Full text of Commercial and Financial Chronicle : December 24, 1910, Vol. 91, No. 2374 [Copy 2]

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

financial

TV
u n tm e r r ifl
IN C L U D IN G

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

S A T U R D A Y , D E C E M B E R 24 1910.

VO L. 91.

NO. 2374.
Week ending December 17

C lx r c m

id j e .
1910.

PUBLISHED WEEKLY.

Terms of Subscription— Payable in Advance
F o r O no Y e a r '.......................................................................................................... $ 1 0 00
F or S ix M o n th s ........................- - - - ............ - — - ..................................................
jj 0®
E u rop ean Subscription (including postago)................................................. I d 00
E u rop ea n S u b s crip tio n s ix m onths (in c lu d in g p o s ta g e )..........................
7 50
A n n u a l S u b s crip tio n in L o n d o n (in c lu d in g p o s t a g e )............................... £ 2 1 4 s .
S ix M on th s S u b s crip tion in L o n d o n (in c lu d in g p o s t a g e )........................£ 1 11 s,
C anadian S u b s crip tion (in c lu d in g p o s t a g e ) ................................................ $11 50
S u b scrip tio n in c lu d es fo ll o w i n g S u p p lem en ts—

B ank and Q uotation (monthly)
i State and City (semi-annually)
B ailw a y and I ndustrial (quarterly) E lectric R ailw a y (3 times yearly)
R a il w a y E arnings (monthly)
|b a n k e h s ’ Convention (yearly)

Terms of Advertising— Per Inch Space
T ra n sien t m atter p e r in ch sp a co (1 4 agate lin o s ).......................................... $ 4 20
T w o M ou th s
(S tim e s )............................. 33 00
T h ro e M on th s
(13 t im e s )............................. 20 00
S ta n d in g B u s in es s Cards
S ix M o n th s
(2 0 tim e s )............................. 50 00
T w e lv e M on th s (52 tim e s )................................. 8 7 00
C H IC A G O O F F I C E — P lin y B a rtle tt, 613 M o n a d n o ck B lo ck ; T e l. H a rris o n 4012
L O N D O N O F F I C E —E d w a rd s & S m ith , 1 D ra p e rs’ G arden s, E. C.

W IL L IA M
P . O . B o x 1 )5 8 .

I*. D A N A

C O M P A N Y , P u b lis h e r s ,

F r o n t . P in e a m i D o p c y s t e r S t s .,

N ew Y o rk ,

Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Trcas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana, Sec. Addresses of.all, Office of the Company.
C L E A R I N G -H O U S E R E T U R N S .
T h e fo llo w in g ta b le , m a d e up b y te le g ra p h , & c., Indicates th a t th e to ta l
b a n k clea rin gs o f all clea rin g houses o f th e U n ited S tates fo r w eek e n d in g
t o -d a y h a v e been 8 3 .1 1 1 ,8 0 7 ,0 4 5 , a gain st 8 3 ,1 3 0 .4 5 0 .3 4 0 last w eek and
S2 978,332,185 the c o rre s p o n d in g w eek last y e a r. L a st years figures c o v e r
on ly five d a y s o n a c c o u n t o f C h ristm as h o lid a y .
Clearings— Returns by Telegraph.
Week ending Dec. 24.

Per
Cent.

1910.

1909.

New York
B o s t o n ......... Philadelphia
Baltimore____
Chicago _____
St. Louis . . . .
New Orleans.

51,451,544,110
130,302,080
122,249,510
27,209,719
230.001,905
00,940,915
21.804,203

$1,808,310,000
149.704,252
130,428.199
20,893.185
235,159,485
65,103.243
20,772,297

— 19.7
— 13.0
— 10.4
+ 1.4
+ 0 .4
+ 2.8
+ 5.0

Seven cities, 5 days.
Other cities, S d a y s .. .

$2,050,172,508
540,270,914

$2,442,370,001
535,901,524

—15.8
+ 0.8

Total all cities, 5 days.
All cities, 1 d a y -------------

82,590,449,422
515,417,023

$2,978,332,185

§3.111,807,045

$2,978,332,185

Total all cities for w e e k ..-----------------

+ 4.4

T h e fu ll d etails for th e w eek c o v e r e d b y th e a b o v e w ill be g iv e n n e x t S a t­
urday.
W o c a n n o t fu rn ish th em t o -d a y , clea rin gs b e in g m a d e up b y th e
clea rin g houses a t n oon o n S a tu r d a y , an d hen ce in th e a b o v e th e last d a y
o f th o w eek has t o be in all cases e s tim a te d , as e g o t o press F rid a y n igh t.
W o presen t below d eta ile d figures fo r th e w eek e n d in g w ith S a tu r d a y ,
n o o n , D ecem ber 17, fo r fo u r years.
Week ending December 17.
1910.
New Y ork ...........
Philadelphia-----Pittsburgh...........
B a ltim ore______
Buffalo..................
Albany..................
W ilm ington.........

Heading................
W llk cs-B a rro__
Wheeling ______
H arrisburg.........
Trenton .............
Y o r k ..................
E r i e ......................
C h e s te r ................
G reeusburg-------B ingham ton-----A ltoon a ................
Franklin — -----Total Middle
Providence
Hartford . .
New H aven.
Springfield
P o r tla n d ..............
Worcester
____
Fall River
_.
New Bedford . .
L o w e ll..................
H olyoke................

1909.

Inc. or
Dec.

1908.

1907.

$
$
S
%
1,743.053.470 2,255,470.650 — 22.7 2,142,183,798 1,230,900,987
117,909,373
147.914.847
184,068.020 — 19.6 135,870.107
46.521,005
41,784,309
50,100.146
— 8.6
54,794,283
25,717,129
30,427,840
33,878.490
28,028,979
+ 7 .5
7,370,114
9,796.708
10,158,291
— 3.0
8,933,780
4,880,075
0,483,011 — 15.3
0,151,170
5,491,027
4,853,560
7.334,208
+ 5.8
0,101,439
7.759.213
3,902,583
+ 4.3
3,715,807
4,074,078
4,249,379
2,387,190
— 1.2
2,003,490
2,090,700
2,058,GOG
1,955,872
1,903.493
— 3.9
2,372,101
2,279,251
— 3.3
1,329,389
1,207,109
1,688,050
1,031,454
1,475,441
1,116,833
+ 1.0
1,669,730
1,680,280
1,296.874
1,128,433
— 4.0
1,450,938
1,383,401
1,448,853
1,415,193
1,692.341 + 10.4
1,868,301
1,229,484
1,098,148
1,257,268 + 15.0
1,453,277
1,597,485
+ 2.0
1,707,414
1,742,225
824,185
083,955
955,774 + 11.2
1,002,448
000,989
094,028
850,809
918,329
— 0.7
506,202
530,551
542.357
019,407 — 12.4
590,240
499,900
475,051
029,411
— 6.2
534,200
492,200
471,100
409,200 + 13.9
500,000
484,488
559,920
540.207
— 7.5
315,000
295,000
271,701
243,519
+ 0 .8

S

2,024,502.557 2,575,210.947
161,021,799
8,949.100
4,438,880
3.087.808
2,502,621
2,003,054
2,332,117
1,325.412
1,305,333
030,698
069,113

— 21.4 2,389,513,095 1.456,216,400

178.82IJ73 t -1 0 .0
10,328,80.) — 13.3
4,597,984
— 3.5
3,061.086
+ 0 .9
2,310,000
+ 8.3
1,885,664
+ 0.3
2,231,094
+ 4.5
1,280,104
+ 3 .5
1,174,544 + 10.3
389,068
+ 7 .1
582,538 + 14.9

165,336,002
8,140.000
3.470.476
2,492,199
2,346,140
1,703,002
1,815,502
1,342,072
929,403
489.640
408,751

122,921,433
0,029,700
2,977,301
2,118,055
1,018,523
1,794,274
1,289,061
1,043,175
701.305
477,919
444,108

— 9.0
142,015,574
Tot. New E ng.
188,535,167
188,325,935 200,866,270
Sotfi.— For Canadian Clearings see ’ ‘Commercial and Miscellaneous News,"




C h icago..... ..........
Cincinnati______
C levela n d ............
D etroit..................
M ilw aukee..........
Indianapolis____
C olu m bu s............
T o le d o ................
P e o r ia ..................
Grand Rapids___
Dayton ................
E v a n s v ille _____
K ala m a zoo.........
Springfield, III-Fort W ayne-----You ngstow n-----A k r o n __________
Canton--------------Rockford ...........
L exin gton ...........
Bloom ington____
Q uincy__________
D e c a t u r __ ____
Springfield, O . . .
South Bend_____
Jackson ________
Mansfield_______
Danville................
Jacksonville, III.
L i m a ....................
Ann A r b o r ..........
Adrian ________
Lansing .............
Tot. Mid. West
San Francisco___
Los Angeles_____
Seattle ________
Spokane................
P o rtla n d _______
Salt Lake C it y ..
T a co m a ........... ..
Oakland............. ..
H e le n a ......... ......
S a c r a m e n to ____
S to c k to n ..............
San J o s e ..............
North Yakima . .
Pasadena_______
Total P a cific ..
Kansas C i t y ____
Minneapolis_____
O m a h a ________
St. Paul........... ..
D enver..................
St. Joseph--------Ues M oin es.........
Sioux C ity--------W ich ita ................
Topeka ................
Lincoln ........... ..
D avenport...........
Cedar R a p id s.. .
Fargo ...............
Sioux F a lls .........
Colorado Springs
Pueblo ................
F r e m o n t..............
Hastings .............
T ot. oth .W cst.
St. Louis..............
New Orleans____
L o u is v ille ______
H o u s t o n ..............
G a lveston ---------Richm ond .........
M em phis..............
Atlanta ................
Fort W orth_____
Savannah ______
Nashville ............
N o r fo lk ......... ......
Birm ingham ____
Augusta................
Jackson v ille____
Chattanooga . . .
C h a rle sto n _____
* Knoxvtllo

.........

Oklalu m a ...........
Austin ..................
Macon
______
Beaumont .........
V ick sbu rg______
W ilm ington,II.C.
Jackson, Miss___
Total Southern

1909.

1908.

a

1907.

A

S
279,580,022
26,480,550
19,978,560
20,467,206
14,684,519
10,234,947
6,392,100
4,907,402
3,868,985
2,972,561
1,979.001
2,506,568
1,333,298
1,150.000
1,048,435
1,083,085
1,077,100
1.142.207
833,091
1,255,910
746,720
598,553
536,406
551.667
556.202
415,000
3S9.629
418,155
307,301
[351,912
■187,110
1 48,090
[091.898

S
$
S
%
— 6.2 262,502,015 1 197.531,272
298.062,243
26,246,900
29,390,500 — 10.0
22,274,100
20,985,456
— 4.8
17,390,378
15,380,613
14,846,720
17,617,835 + 16.2
13,575,366
13.055,613 + 12.5
11,896,158
10,664.648
+ 5 .9
9.275,852
9,067,689
5,830,528
+ 0 .8
5,177,100
6,339,700
4,447.200
+ 2.4
3,729,633
3,591,404
4,793,171
+ 5.7
3,286,600
2.501,191
3,661,939
2,283,292
+ 7.9
2,755,843
2,092,086
— 6.0
1,759,238
2,105,896
1,440,842
+ 4.3
2,190,057
2.461,301
1,550,107
1,112,268
1,474,958
— 9.6
814,204
1,073,491
990,000 + 15.4
866,632
— 4.5
811,058
1,099,645
659,665
— 2.8
1,114,637
694,277
562,483
953,000 + 13.0
700,000
530,000
977,050 + 16.9
798,537
522,829
737,230 + 13.0
671,056
573,439
1,218,814
+ 3.0
633,808
724,961
503,779
633.275 + 17.8
439,381
— 1.5
461,445
607,493
484,569
+ 0 .2
480,428
535.183
364.341
418,812
492,470 + 12.0
474,600
381.111
477,095 + 16.6
356,220
385.121
325,000
294,044
+ 7.N
— 1.5
368,591
395,501
215,976
—0.9
29G.112
288,011
421,868
250,212
[376,842 — 18.4
230,344
—0.2
|280,013
352,727
285,000
158,542 + 18.0
[161,697
135,363
t 21,336
29,893 + 60.9
20,000
'
620,345 + 11.5
Not Included la total
— 3.6 371,026.968 289,722.425
408,840.310 424,335.136
+ 9 .7
39,618.748
48,064,302
30,792,461
52,742,139
11,933,423
6,769,661
17,891.356
15,706,067 + 13.9
9,519,516
7,270.876
11,154,338
14,209,545 — 21.5
— 1.8
3,768.185
2,574,209
5,020,158
4,931.189
+ 8.4
7,023.873
10,683,011
9,852,990
4,415,828
6,460,414
7,887,583
+ 0 .7
7,829.331
3,100,271
4,509,772
5,156,951
5,887,493 — 22.4
4,953,315
3.709.379
2,271.409 + 66.0
1,646,518
1,369,490
1,072,664 — 13.5
927.308
1,071,282
771,658
1,542,307
1,396,325 + 10.5
965,311
850,000
1,350,000
1,163,000 + 16.1
805,000
834,811
768,472
+ 8.6
016,405
— 2.3
695,107
711,230
579,701
316,963
—6 0
524,160
492,728
544,077
350,000
526,732
480,000
+ 9 .7
300,000
260,868 — 40.4
258,339
155,418
5 0,000 + 30.0
715,000
+
4
.4
90,267,833
115,768,020
120,868,178
63,534,738
43,097.891
+ 6 .4
55,059,442
30.770,487
51,721,737
21,132,049
—3.1
23,413,277
25.806,500
25,000,698
14,092,141
15,347,904 + 0 .0 6
10,619,989
15,357.650
10,795,038
10,505,438
13,388,085
11,255,907 + 19.0
10,353,799
+ L7j
10,052.241
7,361,788
10.222.646
3,749,256
4,066,736
— 7.8
6,376,702
0|916,340
6,725,163
+ 2.8
4,075,651
3,139,119
3,733,713
3,408,052
+ 9 .5
2,708.424
— 3.8
2,818,361
2,811,187
2,922,409
2.006.741
3.420,124
1,722,274
2,870,651 + 19.2
1,101,759
1,420,432
+ 7.6
1,431.211
1,528,088
921,035
1,457,559 + 20.0
1,391,815
1.749,808
1,134,851
1,309,591 + 26.4
1,903,548
1,655,053
869,759
1,322,215
— 3.1
840.380
1,280,745
742,715
1,061,389 — 16.2
823,778
889.286
666,500
400,000
850.000 + 3 5 .3
660,000
1,150,000
834,043
+ 7 .8
783.598
596,577
844,494
097,570
805.439 — 17.6
605,381
063,446
+ 3.2
480,748
296,344
287,205
276,888
1 011,759
844,584 + 19.3
'199,892 Not Included In total
+ 4.4
121.546,467
150,728,224
144.319.312
99,037,260
70,171,576
80.341,182
+ 3.9
77,358,437
59,157,989
21,014,581
25,502,727
26.024,235
— 2.0
23,056,768
15,247,405
17,210,575
16,898,773
+ 1.9
8,885,101
15,602,832
15,054,428
14,305,018
+ 5.2
9,176,550
9,288,500
8,010,5011
8,257,000 + 12.5
7,292,000
7,690.381
19.053,766 — 15.1
7,337,975
6,590,086
10,012,235
7.416.144 + 3 5 .0
6,551,365
6,266,543
16,340,256
13,416,097 + 21.8
6,051,864
5,338,537
8,113,089
8,498,599
— 4.5
6.626.08S
4,502,34-1
8,451.844
6.291,180 + 3 4 .3
4,607,84S
5.649,85
4,617,136
+ 6.1
4,900,000
3,452,38?
3,543,1
3,307,994
3,482,857
— 5.0
3.045,031
■^2. ,11,
2,636,152 + 13.5
2,124,155
2,991,051
r jf
2,266,217
2,975,990
2,615,677 + 13.8
,1? S 0
1,707,952 I
1,3 0
'2,282,340 + 26.9
2,890,687
1,604,£66
11,2
•:
1,802,982 + 12.0
2,020.000
1,406,587
1*16 ,6
2,025,000 + 14.1
2,310,665
1,426,229
— 3.2
11,433,180
1,760,267
1,703,627
1,354,151
+ 7 .9
1,713,553
11.343,905
1,850.000
1,787,799
1,929,661 + 2 3 .3
1,383,937
2,378,07C
1,398,338
2,264,276 + 10.4
7 13,252
2,500.000
1.111,854 + 195.3
612,771
600,037
3.283.47E
937,401
1,300,000 + 111.5
2,750.001
682.379
— 1.9
688,045
071,181
, 675,00(
360,000
559,815
—
4.3
547,71 ;
t 535,992
532,275
664.608 + 3 4 .8
550,815
437,38
'■ 895,76‘
725.000
+ 7 .6
550,001 l
..............
780,00C
383.94+ 10.)
425,00C
237,191.13(

220.082.41S

Total all........... 3.130.456.341 3.686.582. I lf
Outside N. Y .

Inc. or
Dec.

,386.802.80

1,431,111,461

+ 7.8

186.642,21

151,365,880

— 15.1 3.347.532,35 2 2.207.892.277
— 3.

1,205.348.5541

976,925,290

1670

THE CHRONICLE
CHRONICLE INDEX.

The index to Volume 91 of the “ Chronicle” —which
volume ends with the Dec. 31 issue— will be sent to
our subscribers with the number for Saturday, Jan. 14.
Owing to the increased size of the volume, it is no longer
possible to include the Supplements in binding the
same. These latter will therefore be bound separately
in six months' or yearly volumes, as may be desired.

THE FINANCIAL SITUATION.

[Y o l .

l x x x x i.

that the Commission is endowed with power to suspend
any and all proposed advances, not even the slightest
increase can be made except after long delay and in­
terminable opposition on the part of shippers and the
sensational press.
This latter is a situation which is filling the minds
of thoughtful persons with grave apprehensions. The
fear is that the credit of our railroads will be seriously
and permanently injured. The Railway Securities
Commission has been holding hearings on the question
as to how far the Federal Government can or should
go in the effort to regulate security issues. These
hearings have brought out much useful and interesting
testimony, and one of the speakers very courageously
dwelt upon the harm and distrust already created
through too much Government regulation and Govern­
ment interference, and indicated what the inevitable
outcome must be. We have in mind the remarks of
Robert Mather, former President of the Rock Island
Co. These, we are sure, will challenge the attention
of the whole world. Here are some excerpts from
Mr. Mather’s address:

Ghristmas time the present year finds our industries
in a state of reaction, but presents as an encouraging
feature a better demand for bonds than has existed
for some time. This demand could easily be widened
so as to bring about a broad and enduring market
under which it would again become possible to raise
new capital on a large scale and proceed with the
vigorous prosecution of new enterprises and new under­
takings. This done, industrial stagnation would
speedily vanish and the country enter upon a new era
of prosperity far exceeding in magnitude and in scope
any previously witnessed in the history of the country.
“ Federal regulation has put the railroads of this
But the politicians have “ queered” business and for country in the position of not having got sufficient
the time being the necessary confidence is lacking for means or credit to go ahead with their work of develop­
ment, and in view of such impairment of credit, it is
such a revival.
Until the cases now before the U. S. Supreme Court, urgently essential that something should be done.
“ In my judgment whenever the Government au­
involving interpretation of the Sherman Anti-Trust
thorities go so far as to regulate the questions of rates,
Law of 1890 in its application to every-day business and when such rates do not permit the company to
affairs, have been determined by our Court of last operate under average economy so as to earn enough
resort, it seems unlikely that any very venturesome money to maintain its credit, which is so essential in
spirit will become manifest in the industrial world. the operation of a railroad system, I believe the
Government should go further and lend the credit
The Constitutionality of the Federal Corporation Tax of the country in order to produce sufficient credit
is also a matter of great moment, inasmuch as this for the railroads in looking after their needs.
tax, with the regulations for its collection, involves in­
“ Government- regulation has no right to stop now
trusion by the Federal Government in the affairs of and let the railroads flounder out of their difficulty.
“ As Federal regulation extends, it has the effect
the States and likewise encroachment upon personal
of making first-class railroad securities, such as first
freedom and individual rights, since the law is not
mortgage bonds, &c., veiy excellent investments, but,
limited in its application to business concerns engaged on the other hand, it has the effect of making the secondin inter-State transactions, but reaches out for the class securities of railroads, upon which railroads are
small private corporation whose operations may be most dependent for the raising of money for additions
confined entirely within State boundaries— even the and extensions, less desirable for investment purposes.
When such a condition is brought about, and when
corner bakeshop or butcher store, whose whole trade
the great mass of second-class securities are made
may be confined within the area of a few blocks.
undesirable by Federal regulations, I say it is time
But, above all, there is the question of the right that the Government should extend its credit to the
treatment of the railroads; more particularly there is railroads in order to assist them in their difficulties.”
the question as to whether these great carrying agen­
Some of the commentators on Mr. Mather’s address
cies, in which over 15,000 millions of capital are in­ say that he “ startled the Securities Commission by
vested, are to be allowed when expenses, through no his suggestion. The idea of “ lending the credit of the
fault of their managers, are increased, to find partial country” in aid of roads, because their own credit has
compensation by doing what the merchant and busi­ become impaired through Government action, is
ness man in every walk of life is allowed to do when certainly calculated to startle. But it was well that
the cost of the goods that he is manufacturing rises, the matter should be put in this way—be put in its
namely raise the selling price. The railroads have right and proper light. Perhaps when those who are
transportation to sell and in a country where the all the time craving for a further extension of Govern­
transportation rates are the lowest to be found any­ ment authority see what is actually looming ahead, as
where in the world they must be allowed to advance revealed in the statements of Mr. Mather, their zeal
this price when the cost to them of rendering the ser­ for continuing their propaganda and work will abate
vice is so considerably augmented as it has been within somewhat.
the last two years. The Inter-State Commerce Com­
mission now has the matter of some of the more im­
Curtailment of production by the cotton mills of
portant contemplated advances in rates under con­ New England was informally considered by the Ark­
sideration and ere long we will know just what its wright Club at Boston on Wednesday, and it was
decisions are to be in these particular cases. But it voted that unless trade conditions show improvement
may well be doubted whether the conclusions in these by the next meeting (to be held shortly), concerted
cases will definitely allay apprehensions, even if the action would be taken to that end. No authoritative
Commission should consent to some advance. For now announcement has been made of what transpired at




Dec. 24 1910. J

THE CHRONICLE

Wednesday’s meeting, but it is intimated that the
opinion was quite general that without a better de­
mand for cotton goods, curtailment would be abso­
lutely essential. The reason is that for some weeks
past absorption by the market has been well below
the volume of production, resulting in an accumulation
of stock in first hands. This has been particularly the
case with fine goods. With the raw material ruling
high, little, if any, margin of profit remains for the
manufacturers, and that seems to be threatened under
existing conditions unless something shall be done
to limit the output of the mills. Talk of curtailment
is not confined to New England; on the contrary, a
number of Southern manufacturers are, it is stated,
urgent for combined action in the matter. Advices
last evening from Fall River were to the effect that
while manufacturers think that there may be necessity
for curtailment a few months later, they do not con­
sider the present a proper time to start such a move­
ment as many mills have sold contracts running up to
March 1.
The railroads continue to show that they conceive
it within their duty as carriers for the public service
(and incidentally, one may venture to add, for their
own financial health) to make two blades of grass grow
in place of one, if possible. The Agricultural Improve­
ment Association of the State of New York was incor­
porated at Albany on Dec. 19, the object set forth
being “ to acquire, hold and deal in farm property,
develop resources of the State through irrigation, and
deal in water power for manufacturing purposes.”
Among the incorporators are the presidents of the
New York Central and the Long Island roads, the
President of the Produce Exchange, the President of
the Utica Chamber of Commerce, one member of the
Public Service Commission and the President of the
Western New York Horticultural Society. The plan
is announced to cover sale or lease to farmers on easy
terms of such tracts of land as they can manage, the
subjects of irrigation and water power being held in
reserve for the future. The plan is not a formal one
of the railroads, yet railroad men are interested.
From Ithaca comes the statement that there is a
notable increase in the movement to take either the
regular or the special courses at the State Agricultural
College connected with Cornell University. At pres­
ent the enrollment in the college is given as 1,254,
against 932 in 1909, and the trustees announce that
tuition will now be charged to students from without
the State instead of being free to all. Sixteen regular
graduates of American colleges, all holders of degrees,
arc taking agricultural courses, and letters are said to
be coming from farmers in the West and generally out­
side of New York which speak of an intention to buy,
or consider buying, farm lands in this State.
An American writer just returned from Europe is
quoted as saying that he discovers a reason, after
studying immigration conditions, why the most wellto-do immigrants go to Canada, Australia and South
Africa instead of the United States. This country, he
says, has no commercial agencies in Europe to urge
upon immigrants the advantages awaiting them here,
nor, indeed, does Great Britain expend money to do
that work; but the colonies maintain agencies, press
agents and meet the immigrant even before he starts.
If we want the best immigrants, he says, we must seek




1611

them, assure them in advance of a welcome and see
that they get it on arrival.
Probably there is some basis for such •riticism;
but the railways at least, although accused of so many
sins, are keenly alive to the great value of the working
settler as an income-producer; they well realize that
he is as essential to them as they are to him. The
“ Chronicle” has kept note of the effort towards a
new movement back to the soil, because agri#ulture
is the lowest stone in the entire structure; and, while it
is idle to urge farming until farming becomes more
attractive, it is quite within reason that we are coming
to such new methods as shall make the farmer and his
family almost a different type from the one that has
been following the lure of the city and ready for any­
thing which offered relief from “ the dull old round.”
The problem is a present and a continuing one, but
it will solve itself by the universal application of indi­
vidual self-seeking instead of by anything which
“ government ’’can do.
The recent round trip of the Mauretania as a
“ Christmas” ship, and breaking the record in at least
some particulars, is notable as showing anew how swifter
means of communication are, reducing the effective
size of the world. The ship left Liverpool at 5:43 on
the afternoon of the 10th, two weeks ago to-day;
early on the 16th completed her run, in 3 hours and 53
minutes less than five days; she docked in the small
hours and immediately began the work of swiftly
exchanging her incoming for her outgoing load of fuel,
supplies and rather light freight, with a number of
gangs laboring simultaneously. At about 6 on the
evening of last Saturday she started back with her
Christmas-bound passengers and goods, and at 10:22
p. m. on Thursday reached land at Fishguard, finishing
her double run within twelve days’ time, inclusive
of time in port.
The swiftness of the feat is emphasized by the
coming of a special representative of the Daily “ Mail,”
of London, sent to catch what impressions he could of
this country and serve them up as a hot dish of current
reading. Other journalists have been prompted to
revive their own recollections and show that the haste
of his departure, with only just time to dress and catch
a train, while all arrangements (even including needful
clothing) had been made for him, is not unprecedented.
Reminiscences of trans-continental rushes and of trips
around the globe in forty days are naturally prompted.
The impressions snatched from political life in Wash­
ington and social life in New York, gained by special
trains driven at the top of present-day speed, are
of interest to the journalist himself, whose strongest
impression probably was a desire for opportunity to
get more careful impressions; their value is only
fleeting, necessarily, yet they serve to remind us how
readily we accept improvements And how quickly
they fall into place as if they had always been. For the
most striking example, from successive distances on
the return came little letters of progress and greeting,
several inches long in the “ Times,” and this crown of
present marvels, which had not entered even into the
dreams of twenty years ago, goes almost unnoticed;
it is a thing of course now, and we have all ceased
wondering over it. We are now looking to have wire­
less telephonic conversation ere long around the globe.
Verily the earth does grow smaller and smaller.

1673

THE CHRONICLE

Encouragement for universal peace may also be
drawn from the growing closeness of commercial ancl
social intercourse. No nation received everything;
none can be permanently complete of and by itself.
The cost of war and the value of international
exchange which fits the surplus of one to the
lack of another grow simultaneously ; every cut
taken from the power of time and distance means
another step towards peaceful disposal of disagree­
ments.
That the opening months of 1911 will bring cheap
money is the belief firmly held at New York, London,
Berlin, Paris and other financial centres. Unmis­
takable evidences of this are afforded by the quotations
named for discounting bills after the new year and by
the low rates at which long-term loans can be procured.
Locally, for example, banks and trust companies arc
to-day lending on approved collateral for six months
at as low as 3 % % , whilst prime commercial paper
running for the same period can be discounted at
4@ 4^2% , both being new low terms for the season.
The improvement in the demand for bonds may also
bo construed as foreshadowing a period of easy money.
The decline in interest rates and in mercantile dis­
counts has been quite as marked in Chicago as in
New York, and the same tendency is in evidence at
other American cities. London is confident that
January will bring a distinctly lower Bank rate. Bill
brokers are willing to do business in the opening week
of January at a minimum of 3 % % for both sixty and
ninety days’ bills, against 3 % % for bills now ten­
dered. •It is true that the Bank of England this week
lost $14,340,835 reserve, lowering its ratio to lia­
bilities from 50% a week ago to 46% % ; but this
latter figure is still some 10% above the average re­
ported in Christmas week during-the last ten years,
and the total stock of bullion on hand, $164,319,465, is
also the largest in recent years with the exception
of 1909. London bankers are readily renewing obli­
gations now maturing there, the European absorption
of our bonds and short-term notes is expanding en­
couragingly and the demand for the important loans
expected early next year promises to be very extensive.
The low rates now current for foreign exchange throw
light on Europe’s attitude towards our investments.
On the Continent discounts still rule easy. Paris
quotes 2 % % , Amsterdam and Brussels are well below
4% and Berlin is withstanding the extensive December
demands reasonably well, the charge there being
4 % % , while bills to arrive ten days hence can be ne­
gotiated on a lower basis. There is scarcely any like­
lihood of an adverse change in the Reichsbank’s rate
this month; the chances all favor a reduction shortly
after the Bank of England takes the initiative in that
direction— perhaps about the middle of January.
Under all these circumstances American underwriters
of corporate loans would appear to be justified in
counting upon being able to place a large amount of
new securities abroad. The expectations in inter­
national banking circles is that the New York City
offering of bonds will attract an unusual number of
over-sea subscriptions, especially as the city’s $20,­
0 0 0 ,0 0 0 of January payments for interest and in meet­
ing maturing revenue warrants will go in considerable
volume to London and Paris.




[V O L . LXXXX1.

The enterprise of American capitalists in foreign
fields is creating keen interest throughout Europe,
where it has been customary to imagine that the
United States had its hands full in developing its
own vast resources. But in rapid succession Ameri­
cans have invaded the mining and rubber industries
of Africa, the railroad, mineral and other fields in
Central and South America, railroad building in China,
minor enterprises in Turkey and other Continental
countries, and now comes this cable dispatch from
St. Petersburg under Thursday’s date: “ Emperor
Nicholas gave an audience of fifty minutes to-day to
John Hays Hammond, the American mining engineer.
Mr. Hammond gave the Emperor an outline of the
plans which he and his associates have for the invest­
ment of American capital in Russia. The Emperor
and the Ministry are said to be favorably impressed
with the proposed enterprise. This includes the con­
struction of grain elevators and the development of a
system of irrigation.”
.
The understanding here is that Mr. Hammond’s visit
is connected more with mining concessions in Siberia
than with irrigation. Mr. Hammond is a mining
engineer and not an expert on agriculture or irrigation.
It is stated in responsible circles that preliminary in­
vestigations have encouraged the hope that American
capital can be profitably employed in developing the
mineral resources of Siberia. Several copper properties
are already being exploited, although at present the
inadequacy of transportation facilities is a serious
drawback. The country is described by enthusiasts
as “ the greatest undeveloped mining area in the
world;” but obviously such a claim must rest largely
on assumption, not on demonstrated facts. If Mr.
Hammond’s mission has been as well received by the
Russian authorities as is understood here, it may
safely be concluded that he will have little difficulty
in finding whatever capital he recommends should be
spent in that part of the globe, for his reputation
stands as high in the United States as it docs in Eu­
rope, whose coffers he greatly enriched by his activities
on the Witwatersrand in the earlier stages of its
history.
The controversy between the United States and
Germany over the exporting of potash from the latter
country, to which we referred several weeks ago, has
reached so acute a stage that President Taft, it is re­
ported from Washington, has laid the whole matter
before the Cabinet and appealed to his Ministers for
advice. Intimations have been made from unofficial
quarters that the President is seriously considering
the advisability of applying our maximum tariff rates
(25% additional duty) to all merchandise forwarded
to this country by Germany. Now, nothing has de­
veloped since we last discussed the dispute to put the
action taken by the German Government at the behest
of interested parties in any more favorable light, and
we still think Germany has manifested a lack of con­
sideration in dealing with American interests which
had entered into important contracts based upon the
law as it then existed. Nevertheless, we do not think
President Taft would be well advised to take the ex­
treme course of retaliating by enforcing the maximum
tariff schedules against that country. The maximum
tariff is a two-edged sword,to be wielded with the ut­
most discretion and only in flagrant cases of discrimi­

Dec. 24 1910. i

THE CHRONICLE

nation against us. Germany’s attitude, though in
reality bearing most heavily upon the United States,
is not technically and exclusively aimed at this country,
and, under all the circumstances, the apparent dis­
inclination of the President to start a tariff war would
seem to be the fruit of wisdom.
Japan is showing skill and courage in rehabilitating
her finances after the ruinous drain inflicted by her
war with Russia. Announcement has been made this
week that during 1911 the sum of 85,000,000 will be
devoted for the redemption of the foreign debt. The
policy of the Government was laid down by Marquis
Katsura in presenting his Budget last week: To
maintain the balance of revenue and expenditure in
general estimates and not to look to loans as financial
resources; to maintain the program of annual redemp­
tion of the public debt by an amount of 50,000,000 yen
or more. The budget figures for 1911-12 showed
ordinary receipts of 492,138,000 yen and extraordinary
receipts of 49,790,973 yen, against ordinary expendi­
tures of 407,113,274 yen and extraordinary expendi­
tures of 133,821,699 yen. The Premier added that
82,000,000 yen will be spent in improving the navy
during the next six years, of which 15,000,000 yen
has been appropriated for the next fiscal year. On
railways 52,000,000 yen will be spent next year, part
of which sum may be raised by a special loan secured
by the railways.
The Mexican rebels who infest the mountainous
territory around Padernales and Mai Paso, in the
State of Chihuahua, have succeeded in harassing the
Government troops under command of General Na­
varro. From sources friendly to the revolutionists,
dispatches are coming which claim that the loyal
forces are in desperate straits. Yesterday one mes­
sage from Chihuahua stated, no doubt with gross ex­
aggeration: “ Their position is so precarious that
scarcely a soldier can poke his head from the protec­
tion of the houses without being fired on. So complete
is the investment that Navarro is hard pressed to feed
his men.” From official channels it is learned that
reinforcements are being hurried to General Navarro,
but the progress of the military trains has been im­
peded by the marauders. Colonel Guzman, who was
in command of a battalion operating against the in­
surgents, has been wounded, and Colonel Samuel
Garcia Cuellar, Chief of the Staff of President Diaz,
has gone to succeed him. What the rebels hope to
accomplish by continuing their resistance is not clear.
They must realize by now that the great body of the
Mexican people are loyal to the present regime and
that no general uprising can be achieved. Perhaps
the leaders are fighting on in the belief that, if they
can inflict enough damage, the Government will be
glad to make peace overtures to them. In this in­
stance temporizing would appear to be out of place.
An application of stern measures would not only
effectively crush the present trouble, but would have
a salutary influence in checking future rebellious
movements.

1673

3 J4 to 3UL Spot bills, both 60 and 90 days, are quoted
at 33^%.
In Paris there has been another ad­
vance of Ys of 1% , the charge being now 2 % % . Ber­
lin secured 81,500,000 gold in London on Monday,
and this had some influence in keeping down discounts;
the quotation now is 4 % % for spot bills and 4j^j%
for bills to arrive, with indications that immediately
the year-end settlements are over rates will relax
sharply. Amsterdam quotes 33^% for commercial
and 3 % % for finance paper. Brussels has weakened
to 3ys%.
The. Bank of England secured only a meagre por­
tion of the new gold which arrived in London on Mon­
day last, and as there were rather heavy shipments,
according to our special correspondent, to the pro­
vinces and to Egypt, the weekly statement on Thurs­
day showed a loss of £2,224,140 bullion, bringing the
total on hand down to £32,863,893. The total de­
crease in reserve was even greater, £2,868,167, there
having been an addition of fully £644,000 to circula­
tion. Loans expanded £678,051, public deposits in­
creased £831,076, but ordinary deposits fell off £ 3 ,­
030,067. These various changes, our special cable
shows, resulted in a decline in the ratio of reserve to
liabilities from 49.98% last week to 46.35% this week,
a figure which is still nearly 10% above the average
in the corresponding week of the last decade. Our
correspondent further advises us that the loss of bul­
lion for the week was due in greatest measure to heavy
shipments to the interior of Great Britain. In addi­
tion, exports were well in excess of the inflow into the
Bank, which was made up entirely of purchases in
the open market. The details of the movement into
and out of the Bank were as follows: Imports,
£143,000, bought in the open market; exports,
£420,000 (of which £350,000 to Egypt, £50,000 to
Asia and £20,000 to various destinations), and ship­
ments of £1,947,000 net to the interior of Great Britain.

The decline in money rates which ordinarily takes
place in January has occurred ahead of time. This
week time money has weakened at least 34 of 1%,
while commercial paper rates have fallen quite y of
1%. Even call loans close the week lower, whereas
a rise not infrequently takes place before Christmas.
It is not difficult to account for the abundance of
funds this season. It will be recalled that six months
ago energetic efforts were put forth to curtail bank
credits throughout the country; since then cotton
growers, wheat growers, land speculators, real estate
operators and other borrowers have been induced to
modify their obligations, and inasmuch as speculation
on stock exchanges has dwindled, new issues of securi­
ties have been kept down, and general trade has become
much quieter, the demands for accommodation have
naturally been greatly reduced. ‘A moderate amount
of gold was brought from London in the fall, Alaska has
contributed her quota to the country’s supply of the
precious metal, and our own gold mines have not been
idle. The leading capitalists have proceeded cau­
tiously, and may continue to do so until the Supreme
Court gives its interpretation of the Sherman Law.
It may also be remarked that comparatively few
Foreign discount rates are slow to show the firmness short-derm notes mature during the, next six months,
customarily witnessed in the closing weeks of the year. whereas a large part of the total floated before the
In London the feature has been a demand for bills to collapse in 1907 had to be taken care of during the
arrive just after the new year; for these the range is current year. The political unsettlement' has made




1674

capital timid, and whenever there is a widespread lack
of confidence, new enterprises are reduced to a mini­
mum.
The range for collateral loans closes the week at
3 % @ 4 % for all maturities from January to June. The
lower figure, though only seldom quoted early in the
week, is now quite common when the security provided
is up to the recognized standard. Borrowers on in­
dustrial collateral can secure facilities at 4% . So light
is the demand that financial institutions have not all
been able to place their offerings, with the consequence
that more interest is being taken in short-term notes
and in high-class bonds. It is reasoned that, if money
cannot be lent at 4% in December, it is unlikely to be
worth much in January or February. The fact should
not be overlooked, however, that the applications for
capital within the next two months are sure to be
very heavy, and that, in order to insure successful
flotation, generous terms will be held out—even New
York City may have to resort to 4 % % bonds. Abroad,
also, governmental requirements threaten to be quite
onerous during the first quarter of 1911. Call money
has on no day this week exceeded 3 % % , although that
figure has been reached daily. The ruling rate on
Monday, Tuesday and Wednesday was 3 % % , with
2 ]/2% the minimum on the first two days and 2 % %
on Wednesday. Renewals were made on Thursday
at 334%, while yesterday the range was 3% to
3 % % . The average rate for the week has been a
shade under 3 % % . Commercial paper is in light sup­
ply and in fairly active demand. Certain dry goods
bills of the highest grade have been discounted at the
abnormally low rate of 4 % , others have been placed
at 434%, while business on a 4%>% basis has been
more active than was the absorption at 5% at the
beginning of the month. A minimum of 4% has also
been reported from Chicago. The general range of
quotations here is 434 @ 4 % % for prime four to six
months’ single name bills and sixty to ninety-day en­
dorsed bills receivable, and 5@ 534% for good names.
Foreign exchange has again fluctuated erratically.
On Monday there was an advance, on Tuesday a de­
cline, on Wednesday a severe break, on Thursday a
recovery and yesterday no notable change. A low
point of 4 8534 was reached on Wednesday, a quota­
tion well below that current when gold imports were
last inaugurated. But on the following day there
was a sharp rally, and unless another fall takes place
our bankers are not expected to be successful com­
petitors for the large consignment (upwards of $4,500,­
000) of South African gold which will arrive at South­
ampton to-day, but which will not be sold until
Wednesday, owing to the double holiday in London
at the opening of the week. The weakness in sterling
cannot be fully accounted for by the European assimi­
lation of our securities, important though this move­
ment has been. Operators who have closely followed
market fluctuations during the last three weeks declare
that a mass of exchange has come from institutions
whose exchange managers had apparently counted
upon being able to sell out at high rates before the
end of the year. Once again events have demon­
strated that it is futile to count upon exchange moving
in a normal way. The decline to 4 8534 for sight
drafts is all the more extraordinary when it is consid­
ered that interest rates here have fallen appreciably at



[V ol .

T H E C H R O N IC L E

LXXXXI

a time when firmness would be normal. The last
steamer to reach Europe before Dec. 31 sailed on
Thursday; the Baltic, which leaves to-day, not being
due until the new year. Interest from now on will
consequently be centred in cable transfers. It is
hinted that the decline has been carried farther than
conditions warrant, and that as a sequel belated buyers
of exchange for use in London before Jan. 1 may have
to pay for their dilatoriness. As to what may or may
not happen in January, no one will venture an opinion,
an attitude thoroughly justified by the eccentric fluc­
tuations at various times during the current year.
The December foreign trade returns may afford some
indication as to the outlook; but then again much will
depend upon the extent of European purchases of our
bonds, notes and stocks. It is taken for granted that
money will be plentiful both at home and abroad.
Compared with Friday of last week, sterling ex­
change on Saturday was firmer, with quotations at
4 8540@4 8545 for demand, 4 8565@4 8575 for cable
transfers and 4 8235@4 8245 for 60 days. Demand
advanced to 4 8555@4 8565 on Monday, cable trans­
fers to 4 8590 @ 4 8595 and 60 days to 4 8250 @ 4 8260.
On Tuesday demand eased to 4 8545@4 8550, cable
transfers to 4 8575@4 8580, while 60 days remained
unchanged. On the following day demand again de­
clined, to 4 8525@4 8535, cables went to 4 8565@4 8570
and 60 days to 4 8220 @ 4 8240. On Thursday de­
mand recovered to 4 8535@4 8545 and cable transfers
to 4 8575@4 8585; 60 days was unchanged. On
Friday trading was quiet at a nominal advance, de­
mand closing at 4 8540@4 8550 and cable transfers
at 4 8580 @ 4 8590.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers.

Fri., Mon., Tues., Wed.. Thurs., Fri.,
Dec. 16. Dec. 19. Dec. 20. Dec. 21. Dec. 22. Dec. 23.
Brown
/60 days 4
Bros. * Co......... ../S ight.. 4
Kidder, Pea/CO days 4
body & Co......... ../S ight.. 4
Bank of British
160 days 4
North America.. ../S ight.. 4
Bank of.................
4
Montreal............ ../S ight.. 4
Canadian Bank
/ 60 days 4
of Commerce___ ../S ight.. 4
Ileldelbach, fckelJ60 days 4
helmer & Co........ ../S ight.. 4
Lazard
/ 60 days 4
Freres ............... ../S ight.. 4
Merchants’ Bank
J60 days 4
of Canada........... ../S ight.. 4

83
8645
83
86
83/5
8645
83 45
86 45
83
80 45
83
8645
82 H
80
8345
8645

83
8645
83
86
8345
8645
8345
8645
83
86/5
83
8645
82 X
86
8345
8645

83
8645
83
86
8345
8645
83 45
8645
83
8645
83
8645
82/*
86
83 45
8645

83
8645
83
86
83 45
8645
83 45
8645
83
8645
83
8645
83
86
8345
8645

83
8645
83
86
83 45
8645
83 45
8645
83
8645
83
8645
83
86
8345
8645

83
8645
83
86
83 45„
86451
83^
8645
83
86 H
83
8b Hi
83
86
8345
8645

The market closed on Friday at 4 8240 @ 4 8250 for
60 days, 4 8540 @ 4 8550 for demand and 4 8580 @
4 8590 for cables. Commercial on banks was quoted
at 4 8121 @ 4 82 and documents for payment 4 81
@ 4 81%.
Cotton for payment ranged from 4 81@
4 81%, grain for payment from 4 81% @ 4 81%.
The following gives the week’s movement of money
to and from the interior by the New York banks.

Week ending Dec. 23

1910.

Receivedby Shippedby Net Interiora
N. Y. Ranks. N. Y. Banks. Movement.

Gold ..'...................... ....................

$8,714,00*
2,600.00*

$7,010,000 Gain $1,704,000
1,190,000 Gain 1,410.000

Total gold and legal-tenders..........

$11,314,000

$(,20*.*00 Gain $3,114,000

With the Sub-Treasury operations the result is as
follows.

Week ending Dec. 23

1910.

Into
Banks.

Out of
Banks.

Net Changein
BankHoldings.

Banks' Interior movement, as above.
Sub-Treasury operations..................

$11,314,000
35.600,000

*8,200,000 Gain *3,114,000
32,900,000 Gain 2.700,000

y ,Total gold and legal-tenders___ _

$46,914,00*

$41,100,000 Gain $5,814,000

Dec. 24 1910.

THE CHRONICLE

1675

The following table indicates the amount of bullion This is a question which has already filled English
political minds with abundant perplexity. The Ameri­
in the principal European banks.
can idea has always, and consistently, been that when
Dec. 22 1910.
Dec. 23 1909.
Banks 0} Gold.
large
pluralities in one election are cut down in the
Silver.
Total.
Gold.
Silver.
Total.
next,
or
when the vote on a highly important campaign
£
£
£
£
£
£
33,432,021 issue is inconclusive, the party advocating that issue
England.. 32.803.893
32,863,893 33.432,021
Franco__ 131.546,720 33,088,760 164,635,480 140,279,200 35,693,520 175.972,720
Germany . 37.059.250 13.586,600 50.645,850 37,479,100 11,802,850 49,281.950
Russia__ 148.082.000 6.190.000 154,272,000 140,890,000 7.062.000 147,952,000 must be particularly careful to move conservatively
Aus.-Hun. 55.510.000 12.057.000 67.567.000 56.814.000 12.386.000 09.200.000
The strongest illustration of the popu­
Spain___ 16.418.000 30.782.000 47.200.000 16.111.000 30.928.000 47.039.000 in the matter.
Ita ly ___ 39.214.000 3.450.000 42.664.000 38.480.000 3.990.000 42.470.000
Nctherl’ds 10.270.000 1.992.000 12.262.000 10.080.000 2,893,700 12,973,700 lar view of such an incident is found in the elections
Nat.Belg . 5.475.333 2,737,667 8.213.000 4,188.667 2.094,333 6.283.000
4.370.000
Sweden _. 4.473.000
4.473.000 4.370.000
The Congressional elections of 1894
5.025.000 of 1894 and 1896.
Swltzerl’d. 6.336.000
6.336.000 5.025.000
1.777.000
Norway
1.785.000
1.785.000 1.777.000
showed disapproval of the issues which had become
Total week 489.033.196 103.884,027 592,917,223 488,925,988 106,850,403 595,776,391
Prev. week 490,549.806 103,568.147 594,117,953 491,773.641 106,337.977 598,111,618 dominant in a large faction of the Democratic Party.
Two years later, in the Presidential election, Mr.
Bryan and his friends set out to argue that the popular
AFTER THE ENGLISH ELECTION.
rebuff of 1894 has been directed, not at the Populist
In the light of the now completed figures of the Eng­
ideas which permeated the party, but at Mr. Cleve­
lish general election, the political result is one of the
land's attitude on currency. The result of the 1896
more curious in the history of that country. When
election showed that the people were in no mood to be
the standing of the respective parties in the new Par­ trifled with in such a matter.
liament is compared with their standing in the old
Another principle fully recognized in American
one, the outcome of the voting must be declared to be
politics is that when the people will not go to the polls
absolutely non-conclusive. It is true that, according to vote on a public issue which politicians have in­
to the latest dispatches from London, the coalition sisted upon as paramount, the meaning is that inof Liberals, Labor members and Irish Nationalists sistance on that issue would be dangerous to the party
has increased its combined plurality over the Unionists which upholds it. Here the American practice has an
from 124 to 120. This of itself, however, was no very interesting bearing on the recent English election, for
sensational gain, and it becomes very much less so in
the dispatches indicate that fully 10% of the electors
the light of certain other comparisons. Taking the
whose votes were cast last January failed this time to
Liberal Party and the Unionist Party by themselves, vote at all. That this should have happened in the
it will be found that, while the Unionists have lost face of the agitating campaign by Lloyd-George and
one member as compared with the previous Parlia­
his fellow Radicals, in behalf of removal of the right of
ment, the Liberals have lost three, and that where the
veto on legislation by the Lords, and that it should
Liberals alone had a plurality of two over the Union­
have happened when the last previous election was
ists in the old Parliament, they are exactly tied with
marked by exceptionally popular excitement, has a
them in the new one. All the gains that have been
meaning which cannot be safely overlooked. To un­
made, and they are few enough, have been made by
dertake a great Constitutional innovation in the face of
the Labor and Irish factions. This is a comparison
increased public apathy; to change the legislative
of results in the two elections:
structure of the Empire on the ground that such apa­
Old Parliament. New Parliament.
thetic response by the people is a mandate, are under­
275
L ib e r a ls ...........- ........................
272
takings from which even the more daring type of
L a b o r i t e s ........ .................—
40
42
N a tio n a lis ts — ............. .......
71
statesmen would be apt to shrink.
76
11
I n d . N a t i o n a l i s t s - ................
8
What, then, is likely to be the actual result of this
singular situation? There are, as we see it, five possi­
397
L ib e ra l c o a l i t i o n _______
398
273
272
bilities—most of which, however, can scarcely be
U n io n is ts
............................reckoned as probabilities. First, there is the possi­
124
126
C o a lit io n p l u r a l i t y , ______
bility of rough-shod legislation on the House of Lords
L ib e r a ls a lo n e o v e r U n io n 2 p lu r a lit y .
T ie d .
by the Liberal coalition in the Commons, such legisla­
i s t s ................- .................—
In other words, the Liberals went to the country on tion to be forced through by the Irish and Labor votes,
a great Constitutional issue, for which they asked an and to be reluctantly concurred in by the Lords.
unmistakable popular mandate, and they did not get This seems to us improbable; it would, indeed, be in­
it. Indeed, when it is remembered that the general consistent for the Lords to take such action now, when
election of 1906 gave the Liberals alone a plurality of they refused to do so in response to another general
229 over the Unionists, with 125 Irish and Labor election whose results were more favorable Jo the
votes to spare, it may not unfairly be argued that, Liberals. In the case of the famous Reform Bill of
since the Constitutional issue arose, the Liberal Party 1831, in which the Lords were eventually brought to
has been progressively losing ground. It is true that concur against their will, the series of general elections
the Unionists were also disappointed in the results of which marked the struggle resulted successively in
this month's election; some of them had looked for Parliaments with Liberal majorities of 1, of 136 and
such a change in the voters' sentiment as should give of 162. Here was a very different popular response
that party a substantial plurality over the Liberals from what has been obtained this year.
alone. This has not happened—partly, no doubt,
The second possibility is of a similar enactment, by
because of the advocacy of protectionism by the Tory the House of Commons coalition, of the legislative
Party, and because Balfour’s idea of shelving that is­ propositions regarding the House of Lords, this
sue in a referendum either came too late in the cam­ measure being once more non-concurred in by the
paign or was disliked on principle in itself.
Lords or met by counter-propositions of the Upper
What should result in the way of practical legisla­ House. This would necessitate another appeal to the
tive measures from so curious an electoral result? country, which might, however, be somewhat danger­



1676

THE CHRONICLE

ous an experiment for the Liberals in view of this
month's election. The third possibility has been much
discussed; it is the creation by the King, at the in­
stance of the Asquith Ministry, of new Peers of Liberal
sympathies, sufficient in number to overcome the
hostile majority in the House of Lords. This recourse
was threatened in 1831, and the threat undoubtedly
had considerable influence in obtaining the assent of
the Lords. But in 1831 the hostile majority to the
Reform Bill in the House of Lords was only 41, whereas
the adverse majority to the Budget proposition of the
Liberal Ministry, in the vote of last November, was
no less than 275. To create new Peers enough to
overturn such a majority would be to turn the whole
procedure into ridicule; the London music-halls
are laughing at it now.
The fourth proposition, suggested in some of the
London reviews, is the resignation of Mr. Asquith
without appeal to the country, giving an opening for
a Unionist Ministiy to try its hand. This would be in
accord with English legislative precedent, but under
present conditions it must be described as a rather
futile expedient, since the Unionist Ministry would in­
evitably be short-lived, and would end in another elec­
tion, perhaps as purposeless as those which had pre­
ceded it. The final possibility in the case is resump­
tion of the conferences between the parties which were
abruptly suspended a month ago—with a view to
reconciling the ideas of the two Houses and finding
common ground which should give a distinct place in
the legislative sphere to the House of Lords, while
restraining its absolute veto powers and at least
curtailing the scope of the hereditary principle. If, as
English political critics have always agreed, legislation
is properly made up of a series of compromises, this
would certainly appear the logical and inevitable
recourse in the present peculiar situation. That
recourse has at least this powerful argument: that on
any other basis than consideration, debate and
amendment of the Lansdowne and Rosebery plans for
reconstructing the House of Lords into an Upper
Chamber suited to deal intelligently and properly with
the great public questions of the day, the Ministry’s
proposition inevitably boils down to the highly danger­
ous experiment of a single legislative chamber— long ago
repudiated by every enlightened modern government.

THE SUBWAY PROPOSITION.
The "Chronicle” has preferred to subordinate the
hotly controverted matter of rival subway routes to
the still larger one of by whom, and upon what basis,
the projected work shall be done; yet it is impossible
to avoid perceiving and to omit saying that the Inter­
borough offers the most comprehensive and quickly
effective addition to subways that has been proposed.
What is certainly undisputed is that the people both
want and need more subways; want and need them as
speedily as practicable, and want the utmost trans­
portation and transfer privileges at a single fare. The
agitation for the’ still unattained boon of a single fare
to Coney Island is too recent to leave any doubt that,
however the outcry for so-called competition as against
so-called monopoly may draw an unthinking response,
if a popular vote were taken it would be overwhelmingly
for the largest amount of subway ride for the single nickel.
The luminous letter of Mayor Gaynor, published on
Thursday morning, makes the subject perfectly clear



[ V o i . LXXXXI.

and leaves nothing pertinent unsaid. Municipal
ownership is demanded; it is already attained. The
existing subway is— and all future subways are to be—
as truly city property as the bridges and docks; the
subway is leased to an operating company, just as
the docks are leased. The most crucial question is,
which is saner and better: to construct so-called inde­
pendent lines, by the unassisted city, or to let private
capital do the constructing so far as it desires? In the
latter case, the construction will be pushed to com­
pleteness, each of several links coming into use at
once by connecting with the present line; in the former,
construction must be stretched by piecemeal over a
number of years, to conform to the city’s borrowing
limitations, and the operating is not assured in ad­
vance. One is a complete scheme, backed by capital
which is limited only by the business opportunity
perceived, and it serves the public immediately; the
other is a disconnected scheme with uncertainties
attached.
The present subway is in its seventh year of opera­
tion. Its business success was shown within twelve
months, so that five years (the time now required to
build another) have been frittered away obstructively.
The unwise Elsberg Law did much of the obstructing,
yet merely responded to a clamor to which the Inter­
borough now defers by offering to largely reduce the
term of its present lease. The principle of a long
lease, at the end of which the building reverts to the
owner of the land, is common in New York and is the
choice of the largest and shrewdest real estate owners.
In a matter of bargaining, no reformer has been able
to suggest for a municipality a shrewder basis than
successful individual selfishness has approved for
itself.
The Interborough is denounced because it does not
perform the present impossibility of providing seats
for everybody; were the city operator as well as owner,
the crowding would be the same and the complaint
undiminished. The company is not liked, and per­
haps it has not shown the utmost tactful consideration
for popular ideas; yet even if so-called independent
lines were built, they must have an operator and there
could be no guaranty that the Interborough would not
get the operating contract instead of some other cor­
poration which might be imagined more saintly. No
"feeling” on account of the past has a just relation
to the subject now, and no pledges or understandings
which may have been given in an election campaign
are worth serious mention. Now that the subject has
encountered a division in the Board of Estimate and
has gone over to the next meeting on Jan. 5, it should
be put on the proper basis of business and of forecast
for the interests of the city. Treated thus, the great
advantages of the pending proposition cannot fail to
make their own way.
One other point has received far too little attention.
The needs of this growing city for certain public pur­
poses—such as education, water, docks, parks, fire
telegraph and others— are expanding and imperative;
these cannot be indefinitely put by, nor can they in
any case be turned over to private hands. Here is a
field for all the city’s financial strength. Therefore,
any insistence on trying to add subways to the load,
instead of allowing private capital to build them and
virtually present them to the city, seems the height
of unreason.

Deo. 24 1910.]

THE CHRONICLE

COMBATTING SOCIALISTIC TENDENCIES.
Crawford H. Ellis, President of the New Orleans
Board of Trade, in an address recently delivered to the
members of the Mercantile Club of that city, called
attention to the spread of Socialism throughout the
United States. Speaking on that subject, Mr. Ellis
said:
“ Socialism is undoubtedly spreading in this country,
and we are reaching a state where the evil is as much
of a menace to the nation as it is to the countries of
Continental Europe. I believe that the chief cause of
the spread of fanatical Socialism are the speeches of
itinerant orators, who go about the United States
preaching incendiary doctrines.”
With characteristic Southern warmth, Mr. Ellis
advocated that orators of this class should be “ throt­
tled,” adding that it was his experience that where the
laboring man had been allowed to think out a question
for himself that he had been able to judge conditions
justly, correctly and without passion or prejudice.
A still more recent utterance, viewing this subject
from a somewhat different angle, was that made by
James J. Hill, who, according to an Associated Press
dispatch from Washington, expressed his opinion of
the results of the last general election in a customary
style:
“ The last election has taught the politicians and
the country something valuable,” said Mr. Hill.
“ That is, that party lines can no longer exist to an
important extent. The demagogue and the agitator
have held sway so long it is really a relief to see the
flag of warning hoisted for their benefit. The labor­
ing man i3 no longer swept off his feet by sweepingassertions and promises. He wants something defi­
nite.”
These two expressions, coming from entirely differ­
ent sources, but each typical of the conservative
thought of the country, are worth pondering upon.
No man.who has carefully surveyed the field of eco­
nomic conditions in the United States since Bryan
started the free-silver craze, some years ago, can fail
to be impressed with an appreciation of the injury
that has been wrought to business generally by agi­
tators and demagogues. Under all this agitation
so favorable to the growth of socialistic ideas, it is
surprising that Socialism has not made greater head­
way. However, at least one of the largo cities of the
country has succumbed to the socialistic idea, al­
though the triumph of the' Social-Democratic party in
Milwaukee can be chiefly attributed to the compara­
tively large proportion of foreign element in the popu­
lation there. Following up its victory in the City of
Milwaukee, the Social-Democratic party has also suc­
ceeded in replacing Congressman William H. Stafford
of the Fifth District, a Republican, with Victor L.
Berger, for twenty years the leader of the SocialDemocratic movement in this country.
As to the best way of combatting Socialistic ten­
dencies, opinions will differ. But obviously any plan
that may be devised in this respect should not fail to
take into account the mental attitude of the laboring
man. The retirement of George W. Perkins from the
firm of J. P. Morgan & Company, with the stated
object in view of “ extending the principles of profit­
sharing and other benefit plans, which, experience has
shown, offer a practical solution of the difficulties ex­
isting between capital and labor,” is one of the hopeful




1677

signs of the times. When a man of Mr. Perkins’s
standing in the financial world severs his connection
with one of the world’s largest banking firms to devote
himself to the adjustment of those matters affecting
the relations of capital and labor, it is plain that the
much-abused “ captains of industry” arc fully awake
to the necessity of grappling with the economic prob­
lems that have arisen as the result of changed business
conditions within the past decade. In saying this
we do not wish to be understood as endorsing Mr.
Perkins’s dictum made in a speech before the Quill
Club on Tuesday night of this week, that “ conditions
are now such that we must have large corporations
supervised under a strong hand.” The expression
“ strong hand” suggests a strongly centralized Federal
Government, and we are not in favor of extending the
activities of the Central Government.
Co-operation between capital and labor such as urged
by Mr. Perkins certainly has much to recommend it.
Despite the large influx of foreigners to the United
States, the great mass of the American people, ac­
cording to the best observations, are strongly con­
servative in their political and economic views. They
desire no radical changes in their government, such
as the theory of Socialism implies, but would undoubt­
edly welcome a proper economic readjustment of the
relations existing between capital and lay or. When
such a play as “ The Battle,” in which Wilton Lackaye
has been starring, is applauded even more in the gal­
leries than in the parquette; and when, on the other
hand, a Socialistic appeal such as “ The Derelict” is
generally condemned by the people and the press, it
is plain that the American people at heart are far from
Socialistic in their views. There is solid ground,
therefore, on which to lay the foundation for a more
cordial relationship between the workingman and his
employer, be that employer a private individual or a
corporation, and in this new field of endeavor the ef­
forts of far-seeing men are to be applauded and en­
couraged .

LIABILITY OF BANKS FOR MISUSE OF CHECKS
BY CORPORATION OFFICIALS.
The Appellate Division of the Supreme Court (First
Department) has just rendered a decision in a case
presenting an issue much like that raised in the case
of the Havana Central Railroad Co. vs. the Knicker­
bocker Trust Co., but with a different set of facts.
Both decisions had to do with the liability of a financial
institution for checks deposited with such institution
which involved misapplication of the funds of a cor­
poration by a corporation official. The point at issue
in the IlavanaCentral suit was the liability of the bank
on the check of a corporation official who had abused
his authority as such official by drawing the check in
his own favor against the funds of the corporation in
the bank where said corporation kept its account
and then deposited the check to his credit in the bank
where he kept his own account, later drawing out the
proceeds of the check and applying them to his per­
sonal use.
The Court of Appeals in that case, reversing the
lower courts, held that the institution on which the
checks were drawn by paying them declared to the
other institution in which they were deposited for
collection that they were the genuine obligations of
the corporation, which the Treasurer had authority

1678

THE CHRONICLE

to draw, and that the bank making collection of them
was authorized to deal with the proceeds of the checks
as the individual property of the payee. Moreover,
after it has turned over such proceeds to him, it cannot
be compelled to restore them to the complaining cor­
poration. We reviewed this case quite at length in
our issue of May 28 1910, and it is a fact of some inter­
est that the final entry of judgment in that action was
not made until the present month.
In the case under consideration there also was mis­
application of the funds of a corporation by an officer
endorsing the checks, but the misapplication was made
in a different way. The action was that of Niagara
Woolen Co. vs. the Pacific Bank of this city. The
Niagara Woolen Co. was a domestic corporation, of
which one Joseph Horowitz was the President down to
May 1 1904, when he was succeeded by Philip Iloro
witz, who continued as President until Oct. 28 1904.
The Niagara company was organized to act as sellingagent for the American Woolen Co. The action was
tried before a referee and the facts, as found by him,
show that the capital stock was substantially all issued
to Philip Horowitz and was subsequently deposited
with the American Woolen Co. under an arrangement
between Horowitz and the two corporations. f-The
President was given the general management of the
business, but not the power to draw or endorse checks
or other obligations of like character, that power being
given to the Treasurer, who was an officer or employee
of the American Woolen Co.
Philip Horowitz did business under the name of
“ Philip Horowitz & Son,” and in June 1904 opened
an account in that name in the Pacific Bank. Com­
mencing on June 22 1904 he began to deposit in this
bank to the credit of Philip Horowitz & Son checks
drawn to the order of the Niagara Woolen Co., en­
dorsed in blank in the name of the company by Joseph
Horowitz, President, and then endorsed with the firm
name under which he did business to the Pacific Bank.
He continued making deposits until Oct. 26 1904, the
total number of checks so deposited reaching 89 and
being for an aggregate of $28,469. The method by which
the misappropriation of the Niagara company’s money
was accomplished is set out as follows in the prevailing
opinion of the Appellate Division, which was written
by Justice Ingraham: Joseph Horowitz would receive
the mail directed to the Woolen Company each morning
and turn over such of the checks received by mail
which he did not intend to misappropriate to the
company’s bookkeeper, who was also in the employ
of the American Woolen Co., and these checks would
be deposited in the State Bank to the credit of the
Niagara Woolen Co.
But from day to day Joseph Horowitz extracted
from the mails the checks drawn to the order of the
Niagara Woolen Co. that he wished to appropriate
to his own use, and no notice of the receipt of such
checks would be given to the Niagara company’s em­
ployees, so that on its books the accounts represented
by the misappropriated checks would appear still
unpaid. The Treasurer of the Niagara company, it
seems, was in the habit of coming to the company’s
office several times a week, usually in the middle of
the day. All checks drawn on the Niagara company’s
account with the State Bank were signed by him, and
neither he nor any of the employees of the company
had any knowledge of the defalcation. When Joseph




! [V o l . LXXXXI.

Horowitz’s attention was called by the Treasurer or
bookkeeper to these accounts apparently still unpaid,
he would say that the accounts were perfectly good,
but payments were slow, and he did not wish to push
the company’s customers. The suit was brought to
charge the Pacific Bank with the amount of these
checks which it had collected, and the referee awarded
judgment to the Niagara company.
The Appellate Division construes the rules laid down
by the Court of Appeals in Havana Central RR. vs.
Knickerbocker Trust Co. as meaning that the Pacific
Bank must be held liable for the money fraudulently
appropriated. It is proper to state that Justice Ingra­
ham thought that the questions as to the regularity
of the endorsements, and the power of the President
to endorse, were not at all material, as the Niagara
company, by commencing the action to charge the
Pacific Bank with the amount collected upon the checks
necessarily ratified the endorsements and the act of
Philip Horowitz in obtaining payment of the checks.
The company’s right to recover was based solely upon
the fact that the Pacific Bank had accepted the checks
and by collecting them had received the Niagara com­
pany’s money and was bound to account for it.
There was no dispute as to any of the facts, but the
Court says the liability of the bank depends upon
knowledge of the misappropriation being brought
home to it or notice of such facts as required an inves­
tigation or inquiry by the bank as to the ownership
of the checks and the right of Horowitz to apply them
or their proceeds to his own personal account. Upon
their face the checks were payable to the Niagara com­
pany, and the endorsement showed upon its face that
Horowitz was the President of the corporation. The
bank also had notice that Horowitz had an account in
the bank, which was the account not of the corpora­
tion but of a firm of which Horowitz was a member,
and that the proceeds of these checks were credited
to that account and disposed of by checks drawn in
the name of the firm of which the President was a
member. The Court regards it a settled law of the
State that if Horowitz had presented these checks to
the bank and asked the bank to receive them as pay­
ment of an indebtedness existing in favor of the bank
against either Horowitz individually or the firm of
Philip Horowitz & Son, of which he was a member,
the bank would have been put upon inquiry as to the
right of Horowitz to use the money of the company
to pay his individual indebtedness. It also assumes
that the same rule would apply if Horowitz had pre­
sented these checks to the bank and instructed it to
collect them and pay a debt of Horowitz or his firm
to a third party, the bank thus having notice of the
fact that Horowitz was using the company’s checks
to pay his individual indebtedness.
Thus the question is narrowed down to one of notice
to the bank. Justice Ingraham points out that this
is not a case of one independent check, but a series of
transactions extending over months, during which
time there was a constant diversion of checks drawn
to the order of the company, deposited with the
Pacific Bank, collected by it and then applied by it
to the individual account of Horowitz or his firm.
Recognizing the duty of the bank to make inquiry,
it is held that the facts were sufficient to require the
bank to inquire as to Horowitz’s authority to appro­
priate the property of the corporation of which he

Deg. 24 1910.]

THE CHRONICLE

was President; that, having failed to make such in­
quiry, it is chargeable with the facts which it would
have ascertained if such an inquiry had been made,
and that if it had had express knowledge of the facts
which such an inquiry would have disclosed, it would
have been liable to the company for the misappropria­
tion of its property by Horowitz.
Justice McLaughlin in concurring said the real
question was whether the bank knew that the checks
were being wrongfully diverted or was in possession
of such facts as should have aroused its suspicion and
caused it to make an inquiry. Here were some ninetyodd checks, he argues, all payable to the company’s
order, and prima jacie they belonged to it. They
were endorsed in blank by Horowitz, the President of
the company. The bank had a right to assume that
he as President had authority to endorse them or to
authorize another person to do it for him; but it had
no right to assume when so large a number of checks,
which prima facie belonged to the corporation, was
presented in so short a time that he had a right to
divert the same from the corporation to his own per­
sonal use. Possibly, had there been only a few checks
their presentation would not, in and of itself, have
been enough to put the bank upon notice, but the
transactions here were extremely numerous. In reply
to this argument it might well be urged that the very
fact that the transactions were so numerous and that
they had not been questioned would tend to disarm
suspicion, engendering confidence in the regularity of
the proceeding.
The rule laid down may be a harsh one, but in view
of this decision it is evidently incumbent upon bank
managers to scrutinize closely checks offered for de­
posit. It is proper to note that the Appellate Division
was by no means unanimous in its conclusion. There
was a divergence of views, just as in the Knickerbocker
Trust Co. case. Justice Scott handed down a dissent­
ing opinion, in which Justice Clarke concurs, taking
the ground that as the bank was a mere conduit or
collecting agency, asserting no title to or right to retain
the money for its own advantage, it should be held
free from liability.

THE MULTIPLYING USES OF CONCRETE.
On Wednesday closed a week of a cement show at
Madison Square Garden,-and while having little of a
spectacular nature for the multitude, it possessed large
business interest and was encouragingly suggestive.
The material itself has been in some use for centuries,
and reinforced concrete has been entering more and
more into railroad work for some years; it is known
that this material is constantly taking a larger place in
public works and in buildings for all purposes; yet a
grouping of materials, processes and specimen results
gives new impressions to a thoughtful observer.
There are no limitations whatever to the qges of
concrete, affirms one enthusiastic concern; it belongs
wherever stone, brick or wood belongs, and ranges in
suitability from the mammoth city structure to the
progressive farmer’s pig-sty.
The exhibition just held may be roughly divided into
machines for crushing, mixing and excavating; ma­
terials for framing and reinforcing; materials for water­
proofing and decorative finish; samples of completed
work. In the last are included railings, posts, foun­
tains, basins and an inexhaustible variety of orna­



1679

mental work; culverts, vases, sidewalks, fireplaces,
stairs, and all combined possibilities of wood, brick or
stone are deemed within the serving of this “ pudding,”
which, when suitably treated, becomes an artificial
stone, permanently unchanging in respect to material
and surface. In the samples shown were such huge
things as aqueduct sections on the water-works of New
York now in construction, reproduced on a smaller
scale.
The development of this industry attests its business
consequence. It already has a literature of its own,
including a number of printed treatises, a modest
cyclopedia and several trade journals.
Concrete does not depend merely on its own strength
as a solidified mixture; it adds a metallic reinforcement
which natural stone cannot have, and the variety of
material shapes for this strengthening purpose is of
great interest. Expanded metal (which is sheet steel
cut through by short slots uniformly spaced and then
the metal opened and spread out into a form of lattice­
work that has great variations) is used for laths, par­
titions and flooring; for the heaviest work, the thick­
ness of sheet and the method of treatment are special,
but the principle is the same all through. A socalled “ flat-slab floor” is claimed to carry any load,
stationary or moving, as stiffly and firmly as the most
massive girder design, and one type of arch is claimed
to carry over 1,000 lbs. to the square foot. The
sloping sides of dams and water reservoirs are some­
times held against slip by a network of expanded
metal. A striking type of column consists of a
continuous length of cold-drawn steel wire, wound into
a spiral, and stiffened by several vertical “ spacing
bars” into which the wire is notched fast. This is in­
tended to be set in place as a whole, although provision
is made for having one of the bars removable (for
economy in transportation) and replaceable on the
spot where erected; when this stiff skeleton centre has
had its plastic stuff poured into and around it, the
hardening of the latter completes the enduring
column.
We should remark here that in concrete work the
strengthening reinforcement does not stop with
expanded-metal forms, but includes bars and rods.
Another illustration of the same principle of mutual
reinforcement between two combined materials is in
wire glass; this consists of a wire lacing imbedded in
glass. When under the heat of a fire the internal wire
holds the heated glass from falling out and admitting
the fire, and the glass protects the wire sufficiently to
keep that from being burned through. Each material
thus supplements and defends the other.
Resistance to weather, to all agencies of decay, and
especially to fire, combined with inexhaustible abund­
ance of material and great facility of manipulating,
constitute the claims of modern concrete. It is, there­
fore, in growing favor, and in all of the above par­
ticulars (save, perhaps, facility of working) it surpasses
wood, to which this new country naturally turned as
the readiest material. As the forests are failing, a
compensation appears, in the necessity for finding
another building material, and this other one has the
great advantage of incombustibility. Veiy much is
said nowadays of conservation, and it is undeniable
that we Americans have been tempted into improvi­
dence by the lavishness of our natural endowment; on
the other hand, it is reasonably sure that in the plan

1680

THE CHRONICLE

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

of creation nothing was overlooked, and we may take Argentina, it is perhaps well to note that in order to
encouragement in believing that as soon as a real encourage native breeders to develop a superior breed
of animal,these North American companies have not
necessity confronts us,we shall discover a new way.
hesitated to pay extraordinary prices for fine cattle.
In fact, the agent tells us that at the recent fat-stock
ARGENTINE PROGRESS.
i The rapid advance of the Argentine Republic into show at Buenos Ayres they gave about .$5,000 apiece
prominence among the nations of the world is one of for 5 steers, making the estimated cost of the available
the features of the times. With its natural resources beef therefrom approximately .$5 per pound. The
far from being largely developed as yet, the country, entrance of these Chicago companies into the industry
along a number of lines of industry, has within the in South America, it is explained, however, has been
last decade sprung from a rather unimportant position solely to obtain supplies which can no longer be se­
to one of leading importance. As we have heretofore cured at home (in the United States) for the European
pointed out, with a territory of 1,117,059 square miles, markets. In fact, it is not considered likely that
or nearly one-third that of the United States, its popu­ United States consumers could secure supplies from
lation approximates only about 6 millions, making it, that quarter, as Europe already furnishes an ample
Hogs, it is stated, hold a very unimportant
with the exception of Siberia in Asia and Peru, Vene­ market.
place
as
yet
in Argentina’ s animal wealth, and their
zuela and Paraguay in South America, the least
meat
is
used
mainly in the home market. More­
densely populated of any country of any considerable
size concerning which reliable information is obtaina­ over, and probably duo to the fact that the animals
ble. Moreover, the urban population of the country are allowed to run wild, the meat is oily and not firstmakes up an inordinately great proportion of the rate material. But as farming becomes more inten­
whole, that of Buenos Ayres alone covering nearly one- sive, the hog as well as other food animals that require
fifth of the aggregate. But notwithstanding the care and regular feeding in order to get proper results
sparseness of inhabitants, recent progress in the de­ seems bound to receive considerable attention.
Discussing Argentina’s growing importance as a
velopment of Argentina’s resources has been almost
seller of food and a buyer of manufactured products,
phenomenal.
Wo are led to refer now to this South American Re­ Mr. Whelpley refers to means of communication as
public, which on account of its enterprise has been of primary importance. North America and Europe,
dubbed “ The United States of South America,” be­ he infers, are essential to her future, even more than
cause of the appearance of a series of papers contributed they have been to her past, if the country is to be­
to the Bureau of Manufactures of our Department of come what it aspires and promises to be—one of the
Commerce and Labor by Commercial Agent James great industrial nations. The country, he believes,
Davenport Whelpley. In those papers the produc­ will probably never find it practicable or necessary to
tion and export of meat and the shipping situation of make more than a fractional part of the manufactured
the country are exhaustively and very interestingly products consumed, but on the other hand, the soil
treated. Referring to the meat industry, Mr.Whclp- and climate are unequalcd for grain and stock pro­
ley remarks that from the international standpoint duction.
Aside from its importance in the two instances re­
the most important and recent development has been
ferred
to above, Argentina stands second in the world
the entrance and growing ascendancy of North Ameri­
as
a
shipper
of wool, and it is difficult to properly esti­
can interests. Chicago meat companies, he says, en­
mate
the
position
it will attain in the larger field of
tered the field only seven years ago, but have already
cereal
production.
As a matter of fact, it is already
attained such a position that they are a decided, if not
practically
first
as
an
exporter (if not as a producer)
a dominating, influence in the progress of the trade
of
corn,
and
second
in
wheat.
All these considerations
and the control of prices. They are, moreover, gen­
demand
cheap
and
abundant
transportation
facilities
erally credited with having stimulated the meat in­
by
water,
and
these
are
being
quite
fully
supplied,
and
dustry through the introduction of progressive meth­
will
be
extended
as
required.
ods, particularly in the development of chilled beef,
At present, fully half the foreign commerce of the
and under the stimulation Argentina has risen to be
country
passes through Buenos Ayres, which is situ­
the largest exporter of beef in the world, and second
ated
on
the
south bank of the River Plate 150 miles
only to New Zealand as a shipper of mutton.
from
the
Atlantic.
Other ports include Rosario
Twenty years ago the shipments of chilled beef from
Santa
Fe,
Ybicuy
and
Colonia, and some of the trade
Argentina were a negligible quantity, and even as late
of
Argentina
goes
by
way
ot Montevideo, Uruguay.
as 1899 they covered a value of less than half a million
The
foreign
trade,
of
the
country
has made veiy rapid
dollars, as against $28,190,000 exports from the United
strides
within
the
last
decade,
but
European countries
States. Since then, however, Argentina has forged
have
profited
much
more
largely
thereby
than has the
ahead rapidly, and in 1909 showed over 21 millions
United
States.
Imports
into
the
country,
which in
of dollars of chilled beef exports, as against 9}4 mil­
1899
totaled
.$110,851,000
gold
(an
Argentine
peso
lions from the United States. In frozen mutton, too,
or
dollar
equals
$0,965
U.
S.
currency),
had
increased
there has been an important, though not steady, gain
in shipments of recent years. From a total value of to $302,756,095 in 1909, and, concurrently, exports
about 1 million dollars in 1889, there was an advance had risen from $184,918,000 to $397,350,528. The
to 234 millions in 1S99 and to over 7 millions in 1904, United States, however, is third, after Great Britain
with a drop to 5 1-3 millions in 1909. Finally, the and Germany, among the nations from which im­
exports of all meat products, which in 1889 reached a ports come, and the same two, with Belgium and
value of less than four millions of dollars, covered France, are larger receivers of its products. That
0% millions in 1897 and 33 1-3 millions in 1909. In­ Europe has secured the greater part of the trade of
cidental to the development of the meat industry of Argentina is explained, of course, by the willingness



THE CHRONICLE

Deo. 24 1910. t

displayed to study and meet the requirements of the
country. That our manufacturers and exporters have
been slow to do, but an improvement in this respect
has been in evidence of late.
Exports from the United States to Argentina consist
chiefly of raw materials and heavier kinds of manu­
factured articles, but Mr. Whelpley states that for
numerous other commodities, especially in the way
of household and office conveniences, there is good
opportunity. In the near future also, in his opinion,
there would seem to be an opening for dairy machinery,
the market for which the United States should be
able to secure, as it is already the source of supply
of most of the agricultural machinery used. Further­
more, the large irrigation projects now under- con­
sideration by the National Government as well as by
the individual States should bring a demand for the
modern machinery which this country can supply.
In addressing the National Association of Manufac­
turers in this city recently, Mr. Charles E. Sherrill,
United States Minister to the Argentine Republic,
explained the existing conditions of American trade
there and pointed out some of the things needed to be
done to forward the interests of the United States.
He especially urged the need of American banks.
On several occasions within the last two or three
years we have attempted to draw attention to the
promising field for developing our trade, especially
in manufactures, the various South American coun­
tries offer. This we can merely reiterate here, add­
ing that nowhere do the possibilities seem so great as
in Argentina. It may have escaped notice, but is
nevertheless true, that Argentina, with its population
of not much more than 6 millions, is a better customer
of the United States than Japan, with somewhere
about 50 millions, and China, with its hundreds of
millions.
IT E M S A B O U T B A N K S , B A N K E R S A N D T R U S T CO ’S.
— T h e p u b lic sales o f b a n k s t o c k s th is w e e k a g g r e g a te 31
sh a r e s , o f w h ic h 2 6 sh a re s w e re s o ld a t a u c t io n a n d 5 sh a res
a t th e S t o c k E x c h a n g e .
T h e tr a n s a c tio n s in tr u s t c o m p a n y
s t o c k s , all a u c t io n sa le s, r e a c h a t o t a l o f 5 0 s h a r e s .
A sale
o f 2 sh a re s o f s t o c k o f th e M a r k e t & F u lt o n N a tio n a l B a n k
w a s m a d e a t 2 7 2 — a n a d v a n c e o f 21 p o in t s o v e r th e p r ic e
p a id in O c t o b e r , w h e n th e la s t p r e v io u s sa le w a s m a d e .
F iv e sh a re s o f s t o c k o f th e J e ffe rs o n B a n k w e re s o ld a t 185,
th e la s t p r e v io u s sale h a v in g b e e n a t 174 in F e b r u a r y .
L ow .
S h ares. D A N K S — N ew Y o rk .
1 C ity B a n k , N a tio n a l.................. 387
*5 C om m erce, N a t. B a n k o f ------- 195
5 Jefferson B a n k ________________ 185
2 M ark et & F u lto n N a t. B a n k - 272
18 P a rk B a n k , N a t io n a l............... 352 J4
T R U S T C O M P A N Y — N ew Y o rk .
40 W a s h in g to n T r u s t C o ------------- 355
T R U S T C O M P A N Y — B ro o k ly n .
10 Q ueens C o u n ty T r u s t C o -------115

H igh .
387
195
185
272
352 H

Close.
387
195
185
272
35214

L a st p reviou s
N o v . 1910—
D e o . 191 0—
F e b . 191 0—
O c t . 1910—
N o v . 1910—

355

355

Jan.

115

115

N o v . 1009—

sale.
383 yi
195
174
251
351

1910— 363 J4
121 H

* S o ld a t th e S to c k E x ch a n g e .

— T h e N e w Y o r k C o ffe e E x c h a n g e , f o llo w in g th e a c tio n
o f th e N e w Y o r k S t o c k a n d C o t t o n E x c h a n g e s , w ill b e c lo s e d
t o - d a y (S a t u r d a y ) in a d d it io n to M o n d a y .
T h e P roduce
E x c h a n g e is th e o n ly lo c a l m a r k e t o p e n t o - d a y .
T h e B oston ,
P h ila d e lp h ia , B a lt im o r e a n d Pittsburgh S t o c k E x c h a n g e s h a v e
all s u s p e n d e d b u sin e ss f o r th e th re e d a }rs to T u e s d a y n e x t.
— B o n d s o f th e M a n ila R a ilr o a d C o . h a v e b e e n a d d e d to
th e lis t o f se cu r itie s a c c e p t a b le to th e G o v e r n m e n t f o r p u b lic
d e p o s it s in n a tio n a l b a n k s .
A n n o u n c e m e n t t o th is e ffe c t
w a s m a d e b y th e S e c r e t a r y o f th e T r e a s u r y in th e fo llo w in g
s t a t e m e n t , issu e d o n th e 2 0 th in s t:.

1681

N o a d d itio n a l d e p o sits are, h o w e v e r , n o w In co n te m p la tio n , an d th is an ­
n o u n ce m e n t d o e s n o t re fe r t o p o s ta l sa vin gs d e p o sits.

— E d w a r d D o u g la s s W h it e , w h o w a s n o m in a t e d b y P r e s i­
d e n t T a f t la s t w e e k a s C h ie f J u s t ic e o f th e U n ite d S ta te s
S u p r e m e C o u r t, t o s u c c e e d th e la te M e lv ille W . F u lle r , w a s
s w o r n in t o h is n e w o f fic e o n th e 1 9 th in st.
— T h e n o m in a t io n o f M a rtin A . K n a p p t o b e a n a d d itio n a l
U . S . C ir c u it J u d g e f o r th e S e c o n d J u d ic ia l C ircu it, a n d
d e s ig n a te d t o s e r v e f o r fiv e y e a r s a s P r e s id in g J u d g e in th e
C o m m e r c e C o u r t, w a s c o n fir m e d b y th e U n ite d S ta te s S e n a te
o n th e 2 0 th in s t.
T h e n o m in a t io n w a s s e n t in b y P r e s id e n t
T a f t o n th e 1 2 th in s t .
M r. K n a p p h a s b e e n C h a irm a n o f th e
I n t e r -S t a t e
C om m erce
C o m m is s io n .
O th e r s w h o
w ere
n o m in a t e d w ith M r , K n a p p t o s e r v e o n th e C o m m e r c e C o u r t
a re R o b e r t W . A r c h b o ld o f P e n n s y lv a n ia , n o w s e r v in g as
U n ite d S t a te s D is t r ic t J u d g e , t o s e r v e fo u r y e a r s ; W illia m
H . H u n t o f M o n ta n a , n o w s e r v in g a s A s s o c ia te J u d g e o f th e
C o u r t o f C u s to m s A p p e a ls , t o s e rv e f o r th re e y e a r s ; J o h n
E m m e t C a r la n d , n o w s e r v in g a s U n ite d S ta te s D is t r ic t J u d g e ,
t o s e rv e f o r t w o y e a r s , a n d J u lia n W . M a c k o f I llin o is t o
serve fo r on e y e a r.
T w o n e w n o m in a t io n s o n th e I n t e r -S t a t e C o m m e r c e C o m ­
m iss io n w e r e a ls o c o n fir m e d th is w e e k — C . C . M c C h o r d o f
K e n t u c k y t o fill th e u n e x p ir e d te r m o f C o m m is s io n e r K n a p p
a n d B . H . M e y e r o f W is c o n s in t o r e p la c e F r a n c is M . C o c k r e ll
w ith th e e x p ir a t io n o f h is te r m o n th e 3 1 s t in s t .
— T h e n o m in a t io n o f J o s e p h A u s t in H o lm e s a s D ir e c t o r o f
th e n e w B u r e a u o f M in e s, e s ta b lis h e d in th e D e p a r t m e n t o f
th e I n t e r io r u n d e r th e b ill p a sse d b y C o n g re ss la s t M a y ,
w a s c o n fir m e d b y th e S e n a te o n th e 1 9 th in s t .
M r. H o lm e s
w a s a p p o in t e d t o th e p o s t in S e p te m b e r .
— G e o r g e W . P r in c e , R e p r e s e n t a t iv e fr o m I llin o is , h as
b e e n a p p o in t e d b y th e S p e a k e r o f th e H o u s e o f R e p r e s e n t a ­
tiv e s t o s u c c e e d th e la te Jesse O v e r s t r e e t as a m e m b e r o f th e
N a tio n a l M o n e ta r y C o m m is s io n .
— T h e n o m in a t io n o f G e o r g e E . R o b e r t s as D ir e c t o r o f
th e U n ite d S ta te s M in t w a s c o n fir m e d b y th e S e n a te o n th e
14th in s t .
M r. R o b e r t s a s su m e d th e d u tie s o f th e o f fic e o n
S e p t. 14.
— A c t io n w h ic h m a y r e s u lt in b r in g in g a b o u t a d is c o n ­
tin u a n c e o f a r b itr a g e t r a d in g b e t w e e n m e m b e r s o f th e N e w
Y o r k S t o c k E x c h a n g e a n d E u r o p e a n h o u s e s h a s b e e n ta k e n
b y th e lo c a l E x c h a n g e , w h ic h h as r e fe r r e d th e m a t te r t o a
c o m m it t e e o f fiv e fo r d e t e r m in a t io n .
T h e E x ch a n g e has
m a d e k n o w n its d e c is io n t o p a ss u p o n th e q u e s t io n in th e
f o llo w in g n o t ic e t o th e m e m b e r s :
T h e C o m m itte e o n C om m ission s r e p o rts a fte r In ve stig a tio n th a t th e
a rb itra ge business as c o n d u c t e d b e tw e e n tills E x ch a n g e an d th e E u rop ea n
exch a n g e s has p r a ctica lly n u llified th e c o m m issio n law s o f this E x ch a n g e ,
an d re co m m e n d s th a t th e m a tte r b e referred t o a c o m m itte e o f fiv e fo r
a ctio n .

A r b it r a g e d e a lin g s b e t w e e n N e w Y o r k a n d o th e r c itie s in
th e U n ite d S ta te s h as b e e n fo r b id d e n f o r s o m e y e a r s , b e ­
ca u se o f th e c o n c lu s io n s o f th e E x c h a n g e t h a t a d iv is io n o f
p r o fit s in s u c h tr a d in g s v ir t u a lly a m o u n t e d t o a s p lit tin g o f
c o m m is s io n s .
I t is f o r th e sa m e r e a s o n , it is s a id , t h a t th e
p r o p o s it io n t o p r o h ib it in te r n a tio n a l a r b itr a g e is n o w u n d e r
c o n s id e r a tio n .
A c c o r d in g t o th e N e w Y o r k “ S u n ,” th e
o ffic e r s o f th e S t o c k E x c h a n g e w h o h o ld a r b itr a g e t o b e
e q u iv a le n t t o “ c o m m is s io n s p lit t in g , ’ ’ e x p la in th e ir .c o n t e n ­
tio n as fo llo w s :
“ O f th e t w o parties In a rb itra g e o n e Is a m em b er o f th e N ew Y o r k S to c k
E x ch a n g e . T h e o th er is n o t .
Y e t It Is th e c u s to m fo r th e N ew Y o r k
b r o k e r an d th e L o n d o n b r o k e r t o d iv id e p ro fits o n arb itra g e bu sin ess. A
L o n d o n E x ch a n g e m e m b e r, w h o se seat Is w o rth v e r y little an d w h o has n o
rig h ts o n th e N ew Y o r k E x ch a n g e , profits fro m th e tra n sa ctio n as m u ch
as d o c s a N ew Y o r k b r o k e r w h o p a y s $ 75 ,000 to $95 ,000 fo r th e priv ileg e o f
tra d in g . T h e tw o sp lit p ro fits , w herefore th e y m u st sp lit c o m m is s io n s .”

— A t a m e e t in g o f th e G o v e r n in g C o m m it t e e o f th e P h ila ­
d e lp h ia S t o c k E x c h a n g e , h e ld o n th e 5 th i n s t ., it w a s re­
s o lv e d th a t th e u n it o f tr a d in g in b o n d s sh all b e S I ,0 0 0 .
T h is m e a n s , a c c o r d in g t o th e P h ila d e lp h ia p a p e r s , t h a t if a
b r o k e r b id s fo r a la rg e a m o u n t o f b o n d s , h e m u s t a c c e p t a
$ 1 ,0 0 0 b o n d a t t h a t fig u r e .
A r d lin g m a d e b y th e E x c h a n g e
th is w e e k p e r m its q u o t a t io n s o n th e b a sis o f s ix t e e n t h s in all
s t o c k s o n w h ic h th e c o m m is s io n is 6
c e nt s a sh a re .
H ere­
t o f o r e , it is s t a t e d , th e c o m m it t e e s p e c ific a lly d e s ig n a te d th e
s t o c k s w h ic h c o u ld b e s o q u o t e d .
— T h e o r g a n iz a tio n o f a N a tio n a l C u r r e n c y A s s o c ia t io n in
C in c in n a ti w a s p e r fe c t e d o n th e 1 3 th in s t . a t a m e e t in g o f
e ig h t o f th e n a tio n a l b a n k s o f th e c it y a n d th e t w o n a tio n a l
b a n k s o f N o r w o o d . T h e b a n k s m a k in g u p its m e m b e r s h ip a re
th e fo llo w in g C in c in n a ti b a n k s : th e F ir s t N a tio n a l, th e S e c o n d

T h e S ecreta ry o f th e T re a s u ry t o -d a y a n n o u n c e d , In a c c o r d a n c e w ith th e
A c t o f C on gress a p p ro v e d M arch 4 1007, th a t d u rin g th e ca le n d a r year
1911 th e fo llo w in g n a m ed b o n d s w ill b e a c c e p te d as s e c u r ity fo r p u b lic de­
N a tio n a l, th e F o u r t h N a tio n a l, th e F ift h -T h ir d N a tio n a l,
p osits w ith n a tion a l b a n k d ep ositaries:
th e G e r m a n N a tio n a l, th e C itiz e n s ’ N a t io n a l, th e A t la s N a ­
U n ite d S ta te s , P h ilip p in e , P o r t o R ic a n an d D istrict o f C o lu m b ia b o n d s
a t par; b o n d s o f H a w a iian T e r r ito r y a t 9 0 % o f par; b o n d s o f th e P h ilip p in e
tio n a l a n d th e M a rk e t N a t io n a l, a n d th e F ir s t N a tio n a l B a n k
R a ilw a y C o. an d M anila R a ilr o a d C o . a t 9 0 % o f th eir m a rk e t v a lu e , b u t
• o f N o r w o o d a n d th e N o r w o o d N a tio n a l.
T h e o r g a n iz a tio n
........................
n o t e x c e e d in g 9 0 % o f p a r .




1682

THE CHRONICLE

h a s b e e n fo r m e d u n d e r th e n a m e o f th e N a tio n a l C u rre n c y
A s s o c ia t io n o f C in c in n a ti.
I t s o ffic e r s a re : P r e s id e n t , W . S .
R o w e , P r e s id e n t o f th e F ir s t N a tio n a l B a n k o f C in cin n a ti;
V ic e -P r e s id e n t , C h a rle s A . H in s c h , P r e s id e n t o f th e F ift h T h ir d N a tio n a l B a n k ; T r e a s u r e r , C h arles E . W ils o n , P r e si­
d e n t o f th e F o u r t h N a tio n a l B a n k , a n d S e c r e t a r y , E . E .
G a lb r e a th , V ic e -P r e s id e n t o f th e S e c o n d N a t io n a l.
The
e x e c u t iv e c o m m it t e e co n s is ts o f G e o r g e G u c k e n b e r g e r ,
P r e s id e n t o f th e A tla s N a tio n a l; G . P . G r iffit h , V ic e -P r e s id e n t
o f th e C it iz e n s ’ N a tio n a l; C a sp e r H . R o w e , V ic e -P r e s id e n t
o f th e M a r k e t N a tio n a l; G e o rg e H . B o h r e r , P r e s id e n t o f th e
G e r m a n N a tio n a l, a n d C. H . M . A t k in s , P r e s id e n t o f th e F ir st
N a tio n a l B a n k o f N o r w o o d .
— T h e N e v a d a s ta t u t e e n a c t e d la s t y e a r , a n d in te n d e d to
re g u la te p r iv a t e b a n k s , b y r e q u ir in g th a t all b a n k in g c o n ­
ce rn s o f th e S t a te b e in c o r p o r a t e d th e r e u n d e r , if n o t e lse ­
w h e r e in c o r p o r a t e d , h a s b e e n d e c la r e d u n c o n s t it u t io n a l b y
th e S u p r e m e C o u r t o f N e v a d a , a c c o r d in g to th e S a n F r a n c is c o
“ C o m m e r c ia l N e w s ” o f N o v e m b e r 3 0 .
U n d e r th e d e c isio n
th e “ N e w s ” s ta t e s , th e C o u r t h o ld s th a t
" t h e business ot b a n k in g Is a law fu l bu siness, w h ich It Is th e Inherent rig h t
o f e v e r y c itiz e n t o en ga g e in . T h e A c t o f M arch 24 1900 p r o v id e d b y S e c ­
tio n 2 th a t it sh ou ld b e u n law fu l, u n d er p e n a lty , fo r a n y c o r p o r a t io n ,
p a rtn ersh ip , firm or in d iv id u a l, t o en gag e in th e b a n k in g business e x c e p t
b y m ean s o f a c o r p o r a tio n d u ly o rg a n iz e d fo r such p u rp oses u n d er th e laws
o f th e S ta te . S ection s 5 an d 0 cre a te d a b a n k in g b o a rd to h a v e general
su p erv ision o f ban ks a n d b a n k in g. S e c tio n 12 p r o v id e d th a t it sh o u ld
b e u n law fu l t o en gag e in ban k in g w ith o u t o b ta in in g a license fro m su ch
b o a r d , w h ich licen se sh ou ld issue o n ly t o c o r p o r a tio n s d u ly o rg a n iz e d t o d o
a b a n k in g business. S u ch A c t is in c o n flic t w ith th a t s e c tio n o f th e C on sti­
t u t io n assertin g righ ts t o lib e r t y , p r o p e r t y an d h ap p in e ss, t o th a t s e ctio n
g u a ra n teein g d u e p rocess o f law an d t o th e s e ctio n de cla rin g th a t rights
n o t en u m era ted are s a v e d t o th e p e o p le .”

— A t a m e e t in g o f th e E x e c u t i v e C o m m it te e o f th e C lear­
in g H o u s e S e c t io n o f th e A m e r ic a n B a n k e r s ’ A s s o c ia t io n in
C h ic a g o o n th e 1 6 th in s t ., S e c r e t a r y F a r n s w o r th w a s in ­
s tr u c t e d t o h a v e p r e p a r e d in p a m p h le t fo r m , fo r d is t r ib u t io n ,
th e p r o c e e d in g s o f th e m e e t in g o f th e S e c t io n a t L o s A n g e le s
a p p e r ta in in g d ir e c t ly t o c le a r in g -h o u s e e x a m in e r s .
The
p r e p a r a t io n o f sp e cia l a rticle s b y J . K . O t t le y o f A t la n t a
a n d C . A . R u g g le s o f B o s t o n o n th e z o n e s y s te m o f h a n d lin g
c o u n t r y c h e c k s w a s a lso a u t h o r iz e d , th e se a rticle s t o b e p u b ­
lish e d in th e J o u r n a l o f th e A m e r ic a n B a n k e r s ’ A s s o c ia t io n .
T h e q u e s t io n o f w e e k ly r e p o r ts o f th e c le a r in g h o u s e , w h ich
a re g iv e n o u t fo r p u b lic a t i o n , w a s d is c u s s e d , a n d it w a s
b r o u g h t o u t th a t it w a s d e s ir a b le to h a v e g r e a te r u n ifo r m it y
in th e se r e p o r ts .
T h is w ill b e th e sp e c ia l o r d e r o f b u sin e ss
a t th e n e x t m e e t in g o f th e c o m m it t e e , w h ic h w ill p r o b a b ly
b e h e ld in N e w Y o r k in M a rch .
— T h e F o u r t h N a tio n a l B a n k , o n e o f th e b e s t -k n o w n
b a n k s o f th is c i t y , fo r m a lly o p e n e d its e n la r g e d a n d re­
m o d e le d b a n k in g r o o m la s t S a t u r d a y .
A la rg e g a t h e r in g o f
N e w Y o r k C ity b a n k o ffic ia ls a n d o u t - o f- t o w n b a n k e r s a t­
t e n d e d th e r e c e p t io n h e ld b y th e o ffic ia ls in th e a ft e r n o o n .
T h e e n tir e G e rm a n ia L ife I n s u r a n c e B l d g ., w h ere th e F o u r t h
N a tio n a l fo r m e r ly h a d o n ly th e N a s s a u a n d P in e stre e ts c o r ­
n e r, w a s p u r c h a s e d in 1 9 0 9, a n d r e c e n tly th e w h o le s e c o n d
flo o r , fr o m P in e S tr e e t t o C e d a r S t r e e t, h as b e e n r e c o n ­
stru cte d .
T h e re su lt is t h a t its b a n k in g -r o o m is o n e o f th e
la r g e s t in N e w Y o r k a n d a lso a t t r a c t i v e ly m o d e r n .
The
F o u r t h ’ s o ffic e s n o w e x t e n d th e fu ll le n g th o f N a ssa u S tr e e t,
( a b o u t 150 fe e t) fr o m th e P in e to th e C e d a r S tr e e t c o r n e r s .
I n th e ce n tr e o f th e b u ild in g a h o r s e -s h o e s h a p e d s ta ir w a y
a d m its o f e a s y e n t r a n c e J t o jt h e ^ b a n k fr o m th e s tr e e t , a n d
u n d e r th ese s ta irs , d ir e c t e n tr a n c e is h a d to th e e le v a to r s
a n d o th e r o ffic e s in th e b u ild in g .
T h is e n tr a n c e h as th e
a d d e d a t t r a c t io n o f g iv i n g th e e x t e r io r o f th e F o u r t h ’ s
n e w h o m e a d is t in c t iv e a r c h ite c t u r a l a p p e a r a n c e .
The
in te r io r w all d e c o r a t io n o f th e b a n k in g r o o m is p a n e le d
E n g lis h o a k , w ith fu r n itu r e t o m a t c h a n d a n t iq u e b r o n z e
fix tu r e s a n d lig h tin g a r r a n g e m e n ts .
T h e e ffe c t c r e a t e d w as
c o m m e n t e d o n la s t S a t u r d a y as g iv i n g th e b a n k in g r o o m th e
q u ie t e le g a n c e o f a liv in g r o o m .
O n a little h ig h e r lev el
th a n th e m a in b a n k in g r o o m , r e a c h e d b y a b r o a d s ta irc a s e ,
are th e c u s t o m e r s ’ a n d d ir e c t o r s ’ r o o m s , b o t h v e r y c o m fo r t ­
a b le , fin ish e d in th e sa m e s ty le a n d s h a d e .
T h e cu stom ers’
r o o m o n th e P in e S tr e e t sid e is q u ie t , la rg e , w e ll-s t o c k e d w ith
n e w s p a p e r s , w r it in g d e sk s a n d a lib r a r y o f u se fu l b o o k s , w ith
a s te n o g r a p h e r in a tt e n d a n c e to a c c o m m o d a t e o u t - o f- t o w n
c u s t o m e r s w ith th e ir c o r r e s p o n d e n c e .
T h e t r e a t m e n t o f th e
p a n e ls o n th e c e ilin g s o f b o t h th e se r o o m s is u n iq u e a n d is said
t o b e c o p ie d fr o m P r e sid e n t C a n n o n ’ s lib r a r y ce ilin g at
S c a r s d a le , N . Y .
T h e o ffic e r s ’ s p a c io u s q u a r t e r s o n the
N a s s a u a n d P in e S tr e e t s id e , w h e r e th e P r e s id e n t’ s p r iv a te
o f fic e is lo c a t e d , are a c c e s s ib le t o th e p u b lic .
T h e F ou rth
N a tio n a l B a n k w a s o r g a n iz e d in 18 6 4.
P r e s id e n t J a m es G .
C a n n o n s u c c e e d e d J . E d w a r d S im m o n s , w h o d ie d la st




[V O L . L X X X X I

A u gu st.
T h e c a p it a l a n d su r p lu s w a s r e c e n tly in c r e a s e d t o
8 1 0 ,0 0 0 ,0 0 0 , t o ca re fo r th e in s t it u t io n ’ s e x p a n s io n in b u s i­
n ess.
M r. C a n n o n ’s o ffic ia l a s s o c ia te s a re S a m u el S . C a m p ­
b ell a n d C h arles H . P a t te r s o n , V ic e -P r e s id e n t s ; D a n ie l J .
R o g e r s , C a sh ier, a n d E r n e s t W . D a v e n p o r t , A s s is ta n t C a sh ­
ie r .
T h e d ir e c t o r a t e in c lu d e s : C orn e liu s N . B lis s , R o b e r t
W . S t u a r t , W m . S . O p d y k e , T . F r a n k M a n v ille , T h o s . H .
M c K it t r ic k , M o r tim e r L . S c h iff, L . F . L o r e e , E u g e n e D e la n o ,
M . O rm e W ils o n , E ld r id g e G . S n o w a n d M r. C a n n o n .
— C la re n ce H . K e ls e y , P r e s id e n t o f th e T it le G u a r a n te e &
T r u s t C o . o f th is c it y , w a s e le c t e d a m e m b e r o f th e Y a le
C o r p o r a t io n o n th e 1 8th in s t ., to s u c c e e d R e v . D r . C h a rles
R a y P a lm e r .
M r. K e ls e y w a s v a le d ic to r ia n o f th e C lass o f
1878.
— A c o n s o lid a t io n o f th e C h a th a m N a tio n a l a n d P h e n ix
N a tio n a l b a n k s o f th is c it y , w h ic h w a s r u m o r e d as u n d e r
c o n s id e r a tio n m o r e th a n a y e a r a g o , is n o w a c t iv e ly b e in g
pushed.
T h e s to c k h o ld e r s o f th e P h e n ix N a tio n a l h a v e b e e n
a d v is e d o f th e ofTer o f a p r o p o s e d s y n d ic a t e t o p u r c h a s e a ll
th e sh a res o f th a t in s t it u t io n , th is s y n d ic a t e , it is u n d e r s t o o d ,
b e in g h e a d e d b y G e o r g e C o ffin g W a rn e r a n d W illia m A .
Law .
M r. L a w , w h o is F ir s t V ic e -P r e s id e n t o f th e F ir s t
N a tio n a l B a n k o f .P h ila d e lp h ia , w a s o n e o f a s y n d ic a t e
w h ic h a c q u ir e d a la rg e in te r e s t in th e C h a th a m N a tio n a l in
S e p te m b e r 19 0 9.
T h e p la n s w h ic h h a v e b e e n fo r m u la te d
t o e ffe c t th e c o n s o lid a t io n p r o v id e fo r th e a p p o in t m e n t o f a
c o m m it t e e o f e ig h t t o d e te r m in e th e p r ic e , b a s e d u p o n th e
v a lu a t io n o f its a ssets, to b e p a id fo r th e s t o c k o f th e P h e n i x ,
th e b a n k a n d th e s y n d ic a t e e a c h h a v in g fo u r r e p r e s e n ta t iv e s
in th e c o m m it t e e .
I n ca se o f th e fa ilu re o f th e c o m m it t e e t o
a g r e e , final d e c is io n is t o b e le ft w ith C h arles H . S a b in ,
V ic e -P r e s id e n t o f th e G u a r a n ty T r u s t C o .
A s a n a lte r n a ­
tiv e to th e a p p ra isa l p la n , it is p r o p o s e d th a t th e c o n s o lid a ­
tio n b e c a rrie d o u t th r o u g h th e liq u id a t io n o f th e P h e n ix b y
its d ir e c t o r s .
I f th e p r o je c t is fin a lly b r o u g h t t o a s u c c e s s fu l
c o n c lu s io n , th e c o n s o lid a te d b a n k will b e k n o w n as th e
C h a th a m & P h e n ix N a tio n a l B a n k , a n d will h a v e a c a p it a l
a n d s u rp lu s o f 8 3 ,0 0 0 ,0 0 0 .
L o u is G . K a u fm a n , P r e s id e n t
o f th e C h a t h a m , is s la te d fo r th e p r e s id e n c y , a n d B e r t L .
H a s k in s , C a sh ier o f th e P h e n ix , fo r th e c a s h ie r s h ip .
B oth
b a n k s are a m o n g th e o ld e r fin a n cia l in s t itu tio n s o f th e c i t y .
T h e C h a th a m w a s o r g a n iz e d as a S ta te b a n k in 1851 a n d
b e c a m e a n a tio n a l b a n k in 1865.
I t s c a p it a l h as c o n tin u e d
a t 8 4 5 0 ,0 0 0 (in 8 25 sh a res) fr o m th e s ta r t .
I t h as a su rp lu s
o f o v e r a m illio n d o lla r s , a n d d e p o s its o n th e 17th in s t. o f
8 7 ,9 5 9 ,3 0 0 .
M r. K a u fm a n b e c a m e P r e s id e n t o f th e b a n k
in A u g u s t la s t.
H e h a d p r e v io u s ly b e e n id e n tifie d w ith
b a n k in g in te re sts o f M ich ig a n fo r e ig h te e n y e a r s .
G e o rg e
M . H a r d , w h o h as b e e n a s s o c ia te d w ith th e C h a th a m fo r
o v e r fift y y e a r s , a n d w a s its P r e s id e n t fo r m o r e th a n t w e n t y fiv e y e a r s , is C h a irm a n o f its b o a r d .
T h e P h e n ix N a tio n a l
d a te s fr o m 18 6 5.
I t h as a c a p ita l o f 8 1 ,0 0 0 ,0 0 0 a n d s u rp lu s
a n d p r o fit s o f a b o u t 8 7 5 0 ,0 0 0 ; its d e p o s its o n S a t u r d a y la st
w ere 8 7 ,8 5 3 ,0 0 0 .
F in is E . M a rsh a ll h as b e e n its P r e s id e n t
sin c e A p r il 1 9 0 5 ; he w a s fo r m e r ly a V ic e -P r e s id e n t o f th e
N a tio n a l B a n k o f C o m m e r c e in S t . L o u is .
T h e C h a th a m N a tio n a l B a n k h as ju s t d e c la r e d a n e x ­
tra d iv id e n d o f 4 % fr o m th e ea rn in g s o f th e y e a r , a lo n g w ith
th e 16 0 th re g u la r q u a r t e r ly d is t r ib u t io n o f 4 % fr o m th e
e a rn in g s o f th e p a s t th ree m o n th s , b o t h p a y a b le J a n . 1 1911
to h o ld e r s o f r e c o r d D e c . 23 1910.
— A t a m e e t in g th is w eek o f th e d ir e c to r s o f th e M e rca n tile
T r u s t C o . o f th is c it y , E d w in H a w le y w as e le c t e d a m e m b e r
o f th e E x e c u t iv e C o m m it te e a n d W illia m S p r o u le w a s m a d e
a d ir e c t o r .
M r. S p r o u le is P r e sid e n t o f W e lls , F a r g o & C o .
— T h e su sp e n sio n o f th e N e w Y o r k S t o c k E x c h a n g e h o u se
o f J u d s o n & J u d s o n o f 25 B r o a d S tr e e t w a s a n n o u n c e d o n
th e E x c h a n g e o n th e 17th in s t ., a n d in re s p o n s e to a n in ­
v o lu n t a r y p e t itio n s u b s e q u e n tly filed a g a in s t th e firm ,
A . L e o E v e r e t t w a s a p p o in t e d r e c e iv e r .
T h e firm w a s c o m ­
p o s e d o f A lfr e d M . J u d s o n , a m e m b e r o ft h o E x c h a n g e sin c e
1869; C h arles Y . J u d s o n , a n d P e r c y W . S h e r m a n .
A ccord­
in g to a s ta t e m e n t a t t r ib u t e d to C . Y . J u d s o n , th e firm h a d
b e e n d o in g v e r y little b u sin e ss f o r th e la s t t w o o r th ree y e a r s ;
he a lso sa id th a t he b e lie v e d th e lia b ilit ie s w o u ld n o t a m o u n t
to m u c h m o r e th a n 8 1 0 0 ,0 0 0 , a n d t h a t th e re w ere e n o u g h
q u ic k a sse ts to p a y o ff a t o n c e a b o u t 7 0 % o f th e o u ts ta n d in g
o b lig a t io n s .
C ou n sel fo r th e r e c e iv e r la te r p la c e d th e lia b ili­
ties a s b e tw e e n 8 1 5 0 ,0 0 0 a n d 8 2 0 0 ,0 0 0 a n d th e a ssets
fr o m 8 1 3 0 ,0 0 0 to 8 1 4 0 ,0 0 0 .
— M iles M . O ’ B r ie n , w h o r e c e n t ly r e s ig n e d as V ic e -P r e s i­
d e n t a n d d ir e c t o r o f th e M e r c a n tile N a tio n a l B a n k o f th is
c it y o n a c c o u n t o f ill-h e a lth , d ie d o n T h u r s d a y .
M r. O ’ B rie n

THE CHRONICLE

Deo. 24 1910.]

h a d a lso fo r m e r ly b e e n P r e sid e n t o f th e N e w A m s t e r d a m
N a tio n a l B a n k , b u t h a d r e lin q u is h e d t h a t o ffic e a y e a r b e fo r e
th e in s t itu tio n clo s e d its d o o r s in 19 0 8.
H e w a s b o r n in
I r e la n d s ix t y -s e v e n y e a r s a g o , b u t c a m e h ere a t a n e a r ly a g e.
B e fo r e e n te r in g th e b a n k in g fie ld h e h a d fo r a n u m b e r o f
y e a r s b e e n c o n n e c t e d w ith I I . B . C la fiin & C o .
H e w as
tw ic e P r e s id e n t o f th e B o a r d o f E d u c a t i o n .
— T h e F id e lit y T r u s t C o . o f th is c it y h as a d o p t e d a u n iq u e
w a y o f r e m in d in g its s t o c k h o ld e r s o f th e h o lid a y s e a so n b y
s e n d in g o u t a C h ristm a s d iv id e n d c h e c k o f 2 % o n its ca p ita l
s t o c k , p a y a b le D e c . 2 2 , in a d d itio n t o th e c u s t o m a r y 3 %
se m i-a n n u a l d iv id e n d .
T h is is 1 % m o r e th a n th e a d d i­
tio n a l d iv id e n d p a id a t th is tim e la st y e a r , a n d in cre a se s
th e r a te fr o m 7 % y e a r ly t o 8 % .
T he an n ou n cem en t and
s ig n e d c h e c k are a p p r o p r ia t e ly p r in t e d w ith C h ristm a s
h o lly d e c o r a t io n s .
— A m o n g th e C h ristm a s d is t r ib u t io n s m a d e th is y e a r to
e m p lo y e e s b y th e lo c a l b a n k s a n d tr u s t c o m p a n ie s , th a t o f
th e C en tra l T r u s t is p e r h a p s th e m o s t c o n s p ic u o u s .
The
c o m p a n y h as a p p r o p r ia t e d as a b o n u s t o th e e m p lo y e e s a
s u m s im ila r to th a t s e t a sid e fo r th e s a m e p u r p o s e la s t y e a r ,
n a m e ly , $ 5 0 ,0 0 0 , w h ich is e q u iv a le n t to 5 0 % o f th e s a la ries
o f th o s e w h o s h a re in th e d is t r ib u t io n .
T h e tr u s te e , it is
a n n o u n c e d , h a v e a lso v o t e d a b o n u s o f $ 5 0 ,0 0 0 t o P r e s id e n t
J a m e s N . W a lla c e .
— A v e r d ic t f o r $ 3 9 ,9 1 0 a g a in s t th e H a n o v e r N a tio n a l
B a n k o f th is c i t y w a s h a n d e d d o w n in th e S ta te S u p re m e
C o u r t, T r ia l T e r m , o n W e d n e s d a y in a n a c tio n b r o u g h t b y
S p rin g s & C o . o f th e N e w Y o r k C o t to n E x c h a n g e as a n
o u t g r o w t h o f th e K n ig h t , Y a n c e y & C o . s u s p e n s io n .
It
a p p e a r s th a t S p rin g s & C o . h a d p a id a d r a ft f o r o v e r $ 1 0 0 ,0 0 0
a t t a c h e d to w h a t p u r p o r t e d to b e a b ill o f la d in g issu ed b y a
r a ilr o a d a c k n o w le d g in g th e r e c e ip t o f 1 ,5 0 0 b a le s o f c o t t o n
s h ip p e d t o th e o r d e r o f K n i g h t , Y a n c e y & C o ., a n d b y e n ­
d o r s e m e n t tr a n sfe r re d fr o m th a t c o n c e r n to S p rin g s & C o .
T h e d r a ft w ith th e b ill o f la d in g a t t a c h e d w a s d e p o s ite d w ith
th e F ir st N a tio n a l B a n k o f D e c a tu r , A la ., a n d in d o r s e d o v e r
t o th e H a n o v e r N a tio n a l B a n k o f N e w Y o r k fo r c o lle c t io n .
T h e la tte r , it is s ta t e d , p r e se n te d it to S p rin g s & C o ., c o lle c t ­
in g th e m o n e y a n d s u r r e n d e rin g th e b ill o f la d in g , w h ich
w as la te r fo u n d t o b e fr a u d u le n t.
S u it w a s b r o u g h t b y
S p rin g s & C o . a g a in st th e H a n o v e r N a tio n a l o n th e th e o r y
th a t w ith th e jin d o r s e m e n t b y th e A la b a m a b a n k to th e H a n o ­
v e r N a tio n a l th e la tt e r b e c a m e th e o w n e r o f th e d r a ft a n d
bill o f la d in g , a n d w a r r a n te d th e g e n u in e n e ss o f th e b ill o f
la d in g .
J u d g m e n t f o r S p rin g s & C o . w a s g iv e n b y th e C o u rt
o n W e d n e s d a y o n th e g r o u n d th a t th e c o m p a n y p a id th e
m o n e y o n th e b e lie f th a t th e b ill o f la d in g w a s g e n u in e , a n d
in v ie w o f th e f a c t th a t it p r o v e d o th e r w is e , it w a s h e ld to
b e in e q u it a b le f o r th e H a n o v e r to r e ta in th e m o n e y .
The
H a n o v e r , it is u n d e r s t o o d , will a p p e a llth e jjd e c is io n . / ] 1 ;
— Y e s t e r d a y all e m p lo y e e s o f th e jjB a n k e rs T r u s t C o . o f
th is c it y r e c e iv e d a C h ristm a s b o n u s a m o u n t in g to 1 0 %
o f th e ir sa la ry f o r th e y e a r .
T h e e x e c u t iv e c o m m it t e e , it is
s ta t e d , t h o u g h t it a p p r o p r ia t e to r e c o g n iz e in th is w a y th e
fa ith fu ln e s s o f e m p lo y e e s a n d th e ir p a r t in m a k in g th e p a s t
y e a r th e m o s t p r o s p e r o u s o n e in th e c o m p a n y ’ s h is t o r y .
— T h e T r u s t C o m p a n y o f A m e r ic a h a s d e c la r e d a q u a r t e r ly
d iv id e n d o f 3 % , p a y a b le D e c . 31 1910 to h o ld e r s o f r e c o r d
D e c. 2 4 .
T h is in cre a se s th e y e a r ly ra te fr o m 1 0 % t o 1 2 % ,
p r e v io u s p a y m e n t s a t e a ch q u a r t e r ly p e r io d h a v in g b e e n 23^ % .
— A n in itia lg jd iv id e n d h as b e e n .’d e c la r e d b y th e B a t t e r y
P a rk N a tio n a l B a n k o f th is c i t y , b e in g a se m i-a n n u a l d is ­
t r ib u t io n o f 3 % , p a y a b le J a n . 3 1911 to h o ld e r s o f r e c o r d
D e c . 22 1910.
— T h e C o u n t y T r u s t C o . o f W h ite P la in s , N . Y . , h as d e ­
cla re d its first d iv id e n d o f 2 % , q u a r t e r ly , p a y a b le J a n . 3 ,
b e in g a t th e r a te o f 8 %

per annum .

— A n o r d e r a p p r o v in g th e a r r a n g e m e n ts e n te r e d in to w ith
th e d ir e c to r s o f th e fa ile d N a tio n a l B a n k o f N o r th A m erican
o f th is c i t y b y J o h n W . M c K in n o n , a g e n t f o r th e s h a r e ­
h o ld e r s , in w h ich a s e tt le m e n t o f th e su its a g a in st th e d i­
r e c t o r s is e ffe c t e d , w a s sig n e d b y J u d g e W a r d in th e U n ite d
S ta te s C ircu it C o u r t o n th e 17th in st.
T h e a r r a n g e m e n t, it is
u n d e r s t o o d , a lso d is p o se s o f th e lit ig a tio n in w h ic h M r. M c ­
K in n o n , as a g e n t, w a s d e fe n d a n t ; th is c o n c e r n e d a ju d g m e n t
w h ich h a d b e e n o b t a in e d a g a in st h im b y th e M e rca n tile
N a tio n a l B a n k fo r a b o u t $ 2 4 0 ,0 0 0 in a s u it g r o w in g o u t o f
a lle g e d lo sse s o n a lo a n m a d e to th e N a tio n a l B a n k o f N o r th
A m e r ic a d u r in g M r. M o r s e ’s a s s o c ia tio n w ith th a t in s t itu tio n .
M r. M c K in n o n h a d a lr e a d y lo s t th is s u it in th e lo w e r C o u r t,
a n d h a d little e x p e c t a t io n o f w in n in g it o n a n a p p e a l.
As
s e c u r ity 5 fo r§ th e ][J o a n ,!|the M e rca n tile h o ld s 4 ,0 0 0 sh a res o f




1683

A m e r ic a n I c e S e c u r itie s , c la im e d t o b e w o r t h a b o u t $ 6 8 ,0 0 0 .
I n th e s e tt le m e n t a r r a n g e d , th e d ir e c t o r s , w h o w e re s u e d f o r
$ 3 8 0 ,0 0 0 b y M r. M c K in n o n f o r losses s u ffe re d b y th e b a n k ,
a g re e t o r e lie v e h im f r o m th e ju d g m e n t o f $ 2 4 0 ,0 0 0 , a n d to
tu r n o v e r t o h im f o r c a n c e lla t io n 6 0 0 sh a res o f s t o c k o f th e
N a tio n a l B a n k o f N o r t h A m e r ic a .
M r. M c K in n o n p la c e s
th e v a lu e o f th e p r o p o s e d s e t t le m e n t a t a t le a s t $ 2 1 1 ,0 0 0 . T h e
su it a g a in st th e d ir e c to r s in v o lv e d C h arles W . M o rs e , J o h n H .
F la g le r , W illia m F . H a v e m e y e r , A lfr e d I I . C u rtis, A s h b e l H .
B a r n e y a n d J a m e s T . B a r n e y , a s e x e c u t o r s o f th e e s ta te o f
C h arles T . B a r n e y ; J o h n W . G a te s , C h arles M . S c h w a b a n d
R ob ert M . T h om p son .
— W a lt e r A . H a ll, fo r m e r p a y in g te lle r o f th e H e r a ld
S q u a r e B r a n c h o f th e G r e e n w ic h B a n k , w h o p le a d e d g u ilt y
r e c e n tly t o a n in d ic t m e n t c h a r g in g g r a n d la r c e n y , w a s
s e n t e n c e d o n th e 9 th in s t. t o n o t less th a n t w o y e a r s n o r
m o r e th a n th r e e y e a r s a n d te n m o n t h s .
T h e a m o u n t in ­
v o lv e d in th e s h o r t a g e w a s $ 4 4 ,0 0 0 , o f w h ic h $ 1 5 ,6 9 0 w a s
s u b s e q u e n t ly r e t u r n e d .
— C orn w a ll A . A r n o ld , fo r m e r ly a n a s s is ta n t p a y in g te ller
o f th e S e v e n t y -s e c o n d S t r e e t b r a n c h o f th e C o rn E x c h a n g e
B a n k , w h o p le a d e d g u ilt y to m is a p p ly in g $ 1 ,4 8 5 o f th e
b a n k 's fu n d s , w a s s e n t e n c e d to th e E lm ir a R e f o r m a t o r y o n
th e 1 6 th in s t .
— W it h th e te r m in a tio n la st w e e k o f th e a g r e e m e n t u n d e r
w h ic h c o n tr o l o f th e W illia m s b u r g h T r u s t C o . o f B r o o k ly n
B o r o u g h h a d lo d g e d w ith a v o t in g tr u s t s in c e its r e o r g a n iz a ­
tio n in 1 9 0 8, a n n o u n c e m e n t w a s m a d e o f th e p u r p o s e t o
p la c e b e fo r e th e sh a r e h o ld e r s fo r d e c is io n th e q u e s t io n as t o
w h e th e r th e b u sin e ss o f th e in s t itu tio n sh all b e c o n t in u e d o r
d is s o lv e d .
T h e c o m p a n y w a s o n e o f th e s e v e ra l J e n k in s
in s titu tio n s w h ic h s u s p e n d e d in O c t o b e r 19 0 7.
Its re o p e n ­
in g th e f o llo w in g J u n e w a s e ffe c t e d t h r o u g h a lo a n o f $ 1 ,5 0 0 ,­
0 0 0 fr o m th e M e t r o p o lit a n T r u s t C o . a n d a n a g r e e m e n t to
p la c e a b o u t 8 0 % o f its s t o c k w ith a b o a r d o f tr u s te e s c o n ­
sistin g o f G e n . B r a y t o n I v e s , W illia m N . D y k m a n a n d th e
la te J . E d w a r d S im m o n s .
T h e o r ig in a l a g r e e m e n t w a s d a t e d
M a y 5 1908 a n d h a d tw o y e a r s t o ru n , a n d o n M a y 5 o f th e
p r e se n t y e a r w a s re n e w e d f o r a fu r t h e r p e r io d o f o n e y e a r .
I t is s ta t e d t h a t u n d e r th e te r m s o f th e a g r e e m e n t th e t r u s ­
te e s w e re e n tit le d t o te r m in a te it a t a n y tim e .
I t s t e r m in a ­
t io n , a n d th e in te n tio n t o a c t o n th e p r o p o s it io n as t o w h e t h e r
o r n o t th e c o m p a n y sh all c o n t in u e , w e re m a d e k n o w n in
th e f o llo w in g s ta t e m e n t issu ed b y P r e s id e n t J a c o b K lin c k
o n th e 1 4th in s t .
G en . B r a y to n Iv e s has re tu rn e d t o th e W illia m sb u rg h T ru s t C o. fo r
d istrib u tio n o v e r 1,100 shares o f ca p ita l s to c k tran sferred t o him in M a y
1008. Y e s te r d a y G en . Iv e s and W illia m D y k m a n , as v o t in g tru s te e s,
te rm in a te d th e v o t in g trust agreem en t u n d e r w h ich th e y h eld o v e r 5,000
shares o f the c a p ita l s to c k , an d arran ged fo r th e retu rn o f these shares t o
th e holders w h o d e p o s ite d th e m . T h e result o f this is t o p u t e v e r y share­
h older Just w here he w as b e fo re su sp e n sio n .
T o -d a y the d ire cto rs h a ve c o n c lu d e d an a greem en t w ith th e M e tro p o lita n
T ru st C o . w h e re b y w e b o r r o w m o n e y e n o u g h t o p a y e v e r y d e p o s ito r in
fu ll, in cash , a t o n c e , an d th e assets o f o u r c o m p a n y w ill be liq u id a ted b y
the M e tro p o lita n C o m p a n y be tw e e n n o w and J u ly 1 1912, b u t u n d er th e
d ire ctio n o f the m en w h o co m p o s e th e e x e c u tiv e c o m m itte e o f th e W illia m s ­
bu rgh C o m p a n y . T h is w ill p re v e n t th e w aste o r sacrifice o f o u r assets.
T h e agreem en t p ro v id e s th a t th e shareh olders shall m e e t an d pass u p o n
th e a g re e m e n t, an d also d e c id e w h eth er th e W illia m s b u rg h T r u s t C o .
shall c o n tin u e business o r be d is s o lv e d .
W e h a v e been fo r c e d t o la y th is
qu e stio n b e fo re the shareh olders b y dim in ish in g d e p o s its an d p rollts,
w h ich lias led the d ire cto rs to be lie v e th at the shareh olders w ill be ben efited
b y liq u id a tio n .

T h e W illia m s b u r g h T r u s t C o . w a s o r g a n iz e d in 1 8 9 9.
It
h as a ca p ita l o f $ 7 0 0 ,0 0 0 .
I n a r e p o r t m a d e t o th e B a n k ­
in g D e p a r t m e n t b y th e c o m p a n y se v e ra l m o n th s p r io r t o its
c lo s in g in O c t o b e r 19 0 8, [its d e p o s its w e re g iv e n as o v e r
$ 8 ,0 0 0 ,0 0 0 .
O n J u n e 17 1 9 0 8, s h o r t ly a ft e r its r e o p e n in g ,
th e d e p o s its w ere r e p o r te d as $ 3 ,6 8 4 ,0 9 7 , w h ile in its s ta t e ­
m e n t in re sp o n se t o th e call o f N o v . 10 1910 d e p o s it s o f
$ 1 ,3 1 2 ,6 0 0 a re s h o w n .
T h e “ B r o o k ly n E a g le ’ ’ s ta t e s th a t
u n d e r th e p r e s e n t a r r a n g e m e n t w ith th e M e t r o p o lit a n T r u s t
th e la tt e r h a s a d v a n c e d to th e W illia m s b u r g h in th e n e ig h ­
b o r h o o d o f $ 1 ,2 5 0 ,0 0 0 .
A ll b u t a b o u t $ 6 0 0 ,0 0 0 o f th e o r ig i­
n al lo a n o f $ 1 ,5 0 0 ,0 0 0 , it is s t a t e d , h a s b e e n p a id o f f, m a k in g
its to ta l o b lig a t io n s t o th e M e t r o p o lit a n n o w a p p r o x im a t e ly
$ 1 ,8 5 0 ,0 0 0 .
I t is fu r t h e r sa id th a t, in c o n s id e r a t io n o f th is ,
th e d ir e c to r s o f th e W illia m s b u r g h T r u s t h a v e a s sig n e d to
th e M e t r o p o lit a n all a ssets o f th e fo r m e r , in c lu d in g real e s ta te
h o ld in g s .
— T h e B r o o k ly n T r u s t C o . h as d e c la r e d n o t o n ly th e usual
q u a r t e r ly d iv id e n d o f 5 % , b u t a lso a n e x t r a d iv id e n d o f 5 % ,
b o t h p a y a b le J a n . 3 1911 to h o ld e r s o f r e c o r d D e c . 23 1910.
— D a v id I I . V a le n tin e , a d ir e c t o r in th e L o n g I s la n d L o a n &
T r u s t C o m p a n y a n d th e M e c h a n ic s ’ B a n k o f B r o o k ly n B o r ­
o u g h , d ie d o n th e 2 1 st in st.
H e w a s a ls o a d ir e c t o r o f th e
B r o o k ly n R a p id T r a n s it C o . a n d n u m e r o u s o th e r lo c a l o r ­
g a n iz a tio n s .
H e w a s s ix t y -fiv e y e a r s o f a g e .

1684

THE CHRONICLE

— A dividend of 100%, it is announced, is to be paid to the
stockholders of the Montclair Trust Co. of Montclair, N. J.
It is also stated that at the annual meeting in January the
capital is to be increased from §100,000 to §200,000, and
further that it has been agreed by a syndicate of directors
and others to take, at §175 per share, any of the new issue
not placed with the stockholders at par.
— As another step in bringing into effect the plan of uniting
the business of the New Haven Trust Co. and the Union
Trust Co. of New Haven, Conn., the New Haven Trust has
increased its capital from §200,000 to §650,000. Its stock­
holders voted on the proposition on Nov. 4 and their action
was approved on the same date by the trustees. We are in­
formed that 2,500 shares are to be used in accordance with
the plan to acquire the assets of the Union Trust Co., capital
§100,000. The remaining 2,000 shares were offered and have
been subscribed to by the public at §150 per share, 50% of
the subscriptions being payable on or before Jan. 1 1911
and the remaining 50% on or before May 1 1911. At pres­
ent each institution is carrying on business in its respective
quarters and will continue to do so until the new building
is ready for occupancy— about the first of May 1911.
— While there is no law in Massachusetts prohibiting a
savings bank treasurer from serving as a town treasurer,
State Bank Commissioner Chapin is said to have made
known his desire that the same person shall not officiate in
both capacities. In view of the Commissioner’s wishes,
F. E. Nickerson, Treasurer of the Stoneham Five Cent
Savings Bank and Town Treasurer of Stoneham, has an­
nounced that he will not be a candidate for re-election as
Town Treasurer next year. It is stated that there are but
few instances where the two offices are held by the one
person. About seven years ago a law was passed by the
State Legislature prohibiting officers of savings banks from
holding official positions in national banks.
— The Exchange Trust Co. of Boston has been accorded
permission by the Board of Bank Incorporators to operate
a branch at 124 Boylston Street. It is stated that it will be
opened early in the coming year.
. — Chester C. Rumrill has been elected a member of the
board of the National Union Bank of Boston.
— William J. Keliher, who was found guilty last June of
aiding and abetting George W. Coleman, former bookkeeper
of the failed National City Bank of Cambridge, Mass., in the
misapplication of funds of the institution, was sentenced on
the 20th inst. to a term of eighteen years in the State Prison
at Charlestown. A stay in the execution of the sentence has
been granted pending an appeal. District Attorney French
in presenting the case for sentence to Judge Hale, made
the assertion that Coleman was a mere tool of the de­
fendant and his associates, into whose pockets, ho claimed,
there went at least §200,000 of the assets of the bank,
“ through the instrumentality of a fake faro game operated
in New York.” Coleman is now serving a fifteen-year sen­
tence. The bank failed on Feb. 23 1910.
— A dividend of 7% has been declared to the creditors of
the First National Bank of Chelsea, Mass., which failed on
Aug. 10 1906. The present payment, it is stated, makes
•the aggregate thus far 93%.
— The Merchants’ Trust Co. is being formed in Lawrence,
Mass., and in it will be consolidated the business of the Law­
rence National Bank and the Merchants’ National Bank of
that town. It is expected that the new institution will make
use of the offices of both banks. At a meeting on the 12th
inst. the directors of the Lawrence National adopted a reso­
lution recommending to the stockholders that their insti­
tution be placed in liquidation and that its assets be sold
to the proposed trust company. The Lawrence National
has a capital of §300,000 and the Merchants’ National a
capital of §100,000.
— The Saco Savings Bank of Saco, Maine, was closed on
the 16th inst. under a temporary injunction restraining it
from conducting business, granted at the instance of State
Bank Commissioner Skelton and four of the trustees of the
institution. The action followed a conference between the
trustees and the Bank Examiner held as a result of the falling
off in deposits disclosed in the se’mi-annual report of the bank
made to the Banking Department in November. Com­
missioner Skelton in a statement issued in the matter says
in part:
D u rin g th e six m on th s fro m J u n e 3 t o D e c. 3 th e b a n k ’s de p o sits fell fro m
$ 1 ,4 3 4 ,5 4 2 73 to $1,361,431 79.
In th e m e a n tim e th e J u ly d iv id e n d ,
a m o u n tin g to $27 ,983 79, h a d been d e cla re d an d a d d e d to dep osits or w ith ­




IjV o l . l x x x x i .

d ra w n , m a k in g a to t a l n e t r e d u c tio n o f $ 1 0 1,09 4 7 3 . T h is a b s o r b e d th o
b a n k ’s a v a ila b le cash an d s o m e $30,000 o f b o r r o w e d m o n e y .
T h e b u lk o f these w ith draw als o c c u r re d in th e s p a c e o f a fe w w eeks In
th e early fa ll, and n o m aterial decrease has ta k e n p la ce r e c e n tly , b u t th ere
w as reason t o be lie v e th a t m o re w ou ld fo llo w th e p a y m e n t o f th e J a n u a ry
d iv id e n d . T h e se c o u ld o n ly be m et b y fu rth e r b o r r o w in g o r b y th e sale
o f th ose securities w h ich co m m a n d e d th e b e st m a rk et.
E ith e r so lu tio n w o u ld m ean u ltim a te loss t o th e less v ig ila n t d e p o s ito r s,
an d it w as th o u g h t b est t o tak e such a c tio n as w o u ld assure e q u a l trea t­
m en t t o all.
T h is b a n k ’s tro u b le s d a te fro m its c o n n e c tio n w ith th e S u m m it S p rin g
H o te l p r o p e r ty in P o la n d , fo rm e rly k n o w n as th e W h ite O ak H ill H o te l,
w h ich w as ta k e n o n s o m e nine o r ten years a g o u n d er th e a d m in istra tio n o f
a fo rm e r P residen t o f th e b a n k . A large a m o u n t o f m o n e y w as In vested
In this enterprise, first as a d ir e ct loan and th en in an a tte m p t t o sa v e th a t
a lre a d y a d v a n c e d , an d n ever retu rn ed a n y In com e to th e b a n k .

The withdrawals are said to have followed the closing last
August of the York County Savings Bank in the adjacent
city of Biddeford. The Saco Savings Bank was organized
in 1869. A hearing on the question of appointing a receiver
for the institution will be had Jan. 3.
— Profits of over §1,200,000 were shown by the Girard
Trust Co. of Philadelphia in its report for the year ending
Nov. 30, submitted at the annual meeting held on the 19th
inst. These profits are equal to over 48% on the capital of
§2,500,000, or 12% on the combined capital and surplus
of §10,000,000. The trust funds of estates in the company’s
charge are given as approximately §110,000,000, while the
amount represented in the corporate trusts aggregates some
§1,360,000,000 The Philadelphia “ Enquirer” states that
a pension fund has been established by the company to take
care of every officer or clerk incapacitated by old age or
illness. The following directors, whose terms expired this
year, have been re-elected for a term of four years: Edward
J. Berwind, Randal Morgan, Edward T. Stotesbury, Henry
B. Coxe and Edgar C. Felton.
— James N. Huston, formerly United States Treasurer;
Harvey M. Lewis and Everett Du Four are reported to have
been convicted on the 13th inst. by a jury in the Criminal
Court of conspiracy to use the mails to defraud in connection
With the operation of the National Trust Co. of Washington,
whose offices were closed by the Government early the
present year. The company, it is stated, offered to guar­
antee the stock of other companies on a commission basis;
but the claim is said to have been made by the Post Office
inspectors who raided the offices that they failed to find
material evidence to justify the company’s ability to carry
out its guaranties. A motion for a new trial will be made.
— Arrangements for the payment of the amount which
still remains due to the City of Pittsburgh by the failed
Allegheny National Bank of that city have been made by
the bondsmen. At the time of the failure of the bank in
1908 the city’s deposit amounted to about §1,500,000, and
of this a little less than §200,000 is unpaid. It is stated
that it has been agreed to accept 2% interest from the
bondsmen, the same amount which the bank would have
paid, and that the total payment which they will make in
the final discharge of the debt is §195,000. A resolution
authorizing the consummation of the settlement will be
passed by the City Council at its next regular session.
— A motion to quash the indictment against Frank N.
Hoffstot, President of the German National Bank of Alle­
gheny, Pa., is denied in decisions handed down on the
3d inst. by Judges Swearingen and Cohen of the Quarter
Sessions Court at Pittsburgh. A similar motion on behalf
of Max G. Leslie, County Delinquent Tax Collector, was
denied at the same time. The indictments in both cases
grew out of the passage of an ordinance naming certain
banks as city depositaries. The Pittsburgh “ GazetteTimes” states that the motions to quash “ were filed on
alleged irregularities in swearing witnesses before the Grand
Jury; that Harrison Ncsbit; foreman of the Grand Jury,
was not a qualified elector; improper sealing of the jury
wheel; that stenographic notes taken before the jury
were allowed to get into other hands than those of the
District-Attorney and his assistants, and that Bartley
Fleming, Jury Commissioner, was never properly sworn.”
Three opinions were filed, two by Judge Swearingen separ­
ately refusing the petition of the defendants, and the other
by Judge Cohen concurring in both opinions of Judge
Swearingen. It was held by the Court that the objections
raised, while legal, were purely technical.
— The Mellon National Bank of Pittsburgh is distributing
to its friends a calendar of large size for 1911 which will
prove most useful for offices and banking rooms where tho
practical needs are such as to require a calendar which will
be visible at a long distance.

Deo. 24 1010.

THE CHRONICLE

— The intention of W. Irving Osborne to retire as Presi­
dent of the Continental & Commercial Trust & Savings
Bank of Chicago is announced. Mr. Osborne, who is in
failing health, plans to go abroad for a time. He became
President of the institution last summer with its formation
through the consolidation of the American Trust & Savings
Bank and the Commercial Trust & Savings Bank. He had
previously been chosen as head of the Commercial Trust &
Savings at the time of its organization several months before
the consolidation, and prior to that had been a Vice-Presi­
dent of the Central Trust Co. of Illinois. It is expected that
George M. Reynolds, President of the Continental & Com­
mercial National Bank, will succeed Mr. Osborne in the
presidency of the Continental & Commercial Trust & Savings.
— Edmund C. Day was named on the 14th inst. as receiver
of the Cosmopolitan Bank of Chicago, a private banking
institution at 155 Washington St. The appointment grew
out of proceedings brought against the bank by George M.
Lyle, a real estate dealer, who, it is said, charges the officials
with having issued fraudulent certificates of deposit. A
permit to convert the institution into a State bank was
secured last fall, but it is reported that its incorporation
was not to have been perfected until the first of the year.
— The surplus account of the Chicago Title & Trust Co.
of Chicago has been increased to SI,500,000 through the
transfer to that item of $500,000 from undivided profits.
The directors have also declared the usual quarterly divi­
dend of 2%, payable Dec. 31 to stockholders of record
Dec. 19.
— It is understood that the Chicago Savings Bank & Trust
Co. of Chicago, 111., plans to increase its capital from $500,000
to $1,000,000. A meeting of the stockholders will be held
in February to pass on the proposition, and with its ratifica­
tion the new stock will be offered to the present holders at 120.
— Judge Tulhill of the Chicago Circuit Court has decided
that C. K. G. Billings, a director of the failed Chicago
National Bank, is personally liable for about $3,000,000
of the losses sustained by the stockholders. On the 20th inst.
he appointed William C. Niblack as receiver for the assets
of the institution for the purpose of bringing suit for the
collection of the claim against Mr. Billings. The other
directors, it is stated, have paid large sums in satisfaction
of their liability, Mr. Billings, it is asserted, being the only
one who has made no payment. It is claimed by him that
he had resigned before the suspension of the institution in
Dec. 1905, but that no action was taken on the resignation
by President Walsh. An offer to settle the claim for $158,125
was recently made by Mr. Billings, but a temporary injunc­
tion was issued by Judge Tuthill in November restraining
the directors from presenting the proposition to the stock­
holders. This injunction was made permanent by Judge
Tuthill on the 10th inst.
— A raid was made on the 15th inst. by agents of the De­
partment of Justice on the offices of the Capital Investment
Co. in Chicago and its branches in Aurora and Joliet. Accord­
ing to a statement given out by the Department, and quoted
herewith, the company is characterized in the complaint as a
bucket shop whose operators have fraudulently used the
mails.
“ A t n oon t o -d a y , W a s h in g to n tim e , sim u ltan eou s arrests w ere m a d e b y
special a gen ts o f th e B ureau o f In v e s tig a tio n o f this D e p a rtm e n t o f persons
em p lo y e il In th e o ffic e s o f th e C apital In v e stm e n t C o ., In th e H o o k c ry
b u ild in g In C h ica g o, and at six lo ca l o ffice s In C h icago, A u ro ra an d J o lie t.
" T h e c o m p la in t s allege th a t th e C a pital In v e stm e n t C o. Is a b u c k e t sh op
w hose o p e r a to r s h a v e been fra u d u le n tly using th e U n ite d S tates m alls.
“ T h is c o n c e r n Is sa id t o h a ve th irty -th re e lo ca l o ffic e s In va rio u s S tates.
It is alleged th a t S ld m o n M cIIIc is th e prin cip a l p ro p rie to r o f this co n c e r n ,
a n d th a t th e a c t iv e arran gem en t is In th e han ds o f o n e F ran k C. W illia m s.
I t Is b eliev ed th a t this Is th e last b u c k e t sh o p o f a n y p ro m in e n ce ca st o f
D e n v e r .”

The alleged head of the concern, S. McHie, was arrested
on the 10th inst. and later released under $10,000 bail.
— The Market State Bank of Minneapolis began business
on the 2d inst. The institution has a capital of $25,000.
Adam Hannah, Treasurer of the Savings Bankof Minneapolis,
is President of the new bank.
— The officers and staff of the First National Bank of
Minneapolis are sending to their friends neat little cards
wishing them a happy Christmas and a prosperous new year.
— A. W. Trumble has been elected President of the
Packers' National Bank of South Omaha, Neb., to succeed
the late John F. Goad. Mr. Trumble had been Vice-Presi­
dent.
— E. A. Lindsey has been elected President of the Her­
mitage National Bank of Nashville, Tenn., to succeed Frank
Dibrell, resigned. Mr. Dibrell, who is State Comptroller,




1685

had been President of the institution since its establishment
last year. Mr. Lindsey, the new head of the bank, is a
Vice-President of the First National Bank of Nashville.
— The City National Bank of Knoxville, Tenn., reports
a further increase in deposits for the period ending with
Nov. 10th last, the amount being shown as $2,484,189,
against $2,082,743 on Sept. 1 1910. Aggregate resources
have advanced from $3,509,314 to $3,918,490. William
S. Shields is President, Edward Henegar, Vice-President, and
It. E. Mooney, Cashier. This institution has one of the
finest and most up-to-date bank buildings in the South
devoted solely to banking purposes.
— The Whitney-Central National Bank of New Orleans
added considerably to its deposits in the two months
ending Nov. 10, the amount having advanced from $11,062,­
263 oh Sept. 1 1910 to $12,658,537 under the latest
statement— Nov. 10. Aggregate resources are now reported
at $20,688,985, against $18,136,319 in September, repre­
senting a gain of over two and a half millions of dollars.
The institution, which has a capital of $2,500,000 and sur­
plus and profits of $1,690,775, is now occupying its mag­
nificent new building in the heart of the financial district.
Charles Godchaux is President; Frank B. Williams, Charles
M. Whitney, Sol Wexler, John E. Bouden Jr. and Harry T.
Howard are Vice-Presidents; John B. Ferguson is Cashier.
— It is reported that the directors of the Farmers’ &
Mechanics’ Savings Bank of Sacramento have decided to
raise the paid-in capital of the institution from $200,000 to
the authorized amount of 3500,000 and to change the name
to the Guaranty Trust & Savings Bank. The changes, it is
understood, will be made early the coming year.
— To show the noteworthy growth in bank deposits in
Seattle during the past fourteen years, we give below a little
table compiled by the Seattle National Bank, “ which tells
more graphically than many books how Seattle has emerged
from a village to one of the financial centres of the country.’’
The figures in the last call of each year are given:
D e c.
“
“
“
“
“
N ov.
"

17
15
15
1
1.3
10
15
17

1896 . ............ .. . _
1897_________ . .
189 8......... . _ _ .
1 8 9 9 _____ __ . .
190 0_________ . .
1901_________ . .
_ ..
190 2
190 3
_

$3,3 7 2 ,0 0 0 i N o v . 10
4 ,9 0 4 ,0 0 0
“
9
7 ,579,000
“
12
1 2,404,000 D ec. 3
10,464,000 N o v . 27
19,669,000
"
10
2 3 ,9 6 9 ,0 0 0 ;
“
10
23,575,0001

19 0 4 _____
1 9 0 5 ._ . .
1906 ____
19 0 7 _____
1 9 0 8 _____
190 9_____
1910_____

_____ $ 2 8 ,821 ,00 0
_____ 3 5 ,8 5 0 ,0 0 0
_____ 60,0 4 9 ,0 0 0
_____
_____
_____

6 3 ,2 9 6 ,0 0 0
77,4 4 4 ,0 0 0
7 8 ,3 7 0 ,0 0 0

In 1896 Seattle had only nine banks with deposits aggre­
gating, as will be seen, S3,372,000, while in 1910 it has
twenty-seven banks with total deposits of $78,376,000. The
Seattle National Bank, which effected a consolidation with
the Puget Sound National last May, has deposits under the
new call of Nov. 10 of $15,730,909. The National Bank of
Commerce reported deposits of $11,742,936, and the DexterHorton National deposits of $10,551,565. These three in­
stitutions, together with the First National Bank, which
has deposits of $3,659,877, are the only national banks in
Seattle, yet they have over 50% of the total deposits in their
keeping, and serve to give to the City of the Sound the
financial supremacy that it has gained.
D E B T S T A T E M E N T N O V . 30 1910.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Nov. 30 1910. F o r s ta te m e n t o f O c t . 31 1910,
s e e i s s u e o f N o v . 12 1910, p a g e 1304; that o f N o v . 30 1909, s e e
D e c . 25 1909, p a g e 1638.
IN T E R E ST -B E A R IN G D E B T NOV. 30 1910.
Amount
------------ Amount Outstanding-----------Interest
Issued.
Itegistcrcd.
Coupon.
Total.
Title o f Loan—
Payable.
$
S
S
S
2s, Consols of 1930............. Q.-J.
046.250,150 G il.749,950 4,500,200 646,250.150
3s, Loan of 1908-18.............. Q .-F . 198,792,060 42,882,740 21,062,720 63.945,460
3s, Loan of 1925...........
Q .-F. 162,315,400 98,657,500 19,832,400 118,489,900
4s, Pan. Canal Loan 1906.Q .-N . 54,631.980 54,605,220
20,760 54,631,980
2s, Pan. Canal Loan 1908.Q .-F. 30.000,000
29,626,620
373,380 30,000,000
Aggregate int.-bearlng d e b t ..1,091,990,190 867,522,030 45,795,460 913,317,490
Mote.— Denominations o f bonds are: Qf S20, loan of 1908, coupon and registered:
of S50, all Issues except 3s of 1908: of 8100. all Issues; of S500, all Issues; o f $1,000,
all Issues; o f $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds; of
$50,000, registered 2s f 1930.
D E B T QN W H ICH IN T E R E ST HAS CEASED SINCE M A T U R ITY .
Oct. 31.
Nov. 30.
Funded loan of 1891, continued at 2 % , called May 18
1900, Interest ceased Aug. 18 190 0......................
S7.000 00
$7,000 00
Funded loan of 1891, matured Sept. 2 1891................
23,650 00
23,650 00
Loan of 1904, matured Feb. 2 1904 ..........
13,450 00
13,450 00
Funded loan of 1907, matured July 2 1907...................... 1,089,800 00
1,075,150 00
Refunding certificates, matured July 1 1907__________
17,040 00
10,980 00
Old debt matured at various dates prior to Jan. 1
1861 and other Items of debt matured at various
dates subsequent to Jan. 1 1861
906,045 26
906,025 26
Aggregate debt on which Interest has ceased since
m a tu rity------------- ----------------- ------------ ----------------- $2,056,985 26
D EBT B E A R IN G NO IN T E R E ST .
Off. 31.
United States notes....................................................... $346,681,016 00
Old demand notes......................................-■..........
53,282 50
National bank notes—Redemption account_____ 33,529,205 50
Fractional currency, less $8,375,934 estimated as
lost or destroyed..................................................
6.858.435 93
Aggregate debt bearing no Interest

$387,121,939 93

$2,042,255 26
Nov. 30.
$346,681,016 00
53.2S250
33,151.133 00
6,858.435 93
$380,743,867 43

1686

THE CHRONICLE
RE CA PITU LA TIO N .

Classification—
Nov. 30 1910.
Interest-bearing d eb t_______ 3913,317,490 00
Debt Interest ceased________
2,042,255 20
Debt bearing no Interest.........
380,743,807 43

Increase ( + ) or
Decrease (— ).

Oct. 31 1910.
$913,317,490 00
2,050,985 20
387.121,939 93

Total gross d eb t-----------------$1,302,103,612 G9 S I,302,496,415 19
Cash balance In T r e a s u r y * ...
236,083,885 80
235,688,932 10

E X P O R T S OF GOLD AN D S IL V E R FROM SAN FRANCISCO.
Gold.

— 314,730 00
— 378,072 50

Months.

— $392,802 50
+ 994,953 70

1910.
January .........

Coin.

Total net d ebt......... ............ SI,065,419,726 89 $1,066,807,483 09 — $1,387,756 20

M a r c h ..............

* Includes $150,000,000 reserve fund.

M a y ..................

The foregoing figures show a gross debt on Nov. 30 of
$1,302,103,612 69 and a net debt (gross debt less net cash
in the Treasury) of $1,065,419,726 89.
TREASURY CASH AND DEMAND LIABILITIES.—
The cash holdings of the Government as the items stood
Nov. 30 are set out in the following:
ASSETS.
L IA B IL IT IE S .
Trust Fund Holdings—
S
Trust Fund Liabilities—
S
Gold coin .......................... 910,354,669 00 Gold certificates_______ 910,354,669 00
Silver dollars___________ 488,190,000 00 Silver certificates........... 488,190,000 00
Silver dollars of 1 89 0.. .
3,494,000 00 Treasury notes of 1890.
3,434,000 00
Total trust fund......... 1 402,038,669
General Fund Holdings—
Gold coin and bullion__
39,351 932
Gold certlticatcs_______
67,480 ,272
Silver certlllcates...........
7,462 588
Sliver dollars___________
1,065 870
Silver bullion___________
3,551 344
United States notes____
6,169 091
Treasury notes of 1890. .
9 626
National bank notes____
20,430 733
Fractional silver coin __
14,974 567
Fractional currency____
100
Minor coin ......................
583 224
Bonds and Interest paid
20 108

00
67
00
00
00
33
00
00
67
76
03
74
76

Total trust liabilities. 1,402 038,669
Gen. Fund Liabilities—
,148,193
National Bank 5 % fund.
Outstanding cheeks and
,817,411
drafts ........................ ..
Disbursing officers’ bal­
.218,077
ances ............................
Post Office Department
,625,064
a c c o u n t......... ..............
Miscellaneous Items____
,672,855
Total gen. liabilities..

00
08
26
86
87
35

128,481.602 42

Tot. In Sub-Treas’ les. 161,099,458 96
In Nat. Bank Depositaries—■
Credit Treasurer of U .S .
35,693,647 90
Credit U. S. dls officers.
12,174.716 51
Total In b a n k s..........
47,868,364 41
In Treas. of Philippine Islands—
Cash balance and riseric— " ' ” '
Credit Treasurer of U. S .
2,838,987 07
Credit U. S. dls. officers.
3,358,677 78 Total cash and reserve.. 236,683.885 80
Made up o f—•
Total In Phlllpplnes.
6,197,664 85 A vailable...$86,683,885 80
and
Reserve Fund Holdings—
Reserve Fund—
Gold coin and bullion__ 150,000,000 00 Gold Ahull.. 150,000,000 00
Grand total..................1,767,204,157 22

Grand total..................1.767,201,157 22

r TREASURY CURRENCY HOLDINGS.— The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury on the first of Sep­
tember, October, November and December 1910.
T R E A S U R Y N ET H O LD IN G S'

iaj£S-iS3 • . :
-t » * 5 -*

Sept. 1 ’ 10. Oct. 1 ’ 10' N ov. 1 ’ 10.
83
Dec. 1 10.
Holdings in Sub-Treasuries—
S
Net gold coin and bullion
..
229,628,447 244,362,011 261,024,062 256,832,205
Net silver coin and bullion____
19,602,603 14,622,399
9,910,858 12,079,802
9,626
Net United States Treasury notes
10,719
7,442
8,775
6,169,091
Net legal-tender notes.........
5,496,564
6,320,278
5,325,879
Net national bank n o te s .. .
35,598,345 29,810,242 18,805,902 20,430,734
Net fractional silver...........
20,366,532 18,820.064 16,995,517 14,974,568
603.433
Minor coin, A c ......................
895,014
936,737
667,837

S

s

$

312,463,661 313,844,384 312,908,182(1311,099,459
Less gold reserve fund.................. 150,000,000 150,000,000 150,000,000 150,000,000
Cash balance In Sub-Trcasurles. 162,463,661 163,844,384 162,908,182 161,099,459
48,765,121 48,047,442 47,898,287 47,808.304
6,110,364
5,128,254
6,197,665
6,421.814
217,339,146 217,020,080 217,228,283 215,165,488
127,815,938 126,036,064 131,539,351 128,481,602
89,523,208

Avallable cash balance.

90,984,016

85.688,932

8 6,68-.

$86

Chiefly “ disbursing officers’ balances.” d Includes $3,551,344 33 sliver
$6 3,433 53 minor coin, A c., not Included in statement “ Stock of M oney.”

IM P O R T S

A N D

EXPO RTS
l SA N

O F GOLD

A N D

S IL V E R

A T

F R A N C IS C O .

The Collector of Customs at San Francisco has'furnished us
s week with the details of the imports and exports of gold
d silver through that port for the month of November, and
i e »• fire given below in conjunction with the figures for precing months, thus completing the results for the eleven
ooihs of the year 1910. The imports of gold in November
r.sfof good volume, reaching $890,803, mainly gold coin,
s. er there came in $30,122, largely ore. During the
v fUmopHis there was received a total of $4,145,040 gold
nd|$l 65.>+49 silver, which compares with $3,234,354 gold
i dj -2,008,506 silver in 1909. The shipments of gold during
November were n i l and the exports of silver were $1,117,570,
wholly bullion. For the eleven months the exports of gold
reached $1,980,208, against $20,904,217 in 1909; and $6,­
511,397 silver was sent out, against $7,223,992 in 1909. The
exhibit for November and for the eleven months is as follows:
IM PORTS OF GOLD AND S IL V E R AT SAN FRANCISCO.
Silver.

Gold.
Months.
Total.

Coin.

.$
183,913
88,160
171,738
147,884
155,833
296,627
369,798
559,285
861,500
419,433
890.863

S
171,115
194,318
173,280

Total 11 months . . 1,943,174 2,201,866 4,145,040

790,347

Coin.
1910.
January ...............
F e b r u a r y ......... ......
M a r c h ........................
J u n e ..... .......................
July ...............................
August..........................
Septem ber........... ........
O ctob er............. ..........
Novem ber ....... ..........

S
12,000
4,068
250
81,064
274,004
622,500
252,088
697,200




Bullion.
S
183,913
76,180
167,670
147,884
155,833
206,377
288,734
285,281
239,006
167,345
193,663

21,292
4,080
45,450
96,797
45,936
36,583
1,496

Bullion.
S
152,625
13,837
93,147
71,512
33,841
101,675
133,980
103,989
02,447
60,423
34,026

Total.
■$
323,740
208,155
200,427
71,512
55,133
108,755
179.430
200,786
108,383
97,006
36,122

865,102 1,655,449

i V o i i . L X X X X 1.

Silver.

Bullion.

$

$
1,970.208

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

Total.
$
1.970.20S
-

%
1,500

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

J u ly ..................
September____

Coin.

4.500
10,000

10,000
25,000

|Total 11 mos.

10,000

1,970,208

1,980,208

31,000

Bullion.

Total.

S
489,700
620,000
462,800
800,100
469.400
512,600
334.000
378.000
831.821
464.400
1,117,576

$
491,200
620,000
462,800
800,100
469.400
512,600
338,500
378,000
831,821
489.400
1,117,576

6.480,397

6,511,397

fjptotttlatfg! (from m c v c ia l £ no li 5

xo 5

[From our own correspondent.)
L o n d o n , S a t u r d a y , D e c e m b e r 17 1910.
The lockout of the boiler makers, which began on Sept. 3>
was ended on Thursday of this week, when the men returned
to work. Thus the lockout has lasted not far short of fifteen
weeks, with immense loss of every kind. It is estimated, in­
deed, that in wages alone the losses have amounted to
£800,000, or four million dollars. The struggle was con­
ducted with great self-control. There was no rioting— in­
deed, no disturbance of the public peace. And it is ad­
mitted on both sides that the settlement is fair and satisfac­
tory to both parties.
The strike in South Wales is not yet ended, but there are
very strong hopes entertained that it will be settled imii.t
diatcly. In South Wales there has not been the same self­
control that was shown in the North of England and South
of Scotland, for there has been a great deal of discreditable
rioting. The losses there have been very heavy, likewise,
and the experience both in the North and in South Wales
all leads to the conviction that it will be a long time before
disagreements between employers and employed lead to
either strikes or lockouts. The boilermakers’ lockout has
lasted much longer than the employers anticipated, and it is
equally certain that the strike in South Wales has been pro­
tracted far beyond what the original strikers contemplatedLosses, then, have been serious on all sides, and the hope is
entertained everywhere that the lesson will be taken to heart;
and that both emp oyers and employed will in the future
beleven more e.;or than in the past to settle amicably all
disputes.
, The settlement of the boilermakers’ lockout led to a gen­
eral rise in British railway stocks, though there was very
little increase in actual transactions. We arc within a fort­
night of the end of the ye .r. There will in the fortnight be
two Bank holidays and two Sundays. The Stock Exchange
possibly also may be closed on the Saturday before Christ­
mas. Thus, there will be, at all events, four idle days, and
there may be five. In addition, on New Year’s Day the
Stock Exchange will be closed, so that if we include New
Year’s Day and the day following, there will be, in little
more than a fortnight, three Sundays, two Bank holidays,
one day on which the Stock Exchange will be closed and
one day on which the Stock Exchange may be closed. In
addition to all this, there is always a great outflow of coin
and notes in connection with the Christmas holidays, while
in the last week of the year the final Stock Exchange settle­
ment has to be arranged and all the payments made in re­
gard to interest, dividends and other matters usual at the
turn of the year. It is reasonable to conclude, therefore,
that few people will care to engage in new risks until the
new year enters.
On the 5th of January the Bank of England will pay out
the interest upon theNational Debt. Consequently, money,
which is already easy and plentiful, will become still easier,
and after that there will be a-return of coin and notes from
internal circulation. The best opinion, consequently, is
that we shall see a marked advance in the quotations for
British Government securities and for British railway securi­
ties. Consols have been moving up for ten days or a fort­
night. The advance has been continued more decidedly
during the past couple of days, and as it is certain that the
Government has not yet invested the surplus from the last
financial year, and as there will be a large surplus, according
to all appearances, at the end of next March, when the
current financial year will close, there should be in April and
May a considerable decrease in the debt. Furthermore, the
settlement of all labor disputes, the growing trade, the de­
crease in the working expenses of the railways and the in­
crease in the traffic receipts, cannot fail to lead tojlarger
investment in British railway stocks than has taken^place
for a considerable time.
U 1
With regard to American securities, there is a steady in­
vestment going on here at present. Prices are now so tempt­
ing that investors proper are§buying'on quite^Vjscalc, and

Dec. 24 1010. |

THE CHRONICLE

1687

when dividends and interest are distributed early in Janu­
the following shows the quantities of wheat, flour and
ary it is reasonable to anticipate that the investment will maize afloat to the United Kingdom:
go on. There has not been much speculation in Americans ,,,. t
This week. Last week.
1909.
1908.
any more than in any other securities for some time past. Wheat - - - - - - ..........................qrs. 2,010,000 2,245,000 1,775,000 1,725,000
S ® ’ eQual t0........................Qra170,000
185,000
165,000
260,000
In Paris business is as slack as it is in London. In Berlin Ma<ze ......................................... qrs. 820,000
----------820,000
475,000
675,000
it is, if possible, slacker, for the banks are all using their in­
English
Financial
Markets—
Per
Cable.
fluence to compel operators to lessen their accounts because
it is anticipated that money will be tight at the end of the
The daily closing quotations for securities, &c., at London,
year.
as reported by cable, have been as follows the past weekLondon,
'
The India Council offered for tender on Wednesday 70
Week, ending Dec. 23.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
lacs of its bills, and the applications exceeded 639% lacs, Sliver, p e r o z ........................d . 25%
25 5-16 23 3-16 25%
25%
25%
new, 2% p e r c e n ts .. 79%
79 5-16 79%
79 9-16 79 7-16 79%
at prices ranging from Is. 4 l-16d. to Is. 4 3-32d. per rupee. Consols,
For account______________ 79%
79 7-16 79%
79 9-16 79 9-16 79 %
Applicants for bills at Is. 4 l-10d. and for telegraphic trans­ French
rentes (In P a ris)._fr. 97.12%i 97.15
97.07% 1 97.10
97.12% 97.22
Copper C o . . . 65%
66
66%
66%
65%
64%
fers at Is. 4 3-32d. per rupee were allotted about 10% of the Amalgamated
6 Anaconda Mining C o________
8%
8%
8%
8%
8%
8%
amounts applied for, and above in full.
Atch. Topeka & Santa F e . .. l 0 4 %
104%
104%
104%
103%
103%
Preferred ............
105%
105%
105%
105%
^ The following returns show the position of the Bank of
105%
105%
& O h io ............. ..1 0 9 %
109%
109%
109
108%
108%
England, the Bank rate of discount, the price of consols, Baltimore
Preferred _________________ 92%
92%
93%
93%
93
93
Canadian Pacific........... ......... 199
&c., compared with the last four years:
199%
200%
199%
199
199
1910.
Dec. 14.

1909.
Dec. 15.

£

£

1908.
Dec. 16.

£

1907.
Dec. 18.

1906.
Dec. 19.

£

£

28,305,490 29,146,250 29,127,495 28,733,395
Circulation................ 28,305,490
Public deposits____ 7,914,495
7,914,495 7,240,660
5,239,758 6,999,729
Other deposits_____ 37,418,182
37,418,182 41,642,045 43,489,234 44,073,400
Govcrnm ’t securities 14,412,788
14,412,788 14,730,533 14,332,136 15,458,516
Other securities.. . 23,968,246
23,968,246 29,542,714 29,883,717 33,857,358
Reserve,notcs&coln 24,654,238
24,654,238 22,321,236 22,399,234 19,712,354
Coln&bull.,bOth dep 34,509,728
34,509,728 33,017,486 33,076,729 29,995,744
Proportion assets to
lia b ilities...p . c.
54%
54%
45%
45%
38%
Bank rate_____p. c.
4%
4%
2%
7
6
Consols, 2% p. c . . .
82%
82%
83 13-16
82 11-16
86
S liv e r ......... ..............
24% d.
2 4 % d.
22 5-16d.
24 3-16d. 31 13-16d.
Clear.-house returns 299,690,000 299,690,000 271,098,000 258,386,000 277,571,000

The rates for money have been as follows:
Bank of England rate...........
Open. Market rate—
Bank bills—60 d a y s .........
— 3 m onths___
— I m onths____
— 6 months____
Trade bills— 3 months____
— 4 months____
merest allowed for deposits—
B y Joint-stock banks_____
B y discount houses:
A t call..............................
7 to 14 days....................

Dec. 16.
4%
3% @ 3
3% @ 3
3% M 3
3% @ 3
3 % (tt, 4
3% @ 4

Dec. 9.
4%

5-16
5-16
5-16
3-16

Dec. 2.
4%

Nov. 25.
5

3 % @ 3 9-16
4%
3 9-16
3 13-16
3 7-16
3 11-16
3 5-16 3 % @ 3 7-16
4% @ 4 %
4% @ 4%
4% @ 4%
4% @ 4 %

3

3

3

3
3%

3
3%

3%
3%

4%
4%
4
3%
4%
4% @ 4%
3%
3%
3%

The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Dec. 10.
Bank Open
Rates of
Rate. Market.
Interest at—
2%
P a r is ......... .............. . . . 3
5
Berlin......................... . .
4%
Hamburg................... _ 5
4%
5
F ra n k fo rt________ . . .
4%
Amsterdam ........... . . . 4
3%
Brussels ___ ___ . . . 5
3%
Vienna -------------- . . . . 5
4%
St. P e tersb u rg .... . .
5
nom.
Madrid____________ - - 4%
4
Copenhagen ______ . .
5
5

Dec. 3.
Bank Open
Rate. Market.
3
2%
5
4%
5
4%
5
4%
4
3%
5
4
5
4 13-16
5
nom.
4
4%
5
5

Nov. 26.
Bank Open
Rate. Market.
3
2%
5
4%
5
4%
0
4%
4
3%
5
4%
5
4%
5
nom.
4%
1
5
5

b £ sterling,

84%
23
127%
30
72
29%
48
36
136%
148%
33%
64
71
36
116%
42%
104
92
119%
66%
77%
46%
49
118%
28%
66
177
95
75%
120%
17%
35%
66%

83%
23
127
30%
72%
29%
48%
36
136
148%
33%
64%
71
36%
116
43
103%
92
119%
66%
77%
46%
49
117%
27%
65
176%
95
75%
120%
17%
35%
66%

83%
22%
126
30
72%
28%
48
36
136
148
33
64%
71
36
115%
42%
103
92
119%
66%
77
46%
49
117%
27
65
175%
95
74%
120%
17
35
66%

83
22%
126
30
72
28%
47%
35%
136
14S
32%
64%
71
35%
115%
42
103
91
119
66%
77
46%
48%
117
26%
63%
174%
95
74%
120%
16%
35%
65%

c Ex-dlvIdend-

Commercial and pitsceXIaucoaspenrs

3
5
5
5
4
5
5

BANK NOTES— CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.— We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. T h e s ta te m e n t f o r N o v e m b e r
1909 w ill be f o u n d i n o u r i s s u e o f D e c . 2 5 1909, p a g e 1641.

2%
4%
4%
4%
4
4%
1 13-16

4%
5

4
5

G O LD .— Arrivals of bar gold this week amounted to £727,000, and owing to
some competition from Germany in connection with the demand usual at the end
of the year, a small premium was paid. India and the trade secured about £180,000,
the Bank of England about £200,000 and the balance went to the Continent. Next
week £598,000 Is expected from South Africa and £ 114,000 from India and Australia,
and competition for the Continent is again probable. An Inquiry for the United
States was at one time rumored, but the rise in the exchange makes this unlikely for
the present. The Indian, demand for sovereigns Is for the moment being satislied by Egypt. Since our last there have been no withdrawals of gold from the
Bank of England, while, on the other hand, £219,000 has been received In bars and
£6,000 from Australia in sovereigns. Arrivals— South Africa, £092 000' West In­
dies, £32,500: Australia, £2,000: West Africa, £1,000; total, £727,500
ShlDi'ents
— Bom bay, £124,500: Calcutta, £39,000; total, £163,500.
S IL V E R .— There has been an Improvement In silver during the past week and
prices show a rise of % d. on the week at 25% d. for spot and 25 7-10d. for forward
The factors to which we referred last week, which have recently depressed the mar-

ln China, which Is showing more activity, but the large holdings of the group of In
dlan speculators have still a tendency to keep buyers out of the market. The rise
this week would probably have been more marked but for the fact that a large por­
tion of the China demand has been freely met In India by the speculative group and
though In the long run this should have a good effect, by reducing their holdings, it
at present prevents any sharp advance here. Stocks In Bom bay show a reduction
at 20,000 bars, but Including silver now on the sea they amount to £2,500,000
The offtake there Is about 80 bars a day, but should improve shortly. Currency re­
turns also show a reduction on the week of 79 lacs at 29 crores. The American
Government purchased a further 100,000 ounces for coinage on the 10th Inst
The price In Bom bay Is Us. 64% per 100 tolahs. Arrivals— New York, £256 500
Chile, £3,000; West Indies, £5,000; total, £264,500. Shipments— Port Said
£1,500; Bom bay, £135,000; Colom bo, £1,000; Calcutta, £10,000; total, £147,500. ’

The quotations for bullion are reported as follows:
D ec. 8.
s. d.

a Price per share,

83%
22%
126%
29%
71%
28%
46%
35
136%
147%
32%
64
71
35%
115%
42%
104%
92
119
66%
77
45%
48%
116%
26
64
175%
95
75
120%
16%
35%
66%

N ov. 19.
Bank Open

Messrs. Pixley & Abell write as follows under date of
Dec. 15:

GOLD.
Dec. 15.
London Standard.
s. d.
Bar gold, line, o x ........... 77 9%
U. S. gold coin, o x ____76
4%
German gold coin, o x . . 76 4
French gold coin, oa__ 76 5%
Japanese yen........... .. 70 4

Chesapeake & O hio________ 82%
Chicago Great W estern_____22%
Chicago Mllw. <fc St. P a u l . . . 126%
Denver & Rio Grande________29
Preferred ________
71%
28%
E r i e ------------------First preferred____________ 40
Second preferred............... 35
Illinois Central......................... 135%
Louisville & Nashville______ 147%
Missouri Kansas & T e x a s ... 32%
Preferred ............................ 64
Nat. R R . of Mex., l s t p r e f .. 71
Second preferred__________36%
N. Y. Central & Ilud. R iv e r .115%
N. Y . Ontario & Western___42
Norfolk & W estern_________ 102%
Preferred _______________ 92
Northern Pacific....................... 119
a Pennsylvania______ ________ 66%
a Reading C o......... ................... 76%
a First preferred.................... 45%
o Second preferred................ 48%
Southern Pacific.................... c ll 6
Southern R y . ............................. 25%
Preferred ...............................62%
Union Pacific______________ 174%
Preferred ............................ 95
U. S. Steel Corporation......... 74%
P r e fe r r e d ..... ........................120
Wabash ...............
16%
Preferred ............................ 35
Extended 4s........................... 66%

S IL V E R .
Dec. 15.
London Standard.
d.
Bar silver, line, o z .. . 2 5 %
“ 2 mos. d e liv e r y ...25 7-16
Cake sliver, o z ______ 27%
Mexican dollars........... nom.

Dec. 8.
d.
25
25 3-16
27
nom?

Bonds and Legal Tenders
on Deposit for
Bonds.
S
Nov. 3 0 ____ 696,693.160
Oct. 31____ 694,926,070
Sept. 3 0 ____ 691,961,860
Aug. 31____ 689,813,710
July 31____ 688,458.280
June 30____ 686,974,880
May 31____ 685,671,510
April 30____ 684,913,460
Mch. 31____ 683,675,710
Feb. 2 8 . . . . 682,695,850
Jan. 31 1910 681,518,900
Dec. 31 1909 683,437,240

Circulation A float Under—

Legal
Tenders.

Bonds.

Legal
Tenders.

Total

$
33,160,390
33,538,463
32,638,029
30,188,728
27,561,375
27,913,720
29,477,138
30,206,728
31,947,510
30,635,348
28,546,979
26,952,730

$
693,695,443
691,335,845
688,157,577
687,132,323
684,468,093
685,517,013
682,765,703
683.254,858
685,311,486
679,387,520
681,332,354
683,401,523

S
33,160,390
33,538,463
32,638,029
30,188,728
27,561,375
27,913,720
29,477,138
30,206,728
31,947,510
30,635,348
28,546.979
26,952,730

$
726,855.833
724,874,308
720,795,606
717,321,051
712,029,468
713,430,733
712,242,841
713,461.586
717,258,996
710,022,868
709,879,333
710,354,253

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Nov. 30.
Bonds on Deposit
Nov. 30 1910.

4% Loan of 1925 . . . . ____ ________
3 % Loan of 1908-1918 ................... ..
2% Consols of 1930________________
2% Panama of 1936 ----------------------2% Panama of 1938 ________ ______
4% Philippine Loans........... ................
4% Porto Rico Loans........... ..............
3.65% District of Colum bia........... ..
Various, Territory of Hawaii_______
4% Philippine Railw ay............... ........
Various. State, City and R a ilro a d ...

U. S. Bonds Held Nov. 30 to Secure—
Bank
Circulation.
S
$21,396,100
15.436,540
580,831,100
51,382,700
27,646,720

Public Deposits
in Banks.

Total
Held.

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

$
$4,810,000
4,178,300
24,924,900
2,798,000
1,405,000
4,642,000
944,0()0
872,000
663,000
146,000
2,596.000

$
$26,206,100
19,614,840
605,756,000
54,180,700
29,051,720
4,642,000
944,000
872,000
663,000
146,000
2,596,000

$696,693,160

$47,979,200

$744,672,360

—

The following shows the imports of cereal produce into
The following shows the amount of national bank notes
the United Kingdom during the season to date, compared
afloat and the amount of legal-tender deposits Nov. I and
with previous seasons:
Dec. 1 and their increase or decrease during the month of
IM PORTS.
Fourteen weeks—
1910-11.
1909-10
1908-09.
1907-08.
November:
W h e a t ....................................... c w t .30,342,500 28,374,800
Barley ..........................................
7,681,200
O ats....................................................... 3,624,200
Peas.......................................................
666,931
B e a n s ...................................................
282,457
Indian corn...........................
12,838,400
F l o u r ................
3,204,600

9,334,700
5,815,500
524,350
1,156,400
10,596,800
3,920,000

23,983,800
10,036,900
3,836,900
482,090
489,610
10,122,700
3,546,000

25,858,200
9,086,500
2,725,102
715,560
357,350
15,372,100
4,254,900

Supplies available for consumption (exclusive of stock on
September 1):
1910-11.
Wheat imported........... .......... c w t .30,342,500
Imports of flour.................................. 3,204,000
Sales of home-grown......................... 7,955.957
Total ............. ..............
Average prlco of wheat,
Average price, season




.41,503,057
.
30s. 9(1.
0s. 4d.

1909-10.
1908-09
28,374,800 23 983 800
3,920,600 3,546000
8,003,354 10,743*797
40,358,754
33s. 3d.
32s. l id .

38,273,597
32s. 7d.
31s. 5di

1907-08.
25,858,200
4,251,900
10,942,019
41,055,119
34s. 7d.
33s. 9(1.

National Bank Notes— Total Afloat—
Amount afloat Nov. 1 1910..... .......... ..................................................... .......... $724,874,308
Net amount Issued during N ovem ber................................ ....................... L I
~l,’98l!525

Amount of bank notes afloat December 1 1910................................... .$726,856,833
Legal Tender Notes—
Amount on deposit to redeem national bank notes November 1 1 9 1 0 .. $33,538,463
Net amount of bank notes redeemed In N ovem ber....... .......... ...................
378,073
Amount on deposit to redeem national bank notes Dec. 1 1910____$33,160,390

FOREIGN TRADE OF NEW YORK— MONTHLY
STATEMENT.— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House.

Imports.

Customs Receipts
at New York.

Exports.

1910.

1909.

$
78,656,123
77,826,788
102,955,233
78,224,201
68,407,815
72,216,609
69,966,872
81.340,437
07,590,619
70,317,977
75,083,744

$
61,789,335
73,074,545
80,729,503
75,898,544
69,230,504
73,252,301
68,687,013
68,295,105
73,302,959
76,749,472
85,058,842

1910.

1909.

S
52,044,329
49,927,253
56.874,809
52,027,284
58,511,61?
01,704,701
50,019,567
65,279,115
66,183,119
61,166,956
60,821.026

LXXXXI

9 .9 0 2 —

Merchandise Movement to Neio York.
Month.

January .
February
M arch____
A pril.........
M a y .........
June -----J u l y .........
A u g u s t ...
September
O ctob er. .
November

[VOL.

THE CHRONICLE

1688

1909.

1910.

S
50,812,001
45,319,475
58,084,184
51,709,272
48,571,972
52,404,342
50,583,478
49,212,360
50,779,347
55.899,327
55,953,000

$
17,545,140
18,778,746
21,988,922
16,276,428
14,999,383
17,119,870
16,911,067
20,276.113
17,099,966
16,381,SOO
18,533,079

$
15,795,700
17,775,728
19,061,331
18,802,921
16,846.056
17,318,187
20,728,717
19,732.558
17,906,343
19,793,908
17,575,847

T h e A llq u lp p a N ation a l B a n k , A llq u lp p a , P a .
C a pital, $ 2 5 ,0 0 0 .
J o h n J . A lle n , P re s.; Jam es It. N o ss, V ic c -P r e s .; E lm er P . Y o s t ,
C ashier.
9 .9 0 3 —
T h e F irst N a tio n a l B a n k o t D e la n o , M in n . C a pital, $ 2 5 ,0 0 0 .
G eo.
W . D o d g e , P res.; J o h n L o h m llle r, V Ic e -P r c s .; A rth u r C u n n ln g tor;
Cashier; C. J . L oh m llle r, A ssista n t C ashier.
E X P IR A T IO N OF C H A R T E R .
4 ,4 9 2 — T h e C itizen s’ N a tio n a l B ank o f K a u fm a n , T e x ., e x p ir e d b y lim ita ­
tio n a t clo s e o f business D e c. 5 1910.
L IQ U ID A T IO N .
6,6 7 7 — T h e First N a tio n a l B a n k o f C herok ee. C h erok ee, O k la ., at c lo s e o f
business N o v . 2 1910.
8 ,3 0 6 — T h e F irst N a tio n a l B a n k o f P a in t R o c k , T e x ., w as p la c e d In v o lu n ­
ta r y liq u id a tio n N o v . 8 1910.
6 ,2 6 4 — T h e F irst N ation a l B a n k o f L e e sv ille , L a ., w as p la ce d In v o lu n ta r y
liq u id a tio n D e c. 1 1910.

Total . . 842,676,418'806,728,123|641,159,795569.928,761 196,510,514 201,340,299
1
1
1

A u ction Sales.— Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction.
The imports and exports of gold and silver for the eleven
By Messrs. Adrian II. Muller & Son:
Stocks.
Stocks.
months have been as follows:
1 Ft. W ayne & Jackson R lt.
S250 Chamber of Commerce Bldg.
Silver—New York

Gold Movement at Neio York.

1909.

1910.
January .........
F e b r u a r y ____
March________
April..................
M a y ..................
June ................
J u l y _________
August.............
O cto b e r ...........
N o v e m b e r ___

Exports.

Imports.

Month

$
421,946
1,912,799
2,425,426
470,490
493,413
532,143
4,906,446
9,335,389
431,581
689,290
746,321

T o t a l ............ 22,365,244

1910.

1909.

$
S
714,693 3,113,576
819,731 2,786,542
2,728,363 1,014,417
742,91 1 36,108,360
438,769
619,503
127.503
578,203
177.490
470,618
276,000
600,563
134,500
481,945
132,185
685,147
256,900
1,093.967

Imports.

Exports

1910.

1910.

$
577,955
365,019
439,488
503,764
479,415
577,053
376.817
1,007,193
693,062
482,64 1
696,077

$
7,S43,125
8,818,220
21,173,385
6,269,450
11,094,572
5,233,050
13,405,800
2,847,470
335,620
1,974,125
8,877,100

$
3,935,810
3,208,972
3,572,439
3,442,767
3,267,495
3,971,397
4,272,445
3,931,438
424,670
2,684,265
3,779,193

6,198,517 36,790,921

9,535,104 45,256,242 87,871,917

Co. (guar. 5 X % ) ...................132)5
Fund non-eum. Income bond____20
2 Market A Fulton Nat. Bank 272
S14.000 Bond purchase 5% certf.
2 Providence Gas C o.................181
Issued by Standard Trust Co. of
40 Washington Trust C o............ 355
N. Y ., trustee, under trust
18 Nat. Park Bank.................... 35214
agreement dated April 1907------ 25
20,000 Royal TInto Mg. A Smelting
$50,000 Standard Tr. Co. ctfs., se­
Co., $1 e a c h ....................... $50 lot
cured by Lack. & W yom ing Val.
5 Jefferson Bank.................. ..1 8 5
Rap. Tran, b o n d s .-.................
10
10 Queens Co. Trust C o...............115
S519.29 N ote of Chas. R. Slckels,)
100 Am . De F’orcst Wireless
with 5 shares Corp. Llquldat-I
Teleg. Co., pref., $10 each.SlO lot
lng Co. com. and $1,000 Dun250 McGulre-CummingsMfg. Co.
derberg Spiral R y. 1st 6s, 1920, |
$100 lot
as co lla te ra l............. .............. ..)$ 1 5 1 o t
25 People’s Surety C o . . .............100
5 Electrical Lead Reduc. C o—
14 Ohio A Ind. Cons. Nat. & 111.
Bonds.
Gas C o . . ...................... .................
$1,000 Dry D ock E. By. A Batt.
70 Bklyn. Ed. Selling Stockhold­
HR. 1st 5s, 1932. J. A D ., 98)5 & lut.
ers’ ctfs. of dep. known as!
$3,000 Dry Dock E. By. * Batt.
"stubs” .................... - .................j
ItR . 5% certf. of Indebtedness
$312.80 Metropolitan W. S. Elev.l
(trust co. receipt).................... ...... 42)4
R y. Co. of Chic. 1st 4s, scrip, |
1938________ _________________ IS50 lot S10.000 N. Y. A Cuba Mall SS. Co
1st 5s, 1932. J. & J .............70 A lnt,
$17.70 Metrop. W . S. Elcv. R y .(
$3,000 Vanderbilt Realty Im pt.
Co. o f Chic., com . scrip ......... j
Co. profit-sharing 5s,
1939.
1 Hartford Nat. Bank----------- 140)5
J. & J .......................................... 60 & lnt.
1 Nat. City Bank, New Y o r k .387

GOVERNMENT REVENUE AND EXPENDITURES.—
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
D IV ID E N D S .
Government receipts and disbursements for the month of
November. From previous returns we obtain the figures for
The following shows all the dividends announced for the
previous months, and in that manner complete the state­ future by large or important corporations:
ments for the It months of the calendar years 1910 and 1909.
D i v i d e n d s a n n o u n c e d th is w e e k a re 'p rin ted i n i t a li c s .
G O V E R N M E N T R E C E IP T S AN D

D IS B U R S E M E N T S .

(000? omitted.)
Sept.

Oct.

Nov.

Name o f Company.

1909.

1910.
11 Mos. Sept.

Oct.

11 Mos.

Nov.

S
$
$
S
S
S
S
$
27,558 25,294 27.508 299,620 27.335 29,279 25,037 302,513
25,937 20,433 25,151 278,224 21,877 24,146 22,551 226,209
Miscellaneous — ......... 2,489 3,539 5,812 47.850 3,136 3,752 3,539 49,488
Receipts—

Total receip ts........... 55,984 55,266
Disbursements—
Civil and miscellaneous 14,206 16,249
15,027 14,590
9,786 12,845
1,222 1,175
13,154 11,437
2,001 1,000
Postal d etlclen cy.. . . .
108 3,261
Interest on public debt.
Panama C anal------------- 3,883 2,895

58,471 025,694 52,348 57,177 51,727 578,210
169,001
144,026
112,305
17,575
146,443
4,599
1,980 21,130
2,852 34,212

14,091
12,771
9,631
1,348
15,356

__

11,847
14,850
10,818
1,089
13,114
3,002
130
3.18S

15,378
15,190
9,582
1,628
11,850
3,398
3,270
2,784

153,496
149,096
109,092
13,439
149,469
19,401
l‘,982 21,561
3,149 31,402

14,026
13,518
11,030
l ,355
15,185

Total disbursements. 59,392 01,755 58,, 629 619,357 58,068 63,080 00,245 646,950
Less repayment ot un1,502
778
2,310 1,911 1,196
expended balance?. . 2,977 2,300 1,515
T o ta l............................. 56,415 61,455 57,034 617,017 56,157 01,881 59,467 644,394
* Includes corporation tax of $25,136 for November and $23,637,667 for the
elapsed portion of the year.
N olo.— 1903 receipts do not Include $30,731,008 proceeds o f Panama Canal bonds.

Canadian B an k C learings, — The
ing Dec. 17 at Canadian cities, in

clearings for the week end­
comparison with the same
week of 1909, shows an increase in the aggregate of 0.3%.
Week ending December 17.
Clearings at—
1910.

1909.

Inc. or
Dec.

S

%
— 16.5
+ 11.0
+ 9.4
+ 42.8
— 10.2
— 15.6
— 12.4
+ 8.8
— 10.1
+ 17.9
+ 0.8
+ 22.2
+ 94.8
— 16.6
In total
In total
In total

$
33,325,810
27,411,203
16.171.984
4,619,076
3,129,758
2,367,048
1,928.768
1,623.911
1,570,720
1,248,663
1,219,295
1,225,235
859,181

$
28,227,715
23,415,249
14.123,086
3.793,542
3.106,788
2,274,437
2,004,531
1.600.797
1,297.577
1,230,964
1,341,701
1,146.396
875,972

Brandon ...........
L eth b rid ge .........
Sask atoon______

40.930,984
36,000,000
22,039,923
9.421,230
3,080,774
2,702,907
1.627,194
2,089,898
3,098,159
1,516,417
1,569,032
2,270,037
2,303,873
1 33fl 324
667,913
528,983
957,200

S
48,993,841
32.081,552
20,136.314
6.592,863
3,430,897
3,202,071
1,857,224
1,920,801
3,445,638
1.286,519
1,556,360
1.854,949
1.182,143
1.603,625
Not Included
Not Included
Not Included

Total Canada.

129,986,838

129,563,245

+ 0 .3

96,700,652

84,444,755

M ontreal.............
Toronto ..............
W innipeg.............
V an cou ver-.........
O tt a w a ------------Q uebec..................
Halifax ........... ..
Hamilton.............
C a lg a ry ................
London ...............
St. John...............
Victoria ..............
E dm on ton...........

1908.

1907.

N ational B a n k s. — The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S TO C O N V E R T A P P R O V E D .
T h e F a rm ers’ S ta te B a n k ot W a ln u t, K a n s ., Into " T h e First N ation a l
B a n k o f W a ln u t .”
C a pital. $25 ,0 0 0 .
„
T h e First S ta te B ank o f C r o s b y to n , T e x ., Into " T h e F irst N a tio n a l Bank
o f C r o s b y t o n .”
C a p ital, $t>0,000.

When
Payable.

Railroads (Steam).
Alabama Great Southern, ordinary...........
2)5 Dec.
3
Feb.
Preferred_____ _____ - ...............................
Albany A Susquehanna, guaranteed.........
4)5 Jan.
Special ......... ............ - ................................ $3.45 Jan.
Ian.
Allegheny A Western, guaranteed---------3
1
Ashland Coal A Iron Ry. (quar.)................
Atch. Top. & Santa Fe, pref. (N o. 25)___
2)5 Feb.
Jan,
Atlantic Coast Line R lt.. C e m m o n .........
3
3
Jan.
Balt. Chesapeake A Atlantic, pref................
Jan.
1
Beech Creek, guaranteed (qu ar.)..
2)1 Dec.
Boston A Aloany (quar.)................
Jan.
$4
Boston & Low ell...............................
I X Jan.
Boston & Maine, com . (q u a r.)................
2 X Jan.
Boston & Providence, guar, (qu ar.).........
Jan.
3
Boston Revere Beach
Lynn....................
D t Feb.
Canada Southern......... .............. ........
I X Dec.
Canadian Pacific, com . (quar.) (N o. 5 8 ).
X Dec.
Common (extra)......... ...................
Feb.
2
Central o f New Jersey (quar.).........
Dec.
2
E x tr a ....... ........................... ............
Dee.
ix
Chesapeake A Ohio (qu ar.)...........
Jan.
. 2
Chicago A Alton, preferred..............
Jan.
2
Jan.
2
I X Jan.
Chicago A Eastern Illinois, pref. (quar.)
I X Dec.
2
Dec.
Preferred___________________________
3 X Jan.
Chicago & North Western, com m on ..
2
Jan.
Preferred (q u a r.)..................................
1
Jan.
I X Dec.
Chicago A Western Indiana (quar.).
I X Jan.
2
Dec.
Colorado A South' ru. com m on.
2
Dec.
Connecting Ry. (Philadelphia)..
2
Feb.
Cuba Railroad, preferred...........
Jan.
4
Delaware Railroad........................
Dec.
4
Delaware River RR. A B rid ge...
2 X Jan.
Detroit & Mackinac, com mon (N o. 1).
2 X Jan.
2)5 Jan.
Preferred .......................... - .....................
Jan.
3
East Pennsylvania....................— ............
Georgia Railroad * Banking ( q u a r .) ...
2 X Jan.
3)5 Jan;
Jan.
2
Hocking Valley, com m on......... ............ ..
Interborough Rapid Transit (quar.) —
2 X Jan.
Jan.
1
Kansas City Southern, pref. (quar.).........
Jan.
6
Lake Shore A Michigan Southern----------Feb.
0
Jan.
Lehigh Valley, common....................
Jan.
5
Preferred......... .......... .....................
Lillie Schuylkill Nav. RR. A Coal................ 81.25 Jan.
3)5 Feb.
Louisville A Nashville_________________
Feb.
Mahoning Coal R R., common...................... $5
2)4 Jan.
Preferred (guaranteed)......... ...................Jan.
2
Maine Central (quar.)........ .'......... ...........
1M Jan.
Manhattan Ity., guar, (quar.) (No. 107).
Jan.
3
Michigan Central............................................
2 )4 Jan.
M ine Hill A Schuylkill Haven....................
3 ) Jan.
Morris A Essex, guaranteed........ .............

N. Y. Central A Hudson River (q u a r.)...
N Y. A Harlem, common and preferred
N. Y. Lack. A Western, guar. (q u a r.)...
N. Y. New Haven A Hartford (quar.) —
Part paid stock. Issue of Dec. 20 1909-Norfolk A Western, trref. (quar.)................

Northern Central (No. 92)_____________
Northern RR. of New Hampshire (quar.)
Northern Securities....................................

Norwich A Worcester, pref. (quar.)...........

Old Colony (quar.)______________ _____
Philadelphia Baltimore A Washington—
Philadelphia A Trenton (quar.)................

Reading, common............................................
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S D E C . 8 T O D E C . 10. Rensselaer A Saratoga...... .......................
Rich. Fred. A Pot.. com .Adlv. obliga’n s ..
9 .8 9 4 —
T h e First N a tio n a l B a n k o f P u en te, P u en te, Cal. C a p ital. $ 25 ,000 . Louis A San Francisco—
W m . R . R o w la n d , P res.; M a rco H . H eilm an , F irst V Ice -P rcs.; St.Chic.
A East. 111. com. stk. tr. ctfs..
G eo. E . Cross, S e c o n d V ic e -P r e s .: H o w a rd R . L in k , Cashier.
Preferred stock trust ctfs. (quar.)..
9 .8 9 5 —
T h e R a m sey N ation a l B a n k R a m s e y . 111. C a pital. $2 5 ,0 0 0 . I, C. K.C.Ft.S.AM.prcf.
stk. tr. ctfs.(quar.)
hlele Pr s .; R . K . H u n t, V Ic e -P r c s .; A . R . S m ith , Cashier.




Per
Cent.

1)4 Jan.

Jan.
Jan.
Dec.
Dec.
Feb.
1
Jan.
$2
1)4 Jan.
Jan.
4
Jan.
2
I X Jan.
Dec.
2
2) Jan.
Feb.
3
Jan.
4
4 ) 4 Jan.
5

IX

2
$1

5
1)4
l

Jan.
Jan.
Jan.

Bocks Closed.
Days Inclusive.

30 Holders of rec. Dec. 17a
25 Holders of rec. Feb. 4a
Jan. 2
3 Dec. 16 to
5 Holders ot rcc. Jan. 3
3 Holders of rec. Dec.22a
20
1 Holders of rec. Dec.30a
10 Dec. 17
to
Jan. 10
31 Holders of rec. Jan.14a
3 Holders of rcc. Dec.23a
31 Holders of rec. Nov.30a
2 Nov. 28
to
Dec. 3
2 llolders of rec. Dec. la
2 Holders of rec. Dec.20a
31 Holders of rcc. Dec. 15a
1 Holders of rec. Dec.30a
31 Holders of rec. N ov.30a
31 Holders of rec. Nov.30a
1 Holders of rec. Jan.20a
29 Holders of rec. Dec.22a
31 Holders of rec. Dec. 9a
16 Holders of rec. Dec.31a
16 Holders of rec. Dec.31a
1 Dec. 28
to
Jan. 3
3 Holders of rec. I)ec.l7 a
30 Holders of rcc. Dec.23a
30 Holders of rcc. Dec.23a
3 Holders of rec. Dec. 9a
3 Holders of rec. Dec. 9a
3 Holders of rec. Dec.27a
31 Do not close
20 Holders of rcc. Dec.30a
31 Dec. 22
to
Jan.
2
30 Holders of rcc. Dcc.2(!a
1 Holders of rec. Dec.31a
1 Holders of rec. Dec.15a
21 Holders of rcc. Dec. 12a
16 Dec. 25
to
Jan. 8
3 Dec. 16
to
Jan. 4
3 Dec. 16
to
Jan. 4
17 Holders of rec. Jan. 7a
16 Jan. 1 to
Jan. 15
1C Dec. 21
to
Jan. 2
1C Holders of rec. Dec. 19a
Holders of rec. Dec.24a
16 Holders ot rec. Dec. 31
2) Holders of ree. Dec.30a
I Holders of rec. Dec.30a
14 Holders of rec. Dec. 31
14 Holders of rcc. Dec. 31
Dec. 17
to
Jan. 15
Jan. 21 to
Feb. 10
Holders of rcc. Jan.13a
Holders of rcc. Dec.21a
Holders of rec. Dec. 15a
Holders of rec. Dec.15a
Holders of rcc. Dec.30a
D ec. 20
to
Jan. 13
t rec. Dec. 9a
4
I rec. Dec.22a
t rcc. Dec.!15a
t rcc. Dcc.l15a
' rcc. Dec. 15a
' rec. D e c.l5 a
t rcc. Jan.31a
I rcc. Dec.31a
! rcc. Dec. 5a
Dec. 29
to
Jan. 10
Dec. 18 to
Jan. 1
t rcc. Dec. 10a
I rcc. Dec.!l la
Jan. 10
4
to
t rec. Jan. 14a
Dec. 16
to
Jan. 2
Dec. 23
to
Jan. 2
Dec. 18
Dec. 18
Dec. 18

to
to
to

Jan.
Jan.
Jan.

3
3
3

THE CHRONICLE

Dec. 24 1910. j
m
U-l

Name o f Company.

Railroads (Sfenrn) Concluded.
St. Louis Southwestern, preferred..............
Southern Pacific Co. (quar.) (N o. 17)-----Toledo St. Louis & Western, pref. (qu r.)
Union Pacific, common (quar.) — ............
United N. J. HU. & Canal Co., gu. (qu.)
Valley Railroad (N. Y . ) t guaranteed____
Vermont Valley________ _________________
White Pass & Y u k on ....................................
WrlgtUsville A Tcnnllle, com. A p ref.........
Worcester Nashua & Rochester..................
Street and (Electric Railways.
Amer. Cities R y. & Lt., com . (N o. 4 )____
Common (extra )_______ _____ _________
Preferred (quar.) (No. 18)____________
Athens (Ga.) R y. A Electric Co., p ref.........
Bangor Railway & Electric (q u a r.)............
Brazil Railway, preferred (qu ar.)_______
Brooklyn Rapid transit (q u a r.)________
Capltat Traction, Washington, D .C .(qu.)
Carolina Power A Light, pref. (quar.)___
Chattanooga R y. & Lt., pref. (qu.) (N o.6)
Chic. City A Connect. Itys., com .par.ctfs. .
Preferred participation......... ............ ........
Chicago City Railway (q u a r.)....................
E xtra_________________________________
Cincinnati Street R y. (qu ar.)......................
Cin. Dayton A Toledo True., c o m .............
Preferred........... ..........................................
Cin. A Hamilton Trac., com. (quar.).........
Preferred (quar.).........................................
Citizens' Elec. St. RR-, Ncwburyport.........
City R y., Dayton, O., com. (quar.)---------Preferred (quar.)______________________
Cleveland Railway (qu ar.)______________
Col.(0.)New arkAZanesv.El.Ry., pf. (qu .).
Columbus (Ga.) Elec. Co., pref. (No. 9 ) . .
Continental Pass. R y ., Philadelphia-----Danbury A Bethel Street R y . ...................... ..
Duluth-Superior Traction, com . (quar.)
Preferred (quar.)............. ......................
El Paso Electric Co., pref. (No. 17)...........
F ra n k .* Southwark Pass.Ry.,Phlla.(qu.)
Germantown Pass, lly ., Phlla. (q u a r .)-.
Halifax Elec. Tramway, Ltd.(qu.) (No56)
Hestonv. Mantua & Falrm. Pass., c o m ..
Preferred---------------- ------------- -------------Holyoke (M ass.) Street R y _____ __________
Honolulu Rap. Tran. A Land, com. (qu.)
Preferred................................................... .
Indianapolis Street ltv ------- ------------------Indianapolis Trac, A Terminal___________
Lake Shore Elec. R y .. 1st pref. (q u a r.).
Lancaster Co. Ry. A Lt., pref. (quar.)____
Little Rock Ry. A Elec., common..................
P referred......................................................
Lou. A Nor. Ry. «fc Ltg., pref. A A B(qu.)
Louisville Traction, common (qu ar.)____
Manila Elec. R R . & Ltg. Corp. (q u a r .)..
Massachusetts Electric Cos., pref...........
Nashville Ry. A Light, com. (quar.)______
Preferred (quar.)....... .................................
Neta England Invest. A Security, pref-----New Orleans Railway & Light, pref_____
New York Stale Rys., com. (quar.)----------Preferred (quar.)...................... ...................
Norfolk & Portsmouth Trac., pref. (N o .l)
Northwestern Elev. R R ., Chic. pref. (qu.)
Omaha & Coun. Bluffs S t.R y ., com. (qu.)
Preferred (q u a r .)......................................
Ottawa Electric Railway.................................
Extra ........................................... .................
Philadelphia Company, com mon (qu ar.).
P ortlan d(O re.)lty.,L .& P .,pf.(qu .)(N o.l8)
Porto Rico R ys., Ltd., pref. (quar.)...........
Reading Traction____________ ___________
Ridge A ve. Pass. R y., Phila. (quar.)_____
St.Joseph R y .,L .,H .* P .,p f.(q u .)(N o .3 3 ).
Sao Paulo Tram ., L. * Pow. (q u .)(N o .3 6 )
Second * Third Streets Pass., Phlla____
South Side Elev. R R ., Chicago (quar.)
Syracuse Rapid Tran., pref. (quar.)......... ..
Terre Haute Irul. A East. Tr., pref. (q u .).
Toronto Ry. ( q u a r .)............. .............. ........
Tri-City Ry. A Light, pref. (quar.)_______
Twin-City it. T ., Mlnncap., com . (qu.)
Preferred (qu ar.)______________ ______
Union Passenger Ity., Philadelphia.........
Union R y., Gas A Electric, pref. (q u a r.)..
Union Traction, Philadelphia....................
United Trac. & Elec., Providence (quar.)
Virginia Railway & Power, preferred-----Washington Water Power, Spokane (qu.)
West End St., Boston, preferred..................
West India Elcc. Co., Ltd. (No. 12).........
West Philadelphia Passenger R y . ..............
Wheeling Traction.........................................

Per
Cent.
2
IX
1
2X
2X
2X
5
51
3
2X

When
Payable.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.

2

Books Closed.
Days Inclusive.

10 Holders of rcc. Dec.31a
3 Holders of war’ t No. 17
16 Holders of rec. Dec.31a
3 Holders of rcc. Dec. la
1C Dec. 21
to
Jan. 2
3 Holders of rec. Dec.22a
1 Holders of rcc. Dec.21a
to Jan. 14
U fan. 2
1 Holders of rec. Dec.16a
2 Holders of rcc. Dec.20a

Jan.
X Jan.
I X Jan.
2 X Jan.
I X Jan.
i x Jan.
I X Jan.
i x Jan.
I X Jan.
i x Jan.
si
S2.25
2 X Dec.
Dec.
2
I X Jan.
X Jan.
2 X Jan.
X Jan.
i x Jan.
2X
I X Jan.
I X Jan.
I X Han.
I X Jan.
3
Jan.
S3
Dec.
2
Jan.
I X Jan.
1
Ian.
3
Jan.
S4.50 Jan.
SI.3D i Jan.
I X Jan.
Jan.
SI
S i.50 Jan.
4
Jan.
1
Dec.
3
Dec.
3
fan.
1
Dec.
I X Jan.
I X Dec.
4
Dec.
3
Dec.
X Jan.
1
Ian.
1
Dec.
S2
Jan.
X Jan.
Jan.
ix
2
Jan.
2 X Jan.
I X Jan.
Jan.
ix
I X Jan.
1
Jan.
1
Jan.
I X Jan.
2 X Jan.
2
Jan.
I X Feb.
Jan.
ix
I X Jan.
75c. Jan.
Jan.
S3
I X Jan.
2 X Jan.
S3
Jan.
34 Dec.
I X Jan.
I X Dec.
Jan.
ix
Jan.
I X Jan.
l H Jan.
$4.75 Jan.
1 Yi Jan.
SI. 50 Jan.
I X Jan.
2 X Jan.
I X Jan.
$2
Jan.
I X Jan.
Jan.
S5
1
Jan.

Dec. 21
to
Jan. 2
Dec. 21
to
Jan. 2
Holders of rec. Dec. 15a
i Dec. 25
to
Dec, 31
2 Holders of rcc. Dec.24a
3< Holders of rec. Nov.30a
2 Dec. 27
to
Jan. 2
2 Holdcis of rcc. Dec 17a
2 Holdi s of rec. Dec.17a
9 Holders of rcc. Dec.29a
2 Holders of rcc. Dec.15a
3 Dec. 15
to
Jan. 2
3 Dec. 20
to
Jan. 3
1 Dec. 21
to
Jan. 1
1 Dec. 21 to
Jan. 1
1
Dec. 31
31 Dec. 28
to
Jan.
1
31 Dec. 28
to
Jan. 1
1 Dec. 23 to
Jan. 1
31 Dec. 23
to
Jan.
1
1 Holders of rcc. D ec.21 a
31 Holders of rcc. Dec.24a
31 Holders o f rcc. D ec. 22
31 Holders of rec. Dec. 22
1 Dec. 26
to
Dec. 31
1 Holders of rec. Dee. 10a
31 Holders of rec. Dec.24a
2 Holders of rec. Dec. 5a
1 Holders of rcc. Dec.21a
1 Holders of rec. Dec.21a
2 Holders of rcc. Dec.20a
16 Jan.
1 to
Jan 15
3 Dec. 18 to
Jan. 9
3 Dec. 18 to
Jan. 9
10 Dec. 29 to
Jan. 9
18 Jan. 8
to
Jan. 18
1 Dec. 18 to
Jan. 9
1 Dec. 18
to
Jan. 9
2 Holders of rec. Dec.31a
o Holders of rcc. Dec.31a
i Holders of rec. Jan. 3
i Holders of rcc. Dec. 12a
2 Dec. 22
to
Dec. 31
1 Dec. 20
to
Jan. 1
2 Dec. 16
to
Jan. 2
1 Holders of rec. Dec. 15a
2 Holders of rec. Dec.15a
1 Holders of rec. Dec. 5
31 Dec. 21
to
Jan. 2
2 Holders of rcc. Dec.24a
31 Dec. 23
to
Jan.
1
3 Holders of rec. Dec. 15a
3 Holders of rec. Dec. 23
2 Holders of rec. Dec. 12a
2 Holders o f rec. Dec.15a
2 Holders of rec. Dec. 15a
3 Holders of rcc. Dec.22a
2 Holders of rcc. Dec.10a
2 Dec. 11
to
Jan. 2
5 Dec. 25
to
Jan. 6
3 Holders of rec. Dec.15a
I Dec. 24
to
Jan. 2
3 Dec. 24
to
Jan. 3
2 Holders of rec. Dec.15a
16 Holders of rec. Dec.21a

Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
fan.
Jan.
Ian.

3 Dec. 21
to
Jan. 3
3 Holders of rcc. Dec.22a
3 Dec. 14
to
Jan. 2
31
1 Dec. 20
to
Jan. 2
3 Dec. 23
to
Jan. 2
3 Dec. 25
to
Jan. 2
3 Holders o f rcc. Dec. 31
3 Holders of rcc. Dec. 31
1 Dec. 24
to
D ec. 31
1 Dec. 24
to
Dec. 31
1
Dec. 31
2 Dec. 26
to
Jan. 1
3 Holders of rcc. Dec.28a
3 Dec. 21
to
Jan. 2
3 Holders of rcc. Doc. 14
1 Holders o f rec. Dec.20a
3 Dec. 22
to
Jan. 3
3 Dec. 21
to
Jan. 4
2 Holders o f rec. Dec.31a
3 Holders of rec. Dec.31a
3 Holders of rec. Dec.31a
3 Holders of rcc. Dec.31a
1 Dec. 21
to
Jan. 2
31 Dec. 22
to
Jan. 2
3 Dec. 17
to
Jan. 3
3 Dec. 23
to
Jan. 2
3 Dec. 21
to
Jan. 2
4 Dec. 28
to
Jan. 4
3 Holders of rec. Dec.31a
3 Holders of rec. Dec.31a
3 Dec. 29
to
Jan. 2
3 Dec. 24
to
Jan. 2
3 Dec. 25
to
Jan. 2
3 Dec. 25
to
Jail. 2
3 Dec. 24
to
Jan. 3
3 Holders of rcc. D ec. 22
3 Holders of rcc. Dec. 22
3 Dec. 18 to
Jan. 2
1 Dec. 16
to
Jan. 2
3 Dec. 21
to
Jan. 2
3 Dec. 23
to
Jan. 3

2
2
2
3
1
6
2
1
2
1
30
30
3d
2
2
3
3
1
1
1

dDec.22
to
dDec.22
to
dD cc.22
to
Holders of rec.
Holders of rec.
Jan.
1 to
Holders of rec.
Dec. 12
to
Holders of rcc.
Holders of rcc.

Jan. 2
Jan. 2
Jan. 2
Jan. 3a
Dec.15a
Jan. 5d
Dec.10a
Jan. 11
Dec.28a
Dec. 15a

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

D ec. 23
D ec. 23
Jan. 2
Jan.
1
Jan. 1
Jan. 2
Jan. 2

17
17
17
15
15
18
18

to
to
to
to
to
to
to

Banks.
America, Bank o f ..................................... —
Battery Park National ( N o .l) ___________
Broadway, Brooklyn (qu ar.)......................
Bronx Borough........... ...................................
Bronx N ation a l_________________________
Butchers' A Drovers', National....................
Century (qu ar.).............................................
Chase National (qu ar.)...................... ..........
E xtra.............................- ---------- -------------Chatham National (quar.) (N o. 100)_____
E x tr a _________ _______________________
Chelsea Exchange (q u a r .)............................
Chemical National (bi-monthly)__________
Citizens’ Central National (quar.)________
City, National (Brooklyn)_______________
Coal * Iron National (qu ar.)____________
Colonial (quar.)....... .......................
Commerce, Nat. Bank o f (quar . ) I I I I I I I II
East River National___________________
Fifth Avenue (quar.)........... . H I
First National (qu ar.)_______ I I I I I I I H ’
E xtra_____ _________
HUH"
First Security Co. (qu ar.)_______ I I I H I I
Fourth National (quar.)................
H II"
Garfield National (quar.)___________I
German Exchange........... .............
H ill
Hanover National (quar.)........... ...... H i l l
Importers' A Traders' National............H I
J efferson ..................................................... I H
Liberty National (qu ar.)....................... H I
E xtra.................................................... . I l l
Manhattan Co., Bank o f the (N o. 209). 11
Manufacturers’ Nat., Bklyn. (quar.).........
Market A Fulton Nat. (quar.)...................I
Mechanics’ , Brooklyn (N o. 117)................
Mercantile National (q u a r.)....................... I
Merchants' Exctmngc National......... ..........
Mercluints' National (No. 21 5 )___________
Metropolitan (qu ar.)................................. ..
Montauk, Brooklyn........................ ..............
Mount Morris (quar.) (N o. 44)........... ......
Mutual......... ........ ......................... ...................




13
3
4
10
4
3
AlA
3
8
4
4
2
2X
IX
7
IX
2X
2
3
25
5
8
3
2
3
10
4
12
4
5
5
8
5
3
6
3
3Y
2
2
3
4

Name o/ Company.
Banks (Concluded).
Nassau National, Bklyn. (quar.)________
New York, Bank of, N . B. A . (No. 254).1
New York County National (N o. 117)____
North Side, Brooklyn (N o. 3 3 )..................
Park, National ( q u a r .).._____ __________
People's (No. 1 1 9 ) .._____ _______________
E x tr a ............................................................
People’s National, B rooklyn......................
Phenix National..............................................
Royal ................................................................
Seaboard National (qu ar.).................... ......
Second National..............................................
State ___________________ _________ ______
Union Exchange National............................
Washington Heights, Bank o f (quar.)____
West Side......................................................
Yorkville_____________ ___________ ______
Trust Companies.
Bankers’ (quar.)_________________________
Brooklyn (quar.)..............................................
E x tr a _____________________ ___________
Central (q u a r .)__________________________
Columbia (qu ar.)______________ _____ ___
Commercial o f N. J. (quar.)_____________
Empire (q u a r .)_____ ______ ______________
F id e lity _____________ _________ __________
E x t r a ............. ................ .............................
Flatbush, Brooklyn.........................................
Franklin, Brooklyn......... ................... ............
Fulton (No. 3 7 )_______ _________________
Guaranty (qu ar.)............................................
Hudson .............................................................
E x tr a ............................................................
Knickerbocker ( q u a r .) __________________
Lawyers’ Title I n s ,* Tr. (quar.) (N o. 4Q)
Long Island Loan & Trust, Bklyn. (quar.)
M anhattan...................... ............ .................
E xtra......................................... .................
Mechanics’ o f N ■J. (quar.) (No. 4 6 ) ___
Mercantile (q u a r .)_________ ___________
E x tr a ___________________ _____ _______
Metropolitan (quar.) (N o. 5 6 )___________
Mutual Alliance (qu ar.)....... ............ ........
Mutual of Westchester County (qu ar.)___
New York ( q u a r .)............... ............
People's, Brooklyn (monthly).........
Standard (quar.).................................
Title Guarantee A Trust (quar.)___
Trust Co. o f America (quar.) (N o. 3 4 )____
Union (quar.)........................ ............
U. S. Mortgage <fc Trust (quar.)___
United States.....................................
Washington (q u a r .)______________
E x tr a ................................................
'Miscellaneous.
Aeolian-Weber Plano & Pianola, pf. (qu.)
Alliance Realty (quar.)__________________
Amcr. Beet Sugar, pref. (qu.) (No. 46).
Am .Brake s h o e * F dy.. com * pref. (qu.)
Atneilcan Can, preferred (q u a r .)..
Amerlcan Caramel, preferred (qu ar.)____
Am cr. Car & F d y., com . (quar.) (N o. 33)
Preferred (quar.) (No. 47)______
American Cigar, preferred..............
American Express (quar.)............. .
American Gas & Electric, com . (q u a r .)..
Preferred (quar.) ..........................
Amcr. Iron & Steel M fg.,com .& pf. (qu.)
American Locom otive, preferred (quar.)
American Manufacturing (q u a r .)..........
American Plano, preferred (qu ar.).........
American Pipe & Construction (q u a r .)..
Amer. Power * Light, pref. (qu.) (N o. 5)
American Radiator, common (quar.)
American Screw____________________
American Seeding Machine, com m on____
Preferred (qu ar.).................... ......
American Shipbuilding, preferred (quar.)
Amer. Smelting & Relinlng, com . (quar.)
Preferred (quar.) (No. 46)____________
American Snuff, com mon (q u a r.)_______
Common (extra)..........................................
Preferred (qu ar.).................. .....................
Am. Sugar Itefg., com .& pref. ( q u a r .)...
American Surety (quar.) (N o. 8 6 )---------E xtra_________________________________
Amcr. Telep. A Tclcg. (quar.)......................
American Thread, preferred.......... ............
American Tobacco, preferred (q u a r.)____
American Type Founders, com . (q u a r .)..
Preferred (quar.).......................................
American Woolen, pref. (quar.) (N o. 47)
Bell Telephone of Canada (qu ar.).............
Brooklyn Union Gas (quar.) (No. 39) ...
Buffalo Gen. Elec., com . (quar.RN o. 65)
Butte Electric & Power, com m on (quar.)
Canadian Gen. Elec., Ltd., com. (q u a r.)..
Canadian Westlnghouse (quar.) (N o. 2 4 ).
E xtra....... ............................................ ........
Canton Company.......................... ...... ............
Extra .......................... .................................
Celluloid Company ( q u a r .) ............... ........
Extra ............. ................... .......... ...............
Central Coal & Coke, common (qu ar.)___
Preferred (qu ar.)........................ ..............
Central Leather, preferred (quar.)...........
Central A S. A . Tclcg. (q u a r .)............ ........
Chic. June. Ilys. & U. Stk. Yds. .com .(qu)
Preferred (quar.)------------- ------------------Chicago Telephone ( q u a r . ) . . , ------- -------Cincinnati Gas Transportation com .guar..
Cincinnati A Suburban Bell Telep. (quar.)
Cities Service, com mon (N o. 1 ) . ................
Preferred (N o. 1)_____________________
Citizens’ Gas of Indianapolis (N o. 1 )____
Dividend No. 2 ________________________
City Investing, preferred (qu ar.)..............
Columbus Gas & Fuel, preferred (q u a r.).
Columbus (O .) L., II. & Pow ., c o m m o n ..
Preferred (qu ar.)_____________________
Consumers' Power, pref. (qu ar.)________
Continental Paper Bag, com. (qu.) (N o. 23)
Preferred (quar.) (No. 4 2 )........... ............
Corn Products Ref., pref. (q u a r.)..............
Crucible Steel, pref. (quar.) (N o. 2 9 ) ..
Cuban-Amerlean Sugar, pref. (q u a r.)____
Cumberland Tel. A Tel. (quar.) (N o. 109).
Detroit Edison (au ar.)......... ............ ..........
Distilling Co. o f Am er., pref. (quar.)____
Duluth Edison Elec. pref. (qu.) (N o. 19)
d u P on t(E .I.)d e Nemours Pow ., pf. (qu.)
du Pont Internat. Powder, pref. (quar.) .
Eastern Light * Fuel, com mon (q u a r .)..
Eastman K od ak .com . (quar.)....................
Common (extra).........................................
Preferred (quar.).......................................
Electrical Securities Corp., com. (quar.)___
Preferred (quar.).........................................
Elec. Utilities Corp., pref. (qu.) (N o. 3 ) . .
Electric Storage Bat., com. A pref. (quar.).
Empire Steel & Iron, pref. (N o. 24).........

1689
Per
Cent.
3
7
20
3
4
5
2X
2
4
3
3
3
5
4

2
6
10
4
5
5
9
2
4
2X
3
2
4
4
5
8
3
1
3
3
.3
3
3
5

6

IX
IX

8

1
4
5
3

12X
6

25
3
2

IX

When
Payable

Books Closed.
Days Inclusive.

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.

to
Dec. 25
to
Dec. 24
to
Dec. 27
to
Dec. 21
Holders of rec.
Dec. 25
to
Dec. 25
to
Holders of rec.
Dec. 25
to
Dec. 31
to
Holders o f rec.
Holders of rec.
Dec. 10 to
to
Dec. 22
to
Dec. 30
Dec. 16
to
to
Dec. 22

Jan. 2
Jan. 2
Jan. 3
Jan. 3
Dec. 20
Jan. 2
Jan. 2
Dec.31a
Jan. 2
Jan.
1
Dec. 24
Dec.30a
Jan. 2
Jan. 2
Jan. 2
Jan. 3
Jan. 10

Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.

Holders of rec.
Holders of rec.
Holders of rec.
Holders o f rec.
Holders o f rec.
Dec. 30
to
Holders of rec.
Dec. 22
to
Dec. 22
to
Dec. 21
to
Holders of rec.
Holders of rec.
Holders o f rec.
Dec. 24
to
Dec. 24
to
Dec. 23
to
Dec. 18
to
Holders of reo.
Dec. 8
to
Dec. 8
to
Dec. 29
to
Holders of rec.
Holders of rec.
Dec. 23
to
Dec. 23
to
Holders o f rec.
Dec. 25
to
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Jan. 6
to
Holders of rec.
D ec. 20
to
Holders of rec.
Holders of rec.

Dec.27a
D ec. 23a
D ec.23a
Dec.24a
Dec.27a
Jan. 2
D ec. 24
Jan. 2
Jan. 2
Jan. 2
D ec. 30
D ec. 19
Dec.31a
Jan. 2
Jan. 2
Jan. 2
Jan. 3
D ec. 17a
Jan. l o
Jan. 10
Jan. 2
Dec. 23D ec. 23
Jan. 2
Jan. 2
D ec. 30
Jan. 2
Dec.31a
Dec.21a
Dec. 23
D ec. 24
Jan. 9
D ec. 24
Jan. 2
D ec. 24
D ec. 24

Holders of rec. Dec. 24a
Dee.
Jan.
Holders of rec. Jan. 5
Jan.
Holders of rcc. Dec.21a
Holders of rec. Dec.16a
Dec.
Jan.
Holders of rcc. Dec.16a
fan.
Dec. 22
to
Jan.
1
Holders of rec. Dec.12a
X Jan.
Holders of rec. Dec. 12a
IX Jan.
3
Jan.
Holders of rec. D ec. 15a
S3
Jan.
Holders of rec. N ov.30a
Dec.
22 to
Jan.
2
IX Jan.
Jan.
22 to
Feb.
1
IX Feb.
fan.
IX
Holders of rec. Dec.20a
Jan. 5 to
Jan. 23
I X Jan.
Holders o f rec. D ec. 15
I X Dec.
Jan.
Dec.
11 to
Jan.
2
IX
9
Holders of rcc. Dec.15a
Jan.
Dec.
21 to
Jan.
3
IX Jan.
2
Dec.
23 to
Jan.
1
Dec.
Holders of rec. Dec.24a
2X Dec.
Holders of rcc. D cc.31a
X Jan.
Holders of rec. Dcc.31a
I X Jan.
Holders of rcc. Jan. 5
IX Jan.
1
Dec.
16 to
Jan.
5
Jan.
Dec.
16 to
Jan.
5
I X Jan.
5
Jan.
Holders of rec. Dec.15a
3
Jan.
Holders of rec. Dec.15a
Holders of rec. Dec.15a
I X Jan.
Holders of rec. Dec. la
IX Jan.
Dec.
16 to
Jan. 10
2X Dec.
5
Dec.
16 to
Jan. 10
Dec.
2
Jan.
Holders of rcc. D ec. 31
Nov.
18 to
N ov. 30
2X Jan.
Holders of rec. Dec.10a
IX Jan.
1
Jan.
Holders of rec. Jan. 10a
Holders of rcc. Jan. 10a
IX Jan.
Dec.
22 to
Jan.
4
I X Jan.
2
Jan.
Holders of rcc. Dec.23a
Dec.
18 to
Jan.
2
I X Jan.
Holders of rec. Dec. 20
IX Dec.
Holders of rec. Dec. 15a
IX Jan.
Dec. 31
1 Dec. 16 to
I X Jan.
i x Jan. 10 Jan. 1 to Jan. 9
Jan. 9
1
Jan. 10 Jan. 1 to
si.50 Dec. 31 Dec. 21 to Jan. 1
Jan.
1
50c. Dec. 31 Dec. 21
to
I X Dec. 31 Holders of rec. Dec 11a
2
J)ec. 31 Holders Of rec. Dec 14a
Jan. 15
1 to
I X Jan. 14 Jan.
Jan. 15
I X Jan. 14 Jan. 1 to
3 Holders of rec. Dec. 10a
I X Jan.
9 Holders of rec. Dec. Ha
I X Jan.
2
Jan.
3 Holders of rec. Dec. 12a
I X Jan.
3 Holders of rec. Dec. 12a
2
Dec. 31 Dec.« 29
to
Jan. 2
5
Jan. 2
Dec. 31 Dec. 25 to
9
Jan. 3
Jan.
to
4 Dec. 24
1 Holders of rcc. Dec. 20
X Jan.
1 Holders of rec. Dec. 20
I X Jan.
Jan.
1
1 Dec. 16 to
I X Jan.
Jan.
1
1 Dec. 16 to
I X Jan.
24
of
rcc.
Dec.
Holders
Jan.
3
IX
1 Holders of rec. Dec. 15a
I X Jan.
2 Holders of rcc. Dec. 15a
2
Jan.
Jan.
2
Holders of rcc. Dec. 15a
IX
3 Holders of rec. Dec. 19a
I X Jan.
i x Dec. 30 Holders of rec. Dec. 23
i x Dec. 30 Holders of rec. Dec. 23
Jan.
1
10 Holders of rcc. Dec. H a
I X Dec. 24 Holders of rec. Dee. 12a
3 Holders of rec. Dec. 15a
I X Jan.
2
Jan.
2 Dec. 25
to
Dec. 26
I X Jan.
16 Holders of rec. Jan. 3a
I
Jan. 80 Holders of rcc. Jan. Ida
I X Jan.
3 Holders of rcc. Dec. 20a
I X Jan. 25 Ian. 15 to
Jan. 25
2 Holders of rcc. Dec. 20a
I X Jan.
2
Dec. 31 Holders of rec. Dec. 21
2 Holders of rec. Nov. JOa
2 X Jan.
2 Holders of rec. Nov. 30a
2 X Jan.
2 Holders of rec. N ov. 30a
I X Jan.
2
Dec
31 Holders of rec. Dec. 31a
1 Holders of rcc. Jan. 51a
I X Feb.
16 Holders of rcc. Dec. 31a
I X Jan.
1
Jan.
3 Holders of rec. Dec. 24
Jan. 3
2
Jan.
to
3 Dec. 21
2
IX
el X
IX
2

1690
Name o f Company.
Miscellaneous (Concluded).
General Chemical of California, first pref.
General Chemical, preferred (auar.) ____
General Electric (qu ar.)..............................
Goldfield Consolidated Mines (q u a r.)____
Extra ......... ..............
•Gorham. M fg ., pref. (quar. ) ..........................
Granby Cons. Min., Smelt. & P o w ..L td
Great Lakes Towing, pref. (q u a r.)______
Guggenheim Explor. (quar.) (N o. 3 2 ) . .
Harrison Bros. & Co., Inc. (pref. (q u a r.)..
Homestakc Mining (monthly) (N o. 433).
Ingersoll-Kand, preferred________ _____ _
Intercontinental Rubber, com mon (quar.)
Preferred (qu ar.)........................................
Internat. Harvester, com . (qu .) (N o. 4 ).
International Nickel (quar.)......... ...............
Common, extra (quar.)_________________
Preferred (quar. ) . _ ...................... ...............
International Silver, pref. (q u a r.)______
Preferred (ex tra ).......................... ............
Internat. Smokeless Pow .& C h.,com .(qu.)
Kansas Gas & Elec., pref. (qu.) (N o. 3 ) . .
Lanston M onotype Machine (q u a r.)-------La Rose Consolidated Mines (q u a r.)-----Lawyers’ Mtge. Co. (quar.) (N o. 3 7 )...........
Lehigh & Wilkes-Barre Coal....... .......... —
Mackay Companies, com . (q u a r.)(N o .2 2 ).
Preferred (quar.) (No. 2 8 ) .....................
Manning, Maxwell & Moore, Inc. (q u .)-Massachusetts Gas Cos., com m on (quar.)
Massachusetts Llg. Cos. (quar.) (N o. 29). .
May Department Stores, pref. ( q u a r .) ...
Mergentnaler Linotype (q u a r.)..................
Mexican Telegraph (quar.)..........................
Michigan Light Co., pref. (quar.)................
Michigan State Telephone pret. (q u a r .)..
Monongahela Rlv. Cons. Coal & Coke, p f.
Mortgage-Bond (quar.)....... ...........................
National Biscuit, com . (quar.) (No 49)
National Enamel & Stam p., pref. (quar.)
National Lead, com mon (q u a r.)................
National Licorice, pref. (quar.) (N o. 34 ).
National Sugar Refining, pref. (qu ar.)__
National Surety (qu ar.)........... ...................
Nevada Consolidated Copper (qu ar.)____
New England Teleph. & Telcg. (a u a r .)..
New York A ir Brake ( q u a r .) ..- ..................
N . Y. Mortgage <fe Security (quar.)...........
New York Mutual Gas Light_____________
Niagara Falls Power (No. 4 ) . . ..................
Nlplsslng Mines (q u a r.)............. ...................
E xtra........... ........................................ ........
North American Co. (q u a r.)........................
Nova Scotia Steel & Coal, com. (quar.)__
Preferred (quar.).........................................
Old Dominion Steamship (No. 7 0 )______
Osceola Consolidated Mining......... ............
Otis Elevator, preferred (q u a r.)................
P acific Telep. & Telcg., pref. (quar.)-----Pay-A s-You-E nter Car Corp., pref. (qu .).
Phelps, Dodge & Co. (q u a r.).................... ..
E xtra.............................................................
Pittsburgh Plate Glass, common (qu ar.).
Procter & Gamble, pref. (quar.)....... ..........
Public Securities, first preferred------------Quaker Oats, com . (qu ar.)..........................
Common (extra)......... ......................... ......
Preferred ( q u a r .).....................................
Realty Associates (No. 16)______ _______
Republic Iron it Steel, pf. (qu.) (No. 3 6 ).
Royal Baking Powder, common (q u a r.).
Preferred (qu ar.).......................................
Scranton Electric Co., pref. (quar.)...........
Sears. Roebuck & Co., pref. (qu ar.)____
Securities Com pany.................... ............ ......
Shawlnigan Water & Power (quar.)______
Shelby Iron.................................................... ..
Sloss-Shefflcld Steel & Iron. pref. (quar.)
South Porto R ico Sugar, com mon (quar.)
Preferred (qu ar.)......... ................... ..........
Spring Valley Water (quar.)........................
Standard Coupler, com m on_____________
Preferred ........................ ...........................
Standard Gas Light, N. Y ., com m on____
Preferred......... ................................. ..........
Standard Screw, common and preferred
Subway Realty (q u a r.)................................
Swift it Co. (quar.) (N o. 9 7 )....................
Tennessee Copper...........................................
Texas Company (q u a r.)...............................
Texas & Pacific Coal (qu ar.)......................
Torrington Company, preferred....... ..........
Underwood typew riter, pref. (au ar.)____
Union Bag & Paper, pref. (qu.) (No. 4 7 ).
Union Switch & Signal, com . & pf. (q u .).
Com. & pf. (special) payable In com.stk
United Bank Note Corp. , pref. (quar.)
United Cigar Stores, Corp. o f (qu.)(N o. 6)
E x t r a ............. . ................................... ........
United Fruit (quar.) (No. 4 6 )....................
United Gas & Elec. Co. (N . J . ), pref______
United Gas Improvement (q u a r.)..............
United Shoe Machinery, com mon (quar.)
Preferred (q u a r.)_______
____
U. S. Finishing, com . (quar.) (N o. 8 )____
Preferred (quar.) (N o. 46)....................
U. S. Glass (quar.).........................................
U. S. Light & Heating, preferred________
U. S. Printing o f Ohio (quar.)....................
U. S. Smell., Refg. & Mining, com. (qu.)
Preferred (quar.)---------------------------------CJ. S. Steel Corp., com . (quar.) (No. 28 ).
Utah Cooper (quar.) (N o. 1 0 ) .............. ....
Utah Gas it- Coke Co., pref. (quar.).............

Va.-Carollna Chem., pref. (qu.) (N o. 61)
Vulcan Detinning, pref. (quar.)..................
Wells, Fargo & C o.........................................
Welsbach Company, preferred______ i ____
Western Electric C o . . ...................................
E xtra___________ . .
. ______
Western Union Telegraph (qu.) (N o. 167)
Westlnghouse Air Brake (q u a r.)................
Extra ...........................................
Special ......... ..............................................
Westlnghouse El. it M fg ., pref. (q u a r.)..
P referred________ ____________________
Yukon Gold (quar.) (No. 6 ) ....................

THE CHRONICLE
Per
Cent.
l ’A
IK
2
30c.
20c.
IK
1
1A
’
2K
1
50c.
3
1
i ’A
i
i
k

IK
1*4
K
’A
i v*
2K
IK
2
3
ok
IH
i
ik

i

When
Payable.
Ian.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Dec.
Jan.
Feb.
Dec.
Ian.
Mch.
Mch.
Feb.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Feb.
Jan.
Jan.
Dec.
Deo.
Jan.
Jan.
Feb.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
[Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

l ’A
2K
6
2K
IK
IK
$1
IK
IK
l ’A
’A
IK
IK
2
37 K c .
IK
IK
3
l
2
5
2K
IK
1K
2
3
5
3K
$4
Jan.
I K Jan.
I K Jan.
Jan.
2 K Dec.
2
Dec.
l ’A Dec.
Jan.
2
3 K Jan.
Jan.
2
K Jan.
I K Feb.
3
fan.
l ’A Jan.
Dec.
3
I K Dec.
I K Jan.
1H Ian.
2 K Jan.
1
Jan.
2 K Jan.
l ’A Jan.
1
Jan.
2
Jan.
50c. Dec.
2
Dec.
4
Dec.
2
Dec.
3
Dec.
Jan.
3
l'A Jan.
l ’A Ian.
$1.50 Jan.
2 K Dec.
I K Dec.
3 K Jan.
l ’A Man.
1
Jan.
Jan.
3
Jan.
60S!
I K Dec.
I K Jan.
K Jan.
2
Jan.
2 K Jan.
2
Jan.
2
Jan.
I K Jan.
Jan.
1
l ’A Jan.
Jan.
1
3 K Jan.
l ’A Jan.
Jan.
1
l ’A Jan.
l'A Dec.
75c. Dec.
l ’A Jan.
3
114
7 >4
2 '
IK
5
3K
1 1-3J
2
’A
2K
IK
1
l ’A
:i'A>
10c.

Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.

Books Closed.
Days Inclusive,

3 Holders of rec.
3 Holders o f rec.
14 Holders of rec.
31 Holders of rec.
31 Holders of rec.
3 Holders o f rec.
30 Holders o f rec.
3 Holders of rec.
to
3 Dec. 15
2 Holders of rec.
24 Dec. 21
to
1 Holders of rec.
1 Holders o f rec.
31 Dec. 21
to
14 Holders o f rec.
1 Feb. 10
to
1 Feb. 10
to
1 Jan. 13
to
2 Dec. 20
to
2 Dec. 20
to
2 Holders o f rec.
3 Dec. 23
to
31
30 Holders o f rec.
20 Jan. 1 to
31 Holders o f rec.
21 Holders of rec.
3 Holders o f rec.
3 Holders of rec.
31 Holders o f rec.
1 Holders of rec.
16 Holders of rec.
1 Holders of rec.
31 Holders of rec.
31 Holders of rec.
16 Holders o f rec.
3 Holders of rec.
1 Jan. 15
to
25 Jan. 13 to
31 Holders of rec.
14 Holders o f rec.
31 Dec. 11
to
31 Dec. 10
to
to
31 D ec. 28
3 Holders o f rec.
3 Dec. 24
to
31 Dec. 10 to
31 Holders of rec.
27 Holders of rec.
4 Holders o f rec.
10 Holders of rec.
16 Holders o f rec.
20 Jan. 1 to
20 Jan.
1 to
2 Holders of rec.
14 Jan.
1 to
14 Jan.
1 to
Dec. 21
to
1
1
26 Holders of rcc.
16 Holders of rec.
15 Jan.
1 to
14 Holders of rec.
30 Holders of rec.
30 Holders o f rec.
31 Dec. 16 to
14 Holders of rec.
1 Holders of rec.
10 Holders of rec.
16 Holders o f rec.
28 Holders o f rec.
1- Holders of rec.
2 Holders of rec.
31 Holders of rec.
31 Holders o f rec.
2 Dec. 22
to
1 Holders o f rec.
1 1Jan. 1 to
20 Holders o f rec.
10 Dec. 28
to
3 Holders of rec.
3 Dec. 23
to
3 Dec. 23
to
31 Dec. 18
to
iiec. 20
to
2<* Dec. 20
to
31 Dec. 21
to
to
31 Dec. 21
1 Holders of rec.
3 Holders of rec.
2 Dec. 18 to
26 Holders of rec.
31 Holders of rec.
31 Dec. 21
to
2 Dec. 21
to
1 Holders of rec.
16 Holders of rec.
10 Dec. 31
to
10 Dec. 31
to
31 Dec. 16 to
to
16 Jan. 4
16 Jan. 4 to
14 Holders o f rec.
14 Holders of rec.
14 Holders o f rec.
5 Holders o f rcc.
5 Holders o f rec.
2 Holders o f rec.
2 Holders o f rec.
5 Holders of rec.
16 Holders o f rec.
3 Dec. 23
to
16 Holders o f rec.
16 Holders of rec.
30 Dec. 2
to
31 )eo. 17
to
3 Dec. 24
to
]
]
]
16 Jan. 1 to
20 Holders of rec.
16 Jan. 6
to
31 Holders of rec.
31 Dec. 25
to
31 Dec. 25
to
16 Holders o f rec.
10 Dec. 31
to
16 Dec. 31
to
10 Dec. 31
to
16 Jan. 7
to
16 Jan. 7
to
31 Dec. 14
to

Dec. 20
Dec.20a
Dec. 3a
Dec. 31
Dec. 31
Dec.28a
Dec. 14a
Dec. 15
Jan. 3
Dec.28a
Dec. 26
Dec. 10a
Jan. 20
Jan. 2
Dec.24a
Mch. 1
Mch. 1
Feb. 1
Jan. 2
Jan. 2
Dec.20a
Jan. 3
Dec. 23
Jan. 17
Dec. 23
Dec. 19a
Dec.10a
Dec.10a
D ec. 31
Jan. 18a
Dec.31a
Dec. 20
Dec. 10a
Dec.10a
Dec.31a
Dec.22a
Feb. 1
Jan. 24
Dec. 24
Deo.28a
Jan. 2
D ec. 13
Jan. 2
D ec. 20
Jan. 3
Dec. 18
Dec.15a
Jan. 5a
Dec. 24
Dec. 28
Jan. 2a
Jan. 17
Jan. 17
Dec.15a
Jan. 15
Jan. 15
Jan. 2
Dec.31a
Dec. 31
Jan. 15
Dec. 31
Dec.20a
Dec.20a
Jan.
1
Dec. 31
Dec. 24
Jan. 3a
Jan. 3a
Feb. la
Jan. 5
Dec.17a
Dec. 15a
Dec.15a
Jan. 1
Dec.15a
Jan. 15
Jan. 7
Jan. 10
Dec.20a
Jan. 3
Jan. 3
Dec. 31
Jan. 10
Jan. 10
Jan. 2
Jan. 2
Dec. 15a
Dec.2-la
Jan. 5
Jan. 10a
Dec. 15a
Jan. 2d
Jan. 1
Dec.20a
D ec.3 la
Jan. 10
Jan. 10
Jan. 2
Jan. 16
Jan. 16
Dec. 24
Dec. 31
Dec. 31
Dec. 20
Dec. 20
Dec. 21
Dec. 21
Dec. 29
D ec.3 la
Jan. 3
Dec. 31
Dec. 31
Dec. 14
Dec. 20
Jan. 2

Jan. 15
Jan. 10
Jan. 16
D ec. 27
Dec. 31
Dec. 31
Dee.20a
Jan. lo
Jan. lo
Jan. 10
Jan. 16
Jan. 16
Jan. 2

a Transfer books not closed, b Less Income tax. d Correction, e Declared T7,
on both com mon and preferred stocks, payable In quarterly Installments. / T w o
months’ dividend on account of change In dividend period from Q .-F. 1 to Q.-M. 31.
g Payable In com mon stock to holders of record Dec. 31 1910.
h On account of accumulated dividends.




IVO L

LX X X X I

Statem ent of N ew Y o rk City C learing-H ouse B a n k s. — The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Dec. 17.
The figures for the separate banks are the averages for the
daily results. In the case of the totals the actual figures
at the end of the week are also given.
For definitions and rules under which the various items
are made up, see “ Chronicle/’ V. 85, p. 836.
W e omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital.

$
Bank of N. Y - .
2,000,0
Manhattan C o.
2,050,0
2,000,0
Merchants’ ____
Mech. & Metals
6,000,0
A m e r ic a ______
1,500,0
1,000,0
Phenlx ______
City . . .............. 25,000,0
Chemical--------3,000,0
Merchants’ E x .
600,0
Gallatin.............
1,000,0
Butch. & D rov.
300,0
G reen w ich ____
500,0
5,000,0
Am . Exchange.
Commerce......... 25,000.0
3,000,0
M erca n tile____
500,0
Pacific _______
C h a th a m .........
450,0
P e o p le 's ...........
200,0
H an over...........
3,000,0
Citizens’ C e n t..
2,550,0
N a ssa u ..............
500,0
Market & Fult’ n
1,000,0
Metropolitan . .
2,000,0
Corn Exchange.
3,000,0
Im p. & Traders’
1,500,0
Park ..................
5,000,0
East R iver____
250,0
F o u r t h ..............
5,000,0
1,000,0
S e c o n d ......... ..
10,000,0
First _________
Irving E x ch ___
2,000.0
Bowery ______
250,0
500,0
N. Y . C o u n ty ..
750,0
German-Amer .
5,000,0
Chase_________
100,0
Fifth A v en u e..
German E x c h ..
200,0
G erm ania.........
200,0
L in coln ........... ..
1,000,0
Garfield ...........
1,000,0
F if t h _________
250,0
M e tro p o lis____
1,000,0
West Side_____
200,0
1,000,0
Seaboard...........
1,000,0
Liberty ..............
1,000,0
N. Y . Prod. E x.
1,000,0
State ..................
1,000,0
14th Street____
1,000,0
Coal & Iron ____
Union E x ch __
1,000,0

Surplus.

Loans.
Average.

Specie.
Legals. Deposits. ReAverage. Average. Average. s’ ve.

$
3,624,1
4.362,2
1,832,1
8,049,5
6,006,3
759.6
31,588.3
6,577,7
602,6
2,517,2
162,0
845,4
4,252,9
16,601,4
2,723,8
927,8
1,012,4
480,3
12,069,9
1,713,2
546,0
1.749,1
1,518,8
5,429,2
7,675,1
12,550,1
111,9
5,635,0
2,116,1
20,913,1
1.741.1
802,7
1,726,6
711,2
8,108,3
2,170,6
901,3
1,023,4
1,563,1
1,208,7
510,4
2,088,4
1.051,5
1,977,2
2,719,9
735,6
893,2
311,2
408,9
970,7

S
19,094,0
30,200,0
17,876,0
49,234,2
22,558.9
8,519,0
167,934,1
28,503,5
6,778,3
8,336,7
2,481,3
7,589,5
32,716,9
140,699,5
14,706,8
3,519,8
7,745,4
1,745,4
60,254,9
21,590,2
7,184,9
8,407,0
11,502,9
41,209,0
25,616,0
78,070,0
1,419,8
28,737,0
12,673,0
100,996,0
22,408,4
3,357,0
7,584,8
3,922,2
72,715,2
12,340,1
3,750,0
4,987,0
13,733,9
7,779,6
3,346,4
12,061,6
4,024,0
20,578,0
16,823,2
7.874,3
15,244,0
6,014,4
5,769,0
8,858,2

$
3,089,0
6,078.0
3,353,0
10,882,1
3,861,4
1,707,0
32.036,9
4,994,1
1,505,0
1,206,7
608,9
1,936,6
5,688,7
23,033,7
1,817,9
335,6
841,7
489,0
10,767,6
5,099,7
720,8
1,296,0
2,832,1
0,763,0
4,353,0
18,852,0
363,9
4,628,0
2,939,0
20,427,7
4,507,1
817,0
1,374,3
801,9
15,090,3
2,280,0
475,0
983,9
2,478,1
1,867,3
585,8
1,526,9
865,0
4,675,0
3,879,7
2,204,7
4,482,0
1,138,2
658,0
1.410.7

S
1,065,0
1,875,0
1,132,0
1,224,0
1,682,9
292,0
5,110,0
1,718,2
235.1
622,4
90,2
210,0
2,232,6
7,283,9
990,2
568,2
1,203,6
147,3
6,918,3
224,3
1,169,9
727,4
254,7
4,532,0
1,879,6
1,379,0
153,0
2,400,0
148,0
1,705,3
1,347,6
64,0
687,9
238,8
5,289,3
1,275,5
548,6
507,8
920,3
518,1
351,1
1,557,1
224,0
1,599,0
598,9
261,9
320,0
613,6
848,0
811,7

S
16,358,0
33,000,0
17,486,0
46,380,0
21,650,2
7,853,0
149,679,4
26,170,5
6,834,0
6,482,4
2,401,3
8,580,5
30,821,0
116,143,9
10,999,3
3,061,0
7,959,3
2,196,1
66,637,0
20,710,0
7,906,8
8,011,8
11,855,5
47,090,0
23,242,0
79,674,0
1,693,0
27,740,0
12,182,0
88,311,9
23,105,4
3,495,0
7,701,9
3,834,9
77,981,5
13,742.2
4,000,7
5,778,3
14,092,4
8,059,0
3,488,4
12,176,0
4,374,0
23,836,0
17,030,5
9,650,9
18,851,0
6,691,0
5,796,0
8,749,4

%
25.3
24.1
25.6
26.1
25.6
25.9
24.8
25.8
25.4
26.6
29.1
25.0
25.8
26.1
25.5
29.5
25.7
28.9
26.6
25.9
23.9
25.2
26.0
23,9
26.8
25.4
30.4
25.3
25.3
25.0
25.3
25.2
27.3
27.1
26.1
25.8
25.5
25.8
24.1
29.5
26.8
25.3
24.9
26.3
26.2
25.6
25.4
26.1
26.0
25.4

Totals, average 133,350,0 196,577,1 1221,071,3 234.609.0 67,676,7 1181,544,4 25.6
Actual figures Dec. 17.
1217,934,0 235.679.1 68,633,5 1179,892,6 25.8
On the basis o f averages, circulation amounted to $48,490,100 and United States
deposits (Included In deposits), $1,690,200; actual figures December 17, circulation,
$48,494,400; United States deposits, $1,804,500.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
.
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 86, p. 316.
STATE BA N K S AND T R U S T COMPANIES.
Week ended Dec. 17.

Capital as of N ov. 10____
Surplus as of N ov. 10____
Loans and Investm ents..
Change from last week.

State Banks
Trust Cos.
Trust C
State Banks
outside o f
in
outside
in
Greater N . Y . Greater N . Y . Greater N . Y. Greater N . Y
$
25,275,000

S
65,406,000

$
*8,998,000

39,391,800

174,583,300

*10,891,650

*9,817,991

289,266,800 1,015,797,900
+ 2,335,700
— 1,229,500

95,588,800
+ 55,500

143,445,000
+ 238,500

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

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

S
*9,075,000

Specie .................................
Change from last w eek.

45,354,800
— 883,300

110,987,700
— 262,100

Legal-tenders & bk. notes
Change from last week.

24,385,200
+ 643,900

13,386,400
+333,100

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

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

331,182,800 1,039,926,800
— 1,625,000 — 2,350,400

100,464,400
— 979,900

149,567,600
— 73,900

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

92,264,500
— 78,900

129,964,800
+ 52,100

20,413,900
— 268,000

21,698,800
+ 219,900

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

28.5%
28.3%

15.5%
15.6%

21.1%
21.2%

15.1%
15.0%

+ Increase over last week. — Decrease from last week. * As of Aug. 31.
Note.— "Surplus” Includes all undivided profits. “ Reserve on deposits" In­
cludes. for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repre­
sented bv certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount o f deposits
exclusive o f time deposits not payable within 30 days, represented by certificates
(according to the amendment of 1910) and exclusive of deposits secured by bonds
of the State o f New York.
— Trust Cos.—
— State Banks—
Total
Of
Total
Of
Reserve Required fo r Trust Companies
Reserve
which Reserve
and State Banks.
uhich
quired in Cash.Required. in Cash.
Location—
-15%
15%
25%
15%
. 15 °'10%
20%
10%
.15%
10%
15%
7K %
15%
Brooklyn Borough, with branches In Manhattan. .15%
20%
20%
.1 5 ’;;,
15%
15%
15%
10%
6%
6%
15%

Dec. l'4 1910.
The

B a n k in g

THE CHRONICLE

D ep a rtm en t

a lso

u n d e r ta k e s

p r e se n t

B oston and Philadelphia B a n k s .— B e lo w is a s u m m a r y o f

s e p a r a te fig u r e s in d ic a t in g th e to t a ls f o r th e S t a te b a n k s a n d

th e w e e k ly to t a ls o f th e C le a r in g -H o u s e b a n k s o f B o s t o n
a n d P h ila d e lp h ia .

tr u st c o m p a n ie s in th e G re a te r N e w Y o r k

House.

to

1691

not in the Clearing

Weomit ticociphers (00) inall thesefigures

T h e s e fig u r e s are sh o w n in th e ta b le b e lo w , a s are

a lso th e re su lts (b o t h a c tu a l a n d a v e r a g e ) f o r th e C le a rin g ­
H ouse b an k s.

I n a d d it io n , w e h a v e c o m b in e d e a c h c o r r e ­

s p o n d in g

in

ite m

th e

tw o

s ta t e m e n ts ,

th u s a ffo r d in g

a g g r e g a te fo r th e w h o le o f th e b a n k s a n d tr u s t c o m p a n ie s in
th e G r e a te r N e w Y o r k .
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended

Clear.-House Clear.-House Stale Banks if- Total of all
Banks.
Banks.
Trust Cos. not BanksA Trust
ActualFlgures ' Average.
in C.-H. Aver. Cos. Average.

Dee. 17.

Capital as of Nov. 10..

$
133,350.000

S
133,350.000

S'tfSI
74.731.000

S
208,081,000

Surplus as of Nov. 10- -

196.577,100

196,577,100

. 183,170,000

379,747.100

Loans and Investments 1,217,934,000 1,221,071,300 1,105,980,300 2,327.051,600
Change from last week —8,393,600 —13,063,300
+ 2,527,400 — 10,535,900
Deposits.................... 1,179,892,600 1,181,544,400 al,055,549,900 2.237,094,300
Change from last week —7,534,100 — 13,195,900
+3.414,100 —9,781,800
Change from last week

235,679,100
+ 1,096,100

234,609,000
—910,600

117,799,700
—159,000

352,408,700
—1,069,600

Change from last week

68.633,500
+ 648,000

67.676,700
+ 852,400

621,629.900
+ 292,900

80,306,000
+ 1,145,300

Aggr’te money holdings
Change from last week

304,312,600
+ 1,744,100

302,285,700
—58,200

C139,429,600
+ 133,900

441,715,300
+ 75,700
23,935,300
—61,500
465,650,600
+ 14,200

Money on deposit with
other bks. <fc trust cos.
Cliange from last week

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

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

23,935,300
—61,500

Change from last week

304,312,600
+ 1,744,100

302,285,700
—58,200

163,364,900
+ 72,400

Percentage to deposits
requiring reserve___
Percentage last week..

25.83%
25.51%

25.61%
25.34%

17.2%
17.3%

Surplus reserve...........

9,339,450

6,899,600

avera ges

of

th e

N ew

Y ork

Specie. Legals. Deposits, a Circu­ Clearings,
lation.
$
$
S
%
s
23,708,0 3,803,0

Boston.
Nov. 26-Dec. 3 ..
Dec. 10-.
Dec. 17 . .

$
40,200,0
40,200,0
40,200,0
40,200,0

$
199.385,0
237,844,0 7,977,0
199,744,0 22,749,0 3,936,0 241,325.0 7,940,0
199,846,0 22,056,0 3.810.0 237,157,0 7,993,0
200,128,0 22,353,0 3,635,0 239,530,0 7,777,0

135,073,3
168,544,4
162,071,
161,021,8

Nov.
Dec
Dec.
Dec.

55,465,0
55,465,0
55.465,0
55,465,0

252,029,0
252,395,0
253,075,0
253,030,0

130,8G9,8
160.807,3
146.165,5
147,914,8

26-.
3. _
10..
17--

71,01!9,0
70,644.0
68,372.0
67.212,0

302,701,0 15,873,0
303,421,0 15,755.0
300,158,0 15.743,0
299,712,0^5,739,0

a Including Government deposits and the Item ‘‘due to other banks.” At Boston
Government deposits amounted to $3,094,000 on December 17, against $3,086,000
on December 10.
Im p o rts and E xp orts for the W e e k .— T h e f o llo w in g a re
th e im p o r t s a t N e w Y o r k fo r th e w eek e n d in g D e c . 17; a lso
t o t a ls s in c e th e b e g in n in g o f th e first w eek in J a n u a r y ,
FOREIGN IMPORTS AT NEW YORK.
For week.

1910.

Dry goods_____ ________
General merchandise______

1909.

S\°3 4,266
13,583,237

1908.

$3,818,307
16,945,329

1907.

S2.755.826
8,941,881

$4,024,815
8,987,130

Total...................... ......... $16,517,503 $20,763,636 811.697,707 $13,011,945
Since January 1.
Dry goods................ .......... $151,996,251 $163,506,522 $123,014,4S7 $178,539,642
General merchandise.......... 721,391,336 691,146,069 497.939.984 631,775,968
Total 50 weeks................. $873,389,587 $854,652,591 $620,954,471 $810,315,610
T h e f o llo w in g is a s ta t e m e n t o f th e e x p o r t s (e x c lu s iv e o f
s p e c ie ) fr o m th e p o r t o f N e w Y o r k to fo r e ig n p o r t s f o r th e
w eek e n d in g D e c . 17 a n d fr o m J a n . 1 to d a t e :

+ Increase over last week. —-Decrease from last week.
aThese arc the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to $1,152,355,800, a decrease of 82,392,200 from last week.
In the case of the Clearing-House banks, the deposits are “ net” both for the average
and the actual figures, hIncludes bank notes, c Of this amount State banks held
$15,055,500 and trust companies $124,374,100.
The

Capital
and Loans.
Surplus.

Banks.

an

C le a r in g -H o u s e

EXPORTS FROM NEW YORK.
1910.
For the week........................

banks

1909.

1908.

1907.

S15.105.756 $14,520,367 $15,572,901 $15,810,821
652,511,417 593,604,495 604,346,237 612,342,541
$667,617,173 S608,124,862 $619,919,138 $628,153,362

combined w ith th o se fo r th e S ta te b a n k s a n d tr u s t c o m p a n ie s
in G r e a te r N e w Y o r k o u ts id e o f th e C le a r in g -H o u s e c o m p a r e
a s fo llo w s fo r a series o f w e e k s p a st:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in. all these figures.
Week
Elder!.
Oct.
Oct.
Oot.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.

Specie.

Legals.

S
2.382.131,5
2,305,075,6
2,358,583,6
2,361,563,2
2,340,407,7
2.309,880.1
2,309,843,3
2,326,766,7
2,337,587,5
2.327,051,6

$
371,151,9
367,935,1
301,544,7
357,460,7
355,905,1
363,380,5
365,901,8
361,995,1
353,478,3
352,408,7

S
$
88.364,2 459,516,1
88,481,0 450,416.1
89,325,5 453,870,2
88,230,4 445,697,1
87,892,2 443,797,3
88,339,0 451,719,5
89,829,6 455.731,4
89,282.8 451.277,9
88,161,3 441,639,6
89,308,6 441.715,3

15..
2 2 ..
29..
5..
12 . _
19..
26..
3 ..
10. .
17..

S
484,935,4
480,663.0
477,425,5
470,422,9
467,943,4
474,847,4
478,741,6
475,117,2
465,636,4
405,650,0

R eports of Clearing N on -M em ber B a n k s.— T h e fo llo w in g
is th e s ta t e m e n t o f

c o n d it io n

a n d sin c e J a n . 1 1910
1909 a n d 1908:

a n d fo r th e c o r r e s p o n d in g p e r io d s in

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

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

Loans and
Investments. Deposits.
$
2,306,865,9
2,287,487,9
2,273,641,0
2,271,515,7
2,2-18,637,7
2,227,664,7
2,212,760,3
2,245,922,5
2,246,876,1
2,237,094,3

T h e f o llo w in g ta b le s h o w s th e e x p o r t s a n d im p o r t s o f
s p e c ie a t th e p o r t o f N e w Y o r k fo r th e w eek e n d in g D e c . 17

Exports.

Gold.

Week.
Great Britain .................................
France . . ____ ______ __
Germany __________ . . .
West Indies____________ ____ __

Ca vi­
tal.

Sur­
plus.

Loans,
Disc'Is
and
Invest­
ments.

South America......................... .....
All other countries..........................

.......... $13,469,730
3,615,837
314
$312,300
904,640
3,434
298,609
5,859 2,221,938
61,000 1,720,845

Total 1910_._.............................
Total 1909..................................
Total 1908__________________

$175,400 $45,432,248
521,500 93,050,117
4,003,500 54.000,555

$382,593 $22,231,919
130,248 8,846,830
412,291 16,913,631

$1,013,687 $38,462,803
2,291,700
720,456
96,755
74,859
1,062

$13,344
7,179
13,310
82,351
1,759,303
1,251,884
1.628.661

o f th e c le a r in g n o n -m e m b e r

Specie.

Legal
Tender
and
Bank
Notts

Silver.

$
142,0
37,6
875,7
637,0
85,6
172,0
453,2
44,2
349,0
158,9
71,9
246,0
167,7
449,3

X
38,0
186,6
436,3
599,0
94,0
317,0
26,3
559,1
373,0
47,4
GOO, 4
81,0
04,4
36,7

South America. __
All other countries........... ...........

Deposit with
Clear­
ing
Agent.

Net
Other
Banks. Deposits.
Ac.

SinceJan.1.

Week.

.......... $32,150,000
4,455
$50,400 3,539,127
3,000
125,000 9.693,766
41,900

b a n k s fo r th e w e e k e n d in g D e c e m b e r 17, b a se d o n a v e r a g e
d a ily re su lts:
We omit two ciphers (Of)) in all these figures.

Hanks.

Imports.

SinceJan.\.

Total 1910................
Total 1909____ ____
Total 1908__________

10,000

$100

33,618
1,069
125,334

67,825
7,946

$1,121,504 $41,625,589
874,430 42.580.164
878,750 41.424.300

$160,621 $4,756,032
256,104 5,284,419
156,049 4,451,844

N. Y. City

Boroughs of
Man.it Hrr
Wash. Ilgts
Century . . .
Colonial__
Columbia ..
Fidelity__
Jefferson__
Mt. Morris.
Mutual . . ..

Plaza .....
Yorkville . .

23d Ward .

New Nettl’d
Batt.Pk.Nat
Aetna Nat.

Boroughof

Brooklyn.
Broadway .
Mfrs.’ Nat.
Mechanics’
Nassau Nat.
Nat. Clty..
North side.
First Nat..
Jersey City.
First Nat..
Hud.Co.Nat
Third Nat..
Hoboken.
First Nat..
Second Nat.

KN (!)

S
100,0

250,0
400,0
300,0
200,0

500,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0

300,0
200,0

252,0

1,000,0

750,0
300,0
200,0

300,0
400,0
250,0
200,0
220,0

125,0

%

482,0
259,8
161.0
315,7

s
1,224,0
1,392,0
5,700,4
6,251,0
1,036,1
2,987,3
2,563,7
3,326,6
4,260,0
1,829,4
4,022,4
2,405.0
1,622,9
2,002,3

534,2
838,4
882,0
1,018,1
614,9
149,5
623,9

3,313,0
5.470,5
11,195,0
7,022,0
3,740.0
2,123,2
3,394,0

274,3
155,6
391,4
775,8
172,5
537,5
313,9
379,5
462,0
110,6

44,7 405,7
502,7 215,8
360,8 1,235,0
570,0 290,0
112,0
529,0
147,3 114,3
316,0
91,0

1,264,0 5,164,5
763,1 3,093,3
400,9 2,149,4

300,3
147,8
60,0

626,0 3,052,2
267,4 2,812,5

135,6
118,3

$
163,0
54,0
605,8
858,0
112,0

213,0
287,0
409,8
677,0
245,6
204,5
257,0
56,1
37,4
274,5
840,9
1,419,1
1,066,0
669,0

X
$
16,0 1,209,0
150,0 1,502,5
187,5 7,102,0
77,0 7,287,0
1,073.0
888,8 3,900,5
102,4 3,193,6
3,987,2
5,182,0
1,981,9
261,4 5,061,7
24,0 2,561,0
1,284,1
26,4 1,958,3

460,0

154,8 3,594,5
122,1 5,962,3
215,5 14,330,7
7,075,0
182,0 4,838,0
90,1 2,430,4
38,0 3,122,0

340,5 4,769,5
54,7
309,8
124,5
448,1

144,0 9,201,8
112,6 2,715,3
31,7 2,379,0

17,8
88,0

211,2

151,7
58,5

71,9
164,9

1

g o ld

c o in

and

$ 1 0 0 A m e r ic a n

s ilv e r

c o in .

Of

th e e x p o r t s d u r in g th e sa m e tim e , $ 1 7 5 ,4 0 0 w ere A m e r ic a n
g o ld c o in a n d $ ___ w ere A m e r ic a n s ilv e r c o in .

g a u M u g an d f i n a n c i a l
Railroad and Industrial Stocks
Let us send you our circular describing 110 ISSUES of listed Rail­
road and Industrial Stocks.

Spencer Trask & Co.
43 EXCHANGE PLACE.- - - NEW YORK.
Chicago, 111.,
Boston. Mass.,
Albany, N. Y.

Members New York Stock Exchange.

2,711,6
2,890,1

Tot.Dee. 17 7,497,0 12,777,0 93,219,3 6,693,6 7.064,5 14,858,5 3,061,1 His;,:! i.:>
Tot.'Dec. Id 7,497,0 12,777,0 92,820,0 6,636,3 7,278.6 12,916,8 2,913,9 106086,6
Tot.vDec. 3 7,497,0 12.777,0 92,120,2 6,617,3 7,167,7 11,545,6 2,722,5 103088,4




O f th e a b o v e im p o r t s f o r th e w e e k in 1 9 1 0 , $ 4 ,5 0 0 w ere
A m e r ic a n

W H I T E ,

W E L D

&

CO,

Members New York Stock Exchange.
6

NASSAU STREET.
NEW YORK

THE ROOKERY,
CHICAGO

THE CHRONICLE

1692
B ir a fe r r s '

© a le tte .

Wall Street, Friday Night, Dec. 23 1910.
T h e M o n e y M a r k e t a n d F in a n c ia l S it u a t io n .— B u sin e ss in
W a ll S tr e e t h a s b e e n c h ie fly in te re s tin g o n a c c o u n t o f a la rg e r
in v e s t m e n t d e m a n d f o r b o n d s .
A t th e E x c h a n g e th e tr a n s­
a c t io n s in th is d e p a r tm e n t h a v e e x c e e d e d all r e c e n t r e c o r d s
a n d p r o m in e n t b o n d h o u s e s r e p o r t a n in q u ir y a t th e c o u n t e r
su ch as h as n o t b e e n seen f o r m a n y m o n th s .
A t th e sa m e
tim e th e m a r k e t f o r sh a re s h a s b e e n u n u su a lly d u ll a n d
fe a tu r e le s s.
. . . .
A fo rm a l e n t r y j o f th e r e c e n t d e c is io n b y th e C ir c u it C o u rt
o f Philad< Ip h ia , w h ic h p r a c t ic a lly p u t o u t o f b u sin e ss th e
T e m p le I r o n C o m j a n y , w a s fo llo w e d b y a little m o r e in te r e s t
in th e a n t h r a c ite c o a l sh a re s; b u t a n a d v a n c e o f th e L e h ig h
V a lle y d iv id n d
a te s e e m s to h a v e b e e n p r e v io u s ly d is ­
cou n ted .
^
O t t u r A i s ) th e re is n o th in g n e w o f im p o r t a n c e in th e
g e n era l s itu it io n .
T h e B a n k o f E n g la n d r e p o r ts th e usual
lo s s o f re s e r v e in c id e n t t o th e s e a so n , a m a t te r w h ic h , as is
w ell k n o w n , w ill s p e e d ily a d ju s t itse lf w ith th e o p e n in g o f
a n e w 'y e a r .
T h e r e is, as y e t , n o u n u su a l d e m a n d fo r fu n d s
in th e lo c a l m a r k e t, su ch a s o ft e n d e v e lo p s d u r in g th e h o lid a y
p e r io d .
I t is r e p o r t e d th a t th e b a n k s h a v e g a in e d th ro u g h
t r a n s a c tio n s w ith th e s u b -T r e a s u r y th is w e e k , a n d th e re n o w
s e e m s n o lik e lih o o d o f a n y s tr in g e n c y , o r sh a rp a d v a n c e in
r a te s , as th e y e a r d r a w s to a c lo s e .
T h e o p e n m a r k e t ra te s fo r call lo a n s a t th e S t o c k E x c h a n g e
d u r in g th e w e e k o n s to c k a n d b o n d c o lla te r a ls h a v e ra n g e d
f r o m 2 * 4 to
T o - d a y 's ra tes o n call w e re 3@ 3 A % C o m m e r c ia l p a p e r q u o t e d a t 4 j 4 @ 4 % % f ° r
9 0 -d a y
e n d o r s e m e n ts , 4 ^ @ 4 ^ % f o r p r im e 4 to 0 m o n t h s ’ sin g le
n a m e s a n d 5 @ 5 }4% fo r g o o d sin g le n a m e s.
T h e B a n k o f E n g la n d w e e k ly s ta t e m e n t o n T h u r s d a y
s h o w e d a d e c r e a se o f b u llio n o f £ 2 ,2 2 4 ,1 4 0 a n d th e p e r c e n ta g e
o f re s e r v e to lia b ilitie s w a s 4 6 .3 5 , a g a in s t 5 0 .0 1 la st w e e k .
T h e r a te o f d is c o u n t re m a in s u n c h a n g e d a t 4 J ^ % , a s fix e d
D e c . 1.
T h e B a n k o f F r a n c e s h o w s a n in cre a s e o f 2 ,2 7 5 ,0 0 0
fr a n c s g o ld a n d 5 0 ,0 0 0 fr a n c s s ilv e r .
NEW YORK CITY CLEARING-HOUSE BANKS.
1910.
Averages for
week ending
Dec. 17.

Loans and discounts__
Circulation........... .......
Net deposits.............U. S. dep. (incl. above)
Specie ____ ________
Legal tenders..............
25% of deposits.........

Differences
from
previous week.

1909.
Averages for
week ending
Dec. 18.

1908.
Averages for
week ending
Dec. 19.

S
$
S
S
127,350,000 126,350,000
133,350,000
180,024,400 165,447,700
196,577,100
1,221,071.300 Dec. 13,063,300 1,191,041,000 1,315,980,100
46,612,100
6,500
52,755,500
48,490,100 Inc.
1,181,544,400 Dec. 13,195,900 1,172,713,200 1,368,912,400
10,295,500
21,700
1,725,800
1,690,200 Ine.
910,600 232,991,500 272,848,200
234,609,0^0 Dec.
79,3S9,G00
70,630,500
852,400
67,676,700 Inc.
58,200
302,285,700 Dec.
295,386,100 Dec. 3,298,975

303,622,000
293,178,300

352,237,800
342,228,100

KgSurplus reserve____

6,899,600 Inc.

3,240,775

10,443,700

10,009,700

Surplus, excl. U.S. dep.

7,322,150 Inc.

3,246,200

10,875,150

12,583,575

Hole_The Clearing House now Issues a statement weekly

showing the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of separate banks, also the summary issued by the
State Banking Department, giving the condition of State banks and trust com­
panies not reporting to the Clearing House, appear on the second page preceding.
F o r e ig n E x c h a n g e .— O p e r a tio n s w e re o n a lim ite d s ca le
t o - d a y , b u t th e u n d e r to n e w a s q u it e firm .
T o - d a y 's ( F r i d a y ’ s) n o m in a l ra te s fo r s te rlin g e x c h a n g e
w e re 4 83 fo r s ix t y d a y a n d 4 86 fo r s ig h t.
T o - d a y ’ s a ctu a l
r a te s fo r s te r lin g e x c h a n g e w e re 4 8 2 4 0 @ 4 8 2 5 0 f o r s ix t y
d a y s , 4 8 5 4 0 @ 4 8 5 5 0 fo r c h e q u e s a n d 4 8 5 8 0 @ 4 8 5 9 0 fo r
c a b le s .
C o m m e r c ia l o n b a n k s 4 8 1 % @ 4 82 a n d d o c u m e n t s
f o r p a y m e n t 4 81 > ^ @ 4 8 1 % .
C o t to n f o r p a y m e n t 4 8 1 @
4 81 }4 a n d g ra in f o r p a y m e n t 4 8 1 K @ 4 8 1 % .
T o - d a y ’s ( F r i d a y ’ s) a c tu a l ra te s f o r P a ris b a n k e r s ’ fr a n c s
w e re 5 2 2 % less 1 -1 G @ 5 2 2 % f o r lo n g a n d 5 20 less 3 - 3 2 @
5 20 less 1-16 fo r s h o r t .
G e r m a n y b a n k e r s ’ m a r k s w ere
9 4 % @ 9 4 7 -1 6 fo r lo n g a n d 9 5 @ 9 5 1-16 less 1-32 fo r s h o r t .
A m s t e r d a m b a n k e r s ’ g u ild e r s w e re 4 0 2 4 @ 4 0 26 f o r s h o r t .
E x c h a n g e a t P a r is o n L o n d o n , 2 5 f. 2 6 % c . ; w e e k ’ s ra n g e ,
2 5 f. 2 7 % c . h ig h a n d 2 5 f. 2 6 c . lo w .
E x c h a n g e a t B e rlin o n L o n d o n , 2 0 m . 4 3 p f.; w e e k ’ s r a n g e ,
2 0 m . 4 4 % p f . h ig h a n d 2 0 m . 4 2 % p fk lo w .
T h e ra n g e o f fo r e ig n e x c h a n g e fo r th e w e e k fo llo w s :
Cables.
Cheques.
Sterling, Actual—
Sixty Days.
4 80
4 8555
High for tile week...........— 4 82 %
4 8560
4 85%
Low for the week__________ 4 82%
Paris Bankers’ Francs—
5 19% less 1-16
5 20 less 1-32
High for the week.................5 22 %
5 20% less 1-32 5 20 less 3-32
Low for the week____ _____ 5 22% less 3-3
Germany Bankers' Marks—
95 3-16
95% less 1-32
High for the week................. 94 7-10
95 1-16
95 less 1-32
Low for the week--------------- 94 %
Amsterdam Bankers’ Guilders—
40 32
40 27
High for the week...............- 40 1-16
40 23
40 28
Low for the week__________ 40
T h e fo llo w in g a r c th e ra te s f o r d o m e s t ic e x c h a n g e a t th e
u n d e r m e n tio n e d c itie s a t th e c lo s e o f th e w e e k : C h ic a g o ,
5 c . p e r 8 1 ,0 0 0 d is c o u n t .
B o s to n , p a r.
S a n F r a n c is c o ,
6 0 c . p e r 8 1 ,0 0 0 p r e m iu m .
S t . P a u l, 8 5 c . p e r 8 1 ,0 0 0 p r e m iu m
S t . L o u is , 1 0 c. p e r 8 1 ,0 0 0 p r e m iu m .
S a v a n n a h , b u y in g ,
3 -1 6 c . p e r S1,00Q d is c o u n t ; s e llin g , p a r .
C h a r le s to n , b u y in g ,
p a r ; s e llin g , l - 1 0 c . p e r 8 1 ,0 0 0 p r e m iu m .
M o n tr e a l, 1 5 % c .
p e r 8 1 ,0 0 0 p r e m iu m .
S ta te a n d R a ilr o a d B o n d s .— S ales o f S ta te b o n d s a t th e
B o a r d in c lu d e 8 3 ,0 0 0 N e w Y o r k C anal 4s a t 1 0 4 % , 8 1 ,0 0 0




[VOL. LXXXXI

T e n n e s s e e s e tt le m e n t 3s a t 9 5 % a n d 8 1 9 ,0 0 0 V ir g in ia 6s,
d e fe r r e d tr u st r e c e ip ts , a t 42 to 4 5 .
T h e m a r k e t f o r r a ilw a y a n d in d u stria l b o n d s h a s , as n o te d ,
a b o v e , b e e n m o r e a c t iv e .
In s o m e ca se s q u o t a t io n s are
fa r c t io n a lly h ig h e r a n d in o th e r s lo w e r ; b u t in n o ca se d o e s
th e n e t c h a n g e e x c e e d a p o in t .
T h e in c r e a s e d tr a n s a c tio n s are q u it e g e n e r a lly d is t r ib u t e d
th r o u g h o u t th e list a n d in c lu d e a la rg e n u m b e r o f issu es.
T h e r e h a v e b een n o sp e c ia l fe a tu r e s w o r t h y o f m e n tio n .
C en tra l o f G e o r g ia in c o m e s h a v e c o n tin u e d r e la t iv e ly a c t iv e
a n d s t e a d y . S o m e o f th e in d u stia l issu es h a v e b e e n in re q u e st,
in c lu d in g U n ite d S t a te s S te e l, C en tra l L e a t h e r , B e th le h e m
S teel a n d A m e r ic a n T o b a c c o .
U n it e d S t a te s B o n d s .— S ales o f G o v e r n m e n t b o n d s a t th e
B o a r d a re lim ite d to 8 1 ,0 0 0 3s c o u p , a t 1 0 2 % .
T h e f o llo w in g
a re th e d a ily c lo s in g q u o t a t io n s ; for yearly range see third

page following.
Dec.
17

Interest
Periods
2s,
2s,
3s,
3s,
4s,
4s.
2s,

Q—Jan
1930 ___
1930____ ______ coupon Q—Jan
1908-18. . ____ registered Q—Feb
1908-18-- ........... coupon Ci—Feb
1925 ___ ____ registered Q—Fel)
1925____ ........... coupon Q—Feb
1936-Panama Canal regls Q—Feb

Dec.
19

Dec

Dec.

Dec.

20

21

22

Dec.
23

* 1 00 % * 1 00 % * 1 00 % * 1 0 0 % * 1 00 % *1 00 %
* 1 00 % * 1 0 0 % * 1 00 % *1 0 0 % *1 0 0 % *1 00 %
*102
*102
*102
*102
*102
*102
1 02 % *102
*102
*102
*102
*102

*115% *115% *115% *115% *115% *115%
*115% s115 J4 *115% *115% *115% *115%
*1 0 0 % *100)4 *1 0 0 % * 1 00 % *1 0 0 % *1 0 0 %

* This is the price bid at the morning board; no sale was made.
R a ilr o a d a n d M is c e lla n e o u s S io c k s .— T h e g e n e ra l c h a r a c ­
te r is tic s o f th e s t o c k m a r k e t a re su ch as fr e q u e n t ly o b ta in
a t th is s e a so n .
T h e v o lu m e o f b u sin e ss d im in ish e d d a y b y
d a y u n til r e d u c e d to 1 1 4 ,5 0 0 sh a res t o - d a y , th e s m a lle s t in
re c e n t y e a r s , a n d p r ice s h a v e flu c t u a t e d n a r r o w ly th r o u g h ­
o u t th e w e e k .
T h e m a r k e t w a s s tr o n g in to n e o n M o n d a y
a n d d u r in g th e e a r ly p a r t o f T u e s d a y , w h en th e h ig h e s t
q u o t a t io n s o f th e w e e k w e re r e c o r d e d , a n d a lth o u g h th e la te r
re c e s s io n h a d little fo r c e , c lo s in g p r ic e s are in a m a jo r it y o f
ca ses fr a c t io n a lly lo w e r th an last w e e k .
R e a d in g h a s b e e n th e m o s t a c t iv e fe a t u r e .
It advan ced
o v e r 3 p o in ts , a n d o th e r a n t h r a c ite ca rrie r s w e re n o t a b ly
s tr o n g o n th e r e c e n t ju d ic ia l d e c is io n m e n tio n e d a b o v e ,
w h ich w a s fa v o r a b ly in te r p r e te d .
L e h ig h V a lle y lia s c o v e r e d
a ra n g e o f n e a r ly 4 p o in t s a n d clo s e s w ith a fr a c tio n a l n et
ch ange.
I n t e r b o r o -M e t r o p o lit a n h a s lo s t a p a r t o f th e
a d v a n c e n o te d la st w e e k , a lth o u g h its p r o s p e c t iv e in te r e s t in
n ew s u b w a y s se e m s to be in c r e a s in g .
A m e r ic a n B e e t S u g a r h as b e e n th e s tr o n g fe a t u r e o f th e
in d u stria l list, sellin g o v e r 9 p o in t s h ig h e r th a n e a r ly in th e
m o n th a n d 4 % p o in t s h ig h e r th a n a t th e c lo s e la st w e e k .
C en tra l L e a t h e r h as b e e n e x c e p t io n a lly s t r o n g .
D is tillin g
S e cu ritie s a d v a n c e d 2% p o in ts a n d h o ld s a la rg e p a rt o f th e
g a in .
T h e IJ. S . S teel issu es h a v e b e e n s t e a d y o n u n fa v o r ­
a b le tr a d e r e p o r ts .
For daily volume of business see page 1702.
T h e fo llo w in g sales h a v e o c c u r r e d th is w e e k o f sh a res n o t
re p r e se n te d in o u r d e ta ile d list o n th e p a g e s w h ic h fo llo w :
STOCKS.
Week ending Dec. 23.
Am Brake Shoe & Fdy_.
Batopllas Mining.........
Detroit Edison........... .
Keokuk & Des Moines. Lake Shore A Mich Sou
New York Dock, pref —
North Ohio Trac & Lt_.
Rutland, p r e f............
St Jos A C.r Is!, 1st pref.
2 d preferred-----------South Porto Rico Sugar.
Vulcan^Dctinnlng, pref.

Sales
for
Week.

Range for Week.
Lowest.

300 88 Dec
300 S2% Dec
Dec
100 106
Dec
6
100
15350 Dec
215 67% Dec
1,200 39% Dec
50 35 Dec
200 50
Dec
450 40 Dec
100 x90
Dec
10 60
Dec

Highest.
19 90 1
20 S2%
21 106
19 0
21 350

Dec
Dec
DCC
Dec
Dec
20 68
Dec
22 40% Dec
19 35 Dec
20 50
Dec
21 40
Dec
22 X90
Dec
23 60 Dec

Range since Jan. 1.
Lowest.

Highest.

23 83% Oct 91%
17 82 Sept 83%
21 106
Dec 106
19 4% July 9
21 350
Apr 375
23 65
Dec 86
23 35
Feb 40%
Feb 44
19, 28
21 45
July 55
Fel) 40
21 38
July 91
22 81
23 60
Feb 80

Nov
Jan
Dec
Jan
Apr
Mch
Dec
Nov
Jan
Feb
Dec
Jan

O u ts id e M a r k e t .— T h e h o lid a y s p ir it p r e v a ile d in th e
“ c u r b ” m a r k e t as e ls e w h e re , b u sin e ss in o u ts id e se c u r itie s
b e in g a t a s ta n d s till.
P rices m o v e d w ith in th e n a r r o w e st
lim its , th e c lo s e t o - d a y b e in g v e r y little c h a n g e d fr o m
th e b e g in n in g .
B ritish C o lu m b ia C o p p e r , d u e t o d iv i­
d e n d e x p e c t a t io n s ,w a s in d e m a n d , a n d a ft e r a d e c lin e fr o m
7 % to 7 s o ld u p t o 7 % , th e c lo s e t o - d a y b e in g a t 7 % .
C h in o
w e n t u p fr o m 21% t o 21% a n d d o w n t o 21, fin ish in g t o - d a y
at 2 1 % .
E l l l a y o a d v a n c e d fr o m 3 % to 4 % a n d e a sed o ff
to 4 .
A q u a r t e r ly d iv id e n d o f 7 % % h as b e e n d e c la r e d .
G reen e C a n a n e a fell fr o m 7 t o 6% a n d r e c o v e r e d to 6% .
I n s p ir a tio n a d v a n c e d fr o m 8 1 5 -16 t o 9 1-16 a n d sa n k to
8 1 3 -1 6 . M ia m i m o v e d u p fr o m 1 9 % t o 1 9 % , d r o p p e d t o
1 9 % a n d clo s e d t o - d a y a t 1 9 % .
R a y C en tra l w e a k e n e d
fr o m 2 1-16 t o 1 % , th e final q u o t a t io n t o - d a y b e in g 2 .
R ay
C o n s o lid a te d im p r o v e d fr o m 1 8 % t o 19, b u t d e c lin e d t o
1 8 % a n d fin ish ed t o - d a y a t 1 8 % .
L a R o s e C o n s o lid a te d
w e n t u p fr o m 4 % t o 4 9 -1 6 .
M in es C o . o f A m e r ic a g a in e d a
p o in t to 6 a n d c lo s e d t o - d a y a t 5 1 3 -1 6 .
A q u a r t e r ly d iv i­
d e n d o f 2% % h as b e e n d e c la r e d .
T r a d in g in m isc e lla n e o u s
s e cu r itie s b r o a d e n e d s o m e w h a t .
A m e r ic a n T o b a c c o rose
4 p o in ts t o 4 1 4 .
I n te r c o n tin e n t a l R u b b e r lo s t o v e r 2 p o in ts
t o 32 a n d c lo s e d t o - d a y a t 3 2 % .
S t a n d a r d O il g a in e d a b o u t
a p o in t t o 617 a n d e n d s th e w e e k a t 6 1 6 .
A fe a tu r e in b o n d s
w a s th e in itia l t r a d in g in S o u th e r n B ell T e le p . 5 s, w h ic h
w e a k e n e d fr o m 9 6 % to 9 6 % , s o ld u p to 97 a n d r e a c t e d fin a lly
to 9 6 % .
W e s t e r n P a c ific 5s rose fr o m 9 2 % t o 9 2 % a n d re­
a c te d t o 9 2 % .
A m e r . S m e lte r s ’ S e cu ritie s 6s , “ w . i . , ” sa n k
fr o m 1 0 1 % t o 1 0 1 . A m e r ic a n W r itin g P a p e r 5s g a in e d a
p o in t to 9 0 .
O u ts id e q u o t a t io n s w ill b e f o u n d o n p a g e 1 7 0 2 .

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday/
Dee 17.

Monday
Dec. 19.

Tuesday I Wednesday
Dec. 20 . [ Dec. 21.

Thursday
Dee. 22.

Friday
Dec. 23 .

*25
30
*25
30
+25
*25
30
30
+25
35
*65
70
*65
70
*65
*65
70
*65
70
70
101 101*8 101*8 10178 1013g 1017a 101 IOU4 100*4 101
997s 1003a
102i2 102R 1023s 102!>s 102*2 102*- *102 1025„ $102-s 10238 102r>a 102-s
*115 116*4 11534 117
116 116
i l l 115*1 114 114
n o 116
106 106*4 106*4 1005a IO6I4 1065a 10538 1051- 105ia 105is 1041- 105
*89
91
91
91
*89
91*4 *89
*89
91
91*4 *89
91*4
74 *a 743S 7412 75*.(
70
763a 75 <a 76 'j
75
751- 75
75*2
19312 193*2 1933., 195*4 194 ii 195
19334 1<J4
193*4 194
193 1933s
70*2 *G2
72 *.i *641- 721? *6412 7212 *6412 72*4 *8412 72*4
*260 280 *260 280 *260 280 *265 280 *260 280 *260 280
797g 8034 8034 813.J 81
813S 8034 8 II.1 8OI4 807a 80*4 80*2
30
30
*27
31
*27
30
*27
*27
32
32
$27*4 27*4
661- *__
66*2 *___
661- *
66*2 *__
66 *- * 66*2
2214 22*4 22*2 221? 22*4 22 I2 22
217S 2178 *2112 22*4
22
*4412 45*2 45*4 45*4 *45
46
*4412 451- 44
41
44
44
12234 1223., 123 1233.. 1233a 1235g 12234 123
122 1221- 12 U- 122*4
14534 140
146 146*4 146 146 *145 146
145>» 146
145*8 145*2
*141 142
142 1421- 14212 1421? 142U 142'- §112 142 * 1411? 142*?
*180 210 ♦180 210 *180 210 *180 210 *180 210 *180 210
*135 145
140 140 *138 145 *138 145 *137 145 *138 145
*160 180 *160 170 +160 175 *160 175 *160 175 *160 175
*2% 3*2 *258 3*2 *23.i 3*2 *2-8 4
25s
*2«a 4
2*8
*534 6I4 *5*2
*0
017 *? *534
V*? *0
534
534
*64
65
65
65*4 6514 *65
6912 *65
65
60*2 *65
691*985s 100
+98-8 100
*9833 100
*98*8 100
*9 SSs 100
*983s 100
5834 6834 *56
58
67*2 671? *57
57
5612 67
*5612 57*2
*72
*72
75
*72
*72
75
75
75
*72
75
+72
75
*70
*70
*70
75
75
75
*70
*70
75
75
*70
75
*163 164
104 1651- 164 16414 *163 165
16234 10234 * 1623, 165
+490 575 *490 675 *490 575 *490 575 *490 575 *490 575
29
29
*2712 29
*2812 291- *27*2 29*2
29 *a 291? *2812 30
69*2 6912 09*2 CJ’ a 70*4 70<4 *70
72 *70
70*4 267*4 67*2
67
67
67
68
68
68
*03
*07>8 70
70
*67
70
*10
12
*10
12
*11
12
*10l2 12
*10
*10
12
12
22
+20
*21*4 22
*21
*20
*20*3 22
22
22
*20
22
27*4 2738 2734 28*4
2S3S 283j
281S 283a 273,| 28
27*4 273S
45
45
45
46
+45*2 47 *4612 471.1 *46
47 *a *4534 47
*33
341? 34*2 35
347S 347a
35
35
*34
35
35135
*123 1231- 123*4 124*4 12312 1243a 123 12314 1223,. 12234 122*2 12234
573a 671? 5712 68
*56
67
*57
56 L 661? 563J 6684
58
1434
* 11*2 1434 141, 1412 143S 14*a 141- 1412 ♦143.J 15
+14
*25
*05

TW O

Sales oi
the
Week
Shares.

PAGES

STOCKS
NEW YORK STOCK
EXCHANGE

11,261
640
1,200
2,860
253
11,770
5,825

Range for Previous
Year ( 1909)

Highest

Uail.oads
nn Arbor
Do pref_________ __
Atch Topeka & Santa'Fe
Do pref_______
Atlantic Coast Dine R r "
Oat tt more & Ohio______
F* Do pref..................
Brooklyn Rapid Transit.
/ 'anadlan Paciflo_______
V 'anada Southern____ I
Central of New Jersey..
Chesapeake & O h io __
Chicago A Alton H R ..
Do pref____________ *
Chic Ut Wes. trust ctfs '
Do pref trust c tfs___
Chicago M'lw & st Paul..
Do pref_____________
Chicago <Se North Western
Do pref_____________
Chic St P Minn & Omaha
Do pref_____________
Chic Un Trac ctfs stmpd
Do pref ctfs stmpd___
Cleve CIn Chic & St L__
Do pref_____________
Colorado & Southern___
Do l ;t preferred______
Do 2 d preferred______
lYelaware <Sc Hudson__
x/e>aware Lack & West.
Denver & Rio G rande...
Do pref______. . .
Detroit United...........I "
Duluth So Shore & Atian
Do pref

A

30
70

Range Since Janmry 1.
On basis of 100-share lots

25 Feb 26
48 i2 Feb 25

36

Mch

7212 Mch 8
903.1 J’ly 2t> 1241* Jan
z97 J'ly 1 10414 Jan 10
1021- J’ly 26

137*2 Jan
IUOI4 Sey 6 11918 Jan
87>4 Sep 10
94 Jan
68I1 Feb 7 82-*s May2 l
176 Feb 6 20238 Nov
70 dan
60'2 J’ly 20
248 J’ly 26 312 Jan
12,240
65 Aug _
92 Jan
150
2
3?s J’ly -6 0634 Jail
64hi J’nei.7
69 Apr
" '7 7 0
19 J’ly 28
3678 Jan
400
40 J’ly .6
64*a Jan 10
8,000
11334 J'nejo 1583aJan
2,029
143 Sep 2 17214 Jan
850
13714 J’ly 16 lS2 i2 Jan
203 J we 27 225 Jan
140 Apr 2» I02 i2 Feb 23
200
$160 A p r -5 $170i4 Feb 18
Da Dec 23
600
53a Jan
4?s Sep .8
1214 Jan
100
61 Nov 1
300
9214 Mch 18
Sep
14
104 Jan 15
99
46 J’ly .6
G534 Feb 25
70 J’ly -7
83 Men
Aug
70
81 Jan 6
i4§'4 J’ly 26 185 Jan 3
490 J’ly 26 020 Mch 21
700
62 Jan 3
2ji4 J’ly -6
1,013
62»« J’ly 26 84 ,Tan 3
800
45 J'ly 11
Dec 19
10 J’ly
1834 Jan 3
17 J’ly 2b 34.\, Jan
9,805
i'ji 2 J ly 26 34&aJan _
2,616 E r,V o 1st pref_I I I I I I
35 J’ly .7
6234 Mch 8
Do 2 d p r e f...
1,000
26I4 J’ly 27
42 Mch 8
3,960 Great Northern pref_____ n s J’ly .6 1437a Jan 3
Iron Ore properties . .
1,410
45 J’ly
80 i* Jan 4
12 Green Bay & W. deb ctfB 11 Aug 10 lSlg Mch 22
avana Electric______
881*Jn , 20 97). Apr 14
*___ 941? *__
Do pref__________
95 'g *_ . .
96 ♦___
957g
9412 *
931* NOVJ7 99 Jail 4
957S *___
*125 135 *125 135 *125 135 *125 135 *125 135 *123 135
llocklru; Valley................ 1O2 * May b 140 Oct 4
+130*- 132 *130I2 164 *130*2 133 * 1301- 133 *130 133 * 1301- 133
" l.lnols Central________ 124 J’ly 26 147 Jan 5
20-a 20»i 20-a 207s 2012 2034 197S 20-a 195,8 197,
nterboro-MetropoLItan .
1912 1958 7,400
1414 J’ly 26
25i2 Jan 11
5534 56
Do pref.
6 1*4 66
6334 6416534 56*8
5512 60*8
5414 5414 14,110
4U- J’ly 26 G27g Jan 12
1 / 3.j 18
181- 1834 18*4 18'n *18
18 l,a 18*4
*18
183.,
19
15 J'nejo 30 Jan 3
1,230 Iowa Central
311j 32
3214 325a 32 U 33
*32
33
Do pref
3214 323S 1,600
3212 32125 J’ly 26
5414 Jan 3
+74
77
. . . . ___ *73
77*2 *73
77 *- *73
C Ft S & M tr cfs, pref 68 Aug
771- *73
77*2
SO Feb 18
307a 31*4
313g 3112 *30
313,
31
31
31*2 32
313 , 32
ansas City Southern.. 23 J’ly 2 o 4414 Jan 3
2,000
*6434 67
*0134 67
+6434 67
*G134 nni? *6434 67
Do pref___________
651- 65*2
100
58 Aug
71 Jan 4
*14
*15
20
*15
20
20
*14
*15
20
*14
ake Erie & Western__
20
20
15 J'neoO 2534 Jan 6
*37
*37
*37
45
*37
45
45
45
*37
40
*37
Do pref..
3714 Dec 3
G234 Jan 3
18033 ISO's 180'a 181^4 17778 I 8U4 17778 1807a 1793s 1803S 1795S 180
Lehigh Valley
173 U Dec
180 N ov 2S
04
64*4 *63*2 65
*62
64 I2 66*2 661- 66107
*62
67
1,300 Long isla n d ... _
60 J 'ly
11U4 Apr 14
1443.1
1441
1441
2
144
*143
*143 144
1441- 1433a 143*4 *142 144
1,900 Louisville A Nashville... 13 U- J’ly 26 15934 Jan 5
138 138
139 139 *136 140 * 1371- 110
138 138 *135 140
500 Manhattan Elevated__ 123 J’neao 146 Oct 6
2034 263,
27
27*4
27*2 27 *- 2 G34 2034 27*2 271265s 261*8 1,000 DJ-lnneapoIls & st Lou's
23 J’ly 26
3334 Jan 4
*47
54
*47
*45
54
*40
64
54 *
54 *__
Do pref_____________
53
40 Sen 21
80 Feb 24
+129 1321? *129*2 131*2 13138 131*a *130*2 132 *130 132 *130 132
" 1 6 6 Minn St P & S S M arie... 114 J’ly 26 145 Mch 3
*146 150 *140 150 *146 150 *146 150 *146 150 *146 150
Do pref_____________ 144 J’nc b 15. 12 Mch 2
*S93,
89 *- 90 *a 90
*8934 90 *a *8934 90 ls 89*4 8934
90
200 Do leased line ctfs___ T86I4 Sep 20 923., jan 3
DD,'8 *313
4 32 *a 32
3 U2 31*2
32
32*8
33 *a *31
2,000 Mo Kansas & Texas____
32
32
*31
27 J’ly 26
fligJau 5
+62
63
*62
63
*0214 63
*G2>4 63
Do pref_____________
$63
50
63
57 J 'l y -6 74^8 Jan 5
*62*4 63
40
40
46*2 47
471S 47 *a 47
4578 457s *45*4 46 *47
1,500 Missouri Pacific
41 J’lV 26
735s May23
*136 145 *130 145 *136 145 +136 143 *136 143 *130 143
ash Cbatt & St Louis, 125 J 'ly 26 140 Nov 3
+08
72
*09
7 U- *68
at Rys of Mex 1st pref 60 Feb 3 723a Nov 3
71
*08
*68
72
*08
717s
71
*3412 3512 3434 34 i,s 35
Do 2 d pref________
35*2 $35
341- 35
35
*34 l2 35
2310 J’ly 26 37*2 N ov l 4
1,580
112 112*4 111*2 113
112% 113L 112 1123g rllOU 1105a n o
n o i 2 8,900 N Y Central & Hudson.. 105'a J’ly -6 128 Mch 9
*64*4 68
*64
08
*631- 68 *6312 68
N Y Chic & St Louis___
*04
08
551* May 4 687g NOV 3
*631- 68
•101 110 +101 110 *100 110 *100 110 *105 n o *105 n o
Do 1st pref__________ $101 " J ’ly 8 10934 Jan 21
*87
94
*88
04
*88
93
*87
Do 2d pref___________
93
*88
93
*88
93
823, Apr 28 98 Jan 19
*150 151
150*4 151*4 151 151
I 0H4 151*4 *151 151*- 151 161 1
600 N Y N H 4 Hartford___
149 Apr 28 162 Mch 14
Subscription receipts t . . hl43 J nelo A151 Mch 11
*14614 14812 *145 148*2 *___ 149*- * 147I4 149 *146 148*- *145 148*2
41
4114
41*4 4112 *40
427g *40
N
Y
Ontario
&
Western.
41
41
405a 405.a *40
800
381* Aug 2 50 Jan 5
99*2 101*4 10034 101*4 10014 101
100 1003s 093,1 100
997g 100
14,900 Norfolk & Western__ _
83'2 J’ly 26 108-g Mch 21
___ __ *85
90
$90
90
Do adjustment pref__
75
88 Feb 2
9 H4 Mch 10
115*2 1157a 11634 116*4 n o
11634 116 1163a 115 *., 110*4 11512 11534 12,825 Northern P acific..______ 11 U* Aug
145"aJnn 3
11U *98 n o
*98 n o
*98 111)
Pacific Coast Co............ 100 Oct 13 11834 Jan 21
*98 n o
*98 105
*90 n o
*90 110
*90 n o
L
Do 1st pref..............
*90 n o
*90 110
*90 n o
*100 n o *100 n o
*98 n o
*98 n o
Do 2 d prel________ 105 Feb 14 118 Jan 3
*98 n o
*93 105
129 129*2 129 's 1295a 128*4 129
1283a 129
128*4 12834 128*2 1281- 10,580 Pennsylvania__________
122i2 J’ly 26 m ^ M ^ h 9
9834 9 / i2 971? *96
98 *- 100
98
98 *» *90
98*2
1,230 Pltt«b CIn Chic & St L ..
98*2 *93
89 J’ly 26 :04 58 Mch 22
*100 112 +105 112 *100 112 *105 112 *105 112 *105 112
Do pref_____________ 110 Oct 25 11(1 Mch 1
14838 149*4 149*4 151*4 150*8 151*4 1497g 1513., 14938 150*8 149 L 14934
eading.......................... 1305a J’ly 26 172i4 Feb 18
*75
89
89
89
90
90
*875g 01
*875.8 91
*87*2 91
1st pref.................... *85 Aug 24
400
93 i2 Feb 17
*92
95
9334 933,1
95
95
95
951- *93*2 96
2 d pref....................
931- 93*2
800
87 J'ly 26 IHH-Jau 3
30
30
30 *a 3034 2934 3 0 >a 29*8 297g 29*4 291? 29*4 29*4
7,350 Rock Island Company__
22?s J’ly 26 57 14 Jan 3
60
*60 I2 62
0 U2 62
111
*59
till- *60
62
*59
62
Do
pref_____________
1,700
54 J'ly 27
921; Apr 9
+60
65
*60
63
♦GO 65
65
*62
*60
64
*00
66
t L & San Pr. 1st pref..
58 Aug 11 73 Jan 6
* 37*2 381- 383S 40
39
40
39
39
39
I)o 2d pref................
38*2 3812 *38
1,490
60 Jan
34*2 Aug 2
+24‘ 2 26*2 26
26 *a 20
26
26
251S 25 *a *25
*25
20
400 St Louis Southwestern__
181* J’ly 26
341* Jan
61
61
60*4 62
*60*2 62
*00
*60*2 62
♦60*2 62
60 *Do pref_____________
1,100
5
U
2
J’ly
2
6
77
Jan
114*8 1141- 1143s ll-Aa 115*8 116*4 115*2 110*s 11434 1151- 1141- 1143J 35,550 Southern Paciflo Co......... 103U J’ly 20 r l 38 i*
i.i Jan
2534 27 *25
2612 27
26*2 26 *20
263a $26
25*2
26
11.950 Southern v tr cfs stmpd.
3
3
3
4
j an
is
J’ly
2
6
62
61
62 *a 637S 62*4 63 Ig 623., 62*,
OH., 6 U617g 5 ,980 , Do pref
do
J’ly 26 75 Jan
♦2434 2534
2534 26 'a 26*4 26*4
25*4 257s ♦253S 257S 253, 2.534
1,000 ' Texas A Pacific............... 43
22>2 J’ly 26 W i Jan
+9*2 101? 103S 103a 10*4 10*4 *912 10'- *9*2 91? *9 I2 1012
370 I-bird Avenuo (N Y )__
51* J’no 1
loi2Jan .
* 734 9
8
8
7 *8
8
*73, 9
*71- 8*2
V*?
800 Toledo Railways A Light
6 i* J’ly 6
1534Jan 12
22*, 227,8
22*2 22*4
227S 23 *a 23*4 23*4
22*8 223,a 22*1 2234
1,500 Toledo St L A Western..
19 J’ly 20
543a Jan 4
> ...
5234
52
5284
52 *.,
1,410
52 l.| 51*2 62 U 52*2 52*?
5234
Do pref_____________
627a
4234 J’ly 28
72 U Jan
*107 110
108*2 108*2 *107
109 *107 109 * 1077g 110 * 1077g 108l2
100 Twin City Rapid Transit 103 J’ly 26 1171* Jan
16034 170
170*4 17134 170*8 17178 170-8 171*8 1693., 170*2 109>2 170 159.950
nion Pacific_________ 15214 J’ly 26 204.34jan
+92
93
92
92
92
*91 *., 92
92
92
92
92*8
02
Do pref___________
1
,0
00
38'4 J’ly 26 1033., j an
+25
29
29
29
29
29
*25
29
29
29
29
29
900 Unit Rys Inv’ t of San Fr
2334 J ne 30
4214 Jan
+56
60
*57
60
*50
60
♦56
60
5912 60
*57*2 69
Do pref_____________
300
47 J'ne 3u 7234jan
16
10*2 16*4
16*4 167S 10*2 165,8 *16*8 163.,
10
abash_____________
1,236
16*8
2734 Jan
125
2
J’ly
2
J
5
f
8
34
3414
343,
34*2 35
34
34
335g 335g 2,300
34*4
34*8
Do pref_________
281S J’ly 26
61 Jan .
473.1 473, 47j 4 48*2 4812 481? 4738 48
48
48
48*4 4978
0,761 West Maryland R y_____
40 J’ly 26
5438Mch 12
*73
74174*2 75
*74*2 75
74
74
75
74 *s 75
70
Do pref_____________
2,000
67 Aug 15
76 Dec 23
♦5
*5
6
6*2
*5
6
*412 512 +41- 6
*5
6
Wheeling
A
Lake
Erie..
3 Apr 28
10 Jan 3
♦12
1J
*12
14
*12
14
+12
14
14
*12
*12
14
Do 1st pref__________
8 J'nejO
23 Jan 3
♦6
8
+6
8
♦6
8
*o
*0
8
8
8
♦6
Do 2 d pref....................
4 J’ne 30
13*2 Jan 3
* 54>2 57
57
57 *- *541- 571- *54*2 571- *54*2 57
+55
57
Wisconsin Central______
44 J’ly ’ G 64 Nov 2

H

K

L

N

R

S

U

W

Highest
20

Mch

25

97 hi Jan

Mch

112538
0534JOct
’ne
143*2 Aug

100>4 Jan

107*2 Jan
103i2 Feb

122*4 J ’ l y

ijl ’ Nov

96 Apr
82?a j ’ne
Mch 1893a Oct
60*4 Jan
70*4 Nov
215 Feb 3 2 3 1 * S ep
555s Jan
9R4 Dec
577S Fen
7434 Apr
70 Nov
78*2 Mch
3 U2 Dec
373* Dec
5884 Dec
643. Deo
165*8 Sep
141
1S1 Aug
158*2
1981* Aug
173*8 Feb
208 Men $230 Aug
148 Apr 107 Aug
166*2 Ja“ $180 J W
31- Dec
7 Jan
734 Dec
18*4 Jan
68 Jan
83 i4 Deo
100 Jan
105 Mch
51 Oct
68*4 Jan
70 ** Jan
86 May
7314 Jan
84*2 Jan
16734 Feb 200 May
635 Feb 680 Apr
375, Jan
64 Apr
79*2 Jan
yo Feb
56 Jan
7134 Aug
21 Jan
14*4 Nov
36*2 Jan
28 Feb
223s Mch 3 9 " J’ne
5034 Aug
36*2 Mch
46 Aug
28*3 Mch
1363s Feb 1577a Aug
06*8 Mch
88*2 Aug
Nov
13
*
21
Dec
10- S Y
30 Feb 103 Deo
83*a Feb 100 Dec

67 Jan

r l 65

137
IDs f.eli
Mch

36*4Me*1
2634 Nov
48 Sep
Feb
Feb
077* Feb
19*2 Feb

7434
37

48 Jan
&r»“ Jan

jio j

Jan
gee
Sep
si Mch
1321* Jan
137
61

147 - Apr
89

J iy

65

Feb

35*2 Feb
71 Feb
122i2 Jan
44>2 Apr
21 Dec

120*2Feb
4gl2 Mch
100 F'eb

162*a Aug
257a Deo
63 5s Deo
36 Apr
62 Apr
82 Sep
£0*4 Aug
75*2 Aug
29*2 Aug
6478 J’ne
71*2 Deo

162*2 Aug

153*2 Jon
65 Jan
90 Jan
I4!)i2 Jan
164*2 Aut?

94 Deo
501* Oct

Oct
Aug
Deo
Deo
m «*y
14734 Aug

78*4
77*2
142
(54
26*8

69 NOV
100 Feb
95 Nov
76*4 Apr
1154 Nov 17434 J’ne
/,147l, Dec A14934 Deo
4214 Feb
55»a J **'
84 i4 Jan
102 Deo
85 *a Men
02 i2 J'ly
133*4 Feb 159*2 Aug
76 Mch 116*2 Deo
100 Mch $106 Sep
88 Mch 115 Deo
126*8 Feb 151*4 Sep
86*2 Jan
997s Deo
104 Feb 116*4 Sep
118 Feb
1733S Sep
89 Mch
96 Aug
90 F’eb 117*2 Deo
207g Feb
81 Deo
675a F’ eb
9484 Deo
65*4 Mch
74 Deo
36 F’eb
0034 Sep
20*2 Feb
353S Deo

47*2 Jan

82 Dec
Feb 139'a Aug
F’eb
34 Aug
Jan
75*2 Deo
Feb
40*2 Aug
1214 Dec
42i2 Jan
7 May
I5«a Jan
43 Feb
547a Oct
6434 Feb
74*4 Jan
97 Jan
11G*4 Deo
172i2 Feb 219 Aug
*94 Mch 118*2 Aug
30 Fob
47 Sep
60*4 Feb
77 Sep
, 15 Feb
2778 Dee
0184 J’ne
41 Teb
114*8
22
60
30

6
J 'l y
16*4 J ’ l y

6 D j ’ly
857
01* jJan
s

127* Jan
257s Jan
15*8 Jan
637* Apr

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

Hid

Ask

ketna ___

176
595
232 *:
115
125
375
300
190
155
138
170
430

180
60.5
240
125

New York

America H__
truer Exch.
tudubon . .
Battery Pk.
Boweryfl__
Bronx Boro!
Bronx Nat.
Bryant Pk 1!
Butch & Dr
Century H_.
*" ase _____

B

....

200"
100
145
J75
459

Banks
im
Ask
Chatham . . 310
Chelsea KxH 190
200”
Chemical . . 422
Citizens’ ct.l 150 427
157*2
City............ t 387
„
Coal & Iron 153
158
Colonial H__ 400
Columbia 1|.
405
Commerce . U95'
. ..
Corn Ex 1) .. 303
315
East River. 115
125
Fidelity 1|_. 105
175
Fifth Ave 1|. 4000 4250

(Sale at Stock Exchange or at auction this week.




Banks
F i l t h .........
First ...........
14 th StH ...
Fourth___
Gallatin . . .
Garfleld__
Germ-Am 1]
Germ’n Exfl
Germania 1|.
G otham __
Greenwich 1]
Hanover__
Imp & Trad

Hid
300
840
150
195
325
290
140
485
550
150
255
610
555

Ask

Bid
Banks
Irving N Ex 200
JelTersonH.. 1 185
1*5*5*" Liberty___ 575
197 U Lincoln___ 400
Manhattan^ 326
335
Mnrk’ t&Ful f 272
300
150
Mcch&Mct’s 215
Mercantile . 150
60*5" Mcrch Exch 160
Merchants’ . 179
265" Metropolis U 390
Metropol 'ntf 200
620
Mt MorrlsIJ. 250
505

350

A First iM ta ilm an t^ d .

Ask

Banks
Mutual J . . .

Hid

Ask

Hut

285
240
210
900
315
223
260

Ask

295

160
115
400
400
135
275

167*j

Banks
Prod Exch 1i
Reserve__
220" Seaboard . .
NewYorkCo
425
Second . . . .
New York.
330
32#" Sherman__
. . . . N’ bt ADayl;
State D ____
230
19 th Ward.
255
260
12 th Ward.
1571- Northern . .
23 d W ard..
105
16712 PaclQcD___ 23*6" 240
Union Exc.
P ark_____ 735214
181
Wash H’ts 71
People’s H..
410
255*' West Side fl
Phenlx;___ 205"
205
YorkvlUe $J.
PlazaH........ 626
200
and rights, bNew
n Sold a ^ r lv a te Sato at this prtoS. «2d paid. i/3 d paid.
210

. . . . Nassau I!__
___ New Neth’d

14*0 '

42*5*"
140*

17212 18*2*1^

275

650
500

stock,

New York Stock Record—Goncluded—Page

1094

STOCKS —HIGHEST AND LOWEST SALE TRICES.
Saturday
Dec 17

Monday
Dec 19

Tuesday
Dec 20

Wednesday
Dec 21

Thursday
Dec 22

Friday
Dec 23

245 *220 245 *220 245
*8 % 8 % *8*8 8%
8*2
*29
30
31
29
30
64 % 62 's 6358 025S 63
*4512 4612
461- *45 % 46
♦<J0
♦90
39 % 40% 40 % 1 2 % 41 % 42
41*2 42% 42 *s 43 % 42% " 37s
<
j 43j ♦90
94
*90
95
*92
8% 9
9% 9%
*9
9
8% 8%
9 % 9*8
9*2
76 % 77
57711 77 % 76
76*2 76%
77 % 77
77
§76*4
§49% 491"
49% 50
50
49 % 50
51
51
51 % 50
* 1111* 115 *112 115 *113 115
*110 115 *110 115 *1 inii 1
♦571., 60
*57
60
*58
59
5934 60
59~8
*58 “ 60
♦103 105 §104 105
* 103*8 105% *103 105%
♦220 250 *220 250 *220 250 *220 250 *220 250 §230 230
412
* 4% 4*2 *4% 4% *4 % 41"
4*2 *4
4*2
23
*221" 227„
*22% 23*2 *22
*22
23
23
23
22% 23
* 17% 18
1734 17.%
* 17% 18
171 , 17% 17% 1734 *1734 18
12% *11
12*2 *11
12%
♦ 11
12*2 *11
12% *11
12% * n
*30
33
*30
33
*30*2 33
33
♦30
33
32*2 32 % *30
*361" 37*2 36*2 361"
37
36 % 38 % 36 % 37 % 36*2 37*8 *36
*105
107
105
%
105% *105% 107
♦105 106% *105 106*2 *105 107
5% *4% 5% ♦ 4
5
*314
4
*4*2 5 % *4
*3% 4
341.. 34 % 36 % 36*2 35
36 % *35
36
36
*35
*35% 36*2
87
*86*2 87% *86
87
*86*4 87
*85*2 86% *86*4 87*4 *86
73 7a 74 % 74 % 75% 74 % 75
74 % 74% 73 % 74 *s 73 % 73 %
1033s 1033. 103% 103% * 103% 103% 102% 103% 102*4 10234 102*4 1023a
275 275 *260
*260
♦275 300 *275 300 *275 300
♦100 102 *100 101 *100 101 *100 101 *100 101 +100 101
44
*42
43
*42
42 % 42*2 *42
43
43
♦42
*42
43
♦111 116 *111 116 *114 116% 115% 115% *114 116% *114 116
113 113 *112
115
♦113 115 *112 115
112*2 113 *112 115
14158 142
141% 142% 142 142% 142% 1427s 142*4 14234 142% 142%
♦93
94
93*2 93*2
94
94
93*2 94 % *93
93 % 93 % 94
32 % 3234
32 % 32%
32 % 32*4 32 % 32*4 3234 *31% 33
♦31
*901" 94
§92% 92%
94
X'J'J 93
94 % 94
93
93 % *93
39 % 39*4
39
*39*4 41
39*1
39*4
39 % 40
*39 % 41
♦39
*27% 29*"
29% *27% 29
29*4 *28*2 29 *" *28
*28*t 29% 29
59
59
*56 % 59
59
59
♦56*2 68*2 *56 %. 58% *56*2 08%
134 134%
136
♦131 135
133 133 *131 135 *131 135 *131
*8% 10
*83| 10
10
*9
*9
10
10
*8% 10
*9
*2734 29
♦283. 29
28 % 28 % *27 % 30
28% 28% *28 *i 29
31 % 31 % 31 %' 32 % 32 % 32 % 32*4 32*2 §32 % 32*4
31 % 32
104 104 *103 101 *103 101
♦1021.> 103*2 103*2 103% *103 104
31 % 31 % 32
*30 *" 31-%
♦31
32
*31% 32
31
31
♦4
5% *4
5 *a *4
*4
*4
*4
O
5*2
5
5*2
133 133
133*2 135*2
133*4 134% 133% 1343, 133% 134*4 133% 134
147s 15
14% 15% 15*2 15% 15*4 15% 11% 15
14*2 14*2
77
79
80
77 % 77 % 79
79
78 % 78*4 *771" 80
*71
*58
68
68
68 ♦
♦58
68
68
♦58
*58
*58
68
3234 33 % 33*2 34 % 34 *s 34% 34
34 % 33 ’% 34
33*8 33*2
*14
*12
20
20
*13
18
♦12
20
15
15
*12
20
* 15% 55
*45 % 55
56
♦45
55
*45% 55
45*4 45 % *45
155% 155% 15534 156*2 155% 156*" § 155% 155% 1543, 155 §155 155
83s
8% 8*2
8*2
8-% 8 %
8%
8%
8% 8 %
8.% 8 U
110 %. 110% *109 109-*4
♦110 111% llllo 11134 *111 112
111 111
122 122% 121% 121% 122 122
122 122
121*2 121% 121*2 121*2
♦41.> 5
♦4 I-. 5%
*4lo 5
5
*41 *> 5
5
5
* 15% 16% 16% 16*4 * 15% 16% * 15*" 16% * 15*" 16% +15% 1634
♦1234 13% 13
13
* 12% 13
* 12% 13
12% 12<8 * 12% 13
50
56
56
56
561"
55*2 551"
55 % 55*2
5512 56
*55
40*2 40 % 40 % 40 %
40-% 40 % 40% 41
40 % 40 % 40*2 4034
85
84 % 84 % *84
85
♦84
*84
85
84 % 84 % *84
85
10434 105% 104% 105% 105% 105*4 105*4 105*4 * 104% 105% 105 106
*89
94
93
95
*89
*90
95
95
*90
92*2 9212 *91
* 74% 76
76
75
*74% 76
74% 7134 7434 *7334 75
116% IIS’ s 118 118 %
117 117
118 119% 11884 119
117 118
♦123 124% *123 124*2 123 123 *123 125 §123 12 4 +123 125
* 15% 18
17 %
16
* 15% 17*2 *16
17*2 *16
16
16
16
86
*80
*80
86
80
86
♦80
86
♦so
53 % 54%
55
56*4 56 "s
56
56
*53
53 % 54% 56
57*4
♦104% 103
105 105 § 106*2 106*2 *106 10/34 *106 10734 100's 106'8
1831 i;>% 18% 18%
18*2 18*2 §1S38 1S38
18;% 18% 18 *o 1834
74
71
71
*67
77
74
*69
73
*70
72
*69
♦68
*03% 61 % 64
64
65
64
65
*62
♦0312 65
♦6*^2 61*2
*28
*28
29
287s 29
*28*2 30
29*2 §28 % 28*8
28 % 29
*43
45
45
*44
44
45
*44
45
45
14% *43
44
*105 105% 105*2 105% 105*% 105% *105 105% +105 10534 1053s 105 %
973i 97 % *96
97
97
*93
97
*92
97
*94
*93
97*2
lSlo
♦1710
1858
*17
♦17
♦17
♦230
*8%
527
63*4
♦46

250 5235
81a *8
27
30
64
63 %
47
*46

235 *220 245 *220
83S 8.% *8 %
8*2
29
*24
30
29
64% 64*4 645g 63*2
4634 *45%
47
46

Sates ot
the
Week
Shares

2

( V o L * i +x

Lowest

1Railway Steel Spring..
1 V Uo prei___________
Republic Iron A Steel__
Uo pret_____________
Cears, Roebuck A Co__
C*loss-Sheffield Steel A Ir
Uo prei___________
/'I ennesseel 'upper i'a ri 2 .)

Lowest

Highest

njustri :lu /iiiscella.iooi!.
dams lixpress_______ §235 Dec 19
81
/i" J’ly 27
IOC f i Ills-Chalmers _.
. 7 Aug 6
Do prei___________
51C
55 % J’ly 13
31 ,j50C Amalgamated Copper . .
35 J 'ly 26
400 Amer Agricultural Ohem.
99 % Apr ,
IPo pret_____________
24 J’ly 26
42,920 American Beet Sugar___
89 j ’ly 27
Uo pret_____________
07* J ’ no jo
1,400 American Can__________
Uo pret_____________
62 J’ly 26
2,255
1,950 American Car & Foundry
39*2
26
Uo pret_______ __
luu J ne.tu
52 % J’ly 26
400 American Cotton OH___
100 Dec i
Uo prei___
103
§230 Dec 23
25 American Express__ .
31" Sep 13
American Hide & Leather
19 Sep 8
Uo pret. ___________
500
16% Dec 7
400 American Ice Securities..
American Linseed______
lU's J’ly 27
l)o pret_________
25% J’neoo
100
29 J’ly 26
900 Amcr.can Locomotive__
102
% Aug 6
Uo
pret_____________
120
3 % Dec 1
American Malt Corp___
28i" J'ne.jp
Uo pret_____________
1,300
Amer Smelters Sec pret 11 82 J’ly 23
61 % J ’ly 26
25,220 Amer Smelt.ng& Hetlnlng
98% J’ly 26
Uo pret_____________
2,200
100 American Snull_________ 275 Dec 16
951" Jan 13
Uo pret___
.
38 J’ly 26
200 Amer Steel Found (new).
500 American Sugar Kelinlng 111 % Oct 3
U ll, Dec 1
Uo pret___
100
8,700 American Teieph A Tel eg 126% J’ly 26
1,600 American lobac (new) ,pi
90 " J’ly 26
800 American U oo'en___ __
25 % J’ly 5
Uo pret___
9U% Dec 7
685
1,620 JAnacondaCopper iJar$2 Z { 33*2 J’ly 20
3 1 J'U0 3 t
100 IPethlehem Steel___
49 AUg 10
Uo pret___________
200 * '
125 J 'ly 2U
400 Brooklyn Union Gas.
s J’no^u
Brunswick Term & Ky Si^
;>H J’ne 8
300 Butterlck Co________
25 % J’ly 26
10,810 / leutral Leather_______
Uo pret___________
99 % J’}y 27
300
22% J ly 26
1,010 Colorado !•ue! A iron _
3 Sep 12
Col A Hock Coal A Iron
15,050 Consolidated Gas (iN Yi_ )22 J’ly 26
11 % J'ueao
3,400 Corn Products Helming._
Uo pret_____________
1,350
70 % J’ly 26
/rex Caruet_________
55 Apr so
8,150 Distillers’ Securities Corn
25 % J’ly 26
12 Out 26
100 Federal .Mining A Smelt’
37 Oct 27
Uo pret_____________
100
134 J’ly 26
3,025 General Electric__ __
§7 % Oct 14
12,700 dGoldtleld Con M.Par 510
700 i nt Harvester stk tr etts s83 %*'cb 8
Uo pret stk tr ctfs__ rU 7
950 l
u
4 % J ly 25
100 lilt .\ler .Marine stk tr etts
Uo pret________
12 % J’ly 20
100
o J’ly i
300 International Caper____
Uo prei_____________
4 l!.. J’ly 26
800
30 % J’ly 26
2,490 Intermit Steam Dump__
Uo pret_____________
781" J ly 26
200
4,450 Laclede Gas (St 1.) com ..
93 % J’ly 29
79 J’ly 26
100 vlackay Companies____
Uo pret_____________
500
71 j ’ly 27
loo Aug „
3,645 \l ationa. Biscuit___
Uo p ret________
118% J’ly 6
190 H
14 Sep 17
400 Nat Enamel'g A Stamp’g
Uo pret_____________
461" J’ly 26
3,500 National Lead__________
Uo pret_____________ 101% J’ly 26
225
3,850 dNev Cons Copper.Ear $0 § i 7 i " J’ly 6
59 J’ne o
100 New York Air Brake___
60 's N ov 23
600 North American Co new
22 -s J’ly 26
740 ]Jaciiic Mail___________
;;0 J’ly 25
400 1 acltic ielep A 'leleg ..
800 People's G L A C (Chic). 103 J’ly 26
84 J’ly 6
200 Philadelphia Co (Plttsn'h)
13 J’ly 20
Pittsourgh Coal Co____
60*4 J’ly 26
25 ’ J’ly 26
900 Pressed Steei Car_______
Uo pret_____________
90 J’ly 27
100
440 Pullman Company______ 155 J’ne go
quicksilver alining______
2 Sep 26

31
30
30
*30
31
*30*" 31
30 % 30 % 30 % 30 % 31
94 % *93
94 % *93
94*2
94 % *93
*93
94 % 93 % 93*2 *93
15812 158*2 *158 160
*159 161
160*8 160*s 158*4 159 *158 100
♦219
3
3 *•
> ♦2 U 3*2 *2 %
aii ♦2
5 “ ♦3I4 5
*4
*4
5
♦4
32
32
31 % 31 %
*31
400
' *31
32
31*8 31 % *31
31*2 31*2
92
92
*91*" 92*2 92
92
*91% 93
200
*91 % 93
*91 <s 93
30 % 30*2 *30 l4 30*2
31
500
*30 % 31 % *30*2 31% 31
30*2 30*2
9384 *92
93 % *91 % 93 %
400
93*2 93 % 93*2 9334 *93
*91 % 94
*178
185
185 ♦178 185 ♦178 185 *178 185 *178 185
70
*49
*49
50
50
50
*48% 50
*49
*49
50
*49
♦
112%
112% ♦__
114% ♦
114% ♦
1 12*2 ♦__
112% ♦
34 % 34 % 34 % 34^8
35 % 34 % 3434
3,450
35 l.» 35 % 35*4 35 % 35
IP,51£ 136
136l*>♦136 136%
136
*88
90
*88
92
92
92
90 " 90
300
♦88
92
*88
*88
7
9 *" *7
9
*8
9
9
*8
8 % *8
450
8
*52% 691" *53
56
53 "g 53 % 5478 5478
520
53
5.3
62 % 52*2
♦100 101% *100 101*2 *100 102*2 *100 102*2 *100 102*2 *100 102*2
410
*100 102% 102*2 102% 1021" 102*2 102*2 102*2 102 102 *100 102*2
*15
17
*15
16*2
345
* 15% 16% 1534 1534 16% 16% * 15% 17
52
52
56
310
52
53*2 53 % §53*2 53*2 §52 % 52*2 *50
552
99
94
*93
*93 100
94
100
*93 100
*93 100
*93 100
*67
70
*69
71
69
69
70
*68
71
100
*67
*67
70
> 7
*4% 7
*4*" 7
*4% 7
41*> 41o ♦41•
100
*4*2 7
15
*15
17
15
17
*15
17
100
17
*15
17
*15
*15
*34
35
34 % 34% 34 % *34
35
34 % 34
1,600
341- 341-> 33
HO §10934 10934
509
1091a 1091a 109 109*2 109*2 109% 109.% 109% *109
75
75
*71
*70
74
75
400
*70
*70
75
70% 71 % *70
72 % 262,810
72% 73 % 72*8 72% 72
72 % 73% 72% 73*2
72% 73
116*2 116% 116*2 11634 116% 1167s 116*4 llG's 110<8 116'3 §110<8 116'8 2,240
45 % 45 's
45*4 45*2
44 *" 44'8
8,500
45
45 % 45 % 46
44^8 45
2,893
62 % 62 % 6234 62 % 62 % 62 % 62-% 6 U2 61*2 * 61*2 62*2
62
100
123 123 *120 125 *122 125 *120 125 *120 125 *120 125
56*2 56 *"
100
147 147
149 149
146 146 *140 150 *140 150 *140 150
400
7334 7434 x71
74 -% 73*2 74
73
73
73
0,710
73
74
73*2
68
66
67
67
66 % *65*2 681"
1,006
*66 % 68
67*2 67 % 68
122 122 *110 124
100
*113 122 *115 122 *115 122 *110 122

Range tor Previous
Year (1909

Range Since January 1
On basis of 100-share loJt

STOCKS
NEW YORK STOCK
EXCHANGE

.7 0 Jaa 5
16 Jail 3
6i% Jan 5
90-t.i j an :j
41% Oct 21
47% Jan lo
13% Jan 3
S2 % N ov 22
72 <8 Jau 3
120 Mch U
69% itch 9
107 Oct 13
mo Jau 4
8 % Jan 5
4 /% jan 3
29 % Mch 9
17*4 Jan 5
40% Jail 3
02 % Jan 3
115 Jan 7
8 Feb 18
48 Mch 21
90 % Jail 3
104 Jail 3
112% Jan 3
2j6 Apr 27
102 Dec 8
oo Jan 10
128% Feb 18
124 Feb 28
143% Feb 24
9 j-% Mch 14
39 % Mch 18
104 Mch 7
$54 Jan 3
34 % Oct 21
65 Jail 10
104% Jan 3
18 % Jan 3
33 Jail 4
48 % Jan 3
109% Mch 8
60 Jan 3
92 % Jan 4
160% Jau 3
23 % Jan 6
86% Jan 3
65 Nov 22
3634 Jllll 10
60 Mch 8
88 Jail 3
10078 Jan 6
§9 % Sep 20
120)3 Jan 10
129 Jan 4
7 % Jan 6
24% Jail 5
16 Jan 3
ol%Jan 3
54% Jail 7
9034 Jail 17
110% Jan 10
98 Oct 10
7,3% Oct 10
119% Dec 17
28 % Jan

3

89 %Jan 8
110% Jan 17
$22 % Oct 1/
95 %Jan 3
84 Jail 3
43 % Jan 4
46% Jan 4
UUs8Jan 3
106% Jan 8
51 % Jan 3
10 /% Jan 5
203 Jail 11

J’ly 26

61 % Jau 3
7 107 Jan 17
J’ne 4 45% Jan 3
82% J’ly 26 104% Jan 3
150 J’iie30
4 a% Dec 8
86 % Jail 3
114 J’ly 5 11334 Feb 1
519% J’ly 26 540% Jan 3
134 Oct 7 14 | Oct 18
lexas Pacilic Land Trust 83 Feb 8 96 May 13
1 1 ulon Bag A Paper___
6 J’ly 5
13% Jan 1U
U
Uo pret___________
52 % Dec 9
73 Jan 17
United Dry Goods C os..
96 Aug 2 122 Jan 3
Uo pret_____________
99 % Aug 2 113/j Jan 4
U S Cast 1 Pipe A Foundr 11 % J’ly 21 32 Jail 3
Uo pret_____________
49 J ’ I10 28
34 Jan 10
United States Express.. §93 % Dec 14 145 Jan 10
U S Realty A Improvom't 04% J’ly 26 84% Jan 4
U S Reduction A Kelln'ng
4 J’ne 27
11 Jau *4
Uo pret_____________
13 J’ly a
29 % Jail 3
United States Rubber—
27 J’l y -6
12 % Jan 3
116
% Jan 10
Uo 1st pret__________
99 J’ly 26
84 Jan 3
Uo 2d prof__________
59 2 J’iy 27
United States Steel_____ oils J’ly 26 31 Jan 3
Uo pret________ _____ uni" J’ly 26 125% Jan 3
dUtah Copper__ Oar 519 { 539% J’ne.JO $60% Jan 6
•17 Feb 3
66>8 Oct Ll
Virgin a-CaroHna Chcm._
Uo pret_____________ 117 J’ly 28 129*4 Jan 4
50 Sep 2 1
144 " Deo 1 7193 Jan
\\7 eils Fargo A Co____
5 1 J’ ly 26
78% Mch 4
estern Union T eieg..
Westlngh’seEl A.Vlfg assen 49 % J’ ly 26 82*2 Jan 3
Uo 1st nret___ ______ 11 . May , 13(1 Feb 24

28

2:30 % Sep

i7

xxxl

190 Jan
12% Feb
38 Feb
65 Feb
33 % Jan
95 % Jan
29 % Jau

s2 Jan
71" Feb
7 U" Feb
44 % Feb
1071" Feb
42 % Jail
os Jan
.205 Feb
6 % Feb
34 Feb
18% Jan
12 Feb
29 J«n
49 Feb
109% Feb
5*2 J iy
38 Nov
so Jan
7734 Feb
101 Jail
22 i Mch
95 Mch
34 % Feb
Il 538 Nov
118 Aov
125 Feb
00% Feb
26 Feb
03.% Jan
f 3734 Feb
I8I4 ili h
47 Feb
1 IS Jan
17 % Dec
23% Jan
25 % Men
9914 APr
29 Feb
21% Fet)
1 14*2 Feb
161" l'eb
73 % Fob
Jail
32% Feb
55 Mob
80 Feb
160% Feb
___

Highest
250

Nov

16^8 All i
57*? Nov
! 6 % No 9
60 Aug
103 Aug
40 '" Aug
18 Oct
15 ■Nov
86 J’ne
761" Nov
124% Aug

79 % Nov

107% Nov

3(H)

Dee

10 Sep
61 % Aug

42% Apr
20 J'nc
4734 J 'ne
69 % Aug

422 Aug
11 % J 'ue

59 Sep
9238 AUg
105% Nov
116% Aug
§285 N uv
105 May

00% Nov

1303S Sep
131 Apr
146% Sep
104 May
40 % Aug

10734 J'ue
$543f Dec
36 % Sep
09 % Sep
104% Dec
191" Deo
37 Nov
5134 Oct
111 Sep
53 Dec
91% Deo
165% Jail
26 % J'ue
931 •>J’ne
63 Deo
41 % Jau
95 % May
94 AUg
17234 AUg
____
118% Dec
109*4 J. ? 11 128 Dec
9 Oct
.r3S J y
27% Jail
i »34 J iy
19% Jan
9*2 M'-’b
0'j3j Aug
47 U Mch
33*2 bob
64 % Nov
821" Jau
91 Sep
J04 J’ne 113% Deo
79 Jan
95% Nov
n \ Deo
69*2 Jan
uGi0 J&11 120 Sep
130 Sep
118*" jau
l*25« Feb
30 % Dec
7114 Feb

94 ‘ AUg
11334 Aug

Feb
72 Jail
29% 1' eb
45 % Nov
1011" Jan
00% Dec
10 Apr
40 Feb
301" Feb
06 Feb
169 Jan

97 % Nov
87 % J’ne

10234 Apr
80

4;;:.. Nov

Oct
AUg
DCO
29% Nov
87% Deo
56 ‘ Aug
11134 Aug
200 Allg
u'% J iy
64
120
)03

32 % Mch
97 % Feb
16"s Feb
67 % Feb

110% J’iy

68 i’eb
107.% Feb
$33% Oct

1)4’s OCt
120 Sep
$49 Jau

541 Aug

100 AUg
49 % Sep

801" Feb
93 <s J iy
9 % Feb
15% J’ue
66 Jan
81 % J’na
115 Oct
125% Ueo
rl 09 Sep 114 Dec
35 % J'ue
243s Feb
70 itch
871- AUg
82 Feb §11L Ueo
64 Feb
57 Sep
171" J ne
10 Mch
24 Feb
39 % Aug
27 Feb
57% Aug
98 Jan
123% Aug
671" Feb
89 % Aug
41% Feb
04 % Oct
107 Feb 131 Oct
$30 % Feb i 07% Nov
40 % Feb
66 % Ucc
111 Jail
123 Ucc
57 Feb
30 J Jan 670 Deo
64 Feb
85 % Nov
1 1 Feb
90 Aug
11.) Mch 1 1 1 Sep

B A N K S A N D T R U S T C O M P A N IE S — B A N K E R S ' Q U O T A T IO N S .
Banks
Urooktyn
Broadway §
Brooklyn 1,.
Uoney Isl’df
First ______
Hiusldell...
Homes tcad§
ilanufac’ rs
Mechanics’1
Montauk . .
Nassau___

Eld

Ask

385

400
100
155
300
125
115

Banks
lirooklyn
Nat City__
North Side \
People's__
Prosp’ctPk’ i
Terminal 1|

Eld

Ask

Eld

295
180

145
111)
1015
280
120
300
465
162 )
213
290

1rust Co' j
.V Y City
B’ way l r ..
Carnegie . .
___ Central Tr..
Columbia . .
160
Commercial
90
E m p ire__
Kquit’blc Tr
harm Lo/c l
Fidelity__
315
F u 'to n ___
650

Ask

1 rust Co's
Guar'ty Tr.
Guardian Tr
H udson__
Knlckerb'Ur
Law T l&Tr
Lincoln Tr.
Madison__
Manhattan
Mercantile .
Metropott'n
Mutual . . . .
Mut At1nee

EUl

Ask

Trust Co's
NY Llfe&Tr
N Y Trust.
-Savoy.........
Standard Tr
I'HleUuA Tr
Tr Co of Am
Union lr .
US iltg& Tr
Unit States
A asuington
Westchestei
Windsor . .

Eld

Ask

1120
610
90
41)0
505
329
1275

1130
629
100
410
510
330
1300
485
1190

1 rust Co's
Eia Ask
Erookiyn
Brooklyn li 420 430
Citizens'__ 125
L35
Flatbush . . 200 220
Franklin__
290
210
___
Hamilton . . 270
280
H om e____ 103
110
1rust Co s
415
175
Kings Co . . 600
N Y City
230
245
L
1
st
L
&
Tr
uoo
310
300
- - . 150 As t o r ____ 310
Nassau___ 170
180
245
Bankers' T> 625
270
People's__ 295
310
159
160
queens Co. f 115
129
130
VVilllamsb'e ___ 100
*Bid vul a;ked prices: no sales on th.s day. 4 Loss ‘.nan 10 J snares t .-Jx-rlgats. DNew stocr c lix-div .m i rig in . i Now quoted dollars per share.
1Salr at Stock Excnange or at auctun tnis week
s l i took '.lvideal {jUinkj .uirkei with a para traps (fli are State banks.




280
159
158
150

118
112%
1025
285
130
310
472%
1640
217 %'

810
180
175
165
305
295
252 % 257 %
130
125
195
205
400
375
749
700
505
139
125
139
800

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jem. 11909, the Exchange methodof quoting bonds was changed, and prices are nowall—"and interest"—sxsipi for inooine anddefaulted bonds.
BONDS
BONDS
Pries
Week’s 3 * Range N. Y. STOCK
Week's
Price
Range
EXCHANGE
iYlday Range or
Since
N. T. STOCK EXCHANGE
Pridau
Range or
Since
January 1 W kkk Ending Dbg 23
Deo 23 Last bale
Dec U3
Dost bale
January J
W bbk E nding Deo 23
of Ga BB—{(ion)
Low High No Low High Cent
V. S. (ioveriimciil
!Did Ask Low High, A’0 Low High
Chatt lav pur mou g 4s. 1951 J-D 86
USDs oousol registered.<71930 !*J
t 100*4 Oct ’ ll
100*4 101*4
Ooog Sep *09
91
Mac Aj N orD ir ls t g 58.1940 J-J 103*4 . . . . 1047e J’ne 08
V S 2s oonsol coupon....rfll)30 •J
1 100*4 J'ne’ li
100*4 100*4
Mid Ga Aj AU DlV us___1947 J-J 104*8___ 115 Nor’Oo
U H3s registered............/cl'JlS -F 102
101*4 Nov’ H . . . 101*4 102*4
Mobile Div Is tg S s .......19*0 J-J 107 .... 110 Jan ’ 10
U S 3a coupon..................fcl918 -F 102
102*3 102 *i 1 101*4 103
no 110
0 b 3a oou small bonds../cl918 -F
102*3 102*3 Con BB Aj Hot Ga ool g 5s 1937 M-N 102 105 102*» N ov’ 10
lOl*, J’ly ’ K
1 02
103
0 S 4a registered...............1925 •F
115*4 Deo’ K
114*8 116*3 Cent of N J geu’ lgold o s .1987 J-J 122*8 122*3 122
122
120 125*8
Begistered................ A1987
114*3 115*4
0 8 4s coupon................... 1926 •F
a 116*3 Nov’ tl
1 2 1 *, 122*8 121*3 Deo’ 10
120*4 125
Am
Dock
A
j
Imp
gu
6
s..1921
100*8 Aug’ lC . . . . 100*8 100*8
0 8 Pan Can 10-30 yr 2s.fcl93U Q-N 100*3 .
108 N or’lO
?:J 108
107 109
De Aj Hud B gen tu g 5s 1920 j . j 101
Foreign (lovoriiHUMit
Dell Aj Wilks il Coal 5s.. 1912 M-N 100*3 101*3 100*3 Nov’ 10
100*3 101*8
16
Con
ext
guar
4*as....pl910
98
98
95*4 W*8
98«s
Argentine—Internal 5s of 1009 M-S t 98
Q-M
100 May’ 10
100 100*4
N Y Aj Dong Br gen g 4s 1941 M-S 0 9 ......... 99*% Deo ’ 10
Imperial Japanese Goveruui't.
98
99*8
96*4 39 94
06*3 Ceut Pacillo bee So Pacitic Co
Sterling loan 4*as..........1925 F-A J 95(» 95*< 93
60
95
96*3
93*3 967g CentVermont 1st gu g 4s.el920 Q-F 8 7
90
2d series 4*28 ...............1925 j . j J 95*4 » 6
871s Nov ’ 10
85
88*4
89
89*4 9 88*8 92*3 Clias Ajbar beeAtl Coast Dine
90
Sterling loan 4 s ............1931 J - J ♦ 89
103
103
3 101*4 104
Ches Aj Ohio gold Oa........al911 A-O 997g100>» 1 0 0 Nov’ 10
Re pub ol Cuba 5s exten debt.. M-S
100 101*8
96 76 9678 1 1195 07*3
Gen funding &impt 5s. 1929 J-J 103 106 103*3 103*4
San Paulo(llrazll) trustee 1919 J -J
102 105*3
97*4
97*4 1 95*3 99*4
1st oousol g os................ 1939 M-N 112*8 113*3 112*4 113
0 8 ol Mexico s 1 g 6s of 1899
110*3 114*4
15 92*3 97E
92 *3
93
Begistered................... 1939 M-N
112*3 Jan’ lu
Gold 4s of 1904...............19Q4
112*3 112*3
sts
ices
0
n
th
e
ba
of $5 to &. General gold 4*38 ............1992 M-S 101 101*3 101*4 101*3
tT
99 103*3
State and City Securities
Begistered................... 1 9 9 2 M-S
101'h J’ne’io
1017s 10178
101
*«
Sals
100*4
101
*
8
4
4
4
J00
101*6
Convertible
4
*38
...........
1930
N Y City—4U s................. 19ti0
89
95 *4
94*7,
F-A 94*« bait 94*4
99 'n 99*4 99*3
99*4 b‘2 96 100*^
Big bauuy 1st 4 s ............1944 J-D ........ 89**, 88
4% Corporate Stock....... i960
88
87
89
99*3 99*4 98*8
99*4 10 96*4 100*3
Coal Biv By 1st gu 4s ..1946 J-D 85*4 87
4% Corporate stock ....1968
8 u34 Nov ' 10
83
88*3
107*3
Sale
23
107*3
107*3
Craig
Valley
ls
t
g
5a_
_
194U
105*8 1097s
' New 4 Sjs........................1957
J-J 102*4 106 104 *3 Sep *10
104 1044
102D....... mat, Deo ’ 10
102*4 103 *i
Potts Creek Br 1st 4s.. 1940 J-J
New 4 >as........................1917
81
90
90 Jau’OV
107*3Sale 107*s 107-. 31 105*4
4*3% Corporate Stock ..1957
B Aj a div lstcon g 48..1989 J-J
no
95*8 90*-. 90*3 Doo’ iu
94**3 *99’ *
102 *4 Deo ’ 10
102 104
2d cousol g 48...............1989 J-J
4 V>/o assessmt bonds__ 1917
90
92 7s 9i aep ’ 10
90*8 93
99*3 tdP', 99 *3 99*4 28 96*4 100*3
4% Corporate Stock....1957
Warm bpr Vai 1st g u s..1941 M-S lo l *3
1 U*4 « U
104*, 104*» 3 101 ‘4 106*8
N Y SDite—Canal linpt 48.10(50
Greeubner By lstg u g is ’40 M-N 90*3 92
95 Oct ’ 1U
87*i *95**
lt/3*3J’ly'10 . . . . 103*3 103*3 Chic Aj Alt BB ref g 3a...1949 A-O 72 \ 73*-. 73 *3 Deo lo
So Carolina 4 -as 20-41/....... 1933
70
77
9 5 7g S a le
95 76 95 7s 1 94*4 96
Tenn new settlement 3 s ..1913
Uauway 1st lien 3 *38 ... 1960 J-J 70 71 70 71
68*4 76
88 Nov’ lu
Begistered................... I95u J-J
Virginia fund debt 2-3s...l99i
87
907s
75 Oct ’U9
45
42 *3 Sale 42
19 36
Ohio
Burl
A
j
y
—Deuv
D
4a
1922
(is deferred Brown Bros otls.
66
F-A 99*8........ 99*4 D ec’ iO
9 0 '8 i b o
Illinois DlV 3 *38.............1949 J-J
88*8 Salt 8 8
88*3
86*3 89*3
Uuiiroad
Begistered................... 1 9 4 9 J-J
80*4..... 88 b ep ’ lo
87*3 88
iaoamu
Cent
b
ee
So
By
Ills Div 4 s ..................... 1949 J-J 1 00 aule 9 »7s 100*8
98*3 l o l
A labaMnU tieeAt Coast Line
Iowa Div ouik fund 6s..1919 A-O 104*3..... 104*4 Dec’ lo
04*4 104*4
Albany «b Susa bee Del to llun
bulking luuu 4s............1919 A-O 99*8 100*3 99 *s Deo’ io
98 *3 loo
Aueglieuy Valley see Penn Bit
Nebraska r-xteusion 4a.1927 M-N 98*3 99
98*4
1'8*4
98 100*4
Begislereu................... 1927 M-N ..... 98*» 101 *8 Mar’oy
Alleg & West see Bun it & P
22 74
77*4 79
boumwosteru Div 4s___1921 M-S 99 ...
83*3
Ann Arbor ls t g 4s........A1995 (J-J
99
99
97**3 **9*9"
78*3
79
09 *8 134 97*3 101
Atcli X As S Fe—Gen g 48.1995 A-O 99»« Sale 98*4
J oiut bonds bee Great North
Debenture 6 3 ..................1913 M-N 101*8 102*4 101*8 101*,
98*8
98*8 5 98 100
Registered...................... 1995 A-0
100*3 102*8
9,
91
91
91
Sale
General 4s................... 1958 M-S 97 *4 sale 97 *s 97*8
88
95
Adjustment g 4s......... A1995 Nov
96*4 100
92 Jan’ 10
92
92
Itogiatered................ /tl995 Nov
Han Aj bt Jos cousoiOs ..1911 M-S 100*4 1 0 0 ^ 100 -3 Dee ’ 10
100*3 102
94*4 I ucAj E 111ref a imp g as 1 9 5 5 J-J
91*4 31 89
Stamped.....................Iil995 M-N 91 *s Sale 01*8
82
83
83
83
81
86‘e
105*3 105*3 42105 117
Conv4s issue of 1909... 1965 J-D
1st cousol g Os.............1934 A-O 123*4 129 121 J’ly ’ iu
21 127
(Jouv g 4s........................1955 J-D 104->4 sate 104*4 105-3 87 LOO 1227b
General ooasoi 1st os.... 1937 M-N 103s* 110 109*6 Deo'10
108*8 113
102*4 1(5 98 104*4
Begistered................... 1937 M-N
114 Muy’uu
Couv 4s (issue of 1910).1000 J-D 1 02 Bale 102
Chic Aj inu U By 1st os. 11*30 J-J 109 111 110 O ct’ lo
10-year conv g 5 s ........1917 J-l> 1083s 1087i 108*4 10H78 97 lU4*4 122*8
n o 112
99 ........ 087e Jan ’ in
987e 98 7b ililcago Aj Erie bee Erie
Deooniures 4s Series J . 1012 F A
98*3 98-.
Series K.......................1013 F-A 98*8....... 98*3 Fob’ 10
M-S 84 7» bale 84*4 85 *s
84
87*3
9ti*3 5 96*4 97*4
90*4........ 96*3
East Okla Div 1st g 4 s..1028 M-S
J -u 1-6*4 127*3 126 O ct’ lo
24*8129*3
94 D eo'lo __ 92
114 Dec’ uy
BelumUug gold 6s..........1947 J-J 107*8...
94*4
Short Dine 1st 4s g ........105a J-J
Douisv
N
A
A
j
Oh
1st
Os.1910
1
00
J’ne'io
J-J
8 t e Pres <b Ph 1st g 5s.1042 Al-S 109*3110 1 07 *3 J’iy 'lo — 107*3 109*3
100 100*4
92 Dee’ 10
92
94
J-J *9i *3 ...
,Atl Knox As N bee L &N
94
S 92
j .j
96 78
102*4 102*8 102*6 Dee’ 10
IAtlantic Coast 1st g 4S.A1962 M-S 94 Sale 94
102*8 103*3
l
o
?
7
*
......
.
109
Sep
’09
General g 4s series A..el939 J.J
Ala Mid 1st gu gold 5s ..1928 A1-N
99
99*3 99 *8 99 v
98
100*3
94*«...... . 94*8 Nov’ 10 . . . . 94*8 94*8
103 *3 Oct '08
Bruns Ai W 1st gu g 4s .. 1938 J-J
Begistered................. <;i9a0
| CharlesAh Sav ls t g 7s.. 193(5 J-J 131 ...... .
88 *8 bait 88*6 83*s
General g 3 *33 series B.aloo9
86*8 89
93 226 89
95*3
L Ah N Coll g 48.............01952 M-N 9 23, ^aie 92*4
25-yr douen 4s ............... 1934
92*4 92
92*3
93
91*3 93*4
124*8 Deo’10 __ 124*8 124*8
SavFAi W 1st gold (is.. 1934 A -O
Chic Aj D bu Div g 6s__ 1921
lU0*4 ..... 107*4 Mar' 10
107*4 108
112
Max’ 10 __ 112 112
1st gold 5s................... 1934 A -O
Chic Aj Mo B iv Div 5s...1920
108 ...... 108 *3 Get ’ 10
07 110*4
95
J’iy
’
10
J-J
Sil Sp Oca A) G gu g 4s ..1918
96
97 >3
OhicAj P W ls t g 5 s ....... 1921
100 *s 107 100*3 uee’ 10
106»» 108*4
iAtlantic As Dan v see South By
Dak Aj Gt bo g 6s............1910
103*3 104*6 103 ‘s O ct’ 10
102*3 103*8
; Austin Ah N W H
eeSou Pacihc
Far Aj bou assu g Os....... 1924
110*4........ 110*4May’ltl
t<0*4 116*4
92\ Sale 92*4
92*4 32 90
93
AhOhio prior 1g 3 >38.1926 J-J
DaCrosse Aj D 1st 5s___ 1919 J-J 105*8........ 105*6 Dec’ 10
104-3 106
B altBoglstered..............
90
yi* 91*4 Oct '09
A1925 li-J
Wis Aj Minn Div g os___ 1921 J-J 100*8..... 105*4 Aug’10
(05*3 108
99*4 51 97*4 100*4
MU Ah No lsl cons Os___ 1913 J-D 103 7s - ...... 1U3*S Aug’ lu
Gold 4s......................... /tl948 A-O 98*3 Sait 98*3
03*8 105*3
96*3Nov’ 10 -TVT 96
90*8
Extended 4*as.............1913 J-D 100 100*3
Beglsterod................ A1948 U-J ........ 97
............................
O-F 1 1 0 *3 1 * 2 110*3 110*4
' Pitts Juno 1st gold (5s... 1922 J -J 111*4...... 120 Get ’Ol
110*3 113
....
87*4
Dec
’
10
87*4
88*4
F-A
Extension 4s........1880-1926
87*4 SO*s
D ec’ lo
P J iuiAi M Div ls tg 3 *a8l92o M-N
96*3 101
99*4 ------ 99*4
93
95*8J’l y ’ 10
91 '8 4 89
Begistered..........1880-1920 F-A ♦96*4 29
PLEAs W VaSysref 4sl941 M-N 9 l'b Sale 91*3
95*8 95*8
90 »8 Sale 90*3
91
35; 89
92*4
88 I 72
General gold 3*33 ............19a7 M-N 8 8 Sale 88
87
yo
Southw Div 1st g 3 *3 8 ... 1925 J-J
8 8 * 4 ........ ] 89 *3 Apr’ 10 ...J 89*3 90*3
Bogiatored................ A1925 IpJ
Begistered................j>1987 (J-F . .. . 87*4 93 *s Apr ’09 ....
110*4 Sop 'lo l.... 110*8 111*4
103 103
Oen Ohio It 1st cg4*3S..193U M-S 1U0 ...... 103 Mar’ 10
burking luud Os...1879-1929 A-O 112
110
6 109 113*3
11 Cl Dor Ah VVcon 1st g 6s 1933 A-O 110 bale 110
Begistered......... 1879-1929 A-O f l y ....... lll*4.\uv’UJ___
Motion Blv 1st gu g 6s..1919 F-A lol^a...... 10678 Feb’07
bulking tunil 5s...l879-1929'A-0 105*3 108 j105*4 105*4 4 105 1119*3
Ohio River BB 1st g 6s. 1930 J-D 1U9 *4 ...... 112 Deo’09
Begistered......... 1879-1929 A-O 104 1 ........106 M a r io ___ loO 106
General gold 5s............1937 A -O 1 03 n o 112 Nov’09
Debenture 5s.................192l|A-0 106 107*3 106
loO | 11 105 107
...... liO'a Mar’ 04
, Pitts CloyAh'Pol 1st g (is 1922 A-O i n
Begistered................... 1921 A-O
........106*3 FeO’ iO ___ 106*3 106*a
98*3 Sep ’09
9(5*3......
Pitts West 1st g 4s...1917 J-J
Sinking luud ueb us...... 1933'M-N »ib*6*’ ........109 Sep’ 1 0 .... t09 111*3
Stat is! By 1st gu g 4 *33 1943 J-D 80 ...... 100 Nov’04
Begistered................... 1933 M-N
....... 109 J iy ’ 0 8 1___
Beeoh Creek bee N Y O Ah U
MU D b As West 1st g Os 1921 M-S il4*i 115*3 116 . Dee ’ 1 0 __ 114*8 117*4
Bollov Ah Car bee Illinois Gem
Ext As Imp s tuud g 5s 1929 F-A 1 09 ........ 109 Nuv’ 10___ 109 112*4
Bklyn * .llontauk bee Doug 1
Ashland Div 1st g Os..1926 M-S 117 13 ........142*3 1?tu ’u 2 ___
Bruns * West bee Atl Coast D
Mich Div ls t g Os........1924 J - J 117*4........ 118*4 Nov’ 1 0 ___ 118*4 118*4
Bultalo N Y <S> Erie bee Erie
Incom es...................... 1911 M-N 100*3 ........ 103*3 tnay’UO__
I16»a J’ly ’ io
Bullalo B Ah P gen g 6s...1937 M-S
1137* 116*3 lno Bock lsl Aj Pac Os...1917 J-J 109*6 ........ 109*8 Dee’ 1 0 __ 109*3 112
Consol 4*38 .................... 1957 M-N 107 109 108‘s Deo’ io . . . . 106 109 *8
Begistered................... 1917; J - J 108 110*8 109 Aug’ 1 0 .... 109 109
99*8
97
97 *3 97*4
o7 V 1U 94*3 99
All Ah West 1st g 4s gu..i998 A-O 90‘s ...... 90 Aug’ 10 __ 90
General gold 4s.............. 1988; J-J
1
01 As Mali 1st gu g os__ 1943 J-J 108*«...... 103 J’ly ’08
Begistered........1.11111x955' J-J ........ 97*4 98J4 Feb’ i o __ 98*4 98*4
Uocli A) Pitts 1st g (is...1921 F-A 116*3 118 115 J’iie'10
115 117
92
89*3 85 80
Belauding g 4 s ............ 1934 A-O
89*6 S*h* 89*4
.
.
.
j
J-D
......
llti
Consol 1st g (is............1922
110*4 110*4
116*4 Sop ’10
Coll trust Series J 4s. ...1912 M-N 98 *3 ...... 9? *8J’ly ’ io .... 97*8 97*8
Ball Aj Susq 1st ret g 4s.<11951 J-J ........ 73
72 Mar’ 10
72
72
90
96 I 1 94*3 yo
M rs............................. 1915 M-N 9 5 * 4 ----Bur C B Aj N bee U H U P
94 Dec’09'___
N 4s..............................1916 M-N 95 ......
103'* 103U
So 1st out O s............1913 J-J
102*3 10d»8
O 4s.............................. 1917 M-N 94 ....... 94*4 Muy’ 10 .... 94*4 94*3
Clan
1 100*8 101*4
'2d 5s..............................1913 M-S 100*3 lOl-l, 10078 10078 7
93 *3Aug’0 9 __
P 4s..............................1918 M-N 93*4 95
Registered................... 1913 M-S
100*u 100*3 2 100*3 100-3
<3*3 372 00 78 83 7a
Chic I t U Pac BB 4s..2002 M-N 73 Sale 73
C&rb As Shawn bee 111 Cent
Begistered..................2002 M N .................. 70*4 Muy’ lo .... 76*4 80*6
1
Carolina Cent Aeeboab Air D
B XAikAjDouls 1st 4*38 1934 M-S ........ 93*4 94 Nov 1 0 __ y j
96
Carthage Ah Ad bee N Y O Aj 11
Bur U U Aj .N— lstg 6a.l9u4 A-U 1 1 1
112 111 DeO’ lO __ 110 114*3
Cod B fa F Aj N bee B C B AjN
Begistered................1934 A-O ..................120*3 .>iai’l»3___
Con Brancn By beeMo Pao
CBIFifc N W 1stguus.1921 A-O 101*4....... 105*4 Oct '1 0 ___ 05*4 iod"‘
109*8 113 *3
Cent ol Gu BB 1st g 6s..pl9-l6 F-A 111*3.... 109*8 Oct ’ 10
M Aj bt D 1st gu g 7S..1927 J -D ........................ ........ . . __
Consol gold 5s................ 1945 M-N 100*3 108 107*4 107*8 i i 103*4 109
Clloo Ok A* G geu g os .01919 J-J ........103 *8 104 J la y 'lo___ 104 104
Begistered................... 1945 M-N
Consol gold 6s.............1952 M-N' ‘1 08 "n'o" 107*4
~ D ec’ 10 .... 107*3 no
101 385 82 100
1st pref income g 6s....pl945 Oct 101 Sale 99
KeokJfc DesM 1st os___1923 A-O 100*1103 1 00
lou | 1 00 104
91 *3 D ec110
84
91*3 line bt d Aj N u bee 111 Cent 1
Stamped .............................
1
100 101
2u prei income g 5s___pl946 Oct
lino bt D Aj Pitta beePenn Co
99 *3 sale 99*3 101 682 75 101
2d pi el income g 5s stamped
99*3100 88*6 Nov’ 10 __J 75 88*8 Jhio bt P M A; U con 6s...1930 J-D 124 *a Sale 124*3 124*,
123 127*4
3u prof income g 5s....ply-15
Cons 6s reduced to 3 *3 3 .1 9 3 0 J-D 85 ........ 93 Dec ’03.
98*3 99*i 97*4 loo 369 75 100
3d prof inoomo g 5s stamped.
85 *8Oct ’ 10 ...J 80
86

n

ti

iHlMIKlJiANKObS BONDS—Continued on Next Page.
Street Hailway
Brooklyn Bap Tr g 5s...... 1946 A-O
1st refund conv g 4s__ 2002 J.J
BkCity lstcon 6s. 1916.1941 J.J
Bk y Co A>b con gu g 6s.1941 M-N
Bklyn Cu El ls t g 4-6s.l960 F-A
Stamped guar 4-5S....1950 F-A
Kings Co El ls t g 4s___1949 F-A
stamped guar 4 s ........1949 F-A
Nassau Elec gu g 4s ....195] J-J
Conn By<6 DlstAirofg4*3S’51 J.J
• Stamped guar 4 * 3 8 ........ 1951 J-J
Det United lstcon g 4*38.1932 J-J
Havana Elec cousol g 6s. 1952 F-A
Inter-Met coll 4*38 ............195(5 A-O
Inter Bap T 3-yr conv 6 s. 1911 M-N
4 3 -year 5s Scries A ...... 1952 M-N
Internal Trac coll tr 4 s..1949 J-J
Manila Eleo 1st A: coll 5s. 1963 M-S
♦No prlco Friday; latest this week.




Street R ailw ay
78*8
103*3 ,f , 3 1 0 1 % 105
Met St By gen col tr g 5s.1997 F-A 78*8 Sale 774,
103
83*t 12 (5 79*4 87
48*4
Ref g 4s..........................2002 A-O ♦47*3 49*3 48
82*6
1 1 0 0 ^ 104
103
103
BwayAi 7th A v lsto g 5 s 1943 J-D 101*3 1 02 101*4 Dec’ lo
Colds 9th Av let g u g 68.1993 M-S 98*3 100
98 Doc’ 10
97*3 99
9 8 -4
98-,
4 99 103
101*6
LOI
Dex Av Ai P F lstg u g us 1993 M-S 97*6 100
93*8 Nov ’ 10
59*4
101*3 Nov’ 10 . . .
Third Ave BB con gu 4s 2000 J-J ♦67*4....... 59
99 7« 103
o8 34 Si)1* Ot)
6 0 a4
84*4 Dec’ lo
CentTr Co certfs stmpd...
82*4 85
fc
85 >3
84
80
Third Ave By 1st g 6 s.. 1937 J-J 107*8....... 107 *3 103
84*3
78
1 76
82
78
N Orl By * Dt gen 4*33 ..1936 J-J ....... 85*4 3178 Oct ’ 10
1 0 2 ‘aMar'It . . . 102 *« 1 0 2 *t St Jos ByDtH &P ls tg o s ’ 'J7 M-N ........ 99
98 N'ov’Of
100*6 101*8 101*4 Aug’ ll1
bt Paul City Cab con g 5s.l937 J -J 104 ....... 107 Dec *09
100*3 102
......... 81
<9*6 6 79
79*8
98 >4
9882*6 Tri-City By &Dt ls t s f 58.1923 A-O 98*4 98
........ 94*i 95*4 Nov’ 10
yy »4 98 Apr’ub
95*3 Underground of Lon 6 s ... 1920 M-N 95
93
80 Sale
83 l<
89*4 ..
79*^
8 0 *k 53 i 77
4*38................................ 1933 J-J
89*4
89*4
100 *3sale 100*3 100*3 ‘2 100*4 104
37*t 38*4 37 7e
Income 6 s ......................1948
37 78
103*4 Sale 103*4 1U376 .07 100 104
Union El (Chic) 1st g o s..1945 A-O ........1 0 0
84 Oct ’08
67 *8 Mar’ 1(,
67>« 67*e United Rys St L 1st g 4s. 1934 J-J ......... 8 I 7, 80 Aug’ lh
98 May’OO
United RBs San F rsf 4 s.1927 A-O 6 6
69
66
Dec ’ 10
rl Dun Anr eDuoMay «Dne.T’ne FDiieJ'ly fcDueAug oDne Got pD ueX ov
103 *3 Sale
82 78 bale
10 2 *3 103
........ 99
101 1 02
109
84
84*3
84
80*4
78*4
........ 102 7a

13 74*4 82*4
3 46
64
98*3 102*3
1 96 102
96*3 99
6 l 57*4 69*3
55
63*8
88
It 105*3 108 7s
84 7a 87
ii

96

99

83
89*4
5 31*a 40

4

_

TI. ____

r.

79*3 83
65
74
sOption Sal*
...

Price
tYidav
Deo 23

B ON DS
N. Y. STOCK E X C H A N G E
w kkk E nding d k g 23

lVee/t’s
Last Sale

Range
Since
January 1

R en ee tr

Hitt
ask Lou
High JYo Low H igh
Ohio St P M & O—<X’on)
J ’l y ’ 1 0 ... 123 127
Ch St P A Minn le t g 6 s 1918 M-N 122% .........123
N or W isconsin 1st 6 s..*1930 J-J 122% 127 4 120%M ay’09 ...
St P A S City 1st g 6 s ...1919 A-O 112 ........ 1112% D eo’ 10 — 111% 114%
1084H 2
10U llu 4 1 1 0 D e c ’ 10
C lu e * W est ln d gen g 6s 91032
88
93 4
9 1 4 934 92
92%
Consol 50-year 4s........... 1952
Clue A W Alich see Pere Marn
Choc O A Gull See C K 1 & P
113 O c t '00
Cln H A D 2d gold 4 4 3 .-1 9 3 7 J-J
101 108
105
i Cln h & 1 1st gu g 5 s ...1941 M -N 103%106 106
C Find A Ft W ls t g a 4 s g .’ 23 M-N
86% Oct ’ 10
84
88
85 874
Cln 1 * W 1st gu g 48.1953 J-J
101%107
! Ind Dec A W 1st g 5 s . ..1935 J-J 101 104 102 S e p ’ 10
107 4 Dec 02
1st guar gold 5s........... 1935 J-J
C lS t L A C A eaO O C A S tL
Oln S A O See C G O St b
Olearlield & Mali See is U & P
94 Sale
93
94
9 0 4 96 4
,Clev Cm C A s t L gen g 4s 1993 J-D
934 Dec’ 10
9 3 4 .......
9 3 4 9 34
i Cairo O iv 1st gold 4 s . ...1939 J-J
S3 .......
90
94 4
93 4
96 4
i Cln W * M Div 1st g 4s. 1991 J-J
92 4
93 4
93 4 Salt
89% 96%
; 8t L D iv 1st col tr g 4 s ..1990 M-N
91
Oct
'07
90
93
!
.Registered..................... 1990 M-N
90 1004 96 Dec’09
! 8pr * Col 1)1v 1st g 4 s..1940 M-8
90
9 14
9 1 4 Sale
914
9 14
j W W Val Dlv 1st g 4 s ...1940 J-J
105 4 1054
, 0 1 St L * C consol 6 s..1920 M-N 105 4 ........ 1064 Feb ’ 10
97 4 ........ 964 D ec’ 10
9 6 4 0 84
1st gold 4s.............
fcl030 Q-Jt
96
98
93% 97% 96 Aeg’ 10
i
R egistered.............. /d 0 3 6
103 108
105% ......... 108 Oct '10
; Cln S * C lean 1st g 5 s ..1928
106% ......... 1094 Deo’ 09
O C C & l con sol7s......... 1914
!
Consol sink tu n d 7 s,...1 91 4 J-D
l£64Deo’10
110 1254
!
G en eralconsolgold0e.l034 J-J 126 4 .
(
Registered................. 1934 J-J
94 J ’ l y ’Od
I ln d Rl * W 1st pret 48.1940 A-O
i O lnd A W 1st pf 5s...i(1038 Q-J
90% 91
90
N ov.’ 10
94 4
I Peo A East 1st con 4 s .—1940 A -O
67
08
68
D o o ’ 10
67
Incom e 4s...................... 1990 ,\l»r
Clev A Marietta See Penn RR
Clev <6 Pitts See Penn Co
08
69
08 D eo’ 10
65
81%
Col Midland 1st g 4s.........1947 J -J
96
S a le
93
97%
954
98
Ooloradj & Sou 1st g 4 s .—1029 F-A
97
4
sale
9
4
4
90
M-N
97
4
97%
Rotund A ext 4 4 s .........1935
113
1114114
Ji t W & Den C 1st g 6 s..1921 J-D 113 Salt 113
Colum A Greonv See So R y
Col A H ock Val See HocK Val
Col & Tol See H ock Val
Col Conn * Term See N A W
Conn A Pas Rlvs 1st g 48.1943 A-O
100 100
9 9 % ......... 100 May’ 10
Cuba lilt 1st 50-yr 5 C ....1952 J -J
ak A Gt So a e s C M A S t P
alias A Waeo See M K A '1
Del Lack A Western—
10341114
; Morris A Essex 1st 7 s ... 1914 M-N 1 08 % ........ 1084 Oct ’ 10
1114 114%
1st consol guar 7s........1916 J-D 111% 112 4 111% Dee’ io
127 J ’ne’05
Registered................. 1915 J-D
91 ......... 94 Sep ’09
! 1st ret gu g 3 4 s .............2000 J -D
113 118%
N V U ick A W 1st 68— 1921 J-J 115 117 11 8% N ov’ 10
106 1 104
I Construction 6s.............1023 JT-A 1 0 7 4 .......... 106 U c t ’ 10
97% 101
9 8 4 ......... 98 4 D ec 10
1 Term A improve 4s____ 1923 M-N
86 ........ 102 4 £ on '03
W arren 1st ret g u g 8 4 s .2000 F-A
120 120%
Del A H ud 1st Pa Dlv 7 s .1017 M-S 117 120 120 O c t ’ 10
i Registered.......................1917 M-S 115%118 149 Aug’01
98 4 38 90 4 10 9
98% Sale 98%
10-yrcon v deb 4s.......... 1916 J-D
100 103
1st lien equip g 4 4 s ___1922 J -J 101 101% 101 D eo’ lo
99%
Saue
99%
1
004
9641004
M-N
1st A rot 4 s .......................1943
93
91
074
93
9 44 93
A.lb A Hus con v 3 4 s ....... 1946 A-O
123 4 S e p ’ 10
1 23 4 1 3 0 4
Hens A Saratoga Ist7 s.l9 2 1 M-N 123 % ...
Del Riv UR Rridgo See Pa RR
92% 97%
93 Sale 93
934
Denv A K Gr 1st con g 4S.1036 J-J
1 0 l% 1 0 4 4
Consol gold 4 4 s .............. 1936 J-J l o t 102 4 l o l 4 D e c’ lo
101) 105
Im provement gold 6 s ...1928 J-l) 101 % sale 100 4 i o i %
89
9 44
89% sale
ay 4
oo
1st A retunding 6s........ 1955 F-A
98 F e b ’08
Rio Gr J uuo 1st gu g 6 s .1939 J-D ........ 105
78 Dec >09
Rio Gr So 1st gold 4s. ..1940 J-J ........ 66
85 Mar’ 08
Guaranteed................... 1940 J-J
00
91
87% 9 4 4
904
904
Ulo Gr W est 1st g 4s___1939 J -J
83
83% 84
85
83 4
4
M ge and col trust 1mA . 1049 A 0
97 J a n ’t>2
U ta h C e u tls tg u g 4 s al917 A-O
Des Moi A Ft D see M A St L
110
S
e
p
’04
D esM ol U n ity 1st g 6 s „1 9 1 7 M-N
94
97%
Dot A M ack 1st lien g 4s. 1005 J-D " 93" ...... 94 Sep To
91
88
89 D e e ’ 10
8 8 4 90
Gold 4s............................... 1995 J-D
72
74
74 C o t ’ 10
79
Det So—O S Dlv 1st g 4s. 1941 M-S
100 111
D ai A Iron Range 1st 5 s ..1937 A-O 108% Sole 1084 108%
106 4 MaPoo
Registered........................ 1937 A-O
2 d '6 s..................................1916 J-J
Dal Short Line Set N or Pao
1064 1084
D al So Shore A A tl g 5 s..1937 J-J 1064109% 1084 108^
^astot Minn A M S tP M A M
Jast Ten Va A Ua See So Ry
1 084 1084
Elgin J o l * East 1st g 6 s .194 M-N 1 0 8 % .... 1 0 8 4 *«ov’ 10
Elm Cort A N o See Leh A N Y
1184 1224
Erie 1st consol gold 7 s ....1920 M-S 119 120 1204 1204
106 100
98 . . . . 100 J ’ne’ le
N Y A E rie 1st ext g 4s 1947 M-N
1044 106%
2d ext gold 5s............... 1919 M-S 103 4 ........ 104 4 O o t ’ 10
10041034
1004 De*’ 10
3d ex t gold 4 4 s ............1923 M- 8 1 0 1 4 ..
106 4 Jan ’ 10
1064 1004
4th ext gold 6s..............1920 A-O 103 4 . .
90% 99%
93 . .
99% Feb’ lO
5th oxt gold 4s..............1928 J-D
118 118
N Y L E A W 1st g Id 78.1920 M-S ........ 119 4 118 Oct TO
85 Halo 84
85
25 80 % 8 7 4
Erie le t con g 4s p rio r..1996 J - J
R egistered................. 1990 J-J ........ »3% 81 4 N ov’09
07
70%
7 4 4 7 6 4 74 4
76 4
1st consol gen lien g 4 sl9 9 6 J-J
8 6 4 F eb’07
I
Registered
1990 J-J
8
3
4
874
864
86
%
8
6
4
8
6
4
Penn coll tr g 4s.........1951 F-A
64
83
72
73
73
7 34'
60-year conv 4i A ___1963 A-O
60
734
69
69%1
69 4 Sale
do
Series B.1053 A-O
110 113%
- B uflN Y A Erie 1st 7 s ..1910 J-D 1 094113 110 Deo TO]
110 115
Chic A Erie 1st gold 5 s ..1982 M-N 1 1 1 4 1 1 1 % 1114 1 U 4
; Clev A Mahon Val g6s.lU 38 J-J 1 11 4 ..... 121 D eo’Ob
120 127
Long D ock consol g 6 s..1935 A-O 122% ___ 124 4 D eo’ lo;
114 114
Coal A R R 1st cur gu 6s. 1922 M-N 1 0 4 4 1 0 8 114 A pr TO:
Dock A Im p 1st cur 6 s..1913 J -J 100% ___ 1034 Get ’09'
9 94 1034
9 9 4 N ov’ lO
994 ....
N '£ A Green L gu g 6S.1946 M-N
99 104 4
N V Sus A W 1st ret 6s.l937 J •J 100% 103 101 D eo’ 10
1004 Deo *06;
2d gold 4 4 s ............................1937F-A
89
93
80
87 4 89 J’ ne’ lO;
General gold 6s.............1940 F-A
108 110 4
1104 N ov’ 10
;
T e r m in a ils tg o ld 6 s ...1943 M-N
M id Of N J 1st ext 5« 1940 A O 1 1 0 4 ........
99
1 0 0 4 ! 12| 9 8 4 1 0 1 4
W ilK A Ea 1st g u g o s ... 1942 J-D 1004 sale
E v A ln d 1st con g u g 6 s ..l 9 2 6 'J -J 110 ........ 1 1 4 O o t ’ O U .

h
J-D

D

I

lU lM C E L L A N K O ir s
(In s a n d E le c t r ic L ig h t
A t l a n t a G L C o l s t g 5 S ...1 9 4 7
B k l y n If G a s 1 s t c o n g 6 s . 1 9 4 5
B u t la lo G a s 1 s t g 6 s .............1 9 4 7
C o lu m b u s G a s 1 st g 5 s ....1 9 3 2
D e t r o i t C it y G a s g o s ...........1 9 2 3
D e l G as C o co n 1st g 6 s . .. l 9 l »
E q G L N 17 1 s t c o n g 6 s . . 1 93 2
U a » A E l e c B e r g C o c g 6 s . 19 to
U r R a p G L C o 1 s t g 6 S ...1 9 1 6
H u d s o n C o G a s 1 s t g o s . . 1949
K a n C it y ( M o ) G a s l e t g 5 s 1 92 2
K i n g s C o E l L A P g o s . . . 1937
; P u r c h a s e m o n e y 0 s .......... 1 0 9 7
’ E d E l 11 B k n l s t c o n g 4 s 1 9 3 9
L ao G as L o t B t L ls t g 6 s .e l9 1 9
: R e t a n d e x t 1 s t g 5 s .........1 9 3 4
M U w a u k e e G as L 1st 4 s . .1 9 3 7
N e w a r k C o n G as g 6 s . . . . 1948

J-D
M-N
AO
J-J
J-J
F-A
M-S
J-D
F-A
M-N
A-O
A-O
A-O
J-J
y -F
AO
M-N
J-D

102

.
106 Sale
59% 65

led
io o
00% Sop TO

2 105

100^ io o ^ 100% D e o ’ 10
96% Sep ’08
100 .

100

105

_

Price
f'ridav
Deo 23

Rid

Week's
Range or
Last Sale

O'

AstiDow Rig*

Range

Since
January 1
ILow High

E r i e A P t t t s See P e n n C o
,
Dec ‘OV
E v a n s A T H 1 s t c o n s 6 3 . 1 9 2 1 J-l, 110 ........!ll 5
lOl’ *s|1014 N ov’ 10 . . . . ( ’1 01 1 0 2 4
1 st g e n e r a l g o ld 6 s ...........1 94 2 A -O : 101
" ‘ a pr ’06
114
M l V e r n o n 1 s t g o ld 6 S . .1 9 2 3 A -O 104 112
96 J’ne’08
95
S o i l C o B r a n c h 1 s t g 5 S .1 9 3 0 A - o
L ’ a r g o A S o See O h M A S t P '
l lin t A P o r e M
See P e r o M a r
F la C A P e n m See S e a A i r L in a
Aug’ 10
80
8 8 4 02
F o r t S t U D O o 1st g 4 4 a . 1941 J -J
S ep ’ i o
84
87
80
F t W A R i o G r 1 s t g 4 s . . . 1 9 2 8 J -J
844
I ' al H ar A S A
See S o F a c Col
97
J ’ l y ’ 09
90 100
V Y a l H A H 0 1 1 8 8 2 1 s t 6 s . 1 9 1 3 A -O
G e o r g i a A A l a See s e a A L i n e
G a C a r A N o r See S e a A L m e
G e o r g i a P a c it lo See S o H y
G ila V G A N o r See S o P a o C o
G o u v A O sv re a a t See N I C e n t
G r a n d R a p A l n d see P e n n U R
G r a y ’ s P t T e r m See Ht L S W
954
96% 3 2 0 9 4 4 9 7 %
98% Sale
G t N o r —O RA Q c o l l t r 4 s 192 1 J - J
95%
95% 18 9 4 % 9 0 %
95% Sale
R e g is t e r e d . A ...................... 1 9 2 1 Q - J
93
100
99 D e c ’ 10
98
99
S t P a u l M A M an 4 * ....1 9 3 3 J -J
1 23 % ........ 128 Dec TO . . . . " 1 2 6 % 1 2 8 %
1 s t o o n s o l g o l d 6 s .......... 1 9 3 3 J - J
182 A p r’09
R e g i s t e r e d .................... 1 9 3 3 J-J
R e d u c e d t o g o ld 4 4 s 1 9 3 3 J - J i ‘04‘ % io e * ‘ 100 D eo’ lo " " 1 0 3 % i*07%
108% J ’ne’09
R e g i s t e r e d ................ 1 9 3 3 ! J - J
9 5 % ........ 98% Nov’ 10: ■ '" . ■ y ' 7 '% i o ( j %
M o n t e x t l s t g o i d - i s . . 1 3 3 7 J -D
100% Oct 1)6
R e g i s t e r e d .....................1 9 3 7 J -D
'I 09% 99%
99% Jan T o
9 5% .
E M l n n N o r D l v l s t %4 a l 0 4 3 A -O
114 ... .... l U s N o v ’ lO . . . . ‘113 114 4
M in n U n io n 1 s t g 6 s . . 1 9 2 2 J - J
125 129
126% N ov’ 10
120% ...
M o n t C 1 s t g u g 0 a ___ 1 9 3 7 J - J
136% May'OO
R e g i s t e r e d . .................. 1 9 3 7 ! J - J
l j UO 113%
1 s t g u a r g o l d 5 s ........ l » 3 7 i J - J
1 1 1 4 1 1 2 4 1124 1124
|116 J ’ne’oo
W i ll A S F 1 s t g o ld 5 s 1 9 3 8 J -D 112 %
G r e e n b r ie r R y See C h oa A O
87
04%
89 D eo’ 10
89 4 93
G u lf A S X 1 s t r e f A t u 5 s 0 1 9 5 2 J *J
a n A S t J o See 0 B A (J
o u s a t o m o See N Y N H A R
36
09% 104
102%
1 0 2 % S a le 1 024
H ook V al 1 st con sol g 4 4 s - 1999 J -J
1004 S e p ’ 08
R e g is t e r e d .............................1 9 9 9 J - J
93 D e o ’ lo
93
95 4
94% .
C o l A H V 1 s t e x t g 4 s . . 1 9 4 8 A -O
99%
F
e
b
'09
93% ,
C o l A T o l 1 s t o x 4 s ....... 1 9 5 5 ,F - A
H o u s t R A W T e x See B o P ool
U o n s t A T e x C e n fis s S o P a c O o
104 J ’ne’ 10
104 105%
I IB n o is C e n t r a l 1 s t g 4 s . . l 9 5 l ' J-J
107% A p :’ 07
i . R e g i s t e r e d ........................ 1 9 5 1 J-J

H

01
89 4 ‘ o T ’
89 4 ........ 91
94 Sep ’09
Registered....................195li J-J
93 4 May’09
Extended 1st g 3 4 s ....... 1951 A-O
87 4 .
80
J
’l
y
’
09
1st gold 3s sterling........ 1951 M-S
09% D e o ’ 10
99 100%
9 7 % ....
CoU Trust gold 4s..........1962 A-O
99 J ’ne’oo
Registered....................1962 A-O *97 .. ..
97% D eo’ io
90
90%
1st ret 4 s .........................1965 M-N
90
98
97 % 100%
L N O A T ox gold 4s ...1 9 6 3 M-N
93 4 99 4 99% D oe’ io
96 N ov’ lO
90
90
Registered.....................1953 M-N ......... 96
95
90 loo Apr’09
Cairo Bridge gold 4s___1960 J-D
87%MayTU
87 4 8 8 4
8 4 4 87
liOuisvDivATerm g3 4 e.l9 6 3 J - J
123 M.ay’99
Middle D iv re g 5 s ..........1921 F-A 102
77% Mar’ lo
77% *77%
74 . . . .
Omaha D iv 1st g 3s.......1961 F-A
74
7 7 4 79% D e c ’08
s c L ouisD ivA term g 3 s .l9 5 i; J-J
Registered.....................1961 J - J
88% 89
89
F e b TO
85
89
Gold 3 4 s ...................... 1951: J -J
101 % Got MO
Registered................ 1961 J - J
100 N ov’OO
87 .. .
Spring D iv 1st g 3 4 S ...1 9 5 1 1J-J
90% D e o ’ l o
96
98
95% ...
Western Lines 1st g 4 s..1961 1) -A
117 4 May’ 10
11741174
Bellev A Car 1st 6s....... 1923' J-L 101 .. .
96% «9
95 % Oct TO
94 ...
Carb A Shaw 1st g 4 s ...1932 M-S
114%119
Ohio St L A N O g 6 s ...1951 J-D 113 1194 116 Oct ’10
118 118
Registered......................1951 J-D 111 115 118 Mar’ 10
90 Oct ’09
Gold 3 4 s .........................1951 J-D
8 4 4 ....
9 7 4 M a r’ 10
93 . . . .
9 7 4 ”97 %
Memph D lv 1st g 4 s ... 1951 J-D
98 J Ty ’ 0 8
044 ....
St L Sou 1st gu g 4s___1931 M*s
I n d B l * West S r s O O O A S tL
I
95%
95
98
-J
95% 9 5 4 05%
ln d IB A l a 1st g 4s........ 1960 J
J-J
107 110%
lu t A U reatN or I s t g 6 s ..l9 1 9 M-N; 1074 108% 107% 108
100%112
2d gold 5s......................... 1909'M-S 1024 ----- 111) May’ tO
102 H 2 %
Trust Co certfs..................... 1 ------' 103% 105 1034 Deo’ 10
16
36
15 Nov’ 10
3d goUl 4s.......................... 1021 'M-S; 14% 15
102%100%
Iowa Central 1st gold 6s .. 1938 J-L, 103 4 Sale 103% 103%
68
67 4 77 4
6 74 6 7 4
Gold 4s...............................m i ' * 4-*5' 65
94
94%
94%Saib 94% 94%
James F A Clear 1st 4 s..*1959 J-L
i. ai A A G R See L to A M a
iV a n A Mich See Tol A O U
K C F t S * . \ l A'eeStL A S F
K C A M R A B See St L A S F
Kan C A Pacitlo See M E A T
734
73% 12 7 1 4 7 4
Kan City Sou 1st gold 3 s ..I960 A-O
7 3 4 Sale
63
O ct ’ 00
Uegistereu.................... .1950 A-O
101
994103
R ef A im p t 6s A pr 1950........ A-O i o o 4 i o i ‘% 101
9 8 N o v ’ lU
93
98
Kansas City Terinl 1st 4s I960 J -J '
Aentucky ce n t see E A N
K eokA D esM o Ae e CR I A P
K noxville A Ohio See So Ry
1084112%
ake Erie A W i s t g 6 s ..1937 J-J 109 110’ 109% Nov’ lO
100 4-M.arTO
106 4 107 4
2d gold 6s................... 1941 J -J ............107
109 Mar’ 10
1084 112
North Ohio 1st g u g 6 s..1946 A-O 106%
L She A Mich S see N Y Cent
107 D oo’ 10
105% 108%
Leh Val N Y 1st g u g 4 4 s .1940 j - j .........107
100 106
Registered........................ 1940 j - j 103% . . . . 105 Deo TO
94% 98
94% Deo TO
Lehigh Val (Pa) cons g 4s. 2003 M-N
004 —
112 4116%
Lon V Ter R y le t gu g 6 s .l9 4 i A-O 113 1134 113% Nov’ lO
109 4 Oct ’99
Registered........................ 1941 A-O *.........113
Leh V Coal Co 1st g u g 6s. 1933 J-J 100% .......... 108 N ov’09
93% 95
93% Mur’10
Bob A N Y 1st guar g 48..1946 M-S
94
Registered........................ 1946 M-S
1014 1 01 4
1 0 1 4 F o b ’ 10
E l C A N 1st pf 6s ....... 1914 A-O
A-O 102
1 0 1 % S e p ’ OU
Gold guar 6s...................1014 A-O
A-O 100% .
Leh A Hud R See Cent ot N J
Leh A Wilkesb See Cent ot N J
Leroy A Uaney Val See Mo P
Liong D ock See Erie
n o 112%
Long lal’ d—1st con g 6S.A1931
109 4 ....... 110 D eo’ 10
90 100, ,
1st consol gold 4s.........A1931
*
*9?%
General g o ld 4s.................1938 J-L
04 0o% 91 Oct TO
100%
Ferry gold 4 4 s ................. 1922 M-S
98 9 8 u 97% D e o '10
09 % Oct ’OB
Gold 48................................1932 J-D
94 95
96 D e c’ 10
934 96
Uuilled got* 4 s .................1949 M-S
OO 90
Debenture geM 5s............1934 J-D *94 95 104 4 L e c’08

_

L

B O N D S — C o n tin u e d o n N e x t P a g e .

i*07%
60% 07

_

BONDS

N. Y. STOCK E X C H A N G E
W kkk Ending D ec 23

i 'o i *4

(I n s a n d E le c t r ic L ig h t
N Y G K L H A P g 5 s . . . 1 9 4 8 J-D
P u r c h a s e m o n e y g 4 s . . .1 9 4 9 F-A
E d E l IB 1 s t c o n s g 6 s . . 1 9 9 5 J - J
N V A C J K I L A P 1 s t c o n g 6 s l 9 3 0 F-A
N Y A R i c h G a s 1 s t g 6 3 . 1 9 2 1 M-N
P a o lf lo G A K le o C o C a l G A E
L 'orp u n i f y i n g A r o t 6 s l o 3 ? M-N
p e o G a s A u 1 s t c o n g o s . 1 04 3 A-O
R e f u n d i n g g o l d 6 s .............1 94 7 M-S
C h G - L A C k e l s t g u g i s 1 9 3 7 J -J
C o n G C e o t C h 1 s t g a g 5 s . ’ 3 0 J-D
l n d N a t G a s A OU 3 0 -y r 6 s ’ 3 6 M-N
M u F u e l G a s 1 s t g u g 6 s . 1 94 7 M-N
Philadelphia C o c o n v 8 s ..1 9 1 9 F-A
S y r a c u s e L ig h t i n g 1 s t g 6 s . ’ 61 J-D
1 4 0 0 1 0 0 G A E l 1 s t g 6 s . .1 9 4 9 d-8j
U n io n E l e o L A P I s t g 6 s . l 9 3 2 h r>
W e s t c h e s t e r L i g h t ’ g g 6 s . l 9 5 0 J-D

1014 i'0'5 4
........ 105 Got TO
6 1 4 Oct ’01
............
........ ..
,
*98** i o i * ’ 100 Oct ’09
1 10l4u 103%
102%103 103% 103%
«7
97
97 ........ 97 Mar'll)
101%102 102 D eo’ 10 . . .. iU0 102
112 411 6 114 O o t ’ lO . .. 1104 116
86% 00
86 % ........ 88 N ov’ 10
102
” •1 1 0 0 4 1 U6
102 102 % 102
100 101 % 100% Deo TO
»0 10 1 %
89%
90
10 89% 92%
89% 92
................... ------ —......... ... . ...................
* N o prloe Friday; latest bid and asked this week, a D ae Jan b line Keh <4Dele Apr




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

New York Bond Record—Continued— Page 2

1696

e Doe May A Du e J T y

102%8aJe 1014 102%

80
57
85
80
H0% m % 1104 Oct TO

10O% Mar’ 10

07 4J’ly ’00

08
0 1 4 ,0 2 % 91%
92% 26 01
1164119
1104 117 1104 Aua’ 10
101
104
100 101% 101 101
1 0 2 4 104%
102% 104 102 4 Deo TO
100% 102
100% 103 LOl Nov’ 10
00
00
.. » 1 4 9 0 N ot ’ 10
101 101
100 1004 101 Mar’ 10
100
26 9 9
106
98 104 100
08
10 0
98 ......... 9 8 AugTi

110

May ’Oi

93
Oct TO . . . . 0 3
98
i '004 .......
102%104 103 % D o o ’ 10 — fllOO 1 0 4
& Due Aug q Duo Deo s Option Bade

BONDS
N. Y. STOCK EXCHANGE
W f.kk

enihka deo

23

1697

New York Bond Record— Continued— Page 3

D eo. 24 1910.]
Ml
tN

Kange
Price
Weed’s
Friday kange or 0*0 Jantince
uary 1
Deo 23 Last tale
Bxa ASt* IjOIO Mtgn No2 Low Uitf/i

Long Island—(Con)
Guar ret gold 4s.... .........1949 M-S
liklyn A llo n t 1st g (is..1911
1st 5s....................... ...I j jl l M-S
N Y BAM 1! 1stcong6s 1935 A-O
N Y A K l i 1st g 5s.......1927 M-S
Nor 8b B 1st con g guos ol932 Q-J
Louisiana A Ark 1st g 58.1927 M-S
Lomsv A Nushv gon g 58.1930 J-D
Gold 5s............................ 1937 M-N
Unified gold 4s.............. 1940 J-J
Kegistered................... 1940 J-J
Sink land goldiis...........1910 A-O
Coll trust gold 6s............1931 M-N
K 11 A Nash 1st g Os....1919 J-D
L Oiu A Lex gold 4 >23...1931 M-N
N O A M 1st gold 6s....1930 J-J
N O A 51 2d gold (is...... 1930 J-J
Pensacola Div goUlds...l920 M-S
St L Dlv 1st gold tis...... 1921 M-S
M-S
Atl Knox A On div 4s..1955 M-N
Atl Knox A Nor Istg5sl940 J -O
{lender Bdge 1stsfgOs. 1931 M-S
Kentucky Cent gold 4s..1937 J-J
LA N A M A M 1st-g 4 *28 1945 M-S
Li A N-South M joint 4s. 1952 J-J
N k'la A s 1st gu g 53...1937 F-A
NAG Bilge gen gu g4S s 1945
Pens * AU 1st gu g (is..1921 F-A
F-A
M-S
L N A A Ch tee 0 1 A L
i l ahon Con* tee L 8 A M Si
anhaitan Ky consol4s. 1990 A-O
Kegistci t-u................199L
Stmpd tax exempt..1991 A-0
Mch'jit A 11 \ tee N V Cent
Ilex Gent cons g 4s......... 1911 J-J
1st cons me g 3s........«1939 J’ *y
2d cons mo g 3s trust recta
Alex Internal 1st con g 4s. 1977 MS
Stamped guaranteed__ 1977 M-S
Hex North 1st gold Os....1910 J-D
Mich Gout tee N V Gent
Mid ot N J tee line
Mil L S it W tiee Ghlc * N VV
MU A Nort u bee Oh M A St P
Mlun A Bt L 1st gold 7 s ..1927 J-D
Pacitlc Kx 1st gold 6s...1921 A-0
South West Kx ls tg 7s.lU10 J -D
1st oousol gold 5s............1934 M-N
1st and refund gold 4s..1949 M-S
Des A1 A Ft L> 1st gu 4s... ’35 J - J j
M ln n A B tL gu NeeBUHAN
JlStPAHSAI co u g 4 ln tg u ’38
M S S At A A 1st g 4 int gu 1926 i-.i
Mlun Un tieeBt P M AM
Mo Kan A Tex 1st g 4s...1990
2d gold 4s......................pi.990 *21st ext gold 6s................ 1944 •N
1st A refund 4s.............. 2004 -S
Gen s f 4*28 ................. 1936 -Jl
Bt L Dlv 1st ret g 4 s ....2001 -0
Dal A Wa 1st gu g 5s... 1940 -N
Kan G A Pao 1st g 4s...1990 -A
Mo K A E 1st gu a5s...1942 -0
At K A Ok 1st gu os.......1942 M-N
M K A Tot T 1st gu gSs.1942 M-S
Slier Sh A bo 1st gu g 58.1943 J-D
TexA Okia 1st g u g o a ...1343 M-S
MoPacillc 1st con g 6s ...1920 M-N
Trust gold 6s stamped.a1917 M-S
Uegistored................al917 M-S
1st coll gold 6s................ 1920 F-A
40-yoar gold loan 4s...... 1945 M-S
3d 7s ext<l at 4%............. 1938 M-N
1st A ref conv 5s...........1959 M S
Gent Ur Ky 1st gu g 4s.1919 Is-A
(Jen Branch U P lstg 4 s.l948 J-D
Leroy A G V A L 1st g 5s 1926 J-J
Pac U ot Alo 1st ox g 4s. 1038 F-A
2d extended gold OS... 1938 J-J
9t L Xr MA Sgen cou g 5sl931 A-0
Gon cou stamp gtdg 5s 1931 A-O
UuiUod A rot gold 4s..1929 J-JI
KlV A G Div 1st g 4s.. 1933 M-N
Votsli V 1 A W 1st g 58.1926 M-S
AlobJ A K G ist cons g os. 1953 J-J|
Mob A Ohio new gold (is.. 1927 J -U
lstextoushm gold 6s../t 192? (4-J.
Gouerai gold 4s............1938 M-S
Moutgum Div 1st g 6s..1947 F-A
8t L A Gairo coll g 4a..1 1930
Guaranteed g 4s......... 1931
M A O coll 4s tieeBoutheru
Mohawk A Mai tieeN YrC A II
Monougahela Kiv tiee B A O
Mont Gent tee Bt 1* At-A A1
Morgan’ s La A T tee S P Go
Morris A Kssex tee Do! L A \Y
I ash Oliat A St L 1st 7s.1913
N;11st consol gold 5s........192a
Jasper Branch 1st g (is..1923
M oil M W A At 1st 6 s..1917
T A P Branch 1st Os__ 1917
Nash 5 lor A She! tee L A N
Nat ltys ot Alexpr 14H.H 1957
Guar gon 4s................. 1977
Natot Alex prior Hen 4 S'*. 1920
1st consol 4s................... 1951
New H A D tee N V N 11 A H
N J J uim Kli tee N Y Cent
N Y likln A Alan Boh tea L 1
N Y Cent A 11 Klv.g3Ss.1997 J-J
Keglstered................... 1997
Debeu g 4s.....................1934 M-N
Lake Shore coU g 3 S»...1998 F-A
Kegistered................... !«*•>» F-A

96

05*4 907*

96

94*4 100

101*8 Deo’08
110*4 Nov’06
103
105 Apr’07
101*4
104 Deo’ 10 ....
101*4
967b 96 81
94
Ut
114 115 S 115
i u s d o o t o ....
109
98»a Sale 983s SS8!. 36
97*4 Nor’ 10 ....
. . . . . .............
100 S Dec’09
107 ■* Bop ’ 1» ....
108
110 113 115 Oct ’ 10 ....
101 *« 106 104*5 DOC’ 10 ....
121*6 Nov’10 ....
122*4
1 18 *a Nov’ 10 ....
117 S
5Nov’10 ....
106 111 106>
L13 Bop’ 10 —
113
71 Mny’09
71S
91
92S 93 S. Sep ’ 10
112S 115 112 Dec’ 10 —
103 . . . . . . 110 Jan’09
94 S Bale 94 >2 94 V '**3
103 Dec’ 10
102 Hi
i 6
89*4 89*2 89H
107 S 112 *8 112SNov’10 ....
S )^
110*4 Oot ’ 1 . ...
110 s
110 i l l 110 Nov’ 10 ....
94 O ct’ 10
92
91
96*4
37*4 31
104 Apr '05

98

U8*s 08■»

98*4 sale

8

993s
US*3!) 2
99*4 100
3 1-8 May’ lo ....
........ 25
Hi Apr ’09
77
Mar’ 10 ....
79
Nov’ 10
100 Alttj’ lO ....

132
118

130
101

Jan ’0

....

100*
108

........ 107 7,
........ 75
74
........ 92
87

973< 17
93
97
97H»
1
83
82 *5 83 *5 83
6
101*8 Bale 101*8 lo t 's
78 S 80*6 79 Deo To . ...
86-8 85 S Deo’ 10 ....
85
88 Apr ’09
104
105 J’no’ 10
2
iKJ
90
89 S 90
109*4 113S 111 Deo’ 10
i
107*s
107’ «
1U2*4 103 101 J
104 109
105 Hi 109
10
1 0 9 '4 Bale 109*8
101 Hi Sale 101
7
....
99 ^
....
2
101 101 Hi 101*4 ,
....
77
77 I
....
....
” 1 " 98 H.
90*4
91-*.,
21
90*4 Bale
__
92
93**6
....
85
bO
__
n o
....
..... 63H
i 60*4 1
__
109 HO n o
3
10(i34 Bale 106*4 107
111

’

98

106*4

110

106*2

110 *4 n o

loU Hi....... 1
106-2....... '

94'4 94*4' 94*2
........ 90 I 89*4

91
110

J

95 S
1 12

"OT* *9*7S
102 105 S
80S 92
100*4 112S
iio*4 iiii's
109S111
b8 S 94
93 7s 98*4
94*\ *997a
96*4 99 S
27 S 31<«
75** *7*7**
79
79
1 00

1 00

131

132

1 0 0 S 101
102*8 109

b 1 Sj
91Ji

90*a 100
98S 98S
90S 1 00
82
87*i
100 105
78 S 85S
83 Hi 90*4
luo 105
80S 93 S
100 113
103 108S
100*6 105 S
i.05
107

*1*08
111

100

1 02 *4

96*8 9 9*8
lOi^s
75
817a

1 00

89
96
91 S 95
80
87 S
90-4 100*8
l l o 113
105 110

•*" 81
{i0
16 82*i 8 7*4
__ 102 S 102S

83
837i 83
81 *4 Bale 84*4
102 Hi•

118 121 119
114*2 U 6 114*2
b3
90
l09*s ....
*80 ___
93*2 94*4

107 110
I l l s 116
103 100
121«8 126*4
118*a 118S
105*4 110*4
113 114

4 07
__ 87
__

100*2.... .

104 104
1*57a 2(5
112*4 116*4
I l l s 114
90'S 1 0 0 S
97** 97*4

119
116*4

4 115 121S
8 114*9 117 H
j
. . 80S 60
...J 107 10‘J-s
....

no

94

90

106S 110*4
108S 110
11576 1 1576
.... 108*4 108*4

1

12
2

1— 11.................
10 93 s 95*4
6 87 S 92 *6

•

100*4 101

83*8 8^*4

...

100*4 102*4
82
85

i
89\Salt

89*8

93 <8 sale
80 Salo
78*4 sale

93

80
78*4

53
t-1.
*8*6
32
18

87*b
Su'd
92
79 S
78

92
90*4
96*4
82Hi
80S

BOM IIB
N. Y. STOCK EXCH ANG E
W eek E ndnto D eo 23

I3 0
■
b (*<

Kange
Week’s
Kange or - 0 Since
Last tale ^23 January 1
Ask Loxo H
igh. A’o Low Jligt

Price
Briday
Dec 23

N Y Gent A H K—(Con)
Nta
82*4
79*2 79
<9*2 8 78
Mich Gent 0 0 U gSHis....1998 F-A
A 79
....... 80*2 Deo’ 10 .... 79*8 80H»
Kegistered................... lyyg F-•A
98*4
Beecn Creek 1st gug 4s.1936 J- J 98*, ....... 98*6 Deo’ 10 .... 97
Registered................... 1936 J- J 98 *2 ....... 98HiNov’ l6 .... 98*2 98*2
2d gu gold os...............1936 J ■J 106*4
BeechOr E x t l 8 t g 3 *2 8 6 l 951 A- O 86*2
97*2Apr’09
Cart A Ad 1st gu g 4s... 1981' J ■O
Gouv A O ew elstgugS s 1942' J- D
....... I 987g J’ne’ 10
98 7s 99*8
Aloh A Alai 1st gu g 4s..1991 M- S
N J J unc R gu 1st 4s... 1986 F­A 93 ....... 106 Oct ’ 02
" 9 3 " ‘ 93**2
....... 1 93 Aug’ 10
N Y A Harlem g 3 *2 S. . . 2 0 0 0 M-•N
....... 108 O ct’09
N Y A North 1st g 5s... 1927 A ­O
*95*4 *9*8*2
N Y A Pu 1st con gug 4s 1993 A- o
97*4 98Hi. 967gNov’ 10
Nor A Mont 1st gug 5s. 1916 A- o
Pine Greek reg guar 6 s. 1932 J -D
........131*2 Jan ’(19
R W A O oon lstext5s. A1922 A- O 106°» 110*2 10V*8 107*« 3 107 110
Oswo A R 2d gu g 5s...81915 F- A ........ 103 1105 Jan 'us
R W A O T R le t gu g 6s.1918 Ml-N 103 ........'104= J’ ne’ iU ... 104 104
95
102*g F eb’ to ... 1017s 102*8
Rutland 1st con g 4SS..1941'J •
82*2 ....... I 84 Oct ’ 10 ... i 80*» 91*4
OgALCliam lstgu 4s gl948’ J........1 92 j ’ue’09
Rut-Canad 1st gu g 48.1945*; J ■
103 110 ,115 J 'ne’09
8 t Law A Adir ls t g 5s. 1990 J........'125 Feb’08
2d gold 6 s....................199iii ANov’ 10 ... 100 102
100 ......... 100
Utica A Blk Klv gug4s. 1922 J89*2 90*2' 90*2 Dec’ 10 ... 89H. 92*2
Lake Shore gold 3*23___ 1997 J'
' 88*6
83 *8 26 88 92
88
Kegistered................ 1997 J'
93*2 40 92 95*4
93*4 93*2 93*.
Debenture g 4s........... 1928 M93*2 33 92 95*4
93*4 93*b 93 *4
25-year g 4 s ................ 1931 M
110*2
Ka A A G K latgn e 5s. 1938 J
109 Oct ’07
110*4
Mahon C’l KK 1st 5s..1934 J
100 Deo’09
Pitts A L Erie 2d g 5s.e»192» A O 122
130*2 Jan ’ U9
Pitts McK A Y 1st gu 68.1932 J J 122*4
2d guar 6 a.....................1934 J J 120
McKees A B V ls tg Os 1918 J J 1U7
110‘s L10*i
Mich Gent 5s............... ..1931 M•S 109*6 115 110 *2 Oct ’ 10
■..................
119 i ne’ 06
Kegistered................ 1931 Q-M 10S*s
99 D ec ’ 10
i" 9*9** ‘ *9*9**
97 100
4s.................................. 1940 J-J
98 Dec ’09
93*2 ....
Kegistered................ 1940 J-J
J’ no 0 8
J L A S 1st g 3*28 ......1951!M-S
86
88*2
90
let g 3 His.................... 1952 M-N 86
20-year deb 4 s............. 1929' A-O 91*4 91*4 91*8 Nov’ 10
92*a
Bat G A Stur 1st gug 3s. 1989 J -D
N Y Glue A St L 1st g4s 1937'A-O 99*8 100
99*2
9 9 °6
97*2 100*2
100
D e c ’ 09
Kegistered................... 1937[A-0
9e*s
91*2 O c t ’ 16
90
92
Debentures 4s.............1931 M-N 90*2 91
401*6
"
99*4 102*4
West
Bbore 1st 4s g u ...2301 J-J 10U»b 101 101
100*8
Kegistered.................. 2361 J-J 100 Bale 100
90*4 100S
N Y A Green w Lake tee Erie
N Y A Uar tee N Y C A Hud
N Y Lack A W tee D L A W
N Y L K A W tee Erie
N Y A L ou g B r 8 ««C entotN J
„ ,, _ ,
N YN H A H—Conv Os..1948 J-J 134*sSale 133*2 134*8 20 130*4 135S
Gouv deben 3 His...........1950 J-J 160*4 100 Hi 100*8 100*8 165 I 96*« 103 S
112 Hi Oct ’ 10 ....'1 1 2 S l i d
Jiousatomo K con g 5s..1937 M-N 112
107 Aug’09
N 11 a Derby con ey 5s.1918 M-N 101*e
N Y A North tee N Y G A H
90
D ec ’ 10
96
95
98
N Y O A \Y rel Istg4a..j/1992IM-S 95
101*a J ne’06
Kegis $5,U
W)only........ tM992M-S
N Y A Put tee N Y G A H
N Y A K B tee Long island
N Y 6 A W tee Erie
N Y Tex A M tee Bo Pao Co
101 May’ 10 .... 100 101S
Nor A Bouth 1st g os........1941 ■N 100»j
125 Deo’ lo ...."123 120S
N orlA West gon g Os...... 1931 M- ■N 125
Improvem’ l A ext g Os..1934 F- A 1 2 3 1 2 8 120 Mar’ 10 .... 124*8 126*8
New Kiver 1st g Os...... 1932 A­ O l22Hi 125 123 May’10 ... . 123 124S
98*« 2: 90S 100
98*8
N A W Ky 1st con g is . 1990 A-■O U8*4 99
97 Apr'10 .. 97
97
Registered,.,...............lyyo A- O ......
93*6 5 : 91
93*4
• iv ’l ls t l A g on g 4s... 1944 J ■■J 92*2 93*4 93*8
10-25 year conv 4s__ 1932 J- D 100^ •Bale 100*8 101 1693 94 S 108 S
9
0
88*4 1 I 80S 90S
» 8*8
l ’o4ah C A G Joint 4s..1941 J ■•D 88*4
106 Nov’ lu .... 101*4 106
C G A T 1st gu g 5s........1922 J ■■J 104
96*2 DOO’ 10 .... 94
90S
bcio V A N E 1st gu g 4s 1989 M-■N ........ 97
North lUmois tee Ghi A N W’l
North Ohio tee L Erie A W
1 0 0 * 8 Bale
99 7s lOOS 85 99 102*8
Nor Pac—Prior Ueu g 4s.. 1997!Q
99 Dec lo
98
99
98*4 101
Registered................... j.997 <2
71
Bal 6
70S
71
0-1S 74
General lien gold 3s__ <12047 *2
70
Dec’ 10
........ 71
6J 72 S
Registered................<12047 *2
96
.......... OOSNov’ lO
Bt Paui-Dui Div g 4 s__ 1990 J
90S 97S
99 Feb’ 10
99
99
Dul bhon E 1st gu as.. 1910
G aA <4 coll tr 4s tee ut Nor
116 ........116
116
Bt P’ A N P gen g Os__ 1923 F2 115S 118*4
........116
117 Feb TO .... 117 117
Registered cerLiic’s.,1323 <2
100‘s ....... l l o J’ne’ 10 .... 110 HO
St Paul A Dul 1st 5s___1931 P ■
101 103 103 Oct TO .... 103 103S
2<t o s ............................ 1917 A02
95S 90S Apr’ 10 ....' 90S 97S
1 st cousoi gold4s........1908 J91 ........1 92 *4 Nov’ lU ....'I 92*4 92*4
Wash Gent let g 4 s........1948 ^
111*4........lilS D e o T U ... 11US 111*8
Nor Pao Ter Go 1st g Os.,1933 JN or Ky Gal tee to Luo
Nor Wis tee G at P M A O
Nor A Mout tee N Y Gent
A W tee G G G A St L
U lnd
mo Riv UR tee oalt A O
Ore A Gui tee to Pac Go
Ore bhort Line tee Uu Pao
Oswego A Rome tee N Y U
Mao Coast Go 1st g 6 s....1940 J-D 104S
104S 104^ 5 1 0 2 S IO 8 7*
A ac oi Missouri tee Mo Pao I
I
103 1 02 Aug’ lO! . . . . 1 1 0 2 1 0 3 S
Peun UK 1st real esl g 4s. 1923 M-N!
1 10
Consol gold as.................1919 M-S
109 S Jan ’09
103 j i 1 0 2 *4 f o g
103
GHinsol gold 4s.................1943 M-N 103
99*4 16 97 7s 102
Convertible g 3 His___ ...1912 M-N 99T Bale 99
Convertible g 3 His...........1916 J -D 06*4 Bale 05 7k 90*4 3 0 4 9 4 7, 9 7 4
Consol gold 4 s ............... 1948 M N 103 LU3\ 103*. 104 |
1 3 8 101*4 1U17*
100 COot TO ' . . . J 1 0 0
Aileg Val gen gu g 4s... 1942 M-S .................100
10 2 *4
D R U K A B gelst gu 4sg .’30 F A 94*4....................
Pima Bal A VV 1st g 4s..1943 M N 101*4.......101*4 DeoTU . . . ib ‘ i*4 101*4
Bod Bay A Bo 1st g 6 s...1924 J J 100 ........ 102 Jan'03
U N J KK A Gan geu 43.1944 M- 8 ................ 103S May’10 . . . . i o 3 1 0 4
Peun go—Guar 1st g 4*23.1921 J - J 103 S 163 76 103S
100
5 103
Kegistered.................... 1921 J-J 102-2........ 103*4 Feb’ 101___ 1 103*4 103*4
90
Guai 3*as coll trust reg. 1937 M-S 87
80S 90 AugTJ I___ « 9 0
Guar 3 *»aCoU tr ser B...1941 F-A 88
91S
89 S 89*4 1 ' . . . . 8 8
Tr Co certU’s gu g 3 “as.iyiO M-N 97S_ 93S 97*8 t
. . . J 90*4 98*4
87 90
'___ 1
Uu 3HiS tr ctfsU..............1942 J-D
874 ««*«
G u 3 *-i8 tr etts D.............. 1944 J-D . . ... . 90*4
...J

JUSCEKL VNliOUS BONDS—Continued on Next Pnge
Coni nii<l Iron
Mnnulncturing Jv Industrial
Butt ASusq Iron s 1 o s....1932 J-D 08 ........ 90S Nov’09
Debouturo 5 s ........... a 1926 M-S
Allls-Chalmers 1st 5s...... 1930 J -J
75 h 77S 78
78S 43 72
84
90 Deo’ io
90
90
Uor b a 1 Go gen s f g 6s.. 1943 F-A 95
Am Ag Chem 1st 0 5s...... 1928 A-O 1 02 *6 1 0 2 S 1 0 2 S 1 0 2 S 2 100 103
98
97
97 _
96 101
Convertible dob g 5s....1911 F A 90S loo
90 S 97S 90S
8 93*4 98
93
99 S Am Oot Oil ext 4HiS..........1916
99 S Deo TO
90S
Col Indu lstA coll os gu.. 1934 F-A 76*8 77*4 76S Deo 10
Am Hide A L 1st s f g 0s..1916 id-s
95 *4 90*4 95 Hi
90
12 92 102
70
82
Contln’ talC lsts t gu5sg.l952 F-A
i; 65
Amer Ice Becur deb g 6 s.. 1926 A-O 65
65
73
107*8 hoc ’04
6 0 S 65
Gr Kiv Coal A O ls t g 6s.. 1916 A-O 99 ........ 102*8 Apr’Oti
Am Spirits Mtg ls t g 6 s ..1915 .vi-S 94*8 98
97 Deo TO
94 101
Ielf A Clear G A I 1st g 5s.1920 J-D
Am Thread 1st col tr 4s..l91o JJ
. . . . . . 107 May’97
92*4 93
92*4 Deo’ 10
89
93
Kan A M G A G 1st s fg 5s. 1951 J-J
Am Tobacco 40-yr g 6 s .... 1941 A-O 105 S Sale 105
99 '
105S Deo’06
105*4 63 10414 109
Pocah Con Collier lsts i 5s.’57 J-J
85
4s.................................... 1951 b’ A 80 Sale 80
80 S 29| 70S 85.
83 J’ ne’ 10
bumtay Green Go g 5s__ 1944 J J
86
Seth Steel 1st ext si 6 s.. 19.t « J
8 6 7„
78 Fob’07
80S 72 83 S 89
Tenir Goal goa 5s......... 1951
J-J 102S 104 103 S 103*,
90S San. 99*4
9JS 97 97 102
102 104S lent Leather 2 0 -year g 5s. 1926 VO
l’onn Div 1st g 0s......al917 A-0 104*a 106 104S Oct TO
76S 83,
103 107
Cons l lo b a c c o g 4 s ......... 1951 F-A
79 S 8 0 -H 80 Nov’ 10
Bimi Dlv 1st consol 6s.. 1917 J-J 104*4 100 1047* DeoTo
-S 97 97 S 9/
Corn Prod Kel a 1 g o s ....193, M
97
07
103*8 107
1 93
Oak C 14 Co 1st gu g 6a. 1922 J-D 100
96
95
110 Jau’09
1st 25-year si 5s............ 1934 M-N 91
95
12 93*g 96
Do Bar O A 1 Co gu g 0s. 1910 F-A
95
95
97
90
2 06
100 100
100 Jan TO
Cuban-Amer Sugar coll tr 6s ’ 18 4-0
Victor Fuel 1st s 15s........1953 J-J
78
78
87 Aug’09
Distil sec Cor conv ls t g 6s.’2'. A O 77 Sale 77
76 67
Valron CoalAColst g 5s. 1949 M-S 95 Bale 95
83 Doo’ 10 . . . . 83
88
85
94S100
K I duPont Powder 4 Ss.. 1936 J-D 81
95 S
b
*No price Friday; latest bid and asked, aline Jan ftDneh’ eb eDno.May (7 Due/Tie hDue J’ly fcline vug o Due <let v Dae Nov qDue Deo /Flat.




1 698

1

W ee& t
R an ge or
Last S ale

___

P r ic e

F rid a y
D ec 23

I

BONDS
N. Y . STOCK E X C H A N G E
W bkk e n d in g D eo 23

B on d
Sold

New York Bond Record— Concluded— Page 4
!

R ange
Since
1 J a n u a ry 1

ASH Low
B ia
h A c Low H ig h
P e n n s y lv a n ia C o—(C on)
I
0 . . . . ;j 94 4 99
G uar 15-25 year g 4 s . . ..1 9 3 1 A O
«8»4!
Cl & M ar 1st g u g 4 4 s . . 1935 M-N 100=4......... n o
Cl <fc P gen gu g 4 4 s s er A . ’ 42 J -J 106 ........
9 . . . . .....................
100 ........
S eries B ........................... 1942 A -O
0 —
9 0 4 .......
S eries C 3 4 s ..................1948 M-N
3 ....
9 1 4 ........
S e n e s D 3 4 s ..................1950 F-A
i ....
90
93
E rie & P itts g u g 3 4 s B . 1940 J j
0 . . . . 1 91
92 =j
90
93
S eries C ............................ 1940 J - J
4 ....
G r R * l ex 1st gu g 4 4 s 1941! J - J 100 1 0 0 4
9J— i f : : : : : : : : : : : :
P itts F t W<fc C 1 s t 7 s . . .1 9 1 2 J - J 104 ........
'T 04S, 100
2 d 7 s ................................... 1912 J - J 104 ........
0 . . . . 1 0 4 4 105 7,
3(1 7 s ............................... A1912 A-O 1 0 3 4 ........ 107
a ....
Pitts Ycfe Ash 1st con 53.1927 M-N 107 ........ 109
0 . . . . Too 109
P C C & St L g u 4 (as A . . . 1940 A -O 1 0 0 4 1 0 8
0 . . . . 107 107=,
107
S eries B g u a r .................1 94 2’ A-O ......... 107 4 107
j . . . . 103 4 107=4
S eries C g u a r .................1942 M-N
11. . . . 1 0 0 4 1 0 0 4
[ ) . . . . 97*4 98=4
S eries D 4 s g u a r ............ 1945 M-N " 9 8 4 " I I I !
9U4 93
G en es E 3 4 guar g ___ 1949 F-A
0 . . . . 9 0 4 94
S eries F 4 s g u a r ......... 1953 J -D
C S t E <S> P 1st con g 6 s .1932 A-O 113 115
112 4 D e c ’ 10j . . . . 1 1 1 4 1 1 2 4
P en sa cola <fe A tl See E & N ash
Peo <fe E ast See 0 O O <S> S t E
Peo afc P ek Un 1st g 6 s___ 1921
0 . . . . 112 112
1 0 7 4 ---•
93 4 97
0 . . . . 9 0 4 05
2d gold 4 4 s ......................61921
[) . . . . 07
P e re M arqu ette—R et 4 s .. 1955 j . j ......... 09
79
l) . . . . 100
Oil & W M 6 s .....................1921 J -D 1004 1 0 1 4
1024
ll. .. . 1 0 8 4 1 1 2 4
F lint & P.VI g tis ................1920 A-O 110 . . . .
101
102
0
.
.
.
.
1st co n s o l g old 5 s .......... 1939 M-N
101 101
1) . . . . 101 100
P t H u rou D iv 1st g 5s. 1939 A-O ......... 103
S a g T u s * H l s t g u g 4 s .1931 F-A
P h il li & W See P e n n U li
86
89
8 9 4 J ’l y ’ 100 . . . . 88
P h ilip p in e R y 1st 30-yr s 14s’ 37 J - J
90
P itts C m <fc S t E S ee P eu u Oo
P itts C lov e <fc T o l See B & O
Pitts F t W <fc Ch See P en n Co
P itts M o K e e s <S> Y See N Y Cen
. . . . 112 1 1 2 4
Pitts Sli <& E E 1st g o s . . .19 4 0 A-O 1 1 2 4 ........
1st co n s o l g old 6 s ..............1943 J -J
....
Pitts & W e s t See l i & O
974 08
L > eadin g C o gen g 4 s .........1997 J -J
98
97 100
Ev R e g is te r e d ....................... 1997 J -J .......... 9s 4
___ 95
98 4
J e r s e y C en t c oll g 4 s . ..1 9 5 1 A 0 .......... 97 4 9 7 4
6 95
98*4
R en sselaer & Sar See D & H
Rich & D an See S outh R y
R ich & M eek See S outhern
R io G r W eat See D ou & R io Gi
R och & P itts See B R & P
R om e W a t & O g S e e N Y Cent
Rutland See N Y Cen t
a « T u s & 11 See P ere M arq
87
88
87 D eo’ 10 . . . . 87
t J o * G r is l 1 st g 4 s ...1 9 4 7 J-J
94
3t E & C airo See M ob * Ohio
St E & Iron M ou n t See M P
St E M Br See T U U A o l M IL
. . . . 120 124
St L o u is ■& S F — J e u g O s.1931 J - J 1 1 8 4 1 2 0 4
107 107 4
. . . . 106 108=4
G en era l g old 6 s .................1931 J - J
90
904
St E <te S F lt R con s g 4 s . . ’ 90 J -J
804 OP,
8 6 4 'Sale
43 84
G en 16-20 yr Os ...........1927 M-N
90
80 4
99 - j ........
S ou th w D iv 1st g 6 s ..1947 A-O
. . . . I 99 1 0 0 4
80 4 sa lt
81
R e fu n d in g g 4 s ...........1951
J -J
37 78 4 8=
80 4
110
K C F t S & M con g Os.. 1928 m - n ! 116 ....... 110
1 114 1 1 7 4
77 Sale
3u 76
K C F t S & M R y ret g 4s 19361 A-O
77
7 i‘
82=4
........ 100 4 D e c o . ••••
K C <& M Rife B 1 st gu 5s. 1929 A-O l o o
•. . . . .
97 4 9 7 4
O z’ rk<& C h e 1st gu 5s g-1913 A -O
9 0 4 98®,
St E ou is S o See Illiu o is Cent
8 9 4 -Sale
14 88
St E S W 1st g 4s bd ctrs.1939 M-N
894
90
03=h
79
83
1 79
2d g 4s in o bond o tfs — p l9 8 0 J - J
82 4
82 4
82 4
10 72 4 707,
7 4 4 76
O ousol g old 4 s .................1932 J-D
76
73
G ra y’ s P t T e r l s t g u g 5 s 1947 J -D
9 0 4 ........ 1 0 1 4 A p r ’07
Ot P a u l <& D ul See N o r Pacitlc
S t P M in n <fe M an See G t N o r
St P & N o r P ao See N or Pac
3 t P & S’ x C ity s e e C S t P M ifcu
3 834 884
86
86=
8 A * A P a ss l s t g u g 4 s . .. 1943
864
99 4 ____ 104 O c t ’ 09
8 F A N P 1st sin k t g Os.1919
Sav F & W e s t See A t l C oast E
Seioto V al <b N E See N or A W
6 8 1 4 86’g
Seaboard A E g 4s stam ped ’ 50 A-O
8 4 4 88
854
854
Coll tr refu n d g 6 s ....... 1911 M -N1 100 ....... to o
99 1004
77 sale
220 09 4 r< 8 4
A d ju s tm e n t 5 s ...............o l9 4 9 F -A
764
86
4 80
A tl-B irm 3 0 -y r ls t g 4 s .e l9 3 3 M-S
8 4 4 85 4 »5
87
91 . .
Car C en t 1st con g 4 s . . .19 4 9 J -J
92 O c t '10 . . . . 91
92
Fla Cen A P en 1 s t g 5 s . l 0 l 3 J . J 1 0 1 4 - ­
103 A p r ’ 10 — . 103 103
J-J
1 s t land g r e x t g 6 s . ..1 9 3 0
1014 -­
C on sol g old 5 s . . . . ........ 1943 J .J 1 0 4 4 ...
104 D e o ’ i o
1UU=4 104
G a A A la R y 1st con 5s o 1945 J -J 104 105 4 1 0 5 4 D e o ’ i o . . . . 104 106®,
103=8..,
lu 4 J ’l y ’ i o •••• 104 1 0 1 4
G a Car A N o l s t g n g d s 1929 J -J
100 A p r ’ i o
S e a b A R o a l s t o s ............1920 J . J 1 0 4 4 -100 t o o
Slier Slir A s o s e e 51 K A X
811 Sp O ca A U See A t l C oast 1.
S on tn ern P a oillo C o­
G old 4s (C en t P ao coU )./el9 4 9 J -D ........ 9 1 4 9 1 4
95
« 3 4 63 89
91 O c t ’ l o
R e g is t e r e d ................... A1949 J -D ......... 92
80
01
9 7 4 Sale
2 0 -yea r c o n v 4 s ......... p l9 2 9 M-S
97 4
9J 7» 40 fi 02=4 1 0 0 4
0 6 s 2 4 04 4 9 8 4
C en t P a c 1st rel g u g 4s 1949 F-A
9 0 4 9 6 4 90 4
5' 9 5 4 97
R e g is te r e d ....................... 1949 F-A
964
96 4
0 87 4 91
91 sa le
M o r t g u ar gold 3 4 s../c l9 2 U J -D
90 4
91
90
94
90 D e o ’ 10 . . . J 00
T h ro u g h S t E 1st gu 4s ’ 54 A-O
04
107 4 N o v ’ lO . . . . 1037, 109
G U A S A M A P I s t 6 s .. l 9 3 1 M-N 1 U 5 4 107
1 0 4 4 s e p *u9
G lia V G A N l s t g u g 6 s . 1924 M-N
. H on s E A W T 1st g 6 s . 1933 M-N i ’0
‘ 3 4 1054 105 4 hlay’09
1st g u a r 5s r e d ........... 1933 M-N 104 4 ........ 103 4 A u g ’ i o •••• i 0 3 4 il> 6 4
1 109 4 1 1 0 4
H A T C 1st g 6 s in t g u .,1 9 3 7 J - J 109=8 Sale 1 0 9 4 109=»
109 4 N ov ’ 09
C on sol g Os in t g u a r ...1912 A-O 1 0 8 4 1 1 0
G en gold 4s iu t g u a r ..1921 A-O
04
90
9 3 4 N o v ’10
"9 2
984
W a c o A N W d iv 1st g Os ’ 3U Vl-N 1 1 5 4 118
119 4 M ax’ lo . . . . 1 1 9 4 1 1 9 4
102 ........ 1 0 7 4 J a n 09
A A N W 1st g u g 6 s ___ 1941 J -J
M org a n ’ s Ea A T 1st 7 s .1918 A O 1 1 4 4 1 1 0 4 115 4 N o v ’10
115 1 1 5 4
1 s t g o ld Os.......................1920 J -J 110 4 . . .
110 4 O ot '10
11041104
N o o f Cal g u ar g 6 s .......... 1938 A -O
112 F e b ’o7
O re A Cal 1st g u ar g 5 s .1927 J - J 100 ......... 100 J ’n e ’10
100 i o o
S o P a o o f Cal—Os E A F .1912 A-O 102 ......... 102 N o v ’10 41 102 102
1.
1st g o ld Os....................... 1912 A-O 102 ......... 1 1 4 4 D e o ’ 04
11
:
:
1st c o n g u ar g 5 s .......... 1937 A1-N 1 0 7 4 ......... 110 M ay’ U7
S P a c o f N M e x 1st g Os. .1911 J -J 100 1 0 0 4 1 0 0 4 O c t ’ 10 . . . J 1 0 0 4 1 0 1
i!
90 J ’l y '0 9
So P a o C oast 1st g u 4s g . 1937 J - J
84
93
T e x A N O S a b D iv ls t gOs.1912 M-S 1 0 1 4101= 8 1 0 1 4 M ny’ 10 . . . . iT 0 1 4 1024
C on g o ld 6 s..................... 1943 J -J 101 ......... 102 N ov-09 . .. J !

__

n

8

II"

BO N DM
N . Y. S T O C K E X C H A N G E
W eek E nding D i o 28

-TJ
%* O
nr
45

80 P ac R R l e t r e f 4 s ..........1955 J -J
S o u th e rn —1st c o n g 5 s ___ 1994 J -J
R e g is te r e d ....................... 1994 J .J
D e v e lo p A gen 4s S e r A .1 9 5 0 A-O
M o b A O hio c o il tr g 4 s . .1 9 3 8 M-S
M em D iv 1st g 4 4 -6 S ...1 9 9 6 J .J
S t L ou ts d iv 1s t g 4 s ___ 1951 J -J
A la Cen R 1st g 6s ..........1918 J .J
A t l A D anv 1st g 4 s ........ 1948 J -J
2d 4 s ..................................1948 J - J
A tl A Yad 1st g g u ar 4 s . 1949 A-O
Col A G re e n v 1 s t Os........1910 J - J
K T V a A G a D iv g 6 s . .l 0 3 0 ! J -J
Con 1st gold 6 s............. 1956 M-N
E T e n reor lien g 6 s ........1938 M-S
O il Mnlhinil 1st. :4a
I'llC 'A .n
G a P a o R y 1st g Os..........1922 J .J
K n o x A O hio 1st g O s...1925 J -J
M ob & B ir p rior lien g 5 s 1945 J . J
M o rtg a g e g o ld 4 s......... 1945 J -J
R ich A D an c o n g Os___ 1916 J -J
D e b 5s stam ped ............. 1927 A-O
R ich A M eek 1st g 4 s . ..1 9 4 8 M-N
So Car A G a 1st g 6 s ___ 1919 M-N
V irgin ia M id s er U O s...1 0 1 6 M-S
s e r ie s D 4 -5 s..................1921 M-S
-Series E 5 s....................... 1920 M-S
G en eral 6 s ....................... 1930 M-N
G uar stam ped........... 1930 M-N
W O A W 1st c y g u 4 s .. 1924 F-A
W e st N O 1 s t c o n g O s.. 1914 J -J
S A N A ia See L A N
S pok ane I n te r n a l l s t g 5s 1955 J - .
; er A o f s t E 1st g 4 4 s . . 1939 A-O
1 1st co n gold 6 s ___ 1894-1944 F-A
G en refu n d s I g a s ......... 1953 J -J
S t E M B g e X e r gu g 5s. 1930 A-O
X ox A N O See So P a c Co
T e x A P a c 1st gold 5 s ........2000 J-D
2d g o ld in o 6 s ................... (/2000 Mar
Ea D iv B E 1st g 6 s ........1931 J - J
W M in W A N W ls t g u 6s ’ 30 F-A
T ol A O C 1st g 6 s ................1935 J -J
W estern D iv 1st g 6 s ...1 9 3 5 A-O
G eneral gold 6 s ................. 1935 J-D
K an A M 1st gu g 4 s ___ 1990 A-O
Pol P A W 1st goid 4 s ___ 1917 J - J
T o l S t E A W pr lieu g 3 4 s . 1025 J -J
60-year g o ld 4 s ................. 1950 A-O
C oll tr 4s g S er A ........... 1917 F -A
T or H am A Buff 1st g 4 s.A 194 0 J -D
lster A D el 1st c o n g 5s 1928 J-D
1st refu n d g 4 s ........... 1952 A -O
Uu P a o lt R A 1 g r g 4s . ..1 9 4 7 J -J
R e g is te r e d ....................... 1947 J - J
20-yr c o n v 4 s .....................1927 J -J
1st A re f 4 s ...................... p2008 M-S
O re R y A N a v c o n g 4 s .1940 J-D
O re S h ort L in e l s t g Os..1922 F-A
1st c o n s o l g o s ................1940 J - J
G uar refu n d 4 s .............1929 J-D
R e g is te r e d ................... 1929 J -D
Utah A N o r g o ld 6 s .. 1920 J -J
U ni N J H R A C Co See P a R R
Utah C en tral See R io G r W es
Utah A N o rth See Un P a citic
U tloa A B la ck R s e e N Y Cent
y andalia c o n s o l g 4 s ___ 1955 F-A
era C ru z A P l s t g u 4 4 s l 9 3 4 J - J
Ver Val In d A W s e e M o P
Y i rg Lula M id See S ou th R y
V a a S o u th w ’ t 1st g u 5 s .200 3 J-J
1st co n s 50-year o s ..........1958 A-O
abash 1st gold 5 s ........1939 M-N
2d g o ld 6 s ................... 1939 F-A
D eben tu re series B ........1939 J -J
1st lien equ ip s f d g 6 s .. 1921 M-S
1st lie n 50 y r g term 4 8.1964 J -J
1st r e f and e x t g 4s . .. .1 9 5 0 J - J
D et A Ch E x t 1st g 6 s ..1941 J -J
D os M e in D iv l s t g 4 s . . 1939 J .J
Om D iv 1st g 3 4 a ............ 1941 A-O
T o i A Ch D iv 1st g 4 s . . . 1941 M-S
W ab P itts T erm 1st g 4 s . 1954 J-D
T r u s t c o c e r t fs .........................
2d g o ld 4 s ............................ 1954 J-D
T r u s t C o e e r tfs......................
W arren s e e D el Eao A W est
W ush C en t See N o r Pao
’ See Sou th ern
F-A
A-O
G en A c o n v g 4 s ............. 1952 A-O
T r u s t Co c e r t fs ........................
W V a C e n t A P l s t g Os 1911 J -J
J.J
G en gold 4 s ..................... 1943
A-O
In c o m e 6 s ........................(11943 Nov
tty
_
_______ 1920 A-O
W h eel D iv 1st g o ld o s . . 1928 J - J
E x te n A Im p g o id 6 s . . .1 9 3 0 F-A
R R 1st co n s o l 4 s ..............1949 M-S
20-year eq u ip s f 5s ...1 9 2 2 J -J
............ See E rie
See S t P 3______
W ifl C e n t 60-yr 1st geu 4 s 1949 J -J
Sup A D u l d iv A term 1st 4 s ’ 3 0 M-N

_ ______

U

W

[V O L. LXXXXI.

Price
fYidav
JOee 23

WeekJs
Range or
Last Sale

R ange
Since
J an u ary 1

Bid
A W -L o w
H igh A’o Sow H ig h
94 Hi Sale 1 94
04=,
172. 9 3 4 » 6 4
107 4 Sale ;1 0 7 4
103
43 1 0 3 4 H 1 4
110 M ay’09
Sale
7 64
76=4
70-\ 200 73
814
li 83 4 90 4
83 4 844 83 Si
83*2
107 n o 108 S e p 'l u
100 110
8 54 83
85 D e c ’ 10
8 0 4 87
107
1077, N o v ’ ] C
107 7 .1 0 7 4
89
yo4 93 N o v ’ 10
8 9 4 93 4
82 4 82=4 82 Hi O ct ’ 10
82 4 83 4
......
it)84
1 0 6 4 N o v ’ 10 . . T 004 . 0 0 4
ib'ii"
107 4
110 F e b ’ lo
..TOO l i d
n o 110
110
2 109 1 1 4 4
101=4 1004 104=6 N o v ’10 . . . . |jl04=8 180
. . . . . . 67 I 06 N o v ’00
113 ........ I 1 127g S oy*’ 0 " I ( i n 4 113 4
110 118 110 N o v ’ 10 - — 114 110
1 0 5 Hi. . . . . . 106 Si N o y ’ 10 . . . . U0 5 S. 1 0 5 4
.....................! 82 JNov’08
1 0 4 Si 108 | 1 0 5 4 u e t ’ 10
] 105 4 106 4
104®g.......................... 1053,N o vJ’ 10
105
1 07 4
71
75
O ct ’08
1
102 104
103 4 ..........!1 0 3 4
103 Si
106
112 O c t ’ O'j
103 ‘a
108 4 D e o ’Ob
105=8......... 10734 D e o ’ 09
106 4 ......... 105=4 N o v 10 . .J 106 4 1 0 7 4
10 5 4 ......... 1 0 3 4 N o v l o ..J 1 0 5 4 1 0 5 4
80 ......... 91 F o b TO ...II 91
91
104 ......... 1 0 6 4 M ay’ io ...1 1 0 5 4 1 0 0 4
101 Si 102
1014
1 0 5 ‘g ....... 1 0 4 4
n o
........ 109
93
, „
_____I 98
107 4 1 0 8 4 109
n o % sale n o

.......

102
13^1014102
O ct TO . . . J 104=4 107 4
A u g '1 0
109 115 4
D e o 'l b . . . . . 90
984
N o v ’ 10 . . . . I 109 1 0 9 4
no

85 | 70

Mai’ lb

98=8 ......... 103

Sep ’09

22 1 0 8 4 1 1 2 4
70
70

................. 106 4 Nov’04
109 ........ 1074 D ec’ 10
1094110 T12 s e p ’09

l o l |101
101
89 4 91 4 944 Mar’10
90
92 4 9 1 4
914
894 .
87 A u g ’ 10
76 4 76 4
75 4
81
82
82 4 D e c ’ 10
80 4
.
89 J ’n o ’ 10
l o o Sale 105 4 1O0
83 4 80
80 O ct ’ 09
1 0 1 4 sale 1 0 0 4 1 0 1 4
lo o
......... 100
100
103 4 3aJe 103=4 104
9 0 4 9 0 ', 9 0 4
97
9 6 4 sale
957
95 4
1 14 4 116
114=4 116
1 1 1 4 112
112
112 4
9 2 4 sale
92=4
93 4
94 J an ’09
l o o * m i n 107 4 D e o ’ 09

100

1381 99=4 102

98 4 1 0 1 4

197 101 116=4
52 96
984
17 94
984
»' U 3 4 117
21*108 4 1 1 3 4
947,
79 91

N o v ’ 08
A p r ’ 10
107 1 1 0 4
93
9441
108=4 1 0 9 4
9 8 4 99
......... 1U0
97 4 ........

106 J’l y ’ 10
94 O ot TO
1 0 8 4 199
99 D e o ’ 10
80 J ’ l y ’ l o
99 D e c ’ 10
83
83
03 4 Sait,
634
844
108 1 0 8 4 1U5 J ’l y ’ 10
83 D e o ’ 09
75 4 N o v ’ 10
754.
83 Sep TO
484
484
47
48=4
47 4

r* S7*9
74

74
74

884
86= »3 a l»

8 9 4 N o v ’ 10
864
864
7 l 4 F e b ’ lu
73*-j A p r ’ 10
100 4 N o v ’ O'J
1 1 0 4 1 1 9 4 110=8 110=8
87 4 8 9 4 8 8 4 D eo T o
34 F e b ’o7

96

934
92=4

96

105
94
31 107
98
.... 86
99
83
"6
261 6 6 4
105

108
984
113=4
1034
80
10a
90
774
1074

72 4
83
33
62 32
4
111
4
49

77
90
62 4
54
114
124

884
82 4
71
684

73
74 4

....

*

"3

904

86=4

109 4 110=4
80 4 92

1 9 1 4 ........1054 Nov’ 10 . . . . 101=4
100 1034 1034NovT0 . . . J 103 4
100 102=41102 j ue’ 10
' 99
824 86 I 824 Dco’ lb
77
96
974' 98u Oct TO
984
93
9 3 4 92=4
92=4 93 I 02=4

112 4

99 1 0 4 4
90 4 94 4
9 1 4 93 4
87
90
70
81
804 864
87 4 91
12 100 106

105 4
104
102

S7 4
984
96
94

T e l e g r a p h a n d 'T e le p h o n e

90=4 9 0 4 00=8
9 0 4 10 89 4 93
C o n v e rtib le 4 s ......... .
IOSO'm I s 105 Sale 104=4 1 0 6 4 365 98 1 0 0 4
11 ch State T elep 1st 6 s . .1 9 2 4 F-A
95
99
99
99=4 96- 'A u g ’ 10
1Y T e le p 1st A g e n s f 4H w.’ 39 M-N U8»* Sale 9814 98=8 207 96=4 99
uc T e l A T e l i s t 5 s ......... 1937 J . J
97*4 82 96
97 4 Sals 90°s
994
100
100
9 9 4 loO
14 97 1 0 0 4
J .J
Fd and real est g 4H»3— 1950 m . n ! 94
7 93
05
94
944
974
C o n v 4 s, S eries A ........... 1936 M-N 1 0 2 4 102=4 102 4
4 100 4 102=4
192 4

M I S C E L L A N E O U S B O N US—C o n c lu d e d .
H n n u fn c tiir in g So In d u s tr ia l
Ben E le c tr ic deb g 3 4 s . .1942
1 0 -y r g d e b 5 s .................... 1917
In t P a p er C o 1st con g o s . l u i s
C on sol c o n v s f g 5 s........1935
[n t S t P u m p 1st s f 5 s . ...1 9 2 9
Lackaw S teel 1st g o s ___ 1923
Nat Enatu & S tpg 1st 6 s ..l 9 2 o
N Y A ir B rak e is t c o n v Oa ’ 28
tty S teel S pg s 1st s f 58— 1921
R epub I & S 1st 33 c o ltr 58.1934
U nion B a g <6 B 1st st 5a..1 9 3 b
S ta m p e d ......................................
U S E eath Co 8 fd e b g 0 s . .l 9 1 3
0 S R e a lty <S>1 c o n v d eb g 6s ’ 24
U S R ed & R e f 1 st s f g O s.1931
u S R u b b e r 1 0 -y r c o ll t r 0 s . ’ 18
U S S teel C orp — < cou p .d io o a
8 1 1 0 -6 0 y r 6 s . ( r e g ..(11903

Manufacturing

Sc

Industrial

80 82
J .D 1001*
100
80 D e o ’ 10
1 0 0 4 32 924 100 4
927, 47 85
934
1 4 9 4 150 4 "04 130 162=, W estm gU ouse E & M s 1 Os ’31 J .J
024
9 2 4 !Sale
.U iscu tlu n e o u s
3 100 105
104 4
104 4
91
824 894
7 00
M-S
90
01
91
80 4 D e o ’ 10
93 4
927,
867,
A r m o u r & C o 1st real est 4 Sas’ 3*j J-D
10f 9 0 4 04 4
02
014 " 7 01®,
024
914
02 V Sale
00
90
00
96
■ 1 96=4 100
11 874 90
894
A-O
8 0 4 00
O
ct
T
o
04
97=,
084 00 Sep *10
J -J
. ... 95 4 98
084 054
100 M ay’ K
103 Sale 103
103
15 100 114*4
J -J
100 100
" 9 5 4 105
35 A u g ’ 10
07 4 10 0 0 4 98 4 UetM<& M l d g r in c o m e s .. 1911 A-O
40
9 7 4 Sale
97 4
35
35
40
102 104
N
o
v
'
1
0
102 O ot TO
i n s t it f o r I r r lg W k s 4 4a 1943 M-N
102
064
95=4
96
98
91=4 9 0 4 f n t M erca n M arin e 4 4 s . .1922 A -O
0 3 7,
93 N o v ’ 10
90
95
644 li
60
6 3 4 04
714
93
93 M ny’ lO
96
8 1 4 N o v ’ lb
70
9 0 4 i u t N a v ig a tio n 1st s 1 5 s .1929 F-A
83
7 8 4 79
2 104 4 105
06 H eo’ Uy
M-N 1044* 104=4 1 0 4 4
N e w p N e Ship & D D 5 s d l9 9 0 J -J
104 4
08 ,
85 4 941, N Y D o ck 60-yr 1st g 4 a ..1951 F-A
90 D e o ’ io
J -J
8 6 4 90
9 1 4 01 N o v ’ Ri
004
83
"*2 80 00 4 P ro v id e n c e s e e d eb 4 s ....1 9 5 7 M-N 8 4 4 Sale 84
J -J
34=4 "22 84
8 7 4 8 8 4 88
U6 J ’ l y ’00
J -D 102 4 Sale 1 0 2 4 1027, 30 10J =4 1 0 4 4 P ro v id e n t Loan S o o 4 4 s . 1921 M -S
112 J ’ l y ’04
104 4 106 1014 105 4 S Y u ba W at Co c o n g 6 s ..19 2 3 J - J
M-N 104 4 Sale 1 03 4
103=4
104 ____________________________________________________________________________________________________
3 1017, 105=4 W ash W a te r P o w 1st 6 s .. 1939 J - J
M-N 1 0 3 4
103 A u g ’ lb — .
___________
108
1014
• N o p r ic e F riday; la test bid and asked tills w eek . 6 D u e Feb d L u o A p r « D u e M ay j/D u e J ’n e A D u e J ’ ly fcD u o A u g o D n e U o t p D n e N ov 4O p tion Sale




F-A
J-D
F-A
J-J
M-S
A-O
J-D
M-N
J -J
A-O
J -J

814
149 150
104 104=4
85
86=4

.....

.

CHICAGO STOCK E X C H A N G E -S tock Record-Daily, Weekly and Yearly
STOCKS-—HIGHEST A N D LO W EST SALE PRICES
Saturday
Dec 17
*105
* 11,

♦8

2*2

Monday
Dec 19

Tuesday
Dec 20

____ *105
____
___ *165
*105
* 11,
2*2 * 1*2 2*2 * 1*2 2*2

*0

*0

93
92
*91
91
91
25
20*2 25*2 2058 *20
10 10
10
*9
10
0>4
OI4 *0
0
0*4
*4
. 4*8
4*8
4*8
4*8
22 22 *22 22*, 22
73*, *73
7312 731-> *73
21 21 * 20*2
* 20*2 22
*04
*04
08
08
*04
*18
22 *18
22 *18
*58
00
*58
00
*58
*G7
08
*07
08
*07
*11
11*8 11*8
11*8
11*4
*60*2 54
*50*2 54
*50*2
9*8
*75>2
*200
*
*
*111
*1111,
42
*39
*05
40
*1
*2
*10'li
123
*15012
115

95
.04
00
*40
*04
.
*

9*8
70
131
77l8
1421"
42
401.1
8034
40
1*8
,9
41*8
123
153
115*2

9*8
70
*200
*
75
*111
*14112
*40
40
00
*48
*1
*2
401,
123
*150*2
115*2

97
95
.19
.15
00
65
. . . . *40
*04
05
903.1
*
*119
*121
*115
117*2
105*4

119
*121
*115
*_
*105

21
119
122
120
118
105*2

♦178
*120
lOO'li
105

179
179*2
121
119
1003c 100*1
100 *105

92

2012
10
6
4*8

22

7312

22
08

22

00
08
11*8
54

25*2

*0

__

92*2
25
*9

92*2
25

*4

4*8
23
731,

*0

* 21*2
*73
* 20*,
*04
*18
*58
*07
*11
*50*2

10
8I4

Thursday
Dec 22
Last
Last
Last
____
25
*9

*0

*4

22

71
* 20*2
Last
Last
00
Last
09*, *07
11*4 *11
Last
54

22
68
22

Sales
n( the
Week
Shares

Friday
Dec 23

Sale 170
Oct’ 10
Sale 1*2 July’ 10
Sale 634
Dec’ 10
__
25*4
2412 25*4
10
*9
10

0*4
4*s

*6

6*4

4

4*s

22
71

22

Sale
Sale
Sale
09*2
14
Sale

*73
73*:
* 20*2 22
65
D ce’ lO
20
Scpt’ 10
GO
N ov’ 10
08
68
*11
14
50
Dec’ 10

ST O C K S
C H IC A G O S T O C K
EXCHANGE

9
70*4
*200
*
*
♦111
*141*2
*40
401,
*05
*48
*1
*2
40*2
*12234
*150*2
115

9
77

9
70*4
*200
131
130
77*8 *
+ 1111,
1421, *142
4212 41
40*2
40*2
003., *65
50
*48
*1
1*8
*2
3
41
41
123 *12234
153 *150
1151? *114

9
70*4

9
9
763,1 783_i
Last Sale
* ____131
70
70
Last Sale
14212 142>2
*40
42*40*4 40*4
00
00
48
50
Last Sate
Last Sale

Lowest

Pal roads
____ Chicago C ity K y _____ 100
Chicago & Oak P a r k ..1 0 0
Do pret _________ 100
43 Chic R y s part ett " 1 " ___
2.027 Chic Kys part c tf ' 2 " ___
85 Chic Rys part c tf '’3 " ___
00 Cldc ltys part c tf "4” ___
300 C h icago S u b w a y _____ 100
155 Kans C ity Uy & L t - -1 0 0
Do
p r e f ___________100
17
25 U ctropol W S K iev___ 100
Do p r e f ___________100
____ N orthw estern K iev___ 100
Do p r e f ___________100
10 so u th Side E le v a t e d ..1 0 0
15 Streets \V S table C L .1 0 0
Do
p r e f___________100
—

24 185 M ch 7
31, Jan 26
28
4 J ’ly 28
603s S ep .8 109 Jan 3
11*4 Sep 13 30 Jan 3
8 M a v 26
10 Jan 10
3 May24
9*8 Ja:i 0
2*8 J ne29
014 A u g 10
20 A u g 18 39 Jan 5
09 F e b 17
7731 M ch 30
10 Jan 14
25 J ’ne:.*
51 F e b 7
72 J ’ ne 22
15 A p r 1
2:f J ’ne24
63 May31
00 J 'n e iT
72*, J n e 22
55*4 JT y 5
£4^8 Jan 3
7 JT y 28
40 JT y 20 104 Jan 6

__

__

__ lV

20

24*2

25*4 *24

25

0*2
25

03.8
25'.,

103
0*2

734

24

10314
61,
Apr’09
'2 4

Do
p r e t__________ 100
72
325 Unit B o x Bd & P C o . 100
737 W estern' S to n e_______ 100

Chicago Bond Record
BO N D S
C H IC A G O S T O C K
EXCHANGE
W eek ending D e c . 23

Inter­
est
Period

Price
Friday
Dec. 23

Week’ :
Range or
Last Sat!

63, J ’ne3G

6212 J ’ly 20

240
KO
72
107
131*4
31
29
50
46

A p r 25
J T y 19
F eb 7
Aug 6
J ’ly 30
J ’n c 6
A u g 22
J ’ne 6
D e c 17
1 F eb 4
3 Sep 23
25*2 J ’l y 26
110 M avl7
142 A u g 20
108<2 J ’ ly 27
i 3 * ,J ’ly 9
79*4 A p r 7
82*2 Sep 30
.03 D eo 22
53 J ’ly 2 6
4312 M ch 9
40 M ch 17
93 J ’ ne28

135s Jan 10
Jan 4
D ec 6
Apr 4
84*2 M aylG
112 Jan 11
142*8 M ch 9
42 D ec 10
40*2 D e c 19
14 Jan 4
55 F e b 17
1 F eb 4
3 S ep 23
47 F e b 11
137 Jan 3
103 M ch 10
121*2 J an 11
2 Jan 13
2234 Jan 8
82 F e b 28
127 Jan 6
.21 D e c 19
91 M ch 28
40 Jan 7
67 D e c 21
1023., A p r 20

82

261
135

101
118
104
112
103

Aug
JT y
F eb
F eb
JTy

3 119 D e c 17
10 125 ian 18
24 145 O ct 31
10 123 N o v 1
20 11674 Jan 3

148
11012
100*4
155

F eb
Aug
D ec
J ’ly

7
8
23
27

101 J ’ly 10
5*4 A p r 28
15

J'UC3u

18634 N o v
1-2 Mch
109-5s .Tan
180 F e b

Highest

Lowest

Highest

100 O ct
1*2 J ’ly

__

_

103 103
*0*,
03.,

Range for Precious Year
(1909)

Range for Year 1910

M iscellaneous
435 Am erican C a n ________ 100
87S
9
Do
p r e f___________100
430
70*2
76*,
A m erican R a d i a t o r . . 100
260
Dec’ 10
10
Do
p r e f___________100
*____ 131
131
130
____
77*s
20 A m cr S h ip b u ild in g ___ 100
75
Do
p r e f___________100
1111., Dec’ 10 ____
50 Artier Telep & T e le g _____
142*2
142l«
*141*2 14212
77 B ooth Fisheries corn___
41
*40
4242*2
__ _
_ __
V o tin g T ru s t c t f _______
475
4012
40*2
Do p re f_________________
603j
175
00
05
65
375 Cal & Chic Canal & D .1 0 0
50
50
*48
50
Chic H rew ’ g & M alt’g ____
1
N ov’ 10
1*8
1*8
D o p re f____________
..
3
3
3
O ct’ lO ____
40*,
41
217 Cldc P n eu m atic T o o l . 100
40*2
41
123
123
259 C h icago T e le p h o n e ___100
12312 12312 123
123*8
C ldc title & T r u s t___ 100
153
153
Last Sale 153
O ct’ lO
115*2
115 *114 115
125 C om m on w ’ th- E d is o n . 100
115
115
D o rights . . . . ______
138
Fob’ 10
Corn P rod Itof Co c o m ___
I 5I4 Dec’ 10
Do
do
pref____
79I4 A p r'10
512 D iam ond M atch_____ 100
95
94
94
94
95*4
93*2 93*2
D o rig h ts ____________
.21
.03
.17
.05
.10
.03
.0412 .03
.07 28.091
85
1,250 Illinois B rick _________ 100
05
65
65
66
M asonic T e m p ie ________ _
*40
*46
Last Sale 45
Aug’ 10
05
05
290 M cC rum -H ow ell C o . .1 0 0
601,
66*2 87
67
07
66I2 87
9034 *
9634 *
97
Dec’ 10
96*2
MUw & Chic B rew in g ____
D o p r e l_________________
21 *
21 *
20'
N ov’09
21
119
119
120 *117 119 *117 119
117 118
307 N ational B iscu it_____ 100
Last Sale 123
Dec’ 10
Do
p r e f....................100
122 *121 122 *121 122
120 *115 120 115 115 *115 120
390 N ational C a rb o n _____ 100
117
117*8
Do
p r e f___________100
n 7 i2 * .
118 *
118 * ____ 118 * ____
118
10
1051, 105*2 10534 105*4 10538 1053s 1053s 105*4 10538
283 P e o p le ’s Gas L & C ok e. 100
11-18 Mch'09
180
17973 18012 179*2 180
178 179
178*2 181
1.049 S ca r s -R o c b u c k c o m . .1 0 0
119 + 119 120
Do
p r e f__________ 100
119 119
108
119*2 119*,
101
10034 101
lOO's 101
10034 1003, 100*4 101
401 S w ift & C o.....................1 0 0
170
105 105
105 165
291 I'lio Q uaker O ats C o . .1 0 0
9*8
77

*10212 103*2 *102*2 103*2 ____ ____
83.(
6*2
0*8
0*8
0*8
0*8
2512 25*2

Wednesday
Dec 21

ISO Mch
) i 2 O ct
5 O ct
97 '8 D ec
30 D ec
10*, D ec
8 D ec
3*4 P e c
30 D ec
78 Dec
15*8 S tp
47
Ian
17 N ov
03 Jan
50 Jau
29*4 A pr
97 F'eb

F eb
4 Jan
16 Jan
119*2 J 'ly
4534 Jan
30 Jan
13*2 Jan
29*4 Jan
52 J ’ly
80*2 M ay
19*2 D ec
69 D ec
25 M ay
73 M ay
01 M ay
54* D ec
10s D ec

15*4 N o v
77s Jan
80 J ’no
71*4 Jan
100 Jan
225*4 O ct
132 JT y
120 Jan
81*s D eo
54*8 Apr
112 Sep
101 Feb
139 A u g 145 N o v
,11 D ec
10 May
20 O ct
35 D ec
48 J ’ne
,5*, D ec
51*4 Oan
68 A p r
1 A pr
1 Apr
2*8 A pr
2*2 N o v
42 D ec
20 Mch'
127 Jan
140 Sep
152 O c t
117 Jan
107 Jan
121*2 J ’ly
17*8 F eb
70*4 Mch
117 Jan
38
43

Jan
Jan

977S Jau
J18*4 Feb
82 J an
110 lau
102 .Ian
i2 Feb
55 " Jan
101 Jan
10U*2 Jan
119 Jan

12
8
8
19

190

100 Jan
R38 ja n

0
08*2 Jan
3
*8 Feb
33j Meb
203s D e c 15j
15 FeB

88<2 M ay
13034 A u g
88I2 D ec

47

Sep

21 J ’ ne
119*4 Sep
130 Sep
108', D ec
124 N ov
1)9'* AUg
1 Mch
109*2 D ec
12134 O ct
114*4 A u g
102 Dec
105 D ec
1*8 Mch
25 ‘ M ch

Chicago Banks and Trust Companies
H’ds
Sold

Range
for
Year 1910

N AM E

Hit
Ask Low
High No. Low
High C alum et N a tio n a l_____
Arncr Straw b'd 1st 0s . 1911 H A
9934 Mch’ lU ___
993, 99-3, C h icago C i t y . . . . .......... ..
A rm ou r <!e Co 4 449___ 1939 J
L) t 92*2 Sale
02*,
2 9034 91*2 C o n tl’ tal & Coram N at
92*2
___
A urora Elgln& Chlc 5.1941 A O __ _ . ___
Corn E xch ange N atloua
Cal & So Clilo lty Co
Drexel S ta te____________
A
1st M 5s...................... 1927 F
D rovers’ D ep N a tio n a l.
102 J’ne’09
Cass A v & F U (St L) 5s ’ 12 J
E n glew ood S ta te _______
101*4 Oct'09 __
.1
Ohio Board o f Trade 4s 1927 J
D
First N a tion a l_________
100 May’07
C h icago C ity R y 5s___ 1927 F A {lu2*s Sale
102*8 102*4] 15 1013g 103*4 First iNat E n g le w o o d ___
Chic Consol Hr & Mlt 0s
J
J __
Apr’04"
Forem an Bros B k ’ g C o .
103
Chic Consol T rac 4 44s 193U J
Apr’09
U
50
Fort D earborn N ational
Chic A u ditoriu m Is t5 sl9 2 9 F
A
90-34 Jan’06
H ibernian B 'k ’ g A ss’ n . .
Chic D ock Co 1st 4 s . . 1029 A
____
O
K aspar S tate B a n k ____
Ohio Jo U R 1st M g 5 s . 1945 VI s
La Salle St N a tio n a l . .
94*2 Dec’09
Chic N o Shore Elec 0s. 191 2 A 0
87
F eb’OG
Live S tock E x ch ’ge Nat
Chic P n c Tool 1st 5 s .a l9 2 1 J
J
87
M onroe N a tio n a l_______
8 i Dec'10
84*4 88
ph lo R y 5s____________ 1027 P
A t 97*2 Sale
9773
20 90 101-38 Nat Bank ot R e p u b lic ..
97*4
• Chlo R ys 4-3s series “ A ” A
8s3.,
U
8734 Nov'10
87*2 05*8 N ational C it y __________
C ldc R ys 4 -5s series " B ” J
D { 83 Sale
81
N ational P ro d u ce _______
70
75
80
83*s
Chlo R ys 4-5s series "C* F
___
A
N orth A v en u e S ta te___
90*2 Meld 10 _
90*2 91
Chic R ys coll 6s___ 1913 F
A
9934 Sale
9934 3i
09
97*4 101*8 N orth Side State S a v ’gs
ClUc R y s Fund 6s __1913 F
A
97*4 Sep’ 10
N orth W est S ta te_____
97*4 08
Chic R y s Tern Ctfs 1st 5s
100*8 Apr’08 __ 100*8 10034 P eop le’s Stk Y ds S tate.
Ohio R 1 & P R R 4 s . .2002 M N
00*,
Cotlat trust g 5s— 1913 M b
Prairie S ta te ____________
00*2 July'08
Chlo T elep h on e 5s____ 1923 J
U {102
102 Dec'10 mm
....
100% 103*4 R ailw ay E x ch a n g e ____
C om m on w -K dlson 5 s . 1943 M s 101 Sale
10078
101
i7
100*8 1027s S e c u r i t y ________________
J —
Chlo Edison d eb 6s . 1913 J
____ 10078 N ov’ 10 . . . .
100*4 100% Soutti C h icago S av in gs.
1st g 5s____ July 1926 A 0 __ _ ____ 100*4 O ct’ lO . . . .
100 100*, Sou th Side S ta te _______
__
D ebenture 5s____ 1920 M s ---- - . . . . 100% Aug’09 . . . .
S tate lla n k o t C h ic a g o ..
J
S
{ . . . . 101
C om m o n w Fleet 5sM043 il
10()»8 Dec'10
100 10234 S to ck Y ards S avlu gs___
____
D .... ....
80
Illinois T u nnel 5s____ 1928 J
D ec’08 . . . .
Union Bank of C h icago.
K an C ity R y & Light
W ash in gton Park N a t’ l
95*4 Oct'10 . . . .
9434 95*4 W endell S t a t e _________
Co 5s _ _____________ 1913 U N __ _ . . . .
94-34 95
98*i
95
D ec’ 10 ____
O { 95
Central i r u - t C o o f I I I ..
K n lc k ’ b 'k e r Ice 1st 5s 1928 A
O ct’ lO . . . .
77
J
75
C h icago Sav B k & T r ___
Lake St El— 1st 5s___ 1028 J
85
May’05 ____
C h icago T itle & T r u s t ..
Feb
10
lu corn o 5s_________ 192..
M etr W Side El —
Citizens Trust
& Savings
1st 4s______________ 1938 F
82
Colonial Trust & Savings
8
80
84
A {81*2 82
81*2
E xten sion g 4s____ 1938 J
Cont & C om m Tr & S a v .
N ov’ U)
J t 78
79
78
70
80
M orris & C o. 4 U
. 1938 J
10
9Q78
J { 90*2 Sale
88
90*2
93*4 D rovers’ l rust&Savtngs
N orth W est El 1st 4 s _ l 0 l i M
8
12
9334 90*4 Farwell Trust C o _______
90
96*4
90*4 Sale
N o W G -L & Coke Co 5s 23 Q M ......
First Trust & S a v in g s ..
Apr’ lO __
99
99
99
O gden Gas 5s________ 194 5 n N { 0212 Salo
92*,
3
92*2
92*2 90*4 G uarantee Trust & S a v .
P ea rson s-T a ft 5s---------1910 J
D
98*2 . . . . 10038 Mch’09
Harris T rust & S a v in g s.
4 . 4 0 s ____________________ U b
____
95
90*2 9012 Illinois Trust & Savings
90*2 Mch’ 10
4.60s Series E ___________ M JNi
90
....
97
Feb’ 10
K en w ood T rust & Saves
97
97
4.80s Series F___________ M aN
97*2 . . . .
98*2 Mch’ 10
98T2 98*2 Lake View Trust& Savgs
---- - ____ 1213, May’09
P eo Gas L & C 1st 0 s . 1943 A
M erchants’ L o a n & T rO o
h {101
R efu n d in g g 5s-------1047 M
101*2 10 U8
1 10034 103*4 M etropolitan'TrustJcSav
101*8
J { 97*4 —
Chic Gas L&C 1st 5sl937 J
M ichigan A ve Tr C o ___
10312 D ec’ 10
103 i o n .
1) —
....
C onsum Gas 1st 5 s . 1930 J
101
Dec’ 10
100*4 102*, N orthern T rust C o _____
M ut’ l Fuel Gas Ist5sl94 7 M Pi { ------ IOD 2 10034 O ct’ 10
N orth -W estern T r& S av
100% i o n .
j { 92*4 94
Sou th Side Kiev 4J4S.1924 J
92*2
02*2
i
9134 94
Pullm an Trust & S av gs.
•J { 09*4 TOO
9934
S w ift & Co 1st g 5 s . ..1 9 1 4 j
100/8
1 9934 10078 Sheridan T r & Sav Bank
88
0 .... ....
U nion El (Loop) 5s . .19 4 5 A
Apr’ lO
^Standard Tr <fc Sav_____
88
88
U nion P actllc c on v 4 s . 1911 n N . . . . . . . . 114
N ov’04
S to ck m e n ’s Trust & Sav
....
61
70
U nited B o x Board col 0s'20
Apr’ lO
Union T ru st C o ________
70
70
60
6
U
4
General m tgo 0s . .
j
J
O ct’ lO
68*2
v W e st’ n Trust & Savings
6U4 05
W estern S tone Co 5 s _ . 1900 4 0 . . . . . . . .
85*2 July’08
W est Side T r& S avB an k
N ote.— Accrued interest must be add ed to all Chlcnnro b ond prices
W ood la wn T r V 8 ,v B a m

Outstand­
ing
Stock
t
ViJO.OcK
500,00-.

20,000,000
3.000.0UO

200.000
000,000
200,000
10,000,000
150,000

1,000,000
1,5JO,000
1,500,OOu
200, 00..
1.000.000
1,250,000
300.00,
2,000,000
1,500,000
250,000
200,000
50,000

200,000

300,000
250,006
600,000
260,001)
300,OOU

200,000
200,000

1,500,000
250,OIK.
200,000
100,00J
50,000
2,000,000
n500,000
6,000,000
50,000
600,000
3,000,000
200,000
1,500,000
•2,500,000
200,000
1,250,000
5,000,000
200,000
200,000
3,000,000
750,000
200 000
1,500,000
200,000
600,000
200,000
1,000,000
200,000
1,200,000
1,250,000
200,000
200,000

Surplus
anl
Profits
T
840,478
245,210
9,704,904
5,497,543
30,767
402,510
40,910
10,903,894
193,486
552,440
417,082
981,005
102,240
258,839
525,597
00,795
1,255,025
405,878
81.807
70.952
29,191
22,228
109,876
(V)
86,405
33,452
194,357
89,000
10,439
1,782,614
200,198
37,000
7,877
10,044
938,013
112,944
(1,543,802
8,022
459,306
444,155
123,963
173,728
3,105,060
19,021
1,471,163
8,609,829
59,499
41,792
6,012,401
220,783
y50,000
2.382.905
69,040
233,906
21,530
200,075
39,003
1,101,140
148,374
119,050
56,122

D id dend Reear. t
In
1908

0
10
12
0
9 >4

0
12
10

Priv

8
8
10

deg. u
10 4-2
4

8

3

394

0

_

_
8
2
0

11
7
J
See V.
0
7
Hi
0
4
8+2

In
1909
’

,

LJerlol

An
j- j
Q-J
12 y - j
y
Q-J
10 Q-J
0 Q-J
Q-M
I 2i
10 Q-M
ate Ba nk
8 Q-J
8 Q-J
10 J-J
s. M V’ l
10 Q-M
4
QT
8 Q-J
0 Q-J
Q-J
3
694 Q-J
0 Q-J
Q-J
Q-J

10

Last Paid
%
Jan

’ 1 1 ,6

Jan ’ l l , 4 Jan ’ l l . U 2
Jau T l , 2 * i
Jan ’ l l , U 2
Sep 30’ 10,3li
Sep 30’ 10,2*2
Jan '1 1 ,2
Jan '11, 2 1
Jan '1 1 ,5
V.90, p.1277
I)ec31T0,2*j
Nov '10, 1 "
Dec31*10,2
Jan ' l l , I lf
Jan ' l l , I lf
Jan '11. IS4
Jan '11, l i f
Jan ’ 11 , 1*4
Dec31’ 10,2

0 Q-M Oct '10, l*t
None
194 Q-J Jan '11. l*f
0 Q-J Jan ' l l , 2
Q-M Jan '11, l*f
Q-J Jan ’ l l t 3~
12
Q-M Dec30’ 10.2
8
M-N Nov '10, 3
0
159
Q-M Dec31’ 08,H t
7
Q-J Oct TO, 2 "
Q-J Jan 'H . l * t
0
0 - Q-J Dec31*ld,2 ’
A-O Oet 9'10, 3
4
8 + 2 Q-J

8
QM Jan '1 1 ,2
Q-J Jan ’ l l , l*f
3
19, Q-M Sep30'10,4
Incorp orated, 1908 V.87, p.1138
6
994 Q-J Jan '1 1 ,3
16 + 4 16+4
Q Nov 19’ iO, 1
0
Ok, Q-J Dec31'10,l*4
5
494
Q-J Oct TO. l*a
12
12
Jan '1 1 ,3
0
Q-J Jan ’ l l , 11*
Beg. 0 us.Oct 29'1 0V91.P.1221
8
a , Q-J D ec3 lT 0,2
0
0 J-J
8
8
Q-J Oct TO. 2
Beg b us. JTy 12 ’() 9 V .89,p.141
Comm enced bus. Sept 6 1910
5
5
J-J July '1 0 ,3
8
t8 + 2 Q-M Dec31Td,2
6
0
Q-J Jan ' l l , I lf
Q-M Dec31T0,2 "
0
Q * ’j a n '11 , ’2
.
------------------.
t N ov. 10 (clo se o l business) tor national banka and N ov. 11 (opening ot business) for State institutions.
No prloo Friday; latest prloe this week, a Duo Dec. 31. b Duo June, k Also 20% In stock, n Capital and surplus to be Increased, g Dividends are paid Q-J,
Ith oxtra payments Q-F. s In addition the equivalent of 4% moro oamo from First Trust & Savings Bank, t July 311910. u In addition the equivalent of 1% cams
from First Trust A Savings Bank.
v Prairie Nat. Bank and Wostorn Trust A Sav. Bank merged and capital of latter Increased from $1,000,000; V. 01. p. 314.
to 3eo
V. Ol. p. 1551, 72. 17. v Sept. 2 1010. 2 An extra dividend of 2% was paid Deo. 20 1910.

I




794

ft

ft

BOSTON STOCK EXCH ANG E—Stock Record, Daily, Weekly and Yearly
SH AR E PRICES- NOT PER CE N TU M PRICES
Saturday
Dec. 17.

M oJiday
Dec. 19.

Tuesday
Dec. 20.

Wednesday
Dec. 21.

*10034 101*4 101i2 10U2 10134 10134 *101*8
*1012 103 *102*8 103 *102 103 *102
224 224*8 224
224*2 224 224
128 128 *12712 128.
127*2 12719 127*?
*210 215 * ____ 215 215 215
215
12o 120 125 125*2 124*2 12419 125
* . . 299 *
290*2 *
299
*15
10
10
*15
*15 ' 10
*15
*70
72
72
72
*70
72
*70
* __
10 * ____
10 * __
10 *
39*2 *39
*39
39*2 *JJ
39*2 *39
15512 155*2 *155*2
*15512
*155*2
* . - _ 112*2 *
112*2 111*2 111*2 *

*221

1293.
117
*87
*209
*18
85
150*2
140

189
37
108
102 102
+169*2 170
o n i 91*2
*157 160
90l2 9034
103 103
*

189
*35

12934 12834 128% *12834
117
117 + 117 118
88
*87
*87
*209 219 *209
1812 *18
1812 *1712
85
+85
85
85
15034 150 150*2 150*2
140
141 141 *138
188
* _
*
*102
*171*4
*90*2
*157
90*2
10234

129
130
117 *117
*87*4
88
218
219
18
1812
85
15034 1507s
140 *138

188*2 188 188
37 *____ 37
108 * ____ 108
*102
171*4 171*8 17H2
*92
91
92*2
160 *157*2 100
U0>8 90*2 90°8
102% *10234 ___

*

189

108
102
171
*91*2
*157*2
9058
103

Tftvisd^y
Dec 22

Friday
Dec 23

*993.1 10038
1023.1 Dec* 10
224
224
128
128
*
216
127
+ 125
D e c'10
208
1 > Dec’ 10
*70
72
10l4 Oct* 10
39
Dec’ 10
*156*2
*111
270
130
120 129
129
130
118 * 1 1 7 * 2 ____ *117
iMst Sale 87
Dec’ 10
218 *210 219 *210
219
18
I 8I4 18*2 *18
18*2
80
*85
86
85*2 *85
151*4 151 151*4 151
151
110 *138 140
210 .TunoMO
189
189*4 189*9 *189
37
Last Sale 35
Dec’ 10
*
108 * ------ 108
108
102 *102
____ *102
171
1695a 170*2 *169!% 170*3
92*2 ♦9U2 92*2 *9U 2
92*2
100
Last Sale 157
903|
90% 91
90%
91
____ zlO l
103 *103
102

101*4 100*2 101*8
103
Last Sale
224 * ____224
1271? *12719 128
215 * ____216
125 120
125
Last Sale
299
Last Sale
16
*70
72
72
10
Last Sale
Last Sale
3912
156 156
112*2 111 U U j

*40
463.,
Last Sale 47*2
4712 *45*2 47*2 *45*2 46*9 *45
Dcc’ 10
9373 99
98*2 9878 987S 98'8
98*2 9873 98*2
*9S*2 99
99
*4
4*o
434
434
434 434 *4*2
4*2
5
4*2 *434
14*2 14*9 *1419 15
*1412 15
14*4 1434 *14*2 15
15
+ 1412
115 115
i l l ’ s 11478 114*2 111*2 114*2 11538 11438 11433 115
115
113 113*2 113 113*9 114 114
113*4 113*4
114 114
113*4 114
14178 142*8 1417a 1423a 142*8 1423* 142*g 14234 142*2 142*2
141*2 142
*31
32
31
31
32*8 3218
9234 91*2
9234 92
9334 94
91*2
9312 937fl
94
94
x92
*
9*2
9*2
10
10 * _
*9*2 10
1934 1934 *20
20*4 2034 21*4
20
20
20*8 20*8
21*2
*6
*6
Last Sale 6
tfov'10
*6
7
*6
7
7
7
140 149
149 151
149*2 149*2 149 149 *147 149*4 xl45
149*2
V*
8
*7*2
8
*712
778
7's
7% *712 8
V*
282 282
282 284
282 283 *282 284
284 285
285
285
*155 155*2 15512 15G's 150 156
155 150 *134*2 155I2
155*2 150
88*4 88*4 88*4 88*4 88 88*2 88*4 88*4 88
88*4 883*
83
94
94
94
91
94
94
94*4
94*4
94
94*2 +94
214 214 *213*2 214
214 214 *213 214 *213 214
213
213
♦4
5
4
4
4
1
*4
*4
5
6
*109 112 *110 112 *110 112
110*2 110*9 110 110 *109
112
* __
108
10634 106-3.1 *106
100 100 * ____ 107 *100 107
108
138 138 * ____ 138*2 138 13819 *136 137*2 137*2 13778 138
138
____ *95
96
93
*95
*95
*95
160 160
160 100
159
159*4
158*2 159*2 158*2 158*2 159 159
*12
13
*12
13
*12
14
Last Sale 12
Dec'10
13
*13
101 101
100*2 10034
*100 Tg 10112 100*2 101*4 100*2 101*8 100*8 101
36
30
*30
36
30
36
30
*35
36
35*2 30
80*2
*27
29
28
*271-» 29
29
*2712 29
27*8 27*8 * ____ 28
1933S 1943.4 *102
194 194*9 194*2 195
194 194
192
193 194
56
65
54*4 54*2
55
55
50
54*2 .14/,
55*2 55*2 x55
*28*4 28*|
2812
*28*2 29
28*4 28*4
29*8
28*2 28*2
29*8
73
7238
72->a 73*2
Y338 V2% 73*8
72*8 7212 72*8
72% •n>s
♦110U 110*4 1103.1 H 6JI4 116*2 116*2 117 117*8 11634 11G34
1719 *16
10
*1014 17*9 *16
17
10
10
17*?
*10
17*2
*80
90
90
90
90
90
90*4 90*4 *90*4
91
+90*4 91
+G*2
7
7*9
*6*2
S33
8*2 8%
40
38
38
40
0334 64*8
64*4
63»8
20
20
20
26*«
14*,i
14*4 14*4
14*4
0
*5
0
*5*2
.50 *.50
.55 *.50
13*1 *1234 13*4 *13
7
6->s 678
19*4
19*2 19*9 *19*i 20
4934 49*2
49
49
48
5G0
550 550
*555 500
17
*1G
10*2 10*2
17*2
.07 *.05
.08 *.05
*.05
6733
*07
liv-l, 68
68
*3* 1 3%
4
*3*2
*3*2
12
12*4
12
12*8
12%
7

*39
63-'>8
*20
i i 'j
*5
.50
18

9*2
67*
39
*0'8
21*.|
*1»4
*1 Mi
*3134
877$
*16*2
*634
*3*|
34*2
7
*7I2
*.40

9
9*i
67g
o?s
39
*30*4
fi7g
7
2134 21*2
2
134
HI..
12
3214 +313]
88
87*-.
17*2
16*4
034
678
*3*i
35
35
7
7*4
8
*7*2
.60 *.40

191o
*3*4
*45
1838
*312
*1038
29
*61*
*0
*.60
*37
►125
*12
*71
19
*13.4
1134
*1**
*42*2
6*4
14
60
4?s
85%
47%
♦2*4
13
*45
*2
*8*2
>117
*1*2

1912 *19*2
4
3%
40
*45
1K38
18*2
4
3*2
107«
107a
29
29%
*6*-»
7
7
0*3
.GO .50
39*2 *37*2
130 *127
13
12*2
73
*71
19
18?s
13j
* 1%
ll.i,
1134
1% *1*8
43*4
«u
6*4
5h
14
13*2
50
6!
43,s
4*8
35%
35*2
47*4
4678
2*2
2U
13
1278
45*2
45%
234 *2*2
9*4
9*2
120 *118
2
+ 1*2

G34
71.1
8*2
8*4
40
40
6334
04%
20
1438
14*4
0
558
.55 *.50
13
13*2
7
63.J
19*2 *1S78
4912 *40
600 *550
17
*10*4
.07 *.05
07*9 *67
*3*4
3%
12*8
12*8

9*2
10
9*2
9*2
634
- «'8
0*4
Ml
38
40
39*2 40
*634
7
IVO,
7
21*9
21
21*i
21
*134
2
i’j
* 13.1
12
12
12
*11*4
32
32*4
32
32 ’
*S734 88
88
871a
1C34 17
1678
17
678
V
634
0'8
4
312 3%
*3*9
30
30
30*9
3553
7
7
7*4
Vs
8
713 7*2
8
.50 *.40
.60 .40

63j

8*4

40
64*,s
26*8
143s

6*2
0*2
*8
8*9
39*2 3934
2534 20
14
14

.55 *.50
.55
1234 1234
13
0*2
078
7
18“8 1878
19
49*2
4.8*2 49
660 *550 555
I/*? *10*4 17*2
.07
Last Safe
68
66*4 66*4
35?
♦31.1 3%
12
12% 12
9*?
*9
673
39*9 *385s
2U !
1%
11*9
32 "
87*9
17
7
4
36*8
73s
8
.40

211.4
*1*4
IK ;
32
88
10*2
678
3*2
35*4
7%
*7*2
*.40

9*2
39*4
21*4
178
1134
32
88
17
073
3*2
351.,

714

8
.60

oi3

8*2

39

SI9
39
G278
26
14
6
.55
13

253.4
1334
*5*2
*.50
*121.1
6*9
6*2
187S
*18*4
47
49
550
550
10
16
.05
Dec’ 10
00
60
358
3%
1134
U78
.10
9*9
*9
634
6 7s
3.sH«
38%
6%
o-v
207S 21
*134
+ 11
12
87*2
16*2
634
*3
34*4
7
*7
*.40

8734
16*2
03.,
3*2
3434
7
8
60

193, *19*2 1934 *19*4 193.J
4
*3*2
33i
*312 3-34 *3*4
40
*45
46
Last Sale 46*2
Dec’ ll)
18*3 18%
1838 1819 18*2
18*2
18*2
4
319
*3
4
3*
4
3*2
1034 10*8
107«
11
11
11
11
287S
29*2 30
29
29*9
30%
27*2
019 0*9
6*2
6*2 058 6*9
6*2
*0
0*9
0
0
6
0
.50 *.G0
.00 + .50
.60 *.50
.60
39
39
*37*2 39
39
*37*2
130
130 130 *125 130 *125 130 *125
130
12
12
12
12
12*2
n ?8
*11*2 12
1178
71
71
73
*70*2 71
703.,
*71
70*2
19
19*8
18*4 18%
18*4
187« 19
*1812
18*4
134
*H4
* iu
is.
1’ * l ‘ i
1*4
1178
11*4 11*4
11*2 11*9
11*2 111=8
11*8
11*8
I*s
1*4 *1*8 1*4 *1*4
1*4
1*4
*1*8
1*8
41-34
43*4
42
42% 423., *423.i 433d * ------ 43
5*9
5%
5%
0%
5*2
5*2
5*2
13'8
13*8 13*8
13*2 13*2
13*2 13*2
13*2
1 3 '4
*52
____ +51
*52
52
62
51
4I9 *4*2 5
1%
4l2 *419
5
4*2
4»8
35*4 3512 347s
35% . 35*8 35%
35*4 35*4
3514
47
47
47
47
47
47
4/
47
4713
2*9
*2*4
212
2%
2*4
2%
2*2
1234 13
13
13
13
13*4
13
13
13
4578 45%
45
45
46
45*s
45
451.1 45*4
*21.,
2%
.
.
.
.
+2*2
21?
2*4
2*2
2%
9*4
938 9*2 *8l2
_ _ ._
9
♦8%
9
120 *118
116 116
L20 *115 120
118
118
*1*2
115-101 15-101 *1*2
*1*2
2
1%
19*4 *19*2
*3*2
3*2
40
*45
l«o,
18*2
3*9
*312
11
1034
30
29*2
7
6*2
GI2 *0
.50 .50

2




_

2

Sales
o f the
Week
Shares

ST O C K S
B O STON STOCK
EXCHANGE

Range Since Jan. 1
Lowest

R a ilroads
01*9 J ’ ly 2<
180 A tch T o p & Santa F e. 100
97*2 A u g 2
Do
p r e f....................101
159 B oston & A lb a n y ____ 101 218 J ’ noiL
44 B oston E le v a te d ___ , _ 10< 1 122 A u g i
55 B oston & L ow ell______10C lidO J ’ ly 7
187 B oston A M aine_____ 10C 121 N o v iil
B oston & P r o v id e n c e . 10C 285 O ct 4
14 J ’n eiti
B oston Sub u rban El C o s.
Do
p r e f . . . ___________
VII J 'ly
45
8 M oll .i
B oston & W ore Elec C o s.
35 A u g .9
Do
p r e f______________
8 O lilc J u n c Uy & U S Y .1 0 0 139 S ep Hi
Do
p re f___________100 109 O ct 3
28
lUU O ct 13
66 F itch bu rg, p r e f_______ 100 124*4 S ep 21
35 Ua K y & E le ctric____ 100 104 Jan
85 A p r 8
Do
p r e f.................... 100
Maine C e n t r a l . . ____ 100 202 F op 1(1
11*4 J ’ly 26
210 Mass E lectric C os____ 100
75 J ’ ly 1
164
Do
p r e f....................100
149 A p r -8
620
7 N orthern N H ............... 100 139 D eo b
210 M a y lo
201 O ld C o lo n y ___________ 100 ISH i Sep W
25 M ay .
R u tlan d pref
io o
. ,100 103 AUIJ18
5 S eattle E le ctric
98-14 A u g 2
Do
p r e f___________io o
85
222 U nion P a cific ________ 100 153>.i J ’ly ::(i
HA, J 'ly 36
Do
p re f___________io o
3
15* O ct 15
V erm on t & M ass_____ 100
83 S ep 26
705 W est End S t_______ . . 50
99 J ’ ly 0
Do
p re f____
50
66
M iscella n eou s
30 J ’ ly L7
A m er A g ricu l C h e in ..l0 0
9b*2 D e c 22
Do
p r e f................. .1 0 0
265
4 D ec 7
150 A m c r Pneu S e r v i c e .. . BO
13^4 D e c 8
48
Do
pref___________ 50
111 O ct 3
84 A m er Sugar lleH n____ io o
Do
pref....................100 IIIS 4 O c t 3
639
5.695 A m er Telen & T e le g -.lO O 127*4 J ’ ly 20
20 J ’ ly 1
50 A m erican W o o le n ____ 100
'.ul2 D eo 7
Do
p r e f.......... ......... i o o
662
7 M eb 18
14 A tl G ull & W I S S L .10I)
10 M ay 10
Do
p r e f____ ______100
485
■U2 J 'ly i'S
H oiton L a n d ________
10
223 C um b Telen & T e l e s . 100 13U'-> J 'ly 28
Vs A p r M
200 East B oston L a n d ___
190 Edison E 'e c I l i u m . . I o o /(239 Jar. 20
137 G eneral E le c t r ic .. . 100 135 J ' l y . 6
70*4 F e b 0
931 M assachusettsGasCoa io o
89 M ay 16
624
Do
p re f................. .1 0 0
17 M ergenthaler L i n o . . .1 0 0 213 D e c 23
234 Jau 3
21 M exican T e le p h o n e .. 10
14 N E C otton Y a rn ____ 100 107 Sop 22
Oil's Auir 3
Do
p r e f___________100
20
l2Jl2 A u g 17
210 N E T e le p h o n e _______100
93*4 N o v 2d
25 P acific Coast P o w e r .. 100
153 J ’ne30
373 Pullm an C o ............., . . 1 0 0
11*4 Jau 15
R ecce U u t t o n -t lo le -- 10
409 S w ift & C o________ __ 100 1UU Jau 24
28 AIcb3u
331 I'o rrln g to n _____ ______ 25
27 Jau 18
30
Do
p r e f___________25
100 105*2 Jan 15
547 u n ite d F r u i t ..
16% J 'ly ■1,516 Uu Shoo M ach C o r p . . 25
Do
p re f___________25
25*4 J 'ly 9
382
01% J 'ly 26
9.014 U S Steel C o rp ............... 100
Do
p re f....................io o
i l l J ’ ly 20
113
14 F e b 11
09 W est T elop * T e l e g ..l 0 l )
81 AutE 15
Do
p r e f___________100
54
Alining
1 J ’ ly 13
_ 25
120 A d ven tu re C o n . .
8*4 D eo 21
Algomah M in in g ...............25
31 J 'ly 13
125 A ilou ez_____________ 25
55% J 'ly 12
2,474 A m algam ated C op per 100
1 JI2 J 'ly 26
625 Am 2 fn c Lead & S m ._ 25
12*4 M ay 4
625 A rizona C o m m e rcia l- 25
5 J no3u
50 A tla n tic _______ ______ 25
.69 M ch 9
100 B onanza D ev C o . __ 10
10 M ay 4
220 U os&CdrbCop& SlIM ir
5
4*2 NtOV 5
2,236 B u tte -B a la k la va C o p . 10
15'»8 J ’n ejO
655 B utte C oa lition ___ . . . 15
4454 J 'ly 12
358 C alum et
A r i z o n a .. 10
509 J ’ly 0
10 O alum ct * lle c la ____ 25
13*9 J ’ly 15
130 C en ten nial________ __
25
(J1 J 'ly 6
Cons M ercur G o ld ____
l
58 F e b 17
315 C op per R ange Con Co 100
3 i 2 S ep 28
50 D a ly -W e st____________ 20
0*4 J ’ly 13
2,490 East B utte C op A liu ._ 10
.05 O c t 11
9 D eo 19
1,015 F r a n k lin ...................... . 25
0 J ’ ly 20
5
1,535 G iroux C o n s o lid a te d .
20 J ’ly o
123 G ranby C o n s o lid a te d .1 0 0
f,% S ep 29
465 Greene C an an ca______20
143., J ’ly l!i
651 H an cock C on solidated 25
134 O ct 27
5 H elvetia C o p p e r______25
10 J ’ly cs
185
30-34 D eo 8
28
84*4 N o v 7
289
I3i2 M ay 3
235 Isle R o y a le C o p p e r .. 25
art) S ep l
385 K err L a k e____________ 5
3 J ’ly 7
275 K ew eenaw C o p p e r ___25
2-8*2 J 'ly 15
2,946 Lake C opper. C o _____ 25
7 D e c 17
1,416 La Malle C o p p e r_____ 25
419 M ch 8
70 Mass C on sol___ . . . . . . 25
,35 O ct 21
60 d a y llo w e r ___________ 25
5
17 J l.v 18
50 Miami C o p p e r________
3*4 D e c 3
5 M ich ig a n _____________ 25
viohawlr........ ................ .. 25
43 .J ly 26
5
17-5* J ’ ly 5
696 N evada C o n s o lid a te d .
31- J ’ ly 13
110
934 Jau 17
5
1,120 Nlptsslng M ines_____
18 J ’ nejO
5,319 N orth B u tte _________ 15
oi4 D eo 9
.2 5
347 N orth L a k e ___ __
5 S ep 7
110 O jlb w a y M in ina_____ 23
.25 A u g i*
150 Old C o lo n y .......... ......... 25
29*2 J ’ ne 15
110 O ld D om in ion C o ____ 25
8 O s c e o l a _____________ _ 2;> 114 J 'l y 27
117& D e c 23
290 P arrot Silver & C o p . 10
63 J ’ly 6
93 Q u i n c y . . .................... .. 25
151.1 J ’ly l
955 Ray Consol C o p p e r .. 10
1% NOV20
20 Santa Fe G old it C o p . 10
8-T, J ’ly 6
671 S h a n n o n _____________ lu
1*8 DCO 1
5
36 J ’ly 19
185 S u p erior_____ ________ 25
B oston Min 10
665 Superior
4^8 D eo 2
1,307 Su p crtor& P itts C o p p . 10
9 J ’ly 5
45*9 J ’ n e 22
105 la m a r a c k ____________ 25
4*2 D e c 9
275 Lrinlty________________ 25
2.555 U S Sm elt R e f & M in . 50
30 D eo 7
Do
p re f....................00
1,542
45% J ly 211
5
820 U ta h -A pex M in ing___
2 D ec 13
C
1,011 C tak C o n so lid a te d ___
12*2 Deo 2
115 Utah C op per C o ______10
/139*,| J'no3(>
100 V ictoria _____________ 25
2 D eo 1
100 W in o n a ............... ............2 ’
5 W o lv e r in e ____________ 23
I t : J ’ ly 11
12 W y a n d o t ____ . . . . . . 2 ' /
1*4 J ’ly 20

Highest

Range fo r Previous Yeat
(1909)
Lowest

H Ighest
125*8 O ct
106 J ’ no

98 Jan
133*8 Jan 8
104*4 Jan 7 100*4 Jan
234 Jail 10 225 Jau
13O’*., Jan 6 12414 Jail
22/ F e b 24 ?25i2 D ec
I62 F e b :
1321? Jan
3 0 N o v 3 205 Sep
1134 Jau
I 0is N o v l8
70 A p r 00*2 Jan
10I2 S ep 30
10 M ay
48 Jan 3
4iji2 D ec
100 D eo 9 113 Jau
ll8 Jan 6 115 N ov
270 M ch lo
207 Jan
133i2 Jan 3 128% N o v
J23 O ct 27
/5 Jau
90 O c t 14
79 Jan
218 D ec 21 195 O ct
IH 4 Jan
22G N o v lO
8fc34 N o v 17
58*2 Jan
IODjj Moll H 1153 N o v
111 D e o 19 140 F e b
299 A p r
200 Jan 7 199 D ec
20 A pr
44*2 N o v 1
99*4 Mch
H o Jau 5
1UG M oll 97*2 A p r
291*2 Jan 3 *172% F e b
103^8 Jan 3
93l2 M ch
108 Jan 17 105 Jan
88 Jan
95*2 M ch 8
109 F e b 10 102 O ct

D eo
M ch
NOV
Jan
F eb
N ov
M ch
O ct
162 J ’no
123 J ’ ly
275 M ch
136 F eb
103 D ec
88*2 S cd
195*4 Jan
19 O ct
84 N o v
I7478 J ’ ne
149 A u g
215 Sep
200*8 Jan
4U J ’no
117% A u (j
107 A u g
21834 A u g
117% Autf
175 A p r
98*8 A p r
112 A p r

33*4 Jan
40% O c t 20
94 Jan
105 S ep 40
878 F e b i l
5&s J aQ
13 Jan
24 F e b ll
127J8 M ch 2 rl 14 N o v
124 M ch - 1-117 N ov
14378 N ov 4 125% F eb
39i2 Mch 19
27i2 F e b
93i2 Jan
104*4 M ch 23
4% A p r
11*2 Jan 7
15*4 A p r
28 .Ian 0
334 A p r
8*9 Jan 11
152*2 M ch 3 125 Jan
7 Jan
m 8 Jan 3
245 Jan
202% N o v lO
16 J*2Jan 0 15U3S F eb
59 Jan
9188 N ovlO
89 Jan
97 M ch 18
202% M ch
220 N o v l4
2 Jau
6J4 M a y ib
124 Jan 3
03 A p r
93 Jan
115 Jan 11
13S34 D e c 14 120*4 Jan
199 Jan 6
75 F eb
iOS Jan
209 F e b i*
934 Jan
14 O ct 3
10934 Jan 10 109 Jau
20% May
67 D ec 12
31 M ay 0
24*4 Jaa
290 S op 10 120*? Jail
16 I Mull
28*9 Jail
31 Jail 4
4 134 F e b
993.1 Jan 8
125*>8 Jau 0 1U7 F eb
0*8 Jan
1j 3j Sep 30
76 M ch
94 Jau 3

60% A u g
105 J 'ly
9/3 F eb
22*2 N o v
136 A p r
131 A p r
145*8 Sep
40>8 A u g
108 J ’ne
12*2 Sep
o li2 Aug
8*4 O ct
147*? N o v
1 3 J ne
260 A p r
173 A u g
83 {4 D eo
97 A p r
330% D eo
3% O rt
125 O ct
118 O ct
139 Sep
108 O ct
199 A u g
12 Sep
114*2 A u g
31 D ec
35 N o v
170 D eo
71 O ct
31*4 Sep
94/3 O ct
131 O ct
1.) D eo
90 D eo

Id F e b 1
1434 S ep 15

63 " F e b

99-3., Jan 3
49*9 ja u 3
593., Jan 3
1214 Jan 14
.70 M ch 23
24*4 Jail 13
18i4 M a y 25
28i2 Jan 3

9 5aM oh28
22% M cli .
12*2 Jan 19
i l i * 4 Jan 3
IDs Jan 3
3 ; Jan 12
678 Jan 4
443, M ch 1
33*4 O c t 29
90 N ov 26
28*2 Jan 3
l l Jail 5
91*2 Jan 22
’ 9 Jan M
19*3 O c t 13

29 Jan 4
8*2 Jail 21
75 Jan 22
27*2 Jan 11
lO^gJan 12
12 M a y : 5
59 Jan 3
25?a M ch 7
123, Jan 14
134 F e b 1
£5 Jail 5
92 M ch 9
21% Mch

478 O ct

34

2391.1 A p r

136
235
153
391
22
77%
14i2
65*4

10*2 M ay

02

Jau
65 F e b
23 Mch
39 F eb
k J iy
.45 F e b
17‘s J ’ ly
a Sep
21% F eb
061.1 Mav
685 Feb
29 F eb
.10 J n e
6812 F eb
712 May
7*2 Feb
1 O ct
13 F eb
7% J ’ ne
99 F eb
0 F eb
8*4 Sep
5*2 D ee

O ct
90*2 N o v
4019 D ec
61*4 Deo
18 Jan
.80 M ay
24 D ec
11*4 D eo
33>8 N ov
119 Jan
696 A ug
44*2 Sep

22*8 A pr
7*2 A pr
2*9 May
16 Jan
iu% J ’ iy
4*4 M d l
.39 A p r

33 UF e b

12*J F eb

6*4 O ct
167% J W

16% Feb
3*9 N o v
9/3 Dot
47 Dee
4*2 Moll
634 N o v
.49 J no
47*4 F eb
19
83

D ec
D ec

8084 N ov
12 M ch
19 A u g
12i4 N ov
HOD D ec
14-18 N ov
38 D ec
7*2 A u g

74*4 D ec

19*8 D ec
18*4 May
1 Deo
28*8 Deo
13*4 M ch
70*8 Jau
30 N ov
«'*s Deo
13 Sep
85*4 Jan

99

J an

13*2 F eb
08ii Jan 14
18 Jan 12

o u io ja n 3
.A, Jan 14
15 Jan M
Tan H

84 Jan
13% N o v
1278 A pr
62 J ’ iy
9*4 D ec
39 F eb
41 j a n
4 O ct
37*4 Feb
3934 F eb
3 O ct
139
2

Mch
O ct

18*2 J ’ly
90 F eb
17S8 Jan
54

O ct

4

Jaa

Deo. 24 1910.]

Boston Bond Record
VO6

P rice
Friday
Deo 23

W e ek e n d in u D eo 23

W eek’ s
B a n y e or
Last Sale

I’S g

R ange

4^ J a nSince
u a ry

7

! Bui
a s k Low
Utah. No JjOw H ig h
» A - o , ..................... 102*8 102 h u 100*4 104*8
0 J -J
90*4 9 0 V 90®«
DO7* 75 89
93*4
*i M-S 1 1047s 105*4 104*4 105
2 99*3 106
9 J - J ! ................... 1 87*4 Sep T ( . . .
67*4 87*4
* M-N ..................... 108 D e c ’ 1. ( ••. . 97 119
87
90
J J -D
89
89
1 89
94
A te n T op A S F e g e n g 4 s .. 19955 A -O
98®8 99
i 98 101»8
98*4
99
5 N ov
91 ......... 90 *8N o v ’10 '
83*3 94*8
6 M-N 91 ......... 90»s D e o ’ U __
90°8 U4*b
5 J-D
102*3 J ’ ly T ( . __ 102*3 102*-,
7 J -D ..............
1 0 8 ‘* N o v ’ H
1084117*3
J j .j
68*3 Sale 67*3
73
68*3 84 63
t t tt
4 M-S
110 F e b ’ 04
j J -J
' 100*4 M ar’09 . . . . .....................
4 J-,T
104 *3O ct ’08
/ F-A
1 1 2 *3Jan ’03
B u r A M o B iv c o n s (is ...
J -J
103 F e b TO
103 103
A-O ..................... 100 J ’n e ’01 . . . . .....................
........................
J-D
___
j M-N
113*3 May TO
1134114
2 85
-» y - F
87*a
87 ......... 87 >-j
88
) A-O
11103 O ct ’ 07
A-O
98*3 J ’ n o’ 10
98 4 9 8 4
M-N
101*4 filar ’ 10
1 0 1 4 101*4
F-A
99*3 N o v ’10
99 4 100
M-N
99 filar’ 10
99
99*8
M-S ..................... 99 O ct ’ 09
..................... 87*4
J -J
87*4 11: 86*a 83*8
J-J 101 *8Sale 1007s 101*4 31 100 101*4
A-O
90*4
90*4
2 89
99*4
1113*4 1 1 6 4
J - J ..................... 113*8 D e o 10
J -J
i
126 F e b '05
M-N ................. 99*4
09*4 11 99 1 0 0 4
J-D
100 104
J-D ................. 91 D e c ’ 07
A-O
112*4 J a u ’ 03
M-N
100*4" A u g’09
A -O _____
99 A u r ’ lO
99
99
i 88
A-O ..............
88 D e c ’10
90
M-N
96
93
96*3 J ’ n o ’ 10
9 6 4 98*4
M-S
103 *8A p i ’06
4 s .......................................... 19*2? M-S ..............
96 A p r ’ 03
F ron it K lk A A lo V 1st (is .. 1933 A -O ..................... 127*4 127*4
1 1.2 7 *4 127*4
U nstaiupeu 1st 6s ........... 1933 A-O
140 A p r ’06 . . j
G t N or O U A y c o ll tr 4s 1921 J -J
96sb 95*4 95*3
95
32 9 4 4 97 4
U egistereU 4s ..................... 11121 Q -Ji 9 5 * 8 ......... 96*4
95*8 32 9 4 4 9 6 4

._„

_

.... ..

_

,T_
.

_

...

1701

BOND*
BO STON STOCK E X O H ’ GK
W e ek E nding d k o 23

US
•>1^

Price
F rid a y
D ec 23

W eek’ s
R ange or
Last Sale

O
R ange
Since
Jan uary 1

Loxu H ip/i -Vo i L ow H ig \
IU ln ols s te e l deben 6 8 ....1 9 1 3 A -0
100*8 100*4 22 99*3 101
I a F a ll s A S i o u x C i s t 7 s . . 1917 A-O
117 A p r '08
K a n C Clin A S pr 1st 5 a ...1 9 2 ft A O
93*8 M a i’ 10
93*8 97
K a n C K t S A G a U e x t 5 s . . l 9 l l J-D
993, F e b ’ 10
99*4 99*4
Knn O F t S co tt A M 6 s . ...1 9 2 8 M-N 116 1163 b 116*8 116**
3 a 13 118
K an C M A B ge n 4 s ........... 1934 M-S
93 O ct TO
'.‘2*3 93*9
A s s e n te d in c o m e 5 s ........ 1934 M-S
90 DecMO
90
92
K an C A M B y A B r 1st 5 s l9 2 9 A -O
102*3 N o v ’ 10
102 103
M ain e C en t c o n s 1st 7 s ...l9 1 2 t A-O
113 <4 N ov ’06
C on s 1st 4 s ..................................1912 A-O
101*4 Sep ’ 06
M ara H ou gh A O nt 1st 09.1025 A-O
115 J’n e ’ 08
M ass G as 4 4 s ................................1929 J .J 99*, 100
100
99*3 100
17
A lich T e le p ls t 5 s ................. 1917 J- J
99*8
97 A u g ’ 10
M in n e G en E le c c o n g 6s 1929 J .J
102*3 A i.g ’ 04
N e w E n g C ot Yarn 5s___ 1929 F-A 100*4 101*2 10034 100»,
100*8 106
N e w E n g T e le p h 6 s............1915 A-O
100 76 100 7g
100 7$ 1 0 0 ’ s
100*3 Sep '0 8
N e w E n g la n d co n s g 5 s ... 1946 J .J
b o s to n T e rm 1st 4 s ........1939 A-O
N e w B iv e r (T h e) c o n v 6 s. 1934 J . J
76 O ct TO
......... 75
76
79**
N Y N H A H co n deb 3*381966 J .J 100*8 Salrt 100*8 1003s
9 6 ’ e 102
C o n y deb Os ( c i t s ) .......... 1943 J . J 133*4 134*4 133<4 1330,
131 135
Old C olon y gold 4 s ....................... 1924 F-A
101 A p r ’09
O reg B y a N a r co n g 4 s . . 1946 J-I)
98ts s e p ’ 09
O reg 8 h E ln e 1st g 6 s ........ 1922 F-A
114 D e o ’10
1 1 3 7 *1 1 6 ^
P e r e M arqu ette d e b g 6 s .. 1 9 12 J . J
99 M ar’ 10
98*3 99
lie p u b V a lley 1st s t 6s . . . 1919 J . J 103
103** S ep TO
103*8 103*8
B u tlan d 1st c o n g e n 4 *38.1 9 4 1 J . J
107*3 -Nov’ 05
K utland-C anadlan 1st 4s 1949 J . J
102 M a i’ 02
S a v a n n a ilE le c ls t c o n s 5 s .l9 5 2 J .J
70*4
70*4
70*4 78*3
Seattle E leo 1st g 6 s ......... 1930 F-A 103 *a......... 104*4 104*4
103 104*4
S h a n n o n -A m 1st g 6 s ___ 1919 M-N
95
96*8 07 N o v ’ 10
88 110
T e r r e H a u te E leo g 6 s ....1 9 2 9 J -J
97 A p r '07
T o r r in g to n 1st g 6 s........... 1918 M -s
1003, M ar'K )
10K ib’d \
U n io n P a o B B A I g r g 48.1947 j - j
10034 D e o ’ 10
99*8 101 *a
20-year c o n v 4 s ................ 1927 J . J
104*e O ct TO
1 0 4 7 ,1 0 9 ^
U n ite a F ru it g e n s f 4 *38.1923 J . J
97 *8D e c ’ ll/
95*4 97*8
U 8 Coal A Oil 1st 8 t 6 s .. 1938 M-N
165 N o v lO
145 166
U S Steel C orp 1 0 -6 0 y r 6 s. 1963 M-N
104*8 104*8
101*3 1 0 6 4
W e s t E n d S treet B y 4 s .. . . 1916 F-A
98*4 J ’l y ’ 10
97
98*4
G old 4 *as...............................1 9 U M-S
101*4 J ’ u e’ 09
G old de b e n tu re 4 s .............1916 M-N
9 8 * a A p r ’ 10
*98**3 *99*5
G old 4 s.................................. 1917 F-A
98
98
97
99
W e ste rn T e le p h A T e l 68.1932 J - J
9G34 Bait 96*4
97
94*3 99
W isco n s in Cen t 1st gen 4 s l9 4 9 J - J
94*8 Jan TO
94*g 9 4 *

N O T E -B u y e r pays a ccru e d Interest In a dd ition t o the puroliase prloe tor aU B o sto n B onds.

* N o p rice F r id a y ; latest bid and asked.

U F la t price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
•■'hare P r ic e s —N ot P e r C o iu iin i P r ic e s
S a tu rd a y
Deo 17

M on d a y
D ec 19

T u esday
D :c 20

1W ednesday
Deo 21

67
126*4 126*4 ♦126 i 26*4 120 126 1
21 I 20*3 20*3
*20*8 20*3 -1 9
r........ 44
*41
15
16
1 5 4 167e ♦16*8 .

20

20

42*3 42*3
42 4 42 4
*42
42 *3 42 4 42®g
11 *8 1 1*8 ♦ 11*8 U*«
48*4 48*4 49*4 49*8
83*4 33*3
33 4 34
79
7 9*3 *79
80
9*8
9*8
26*4 27 •'*8 *27 4 *2*8 4
93
93
94
94
90*8 9 0 *t
90*8 91
64*4 64*3
64 *3 64*4
48
48
48*3
48
16*4 16
15 7„ 10
l a »8 18*4
i a «8 18*8
74*4 74*3 74** 75»i0
8*10 8*4
84
84
43*8 43"»
43 4 43*»
86*4 8 6 S0 8 6 4 86*b
I 'l l I L A D E L l 'H 1A

♦63*4 ......... j ..........
. . . . . . ......... ! . . . . . .
126
.........
*19 4 .......... . . . . . .
<:40
♦ 1 6 4 15*4 ♦ 15 4

F r id a y
Deo 23

17
1 7 4 1 *17
.124 *42
42 4 •42
4 2 -V 4 2 4 4 24
42 4 42*0
42 4
♦ 11*8 11*4! ♦ i l ®
0 11*4 *114 114 ♦IP 's
49
49*8 *48 4 4 9 4
49
49
Xl7*4
33*4 34
33 4 3 3 4 *33 4 33*4
33*4
79*3 79 h ♦79 4 80
79*, 7 9 4
794
*9*8
♦9 4 .........
*9 *8
♦0 4
28*3 2 8 ^
28 4 28*8 2 8 4 "*284 28*4
94*3 91*3
94
94
♦93
94
93
89
90
89
00 4
8
Ol
*,0
8 9 4 00 4
1)4*3 64**10 615 19 0 4 ss
64 4 04 4
04 4
47
47*3
47
47 4
47 4 47*4
47*4
1 6 7» 16
16
16*8 1 6 4
164
164
1S T 18*8
1 8 4 18*8
184 184
184
75*8 76i3le 761io7513,0 7411,0 754o
74*4
8*10 8*4
Ss,
8*4
84
84
42"s 43
42*4* 42*,
43
43
43
63*4 86*4
85 4 86*«
85*4 80*4
864
42

| B id

A sk

•Bid and asked; no sales on this day.

Sales
A C T IV E S T O C K S
ol the
j W eek ( F o r B on d s a n d In a ctiv e
Stocks see b elo w )
j
Shares

P H IL A D E L P H IA

B id

R a n ge Since
Jan 1
Low est

Hiilrinioi’e

H igh est

\\Range lo r P reviou s
J
Year (1 9 0 9 )
|j Lowest

| H igh est

. . . . Con. Gas EL L. a P o w .1 0 0 46 M ar21
py?1.........•.......... 100 80 M a r l l
172 N orth ern C e n tr a ,.......... 6 0 1 1 5 Jan 8
20 S eaboard ( n e w )............... l o o J8«8J’ly 2 9
l»o 2d p r e f.............. 100 40 O ct 17
1,026 U nited By A E le c t r io .. 60 12 s), M ay 3

6 4 4 D eo 8 30 M ar 48 D eo
90 J ’ly J 4 76 M ar 89 M ay
132 F e o 2 3 100 Jan 121*3 D eo
27 *4Jan 3 1 1*4 Feb 28*4 Ueo
‘
47
Jan 8 22*4 F e b 48 I)eo
16 >3J ’ly 15
9*4 F eb 14*3 D eo

P h ila d e lp h ia
99 A m erican C e m e n t......... 60 17 D e c 22
424
261 A m erican H a llw a y s .... 60 41*, J ’ l y 2 l
42 4
615 Cam bria S t e e l................. 60 40*4 J ’ly 26
i 1*4
100 E le c tr io Co of A m e r ic a 10 11 *4J ’ly 29
4b
729 E le o S torage B a tt e r y ..100 42 J ’ ne30
33*4 1,928 G en A sp h alt tr e t i s ___ 10b 19*4 J ’ly 2t
79*4
259
D o pref tr c t f s ___ 100 64 J ’ ly 26
94
26 K eyston e T e le p h o n e ... 50
7 J ’ly 6
28*4 8,419 Lake S u p e rio r C o rp ___ lo u
16*3 J ’ ne3o
93
256 L en igh C A N a v tr c tfs. 69 86 J ’ ne3u
dOli# 23,006 L eh igh V a lle y ................. 60 62 *s J ’ly 27
61*8
95s P en n sylva n ia B B ......... 50 61*lla J ’iy 2t
48
1,267 P h iladelp’ a 'J o (P lt t s o ) . 60 42 J ’ne3>
1 6 4 18,343 P h iladelphia E le c tn c fl. 26 1137, g e o 3
184 2,003 Phils U a p l d T r a n s i t ... 50 15 A p r 28
7 4 4 10,910 B e a d in g ...........................
66*3 J ’l y 2 t
8 4 2,897 T on opan M in in g ......... 1 0*3 Jan 2
43
3,319 U u lo n T r a c t io n ............. 6t 38 O ct 2s
86
3,124 U nited G as lm p t ........... 60 79 J ’ly 2o

28 Jan
25 D ec 43 Jan
60 Jan
4 4 8g J ’ly 48 D eo
53*3 Jan 10 3 2 ’ a 9'eb 49 »8 Deo
12*3 Jan 14 * 1 0 *8Jan 12'8 J ’ ly
64*4 M a r ll 43 Jan 63*3 J ’ ly
34*» D eo 16 15*3 Jan 33*4 D eo
84*5 Jan 10 63 Jan 84 *3 D eo
13 „ a n l u
9 *3Jan 16 A p r
2 8 7s D ec2 2
14*4 Jan 33 *8 M ay
,2 3 Jan 7 96 Jan 125 *3D eo
121*4 M a rla 67 Feb 113 Sep
69*10 M ar 9 63*8 Feb 76 *8 Sep
63*4 Jan 8 40*3 Feb 6 1 ’ * D e «
16*, M arlS 11 *4 Fob 14*8 D eo
2 a *3Jan 3 2 4 ’ g Jan 36*3 A p r
86 Feb la 69 *3 Feb 86*4 Sep
9* i0 M a y l3
0*4 Jan 7**10 filar
52*4 ja u 3 5 0 ’ a Jan 6 8 7a M ay
95*8 Jan 10 84*8 Ma) 95 *3 D eo

*64 4 6 5 4
......... ! *89
90
......... *126 1 2 6 4
......... I *20
20 4
1 *42 42 4
16*4 ! * 1 6 4 16

20
20 i
42*3 42 V *42

in a c t iv e b lo c k s
A m al A s b e sto s C orp . 100
.P r e fe r r e d ................... 100
A m e ilca n .M illing........10
Am ur Pipe M fg ......... 100
B ell T ele p h o n e (P a ). 100
Cam bria I r o n ................. 60
45
C entral Coal A C ok e. 100
Consol T r a c o t N J ...1 0 U
E a ston Con E le c tr ic 6.50
F t W a yn e A W V ........100
G erm an tow n P a ss........60
[n d ian ap olis S t ........... 100
Indiana U nion T r ___ 100
In s u ra n ce Co o t N A . .1 0
1978 2 0 4
In te r Sm P o w A Chem .60
K ey s ton e T e lep h on e ..6 0
94
94
P r e f e r r e d ..................... 60
K ey s ton e W atehCase.HKI
Leli V a il T ran v t 0. . . 6O * 0 4 "*o*;
P re fe rre d v t o ........... 60
18 4 10 *3
L it B r o th e r s ..........
lo
16
17*4
L ittle S c h u y lk ill......... I 50
M lneliUl A S oh u yl 1 1..6 0 m u 62**
N H a v e n Ir o n A S te e l.6
N orth ern C en tra l......... 50
126
N orth P e n n s y lv a n ia ..60
P en n ey! B it r e c e ip t s ___
P en n sylva n ia B a lt........60 110
P en n sy lv a n ia s t e e l . .1 0 0
P r e t e r r e d ................... 100 104
P hlla Co (P itts ) p r e f...6 0
41*
42*4
Ph il Germ an A N o rr ts .6 0
Plula T r a c tio n ................60
83
84
H allw ays G en era l........10
S usquen Iro n A S te e l ..6
T idew ater S t e e l........... 10
P r o i e r r e d ..................... 10
U n ion T r of I n d ......... 100
U n ited N J B B A O .. 100
U n it T ra o P itts p r e f..6 0
W a rw ick I ro n A S te e l. 10
10
10*3
W e ls b a o h C o ................. 100
39
41
W e s t J e r s e y A S e a S li.6 0
62
W estm orelan d C o a l....5 0
W ilk e s G as a E l e c .. 100




T h u rsd a y j
Deo 22
|

20

A sk

P H IL A D E L P H IA
| B id |A s k ||
B A L T L H O ltE
B id [ A s k
P h A B ead 2d 6s ‘ 3 3 . A-O
Chas B y G A E l 6s ’99 M -S
C on M 7s 1 91 1........J-D 101 j 10l*s Chari C A A 2d 7 s ’ 10 A -O
E x Im p M 4s g ’ 4 7 .A-O
C ity A S ub 1st 6 s .. ’22 J-D 105
T e rm in al 6s g 194 1.U -F i Hi *5
C ity A S u b (W a s l l s t 6 s ’ 48 1 0 2 4
I "8 2 4 "S3** P W A B c o l tr 4 s ’ 21. J-J
99*a 100
Coal A 1 B y 1st o s ’ 20 F -A 1 0 1 4 T 0 2
) .........
P ortlan d B y 1st 6s 1930.
C o lA G r n v ls t 6 s .l9 1 6 J - J 105
r . . . . . . ” •*** lto c h B y A L co u 5s ’ 5 4J -J
Consol G as 6 s ..1 9 3 9 J-D 108
r 100
Spanisli-A ui l r 6s ’ 27 J-J 101*3101*4
C tfs in d e b t 4 *38........J-J
' 116 i"l 8*4 S tan ’d G as A E Cs ’ 25 fil-N 100*4.......
C ons G E A P 4 “v s ’ S o .J -J " 8*4 4 !" 84*4
108
U T r a c lu d ge n 6 s T 9 .J - j ,
F
a
ir A C lT r i 8 t 5 s ’ 3 8 .A -0
96
904
102*4 ......... U n K ys T r e tls 4s’ 49JA J 1 " 7 6 " I 76
G a A A la 1st co n 6s ’ 46J -J 106
U n tie d lty s l u v l s t c o l l t r ,
G a C a r A N l s t 5 s g ’ 29 J-J 105 .........
! 102*4
s f 6s 1 9 2 6 ........... ...M -N i
81 *3' 82 G e o rg ia P 1st 6 s . . . ’ 22 J-J
1U6 4 . . . . .
U T ra o P it gen 6s ’ 97 J-J
,
UaSo A F la 1st 6s 1945J-J 107
197 4
1 88 88 4 W elsb aoh s f 6s 1 93 0.J-D 101*0
87 , 89
G -B -S B rew 3 -4s 1051M -S
43
434
1 105*4
W lk s-B G A E conDs’6 5J-J
2d in co m e 6s 1951 Al-N
B A L T D ! DICE
K u o x v T r a c 1st 6s ’ 2 8 A -0 103 106
! " s i4 624
l n u c ii v e b l o c k s
L a k e B E l 1 st g u 5 s ’ 42M -S
L o h ig h N a v 4*as ’ 14.Q -J
A la C on s C oa lA Iro n . 100
M a c o n B y A L t ls t 5 s ’ 53J-J
B it s 4s g ........191
P r e f .............................. l o o
M em ph is s t 1st 5 s ’ 45 J-J " o f " ' o s ”
1 1044
G en M 4 *3S g.192
A tla n ta A C h a rlo tte ., lo o ! ..................... file tS t.(W a sh )lst6 s’ 2 5 F A
Leli V C 1st 6s g ’ 3 3 ..J -J 109 4 i l l i
A tla n C oast L (Conn)lOO; 227 ............. i l l V e r C ot D u ck 1st 5a. " 7 4 " " 7 4 4
------ o ................... IlOO'
~ U6
L eh V ex t 4s 1st 1948. J-U
C
anton C
N p t N A O P ls L 6 s ’3 8 M -N
93
c o n s o l 6s 1 92 3.......J -I)
C ons C ot D u ck C orp..’. 6Uj
5
US N o r A P o r T r l s t 5 » ’ d 6 J -D
82
.........
824
C on sol 4 *3» 1 9 2 3 ...J-D 1 0 4 4
P r e f e r r e d ................... 60
20
N o r fo lk S t 1st 5s ’ 4 4 . .J-J 105 4
A n n u ity 68..............J -l)
148 148*4 G eorgia S ou A F l a . .. l 0 0
N o rth C en t 4 *38 1925 A -O
G en c o n s 4s 2 0 0 3 .M -N
07
974
1 st p r e f .......................100
S e n e s A 5s 1 9 2 6 .. ..J - J
L e h V T ran co n 4s ’35 J-U
2d p r e f........................ 100
76
Series B 6s 1 9 2 6 ....J -J 110 112
1st series B 6s 1935.M -S
ib ‘14 G -B -S B r e w in g ............ 100
P itt U n T ra o 6s 1 90 7.J-J 102
104
N ew Con Gas os 1948 J-D
B onds
P o lo V a l 1st 6s 1 9 4 1 ..J-J 107
N ew ark P a ss c o n 6s 1930
P r ic es are a lt “ and
Sav Fla A W e st 5 s ’ 34 A -O
N Y PU A N o 1 s t 4s ’39 J-J
90
in te r e s t”
S cab A Hoan 6s 192 6. J-J
In co m e 4s 1 9 3 9 ...M -N
A n a co stia A P o t 6s ___
S outh B ou n d la t 6 s ..A -O i o s " " io o " *
N oO h ioT rao oonde’ lO.J-J . . . . . .
A t l Coast L( C t)ctfs 6s J-D 103
U E l L A P 1st 4 *3S’ 29 M -N
92
924
P en n C ons 6s 1919 . . V a r
C tfs o f ln d e b t 4 s ___ J-J
Uu B y A E l 1st 4s ’49 M-S
84*4 80
P en n A M d Steel con 6s. H * :;; .........
6-20 y r 4 s 1 92 5..........J-J
90
In co m e 4s 1 9 4 9 ........J-D
01*, 0 1 4
P a A N Y Cau 6s ’3 9 .A-O
B a lt C P ass 1st 6s ’ l l M-N
9 9 7, 100
F u n d in g 5s 1 9 3 6 ...J -D
84*, 85
C on 4s 193 9............. A-O
B a lt F u n d g 58.1916 fil-N
V a M id 2d s e r 6s ’ 1 1 .M .8 1U0
P e n u S teel 1 s t 6s T 7 M -N
E x ch a n g e 3 *38 1930 J-J
3d series 6s 1 9 1 6 ..il- S
P e o p le ’ s T r tr ce rts 4s ’ 43 " 92*4 " 9 3 4 B a lt A P 1st 6s m 1 ’ l l A -O lu o
4th ser 3-4-5s 1 9 2 1 . M-S
P Co I s t A c o l tr 5s’ 49 M-S 1 0 1 4 102
B S P A 0 1st 4 *38 ’53 F -A
6th series 5s 1 0 2 6 .M -S
94*s
ConA coltr6sl961M -N
B a lt T ra o 1st 5 s . . ’ 29 M -N
9 5 4 96
Va (State) 8s n ew ’ 3 2 .J-J
P h il Eleo g o ld tru st c tfs . 192
N o B a l t D i v 6s 1942 J-D 109*3 110*4
102 4
F u n d d e b t 2-3s 1 9 9 1 . J-J
T r u s t c e r tlfs 4 s ...........
77
7 7 4 C o n tT B y c o n 5 s l9 3 2 M -N
W e s t N C c o n 6s 1914 J-J
P A E g e n 31 6 g ’ 2 0 . A-O 1 0 7 4
E x t A Im p 58.1932 M -S
W e s V a C A P 1st O g 'l l J-J
G en M 4s g 1 0 2 0 .. A A O 1 0 0 4
Chas C ity B y l s t 6 s ’ 23 J-J
W il A W e ld 5 S ..1935.J-J
.........
II E x-ri^hts. ||$15pald. t l l 2 * 4 p a l i t $ 1 3 4 p a i d . 4$35pat<L a lt e c o ip t i. 6 i l .3 paid. c $ ,;o paid. d $ i 24 paid.
B onds
P r ic es are aU “ a n d
interest

'iwvIIIIII

.....

THE CHRONICLE

1702

Volume of Business at Stock Exchanges
TUANS ACTION i AT THU NOW Y O R K STOCK EXCH AN G E
D A IL Y , W EE K LY AN D Y E A R L Y .
Railroad,
&c..
Bonds.

Slocks.
Week ending
Dec. 23 1910.

Shares.

Par value.

115,522
421,816
353,127
318,005
214,974
114,505

Saturday ----------------Monday -----------------Tuesday— -------------T h u r s d a y ....______ _
F rid a y ............... ..........

$1,615,500
2,807,000
2.713.000
2.935.000
2.058.500
1.373.500

$43,000
70,500
261,009
147,000
182,000
80,000

......
______
...........

$13,500,500^

$783,500

SI,000

$9,980,700
36,028,350
30,102,700
26,410,500
18,298,409
10,324,509

1,537.949 $131,343,150

Total..........................

$1,000

Jan. 1 to Dec. 23.

Week ending Dec. 23.

Sales at
Ncti> York Stock
Exchange.

U. S.
Bonds.

Stale
Bonds.

1909.

1910.

163,956,244
210,931,520
3,386,848
1.537,919
Stocks— N o. shares___
Par v a lu e _________ S131.343.150 $303,381,200 $14,623,885,275 S19,284,722,700
$1,101,100
$332,450
$67,300
$500
Bank shares, par_____
Bonds.
$330,700
$801,200
$1,000
Government bonds___
41,679,550
36,850,900
$340,500
783.500
State b o n d s _________
581,553,200
1,255,464,100
22,436,000
13,500,500
RU. and mlsc. bonds.
Total b o n d s ..............

$14,285.000' 822.776.5001

$623,593,450

S I,293,116,200

D A IL Y TRANSACTIONS A T T H E BOSTON AN D PH IL A D E L P H IA
EX CH AN G ES.
Philadelphia.
Week ending
Dec. 23 1910.

Listed
shares

Saturday_________. . .
Monday__________ . . .
T u esd a y ____________
W ednesday_________
T h u rsd ay___________
Friday _____________

3.945
9,205
10.190
7,301
6,271
6,011

Total .....................-

42.953

Unlisted
shares.

24,833

Listed
shares.

Bond
sales.

Bond
sales.

Unlisted
shares.

$70,000
44.500
87.000
105,000
31.000
16.500

11,682
12.701
16,596
26,672
14,429
10.459

4,074
8,138
6,311
2,310
4,736
2,240

$22,900
37,000
118.500
135.500
101,700
92,500

$354,000

92,539

27,809

$508,100

Outside Securities
All bond prices are n o w “ and in terest’’ e x c e p t w here m arked
Street R a ilw a ys

Bid

15
58
120
93
Exc
102
____
80
15
Oen Pk N A E lttv stock. 100
80
Ohrlstoph'l & 10th St stk 100
Col A 9th Ave 5s— See Stock Exc
Dry Dock E 3 & B —
95
1st gold 5s 1932--------- J-D
30
Scrip 5s 1914............... F-A
Eighth Avenue s t o c k ... 100 25)
95
Scrip 6s 1914............. F-A
42d A Gr St F ’y s to c k .. 100 250
42d St M A St N A ve. -.1 0 0 ____
1st mtge 6s 1910------Al-S
40
2d Income 6s 1915____
Inter-Met— See Stock Exch ange
Lex Av A Pav F 5s— See Stk Exc
Metropol St R y — See Stk Exc
Ninth Avenue stock------100 155
10
Second Avenue stock — 100
99
1st M 5s '09 ext TO ..M -N
56
Consol 5s 1948......... ..F - A
s Sixth Avenue s t o c k .-.1 0 0 115
60
88
Third Avenue R R —See Stk Exc
50
Tarry W P A M 5s 1928..
75
28th A 29th Sts 5s '9 6 . . A-0 fn 10
190
100%
05
Westchester 1st 5s ’43 J-J

Blecck St A Ful Fy stk. 100

B’ y A 7th Ave stk--------- 100
2d mtge 5s 1914----- -J-J
Con 5s 194 i— See Stock
B’ way Surface 1st 5s gu 1924
Cent’l Crosstown s t o c k .. 100

Brooklyn.
Allan Avenue R R —
Con 5s g 1931............. A-O 100
97
B B A W E 5s 1933___ A-0
Brooklyn City S tock------- 10 165
Con 5s—See Stock Exch ange
98
Bklyn Hgts 1st 5s 1941 A-O
Bklyn Queens Co A Sub—
e 1st g 5s ’41 op 1916 .J-J
e 1st con 5s '41 op TO M-N
Bklyn Rap Tran—See Stock Exc
60
Coney Isl A Bklyn--------10C
78
1st cons g 4s 1948------J-J
75
Con g 4s 1955________ J-J
95
Brk C A N 5s 1 9 3 9 ...J-J
Kings Co El 4s— See Stock Exc
103
5s 1 9 1 4 .................. .A -O
1st 4s 1951— See Stock Exc
N W ’b’g A Flat 1st ex 4
87
3telnway 1st 6s 1922___J-J 103
Other Cities
Buffalo Street R y —
1st consol 5s 1931------F-A 105
Deb 6s 1917________ A-O 103
Columbus (O) St R y ------ 10(
P referred____________10(
Colum Ry con 5s— Sea Ph la list
Crosst’n 1st 5s 1 9 3 3 ..J-T
99
72
»Conn R y A L t g c o m ... 101
79
1st A ref 4J^s — See Stock Exc
Grand Rapids R y pref.-10C
S2
1041
t Loulsv St 5s 1930_____J-.
Lynn A Bos 1st 5s 1924.J-1
104
l New Orl Rys A L gt___101
e Preferred....... .......... .101
67
Gen M g 4 Ms 1935— See S tk Ex
Pub Serv Corp of N J . . 10( 112
Tr ctfs 2% to 6% perpe
99%
North Jersey St R y .. l 0 l
60
1st 43 1918............. M-5
74
Cons Tract of N J ____104
72
1st 5s 1933............. J-E 103
* P er share,

b B asis,




Ask

Street R a ilw a y s

20
05
140
100
1st
104
90
8)
21
90
1st

P ud Serv Corp N J (Con) —■
New k Pas ily os 80. .J-J
Rapid Tran St R y __ 100
1st 5s 1921............. A-O
J C Hob A Paterson—
4s g 1911 . ____ M-N
So J Gas El A T r a c .. .100
Gu g 5s 1953_____ M-S
No Hud Co Ry 6s 1914 J-J
5s 1923 .................
Ext 5s 1921........... M-N
Pat R y con 6s 1931.. J-D
2d 6s opt 1914------ A-O
So Side El (Chic) — See Ch
Syracuse R T 5s 1916 . . Al-S
Trent P A H 5s 1943.. J-D
United Rys of St L—
Com vot tr ctfs......... 100
e Preferred ................ .100
Gen 4s 1934— Nee Stock
Unit Rys San Fran— See Stk
Wash R y A El Co......... .100
Preferred___________ .100
Is 1951______ ______ J-D

100
40
325
too
125
60
1st
list
list
ISO
16
____
59
130
85
92
list
80
85
20
15
102
75

102
102
170
list
102
100
99
list
75
83
80
100
list
105
list
92
105

108
106
95%
102%
103
81
list
85
105
106
25%
67%
list
114
100%
75
73
104

’’I.*

BUI

Ask

107
235
100

- - -245
—

73%
128
97%
101
102
05
114
99
Icago
100
95

74%
131
98%
____
....
....
-- -101
1st
102%
—

8%
36%
Exc
Exc
33
86
83%

9%
37
list
list
34U
86%
83%

G as Securities
Neto York
Cent Un Gas os 1927__ .J-J 101
Con Gas (N Y ) — See Stock Exc
e Mutual G a s . . . ........... .100 165
New Amsterdam Gas —
1st consol 5a 1948— -J-J 101
N Y A E R Gas 1st 5s 44 J-J 101
97
Consol 5s 1945--------- J-J
35
N Y A Richmond Gas. . l o o
99
Nor Un 1st 5s 1927------ M-N
55
e Standard Gas c o m .. . .100
85
100
e P eferre ......... —
1st 5s 1930_________ M-N 102
Other Cities.
Am Gas A Elec c o m .. . - .5 0
P referred........... ........ ..5 0
Amer Light A T r a c t ... .100
P referred___________ .100
Bay State Gas............... ..5 0
Blngh’ ton (N Y) Gas Wks
1st g 5s 1938........... .. A-O
Brooklyn Un Gas— See Stk
Buffalo City Gas stock. .100
1st 5s 1947— Nee Stock
Cltle3 Service Co........... .10C
P referred__________ .100
Con Gas of N J 5s 19If .J-J
Consumers’ L H A Pow —
5s 1938......... ............ _J-D
Denver Gas A Elee____ .101
Gen g 5s 1919 o p . . . M-N
Elizabeth Gas Lt C o__ . 101
Essex A Hudson G as.. .100
Gas A El Bergen C o ... .100
e Gr Rap 1st 5s 1915 . . .F -A
Hudson Co Gas............. _ 101
Indiana Lighting C o ... .100
4s 1958 o p ................. F-A
Indianapolis Gas......... . .61
1st g 5s 1952----------- _ A -(
Jackson Gas 5s g 1937. .A-O
.101
e Preferred------------- .106
Madison Gas 6s 1926.. .A -0
Newark Gas 6s 1944.. _Q-J
Newark Consol Gas— ..101
e Con g 5s 1948------ .J -l
No Hudson L H & Pow —
5s 1938..................... .A-C
Paclllc Gas A E, com . ..101
Preferred ............... .. ..101
Pat A Pas Gas A Elec -.101
e Con g 6s 1919------ -Al-8
St Joseph Gas 5s 1937- J - .

103
list
175
102
104
100
50
101
~- - —
106

*48
*40%
288
103%

49%
41%
292
105
B8

95
Exc
3
Exc
*63
X7J
90

100
list
5
list
04
89
94

100
190
90
300
135
77
95
132
33
64
11
80
/ 88
104%
80
103
126
90
103

____
210
92

100
68
87
88
100
89

80
102
136
35
05
20
85
92%
105%
102
108
-- - 98
104
69
88
91
101
03%

[VOL. LXXXXI

Bid
E lectric C o m p a n ie s
Chicago Edison Co— See Ch cago
88
Gr't West Pow 5s 1 9 4 6 ..J-J
e Kings Co El L & P C o. 100 123
Narragan (Prov) El C o— 50 t SS%
40
N Y * Q El L A Poiv C o. 100
73
P referred ____________ 100
75
United Electric o f N J— 100
76
1st g 4s 1949................ J-D
4012
Western Power com ------100
63
Preferred ......................100

Ask
dst
88
126
90
50
78
77”
41%
64

T elegra p h and T elephon e
e Amer Teleg A Cable— 100
e Central A So Am er------100
Comm’l Un Tel (N Y ) — 25
Empire A Bay State T e l. 100
Franklin ........................... 100
a Gold & Stock T e l e g ... 100
e Northwestern Teleg____50
Paclllc A Atlantic.............. 25
e Pac Telep A Teleg pref 100
Southern A A tlantic------- 25

78
1176
105
65
40
110
110
60
90
90

F erry C o m p a n ie s
n A N Y 1st 6s 1911____J-J
N Y A E R Ferry s t k .. . 100
1st 5s 1922__________ M-N
N Y A Hob 5s May ’46.J-D
Ilob Fy 1st 5s 1946--M-N
N Y A N J 5s 1946......... J-J
10th A 23d Sts F e r r y ... 100
1st rntge 5s 1919____J-D
a Union Ferry stock____100
e 1st 53 1920................ M-N

97
28
20
65
55
971; 100
106 103
96
40
30
75
65
27
25
96 100

60

90

S h ort-T erm N otes
997s IOOI4
Am Cig ser A 4s 1911..M -S
98V| 98%
Ser B 4s Mch 15 T 2 ..M -S
90% 991-j
Balt A Ohio 4 HSs 1913. J-D
9 «34 9712
Bethieh Steel 6s 1911..M-N
981 99
Cnlc A Alton 5s 1913..M -S
97% 98
Cln Ham A D 4s 1 9 1 3 ...J-J
10014
C C C A St L 5s, June 1911.
Hudson Companies—
991" 109
6s Oct 15 1911........... A-O
98% 98%
6s Feb 1 1913..............F-A
Interb R T g 6s 1911..M-N 100% 100%
9.v% 90%
K C R y A Lt 6s ’ 12------M-S
Minn A St L g 5s 1911.-F-A 100 100%
6 N Y C Lines E q 5s ’ l l - ’22 64.60 4.30
64.60 4.30
4H s Jan 1911-1925—
N Y N II A II 5s ’ U -’ 1 2 .. 100 101
St L A S F 4 ^ 8 ’ 12 op.F -A
98% 98%
96
96%
5s Mch 1 1913......... .M-S
97% 98
South Ry g 5s 1913------F-A
Tidewater 6s, 1913, g u a r ... 101% 101%
Wabash i'A s 1913___ M-N
97%
99% 100%
West Telep A T 5s ’ 12.F-A
Westlngh’se El A M 6s 1913 100% 100%
5% notes Oct 1917..A -0

__

R a ilroad
Chic Poor A St L—
Prior lien g 4 ^ 3 '3 0 .M-S
Con mtgo g 5s 1930___J-J
Income 5s, July 1930____
Chicago Subway............. 100
Kan A Col Pac 6s 1938.F-A
Nat Uys of Mexico— See S
Northern Securities S tu bs..
Pitts Bess A L E ________ 50
P referred____________ 50
« Railroad Securities Co—
111 C stk tr ctfs ser A . . .52
Seaboard Company—
1st preferred________ 100
Com A 2d pref— See Bal
Seaboard Air Line—
Coll 5s ext May 1911.M-S
West Pac 1st 53 1933..M -S

/ 85
{ . . . . 60*
5
f ....
4
3%
107 109%
t Exc list
105 115
35
*30
*62% 72%
85

90

76
t Exc

80
list

100 100%
91% 92%

Industrial an d Aliscel
Adams Exp g 4s 1947-.J-D / 89% 90%
Ahmeek Mining--------------- 25 180 190
Alliance Realty--------------100 117% 1221
American B ook--------------100 154 158
American Brass_________ 100 120 125
American Chicle com __ 100 218 224
P referred____________100 100 103
5
Am Uraphophone c o m .. 100
30
24
P referred____________ 100
Amer Hardware________100 122
Am Malting 6s 1914____J-D 100 102
95 100
Amer Press A ssoc'n___ 100
Am St Found new— See S tk Ex list
6s 1935.........................A -0 101
69 ‘70
Deb 4s 1923.................. F-A
American Surety............... 50 230
*4% “ 5%
American Thread pref------ 5
118
Am Tobacco Co co m ___ 100 412
42
40
Amer T ypef’ders com — 100
98 101
Preferred..... ..................100
97 100
Deb g 6s 1939........... M-N
3%
2%
Amer Writing Paper------100
29% 30
Preferred____________ 100
89% 90%
1st s f g 5s *19red 105-J-J
s 9\s
Atl Gif A W I SS L ines.. 100
s 20%
P referred____________ 100
08
67
Col tr g 5s 1959--------- J-J
22
Barney A Smith Car____100
90
Preferred____________ 100 S30
Bethl’ m Steel Corp— See S tk Ex list
125 127
B11S3 Company com ____50
P referred_____________ 50 123 127
Bond A Mtge Guar_____ 100 250 257%
Borden’s Cond Milk____100 119 121
P referred____________ 100 105 106
*7%
7%
British Col Copper.........
5
Butte Coalition Mining. 15 *18% 19
3%
2%
Casein Co of Am com ___100
55
50
Preferred____________ 100
Casualty Co of Amer___100 125 140
Celluloid C o.......................100 132
6
Cent Fireworks com ------100
40
P referred____________ 100 —
Central Foundry.............. 100
Preferred ............... — 100
35
D e b 6 s ’ 19 redat 1 0 5 .M-N f 31
Chesebrough Mfg Co------ 100 700
21%
Chino Copper Co----------- 5 *21
62
City Investing Co--------- 100
58
P referred ____________ 100 101 105
e Claflln (II B) com ......... 100 102 100
e 1st preferred________100
90
93
e 2d preferred.............. 100
—
93
Col A Hock Coal A I pf.100
1st g 5s 1917..........
J-J
45
Col tr 6s Oct 1956____J-J
45
Consol Car Heating____ 100
43
Consol Rubber Tire____ 100
4
3
P referred........... ........... 100
22
Debenture 4s 1 9 5 1 ..A-O / 40
41

e Sells on S to c k E x ch a n g e , bu t n o t very a c tiv e . / F la t price,

_

__

_

n N om inal,

s Sale p rice .

As*
Industrial and Aliscel
13
e Cruelole Steel--------------100
76% / 67,
e P referred ........... — 100
Davls-Daly Copper C o .-.1 0
*1%
1*1
e Diamond Match C o— 100
93% 94
duPont (B I) de Nem Po 100 146 149
83
81
e Preferred.....................100
85
81
e Gold 4 K s 1936------J-D
5%' 12
Electric B oat___________ 100
40
20
Preferred____________ 100
15
10
Empire Steel....... ............. 100
62
55
P referred____________ 100
95 100
e General Chemical_____100’
e Preferred........... ......... 100 100 105
*%
%
Gold Hill Copper...................1
67,
*G3j
Grecne-Oananea_________20
Guggenheim Explor’ 11. . 100 159 192
e Hackensack Water Co—
86
85
Ref g Is ’52 op 1912 ..J -J
35
20
nail Signal Co com _____ 100
4
6
Havana Tobacco Co____100
8
12
Preferred....... ................100
59
55
1st g 5s June 1 1922 .J-D
Hecker-Jones-Jewell Milling
1st 6s 1922..................A1-S 103 105
40
35
Herring-Uall-Mar n ew ..100
Hoboken Land A Im p. .100
103 ’
1st 53 Nov 1 9 3 0 ...
77«
Houston OH____________ 100
46% 47%
P referred____________ 100
Hudson Realty_________ 100 111)
93
e Ingersoll-Rand com __ 100
97
e Preferred___________ 100
32%
o2
Intercontinental Rubber 100
90 100
Internat’ l Banking C o .. 100
International Nickel____100 160 165
93
91
Preferred____________ 100
92% 94
1st g 5s 1932................ A-O
6
3
International Salt______ 100
52
1st g 5s 1951..............A-O' . 47
80
50
International Silver____100
P referred........... ........... 100 107 113
1st 6s 1948__________J-D 110 112
Internet Smelt A R efg--100 130 135
Internet Time R e c o r d ..100 180 205
Preferred____________ 100 110 115
Jones A Laughlln Steel Co
1st s f g 5s 1939_____M-N 10U4 101%
39
35
e Lackawanna Steel____100
e 1st con 5s 1950____M-S
e D eb 5s 1915..............M-S
91% 91%
91% 93
Lanston Monotype_____ 100
Lawyers’ Mtgo Co______ 100 244 248
Leh A WHkes-B Coal___ 50 230 275
e Lorillaril (P) pref......... 100 135 145
45
35
Madison Sq Garden_____ 100
85
2d 6s 1919................. M-N
Manhattan Transit........... 20
*1% T %
59
57
May Dept Stores.............. 100
Preferred....................... 100 102 103%
8*8
Monongaheta R Coal......... 50 *
Preferred ..............
50 * 21% 22
Mortgage Bond Co------- 100 113% 115%
106%
Nat Bank of Cuba........... 100
National S u r e ty ----------- 100 t 190 ‘ 197%
e NevadaCons’ dCopper, See Stk t x list
*7, IS1#
Nev-Utah Min A Sm--------10
60
30
e New Central Coal........... 20
N Y Air Brake 63—Sec Stock Exc list
N Y Biscuit 63 1911____M-S 100
*3*5*"
e New York D ock______ 100
65" 68
e Preferred __________ 100
N Y Mtge A Security— 100 200 210
5
*4
N Y Transportation_____20
98
95
NUcs-Bem-Pond com ___100
*107S 11
Nlplsslng Mines______
*11
l 9ia
Ohio Copper Co.................. 10
2
1%
e Ontario Silver_________100
50
48
Otis Elevator com ______ 100
98
96
P referred____________ 100
Pittsburgh Brewing--------50 *227g 23
41%
P referred.......................-50 *
Pittsburgh Coal—Nee Stock Exc list
56
53
Pope Mfg Co 00in........... 100
78
P referred-------------------100 74
Pratt A Whitney p r e f.. 100 102% 104
Producers Oil..............
100 142 146
116
Realty Assoc (Bklyn) — 100
Royal Bak Powd com ___100 180* 190
P referred......... ............ 100 104 107
Safety Car Heat A L t___100 124 128
75
Seneca Mining.................. 25
340
dinger Mfg C o--------------- 100
8
South Iron A S com ------100
16
Preferred____________ 100
Standard Cordage--------- 100
20
1st M g 5s ’31 r e d .. .A-O
4
’ 3
Adjust M 5s Apr 1 1931
40
Standard Coupler c o m .. 100
P referred ............. ........ 100 100
1*8* ‘
16
Standard Milling Co------100
54
50
P referred..... ................ 100
83
87
1st 5s 1930..................M-N
Standard Oil of N J _____100 014 618
Swift A Co— See Boston Stk Exc list
1st 5s. See Chicago Stk Exc list
Texas Company—See Stock Exc list
95 100
e Texas A Paclllc Coal. .100
Title Ins Co of N Y’ ......... 100 135 140
8%
Tonopah MI11 (Nevada) — 1 *8
8
4
Trenton Potteries c o m .. 100
55
45
Preferred n e w ________100
30
'Trow Directory.................100
*6*2*"
60
Underwood Typewriter. 100
99% 100%
P referred____________ 100
49
51
Union Typewriter c o m .. 100
1st preferred_________ 100 104 108
2d preferred__________ 100 103 107
52
United Bk Note Corp— 50 *49
52
P referred---------------------50 *50
G2
United Cigar Mfrs______ 100
63
e Preferred___________ 100 100 103
United C o p p e r ...______ 100
4%
4%
20
15
P referred____________ 100
U S C a s u a lty ................. 100 215
50
U S Envelope com _____ 100
Preferred_____ _______ 100 110 113
92
97
U S-Finlshlng.....................100
P referred____________ 100 105 110
1st g 5a 1919................ J-J 100 105
95 100
Con g 5s 1929................ J-J
U 8 Steel Corporation—
114 114*(
Col tr s f 5s 1951 opt 11
Col tr s f 5s '51 not o p t .. 114 114^
921,
U S Tit Gu A Indem------100
e Utah Copper Co— See Stk Exc list
Westchester A Bronx Title
A Mtge Guar................ 100 160 166
Westlngh’sc Air B rak e.. 50 *140
West El A Mfg 5s—Sea Stk Exc list
W orthlngt’n Pump pref. 100 105 108

_

( N ew s to c k

x E x -d lv .

v lix -r lg h t

D eo. 24 1910.]

1703

T H E C H R O N IC L E

[unealmeitl and Railroad Intelligence.
KA1LHOAU

GrtOSS

Il ARNIJNGS.

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

Current
Year.

July 1 to Latest D ale.

P revious
Year.

Current
Year.

P revious
Year.

la te s t Gross Earnings.
ROADS.

W eek or
M onth.

July 1 to Latest D ate.

Previous
Year.

P reviou s
Year.

Current
Year.

5

A la N O & T e x P a c 296,052 1,488 ,071
,421,844
328,512
N O & N o . E a s t. N o v e m b e r .
706 ,926
101,503
157,753
712,767
A la & V lc k s b u r g . N o v e m b e r .
659 ,944
133,861
140,911
613,640
V lck s S h rcv & P . N o v e m b e r .
34 ,231
6,677
10,361
24,091
Ala Term & N o rth . O cto b e r . .
,879,236
A tc h T o p e k a & S Fe O cto b e r . . 9,931,805 9,444,348 36,091 ,145
55,931
51,630 1,279 ,648
,175,131
A tla n ta Blrm & A ti id w k D ec
,334,509
A tla n tic C oast L ine O cto b e r . . 2,557,255 2,503,770 9,021 ,842
,043,200
0 B a ltim ore & O hio .N ovcm ber. 7,470,106 /,5 2 4 ,6 1 0 10,154 ,550
136,345
95,403 ‘ 407 ,932
285,909
B & O Ch T er R R ■Jcptember
269,559
256,084
995 ,959
950,551
B a n g or & A ro o s to o k O cto b e r . .
8,566
7,083
39 ,634
H ellefonte C e n tr a l.. N o v e m b e r .
28,145
B oston & M aine— O cto b e r _ . 4.085.314 3,914,354 16,215 ,892
,573,202
4,456
3,828
B rid g eton & S a co R O cto b e r . .
20 ,479
19,181
192.706
B u ll R o c h & P lt t s b . id w k D ec
166,550 4,578, ,266
,360,824
593 .853
202,422
236,890
B u ffalo & S u sq ------- S eptem ber
663,083
259,400 7,4 J2 ,300
281,000
C anadian N orth ern . Id w k D ec
,209,800
C anadian P a c l l l o . .. i d w k D ec 1,899,000 1.746.000 i0,79i> ,130
,203,790
269.000
252.700 6,043 ,951
Central o f G e o r g ia .. id w k Det
,669,292
Central o f N ew J e r . O c t o b e r __ 2,418,345 2,459,702 9,645 ,744
,182,359
352,353 1,394, ,142
393.707
Central V e r m o n t ___ O ctober . .
,370,465
1,873
40 ,028
2,332
C h a tta n ooga S o u t h . 4th w k N o v
34,531
Clics & O h io L in e s . 2d w k D ec
587,739 15,405 ,584
,319,356
575,923
C h icago & A lt o n ___ id w k D ec
,604,212
309,758
256,361 7,099 ,371
Chic B u rl & Q uincy O ctober . . 1,909,593 8,363,547 32,759 ,270
,896,895
,455,806
V Chic G reat W e s t. id w k D ec
219,264 5,962 ,499
256,614
,793,767
Ohio Inti & L o u is v . i d w k D ec
102.283
04,673 2,947 ,860
Chic In d & Southcrr — See N ew Y o rk Cen tral.
C h ic MU & S t P a u l. O cto b e r
6.508.261 6,553,305 24,352,306 23,610,689
Ch M il & P u g S d . O cto b e r . . 1,319,990 1,029,687 4,795,113
Chic & N orth W e s t. O cto b e r . . 7,378,280 7,499,670 27,750,328 27,238,044
C h ic S t P M i O m . O cto b e r
1,662,073 1,494,236 5,98 7 ,8 5 0 5,261,453
804,697
Clu H am & D a y ton O cto b e r . .
885,624 3,443,699 3,336,250
Clev c m Chic & St L — See Now Y ork Cen tral.
203,964
C olora d o M id la n d .. O cto b e r . .
758,162
243,062
867,475
C olora d o & S o u t h .. i d w k D ec
333,060
323,703 8,238,539 7,867,898
C op per R a n g e _____ Septem ber
60,180
197,688
69.518
209,997
11,906
C o r n w a l l ____ _______ O cto b e r . .
14,020
60,125
56,644
C ornw all & L e b a n .. O ctober . .
28,431
39,575
131,681
153,312
190,602
C u ba R a ilr o a d .......... O cto b e r
156,698
821,883
641,234
D elaw are & H udson October . . 1,048,931 1,836,202 7 ,2 1 2 ,8 1 5 6,704,037
D el L a ck & W e s t .. O cto b e r . . 3,218,206 3,261,250 12,354,823 12,257,177
448,600
D cn v & R io Grande id w k Dec
403,500 11,827,095 11,296,989
18,668
546,693
15,897
D en ver N W & P a c . 4th w k N ov
489,411
32,790
962,247
30,032
D et T o l & Irou t Sys id w k D ec
764.753
43.007
A n n A r b o r _______ id w k D ec
36,438
934,230
860,784
D etroit <& M ackinac id w k D ec
18,976
17,134
544,381
550,581
922,872 1.280.000 4,516,927 5,484,405
D ul & Iron R a n g e .. O cto b e r . .
D ul Sou Sh & A tlan i d w k D ec
55,016
51,004 1,599,407 1,577,374
602,817
E l P aso & S ou W est O cto b e r
584,996 2,371,061 2,328,575
E rie ............................. O cto b e r
5,115,689 5,180.085 20,231,648 18,894,541
F a irch ild & N or E . O cto b e r
8,016
1,900
1,884
7,503
F o n d a J oh n s & G lov O cto b e r
356,166
78,832
71,198
321 ,666
G eorgia R a ilroa d . . O cto b e r
316.283
318,130 1,042,208 1,015,690
G eorgia S ou th & Fla — See S out hern Rail w ay.
G rand T ru n k S y s t . . 2d w k D ec
825.943
779,135 20,882,867 20,780,691
143,689
G rand T rk W e s t . 4th w k N ov
139.134 2,442,687 2,58 8 ,2 7 5
62,024
D ct Gr I la v & Mil 4 th wk N ov
804,691
50,208
858,599
843,621
55,191
C anada A tla n t ic . 4 th w k N ov
02.320
934,778
G reat N orthern Syst N o v e m b e r . 5.698.315 6,135,465 30,240,657 31,078,621
179,553
G ulf & Ship Is la n d . O cto b e r . .
655,570
207,313
698,603
759,569
H o ck in g V a lle y ____ O cto b e r . .
782,298 2 ,9 45,970 2,77 4 ,5 6 2
Illin ois C e n t r a l____ N o v e m b e r. 5,348,567 5,126,767 26,112,196 24,420,838
In tern a t & G rt N o r. 2d w k D ec
187.000
168,000 4 ,514,837 4,06 8 ,2 9 6
a In teroccan to M e x . 2d w k D ec
158,421
172,237 3 ,861,992 3,649,305
Io w a C en tral_______ 2d w k D ec
67,486 1,551,033 1,598,512
63,673
K a n a w h a & M I o h .. O cto b e r . .
255,536 1,182,009
200,685
937,125
K an sas C ity S o u th . O cto b e r . .
951,102
801,897 3,527,437 3,01 8 ,6 7 0
K C M cx <Sc O r ie n t .. i d w k D ec
917,218
37,200
39,600
789.753
L eh igh V a lle y ____
N o v e m b e r. 3.271.262 3.302.220 15,680,343 15,214,924
L e x in g to n & E a s t .. O cto b e r . .
173,504
39,858
34,806
151,392
Island
L o n g Is
la n d ............... O cto b e r . .
Znc.62 ,744
R1C.260 ,238
L ou isian a & A r k a n . O cto b e r . .
477,386
113,838
111,457
427,821
L o u is v H cn d & St L O cto b e r . .
426,611
108.944
104,591
396,844
s L ou isv & N a s h v .. id w k D ec 1,092,950 1.041.220 15,252,751 23,557,704
M acon & B lrm ln g’ m N o v e m b e r .
14,679
05,863
14,456
67,015
M aine C en tra l.......... O cto b e r . .
823,574
782.135 3,30 2 ,9 6 5 3,252,151
M aryland & P e n n a . O cto b e r - .
42,284
163,085
39.518
148,963
a M exica n R a ilw a y . 4 th w k N ov
103,300
199.700 3 ,4 8 7 ,1 0 0 3,200,000
a M exico N or W e s t . O cto b e r . .
218,090
774,446
122,973
411,319
M ichigan Central
— See N ew Y o rk Cen tral.
M ineral R a n g e _____ 2d w k D ec
13,505
15,195
340,959
399,782
M lnneap & S t L ou is 2d w k D ec
90.008
89,365 2,535,154 2,480,068
M inn St P & S S M l 2d w k D ec
302,159
374,561 10,906,072 11,554,418
C h icago D iv is io n /
77,541
M ississippi C en tral. O cto b e r . .
82,042
307 ,977
278,033
u M o K a n & T e x a s . N o v e m b e r. 2,867,460 2,433,439 13,123,033 11,858,586
M o P a c & Iron Mt\
923,000 25,113,363 24,667,275
Central B ran ch _j 2d w k D ec 1,034,000
N ashv C h att &St L O cto b e r . . 1,019,241 1,009,213 3,873,282 3,790,626
a N at R y s o f M e x .f . 2d w k D ec 1,183,308 1,181,629 28,896,012 25,430,450
7.320
192,171 • 248,601
5,034
N eva d a -C a l-O rcgon . 2d w k D ec
0,866
26,444
8,334
N ev a d a C en tra l____ O cto b e r . .
25,315
117,864
575,503
N O G reat N orthern O cto b e r . .
139,005
430 ,656
N O M obile & C h ic. W k D eo 10
786,435
37,919
38,044
704,313
N V O ut & W estern O cto b e r . .
702,628 3,482,661 3,134,981
743,446

N Y N H & H a r tf..
eN Y C & H u d R lv .
L a k e Shore & M S
n L ake E & W est
C h ic In d & S outh
M ichigan Central.
C leve C C & St L .
P eoria & Eastern
C in cin n ati N o r t h .
P itts & L a k e Erie
R u t l a n d _________
N Y C h ic & St L .
T o le d o & O h io C .
T o t all lines a b o v e
N Y Susq & W e s t ..
N o rfo lk .S o u th e rn ..
N o rfo lk & W e s te rn .
N orth ern C e n tr a l..
N orth ern P a c ilic ___
P a clllo Coast C o ___
P en n sylva n ia C o ___
d P en n — E o f P & E
d W est o f P & E .
P ere M a rq u e tte____
P h lla B a lt & W a s h .
P itts Cln Ch & S t L .
R a le lgh & S o u th p ’ t
R e a d in g C om pa n y
P h lla & R e a d in g . O cto b e r . .
C oal & Iro n C o . . O cto b e r . .
T o ta l both c o s ___ O cto b e r . .
R ic h F red & P o to m
R io G rande J u n e . . .
R io G rande S o u t h ..
R o c k Isla n d L i n e s ..
S t J os & G rand I s l.
St L ou is & San Fran
C h ic & E ast III. _
/ E v a n sv & T e r II
T o ta l o f all lin e s .
St L R k y M t & P a c .
St L ou is S o u th w e s t.
San P e d L A & S L .
S eab oard A ir L in e . 1
A tla n ta & B Irm . ) 2d w k D ec
F lo rid a W ShoreJ
Sou th ern I n d i a n a .. O cto b e r . .
Sou th ern P a cific Co O cto b e r . .
Sou th ern R a il w a y .. _’ d w k D ec
M obile & O h io ___2d w k D ec
Cln N O & T e x P . 2d w k D ec
A la G reat S o u t h . 2d w k D ec
G eorgia S o u * Fiu 2d w k D ec
T e x a s & P a c ilic ------ 2d w k D ec
T id ew ater & W e s t . O cto b e r . .
T o le d o P e o r & W est 2d w k D ec
T o le d o S t L & W est 2d w k D ec
T o m blgbee V a ll e y .. O cto b e r . .
U nion P a cilic S y s t . O cto b e r . .
V a u d a l la ___________O cto b e r . .
V irginia & S ou W est O cto b e r . .
W a o a s h ____________ ju wk D ec
W estern M a ry la n d . O cto b e r . .
W Jersey & S e a s h .. O cto b e r . .
W h eelin g & L a k e E O cto b e r ___
W rlg h tsv ille & Tenn O cto b e r . .
Y a z o o & Miss V a il. N o v e m b e r .

22,046,413
35,971,065
17,586,259
2,002,762
1,106,586
10,621,999
10,858,460
1,317,324
484,447
6,305,259
1,298,688
3,87 6 ,9 7 6
1,985,879
93,415,703
1,246,136
940,040
12,591,374
4,401,377
25,491,957
3,142,392
20,202,767
50,599,707
I n c .2 ,28
5,716,37o
6,846,970
14,869,474
52,148

i

:
:
I
•
i

,362
,642
,004
,319
,463
,297
,782
,079
,796
,671
,649
.117
,237
,129
,496

,062,620
,444,847
,507,467
169,694
06,250
10,097
,410,161
172,227
,828,766
,085,712
216,429
,130,907
148,417
20 J ,130
709,265

14,892,138
8,67 9 ,0 4 0
23,571,176
728,389
287.399
299,844
4 ,2 82,660
644,028
14,821,545
4,27 8 ,2 9 9
982,237
20,082,082
707,158
5,835,701
2,641,656

14.343.383
8 ,8 6 0 ,0 0 0
23.203.383
651,228
267 ,615
232,989
23.777,070
015,907
14,327,639
3 ,8 9 9 ,5 8 9
861 ,778
19,089,000
568.88Z
5 ,2 91,354
2,82 8 ,0 4 7

435 ,567

419,757

9,239,624

8,631,564

149,478
12,478958
1,162,212
224 ,596
170,931
82,753
4 6 ,443
355,562
6,643
21,743
83,539
6,440
8 ,9 05,657
962 ,560
116,519
585,398
651,866
484 ,730
771,581
34,901
1.174,392

133,243
12,654702
1 ,0 9 8 ,1 0 /
200,598
160,356
72,759
51,022
323,906
6,176
25,042
80,230
6,271
8,890,381
910,442
111,704
529,877
607,697
437,630
619,874
37,688
1,075,125

378,908
16,848,067
7,60 4 ,4 0 0
1,843,337
82,941,864
41,299,387
4,573,643
3,032,345
24,609,403
25,039,728
2,909,083
1,074,413
14,588,878
2,775,033
9,326,499
4,151,566
216321842
10,591,771
137023656
Jn c.11,66
15,029,387
31,661,165
843,176
15,278,960
5,567,521

357,397
16,001,404
6,920,900
1,029,068
76,638,451
37,038,582
4,077,233
2,571,123
22,543,654
22,634,621
2 ,4 62,701
975,457
11,836,433
2 ,5 73,816
8 ,2 09,747
3,17 7 ,7 4 3
194739 563
10,072.071
125222056
1,000
14,631,387
27,585,313
765,504
13,944,490
5,041,621

V a riou s F isca l Y ears.

P erio d .

B elief on te C en tral______________
D elaw are <fc H u d s o n ____________
a M exica n R a ilw a y ........................
a M exico N o rth W e s te rn .......... ..
( N Y Central & H u dson R iv e r .
L ake Shore & M ichigan South
n Lake Erie & W e ste rn _______
C h icago In d ian a & S o u th e r n .
M ichigan C en tral........................
Cleve Cln C h icago & S t Louis
P eoria & E a s te rn __________
C incinnati N o rth e rn ______
P ittsb u rgh & L a k e E r i e .. .
R u t l a n d ___________________ _
N ew Y o r k C h icago & St Louis
T o le d o & O hio C en tral_______
T o ta l all lin es_________________
N orth ern C en tral________________
d P en n — E a st o f P ltts b & E r i e . .
d W est or P ittsh & E rie_______
P h lla B a ltim o re & W a sh in gton
P ltts b Cln C h icago & S t L o u is ..
R io G ra nde J u n ctio n ____________
T e x a s & P a o ilic_________________
W e s t Jersey & S eash ore________

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
lun
Jan
Jan
dec
Jan
Jan

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

N ov
O ct
N oy
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
N ov
S ept
D eo
O ct

30
31
30
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
30
30
14
31

A G G R E G A T E S OF G R O SS E A R N IN G S — W eek ly and M onthly.
W eekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4 th
1st
2d

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

O ct
O ct
O ct
O ct
N ov
N ov
N ov
N ov
D eo
D eo

(42
(42
(42
(46
(41
(43
(40
(40
(41
(42

r o a d s )____
r o a d s )____
r o a d s )------r o a d s )____
r o a d s )------r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____




Cur'nt Year P rev’s Year
3
14,399,649
14,838,200
15,114,753
20,827,936
14,108,835
14,555,983
14,278.852
17,439,211
13,426,554
13,408,331

3
14,023,816
14,158,835
14,512,278
20,204,138
13,836,545
14,373,360
13,578,646
16,978,284
12,665,276
12,525,875

In c. o r D ec.

%

s

+ 375,833
4-6 7 9 ,3 6 5
+ 602,475
+ 623,798
+ 362,290
+ 182,623
+ 700,206
+ 4 6 0 ,9 2 7
+ 7 6 1 .2 7 8
+ 882,474

2.68
4.80
4.15
3.06
2.61
1.27
5.16
2.71
6.08
7.11

M o n th ly S um m aries.

Current Yd. P revious Yr. I n c . or D ec.

M ilea ge C u rr. Y r. P rep. Y r.
5
S
s
F eb ru ary ..2 3 6 ,8 5 2
231,652 202 ,258 ,49 0 174,159,723 + 28.098,767
M a r c h .......... 235,925
230,841 237,533 ,00 5 204 ,916,997 + 3 2 ,616.008
A p r i l .............237,569
232,463 225,225 ,59 6 196,595,911 + 28,62 9 ,6 8 5
M a y ............... 237.560
232,494 234,310 ,64 2 201,069,381 + 33,241,261
J u n e _______ 238,108
232,054 237,036,159 209,270,887 + 27,765,272
J u l y ............... 238,169
233,203 230,615 ,77 6 217 ,803.354 + 12,812,422
A u g u s t ____ 238,493
239,404 254 .005,972 235 ,726 ,00 0 + 18,279,972
S e p t e m b e r ..240,678
237,809 256 ,647 ,70 2 246 ,335 ,58 6 + 10,312,116
O cto b e r ___ 232,162
228,050 256,585.392 253,922 ,86 7
+ 2 ,6 6 2 ,5 2 5
N o v e m b e r .. 87,809
85.221 69,828,448 68.138,393 + 1,690,055

16.13
15.92
14.56
16.53
13.27
5.90
7.75
4 .ig
1.05
2.48

L a te s t Gross Earnings b y W e e k s . — In the table which
follows we sum up separately the earnings for the second week
of December. The table covers 42 roads and shows 7.11%
increase in the aggregate over the same week last year.
1909.

1910.

S econ d W eek o f D ecem ber.
A la b a m a G reat S o u th e r n .
A tla n ta B irm in gh am & A tla n tic
B u ffalo R o c h e s te r & P ittsb u rg h
C anadian N o rth e r n _____________
Canadian P a c ific ________________
C entral o f G e o rg ia _______________
C h esapeake & O h io _____________
C h icago & A l t o n ________________
C h ica go G reat W e s te rn --------------C h icago In d ia n a p olis & L o u ls v .
Cln N ew O rl & T e x a s P a c ific —
C olora d o & S o u th e r n ----------------D en v er & R io G ra n d e --------------D e tr o it & M a c k in a c ____________
D e tr o it T o le d o & f r o n t o n --------A n n A r b o r ____________________
D u lu th S o u th S h ore & A tla n tic
G eorgia S o u t h e r n * F lo r id a ------G ra n d T ru n k o f C a n a d a -----------'
G rand T ru n k W e s te rn — . _
D e tr o it G rand H a v e n & M u .
C a n ad a A t la n t ic --------------------In te r n a tio n a l & G reat N orth ern
In te r o ce a n ic o f M e x ic o ------------I o w a C e n t r a l ----------------------------K an sas C ity M e x ico & O rle n t.
L o u is v lllc & N a s h v ille ..................
M in eral R a n g e --------------------------M in n eap olis & S t L o u is ----------M in n eap olis S t P aul & S S M _ .
C h ica g o D iv is io n ____________
M issouri P a cific ________________
M o b ile & O h io _________________
N a tion a l R a ilw a y s o f M e x i c o . .
N e v a d a - C a llfo r n la - O r e g o n ------R io G ra n de S o u th e r n ------S t L ou is S o u th w e s te r n —
S e a b o a rd A ir L in e ------------S ou th ern R a ilw a y ----------------------T e x a s & P a cttlc-----------------

T o ta l (42 r o a d s ) . . . .
N et Increase ( 7 .1 1 % ) .

In crea se.

s
82,753
55,931
192,706
281 ,900
1,8 9 9 ,0 0 0
269 ,400
575,923
309 ,758
256 ,614
102,283
170,931
333 ,060
448 ,600
18,976
32,796
43,007
55,016
46,443

S
72,759
51,630
166,550
259 ,400
1 ,746,000
252,700
587,739
256,361
219,264
94,673
160,356
323,703
403 ,500
17,134
30,932
30,438
51,604
51,022

$
9,994
4,301
26,156
22,500
153,000
16,700

825,943

779,135

46,808

187,000
158,421
63,673
39,600
1,092,950
13,505
96,608
392,159

168,000
172,237
67,486
37,200
1 ,041,220
15,195
89,305
374,561

19,000

1,034,000
224,596
1,183,398
5,934
10,297
201,129
435,507
1,162,212
355,562
21,743
83,539
585,398

923 ,000
200,598
1,181,029
7,320
10,097
200 ,130
419,757
1,098,107
323,906
25,042
80,230
529,877

111,000
23,998
1,769

13,408,331 12,525,857

922,873
882 ,474

11,816
53,397
37,350
7,610
10,575
9,357
45,100
1,842
1,864
0,509
3,412
.............

2,400
51,730

4,579

13,816
3,813
1,690

7,243
17,598

200
60,999
15,810
64,105
31,656
3,299
3,309
55,521
40,399

N et Earnings M on th ly to L a te st D a t e s . —-The table fol­
lowing shows the gross and net earnings of STEAM railroads
and industrial corporations reported this week:
.

--------G ross E a rn in g s----------------- N et E a rn ings-------Current
P revio u s
Current
P reviou s
Y ea r.
Y ea r.
Y ea r.
Y ea r.

R oa d s.

$

?

5

5

7 ,5 2 4 ,6 1 0
1,823,381 2 ,509,939
B a ltim o re & O h i o . b _____ N o v 7 ,4 7 0 .1 0 6
J u ly 1 t o N o v 3 0 _______4 0 ,1 5 4 ,5 5 0 3 8 ,0 4 3 ,2 0 0 11,8 3 7 ,4 9 4 13,246,826
L eh igh
V a lle y . b ________N o v 3 ,2 7 1 ,2 6 2
3 ,3 0 2 ,2 2 0 1,2 2 1 ,7 4 6
1,466,178
6 ,218,857
5,822,102
J u ly 1 t o N o v 3 0 _______ 15,680,343 1 5 ,214,924
1,016,400
627,739
P itts Cine C h ic & S t L . a . N o v 2,805,751
2 ,898,845
7 ,548,186
6 ,888,283
J a n 1 t o N o v 3 0 _______ 3 1 ,6 6 1 ,1 6 5 27,5 8 5 ,3 1 3
I N D U S T R I A L C O M P A N IE S .
--------G ross E l irnings-------- --------N et E a rn in g s-------Current
P reviou s
P revio u s
Current
Y ea r.
Y ea r.
Y ea r.
Y ea r.
C om p a n ies.
$
?
8
12,680
15,085
24,166
30,085
A t la n t ic C ity E lc c C o . . .N o v
4,180
7,2 5 5
16,849
19,689
A u b u r n L t , H t 6c P o w . .N o v
13,596
16,526
24,179
29,214
C a n ton E le c t C o ----------- .N o v
272
,318
287
,247
456 ,089
485 ,156
E d is o n El 111 Co o f B ost .N o v
903,387
1,732,411
1,066,179
J u ly 1 t o N o v 3 0 . . _____ 1 ,943,776
13,730
16,210
31,323
35,697
R o c k fo r d E le ct C o ------- N o v
39,855
25,565
62,630
66.340
S cra n to n E lect C o -------- .N o v
766 ,036
166,935
78,672
.S e p t
988 ,458
275,310
2 ,0 8 5 ,1 0 0
7,584
J u ly 1 to S ep t 3 0 .. _____ 2,6 9 7 ,3 4 2
10,757
9,421
15,784
17,715
W h e e lin g C o s ---------------- .N o v
a N et earnings here give n are a fte r d e d u ctin g ta x e s ,
b N et earnings here give n arc b e fo r e d e d u ctin g ta x e s .

In terest Charges and Surplus.
I N D U S T R I A L C O M P A N IE S .
—D al. o f N et E ’ n gs.—
—I n t., R en tals, & c .—
Current
P reviou s
Current
P revio u s
Y ea r.
C om p a n ies.
3
$
$
$ ’
9,508
7,367
2,313
5,577
A tla n tic C ity E l C o --------- N o v
3,633
891
3,289
3,622
A u b u r n L t , H t & P o w ._ N o v
10,652
13,241
3,2 8 5
2,944
C a n ton E lect C o ________ N o v
8,9 5 5
9,640
4,775
6,570
R o c k fo r d E le c t C o ______ N o v
28,763
17,438
8,127
11,092
S c r a n to n E lect C o _______ N o v
0.595
8,658
763
1,162
W h e e lin g C o s ____________ N o v

E L E C T R IC

[VOL. LXXXXI

T H E C H R O N IC L E

1704

R A IL W A Y

AND

T R A C T IO N

Latest Gross E a rn ings.
N am e o f
R oad.

A m e r ic a n R y s C o ____
c A u E lgin & C h ic R y
B a n g or R y & E lec Co
B a to n R o u g e E lec Co
B in g h a m to n R y ..........
B r o c k t ’ n & P ly St R y
B k ly n R a p T ra n S y s .
Cape B reton E lec C o .
C arolina P o w 6c L t Co
C en t P a rk N & E R lv
C entral P en n T r a c ___
C h a tta n oog a R y & Lt
C h ica go R y s C o _____
C leve P a ln esv & E ast
C on ey Isl & B r o o k ly n
D allas E lectric C o r p .
D e tro it U n ited R v —
D D E B & B a t (R e c )
D u lu th -S u p erior T r a c
E a st S t Louis & S u b
E l P a so E le c t r ic ____
F alrm & Clarks T r Co
F t W a y n e & W abash
V a lle y T r a c tio n Co




W eek or
M o n th .

Current
Y ear.

P revious
Y ear.

C O M P A N IE S .

J a n . 1 to latest date.
Current
Y ea r.

P reviou s
Y ear.

S
5
N o v e m b e r . 307 ,375 296,087 3 ,5 8 6 ,5 3 3 3 ,321,598
154,359 137,602 1,415,845 1,296,068
O ctob er . .
471 ,776
4 44 .669
49,173
49,593
O ctob er - ­
89,4 2 5
9,598
79,686
8,937
O ctob er . .
28,462
27,788
O cto b e r . .
9,797
103,927
10.253
114,155
O cto b e r . .
A u g u s t ___ 1972,238 1936,237 14,573,476 13,707,505
247,558
30,495
27.253
215,157
O c to b e r . .
223,050
200,611
N o v e m b e r . 231 ,379 200,002
58,425
422 ,480
53,469
391,843
A u g u s t ___
757,376
65,902
60,227
687,747
N ovem ber.
67.570
728 ,940
77,993
642,355
O cto b e r . .
O c t o b e r ___ 1250,923 1109,640 10,265,252 9 ,298,394
29,467
301 ,199
31,818
271,673
O cto b e r . .
A u g u s t ___ 160,020 166,357 1,027,223 1,025,421
147,838 1,202,984 1,079,139
165,371
O cto b e r . .
2d w k D ec 156,141 138,524 8,840,671 7 ,588,049
56,506
411,023
54,036
420 ,645
A u g u s t ___
87,235
906.006
95,278
810 ,837
O cto b e r . .
N o v e m b e r . 194,971 177,712 2,1 6 1 ,3 2 8 1,850,565
58,347
515,504
485 ,2 2 2
55,172
O cto b e r . .
41,433
504,497
58,504
387 ,874
O cto b e r . .
O c to b e r . .

131 ,360

122 ,806

1,266,086

1,161.156

Latest G ross E a rn in g s.
N am e o f
R oa d .

W eek or
M o n th .

4 2 d S tM & S N A v (R e c ) A u g u s t ___
G a lv -H o u s E le c t C o . O cto b e r ._
G rand R a p id s R y C o . N o v e m b e r .
H a v a n a E le c tr ic R y . W k D e c 18
I lo n o lu lu R a p id T ran
& L a n d C o ------------- O cto b e r . .
H o u g h to n Co T r a c Co O cto b e r _
H u d so n & M an h a ttan A u g u s t ___
Illin ois T r a c tio n C o . . O c t o b e r ___
In te r b o r R T ( S u b ) . . A u g u s t ___
I n te r b o r R T ( E l e v ). A u g u s t ___
J a ck so n v ille E lect Co O cto b e r ._
K ans C ity R y & L t Co N o v e m b e r .
L a k e Sh ore E le c R y . O cto b e r _ .
L o n g Isla n d E le c t r ic . A u g u s t ___
M e tro p o lita n St (R e c ) A u g u s t ___
M llw El R y 6c L t C o . N o v e m b e r .
M ilw L t H t & T r C o . N o v e m b e r .
M on trea l S tre e t R y _ . N o v e m b e r .
N ash vllle R y 6c L ig h t N o v e m b e r .
N ew O rleans R y & L t O cto b e r . .
N Y C ity In te rb o ru g h A u g u s t ___
N Y & L o n g Isla n d T r A u g u s t ___
N Y & Q ueens C ou n ty A u g u s t —
N orf 6c P ortsm T r Co V o v e m b e r.
N orth O h io T r a c & L t O cto b e r . .
N orth T e x a s E le c C o , O cto b e r _ .
N o rth w e st E lec C o . . N o v e m b e r .
O cean E le c t r ic ----------- A u gu st ___
P a d u ca h T r & Lt C o . O cto b e r .
P e n sa co la E le ctric Co O cto b e r .
P o r t(O r e ) R y ,L & P C o N o v e m b e r .
.
P u g e t S o u n d E lec C o . O cto b e r
R ic h m o n d L t & R R . J u l y ______
R io d e Jan eiro T ram
L ig h t & P ow er C o . N o v e m b e r .
St Joseph (M o) R y L t
H eat * P ow er Co . . N o v e m b e r .
S a o P a u lo T r L t 6c P . N o v e m b e r
S av an n ah E le ctric Co O cto b e r . .
.
S eattle E le ctric C o ___ O cto b e r
S e co n d A v e n u e (R e c ) A u g u s t ___
S ou th ern B o u le v a r d . A u g u s t ___
S o u W iscon sin R v Co V o v e m b e r
S taten Isl M id la n d ___ J u ly ______
T a m p a E le ctric C o . O cto b e r . .
T h ird A v e n u e ( R e c ) . A u g u s t ___
.
T o le d o R y s 6c L t C o . O cto b e r
.
r o r o n t o R y Co --------- O cto b e r
T w in C ity R a p T r a n . 2d w k D ec
U n d ergrou n d E l R y
of London—
T h ree tu b e lines . . W k D ec 17
M etro p o lita n D ls t . W k D ec 17
U n ited T r a m w a y s . W k D ec 17
U n ion ( R e c ) _________ A u g u s t ___
U nlon R y,G < S:E C o(Ill) O cto b e r
U n ited R R s o f San Fr O cto b e r .
W c s tc h c s E le c ( R e c ) . A u g u s t ___
W h a tc o m C o R v & Lt O cto b e r
.
Y o n k e rs R R ( R e c ) . . A u g u s t ___

Current
Y ea r.
3
129,238
113,476
88,376
42,454

J a n . 1 to latest date.

P reviou s
Y ea r.

Current
Y ea r.

5
120,563
102,014
80,327
39,264

929,909
1,079,612
1,036,304
2 ,0 8 0 ,4 0 8

373 ,675
36,375
39,118
263,642
26,192
26,543
186,862 138,433 1 ,656,179
614 ,475 509,171 5,0 1 8 ,8 6 5
9,1 4 9 ,9 2 9
915,702
.0,0 6 9 ,6 8 5
1189,428
471,781
4 1 ,5 6 7
48,367
644,416 607,167
833 ,950
018,739
105,075
94,255
140,872
24,625
24,226
385,226
1132,410 1072,661
270 ,868
407 ,173 378 ,546
975 ,856
73,127
79,8 18
078 ,895
366 ,098 334,871
662,093
158,739 149,426
162,783
533,764 527,180
146,362
15,503
20,534
243,107
39,307
40,319
742,763
98,936
111,065
176,137 155,757
,045,748
208.342 184,815
,195,575
154,007 135,697
,021,612
187,654 178,938
88,482
26,764
24,147
18,924
20,949
223,114
23,650
21,027
498,953 411,001 5,1 0 8 ,0 2 7
161,760 170,199 1,607,034
195,133
42,658
47,797

P rev iou s
Y ea r.
S
859 ,684
996 ,619
938 ,868
1,948,462
3 41 ,989
268 ,968
4",379',325
392 ,154
6 ,3 0 4 ,2 1 6
929 ,316
130,921
9 ,1 5 6 ,2 9 0
3 ,8 7 1 ,7 8 6
856 ,952
3 ,6 2 8 ,6 4 3
1,565,102
4 ,9 7 2 ,8 4 9
110,935
226 ,817
656,371
1,8 1 8 ,9 8 7
1,0 4 5 ,8 1 6
1,886,791
86,9 7 9
205 ,077
4 ,3 8 5 ,3 5 6
1 ,5 8 1 ,0 8 6
189,996

946 ,006

632,568

9 ,9 4 5 ,0 4 0

6 ,8 8 5 ,2 5 8

87,644
259,390
53,794
469 ,033
83,582
10,799
14,298
41,446
43,254
296,474
258 ,820
379,721
141,127

82,296
221,064
50,618
544,077
80,683
9,817
13,522
37,082
50,759
278,686
2 39 ,375
332 .977
134,136

942,007
2,665,591
521 ,977

887 ,466
2 ,202,481
502.436

550,467
72,240
163,895
149,793
502,459
2,3 7 8 ,8 1 7
2,4 3 7 ,4 6 7
3 ,5 7 5 .6 5 9
7,1 6 2 ,4 9 2

564 ,896
59,067
147,583
146,097
487 ,013
2 ,0 0 8 ,1 6 6
2,220,81 1
3 ,1 9 0 ,2 6 8
6,6 1 2 ,5 5 2

£ 1 4 ,4 3 5 £ 1 3 ,9 8 5
£ 11 ,761 £ 1 1 ,1 7 8
£ 5 ,0 8 4
£ 5 ,4 9 7
212,51 l 189,321
284,293 206.263
670,295 733 ,760
51,103
56,584
35,672
35,620
59,107

£ 6 4 5 ,0 4 5
£ 5 4 2 ,1 0 6
£ 3 1 1 ,5 1 6
1,488,773
2,4 2 1 ,8 8 9
6 ,3 3 7 ,5 1 5
352.450
334 ,910

£ 0 3 5 ,8 2 5
£ 4 9 7 ,6 4 7
£ 2 9 9 ,5 0 1
1 ,3 5 5 ,7 2 6
2 ,2 8 2 ,0 8 7
6 ,1 9 0 ,8 0 5
288 ,795
330,862

c T h e se figures are fo r c o n s o lid a te d c o m p a n y .

Electric R ailw ay N et E a rn in g s. — In the following we show
both the gross and the net earnings to latest dates of all
ELECTRIC railways from which we have been able to pro­
cure monthly returns. The returns of the different roads
are published by us each week as soon as received, and once
a month we bring together all the roads reporting, as is
done to-day.
--------Gross E a rn in g s----------------- N et EarningsP reviou s
Current
P reviou s
C u rrent
Y ea r.
Y ea r.
Y ea r.
Y ear.
$
5
$
$
304,982
345
,559
313
,847
356
,685
A m e rica n L t & T r C o — O ct
2,5 3 1 ,9 1 4
2 ,909.292
2 ,6 1 9 ,9 7 0
Jan 1 t o O ct 3 1 _______ 3 ,0 0 9 ,8 4 2
63,8 9 0
68,576
137,602
154,359
A u ro ra E lgin 6c C l d c . b - - O c t
3 1 5 ,5 3 3
333,026
618,116
077 ,075
J u ly 1 t o O ct 3 1 _______
2 9 ,1 3 2
29,552
49,1 7 3
49,593
B a n g o r R y & E lc c C o . b . O c t
125,157
128,933
210,051
J u ly 1 t o O ct 3 1 _______
216,472
3,3 2 5
3,7 7 0
8 937
9,598
B a to n R o u g e E l C o . b . . . O c t
23,335
31,561
70,686
8 9 ,425
Jan 1 to O ct 3 1 ----------12,496
11,810
27,788
28,462
B in g h a m to n R y — -------- O ct
61,8 8 3
57,958
126,576
133,608
J u ly 1 to O ct 3 1 ----------2,061
3,461
9,797
10,253
B ro ck & P ly m S t R y . b . O c t
32,298
31,510
103,027
114,155
Jan 1 to O ct 3 1 ----------27,253
13,206
17,049
30,495
C ape B re to n E l C o . b — O ct
215 ,157
8 5 ,718
247 ,558
115,788
Jan 1 t o O ct 3 1 .............
21,379
20,002
0,906
6,351
d C arolina P o w & L t C o .N o v
200,611
89,697
7 7 ,6 7 5
223,050
Jan 1 t o N o v 3 0 ----------13,902
60,227
18,795
05,902
C entral P cn n a T r C o -------N o v
178,227
087,747
757 ,376
2 16,948
Jan 1 to N o v 3 0 ----------29,198
40,402
07,570
77,993
C h a tta n o o g a R y 6c L t . b . O c t
269,511
3 57 ,830
642 ,355
728 ,9 4 0
Jan 1 to O ct 3 1 ----------«
3
3
2 ,8 9 3
« 3 7 5 ,2 7 7
1,1 0 9 ,0 4 0
C h ica go R a ilw a y s - ...........O ct 1,250,923
9 ,2 9 8 ,3 9 4 n.3,079,575 n 2 ,789,518
J an 1 t o O ct 3 1 ----------- 1 0 ,265,252
12,621
15,421
29,467
31,818
Cleve P a ln e sv & E a s t .a .O c t
120,242
145,756
271,673
301 ,1 0 9
J an 1 t o O ct 3 1 ----------14,417
30,038
33,053
40,902
C o lu m bu s E le c C o . b -------O ct
76,219
67,441
147,838
165,371
D allas E le ctric C o r p . b - - O c t
402 ,878
1,079,139
401 ,534
Jan 1 t o O ct 3 1 ----------- 1,202,984
711
,470
286
,397
239
,976
809
.455
.
.
O
c
t
D e tro it U n ited R y . b .
0,0 7 4 ,9 0 7
2 ,8 2 8 ,9 5 0 2 ,5 0 0 ,8 7 5
7 ,8 3 7 ,4 3 3
J an 1 t o O ct 31.
87,2
3
5
;
95,278
44,983
35,732
D u lu th -S u p T ra c C o . b . . O c t
810 ,837
906,006
394,895
329,351
J a n 1 to O ct 3 1 ----------177,712
194,974
87,873
93,313
E a st S t L * S u b . b _____ N o v
1,850,565
8 49 ,515
1,027,149
Jan 1 t o N o v 3 0 ----------- 2,1 6 1 ,3 2 8
58,347
55,172
22,6 3 5
22,253
E l P a so E lc c C o . b ------- O ct
485,222
515 ,504
189 050
216,908
Jan 1 t o O ct 3 1 ----------41,433
58,504
27,0 8 0
39,118
F a irm o n t 6c C l a r k s b .b .- O c t;
387,874
501 ,497
254,209
328,664
J a n 1 t o O ct 3 1 ----------122,806
t
131,360
52,420
63,994
F t W & W ab V T r C o .b -O c t
1,1 6 1 ,1 5 6
482,231
559,800
Jan 1 t o O ct 3 1 -----------. 1 ,266,086
;
113
,476
102,014
37,362
47.539
G a lv -H o u s E le c C o . b — O ct
407,312
996 ,619
421 ,777
J a n 1 to O c t 3 1 ----------- 1,079,612
88,3 7 6
3 7 ,1 2 0
80,327
42,011
G rand R a p id s R y C o . b . N o v
491
,198
1,030,304
938,868
528
,012
Jan 1 t o N o v 3 0 ----------13,473
26,192
26,543
13,373
H o u g h to n C o T r a c C o . b - O c t;
203
,642
124,198
268
,968
125,204
J an 1 t o O ct 3 1 ----------18,881
39,118
36,375
20,221
H o n o lu lu I t T & L ’d C o .b - O c t;
168,552
3 73 ,075
341 ,989
180,568
Jan 1 to O ct
244
,0 2 6
;
614
.475
509,171
276 ,1 1 5
Illin ois T ra o C o . a _______ O ct
1 ,858,703
, 5 ,0 1 8 ,8 0 5
2,0 5 2 .8 1 9
4 ,3 7 9 ,3 2 5
Jan 1 t o O ct 31
1.448,230
2 .5 5 8 ,2 7 9
1,418,754
2 ,4 5 9 ,7 6 7
In te r b o r o u g h R a p T r . a . N o v - 2
0 ,2 3 7 .1 8 6
6,0 4 7 ,3 8 4
.1 1 ,5 2 0 ,2 9 9 1 1 ,283,758
R oads.

Deo. 24 1910.]

C u rrent
P reviou s
Current
Y ea r.
Y ea r.
Y ear.
$
$
$
41,567
21,279
J a c k s o n v ille E leo C o _ b - - O c t
48,307
214,912
392 ,154
Jan 1 t o O tc 3 1 ----------471,781
263,014
607,167
K a n C ity R y & L t . b ____ N o v
044,416
1,545,710
3 ,5 5 1 ,6 4 8
Ju n e 1 to N o v 3 0 ----------- 3 ,8 2 9 ,2 0 6
49,134
94,255
L a k e Sh ore El I t y . a -------O ct
105,075
929,316
480,638
Jan 1 t o O ct 3 1 ------------- 1 ,018,739
12,437
35,985
L ew ist A u g & W a t e r v - b - N o v
37,580
113,380
256,671
J u ly 1 to N o v 3 0 _______
255,291
193,001
378
,546
Milvv El R y & L t _ b _____ N o v
407 ,1 7 3
3 ,8 7 1 ,7 8 6
1,072,588
Jan 1 t o N o v 3 0 _______ 4 ,2 7 0 ,8 6 8
43,322
73,127
AIllw L t, H t & T r C o . b - - N o v
7 9 ,8 4 8
547,837
97 5 ,8 56
856,952
J a n 1 t o N o v 3 0 _______
138,656
334,871
M on trea l S treet R y . b . - N o v
3 6 6 ,0 9 8
319 ,594
O ct 1 to N o v 3 0 .............
7 52 ,786
688,879
72,892
149,426
N a sh v ille R y & L l g h t . a .N o v
158,739
703 ,016
1,565,102
J a n 1 t o N o v 3 0 _______ 1 ,662,093
210,438
527,180
N ew O rl R y & L t . a ____ O ct
533 ,764
1,035,122
4,0 7 2 ,8 4 9
J a n 1 t o O c t 3 1 ............. 5,1 6 2 ,7 8 3
79,534
155,757
N o rf!& P ortstn T r a c . b - . N o v
176,137
397,531
824,968
900,711
J u ly 1 t o N o v 3 0 _ . ____
184,815
04,971
N o r O h io T r & L t . a _____ O ct
208,342
922,519
1,818,987
J a n 1 t o O ct 3 1 _______ 2,0 4 5 ,7 4 8
135,697
8 2 ,884
N o r T e x a s E le c C o . b ___ O ct
154,007
559,832
1,045,816
J a n 1 t o O c t 3 1 _______ 1 ,195,575
0,202
18,924
P a du cah T r & L t C o .b - -O c t
20,949
10,072
21,027
P en sa cola E le c C o . b -------O c t
2 3 ,650
205
,077
91,7
14
Jan 1 t o O ct 3 1 ............
223 ,114
661 ,295
1,646,415
P h lla C o (a ffilia ted c o s ) a .O c t 1,649,892
A p r 1 to O ct 3 1 ..............11,488,041 10,531,707 4 ,8 8 1 ,1 1 5
276 ,372
411,001
P o r t la n d ( O r ) R y ,L t & P b N o v
498 ,953
2 ,8 9 3 ,0 5 9
4 ,3 8 5 ,3 5 6
J a n 1 t o N o v 3 0 ............. 5,1 0 8 ,9 2 7
60,681
170,199
P u g et S ou n d El C o .b — O ct
161.760
564 ,354
1 ,581,086
J a n 1 t o O ct 3 1 _______ 1 ,607,034
485 ,805
632,568
R io d e J an T r , L t & P . a . N o v
9 46 ,006
4 ,8 9 8 ,0 5 6
6 ,885,258
J a n 1 t o N o v 3 0 _______ 9 ,9 4 5 ,0 4 0
43,683
82,296
t J o s ( A lo )R y ,L t ,H t & P b N o v
87,6 4 4
439 ,150
887 ,4 6 6
J a n 1 to N o v 3 0 .............
942 ,007
170,324
221,064
S a o P a u lo T r a m , L & P . a .N o v
259 ,390
1 ,705,597
2 ,202,481
Jan 1 to N o v 3 0 ............. 2 ,665,591
50,618
18,270
53,794
S a v a n n a h E le c t C o . b ___ O ct
181 ,105
502 ,436
Jan 1 t o O ct 3 1 .............
521 ,977
229 303
544,077
S ea ttle E le c t C o . b ______O ct
469 ,033
19,250
50,759
T a m p a E le c t C o . b _____ O c t
43,254
487,013
223 ,602
J a n l t o O ct 3 1 ...........
502 ,459
05,959
239 ,375
T o le d o R y s & L ig h t C o . . O o t
2 5 8 ,8 2 0
2,2 2 0 ,8 1 1
921,041
Jan 1 t o O ot 3 1 ............. 2 ,4 3 7 ,4 6 7
T o r o n t o R a il w a y ________ O ct
379,721
332 ,977
191,153
Jail 1 t o O ct 3 1 _______ 3,5 7 5 ,0 5 9
3 ,1 9 0 ,2 6 8
1,734,324
183,585
T r i-C ity R y & L t . a .......... N o v
230 ,807
99,601
596 ,902
336 ,610
T w in C ity R a p T r C o . b - . O c t
645,358
5,7 7 3 ,3 8 3
3 ,2 0 8 ,8 7 7
Jan 1 t o O ct 3 1 ............. 0 ,2 6 5 ,7 2 7
U n d ergrou n d E l R y s L o n d o n —
£ 5 5 ,8 7 4
£ 3 3 ,7 7 7
M e tro p o lita n D I s t r lc t .N o v
£ 6 1 ,9 1 1
£ 6 1 ,0 9 2
£ 3 2 ,3 0 5
L o n d o n E le c tr ic R y . - N o v
£ 6 3 ,9 1 8
£ 2 ,8 0 3
£ 2 2 ,3 1 1
• L o n d o n U n ited T r a t n .N o v
£ 2 1 ,9 6 5
266 ,263
144,641
U n ion R y Gas & E l (111) b O ct
284 ,293
Jan 1 t o O ct 3 1 ............. 2 ,4 2 1 ,8 8 9
2 ,2 8 2 ,9 8 7
1,0 8 5 ,0 6 8
U n ited R y s o f S t L . a - . - O c t 1,041,837
1,035,624
370 ,492
Jan 1 t o O c t 3 1 ............. 9 ,601,041
9,2 3 0 ,9 3 0
3 ,1 0 0 ,8 7 0
U n ited R R s o f San F r . b . O c t
070,295
733 ,706
282,484
Jan 1 t o O ct 3 1 ............. 0 ,3 3 7 ,5 1 5
6,1 9 0 ,8 0 5
2 ,3 8 8 ,5 3 5
W h a t c o m C o R y & L t . b O ct
35,620
35,672
17,478
330,862
136,470
Jan 1 t o O c t 3 1 .............
334 ,910
a N et earnings hero g iv e n are a fte r d e d u ctin g ta x e s ,
b N et earnings here g iv e n are b e fo re d e d u ctin g ta x e s .
d In clu d es D urham L ig h t & P ow er C o ., begin n in g N o v
n T h ese figures rep rese n t 3 0 % o f gross earnings.
Hoads.

Previous
Y ea r.
$
10,430
168,120
254,947
1,533,014
44,501
439,871
12,777
123,351
190,060
1,957,232
40,520
499,443
134,734
314 ,006
66,245
645,590
200 ,267
1,800,109
70,261
365 ,626
8 4 ,0 1 5
830 ,457
71,102
471 ,209
7,160
8,648
87,827
6 6 7 ,2 0 7
4 ,1 3 4 ,3 6 6
236,731
2 ,3 7 1 ,1 3 7
59,609
536,405
277,172
2,7 8 1 ,6 9 1
39,962
427 ,4 3 5
141,002
1,370,908
17,645
170,284
217 ,877
23,908
201 ,987
109.655
957 ,042
164,319
1,571,888
8 5 ,216
319 ,788
3 ,0 0 3 ,6 4 0
£ 2 7 ,3 8 4
£ 2 9 ,2 7 8
£ 4 ,4 0 9
120,977
1 ,1 1 6 ,0 5 0
407.656
3 ,3 8 5 ,2 6 7
3 3 1 ,2 2 9
2 .3 6 4 ,9 3 0
16,064
143,560

In terest Charges and Surplus.
— I n l., R entals, & c .—
~ Bal. o f N et E 'n g s .—
C u rrent
P reviou s
C u rrent
P revio u s
Y ea r.
Y ea r.
Y ea r.
Y ear.
$
$
$
$
33,779
29,413
3 4 ,7 9 7
34,477
A u ro r a E lgin & C ld c _____ O ct
J u ly 1 t o O ct 3 1 ............
132,440
117,077
2 0 0 ,5 8 0
198,450
B a n g or R y & E lc c C o __ O ct
13,734
12,965
15,818
16,167
J u ly 1 to O ct 3 1 .............
54,045
52,449
74,288
72,708
B a to n R o u g e E l C o ______ O ct
1,944
1,951
1,820
1,374
B in g h a m to n R y __________ O ct
9,118
8,911
3,3 7 8
2,869
J u ly 1 t o O ct 3 1 _______
3 6 ,5 5 5
30,069
2 5 ,3 2 8
21,889
B r o c k & P lym S t R y _____ O ct
1.578
1,756
883
905
Jan 1 t o O c t 3 1 .............
17,013
18,103
15,285
10,407
C apo B re to n E le c t C o . . . O c t
6 161
0,199
10,888
7,007
J a n 1 to O ct 3 1 . ..........
55,071
55,113
60,717
30,605
C h a tta n o o g a R y & L t . - . O c t
2 3 ,7 0 0
22,2 1 8
10,702
6 980
Jan 1 to O c t 3 1 _______
234 ,601
215,281
123,229
54,230
CleVo P a ln csv & E a s t . . . O c t
8,083
7,828
7,338
4,793
Jan 1 to O ct 3 1 ----------80,091
75,428
65,065
50,814
C olu m bu s E le c t C o ............O ct
17,932
12,915
12,106
1,502
D allas E lectric C o r p --------O ct
23,748
27,<i71
52,471
39,070
J an 1 to O ct 3 1 .............
257 ,931
279 ,332
144,917
122,202
D e tro it U n it e d ......................O ct
178,429
155,072
£ 1 2 0 ,4 1 7
£ 9 7 ,3 2 0
J a n 1 t o O ct 3 1 _______ 1 ,689,549
1 ,505,475 £ 1 ,2 6 5 ,0 5 7 £ 1 ,0 5 6 ,9 1 8
D u lu th -S u p T r a c C o _____ O ct
C21.066
C20.757
20,9 1 7
14,975
J a n 1 t o O ct 3 1 _______ C202.649
C188.847
192,246
1 10,504
E a st S t L ou is & S u b _____ N o v
50,3 4 7
49,911
4 2 ,9 6 6
37,932
Jan 1 to N o v 3 0 _______
551,402
544 ,544
4 75 ,747
304,971
El P a so E le c t C o ................. O ct
8 ,2 2 4
8,4 2 0
14,029
14,215
J a n 1 t o O ct 3 1 _______
8 3 ,282
80,417
133 ,623
108,033
F a irm o n t & C la r k s b u r g ..O c t
13,112
12,655
26,006
14,425
Jan 1 t o O ct 3 1 ----------126,739
123,803
2 0 1 ,9 2 5
130,400
F t W & W ab V Tr C o ...O c t
4 5 ,820
42,2 8 5
18,105
I'D,135
Jan 1 t o O ct 3 1 ----------451 383
4 2 3 ,7 3 0
108,423
58,501
G alv-IIoU S ton E le c C o . - O c t
25,5 8 5
2 2 ,4 8 5
21,9 7 4
14,877
2 3 5 .8 0 5
2 1 4 ,7 1 0
185,972
102,602
Jan 1 t o O ct 3 1 .............
G rand R a p id s R y ------------ N o v
19,475
18,590
2 2 ,536
18,530
J a n 1 t o N o v 3 0 . ...........
218 ,4 0 6
2 08 ,676
309 ,600
282,522
H o u g h to n C o T r a c C o . - O c t
6,637
6 ,3 1 5
6,7 3 6
7,258
Jan 1 t o O ct 3 1 .............
63,008
60,003
61,266
0 4 ,195
H on olu lu R T & L ’d C o . - O c t
6,971
6,378
£13 ,683
£ 13 ,325
Jan 1 t o O ct 3 1 .............
65,789
62,135
£12 0 ,4 7 6
£11 2,79 2
In te r b o r o u g h R a p T r a n .N o v
8 8 6 ,4 4 5
8 8 1 ,0 7 0
£ 5 6 1,63 1
£ 5 9 8 ,8 6 6
J u ly 1 t o N o v 3 0 ............. 4 ,4 4 4 ,4 1 5
3 ,3 8 9 ,0 9 1 £ 1 ,7 5 0 ,0 9 5 £ 2 ,0 4 4 ,8 1 7
J a ck s on v ille E lect C o ____O ct
9 ,3 4 0
9,452
11,933
0,078
Jan 1 t o O ct 3 1 .............
92,502
93.062
122 ,410
75,058
K a n C ity R y & L t ............ N o v
188,643
171,429
74,371
83,518
Ju n e 1 t o N o v 3 0 . .......... 1 ,132,175
1 ,0 3 7 ,0 6 0
4 1 3 ,5 3 5
495 ,954
L a k e Shore E lect R y _____ O ct
3 4 ,669
3 5 ,454
14,465
9,047
Jan 1 t o O ct 3 1 .............
347 ,678
344 ,5 4 6
141,960
05,325
L cw ls t A u g & W a t e r v ’ . . N o v
13,713
15,093
d e f l,2 7 0
d e f2 ,3 1 6
J u ly 1 to N o v 3 0 ...........
68,679
7 4 ,405
14,701
4 8 ,946
H oads.




1705

THE CHRONICLE
P revio u s
Current
Year.
Y ea r.
$
$
AIllw E le ct R y & L t _____ N o v
112,913
116,463
J a n 1 t o N o v 3 0 _____
1 ,2 4 2 ,2 6 4
1,178,518
AIllw L t , H t & T r C o ____ N o v
6 8 ,957
65,4 7 6
Jan 1 t o N o v 3 0 _______
7 7 4 ,1 4 6
711 ,712
A lontreal S treet R y -------N o v
32,013
3 0 ,7 8 5
64,011
O ct 1 to N o v 3 0 _______
61,865
N a sh ville R y & L ig h t — N o v
33,3 9 0
3 3 ,023
369 ,0 3 6
Jan 1 to N o v 3 0 ----------361 ,3 3 0
61,373
N o rf & P orstm T r a c ____ N o v
64,203
316 ,769
316,152
J u ly 1 to N o v 3 0 ----------4 3 ,367
44,114
N o r O h io T r & L t _______O ct
4 33 ,528
437 ,456
J a n 1 t o O ct 3 1 ----------20,290
16,189
N o rth e rn T e x a s E le c C o - O c t
170,873
194 745
J a n 1 t o O ct 3 1 _______
6,625
7,170
P a d u ca h T r & L t C o ____ O ct
4,474
5,105
P e n sa co la E le ct C o _____ O ct
43.527
50,345
J an 1 to O ct 3 1 _______
125,019
P o r t la n d (O r )R y , L t & P N o v
151,217
1,363,227
J a n 1 to N o v 3 0 _____
1,550,411
P u g e t S o u n d E l C o ______O ct
49 777
50,018
Jan 1 t o O ct 3 1 _______
508,313
472 ,037
S tJ o s(A lo ) R y .L t . H t & P . N o v
21,608
23.308
Jan 1 t o N o v 3 0 _______
2 5 0 ,3 6 4
235 ,210
S a v a n n a h E le c t C o _____ O ct
18.219
17 620
Jan 1 t o O ct 3 1 _______
178,427
172,871
S eattle E le c t C o _______ O ct
109,913
102,169
T a m p a E le c t C o _________ O ct
6,130
4.6 2 4
Jan 1 t o O ct 3 1 _______
51,429
45,807
78,452
T o le d o R y s & L ig h t C o . . O c t
7 5 .616
769 ,162
Jan 1 t o O ct 3 1 _______
727 ,818
45,2 8 5
T rI-C Ity R y & L ig h t ____ N o v
43,413
C140.321
T w in C ity R a p T r C o ___O ct
C140.251
Jan 1 t o O ct 3 1 _______ C l,401 ,974 C l,388,761
U n io n R y G as & E l ( I l l ) .O c t
66,845
52,739
Jan 1 t o O ct 3 1 _______
660,301
643,318
232 ,654
U n ite d R y s o f S t L _____ O ct
232 ,267
Jan 1 t o O ct 3 1 _____
2 ,3 3 3 ,3 6 4
2 ,3 3 3 ,8 9 9
9,2 2 9
W h a tc o m C o R y & L t ._ O c t
8,469
87,9 3 6
Jan 1 t o O ct 3 1 _____ _
82,758
c In clu d e s d iv id e n d o n p referred s to c k .
£ A fte r a llo w in g fo r o th e r In co m e r e c e iv e d .
R oad s.

— B a l. o f N et E ’ n g s .—
P reviou s
Current
Y ear
Y ea r.
$
$
£ 8 1 ,7 5 7
£ 8 2 ,5 6 6
£82 6,58 1
£78 8,69 2
£ 1 9 ,9 1 8
£ 1 9 ,6 0 4
£ 2 8 3,78 9
£ 2 8 5 ,0 0 5
106,643
103 ,949
252,141
255,583
39,502
33,2 2 2
284 ,269
333 ,9 8 0
6,052
18,161
80,762
49,474
51,604
39,901
488 ,991
393 ,001
62,5 9 4
54,913
3 6 5 .0 8 7
3 0 0 ,3 3 6
2,032
535
4,967
4 ,1 7 4
41,369
4 4 ,3 0 0
125 ,155
111,712
1 ,343,548
1 ,0 0 7 .9 1 0
10,863
9,832
56,041
6 4 ,368
1 8 ,354
20,3 7 5
192 ,225
188,786
25
57
2,678
3,4 1 3
115,708
119,480
13.126
19,344
172,263
156 ,180
£ 1 7 .7 8 4
£ 3 4 ,2 8 5
£1 5 4 ,5 5 8
£ 2 3 1 ,6 6 8
54,316
4 1 ,8 0 3
196,295
179 ,537
1,866,904
1 ,6 7 4 ,8 7 9
7 7 ,7 9 6
77,2 3 8
424 ,7 6 7
472 ,732
£14 1 ,5 6 3
£ 1 7 9 ,0 3 2
£ 8 6 1,87 9 £ 1 ,0 8 6 ,0 8 1
8,249
7,5 9 5
48,534
60,808

A N N U A L REPORTS,
M issouri Pacific R ailw ay.

(Report for Fiscal Year ending June 30 1 9 1 0 .)
P r e s. G e o rg e J . G o u ld , N . Y . , N o v . 3 0 , w r o t e in s u b s ta n c e :
N ew Consolidated C o m p a n y .— O n A u g . 9 1909 a rticle s o f c o n s o lid a tio n
w ere filed In th e o ffice s o f th e Secretaries o f S ta te o f th e S tates o f M issouri,
K a n sas an d N eb ra sk a , u n d er w h ich a n ew c o r p o r a tio n . T h e M issouri P a cific
R a ilw a y C o . b egan o p e ra tio n s , h a v in g been fo rm e d b y c o n s o lid a tio n o f T h e
(form er) M issouri P a cific R y . an d eleven o f Its subsidiaries as fo llo w s :
M issouri P a cific R a ilw a y C o.
K ansas C ity & S . W . R y . C o . o f M o .
K an sas & C o lo . P a cific R y . C o .
K ansas C ity & S . W . R y . C o.
C en tral B ra n ch R a ilw a y C o .
F o r t S c o t t Cen tral R y . C o.
R o o k s C o u n ty R a ilro a d C o .
K a n o p o lls & K a n sas C entral R y . C o ,
N e v a d a & M ln den R a ilw a y C o.
K an sas S o u th w e ste rn R y . Co.
N e v a d a & M ln den R y . C o. o f K a n .
L e r o y & C a n ey V a il. A ir -L in e R y .C o .
A t a m e e tin g o f th e s to ck h o ld e rs o n J a n . 18 1910 an ag re e m e n t o f p u r­
ch a se w as d u ly ratified b y w h ich th e fo llo w in g -n a m e d p ro p e rties w ere
a cq u ire d b y deeds o f c o n v e y a n c e , an d th a t p o r tio n , 2.41 m iles, o f th e S t,
L o u is Iro n M tn . & S ou th ern R y . fo rm e r ly o w n e d b y th e K a n sas & A rk a n sas
V a lle y R y ., situ ated In K an sas, w as likew ise a cq u ire d :
O m aha S ou th ern R a ilw a y C o .
C arthage & W e ste rn R a ilw a y C o.
P a cific R y . C o. in N eb ra sk a .
J o p lin & W e s te rn R a ilw a y C o.
K ansas C ity N o rth w e ste rn R R . C o. P u e b lo & S ta te L in e R a ilr o a d C o.
S t. L . O ak H ill & C a ron d elet R y .C o .
N eb ra sk a S o u th e rn R a ilw a y C o . ,
S eda lia, W a rsa w & S . W . R y . C o.
O m a h a B elt R a ilw a y C o.
P u rch a ses by
_ the Iro n M o u n ta in C o. — In a c c o r d a n c e w ith a c tio n ta k en b y
th e s to ck h o ld e rs o f th e Iro n M tn . C o . o n F e b . 2 an d M arch 8 1910, all o f
th e p r o p e r ty , rights an d franchises o f th e fo llo w in g -n a m e d railro a d c o m ­
pan ies w ere pu rch a se d b y th e S t. L o u is Iro n A ltn. & S ou th ern R y . C o. a n d
a cq u ire d b y deeds o f c o n v e y a n c e :
A rk a n sas & L o u isian a R y . C o.
H errin & J o h n sto n C ity R y . C o.
A rk a n sas Afldland R R . C o.
K ansas & A rk a n sas V a lle y R y .
A rk a n sas S ou th w estern R y . C o.
L ittle R o c k & A lonroe R y . C o.
B rin k le y H elen a & In d ia n B a y R R .
M ississippi R iv e r H a m b u r g & W e s t­
ern R a ilw a y C o.
C oal B elt R a ilw a y C o.
N atch ez & W estern R a ilw a y C o.
E ld o r a d o & B a strop R y . C o.
N ew O rleans & N o rth w e ste rn R R .C o .
F a rm e rvllle & S o u th e rn R R . C o.
P in e BlulT & W e s te rn R R . C o.
G arlan d W estern R a ilw a y C o.
Springfield S ou th w estern R y . C o.
G u rd o n & F t . S m ith R R .
G u rd o n & F t . S m ith N o rth e r n R y .C o . S t. L ou is W a tk in s & G u lf R y . C o.
W abash S o u th e rn R a ilw a y C o.
I le r r ln R a ilw a y .
a n d th a t p o r tio n o f th e line o f th e L ittle R o c k & H o t S prings W e stern R R .
b e tw e e n B e n to n an d H o t S prin gs, A r k ., w as also p u rch ased .
Changes in S tatistics D u e to A b ove A c tio n .— T h a t a p ro p e r c o m p a r is o n
m a y b e m a d e w ith th e p r e ce d in g years, th e general sta tistica l In fo rm a tion
g iv e n o f T h e AUssourl P a cific C o .’ s business Includes th e o p e ra tio n s t o r 'a
full y e a r , and also in clu d es tor a like p eriod th e o p e ra tio n s o f T h e C en tral
B ran ch R y . and a u x ilia ry co m p a n ie s w h ich th e re to fo re w ere a c o n s titu e n t
p a r t o f p re ce d in g ann ual re p o rts . T h e details o f th e Incom e an d p rofit an d
lo ss a cco u n ts an d th e general b a la n ce sheet represen t o n ly th e resu lts o f
o p e r a tio n o f th e new c o m p a n y sin ce Its c o r p o r a te ex iste n ce A u g . 9 1909,
T h e o p e ra tio n s o f th e S t. L ou is Iron M tn. & S o u th e rn R y . C o. are re­
p o r te d herein fo r th e full y e a r, e x c e p t th a t the o p e ra tio n s o f th e a d d itio n a l
lines pu rch ased are in clu d e d o n ly sin ce F e b . 2 1910.
Capitalization o f M isso u ri P a c ific — B on ds A ssu m ed , E t c .— T h e c o n ­
s o lid a tio n p r e v io u s ly referred to n ecessarily resu lted In ch an ges b e in g m a d e
In th e o u ts ta n d in g ca p ita l s to c k an d va rio u s m o r tg a g e b o n d s.
T h e o u t­
sta n d in g ca p ita l s to c k o f th e new T h e AUssourl P a cific R y . C o. is $ 8 3 ,2 5 1 ,­
000 , $7 9 ,7 5 3 ,9 0 0 h a v in g been e x ch a n g e d fo r th e surrendered s to c k o f the
o ld T h e M issouri P a c . C o . an d $ 3 ,4 9 7 ,1 0 0 fo r th e surrendered s to c k o f th e
b ra n ch lines o f ra ilw a y w h ich fo rm e d th e new c o n s o lid a te d T h e AUssourl
P a cific R a ilw a y C o . A u g . 9 1909.
U n der th e term s o f th e co n s o lid a tio n an d o f th e a c q u isitio n s o f th e lines
h e re to fo re n a m e d , th e m o rtg a g e b o n d s o f the several c o m p a n ie s en terin g
Into th e co n s o lid a tio n , as w ell as th o se o f the several c o m p a n ie s w h ose lines
w ere a cq u ir e d , w ere assum ed b y th e new c o m p a n y . T h e greater p a r t o f
th e b o n d s rep resen tin g the In debtedness o f the c o n s o lid a te d a n d tran sferred
lines o th e r th an th e o ld T h e M issouri P a cific R y . C o. are th e p r o p e r ty o f
th e new T h e AUssourl P a cific R y . C o ., an d are in th e c u s t o d y o f trustees t o
secure Its issues o f co llateral trust b o n d s m atu rin g In 1917 and 1920, a n d
its "fir s t and re fu n d in g m o r tg a g e ” b o n d s herein after d e scrib e d .
O f these
assum ed b o n d s there are $ 1 2 ,2 8 1 ,0 0 0 o u ts ta n d in g In th e han ds o f th e p u b lic .
T h e re w ere also assum ed b o n d s o f th e o ld AUssourl P a cific R y ., o f w h ich
$ 9 1 ,2 5 4 ,0 0 0 are o u ts ta n d in g , also e q u lm p e n t tru st o b lig a tio n s , o f w h ich th e
to ta l a m o u n t o u ts ta n d in g o n Ju n e 30 1910 w as $ 5 ,7 0 3 ,0 0 0 .
T h e new c o m p a n y also issued $29 ,8 0 6 ,0 0 0 o f its " fir s t and r e fu n d in g
m o r tg a g e ” 5 % b o n d s w h ic h , a d d e d t o th e a foresaid assu m ed o b lig a tio n s ,
m a d e th e to ta l fu n d e d d e b t o n Ju n e 30 1910 $ 1 3 9 ,0 4 4 ,5 0 0 , v iz .:
(a) O utstanding B ran ch L in e B on ds A ssu m ed , A g grega tin g $ 1 2 ,2 8 1 ,0 0 0 —
K .C .N .W . l s t M .5 s,S e r . A . $ 1 ,0 2 4 , 0001L e r .& C a n .V .A .L .lt R .ls t 5s $ 5 2 0,00 0
K .& C .P .R y .C o .1st r e f. 6s. 3 ,9 7 2 ,0 0 0 Central B r. R y . 1st At. 4 s . 3 ,4 5 9 ,0 0 0
V c r .V .In d .& W .R R .ls t M .S s
8 0 6 ,0 0 0 1C e n t.B r .U .P .R y .l s t M .4 s_ 2 ,5 0 0 ,0 0 0
(b) Outstanding B on d s o f Old M is s o u r i P a c. R y . A ssu m ed , A g grega tin g
■
$ 9 1 ,2 5 4 ,5 0 0 —
A ssu m e d m o r tg a g e b o n d s o f th e o ld T h e Afo. P a c . R y . C o . o u t ^ sta n d in g as re p o r te d Ju n e 30 1909, $ 9 1 ,2 6 7 ,0 0 0 (o f w h ich
' th ere Is h e ld In th e treasu ry o f th e n ew c o m p a n y $ 1 2 ,5 0 0 ).$ 9 1 ,2 5 4 ,5 0 0

1706

THE CHRONICLE

• (c) Issu ed under F irst and R e f. M . o f the new M o . P . R y ., 5 2 0 ,8 0 0 ,0 0 0 .
B o n d s (d a ted S e p t. I 1909, a u th . Issue 517 5 ,0 0 0 ,0 0 0 ) 50-year
• 5 % co n v e r tib le g o ld b o n d s, S cries A .
Issued an d s o ld -------5 2 9 ,8 0 0 ,0 0 0
(d) E q u ip m en t Trust O bligations A ssu m ed , A ggregating 5 5 ,7 0 3 ,0 0 0 —
E q u ip m e n t trust o b lig a tio n s o f th e M o. P a c. E q u ip m e n t A ssn .,
Series A to I, 5 4 ,2 0 8 ,0 0 0 , o f w h ich there has sin ce been paid
5 9 0 5 ,0 0 0 , anti o f w h ich th e re is h eld In the treasu ry 5 5 ,0 0 0 ..
3 ,3 5 8 ,0 0 0
E q u ip m e n t tru st g o ld b o n d s. Series 1, 52 ,6 8 0 ,0 0 0 , o f w h ich
there has sin ce b een p a id 5 3 3 5 ,0 0 0 -----------------------------------------2 ,3 4 5 ,0 0 0
T h e llrst anti r e fu n d in g m o rtg a g e b o n d s w ere deliv e re d to th e R a ilw a y C o.
u p o n there b ein g d ep os ite d w ith th e trustee:
K .& C .P .R y .l s t r e f. b d s .5 1 0 ,7 1 5 ,0 0 0 | S t. L ou is Iron M tn . &
K .C .N .W .R R .ls t A I .S c r .A
2,000
S o u . R y . I m p . M . b d s . 5 5 ,3 0 0 ,0 0 0
do
d o Series B 2 ,9 8 3 ,0 0 0 1C a sh ______________________
4 ,8 0 6 ,0 0 0
T h e fu n d s d eriv ed fro m the sale o f these b o n d s w ere used in p a rt to p a y
o il th e en tire lloa tln g d e b t as o f S e p t. 1 1909 an d to p u rch ase 5 5 ,3 0 0 .0 0 0
Im p r o v e m e n t m tg e. b on d s o f S t. L ou is Iron M tn . & S o u . R y . C o .; an d th e
r em a in d er w as d ep osited u nd er th e m o rtg a g e t o be used fro m tim e to tim e
fo r th e betterm en t an d Im p rovem en t o f T h e M o . P a c. R y . C o .’ s p ro p e rtie s.
T h e fu n d s d eriv ed b y the S t. L ou is Iro n M tn. & S o u . R y . C o . u p o n th e sale
o f th e b on d s a b o v e m en tio n e d to T h e M o . P a c. R y . C o . w ere d e p o s ite d
u n d er th e Im p rovem en t m tg e . o f th e S t. L ou is Ir o n M tn . & S o u th . R y . C o.
t o b e used t o p a y fo r be tte rm e n ts an d Im p ro v e m e n ts o n th a t c o m p a n y ’ s
p rop erties (com p a re V . 89, p. 1347: V . 90, p. 1296).
Iron M ou n tain F u n d ed D eb t.— T h e fu n d e d d e b t o f th e S t. L o u is Iro n
M tn . & S ou th ern R y . C o. In th e han ds o f the p u b lic o n Ju n e 30 1910 aggre­
g a te d 5 12 0,10 2,5 34 (less 539 ,000 In treasu ry, & o.; n e t, 5 1 2 0 ,0 6 3 ,5 3 4 ), v iz .:
(а) A ssu m ed in A cq u irin g A d d ition a l L in es, A ggrega ting 5 2 ,1 9 6 ,0 0 0 * —
A rk a n sas M id lan d R R . llrst m o rtg a g e b o n d s --------------------------------- 517 6,00 0
L ittle R o c k & H o t S prin gs R R . llrst m o rtg a g e b o n d s ------------------- 1,140,000
P in e B lu ff A W estern R R . C o. llrst m o rtg a g e b o n d s ------------------8 80 ,000
(б) B on d s Issued during the Y ear, A ggregating 5 7 ,4 9 8 ,9 6 4 * —
R iv e r A G u lf D ivision s m tg e . b o n d s fo r va rio u s lm p ro v e m e n tS -5 2 ,1 9 8 ,9 6 4
Im p r o v e m e n t 5 % b o n d s, u n d er m o rtg a g e d a te d S e p t. 1 1909,
a u th orized for 5 2 5 ,0 0 0 ,0 0 0 , m atu rin g in 50 yea rs, issued and
so ld to T h e M issouri P a clllc R a ilw a y C o --------------------------------------- o ,300 ,000
(c) F u n d ed Debt, & c ., as o f J u n e 30 1909, L ess R ed uctions during
Y ea r, 5 1 1 0 ,4 0 7 ,5 7 0 * —
,
,
,
F u n d e d d e b t Jun e 30 1909, 5 1 0 4 ,6 7 8 ,5 7 0 , r e d u ce d fro m lan d
sales 530 .000 __________________________ ________________________ 510 4 ,6 4 8 ,5 7 0
Ir o n M t n . ca r trust ce rts , 5 4 ,2 0 6 ,0 0 0 less since p aid 5 1 ,0 0 9 ,0 0 0
3 ,1 9 7 ,0 0 0
E q u L m e a t g old b o n d s, S er. 1, 5 2 ,9 2 8 ,0 0 0 , less sin ce p aid
5 3 6 6,00 0
________ ____________________________________________
2 ,5 6 2 ,0 0 0
M ilea g e.— T h e M o. P a c. R y . C o. ow n ed on Ju n e 30 1910 3 ,7 8 1 .7 0 m iles,
an d the S t. L . Iron M tn. A S o u . R y . C o. ow n ed 3,1 2 9 .6 2 n d lcs— to ta l m ile­
age ow n e d , 6 ,9 1 1 .3 2 m iles. A v g e . m ileage op e ra te d d u rin g y e a r, 6 ,7 7 4 .7 6 .
G eneral R esu lts.— T h e gross earnings from o p e ra tio n for th e y ea r increased
5 6 ,6 3 3 ,5 9 4 , o f w h ich 5 4 ,921,301 w as from freigh t an d 51,3 2 5 ,7 1 1 fro m
p assenger. T h e expen ses Increased 5 3 ,6 2 0 ,8 5 8 .
In crea sin g E x p en se s .— T h e stea d ily Increasing exp en ses h a v e b e co m e a
seriou s fa c to r In ra ilw a y op e ra tio n s.
M aterials an d su pplies a rc o b ta in a b le
o n ly a t c o n s ta n tly Increasing c o s t.
D em a n d s fo r higher w ages o n a c c o u n t
o f th e in crea sed c o s t o f livin g h a v e been su b m itted to a rb itra tion u n d er th e
F ed era l sta tu te g o v e rn in g such m atters and increases h a v e been a w a rd ed .
O th er large expen ses are requ ired In c o m p ly in g w ith F ed eral an d S ta te
reg u la tion s en a cted w ith in recen t years. T h e o n ly w a y such Increases in
exp en ses can be m et, w ith a p ro p e r m ain ten an ce o f th e p ro p e rty an d a fair
return to th e s to ck h o ld e rs. Is b y an a d v a n ce in tra n sp orta tion ch arges, and
this is d ifficu lt o f a cco m p lish m e n t b y reason o f a d verse p u b lic o p in io n and
u n fa v o ra b le a ctio n o f F ed eral and S ta te R a ilw a y C om m ission s ten d in g to
th e still fu rth er re d u ctio n o f th e rates n ow ch a rg ed .
T h ere is no ga in sa y in g
th e sta tem en t th at If th e ra ilw a y carriers arc n ot allow ed fo r services ren­
d ered a d eq u a te co m p e n sa tio n to en a b le them to p ro p e rly o p e ra te an d m ain ­
tain their p rop erties and to establish an d sustain a basis o f cred it for finan­
cial tra n sa ction s th a t will en a b le th e ow ners to im p ro v e an d en large their
facilities, and thus m eet th e d e v e lo p m e n t o f the c o u n tr y ’ s business resources,
th e p u b lic will in th e end be th e greatest sufferer.
Outlook — A v e ra g e cro p s h a v e been h arvested in th e territory trib u ta ry
to y o u r lines, an d th e o u tlo o k for a g o o d business fo r th e ensuing y ear from
these sou rces is v e r y en cou ra g in g .
E x tr a c ts from R ep ort o f 1st V ic c -P r e s. C. S. C larke, St. L ou is. N ov. 15 1 9 1 0 .
Im provem en ts, & c ., and W ork in P rogress.— M uch co n stru ctio n an d w ork
o f a betterm en t ch a ra cter h a v e been d o n e du rin g th e yea r in b u ild in g secon d
m ain tra ck s, b a llastin g r o a d b e d , rep la cin g existin g steel bridges w ith h eavier
stru ctu res an d re p la cin g fra m e bridges w ith steel; su b stitu tin g h ea vier rail;
a ilin g cu lv erts a n d trestles: d itch in g an d w iden in g cu ts an d (ills to secure
b e tte r d rain age fo r the r o a d b e d ; th e erection o f new station s a n d oth er
stru ctu res; b u ild in g an d Im p rov in g w ater an d fuel sta tion s; b u ild in g and
e q u ip p in g new sh op s: Increasin g the c a p a c ity o f ya rd s, A c.
T h e charges m ade to betterm en ts du rin g th e yea r a g g reg a te 5-169,634—
n ew e q u ip m e n t, $ 83 2,01 4; im p ro v e m e n ts to e q u ip m e n t, 534 3 ,9 1 3 : to ta l,
5 1 ,1 7 5 ,9 2 7 ; less a m o u n t requ ired to b e cred ited to p ro p e rty a cco u n ts from
eq u ip m en t m a d e o u t o f serv ice, $706,294; net, $ 46 9,63 3.
T h e a d d ition s an d b etterm en ts ch a rged to p ro p e rty h a v e a ggregated
5 8 ,0 1 2 ,1 3 5 , th e leadin g item s bein g:
51,9 7 2 ,5 7 7
B a l l a s t ____ _______
R ig h t o f w a y an d sta tio n
A d d itio n a l m ain t r a c k ___ 1,227,274
grou n d s ------------------------330,451
W id e n in g cu ts an d fills----983,491 Sidings and spu r t r a c k s .727,842
P r o te c tio n o f b a n k s _______
662,298 T erm in al y a r d s .......... .........
699,082
G rade rev ision s, & c ----------110,737 S ta tio n bu ild in gs, & c _____
177,823
B ridges, trestles A cu lv erts
174,887 S h op s, en gine h ouses, A c .
142,363
In crea sed w eigh t o f r a i l - .
252 ,354 W a te r an d fuel s t a t io n s ..
M a in ten a n ce o j W ay and S tru ctu res.— E x p e n d itu re s a v e ra g e d $ 1 ,180 87
p er m ile o f r o a d , again st 51,078 79 in 1908-09.
R a il and B a llast.— 'The new 8 5 -lb . steel re p la cin g o ld steel ag g re g a te d
185.48 m ites, v iz .: M o. P a c. R y ., 118.08; S t. L . Ir. M t. A S o u . R y ., 67.4 0 .
Statem ent o j M ilea ge o f R a il in Track J u n e 30 1910.
Location—
85-lb. 75-lb.
70-lb.
05-lb. 6.1-lb.
60-lb.
50-lb. 52-lb. Iro n
Mo. Pac. lty - 976.78 592.52
......... - 370.68 204.38 1,410.10 301.38 7.90
Iron M t n ........... 967.72 769.79
86.44 56.33 170.75 228.19 796.93 112.58 13.10
M ilea g e oj Ballasted and Unballasted Tracks, J u n e 30 1910.
G ravel.
R o ck . C inders. Chats. T ot. B a ll.
U nball'd.
M o Pac R y
422 .04
214 .63 700.53 988 .43
2 ,3 2 5 .6 3
1,538.11
S t . L . I . M . A S o u l l , 417 .74
148.04 255.72 363 .5 0
2 ,1 8 5 .0 0
1,010.89
E q u ip m en t.—-D uring the year there w as ad d e d ; L o c o m o tiv e s , 57; passen­
ger cars, 42: freigh t cars, 239 , and s ervice cars, 413. T h e re w ere c o n ­
d em n ed and s cra p p ed or r e m o v e d fro m s ervice d u rin g the y e a r: L o c o m o ­
tiv es, 3: passen ger ca rs, 8; freigh t cars, 1,325, and serv ice cars, 05. T o ta l
lo co m o t iv e s on Ju n o 30, 1,095, w ith tra ctiv e p o w e r agg re g a tin g 30,0 8 4 ,3 8 7
lb s .: Increase. 1,556,942 lb s .; passenger cars, 651, increase 34; fre igh t cars,
3 7 ,9 5 8 , c a p a c it y , to n s , 1,2 8 5 ,0 7 5 , decrease, 2 6 ,680 ton s.
T ra ffic Department.—-The fre igh t earnings w ere $ 3 8 ,2 0 1 ,7 8 4 , an Increase
o f $ 4 ,9 2 1 ,3 0 1 , o r 1 4 % . T h e freigh t carrletl Increased 2,5 2 6 ,0 5 1 to n s. A
c o a l strik e in the S tates o f Illinois, M issouri, K an sas, A rk a n sas an d O k la­
h o m a t o o k pla ce A p ril 1 o f this y ear and was c o n tin u e d b e y o n d th e clo se o f
th e ilscal y ea r. T h is n o t o n ly d e p riv e d these co m p a n ie s o f a large co m m e r ­
cia l ton n a g e, b u t necessitated the purch ase o f co a l at high prices in A la b a m a
a n d K e n tu c k y an d haul It lo n g distan ces to p o in ts w here needed fo r c o n ­
su m p tio n , thus Increasin g the o p e r a tio n exp e n se s. T h e to n n a g e o f c o t to n
an d c o t to n seed and p r o d u c ts decreased 3 2 % u n d er that o f the p reced in g
y ea r b y reason o f cr o p s h o rta g e . S u b sta n tia l increases are sh ow n o n nearly
all oth er c o m m o d itie s ca rrie d .
T h e passenger earnings fo r th e ye a r w ere $10,210,3.>7, an Increase o f
$ 1 ,3 1 6 ,4 7 2 .
Passenger fares are still on an u n rcm u n e ra tlv e basis o f 2 c. per
m ile In the S tates o f Illin ois, K ansas, N ebraska and O k la h o m a .
Progress
In g e ttin g relief Is s low , bu t w e h o p e fo r fa v o r a b le d ecision s fro m th e p en d in g
suits In th e near fu tu re .

P A C I F I C P R IO R TO A U G . 9 1909).
1909-10.
1908-09.
1907-08.
1906-07.
Allies o p e ra te d , a v e r a g e .
6,775
» 6,489
6,479
6,375
O perations—
___
P a ssen gers c a r r ie d .......... 1 1 ,3 8 7 ,0 4 0
10,747.402
10,3 6 1 ,4 9 8
9,496.531
P a ss, ca rried 1 m ile ____ 459 ,7 8 3 ,7 3 8 4 4 5 ,8 8 3 ,9 0 7 4.>2,374,o69 4 3 2 ,547 ,73 3
F r 't (ton s) c a r 'd ( r e v .) . 2 0 ,1 9 0 ,1 8 4
1 7 ,664,133
16,920,741
18,302.155
d o c a r ’ d 1 m lle t r c v .>4696375607 4085859531 3970413543 4475852756
a .* * * * ^ .*
28 5 .0
3 0 9 .6
N o . r e v . to n s in t r a in —
293 .8
27 4 .5
52.2559 8
$2.4558 8
E flrns. per fr’ t tr. m ile —
$2.39006
$2.2361 7
$0.8367 8
$ 1.02101
E a rn s, per pass. tr. m ile
$0.8966 6
$0.8275 3
56,828
5 7 ,6 4 0
Gross earns, per m . o f rd.
$7,826
$7,149




[VOL. LXXXX1.

1909-10.
E a rn in g s—
5
F ro m fre igh t ___________ 3 8 ,2 0 1 ,7 8 4
F rom p a s s e n g e r s _______ 10,3 6 0 ,3 0 6
F rom m alls ____________
1 ,445,254
F rom e x p r e s s ___________
1,087,673
F'rom m is c e l la n e o u s ___
969,808
O th er th an fro m t r a n s p .
954,312

1908-09.
5
3 3 ,2 8 0 ,4 8 2
9 ,0 3 4 ,5 9 5
1 ,435,869
9 91 ,382
8 88 ,115
755 ,1 0 0

190 7-0 8.
5
3 1 ,4 2 3 ,5 7 7
8 ,8 1 4 ,1 6 4
1,400,101
957 ,4 9 2
8 5 4 ,8 5 6
7 8 8 ,5 1 3

190 6-0 7.
$
3 5 ,5 0 9 ,5 8 9
9 ,6 9 6 ,0 6 4
1,5 1 9 ,7 9 4
974,211
1 ,003,685
-----------

T o ta l e a r n in g s ________ 5 3,019,137
E x p en se s —
8,0 0 0 ,1 0 4
M a in te n a n ce o f w a y ____
M ain ten an ce o f e q u i p . .
7,6 8 7 ,4 2 9
T r a n sp o rta tio n ________ 1 8 ,889,986
T r a f f i c ___________________
1,368,745
G e n e r a l ___________ _____
1,601,107

4 6 ,3 8 5 ,5 4 3

4 4 ,2 3 8 ,7 0 3

4 8 ,7 0 3 ,3 4 3

6,9 9 9 ,7 2 9
7 ,0 4 2 ,4 4 8
1 7 ,237,360
1 ,157,524
1 ,489,446

6 ,6 4 9 ,8 8 3
5 ,4 7 9 ,4 8 6
17,0 8 4 ,8 7 2
1 ,087,667
1 ,3 4 4 ,3 7 9

5 ,9 0 6 ,1 2 1
6 ,9 9 8 ,8 6 3
1 6 ,5 0 9 ,3 5 6
1 ,085,744
2 ,0 1 4 ,9 8 5

T o ta l e x p e n s e s _______ 3 7 ,5 4 7 ,3 7 2
R a tio o f o p .e x p .t o e a r n .
(70.82)
N et e a rn in g s ..............
15,4 7 1 ,7 6 5

33,9 2 6 ,5 1 3
(73.14)
12,459,030

3 1 ,6 4 0 ,2 8 8 3 2 ,5 1 5 ,0 7 0
(71.54)
(66.76)
12,5 9 2 ,4 1 5 1 6 ,188,273

C O N S O L ID A T E D IN C O M E A C C O U N T O F M IS S O U R I P A C IF IC A N D
S T . LO U IS IR O N M O U N T A I N & SO U T H E R N , I N C L U D I N G
A L L L E A S E D A N D -O P E R A T E D L I N E S .

1 2 ,459,030
1,694,043

1907-08.
$
1 2 ,5 9 2 ,4 1 5
2 ,8 7 5 ,2 9 8

1906-07.
$
10,1 8 8 ,2 7 2
3 ,2 8 3 ,2 8 3

T o t a l ...................
1 7 ,305,496
D educt—
I n t. o n b o n d s A r e n ta ls . 10,789,722
1,903,004
T a x e s ..............
S u n d ry a c c o u n t s ________
1,913,358
D lv s . o n M o . P a c . s to c k
_________

1 4,153,073

1 5,467,713

1 9 ,4 7 1 ,5 5 5

T o t a l ................................
S u r p l u s _________ _______

13,088,564
1,064,509

1909-10.
5
N et e a rn in g s____________ 15,471,765
M isc. In c ., d iv s .,in t ., A c .
1,893,731

9 ,3 8 0 ,3 0 7
1 ,715,758
1,992,499

1 4 ,606,085
2,759,411

9,1 4 5 ,1 8 9
1 ,644,057
1,692,751
(*) 1 ,9 3 5 ,2 1 0 (5 )
14,417,207
1,050,506

9 ,0 6 0 ,8 7 5
1 ,483,949
1,228,628
3 ,8 9 0 ,8 7 5

15,6 6 4 ,3 2 7
3 ,8 0 7 ,2 2 8

* D iv id e n d o f 2 H % p a id J a n . 1908 In M o . P a c . s to c k ; V . 85, p . 1646.
M I S S O U R I P A C I F I C R Y . P R O P E R (N E W C O .), I N C L . P R E D E C E S S O R
C O S. F O R P E R I O D F R O M J U L Y 1 TO A U G . 9 1909, C O M P A R E D
W I T H O L D M O . P A C . I N E A R L I E R Y E A R S )— E A R N I N G S
AN D EXPENSES.
1909-10.
3,883
5
4 ,2 8 3 ,2 2 7
16,909,693
2,1 6 4 ,1 1 3

1908-09.
3,492
5
4,0 5 8 ,8 7 6
15,357,167
2,0 5 2 ,4 9 4

1907-08.
3,492
5
4,128,771
1 4 ,838,594
1,979,245

23,3 5 7 ,0 3 3

21,4 6 8 ,5 3 7

20,946,611

3 ,617,418
3,509,811
9 ,519,738
625,784
683,801

3 ,1 9 7 ,2 8 0
3 ,4 6 6 ,8 3 3
8 ,9 6 0 ,0 9 9
571,767
709,443

3 ,1 3 0 ,7 2 7
2 ,6 6 0 ,1 1 5
8 ,7 0 0 ,1 5 6
543,458
646 ,546

T a x e s __________________________________
O u tside op e ra tio n s ( n e t )_____________

17,956,552
5,400,481
907,504
* 37, 5o3

16,905,420
4 ,5 6 3 ,1 1 4
852 ,558
16,795

15,681,002
5 ,265,609
8 9 5 ,5 4 5
16,438

O p era tin g In co m e __________________
D iv id e n d s, interest, ren ts, A c -----------D lv . o n S t. L . I . Al. A S o u . s t o c k — .

4,4 5 5 ,4 2 4
1 ,099,372
2 ,6 6 0 ,1 9 5

3 ,693,761
1,083,004
1,7 7 3 ,4 6 4

4 ,3 5 3 ,6 2 6
1,361,900
2 ,2 1 6 ,8 2 9
7 ,9 3 2 ,3 5 5

Allies o p e ra te d en d o f p e r io d .
E a rn in g s—
Passengers ________ __________
Alall, express and m isce lla n e o u s_____
E x p en ses-

T r a ffic expen ses .
G e n e ra l____ ______

8,214,991

6 ,550,229

D isbursem ents—
In terest o n b o n d s, A c ________________
R e n ta ls _______________________________
E q u ip m e n t o b lig a tio n e x p e n s e s____
In terest an d e x c h a n g e ._____ _______
H ire o f e q u ip m e n t---------------------------S u n d ry ite m s _________________________
D iv id e n d s (see a b o v e ) ---------------------

5,108,313
151,913
2,009
480,371
266,194
21,175

4 ,2 5 9 ,4 5 4
4 ,6 5 5 ,0 9 5
225 ,274
234,919
54,838
2,026
221 ,732
265,589
403,830
3 8 8 ,6 6 5
19,106
35,319
- (2 H ) 1,935,210

T o t a l d is b u rs e m e n ts ------------------------Surplus fo r y e a r -------------------------------- -

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

5 ,5 8 0 ,5 6 6
069 ,664

7 ,1 2 0 ,4 9 3
811,861

_ o p e ra
_ tio n s (net) in 1909-10 Inclu de d in in g ca r reven u es, 569,
* O u tside
64 5; exp en ses, $10 7 ,1 9 8 , le a vin g n et loss as a b o v e , 5 3 7 ,5 5 3 .
S T . L O U IS I R O N M T N . & SO U . R Y — E A R N I N G S A N D E X P E N S E S .
1909-10.
3,288
5
.
5,5 1 0 ,8 0 5
F reigh t ____________ __________________ . 19,367,143
Alall, express an d m is ce lla n e o u s____ 2,0 3 8 ,9 4 3

1908-09
2,609
S
4 ,6 3 7 ,3 9 6
16,700,676
1,904,163

1907-08.
2,590
5
4 ,3 7 0 ,1 4 2
15,5 0 9 ,7 8 3
1,913,309

. 26,916,891

2 3 ,2 4 2 ,2 3 5

2 1 ,7 9 3 ,2 0 4

3 ,9 9 1 ,7 2 0
3 ,724,133
8 ,3 8 6 ,1 7 5
675,141
841 ,1 9 4

3,5 2 9 ,2 9 9
3,3 2 9 ,6 7 9
7,6 8 0 ,1 8 8
544,926
734,108

3,2 6 5 ,0 7 8
2 ,6 3 1 ,7 1 8
7 ,9 3 3 ,7 6 4
510,783
653 ,443

. 17,618,363
..
(65.45)
.
9,2 9 8 ,5 2 8
.
59,531
.
894,999

15,818,200
(68.06)
7 ,4 2 4 ,0 3 5
26,532
779,044

14,095,688
(08.80)
6,7 9 7 ,6 0 6

M iles o p e ra te d end o f p e r io d .
E a rn ings Jrom —

E x p en ses—
T r a n s p o r t a t io n ---------------------T r a f f i c ________________________
G e n e ra l...........................................
Per c e n t o f expenses to earn in gs.
N et e a rn in g s---------------------------------O u tside op e ra tio n s (net d e fic it ). .
T a x e s _______________- - .......................

.
.

035 ,863

O p era tin g In c o m e _______ ______ ___ .
D lv s ., in t., rents an d m isce lla n e o u s. .

8,3 4 3 ,9 9 8
571,519

6,6 1 8 ,4 5 9
602,597

6,1 6 1 ,7 4 3
1 ,505,557

.

8,9 1 5 ,5 1 7

7 ,2 2 1 ,0 5 6

7 ,0 6 7 ,3 0 0

.

5.116,301
295,834
352 ,274
3,852
2 ,6 6 3 ,4 6 7
> (6 % )

4,6 1 6 ,9 5 2
180,198
520,228
101,522
1 ,775,645
(4 % )

4 ,5 7 7 ,4 5 5
164,679
514 ,443
52,571
2 ,2 1 9 ,5 5 6
(5 % )

8,4 3 1 ,7 2 8
483,789

7,1 9 4 ,5 4 5
26,511

7 ,5 2 8 ,7 0 4
138,596

T o t a l n et In c o m e .
D isbu rsem ents—
In terest o n b o n d s . _
R e n ta ls --------------------H ire o f c q u lp m e n tS u n d ry I t e m s ...........
D i v i d e n d s _________
R a te per c e n t _______
T o ta l d isb u rse m e n ts---------------------B a la n ce , su rp lu s_____________________

.

M IS S O U R I P A C I F I C R Y . B A L A N C E S H E E T J U N E 30 1910.
L iabilities ($ 3 0 0 ,3 9 5 ,2 1 0 )— _ _
A ssets (5 3 0 0 .3 9 5 ,2 1 0 1 R o a d an d e q u ip m e n t . . . $ 145,245 ,199 C apital s t o c k ____________ $ 8 3 ,2 o l,0 0 0
S ecurities p le d g e d -------- a85,602 ,000 F u n d e d d e b t o u ts ta n d K
(see “ R y . A I n d .S e o . ) .1 3 9 ,0 4 4 ,5 0 0
S ec. o f s u b . c o s . u n p l’ gcd
902 ,879
O th er In v e stm e n ts..........
2,244 ,762 F u n ded d e b t In t r e a s .,A c . 4 8 ,4 7 7 ,5 0 0
233 ,937
C a sh _____________
2,275 518 T r a ffic , A c ., b a la n c e s .V o u ch e rs _________________
2 ,060,041
Secu rities Issued o r as­
2 ,0 4 6 ,4 2 5
su m ed In tre a s u ry ___
427 ,500 P a y -ro lls ________________
64,404
A farketable s e c u r it ie s ..
30,162 ,064 Freight cla im s p a y a b l e . .
4 ,6 7 5 ,6 6 5
L oa n s and bills re ce iv a b le
188 ,741 A llscellaneous a c c o u n t s ..
M
atu
red
in
t
.,
d
lv
s
.,
A
c
.
.
64,044
A g e n ts an d c o n d u c t o r s .
530 ,505
63,385
A lisccllan cou s a c c o u n t s .
15,736 ,724 O th er w o rk in g lia b ilitie s .
M aterials an d s u p p lie s . _
6.651 .078 U n m atu red interest, d lv s .,
A c ., p a y a b le ----------------- 2 ,0 6 3 ,0 6 9
U n m a t’ d In t., d lv s ., & c.
245 ,125
1,695,653
A d v a n c e s .......... ..............
382 .523 D eferred cr e d it I t e m s . . .
S p ecial d e p o s it s ________
8,346 ,488 P ro fit an d lo s s .................... 16,6 5 5 ,5 8 7
O th . d e f. d e b it Ite m s___
1,454 ,104
a In clu d e s securities o f p ro p rie ta ry , a ffilia te d an d c o n tr o lle d co m p a n ie s ,
$ 42, 290, 000, an d securities Issued o r a ssu m ed , $ 4 3 ,3 1 2 ,0 0 0 .

Deo. 24

idlo. |

THE CHRONICLE

S T . LO U IS I R O N M O U N T A I N & .S O U .R Y . B A L . S H E E T J U N E
A ssets ($ 1 8 0 ,6 5 1 ,6 2 8 ) —
L iabilities ( $ 1 8 0 ,6 5 1 ,6 2 8 )H oa d and e q u ip m e n t ___$14 7,69 3,5 11 C apltal s t o c k ____________ $44 ,396,574
S ecu rities p le d g e d _____
a 4 ,364,851 F u n d ed d e b t o u ts ta n d ’ g
S ec. o f s u b . c o s . u n p l'g c d
9,949
(see “ R y .& I n d .S e c .” ) .1 2 0 061,905
40,629
19,874,509 F u n d e d d e b t In t r e a s .,& c .
O th er In v e s tm e n ts _____
C a s h _____________________
1,138,937 L o a n s an d bills p a y a b le .
1 2 0 ,0 0 0
S ecu rities In t r e a s u r y ..
562,509 M isccllan cou s a c c o u n t s . 12 591,250
M a rk eta b le s e c u r it ie s ..
3 ,5 1 3 ,5 3 5 M atured in t ., d lv s ., & c.,
72,771
M iscella n eou s a c c o u n t s .
220,404
p a y a b le _______________
U n m a tu red In t., d lv s.
U n m a tu red
in t .,
d lv .,
& c., r e c e iv a b le _______
58,260
A c ., p a y a b le _________
1, 523,580
D eferred d e b it Ite m s___
419 ,615
b 3 ,215 ,133 D eferred cr e d it Item s___
P rotlt a n d lo s s___________
1 425,298
a In clu d es securities o f p r o p ., a ffilia te d , & c., c o s ., $ 4 ,3 2 9 ,8 5 1 , an d securfties issued o r a ssu m ed , $ 35 ,000 .
b In clu d es a d v a n c e s , $46 ,9 1 8 ; sp e cia l d e p o sits, $ 1 ,5 8 3 ,8 1 2 ; cash an d secu rltlcs In sin k , fu n d s , $ 2 8 ,7 4 1 , a n d m iscella n eou s, $ 1 ,5 5 5 ,6 6 2 .- - V . 91,
p . 337 , 270.

W e ste rn M aryland R ailw a y.
(F ir st R ep o rt, f o r S i x M o n th s ’ P erio d , en ding J u n e 30 1 9 1 0 .)

P r e s id e n t B . F . B u s h , B a lt im o r e , O c t . 19 1910, sa y s:
• H erew ith Is s u b m itte d th e first re p o r t o f y o u r c o m p a n y . T h is r e p o r t
m b r a c c s th e resu lts o f the o p e ra tio n s o f the c o m p a n y fo r th e six m o n th s
e n d e d Jun e 30 1910.
In ord e r to p reserve th e c o n tin u ity o f o p e ra tin g statis­
tics , tile results o f op era tio n s fo r th e p e rio d co v e r e d b y the 2
years e n d e d
D ec. 31 1909, d u rin g w hich p e rio d th e properties w ere o p e r a te d b y a
receiv er, arc also p resen ted . T h e r e p o rt o f th e G e o rg e ’s Creek & C u m b er­
lan d U K . C o. for th e year en d ed Ju n e 30 1910 Is also s u b m itte d . S ta te ­
m en ts o f in com e a c c o u n ts an d b a la n ce sheets are p resented In a c c o r d a n c e
w ith the form s p rescribed b y th e In te r-S ta te C o m m e rce C om m ission .
TraJJic A llia n c e — N ew L in e .— D u rin g th e first six m o n th s o f th e ex iste n ce
o f y o u r c o m p a n y th e m ost im p o rta n t d e v e lo p m e n ts h a v e been th e fo rm a tio n
o f a tra ffic allian ce w ith T h e P ittsb u rg h & L a k e E rie R R . C o. a n d the u n d er­
ta k in g o f c o n s tr u c tio n fro m C u m b e rla n d , M d ., to a c o n n e c tio n w itli th e
last-n a m ed system at C on n cllsvllle, P a . T h is co n s tr u c tio n , w h ich has
a lrea d y been m a teria lly a d v o n c c d an d Is bein g r a p id ly pressed, w as u n d er­
taken th rou gh th e org a n iz a tio n o f T h e C on n cllsvllle & S ta te L in e R y . C o .,
a c o r p o r a tio n crea ted u n d er th e law s o f P e n n s y lv a n ia , an d th ro u g h the
G eorg e’s Creek & C u m b erlan d R I I . C o ., a p ro p r ie ta ry c o m p a n y o f T h e
W es tern M aryla n d ; an d th e resou rces requ ired t o a c c o m p lis h this c o n s tr u c ­
tio n w ere p ro v id e d b y sale o f c a p ita l s t o c k , a u th o rize d b y th e sto c k h o ld e r s
M arch 31 1910.
In th e v ie w o f the m a n agem en t th e tr a ffic a llia n ce an d
c o n s tr u c tio n a b o v e referred t o w ill result In g reat ben efit t o y o u r c o m p a n y
(V . 90, p . 23 8 , 850 , 1297, 136 4 ).
C on d en sed E x tr a c ts from R e p o rt o f V ic e -P r c s. and (le n . A lgr. A . R o b e r ts o n ,
B a ltim o re , O ct. 15 1910.
G eneral R esu lts.— F o r th e six m on th s ended Ju n e 30 1910 th e o p e r a tin g
reven u e Increased $ 7 8 5 ,6 3 8 , o r 2 7 .5 % , and th e o p e ra tin g In com e (a fte r
d e d u ctin g taxes) Increased $ 5 8 8 ,6 7 0 , o r 6 3 .9 % ; ra tio o f o p e ra tin g e xp en ses
to o p e ra tin g reven u es, 5 5 .6 % ; d ecrease, 8 .7 % .
F rom th e G eneral A u d it o r ’s statem en ts It w ill b e seen th a t th e gross
o p e ra tin g reven u e for th e en tire fiscal year sh ow ed an Increase o f $ 1 ,1 2 9 ,1 6 1 ,
o r 19’% ; o p e ra tin g expenses an Increase o f $ 3 9 6 ,7 9 3 , o r 1 0 .7 % ; an d net
o p e ra tin g reven u e an Increase o f $73 2 ,3 6 8 , o r 3 2 .6 % .
T h e se resu lts, re­
d u ce d to a m ileage basis, In dicate gross earnings o f $13 ,042 per m ile p er
a n n u m , an increase o f $ 2 ,0 7 9 , and net earnings o f $ 5 ,4 8 7 , an increase o f
$ 1 ,3 4 9 .
R ev en u es d er iv e d fro m fre igh t tra ffic increased $ 1 ,0 4 9 ,4 6 7 , o r
2 1 .6 % ; $ 6 2 3,29 0 in co a l and c o k e tr a ffic and $ 4 2 6,17 7 Hi m lsc. fre ig h t.
T h ese figures reflect a s te a d y d e v e lo p m e n t o f b o th co a l and general m er­
ch a n d ise tra ffic.
Passenger train s e rv ice reven u e lias Increased $79 ,6 9 4 ,
or 7 .3 % .
A n Increase o f $ 3 9 6 ,7 9 3 , o r 1 0 .7 % , is sh ow n In o p e r a tin g e x p e n ­
ses, tra n s p o rta tio n exp en ses h a v in g Increased $28 0,62 7 and m a in te n a n ce o f
e q u ip m e n t an d r o a d w a y , 8 7 ,1 6 7 . T h e ra tio o f o p e ra tin g expen ses to o p e r ­
a tin g reven u e Is 5 7 .9 3 % , a decrease o f 4 .3 2 % .
D uring tlie year su bstan tial w age Increases w ere gra n ted all classes o f
e m p loy ees , a lth ou g h the full e ffect o f these a d v a n ce s w as n o t fe lt until the
closin g m on th s o f th e fiscal y ear.
Betterm ents and Im provem en ts.— D u rin g the past fiscal ye a r there has
been laid 38.58 m iles o f new 9 0 -lb . rail. T h e m ain stem from B a ltim ore,
M d ., to E lk in s, W . V a ., is now laid w ith rail w eigh in g an av e ra g e o f 88 .6 lbs.
per y a r d .
O n Ju n e 30 1910 there w ere 409.57 m iles o f track ballasted w ith
s to n e , 105.18 m iles w ith cin d e r and slag and 70.06 m iles p a rtly balla ste d .
T h e s econ d track b etw een F u lto n S ta tio n , B a lt., and E m o r y G ro v e , M d .,
w as c o m p le te d an d on A p ril 13 1910 co m m issio n e d to o p e ra tio n s, thus
g rea tly fa c ilita tin g the m o v e m e n t o v e r this co n g e ste d d istrict.
Im p o r ta n t
revision s o f Hie G e tty s b u rg L in e w ill be finished w ith in a few w eeks fro m
tills d a te . A d d itio n a l facilities h a v e been p r o v id e d . In clu din g en larged
s h op facilities a t H a g ersto w n , a cla ssification ya rd a t K n o b m o u n t , W . V a .,
a c o a lin g s ta tion at E lkins, W . V a ., a d d itio n a l sidin gs an d y a rd track s on
tlie W est V irgin ia D iv is io n .
T R A F F I C S T A T IS T I C S .
6 M a s. en d . — Y ear ending J u n e 30—
J u n e s O ’ lO .
1910.
1909.
Passen gers c a r r i e d ................
942,949
2 ,1 1 8 ,0 6 0
1,940,019
51,4 1 4 ,0 4 8 4 5 ,6 6 3 ,8 0 2
P assengers ca rried on e m i l e __________ 21,437,456
A v era g e receip ts per pass, per m il e - 1.734 c ts .
1.699 c ts .
1.791 e ts.
T o n s reventie freigh t c a r r ie d _________
4,862,394
9 ,1 4 7 ,5 6 5
7,251,871
O f w hich coa l an d c o k e ................... 3 ,382,336
6,1 0 5 ,1 0 8
4 ,5 9 9 ,5 8 1
T o n s ca rried on e m ile ______ __________ 528 ,944 ,15 9 96 6 ,5 7 6 ,7 2 8 7 84 ,922 ,53 2
0.612 c ts .
0.6 2 0 c ts .
A v e ra g e receip ts per to n per m ile ------- 0.592 c t s .
O p era tin g reven u e per m ile ___________
$6,711
$13,042
$10 ,963
IN C O M E A C C O U N T .
------N ew C om pa n y-----------R eceiver's R eport o f Old C o .—
6 M o s . end. J u n e 3 0 . 6 M o s . end. - Y e a r end. J u n e 3 0 1910.
1909.
D e c.3 1 ’09.
1909.
1908.
O p er. R even u e—
$
$
$
$
$
2 ,3 7 4 ,0 3 8 2 ,7 8 2 ,1 1 3 4 .8 6 3 ,1 7 5 4,5 7 0 ,3 1 9
F r e i g h t ...................... ..3 ,1 3 0 ,5 2 9
354,953 501,854
8 17 ,923
814,918
P a s s e n g e r ---------------- . . 371,734
M all, exp ress, & c — . - 141,805
129,439 153,823
271,598
263,041
.3 ,6 4 4 ,0 6 8 2 ,8 5 8 ,4 3 0 3.4 3 7 ,7 9 0 5 ,9 5 2 ,6 9 6 5,648,278
O per. E x p en ses—
349 ,406
M aln t. o f w a y , & c ___ . 321 ,475
438,299
689 ,865
626 ,796
407,263
460,481
M aln t. o f e q u ip m e n t.. . 413,722
856 ,946
900 ,778
42,7 6 5
56,550
.
49,681
86,279
8 1,363
961,362 1,038,752 1,925,332 1,830,973
.1 ,1 6 7 ,2 0 8
82,412
.
73,941
77,164
147,306
G eneral expenses - .
146,837

O u tside o p e r . (net)

.2 ,0 2 6 ,0 2 8 1,837,961 2,076,494 3 ,705,728 3,5 8 6 ,7 4 8
.1,6 1 8 ,0 4 0 1,020,169 1,361,296 2,246,968 2 ,0 6 1 ,5 3 0
.
3,201
102 d e f.2,276 d e f .4,454 def. 10,588
.1,62 1,2 41 1,020,571 1,359,020 2 ,242,514 2 ,0 5 0 ,9 4 2
. 111,000
99,000
105,000
198,000
188,350

1,510,241
17,219
H ire o f e q u ip ., & c -------.
D iv id en d s receiv ed — , *262,310
13,462
I n t . on s e c ., loans, & c..
3,703
M iscellaneous ...

921,571 1,254,020 2,044,514 1 ,862,592
3,0 1 6
41,727
6,504
7,137
247 ,526
558,146
283,502
623 ,565
1,162
1,163
2,836
692
4,803
4,056
9,413
15,950

1,806,935 1,178,078 1,586,141 2,6 1 9 ,7 3 9 2 ,5 0 9 ,9 3 6
D eductions —
L eased roa d s, r e n ts ___
83,728
84,156
118,674
202 ,862
H ire o f e q u ip m e n t____
30,551
________ 56,158
J o in t facilities ...............
32,511
30,878
38,441
67,681
I n t. on fu n d ed d e b t . -1 ,0 2 1 ,6 1 0 1,021,610 1,021,610 1,043,220
O th er In terest_________
_______
64,534
85,597
121,402
O th er d e d u c t io n s _____
1,089
4,324
1,088
5,253
P r o f, s to o k d lv . ( 2 % ) .

2 0 0 ,0 0 0

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

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

A d d itio n s & b e ttc r ’ t s .

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

47,688

128,564

T o ta l d e d u c t i o n s ....1 ,3 3 8 ,9 3 8 1,283,741 1,393,974
B al. t o p rofit <Sc lo s s .s u r .4 6 7 ,0 9 8 d f.1 05,6 63 s . 192,167

98,172

171,972
3,3 3 7
73,600
!,264 ,89 3
335 ,790
2,208

isnfd

!.5 9 4 ,7 4 8 2 ,8 6 9 ,0 2 6
S.24,991 d f.3 59 ,990

• Inclu des d iv . on W . V a . C en t. & P itts. R y . c o m . s t o c k ,’ $ 2 1 1 ,7 2 6 .




1707

C O N D E N S E D B A L A N C E S H E E T J U N E 30 1910.
A ssets ($ 1 1 0 ,6 3 6 ,5 7 9 )—
$
L ia b ilities ($ 1 1 0 ,6 3 6 ,5 7 9 )— $
R o a d an d e q u ip m e n t .
6 7 ,415,029 C o m m o n s t o c k ____________ 4 9 ,4 2 9 ,2 3 0
S e c u r it ie s _____ ________ x l6 ,776,364 P referred s t o c k ___________ 10,000.000
O th er I n v e s tm e n ts _____
116,976 F u n d ed d e b t ----------------------- 4 8 ,7 1 8 ,0 0 0
Cash an d cash I t e m s . . .
1,249.966 E q u ip , ce r ts ., Series A
S u b scrip tio n s to c a p . s t k . 10,081,863
(In clu d in g I n te r e s t)____
4 4 8 ,8 7 5
Bills r e c e iv a b le ____________
451 ,670 V ou ch ers & w ages u n p a id
6 75 ,593
N et tr a ffic b a la n ce s _______
383,601 M iscellaneous a c c o u n t s ___
1,874
A g e n ts and c o n d u c t o r s ___
79,961 M atured d iv id e n d s , Inter­
M iscellaneous a c c o u n t s ___
279 ,116
e s t, & c., u n p a i d _______
178 ,633
M aterial and su p p lie s ____
600,363 A c c r u e d liab ilities n o t due
709,751
D isco u n t on ca p ita l s t o c k . 12,734,835 D eferred c r e d it Ite m s ____
2,0 4 4
Cash an d securs. in s ln k .fd
207,892 P o t o m a c V a lle y R R . sin k ­
O th er deferred d e b it Item s
42,3 4 0
in g fu n d a c c r e tio n s ____
4,581
C urrent a c c o u n ts w ith p r o ­
4 6 7 ,9 9 8
P rofit an d lo s s ____________
p rie ta ry co m p a n ie s (net)
216,603
x Secu rities o w n e d Inclu de s to c k as fo llo w s: W . V a . C e n t. & P itts . R y . ,
P00Jt (also liar) v a lu e , $ 1 0 ,5 6 4 ,1 0 0 ; $ 2 ,9 5 2 ,9 5 0 G e o rg e ’ s C reek & C u m b er­
lan d R R ., b o o k v a lu e , $ 3 ,7 8 2 ,6 0 0 ; C o n n elisvillc & S ta te L in e R y . b o o k ,
also par, v a lu e , $ 70 0,00 0; B a lt. F id e l. W a re h o u se , $ 1 0 0 ,0 0 0 ; $ 1 ,6 0 8 ,9 0 0
s to c k s o f B a lt. & C u m b . a n d B a lt. & H a r . r o a d s , b o o k v a lu e , $ 1 ,6 2 9 ,6 5 0 ;
o th e r s u b . c o s ., b o o k v a lu e , $10 .
G E O R G E ’S C R E E K & C U M B E R L A N D R R . I N C O M E A C C O U N T Y E A R
E N D I N G J U N E 30.
F is c a l
O per.
N et (after
Other Interest on D iv lY ear—
R even u e.
T a x es.
In co m e. B o n d s,& c. dends.
B a la n ce.
190 9-1 0_____ $63,531
d e f .$46,607 $1 0 7 ,5 6 0
$9,2 6 5
$ 51 ,688
. ..
190 8-0 9_____ 66,146
d e f. 32,3 8 9
105,474
3 7 ,060
3 7 ,0 0 0 d e f .$ 9 7 5
— V . 91, p 1097, 338 .

S t. Joseph & Grand Isla n d R a ilw a y .
(R ep ort f o r F is c a l Y e a r en ding J u n e 3 0 1 9 1 0 .)

G en eral M a n a g e r J a m e s B e r lin g e t t,
S e p t. 22 1 9 1 0 , w r o t e in b r ie f:

S t.

Joseph ,

M o .,

G eneral R esu lts.— T h ere w as an increase In the to ta l re v e n u e o f $ 6 9 ,6 2 6 ,
b u t o p e r a tin g e xp en ses Increased $44 3,22 8 (resu ltin g In n et earnings o f
o n ly $ 1 0 8 ,4 9 7 , again st $46 9,10 0 In y ear 19 0 8 -0 9 .— E d .) .
E x p e n d itu re s fo r m ain ten an ce o f w a y an d stru ctu res Increased $ 2 4 1 ,6 5 7 ,
re su ltin g c h ie fly fro m an e x p e n d itu re o f $ 2 0 0 ,0 0 0 , ch a rg e a b le t o o p e ra tin g
exp en ses, fo r th e r e p la cin g o f 95 m iles o f ligh t steel w ith 7 5 -lb . rail, and
b u ild in g n ew steel bridges at M arysville, S eneca and S e v e ra n ce . T h ere w as
also an e x p e n d itu r e o f $ 40 ,000 rep a irin g d a m a g e t o tra ck and r o a d w a y
ca u se d b y h igh w ater an d flo o d s d u rin g th e su m m er and fall o f 1909. E x ­
p en d itu res fo r m ain ten an ce o f e q u ip m e n t Increased $31 ,7 8 4 , m a in ly from
$ 2 2 ,0 0 0 fo r h e a v y repair w o rk on lo co m o tiv e s an d a ch a rg e o f $7,000 t o
o p e r . expen ses on a c c o u n t o f scra p p in g t w o o ld lo co m o tiv e s .
E x p en d itu res fo r t r a ffic an d tra n sp o rta tio n e xp en ses increased $15 2 ,0 3 5 ,
re su ltin g fro m a d d itio n a l o u ts id e agen cies fo r so lic itin g and secu rin g freigh t
tr a ffic ; an increase In fre ig h t-tra in m ileage, due t o u n u su a lly h e a v v
m o v e m e n t o f c o m p a n y m aterial fo r general Im p ro v e m e n t w ork , an d o n a c ­
c o u n t o f the severe w eath er c o n d itio n s ; an Increased exp e n se fo r w ages o f
train and cn g ln e m e n , d u e t o th e o p e r a tio n o f the " H o u r s o f S e rv ice L a w ” ;
an in crea sed e x p e n se d u e t o th e a d d itio n o f gasolin e m o to r serv ice ; an in­
crease in a m o u n t p a id o th e r lines fo r use o f Joint fa cilities, d u e to an in ­
crease in their tra n sp o rta tio n expen ses: an increase in c o s t o f m aterial an d
fu e l, e sp e cia lly th e latter, o n a c c o u n t o f th e sh u t-d o w n o f the m in es.
Im p rovem1„
en ts.—
F o r a c c o u n t o f th e im p ro v e m e n ts there w as e x p e n d e d
$ 4 9 8 ,2o 1i l1 , .v- iz
.:.
Steel bridges at M a ry sv ille , S e n e ca an d S e v e ra n ce
.
_ $12 743
R e c o n s tr u c tio n o f line fro m C arden, K a n ., t o H astin gs. N e b .. 118
m iles (re p la cin g rail, $25 9 ,7 4 4 ; ballastin g, $59 ,8 0 2 ; r e c tify in g
grades, $ 20 ,372 ; passin g track s, A c ., $19,665)
'
359 583
F iv e 7 0 -ft.g a s o lin e m o t o r c a r s ($ 1 15,385) A o n c sta n d a rd pile d river
($ 1 0 ,5 0 0 )_____________________ ________________________________________ 125 ,8 8 5
O f the to ta l a m o u n t e x p e n d e d , $153,284 w as ch a rg e d t o o p e ra tin g
exp e n se s an d ba la n ce, $ 3 4 4 ,9 2 7 , w as ch a rged t o a d d itio n s an d b e tte rm e n ts .
T h ere rem ain s to b e e x p e n d e d fo r im p ro v e m e n ts $88 5 ,8 8 7 , as fo llo w sF o r r e co n s tru ctio n o f line, C arden, K a n ., to H astin gs, N e b ., 118
m iles (re p la cin g rail, $5 0 ,0 0 0 ; ballastin g, $29 3 ,2 8 0 ; r e c tify in g
grades, $ 79 ,628 ; passing tra ck s, A c ., $ 1 1 2 ,0 8 5 )________ _____ ._ $53 4 ,9 9 3
R e p la c in g 17 m iles 6 0 -lb . steel w ith 7 5 -lb . b etw een O n eid a and
A x te ll, $54 ,0 0 0 ; a d iu stm e n t o f grade and a d d itio n a l track s be­
tw een C arden and M arysville, $ 55 ,092 ; a d d itio n a l passing track s,
en la rgin g s ta tio n bu ild in gs an d new w ater tanks, $ 64 ,423 ; m o d ­
ern c o a l an d w ater sta tio n at H a n o v e r, K a n ., t o rep lace on e
d e s tr o y e d b y fire, $ 2 0 ,1 0 0 ____ _____________ ... _________________ 193,615
F o r 10 stan d ard co n s o lid a tio n lo co m o tiv e s , Inch in p re v io u s an ­
nual r e p o rts b u t n o t p u r c h a s e d ______________________
_ _ 157,279
W ith the e x c e p tio n o f b o n d s t o the a m o u n t o f $ 1 ,6 6 6 ,0 0 0 , t o b e Issued
fo r th e co n s tr u c tio n o f a d d itio n a l lines o f railw ay (th e b o n d s s o Issued n o t
t o e x ce e d tlie a ctu a l c o s t o f such a d d itio n a l ra ilw a y n or to be in excess o f
$6,000 per m ile ), th e c o m p a n y has issued all the bon d s w h ich it is a u th o r ­
ized t o issue u n d e r th e e x is tin g m o rtg a g e . A ll ex p e n d itu re s fo r a d d itio n s
a n d be tte rm e n ts h a v e , th e re fo re , to be su p p lie d fro m th e fu tu re net ea rn ­
ings.
G asoline M otor Car S ervice.— T h is s e rv ice , w h ich w as in au gu rated du rin g
the year, has given s a tisfa c to r y serv ice t o th e p u b lic . T h e m o to r ears
run 113,345 m iles d u rin g th e y e a r.
O P E R A T IO N S , E A R N IN G S , E X P E N S E S , A C .
1909-10.
1908-09.
1907-08.
1906-07.
M iles o p e ra te d Ju n e 3 0 .
319
319
319
312
O perations—
O p e r. reven u e per m ile .
$5,115
$4,897
F reigh t (ton s) c a r r ie d ..
669,341
657,436
679,727
663,232
F r ’ t (ton s) carried 1 m ile 9 4 ,3 2 4 ,0 0 0
97,470,782
92,2 8 6 ,0 3 3
8 9 ,1 8 7 ,1 7 4
A v . rate per to n per m ile
1.16 c ts .
1.09 Cts.
1.27 c ts .
1.38 c ts .
A v e r , tra in -lo a d ( t o n s ).
182
222
228
214
A v e r , earnings per m ile
o f each fre ig h t t r a i n . .
$2 11
$2 43
S2 91
$2 95
732,494
P assengers c a r r ie d _____
644,069
488 ,132
041,142
Pass, ca rried 1 m ile ____ 19,745,531
18,068,474
14.4 7 0 ,2 9 0
1 4 ,597,522
R a te p er pass, per m ile .
2.10 c ts .
2.09 c ts .
2 .3 1 c t s .
2.34 c ts .
I N C O M E A C CO U N T .
O perating revenue—
1909-10.
1908-09.
1907-08.
F re igh t _______________________________ . $1,0 9 3 ,5 2 9
$1,0 6 4 ,2 1 4
$ 1 ,1 6 6 ,6 3 9
Passen gers ___________________________ .
415 ,0 1 5
377 ,113
3 2 5 ,3 7 5
M all, e xp ress, <Sce__________________ _ .
123,194
120,786
117,603
O u tsid e o p e r a tio n s _______________
T o ta l r e v e n u e s _____________________
O perating ex p en ses—
M ain ten an ce o f w a y an d str u c tu re s .
M ain ten an ce o f e q u ip m e n t _________
T r a ffic e x p e n s e s _____________________
T r a n s p o r t a t io n ______________________
G eneral e x p e n s e s_____________________

. $ 1,631,739
.
5,446

$1,5 6 2 ,1 1 3
8,267

$ },6 0 9 ,6 1 7

. $ 1 ,6 3 7 ,1 8 5

$ 1 ,5 7 0 ,3 8 0

$ 1 ,6 0 9 ,6 1 7

$540,530
208,132
77,910
680 ,837
63,159

5298,872
176,348
65,784
540,028
4 5 ,4 0 7

$188,326
145,962
63.388
491,118
50,303

T o ta l o p e ra tin g e x p e n s e s _________ . $1,570,568
5,532
O u tsid e o p e r a tio n s __________________

$1,1 2 7 ,3 3 9
5,040

$93 9,09 7

T o ta l e x p e n s e s _____________________ . $1,5 7 6 ,1 0 0
(96.27)
P er c e n t o f o p e r . e x p . t o r e v e n u e ____
N et e a rn in g s_________________
.
$61 ,085
O th er In c o m e ...............................
.
rt47,412

$1,1 3 2 ,3 7 9
(72.11)
$438,001
31,099

$93 9,09 7
(58.34)
$67 0,52 0
59,274

T o ta l In c o m e ______________
D educt—
T a x e s .............................................
In terest on e q u ip m e n t n o t e s .
In t. o n first m tg e . 4 % b o n d s .
R en ts fo r Joint fa c ilitie s _____
H ire o f e q u ip m e n t b a la n c e .
T o ta l d e d u c tio n s _____
B a lan ce fo r ye a r _______

.
.
.
.
.

$10 8,49 7

$ 4 6 9,10 0

$720,794

.

566,140

.
.
.

160 ,000
69,791
72,838

$51 ,033
2,338
160,000
69,562
38,148

$80 ,987
9,400
160.000
122,650
20,293

.............$36 8,76 9
$32 1,97 6
$ 3 9 3 ,3 3 0
............ - d e f .$260,272su r ,$147,124sur .$336,464

a O ther In com e Includes 534,296 rents re ce iv e d fro m Joint facilities in
1909-10 an d In 1908-09 $30 ,7 7 4 .
gg

B A L A N C E S H E E T J U N E 30.
1909.
1910.
1910.
1909.
Liabilities—
$
S
$
S
Stock outst’ g (see
Cost ot road, equip­
R y . & Ind. Sec.)13 ,598,500 13,598,500
ment, & c----------18 ,458,783 18,127,329
Cash ......................
299,836 1,056,840 Bonds outstanding 4 ,000,000 4,000,000
163,659
236,577
42,029
37,931 Audited vouchers.
D ue from agts.,& c.
55,439
82,403
P a y-ro lls................
Due from Individ­
80,045
77,057
99,812
60,617 Due to other c o s ..
uals & cos.........
81,450
81,250
3,036 Interest on bonds.
3,037
Due from U .S.P.O .
30,156
29,168
162,171 Accrued taxes____
405,067
Mat’ls & supplies.
8,574
9,095
9,009 Miscellaneous-----11,640
Bills re ce iv a b le ...
20,210 Profit & loss surp. 1 ,238,321 1,461,536
32,239
Unadjusted acc’ ts
1,028
1,117
Miscellaneous____

r Assets—

If

T o t a l . . ...........19,353,560 19,478,172
— V . 91, p . 1161.

T o t a l . . .............19,353 ,560 19,478,172

W ich ita F alls & N orthw estern R a ilw a y.

{Report for Fiscal Year ending June 30 1 9 1 0 .)
P r e s id e n t J . A . K e m p , W ic h it a F a lls , T e x ., D e c . 3 19 1 0,
w r o t e in s u b s ta n c e :
M ile a g e .— D u rin g th e y e a r e n d in g Ju n e 30 1910 y o u r line w as ex te n d e d
fro m F re d e rick , O k la ., to E lk C ity , O k la ., a d ista n ce o f 86 m iles, b u t o n ly
a p o r tio n o f this line w as re c e iv e d fro m th e C o n stru ctio n C o m p a n y p rior to
J u n e 30 1910— th a t Is, th e e x te n s io n fro m F re d e rick , O k la ., t o A langum ,
O k la , 46 m iles. T h is e x te n s io n w as a c c e p te d .Jan. 1 1910 a n d th e a v erage
m iles u n d er o p e r a tio n fo r th e y ear en d in g Jun e 30 1910 w as 91 m iles,
n a m e ly H en rietta , T e x a s , t o F re d e rick , O k la ., 69 m iles, fo r the en tire y ear
a n d F r ed erick , O k la ., t o A lan g u m , O k la ., 44 m iles, on e -h a lf th e year.
O n J u ly 1 1910 th e e x te n s io n fro m A langum , O k la ., to E lk C ity , O k la .,
40 m iles, w as a c c e p te d a n d p la ce d u n d er fo rm a l o p e r a tio n . W e h a v e also
c o n s tr u c te d d u rin g th e y e a r a b ra n ch fro m A ltu s , O k la ., t o W e llin g to n ,
Tex
57 m iles, k n o w n as th e P a n h a n d le D iv isio n . T h is b ra n ch , laid w ith
6 5 -lb . steel, w as ta k en o v e r fo r o p e ra tio n o n N o v . 1 1910.
W e also h a v e u n d er c o n s tr u c tio n an e x te n sio n o t th e m ain line fro m E lk
C ity O k la ., t o H a m m o n d , R o g e r Mills C o u n ty , O k la ., near th e W a sh ita
R iv e r , a d ista n ce a p p ro x im a te ly 18 m iles.
G ra din g has been c o m p le te d
o n th is e x ten s ion an d tr a c k -la y in g Is n o w In progress. T h e to ta l m ileage
n o w u n d er o p e r a tio n fro m H e n rie tta , T e x ., t o E lk C ity , O k la ., Inclu din g
t h e P a n h a n d le D iv is io n , Is 211 m iles.
Im p rov em en ts.— D uring th e year a h a n d so m e general o ffic e b u ild in g w as
c o m p le t e d a t W ich ita F alls, c o s tin g $40 ,0 0 0 : also b rick passenger and
fre ig h t d e p o ts a t A ltu s an d A langum at a c o s t o f $1 2 ,0 0 0 e a ch , an d a t E lk
C ity a b r ick passenger d e p o t c o s tin g $ 8 ,000 an d a fra m e fre ig h t d e p o t c o s t ­
in g $ 4 ,0 0 0 . T h ere is n o w und er c o n s tr u c tio n at W ich ita F a lls, T e x ., a
jo in t passenger d e p o t In co n n e c tio n w ith th e F o r t W o r t h & D e n v e r C ity
R y . w h ich w ill c o s t $75 ,0 0 0 .
,,
, ,
T h e re has also been c o m p le te d a t W ic h it a F alls an eigh t-stall b rick
r o u n d -h o u s e , c o s tin g $ 1 8 ,0 0 0 : a b rick sto re h o u se a n d o ffic e b u ild in g c o s tin g
$ 8 ,0 0 0 ; a steel fra m e m a ch in e s h o p c o s tin g $30 ,0 0 0 ; an e ig h t-p o ck e t c o a l
c h u te an d cin d er p it co s tin g $ 6 ,0 0 0 ; a c o a c h sh ed c o s tin g $4 ,0 0 0 . A lachine r y a n d e q u ip m en t fo r th e sh o p b u ild in g is n o w b e in g Installed, co s tin g
$50 0 0 0 . E x te n siv e y a rd s an d o th e r Im p ro v e m e n ts , an d th e n ecessary
a p p u rten a n ces are n ow be in g c o n s tr u c te d In o rd e r t o p r o v id e fo r an u p -to d a t e , first-class m ach in e sh o p an d term inal y a rd s. T h e en tire c o s t o f these
Im p ro v e m e n ts , in clu d in g all real e state, w ill e x c e e d $25 0,00 0.
f t has b e c o m e n ecessary t o m a k e A ltu s , O k la ., a d iv isio n p o in t fo r freigh t
t r a ffic o n a c c o u n t o f th e large v o lu m e o f business d e v e lo p e d o n th e P a n ­
h a n d le D iv is io n . Several m iles o f tra ck h a v e been a d d e d t o th e freigh t
y a r d s a t this p o in t, an d a c o a l ch u te , c in d e r p it a n d sm all rep air sh op Is
b e in g p lan n ed fo r c o n s tr u c tio n In th e Im m ed iate fu tu re .
E q u ip m en t.— S in ce Ju n e 30 1910 w e h a v e p u rch ased a n d re c e iv e d lo c o ­
m o tiv e s , 6; freigh t ca rs, 7 5 , a n d c a b o o s e s , 6, Increasin g th e to ta l e q u ip m e n t
o w n e d to d a te t o lo c o m o tiv e s , 13; passenger ca rs, 9; fre ig h t cars, 274; w o rk
cars a n d c a b o o s e s , 8 .
. ^
O n a c c o u n t o f th e v e r y large v o lu m e o f business d e v e lo p e d a lo n g th e line
o f y o u r r o a d since Its co m p le tio n a n d o p e ra tio n t o E lk C ity , O k la ., an d
W e llin g to n , T e x ., It has been n e cessary t o c o n tr a c t fo r an e a rly d e liv e ry
o f a d d itio n a l e q u ip m e n t as fo llo w s : L o c o m o t iv e s , 3: passenger cars, 3,
a n d fre ig h t cars, 300.
R esu lts f o r F iv e M on th s ending N o v . 30 1910 and 1909 (.Nov. 1910 e s t .) .
N et O per. R e v .— 1910.
1909.
1909.
1910.
G ross E a rn s .—
$30,188
$40 ,400 J u ly _______________ $32 ,232
$57 ,476
3 4 ,8 8 6
13,678
30,101 A u g u s t ___________
.
60,490
41,254
28,246
39,504 S e p t e m b e r _______
_ 66,252
50,766
66,087 O cto b e r __________ 79,738
. 121,670
50,919
62,875 N o v e m b e r ( e s t . ) . . 102 ,464
. 152,464
_____ _________________
.
.
N e t 5 m o s ...........$ 29 0,57 4 $173,797
.$ 4 5 8 ,3 5 2 $238,967
[W ritin g t o th e ‘ ‘ C h ron icle” o n D eo. 17 P resid en t K e m p says: “ I desire
t o ca ll y o u r p a rticu la r a tte n tio n t o th e rem a rk a b le Increase In ou r earnings
fo r th e first five m on th s o f this fiscal y e a r. T h e net earnings o f o u r p r o p e r ty
fo r th e first six m on th s o f this fiscal year w ill be a su fficie n t a m o u n t t o p a y
th e Interest on ou r en tire o u ts ta n d in g b o n d s fo r tw e lv e m on th s an d le a ve
a h a n d s om e d iv id e n d o n o u r s t o c k , w h ich is a g ra tify in g sh o w in g fo r a
n ew p r o p e r t y .”
See also offerings o f 1st M . 5s, co lla te ra l trust b o n d s and
1st AI. 6 % n otes as follo w s : 1st AI. 5s o f 1909, V . 88, p . 1439: P a n h an dle
D Iv . 1st lien c o ll. tr. 5s, V . 90, p . 700 , a n d 1st AI. 6 % n otes d a te d O ct. 1
1910 on 18-m ile e x ten sio n o f m a in line fro m E lk C ity t o H a m m o n , O kla.]
REVENUES AN D EXPENSES.
1909-10. 1008-09.
O p e r .R e v .—
190 9-1 0. 1908-09.
$10,731
F r e i g h t ____________$ 47 0,88 4 $321,683 M alnt. o f e q u i p . . $17,722
4,322
9,858
P a s s e n g e r _________ 9 7 ,590
59,266 T r a ffic e xpen ses . .
69,863
M a ll, ex p ress, & o .
14,947
8,129 T ra n sp . e x p e n s e s . 117,793
10,114
G eneral e x p e n s e s .
14,044
Total o p e r . r e v - 3 5 9 2 ,421 $389,078
T o t a l o p e r . e x p . $20 5,91 3 $143,872
O per. E x p en se s —
N et o p e r. I n c . . $386,508 $24 5,20 6
M a in t. w a y , <5cc_. $ 46 ,493 $48,842
I N C O M E A C C O U N T F O R Y E A R E N D I N G J U N E 30 1910.
N e t o p era tin g re v e n u e s ------------------ ----------------------- ------------------------— $386,508
D ed u ction s—
T a x e s , $16 ,1 8 4 ; hire o f eq u ip , (n e t ), $16 ,3 7 2 ; ren tals
(n e t ), $ 2 ,5 0 0 ______________ ______ _______________________$35,056
In te re st o n b o n d s, $11 4,40 0; sin k in g fu n d , $ 2 3 ,0 0 0 ____ 137 ,400— 172 ,456
B a la n ce , su rp lu s_____________________________________________________$214,052
T R A F F I C S T A T I S T I C S (A V E R A G E M I L E S O P E R A T E D 9 1 ).
P assen gers c a r r ie d ________
181,822 E a rn s, p er pass, per m ile — $.02591
P a ss, carried on e m ile —
3 ,7 66,386 Pass, earns, per train m i l e . . 1.59329
T o n s freig h t c a r r ie d --------513,843 E arn ings per to n p er m ile — 0.04016
T o n s freig h t o n e m ile -------11,949,527 F reigh t earns, per train m ll e .9 .40691
A v e r a g e ton s per tra in m ile
234 .24 G ross earnings per m ile ______ 6,472
F reig h t tra ffic m o v e m e n t: P r o d u cts o f a gricu ltu re, 3 1 ,760 to n s; p r o d u c ts
o f an im als, 5,429 ton s; p r o d u c ts o f m in es, 2 4 ,705 to n s ; p r o d u c ts o f fo re sts,
2 1 ,5 6 9 ton s; m a n u fa ctu re s, 8 ,0 3 5 ton s; m e rch a n d ise , 4 ,652 to n s ; to ta l
(w h ole) ton s h a n d led , 9 6 ,1 5 0 .
B A L A N C E S H E E T J U N E 30 1910.
A s sets ($ 3 ,4 9 6 ,2 6 9 )—
L ia bilities ($ 3 ,4 9 6 ,2 6 9 )—
C ost o f ro a d , & c .......... ..........$ 3 ,2 9 4 ,5 6 7 C o m m o n s t o c k _____ ______ $1,00 0 ,0 0 0
C a s h ______________________
21,795 F u n ded d e b t _______________ 2 ,2 7 1 ,0 0 0
L o a n s an d blfls r e c e iv a b le .
111,801 L o a n s an d bills p a y a b l e . .
40,304
A g e n ts and c o n d u c t o r s ___
3 3 ,4 9 0 T r a ffic , & c., b a la n c e s -----22,770
M aterials an d s u p p l i e s .. .
2 9 ,1 8 3 V ou ch ers a n d w a g e s -------133,195
D eterred d e b it Item s_____
5,433 D eferred c r e d it Ite m s-----2 9,000
C om p a ro V . 9 1 , p . 1329.

A rm our & Com pany.

{Report for Fiscal Year ending Oct. 22 1 9 1 0 .)
P r e s id e n t J . O g d e n A r m o u r s a y s :
T h e earn in gs, w h ich equal a b o u t 6 ) 4 % o n th e net ca p ita l In vestm en t
($ 9 3 ,9 8 3 ,3 1 3 ), are fa ir, co n sid e rin g th e u nu su al a n d u n fa v o ra b le c o n d itio n s
u n d er w h ich th e c o m p a n y o p e ra te d d u rin g th e p a s t ye a r.

T h e g r o s s b u sin e ss a g g r e g a te d a b o u t $ 2 5 0 ,0 0 0 ,0 0 0 , a n in ­
cre a se o v e r th e p r e v io u s y e a r .




[VOL.

THE CHRONICLE

1708

IN C O M E A C C O U N T .
Y ea r ending—
Oct. 22 ‘ 10.
N et p rofits o n m a n u fa ctu re s & s a l e s .. $ 7 ,9 2 7 ,2 0 5
N e t A r m o u r ca r lin e s .........................—
683 ,989
N et fro m allied c o m p a n ie s ------------------1,11 1 ,4 6 2
8 5 ,647
M isce lla n e o u s_________________ _________

LXXXX1,

Oct. 23 '0 9 . O cf. 2 4 ’ 08.
$ 8 ,0 5 9 ,2 9 0 $ 1 0 ,1 6 7 ,6 6 7
531 ,279
3 61 ,808
1 ,9 0 8 ,4 5 5
8 7 0 ,7 9 4
83,881
20 8 ,2 0 5

T o ta l net I n c o m e ____________________ $ 9 ,8 0 8 ,3 0 3 $ 1 0 ,5 8 2 ,9 0 5 $ 1 1 ,6 0 8 ,4 7 4
E xp en d itu res—
In te re st o n b o rro w e d m o n e y --------------$42 2 ,1 0 5
$ 1 ,1 3 7 ,1 6 3 $ 1 ,5 8 6 ,7 6 1
In te re st o n b o n d s _____________________
1 ,3 5 0 ,0 0 0
__________
__________
A d m in is tra tiv e e x p e n s e s _____________
1 ,4 1 5 ,9 0 0
1 ,5 7 6 ,7 8 7
1 ,4 4 0 ,1 5 6
R e s e rv e fo r d is c ., & c ., fo r p r o p o s e d
..................
2 ,5 0 0 ,0 0 0
b o n d is su e .......................................................................
T a x e s , in su ran ce, & c _________________
8 02 ,578
7 41 ,030
7 81 ,557
Su rplu s fo r th e y e a r ________________ $ 5 ,8 1 7 ,7 2 0
$ 7 ,1 2 7 ,9 2 5 $ 5 ,3 0 0 ,0 0 0
O u t o f surplus earnings fo r 1910 w as p a id $ 2 ,0 0 0 ,0 0 0 In d iv id e n d s ; d iv i­
den d s in p re v io u s yea rs n o t m a d e p u b lic .
B A L A N C E SH EET.
Oct. 22 ’ 10. Oct. 23 ’09.
Oct. 22 ‘ 10. Oct. 23 ‘09.
Liabilities—
8
S
Assets—
$
Capital s t o c k .. . 20,000,000 20, 000,000
Lands, build’gs,
30,000,000 30,000,000
mach’ y, & c . . 44,075,015 42,195,370 B onds..............
1,907,000
Refrig. & oth.carsll,603,729 11,311,133 Bills p a y a b le ... 7,719,675
2,213,447
Inv. in allied cos 16,860,710 14,255,146 Accts. payable. 3,071,962
Materlals&supp. 31,294,144 28,171,994 Reserve for bond
540,000
In t e r e s t.____
530,753
4,156,885
MIsc. mark. Inv. 4,505,127
2,458,377 Profit & l o s s . . . 73,983.313 70.165,592
Bills receivable. 2,983,873
Accts. receivable 19,743,693 18,750,734
3.526,401
Cash .................. 4,239,413
Total ............. 135.305,704 124,826,040
— V. 91. p. 792, 216.

T o t a l ..............135,305,704 124.826,040

Standard Gas & Electric Co. (of Delaware)—Holding Co.
Chicago, Illinois.
{O ffic ia l S ta tem en t o f A u g . 18 1910— R ev ised to D e c . 20.)
This holding company was organized last April under the
laws of Delaware by Byllesby & Co. of Chicago, and it has
taken over a large amount of securities of public service
corporations in which that well-known firm of electrical
engineers and managers of such corporations is interested.
The company paid on Sept. 15 and Dec. 15 the first two quar­
terly dividends of 1 % % on its preferred stock.
In its statement to the Philadelphia Stock Exchange, in
connection with the listing of its convertible 6% sinking
fund gold bonds due May 1 1925 (amount now listed $1,­
350,000), the company on Au^. 18 1910 gave substantially
the following information, which has been revised for the
“ Chronicle” as of Dec. 20 with respect to the amounts of the
several issues of securities outstanding, owned, &c.:
A h o ld in g c o r p o r a tio n In co rp o ra te d A p ril 28 1910 u n d er th e law s o f
D elaw are w ith an a u th o riz e d ca p ita l s to c k o f $ 2 4 ,0 0 0 ,0 0 0 , In shares o f $50
e a ch , o f w h ich $ 1 2 ,0 0 0 ,0 0 0 Is c u m u la tiv e p ro f, s t o c k a n d $ 1 2 ,0 0 0 ,0 0 0 Is
com m on stock .
O f this a m o u n t there Is n o w o u ts ta n d in g $ 3 ,6 3 8 ,0 5 0 p ref.
s to c k a n d $ 7 ,3 0 5 ,6 5 0 c o m m o n s t o c k , b o th fu ll p aid a n d n o n -a sscssa b lc,
issued In part p a y m e n t o f s to ck s a n d b o n d s so a cq u ire d a n d n o w h e ld b y It.
T h e b o n d s are d a te d A lay 2 1910 a n d w ill m atu re M ay 1 1925. P a r $500
a n d $1,000 ( c * ) .
In te re st p a y a b le AI. & N ., free o f ta x , a t P h lla . T r u s t,
S afe D e p o sit & In s. C o ., th e tru stee, P h ila d e lp h ia . A ll o r a n y p a rt o f said
bon d s m a y be red eem ed a t 1 0 5 % a n d ln t. a t a n y Interest p e r io d . Said
bo n d s m a y , a t th e o p t io n o f th e h o ld e r, be a t a n y tim e c o n v e r te d a t their
fa c e va lu e Into p r e f. s to c k a t th e ra te o f $55 p e r share (par $ 5 0 ).
Any
bo n d s s o redeem ed o r c o n v e r te d shall be c a n ce le d .
B o n d s draw n m a y be
co n v e r te d u p o n p ro p e r n o tice . S em i-a n n u al sin k in g fu n d , b egin n in g
M ay 1 1912, a n a m o u n t equal to M o f 1 % o f th e bon d s o u ts ta n d in g .
T h e a u th o riz e d Issue Is $ 3 ,0 0 0 ,0 0 0 , o t w h ich bon d s $ 1 ,1 0 0 ,0 0 0 h a v e
been Issued t o a c q u ir e securities o f u n d e rlyin g co m p a n ie s a n d fo r w ork in g
c a p ita l, an d th e rem a in in g bo n d s are o n ly t o be issued fo r th e p u rch a se o f
a d d itio n a l s to ck s a n d bon d s o f c o rp o ra tio n s w h ich m a y be e n ga g ed In th e
business o f m a n u fa ctu re o r d is p o s itio n o f e le ctr ic ity , gas, o il, w a te r, & c.
T h e p ar v a lu e o f a n y b o n d s so Issued shall n o t e x ce e d 7 5 % o f th e a c tu a l c o s t
p rice o f such s to c k s , bon d s o r o th e r e vid en ces o f Indebtedness o r secu rities
so a cq u ire d , an d n o b o n d s shall be d eliv ered unless the n et earnings a p p lica ­
ble to the p a y m e n t o f Interest o r d iv id e n d s o n th e b o n d s, sto ck s o r o th e r
securities p led ged as co lla te ra l h ereu n d er, a n d o n such as It Is In ten ded to
p u rch ase b y m eans o f th e bon d s so to be certified an d d e liv e re d , shall fo r
the period o f 12 m o n th s n e x t pre vio u s to such ce rtifica tio n h a v e e q u a led o r
e x ce e d e d In a m o u n t 2 )4 tim es th e Interest charges on all bo n d s th en o u t ­
sta n d in g u n d er th e tru st a g re e m e n t, a n d o n th o se w h ich It Is th e Intended
to c e r tify a n d d e liv e r.
[O n O c t . 1 th e a m o u n t o f bo n d s listed w as Increased
fro m $1 ,1 0 0 ,0 0 0 to $ 1 ,3 5 0 ,0 0 0 u p o n th e d e p o s it w ith th e tru stee o f $6 2 ,0 0 0
T a co m a Gas L t . ref. 5s, $15 0,00 0 Aluskogee Gas & E l. 1st re f. 5s a n d $ 1 0 0 ,­
000 E v e re tt Gas 1st AI. 5s, all In clu ded In a m o u n ts p le d g e d as s h o w n In
th e fo llo w in g ta b le .— E d .]

CAPITALIZATION OF THE CONTROLLED AND ALLIED COMPAN­
IES AN D THE AMOUNTS THEREOF OWNED AND PLEDGED
B Y STANDARD GAS * ELEC. CO. TO SECURE ITS BONDS.
[As r e v ise d fo r

"C h r o n ic le ”

to

D ec.

20

Issued.
$

1 91 0.— E d .]

Owned.

P ledged.

$

679,500
625 .000
T a co m a G as C o. c o m m o n s t o c k . . . .................... 1,55 0 ,0 0 0
129,600
100.000
P r e f e r r e d _________________________________________
750 ,000
T a c Gas L t . C o . (n o w P ierce C o . Gas C o.)
ref m tge . 5s, d u e 1 9 2 6 ----------------------------------- 1,559,000
5 62 ,000
562,000
T a c . G . & E l. L t . C o . gas e x t. 5s--------------- 416 ,000
8 50 .000
949 ,900
F t . Sm ith L t . & T r a c . c o m m o n s t o c k _______ 950,000
225 .000
383 ,700
P r e f e r r e d -----------------020 ,000
C on sol. AI. 4 0 -y r . 5 % b d s ., d u e 1944---------1,500,000
6 % c o u p , n otes d u e J u ly 1 01 3____________ 650,000
514.000
6 64 .000
M u sk ogee G as & E l. C o ., c o m m o n s t o c k ------- 765 ,000
120.000
220 .000
P r e f e r r e d _________________________ - ................ 600,800
150,000
1st r e f. AI. 5s, d u e 1 9 2 0 __________________________1 ,0 8 9 ,0 0218
0 ,000
Aluslcogee Gas C o. 1st AI. 6s (d u o S ep . 1 ’ 26)
7 0 ,000
Atusk. Ic e & P o w . C o .1st AI. 5s (d u e M c h .l 24)31 0 ,0 0 0
501.000
500 .000
E n id E l. & Gas C o . c o m m o n s t o c k . . . ............. 501,000
340 .000
300 .000
P referred
............. - ...................340,000
600.000
600 .000
1st m tg e . 6 % ; due" 1 92 0
........................... 600,000
612,600
E v e re tt Gas C o. c o m m o n s t o c k ---------------------- 1 , 000.uoo
3 91 ,800
P r e f e r r e d _________________ ___ _______ _ — — *310,000
123.000
50.000
132.000
100,000
1st m tge . 5s, d u e 194 0-------------------------------M ob ile E le ctric C o. c o m m o n s t o c k ...................
OuO.OOO
160,000
733 .700
138,500
14.000
P r e f e r r e d ---------------------- - - ------------------------------------ 55?>900
1st M. 4 0 -y r . 5s, d u e 1 94 6---------------------------1,561,000
128.000
O ttu m w a R y . & L t . C o ., c o m m o n s t o c k ........ 650,000
225,666
525,400
208 .300
96.000
P r e f e r r e d ---------------- - - - - ................................... 415 ,100
103,000
1st & re f. 5s, d u e 1 9 2 4 - - - - - - ----------------------------- 931,000
O ttu m w a T r a c . & L t. 1st M . o s -----------------324,000
758,565
641,000
N orth ern S ta te P o w e r C o . c o m m o n s t o c k — 4 ,0 0 0 ,0 0 0
372 .700
60,000
P r e f e r r e d ______________
2 ,6 0 6 ,1 0 0
C on su m ers’ P o w e r C o. 1st M. 5s------------------------- 3,52 1 ,5 0 0
U n d e rly in g b o n d s o f C on su m ers’ P o w . C o . 2 ,2 56,000
A rk. & T e rrito ria l O il & G as C o. s t o c k ---------500,000 2 51 .000
First m o rtg a ge 6 s ------------------------------------------------- 2 25 ,00069.000
50.000
7 % c o u p o n n o t e s ------85,000
300 .000
L ittle R o c k & F o rt S m ith G as & O il C o. s t o c k 300,000
20.000
4 0 ,000
First m o rtg a g e 6 s -------- -------------------------------150.000
S ap u lp a E lectric Co. s t o c k ------------------------------------- 150,000
8 % c o u p o n n o t e s ------------------------------------------------30,00030,000
W estern S tates Gas & E l. C o. c o m m o n s t o c k .1 ,5 0 0 ,0 0 0 1,500,000
P referred s to c k 7 % c u m u l a t i v e . . ...........................1,500,000 1,500,000
2 H -y e a r g o ld 6 % n o t e s .................................... 2 ,0 0 0 ,0 0 0
............
U n d e rly in g Hens------------------------------ ----------- 2 ,5 6 8 ,0 0 0
----------N o te .— P a r v a lu o o f shares o f a b o v e s to c k s is $100.

Dec. 24 1910.]

THE CHRONICLE

Companies Owned and Controlled Through Ownership of a Majority of
Their Shares of Stock.
F ort Sm ith (A r k .) Light & T raction C o. (see p . 40 o f “ E l. R y . ” S e c tio n .—
E d .) — I n c o r p . A p ril 13 1003 as a co n s o lid a tio n .
O perates gas, ele ctric
lig h t anil p ow er plants an d stre e t railw ay system s In F o rt S m ith and gas
a n d electric plants In Van H uron, A r k .
F ran ch ises In F o r t S m ith fo r gas,
electric ligh t an d pow e r an d street railw ay w ere gran ted N o v . 20 1905 fo r
50 years.
In Van Huron th e gas fra n ch ise g ran ted J a n . 21 1907 and
th e electric ligh t fra n ch ise gra n ted D e c. 9 1907, each run fo r 50 years.
C om m on s to c k a u t h ., $1 ,5 0 0 ,0 0 0 ; o u ts ta n d in g , $ 95 0,00 0. P r c f. s to c k 7 %
cu m . a u th ., $ 5 ,0 0 0 ,0 0 0 ; o u ts ta n d in g , $92 0,00 0
T h e p r c f. s to c k Istre
d c e m a b lc a t a n y tim e a fte r three years fro m th e Issue th e re o f a t 110 %
and a ccru ed d iv id e n d s , a n d Is preferred b o th as to d iv id e n d s an d assets.
H onds a u t h ., $ 1 ,5 0 0 ,0 0 0 co n s o l. M . 5s, d u e D e c. 15 1944' o u ts ta n d in g ,
$ 1 ,5 0 0 ,0 0 0 , red eem a b le a t 102% o n o r a fte r D ec. 15 1914; sin k in g fu n d to
redeem $15 ,0 0 0 th ereo f y e a r ly , b egin n in g D e c. 15 1914. C ou p o n n o te s
a u th ., $ 6 o 0 ,000; d a te d 1910, p a y a b le J u ly 1 1913, bu t ca lla b le a t 1 0 1 % .
(S ee also V . 90, p . 372, 914.)
M u sk og ee (O kla.) Gas & E lectric C o .— I n c o r p . D e c. 28 1906 u n d er law s o f
T e r r ito r y o f O k la h om a , a co n s o lid a tio n o f M usk. Gas C o. an d Alusk. L t . &
I ow er C o. O perates gas, ele ctric ligh t an d p o w e r plants a n d artificial Ice
p la n t In M u skogee an d ele ctric ligh t an d p o w e r plants In F o r t G ib so n ; also
furnish es p o w e r to th e lo ca l street ra ilro a d .
O perates u n d e r 2 5 -ye a r fra n ­
chises, (a) In M u sk ogee d a te d M ay 14 1901, (&) In F o r t G ibson gran ted
A p ril 15 1909. C om m o n s to c k a u t h ., $ 1 ,5 0 0 ,0 0 0 ; o u ts ta n d in g , $ 76 5,00 0.
P r c f. s to c k 7 % c u m u la tiv e , a u t h ., $ 2 ,5 0 0 ,0 0 0 ; o u ts ta n d in g , $ 60 0,80 0;
p referred as to d iv id e n d s an d assets.
H onds a u th ., $ 1 ,5 0 0 ,0 0 0 “ first and
r e fu n d in g ” m tg e. 5 % sin k in g fu n d , p a y a b le D e c. 1 1926; o u ts ta n d in g ,
$ 1 ,0 8 9 ,0 0 0 . R on d s red eem able o n a n y Interest Installm ent d a te a fte r D e c. 1
1909 a t 1 0 5 % . S in k in g fu n d , $20 ,000 a n n u a lly , 1910 t o 1914, $22 ,0 0 0
a n n u a lly 1915 to 1919, thereafter $27,500 y e a r ly . U n d e rly in g b o n d s,
$38 0,00 0 1st M . gold 5s.
(S ec also V . 90. p . 1681.)
E n id (O kla.) E lectric A Gas C o .— I n c o r p . M ay 12 1910 u nd er law s o f
O k la . O perates gas an d e lectric ligh t a n d p o w e r plan t In E n id , O k la ., and
furnish es p o w e r to the loca l street ra ilro a d . F ran ch ise fo r e lectric ligh t
a n d p ow er gra n ted A p ril 17 1903 fo r 21 years; fo r gas g ran ted N o v . 11 1903
fo r 20 yea rs. C om m on s to c k a u t h ., $ 1 ,5 0 0 ,0 0 0 ; o u ts ta n d in g , $50 1 ,0 0 0 .
P ref. s to c k 7 % c u m u la tiv e , a u t h ., $ 1 ,5 0 0 ,0 0 0 ; Issued, $34 0 ,0 0 0 ; red eem a b le
a t a n y tim e a t 1 1 0 % , and has p referen ce both as to d iv id e n d s an d assets.
B on d s a u t h ., $ 1 ,5 0 0 ,0 0 0 1st M . 6 % , p a y a b le M ay 1 1920, b u t ca lla b le on
o r a fte r M a y 1 1911 a t 102 >S% ; o u ts ta n d in g , $60 0 ,0 0 0 .
(See also V 90.
p . 1616; V . 88, p . 233.)
Everett (W a sh .) Gas C o .— I n c o r p . M arch 18 1910 u n d er law s o f D elaw are.
O perates gas plan t In E v e re tt, W a s h ., an d also supplies gas b y high pressure
line to c it y o f S n oh om ish . F ran ch ise In E v e re tt d ated N o v . 5 1900 runs fo r a
p eriod o f 50 years; In S n oh om ish Is d a te d A p ril 16 1 9 0 7 a n d ls fo r 45 years.
C om m on s to c k a u th . a n d Issued, $ 1 ,0 0 0 ,0 0 0 .
P re f. s to c k 7 % cu m u la tiv e
a t rate o f 4 % until F e b . 1 1911, a t rate o f 6 % fro m F e b . 1 1911 to F e b . 1
1912, a n d a fte r F e b . 1 1912 a t rate o f 7 % ; a u t h ., $ 1 ,0 0 0 ,0 0 0 ; Issued, $ 31 0,­
000; red eem a b le a t 110 % a t a n y tim e; p referred as to d iv id e n d s an d assets.
B on d s a u t h ., $ 2 ,0 0 0 ,0 0 0 1st M. 5 % d a te d F e b . 1 1910, p a y a b le F e b . 1940;
Issued, $45 0 ,0 0 0 ; ca lla b le o n o r a fte r F eb . 1 1915 at 1 0 5 % .
D e p re cia tio n
a n d renew al fund Is to re ce iv e o n F e b . 1 1913 a sum e qu a l to 1 % , F e b . 1
1914 2 % an d yea rly th ereafter 3 % o f th e p rin cip a l a m o u n t o f b o n d s o u t ­
sta n d in g .
(V . 90, p. 1242.)
M ob ile (A la .) E lectric C o .— I n c o r p . M ay 31 1906 u n d er law s o f A la .; a
con s o lid a tio n .
O perates ele ctric ligh t a n d p o w e r plan ts.
F ran ch ise
gran ted F eb . 15 1895 w ith o u t tim e lim it. C o m m o n s to c k a u th .. $ 2 ,5 0 0 ,0 0 0 ;
Issued, $95 0 ,0 0 0 .
P r c f. s to c k , 6 % c u m lu a tlv c ; a u th ., $ 5 ,0 0 0 ,0 0 0 ; Issued,
$58 5,00 0; n o t red eem able; p referred as to d iv id e n d s an d assets.
B on ds
a u t h ., $ 3 ,0 0 0 ,0 0 0 1st M . 4 0 -y c a r 5 % sinking fu n d , d a te d M ay 1 1906;
Issued, $ 1 ,5 6 1 ,0 0 0 ; ca lla b le a t a n y Int. d a te a fte r N o v . 1 1910 a t 1 0 5 % .
A n n u a l sinking fu n d , begin n in g M ay 1 1916, a sum In cash equal t o 1%
o f th e par va lu e o f th e b on d s o u ts ta n d in g .
Leases a certa in length o f pole
line w hich w as pu rch ased fro m th e M obile L ig h t & I t R . C o . b y th e M obile
Illu m in a tin g C o .; the Illu m in a tin g C o. p ays the M obile L ight & U R . C o.
$22,928 80 fo r th e period o f 34 years In final liq u id a tio n o f the p urchase
o f th e electric-lig h tin g p r o p e r ty o f M obile L ig h t & R R . C o.
(V . 91, p. 657,
521; V. 89. p. 923; V. 88, p . 234.)
Ottumwa (la .) R ailw ay A Light C o. (see " E L R y . ” S e c t io n ).— I n c o r p .
D ee. 11 1905 u nd er laws o f D elaw are. O perates e lectric lig h t, p o w e r and
steam h eatin g p lan ts a n d street ra ilw a y system In O ttu m w a , Io w a , under
fra n ch ise g ran ted J u ly 8 1901 fo r 25 yea rs. C o m m o n s to c k a u t h ., $65 0,00 0:
?nnot.ani !lls ’
P r e f- s to c k 7 % cu m u la tiv e fro m and a fte r M a y 1
1909, a u t h ., $ 1 ,2 5 0 ,0 0 0 ; o u ts ta n d in g , $41 5 ,1 0 0 ; red eem a b le o n and a fter
J,1R
eV
P referred both as to d iv id e n d s an d assets.
H onds
a u t h ., $ 1 ,5 0 0 ,0 0 0 first an d re fu n d in g ” 5 % g o ld b o n d s, p a y a b le J a n . 1 1924;
ou ts ta n d in g , $93 1 ,0 0 0 ; re d e e m a b le a t an d a fte r th e e x p ir a tio n o f 3 years
fro m d a te a t 1 03 % a t a n y Interest p e rio d . A n n u al sin kin g fu n d began
J u ly 1 1909; a sum In cash equal to
o f 1 % o f b on d s o u ts ta n d in g .
U n d e r­
ly in g b on d s ou ts ta n d in g , $32 4,00 0 1st M. 5s o f O ttu m w a T r a c tio n & L ig h t
C o.
(V . 74, p. 95; V . 82, p. 1213; V . 89, p . 994.)
W estern States Gas A E lectric C o .— I n c o r p . N o v . 11 1910 In C al. A c o n ­
s o lid a tio n o f th e H u m b o ld t G as & E le ctric C o ., A m e rica n R iv e r E le ctric C o .,
S to c k to n Gas & E le c tr ic C o rp . an d R ic h m o n d L ig h t & P o w e r C o r p ., all o f
C a liforn ia.
O w ns an d op e ra te s h y d r o -e le ctr ic plan ts, transm ission lines
an d artificial an d n a tu ral gas plan ts, se rv in g a p p ro x im a te ly 75,000 p e o p le
In H u m b o ld t, San J o a q u in and a d ja c e n t co u n tie s In C a liforn ia, e m b ra cin g
th e cities and tow n s o f S t o c k t o n , E u re k a , P la ce rv llle , F lo rin , E lk G ro v e ,
L o d i and G a u lt.
F ran ch ises fo r gas an d e le ctr ic ity a rc n o t requ ired In
C a liforn ia, b u t th e c o m p a n y has, w ith a v ie w t o secu rin g all p ossib le a d ­
v a n ta g es, o b ta in e d c o u n t y fra n ch ises o f lo n g d u ra tio n an d s a tisfa c to r y
term s.
(S ec also n o te o ffe rin g , V . 91, p . 1578.)
„
. ,
A u th orized . Outstanding.
C om m on s t o c k . ............... ...................................................... .$ 5 ,0 0 0 ,0 0 0
$ 1,500,000
P referred s t o c k 7 % c u m u la t iv e -----------------------------------10, 000,000
1,500,000
B o n d s — U n d erly in g l ie n s ................................. ................... 2,5 8 6 ,0 0 0
2 ,5 8 6 ,0 0 0
2 M -y ea r 6 % g old n o t e s . . _________ __________________ 2, 500,000
2, 000,000
T h ese n otes are secu red b y $ 2 ,5 0 0 ,0 0 0 o f a to ta l a u th o rize d Issue o f
$ 1 0 ,0 0 0 ,0 0 0 first refu n d in g 5 % b o n d s.
A rk a n sa s A Territorial Oil A G as C o .— I n c o r p . In W . V a . Ju n e 18 1906.
H as no fra n ch ise In F o r t S m ith , as lt Is a p ro d u c in g c o . selling Its entire
s u p p ly to the F o r t S m ith L igh t & T r a c tio n C o . S to c k a u th . and o u ts ta n d ­
in g (all c o m m o n ), $50 0 ,0 0 0 .
B o n d s, $ 2 5 0,00 0 1st M . 6s, d a te d Jan . 1 1907,
d u e Ja n . 1 1919, b u t ca lla b le on a n y Interest d a te a t par an d Int.; o u t­
sta n d in g . $22 5 ,0 0 0 . S in k in g fu n d , $25 ,0 0 0 a n n u a lly , begin n in g Ja n . 1 1910
Little Itock -E ort Sm ith G as A O il C o .— I n c o r p . in A rka n sas M ay 13 1907.
A p ro d u c in g c o m p a n y and has n o fra n ch ise as a d istrib u tin g c o m p a n y .
S t o c k a u th . and o u ts ta n d in g , $ 30 0,00 0; 1st M . 6s a u th ., $50 ,0 0 0 ; o u t ­
s ta n d in g , $ 4 0 ,0 0 0 . T e n b o n d s are retired a n n u a lly b e gin n in g J u ly 1 1910.
S a p u lp a E lectric C o .— I n c o r p . In O k la h o m a O ct. 12 1909.
H as a fra n ­
ch ise for 30 years, exp irin g S e p t. 10 1936. C apital s to c k a u th . an d o u t­
sta n d in g , $150,000.
H onds authorized, $150,000; o u ts ta n d in g , $120,000
1st M . sin kin g fu n d 6s, d a te d N o v . 1 1910, d u e N o v . 1 1934; $30,000 are
reserved and set aside to g u aran tee a like a m o u n t o f 8 % 5 -y c a r n o te s, due
M a y 1 1915. C allable a fter N o v . 1 1910 at 102 an d Int.

Companies of W h ich the Standard Gas & Electric Co. Owns Less Than
a Alajority of their Shares of Stock.
N orthern States P ow er C o .— I n c o r p . D e c. 23 1909 und er law s o f D cla . A
h o ld in g c o m p a n y , o w n in g all th e o u ts ta n d in g ca p ita l s to c k o f th e C on su m ers’
I ow er C o.
M in nesota) e x c e p t liv e shares fo r dire cto rs, t o -w it: $ 2 ,3 4 7 ,0 0 0
p ref. an d $ 4 ,0 0 0 ,0 0 0 c o m m o n
C on su m ers’ P o w e r C o. ow n s a n d Is o p e r ­
a tin g : (a) G as a n d c le c tr c p lan ts In S tillw ater, M a n k a to , F a rib a u lt, E ast
G rand F ork s, M in n ., an d G ra n d F ork s an d F'argo, N . D a k .; (b) ele ctric
p lan ts In W h ite B ear and C a nnon F alls, M in n .; (c) e lectric p la n t an d steam
h ea t in N orth fleld , S o . S t. P aul and S t. P a u l, M in n .; (d) gas p la n t in M o o r ­
h e a d , M in n . T h e C on su m ers’ P o w e r C o. also ow ns all th e ca p ita l s t o c k o f
th e A p p le R iv e r P ow er C o ., o w n in g an d o p e ra tin g a h y d r o -e le ctr ic p la n t
o n A p p le R iv e r In W isc o n s in , an d Is n o w c o n s tru ctin g a n d w ill o p e ra te
t w o h y d r o -e le ctr ic p lan ts in M in n esota, o n e a t C annon Falls and o n e a t
B lu e E a rth .
A u th oriz ed c o m m o n s to c k o f N orth ern S tates P o w e r C o. (V . 91, p 592)
f n ’ Snn
o u t s ta n<ling, $ 4 ,0 0 0 ,0 0 0
P r c f. s to c k , 7 % c u m u la tiv e , a u t h .,
$ 6 ,0 0 0 ,0 0 0 ; ou ts ta n d in g , $ 2 ,6 0 6 ,1 0 0 ; re d e e m a b le a t a n y tim e a t 1 1 0 % ;
p referred both as to d iv id e n d s an d assets. T h is c o m p a n y has n o b o n d e d
d e b t , but C on su m ers’ P o w e r C o ., w h ose s to c k It ow n s, has a u th o rize d $1 0 ,­
000 ,000 1st At. 5 % 2 0 -y ea r g o ld b on d s d u e N o v . 1 1929, o f w h ich $2,5 2 1 ,5 0 0
are o u ts ta n d in g , a n d on th e p rop erties ow n e d b y said C onsum ers P o w e r Co
th ere are u n d erlyin g bon d s a m o u n tin g to $ 2 ,2 5 6 ,0 0 0 .
(V . 91, p. 520.)
7 acotna (W a sh .) Gas C o .— I n c o r p . A u g . 30 1909 u n d er law s o f D cla.
O perates gas plan t In T a co m a a n d furnishes gas to C ity o f P u y a llu p .
F'iftyy c a r franchises In T a co m a d a te d Ju n e 9 1884, and in P u y a llu p d a te d S en t.
29 1909. A ls o ow n s all th e $ 1 0 0,00 0 b o n d s an d all th e $10 0,00 0 c a p ita l
s to c k o f th e O ly m p ia (W a s h .) Gas C o.




1709

a u t h .. $ 2 ,5 0 0 ,0 0 0 ; Issued, $ 1 ,5 5 0 ,0 0 0 . P re f. s to c k 7 %
5'LOOO.OOO; o u ts ta n d in g , $75 0 ,0 0 0 ; re d e e m a b le on an d
a t A 1 0 % : Preferred as to d iv id e n d s an d assets. T a co m a
11' 622) has lssued no b o n d s, bu t there are th e fo llo w in g
n<i nt»r o u ts ta n d in g : $41 6,00 0 1st Al. gas e x te n sio n 5 % g o ld
i v » 9’
M aY, 12 1915, issued b y T a c o m a Gas & E le ctric L igh t C o.
n i l Vi'JhV r v ? 1^ a u d $ 1.5 59,000 re fu n d in g m tg e . 5 % gold b on d s o f T a co m a
p i n )
1 C° ‘ D0W P e rcc c ° u n t y G as C o .), p a y a b le Ju n e 1 1926 (V . 84,

S t a n d a r d ^ G as & E le c t r ic fC o .v w a s o r g a n iz e d o n A p r il 28
1910 a n d is th e re fo re u n a b le t o s u b m it a r e p o r t o f e a r n in g s .
I he p r o p o r t io n o f e a rn in g s o f s u b s id ia r y c o m p a n ie s fo r th e
y e a r e n d e d O c t . 31 1910 a p p lic a b le t o th e s e c u r itie s h e ld b y
th e S ta n d a r d G as & E le c t r ic C o . is 3 4 9 3 ,0 3 8 .
S T A T E M E N T O F E A R N I N G S A N D E X P E N S E S O F S U B S I D ’ Y CO S
F O R 12 M O N T H S E N D E D O C T O B E R 31 191 0.
'
(C om pan ies c o n tr o lle d th ro u gh o w n ersh ip o f m a jo r it y o f s to c k .)
G ross
N et
In terest A p p lic a b le
_
E a rn in g s. E a rn in g s
Charges. Jor D iv s.
F t . S m ith L t . & T r a c . C o .......... $45 6,75 4
$199,145 $11 9,44 1
$79 ,704
A lu sk ogce G as & E le c. C o _____
347 ,095
114,908
67,937
46,971
E n id E le c tr ic & Gas C o _______
136,197
57,819
36,264
2 1 ,5 5 5
O ttu m w a R y . & L ig h t C o _____
257,770
119,777
64,365
55,412
M o b ile Gas & E le c tr ic C o _____
317 ,598
151,962
82,442
69,5 2 0
E v e re tt G as C o _________________
33,614
9,085
10,898 d c f . 1,813
A rk a n sas & T e rr. Oil & Gas C o
88,117
70,206
21,0 5 5
49,151
L ittle R o c k - F t . S m ith G as C o . .
14,437
9,743
2,8 3 4
6,909
S a p u lp a -----------------34,112
17,208
9,600
7,608
$ 1 ,6 8 5 ,6 9 4
$ 7 4 9,85 3 $4 1 4 ,8 3 6 $33 5,01 7
T o ta l ---------(C om pan ies o f w h ich th e c o m p a n y ow n s less th an a m a jo r it y o f s to c k .)
T a c o m a G as C o ............................... $22 4,91 3
$ 98,202 $ 94,494
$ 3,707
970 ,428
4 0 4 ,2 0 7 253,967
150 241
N o rth e rn S ta te s -------------------------$ 763,297 $ 488,965
G rand t o t a l............... .................. $ 2 ,8 8 1 ,0 3 5 $1,252,262
S T A N D A R D G A S A E L E C . C O . B A L A N C E S H E E T N O V . 30 1910.
A ssets ($11,242,453) —
L ia b ilities ($ 1 1 ,2 4 2 ,4 5 3 ) —
B o n d s o w n e d ______________$1,7 7 1 ,2 0 0 P referred s t o c k . .....................$ 2 ,5 3 8 ,0 5 0
C o u p o n n otes o w n e d _____
68,000 C o m m o n s t o c k ....................... 7 ,3 0 5 ,6 5 0
P r c f. s to ck s o w n e d _______ 1,425,618 B o n d s ---------------------------1 ,3 5 0 ,0 0 0
C o m m o n s to c k s o w n e d ___ 7,4 0 6 ,3 4 6 P re f. s to c k d iv . p a id on
P ro m isso ry n o te s o w n e d . .
480 ,350
s to ck s s o l d ______________
8,592
In terest and d iv s . r e c e l v . .
58,553 B o n d Interest a c c r u e d ____
6,750
C a sh _________
3,822 H . Al. B y lle s b y & C o ____
3 ,7 4 5
D Isct., o rg a n lz . e x p ., & c .
28,564 Surplus e a rn in g s__________
2 9 ,6 6 6
OJJicers.— P r e s■., H . AI B y lle s b y ; V ice -P re s id e n ts , Ja m e s S C u m m ins
a n d II. .1. G raf; S e c. and T r e a s ., W . F r c d ’ k S teven s, J r.
D irectors.— I I . Al. B y lle s b y , W . F red erick S teven s J r ., Jam es S. C u m m in s,
Isa a c A lllk ew itch , W arren N . A k e rs. C h ica go (e x e cu tiv e ) o ffic e , 218 La
Salle S t .; P h lla . o ffic e . R e a l E sta te T ru st B ld g . A n n u al m e e tin g , the th ird
A lon d a y o f J a n u a ry a t W ilm in g to n , D el. F iscal y e a r en ds D e c. 3 i .

C u b a n -A m e r ic a n

Sugar

C om pany,

N ew

Y ork .

{Report for Fiscal Year Ending Sept. 30 1 9 1 0 .)
P r e s. R . B . H a w le y , N . Y . , D e c . 14, w r o t e in s u b s ta n c e :
G eneral R esults. T h e net earnings s h o w a s a tis fa c to r y Increase o v e r th e
p re vio u s y e a r ’s business be in g $ 1 ,7 7 7 ,1 8 2 as c o m p a r e d w ith $ 1 ,1 5 0 ,5 4 5
for 1909. T h is Increase is d u e in p art t o th e a d v a n c e d p rice o f sugar an d
In p art t o Increased p r o d u c tio n an d e c o n o m y In o p e r a tin g th e estates.
1 he d ire cto rs on A u g . 17 1910 d e cla re d a d iv id e n d o f 1 *4% u p o n th e
o u ts ta n d in g p referred s to c k , t o be p aid on O ct. 1 1910, this p a y m e n t bein g
th e a ccu m u la te d d iv id e n d t o O c t . 1 1909; o n A lay 2 1910, 3 14% w as p aid
an d on J u ly 1 1910 3 M % .
B o n d s.— O f th e $ 1 0 ,000 ,00 0 10-year 6 % co lla te ra l tru st g o ld b o n d s.
$ 7 ,5 0 0 ,0 0 0 had been Issued u p t o S e p t. 30 1910, or w h ich $141 000 w ere
re tired b y th e sinking fu n d an d $12 0,00 0 reserved to p u rch a se u n d erly in g
bonds n ot ow n ed.
D u rin g th e y e a r $ 3 ,9 5 9 ,0 0 0 o f th e Issue w ere sold
(See V . 90, p. 916, also a su bsequ en t page o f this Issue).
O n Alay 13 1910 the b o n d s w ere listed In A m s te rd a m an d o n Ju n e 22 1910
th e b o n d s and s to c k w ere listed In N . Y . A p p lic a tio n has b e e n m a d e t o
list th e b o n d s In L o n d o n .
A d d itio n s, A c . — D u rin g th e y e a r $68 8,41 0 w as ad d e d t o th e p rop erties
fo r land pu rch ases, an d .addition s an d b e tte rm e n ts , $46 1,39 8 o f w hich
represents ex p e n d itu re s fo r land an d co m p le te d im p ro v e m e n ts , n o ta b ly
51^ 8,743 fo r lands and bu ild in gs, $149,872 fo r su ga r-h o u se m a ch in ery ,
$ 60,788 fo r railroad e x ten sion s (1 9 .7 m ile s), an d $50 ,020 fo r r o llin g s t o c k .
The ba la n ce o f $227,012 represents ex p e n d itu re s o n sim ilar im p ro v e m e n ts
w h ich had n o t been c o m p le te d a t en d o f year.
P ro p erty , A c . — 'T h e p r o p e r ty a c c o u n t , $ 1 6 ,1 8 1 ,2 1 8 , Inclu des w ith oth er
item s: 276 ,000 acres o f la n d , $ 5 ,4 9 4 ,4 2 1 ; 6 sugar fa cto rie s an d 2 refineries,
$ 6 ,8 1 2 ,6 8 5 ; 615 bu ildin gs, $ 91 4,97 4; 194.7 m iles r a ilro a d , $ 1 ,2 9 5 ,3 5 0 ;
r o llin g s t o c k , $75 3,50 4: 7 w ater s u p p ly plan ts, $ 1 3 0 ,6 8 5 , and im p ro v e m e n ts
in p rocess and u n c o m p le te d , $22 7 ,0 1 2 .
T h e a d v a n ce s fo r railroad c o n s tr u c tio n o f $14 6,62 6 represents e x p e n d i­
tures fo r ra ilro a d , w h arves, an d term inals w h ich h a v e been a cq u ire d b y th e
C h aparra R R . C o ., org a n ize d sin ce S e p t. 30 1910 t o a cq u ire an d op e ra te
th e entire railro a d system o f th e Chaparra an d San Alanucl S ugar c o m p a n ies.
O utput.— O f th e 1,411,608 ton s (2,0 0 0 lb s.) o f ca n e g ro u n d a t th e seven
fa cto rie s , 258 ,3 7 6 ton s w ere g ro w n u n d er o u r ow n a d m in istra tio n and
1.153,232 ton s w ere p u rch ased fro m C o lo n o s .
F ro m this ca n e 167,218 ton s
o f 9 6 -d e g rce su gar w ere p r o d u c e d , e q u iv a le n t t o 1 1 .8 5 % yie ld o f su gar.
O f th e c o m p a n y ’ s lands u nd er c u ltiv a tio n , 19,544 acres w ere u nd er its
o w n a d m in istra tio n an d 47,121 acres u nd er th e C o lo n o sy ste m .
T h e 1909-10 C u ban c ro p o f th e c o m p a n y w as equa l t o 9 .0 8 % o f th e to ta l
C u ban c r o p o f 1,804,357 to n s.
D ep recia tio n .— In the p ro fit an d loss a c c o u n t there has b e e n d e d u cte d
p ro v is io n s fo r d e p r e c ia tio n ,” $46 9 ,3 0 9 , an Increase o f $25 6 ,6 4 3 , d u e p a r tly
t o ch arges o n th e plants o f C olon ial Sugars C o. at C on sta n cla an d G ra in ercy.
W h e n these p rop erties w ere a cq u ire d a fu n d o f $350,000 fo r c o s t o f reh abili­
ta tio n w as c re a te d , so th a t n o ch a rg e fo r d e p re cia tio n w as necessary last y r .
A cq u is itio n s .— In D e ce m b e r 1909 th e c o m p a n y secu red o p tio n s for th e
p u rch a se o f th e San Alanuel estate an d tw o estates .adjoining o u r C haparra
p r o p e r ty in C u ba. T o assist in th e a cq u is itio n o f this p r o p e r ty , $ 1 ,0 1 5 ,0 0 0
o f th e bills p a y a b le sh ow n herein w ere te m p o ra rily Issued, all o f w h ich h a v e
sin ce been r e tire d . [See a su b se q u e n t p a ge as to new s to c k an d b o n d s .— E d ].
o u tlo o k .— T h e im m e d ia te a sp e ct in C u ba de n o te s a s o m e w h a t lessened
c r o p In c o m p a r is o n w ith last year, an d th e o v e rw h e lm in g c r o p o f E u rop e
e n fo rce s low er prices, b u t th e c o m p a n y Is in p o s itio n t o deal w ith these
co n d itio n s o f th e y ear w ith o u t d istu rb a n ce o r In terference w ith Its plans.
A N N U A L O U T P U T (BAGS).
1905-06. 1906-07. 1907-08. 1908-09.
1909-10.
Chaparra.............................................. 259,002 337,464 251,585 482,428
531,049
Tlngtiaro.......................................... ..110 ,92 2
65,164
49,182 110,750
132,940
Nueva Luisa.....................................1 0 6 ,2 8 4
62,749
92,544
98,300
118,489
Unldad.......................
64,996
64,603
50,079
68,500
73,030
M e rced lta.................................
31,346
40,744
30,269
48,900
50,942
Constantla_______________________ ______ _
84,000
118,451
G ra m e rcy ................................... ......................
20,236
22,750
T o t a l .................................
Total In tons___________
Cardenas Itef’ y (abt.) (bids.)
Gramercy R ef’ y (abt.) (bbls.

.572,550
- 96,000
- 50,000

600,519
96,083
50,000

443,864
71,018
50,000

915,628
146,500
45.817
191,924

1,045,139
167,218
50,66
275,00

IN C O M E ACCOUNT.
Deduct—
1909-10.
1908-09.
1990-10. 19
S15.269.758 $10,918,374 Depreciation ..
..$469,309 $212,6
Molasses sale s..
327,287
240.193 Discount on b o n d s ... . 50,000 *40,6
241,602 Interest on bonds___. . 338,240 228,8
Mlsccl. Incom e.
220,622
Int. on bills pay., &c:. 211,700 400,3
S15,817.667 $11,400,169 Bond sinking fu n d .... 137,703 127,51
Allscell. reserves____. _ ____
66,8 >
9,172,660 D ivid e n d s____
12,971,235
(7 )4 4 0 6 .)
$2,846,432

$2,227,509

Bah, surplus.........•..-

(?)

$709,895

* “ Sugar sales” In 1910, $15,269,758, Is stated after deducting commissions, &c.,
which In 1908-09 were stated together with discount on bonds, making a total of

1710

THE CHRONICLE

*40.698, aa above shown, a Dividends for the year 1909-10 at the rate o f 7 % would
call for $440,650. Of this, 1H Vo, caUlng for $110,162, has been declared payable
Jan. 1 1911 covering the 3 months ending Dec. 31 1909. Distributions covering
the remaining 9 months of the fiscal year 1909-10 will probably be declared later.
Dividends in 1908-09. as above, cover distributions made on M ay 2, July 1 and Oct. 1
1910 for that fiscal year.
B A L A N C E SHEET.
Sept. 30 '10 M ay 1 '10
Sept. 30 '10 M ay 1 '10
Liabilities—
S
S
Assets—
S
S
Property & plants. 16,234,969 15,063,170 Common s t o c k .. . 6,496,100 6,496,100
Preferred stock___ 6,295,000 6.295.000
A dv. for R R . const
146,626
227,144 Col.Sug.stk.not
In vestm en ts.........
93,964
7,100
o w n e d _________
6,100
G o o d -w ill--........... 3,929,340 3,929,340
14,600 Coll, trust bonds. . 7.239.000 7.472.000
Securs. In trust___
13,600
120,000
120,000
120,000 Bonds o f sub. c o s .
Bonds In treasury.....................
107,064
490,359
A dv. to Colonos,& cal,567,412 1,394,738 Real est. mtges, & c
547.824
577,051 Bills payable_____ 2,007,928
Plant.&grow . cane
884,129
647,914
961,528
422,735 Bankers' loans___
Live stock & equip
424,922
363,500
476,924
Mater’l& supplies!
f 646,739 Accts. payable___
117,972
65,481
Raw & ref. sugar>61,962,638 12,347,114 Salaries & w a g e s ..
6,658
245,421
Merch. In stores. J
l 276,231 Interest a cc r u e d ..
(1220,325
Fiscal agents......... 6849,529
------------- Pref. dividends.. . cll0 ,1 6 3
102,409
74,541
Cash ____________
710,393
242,333 Sinking fund..........
304,291
Accts. & bills rec.
548,528
475,391 Contingent reserve ................
724,828
938.966
Bond discount____
290,378
471,796 Deprec’ n reserve. .
203,766
Other-def. charges
98,872
550,375 Miscellaneous---------- -----------3,034,595
S
u
rp
lu
s
...........
......
e2,227,789
12,588
M iscellaneous..........................T o t a l ..................27,755,300 26,771,346

T o t a l ................27,755 ,300 26,771,346

o After deducting reserve for bad and doubtful accounts, S442.179. ft The Item of
$1,962,638, owing to the time o f year (long after the crop season). Includes only a
small amount of raw sugar, most of that on hand May 1 1910 having been disposed
of, $849,529 being in the hands of fiscal agents Sept. 30 1910. c For 3 mos. ending
Sept. 30 1909 paid Oct. 1 1910. d For 6 mos. ending D ec. 31 1908 paid May 2 1910.
e After adding sundry net credits, $73,101, and deducting bond discounts In subsid­
iary companies written off, $148,597, and reserves for doubtful accounts outstand­
ing prior to Oct. 1 1909, $221,223, but before deducting dividends for the fiscal year
1909-10— see foot-note o to Income account above.— V. 90, p. 1680.

G E N E R A L IN V E S T M E N T N E W S ,
R A I L R O A D S , I N C L U D IN G E L E C T R IC R O A D S .
A lberta & G reat W a te rw a y s R y .— Agreement Canceled—
Proceeds Used for General Purposes of Province.— -The A lb e r t a
L e g is la tu r e r e c e n t ly p a s s e d th e b ill “ r e s p e c t in g th e b o n d s
g u a r a n t e e d f o r th e A . & G . W . R y . C o ., b e in g a n a c t t o s p e c if
c e r t a in d e fa u lt s o f th e r a ilw a y a n d th e c o n s e q u e n t r ig h ts o f
th e p r o v i n c e .”
T h e b ill a p p r o v e d b y th e L ie u te n a n t-G o v e rn o r, ca n ce ls th e agreem en t
w ith th e r a ilw a y c o m p a n y an d Its p r o m o te rs . P r o v is io n has been m a d e in
t h e estim a tes c o v e r in g re q u ire m e n ts o f th e A lb e r ta G o v e rn m e n t fo r 1910
a n d 1911 fo r th e e x p e n d itu re o f th e $ 7 ,4 0 0 ,0 0 0 r e c e iv e d fro m th e sale In
L o n d o n In N o v . 1909 o f th e b o n d s gu a ra n te e d b y th e P r o v in c e t o m eet
liab ilities a gain st th e P r o v in c e fo r general pu rp oses a n d ex p e n d itu re s o f
t h e sa m e n a tu re n e x t y e a r. T h is is a c c e p te d as m e a n in g th a t a n ew ra ilro a d
^ T h e V a n k s °n w h ic h ^ h e 1*m o n e y has b een d e p o s ite d , v i z ., th e D o m in io n
B a n k U n ion B a n k an d R o y a l B a n k o f C a n ada (th e a m o u n ts o f th e d ep osits
b e in g $400 000 , $ 1 ,0 0 0 ,0 0 0 an d $ 6 ,0 0 0 ,0 0 0 , r e s p e c t iv e ly ), h a v in g refu sed
t o h o n o r th e ch eck s o f P rem ier S ifto n as P r o v in c ia l T reasu rer, A t t o r n e y G eneral M itch ell o n D e c. 16 b r o u g h t a c tio n t o r e c o v e r th e p ro ce e d s o f th e
bonds
T h e ban k s d e n y th e a u th o r ity o f th e P r o v in c e t o use th e m o n e y
o th erw ise th a n fo r co n s tr u c tio n o f the r o a d .— V . 91, p . 213 , 153.

A lb ia & Centerville R y .— Receivership.— J u d g e M c P h e r s o n
in th e F e d e ra l C o u r t a t D e s M o in e s o n D e c . 2 0 , o n p e t it io n
o f th e I o w a C en tra l R y . , a p p o in t e d W illia m B ir d t e m p o r a r y
r e c e iv e r .
T h e r o a d ex ten d s fro m A lb la t o C en terville. I a ., 24 m iles, an d w as, it Is
u n d e rs to o d , fo rm e r ly o w n e d b y th e estate o f th e late R u ssell S a g e .
I he
S o u th e r n Io w a T r a c tio n C o ., o f w h ich W m . A . B o la n d is P resid en t, cla im s
t o h a v e b e c o m e th e ow n er o n F e b . 9 last. T h e I o w a C entral o p e ra te d the
r o a d u n til N o v . 26 last, w hen th e n e w Interests, sta tin g th a t the arrange­
m en t h a d been a loss t o th em fo r so m e tim e p a st, p re v e n te d fu rth e r o p ­
e r a tio n b y th e I o w a C en tral.

A m erican R a ilw a y s, P h ila .— Amount of Bonds Still Held.—
W h e n th e t im e t o a c c e p t th e p r o ffe r e d e x c h a n g e e x p ir e d o n
D e c 15 o n ly a b o u t $ 7 ,0 0 0 o f I n t e r -S t a t e 4 s r e m a in e d in th e
h a n d s o f th e A m e r ic a n R a ilw a y s C o ., s h o w in g th a t th e
a m o u n t o f A m e r ic a n R y 4 ^ s w ith I n t e r -S t a t e b o n d s as c o lla t ­
eral h a s b e e n r e d u c e d t o a b o u t $ 3 ,5 0 0 .
V . 9 1 , p .1 5 7 3 .
A n n A rbor R R . — New Directors— E . R . L y o n o f S t r o n g ,
S tu r g is & C o ., F r e d e r ic k H e r te n s te in o f C in c in n a ti a n d J . N .
T h o m p s o n o f W ilk e s b a r r e , P a ., h a v e b e e n e le c t e d to s u c c e e d
B . S . W a r r e n o f D e t r o it , w h o r e s ig n e d , a n d to fill tw o v a c a n ­
c ie s , v e s tin g c o n t r o l w ith th e R a m s e y n o t e -h o ld e r s ’ c o m ­
m it t e e .
T h e o th e r d ir e c to r s a re :
W

M W a d d e n . o f F . H . P rin ce & C o .; N ew m an E r b , Jo se p h R a m s a y J r .,
H arrison , F . K . C u rtis, T . D . R h o d e s , W . J . W o llm a n an d L e r o y
B a ld w in .— V . 91, p . 1511, 1383.

H H

B o sto n & L ow ell R R .— New Stock.— T h e s h a re h o ld e rs
w ill v o t e J a n . 4 o n in c r e a s in g th e c a p it a l s t o c k fr o m $ 7 ,1 1 9 ,­
4 0 0 t o $ 7 ,3 9 9 ,4 0 0 , t o c o v e r th e c o s t o f a d d i t i o n s a n d im ­
p r o v e m e n t s .— V . 9 0 , p . 6 2 5 .
B ritish Columbia Electric R y .— New Stock.— T h e sh a re­
h o ld e r s w e re t o v o t e in L o n d o n D e c . 19 o n in cre a s in g th e
c a p it a l t o £ 3 ,2 0 0 ,0 0 0 b y th e c r e a t io n o f 7 0 0 ,0 0 0 n e w sh ares
o f £ 1 e a c h .— V . 9 1 , p . 1 0 2 4, 9 4 5 .
B rooklyn R apid T ran sit C o .— Application.— T h e c o m p a n y
on D e c . 19 a p p lie d t o th e P u b lic S e r v ic e C o m m is s io n t o use
th e t w o e a s te r ly tr a c k s in th e C e n tre S tr e e t s u b w a y lo o p
b e t w e e n th e W illia m s b u r g h B r id g e a n d C anal S tr e e t f o r
t r o lle y c a r o p e r a t io n a n d th e t w o w e s te r ly tr a c k s b e tw e e n
th e W illia m s b u r g h B r id g e a n d th e B r o o k ly n B r id g e a t o r
n e ar P a r k R o w f o r its e le v a t e d r o a d s .— V . 9 1 , p . 1 5 1 1 ,-5 2 9 .
Buffalo L ock port & R och ester (Electric) R y .— Reorganiza­
tion Plan— Change in Control.— C h arles D . B e e b e , o f th e
R o c h e s t e r S y r a c u s e & E a s te r n R R . , r e p ly in g to o u r le t te r
o f in q u ir y , w r o t e o n D e c . 22:
M y associa tes an d I are c o m in g In to c o n t r o l o f t h e B u ffa lo L o c k p o r t &
R o c h e s te r R a ilw a y C o. un d er th e term s o f a re o rg a n iz a tio n , p a rticip a te d in
b y a ll s e c u r ity h old ers o f said r o a d , all o f Its c r e d ito r s an d also Its s to c k ­
h o ld e rs . T h e r eorg a n iz a tio n p la n . If c a rrie d th r o u g h w ith o u t fo re clo su re ,
w ill resu lt In th e b o n d e d d e b t o u ts ta n d in g b e in g re d u c e d to th e sum o f
$ 2 ,7 5 0 ,0 0 0 , an d th e ca n ce lla tio n o f all p a s t-d u e c o u p o n s , In clu din g p r o b a b ly
th e o n e o f F e b . 1 1911; th e c a n c e lla tio n o f all e q u ip m e n t n otes o u tsta n d in g
[som e $236,5001 a n d th e tu rn in g o f th e e q u ip m e n t o v e r t o th e r a ilw a y c o m ­
p a n y free an d clea r: a n d also th o ca n c e lla tio n o f all floatin g d e b t . T h e
r o a d w ill also h a v e th e sum o f $ 20 0,00 0 cash a v a ila b le in Its trea su ry, sub­




[VOL.

LXXXXI.

je c t t o e x p e n d itu r e o n l y fo r ca p ita l a c c o u n t . T h e re w ill b e n o c h a n g e in
th e o rg a n iz a tio n , a t le a st u n til a fte r th e n e w Interests are in c o n tr o l o f th e
p r o p e r t y . T h e a m o u n t o f bo n d s o u ts ta n d in g is $ 3 ,4 0 0 ,0 0 0 [1st M . 5s, d u e
F e b . 1 1945], A ll b o n d h o ld e rs su rren der 2 5 % o f p a r v a lu e . T h e $20 0,
000 is p r o v id e d b y sale o f $ 20 0,00 0 su rren d ered b o n d s a t p a r .— V . 89, p .3 4 7 .

C a lu m e t & S o u th C h ic a g o R y . — Additional Bonds.— T h is
c o m p a n y , w h ic h is a p a r t o f th e C h ic a g o C it y & C o n n e c t in g
R y s ., h a s s o ld to W h it e , W e ld & C o . o f N . Y . a n d C h ic a g o ,
$ 1 ,2 5 0 ,0 0 0 1st M . r e h a b ilita tio n 5 % b o n d s , in c r e a s in g th e
o u t s t a n d in g a m o u n t o f th ese b o n d s u p t o $ 3 ,0 0 0 ,0 0 0 .
T h e c o m p a n y r e c e n tly Increased Its s to c k fro m $ 5 ,0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ,0 0 0 ,
(h a v in g c re a te d $ 5 ,0 0 0 ,0 0 0 p re f. s t o c k ) , th e w h o le o f w h ich Is d e p o s ite d
u n d e r th e C h icago C ity & C o n n e ctin g R y s . co lla te ra l tru st m o r tg a g e .
W h ite , W e ld & C o . o ffered th e a b o v e b o n d s at p a r a n d ln t . A c ir cu la r
sa ys: “ T h ese b o n d s are issued t o re h a b ilita te th e p r o p e r ty , a n d u n d er th e
o rd in a n ce th e a m o u n t e x p e n d e d fo r re h a b ilita tio n Is a d d e d t o th e v a lu a tio n
o f $ 5 ,0 0 0 ,0 0 0 fix e d b y th e C ity o f C h ica g o as th e p u rch ase p rice o f th e
p r o p e r ty p rior to re h a b ilita tio n . T h o c o m p a n y n o w ow n s 106 m iles o f
tr a c k , in th e so u th d iv isio n o f C h ica g o . T h e p r o p e r ty is o p e ra te d b y th e
C h icago C ity R y . C o . In c o n n e c tio n w ith its o w n lin es, a n d th e C h ica g o C ity
R y . C o. re ce ive s 2 5 % o f th e s a v in g re su ltin g fro m jo in t o p e r a tio n . T h e
r e p o r t fo r th e first 9 m o s . o f th e p resen t fiscal y e a r sh ow s n e t In co m e e q u iv ­
alen t t o n ea rly 2 M tim es th e to ta l Interest c h a r g e s .” — V . 91, p . 1628.

C e n tra l R R . o f N e w J e r s e y .— New Director.— H o w a r d W .
M a x w e ll h a s b e e n e le c t e d a d ir e c t o r t o s u c c e e d h is fa t h e r ,
J . R o g e r s M a x w e ll, d e c e a s e d .— V . 9 1 , p . 8 6 4 , 7 9 0 .
C h ic a g o B u r lin g t o n & Q u in c y R R . — Called Bonds.—B u r lin g to n & M issou ri R iv e r R R . in N e b r a s k a 6 % b o n d s ,
d u e J u ly 1 19 1 8, d r a w n f o r p a y m e n t , v iz ., $ 2 3 9 ,0 0 0 b o n d s
f o r $ 1 ,0 0 0 e a c h a n d $ 2 8 ,8 0 0 b o n d s f o r $ 6 0 0 e a c h , h a v e b e e n
d r a w n f o r p a y m e n t o n J a n . 2 1911 a t th e N e w E n g la n d T r u s t
C o ., B o s t o n , o n J a n . 1 1 9 1 1 .— Y . 9 1 , p . 1 2 5 9, 12 4 2.
C h ic a g o C it y & C o n n e c t in g R y s . — Bonds, &c.— S ee th e
C a lu m e t & S o u th C h ic a g o R y s . a b o v e .
T h e r e ce n t increase o f th e au th o riz e d s to c k o f th e S o u th e rn S treet R y . C o.
fro m $80 0,00 0 t o $ 2 ,4 0 0 ,0 0 0 w as m a d e , It is sta te d , in o r d e r t o re tire th e
$ 1 ,6 0 0 ,0 0 0 1st M . 5 % b o n d s d e p o s ite d as p a rt s e c u r ity fo r th e Ch. C ity &
C on n . R y s . co lla te ra l tru st Issue.

Same Semi-Annual Dividend as Last June.— T h e g o v e r n ­
in g c o m m it t e e h a s d e c la r e d d iv id e n d s o f th e s a m e a m o u n t
a s in J u n e la s t.
T h e d iv id e n d s are $2 25 a share o n th e 25 0 ,0 0 0 p r e f. p a r ticip a tio n shares
an d $1 a share o n th e 150,000 c o m m o n p a r ticip a tio n shares. T h is fo llo w s
th e d e cla ra tio n o f a q u a rte r ly d iv id e n d $2 50 a share an d 2 % e x tr a o n th e
s to ck o f th e C h icago C ity R a ilw a y C o ., o f w h ich th e C h icago C i t y * C on n ect­
in g R y s C o. ow n s $ 1 6 ,9 7 1 ,9 0 0 o u t o f a t o ta l o f $ 1 8 ,0 0 0 ,0 0 0 . T h e d iv id e n d
p a y m e n ts m a d e an d d e cla re d b y C h. C ity R y . C o . d u rin g 1910 are r e p o r te d
as fo llo w s: M arch 2, 4 % e x tra ; M arch 30, 2 & % ; Ju n e 3 0 , 2 K % : S e p t . 30,
2 M % ; D e c. 3 0 , 2 K % a n d 2 % e x tr a ; to t a l, 1 6 % , again st 9 % in 190 9.—
V . 01. p . 1620.

C h ic a g o M ilw a u k e e & S t. P a u l R y . — Debenture 4 s .— S ee
C le v e la n d C in c in n a ti C h ic a g o & S t . L o u is R y . b e lo w .—
V . 9 1 , p . 1 0 9 5, 8 7 0 .
C le v e la n d C in c in n a ti C h ic a g o & S t. L o u is R y . — Debentures
on Paris Bourse.— T h e c o m p a n y ’s d e b e n tu r e 4s o f 1 9 1 0 , th e
S t. L o u is & S a n F r a n c is c o R l l . g e n era l lien 1 5 -2 0 -y e a r 5s
a n d th e C h ic a g o M ilw a u k ee & S t . P a u l R y . 4 % d e b e n tu r e s
h a v e b e e n a d m itt e d to o ffic ia l q u o t a t io n o n th e p a r q u e t o f
th e P a ris B o u r s e .— Y . 9 1 , p . 1446.
C le v e la n d E le c t r ic R y . — Proposed Bond Issue.— N e g o t ia ­
tio n s are u n d e r s t o o d t o b e p e n d in g t o p la c e a n ew is s u e o f
b o n d s , r e p o r te d as $ 1 2 ,0 0 0 ,0 0 0 .— V . 9 1 , p . 1 3 1 7, 2 1 4 .
D e n v e r C it y T r a m w a y .— Option to Exchange Maturing
Bonds.— P r o v is io n h as b e e n m a d e f o r th e r e d e m p t io n o f th e
$ 9 5 3 ,0 0 0 M e t r o p o lit a n R y . 1st M . 6 s ,d u e J a n . 1 1911, a t th e
M e rca n tile T r u s t C o ., 120 B r o a d w a y , N . Y . , b u t h o ld e r s
w h o so d esire m a y e x c h a n g e th e s a m e p r io r t o J a n . 1 a t th e
o ffic e o f C la rk , D o d g e & C o ., 51 W a ll S t ., N . Y ., o r th e
l n t . T r u s t C o ., D e n v e r , f o r “ first & r e f . ” 5s o f th e D e n v e r
C ity T r a m w a y C o . o n th e b a sis o f M e t r o p o lit a n b o n d s a t 100
a n d in t. to J a n . 1 f o r T r a m w a y b o n d s a t 9 5 a n d in t . t o d a te
of exch an ge.
I f e x c h a n g e is n o t d e s ir e d , th e M e t r o p o lit a n
b o n d s w ill b e p u r c h a s e d a t 100 a n d in t .— V . 9 1 , p . 8 7 0 .
E lm ir a C o r n in g & W a v o r ly (E le c t r ic ) R y . — Bonds.— T h e
P u b lic S e r v ic e C o m m ., 2d D is t r ic t , o n D e c . 22 a u t h o r iz e d th e
issue o f $ 6 S 9 ,0 0 0 o f th e to ta l issue o f $ 8 0 0 ,0 0 0 1st M . 5s,
d a t e d 19 0 7, d u e J u ly 1 19 5 7.
S ta n d a rd T ru st C o. o f N ew
Y o r k , tr u s te e .
T h ese b o n d s are t o be d eliv e re d t o the S o u th e rn T ie r D e v e lo p m e n t C o. at
97 lA o n a c c o u n t o f th e c o n s tr u c tio n an d e q u ip m e n t o f the tro lle y ro a d from
E lm ira t o C orn in g, a b o u t 12 m iles. T h e ro a d has been o p e r a te d b y th e
VVaverly S ay re & A th e n s T r a c tio n fo r 5 0 % o f gross earn in gs.

I d a h o & W a s h in g t o n N o r t h e r n R R . — Bonds Offered.—
P e a b o d y , H o u g h t e lin g & C o ., C h ic a g o , a re o ffe r in g a t p a r
a n d in t. th e u n s o ld p o r t io n o f an a d d itio n a l $ 3 0 0 ,0 0 0 o f 1st M .
5 % sin k in g fu n d b o n d s , d a t e d M a y 1 1 9 0 7, m a k in g th e to ta l
b o n d s o u ts ta n d in g $ 3 ,3 9 0 ,0 0 0 .
A c ir c u la r s a y s in p a r t :
A n a b so lu te first m tg e . o n all p r o p e r ty n o w o w n e d o r hereafter a c q u ir e d ,
n o w co n sistin g o f 113 m iles o f m ain lino In a ctu a l o p e r a tio n , to g e th er w ith
passenger an d fre ig h t r o llin g s to o k . general e q u ip m e n t, y a rd s , term in als,
&o
A c tu a l co s t o f prop erty* $ 6 ,3 0 0 ,0 0 0 . Tlho to ta l a u th . b o n d Issue Is
$ 4 ,’7 3 3 ,0 0 0 , b u t o f this a m o u n t $ 1 ,3 4 3 ,0 0 0 Is reserved fo r fu tu re c o n s t r u c ­
tio n a t th e ra te o f $3 0 ,0 0 0 p er m ile o f e q u ip p e d m ain line, s u b je c t, h o w e v e r ,
t o th e a p p ro v a l o f P e a b o d y , H o u g h te lin g & C o.
..
In s p ite o f th e s evere depression In th o ra ilro a d business fo llo w in g th e
p a n ic o f 1907, th e u n u su ally severe w in ter w eath er c o n d itio n s o f 1909 an d
th e usual u n fa v o r a b le fa c to r s w h ich a c c o m p a n y th e d e v e lo p m e n t o f a new
te r rito r y an d th e o p e r a tio n o f a now lino, this p r o p e r ty has m a d e th e c re d ­
ita b le sn o w in g o f earn in g Its fixed charges p r a c tic a lly fro m th e b e gin n in g
o f o p e ra tio n s o n J u ly 1 1008. T h e e n tire line o f 113 m iles has Just been
co m p le te d to its term inus at M cta lln e F alls, so th a t fo r th e c u rre n t fiscal
y e a r en d in g Ju n e 30 1911 103 m iles o f m ain line w ill h a v e been in o p e r a tio n
fo r th e entire y ear a n d 113 m iles fo r 9 m o n th s o f th e y e a r, m a k in g a n a v er­
a ge m ileage o f 107.
30 1010.

Earningsfor the Years endingJune
Year ending—
Av. Mites. GrossEarns. Op. Exp. Net Earns. Bd. Int.

J u n e 30 1909 (a c tu a l)
...51
$29 4,01 8 $ 20 5,81 3 $ 88 ,205 $70 ,500
J u n e 30 1910 (a ctu a l)
85
613 ,358
4 00 ,680 212 ,679
126,182
J u n e 30 1911 (e stim a te d ) - .1 0 7
9 06 ,619
043,972 3 62 ,648
160,500
J u n e 30 1912 (estim a ted ) . .1 1 3
1 ,3 5 0 ,0 0 0
81 0 ,0 0 0 540 ,000
109,500
T h e a ctu a l earnings o f th is p r o p e r ty h a v e p r o v e d t o b e m a te ria lly In e x ­
cess o f o u r orig in a l estim a tes, an d n o w , w lth lts c o n s tr u c tio n fu lly c o m p le te d
a n d Its en tire line In o p e r a t io n , It is p r o b a b le th a t o u r estim ates fo r 1911 an d
1912 w ill again p r o v e t o h a v e be e n t o o co n s e r v a tiv e . See also V . 8 9 , p . 411.

I llin o is C e n tr a l R R . — New President.— C h a rles H . M a rk ­
h a m , P r e s id e n t o f th e G u lf R e fin in g C o . a n d th e G u lf P ip e

Deo. 24 1910.j

THE CHRONICLE

L in e C o . o f P it ts b u r g h h as b e e n e le c te d P r e s id e n t to s u c c e e d
J a m e s T . H a r a h a n , w h o r e s ig n e d .
M r. H arahan w ill be 70 years bid on J a n . 12 n e x t a n d , a c c o r d in g t o the
c o m p a n y ’s rules, w ou ld be c o m p e lle d to retire a t th a t a ge.
H e has been
b een con n e c te d w ith the ro a d fo r 20 yea rs, s u cce e d in g S tu y v e s a n t Fish
•as P resid en t 3 years a g o .— V . 01, p . 1100, 870 .

I n t e r b o r o u g h R a p id T r a n s it C o .— Public Service Commis­
sion Recommends Acceptance of Offer.— T h e P u b lic S e r v ic e
C o m m is s io n o n D e c . 20 s e n t a le t te r to th e B o a r d o f E s tim a te
r e c o m m e n d in g th e a c c e p t a n c e o f th e c o m p a n y ’ s o ffe r o f D e c . 5
to t h ir d -t r a c k its p r e se n t e le v a t e d lin es a n d b u ild e x t e n s io n s
t o th e e le v a t e d a n d s u b w a y s y s te m s ( V . 9 1 , p . 1 5 7 4 ).
The
B o a r d o f E s tim a te re fe r r e d th e m a t te r t o th e T r a n s it C o m ­
m itte e f o r a r e p o r t o n J a n . 5.
T h e C om m ission states It Is p re p a re d to a c c e p t th e c o m p a n y ’s p r o p o s itio n
p r o v id e d certa in featu res n o t n o w s a tisfa c to r y ca n p r o p e r ly be a d ju s t e d ."
— V . 01, p . 1629, 1574.

1711

„ 5 ° rf ieriJ Ohio T raction & L ig h t C o .— Guaranteed Bonds
S ee C a n t o n - A k r o n C o n s o lid a te d R y . , p a g e 16 2 8,
la s t w e e k .— V . 9 1 , p. 5 1 9 , 1512.

Offered.

^ Oregon Railroad & N av ig a tion C o . — Sale Authorized.—
i h c s to c k h o ld e r s o n D e c . 22 a u t h o r iz e d th e sa le o f th e
p r o p e r t y t o th e O r e g o n -W a s h in g t o n R R . & N a v ig a t io n C o .;
a lso th e d is s o lu tio n o f th e O r e g o n R R . & N a v ig a t io n C o
— V . 9 1 , p . 1512, 14 4 7.
B
Oregon Short Line R R .— 5 0 % Dividend.— A sp e c ia l d is ­
p a t c h t o th e P o r tla n d “ O r e g o n ia n ” fr o m S a le m , O r e ., o n
D e c . 13 s ta t e d th a t a r e p o r t ju s t file d w ith th e O r e g o n S t a te
R R . C o m m , s h o w e d th a t th e r o a d f o r th e y e a r e n d e d J u n e 30
1910 d e c la r e d d iv id e n d s o f 5 0 % , sa id d iv id e n d s a m o u n t in g to
$ 1 3 ,6 7 5 ,5 3 0 .
T h is e n tire su m w e n t t o th e U n io n P a c ific
R R . C o . a s o w n e r o f all th e o u t s t a n d in g ca p ita l s t o c k .

I n t e r s t a t e R a ilw a y s , P h ila d e lp h ia .— Plan Operative.— T h e
d ir e c to r s h a v e d e c la r e d o p e r a t iv e th e n ew p r e f.s t o c k fin a n c in g
p la n ( V . 91, p . 1512)

. . . v. . v p u . , .... m u auuna m ai, m e o u u n i.iu e u u vu iiccu
uunng
th e y e a r 1909-10 t o 15 allied c o r p o r a tio n s fo r c o n s tr u c tio n , b e tte rm e n ts an d
e q u ip m e n t.
A 5 0 % d iv id e n d w as a ls o p a id In 1906.
(V . 8 4 , p . 5 2 ) .—
V . 01, p . 1512, 1026.

T h e first p a y m en t on the $50 0,00 0 p re f. s to c k t o be su b scrib e d b y th e
h olders o f c o m m o n s to c k In cash (2 0 % o f th e a m o u n t su b scrib e d fo r b y each)
w ill be d u e D ec. 31 and th e rem a in d er In Installm ents o f 2 0 % a t Intervals
o f 30 d a y s until full p a y m e n t has been m a d e , w hen fu ll-p a id certificates
w ill be Issued. In th e m ean tim e te m p o r a r y re ce ip ts w ill be Issued. T h e
p r e f. s to c k to be a c c e p te d b y b o n d h o ld e rs In place o f their o v e r d u e co u p o n s
w ill be d eliv ered s h o r tly a fte r the first o f th e year In the fo rm o f fu ll-p a id
ce rtifica te s .— V . 91. p . 1512, 1446.

Pensacola (F la .) Electric C o .— Sale of Notes.— S t o n e &
W e b s te r s o ld th is w e e k a n issu e o f $ 2 5 0 ,0 0 0 5 -y e a r 6 % c o n ­
v e r t ib le g o ld c o u p o n n o te s , d u e M a rch 1 1 9 1 6 , w h ic h th e v
o ffe r e d a t 9 7 % .

L e h ig h V a lle y R R . — On 1 0 % Basis.— A s e m i-a n n u a l d iv i­
d e n d o f 5 % h as b e e n d e c la r e d o n th e $ 0 0 ,5 5 5 ,3 5 0 c o m m o n
s t o c k a s r e c e n tly in c r e a s e d , p a y a b le J a n . 14 to h o ld e r s o f
record D ec. 31.
T h is ra ises th e r a te t o 1 0 %
y e a r ly ,
c o m p a r e d w ith 0 % , th e fo r m e r r a te p a id s in c e 19 0 7.
1888 to ’ 91.
5 y e a rly

P reviou s D ividend H ate S in ce 1887 ( P er Cent) .
’ 92. ’ 93. 1894 t o '0 3 . '0 4 . '0 5 . '0 6 . '0 7 . '0 8 .
5%
4
N one
1
4
4
6
G

'0 9 .
6

'1 0 .
G

New Director.— W . R . B u tle r , M a u ch C h u n k , P a ., h as
b e e n e le c t e d a d ir e c t o r to s u c c e e d th e la te S im o n P . W o lv e r t o n .— V . 91, p . 1 5 7 4, 1447.
L o u is v ille & N a s h v ille R R . — New Officer.— J . M . D ic k in ­
son o f N e w Y o r k h as b e e n m a d e 2 d V ic e -P r o s . t o s u c c e e d
A r t h u r W . M o rriss, w h o r e s ig n e d .— V . 9 1 , p . 15 1 2, 14 4 7.
M ahoning & Shenango R y . & L ig h t Co .—Earnings.—
Y r . e n d .—
G ross D arns.
S e p t. 30 1 9 1 0 .. . $ 2 , 196,326
D e c. 31 1 9 0 9 . . . 1,985,952
— V . 90, p . 1554.

N e tta jt.ta x e s ). In t. o n D d s .,& c . D a l., S u rp .
$92 2,69 9
$50 1,97 3
$42 0,72 6
860 ,509
494 ,936
365 ,573

Manila R R . —Bonds Accepted as Security for Government
Deposits.— T h e S e c r e t a r y o f th e T r e a s u r y h as d e c id e d to
a c c e p t th e c o m p a n y ’ s b o n d s a t 9 0 % o f th e ir m a r k e t v a lu e ,
b u t n o t e x c e e d in g 9 0 % o f p a r , as s e c u r it y fo r G o v e r n m e n t
d e p o s its in n a tio n a l b a n k s .
T h e b o n d s c a n n o t b e a p p lie d to
p o s ta l s a v in g s d e p o s it s .— V . 9 1 , p . 10 2 5, 7 1 7 .
M etropolitan Street R y .— Transfers.— N o t ic e s h a v e b e e n
p o s t e d in th e ca rs o f th e c o m p a n y a n n o u n c in g th a t th e n ew
tr a n s fe r p la n o r d e r e d b y th e P u b lic S e r v ic e C o m m is s io n fo r
a n 8 -c e n t fa r e b e tw e e n th e lin es o f th e M e t r o p o lit a n a n d th e
5 9 th S t . c r o s s to w n lin e o f th e C en tra l P a r k N o r t h & E a s t
R iv e r R R . w ill b e c o m e e ffe c t iv e o n D e c . 2 5 .— V . 9 1 , p . 1574,
15 1 2.
M exican Southern R y ., L t d .— Listed.— 'The L o n d o n S t o c k
E x c h a n g e h as lis te d a fu r t h e r £ 1 8 9 ,9 5 5 4 % 1st M . d e b e n tu r e
s t o c k , m a k in g th e to ta l lis te d £ 8 7 5 ,0 0 0 .— V . 8 9 , p . 1542
M ontreal Street R ailw ay C o. — Holding Company.— S ee
M o n tre a l T r a m w a y s & P o w e r C o ., L t d ., b e lo w .
Debenture Stock.— A p ress r e p o r t s a y s th a t n e g o tia t io n s
a re in p r o g r e s s f o r th e sale o f a n issu e o f d e b e n tu r e s t o c k in
L o n d o n a n d P a ris e a r ly in 1 9 1 1 .— V . 9 1 , p . 1254, 1249.
M ontreal Tram w ays & Pow er C o ., L t d . — Holding Company
Incorporated in London.— T h is c o m p a n y w a s in c o r p o r a t e d in
L o n d o n o n D e c . 9 w ith c a p it a l s t o c k r e p o r te d as a b o u t
£ 4 ,1 1 0 ,0 0 0 (e q u iv a le n t t o $ 2 0 ,0 0 0 ,0 0 0 ), d iv id e d in t o 2 0 0 ,0 0 0
sh a re s, t o h o ld a m a jo r it y o f th e $ 1 0 ,0 0 0 ,0 0 0 c a p ita l s t o c k
o f th e M o n tre a l S treet R a ilw a y C o . a n d o f th e $ 0 ,0 0 0 ,0 0 0
s t o c k o f th e C a n a d ia n L ig h t & P o w e r C o .
C o n tr o l o f th e
s tr e e t r a ilw a y w a s a c q u ir e d b y th e L ig h t & P o w e r in te re sts
in N o v e m b e r l a s t .— (C o m p a r e V . 91, p . 1255, 1249, 6 5 5 ).
Abstract o f Statement Made by Pres. Robert o f Montreal St. Ry. on Dec. 19
S everal m on th s a g o th e Im p erial T ru st C o. w as org a n ize d w ith a large

capital p aid u p In cash In o rd e r to finance th e a cq u is itio n o f a m a jo r it y o f
the shares o f tlic M on treal Street R y . C o . T h e Im perial T ru s t C o. secu red
the c o -o p e ra tio n o f certa in w e ll-k n o w n E n glish ca p ita lis ts . O n e o f th e
o b je c ts o f th e M on treal T ra m w a y s & P ow er C o ., L t d ., Is t o p u rch a se th e

E n glish ca p ita l.
T h ese tw o c om p a n ies, th e M on trea l S tre e t R y . C o . an d th e C a n adian
L ig h t & P ow er
A c t a Iii their se p a ra te Identities an d o p e r a te their
« w n pla n ts, b u t th rou g h th e m ed iu m o f th e h o ld in g c o m p a n y It Is In ten ded
th a t th e y shall op era te In en tire h a rm o n y , so th a t th e street ra ilw a y w ill
a lw a y s h a v e an in d ep en d e n t s u p p ly o f p o w e r a n d th e C a nadian L ig h t &
P o w e r C o. a cu stom er fo r Its p o w e r o y e r a n d a b o v e th e p o w e r n o w c o n ­
tra cte d fo r w ith oth er electrlo c o m p a n ie s.
M r. E . A R o b e rt, w h o fro m th e o u ts e t p r o m o te d th e C a n adian L ig h t &
P o w e r C o ., has carried o u t his u n d e rta k in g s o le ly fo r th e p u rp o s e o f In tro ­
d u c in g to M on treal a stron g c o m p e t it iv e c o m p a n y , fo r th e p u rp o se o f s u p ­
p ly in g lig h t and p o w e r a t rates w h ich w o u ld p r o v e a d v a n ta g e o u s t o In­
du strial establish m en ts and t o the citiz e n s. H e Is n o w assured o f m arlceta p(?r U ?u 01 th e electrical p o w e r p r o d u c e d at Ilcau h arn ols w ith th e
M on treal s t r e e t R a ilw a y C o ., and he has also p r o cu re d such fina ncial
assistance as Is requ ired t o finance larger d e v e lo p m e n ts o f h y d r o -e le ctr ic
p ow er an d also such Im p ro ve m e n ts an d exte n sio n s o f th e s treet r a ilw a y as
m a y b e agreed u p on w ith th e c iv ic au th o ritie s. T h e F ed era l lease o f th e
H eauharnols p ow er p rivileges an d th e ch arter o f th e Can L t & P o w Co
b o th c o n ta in express p rov is io n s w h ich p r o h ib it an a m a lg a m a tio n w ith th e
M on treal L ig h t, H ea t & P o w e r C o.

N ew Y o rk State R a ilw a y s .—
R y . b e l o w .— V . 9 0 , p . 1425.




See

Syracuse R apid Transit

, T h 5 P roceeds w ill be used c h ie fly t o re tire $ 2 3 5 ,0 0 0 flo a tin g d e b t in cu rred
fo r a d d itio n s an d im p ro v e m e n ts . T h ere are o u ts ta n d in g $821 000 1st M
5 s , $ 8 0 0,00 0 c o m m o n s to c k land $30 0,00 0 preferred; there is $25 0 ,0 0 0 a d ­
d itio n a l c o m m o n re served fo r c o n v e r s io n o f a b o v e rates
llesults f o r Y ears ending O ct. 31 1910— W ith In t. Charges on N ew N otes
G ross e a rn in g s— ...................$ 2 6 4 ,7 0 1 1In te re st o n b o n d s ___________ $40 245
N et a fte r t a x e s --------------------99,794 |I n t. o n n ew n o t e s _________
15,000
B a lan ce, s u rp lu s.................... .................................................... ........................$ 44,549
F o r c a l. y ear 1909 gross was $ 24 6,66 4; 1908, $ 2 0 9 ,1 8 2 .— V . 9 0 , p . 503 .

Philadelphia Rapid T ransit C o . — Meetings to Ratify Plan.—
M e e tin g s o f th e sh a r e h o ld e r s o f b o t h th e R a p id T r a n s it c o m ­
p a n y a n d th e U n io n T r a c t io n C o . h a v e b e e n c a lle d f o r F e b . 2 8
t o r a t ify th e fin a n cia l p la n .
F o llo w in g fa v o r a b le a c t io n o n
th is p la n , E . T . S t o t e s b u r y a n d T h o m a s E . M itte n , th e C h i­
c a g o s tr e e t r a ilw a y e x p e r t , w ill e n te r th e T r a n s it c o m p a n y
b oard.
S ee V . 9 1 , p . 1630.
Mr. Stotesbury’s Letter.— T h e le t t e r s e n t b y E d w a r d T . S t o ­
te s b u r y t o P r e s id e n t C h arles O . K r u g e r o n D e c . 16 s a y s :
L etter o f M r . Stotesbury, doled at P h ilad elph ia, D ec. 14 1910.
T h e p ro p o s e d is s u e o f$ 1 0 0 0 0 ,0 0 0 , gu a ra n te e d , p rin cip a l an d in te re st, b y
th e U n ion T r a c tio n C o. and secured b y th e e q u ity (n th e M arket S tre et E le­
v a te d R R ., as set fo rth in y o u r letter, seem s t o fa ir ly m eet the c o m p a n y 's
k n o w n requ irem en ts In th e m a tte r o f n ew ca p ita l a n d th e r e fu n d in g o f a c ­
cru in g ca p ita l o b lig a tio n s d u rin g th e 5-y e a r p e rio d n e x t ensuing.
W ith referen ce t o y o u r s ta te m e n t th a t th e R a p id T ra n sit C o ’s tre a su ry
n o w co n ta in s an excess fro m $ 1 ,5 0 0 ,0 0 0 t o $ 2 ,0 0 0 ,0 0 0 In cu rren t assets
o v e r cu rren t liabilities. It w o u ld a p p e a r th a t this sum sh o u ld b e s u fficie n t
t o m ak e p ossible th e e x p e n d itu re o f th e full a m o u n t re q u ire d fo r m a in te­
n a n ce and renew als d u rin g re h a b ilita tio n .
C o n fo rm in g to th e su ggestion c o n ta in e d in y o u r le tte r, b u t h a v in g In v iew
th e d o u b le p u rp o se o f secu rin g th e su bsta n tia l a c c u r a c y o f y o u r estim a te
an d also th a t the e x a c t c o n d itio n o f th e c o m p a n y ’s atfairs b e m a d e a m a tte r
o f re co rd prior to th e p ro p o s e d ch a n g e In m a n a g e m e n t, It w ou ld seem best
th a t there b e n o w m a d e a c o m p le te a u d it o f th e c o m p a n y ’s b o o k s as o f
D e c. 31. W ith this a u d it b e fo r e us th e final d etails o f th e plan c a n b e
w o rk e d o u t w ith th e U n io n T r c tio n C o 's d ire cto rs In a m p le tim e t o presen t
th em at th e sto c k h o ld e r s' m eetings.
I desire to h a v e m y p o s itio n in rega rd t o this m a tte r cle a rly u n d e rs to o d ,
b o th b y y o u rse lf an d th e p u b lic gen erally.
n.
u n d erta k e it s o le ly fro m a desire t o p r o m o te th e best Interests o f
P h ila d e lp h ia and th o se fello w citiz e n s w h o se c o n fid e n ce in m y a b ility to
s o lv e this p ro b le m I a p p re cia te an d h o p e t o d eserve; b u t as I a c c e p t a h e a v y
r e s p o n s ib ility w ith o u t re m u n e ra tio n , an d a t a sacrifice o f tim e w h ich I can
III a llo rd to lose, I m ust be a llo w e d t o use m y o w n ju d g m e n t t o sp e n d such
m o n e y s as a rc n ecessary t o secu re th e m o st e x p e r t a d v ic e and assista n ce
a v a ila b le . C o m p a re V . 91, p . 1161 , 1630.

P ittsburgh Bingham ton & E astern R R .—Foreclosure Sale.
— T h e F e d e ra l C o u r t a t S c r a n t o n , P a ., o n D e c . 2 3 , o n th e
p e t itio n o f th e K n ic k e r b o c k e r T r u s t C o ., m o r tg a g e tr u s te e ,
a n d E . H . G a y & C o ., o r d e r e d th e fo r e c lo s u r e sale o f th e
r o a d .— V . 8 9 , p . 2 2 5 .
R o c h e s t e r S y r a c u s e & E a s te r n (E le c t r ic ) R R . — Alliance.—
S ee B u ffa lo L o c k p o r t & R o c h e s te r R R . a b o v e .— V . 8 7 , p .3 4 7 .
S t . Joseph & Grand Islan d R y . — S ee “ A n n u a l R e p o r t s .”

Protective Measures.— M in o r ity h o ld e r s o f th e first p r e f.
s t o c k w h o cla im th a t s in c e c o n tr o l o f th e r o a d w a s a c q u ir e d
b y th e U n io n P a c ific la rg e a m o u n t s o f m o n e y h a v e b e e n
e x p e n d e d fo r im p r o v e m e n t s a n d c h a r g e d o u t o f ea rn in g s
w h ic h s h o u ld h a v e b e e n c h a r g e d to c a p it a l a c c o u n t , th u s
u n d u ly b e n e fit in g th e c o m m o n s t o c k , o f w h ic h th e U n io n
P a c ific o w n s th e g r e a te r p a r t , a re o r g a n iz in g a c o m m it t e e
u n d e r th e le a d e r s h ip o f H e n r y H o ffm a n , o f P a ris (p r e s e n t
a d d r e s s, ca re W h ite h o u s e & C o ., I l l B r o a d w a y , N . Y . ) ,
w ith a v ie w to ta k in g s te p s to p r o t e c t th e ir in te r e s ts.
The
C o lu m b ia T r u s t C o ., N . Y . , it is u n d e r s t o o d , w ill b e d e p o s i­
t a r y .— V . 9 1 , p . 1 1 6 1.
S t. L ouis & San Francisco R R .— Gen. Lien 5s.— S ee C le v e ­
la n d C in c in n a ti C h ic a g o & S t . L o u is R y . a b o v e .— V . 9 1 ,p .l 4 4 8 .
Seaboard A ir Line R y . — Full Interest on Income Bonds.—
T h e d ir e c to r s h a v e d e c la r e d th e fu ll s e m i-a n n u a l in te r e s t o f
2 % % o n th e $ 2 4 ,9 7 9 ,5 0 0 a d ju s t m e n t m o r t g a g e (in c o m e )
b o n d s f o r th e h a lf-y e a r e n d in g O c t . 3 1 , p a y a b le F e b . 1 n e x t ,
as r e c e n t ly r e c o m m e n d e d b y th e e x e c u t iv e com m ittee.
C o m p a re V . 9 1 , p . 15 7 5, 1021.
Southern R y .— Favorable Decision.— A ju r y in th e R ic h ­
la n d C o u r t o f C o m m o n P le a s a t C o lu m b ia , S . C ., o n D e c . 20
in th e s o -c a lle d “ S o u th e r n m e r g e r ” s u it b r o u g h t b y th e S t a te
A t to r n e y -G e n e r a l in 1903 b y d ir e c t io n o f th e L e g isla tu r e ,
r e tu r n e d a v e r d ic t th a t th e a b s o r p t io n in 1902 o f th e S o u th
C a rolin a & G e o r g ia , S o u th C a ro lin a & G e o r g ia E x t e n s io n ,
A s h e v ille & S p a r ta n b u r g a n d C a ro lin a M id la n d r a ilr o a d s, b y
th e S o u th e r n R y . C a ro lin a D iv is io n (w h ic h is le a s e d to th e
S o u th e r n R y . ) w a s n o t a v io la t io n o f th e c o n s t it u t io n a l p r o ­
v is io n s a g a in s t m e r g in g c o m p e t it iv e lin os in S o u th C a ro lin a .

T H E C H R O N IC L E

1112

•fiVOL. L X X X X I.

and 1 % % quarterly ( 5 ) 4 % yearly) theretofore from the
organization of the company in 1903. Compare V. 91, p.
1513; V. 89, p. 1669.
Am erican River Electric Co — P r i c e P a i d . — San Francisco
papers state that the price paid the old owners for this prop­
erty , now part of the Western States Gas & Electric Co.
Southern Street R y .„ C h icago. — T o R e t ir e B o n d s .— See
(V. 91. p. 1578), was $1,375,000.— V. 91, p. 1575.
Chicago City & Connecting Rys. above.— V. 91, p. 1631.
A m erican Steel F ou nd ries.— N e w O f f i c e r s . — George E.
Susquehanna R a ilw a y, L ig h t & Pow er C o ., N ew Y o r k .—
Scott, formerly 3d Vice-Pres., has been chosen 2d Vice-Pres.
Bertron, Griscom & Jenks report:
to succeed W. W. Butler, who resigned, and R. H. Ripley,
R esu lts f o r H old in g C om pa n y— Y ears ending Oct. 3 1 .
4th Vice-Pres., will succeed Mr. Scott.— V. 91, p. 1513, 1443.
190 9-1 0.
190 8-0 9.
100 7-0 8.

" " T h e su it w as o n trial fo r 22 d a y s . T h e c o m p a n y ’s d efen se w as th a t th e
lin es w ere n o t c o m p e titiv e w ith in th e m e a n in g o f th e c o n s titu tio n an d th a t
t h e p a rallelism w as m erely g e o g ra p h ica l a n d th e co n s titu tio n a l p r o h ib it io n
d o e s n o t a p p ly In th e case.
J u d g e S n ip p . In a p p ro v in g th e fin d in gs, d e cla re d th e A c t a p p ro v e d
F e b . 19 1902 a u th orizin g th e co n s o lid a tio n a n d lease, the c o n s o lid a tio n
effe c te d Jun e 23 1902 an d th e lease e x e c u te d Ju n e 30 1902, a ll t o b e c o n ­
stitu tion a l a n d v a lid .— V. 01, p . 1031, 1090.

N et a c c r u e d fro m s u b s id ia ry c o m p a n ie s _____ $84 4,59 2
$072,198 $54 3,22 0
A n g lo-A m erican Telegraph C o .— P r o v i s i o n a l A g r e e m e n t f o r
D educt— F ix e d c h a r g e s ________________________ 24 9 ,8 4 9
2 48 ,793
245,813
G u a ra n ty .
►r D iv id e n d o n preferred s to c k ( 5 % ) _________ 20 4 ,6 1 0
20 4 ,6 1 0
2 04 ,610
F ^ R eserve f o r d e p r e c ia tio n ___________________ 115,793
34,742
-------B a la n ce, su r p lu s_______________________________ 2 7 4 ,4 0 0
184,053
92,803
T h e c o m p a n y still has o u ts ta n d in g $ 4 ,0 9 2 ,2 0 0 p re f. s to c k a n d $ 4 ,0 3 4 ,5 0 0
com m on .
C om p a re V . 9 1 , p . 653.

Syracuse (N . Y .) R apid T ran sit R ailw ay C o .— N e w S t o c k .

— The Public Service Commission, 2d District, has been asked
to approve an increase in the pref. stock from $1,250,000
(6% cum.) to $3,000,000. Of the $1,750,000 new stock, the
company desires to issue at this time $1,660,000 to cover
outstanding notes, $1,585,000 of which are owned by the
New York State Railways.
T h e C om m ission has also r e ce iv e d a p e titio n fro m th e N ew Y o r k S ta te
R y s . fo r a u th o r ity to a cq u ire th e $ 1 ,7 5 0 ,0 0 0 in crea sed c a p ita l s to c k a p p lie d
fo r b y th e S y ra cu s e R a p id T ra n sit R y . C o .— V . 8 8 , p . 507.

— Cable despatches announce a provisional agree­
ment with the Western Union Telegraph Co., by which the
latter will guarantee in perpetuity 3jkt% on the total capital
stock of £7,000,000. Compare Mackay Companies item,
V. 90, p. 1428.— V. 90, p. 1427.
Brooklyn & N ew Y o rk F erry C o .— N o t i c e to B o n d h o l d e r s .—
In view of the report on the status of the New York Terminal
Co., the successor company (see V. 91, p. 1633), holders of
this company’s $1,000,000 1st M. 6s are asked to communi­
cate with Joseph J. O’Donohue Jr. and Seymour L. Husted,
the mortgage trustees, 101 Front St., N. Y. City. The
coupons due in 1910 (J. & J.) were paid at maturity.—
V. 88, p. 233.

T on opah & T idew ater R R . — R e p o r t D e n i e d .— An official
Canadian L ig h t & Pow er C o ., M ontreal.— H o l d i n g C o m ­
of the company denies the report that the company is about p a n y . — See Montreal Tramways & Power Co., Ltd., under
to secure a lease of the Tonopah & Goldfield RR. or that “ Railroads” above.— V. 91, p. 1255, 655.
negotiations for that purpose are pending.— V. 86, p. 1287.
Chicago Junction R y s . & U nion Stock Y a rd s .— N e w D i r e c ­
U n ion Pacific R R .— $13,675,530 f r o m S p e c i a l D i v i d e n d .—■ t o r . — S. L. Schoonmaker has been elected a director to suc­
ceed Governor-elect Eugene N. Foss, who resigned.— V. 91,
See Oregon Short Line RR. above.— V. 91, p. 1513, 1448.
W a b a sh -P ittsb u rg h Term inal R y . — D e c i s i o n P e r m i t t i n g p. 1027.
C itizen s’ G as C o. of In d ian ap olis.— S a l e o f D e l i n q u e n t
B o n d h o l d e r s to W i t h d r a w B o n d s .— Judge Noyes in the U. S.
Circuit Court in this city on Dec. 16, in the suit of the Chaplin S t o c k . — The company sold at auction on Dec. 19 the 299
committee for the 1st M. bondholders, rendered a decision shares (par $25 each), being the amount of the $1,000,000
permitting bondholders, if they desire, to withdraw from the stock of the company which had been subscribed and not
Central Trust Co. bonds deposited under the reorganization fully paid for. The prices netted averaged 102^%. The
agreement of the Wallace committee.— V. 91, p. 1631, 1575. amount subscribed for on June 30 1910 was $932,775.
Compare V. 91, p. 1576, 520.
W e s t C hester, K en n ett & W ilm in g to n Electric R y .—
A t l e e C o m m i t t e e C o n t r o l S i t u a t i o n .— George B. Atlee & Co.,
Consolidated G as Co. of N . Y . — I n c r e a s e d D i v i d e n d R a te
Phila., stated on Dec. 17 that sufficient of the $420,000 bonds o f S u b s i d i a r i e s .— See New York Mutual Gas Light Co. below.
had been deposited with the committee they represent to — V. 91, p. 1632, 1162.
permit foreclosure. Compare Y. 91, p. 1575, 1631.
Corn Products R efining C o ., N ew Y o r k .— T o C o n s i d e r R e ­
W e ste rn N ew Y o rk & Pennsylvania Traction C o. — B o n d s d u c t io n o f C a p i t a l S t o c k . — The directors at a meeting held
O f f e r e d .— See bond offering of J. S. & W. S. Kuhn, Inc., on Dec. 20 appointed a committee, composed of James Speyer,
another page of to-day's “ Chronicle” ; also detailed state­ W. J. Matheson, C. II. Kelsey and E. T. Bedford, to con­
sider the suggestion made by some of the shareholders that
ment in Y. 91, p. 1162.
W e s t Penn Traction C o . — B o n d s O f f e r e d .— By advertise­ a reduction be made in the amount of the capital stock, con­
ment on another page, J. S. & W. S. Kuhn, Inc., Pittsburgh, sisting now of about $50,000,000 common and $30,000,­
Chicago, New York, Philadelphia, and their agents, Kuhn, 000 7% cum. pref. The pref. for the last three years
Fisher & Co., Boston, are offering this company's 1st M. has received dividends of only 5% per annum (6% having
5% gold bonds (tax free in Pennsylvania), dated June 1 1910 accumulated) and the common never has partuipited in
and due June 1 1960. Denominations $1,000 and $500c*. profits. Touching the assertion that the earnings have been
The bankers say: “This company furnishes transportation, equal to the full 7% on the pref. and 3% on the common
electric light and power in over fifty municipalities in the since 1906, a director says (“ Chicago Inter Ocean” Dec.. 18):
regards th o first fo u r ye a rs; th e c o m p a n y ’ s c o n s o lid a te d r e p o r t sh ow s
Connellsville coke region, Western Pennsylvania. It op­ to taA sl earnings
up t o F e b . 28 1910 o i $ 1 4 ,3 7 0 ,2 8 5 , fro m w h ich a r e d u c tio n for
erates over 157 miles of track. Its franchises extend for repairs,
b e tte rm e n ts, & c., has b e e n m ade a m o u n tin g t<5 $ 2 ,4 8 6 ,1 1 5 , lea vin g
o f $ 1 1 ,8 8 4 ,1 7 0 . D u rin g this tim e there has be e n p a id In d iv i­
990 years. Its service is practically exclusive. In 1909 its adennetd s profit
$ 6 ,4 2 1 ,7 6 4 , le a v in g a su rplu s o f $ 5 ,4 6 2 ,4 0 6 .
O f this to ta l $ 33 0,44 6
earnings were at the rate of $8,428 per mile of track operated, has been
e x p e n d e d In th e e r e ctio n o f t w o c a n pla n ts In c o n n e c tio n w ith t h e
which compares favorably with the average earnings per c o m p a n y ’ s syru p business in S t . L o u is a n d D a v e n p o r t, I o w a ; $ 2 ,4 7 5 ,0 3 6
been Invested In s to c k Interests In s u b sid ia ry co m p a n ie s an d $ 1 ,5 2 6 ,7 9 0
mile of track of the steam railroads in the United States for has
represen ted loan s and a d v a n ce s t o th e N a tio n a l S ta rch C o . T h e a m o u n t
the same period, which were about $10,500. The earnings a d v a n c e d t o th o N a tion a l S ta rch C o . w as largely fo r th e p u rp o se o f re­
ild in g tts prin cip a l w ork s a t O sw e go , w h ich w ere d e s tr o y e d b y fire dtirlng
of the property for the year ending Sept. 30 1910 were at the bu
th o a d m in istra tio n o f th e C orn P r o d u cts C o . an d o n w h ich there w as p ra c­
rate of $9,312 per mile of track operated, or an increase of tic a lly n o in su ran ce. I t w ill, th e re fo re , b e seen th a t th ere Is n o surplus
b le fo r d is trib u tio n o f p a y m e n t o f b a ck d iv id e n d s on th e p re f. s to c k .
approximately 10.5% over the calendar year 1909.” — a v Ta ila
h e earnings this y e a r w ill be m u ch les3 than th o se o f th e p re viou s o n e,
n o tw ith s ta n d in g th e fa c t th a t the c o m p a n y has been a b le t o keep Its fa c ­
V. 91, p. 1027
tories ru n n in g an d m ain tain Its full share o f the business t o a greater e x t e n t
W ilm in g to n (D e l.) N ew Castle & Southern R y . — S a l e o f th an h e r e to fo r e . W h ile c o r n has d eclin ed equ a l t o 2 5 % , th e de clin e In t h e
p
rice o f glu cose, re la tiv e ly sp ea k in g, has been n e a rly 5 0 % .
D e l a w a r e C i t y E n d o f R o a d .— Chief Justice James Pennewill
o f m a k in g im p ro v e m e n ts so m e w h a t o fit o f earnings Is a proper
on Dec. 19 oVdered the receivers to sell the Delaware City anTd hceo np soelicr vya tiv
e o n e , fo llo w e d b y m a n y Other, lea d in g Industrial c o r p o r a ­
end of the road at public sale. No date for the sale was set. tio n s . I f a c o n s e r v a tiv e sta te m e n t w as m ade as to th e v a lu e o f th e c o m ­
p a n y ’s assets It w o u ld b e seen th a t, all thing?, co n s id e re d , th e d iv id e n d s
The sale is to be advertised for three weeks.
be in g p a id Just at this tim e , w hile th e m a n a g e m e n t Is en g a g e d In th e b u ild ­
The foreclosure sale of the line between Wilmington and in g u p o f th e c o m p a n y and re sto rin g Its p r o p e r t y , s h o u ld b o v ie w e d w ith
Newcastle under the 1st M. of the Wilmington & Newcastle m uch s a tis fa c tio n .— V . 91, p . 1097.
Crucible Steel Co. of A m e ric a .— E a r n i n g s . — For the three
Ry. of 1896 for $150,000 was to take place yesterday.—
months ending Nov. 30:
V. 91, p. 1448, 1162.

Three
Months—

IN D U S T R IA L , G A S
A m erican

Cem ent

A N D M IS C E L L A N E O U S .

C o .,

Philadelphia. — D i v i d e n d s

S u s­

Net
Deprec., Res. for
Earnings.
&c. Contlns.

1 91 0.................. $ 1 ,022,759
1909
............. 1 ,4 1 0 ,9 0 6
— V. 91. p. 1449, 1097.

$ 3 3 7 ,9 7 0 5 20 .544
3 0 5 ,9 6 4
33,148

Preferred
Dividends.

(1 « % ) $ 4 2 7 ,6 3 8
(1 H % ) 366 ,569

Raalnce
Surplus.
$ 2 3 6,60 7
7 05 ,225

C uban-Am erican Sugar C o ., N . Y . — See “ Annual Reports.’ ’
— This company, which a year ago reduced its annual
dividend rate from 6% to 2%, has now omitted the Jan. . N e w S t o c k a n d B o n d s .— At the annual meeting on Dec. 20
there was authorized the issue of $1,598,887 new pref. stock,
1911 dividend. The directors say:
with 40% of new common as bonus. Shareholders of record
T h e c o m p a n y Is a ffe cte d b y th e sa m e c o n d itio n s th a t h a v e a ffe cte d e v e r y
n la n t In th e In du stry. S evera l o f th e c o m p a n ie s h a v e be e n o b lig e d t o c lo s e
Dec. 22 are entitled to subscribe for the new pref. (with said
their plan ts d u rin g the y e a r , a n d a ch a n g e o t m a n a gem en t an d c o n tr o l w as
bonus) at par, $100 a share, at the office, 15 Exchange Place,
m a d e In th e case o£ th e largest c o m p a n y . • I n a d d itio n t o th e lo w p rices
w h ich a ffe c te d all c om p a n ie s , th is c o m p a n y d u rin g th e y ear has had to
N. Y., on or before Jan. 10 to tho extent of 123^% of their
c a rry th e n e w ly c o n s tr u c te d N o rfo lk w o rk s, w h ich are o n ly lu st be g in n in g
respective holdings, common and pref. It is also proposed
t o b e c o m e p r o d u c t iv e , a n d It h a s also be e n o b lig e d t o m a k e Investm ents In
la n d s on th e H u d s o n an d In secu rities fo r Its o w n fu tu re p r o te c tio n .
In
to issue $1,600,000 bonds as below stated.
lew o t these p ast a n d p resen t c o n d itio n s th e d ire cto rs d o n o t feel th a t It
pen ded

w o u ld be c o n s e r v a tiv e t o re d u ce th e surplus w h ich th e c o m p a n y has alw a ys
m a d e It a p r a c tic e t o c a r r y .
In s p ite o f th e u n p re ce d e n te d ly b a d c o n d itio n s
o f th e y e a r , th e c o m p a n y m o re th a n earned all o f Its ch arges. In clu din g
$45 000 p a id Into sin kin g fu n d s fo r th e ca n c e lla tio n o f b o n d s , an d th e d ire c­
tors a re cbtattdent th a t th e c o n s tr u c tio n o f th e N o rfo lk w ork s w ill b e m o r e
th a n Justified, b y t h e resu lts. C o m p a re V . 91. p . 3 3 o .

A m erican

Coal

Products

C o .— D i v i d e n d

I n c r e a s e d .— A

quarterly dividend of 1% % has been declared on the $10,­
418,400 stock, payable Jan. 1 to stock of record Dec. 22,
placing the stock on a 6J^% annual basis, compared with
\ y 2 % quarterly (6% annually) previously since Jan. 1910



T h e new s to c k Is Issued fo r th e p u rp o se o f p r o v id in g fu n d s fo r th e d e v e l­
o p m e n t o f th e p r o p e r ty r e c e n tly a cq u ire d b y S an M anuel S u g a r C o ., w h oso
e n tire ca p ita l s t o c k , $ 1 0 ,0 0 0 , Is o w n e d b y the C u b a p -A m e r lc a n S u gar C o.
C o n d e n s e d E x t r a c t s f r o m C i r c u la r d a t e d N e w Y o r k , D e c . 1 0 1 9 1 0 .

N e g o tia tio n s th a t h a d be e n In pro g re ss fo r a d u m b e r o f years resu lted In
D e ce m b e r 1909 In th e p u rch a se o f th o S an M ah u cl E s t a t e an d tw o oth er
a d ja c e n t p ro p e rtie s, all lo ca te d In th e v ic in ity o f P u e rto P a d re , C u ba, a d ­
jo in in g th e C h aparra E sta te , an d a ggrega tin g 9 2,000 acres o f lan d , tog eth er
w ith fi sugar fa o to r y , ra ilro a d System , w h arf and o th e r accessories o f a su gar
p la n ta tio n , as w ell as th e greater part o f th e to w n o f P u e rto P a d r e . T h e
present plans fo r th e d e v e lo p m e n t o f th e p rop erties Inclu de th e co n s tr u c tio n
o f a m od ern sugar fa c to r y c a p a b lo o f g rin d in g 3 ,0 0 0 ton s o f ca n e a d a y , w ith
an ann ual o u tp u t o f a p p ro x im a te ly 3 00 ,000 bags o f su gar, th o e x te n s io n o f

Deo. 24 1910. j

n iE

C H R O N IC LE

tile presen t railroad system an d th e co n s tr u c tio n o f a d e e p -w a te r sh ip p in g
term in a l, en ab lin g th e c o m p a n y to sa ve e x p e n s iv e ligh te ra ge ch arges an d
m a k e oth er Im p orta n t econ o m ie s fo r th e S an M anuel an d C h aparra E sta tes.
T h e cash requ irem en ts o f the c o m p a n y to c a rry o u t these plans fo r th e
d e v e lo p m e n t o f th e p rop erties w ill a m o u n t to a b o u t 8 3 ,0 0 0 ,0 0 0 ; 0 0 % o f
w h ic h ,o r ,s a y , $1 ,8 0 0 ,0 0 0 , It Is p ro p o se d to p r o v id e b y th e sale o f th e c o lla t ­
eral trust b on d s o f this c o m p a n y and th e re m a in d e r th ro u gh th e sale o f Its
p r e f. s t o c k . A c o n tr a c t has been en tered in to fo r th e sale o f th e b o n d s.
A c o n s e r v a tiv e app raisal o f these p rop erties m a d e a t th e tim e o f their
a c q u is itio n p la ced th e excess o f v a lu e o v e r th e p u rch ase p rice a t n early
$ 7 0 0 ,0 0 0 , and It is p ro p o s e d t o issue a gain st this e xcess va lu e o u r c o m m o n
s t o c k to th e a m ou n t o f 4 0 % o f th e s u b scrip tio n s t o th e p re f. s to c k fo r use
in m ore r e a d ily cirectin g th e sale o f the p re f. s t o c k . [See A m . Su g ar R e f.
C o. in V . 01, p . 1572; also co m p a r e V . 90, p . 016 , 1046, 1680 ]

Empire District Electric C o . — M o n t h l y P r e f e r r e d D i v i d e n d .
— This subsidiary of the Cities Service Co. has declared a
monthly dividend of % of 1% on the pref. stock, payable
Jan. 1 to holders of record Dec. 20. It is announced that
hereafter dividends will be paid monthly to holders of record
on the 20th of each preceding month.— V. 91, p. 1032, G5G.
D iv id e n d s arc t o be p aid at th e rate o f M o f 1 % u n til all b a ck d iv id e n d s
(a m o u n tin g t o a b o u t 7 % ) are ta k e n care o f, an d then at the regular rate
o f 'A o f 1 % a m on th on th e first o f e v e r y m o n th to sto ck h o ld e rs o f re c o rd
o n th e 20th d a y o f ea ch p r e ce d in g m o n t h .— V . 91, p . 1632.

1713

i
S
,
?
/
' He ndo ns p rio r liens t o a to ta l o f $ 3 ,2 0 0 ,0 0 0 , w h ich w e
unr5,Pr s V}nc* " ' l l he re tire d o u t o f p r o c e e d s o f n ew issue.
rS o f t h ? ,n e w c o m p a n y a r c J o se p h I>. G reen h u t, P r e s .; H e n r y
rl0rrw n V i? n ' 4^ 1°tF c Siegel an d W m . II. C o o p e r, V ice -P re sid e n ts; B e n e d ic t
C. C a d d cn ^ande E : TR ! a^ o l f n c r ° n W> G rc e n h u t’ b e n ja m in H illm a n , F ra n k

Harrison Bros. Co., Philadelphia.— P r e f e r r e d D i v i d e n d .—
The directors have declared a dividend of 4% on the $1,500,­
000 7% non-cumulative pref. stock (the same as for 1910),
payable 1% quarterly as follows:
1% J a n . 2 to s to c k o f re c o rd D e c. 28; 1 % A p ril 1 t o s to c k o f r e c o r d M arch
28; 1 % p a y a b le J u ly 1 t o s t o c k o f r e c o rd Ju n e 28 ; 1 % p a y a b le O c t . 1 t o
s to c k o f r e co rd S e p t. 28.
D ividend Record. ( P er Cent) .
P r e f e r r e d _____________
7 y e a rly
O c t ., 1
O n c o m m o n , 9 Y % in 1899; n o n e s in ce .— V . 91, p . 1028.

4

’

4 '

Hudson River Electric Power Co.— R e p o r t o f R e c e i v e r s .—
The report recently filed by the receivers with the U.S. Dist.
Court for Northern New York, is confirmed as showing:
I m p r o v e m e n ts a t th e Spiers F a lls d am h a v e s te a d ily p rogressed , an d th e
.o a tlle o v c r fall a n d riv e r s e ctio n s has been c o m p le te d . U p t o O c t . 1

Flint (Mich.) Electric Co.— B o n d s C a l l e d . — The company, $47,412 had be e n e x p e n d e d In co m p le tin g th e d a m .
lease (o f th e U tic a p la n t, V . 87, p . 1535; V . 8 8 , p . 228) t o th e U tic a
controlled by Commonwealth Power, Railway & Light Co., & M1 he
o h a w k V a lle y R y . has been e x te n d e d d u rin g th e life o f th e r e ce iv e rsh ip ,
has called for payment on Feb. 1 at 105 and int. the 1st M. an d c o n tr a c ts h a v e been m a d e w ith B u rt O ln e y C anning C o. o f O n eid a,
F ru it C o . o f C a n a sto ta , a n d S w e e t, D o y le F o u n d r y C o. o f
5% gold bonds issued by the Flint Light & Power Co. under v o r k S ta te
t . A te n ta tiv e ag re e m e n t has also be e n r e a ch e d w ith G eneral
a mortgage to the American Loan & Trust Co., now the Sw Ka t ,c,r®v lieV,°’
’ ’F 01’nlAlln g f ° r s e ttle m e n t o f th e su it p e n d in g again st G eneral
J , 00,\ P- o05L m a k in g p r o v is io n fo r p u rch a se o f th e N o . 7
American Trust Co. The bonds will be paid at the office g c n e ia to r iit. Spiers
Falls, an d fo r fu rn ish in g b y th e e le ctric c o m p a n y t o th e
of the trustee.
receivers o f spare p o w e r in case o f n e e d , an d p u rch a se b y th e e le ctric c o m ­
m th e receivers o f surplus p o w e r in ca se o f need
Indianapolis (Ind.) Water Co.— B o n d s O f fe r e d i n E x c h a n g e . p aTn oytafro
l o p e ra tin g revenues o f all th e c o m p a n ie s fo r th e ilrst seven m on th s
White, Weld & Co., N. Y. and Chicago, and the Indiana Nat. o f 1910 a m o u n te d t o $ 4 7 7 ,0 7 0 , an increase o f $21 ,608 o v e r the sam e p er io d
1909; net in c o m e , $ 25 0,07 2; Increase, $2 6 ,5 0 8 ; d e ficit a fte r ch arges
Bank, Indianapolis, are offering holders of the $458,000 In
$79 ,7 3 1 , as c o m p a r e d w ith a d e ficit o f $ 1 0 6,76 6 in th e sam e p e r io d last
G% bonds, due May 1 1911, to accept said bonds on behalf y e a r. T o ta l cash o n h a n d S e p t. 30, $ 3 6 3 ,4 8 8 .
of the company at 101 and int. in exchange for the new “ first
D e c i s i o n . — The United States Circuit Court of Appeals in
and refunding” 4 1 4 % 30-year bonds at 97 and int., or about this city on Dec. 14 (Judge Lacombe writing the opinion)
a 4%% basis, int. to be adjusted to date of exchange.
affirmed the decision of Judge Ray who, in a decision filed
“ F irst an d refu n d in g m o r tg a g e ” g o ld 4 J ^ % b o n d s, d a te d Ja n . 1 1910
by creditors against the company and its controlled com­
an a d u e Ja n . 1 1940, b u t r e d e e m a b le a t 104 and in t. o n a n y in terest d a te o n
panies, held that the bankruptcy law does not apply to
n o tice .
P a r $1,000 (o * ).
In t. J . & J . T o ta l a u th . issue, $ 1 0 ,0 0 0 ,0 0 0 ,
o u t s ta n d in g, $ 1 ,8 2 0 ,0 0 0 ; reserved t o re tire p rio r lien s, d u e M ay 1 public service corporations.

1011 o r red eem a b le J u ly 1 1911, $ 3 ,1 8 0 ,0 0 0 ; reserved fo r a d d itio n s , e x te n ­
sion s and b etterm en ts up t o 8 0 % o f c o s t , $ 5 ,0 0 0 ,0 0 0 . T ru stees, B a n k ers’
1 rust C o ., N ew Y o r k , an d A lb e r t B a k er, In d ia n a p o lis.

Digest of Information Furnished by the Company.
T h e new b on d s are secured b y a m o r tg a g e o n th e en tire p r o p e r ty , s u b je c t
t o $ 4 5 8,00 0 1st M . 6s d u e M ay 1 1911 an d $ 2 ,4 4 2 ,0 0 0 gen . m tg e . 5s d u e
J u ly 1 1926 and red eem a b le on and a fte r J u ly 1 1911. T h e c o m p a n y has
h ad ou ts ta n d in g $ 1 ,0 0 0 ,0 0 0 3 0 -y c a r \ y 2% b o n d s, b u t 9 5 % o f these h a v e
b een e x ch a n g ed for b on d s o f tills issue an d the ba la n ce w ill be ex ch a n g e d
o r an e q u iv a len t a m o u n t o f cash d e p o s ite d w ith the trustee o f this issue to
p r o v id e fo r their retirem en t n o t later th an J u ly 1 1011.
T h e c o m p a n y furnishes th e o n ly p u b lic w ater s u p p ly in In d ia n a p o lis
an d c o n tr o ls so th o ro u g h ly th e o n ly a v a ila b le so u rces o f w ater th a t fu tu re
c o m p e titio n Is Im p racticable. T h e p r o p e r ty has been establish ed 40 years.
G ross earnings h a ve grow n fro m $334,033 in 1900 t o $68 7,57 3 In th e year
en d ed M arch 31 1910.
In th e latter year net earnings a m o u n te d to n early
2 yt tim es Ilx cd ch arges, an d in th e ilrst qu a rter o f th e cu rren t fiscal year
surplus o v e r ilx cd charges show s an increase o f 8 . 6 % .
S in ce 1900 4 0 % o f
th e p ip e sy stem , o v e r 5 0 % o f th e p u m p in g m a ch in e ry (ca p a c ity d o u b le
m a x im u m requirem en ts) an d th e en tire n itra tion plan t h a v e been installed
T h ere are 310 miles o f m ains, w ith 25,200 taps In a ctu a l s e rv ice . T h e c o m ­
p a n y furnish es a ltered w ater o b ta in e d fro m W h ite R iv e r , Fall Creek and
d eep r o c k w ells, tested d a ily .
F ran ch ise liberal an d has n o tim e lim it.
I n d ia n a p o lis has a p o p u la tio n o f 2 4 5 ,0 0 0 .— V . 91, p 1331.

T h e rig h t o f th e p u b lic in th e case o f p u b lic u tility co m p a n ie s , It Is h eld . Is
su perior to th a t o f c re d ito rs o f e v e r y class, “ w h ich lig h t c a n n o t be e x t in ­
guished b y th e p a y m e n t o f a d iv id e n d In m o n e y .”
T h e p u b lic s a fe t y a n d
c o m fo r t d e m a n d th a t w h a te v e r else m a y h ap p en th e c o r p o r a tio n shall n o t
m ake d e fa u lt o n p u b lic o b lig a tio n s . C on gress, it Is sa id , had n o In ten tion
to In clu de p u b lic serv ice c o r p o r a tio n s in th e en u m e ra tio n o f s e ctio n 4 o f
th e o rig in a l b a n k r u p tc y A c t o r as it w as am e n d e d in 1903. [Ju d ge R a y
w as ch airm a n o f tHe H ou se J u d ic ia r y C o m m itte e w h en th e b a n k r u p tc y
A c t w as p a sse d .— E d .] — V . 91, p . 1515, 874 .

International Nickel Co.— N e iv D i r e c t o r .— S. II. P. Pell
has been again elected a director.— V. 91, p. 972.
Jacksonville (111.) Gas Light & Coke Co . — C a l le d B o n d s . —
Two 1st M. 5% bonds of $1,000 each and six of $500 each
have been drawn for payment at 103 and interest on Jan. 1
at the Merchants’ Loan & Trust Co., 135 Adams St., Chicago,
trustee.— V. 80, p. 2223.
Landers, Frary & Clark (Cutlery, &c.), New Britain,
Conn.— N e w S t o c k . — Stockholders of record Dec. G 1910
have the privilege until and incl. Jan. 18 of subscribing at
Interstate Independent Telephone & Telegraph Co., par ($25) for $500,000 new stock, to the extent of one share
Joliet, &c., 111.— S u i t . — The receivers on Dec. 1G filed a suit for every three shares held by them respectively.
P a y m e n t In full m ust be m a d e o n or b e fo re F e b . 15 1911. T h e n e w s t o c k
in the U. S. Circuit Court charging former officers with
p a rticip a te in all d iv id e n d s d eclared a fter F e b . 15 1911. T h is w ill
having defrauded the company out of $1,231,000, $956,000 will
increase th e o u ts ta n d in g s to c k to $ 2 ,0 0 0 ,0 0 0 .
D iv id e n d ra te in 1908 an d
1909 said t o h a v e been 8 % (Q .-J .) and 6 % e x tra ; in 1910, (?) % . N o b o n d s .
of this being for “overestimate of the value of work done.”
F red. A . D olp h , on e o f tho re ce ive rs, has b e e n q u o t e d as h o ld in g o u t the
h op e th at the $59 ,7 5 0 interest on the 1st M . b o n d s O ct. 1 will e v e n tu a lly be
p a id . T h e c o m p a n y is said t o h a ve to its cre d it $43 ,000 cash; also so m e
865 ,0 0 0 a ccou n ts r e c e iv a b le , w h ich sh o u ld In part be c o lle c tib le . F o r the
yea r en d in g J u ly 1 1909 tho gross earnings w ere r e p o rte d as $ 38 1,01 5, an d
there was said to be a surplus o f $30,131 a fter ta xes an d b o n d Interest.
C om p a re V . 91, p. 1516.

P re s., C. F\ S m ith ; S c c .-T r e a s ., G . M . L a n ders.

New York Mutual Gas Light Co.— D i v i d e n d I n c r e a s e d .—
The company has declared a semi-annual dividend of 4%,
payable Jan. 7 to holders of record Dec. 28, compared with
3% semi-annually since July 190G. The Consolidated Gas
Grand Rapids (Mich.) Hydraulic Co.— D e c i s i o n o f F i n a l Co. owns $1,886,200 of the $3,436,600 outstanding stock,
and the increase in the dividend rate therefore amounts to
C o u r t U p h o l d s L e g i s l a t i v e A c t F o r f e i t i n g C h a r te r . — The U. S.
income semi-annually.
Supreme Court on Dec. 12 handed down a decision in the $18,862 additional
P reviou s D ividend R ecord S in ce 1893 ( P e r C e n t ).
quo warranto proceedings brought by the State of Michigan 1894-97. 1898.
1899
1900. 1901-05.
1906. 1907. 1908. 1909. 1910.
7
3
9 y e a rly 7
6
6
6
6
sustaining the contention of the latter that the company no 9 y e a rly 8
longer has a right to transact business, and also the Act of — V . 90, p . 7 0 2 .
Niagara Falls Power Co.— N e w S t o c k . — The company has
the Legislature forfeiting its charter passed in 1905. Com­
received authority from the Pub. Serv. Com., 2d Dist., to
pare V. 84, p. 1117, 934.
issue $1,534,000 common stock to provide for the discharge
T h e b on d h old ers o f th e c o m p a n y co n te n d e d th a t th e A c t w as u n co n sti­
tu tion a l and th at th o c it y c o u ld n o t o u s t th e c o m p a n y w ith o u t at least
of the outstanding 10-year 6% debentures.— Y. 91, p. 1331.
ta k in g o v e r th e pla n t at a fa ir v a lu a tio n .
Parker Cotton Mills Co., Greenville, S. C.— M e r g e r C o m ­
N e w M o r t g a g e T r u s t e e . — Judge Perkins at Grand Rapids,
p a n y C h a r te r e d . — This company, with a capital stock of
Mich., on Dec. 17, on petition of Milton C. Gray and John $5,000,000,
in shares of $100 each, was on Dec. 17 “ com­
F. Calder, who hold, it is said, $942,000 of the $980,000 missioned” by
the Secretary of State of South Carolina to
outstanding bonds, appointed Warren Hubbard of New York purchase,
erect and conduct cotton mills.
as trustee of the mortgage of Sept. 9 188G to secure an au­
T h e petition ers fo r the ch a rte r w ere: T h o m a s F . P a rk e r, L ew is W . P a r­
thorized issue of $1,200,000 bonds, to succeed the American ker, H . J . Ila y n s w o rth an d D avid J en n in gs, a ll o f G reen ville; J . H . M . B ea t­
tie, o f C olu m bia, an d M . L . M archant, o f G reer. C o m p a re V . 9 1, p . 1834.
Loan & Trust Co. of Boston.
Sealshipt Oyster System, Inc., Northport, N. Y., South
T h e step w as taken t o e n ab le th e b o n d h o ld e rs to tak e such m easures as
m a y b e d eem ed a d v isa b le to p r o te c t their Interests in v ie w o f th e d e cisio n
Norwalk, Conn.— I n c r e a s e o f S t o c k — A c q u i s i t i o n s . — The
referred t o a b o v e .— V . 84, p. 1117.
stockholders voted on Dec. 20 to increase the capital stock
Greenhut-Siegel Cooper Co., New York.— C o n s o l i d a t i o n .— from $3,000,000 to $4,500,000, making the pref. stock
The shareholders of the Siegel Cooper Co. (of N. Y.; capital $2,500,000 instead of $1,500,000 (of which $820,000 was out­
stock $1,000,000) and also the shareholders of the allied standing), and the common stock $2,000,000 instead of
corporation, Greenhut & Co. (incorp. in N. Y. Apr. 18 1907 $1,500,000; also to increase the directors from 9 to 11.
with $1,400,000 of auth. capital stock) voted Nov. 12, at
A ll o f th e a d d itio n a l $ 1 ,6 8 0 ,0 0 0 p re f. s to c k an d all o f th e $50 0 ,0 0 0 new
their offices, 288 and 301 Sixth Ave., N. Y. City, in favor c o m m o n s to c k w ill b e Issued t o a cq u ire 12 to 15 a d d itio n a l p rop erties, in ­
d in g th e tw o W a rre n , R . I ., p rop erties, so ld last w eek to tiie .Stratford
of a proposition to consolidate and merge said companies clu
O yster C o ., n a m e ly M assasolt O yster C o. h o ld in g s, so m e 332 acres o f o y s te r
into a single corporation under the laws of N. Y. State to land u n d er lease, and th e h old in gs o f F ran k W . S m ith , agg re g a tin g 350
w ith p o w e r b o a ts , & c. C on tracts fo r th e re m a in in g p ro p e rtie s are
be known as Greenhut-Siegel Cooper Co., and to have a eacres,
x p e c te d t o be c lo s e d b y J a n . 15. See full sta te m e n t, V . 91, p. 1634.
capital stock of $9,000,000 and a duration of 50 yrs.
A
rew S t o c k U n d e r w r i t te n — S t r o n g I n t e r e s t s E n t e r B o a r d .—
T h ese c om p a n ies, o f w h ich J o s e p h B . G reen h u t Is P re sid e n t, sh o u ld n o t
A syndicate headed by Hornblower & Weeks of N. Y. and
be c o n fo u n d e d w ith th e e n terp rises w h ic h are co n tr o lle d b y the Siegel
.Stores C orp ora tion .
G reen h u t & C o . In J u ly 1910 m ade a 4 Y % $1,200 000
Boston have underwritten $2,000,000 7% cumulative prefm t g e ., d u e A u g . 10 1910, to th e N ew Y o r k L ife In s . & T ru st C o ., c o v e r in g
stock, part of which will probably be offered to the public
N os. 295 t o 303 S ix th A v e . O n D e c. 14 1910 the new c o m p a n y Hied a m tge
w ith th e Central T ru s t C o ., as tru stee, co v e r in g their r e a lty h o ld in gs o n
at an early day at 95. Associated with Hornblower &
6th A v e . betw een 9th a n d 10th s t s ., to secu re $ 0 ,0 0 0 ,0 0 0 6 % g o ld b o n d s ’
Weeks are interests identified with the United Fruit Co.
d a ted D ec. 1 1010, d u e J u ly 1 1935, b u t s u b je c t t o call o n a n y interest d a te
and several banking firms of Boston and New York.
a fter D eo. 1910; Int. J . & J . T h e new b o n d s arc d e scrib e d as a (list m tg e




1714

T H E C H R O N IC LE

T h e b o a r d as reorg a n ize d to In clu de the n e w in terests e m b ra e ts : L . C.
B r o o k s (P r e s id e n t), F . S . B e a rd s le y , G . L . B r o o k s , I ). K . C ole, A lv a h
C rock er o f the C ro e k e r-B u rb a n k P a p e r C o .; H e n r y H o rn b lo w cr, B o sto n ;
E . F . H u lb ert, T . F . M a n ville o f H . W . John s-M anviU c C o ., also d ire cto r
F o u rth N a t. B a n k , N ew Y o r k ; A . VV. P re sto n , P res. U n ited F ru it C o .;
C h as. G . U lce o f N . W . Hloe C o ., d ir e cto r U . S . M achine C o. an d d ire cto r
F irst N a t. B a n k , B os to n ; E d w a rd T h o m p so n , V .-P r e s . B a n k o f N o rth p o r t, N . Y .; II. O . U n d e r w o o d , P res. W . A . U n d e rw o o d C o ., d ire cto r
U n ited Fruit C o . a n d O ld C o lo n y T ru st C o ., B o s to n .
O f the iln a n cc c o m m itte e o f liv e m em bers o f the b o a rd , th ree, o r a m a­
j o r i t y , will be M essrs. U n d e rw o o d , R ic e and I lo r n b lo w e r .
V . 91, p . 1034.

[VOL.

L X X X X I.

b o n d s h a v e be e n u sed In the c o n s tr u c tio n o f a n ew p o w e r pla n t an d lln t i
n ecessary to m e e t th e r a p id ly Increasing business. T h e sto c k h o ld e r s h a v *
r e c e n tly su b scrib e d fo r $100,000 o f th e p r e f. s to c k a t 95 an d p aid fo r $ 7 1 ,5 0 0 ,
th e b a la n ce be in g tak en as r e q u ir e d . T h e c o m p a n y is n o w c o m p le tin g a
new llr c -p r o o f s ta tio n d esign ed fo r 8,0 0 0 h . p ., in w h ich th ere are b ein g
Installed steam tu rbin es o f 6,000 h . p. c a p a c it y a n d w a te r-tu b e b o lle i*
e q u ip p e d w ith a u to m a tic c o a l h an dlin g m a ch in e ry . T h e c it y has en tered
in to a 10-year c o n t r a c t fo r ligh t w h ich runs u n til N o v . 1 1919. T h e c o m ­
p a n y is o w n e d a n d m an aged b y lo ca l sh areh olders, m o s tly S p rin g field
a n d C olu m bu s m e n .
E a rn s. Oct. 31 Y r . - 1909-10. 1908-09.1
190 9-1 0. 190 8-0 #.
G ross e a rn in g s ___$18 6,72 9 $161,883 In t. 365 0,00 0 b d s . $ 3 2 ,5 0 0
$ 3 2 ,5 0 *
N e t e a rn in g s______ 70,2 4 7
56,121 | S u r p lu s ___________
3 7 ,7 4 7
23,621
— V . 91, p . 468.

F i r s t D i v i d e n d . — An initial semi-annual dividend of 3^ %
on the pref. stock has been declared payable Jan. 5 1911 to
holders of record Dec. 31 1910.— V. 91, p. 1634.
Standard Cordage Co., New York.— N o t i c e to F i r s t M o r t ­
Sh elby Iron C o.— D i v i d e n d s R e s u m e d . — A dividend of g a g e B o n d h o l d e r s . — Foreclosure proceedings having been be­
2
has been declared on the §1,000,000 stock, payable gun under the 1st M., the following committee, appointed in
Jan. 10 1911 to holders of record Dec. 27 1910. The last 1909, requests all holders of the 1st M. bonds to deposit th*
distribution was 5% on May 20 1907, the same rate having same with the Title Guarantee & Trust Co., 176 Broadway:
been paid in 1906 and 1905.— V. 86, p. 1104.
H o ra ce L . H o tc h k is s , C h airm an, 27 W illia m S t ., N ew Y o r k C ity; Charles
O rv ls, 60 B r o a d w a y , N . Y . C ity; Frank B a ile y, V ic e -P r o s . T itle G uaran­
South P ittsbu rgh (P a .) W a te r C o.— F i r s t D i v i d e n d . — An E
tee A T ru s t C o .; W . J. B. M ills, 36 W all S t ., N . Y . C ity .; w ith Jam es G .
initial dividend of 1
has been declared on the §3,000,000 H u r ty , S e e ., 27 W illia m S t ., N . Y . C ity; D eck er, A lle n A S to r m , a tto r n e y s ,
stock, payable Jan. 3 to holders of record Dec. 24.— V. 87, — V . 91, p . 1517, 1163.
p. 420
Standard Milling Co,— T e n d e r s A s k e d f o r B o n d s o f S u b s i d i ­
a r y . — The Franklin Trust Co. of Brooklyn, trustee under th*
Southern Bell Telephone & Telegraph C o ., N ew Y o r k .—
Ilecker-Jones-Jewell Milling Co. 1st M. 6% dated Aug. 27
B o n d s O f f e r e d . — N. W. Harris & Co., N. Y. and Boston;
Kidder, Peabody & Co., N. Y. and Boston, and the Harris 1892, proposes to invest the proceeds of sale of two properties
Trust & Savings Bank, Chicago, offered publicly on Dec. 19 recently disposed of, amounting, it is understood, to about
at 96 and int., yielding 5.27% income, the unsold portion §175,000, in the purchase of bonds of that issue at the lowest
of the present issue of $10,000,000 30-ycar 1st M. sinking price obtainable, not exceeding, however, the redemption
fund 5% gold bonds, dated Jan. 1 1911 and due Jan. 1 1941, price of the bonds, namely 110 and accrued interest. Hold­
but redeemable as an entire issue, but not any part thereof, ers of the bonds are requested to submit tenders to the truste*
at 105 and int. on Jan. 1 1916, or any interest date there­ on or before Dec. 27.
erties so ld w h ich h a v e b e e n released fro m th e lien o f th e m ortg a g *
after on 60 days' notice. Int. J. & J. in N. Y. Par §500 areT htheepJrop
r o o m e an d L ew is streets, M a n h a tta n , an d th e Jew ell
and §1,000 c*&r. Bankers’ Trust Co. of N. Y., trustee. m ill a t F uonltoesn manilld aFt uBrm
a n streets, B r o o k ly n . T h e re w ere at last a c c o u n t*
The N. Y. Stock Exchange, it is stated, will be asked to list $ 1 ,4 4 3 ,0 0 0 o f th e Issue o f b o n d s o u ts ta n d in g .— V . 91, p. l l o 9 , 877 .
these bonds. The company owns and controls the entire
Sulzberger & Sons Co., Successor (by Merger) to SchwariBell telephone business in the Southeast Coast section of the schild & Sulzberger Co., New York.— P r e f . S l o c k O v e r ­
United States, an area rapidly increasing in population and subscribed.— Hallgarten & Co., New York, and William
wealth. All the §10,000,000 bonds have been disposed of.
Salomon & Co., New York and Chicago, offered for public
subscription on Friday the unsold portion of §3,500,000 7%
A b s t r a c t o f L e t t e r f r o m P r e s i d e n t VV. T . G e n t r y , N e w Y o r k , D e c . 12 1 9 1 0 .
cumulative pref. stock at 9 9 and accrued dividend (see
T h is c o m p a n y w as In co rp o ra te d In N . Y . S ta te In D e c. 1879.
I t ow n s
an d c o n tr o ls th e en tire Hell te le p h o n e business in th e r a p id ly gro w in g
advertisement on another page). The subscription books
S ou th ea s t C oast s e ctio n o f the U n ite d S tates, co m p r is in g th e S tates o f V ir­
were opened at 10 a. m. and were closed promptly, the issue
gin ia, N orth C a rolina, S o u th C a rolin a, G eorgia. A la b a m a , H o n d a an d part
o f W es t V irgin ia .
Its sy ste m Is c o n n e c te d b y th e lo n g -d is ta n ce tru n k lines
being heavily over-subscribed. The stock was offered simul­
o f th e A m e rica n T e le p h o n e A T e le g ra p h C o. ru n n in g th rou gh Its te rrito ry
taneously by Adolph Boissevain & Co. in Amsterdam,
w ith th e B ell sy stem in th e U nited S tates. T h e said A m e rica n c o m p a n y
ow n s $ 2 1 ,3 9 1 ,3 0 0 o f th e $ 3 1 ,4 0 0 ,0 0 0 o u ts ta n d in g s t o c k .
D iv id e n d s at
Holland, where the subscriptions were more than twice the
th e ra te o f 0 % p er an n u m h a v e been p a id since 1900.
amount expected. The stock was also heavily subscribed
Total
Am ount
Owned by
for in Chicago, where subscriptions were received by the
C a pitaliza tion—
A u th orized . O utstanding. A m .T .& T .
S to ck U llv s . p a id . 6 % y r ly . sin ce ’00) .$ 3 0 ,0 0 0 ,0 0 0 $ 2 1 ,4 0 0 ,0 0 0 $2 1 ,3 9 1 ,3 0 0
Continental & Commercial Trust & Savings Bank. The
F irst m ortg a g e 5 % b o n d s ____________ 5 0 ,000,000
1 0 ,000,000 ........ ........... stock is preferred both as to assets and dividends and is re­
O f th e $ 5 0 ,0 0 0 ,0 0 0 1st M . b o n d s a u th o riz e d , th e rem ain in g b o n d s ($ 4 0 ,­
0 00 ,000 ) In excess o f th e present o u ts ta n d in g ca p ita l s to c k m a y be issued
deemable at the option of the company at 125 and accrued
fo r ex ten sion s, a d d ition s , A c ., b u t to an a m o u n t n o t e x ce e d in g at par the
dividend. Dividend Q-J. Par §100.
a m o u n t o f cash p aid in o n a c c o u n t o f fu rth er Issues o f s to c k ; p r o v id e d ,
fu rth er, th a t th e c o m p a n y d u rin g th e previou s ye a r shall h a v e earned net
at least tw ice th e Interest ch arges o f all bon d s o u ts ta n d in g d u rin g th a t y e a r.
T h e $1 0 ,0 0 0 ,0 0 0 b on d s n ow so ld are Issued fo r th e p u rp o se o f ret ring
a p p ro x im a te ly $ 2 ,5 0 0 ,0 0 0 floatin g d e b t o w n e d b y th e A m e rica n T e le p h o n e
& T elegra p h C o. Incurred In th e d e v e lo p m e n t an d e x te n s io n o f th e c o m ­
p a n y ’s s y s te m . T h e re m a in in g p ro ce e d s will be used to p r o v id e fo r fu rth er
ex ten sion s, a d d ition s an d im p ro v e m e n ts . T h e se b o n d s w ill, in o p in io n o f
co u n s e l, b e secu red b y a first m o rtg a g e o n the entire p r o p e r ty an d franchises
o f th e c o m p a n y . T h e present re p la ce m e n t v a lu e o f th e p h ysica l p ro p e rty
a lo n e , w ith o u t con sid erin g g o o d -w ill o r franchises, has been co n s e r v a tiv e ly
a p p ra ised at o v e r $ 2 3 ,0 0 0 ,0 0 0 , or o v e r tw ice th e o u ts ta n d in g b o n d s,
rhe
v a lu e o f th e p r o p e r ty w ill, o f cou rse, be still fu rth er Increased b y the e x ­
p e n d itu re o f a large part o f th e pro ce e d s fro m th e sale o f the b o n d s now
offered
A sin k in g fu n d o f 1% o f th e bon d s issued w ill be p aid and a pp lied
t o th e c a n ce lla tio n In a n y year In w h ich su fficien t b o n d s fo r th a t p u rp ose
ca n b e p u rch a sed at o r u n d er par.
E a rn in g s fo r Calendar Y ea r 1910, L a st 2 M o s. E st. [with present In t. Charge].
G ross r ev en u e ____________ $ 6 ,0 0 0 ,0 0 0 1In terest on a b o v e b o n d s . $50 0,00 0
N et earn in gs, alter t a x e s . 1,700,000 ( S u r p l u s — - - - ------ ■- 1,200,000
T h e net earnings are o v e r three tim es the 1st M . b o n d in terest, e ven prior
t o th e Issue o f these b o n d s an d b e fo re th e In vestm en t o f a large part o f the
p roceed s th e r e o f in fu rth er a d d itio n s , exten sion s, A c . T h e o p e ra tin g e x ­
penses fo r th e y ea r 1909 in clu d e $ 1 ,5 9 0 ,0 0 0 ch a rg e d to m ain ten an ce an d
fo r 1910, $ 1 ,8 2 0 ,0 0 0 , in ea ch case b ein g o v e r 3 0 % o f the gross earnings.
E a rn in g s f o r the L a st F iv e Calendar Years (Last Tw o M o s . 1910 E s t.).
1910 (es t.).
1909.
1908.
1907.
1906.
$ 6 ,0 0 0 ,0 0 0
$ 5 ,2 3 0 ,6 6 6
$ 4 ,6 1 2 ,4 5 6
$ 4 ,3 9 0 ,6 0 0
$3,7 0 3 ,4 2 7
T h e p o p u la tio n o f th e te r rito r y se rve d b y th e c o m p a n y Is e stim a te d at
o v e r 12,000,000 .
T h e c o m p a n y op e ra te s te le p h o n e exch a n g es in p ra c­
tic a lly e v e r y c it y an d to w n in this te rrito ry , all o f w h ich are c o n n e c te d b y
lo n g -d is ta n ce w ires. A m o n g th e cities se rve d a rc R ic h m o n d , N o rfo lk ,
W ilm in g to n , C h arleston , S a v a n n a h , A tla n ta , J a c k s o n v ille an d B irm in gh am ,
w h ich sh ow an a v era g e Increase o f 6 4 % In p o p u la tio n In 1910 o v e r 1900.

C ross

In crea se in V a r. L in e s , 1900 t o 1909, Indicating P ro sp erity o f these States.
G rain p r o d u c t s __________________ 5 8 % I C o tto n c r o p (b a le s )---------------------- 4 5 %
M in eral p r o d u c t s ________________ 9 3 % |B ank d e p o s its ____________________169%
Growth o f B u sin ess, & c .. Stations D ec. 31 1905 to 1909 and O ct. 31 1910.
N o . o f S tation s— O c f . 3 1 ’ 10.
1909.
1908.
1907.
1906.
1905.
O w n e d __________________ 159,029 141,484 124,767 118,411
107,756 87,150
S e rv ice an d c o n n c c t e d -1 3 4 ,959 119,918
86,5 7 6
37,336
27,1 0 6 19,510
T o t a l ............... - ..............293,988 261 ,402 211,343 155,747 134,862 106,660
M iles o f line, A c ., O ct. 13 1910 an d Increase since D e c. 31 1909: M iles
p o le lines, 14,782, In c., 790; c o p p e r w ire o n poles, 150,000, In c., 1 0 ,500;
o th e r w ire on p oles, 100,000, In c., 4 ,000; u n d ergrou n d w ire, 167 ,000 , I n c .,
4 000
T h e p r o p e r ty Is in e x ce lle n t p h ysical c o n d itio n , a d d itio n s to t h e
p r o p e r ty d u rin g th e past 5 years h a v in g been 3 1 0 ,6 3 0 ,6 1 1 . T h e c o m p a n y
ow n s a large a m o u n t o f v a lu a b le real estate an d rights o f w a y o v e r p r iv a te
p r o p e r ty In th e d ifferen t S ta te s, as w ell as franchises In all o f th e cities an d
tow n s In w h ich It op e ra te s .— V . 91, p . 1635, 468 .

Springfield (O .) L ig h t, H e a t & Pow er C o. — B o n d s O f fe r e d .

— E a r n i n g s . — Hayden, Stone & Co., Boston and N. Y., and
O’Connor & Kahler, N. Y. and Chicago, are offering at
97)4 and int., yielding 5.22% income, the unsold portion of
an issue of §350,000 1st M. gold 5s, due Feb. 1 1929, but re­
deemable at 105 on any int. date on or after Feb. 1 1914
(V. 89, p. 353; V. 91, p. 468). A circular shows:
C a pitaliza tion .
C om m o n s to c k , a u th o rize d an d Issu ed ____________________________$1,0 0 0 ,0 0 0
P referred s to c k ( 6 % ) , a u th o riz e d , $ 1 ,0 0 0 ,0 0 0 ; is su e d ............... ..
71,500
F irst M . b o n d s, a u t h ., $ 2 ,0 0 0 ,0 0 0 ($ 1 ,3 5 0 ,0 0 0 reserved und er
strin g en t re s trictio n s ); Issued_________________________ - ................
650 ,000
T h is b o n d Issue Is secured b y a "first lien o n all p r o p e r ty , rights and fra n ­
ch ises n o w o w n e d an d h e r e a ftw a cq u ire d . T h e p ro ce e d s o f these $35 0,00 0




Abstract

o f L e t t e r f r o m P r e s . F: c r d in a n d S u l z b e r g e r , N e w Y o r k , D e c . 1 0 ’ 1 0 .

Sulzberger A Son s C o ., a N . Y . c o r p o r a tio n , has re ce n tly m erged S ch w a rzsch ild A Sulzberger C o ., thus a cq u irin g all their p r o p e r ty a n d bu sin ess.
Capitalization— Total Outstanding Stock, $ 2 8 ,7 2 0 ,0 0 0 .
7 % cu m u la tiv e pref. s to c k (p re f. as to assets and d i v s .) : au th o r­
ized, $12 ,0 0 0 ,0 0 0 ; u n issu ed , $ 3 ,2 8 0 ,0 0 0 ; Issued (ln cl. s to c k
e m b ra ce d In present sale) — -----------------------------------------------------$ 8,720,00#
C o m m o n s to c k (all Is s u e d )-------------------------------------- --------------------- 2 0 ,0 0 0 ,0 0 *
T h e a u th o rize d issue o f p referred s to c k c a n n o t be Increased b e y o n d
the present a u th o rize d a m o u n t ($12,000,00.0) w ith o u t th e co n se n t o f tw o third s o f each class o f s t o c k ; b u t in o th er resp ects th e h olders o f th e p ref.
s to c k are n o t e n title d to v o te unless th e c o m p a n y be in d e fa u lt fo r on e year
In the p a y m e n t o f the d iv id e n d s th e re o n .
U n d er the ch a rte r th e $ 3 ,2 8 0 ,0 0 0
o f unissued p re f. s to c k ca n be Issued o n ly fo r cash at par.
I he proceed s
o f th e present sale o f p r e f. s to c k w ill be used prin cip a lly fo r th e retirem en t
o f bills p a y a b le . A p p r o x im a t e ly $60 0,00 0 w ill be used (to g e th e r w ith a
bo n u s o f $60 0,00 0 fu rn ish ed b y O k la h o m a C ity an d o th e r loca l interests)
In the co m p le tio n o f the new p a c k in g pla n t n o w in p rocess o f e re ction a t
O k la h o m a C ity . A ll th e c o m m o n s to c k and a p o r tio n o f th e o u ts ta n d in g
p re f. s to c k are o w n e d b y F erd in an d .Sulzberger an d m em bers o f his fa m ily .
T h e c o m p a n y w ill a p p ly fo r the listing o f Its p re f. s to c k u p o n th e N . Y ,
and C h icago s to c k e xch a n g es.
A ssets J a n . 1 1910, as p er Consolidated B a lan ce Sheet o f Scltwarzschild A
Sulzberger C o.
[F rom B a lan ce sheet certified by P r ic e, W aterhouse & C o ., chartered acc’ts.]
R e a l estate, b u ildin gs and plan t (In depen den t app ra isal, after
d e d u ctin g renew al an d d e p re cia tio n f u n d ) ------------------------------ $ 9 ,6 5 4 ,2 1 6
A d d ’ l N . Y . C ity real esta te o w n e d b y s u b . c o .(e n t ir e s tk . o w n ed )
1,2 6 3 ,2 5 *
R e frig e ra to r am i o th e r R R . cars and o th e r p r o p e r ty o f s u b . c o s .
(en tire s to c k o w n e d )------------------------ ----------— ............- ................
1,870,991
Q u ick assets: M erch andise, $ 8 ,2 4 2 ,0 6 2 ; a c c ’ ts an d bills r e ce iv ­
a b le , $ 3 ,4 0 9 ,7 9 6 ; ca sh , $ 3 ,2 0 7 ,6 2 3 ___________________________ 14,859,481
In su ran ce, Interest an d d isco u n ts p re p a id , an d m iscell. in vests.
3 4 6 ,9 9 7
T o ta l assets (w ith o u t ln c l. a n y a llo w a n ce fo r g o o d -w ill, A c .) .$ 2 7 ,9 9 4 ,9 3 5
O utstanding indebtedness J a n . 1 1910 (In case proceeds o f present sale o f pre­
ferred stock w ere applied to reduction o j bills payable) .
C urrent a c c o u n t s -------------------- ----------------$ 1 ,1 0 8 ,4 1 7
Bills p a y a b le (a b o u t eq u a led b y cash In b a n k , $ 3 ,­
2 0 7 ,6 2 3 ) ____ ______ _______________ - - ______ 3 , 2 0 0 ,1 0 7
T e n -y e a r d eb en tu res (ln cl. $20 6 ,0 0 0 a cq u ire d b y
c o . since J a n . 1 1 9 1 0 )----------------------------------------------j . u o i . oou ^
N et assets b eh in d the $ 8 ,7 2 0 ,0 0 0 p re f. s to c k n o w o u t — . — - - — $ i 8 ,„8 o ,361
T h e c o m p a n y 's p a ck in g p lan ts a rc u n e n cu m b e re d , a n d th e sam e Is tru#
o f l t s p r o p e r ty aru 1*th a t o f Its su b sid ia ry cm .npanles e x c e p tin g fo r $10 5,00 0
o f lease v
m atu red
b erg e r°C o )\ n atu rIiig J u n e T lo T o , o f w h ich $ 5 ,1 9 5 ,0 0 0 arc n ow o u ts ta n d in g
(sec offerings In V. 83, p . 498; V . 8 4 . P- 394; V . 88 p. 1563)
T h e q u ick
assets arc re a d ily c o n v e r tib le in to ca sh .
A su fficien t reserve fo r ba d d e b ts
has been d e d u cte d fro m the Item o f a c c o u n ts a n d bills r e ce iv a b le , and o *
th e a vera ge th e m erch an dise Is co n v e r te d in to cash in less th an a m o n th .
D escrip tion
o f B u sin ess E stablish ed
in
1853.
Sulzberger A S o n s C o. is o n e o f th e fo u r largest p a ck in g co m p a n ies i »
th e U n ited S ta te s. T h e present p r o p e r ty Is v e r y largely th e result o f a c ­
c u m u la te d profits, th e c o m p a n y h a v in g p ursued fo r m a n y years the p o lic y
o f k eep in g its earnings in the business rather than o f p a y in g d iv id e n d s t o
s to c k h o ld e r s.
It has large p a c k in g p lan ts o f the m o s t a p p ro v e d ty p e in
N ew Y o r k , C h icago an d K ansas C ity , and Is erectin g a n o th e r large p a c k in g
p la n t at O k la h o m a C ity .
Its p la n t In N . Y . C ity occu p ie s tw o c it y b lo c k s
o w n e d in fee (e x c e p t in th e case o f a p o r tio n o f the w ater fr o n t, w h ich is
u n d e r lea se ), b o u n d e d b y First A v ., 45th an d 47th streets and E ast R iv e r .
Its presen t plants h a v e a co m b in e d c a p a c ity o f 100,000 c a ttle , sh eep and
h o g s per w eek, an d Its gross business is a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 per a n n u m .
I t has (either d ir e ctly or th ro u g h su b sid ia ry co m p a n ie s all o f w h ose s to c k
It h olds) 112 d istrib u tin g pla n ts, b y m eans o f w h ich an d o f its refrig era torc a r serv ice It distribu tes Us p r o d u c t t o o v e r 850 cities an d to w n s In tn *

Dec. 24 1910.]

T H E C H R O N IC LE

U ftlted S ta tes. I t d o c s an Im p o rta n t e x p o r t bu sin ess, h a v in g bra n ch es an d
agencies in m a n y o f th e cities o f G reat B rita in a n d E u ro p e .
I t also ow ns
o v e r 1.700 railroa d cars, o f w h ich o v e r 1,300 a r c refrig e ra to r cars.
P r o fits o f Schw arzschild & Sulzberger G o. f o r Three Y ears P r io r to J a n . 1 1910
[T h e net p rofits are sh ow n a fter d e d u ctin g Interest o n all In d ebted n ess,
a llow a n ce h a v in g first been m a d e fo r a p p lic a tio n o f pro ce e sd o f present sale
o f prelerred s to c k to the p a y m e n t o f bills p a y a b le ; b u t b e fo re d e d u ctin g
a m o u n t cre d ite d t o d ep re cia tio n an d ren ew al fu n d .)
Total G ross In t. on D eb. N et P ro fits
CovereA— _
„ ,
P r o fits .
& Other In t. as A b o ve.
1907 (13 m os . en d . Ja n . 31 1 9 0 8 )---------- $ 1 ,7 3 4 ,1 3 6
$58 5,24 7 $ 1,148,889
1908 (11 m os. en d . D e c. 31 1 9 0 8 )-------- 2 ,3 2 8 ,1 9 4
498,144 1 , 830,050
1909 (12 m os. en d . D e c. 31 1 9 0 9 )-------- 2 ,6 7 0 ,0 5 0
518,210
2,1 6 0 ,8 4 6
Y e a rly a v e r a g e ---------------------$ 2 ,2 4 7 ,1 2 9
$533,867 $1,713,262
1 he am ou n ts carried fro m th e net p ro llts as sta te d a b o v e t o th e d e p re cia ­
tio n anil renew al fu n d d u rin g th e last three years (e x clu s iv e o f a ctu a l e x­
pen d itu res fo r m ain ten an ce) a g g re g a te d $ 1 ,0 1 1 ,4 6 4 .
T h e op e ra tio n o f th e new p a c k in g pla n t a t O k la h o m a C ity sh o u ld result
n a m aterial Increase in p r o llts .— V . 90, p .1 0 1 8 , 981.

• ^(T.H.)Symington Co., Baltimore. — N e w P r e fe r r e d S t o c k . —
This company, manufacturer of railroad specialties, recently
offered to its stockholders $500,000 of a total authorized issue
of $2,500,000 8% pref. stock, of which $1,000,000 had al­
ready been sold at par for cash and $1,000,000 reserved for
bond conversion.
T h e p roceed s w ill be used fo r Im p rovem en ts t o the pla n t a t R o c h e s te r .
N . Y . , an d fo r a d d itio n a l w o rk in g c a p ita l. T h e plan t o Issue $ 1 ,0 0 0 ,0 0 0
7 % cu m . pref. s to c k an d $300,000 1st M . 6s, d a te d 1909 an d d u e 1924,
teem s to h a v e been su perseded, th e o n ly p re f. shares at presen t b e in g th e
8 % Issue a b o v e describ ed ; w hile th e b o n d s o u t are $900,000 1st M . c o n v e r ti­
b le 6 % g old b on d s d a te d J u ly 1 1910, d u e J u ly 1 1920. T h e c o m m o n
( t o o k is $ 1 ,0 0 0 ,0 0 0 . C om p a re V . 89, p . 477, V . 8 8 , p . 882.

1715

th e large c o n s u m in g m ark ets o f P h ila d e lp h ia an d su rro u n d in g te r rito r y ,
Cen tral a n d S o u th e rn N . J . a n d D e l.o C o n tro ls p r a c tic a lly all o f th e knowm
a v a ila b le d e p o s its o f m agn esiu m lim eston e In this te r rito r y ; a n d m a n u ­
fa ctu re s a n d sells a p p ro x im a te ly 6 0 % o f th e lim e and lim e p r o d u c ts c o n ­
su m ed th erein , th e a m o u n t s te a d ily Increasin g. P r o d u cts h a v e been used
o n th e W a s h in g to n T e rm in a l. N . Y . C entral T erm in al, P en n . R R . T e rm lnait, a n h a tta n <5s H u d so n T erm in al an d M etrop olitan L ife B u ild in g , N . Y .
t h e c o m p a n y ’s lim eston e d e p o sits a b o v e natural drain age are su fficien t
a t th e p resen t ra te o f o p e ra tio n t o last p r a c tic a lly 300 years. A n engineer
has v a lu e d these p rop erties a t $ 1 ,0 4 8 ,9 6 7 . T h e c o . ’s real estate In W il­
m in g to n co n sists o f several b lo ck s o n th e w ater fro n t an d In h e a r t o f t h e c lt y ,
l*® Si u 1ci p ^1
P roperties co n n e c tin g w ith all th e p rin cipa l railroads,
i n P h ila d e lp h ia It leases, w ith o p t io n to b u y , w h a rf a n d storage p r o p e r ty
o n S c h u y lk ill R iv e r , an d o w n s w h arf N o . 9 a t f o o t o f W a ln u t S t. T h ese
real esta te p ro p e rtie s, p lan ts a n d e q u ip m e n t h a v e been v a lu e d a t $86 8,88 1.
f l o a t i n g e q u ip m e n t: O ne s a n d -d re d g in g an d w ash in g m a ch in e ; 10 large
sanu barges, o n e tu g b o a t an d a h alf Interest In a n o th e r tu g b o a t . A lso has
a large s t o c k Interest In S e cu rity C em ent & L im e C o. (V . 89, p . 1416), In
b o u n t y Coal & M in ing C o. an d th e D ia m o n d I c e C o ., w h ose p r o d u c t !
it m a rk e ts o n a p ro fita b le basis.
F fS p er ties o f Charles W arner C o ., V alued at $ 1 ,4 9 3 ,1 9 8 over R ea l E st. M tges
L im e pro p e rtie s an d plants ($840,767) ,and ilo a tln g e q u ip . ($53,300) $ 894,067
K eai est. p lan ts a n d e q u ip . In W ilm in g to n an d P h ila d e lp h ia
599,131
f o t a i d o e s n o t Inclu de th e c o m p a n y ’s Investm en ts in o th e r c o r p o r a tio n s .
has n o b o n d e d d e b t an d n o n e ca n be cre a te d w ith o u t th s
c o n s e n t o f 7 5 % o f th e first p r e f. s to c k o u ts ta n d in g .
E a rn in g s f o r C alendar Y ears as C ertified by Chartered A ccou n tan ts.
1909.
1908.
---------$ 3 5 0 ,1 6 6 $316,8621 In t. a n d e x t r a o r .. $ 6 6 ,6 7 0
$ 71 ,467
N e t (a fte r ta x e s,& c) 209,464
189,293 |Surplus fo r d l v s . . 142,794
117,806
i
o^s<>rd u r
tb,? P a n ic y e a r 1908 w ere e q u iv a le n t to 17 % a n d du rin g
2 f / o ° n th e first p re f. s to c k n o w t o be Issued. T h e earnings fro m
t ™1-®l0 !1® p r o d u c ts a lo n e h a v e , fo r th e last fo u r years, a v e ra g e d su fficien t
P n 'v ld e n d o n th e p resen t Issue o f first p re f. tw ice o v e r . T h e first
Pa y Iloatl,n ? d e b t , furnish a d d itio n a l w o rk in g capital
™ r1hPfnPPhnlO n f business an d fo r o th e r c o r p o r a te p u rp o se s. T h e first
P
, ,s f 2
id,ers c *ect { 0 lir o f th e ten d ire cto rs .
T h e en tire W a rn er
fa m ily Interest is represen ted b y 2d p re f. an d c o m m o n s t o c k .

Tennessee Copper Co.— D i v i d e n d s R e s u m e d . — A dividend
of 6% ($1 50) has been declared on the $5,000,000 stock,
W e lsb ach Co.
I n i t i a l P r e f e r r e d D i v i d e n d . — A semi-annual
payable Jan. 26 1911 to holders of record on Jan. 10 1911,
a distribution of 5% ($1 25) having been made on Dec. 23 ’09 dividend of 3 y 2 % has been declared on the $1,225,000 new
P revio u s D ividend R ecord (P e r C e n t).
7% cumulative preferred stock, payable Dec. 31 to holder*
J u ly '03. Jan.’ 04. J a n :05. July '06. Jan.’ 07. Aug.'07. F e b :08. S e p t:08. D ec.’09.
of record Dec. 28.— V. 91, p. 721.
5%
_ 5%
5%
5%
5%
8%
5%
5%
5%
W e ste rn U nion Telegraph C o .— R e p o r t e d G u a r a n t y A r r a n g e ­
Torrington (Conn.) Company.— S t o c k D i v i d e n d s . — The
notice of the meeting called for Dec. 27 to increase the m e n t . — See Anglo-American Telegraph Co. above.— Y. 91
common stock from $2,000,000 to $2,200,000 gives substan­ p. 1636, 1451.
tially the following information, which confirms the report
W e stin g h o u se Machine G o . — M e e t i n g A d j o u r n e d .— T he
that a 10% stock distribution is contemplated:
special meeting of the stockholders to consider an increase in
It Is p ro p o s e d t o pu rch ase fro m the E x c e ls io r N eedle C o . the M etall
the indebtedness of the company and for other purposes has
vraaren G csellsch aft m .b .H . fo r $20 0 ,0 0 0 , an d t o p a y fo r th e sam e b y the
been adjourned to Dec. 29.— V. 91, p. 1636, 1518.
Issue t o th e E x celsior N eedle C o. o f th e n e w capital s to ck a m o u n tin g at par
t o $20 0 ,0 0 0 . A s the in v e stm e n t o f the E x ce lsio r N eedle C o. in th e M cta llw aaren G csellsch aft m .b .H . represents a ccu m u la te d earnings, the E x ce lsio r
N eed le C o. p roposes t o declare a d iv id e n d o f the s to c k r e c e iv e d in p a y m e n t
for Its Interest in th e G erm an c o m p a n y , a n d It w ill, w hen re ce iv e d b y th e
lo r r l n g t o n C o ., be d istrib u te d as an a d d itio n a l d iv id e n d a m o n g th e c o m ­
m o n stock h old ers o f th e T o r r in g to n C o .— V . 91, p. 1635, 965 .

W h itn e y

C o ., N orth C arolina.— S a l e C o n f i r m e d .— Judge

Pritchard on Dec. 17 entered a decree for the Circuit Court
of the Western District of North Carolina confirming the
foreclosure sale of the partially completed hydro-electric
Union Ferry Co., New York.— C i t y A s k e d to P u r c h a s e .— plant and other property to the reorganization committee for
The company, which operates 5 lines between New York and $490,250. See plan in V. 91, p. 1636.
W o rcester (M a ss.) Electric L ig h t Co — I n c r e a s e o f S to c k
Brooklyn, this week notified the Sinking Fund Commission
that it may soon be compelled to go out of business and re­ A p p r o v e d . — The Massachusetts Gas & Electric Light Com­
quested the city to take over its property. The letter says: missioners have approved the issue at $200 per share of
“ T h e c it y m ust fa ce the pro b le m o f eith er d is co n tin u in g the ferries, w ith
$200,000 additional capital stock, the proceeds to be used
the resultant d a m a g e t o p r o p e r ty , or ta k in g them o v e r and ru n n in g them
for the construction of a new power plant and modifications
as a m unicipal en terp rise. A n y th in g sh o rt o f sale t o the c it y w o u ld be a
of the distributing system.— V. 89, p. 1071.

f a f f ^ W o o ^ (T t ^ e com pany^'and th en O p e ra te th tffe r r lc s <” ,nak0 an ° ‘ rer ° f a
N o v ^ l ^ l O O ^ a n ^ M a y 'l

°

faI1,n* 0,1 b e t ”

Union Switch & Signal Co., Swissvale, Pa.— S u b s c r i p t i o n
R ig h ts,
stockholders of record Dec. 31 are offered the right
to subscribe for $500,000 new stock to the extent of one-fifth
of their holdings of both pref. and common stock, at $75 per
$50 share, payable $25 each on or before Jan. 10, March 10
and May 10 1911, or optionally in full at any time before
May 10 1911 except when the stock transfer books are closed.
N o s to c k shall p a r ticip a te In d iv id e n d s u n til p a id fo r In full and until
surrender o f a n y receipts Issued fo r th e Installm ents o f the pu rch ase price
paid th e re o n .— C o m p a re V . 91, p. 1635, 1333.

United States Playing Card Co., Cincinnati and N. Y .—
8% to 9%.— The directors on
Dec. 10 declared a quarterly dividend of 2 y % on the $3,­
600,000 stock, payable Jan. 1 to holders of record Dec.(?.)
tins increases the annual rate from 8%, established Jan. 1
1905, to 9%. John Omwake is Pres, (also Pres, of U.S.
Printing Co.) N. Y. office, 685 Broadway.— V. 79, p. 2090.
Utica (N. Y.) Gas & Electric Co.— R o n d s . — The company is
seeking authority to issue $500,000 of the $5,000,000 refund­
ing and extension mtge. 5s; amount now out, $2,000,000
(V. 86, p. 726).— V. 87, p. 541.
^(Charles) Warner Co., Wilmington, Del.— N e w S t o c k . _
This Delaware corporation, engaged chiefly in manufacturing
and selling lime and limestone products, increased in July
last its capital stock from $5,000,000 to $7,000,000.
F i r s t P r e f . O f f e r e d . — J. S. Wilson Jr. & Co., Baltimore,
Henry & West, of Philadelphia, and F. D. Lackey & Co., of
Wilmington, Del., recently offered $570,000 of 1st pref. cumu­
lative 7% stock, preferred both as to assets and dividends.
Tar $100. Dividends payable Q.-J. Convertible into com­
mon stock at par at holder’s option, and redeemable, all or
part, at option of the company, at any dividend period upon
^>,c
o!10t lce
nnd accrued div. A circular shows:
D i v i d e n d R a te I n c r e a s e d f r o m

, _ ,
A u th orized . O utstand’a.
SonnVr
iLfprrnH
rCSCrVC<1 fo r fu
tu re
-------$
1,250,000
$a6 q
8.2,40
0
u
tio iK i p
r c ic r r c a’ 600
-----------------------------------------_
750 000
i qnn
COAn"iOn.(i5 2 ,!)? ? ,<)00h^ f? rC O nv-.<?f Jst * 2d p r e f.) 5,0 0 0 ,0 0 0
1,8 2 4 ,5 0 0
A ll lcgul m atters p ertain in g to tills Issue o f p re f. s to c k h a v e been nassed
V £ ? n b y J oh n G . J oh n son o f P h ila d e lp h ia ; W f illa V lI U lc s , o f V V U m l p K
D e l., an d C a rey, P ip er & H all, o f B a ltim o re .
^ K
A b s tr a c t o f L etter from P res. A . D . W arn er. W ilm in g to n . D e l.. Ju n e 25 ’ 10
O rganized u n d er law s o f D el. In 1885; enlarged In 1908 to co n s o lid a te th e
num erou s allied Interests. T h e business, a lw a ys u n d er W a r n e r fam i v
m an a gem en t, w as establish ed in 1774. M a n u factu res an d sells lim e an d
lim eston e p r o d u c ts , ce m e n t, p la ster an d san d , sh ip p in g on the a v e r a g e 125
ca rloa d s o f m aterial each 24 h o u rs, a m o u n tin g to o v e r 3 ,0 0 0 to n s .? d a y
The sales o rg a n iz a tio n a c t iv e ly c o v e r s the s e ctio n fro m V irgin ia to M aine
east o f the A lle g h e n y M ts. P rin cip a l o ffic e s , W ilm in g to n , P h ila
N v*
an d B o s to n .
G ross sales fo r th e past y e a r $ 2 ,0 9 2 ,5 4 2 .
’
’
’
1 rln clpal pla n ts: “ C ed ar H o llo w ," near M alvern , P a .; “ C a ta nach ”
a d jo in in g Cedar H o llo w ; “ M c C o y ,” near B r id g e p o r t, P a ,, an d " C o x ’ ’ near
P ly m o u th M eeting, P a , all in th e m a g n e s iu m lim e belt o f th e C h ester a n d
P ly m o u th v a lle y s In E a stern P e n n s y lv a n ia an d so lo ca te d as to c o n tr o l




— A. L. Ober and Jed Ii. Flanagan announce their asso­
ciation in the firm of Ober, Flanagan & Co., investment
bankers, with offices at 427 First National Bank Building,
Chicago. They will deal in real estate mortgages and
municipal, public utility and high-grade railroad ancftraction
bonds. Mr. Ober is a well-known Minnesota capitalist who
controls a chain of State and national banks in that State
and North Dakota. He is President of the Ober-Kingsbury
Grain Co., with 19 elevators, and President, also, of the
Minnesota Fire Insurance Co. Mr. Flanagan has three
years’ experience in charge of the bond department of
Butler & Swords, Chicago and Indiana.
A “ Daily Digest Service” of current financial news was
recently established by the Moody Manual Co., New York,
and, we are informed, is already a success. The digest
is furnished on a sheet 8)4x21 ^ inches, which for the issue
dated Dec. 10 contains references to matters of interest per­
taining to some 93 railroad and other corporations, in con­
nection, in most cases, with the name, issue and page of the
financial newspaper in which fuller particulars are given.
—Ussing, Scoville & Co., bond dealers of Pittsburgh, have
opened a Philadelphia office in the Real Estate Trust Bldg,
under the direction of Messrs. Halstead Rhodes and Charles
II. Le Maistre, who have been admitted to an interest in
the Philadelphia business. Messrs. Rhodes and Le Maistre
were formerly connected with the Philadelphia office of the
late firm of Mason, Lewis & Co. of Chicago and Boston.
-The firm of H. Iv. Taylor & Co. of Hartford, which
started business Jan. 1 1905, has been dissolved; a new firm
has been formed under the same name and includes Harry
K. laylor and James N. II. Campbell. The firm will con­
tinue to deal in Government, municipal, railroad and other
high-grade investment securities and to transact stock orders
on the large markets which it will reach by private wire.
— Kean, Taylor & Co. are offering to investors Chicago <fc
North Western gen. M. 4s, 1987, yielding about 4.05%;
Long Island RR., Stewart Line 4s, 1932, yielding about
4.40%; Colorado & Southern By. ref. 4 y , s , 1935, yielding
about 4.70%; Erie RR. prior lien 4s, 1996, yielding about
4.75%; Chicago Great Western 1st 4s, 1959, yielding 4.75%;
Lackawanna Steel conv. deb. 5s, 1915, yielding about 7.25%.
See advertisement.
— Walter E. Haskin lias resigned his position as Manager
of the Chicago office of Plympton, Gardiner & Co., and C.
Edgar Finney has been appointed his successor. ^Mr. Finney
was for several years Chicago Manager for Goldman, Sachs
& Co.’s office, 205 La SalleJSt.^

(]VOL. L X X X X I.

T H E C H R O N IC LE

1716

3P te I f l i w t M

^ itw x s.

COMMERCIAL EPITOME^
F r i d a y N i g h t , D e c . 23 1910.
Trade continues to adhere closely to conservative methods,
a fact which is clearly revealed by the weekly reports of bank
exchanges. “ Look before you leap” is the motto every­
where in a very particular sense. The easy rates for money
themselves appear to indicate diminished general trade. A
hopeful feature is the large exports, revealed partly in some
decline in rates for foreign exchange to which cotton exports
have notably contributed.
LARD on the spot has advanced under the stimulus of a
smaller movement of live hogs to market than had been ex­
pected, a rise at times in live-hog quotations, an advance in
the market for lard futures and light offerings of product.
Trade has been quiet. Prime Western 11.15c., Middle
Western 11.05c. and City steam 10^@10%c. Refined lard
has also advanced and sales have latterly increased some­
what. Continent 11.30c., South America 11.75c. and Brazil
in kegs 12.75c. The speculation in lard futures here has been
dull. At the West the trading has been active, with the
general drift of prices upward. There has been heavy cov­
ering of shorts; also, packers have purchased, while the selling
has been in the main merely profit taking.
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN N E W Y O R K .
S a t.
M on.
T n es.
W ed.
T h urs.
F ri.
10.70
10.70
10.90
11.07
10.95
J a n u a r y d e liv e r y _______ 10.55
M a y d e liv e r y _______ ____ 10.30
10.40
10.50
10.7 0
10.65
10.56
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN C H I C A G O .
S a t.
M on.
T u es.
W ecl.
T hurs.
F r i.
10.40
10.57
10.87
10.80
10.70
J a n u a ry d e liv e r y _______ 10.30
M a y d e liv e r y ___________ 10.0 2 y3 1 0 .0 7 ^ 1 0 .1 5 ^ 10.45
10.32
10.25

C

O

T

T

O

N

.

23 1910.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
361,069 bales, against 417,201 bales last week and 400,593
bales the previous week, making the total receipts since
Sept. 1 1910 5,694,904 bales, against 4,899,482 bales
for the same period of 1909, showing an increase since Sept. 1
1910 of 796,412 bales.
F r id a y N ig h t, D e c .

G a lv e sto n ______
P o rt A r t h u r ------T exa s C ity , & c _ .
N ew O rle a n s ____
G u l f p o r t ________
M o b ile _________
P e n s a c o l a _______
J a ck s o n v ille , & c.
S a v a n n a h _______
B r u n s w i c k ______
C h a r le s t o n _____
G e o r g e t o w n ____
W i lm i n g t o n ____
N o rfo lk ________
N e w p ’ t N ew s, &c
N ew Y o r k _____
B o s t o n ________
B a ltim o re ____
P h ila d e lp h ia —

Sat.

M on.

T u es.

W ed .

Tlitirs.

10,636

10,618

27,391

11,153

11,459

10,612

10,825
13,764

11,131

13,986

786
13,113

2,207

1,398

3,225

f,1 5 2

1,078

8,186

617
10,330

12,139

10,526

8,8 2 6

3,266
17
5,113
5,313

2,142

1,854
- -2,748
3,430

2,2 1 5
25
1,211
6,214

1,425
7,701
6,162

78
778

638

47
325
—

3,811
5,953

.

328

_.

1,482

F r i.

Total.

11,135
6,000
13,385
14,023

82,392
6,000
24,996
76,629

1~,809
15,443
350
8,948
5,500
2,674

10‘, 8 69
15,443
967
58,955
5,500
13,576
42
23,613
31,056
287
125
4,021
6,598

3,029
3,984
287
470
6,598

- - - -

42,162

63,478

67;967

49,051

44,776

93,635 361,069

The following shows the week's total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:

PORK on the spot has been quiet and firm. Mess $21 50
@$22, clear $20@$22 and family $23@$24 50. Beef has
R eceip ts to
T h is S in ce S ep
This S in ce S ep
been firm and in moderate demand. Mess $14 50@$15;
D e c . 23.
w eek.
1 1909.
1 1910.
191Q.
w eek.
1909.
packet $16@$1G 50; family $17 50@$18 50, and extra India
222,813
mess $30. Cut meats have ruled firm, with trade somewhat G a lv e s to n ------------- 82,392 1 ,968,934 81,268 ,716,851
6,927
95,194
68,527
6 ,0 0 0
h u r --------larger than recently. Pickled hams, regular, ll)^@14c.; TP eo xr ta sA rCtity
198,434
24,534
987
, & c . . 24,996
pickled bellies, clear, 144^@17j^c.; pickled ribs, 13jkt@ N ew O rle a n s____ 76,629 878,798 33,523 668,610 248 ,480 167,078
723
7,981
8,489
8,489
o rt ------------15J^c. Tallow has been dull and steady at 7j/@. for City. G uolfp
165,285
62,691
176,874 10,104
52,973
b i l e ___________ 10,869
Stearines have been quiet and firm; oleo 9J4@924C- and lard M
89,980
15,443
58,463 11,02 1
P e n s a co la ________
1,553
27,731
967
15,683
113^0. Butter has been quiet and easy; creamery extras J a ck s o n v ille , & c . 58,955
196,133
1 ,063,293 27,709 ,084,532
122,818
29b£@30c. Cheese has been dull and steady; State, whole SBarvuannsnwaich k------------2,480
180,159
160,091
21,741
6,913
5,500
.............
182,200
43,378
40,925
milk, colored, Sept., fancy, 15^c. Eggs have been quiet C h a r le s t o n _______ 13,576 239 ,218 7,277
709
25
42
698
G e o r g e t o w n ____
and easier; Western firsts 34@35c.
15,439
22,428
7,659
263,380
321 ,242
W ilm in g to n ____ 23,613
OIL.— Linseed has declined with trade dull. City, raw, N o r fo lk ___________ 31,056 416,824 14,994 356 ,349 30,229 39,283
9,083
2,784
341
287
N
’
p
o
r
t
N
ew
s,
&
c
.
American seed, 90@91c.; boiled 91@92c.; Calcutta, raw. N cw Y o r k _______
270 ,340
142,938
3,003
185
3,756
125
5,919
1,806
$1. Cottonseed has been irregular, with demand more B o s t o n ___________ 4,021 20,419
4,687
180
14,170
12,432
35,254
2,241
65,660
6,598
B
a
ltim
o
re
________
active; winter 7.75@8c.; summer white 7.30@7.65c. Cocoa- P h il a d e l p h i a ____
3,050
3,824
627
25
50
nut has been quiet and steady; Cochin 10%@103^c.; Ceylon
849 ,870
T o t a l ___________ 361 ,069 5,6 9 4 ,9 0 4 208 ,499 4,8 9 8 ,4 8 2 1,123,077
9 }4 @9 %c. Olivo has been quiet and steady at 90@95c.
Corn has been less active and easier at 6.85@6.90c. Lard
In order that comparison may be made with other years,
has been quiet and steady; prime 95c.@$1; No. 1 extra we give below the totals at leading ports for six seasons:
65@70c. Cod has been in good demand and firm; domestic
53@55c.; Newfoundland 55@58c.
1908.
1907.
1906.
1905.
1909.
1910.
R eceip ts at—
COFFEE on the spot has been easier, with small jobbing
112,900
112,642
69,046
108,137
81,268
82,392
G
a
lv
e
sto
n
—
sales to the interior. Rio No. 7, 13^@13J^c.; Santos No. 4, P t. A rth u r, <5cc. 30,996
9,756
1,498
11,526
8,249
7,914
90,683
49,830
1 3 %@ 1 3 %c. West India growths have been quiet and N ew O rle a n s.
93,865
33,523
92,991
76,6 2 9
4,778
12,529
15,272
8,924
10,104
10,869
generally steady; fair to good Cucuta 13%@13%c. The SMaovba ni lne a_______
27,044
45,686
56,826
43,911
27,709
58,955
___
19,648
speculation in future contracts has been less active, with a re­ B r u n s w ichk ___
2,946
11,047
25,748
2,480
5,5n0
2,572
2,699
4,966
4,036
7,302
actionary tendency in prices at times, owing to liquidation C h arleston , &c 13,618
4,322
6,599
15,583
10,743
7,659
for local, outside and foreign account. Also there has been W i lm i n g t o n .. 323.613
15,794
24,988
19,908
15,200
14,994
1 ,0 5 6
738
296
568
150
341
287
less disposition to buy after the sharp advance in prices. N ’ p o r t N ., &c
8,561
3,917
9,550
28,939
15,205
27,154
The sluggishness of the spot trade has also been a factor, A ll o t h e r s ____
making for a setback in quotations for futures. The foreign T o t a l this w k . 361.069 208 ,499 351,736 349 ,925 298 ,196 216 ,263
markets have also shown depression at times during the S in ce S e p t. 1 . 5 ,694,904 4 ,898,482 5,9 8 7 ,3 8 3 4 ,7 6 2 ,0 6 6 5 ,758,043 5 ,054,473
week. The “ Brazilian Review” published a statement re­
The exports for the week ending this evening reach a total
cently that the speculative position at Santos has become
of 281,278 bales, of which 153,821 were to Great Britain
dangerous, owing to overbuying.
25,893 to France and 101,564 to the rest of the Continent.
D ecem b er _____ 11.0 0 c . A p r i l ------------------10 .9 5 c. A u g u s t __________ 10.71c.
J a n u a r y .................. 1 1 .0 0 c . M a y ......................} 2 -5 ? C- S e p t e m b e r _____ 1 0.64c.
Below are the exports for the week and since Sept. 1 1910.
F e b r u a r y ________ 1 1 .0 0 c . J u n e ------------------1 0 .8 4 c. O cto b e r _________10.54c.
M a r c h .....................1 1 .0 0 c .

J u ly

. . . ..............10.78o.

N o v e m b e r _______ 1 0 .5 2 c.

From Sept. 1 1910 to D ec. 23 1910.
Week ending Dec. 23 1910.
SUGAR.— Raw has been quiet and somewhat easier
Exported to—
Exported to—
Centrifugal, 9G-dogrees test, 3.98% c . ; muscovado, 89-degrees
Exports
ContiGreat
ContiGreat
from —
test, 3.48J^c.; molasses, 89-degrees test, 3.23J^c. ^ Refined
Total.
Total. Britain. France. nent.
Britain. F r ’nce nent.
has been quiet and steady. Granulated 4.80c. Teas have
595,459
1,495,199
193,998
705,742
67,137
20,916 6,122 40,099
—
ruled firm, with a moderate demand for small lots. Spices Galveston
95,194
53.846
15,559 25,789
6,000 6,000
Port Arthur___
9,450 173,517
have been quiet and steady. Hops have been firm, though Texas
715 24,025 150,805 13,262
City, &c. 24,210
624,082
140,973
58,104
425.005
45.280
10,215
Now O rleans.. 28,569 6,496
less active. Wool has been dull and firm.
35,296
82,017
31,310 15,411
21,375 21,375
PETROLEUM.— Trade has been of small proportions but PMeonbsaileco..............
15,675
58,563
32,650 10,238
15,300
la ------ 15,300 ____
prices have ruled steady. Refined, barrels 7.40c., bulk 3.90c G u lfp o r t ......... 22 nut) — 12,631 34*697 206,947 6*5,410 258,697 531,054
-----and cases 8.90c. Gasoline has been in good demand and Savannah
74,140
52,288 126,434
17,781
Brunswick------ 17,781
10,949 9,900
70,451
91,300
firm; 86 degrees in 100-gallon drums 1 8 % c . ; drums $8 50 Charleston-----2*7,025 113,543 32,015 139,937 285,495
12,725
14,300
extra. Naphtha has been fairly active and steady; 73@76
10,400
1,338
1,448
11,848
1,338
degrees in 100-gallon drums io^c.; drums $8 50 extra.
_____
9*8*84*1 32*4*,628
2*.096 6*390 175,264 50,423
*550
3,744
New
Y
o
rk
----Spirits of turpentine has been quiet but firmer at 79j^@80c. Boston ......... 3,906
65,976 ____
3,906
5,095
71,071
10,217
3,204
4,249
36,055
49.476
Rosin has been quiet and firm; common to good strained B a ltim ore----3,250
999
30,321 . . . . .
2,426
32.747
155 2,185
—
2,030
$6 05.
—
.........
^ TOBACCO.— The market for domestic leaf has been quiet
30,501
2*. 887 2,887
__ __ 30,501
18,854
803
18,854
803
and few look for any activity until after the turn of the year,
_
_
0,43!;
6,439
T a co m a .........
when it is believed cigar manufacturers will feel more dis­
400
400
.........
____ ...........
............ .........
—
posed to replenish supplies of leaf. Prices have been firm.
.........
~ 500
- ” 566
-f-Detroit
.
Sumatra and Havana have been quiet and firm.
COPPER has: been quiet and steady; lake 1 2 % @ l 2 % c . ,
. 153,821 25,893 101,561 281,^/8 i2,059,334 477,754125722131 |4J1’)9,219
electrolytic 12>3@12.G0c., casting 12W@12%c. Lead has
. 71,497 12.0991 43J6 ) 120,201 1.361.899 602,07f ll.48d.0l 13,5352884
been dull and steady at 4.45@4.55c. Spelter has been dull
In addition to above exports, our telegrams tb-night also
and lower at 5,50@5.65c. Tin has been more active and
firmer at 38.20c. for spot. Iron has been quiet and steady; fiv j us the folo.in g amounts of cotton On shipboard, not
No. l l Northern $15 25©$15 50, No. 2 Southern $15 25. cleared, at the ports named, We add similar figures for
New York.
SteeFhas been easier, though more active.




Dec. 24 1910.1

T H E C H R O N IC L E
On S h ipb oard , N o t Cleared Jor—

D e c . 23 at-

Ger­
Other
m an y. F oreign

Coast­
w ise.

8,189
31,412
2,400

17,427
22,881

10‘, 500

3',666
4,050

873 48,614
3,7 5 0 107,173
900
7,800
1,000
6,000
800 25,500
13,000 16,000
3,900
18,000

Great
B ritain. F ra n ce
N cw O rlea n s.
G a lv eston —
S a v an n ah ___
C h arleston —
M o b i l e _______
N o r f o l k _____
N ew Y o r k ___
O th er p o r t s ..
T o ta l 191 0.
T o ta l 1009.
T o ta l 1 00 8.

11,258
21.584
2,650
2,000
10,150
3.000
1.000
10,000
61,642
43,514
90,432

MOO
53,701
25,861
29,545

10,867
27,546
1,850

‘ 200
8,000
55,558
02,333
69,549

l ’.s o o
41,763
29,889
55,712

Total.

L ea vin g
S to c k .

20,323 232,987
32,4 3 0 194,027
24,304 275,542

199,866
108,501
188,333
37,378
37,191
14,229
266,440
37,892
890 ,090
655,843
833,651

Good mid. tin ged.c Even
Strict mid. tinged. .0.15 off
Middling tinged__ 0.25 off
Strict low.m kl.ting .0.00 off
Low mid. tinged__ 1.50 off
Middling stained__ 0.75 off

The official quotation for middling upland cotton in the
New York.market each day for the past week has been:
D e c . 17 to D ec. 23—
M id d lin g u p l a n d s . . . ..........

S at.
...1515

Alon
Tnos
15°25
15.15

o/

,,

$

15

Thm*Q
1M 5*

Fri
15 15

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 23 for each of the past 32 years have been as follows:

1 9 0 5 ..
1 9 0 4 ..

.15 1 9 0 2 -C -.
190 1____
190 0_____
189 9. ____
1898_____
1897_____
1896_____
189 5_____

.75

1 9 0 9 ..
1 9 0 8 ..

,

.30
.70
.55
.10
.60
.60

. . 8.75
. . 8.56
..1 0 .3 1
. . 7.56
. . 5.88
_ . 5.94
_ . 7.12
. . 8.25

1 8 9 4 .C ..
189 3____
1892____
189 1____
1 89 0 ____
188 9 ____
188 8 ____
188 7____

. . . 5.69
. . 7.91
. . 9.88
. . . 7.94
. . . 9.19
. .1 0 .2 5
. . . 9.75
. .1 0 .6 2

1 8 8 0 .0 ........... 9.44
1885__________ 9 .2 5
188 4_________ 11.12
188 3_________ 10.38
188 2_________ 10.31
188 1_________ 12.00
188 0_________ 11.94
187 9_________12.50

; m a r k e t AND SALES AT NEW YORK.
• The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
I<or the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
1S p ot M arket
j Closed.
S a t u r d a y ..
M o n d a y ___
T u e sd a y . .
W edn esda y
T h u r sd a y .
F r i d a y ____
icJr
T o t a l ___

F u tu res
M arket
Closed.

S t e a d y _______
Q u iet, 10 pts. a d v . . V e ry s t e a d y .
Q u iet, 10 pts. d e c . . S t e a d y ..
Quiet ___ :__ ___ B a re ly s te a d y
Q u iet . .
S t e a d y . ..........
Q u i e t _____ ______ _ S t e a d y _______




Sales o f S p ot and Contract.
C onC on­
S p ot. su m ' 11. tract.

l ’,390

1,390

—

Total.

t‘,366
400

4,3 0 0
1, 90

M OO
6,700

M 00
6,700

12.800 14,190

£2?
Qsf S » ^ £ »
S g l g S ' g g l S g a o g l o g l o
£3 p
I
I©

©

£

S

f

I©

I©

ggi f fi g3 gg
Cl Cl

c ic i

ci I

|©
|©
Cl Cl Cl Cl

|©
Cl

Cl Cl

Cl Cl

Cl I

10

10

10

CI Cl

CI Cl

Cl Cl

Cl Cl Cl |
COCO
OSCO

Cl I

11
I©
11

©

ClM

M

cob

bo bo

4*
bb

boo
I0

bob

Cl

I© I®

Cl Cl
cob*
Cl ci

Cl Cl

CI CI

Cl

ci Cl

Ci Ci

CI ci

CO CO

ci I
oobo

oooo

MM

Ci Ci

|©

(©

bb
00o

bb

tol
pa

CI Cl

CI CI

bob
M 4^
|©
Cl Cl
bb

|®

COCO
CiCi

Ci£fc

Ci Ci

|©
Coco

|©
Cl Cl
bb

|©

©

|II| bb
®a

|0

I©

©

00 £>.
|©
|©
Ci Cl Ci
b b b
CO
(fe- I

o I SS

Cl I

I®
ci
b |
ooI

I®

|@

<
1
C
.1 0
1

i©

|©

O
lC
.1 o
n0
1

|©

|©

>
c
>
A

1S
b

1£
b

1£
b

I S M
b

IS
b

1 1

IS
£

IS
b

1£
b

1£
‘go

©

1©

1©

1®
cn

1®
Cl

1©
Cl

1©
Cl

1©
Cl

1©

1©
A

1©

1w

I S M

IS5

IS

1O

1 CI

Co
1 1

|@

§3
ac

4^>C* 4k

1

13

o

SI

32

bb>
coco

1

to£
cu C

£»■ £* >£*

I® © I© I© j© I© I® I© 1©

Cl Cl

tog
cu Si
e

^>
» C
O
C
O

I® © I© I® I©

MO0

COCO

|©

^

Cl I
o

oo

|© J ©

I© |0

Jl | ci Cl
o
to ro

|© I© I® I© I®

Cl Cl

►
£*

Cl

0$lo
MM

I I

©
CI Cl

►
h*>U

bb
©
C
O
ci
C
O
© I© 1© I© I© I®

»u>u
►
uo
0

£»?

aw

11
WM
MM

?

g a i g g gg ga
O O
b b
CO
C
J^ C
OM C
O

©

c

g l o g r o P ^ o g l o g l o g l

29

F a i r -------------------c.1 .5 0 on M id dlin g----------- c . Ilasls
Strict mid. fair____1.30 on strict low. m id____0.25 off
Middling fair--------- l.K ) on Low m iddling_____0.60 off
Strict good m id ....0 .G 0 on Strict good o rd ____1.05 off
on G ood ordinary_____ 1.75off
aGood
, , . m ,iddling____0.11
,
-------------------Strict m id d lin g ....0 .2 2 o n ls tr lc t g’d mid. tgd.0.35 on

FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:

.44

Speculation in cotton for future delivery has been of very
moderate volume and prices have shown little change. The
latest report of the Census Bureau on ginning was issued
on the 20th and gave the quantity for the last period, that
is, from Dec. 1 to Dec. 13, as somewhat larger than had been
expected, i.e., 558,770 bales, against 481,199 from Dec. 1 to
Dec. 13 last year,895,608 foralike period in 1908,940,674 in
1907 and 1,084,921 for 1906. The total thus far up to Dec.13
1910 is 10,698,482, against 9,358,085 last season, 11,904,269
for the same period in 1908-09 and 9,284,070 in 1907-08.
These figures caused a temporary setback, after which there
was a recovery. Liverpool has bought here to some extent.
So have large spot houses and, according to the common
understanding, some of the spinners. Liverpool has cabled
very cheerful reports about the condition of trade across the
water, and spot sales in the English market have at times
reached as high as 12,000 bales. Exports from this country
have been large, coincident with large receipts, and, accord­
ing to some here, bankers express the opinion that a very
small percentage of the crop remains to be marketed. Also
it is said that much of the foreign freight room at Galveston
has been engaged for about a month ahead. The Arkwright
Club of Boston, whose membership is composed largely of
New England spinners, has just passed resolutions to the
effect that unless trade improves it will be necessary to cur­
tail production early next year. New England centres are
sending unfavorable reports about the condition of business.
From the conservative tone in general trade in this country,
it is inferred that the people at large arc economizing, owing
to the continued high cost, of living, and must continue to do
so for some time to come until the equilibrium disturbed by
a variety of causes in recent years is restored. Also large
receipts of cotton continue to be noted at the Southern ports,
and, despite persistent statements that there is an excellent
sale for spot cotton at the South, the New York stock, for
some reason or o'her, continues rapidly to increase, nearly
70,000 bales having been added to it thus far this month.
It is also an interesting question, which is receiving not a little
attention hero, as to just what the purpose is of accumulating
this large quantity of cotton here. The certificated supply
here now reaches 243,481 bales, as against 117,628 a year ago.
Speculation is light, most people are “long” and there is sup­
posed to be little short interest except against actual cotton,
so that the technical speculative position is not considered
especially strong. To-day the market was dull and easier.
Spot cotton here has been quiet. Middling upland closed
at 15.15c., showing no change for the week.
The rates on and off middling, as established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delive,ed on contract, are as follows:

1717

01

THE VISIBLE SUPPLY OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week’s returns, and
consequently all foreign figures arc brought down to Thurs­
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
D ecem ber 23—
S to c k a t L iv e r p o o l_________ bales. .
S to c k a t L o n d o n _________________ .
S to c k a t M a n c h e s t e r _____________ .

1909.
1910.
882 ,0 0 0 1 ,014,000
6,000
7,0 0 0
64^000
64.000
70,000

1908.
7 69 ,000
10,000
44,000

1907.
7 7 7 ,0 0 0
16,000
54,000

T o ta l G reat B ritain s to c k
.
S to c k at H a m b u r g _________
.
S to c k a t B r e m e n _________________ .
S to c k at H a v r e . .......................
.
S to c k at M arseilles_________
.
.
S to c k at B a r c e l o n a ________
S to c k at G e n o a ............... .........
.
S to c k at T r i e s t e ____________

9 5 2 ,0 0 0 1 ,0 9 1 ,0 0 0
3,000
4,000
233.000
244 ,0 0 0
470 ,000
175,000
2,0 0 0
3,0 0 0
8,000
8,0 0 0
5 8 ,000
3 3 ,000
1,0 0 0

823 ,0 0 0
14,000
3 68 .000
2 24 ,000
3,0 0 0
30,0 0 0
42,000
4,0 0 0

8 4 7 ,0 0 0
16,000
2 8 5 ,0 0 0
172,000
4,0 0 0
17,000
18,000
25,0 0 0

454 ,000

085 ,000

537 ,000

.

7 88 ,000

.1 ,4 0 0 ,0 0 0 1,8 7 9 ,0 0 0 :1 ,508,000 1 ,3 8 4 ,0 0 0
T o ta l E u ro p e a n s t o c k s ________ 1
73,0 0 0
136,000
52.000
In d ia c o t to n a flo a t fo r E u ro p e ___. 133,000
917 ,509
504,997 1,075,618
A in c r . c o t t o n a flo a t fo r E u r o p e ... 845 ,392
7 8 ,000
E g y p t .B r a z il,& c ..a flt .fo r E u r o p e ..
83,000
60,000
60,000
2 3 7 ,0 0 0
. 277 ,0 0 0
272 ,0 0 0
S to c k in A le x a n d r ia , E g y p t
237 ,000
365 ,0 0 0
S to c k In B o m b a y , In d ia ___
. 303 ,0 0 0
457 ,000
236 ,000
S to c k In U . S . p o r t s _____________ .1,1
1 2 3 ,0 7 7
8 49 ,870 1,109,193 1,0 6 5 ,2 7 5
553 ,633
S to c k In U . S . in terior t o w n s ____ . 8 57 ,255
790 ,287
914 ,653
32,303
. 105,647
U . S . e x p o r ts t o -d a y _______
22.440
43,892
3,3 71 4 ,9 4 2 ,6 0 0 !5,277,358 4 ,7 0 5 ,7 2 0
T o ta l v isib le s u p p ly ____________ .5,13
5,133,371
O f th e a b o v e , to ta ls o f A m e rica n an d o th e r d e s crip tio n s are as fo llo w s :
A m erica n —
668,000
L iv e r p o o l s t o c k _____________ bales. . 771 ,000
928 ,000
663 ,000
43,000
M an ch ester s t o c k _________________ .
50,000
35,000
62,0 0 0
459 ,0 0 0
C on tin en tal s t o c k _________________ . 422 ,000
750 ,000
639 ,000
917 .509
A m e rica n a flo a t fo r E u r o p e ________________
504,997 1,075,018
. 845.392 845.392
U . S . p o r t s t o c k s _________________ .1
1,1
,12233.0
.07777
8 49 ,870 1,109,193 1 ,0 0 5 ,2 7 5
553 ,063
U . S . in terior s t o c k s _____________ . 857,2
914 ,653
8 57 ,275
790 ,2 8 7
3 2 ,303
U . S. e x p o r ts t o -d a y _______
. 105,647
43,892
22,440
T o ta l A m e r i c a n ________________.44,174,371
,1 7 4 ,3 7 1 3 ,9 1 3 ,6 0 0 4 ,4 8 0 ,3 5 6 3 ,7 3 8 ,7 2 0
D ost In d ia n , B ra zil, & c .—
109 ,000
L iv e r p o o l s t o c k ____________________. 111,000
106,000
86,0 0 0
L o n d o n s t o c k _______________
16,000
10,000
.
6,000
7,000
11,000
M an ch ester s t o c k _________________ .
______
14,000
9,0 0 0
8,0 0 0
78,0 0 0
C o n tin e n ta l s t o c k _________________ .
32,0 0 0
4 6 ,000
3 2 ,000
73,0 0 0
In d ia a flo a t fo r E u r o p e ___________. 133,000
136,000
52,000
78,0 0 0
E g y p t . B razil, & c., a llo a t ________.
83,000
66,000
6 0 ,000
237 ,000
S to c k in A le x a n d r ia , E g y p t ______. 277 ,000
237 ,000
2 7 2 ,0 0 0
365 ,0 0 0
S t o c k In B o m b a y , I n d ia _________ . 303 ,0 0 0
4 57 ,000
2 36 ,000
967 ,000
. 959 ,000 1,0 2 9 ,0 0 0
797 .000
.4,17 4,3 71 3 ,0 1 3 ,6 0 0 4 ,4 8 0 ,3 5 6 3 ,7 3 8 ,7 2 0
5,133,371 4 ,9 4 2 ,6 0 0
.
8.1Gd.
M id d lin g U p la n d , L iv e r p o o l
8 ,20d.
M id d lin g U p la n d , N ew Y o r k ____ . 1 5 .1 5 c.
1 5 .7 5 c.
11 l i d . 14 l-1 6 d .
E g y p t , G o o d B ro w n , L i v e r p o o l ...
P e ru v ia n , R o u g h G o o d , L iv e rp o o l1 ll.O O d .
9.'50di
B r o a c h , F in e, L iv e r p o o l_________ .77 l l1-l-1
1 66dd, .
7 M dT ln n e v c lly , G o o d , L i v e r p o o l .. .
7 l-rl6 d .
7H d.

5,2 7 7 ,3 5 6 4 ,7 0 5 ,7 2 0
6.08(1.
4 .9 2 d .
1 1 .8 0 c .
9 .3 0 c.
10 H d .
8 13-16d .
1 1 .7 5 d .
7 .8 0 d .
4 11-10d. 5 11-16(1.
5Xd.
4 1 l-1 6 d .

Continental imports for the past week have been 190,000
bales.
The above figures for 1910 show an increase o v e r last week
of 199,893 bales, a gain of 190,771 bales over 1909j a de­
crease of 143,985 bales from 1908, and a gain of 427,651
bales over 1907.

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.
NinMO'OOO'f C
M
©
C
OC
M
C
M
C
O
tHffv
|a Tfo TfJOHo C
3OC
O
OH OMNPj
Tf lO O CM
I'- rH 1-Hl> 9Z to
fO O O flO a C O O N M
© CMCD 1“ Tr-TCM
O rH C© CO
CJ
MW
N N N H
M
M M SJ
H H rf
o
O

OOO NW oO OO OO O OM O fJI'OO H O PJl'.’TiOQOHOJOOO.'JHOrt
0 0 O O 0 5 O O O Tt, O 0 0 H C 2 h * C 3 C 5 O O C 5 M c C 0 0 N O c ir }< r > .L 0 O i0 0 3 H O C 0
o « 'ir '3 0 H h .o o o o o « o c H 5 0 h -H o t > -? i-f? o a T r o o o c :M » o o M M » o
TfCvj

c o s fi

CO

CM*tf

Or
TH

CO

CO
CM

t^ ^ M ^ H c n o -r o o o o o O '

______
OiiOt-HNOHOOtOOOlCr , _____________________^
CM05 C^t*^C5 r-< ©
© CMCMCO • t H h . H O tflC J 0 0 P 5 0 C 0 5 O 5 H C 0 M 0 0 C 5 ^ M r
O M CO
?3 M O 05 N O r

H Ooc^M M O JO Oi'ii:??

o

cm

Cl t^
eo0
0Cl
Cl

o

S a t'd ay,

G a lv e sto n ______
N ew O rle a n s___
M o b ile .................
S a v a n n a h _____
C h a rle sto n _____
W ilm in g t o n ____
N o r f o l k ____
.
I J a lt lm o r e _____
P h ila d e lp h ia ___
A u g u s ta _______
M e m p h is _______
S t. D ouls_______
H o u s t o n ----------L it t le R o c k ____

15
14%
14 %
14 %
14 %
14 %
15
14%
15.40
14 15-16
15%
15 7-16
15
14%

C
JiH
iH
C
O
C
O HHrt

rf

^H O )«050H t> .-fO C lC ]0 3 3 0 0 0 30«r
HhOHOOrtTfHOOHrftsr5T»ft^OMO’
I'^M O O tH O N iO O M O

r^OOSHOOOr
5 0 0 0 h O O ^C
D
OCIO0 0 0 5 05C
o
O 05C

OO'TNtJ'Oo
OOOiOh OOh OJOOc
OOc

OOMCJO iO O h O 'IT IO O h 'I 'O O h C
OOOoOHMOOOHOOiOoOOOOcOOO

H05 o

■<050

O fH O ^ O r

'O S S
OOO05 05OOOr>-C0OI>»».0Or-<OC5c0ClOOOl>»t^OClClTfCviO05OO
N O N oO O flrtO O O H ’fC J b - h O 'f ’f Q
O CO M T f o O

C l O O 05 r» C l C l O O

C l Tj* 05 05 H o O C l

h-

;.'iP lH T fO O h X )iO « JO C 'iN .M O > O O O O 0 3 l0 ? lO 0 0 00
t» O o eo

ci

o

o o o

>>sj*a
^ a a
2^1
—c

S a t’ day,
D ec. 17.

Cl rH

51000005^001^0^
^OOOOih-’f H O ^ M b '
:r fo o c c o o o ^ o o 5 0 0

O «O T fc v io O 0 0 O O O O C lO 0 5 O O O O 0 5 «.

0 350C1H H

rf

u

o O O 05

ci ci o

_ «j i a 5
'o «
o-f? j A . b
<ZomE-<

e-i

M on d ay, Tuesday, W ed ’ day, T h ursd’y, F r id a y ,
15
15
14 15-16 14 15-16
14%
14%
14%
14 11-16
14%
14%
14%
14%
15
15
14%
15
15.50
15.40
15
15
15%
15%
15 7-16
15 7-16
15
15
14%
14%

15
15
15
14 15-16 14 15-16 14 15-1*
14%
•
14%
14%
14 11-16 14 11-16 14 11-1*
14%
•
14%
14%
14 %
14%
14 %
15
15
15
15
15
15
15.40
15.40
15.40
15
15
15
15%
15 %
15%
15 7-16
15 7-16
15 7-16
15
15
15
14 %
14%
14 %

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

OO OrfOOHOOOOarj'OOoOWcQOCIb.HMh'HtDOS

Ti'TPM
ClvHiH

LXXXXI

C losing Q uotations Jor M id d lin g Cotton on
W eek ending
D ecem ber 23.

o h -o o o o 5 0 5 c o o » o o M iO i0 0 5 o O ’-iO co or^ r^ ociT tioooo»ocn o»o
O O M O »O H T )'O N C 5h M O f:H O f'lO rtflf:O iO H !O O N cO > cO ,f H

a-S'**

[VOL.

T H E C H R O N IC L E

1718

Decem ber—
R a n g e _______
C l o s i n g . . ___
J a n u a ry —
R a n g e _______
C lo s in g _____
F eb ru a ry —
R a n g e _______
C lo sin g _______
M a rch —
R a n g e _____
C lo s in g _______
A p r il—
R a n g e _______
C l o s i n g _____
M ay—
R a n g e _______
C l o s i n g . . ___
J u n e—
R a n g e _______
C lo s in g ---------J u ly —
R a n g e ____ __
C lo s in g _______
A u g u st—
R a n g e _______
C lo s in g _______
October—
R a n g e _______
C l o s i n g _____
T on e—
S p o t _________
O p tio n s ____

M on d ay, T uesday, W ed 'd a y , Thursd'y, F r id a y ,
D ec. 19. D ec. 20. D ec. 21. D ec. 22. D ec. 23.

14 .9 8 -.0 0 1 5.01-.0 3 1 5.03-.0 5 15.0 1 -.0 5 14.98-.0 2 14.9 2 -.0 5
14 .9 9 -.0 0 15.0 4 -.0 5 1 4.95-.9 7 15.01-.0 2 14 .9 8 -.0 0 14.9 6 -.9 7
1 4.98-.0 6 1 5 .0 5 - .i l 1 5.00-.1 0 1 5.04-.0 7 1 5.00-.0 5 1 4 .9 8 -.0 5
15.05-.0 6 1 5 .1 0 - .i l 15.01-.0 2 1 5.04-.0 5 15.0 2 -.0 3 15.00-.01
— @ — 15.18 — — @ — — @ — — @ — — @ —
15.10*
15.1 l*
15.16*
15.21*
15.10*
15.14*
1 5 .2 8 -.3 5 15.3 5 -.4 0 15.28-.39 15.33-.3 7 1 5.29-.3 3 1 5.26-.3 2
1 5.34-.3 5 1 5.38-.3 9 15.30-.31 15.33-.34 15.30-.31 15 .2 8 -.2 9
— @ — — @ — — @ — — @ — — @ — — @ —
15.39*
15.41*
15.43*
15.40*
15.48*
15.44*
15 .5 0 -.5 6 15.57-.61 1 5.49-.6 0 15.54-.58 1 5.50-.5 4 1 5.46-.5 3
1 5.55-.5 6 15.60-.61 15.52-.5 3 15.54-.5 5 15.51-.5 2 1 5.49-.5 0
— @ — — @ — — @ — — @ — — @ — — @ —
15.56*
15.57*
15.59*
15.55*
15.65*
15.61*
15 .6 0 -.6 7 15.67-.71 15.60-.71 0 5.64-.6 9 15 .6 1 -.6 5 1 5.58-.6 2
15.66-.6 8 15.71-.72 15.63-.6 4 15.65-.66 15.62-.6 3 15.60-.61
— @ — — @
1 5.20-.2 6 15.22

.06 — @ — — @ — — @ —
— —— 15.04-.07 1 5 .18-.20 15.16 — 15.16 —

— @ — — @ — 13.75-.78 13.70 — — @ — 13.65 — ■
13.66 — 13.70 —• 13.65-.72 13.70-.7 4 13.65 — 13.65 —
S te a d y .
S te a d y .

F irm .
S te a d y .
V ery s t ’ y S te a d y .

S te a d y .
S te a d y .

S te a d y .
S te a d y .

V e ry s t’ y
S te a d y .

WEATHER REPORTS BY TELEGRAPH.— Advices by
telegraph to us this evening from the South indicate that rain
has been quite general during the week, with the precipita­
tion somewhat heavy at some points in Texas. Picking,
where not already completed, has progressed well, and mar­
w 5 i ® t i 3 i j- < « i :< « o a o 5 » j w o c 5 C 5 a » » < i M « 5 o a a « 5 Q W W & )
keting of the crop has been liberal.
The above totals show that the interior stocks have i n ­
G a l v e s t o n , T e x a s . — We have had rain on two days of the
c r e a s e d during the week 25,894 bales and arc to-night 66,968 past week.
The thermometer has averaged 54, ranging
bales more than at the same time last year. The receipts from 50 to 58.
at all the towns have been 93,032 bales more than the same
A b i l e n e , T e x a s . — There has been no rain during the week.
week last year.
The thermometer has ranged from 32 to 52, averaging 42.
l e s t i n e , T e x a s . — There has been rain on two days during
OVERLAND MOVEMENT FOR THE WEEK AND theP aweek,
the precipitation reaching one inch and seventySINCE SEPT. 1.— We give below a statement showing the eight
hundredths. Average thermometer 43, highest 50,
overland movement for the week and since Sept. 1, as made lowest 36.
up from telegraphic reports Friday night. The results for
S a n A n t o n i o , T e x a s . — We have had rain on two days of the
the week and since Sept. 1 in the last two years are as follows: week,
the precipitation reaching two inches and fifty-eight
hundredths. The thermometer has averaged 52, the highest
S in ce
October 21—
S in ce
W e ek .
S ep t. 1.
W eek .
S ep t. 1.
S h ip p ed —
being 58 and the lowest 45.
. 23.730
245 ,247
205 ,347
14,074
T a y l o r , T e x a s . —The week’s rainfall has been two inches
129,200
104,700
8,214
3,712
7,975
and eighty hundredths, on two days. The thermometer
.
1.051
20,2 2 3
1,688
38,309
.
7,086
2,943
63,359
has averaged 47, ranging from 40 to 54.
2 1 ,8 0 2
1,534
35,614
N e io O r l e a n s , L o u i s i a n a . — There has been rain on three
56,388
3,998
.
7,998
85,243
90,0
6
7
8,104
78,104
.
4,387
days during the week to the extent of two inches and seventysix hundredths. The thermometer has averaged 55.
524 ,588
41,455
656 ,990
. .5 1 ,0 1 5
Deduct S h ipm ents— ■
S h r e v e p o r t , L o u i s i a n a . — There has been rain on three days
43,571
2,631
8 9 ,885
- .1 0 ,7 4 4
of the week, the rainfall reaching one inch and forty-seven
14,243
16,176
1,132
. . . 1,098
18,585
1,007
21,748
.393
hundredths. Average thermometer 48, highest 04, lowest 32.
V i c k s b u r g , M i s s i s s i p p i . — We have had rain on three days
4,770
76,399
127,809
of the week, the precipitation reaching two inches and fifteen
36,685
..- 338.780
8 ,7 8 0
529,181
448 ,189
L e a v in g ’ to ta l net o v e r la n d * ________
hundredths. The thermometer has averaged 49, the highest
* In c lu d in g m o v e m e n t b y rail to C a n a d a .
being 63 and the lowest 31.
.
o n t g o m e r y , A l a b a m a . — There has been rain on two days
The foregoing shows the week’s net overland movement of Mthe
past week, the rainfall being forty-eight hundredths of
has been 38,780 bales, against 36,685 bales for the week last an inch.
The thermometer has ranged from 27 to 58,
year, and that for the season to data the aggregate net over­
averaging 44.
land exhibits an increase over a year ago of 80,992 bales.
S e l m a , A l a b a m a . — We have had rain on three days of the
-lo io 1909past week, the precipitation being one inch and fifteen hun­
S in ce
i n Sight and S p in n ers'
S in ce
T a kin gs.
W eek .
S ep t. 1.
W eek.
S ep t. 1.
dredths. Average thermometer 41.5, highest 54, lowest 24.
208,499
1,898,482
R e c e ip ts at p orts t o D ec. 2 3 _____ 301 ,069
5,094,904
M a d i s o n , F l o r i d a . — We have had rain on one day during
36,085
448,189
N et o v erla n d t o D e c. 2 3 __________ 38,7 8 0
529,181
5 2,000
858,000
S o u t h ’ n c o n s u m p tio n t o D e c. 2 3 - _ 51,000
711 ,0 0 0
the week, the precipitation being sixty hundredths of an inch.
The thermometer has averaged 50, the highest being 66 and
6 ,9 3 5 ,0 8 5
297,184 6,204,671
T o ta l m a r k e te d _________________450,849
800 ,477
11,664
707,124
In te r io r s to c k s In e x c e s s __________ 25,894
the lowest 29.
*
t
M o b i l e , A l a b a m a . — It has rained on three days during the
C am e Into sigh t d u rin g w e e k ___476,743
.......... - . 308,848
6 ,9 1 1 ,7 9 5
T o ta l In sigh t D e c. 2 3 .......... ............... .........
7 ,7 4 1 ,5 6 2
--------week, the rainfall being two inches and forty-one hundredths.
The thermometer has averaged 52, ranging from 33 to 66.
N o rth ’n s p ln n ’s’ takings to D e c 2 3 . 8 7 ,5 8 0
1,1 7 8 ,3 0 4
79,446
1,134,107
S a v a n n a h , G e o r g i a . — We have had rain on one day during
i Movement into sight in previous y»ars:
the week, the precipitation reaching fifty-eight hundredths
W eek —
D ales.
S in ce S ep t. 1—
B a les.
of an inch. The thermometer has ranged from 27 to 58,
1908— D e c. 2 5 . ............................ 493,242 1908— D eo. 2 5 ........................ 8 ,2 2 4 ,6 4 7
averaging 44.
1907— D ec. 2 7 ________________ 431,043 1907— D e c. 2 7 ........................ 6 ,348,158
1906— D ec. 2 8 ________________ 426 ,460 1906— D e c. 2 8 ...................
7,7 4 0 ,6 3 2
C h a r le s t o n , S o u t h C a r o l i n a . — There has been rain on two
1905— D e c . 2 9 __________
314,519 1905— D e c. 2 9 ....................... -6 ,8 9 5 ,5 5 0
days during the week, the precipitation reaching sixty-nine
QUOTATIONS FOR MIDDLING COTTON AT OTHER hundredths of an inch. Average thermometer 43, highest 58,
MARKETS.— Below are the closing quotations of middling lowest 28.
cotton at Southern and other principal cotton markets for
C h a r lo tte , N o r t h C a r o l i n a . — Picking is entirely completed.
each day of the week.
There has been rain on one day of the week, the precipitation



D

ec

.

24 1910.]

THE CHRONICLE

r e a c h in g t w e n t y -t w o h u n d r e d t h s o f a n in c h .
T h e th e r ­
m o m e te r h a s a v e r a g e d 3 0 , th e h ig h e s t b e in g 4 9 a n d th e
lo w e s t 18.
•
Helena, Arkansas.— I t lia s r a in e d all o n e n ig h t o f th e w e e k ,
th e p r e c ip it a t io n b e in g o n e in ch a n d t w e n t y -s ix h u n d r e d t h s .
•There are in d ic a t io n s o f m o r e ra in .
A vera ge th erm om eter
4 2 .7 , h ig h e s t 5 5 , lo w e s t 2 0 .
Memphis, Tennessee.— T h e w e e k ’ s ra in fa ll h a s b e e n th ree
h u n d r e d t h s o f a n in c h , o n o n e d a y . .T h e t h e r m o m e t e s h as
a v e r a g e d 4 2 , ra n g in g fr o m 25 to 5 7 .
W O R L D ’S S U P P L Y

AND

Cotton Takings.
Week and Season.

T A K IN G S

OF COTTON.

1910.

Week.

1909.

Season.

Week.

Season.

Visible supply Dec. 16
4,834,858
4,933,478
1,495,514
1,931,022
Visible supply Sept. 1________
476*743 7,741,562 308,848 6,911,795
American In sight to Dec. 23__
848.000
542.000 139,000
86,000
Bombay receipts to Dec. 22___
2,000
67,000
70,000
4.000
Other India shlp’ ts to Dec. 2 2 ..
20,000
672.000
528.000
32,000
Alexandria receipts to Dec. 21
10,000
105.000
8.000
107.000
Other supply to Dec. 21*___ .
Total supply________________ 5,540,221 10,623,076 5,323,706 10,395,817
Deduct—
Vislbic supply Dec. 23------------ 5,133,371 5,133,371 4,942,600 4,942,600
Total takings to Dec. 2 3 ______ 406.850 5.489.705
Of which American_____ ___
364.850 4.360.705
o f which other_____________
42,000 1,129,000
* Embraces receipts la Europe from Hraztl. Smyrna.
IN D IA C O TTO N

December 22.
Receiptsat—

M OVEMENT

381.106 5.453.217
250.106 4.452.217
131,000 1,001,000
West Indies, &c.

FROM ALL PORTS.

1910.

1908.

Since
Since
Sept. 1. Week. Sept. 1.

Since
Week. Sept. 1.

Bombay.

86,000

848,000 65,000

542,000 139,000

371,000

SinceSeptember 1.
Forthe Week.
Exports
Great Conti­ Japan
from— Great Conti­ Japan
Britain. nent. AChlna Toted. Britain. nent. it- China. Total.
Bombay—
1910___
1909----1908___
Calcutta—
1910___
1909___
1908---Madras—
1910___
1909___
1908___
All others—
1910___
1909___
1908___
Total all—
1910___
1909___
1908___

3,000 13.000 14,000 30,000
2,000 10,000 35,000 47,000
______
8,000 22,000 30,000

9,000
11,000
2,000

211,000
153,000
125,000

2,000
2,000
4,000

5,000
9,000
11,000

1,000

__

5,000
4,000
3,000

3,000
2,000
2,000

4,000 16,000 11,000 34,000
4,000 10,000 35,000 49,000
—
11,000 22,000 33,000

__

______
______

______

1,000
1,000

__
__

__

______

3,000

2,000

______

2,000

—

A L E X A N D R IA

__
_
______
—

R E C E IP T S

Alexandria, Egypt,
December 21.
Receipts (cantars) —

This w eek_____________
Since Sept. 1___________

12,666

7,000
11,000
27,000

9,000
4,000
7,000

1,000
2,000

14,000
9,000
12,000

12,000
14,000
5,000

33,000
35,000
57,000

1,000
1,000
5,000

46,000
50,000
67.000

28,000
31,000
14,000

258,000
201,000
200,000

AND

111,000 397,000
188,000 420,000
128,000 312,000

S H IP M E N T S .

1910.

1909.

1908.

240,000
5,039,031

270,000
3,959,502

330,000
3,903,920

7'his Since This ince This Since
Week. Sept. 1. Week. SS
ept. 1. Week. Sept. 1.

Exports (bales) —
To
To
To
To

1,000

110,000 330,000
186,000 350,000
109,000 236,000

Liverpool___________ 6,750 119,551 7.000 82,469
Manchester_________ 14,250 114,829 7,500 71,310
C ontinent__________ 8,250 147,486 12,000 136,569
America____________ 8,000 50,798 4.000 36,882

9.000
8.000
9,000
3,500

80,061
73,436
109,438
23,133

1719

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
r e a c h e d 2 8 1 ,2 7 8 b a le s .
T h e s h ip m e n ts in d e ta il,, a s m a d e
u p fr o m m ail a n d t e le g r a p h ic r e tu rn s, a re a s fo llo w s :

Total bales.

NEW YORK— To Liverpool— Dec. 16—Arabic, 2,687 upland, 50
Sea Island__________________ __ ________________________ 2,737
To Hull— Dec. 21— Toronto, 1,007
__ ___________________
1,007
To Havre— Dec. 17— Burnholme, 550_______________________
550
To Bremen— Dec. 21— Rhein, 120___________________________
120
To Antwerp— Dec. 20—Samland, 1,976_____________________
1,976
GALVESTON— To Liverpool— Dec. 22— Rowanmore, 20,916___ 20,916
To Havre— Dec. 17— St. George, 6,122_____________________
6,122
To Bremen— Dec. 16— Cassel, 9,774__ Dec. 21—St. Quentin,
10,248 __________________________________________________ 20,022
To Hamburg— Dec. 19— Dalton, 2,422______________________
2,422
To Antwerp— Dec. 17—St. George, 2,672___________________ 2,072
To Barcelona— Dec.15— Ferndene. 950_______________________
950
To Genoa— Dec. 15— Ferndene, 5,388__ Dec. 21— SIcania,
8,645 ____________________________
14,033
PORT ARTH UR— 'To Bremen— Dec. 23— Malvern Range, 6,000-. 6,000
TEXAS CITY— To Liverpool— Dec. 17— Musician, 10,825__ Dec.
23— Brynton, 13,385.. .
. _
24,210
To Vera Cruz— Dec. 21— City of Tampico, 715______________
715
NEW ORLEANS— To Liverpool— Dec. 23— Californian, 16,200.. 16,200
q'o Manchester— Dec. 22— Manchester Engineer. 9,000_______ 9,000
To Belfast— Dec. 17— Ramore Head,2,779
2,779
To London— Dec. 23— Klngstonian. 59 0..............
.
590
To Havre— Dec. 21— Mexico, 6,496 . . .
.
.
6 496
To Bremen— Dec. 21— Cayo Soto, 6,500.
* ‘ I '* "" 6,500
To Antwerp— Dec. 19— Devonshire, 1,189...D e c . 23— Kingstonlan, 26__________________________________
i 215
To Barcelona— Dec. 21— PIo IX , 2,500_________ 2,’500
MOBILE— To Bremen— Dec. 16— Bedeburn, 8,855
Dec. 17—
Cayo Soto, 2,995
Dec. 19— Auchenblae, 9,525__________ 21,375
PENSACOLA— To Liverpool— Dec. 23— Barbadian, 8,700; Gracia,
6,600 _____
15,300
SAVANNAH— To Liverpool— Dec. 17— Lorca, 10,854
Dec. 22—
Voorburg, 2,500 ____
13,354
To Manchester— Dec. 20— Westhampton, 4,904__ Dec. 22—
Voorburg, 3,808__________________________________
To Bremen— Dec. 22— Urko Mendl, 8,863................................... 8,863
To Hamburg— Dec. 17— Auchencrag, 3,695_________________ 3,695
To Rotterdam— Dec. 22— Voorburg, 73_____________________
73
BRUNSWICK— To Liverpool— Dec. 19—Toftwood, 8,572__ Dec.
23— George Fleming, 9,209.______
17,781
WILMINGTON— To Liverpool— Dec. 17— Polamhall, 14,300__
14,300
To Havre— Dec. 22—St. Jerome. 12,725____________________ 12,725
NORFOLK— To Hamburg— Dec. 16— Barcelona, 1,338__________
1,338
BOSTON— To Liverpool— Dec. 20— Bohemian, 3,906____________
3,906
BALTIMORE— To Liverpool— Dec. 16— Ulstermorc, 999________
999
To Bremen— Dec. 16—Main, 3,250__________________________ 3,250
PHILADELPHIA—To Manchester— Dec. 17— Manchester Corpo­
ration, 2,030_____
2,030
155
To Hamburg— Dec. 19— Barcelona, 155_____________________
SEATTLE— To Japan— Dec. 19— Minnesota, 666
Dec. 20—
Tamba Maru, 137____________
803
SAN FRANCISCO— To Japan— Dec. 20— Chlyo Maru, 2,887......... 2.887
Total .....................................................................................................281,278
L I V E R P O O L . — B y c a b le fr o m L iv e r p o o l w e h a v e th e f o l ­
lo w in g s ta t e m e n t o f th e w e e k ’ s sa les, s t o c k s , & c ., a t th a t p o r t :
Dec. 2.
Dec. 9. Dec. 16. Dec. 23.
Sales of the week_____ bales. 47,000
61,000
51,000
52.000
Of which speculators to o k .. 1,000
1,000
1.400
3,000
Of which exporters took___________ 1,000 2,000
2,000
700
Sales, A m erican............ .......... 42,000
53,000
45,000
48,000
Actual export...................
6 ,0 0 0
3,000
11,000
14,000
Forwarded...........................
104,000
80,000
106,000
90,000
Total stock— Estimated........... 639,000
706,000
761,000
882,000
Of which American________ 551,000
603,000
650,000
771,000
149,000
Total Imports of the week____ 110,000
172,000
223,000
115,000
Of which American________ 87,000
135,000
191,000
576,000
Amount afloat_______________ 504,000
610,000
471,000
Of which American........... ..412,000
456,000
519,000
396,000
T h e to n e o f th e L iv e r p o o l m a r k e t f o r s p o t s a n d fu tu r e s
e a ch d a y o f th e p a s t w eek a n d th e d a ily c lo s in g p r ic e s o f
s p o t c o t t o n h a v e b een as fo llo w s :

Saturday. Monday. Tuesday. Wednesday. 7’hursday. Friday.

Spot.
Market,
12:15
P. M.

1
Good
)
J demand.

Good
demand.

Quieter.

Good
demand.

8.09

8.14

8.12

8.17

8.16

8.16

Spec.&exp.

12,000
500

12,000
1,000

7,000
500

12,000
500

8,000
1,000

7,000
700

Futures.

Steady, Irregular at Quiet at
Steady at
Quiet,
3to 1 pts. unchanged. 1@4 pts.
1 point unchanged.
decline.
advance.
decline.

Market
opened

Quiet at
1 1@2 pts.
J decline.

M A N C H E S T E R M A R K E T .— O u r r e p o r t r e c e iv e d b y c a b le
to -n ig h t fr o m M a n c h e s te r s ta te s th a t th e m a r k e t is firm f o r
b o lli y a r n s a n d s h ir tin g s .
T h e d e m a n d fs r b o t h I n d ia a n d
C h in a is im p r o v in g .
W e g iv e th e p r ic e s f o r t o - d a y b e lo w
a n d le a v e th o s e fo r p r e v io u s w e e k s o f th is a n d la s t y e a r f o r
c o m p a r is o n :

Market
4
P. M.

1 Quiet at Steady at Steady at
Quiet,
) %@1% 4@5% pts. % pt.dec.to uncli. to
J pts. adv. pts. adv. 2 pts. adv. 2 pts. dec.

32? Cop

Twist.

Nov
4
11
18
25
Dec.
2
9
10
23

d.

1909.

lbs. Shirt- Col'n
Digs, common Mid.
tofinest. Upl’s

8%

d. .s. d.

s. d.

8% lbs. Shirt- Col’n
lags. common Mid
tofinest. Upl's

32s Con

Twist.

d.

d.

d. s. d.

10t3,o @
10l5io
ii
@
11 'A @

11 %
11%
11%
12

5
5
5
5

6 @10
7 to 10
7 @10
7% to 10

7%
9
10
10i2

7.81
8.00
7.85
8.10

10%
10%
10%
10%

11 3-16(3)
113-16®
11% @
11% ©

12%
12%
12%
12%

5
5
5
5

8 @10 11
8 @ 110
8%@11 1%
9 @11 3

8.06
7 95
8.11
8.16

10% @
10 % @
10% @
10% @

@
@
@
@

d.

5
5
5
5

6 @!> u
6 @9 11
6 @9 11
5 @9 10

7.59
7.72
7.72
7.62

11 5
11 % 5
11 % 5
11% 5

5%@9 11
6 @10 0
6 @10 0
6 @10 0

7.72
7.94
8.03
8.26

11%
11%
11%
11

E G Y P T I A N C O T T O N C R O P .— T h e re su m e o f th e A le x ­
a n d r ia G en eral P r o d u c e A s s o c ia t io n 's r e p o r t o n c o t t o n fo r
N o v e m b e r is as fo llo w s :
Lower Egypt.— The temperature during November was quite favorable.
The third pickings, which arc of small Importance, have benefited, too, by
these conditions. There now remains no more cotton on the plants In the
southern provinces and only a very Insignificant quantity In the northern
provinces. The ginning .Held has been rather Inferior to that of the pre­
vious month, but the average for the season Is estimated about 2% superior
to that of last year.
Upper Egypt ami Fayouni.— The temperature was, on the whole, favor­
able. The ginalng yield has been on an average the same as last year.
The good results that were hoped for in October have been realized, and
this Icadt us to maintain our estimate of about 7,000,000 cantars; at the
same time we express an opinion that final results may be slightly larger.




Quiet.

Mid. Upl’ds

Total exports________ 37,250 432,664 30,500 327,230 29,500 286,068
Note.— A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.

1910.

Fair
business.
doing.

Quiet at Steady at
%@1% 1@1% pts.
pts. dec. pts. adv.

T h e p r ic e s o f fu tu r e s a t L iv e r p o o l f o r e a c h d a y a re g iv e n
b e lo w .
P r ic e s a r c o n th e b a s is o f u p la n d , g o o d o r d in a r y
c la u se , u n less o th e r w is e s ta t e d .
The prices are given in pence and 100f/is. 7'hus, 7 90 means 7 90-100d.
Dec. 17
Dec. 23.
December
Dec.-Jan.
Jan.-Feb.
Feb.-Mch.
Mch.-Apr.
Apr.-May.
May-Junc
Junc-July
July-Aug.
Aug.-Sep.
Sep.-Oct .
Oct.-Nov.

Sat.
12%
p.m.

_
—

2%
p.m.
7
7
7
7
7
7
7
7
7
7
7
7

Mon.

Tucs.

Wed.

Thurs.

Fri.

12% 4 12% 4 12% ,4 12% 4 12 % 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.

90 94 95%
89 % 93 % 95
90 % 94 95%
92 95% 97
94 97 % 99
95 98 % 99%
96 99% 00%
94% 97% 98 %
93% 96% 97%
73% 76 77%
37 39 % 41 %
16% 19% 21

92% 97 97
92
96% 95%
92
96 %
93 % 98 97
95 99% 98
96 00 98%
97 01
99
95% 99 % 97%
93% 97% 95
73 77 74%
40 43 42%
19 %I23
23

97 96 96 % 96% 98
96 95 95 % 95% 97
96 95 95 % 95 % 97
97 % 96 % 96% 96 % 98
98 % 97 % 97 % 97% 99
99 97 % 98
98 99
09 % 98 98% 98 99%
97% 96% 97 96 98
95% 94 94% 93% 95%
75 73 % 73% 73 75
41 % 40% 41
39 % 41 %
21% 20% 21 20% 22

B R EAD STU F FS.
Friday, December 17 1910.
P r ic e s f o r w h e a t flo u r h a v e b e e n m o t io n le s s a n d th e tr a d ­
in g h ere h as b e e n o f v e r y slim p r o p o r t io n s .
S o m e w o u ld n o t
b e su rp rise d to see s o m e e x p a n s io n in b u sin e ss a t le a s t te m ­
p o r a r ily , a ft e r th e tu rn o f th e y e a r , a n d o f la te s h ip p in g d i­
r e c t io n s o n o ld c o n t r a c t s h a v e b e e n r e c e iv e d m o r e ' fr e e ly a t
th e N o r t h w e s t .
N ew b u s in e s s th e r e , h o w e v e r , h a s b e e n
d u ll, a n d r e p o r ts o f s ta g n a tio n in tr a d e h a v e c o n tin u e d to
c o m e in fr o m th e p r in c ip a l m illin g c e n tr e s o f th e W e s t a n d

8,712

THE CHRONICLE

1720

[V O L , L X X X X I.
GRAIN.
Corn, per bushel—
No. 2 new_____ f.o.b.
i 15 q
No. 2 mixed___ f.o.b.
No. 2 white____ f.o.b.
97 54
i 02 q Rye. per bushel—
Cents. No. 2 Western-----------State and Pennsylvania
38 q
38 54 Barley— Malting________
Feeding, c.l.f., N. Y . .
37 54

S o u th w e st.
R y e H our h a s b e e n q u ie t a n d s o m e w h a t e a sie r.
C o rn m e a l h a s b e e n q u ie t a n d s t e a d y .
W h e a t h a s n o t b e e n d is tin g u is h e d b j r a n y s tr ik in g fe a ­
tu r e s .
C e r ta in ly th e flu c t u a t io n s h a v e k e p t w ith in su ch
n a r r o w c o n fin e s th a t th e m a r k e t h as b e e n la r g e ly a h u m d u r m
a ffa ir .
E x p o r t tr a d e se e m s to b e o u t o f th e q u e s t io n , a n d
e v e n th e d o m e s t ic ca sh d e m a n d h as b e e n v e r y lig h t as a ru le .
S p e c u la t io n h a s b e e n a lm o s t a t a s ta n d still h e re , a n d e v e n a t
C h ic a g o th e tr a n s a c tio n s h a v e b e e n b u t m o d e r a t e .
T h e fa c t
s e e m s to b e th a t m o s t p e o p le a re a w a itin g n e w lig h t o n th e
g e n e ra l s itu a tio n .
A lt h o u g h to m a n y th e o u t lo o k seem s
b ea rish it is n o t f o r g o t t e n th a t p r ic e s w ith in s ix m o n th s h a v e
u n d e r g o n e a c o n s id e r a b le d e c lin e a n d
th a t t h e y a re
fr o m 10 to 15 c e n ts a b u sh e l lo w e r th a n t h e y w e re a t
th is tim e la s t y e a r .
T h e q u e s t io n t o b e d t e e r m in e d is
w h eth er
th is
d e c lin e
s u ffic ie n t ly
d is c o u n t s
la r g e ly
in c r e a s e d s t o c k s a n d f a v o r a b le c r o p p r o s p e c t s in m o s t p a r ts o f
th e w o r ld .
T h is is o n e o f th e th in g s w h ic h th e y e a r
1911 m u s t d e c id e .
T h e w o r ld 's a v a ila b le s u p p lie s n o w
a m o u n t to p r a c t ic a lly 1 9 0 ,0 0 0 ,0 0 0 b u s h e ls , o r s o m e 5 7 ,0 0 0 ,­
0 0 0 b u s h e ls m o r e th a n a t th is tim e la s t y e a r .
T h e N orth ­
w e s te r n s t o c k s in th is c o u n t r y a re s te a d ily in c r e a s in g .
C h ic a g o 's e le v a t o r s , p u b lic a n d p r iv a t e , h o ld 9 ,3 9 0 ,0 0 0
b u s h e ls , o r 4 ,0 0 0 ,0 0 0 m o r e th a n a y e a r a g o .
Its s t o c k s o f
c o n t r a c t w h e a t a m o u n t to 5 ,7 0 0 ,0 0 0 b u s h e ls , o r n ea r ly
3 .0 0 0 . 0 0 0 b u s h e ls m o r e th a n a t th is tim e la st y e a r .
T hese
a re s o m e o f th e r e a s o n s w h y n o t a fe w e x p e r ie n c e d p e o p le
a re d u b io u s a s to th e p o s s ib ilit y o f b r in g in g a b o u t a n y p e r­
m a n e n t o r m a te ria l a d v a n c e in p r ic e s a t th is tim e .
Y e t th e
E u r o p e a n v is ib le s u p p ly la s t w e e k d e c r e a se d 2 ,8 8 0 ,0 0 0
b u s h e ls a n d th e w o r ld 's s u p p ly fell o ff s o m e t h in g o v e r
2 .0 0 0 . 0 0 0 b u s h e ls , t h o u g h , to b e s u re , th is w a s o n ly a b o u t
h a lf th e d e c r e a s e f o r th e s a m e p e r io d la s t y e a r .
B u t th e
r e c e ip t s a t o u r w h e a t c e n tr e s in th e S o u th w e s t h a v e la t t e r ly
s h o w n s o m e d e c r e a s e , a n d th e re a re th o s e w h o lo o k fo r s o m e
fu r t h e r fa llin g o f f u n less th a t s e c tio n is fa v o r e d w ith n e e d e d
r a in s in th e n e a r fu t u r e .
T h a t th e S o u th w e s t d o e s n eed
ra in is a f a c t v e r y g e n e r a lly c o n c e d e d .
I t has h ad som e
m o is t u r e d u r in g th e w e e k , it is tr u e , b u t th e soil n e e d s m o r e .
T a k e it fo r all in a ll, h o w e v e r , th e m a r k e t is w h a t m a y b e
d e s c r ib e d a s a w a itin g o n e .
I t is f e lt th a t th e fu t u r e c o u rs e
o f p r ic e s , w h e t h e r u p w a r d o r d o w n w a r d , is c o n t in g e n t u p o n
n e w o r m o r e d e c is iv e d e v e lo p m e n t s w h ic h m a y c o m e a b o u t
d u r in g th e n e x t fe w m o n th s .
T o - d a y p r ic e s w e re firm e r on
c o m p la in t s fr o m th e S o u th w e s t o f in s u ffic ie n t m o is tu r e ,
s m a lle r A r g e n tin a s h ip m e n ts , b u ll s u p p o r t a n d c o v e r in g o f
sh orts.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.

T h e s ta t e m e n t o f th e m o v e m e n t o f b r e a d s t u ffs to m a r k e t
in d ic a t e d b e lo w are p r e p a r e d b y us fr o m fig u res c o lle c t e d b y
th e N e w Y o r k P r o d u c e E x c h a n g e .
T h e r e c e ip ts a t W e s te r n
la k e a n d riv e r p o r ts fo r th e w e e k e n d in g la s t S a t u r d a y a n d
s in c e A u g u s t i f o r e a c h o f th e la s t th re e y e a r s h as b e e n :

97, q 98
98
97q
97q
No. 2 red w in ter.. ......................._ . _ 0 7 q
December delivery In elevator___ 97 'A 96% 97 q 96 q 97
97 q
May delivery In elevator_________ 102 % 101 % 102 % 101 q 102
102 'A
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.

Receipts at— Flour. Wheat.
Corn.
Barley. RyeOats.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAHlbs. bu.56 lbs.

Sat. Mon. Tues. Wed. Thurs. Fri.

Wheat, per bushel—
N. Spring, No. 1_____
N. Spring, No. 2------Red winter, No. 2____
Hard winter. No. 2__
Oats, per bushel, new—
Standards___________
No. 2 white_________
No. 3 white_________

Cents.

$1 18 54

■

52 54
Nominal
Nominal

85 54

80@8l

87®90
Nominal

A G R IC U L T U R A L
D E P A R T M E N T ’S
REPORT
ON
C E R E A L A N D O T H E R C R O P S .— T h e final e s tim a te s o f th e
C r o p -R e p o r t in g B o a r d o f th e B u re a u o f S t a tis tic s , U n ite d
S ta te s D e p a r t m e n t o f A g r ic u lt u r e , b a s e d o n th e r e p o r t s o f th e
c o r r e s p o n d e n t s a n d a g e n ts o f th e B u r e a u , in d ic a t e th e h a r ­
v e s te d a c r e a g e , p r o d u c t io n a n d v a lu e o f im p o r t a n t fa r m c r o p s
o f th e U n ite d S ta te s in 1 9 1 0 a n d 1909 t o h a v e b e e n a s fo llo w s ?

Crops.

Aereape.
Acres.

Corn, 1910________ . . . 114,002,000
108.771.000
Winter wheat, 1910_____ 29.427.000
28.330.000
19,778,000
18,393,000
49,205,000
All wheat! 1909________ 46.723.000
Oats, 1910__ ___________ 35.288.000
Oats, 1909......................- 33,204,000
7.257.000
Barley, 1910___________
7.011.000
2,028,000
Rye, 1910______ ______
2,006,000
Rye, 1909 - ___________
826,000
834,000
Buckwheat, 1909_______
2.916.000
Flaxseed, 1910_________
2.742.000
Flaxseed, 1909_________
722,800
Rice, 1910, . . _______
720,225
____ ____
Rice, 1909
3.591.000
Potatoes, 1910-------------3.525.000
Hay, 19 i()_____________ 45,691,000
Hay! 1909 ___________ 45,744,000
1,233,800
1,180,000

FarmValue Dec. 1.
PerBu. Total.
Dollars.
Bushels.* Cents. 1,523,968,000

Production.

48.8
3,125,713,000
59.6 1,652,822,000
2.772.376.000
89.1 413.575.000
464.044.000
102.9 459.154.000
446.366.000
80.8 207,868,000
231,399,000
93.1 270,892,000
290.823.000
89.4 621,443,000
695.443.000
737,189.000
99.0 730.046.000
1,126,765,000
34.1 384.716.000
1,007,353,000
40.5 408,174,000
93.785.000
57.8
162.227.000
93.971.000
170.284.000
55.2
23,840,000
72.2
33,039,000
23,809,000
73.9
32,239,000
11,321,000
65.7
17,239,000
12,188,000
69.9
17.438.000
32.554.000
1 1,116,000 230.0
39.466.000
152.6
25.856.000
16.624.000
67.8
<124,510,000
19,341,000
79.4
24,368,000
338.811.000
55.5 187.985.000
376.537.000
54.9 206.545.000
660,078,000 <1$12 20 747,769,000
664,938,000 <I$10 62 689,345,000
91,450,000
C984.349.000 / 9.3
95,719,000
C949.357.000 / 10.1

* Bushels of weight, a Equivalent to 5,930,000 bags of 186 pounds,
average weight. &Tons, dPer ton. e Pounds. /P e r pound.
The total value of crops above spcclllcd on Deo. 1 1910 was $3,735,464,­
000, against $3,971,426,000 on Deo. 1 1909. The average of prices was
auout 8.5% lower on Dec. 1 1910 than on Deo. 1 1909.

Sat. Mon. Tues. Wed. Thurs. Fri. Chicago___
146,400 3,450,450 2,311,200
36,000
96,157
656,800
December delivery In elevator___ 9134
90 34 9 1 q 9134
9134
9234 Milwaukee. 108,480
289,2S0
40.800
45,825
407,960
504,400
May delivery In elevator_________ 95 54
95 ?4 96 34 95 q
96 q 96 q
678
720,341
54,175
26,802
7,940
93 % 9354 Minneapolis.
July delivery In elevator_________ 93 34 92 % 93 54 92 54
28.800
535,430
402,010
800,270
2,727,150
52,500
165,800
41.000
I n d ia n c o r n fu tu re s in th e lo c a l m a r k e t h a v e b e e n d u ll a n d
59,584
107,750
14,482
6,823
1,774
80,374
fe a tu r e le s s .
A t th e W e s t th e s p e c u la tio n h a s b e e n m o d e r ­ Cleveland . .
138,345
18,777
1,043
11,000
122,700
379,100
293,700
530,400
61,050
a t e ly a c t i v e .
P r ic e s th e re h a v e m o v e d ir r e g u la r ly , b u t o n St. Louis.-144,000
515,264
74,400
14.000
47.400
th e w h o le th e tr e n d h a s b e e n u p w a r d o f la te , o w in g to s o m e Kansas City.
125,800
297,000
705,000
d im in u t io n in th e c r o p m o v e m e n t , firm n e ss o n th e s p o t , lig h t
266,238 4,789,330 5,902,899 4,150,123 2,187,146 117.27S
wk. ’ 10
s u p p lie s o f c o n t r a c t g r a d e a t C h ic a g o a n d c o v e r in g o f s h o r ts , Total
97,808
Same wk. ’09
382,018 3,025,246 4,587,121 2,276,543 1,075,696
p a r t ly b y ca sh in te r e s ts.
O n th e o t h e r h a n d , th e ca sh d e ­ Same wk. ’08
327,276 4,238,230 5,929,378 3,864,416 1,625,620 143,307
m a n d h a s b e e n s m a ll, h e d g e s e llin g h a s o c c u r r e d a n d p it Since Aug. 1
tr a d e r s h a v e h a m m e r e d a t tim e s o n th e id e a th a t s u p p lie s in
1910........ 7,240.446 132,578.995 73,234,841 93,600,252 36,481,290 2,943,360
1909........ 9,571,671 149,807.713 63,068,809 SO, 115,058 41,227,573 3,900,397
th e in t e r io r a re v e r y h e a v y a n d th a t s o o n e r o r la te r th e c r o p
1908____ 9,622,366 149,388,479 52,763,685 81,298,106 47,439,506 3,846,056
w ill b e m a r k e t e d w ith s u ffic ie n t fr e e d o m to b r in g a b o u t lo w e r
p r ic e s .
T o - d a y p r ic e s w e re firm e r o n a n u p tu rn in w h e a t,
T o t a l r e c e ip ts o f flo u r a n d g r a in a t th e s e a b o a r d p o r t s fo r
lig h t o ffe r in g s a n d c o v e r i n g o f s h o r ts .
th e w eek e n d e d D e c . 17 1910 fo llo w :
DAILY CLOSING PRICES OF NO. 2 M IXED CORN IN NEW YORK

Cash corn___ ___________________
December delivery In elevator___
May delivery In elevator_________
DAILY CLOSING PRICES

Sat. Mon. Tues. Wed. Thurs. Fri.
52 \l
54
55

53
5i q

52 q
55

51 q
55 q
55 q

52 q

55
56

50
56

55 M 55 q 55 q
OF CORN FUTURES IN CHICAGO.

Sat. Mon. Tues. Wed. Thurs. Fri.

40
45 q
December delivery In elevator.__ 45 q 45 q 45 q 45
May delivery In elevator_________ 47 q
47 H 47 % 47 H 47 q 47 %
July delivery In elevator_________ 48
48 q
48 q
48 %
47 %
48 q
O a ts f o r fu t u r e d e liv e r y in th e W e s te r n m a r k e t h a v e b een
q u ie t a n d w ith o u t im p o r t a n t flu c t u a t io n s in p r ic e s .
Som e
e le v a t o r in te re s ts w h ich h a v e la tt e r ly so ld M a y h a v e p u r ­
c h a se d D e c e m b e r .
H e d g e s e llin g h as b e e n n o tic e a b le b u t
th e p re ssu re fr o m th is s o u r c e h a s d e c r e a s e d o f la t e .
S tock s
a t C h ic a g o a re h e a v y a n d th e d e m a n d lig h t.
S h ip m e n t s
fr o m th e c o u n t r y , h o w e v e r , h a v e d e c r e a se d s o m e w h a t a n d
ca sh p r ic e s h a v e b e e n firm in th e m a in .
T o - d a y p r ic e s
s h o w e d little c h a n g e .
T h e to n e w a s firm , in s y m p a t h y w ith
w heat and corn .
DAILY CLOSING PRICES OF OATS IN NEW YORK.

Sat. Mon. Tues. Wed. Thurs. Fri.

Standards........................................... 38 54 38
38
38 38
38 q
N o . 2 white__________ ___________ 39
38 54 38 54 38 54 38 54 38 54
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.

Sat. Mon. Tues. Wed. Thurs. Fri.

December delivery In elevator___ 31 54
May delivery In elevator_________ 34
July delivery In elevator_________ 33 %

31 q
33 54
33 q

31 q 3154
34 54 34
33 54 33 54

3154

34 54
34

31 54
34 54
34 54

T h e fo llo w in g a re c lo s in g q u o t a t io n s :
FLOUR.
Winter, low grades.
$2 75@$3 40 Kansas straights, sack.$4 60@$4 85
Winter patents^. . .
. 4 80® 5 00 Kansas clears, sacks__ 4 00® 4 40
Winter straights. __.
. 4 35@ 4 60 City patents................. 6 00® 6 80
Winter clears______
. 3 75(a) 4 00 Rye Hour-------------------- 3 85® 4 45
Spring patents------. 5 25@ 5 55 Graham (lour--------------4 15® 4 25
. 4 80® 5 00 Corn meal, kiln dried__ 2 75® 2 85
Spring straights-----. 4 25@ 4 351
Spring clears.............




Flour,

bbls.
Receiptsat—■
New York .......... 202,922
42,724
Boston_________
6,000
Portland, Me........
Philadelphia........ 64,508
56,141
Baltimore......... .
Richmond ...........
4,053
25,985
New Orleans *___
939
Newport News___
1,357
Galveston........... " 2^325
Montreal............... 12,687
St. John...............
10,000
Halifax.................

Wheat,
bush.

189,600
5,400
243,000
70,817
38,594
38,042

18,000
070
268.000
80,000

Corn,
bush.

Oats, Barley,
bush. bush.

Bye,
bush.

545,025
202,545
48,000
87,960
340,355
48,090
328,400
137,143

341,000
54,458

6,375

4,600
915

82,865
29,122
43,250
84,700

2,200

14,309

3,500
3,887

1,000
20,479

-----26,800
30,000

057,474
19,824
65,430
Total week 1910. 429,641
958.123 1,745,505
SlnceJan. 1 1910.17,654,S79 74,423,408 40,084,778 49,124,023 3893,024 930,097
676,099
86,102 31,790
Week 1909_____
409,433 2,440.749 2,724,117
SlnceJan. 1 1909.17.043,288 97,357,893 42,975,300 43,611,174 7232,037 1131,814
* Receipts ilo not Include grain passing through New Orleans for foreign ports
on through bills of lading.
T h e e x p o r t s fr o m th e se v e ra l s e a b o a r d p o r t s f o r th e w eek
e n d in g D e c . 17 1910 a re s h o w n in th e a n n e x e d s ta t e m e n t:

Wheat.

bush.
Exportsfrom-New York____.. 161,283
Portland, Me..... 243,000
Boston---------- .. 263,764
Philadelphia ...
Baltimore____ .. 32,000
1,000
New Orleans ... ..
Newport News..
Galveston.......
Mobile............. .................
Norfolk........... .
St. John. N. B. .. 268,000
80,000 .
Halifax........... ...

r.
Corn, Flou
bush. bbls.

206.448 71.961
48,000 6,000
115,080 23,442
19,000
4,579
25,714
8,153
80,000
939
137,143
714
2,325
3,500
1,357
10,000
' -----

Total week.....1,049,047 615,885 148,470
Week 1909___ ..2,544,809 1,215,547 253,466

Oats, Rye, Peas, Barley'.
bush. bush. bush. bush.

14,478

6,069

' ” 200
~Y.iioo
1.000

------16,978
8,055

:::::

" ‘ 356

. . .. .

—

30,000
30.000
27.000

6,419
10,335

Deo. 24 1<J10. j

THE CHRONICLE

1731

T h e d e s t in a t io n o f th ese e x p o r t s f o r th e w e e k a n d s in c e m a d e a re lik e ly t o te n d h ig h e r ra th e r th a n lo w e r , are o r d e r in g
a h e a d to a m o d e r a te e x t e n t ; t h e y h a v e p o s s ib ly b e e n in ­
J u ly 1 1010 is as b e lo w :
flu e n c e d a ls o b y th e p r o s p e c t o f in cre a s e d c u r ta ilm e n t a m o n g
Whoat------------- -------- Cor
-------Floor-----------Since
Since m ills, b o t h N o r t h e r n a n d S o u th e r n , in th e e a r ly p a r t o f 1 9 1 1 .
Since
eek July 1 Week July I T h e o u t lo o k f o r s u c h c u r ta ilm e n t t o o k m o r e d e fin ite fo r m
Week July 1 W
Dec. 17., 1910. Dec. 17.
1910.
1910.
Exportsforweekand. bhts.
bush. bush.
bush. d u r in g th e w e e k , th e A r k w r ig h t C lu b o f B o s t o n , r e p r e s e n tin g
bbls. bush.
Since July 1 to—
United Kingdom— . 77.251 2.056,297 766.764 17,764,761 402,624 2.899.721 N e w E n g la n d c o t t o n m ill in te re s ts, h a v in g r e c o m m e n d e d
Continent------ ----- . 17.823 008.957 269,183 11,028,534 167,143 3.437,316
19,500 1.502.782 c o n c e r t e d a c t io n to w a r d s c u r ta ilm e n t u n less tr a d e c o n d it io n s
13.100
139,775
South & Cent. Amerl l 26.409 517.879
3,000 22,842 087,760
West Indies--------- . 25.241 573.601
7.374 im p r o v e in th e n ea r fu tu r e ; sim ila r a c tio n is e x p e c t e d t o b e
150
59.226
lirtt. Nor. Amer. Cols . 2,200
17.899 ta k e n b y S o u th e r n m a n u fa c tu r e r s , e s p e c ia lly th o s e p r o ­
3.626
.
546
65.459
9.000
Other Countries
d u c in g g r a y g o o d s , b r o w n sh e e tin g s a n d d r ills, if th e re is n o t
.148,470 4,181.419 1.049,047 28,943,070 615.885
a n e a r ly tu rn f o r th e b e tt e r .
.253,466 4,932,866 2,544,809 49.370,885 1,215,547
P r ice s are v e r y fir m ly h eld o n c o n t r a c t s , w ith a g r o w in g
T h e w o r ld ’s s h ip m e n ts o f w h e a t a n d c o r n f o r th e w eek
e n d in g D e c . 17 1910 a n d sin c e J u ly 1 1910 a n d 1909 are d is p o s it io n o n th e p a r t o f m ills a n d a g e n ts t o n a m e v a lu e s
m o r e in k e e p in g w ith c o s ts o f p r o d u c t io n ; n o r a d ic a l a d ­
v a n c e s a re e x p e c t e d , b u t m a n u fa c tu r e r s a p p e a r m o r e d e ­
Corn.
Wheat.
te r m in e d th a n h e r e to fo r e n o t to c o n tin u e a c c e p t in g b u sin e ss
a t le v e ls w h ic h m e a n n o p r o fit a n d p o s s ib ly a lo ss.
T h e r e is
1910.
1909.
1910.
1909.
Exports.
a lso less w illin g n e s s t o g r a n t c o n c e s s io n s o n s t o c k g o o d s ,
Since
Week Since
Since Dec.
Week Since
a lth o u g h in s o m e lin es s p o t g o o d s are still b e in g m o v e d a t
July 1.
17.
July 1.
July l
Dec. 17. July 1.
p r ice s w h ic h m ills w ill n o t a c c e p t f o r c o n t r a c t s .
T rade
ushels. in
Bushels |Bushels. Bushels. B
Hushels. Bushels. 79.246.000
jo b b i n g h o u se s w a s q u ie t , m o s t o f th e o r d e r s r e c e iv e d
8.294.000 6.334.000
666,000
orth Amer. 2.3 18.000 59,043.000
8.298.000
b e in g fo r sm a ll lo t s fo r im m e d ia t e s h ip m e n t.
S t o c k -t a k in g
ussta ___ 3,568,000 122.440.000 118.728.000 357.000 4.802.000
unube___ 1.752,000 59.296,000 10.688.000 459.000 49.245.000 10.080.000 is still o c c u p y in g th e a t t e n t io n o f m a n y jo b b e r s .
R e p o rts
rgentlna _. 1.034.000 23.808.000 13.784,000 1,505.000 45.639.000 55.034,000 fr o m retail c e n tr e s r e fle c t a s u b s ta n tia l a n d s a t is fa c t o r y
ustralla . . 408.0001 15.6/2.000 5,300.000
ndla......... 480.000 24.224.000 124.896.000 J
b u sin e ss in all h o lid a y g o o d s .
A little m o r e in te r e s t w a s
th. countr’s 200.000 4.614,000 ______ l>
s h o w n in c o t t o n y a r n s , b u t b u sin e ss te n d e r e d w a s a t p r ic e s
Total___ 9.840.000 309.097.000^252.642,000 2,987,000 107.980.000 79.746.000 w h ic h m ills w ere n o t o v e r -a n x io u s t o a c c e p t .
S ilk p ie c e
g o o d s c o n t in u e d a c t iv e , e s p e c ia lly f o r p r o m p t d e liv e r y .
T h e q u a n t it y o f w h e a t a n d c o r n a flo a t f o r E u r o p e o n d a t e s S o m e o f th e la rg e s t u n d e r w e a r m a n u fa c tu r e r s a re r e p o r te d
m e n tio n e d w a s as fo llo w s :
w ell s o ld a h e a d o n s p r in g lin es, a n d th e o u t lo o k fo r fa ll b u s i­
ness is b e t t e r in s o m e q u a r te r s , b u t u n s a t is fa c t o r y in o t h e r s .
Corn.
Wheat.
A g o o d d e m a n d is in e v id e n c e f o r w e ll-k n o w n b r a n d s o f
h o s ie r y fo r fo r w a r d s h ip m e n t, a n d c e r ta in fall lin es o f c o t t o n
United
United
Kingdom. Continent. Total. Kingdom. Continent. Total.
a n d w o o le n g o o d s d is p la y a firm er t e n d e n c y .
T h e p r im a r y
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels. d ress g o o d s m a r k e t w a s s e a s o n a b ly q u ie t; in m e n ’ s w e a r ,
Dec. 17 1910.. 14.760.000 18.328.000 33.088.000 7.029.000 14,187.000 21,216,000 in te r e s t w a s c e n tr e d in o p e n in g s o f o v e r c o a t in g s fo r fall 1911
Dec. 10 1910.. 15.152.000 20.752.000 35.904.000 6.732.000 13,303,000 20.035.000
Dec. 18 1909.- 16.720.000 9.600.000 26.320.000 5.185.000 0,545.000 11.730.000 d e liv e r y , b u t b u y e r s h a v e n o t y e t b e g u n t o o p e r a t e fr e e ly
Dec. 19 1908.. 16.080 000 8.720.000 24.800.000 5.440.000 5,780.000 11.220.000 o n th ese lin es.
Dec. 21 1907.. 18.840.000 8.960.000 27.800.000 3.120.000 4,880.000 8.000,000
D O M E S T I C C O T T O N G O O D S .— T h e e x p o r t s o f c o t t o n
g o o d s fr o m th is p o r t fo r th e w eek e n d in g D e c . 17 w o re 4 ,2 8 4
T h e v is ib le s u p p ly o f g r a in , c o m p r is in g th e s t o c k s in p a c k a g e s , v a lu e d a t 8 3 7 3 ,1 1 3 , th e ir d e s t in a t io n b e in g t o th e
g r a n a r y a t p r in c ip a l p o in ts o f a c c u m u la t io n a t la k e a n d
p o in ts s p e c ifie d in th e ta b le s b e lo w :
s e a b o a r d p o r t s D e c . 17 1910, w a s a s fo llo w s :
------- 1910-------------- 1009-------Since
Since
AMERICAN GRAIN STOCKS.
Week. Jan. 1.
Week. Jan. 1.
New York to Dec. 17.
Oats,
('arm.
Rye, Balrcy, Great
Wheat.
29
1,853
16
Britain_____________ .............. ..
1,997
bush.
bush. Other Europe________________
bush.
bush.
bush.
_______
8
960
16
1.094
33.000
296,000
883.000
13,000
______ 2,655,000
New York ..
59.395
? - - - 169,644
China________________________
288,000
...............
265
14,899
8250
16,774
India
.
_____________________
38,000
. 453.000
14,999
142
25,512
Arabia........................................... . . . . . 751
______ 654.000
27,000
45,000
Philadelphia
331
15,828
45
6,635 •
A frica ______________________ ............
.........
632.000
238,000
259,000
143,000
1.000
Baltimore__
32.374
389
39,058
West Indies_________________ ________ 427
3,000
429,000
157.000
New Orleans ...........
1,704
16
1,945
30
Mexico______________________ ________
______
101,000
5,000
292
13,686
13,488
Buffalo ___
16,000
918,000
126,000
472.000 Central America______________ ............... 207
1,296
827
49,923
53,360
_____ 5,345,000
311,000
400.000 South America..................... .._______
23,497
48,623
1,021
Other countries__ _____ ______ ________1,709
Toledo........
.......... 1.445.000
76.000
2663)00
6,000
Detroit ___
.........
420,000
192,000
131,000
23,000
3,783 362,154
Total _____________________ ________4,284 245,094
Chicago___
.......... 5,928,000
71,000
12,000
6,140.000
Milwaukee . .
131.000
T h e v a lu e o f th ese N e w Y o r k e x p o r t s s in c e J a n . 1 h as b e e n
.........
148,000
31,000
48.000
512,000
Duluth . . . . .
345.000 8 1 7 ,5 0 8 ,3 1 7 in 19 1 0, a g a in s t 8 2 0 ,0 0 6 ,3 8 7 in 1909.
......... 2,624,000
851,000
8,000
184.000
109,000
Minneapolis
_____ 12.677,000
100,000 3,026,000
O rd e r s f o r d o m e s t ic c o t t o n s w ere s c a tt e r e d a n d in th e a g ­
31.000
345,000
5,000
50.000
St. Louis . . .
......... 2,072,000
243,000
197,000
_____ 4.179,000
Kansas City.
g r e g a te m o d e r a t e .
B le a c h e d g o o d s ru le d q u ie t b u t fir m .
46,000
1,605,000
2,000
. . .
12.000
Peoria........
W id e sh e e tin g s a n d d rills w e re a lso firm ly h e ld a n d in lig h t
219,000
59,000
. 458,000
Indianapolis
req u est.
S u b sta n tia l r e -o r d e r s o n g in g h a m s f o r n e a r -b y
2.094,000 15,711,000
478.000 1,622.000
17 1910--42,994,000
471,000 1.744.000 s h ip m e n t w e re r e c e iv e d , e s p e c ia lly fr o m th e W e s t , a n d
1,510,000 15,349,000
Total Dec. 10 1910.-42,666.000
809,000 2.906.000 p r in t s , b o t h s ta p le a n d s e m i-fa n c y , m o v e d in fa ir v o lu m e ,
6,619,000 11,520.000
Total Dec. 18 1909.-28,019,000
Total Dec. 19 1908..52.061.000
5.570.000 9.554.000 1.073.000 5.509.000
w h ile th e m a n u fa c t u r in g tr a d e t o o k m o d e r a te q u a n tit ie s o f
CANADIAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
Rye, Barley, d e n im s , s h ir tin g s a n d w o r k in g -s u it f a b r ic s . C o lo r e d c o t t o n s
bush. are s o m e w h a t fir m e r , w ith s to c k s r e p o r te d ra th e r lim ite d as
bush.
vbsh.
bush.
bush.
Montreal . . .
83,000
.......... 284,000
1.321,000
8,000
th e re su lt o f c u r ta ilm e n t , b u t are n o t v e r y a c t iv e fo r fu tu r e
Fort William............... 3,405.000
Port Arthur................. 2,371,000
d e liv e r y .
S o u th e r n tic k in g s , as w ell as c e r ta in E a s te r n
Other Canadian______ 4.762,000
lin es, are sa id to b e w ell c o n d it io n e d , w ith m a n u fa c tu r e r s c o n ­
8,000
83.000 s e r v a tiv e in b o o k in g fa r a h e a d a t c u r r e n t p r ic e s .
Total Dec. 17 1910.-10.822,000
1.321.000
Som e
13.000
81.000
1.398.000
Total Deo. 10 1910.116,352,000
37.000
119.000 a d d itio n a l e x p o r t b u sin e ss o n s h e e tin g s h as b e e n p u t th r o u g h
492.000
Total Dec. 18 1909.. 9.832,000
24.000
200.000
76,000 fo r C h in a a c c o u n t ; th e p r ice s s e cu r e d s h o w little if a n y
Total Dec. 19 1908. - 5.195.000
SUMMARY.
, b u t th e b id s w e re a c c e p t e d la r g e ly in o r d e r t o k eep
Com,
Wheat.
O
a
ts,
Rye, Rarlcy, pArmo fit
e r ic a n g o o d s in t h a t m a rk e t; tr a d e w ith m isc e lla n e o u s
bush.
bush.
bush.
b
u
sh
.
b
u
s
h
.
American ............
42,991,000 2,094.000 15.711,000
478.000 1,622.000 p o r ts r e m a in e d d u ll.
P r in t c lo t h s a n d c o n v e r t ib le s c o n ­
8,000
Canadian..................... 10.822,000
1.321.000
..........
83.000 tin u e d q u ie t a n d b u sin e ss d o n e w a s m o d e r a te ; b id s s lig h tly
Total Dec. 17 1910..53.816,000
2.102.000 17,032,000
478.000 1,705,000 b e lo w th e m a r k e t w ere fr e e ly m a d e b u t m e t w ith lit tle s u c ­
Total Dec. 10 1910.-53,018,000' 1.523.000 16,747,000
471.000 1,825.000 cess; p r ic e s a re q u o t a b ly u n c h a n g e d .
Total Dec. 18 1909. 37.851.000 6.656.000 12,012,000
809.000 3,025.000
W O O L E N G O O D S .— T h e p r im a r y m a r k e t f o r d ress g o o d s
d is p la jm d little life , as is u su al a t th is s e a s o n , a n d n o t m u c h
T H E DRY GO<>DS TR ADE .
c h a n g e is e x p e c t e d u n til lin es o f n ew fa b r ic s a re s h o w n n e x t
New York, Friday Night, Dec. 2 3 19 1 0.
m o n th .
T h e fe a tu r e in m e n ’ s w e a r w a s th e fo r m a l o p e n in g
A lt h o u g h c o t t o n g o o d s m a rk e ts c o n tin u e d q u ie t , th e re o f m a n y w e ll-k n o w n lin es o f o v e r c o a t in g s fo r n e x t fall d e ­
w ere s o m e e n c o u r a g in g d e v e lo p m e n t s d u r in g th e w e e k . liv e r y , th e p r ice s n a m e d s h o w in g c o n c e s s io n s o f fr o m 2 tfj t o
J u d g in g fr o m r e s e r v a tio n s b e in g m a d e a t h o te ls , n u m e r o u s 5 % ; o t h e r lin es w ill n o t b e s h o w n u n til a ft e r th e tu rn o f th e
b u y e r s fr o m v a r io u s s e c tio n s in te n d t o v is it th is m a r k e t y e a r .
S o m e fa ir -s iz e d o r d e r s w ere p la c e d , b u t b u y e r s
e a r ly in th e n ew y e a r , anil th is e n c o u r a g e s th e in fe r e n c e th a t g e n e r a lly s h o w e d a d is p o s itio n t o w a it u n til a ft e r th e h o li­
s o m e im p r o v e m e n t in d e m a n d fo r g o o d s w ill m a te r ia liz e a fte r d a y s b e fo r e m a k in g c o m m it m e n t s .
T h e « s t r ik e in W e s te r n
th e h o lid a y s . I m p o r t a n t in its b e a r in g u p o n fu tu r e b u sin e ss c lo t h in g ce n tre s h a s h a d a n u n s e ttlin g e ffe c t u p o n th e lo c a l
a ls o is th e fa c t th a t m o r e u r g e n t re q u e sts h a v e b e e n m a d e m a r k e t.
f o r p r o m p t d e liv e rie s o f m e r c h a n d is e u n d e r o r d e r a n d d u e
F O R E I G N D R Y G O O D S .— A n a c t iv e d e m a n d h as b e e n
in th e e a r ly p a r t o f J a n u a r y ; th is se e m s t o in d ic a t e t h a t d is ­ in e v id e n c e fo r h o u s e k e e p in g lin en s o f all d e s c r ip tio n s fo r th e
tr ib u t e r s h a v e a lr e a d y d is p o s e d o f s u c h g o o d s o r are m o r e h o lid a y tr a d e a n d a lso t o m e e t r e q u ir e m e n ts o f s p e cia l sales
e n c o u r a g e d o v e r th e o u t lo o k .
A s a m a t te r o f f a c t , d is t r i­ w h ich r e ta ile rs w ill h o ld in J a n u a r y a n d F e b r u a r y ; b u sin e ss
b u t io n in m o s t ce n tr e s , a lth o u g h b e lo w n o r m a l, is sa id t o b e in d ress lin en s fo r fo r w a r d s h ip m e n t is r e s tr ic te d , o w in g t o
p r o c e e d in g s t e a d ily , th e r e b y r e d u c in g s u p p lie s o n h a n d .
u n c e r t a in t y o v e r d e liv e rie s; m a n y o r d e r s a re b e in g a c c e p t e d
I n th e p r im a r y d iv is io n n e w o r d e r s fo r fo r w a r d d e liv e r y b y im p o r te r s s u b je c t t o c o n fir m a tio n b y m ills.
P r ice s o n all
c o n t in u e d lig h t in v o lu m e a n d th ere a p p e a r s t o b e little p r o s ­ d e s c r ip tio n s o f lin en s are s tr o n g .
I m p o r t e d w o o le n a n d
p e c t o f a b e t t e r d e m a n d fr o m jo b b e r s o r o th e r s u n til a fte r w o r s te d fa b r ic s h a v e b e e n g e n e r a lly q u ie t .
T h e m a r k e t fo r
th e tu rn o f th e y e a r .
S o m e b u s in e s s, h o w e v e r , is b e in g b u r la p s r e m a in e d d u ll; p r ice s are q u o t e d a t 3 .7 5 c . f o r lig h t­
d o n e , as c e r t a in b u y e r s , c o n v in c e d t h a t p r ic e s o n g o o d s to b e w e ig h ts a n d 4 .7 5 c . fo r 1 0 ^ - o u n c e .




THE CHRONICLE

1122

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

The above bond issue was sanctioned by a two-thirds ma­
jority of the voters on Nov. 2 1909 and subsequently an
ordinance was passed by the City Council authorizing the
issuance of the bonds. The question then arose, it is stated,
News Items.
as to whether the issue could be floated as it would put
C h ic a g o , 111.— City to Make Large Reduction in Bonded the bonded debt beyond the constitutional limitation—
Debt.— T h e C ity C o m p t r o lle r ’ s o ffic e o ffic i a l ly a n n o u n c e d that is, if the debt of the school district was accepted as
D e c . 18 th a t th e c i t y o n J a n . 1 1911 w o u ld ca n c e l § 2 ,6 9 8 ,5 0 0 part of the city’s bonded obligations.
The Court of Appeals,
c o r p o r a te a n d w a te r fu n d b o n d s .
A ls o , o n th e s a m e d a t e , however, states that, according to the statute, the indebted­
th e c it y w ill r e d e e m § 5 5 0 ,0 0 0 sp e cia l a sse ssm e n t b o n d s , ness of a Board of Education on account of its public schools
th e c o r p o r a te a n d w a te r fu n d b o n d s t o b e p a id fo llo w s :
in the district in which it has jurisdiction is not to be figured
$ 1 5 9 ,5 0 0 4 % w a te r -lo a n b o n d s d a t e d J a n . 1 1 8 9 1 .
in computing the debt of the city.
i 3 6 9 ,0 0 0 4 % s e w e r a g e -lo a n b o n d s d a t e d J a n . 1 1 8 9 1 .
2 5 0 .0 0 0 4 %
r iv e r -im p r o v e m e n t b o n d s d a te d J a n . 1 1 8 9 1 .
Santa Barbara County (P. O. Santa Barbara), Cal.— L it i­
4 7 0 .0 0 0 4 % s c h o o l b o n d s d a te d J a n . 1 1 8 9 1 .
g a tio n .— No decision has yet been rendered by the Supreme
2 9 5 .0 0 0 4 % J u d g m e n t-fu n d in g b o n d s d a te d J a n . 1 1 9 0 4 .
; , 7 ,0 0 0 4 % ju d g m e n t -fu n d in g b o n d s d a te d J u ly 1 1 9 0 8 .
Court in the suit brought to test the legality of the §100,­
5 ,0 0 0
4 % ju d g m e n t -fu n d in g b o n d s d a te d N o v . 1 1 9 0 8 .
000 6% road bonds mentioned in V. 90, p. 800.
1 7 .0 0 0 4 4 3 % ju d g m e n t -fu n d in g b o n d s d a te d J a n . 1 1 9 0 8 .
_
1 2 5 .0 0 0 4 %
general
co rp o ra te p u rp o se b o n d sd a te d
J u l y 11 9 0 5 .
Texas .— C o n d itio n o f S ta te F u n d s .— The State Permanent
8 4 .0 0 0 4 %
general
c o rp o ra te p u rp o se b o n d sd a te d
J u l y 11 9 0 6 .
School Fund of Texas on Aug. 31 1910 contained §51,066 61
5 6 . 0 0 0 l 'A"/o g e n e r a l c o r p o r a t e p u r p o s e b o n d s d a t e d J a n . 1 1 9 0 8 .
' 5 6 ,0 0 0 4 %
general
c o rp o ra te p u rp o se b o n d sd a te d
J u l y 11 9 0 8 .
in cash and §16,467,878 79 of various investments. In addi­
8 3 .0 0 0 4 %
general
c o r p o ra te p u rp o se b o n d sd a te d
J u l y 11 9 0 8 .
tion, this fund on the same date owned land valued at §5,­
4 8 .0 0 0 4 %
general
c o rp o ra te p u rp o se b o n d sd a te d
N o v . 11 9 0 8 .
1 6 8 .0 0 0 4 %
p e r m a n e n t-t n ip r o v o m e n t b o n d s d a te d J a n . 1 1 9 0 4 .
944,680 and land notes amounting to §47,809,504 93. In
■ 5 0 0 ,0 0 0 4 % w a te r c e r tific a te s d a te d M a y 1 1 9 0 7 .
the following table we give the details of the investments
’
O f t h e $ 1 7 6 , 0 0 0 s c h o o l b o n d s g i v e n In t h e t a b le a b o v e , .$ 1 0 1 ,0 0 0 w ill b e
r e d e e m e d b y th e c it y a n d th e b a la n c e ( $ 3 7 5 ,0 0 0 ) a re to b e r e fu n d e d .
A ll
held Aug. 31 1910:
th e

o t h e r b o n d s w ill b e t a k e n

up

by

t h e c it y In th e ir e n t ir e t y .

jjrS C h ick ash a, G rady C ou n ty, O kla. — Commission Form of
Government Defeated.— A n e le c t io n h e ld D e c . 15 is sa id t o
h a v e re s u lte d in th e d e fe a t o f a p r o p o s itio n t o a d o p t th e
c o m m is s io n fo r m o f g o v e r n m e n t .
Cincinnati, O hio. — State Supreme Court Upholds Validity
of Bond Issues.— A c c o r d in g t o th e “ N e w Y o r k N e w s B u r e a u ,”
th e S ta te S u p r e m e C o u r t has h a n d e d d o w n a d e c is io n d e ­
c la r in g v a lid th e .§ 1 ,0 0 0 ,0 0 0 b o u le v a r d a n d p a r k a n d th e
§ 8 0 0 ,0 0 0 g r a d e -c r o s s in g -a b o lit io n b o n d s v o t e d ( V . 9 1 , p .
139 9) o n N o v . 8 .
W e le a rn fr o m o th e r so u r c e s t h a t th e b o n d s
w ill n o w b e o ffe r e d fo r sale D e c . 28.
D etro it, M ich .— Vole on Charier Amendments.— A c a n v a s s
o f th e v o t e c a s t N o v . 8 s h o w s th a t o n ly th re e o f th e ten
p r o p o s e d a m e n d m e n t s t o th e c i t y c h a r te r s u b m itt e d o n N o v .
8 fa ile d to r e c e iv e th e n e ce ss a ry t w o -th ir d s m a jo r it y .
The
a m e n d m e n t s w h ic h ca r r ie d w e re as fo llo w s :
Amendment providing for civil service regulations for city employees.
Vote, 19,130 "for” to 6,085 "against.”
Amendment repealing Act No. 584 of 1905, which provided for the
destruction of noxious weeds. -Vote, 12,747 "for” to 9,908 “ against.”
Amendment authorizing the Public Lighting Commission to engage In
commercial lighting and the sale of electricity for power. Vote, 18,529
“ for” to 5,448 “ against.”
T,
„ ^
Amendment providing for construction of docks on Belle Isle. Vote,
15,008 "for" to 6,536 "against.”
,
,
Amendment increasing the amount of paving contracts to be entered
into by Common Council In any one year from $300,000 to $500,000.
Vote, 13,980 "for” to 8,079 “ against.”
Amendment removing restrictions as to appropriations for Museum of
Art. Vote, 13,093 "for" to 7,872 “ against.”
Amendment authorizing the Issuance of $150,000 bonds for subway
construction. Vote, 14,596 “ for” to 6,107 "against.”
w T h e th re e a m e n d m e n t s w h ic h fa ile d to c a r r y w e re as fo llo w s :
Amendment authorizing the Issuance of bonds In excess of the debt limit
as now fixed by law. Vote, 12,988 “ for” to 8,435 “ against.”
Amendment to legalize certain contingent bond Issues. Vote, 13,008
"fo r " to 9,483 “ against.”
.........
,
,
. . . .
, , ,
Amendment allowing city officials and employees to be Interested In
city contracts. Vote,8.941 “ for” to 12,665 “ against. ’
In d ia n a. —Bonds Declared Valid by State Supreme Court.—
T h e § 1 2 0 ,5 4 8 3 % b o n d s w h ic h w ere to b e d e liv e r e d to th e
V in c e n n e s U n iv e r s ity f o r th e p a y m e n t o f la n d w h ic h , it is
s a id , th e S t a te t o o k fr o m th e in s titu tio n m a n y y e a r s a g o
w it h o u t c o m p e n s a t io n w e re d e c la r e d v a lid b y th e S ta te
S u p r e m e C o u r t o n D e c . 10.
T h e C o u r t, in re n d e r in g its
d e c is io n , sa id th a t th e b o n d s w e re n o t a g ift , as c la im e d in
th e c o m p la in t , b u t a p a y m e n t o f a n o b lig a t io n a s c o m p u t e d
b y th e G en eral A s s e m b ly .
T h e S u p e r io r C o u r t u p h e ld th e
v a lid it y o f th e se b o n d s o n S e p t. 2 5 1 9 0 9 . V . 8 9 , p . 8 6 7 .
Jap an .— Annual Reduction of Foreign Debt.— I t h as b e e n
o ffic i a l ly a n n o u n c e d t h r o u g h K u h n , L o e b & C o . o f N e w Y o r k
C ity th a t th e J a p a n e s e G o v e r n m e n t in te n d s t o d e v o t e
a n n u a lly t o th e r e d e m p t io n o f th e fo r e ig n d e b t a p o r t io n o f
th e s u m , a t p r e s e n t fix e d a t n o t less th a n y e n 5 0 ,0 0 0 ,0 0 0
p e r a n n u m , p r o v id e d e a c h y e a r fo r th e r e d e m p t io n o f th e
n a tio n a l d e b t .
W e p r in t b e lo w a s ta t e m e n t issu e d b y th e
N e w Y o r k b a n k e r s c o n c e r n in g th e a b o v e :
The Financial Commissioner in London of the Imperial Japanese Govern­
ment has received advice from his Government that It has been decided to
devote annually to the redemption of the foreign debt a portion of the sum
at present llxed at not less than yen 50,000,000 per annum provided each
year for the redemption of the national debt. For tho year 1911 the sum
of £1,000,000 will be so devoted, and It Is the Intention to apply this sum
mainly In reduction of the amount of the 4 >3% loans secured on the tobacco
monopoly.
L o u isia n a. — State Supreme Court Upholds Bond Act Passed
by Special Session of Legislature.— S ta te S u p re m e C o u r t
J u d g e F r a n k A . M o n r o e in a n o p in io n re n d e re d D e c . 16 u p ­
h o ld s th e A c t p a sse d b y th e r e c e n t sp e cia l se ssio n o f th e L e g ­
isla tu re o f th is S ta te f o r th e p u r p o s e o f fa c ilita t in g th e sale
o f th e § 7 ,0 0 0 ,0 0 0 s e w e r b o n d s w h ich w ere o ffe r e d w ith o u t
su c c e ss ( V . 9 1 , p . 1 0 5 0) o n O c t . 4 .
T h is ca se w a s b r o u g h t ,
it is s ta t e d , fo r th e p u r p o s e o f p e r m a n e n tly r e m o v in g all
d o u b t as t o th e le g a lit y o f th e a b o v e -m e n t io n e d A c t .
The
q u e s t io n h a d b e e n ra ise d t h a t as th e A c t w a s p u r e ly a lo c a l
m e a s u r e , th e sa m e w a s u n c o n s t it u t io n a l o n a c c o u n t o f th ere
n o t h a v in g b e e n 3 0 d a y s ’ n o tic e g iv e n o f th e in te n tio n o f
ts p a s s a g e .
N ew p ort, K y . — Bonds Declared Valid by Court of Appeals.
— T h e C o u rt o f A p p e a ls o f th is S ta te o n D e c . 16 h a n d e d d o w n
a d e c is io n a ffir m in g th e o n e re n d e re d b y th e C ircu it C o u rt o n
N o v . 12 ( V . 9 1 , p . 1 3 9 8 ), d e c la r in g v a lid an issue o f § 1 0 0 ,0 0 0
s t r e e t -im p r o v e m e n t b o n d s .




State bonds_________________________________________________ $2,761,30000
County bonds_______________________________________________ 7,623,43900
City bonds__________________________________________________ 2,141,52753
Independent and county school district bonds_______
2,558,761 00
Bonds of Houston & Texas Central l ilt _________________ 1
Bonds of Galveston Har, & San Antonio Ity____________ 1
891,455 00
Bonds of Washington County H R _______________________ J
Bonds of Texas & New Orleans KU_______
291,396 26
State Penitentiary R R _______________________________________
200,00000
Total Investments Aug. 31 1910.................................................$16,467,87879
Uninvested cash Aug. 31 1910_____________________________
$51,06661
Land Notes Aug. 31 1910.
Land notes, 10s________________________________
$7,13224
Land notes, 8s_________________________________
161,96121
Land notes, 5s_________________________________ 1,843,71775
326,74265
Land notes, 4s_________________________________
Land notes, 3s_________________________________ 45,469,95108
Total land notes Aug. 31 1910-.............................................$47,809,504 93
Lands.
On Aug. 31 1910 the State Permanent School Fund owned
3,955,788 acres of land having an estimated value of $1 50
an acre___________________________________________________ $5,944,68200
Land Leased by State Permanent School Fund Aug. 31 1910.
636,300 acres at
3
cents
per acre. I1,590acres at 4 A cents per acre.
70,325 acres at
cents per acre. 82,788 acres at 5 cents per acre.
355,009 acres at
3A
cents
per acre.0,221acres at 6cents
per acre.
1,280 acres at
3M
cents
per acre.28acres at
10cents
per acre.
168,217 acres at
4
cents
per acre.)

In addition to the Permanent School Fund, which is the
largest and most important carried by the State of Texas,
there are a number of other funds. The condition of these
funds on Aug. 31 1910 is reported as follows, the land leases
being as of Aug. 31 1908, this being the latest report we are
able to obtain from the State officials.
Condition of the Permanent University Fund.
Cash on hand Aug. 31 1910_________________ _____ __________
$55 46
State bonds___________________ ______________ _____________
607,100 00
Land notes, 10s___________________________ _____ _ $847 75
Land notes, 5s----- ----------- --------------------- -------------44,631 88— 45,479 63
2,072,225 acres of land leased, value $2 per acre, Aug. 31 1910 8,144,450 00
Grand total Aug. 31 1910.........................................................$8,797,080 09
Land Leased by Permanent University Fund Aug. 31 1908.
acres at 2
cents
per aero.1378,560acres at5cents
per acre.
acres at 3
cents
per acre.14,080acres at6cents per acre.
acres at 4
cents
per acre.825,022acres at7cents
per acre.
acres at 4$3 cents per acre. | 32,000 acres at 8 cents per acre.
Condition of Permanent Orphan Asylum Fund.
Cash on hand Aug. 31 1910----------------------------------------------------None
State bonds_______________________________________ _____ _____ $30,600 00
Land notes, 3s___________________________________$32,294 08
Land notes, 5s___________________________________ 11,388 52— 43,682 60
384,840
257,243
61,440
119,040

Grand total Aug. 31 1 9 1 0 .............................................................$74,282 60
Condition of Permanent Agricultural and Mechanical College Fund.
Cash on hand Aug. 31 1910............................................................... $2,386 54
State bonds.............................................................- .......................... 209,000 00
Grand total Aug. 31 1910.............................................................$211,386 54
Condition of Blind Asylum Fund.
Cash on hand Aug. 31 1910----------------------------------------------------$717 99
State bonds----------------------------------------------------------- -------------- 133,900 00
Land notes, 10s---------------------------------------------------- $623 57
Land notes, 5s------------------------------------------------------11,021 00
Land notes, 3S-.............................................................. 30,652 69— 42,297 27
Grand total Aug. 31 1910...........................................................$176,915 26
Condition of Permanent Deaf and Dumb Asylum Fund.
Cash on hand Aug. 31 1910............................................................... $3,770 46
State bonds......................................................................................... 100,900 00
Land notes, 10s--------------- :______________________ $357 55
Land notes, 5s------------------------------------------------------29,071 10
Land notes, 3s................................................................ 40,927 41— 71,256 06
Grand total Aug. 31 1910.........................................................-.$175,926 52
Condition of Permanent State Lunatic Asylum Fund.
Cash on hand Aug. 31 1910---------------------------------------------------$214 43
State bonds...............................— ............................- - - - - - - - - - - - 139,100 00
Land notes, 3s__________________________________ $20,883 92
Land notes, ------------------------------------------------------ 8,923 21
Land notes, 10s_________________________________ 1,189 30— 30,996 43
Grand total Aug. 31 1010...........................................................$170,314 86

The figures for the fiscal year Aug. 31 1909 were published
in the “ Chronicle” Nov. 27 1909, page 1437.
Wyandotto, Mich .— E lectio n on C o m m issio n F o r m o f
G o v ern m en t .— A proposed new charter providing for a com­
mission form of government will be considered at a special
election March 2 1911, according to local papers.

Bond Calls and Redemptions.
Missouri.— B o n d C a lls .— Whitaker & Co. of St. Louis, in
their quotation pamphlet dated Dec. 15, give the following
list of municipal bonds which have recently been called for
redemption:

Dec. 24 1910.|

THE CHRONICLE

City of Aurora, Lawrence County, Mo., judgment-funding 5% bonds for
$500 each, Nos. 24 and 25, dated Sept. 8 1807, to be paid Dec. 10 1910.
De Soto School District No. 73, formerly District No. 1, Jefferson County,
Mo.. 4%% refunding bonds, for $1,000 each, Nos. 1 to G inclusive, to be
paid Oct. 1 1910.
Slater, Saline County, M o., 5% water-works bonds for $500 each.
Nos. 10 and 11, dated Dec. 31 1897, to be paid Jan. 1 1911.
S t . F r a n c is L e v e e D is t r i c t , A r k .— Bond Call.— T h e B o a r d
o f D ir e c to r s h a v e g iv e n n o t ic e th a t, o w in g to th e ir in a b ility
to flo a t a 5 % issu e, a u t h o r iz e d b y th e la s t L e g isla tu r e fo r
th e p u r p o s e o f r e fu n d in g all b o n d s issu e d u n d e r th e a u t h o r ­
it y o f a n A c t o f th e G en eral A s s e m b ly a p p r o v e d M a rch 13
1899, it will b e im p o s s ib le t o p a y o f f th e b o n d s J a n . 1 1911,
a s a d v e r t is e d .
S ee V . 9 1 , p . 107.
T h e y w ill c o n tin u e to
p a y in te r e s t, h o w e v e r , s e m i-a n n u a lly as h e r e t o fo r e , a n d will
r e d e e m 8 4 0 ,0 0 0 b o n d s a n n u a lly a s p r o v id e d in t h e A c t o f
1899.
B o n d s N o s . 4 0 to 8 0 , S eries “ A , ” w ill b e p a id J u ly 1
1911 e ith e r a t th e F ir st N a tio n a l B a n k in N e w Y o r k C ity
o r a t th e U n io n & P la n te r s ’ B a n k & T r u s t C o . in M em p h is.
U n it e d S t a te s o f M e x i c o .— Bond Call.— T h e M e x ic a n G o v ­
e r n m e n t h as a n n o u n c e d t h a t o n J a n . 1 1911 it w ill r e d e e m
a t p a r a n d in te r e s t 9 1 ,0 2 5 b o n d s o f its 5 % C o n s o lid a te d
E x t e r n a l L o a n o f 18 9 9, a m o u n t in g t o £ 1 0 ,4 3 3 ,8 2 0 , o r a p ­
p r o x im a t e ly $ 5 1 ,0 0 0 ,0 0 0 , w h ic h is m o r e th a n h a lf o f th e
o rig in a l lo a n .
I t is sa id th a t th e re h a v e b e e n p r e v io u s d r a w ­
in g s o f th ese b o n d s o n a sm a ll sca le s e m i-a n n u a lly .
The
b o n d s c a lle d w ill b e r e d e e m e d in th e U n ite d S ta te s a t th e
o ffic e o f J . P . M o r g a n & C o ., N e w Y o r k C it y .
O th e r p la c e s
f o r r e d e m p t io n o f th e se b o n d s a re:
M o r g a n , G re n fell & C o .,
L o n d o n ; S . B le ic h r o d e r , b a n k e r s , B e r lin , o r a t th e D e u ts c h e
B a n k , o r D r e s d n e r B a n k , b o t h o f B e rlin ; L ip p m a n n , R o s e n ­
th a l & C o ., b a n k e r s , A m s t e r d a m , o r in F r a n k fo r t -o n -M a in ,
a t th e F r a n k fu r t e r F ilia le d e r D e u t s c h e n B a n k , F ilia le d er
B a n k fu r H a n d e l u n d I n d u s t r ie , D e u t s c h e E t fe c t e n & W e c h s c l
B a n k , D e u t s c h e n V e r e in b a n k a n d a t th e D r e s d n e r B a n k .
A s t a t e m e n t o f th e b o n d s t o b e r e d e e m e d fo llo w s :
1,835 bonds (.Scries “ A ” )at £1,000 e a ch _____________________ £1,835,000
5,452 bonds (Series “ B” ) at £500e a ch ____________________ 2,726,000
11,603 bonds (Series "C ” ) at £200e a ch ____________________ 2,320,600
26,369 bonds (Series “ D” ) at £100e a ch .....................
2,636,900
45,766 bonds (Series “ E ") at
£20 e a ch ____________________
915,320

1723

Brow n C ounty (P . 0 . B row nw ood ), T e x .— Bond Sale.—
T h e $ 5 0 ,0 0 0 5 % 2 0 -4 0 -y e a r ( o p t io n a l) P r e c in c t N o . 1 r o a d im p r o v e m e n t b o n d s v o t e d o n N o v . 14 ( V . 9 1 , p . 1 4 6 6) h a v e
b e e n d is p o s e d o f t o lo c a l in v e s to r s .
B u cyru s, Craw ford C ou n ty, O hio.— Bond Sale.— I t is
s ta t e d th a t o n D e c . 22 th e $ 2 5 ,0 0 0 4 ) 4 % c o u p o n ( c i t y ’ s
p o r t io n ) s t r e e t -im p r o v e m e n t b o n d s d e s c r ib e d in V . 9 1 ,
p . 1 5 2 6 , w e re a w a r d e d to*th e B u c y r u s C ity B a n k in B u c y r u s
a t 1 0 2 .9 8 .
Maturity SI,000 each March 1 and $1,500 each Sept. 1 from 1914 to
1923 inclusive.
B urlington, Chittenden C ou n ty, V t .— Bond Sale.— A r ­
r a n g e m e n ts h a v e b e e n m a d e w ith th e s in k in g -fu n d fo r th e
sale o f $ 5 3 ,0 0 0 4 % lig h t b o n d s .
Caldw ell C ounty (P . O. L o ck h art), T e x . —Bonds Voted.—
W e see it s ta te d th a t th e p r o p o s it io n to issu e th e $ 2 5 ,0 0 0
P r e c in c t N o . 2 g o o d -r o a d b o n d s m e n tio n e d in V . 9 1 , p . 15 2 6,
w a s f a v o r a b ly v o t e d u p o n a t a r e c e n t e le c t io n .
Callahan C ounty C om m on School D istrict N o . 4 7 , T e x .—

Bond Sale.— A n issu e o f $ 5 0 0 5 % b o n d s , d u e in te n y e a r s ,
w as d is p o s e d o f o n D e c . 1 a t p a r t o th e S t a te S c h o o l F u n d .
Chatham T ow n sh ip School D istrict (P . O . C h ath am ),
M orris C ou n ty, N . J .— Bond Offering.— P r o p o s a ls w ill b e
r e c e iv e d u n til 2 p . m . D e c . 28 b y C . A . J o h n s o n , D is t r ic t
C lerk , fo r $ 4 ,0 0 0 5 % 1 0 -y e a r s c h o o l b o n d s .
I n te r e s t s e m i­
a n n u a l.
D a te o f d e liv e r y J a n . 2 19 1 1.
Chicago (111.) Sanitary D istrict.— R o n d Sale— O n D e c . 22
th e $ 1 ,0 0 0 ,0 0 0 4 % c o u p o n (w ith p r iv ile g e o f r e g is t r a tio n as t o
p r in c ip a l) b o n d s d e s c r ib e d in V . 9 1 , p . 1 5 8 5, w ere a w a r d e d
t o A . B . L e a c h & C o . a n d N . W . H a ls e y & C o ., b o t h o f
C h ic a g o , a c c o r d in g t o r e p o r ts , a t th e ir jo in t b id o f 9 9 .2 8 6 3 .
M a tu r it y $ 4 6 ,0 0 0 o n J a n . 1 1913 a n d $ 5 3 ,0 0 0 y e a r ly o n J a n . 1
fr o m 1914 t o 1931 in c lu s iv e .
Chilton Independ ent School D istrict (P . O. C h ilton ), F alls
C ou n ty, T e x .— Bond Sale.— T h is d is t r ic t o n D e c . 1 d is p o s e d
o f $ 1 2 ,5 0 0 5 % 1 0 -4 0 -y e a r ( o p t io n a l) b o n d s t o th e S t a te
S c h o o l F u n d a t p a r a n d a c c r u e d in te r e s t .

91,025
_
£10,433,820
Clarem ore, R ogers C ounty, O k la .— Bond Sale.— O n D e c . 19
I n J u ly th e G o v e r n m e n t p la c e d in P a ris a lo a n o f £ 2 2 , ­ $ 5 2 ,5 0 0 5 % w a te r -w o r k s a n d c it y -h a ll b o n d s w e re a w a r d e d
2 0 0 ,0 0 0 ($ 1 0 7 ,6 7 0 ,0 0 0 ) a t 4 % , t o b e u se d e x c lu s iv e ly fo r th e to J o h n N u v e e n & Co. o f C h ic a g o a t p a r .
c o n v e r s io n o r p a y m e n t o f th e “ f o r e ig n c o n s o lid a t e d 5 % lo a n
Denomination $500 and $1,000. Date Jan. 15 1911. Interest semi­
o f 1 8 9 9 .’ ’
T h e lo a n , w h ic h w a s o ffe r e d a t 9 7 .6 2 ) 4 , w a s annual. Maturity Jan. 15 1936.
o v e r s u b s c r ib e d .
Y . 91, p . 165.
Cohasset School D istrict N o . 1 (P . O. C o h a sse t), Itasca
C ounty, M in n .— Bonds Voted.— A n e le c t io n h e ld r e c e n t ly , it
is s ta t e d , resu lte d in fa v o r o f a p r o p o s it io n t o issu e $ 3 5 ,0 0 0
s c h o o l-h o u s e c o n s t r u c t io n b o n d s .

Bond Proposals and Negotiations this week

have been as fo llow s:

Colum bia, Richland C ounty, So. Caro.— Bond Award.—
A t h e n s , A t h e n s C o u n t y , O h i o .— Bond Offering.— P r o ­
W e are a d v is e d th a t th e a m o u n t o f 5 % 3 0 -y e a r r e fu n d in g
p o s a ls w ill b e r e c e iv e d u n til 12 m . D e c . 28 b y W . B . G o ld e n ,
b o n d s , d is p o s e d o f o n D e c . 15 to th e s y n d ic a t e c o m p o s e d o f
V illa g e C le rk , fo r th e f o llo w in g 5 % c o u p o n a s se s s m e n t b o n d s :
T o w n s e n d ] S c o t t & S o n a n d B a k e r , W a t t s & C o ., b o t h o f
$2,236 Mill Street Improvement bonds. Denomination $223 60.
B a lt im o r e ( V . 9 1 , p . 1 6 6 0 ), w a s $ 8 5 0 ,0 0 0 .
T h e p r ic e p a id
2,040 Woodward Avenue improvement bonds. Denomination $204.
3,334 Mill Street Improvement bonds. Denomination $333 40.
w a s 105 fo r $ 5 0 ,0 0 0 b o n d s a n d 1 0 3 .5 6 fo r $ 8 0 0 ,0 0 0 b o n d s .
Authority, Section 95 of the Municipal Code. Date Sept. 1 1910. In­
terest semi-annual. Maturity one bond ot each issue yearly on Sept. 1 T h e a w a rd o f th ese b o n d s is m a d e s u b je c t t o th e a p p r o v a l
from 1912 to 1921 inclusive. Certified check for $300 drawn on a bank in o f th e L e g isla tu r e a t its n e x t session in J a n . 1 9 1 1.
D e­
Athens County and made payable to the Village Treasurer, is required
n o m in a t io n S I , 0 0 0 .
T h e s e s e cu r itie s ta k e th e p la c e o f th e
with bids on each issue. Purchaser to pay accrued interest.
A u g u s t a , M e .— Bond Sale.— O n D e c . 20 $ 3 0 ,0 0 0 4 % c o u ­ $ 8 5 0 ,0 0 0 b o n d s o ffe r e d b u t n o t s o ld ( V . 9 0 , p . 1 5 6 8) o n
June 21.
p o n im p r o v e m e n t a n d r e fu n d in g b o n d s w ere a w a r d e d , it is
C uyahoga County (P . O. C leveland ), O hio.— R o n d Offer­
s t a t e d , t o th e K e n n e b e c S a v in g s B a n k in A u g u s t a a t 1 0 5 .7 1 .
ing .— P r o p o s a ls w ill b e r e c e iv e d u n til 11 a . in . D e c . 31 b y
A list o f th e b id s r e c e iv e d fo llo w s :
th e B o a r d o f C o m m is s io n e r s, J o h n F . G o ld e n b o g e n , C lerk ,
Kennebec Sav. Ilk., Augusta 105.71 Perry, Coffin & Burr, Boston 102.53
Edmunds ilros., Boston___ 105.02 Lee, Iligginson & Co., D os..102.52
f o r $ 3 0 0 ,0 0 0 4 ) 4 % c o u p o n c o u r t -h o u s e -c o n s t r u c t io n b o n d s .
E. II. Rollins & Soil, Boston. 103.67 A. B. Leach &Co., B oston._ 102.268
Authority, Sections 2434, 2435 and 2438, General Code; also election held
E. M. Farnsworth, Boston 103.54 N. W. Harris &Co., B oston.102.20
Nov. 5 1901. Denomination $1,000. Date Jan. 1 1911. Interest April 1
Aug. Sav. Bank, Augusta.. . 103.50 Blodget & Co., Boston______102.14
and Oct. 1 at the County Treasurer's office. Maturity $15,000 yearly on
W. A. Read &Co., N. Y __ 103.29 Fidelity Trust Co., Port land-102.01
Oct. 1 from 1911 to 1930 inclusive. Each bid must be accompanied by a
Hayden, Stone & Co., Bos._i03.219 C. II. Gilman, P o rtla n d ...... 101.96
M. S. Bird & Co., Rockland. 103.09 Merrill, Oldham&Co., liostonlO 1.079 bond signed by not less than two disinterested persons, residents o{ and
owning real estate In this county, or a certified cheek, payable to the County
Estabrook & Co., Boston__ 102.85
Blake Bros. & Co., Boston. _ 98.78
Treasurer, for 1% of bonds bid for. Bids must be made on a blank form
Edw. C. Dudley, Augusta.. .102.61 Ilornblower &Weeks, Bost. 98.45
Denomination $1,000. Date Jan.' 2 1911. Interest semi-annually in furnished by the county. These bonds were offered without success as 4s
(V. 91, p. 1586) on Dec. 7.
Boston. Maturity Jan. 2 1936.
D elta County (P . O. E sca n ab a), M ic h .— Bond Offering —
Barre, W a sh in g to n C ou n ty, V t .— Bond Sale.— R e p o r t s
P r o p o s a ls w ill b e r e c e iv e d u n til 12 m . D e c . 31 b y J o h n A .
s ta te th a t o n D e c . 22 th e $ 4 5 ,0 0 0 4 % 9 -1 7 -y e a r (seria l)
c o u p o n w a te r b o n d s d e s c r ib e d in V . 9 1 , p. 1659, w ere S e in e r, C o u n t y C lerk , fo r th e $ 4 0 ,0 0 0 4 % b r id g e -c o n s t r u c t io n
a w a r d e d to th e B a rre S a v in g s B a n k & T r u s t C o . in B a r r e fo r b o n d s v o t e d ( V . 9 1 , p . 146 7) o n N o v . 8.
Denomination $1,000. Date Jan. 1 191). Interest semi-annually at
$ 4 5 ,0 5 9 2 5 — th e p r ic e th u s b e in g 1 0 0 .1 3 1 .
the County Treasurer’s office. Maturity $5,000 on Jan. 1 1911 and each
B loom in gton , 111.— No Bonds Authorized.— W e a re a d ­ second year thereafter from 1912 to 1924 inclusive. Certified check for
v is e d th a t th e re is n o tr u th in th e n e w s p a p e r r e p o r ts th a t 2% of bid, payable to the County Treasurer, is required.
D oerun, Colquitt C ou n ty, G a .— Bonds Voted.— R e p o r t s
th is c i t y h as a u t h o r iz e d th e is s u a n ce o f $ 2 7 ,0 0 0 b o n d s .
Braintree, Norfolk C ou n ty, M a s s .— Temporary Loan.— A s ta t e t h a t an e le c t io n h eld D e c . 13 re s u lte d in f a v o r o f p r o p o ­
lo a n o f $ 2 0 ,0 0 0 h as b e e n n e g o tia t e d , a c c o r d in g to r e p o r t s , at s itio n s to issu e $ 8 ,5 0 0 s c h o o l-b u ild in g a n d $ 6 ,5 0 0 w a t e r ­
w ork s b on d s.
3 .4 5 % d is c o u n t , as fo llo w s :
$ 1 0 ,0 0 0 d u e A p r il 12 19 1 1, w ith
El Cam po, W h a rto n C ou n ty, T e x .— Bonds Voted.— A
L o r in g , T o lm a n & T u p p e r a n d $ 1 0 ,0 0 0 p a y a b le A p r il 20
p r o p o s it io n to issu e $ 3 5 0 ,0 0 0 5 % 4 0 -y e a r d r a in a g e b o n d s
1 9 1 1 , w ith N . W . H a r ris & C o ., b o t h o f B o s t o n .
B rookings C ounty (P . O. B rookin gs), So. D a k . —Bond w a s f a v o r a b ly v o t e d u p o n a t a r e c e n t e le c t io n .

Offering.— P r o p o s a ls w ill b e r e c e iv e d u n til 1 p . in . D e c . 27
b y O . J . O tte r n e s, C o u n t y A u d it o r , f o r th e $ 1 0 0 ,0 0 0 5 %
c o u n t y b o n d s v o t e d ( V . 9 1 , p . 1 3 99) o n N o v . 8 .
Date Dec. 27 1910. Interest semi-annual. Maturity 20 years, subject
to call after 5 years. Certified check for 5% of bid, payable to George E
IIocli, Chairman Board County Commissioners, is required. Bonded debt,
this issue. Assessed valuation 1910 (est.), $8,300,000. Actual valua­
tion (cst.), $25,000,000.
B rooklet, Bullock C o u n ty, G a .— Bond Sale.— O n D e c . 15
th e $ 7 ,0 0 0 6 % g o ld s c h o o l -b u ild in g a n d s ite -p u r c h a s e b o n d s
d e s c r ib e d in V . 9 1 , p . 1 5 8 5 , w e re a w a r d e d t o S . A . K e a n &
C o . o f C h ic a g o .
Maturity $1,400 on Jan. 1 in each of the years 1915, 1919, 1923 1927
and 1931.
Brooklyn H e ig h ts Independ en t School D istrict, T e x .—

Bond Sale.— T h is d is t r ic t s o ld $ 8 ,5 0 0 1 0 -4 0 -y e a r (o p t io n a l)
b o n d s o n D e c . 1 to th e S ta te S c h o o l F u n d a t p a r a n d in te r e s t .




El Centro’, I m p e r ia l C o u n t y , CaL— Bond Sale.— T h e $ 6 9 ,­
000 5 % 10-32 -y ea r (seria l) c o u p o n w a t e r -w o r k s -c o n s t r u c t io n
b o n d s o ffe r e : o n M a rch 15 a n d d e s c r ib e d in V . 9 0 , p . 6 4 6 ,
w ere s o ld o n A p r il 19, w > a re ju s t a d v is e d , t o J a m e s H .
A d a m s & C o . o f L o s A n • 'e s .
,

E v erett, M iddlesex C o u n t y , M a ss.— Bond Offering.--P r o ­
p o s a ls w ill b e r e c e iv e d u n til 5 p . in . D e c . 27 b y N a t h a n N ic h ­
o ls , C ity T r e a s u r e r , fo r $ 2 5 ,0 0 0 4 % t a x -e x e m p t c o u p o n
sew er b o n d s .
Authority, Chapter 438, Acts of 1910. Denomination $1,000. Date
June 1 1910. Interest scml-annualiy at the Old Colony Trust Co. in Bos­
ton. Maturity June 1 1940. Bond;; -viii be certified as to genuineness by
the Old Colony Trust Co. in Boston, who will further certify that the legality
of tills issue has been approved by Storey. Thorndike, Palmer & Thayer
of Boston, a copy of whose opinion will be .urnished to the purchaser.
F airbury, Jefferson C ounty, N e b .— Bonds Awarded in
Part.— O f th e $ 1 1 5 ,0 0 0 w a te r -w o r k s a n d th e $ 2 0 ,0 0 0 electric-

112*

THE CHRONICLE

lig h t 5 % b o n d s o ffe r e d w it h o u t s u c c e ss o n A u g . 1 ( V . 9 1 ,
p . 6 0 2 ), $ 9 0 ,0 0 0 o f th e fo r m e r issu e a n d $ 1 0 ,0 0 0 o f th e la tt e r
issu e h a v e b e e n d is p o s e d o f a t p a r t o M r. B u r n h a m , in e x ­
c h a n g e f o r h is p la n t .
M r. B u r n h a m ’ s a t t o r n e y h e ld th a t
th e b o n d s w e re v o id o n a c c o u n t o f irre g u la ritie s in th e p r o ­
c e e d in g s .
A fr ie n d ly s u it w a s th e n s ta r te d in th e D is tr ic t
C o u r t a n d th e la tt e r r e n d e r e d a d e c is io n d e c la r in g th e b o n d s
v a lid .
T h e ca se w a s a p p e a le d t o th e S u p re m e C o u r t a n d
t h a t b o d y u p h e ld th e d e c is io n o f th e lo w e r C o u r t.
M r.
B u rn h a m th e n t o o k th e b o n d s .
Bond Offering.— T h e c it y is n o w o ffe r in g a t p a r th e r e ­
m a in in g $ 2 5 ,0 0 0 w a te r a n d $ 1 0 ,0 0 0 e le c t r ic -lig h t 5 % b o n d s
o f th e a b o v e issu es. T h e w a te r b o n d s are o p t io n a l a ft e r
fiv e y e a r s a n d th e e le c t r ic -lig h t b o n d s a ft e r te n y e a r s . T h e y
a re d a t e d A u g . 1 1910 a n d in te r e s t is p a y a b le s e m i-a n n u a lly .
F ergu s C ounty School D istrict N o . 14 , M o n t.— Bond Offer­
ing.— P r o p o s a ls w ill b e r e c e iv e d u n til 2 p . m . D e c . 26 b y
G ra ce H a r ris C le g g , C lerk ( P . O . L e w i s t o w n ) ,f o r $ 2 ,2 0 0 6 %
c o u p o n s c h o o l -b u ild in g b o n d s .
Denomination 2 bonds of $1,000 each and 1 bond of $200. Date Jan. 2
1011. Interest annual. Ccrtltled check for 5% of bonds, payable to the
Clerk of District, Is required. No bonded debt at present. Assessed valu­
ation 1910, $105,710.
F o rt Sm ith and V a n Buren Bridge D istrict (P . O. F ort
S m ith ), A r k .— Bond Sale.— T h e M e rca n tile T r u s t C o . o f
S t . L o u is is sa id t o h a v e b e e n th e su cc e ss fu l b id d e r o n D e c . 20
fo r $ 6 0 0 ,0 0 0 5 % b r id g e -c o n s t r u c t io n b o n d s .
S ee V . 9 1 ,
p. 478.
F o rt W o r th , T e x . — Bonds Proposed.— I t is s ta te d in lo ca l
p a p e r s th a t th is c i t y is c o n s id e r in g th e a d v i s a b ilit y o f issu in g
$ 2 ,0 0 0 ,0 0 0 im p r o v e m e n t b o n d s .
F o ssil, W h eeler C ou n ty, O re. — Bond Sale.— W e h a v e ju s t
b e e n a d v is e d th a t th e $ 8 ,0 0 0 6 % 1 0 -y e a r g o ld c o u p o n re­
fu n d in g w a te r b o n d s o ffe r e d w it h o u t s u c c e ss o n M a rch 25
( V . 9 0 , p . 1 2 5 4 ) w ere s o ld o n A p r il 1.
F ram in gh am (P . O. South F ram in gh a m ), M iddlesex
C oun ty, M a s s .— Note Sale.— D is p a t c h e s s ta t e that, a te m ­
p o r a r y lo a n o f $ 2 5 ,0 0 0 h a s b e e n n e g o tia t e d w ith E s t a b r o o k
& C o . o f B o s to n a t 3 .4 8 % d is c o u n t a n d a p r e m iu m o f 50
0 3 n ts.
M a tu r it y J u n e 20 1911.
F reew ater, U m atilla C ou n ty, Ore.— Bond Sale.— A n issue
o f $ 1 6 ,0 0 0 6 % 1 0 -2 0 -y e a r ( o p t i o n a l) w a te r -w o r k s b o n d s w a s
d is p o s e d o f o n D e c . 10 t o G e o r g e J a e g e r a t p a r .
D e n o m in a ­
tio n $ 5 0 0 . D a te N o v . 1 19 1 0. I n t e r e s t J a n . a n d J u ly .
G a le s b u r g , K n o x C o u n t y , 111.— Bond Sale.— E . I I . R o l ­
lin s & S o n s o f C h ic a g o r e c e n tly p u r c h a se d a t 1 04.07 $ 2 5 ,0 0 0
4 ^ % 2 0 -y e a r w a te r b o n d s . T h is is o n a n in te r e s t b a s is o f
a b o u t 4 .2 0 % .
Date Dec. 1 1910. Interest semi-annually In Galesburg. These bonds
were disposed of on Oct. 2 to A. B. I,each & Co. of Chicago, but, as reported
In V. 91, p. 1197, were subsequently refused by them. The above securi­
ties are part of the Issue of $75,000 bonds which were authorized by the
voters (V. 91, p. U00) on Nov. 8.
Garrison School D istrict ( P . O . G arrison ), N acogdoches
C ou n ty, T e x .— Bonds Voted.— A c c o r d in g to r e p o r ts , a p r o p o ­
s itio n to issue $ 1 0 ,0 0 0 s c h o o l -b u ild in g b o n d s ca rrie d b y a
v o t e o f 95 to 8 a t an e le c t io n h e ld D e c . 10.
G ordo, P ic k e n s C o u n t y , A l a .— Bonds Not Sold.— N o s a tis­
f a c t o r y b id s w ere r e c e iv e d o n D e c . 19 fo r th e $ 6 ,0 0 0 5 %
2 0 -y e a r g o ld c o u p o n s c h o o l-b u ild in g b o n d s d e s c r ib e d in
V . 9 1 , p . 1467.
G r a n b y , N e w t o n C o u n t y , M o .— Bond Sale.— O n D e c . 15
th e $ 1 8 ,0 0 0 5 * ^ % c o u p o n w a te r -w o r k s b o n d s d e s c r ib e d in
V . 9 1 , p . 1467, w e re s o ld to S . A . K e a n & C o . o f C h ic a g o a t
1 0 1 .4 2 .
A list o f th e b id d e r s fo llo w s :
S. A. Kean & Co., Chtcago.$ 18.255 601 John Nuveen & Co., Chlo.$18.000 00
C. H. Coffin &Co.. Chic._ 18,201 00 Cutter, May & Co., Chlc._ 18,000 00
Parson, Son & Co., Chle._ 18,000 00|A. G. Decourcy_________ al8,000 00
a Less $850 commission.
G r a n d R a p id s S c h o o l D i s t r i c t (P . 0 . G r a n d R a p i d s ), K e n t
C o u n t y , M ic h .— Bond Offering.— T h is d is t r ic t is o ffe r in g to
lo c a l in v e s to r s a t 101 a n d a c c r u e d in te re s t fr o m S e p t. 1 1910
th e issue o f 4 % c o u p o n h ig h -s c h o o l-b u ild in g b o n d s m e n ­
tio n e d in V . 9 1 , p . 5 2 .
S u b s c r ip t io n s will b e r e c e iv e d , a c ­
c o m p a n ie d b y a d e p o s it o f 5 % o f b id , o n J a n . 3 4 a n d 5 1 9 1 1 .
Denominations $100, $500 and $1,000. Interest semi-annually In March
and September. Maturity 1915 and 1910. The bonds are tax-exempt.
G reenville, H u n t C ou n ty, T e x .— Bonds Voted.— T h e issu ­
a n c e o f $ 5 0 ,0 0 0 w a te r -w o r k s b o n d s w a s a u t h o r iz e d b y a v o t e
o f 104 to 5 8 , it is s t a t e d , a t an e le c t io n h e ld D e c . 12.
Bonds Registered.— T h e S ta te C o m p tr o lle r o n D e c . 13
re g is te r e d $ i 0 0 ,0 0 0 5 % s tr e e t -im p r o v e m e n t a n d $ 7 0 ,0 0 0 5 %
s c h o o l-h o u s e b o n d s .
H ardin C ounty (P . O . K e n to n ), O hio.— Bond Offering.—
P r o p o s a ls will b e r e c e iv e d u n til 12 m . J a n . 3 1911 b y E lm e r
J . C a r e y , C o u n t y A u d it o r , fo r $ 3 7 ,1 6 7 89 4 J ^ % r e fu n d in g
bonds.
Authority Section 5656, General Code. Denomination $1,000. except
one bond of $1,167 89. Date Jan. 2 1911. Interest March 1 and Sept. 1.
Maturity $12,167 89 Sept. 1 1915, $12,000 Sept. I 1916 and $13,000
Sept. 1 1917. Certllled check (or cash) on a Kenton bank for $500, pay­
able to the County Auditor, Is required.
|? Bond Sale.— T h e F ir st N a tio n a l B a n k o f C le v e la n d w as
th e su cc e ss fu l b id d e r o n D e c . 19 fo r th e $ 2 7 ,2 4 0 5 % d it c h c o n s t r u c t io n b o n d s d e s c r ib e d in V . 9 1 , p . 15 8 6. T h e p r ice
p a id b y th e b a n k w a s $ 2 7 ,5 9 1 (1 0 1 .2 5 1 ) a n d a c c r u e d in ­
te r e st.
A b id o f $ 2 7 ,5 5 7 .was a ls o r e c e iv e d fr o m H a y d e n ,
M iller & C o . o f C le v e la n d a n d a n o t h e r o f $ 2 7 ,3 9 1 fr o m th e
D a v ie s -B e r tr a m C o . o f C in c in n a ti.
H a y ti In dependent School D istrict N o . 1 (P . O. H a y ti),
H am lin C ou n ty,, S o . D a k .— Bond Sale.— An_issue<IofA$ 3 ,7 5 0

t




[Voii. L X X X XI

5 % s c h o o l-h o u s e b o n d s h as b e e n p u r c h a s e d b y th e S ta te
S ch ool F u n d at par.
D e n o m in a t io n $ 2 0 0 .
D a te N o v . 25
1910.
I n te r e s t s e m i-a n n u a l.
H earne,
s itio n s to
f a v o r a b ly
h eld D e c .

R obertson C ounty, T e x .— B o n d s V o t e d . — P r o p o ­
issu e w a te r -w o r k s a n d e le c t r ic -lig h t b o n d s w ere
v o t e d u p o n , a c c o r d in g to r e p o r ts , a t a n e le c t io n
14.

H ill C ounty C om m on School D istrict N o. 9 8 , T e x .— B o n d
$ 1 2 ,5 0 0 5 % 1 0 -4 0 -y e a r ( o p t io n a l) b o n d s r e g is ­
te r e d b y th e S ta te C o m p tr o lle r o n J u ly 11 ( V . 9 1 , p . 2 3 0 )
w e re s o ld o n D e c . 1.

S a le .— T h e

H u d so n , Sum m it C ou n ty, O hio .— B o n d S a l e . — O n D e c . 20
th e $ 3 ,0 0 0 4 j ^ % c o u p o n r o a d -im p r o v e m e n t b o n d s d e s c r ib e d
in V . 9 1 , p . 1527, w ere s o ld to th e F ir st N a tio n a l B a n k o f
C le v e la n d a t 1 0 0 .7 3 3 a n d a c c r u e d in te r e s t .
T h e fo llo w in g
b id s w ere r e c e iv e d :
F i r s t N a t . B a n k , C l e v e l a n d . _ $ 3 . 0 2 2 I O t i s & H o u g h , C l e v e l a n d ______ $ 3 , 0 0 3
H a y d e n , M ille r & C o . , C l e v e . . 3 , 0 1 6 1
A l l b i d d e r s o f f e r e d a c c r u e d I n t e r e s t In a d d i t i o n t o t h e i r b i d s .
M a tu r ity
$ 5 0 0 y e a r ly o n O c t . 1 fr o m 1 9 1 2 t o 1 9 1 7 I n c lu s iv e .

Iroquois County (P . O. W a ts e k a ), 111.— N o B o n d E l e c t i o n .
— A ll s te p s lo o k in g to w a r d s th e h o ld in g o f a p r o p o s e d e le c ­
tio n t o v o t e o n th e q u e s t io n o f is s u in g $ 2 0 0 ,0 9 0 c o u r t-h o u s e
b o n d s h a v e b e e n c a n c e le d .
K a n sa s C ity, M o .— B i d s . — T h e fo llo w in g b id s w ere re­
c e iv e d o n D e c . 15 fo r th e $ 5 0 0 ,0 0 0 4 % a n d th e $ 2 5 0 ,0 0 0
(th r e e issu es) 4 j ^ % 2 0 -y e a r b o n d s a w a r d e d to th e P io n e e r
T r u s t C o . o f K a n s a s C it y , M o ., a t 1 0 0.441 ( V . 9 1 , p . 1 6 6 1 ).
T h e fo llo w in g b id s w ere re c e iv e d fo r th e e n tire issue:
P i o n e e r T r u s t C o . , K a n s a s C i t y , M o ________________________________________ $
C o m m e r c e T r u s t C o . , K a n s a s C i t y , M o .............. ................................ ................
H a r r is T r u s t & S a v in g s B a n k , C h ic a g o ; M e r r ill, O ld h a m & C o .,
B o s t o n .; I I . P . W r ig h t I n v e s t m e n t C o ., K a n s a s C it y , M o . .
S u t h e r l l n & C o . , K a n s a s C i t y , M o ____________________ ______________________
E . I I . R o llin s & S o n s . C h ic a g o : W m . A . R e a d & C o .. C h ic a g o ;
P e r r y , C o f f i n <Sc B u r r , B o s t o n _________________________________ __________
W m . R . C o m p t o n C o ., S t . L o u is ; A . B . L e a c h & C o ., C h i c a g o ..
F a r s o n , S o n & C o . , C h i c a g o ________________________ ___________________ _________

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

00
00

7 5 1 ,4 1 7
7 5 0 ,3 7 7
7 5 0 ,3 5 5

50
00
00

B id s fo r $ 2 5 0 ,0 0 0 o f th e b o n d s w ere as fo llo w s :
P a r k i n s o n & B u r r , N . Y ____ $ 2 6 0 , 7 0 3 1 W e l l , R o t h & C o . ,
IC In c In $ 2 5 7 ,7 5 0
K o u n t z e B r o s . , N . Y __________ 2 5 8 , 6 8 0 I S e a s o n g o o d & M a y e r , J

K a n sas City Park D istrict (P . O. K a n sas C ity ), K a n .—
K ansas
C it y w a s a w a r d e d th e $ 9 5 ,0 0 0 5 % c o u p o n p a r k -im p r o v e ­
m e n t b o n d s r e c e n tly s o ld b y th is d is t r ic t .
V . 9 1 , p . 1 5 8 7.
P u r c h a s e r o f B o n d s .— T h e C o m m e rce T r u s t C o. o f

D e n o m in a tio n $ 5 0 0 .
D a te D eo . 15 1 9 1 0 .
I n te r e s t s e m i-a n n u a lly a t th e
S t a t e T r e a s u r e r ’ s o f f i c e In T o p e k a .
M a t u r it y $ 9 ,5 0 0 y e a r ly o n D e c . 15
fr o m 1 9 2 1 t o 1 9 3 0 In c lu s iv e .

K a w V a lley Drainage D istrict (P . O. K a n sa s C ity ), W y ­
andotte C ou n ty, K a n .— D e s c r i p t i o n o f B o n d s . — W e are in ­
fo r m e d th a t th e $ 1 ,2 2 5 ,0 0 0 5 % r iv e r -im p r o v e m e n t (S eries C)
b o n d s , th e sale o f w h ic h w a s r e p o r te d in V . 9 1 , p . 1587, are
c o u p o n in fo r m , w ith p r iv ile g e o f r e g is tr a tio n as t o p r in ­
c ip a l.
T h e y are in d e n o m in a t io n o f $ 1 ,0 0 0 e a c h .
D a te D e c . 1 1 9 1 0 .
In te r e s t s e m i-a n n u a lly a t th e S ta t e T r e a s u r e r ’ s o ffic e
in T o p e k a .
M a tu r ity M a rc h l 1 9 1 0 .
T o t a l b o n d e d d e b t o f d is t r ic t , In ­
c lu d in g
th is Is s u e ,
$ 1 ,2 8 5 ,0 0 0 .
No
llo a t tn g
d e b t.
A ssessed
v a lu a tio n
fo r
1 9 1 0 , $ 4 8 ,6 7 6 ,2 0 0 .
R e a l v a lu e (e s tim a te d ). $ 1 0 0 ,0 0 0 ,0 0 0 .
T h e le ­
g a lit y o f th e s e b o n d s h a s b e e n c e r t llle d t o b y W o o d
O a k le y o f C h ic a g o
a n d H a w k i n s , D e la fle ld
L o n g fe llo w o f N e w Y o r k C ity .

&

&

K in g C o u n t y (P . O. S e a t t le ), W a s h . — B o n d S a l e .— O n
D e c . 14 $ 2 0 0 ,0 0 0 a n d $ 1 1 3 ,0 0 0 \Y>% r e fu n d in g b o n d s w ere
s o ld , a c c o r d in g t o S e a ttle p a p e r s , to th e N a tio n a l B a n k o f
C o m m e r c e in th a t c it y a t p a r .
P u r c h a se r to p a y fo r th e
p r in t in g o f b o n d s a n d all o th e r e x p e n s e s .
T h e $ 2 0 0 ,0 0 0
b o n d s m a tu r e 8 1 0 ,0 0 0 y e a r ly fr o m o n e to tw e n t y y e a r s in ­
c lu s iv e a n d ' th e $ 1 1 3 ,0 0 0 b o n d s a r c d u e $ 5 ,0 0 0 y e a r ly fr o m
o n e to ten y e a r s in c lu s iv e , $ 6 ,0 0 0 y e a r ly fr o m e le v e n to
s e v e n te e n y e a r s in c lu s iv e a n d $ 7 ,0 0 0 y e a r ly fr o m e ig h te e n to
tw e n ty y e a r s in c lu s iv e .
L a G rande, U nion C ounty, O re .— B o n d O f f e r i n g . — Pro­
p osa ls will b e r e c e iv e d u n til 8 p . m . D e c . 28 b y D . E . C o x ,
C ity R e c o r d e r , fo r $ 1 0 ,0 0 0 5 % s ew er b o n d s .
D e n o m in a tio n $ 1 ,0 0 0 .
In te r e s t s e m i-a n n u a l.
M a tu r ity 2 0 y e a r s ,
je c t to c a ll a fte r 10 y e a r s .
C e r t l l l e d c h e c k f o r $ 1 , 0 0 0 Is r e q u i r e d .

su b­

L a s A n im as County (P . O. T rinidad), C olo .— B o n d S a l e .—
E . H . R o llin s & S on s o f C h ic a g o w ere th e s u cc e ssfu l b id d e r s
o n D e c . 15 fo r th e $ 1 5 5 ,0 0 0 4 ) ^ % c o u p o n r e fu n d in g b o n d s
d e s c r ib e d in V . 9 1 , p . 1587.
M a tu r ity A p r il l 1931, s u b je c t
to call a ft e r A p ril 1 1921.
L ow ell, M iddlesex C ounty, M a s s . — B o n d O f f e r i n g . — P r o ­
p o s a ls will b e r e c e iv e d u n til 10 a . m . D e c . 28 b y A n d r e w G .
S tiles, C ity T r e a s u re r, fo r $ 6 0 ,0 0 0 4 % c o u p o n w a te r -w o r k s
bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te D e c . 1 1 9 1 0 .
In te r e s t s e m i-a n n u a lly a t
t h e O l d C o l o n y T r u s t C o . In B o s t o n .
M a t u r it y $ 6 ,0 0 0 y e a r ly o n D e c . 1
fr o m
1911
t o 1 9 2 0 I n c lu s iv e .
B o n d s a r e t a x - e x e m p t In M a s s a c h u s e t t s .
B o n d s w ill b e c e r t llle d a s t o g e n u i n e n e s s b y t h e O l d C o l o n y T r u s t C o . o f
B o s t o n , w h ic h w ill f u r t h e r c e r t i f y t h a t t h e l e g a l i t y o f t h e b o n d s h a s b e e n
a p p r o v e d b y S to r e y , T h o r n d ik e , P a lm e r & D o d g e o f B o s to n , a c o p y o f
w h o s e o p in io n w ill b e fu r n is h e d to th e p u r c h a s e r w it h o u t c h a r g e .

M cK e es R ock s School D istrict ( P . O. M c K e e s R o ck s),
A lleg h en y C ou n ty, P a .— B o n d O f f e r i n g . — P r o p o s a ls w ere
a sk e d fo r u n til 6 p . m . y e s t e r d a y ( D e c . 2 3 ) b y D r. J . A . B a r r ,
S e c r e t a r y , fo r S 7 5 ,0 0 0 4 j ^ % c o u p o n fu n d in g b o n d s .
D e n o m in a tio n $ 1 ,0 0 0 .
In te re s t J a n . 2 a n d J u ly 2 .
M a t u r it y $ 5 ,0 0 0
J a n . 2 1 9 1 1 . $ 2 0 , 0 0 0 J a n . 2 1 9 2 1 a n d $ 2 5 , 0 0 0 o n J a n . 2 In e a c h
o f th e
years 1926 an d 1 9 3 1 .
B o n d s arc ta x -e x e m p t.
T h e r e s u lt o f th is o ffe r in g
w a s n o t k n o w n to u s a t th e h o u r o f g o in g to p r e ss.

M an istee, M anistee C ounty, M ich .— B o n d E l e c t i o n . — A n
e le c t io n will b e h e ld A p ril 3 1911 to v o t e o n a p r o p o s itio n to
issue $ 9 0 ,0 0 0 lig h tin g a n d p o w e r -p la n t b o n d s .
M arion, G rant C ounty, I n d .— B o n d s N o t S o l d . — T h e C ity
C lerk a d v is e s us th a t n o b id s w ere r e c e iv e d o n D e c . 2 0 fo r
th e
$ 5 0 ,0 0 0
4%
e le c t r ic -lig h t -p la n t -c o n s t r u c t io u
bonds
d e s c r ib e d in V . 9 1 , p . 16 6 2.

THE CHRONICLE

Dec. 24 1010.

M ich . — Bond Sale.—
(se r ia l) tu b e r c u lo s is w a s g iv e n in V . 91,
o f D e t r o it a t p a r a n d
w e re s u b m it t e d :

Nome (Village). Barnes County— 53.500 20-year town-hall, fire-apparatus
and water-works bonds dated Sept. 30 1010.
Prosperity School District No. 81, Renville County— 5800 20-year building
bonds dated Aug. 10 1910.
Shell School District No. 142, Mountrail County— 5700 10-year building
bonds dated Sept. 15 1910.
A ll o f th e a b o v e b o n d s w ere p u r c h a se d d ir e c t fr o m th e
p la c e issu in g s a m e .

A. B. Leach & Co., Chicago___ 5143
Win. R. Compton Co., Chicago. 156
E. H. Rollins & Sons, Chicago.. 225
Farwcll Trust Co., Chicago_____500

N ueces County C om m on School D istricts, T e x . — Bond
Sale.— W e a re a d v is e d th a t th e $ 1 0 ,0 0 0 b o n d s o f D is t r ic t

M arquette County (P . 0 . M a rqu ette),
O n D e c . 20 th e $ 1 5 ,0 0 0 4 % 5 -7 -y e a r
h o sp ita l b o n d s , a d e s c r ip tio n o f w h ic h
p . 1GG2, w e re so ld to W . E . M oss & C o .
in te r e s t’, less $ 4 8 .
T h e f o llo w in g b id s

Par
less

W. E. Moss & Co., Detroit......... 3 1 8
Harris Tr. & Sav. Bk., Chlcago- 73
N. VV. Halsey & Co., Chicago f 141
*261

Par

* If payable in Marquette.
A bill of 515,008, less 5282, was also received from A. J. Hood & Co. of
Detroit. All bidders offered accrued Interest in addition to their bids.
M arshall County (P . O. W a rre n ), M in n . — Bond Sale.—
T h e S e c u r it y T r u s t C o . o f S t . P a u l o n D e c . 10 w a s a w a rd e d
a n issue o f $ 2 0 0 ,0 0 0 5 % 1 0 p ^ -y e a r (a v e r a g e ) d r a in a g e b o n d s .
D e n o m in a t io n $ 1 ,0 0 0 . D a te J a n . 2 1 9 1 1 . I n te r e s t s e m i­
annual .
M a r t I n d e p e n d e n t S c h o o l D is t r i c t ( P . O . M a r t ), M c L e n n o n
C o u n t y , T e x . — Bonds Awarded in Part.— T h e S ta te S c h o o l
F u n d o n D e c . 1 p u r c h a s e d , a t p a r a n d in te r e s t , $ 5 ,0 0 0 o f th e
$ 4 0 ,0 0 0 5 % 2 0 -4 0 -y e a r ( o p t i o n a l) s c h o o l-h o u s e b o n d s o ffe r e d
o n June 20.
T h is m a k e s a to ta l o f $ 3 5 ,0 0 0 b o n d s s o ld to
th e S ta te to d a t e .
S ee V . 9 1 , p . 1344.
M a x w e ll I n d e p e n d e n t S c h o o l D is t r i c t ( P . O . M a x w e ll),
C a ld w e ll C o u n t y , T e x . — Bond Sale.— T h e $G ,500 5 % 2 0 -y e a r
s c h o o l-b u ild in g a n d site b o n d s re g iste re d b y th e S ta te
C o m p tr o lle r o n O c t . 14 ( V . 9 1 , p . 1278) h a v e b e e n p u r c h a se d
b y fu n d s o f C a ld w e ll C o u n t y .
T h e p r ic e p a id w a s p a r .
Denomination 5500. Date Oct. 10 1910. Interest semi-annual.
M ilw a u k e e , W i s . — Official Vote on Bonds.— T h e fo llo w in g
is th e o ffic ia l v o t e th a t w a s ca s t a t th e N o v . 8 e le c t io n , w h ic h ,
as r e p o r te d in Y . 9 1 , p . 1401, re su lte d in f a v o r o f th re e p r o p o ­
s it io n s to issue b o n d s :
10,645 "fo r” to 7,707 “ against” the proposition to Issue the 5550,000 elec­
tric-light bonds.
11,171 “ for” to 7.271 "against” the proposition to Issue the 5250,000 cen­
tral-police-station bonds.
11,985 “ for” to 6,689 "against” the proposition to Issue the 510,000 public
bath-house bonds.
M o b r id g e , W a lw o r t h C o u n t y , S . D a k .— Bond Sale.—
T w o issu es o f b o n d s a g g r e g a t in g $ 1 0 ,0 0 0 h a v e b e e n b o u g h t
b y a C h ic a g o firm a t p a r .
M o n r o v ia , L 0 3 A n g e le s C o u n t y , C a l.— Bond Sale.— O n
D e c . 1G th e tw o issu e s o f 5 % 1 -4 0 -y e a r (se ria l) g o ld c o u p o n
im p r o v e m e n t b o n d s , a g g r e g a t in g $ 1 7 0 ,0 0 0 , d e s c r ib e d in
V . 9 1 , p . 1587, w e re a w a r d e d to N . W . ll a l s e y & C o . o f S an
F r a n c is c o f o r $ 1 7 5 ,5 1 1 50 (1 0 3 .2 4 2 ) a n d a c c r u e d in te r e s t.
B id s w ere a lso re c e iv e d fr o m th e W in . It. S ta a ts C o ., P a sa ­
d e n a ; E . I I . R o llin s & S o n s , S a n F r a n c is c o ; J . I I . A d a m s &
C o ., L o s A n g e le s , a n d th e G ra n ite B a n k & T r u s t C o ., M o n ­
r o v ia .
M o n t ic e llo , N . Y . — Bond Sale.— T h e V illa g e C lerk h as
j u s t a d v is e d us t h a t th e $ 5 3 ,0 0 0 4 % s e w e r -s y s t e m -c o n s t r u c ­
tio n b o n d s o ffe r e d o n A p ril 12 a n d d e s c r ib e d in V . 9 0 , p . 1000,
w e re a w a r d e d o n A p r il 22 t o th e K in g s to n S a v in g s B a n k o f
K in g s t o n , S c h e n e c t a d y S a v in g s B a n k , H o m e S a v in g s B a n k
a n d U n io n S a v in g s B a n k a t p a r .
Date March 12 1910. Interest January and July. Maturity 52,000
yearly on July 1 from 1911 to 1934 Inclusive and $5,000 on July 1 1935.
M o o s e L a k e , C a r lto n C o u n t y , M in n .— Bond Sale.— W e are
in r e c e ip t o f a le t te r fr o m th e R e c o r d e r o f th is m u n ic ip a lit y
a d v is in g us th a t th e $ 4 ,5 0 9 6 % 1 9 -y e a r w a te r a n d ja il b o n d s
o ffe r e d o n A p ril 9 h a v e b e e n a w a r d e d to th e F ir st N a tio n a l
B a n k in C lo q u e t a t p a r .
Denomination $250. Date April 1 1910. Interest semi-annual.
M t . P le a s a n t I n d e p e n d e n t S c h o o l D i s t r i c t ( P . O . M t .
P l e a s a n t ) , T it u s C o u n t y , T e x . — Bonds Awarded in Part.— O n
D e c . 1 th e $ 9 ,0 0 0 b o n d s — th e u n s o ld p o r t io n o f th e issue o f
$ 3 2 ,0 0 0 5 % 1 0 -4 0 -y e a r (o p t i o n a l) b u ild in g b o n d s m e n tio n e d
in V . 9 1 , p . 9 7 8 — w ere s o ld to th e S ta te S c h o o l F u n d a t p a r
a n d a c c r u e d in te r e s t.
S ee V . 9 1 , p . 1344.
M u s k o g e e , O k la .— Bonds Proposed.— R e p o r t s sta te th a t
th is c i t y p r o p o s e s to issu e $ 5 0 0 ,0 0 0 w a te r a n d s e w e r -s y s t e m im p r o v e m e n t b o n d s .
N a v a r r o C o u n t y C o m m o n S c h o o l D is t r i c t N o . 2 1 , T e x . —

Bond Sole.— O n D e c . 1 th e S ta te S c h o o l F u n d w a s a w a r d e d
$ 6 ,0 0 0 5 % 1 0 -4 0 -y e a r ( o p t i o n a l) b o n d s a t p a r a n d a c c r u e d
in te r e s t.
N e w a r k , L ic k in g C o u n t y , O h io .— Bond Sale.— O n D e c . 19
th e e ig h t issu es o f 5 % s t r e e t -im p r o v e m e n t a sse s s m e n t b o n d s ,
a g g r e g a t in g $ 4 0 ,6 1 0 , d e s c r ib e d in V . 9 1 , p . 16 6 2, w ere
a w a r d e d to th e C itiz e n s ’ S a fe D e p o s it & T r u s t C o . o f T o le d o
a t 104.511 a n d a c c r u e d in te r e s t.
T h e follow in g * b id s w ere
r e c e iv e d :
Cit. SafcDcp.&Tr.Co.,Tol.$42,442 00 IHayden, Miller ACo., CIev.$ 12,300 00
Seasongood & Mayer, Cln. 42.392 54 |Breed &Harrison, Olncln. 42,200 43
N orth D a k o ta .
Bonds Purchased by the State during
November.— D u r in g th e m o n th o f N o v e m b e r th e f o llo w in g
4 % b o n d s , a g g r e g a tin g $ 1 8 ,5 0 0 , w ere d is p o s e d o f a t p a r to
th e S ta te o f N o r t h D a k o t a .
Bonanza School District No. 12, Morton County— $600 13-year refunding
bonds, dated Aug. 10 1910.
Dunselth (City), Rolette County— 54,500 10-year funding bonds dated
Sept. 30 1910.
Fort Rice School District No. 69, Morton County— $400 13-ycar refunding
bonds dated Aug. 10 1910.
Cirlllcy School District No. 33, McHenry County— $5,000 20-year building
bonds, dated Sept. 15 1910.
Merrlcourt School District No. 4, Dickey County— $3,000 10-ycar building
bonds dated Sept. 15 1910.




1125

N o . 25 a n d th e $G ,000 b o n d s o f D is t r ic t N o . 28 th a t w ere
r e g iste re d b y th e S ta te C o m p tr o lle r ( V . 9 1 , p . 7 4 5 ) o n J u ly 6
w e re s o ld o n D e c . 1 to th e S ta te S c h o o l F u n d a t p a r a n d in ­
te r e st.
T h e s e c u r itie s c a r r y 5 % in te r e s t a n d m a t u r e in 40
y e a r s , b u t a re s u b je c t to ca ll a ft e r 10 y e a r s .
O conto, Oconto C ounty, W i s . —Bond Offering.— P r o p o s a ls
w ill b e r e c e iv e d u n til 2 p . m . D e c . 27 b y B . M . M u lv a n e y ,
C ity C lerk , fo r th e $ 2 5 ,0 0 0 5 % h a r b o r -im p r o v e m e n t b o n d s
v o t e d ( V . 9 1 , p . 119 9) o n O c t . 11.
Denomination $500. Date Dec. 31 1910. Interest semi-annually at
the City Treasurer's office. Maturity $2,500 yearly on Dec. 31 from 1911
to 1920 Inclusive. Certilled check for 2% of bonds bid for, payable to the
City Treasurer, Is required.
O k la h o m a C it y , O k la .— Bond Election.— R e p o r t s sta te th a t
a n e le c t io n w ill b e c a lle d n e x t m o n t h t o v o t e o n th e q u e s t io n
o f issu in g $ 1 ,2 0 0 ,0 0 0 w a t e r -s u p p ly -s y s t e m b o n d s .
O n ta r io , S a n B e r n a r d in o C o u n t y , C a l.— Bonds Awarded
in Part.— O n D e c . 5 $ 9 5 ,0 0 0 o f th e $ 1 7 5 ,0 0 0 5 % w a t e r -im ­
p r o v e m e n t b o n d s m e n tio n e d in V . 9 1 , p . 1 5 2 9 , w e re a w a r d e d
to th e F ir s t N a tio n a l B a n k in O n ta r io a t 1 0 2 .1 0 5 .
The
f o llo w in g b id s w e re r e c e iv e d :
First Nat. Bank, Ontario___ $97,0001 J. II. Adams & Co., Los Ang_$96,500
W. R. Staats Co., Los Angeles 96,6951Barroll & Co., Los Angeles.. 96,075
Denominations 51,000 and $375. Date Jan. 1 1911. interest semi­
annual. Maturity beginning In 1912.
O r le a n s, H a r la n C o u n t y , N e b .— Bond Sale.— T h e S 2 0 ,0 0 0
5 -2 0 -y e a r ( o p t io n a l) w a t e r -w o r k s -s y s t e m b o n d s m e n tio n e d
in V . 9 1 , p . 1529, w ere a w a r d e d o n D e c . 1 t o th e C o n tin e n t a l
& C o m m e rcia l T r u s t & S a v in g s B a n k in C h ic a g o .
O v e r p e c k T o w n s h ip S c h o o l D is t r i c t ( P . O . R id g e fie ld
P a r k ) , N . J .— Price Paid for Bonds.— W e a re a d v is e d th a t
N . W. lla ls e y & C o . o f N ew Y o r k C ity p a id 1 0 2 .5 5 1 f o r th e
S 7 ,0 0 0 5 % s c h o o l-h o u s e -s ite b o n d s a w a r d e d th e m ( V . 9 1 ,
p . 166 3) o n D e c . 9 .
T h is is o n a n in te r e s t b a s is o f a b o u t
4 .8 0 % .
A n o ffe r o f 1 0 1 .7 4 3 w a s a ls o r e c e iv e d fr o m N . W .
H a r ris & C o . o f N e w Y o r k C it y .
A b id w a s s u b m itt e d b y
It. M . G r a n t & C o . o f N e w Y o r k , b u t w e a re in fo r m e d th a t
it w a s r e c e iv e d t o o la te t o b e o p e n e d .
Denomination $1,000. Date Dec. 1 1910. Interest semi-annually at
the First National Bank of Ridgefield. Maturity $3,000 on Dec. 1 1929
and $4,000 on Dec. 1 1930.
P it t s b u r g h , P a .— Bond Offering.— P a p e r s s ta te th a t p r o ­
p o sa ls w ill b e r e c e iv e d u n til 3 p . m . D e c . 29 b y E . S . M o r r o w ,
C ity C o m p tr o lle r , f o r th e f o llo w in g 4 .2 5 % b o n d s , a g g r e g a t in g
$ 4 ,8 7 9 ,0 0 0 , b e in g p a r t o f th e $ 1 0 ,3 0 5 ,0 0 0 b o n d s v o t e d o n
N o v . 8 ( V . 9 1 , p . 1G 63).
Amount.
Purpose—
Amount. Purpose—
North Side pumping station.$570,000 Try Street sewer__________ $144,000
Negley Run sewer________ 205,000
Pumping station repairs___________ 90,000
Improving parks_________
90,000
Baffle dams (filtration de­
vice) ___________________ 180,000 Freeing Allegheny' River
Grading flood streets______ 390,000
brid ges________________ 300,000
Point B rid g e..___________ 930,000 Tuberculosis hospital_____ 240,000
Two bridges on Atherton
Incinerating plant________
90,000
Avenue_________________ 150,000 City Hall_________________ 1,500,000
Interest semi-annual. Maturity one-thirtieth yearly.The bonds are
exempt from State tax.
P ittsville, W o o d C ounty, W i s . —Bond Offering.— P r o ­
p o s a ls w ill b e r e c e iv e d u n til 12 m . D e c . 3 0 (p o s t p o n e d fr o m
D e c . 2 2 ) b y H a r t B e y e r , C ity C lerk , f o r $ 4 ,0 0 0 5 % c o u p o n
b r id g e b o n d s .
Authority, Wisconsin Statutes 1898, Sections 943 and 944. Denomi­
nation $500. Date Dec. 31 1910. Interest Jau. 1 and July' 1 at the
Pittsville State Bank. Maturity $500 on Jan. 31 In each odd year from
1915 to 1929 Inclusive. Certified cehck on some national or State bank for
1% of bonds bid for Is required. No bonded debt at present. Assessed
valuation $169,111.
P o r t la n d , M e .— Note Offering.— P r o p o s a ls w ill b e r e c e v ie d
u n til 1 1 a . m . D e c . 29 b y S a m u e l S . G ilb e r t , C ity T r e a s u r e r ,
f o r $ 4 6 5 ,1 5 7 n o te s .
Date "day of Issue.” Maturity April 1 1911. Notes will be certified
to by the First National Bank of Boston.
P o r t la n d , O r e .— Bonds Refused.— T h e $ 5 0 0 ,0 0 0 4 % g o ld
b r id g e -c o n s t r u c t io n b o n d s d is p o s e d o f o n N o v . 7 t o th e s y n d i­
c a t e c o m p o s e d o f E . H . R o llin s & S o n s , N . W . H a ls e y & C o .
a n d A . B . L e a c h & C o ., all o f C h ic a g o ( V . 9 1 , p . 1 4 0 1 ), h a v e
b e e n re fu se d b y th e m , a c c o r d in g to lo c a l p a p e r s .
Bond Sale.— T h e $ 1 6 1 ,2 7 5 51 6 %
1 0 -y e a r
im p r o v e ­
m e n t b o n d s o ffe r e d o n D e c e m b e r 1 2 «(V . 9 1 , p . 1588) w e re
d is p o s e d o f a s fo llo w s : $ 1 5 2 ,2 7 5 51 t o th e D a v is & S t r u v e
B o n d C o . a t 1 0 0 .3 2 1 ; $ 6 ,0 0 0 t o J u lia C h e m in a t 1 0 0 .5 0 ;
$ 2 ,0 0 0 to Is a ia h B u c k m a n a t 1 0 0 .5 0 a n d $ 1 ,0 0 0 t o th e M er­
c h a n t s ’ S a v in g s & T r u s t C o . a t 1 0 0 .5 0 .
P u rc h a se r s t o p a y
a c c r u e d in te r e s t.
T h e fo llo w in g b id s w e re r e c e iv e d :
The Davis & Struve Bond Co., 100.321 for the entire Issue; Julia Chemin,
100.50 for 56,000 bonds: Isaiah Buckman, 100.50 for $2,000 bonds; Mer­
chants’ Savin its & Trust Co., 100.50 for $1,000 bonds: Hoehler & Cummings,
Toledo. 100.105 for 550,000 bonds: VV. F. White, 100.02 for 524,000 bonds;
F. Henderson, 100.125 for 53,000 bonds; F. J. Chamberlain, 100.25 for
$2,000 bonds: United States National Bank, par for $50,000 bonds: J. H.
Middleton, par for $27,000 bonds; C. E. McCrone, par for $10,000 bonds;
Trustees Educational Fund A. F. &A. M., par for $6,000 bonds; Jas. F.
Robinson, par for $1,000 bonds, and E. S. McCoy, par for $500 bonds. All
bidders offered accrued Interest In addition to their bids.
P o r t la n d S c h o o l D is t r ic t N o . 1 ( P . O . P o r t la n d ), M u lt n o ­
m a h C o u n t y , O r e .— Bond Sale.— T h e C o u n t y T r e a s u r e r in ­
fo r m s u s th a t o n D e c . 15 th e $ 3 5 0 ,0 0 0 4 }/,% 1 0 -2 0 -y e a r
( o p t i o n a l) g o ld h ig h -s c h o o l b o n d s d e s c r ib e d in V . 9 1 , p . 1529,
w e r e a w a r d e d t o th e 'H a r r is T r u s t & S a v in g s B a n k o f C h i­
c a g o a n d M orris B r o s , o f P o r t la n d , jo i n t ly , f o r $ 3 5 4 ,4 0 1
(1 0 1 .2 5 7 ) a n d a c c r u e d in te r e s t .
A jo i n t b id o f $ 3 5 2 ,1 3 5

1726

THE CHRONICLE

a n d a c c r u e d in te r e s t w a s a lso r c e e iv e d fr o m W e il, R o t h &
C o . a n d S e a s o n g o o d & M a y e r, b o t h o f C in c in n a ti, a n d F a r s o n , S o n & C o . o f C h ic a g o , w h o w a s re p r e s e n te d b y th e
N o r t h e r n T r u s t C o . o f P o r t la n d .
W e le a r n fr o m o th e r
s o u r c e s th a t tw o p r o p o s itio n s w e re s u b m it t e d b y th e s u c ­
cessfu l b id d e r , o n e a b id o f 1 0 0 .8 9 a n d in te re st f o r th e b o n d s
a s a d v e r tis e d , a n d th e o th e r a b id o f 1 0 1 .2 5 a n d in te re s t
p r o v id e d 8 2 0 0 ,0 0 0 o f th e p r o c e e d s o f th e s a le o f th e b o n d s
b e d e p o s ite d in a lo ca l b a n k f o r a p e r io d o f six m o n th s
w it h o u t in te re st.
Price, Carbon C ou n ty, U ta h .— B o n d S a le . — T h e T o w n
C lerk h as ju s t w r it te n us th a t th e 8 9 ,0 0 0 0 % 1 0 -2 0 -y e a r g o ld
c o u p o n e le c t r ic -lig h t -p la n t -c o n s t r u c t io n b o n d s o ffe r e d o n
A p r il 4 a n d d e s c r ib e d in V . 9 1 , p . 7 2 7 , w e re a w a r d e d o n th a t
d a y to th e U ta h S a v in g s & T r u s t C o . in S a lt L a k e C ity f o r
8 9 ,3 7 5 — th e p r ic e th u s b e in g 1 0 4 .1GG.
R o b y Independent School D istrict (P . O. R o b y ), Fisher
C oun ty, T e x .— B o n d S a le . — O n D e c . 1 th e S ta te S c h o o l F u n d
w a s a w a r d e d 8 1 4 ,5 0 0 5 % 2 0 -4 0 -y e a r ( o p t i o n a l) s c h o o l-b u ild ­
in g b o n d s a t p a r a n d a c c r u e d in te r e s t .
T h e b o n d s w ere
re g iste re d b y th e S t a te C o m p tr o lle r o n J u ly 11 a n d w ere
ofFered ( V . 9 0 , p . 1 5 0 9) b u t n o t s o ld o n J u n e 8.
R o c k F a lls , W h itesid e C ou n ty, 111.— B o n d S a le . — O n D e c . 1
th e 8 8 ,0 0 0 5 % D ix o n A v e . im p r o v e m e n t b o n d s m e n tio n e d
in V . 9 1 , p . 14 0 2, w e re a w a r d e d to th e C o n tin e n ta l & C o m ­
m e r cia l T r u s t & S a v in g s B a n k in C h ic a g o a t p a r .
Authority, vote of 82 to 2 at the election held Nov. 22 1010. Maturity
§2,000 on Dec. 1 In each of the years 1912 and 1913, $3,000 on Dec. 1 1914
and $1,000 on Dec. 1 1013.
R o m e, G a .— V o t e . — T h e f o llo w in g v o t e w a s ca s t a t th e
e le c t io n h e ld D e c . G, w h ic h , as r e p o r te d in V . 9 1 , p . 1663,
re s u lte d in f a v o r o f th e p r o p o s it io n s t o issu e th e 8 2 7 5 ,0 0 0
4 % bonds:
861 “ for” to 56 “ against” the $ 1 0 0 ,0 0 0 public-school bonds.
895 “ for” to 21 “ against” the $50,000 street-paving bonds.
898 “ for” to 16 “ against” the
50,000 sewer bonds.
894 “ for” to 20 “ against” the 75,000 water-works-improvement bonds.
D a te o f o ffe r in g n o t y e t d e t e r m in e d .
R oseau , R oseau C ou n ty, M in n .— B o n d O ffe r in g . — F u r t h e r
d e t a ils a re a t h a n d r e la t iv e to th e o ffe r in g o n D e c . 27 o f th e
8 1 1 ,0 0 0 c o u p o n fu n d in g b o n d s m e n tio n e d in V . 9 1 , p . 1G63.
P r o p o s a ls f o r th e se b o n d s w ill b e r e c e iv e d u n til 7 p . m . on
th a t d a y b y P . H . B u r a n , V illa g e C le rk .
Authority Chapter 123, Laws of 1905. Denomination $1,000. Date
Dec. 6 1910. Interest (at a rate not to exceed 6 %) annual. Maturity
Dec. 6 1925. Assessed valuation In 1910, $129,700.
R ow e School D istrict, C a l.— B o n d S a le . — N . W . H a ls e y &
C o . o f S a n F r a n c is c o a re r e p o r te d a s h a v in g p u r c h a s e d 8 2 1 ,­
0 0 0 5 % b o n d s f o r 8 2 1 ,3 6 3 , o r 1 0 1 .7 2 8 .
R u g gles T ow n sh ip School D istrict (P . 0 . N ew L o n d on ),
H uron C ou n ty, O hio.— B o n d S a le . — O n D e c . 19 8 8 ,0 0 0 5 %
s c h o o l-h o u s e b o n d s w e re a w a r d e d to B a r t o , S c o t t & C o . o f
C o lu m b u s f o r 8 8 ,3 2 5 — th e p r ic e th u s b e in g 1 0 4 .0 6 2 .
Denomination $800. Date Dec. 19 1910. Interest March 1 and Sept. 1.
Maturity $800 yearly on Sept. 1 from 1912 to 1921 inclusive.
San D iego School D istrict (P . O. San D ie g o ), San D iego
C ou n ty, C al .— B o n d s V o ted . — T h e 8 2 0 0 ,0 0 0 5 % 5 -4 0 -y e a r
(se r ia l) h ig h -s c h o o l-b u i ld in g b o n d s m e n tio n e d in V . 9 1 , p .
1 3 4 5 , w ere a u t h o r iz e d b y a v o t e o f 1 ,3 4 6 “ f o r " to 301
“ a g a in s t ” a t a n e le c t io n h e ld D e c . 9.
Seattle, W a s h .— B o n d O ffe r in g . — P r o p o s a ls w ill b e re­
c e iv e d u n til 12 m . J a n . 16 1911 b y W m . J . B oth vvell, C ity
C o m p tr o lle r , f o r th e fo llo w in g c o u p o n (w ith p r iv ile g e o f
r e g is tr a tio n ) b o n d s m e n tio n e d in V . 9 1 , p . 1530:
a$ 1,000,000 park bonds. "Date day of Issuance.” Maturity 20 years.
Certified check for $15,000 Is required.
a421,000 gold general municipal bonds. Date July 1 1910. Maturity
$20,000 yearly on July 1 from 1911 to 1929 Inclusive and $41,­
000 July 1 1930. Certified check for $10,000 Is required.
a400,000 gold refusc-dlsposal-plant-constructlon bonds. Date July 1
1910. Maturity $20,000 yearly on July l from 1911 to 1930
Inclusive. Certified check for $10,000 Is required.
alOO.OOO munlclpal-llght-extcnslon bonds. Date “ day of Issuance.”
Maturity 20 years. Certified check for $10,000 Is required.
z46,000 Georgetown funding bonds. Date “ day of Issuance.” Maturlty 20 years. Certllled check for $5,000 Is required.
a Interest rate not to exceed 4 14%. x Interest rate not to exceed 5% .
Denomination $1,000. Interest payable semt-annually at fiscal agency
of State of Washington In New York City. The Interest on the $46,000
funding bonds may also be payable at the City Treasurer’s office. Certllled
checks to be on a Seattle bank, payable to the City Comptroller and cxofflclo City Clerk. Official circular states that this city has never defaulted
In either principal or Interest, having always met its obligations promptly.
S h eboygan , Sheboygan C ou n ty, W i s .— B i d s .— T h e fo llo w ­
in g b id s w ere r e c e iv e d o n D e c . 15 f o r th e 8 9 6 ,0 0 0 4 ) ^ % re­
fu n d in g b o n d s , a d e s c r ip tio n o f w h ic h w a s g iv e n in V . 9 1 ,
p . 1530:
Edmund Bros., Boston__ $97,526 40 Estabrook & Co., Boston.$97,027 20
C. E. Denison & Co., Clev. 97,373 00 Harris Trust & Savings
Bank, Chicago________ 96,808 00
E. II. Rollins & Sons, Chic. 97,257 60
Spltzer & Co., Toledo___ 96,543 00
Continental Trust & Sav­
ings Bank, Chicago___ 97,115 00 S. A. ICean & Co., Chicago 96,528 00
Emery, Peck & Rock wood,
Chicago _____________ 97,089 60
Maturity $6,000 yearly on March 1 from 1914 to 1929 Inclusive.
Somer3 and Carmel School D istrict N o . 8 (P . O. Baldw in
P lace), W estch ester C ou n ty, N . Y . — B o n d S a le . — D u r in g
O c t o b e r a n issu e o f 8 2 ,5 0 0 5 % s c h o o l-h o u s e b o n d s w a s
a w a r d e d , a c c o r d in g to a d v ic e s ju s t r e c e iv e d , to th e P eek sk ill
S a v in g s B a n k in P e e k sk ill a t p a r .
Denomination $500. Interest annual on Dec. 1. Maturity 1916.
Som erville, School D istrict (P . O. Som erville), Som erset
C oun ty, N . J .— B o n d S a le . — O n D e c . 12 a n issu e o f 8 5 ,0 0 0
4 j4 j% c o u p o n s ite -p u r c h a s in g b o n d s w a s a w a r d e d to th e
F ir s t N a tio n a l B a n k in S o m e r v ille a t 1 0 0 .5 5 2 .
T h e fo llo w ­
in g b id s w e re r e c e iv e d :
First Nat. Bank, Somcrv. .$5,027 601Jacob Hyler (2 bonds)----- $2,005 00
Isaac W. Phllhower............. 5,020 00|C. D. McMurbey (2 bonds). 2,004 00




lV O L. L X X X X I .

Denomination $1,000. Date Jan. 1 1911. Interest semi-annually at
the First National Bank In Somerville. Maturity $1,000 yearly from 1912
to 1916 Inclusive. Bonds are tax-exempt.
Som erset, Som erset C ounty, P a . — No Action Yet Taken.—
U n d e r d a te o f D e c . 19 w e are a d v is e d th a t n o a c t io n h as y e t
b e e n ta k e n to w a r d s th e issu a n ce o f th e 8 2 5 ,0 0 0 w a te r -s y s t e m im p r o v e m e n t b o n d s v o t e d N o v . 26 ( V . 9 1 , p . 1 5 8 9 ).
South A m b o y , M id dlesex C ou n ty, N . J . — Bond

Offering.—

P r o p o s a ls w ill b e r e c e iv e d u n til 8 p . m . J a n . 10 1911 b y th e
F in a n c e C o m m it te e a n d J oscp h ^ F . F u lt o n , C ity C lerk , fo r
8 7 5 .0 0 0 5 % c o u p o n (w ith p r iv ile g e o f r e g is t r a tio n ) s a n it a r y
sew er b o n d s.
Denomination $1,000. Date Jan. 1 1911. Maturity $2,000 yearly on
Jan. I from 1911 to 1940 Inclusive and $3,000 yearly on Jan. 1 from 1941
to 1945 inclusive.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Sultan, Snohom ish C ounty, W a s h .— Bond Sale.— O n D e c .
16 8 1 0 ,0 0 0 6 % 1 -2 0 -y e a r (o p t io n a l) w a te r -w o r k s b o n d s w e r e
a w a r d e d t o th e S ta te o f W a s h in g t o n a t p a r .
N o o t h e r b id s
w ere r e c e iv e d .
D e n o m in a t io n 8 2 5 0 .
D a t e , “ d a y o f is s u e .” '
I n te r e s t a n n u a l.
Sum m it County (P . O. A k ro n ), O hio.— Bond Sale.— O n
D e c . 22 th e t w o issues o f 4 Y fr
/ 0 c o u p o n r o a d -im p r o v e m e n t
b o n d s , a g g r e g a t in g 8 3 4 5 ,0 0 0 , d e s c r ib e d in V . 9 1 , p . 1 5 8 9 ,
w e re a w a r d e d , it is s t a t e d , as fo llo w s :
$248,000 county’s portion bonds to Hayden, Miller & Co. of Cleveland at
102.08. Maturity $25,000 yearly on Oct. 1 from 1912 to 1920
Inclusive and $23,000 Oct. 1 192 1.
97,000 assessment bonds to the First National Bank In Cleveland at
100.96. .Maturity $16,000 yearly on Oct. 1 from 1911 to 1915
inclusive and $17,000 Oct. 1 1916.
Bonds are tax-exempt In Ohio.
Troup County (P . O. Lagrange) G a .— Bond Sale.— T h e
8 2 0 0 .0 0 0 5 % r o a d a n d b r id g e b o n d s v o t e d o n N o v . 8 ( V . 9 1 ,
p . 1 4 02) h a v e b e e n s o ld , it is s t a t e d , to th e R o b in s o n H u m p h r e y C o . o f A t la n t a .
M a tu r it y 8 1 0 0 ,0 0 0 in 20 y e a r s
a n d 8 1 0 0 ,0 0 0 in 30 y e a r s .
Ventura U nion H igh School D istrict, V entura C ounty,
C al.— Bond Sale.— T h e 8 7 5 ,0 0 0 5 % g o ld h ig h -s c h o o l-b u ild ­
in g b o n d s , b id s f o r w h ic h w ere r e je c t e d o n O c t . 6 ( V . 9 1 ,
p . 1 0 5 2), w e re a w a r d e d o n D e c . 9 to th e H a r ris T r u s t &
S a v in g s B a n k o f C h ic a g o a t 1 0 3 .2 7 6 .
T h e f o llo w in g b id s
w ere r e c e iv e d :
H arrisT r. & S a v . Bk., Ch.$77,457 5 0 1State B k. of Examiners _ .$77,240 00
J.II.A dam s& C o., Los A ng. 77,410 00 VV. R . Staats & C o., Pasa. 77,130 00
N. VV. Halsey & C o .,S .F r . 77,257 50|E. II. Rollins&Sons, S. Fr. 76,928 00
Maturity $3,000 yearly from 1912 to 1936 Inclusive.

W a rd County Com m on School D istrict N o . 2 , T e x .— Bond
Sale.— W e a re a d v is e d th a t th e S ta te S c h o o l F u n d b o u g h t
8 4 ,0 0 0 5 % 5 -1 0 -y e a r (o p t io n a l) b o n d s o n D e c . 1 a t p a r a n d
a c c r u e d in te r e s t.
W e s t N ew Y o rk (P . O. Station 3 , W e e h a w k e n ), H udson
C ounty, N . J .— Bonds Voted.— T h is t o w n r e c e n tly v o t e d in
f a v o r o f issu in g 8 1 2 5 ,0 0 0 b o n d s .
T h e v o t e w a s 72 “ f o r ” to
n o n e “ a g a in s t .”
W ich ita School D istrict (P . O. W ic h ita ), Sedgw ick C ounty,
K a n s .— Bond Offering.— In a d d it io n to tlie 8 5 0 ,0 0 0 5 % h ig h s c h o o l-b u ild in g , h e a t in g a n d e ciu ip m e n t b o n d s to b e o ffe r e d
a t 12 m . J a n . 2 1911 ( V . 9 1 , p . 1 6 6 5 ), p r o p o s a ls w ill a lso
b e re c e iv e d a t th e sa m e tim e a n d p la c e b y th e B o a r d o f E d u ­
c a t io n , C . S . C a ld w e ll, S e c r e t a r y , fo r 8 2 5 ,0 0 0 5 % h ig h -s c h o o l­
b u ild in g b o n d s .
The $25,000 bonds will be In denominations of not less than $100 each
and the $50,000 bonds In denominations to suit purchaser, but not to ex­
ceed $1,000 each. Both Issues are dated Jan. 2 1911 and mature Jail. 2
1931, being subject to call, however, after Jan. 2 1921. Interest Is payable
semi-annually at the State Treasurer’s office In Topeka. Certllled check
(or cash) for 2% of bonds bid for, made payable to E. A . Dorsey, Treasurer,
Is required. All bids are subject to the action of the Kansas State Perma­
nent School Fund Commission.

W ilm e tte School D istrict N o . 39 (P . O. W ilm e tte ), Cook
C ounty, 111.— Bond Sale.— O n D e c . 13 8 2 9 ,5 0 0 4 % s c h o o l­
b u ild in g b o n d s w ere a w a r d e d to N . W . H a lse y & C o . o f
C h ic a g o a t 98 a n d a c c r u e d in te r e s t.
A b id w a s a ls o r e c e iv e d
fr o m E . I I . R o llin s & S o n s o f C h ic a g o .
W in th ro p , Suffolk C ounty, M a s s .— Bond Offering.— P r o ­
p o s a ls w ill b e r e c e iv e d u n til 11 a . m . D e c . 2 8 b y H a r r y W .
A ik e n , T o w n T r e a s u re r, fo r 8 2 1 ,0 0 0 4 % c o u p o n g en era l
m u n ic ip a l b o n d s .
Denomination $1;000. Date Dec. 1 1910. Interest semi-annually at
the Old Colony Trust Co. in Boston. Maturity $3,000 Deo. 1 1911 and
$2,000 yearly on Dec. I from 1912 to 1920 Inclusive. Bonds are taxexem pt In Massachusetts. Bonds will be certllled as to their genuineness
by the Old Colony Trust Co. of Boston, which will further certify that the
legality of this Issue has been approved b y R opes, Gray & Gorham of
B oston, a cop y of whose opinion will be furnished without charge to the
purchaser.

W o b u rn , M iddlesex C ounty, M a s s .— Bond Sale.— O n D e c .
21 8 4 0 ,0 0 0 1 -1 0 -y o a r (seria l) c o u p o n m u n icip a l b o n d s w ere
a w a r d e d it is s ta te d to R . L . D a y & C o . o f B o s to n a t 1 0 1 .5 6 7 .
Denomination $1,000. Date July 1 1910.
the Second N ational Bank In Bostoa.

Interest semi-annually at

W y a n d o tte , W a y n e C ounty, M ich .— Bond Sale.— On D e c .
15 th e 8 6 8 ,0 0 0 4 j/*j% s e w e r -e x te n s io n b o n d s m e n tio n e d in
V . 9 1 , p . 1471, w ere a w a r d e d to th e W y a n d o t t e S a v in g s
B a n k in W y a n d o t t e a t 1 0 6 .7 6 4 .
F o llo w in g are th e b id s
c e iv e d :
yandotte Sav. Bk., W yan. $72,600 H. T. Holtz & Co., C hicago..$71,076
en &Co., Chicago______
72,460 Otis & Hough, Cleveland----- 71,060
itrolt Trust Co., Detroit.. 72.352 Seasongood &Mayer, Clncin. 70,809
, VV. Noble & Co., Detroit, 72.352 Spitzer &Co., Toledo............. 70,781
rst Commercial Savings
A. B. Leach & Co., Chicago.. 70,393
Bank, Wyandotte________ 72.000 Wm. R. Compton, St. Louis. 70,087
rst Nat. Bank, Detroit___ 72.000 McCoy &Co., Chicago--------- 69,530
. E. Moss & Co., Detroit., 71,815 Coffin & Crawford, Chicago.. 69,360
curlty Trust Co., Detroit.. 71,655 S. A. Kean & Co., Chicago.. 69,156
tmpus-Stevens Co., Detroit 71,542 VVoodln, McNear & Moore,
irson, Son & Co., N. Y ___ 71,500
C hicago.......................
68,350

THE CHRONICLE

Dec. 24 1910.]

A bid was also received from N. W. Halsey & Co. of Chicago. Denomi­
nation SI,000. Date Jan. 2 1911. Interest semi-annual. Maturity
Jan. 2 1941.
Y a k im a County School D istrict N o . 7 , W a s h . — Bond Of­
fering.— P r o p o s a ls w ill b e r e c e iv e d u n til 10 a . in . D e c . 31 b y
F r a n k B o n d , C o u n ty T r e a s u re r ( P . O . N o r t h Y a k i m a ) , fo r
$ 7 5 ,0 0 0 c o u p o n s c h o o l-d is t r ic t b o n d s a t n o t e x c e e d in g 6 %
in te r e s t.
Authority, Sections 117, 118, 119, &c., of Public Instruction Laws o3
1897, pages .207 ct seq.; also election held Dec. .2 . Denomination § 1 ,0 0 0 .
Date “ day of Issue” or may be dated on the first of some month, at the
option of bidder. Interest annually at the County Treasurer’s office.
Maturity 20 years, subject to call after 1 year.
Y o rk , Y o rk C ou n ty, N e b . — Bond Election.— R e p o r t s s ta te
t h a t a n e le c t io n w ill b e h e ld D e c . 27 t o v o t e o n a p r o p o s it io n
t o issue $ 5 5 ,0 0 0 w a te r -w o r k s -p u r c h a s in g b o n d s .
Y o rk to w n Independ en t School D istrict (P . O. Y o rk to w n ),
D o W it t C ou n ty, T e x .— R o n d Sale.— T h e $ 2 0 ,0 0 0 5 % 10 -2 0 y e a r ( o p t i o n a l) s c h o o l-h o u s e b o n d s o ffe r e d w it h o u t s u cc e ss
o n J u ly 16 ( Y . 9 1 , p . 7 4 9 ) w e re so ld o n D e c. 1 to th e S ta te
S c h o o l F u n d a t p a r a n d a c c r u e d in te re st.
Y o u n g sto w n , O h io. —Bond Offering.— P r o p o s a ls w ill b e
r e c e iv e d u n til 2 p . m . J a n . 9 1911 b y W m . I . D a v ie s , C ity
A u d it o r , fo r th e fo llo w in g 5 % s tr e e t -im p r o v e m e n t b o n d s :
$985 Star St. sewer bonds. Denomination $197.
9,030 Itayen Ave. repairing bonds. Denomination $1,806.
$275 Oak III11 Ave. grading bonds. Denomination $55.
1,495 Truesdale Ave. sewer bonds. Denomination $299.
465 Jackson St. grading bonds. Denomination $9.2.
.
630 Albert St. sewer bonds. Denomination $126.
395 Jackson St. sewer bonds. Denomination $79.
1,075 Boardman St. repaving bonds. Denomination $215.
4,210 sidewalk bonds. Denomination $852.
Dated Jan. 16 1911. Interest semi-annually at the City Treasurer’s
office. Maturity one bond of each Issue yearly on Oct. 1 from 1912 to 1916
Inclusive. Each block of bonds must be bid on separately. Certified
check on a national bank for 2 % of amount of each block bid on, payable
to the City Auditor, Is required. Purchaser must be prepared to take
the bonds not later than Jan. 16 1911, the money to be delivered at one or
the city banks or the City Treasurer’s office. The city Is now prepared
to Issue registered bonds In exchange for coupon bonds.
Y o u n g sto w n School D istrict (P . O. Y o u n g s to w n ), O hio.—
Bond Sale.— T h e $ 1 5 0 ,0 0 0 4
c o u p o n b o n d s o ffe r e d o n
D e c . 19 a n d d e s c r ib e d in V . 9 1 , p . 15 3 1, w e re a w a r d e d to
S e a s o n g o o d & M a y e r o f C in c in n a ti a t 1 0 6 .6 5 a n d a c c r u e d in ­
te r e st.
T h e f o llo w in g b id s w e re r e c e iv e d :
Seasongood & Mayer,Cln.$159,975 001 Hayden,MllIer&Co.,Clev.$159,510 0 0
C.E.Denison & Co.,CIev. 159,861 851E.II.Hollins & Sons,Chic. 155,265 00

INVESTMENTS.

Municipal and Corporation Bonds
W e offer a very exceptional

D R A IN A G E BOND
NETTINO

6%
400

The R o o k e r y

C a n a d a , it s P r o v i n c e s a n d M u n i c i p a l i t i e s .
Basano, A lb e rta .— Debenture Offering.— P r o p o s a ls w ill).b e
r e c e iv e d , a c c o r d in g to r e p o r ts , f o r $ 2 ,0 0 0 7 %
M a tu r it y $ 2 0 0 y e a r ly .

CHICAGO

F. W M . K R A F T
LAWYER
Specializing in Examination of

Municipal and Corporation Bonds
1311 FIRST NATIONAL BANK BLDG.,

CHICAGO, ILL.

n stab m an bd is«s

H. C. SPEER & SONS CO.
Firat Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY A N D M U N IC IPAL BONDS

d e b e n tu r e s .

Canora, S a sk .— Debenture Offering.— P r o p o s a ls w i l l ; b e
r e c e iv e d b y W m . S h a r p , S e c r e t a r y -T r e a s u r e r , f o r $ 7 ,5 0 0
§}/2 % 1 5 -y e a r d e b e n tu r e s .
C ollingw ood, O n t.— Debenture Election.— A n e le c t io n w ill
b e h eld J a n . 3 , it is s t a t e d , t o v o t e o n th e q u e s t io n o f issu ­
in g $ 1 4 ,0 0 0 fir e -h a ll-e r e c tio n d e b e n tu r e s .
D u n d as, O n t.— Debenture Election.— A c c o r d in g to r e p o r ts ,
a n e le c t io n w ill b e h e ld J a n . 2 t o v o t e o n a p r o p o s it io n to is­
sue $ 1 2 ,0 0 0 5 % h y d r o - e le c t r ic d e b e n tu r e s p a y a b le in 30
a n n u a l in sta llm e n ts .
E lbo w , S a sk .— Price Paid for Debentures.— T h e p r ic e
p a id f o r th e $ 5 ,0 0 0 6 % 1 5 -y e a r w a te r -w o r k s a n d fir e -s ta tio n
d e b e n tu r e s a w a r d e d t o th e N a tio n a l F in a n c e C o . o f R e g in a
( Y . 9 1 , p . 1 6 6 6) w a s 9 4 .
Date Jan. 1 1910. Interest payable at the Canadian Bank of Commerce.
E s t e v a n , S a s k .— Debenture Sale.— O n N o v . 8 a n issu e o f
$ 1 0 ,0 0 0 5 % 2 0 -y e a r c e m e n t -w a lk s d e b e n tu r e s w e re a w a r d e d
t o N a y & J a m e s o f R e g in a a t 9 4 .
I n t e r e s t a n n u a l.
H arriston, O n t.— Debenture Election.— A n e le c t io n w ill
b e h e ld , it is s ta t e d , to v o t e o n a $ 3 5 ,0 0 0 w a te r -w o r k s -s y s t e m
d e b e n tu r e b y - la w .
H espeler, O n t.— Debenture Election.— I n J a n . 1911 Tan
e le c t io n w ill b e h e ld , it is s t a t e d , t o v o t e o n a b y - la w p r o ­
v id in g f o r th e issu a n ce o f $ 4 ,0 0 0 5 % d e b e t n u r e s , p a y a b le in
2 0 a n n u a l in sta llm e n ts .
Irvin e, A lb e rta .— Debenture Sale.— O n D e c . 15 th e $ 5 ,0 0 0
6 % c o u p o n fir e -p r o t e c t io n d e b e n tu r e s d e s c r ib e d in V . 9 1 ,
p . 15 9 1, w ere a w a r d e d to N a y & J a m e s o f R e g in a a t 9 6 . is la n d
in te r e s t.
A b id w a s a ls o r e c e iv e d fr o m C . I I . B u rg e s s &
C o. o f T o ro n to .
L on d on , O n t.— Debenture Election.— R e p o r t s s ta te th a t
th e p r o p o s it io n to issue th e $ 7 5 ,0 0 0 4 ^ % 3 0 -y e a r c it y -h a ll d e ­
b e n tu r e s m e n tio n e d in V . 9 1 , p . 1 6 6 7, w ill b e v o t e d upon
Jan. 2.

NEW LOANS.

Reynolds, Watson & Co.

1727

©25,000

Town of Conrad, Montana,
SE W E R BONDS
Notice Is hereby given by the Town Council
of the town of Conrad, In the State of Montana,
that the sewer bonds of said town In the sum of
$25,000 00, bearing Interest at six (6 ) per cent
per annum, Interest payable semi-annually on
the llrst of January and llrst of July In each
year, will be offered for sale at public auction
to the bidder offering the highest price therefor,
at the Council Chamber of the Town Council of
the town of Conrad, In the town of Conrad,
County of Teton and State of Montana, on the
28TII DAY OF DECEMBER, A .tD. 1910, at the
hour of 2 o ’clock p. m. of that day.
The Council reserves the right to reject all or
any bids or offers of purchase.
The principal of said bonds to be payable In
twenty years from the date thereof, and $3,000 00
thereof redeemable In live years, $5,000 00 re­
deemable In ten years and $5,000 00 redeemable
In fifteen years from the date thereof at the
option of the Town Council. All tenders, bids
or offers to purchase to be addressed to F. II.
Pings, Mayor, and a certified check for not less
than $.200 0 0 to accompany each bid to Insure
good faith on behalf of the bidder.
Dated at Conrad, Montana, tills 19th day of
November, 1910.
By order of the Town Council.

NEW LOANS.

875,000

CITY OF SOUTH AMBOY,
Middlesex County, New Jersey
S A N IT A R Y S E W E R BONDS
Sealed proposals will be received by the Finance
Committee of the Common Council of the City of
South Amboy, Middlesex County, New Jersey,
at eight o ’clock P. M. on TUESDAY, THE
TENTH DAY OF JANUARY, ONE THOUSAND
NINE HUNDRED AND ELEVEN, at the City
Hall In said City of South Amboy, for the purchase
of any or all of an Issue of bonds as follows:
Seventy-Five Thousand ($75,000)

Dollars of

Sanitary Sewer Bonds dated January 1st, 1911.
The bonds will bear Interest at the rate of Five
(5%) Per Cent per annum. They will be Issued
as coupon bonds, with the right of registration
as to principal, or principal and interest, and will
be numbered from One to Seventy-Five, and will
be In the denomination of One Thousand ($1,000)
Dollars each. Bonds numbered One and Two
will run for the term of One (1) year from the date
aforesaid, and thereafter seriatim Two (2) bonds
per year for a period of Thirty (30) years, and
thereafter Three (3) bonds per year for Five
(5) years.
No bid will be accepted for less than par and
accrued interest. The Finance Committee, sub­
ject to the approval of the Common Council of
the City of South Amboy aforesaid, reserve the
right to allot to any bidder either the whole or any
part of the bonds bid for by said bidder, and to
select the bonds to be delivered to the bidder in
CtL fn
Write for the event of Ills bid being accepted.
All particulars concerning the Issue aforesaid
/O
U /O
Circular
may be obtained from Joseph F. Fulton, City
Clerk, South Amboy, N. J., or Frederic M. P.
Pearse, City Solicitor, 738 Broad St., Newark,
New Jersey.
CHICAGO
JOSEPH F. FULTON,
City Clerk.

M U N IC IP A L B O N D S
lnreotmenu

r-'own. Yielding from

U L E N

BANKERS

/

&

CO.

Nederlandsch Administratis- & Trustkantoor
(N E T H E R L A N D S A D M IN IS T R A T IO N

A T R U S T O O M PAN Y )

215 Slngel - AMSTERDAM. (Holland.)
Board of Director*!
H. WALTER. L. 9 ..
Chairman,
de Rock St Uyt den Bogaard.
A. A, H. BOISSEVAIN.
Ph. MEES.
Director of Swiss Bankrcreln and
H. Meea & Zoonen.
of Labouchero.Oyens <S» Co's Bank.
J. A. DUYNSTEE.
H. MEINESZ,
Toldera & Co.
President.
F. Th. EVERARD.
G. H. DE MAREZ OYEN5,
Banker.
Laboachere, Oyens St Co’s Bask.
P. M. J. GILISSEN
A. L. G. H. PICMOT’
Arnold GUIseen.
Wcsterwoudt St Co.
AUO. KALFF,
W. M. SCHEURLEER.
Jan Kalff A Co.
Scheurleer A Zoonen




BONDS
LIST ON APPLICATION

II . IWEIWhMZ. P r e .ld -r t

Acts as Executor, Administrator, Trustee,
Acts as Trustee of Corporation Mortgages.

MUNICIPAL AND RAILROAD

SEASONGOOD & MAYER
Mercantile Library Building
CINCINNATI

M cC O Y & C O M P A N Y
Municipal and
Corporation Borda

Guardian, Agent, ok .

181 La Salle Street, Chicago

THE CHRONICLE

1728

[ V o i . . LX X XX t

M e d ic in e H a t , A l b e r t a .— Debenture Sale.— O ld fie ld , K ir b y
& G a rd in e r o f W in n ip e g w e re th e su cc e ss fu l b id d e rs r e c e n tly

la w p r o v id in g f o r th e issu a n ce o f $ 1 ,5 0 0 5 % 3 0 -y e a r w a te r ­
w o r k s a n d fire d e b e n tu r e s .

f o r a n issu e o f $ 1 2 7 ,5 0 0 5 % d e b e n tu r e s .
O w e n S o u n d , O n t .— Debenture Election.— I t is s ta te d th a t
a n e le c t io n w ill b e h e ld J a n . 2 t o v o t e o n a b y -la w p r o v id in g
f o r th e is s u a n ce o f $ 2 0 ,0 0 0 b r id g e , $ 2 0 ,0 0 0 d e b e n tu r e s to
m a k e a lo a n t o th e C a n a d ia n H e a t in g & V e n tila t in g C o . a n d
$ 1 0 ,0 0 0 lig h tin g 4J/£% 2 0 -y e a r d e b e n tu r e s .
P r in c e A lb e r t , S a s k .— Debenture Election.— B y -la w s p r o ­
v id in g f o r th e issu a n ce o f $ 4 0 ,0 0 0 g r a n o lith ic w a lk , $ 4 ,8 0 0
s e w e r , $ 2 5 ,0 0 0 s te a m b o a t a n d b a r g e s a n d $ 8 ,GOO h ig h -s c h o o l
d e b e n tu r e s a re , a c c o r d in g to r e p o r ts , t o b e s u b m itt e d to
th e v o t e r s .
R a in y R iv e r , O n t.— Debenture Election.— O n J a n . 2 1911
a b y -la w e le c t io n w ill b e h e ld , a c c o r d in g to r e p o r ts , so as to
p r o v id e f o r th e issu a n ce o f $ 4 ,0 0 0 5 % d e b e n tu r e s , p a y a b le
p a r t y e a r ly f o r 15 y e a r s .
_
R e n fr e w , O n t.— Debenture Election.— A n e le c t io n w ill be
h e ld in J a n u a r y , a c c o r d in g t o r e p o r ts , to v o t e o n a b y -la w
p r o v id in g f o r th e issu a n ce o f $ 2 ,5 0 0 5 % b r id g e d e b e n tu r e s .
M a tu r it y p a r t y e a r ly f o r 3 0 y e a r s .
S t . C a th a r in e s, O n t .— Debenture Election.— R e p o r t s s ta te
th a t an e le c t io n w ill b e h e ld J a n . 3 to v o t e o n a p r o p o s itio n
t o issue $ 1 8 0 ,0 0 0 4 K % 3 0 -y e a r w a te r -w o r k s d e b e n tu r e s .
S t . M a r y ’ s , O n t .— Debenture Sale.— T h e $ 1 2 ,0 0 0 5 % lo c a lim p r o v e m e n t d e b e n tu r e s o ffe r e d o n D e c . 14 ( V . 9 1 , p . 1592)
w e re p u r c h a s e d b y I I . O ’ H a r a & C o . o f T o r o n t o a t 1 0 5 .0 6 6
a n d a c c r u e d in te r e s t.
T h e f o llo w in g b id s w ere r e c e iv e d :
H. O’ Hara & Co..................... $12,608 Aemlllus Jarvis <& Co______ $12,292
Ontario Securities Co________ 12,607 Can. Dob. Corp., Ltd_____ 12,233
Brouse, Mitchell & Co----------- 12,431 W. A. Mackenzie & Co____ . 12,211
C. H. Burgess & Co___________12,409 R. C. .Matthews &Co_______ 12,155
Wood, Gundy & C o________ 12,408 G. A. Stlmson & Co________ 12,025
Dorn. Secur. Corp., Ltd--------- 12,385 Campbell, Thompson &C o .. 12,021
Brent, Noxon & Co---------------- 12,329
The above bidders are all of Toronto. An offer wa3 also received from
Hanson Bros, of Montreal.
S a rn ia , O n t .— Debenture Election.— A n e le c t io n will b e
h e ld , it is s ta t e d , o n J a n . 2 to v o t e o n a $ 1 ,5 0 0 5 % d e b e n ­
tu r e b y -la w , p a y a b le in 10 a n n u a l in s t a llm e n ts .
S a s k a t c h e w a n .— Loan Proposed.— R e p o r t s s ta te th a t th is
P r o v in c e w ill s h o r t ly issue a lo a n o f £ 1 ,0 0 0 ,0 0 0 a t 4 % in te r e s t .
T il ls o n b u r g , O n t .— Debenture Election— A. v o t e w ill be
ta k e n a t a n e le c t io n to b e h e ld J a n . 2 , it is s ta t e d , o n a b y ­

V a n c o u v e r , B . C .— Debenture Election.— An election will
be held Jan. 11 to vote on by-laws providing for the follow­
ing debentures:

$6o,000 park-improvement debentures.
300.000 street-improvement debentures.
115.000 park-exhibition debentures.
2 1 . 0 0 0 llre-hall construction debentures.
400.000 water-works-improvement and bridge-construction debentures.
46.000 property-purchase debentures.
75.000 Clark Drive Improvement debentures.
50.000 lane-improvement debentures.
967.000 school debentures.
240.000 general-hospltal-extenslon debentures.
39.500 hospital-site debentures.
7,000 isolation hospital, wharf and boathouse debentures.
25.000 park-site-purchase debentures.
500.000 bridge debentures.
200.000 assessment debentures.
25.500 public morgue construction debentures.
200.000 Second Narrows bridge debentures.
V e r n o n , B . C .— Debenture Sale.— C . M e re d ith & C o ., L t d .,
o f T o r o n t o , a c c o r d in g t o r e p o r ts , h a v e b e e n a w a r d e d $ 6 0 ,0 0 0
5 % d e b e n tu r e s , r e p a y a b le in 15, 25 a n d 30 y e a r s .
W a lla c e b u r g , O n t .— Debentures Voted.— A c c o r d in g t o re­
p o r ts , a n e le c t io n h e ld r e c e n tly re s u lte d in f a v o r o f a b y -la w
p r o v id in g f o r th e is s u a n ce o f $ 2 0 ,0 0 0 s c h o o l-b u ild in g d e b e n ­
tu re s.
W e n t w o r t h C o u n t y ( P . O . H a m ilt o n ) , O n t . — Debentures
Authorized.— A b y -la w p r o v id in g fo r th e is s u a n ce o f $ 1 4 ,0 0 0
4 ) ^ % h o u s e -o f-r e fu g e d e b e n tu r e s h a s , it is s ta t e d , b e e n a u ­
th o r iz e d b y th is c o u n t y .
W in g h a m , O n t .— Debenture Sale.— T h e $ 6 ,0 0 0 4 Yz% 2 0 y e a r w a t e r -w o r k s -im p r o v e m e n t d e b e n tu r e s o ffe r e d o n D e c .
16 ( V . 9 1 , p . 1592) h a v e b e e n a w a r d e d to th e O n ta r io S e c u r i­
ties C o . o f T o r o n t o a t 9 7 .6 1 .
T h e fo llo w in g b id s w ere r e c e iv e d
Ontario Securities C o------- $5,857 00 C. H. Burgess &Co_______ $5,714 oo
H. O’ Hara & Co__________ 5,837 80 Wood, Gundy & C o_______ 5,673 00
Domtn. Secur. Corp., Ltd. 5,810 00 Aemlllus Jarvis & Co______ 5,060 00
Brouse, Mitchell & Co___ 5,766 00 G. A. Stlmson & C o .......... 5,635 00
Brent. Noxon * Co_______ 5,733 00 W. A. Mackenzie & Co___ 5,106 09
All the above bidders are of Toronto.
Debenture Election.— T h e v o t e r s o f th is p la c e w ill h a v e
p r e se n te d to th e m , a c c o r d in g to r e p o r ts , a t a n e le c t io n to b e
h e ld J a n . 2 1911, a b y -la w p r o v id in g f o r th e issu a n ce o f
$ 2 ,5 0 0 5 % s e w e r a g e -d e b e n tu r e s .
M a tu r it y 20 a n n u a l in ­
s ta llm e n ts .

MISCELLANEOUS.

INVESTMENTS.

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 21st, 1910.
The

Trustees, in conformity with the Charter of the Company, submit the following statementof Usaffairs

on the 31st of December, 1909.
Premiums on Marine Risks from 1st January. 1909, to 31st December, 1909__________$3,759,391 25
Premiums on Policies not marked off 1st January, 1909_____________________________
717,712 70
Total Marine Premiums_____________________________________________________________ $4,477,103 95
Premiums marked off from 1st January, 1909, to 31st December, 1909________________ *3,701,557 05
Interest received during the year_________________________ $322,046 46
Rent less Taxes and Expenses____________________________ 145,679 82

$467,726 28

Losses paid during the year which were estimated In 1908
and previous y e a rs.._________________ — ----------------— $829,378 19
Losses occurred, estimated and paid In 1909---------------------- 1,149,459 56 $1,978,837 75
Less Salvages______________________ $249,891 07
Re-Insurances_______________________ 235,520 48

435,411 55

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILD IN O
CHICAGO

(ffiOENPYl, WALBRIDSE l CO.
7 W «U S t .,

New Y o r k

Railroad, Street B y., Ga» & Elec. Light

S E C U R IT IE S

$1,493,426 20
Returns of Premiums___________________ ------------------------------ ------------Expenses, Including officers’ salaries and clerks compensation, stationery,
newspapers, advertisements, etc_____________________________________

$60,285 14
$356,913 94

LIABILITIES.

ASSETS.

Estimated Losses and Losses Un­
United States & State of New York
settled ...........- ............................. $2,393,207 00
Stock, City, Bank and other Se­
685,546 90
curities ........................................... $5,461,042 00 Premiums on Unterminated Rlsks.
Speclai deposits In Banks ATrustCos. 1,000,000 00 Certlflcates of Profits and Interest
263,468 95
Unpaid ______________________
Real Estate cor. Wall &WllllamSts.,
120,509 42
Return Premiums Unpaid________
& Exchange Place.$4,299,426 04
Certificates of Profits Ordered Re­
Other Real Estate &
deemed, Withheld for Unpaid
claims due the com­
Prem ium s------------------------------22.353 49
pany ____________
75,000 00 4,374,426 04
Certificates of Profits Outstand­
7,404,800 00
Premium notes and Bills Receivable 1,213,009 08
ing..............................................
370,000 00
Cash In the hands of European
Real Estate Reserve Fund____
Bankers to pay losses under poli­
cies payable In foreign countries.
239,948 04
633,405 13
Cash In Bank____________________
Aggregating___________________ $12,921,890 89

Aggregating___________ _______ $11,260,125 76

A dividend of Interest of Six per cent on the outstanding certificates of proflts will be paid to the

holders thereof, or their legal representatives, on and after Tuesday the first of February next.
The outstanding certificates of the Issue of 1904 will be redeemed and paid to the holders thereof,

or their legal representatives, on and after Tuesday the first of February next, 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 net earned premiums of the Company for the year
ending 31st December, 1909. which are entitled to participate In dividend, for which, upon appli­
cation, certificates will be Issued on and after Tuesday the third of May next.
By order of the Board.
Q. STANTON FLOYD-JONES. Secretary.

TRUSTEES.

FRANCIS M. BACON.
WALDRON P. BROWN.
VERNON H. BROWN,
JOHN N. BEACH,
JOHN CLAFLIN,
GEORGE C. CLARK,
CLEVELAND II. DODGE.
CORNELIUS ELDERT, ’
RIOHARD H. EWART,
PHILIP A. S. FRANKLIN,
HERBERT L. GRIGGS,




CLEMENT A. GRISCOM,
DALLAS B. PRATT,
ANSON W. HARD.
GEORGE W. QUINTARD,
LEWIS CASS LEDYARD,
A. A. RAVEN,
CHARLES D. LEVERICH,
JOHN J. RIKER,
LEANDER N. LOVELL,
DOUGLAS ROBINSON,
GEORGE H. MACY,
GUSTAV H. SCHWAB.
CHARLES H. MARSHALL.
WILLIAM SI.OANE,
NICHOLAS F. PALMER.
ISAAC STERN,
HENRY PARISH,
WILLIAM A. STREET.
ADOLF PAVENSTEDT.
GEORGE E. TURNURE.
CHARLES M. PRATT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
SANFORD E. COBB, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
JOHN H. JONES STEW ART. 4th Vice-President.

B L O D G E T & CO .
BONDS
<S0 S T A T E S T R E E T , B O S T O N
30 P I N E S T R E E T , N E W Y O R K

STATE, CITY & RAILROAD BONDS

sc o

o

.

BANKERS
421 Chestnut St,. PHILADELPHIA, PA,

Municipal and
Corporation Bonds
N A T IO N A L L IG H T ,
H E A T & POWER C O M P A N Y
GUARANTEED

BONDS

... .

Ail ,5suei

A. H. Bickmore & Co,,
BANKERS

30 Pine Street,

New York

O T T O J U L IU S M E R K E L
BROKER
44 AND 46 W ALL STREET. NEW YORK

IN V E S T M E N T SECU R ITIES
Correspondence Invited