894_
1893
1892
1891
1890
1889
1888
8.5611887_0
5.75 1886
8.00 1885
9.81 1884
8.00 1883
9.38 1882
10.31 1881
9.88 1880
10.56
9.50
9.19
10.81
10.44
10.38
11.88
11.88
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Atarket
Closed.
Dull
Quiet
Quiet
Quiet
Quiet, 25 pts. adv_ _
Quiet
Steady
Steady
Steady
Very steady__ _
Firm
Steady
Total ____
SALES.
Spot. Contr'c
"iiio
100
4,100
900
1,000
2,400
2,900
11,300
Total.
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Speculation in cotton for future delivery has not been at
all active and much of the time prices have been unsettled.
Of late they have advanced, partly owing to the rather unexpected strength of December. That month for some
time past has been at a premium over January in the neighborhood of 25 points, sometimes exceeding this and sometimes falling below it, but always showing noteworthy
strength as contrasted with January, mainly for the reason
that the stock here has been small and has increased very
slowly, owing to the uninviting level of prices here in comparison with that ruling at the South. Of late the short
interest in December has become nervous and noticeable
buying of that month raised the premium on Wednesday to
33 points and on Thursday to 45 points. The option is
largely controlled, it is believed, by very large spot interests
which are not in the habit of running corners, so that nothing
very sensational or spectacular is looked for in the trading
in that month beyond a certain natural emphasis on existing
but necessarily temporary conditions. There are rumors
that a good deal of cotton is in transit for New York for
delivery on December contracts, which may have the effect
of materially reducing the premium in a short time or obliterating it altogether. Meantime the Continent has been
buying May, July and October to an extent which has attracted some attention. October has been 14 points over
July. It is needless to say that this is something distinctly
new so far as the experience of recent years is concerned,
during which the trade has been more accustomed to seeing
July at a very large premium over October. In Liverpool
the Continent has also been buying October. The readiness
on the part of European mills, particularly those on the Continent, to buy the next-crop months has aroused a good deal
of comment as a decidedly novel feature in the cotton trade,
though it may be added that many of the mills across the
water have gone even further and purchased a certain
amount of cotton for delivery as far ahead as 1917, contracts
which, of course, have to be hedged in the present crop and
therefore inure to that extent to the benefit of the South.
- Large spot interests here have been buying March and May.
Moreover, not a few prominent members of the bear party
have deemed it advisable either to cover their short engagements or to materially reduce them. And this in spite of
the fact that a leading event of the week, the Bureau crop
estimate on Dec. 11 of 14,885,000 bales, exclusive of linters
and repacks, for a 'time at least caused a certain degree of
depression. Also the South has been a steady seller against
the actual cotton. Some of the spot houses have been
selling December as well as January, though it is supposed
that some very prominent interests would not be averse to
seeing December sell higher for a time in order to attract
cotton to New York. In parts of the South the actual
cotton is said to be offered more freely. The condition of
the cotton goods market is criticized by some as being far
from as favorable as could be desired. Meantime Europe is
"long" of cotton and for this reason some optimistic despatches from that quarter on the situation are being received
with a grain oflallowance. To-day, the December premium
fell to 38 points over January. Prices mere irregular,
December weakening a little and other months advancing
slightly on the covering of shorts. The week end figures
were considered bullish, visible stocks increasing less rapidly
than a year ago and spinners' takings showing an important
increase over those of last year. Spot cotton has been
quiet at an advance of 25 points, with middling uplands
closing at 9.45c.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
g1 gI
g00 I
Total 1911_ _ 127,965 37,318 109,225 46,882 32,620 354,010 1,118,137
Total 1910_ _ 42,815 42,760 64,410 42,938 20,552 213,475 878,764
Total 1909_ _ AA 7A7 90 ftlft A9 fil 51 fcmc AA AAA 900 flAA AAA 590
Saturday__ _
Monday_ __ _
Tuesday -_ Wednesday_
Thursday _ _
Friday
[VoL. =can.
THE CHRONICLE
1674
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54
THE VISIBLE SUPPLY OF COTTON to-night, as made
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns, and
consequently all foreign figures are brought down to Thurs(lay evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
December 15
Stock at Liverpool
Stock at London
Stock at Manchester
1911.
bales. 713,000
3,000
50,000
Total Great Britain stock
Stock at Hamburg_
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stook at Trieste_
766,000
10,000
311,000
175,000
2,000
15,000
22,000
2,000
1909.
1910.
761,000 1,048,000
5,000
4,000
73,000
63,000
1908.
713,000
10,000
38,000
828,000 1,126,000 .761,000
14,000
4,000
3,000
244,000 334,000
190,000
89,000
389,000
171,000
3,000
2,01)0
2.000
23,000,
8,000
9,000
42,000
45,000
34,000
4,000.
1,000
537,000 4 09,000 693,000 609,000
Total Continental stocks
-.
1,303,000 1,237,000 1,819,000 1,370,000
Total European stocks
68,000
136,000
101,000
18,000
India cotton afloat for Europc
1,078,544
527.175
993,687
Amer. cotton afloat for Europe_ 824,728
67,000
58,000
66,000
92,000
Egypt,Brazil,&c.,afit.for Europe_
230,000 261,000
206,000 272,000
Stock in Alexandria, Egypt
231,000 263.000 417,000 211,000
Stock in Bombay, India.
1,472,147 1,092,239 816,165 1,148,202
Stock In U. S. ports
778,623 883,158
958,913 831,361
Stock In U. S. Interior towns__
39,099
52,895
51,191
71,131
U. S. exports to-day
5,126,003
4,834,858
4,933,478
5,150,919
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 609,000 650,000 947;000 603,000
Liverpool stock
29,000
61,000
54,000
39,000
Manchester stock
565,000
507,000 390,000 672,1)00
Continental stock
1,078,544
527,175
993,687
824,728
.__
Europe__
for
American afloat
1,472,147 1,092.239 816,165 1,148,202
U. S. port stocks
778,623 883,158
958,913 831,361
U. S. Interior stocks _
39,099
52,895
51,191
71,131
U. S. exports to-day
4,481,919 4,602,478 3,854,858 4,346,003
Total American
East Indian, Brazil, &c.
Liverpool stook
London stock
Manchester stock.
Continental stock_
India afloat for Europe
Egypt, Brazil, 11co., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
110,000
01,000
111,000
104,000
10,000
5,000
4,000
3,000
9,000
12,000
9,000
11,000
44,000
21,000
19,000
30,000
68,000
136,000
101,000
18,000
67,000
58,000
92,000
66,000
261,000
206,000 272,000 230.000
231,000 263,000 417,000 211,000
-669,000 871,000 980,000 780,000
4,481,919 4,062,478 3,854,858 4,346,003
5,150,919 4,933,478 4,834,858 5,126,003
Total visible supply
8.11(1.
4.82d.
8.03d.
5.02d.
Middling Upland, Liverpool
9.100.
15.150.
15.150.
9.45c.
_
Middling Upland, New York_ __
12 Md. 8 13-16d
11 Md.
9 Md.
Egypt, Good Brown. Liverpool
7.80d.
10.00d.
.9.50d.
9.30d.
Liverpool
Good,
Bough
Peruvian,
7 Md. 4 11-16d.
5 5-16d. 7 11-16d.
Broach, Fine, Liverpool
7d. 4 11-16d.
7 Md.
5 Md.
Tinnevelly, Good, Liverpool_ __ _
Continental imports for the past week have been 215,000
bales.
The above figures for 1911 show an increase over last week
1,000
2,500 of 210,635 bales, a gain of 217,441 bales over 1910, an ex2,900
cess of 316,061 bales over 1909 and a gaid of 24,916 bales
11,400 over 1908.
4,100
900
THE CHRONICLE
Mix. 16 19114
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. '1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
out in detail below.
j 45tWk5?gg00ang'00
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Closing Quotations for Middling Cotton onWeek ending
December 15.
rg a
i •%9K
4r)52
Galveston
9 5-16
New Orleans..
9 3-16
Mobile
83
Savannah
8 13-16
Charleston
8%
Wilmington_ _ 85j
Norfolk
8%
Baltimore
Philadelphia
9.45
Augusta
9
Memphis
93.1
St. Louis
9%
Houston
93
8%
Little Rock..
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.
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Isa 0*0400
0 0*0*000400i0*04000.40-4000...0300400*0.00040000*
W0*00W4 0*W,10,10*40*0000000000.0000300*0
N
W .
0
Nw.. 40*0*0*
N
... NNN
.
.
0
0
,
10 4,100000..40,40,&
*000 W00400*0
.0004..4000
Week.
-ra
. .
0* 0*
v
W
a
,
10 0004
.0 0*009 -4040*0 040*40
W 40 N
. --. ..... ...... ....
'00.000000000.0oNN0W0ON
,
10044
'
0W
00
'
co '
10W0,104.004,00000.4
,
0 0,..4.000,1.NotamW40004
,
100000NWNWO
..4.14,0,10004.000000000000
- ---4 .
N. .
.I
N
...
'0
0
10*44.400*
0.0 440*.0040*0* U440*U,
4 CO0*0*0
10.0.000
.4 0pow,10.4.1..WON-4,1000000
,
,
1
Morement to December 15 1911. 11 Movement to December 16 1910.
•
w .
N. ..
4
N
0.0
W ..0 ..M0.U0 40440*0 .N00.
W.N0N
W
,
.
30lpla0.
0*.0*0*00'00i0e.,IM000.0*0*"000*0-00:40000
0
4, 04,700,100040W40004,10000o4w.400,,,0.0
Ca 0..00*00*0000004ww000000000.c,a0000 Ca
4
W0.....
N
'
0 .70
4000m0*0*0*4040* 0
4 0*44
,
140* 40*0 caNW.OMUNW
W
The above totals show that the interior stocks have increased during the week 46,731 bales and are to-night 127,552
bales more than at the same time last year. The receipts
at all towns have been 79,812 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
1910-Since
Sept. 1.
221,517
125,488
10,172
56,273
32,563
77,245
73,717
------1911
December15-Since
Shipped
-Week. Sept. 1.
Via St. Louis
_29,974
213,833
Via Cairo
3,013
28,665
Via Rock Island.
117
1,505
Via Louisville
4,628
56,058
..
Via Cincinnati__
4,508
35,975
Via Virginia points.6,143
71,869
Via other routes, ecc
9,41' 101,980
Week.
22,977
6,635
1,054
6,418
480
9,564
8,942
57,795
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, /kn.__ 7,530
1,014
Between interior towns.
335
Inland, &c., loom South
507,885
56,070
605,975
75,100
17,631
14,935
12,426
984
453
79,141
15,078
21,355
Total to be deducted
Leaving total net overland'
8,879
107,666
13,863
115,574
48,916
400,219
42,207
400,401
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 48,916 bales, against 42,207 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a d 'ease from a year ago of 90,182 bales.
---1911
Since
Since
In Sight and Spinners'
Week.
Takings.
Sept. 1.
Sept. 1.
Week.
Receipts at ports to Dec. 15-------435,157 6,198,399 417,201 5,313,835
400,219
490,401
42,207
Net overland to Dec. 15. --------48,916
690,000
660,000
51,000
Southern consumption to Dec. 15.. 54,000
--- 538,071 7,288,618 510,408 6,484,236
Total marketed..
46,731
Interior stocks in excess_ .
858,476
--Came into sight during neck...584,804
536,777
Total in sight Dec. 15
8,147,094
7,264,819
North'n spin's takings to Dec. 15. 86,408
933,075
75,141
1,090,724
Movement into sight in previous years:
Week1000-Dee. 17
1908-Dee. 19
1907-Dee. 20
1906-Dec. 21
9%
9
8%
9%
9 1-16
8 11-16
8 11-16
831
831
8',l
-8
-31
811
9A
9%
9.45
9.45
1)@9% 831
9
931
9'%
931
9
931
8%
831
931
9 1-16
8 11-16
8 11-16
831
831
813-16
93i
9.45
9
931
931
9
8'/I
9 5-16 1 9 5-16
9 3-16
9%
8 11-16 811
8 11-16 8 11-16
831
85-h
8%
83
9
9
9'i
9%
9.70
9.70
831®9 9
931
9 5-16
934
934
934
93-16
831
831
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 9. Dec. 11. Dec.12. Dec. 13. Dec. 14. Dec. 15.
, 0,
g0 0
.;.
Sat'day. Monday. Tuesday.i Wed'day.,Thursd'y.i Friday.
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading cptions in the New
Orleans cotton market for the past week have been as follows:
hi
^
1675
Since Sept. 1Bales.
Bales.
307,865 1909--Dec. 17
6,602,947
536,01811908-Dec. 19
7,731,405
489,022 1907-Dec. 20------------5,917,115
492,735 1906-Dec. 21
.7,314,172
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
Jur
ange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
ToneSpot
Options
8.82-.85 8.73-.81 8.74-.81 8.82-.90 8.90-.08 9.01-.14
8.82-.84 8.75-.76 8.83-.84 8.87-.88 8.03-.04 9.14-.15
8.76-.81 8.54-.78 8.67-.77 8.73-.84 8.81-.00 8.90-.08
8.78-.79 8.69-.70 8.78-.79 8.81-.82 8.96-.97 9.05-.06
-9.05®- 8.73 --13-- ® -8.81-.83 8.71-.73 8.80-.82 8.83-.85 8.97-.99 9.06-.08
8.82-.88 8.60-.84 8.71-.83 8.76-.88 8.84-.01 8.93-.10
8.83-.84 8.73-.74 8.82-.83 8.84-.85 8.99-.00 9.09-.10
- 13 -- 13 -- 13 -- 13 -- 13 -13.02138.86-.88 8.76-.78 8.85-.87 8.87-.89 9.02-.04 9.12-.14
8.91-.96 8.68-.92 8.80-.93 8.86-.98 8.94-.11 9.03-.18
8.92-.93 8.82%83 8.92-.93 8.94-.95 9.08-.09 9.18-.19
®
8.93-.95 8.85-.87 8.95-.97 8.97-.99 9.11-.13 9.21-.23
9.02-.06 8.85-.04 8.93-.03 8.98-.07 9.08-.21 9.15-.29
9.03-.05 8.93-.94 9.03-.09 9.05-.07 9.20-.21 9.29-.30
@
@ -- @ -- @ -- @ -@
9.01-.03 8.90-.92 9.01-.03 9.02-.04 9.17-.19 9.26-.28
®
®
9.04-.06 8.93-.95 9.03-.05 9.05-.07 9.20-.22 9.28-.30
8.96-.98 8.88-.95 8.90-.00 8.94-.03 9.01-.16 9.10-.24
8.95-.96 8.88-.90 8.99-.00 9.02-.03 9.15-.16 9.23.-24
Firm.
Easy.
Firm.
Easy. Steady. Firm.
Steady. teSady. Very sty. Steady. Very sty. Very sty.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening from the South denote that rain
has been quite general west of the Mississippi River during
the week, and especially in Texas. This has interfered
somewhat with the gathering and marketing of the crop.
Elsewhere, as a whole, the weather has been favorable for
outdoor work. Marketing continues liberal.
Galveston, Texas.-Fine soaking rains have visited Texas
during the week and are the best experienced at this time for
three or four years and will greatly benefit ground for the
1912 crop. There has been rain on five days during the
week, the rainfall being four inches and six hundredths.
Average thermometer 57, highest 65, lowest 48.
Abilene, Tex.-The week's rainfall has been two inches and
ninety-eight hundredths, on three days. Minimum temperature 32.
Palestine, Tex.-There has been rain on two days the past
week, the rainfall being one inch and twenty-eight hundredths. Lowest thermometer 42.
San Antonio, Tex.-We have had light rain on three days
of the week, the rainfall being six hundredths of an inch.
Lowest thermometer 40.
Taylor, Tex.-There has been rain on two days of the past
week, the rainfall being forty-six hundredths of an inch.
Minimum thermometer 46.
New Orleans, La.-There has been rain on three days
during the week, the rainfall being six inches and seventy-four
hundredths. Average thermometer 67.
Shreveport, La.-There has been rain on each day of the
week, the rainfall aggregating three inches and sixty-one
hundredths. The thermometer has averaged 55, the highest
being 71 and the lowest 40.
Vicksburg, Miss.-Rain has fallen on each day during the
week, the precipitation reaching seven inches and eight hundredths. The thermometer has ranged from 45 to 73,
averaging 58.
Helena, Ark.-Not much out-door work this week. We
have had rain on each day, the rainfall reaching seven inches
and fifty-one hundredths. The thermometer has ranged
from 36 to 70, averaging 51.2.
Little Rock, Ark.-We have had rain on two days during
the week, the precipitation reaching twenty-two hundredths
of an inch. The thermometer has ranged from 37 to 64,
averaging 50.5.
Memphis, Tenn.-There has been rain on five days the
past week, the rainfall being four inches and sixty hundredths.
The thermometer has ranged from 34 to 69, averaging 51.
Mobile, Ala.-Rain has fallen on two days during the
week, the precipitation reaching four hundredths of an inch.
The thermometer has ranged from 54 to 72, averaging 64.
Montgomery, Ala.-No rain all the week.
Savannah, Georgia.-We have had rain on one day of the
week, the rainfall being one hundredth of an inch. The
thermometer has ranged from 51 to 74, averaging 63.
Charlotte, N. C.-Rain has fallen on one day during the
week, the precipitation reaching thirty hundredths of an
[VOL. Lxxxxin.
THE CHRONICLE
E 1676
nch. The thermometer has ranged from 38 to 68, averaging 45.
Charleston, S. C.-We have had rain on one day of the
week, to the extent of two hundredths of an inch. The thermometer has averaged 60, the highest being 72 and the
lowest 47.
EUROPEAN COTTON CONSUMPTION TO DEC. 1.By cable to-day we have Mr. Ellison's cotton figures brought
down to Dec. 1. We also give revised totals for last year
that comparison may be made. The spinners' takings in
actual bales and pounds have been as follows:
Great Britain.
October 1 to December 1.
For 1911.
Takings by spinners_ _ _ _ bales_
Average weight of bales_ _ _ _lbs_
Takings in pounds
For 1910.
Takings by spinners_ _ _ _bales_
Average weight of bales_ _ _ _lbs_
Takings in pounds
Continent.
Total.
1,878,000
489.3
018,969,000
845,000
491
409,985,000
1,043,000
488
508,984,000
728,000
489
355.992.000
1,658,000
930,000.
483.8
480
446,200,000 802,192,000
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1910.
1911.
Cotton Takings.
Week and Season.
Week.
Season.
Week.
Season.
4,612,059
4,940,284
Visible supply Dec. 8
1.603.118
3171
Visible supply Sept. 1
384,804 8,147,094 3-3-6,777 7,264,8 19
American In sight to De.e 15_
79,000
456,000
309,000
54,000
Bombay receipts to Dec. t4___
4,000
60,000
63,000
1,000
Other India ship'ts to Dec. 14_ _
48,000
640,000
456,900
50,700
Alexandria receipts to Dec. 13_.
97,000
109,000 • 7.000
9,000
Other supply to Dec. 13•
5,639,788 10,685,412 5,286,836 10,016,333
Total supply
'DeductVisible supply
5,150,919 5,150,919 4,933,478 4,933,478
-488,869 5,534,493 353,358 5,082,855
Total takings to Dee. 15
397,169 4.517,393 268,358 3,995,855
Of which American _
.
91,700 1,016,900
83..000 1,087,000
Of which other
• Embraces recelpt3 in Europe from Brazil, Smyrna, West Indies, &c.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 318,771 bales. The shipxnents in detail, as made
up from mail and telegraphic returns, are as follows:
dethe
of
weight
average
the
above,
the
to
According
Total bales.
season,
this
bale
per
pounds
491
is
Britain
Great
liveries in
NEW YORK-To Liverpool-Dec. 12-Baltic, 5,615 upland, 538
7,661
Sea Island; Carmanla, 1,508
against 489 pounds during the same time last season. The
416
To Manchester-Dec. 12-CavoUr, 416
Continental deliveries average 488 pounds, against 480
500
To London-Dec. 8-Minnetonka, 500
800
pounds last year, and for the whole of Europe the deliveries
To Hull-Dec. 9-Idaho, 800
5,430
To Havre-Dec. 9-Bordeaux, 2,205; Trabboch, 3,225
average 489.3 pounds per bale, against 483.8 pounds last
To Dunkirk-Dec. 9-Trabboch, 550__ _ _Dec. 12-Hudson,
1,750
season. Our dispatch gives the full movement for this
1,200
4,639
To Bremen-Dec. 8-Prinz Friedrich Wilhelm, 4,639
year and last year in bales of 500 pounds.
1,394
1,394
To Hamburg-Dec. 12-Alesia,
To Antwerp-Dec. 11-Manhattan, 800_ _ _ _ Dec. 12-Zeeland, '
1,395
595
50
To Barcelona-Dec. 13-MontevIdeo, 50
To Genoa-Dec. 7-Cincinnati, 351_ _ _ _Dec. 8-Cretic, 1,550;
Great ContiGreat 'Conti2,101
LuIstana, 200_
Britain nent. • Total. Britain nent.
To Naples-Dec. 7-Cincinnati, 350____Dec. 8-BerlIn, 200;
1,647
Abruzei, 200; Cretle, 897
972 11,41
169
3121 1,104 1,416
Spinners' stock Oct.,1
750
To Trieste-Dec. 8-Martha Washington, 750
892 1,604
712
820 1,018 1,838
Takings to Dec. 1
GALVESTON-To Liverpool-Dec. 12-Blue Jacket, 10,883;
Ikbad, 13,665_ _ _ _ Dec. 13-Santanderino, 8,386_ _ _ _Dee. 14
881 1,864 2,745
1,1321 2,122 3,254
Supply
43,642
-Cobar, 10,708
840 1,360
520
880 1,520
640
Consumption, 8 weeks
To Bremen-Dec. 7-Oppurg, 9,319_ _ _ _Dec. 9-Sigmaringen,
34,798
14,731_ __ _Dec. 11-Buterpe, 10,748
361 1,024 1,385
492 1,242 1,734
Spinners' stocks Dec. L_....
1,589
To Hamburg-Dec. 9-Nordboen, 1,589
6,647
To Barcelona-Dec. 9-Balmes, 3,647; Itene, 3,000
Weekly Consumption,
3,602
To Trieste-Dec. 9-Irene, 3,602
000s omitted.
165 TEXAS CITY-To Liverpool-Dec.8-Musician,8,629_ _Dec. 11
105
60
110
80
190
In October
20,678
Alexandrian, 12,049
110
70
80
105 _ 175
190
In November
885
To Mexico-Dec. 12-City of Tampico, 885
10,000
PORT ARTHUR-To Havre-Dec. 15-Teesbridge, 10,000
INDIA COTTON MOVEMENT FROM ALL PORTS.
16,014
NEW ORLEANS-To Liverpool-Dec. 14-Quernmore, 16,014_
2,000
To London-Dec. 14-Barbadlan, 2,000
.
785
To Hamburg-Dec. 12-Afghanistan, 785
1910.
1909.
1911.
December 14.
2,925
To Barcelona-Dec. 15-Martin Saenz, 2,925
9,488
Since
To Genoa-Dec. 12-Dora Baltea, 9,488
Since
Since
Receipts at110
To Port Barrios-Dec. 15-Ellis, 110
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1
6,665
MOBILE-To Havre-Dec. 13 Tamplcan. 6,665
8,500
54,000 309,000 79,000 456,000 130,000 709,000 PENSACOLA-To Havre-Dec. 14-Kyleakin, 8,500
Bombay
6,277
SAVANNAH-To Havre-Dec. 13-Cralgard, 6,277
To Bremen-Dec. 9-Borgestad, 7,211_ _ _ _Dec. 13-CompetiSince Sept. 1.
33,751
For the Week.
tor, 10,479; Lundy, 6,460_ _ _ _Dec. 14-Othello, 9,601_
50
Exports
To Gothenburg-Dec. 13-Competitor, 50
Conti- I Japan
Great
2,761
Great Conti- Japan I
fromTo Hamburg-Dec. 9-Heinrich ICayser, 2,761
Britain. nent. &China Total' Britain I neat. A China. Total.
100
To Warburg-Dec. 13-Lundy, 100
50
To Reval-Dec. 13-Competitor, 50
Bombay75
To Malmo-Dec. 13-Competitor, 75
34,000 83,000 117,000
1,000
1,0001
' 1911_
2,777
To Barcelona-Dec. 12-Baltico, 2,777
6;(566 198,000 96,000 300,000
12,000 17;656 29,000'
1,950
1910____
To Genoa-Dec. 12-Baltico, 1,950
9,000 143,0001 151,000 303,000
22,000 24,000 96,000
1,500
1900_ _ _ _
To Trieste-Dec. 12-Baltico, 1,500
300
CalcuttaTo Venice-Dec. 12-Baltico, 300
6,000
7,000
1,000
1911____
100
To Finme-Dec. 12-Baltico, 100
7,000
60001
2,000
400
1910_ _ _
To Oporto-Dec. 14-Othello, 400
11,000
2;666 2,000 9,0001
2-,6156
10,000
1909_ _ _ _
To Japan-Dec. 14-Wray Castle, 10,000
7,863
MadrasCHARLESTON-To Liverpool-Dec. 14-Mariner, 7,863
7,000 WILMINGTON-To Liverpool-Dec. 12-Burbo Bank, 9,886...
5,0001
9,886
2.000
1911_
13,000
1,000
9,000
4,000
1,000
17,300
1910__
To Bremen-Dec. 8-Oceano, 17,300
9,000 BOSTON-To Liverpool-Dec. 8-Armenian, 4,735; Franconia,
1,000
4,000
1,000
0
4,0001
1909_ _ 1,000
6,489
All others1,754
1.000 96,000
1,000
41,00
4,000
1,000
100
1911____
To Genoa-Dec. 12-Canopic, 100
3,000 12,000 30,000
1,000 43,000 BALTIMORE-To Liverpool-Dec. 8-Templemore, 825
825
1-,666 2.000
48,000
2,000
1,000
12,000 35,000
1,401
1909_ _ _ _ 2,000
To Bremen-Dec. 13-WIllehad, 1,401
5,697
PHILADELPHIA-To Liverpool-Dec. 8-Haverford,
76
Total allTo Genoa-Dec. 11-Ancona, 78
___ 2,000
7,000 86,000 84,000 177,000 SAN FRANCISCO-To Japan-Dec. 14-Shlnyo Maru, 6,732
2,000(
1911_ _ _
6,732
5,450
1910_ __ _ 2,000 14,000 17:000 33,000: 24.000 242,000 97,000 363;000 SEATTLE-To Japan-Dec. 9-Tacoma Maru, 5,450
3,000, 24,000 24,000.51,000 27,000 101,000 153,000 371,000
1909
-318,771
Total
1910.
1911.
October 1 to December 1.
Bales of 500 lbs. each.
(000s omitted.)
I
1
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Elexandria, Egypt,
December 13.
Receipts (cantars)-This week
Since Sept. 1
1911.
380,000
3,426,486
7'his Since
Week. Sept. 1.
Exports (bales)-
9,250 72,539
To Liverpool
._ _ _ 16,000 90,837
To Manchester
To Continent and India.._ 11,500 105,208
4,500 12,439
To America_
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Nov. 24.
bales_ 44,000
Sales of the week
Of which speculators took_. 4,00(1
Of which exporters took_ _ _ _ 2,000
300,000
360,000
35,000
Sales, American
3,740,674
4,799,031
7,000
Actual export
108,000
Forwarded
This Since
This Since
Total stock--Estimated_ .. _ _ _ 548,000
Week. Sept. 1. Week. Sept. 1.
Of which American__ _ _ ._ .458.000
-- Total imports of the week_ _ _ .175,000
153,000
9,250 112,801 3,250 75,378
Of which American
0,250 100,579 7,750 63.732 Amount afloat..
478,000
19,250 139,236 7,000 124,513
409,000
Of which American
3,000 42.798 3,250 32,897
1010.
1909.
41,250 281,023 40,750 395,414 21,250 296,520
Total exports_ _
Note.-A eantar Is 99 lbs. Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is firm
for both yarns and shirtings. Merchants are buying very
sparingly We give the prices for to-day below and leave
those for previous weeks of this and last year for comparison.
1910.
1911.
32.1 Cop
Twist.
83( lbs. Skirt- Corn
ings common Mid.
to finest.
Uprs
d.s.d.
d.
e. d.
Nov
9% 5 5 @104
3 8%
9% 5 4)010 4
lB
10
9% 5 4%010 4
17 8%
lB
9% 5 434010 4
24 8%
lB
Dec.
1 8% 0 9% 5 4@104
8 89-16 lB 97.165 436010 4
15 83
0 9% 5 4 @103
d. d.
83( lbs. Shirt- Coin
, common Mid.
to finest.
Uprs
32s Cop
Twist.
el
5.17 10 13-16 0113-i 5
5.2610 15-10 0114 5
0 11% 5
5.19 11
5.22 1131 (4 12 5
d
s. d
6 010 737 @109
7 (410 10
73401010%
d.
7.81
8.00
7.85
8.10
5.08 113-16 @ J23- .5 8 ado 11 8.06
5.04 113-160 123-' .5 8 011 0 7.95
68 12'i 5 83.011 136 8.11
3.02 113
Dec. 1.
440,00
2,000
5,000
36,000
8,000
112,000
609,000
524,000
180,000
164,000
442,000
371 ,000,
Dec.
72,000
12,000
2,000
65,000
9,000
111,000
638,000
544,009
150,000
113,000
446,000
392.000
Dec. 15.
64,000
7,000
12,000
59,000
11,000
89,000
713,000
609,000
178,000
154,000
407,000
361,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Spot.
Fair
Market, 1
business
12:15
P. M. ) doing.
Monday.
Tuesday. Wednesday. Thursday.
Good
demand.
Fair
business
doing.
Good
demand,
Good
demand.
Friday.
-Good
demand.
Mid.Upl'ds.
4.98
4.98
4.92
4.94
4.94
.5.02
Sales
Spec.&exp.
8,000
500
12,000
2,500
10,000
2,000
8,000
2,000
10,000
1,500
10,000
1,000
Quiet
unchanged.
Quiet at
16,332 pt..
advance,
Futures. Barely st'y Quiet at
Market 1. st 203 pts. 1 point
decline,
opened 3 decline,
Very st'y
Quiet at
Market, 1 Very st'y *Quiet at
4
1 it 3602pts 203 pts. 10236 pts. at 23.03'5
II
If
I
Annlinn
• Closed at 8 p. m.
An.11•••.,
•
AnnUnn
ntu
nfl‘r
Quiet at Steady at
1013 pts. 5 points
decline.
advance.
Steady at
pt..
3-36'2
Steady at
406 pts.
nA....
•
for each day are given
The prices for futures at Liverpool
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
DEC. 16 1911.]
1617
THE CHRONICLE
somewhat more disposed to buy. Though the contract stock
at Chicago increased last week, it was only 27,000 bushels,
so that the total of contract grade there reaches only such
slim figures as 33,000 bushels, against 61,000 a year ago. On
the other hand, if we glance at the visible supply, we find it
increased last week 2,169,000 bushels, against 40,000 bushels
a year ago, making the total 5,572,000 bushels, against
3,327,000 a year ago. In 1909 at this time, however, it was
8,597,000 bushels. In other words, despite some increase,
there is no very burdensome supply of corn at the present
time. Yet it must be added that there is no very urgent demand, either, so that prices do not advance as readliy as
might otherwise be the case. To-day prices were higher,
partly in sympathy with the rise in wheat; also prominent
BREADSTUFFS.
people were buying May at Chicago. Cash prices at KanFriday Night, Dec. 15 1911.
sas City were up 2c. and at some other Western markets
Flour has continued for the most part quiet, but prices were also higher.
have been a trifle more steady, owing to some advance in DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
wheat. Buyers still purchase as a rule from hand to mouth. Cash corn
nom. nom. nom. nom. nom. nom.
In most cases the Minneapolis mills have made sales equal to December delivery in elevator_ _ _ nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
only 50 to 80% of their production. The total output at MinMon. Tues. Wed. Thurs. Fri.
neapolis, Duluth and Milwaukee last week reached only December delivery in elevator_ __ _ Sat.
62% 62 A
61 % 61 % 62% 63
62% 63 % 63 X 63 % 64
62
316,235 barrels, against 350,710 in the previous week and May delivery in elevator
63 51 64
%
63
%
63
%
62
M
62
337,675 last year. Buyers increase their purchases slightly July delivery in elevator
Oats have advanced in company with other grain, but no
when prices sag a little on declines in wheat. Patents at
Minneapolis were reduced 10 cents generally. It is remarked, very striking features have arisen. An advance has been
too, that some orders have been placed with Minneapolis quite as much due to higher prices for corn as anything else.
mills contingent on a decline to a specified price. This is Yet it is to be observed that the contract stocks at Chicago
surely not the most encouraging sign in the world. Mean- have decreased 356,000 bushels,' bringing them down to
time, too, directions on old orders are slow. In other words, 1,685,000 bushels, against 5,043,000 bushels last year. The
the flour trade of this country continues to be in an unsatis- general stock at Chicago decreased 653,000 bushels. But
factory condition. The same story comes not only from advances nevertheless seem difficult. Prices seem to dedealers here, but from Minneapolis, Duluth, Kansas City cline more readily than they advance, for the reason that
trade, after all, is not satisfactory. In this business as in
and St. Louis.
Wheat has shown a certain irregularity, yet at times the so many others, the buying is more of the hand-to-mouth
trend has been noticeably upward. This fact was traceable sort than anything else. Bull speculation confronts' the
largely to the bad weather in districts of Argentina, notably fact that prices are already much higher than they were a
Santa Fe and Cordoba, where harvesting was in progress. year ago. Still, there has been a slight improvement in the
Also, railroad strikes are feared in those provinces. The cash demand of late, and there is steady buying of futures in
Northwestern receipts, too, have latterly decreased. The some quarters in the belief that eventually prices must adcountry movement shows a noteworthy falling off. The vance. To-day prices advanced on covering of shorts and
exports have been on a rather liberal scale. Montreal ad- then reacted on liquidation.
DAILY CLOSING PRICES OF OATS IN NEV YORK.
vices assert that 100 loads are being sold daily there for exSat. Mon. Tues. Wed. Thurs. Frt.
port. The foreign markets, including Buenos Ayres, have Standards
54 y, 54 % 54 M
53% 53 X 54
visiThe
shown greater strength, especially Buenos Ayres.
5434 5434 5434 5434 54
5434•
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
ble supply in this country showed a smaller increase than
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
some had expected, though it is true that it showed some December delivery in elevator_
47
463% 47
4634 463% 47
48 54 48 M 49 M 49 3% 48 M 48 34
increase. Rains in Argentina have caused covering of shorts May delivery in elevator
45%
45M
M
46
%
45
%
45
45
elevator
in
5
y
5
clepv4r
y5
Jut
in the May option on a liberal scale. The cash markets at
Minneapolis and Chicago have been stronger. At Chicago
The following are closing quotations:
charters were reported early in the week of some 300,000
FLOUR.
bushels, and on Tuesday cash sales to that amount. The Winter. low grades____33 50@$3 65 Kansas straights, sack_34 65 ® $4 85
75®
4
00 Kansas clears, sacks__ _ 4 00 ® 4 50
5
patents
89,000
bushels.
Winter
contract stock there decreased last week
6 20@ 6 50
4 25@ 4 50 City patents
Winter straights
Kansas City on Wednesday sold 150,000 bushels, and at Winter
4 50 ® 520
4 001 4 25 Rye flour
clears
Nominal.
5 25 Graham flour
5 00
Chicago a leading dealer bought 400,000 bushels of the Spring patents
$3 45
_
_
meal,
dried_
kiln
Corn
00
5
80
4
straights
Spring
Lichtstern holdings. The unsettled weather in Argentina Spring clears
2 60 ® 2 75
4 10 ® 4 75 Buckwheat, cwt.
and the reports from the Northwest that the heavy moveGRAIN.
ment of whe tt in that section is pretty well over for the Wheat, per bushel-f. o. b.
Cents.
Corn, per bushelf.o.b. Nominal
No. 2
$1 133%
N. Spring. No. 1
season have been the leading factors in any advance that has
Steamer _ _ _ _elevator Nominal
1 08 %
N. Spring, No. 2
is
the
it
in
on
remarked
price
taken place. Yet
upturns
elevator Nominal
No. 3
Red winter, No.2
9834
1 073% Rye, per bushelHard winter, No. 2
that the big private wire houses have been free sellers. Some
Nominal
No. 2 Western
Cents.
per bushel, newNorthwestern flour mills have closed down, owing to poor Oats,
State & Pennsylvania Nominal
543%
Standards
Nominal
54 X-55 Barley-Malting
trade. Big holders of wheat at Chicago are evidently not
No. 2 white
No. 3 white
5434
averse to taking advantage of any rise to sell. After all, too,
The statements of the movement of breadstuffs to market
the total visible supply of American wheat increased 3,027,000 bushels, against an increase for the same week in 1910 indicated below are prepared by us from figures collected by
of only 643,000 bushels. The world's supply, too, increased the New York Produce Exchange. The receipts at Western
3,727,000 bushels, against an actual decrease last year of lake and river ports for the week ending last Saturday and
2,157,000 bushels. The world's stock of American is 110,- since August 1 for each of the last three years has been:
190,000 bushels, or nearly double what it was a year ago.
Barley. I Rye.
Oats.
Corn.
Wheat.
• The world's stock of all kinds is still not far from 200,000,000 Receipts al- Flour.
48lbs.'bit. 56 Ms.
Mesh
lbs.
32
hush.
lbs.
56
bush.
bushels
lbs.
larger
than
60
a
bush.
60,000,000
ago.
year
bbls.196lbs.
bushels, or some
618,000
40,000
414,400 3,123,700 1,272,900
149,288
____
In Chicago the contract stock is 9,869,000 bushels, against Chicago
304,140
66,300
255,001
510,760
100,570
47,750
Milwaukee _
6,939
56,761
certain
203,247
hesitation
in
A
year.
the
466,424
last
5,735
5,463,000 bushels
Duluth
61,070
581,900
290,750
137,900
3,232,700
Minneapolis_
market has been noticeable at times, a lack of readiness to Toledo
1
18,000
79,300
29,000
45,440
156,120
advance and hold the improvement, a fact that can only be Detroit
41,554
7,855
1
550'
48,000
47,220
6,400
806
Cleveland _ _
ascribed to the magnitude of the world's stocks, and, on the St.
26,600;
253.300
706,845
162,551
Louis_ _ _
54,100
whole, an unsatisfactory situation in the legitimate trade, Peoria
7,700
60,000
107,200
652,603
13,000
64,400
95,200
577,400
237,600
which reveals itself quite as strikingly in the flour trade as Kansas City.
1
anywhere else. The Minneapolis stock has again increased Total wk.'11 329,934 4,704,199 5,991,848 2,589,037 1,647,9511 182,009
138,200
very noticeably-in fact, 1,350,000 bushels of wheat thus far Same wk.'10 284,665 4,176.195 4,871,726 3,784,262 1,973,380
0181 80.747
this week. To-day prices advanced on advices of bad Same wk.'09 324,920 2,807,106 3,665,603 1,891,632 1,138.
1
weather in Argentina and reports that the exportable surplus Since Aug. 1
4,096,530 118,888,067 63,872,814 64,499,318 41,444,612 4,892,563
1911
is smaller than expected. Also smaller world's exports are
6,974,208 127,789.665 67,331,942 89,450,129 34.294,150 2,826,082
1910
,' to 1 INc. Receipts
estimated. Buenos Ayres advanced 13
9.189,653 146.842.467 58.481.688 77.838.515 40.151.877 3,802,589
1909
at our winter-wheat points were small.
of flour and grain at the seaboard ports for
receipts
Total
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEV YORK.
•
the week ended Dec. 9 1911 follow:
Sat. Mon. Tues. Wed. Thurs. Fri.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Dec. 9
to
123% 4
Dec. 15. 12 % 123 i2 .'l 8 123%I 4 123'I 4 123% 4 p.m.
p.m.
p.m. p.m. p.m. p.m. p.m, p.m. p.m. p.m. p.m. p.m.
--4 82 M 81 M 78 M 76 76 773% 80 783% 82 86 % 86 M
December
82 813% 78 76 76 773% 80 78 82 863% 86
Dec.-Jan _
Jan.-Feb _ _ _ _ _ 4 84 833% 80 773% 773% 783% 803% 79 823% 87 A 87
4 86 85 81 M 79 M 79 M 80 M 82 803% 84 89 883%
Feb.-Mch.
893%
Mch.-Apr. __ _ _ 4 87 863% 83 80 M 80 M 81 M 83 813% 85 90
91 M 92
Apr.-May -.... _ 4 89 M 89 85 82 M 82 M 83 M 86 M 84 87 94
94
M
89
86
88
M
85
M
84
M
84
87
91
M
91
4
_
May-June __
4 933% 03 89 87 87 88 90 98 91 97 963%
June-July
July-Aug _ _ _ 4 953% 943% 903% 883% 883% 893% 923% 90 93 99 983%
95 M 94 M 90 M 89 89 90 93 M 91 94 00 993%
Aug.-Sep.
M 94 M 00 M 00
95 94 M 90 M 89 89 90 M 93 1.4 191
Sept.-Oct. - ,_4
nhlnl..
on
09
Cld
OA II. OA 1.e: SIG 14 RCI 1.4 01
A nK
..
Oct.-Nov.
No. 2 red_ _
97
963% 953% 97
97
983%
December deliVefg in elevator_ _ _ _ 953% 953% 963% 963% 953% 973%
1013% 1023% 1023% 1013% 1033%
102
May delivery In elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ _ _ _ 933% 92 M 93 % 93 M 93 A 94
97 i,, 99
May delivery in elevator
973% 96% 97% 97 3
94
93 % 94
July delivery in elevator
94 % 93 34 9511
Indian corn has also advanced to some extent, owing to
wet or unsettled weather at the West, where a protracted
season of cold, dry conditions are undoubtedly needed, and
partly to some natural sympathy with whatever firmness
the wheat market has shown. Also, country offerings at the
West have been rather light, the cash demand has been of fair
proportions and commission houses and shorts have been
Receipts atNew York
Boston
Portland, Me_ _ _ _
Philadelphia
Baltimore
New Orleans.__
Newport News....
Norfolk
Galveston
Mobile
Montreal
St. John
Flour,
bbls.
206,113
43,305
13,000
60,174
23.385
30.231
1,714
1,071
Wheat,
bush.
878,400
307,735
417,000
587,874
314,789
9,600
33,000
6,000
25,440
11,000
834,964
155,000
Corn,
bush.
177,750
6,935
Oats,
bush,
247,050
76,923
69,011
214,286
166,800
123,948
5,000
6,000
36,850
Barley,
bush.
82,281
2,389
Rye,
bush.
17,250
1,105
3,200
88,500
359,636
142,320
896,057 226,990 21,555
682,632
Total week 191E 421,433 3,538,362
Since Jan. 11911_18,154,544 91,494,060 62,497,604 45,195,867 4786,099 1001,329
891,678 78 809 26,215
842,719 1,030,940
378,372
Week 1910
Since Jan. 11910.17,225,238 73,465,285 38,339,273 48,466,549 3827,588 916,873
[VoL. Lxxxxm.
THE CHRONICLE
1678
The exports from the several seaboard ports for the week had been awaiting these revisions came into the market a
ending Dec. 9 are shown in the annexed statement:
little more freely, but all orders were for spot and near-by
Corn, Flour,
Wheat.
Rye, Barley, Peas, delivery. The demand for cotton yarns is poor and
Oats,
the
bush.
bush.
bbls,
Exports frombush.
bush,
bush.
bush.
580,546
29,159 78,888
New York
1,922 opinion is gaining that dealers have been carrying much
9,505
Portland, Me..___ 417,020
13,000
arger stocks than had been supposed. The recent Govern610,843
Boston
16,955
ment estimate of a 14,885,000-bale cotton crop, combined
Philadelphia ___ 203,000
1,000 19,000
314,789
Baltimore
214,286 23,385
with much talk of still lower prices for cotton, has enNew Orleans ____ 31,779
7,000 15,680
3,000
300
couraged buyers to continue their hand-to-mouth purchasing
Newport News_
1,714
Galveston
21,714
in the full belief that spinners will make further downward
M,pbile
6,000 6,000
revisions after the first of the year. Considerable improveNorfolk
1,071
St. John
ment is noted in the demand for fine cotton wash fabrics
155,000
11,000
household linens, owing to the effort on the part of
Total week_ _2,313,257 257.445 208,407
12,505
2,222 and
Week 1910
1,129,167 315,921 227,293
2,720
11,119
1,670 jobbers to replenish their stocks sufficiently to meet the
The destination of these exports for the week and since demands of the coming January white sales. They are,
however, experiencing considerable difficulty in picking up
July 1 1911 is as below:
Flour
desirable lots. Merchants report increased duplicating in
Wheal
-Corn
Since
Since
Since the more popular lines of dress linens with
new orders
Week
July 1
Week
July 1
July 1
Week
1911. Dec. 9.
Exports for week and Dec. 9.
1911. slightly in excess of previous seasons. The unseasonable
1911. Dec. 9.
bbls.
Since July 1 tobush.
bbls.
bush.
bush. weather of the past few days has lessened the demand for
bush.
United Kingdom.... 88,091 2,363,495 1,602,893 25,994,756
42,857 4,885,542
66,732 1,051,477 710,364 17,848,758 188,611 4,434,629 knit goods and caused buyers to fear a large carry-over at
Continent
Sou. & Cent. Amer_ 21,463 443,882
294,764
628,672 the end of the year. Reports from road salesmen are
6,587
30,239 530,724
West Indies
801,164
7,388
18,470
28,567
Brit. Nor. Am. Cols_ 1,355
5,155 encouraging, however, as they state that stocks in the hands
527 163,781
Other Countries__ _
23,000
920
15,556 of retailers and distributers are very small, and the con208,407 4,581,926 2,313,257 44,168,666 257,445 10,770,718 sensus of opinion among dealers is that more activity will be
Total
227,293 9,032,949 1,129,167 27,894,023 315,921 7,936,970 witnessed with the advent of the new year and more seasonTotal 1910
The world's shipments of wheat and corn for the week able weather. Business in the market for print cloths has
ending Dec.!9 1911 and since July 1 1911 and 1910 are shown ruled quiet throughout the week with buyers merely covering
immediate requirements and closely watching the movement
in the following:
of prices. A fair business is being transacted in holiday
Wheat.
Corn.
lines of all fabrics, but efforts on the part of mill agents to
close contracts with buyers for forward shipment are of no
1910.
1911.
1911.
Exports.
1910.
avail. A turn for the better, it is thought, may derive its
Since
Since
Week
Week
Since
Since
impulse from developments in the way of tariff legislation,
July 1.
July 1.
Dec. 9.
Dec. 9.
July 1.
July 1.
which is now close at hand, and much hope is held forth in
Bushels. Bushels.
Bushels. Bushels. Bushels.
Bushels.
North Amer. 3,448,000 81,460,000 55,145,000 238,000 9,020,000 7,269.000 this direction. The present low level of prices and depleted
1,704,000 47,250,000 115,768,000 332,000 20,100,000 4,164,000 condition of stocks will certainly not be a hindrance to
Russia
1,544,000 40,561,000 57,208,000 1,777,000 31,776,000 11,903.000 distributers when they have sufficiently regained
Danube
their
Argentina _ 376,000 21,376,000 21,728,000
77,415,000
confidence to commit themselves against forward business.
1,252,000 21,412,000 14,664,000
Australia
344,000 20,986,000 22,424,000
India
DOMESTIC COTTON GOODS.-The exports of cotton
0th. countr's 276,000 9,867,000 4,350,000
goods from this port for the week ending Dec. 9 were 8,893
Total__ __ 8,944,000 237,912,000 291,287,000 2,347,000 60.956,000 100,751,000
packages, valued at $589,562, their destination being to the
The quantity of wheat and corn afloat for Europe on dates points specified in the tables below:
---1910
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels. Bushels. Bushels.
Dec. 9 1911._ 21,136,000 10,296,000 31,432,000
Dec. 2 1911.. 22,112,000 10,968,000 33,080,000
Dec. 10 1910._ 15,152,000 20,752,000 35,904,000
Dec. 11 1909... 15,520,000 11,600,000 27,120,000
Dec. 12 1008.. 15,920,000 8,560,000 24,480,000
Dec. 14 1907_ _ 16,480,000 9,440.000 25,920,000
United
Kingdom. Continent.
Bushels.
2,800,000
2,882,000
6,732,000
4,080,000
5,780,000
3,920,000
Total.
Bushels. Bushels.
3,258,000 6,148,000
2,992,000 5,874,000
13,303,000 20,035,000
6,460,000 10,540,000
5,355,000 11,135,000
4,680,000 8,600.000
New York to Dec. 9Great Britain
Other European
China
India __
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Week.
19
19
1,263
_2,413
121
953
77
653
1,413
1,962
Since
Jan. 1.
1,028
1,411
99,259
23,550
23,677
12,620
41,552
2,381
19,191
55,543
42,278
Week.
13
43
910
388
500
14
1,500
52
328
994
487
Since
Jan. 1.
1,824
952
59.395
14,634
14,348
6,590
31,947
1,929
13,281
49,096
49,914
8,893 322,490
Total
5,229 240,810
The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
granary at principal points of accumulation at lake and
823,235,481 in 1911, against $17,135,204 in 1910.
seaboard ports Dec. 9 1911, was as follows:
Business in domestic cottons, while not particularly
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Barley, active of late, is by no means unsatisfactory, and discouragOats,
Rye,
bush.
bush.
bush.
bash.
bush. ing rumors as to the volume of trade are offset to a large
3,822,000
133,000
New York
964,000
11,000
31,000
extent by the condition of many of the larger mills, which
74,000
"
afloat
36,000
597,000
16,000
Boston
18,000
are well booked with future orders. Recent price revisions
4,000
1,403,000
Philadelphia
3,000
50,000
1,905,000
698,000
Baltimore
3,000 have had their effect in encouraging buyers, and some good139,000
273,000
sized sales have been made. Ginghams are offered at prices
29,000
New Orleans
115,000
119,000
Galveston
164,000
7,000
that indicate a large popular use of them; fine combed yarn
Buffalo
4,279,000
196,000
1,176,000
146,000 1,367,000
5,165,000
afloat..
524,000
541,000 cottons are selling at prices that are relatively the lowest
1,666,000
82,000
Toledo
286,000
1,000
that have prevailed on cloth of this character for some time
Detroit
464,000
280,000
230,000
47,000
past, while denims, duck and heavy colored cottons are
208,000
afloat
15,977,000 1,890,000 4,899,000 ' 84,000
Chicago
168,000 for sale at such low prices that large distributers have
753,000
"
afloat
4,414,000
1,007,000
Milwaukee
108,000
185,000 covered their probable requirements for some time to come.
433,000
216,000
5,925,000
Duluth
506,000 The jobbing trade is spasmodic; on some days business is
917,000
87,000
Minneapolis
15,870,000
32,000 1,950,000
993,000
367,000
77,000
St. Louis
3,975,000
112,000 better than that of the corresponding time a year ago,
462,000
12,000
5,181,000
88,000
Kansas City
while on others demand is very light. Retailers, as a rule,
243,000
32,000
67.000 1,267,000
Peoria
are busy with the holiday trade and only a limited amount
Indianapolis
607,000
139,000
76,000
3,000
Omaha
1,286,000
201,000 1,763,000
190,000 of future business is being booked. It should be noted
that buyers of cotton goods generally state that they will
Total Dec. 9 1911_70,389,000 4,126,000 19,959,000 1,271,000 4,076,000
Total Dec. 2 1911..69,948,000 2,054,000 20,315,000 1,348,000 4,210,000 do very little until after the turn of the year. Nothing
Total Dec. 10 1910_ _42,666,000
1,510,000 15,349,000
471,000 1,744,000 more than a light inquiry is reported for print cloths and
CANADIAN GRAIN STOCKS.
convertibles, and prices rule barely, steady. It is stated
Wheat,
Oats,
Corn,
Rye,
Barley,
bush.
bush,
bush.
bush.
buhs. that sales of small lots from second hands are being transMontreal
285,000
836,000
4.000
107,000 acted at concessions and, that some of the mills are willing
Fort William
760,000
3,091,000
to do business on a basis below quotations. Gray goods,
Port Arthur
541,000
1,363,000
2,551,000
Other Canadian
6,094,000
38%-inch, standard, are quoted 43/i to 43'c.
Total Dec. 9 1911_ _10,833,000
4,000 4,688,000
WOOLEN GOODS.-Mild weather during the past week
107,000
Total Dec. 2 1911... 9,287,000
27,000 4,931,000
102,000 has tended to. check the demand for dress goods and for
Total Dec. 10 1010._16,352,000
13,000 1,398,000
81,000
Total Dec. 11 1909_ _10,084,000
40,000
592,000
150,000 men's wear,this being_particularly true of overcoatings for imSUMMARY.
mediate shipment. Repeat orders on lightweight worsteds
Corn,
Wheat,
Oats,
Barley, and woolen suitings have been of fair volume, while
Rye,
there
bush.
bush.
bush.
bush.
bush.
American
70,389,000 4,126,000 19,959,000 1,271,000 4,076,000 has also been some duplicating on spring goods. As comCanadian
4,000 4,688,000
10,833,000
107,000 pared with recent business, however, trading in general
Total Dec. 9 1911_ _81,222,000 4,130,000 24,647,000 1,271,000 4,183,000 shows considerable falling off, but the outlook is encouragTotal Dec. 2 1911...79,235,000 2,081,000 25,246,000
348,000 4,312,000 ing, as staple men's wear is being opened for fall 1912 in
Total Dec. 10 1910..53,018,000
1,523,000 16,747,000
471,000 1,825,000
Total Dec. 11 1909..38,484,000 5,703,000 12,820,000
923,000 3,781,000 different localities, and it is reported that values will be
such as to induce the placing of forward business promptly.
FOREIGN DRY GOODS.-Linens are, as a rule, very
THE DRY GOODS TRADE.
quiet. Naturally there is a good business passing in specialNew York, Friday Night, Dec. 15 1911.
ties for the holidays, but, as stated, this is only applicable
FT. Conservatism on all lines for forward shipment has marked to certain lines. Nothing of interest has developed in the
the week's operations in dry-goods, with merchants in- burlap market. Spot burlaps of light-weights are steady
disposed to assume further obligations before the first of the and supplies small. Heavy-weights and the future market
year. As a result of the recent concessions on bleached continue quiet and featureless. Prices are as follows:
cottons and the better class of wide sheetings, buyers who Light-weights 4.25 to 4.30c. and 103 -ounce 5.350.
THE CHRONICLE
DEC. 16 1911.]
Strint
AND CITY
Dr-iiiminvren
News Items.
Alabama.-Municipal Bonds Exempted from Taxation.By Section 13 of an Act approved March 31 1911 entitled
"To'further provide for the revenues of the State of Alabama," the following securities are exempted from taxation:
"All bonds of the United States and of this State, and all
county and municipal bonds issued by counties or municipalities of this State."
Eureka, Humboldt County, Cal.-Commission Form of
Government Rejected.-An election held Dec. 4 resulted in the
defeat of a commission form of government. The vote is
given as 124 "for" to 1,048 "against."
Grant's Pass, Josephine County, Ore.-Commission Form
of Government Rejected.-The election held Dec. 4 resulted in
the rejection of the commission form of government. Local
papers report the vote as 187 "for" to 543 "against."
Lincoln School District, Lancaster County, Neb.-Suit to
Test Legality of Bond Issue.-Suit has been started to test the
legality of the $350,000 building bonds awarded on Aug. 7
to W.E. Barkley Jr.; V.93, p. 485. The issue was forwarded
to State Auditor Barton with the request that he refuse to
register the same, in order that a test case might be brought.
Longmont, Colo.-Permanent Injunction Against Use of
Lighting Bonds.-Judge Burke in the District Court at
Boulder, Colo., on Dec. 9, issued an order permanently
restraining the city of Longmont from building or being in
any way interested in the construction, ownership or operation of an electric-light plant as provided for in an ordinance
adopted by the City Council last year. A temporary
restraining order had been issued by Judge Gamble of the
same Court on Nov. 9. V. 93, p. 1412.
According to the Denver "Republican" it was decided at a meeting of
prominent Longmont citizens,after the decision had been announced that
the plant be built as planned and sold to the city whenever the Council
found public funds ample to purchase it for the use of the city.
Judge Burke declared the formation of the service company was merely
a subterfuge to evade the municipal-debt limit imposed by statute and that
the contract was void because it was adopted without publication
New York State.-Barge Canal Bond Issue Approved by
Voters.-Constitutional Amendments Rejected.-The official
canvass of the vote cast Nov. 7 shows that the proposition
to issue $19,800,000 bonds for barge canal terminal purposes
carried by a majority of 4,416 votes,there being 315,932
"for" to 311,516 "against".
The seven proposed Constitutional Amendments were all
defeated, the vote being as follows:
1679
Spokane, Wash.-Bond Call.-The following special improvement bonds are called for payment on Dec. 31 at the
City Treasurer's office:
Improvt.
Name.
Sewer ____Sprague
" ____Atiantic
___ _Sprague
' _ _ _ _Alley
___ _Alley
Paving _ _ _ Fourth Avenue
Grade _ __ _Alice
_Chestnut
•:
_ __ _Hcroy
_ _ _ _Illinois
' _ _ _ _Latawah
" __ __Mansfield
_ _ __Providence
'.
_ __ _Scott
' _ __ _Thirty-fourth
" _ __ _Walnut
Mansfield
Walk
"
__Normandie
...'.
d.
........Providence
Nos. of
Dist. No. Bonds Called.
10-11
151
4-5
504
5
329
2-4, incl.
751
2-3
766
2-40, incl.
744
2-3
724
8-13, incl.
301
736
2-8, incl.
6
305
9
141
$13
14-15
740
2
449
12-19, incl.
726
2-9, incl.
492
5-30, incl.
314
10
3-4
$24
4
325
Bond Proposals and Negotiations this week
have been se follows:
ABERDEEN, Brown County, So. Dak.-Bonds Authorized.-A resolution was passed Dec. 4, reports state, providing for the issuance of the
$200,000 45% sewer bonds voted Apr. 18 (V. 92, p. 1263). Denom.
$1,000. Date Jan. 1 1912. Due part each six months, beginning July 1
1912.
AKRON SCHOOL DISTRICT (P. 0. Akron), Summit County, Ohio.Bond Offerino.-Proposals will be received until 7:30 p. m. Jan. 9 1912
(date changed from Dec. 18, owing to error in advertisement) by J. F.
Barnhart, Clerk Board of Education, for $63,000 4% Robinson schoolbuilding bonds (V. 93, p. 1620). Authority, Secs. 7825, 7829 and 7630.
Gen. Code. Denom. $1,000. Date Jan.9 1912. Int. J. & J. at the office
of the Board of Education. Due on Jan. 9 as follows: $5,000 in 1929,
$30,000 in 1930 and 328 000 in 1931.
ALBANY, N. Y.-Bond Sale.-On Dec. 12 the $100,000 4% 20-year
reg. non-taxable water-supply-impt. bonds (V. 93, p. 1548) were awarded,
It 19 stated, to the general debt sinking fund, E. G. Raynor and the
Mechanics' tto Farmers' Bank of Albany at par and int.
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa.-Bond Sale.-On
Dec. 11 the $1,550,000 4% 30-yr.'coup. tax-free bridge bonds (V. 93,
p. 1620) were awarded to a syndicate composed of J. S. & W.S. Kuhn,Inc.;
Holmes, Wardrop dc Co., Speer Bros., the Safe Deposit & Trust CO. all of
Pittsburgh, and E. H. Rollins & Sons of Boston, at 100.018 and Ia.
ALLIANCE SCHOOL DISTRICT (P. 0. Affiance), Boxbutte County,
Neb.-Bond Offering.-Further details are at hand relative to the offering
on Jan. 1 1912 of the $15,000 5% coup. bonds (V.93, p. 1620). Proposals
for these bonds will be received until 8 p. m. on that day by D. W. Hughes,
Sec. Bd. of Ed. Denom. $1,000. Date Feb. 1 1912. Int. F. & A. at the
fiscal agency of Nebraska in New York. Due Feb. 1 1932. Cert. check
for $750, payable to the Sec., required. Bonded debt, $27,000. Floating
debt, $4.000. Assess. val. for 1911. $601,283; real val. (est.), $3,006.415.
ALMA SCHOOL DISTRICT (P.0. Alma), Gratiot County, Mich.--Bond
Offering.-Proposals will be received until 8 p. in, Jan. 4 1912 for $65,000
high-school-building bonds. Authority Chap. 6, Sec. 1-4717, Gen.
4
School Laws; also vote of 168 to 133 at the election held Nov. 20 1911.
Denom. $500. Date March 15 1912. Int. ann. at the Detroit Trust Co.
in Detroit. Due on March 15 as follows: $5,000 yearly from 1916 to 1919
incl., $6,000 yearly from 1920 to 1923 Incl. and $7,000 in 1924, 1925 and
1926. Official circular states that there is no controversy or litigation
pending or threatened affecting the corporate existence, or the boundaries
of said municipality or the title of its present officials to their respective
there has never been any
Amendment No. 1-Providing for an increase in the salary and mileage offices,or the validity of these bonds, and that
Rhodes is Secretary
allowance of members of the Legislature; for 262,490; "against", 414,404; default in the payment of any obligations. C. G.
Education.
of
Board
rejected by 151,914.
Amendment No. 2-In relation to times and places for Special Terms of
ANDERSON COUNTY COMMON SCHOOL DISTRICTS, Tex.-Bond
Appellate Division and assignment of Justices; "for", 267,194; "against," Sale.-The Anderson County Permanent School Fund has been awarded
352,830; rejected by 85,636.
par the $1,000 5% 10-year bonds of District No. 41 (V. 93. p. 607) and
at
Amendment No. 3-Providing for two additional County Judges in $1,000 of the $2,000 5% 20-year bonds of District No. 22 (V.93, p. 1548).
Kings County;"for" 247,764; "against" 360,859; rejected by 113,095.
ANSONIA, New Haven County, Conn.-Bond Offering-Proposals will
Amendment No. 4-In relation to taking private property for public
be received until 2 p. m. Dec. 23, by S. Charters, Mayor, and F. M. Drew,
use, "for" 254,095; "against" 357,881; rejected by 103,786.
salary
of
the
In
the
City Treasurer, for $75,000 4% coup. (with privilege of registration as to
Amendment No. 5. Providing for an increase
principal) refunding bonds. Denom. $1,000. Date Jan. 1 1912. Int.
Governor;"for" 252,791;"against" 376,455; rejected by 123,664.
and
use
canals
of
of
do J. at the Ansonia Nat. Bank in Ansonia. Due 25 yrs. Bonds to be
j.
abandonment
to
No.
Amendment
6-In relation
funds derived from such abandonment; "for" 282,893; "against" 324,465; delivered Jan. 1 1912. Official circular states that the city has never
defaulted the payment of either principal or interest on any debt and no
rejected by 41,572.
Amendment No. 7-Authorizing the Supreme Court to ascertain the previous issues of bonds have been questioned.
compensation when private property is taken for public use; "for" 274,846;
ASOTIN. Asotin County, Wash.-Bond Sale.-On Dec. 5 $30,000 6%
"against" 322.782: rejected by 47,936.
20-yr. water-works bonds were awarded to Allen & Wells of Spokane at
Other bids follow:
100.94.
Amendments Nos. 4 and.7 were given in full in V. 93, S. A. Kean
& Co.. Chicago130,3901J. N. Wright & Co., Denver..$20,525
p. 969; see also V. 93, p. 422.
30,3011Spokane ,5c Eastern Trust Co. 29,425
0. H. Coffin, Chicago
Cutter, May & Co., Chicago_ ao.000
Pendleton, Umatilla County, Ore.-Commission Form of
Denom. $1,000. Date Jan. 21912. Int. J. &J.
Government Defeated.-The proposition to adopt a comATHENS, Athens County, Ohlo.-Bond Offering.-Proposals will be reuntil 12 m.Jan. 2 1912 by W.B. Golden, Vii. Clerk, for the following
mission form of government failed to carry at the election ceived
5% street-impt. assess. bonds:
held Dec. 4.
$1,620 Cable St. bonds. Denom. $162. Date Jan. 1 1911. Due $16
yrly. Sept. 1 from 1913 to 1922 incl.
Spokane, Wash.-Validity of $1,000,000 Park Bondsavenues bonds. Denom. $333 60. Date
page
2,
Sept.
607,
we 3,336 Stimpson and Campbell 60
Correction.-In the "Chronicle" of
yrly. Sept. 1 from 1913 to 1922 incl.
1 1912. Due 3333
Date Jan. 1 1911. Due
printed an item taken from accounts in local newspapers 4,003 Jan.
May Ave. bonds. Denoni. $400 30
to 1922 incl.
been
1913
had
from
1
Sept.
bonds
declared
yrly.
30
$400
saying that the $1,000,000 park
Place St. bonds. Denom. $603. Date Jan. 1 1912.
Maplewood
6,030
reason
that
the
the
for
invalidiby the State Supreme Court,
Due $603 yrly. Sept. 1 from 1913 to 1922 incl.
Int. M. & S. Cert. check on a bank in Athens Cou.ity for $250, payable
city proposed to set aside $125,000 of the amount for 50 years
Clerk, required.
Village
the
to
time.
that
The
of
end
in order to retire the bonds at the
Proposals will also be received at the same time and place for $10,500 5%
city authorities now advise us that $125,000 of the coup.
Storm Water-Sewer DLit. No. 1 hunt. assess. bonds. Denom. $525.
bonds were declared invalid by the Supreme Court, as it was DateSept. 1 1910. Int. M. dc S. Due $1,050 yrly.Sept. 1 from 1912 to 1921
incl. Cert. check on a hank of Athens County for 5% of bonds bid for
planned to place that amount in the sinking fund, but the (but
in no case less than $100) required. These bonds have been in litiCourt authorized the issue of $875,000 bonds, which are gation, according to the official advertisement, but their validity has now
upheld by the court.
and
For
been
bonds
of
terms
description
23.
Dec.
offered for sale
County, Neb.
SEAUBURN SCHOOL DISTRICT (P. 0. Auburn), Nemaha
ofLoffering see V. 93, p. 1551.
-Bids Rejected-Bond Offering.-All bids received on Dec. 11 for the
ing bonds (V. 93,
high-school-build
coupon
(opt.)
Favor
County,
-Voters
Minn.
Acquisi10-20-year
Louis
340.000
4
St.
r Virginia,
p. 1548) were rejected. Proposals will again be received for these securities,
tion of Water and Light Plant.-By a vote of 527 to 96, the this
time until 12 m. Jan. 8.
a
to
adopted
the
acquire
21
proposition
Nov.
electorslon
r‘ BAD AXE SCHOOL DISTRICT (P. 0. Bad Axe), Huron County. Mich.
water and light plant of the Virginia Electric Power & Water -Bonds
Not to be Issued.-We are advised by the Secretary that the $20,bonds (V. 93, p. 1275) will not again be placed upon the
Colby purchase or condemnation. We are advised that 000 4V 15-yr.
market, as it was found that this amount would not erect a satisfactory
proceedings,to purchase the property are pending.
building. Our informant further states that an issue of $30,000 bond
will probably be put out in the near future.
-Proposals
BARTON HEIGHTS (P. 0. Richmond), Va.-Bond Offering.
will be received until 9 p. m. Dec. 20 by T. Armstrong, Chairman Finance
Denom. $1,000.
Comm. for $20,000 6% coupon town-impt. bonds.
Date $10,000 Dec. 1 1911 and $10.000 Jan. 11912. Int. semi-ann. at the
Natianal Bank of Virginia, in Richmond. Due $10,000 Dec. 1 1941 and
Oascade:County-(P.T. Great Falls), Mont.-Bond Call.- 510,000
Jan. 1 1942. Bonds are taxable "only when held within town."
Payment will be made on Dec. 30 at the Fourth National
BATON'ROUGE. East Baton Rouge Parish, La.-Bond Election Propapers state that an election will probably be held to vote on
Bank of New York of $150,000 6% bonds. Denom. $1,000. posed.-Local to
issue $75,000 high-school-building bonds.
a proposition
Bond Calls and Redemptions.
Interest semi-annual.
16$0
THE CHRONICLE
BATTLE CREEK, Madison County, Neb.-Bond Sale.-We are advised
that the $10,000 5 M% 5-20-yr. (opt.) coup. water bonds not sold on Feb. 25
(V: 92, p. 1579) have been awarded to E. H.'Rollins & Sons of Chicago.
BELGRADE, Gallatin County, Mont.-Bonds Voled.-The proposition
to issue the $11,500 town-hall-bldg. bonds (V. 93, p. 1414) carried by a vote
of 80 to 22 at the election held Dec. 11. Int. (rate not to exceed 6%)
semi-ann. Due 20 yrs., opt. after 10 yrs.
BELLEVILLE. Essex County, N. J.-Bonds Authorized.-Local papers
state that the•Town Council authorized on Dec. 5 the issuance of $11,000
sidewalk, $17,000 water-main ext. and $4,000 sewer bonds.
BIG RAPIDS, Alecosta County, Mich.-Bonds Voted.-The question of
Issuing $25,000 park bonds carried, it Is reported, by a vote of 365 to 37 at
the election heLd Nov. 28 (V. 93, p. 1338).
BLACKBERRY. Itasca County. Minn.-Bond Sale.-We are advised
that the 38,000 road and bridge bonds (V. 93, p. 744) have been sold.
BOISE CITY. Ada County. Idaho.--Bond Sale.--On Dec. 8 the $90,000
10-20-year (opt.) gold coupon refunding bonds, dated Jan. 1 1912 (V. 93,
p. 1548) were _awarded to E. H.
& Sons, of Chicago, for $92,163
02.403) for os•-a basis of about 4.70% to the opt. date. Other bids
foltow:
For 4 Ms.
Dexter-Horton N.Bk..Seattle$91,331
E.H .Rollins &Sons,Denver_a$88,560 N. W. Halsey ec Co., Chic__ _a91,260
Cont.&Com.Tr.&S.Bk.,Chic a88,443 Well, Roth & Co., Chicago__ 91,012
For 53.
J. Ii. Causey & Co., Denver_a90,810
A. B. Leach & Co., Chicago_ 91,589 Provident S.B.,$: Tr.Co.,C1n_ 90,504
[VOL. LXXXXIII
333,000 31110 main trunk sewer bonds. Int. payable at the agency of
,
Columbus in New York. Due Sept. 1 1932.
35,000 Indianola Ave. and Iuka Ave.'mot. bonds. Int. payable at the
City Treas. office. Due Sept. 1 1937.
Denom. $1,000. Date not later than Sept. 1 1912. Int. M. & S.
COLVILLE. Stevens County, Wash.-Bond Sale.- On Dec. 5 the $22,500
10-20-yr. (opt.).tax-free refunding bonds (V. 93;p. 1414) were awarded to
the Exchange Nat. Bank of Spokane for $22,730 (101.022) for 5s.
CONCORDIA PARISH SCHOOL DISTRICT NO. 5 (P.O. Vidalia), La.Bond Sale.- The Interstate Trust & Banking Co. of New Orleans was
awarded on Oct. 25 at par and int. the $20,000 5% gold coupon building
bonds dated Oct. 2 1911 (V. 03, p. 347).
CORDELE, Crisp County, Ga.-No Action Yet Taken.-No action has
yet been taken looking towards the issuance of the $100,000 improvement
bonds (V. 93, p. 1134).
CORONADO, San Diego County, Cal.--Bond Election.F'roposed.According to local papers this city will probably hold an elction in the
near future to vote on propositions to issue about $60,000 sea-wall and
about $67,000 Orange Ave. paving bonds.
CORPUS CHRISTI, Nueces County, Tex.-Bond Sale.-On Nov. 21
$50,000 wharf and $55,000 city-hall and fire-station 5% 10-40-yr. (opt.)
bonds were awarded to Spitzer, Rorick & Co. of Toledo at par and int.
Denom. $1,000. Date of 550,000 issue May 1 1911 and of $55,000 Issue
Oct. 1 1911. Int. semi-ann. The $50,000 wharf bonds were awarded on
June 9 to Seasongood & Mayer of Cin. (V. 93, p. 65), but the sale was not
consummated, we are advised, as the Attorney-General held the bonds
three months before approving them.
a And printed bonds.
CRAVEN COUNTY (P. 0. New Bern), No. Car.-Bond Offering.-ProBOONE. Boone County, Iowa.-Bond Sale.-On Dec. 11 the $30,000
4 A% 10-20-year (opt.) water-works bonds (V. 93. p. 1620) were awarded posals will be received until 12 m. Jan. 1 1912 by S. H. Fowler, Clerk Board
to Geo. M. Bechtel & Co. of Davenport at 100.02 and int. The date of of Commissioners, for $15,000 5% 30-yr. farm-life school bonds. Int.
payable at such times, and at such place and bonds to be of such denominabonds has been changed from Jan. 1 1912 to Dec. 1 1911.
tion, and the principal redeemable at such time or times,not less than fifteen
BOONE COUNTY (P. 0. Columbia), Mo.-Bond Election.-An election years from the date thereof, and at such place as may be agreed on between
has been called for Dec. 22, papers state, to vote on the question of issuing the woard of Commissioners and the purchaser of said bonds. Bidders are
road-construction bonds.
Invited to submit form of bond to be used. Cert. check for $100 required.
BOX ELDER COUNTY SCHOOL DISTRICT (P. 0. Brigham), Utah.
CROOKSTON. Polk County, Minn.-Bond Offering.-Proposals will be
Bonds Voted.-AccordIng to early returns, the proposition to issue the received until 8 p. m. Dec. 26 by A. Al. Childs, City Clerk, for the following
$200,000 school bonds (V. 93, p. 1212) received a favorable vote at the coup )11 bonds:
election held Dec. 5.
$25,223 30 6% pa% Int; assessment bonds. Denom. 40 bonds of $500 each
and 10 bonds of $522 33 each. Int. ann. Due one-tenth
BRIDGEVILLE, Allegheny County, Pa.-Bond Offering.-Proposals
yearly. Cert. check for 2% of bid required.
will be received until 8 p. m. Dec. 19 for the $25,000 4 M% 30-year funding
10,000 00 4% armory bonds, voted Nov. 7 (V. 93, p. 1414). Denom.
bonds voted Nov. 7 (V. 93, p. 1414).
$500. Int. semi-ann. at such place as may he agreed upon
BROAD BAY TOWNSHIP, Forsyth County. No. Caro.-Bond Election.
with the purchaser. Due 20 years. Cert. check for 5% Of
-According to reports, an election will be held Jan. 8 1912 to vote on a
bid required. Purchaser to furnish blank bonds.
proposition to issue $30,000 bonds to aid the Randolph & Cumberland By.,
Official pamphlet states that no previous bond Issue has ever been conthe amount to be paid upon the completion of the road to Winston-Salem.
tested,and that the interest and principal of all bonds previously issued has
been paid promptly at maturity.
BROOKHAVEN. Lincoln County, Miss.-Bond Offering.-Proposals
will be received until 7:30 p. m. Dec. 28 for the $10,000 5 school-impt.
CROWELL INDEPENDENT SCHOOL DISTRICT (P. 0. Crowell),
bonds (V. 93, p. 1548). Denom. $500. Date Jan. 1 1912. Int. J. & J. Foard County, Tex.-B.-inn Sale.-On Dec. 4 the $20,000 5% 40-yr. bldg.
Due Jan. 11932. Cert. check for 500 is required. R. L. Davis Is City Clk. bonds (V. 93. p. 1414) were awarded to McCoy & Co. of Chicago at par.
BUTLER. Butler County. Pa.-Bond Sale.-J. S. & W. S. Kuhn, Inc.,
DALLAS COUNTY (P. 0. Dallas), Tex.-Bonds Awarded in Part.
of Pittsburgh, were awarded at par the $50,000 4 ki(74, funding bonds. W. N. Coler & Co. of N. Y. have been awarded *300,000 of the$500,000
Denom. $1.000. Date Jan. 2 1911. Int. J. & J. Due from 1929 to 1938: 4 M% 10-40-year (opt.) coupon road and bridge bonds (V. 93, p. 1339) at
opt. after 1926. These bonds were offerer' without success as 4s on Feb. 14 par and interest.
last (V. 92, p. 1513).
DECATUR, Morgan County. Ala.-No Bonds to Be Issued at Present.
CALIFORNR. Moniteau County, Mo.-Bond Offering.-Proposals will We are advised that this city will issue no bonds at present, as the erection
be received until 7:30 p. m. Jan. 2 1912 by H. E. Blakeman, City Clerk, for of the light plant has been postponed (V. 93, p. 1134).
515,000 5?1'. sewer bonds. I)ate Jan. 1 1912. Int. J. dc J. Due Jan. 1
DECATUR, Wise County, Tex.-Bond Election.-It is stated, that the
City Council has ordered an election for Jan. 2 1912 to decide whether or not
1932. Certified check for $500, payable to the City Treasurer, required.
The official notice of this bond offering will be found among the advertise- this city shall issue 518,000 bonds to purchase and Improve the Decatur
Water, Light & Power Co's plant.
ments elsewhere in this Department.
DEEP FORK DRAINAGE DISTRICT NO. 1, I.incoln County, Okla.
CAMDEN COUNTY (P. 0. Camden)), N. J.-Bond Sale.-On Dec. 13 Bond Offering.-Proposals will be received until 10 a. m. Dec.
20 by .J. E.
the two issues of 4 M% 20-yr. coup. or reg. !mot. road bonds, aggregating Rea, County Clerk (P. 0. Chandler), for $642,000
coupon drainage
$32,000 (V. 93, p. 1620) were awarded to E. H. Rollins & Sons of N. Y. at bonds. Denom. $1,000. Date Jan. 1 1910. Int. 6%
J. d; J. at the fiscal
103.416 and int.-a basis of about 4.25%. Other bids follow:
agency In New York. Due one-tenth yearly from 1914 to 1923, inclusive.
102.883 Harris, Forbes & Co., N. Y_ _102.792 Certified check for $1,000, payable to the County Treasurer, required. No
Rhoades & Co., N Y
A. B. Leach ,5G Co. N. Y _ __ _102.817 R. M. Grant & Co., N. Y.. __ _102.519 debt at present. Assessed valuation for 1910, $1,492,220.
C.H.Harrison Jr.&
'
Co., Phi1a_102.800
DENTON COUNTY (P. 0. Denton), Tex.-Bond Offering.- Proposals
Adams & Co. of N.Y. bid 102.66 for the $20,000 issue and 103.216 for
will be received until 12 in. Jan. 8 1912 by S. H. Haskins, County Judge,
the $12,000 issue.
for the A75,000 5% 10-40-year (opt.) Lewisville Road District No. 1 bonds
CAPE MAY COUNTY (P. 0. Cape May C. H.), N. J.-Bond Sale.-On. (V. 93, p. 1056). Denom. $1,000. Date Sept. 13 1911. Int. ann. on
Dec. 7 the $70,000 434% 30-yr. coup. Stone Harbor road and bridge pur- April 10 at Denton. No bonded debt at present. Assessed valuation of
chase bonds (V. 93, p. 1489) were awarded to John D. Everitt & Co. of district, 1911, 51,701,805; actual value (estimated), $3,000,000.
N. Y. at 102.40 and int.-a basis of about 4.36%. Date Dec. 1 1911.
DOUGLAS, Coffee County, Ga.--Bonds Voted.--An election held Dec. 11
CARROLL COUNTY DRAINAGE DISTRICT NO. 3, Mo.-Bonds Regis- resulted in favor of the issuance of $23,000 school, $15,000 light and water,
tered.-Thc State Auditor registered on Dee. 8 $132,582 bonds, according and $10,000 sewerage bonds. According to reports, the vote was 337 to 0.
to reports.
EDWARDS, Hinds County, Miss.-Bonds Authorized.-A resolution has
CASCADE COUNTY (P. 0. Great Falls), Mont.-Bond Sale.-On Dec. 6 been passed providing for the issuance of $6,000 deep-well-cOnstr bonds.
the $125,000 5% 20-year coup. refunding bonds dated Jan. 1 1912 (V.
ETNA MILLS, Siskiyou County, Cal.-Bond Election Proposed.-An
93, p. 1489) were awarded to tile Harris Trust & Savings Bank of Chi- election
will probably be held about February 1912, we are advised, to vote
cago at 105.2464 and int.-a basis of about 4.60%. Sixteen bids were re- on the question
of issuing $20,000 sewer bonds.
ceived.
FERGUS COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Stanford), Mont.
ProCOUNTY
(P.
0.
Newton), No, Caro.-Bond Election
CATAWBA
-Bond Sale.-The $25,000 5-15-yr. (opt.) gold coup. bldg. bonds offered
posed.-We are advised that an election will probably be held in January as 8s on Dec. 4 (V. 93, p. 1490) were awarded to the State Board of Land
or February 1912 to vote on the question of issuing $50,000 5% 30-yr. Commissioners at par and int. for 5 y . Other bIds follow:
road bonds.
Keeler Bros., Denver_ _ _ _$25,564,00 J. N. Wright & Co., Denv.$25,150 00
Union Trust & Say. Bank 25,031 00
CENTRALIA. Lewis County, Wash.- Ordinance for Bond Election J. H. Causcy & Co., Deny. 25,320 00 H.
C. Speer & Sons Co.,Cht 25,025 00
Defeated.-Reports state that an ordinance calling for an election to vote Minn. Loan & Tr. Co.,Mpis.25,275 00 Thos.
J. Bolger Co., Chic_ 25,025 00
00
S.
A.
25,250
Kean
Chicago
&
Co.,
install
a
was
on the issuance of bonds to
municipal gravity water-system
Federal National Bank_ __ 25,187 80 Hoehler & Cummings,Tol. 25,000 00
defeated by the City Council on Dec. 6.
C. H. Coffin, Chicago_ _ _ _ 25,167 00
CHAMBERLAIN, Brule County, So. Dak.-Bonds Voted.-An election
GILLESPIE. Macoupin County. II .-Bond Sale.-On Nov. 6 the $8,000
held recently resulted, it is stated, In favor of the proposition to issue $20,000 5% city-hall bonds, bids for which were received on July 5 (V. 93, p. 182)
pumping-station bonds.
were awarded to R. C.0. Mathcny of Springfield at 103.125 hit. and bonds.,
CHATHAM, Pittsylvania County, Va.-Bonds Not Sold.-We are ad- Denom. $500. Date Oct. 1 1911. Int. ann.
vised that the $7,000 (the unsold portion of $10,000) 5% 30-yr. sch. bonds
GOLD HILL, Jackson County, Ore.-Bonds Voted.-An election held
(V. 93, p. 1654) have not yet been sold, and no effort is being made to dis- recently is said to have resulted in favor of the question of issuing $25,000
bonds to construct a municipal water plant.
pose of them, the amount being insufficient.
GRANGER. Yakima County, Wash.-Bonds Voted.-Local papers state
CHICAGO, III.-Bond Sale.-On Dec. 14 the $1,500,000 bridge and
$750,000 judgment refunding 4% gold bonds (V. 93, p. 1489) were awarded that the question of issuing $15,000 water-works-system construction bonds
jointly, dispatches state, to the Harris Trust & Savings Bank of Chicago received a favorable vote on Dec. 5.
and the First Trust & Savings Bank at 99.327.
GRAVETTE, Benton County, Ark.-Bonds to be Offered Shortly.-We are
advised that this city will offer the $25,000 water and light bonds (V. 93.
CINCINNATI, Ohio.-Bonds Authorized.-Ordlnances have been passed
time in January.
providing for the issuance of $3,500 Halpin Ave. impt. (city s portion) and p. 971) for sale some
GREELEY COUNTY SCHOOL DISTRICT NO, 54, Neb.-Bond Sale.$3,400 Fifth Ave. and Vine St. intersection impt. 4% coupon bonds.
Denom. $500 or multiples thereof. Date Dec. 15 1911. Int. J. & D. at The State of Nebraska was awarded at par during November 5500 5%
10-yr. bonds. Date Aug. 1 1911,
the City Treasurer's office. Due Dec. 15 1931.
GREENE COUNTY (P. 0. Greensboro), 6a,-Bonds Defeated.-The
CLARKE COUNTY (P. 0. Athens). Oa.-Bonds Defeated.-The election proposition
issue $75,000 5% 30-yr. road and bridge bonds failed to
held Dec. 7 resulted in the defeat of the proposition to issue the $200,000 carry at theto
election held Dec. 7.
court-house and jail bonds (V. 93, p. 1548).
GROVEPORT. Franklin County, Ohio.-Bond Offering.--Proposals will
- be received until 12 m.Jan.8 1912 by 11. J. Rostofer, VII. Clerk, for $15,000
CLIFTON SCHOOL DISTRICT (P. 0. Clifton), Graham County, Ariz.
Bonds Voted.-A favorable vote was cast on Dec. 1 on the proposition to 414% Main St. paving assess. bonds. Denom. $1,000. Date Jan. 1 1912.
issue the $40,000 6% 10-20-yr. (opt.) bldg. bonds (V. 93, p. 1489). There Int. J. & J. Due March 1 1922. Purchaser to pay accrued Int.
were 80 ballots "for" and 17 "against."
GUNTER, Grayson County. 'Tex.-Bonds Not Sold.-We are advised
CLINTON COUNTY (P. 0. Plattsburgh). N. Y.-Bond Offering.-Pro- that the 514,000 5% 5-10-yr. (opt.) sehool bonds registered by the State
posals will be received until 2 p. m. Dec. 21 by J. D. Burroughs, Co. Treas., Comptroller on Sept. 27 (V. 93, p. 971) have not yet been sold.
for $28,000 434% registered funding bonds. Denom. $1,000. Date Jan. 2
HARRISONBURG. Rockingham County, Va.-Bond Sale.-On Nov. 7
1912. Int. J. & J. at the City Nat. Bank in Plattsburgh in N. Y. exchange. 575,000
5% 30-yr. school, fire and Impt. bonds were awarded to the People's
Due $4,000 yearly Jan. 2 from 1917 to 1923, incl.
Bank of Harrisonburg at par and int. Denom. $1,000. Date Dec. 11011.
Int.
J.
&
D.
Offering.
-Proposals will
COLDWATER, Mercer County, Ohio.-Bond
be received until 12 in. Dec. 22 by E. H. Hess, VII. Clerk, for $3,000 454%
HARRISON COUNTY ROAD DISTRICT NO. 4 (P. 0. (Iulfport), Miss.
coup. sewer and street impt. bonds. Date Dec. 1 1911. Int. J. & D. -Bonds De)'eated.-The election held Nov. 18 resulted in the defeat of the
Due Dec. 11928. Bonds to be delivered and paid for within 10 days from proposition to issue $75,000 bonds.
time of award. A deposit of $100, payable to the VII. Treas., required.
HEMPSTEAD, Nassau County, N. Y.-Bond Offering.-Proposals will
Purch, to furnish blank bonds and pay accrued int. Bonded debt (Including
be received until 3 p. in. Dec. 19 by Al. F. Craft, Town Supervisor, for $30.this issue), $20,000. No floating debt. Assess. val. for 1910, $500,000.
COLUMBUS. Ohio.-Bonds Authorized.-Ordlnances have been passed 000 43.4% gold coup. almshouse bonds. Denom. $1,000. Date Sept. 1
1911. Int. Al. & S. at the Town Clerk's office. Due 53,000 yrly. Sept.
providing for the issuance of the following 4% coup. bonds:
DEC. 16 1911.]
THE CHRONICLE
rom 1912 to 1926 incl. Cert. check (or cash) for at least 19% of bonds
bid for, payable to the Town Supervisor, required. Purchaser to pay
accrued int.
The official notice of this bond offering will be found among the advertisements elsewhere in this .Department.
HIGHLAND PARK SCHOOL DISTRICT (P.O. Highland Park). Wayne
County, Mich.-Bonds Authorized.-The residents of this district, it is
stated, have authorized the School Board to issue $59,000 bonds to purchase
school sites.
HIGHLANDS GRADED COMMON SCHOOL DISTRICT NO. 2 (P. 0.
Fort Thomas), Campbell County, Ky.-Bond Offering.-Proposals will be
received until 8 p. m. Dec. 18 by D. Davies, Sec. Bd. of Trustees, for $25,000 5% coup. bonds. Date Jan. 1 1912. Due Jan. 1 1942, opt, part every
5 yrs. from Jan. 1 1917 to 1937 Incl. Cert. check for 2% of bonds bid for
required. No debt at present. Assess, val. for 1911, $3,000,000.
1681
LOGAN COUNTY (P. 0. Guthrie). Okla.-Bond Election Proposed.-We
are advised that the election to vote on the question of issuing bonds to
build the Inter-State postal highway across this county (V. 93, p. 1057)
will be held "some time the first of the year."
LOS GATOS HIGH SCHOOL DISTRICT. Santa Clara County. Cal.
Bond Sate.-Un Dec. 4 the $10,000 5% 1-5-yr. (ser.) bonds (V.93, p. 1491)
were awarded to the Bank of Italy of San Jose at 101.11 and int. Other
bids follow:
Bank of San Jose
$10,062 00 J. H. Adams & Co., LosA.$10,028 00
First Nat. Bk., Los Gatos 10,031 501Mayfield Bk.&Tr. Co.,May.10.027 50
LOUDON COUNTY (P. 0. Loudon), Tenn.-Bond Sale.-On Dec. 9 the
1100.000 5% 30-yr. coup. road-bunt. bohds dated Jan. 1 1912 (V. 93,
p. 1550) were awarded to J. F. Eason, President of First Nat. Bank of Lenoir
City at 104.207 and int.-a basis of about 4.74%. Other bids follow:
Devitt, Tremble & Co
$103,207 John Nuveen & Co., Chic $102,016
Harris Tr.doSay.Bk., Chic
102,320 A. B. Leach & Co
101,627
McCoy & Co., Chicago
102,300 E. H. Rollins & Sons. Chic'
Knoxville Bank & Trust Co. 102,240 H.C.Speer & Sons Co.,Chic 101,100
Athens Bank & Trust Co_ 102,225 Everett Moses & Co
101,080
S. A. Kean & Co., Chicago_ 101,001
LYNCHBURG, Campbell County, Va.-Bond Ordinance Passed by Board
of Aldermen -According to local papers,the Board of Aldermen on Dec. 12
concurred in the ordinance passed by the Common Council Nov.9 providing
for the issuance of $650,000 bonds (V. 93, p. 1415). The Aldermen
amended the ordinance, however, by striking out $100,000 intended for a
bridge over the James River, reducing the amount to $550,000. It is
thought that the Council will concur in this amendment.
HIGH POINT. Guilford County, No. Caro.-Bond Offering.-Proposals
will be received until 2:30 p. m. Jan. 8 1912 by F. N. Tate, Mayor, for $30,000 water and sewer and $20,000 street-impt. 5% 30-yr. gold coupon bonds.
Denom. $1,000. Date Oct. 1 1911. Int. A. & 0. at the Hanover Nat.
Bank in New York or at the City Treas. office, at the option of holder.
Bonds are exempt from city taxation. Cert. check (or cash) for $500, payable to the City Treasurer, is required. The opinion of Dillon, Thomson
& Clay of N. Y. will be furnished as to validity of bonds. These bonds are
part of an issue of $100,000 bonds, $50,000 of which were sold on Sept. 11
to E. H. Rollins & Sons of Boston V. 93, p. 745).
HOBOKEN, N. J.-Bond Offering.-Proposals will be received until
4 p. m. Dec. 20 by the Mayor and City Council for $17,891 17 4 Si% coup.
McMINNVILLE. Yamhill County. Ore.-Bond Sale.-We are advised
or registered judgment bonds. Int. semi-annual. Due 20 years from that the three issues of bonds aggregating $75,000 and offered on Dec. 5
(V. 93, p. 1491) were awarded the following day to Morris Bros. of PortJan. 1 1912. Cert. check on a national bank for $1,000 required. Bonds land at 102.40 and int. Bonds to be delivered as follows: $25,000 6%
will be certified as to genuineness by the Knickerbocker Trust Co. of New water and light bonds immediately, $15,000 water main 6s any time before
July 1912, 130,000 str.-Impt. 6s any time before Dec. 1913; balance opYork. James II. Londrigan is City Clerk.
tional. Other bids follow:
The official notice of this bond offering will be found among the advertise- Hall & Lewis,
Portland
$75,000 (3 issues) 6s_ _$76,387 39
s
ments elsewhere in this Department.
Fidelity Trust Co
75,000 (3 issues) 6s.._ 75,795 00
Investors' Securities Co., Des Moines
75,000 (3 issues) 6s.._ 75,383 00
HOOD RIVER. Hood River County, Ore.--Bond Offering.-Proposals Farson, Son
&
Co.,
Chicago
75,000
(3 issues) es__ 75,080 00
p.m.
be
opened
Jan.151912)
(to
Jan.
14
1912
by
12
until
received
be
will
May & Co., Chicago
75,000 (3 issues) 5s__ 73,500 00
H. B. Langille, City Recorder, for the $37,250 water-plant-condemnation Cutter,
Hall
&
Lewis, Portland
60,000 (2 issues) 6s_ _ 61,477 08
bowls (V. 93, p. 15491 at not exceeding 6% hit. Denominations $100 to John Nuveen.
45,000 (2 issues) 5 SO 45.803 50
$1,000, as purchaser may desire. Date Jan. 15 1912. Int. J. F0 J. at the Hall & Lewis,& Co., Chicago
Portland
45,000 (2 issues) 6s__ 46,432 89
City Treas. office or at the fiscal agency of the State in New York. Due 30 Security
Bank & Trust Co., Toledo_ 45,000 (2 issues) 6s__ 46,255 00
yrs., opt. after Jan. 15 1922 or Jan. 15 1932. Official circular states that Thos. J. Say.
Bolger Co., Chicago
45,000 (2 issues) es__ 45,901 00
there Is no controversy or litigation pending or threatened which will affect
A. Kean & Co., Chicago
45,000 (2 issues) 6s_ _ 45,187 50
the corporate existence, the boundaries of the city or the right of the re- S.
Well, Roth & Co., Chicago
30,000 (1 issue ) 5 Sis 30,611 00
spective officers to their scats.
E. H. Rollins & Sons, San Francisco
30,000 (I Issue) 5 Sis 30.053 00
30,000 (1 issue )6s_ _ 31,830 00
HORTON, Brown County, Kan.-Bonds Voted.-An election held re- Well, Roth & Co., Chicago_
30,000 (1 issue ) 6s_.. 31,091 22
cently resulted, reports state, in favor of the question of issuing $55,000 Hall & Lewis, Portland
Chas. S. Kidder & Co.. Chicago
30,000 (1 issue ) 8s_ _ 30,035 00
water-works and electric-light-plant bonds.
MAGNOLIA, Pike County, Miss.-Bond Sale.-On Dec. 5 the $12,000
IOWA CITY, Johnson County, lowa.-Bonds Authorized.-Reports
state that the City Council has authorized the issuance of $7,334 82 6% 6% 20-yr. coup. sidewalk bonds (V. 93, p. 1491) were awarded to the Wm.
R. Compton Co. of St. Louis at 105 and Int.-.-a basis of about 5.59%.
bonds. Int. annual. Due part yearly April 1 from 1912 to 1922.
..
bids follow:
JACKSON, Jackson County, Ohio.-Bond Sale.-On Dec. 9 $6,500 4% Other
McColgaw Bros., McComb_ _$12,360John Nuveen & Co., Chicago_$12,127
30-year bonds were awarded to the Oak Hill Say. Bank Co. for $6,560, mak- Inter-State
Bk.
&Tr.Co.,N.O.
12.107
ing the price 100.923. Other bids were received from the Citizens' Say. & Security Sav.Bk.&Tr.Co.,Tol. 12,252 Ulen & Co.. Chicago
12,2521
Trust Co., Jackson; Weil, Roth & Co.. Cin., and the Prov. Say. Bank &
Bids were also received from C. H. Coffin and S. A. Kean & Co. of Chicago
Trust Co., Ctn. Denom. $590. Date Dec. 1911. Int. J. & D.
MANCHESTER, Meriwether County, Ga.-Bonds Voted.-The election
JASPER, Pickens County. Fla.-Bond Sate.-On Oct. 13 the $30,000 5%
30-yr. sewerage, street and city-hall bonds (V. 93, p. 9721 were awarded at held Dec. 5 resulted in favor of the question of issuing $15,000 bonds for the
purpose of installing an electric-light-plant, according to reports:
private sale to the Bankers' Trust Co. of Jacksonville at 98.
JAY COUNTY (P. 0. Portland), Ind.-Bond Sale.-J. W. Polley of
MARICOPA COUNTY SCHOOL DISTRICT NO. 57, Ariz.-Bond Sale.
Portland was awarded at par and int., it is stated, $2,200 Buckingham On Dec. 4 $9,000 5% 20-yr. bldg. bonds
were awarded to the Valley Bank
Road (Bear Creek Township) bonds. Denom. $110.
of Phoenix for $9,100, making the price 101.11. Denom. $1,000. Date
JUNCTION CITY, Lane County, Ore.-Bonds Voted.-An election held Dec. 4 1911. Int. ann. No other bids were received.
Dec. 4 resulted in a vote of 63 to 44 in favor of the proposition to issue
MARION COUNTY (P. 0. Marion). Ohio.-Bond Sale.-On Dec. 4 the
$17.000 street-Improvement bonds.
$5,500 5% coup. Somerlott Free Turnpike bonds (V. 93, p. 1491) were
• KANSAS.-Bonds Purchased by State in November.-The following seven awarded to the New First Nat. Bank of Columbus, it is reported, at par
Issues of bonds, aggregating* $18,100, were purchased by the State during and interest.
November at par:
Amount. Place.
Due.
Purpose. Int.
Date.
MATAGORDA COUNTY DRAINAGE DISTRICT NO. 2, Tex.-Bonds
Oct. 101911 Jan. 1 1913-17 Voted.-Reports state that at an election held recently a proposition to
$800 JewellCo S D.No 149School house 5
1,500 ClarkCo.S.D.No.67_ do do
Oct. 10 1911 Jan. 1 1914-21 issue 8250,000 drainage bonds was favorably voted upon.
5
5,000 Burden
Water works 5% Nov. 1 1911 Nov. 1 1931
MATTOON,
County, III.-Bond El?ction.-Local papers state that
2,000 PawneeCo S.D.No 33School house 6
Nov. 10 1911 Jan. 1 1913-16 an election willColes
be held Dec. 20 to vote on a proposition to issue $60,000 4%
300 Elk & Chautauqua
school-building bonds.
Co.Jt.S.D.No.7
do do
Oct. 10 1911 July 1 1914
5
6,500 BrownCo.S.D.No.72 do do
5
Nov. 10 1911 Sept. 15 1931
MEDFORD, Middlesex County, iflass.-Bond Sale.-On Dec. 13 Geo. A.
Fernald & Co. of Boston were awarded at 103.125 and int. the following
KANSAS CITY, Mo.-Bond Offering.-Proposals will be received until
4% coup. loans:
10 a. m. Jan. 2 1912 by D. A. Brown, Mayor and Gus Pearson, Comptroller, $4,000 2-5-year. (ser.) Charles River Basin assess, loan notes. Date
Nov. 1 1911.
Twelfth St. Trafficway bonds. Denom. $1,000. Date
for $415,000 4
5,000 30-year sewerage loan of 1909 bonds. Date Sept. 1 1911.
Sept. 1 1910. Due Sept. 1 1930. Int. at the Treasurer's office or the Chase
8,000 1-8-year (ser.) sidewalk and edgestone•bonds. Date Aug. 1 1911.
Nat. Bank in N. Y. at option of holder. Legality of bonds will be approved
Denom. $1,000. Int. semi-ann. at the Nat. Shawmut Bank in Boston.
by Dillon, Thomson & Clay of N. Y., whose opinion will be furnished to the Bonds are tax-exempt in Mass. Other bids follow:
102.871 N.W.Harris& Co.,Inc.,Bost_102.69
purchaser. Bids must be made on blank forms furnished by the city. Adams & Co., Boston
Biodget & Co., Boston
102.778 Curtis & Sanger, Boston.. _ _ _102.63
Cert. check on a national bank doing business in Kansas City, for 2% of Kuhn, Fisher & Co., Boston_102.759
Blake Bros. & Co., Boston .102.61
bonds bid for, payable to the Comptroller, is required. Bonds will be Estabrook & Co., Boston
102.72 Merrill, Oldham & Co., Bost_102.589
R. L. Day & Co., Boston_ __ _102.699 Hornblower & Weeks, Bost_102.06
delivered Jan. 15 1912 at the Comptroller's office.
The official notice of this bond offering will be found among the advertiser
MELROSE, Middlesex County, Mass.-Bond Sale.-On Dec. 11 the following bids were received for the four issues of 4% coup. bonds, aggregatments elsewhere in this Department.
ing $27,000 (V. 93, p. 1622):
LAKELAND, Polk County, Fla.-Bond Election.-An election will be Kuhn, Fisher & Co., Bost_ •102.87 Blake Bros. & Co., Boston_ _102.11
held Dec. 30, reports state, for the purpose of submitting to the voters the R. L. Day & Co.. Boston_ _102.359 Biodget Sc Co.. Boston
102.08
question of issuing $150,000 bonds for constructing a sewerage system, Adams & Co., Boston
102.271 Merrill, Oldham & Co., Bos_102.039
paving streets and sidewalks, erecting public buildings, including a fire Old Colony Trust Co., Bost 102.21 Estabrook & Co., Boston_ __ _101.91
Hornblower
&
Weeks, Bost102.11 Curtis & Sanger, Boston_ _ _ _101.71
station and jail and improve the city hall.
Geo. A. Fernald & Co., Bost _101.171
LAMAR. Barton County. Mo.-Bids Rejected.-All bids received on
• This bid, it is stated, was successful.
Deo. 4 for the $70,000 5-20-yr. (opt.) water and light-plant-purchase or
constr. bonds (V. 93, p. 1491) were rejected.
MIDDLEPORT UNION FREE SCHOOL DISTRICT NO. 1. Towns of
- Royalton and Hartland (P. 0. Middleport), Niagara County, N. Y.-Bonds
LARAMIE COUNTY (P.0.Cheyenne), Wyo.-Bond Election Proposed.
Local papers state that this county is considering holding an election to Not Sold-Bond Offering.-No award was made on Dec. 5 of the $45,000
submit to the people the question of issuing $130,000 4% bonds to take 4% bldg. bonds (V. 93, p. 1550). We are advised that proposals will
again be received, this time until Jan. 11 1912.
up outstanding warrants.
MIDDLETOWN. Butler County, Ohio.-Bond Sale.-On Dec. 8 the
LA SALLE PARISH SCHOOL DISTRICT (P. 0. Jena), La.-Bond Sale.
-On Dec. 8 $30,000 5% bonds were awarded to the Inter-State Trust & $19,977 70 4 SS% 1-10-yr. (ser.) str.-impt. assess. bonds (V. 93, p. 1340)
were awarded to Well, Roth & Co. of Cin. for $20,335 25 (101.789) and int.
Banking Co. of New Orleans at par. Denom. $500. Int. J. & J.
-a basis of about 4.13%. Other bids follow:
LEE COUNTY (P. 0. Sanford), No. Caro.-Bonds Not Sold.-No award
Premium.
Premium.
was made on Dec. 4 of the $15,000 5% 30-yr. coup. (Jonesboro Twp.) road Oglesby & 13arnitz Co., Mid..$357 50
Cin__$306 66
bonds (V. 93, p. 1415).
Davies-Bertram Co., Cin
Prov.Say.Bk.&Tr.Co.'
355
Mayer,
On_
50
Seasongood
&
__ 287 00
election
will be held Jan. 16 1912, we are advised, to Breed & Harrison. Cin
Bond Election.-An
315 85 Stacy & Braun, Toledo
240 00
vote on the question of issuing $100,000 road bonds to take the place of
MINNEAPOLIS. Minn.-Bond Offering.-Proposals will be received
the above issue.
until 2 p. m. Jan. 4 1912 by Dan. C. Brown, City Comptroller, for $75,000
LEWIS COUNTY (P.0. Chehalis), Wash.-Bonds Proposed.-According 4% permanent improvement fund bonds. Denoms. $50, *100, $500
and
to reports, this county is contemplating the issuance of about $250,000 $1.000, as the purchaser may desire. Date Dec. 1 1911.
Due Dec. 1
bonds to refund road and bridge fund warrants,
1941. Int. J. & D. at the fiscal agency of the city of Minneapolis in New
York City. Bonds are tax-exempt in Minnesota. Cert. check for 2% of
LEWIS & CLARK COUNTY SCHOOL DISTRICT NO. 40, Mont.-Bond
Sale.-The $4,000 5-10-yr. (opt.) coup. bonds offered as Os on Dec. 2 bonds bid for, payable to C. A. Bioomquist, City Treasurer, is required.
(V. 93, p. 1339) were awarded to the State Bd. of Land Commissioners at Purchaser to pay accnied Interest.
MINSTER. Auglaize County, Ohio.-13ond Sole.-On Dec. 11 the two
par for 5 s. Other bids follow:
issues of 5% 2-year (average) coupon assessment bonds, aggregating $5,000
Fidelity Trust Co., Kansas City, Mo__$4,005 and int.
Hoehler & Cummings, Toledo
4,000, less $100 for expenses.
(V. 93. P. 1415) were awarded to M. S. Pond of Somerset at 100.7002, it is
stated.
LEXINGTON. Henderson County. Tenn.-Bond Sale.-According to
ROEVILLE, Huron County, Ohio.-Bond Offering.-Proposals will
reports, an issue of $50,000 electric-light and water bonds has been sold.
MNived until 12 m. Jan. 15 1912 by R. Curtis, Vii. Clerk, for the followere
LINCOLN COUNTY (P. 0. Lincolnton), Ga.-Bonds Defeated.-The ing 5% street-impt. assess. bonds:
,$4,257
20
Main St. pavement bonds. Denom. $425 72. Due $425 72
proposition to issue the $30,000 court-house const. bonds (V. 93, p. 1415)
yrly. Dec. 1 from 1913 to 1922 incl.
failed to carry at the election held Dec. 7.
1,197 15 Ridge St. sewer bonds. Denom. $239 43. Due $239 43 yrly.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.-Bond Sale.-On Dec. 7
Dec. 1 from 1912 to 1916 incl.
the $19,500 4 Si% ditch-constr. bonds (V. 93, p. 1549) were awarded to
Date Dec. 1 1911. Int. J. & D. Bonds to be delivered and paid for
Well, Roth & Co. of Cin. for $19,631 (100.671) and int. Other bids follow: within 10 days from time of award. Cert. check for 10% of bonds bid for.
Seasongood & Mayer, Cin..$19,601 00illotson&WolcottCo.,Cle.$19,592 43 payable to the VII. Treas., required. Bids
must be unconditional. The
Prov.Say.Bk.&Tr.Co., Cin. 19,592 6310, E. Denison & Co., Cleve 19,560 80 amount of bonds to be sold may be reduced by
the payment of assessments
A bid was also received from Hayden, Miller & Co. of Cleveland.
paid in cash prior to date of sale.
.
1682
THE CHRONICLE
[VoL. Lxxxxna.
NORTH DAKOTA.—Bonds Purchased by the State During November.—
During the month of November the following 4% bonds, aggregating $83,700, were purchased by the State at par:
Due.
Date.
Amount. Purpose.
Place Issuing Bonds—
Nov. 1 1911 Nov. 1 1931
building
Bailey S.D.No.10, DunnCo_ $2,400
Daneville S. D. No. 24, DiOct. 10 1911 Oct. 10 1929
do
v
900
ide County
Deep Creek S. D. No. 19,
Sept.15 1011 Sept.15 1931
funding
1,200
Billings County
Delabarre S. D. No. 65,
Oct. 10 1911 Oct. 10 1931
building
1,500
1000
Morton County
Sept.15 1911 Sept.15 1921
do
Divide Co. S. D. No. 4
D.,
S.
Ind.
Grand Forks
Sept. 1 1911 Sept. 1 1936
do
Grand Forks County_ __ _25,000
1 1931
Granville, McHenry Co_ _ _ _ 6,500 water-works Sept. 1 1911 Sept.
Oct. 30 1911 Oct. 30 1931
building
.17,000
Langdon Sp.S D.,CavallerCo
Nov. 1 1911 Nov. 1 1931
funding
Lorin aD. No. 59, MortonCo.1,200
Oct. 201911 Oct. 20 1931
do
3,000
Maddack, Benson County
Sept.15 1911 Sept.15 1931
800
building
MarshallS.D.No.7,DunnCo_
Nov.20 1911 Nov.20 1931
funding
MottS.D.No.8,HettingerCo.11,000
Nov. 1 1911 Nov. 1 1931
do
OshkoshS.D.No.16,WelisCo. 2,700
10 1911 Oct. 10 1921
Oct.
building
St.AnnaS.D.No.21, WellsCo. 1,000
Schlender S. D. No. 18,
1911 Oct. 10 1921
10
do
Oct.
1,000
Mercer County
Sioux Trail S. D. No. 26,
Sept.15 1911 Sept.15 1931
funding
1,600
Divide County
Sunny Slope S. D. No. 24,
Oct. 10 1911 Oct. 10 1931
building
1,400
Bowman County
County, Kan.—
NEWTON SCHOOL DISTRICT (P.O. Newton), Harvey
Nov. 1 1911 Nov. 1 1931
do
to
1912
9
Jan.
TalbotS.D.No.9,BowmanCo. 1,500
Bond Election.—Reports state that an election will be held
Oct. 10 1911 Oct. 10 1921
refunding
$12,000 site- WheatiandS.D.No.18,CassCo. 3,000
vote on propositions to issue $73,000 high-school bldg. and
bonds are subject to call.
above
the
pf
None
purchase bonds.
of issuing
OAK PARK, Cook County, III.—Bonds Voted.—The question
4% 50-year gold
carried by avote
NEW YORK STATE.—Bond Sale.—The 510,000,000
on Thurs- the $60,000 Emerson School Impt. bonds (V. 93, p. 1491)
canal bonds, bids for which were opened by the State Comptroller
8.
Dec.
held
the
election
at
to
3
48
of
having
offers
200
than
day (Deo. 14), were over-subscribed ten times, more
will be
average price of 101.04—a
OLEAN, Cattaraugus County, N. Y.—Bond Offering.—proposals
been received. The bonds were allotted at an
sale was made on July 20 of received until 1:30 p. m. Dec. 28 by G. M. Lundy, City Clerk, for the followbasis of about 3.953%. The last previous
for 512,500,000 50-year ing 4% registered street-improvement bonds:
this year. Eighty-three bids were then received
basis of about 3.829%. $7,500 Green St. bonds. Due one-ninth yearly on Jan. 1, beginning 1913.
45 sold on that date at an average price of 103.80—a
1913 to,
bids for the
8,000 South Union St. bonds. Due $1,000 yearly Jan. 1 from
This issue was over-subscribed five times. The successful
1920, 1nel.
bonds offered last Thursday are as follows:
York,
New
In
or
office
Trcas.
City
the
at
J.
4
ec
J.
Int.
11912.
15,000..101.1
Date Jan.
Herzag&Glazier,N.Y.
Charles Brand man,
at the option 01 purchaser. A deposit of 10% required.
Curtis & Sanger,N.Y 50.000..101.13
Port Jervis, N. Y. $6,000__103
Board
5101 to
Crawford, Patton &
OMAHA, Nob.—Water Board Votes to Issue Bonds.—The Water
E. A. Ames, N. Y_. 20,000_1101.75
Cannon, N. Y___. 55,000_1101.1251 on Dec. 6 passed a resolution to issue $6,263,295 49 of $8,250,000 bonds
1102.75
Co.
Granville Nat..Bank,
Aug. 2 to purchase and improve the plant of the Omaha Water
voted
Wm. B. Hunter,
cost of the propGranville. N. Y__ 15,000_101.125
3,000_ _102.10
(V. 93, p. 425.) The bonds to be issued cover the actual
Washington, D. C_
be
will
5
Board,
the
of
1,000__101.12
the
Secretary
to
.,N.Y_
according
B.Ranner&Co
erty. The other bonds,
Nat. Exch. Bank,
Skaneateles Say. Bk.,
10,0001..102
issued as the money is needed.
Boonville, N. Y.
25
10,000..101.1
Y_
N.
Skaneateles,
100BurlCal.—Bonds
C. D. Graton,
OROSI HIGH SCHOOL DISTRICT, Tulare County,
5101 63
1,000..102
Seasongood & Mayer,
ington. Vt
of 43 "for" to 125 "against," the question of issuing $20,30,000_1101.125 feated.—By a vote
Cincinnati
Wm.H.Haedrich Sr.,
failed to carry, reports state, at the election held Dec. 2.
bonds
bldg.
000
.102
10,000_
Jos. L. Buttenweiser,
Brooklyn, N. Y._
advised under
10,000..101.11
New York
5101 to
OZARK. Dale County, Ala.—Bonds Not Sold.—We are
Commercial Tr. Co.,
20-yr. coup.
101.023 date of Dec. 8 that no award has been made of the $15,000 5%
150,000_1101 75
New York
.
p.
363)
93,
sewer bonds'offered on Sept. 7 and Aug. 17 (V.
Stout & Co., N. Y.__ 175,000...t to
D. I). Cassidy Jr.,
5
10,000...101.7
101.093
has yet
Amsterdam, N. Y.
PADUCAH, Cottle County, Tex.—Bonds Not Sold.—No award10-40-yr.
W.F. Davidson,SaraC. D.Levinson & Co., 525,000_ A01.08
been made of the $10,000 str.-Impt. and $27,000 water-works 5%and $500.
5,000_ A01.75
$1,000
nac, N. Y
125,000_ J01.02
New York
(opt.) bonds offered on Nov. 27 (V. 93, p. 1418). Denom.
1101 to
Farson,Son&Co.,N.Y. 25,000_ A01.077
Date Sept. 1 1911. Int. M. & S.
M & H Clarkson,
80,000.1101.625
Geo. M. Bechtel
New York
1101.02 to
G. Winmiii & Co.,
PALO ALTO COUNTY, Iowa.—Bond Sale.—On Nov. 6
Palo
7
20,000_1101.0
1101.063
Co.,
Trust
Guaranty
New York
ec Co. of Davenport was awarded, for $182,500 (101.388), $100,000
6% bonds.
drainage
900,000 { to
New York
Alto Pocahontas Dist. and $80,000 Jacobs Dist.
Knickerbocker Trust
1101 563
Co., New York__ _ 50,000_.101 06
Denom. $1,000 and $500.
Trust &
1101.019
1101.16to Chase National Bank,
Mutual Alliance Trust
PALOUSE, Whitman County, Wash.—Bond Sale.—The Union
150,0001to 101.059 Savings Co. of Spokane has been awarded $27,000 5 % 20-yr. refunding
Co..200,000 1101.51
New York
bonds, it is stated.
1101 to
H. H. Pryor & Co.,
F.C. Benedict &
County,
80.000._101.05
150,000_1101.50
New York
Rochester
PENDLETON SCHOOL DISTRICT (P. 0. Pendleton), Umatilla
Sale.—AccordIng to reports, the Pendleton Nat. Bank has
Jr.
Ore.—Bond
Harrison
C.
Chas.
50
175,000...101
Adrian Iselin, N. Y.
031
10J,000._101.
bonds.
$100,000
Phila
purchased
Co.,
&
Matthew A. Wino,
proposition to
Adams & Co., N. Y._ 50,000...101.03
50,000_ _101.50
PERRY, Jefferson County, Kan.—Bonds Voted.—The
New York
8.
Coffin & Co., N. Y._ 100,000..101.03
issue 55,000 electric-light-plant bonds carried at the election held Dec.
Lincoln Nat. Bank,J100,000. 101.50
M.HelmerdInger,N.Y. 10,000_ _101.03
votes.
1100.000..101.25
52
of
a
majority
by
stated,
Rochester
is
it
Lindley & Co., N. Y. 5,000._101.02
derther
Offering.—Fu
to
Ala.—Bond
1101
M. S Aierbacn, New
• PERRY COUNTY (P. 0. Marion),
Kuhn, Loeb & Co.,
27o1 the 5110,000 5% 3010,000_1101 50
Yoik
tails are at hand relative to the offering on Dec. Proposals
1,000,000_101.02
New York
for these bonds
year coup. tax-free road bonds (V.93, p. 1492).
1101 to
Newburger, BenderState Bank of RanJ. B. Shivers, Probate
by
day
will be received untli 12 m. on that
15,000_1101.50
son & Loeb, N. Y.. 40,000..101 012
dolph, N Y
J. & J. at the IIanover
Int.
1912.
1
Jan.
Date
Denom.
51,000,
Judge.
101.011
_
.
1101.079 Foster & Adams,N.Y. 10,000
the Treas. is
N. W. Halsey & Co.,
Nat. Bank in N. Y. Cert. check for $1,000, payable to shall be mtituW. G. Nelson, N. Y_ 130,000._101 01
500,000.{ to
New York
required. Delivery Jan. 10 1912, unless a subsequent date Bonds
will be
1101.479 W. Bayard Cutting,
interest.
accrued
pay
to
Purchaser
upon.
agreed
1
ally
50,000..101.0
New York
Trust Co. of
;101.03to Smith,Heck&Co.,N.Y. 25,000_101.01
certified as to their genuineness by the U. S. Mortgage &Marlon,
Arthur Lipper & Co.,
whose
H. Stewart of
J.
by
approved
their
legality
and
50,000_1101.38
Y.
N.
New York
Daev,Thompson &
on blank
opinion will be furnished to the purchaser. Bids to be made $132,000.
20,000..101.01
20,000.
5101 to
Co
First National Bank,
issue,
this
forms furnished by the county. Bonded debt, incl.
1
Hancock, N. Y.. _ 14,000_1101.375 Mackay & Co., N.Y. 20,000..101.0
Assess. val. $4,280,870; actual val. (est.), 59,000,000.
(101.125 Shearson, Hammill &
5 $55,000.
Home for Incurables,
_101.01
__
100,000.
Yo.lt
New
Co..
PINE BLUFF, Jefferson County Ark.—Bond Sale.—On Dec.
to
40,000.{
New York
0769
'stated, to the Simmons Nat. Bank of
100,000_101.0
6-yr. bonds were awarded. It is
.Y.
6%
J.S
Bache&Co.,N
1101 375
Farmers Loan & Tr.
Pine Bluff.
5101.075
the
15,000..101
Mutual Trust Co.,
Co., N. Y
PLYMOUTH, Sheboygan County, Wis.—Bond Sale.—On Dec. 12 93,
200,000_1101.275 Simmer Say. Bank,
Orange, N. J
535,000 5% 1-20-yr. (ser.) water and electric-light-impt. bondsat(V.
104.70
5,000__101
Chic.
Brooklyn, N. Y___
of
Bank
(100,000__101.272
&
Savings
Trust
to
the
Harris
awarded
were
1623)
O.
Rhoades & Co.. N.Y. 100.000_101 152 Clark, Dodge & Co., 5,000..101
and int.—tobasis of about 4.44%. Other bids follow:
50
New York
1100,000..101.032
H.C.Speer & Sons Co.,Chi.$36,330 00 I Local banks, Plymotuh_ _$35,955
&
Son,
Turner
C.
J.
Co., Chi _ 35,900 00
E. H. Rollins & Sons, Chi. 36,298 50 N. W. Halsey &,
1101.011
G. F Lee, Montclair,
00
.
35,805
Chl__
67.000..101
York
New
.
Co.,
&
o
C
00 John Nuveen
---- 36,295
to
Ulen & Co., Chicago
200,000_
N. J
Chic.._ 36,228 50 Parson,Son & Co., Chic__ 35,025 00
1101.261 L. F. Rothschild & 70,000_101
Thos. J. Bolger
Co., New York
Chic__ 36,026 00
Leach & Co.,A
B.
.01to
5101
_101
10,000_
Y._
N.
Co.,
&
0. Sidenberg,
L. M. Prince
Denom. $500. Date Oct. 1 1911. Int. M. & S.
10,000_1101 26
First N. Bk., Albany. 2,000...101
New York
Sale.—We are advised
PRAIRIEBURG, Linn County, Iowa.—Band
10,000. _101
E.E.Hail&Co.,N.Y
on Nov. 5 to.
Seadongood & Haas,;500,000 _ _ 101.26
the $5,000 water bonds (V. 93, p. 1058) were awarded
that
Suffolk County Trust
3500,000..101.18
New York
100.10.
at
of
Anamosa
Niles & Watters
Co.. Riverhead_ _ _ 10,000_ _101
(500,000_ A01.07
Election Proposed.—
E.&C.Randolph,N.Y. 22,000.. _101
PROVISO TOWNSHIP, Cook County, III.—Band
in a short time to vote
5101 to
Carl J. Llmann, New
H. V. Ellsworth, MidReports state that an election will probably be held
10.000_1101.25
York
5,000__101
dletown, N. Y____
on the issuance of bridge-building bonds.
Sale.—On Nov. 20
Watson & Pressprich,
Hagedorn & Co .N.Y. 10,000_101.25
RAPID CITY, Pennington County, So. Dak.—Bond
67,000..101
bonds dated Jan. 11012
New York
j101 to
Aetna Doll & Toy
the $60,000 5% 10-20-year (opt.) coup. water-ext.
Co.,
Ins.
of Des Moines at
Continental
Co.
Sec.
Investors
the
Co., New York..__ 30,000_1101 25
(V. 93, p. 1416) were awarded to
663,000..101
Co. of Chic..
New York
100.425 and int. Other bids were received from S. A. Kean &
1101 to
N. Y. State Nat.
Chicago.
Catharine V. R. Sanof
Co.
Bolger
J.
Thos.
the
and
Detroit
&
of
Hood
Co.
A. J.
30.000_1101.25
Bank. Albany_
3,000...101
ders, Albany
until
ROCHESTER, N. y.—Band Offering.—Proposals will be received
StateBk.ofCommerce,
Estabrook & Co.,! 2,000_ _101.21
Comptroller, for 51,000,000
3 p.m. Deo. 28, it is stated, by C. F'. Pond, City
Brockport. N. Y. 12,000..101
1 3,000...A01 06
p.1550).
93,
New York
(V.
notes
for
4% coup, or registered bonds, to take up water-works
the Union Trust Co.
1101 .olto Seamans Bank
Zimmerman & ForDenom. $5,000. Date Jan. 1 1912. Int. J. & J. at1922.
Savings, N. Y.__ 335,000...101
Bids must be
1
shay. New York__ 210,000_1101.19
5.000_ _101
in New York. Due Jan. 1 1942, opt.'after Jan.for
Markel Bros., N. Y__
2% of bonds bid for
check
5101.02 to KrausBros &Co.,N.V. 5,000_ _101
made on blanks furnished by the city. Cert.
Parkinson & Burr,
Co. of N. Y.
Trust
er
Knickerbock
the
by
will
be
certified
Bonds
100,0001101.18
required.
New York
E. H. Lyon, N. Y__. 15,000__101
and 5300,000, local3,000...101
Y__
Note Sale.—On Dec. 8 5100.000 water-works-imPt.
Lehman Bros., N. Y_ 200,0005101.02 to Chas. Eddy, N.Bank,
follows:
as
Highland Nat.
Impt. 8-month notes were awarded
1101.16
-works notes at 4.10% int.,
Newburgh, N. Y.. 67,000..101
Monroe County Savings Bank-5100,000 water
notes
(101.0301 Onondaga Co. Say.
$100,000 local-impt. notes at 4.15% int. and $100,000 local-impt.
to
LewLsohn Bros.,N.Y. 500,000.{
Bk.,Syracuse,N.Y. 67,000..101
at
(101.1501 Rodgers &Son,Chag. of N. Y.-5100,000 local-impt. notes at 4.20% int.
.
Trust to
4.20it
Union
t
Dominick Bros.& Co..
rin Falls, Ohio.... 10,000__101
Other bids follow:
55,000...101.15
New York
-works notes at 4.50% int.
rk& Squire,
spon
IlelawmI
WIN
Bond & Goodwin, N. Y.55100,O11 water
10,000...101
1 300,035 local-impt. notes at 4.625% int.
(101.012
Werner Bros &Go,d4.75% int.
Bank,
at
000
-Amer.
German
schmIdt. N. Y___ 30,000_ _{ to
T. J. Swanton, Rochester-5400,
notes at 4.50% int.
67,000..101
Buffalo, N. Y
1101.14
Luther Robbins, Rochester-5200,011 local-impt.
int
4.20%
at
0
N.
Y.—$300,00
Co.,
Trust
Bank,
Union
A syndicate composed of Harris, Forbes & Co., the National City
R. L. Day & Co. and Kountze Bros. of New York City offered 100..413 for
SACRAMENTO COUNTY (P. 0. Sacramento), Cal.--Bond Offering.—
2)
the entire issue. Kuhn, Loeb & Co.of New York made a bid for $5,000,000 Proposals will be received until 10 a. m. Dec. 30 (date changed from Deo.
No.
bonds at Prices ranging from 100.02 to 101.02, but secured only $1,000,000: by M. J. Curtis, Co. Treas., for the $240,000 8% reclamation District
as noted above. Seasongood Se Haas of New York, who were awarded. 551 assess. bonds (V. 93. p. 1278). Denom. $1,000. Date Oct. 1 1911.
51,500,000. bonds, submitted offers for $3,000,000 at from 100.42 to 101.28. Int. J. & J. Due1516,000 yearly on Jan. 1 from 1017 to 1031 Incl.
Dec. 4
White, Weld & Co. of New York offered to take $1,800,000 of the bonds
SALEM, Marion-County. Ore.—Bonds Defeated.—An election held
at prices ranging from 100.071 to 100.761. A. B. Leach & Co. and Harvey resulted In the defeat of the question of issuing bridge-construction bonds.
Fisk & Sons bid for $4,000,000 from 100.53 to 100.93; Clark, Dodge & Co.
Sale.—
Cal.—Bond
SANGER SCHOOL DISTRICT, Fresno County,
$1,000,000 from 100.14 to 100.68; Knauth, Nachod & Kuhne $500,000 from
bonds
$1,000,000 from N. W. Halsey & Co. of San Fran, has been awarded the $60,000 5%
100.267 to 100.752; United States Mortgage & Trust
Co.' to 100.821.
votedlOct.'_14 (V.193, p. 1215.)
100.50 to 100.70; Sutro Bros. & Co. $800,000 from 100.021
rts
MOUNTAIN GROVE, Wright!County, Mo.—Bonds Voted.—Repo
constr. bonds
state that the question of issuing the $25,000 water-works4.
Dec.
held
election
the
at
vote
favorable
a
(V...93, p. 1415) received
Sale.—
NACOGDOCHES COUNTY (P. 0. Nacogdoches). Tex.—Bond
on
The 575,000 5% 5-40-year (opt.) court-house and jail bonds offered
A. J.
to
advised,
been
just
have
we
Oct. 9 (V. 93, p. 896) were awarded,
Hood & Co. of Detroit at par and accrued interest.
oposals
NASSAU COUNTY (P. 0. Fernandina). Fla.—Bond Offertng.—Pr W. T.
will be received until 10 a. m. Dec. 27 by the Bd. of Co. Comm'rs,
No. 1
Watts, Chairman, for $60,000 5% Special Road and Bridge District
bonds. Denom. $1,000. Date Dec. 15 1911. Int. J. & D. at the Treas.
required.
$500
office. Due Dec. 15 1941. Cert. check for
12 the
NEW BEDFORD, Bristol County, Mass.—Band Sale.—On Dec. were
$100,000 4% 14 Yi-year (ay.) reg. sewer bonds (V. 93, p. 1622)
int.—a
and
103.687
at
awarded to N. W. Harris & Co., Inc., of Boston,
basis of about 3.67%. Other bids follow:
103.63 E. H. Rollins & Sons, Bost_103.29
Adams & Co., Boston
.103.26
Curtis & Sanger, Boston_ __ _103.555 Blake Bros. & Co., Boston..__103.199
R. L. Day & Co., Boston_
_103.514
Blodgett & Co., Boston_
103.489 Merrill,Oldham&Co.,Boston_103.18
Estabrook & Co., Boston
election held
NEWPORT. Newport County, R. I.—Bonds Voted.—The
of
Dec. 5 resulted in a vote of 1,785 "for" to 941 "against" the question
issuing $30,000 Eastern Beach impt. bonds.
DEC. 16 1911.1
16S3
THE CHRONICLE
-Bond Offering.-ProSAN JOAQUIN COUNTY (P. 0. Stockton), Cal.
Board of County
posals will be received until 10 a. m. Jan. 2 1912 by the
securities are part of
These
bonds.
Supervisors for $100,000 5% highway
$1,290,000 of which has
the issue of $1,890,000 bonds voted in March 1909,
at Kountze Bros.
already been disposed of (V. 92, p. 753). Int. payable
The legality of the
holder.
of
option
in New York or at the Co. Treas., at
of New York. Bid
bonds will be approved by Dillon, Thomson & Clay
D. Graham, County
must be made on a blank form furnished by Eugene
&
Clay.
Clerk, or by Dillon. Thomson
found among the advertiseThe official notice of this bond offering will be
ments elsewhere in this Department.
Cal.-Bond Election.Mateo,
San
DISTRICT,
SCHOOL
SAN MATEO
held Dec. 29 to vote on the question
Reports state that an election will be(V.
93, p. 1215).
bonds
school
$100,000
the
issuing
of
-Bond Sale.-On Nov. 6 the
SANTA PAULA. Ventura County. Cal. bonds (V. 93, p. 1278) were
$16,000 5% 1-16-yr. (ser.) tlood-protection
& Merchants' Bank of
Farmers'
the
and
Bank
Nat.
First
awarded to the
4.76%. DeSanta Paula for $16,265 (101.656) and int.-a basis of about
nom. $1,000. Date Nov. 1 1911. Int. M. & N.
resulted, it is
6
Dec.
SAVANNAH,(la.-Bonds Voted.-The election held
,i% 30-yr. housestated, in favor of the proposition to issue the $600,000 43
300 bonds
Denom.
487).
p.
93,
drainage and sewerage-system bonds (V.
semi-annual. The vote
of $500 each and 450 bonds of $1,000 each. Int.
was 2,451 to 438.
the month of Nov.
SEATTLE, Wash.-Bond Sales in November.-DurIng
$136,031 89,
the following special linprovt. assessment bonds, aggregating
were Issued by this city:
Due.
Date.
Rate.
Int.
Purpose.
Amount.
7 Nov. 4 1911 Nov. 4 1916
$1,881 54_ _Sidewalk
7 Nov. 4 1911 Nov. 4 1916
10,024 56_ _ Water-main
7 Nov. 9 1911 Nov. 9 1921
29,191 92_ _Sewer
7 Nov. 9 1911 Nov. 9 1921
6,037 28_ _ Paving
7 Nov. 10 1911 Nov. 10 1916
25,054 09.._ Grade
7 Nov. 13 1911 Nov. 13 1916
847 16...Sidewalk
7 Nov. 17 1911 Nov. 17 1916
692 69_ _ Water-main
7 Nov. 18 1911 Nov. 18 1916
walks
and
_Curbs
78_
17,385
7 Nov. 23 1911 Nov. 23 1916
496 09_ _Curbs
6 Nov. 23 1911 Nov. 23 1926
5,584 51__Paving
Nov. 25 1911 Nov 23 1926
7
_Paving
37,936 27_
All of the above issues are opt. after one year.
-Bond Sale.-Blodget &
Mass.
County,
Franklin
FALLS.
SHELBURNE
$75,000 4% fire-district
Co. of Boston were awarded at 102.63, it is stated,
bonds. Due from 1916 to 1940.
-Reports state
SHELBY, Cleveland County. No. Caro.-Bonds .Voted.
the Shelby Electric
that the proposition to issue $13,000 bonds to purchase
held Dec.5.
election
the
at
39
to
158
of
vote
Light & Power plant carried by a
Not Sold.-The $20,000 waterSISSON, Siskiyou County, Cal.-Bonds5%
(V. 93.
bondt
tax-free
coup.
works, $15,500 sewer and $4,500 city-hall
p. 1136) offered on Nov. 17 have not been sold.
Sale.
-Bond
Tex.
SMITH COUN rv COMMON SCHOOL DISTRICTS.
Fund was awarded on Nov. 15
The Smith County Court-House Sinking
interest*
and
par
at
bonds
reg.
(opt.)
the following 5% 5-20-year
p. 1341). Denom. $200.
$400 of the $800 District No. 5 bonds (V. 93,
Date Oct. 1 1911. Interest annually in April.
$100. Date Sept. 1
Denom.
1058).
p.
93,
(V.
600 DiStrict No. 59 bonds
1911. Interest annually in April.
SOUTH FORK, Cambria County, Pa.-Bond Sale.-On Dec. 4 $25,000
5% 20-30-yr. (opt.) bonds were awarded, it is stated, to the First Nat.
Bank of South Fork at 102. and int.
SOUTH OMAH 4, Douglas County. Neb.-Bond Oh-ell:lg.-Proposals
will be received until 8 p. m. Dec 22 by F. H. Good, City Clerk, for $110,880
4.4 ut, 20-year renewal bonds, it is stated. Int. semi-ann. Certified check
for $1,000 required.
SPRINGFIELD, Ohio.-Bond Offering Postponed.-We are advised that
30
the offering of $1,110 75 Rice St., $4,941 85 Prospect St. and $2,101
Seever St. 5% 2 %-yr. (ay.) impt. assess, bonds which was to have taken
place Dec. 26 has been indefinitely postponed.
ordiSPRINGFIELD. Clark County. Ohio.-Bonds Authorized.-An
nance has been passed providing for the issuance of $9,000 43% coup.
1911.
1
Sept.
Date
Mill Run water-rights-purchase bonds. Denom. $500.
Int. M. & S. at the City Treas. office. Due $4,500 Sept. 1 in 1921 and 1922.
SUTHER LIN, Douglas County, Ore.-Bonds Voted.-A favorable vote
was cast on Dec. 4, it is stated, on the proposition to issue $30,000 watersystem bonds.
SUTTON SCHOOL DISTRICT (P. 0. Sutton), Clay County, Neb.-Bond
Sale.-The State of Neb. was awarded during Nov. $10,000 5% 5-20-yr.
(opt.) bonds. Date July 1 1911.
SWEET WATER. Nolan County,Tex.-Bond Offering.-Proposals will be
received until 12 m. Jan.,8 1912 by L. S. Polk, City Sec. for $25,000 5%
street-Impt. bonds. Denom. $1,000. Date Oct. 25 1911% Int. A. & O.
Dile 40 yrs., opt. after 20 yrs. Cert, check for $500, payable to the "City
of Sweet Water," required. Official circular states that the city has never
failed to meet her obligations and no bonds have ever been questioned or
contested.
SYLVESTER, Worth County, Ga.-Bonds Voted.-By a vote of 125 to 3.
the question of issuing $20,000 public-impt. bonds carried at the election
held Dec. 5, according to reports.
TACOMA, Wash.-Bonds Sold During November.-The following 7%
special-impt. a se sment bonds, aggregating $11,495 77, were disposed of
during Nov.:
Due.
Date.
Purpose.
Amount.
Nov. 1 1911 Nov. 1 1916
$438 85.._Cement-walk bonds
Nov. 11 1911 Nov. 11 1916
1,768 90_ Water-main bonds
Nov. 15 1911 Nov. 15 1916
1,774 20_ _Water-main bonds
Nov. 15 1911 Nov. 15 1916
4,905 60_ _Grading bonds
Nov. 15 1911 Nov. 15 1916
Cement-walk
bonds
75_
1,395
Nov. 15 1911 Nov. 15 1916
833 80_ _Sewer bonds
Nov. 15 1911 Nov. 15 1916
378 67_ _Sewer bonds
TILLAMOOK, Tillamook County, Ore.-Bonds Voted.-An election held
Dec. 4 resulted In favor of the proposition to issue $90,000 bonds, it is
stated.
st
RTO N. Newport County, R. I.-Bonds Not to be Re-offered at PresTIVERTON.
ent -We are advised that the $56,000 4% 1-56-yr. (ser.) coup. refunding
bonds offered but not sold on Oct. 19 (V. 93, p. 1215) will not be re-offered
at present.
TOLEDO. Ohio.-Bonds Authortzed.-Ordinances have been passed providing for the issuance of the following 5% coupon assessment bonds:
$5,390 56 Wheeling St. No. I paving bonds. Dcnom. $530 56 and $540.
Date Nov. 1 1911. Due 3530 56 March 1 1913 and $540 each
six months from Sept. 1 1913 to Sept. I 1917, Inclusive .
3,147 80 Erie St. No. 13 repaving bonds. Denom. $312 80 and $315.
Date Oct. 27 1911. Due $312 80 Mch. 27 1913 and $315 each six
months from Sept. 27 1913 to Sept. 27 1917, Inclusive.
NEW LOANS.
NEW LOANS.
$415,000
$30,000
ad,Nassau County,N.Y.,
KANSAS CITY, MISSOURI, Town of Hempste
ALMSHOUSE BONDS
BONDS
Scaled proposals will be received by the undersigned, the Mayor and City Comptroller of Kansas
City, Missouri, until JANUARY 2, 1912. AT 10
O'CLOCK A. M., for the purchase of all or any
part of the following bonds of the City of Kansas
City, Missouri, viz.:
TWELFTH STREET TRAFFICWAY BONDS.
$415,000.
Said bonds bear interest at the rate of four and
one-half per cent per annum, are of the denomination of $1,000 each, dated September 1. 1910,
to mature September 1, 1930, interest payable
at the office of the City Treasurer of Kansas City,
Missouri, or at the Chase National Bank in the
City and State of New York, at the option of the
holder.
No bid will be received which is in whole or in
part less than par.
The legality of the bonds will be approved by
Messrs. Dillon, Thomson & Clay, of New York,
whose opinion as to the legality, or duplicate
thereof, will be delivered to the purchaser or
purchasers of said bonds.
Each bid must be made on a blank form furnished by the City rend must be accompanied by
a duly certified check on a national bank doing
business In Kansas City. Missouri, payable to the
order of the City Comptroller of Kansas City,
Missouri, for two per cent of the par value of the
bonds hid for. The right is reserved to reject
any and all bids.
Delivery, of the bonds will be made on January 15. 1912, at 10 o'clock n. m., at the office of
the City Comptroller of Kansas City, in Kansas
City. Missouri. Bids will be received at the office
of the Mayor in Kansas City, Missouri, in the
City Hall in said City, but no bid will be entitled
to consideration unie.s received by or before the
hour above set for receiving bids.
Printed circulars containing more definite and
detailed Information with reference tosaid bonds,
and blank forms for bids,can be had on application to the City Comptroller of Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay,
195 Broadway, New York.
DARIUS A. BROWN,
Mayor of Kansas City, Missouri.
GUS PEARSON,
Comptroller of Kansas City, Missouri.
PUBLIC NOTICE IS HEREBY GIVEN that scaled proposals will be received by the Supervisor
of the Town of Hempstead at the office of the Town Clerk of the Town of Hempstead in the Town
Hall In the Village of Hempstead, Nassau County, New York, until three o'clock in the afternoon
on the 19TH DAY OF DECEMBER. 1911, when they will be publicly opened, for the purchase of
thirty (30) negotiable coupon bonds of the Town of Hempstead, New York, Issued for the purpose
of providing for the cost of erecting and constructing a Town Poor House or Almshouse on the
property of the Town of Hempstead, known as the Town Poor Farm.
Said bonds are known as "Almshouse Bonds," are of the denomination and of the par value
of One Thousand Dollars ($1,000) each, bear date the first day of September, 1911, and bear interest
at the rate of four and one-half (4)4) per centum per annum, from the first day of September, 1911,
payable semi-annually on the first day of March and the first day of September in each year.
The bonds to be sold are thirty (30) in number, all of like date, tenor and amount, and numbered
consecutively from 1 (one) to 30 (thirty), both inclusive.
Two of said bonds In order as numbered mature and are payable on the first day of September
In each of the years 1912 to 1926, Inclusive.
Both principal and interest of said bonds are payable In gold coin of the United States of America
of or equal to the present standard of weight and fineness, at the office of the Town Clerk of the
Town of Hempstead in the Town Hall in the Village of Hempstead, County of Nassau and State
•
of New York.
No bid will be accepted for less than the par value of said bonds, and each bid so made must
be accompanied by a deposit of money or by a certified check to the order of the Supervisor of the
Town of Hempstead for at least ten per cent (10%) of the par value of the bonds bid for. All bids
so made, together with the security deposits, shall be sealed and endorsed "Bids for the purchase
of Almshouse Bonds," and enclosed In a sealed envelope addressed to the Supervisor of the Town
of Hempstead.
All bids will be received and made on the express condition that in addition to the price bid for
the purchase of said bondc the bidder will pay as part of the purchase price therefor the accrued
Interest on said bonds from the first day of September, 1911, up to and including the day of the
delivery thereof to the purchaser.
All bids must also contain a statement signed by the bidder that such bid is submitted in accordance with all the terms and conditions of this notice of sale, and also in accordance with all the terms
and conditions of the resolution hereinafter referred to, and without combination or collusion with
any other bidder.
The Supervisor of the Town of Hempstead hereby reserves the right to reject all bids and readvertise if In his opinion the price offered is inadequate.
1 he said bonds are Issued and sold pursuant to Resolution Number Eight, adopted by the Board
of Supervisors of Nassau County on the seventeenth day of July, 1911, and pursuant to the resolution
of the Town Board of the Town of Hempstead, adopted December 7th, 1911, and all bids must be
submitted pursuant to said resolutions.
Dated, Hempstead, New York, December 7th, 1911.
MORRIS F. CRAFT,
As Supervisor of the Town of Hempstead.
HODENPYL, HARDY & CO.
7 Wall St
Now York
Railroad, Strait By., Gas & Yam Light
$150,000
SECURITIES
MOBILE COUNTY, ALA.,
ROAD BONDS
The Board of Revenue and Road Commissioners
of Mobile County respectfully call for bids for
$150,000 in Road Bonds. Bids to be opened at
noon of MONDAY. DECEMBER 18111, 1911.
For particulars address,
GEO. E. STONE,
County Treasurer.
Mobile, Ala.
MUNICIPAL AND RAILROAD
BON DS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
$15,000
City of California, Missouri,
SEWER BONDS
Sealed proposals will he received by the City
Clerk until 7:30 P. M. JANUARY 2. 1912, for
the purchase of $15,000 00 sewer bonds of the
City of California, Missouri, said bonds to be dated
January 1st, 1912, due twenty years after date,
and bearing interest at live per cent per annum,
payable semi-annually.
Each bid to be accompanied by certified cheek
for $500 00, payable to City Treasurer, which
shall be forfeited to the city it bidder fails to comply with the terms of his bid.
The City reserves the right to reject any and
all bids.
13y order of the Board of Aldermen.
J. W. HUNTER, Mayor.
Attest:
H. E. BLAKEMAN, City Clerk.
1684
THE CHRONICLE
876 31 Sewer No. 1113 construction bonds. Denom. $216 31 and 8220.
Date Dec. 7 1911. Due $216 31 Mch. 7 1913, *220 Sept. 7 1913
and $220 on Mch. 7 and Sept. 7 In 1914.
8,624 79 Woodruff Ave. No. 11 taint. bonds. Denom. $839 79 and *865.
Date Nov. 11 1911. Due $839 79 Mch. 11 1913 and $865 each
six months from Sept. 11 1913 to Sept. 11 1917, inclusive.
Interest semi-annually at the Second National Bank in '1 oledo.
TOLEDO CITY SCHOOL DISTRICT (P. 0. Toledo). Ohio.-Bond
Offertna.-Proposals will be received until 8 p. m.
Jan. 2 1912 for $130,000
4% bonds. Authority Sections 7829, 7630, 7626 and 7627, General Code.
Denom. $1,000. Interest semi-ann. Due $41,000 in 32, 33 and 34 years
$7,000
in
35 years from date.
and
TYLER SCHOOL DISTRICT (P. 0. Tyler), Smith County, Tex.-Bonds
Voted.-The proposition to issue the $50,000 high-school-bldg.
bonds (V. 93,
p. 1416) carried, it is stated, by a vote of 338 to 45 at the election held Dec. 5.
VASSAR TOWNSHIP (P. 0. Vassar), Tuscola County, Mich.-Bond
Offering.-Proposals will be received until 2 p. m. Dec. 27 for the $10,000
45% bridge-bldg. bonds voted Nov. 27 (V.93, p.1624). Denom. $1,000.
Date March 15 1912. Int. annually for first year and seml-annually thereafter. Due $1,000 yearly March 15 from 1913 to 1922 incl. Cert. check
for $500 required. H. C. Dean is Township Clerk.
VENICE GRAMMAR SCHOOL DISTRICT (P. 0. Venice), *Los Angeles
County, Cal.-Bonds Defeated.-AccordIng to reports, the proposition to
issue the 850,000 school-4,mA. bonds (V. 93, p. 14161 failed to carry at the
election held Dec. 1. Vote was 370 to 237, a two-thirds majority being
necessary to carry.
VENICE PLAYA-DEL REY UNION HIGH SCHOOL DISTRICT (P. 0.
Venice). Los Angeles County, Cal.--Bonds Defeated.-By a vote of 824
"for" to 309 "against," the question of issuing the $200,000 bldg. bonds
(V. 93,0. 1417) was defeated at the election held Dec. 1. A two-thirds majority was required to authorize.
VICTORIA COUNTY (P. 0. Victoria), Tex.-Bond Election Proposed.
A vote will be taken In the near future, it is stated, on the question of issuing $40,000 Mission Valley Road Dist. impt. bonds.
WAMPUM, Lawrence County, Pa.-Bond .Sate.-The $10,000 43%
20-yr. water-works-constr. bonds (V. 93, p. 1059) were awarded $6,000 to
S. P. Emery, $2,000 to J. R. Butler and $2,000 to F. R. Cochran. Denom.
$500. Date Oct. 1 1911. Int. A. & O.
WARE COUNTY (P. 0. Waycross), (la.-No Bond Election.-Coneerning the report in one of the papers that an election would be held Dec. 7
to vote on a proposition to issue $150,000 road bonds, we are advised by the
County Clerk that "no election has been called."
WARREN COUNTY (P. 0. Vicksburg), Miss.-Bond Sale.-On Dec. 5
two issues of 5% 5-20-yr. (opt.) bonds were awarded as follows:
$1,500 jail bonds to Jas. Green at 104.
5,800 bridge and road bonds to the City Say. & Trust Co. for $5,960making the price 102.758.
The City Sax. & Trust Co. also bid $1,540 for the $1,500 issue. Denom.
*100, $500 and $1,000. Date Dec. 5 1911. Lit. ann.
WAUKESHA, Waukesha County, Wis.-Bond Sale.-On Nov. 1 the
$10,000 4% 4-13-yr. (ser.) cemetery bonds (V. 93, p. 1059) were awarded
to local investors at par.
WEBSTER GROVES, St. Louis County, Mo.-Bond Offerina.-Further
details are at hand relative to the offering on Dec. 18 of the $75,000 5%
registered water-system-ext. bonds (V. 93, p. 1624). Proposals for these
bonds will be received until 8 p. m. on that day by the Bd. of Aldermen.
[VoL. Lxxxxin.
Auth. Secs. 9383 and 9544 to 9458, Rev. Stat. of 1909. Denom. $1,000.
Date Nov. 15 1911. Int. M. & N. at the Bank of Webster Groves.
Due
Nov. 15 1931. Cert. check for $5,000, payable to the City Treas.,
required.
WEST ALLIS, Milwaukee County, Wis.-Bonds
-The
Common Council passed an ordinance on Dec. 5, reportsAuthorized.
state, providing
for the issuance of $18,000 5% storm-sewer bonds. Due
yearly
March 1 from 1921 to 1926 incl., and $2,000 yearly March 1 $1,000
from 1927 to
1922, incl.
WEST CALDWELL(P.0.Caldwell), Essex County. N. J.-Bonds
-The proposition to issue the $3,500 water-system bonds (V. 93, p.Voted.
1493)
carried by a vote of 54 to 4 at the election held Dec. 5.
WHARTON. Morris County, N. J.-Bonds Defeated.-The election held
Dec. 12 resulted In the defeat of the proposition to issue the $60,000 waterworks bonds, the vote being 117 "for" and 177."against." V. 93, p. 1624.
WHITEFISH, Flathead County, Mont.-Bonds Voted.-It Is reported
that a proposition to issue $30,000 high-school-bldg. and site bonds was
favorably voted upon at the election held Dec. 2.
WICHITA, Sedgwick County, Kan.-Bonds Authorized.-An ordinance
has been passed providing for the issuance of $7,635 98 5% coup. park-impt.
bonds. Denom. $135 98 and $500. Date Dec. 1 1911. Int. J. & D. at
the fiscal agency of the State In Topeka. Due Dec. 1 1913.
WILLAMETTE, Clackamas County, Ore.-Bonds Not Sold.-We are
advised under date of Dec. 6 that the $10,000 8% 5-20-year
(opt.) gold
coup. bonds (V. 91, p. 1794) have not yet been sold.
WILSON COUNTY (P. 0. Floresville), Tex.-Bond Election Proposed.An election will be held, reports state, to vote on a proposition to issue
$30,000 bonds for the purchase of two road-building machines.
WINSTON TOWNSHIP, Forsyth County, No, Caro.-Bond
An election will be held Jan. 8 1912, it Is stated, to vote on the Election.of
Issuing $100,000 bonds to aid the Randolph & Cumberlandquestion
By., the
amount to be paid on the completion of the road to Yadkinville.
WOOSTER, Wayne County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. Jan. 6 1912 by J. B. Minter, City Aud., for $1,095
4 34% coup. College Ave. ext. and Derr Ave. sewer-const, assess. bonds.
Date Dec. 1 1911, Int. J. & D. at the Sinking Fund Trustees' office. Due
serially from 1 to 5 years. Cert. check for 5% of bonds bid for, payable
to the City Treasurer, required.
Canada, its Provinces and Municipalities.
AMULET, Sask.-Debenture Sale.-An issue of $2,000 6;i% 15-year
debentures has been awarded to Nay & James of Regina, it is stated.
BATTLEFOR D. Sask.-No Action Yet Taken.--No action has yet been
taken looking towards the issuance of the $3,000 school and $25,000 5%
debentures (V. 03, P..$90.)
CARLETON COUNTY (P.O. Ottawa), Ont.-Debenture Sale.-On Nov.
21 the $40,000 5% 20-Installment debentures (V. 93, p. 1279) were
awarded
to G. A. Stimson & Co. of Toronto.
CASTOR. Alta.- Loan Voted.-A favorable vote was east, recently, it is
stated, on a by-law providing for a loan of $6,000 for fire purposes.
CAVIL/DA. Ont.--Loan Election.-An election to vote on a by-law providing for a loan for a hydro-electric power pinta will be held, reports
tate, on,Jan. 1 1912.
CLARESHOLM, Alta.-Debenture Sale.-The Dominion Sec.
Ltd..
of Toronto, has been awarded, it is stated, the $8,500 5% waterCorp.,
debentures
voted Oct. 27 (V. 93, p. 1418).
NEW LOANS.
NEW LOANS.
NEW LOANS.
CITY OF SPOKANE
$4,000,000
$15,000
$875,000
50-YEAR PARK BONDS
$50,000
20-YEAR GENERAL INEPT. BONDS
Sealed proposals will be received by the Sinking
Fund Commission of the City of Spokane, Washington, at the office of the City. Auditor of said
City, up to 12 O'CLOCK NOON OF THE 23Rd
DAY OF DECEMBER. 1911, for the purchase of
all or any portion of the following bond issues:
$875,000 50-Year Park Bonds.
50,000 20-Year General Improvement Bonds.
No bid will be considered for the Park Bonds
which is for an amount less than $25,000 or multiple thereof; for the General Improvement bonds
which is for an amount less than $10,000 or
multiple.
Park bonds are to be issued for the purpose of
'acquiring and improving parks, parkways, playgrounds and boulevards,and bear date of January 1, 1912, and payable 50 years after date,
and interest at a rate not to exceed 434% annually, payable semi-annually.
General Improvement Bonds are to be issued
for the purpose of funding a working fund to
purchase Local Improvement warrants issued
to laborers and material men under the day labor
plan of local improvements, and bear date of
January 1, 1912, and payable 20 years after date,
and interest at a rate not to exceed 5% annually,
payable semi-annually.
All bids are to be made upon the condition of
the acceptance of the bonds upon the approval
of the legality of the same by Messrs. Wood &
Oakley, attorneys of Chicago. Illinois. No bids
can be accepted for less than the par value of said
bonds and the accrued interest, and said commission reserves the right to reject any and all
bids, and each bid must be accompanied by a
certified check for two per cent of the amount of
the bid submitted.
Both issues of bonds are to be a general obligation of the whole city.
JAMES MoGOUGAN,
•!L.City Auditor.
BOND CALL.
Bond Call
CITY OF MANCHESTER,VA.
CITY AUDITOR'S OFFICE,
Richmond, Va., December 1st, 1911.
Holders of City of MANCHESTER. VA., five
per cent (5%) BONDS, payment of which has
been assumed by the CIT1 OF RICHMOND, are
hereby notified to present them at this office for
REDEMPTION on or after the 1st day of January. 1912, as they will cease to bear interest from
EDWARD J WARREN,
that:date.
Audit
STATE OF CONNECTICUT, Township of Weehawken,
HUDSON COUNTY, N. J..
rpm% PER CENT BONDS
FIRE HOUSE BONDS
FOR SALE
Treasury Department.
Hartford, Nov. 16, 1911.
Sealed proposals will be received by the Treasurer at the Treasury Department in the Capitol
at Hartford until 11 a. m., December 21, 1911, for
the purchase of the whole or any part of Four
Million Dollars ($4,000,000) of Four Per Cent
(4%) State Bonds,to be issued under date of July 1
1911, and to mature July 1, 1936. Interest payable semi-annually on the first days of January
and July of each year.
These Bonds are authorized by Act of the General Assembly approved September 19, 1911
Bonds are either Coupon or Registered.
Full particulars may be obtained by addressing
"State Treasurer, IIartford."
COSTELLO LIPPITT, Treasurer.
$100,000
San
Joaquin
County, Cat.,
HIGHWAY BONDS
Sealed proposals will be received by the Board
of Supervisors of San Joaquin County, California,
until TUESDAY, THE 2ND DAY OF JANUARY. 1912, at 10 o'clock a. m., for the purchase
of all or any part of $100,000 of Highway Bonds
of a $1,890,000 issue of five per cent Highway
Bonds of said County, principal and interest
payable at Kountze Brothers, New York City, or
at County Treasury, at option of holder. Legality of Bonds will be approved by Messrs. Dillon,
Thomson & Clay, successors to Messrs. Dillon &
Hubbard, of New York. Bids must be made on
blank forms furnished by County. Printed circulars containing full information and blank forms
of bids can be had on application to Eugene D.
Graham, County Clerk, Stockton, California, or
to Messrs. Dillon, Thomson & Clay, of New
successors to Messrs. Dillon & Hubbard,York,
New
York.
EUGENE D. GRAHAM,
County Clerk of San Joaquin County, Cal.
Sutherlin & Company
MUNICIPAL BONDS
Commerce Building,
KANSAS CITY i
MISSOURI
Under Chapter 129, Laws of New Jersey, 1908.
Sealed proposals will be received by the Township Committee of the Township of Weehawken.
In the County of Hudson, N. j., on MONDAY.
DECEMBER 18TH, 1911, at eight o'clock P. M.,
at the Township Hall, Park Avenue, for the
purchase of the following Four and One-Half
Per Cent semi-annual coupon bonds.
Amount, $15,000.
Purpose, Erection of Flre House.
Maturity, $15,000 on July 1st, 1931.
Interest, January and July.
Denomination, $1,000 each.
Dated, July 1st, 1911.
The bonds will be delivered upon payment of
the purchase price, interest and premium. Each
proposal must be accompanied by a certified
check, payable to the order of Hugh J. Coyle,
Township Treasurer, for an amount equal to Two
Per Cent of the par value of the bonds bid for.
The Township Committee reserves the right to
reject any and all bids if deemed for the interest
of the Township so to do, but no bid for less than
par and accrued interest will be entertained.
By order of the Township Committee.
THOMAS CARROLL,
Township Clerk.
Thomas J. Bolger Co.
MUNICIPAL BONDS
Legal for Savings Banks,
P0041 Savings and Trust Funds
SIND PUB LIST
19 South La Salle St.,
•
CHICAGO
F. WM. KRAFT
LAWYER
Specializing in
Examination of
Municipal and Corporation Bonds
1312 FIRST NATIONAL BANK BLDG..
CHICAGO, ILL.
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
DEC. 16 1911.]
THE CHRONICLE
CORNWALL, Ont.-Debenture Sale.-According to reports, Wood,
Gundy & Co. of Toronto were awarded $9,101 5% 20-installment debent.
CREELMAN, Sask.-Debenture Offering.-This place, according to
reports, is offering for sale $1,500 permanent impt. debentures. A. Grainger is Secretary-Treasurer.
CUMBERLAND TOWNSHIP,Ont.-Loan Election.-The ratepayers will
be asked to vote on a by-law providing for a loan of $3,000 for sidewalks
and road improvements, it Is stated, on January 1 1912.
Election.- The question of issuing debentures
EXETER, On
for installing hydro-electric power will be voted on, reports state, at an
election to be held Jan. 1 1912.
GRASSY LAKE, Alta.-Debenture Sale.-Nay & James of Regina, it is
stated, has been awarded $2,000 7% 10-installment debentures.
HARDISTY, Alta.-Debenture Sale.-On Oct. 31 the $3,000 6% 7-installment street-impt. debentures (V. 93, p. 899) were awarded to Brent,
Noxon & Co. of Toronto at 96. Other bids follow:
$2,811
Nay & James, Regina
Canadian Debenture Corpora$2,8251C. H. Burgess & Co., Toronto.. 2,800
tion, Ltd., Toronto
Regina
have
-Debenture
Sale.
-Nay
&
James
of
KITSCOTY, Alta.
purchased $1,000 6% 10-year debentures, it is reported.
LONDON, Ont.-Loan Election.-According to reports, loan by-laws
aggregating $200,000 will be submitted to the voters on Jan. 1 1912.
MARMORA, Ont.-Loan Election.--On Jan. 1 1912 the ratepayers will
vote on a by-law, it is stated, providing for a loan of $3,000 for school
purposes.
MOUNT FOREST, Ont.-Loan Voted.-A by-law to loan an additional
$14,000 to the carriage company received a favorable vote, it is stated, at a
recent election.
NIAGARA FALLS,Ont,-Loan Election.-At an election to be held Jan. 1
1912, the ratepayers will vote on a by-law to raise $2,500 for new fireapparatus, &c., according to reports.
NORTH TORONTO, Ont.-Loan Election.-On Jan. 1 1912 two by-laws
providing for loans of $300,000 for a water-system and $40,000 for a highschool will be submitted to the ratepayers according to reports.
ORANGEVILLE. Ont.-Loan Election Proposed.-An election will be
held shortly, reports state, to vote on a loan of $3,000 as a bonus to the
Orangeville Novelty Works.
PERDUE. Sask.-Debenture Sale.-Nay Fc James of Regina have been
awarded the $1,200 6% 15-yr. debs. mentioned in V.93, p. 1217,it is stated.
PETROLIA, Ont.-Loan Election -An election will be held Jan. 1 1912,
it is stated, to vote on by-laws providing for loans of $3,000 for road-impts.
and $6,000 to complete the hydro-electric-system.
RADVILLE SCHOOL DISTRICT NO. 254, Sask.-Debenture Sale.Nay & James of Regina, it is stated, have been awarded $14,000 6%
20-year debentures.
RURAL MUNICIPALITY OF ARCHIE. Man.-Loan Election.-On
Dec. 19 the ratepayers will vote on a by-law providing for a loan of $1,500
for a municipal-building.
RURAL MUNICIPALITY OF PROGRESS NO. 351, Sask.-Debenture
Sale.-On Nov. 15 the $20,000 4i% 20-Installment road debentures (V.
93, p. 1217) were awarded to Wood, Gundy & Co. of Toronto at 94.33.
ST. BONIFACE SCHOOL DISTRICT NO. 1188 (P. 0. St. Boniface).
Man -Debenture Election.-The question of issuing $220,000 debentures
will be submitted to a vote, it is reported, on Dec. 19.
I
CITY OF IHIGE10140q, N. J.
ST. LOUIS ROMAN CATHOLIC SEPARATE SCHOOL DISTRICT
NO. 21 (P. 0. Medicine Hat), Alta.-Debenture Sale.-On Nov. 22 the
$15,000 5% 30-Installment debentures (V. 93, p. 1279) were awarded to
Nay & James of Regina.
ST. MAR V'S, Ont.-Loan Election.-Reports state that a by-law providing for a loan of $5,000 as a bonus to the North Midland Electric By. Co.
will be submitted to the people on Jan. 1 1912.
SIMCOE, Ont.-Debenture Sale.-Brent, Noxon & Co. of Toronto were
awarded, it is stated, $30,000 5% 20-installment debentures.
STORNOWAY. Sask.-Debenture Offering.-Reports state that $1,500
permanent impt. debentures are being offered for sale. M. MacIver is
Secretary-Treasurer.
SUNIAH TOWNSHIP. Ont.-Debenture Sale.-AernIllus Jarvis & Co.
of Toronto were awarded, it is stated, $22,600 5% 20-installment debens.
SWAN RIVER. Man.-Debenture Sale.-On Dec. 4 the $3,000 5% 17-installment impt. debentures (V. 93, p. 1279) were awarded to the Nat. Finance Co. of Toronto for $2,788 (92.933) and int. Other bids follow:
Brent, Noxon & Co., Toronto.$2,731 IC. H. Burgess & Co., Toronto_$2,712
TILBURY, Ont.-Loan Election.-On Jan. 1 1912 the ratepayers will
vote, it is said, on a by-law providing for a loan of $3,000 as a bonus to the
Hallett Bros., to be repaid in six annual installments, with 5% int.
TOFIELD, Alta.-Debenture Sale.-An issue of $8,000 6% debentures
offered on Oct. 30 was awarded to C. H. Burgess & Co. of Toronto at par.
TORONTO, Ont.-Loan Election.-We are advised that an election will
be held Jan. 1 1912 to determine whether or not the ratepayers favor the
expenditure of $5,171,395 for an underground railway. It is reported that
the following by-laws will also be submitted on the same date: $2,200,000
for extending the hydro-electric system, $139,488 for building a civic car
line and $1,783,333 for the Bioor St. viaduct.
VANCOUVER. B. C.-Loan Election.-An election will be held Jan. 1
1912, it is stated in the "Financial Post of Canada," to vote on by-laws
providing for an expenditure of $5,372,050.
WA PELLA, Sask.-Debentures Proposed.-Reports state that this town
will issue debentures for sidewalks, drainage and payin,.. an overdraft.
WELLAND. Ont.-Loan Election.-The ratepayers will vote on Jan. 1
1912, it is stated, on a by-law providing fo'r a loan of $20,000 for a waterworks filtration plant.
WEST EDMONTON, Alta.-Debenture Sale.-According to reports,
$1,500 7% 10-year debentures were awarded to Nay & James of Regina.
WESTON, Ont.-Debenture Sale.-Brent, Noxon & Co. of Toronto, it is
stated, were awarded $20,000 5% 20-installment debentures.
WINDSOR, Ont.-Debenture Sale.-Wood, Gundy & Co. of Troonto.
it is stated, have been awarded $50,000 43i% 20-installment and $65,781 80
5% debentures.
WINNIPEG. Man.-Result of Debenture Election.-The election" held
Dec. 8 (V. 93, p. 1418) resulted in favor of the question of issuing the
$600,000 school debentures and in the defeat of the propositions to issue
the $600,000 Princes St. subway, $500,000 exhibition site and $300,000
city-hall debentures.
WOODBRIDGE, Ont.-Debenture Sale.-On Oct. 27 the $3,358 06 5%
18-Installment Humber Bridge debentures (V. 93, p. 1138) were awarded.
to Geo. Elliott of Woodbridge for $3,308 06, making the price 98.51.
WOODSTOCK, Ont.-Loan Election.-It is stated that the people will.
be asked to vote on Jan. 1 1912 on a by-law providing for a loan of $10,000.
to improve the hydro-electric-power-system.
MISCELLANEOUS.
NEW LOANS
$17,891.17
1685
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 20th, 1911.
The Trustees, in conformity with Use Charter of the Company, submit the following statement of its affairs
on the 314 of December, 1910.
Premiums on Marine Risks from 1s1 January, 1910. to 31st December, 1910
$3.981,997 35
685,546 90
Premiums on Policies not marked oil 1st January, 1910
thaTTETed-771
posals for the purchase of bonds of the City of
Premiums
$4,667.544
25
Marine
Total
as
Judgment
Bonds,
in
Hoboken, to be known
the amount of seventeen thousand eight hundred
$3.793.863 83
and ninety-one dollars and seventeen cents ($17,- Premiums marked off from 1st January, 1910, to 31st December, 1910
891 17), to run for a period of twenty (20) years
$373,571 50
from January 1, 1912, registered or coupon, at Interest received during the year
$520.158-41
146,586 91
the option of the bidder, will be received at the Rent less Taxes and Expenses
meeting of the Council to be held on
Losses paid during the year which were estimated In 1909
$504,311 33
and previous years
1.021,356 12 11.525,667 45
Losses occurred, estimated and paid in 1910
1911, at four o'clock.
$195.931 27
Less Salvages
Bidders to state price on bonds bearing inter402,106 63
598.037 90
Re-Insurances
est at the rate of four and one-half per cent (4 3.i%)
per annum, payable semi-annually.
1927.629165
All proposals to be directed to the Mayor and
Council of the City of Hoboken, N. J., and shall Returns of Premiums
$132,651 56
be accompanied by a certified check on a National Expenses, including officers' salaries and clerks' compensation,stationery,
Bank for one thousand dollars ($1,000).
$383,223 39
etc
newspapers,
ad,,artisements.
prepared
be
and
will
certified as to
lk The bonds
genuineness by the Knickerbocker Trust ComLIABILITIES.
ASSETS.
pany of New York City.
Estimated Losses and Losses UnThe Mayor and Council of,the City of Hoboken United States & State of New York
$2,714,035 88
settled
Stock, City, Bank and other Sereserve the right to reject any or all bids if deemed
Premiums
on Unterminated Risks_
873.680 37
curities
$5,418,792
00
do.
so
to
the
city
Interest
of
the
in
Special deposits in Banks &TrustCos. 1.200,916 66 Certificates of Profits and Interest
6„,By order of the Council.
Real Estate cor. Wall & WililamSts.,
262,427 75
Unpaid
JAMES H. LONDRIGAN,
146,084 03
& Exchange Place..$4,299,426 04
Return Premiums Unpaid
City Clerk.
Other Real Estate &
Reserve for Re-Insurance Premiums
claims due the com& Claims ),ot settled, including
pany
160,000 00
75,000 00 4,374,426 04
Compensation, etc
Certificates of Profits Ordered RePremium notes and Bills Receivable 1,134.448 70
deemed, Withheld for Unpaid
Cash in the hands of European
Premiums
22,459 61
Certificates of Profits OutstandBankers to pay losses under poli7.441.100 00
210,435 74
cies payable In foreign countries_
ing
BONDS
Real Estate Reserve Fund___ _
400.000 00
Cash in Bank and N. Y. City rev935,478 76
enue bonds
60 STATE STREET,BOSTON
43-% JUDGMENT BONDS
Wednesday Afternoon,Dec.20,
BLODGET & CO.
30 PINE STREET, NEW YORK
STATE CITY & RAILROAD BONDS
ESTABLISHED 1885
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
GEO. B. EDWARDS
Tribune Building. NEW YORK. N. Y.
Tel, 4218 Beekman.
Good References
Ne.gotiations,Investigations,Settlemento
Purchases of Property, Information
In New York City or anywhere.
Aggregating
$13,274.497 90
Aggregating
$12.019.787 64
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the seventh of February next.
The outstanding certificates of the issue of 1905 will be redeemed and paid to the holders thereof;
or their legal representatives, on and after Tuesday the seventh of Februarynext,from which date all
Interest thereon will cease. 'The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the yeas
ending 31st December, 1910. which are entitled to participate in dividend, for which, upon application, certificates will be Issued on and after Tuesday the second of May next.
G. STANTON FLOYD-JONES, Secretary,
By order of the Board.
TRUSTEES.
HERBERT
CHARLES M. PRATT.
L. GRIGGS,
FRANCIS M. BACON.
CLEMENT A. GRISCOM,
DALLAS B. PRATT.
JOHN N. BEACH,
ANSON W. HARD. •
GEORGE W. QUINTARD.,
ERNEST C. BLISS,
A. A. RAVEN,
THOMAS H. HUBBARD,
VERNON H. BROWN.
JOHN J. RIKER,
LEWIS CASS LEDYARD.
WALDRON P. BROWN,
CHARLES D. LEVERICH.
DOUGLAS ROBINSON.
JOHN CLAFLIN,
LEANDER N. LOVELL,
GUSTAV H. SCHWAB.
GEORGE C. CLARK,
GEORGE H. MACY.
WILLIAM SLOANE.
CLEVELAND H. DODGE,
CHARLES H. MARSHALL, LOUIS STERN,
CORNELIUS ELDERT.
NICHOLAS F. PALMER.
WILLIAM A. STREET,
RICHARD H. EWART,
HENRY PARISH,
GEORGE E. TURNURB.
PH/LIP A. S. FRANKLIN,
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Wee-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President
JOHNJI. JONES STEWART. 4111 VW-Pre:idly-
117014. Lxxxxim
THE CHRONICLE
1686
gvnst Tompantes.
gritst Tompantess.
ODIN SIMS TIIIS1 00101181111 01 liOW Yore
Manhattan
Tryst
$2,000,000.00
13,800,278.67
Company
wall Street corner Nassav
Chartered 1853
4ZI and 47 WALL STREET
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS
-
-
-
This Company acts as Executor. Administrator, Guardian. Trustee. Court Depositary and in
Aber recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property. real or personal, for estates.
Corporations and individuals.
EDWARD W.SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS,2d Asst.Sec.
W. Bayard Cutting,
William Rockefeller,
Alexander E Orr.
William H. Many Jr..
William D. S oane.
TRUSTEES.
JOHN A. STEWART. Chairman of the Board.
Lyman J. Gage.
Gustav H. Schwab
Payne Whitney,
Frank Lyman,
Edward W. Sheldon
James Stillman,
Chauncey Keep.
John Clanin,
George L. Rives.
John J. Phelps,
Arthur C. James.
Lewis Cass Ledyard.
William M. KingsleY.
William Stewart Tod,
Ogden Mills,
Egerton L. Winthrop.
Cornelius N. Bliss, Jr.
FIDELITY TRUST COMPANY
NEWARK, N. J.
Resources Over $27,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acts as Executor, Trustee, Administrator and in all fiduciary capacities.
Takes entire charge of Real and Personal Estates. Guarantees Titles of
Real Estate throughout New Jersey.
General Banking and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.
7:=XL72Er-LT.R1.5:.
CHARTERED 1864
Union Trust Companyof NewYork
MAIN OFFICE: 80 BROADWAY.
Uptown Office: 425 Fifth Avenue, corner 38th Street.;
With Modern Safe Deposit Vaults
Capital $1,000,000
Surplus (earned) $7,900,000
Member N. Y. Clearing House
Authorized to act as Executor
under Wills, Administrator, Guardian.
Trustee for Individuals, Corporations and Municipalities. Fiscal
Agent.
Transfer Agent and Registrar of
Stocks and Bonds.
Receiver, Assignee or Committee.
Temporary Offices
113 BROADWAY
MISSISSIPPI VALLEY TRUST Co.
Fourth & Pine Sts., St. Louis
CAPITAL,
anSdURPLUSPROFITS)q13 540 000
A GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED.
DIRECTORS.
Henry Semple Ames. Vice-President.
William Bagnell, President Bagnell Timber Co.
John I. Beggs. Pres. & Gen. Man.St.Louis Car Co.
Eugene It Benoist.
James E. Brock, Secretary.
Murray Carleton, President Carleton Dry Goods Oa
Charles Clark.
Horatio N. Davis, President Smith &Davis Mfg.0o.
John D. Davis, Vice-President.
David R. Francis Francis, Bro. & Co.
S. E. Hoffman, Vice-President.
Breckinridge Jones, President.
Lackey, Vice-President and Bond Officer.
Wm,
W.J. McBride. V.-Pres. Haskell & Barker Car Co.
Nelson W. McLeod, Vice-President GraysonMcLeod Lumber Co.
Saunders Nor veil,Pres. Stoves &Hardware Pub.Co
I,Zobert J. O'Reilly, M.D.
Wm. D.Orth wein,Pres. Wm.D.Orthwein Grain Og
Henry W. Peters. President Peters Shoe Co.
H.C.Pierce,Chairman 13 oardWaters-Pleree 01100.
Henry S. Priest, Priest & Boyle.
August Schlafly, August Schlany & Sons.
R. .1. Stockton, President Majestic Mfg. Co.
Julius S. Wilsh, Chairman of the Board.
Rolla Wells
IndustrialTrust Company
Providence, R. I.
ALLOWS INTEREST ON DEPOSITS.
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Cava:Wes
on behalf of Individuals. Institutions or Corporations,
ttinoit'," tatty Conwitnp
Home Office, 206 La Salle Street
CHICAGO
WRITES ALL CLASSES SURETY BONDS
Court—Fidelity—Contract—Miscellaneow
The motto of the Illinois Surety Company is "Prompt Service''
5oth in the handling of its business and the adjustment of Usolgec,
$3 000 000
3 000 000
OFFICERS
Cyrus P. Brown, President
Arthur L. Kelley, Vice-President
H. Martin Brown ,Vice-President
Otis Everett, Vice-President
Joshua M. Addeman, Vice-President
Ward E. Smith, Treasurer
Chas. IL. Manchester, Secretary
II. Howard Pepper, Trust Officer
and Asst. Treas.
Frederick B. Wilcox, Auditor
DIRECTORS
OF
BOARD
Samuel P. Colt, Chairman J. Milton Payne
Eben N. Littlefield
Olney T. Inman
Otis Everett
Richard A. Robertson
C. Prescott Knight
Joshua M. Addeman
Jessee H. Metcalf
James M. Scott
John J. Watson Jr.
William II. Perry
Charles II. Alien
Arthur L. Kelley
John B. Branch
II. Martin Brown
William P. Chapin
George F. Baker
Angus McLeod
George M. Thornton
Ezra Dixon
Cyrus P. Brown
Howard 0. Sturgis
Chas. C. Harrington
Edward I). Pearce
Louis II. Comstock
Engichart C. Ostby
Herbert N. Fenner
William Grosvenor
CAPITAL
SURPIA.1
1911
1850
Mellon National Bank
PITTSBURGH, PA.
The United States Life
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts
JOHN P. MUNN, M. D., President
Offers its unsurpassed facilities on
attractive terms to banks desiring
a Pittsburgh reserve agent.
RESOURCES OVER 49 MILLIONS
Finance Committee.
CLARENCE 11. KELSEY, Pres. TitleGu.deTr.0o.
WM. H. PORTER, Banker.
ED.TOWNSEND,Pres. Imp. do Traders Nat.Bk.
Good men, whether experienced in life Insure:tee
or not, may make direct contracts with this Company, for a limited territory if desired, and saint,
for themselves, in addition to nrst year's commieMoo, a renewal interest insuring an income ter the
future. Address the Company at its Home Moe:
No. 377 Broadway. New York City
@FedFRASER