Full text of Commercial and Financial Chronicle : December 3, 1910, Vol. 91, No. 2371 [Copy 2]

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VOL.91 DECEMBER 3 1910

NO. 2371

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

CLEARING -FOR NOVEMBER,SINCE JANUARY 1, AND FOR WEEK ENDING NOV. 26
Novenzber.

Elm en Months.

Clearings at Inc. or
Dec.

Week ending November 26.

Inc. or
Inc. or
1910.
1909.
1910.
1903,
1907.
1908.
Dec.
1909.
1910.
Dec.
--$
$
$
%
%
$
$
8
$
$3
%
-13.8
9,063,576,653
89,249,695,205 93,681,999,516 -4.7 1,547.838,251 1,879,491,105 -17.7 1,689,119,221 1,054.949,502
7,814,304,086
New York
+2.7 7,024,320.446 6,274,892.610 +11.9
626,608,302
643,490,776
Philadelphia
98,674,709
+0.8 117,879,256
130.869,828 129,776,388
215,282,202 -4.6 2,366,197,355 2,127,472,4311 +11.2
205,237,012
Pittsburgh
45,289,331
36,309,347
47.233,486 -6.2
44,297,340
140,997,540
+6.2 1,472,994,049
149,749,423
Baltimore
23,305,741
28,577,092
1,324,116,886 +11.2
+0.4
23,606,291
21,589,580
+0.1
43,393,546
43,432,189
461,002,374
Buffalo
425,034,261) +8.5
7,146,078
8,873.329 -1.7
8,726,215
5.972.998
27,848,204 -4.9
26,491,389
278,799,707
Albany
266,3.32,856
-1-4.7
5,800,936
5,296,120
4,249,096
5,430,947 -2.5
+5.2
30,874,288
3:31,881,753
32,493,853
Washington
303,257,880
+9.4
3,826,176
6,580,543 -3.1
6,373,144
5,119,278
+1.4
17,607,939
192,051,897
17,842,376
Rochester
181,233,342
+6.0
3,206.330 -2.6
3,123,147
2,452.177
2,6:38,281
11,162,454
11,397,962 -2.1
Scranton
125,490,325
116,523,918
2,429,055
+7.7
2,215.929
1.992,106
2,329,507
+9.7
11,113,204 -3.8
10,690,716
112,488,148
Syracuse
99,545,185 +13.0
1,864,362
1,503.875
2.028,176 -8.1
1,667,855
6,541,250
7,0:34,371 -7.0
Reading
73,79:3,192
61,940,763
+5.5
1,419.609
1,590,824 -8.9
1.043,950
1,217,213
+4.2
6,259,135
Wilmingtob
6,008,557
71,752,239
64,189.059 +11.8
1,318.473
1.116,810 +18.1
1,013,582
1,074,259
5,897.142
Wilkes-13arre
6,113,557 -3.5
64,701,124
+7.9
59,944,351
1,228,643
1,224,707
1,141,705
+0.3
951,659
7,192,135
Wheeling
7,537,336 -4.6
82,524,083
+8.3
76,229,874
1,469,184
1,451,875 +1.2
1,169,422
1,311,002
Trenton
6,585,058
7,262,025 -9.3
72,281,794
70,724,127
+2.2
1,491,370
1,305,615 +14.2
405,903
Harrisburg
5,300,000
5,920,048 -10.5
59,576,118
58,820,579 +1.3
1,053,215
1,249,900 -15.7
1,023.610
887,901
York
4,311,153
4,070,936
+1.0
44,901,738
807,688
802,474
40,469,515 +10.9
+0.7
711,259
545,830
3,669,960
Erie
+2.6
:3,576,694
39,892,948
715,217
33,400,021 +19.4
065.951
565,172
+7.5
578,896
Greensburg
2,155,735
2,244,236 -4.0
+4.5
26,464,889
396,402 -14.2
342,973
380,414,
25,331,591
409,124
Chester
2,470.448
+7.:3
26,644,163
2,301,779
520,015
427,664 +21.8
439,474
425.207"
22,824,943 +16.7
Binghamton
2,209,400
1,809,200 +22.7
22,852,093
321,500 +73.4
557.500
336.500
+7.1
379,300
21,:332,100
Altoona
2,064,611
1,913,760 +7.9
420,500 -3.7
21.49:3,711
401.776
372,577
:362.726
18,905,678 +13-7
Franklin
1,250,000
1,27:3,219 -1.8
220,000
231,000
+5.0
12,050,325
175,088
108.515
12,304,003 -2.1
Frederick
1,095,080
1,246.617 -12.1
11,943,212
12,059,097 -0.9
Total Middle
9,011,905.383 10,247,012,075 -12.1102,245,792,898 105,386.884,194 -3.0 1,791.103,416 2,124.607,547 -15.7 1,901.290,929 1,248,611.959
Boston
763,042,577 -3.6 7,588,289,600 7,668,486,942 -1.0
735,921,634
97.436,826
135,073,301 144,870,738 -6.8 138;494,251
Providence
42,395,300 -4.0
40,703,500
378,071,100
6,971,400
4,938.600
7,905,600 -3.8
+5.4
358,808,400
7,606,900
+8.()
15,838,833
Ifart:ord
17,108,246
11)7,732,124
3,089.680
2,947,586
3,489,211 -1.1
3.449,270
165,711,117 +19.3
11,809,190
New Haven
+1.6
11,999,050
130,939,386
2,009,803
1,841,098
2,147,031
126,014.848
+0.8
2.164,229
+3.9
9,829,964 -1.0
9,726,207
Springfield
104,374,325
1,609,067
,97,802,943
1,759,211
1,325,000
2,000,000 -12.0
+6.7
+9.7
8,509,596
9,337.797
Portland
93,598,547
82,719,27.! +1:3.2
1.877,066
1,514,130
1,791,072
1,622,329 +15.7
7,805,273 +26.4
9.862,579
107,740,808
Worcester
78,439,783 +37.4
2,150,710
1.121,849
1,482,811 +45.1
1,901,694
7,662,370 -21.6
6,005,599
5:3,617,046
Fall River
56,267,426 -4.7
1,119,022 -1-18.2
1,333,123
767,819
1.172,161
6,001,807
5,838,757
-2.7
51,464,305
New Bedford
46,825,640
987,574
+9.9
576,408
1.133.637 -12.9
822,403
2,366.495
+9.6
2,158,299
23,390,865
Lowell
22,312,405
+4.8
499,142
372,094
409,0611 +22.1
420.651
+6.2
2,469,238
2,621,055
Holyoke
'26,475,999
24,232.940
509,470
+9.3
475,859
399.607
392,599
+2.7
877,522,447 -3.0 8,755-,694,105 8,727,621,718
851,190,919
Total New England
+0.3
157,409,996 166.675,298 -5.6 158,484,130 113,426,663
1,145,087,608 1,162,800,081
Chicago
-1.5 12,738,217,820 12,556,901,970
+1.5
229,096,794 238,247.643 -3.8 219.133,190 161.098,758
Cincinnati
106,265,4011
113,401,200 -6.3 1,138,028,500
22,317,600
1,224,567,400 -7.0
23,279,250 -4.1
17,421,900
23,736,550
Cleveland
83,552,844
82,469,524
+1.3
915,587,958
16,240.066
79:3,613,835 +15.4
15,074,675
+7.7
12.140,036
12.147,022
Detroit _
71,1(14,813
77.897.013
+9.5
848,243,271
697,022,230 +21.7
16,304,759
14,050,000 +15.0
11,238,572
10.381,269
Milwaukee
57,769,384
50,518,518
+2.2
596,902,860
11,150,000
+8.9
548,084,368
11,119,869
+0.3
8.077,281
9,946,250
Indianapolis
38,050,070
:38,391,049 -0.9
926,801,789
7,186,292 +17.0
380,041,073 +12.3
8,407,958
6,700,778
4,497,669
Columbus
25,500,000
'25,911,500 -1.6
282,085,800
+2.1
276,291,900
5,367,000 -1.6
5,289,200
4,690,200
4,195,000
Toledo
17,338,649 +16.1
20,123,979
197,893,576
188,558,479
3,138,812 +16.6
3,658,662
+5.0
2,486,182
2,809,907
Peoria
13,579,809 +10.0
19,932,716
193,274,722
2,616,546
3,193,353
132,639,252
+7.3
+22.1
1,521,810
2,757,833
Grand Rapids
12,148,715
11,617,774
+4.6
120,418,832
2,010,664 +11.1
2,234,351
112,497,375 +12.4
1,580,019
1,748,066
Dayton
9,161,135
8,198,9111 +11.8
10:3,607,120
1.651,481
89,410,663 +15.9
1,489,090 +11.2
1,280,221
914,827
Evansville
9,975,549
9,464,225
+5.4
104,088,512
+9.6
94,969,325
1,775,580 +11.1
1,972,000
1,586,631
1,689,123
Kalamazoo
5,795,186
6,369,528 -9.0
63,912,174
58.174,982 +9.9
1,182,746 -9.0
1,075.164
605,214
941,878
Springfield, Ill
4,200,000
+2.8
4,085,737
47,982,052
+3.4
46,394,129
751,615
758,529
+0.9
805,000
530,966
Fort Wayne
4,072,432
4,417.167
+8.5
47,942,347
43,399,149 +10.5
815,436
804,385 +1.4
500,328
710,628
Akron
4,169,468
+6.1
:3,928,250
44,984,268
35,434,400 +27.0
803,000
797,700
300,000
+0.7
515,000
Lexington
4,287,968
:3,832,200 +11.9
39,178,978
32,081,986 +22.1
845,893
838.966
+0.8
512,882
614,177
9.070,959
Youngstown
4,562,310 -10.8
52,222,077
4:3,161,555 +21.0
782,428
+9.4
715,665
584,313
978,964
3,426,113
ltockford
3,054,745 +12.2
37,481,550
886,811
31,753,693 +18.0
74:3,691 +19.2
633,011
627,428
Canton
4,308,092
+9.9
3,919,933
46,369,535
34,797,364 +33,6
915.812
670,000 +36.6 ' 527,055
413,608
Quincy
2,675,000
+1.1
2,647,286
29,911,655
533,115
20,446,747 +13.1
485,077
392,424
+9.9
510,969
Springfield, o
2,251.484
1,983,622 +13.5
25.80:3,913
23,393,307 +10.3
487,515
423,342 +15.1
314,879
338,662
South ltend
2,44(1,071
2.164,867 +12.8
22,606,155 +12.2
421.131
25,369,647
35(1,559 +20.1
272,999
336,510
Bloomington
2.457,788
2,220,058 +10.7
542,607
29,394,523
24,524,011 +19.9
429,240 +26.4
312,758
358,756
Mansfield
1,725,217
1,612,072
+7.0
326,399
19,308,423
17,006,325 +13.5
302,512
+7.9
149,578
244,544
Decatur
1,736,074
1,604,631
+8.2
19,989,490 +12.6
356,607
22,506,231
324,537
203,721
311,458
+9.9
Jackson
1,774,000
1,519,990 -1-16.7
334,881
20,185,186
16,490,837 +22.8
258.500 +29.4
219,490
235,000
Danville
1,731,556
1,902,084 -9.0
21,282,693
449,244 -16.3
376,205
17,682,888 +20.4
257.769
Jacksonville, Ili
1,050,079
1.169,482 -10.2
14,225,12:3
192,846
+5.5
271,382
13,482.216
-29.0
166,271
193,665
Lima
1,594,004
1,4:37,804 +10.9
16,154,702
277,005
280.325
14,656,947 +10.2
+1.2
224,327
250,000
Ann Arbor
847,976
988,289 -14.3
8780,25'!
131,264
117,709 +11.5
113,229
9,0:33,397 -2.8
111,402
Adrian
142,085
128,925 +10.2
1,646,031
36,274
1,277,486 +28.9
26,946 +34.6
16,547
15,000
Saginaw
2,649,242 -2.5
2,583,397
+12.2
28,377,031
25,285,874
499,815
+0.2
498,877
LanAng
1,712,400 Not included In total
8,142,929
Not Included in total
Not included In total
Tot. Mid. Western _ 1,658,101,097 1,666,649,690 -0.5 18,264,172,153 17,651.570,81-1
+3.5
332.913,281 336,070.119 -0.9 306,620,5:31 232,505,796
San Francisco
20:1,594,361
187,562,499
+8.5 2,120,878,914
1,786,248,402 + 8.7
42,340,016
33,960,159
36,651,290 +15.5
22,763,668
Los Angeles
72.746.198
62,070,245 +17.2
736,921,158
607.701.954 +21.3
15,328,820
9,986,736
12,841,325 +19.4
6.136.283
Seattle
48,106,114
538,828,295
57,917,106 -16.9
531,392,318
+1.4
9,645,427
6,064,393
7,942,486
11,683,410 -17.4
Portland
45.076,552
38,403,584 +17.4
472,317,582
35:3,386,611 +33.6
9,652,375
7,110,331 +35.7
4,927,052
3,354.419
Spokane
21.025,894 -2.0
20,599,979
220,68:3,226
184,546,513 +19.6
4.314,550
4,091,346
2,061,701
3.085,424
+5.4
Salt Lake City
30,642,492
33,282,756 -7.0
294,727,311
304,406,162 -3.2
6,941,115
6,926,391
2,871,666
+0.3
6,196,052
Tacoma
18,452,695
25,728,733 -28.2
256,894,063
255,065,196
+0.7
3,713,403
5,304,729
3,900,000
3,989,1:30
-30.0
13,404,039
Oakland
8,413,377 +59.3
142,039,849
87,170,782 +62.9
2.684,401
1,939,196 +38.4
944,291
1,189,092
4,348,560
4,6:36,390 -4.1
Helena
42,631,374
93,331,743 -1.6
946.291
851,843 +11.2
823,680
1,130,757
7,291,917
5,969,7W +22- 1
Sacramento
62,915,527
49,038,239 +28.3 ' 1,481.154
1,062,725 +39.9
804,03(1
5,628,656
9,288,281 +31.4
San Diego
61,535,793
47,548,170 +29.9
1,172,270
874.038 +34.0
700.70(1
4,117,544
3,373,285 +22.1
Fresno
34.3149,045
25,900.627 +32.8
781.376
619,762 1+ 26.1
499.091
3,335,950
3,954,269 -15.7
Stockton
29,236,689
26,328,063 +11.0
498,226 +27.1
633.193
600,000
646,349
2,587,358
San Jose
2,836,214 -8.8
25,725,138
22,964,882 +12.0
461,861
528,307 -12.7
415,206
400,000
North Yakima
2,577,751
1,916,567 +39.5
22,469,759
497,618
17,9:36,118 -1-'25.9
354,956 +40.3
.269,550
1,339,614 -46.5
Billings
714,070
7,909,1:34
170,000
9,849,481 -19.7
328,941 -48.3
236,121
Pasadena *
+25.8
2,500,000
3,1.15,974
37,108,140
11,943,476
6(10,000
500,000 +20.0
Boise
3,868,925 -(1.1
3,866,645
38,428,0211
32,278,200 +19.1
Medford
Not included in total
Not Included in total
Total Pacific
.106,582,016
487,090,881
-1-4.4 5,108,531,485 4,384,74)3,529 +16.5
92,166,816 +10.0
101,360,872
74,878,023
99,9'20,I01
Kansas City
225,783,046
227,733,131
±0.9 2,401,582,058 2,172,339,078 +10.5
44,365,691
45,989,356
4-3.7
23,760,264
37,291,432
Minneapolis
127,382,969 -15.2 1,050,616,729
108,000,000
24,430,433 -11.4
21,636,880
92:3,052,784 +13.8
20,425,472
21,754,:302
Omaha
66,192,950
63,187,234
+4.8
767,:309,984
13,129,101
13,623,576
673,689,590 +13.9
+3.8
8,000,414
11,391,624
St. Paul
53,893,303 -8.2
54,03(1,276
10.367.864
523,867,8)8
13.337,118 -22.3
409,789,921 4-11.5
10.032,358
9,511,907
Denver
43,273,673
49,837,039 -3.5
450,864,744
10,073,352
9,696,267
425,038,165
+6.1
-4.6
8,062.106
8,487.955
Duluth *
21,500,001)
31,155,632 -31.0
4.324,243
175,984,420
139,521,264
5,595.121 -22.7
St. Joseph
28,267,645
27,511,898
+2.4
5,395,162
318,694,541
281,726,164 +13.1
5,035,025
3,972,040
2,566,742
+7.1
Des Moines
16,043,758
16,8:35,477 -1.7
3,200,000
190,265,947
169,75:3,:311 +12.1
2,941,214
3,489,899
2,319,322
+8.5
Sioux City
11,330,029
12,032,185 -5.8
2.273,732
138,886,410
126,148,411 +10.1
2,501,254 -1.1
1,411,614
2,218,623
14,619,693
Wichita
13,632,181
+7.5
2,969,011
145.2/34,938
117,390,519 +23.7
2,437,992 +21.8
1,446,163
868,974
6,021,216
Topeka
6.424,288 -6.3
1.404,177
(11,462,603
63,023,646 -2.5
1,215,542 +15.5
977,306
688,296
• 6,539,527
Lincoln
+1.9
6,420,83-1
1.275,711
+9.0 1
74,921,238
68,719,575
1,243,609
+2.6
894,745
1,186,387
6,919,305
Davenport
5,892,664 4-17.4
1,462,236
60,732,1112 +19.8 1
72,729,709
1,262.215 +15.8
790,467
610,645
5,952,505
Cedar Rapids
5,697,876
+4.5
60,484,988
1,200,000
50,396,583 +20.0 '
1,104,322 +8.7
480,530
660,311
3,991,642
Fargo
5,310,772 -24.8
40,389,096
35,598,038 +13.5
675.708
930,609 -27.4
735,825
485,242
5,400,000
Sioux Falls
4,162,77:3 +29.7
950,000
46,746,284
32,197,710 4-45.2
740,0(10 +28.4
580,00
450,000
3,017,365
Colorado Springs _-- 2,847,330
+6.0
+5.1
34,048,120
32,391,241
602,547
629,343 -4.3
600,000
572,90
3,456,854
Pueblo
3,299,851
27,010,201
+5.9 1
+4.8
748,496
28,1129,788
842,464 -11.2
610,961
557,21 •
1.139,553
Fremont
1,282,158 -11.2
+0.8 ;
16,630,351
16,499,282
204,411
217,862 -6.2
157,012
259,23*
844,431 Not Included In total
Hastings
8,081,122 Not included In total '
160,783 Not included f n t ta'
Aberdeen
Not included in total
Not included In total
Not Included in total
Total other West__
611,965,155
631.433,178 -3.1 6,423,414,926 5,745,526,921 -1-11.8
127,909,377 132.035,267 -3.1 101,340,442
83,880,916
For details of Souther n see page 1490
I
Total Southern
974,705,902
896,882,534
+8.7 8,985,816,511
8,074,089,892 +11.3' 198,255,712 172,506.430 +14.9 152,988,786 126,905,284
13,595,259,2:37 14,786,082,070 -8.1 149,789,422,0781149.970,487,071
Total all
-0.1 2.708.058,65413,024.01)1,477 -10,4 2,698.603.841 1,854.887.993
Outside New York_ __ 5.780.965.151 5,722.505.117
+1.0 60.539.726.8731 56.288.487.5-6. +7.,1 1.161.120.403 1.144.570.372
-4-15 1 ono 484 82o 769.638.491
ritr- fable Clearings by Telegraph and Canadian Clearings on Page 1490.
• Not Include! for month and eleven months: comparison incomplete.




1474

THE CHRONICLE

[V oL. Lxxxxi.

given tremendous importance through the enormous
THE FINANCIAL SITUATION.
increase made in the rates of these inheritance taxes.
Is the depression in our stock market being accen- Formerly the tax was only 1% in the case of direct
tuated by the new Inheritance Tax Law of this State heirs, and as this was not an oppressive rate, foreign
passed at the special session of the Legislature last purchasers were willing to risk the chance of death
July? The question appears a pertinent one in view and the payment of the tax. In the case of collateral
of the repellant effect upon foreign capital which this heirs and others, the old rate was 5%, and this connew statute is beginning to exert. As knowledge of stituted the extreme amount of tax that could be imits provisions and its graded rates of taxes gains cur- posed in any event. Under the new law, however,
rency abroad, European investors in the stocks of a graded rate of tax is imposed, the rate rising as the
railroads and other corporations organized under the size of the bequest increases; so that even in the case of
laws of this State are beginning to manifest much direct heirs 5% has to be paid on amounts above
concern. Banking houses here with influential for- $1,000,000, whereas in the case of collateral heirs the
eign connections are authority for the statement that payment required on amounts above $1,000,000 is as
some large holders of such stocks have recently dis- much as 25%. In other words, in this last instance,
posed of their holdings in this market in order to avoid the State takes one-quarter of the whole amount of
the risk of the high transfer taxes imposed, while still the stock passing by transfer. Bearing in mind that
other holders will no doubt also be prompted to part the rule as to collateral heirs would apply in the case
with their holdings if the law in its present form is even of nephews and nieces, it can readily be seen what
allowed to remain on the statute books.
a burden the new law imposes and how reluctant forThe primary purpose of the new law, which has in- eign investors must be to make themselves subject to it.
creased the legacy tax on taxable transfers fivefold,
Many German and English investors and capitalists
for
the State; .hold large amounts of stock in New York corporations,
was of course to obtain additional revenue
have
to
thought and these are now confronted with the possibility that
and the framers of the statute seem
of
vexatious
way
least
getting their estates may be mulcted in amount of 25% in the
that the easiest and
this added revenue was by marking up the legacy tax contingency of their death. Some of these holdings.
and increasing the rate of the levy as the size of the by individuals run up into the millions, but even
legacy or bequest expands. But, as often happens where the amount passing under any one bequest
in the matter of experiments in legislation, the new falls below a million dollars, the rate of taxation is
Act is having remote effects not anticipated by its very heavy. Upon amounts in excess of $25,000 up
advocates and promoters. It is driving capital away to and including $100,000 (disregarding the small sums
from the State and must continue to do this in increas- exempted) 10% is- exacted in the case of collateral
ing degree as its provisions become known to foreign heirs; upon amounts running from $100,000 to $500,000, 15%, and upon amounts between $500,00o
investors.
To those not versed in the matter it may seem a and $1,000,000, 20%.
The new law is a harsh one in any event, and the
mystery why a change in our Inheritance Tax Law
should in any way affect purchases of stocks here coming Legislature should amend'or repeal it. There
or be disturbing to foreign holders of the same. Re- is no element of justice in taking 25% of what is left
siding abroad, why should their holdings be taxed in to an individual, and in addition the law involves an
this State in the event of death? The reason is, as economic blunder. Everything ought to be done
explained in articles in our issues of July 30 and Sep- to invite and attract capital from all sources and from
tember 3, that the State levies its toll both upon the all parts of the habitable globe.- Instead of this the
property of residents and of non-residents, and it.has new law, by its operation, works to keep capital away.
a means of reaching these non-residents through the Capital should be made to feel that New York State is
fact that the companies issuing the shares have been a safe harbor for it. By the new legacy transfer tax
organized in this State, and hence are under control we are giving notice to the whole world that such
of the State. The tax is upon all property, real or capital is to be heavily assessed here in the event of the
personal, and the non-resident shareholder is obliged death of the owner. It seems to us the heads of our
to pay the tax because the tax is upon the transfer leading financial institutions, who have been made
(of the shares) and not upon the property itself (al- to feel how adverse to the best interests of the State
though the amount of the tax is necessarily measured this new statute is wcirking, ought to confer together
by the value of the property transferred), and the with the view to taking concerted steps to secure the
courts have decided that the State may impose condi- repeal or modification of the law by the incoming
tions attending succession in bodies of its own creation. Legislature. If this is not done, foreign capital will
The decedent owner of stock in such instances is re- taboo the United States, or else it will seek investment
garded as holding stock in a domestic corporation, in the shares of corporations organized in other States,
and it is settled that capital stock in a domestic cor- thus isolating New York.
poration, although held by a non-resident, will be
There is all the more reason for requesting the
regarded as having its .situs where the corporation repeal of the law inasmuch as it was passed very
was organized. It follows that residents of other hastily, without due consideration, and it is evident
States, and also residents abroad, holding stock in that the average legislator can have had little idea as
New York corporations, in the event of death make to what it involved. We cannot believe that it will be
the policy of the State to reIain this new statute now
their estates subject to the Inheritance Tax.
There is nothing new in this aspect of the matter, that realization has come of its meaning:
for foreign holders of shares in New York corporations
Nero fiddled while Rome was burning. The authorihave long been subject to the Inheritance Transfer
Tax of New York; but the matter has suddenly been ties at Washington are assuming a similar attitude



DEC. 3 1910.)

THE CHRONICLE

1475

towards the railroad-carrying industry in the present within State boundaries and it is an act of usurpation
hour of its great need. In the hearings regarding the for the Federal Government to attempt to exercise'
proposed advances in railroad rates, the Inter-State jurisdiction over them at all, it is hard for those idenCommerce Commission is dawdling away its time, lis- tified with such corporations to become reconciled to
tening to fool suggestions that some magical way can the idea that the seal regarding their private affairs
be found of saving $300,000,000 a year. While this is is to be removed and a way opened through which
going on, the urgency, and indeed the extremity, of rivals may possibly gain a knowledge of their business
the situation in which the railroads find themselves is secrets. Besides, the validity of this tax is being conbeing illustrated in the returns of net earnings which tested before the U. S. Supreme Court, and the great
have come to hand the present week for the month 'majority of people think that this tax provision will be
of October. It is evident enough that the purpose of declared unconstitutional. Under these circumstances
the shippers is to secure delay. But in the meantime it is difficult to divine the President's motive in stirring
the comparisons of earnings are getting poorer with things up anew at this juncture instead of waiting
each succeeding month. A few figures for October until the Supreme Court hands down its judgment
will suffice to indicate the prevailing trend. The on the measure.
As for the action against the American Sugar RePennsylvania RR., as we show in a paragraph towards
the end of this article, on the lines directly operated fining Co., that concern has scarcely more friends
east and west of Pittsburgh sustained a decrease of than the Standard Oil Co. Anxiety is keen never$76,400 in gross earnings, while at the same time theless, as this new move once more brings up the
expenses mounted up in the sum of $1,062,400, pro- question of the operation and scope of the Anti-Trust
ducing, hence, a loss in net for this single month in Law. We think that James M. Beck, counsel for the
amount of $1,138,800. The New York Central System American Sugar Refining Co., is correct when he says:
managed to add $966,674 to its gross earnings, but as "It is unfortunate that business men cannot conduct
this was attended by an augmentation of $1,750,488 in a legitimate business enterprise without subjecting
expenses, net actually fell behind in the sum of themselves to proceedings under a highly technical
$783,814. The Reading Co. has had a similar experi- statute, about the meaning of which the courts do
ence, or rather has had a small loss in receipts coinci- not agree,and about the wisdom of which most thoughtdent with a rise in expenses, with the result that net ful men of all classes are in serious doubt."
--for October this year was only $1,453,399, against
$1,705,227 in October last year. The Coal & Iron Co.
Mr. James J. Hill has been crit'cized for having
also did poorly, and consequently the net for all the stated in an interview published in the New York
Reading companies combined stands for this year "Times" on Monday of this week that there was likelionly $1,638,134, against $2,102,211 in October last hood of much idleness next year. His utterances
year. The Union Pacific for the same month added a have been characterized as pessimistic. But Mr. Hill
trifle to its gross revenue, namely $15,275, but expenses is no pessimist. He has been all his life the most
and taxes moved up no less than $732,718, leaving buoyant of optimists. If he were not possessed of a
a loss in net of $717,442. The Southern Pacific most sanguine temperament and had not the utmost
suffered a decrease in gross of $175,744, while expenses faith in himself and his country, he could never have
increased $545,988, involving, accordingly, a diminu- carried through the construction of thousands of miles
tion of $721,733 in net. The Milwaukee & St. Paul, of railroad in the undeveloped sections of the United
chiefly by reason of the rise in expenses, falls $551,120 States,, gaining thereby the name of Empire Builder.
behind in net. The Louisville & Nashville, though On the present occasion Mr. Hill finds it impossible
having added $216,274 to gross, loses $
.
364,278 in net, to give expression to the customary optimistic sentiand the Rock Island Lines, while having increased ment because the facts are not roseate, and caution is
the gross $212,621, suffer a decrease of $299,730 suggested on every side. He points out that neither
in net.
the railroads nor other industrial undertakings are
contemplating improvements or extensions at this
As a result of these unfavorable statements of earn- time, and gives his reason in these words: "It isn't
ings and the action of the Federal Government in because they haven't the money, but because there
announcing a scheme of publicity for the reports which are no inducements, considering public sentiment
private corporations have been obliged to render to the and business outlook, for them to invest it."
authorities at Washington, and the further action of
That is the literal truth. It is public sentiment
the Administration in beginning a suit under the antagonistic to business enterprises that is putting an
Sherman Anti-Trust Law against the American Sugar embargo upoi. trade activity. And in view of the
Refining Co. and allied corporations, a serious break in losses in net income which the railroads, according to
prices on the Stock Exchange has occurred the.present their returns, are now sustaining all over the country,
week. And no wonder. These acts have served to can it he seriously argued that Mr. Hill is in error in
open up old sores and to cause renewed apprehensions what he says? Is it not indeed certain that industry
concerning matters which have been a source of anxiety must continue to drag and lag until the railroads are
in the business world for a long time. Everyone has again offered inducements for going on with new debeen trying most industriously to forget them. The velopment work, thereby stimulating activity once
authorities at Washington, apparently unmindful of more in other lines of industry and in general trade?
the teachings of the election, have taken pains to With bounteous harvests, such as we have enjoyed
bring them prominently into view again.
the present year, a new era of prosperity would be
The Corporation Tax returns are to be given out inevitable except for the pernicious activity of the
only under certain restrictions, but as tens of thousands politicians.
•
of these are strictly private concerns, operating entirely




1476

THE CHRONICLE

The most significant occurrence in any of the money
markets of the world this week was the lowering of the
Bank of England rate from 5% to 432%. December
more often witnesses increasing tightness in money
both in Europe and in America than weakness, and it
has happened on only rare occasions that the London
Bank Governors have reduced their minimum charge
for accepting bills in the final month of the year; indeed, previous to last year, when there was a change
from 5% to 432% on Dec. 9, a reduction at this season
has been made only once in about two decades.
Neither London nor New York had expected any
change this week, although the downward movement in
private discounts as well as the diminution in the gold
outflow from England had foreshadowed a lower Bank
rate in the not distant future. The 5% charge has
proved very effective. When it was declared, on
Oct. 20, the Bank of England was losing specie. The
ratio of reserves to liabilities fell from above 53% in
the middle of September to 47% at the opening of
October, and even in the final week of October, after
the advance had been made, there was a fall in the
percentage from 46M to 46A. The amount of coin
and bullion carried at the close of the fourth week in
October was only $156,590,000, but since then improvement has been recorded each successive week,
until on Thursday last the Bank held $178,155,000, a
gain of $21,565,000. The ratio to liabilities, however,
has receded during the last fortnight from 529% to
5014%, but is nearly 3% above the corresponding
average of the last ten years. No doubt the decision
to name a 4% minimum was brought about chiefly
by the marked easiness in private discounts, the cessation of gold exports on a scale in excess of receipts,
dulness in Stock Exchange operations, and perhaps
the natural desire of the influential business representatives who rule the Bank to facilitate, by every possible
means the conduct of the holiday trade at a time
when it is liable to be interfered with by the acrimonious political contest now being fought out at the
polls. The cables state that the reduction "was only
decided upon after a prolonged discussion," and that
there was a disposition among bankers to criticise the
action taken as premature. As, however, there was
an immediate decline in private discounts to as low
as 39%, the institution is unlikely to suffer an
undue local drain upon its resources between now and
the opening of January, especially as the various international exchanges are not unfavorable to London.
The year promises to end without monetary stringency at any of the other large financial centres.
0 basis despite shipments of gold from
Paris is on a 20
that city. Berlin was slightly influenced this week by
the closing of a small bank (the Vereinsbank) at
Frankfort-on-the-Oder and by the Dec. 1st settlements, which entailed a total cash loss on the part of
the Reichsbank of $17,616,000 and expansion in lia3 of 1%
bilities, but bills can be negotiated there at 3!
below the official minimum, and there is no reason to
apprehend complications at the, turn of the year.
Minor centres, with the exception of Vienna, are
well situated. At home money has become superabundant both on demand and for all maturities up
to six months. Shipments of $2,000,000 gold coin to
Canada, the transfer of almost as large an amount



(VOL. Lxxxxi.

to San Francisco (for the moving of the fruit
crops) and of $300,000 to New Orleans, made no
impression upon the available supplies. As a matter of fact, the tendency throughout the week has
been towards lower quotations alike for collateral
loans and commercial discounts. Call money, even
on the first day of the month, ruled at only 29/8%,
time money could not be placed in quantity at 4%,
and prime mercantile bills were negotiated at a
minimum of 4%. The excess of bank loans over
deposits has been diminishing of late, so that from
every point of view the monetary situation is more
satisfactory than could have been foreseen a month
or six weeks ago. So far the effect of all this upon the
demand for investments has been somewhat disappointing, yet underwriters believe that a broader
market will develop when investors receive their
January checks, seeing that bonds afford a higher
return than is obtainable by simply lending funds on
the Stock Exchange.
Kaleidoscopic changes are occurring with startling
rapidity in British politics. Lord Lansdowne's proposals for reforming the House of Lords, including the
election of certain representatives in lieu of a Chamber
filled by hereditary noblemen, has been followed by
the wholly unexpected pronouncement of Arthur J.
Balfour, leader of the Unionists, in favor of submitting
the question of tariff reform directly to the people by
means of the referendum, a political device which has
gained considerable favor in our own more radical
States of the West, but heretofore not advocated in
staid Great Britain, although Lord Salisbury, aristocrat and Conservative, was known to have leanings
toward it as a court of final appeal. Mr. Balfour's
amazing change of front astounded the Liberals, rallied
the Unionists and cheered the security markets. He
at the same time challenged his opponents to show
similar courage by laying their Home Rule proposals
before the electorate for a clear-cut expression of approval or disapproval. "Some people seem to think,"
he. declared, ".that asking whether I would submit
tariff reform to a referendum would put me in a hole.
I frankly say that tariff reform would be a great
dhange. This election cannot be described as taking place on tariff reform simply, and I have not the
least objection to submitting tariff reform to a referendum. It seems to me that Our opponents should
respond with the generosity of honorable combatants
and say,'We agree that HOIlle n1110 shall be subject to
a referendum, too.'" The Liberals are proclaiming
that the referendum is a ruse designed "to put a more
effective weapon in the hands of the wealthy classes,"
to quote the words of Chancellor Lloyd-George.
The most vehement opposition to Home Rule has
burst forth in Ulster, and various other parts of Ireland, where money has actually been raised to resist by
force of arms "taxation from Dublin." The Irish
Unionists sent a message to Mr. Balfour containing
the following sentence: "In all solemnity we now declare that Home Rule will bring Ireland not peace
but the sword." The Conservatives have made much
of the part played by "American gold" in influencing
the struggle in Ireland. Throughout England and
Scotland, however, the campaign has engendered less
heat. We devote a special article to the general issues of the election.

DBC.31910.]

THE CHRONICLE

S

1477

The eighth inauguration of Porfirio Diaz as President
of the Republic of Mexico, on Thursday, was not
blessed with peace throughout the country, as on
previous occasions. The attempted revolution headed
by Francisco I. Madero, although successfully checked
by the Government troops last week, has apparently
not yet been entirely abandoned. The insurrectionists
managed to stop traffic on the Mexico Sz Northwestern
RR., in the State of Chihuahua, where severe fighting
took place at the beginning of this week. A band of
Secretary of the Treasury MacVeagh is seriously 400 attacked a larger body of loyal troops, and after
considering the advisability of fixing the interest rate a vigorous encounter the "insurrectors" were forced
on the next issue of Panama bonds sufficiently to flee to the hills, leaving seven dead. In other parts
high to insure their absorption strictly as an invest- of the Republic tranquillity has been restored, save
ment, the circulation privilege being omitted. This that handfuls of rebels here and there have not yet
proposed change, somewhat radical in its nature, has surrendered. There can be no doubt., however, that
been inspired by varions developments, including the Government has the whole position well under
the fall in price of the principal government bonds at control and that the Madero marauders will shortly
home and abroad, the danger of inflating bank-note be brought under complete subjection.
circulation here, the desirability of finding a wider
The inauguration ceremonies afforded the United
mallet for our Federal securities, and, looking ahead, States and other nations a happy opportunity
to
the posSible reform of our whole bond-secured currency emphasize their good will towards President Diaz,
system. Power rests with the Secretary of the Treaswhose reputation as a statesman has not been seriury to name what rate the $290,569,000 bonds ously injured
by the abortive uprising of malcontentg,
authorized in August of last year to cover the building
As dean of the diplomatic corps, the American Ambasof the Panama Canal shall carry, the maximum, howsador, Henry Lane Wilson, offered the congratulations.
ever, having been restricted to 3%. With a view to
of the foreign representatives in Mexico. The ambas—
ascertaining the market value of European Governsador spoke in warm terms of the patriotic labors.
ment bonds, which are not, of course, inflated by the
of President Diaz during more than a quarter of a
irculation privileges attaching to United States issues,
century—labors that had won the respect and conficomprehensive data have been gathered by the
dence of the whole world. "The marvelous developTreasury Department, a summary of which was
ment of Mexico," he proceeded, "during the successive
published this week. On the present market values
administrations to which Your Excellency has been
the highest credit abroad, it is shown, is enjoyed by
called by the suffrages of your fellow-citizens, the
France; the income yield, or what is termed the
moral and material progress which has been achieved,
"real interest earned at the present market price," on
the firm position of the public credit, and the faith felt
the 3% rentes is 3.06%. This compares with 3.16%
by the nations and the rulers of the world in the
on British Consols, 3.61% on Germany's Imperial 3s
stability and responsibility of this Government, are
and 3.84% on the German 334% loan. As a commatters of common history, which, however well
mentary upon the political trend in Great Britain, it is
known, may be repeated with profit on an occasion like
a fact of interest that the average yield on Consols
this, so profoundly significant of the future of the
during the last calendar year (1909) was only 2.98%;on
Republic." He expressed the hope that the President
the French Rente in that year it was 3.09%. Cornmight be spared many years of usefulness to devote
parison with the yield at this time shows that Britain's
to the progress and happiness of the Mexican people,
credit has deteriorated, whereas France's has im"whose well-being, we are assured, is the object of all
proved. The income return on United States bonds is
your sacrifices and patriotic labors." Then Mr. Wilmuch below that on. the European issues here disson concluded with a tribute to the Ministers who had
cussed, but it is scarcely necessary to explain that our
so ably supported the work of regenerating Mexico,
bonds do not sell on an investment basis but are
and especially to the Minister for Foreign Affairs.
helped very materially by their availability as 8ecurity
President Diaz, in reply, thanked the American
for note circulation. The United States 4s at present
Ambassador and the other representatives of foreign
show a yield of 2.70% to the holder, but the consol. 2s,
Powers for their kindly felicitations. "Such words,"
as well as the Panama 2s, are on slightly less than a
said the President, "reveal to me that the nations
2%-income basis.
which you represent are sincere friends of Mexico, and
Investment houses and bankers are keenly interested
that fact will necessarily be to me a great stimulus.
in Secretary MacVeagh's proposal. The whole probThe Mexican public continue to honor me with the
lem, it is admitted, is beset with delicate considerations
confidence with which for many years they have disnot to be overlooked. Happily, the Washington
tinguished me, and, with that stay, I shall continue
authorities realize the importance of the subject and
consecrate all my attention and my energies to
to
are determined not to act precipitately. In addition
peace and the cause of national progress." Reports
to familiarizing themselves with the situation in
circulated by the enemies of President Diaz that he
Europe, they are consulting responsible bankers and
had been prostrated by recent events were demonfinanciers in New York and elsewhere, so that it is
strated to be without foundation. It was announced
reasonable to expect that the final decision will be
yesterday that Ambassador Wilson has applied for
dictated by sound common sense and will be willingly
leave of absence, an incident indicative of his confiaccepted by those upon whom will devolve the task
dence that the Government's troubles are virtually over.
of finding a market for the issue.
Yesterday 11 Unionists and 4 Radicals were returned unopposed. To-day about 100 members,
including 60 Unionists, will be elected without
contest, and polling will take place in at least 45
constituencies, fully half of which are now represented by Liberals. A fortnight from to-day the last
of the voting, it is expected, will be recorded. King
George, in dissolving Parliament on Monday, summoned the new Parliament to meet on Jan. 31 1911.




1478

THE CHRONICLE

As an aftermath of the revolution in Portugal, the
Portuguese troops stationed on the Island of Macao,
at the mouth of the Canton River, rebelled on Tuesday
and took possession of the seaport at Macao. The
island was first occupied by the Portuguese in 1586,
and for many years the seaport enjoyed a flourishing
trade; but after Hong Kong passed into the hands
of Great Britain, Macao lost its prominence. There
has been constant, though not always active, trouble
between the Portuguese and the Chinese as to the
extent of the territory ceded by China to Portugal,
the Chinese claiming that the concessions granted
were limited to the City of Macao, and to-day there
are two wards, one administered by the Chinese and
the other by the non-Chinese. Sailors from the
Portuguese gunboat "Patria" marched to the public
square, fired three volleys as a signal to the troops,
and, forcing an entrance to the armory, the rebels
armed themselves and forthwith proceeded to a convent, from which they drove out the nuns, and then
marched to the Government House, which they invaded for the purpose of interviewing the Governor.
They demanded the expulsion of the religious orders,
increased pay for the army and navy, the suppression
of a newspaper and the righting of alleged wrongs
suffered by the soldiers and sailors. The Government,
powerless to resist, acquiesced in these peremptory
requests. The nuns and other foreigners hurriedly
departed for Hong Kong, which is about thirty-five
miles east of Macao. Order, however, was restored
almost immediately, the population being pacified by
the removal of the Governor and the appointment
of a Judge to fill the position.
The exhibit of bank clearings for Nov. 1910 is of the
same general character as that for the month preceding, the aggregate for the whole country, owing to
rather important losses at a few of the larger cities,
but primarily at New York, showing a decline from the
month a year ago, while outside of this city a small
gain is recorded. At New York the lull in speculative
activity, which has been a feature of recent months,
accounts in considerable measure for the falling off,
but there is at the same time evidence of some let-up in
general mercantile affairs. Of the 137 cities included in
our compilation of clearings on the first page of this
issue, 49 record losses from Nov. 1909; for the eleven
months only 10 fail to exceed the results for the corresponding period of the previous year,and,except in one
or two instances, the declines are merely nominal.
The falling off in the total for the whole country in
November, as compared with 1909, reaches 8.1%,
sufficient to wipe out the meagre gain which appeared
for the ten months, giving for the eleven months a
decrease of 0.1%. Contrasted with 1908, when stock
operations were very active in November, there is a
gain for the month of 4.7% and for the eleven months
of 26.9%, and there are large increases over both
periods of 1907.
Outside of New York such leading cities as Chicago,
Boston, Pittsburgh, Cincinnati and Minneapolis record
losses; these are, however, in considerable measure
offset by increases at Philadelphia, St. Louis and
San Francisco, and rather heavy percentages of gain
are o be found at a • number.of smaller, but at the
same time representative, cities. Among these latter
a be mentioned Los Angeles, Portland, Ore.,



[Vol, Lxxxii,

Memphis, Atlanta, Savannah, Nashville, Little Rock,
Galveston and Oakland. Taken altogether, these
outside cities record a gain over 1909 of 1% for the
month and 7.6% for the period since Jan. 1, while,
contrasted with 1908, increases of 20.5% and 26.1%,
respectively, are exhibited, and compared with 1907
reach 38.3% and 12.3%. At New York, as already
intimated, and for the reasons stated, comparison
with last year is unfavorable. For the month the
decline is 13.8% and for the eleven months 4.7%,and
there is also a loss of 4.6% from Nov. 1908. Compared
with the eleven months of that year, however, the
gain reaches 27.5%, and increases of 42.0% and 9.1%
over the two periods of 1907 are to be recorded.
Stock Exchange dealings at New York for the month
were very much less than in the like period of any year
since 1907, only 10,713,469 shares having been dealt in
during November this year, against 18,769,870 shares
a year ago and 24,966,326 shares in 1908. For the
eleven months this year, moreover, the sales aggregated
but 154,327,821 shares, comparing with 197,072,179
shares in 1909 and 174,203,992 shares in 1908, and,
contrasted with all years back to 1903 the current
total is lower. Bond transactions, likewise, continue
appreciably smaller than for either 1909 or 1908, the
eleven months' total of 1910 at 583 millions of dollars
comparing with • 1,205 millions and 916 millions, respectively.
Canadian clearings returns continue to make a quite
satisfactory exhibit. The thirteen cities for which
comparative figures are available, with two exceptions,
report gains over Nov. 1908, notably large in the case
of Edmonton, Calgary, Victoria and Vancouver, and in
the aggregate of all the increase is 8%. For the period
since Jan. 1, moreover, there is an excess of 18.3%.
Contrasted with 1908 the gains are 40.7% and 47.7%
respectively.
The Southern Textile Association (cotton manufacturers), held in Charlotte, N. C., on Saturday last the
most successful meeting since its inception. Organized
two years ago with thirty members, its growth has•
been very rapid, the present membership being about
750, of which over 400 were in attendance at this latest
gathering. Deep interest centred upon all the proceedings of the meeting, but especial attention was
paid to the address of Mr. L.P. Hollis, of the Monoghan
Mills, of Greenville, S. C., on "Industrial Education."
Pointing out the necessity for more skilled and intelligent labor if the South is to continue to forge to the
front in the manufacture of cotton, Mr. Hollis contended that the material must be developed at home.
The South only needs trained men to do its work, he
said, and the young mill men and boys are the ones
to be chosen for training, as they already have a clear
idea of the practical side of the textile industry.
Textile schools, of which five have already been
established in the South, he remarked, are doing much
good; but as less than 5% of their graduates are former
mill operatives, the demand for practical graduates is
still felt. Mr. W. A. G. Clark, special agent of the
Department of Commerce and Labor, was also a
speaker at the meeting. He has for two years past
been making investigations in South America for the
purpose of learning what steps should be taken to
promote our textile trade there, and cited facts to

DEC. 3 1910.j

THE CHRONICLE

1479

show that in that direction there is a promising field the earnings for the lines east of Pittsburgh and Erie,
being the only portion of the system for which we have
for American caton manufactures.
the data for such a comparison.
Mercantile failures for November 1910 were larger,
Lines East
1910.
1909.
1908.
1906. I 1905.
1907.
both in number and amount of liabilities,than for the of
Pittsb'g.
corresponding month last year. It is to be noted, October.
s
s
$
$
I $
$
Gross earn 14,576,084 14,773,884 12,794,084 15,361,184 13,686,484i 12,427,784
however, that the indebtedness reported is smaller Oper.
exp. 10,034,897 9,660,997 8,750,797 10,942,697 8,857,5971 7,977,997
than for the month in either 1908 or 1907. In a few Net earn 4,541,187 5,112,887 4,043,287 4,418,487 4,828,8871 4,449,787
Jan. 1 to Oct. 31.
Gross earn 137,023,656 125,222,056 111,833,356 139,076,156 122,092,556 109,435,556
of the industries grouped in the manufacturing division, Oper.
exp. 99,380,468 88,402,668 80,197,468 100,749,068 83,964,268 76,725,168
notably lumber, carpenters, &c., and clothing and Net earn. 37,643,188 36,819,388 31,635,888 38,327,088 38,128,288 32,710,388
millinery, liabilities were comparatively heavy and
much in excess of 1909; in some other lines the indebtedness was almost nominal. The important increases. Foreign discount rates, instead of advancing on
in liabilities among traders in November this year, as account of the monthly settlements, are to-day lower
contrasted with 1909, appear to have been in dry than they were a week ago. This unusual movement
goods and carpets and clothing. As compiled by is due to the rehabilitation of the Bank of England's
Messrs. R. G. Dun & Co., the number of failures was supply of gold and the falling off in speculation at all
1,003, with liabilities of $11,324,016, comparing with centres. When the announcement was made on
963 and $9,812,605 in November last year, 1,120 and Thursday that the Bank of England had reduced its
$12,599,912 in 1908 and 1,180 and $17,637,011 in rate to 432%, private discounts in London were imme1907. Disasters among manufacturers covered $4,- diately lowered, and bill brokers showed great readi598,639, against $4,375,395 and $5,277,420, respec- ness to accept bills to arrive, especially those running
tively, in the previous two years; in trading lines the for ninety days. The range now is 4% for sixtycontrast is between $5,471,332 and $4,877,164 and day and 3 15-16% for ninety-day spot bills and 3Y%
4% for ninety-day bills to arrive.
$5,731,104, and liabilities of brokers, transporters, for sixty-day and 33
&c., at $1,254,045, compare with $560,046 in 1909 Paris stands willing to negotiate both spot bills and
4%,or %
3 of 1%
and $1,591,388 in 1908. The eleven months' failures bills to arrive at the low figure of 25
that
Thursunder
the
Bank
rate,
notwithstanding
and
the
11,524
indebtedness
reached
numbered
of 1910
$184,719,016, which compares with 11,793 and liabili- day's weekly statement of the Bank of France showed
ties of $138,478,338 last year, 14,253 and $208,176,103 a decrease of gold and silver combined of $3,300,000,
in 1908 and 10,409 and $161,088,439 in 1907. Manu- an increase of $27,515,000 in note circulation and an
facturing failures cover the greater part of this year's expansion in bills discounted of $30,155,000. Berlin
debts, reaching $81,823,518, against $59,164,029 in alone of the principal European financial cities has
1909 and -$91,560,232 in 1908; trading liabilities of not, owing to the extensive Dec. 1 demands for cash
$68,364,533 contrast with $51,326,057 and $84,731,493, and accommodation, marked down discounts this
and brokers, &c., have been involved to the extent week; spot bills are charged 43% and bills to arrive
1 3 of 1% as compared with a
4%, an advance of /
of $34,530,965, against $17,988,252 and $31,884,338. 43
week ago. The Brussels rate has fallen to 4%,against
As in the case of other roads, the conspicuous fea- an official charge there of 5%, and the Amsterdam
ture in the October return of earnings of the Pennsyl- rate to 33%. No intimations have been forthvania RR. is the great increase in operating expenses, coming of any other changes in foreign bank rates berevealing the advances in wages made the current year, tween now and Jan. 1, but the indications are that at
together with the other influences and agencies that Berlin and Brussels the 5% minimum will not be long
are combining to raise operating cost in all directions. maintained. It is not often that the financial comUnfortunately, too, we have reached the point where munity is speculating upon downward changes in
the comparisons no longer show gains in gross earnings bank rates in December. The Bank of Bengal yes—where, in fact, some of the lines are now actually terday advanced its rate from 6% to 7%, which ought
recording decreases. As a consequence of all this, we to mark the culmination of the tightness in India.
The Bank of England began the week by purchasing
have heavy losses in net earnings. On the lines
directly operated east of Pittsburgh and Erie the most of the new gold offered in the open market, and
Pennsylvania statement shows a decrease of $197,800 although, as our special London correspondent cables,
in gross earnings coincident with a rise of $373,900 in there were exports to Egypt and South America,
expenses, thus producing a loss in net of $571,700. Thursday's statement disclosed a small gain in bullion,
On the lines directly operated west of Pittsburgh and namely, £40,448, while since then the,institution has
Erie the gross revenue was $121,400 better than in the purchased £375;000 in bars and coin in the market.
same month of last year, but here the increase in After deliberating for an, unusually long time, durexpenses amounted to $688,500, leaving a loss hi net ing which differences of opinion probably were venof $567,100. For the combined lines, therefore, the tilated, the Bank Directors decided to reduce the
result is a lo.ss of $76,400 in gross, with an augmenta- minimum discount rate from 5%, as fixed on Oct. 20
tion of $1,062,400 in expenses, cutting the net down last, to 432%. No such change had been anticipated
no less than $1,138,800. In October last year, it is by either London or New York, particularly in face of
proper to say, the combined lines recorded $3,490,800 the hotly-contested general election now in progress.
gain in gross and $1,739,100 gain in net. In 1908, The week's changes in the Bank's accounts were not
however, there had been $4,173,100 falling off in gross all in the right direction, a fact that added to the surand $462,700 loss in net, this latter having followed prise occasioned by the lowering of the rate. The
$126,100 loss in net on the combined lines in 1907. total reserve decreased £202,070, loans expanded
In the following we furnish a six-year comparison of £1,019,010, public deposits were £154,070 larger,




1480

THE CHRONICLE

ordinary deposits rose £686,035, while circulation increased £242,040. The net result was a decline in the
ratio of reserve to liabilities from 51.47% last week to
50.25% this week; this figure, however, is more than
3% above the average carried at this season during the
last decade, and is, indeed, the best recorded at the
opening of December, with the exception of last year,
in recent times. The same remark applies to the
amount of bullion on hand, the total being, as our
correspondent informs us, £35,631,472. Our special
cable dispatch also advises us that the £40,448 gain
in bullion for the week was due entirely to purchases
in the open market. The details of the movement into
and out of the Bank were as follows Imports,£580,000
(wholly bought in the open market, and including
£84,000 French coin and £10,000 United States coin);
exports, £336,000 (of which £311,000 to Egypt and
£25,000 to South America), and shipments of £204.000 net to the interior of Great Britain.
Quiet trade, the absence of public participation in
speculation and the return of currency from the interior have combined to bring about a fall in money
rates at New York. Money brokers report a plethora
of offerings for all periods. Call money has averaged
only 29'% during the current week, an abnormally
low rate for the November-December requirements.
Loans to mature before Dec. 31 have been obtainable
appreciably below 4%, while facilities for sixty days
to six months have been pressed on the market at 4%.
Certain lenders, in order to stimulate business, have
accepted all-industrial collateral without insisting upon
better than a 4% return. Yet manufacturers and
merchants desirous of putting out bills have not been
able as a rule to secure accommodation at less than
1% above the collateral loan rate. The minimum of
4%% has been less frequently quoted for regu!ar four
to six months' bills than 5@5X%. On the latter terms
high-class drawers can now find purchasers both
locally and out of town; but in a 4% money market firms of the best standing naturally do not
care to pay 5X% for the use of funds. The indications are that after, if not before, the new year,
discounting will become more active at 4%@5% and
perhaps a trifle less, as it is not easy to figure out how
financial institutions can safely and profitably employ
the money that is now accumulating on their hands.
The call rate is wholly unprofitable; no large amount
can be put out on time at 4%,and most institutions
prefer to carry at least a moderate amount of trustworthy mercantile paper instead of investing all their
excess resources in bonds or stocks. Heretofore the
supply of bills has been more than adequate to meet
the restricted inquiry, but unless business recovers
substantially the output of bills may easily fall below
the demand.
Call money touched 2% on Monday and ruled at
4%. On no subsequent day did the maximuin
23
while quite a few loans were made at as
exceed
low as 2%. The firmness customary an the opening
day of the month did.not materialize, renewals being
made on Thursday at 234%.. Yesterday the range was
23% to 23-%, with the final loan.made at 23%.
Time money is quoted at 3%for December maturities
and 4% for all dates from forty days to six months.
These low figures induced certain powerful speculators
to transfer accounts from London to this city. The



L

taxxxi.

range for the best four to six months' single-name bills
as well as for sixty to ninety days' endorsed bills
receivable is 49 to 53.%; less attractive single names
to 6%.
are quoted at
Dulness, relieved only by occasional operations by
speculators, has prevailed in foreign exchange, which
has apparently settled down to a basis in the neighborhood of 4 86 for demand and 4 863/2 for cable
transfers. These rates preclude any international
movement of gold. Nor is this regrettable, for New
York has plenty of loanable money, London is comfortable, and on the Continent there is no undue pressure calling for relief. The only gold shipments on
this side of the Atlantic have consisted of small consignments, aggregating $2,000,000, to Canada before
the end of November, while local banks transferred
$1,800,000 to San Francisco through the Sub-Treasury and $300,000 to New Orleans yesterday. Latterly the exchanges have not favored a continuance of the outflow either to the North or to the
Pacific Coast, and it is assumed that Canada will
not draw more before the closing part of the year,
when balance sheets may be strengthened by calling
freely upon New York to remit part of the large sum
carried here for Dominion banks. The Californian
fruit season is now active, and the demands from that
quarter may reappear at any time. Our bankers,
as well as our stock market operators, are little concerned over these losses of gold because the offerings
of funds here are now so largely in excess of the inquiry
that it it difficult to find borrowers even at the lower
quotations ruling. Gold might have been driven out
of the country by the fall in the. value of money had
there not been an equally marked decline in discount
1@
rates in London—bills to arrive are quoted 3Y
considerably
are
3%%, while acceptances in January
lower. Conditions in the foreign exchange market
do not presage any early trans-Atlantic movement of
the precious metal. No finance bills worth mentioning are coining on the market to depress rates, the
supply of cotton bills is not abnormal, and grain bills
are in only moderate volume. Long bills for investment have been keenly bid for. The contango rate
on American stocks at this week's London settlement
was surprisingly high-63 @614%; and other Stock
Exchange loans were charged 53 @53/2%, although
since then the money market, especially after the reduction in the Bank rate, has weakened radically.
The legitimate business in exchange rules very quiet,
but one or two institutions and allied brokers have been
speculating on a moderate scale. Quotations, however, have fluctuated within a comparatively narrow
range.
Compared with Friday of last week, sterling exchange on Saturday was easier for demand and cables,
quotations being 4 86@4 8605 and 4 8650(44 8655,
respectively; sixty days were quoted at 4 8220@
4 8225. Demand on Monday declined to 4 8590(1)
4 8595, cables to 4 8640@4 8645 and sixty days to
4 8215@4 8220. On Tuesday demand advanced to
4 86@4 8605, cable transfers to 4 86450)4 8650 and
sixty days to 4 8225@4 8235. On Wednesday c,losing
quotations were practically unchanged, and on Thursday, after an early decline of 10 points, there was a
recovery before the close to 4 8230@4 8235 for sixty

DEO. 3 1910.;

THE CHRONICLE

days, 4 8595@4 8605 for demand and 4 8640@4 8650
for cable transfers. On Friday the same quietness
prevailed, with, however, a firmer undertone, demand
being wanted at 4 86 and cable transfers at 4 863.

1481

casion elapsed between the first intimation of an appeal to the people and the beginning of the voting,
and not much more than five weeks will have elapsed
before all the votes are in.
How different this is from the usual procedure may be
The following shows the daily posted rates of judged from the fact that in the general election of
sterling exchange by some of the leading drawers.
last January an appeal to the country had become inevitable on Nov.30, when the Lords vetoed the budget.
Frt., Mon., Tues., Wed., Thurs., Fri.,
Nov. 25 Nov. 28 Nov. 29 Nov. 30 Dec. 1. Dec. 2.
Parliament
was dissolved late in December; the voting
—
Brown
560 days 4 83
83
83
83
83
83
did
not
begin
until the middle of January, and it was
Bros. & Co
ISIght_ 4 87
87
87
87
87
87
J60 days 1 8254
Kidder,
8254
8214
83
83
8234
Sig t__ 1 8654
Peabody & Co
February
before
it was over. That is to say, on the
8634
87
8654
87
8654
560 days 4 83
Bank of British
83
83
83
83
83
North America .._ _ _1Sight_ _ 4 87
87
87.
87
87
occasion
last
87
in
point,
which was by no means a pro560 days 4 83
Bank of .
83
83
83
83
83
Montreal
ISlght_ 4 87
87
87
87
87
87
tracted
electoral
seven weeks elapsed becontest,
Canadian Bank
160 days 4 8254
8254
8254
83
83
83
1Sight,. 4 8634
of Commerce
8634
87
87
8634
87
tween
the
voting
against
Ministry in the House of
the
Heidelbach,
160 days 4 83
83
83
83
83
83
Ickelheimer & Co_ _ ISight_. 4 87
87
87
87
87
87
Lords
and
Lazard
the
160 days 4 8254
beginning
of
the balloting, and ten
8234
82%
823
82%
82%
riight__ 4 8654
Freres
8654
8634
8654
8634
8634
Merchants' Bank
160 days 4 8254
weeks before a final decision was rendered. It is no
8254
8254
83
83
8254
1Sight__ 4 8654
of Canada
87
87
8654
8634
8634
doubt possible to argue that the present shortening of
The market closed on Friday at 4 8245@4 8255 for the electoral campaign is a good thing in itself, be60 days, 4 86@4 8610 for demand and 4 8650@ cause of the business disturbance which was to be ap4 8660 for cables. Commercial on banks was quoted prehended while the political conflict was in progress.
at 4 82@4 8231 and documents for payment 4 8214 But we rather imagine that suspicion will in most
@4 823'. Cotton for payment ranged from 4 819@ minds indicate a different cause—namely, the fact
4 82, grain for payment from 4 82M@4 82k.
that the recent Liberal victories, in one or two of the
by-elections, have led the Asquith Ministry to infer
The following gives the week's movement of money that the sooner it gets a vote the better for its own adto and from the interior by the New York banks.
vantage. Furthermore, it is always a possible inference
that a party which insists on an exceptionally
Received by
Shipped by
Net Interior
Week ending Dec. 2 1910.
N. Y. Banks. N. Y. Banks.
Movement.
short campaign when highly important issues are at
Currency
$7,569,000
$5,809,000 Gain $1,760,000 stake,
is the party which in its inmost heart has most
Cold
1,194,000
2,300,000 Loss 1,106,000
fear
to
from prolonged and thorough discussion.
Total gold and legal tenders
$8,763,000
$8,109,000 Gain
$654,000
The second consideration which makes this elecWith the Sub-Treasury operations and gold ex- toral
episode different from others is still more striking.
ports the result is as follows.
According to the precedent of centuries, a British
Into
Ministry resigns office or appeals to the people when
Out of
Net Change in
Week ending Dec. 2 1910.
Banks.
Banks.
Bank Holdings.
its
measures have been defeated in Parliament. But
Banks' interior movement, as above_
$8,109,000 Gain
$8,763,000
$654,000
Sub-Treas. oper. and gold exports—
31,300,000
37,000,000 Loss 6,700,000 in the present case nothing of the
sort has happened.
Total gold and legal tenders
$40,063,000 $45,109,000 Loss $5,046,000 No Ministerial
measure has been rejected in the House
The following table indicates the amount of bullion of Commons. The Lords have not had before them
Asquith's resolution regarding the powers of the two
in the principal European banks.
Houses, and they have rejected no 'other Ministerial
Dc.c. 11910.
Dec. 2 1909.
proposal. What they have done, in the week or two
Banlcs of
Gold.
i Silver.
Total.
Gold.
Silver.
Total.
of the present session, is to adopt a tentative compro£
£
£
£
England_ 35,631,472
35,631,472 36,290,676
36,290,676 mise proposition of their own regarding the composiFrance __ _ 131,533,520 33,086,08 164,619,600141,720,280 35,814,080 177,534,360
Germany.. 36,913,40 13.711,259 50.644,650 36,984,900 12,128,600 49,113,500
tion of the House of Lords. This proposition the
Russia
145.704,00
6,055.00 151,759,000143,291,000 6,710,000
Acts -Hunb 55,398,000 12,003,00i 67,401,000 57,038,000 12,096,000 150,010,000
69,134,000
Spain ___ 16,400,000 30,767,000 47,167,000 16,091,000 30,960,000 47,063,000 Ministry has declined to submit to the House of ComItaly
3,475,000 42,621,000 38,380,000 4,000,000 42,380,000
39,146,00
Netherl'ds 10,252,00
2,416,00 12,668,000 10,080,000 2,841,90 12,921,900 mons, preferring to go in haste to the country on the
Nat.Beig... 5.518,00
2,759,000 8,277,000 4,155,333 2,077,667 6,233,000
Sweden _ _ 4,478,00
4,478,000 4,375,000
4,375,000 general issue, in advance of any tangible vote in either
Switzerl'd. 6,347,00
6,347,00
5,059,000
5,059,000
Norway
2,055,00
2,055,000 1,797,000
1,797,000 House against the Ministerial policies.
Total week 489,376,392101,292,33'513,668,722495,265,189 106,646,247601,911,436
We know of no parallel case to this in British poliPrey. week 491,728,391101,68.3,823 315,415,214498,395.168 106,498,757001,893,925
tics. Indeed, it appears to be a highly unfortunate
innovation, in that it may be claimed hereafter as a
ENGLISH POLITICS.
precedent for dissolution of Parliament at any time
The new English general election, balloting for of acute political dissension, on the ground of what
which begins in some constituencies to-day, marks a one or another House of Parliament has not done but
highly peculiar political situation which has grown possibly might do. It may easily be imagined how
more singular in character with each successive day. useful this expedient would become in cases
where a
There are three respects in which this eleCtoral con- Ministry preferred to shut off at once Parliamentary
test is unique in English politics. It is so, in the first debate on the very question at issue. Discussion
place, because of the quite unprecedented haste with of all great public measures on the floor of Parliament
which the arrangements for the new election have has, from the beginning of English Parliamentary
been rushed through. It is barely a fortnight since history, been of the utmost value in setting
forth
the first announcement was made that the "consti- clearly, in the people's sight, the underlying
issues.
tutional conference" had ended in deadlock; it is little Obviously, then, such a Ministerial expedient,
under
more than a week since the Liberal leader declared the circumstances which we have supposed, would be a
the Ministry's purpose of dissolving Parliament; and convenient recourse for a Ministry which was either in
it is only five days since Parliament was dissolved. the wrong or uncertain of its own position. We do not
In other words, scarcely three weeks have on this oc- say that the present case is exactly that; for the Con


1482

THE CHRONICLE

VOL Lxxxxi.

stitutional powers of the House of Lords, at any rate, would not only be prodigiously expensive, but conhave been exhaustively discussed. But the precedent fusing, futile and politically dangerous. We are
itself is evil. Nor can it be defended as imperatively rather inclined to imagine, however, that the proposal
necessary on the present occasion. There is some of a referendum on this tariff question would amount
ground even here for suspecting that the eagerness of to the shelving of the question itself for a considerathe Ministry to get to the people, without prolonged ble time to come.
As to the other question, what may be looked for
Parliamentary discussion of the measure on which it
the immediate political result of this move by Mr.
the
as
to
due
was
appeal,
its
professes to be making
it is difficult to see how the campaign against
Balfour,
with
club
the
itself,
awkward position of the Ministry
Liberal policies can fail to benefit maextreme
now
which
the
just
faction
Rule
held over it by the Home
Opposition leader's action certainly
of
The
terially.
House
Commons.
the
in
holds the balance of power
the vexed question of the Liberalto
solve
this
far
makes
electoral
goes
which
ion
The third considerat
of
whom would not support the Conmany
of
EngUnionists,
history
political
recent
the
in
contest unique
so
long as a vote to that effect comMinistry
of
front
servative
regarding
change
important
highly
land is the
to the abandonment of free
indirectly
them
mitted
ive
Writleaders.
Conservat
the
by
question
the tariff
have intimated during the
dispatches
The
trade.
this
for
English
outlook
the
on
ago
fortnight
ing a
electoral campaign, we said that "the choice of issues past few days that Balfour's abandonment of protecby each of the two great parties, as preliminary to a tion as an immediate Parliamentary issue would "split
new election, is the question on which much of the his party in two!' We are, however, quite unable to
subsequent results will hang." This was so, for the see why. No doubt, if another party were in the
obvious reason that, as matters stood at the time of field with a platform commending itself to conservawriting, the Liberal Party Would be handicapped in tive business men, the repudiation of "tariff reform"
the English constituencies by its Home Rule entangle- might drive over to that party any such business men
ments, which are most unpopular in England, whereas of Tory affiliations as had at heart the protective
the Conservative Party would to all appearances be issue. But that is a situation which does not exist.
equally handicapped with the doubtful voters (through The strictly protectionist element in the Conservative
whom alone a majority could be obtained) becaiise of Party—made up •largely of rich manufacturers and
• its stubborn adherence to the plan for a protective bankers—can scarcely object to continuance of free
trade as greatly as they would object to a victory for
tariff.
The Conservative leaders, no doubt under heavy Lloyd-George's policies.
Furthermore, from the standpoint of political tacpressure from the Unionists, who are supporting them
in an
on the main question at issue, have been the first to tics, Mr. Balfour's action leaves the Liberals
have
now
who
alone
is
they
It
cut this knot. Last Tuesday Mr. Balfour, in a public awkward situation.
side
ing
embarrass
an
of
the
millstone
speech, declared his willingness to abandon the "tariff around their neck
Mr.
to
y
Wednesda
on
Replying
reform" issue for the present campaign, and to so far issue in the canvass.
say
to
better
nothing
had
George
'bury it as a Ministerial policy that in his party's name Balfour, Mr. Lloyda
put
to
device
mere
a
"is
m
he will agree to leave decision on the whole question than that the referendu
wealthy
the
of
hands
the
in
weapon
of protection to a subsequent popular referendum. more effective
classes"—a statement which certainly involves a peMr. Balfour's speech concluded thus:
a
great
be
culiar conception of the referendum. Mr. Birrell's
"I frankly say that tariff reform would
taking
as
described
be
cannot
election
comment in behalf of the Asquith Ministry was more
change. This
place on tariff reform simply, and I have not the least intelligible; the referendum, in his judgment, was
objection to submitting tariff reform to a referendum. "delusive, dangerous and unworkable, and calculated
It seems to me that our opponent should respond with
free representative 'government." But
the generosity of honorable combatants, and say, to destroy
we have seen, overlooks the immediate
as
'We agree that Home Rule shall be subject to a refer- even this,
which is sure to be gained as a readvantage
political
endum.'"
Indeed, the situation of the
expedient.
new
the
of
We believe this declaration to be entirely correct sult
bit ridiculous when, after
a
just
is
Ministry
presthe
Asquith
in its statements concerning the real issue of
hardly warranted by conway
a
in
polls
the
to
g
rushing
ent election. The two very interestin questions
verdict on the
which are left, after this spectacular announcement by stitutional precedent, for the people's
turn to protest
the Opposition leader, have to do, first, with the kind powers of the House of Lords, they
plan for submitting
of precedent which his action will create, and,second, with indignation against another
to the people. We
with its political results in the present campaign. It will another public question directly
the English electorate will brush aside
be asked with more or less concern by many thought- suspect
and see somewhat clearly
nicalities involv
ful people whether this maneuver does or does not the
inconsistent and indefe Ile position in which the
endorse the general principle of the referendum. We
self.
should say that it does not, though in that respect Mr. squith Ministry has placed
is
e
Rule
unfortunat
Home
Balfour's reference to
NEED OF REINFORCING THV SURPLUS OF
His further statement of his reason for placing t
OUR SAVINGS BANKS.
tariff question on that basis was that it had to be eNow that the time is at hand for making another
moved from active politics at the present time. It
distribution of dividends by our savings
.will have to be admitted that the adoption, even der semi-annual
question as to the rate of payment is
such circumstances, of the referendum plan mil t be institutions, the
much consideration. Up to twelve
unfortunate as a precedent. It might easily be c imed again receiving
per annum was the uniform rate of
4%
as such hereafter by those political busybodi:: who months ago
the savings banks in this county,
by
argue for the reference of every serious quest on to interest paid
t Greater New York. But in
throughou
popular decision by a vote in bulk—a process \yhich and in fact



DEC. 3 1910d

THE CHRONICLE

1483

December 1909 five of the banks of this city thought deluding themselves with the notion that they have
it wise and prudent to come down to 33/2% per annum, a surplus about 40% larger than would prove to be
the Bowery Savings Bank, which ranks as the largest true if occasion arose for disposing of the securities
in the State, being among the number, as also the at market prices.
Dry Dock Savings Institution, which also is an instiWhat a fallacious test the amortization or investtution of considerable size. Last June six other insti- ment value is will appear from a comparison of the
tutions came down to a 33'2% basis, led by the Bank figures for the last three semi-annual periods. Acfor Savings, which in the extent of its deposits stands cording to the statement for July 1 1909 the surplus
close to the Bowery Savings Bank. The Greenwich on the investment value was $141,514,620. For
Saving Bank and the Union Dime were two others Jan. 1 1910 this had increased to $144,082,568 and
included in the list, though as to the Greenwich a July 1 1910 saw it up to $148,609,510. But while the
distinction was made between large accounts and small banks were thus getting steadily richer on their own
accounts, 4% being paid on amounts of$1,000 or less, estimate of the value of their securities, they were
but only 33/2% on the excess above $1,000.
growing poorer on the basis of the true values—those
The reason that prompts the banks in reducing their ruling in the market. On July 1 1909 the surplus on
interest rates is the fact that the ratio of surplus to the basis of market values was $108,757,437. On
deposits has been dwindling for quite a while, and a Jan. 1 1910 this had been reduced to $106,835,540,
point has been reached where it would appear to be a while for July 1 1910 the amount was down to $101,departure from sound principles of banking to allow 310,603. In the interval the aggregate of deposits
any further encroachments upon said surplus. Sav- had risen from $1,444,974,860 to $1,526,935,581,
ings institutions of this State are restricted in their affording an idea of how the disparity between surinvestmentsto the choicest lines of securities, and hence plus and deposits is growing.
not the slightest question can be raised as to their
The point on which we would lay especial emphasis
soundness, speaking of them collectively. Neverthe- is that this further decline in surplus has
occurred
less, prudence suggests that as these savings de- notwithstanding the action of several of the
institupositories are not merely investment institutions but tions, as set out above,in reducing their interest
rate.
also partake of the nature of banking institutions, Clearly this presents a situation to which a
corrective
their surplus should bear an adequate ratio to lia- should be applied—not because the situation involves
bilities. Judged .by that standard, these insti- the possbility of any immediate danger, but to prevent
tutions are not as strongly fortified against con- a loss of confidence on the part of the depositors
and
tingencies as it is reasonable to ask, in the the general public in the impregnability of the
instiinterest of the entire community, that they tutions. Of course it does not necessarily follow
that
should be.
because the surplus has further diminished that further
We have many times in the past given figures to depreciation in the value of the securities
held is
show what a shrinkage in surplus has taken place going on. Obviously, the payment
of larger diviwithin recent years. But the downward movement dends than the earnings warranted
would likewise
is still in progress. Twenty years ago, that is on operate to pull down the surplus. It is at
all events
Jan. 1 1890, when the total deposits for the whole certain that surplus cannot be built up again,
other
State were only $550,066,657, the surplus amounted things being the same, except by keeping
dividends
to $94,601,800, the ratio of the latter to the former smaller than earnings, thereby allowing a
portion of
thus being over 17%. To-day, with the deposits the latter to accumulate and form
accretions to surthree times as large, their amount (taking the return plus. • In the figures we have
cited, we are dealing
for July 11910) being $1,526,935,581, the surplus is with the general totals. Not a few
of the banks, as
only a few millions in excess of the former figure, being we have seen,have reduced their interest
rate to 332%.
$101,310,603. In other words, the surplus is now The teaching of the figures cited
is that those that
only 6.63% of the deposits, as against 17.19% on Jan. 1 have made no change in rate should
speedily follow
1890. This furnishes such a striking contrast that in the same footsteps.
the logic of the situation, one would imagine, ought to
It is almost superfluous to say that the position of
appeal to every sensible bank manager.
some of the institutions is much stronger than that
We may be sure, too, that there would be no two of others, and yet in no case is the surplus
larger than
opinions regarding the matter except that about two it should .be. Note for example that
there is only
years ago an evil genius arose and argued with a great one savings bank in New York County
that is carrying
show of plausibility in favor of a new way of calculat- a surplus reaching or exceeding
10%. Note further
ing surplus. There was no need of considering market that there are.only four banks,
including the one
value at all, which had gone against the banks anyway. already mentioned, where the
surplus amounts to
Why not value our securities on an amortization even 80
:
10 of the deposits. One thing which usually
principle? Where that principle is applied there can acts as a deterrent upon
a reduction in the rate is a
be no depreciation whatever, save that due to the fear of losing deposits. The
larger institutions can
gradual extinction of premium through amortization. of course afford to view
the possibility of such loss
The bonds having been purchased on a certain income with indifference, and as
far as concerns the smaller
basis are carried on the books on that basis until banks a possible increase in deposits
resulting from the
maturity. If in the meantime a serious shrinkage retention of the 4%
rate could serve only to further
in the market value of the securities should occur, weaken their position; for with larger
deposits, the
just as has actually happened in the present instance, surplus, already limited, would be
spread out over
the duty of the savings bank manager is to close his a larger volume of liabilities, making
the particular
eyes to the fact, so he has been told. A few of the institution still more vulnerable instead
of fortifying
officials have yielded acceptance to the idea and are and strengthening it.



1484

THE CHRONICLE

But fears of a loss of deposits from a lowering of
interest rates may, we think, be safely dismissed
altogether. The ordinary savings-bank depositor, it
may be taken for granted, does not like to see his
interest return diminished; but when the move is
clearly essential and prompted by caution and conservatism, he is likely to think twice before.transferring
his hoard to another institution which may seem willing
to run the risk of maintaining the old rate of distribution for one or two semi-annual periods longer. We
have had the curiosity to trace the course of the deposits of those institutions which have already come
down to 3M%,and the result, we think, will be surprising to those timid souls among savings bank managers who are apprehensive lest such a move should
prove unfavorable to the fortunes of their own institutions. In the following we show the deposits at the
last -four semi-annual dates of each of the eleven banks
that are on record as having reduced their rate of
distribution. We add lines at the end to indicate
the deposits for the other savings banks in New York
County and also the deposits for the whole State.

[VoL. Lxxxxi.

or exceeding 10% of its deposits. But another argument is still more conclusive on this point. Notwithstanding that a number of the banks have cut their
dividend rate, and notwithstanding that the great
majority of them are able to show only a very small
ratio of surplus to deposits, every one of the 32 saving;
banks in this county,with only three exceptions-,suffered
a reduction of this ratio between Jan.1 1910 and July 1
1910. Obviously, the banks ought to place their
dividends on a basis where they could add at least
a little to their surplus accounts. The fact that only
three institutions out of 32 in the whole county were
able to do this is proof positive of the need of a general
move to get away from the 4% rate.

THE STEEL CORPORATION'S PENSION PLAN.
The United States Steel Corporation—that marvelous conception of the brain of J. P. Morgan—has
taken another step intended to promote the comfort
and well-being of its employees. A pension fund to
provide for the support of faithful employees in their
old age has been consummated and is to begin on
Jan. 11909. July 1 1909. Jan. 1 1910. July 1 1910. Jan. 11911.
• Name—
Banks reducing Dec.31 1909— $
The Steel Corporation, in its management and
Bowery Sayings Bank_ 104,458,925 107,546,035 108,720,524 105,603,342
37,106,181
37,073,812
36,034,748
Dry Dock Sayings Inst. 34,642,183
2,707,547
2,398,029
1,984,327
1,716,259
Italian Sayings Bank__
is distinguished for many things; but for
organization,
8,883,960
9,028,439
8,757,399
8,328,619
North River Say. Bank
10,065,668
10,025,820
9,494,890
8,725,288
Union Square Say.Bank
than
the comprehensive plans to enlist the
none
more
Banks reducing June 30 1910—
98,216,475 100,991,489
95,861,198
92,512,997
Bank for Sayings
and advance their welfare.
its
employees
of
15,716,167
16,304,882
support
15,119,493
14,627,690
Bank
Sayings
Citizens'
20,170,211
18,881,462
18,055,736
Franklin Sayings Bank 16,911,302
64,580,245 At the very start a plan was put into operation by
62,921,637
61,676,787
Greenwich Say. Bank.. 69,640,201
12,478,131
11,598,603
11,986,087
11,178,851
• Manhattan Say. Inst
32,012,509 Which employees are allowed to purchase shares of the
29,693,122
28,223,795
Union Dime Say. Bank 26,273,384
379,015,699 394.352,991 404,681,574 410,904,165 company's stock by installment payments at a reducTotal 11 banks
Other banks In county.-- 359,562,204 371,915,940 381,332,437 395,534,474
tion from the current market price, and are, besides,
Total New York County_ 738,577,963 766,268,931 785,994,011 806,438,639
On
Total New York State_ _ _1.396,443,328 1.444,974,881 1,483,449,494 1,526,935,582 accorded liberal bonuses for faithful service.
The eleven banks which have reduced hold over half May 1 last a plan for relief in case of work accidents
the savings funds in the county and the course of their was put into effect. This was discussed in our issue
Under it relief is paid for temporary
deposits has been no different from that of the banks of April 23.
which have adhered to the 4% rate. On Jan. 1 1909 disablements and for permanent injuries and for death.
the deposits of the former were $379,015,699; from The pension system now inaugurated is entirely
this there was an increase to $394,352,991 July 11909, separate and distinct from this Voluntary Accident
may
to $404,661,574 Jan. 1 1910 and to $410,904,165 Relief Plan, which provides for employees who
be
may
.who
employees
of
families
July 1 1910. On the other hand, the banks which be injured and the
subsidiary
the
of
service
have not as yet reduced started on Jan. 1 1909 with killed while at work in the
deposits of $359,562,264 and have gained in much the companies of the Steel Corporation. Perhaps the
same way with each semi-annual period, there being most striking feature of these arrangements is the fact
an increase to $371,915,940 July 1 1909, to $381,332,- that neither the Accident Relief Plan nor the Pension
437 Jan. 1 1910 and to $395,534,474 July 1 1910. Fund involves any contribution from the men themNot alone that, but the aggregate of the deposits for selves.
The Pension Fund is a very comprehensive affair.
the whole State has followed a closely similar course.
It should also be observed that of the whole eleven It was established in the current year (1910) by the
institutions here given only two show for July 1 1910 joint action of the Steel Corporation and Andrew
smaller deposits than for the previous January, and Carnegie, and is called the United States Steel and
only in the case of one, namely the Bowery Savings Carnegie Pension Fund. The Steel Corporation proBank, is the loss appreciable in amount and in that vided $8,000,000, which, with the Carnegie Relief
instance other circumstances, aside from the lowering Fund of $4,000,000 created, by Andrew Carnegie on
of the rate, may well have played part in the fall- March 12 1901, makes up a joint fund of $12,000,000.
Old-age pensions are to be paid to employees from
ing off.
Altogether are we not justified in thinking that the income of the fund. There are three classes of
much though the depositor may like a high interest pensions, namely pensions by compulsory retirement,
rate, he also appreciates conservative management. pensions by retirement at request and pensions for
And this experience ought to be an incentive to other permanent incapacity. Under the first,'all men who
institutions to fix their dividend rates on a basis per- have been twenty years or longer in the service and
mitting the restoration of the surplus fund to a plane have reached the age of 70, and all women who have
more nearly in accord with the demands of the situa- been twenty years or longer in the service and have
tion. There is not an institution in the whole county reached the age of 60, are to be retired and pensioned,
that could not with advantage to itself lower its divi- though, at the request of their employing officers,
persons employed in executive or administrative posidend for the time being.
may be allowed to continue in active service after
tions
only
one
savings
We have already indicated that
the ages mentioned. Under the second
reaching
surplus
equaling
bank in the county is able to show a




DEO. 3 1919.]

THE CHRONICLE

1485

class,, any man who has reached the age of 60, and I His own company, he said, consists of 45,000 policyevery woman who has reached the age of 50, and been holders, scattered over the whole country,and as they
twenty years or longer in the service, may be retired cannot speak for themselves he deemed it incumbent
and pensioned either at their own request or at the upon him as a trustee to speak for them. Of the fund
request of their employing officer.
belonging to these scattered persons, the company's
Under the third class any employee who has become trustees have placed 373% in railroad securities; and
permanently and totally incapacitated through no of the total., 9,118 millions of aggregate bond issues
fault of his or her own, and been twenty years or longer of the steam roads of the country, he estimated that
in the service, may be pensioned at the discretion the life insurance companies doing business in this
of the Board of Trustees. For each year of service State, acting for 20 million policy-holders, hold one1% of the average regular monthly pay received eighth. These figures can be compared with the careduring the last ten years of service is to be given. ful statement lately made ["Chronicle" Sept. 24,
Thus an employee who has been twenty-five years in p. 758], which includes other institutions. These
the service, and has received an average regular others, including the savings banks, have not yet
monthly pay of $60 a month, will receive a pension found a personal spokesman for their concern in this
allowance equal to 25% of $60, or $15 a month.
matter; therefore it is well that one has come forward
No pension is to be more than $100 a month or less for life insurance policy-holders.
than $12. Leave of absence, suspension, temporary
The value of what is called a "security" necessarily
lay-off on account of reduction in force,or disability, is rests upon that of the substance against which it
not to be considered as breaks in the continuity of holds a lien; the value of the lien, said Mr. Ide, is afservice, and time thus lost is not to be deducted in fected by the margin of value above the amount of
reckoning the length of service. Dismissal or volun- the lien. For example, if a piece of real estate worth
tarily leaving the service, followed by re-instatement $100,000, on which a mortgage of $60,000 is outwithin two years, is not to be considered as breaks in standing, should for any reason fall in value to $80,000,
the continuity of service, but the time thus lost is to the margin of safety for the loan is cut in half; therebe deducted in reckoning the length of service. No fore the value of the investment is impaired, notwithassignment of pensions will be permitted; neither are standing the borrower may continue payment of inpensions to be subject to attachment or other legal terest. He cited the fact that many States (notably
process for debts of the beneficiary. As this pension this State) require interest-paying unbrokenly for a
plan is a purely voluntary provision for the benefit term of years before savings banks can buy railway
of employees superannuated or totally, incapacitated issues, and offered this as showing that a record of
after long and faithful service, it is expressly provided such payment is deemed a proof of investment value.
that it is to constitute no contract and to confer He adduced this (and unanswerably) as meeting the
no legal rights upon any employee.
plea that even if the earning power of railroads should
While speaking of the treatment of the employees shrink, the only sufferers would be the stockholders,
of the Steel Corporation and its various subsidiaries, it through reduction of their dividends. Though it beis well enough to recall, as indicating how considerate gan with them, the injury would not stop there. The
the management has really been,that the policy in the stockholders themselves are so scattered in location
matter of wages has likewise been very liberal. By and so modest in average holding that the blow would
this we mean that in bad times the company has be widely diffused, and the value of the bonds would
refrained from reducing wages and in good times it fall likewise.
has been the first to raise the scale of pay. For illusThe greatest value of Mr. Ide's plea is that he intration, we may point to the fact that in the spring directly brings forward, without mentioning it in
of 1909, at the time of the great break in the prices terms, a most important factor which is liable to be
of iron and steel, when nearly all the large outside overlooked; namely the concern which the entire
steel-producing concerns were obliged to cut wages country, including every inhabitant and every inter10%, the managers of the Steel Corporation did not est, has in this subject. Complaining shippers have
even take the question of reducing the wages of stall been urging their side, just as grumbling commuters
employees under serious advisement. Again, early have been, with total disregard of all outside their
the present year, when the steel trade was .enjoying own case, and as if nothing else were involved. The
renewed activity (which has since been lost) wages were moneyed effect of the proposed rate advance upon
increased an average of 6%,notwithstanding that they shippers, there is good reason to believe, is much less
had not been reduced last year when business was bad. serious than some of them imagine,'since it will be
so comminuted 'and so distributed among consumers;
THE BROADER CONCERN IN THE RAILROAD but even if this were not so, the concern which the
RATES PROBLEM.
whole country has in the strength of railway finances
President Ide of the Home Life Insurance Company and maintenance of railway credit is so much greater
has come forward to speak to the Inter-State Com- as to make the immediate concern of shippers a really
merce Commission for the corporate holders of rail- minor consideration.
road sesuliti6, and in so doing he brings into public
For the popular conception—all the more capable
view a phase of the rate problem which is liable to of mischief because it is a vague one which dos not
receive insufficient attention. It is only fair to get put into plain words and held up to view—that
point out, at the start, that his company passed the issue lies between shippers and passengers on one
through the investigation of 1905 without having any hand and an independent or outside or semi-foreign
accusation, just or unjust, brought against it, so entity,called railroads, on the other, is fundamentally
that he cannot even be suspected of appearing in any incorrect. There is no outside or semi-foreign party
other character than as a trustee for others.
and there is no such distinct entity existing. If any


1486

THE CHRONICLE

body desires to draw distinctions, the railroad has two
relations or functions; the one, that of common carrier, bound to work for everybody, at uniform and
fair prices and open to everybody's demands and complaints of grievances; the other, the financial relation
it sustains towards everybody and everything. The
first is the common everyday aspect, and is the only
one the shippers are urging; but the other is not less
vital because under the surface and little discussed.
It seems almost childishly simple to say that the
lowest layer in the foundation sustains all above it,
and that disturbing that bottom layer is attacking
the structure. If we can affirm anything positively,
it is that the banks, insurance companies, educational
and benevolent institutions, already mentioned as
having such a large proportion of their assets in railway stocks and bonds, stand on or are built upon railway vigor and credit. What structure is built upon
those various institutions; or, should we not rather
ask, what structure is not? Give imagination a little
rein and suppose this lowest layer impaired, would not
total overwhelming be involved?
Men of advanced years easily turn back in memory
to the time when passenger travel between Boston,
New York, Albany and Buffalo meant passing over
several separate roads, with a fresh start of passenger and luggage, and often some break in time at the
end of each link. People forget readily, and so we
have all gradually come to look on the railroad as a
thing of course, as the weather is; something to be accepted and used without appreciation and subject to
liberty of denouncing. It is not perfect, and it is not
ideal; it is human. It owes duties, and is trying to
perform them; but it has a right to justice. It has
no power of magic; the arithmetic controls it as effectually as it does the humblest man.
No, the case is so broad, and its broadest side has
been so little held up to view, that we do not comprehend it yet. We do not even realize what the railroad itself is. It is not a devouring giant, such as Don
Quixote's bewildered eyes perceived, towering against
the sky. It is not even an opponent with whom we
are in a struggle. Reduced to the compactest expression of the facts, the railroad is—just ourselves.

THE PENNSYLVANIA STATION AND SUBWAY
NEEDS.
After several interesting occasions, such as preliminary movement of trains through the tubes, the Pennsylvania station in this city was formally opened to
public use just after midnight oflast week Saturday,
beginning operation at once with 61 westbound and
55 eastbound trains in eirery 24 hours, besides the
88 eastbound and 85 westbound Long Island trains
which had previously begun. Being kept out of the
metropolis by a river about a mile wide having long
seemed an intolerable condition, a suspension bridge
was contemplated as far back as 1884, but was estopped
by the financial situation of that year; the subject
came up again in 1892, and the silver exigency of
1893 prevented again. The acquisition of control of
the Long Island road in 1900 emphasized the need of
some action, but the other ferry-using roads did not
approve the bridge plan, and a charter in the interest
of a single road was unattainable; so the Pennsylvania
took up the under-water method as the only one open.



S

[VoL. Lxxxxx.

Construction on the tubes began on June 10.1903;
on the station itself on May 1 following. To get the
eight acres covered by the station (more than occupied by any building yet built as a single piece of
work), more than 500 buildings were razed, including several churches. The station and yard area
is 28 acres, with 16 miles of track; the length of the
21 standing tracks is a little over four miles, and the
storage tracks alone will take 386 cars. The building is
784x430 feet, with a height above the street of 69 to
153 feet; it is lighted by 500 arc and 20,000 incandescent
lamps. Its supporting columns number 650; its exterior walls aggregate nearly a half-mile in length; besides 550,000 cubic feet of Milford pink granite (transported in 1,140 freight cars), 27,000 tons of steel and
15 million bricks have been used.
The first train had hardly moved before the great
structure was accepted by the public so cheerfully
that it somehow seemed to be already old and familiar,
and the feeling of wonder remained as to how the city
had got on so long without it. The far-seeing vision
of the late President Cassatt, and the power which
enabled him to make others catch some moving
glimpse of that vision, cannot possibly be too much
honored; the bronze in the building is only a reminder,
the work itself is a monument.
In 1886 the roads which came to Manhattan from
the western bank of the river carried nearly 59 million passengers; in 1890 over 72 millions; in 1896 over
94 millions; in 1906 about 140 millions. The population within a circle of 19 miles radius from the City Hall
was 3,326,998 in 1890; in 1900, 4,612,153; in 1905,
5,404,638. The estimate for 1913 and 1920 for the
same area is six and eight millions.
Imagination may be left to fill out the picture. But
the object lesson presented recalls that during the
seven years since this work began there has been no
new subway construction, except some extension
work and the McAdoo line. The subway situation is irresistibly brought to mind. To-day, that
is in discussion and conference, with one journal
criticizing the Mayor as being all that estops the triborough scheme from movement, and the "triborough
league" angry with him because he acknowledges no
pledges and insists on carefully studying before acting.
The "Chronicle" has refrained from discussing the
claims of any particular routes, because those are in
an unhappily bitter controversy, and because large
as is the question of routes, the question of the basis
of action is much larger and farther-reaching. Put
aside for the moment all feeling towards corporations,
and the Interborough in particular; put together three
undisputed facts: the great demand for subways,
the desire of private capital to meet that demand, and
the certainty that private capital (if permitted) could
and would carry the work through to operative readiness most speedily and most thoroughly. Then why,
considered coldly, as a matter of practical business,
might not the work be offered to the free capital of
the world, subject, necessarily, to proof of responsibility and to making sure that no clash arose between
rival constructors and no obstacle to expansion in the
future became interposed?
It is promptly assumed that the city will undertake,
as a matter of course, the unprofitable things (such as
ferries), which private capital refuses; but—laying
aside all heat, and all feeling, and all pulling to and fro

DEC. 3 1910.1

THE CHRONICLE

by private interests which want work that shall come
their own particular way—can any sound reason be
given for dragging the city into subways when private
capital is ready to supply the demand?
There is a reason, evidently: the desire which has
been wrought up, by various methods, to have the
city go into "business" by municipal ownership and
operation. We submit that this is not a good reason.
The city is already overloaded with work of its own
which it cannot turn over to others, and the borrowing power now legally open to it (whether 57 millions
or something more) is not larger than ought prudently
to be held in reserve for other needs which are growing
needs. While the estimated figures of increased assessable values and borrowing power which have just
been put out look impressive in headlines, and may be
caught up to sustain the easy contention that the city
has plenty of money for all purposes, it should be
noted that these figures are only an estimate for the
future, and that constitutional authority to borrow
is neither cash in hand nor a guaranty of loans on the
most favorable terms.
The Chamber of Commerce, certainly a body representative of the entire city rather than of any localized private interests, has agreed to co-operate with the
Merchants' Association in considering the whole subject broadly, then reporting to the Mayor and taking
it up with him.
ITEMS ABOUT BANKS, BANKERS AND TRUST 00'S.
—The public sales of bank stocks this week aggregate 193
shares and were all made at the Stock Exchange. The transactions in trust company stocks, all auction sales, reach a
total of 55 shares. A sale made this week of 25 shares of
stock of the U. S. Mortgage & Trust Co. at 480 was the first
public sale of the stock since June 1908. The price then paid
was 341, this week's price representing an advance of 139
points. The table below, given in our usual form, shows the
actual sales of New York City bank stocks made during the
week at the Stock Exchange. Extensive tables showing the
bid and asked quotations, deposits, surplus, &c., of banks
and trust companies in all important cities in the United
States are published monthly in the "Bank and Quotation"
Section, the December issue of which accompanies to-day's
"Chronicle." Bid and asked quotations for all New York
City bank and trust company stocks are also published
weekly in another department of the paper, and will be found
to-day on pages 1495 and 1496.
Shares. BANKS—New York.
Low. High.
'162 Commerce, Nat. Bank of__ _ 196
200
'31 Fourth National Bank
196
197
TRUST COMPANIES—New York.
10 Carnegie Trust Co
114
114
480
10 U. S. Mortgage & Trust Co._ 480
1300 3i 1300M
10 Union Trust Co
253
25 Lawyers' Title Ins. & Tr. Co. 253

Close. Last previous sale.
196
Nov. 1910— 200
196
Nov. 1910— 196
114
480
i00)g
253

May 1910— 130
June 1908— 341
April 1010-1361
Sept. 1910— 257

• Sold at the Stock Exchange.

—The Vereinsbank at Frankfort-on-the-Oder, Germany,
is reported to have suspended on Nov. 28. A run upon the
bank is said to have occurred several days prior to its closing,
resulting in the withdrawal of an amount equal to its capital,
viz., 8625,000. The deposits ha'd previously aggregated
$1,250,000. According to the cable dispatches to the daily
papers, the bank is said to have invested too heavily in
mortgages of land companies. It is also announced that the
Dresdner Bank has agreed to assist the Vereinsbank.
—Definite adjustment of the cotton-bill-of-lading controversy appears to have been made. According to the New
York "Times" of yesterday, the European bankers have withdrawn their demand for a guaranty, which was to have been
exacted on all bills issued after Dec. 31. It is also stated that
Sir Edward H. Holden, Chairman and Managing Director
of the London City & Midland Bank of London, and Chairman of the Foreign Bankers' Committee on Cotton Bills of
Lading, is perfecting arrangements to obtain from American
surety companies guaranties on all bills of lading which he
may purchase, the premium to be paid by him instead of by
he American cotton"merchant or American bank handling




1487

the cotton bills. At the time of the visit here of Sir Edward,
in October,a proposition was made by a group of local surety
companies to guarantee the cotton bills at the flat rate of
6 cents per bale, and it is understood to be altogether likely
that they will provide the guaranty for Sir Edward. It is
stated that a definite announcement regarding the matter
will be made by Sii-Edward within a few days.
Another promulgation this week with regard to bills of
lading came from the Inter-State Commerce Commission,
which has prohibited carriers from issuing bills of lading
showing a date-prior to'that upon which shipping instructions
are received by the carrier. The order is as follows:
An investigation by the Commission has developed the fact that certain
rail carriers at Chicago and other points are issuing bills of lading showing a
date prior to that upon which shipping Instructions are received by the
carrier.
These bills of lading purport to show that cars are In course of transportation to named consignees on a date prior to that upon which such consignees
are indicated to the carrier. In specific cases brought to the attention of
the Commission this has resulted in loss to the buyers of property through
the presentation of such bills of lading as proof that shipments had been
made on contract days, although such shipments had not been ordered forward until some days after the date shown in the bills of lading.
Therefore It is ordered that all carriers subject to the Act to Regulate
Commerce be warned that not only must property to be transported be In
the possession of the carrier issuing the bill of lading therefor at the time
of such Issuance, but such bill of lading must also be dated as of the day
upon which the shipping instructions are fully given and the carrier finally
authorized to forward the property.

—The conditions under which corporation tax returns are
to be open to inspection were made known by President Taft
under date of Nov. 25, and statistics relative to the collections resulting from the tax have also been given out during
the week. These figures have been furnished in the annual
report of the Commissioner of Internal Revenue, which shows
the total yield as $26,872,270, contributed by 262,490
corporations. The total capital represented in these corporations is $52,371,626,753, their bonded indebtedness
aggregating 831,383,952,697 and their net income totaling
83,125,481,101. More than one-fifth of the whole amount
realized has been paid by the State of New York, the amount
it was assessed being 85,772,650. In this State returns were
ed fiom 31132 corporations with an aggregate capital
ieceiv—
other indebtedness
of $10,734,835,411 and a bonded andf—
of $7,834,427,975. Pennsylvania and Illinois take second
and third rank, respectively, in the number of corporations,
which in the first-named State was 18,362, with total capital
of $5,496,433,778 and bonded and other indebtedness of
$2,669,754,489; in the case of Illinois returns were furnished
by 17,908 corporations, their combined capital amounting
to $3,991,058,968 and their bonded and other indebtedness
aggregating $3,032,803,126.
The regulations which are to apply to the inspection of the
returns are announced as follows:
Jae.

1. The return of every corporation shall be open to the inspection of the
proper officers and employees of the Treasury Department. Where access
to any return is desired by an officer or employee of any. other departrr.ient
of the GovernmenCan application for permission to Inspect such return,
setting out the reasons therefor, shall be made in writing, signed by the
head of the Executive Department or other Government establishment In
which such officer or employee is employed, and transmitted to the Secre
tary of the Treasury. If, however, the return Is desired to be used in any
legal proceedings, or to be used in any manner by which any Information
contained In the return could be made public, or access to any return Is
desired by any official of any State or Territory of the United States, the
application for permission to Inspect each return shall be referred to the
Attorney-General and if recommended by him transmitted to the Secretary
of the Treasury.
2. The Secretary of the Treasury at his discretion, upon application to
him made, setting forth what constitutes a proper showing of cause, may
permit inspection of the return of any corporation by any bona fide stockholder In such corporation. The person desiring to inspect such return shall
make application, In writing, to the Secretary of the Treasury, setting
forth the reasons why he should be permitted to make such inspection, and
shall attach to his application a certificate signed by the President or other
principal' officer of such corporation, countersigned by the Secretary,
under the corporate seal of the company, that he is a bona fide stockholder
In said company. (Where",this certificate cannot be secured,other evidence
will be considered by the Secretary of the Treasury to determine the fact
whether or not the applicant is a bona fide stockholder and therefore entitled to Inspect the return made by such company.) The privilege of
luxecting the return of any corporation is personal to the stockholder, and
the permission granted by the Secretary cannot be delegated to any other
person.
3. The returns of the following corporations shall be open to the inspection of any person upon written application to the Secretary of the
Treasury, which application shall set forth briefly and succinctly all facts
necessary to enable the Secretary to act upon the request:
(a) The returns of all companies whose stock is listed upon any duly
organized and recognized Stock Exchange within the United States, for
the purpose of having Its shares dealt In by the public generally.
(b) All corporations whose stock Is advertised in the press or offered to
the public by the corporation itself for sale. In case of doubt as to whether
any company falls within the classification above, the person desiring to see
such return should make application, supported by advertisements,
prospectus or such other evidence as he may deem proper to establish the
fact that the stock of such corporation Is offered for general public sale.
Returns can be seen only In the office of the Commissioner of Internal
Revenue In Washington, D. C. In no case shall any Collector or any other
internal revenue officer outside of the Treasury Department In Washington

1488

THE CHRONICLE

permit to be seen any return or furnish any information whatsoever relative
to any return or any information secured by him In his official capacity
relating to such return.
No provision is made in the law for furnishing a copy of any return to
any person, and no copy of any return will be furnished except to the corporation making the return or Its duly constituted attorney.
The provisions herein contained shall be effective on and after the 25th
day of November 1910.
(Signed) FRANKLIN MAC VEAGH, Secretary of the Treasury.
The White House, Nov. 25 1910.
Approved: (Signed) WM. H. TAFT.

[VoL Lxxxxi

—According to press dispatches of yesterday, Willard D.
Straight has submitted to the Chinese Government new
terms for the proposed $50,000,000 loan, suggesting participation of European bankers. This was not a part of the
original arrangement, but it was announced several weeks
ago that negotiations had been consummated whereby the
loan would be handled jointly by American, British, German
and French banking interests. The announcements yesterday said:
York
—The report of the delegates representing the New
In asking the consent of the Government to making the loan an interChamber of Commerce at the National Monetary Conference national
rather than a distinctly American enterprise, Mr. Straight emheld under the auspices of the Academy of Political Science phasizes the advantages to China which he thought would accrue. He
said
that
the Americans were ready to conclude the agreement upon the
on Nov. 11 and 12 was made to the Chamber at its regular
terms, if this was insisted upon by the Chinese, but he pointed out
monthly meeting on Thursday. The report was presented original
the political importance to China of permitting other nations to participate.
by Maurice L. Muhleman, who, with Joseph French Johnson
—Charles H. Imhoff, a Vice-President of the Chatham
and Sereno S. Pratt, attended the conference as the ChamNational Bank of this city since April 1908, has been elected
ber's representatives. In the report reference was made to
a Vice-President of the Mercantile National Bank.
the fact that the Chamber has several times voiced its ap—The announcement on Thursday by the New York
proval. of a central bank, the last occasion being in 1906,
George H. Robinson had been reinwhen it accepted a report of a special committee recommend- Stock Exchange that
marks the satisfactory termination
membership
stated
to
establishment
of
such
an
ing the
organization. Mr. Muhleman's report, which was formally approved by the Chamber, of the trying difficulties through which the banking firm
likewise contained the following comments with regard to of Fisk & Robinson has passed during the past ten months.
It was hoped from the beginning that the trouble was only
the recent conference:
temporary, and this week's announcement confirms these
It is gratifying to report that there was a decided preponderance of opinion
favorable to the plan for a central bank like that which the Chamber pre- anticipations. The new firm of Fisk & Robinson will have
sented to the public with Its endorsement In November 1906.
in its composition,in addition to Harvey E. Fisk and George
There can be no question that the conference has given a powerful imH. Robinson, the former partners, Thomas G. Cook, who.
petus to the movement for comprehensive reform upon the lines indicated.
It remains, however, to keep this movement alive, to give support to the was connected with the old firm for a number of years.
National Monetary Commission, and to bring public opinion to a point The firm has taken new offices on the third floor of the Farmwhere such support may be created in Congress.
ers' Loan & Trust Co. Building, 26'Exchange Place, and
A recommendation as follows was also made in the report:
will open for business on Thursday morning next, Dec. 8.
We urge renewed action by the Chamber at this time for the improvement
of American currency and banking, under some plan which shall build upon It is. understood that it will continue to make a specialty
our present system of individual banks, without depriving them of their of United States Government bonds, and will also deal in
Independence; a central regulating system, In the management of which
and other high-grade investment sethey shall be adequately represented, and which shall serve, as the great municipal, railroad
central banks of Europe do, to assure stability to credit and security to curities.
business.
—Richard T. Wilson, founder of the New York Stock
At this week's meeting of the Chamber the following were Exchange firm of R. T. Wilson & Co., died on Nov., 26 at
named as delegates to the monetary conference which will his residence in this city. Up to the time several years ago
take place at the annual meeting of the National Board of when Mr. Wilson withdrew from active participation in
Trade to be held in Washington on Jan. 17 and 18: Paul M. business, he had long taken a prominent part in banking
Warburg, Welding Ring, A. S. Frissell, Samuel Sachs and and railroad affairs. His firm has also been important as
Maurice L. Muhleman.
cotton brokers, and he still retained at his death a place on
Cornelius N. Bliss was elected a Vice-President of the the directorate of the American Cotton Oil Co., the Castner
Chamber to serve until May 1914.
Electrolytic Alkali Company, the Mathieson Alkali Works,
—A proposition embodying the central-bank idea was given the Fourth National Bank and the Manhattan Trust
consideration by the Philadelphia Board of Trade at meetings Company. Mr. Wilson was born in Georgia in 1829.
held this week and last. The plan under discussion was pro- One of his early and successful business ventures was as a
posed in a report of Edward R. Wood, who advocated the trader in cotton, this having been undertaken in a village
establishment of a Bank of the United States, whose capital near Knoxville. With the opening of the Civil War he enshould be subscribed only by national banks and trust com- tered the Confederate Army, and was later sent to Europe
panies, and to be "organized to do a deposit and discount as the fiscal agent of the Confederate Government. Upon
business with the banks and trust companies, and to issue his return to this country in 1866 be located in New York,
circulating notes secured by gold and by a short-termed and the establishment of the banking firm which bears his
paper representing actual commercial transactions up to name followed. The firm was founded originally under the
not to exceed 66% of all outstanding circulating notes of the name of Wilson, Galloway & Co., but this was shortly after
bank." The Philadelphia "Press" states that when the superseded by the present title.
question came up for final consideration on Monday last
—William N. Coler Jr., for a time head of the banking
opinion was divided as to the advisability of recommending house of W. N. Coler & Co., of this city, died at his home at
the establishment of such a bank. A resolution was finally Summit, N. J., on Nov. 29. Mr. Coler became head of the
adopted under which the Board will submit the plan for firm in 1888 with the retirement of his father, by whom it
consideration to the National Board of Trade at its coming was established. He continued to direct its affairs until 1897,
annual meeting in Washington, "without intending to ex- when he retired, being succeeded by his brother, Bird S.
press its approval of the formation of a central bank." In Coler, formerly President of the Borough of Brooklyn.
full the resolution says:
The late Mr. Coler was fifty-two years of age. He was a
Resolved, That the Philadelphia Board of Trade believes the following trustee of the Fidelity Trust Co. of Newark and the Summit
project for a Central Bank of the United States contains features essential
for such an institution, and for that reason only offers it for consideration Trust Co.
by the National Board of Trade without Intending to express its approval
—The United States Mortgage & Trust Co. has brought
of the formation of a central bank.
useful of treatises, "Trust
Charles S. Calwell, President of the Corn Exchange Na- out its 1910 number of that most
which it has presented
tional Bank of Philadelphia, in a letter read at the meeting, Companies of the United States,"
annually since 1903. The publication furnishes in compact
had the following to say with regard to the central-bank
form statistics bearing on every institution in the United
proposition:
Philadelphia held on Nov. 10 this year $100,548,000 due to banks, and If States having the word "trust" in its title; besides the latest
the central reserve bank is established the writer feels that this amount will statements of assets and liabilities of each separate institube cut In half and 850,000,000 of deposits will be drawn from the banks In tion (in the present instance of date June 30 1910). a list of
Philadelphia. Suppose our estimate Is wrong, and only 825,000,000 be
withdrawn. This will be a serious blow to the business community, as it the officers, directors and correspondents is shown, together
would reduce the lending power of the banks to 75% of this amount.
with dividend rates, stock quotations, &c. The work is
The writer does not want to be put on record as being opposed to every
both compiled and published by the trust company.
form of a central bank, but feels that trade bodies such as yours will have
a large influence in shaping legislation; and so long as the plan Is not defi—Judge Lacombe of the United States Circuit Court
nite we feel that action should be delayed.
signed an order on the 26th ult. ratifying and approving
—Robert 0. Bailey has accepted the offer to become the accounts presented in the final report, just filed, of John
Assistant Secretary of the United States Treasury to succeed W. McKinnon, shareholders' agent of the New Amsterdam
Charles D. Hilles, whose resignation will take effect in March. National Bank of this city. In a report submitted to and
Mr. Bailey is at present Secretary to Franklin MacVeagh, approved by the Court in September, Mr. McKinnon showed
Secretary of the U. S. Treasury.
the liquidation of assets of a book value of $1,056,274, of



Dlio. 3 11)10.1

THE CIIRONICLE

1489

which he had then paid out $972,072, leaving a balance of The offer, it is said, is opposed by minority stockholders
of
384,202. Mr. McKinnon was allowed to retain $25,000 of the bank.
this for his compensation, and about $60,000 was applied
—Simeon P. Gillett, former President of the Citizens'
in the payment of a final dividend to the shareholders. In
National Bank of Evansville, Ind., killed himself on the
all the stockholders have received 45.92%. The bank, 26th
ult. It is stated that he was shortly to have been tried
which failed on Jan. 27 1908, had a capital of $1,000,000
on an indictment returned against him in the spring, and said
and surplus of $200,000. Full return was made to the deto charge misapplication of the bank's funds. Capt. Gillett
positors, with 'interest at 6%, the final distribution to them
was President of the institution when it closed its doors on
having occurred in February 1909.
Jan.17 last; its reorganization was effected, and it re-opened
—Since Sept. 1 the deposits of the First National Bank on Jan. 31 under the
presidency of Allen Gray. It was reof Jersey City have increased from $7,069,270 to $3,658,508 ported some months
ago that ex-President Gillett had turned
—on Nov. 10 last. Aggregate resources are now reported at over all his property
to the institution. He had been con$10,696,995, as against $9,107,418 on Sept. 1 1910. The in- nected with the institution
for nearly forty years.
stitution has a capital of $400,000, a surplus of $800,000
—Chicago's newest banking institution, the People's Trust
and undivided profits of $463,983, the combined surplus and
& Savings Bank, opened its doors for business on the 1st inst.
profits thus being over three times as great as the capital
This bank is closely affiliated with the People's Gas Light &
stock. George T. Smith is President, R. E. Jennings, ViceCoke Co. and occupies the ground floor corner offices in the
President, and Edward I. Edwards, Cashier.
magnificent new four-million-dollar building of that com—In accordance with his decision to relinquish all private pany. With $500,000 paid-up
capital and $103,000 surplus,
-business relations before entering upon his duties as State and such men among its
directors as George M. Reynolds,
Governor, John A. Dix this week resigned as a Vice-President President of the
Continental & Commercial Nat.Bank; Charles
and director of the First National Bank of Albany. It is G. Dawes, President Central
Trust Co. of Illinois; James F.
understood that he has likewise resigned from the board of Meagher,
Vice-President People's Gas Light & Coke Co.;
the Glens Falls Trust Co. and that he will withdraw from W. Irving Osborne,
President Continental & Commercial
the directorate of the Albany Trust Co. and as a member of Trust &
Savings Bank; J. Kruttschnitt, Vice-President
the executive committee of that company.
Southern Pacific Ry., and S. M. Felton, President Great
—Charles J. Knapp, formerly President of the failed Western RR., this hank should command a good
business
Binghamton Trust Co. of Binghamton, N. Y., and also for- from the start, and it bids fair speedily to become one
of the
merly connected with the private banking firm of Knapp prominent financial institutions of. Chicago. C.
H. BosBrothers, of Deposit, N. Y., was acquitted on the 25th ult. worth, ex-National and State Bank Examiner,
is President.
of the charge of having received a deposit in the private On the opening day
the beautiful banking room was embank when the institution was known to be insolvent. bowered in American beauties
and chrysanthemums and
Mr. Knapp had been indicted on the charge in Oct. 1909, filled with the well-wishing friends
of the enterprise.
jointly with Charles P. Knapp, his nephew. The latter was
—We
are
informed
by
President
W. H. Winants of the
tried in June and sentenced to not less than fifteen months
nor more than two years. The conclusions of the jury in Mercantile Bank of Kansas City, Mo., that his bank is not
to be taken over by the new American Trust Co. of that city,
the case of Charles J. Knapp were in accordance with
as has been reported in one of the papers of that city.
the instructions of Supreme Court Justice Gladding, who
—August Ropke, formerly Assistant Secretary of the
directed them to bring in a verdict of acquittal on motion
of the attorney for the defendant. The suspension of Knapp Fidelity Trust Co. of Louisville, Ky., pleaded guilty on the
Brothers' bank and the Binghamton Trust Co. occurred in 29th ult. to five of the sixteen counts in the indictments
against him and was sentenced to from eight to eighteen
April 1909.
—The People's Safe Deposit & Savings Bank of Bath, Me., years' imprisonment. The accused was arrested last July
was closed on the 28th ult. under an injunction issued by on the specific charge of misapplying $6,070 of the comAssociate Justice Savage of the State Supreme Court, on pany's moneys. It later developed, however, that the mispetition of State Bank Examiner Skelton. A hearing on the appropriations amounted to $1,400,000, and the company's
petition is to be had on Dec. 27, the bank being restrained capital has since been increased from $1,000,030 to $2,000,meanwhile from transacting business other than collecting 000 to cover the shortage.
—Since taking possession of its handsome new bank
moneys due it. Mr. Skelton is said to have explained that
the action is not due to lack of confidence in the institution building, to which reference has been made in these columns
or its officers, but grows out of the fact that the bank has several times, the business of the Norfolk National Bank
not made any gain in deposits for some time; that there is of Norfolk, Va., has rapidly increased. The statement pubstrong competition in the vicinity for business, and the in- lished for Nov. 10 shows deposits of $4,477,727, against
stitution was not on a firm enough basis to compete with the $3,840,990 on Sept. 1 1910. This institution, of which
other banks. In its last report to the Banking Department Caldwell Hardy, the well-known banker, is the head, has
the institution's liabilities were given as $870,419, with de- a capital of $1,000,000, surplus and profits of $682,097 and
posits of $842,787. The bank was established in 1862.
resources of $7,149,522. Associated with Mr. Hardy in the
—The Logan Trust Co. of Philadelphia, which began busi- management of the bank are E. T. Lamb and A. B. Schwarzness in December 1906, will pay its first dividend to stock- kopf, Vice-Presidents, and W. A. Godwin, Cashier.
holders on the 15th inst. The initial disbursement is 2%.
—Norfolk's new bank, the Virginia National, began busiThe company has a capital of $500,000.
ness on the 16th ult., starting with a capital of $500,000 and
—The newly organized North Penn Bank of Philadelphia a surplus of $100,000. The instituidon has been formed by
commenced business on Monday in temporary quarters at interests in'the Virginia Bank & Trust Co. of Norfolk, and
2243 North 29th Street. The bank has a capital of $50,000, the same officers direct the affairs of both. The new bank
and the officials are Louis H. Michel, President; Charles E. takes over the commercial business of the trust company,
Starr and Joseph Schlenz, Vice-Presidents, and R. D. the latter confining its attention to savings, trusts, estates
Moyer, Cashier.
and bond features. The management of the bank, identical
—With a view to the consolidation of the Third National with that of the trust company, consists of James W. Hunter,
Bank of Baltimore and the National Bank of Baltimore, President; John L. Roper and William C. Whittle, Vicean offer of $150 per share has been made for the stock of the Presidents; Hugh G. Whitehead, Cashier, and Washington
latter by Middendorf, Williams & Co. The firm, it is stated, Reed, Assistant Cashier. The trust company was estabis acting for the Third National, in which it holds a large lished in 1902 with $100,000 capital and was at first known
interest. The National Bank of Baltimore has a paid-in as the Virginia Savings Bank & Trust Co.; in 1906 it increased
capital of $1,210,700, surplus and profits of about $500,000 its capital to $200,000 and changed its name to the Virginia
and deposits in the neighborhood of $2,370,000. The Third Bank & Trust Co., Inc. In 1907 the capital was raised to
National has $500,000 capital, surplus and profits of $166,182 $600,000, and in August of the present year, when the moveand deposits of $3,267,758.
ment to organize the national bank was under way, the
—A court injunction issued by Judge Tuthill of the Chi- company's capital was reduced to $100,000.
cago Circuit Court on the 21st ult. has prevented the direc—Deposits of the First National Bank of Birmingham, of
tors of the failed Chicago National Bank from presenting to which W. P. G. Harding is President, show a further inthe stockholders a proposition made by Director C. K. G. crease in volume, being reported in the Nov. 1910 report at
Billings to settle for $158,125 suits in which it is sought to $9,435,769, against1S,726,909 on Sept. 11910. Resources
hold him liable to the extent, it is reported, of $3,500,000. aggregate $12,523,404.




[Vol, Lxxxxi

THE CHRONICLE

1490

-Thomas H. Langham has been elected a. Vice-President
of the Gulf National Bank of Beaumont, Tex., succeeding
W. B. Dunlap, who recently became President of the bank.
P. D. Mahon has been made an Assistant Cashier.
-The initial statement of the Conrad Trust & Savings
Bank of Helena, Mont., made to the Banking Department
under the call of Nov. 10, covered a period of but thirty-six
days of operation, the opening of the institution having occurred on Oct. 5. In this report the institution shows deposits of $230,300 and total resources of $441,321, with combined capital and surplus of $211,022. The authorized
capital of $200,000 is in shares of $100 each, and we are advised that•the stock was largely oversubscribed at $120 per
share. The President of the bank is W. G. Conrad, also
President of the Conrad Banking Co. of Great Falls, the
Conrad National Bank of Kalispell, the First State Bank
of Livingston and the Pondera Valley State Bank of Conrad.
The other officials of the Conrad Trust & Savings Bank are
J. Henry Longinaid, Vice-President; P. B, Bartley, Cashier;
China R. Clarke. Assistant Cashier, and Arthur D. Prouty,
Secretary.
-A Federal bank has been organized in Deer Lodge, Mont.,
under the name of the United States National Bank, with a
paid-up capital of $50,000. The President of the institution
is Joseph Whitworth, head of the Bonner Mercantile & Real
Estate interests in Deer Lodge. C. J. Kading is VicePresident and Arthur J. Lochrie, formerly Cashier of the
Drummond State Bank, is Cashier. The bank will have
thirty-five stockholders and twelve directors. There is but
one other bank in the town, a private institution, and it is
stated that the prospects for a successful future for the new
institution are particularly good.
-An increase has been made in the capital of both the
First National Bank of Los Angeles and the Los Angeles
Trust & Savings Bank, allied institutions, both having been
raised from $1,250,000 to $1,500,000. The facts in the matter have been furnished to us in the following letter, which
we have received from Stoddard Jess. Vice-President of the
First National:

Week ending November 26.
Clearings at-

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
C algary
Hamilton
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Total Canada_

Inc. or
Dec.

1909.

1910.

1908.

1907.

.14,125,931 -5..1
41,746.105
29,360,842 +22.4
35,932,920
25,394,233 +11.6
28,193,311
8,200.363 +22.9
10,075.370
3,580,553 +14.5
4,120,00-1
2,580,410
2,490,887 +3.6
1,858,128 -1.6
1,828,520
2,415,214 +54.1
3,722,447
2,251,197
1,867,700 +20.7
1,649.480
1,448,519 +13.9
2,430,043
1,851,091 +31.3
1,213,019
1,210,466 +0.2
1,093,404 +51.5
1,689,289
1,197,145 +10.7
1,325,768
746,703 Not included In total
560,663 Not included In total
1,466,097 Not included in total

32,990,957
27,338,080
21,546,368
4,087,003
3,511,147
2,197,707
1,699,070
1,837,478
1,397,205
1,289,618
1,103,396
1,019,641
878,678

29,095,098
22,000,000
15,064,440
3,538,382
2,861,524
2,337,630
1,785,678
1,335,459
1,479.316
1,232,387
1,004,635
1,061,355
877,029

126,094,476 +10.0

100,986,348

83,673,533

138,760,883

Clearings by Telegraph-Sales of Stocks, Bonds, &c.'
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tab es is crowded out once a month.
The figures are received by te egraph from other leading cities.
1910.

1909.

Per
Cent.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,629,821,826
138,561,628
137,240,326
28,923,400
249,751,608
68,809,063
22,316,681

$1,977,052,801
152,114,627
149,200,684
30,154,177
251,110,153
67,537,770
19,740,984

-17.9
-8.9
-8.0
-4.1
-0.5
+1.9
+13.0

Seven cities, five days
Other cities, five days

82,325,424,532
535,917,604

82,649,911,196
501,079,863

-12.9
+6.9

Totalttli cities, five day
All cities, one day

82,861,342,135
564,017,209

$3,147,991,059
592,906,977

-9.1
-4.9

Total all citiesIfor week

D3.425,359,345

$3,740,898,036

-8.4

Clearings-Returns by Telegraph.
Week ending Dec. 3.

Southern Clearings brought forward from first page.
November.

Eleven Months.

.

Clearings at1910.

1909.

Inc. or
Dec.

1910.

1909.

Ire. or
Dec.

s
$
S
3
`,'',
330,359,542 317,774,984 +4.0 3.390,162,151 3,119,170,91E +8.7
St. Louis
New Orleans_ _ 99,705,110 100,158,027 -0.5 878,917,641 796,778,501 +10.3
585,720,201 +4.9
Los Angeles, Cal., November 22 1910.
Louisville _ _ _ _ 57,182,123 56,341.060 +1.5 614,738,64
62,287,220 57,291,510 +8.7 613,295,247 583,488,864 +5.1
Houston
Messrs. Wm. B. Dana Co.,
_ _ 42,457,500 34,601,000 +22.7 340,919,501 298,246,00( + 14.3
Galveston
P. 0. Box 958, New York City.
48,678,464 34,498,741 +41.1 203,049,02( 254,544,447 +15.1
Memphis
Gentlemen:Fort Worth__ _ 37,080,895 36,840,002 +0.7 307,500,401 303,237,851 +1.4
In reply to your favor of Nov. 11, making inquiry in regard .to the In- Richmond _ _ _ 30,465,933 34,157,625 -10.8 342,302,007 323,576,781 +5.8
66,345,271 55,638,405 +19.2 505,158,361 344,(188,898 +46.6
crease of the capital stock of this bank. I would say that in May of the pres- Atlanta
ent year the stockholders of the bank entered into a tentative agreement to Savannah _ _ _ _ 33.378,775 25,030,763 +33.4 236,643,421 213,575,191 +10.8
18,373,200 A5,630,038 +17.5 185,611,06" 173,997,707 +6.7
Nashville
agreed
and
$1,500,000,
from
to
bank
the
$1,250,000
of
increase the capital
132,130,051 +7.4
16,611,461 15,107,457 +10.0 191,953,46
Norfolk
each with the other to subscribe for the number of shares of the increase of Birmingham _ _ 12,664,260 11,276,481 +12.3 118,514,864
96,549,091 +22 8
95,404,821 +7.2
the capital stock on a pro rata basis at the price of $450 per share, under Augusta
15,912,147 13,765,704 +15.6 102,305,99"
+30.0
82,442,889
112,158,024
+33.8
Jacksonville _ _ 11,285,030 8,432,357
the following terms and conditions:
73,517,161 +5.9
77,825,89
-7.2
7,776,770
7,214,492
Knoxville
_
the
stock
of
the
suns
$100
of
price
per
purchase
share
the
That out of
78,313,761 +4.5
81,852,194
11,616,779 0,254,432 +25.5
_
_
Rock_
Little
09,218 47.1 +19.0
82,351,162
be carried to the capital account of the Bank, $150 per share to the undi- Chattanooga _ _ 8,800,000 7,706,362 +14.2
70,311,701 +16.3
81,740,51'
11,351,812 9,441,523 +20.2
vided profits and $200 per share to be used in purchasing 2,500 shares of Charleston_
+7.6
63,088,911
67,913.557
+8.3
6,428,951
6,964,427
the stock of the Los Angeles Trust & Savings Bank, to be held by the trustees Mobile
83,650,101 +34.7
11,784,401 10,676,095 +10.4 112,502,75
Oklahoma _ _
now holding the entire stock of the Los Angeles Trust & Savings Bank Macon
42,550,461 +15.9
49,300,61i
6,207,690 5,402,909 +14.9
41,429,551
35,011,091 +18.3
5,054,026 4,328,07C +16.8
for the stockholders of the First National Bank.
Columbia
34,642,391 +110.5
72,932,41'
6,619,508 4,642,19E +42.6
At a stockholders' meeting held Sept. 25, the tentative agreement for Austin
28,879,72( +.01
-0.0 28,915,15
2,635,441
2,635.052
_
Beaumont
the increase of the stock was legalized and the stock has now been issued.
19,813,501 +38.4
27,417,861
+44.7
2,801,380
4,052,553
Wilming'n,N.C.
The capital of the First National Bank now stands at $1,500,000 and Columbus, Ga _ 2,242,983 1,913,257 +17.2
+6.7
16,780,281
17,912,22
+1.0
14,363,251
14,511,56.
1,978,649 2,100,476 -5.8
the surplus and undivided profits amount to $2,194,661 56.
Vicksburg
+3.2
14.900,701
15,378,67
1,756,347 1,800,269 -2.4
The capital stock of the Los Angeles Trust & Savings Bank Is increased Guthrie
7,029,191 +13.0
7,943,651
6.2
+
1,036,854
Valdosta
1,100,000
to $1,500,000, with surplus and undivided profits of $913,251 46. The Jacks-n, Miss_ 2,543,146 2,393,381 +6.3
18,466,899 +22.7
22,657,68
stock of the Trust & Savings Bank Is all held by trustees for the stock- Meridians
8,583,121
15,536,601
1,800.0(0 1,524,788 +181
holders of the First National Bank-each share of stock of the First NaTotal South_ 974,705,902896,882,534 +8 78,985,816,511 8,074,089,891 +11 3
tional Bank carrying with it a share of stock in the Savings Bank.
This leaves the book value of the First National Bank, including, of
"Not included for month and eleven months; comparison incomplete.
course, the assets of the Savings Bank, $407 20 per share.
Yours very truly,
STODDARD JESS, Vice-President.
Week ending November 26.
Clearings al
Inc. or
Canadian Bank Clearings.-The clearings of the Canadian
1907.
1908.
Dec.
1910.
1909.
banks for the month of November 1910 show an increase over
the same month of 1909 of 8.2%, and for the eleven months
the gain reaches 18.4%.
Eleven Months.

November.
Clearings at1910.
CanadaMontreal ___
Toronto
Winnipeg
Vancouver_ - - Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
Victoria
London
Edmonton_
Regina"
Brandon
Lethbridge _ _
Saskatoon .._ _ _

1909.

Inc. or
Dec.

1910.

l

1905.

Inc. or
Dec.

$
$
$
$
%
%
191,037,442 193,152,623 -0.6 1,908,601,288 1,669,912,108 +14.2
155,443,459 141,014,400 +10.2 1,439,815,830 1,297,193,846 +11.0
126,717,720 116,569,351 +8.7 852,272,613 675,171,910 +26.2
43,041,230 32,572,215 +32.1 402,257,937 256,390,228 +56.9
17,299,162 15,999,380 +8.1 177,752,033 157,603,244 +12,8
12,281,292 11,418,478 +7.5 111,515,763 106,408,639 +4.8
88,521,798
86,827,366 +2.0
7,384,639 9,089,033 -25.4
86,255,567 +56.7
15,817,040 11,511,168 +37.4 135,121,140
91,647,975
76,387,982 +21.0
10,0'8 849 8,516,470 +18.0
71,089,198
65,396,560 +8.7
7.022,2)6 6,912,866 +1.6
91,383,004
62,596,303 +46.0
10,386,173 7,200,485 +44.2
60,546,416
56,192,020 +7.8
5,709,654 5,453,583 +4.7
63,347,332
46,197,975 +37.1
8,022,620 5,422,818 +47.9
94,918,850
8,938,274 ___ _
6,375,370 5,168,380 +23.4
19,502,336 Not incl. In t otal
3,297,877 Not incl. In total
0,768,145 Not incl. In t otal
2,821,760 Not incl. In total
4,815,249 Not incl. In t otal
4,815,249 Not incl. In total

Total Canada 611,111,576 584,832,870 +8.2 5,493,872,32) 4,642,533,748 +00.0
Not Included In total; comparison incomplete. •

The clearings for the week ending Nov. 26 make quite a
satisfactory comparison with the same week of 1909, the
increase in the aggregate having been 10.0%.




it. Louis
cow Or1eans_ __ _
.oulsvil1e
-Iouston
)alveston
demphis
Fort Worth
lichmond
ktlanta
3avannah
gashville
1gorfolk
31rmingham
kugusta
racksonville
Knoxville
Attie Rock
3hattanooga
3harleston
foblie
)klahoma
lacon
;olumbia
kustin
3eaumont
1,Vilmington,N.C.
3olumbus, Ga...
1Ticksbtirg
luthrte
1faldosta
rackson
2derldian
Total Southern

s

%
+ 14.0
+13.0
-2.7
+3.9
+8.0
+55.9
-0.5
-17.1
+25.9
+79.3
+48.3
+17.8
+ 17.7
+0.0
+39.6
+2.4
-1-31.0
+33.7
+35.2
+11.3
+19.6
+26.3

$
53,426.177
18,103,071
10,104,618
13,668,547
7,335,000
6,999,208
6,091,573
6,074,853
5,151,428
4,217,133
2,409,476
2,380,776
2,168,124
1,952,784
1,326,286
1,287,302
1,692,232
1,206,548
1,732,182
1,283,619
1,234,258
755,927

14,761,980
17,734,527
7,297,899
7,889,795
5,228,500
4,909,302
3,700,000
5,740,167
3,942,310
5,255,050
2,720,328
1,906,201
1,767,400
1,454,294
969,187
1,208,253
1.020,477
950,000
1,250,000
1,194,476
459,362
557,430

1,370,206
460,000
789,712

865,251 +58.4
449,580 +2.3
490,767 +60.0

629,828
391,462
950,000

650,000
388,937
500,000

478,809

380,873 +26.0

480,474

375,000
310.000

429,000 -12.6
300,585 +13 1

375,000

198,255,712

172,506,430 +14.9

152,988,786

$
68,626,067
22,085,938
11,657,933
13.294,063
8,029,006
9,851,965
7,759,854
5,931,041
13,000,000
7,061,694
3,409.137
3,217,231
2,748,925
2,576,568
2,291,898
1,600,000
2,317,519
1,750,000
2,253,642
1,464,490
2,300,000
1,200,000

8
60,221,838
19,541,985
11,986,715
12,800,000
7,435,000
6,319,942
7,799,253
7,154,626
10,327,105
3,939,342
2,298,403
2,730,424
2,334,136
2,554,801
1,641,226
1,562,821
1,768,553
1,309,891
13366,358
1,315,783
1,923,139
950,000

126,405,284

DEO. 3 1910.]

THE CHRONICLE

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the eleven months of 1910 and 1909 are given below:
•

Eleven Months 1910.
Descrip,
Lion.

Par Value i
or Qiuvutty. I

Eleven Months 1909.

Actual
Value.

Aver. Par Value
Price or Quantity.

Actual
Value.

4ver.
Price.

Stock1Sh's
154,327,821
197,072,179
jVal_ 113865.422,9751113415081.621 96.7 $18040,979,750 117551,929,338 97.3
RR. bonds
542,450,20(1 525,936,636 97.0 $1,169,121,600 11,137,911,915 07.3
Govt. bds_
$375,484 106.8
1351,7001
$668,903 109.6
$610,200
State bds_
139,733,0501 139,628,899 99.7 $35,134,200
$34,874,643 99.3
Bank st'ks
$1.165,8011
$2,478,983 212.6
$499,054 279.9
$178,450
Total __ 114449,124,6211813983,481,623 96.8$19246,024,200 118725,883,913 97.3

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1910
and 1909 is indicated in the following:
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1909.

1910.
lleth

Values.

Number
of
Shares.

Actual.

Par.

Number
of
Shares.

Values.
Par.

Actual.

$
$
$
$
Jan _ 24.538,649 2,255,816,7752,236,641,564 17,275,5001,609,551,575 1,550,409,801
Feb.16,012,626 1,423,073,275 1,407.743,928 12,337,1991,142,192,700 1,082,075,181
Mob.14,988,179 1,338,803.725 1.327,476,419 13,650.5951,240,583,900 1,175,469,766
1st qr 55,539,454 5.015.693,775 4,971,861,911 43,263,294 3,992,328,1753.807,054,748
April 14,089,630 1,279,487,675 1,256,488,974 19,055,618 1,719,193,800 1,647,943,217
May 11,018,978 1,055,491,350 1,004,681,480 16,495.230 1,478,017.600 1,410,748$14
June 16,292,870 1,452,455,0251,385,474,62220,322.230 1,882,256,850 1,815,478.974
I
2d qr 42.301.4873.787,434,0503,646,645,076155.873.0785,079,468,2504,874,171,10$
8 m's97.840.941:.803,127.8258,618.506,98799,136,3729,071.796,4258,682,125.853
July 14,254.713 1,284,761.925 1,235.461.645 12.806.965 1,191.292.406 1.100,402,461
Aug.10,392,788 919,909,950 855,016,74824.637,783 2,267,638,0502,301,468,294
Sept. 7,673,529 666,140,100 600,999,980 19,981,675 1,771,443,700 1,792,407,611
3d qr32,321,030 2,870.311,9752,601,478,376 57,426,4235,230,374.1505,104,278,366
D m's 130161971 1673,439,800 11309,985,363 15656279514302,170,575 13876,404.219

1491

onetarg'iganznxerciaignglisix4rws
English Financial Markets-Per Cable.
The daily closing quotations for securities, Scc., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Dec. 2.
Sal.
Mon. Tues.
Wed. Thurs.
Fri.
Sliver, per oz
25%
25%
d 257-16 257-16 2534
2554
5
Consols, new, 234 per cents__ 79
79 13-16 e79
79 1-113 79 3-16 79%
For account
c79 13-16
79
8034
79 1-16 79 9-16 80
French Rentes (in Paris)_fr_ 97.4254 97.50
97.75
97.35
97.7734 97.90
Amalgamated Copper Co_ _ _ 7184
6734
6834
6734
7134
6934
b Anaconda Copper Co
834
8%
834
834
854
834
Atch. Topeka & Santa Fe__ _10684
104
10254
10434
10334
10534
Preferred
104
104
104
104
104
104
Baltimore & Ohio
10834
11054
10874
10954
10834
11034
Preferred
92
92
9234
93
9234
9334
19754
Canadian Pacific
20184
19834
200
c19534
20174
Chesapeake & Ohio
8434
87
84
8434
8534
8734
Chicago Great Western
23
2384
2384
24
2334
23
Chicago Milw & St. Paul_ _ _ _12734
127
126
12634
12434
12454
Denver & Rio Grande
30
32
30
34
34
3134
Preferred
7234
76
7234
7334
7434
7634
Erie
29
3054
2834
2834
2934
3034
First preferred
46
4934
46
4834
4934
4834
Second preferred
37
38
38
36
37
36
Illinois Central
135
135
137
138
136
138
Louisville dc Nashville
146
150
150
14534
14734
14634
Missouri Kansas & Texas_ _ _ 3534
3334
3331
3534
3334
33
Preferred
66
65
66
68
66
6734
Nat. RR. of Mex. 1st pref... 71
71
71
70
7134
7134
Second preferred
37
3784
37
3634
37
37
N. Y. Central & Hudson Itiv.117
114
114
11584
115
117
5
N. Y. Ontario & Western_ _ _ 43%
44
42
43
43
4334
Norfolk & Western
102
10284
101
102
10034
10034
Preferred
92
92
92
92
92
92
Northern Pacific
120
11734
11634
11734
11934
11854
a Pennsylvania
6754
6634
6631
6634
6634
6634
a Reading Co
78
7634
77
7834
7531
7554
a First preferred
4584
4534
4534
4534
453.4
4534
a Second preferred
4934
4934
4934
4934
4934
4934
11934
121
Southern Pacific
11634
11634
119
11834
2634
Southern Railway
2754
2734
2634
2534
2634
85
63
63
62
62
65
Preferred
18154
Union Pacific
17534 .176
18254
18034 c17834
95
9534
Preferred
9534
95
95
9534
a854 7634
7654
8254
U. S. Steel Corporation
7834
8034
12034
121
121
12134
12134
Preferred
12034
16%
17
Wabash
1734
1754
18
1734
3034
3534
3654
35
Preferred
38
38
6534
66
6634
Extended 4s
6734
67
6634
a Price per share. b £ sterling. c Ex-dividend.

Oct _ 13,452,381 1,228,154,700 1,229,096,411 21,739,514 2,041,672,200 2.000,046,207
Nov_ 10,713,46 963,828,4/1 8/5,9/9,84, ,8,769,870 1,697,136,9/1 1,675,478,912

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

Clearings Outside New York.

Month.
1910.

1909.

%

1910.

1909.

1st qr. 45,276,715.73637,936,474,111 +19.3 16,830,315,081 14,677,630,972 +14.7
April.14,014.994,640 13.692,120,791 +2.3 5,673.333.468 5,077,392,114 +11.3
May- 13,147,7u0.447 13,006.573.040 +1.4 5,340,790,S0 4,910,322,648 +8.8
June-- 13,811,172.046 14,155,364,270 -2.4 5,446,850,931 5,043,660,966 +8.0
2d qr. 40,973,927,133 40,854.058,101 +0.3 V3,460,975,292 15.031,375,728 +9.5
6 mos. 86,250,642,869 78,790,532,212 +9.5 33,291,290,373 29,709.006,700 +12.1
------ -------------- ------- ___
13,285,479,380 13,469,063,652 -1.4 5,406,812,583 5,149,321,905 +5.9
3(1 qr_ 11,508,167,694 13,510,914,819 -14.8 5,046,291,86s 4,824,177,700 +4.6
11,361,667,620 13,542,069,782 -16.1 5,130,652,674 5,063,692,833 +1.3
D mos.
30,155,714,694 40,522,048,253 -10.8 15,583,765,125 15,037,492,448 +3.6
July_ 122406,357,563 119312,580,465 +2.6 48,875,055,498 44,746,499,148 +9.2
Aug __
Sept__ 13,787,805,278 15,871,824,528 -13.1 5,883,706,124 5,819,482,990 +1.1
Nov._ 13,595,259,237 14,786,082,0,0 -8.1 5,780,965,151 5,722503,417 +10

The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
November
Jan. Ito Nov. 301910. 1909. 1903. 1907.
1910.
1909.
1908.
1907
$
$
S
$
$
$
$
$
7,814 9,064 8,191 5,501 89,250 93,682 70,010 81,832
822 12,738 12,557 10,720 11,273
1,145 1,162 1,020
7,668
7,538
712
579
763
736
0,618 7.610
6,275 5,366 6,668
503 7,024
627
537
643
268
330
233 3,390 3,119 2,777 2,919
318
205
212 2,366 2,127
215
168
1,882 2,541
204
1,786
113 2,121
188
155
1,606
2,005
15()
1,324
141
1,473
108
113
1,120
1,36!)
106
1,225
113
00 1,138
110
1,116
1,271
228
226
175
1,666
127 2,402 2,172
1,527
84
82
62
794
65
916
682
833
100
100
76
80
797
879
693
801
125
127
923
106
1,069
959
98
1,056
57
56
47
41
• 615
586
608
516
78
71
67
848
56
697
608
657
58
57
49
43
548
597
495
518
73
62
45
38
737
606
453
554
41
42
31
28
378
359
305
362
66
63
50
42
767
674
544
526
43
43
35
34
461
425
375
403
47
43
59
524
54
470
439
43!)
427
34
27
380
38
38
342
374
38
33
45
451
43
425
369
377
34
27
27
342
30
324
268
295
29
24
293
34
49
255
226
222
48
58
39
36
539
531
388
457
14
13
198
16
17
166
152
172
17
28
295
33
31
304
279
228

Total
12,596 13,837 12,258 9,038 139,826 141,199 110,921 128,016
642 9,963 8,771
732
Other cities,.
949
999
7,095 7,737
Total all '
13.595 14,786 12,990 9,680 149,789 140,970 118,016 135,753
Outside New York. 5,781 5,722 4,799 4,179 60,539 56,288 48,006 53., 21




National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

%

$
$
$
$
Jan - 17,143,348,295 14,052,390,538 +22.0 5,894,272,319 5,168,090,843 +14.0
Feb - 13,111,985,258 11,260,311.084 +16.4 4,960,845,197 4,372.605,760 +13.4
Mob,,. 15,021,382.183 12.623.772.489 +19.0 5,975,198.570 5,136,934,369 +16.3

(000,000s
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Karras City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City_

Tonmerciatand trisceltantonsnews

APPLICATIONITO CONVERTiINTO:NATIONAL BANKS RECEIVED.
0'"The Kenova Banking and Savings Co." Kenova, W. Va., into "The
First National Bank of Kenova." Capital, 140,000. Correspondent:
K. B. Cecil, Kenova, W. Va,
CHARTERS ISSUEDITO1NATIONAL'iBANKS NOV. 18 TO NOV. 23.
9,889-"The First National Bank of Terra Bella," Terra Bella, Cal. Capital, $25,000. G. A. Hart, Pres.; Marco H. Hellman, Vice-Pros.;
James Crichton, Cashier.
9,890-"The First National Bank of Buena Vista," Buena Vista, Va.
Capital, $50,000. B. E. Vaughan, Pres.; W. T. Paxton, VicePres.; V. T. Strickler, Cashier. (Conversion of "Manufacturers'
and Merchants' Bank," Buena Vista, Va.)
9,891-"The First National Bank of Brooksville," Brooksville, Fla. Capital, $25,000. J. B. Norman, Pres.; L. S. Petteway, Vice-Pros.;
Chas. Monroe Price, Cashier. (Conversion of The 13rooksvIlle
Banking Co.)
9,892-"The First National Bank of Antioch," Antioch, Cal. Capital;
$25.000. J. L. Harding, Pres.; J. A. West, Vice-Pros.; Herbert
A. West, Cashier,
9,893-"The First National Bank of Breese," Breese, Ill. Capital, $50,000.
r;i2gllt F. Schlafiy, Pres.; August Schlafly, Vice-Pres.; Fred. Krebs.
"3s' Cashier; Leo A. Krebs, Asst. Cashier.
RIMPfifivtIlki41317,3,1 - '
LIQUIDATION.
9,167-"Thc First National Bank of Orosl,"LOrosi. Cal., was placed in
voluntary liquidation Nov. 10 1910.
7,808-The City National Bank of St. Louis, St, Louis, Mo..-was placed:In
voluntary liquidation Nov. 14 1910.
9,242-The First National Bank of Carson City, Carson City, Nev.. was
placed in voluntary liquidation Nov. 15 1910.

Auction'.Sales.-Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks.
1,461 United Breweries Co. pref_234-334
484
18734 Internat. Salt Co
10 Amer. Chicle Co. common__ _225
16 Lawyers' Mortgage Co
24334
10 Lawyers' Title Ins.&Tr. Co_ _253
200 Amer. Nickel Co, $10 each..$11 lot
10 Union Typewriter Co. corn_ _ 5034
100 Royal Ilak'g Pow. Co. com_181-185
53
52 Standard Cordage Co
812
500 Federal Oil Co., $1 each
114
10 Carnegie Trust Co
130054
10 Union Trust Co
25 U. S. Mortgage & Trust Co_ _480
_ 8234
100 W. B. Oglesby Paper Co
2,375 C. C. & Louisv. RR. Co_61 per sh.
2,250 Det. Tol. & I. Ry. Co. 1st pf_ 5
750 Det.Tol.&I.Ry.Co.2d p1.$1 per sh.
98
25 Internat. Banking Corp
144 Nat. Dep. Bank,Phila,Pa.$1per eh.
4 HoltinChemicalCo.,810 each_$2 lot

Stocks.
1 The R. T Booth Co
$3 lot
Bonds.
$246,000 United Breweries Co..Chi.,
68, 1928
50 & int.-54& Int.
89.000 Internat. Salt Co. 1st cons.
50-yr. 58, 1951; A. & 0__47 & int.
$1,000 Standard Cordage Co. 1st 58,
1931; April 1910 coupon attached 1834
$600 Standard Cordage Co. adjust.
f.r 334
5s, 1931
$3.000 Georgia Coast & Piedmont
RR. Co. 1st 5s, 1946; M.&S.6734&int.
$1,000 Chic. Cin. & Loulsv. RR.Co.
10
gen. dr ref. 454s, 1953
$15,000 Wilkes-Barre & Hazleton
RR. Co. coll. tr. term. 5s, 1945._ 80
$3,000 Det. Tol. & Iron. Ry. Co. 58
coll, trust notes (N.Y.Tr.Co.,ctf.) 46
6155,000 Det. Tol. & Iron. Ry. Co.
cons. 484s, 1980
1034

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

DIVIDENDS.
Name of Company.

Per
When
Cent. Payable

Books Closed.
Days Inclusive.

Railroads (Steam).
•
3 Dec. 16 to Jan. 2
Albany & Susquehanna, guaranteed
434 Jan.
2% Dec. 10 Nov. 30 to Dec. 9
Atlantic Coast Line Co., Conn. (quar.)
Jan, 10 Dec. 17 to Jan. 10
3
Atlantic Coast Line RR.. common
2M Dec. 31 Holders of rec. Nov.30a
Boston & Albany (quar.)
2 Nov. 28 to Dec. 3
Boston & Lowell
$4 Jan.
Boston 8, Maine, corn. (guar.)
1 54 Ian.
Holders of rec. Dec. la
Boston Revere Beach & Lynn
3
Jan.
2 Holders of ree. Dec.15a
Canadian Pacific, corn. (guar.)(No. 58)_
1M Dec. 31 Holders of rec. Nov.30a
Common (extra)
Dec. 31 Holders of rec. Nov.30a
Chesapeake & Ohio (quar.)
ig Dec. 31 Holders of rec. Dec. 9a
Chestnut Hill (quar.)
1% Dec. 5 Nov. 20 to Dec. 4
Chicago dc North Western, common
Holders of rec. Dec. 9a
354 Jan.
Preferred (guar.)
Holders of rec. Dec. 9a
tan.
2
Cin. N. 0. & Texas Pacific,.common_ __ _
234 Dec. 17 Holders of rec. Dec.10a
Colorado & Southern, common
2
Dec. 31 Dec. 22 to Jan. 2
Delaware & Hudson Co. (guar.)
23i Dec. 20 Holders of rec. Nov.29a
Delaware Lackawanna & Western (extra) 10 Dec. 22 Holders of rec. Dec.10a
Denver & Rio Grande, Preferred
2% Jan. 1 Dec. 25 to Jan. 8
Detroit & Mackinac, common (No. 1)
3 Dec. 16 to Jan. 4
2% Ian.
Preferred
3 Dec. 16 to Jan. 4
234 Jan.
East Mahanoy
2% Dec. 1' Holders of rec. Dec. 3a
Erie & Pittsburgh (guar.)
1M Dec. 10 Holders of tea. Nov.30a
Greene RR. guaranteed
Dec. 20 Holders of rec. Dec.14a
3
o' triers of rec. Dec.24a
Interborough Raid Transit (guar.)
2M. an.
Norfolk & Western, common (quar.)
9 Holders of rec. Nov.30a
154 Dec. 1.
Phila. Germantown & Norrist'n (quar.)_
Dec. 5 Nov. 20 to Dec. 4
3
St. Louis & San Francisco-3 Dec. 18 to Jan. 3
Cue. & East Illinois corn. stk. tr. ells
Ian.
5
3 Dec. 18 to Jan. 3
134 Ian.
Preferred stock trust clfs. (quar.)_ _
3 Dec. 18 to Jan. 3
Jan.
K.C.Pl. S. & M. pref. stk. tr. elf?. (qu.) 1
Holders of war't No. 17
Southern Pacific Co.(quar.)(No. 17)....- 13i Jan.
3 Holders of rec. Dec. la
Union Pacific, common (quar.)
2% Jan.
Jan. 14 Jan. 2 to Jan. 14
White Pass & Yukon
bl.
Street and Electric Railways.
American Railways (quar.)
134 Dec. 1 Dec. 1 to Dec. 4
2 Holders of rec. Deo.10a
1M Jan.
Brooklyn Rapid Transit (quar.)
Dec. 3 Holders of rec. Nov. 30
Continental Pass. Ry., Philadelphia
$3
3 Holders of rec. Dec.17a
134 Tan.
Duluth-Superior Traction, corn. (quar.)
3 Holders of rec. Dec.17a
Preferred (quar.)
Ian.
1
Holders of rec. Dec. 22
Indianapolis Street Ry
Jan.
3
Holders of rec. Dec. 5a
Ian.
$2
Massachusetts Electric Cos., pref
New Orleans Railway & Light, pref
2% Jan. 1 Jan. 1 to Jan 15
Nov. 25 to Nov. 30
Norfolk Ra;lway & Light
254 Dec.
Dec. 1 Holders of rec. Nov.30a
Northern Ohlo Tract. ct Light (guar.)
4
8
Holders of rec. Dec.15a
St. Joseph Ry., L.H.&P. pf.(qu.)(No.333 I34 Jan.
Holders of rec. Dec.15a
234 Tan.
Sao Paulo Tram., L. dc Pow. (quar.)
Jan.
Holders of rec. Dec. 5
$3
Second & 7'hird Streets Pass., Phila
South Sidv Elevated RR.,Chicago (guar.)-.,
34 Dec. 31 Dec. 21 to Jan. 2
Holders of rec. Dec.12a
Twin-City Rap. Tr., Minneap., com.(qu.)- 134 Jan.
1M Jan.
Holders of rec. Dcc.16a
Preferred (quar.)
Dec. 15 Dec. 8 to Dec. 15
1
West Penn Traction. corn. (No. 1)
Miscellaneous.
Am.Brake Shoe &Fdy., com.& pref.(q11.), elU Dec. 31 Holders of rec. Dec.16a
1
Dee. 21 Holders of rec. Dec.14a
American Chicle, common (monthly)
Jan. 3 Holders of rec. Nov.30a
American Express (quar.)
$3
Dec. 31 Dec. 23 to Jan. 1
American Radiator, common (quar.)- --- 2
154 Jan,
Am. Sugar Refg., com.3,pret. (quar.)
3 Holders of reC. Dec. la
Borden's Condensed Milk, pref. (quar.)...
134 Dec. 1. Dec. 6 to Dec. 15
Brooklyn Union Gas (guar.) (No. 39)-..3 Dec. 18 to Jan. 2
134 Jan.
Buffalo General Electric, coin.(qu.)(No.65) 134 Dec. 3 Holders of rec. Dec. 20
Calumet & ITecla Mining (quar.)
ET Dec. 2 Holders of rec. Nov.25a
Celluloid Company (quar.)
154 _rec. 31 Holders of rec. Dec.14a
Extra
2
Dec. 3 Holders of Me. Dec.14a
Central Leather, preferred (guar.)
1M Jan.
3 Holders of rec. Dec.107
Dec. 31 Dec 29 to Jan. 2
Chicago Telephone (guar.)
2
Childs Company, common (quar.)
2% Dec. 10 Dec. 4 to Dec. 10
Preferred (quar.)
154 Dec. 10 Dec. 4 to Dec. 10
2
City & Suburban Hones
Dec.
Holders of rec. Dec. 5
1)4 Dec. 15 Holders of rec. Nov.16a
Consolidated Gas of N. Y. (quar.)
16 Ian.
Consumers' Power, pref. (quar.)
Holders of rec. Dec.19a
3
Dec. 15 Holders of tee. Nov.30a
Crex Carpet
11f Dec. 24 Holders of rec. Dec.12a
Crucible Steel, pref. (guar.)
Jan,
Cuban-American Sugar, pref. (quar.)---3 Holders of rec. Dec.15a
I3i
1M Jan. 16 Holders of rcc. Jan. 3a
Detroit Edison (quar.)
134 Dec. 15 Holders of rec. Nov.22a
Diamond Match (quar.),
oec. 15 Dec. 6 to Dec. 15
du Pont(E. I.) de Nemours Pow.,corn.(qu.) 2
ly, Jan. 25 Jan. 15 to Jan. 25
Preferred (guar.)
2 Holdersof rec. Nov. 30a
Eastman Kodak,corn.(quar.)
234 Jan.
2 Holders of rec. Nov. 30a
234 Jan.
Common (extra)
134 Jan.
2 Holders of rec. Nov.30a
Preferred (quar.)
)cc. 15 folders of rec. Dec. 8
3
Equitable Ill. Gas L., Phila., prof
Federal Mining & Smelting, pref. (quar.) 1M Dec. 15 Holders of tee. Nov.25a
134 Jan.
3 Holders of rec. Dec.20a
General Chemical, preferred (quar.)
2
Jan. 14 Holders of rec. Dec. 3a
General Electric (guar.)
300. Ian. 31 Holders of rec. Dec. 31
Goldfield Consolidated Mines (guar.)
20c. Tan. 3 Holders of rec. Dec. 31
Extra
Great Lakes Touring, Prof. (guar.)
Holders of rec. Dec. 15
134 Jan.
Guggenheim Explorcuton (guar.)(No. 32)_, 23-4 Ian.
Dec. 15 to Jan. 3
3
Jan.
Holders of rec. Dec.10a
Ingersoll-Rand, preferred
1M Jan.
International Silver, pref. (guar.)
Dec. 20 to Jan. 2
Prefared (extra)
Dec. 20 to Jan. 2
34 tan.
13
,
4
Laclede Gas Light, corn. (quar.)
Dec. 15 Dec. 2 to Dec. 15
234 Dec. 15 Dec. 2 to Dee. 15
Preferred
134 Jan.
Mackay Companies, corn.(quar.)(No.22)_
3 Holders of rec. Dec.10a
1
Jan.
Preferred (guar.) (No. 28)
3 Holders of rec. Dee.10a
234
31 Holders of rec. Dec.10a
Mergenthaler Linotype (guar.)
5
Dec. 3 Holders of rec. Dec.10a
Extra
Michigan State Telephone pref. (guar.)" 134 Feb. 1 Jan. 15 to Feb. 1
1M ,)ec, 113 Holders of rec. Nov. 30
M usko7ee Gas & Elec., pref. (qua?.)
Jan. 14 Holders of rec. Dec.28a
National Biscuit, corn. (quar.)(No 49)
National Lead, common (guar.)
54 Dec. 31 Dec. 10 to Doe. 13
Preferred (quar.)(No.76)
134 Dec, 15 Nov. 19 to Nov. 22
Jan.
2
3 Dec. 24 to Jan. 3
National Surety (quar.)
31 Dec. 10 to Dec. 18
3734e.
Nevada Consolidated Cepper (guar.)
New England Telenh. & Ti
-leg. (auar.).- 1% Dec. 31 Holders of rec. Dec. 15
Niles-Bement-Pond, common (guar.).
134 Dec. 20 Dec. 1 to Dec. 20
North American Co.(guar.)
154 Jan. 2 Holders of rec. Dec.15a
see. 15 Holders of rec. Nov. 30
Oklahoma Gas & Electric, common (quar.)_
Jan.
1
5
Onderdonk Estate, common
334 Ian.
Preferred
Philadelphia Electric (quar.)---,
134 Dec. 1 Holders of rec. Nov.19a
Jan. 16 Holders of rec. Jan. 3a
Quaker Oats, corn. (quar.)
2
Common (extra)
34 Jan. 16 Holders of rec. Jan. 3a
134 Feb. 28 Holders of rec. Feb. la
Preferred (quar.)
$1 Dec. 19 Nov. 27 to Dec. 4
Quincy Miaing (emar.)
Railway Steel-Spring, pref.(quar.)
1M Deo. 20 Dec. 8 to Dec. 20
1 tn. 14 folders of rec. Jan. 5
Realty Associates (No. 16)
Holders of roe. Dec.17a
Republic Iron 4, Steel, pf.(an.)(No. 36). 1M Jan.
Dec. 23 Holders of rec. Dec.10a
Safety Car Heating & Lighting (guar.)._
2
Dec. 23 Holders of rec. Dec.10a
Extra
3
San Diego Cons'd Gas & Elec., coin.(guar.) 1M Dee. 1 Holders of rec. Nov. 30
1 Holders of rec. Dec.15a
Sears, Roebuck et Co., pref. (guar.)
1M Jan.
Dec. 2 Dec. 20 to Jan. 10
Standard Coupler, common
2
Preferred
Dec. 2 Dec. 20 to Jan. 10
4
Standard Gas & Electric, pref. (quar.). __ _
1)4 Dec. 1 Holders of rec. Nov. 30
Standard 011 (guar.)
Dec. li Holders of rec. Nov.18a
$10
Holders of tee. Dec.24a
Subway Realty (guar.)
13,4 Jan.
Dec. 18 to Jan. 5
Swift & Co.(guar.)(No. 97)
1M Tan.
Underwood Typewriter, pref. (quar.).-- 154 Jan.
I Holders of rec. Dec.20a
United Bank Note Corp., pref. (quar.)_ _ _ _
1% Dec. 31 Dec. 16 to Jan. 2
U. S. Steel Corp., corn. (quar.)(No. 28). 13‘ Dec. 3O Dec. 2 to Dec. 14
Utah Copper (guar.)(No. 10)
750. Dec. 31 Dec. 17 to Dec. 20
3
Jan.
Van Dyck Estate, common
Preferred (guar.)
134, Jan.
Ver Planck Estate,common
7% Jan.
3% Jan.
Preferred
234 Dec. 15 Holders of rec. Dec. 8
Woman's Hotel (No. 7)
10c. Dec. 31 Dec. 14 to Jan. 2
Yukon Gold (guar.)(No. 6)
a Transfer books not closed. b Lees income tax. d Correction. e Declared 7%
on both common and preferred stocks, payable in quarterly installments.




Lxxxxi.

THE CHRONICLE

1492

Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Nov. 26.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 85, p. 836.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.

Capital. Surplus.
$

Loans.
Average.

$

$

Specie. Legals. Deposits. ReAverage. Average. Average. 7 'vs.
$

$

$

2,000,0 3,624,1 19,634,0 3,880,0
880,0 17,505,0 7.1
Bank of N. Y__
2,050,0 4,362,2 29,950,0 6,810,0 1,738,0 33,400,0 25.5
Manhattan Co_
2,000,0 1,832,1 18,067,0 3,388,0 1,020,0 17,611,0 5.0
Merchants' ____
Mech. & Metals 6,000,0 8,049,5 50,039,0 10,849,4 1,373,0 47,296,3 5.8
1,500,0 6,006,3 22,951,8 4,022,8 1,837,1 22,380,2 6.2
America
7,579,0 5.6
1,000,0
237,0
759,6
8,329,0 1,667,0
Phenix
25,000,0 31,588,3 170,520,1 31,922,0 5,460,0 152,820,8 24.6
city
3,000,0 6,577,7 28,027,6 4,813,7 1,981,4 25,707,0 26.6
Chemical
7,060,3 25.0
181,0
600,0
6,941,5 1,587,8
602,6
Merchants' Ex_
6,145,6 25.4
616,2
1,000,0 2,517,2
8,153,0 1,045,4
Gallatin
94,1
2,272,9 25.0
2,726,2
474,9
300,0
162,0
Butch. (3, Drov.
8,207,0 25.0
207,8
7,365,4 1,845,2
845,4
500,0
Greenwich
5,000,0 4,252,9 32,062,4 5,349,1 2,556,2 30,180,4 26.3
Am. Exchange_
27.1
117,469,9
6,872,8
24,899,4
140,454,1
16,601,4
25,000,0
Commerce
981,2 10,311,6 26.8
1,762,0
3,000,0 2,723.8 14,087.4
Mercantile
3,115,0 30.5
489,1
464,3
3,520,5
927,8
Pacific
500,0
8,481,6 25.7
1,025,8 1,156,4
8,116,4
450,0 1,012,4
Chatham
1,962,5 29.8
147,8
438,0
1,921,5
200,0
480,3
People's
3,000,0 12,069,9 61,841,8 12,262,0 7,491,5 70,332,5 28.1
Hanover
230,6 20,958,4 26.6
Citizens' Cent
2,550,0 1,713,2 21,615,5 5,310,0
7,917,0 23.6
590,5 1,278,1
7,176,4
546,0
Nassau
500,0
8,357,0 28.7
623,6
8,375,6 1,778,0
Market & Fult'n 1,000,0 1,749,1
13,011,4 25.7
262,4
Metropolitan _ _
2,000,0 1,518,8 12,432,7 3,102,9
Corn Exchange. 3,000,0 5,429,2 39,886,0 7,013,0 4,707,0 46,199,0 25.3
Imp. & Traders' 1,500,0 7,675,1 25,352,0 4,116,0 1,853,0 22,757,0 26.2
Park
5,000,0 12,550,1 80,319,0 20,464,0 1,538,0 83,794,0 26.2
East River_ _ _.
250,0
111,9
1,369,7
337,4
153,6
1,582,4 31.0
Fourth
5,000,0 5,636,0 27,427,0 4,864,0 2,300,0 26,496,0 27.0
1,000,0 2,116,1 12,513,0 2,921,0
Second
136,0 12,056,0 25.3
10,000,0 20,913,1 93,646,1 23,853,2 1,844,1 84,371,4 30.4
First
Irving Exch.._
2,000,0 1,741,1 22,276,2 4,776,4 1,296,8 23,256,7 26.1
Bowery
250,0
802,7
3,433,0
827,0
58,0
3,583,0 24.7
N. Y. County
500,0 1,726,6
7,748,6 1,155,0
577,4
7,503,3 23.5
German -Amer_
750,0
711,2
3,989,9
842,7
226,1
3,865,0 27.6
5,000,0 8,108,3 70,480,2 16,452,6 5,212,7 77,237,5 28.0
Chase
100,0 2,170,6 12,357,5 2,067,2 1,390,7 13,752,7 25.1
Fifth Avenue
4,090,8 25.0
500,2
German Exch...
200,0
901,3
3,870,6
520,2
6,574,0 22.6
504,7
200,0 1,023,4
5,006,5
761,9
Germania
759,2 14,239,9 24.3
1,000,0 1,563,1 13,809,7 2,710,1
Lincoln
8,323,6 27.4
580,2
1,000,0 1,208,7
8,158,6 1,700,5
Garfield
3,397,6 25.4
359,7
506,7
250,0
510,4
3,325,7
Fifth
1,000,0 2,088,4 11,56-7,2 1,317,5 1,460,0 11,365,1 24.4
Metropolis
4,482,0 24.5
225,0
877,0
4,095,0
200,0 1,051,5
West Side
1,000,0 1,977,2 19,966,0 4,503,0 1,750,0 23,257,0 26 8
Seaboard
846,8 17,452,1 32.4
1,000,0 2,719,9 16,042,9 4,819,7
Liberty
9,251,9 24.8
206,2
7,877,3 2,092,0
735,6
N. Y.Prod. Ex. 1,000,0
322,0 18,6139,0 25.8
1,000,0
893,2 15,167,0 4,513,0
State
6,716,7 26.7
611,8
5,992,0 1,183,6
311,2
1,000,0
14th Street- _
5,762,0 26.0
867,0
634,0
5,751,0
408,9
1,000,0
Coal & Iron_ __ _
8,536,1 25.6
934,0
970,7
8,689,9 1,253,3
Union Exch.... 1,000,0
Totals, Average 133,350,0 196,577,1 1214,416,5 246,360,2 68,825,5 1187,663,2 26.5
1222,305,0 247,250,9169,753,0 1197,296,8 26.5
Actual figures 1Nov. 26..
On the basis of averages, circulation amounted to 648,564,200 and United Staters
deposits (included in deposits) to $1,662,000; actual figures November 19, circulation, $48,532,200; United States deposits, $1,642,000.

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 tile State, as per the
following:
For definitions and rules under which the various items are
made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended Nov. 26.

Trust Cos.
State Banks
State Banks
Trust Cos.
outside of
In
In
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. F.
*9,075,000

Capital as of Nov. 10_ _

25,275,000

65,406,000

*8,998,000

Surplus as of Nov. 10_

39,391,800

174,583,300

*10,891,650

*9,817,991

287,909,100 1,006,127,900
-1,719,000 -10,958,300

95,159,200
-477,600

142,548,800
-92,300

330,485,400 1,042,741,600
+220,800
-365,100

100,501,900
-1,507,700

147,803,800
-291,400

131,189,800
-499,000

20,427,100
-705,300

20,538,500
-232,900

Loans and investments_ _
Change from last week _
Specie
Change front last week_

46,051,200
-406,200

112,746,400
-435,100

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

24,522,400
+353,400

12,742,100
-97,500

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

90,711,900
+65,100

P.C. reserve to deposits_ _
Percentage last. week

28.1%
28.1%

15.8%
• 15.6%

21.1
21.5%

. 14.5%
14.6%

+ Increase over last week. -Decrease from last week. * As of Aug. 31.
Note.-"Surplus" includes all undivided profits. "Reserve on deposits" Includes, for both trust companies and State banks, not only cash items, but amounts
due from reserve agents. Trust companies in New York State are required by
law to 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, represented by certificates, and also exclusive of depostis 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 of deposits
exclusive of 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 of New York.
-Trust Cos.- -State BanksOf
Total
Total
Of
Reserve Required for Trust Companies
which
Reserve
which Reserve
and State Banks.
LocationRequired in Cash.Required. in Cash.
15%
157,
25%
15 ,
Manhattan Borough
10%
10%
20%
Brooklyn Borough(without branches in Manhat.).15%
734%
10'''
15%
Other Boroughs (without branches in Manhattan).15^'
20%
20%
15%,
Brooklyn Borough, with branches in Manhattan...15%,
15%
15%
Other Boroughs with branches In Manhattan
15%
15%
6%
16%
6%
10%
Elsewhere in State

DEO. 3 1910.

THE CHRONICLE

1493

The Banking Department also undertakes to present
Boston and Philadelphia Banks.-Below is a summary of
separate figures indicating the totals for the State banks and the weekly totals of the Clearing-Ho
use banks of Boston
trust companies in the Greater New York not in the Clearing and Philadelphia.
House. These figures are shown in the table below, as are
we omit two ciphers(00)in all these!Wet.
also the results (both actual and average) for the ClearingHouse banks. In addition, we have combined each corre- Banks. Copilot
and
Loans.
Specie. Legals. Deposits. a Circu- Clearings.
sponding item in the two statements, thus affording an
Surplus.
lation.
aggregate for the whole of the banks and trust companies in Boston.
$
Nov. 5__ 40,200,0 205,663,0 24,581,0 5,194,0 251,589,0
the Greater New York.
Nov.12.. 40,200,0 206,023,0 23,701,0 4,478,0 245,346,0 7,972,0 201,362,4
7,965,0 157,615,1
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Week ended Nov. 26.
Banks.
Banks.
Trust Cos. not Banks& Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average.
Capital as of Nov. 10_ _

133,350,000

133,350,000

74,731,000

208,031,000

Surplus as of Nov. 10_ _

196,577,100

196,577,100

183,170,000

379,747,10Q

Loans and investments 1,222,305,000 1,214,416,500 1,005,426,800 2,309,813,300
Change from last week +17,333,400 +12,907,900 -12,944,700
-36,800
Deposits
1,197,200,800 1,187,663,200 al.045,097,100 2,232,760,300
Change from last week +20,163,500 +17,348,100 -12,252,500 +5,095,600
Specie
Change from last week

247,250,900
+1,817,300

246,360,200
+3,039,400

119,541,600
-518,100

365,901,800
+2,521,300

Legal-tenders
Change from last week

69,753,000
+1,201,600

68,825,500
+1,704,200

b21,004,100
-303,600

80,829,600
+1,490,600

Aggr'te money holdings
Change from last week

317,003,900
+3,018,900

315,185,700
+4,833,600

c140,515,700
-821,700

455,731,400
+4,011,900

23,013,200
-114,700

23,013,200
-114,700
478,744,600
+3,897,200

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

317,003,000
+3,018,000

315,185,700
+4,833,600

163,558,900
-936,400

Percentage to deposits
requiring reserve _.. _
Percentage last week

26.51%
26.71%

26.57%
26.55%

17.4%
17.3%

Surplus reserve

40,200,0 200,954,0 24,021,0 3,904,0 245,558,0 7,981,0
40,200,0 199,385,0 23,708,0 3,803,0 231,894,0 7,977,0
55,465,0 253,646,0
68,857,0
301,304,0 16,045,0
55,465,0 253,989,0
67,494,0
302,816,0 16,055,0
55,465,0 252,431,0
69,943,0
300,020,0 16,078,0
55,465,0 252,029,0
71,029,0
302,701,0 15,873,0

187,550,6
135,073,3
155,102,7
134,455;8
167,889.8
130,869.8

a Includ ng Government deposits and the item
to other banks." At Boston
Government deposits amounted to $3,051,000 on"due
November 26, against $3.057.000
on November 19.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov.26; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
For week.
Dry goods
General merchandise
Total
Since January 1.
Dry goods
General merchandise
Total 47 weeks

1910.

1909.

$3,187,801
14,346,698

$3,256,890
13,978,983

1908.

1907.

32,509,652
10,993,097

13,023,272
10,087.408

$17.534,499 $17,235,873 $13,502,749 $13,110,680
$142,554,126 $152,273,218 $113,005,070 $168,042.238
681,789,861 638,650,349 461,926,863 605,007,102
$824,343,987 $790,923,567 $574,931,933 $773,049,340

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov. 26 and from Jan. 1 to date:

18,269,000

17,679,700

Nov.19..
Nov. 26_ _
Phila.
Nov. 5..
Nov. 12..
Nov. 19..
Nov. 26_ _

...,,"re-E Increase over last week.
Decrease from last week.
kra These are the deposits after eliminating the item "Due from reserve depositories
and;other banks and trust companies in New York City"; with this item included,
deposits amounted to $1,154,605,700, a decrease of $881,000 from last week. In the
ease of the Clearing-House banks, the deposits are "net" both for the average and
the actual figures. b Includes bank notes. c Of this amount State banks held
$15,057,200 and trust companies $125,488,500.

EXPORTS FROM NEW YORK FOR THE WEEK.

For the week
Previously reported

1910.
1909.
1908.
1907.
$10,320,437 812,418,031 $8,539,558 $15,719,598
611,750,536 551,409,111 568,026,494 570,820,911
622,070,973 6563,827,142 576,566,052 586,540,509

The averages of the New York Clearing-House banks
Total 47 weeks
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing-House compare
The following table shows the exports and imports of
as follows for a series of weeks past:
specie at the port of New York for the week ending Nov. 26
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
and since Jan. 1 1910, and for the corresponding periods in
GREATER NEW YORK.
1909 and 1908:
We omit two ciphers in all thesefigures.
Week
Ended.

Loans and
Investments.

Deposits,

Specie.

Sept. 24_
Oct. 1_
Oct. 8__
Oct. 15__
Oct. 22__
Oct. 29__
Nov. 5__
Nov. 12__
Nov. 19._
Nov. 26._

2,375,411,8
2,388,453,3
2,387,881,5
2,382,131,5
2,305,975,6
2,358,583,6
2,361,503,2
2,340,467,7
2.309,880.1
2,300,843,3

2,329,379,2
2,330,077,9
2,316,630,7
2,306,865,9
2,287,487,9
2,273,641,0
2,271,515,7
2,248,637,7
2,227,664,7
2,232,760,3

$
392,538,2
382,271,2
374,198,8
371,151,9
367,935,1
364,544,7
357,466,7
355,905,1
363,380,5
365,001,8

Tot. Money Entire Res.
Holdings. on Deposit.

Legal.

Gold.
88,911,4
89,226,2
87,948,8
88,364,2
88,481,0
89,325,5
88,230,4
87,892,2
88,339,0
89,829,6

481,449,6
471,497,4
462,147,6
459,516,1
456,416,1
453,870,2
445,097,1
443,797,3
451,719,5
455,731,4

508,147,8
497,810,3
489,103.9
484,935,4
480,663,0
477,425,5
470,422,9
467,943,4
474,847,4
1478,744,6

Reports of Clearing Non-Member Banks.-The following
Is the statement of condition of the clearing non-member
banks for the week ending November 26, based on average
daily results:
We omit two ciphers(00)in all thesefigures.

Banks.

Capitat.

Surplus.

Loans,
Legal
Deposit with
Disc'ts
Tender
and
Specie. and
Clear- Other
Net
InvestBank
ing
Banks, Deposits.
menu.
Notes. Agent.
&c.

N. Y. City
Boroughs of
Man.& Brx.
$
Wash. Hgts 100,0
274,3 1,232,0
Century
250,0
155,6 1,341.5
Colonial
391,4 5,486,3
400,0
Columbia - _
300,0
775,8 6,257,0
Fidelity _- 200,0
172,5 1,023,5
Jefferson__ _
500,0
537,5 3,120,4
Mt. Morris_ 250.0
313,9 2,420,0
Mutual- 200,0
379,5 3,237,9
Plaza
100,0
462,0 4,257,0
23d Ward_ _
200,0
110,6 1,846,8
Yorkville _ _
100,0
482,0 3,947,9
New Neth'd 200,0
259,8 2,382,0
Batt.P.Nat. 200,0
164,0 1,531,5
300,0
Aetna Nat_
315,7 2,125,4
Borough of
Brooklyn
534,2 3,295,6 •
Broadway _ 200,0
838,4 5,590,5
Mfrs.' Nat. 252,0
882,0 11,161,6
Mechanics'_ 1,000,0
Nassau Nat. 750,0 1,018,1 6,568,0
614,9 3,802,0
Nat. City.. 300,0
North Side_ 200,0
149,5 2,115,0
623,9 3,353,0
First Nat_
300,0
Jersey City.
First Nat.. 400,0 1,264,0 5,137,4
Hud.Co.Nat 250,0
703,1 3,106,7
200,0
Third Nat_
400,9 2,118,8
Hoboken.
626,0 3,185,9
First Nat.. 220,0
267,4 2,769,0
Second Nat. 125,0

139,0
29,5
877,5
609,0
81,1
221,2
461,8
20,3
349,0
156,6
72,7
252,0
187,0
453,6

52,0
189,2
497.6
572,0
87,5
295,4
31,8
594,1
356,0
49,2
683,8
85,0
48,2
45,2

123,0
90,9
570,3
625,0
101,8
195,4
408,5
559,2
669,0
200,7
218,9
250,0
93,6
40,5

• 18,0 1,186,0
187,4 1,424,7
232,5 7,009,2
65,0 7,033,0
1,028,9
516,0 3,680,2
93,9 3,198,6
4,066,4
5,162,0
1,952,8
260,5 5,034,7
24,0 2,523,0
60,9 1,304,5
26,4 2,056,5

26,3 372,1
451,0 173,7
332,1 1,220,1
562,0 276,0
100,0 571,0
137,1 116,6
326,0
82,0

256,9
712,2
1,270,3
1,127,0
537,0
205,3
299,0

133,6 3,491,3
125,0 5,635,3
221,1 14,107,3
6,581,0
1-61,6 4,772,0
87,6 2,424,1
38,0 2,939,0

324,3 2,388,9
60,5
296,3
91,9
338,6

144,0 6,801,1
112,1 2,614,6
15,2 2,064,2

299,9
143,2
55,0
140,0
111,8

37,4
92,1

154,1
62,0

79,3 2,863,0
146,0 2,864,5

Tot. Nov.26 7,497,0 12,777,0 92,413.6 0,603,7 7,005,1 11,794,4 2,740,5 103817,0
Tot. Nov.19 7,497,0 12,568,6 93,431,5 6,703,3 7,170,5 10,654,5 2,815,5 104112,3
Tot. Nov.12 7,497,0 12,469,2 94,666,7 6,610,0 7,546,1 12,788,6 3,244,5 107801,7




EXPORTS AND IMPORTS OF SPECIE 7AT NEW YORK.
Exports,
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

32,150,000
$55,200

4,455
3,452,617
9,493,766
41,900

Total 1910
Total 1909
Total 1908

555,200 45,142,738
4,839,200 87,368,717
23,900 48,325,200

Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1910
Total 1909
Total 1908

inceJan.l.

$609,981
27,900
1,019
200

5,910,589
2,198,600
596,438
72,926

1,241

47,825
7,746

$640,345 38,834,124
607,365 40,132,450
502,431 38,656,557

Imports.
Week.

nceJan.l.

13,469,736
533,0791 3,569,079
314
I
554,490
29,4751
38,9861
286,471
53,6221 2,085,612
53,2041__1,532,869
5208,360121,498,561
128,9871 7,953,992
158,668 15,877.136
5951

I

1,1531
131,8271
50,2621
2,7901

$13,344
5.719
13,310
78,117
1,697,981
1,204,204
1,411,213

$186,127 $4,423,893
237,384 4,893,141
55,641 3,707,877

Of the above imports for the week in 1910, $29,520 were
American gold coin and $752 American silver coin. Of
the exports during the same time, $55,200 were American
gold coin and 200 were American silver cpin.

Naniting and ginanciaL

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

Spencer Trask & Co.
43 EXCHANGE PLACE.- - - NEW YORK.
Chicago, III.,
Boston, Mass.,
Albany, N. Y.
Members New York Stock Exchange,

WHITE, WELD & CO.
Members New York Stock Exchange.
5 NASSAU STREET:
THE ROOKERY:
NEW YORK
CHICAGO

IVoL Lxxxxi.

THE CHRONICLE

1494

Vaulters'. Oztertte.
• Wall Street, Friday Night, Dec. 2
'Me Money Market and Financial Situation.-A

1910.
steadily
progressing movement downward has characterized the
security markets throughout the week. This result of the
week's operations seems more logical and more in harmony
'with existing conditions than the general upward trend of
prices which had been in progress for a considerable time
previously.
Current reports of railway net earnings are undoubtedly
the most important feature of these conditions and one which,
in view of the attitude maintained by the Inter-State Comtherce Commission towards our railroads, promises to be of
increasing interest. Next in importance, perhaps, and
closely allied with the above, is the present state of the
iron and steel industry.
If prominent authority in that industry has been correctly
quoted, the iron and steel business is suffering largely from
a lack of orders from the railroads and there is little hope
of more activity until the railroads are again purchasers of
steel products. It is evident therefore that some of the
largest employers of labor in the country are restricted in
their operations because the railroads have reduced equipment and supply orders to a minimum-the cause for which
is too well-known to require mention here.
The foreign financial situation is reflected in a reduction
of the Bank of England's discount rate to 43'%. The
purpose for which the rate was raised to 5% on October 20
seems to have been accomplished, as the weekly statement
shows a percentage of reserve substantially larger than the
average for a series of years. The local money market
remains easy, with rates practically unchanged.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 to 22%. To-day's rates on call were 24@2%%.
Commercial paper quoted at 43@5% for 60 to 90-day endorsements, 49@53<% for prime 4 to 6 months' single
names and 5@6% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of ..£40,448 and the percentage
of reserve to liabilities was 50.25, against 51.48 last week.
The rate of discount was reduced Dec. 1 from 5%, as fixed
October 20, to 43/2%. The Bank of France shows a decrease
of 8,625,000 francs gold and 7,875,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1910.
Averages for
week ending
Nov. 26.

Differences
from
previous week.

1909.
Averages for
week ending
Nov. 27.

1908.
Averages for
week ending
Nov. 28.

8
6
127,350,000 126,350,000
133,350,000
Capital
180,024,400 163,720,100
196,577,100
Surplus
Loans and discounts__ _ 1,214,413,500 inc. 12,907,900 1,196,167,100 1,340,537,100
45,542,100
52,985,200
79,400
48,564,200 Dee.
Circulation
1,187,663,200 Inc. 17,348,100 1,175,582;100 1,425,375,000
Net deposits
8,821,700
16,900
1,680,100
1,662,000 Inc.
U. S. dep. (Incl. above)
248,380,200 Inc. 3,039,400 235,090,600 301,427,200
Specie
80,047,200
68,118,800
1,794,200
Inc.
68.825,500
Legal tenders
Reserve held
25% of deposits

315,185,700 Inc. 4,833,600
296,915,800 Inc. 4,337,025

Surplus reserve
Surplus, excl. U. S. dep

303,209,400
293,695,525

384,474,400
358,343,750

18,269,900 Inc.

498,575

9,313,875

28,130,650

18,685,400 Inc.

500,800

9,733,900

30,330,075

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

Foreign Exchange.-The week has been an uneventful one.
Demand sterling has moved quietly between 4 85% and
4 8610, with cable transfers about Mc. higher. The close
to-night was at the top.
To-day's (Friday's) nominal rates for sterling exchange
were 4 83 for sixty day and 4 87 for sight. To-day's actual
rates for sterling exchange were 4 8245@4 8255 for sixty
for
days, 4 8G®4 8610 for cheques and 4 8650@4 8660
cables. Commercial on banks 4 82104 823 and documents
for payment 4 824@)4 823/2. Cotton for payment 4 81%@,
grain for payment 4 82%@4 829.
'francs
• To-day's (Friday's) actual rates for Paris bankers
1-32@
were 5 22%0,5 21% less 1-16 for long and 5 20 less
94 5-16@
5 20 for short. Germany bankers' marks were
for short.
94% for long and 95 1-16 less 1-32(395 1-16
Amsterdam bankers' guilders were 40 20@40 22 for short.
Exchange at Paris on London, 25f. 28%c.; week's range

4 82 and

, Sc. per $1,000 discount. St. Paul,
premium. St. Louis.
60c. per $1,000 premium. Savannah, buying, 3-16c. per
$1,000 discount; selling, par. Montreal, 15%c. per $1,000
discount.
State and Railroad Bonds.-Sales of State bonds at the
Board include 840,000 New York Canal 4s at 104% to 104%
and $11,000 Virginia 6s deferred trust receipts at 37 to 39.
The market for railway and industrial bonds has been
again dull, the transactions averaging below $2,000,000, par
value, per day; and prices are lower in sympathy with the
market for shares.
The notably weak issues have been Amer. Telephone &
Telegraph 4s, Baltimore & Ohio gold 4s, Seaboard Air Line
5s, Union Pacific cony. 4s and General Electric 5s. Distilling
Securities Corp. 5s are unique in that they show an advance
of over % a point.

United States Bonds.-Sales of Government bonds at the
Board $5,000 4s.reg. at 1153. The following are the daily
closing quotations; for yearly range see third page follcrwing.
Interest
Periods
registered Q-Jan
2s, 1930
coupon Q-Jan
23, 1930
registered Q-Feb
is. 1908-18
ceupon CZ-Feb
3s, 1506-18
registered Q-Feb
4s, 1925
coupon Q-Feb
4s, 1925
2s, 1936_Panama Canal regis '-f-Feb
2s, 1933_Panaess. Canal regt. (1-Nov

Nov.
26

Nov.
28

Nov.
29

Nov.
30

Dec.
1

Dec.
2

*100% *1003
% *1003% 1003% *1003% *1003%
*100% *100% *100% '1003% 01003% *100%
*1013% *101% *1013% ,1013% 01013% *1013%
%
3 *1013% *1013% *tom *Ka% *1013
*101%
*1153% *115% *115% 115.14 *1153% 1153%
*115% *1153% *1 153% 115 `1151Z, *11534
.100h *10014 "1003% 100% *1003% *100%
"100% *1003% *100% 1003% "100% *1003%

* This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-The stock market has
been much more active than for several weeks past,coincident
with the downward movement mentioned above. Nothing
occurred during the week to check that movement and the
speculative element, which has held practically undisputed
control of the market, succeeded in its efforts to depress
values,with the result that a long list of active shares declined
from 4 to 9 points.
Lehigh Valley shares, listed on the New York Exchange
this week, lost a substantial part of the advance recorded in
the Philadelphia market last month. After recovering
somewhat, it closes with a net loss of 10 points. Denver
454
& Rio Grande has covered a range of 9 points, closing
points,
69.
covered
Pacific
Missouri
the
lowest.
above
points
General Electric 654 and Reading Wt.
United States Steel declined steadily on rather unsatisfactory reports of the outlook as well as the present condition
of the iron and steel business. Steel preferred declined
over 3 points and the entire industrial list has followed the
trend of the market.

For daily volume of business see page

1504.
The following sales have occurred this week of shares not
re -iresented in our detailed list on, the pages which follow:
. STOCKS.
Week ending Dec. 2.

Sales
for
Week

Range for Week.
Lowest.

Highest.

200 89;5 Dec 1 893% Dec 1
Amer Brake Shoe & Fdy
23 80 Dec 2 80 Dec 2
Amer Telegraph & Cable
800 52% Nov 30 823% Nov 3
Batoplia.s Mining
100 107 Nov 30 107 Nov 3
Buffalo Koch & Pittsb..
300 1103% Nov 29 110% Nov 3
Colo Fuel & Iron, pref. _
1,000 20c. Dec 2 25o. Dec 2
Comstock Tunnel
100 83 Dee 2 83 Dec 2
_
pref.
E I du Pont Pow.
30 103% Nov 28 103% Nov 28
General Chemical, pref _ _
170 4% Nov 30 4% Nov 3
Keokuk & Des Moines_ _
'Co 40 Dec 1 40 Dec 1
Lackawanna Steel
100 65 Dec 2 65 Dec 2
New York Dock, pref._ _
10 sog Nov 28 393i Nov 28
North Ohio Trae & Light
100 38 Nov 28 38 Nov 28
Rutland. preferred
10 18 Nov 28 18 Nov 26
St Joseph & Grand Isl....
120 Nov 28 120 Nov 28
800
pf
Co,
&
Roebuck
Sears,

Range since Jan. 1.
Lowest.
833%
71
52
95
107
20e.
83
101%
43%
34
65
35
28
18
120

Highest.

Oct 91%
Sept 88
Sept 8335
May 107
Oct 116
Dec 36e.
Nov 88
June 107
July 9
Oct 45
Dec 88
Feb 39%
Feb 44
June 20
Oct 121;5

Nov
Oct
Jan
Nov
Jan
Jan
Jan
Mch
Jan
May
Mch
Nov
Nov
Apr
Mch

Outside Market.-A general sagging of prices took place
in the "curb" market this week and few issues failed to
show at least a fractional recession, and in some cases a deusual has
cline of a point or more was recorded. Business as
Copper
been mainly in mining shares. British Columbia
/s. Butte Coalition went down from 183/2
fell from 63/2 to 63
dropping
to 173%. Chino was one of the weakest features,
22%. Giroux,
from 243% to 223/s, the close to-day being at
3 to 7%,sank to 654. Greene Canaafter an advance from 7%
nea lost about half a point, declining to 6%. Inspiration
Maat 93/2.
receded from 103 to 9 7-16 and ends the week
3
ran down from
son Valley lost over a point to 9%. Miami
203 to 193/2. Ray Central weakened from 23/2 to 2 1-16.
Ray Consolidated sold off sharply from 213i1 to 183/2 and

to
finished to-day at 18%. Herr Lake reacted from 73
6 13-16. La Rose Consolidated sold down from 43% to 43/2.
25f. 31c. high and 25f. 283./2c. low.
Nipissing moved up from 103% to 11 and down finally to
Exchange at Berlin on London, 20113. 47pf.; week's range, 1054. Miscellaneous securities were quiet and lower. Ameri%pf. low.
20m. 48%pf. high and 20in. 463
can Tobacco lost 13 points to 403,and finished to-day at 408.
follows:
The range of foreign exchange for the week
American Writing Paper preferred sold down from 293% to
Cables.
Cheques.
Sixty Days.
Sterling, Actual4
Intercontinental Rubber up to Thursday had lost
8665
8610
283/2.
4
83
4
High for the week
4 8635
to
4 8585
•
4 823%
Low for the week
about a point,to 2831, and thereafter sold down sharply
Paris Bankers' Francspreferred rose from 1003/2 to 101 34
Steel
5
less
Pittsburgh
1-32
263%.
193%
20
5
1-16
less
31!
5 21
High for the week
went
520 less 1-32
5 20 less 3-32
sank to 100 and sold finally at 101. Standard Oil
Low for the week
Germany Hankers' Marksfrom 6143 to 6123% and up to 615. Among bonds,
down
953%
1-32
less
1-16
95
'943%
High for the week
a
94 15-16 less 1-32 95 lees 1-32
94 3-16
American Smelters Securities Os, w. i.," having suffered
Low for the week
Amsterdam Bankers' Guildersclosing day of last week, from 102 to
the
on
reaction
sharp
40
26
22
40
40 02 .
High for the week
to sub40 20
40 16
39 96
1003, advanced this week to 101. The "rights"
Low for the week
were traded in from 1-16 up to N.
bonds
at
new
the
the
exchange
to
domestic
scribe
for
rates
the
are
. The following
%
923
5s sold down from 933% to 2 and at
undermentioned- cities at the close of the week: Chicago, 10c. Western Pacific
San
Francisco,
finally.
cash.
for
par
Boston,
per $1,000 discount.
Outside quotations will be found on page 1504.
par. Charleston, buying, par; selling, 1-10c. per $1,000




New York Stock Exchange -Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Nov. 26

Monday
Nov. 23

Tuesday
Nov. 29

Wednesday
Nov. 30

Thursday
Dec. 1

Friday
Dec. 2

Sees of
th.
WePlc
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Range Since Januaty 1.
On basis of 100-share tots
Lowest

Highest

30
*25
30
*25
30
*25
30
A nn Arbor
30
*25
30 *25
*25
Mch 2
25 Feb 26
70
*65
*65
70
70
*65
70
*65
70
*65
ex Do pre
70
*65
4812 Feb 25 7212 Mch 8
10333 10358 10013 10313 10078 10118 10018 10178 9534 10058 9913 10013 57.800 ...AO Topeka & Santa Fe 6034 J'iy 2‘, 12418 Jan 3
Do pref
10114 10114 101 10118 101 10114 10114 10114 10118 10114 10113 10113 1,400
z97 J'ly 1 16414 Jan 10
*11713 119
117 11718 117 117
114 115
11312 115
1,300 Atlantic Coast Line It It_ _ 10212 J'ly 26 13712 Jan 5
11538 116
*107 10712 10134 101
10534 1004 10512 10618 10434 10139 10112 10558 8,321 I_Zaltimore dc Ohio
11014 Sep .6 15'3's Jan 8
*38
91
8714 Sep 40 04 Jan 7
91
*88
*88
90
100 I, Do pref
*88
01
90
8918 8918 *89
7734 7734 7512 7738 7512 7638 75
6813 Feb / 82s Mhy2
7614 75
7558 7334 7512 21.740 Brooklyn Rapid 'I rans't1964 19679 19914 19638 10412 19514 .r192 19312 10212 193
7,600 einadian Pacific
19112 103
176, Feb 8 20238 Nov 1
,anada Southern
*62
701: *62
7012 *62
7013
7013 *62
7012 *62
an 4
7013 *62
6012 J'IY Ic 70
Central of New Jersey_ 248 J'ly 26 312 Jan 7
*275 285 *275 235 4270 285 *270 285 *265 230 4265 280
8412 8478 82
65 Aug 2 1+2 Jan 3
8417 8113 83
8078 8218 7012 8178 7914 8034 65,195 Chesapeake & Ohio
Chicago & Alton 1411
40
*30
40
*30
*30
*30
(634 Jail 3
90
40
*30
36
*30
40
2378 J'IY
Do pref
66 *____ 66 *____ 66
64/8 J'ne
69 Apr 1
6612 *____ 6613 *___ 66
4,000 Chic Gt Wes, trust eV's_
*23
2334 2213 2318 2214 2258 22
2218 2134 22
19 J'iy Lti 36¼ Jan 3
2212 22
Do pret trust eta
*46
615
46
45
48
40 XII' 76 6413Jan 10
45
47
*45
*44
4712 4418 4478 *43
Chicago
311Iw
& St Paul
12412 125
12218 12438 122 12314 122 12314 120 12234 11912 12117 55,280
11334.1.ce3° 15838 Jan 3
I4o pre
1.385
*14712 150
146 14714 14612 14613 14612 14613 145 146 *145 146
143 Sep % 1724 Jan 3
6.810 Chicago & North Western 13714 et/ 213 18213 Jan 3
*145 . 130
144 14534 14413 145
14412 14417 144 14414 14134 144
Do
pref
*100 205
210
210 *190 210 *190 210 *190 210
203 J'ne27 225 Jan 6
Chic St P Minn & Omaha 140 Apr 28 16212 Feb 23
*140 150 *140 150 *133 150 4,135 150 *135 150 *135 145
Do pref
*180 170 4160 170 *160 170 *160 170 *160 170 *160 170
§190 Apr 25 317014 Feb 18
Chic Un 'frac ctfs stiupd
312 *234 317 *234 314 *24 312 *214 334 *234 313
*3
212 May24
538 Jan 4
Do pref otIs strnpd
478 Sep 78 1214 Jan 4
8
*6
*612 812 *6
8
*0
*6
8
*6
8
8
69
*67
67 *64
*64
*64
67
67
67
200 Cleve Clia Chic de St L
67
*64
67
61 Nov 1 9214 Mch
Do
pref
69 Sep 14 104 Jan 15
*9853 105
*9858 110
*9858 105
*9358 105
*9858 105
*9858 103
*5812 5912 *53
59
5912 5912 *59
*58
60
950 colored° & Southern
1534 Feb 23
48 J'ly
5713
59
57
Do 1. t preferred
*74
*74
77
77
77 *74
76
*74
Si Mon 4
*74
76
76
*74
70 J'ly
Do
2d
preferred
*72
77
*72
70 Aug 1 81 Jan 6
77
*72
77
76
*72
*72
76
*72
76
168 169 .7165 166
170 170
16412 16513 16078 161
14914 J'Iy 29 183 Jan 3
2.400
162 163
Lack &
*500 575 *500 575 R500 575 *500 575 *500 575 *500 575
496 J'ly :O ."2..) Melt 21
9314 J'ly
33
3034 32
*32
3014 3012 2734 3014 2514 29
82 Jan 3
12,670 1)enver & (lid Grande._
29
27
Do prof
17414 7414 7118 7317 7212 7212 6934 7212 6412 6934 6813 70
9258 J'ly 26 84 Jan 3
18,108
61
*51
*51
61
*53
45J'ly 11 66 Jan 27
61
*53
52
400 Detroit United
52
53
53
*1134 1318 1114 1134 *1118 12
10 J'/Y 1
*114
325 Du!uth So Shore & Atlan
1834 Jan 3
§1214 1214 *1012 12
*2218 24
22
22
*2112 23
394 Jan 4
17 J'11,
*2134
200 Do pre
*2113 2213 *2114 2214
2934 2978 2812 2910 2813 2858 2712 2812 2634 271: 2634 2717 14,800
102 J ly 76 343 Jan 5
*4758 49
47
J'ly _7 5234 Mob 8
481.2
rieDo 1st pref
. 4634 9714 46
4412 4514 2,300
4612 4412 45
*3612 3778 35
7614 J'ly 27 42 Mch 8
35
Do 2d pref
35
35
3612 34
*3412 3612 *34
35
500
124 12111 1211* 12358 12114 123
118 J'iy %.6 i438 Jan 3
12133 12212 12014 12134 12012 12112 18,850 Great Northern prof
53
59
59
5912 5734 58
45 J'iy 9 9017 Jan 4
5714 5833 5612 5714 50
57
3.200 Iron Ore properties
*14
15
1334 14
t Aug 10
13i2 1312 *1314 1414 *1312 14
*1312 14
23 Green Bay & W, deb (Atli
1318 Mch 22
881: Ja., 70 971_ Apr 14
avana Electric
*93
_
*93
......
9412 *___ 9412 *9312
9312 Nov17 99 Jan 4
9412 *9313 9412 *___ 9412
Do pre
*125 135 *125 135 4,125 135 *125 135 *125 135 *125 13918
flock in.; Val ley
102 May 5 140 Oct 4
*13312 135
13234 13412 132 132
124 JOY 26 14/ ottil 5
13134 13134 12912 13014 12914 130
1,000 'Artois Central
2012 2012 19
2013 1914 1978 1834 1918 1878 1914 1814 1912 18,400 nterboro-Metropoll tan _
1414 J'1Y 26 73(3 Jan 11
Do pref
5512 5512 5218 5514 53
4112 J'ly 26 ,278 ;Jan 12
5334 5112 5314 5112 5318 5113 5213 14,000
1914 17
*20
1,125 Iowa Central
2012 *1912 2012 *1912 20
18
15 J'ne3t, 30 Jan 3
1914 1014 §19
Do pref
*3412 36
8414 Jan 3
3114 1,830
25 J'iy
3512 3312 3358 3334 3378 3112 3112 30
33
V C Ft S & M tr cfs, pref 68 Aug 2 1:0 Feb 18
• *75
7612 *74
7712 *75
7713 *75
78
7712 *75
7712 *75
3038 2,825 Xyansas City Southern-*3213 3312 32
13 J'iy 26 4414 Jan 3
3234 3114 3138 3012 3114 3014 3012 30
Do pref
*6212 661., 6538 6538 *6212 6512
*66
67
65
65
66
300
66
b3 Aug 2 71 Jan 4
15
ake Erie & 1,Ve2tern
2534 Jan 5
*15
*15
*14
20
*15
20
20
20
*15
*15
20
20
Do pre(
39 Oct 1 6234 .lan 3
3912 3912 *37
*37
40
*39
43
43
*37
40
*39
40
100
17912 18313 180 18334 179 18158 177 1801: 118,370 Lehigh Valley
17912 186
177 Dec 2 186 Nov28
47,i 67 *63 67 64 64 63 63 *6213 67 *62 67
60 J'ly 1 (014 Apr 14
300 Lone Islautl
*14513 14538 141 14414 141 14278 14112 14278 140 14114 13012 14058 7,600 Louisville & Nastis
12117 J'IY
1594 Jan 5
*14014 14113 140 14012 140 140 *139 141 *140 142 *139 141
123 J'ne36 146 Oct 6
450
f=:
29
29
30
*27
26
23 J'ly 26 9334 Jan 4
tt 1E
2634 *2512 2731 *24
1ti;
1
-rM)1s
27
2512 2512
800
54
Do pref
*48
*48
*45
54
54
*43
*45
54
*45
54
54
40 Set) 21 80 Feb 24
1344 1344 130 13314 131 1311. 13012 13158 12918 13038 12053 131
114 J'ly
4,020 Minn St P & S S Marie
145 Mch 3
*147 14912 4,147 150 *14712 150 *146 149 *147 150 *147 150
Do pre
144 J'ne
15,02 Mch 2
*8812 8012 *8812 8019 *8912 8914 *3812 8914 89
x8014 Sep 20 9234 Jan 3
*8812 90
89
100 Do leased One ctts
*3334 3414 3212 3334 3238 33
3218 3112 3113 2912 3218 7,700 Mo Kansas & Texas
32
27 J'ly 26 1118 Jaa 5
Do
*6412 60
pref
64
61 *6363 63
*6314 6412 *62
6412
400
57 J'iy -6 14,
8 Jan 6
*51
5114 4918 51
48,4 -4-9-1-2 4512 4914 4414 4634 45
4612 19,050 Missouri Pacific
41 J'Iv 26 734 May23
Mash Chatt dc St Louis_ 125 J'iy 76 140 Nov 3
*135 145 *135 145 *135 145 *135 145 4135 145 *135 145
LI
at
*69
Rys of Alex 1st pre 90 Feb 3 7238 Nov 3
70
71
70
*68
*68
70
*68
7117 *68
*68
71
Do 2d pref
3618 3618 36
231, J'ly 26 37,2 NoV14
3612 3573 :3618 *3512 3614 3314 3578 35
3558 5.038
11312 11,34 1114 11312 11114 11214 11034 112
10978 11114 10918 11034 50,050 N Y Central & Hudson_ 1051,J'iy 76
Mch 9
*65
68
6112 6417 64
*63
*6412 60
64
65
66
66
400 N Y Chic & St Louis
5512 May 4 6878 Nov 3
Do 1st prof
*10112 110 *10112 110 *10112 110 0105 110 *104 110 *101 110
§101 J'1Y
10934 Jan 21
Do
2d
pref
*83
*87
94
*88
95
95
*87
94
95
*88
*86
94
8234 Apr 28 98 Jan 19
*152 154
15214 153 *153 15312 15214 15214 4152 153
149 Apr 28 302 Mch14
152 152
450 NY N Ii & Hartford
*147 14812 14634 148 *146 148 *146 148 *146 148
14678 14678
300 Subscription receipts z 3143 hie 10 11151 Mch 11
N
Y
42*
Ontario
1 421* 4134 9214 9138 4158 4113 4 134 4018 41
& Westein_
3934 4012 7,000
3812 Aug 2 50 Jan 5
995.3
8812 J'iy 26 1084 Mch 21
. 9958 9812 9012 9812 99
97
*97
9738 9612 07
09
4,000 Norfolk & Western
Do adjustment pret
*83
93
_ _ _ 93
03
*83
_ *83
93
98 Feb 2 9114 Mehl°
11638 11658 11414 1-1-6-4 11414 11514 11373 11458 11258 11414 11214 1131; 24,775 Northern Pacific
11112 Autt 3 145.58Jan 3
*102 110 *102 110 *102 110 *100 110 *100 108 *100 108
pacific Coast Co
100 Oct 13 11834 Jan 21
*90 110
*90 110
Do 1st pref
*90 110
*90 110
*go. 110 *90 110
*100 110 *100 110 *100 110 *100 110 *um 110 *100 110
Do 2d prel
105 Feb 14 118 Jan 3
1303 13058 12878 13i1 12913 12034 12858 12917 12814 129
12714 12834 43,301 Pennsylvania
12212 J'ly 26 13812 Mela 9
*95
9312 *95
09:2 97
497
97
96
06
89 J'iy 29 '0455 Mch 22
96
97
06
185 Pitt,b Cin Chic & St L.._
Do
oref
*110 11512 *110 11512 *108 1151.2 *108 1151:*100 1151* *108 1151:
11() Oct 25 116 Mch 1
15:›31 1534 14838 15212 14814 15014 14738 1504 14578 14838 14438 14717 789,400
13658 J'ly
17214 Feb 18
*89•2 881: *8712 831. *8712 8812 *8712 8817 *8712 8812 8312 8817
200
z85 Aug24 9312 Feb 17
95
2d pref
95
*94
*94
07
97
*93
*94
97
97
87 J'lyJl 11013 Jan 3
94
04
200
331,3 3338 3138 33
3112 3218 3014 3158 2958 3078 2918 31
51,700 Rock Island Company
2278 J'134 25 5714 Jan 3
*6612 68
65
6012 6612 6017 6434 65
*6312 65
54 J'ly 27 0217 Apr
6212 6378 2,200 Do pref
*61
6217 *613
63
*60
63
§62
63
*60
*60
62
63
58 Aug 11 73 Jan 6
50 ‘,2t L & San Fr, 1st pre_
4112 4117 40
4114 3934 3934 3834 40
3912 3712 3334 3,390 IJ Do 2d pref
39
60 Jail 5
3412 Aug
*2414 29
2314 2414 *2314 25
24
2412 2413 *2312 27
24
1812 J'ly 26 24(2 Jan 3
400 St Louis Southwestern
5914 62
63
63
63
*55
53
59
57
69
60
59
5113 J'ly di 7113 Jan 3
2,700 Do pref
1174 1173.1 11434 11758 115 116
11418 116
11214 114
11134 11378 110,720 Southern Pacific Co
10314 J'ly 26 213S,4 Jan 4
27
2738 26
27
2512 26
2518 2534 243.1 25
2412 25
8,700 Southern v tr cis stmpd18 J'ly 26 3334 Jan 3
61
63
5934 6234 60
63
5958 61
5034 60
Do pref
5834 60
do
5,150
43 J'iy 26 75 Jan 3
*26
28
2714 25
2578 25
26
*27
2434 2518 2434 2514 2,400 ri`exas & Pacific
221* J'ly 26 3634Jan 3
1058
1013
115
8
1034
11
103
8
10
*1112 1212
11
94 934 3,600 -1.111rd Avenue (N Y)
1912 Jan 7
5., J'no 1
*714 8
712 71* *718 8
*7
9
*7
8
*7
8
112.14 Jan 12
51, J'iy 6
300 Toledo Railways & Light
25
2314 2334 2334 2334 22
2514 2914 2514 2539 *23
23
1.300 Toledo St L & Western
19 J'ly 26 3433Jan 4
5($
57
57
5718 56
Do pre
5614 5634 57
56
*5412
12
5612 1,000
4234 J'iy :a3 7214 Jan 4
110 110 *110 112
109 109 §10813 10817 *10712 110 :i0851
225 'nein City Rapid Transit 103 J'iy 20 11712Jan 3
17753 17818 17453 17717 17458 17658 17358 17617 z16958 172
Mon Pacific
16814 17114
- - - 578,650
15214 J'ly 26 0434 Jan 3
9234 93
Do pref
9212 9273 9212 9213 9214 9234 0212 9213 0134 9214 4,500
8814 J'ly 26 10334 Jan 7
*23
27
21)12
2718 *25
2912 *26
27
*25
200 Unit Hys Inv't of San Fr 2334 J'ne30 42(4 Jan 3
27
*5312 58
Do prof
5313 5313 53
*5513 58
54
____
55
500
53
47 J'ne30 7233Jan 8
*1714 18
1634 1713 1678 17
16
1612 1518 1614
2,910 AJ abash
1512 16
73.4 Jan 3
1258 J'ly 24
*3612 38
3514 3612 35
Y
Do pref
3514 3313 3518 324 3378 3214 3312 10,300
2815 J'ly 26 61 Jan 3
4613 4612 45
464 454 4634 45
4512 4512 4414 46
West
Maryland
46
Ry
3,900
40 J'iy 25 5938Mch 12
*72
75
74
74
*7314 75
*73
7434 *7318 7434 *7318 74
Do pre:
67 Aug 15 75 Nov19
100
*5
512 542
612 *5
473 478
478 5
10 Jan 3
3 Apr 28
012 *5
800 Wheeling & Lake Erie....
6
, *12
15
*12
16
*12
16
*12
*12
15
Do 1st prof
*12
14
15
J'nek0 23 Jan 3
*714 8
*VS 8
*7
*7
8
8
Do 2d pre
8
*6
4 J'ne 30
8
*6
1312
Jan 3
*6012 63
57
58
5713 5338 5718 5338 561* 5612 55
44 J'iy 96 64 Nov 2
2.600 Wisconsin Central
116

w.re
..
D ware&cg,
E

H

L

Realgpret
sh

U

'‘

Range for Previous
Year (1909)
Lowest
20

Melt

Highest
Mch•

25

109(4 Jan 1053, J'no
10712 J ac 14312 Aug
111312 Feb 12214 J'ly
96 Apr
el Nov
82/8 J'ne
67 Jan
1165 Mei 18928 Oct
7014 Nov
6014 Jan
9:5 Feb 32312 Sep
955, Jan
914 Dec
57/8 Feo
7434 Apr
70 Nov
7812 Melt
37a, Dec
3112 Dec
64:14 Dec
583,Dec
141 Feb 16513 Sep
15812 Mch 131 Aug
17318 Feb 1981. Aug
- Aug
',(48 Men
148 API 167 Aug
16612 Jan *180 J.1Y
31, Dec
7 Jan
8814 Jan
73:1 Dec
68 Jan
8.314 Dec
401) J,,an., 105 Itch
6814 Jan
61
7612 Jan
May
7341 Jan
8412 Jan
1673, Feb aiu May
535 Feb ULU Apr
374k Jan
51 Apr
9j Feb
792 Jan
56 Jan
713, Aug
21 Jan
1414 Nov
36i2 Jan
28 Feb
Bich
2258
39 J'ne
3612 Men
,R,634 Aug
231, Mch
40 Ault
1365i Feb 1574; Aug
6518 Men
8812 Aug
1312 Nov
21 Dec
39 Feb 103 Dec
83i8 Feb 100 Dec
137 Feb
1158 Mch
3634 Mei
Nov
48 Sep
7424 Feb
37 Feb
6778 Feb
1912 Feb
48 Jan

16318 Aug
2518 DCC
(33,
, Dec
3;; Apr
62 Apr
82 Sep
(014 Aug
7512 Aug
7.913 Aug
64.3 J'ne

/112 Dec
z121
16212 Aug
137 Dec 15312 Jan
65 Jan
51 Sep
81 Mch
99 Jan
13212 Jan 1491,Jab
147 Ajar 1641 AteR
94'Dec
89 0 Y
3512 Febr
501., Oct
71 Feb
781; Oct
65 Feb
771., Aug
12212 Jan 142 - Dec
4412 Apr
64 Dee
21 Dec
2058 May
120(3 Feb 1473, Aug
4812 Mel' 69 Nov
109 Feb 100 Feb
7614 Apr
95 Nov
1154 Nov 1743, J'ne
1s1471'. Dec 314934 Dec
4214- Feb
555, J'ne
8414 Jan 102 Dec
8518 Men
931: J 1Y
13314 Feb 15012 Aug
76 Melt 1161- Dee
Sep
IOU Mei
88 Melt 115 Dec
12618 Feb 15114 Sep
8612 Jan
9979 Dee
104 Feb 11314 See
118 Feb 17338 SeP
89 Mch
96 Aug
90 Feb 11712 Dec
20/8 Feb
61 Dec
5758 Feb
9434 Dec
6514 Mch
74 Dec
36 Feb
6034 Sep
2012 Feb
3538 Dec
4712 Jan
82 Dec
11458 Feb 13918 AUR
22 Feb
39 Aug
6U Jan
7512 Dec
4012 Aug
30 Feb
121.. Dec
421.' Jan
7 May
155 Jan
43 Feb
547g Oct
6434 Feb
7414 Jan
97 Jan 11614 Dee
17213 Feb 219 Aug
294 Met tiro:Aug
31) Feb
47. Seco
5014 Feb
77 Sep
15 Feb
2718 Dec
41 keb
5134 J'ne
5 J'ly
1514 J'iy
613.10y
354. Jan

124 Jan
25/8 Jan
1518 Jan
614 Apr

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
14311%4
11111
Ask
Banks
/140 .Ask
New Yoe;
Chatham __ 310 330
1 /5
Aetna
130 Chelsea Earn 200
America II
505
605 Chemical
425
4-3-0
Amer Exch. 230
Citizens' CU 150
155
Audubon
115 .
12-5 City
380
387
Battery Pk.. 12212 -- -. Coal & Iron
153
158
Bowery
375
...... Colonial 11- 40)
--,,..
13ronxBoroll, 300
_ .. Columbia 11.
. 405
20-5 Commerce _ t1.0(c L290
lire ,x Na'. 200
Bryant Pk t 155
160 Corn Ex n
310 315
145
Butch 43 Dr 133
East River. 115
125
Century n-.. 170
175
Fidelity n.... 165
175
Chase
Fifth Ave% 4040 4250
430 45:1
•fild and a ked pr ces: no sales were 118(10 011 tms
Sale at Stook Exchange or at auction this week




Ask
Banks
Ask
Rid
UN
Banks
Banks
Ask
Bla
Banks
//la
Filth
10 Mutual n___ 285
300 350 Irving N Ex '00
295 Prod Exch 1 162
-----First
-185
_
__ Reserve -- 105
Nassau n___ 240
840 - Jelfersonn14th St_ _ 150 15-5- Liberty-- 575
220 Seaboard_- New Neth'd 210
403
197 Lincoln-. 400 .
425
1191
Fourth
NewYorkCo 900•iecond
-.
Gallatin - 325 332 IlanhattanT, 325 332 New York_ 315
325. Sherman__ 135
Garfield - - 290 393
Mark't&Ful 260
_ N'llt &Day1' 223
230 State 11 ____ 275
Mech &Met's 245
159
Germ-Am -11 140
i5-.
5 19th Wa
760 12th Ward_
250
....
Mercantile _ 150
505
Germ'n Ext 485
160 Northern----- 105
23d %Yard_ .
1.
40
Germania 11.. 554 565
Merch Exch 160
170 Pacitien-___ ai240 Un!on Exe- 17213
Gotham ,
. Merchants'. 179
Park
150
181
Wash Wu)t 275
350 355
26W Metropolis 1 390 410 People's 11_ 245
Greenwien n 255 .
West Side n 650
755
Hanover
610 620
Nletropol 'nil 202
206
Phenix
190
Yorkville I- 500
200
Mt Niorrisn_ 250 760
Imp & Trnd 550 555
Waxen
625
--.
lay, t Ex-rights. 4 .ess than 10J snares. liState oaags. a Ex-dividend and r ghts. 9 New atom(
h First installment paid
n Sold at privet2 sale at this price. z 2d paid. y3d paid.
__4W

Ask
_.....
_
425'

fill'
....._
---

,

1496

STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Nov. 26

[VOL. Lxxxxi.

New York Stock Record-Concluded-Page 2
Monday
Nov. 28

Tuesday
Nov. 29

Wednesday
Nov. 30

Thursday
Dec. 1

Friday
Dec. 2

Sales ol
STOCKS
the
NEW YORli STOCK
Week
EXCHANGE
Shares.
.

Range Since January 1
On basis of 100-share loa
Lowest

Range for l'rcrious
Year (1009

Highest

tiu1lstri;.14.:: filiswilaucou245 Nov23 270 Jan 5
35 A dams Express
_ _ 4245 243 *240 250
*245 250 124514 24514 *242 260 *242
713 J'ly si 15 Jan 3
*834 10
200 2X Ills-Chalmers
873 878 *878 .- 9*834 9
834 834
*834 10
17 Aug 5 6434 Jan 5
33
33
3173 3173 *3012 32
31
Do pref
31
8018 3014 1,100
33
33
55)z J'ly 13 903j Jan 3
6234 6514 128.650 Amalgamated Copper
6938 6134 6513 6913 6634 6773 6513 6734 6373 653
4312 1,100 Amer Agricultural Chem_ 35 J'ly 2O 402 Oct 21
44
*4312 44
44
4314 4314 42
45
4314 435
*44
9314 Apr
Do pret
103 Jan 10
_ *95
*84
*84
_ *84 10034
*90 10113
24 J212 26 4714Jan 10
-3514 3613 6,700 American Beet Sugar
3512 3714
-*3712 38 *903534 -3-612 3512 -3-012 3533 -3614
J'iy 27 9512 J'ne 15
Do pref
94
*92
94 *92
94 *92 94 *92
94
94 *92
*92
613 J ner3u
132, Jun 3
938 4,930 American Can
913 1013
958 234
012 934
914 058
9
1014 1014
62 J'ly 213 8214 Nov22
7712 7633 77 13,900 Do pref
77
8012 7712 79
7712 79
8013 8118 77
J'ly
26
505
3912
American
12,700
72,
3 Jaa 3
51
4058
50
Car
&
Foundry
51
5214
5012
5214
5412
5412 541, 5112
109 J1143.36 120 Meh 9
100 Do pref
*11334 115. *113 115 -113 115 *11312 115 *114 11478 114 114
6218 J'ly 20 6934 Mch 0
0113 60
61
6112 6214 61
6112 61
2,770 American Cotton OIL
641? 6234 64
*64
Do pre!
100 100 *99 101
100 Dec 1 107 Oct 13
200
_ 7--- -,- *9812 101
- ------25 American Express
5235 Aug 3 ,.:.0 Jan 4
-- 5240 24-0 *225 2-50 *226 250 *225 250 *225 250
*230 250
41
312 Sep 13
813 Jan 5
200 American Ilide & Leather
418
414
414 414
*41/ 478 *414 478 *414 434 *4
23
Do pre(
21
21
100
19 Sep 8 4/78.an 3
*2234 2334 *2112 23 *2012 23 *2113 23 *21
1813 1773 1813 1734 1773 1712 1712 3,200 American Ice Securities__ 103 J'ly 26 2914 Mch 9
*1813 19
1814 1834 18
1013 .)'1y27 1734Jan 3
115 115
115 115
1234 12
420 American Linseed
12
*12
13 *1214 1234 *12
3112 3014 3014
2612 J'ne39 4673 Jan 8
3178 *30
850 Do pret
31
3414 32
*32
322 32 825
29 J'iy 26 0212Jan 3
4,700 American Locomotive
37
3834 3614 3734 38
4012 4034 3734 3914 3778 3834 37
10213 Aug 6 115 Jan 7
Do pref
325
10812 10612 10573 10578 *105 10612 *105 10612
*10612 107 *10612 107
314 Dec 1
8 Feb 18
4
*3
314 314 *2
500 American Malt Corp
*313 4
*314 4
*312 4
312
2212 J'ne30 48 Melt 21
3213 3213 8214 3214
Do pret
800
3312 3234 33 *3213 33
33
*3312 34
.J'ly
2a
85
85
8513
Amer
9078
Jan 3
22
450
8513
8514
Smelters
8512
ec
pre
B
87
*85
18712 8712 *87 8713
8 J'iy 26 104 Jan 3
8014 8012 7713 8013 7873 7834 7613 7878 748 7658 7314 76 125,100 Amer Smelt.ng& 1lefinin3 612
9814 J'ly 215 11234 Jan 3
Do pret
10334 10373 2,922
1038 10533 105 10514 10412 10434 104 10412 104 10438
_ _ *245
American Simi/
277 Apr 4 235 Apr 27
___ *245
___ *245
__- *245
*245
*240
05t2 Jail 13 10111 Sep 20
*WO 1-02- *100 102, ___
Do pret
*100 1-02 *100 1-0-2 *100 1-02 *100 102
4312 44 - 1.800 Amer Steel Found (new)_ 38 J'ly 26 00 Jan 10
4413 4514 4412 45
48
463,1 *45
48
*47
48
Oct 8 12873 Feb 18
x11312
11614
American
111%
11434
Sugar
11312
Refining
11413
11512
6.600
116 117
*11713 119 11514 117
112 Oct 3 124 Feb 28
Do pref
11414 11414 1,300
115 115 *113 116
11612 11634 116 11613 11534 116
4 J'ly 26 14338 Feb 24
1423 14212 14013 14214 14053 14133 140 14112 140 14013 13038 14014 15,841 American Teteph 03 'feleg 1283
9412 *9312 9412 1,000 American Tobao (new).2/1 9012 J'iy 26 9.134 bich14
9434 9434 94
9434 95
9513 0513 9434 05
2518 J'iy 5 3912 Men i8
1,700 American Woolen
32 33
33
3412 3434 32
34
34
35
3518 *34
36
t
oco
t
9118 J'IY
9278 9312 1,950 dAt
0338 93 93
104 Mch 7
9333 0334 93
9414 9414 9333 94
J'ly 26 354 Jan 3
Co
533)2
purdeapper
38
3
4
90
Par326
3934
3912
4,600
4013 3918 4012
3912 4138 40
*4112 42
21 J'new' 3478 Oct 21
3014 3213 3114 3134 3112 3112 3012 3113 2934 3138 2,450 l_lethlehem Steel
3134 325
.
49 Aug Is 65 Jan 19
58
6114 5712 60
1,200" Do pret_ ,
6234 6234 5934 6034 60 62 *6034 62
- s-2_ 125 J'ly 26 16412 Jan 3
132 133 *133 137 *132 137 13278 13273 1,350 Brooklyn Union-G.a
13312 134
134 134
8 J'no 29 18% Jan 3
Brunswick Term & Ity se,
*912 10
*913 10
*912 10
*012 11
*912 10
*912 11
Butterick Co
28 J'ne 8 33 Jan 4
*293 30 *2933 30 *2038 30 *2933 30 *2933 30 *2938 30
'entral
2'1Y 26 4834 Jan 3
2514
Leather
3173 3273 10,150 f
343 348 3278 3418 3313 331? 33
3258 83
34
9914 J.1Y 27 10914 Mch 8
300 k) Do pref._
01054 106
10534 10534 *10514 10614 10514 10514 *10514 10614 10512 10512
I
r
o
n
_
l
a
d
C
Fuel
as
lion_
0,180
J'1Y
26 60 Jan 3
2212
3014
3013
3114
31%
3273
34
3134 3234 3073
3413 3413 32
Col 22 Hock Coal as
3 Sep 12 1)213 Jan 4
*412 512 *412 512 *412 513 *412 612 *412 512 *412 512
1305 13113 130 132
15,480 Consolidated Gas (N Y)_ 322 J'IY 20 100)8 Jan 3
13434 135
13234 134371 13253 13334 131 133
1513 1513 15
11123 11230 2314 Jan 6
1553 16
1612 16
10
1514 4,850 Corn Products Refining_
1633 1658 16
771 7718 1,700 Do peel
7714 7734 78
7814 *7712 SO
7712 783
7()8 J')Y 20 tO8 Jan 3
8
*78
55 Apr 2.0 65 Nov22
Crex Carpet
70 *60
70 *60
70
75 *60
70 *00
75 *63
*65
3112 3112 3114 3113 4,350 Distillers Securities Corp 2514 J'ly 213 1534 Jan 10
32
3173 32% 31
33
3314 3314 32
Federal Mining & Smelt's 12 Oct 26 60 Men 8
20 *15
20 *10
20
20 *10
20 *15
20 *10
*15
Doprof
37 Oct 27 83 Jan 3
57 *45
56 *45
55
65 *45
5614 *45
57 *42
*42
1 rlllectrle
15318 155 £15011 15234 10,100 Ge oraP
134 2.11r 20 16073 Jan 6
157 1501.1 15434 15710 155 156
15934 160
813 814
c3t1rOs 3734 Oct 14 $914 Sep 26
813 814 16.600 dO
neid
314 83
813
It
8
8
81;
813 814
Mrtarr
irdCo
gv
estear sti
,8312 Feb 8 1203 Jan 10
10873 10554 10834 109
10912 111
9,310
•113 11314 110 113 1098 111
2117 Augll 129 Jan 4
425 -I- Do pref stir tr atm
012118 12138 12114 12114 *121 12231 *121 12134 12134 12134 12112 12113
200 lot Mer Marine stk tr ctts
712 Jan 5
44 J 1Y 25
512
434 434 *412 512 *412 612 *412 512
*478 512 *5
350 Do pre
1258 J'ly 26 1413 Jan 5
1612 16
18
16 *15
17 *1534 1634 16
*1634 1712 17
9 J.12 1 16 Jan 3
1310 1273 1312 1314 1314 3,011 International Paper
1312 13
1312 13
*1334 1414 13
411., 4.1Y 26 (3112 Jan 3
1,150 Do pref
56 *55
66
5512 5512 *54
5514 58
5713 5113 5512 27
) 4434 43
4412 4234 4358 4214 4333 4153 4234 4114 4214 13,950 Internet Steam Pump__ 3658 J.17 26 64%Jan 7
445
7812 J'17 26 9034 Jan 17
85
85 *83
250 Do pret
8412 85 *8313 8513 *8323 8513 485
*8514 86
Gas (St L) corn... 9334 J'ly 29 11612 Jan 10
10712 10758 10613 10714 10614 10612 1057,3 10613 210414 10412 *10414 10514 3,590 Laclede
79 J'ly 22 98 Oct 10
300 Mackay Companies
9018 0018
90 90
92
92 *90
92
95 *00 93
*90
225 Do peel
71 J'1Y 27 7834 Oct 10
75
7413 7412
474
74
75 *74
75 *74
75 *74
*74
Aug 2 115 Jan 6
400
100
National
Biscuit
111
*105
111
111
111
*108
111
1103
4
111
111
0111 11312
11834 JIY 6 125 Jan 17
12178 12173 122 122
300 A.` Do peel
12213 12213 *12012 124 *12012 124 *12012 124
600 Nat Enamerg & Stamp's 14 Sep 17 2812Jan 3
18
18 *15
1734 18 *15
18
18 *15
18 *15
*15
Do peel
84 Oct 12 1161g Jan 18
87 *83
87 *82
87
87 *82 82 *82 87 *82
*82
54
5514 5012 54
5713 5534 5612 5512 56
6,500 National Lead
4613.31Y 26 29% Jan 8
5873 5S78 56
10134 .11Y 26 11012 Jan 17
10514 10514
1051/ 10514 104 104 *10313 10612 *103 106
340 Do ,pref
*10513 107
19
1012 1813 1913 13,030 dNev Cons Copper_Far 35 $1710 J'ly 6 $2238006 1/
*2014 2010 1978 2014 1078 2018 1958 20
940 New York Air Brake
J'ne13 9512 Jan 3
69
69
7014 *69
73
7312 7312 7234 7234 69
*7413 70
6112 1,800 North American Co. new 6018 Nov23 84 Jan 3
611,3 6078 6118 6034 6034 *61
6013 6134 61
6073 62
pacific
Mall
Pacific
2218
J'1Y 26 4314 Jan 4
83
32
6,400
3114
3034
3
3312
331
323
4
4
323
3334
3212 3233
32
80 J'1725 4614 Jan 4
4378 4234 4314 4212 4234 1,410
4312 4413 4234 4314 43
*4413 45
'
Gr elL
eP03%
T
(C
e erci: 1123 J'ly 26 11233Jan 3
lh
10513 10534 104 10538 10414 10414 2,700
10512 106
*10534 10658 10512 106
Philadelphia Co (Pittsb'h) 84 J'ly 0 101)2 Jun 8
92
92 *87
88 *88
488
92
92 *89
92 *89
*89
13 J'ly 26 27% Jan 5
2,400
10 Pittsburgh Coal Co
1812 1734 18
19
1813 1858 17
2012 1953 1978 19
*20
Do peel ,
6014 J'17 26 85 Jan 3
6713
6873
941
16713
687
3
70
*87
70
*68
70
70
7013 7012
25
J'ly
Pressed
Steel
C
ar
5173 Jan 3
30
3034
31
1,900
3134 30
3213 3213 31
*34
35
3234 33
20 J'1Y 27 10712 Jan 5
450 Do pref
05
94
94
97 *9512 9612 9412 96 *94
97 *96
*96
279
Pullman
Company
J'ne21)
200
155
Jan 11
163
164
*162
*16212
..
_
163
163
*16413 16513 18412 16412 1163
2 Sep 26
Quicksilver Mining
378 Apr 5
-313 *112 4
*112 312
*214 4 *....__
*214 4
*214 4
278 Aug 2
Do pref
613 May21
*434 55
*434 558 *434 PE *A 558 *434 533 *434 558
28 J.1Y 26 517,3Jan 3
3213 3034 3178
919 14 allway Steel Spring
3312 3312 32
34
34
3313 3313 34
34
20014 Sep 7 107 Jan 17
200 -IA' Do pret
0713
9712 *95
9712 *95
9012 9734 *9578 9712 *95
*9613 00
:3
8,200 Republic Iron 03 Steel- 27 J'ne 4 4518 Jan
33
334 3214 3314 3112 3214 31
32
34
33
*3414 35
10414 J an 3
Do pret
9414 9414 2,410500
8234 J'12'
9613 9512 9618 9414 95
96
96 08
99
*97
(ears Roebuck & Co- - 150 J'ne80 190 Nov12
P182 185
17912 182 17812 17812 *179 18212 *17612 180 *17612 180
495
2,600 L'loss-Sheffield Steel 43-11 4813 J'17 30 81)3 Jail :3
5012 4914 4914 49
50
4953 50
*51
6213 4914 51
Do pret
114 J'11,
11834 Feb 1
__ *____, 11414 *____ 11414 *---, 11414
_ *___ 11414
3573 3634 3573 3634 3514 3675 3434 3513 8,200 (1TennesseeCopper Par$23 $1934 J'ly 26 $4053Jan 3
"5/ 3718- 36 3713 ___,.-7
Oct
Texas
Co
134
144
Oct 18
(The)
13612
13614
1,175
*136
138
13612
137
138 138
13734 138
13812 13612
Texas Pacific Land Trust 83 Feb 8 95 MaY13
92
92 *88
92 *88 92 *88
92 *88
92 *89
*88
I I Mon Bag & Paper
6 J'ly
1314 Jan 10
g
*7
9
*7
*7
9
0
*7
*7
9
9
*7
5212 Dec 2 73 Jan 17
60 *54
60 *54
60 *54
100 •-) Do pref
5213 5212
60
60 *58
*56
101 101 *101 103 *100 103 *101 103
500 United Dry Goods Cos.._ 90 Aug 2 122 Jan 3
0104 10512 102 104
9014 Aug 2 11318 Jan 4
Do prof
0101 104 *100 103 *99 10212 *99 10212 *99 10212 *99 10212
550 U S Cast I Pipe & Foundr 1418 J'ly 21 32 Jan 3
1613
1614 *15
1612 *15
18 *1613 1712 16
18 *17
*17
49 J'ne28 2.4 Jan 10
210 Do pref
56
5513 5513
56
60 *5512 58 *5513 58
15814 5814 *58
110 United States Express... 9514 J ly 26 145 Jan 10
95 *94 100 *93 100 *93 100
95
97
*95 100 197
U
S
Realty
&
Improvem't
(143
43,1726 8414 Jan 4
77
70
*66
*07
70
71 *66
*86
P.
70 *67
70
4 J'ne27 11 Jan 14
45
100 U S Reduction & Refining
;21-8 712 *41
458 *412 712 *412 /12 *412 712
712
40 Do pret
13 J'ly 8 2912 Jan 3
17
115
15 *15
17 *14
17
17 *14
17 *15
*15
5213 Jan 3
3212 334 3223 8273 82
34
34
3212 2,900 United States Rubber-- 27 J'ly 26 11012
35
845 3458 34
Jan 10
9g. J'ly 26
715 Do 1st pref
109 110 110873 10878 *10878 110
lino 111
10973 110 *10942 111
27
84 Jan 3
J'ly
5122
2d
pret
Do
72
300
75
7112
*65
72
72
*72
75
75
75 *72
*72
tel
Jan 3
J'iy
20
6118
United
Steel
£7313
States
7512 7258 75 1108602
7734 7513 7778
7612 7912 76
795 80
11012 J'ly 26 1253a Jan 3
115 11612 9,305 Do pret
11814 11814 11714 11758 11713 117% 117 117114 116 117
6
Jan
0393
8
J'ne
30
2604
dUtah
Copper___Par
3,12
4814
45
58
4634
28,600
4513
4534
4634
4914 4912 4612 4938 4634 4818
47 Feb '3 6618 Oct 21
605 12,235 Virginia-Carolina Chem_
0212 6212 6034 6212 6058 6112 6058 6113 60% 6118 621
117 J'ly 28 12914 Jan 4
100 Do peel
*121 124 *121 12412 *121 12412 123 123 4121 12412 *121 12413
60 Sep 24 73 Jan 8
Write Iron Coal 0 Coin
_
14413 Dec 1 all* Jan 4
ells Fargo & Co
820
145 #153 14413 1145 *140 100
150 150
*152 162 1155 155
58 J'ly 26 7812 Mch 4
estern Union Teleg_
7112 7013 7012 7014 7034 2,930
72
71
7112 71
7233 7233 71
4012 J'ly 20 8912 Jan 3
8713 6713 6713 6,700 Westingh'seEl &Mfg asser
6734 6038 67
67
69
72
7212 6734 71
110 May 4 1311 Feb 24
200 Do 1st ore(
192 192 1,1921., 124 *1221. 124
1221. 1221. *120 124 *120 124

Lowest

Highest

190 Jan
12% Feb
38 Feb
65 Feb
3312 Jan
9512 Jan
204 Jan
32 Jan
712 Feb
7112 Feb
4414 Feb
10713 Feb
4213 Jan
92 Jan
Feb
614 Feb
34 Feb
1878 Jan
12 Feb
29 Jan
49 Feb
10914 Fen
.)12 J'12
38 Nov
80 Jan
7734 Feb
jut Jan
225 Mch
95 Mch
3473 Feb
11538 Nov
118 Nov
125 Feb
2012 Feb
26 Feb
9334 Jan
$3734 Feb
1834 Mal
47 Feb
118 Jan
2773 Dec
2378 Jan
2512 Men
9934 Apr
29 Feb
21% Feb
11412 Feb
1612 Feb
7314 Feb
.15 Jan
3213 Feb
Alch
20 Feb
15018 Feb

-251 Nov
1678 Aug
5712 Nov
2613 Nov
50 Aug
103 Aug
4912 Aug
1;8 Oct
152-. Nov
80 J'ne
76i. Nov
1243; Aug
7914 Nov
10714 Nov
320 Dee
10 Sep
2172 Aug
4214 Apr
'20 .1'ne
47% J'ne
6914 Aug
122 Aug
ills J'ne
59 Sep
92% Aug
10512 Nov
116% Aug
285 Nov
105 Slay
6638 Nov
136% Sep
131 Apr
14513 Sep
104 5122
4013 Aug
10734 Joe
55438 Dec
3614 Sep
6913 Sep
10412 Deo
1913 Deo
;37 Nov
5134 Oct
111 Sep
53 Deo
9112 Dec
16514 Jan
2612 J'ne
9312 J'ne
03 Dee
4112 Jan
1)512 May
94 Aug
17234 Aug

62 J1112
10914 Jan
t% J''
12
1834 XIV
912 Mch
4734 Mal
334 Feb
8212 Jan
104 J'ne
70 Jan
6913 Jan
9612 Jan
11812 an
12% Feb
82 Jail
7114 Feb
10234 Apr

21834 Dec
128 Deo
9 Oct
2758 Jan
1921 Jan
6934 Aug
5412 Nov
91 Sep
11.138 Dec
9512 Nov
77% Deo
120 Sep
130 Set/
3014 Dec
9912 Sep
94 Aug
11333 Aug

80 Feb
9714 Nov
8712 J'ne
72 Jan
2918 Feb
4812 Nov
4514 Nov
64 - Oct
10110 Jars 120 Aug
9912 Dec 103 Dec
29% Nov
10 Apr
8712 Deo
40 Feb
56 Aug
3012 Feb
96 Feb 11134 Aug
169 Jan 21)1) Atitt
938 J'ly
Os an
3 Men
10 Slay
541: Aug
3213 Mch
9778 Feb 109 Aug
1628 Feb
4912 Sep
674 Feb 11014 J'IY
08 Feb
94% Oct
107% Feb 120 Sep
$3313 Oct $49 Jan
8012 Feb
914 Feb
60 Jan

116 Oct

r109 Sc
2438 Feb
'eu Mch
82 Feb
ti4 Feb
10 Meh
'24 Feb
27 Feb
98 Jan
6712 Feb
4114 Feb
102 Feb
$3913 Feb
40;3 Fob
114 Jan
67 Feb
300 Jan
64 Feb
74 Feb
110 Lich

93,8 J ly
15% J'n2
8114 J'ne
12612 Dee
114 Deo
3513 J'ne
8712 Aug
1111 Dec
87 Sep
1712J'ne
3913 Aug
5753 Aug
12312 Aug
802 Aug
0473 Oct
131 Oct
56714 Nov
6633 Dec
128 Dee
7513 Sep
070 Deo
8514 Nov
90 Aug
145 Sep

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Broadway 2
Brooklyn Ii
Coney Isi'dll
First
Hillside
Hornesteadl:
Manufac'rs'
Mechanics'2
Montauk -Nassau

Ask
405
100
155
310
125
115
245
160
270

Banks
Brooklyn
Nat City__
North Side 11
People's _
Prosp'ctPli2
rern3inat 11

Bid
285
183
158
180

trust Co's
N Y City
Astor
315
Bankers' Fr 625

Ask
300
180
160
90

320
640

trust Co's Bat Ask
N Y City
B'way 'Fr__ 145 148
Carnegie __ 1114
Central 'fr._ 1016 wig'
Columbia _- 280 285
Commercial 120 130
Empire
300 310
Equit'ble 'Cr 465 47212
Farm Lo&T 1625 1850
21312 21712
Fidelity
290
ul ton

trust Co's Bid
Gnarly 'Fr_ 800
Guardian Tr
Hudson
165
Knickerb'kr 295
Law T I&Tr 1'253
Lincoln Tr_ 130
Madison
20)
Manhattan 875
Mercantile _ 71.2.1
Metropoll'n 510
Mutual
130
Mut Mince 125

1 rust Co's
NY Life &Tr
Y 'rut_
Savoy
Standard 'jr
TitleUu& Tr
137-1; Tr Co of Am
Union Tr..t
203
US Mtg& Tr
400
Unit States_
740
Washington
520
Westchester
lid Windsor _

Ask
810
180
175
300

But Att
1120 1130
635 650
90 100
400 410
510 520
320 330
131)013
1480
1160 11-9-0
375
165 fit;
120 130

I rust Co's
B.ooktun
Brooklyn '2r
Citizens'._
Flatbush
Franklin__
Hamilton
Home
Kings Co -L Isl L 63 Tr
Nassau
People's
Queen.; Co_
Illtatusb'g

Bid

Asit

420
125
200

430
135
220
210
280
110

2-70
103
500
300
170
300
110

310
180
315
126
100

*Bid and asked prices; no sales oil t11.3 day. 4 Leal than 100 shares. 2 Ex-riglits. 0 Now stock e Ex-div and righ'2. d Now quoted dollars Per *hue.
1Sale at Stook Exeliange or at suction tills week.. $ Ex- stock alyldead. ILlanics manced with a paragraph (11) are State banks.




New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
JO"1 1909,the Exchange method of quoting bonds ieas changed, and prises are now a;:-••an I interest"-ez3ep: For income an2 dclaulted bonds.
•-A--

BONDS
Week's
Bangs
N. Y. STOCK EXCHANGE
since
i/VPritdceav
a
WI= ENDniti DEC 2
L
.Ra
ast
ngS
ea% 414 January 1
441 10:840 2
Cent
ol
High
Low
IVO.
Low
Bid
48/4
cow
Riga
.1ligh 1Vo
t". t.overnment
liio
dvs dtsk Low
Chat Inv pnr mon g 43.1931 4) 86
1004 10114
U 8 26 consolregistered.d1930 -J 10034 101 1003
.Oct'10
90% Sep'09
Mac b, Nor Div 1st g 56.1946 3.3
1004 1M-34
U 2 26 consul. °onion...41030 -J 100% 101 11101, l'ue'10
104% J'ne1.18
lilt)
Gab,
Nov'10
101% 102%
10134 102% 10134
U 5 36 registered
Atl Div 53
11)97 4-3 1041
k1918
/
4
......
115 Nov'06
Motile Div let g 63
101 14 103
101% 10219 102 Nov'10
U S 35 coupon
k1918
1'190 J-J
110 110
110 Jan'10
1021
/
4 Ceti lilt da of
/
41021
US 3s con small bonds-k1018 -1f
/
4 J'ly'10
Col g 66 1937.NI-N :1
1011
10
0020
2
81:107 10234 Nov'10
102 103
Cent
ot
114% 11519
J gen% gold 66.087 j•J 13219124 12,25. 12219 1 120 1251
U S 9s registered
1925 .F 11014 sate 11514 1l54
/
4
1144411534
itegiatered
1164 Nov'10
U 9 46 Oonpon
1925 -F 1164
1204 1217 93 12014126
Am Dock & imp gn os..1921
100%100%
US Pan Can 10-30 yr 2s.k1931.1 QN 1001
/
4
41°8
10019 Aug'10
108
1 107 109
108
Le di kind it gen gn g 5a 1920 J-J 100
Foreign Government
100,s Novil0
1661,10114
be
Chon
dbeW
/
4 97% 11 9534 97%
siguar
ka b C
Argentine-Internal 53 of 1909 M-8 / 974 Sale 971
2 a.!:;1
h,„
4Z8
1910
.
16
N
100 may.10
100 1004
N Y& Long isr gen g 4a 1941 -S 99 Sale 98
Imperial Japanese Liovernual
119
36 98
118
U4'4 32 94
Cent Pacirlo bee So Pacific Co
941
/
4 941
/
4 94
Uti
sterling loan 4'2s
1925 F
7
95
04
93
Cent
914
934
95%
Vermont
let
211 series 41
gu g 46.411120 Q-F
11125 J-J
87% Nov'10
90
/
43
85
883
9
88% sale i•834
89', '7 881
/
4 9244 Chas & say bee Atl 0044st Line
Sterling wan 4s
1031 J -J
102%
Cites & onto gold 66
1014 104
depth/ 01 Cuba 5e exten debt.. M-8 1102.4 side 102
10014 100 Nov'10
100 1011
a1911 A-0
/
4
3ale
963
1/03
063
4
4
4
Gen
7
1195
funding & impt 5s.1929 3.3 1011
971
/
4
San Paulo(Bramb trust56 1910 J -J
/
4 1034 103 Nov'10
102 1064
( 00
IL 954 0034
1st consul g 66
U
oi
OXICu 5 1. . ul 1891. Q-J * 9019 901, )5'
1030 al-N 112 sale 112
1124 41 1104 114/
1
4
91
0219 Nov'10
Registered
/
4
9219 971
14154 3-0
(loll 4s 01 1304
11212Jah 'it,
112441121
1039 M-N
/
4
hese
the
b
on
acts
General
tees
gold 446
of 4.5 'to Z.
are pr
2
/
4 21 99 '034
1092 MS 1014 Sale 1011
/
4 1011
State und City Securities
Registered
/
4J'ne'10 .... 101%101%
11/11
1992 11d1001
/
4Sale 10008 100'ç 140 100 101%
Vonvertible 4'2s
1900
sale
N Y City-445
94%
40
370 bu
95 14
1930 F-A. 9414
118% sale 9838
1t,09
big sandy let 43
9876 106 90 100%
4% Corporate Stock.
89.8 88.. • 86as 1 87
39
99
/
4
Coal ltiv By lst gu 4s 11)40
6 961410019
11153 11-N 984 13834 981
Corporate stock
1.044 •1.
J-1?) 85% 87
581
/
4
3519 Novi u .... 83
lutS%
Sale
1013¼
11-N
()nog
Valley
13
1051
1057
/
4
11/04
181
g
5s
1940 3.3 10219.
10919
104 ,-, Sep '1u .... 101 DA%
New 4'2s
,
1024
103 Oct'10 .... 10241034
Potts Creek Br 1st 48 1046 3.3
1,17 ii-N 1014
New 4'28
& A Div lat con g 95 11)89
/
4 110
44% Corporate Stock _1957 M-N 1064 Sale 1064 10014 35 1051
99
consol
1917 M-N 101 441024 102 Nov'10
108 1031
/
4
4 4.!D assessmt bonde
1981) J -J
90,
4 V3
1)84 9834 984
118./
1
4 15
0
9083
Warm spr Val 1st g68 11141 M-S 17
1
5134 1
1957 M-N
9
7
11
17
93e Corporate Stook
113
)
9
:
1
061
P:4
4
j8
i:
e
:
Pu
t
0
,
7
:
'
'
:
1
1
S
1
:°
3
::
-7
3
1
Greenbrier By 1stgug is
5
014'
N Y state--Canal Impt48 11150 3.J 109% 109% 10434 104%
05 Oct'19 .... 871
M-N 90
/
4 135
104 1034J'ly'10
193) .1-3 *
/
48 30-40
so Carolina 91
111000319 Ohm & Alt lilt ref g 34 11140 A.-0
70
77
96 Oct'10
95% 07
Railway let lien 343_1950 J -J
0934 96
Tenn new settlement 3s 1913 J -J
70 Sale 70
71)
Di
75
'4
88 Nov'l
Reglatered
Virginia fund deLit 2.3s 1991 -1 *884
67
91)%
35
39
Chlo
burl
45
11 87
di 4-Deny D 45 1022 F-A
37
Os delerred Brown Bros Ws.
66
110 4 Sale 711
1)54 °cLU'
ir4
j - 2 96'
1,100
Illinois Div 346
9734 6a10 8734
88
5 btj:1 13.14
1Litilroa,1
Registered............1
111/
10
9:
4
450
93
3J3.
:
88 Sep'10 .... 871
-:J
j 3634
/
4 88
A 111081115 Cent See So Fly
Ills Div 46
01)19109
91.134
9034 1;1 111319 101
Iowa Div sink fund 56 11)11) A-0 1044
Midi bee At Coast.Line
104% 104', 4 10134 109%
. Sinking fund 4s
Albany & Snag See Del& flue
1910 A-0 11914 1004 9914
/
4 100
1113', V 931
Neuritaka Extension 48 1927 PA-N
441egneny Valley bee Pena Mt
9834 ciAle 9b.4
4 '33 10014
91.
Itegiatered
&Beg di, West See Bull it & P
1027 M-N ..,..
AL LlyrNit ........ .....i....JO
4:: Ma
10
4/7
...
Soutuwestern
Div
7/3
77%
79
9s
77,
Ann Arbor 1st g 45
6 1 74
11)21 11-5 97
831
,
411105
Joint bonds Bed Great North
41011 T& S Ife--Gen g 46.1905 41-0 1184 Sale 977
081925 974 101
98 J'ne'll)
Debenture 56
Registered
1913 M-N 101 Sale 100% 101
1995 A-0
98 100
8 100 42 1021a
Adjustment g 45
8 88
1)1
General 46
A11105 No‘ 410 bale 90
1968 M•S 9634 dale 91.;.s
973a US' 1.64 100
95
Registered
Ran db 81J es consol tia 1011 M•13 1004 sale 100'i 1004 8 lut.P., 102
/11.0115 Nov
92 J-1141'10 .... 92
92
00
991
/
4 00
Stamped
/11095 M-N
11 89
9/
834 534 831
9434 Ohio& Elllret& imp;.; 4s11105 1-3 al
56.4
/
4 10 31
11/11% 1054 11/514 2 105 117
Cony 43 Issue of 1909...1966 J-1)
•••• 121 127
1st consul g 65
12341271
/
4 121
Cony g 4a
1455 .1-1) 104 sate 104
General cons.1st6s
14 100 122%
106
7M:N
AO 10319110¼ 11634 Nov'10 •••• 10819113
0
13
34
11
1910),1900
1024103
1021
J-D
/
4
4
(issue
1
blay'uu
46
of
Cony
Regiatered
98 1044
10219
11-1
14-N
J •D 1(1d'4 Sate 108
Ciao 94
10-year cony g 56
102 1211 10434 122%
lo
110 .112 •
110 Oct'1u
1st 5a.1.11013376 J1084
im7s Jun'10
Debentures 46 Series 3 1012 F -A
981
/
4 98% Chicago & Erie bee Erie
F•A
b'en'10
95's,
US',, 98't Chic Gt Western 1st 4s 1959 14-8 8434 Sale 8919
1913
Series K
85% 31 84
874
1.1638
97 Apr'l0
07
Beat Okla Div 1st g 46 1025 M-S
971
/
4 tJ10.e 111,1) bowie Y rot us. 1o4t J • a 135
135 Oct'1O ...„ 1341
/
4 13a La
1)0 19 113
11234
ktetunding gold 64
023
1 02
196/ J
Short Line 1st 4s g
9434
1097 J -J 110
114 pee'v,
1991
/
4
11.19%
.u.3
Dewar 11 A &Oh 1st03 11119 4-3
10719 101/1-1
100 J'ne'lu .... 100 100',
6 be Pres Jb Ph 1st g 58 11192
Ohio Ind & Sou 50-yr 4s 11150 3.3
tl linos Jo N tieeL&N
02
U2120(3'10 .... 92.2 91
94 Sale 934 94
lib% cum alu st term gild 1019 3•.1 1024 10234 102% 102% ii 102% 10J 4
Atlantic Coast 1st g 4s./11952 SI92
iou
1073
4
'09
Sell
General g 4a series A-41981) J -J
Ala 111d1st gu gold 56 -1925 AL-N
99 .6ai% 98%
74 95 100'2
9.,
945 Nov'10
5314
Bruns& W 1st gu g 48 11)33 J -J
Registered
94% 1/4%
11)34 Oct'08•
el1/81/ q-J
Charles & day 1st g 76-1030 3.3 128
Generals 342a aeries B 41931) J-J
874 881
8519 80
/
4 88 Nov'10
9119
Sale 9134
1324 180 89
N141
25-yr deben 45
L & con g 46
954
1)3', 2 914 1)334
1034 -J
9814 1)3..4
92
127 J'ue'Ut.
107,
IiIiio& L SU Div g 5a. 11/21 J -J 10534
4 Alar'lu
Say If & W 1st gold 65-11139 A - U 131
1074 108
112
11019
Mar'10
112
A
1st gold 6s
Unto
112
&
Moitiv Div Os 1'J26 J -J *107%
11134
LU7 1104
10844 OCt'10
4/68
.
115 J'ly'10 . 90
Chic & W lat g 66
SR Sp Ora &U gag 46 191a J 974
1 103% I.U8s4
,v7
11)413.4 DM 4 107 101
Dak d4 lit So g 56
Atlantic dt Daisy See South lt)
1010 J •J 14)2 LA 14/466 lupe Oct'10
R/24103%
Par & Sou Haan g
&Ustin 4.1b 14W See 8ou Paculit
1921 J -J 11734
li034 11634
I1e% .1411Y'10
/
4 0214 14 DO
924 Sale 921
LaCrosae & 1) let Oa
93
Dalt&(Thin prior ig 34s.1936 J -J
106 ii, .....v'1 u
11194105
19111 J -J 104%
1) Registered
Wis & klinn Div g 6a. „11121 3.3 106
/111125 14-J
10034 Augl
9114 Oct 101/
10019 106
9514 71 9714 10014
111133 No 1st Celia 08.-1018 J
laohl 45
1103% Aug'lo
10334
/1104/1 A•t.) 118 bale 9714
11/J34 1054
991k
99,4 au Nov'10
Registered
Extended 94411
95
411148 14-3
W041004
'01
111%
Oct
120
Pitte J uno 1st gold 13s...11)22 3-3
(Ado& urtaw cons 7s
3-1) 110 112 111 Novi0
193
191
16 44-F
111/%113
Extension 4/3
1194
PJ tin& M Div 1st g 34611120 MN 90 Sale 8734
90
99 Nor10
Infos 101
07% 894
1/13s 1114 911
09
Registered
/
4
PLE& W Va Sparer 931091 11-N
1)11
/
4
89
93
/
4
954 951
9O'... Ay'10
110
00' 90
kis Nov'10
Southw Div lst g laa...11130 J -J
92%
904 6 80
General gola 31
/
4s 1188886-43-1
87
1111
908
227
66 iM
90
rj?:14
AA •;31" 90
802 Apr'14/
931
Registered
/
4 apew)----------801
/
4 9019
Registered
/i11123 tI*3 814
103
Mar'10
0314
103
Ohio
Blat
Sinking
11-5
cg
4's..1030
fund
103
Can
(35. 1871.
1•11.0
1. 1111,
11 A
1-19
) °2
67
114134 Se9'It/
.. 1
112 tutiasNotel
Registered
1114...Nov'tn)
ill Dor & W con lat g Gs 11138 A-0
109%1131
.137040211 A-0 110
/
4
8inking tuna 65 1870-1020 A-0 1055. 108 iutil4 Nov'10 •••• 105 1001
Motion Kly let gu g 6s..11/111 F-A WI%
19578 .41)0'07
/
4
Dee'09
Ohio River 1111 lst g 56.1931.1 .1-1) 10.334
Registered
112
1870-19
%20
1A
A.
-0 1084
luti 105
lots aitir'io
112 Novitil)
Ueneral gold 6s
Debenture 5s
1037 A-0 103
1941 A.0 196 10719 105% Nov'10
105 107
Pitts(Jaw di'101 1st g Us 1922 A-0 101)19
Ropetered
1001
/
4 bou'iu
luO12 M4i't11
11121 A-0
100ts 106%
064
Sinking I und deb 58
Pitts & West 1st g 4s 1917 .1 •.1
1033 M-14
0819 Sep '011
/
4
110 109 sop'10 •••• 101) 1111
Stet lai Ity 1st gug 94as 11143 .1.1) 81/
Registered
IOU Nov104
11133 M-N
109 J 'iy 't1e
Beech Creek bee N
do It
Mil L S& West 1st g 6611)21 M-3 1164sale 1161
/
4 11519
1141
/
4 /174
Bellev Car &Vele Illinois Cent
Eat & Imp stand g 55 11129 F -A 109
101/ Nov'10
109 11234
Bklyu 44: Montauk bee Long 1
14,21
/
4sta'02
Ashland Inv let g 08 10213 rn-16 117
Bruns & West bee Atl Coast L
Mich Div lstgOa
1184 Nov'io •.•• 1184 1181
1029 J -J 117
/
4
Bullet° N Y & Erie See bale
Incomes
1031
/
4
/
4 313V1)1)
hill 51-14 101/1
Bullalo it dis 2gen g 6S 1937
1104 J'13'
113%1104 Chic itock 181 ,1e Pee 08 1917 3-3 1004
1•1/ .4
'
10
11014 Novq0
;112
103
J'ly
'10
M-N
Consol 4
105 101/ 14
1957
109 109
Registered
1917 J•
Aug'10
Audi West 1st g
gu 19115 A-0
00
General gold la
994
.
-1)1q 1a:ti l:',1
94/
1 011
103 J'ly '1/8
Ul & Malt 1st gu g 6a
1943 3-3
Itegnstered
9'
844 9834
1084
8J
a
i
:J
j
115
Hoch & Pitts 1st g 06 11/21 F•A
i'ne'10
115 117
;
•
99
;1•4;
. tb13344"b
Refunding g
'
1391Z:
ai
d 86
11139 A-0
Cousol let g 65
11614 8011'16
11641113%
11122 J
97 14•T'ly'10 •••• 974 971
Coll trust Series J 413
/
4
1012 M-N
72 111ar'11)
Bull & Slum let ret g 45411/51 3-4
72
72
73
Me
144 Jan 'Ill •..• 1)44 941
/
4
1111551-N6
Bur U It N 67)8 CP
N 46
91 Dec'09
Sa-N
/
4 23 1021910619
I Ian So lat ext 63
1913 J-J 102% Sale 1,02% 1031
04,
044 MaY'10 ......iii.1
11017
/
4-1 944
Nov'10
ail100%1013
6
101'4
4
/
4
1011
1014
as
.1013
P
k-)2t1
931
/
4 Aug'99 ...
06
1913M44
itegiatered
....
1001
, 11)13 Nt4-8
/
4 1004 Marta
Chia it 131 Pao BR 46 2002 14-N
73 bale 73
'4 1229 61319 83%
Oarb & Shawn bee Ill Cent
liegibtered
7634 SlaY'l el.... 7639 80%
Carolina Cent bee Scab Air L
RI Atka,Louis 1st41
90
09,
94 Nov'10 •••. 1/3
/
462
10
9°
34
2 34-3
14 N
1134„N o4.10 •,• 111141191a
elarthage& Ad beeN Y
tsar L; 1131
let g 63.10.34 A-t) 110
Ueil it la b etb N bee LS It
Registered
.t
12012 kta/'03 ..
Oen Briumn ity See Ato Pao
elt12.k NW latirubs.1,124
A-° 1041
1
1931 A-0
/
4
10534 Oct'10 .......,,10634 106
Cleat of Liu RR 1st g bs p11145 If-A 1114
109%1181
/
4
& St 14 1st gu g 75 11127 3-1)
10919 Oct'10
(lonaol gold Os
Choc Ok & Li gen g 66 .oltIlo 3-3
2 10334 100
1045 31-1.4 107 Vide 11/634 107
101 3111Y'10 ....' 104 109
Reglatered
111a2 1.11.2
113 Apr'06 •
Consol gold 6s
1095
108 11.84 Oct'10 -1,11/8 110
1st prel income g 5a....p1946 Oct
00
90
91
28 82
Keok eis Dealt lat5s
1)0
11133 A-0 100 103 101 leole 1 u ....1#13's 104
9134
•
Stamped
901
/
4 Ohi1oSti&N o bee 111 Cent
91
90
... 4
2u nun income g
Oct
08
36 76
874 834 90lloy'10.
834 JluoStLdi Pitts neck'euffUu
88
I
'
1
2d in et income g 56 stamped
885. .)btoStl'M&Ocou(3s 10811 J•D 123% 1247 12534 Oct '10
885.
874 8819 8819
1274
75
30 pret income g b4••••p1945 Oct
84 86
139% 10 76
8e.%
Cone Us reduced to 81
854
/
48 11139 3-1) 85
93 De0'03
......
8d pre Income g ba stamped.
be
80
84 85
85/
1
400t'10
BONDS
N. Y. STOCK EXCHANGE
WHEN ENDING DEO 2

Price
kridati
Dec 2

Range
bince
January 2

Week's
Range or
Last Sale

••••
••
•••

..

Aut17,1°::::

• •

••••

MISCELLANEOUS BONDS-ContInued on Neat Page.
Street Railway
Street Railway
3rooklyn Rap Tr g 66
1945 A-0
Het St By gen col tr g 511.1907 F- A
1081
/
4 1034 1 101%105
/
4 1031
751
/
4
7434 821
/
4 77
78 Nov'10
let refund cony g 4*. 200
•.1
824 Sale
90
54
98 Oct'10
13kUity lateen 66.1910 1941 J -J 10219103 111'1 P.Tov
3 1.8 t2 10212
1
2°
04
1)3
)31316"17
2'
0314 1g1
4
.4
101
1 -°
0 101 103 101
Bk1.4 Co &18 con Irti g 66 1091 41.2s
titli
Col&
Ay
let gu g 38.14193 11-S
913
98
102
1 9712 09
/
4 981
/
4 5 LIB 102
1183* 981
Bklyn On El lat g 4-55 11150 F-A lot lull. [0112 10119 I 11 00 103
Lex Av & P Flat gu g 58 1993 11-5 97
964 119
1)8's 051* 984
Stamped guar 4-55
1950 F-A
'rlurd Ave RR con gu 4s 3000 J -J
57
101 10112 1011,11 99%103
0012 00% 10 0714 091
/
4
Kings Co El 1st g 46
10411 If-A
Cent Tr Co certfs stmpd... •••
844,4
. 5234 Nov'10..
.. 82% 86
00',,
6U
511
68%
56
Sale
116
Stamped guar -Ls
1099 F-A
Third Ave ity 1st g 58..153; J-.1 107 108 107 Nov'10
8436 §514 a9 Noy'10 .... 80
/
4
851
1051
/
4108%
Nassau Klee gu g 45.-1051 -.1
78
78
it
it
y
y&tL
20
Orl
i
i
70
t
N
82
5:n
1,4
18
424 .1
77
5811,35
854 81%Oct'10 ...• 804 87
I
, 11
J- JN
30nn By& List& ref g 94s'51 J -J
L
/
4 St Jos
102% 1021
/
41021
/
4 Marilt .... 1021
08 Noy'Oa •... ......
1/9
Stamped guar 4135
1951 4-4 101%. • 101% Aug'10.... 1001
St Paul City Cab con g 53.1037 J -J
/
4108
107% Dee'09 .•.. ......
109
/
48 11/32 3-3
Oat United let con g 41
VC. $0 Ply'10 .... 80
8219 Tri-City By & Lt 1st s f 511.1923 A.0 1)84 Sale 08
99
1 013
/
1
4
Havana Eleo coned g 55 1962 F A 94% 90 4 9534 Nov'10,....93
/
4 Undergrou.nd ot Lou 66...1112o M-N 96
951
98 Apr
1956 A-0
Inter-Met coil 445
04 Sale 79's
i 77 83,
4
948
80 L4
89',, _1!
891
/
4
. 63 894
3.yr
Rap
•N
cony
1911
T
65
Enter
., 100% 100% 1001
/
4 16 101)4104
574
37% 7,
Income Os
11152 M.N 1031
/
4 Sale 103
45-year Os Series A
11)334 64 100 103% Union El(011101 1st g 66 1r1
1.:
9315
1j
ii'
16
3 18313124 i414.6.. 64 Oct'08
Internet Traci colt tr 413-1090 J •J
67 Is mitelo.„„ 6714 671
/
4 United Rys St I, let g 46-1034 1 -J .....
80 Aug'10
Wanda Kleo 1st & Coll 08.1953 .8
88 May105 .
United RRa San Fr5f 95.1027 A-0 6 4 8
1 05 74
67
11' 67
..
67
-- ----*No pee.Friday; latest this week. IFIat. aDne Jan--5- Due
Apr e Due May gDue J'ne h-Dne .1'1,y knneaug oDne Oct p Due Nov 80111161 Bala




••••

.....

IL

Ilwer.1187,1,Avlistogos

•...

3119 40

New York Bond Record—Continued—Tae 2

1498
BONDS
N.Y. STOCK EX c-I-1 A Nr-i•E
WRICK ENDIM2 DK° 2

-g.
'41•2
2.

Price
Friday
Dec

W661C18
Range or
Last sate

'et
g
00

Range
bola
Jantraro .

HON DS
N. Y. STOOK EXcH A NGAt
W EMI{ END'S.; DEC 2

••2.t
`•-*,

Price
Friacto
Dee

,
Wees'.'s
z,1 Range
Range or ,9
Since
Lasi b a('
h
11 January 1
•

41 Lyn Ivo 1.4w Bios
Ask Lino
Bid
High No bow ti cgs
Bin
4$'. 1.0w
Chic St PM & 0—(on)
123 127
Erie & Pitts See Penn Co
Ch St P ifs Slum 1st g da 1918 PA-N 12258 12534 123 Ply'1.0
115 Deo'09
Evans &i' H lat cons 66.1921 3-2 110
Nor Wisconsin 1st 60.-1930 J -J 122%1274 1'21158 May'09
II 13
,11418
1942 A-0 101 101421014340v'10 .... 10.1 1024
112-4 Nov'10
Istgenerai gold Os
St P & S City 1st g 6s 1919 A-0 112
112 114 A pi Os.
11018 3 1084112
Mt Vernon 1st gold 6s 11123 A-0
Chic & West Ind gen g 6s 81932 Q-M 110% Sate 109
95 J'neq)6
9178
88
90% 934 0178
Sail Co Branch 1st g 68 1030 A•0
9318
Consol 50-year 4s
1052 J. J
Largo as so lieeUl,M&SIP
Chic & W Mien ate Pere Marq
I
lint,
Pere
51
ace
Pere
Mar
&
Choo & Gulf Se,e CRI&P
113 Oct '00
Fla Cdi Penin See Sea Air Line
Cin U & D 2d gold 410 1937 J J
1
ft
884 93
86 ..... 92 Aug'10
101 108
Forist U D Co 1st g 4428.1941 J-J
CinJi& I 1st gu g 5s 1941 M-N 102 105 105 Oct '10
86
84 Sep '10 .... 84
87
• W & Rio Or 1st g 4s 1928 J -J
Find & Ft W lat gu 4s a.'23 M-N
85
8618 Oct'10
'al liar & S A See So Fac Co
8714
Cin I & NV 1st gn g 48.1953 J -J
97 J'ly'09
10134 107
H & ki of 1882 1st 55.1913 A-0 054 99
Ind Deo & W 1st g 5s 1935 J -J 100% 101 102 Sep'10
1074Dec'02
Georgia & Ala See sea A Line
1935 J -J
1st guar gold 58
Ga Car & Nor See sea A Line
OlStLdlO ties C./ 0& St 1,
Georgia Pacific See So By
OhnS&U See 0 C St I,
Gila V G & Nor See So Pao Co
Clearfield & Mah See 11 El & P
92% 1 904 96% Uonv & Uswegat see N Y Cent
95% 02%
Clev Cin C441 St L gen a 4s 1993 J•
9318 5 93% 934 Grand Rap & Ind bee Penn RR
9418 924
Cairo Div 1st gold 4s
1939 J -J
91 Sep '10
90
92
9442 Gray's Pt Term b'eo St L S W
Cin W& MDIV lat g 48 1091 J -J
9518212 9418 97',
,Sale 95 4
91.
94
92%
9234 8 8934 9534 Gt or—C 1343 Q coil tr 4a 1921
4.
•j
.) 954
21 3
St L Div lat col tr g 4s 1990 M-N
90
95 4, Nov'10
91 Oct '07
94', 957
......
9
RegisteretLA
1990 31-NRegistrd
96
99 Sep'Id__ 98 100
Dec'09
09 100
1004
1933 J-J
St Paul & Man 4s
Spr & Col Div 1st g 46_1910 M
l25'128"
9018
90 May'10
90
90
1933 J J 1254 12734 125 4 J'ly it)
1st consol gold Os
W W Val Div Ist g 48 11140 J -J
132 Apr'01,
1054 Feb'10
Registered
1933 J•J
105', 1054
0I St L & (3 °onset 68 1920 M-N 105'0,
08
97', 9734 Oct'10
1164 984
Reduced to gold 41851933 J•J 1044 106 10614 A ov'10 .... 10334 107%
I1936 Q-11
1st gold 4s
106% J'ne'09
.
.
973
, 9)1 Agg'10
96
1
98
33
1.
-D
1937
Registered
k1936 Q.F 94
Registered
98
itti"e 2' 1741004
108 Oct'16
103 108
Mont eat 1st gold 48 1937 I-D 95
Oin & CI con 1st g 58..1028 J -J 105%'
97 ,11)1) Uot'OW
1094
Registered
1914 4) 108
0 C & consol7s
9934 993
' 08a, Jan'1u
MinnNorDivIst g 451948 A-0 95
Conaol sink fund 78.-1914 J
113 1144
114 4 Nev'lO
,Sale 1254 1254
114
1 119 12842
Minn Union 1st g 60 1922 J
General consol gold 68.1934 J -J 1251
12618 12618, 2 126 129
Mont C 1st gu g 6s. 1U37 J•J 1264
1934 J -J
Registered
1384 d ci).U0
94 J.ly'08
Registered
Inc BL & W 1st pre! 40 1940 A-0
110 11318
181 guar gold 58
1937 31'1 1114114 1124 Nov'1.0
0 Ind & W 1st pi 5a...01938 Q-J
1113 J'ne'09
01
112
90 Nov'10
89
944
Will & S lat gold5a 1938 J
Peo & East 1st con 42 11140 A-0 90
5818 Sale 5814
5814 8 53
67
1990 Apr
Greenbrier Ity See Ches & 0
Income 4s
941
86
8814 87 Oct '10.....I 87_
• & 1 Istret t g 58 01952 34
Clev &I Marietta See Penn Rh
LI au & St Jo See 0 13 JD
Clev & Pitts See Penn Co
Nov'10
69
70
704
65
81%
ousatonio
See
NINA
dO
11
311dhuid
1st
g
4s
1047
J
•
J
Col
934 95% 95
97% Hook Vallatconsol g 4%8.1999 J-J 10214 102% 10114 1024 111 99%104
1/33e 33 93
Colored)& Sou lst g 45 1929 F -A
974 1)0 94% 99
1004 Sop 'ins
971
,Sale 964
Registered
1999 j-J
1935 M-N
Rotund & ext 4 1,s
954
1134May'1l) ..93
95
Nov'10
111%114
1123
,
113
Col & El V 1st eitt g 45 1948 A-0 93
Ft W & Den 0 lat g 68 1921 J -D
904 cue'Oki .I .
1/2
Col & Tot 1st ex 4s
11155 F.A
Colain &(Ireenv ace So Ity
Roust E & W Tex See So Pao
Cot & Hock Val See 1100k Val
Roust& Tex Con See So Pao Co
Col & Tot See Hock Val
104 J'ne'10
104 10534
11111018 Central 1st g 4s 1981 1-1 *101
Col Conn & Term See N & W
• Registered
107% Ala
'
07
1951. J•J
Conn & Pas Rive 1st g 45.1943 A.0
iy
Saw
8142
8918 2 8918 92
100
May'10
IOU
1st
gold
•
34s
09
100
1901 J-J
Cuba RR lat 50-yr 5 g
1952 J -J
•
94 Sep 'tn)
Registered
1951 J-J
JJak & tit So ..s'es M & St P
93% May'09
•
Extended lat g 34a
11)51 A.0 87
•
allati ea Waco See
ee T
J'11"01)
1st gold 35 sterhug
1951 M•S
Del Lack & Western—
0938Nov,10
103% 111,
1
99 100%
Coll Trust gold 48
Morrls& Essex 1st7s 1914 M-N 10841114 108 42 Oct'10
1952 A•0 974
1 09 J'ne'utt
1114 11418
• Registered
1932 A-0
11118 Nov'10
1915 J-1) 111%
1st consol gnarls
127 J'ne'Uo
Of
10 00
W742 Sale 9718
......
99%
Ist ref 4s
1955 M-N
Registered
1915 J-D
94 Sep'09
nn
LW
1 WI ks 100%
98¼
b7
94
L N 0& Tex gold 45
2000 J -D
1953 M-N
1st rei gu g 348
98 1 96 Nov'10
96
116
113 118%
Registered
1953 M-N
N I Lack & W 1st 6s 1921 J-J 115 118 118%Nov'10
101 100 Apr'09
106 Oct'10
106 110'.
Cairo Bridge gold 4s
Construction 5s
1023 F•A 107
1950 J -0
110 I 871451-W10....I 8715 88'
Utl Nov'10
9744 101
99
LoutsvDiv&Terra g340 1953 J
Term & Improve 4a
1923 M-N
',128
.
1024 h'el4103
85
Middle Div reg 58
Warren 1st ref gu g348 2000 F-A
1921 F•A 102
'
Alar'10
77% 77%
120 1204
Omaha Div 1st, g 38
1951 le-A
Del & Hod lst Pa Div 78 1917 M-S 117 120 120 Oct 'Ill
118 149 Aug'01
St Louis Divetterm g 38 111511J •J
7732 7114 Dee'08
Registered
1917 31-5
68
9818
98
Sale
24
964
101
Registered
11151!J -1
10-yr oonv deb 48
1916 J-D
Ifeb 1 1.0
88.4 811
87
100 103
Gold 345
1951;J-J
1st hen equip g 418s — 1922 J -J 10034 10134 1014 Nov'10
1(11 18001 '1/1/
16 901810018
90
Registered
11,511J -J.
1943 M-N 9834 9978 99
1st Sorer 48
...Nov'ut)
87
100
91
97%
Spring
91
18
Div
93
lat
g
923
4
93
3428. 1901 J•••
1946 A-0
Alb & Sus cony 3%8
95
gg
118 Oct'10
12341304
Western Lines 1st g 48-1901 F-A
95',
123% ScP'16
Rene & Saratoga 1st 78 1921 M-N 122%
•
Miley 33 Car 1st Os
117 h may'io
11741174
1923 1
Del Ely RR Bridge See Pa KR
Nov'10
434
92%
Carb
&
96 (Jet'10 ... I 1154 99
94
95
04
Shaw
1st
97%
g 45 1932M.8
.
Deny & K Or 1st con g 4s.1936 J -J
Chic St L & A Ug.58 11/511.1-1-1 1121811018116 Let '10
119
1936 J -J 101 1024 102% 192: 1 10241044
Comic)! gold 41,8
100 108
118 118
Registered
11051 JD 112 115 116 Mario
Improvement gold Os 1928 I -I) 101 102 10134 Nov'10
944
110 Sale 90
47 90
G old 342,4
91
90 Oct'09
ivai,
J-D
1955 F-A
1st & retunding 55
98
Feb'08
......
974 974
mempli Div hat g 4s 19311J •D
1)/18 Mar'lu
Rio (hr Juno 1st go g 615 1939 J -D
78 Dee'011
71)
81 L Son 1st gu g
98 J'ly'us
1940 J -J
Rio Gr So lat gold 48
85 blaru8
Ind III& West See CU & St LI
Guaranteed
1'40 J -J
9018 sale 90%
9014
96%
95 May'10 _95 98
87% 94% Ind Ill & la 1st g 4s
J-J
1950
Rio Ur West ist g
Oct'10
85
107 1074 10734 ov'.1.0 „'"..„ 107 110%
83
int & Great Nor lat g
Mge and col trust 4s1.1949 A.0 814 85
112 110 May'10 ..,106"4 112
...... 07 Jan'02
......
2t1 gold Os
190WM-8
Utah CoutIstgug48 alit? A-0
0i¼L
4 it/2411234
1..- 102 42 salt- 1024
Trustco certfs
Des Aim & lit 14 See 51 04.,
15
10 Nov'll)
36
I 14% 15
110 1309'04
3d gold 45
Des Mot Un By 1st g 56_1917 31-N
Nov'
lu
103
4
1044108
,
.... 1021810604
94 SeP '10 __ 94
9778 Iowa Central 1st gold 58-11138;
Del & Mack lat hen g 43.1000 -0 94
40
3 69
70
70
91 Nov'10
71¼
90
Gold 4s
11/51 NI'S 1
88• 91
1993 -1) 89
Gold 48
UV.;
1)418 944
944 10, 94
7, Oct'10
94
72
74
74
72
James F & Cleat 1st 4s 1050
Det tio—t)S DIv 1st g 43 1941 N1-113
Uhl 111
lu
hUAditki1
6e6
.11
Dui& Iron Range 1st 58-1937 A-0 1084119 WS4 Oct'10
Marys
........
cts
Alell
10818
See
Tot
33
0
(1
Registered
1937 A-0
K litS & AL beeSt LdOS
......
1910 J -J •-. .•
2d is
Ked3M14&13 ,VeeStL&SF
Dal Short Line /se* Nor Pao
106%10734 Kan LI & Paoillo bee 51 K & T
Dal So Shore & Atl g 58 1937 J -J 1074109% 107 180ct'10
7304 7 71% 74
734
Kau City Sou lat gold 30-11150 A-U
734 74
ti‘ wit oz Mind 'tied gt M.el,.N1
63 Oct 'uu
Registered
11150 A-0
aaast Ten Va & Oa See So Sty
10318 Nov'10
Ref & impt tis Apr 11130
1084198%
A-0, 100',10115 101% 101% 4' 994103
Elgin Jot & East 1st g 5a.1941 fil-N 10834
98
98
Kansas City Tamil 1st 48 19oU .3 ...... •••••• 98 Nov'10
Elm Cort ee No See Leh 61, N
1194 121)
8 1184 122% Kentucky Cent bee L. do N
Erie 1st consol gold Is....1920 11.9 120
100 J'ue'10
100 100
aeoir de Dee Alo see Ii It l&P
Y & Erie 1st eat g 48 1947 vI.N 1004
1044 Oct '10
1044 10678 Knoxville & Ohio See so Iv
eat gold Os
1919 11-5 10382d
103 mar'10
103 1034
aka Erie & WIst g 5s..1.937 J -J 110 1104 109% Nov'10 __. 10815112%
1923 M-S 1004
3d ext gold 418s
107 1.0642 mar 10
1964Jan'10
1064 1064 1-4 2d gold Oa
1064 107 4
1941 J -J
lini) A-0 1034
itli ext gold Oa
99.4 ifeb'10
10.04 99%
North Uluo 1st gu g Os 11145 A-0 107
Alar'10
1084112
1928 14)
5th ext gold 4s
118
118
cot
116
'10
111718
Ll3liO&MiohS
See
Y
Cent
M-S
YLE&W
lst
g
78.1920
N
803
4
105
107
8718
Leh Vai N 1st gu g 412.s.11140 J-J
107
4 10534 1084
83
3
81 dale 84
Erie 1st eon g 48 prior-19116 J -J
Registered
.85 • 814 Nov'09
105 Nov'10 __1105 103
1940 J -J 104
1990 J -J
• Registered
74% 21
6038 98
75
76% Lehigh Val(Pa)cons g 48 2003 M-N
95 Aov'lu
73
7418
lat oonsol gen lien g 4619116 J -J
854
Lt.,11 V Ter Ity 1st, gu g 55 1841 A-0 113 113% 113% Nov'10 __1112 a 118.4
Feb'07
Registered
1990 J
Registered
109 42 tn.% '91./
864 13 8342 b7
1941 A-0
Penn coil tr g 4s
1951 F-A 86% Sala 86
83
Leh V Coal(Joist gag 50 1933 J -J 106%110 108 Nov'thi
75
35 64
1953 A•0 71 Sale 71
50-year cony 4, A
93% 95
734 Lou & A
9334 Marl°
1st guar g 48_11145 14-s * 93%
694 21 56
do
Series 13 1953 A-0 68 bah 68
1 110 113% Registered
110
1945 M-S
Bull
& Erie 1st 78-1916 J-1) 101) 113 110
115
1014
RIIJ&N
110
151
Ifeb'10
111%112
101',
pt
111%
o
0s
10118
1914A0 102
Ohio 33 Erie 1st gold 53_1982 N1-11
Gold guar Os
1.21 Dee'us
1014 sup 'uu
1914 A-0, 100
L11ev & Oialion Val g tis 1.938 J•J 112
120 127
Leh. J3 kind R See Cent or NJ
Long Dock consol g 65-11135 A-0 1225,1244 12318 Nov'10
Leh & Wilkesb bee Cent of N J
Coal & KR 1st,eur gu 68.1922 M-N 104 101)18 114 Apr'10 __ 114 114
Leroy & Caney Val See .ilto P
1034 001'09
Dock Si Imp 1st ctu•68..1913 J -J 10038
99
4
1034
994Nov'10
Long Dock See sage
9i11
4
Greeu
L
gu
g
M.N
.
I
&
58.1946
N
1104 11258
99 104
112% Nov'10
Gong lal'd—lat con g 5s.A11131 Q-J 110
101 Nov'10
DI Y Sus & W 1st rei 08 1937 J-J
...
let e011801 gold 48
116 1111)
902
3 4 1004 Dou'Od .
2t1 gold 442s
41931 Q-J
1937 F-A 99'4 10
'10
93
94
Oct
1)3
81,
89
2'116'1(1
9734
General
gold
95
45
34)
914
1938
General gold Os
87
1940 F-A
108 110%
984 Nov'10
97 Wu',
Ferry gold 44a
9118 IL)?
J.
Terminal lat gold5s...1943 ril-N 110
1922 18-8
1104 Nov'10,.
9114 cut'06
Groin 4s
Regis 5.000 each...1943 M-1-4
1932
1)318 &sell).... 934 95
96
Unified gold 40
Wilk. Si, EalatgugOs,1942 10 99 1904 ioi'aMar'lO.,.. 101% 1014
1949 NI-8 94
1044 Dee'08
By & Ind 1st con gag 68..1926 J-3 106
Debenture gold Os
1934 1-0
114 Oct '011

---.1
•

6

•
•
•
•

•
•
•
•

•
•
•
•

••
•
•

311SCELLA NE0US BONDS—Contiased on Next rage.
Gas and Electric Light
Gas and Electric Light
At1aatauLCo1stg..1947 J -D 102
N 1(1 B LH& P g 58-1948 J-D 10168 Sale 101% 10134 18 99%1034
Sale 84
13klyn U Gas 1st con g 53 1940 VI-N .106% Sale 1064 106%
Purchase money g 48...1949
tj 105 10734
el
84% lb 80
tintialo (las lat g os
1947 A•0
609 67
Ed El 111 Lit cons g 88..1095 J-J
65
60% Sep'10
110 1114
34 111% 11042Oct'10
N yat,)El L&P 1st con g 58193t) IP-A
Columbus Gas 1st g 58
11132 3-J
1004 10114
1004
Detroit City Gus gos
11123 •J 100%100% 100% Nov'10
100 10118 N 1.9 Rich (has 1st g 65.1921 p41-11
97 4,Ply '011
Dot Gas Co con 1st g 56_11116 F -A IOU
Paellio 0.9 Eleo Co Cal G & E
9558 Sep 'ub
;Ng L Y 1st con g 58 193'2 A92 Sale 92
105
103 Oct'10
Corp unifying & ref Os
924 19 91
93
Al•N
Uns 44 Bloc Berg(Joe g 513 1949 1-1)
1194,117
014 Oct'01
1st
Gas
34
C
con
g 68 1043 A-0
Pee
116151111
11642 Auglu
or Rap U L Co 1st g 68 11115 F -A
Rehuiding gold Os
08 101 100 Get'09
102
............
1947 A-S 102 U,le 102
10115104
Hudson Co Gas 1st g 68_1949 M-1
10218 N ov•10
,
1 1023
Ch G-1,& Ore latgu g 58 1937 J -J 102 101de 104 Oct'10
,
10118103',
10218 104,4
Kan City(Mo)Gas 1st g 581922 A-0
97 Mar'lu
U7
97
97
Con G Coot Cli lat gu g 50.'30 J -D 10034 103 I.01
101
2 10014 102
Kings Co El L & g Os 1931 A-0 100% 101% 102 Nov'10
90
LOU 102
Ind Nat Gas& Oil 30-yr 58'30 3,1•N
90
92% 90 Nov'10
Purchase money Os
2911:
113 115 114 Oct'10
Mu Fuel Gas 1st gu g 818.1941 a-N 100 100'a 101 Mat'10
1104 115
101 101
Ed El 11 Shell lstcon g 4s1931' J -J
88
88
Philadelphia Co cony Os _1919 F-A
1 863
,90
88% 90
99 105
9934 Nov'10
97 101
98 101)
Lac Gas Lot St L 1st g 3341919 (.4-F 1024 102% 1024 Nov'10
1004105
syraouse laghting lat g 58.'51 J-14 98
98 Aug'l0
Re( and ext 1st g Os
1934 A-0 111018101', 101 Nov'10
......
110 .a.).03
99 101', erenton & El 1st g 55_11)41, 8-a
Milwaukee Gas L 1st 48_11)27 M-N
03
93
8958 9234 91 Apr'11.1
• 91
92% Union Elec.L& P lstg 68.1932 ALS 10042
93 Oct'10
Newark Con Gael;5s
1948 -0
100 10311
Westchester Light'g g 58.1950 2.0 102%
1024 Nov'10
* No price Friday; latest bid and asked this week. a Due Jan b Due Feb 8Due Apr e Due May Is Due J'ly k Due Aug g Due 1100 a Option 861-6




11n

EISt:

DON DS
N. Y. STOCK EXcir A NOE
Vi FEICK i.'c.r. DEo 2

1499

New York Bond Record-Continued-Page 3

DEc. 3 1.910.]
11-2
•••

Price
Friday
Dec

Week's
kange or
Last bate

1,',ange
Since
Janitor,/ I

-BONDS
N. Y. STOCK EXCHANGE)
WREE ENtnsa DEC 2

11.2
,t;
4.1 2
,

Price
Iriday
Dee
-N

• ,
Week's
„•',
5 11 liange
Range or
St-ace
r Last Sate
January 1

Htgh AN'o Low Jitgl
Ask Low
litga No Lew Htga N Y Cent & H it-(Con)
Big
.15/5 hoe
Bt.
Long Island-(Con)
8214
78
Mich Coot coil g3.2s....1998 F-A
(30.1 7914N071.10
964 4 944 100
961 964
96
1949
Guar rd t gold 48.
79 L., Aug'l o
70% 79 4
Registered
1998 F-A
S
13klyn & Mont 1st g 68 1911
4
1183
97
Dec'OS
.
Beech
9f;3
9
Sale
Creek
101%
1st
gu
g
48
1936
J•
J
1911
1st 58
964 Nov'lo ....198'a 9814
Registered
"'o'
11014 Nov'06
1936 J -J
11&111. B1stcon5s193b A-0 103
N
28 go gold 58
105 Apr'07 .•.•
1936 J -J 1954
1027 M-S 101
N 1& ft B 1st g58
Beech Cr Est lstg 3128519611A-0 844
101
109 Nov'06
N6r811 B let con r v.15/431932
! 974 Apr'011
95,
, 97 Nov'011 --Cart & Ad 1st gu g 4s...1981!3 -0
Louisiana & Ark 1st g 33.1927 61-S *94
Cony & Oswe 1st gu 558 1942! J-D.
115 14 115,2 Oct'10 -• 11214 11634
Louisv & N ashv ten g 68 1:330 -D
1
I 9878 J'ne'10
114
MoO
98% 99-4
11114
11114
&
1114
Mal
411-N
1st
gu
g
48..1991111-S1
Gold 6s
1037
39 90%100;
99
NJ June It gu 1st 4s. .19S6 F-A
105 001 '02. "
98 Sale 1 98
Unified gold 48
1940 J -J
143
N Y ea Harlem g 314s..,2000 M-N
9314
93 Aug'10
' 9734 Nov'10 ..•. 97% 9734
1910 3-2
Registered
N 181 North 1st g 5s. .1927 A-0'
1001 Deo'09
108 Oct '09
Sink tuna gold 9s
1910 A-0
N 1781 Pu 1st eon go g4s 1993 A-0 9579 1.18 12, 11514 Nov'10 ....! 9514 1/612
107 4 Sep '10 -- 107 110
Coll trust gold os
10'31 M-14 103
115 Uct'10 •-• I.11 14 115
Nor & Mont 1st gu g 58.1916 A.0
111
EH & Nash let it 6s
1919
181,-, Ian '09
12 4 103 106
Pine Crook reg guar 68.11132 J -13
Cin & Lea gold 412s 1931 61-N 101 100 11044 104
110
it WS.0con latext5s.411122 A-0 10(31411'14 lot Nov'10
'12139 12185 1 121% 12514
1930 J -J 1214
N 0 dc At 1st gold tis
10312 Nov'10 ---- 1184 118 4
1044 105 Jan 'Us
Oswe & It 28 gu g 513...e1015 F-A
19311 J -J 11'7%
N 0 & It 28 gold (is
21.10'10
It
105,
▪
mO4
..
1.
04
.
103
4
11014
104
Wit
t)T
It
1051
let
NI4
guff
53.1918,54N'
111
1015
'
2 N°7"
Pensacola Div gold 6s 1920
() .."
'10
-- 113 114
102,,Felr'10
.113 Sep
101 76 11,24
1/5
Rutland 1st con g 492s 19111 J • J
1921 NI- S 113 %
St L Div 1st gold 68
8412 55 I 54 OW10 ....! 80
I 71 61+4'09 ••••
9114
71 12
Og&LCham lat gu 48 g1948 J•J
M.S
2d gold 38
1)214 03;Sep'10 1154
91
I 92 J
Rut-Canad lst gu g4s.1949 J -J
5(51 m-N
149/8
Atl K nox & CI
B (Dv 45-1
116 Jiy Uti -110 ,115 9'10909
6A8(tir let g 5s. 1996 J -J
AD Knox & Nor 1st g 581114)i .1 •0 1014
Jan '09 -'110
103
St
2
I
d
A-0
125 Feb'08
M-S
A
gw
oll
a
t
g68.1031
lender lidge lets I
9414 9510 94; 94; 4 944 974
100 .1()0 Nov' 0
102
Utica & Blk ItIvgug4s.1
22
6 3-2
199
Kentucky Cent gold 48 1987 J• J
Sep '1G •-• 102 10514
90
924
Lake Shore gold 312s
1.9117 J-D 884 904 90 Nov'I u
L&N & M&M.Istg44s 1945 J J 1112'2 89141'102
---•
'10
Oct
▪
1
863
4
903
4
894
92
68
92
88
90
8
,
-.3
4
Registered
48.1952
19117
J
-2
.
LA& N-South 61 point
93 Sale 93
1/334 37,1 1.12
11534
11238 1124 Nov'10 •--- 10014 11212
Debentu9e g 48
11928 M
.
.
NFIa&s Ist gu g 5s 1937 F-A 11)712
.
--98
DS
9334
1)314 391 94
93 Sale 9234
25-year g 48
N&CI3dgegen gu x4,281945 3-2
.... 110141104
Oct
'10
1104
1104
.
F.A
Ka
A
1104
&
G
list
g
o
1921
c5
-s
19
6s
.193
3
8
1
Pens d. AU 1st go g
11134114 109 Oct '07
F-A lo9 4 114 110 Nov'10 .--- 1094114
/dation C'I RR 1st 58..1934 J4
......
S & N Ala con go g 55 1936 I'll94,
91 Oct '10 ---• 884 92
S
Pitts & L Erie 2d g 53.a1928 A-0 100
109 Dec'09
Li& Jolt Bilge Co gu g 4s 1945
13012 Jan 'UV
Pitta
122.4
Mel(
et.
Y
1st
gu
&
68
See()
1932
1.,N A &
120
2(1
guar 6a
1934
lvf ahon Coal See L 8 & I8
978 97 Nov'10
113% 9814
Melieeseic B V 1st g 68 1918J -.1 107
kul-anhattan ityconaol4s.1:190 A-0 97
104 A vr'05
iklicli Ueut 58
1931 M-8 109 115 111012 Oct'10 ...., 11041104
1990 A-0
Registered
984.
96
t4
iNOT'10
944 9979
1931.Q-M 1084
Registered
'119 J net/6
f3tmpti tax exempt 1990 A•0
1940; J-J, 97
119
45
99 Jan '19
99
99
KoK'pt & B V See N 1: Cent
6 9634 9314
9914 99141 9984
98 Dec'99
9914
Registered
......
1940' J -J
934
1911 J•91
hex Cent cons g 4s.
May'
10
3m75
J L & 8 1st g 312s
10) J'ue uts
274 31's
1(15111-S
a11/311 PO'
1st cons too g 38
1952'IVI-N
let.g 34s
85's 88; 87 Apr'10 ....I 5.7
901
' 254 Apr0011
28 cons inc g 3s trust mete..
77 Altir'10
1999 A.0 90
EH% 9134 Nov'10 ...H 89
2i)-year deb Is
924
75
77 .
76
hex lutenist let con g 43.11/77 61-S
79 Nov'10
Bat 0 eV. Stur Istgug3s 11189.1 -D
71)
79
Stamped guaranteed .1977 M.S
11939 109
1111 12 101)
97410012
191/ Aluy'l0
NY Clue& St List g 45 111371A-CI
100 100
hex North 1st gold 6s....1910 .1•13
1937,A-0 1/539
100 1)ec'09 141
.
Registered
Mich Coot bee N V Cant
1931 M-N
91
1114 Octr'le ....I 90
92
Debentures 4s
Uhl ot N J See Erie
1111 14 10214
West Shore 1st 4s gu...2
.z3
38
61 J.
N
"./ 101 Sale 101
Mil L & W bee Ult1.3
1°1'
61 96'4 109 4
WW1 Stub 99% 1004
8'
Registered
bill& North See (III I& St 1'
132 Nov'10
N Y & tireenw Lake See Erie
131 132
Minn & St L let gold 7s..11927 .1-1) 130
N Y & liar See N Y C & iiud
118 Jan'
07
Pacific Ex let gold 6s...11121 A-0 100
190;J'ly'10
NY Lack & W See D L& W
10014101
Mouth West Ex lat g 70 1910 •D
N Y L E (VG V1r See Erie
102% 1011
1934 21-N 1074 108 108 Nov'10
let consol gold 5s
73 Nov'10
73
674 81; N Ye.Long Br See Cent°IN J . ..
1st and refund gold 4s 11/49 'A-8
87 Marl()
87
91% N V N 11 & 11-Cony 08 1948 9
Des Al & Ft 1st gu 48-'35 J -J
.-.1 13334 Sale 13334 1344 49 130%1354
Cony deben 34a
C
11104 Sale 98 14 100%.43, 9634 11134
Minn & St 1.• go .e611 0It&
1956 a -.I
9736 9012 Nov'10 -•• 9619100
Housatonic, It con g 5s 1937 16-N 112 121 112;Oct'1U
I 112,2116
hiStr&SSAlcong 4 intgo'38 J -J
98
ed
an
'lit
107 Aug'uif
924 984
9312 981
, N Ii Je Derby con cy 513 1918 M-N 10014
MSSI &A 1st g 4 lot gu 1926 J -9
N Y & North See N Y u & 11.
Minn tin See St,PM &M.
N Y 0& IN ret 1st g 49-9191/2 M-8
9712 971
975a ,
15 964100
96.1 974 964
97
2 95
98
Ho Kan & Tex 1st g 48 1990 J -I) 97
83 Sale 53
83; 12 82
Regis $5,000 only
95 11.01 4 J900919
9090 F-A
8734
919112 11.8
28 gold 48
103 192 Nov 10 ...- 100 105
N Y ea Put See N Y t.; 60 li
1944 11-N
1st ext gold 5s
1
50,
2
61-S
80%
811
N
181
7914
4;
it
B
See Long island
7812 8514
2004
1st & refund 45
834 Sale 85
854 4' 834 9034 N Y S & W b'ed hrie
1936 J -J
Gen 5 L 4128
88 Apr'01/ ....
N Y Tex &I See So Pae Co
2091 A-0
St L Div 1st ref g 4s
J'ne'10
61-N
101
..-•
Nor
do
101 1eY'10 .... 190 1014
105
195 105
8outh 1st g ba
Dal & Wa 1st gu g 5s 11140
li141 M-N 100%
12
214
2 4 128 154
82
28 .e,
,
p,
5914 9934, 891 Nov 10.....', 897a 93; Nort & West gen g tis
:
10
u ........ 12
2i
1215134
it,0.8
44%
3 l
Kan C & Pao 18t g 43 1990 F•A
1931 M-N 1
11104 uet '1(),
100 113
improvem't & ext g 65-11134 F-A
Mo IC it! 12 1st gu g 5s 11/42 A•0 1094
.0
0 12213125 123 Isy'10 .... 123 1244
New River 1st g (38
99
32
6:19
1942 M-N 10716 108410639 N0N-191 ----; 103 10814
I K & Ok 1st gu 5s
N & W Ey 1st eon g 43.1996 A.-0
194
5 lot/ 41054
99
1/9
14 1094 100
K & TotT Istg-ug55 11.142 M-S 101 4 105 191
U8'4 91)
Registered
1.1,11:
52
4A9
N orv:9
1.0
11
97 Api."10 ..... 97
97
Sher Sh & So 1st gug 53 1913 2-0 102 109 1(
.....1 109
DIA'911.s
yeartI&cg
on
108
eit
yg
44
8.
a..21
Tex& Okla 1st gu g 58 1943 31.-S 10514101)
19
99
1,3,
,̀
2
1 89
54
1t% 99
84
34
2 Jj..
-1..
)
J
45
,‘,
8
lti.1:4
6 155
Ito Pacific 1st con g• tis _1920 .11-N 1084109 110 Nov'10 -.1 107 111
6! 1%
1 41013444
,
1,,8
4 mia0
v111.
Pocall 0 & C joint 4s..11/41 J.'. 884 90
(1
0
884 Nov'10 ....! 804 90 4
....4
.,: 1M8 111);j1
Trust gold 6s stanaped a1917 It-8 1014 101% 111
43
v
'
6112
CC& TIstgug 5a
u .
19
98
5 i2IS ou
.
.
1 1.0
06
8%
94
134 19
Itegietereil
al1/17 M.S
1922 4-.I 102
Scio V& N E 1st gu g 4s 11/89 11-N
97
1st coil gold 5s
1920 F-A 101 1011 10134 Nov'10 -.I MI 102%
77
81% North thrums See Chi& N W
7734 b 75
49-year gold loan 4s
11145 N1-8 764 77
884 95 4 Nov'09
North Ohio See L Erie & W
3d 7a ex tit at 4%
1938 ii-N
99% Sale 994
Nut Pac-Prior hen g 48..1997 Q J.
92
924 8 811
96
1st & ref cony 53
1959 MS 914 92
9934 62 99 102%
94 Nov'10
98
99
93
911
99
43 9814 101
Registered
914 95
11/97 8-4
Cent. Br Ey 1st gu g 48 1919 11 -A 92
709 30 69,2 74
General lien gold 38....a2947 Q-1: 70% Sale 794
86
87 4 maY'11)
139
874
Ceti Branch U Plstg1a 11118 2-h) 85
110 Aiar'05
70 Sep'19
Registered
7
6o
72 19
Leroy &OVA L 1st g58 1926 J -J
m:947 Q-b
981,
St Paul-flu! Div g 45-...11)96 4.0 96
1/134
994 3 9612 974
9814 uct'19 - 8261,, 10039
Pao Rot Alo lst ex g 413.1'938 F•A
99 FelPIU
Dul short L let go Is..1911) S1-8 4,99
li.94 1104 N04'I0•,1110 113
211 extended gold bo 11/38 J -J
99
99
0 13 & (4 coll. tr 4a See Cit Nor
1.07 113 14' 105 4110
Sgen con g 581931 A-0 107 Sale 107
St L It
11014 Nov'10
St P 919 N P gen g tis. .1923 F-A 116
4
III 809'911
Con con stamp gtilg Os 1931 A-0 DM ,
£161411814
844 834
Registered certtfic's..11/23 (4-F *
8414 :/; 81
Unified& ret gold 48 1929 J • J
86
11534 lii teu'10
117 117
110 J'ne'lo
St Paul & Dal lat 50.-11131 b'AI 197'4
84 Le, tiale 844
l 8234 8734
Riv & U Div let g 48 1933 M-N
84 Lb
119 [to
2i1 Us
1024Jan'10
I 102'-3 1024
Verdi V 1
103 1.113 Oct 10
W let g 65 1926 Oil- S
103 103%
1917A-01
98 Dec'00 . '
1988 J-.1). 92
1st cense! gold 4s
.Apr'1 u
Mob J & 11 Clst000sgls 1953 J -J
9512
964 974
Wash. Cent lat g 4s
Mob So Ohio new gold tis 1927 J-0 11779121 117.20c1'Di -.1 115 121 12
924 924
9414 INOV'1U
1948 )-Ml 91 14
1 11.8
1st extension gold 68..41927 ti-J 1144116 12 1144 seP '10 -.1114411719 Nor Pac Ter Co let g 68..1933 J -J 111
119411139
80 t.,Out '1u ....' 8(34 90
90
55
Nor Ey Cal ace so Fee
1938 .11-S
Geuerai gold 4s
10912 Nov'10 ....! 107 109,. Nor Wv3 ..ee C rSt P .,11. & 0
111.ontgozu Div 1st g os 11117 F-A 10914.
75
1
80
3
08
Nor a. Mout Nee N 1: Cent
04, May'u6
St L& Cairo coil g 49..e11/30 t'.-1( ,
Nov119 ....1 94
Dui & W Nee('(.; c & St L
Guaranteed g 48
031
96
loo ltiv RR See L;alt dc 0
& 0 coil 48 See Southern
Ore & Cal tice So Pa4 co
Mohawk 80 Mal Nee N VO&kl
()re short Line See (in Pa.43
Monongahela Riv See ti &I 0
Oswego 81 Rome See N V C .
Mont Cent Nee St P hi 80 Al
"Jac Coast eo 1st g 5s....1946 J-1) 104 Sale 104
Morgan's Ls &'i' See s P Co
104% 20 1024108%
1 00 01 Missouri See Me Pao
Morris & Essex See Del L&
1 106121104 Penn RR 1st teal est g 48.1923 M-.14
10612 1064
102 Aug'Iu
jkl ash Coat Oa 8L List 78 11113 J .1 1064
102 1034
110 Nov10 .... 10812 110.,
1926 A-t) 119
uousol gold 58
LI 1st consul gold Is
11U 1.010.2Jaa 08
1919 M-S
1351,, Nov.10 . 1151,1151,,
Jasper Branch let g 68 1923 J -J 1164
Consot gold 45
10'2% 100
J -J lull 4/
MelI W & Al 1st
1
1,
9115
1174 Al11r'96
Convertible g 348
2
31-2
4
11.....N
u 95
8:
4
9r
ail: 19
0
U;
.3
84 4
1 u.
97% 102
ct91.1
i81
:
.1
4
6
191i J -J 10)1.4
Convertible g 34s
113 J'IY '04
T & P Branch 18t 1.9)
14121 94% 97'2
Consol gold 48
Nash Flor & Shut ,See L & IN
1948 M N 103'4 sale 10314 1
4 10179
1913
3
9414 91; 9.139
Alleg Vat gen gag 4s 1942 189S
34
6 9312 9334
Nat Rya ot lea pr LI 48 1957 I -4
1-A
10034 190 Ott'10
1(1234 102%
1977 A-0 894 9934 23934 Nev'D, .
I)It it It & Bge1st g-u 48 g.'3(/
Guar gen 413
874 92 1
9414
Phila Bat& W lat g 48..1943 51-14 10136 sale 191% 19/34
Natot Alex prior lien 4128 1920 J •J 10014 101 10014 Nov'10 .... 10014 1024
2 101% 1914
Sou Bay & So 1st g b8...1924 4.4 100
1st consol 48
1951 A•0 *8339 8134 83 12 Nov'10 ....I 82
85
102 Jan'03
New li 6. D See N YNii& 11
U N J Itit & Can gen 45.1944 M-8 101
1(1319May'13 ..... 193 104
N J Juno Ittt See N Y Cent
Penn Co--bluar 1st g 4423.11121 4-2 103% same 103's 10314 1 193 106
N I thclia & Mau Bch See L 1
Registered
103346Felr'10 .... 10.34 1034
1921 J -J 1021
N Y Cent& li lily g 312/3 11/97 J • J
Guar 348 eon trust geg.1937 I-S 884 8634 90 Aug'11,..... 90
884 Sale 88
8814 27 87% 92
90
Registered
8734
1 86% 904
11397 J • J
Guar 34130011 tr ser B.. 1941 F-A 8834 8912 8834 Vet '10 .... 58
..... 88.2 8734
91 12
Deben g 48
1934 !VI-N
9312 37 92
Tr Co eertat's gu. g 310.191t3M-N
93
9312 93
9714 9814 91 78
9534
97 1a 2 9534 984
Lake Shore colt g 3 Las-link F-A 80
804 83 794 8212
Gu 312s tr Ms0
88
8014 50
1942 J -D
8914 87 Aug'10I....
90
87
Registered
191/5 F-A
78
Gu 848 tr ctfs 11
89 4
1944 J -D
774 784 7834 Nov101 ..
8814 11914 191 Dee'01)!
----1111SCELL kNEOUS BONDS-Continued on Next Page
-Coal and Iron
Manufacturing i.t4 Indust
irvia
:
l
Butt& Susq Iron 158....1932 J-D 9014
99;Nov'09
a 1926 1.5 90
Debenture 5s
90 Nov'10
Allis-Chalmers 1st 58
99
1930 3.4
99
754 76,2 764
64%
77511 23 72
g os..1v4b F -A
Coi t53 /gun
95
97
9734 97
Am Ag uhem 1st c 5i3
1 96 101
1024 25 100 103
1928 A-0 102 Sale 102
Convertible deb g bs....1911 b' A
99 100
984
98 12 6 93
9812 Am uot OE ext 4128
9712 974
97; 2 9314 984
1
4-11
Col ludo 1st& colt 68 gu..11134 F•A
70
7734 7734
78
82,4 Am Hide & L 1st a tg6s 1911.1 61-5
7 70
114 12
944 5 92 102
944
tIontin'tal 1sts t gu 58 g.11/52 F.A
.074
,Dec'04
Amer Ice Secur deb g 68 1925 A-0 66
6612 664
67
604 734
Kr Riv Coal & let g 68_11/19 A-0 90 191 102% Apr'06
A.in Spirits Mug 1st g6e 1915 M-S
97 1.1104 9714 Nov'10
1)4 101
Jell & Olear CS. 1 1st g 52.1920 J -D 95
107 61 ay,97
am Thread let cot tr 48-1919 J -J
......
9214 9214 Nov'10
91
89
93
Kan& HO& C lets Ig5s.11.191 J -J
99 100 10512 Dee'06
Am Tobacco 40-yr g 68....1
1,5
9441 A-0 105% Sale 1054 106 1* 34 104 14 109
°call Con Collier lets! 58.'57 .1..1
83 .1'11010
85
83
83
4s.
F-A
80 Sale 7914
80,
2
144,
704
86%
lunday Creex Co g 5s....1944 J J
78 Fob'07 ...i ......
deth Steel 1st est al 66..1920 3-4
8614 salt 86
813 4 27 8312 89
'
enn Coal gen 5s
1931 J.J 102,8 10279 10214 103
99 Salt
102 10414 ;ent Leather 20-year g 68.1925 A-0
9834
9d% Is 97 102
Tenn Div let g 6s
al917 A•0 104 12 106 1041,0ct '10
:ons• 1 Tobacco g 48
103 107
F-A
79% 801, 80
80
16 764 834
1931
Birra Div 1st comic,' 68..1917 J -J 104% 100 105 Nov'10
Corn Prod Ref Sr g 5s
103%107
97.9
93
193. M-N
96 Nov'16
917
Cah C I Co let gu g 68.11022 J -0 196
119 Jan '09
1st 25-year of 58
9412 95
93% 964
1934 M-N
9434
9434
De Bar & 1 Co gu g 613.1910 F-A
100 Jan 10
IOU 100
95
Cuban-Amer Sugar colltr 68'18 8-0
97
9612J'ly'10
90
97
lets t 55
1953 J -J
87 Aug'99
00 eor()oily 18t g 58.12i A-0 'l714 Sale
Distil,
75%
78 291 67
78
114'a 96
VaIron Coal et,Colst g 58 1941/ M-S
944
95
4 9412 109
141 du Pont Powder 148..1936 J-D 83
85
81
84
81
88
•
41`to Klee Friday; tat.-&‘t hid-and asked.
-a Dire Jan b Dne Feb e Due May Dna 'ne
.Ply kDu-e-Ang o Dee Oct pDae Noy q Due Dee /Flat*




....I

7--N.I.

......

U

1500

New York Bond Record-Concluded-Page 4

BONDS
N. 7. STOCK EXCHANGE. t.
WFCEK Esuitsm DEa 2

[VOL. LXXXXI.
.„

----------- --------

Price
&Mail
Dec 2

• ,
Week's
41 Range
Range or
,sa°
Since
I Last Sale "" I January 1

I

B4)N 1)5
r4-2
N. Y. STOCK EXCHANGE t. 4,
404
WEEK PINDINCF DEC 2

Price
Friday
Dec 2

Week's
1-;',7,3
,11 Range
Range or „
09, Since
Last Sale
January 1

Bt.
Asie Low
High No Low Nigh
931$ Sale I 9334
94 I 291 9314 95%
1955 J-J
zo Pee RR let ref 4s
Southern-let con g 5s....1994 J.J 1071$ Sale 1074 10818 $5 1031811134
!
110 May'09
1994 J-J
Registered
764 671 73
Develop & gen 4s Ser A.19b6 A-0 75% Sate 7512
81%
85
85
1 86
904
Mob& Oluocoll tr g 43..1938 M-S 84.4 85
' ....„ 406 110
Mem Div lat g 44-5a...1996 J -J 107 108 108 Sep10
1[ 804 87
8514 813¼ 8514
St Louis div 1st g 4s....1961 J-J
851$
10778 Nov'10 .... 10778 107%
Ala Oen R lat g 6s
1918 J-J 107
80
93
93
1 894 9318
At1/048
2
Dany 1st g 4s
1948 J.J
8112 Oct'10 .... 824 814
1948 J-J 82
AU & lad lat g guar 48.1949 A-0 *70
10642 Nov'10 -.1004 1064
Col & Greenv 1st 68
191U 4.J 100
E T Va & Ga Div g 56-1930 J.J 1074109 110 s ett'10 ....106 110
Con lat gold 5s
1956 3I-N 11041104 1104Nov'10 ....,109 1144
E Ten reor Lien g b's
104% Nov'10 .... 1041$ 106
1938 M-8 105
67
05 Nov'UO
Ga Midland 1st 3s
1946 A-0
11278 Nov"0,-- 1111811334
Ga Pao fty lat g 68
• 1922 4-S 112
Knox & Ohio lst g 68....1925 J.J 116 118 116 Nov'I 01....' 114 116
1051
..1054 10512
mob& Bir prior uen g 5311145 J-J 14)54
ii
Nov'081
82 2Nov'101-Mortgage gold 4s
11145 J-J *70
Rich db Dan con g 05....1915 J-J 10414107¼ 10012oct '10:....405 12 10434
10634 Nov'1 01....! 105 10734
Deb 5s stamped
71
,
75 Oot'081
Rich 8. Meek 1st g 4s...1
19
92
17
8 4.14 17
04
158
103
103 I 11102 104
So Car & Ga lat g 5a... .1911/ 641-N 10
034
41
1
112 Oct '06:
105%
M
m
.
8
0
6a...1916
Virginia Mid aer C
1084 Dee'061....
1921
Series 13 4.58
10734 Deo'00I.
NI s
6
6 M:
Series E 5s
102
036
1"
05
5N1s .....10% Nov'10 -.11054 107 As
General Is
105 18Nuv•101.. ! 105 481054
Guar stamped
91
91 Feb'101 .::! 91
W 0& W 1st oy gu 43_1124
PA 105
80 le
36 14.14
....11054 1064
!utile May'101.
West N (.1 1st con g 68..1914 J • J 104
I
i
8 & N Ala 6ee L & N
10634 106% Sep
1
Spokane Internet latg Is 1955 J...
10434 1074
'1 er A of St 1... lot g 4,28..1939 A-0 105
'09,1.
1041$ Oct'10'....1
ltg
J.
100 Aug111....1 lull 1164
1 1st con gold
-1St/4-1944 F-A
Gen refund a5s..
97 12 OCt '10 .... Uti
t gas
1184
11153
J
fit L Al Bge Ter gu g 58.1030 A.-0 10814 1081$ 109 Nov'l u .... 10 10134
TOI LS.: :A U See So Pao Co
I
,1104 1101$ 41081411214
Tex& Pao let gold ba
*1000 3-1) 1094 1103
Is70
Mai
Mai'lu .... 70
20 gold inc
70
103 Sep 'Olt ....' ......
La Div 1-3 L 1st g Is
9211/0:0310 -al 988
1064 No004
W Min NV 94 N W 1st gu 5s'JO F-A
4 DM 4 107% 10734 i, 100 1124
Vol & 0 tJ 1st g 58
1935 J -J 11/1,
08,2 thtie MI,2 Sell/0
'
10'
,
,i,...i.1;1;...
1.
0
.17,4
.
Western Div 1st g 6s 1935 A.0 10
Li oneral gold 58
1
93
1/4 14 Marl().... 904 1144
Ban .5 11 1st gu g 4a
li 14.1)
30
5A
4 -d
19
90
0138
93 Sep '1U .... 92
934
Tol P & W lat gold 44
11/17 J -J
'Si Aug'10 .... al
11()
Tot bit L& Wprlien g 34.1.11)26 J -J
89
19511 A-0
76
764
464 1 70
81
50-year gold 4s
83
83 Oct'1u .... 804 b614
Coll tr 42 g Ser A
1917 le-A 80
89 J'ne'10 .... 87¼ 91
Tor Ham & Bull lat g 48.51040 3-1) 864
H later & Del Ist con g bs 1828 J-1) 1034106 10368 104 17 100 11l13
Oolti.1'10149.
1st refund g 45
1 1.? 1003044%8a17e 18(161
Un Pao Hit & I gr g 4s 114
2 .A
57
90
3 l
100
5 44 3,,
sa
ul)
le 10
1)0
3
V) 1,1
1)r:r4 1104
Registered
3.
- .J1 10
1,2
947 .1
20-yr cony 4a
0134 25 91
1st & ref 4s
y2008 M-S 964 saw 9638
984
944 8 94
984
Lire Ry 94 Nay con g 48.1940 4-13 934 94% 1)4
115
4 11314 117
(3re 8hort lane lstg 6e 11122 F-A lie .....115
1.1.1
. 42112 1114 111% 7 108'4 01113%
18t, con8o1 g 38
-D
J „
v .JJ.
192
1140
Guar reltual 45
924 92
78
1920 J.0 1/2
024 24 91
Registered
1.14 Jan'09.
11/74,13eu'011
Utah of, Nor gold 53 _11020 J - J '
..
,v.
Uni N J RR di, C Co See Pettit
Utah Central See Rio (Sr Wes
Utah & North See (In Pacific
Utica & Black It See N Y Cent
1,8
08
10
8
andelia cuusol g 4a .1955 F-A
.
No
pv
r....
:0
9
06
8 A
Cruz &Piet Au 44811)34 J-J
Ver Val 1nd & W Sed Alo V
Virginia Mid See South Ky
Vs & Southw't let gu 58.2003 J..1 105 .1104 105 Ply'10 ....I 105 108
1st cons 50-year Os
9414 94 Oct '1.0 ••,.. 94
1058 A.0 93
981$
lt)9
1' 101 1133
abash 1st gold ba
1931) M-ki 109 Slue Wu
2u gold 5.3
98 1034
Debenture series B
89
6'4 J'Iy
9
'
9130
4 .... 86
86
- JA "321106 9
1
1"
9
1/.39 JF1st lien equip a fd g 68_1921 WS 1/43
084 100 3'ile'10 ..... 100 102
let hen 60 yr g term 0.11154 J -J
ln) 31,ar'10 .... 110
86
90
let ref and ext g 4s ....1956 .1-4
62 tsale 62
1351
/
4 366 564 771$
Det & Cli Eat 1st g 58..1941 J -J 103
105 J'ly'10 .... 106 1074
Dee Motu Div 1st g 4*-1939 J -J
Om Div lat g 312s da..19
8
75
euv:u
1j
0 .... 724 77
318N
ijo
AI 754
04
41 M
Tol & Ch Div 1st g
83 60))'10 •••• 83
.
90
WabPitts Tceerrntilst
ti
g 45.11)64 J-13 40 Sale 40
40
3 30
524
Trust Co
40 Sale 4515
41 195 32
54
2d sold 48
1954 J.1)
64 734 638 Nov71,
0
4 ..
i
. 4
114
7
7 Sale
Trust Co certts.
....
1
-.. ..
4
1212
Warren Bee Del Lao & Weal
Wash Cent Bee Nor Pao
Wash 0.5 NV Bee Southern
89
Wash Terml let gu 3128-1945 F-A 88
804 Nov110 _ . 884 904
West Maryland 1st g 46.-11/62 .1.-0 804 sate 86
864 .
65 824 8634
Lien & cony g 431052 A,-0
71.151reb'10 .... 'il
73
Truet Cocoa's
734Apr'10 ...., 6812 Ws
W Va Cent & P let g titi 1911 3-4
1004 NovV9 ...
West N 1.5 Pa 1st g Os..11137 J -J 109 11014110 Nov'10 ...,_ 109 4 110%
Lien gold 4s
804 Sep'1u ,,,,,, 804 1.)2
1043 A.0 87
•
Income Is
34 lieti'07 .... .....
81943 Nov
West No Car See South By
Wlieel'g L 11 1st g 6s. .1926 A-0 105
1054 Nov'10
101.34 1064
Wheel Div 1st gold 55-1928 3.4 100 1034 11/3 12.Nov'
10134 104
Exten & Imp gold
.11130 F -A 100 102,
all 102
4'102 J'ne'10
6714
RR let()tinfoil 45...........1941) 81-S 82 Sale I 82
77
82
98% 97
20-year equip a f6s ...1922 J •.1
9312 984
984., Oct'10
Wilke* & lieet Bee Erie
WU & Sioux V See StP AL & M
Wls Cent 60-yr 1st gen 4s 1949
95
924 Sale 9212 924 12 VA
Sup& Duldlvdb term 1st48'36 M-N
94
92.4
1.124 10 90
1)3
Telegraph and Tolophoue'
Am Telep & Tel coil tr 45 1929 •.1
1.4034 79 894 93
110 1.1 0078 904
Convertible 48
1036 M-S 11/34 bate 10312 10515380 98 104.1%
Mich State Telep let 58 1024 F-A 99 1004 VO Aug'10
95
99
Y Telep 1st &guns I 448.'39 31-N
984 sale I 9815
981457 9515 99
971$..siue I 974
Pao'Tel& Tel ist 55
9741 33 113
1937 J-J
9915
100
West Union col It our os 1938 3-5 100
100
2 97 1004
U5 48 145
95
Ed and real eat g 4¼& 1950 M-N
5 183
9714
19813 .11-14 102 Sale 1014 102
Cony 4s,Series A
61 10018 102'4
MISIALLANEOUS BON OS-Concluded.

1iat4
Asti Low
Pennsylvania Co-(Con)
Bigb 4V0 Low Rtgli
9412 99
(Suer 15-25 year g 4s....1931 A-0,
I 98 00.'10
Cl & Mar 1st gu g 4425_1935 M.N 1004
110 Jan '05
110% Jan 'oil
CI & P gen gu g 412s ser A.'42 J -J 1034
Series B
10934 Ply'00
,
1942 A-0 103's
96 Aug'09
110
Series C 310
1948 3I-N
90
90 AI ay'08
Series D 312s
1950 F-A
924
01
923
,Nov'to
Erie & Pitts gu g 34-28 B 0340 J
921$
98% Apt:04
924
Series C
1940 J.J
•
43
Gr it& lex Istgu g 412s 1041 J-J 100 1064
1044 1044 2 1044106
Pitts Ft NV & C 1st 7s 1912 .7-4 104
1044 Nov'10
1041$1U57
2d7e
.1912 J-J 104
107 Oct '08,
30 7s
51912 A-0 10334
109 May'10'.....! 109 109
Pate 51.e. Ash 1st con 5s.1927 31-N 107
107 10738 Nov'10
107 107%
1'CC&StLgu443A...1940 A-0
Series 13 guar
1942 A-0 10014 107 101 Oct'10 .... lo34 10734
e1)'
81,08
11)4 (11
Series 0 guar
1942 3I-N
Series D 48 guar
1945
904 16 904 94
E 34 guar g
1949 13-NGens F -A 904 Sale 004
Series E 4s guar
195$ J -D
,
10vIo
112.21
C St L & P 1st con g 58 1332 A-0
111'1121$
Pensacola & Atl See L & Nash
Peo & East See 0(I 0 ifs St L
112
112 112
Peo & Pek Un lat g 6s
1921 Q-F 10738 ......
91
07
95 Oct '10
904 95
2(i gold 412s
01921 M-N
70
71
71
1 7078 79
Pere Marquette-Ref 46..1955 J-J
101 1014 1014 1014 2 100 1024
1921 J
Ch & W 2.11s
1084Sep'10
1O81$112's
11120 A-0 108%
Flint & P g 6s...
101 101
1939 M-N 102 103 101 Aug'10
let comic,' gold Is
106 103 003'10
101 106
Pt Huron Div 1st g 5e 1939 A-0
Sag Tus& H Ifitgu g 48 1931 F-A
Phil B & NV See Penn RH
89
86
894 J'ly'10
90
Philippine By 1st 30-yr 5148'37 J J
88
Pitta Cm & St L See Penn Co
PULS Cleve S. Tot See B & 0
Pitts Et W & Cli See Penn Co
Pitts Al oKees & Y See N V Oen
11218Nov'10 .... 112 1124
Pitts Sli & L hI 1st g 5s 11)4A) A-0 1124
9348 J'ly'97
1st coneol gold Is
11143 J.J
PIM & West See B & 0
984 40 117 100
98 Sale 98
geli
ILeitt:atg•oe
974 98 Nov'10.... 95
9844
48
127i j
J
9131$
Jersey Cent colt g 4s. 1951 A 0
97% 9788 N0v'10 .... 95
Rensselaer & Sar Seel;it§ H
Rica a Dan See South Hy
Rich & Neck See Southern
Rio Or West See Den & Rio CH
Koch & Pato 'SW13 R&P
Rome Wat& Og SeeN Y Cent
Rutland See ivV Cent
ag TlIS 86 R See Pere Marq
94/
84
87
10t J o Gr 1st 1st g 48-1947 J •.1
80
8838
St L& Cairo See Mob & ()hie
Iron
Mount
See
P
St L&
St 1, 111 Br Seel' RR A of St L
120 124
St Louis & .13 fr-,Song lls.1931 J -.1 118 1204 120 APVIO
General gold Is
105 10834
1931 J -J 1064
107 84311'10 9L1$uct 10.
89
90
91
E UR cons g 48.200 J J
St L
8638 41 84
90
Gen 15-21)yr as
1927 M-N 804 Sale 881$
Southw Div Ist g 58-11/47 A.0 1)1)
991$ Oct '10 .... 90 1004
811$ 61 784 85
81 Sale 81
Refunding g 4s
1951 J • J
117 Sep.10
114 1174
K 1ft & al con g 60 11128 M-N 116%
77%
774 13 764 821$
K Et3& Ity ref g 4s 11)36 A-0 7712 78
KC&M1t&BlstguIa.1i)39 A-0 100
1001$ Deo'09
Oz'rkdb Oh latgu5s g.11113 A-0 1)738 981$ 981$ Ang'10,
964 97
et Louis So See Illinois Cent
St L S W 1st g 45 Uci ctla.11/30 11.-N 90 Sale 801
93%
/
4
U0
9 88
73
83
82
20 g 4s um bond otts....1.1081) J -J
80 Nov'10
79
Consol gold 4s
11132 J -D 75 Sale 75
76
4 724 79%
9t3
Gra,y'sPtTer let gu g15a 1947 J -D
1014 Apr'/7
......
St Paul Si Dui Bee Nor Pacific
St P Minn & Man See Gt Nor
stP & Nor Pao See Nor Pao
StP & S'x City SeeCSt2lj&o
864 11 8312 8814
864 Sale 88
SA & A Passlatgug4s 11143 J -J
104 Oct '01)
118
SF&N Pistsuiki g58 1019 J J
Say E & West See Atl Coast L
Scioto Vat N E See Nor .11 W
854 1 814 8678
Seaboard A L g 48 stamped '50 A.0 8414 854 85%
100 Sale 997„10014 22 99 1004
Coll tr refund g be
1911
7342 Sale 754
714172 694 '184
Adjustment Is
011149
Nov'10
so
Si
134 64
Au-Birin 30-yriac g 46..11)33 M-S
92 Oct 10.... 91
92
ill
Car Cent 1st con g 48...1940 J -J
103 Apr'10
103 103
Fla Cen & Pen let g 53.11/1b .1- J 101%
1st land Kr eat g Is-.MU 4.3 101 aa
Consol gold 58
1931$ 1034 5 10034 10312
11143 J•J 10.1
. 104 104 42
103 4e
Etki & Ala By 181. con 58011145 J -J
Ga Car & Nolstgugss 1929 J -J 103%
1v4 J'Iy 1.10 ....1104 104%
109
Apr'10
__quo 106
104%
seal)& ROA 1st Os
J
-J
11120
Sher Shr & So See A.1. K 'r
Sil Sp Uca & U See Atl Coast L
Southern Pacific Co924 28 89
05
Gold 48(Cent Pao coll) 51941) •b 92 Sale 02
92
91 Oct'1u
Registered
91
1.6
te4940
978 338 92% 1004
20-year cony 43
g1029 ALB 064 Sale 064
117
62 1141$ 984
Cent Pao 1st ref gu g 4s1949 E•A
1161$ Sale 0638
97 Fele10
91
Reguttered
97
905a
Mort guar gold 312s..k1020
9v34 40 8712 9034
2%D
-A
9134
1949 .1
Through t Lit gu 43'34 A-0 83
....' 111 18 94
04
92
(4 fl &SA &P 1808 1931 14-N 10534 11/S4 1074 Nov'10 .... 10378 109
(.411a V U & N 1st gu 868 1924 1,11-N
-" e1)'01)
..
10434 ,
Howl 11 & W '1' 1st g Os 1933 51-13 10341034 1054 May'00
1st guar Is red
1034 1054
1933 M-N 10441110 '1034 Ang'10
& T C 1st g 58 int gu 1937 J • J 11113 4 Ili) 1093,N0v'iu
1094 1104
Consol j;(is Ant guar. 1912 A-0 1084 110 ivy 4 Nov.09
084
933 Nov'10 ....1 92
Gen gold 48 Ant guar 1921 A-0 94
96
119% Mat'lu
11944 1194
Waco& N W(By lstg Ofi'30 SI-N 11544
'
A & N NV let gu g 6s
1074 Jan 09
1041 J -J 101
Morgan's La 9. T 1st 75 1918 A
115 11641154 1154 1 116 1154
let gold Os
11014 Oot 10 .... 111141104
1920 J-J 1104
No of Cal guar g 58
112 EQ1P07
1938 11.0
100 100
Ore S. Cal 1st guar g 56 1927 J •J 100
100 J'ne'10
102
2 102 102
So Pao of Cal-68 E& F 11112 /1.0 102
102
......
1st gold Us
102
11412
11)2
103
17 %0
11
......
1st con guar g be
110
10V4
1004 101
S Pao of N 24.ex 1st g 68-1911 J-J 100 10042 10040ot'10
•
J'Iy•()9.
So Pao Coast 1st gu 48 g.1937 J-J
93
84
10178 10212
Tex&NOSabDivlst g(38.1912,31.13
1011$ 10178 MsY'10!
Con gold, be
102 Nov'09
1943'j-J 10078

,..,

18T.,

Vera

W

Manufacturing & Industrial
Manufacturing .11.7. Industrial
II
aen Electric deb g 34s..1942 F-A
82 Jan ',1t,
82
82
('a-Our Chem lot 15-yr Os 1923 5.0
10-yr g deb 5a
1917 J-D 1461$ Sale 14012 152% 81 130 152% Westinghouse E & 31.8 os '31 J-J
Int Paper Co let con g 08 11)lb f•A 1044 Sal. 103
10414 93 IOU 105
Miscellaneous
Consol couv a f g 68
8234 /194 Adams Ex col tr 5148
1935 J -J
86
1948 VI-S
813
87
87
[sit St Pump 1st tl t 5s
1029 41.8 90
10 914 66% Armour &Co 1stzeal ast4 48'39 .1-1)
92
1124 0134
Lackaw steel 1st g 5s
11123 A•0 1143 12 Sale 9614
Bush Terminal let 4a
96't 4 11578 100
193/ A.0
Nat Enam & Stpg let 5s 102
,J-D
04
'10
95
97%
90 Bap
Consol Ss
1955 J-J
N1 Air Lrako 1st cony 6s'28 sil•N 102 Sale 102
103
1( 100 11434 ()tut/Jo & t Yard col g 65 11/16 3-4
By Steel Spg8 1st s f 65....1911 J-J
9612 9812 bet SI & Mgr moorues 1911 A.0
9734
974 984 0734
Rapti!)I& S 1st& coltr 58.1934 A.0 1014 10212 102 Oct '1.0
104 104
I ristit for Irrig Wks 443 1043 M-N
U131011 Bag 1' lst 81.58_193u J-J
90
93
9:3
9134 91314 Int Mercen Marine 443 1922 A-0
03
k Stamped
1)5
1)3 May'10
93
96's Int Navigation late I 53 1929 F-A
IS Leath Co (dub gOs..1913 41.13 10414 105 1044 Nov'10
1044105
Newp Ne Ship & D D Os 8101.10 J -J
87
87
JSItealty&Ioonvdebg5s'24 J-J
861$ 87
864 94i
Y book 60-yr let g 48 1951 E.A
J 8 Red & Ref lat s g (i6.1931 J.J
84
813' 87 Nov''0 •.•• 136
1)04 Provideaos Sec deb 4s
1957 -N
J S .ktubber 10-yr coil tr
3.0 1024 Sale 10212 103
3 10i4 1044 Provident Loan Soo 4124 1921 11.8
17 S Steel Corp-I coup .81963 31-21 103% 8111e 103 kg 10334 IV 1014 1054 3 Yuba Wat Co con g 65_1923 J.J
SI 10-60 yr os. reg ..8113u8l31-13 *103
10178 10534 Wash Water Pow let 55 1939 J-J
1031$ 10376
*No Price Friday; latest bid and asked title week. b Due Feb 4 Due Apr s Due May a Due J'ne 4 Due Ply kDue




994 9934 924 100
23 921410014
914 Sale 91
924 29 85
1434
914 Sale 904 914 18 PO
934
91% 0134 1114
1)2
11 904 1444
89
81) Nov'10 .... 874 80
98
954 not '1u
thp., 98
954 105 100 MaY'14,
100 180
35
40
35 Aug'10
40
35
95
ut3.2 Noy'to
9t1
64 Sale 04
05
36 56
714
80 814 81 12
8t1$
b 70
83'
115 Dec'/9
118
91
Li 1104 194.
011$
9212 01
90 90
00 Sop '10
1.16 J'iy
••
.
112 J'ly'04
101 101':
10214 103 103 A.ug'10
Aug oDue Oct p Due Nov ,Option

CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Nov. 26

SIt2

212
_
*69114 0114
2512 26
*10'2 11
*512 6
473 5
2114
75
*75
20
20
64
64
22
*18
• 60
60
67
6712
*1112 12
*52. 55

Monday
Nov. 28

*112 212
*6
--91 -0212
25
2134
*1012 11
*6
614
412 478
2114
75
*70
20
20
65
65
*18
22
*55
60
67
6712
*1112 12
55
*52

Tuesday
Nov. 29

*112 212
*6
*91 -0i21
251:
*1012 11
614 614
412 411
2114
*70
75
19/2 1912
*65
67
*18
22
GO
*53
65
66
1133 1133
55
*52

Wednesday
Nov. 30

-;112
--21;
*6
*91
25
*1012
*6
412
*20
*70
*19
64
*18
*53
e84
*1112
*52

92
2534
11
6,4
478
2114
75
20
85
22
60
86
12
55

2'hursday
Dec. 1

Friday
Dec. 2

Oct'10
Last Sale 170
Last Sale 112 July'10
July'10
Last Sale 478
92
9112 91
91
2312 2378
2334 25
11
11
*9
11
6
614
,
6
,,,14
4.4
a.4
*414 412
Nov'10
Last Salt 22
Oct'10
Last Sale 75
*19
20
20
*19
65
63
*33
65
20
18
*19
20
63
63
(13
*80
CO
65
65
65
1114 1114
*1112 12
54
66
*54
56

014 ON
9
912 10
r38
ON 934
7612 772
7712 77,2 7812 78,2 *77 *73
Last Sale 26018 Nov'10
*260
-- *260 -_.
136
128 128 *...._ 131 4128 130 *125
78
78
79
7773 *77
*___ 7758
*111 112 *111 112 *111 112 *11012 112
Last Sole 14112 Nov'10
*14012 141 *141 14112
June'00
Last Sale 18
June'09
Last Sale 14
87
37
3634
37
3512
-5E12
-*
g
-5E4
-1412
3
4
-12
.
34
;5565
*64
85
84
64
63
o
63
6312 6312 63,2
Aug'10
Last Sale 47
*48
50
*48
60
50
*48
bo
*48
Nov'10
Last Sale 1
118
118 *1
118 *1
*1
118 *1
Last Sale 3
Oct'10
*2
3
*2
*2
3
3
*2
3
41
4012 41
41
4114
42 *4012 4112 41
40
4114 42
123
123 123
123
12314 12314 *123
*123 ---- 123 123
Fele08
Last Sale 214
15312 15312 *153
156
iEi- 152 *iio- 155 *150 155 *150 155
11512 11512 *115
115 116
11512 110
116
11612
*11534 116
Feb'10
Last Sale 138
Last Sale 1718 Nov'10
Last Sale 7914 Apr'10
8812 8812 -8554 1078
91
90
-8912 00
90
*89
- *83
*69
85
65
70
66
70
65
67
67
69
6812 68
Aug'10
Last Sale 45
6312 65
6312 G312
97
07
*08
97
97
97
97
97
Last Sale 218 June'07
Last Sale 20
-21Nov'09
111 111 *111 112 *M 112 *110 112
112 112
110
110
Last Sale 121 Nov'10
*121 122 *121 122 *121 122 *121 122
123
123
120 120 *119 126
*120 12512 123 123 *120 122
120
*118 11912 *118 11912 119 119 *118 119 *118 120 *119
104 105
104
10412
10638 10838 10534 10612 10513 10534 10514 106
Last Sale 11-16 Mch'09
179 18012 17712 179
18234 113-38 17834 18212 178 ficr 179 181
11912 11912
120 120 *119 120
*119 120 *11912 120 *11912 120
10312 10373 10314 10312 10314 10312 103 10314 101 10318 10112 102
165
165
170 170 *165 170 *165 170 *170 171
*189 170
Last Sale 634 June'10
10212 103
103 1-63-- 10212 1-03-- 103- 163-- *10212 1-0-3-1; 103 103
678 7
614 614
7
8
618
63/3 634
614
8
812
Last Sale 734
Apr'09
25(7 -i5- 25
211 2112 -1917 -2-0- 20
2412 2432 '22
2312
1038
81
*260
128
7714
111
*14212

912 10
1053
81
7712 81
___ *260 128 *____ 131
78
*77
78
111 *11012 112
143 *141 142

&572

Sates
of the
Week
Shares

Inter2.sf
Pc.riod

Price
Friday
Dec. 2

Week'i
Range or
Last 8a13

Range for Year 1910
Highest

Lowest

Itai:roads
Chicago City kt.v
100 160 Oct 24 185 Mch 7
-__ Chicago & Oak Park...100
112 Jan 26
112 J'ly 28
Do pret
712 Jan 7
100
4 J'ly 28
-555 Chic Rys part ctf "1"--- 6038 Sep -8 109 Jan 3
2,015 Chic Rats part ctf • 2".... 1114 Sets 13 36 Jan 3
10 clic Rys part ctt "3"--8 MaY26 16 Jan It
80 Chic Rys part ctf "4"_-_
94 Jan
3 kay24
598 Chicago Subway
614 Aug 16
24 J ne29
100
Kans City Ry & Lt 100 20 Aug 8 39 :an 5
Do pref
100 69 Feb 17 773, Mch
1,565 1.1etropoi W S Eley
100
16 Jan 14 26 J'ne:.1
324
Do pref
100 51 Feb 7 72 J'ne2:
100 Northwestern Eley
100 15 Apr 1 23 .1 ne2.4
110
Do prat
100 53 May31 66 J'ne 21
343 south Side Elevated._100 5514 J'ly 6 7212 J ne22
60 Streets W Stable C L-100
7 J'ly 28 6433 Jan 3
100
Do
pre
100 40 J'1Y20 104 Jan 6
Miscellaneous
1,470 American Can
ers, J'ne3G
1,059
1/0 peel
100 6212 J'ly 26
-.. American Radiator:107) 240 Apr 25
15 Do
pref
100 1:6 J'ly 19
43 Amer ShipbuildIng
100 72 Feb 7
50
Do pre
100 107 Aug ti
Amer Telco & Teleg
13114 J'ly 30
---- Booth titi & Co
100
1/0
pref
1
Booth Fisheries corn...... 31 J'ne 6
Do pre
508
56 J'ne ti
Cal de Chic Canal & D_100 47 Aug 11
Chic Brew'g & Mait'g.......
i Feb 4
3 Sep 23
icol?nretumatic Tool_100 2512 Xis,
-gii Chp
'26
91 Chicago Telephone--100 110 ality17
Do rights
--ii Chic Title & Trust__.100 142 Au226
713 Commonw th-Edlson-100 10812.1'1y 27
114 Jan 10
Do rights _. _____
---- Corn Prod Re; Co corn
1312 J'ly
pref__
Do
co
7914 Apr 7
100 8212 Sep 30
425 Diamond Match
2,328 Illinois Brick
100 53 J'ly 26
4312 Men 9
Masonic Tempte
-ioi MeCrum- o well Co _100 40 Mch 17
93 J'ne28
2
Do pre/
Maw & Chic Brewing
Do pref
National Biscuit
100 101 Aug 3
Do pre!
100 118 J'iy 19
100 104 Fen 24
-iii National Carbon
Do pre!
100 112 Feb 10
15
674 People's Gas LACoke.100 103 J'1126
Do rights
1.6-98 Sears-Rocbuck corn...100 148 Feb 7
pref
Do
85
100 11612 Aug 8
2,122 Swift & Co
100 101 Sep 18
105 rho Quaker Oats Co..100 155 J'ly
____
Do rights
is J'ne22
prat
Do
42
100 101 J'ly 16
1,792 Unit Box Bd & P Co-100
614 Apr 28
100
Do pref
100 15 J ale30
2-,550 tVe“.ern t-tonr

"iU

J3 Jan31
/:! Jan 4
2604 Nov17
135 Apr 4
841: May16
112 Jan 11
14218 Mch 9
3934 Jan
74 Jan 4
55 Feb 17
1 Feb 4
3 Sep 23
47 Feb 1
137 Jan 3
163 Mclilu
12112Jan 11
2 Jan 32
2234 Jan
82 Feb 28
127 .an 6
91 Mch28
46 Jan 7
66 Oct 21
10234 Apr 20
115 Jan 7
125 Jan 18
145 Oct 31
123 Nov 1
11534 Jan 3
186,4 Nov12
1:-2 Mai 8
10953 Jan 8
186 Feb 19
9 May:,.6
106 Jan
1538Jan 3
26

Nov18

flange for Previous Year
(1909)
Lowest

Highest

180 Mch
112 Oct
5 Oct
9778 Dec
3/ Dec
101. Dec
8 Dec
314 Dec
30 Dec
78 Dec
1518 Sep
47 Jan
17 Nov
83 Jan
60 Jan
294 Apr
97 Feb

190 Feb
4 Jan
15 Jan
11912 J'Isr
4534 Jan
30 -Ian
1312 Jan
'2914 Jan
52 J'ly
802 May
1912 Dec
59 Dec
25 May
73 May
61 May
5412 Dec
108 Dec

74 Jan
7134 Jan
200 Jan
126 Jan
5413 Apr
101 Feb
139 Aug
J ne
14 May
10 May
48 J'ne
5114 Jan
1 Apr
213 Apr
71) Mch
1'27 Jan

1514 Nov
86 J'ne
22514 Oct
132 J'iy
8113 Dec
112 Sep
145 Nov
1 Jan
6 Jan
40 Dec
/512 Dec
E8 Apr
1 Apr •
212 ii
.e
c/v
42
c
14(1 Sep

117
107

152 Oct
12112 J'iy

Jan
Jan

-ffIR Feb
7014 Alch
117 Jan
38 Jan
43 Jan

2613 Aug
8812 May
13034 Aug
8812 Deo 47 Sep

20 Nov
974 Jan
11814 Feb
82 Jan
110 Jan
102 Jan
12 Feb
65 Jan
101 Jan
10012 Jan
119 Jan

21 J'ne
11914 Sep
130 Sep
10812 Dec
124 Nov
11973 Aug
1 Mali
16912 Dec
12134 Oct
11414 Aug
162 Dec

9812 Jan
N Feb
334 Mcb
15 Feb

105

Dec
Mch
9(2 Jan
75 Mch

Chicago Banks and Trust Companies

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dec. 2

STOCKS
CHICAGO STOCK
EXCHANGE

13'ds
Sold

Rangs
for
Year 1910

NAME

Outstanding
stoa
t

Surplus
and
Profits
1

Dividend Recorl
In
1908

In Per- Last Paid
1903 led.
%

Bid
Ask Low
1100,00.
6
High No. Low
il
846,478
An Dec 11.1. 6
High Lalu met National
500,00..
Amer Strawb'd lit 61_1011 I, - A .....„ ____
245,216 10
9934 Alch'10 _
10
J-J 1,11y '10, 5
9934 MN Chicago City
Armour & Co 4 45-19311 J - D
___
Oct '10, 112
9178 Nov'10 __
9034 9412 Contl'tal & Comm Nat 20,000,000 9,764,964 - _
Corn Exchange Nationa 3,000,000 5,497,543 1
Aurora EigindsChic 5_1941 A • 0
12 -Q-J- Oct '10, 4
Drexel State
6
Cal & So Chic By Co
30,767
20.4,000
9
Q-4 Oct '10 112
1927 F A ---- ----102 J'ne'09 ____ ____ ____ Drovers' Dep National_
1st Ai 55
600,000
9;4 10
402,610
Q-J Oct '10 212
Engiewoo.i State
Cass AY & F (.1 1St L) 5s '12 J - J ______ 10114 Oct'09
200,000
40,916
6
6
Q-J Oct'10, 112
Ohio Board of Trade 451927 J - D
First National
10,000,000 10,903,894 12
100 May'07
12s Q-M Sep 30'10,3u
1927 F - A 10212 Sale 10214
Chicarfo City Ry 5s
150,000
193,486 10
10 41-M Sep 30'10,212
10214
8 113138 103,4 First Nat Englewood
Chic Lonsol Br SS Mit Os__ J - J ____ ____ 103
Foreman Bros ll'It'g Co_ 1,000,000
552,448 Priv ate Ba nit
Apr'04 ______
Chic Consol Trac 4!is 1939 .1 • D ___ ____ 50
8
417,082
8
Apr'09 __ _____ Fort Dearborn National 1,5/0,000
Q-4 Oct '10, 2
Chic Auditorium Ist551929 F - A __- ---- 9034 Jan'06
Hibernian B'k'g Ass'n- 1,600,000
981,665
8
8
Q-J Oct '10, 2
Chic Dock Co 1st 49_1923 A • 0
____ ____ ____ Kaspar State
200,00()
162,240 10
J-.1 July '10, 5
10
Ohio Jo RR 1st Mg 5s_1045 .d. - S _. ____
9412 Dec'09
Bank_.
258,839 Beg. b ,:s. 5•1; y 'I., v.94, p.1277
La Salle St National_
1,000,000
Chic No Shore Elea 65.1912 A - 0
87
Feb'06
Live Stoca Had:1'ga Nat 1,250,000
526,597 10+2
10 Q-M Sep 30'10212
Chic Poe rool 1st 53_01921 J - J
8612 88
8834 Nov'10 ...„
300,00o
4
66,796
4
Q-10 Nov '10. 1
844 -8714 Monroe National
1027 1-1 - A
Ohio By 53
98 Sale
98
0814 10
'2,000,000 1,255,625
96 10138 Nat Bang of Republic
8
8 Q-J Oct '10, 2
Chic llys 4.53 series "A" A - ti ____ 8314 8734 Nov'10 ____
1,600,000
8
405,878
871. 954 National City
3
Q-1 sep30 10. 112
Chic itys 4-5s series "B" J - 1) 7934 Sale
7913
804 32
National Produce
75 - 80
250,000 • 81.807 ---3
Q-J Oct '10, 112
_ 9012 Atch'10 __
Chic Itys 4-5s series "C'• I: - A ____
North Avenue .State__.
0012 91
70,952
200,000
bh (44 Oct 10. 134
2j4
Chic Rys coil Gs_1913 if - A ____ 99
9834 Nov'10 -9714 10118 North Side State SaVgs
6
29,191
Q-.1 Oct '10, 112
60,000
6
Chic ltys Fund 65_1013 1- - A_ 9714 Befell) _. 9714 08
North West State
22,228 --200,00t)
__ 11-1 Oc•.'10. 1
Chic lays Tern Ctrs 1st5310018 Apr'08 ---- 10018 10034 tieople's Stir Yds State109,876
Q-1 Oct '10. 2
300,000
Chic Ill & P RR 4s 2002 Al - la ..- ____
6612 Aug'08 ____
__ _. rPrairle National
250,000
(v)
1913 Al - 8 .._ ____
6613 July'08 ___
Collat trust g 5s
Prairie State
___
86,405
8
600.000
6 Q-M vet '10.112
102 . 102
1 10038 10314 Railway Exchange.-Chic Telephone 5s__ -1923 J - 11 .._ 102
33,452
250,0011
2
None..-. Jan 'OS, 2
Commonw-Edison 53_1943 il - S 10118. Sale 10118
10118 40 10018 10278 Security
194,357 -300,000
134 Q-.1 Oct 'ill, 112
10078 Nov'10 ____ 10014 10078 South CI:Haag° Savings_
89,000
Chic Edison deb 65-1913 J - J
6
200,000
6
Q-1 Oct '10, 2
__ ___ 10014 Oct'10 _.. 100 100,2 South Side State
10,439 Beg. 0 us Sep 1.'09 V. 89, p.817
1st g 5s_.._ _July 1926 A - 0 -------200,000
State Bank ot Chicago_ 1,500,000 1,782,814
10058 Aug'09
_
Debenture 5s......_1920 it - S
11
12
Q-1 Oct '10,3
101
0034 Nov'10 __-- '100 10234 Stock Yards Savings
Commonw Elect 5se1943 Si - S
200,198
250,000
7
8 Q-M Sep30'10,:_
Union Bank of Chicago.
........
1028 I - 1) ------80
_
Dec'08
37,008
0
200,000
6 M•18 Nov '10, J
Illinois 'runnel 5s..
Washington Park Nat'l
7,877 See V. 9/, p. 159
Kan City By & Light
100.001
Nendei‘
state___
N
11
1913
50,000
9514 ---- 9514 Oct'10 --10,444
Co fts
9434 9514
6
None Q-A1 Dec31'08.112
.
938,813
2,000,000
0434 Oct'10 _7
KnIck'b'ker Ice 1st 5s 192/1 A - 0
7
9434 9434 Central Trust Co of DI
Q-1 Oct '10, 2
Chicago Say Bk & Tr
-------n600,000
Oct'10- 75
117,944
Lake St 121-1st 5s-1923 J - J ....
lai
85
..-- 77
6
Q-J Oct '10, 112
5,000,000 /1.543,802
192.) Feb
_.
10 May'06
6
_ Chicago Title & Trust
Income 5s
6
Q-J Oct. '10. 2
Citizens Trust & Savings
50,00,/
8,622
4
Metr W S!de El4
A-0 Oct9,'10,3
Colonize 'Vrtiet & Savings
1st 45
G00,000
84
459,366 8+2 8+2 Q-J Oct '10, 212
1038 1' - A
80
8212 14
8112 Sale
82
Cont & Comm Tr & Say_ 3,000,000
Extension g 45_1933 1 • J
444,165 ____
80
Nov'10 __
78
76
78
79
Morris & Co. 4M_..._1930 j - J
200,00/
123,96.3
734
9034 Sale
so 11
so%
88 9314 Drovers'lrust&Savings
8
Q-J Oct '10 2
North West El 1st 43_1911 .v1 - 8 9558 Sale
1,600,000
173,728 __
9514
9334 9614 Farwell Trust Co
9573 25
3
Q-J Oct. '10, 112
No W G-L dc Coke Co 5528 Q - AI __
First Trust & Savings_ 2,600,009 3,165,066
99
_
99
99
Apr'10 __
11 Q-M SepJJ'10, 4
Ogden Gas 5s
Guarantee Trust & Say.
1043 it- N
200,000
9212 93
19,621 incorp orated 1908 v.87.p.1138
212 961
9234 '
9212
T
Pearsons-aft
Si
1916 J - la 9812 --- 10038 Mcle09 -----------6
- Harris Trust & Sayings_ 1,250,000 1,471,163
ily 1.14 Oct *10. 3
4.40s
Id- S 95 -_
9612 Mein° ___.
9613 961: Illinois Trust & Savings 5,000,000 8,609,829 16+4 18+4
q Nov 19'10. 1
4.003 Series E
Kenwood 'trust & Savgs
71 - N
97
97
200,00,
98
Feh'10 .........
__ 97
59,499
6
63,4 (44 Oct. '10, 134
4.805 Scrim F
9811
Lake
View
If - N
Trust&Savgs
200,00u
081
_
'12
-- 9812 hictel0
6
41,792
Q-J Oct '10, 112
414
Poo Gas L & C 1st 65_1943 A - 0 .....12134 May'OU ----------Q-.. Oct '10,3
12
- Merchants' Loan&Tr Co I.:,000,000 6,012,401 12
Refunding g 5s___1947 M- 8 t____ 10112 10118
750.000
10118
1 10034 103,4 meteopolita nTrust&Say
0
Q-J Sep30 10,111
226.783
6
Chic Gas L&C 1st 551937 J - J 103
___ 103 Nose10 ___ 103 1041: Michigan Ave Te Co
200,000
y50.000 Beg. b us.Oct 29'1 0V91,1).1221
(lonsum Gas 1st 59_1036 1 - I) __ 10112 101
1,600,00J 2,382,905
15 10014 1021: Nortnern Trust Co
101
8
8
Q-J Oct '10, 2
Mull Fuel Gas 1st5s1947 M - N ____ 101
10034 Oct'10 __ 10034 1011: North-Western Tr&Sav
6
200,001/
6
61,040
J-J iely '10,3
South Side Elev 41.35.3924 J - .1 92 Sale
Pullman Trust & Savgs.
9134 94
2
92
600.00u
8
92
233,906
8
Q-J Oct '10,2
Swift & Co let g 55_11114 .1 - 12___ 100
100 Nov'10 ____ 100 1007i Sheridan Tr lc Say Bank
200,000
21,630 Beg b us J'Iv 121)9 V 89,p 141
Union El (Loop) 5s....1045 A - 0 ___ ____
tcStandard
Tr
&
Say
88
Apr'10 ____
1,000,000
88
260,075 Comm enced bus. Sept 6 1910
88
Union PacinC cony 45_1911 'A - N
114
Nov'04 ____
_--- --. Stockmen's 'trust & Say
J-J ittly '10, 3
200.000
5
31.003
6
United Box Board col 01'28
Union Trust Co
61
70
____
70
70
Apr'10 ____
1,200.1300 1,181,140
8 88+2 Q-31 SeP3010.2
General intge 6s.
1 - 1
vWest'n
Trust
1 60
& Savings 1,250,000
6114 Oct'10 ___
6114 85
Q-J Oct '10. 112
6
148,374
6
Western Stone Co 5s__1909 A 0 ---- --8512 July'Ob _ _ - ----• West Side 'rr&Sav Bank
119,050 ____ - -Sep 30'10,2
200,t)00
Neer -Acortied ,nterest must be added ta all (litr.s., l‘ nna nrInp.S.
Vl'oocittiwn Tr/Ie.:fly Finn
9011 ./0'.1
33 122
a
11
-0-1 Oct '10. 2
* Bld and asked Prices: no sales were made on this day. i• Nov. 10 (close of business) tor national banks and Nov. 11 (opening of business) for State institutions.
latest
Friday;
price this week. a Due Dee. 31. b Duo Juno. k Also 20% in stock. n Capital and surplus to be increased. q Dividends are paid Q-J.
No price
with extra payments CI-F. s In addition tho equivalent of 4% more came from First Trust &Savings Bank. t July 31 1910. u In addition the equivalent of 1% came
v Prairie Nat. Bank and Westeru Tra.st &Say. Busk merged an1 aapital of latter increased from 81,000.000; V. ol. p. 314. w See
from First Trust & Savings Bank.
V. 01. p. 72, 17. y Sept. 2 1910.




BOSTON STOCK EXCHANGE -Stock Record, Daily, Weekly and Yearly
SHARE PR10ES-NOT PER CENTVM Places
Saturday
' Nov. 20.

Monday
Nov. 28.

Tuesday
Nov. 29.

Wednesday
Nov. 30.

Thursday
Dec 1

Friday
De 2

Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1
Lowest

Highest

Railroads
10014
145 Ateh Top & Santa Fe.100 0113 J'ly 26 12318 Jan 3
*10338 1034 10278 10278 *1014 10218 10114 10218 10038 10038 100
Aug 2 10414 Jan
Do pret
*10034 10134 010013 10112 *10034 10134 *10034 10134
Last Sale 10114 Nov.10
100 218 J'ne 10 234 Jan 10
Boston & Albany
223 223
223 223
223 223 x22034 22034 22034 22034 22034 221
12712 12712
100 x122 Aug 2 13634 Jan
12812 12812 123 128
309 Boston Elevated
12712 128
12778 12778 12734 128
100 200 J'ly :_ 7 227 Feb 24
33 Boston & Lowell
216
216
__ *215
216 216
_ *215
*215
_
100 121 Nov21 152 Feb
122
*215124 124
1221:
89 Boston & Maine
123 121 *124
12412 1-2413 124 124
Boston & Providence_100 285 Oct 4 3.0 Nov 3
Last Sale 300 Nov'10
- *295
__ *295 __-. *295
____
1018 Nov18
Boston Suburban El Cos. 14 J'ne 16
Nov'10
*295*15
1612
-- *15 -1-612 *15
Last Sale 15
16
1612 *15
70 J'ly 21 75 Apr ,
pret
Do
15
72
72 *70
*70
72
72
*70
72
72
72 *70
72
1112 Sep 30
Boston & Wore Eiec Cos*____ 10 0___ 10 *____ 10 *„_ 10
8 Moll -.$
Last Sale 1014 Get'10
35 Aug29 41' Jan 3
*39
40
-iiiii Do pret
41
40
40
*39
*3912 40
40
40 *39
41
15713 15713
10 Chic June Fly & USY_100 139 Sep 16 15712 Dec 2
*15712 160 *158 160 *158 160 *157 160 *15712 160
114
Do pret
100 199 Oct 3 118 Jan 5
21
114
*113 115 *113 115 *113 114
113 113 *113
Connecticut River
100 260 Oct 13 27U Mc1,16
Oen°
Last Sale 260
0265 270
_ 275
Fitchburg, pre!
12834 12834
100 12414 Sep 21 13:1)2 Jan 3
131- fif jai" 131 *130 131 *12834 131
*131 132
Ity
&
104 Jan 3 123 Oct ':7
(la
*--118
117
.
f
,
100
117
Electric
_..2
.
118
*117
118
__
*117 118 *117 118
Do prat
101) 85 Apr 8 90 Oct 19
Last Sale 88
*37
Nov'10
88
*8714 88
*8712 88
*87
88
202
Fen 10 210 Oct V
Maine
210
100
Central
Last
Sale
Nov'10
__ *20912
_ *20912
_ *20913
-1414 J'ly 26 221, Nov16
Mass Electric Cos__
1814 1812
*1834 19
*2091.2*1934 -2014
1914 -1-958 1914 1914 *1834 19
8834 Nov1/
pret
84
Do
85
87
414
87
85
86
87
8614 85
86
*86
_1 16238 Alen 1.1
A lY
r 2/5
79
5 'rp
153 15312 152
152
1
11artford..1
9 14
10
90
- - 15212 15212 15212 15212 151
12 15312 15212 153
13012 Mciall 1904 Aug25
58
2 14YN
Northern
111 Ne'
Last Sale 140 Nov'10
*139 141 *139 141 *139 141 *139 141
Last Sale 210 June'10
)
1 210 Maylu 212 Men
90
pret.1
10
*187 189
100 18114 Sep 14 :011 Jan 7
fii *187 189 *187 189 186 186 *185 186
4412 Nov 1
*36
38
36
36
100 25 May .
34
*36
3938
40
_ _ _ 40
50 Rutland pret
34
*33
106 106
0334u
3 .±putl! 110 Jan 1
*107 103 0107. 10712 10714 10714 107 107
10514 10514
25 Seattle Electric
100 30
100 Mch
33
Do
pret
102 *---- 102
102 102
10213 10212 *__-- 10213 --- 102
100 15314 J'ly 26 '20412 Jan 3
17734 17778 175 17634 17514 17638 217134 17212 16978 17218 16853 17118 1,031 Union Pacific
Do pret
Last Sale 92
93
*92
100 8914 J'ly 26 10338Jan 3
*92
0313 *92
93
*9214 93
Nov'10
168 Jan 17
Vermont & Mass
157
_ *157
_ *157
*157 ____ *157
157
951
:Mch
9013 90
89
9012 90
425 West End St
*157-9312 903
-4 98 --8912
9014
*101 -__ 105 10514 *10412 10512 *10212 105
10212 10258
1 0
3 100 Feb 10
Do Miscellaneous
*44
45
*4313 4412 *4312 4414 4312 4378
4258 4234
552 Amer Agricul Chem_100 36 J'ly 27 4912 Oct 20
pret
um 10112 no 101 10018 10012 100 10012
Do
321
1 , 105 Sep 26
8_4
9934 100
100
Au1:32 . 878 Feb il
*478 5
5
5
*478 5
495 Amer Pneu Service
50 945'1°1
478
478 478
478
478
'
ee
113 i 0J0ly
tt 133
5 24 Feb 11
114
15
15
14
1478 14
Do pre
14
330
14
*14
14
14
14
15
11734 118
10
50
5
11578 11712 11534 117 x114 11412 11314 114
1,78 Amer Sugar Refin
3 12738 Mch 2
11313 114
124 Itch :
*116 117
pa
el
Do
100
116 117
719
11512 11613 x114 11412 114 11412 11314 114
0
1 14378 Nov 4
y 27
27
011.: J.Jilsr
14214 14234 14038 14238 14034 14114 14038 14112 140 14034 13912 14014 5,582 Amer Teiep & Teleg_1
100 11)2
atn2 mctin
*3412 3512 *34
135 American 1Voolen_ 100
35
32
32
*33
3412
10414 Mch 23
Do pret
9334 94141 9312 9334 -931-8 93-1-2 9318 9313 -6- 931
93
9318 1,207
1112 Jail 7
35 At) Gulf & W IS S L.100
7 Mch IS
1018 1018
*6
*1018
470
Do pre!
.110010
0 16 May10 28 Jan Ii
20
20
2012 -2013
2018 2012 2012 2012
-- J'ly
Jy
Laiiegn'ed41
2
8
Boston
138
(
2
Land
812 Jan 11
6
Nov'10
"-Hut7
nide
7
*6
7
*6
*6
*6
7
&
15212 Mch 3
*149 15313 *149 153 *147 15212 *147 15313
Last Sale 145 Nov'10
*814
812
1158 Jan 3
*814 9
*8
9
*8
9
814 834 *814 9
Aapar 2
918 J
16
4 29212 Nov16
257 Edison Elec Illum
282 284
280
281 281
281 282
100 /1237
281 281 *281
281
135
160 16014 157/4 159
16012 Jan 6
15513 15712 i8412 156
15313 155 x15058 15178 1,410 General Electric
6 9188 Nov16
Fet 28
9012 9012 8934 901
8934 90
7614 r
8912 8934 8918 8912 2,627 MassachusettsGasCos 11009
8912 90
9
9312 9312 94
pret
94
9312 9312 9378 04
Do
9378 94
9313 0312
480
97 Men is
an 8
kl71
4 226 Nov14
*225 226 *22312 228
22312 226 *224 226
89 Ja
Mergenthaler Lino
Last Sale 226 Nov'10
99 21414
100
Jail
3
4
3
2
634 Mayiu
Mexican
Last
*5
512 *5
Sale
5
10
Telephone...
512 *5
Nov'10
512 *5
512
*110 112
N1
10Cotpto
110 1101 *11012 112 *11012 112
112 112
rei
n Yarn_,, 100 107 Sep 22 124 Jan 3
112
112
.7 115 Jan 11
110
01/142
2A
NA o
ug
lvt 213
10913 10912 *____ 110 * __ _ 110
110 110 *109
100 92
110
20
138 138 *13712 138
13812 Mch 11
0 ot
el innea
Telephone
Fle cep au"
13734 13734 138 138
138 138
t
)
. N
133
148
13814 .
100 Jan 5
10
00
9 1
_ *9312
le
r..- 10
Last Sale 9314 Nov'10
*9312
_
Hwoe
n1:0
200 Feb 11
*164)2
100 1513114
*162
*93-164- 16214 163
16312 16312 163
16312 164
16314
Jan 15 14 Oct 3
1213 1212 *1212 13
Mutton-Hole,,,.
*1212 1358 *1234 1358 1234 1234 12
12
535 Swift & Co
104 104
100 10J Jan 24 10034 Jan 10
10312 1031, 10312 10378 10314 10334 10112 10312 101
102
tonrirtiendgtio
„rnu1 t
u
*31
3112 31
25 23 Mob 3:, 3414 Jars 3
3'
311 *30
31
31
*30
31
3
82
*30
30
31
31
2812 28
25 27 Jan 18 31 May 13
pre!
*27
29
*27
281 *27
Do
27
25
*27
27
28
28
19612 197
100 10512 Jan 15 200 Sep 10
194 196
195 196
193 19412 193
193
195 196
1,216 Un Shoo Mach Corp_ 25 4634 J'ly ..
*56
5614 56
7134 Apr 18
55
56
5614 56
5512 55
56
55
55
2834 2834 2834 29
pret
25 2/14 J'ly 9 31 Jan 4
p
Do
29
2834 29
31 u s
29
2914 3461
2812 2812 29
Steel
7958 797
7658 7913 7638 7734 27438 7612 7338 7558 7234 7478
100 G138 J'ly 26 0034 Jan 3
11818 118
11714 11734 11718 118 *11634 11714 11612 11634 11538 116
Do pret
376
12558Jan
1.1
eb
Y 26
*1712 19
14
1 Feb
140 West Telep & Teleg_1
19
*1712 19
19
1713 1712
*1712 19
01712 19
06
9 11
19
1,34 Sep 3(1
91
Do prAeltining
91
100 81 Aug15 04 Jan 3
*9012 92
01
91
9118 *90
85
9118
9012 9013 *99

--58

100 9712

"iiii
-iii

ai ONoldrwelcollion&yWor

18634

12580 1t5,,,, ,N°Fcipyt 16g

8934 10212
1010214
4314 4334
100
478 100

_iiio cuausnth op
Boston

--io

1-4.2

690 Adventure Con
25
4 J'ly 13
0/3
612
7
7
812 Dec 2
812
014 1,790 Aigomah Mining ___ ____25
034 012
4012 4112 3812 40
1;2
°4
10
° Am
ji°aulg
ez
6334 6538 63
'
lly 2
amated Copper 10
55
1.14 J'ly
5 3
65 17
20
nae
2rIn
nc
daLead & Sin
2714 2714 2534 2634 3,350 A m
23 1012 J'ly 26
Last Sale 43
Nov'10
.
A
tr
r
l
1714
17
i
a
14
3
zo
nnuao Commercial_ 25 3
14
5
1214
6 '1
.472 18
-1-614 1612 -1-61-2 -1
1434 1313 15
33,62Ô
713 712
7
7
*6
7
*8
7
612 612
612
612
9
5.11ch
1°3°
goo Bonanza Dev Co
.) j
*.50 .55
.50 .50 *.50 .55 *.50 .55
15
0 .515
.50 .50 *.50
2
.55
y
5
1412
0
1,390
Hos &CorbCop &Sit Mg
*1612 1634 153, 16
5
1312 1312 13
1514 1514 14
15
14
Nov
6
614
531 6
512 131
512 2,530 Butte-Balakiava Cop_ 10
538
5
A *514 534
154 J'ne30
1978 1978 1834 10,
19
19
1758 19
10
1734 1734 2,090 Butte Coalition
19
545 Calumet & Arizona_ 110
5 4434 J'1Y 12
5514 5534 54
5512 5412 5412 5212 54
52
52
51
52
25 500 J'ly 6
*573 580
555 555
570 573
550 550
23 Calumet & Reda
545 545 *545
560
380 Cen
os
ten
li
25 1312 J'ly 15
*1712 1812 1712 171.
16
16
16
15
16
15
16
16
Cons n
eiraclur Gold.-- 1 .04 J'ly 6
*.05 .08 *.05 .08 0.05 .08 *.05 .07
Last Sale .05 Nov'10
1,58g Copper Range Con Co 100 58 Feb 17
72
72
7018 71
70
67
70
693) 7014 6812 6812 x67
20
313 Sep 28
*33, 4
313 31. *312 4
*312 4
10 Daly-West
0358 4
*314
334
1318 1314
123
1214 1212 1113 1238 1112 1178 11
1178 9,681 East Butte Cop Min_ 10
1
'
c
lt
Y 13
O
*.14 .20 ---- -- *.14 .20 *.15 .20
514 j
Elm River
12 .06
Last Sale .15 Nov'10
1012 1012 1012 1012
912 J'ne.30
25
Franklin
*11
1112 11 If
10
10
078 10
6 J'ly 26
678
678 2,710 Giroux Consolidated_ 5
713 758
714 71
718 738
7,3 7,4
*4312 45
42
44
*42
43
630 Granby Consolidated 100 20 J'ly 6
40
43
30
40
37
40
Sep 29
10
438
34 jy
16
718
7
733 733
718
715 2,791 Greene
7
678
714 71
7
7
2418 2418 2212 24
21
2212 2213 2134 23
Consolidated 295
21
22
211: 1,625 HancockCananea2
134 Oct 27
*134 2
2
25
134
240 Helvetia Copper
2
134
2
2
2
2
134 173
1434 1434 1414 143
1114 12
11
13
13
1334 14
1,672 Indiana Mining
14
25 10 J'ly 18
*1914 1934 1814 19
1313 May 3
18
1,975 Isle Royale Copper__ 25
1818 *17
18
1814 19
19
18
738 74
738 71
738 712
712 712 2634 678
678 7
820 Kerr Lake
y 7
1
3
3 J'ly
318 :318
1,155 Keweenaw Copper._ 25
318 318
313 318
3
5 16
318 3.,
318 31s
3638 37
343.1 354. 35
3512 3313 3513 3212 34
25 2812 J'ly 15
33
3414 5,502 Lake Copper Co
818 818
712 8
8
714 Nov17
8
25
713 712
887 La Salle Copper
712 712
738
712
934 634
9
Ole
413 Mch 8
25
9
8
812
81, 2,819 Mass Consol
8
914
814 9
*.40 .60 *.40 .60 *.40 .60 *.40 .60
Mayflower
25 .35 Oct 21
Last Sale .50 Nov'115
Mexico Cons M & a- 10 .01 Nov15
Last Sale .03 Nov'10
*20
2018 1978 19
-10
.7
.
8 19-7
5 17 J'ly 18
; iii-112 i-_9-34- *1912 1972 *1913 1934 -Ho Miami Copper
*4
412
4
4
25
*312 412
378 J'ly 12
105 Michigan
4
4
4
*312 4
*312
48
48
43
43 047
48
232 Mohawk
47
45
47
25 43 J'ly 26
45
45
45
2018 2012 20
2018 1978 2018 1913 20
1758 J'ly 5
19
1912 1858 1914 8,536 Nevada Consolidated_ 5
412 41. *414 434 *414 434
312 J'ly 13
420 New Arcadlan Copper 25
4
414 414
414 414
4
1034 1031 1034 1078 1034 103.1 1034 1078 1034 1073 1034 1034 1,530 NipLssIng Mines
034 Jan 17
5
*35
3512 3212 35
33
3338 3034 3358 2034 31
2812 31 17,152 North Butte
15 18 J'ne30
658 J'ly 13
678 7
712
7
71
'5
7
7
7
714 714
634 1,249 North Lake
634
5 Sep 7
6
6
634 7
210 0.11bway Mining
25
758 *714 8
734 *714 8
;.5b .60 *.50 .60 *.50 .60 *.50
Aug
*.50 .60
.50 .50 *-150 Old Colony
.60
-5. 25
9
*41
4212 40
5 J'1 315
3912 3913
455 Old Dominion Co--- 25 .2012
40
401:
40 *---- 40
40
0129 130
129 129
127
125
25 114 J'ly 27
125
125 129
128 129
579 Osceola
*13
14
12 J'ly 6
1278 14
13
*1213 1313
*12
13
13 *12-52 Parrot Silver & Cop_ 10
76
76
_
25 66 J'ly I
75
74
7413 7413
- - *„__ 7912 74
76
R
3.0
10
30
5 1.)ua
2114 2114 *741220
2034
- - 1934 20
1878 1912 1838 19
20
20
1514 J'1Y 1
lyncjonsol Copper_ 10
114 138 *114 134 *114 134 *114 134 *138 134
114 Nov26
113
112
350 Santa Fe Gold & Cop_ 10
13
1318 1214 1234 1218 1212 1131 1214
834 J'ly 5
10
1113 1134 11
1114 2,768 Shannon
118 Dec 1
118
114 114
118
114 114
5
114 114 *118 114
540 South Utah 11 & S
*4714 48
45
41
44
4412 45
46
25 36 J'ly 10
4034 4134 41
-4234 3.526 Superior
712 712
614 2,653 Superior & Boston Min 10
458 Deo 2
738 732
438
* *712 8
713 712 *712 75s
14
1418 1358 1414 1313 1358 1318 14
1278 133s 1234 1234 4,385 Supenor&Pitts Copp.. 2
49:,4
15
8
15
0
*60
62
57
*53
57
58
60
*50
25 4512 J'ne 22
58
____
10 Tamarack
5
5
5
5
5
J'ly
512 534
5
512 512
944 Trinity
518
Last Sale 41
UnitedStatesCoal&011 25 33 Atch31
OeVIO
3378 3234 3314 7,880 U S Smelt Ref & Min.. 50 323i Deo 2
-5372 -14-1-2 33
4634 4612 4678 4678 46713 4612 4612 4611 4612 96
50 4534 J'ly 20
Do
pret
4613 1,587
*234 3
234 3
212 234
3
234 234
3
212
5
24
21. J ly 22
035. Utah-Apex Mining
24
24
23
2312 22
1814 1212 15 12,406 Utah Consolidated
t 1212 Deo 2
2212 1612 2112 16
*4918 494 48
48
4738 4738 4534 4534 4578 464 4512 •4638 5,784 Utah Copper Co
D
1'enoo 30
1
20 531)
234.
1
212 213
2
2
*3
334
212 212 *214 234 *2
212
90 Victoria
918 918
978
0
*912 95$
25
914 958
5 J'ly 13
9,2 913
834
534 1,325 Winona
126 126 , 125 126 *125 128
125 125
115
125 125
120
23 102 J'ly 1:.
150 Wolverine
*13, 2
112 112 *112 134
112 112
113 • 112
11:
113
23
510 Wyandot
114 J'ly 26
• 1313 aad asked. pric•Js. d New stock. e Ass't paid. 8 Es-stack dly a Ex-rights. a Ex-dly, and rights.
8
1114
*_..„
6912
29

8
1112
44
6912
29

734
1034
43
6634
2734

734
1034
43
6914
2834

734
1014
43
6634
2712

734
1014
43
6734
28

712
912
4112
6538
2714

712
1012
42
6712
2734

"1614

"iio

518
"3514
4634 "Yiii 5-478 -31- -5412 16'-




10 Feb 1
1434 Sep 15
58 Feb 22
1034 Jan 3
4012 Jan 3
5334 Jan 3

Range for Precious Yea)
(1009)
Lowest

Highest

08 Jan
10034 Jan
225 Jan
12414 Jan
22312 Dec
13212 J an
295 Sep
1134 Jau
6012 Jan
10 May
4812 Dec
193 Jan
115 Nov
267 Jan
12812 Nov
75 Jan
79 Jan
195 Oct
1114 Jan
5512 Jan
4153 Nov
146 Feb
200 Apr
190 Dec
26 Apr
9014 Mch
9712 Apr
217278 Feb
9312 Mch
iva Jan
55 Jan
102 Oct

12518 Oct
106 J'ne
23914 Apr.
135 Dec
235 Mch
153 Nov
301 Jan
22 Feb
7712 Nov
1412 Mch
5514 Oct
162 J'ne
123 J'iy
275 M ch
1311 Feb
103 Deo
8812 Sell
19514 Jan
10 Oct
84 Nov
17478 J'ne
140 Aug
215 Sep
20018 Jan
40 J'ne
11712 Aug
107 Aug
21834 Aug
11714 Aug
175 Apr
9818 Apr
112 Apr

3314 Jan
94 Jan
55s Jan
13 Jan
x119 Nov
x117 No"
12614 Feb
2712 Feb
9312 Jan
412 Apr
1514 Apr
334 Apr
125 Jan
7 Jan
245 Jan
15038 Feb
59 Jan
80 Jan
20212 Men
2 Jan
65 Apr
93 Jan
12614 Jan
75 Feb
is Jan
934 Jan
100 Jan
2012 May
2414 Jan
12612 Jan
2.54 Mch
2512 Jan
4134 Feb
107 Feb
018 Jan
76 Ilch

5014 Aug
105 J'ly
9/8 Feb
2213 Nov
136 Apr
131 Apr
14518 Sep
4018 Aug
108 J'no
1212 Sep
3112 Aug
814 Oct
14712 Nov
13/8 J'ne
260 Apr
173 Aug
8334 Deo
1/7 Apr
22014 Dec
314 Oct
125 Oct
118 Oct
139 Sep
108 Oct
199 Aug
12 Sep
11412 Aug
34 Dec
33 Nov
170 Dec
71 Oct
3114 Sep
9478 Oct
131 Oct
10 Dec
96 Dec

478 Oct

1012 May

34 Jan
65 Feb
23 Mch
3818 Feb

62 Oct
9612 Nov
4012 Dec
54 Dec
5134 Dec
18 Jan
.80 May
24 Dec
1114 Dec
3353 Nov
110 Jan
695 Aug
4412 Sep
.35 Jan
8634 Nov
12 Mch
1658 Apr
212 Jan
19 Aug
1214 Nov
11012 Dec
14511 Nov
38 Dec
712 Aug

.3
18
6 j
Jan 13
0

J°
;
11
30
8 F
.45 Feb
1718 J'ly
8 Sep
2138 Feb
9614 May
585 Feb
enbe
.2
19
0 F
J

80
5 5811cl'ih 28
3
14 Nov14
212 Feb la
2212 Itch 0
1212 Jan 10
11114 Jan 3
1178 Jan 3
30 Jan 12

87
812
21
24
712 Feb
1 Oct
13 Feb
74 J'ne
110 Feb
9 Feb
814 Sep

44
53
748 j
Macilla 9
4

512 D 4.;
Apr
27
211 Apr
212 May
Jan
s,
0
1034 jI

4
5
1°3
214
4 a n 13
.70 Mclas
2414 Jan 13
1814 May21
2812 Jan 3
103 Jan 3
685 Jan 3

2
18
112 Jan
n 3
5
634 Jan 14
10
4
9412
n 212
Jan
1058 Oct 13
J an 17
5
1,8 J
3
29 Jan 4
812 Jan 21
75 Jan 22
2712 Jan 11
1058 Jan 12
12 May21
50 Jan 3
2573 Mch 7
1234 Jan 14
134 Feb 1
15 Jan 3
166 Jan 3
2134 Jan 3
02 Mch II
2434 Mch 8
234 Jan 1
18 Jan 3
513
883
14 Jan
J.ae nn 19
2
4
1833 Jan 10
78 Jan 5
1138 Jan 3
4158 Oct 21
55 Jan 3
53)3 Jan 3
514 Jan 3
46 Jan 3
1012 Jan 3
534 Jan 14
15 Jan 19
.:50 Jan 3
334 Jan 14

3314Feb
938 Aug

(734 Dec

7414 Dec
1918 Dec
1814 May
1 Dec
6 Nov
2818 Dee
1234 Feb
534 Oct
1314 Mch
x6712 J'ly
7018 Jan
1612F0
30 Nov
312 Nov
838 Dec
978 Oct
13 Sep
47 Dec
8514 Jan
413 Mch
1178 Aug
134 Nov
1912 Dec
.90 J'ne .90 Dec
4714 Feb
50 Aug
122 Feb 170 Dec
19 Dec
3614 J'no
83 Dec
119 Jan
414 Mch
r
pr
012 Ap
.33

112 Nov
1312 Feb

278 Jan
1778 Jan

34 Jan
67 Deo
1318 Nov
1812 May
1278 Apr
1812 J'ly
62 J'ly
90 Feb
914 Dec
174 Jan
28 Jan
3912 Nov
39 Feb
59 Sep
44 Jan
54 Oct
4 Oct
634 Jan
3714 Feb
4934 Nov
3934 Feb
66 Nov
Dec
3 Oct
43, Apr (1314 Dec
139 Mch 168 Aug
Jan
2 Oct

nEo. 3 1910.1

1503

Boston Bond Record

g

1./.%
Weeir3
Week's
Range
I
i.anoe
BOSTON ST00
XcH'ult
BOSTON STOCKr.x(Itiqiii. g..,
""
Range or So;
Since
1?ange or c55.,
Since
c
Friday
'ru
rtica
eii
1
WEEK Eurinvo Dmo 2
has,
‘
Thom itripiiiii DEC 2
424 January 1
Last .ictle 0,3 'I.Jan:Tian/ 1
44., Dec 1
Dec
High h.)',Low high.
Ask Low
J11iO .10 Low ti
'Ilia
Bto
AsK Lot
Illinois Steel deben 58....1913 A-0 100
/
4 Sal.- 102's,
10234 15 .100)4 103
imAgrloul Chein let 58..1928 A.0 1021
103). 10031 2, 119 4 101
901 1084 89
117 Apr4/8 .
9054 Sale I 9058
Liu Teiev a, Co, coil a 48.11129, J -J
931
/
4 la Falls 8,8ionx Clst 73..1917 A-0
104 , 3 OP's 106 i Kan 0 Olin & Stir 181 5a...1925 A.0
1331
/
4 Mar'10
Convertible 45. .. ..... 19361 M-8 103.4 104 1104
9318 u7
e7'4 87%' Kan C Ft 6& Gull ext 6e..1911 J.D
99.4 Feb'191,.....1 9934 9934
I 8754 Sep '10.
&in Writ raver let st5s1( 19191j.j
Man (3 Ft 800tt cts M 68. .1928 M.N
114 119 Nov 10. . 97 119
1163$ 1 i 6381 2 113 118
kin Zinc 1.4 & S deb 63....191.5 al.i.f,
Kan 0 M & B gen 4s
o'l
4, 89
94
1934 WS
92
& riz Corn Cop 1st cony Vs 1920 J-D
934 93 Oct' 0 ....11 924 934
Assented income 5s
92
00
24, 90
1384 08
081
/
4 26 98 10158
1934 M.8
90
&ten Tou & s Fe gen 48..1195 A-0 98
..g.J'ly11195Nov
, Kan (.) & M Hy& Br 1st 531929 A-0 1014 103 1024 Nov'101....1,102 103
A(Uueunentg4e.
9018Nov'10 ....
4, .
10
91
Maine Cent cons 1st 7s 1912 A-0
4
Stamped
Ply 1195 A -N
92Sep
10.
4
90
91
102t.,
Cons let 4o
1955 J.D
60-year cony 4s
1912 A-0
.
102's Ply'10 .... 1024
1014 Sep
/
4 1174 Mara Hough & Ont jet 08 11125 A-0
1917 J.D
10-year cony 58
10)(1
/
4 Nov'10. . 1081
115 rne'081
Mass Gas 412s
73
1929 J
a.t1 Gull & W 1 Ss Lines 5s.'69 .1.J
674 Sale 67's
684 74 63
99
12 I 97 100
99 Sale 93
ich Teleplitt 5s
:
991
/
4
Boston Elect L ounitoi bs.1X 11
97
1917 J. J
110 r'eu'04 .
97 Ang'ill
Minna Lieu Elec con g 6s 1929 J -J
Boston & Lowell 43
"
100.4 Mar'09
1024 Atig.'041
New Mug Cot Yarn Os. 19'29 F-A 100% 101 101
Boeton (2 Maine 445
8 105
..
1014 6 100,
1944 J-J
104 4 Oct '08
New Eng Teleph 5s
Boston Terminal 1st 3128.1134'7 F -A
1915 A-0
102 Feb'09!....1 1......
112's Jan '03
Os,
iiii.. 103
1916 A-0
Bur & Mo Bay cons ils ....1918 J -J
......
1004 sep
103 Feli'10
New England cons g 58 19451 J -J
Butte & Boston 1.31. 6s....11/17 A-0
100 J'ne'01
1soston Term 1st 43
1939 A-0
Butte Elec& Pow 1st g 58.1951 j-D
New River (The) cony 58.19:34 J -J
7912
113's 111
75 Oct '10 ....11 75
Ustiar Rap at Mu 11 let 73.11/16 M-N
113.V al av'10
1 85
88
N IN H & II eon deb 3 481956,1 J
90%102
1011
87
/
4 Nov'10
87
Dent Vermt 1st g43..May1112t) Q-F 87
Cony deb Us (ctts)
11148'J -J 133% 134 133 4 133541 2131 135
11103 Oct '07
0 B do 4 Iowa Div let 68.1919 A-0
88
1,8,, Old Colony gold 4s
101 Apr'091....1;......
1924' F-A
1 1110 A.0
984 J'ne'10
Iowa Div let 4s
;I
101 12 10134 Greg 11y& Nay con g 43 1946' J.D
1014 Mar'10
9878 Sep '011
Debenture as
1.113 M-N
Oreg Sli Line 1st gUs
991e 100
19221F-A
9912 Nov'10.
11378Aug'10 ....!'1137811639
Denver Exton 48
11)22 F-A
119 4100
893 Pere Marquette deb g 68 1912'J -J
88
99 Mar'10
984 99
119 Marl()
Nebraska Eitel) 43
1027 M-N
Repub Valley 1st 1 63. 1919;J -J 103
99 Oct '09
/
4103%
1031
/
4 Sep'10 ....!1031
B&SWst 4s
1921 M-8
88.8 -g1I,, Rutland 1st con gen 448.19411J -J
8778 Sop '10
Illinois Div 34s
1941 J -J
1074
• •I'
Rutland-Canadian 1st 481949: J -J
11 100 10134
/
4 101'6 101's
Dine J e By ai SU( Yds 63.1915 J -J 191%1011
102 Nlat'021
904
9954 Savannah Elec 1st cone 53.19521.'4
9234 14 89
784 Apr'1J1....1 1 78
784
Coll omit relunding g 431940 A-0
114
114
2 114 11312 Seattle Elec lst g 53
1930: F-A 10318
11)34 Nov'101....1'103 1041
Jh Mu1 & St P Dub D 63-11,20 j-,j
/
4
Shannon-Ariz 1st g 6s.... 19i9111.N
120 Feli'05
1)5
1)7 Nov'101....1 I 88 110
JO M & St P \Via V div 681920 J -J
117
07 A pr'07.
Jim & No Mien 1st gu 53.1931 M.1•1 99 1014 99 Oct'10 .... 99 100)2 Terre Ratite Eleo g Mt....19291J 4
Torrington 1st g 58
1918 id-S
100N Marl
100% 1.01/34
Jhic & W Mich gen as....1921 .1 -D 101 103 101 Nov'10 .... 100 104
Uniou Pao RR & 1 gr g 43..19-37 J -J
91 Dee'07 .
Joncord & blow,cons 48..11120 J -D
•-.. ..... 101
9978101,
2
20-year cony 4s
1124 Jan '03
•
1927 J.J
_Iona & Pass it Dm g 43...19i3 A•0
10478Oct '10..... 104%1093$
, Uniten Fruit gen 3 I 448.1923 J-J
1004 Aug'00
c.ludally Pack(Tho)lst g 581924 MN
9718 9712 9716
117181 2' 1.15E4 97,2
99 Anr'10
U S Coal & Oil 1st s I 63..1.938:M-N
„harem haver let Os
99
99
1826 A-0
185 Nov
145 166
US Steel Corp 10-00 yr 54.1903'1%1-N
88
90
88
90
11 88
Oat(Jr Rap & W let 4s...1046 A-0 80
1034 103341 1 10141054
Dominion Coal let at 53..1940 M-N
004J'ne'10 .... 9612 98.4 West End Street Ry 4s....1915'If-A
1)6
98
984 .Ply 't 0'
117
9918
1
ritenburg 4a
Uold 4128
1914 M-8
1915 M-8
103/
1
4 Api'05
1014 Pue'09,_
I Golo denenture 46
,
1927 M.8
19161(41-N
984 Apr'10!.... '38-2 9918
43
96 Apr'08
,
!fount Elk & Mo V 1st 64-11133 A-0
Gold
4s
1917
F-A
08
Oct 110'..... 97
99
133 Mar'09
88%
Unstamped 1st Us
1933 A-0
Western Teleph & Tel 58.1932 J -J
118
08.41 7, 944 99
140 Avr'05
at Nor (.1 B &&4 colt tr 48 11)21 J - J
9438JanquI....!1 143 943s
9358 Sale 9514
9554 161 944 91%1 Wisconsin Cent let gen 481949 J -J
Registered 48
1921 Q-J
1354
1154 Nov'10 ....II, 944 9641

az

Nara-Buyer pays accrued interest in addition to the purchase price for all baton Bonds.

No price Friday; latest bid and asked.

Flat price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
("Maitre Prices-Not Per Cantata Prices
Monday
Nov 28 I

Saturday I
Nov 20

126

126

Tuesday !Wednesday! Thursday I
Nov 29
Nov 30 i
Dec 4

90
.126

15

43
*4312
*1134
4914
32
784

4234 4234
43
'421
/
4 43
431
/
4
/
4 43
44
43
431
1178 *Ilk 11% .11% 1178
484
48
49
494 48
/
4 314
3258 314 3238 311
77
784 77% 77% 77

271
/
4
*06,
4
92
651
/
4
45
1578
18%
764
8,-4
4334
80

271
/
4
9714
94%
65518
46
Mrs
19
764
81
/
4
44
86

2654
96
90
644
4412
164
181
/
4
741
/
4
Vs
43
8012

'27
116
931
/
4
654
45
1534
18%
7131
/
4
838
4414
813

P11111ADEI1I'IIIA
inactive :stocks
&mat Asbestos Corp.100
10t)
Preferred
10
Lunn Iran Milling
Amor Pipe Mfg
100
Bell Telephone (Pa).100
oU
(lambda Iron
Central Coal at Coke.100
Oonsul Trao of N J...1110
Easton Con Electric 0.50
DM
let Wayne &W V
60
Germantown Pass
100
Indianapolis St
Indiana Union Tr....100
Insurance Coot N A..10
Inter Sui Pow & Cliem.60
Keystone Telephone ..60
Preferred
50
KeystoneWatoliCase.100
Lou Vail Train v t o...50
Preferredyto
50
Lit Brothers
10
Little Schuylkill
60
tlluolittl & Schuyl 11...50
N haven Iron & stee1.5
Northern Central
60
North reunsylvania..60
Ponnsyl BR receipts
Pennsylvania salt
50
Pennsylvania 8teel..100
Preferred
100
Phila Co(Pitts) pret...50
Phil German & Norrie.50
Plus Traction
50
Railways General
10
Eiusquen Iron & Steel..6
Tidewater Steel
10
Preierred
10
Union Tr 0111111
100
United N J RR di, C..10t)
Trac
Pitts
Unit
pref..50
Warwick Iron& Stee1.10
100
Welsbach Co
West J er3ey & 6eat3h.50
We8tmorelantl Coal....50
Wilkes Gas a, Elee..100

6312 644
90
90
90
127 0126
4,126 1264
'20
20's
.19
*404 42 .404 42
.
,144 144
141% 15
144 14%

42%
434
11%
47"4
324
77

42%
431
/
4 43
11% *1134
4858 4754
33
32
78
77

45
7218

'20
818

204
11

5
15's 16
16
174
414

62
126
97

128

109

110

. 104.4
41
414
1473$ 146
83
834
914

241
423$
104 11
40
43
62
33




I Bid I Ask

Bones
.Prices are all "and
interest."
Alt &LVEleo 4 48'33.F.A
Am Gas & Bice 58'07.1-A
Amity's cony Od 1911.J.1)
Ati City let Ss g'19.M.N
Berg&Ellrw let Els'21J.,7
liethle Steel Us 1998.Q.b.
Choc& Ma let 58 1949J4
Ch Ok & Ci• gen 53'111 J-J
Col St By 1st con 68 1932
Con Trae or N J lot 53.'33
Edo A let AI 5s 1920 ad.N
Elec & Peo Tr etk tr Mrs
Eq 11 Uas-I.lst g 58 1928
Indlanapolia Ity 48.1933
Interatato 48 1943 .F-A
Lehigh Nay 44s '14.Q4
1914.4-1f
Bite 4s g
Gen al 448 g.1924.1.1•F
Leh V 0 1st Os g'33..J$
Leh V eat 4s 1(41948.3-D
J-1)
C011301 68 1923
Consol 44s 1923.-J-D
Annuity Us
J
Gen cons 4s 2003.Al-N
Leh V 'Fran con 48'35J-D
I st series B 58 11.135.M.S
1948.1.1)
New Con Uas
Newark Pass con 5s1930
Y Ph& No 1st43'311J-J
Income 4s 11.139...M.N
NoOluoTrao con58'19..14
Penn Cons 6s 1919. Var
Penn & Mil Steel con 6s.
Pa & N Y Can 58'39.A-0
Con 4s 19311
A.0
Penn Steel 1st 68'17 al-N
People's Tr trcerts 4s '43
P Co 1st& col tr 6s'49 51-S
Con& col tr as 11151M-N
Pin! Eleo gold trust ars.
Trust certils 45
P a, E gen 1+1 5 g'20.A.0
Gen M 4s g 1920..A&O

*Bid and asked; no sales on this day. tEx-riAtts.

Lange Sines
Jail 1
Lowest

IiiglieSt

ILange /or Previoul
Year(1909)
I

Au igiieet

Lowest

1
Baltimore
I
30 Con.Gas EL L. 0, Pow 1001 48 Mar21 644 Deo 2 30 Mar 48 Dee
25'
100 80 Mani 90 3'414 76 Mar 89 May
Do pref
50 115 Jan 8 132 keu28 100 Jan 1214 Dec
I45,Northern Central.
'Seaboard(new)
100 1858.P1y 29 2714Jan 3' 11.4 Feb 281
/
4 Deo
100 40 Oct 171 47 Jan 8 2254 Feb 48 Boo
Do 2f1 pref
500 United Ry & Electric.. 60 123$May 3 la 4 J'ly lb
93$ Feb 1418 Dec

Philadelphia
.244 25
American Cement
50 17 4 Sep 10 28 Jan 3 25 Dec
4314
61 American Railways.... 6U 41% J'ly 2l 60 Jan 6 9438 J'ly
421
/
4 .43
43
1,208 Cambria Steel
43'8 43
/
4J'ly 26 5312Jan 10 3278 Feb
50 401
8
17 Electric Co of America 10 114 J'ly 211 124Jan 14 x104 Jan
117g *1[4 11,
4718 1,197 Elea Storage Battery-IOU 42 J'ne30 641.. Marll, 43 Jan
4734 47
3218 6,016 Lien Asphalt tr cue
324 32
100 1918 J'ly CU 343$ Jan 29 154Jan
77
2,468
Do prof tr Ufa
764 77
100 64 J'ly 46 8418 Jan lu 53 Jan
91g J
*84 9
Keystone Telephone... 50 7 J'ly 6 13 uan 10
2734 204 274 7,610 Lake Superior Corp....100 15 4 J'ne3l) 28% Jan 3 14.4Jan
944
185 Lerugh 0& Navtr ot18 50 86 J'ne3u 123 Jan 7 96 Jan
84% .93
50 624 J'ly 27 1214 Marls 67 b'sb
9054 8814 13038 33,617 Lehigh Valley
69318 Mar 9 6318 Feb
60 611118J'Iy
64% 63% 645is 1,068 Pennsylvania RR
404 Feb
441
/
4
411 Philadelp'aeo(Patel)) 50 42 J'ne3u 63,4Jall
444 44
16.4 mar18 1114 Feb
1558 1554 3,797 Plilladelph la Electricll 25 11378 (feu
16%
18b8 17% 184 5,143 ['Oils Rapid Transit
50 15 Apr28 284Jan 3 243$ Jan
724 7311is 13,61141 [leading
74
•
61) 6518 J'ly 2b 86 Fel) les 594 Feb
J an 2- 9118 May13
838 bet,
644 Jan
850 Tonopah Mining
1
83e
434 43
4'3% 3,966 Union Praction
50 38 Oct 24 623$ 1511 6 6018 Jan
844 85
4,228 United Gee Impt
85
50 79 J'ly 2o 954Jan 10 8458 Mai

27
27
2718
27
2718
94
94
11434 96
94
894
130
U134 894 11 134
7
614 6418,8 64313
644 64
444 45
4418 444 444
15k
163$ 10
153$ 1554
184 184 1858 1878
1818
7318
7447115is 731318 75
83e
8513 8%
8% 8%
434
434 4312 4334 44
84.34
553$ 854 854 867
• -Bid Ask
PHILADELPHIA

'240

ACTIVE STOCKS
I Sales I
I
of the
I wdek I (For Bonds and inactive
16hami1
Stocks see below)

*64
90
1264 127

48
16

4,

Friday
Dec 2

80;
831
/
4.

116
1084
1034
1003$
884 89
105.4
53

55

110
1171
/
4
1041
/
4
141.1
973$
97
101
161

108

1114 924.•
1024
1144
101 1014
704 764
PM
10018

PHILADELPHIA

I Bid I Ask

Ph & Read 28 58'33.A.0
J-D
Con M 7s 1911
Ex Imp M 48 g
Terminal Os g 1941.Q-F
P W & B col tr 48'21.34
Portland By 1st 58 1930.
Roch By& Leon 53'54.14
Spanish-Am Ir 6s'27 J-J
Trac Ind gen 56'19.J4
Un Bye Tr ctfa 48'411.1811.1
United Rye Iuvlstcolltr
etas 1026
M-N
U Trac Put gen 5s'97 J
Weisbaoh 8 r 68 1930.J.1)
Wlks-B U&E eon58'55J-J
BALTIMORE
Inactive Stocks
Ala Cons Coal& Iron.100
2Tet
100
Atlanta & Charlotte..100
Atlan Coast L kConn)1(10
Canton Co
100
cons Cot Duck Corp...50
50
Preferred
Georgia J3on & Fla 100
let pref
100
28 pref
100
G./3-8 Brewing
IOU
Bonds
Prices are all" and
interest."
Anamattla & Pot 5s
All Coast L(Ct)ctfs5sJ-D
ULU of indebt 45. ...14
5.20 yr 4s 1925
J4
Bait Cl/ass let63'11 M-N
Bait Fundg 53.1916111-N
Exchange 3188 1930 J4
Balt& P let68 ni 1'11 A-0
B SPat C 1144 48'53F-A
Balt Trac 1st 58.229 M-N
No Bait Div Os 1942 J-D
Cent'l /ty e,on3s1932 M-N
Ext& Imp 68.1932 MS
Chas Citylly let 63'23J-J
Chas Ey & E153'99 AL-8

BALTIMORE

Chart Cat A 20 73'10 A-0
City & Sub let 5s '22 J•D
City& sul(Was)lst58'48
9918'
Coal 881 By let 58'201f-A
115 1
Col&Grny let6s.11116J-J
111158'100
Comm! Uas 68..1939 J-D
Otis indebt 4188
98's
101 101% Cons E &P 4 he'35 1-J
Fair& elTr ist58'38.A-0
& Ala 1st Call OS'at,J
74
75
UaCarasN 1st,Os g'29J•J
7934 80'4 Georgia P 1st 68...122 J4
GaSo Fla let Oa 194634
883$ 89 (8-B-S Brow 3-43 1115151•18
28 income 68 1961 bi-N
Knoxv Trac 1st,Os'28A-0
Lake It El let gu5s'421_1-S
Macon By& Ltlatt58.63J4
Memphis st 1st 58'46 J4
40
aletSt(Wash)la tait'2,
5F A
232
Mt Ver Cot Duck let Os.
ii6" 120 .Npt Nato Fist 53'38 at-Iti
6
Nor &PorTr Ist5s.313.1.D
5
111
t(rioilt St let as'44 J4
16
North Cent412s 1925 A.()
96
94
Series A Os 19213.
70
Series B ent 1926. .J..1
73
1
Pitt Un Into 63 1997.34
Poto Val let Os 1941...1-.1
SAY Fla &West58'34 A.0
Saab & Roan Os 1926.J.J
South Bound 1st 58..A-0
1004 101
U El L&P lat4128'29 M-N
102
Uu By ab El 1st 48'49 51-8
Income 4s11141)
JD
100 1004 Funding Os 1936...J.D
104 1044 Vs Mid 28 ser 68'11.31-5
3d series Us 1916-M-13
94
93
4th ser 3-4-5s 11121.M-13
6th aeries 5s 1926.51.8
84's 9454
1063$ 1074 Vs(State) 3s new '32.J4
Fund debt2-38 1991.44
Weet N C eon 6s 111144.4
Wei:Ns CalP 1st6g'11 44
Wit & Weld 53-1935.J4
93
90 I

43 Jan
48 Dec
41.158 Dee
121
/
4 J'Iy
634J'Iy
334 Dec
844 Dec
16 Apr
3378May
125 12 Dec
113 Sep
7558 Sep
5178 Dee
141
/
4 Deo
364 Apr
86% Sep
patio mar
687 May
9512 Dec
Bid

Ask

105
1014
100181013$
107.4 10814
83.4 84
96 .1. 97
103.4 1044
106 106
112 115
10618 10634
424 43
5
6
1024104
101 110
95
97
117
98
73
73
924
82's 83
1031
/
4
104
109
104
105
1(/5
11)718108
92
923$
8439 8434
61
614
844 844
100
106
105
105
87
88
87
88
105 107
1001
/
4 100
110 112

$15 paid. 1 $121
/
4 paid-$134 paid. 4 835 paid. a Receipts. b25 paid. eV° paid. d$421 paid.

1504

Volume of Business at Stock Exchanges
TRANSACTIONS AT rHE A OW YORK sTo()14.•EXCHANGE
WEEKLA
YEARLY.
Stocks.
Week ending
Dcc. 2 1910.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sale) at
New York Stock
Exchange.

[VoL. Lxxxxi.

THE CHRONICLE

Shares.

Railroad,
etc.,
Bonds.

Par value.

65,354
799,014
557,318
748,771
857,918
887,844

$5,855,400
71,781,400
47,405,800
65,601.600
77,603,300
78,339,350

State
Bonds.

U. S.
Bonds.

$30,500
46,000
98,500
76,000
95,500
83,030

$731,000
1,913,000
1,534,000
1,658,500
1,729,500
1,5)8,500

Bid
Electric Companies
Chicago Edison (Jo-see Ch 2ago
Gr't West Pow 5s 1946_ _J-3 8712
e Kings Co El L & P Co_100 122
Narragan (Pray) El Co__ _50 *89
NY & Q El L & Pow Co_100 40
100 73
Preferred
United Electric of NJ. _100 80
J-D 75
let g 45 19-19
Western Power corn_ _ _ _100 4012
100 65
Preferred

Telegraph and Telephone

e Amer Teleg & Cable.. IOU
100
e Central & So Amer_
Corneal Ua Tel (N Y)--25
$5,000 Empire & Bay State Te1.100
100
Franklin
8429,500
3,910,219 $343,593,830: $9,244,500
$5,000 e Gold & Stock Teleg....100
e Northwestern Teleg_ _ _ _60
Pacific & Atlantic
25
Jan. 1 to Dec. 2.
Week ending Dec. 2.
e Poe Teiep & Teleg pref 100
Southern 'Sc Atlantic
25
1910.
1909.
1910.
1909.

4,895,188
3,918,219
157,080,536
Stocks-No. shares_ _ _
199,312,388
3346,59,),F5) $136,676,600 $14,021,402,825 $18,240,053,350
Par value
$500
$1.076,600
$19.300
Bank shares. Par
$178,950
Bonds.
$9,000
$359,200
$5,000
$761,700
Government bonds
687,000
424,500
39,892,550
35,427,900
State bonds
0,244,500 23,519,00(1
545,118,200 1,182,766,600
Rit. and misc. bonds_

78
117
105
65
40
110
112
60
90
90

Ask
list
8)
124
90
50
78
85
77
4114
0012
85
120
-50
110-90100

Ferry Companies

B & N Y 1st 6.5 1911-_14 93
97
28
NY &ER Ferry stk__ _100 20
65
M-N 55
1st bs 1922
N Y & Hob 53 May '46_J-D
97107
-Hob Fy 1st Os 1946 M-N 103
J-J 96
NY&NJ 53 194(3
40
10th & 23d Sts Ferry_..100 30
75
1st mtge 53 1919____J-D 65
$9,679,000 $24.265.000
$586,025,950 $1,218,956,200
Total bonds
29
e Union Ferry stock___ 100 27
M-N 96 100
e 1st 53 1920
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.

Short-Term Notes
Boston.
Week ending
Dec. 2 1910.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Listed Unlisted
shares. shares.

Philadelphia.
Bond
sales.

Listed
shares.

Unlisted
shares.

Bond
sales.

4,578
31,721
16,853
27,252
41,352
31,397

6,083
20,401
9,212
16,270
14,476
17,373

$43,000
51,000
93,500
95,000
28,000
20,000

14,746
18,672
13,059
10,468
13,791
14,359

1,231
21,227
17,773
19,0:35
20,921
17,049

589,000
103,600
41,300
130,300
53,400
103,600

151,153

83,815

$340,500

91,034

97,236

$532,200

Outside Securities
Alt bond prices are now "and interest'. exrcert where marked '1."
Bid Ask
Street Railways
New York City
21
BleecX St & Ful Fy stk_100 12
58
J-J
lst mtge 4s 1950
100 120 CZ"
B'y & 7th Ave stk
98 100
25 mtge 5s 1914
Con 53 I943-See Stock Exc i1st
B•way Surface 1st 5s gu 1924 102 105
00
Cent'! Crosstown stock_ _100
- 85
1st mtge 63 1922_ -M-N
21
Cen Pk N & E Riv stock.100 15
85
Christoph'I & 10th St stk 100 75
Col & 9th Ave 5s-See Stock Exc list
Dry Dock E B & BJ-D 95 100
1st gold 53 1932
40
F-A 30
Scrip 53 1914
Eighth Avenue stock_ 100 200 300
95 100
F-A
Scrip 6s 1914
42d & Or St F'y stock 100 200 .300
42d St M & St N Ave_..100
1st mtge 65 1910___ -51-S
34 76- -612d income Os 1915
Inter-Met-See Stook Excl ange list
Lex Av & Pay F 53-See St& Exo list
Metropol St Thy-See Stk Exo Hot
Ninth Avenue stock....100 155 180
16
Second Avenue stock_ _ _100 10
1st Al 53 '09 ext '10_ _M-N 99
56
a
F-A
Consol 53 1948
100 115 130
it Sixth Avenue stock
85
J-J 60
Sou Boulev 55 1945
92
A-0 88
So Fer 1st 5s 1919
Third Avenue RR-See Stk Exc list
Tarry W P & AI 53 1928__ f50 80
85
Y'kers St RR 58 1946 A-0 75
20
28th & 29th Sts 5s '96_ _A-0 fn10
Twenty-third St stock_ _100 /90 215
Union Ry 1st 5s 1942...F-A 10012 102
75
Westchester 1st 53 '43 J-J 65
Brooklyn.
Atlan Avenue RRA-0 10112 103
Con 53 g 1931
BB&WE 56 1933.-A-0 91 102
1 165 170
Brooklyn City Stock
Con 5s-See Stock Exch ange list
Bklyn IIgts 1st 5.4 1941 A-0 98 102
Bklyn Queens Co & Sub100 101
s 1st g 53 '41 op 1916
e 1st con 55'41 op '16 Al-N 9712 991
Bklyn Rap Tran-See Stock Exo list
75
100 60
Coney Isl & Bklyn
83
J-J 78
1st cons g 45 1948
80
J4 75
Con g 4s 1955
Brk C & N 53 1939_ ...14 95 100
rings Co El 4s-See Stock Exc list
100
Nassau Eiec pref
A-0 103 105
53 1944
1st 45 1951-See Stock Exclist
92
N W'b'g & Flat 1st ex 434s 87
Steinway 1st Os 1922_1-3 102 106
Other Cities
Buffalo Street Ry1st consol 55 1931... P-A 10534 107
A-0 104 105
Deb 6.3 1917
'Columbus(0) St Ry
100 95 100
100 101 • 104
Preferred
Colum Ry con 53-See Phi la list
102
Crosst'n 1st 53 1933 J-D
.5
100 74
4 Conn fly & Ltg corn
81
100 79
Preferred
1st & ref 4 as-See Stook Exc list
Grand Rapids ay pref_100 82 85
J-J 105 1051
4 Loulsy St 53 1930
Lynn & Bus 1st 53 1924_1-D 194 106
100 2512 2614
•New On Itys & Lgt
e Preferred
100 '6712 6734
Gen At g 41441 1935-See S tk Ex list
Pub Sera? Corp of N 1.._100 115 116
Tr ctfs 2% to 6% perpet 9912 100.
North Jersey St Thy..100 60
1st 43 1948
M-N 73 -14'Cans Tract of N1---100 722 7312
J-D 10314 1041
1st 55 1933
* Per sharu. b Bast%




Street Railways

Pub Sere Corp N J (Con)New'k Pas Thy 53 '30__J-J
Rapid Tran St Thy...100
1st 53 1921
A-0
J C Hob & Paterson48 g 1941
341-N
So J Gas El & Trao _100
Gu g 53 1953
M-S
No flud Co Thy 6s 1914 J4
53 1928
J-J
Ext 53 1924
111-N
Pat fly con 6s 1931_ _J-D
25 63 opt 1914.-A-0
So Side El (Chic)-See Ch
Syracuse R. T 55 1916 M-S
Trent P & H 53 19-13.. _J-D
United Rys of St L-Corn vot Cr ctfs
100
e Preferred
100
Gen 45 1934-See Stock
Unit Itys San Fran-See 5th
Wash Sty & El Co
100
Preferred
100
43 1951
J-D

Bid
103
235
102

Ask
245

73
74
128 131
97
98
103
104
95
113 iftr
99 101
cago ilst
100 10212
97
914 10
4014 41
Exc list
Rae list
32
34
88
86
82
8312

Gas Securities
New York
Cent Un Gas 53 1927_ _J-J
Con Gas (N Y)-See Stock
e Mutual Gas
100
New Amsterdam Gas1st consol 53 1948
J-J
NY &ER Gas 1st 5s '44 J-J
Consol 5s 1915
J-J
N Y & itichmond Gas...100
N Y & Westchester LtgDeb g 5s 1954 guar
J-J
Nor Un 1st 5s 1927_ __
e Standard Gas corn_ _ _100
e P eferre I
100
1st 53 1930
M-N
Other Cities.
Am Gas & Mice corn
50
50
Preferred
Amer Light & Treet___ _100
100
Preferred
50
Bay State Gas
Bingh'ton (N Y) Gas Wks
1st g 53 1938
A-0
Brooklyn Un (las-See Stk
Buffalo City Gas stock 100
1st 5s 1947-See Stock
100
Cities Service Co
100
Preferred
Con Gas of N J 53 1936 34
Consumers' L II cle PowJ-D
5s 1938
100
Denver Gas dr Eiec
Gen g 58 1949 op._ -M-N
100
Elizabeth Gas Lt Co_
Essex & Hudson Gas__ _100
Gas & El Bergen Co.__ _100
e Or Rap 1st 53 1915 _ -.F-A
100
Hudson Co Gas
100
Indiana Lighting Co
F-A
48 1958 op
60
Indianapolis Gas
A-0
1st g 53 1959
Jackson Gas 5s g 1937_ A-0
100
e Laclede Gas
100
e Preferred
Madison Gas 6s 1920_ _A-0
Newark Gas Os 1944
Q-J
Newark Consol Gas
100
e Con g 5.3 1948
143
No Hudson L H & Pow5s 1938
A-0
Pacific Gas & E, corn_..100
Preferred
100
Pat & Pm Gas & Elec.._ 100
e Con g 53 1949
M-S
St Joseph Gas fis 1937_14

10112 1021
Exc list
167 1731,
10112 102
101 104
98 100
35
50
10212 10312
99 101
55
85
104
*10
52
*41
43
290 292
102 104
12
34
95 100
Exe list
5
6
Exc list
00
61
78 80
93
96
105
190 205
90 92
300
134 136
-- - 73
so
98 101
134 136
33 35
64
65
11
20
80 85
88 9212
10414 10614
85 102
103 108
126 -- -98
96
103 104
102
68
87
80
10012
90

69
89
88
10212
9312

Am (Jig ser A 48 1911_ _M-S 9034 100
Ser 13 4s Mch 15 '12_ _M-S 981s 9812
Bait & Ohio 4145 1913.3-D 9915 9935
Bethleh Steel 6s 1914_ Af-N 9612 9712
Chia & Alton 5.3 1913 M-S 9814 OD
Cin Ham & D 4s 1913_ _J-J 9712 08
C C C & St L bs,June 1911._ 10015 10012
Hudson Companies6s Oct 15 1911
A-0 9914 100
63 Feb 1 1913
F-A 9814 0134
Interb R T g 6s 1911__M-N 1003s 10034
K C Ry & Lt 63'12. _M-S 9812 9914
Minn & St L g 53 1911_ _F-A 9912 100
eN YC Lines Eq Ss '11-'22 0458% 114%
430 Jan 1911-1925
645:4% 114%
NYNH&H 53 '11-'12._ 100
00
2 100087112
St L & SF 4348 '12 op_F-A 9733
51-S
5.s Mch 1 1913
South Thy g 58 1913.-F-A .
.
13_818 0
9E
7142
Tidewater 65, 1913, guar... 101 10112
M-N
Wabash 4348 1913
West Telep & T 5s '12_F-A 991: 100
Westingh'se El & M 6s 1913 100 10038
5% notes Oct 1917 A-0 100-__

Railroad
Chid Peon & St L
Prior lien g 410 '30./11-S I 85
Con mtge g 5s 1930_ _J-J
Income 5s, July 1930_ _
Chicago Subway_ .....100
Kan & Col Pac 6s 1938_F-A 108
4
Nat Rys of Mexico-See S t Rae
Northern Securities Stubs.. 100
50 *32
Pitts Bess & L E
Preferred
50 *70
e Railroad Securities Co-.
111 C stk tr ctts ser A._ _52 90
Seaboard Company100 77
1st preferred
9214
Cora & 25 pref-See Bal t Exc
Seaboard Air LineColl 53 ext May 1911_M-S 9978
West Pao 1st Os 1933_ _31-S

50
5
110
4'f'
list
11212
35
76
95
..„2_34
80
list

Industrial and Miscel
Adams Exp g 4s 1947 J-D 1 90
9112
Ahmeek Alining
25 *185 190
Alliance Realty
100 115 120
100 153 156
American Book
12
20
0 212
100 2
American Brass
25
American Chicle corn_ _100
100 10112 104
Preferred
5 ____
Am Graphaphone corn..100
100 1102
20
00 1.-__
Preferred
100
Amer Hardware
_0_2.. _
Am Malting 13s 1914_ _J-D
Amer Press Assoo'n._ _.100 95 100
Am St Found new-See S tk Ex list
65 1935
A-0 10012 102
F-A
Deb 4s 1923
7
10
0
American Surety
50 20695 2
03 100
American Thread pref_ _5 4*412
514
Am Tobacco Co corn_ __100
Amer Typef'ders com__100 40
42
100 0
97
8 100
Preferred
100
M-N
Deb g 6s 1939
212 312
Amer Writing Paper....100
Preferred
100
1st s I g 503 '19red 105_J-J 26
843
9
80
Atl alt & W I SS Lines.._100 1018 --100 2012 -Preferred
Col tr g 55 1959
3-3 66 -681-2
Barney dr Smith Car_
100
-- 30
Preferred
100 -90 - 98
Bethi'm Steel Corp-See S tk Ex list
Bliss Company com___ - 50 124 130
16
22
0
50 250
118' 2
Preferred
100
Bond & Mtge Guar
100 121 124
Borden's Good Milk
100 106 108
Preferred
612
British Col Copper
5 *6
Butte Coalition Mining_ 15 *1712 18
234 31:
Casein Co of Am corn_ _ _100
58
100 50
Preferred
100 125 135
Casualty Co of Amer
100 132
Celluloid Co
6
100
Cent Fireworks corn.
40
Preferred
100
Central Foundry
100
100
Preferred
Deb 6,4i '19 red at 105_ M-N I
Chesebrou,gh Mfg Co_..100 700
Chino Copper Co
5 *2212 2238
City Investing Co
63
100 61
Preferred
100 101 105
e Clanin (II B)corn
100 102 1043
e 1st preferred
96
100 03
e 2d preferred
100 94
Col & Hock Coal dr I p1_100
1st g bs 1917
--------J4 -40- Col tr 6s Oct 1956......J4 45
_
Consol Car Heating
100 4012 4212
Consol Rubber Tire....100
3
4
Preferred
100 22
Debenture 4/1 1951-A-0 1 40
41

e Sells on Stook Exchange, but not very active. / Fiat price.

814

n Nominal. s Sale price.

Bid

Industrial and Miscel

Ask

1312
0 Crucluie heel
100 13
e Preferred
100 7514 7934
Davis-Daly Copper Co.- _10 *
134
e Diamond Match Co__ _100 8878 8175
duPont(E I) de Nem Po 100 140 149
85 .
a Preferred
100 83
85
e Gold 434s 19313
J-D 83
Electric Boat
100
512 12
53
Preferred
100
15
Empire Steel
100 10
Preferred
100 55 62
e General Chemical
100 94 100
e Preferred
100 101 10312
Goldfield Con Mines-See S tk Ex list
*6
7: ,
83 916
Gold 11111 Copper
1 *
7Ig
Greene-Cananea
20
Guggenheim Explor'n_ _100 187 195
a Hackensack Water Co88
Ref g 45 '52 op 1912 _J-3 85
Hall Signal Co corn
100 20
35
4
6
Havana Tobacco Co.__ _100
12
8
Preferred
100
59
1st g 58 June 1 1922 _J-D 55
Hecker-Jones-Jewell Milling
M-S 103 105
1st Gs 1922
40
Herring-Hall-Mar new_.100 35
Hoboken Land & Imp 100
1st 53 Nov 1930
Houston Oil
100
734 8
100 48
49
Preferred
IIudson Realty
100 110
e Ingersoll-Rand corn.. 100 93
100 100
e Preferred
7
2
Intercontinental Rubber 100 27 17
Internat'l Banking Co._100 90 s9875
Internat'l Mer Mar-See S tk Ex list
International Nickel_ ___100 140 150
9212
100 90
Preferred
95
A-0 93
1st g 53 1932
International Salt
100 571_ s 414
52
A-0
80
g M 11S
66iliver.... 100 50
Intlertnationa
Preferred
100 107 113
lot 6s 1948
J-D 110 112
Internet Smelt & Refit_ _100 130 140
Internet Time Record:_100 180 205
Preferred
100 110 115
Jones & Laughlin Steel Co
IYI-N 10114
1st s f g 55 1939
40
e Lackawanna Steel.._.100 36
e 1st con 55 1950-_51-S 85
4
51-S 9114 01-3e Deb 53 1915
100 8712 90
Lanston Monotype
100 243 248
Lawyers' Mtge Co
Leh & Wilkes-B Coal_ _50 230 k75
100 135 145
e Lorillard (1') pref
45
100 35
Madison Sq Garden
2(1 Os 1919
M-N 85
113
Manhattan Transit
20
57
May Dept Stores
100 55
100 103 105
Preferred
*712
753
Monongahela It Coal
50
50 *2014
Preferred
100 11312 115 Mortgage Bond Co
100 100 105
Nat Bank of Cuba
National Surety(old stk)100 262 266
100 191 195
lis'cleopper. See Stk E x list
e NNeew
vada
stCooci:
10 *151, 1
Nev-Utah Min & Sni
60
20 30
e New Central Coal
N Y Air Brake 63-See Stock Exc list
N Y Biscuit Os 1911_ _M-S 100
35""
e New York Dock
100 20
100 65
e Preferred
N Y Mtge & Security...100 200 210
*41,
512
N Y Transportation
20
Niles-Bem-Pond corn__ _100 90 - 100
Nipissing Alines
5 *1034 11
10 *112 135
Ohio Copper Co
214
2
100
e Ontario Silver
51
100 49
Otis Elevator corn
100 95
97
Preferred
50 *2272, 2314
Pittsburgh Brewing
50 *4075
Preferred
Pittsburgh Coal-See Stock Exc list
60
corn
100 58
Pope Mfg Co co
- 78
100
Preferred
Pratt & Whitney pref 100 10212 104
100 144 148
Producers 011
Realty Assoc (Bklyn)._100 116 120
Royal
Prefe
BrarekdPow d com _ _ _100 ISO ISO
100 103 108
Safety Car Heat & Lt.._100 134 138
75
25
Seneca Mining
100 340 350
Singer Mfg Co
8
5
100
South Iron & S corn
16
100 10
Preferred
100
Standard Cordage
1 16 20
_ ..
1st M g Os '31 red..
4
Adjust Al 53 Apr 1 1931..
40
corn.
Standard Coupler co100
100 1-6)Preferred
00 16
18
Standard Alining, Co_ _..100
50
54
Preferred
Tsf-N 83 87
1st 5s 1930
100 612 615
Standard Oliot N J
Swift & Co-See Boston Stk Exc list
1st 58. See Chicago 51k Exc list
Texas Company-See Stock Exc list
e Texas & Pacific Coal_ _100 95 100
100 135
Title Ins Co of N Y
Tonopah Min (Nevada)... _1 *8 --8-1;
4
8
Trenton Potteries com 100
100 45
Preferred new
55
100 30
Trow Directory
Underwood Typewriter_100 60 -6-2-100 9912 101
Preferred
49
Unlon Typewriter corn_ 100 45
100 104 108
1st preferred
100 103 107
2d preferred
United Bk Note Corp- 50 *49
52
*50
Preferred
52
United Cigar Mint
100 5912 6012
e Preferred
10
5:: 100 105
United Copper
100
512
434
Preferred
100 10
20
U S Casualty
100 200 220
if S Envelope corn
100 50
Preferred
100 110 113
Ur
Srerr
belnlshed
ing
100 05 100
100 106 111
1st g 5s 1919
100 105
Con g 58 1929
95 100
U S Steel Corporation- jj:jj
Col tr s f 58 1951 opt '11 _ 114 11434
.. -. 114 11434
Col tr s 1 5s '51 not optU S Tit Cu & Indem____100
9212
e Utah Copper Co-See Stk
-- Exo list
Westchester & Bronx Title
& Mtge Guar
100 165 170
Westingh'so Air Brake
60 *138
West El & Mfg Se-See Stk Exo Hat
WorthIngt'n Pump pref_ 100 104 108
t New stock. x Ex-d1v. y Ex-rights

DEC. 3 1910.1

THE CHRONICLE

1505

luuestment and Ataiiroad intelligence.
rtAIL.t1.0AD Gri.OSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not beg.n with July, but covers some othei
period The returns of the etectrtc raztways are brought together separately on a subsequent page.
Lates; Gross Earnings.
ROADS

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Date.
----Current
Previous
Year.
Year.

5*
Ala N 0 & Tex Pac
66,000 1,219,556 1,191,792
N 0 6: Nor East_ 1st wk Nov
60,000
588,014
636,423
33,000
Ala & Vicksburg_ 1st wk Nov
31,000
508,785
545,033
29,000
Vicks Shrev & P. 1st wk Nov
26,000
17,414
23,870
6,153
8,865
Ala Tenn 63 North _ September
9,931,805 9,444.348 36,091,145 34,870,236
Atch Topeka & S Fe October
60,061
55,930 1,070,870
999,980
Atlanta 131rm 66 At! 3d wk Nov
Atlantic Coast Line October __ 2,557,255 2,503,776 9,021,842 8,334,509
0 Baltimore & Ohio_ October __ 8,188,817 7,840,698 32,684,444 30,518,589
285.909
.,epiember
90,400
407,932
135,340
II & 0 co fer
950,551
250,559 256,084
995,959
Bangor & Aroostook October
8,790
6,687
31,069
21,062
Bellefonte Central... October
Boston & Maine_ _ _ October __ 4,085,314 3,914,354 16,215,892 15,573,202
4,389
16,022
Bridgeton & Saco R September
4,750
15.353
108,09., 187,011 4,020,223 3,818,i508
Bun itocit & Pittsb_ •,,l Vbk .NO%
593.853
Buffalo & Susq____ September
202,422 236,890
663,683
Canadian Northern _ .id wk Nov 363,100 337,900 6,326,000 5,179,600
Canadian Pacific.._ _ 3d wk Nov 2,106,000 1,993,000 44,150,130 33,370,7,0
Central of Georgia_ 3d wk Nov 295,500 258,900 5,140,651 4,862,192
Central of New Jer_ -eptemher 2,415,392 2,228,715 7,227,399 6,722,656
Central Vermont.._ _ September
376,619 349,338 1,000,435 1,018,112
Chattanooga South.. 1st wk Nov
33,595
29,037
1,812
1,490
Ches & Ohio Lines_ 3d wk Nov 651,209 618,414 13,212,985 12,268,371
Chicago 66 Alton..__ 3d wk Nov 335,804 330,189 6,161,856 5,816,864
Chic Burl & Quincy ,eptember 3.393,256 7,800,73, 23,849,678 22,533,348
pChlo Great West_ 3d wk Nov 274,208 289,679 5,251.517 4.800,061
Chic Ind & Loulsv_ 3d wk Nov 109,634 112,498 2,590,235 2,430,197
Chic Ind & Southern -See New York Ceti tuft.
Chic Mil & St Paul.. October -_ 6,508,261 6,553,305 24,352,306 23,610.089
Ch Mil & Pug Sd.. October .._ 1,319,990 1,029,687 4,795,113
Chic & North 1,Vesi._ .,eptember d,304,83. ,.231,348 20,372,041 19,738,374
Chic St P M & Om_ October -- 1,662,073 1,494,236 5,987,850 5,261,453
Cin Ham & Dayton October __ 864,697 885,624 3,443,699 3,336,250
Cley Cln Chic & ,St L -See New York Gen tral.
Colorado Midland__ October
758,162
867,475
203,964 243,962
Colorado & South__ 3d wk Nov 383,825 375,855 7,086,294 6,756,238
Copper Range
140,479
August __137,508
66,774
62,557
Cornwall
56,644
October
60,125
11,906
14,020
Cornwall & Leban
103,251
113,738
September
30,403
38,156
Cuba Railroad
641,234
821,883
100,692 156,698
October
Delaware 46 Hudson sentember 1,763,20e 1,618,919 5,203,064 4,867,835
3,218,296 3,261,250 12,354,823 12,257,177
Del Lack & West_ October
Deny & Rio Grande 3d wk Nov 152,200 473,100 10,289,658 9,891,829
Denver N NV & Pac_ 1st wk Nov
25,707
2:1,561
474,924
432,831
Det Tol & Iront Sys 3d wk Nov
850,559
39.285
30,322
660,065
Ann Arbor
42,477
3d wk Nov
38,012
809,779
748,362
Detroit & Mackinac 3d wk Nov
484,420
20,645
19,646
488,507
Dui & Iron Range
October _ 922,872 1,280,069 4,516,927 5,484,405
Dui Sou Sh 66 Atian 3d wk Nov
64.150
59,478 1,436,166 1,421,220
El Paso & Sou West October _., 602,817 584,996 2,371,061 2,328,575
Ede
October __ 5,115.689 5,180,085 20,231,648 18,894,541
Fairchild & Nor B. October .._
8,016
7,503
1.000
1,884
Fonda Johns do Glov October __
321,666
356,168
78,832
71,198
Georgia Railroad
October __ 316283 318,130 1.042.208 1,015.690
Georgia South & Pia -See Sout hernhail way.
Grand Trunk Syst ad wk Nov 910,786 885,456 18,085,905 18,074,882
Grand Tric West_ 20 wk Nov 100,425 121,166 2,188,572 2,336,793
Det Cr Hay & Mil 2d wk Nov
769,678
46,378
42,753
755,788
Canada Atlantic_ 20 wk Nov
40,217
57,834
746,510
828,290
Great Northern Syst October __ 6,401.109 7,253,966 24,364,061 24,943,156
Gulf & Ship Island_ September
160,657 177,432
476,017
491,290
Hocking Valley___ _ September
770,751 760,844 2,186,401 1,992,264
Illinois Central
October _ _ 5,617,669 5,301,002 20,763,629 19,294,070
Internat 63 Gt Nor_ 3(1 wk Nov 187,000 177,000 3,815,419 3,462,782
a Interoceanic Mex._ 3,1 wit Nox
162,7.5e 143,04( 3,2(55,181 3,076,629
Iowa Central
20 wk Nov
84,921 1,292,435 1,328,201
65,749
Kanawha & Mich
September
313,402 229,382
801,324
681,589
Kansas City South_ October
951,102 861.897 3,527,437 3,018,670
K C Mex & Orient_ 3d wk Nov
38,900
36,500
779,373
679,153
Lehigh Valley
October __ 3,384,100 3,344,380 12,409,081 11,912,704
Lexington & East.. October __
39,858
151,392
173,594
34,866
Long Island
October
Inc.62 .744
inc.260 .238
Louisiana & Arkan_ September
120,03
110,214
363,548
316,364
Loulsv fiend & St L September
116.171 105,849
317.667
292,254
s Louis,
/ & Mushy _ 3d wk Nov 1,142,255 1,068,745 21.581,867 20,108,907
Macon & Birm'harn October
15.626
16,785
51,184
52,559
Maine Central
October
823,574 782.135 3,292,065 3,252451
Maryland & Penna. October
42,284
39,518
163,085
148,963
a Mexican Railway_ 20 wk Nov 159,700 138,100 3,082,800 2,845,001)
a Mexico Nor West_ October _ _
218,690 122,973
774,440
411,319
Michigan Central
-See New York Con tral.
Mineral Range
15,249
3d wk Nov
16,150
208,073
343,515
Minncap & St Louis 2d wk Nov 120.597 144,897 2,179,859 2,096,625
Minn St P & S S 111 3d wk Nov 491,567 402,785 0,740,426 10,246,620
Chicago Division1
79,273
72,175
230,437
Mississippi Central_ September
195,091
3,164.140 2,856,104 10,256.164 0,425,147
U Mo Kan & Texas_ October
Mo Pao & Iron M7
Central Branch_ 3d wk Nov 1,089,000 1,064,000 21,819,004 21,439.961
Nashy Chatt & St September
970,828 934,410 2,854,041 2,781,413
a Nat Flys of Mex_f_ 3,I wk Nov 1,202,300 1,116,271 24,698,016 21,498,708
Nevada-Cal-Oregon. 3d wk Nov
10,525
173,144
7.357
222,704
Nevada Central_ _
6,86',
6,040
September
18,110
18,449
N 0 Great Northern September
143,024 105,979
436,408
312,792
N 0 Mobile & Chic_ Wk Nov 19
34,206
35,550
672,818
597,652
N Y Out & Western :optember
826,343 713,930 2,730,215 2,432,353

Latest Gross Earnings.
ROADS.

Week or
Month.

Curren.
Year.

Previous
Year.

July 1 to La!rst Date.
Curren;
Year.

Previous
Year.

NYNH& Hartf__ October _ 5,571,071 5,417,411 22,046,413 20,969,571
eN YC & Hud Riv_ October
0,166,923 8,889,031 3,5,971,065 34,064.689
Lake Shore & M S October __ 4,399,00b 4,307,470 17,586.259 16.793.474
n Lake E & West October
495,288 505,275 2,002,762 1,909.892
Chic Ind & South October
327,011 324,804 1,106,586 1,144,441
Michigan Central. October
2.706,510 2,700,718 10,621,099 0,953,284
Cleve C C 66 St L. October
2,868,096 2,585,574 10,858,400 10,126,599
Peoria & Eastern October
342,741 294,366 1,317.324 1,126.349
Cincinnati North_ October
117,580 119,076
484,447
450,827
Pitts ec Lake Erie October
1,634,951 1,601,088 6,305,259 6,053.791
Rutland
October
331,918 321,384 1,298,688 1,203,759
N Y Chic & St L. October
1,093,571 984,127 3,876,976 3,338,274
Toledo & Ohio C. October
500,823 384,832 1,985,870 1,548,206
Tot all lines above October
23984419 23017745 03,413,703 87,913,576
N Y Susq & West
October
335,527 326,381 1,246,130 1,128,372
Norfolk Southern
October
248,034 229,268
940,040
862,940
Norfolk & Western_ October
3,300,513 3.045,354 12,591,374 11,553,005
Northern Central
October
1,180,907 1,245,307 4,401,377 4,360,977
Northern Pacific
September
21,198,295
Pacific Coast Co
September
753,157 7.14,352 2,337,542 2,271,721
Pennsylvania Co
September 3,134.60, 1,902,04, 15,.(19,00, 14,067,027
d Penn-.-E of P & E October __ 14576084 14773884 56,599,707 55,079.207
d West of P & B. October _
inc.12 1,400
inc.2,28 4,200
Pere Marquette.._._ octo0er
1,453,52, 1,009,464 5,716,350 a,549,902
Phlla Bait & Wash_ October
1,660,681 1,564,481 6,846,976 6.166.176
Pitts in Ch & St I.._ uctolier
3,087,60.
12,063,723 11,096,368
Raleigh & Southp't October___
15.332
14,265
62,148
49.535
Heading Company Phila & Reading_ October -- 4,003.362 4.062,620 14,892.138 14,343,383
Coal & Iron Co
October __ 2,992,642 3,444,847 8,679,040 8,860,000
Total both cos
October __ 6.996.004 7.507.467 23,571.176 23.203.385
Rich Fred & Potom September
176,133 143.901
550.070
481,534
Rio Grande June.... Septem0er
100,40::
96,200
287.350
267,615
Rio Grande South
11.925
ad wk Nov
12,495
258,986
192,370
6,622,782 6,410,161 24,282,660 23,777,070
Rock Island Lines
October
St Jos & Grand Isl.. September
152,136 147,185
458.949
443,680
4,074,796 3,828,766 14,821,543 14,327,639
St Louis & San Fran October
October
Chic do East
1,171.671 1,085,712 4,278,299 3,899,589
Evansv & Ter H October
228.649 216,429
982,237
861,778
Total of all lines_ October __ 5,475,117 5,130,907 20,082,082 19,089,006
St L Rky Mt & Pao_ October
194,237 148,417
707,158
568,887
St Louis Southwest. 3d wk Nov 290,034 235,858 4,952,635 4,542,978
San Ped L A & S L. September
634,845 655,492 1,898,160 2,118,782
Seaboard Air Line_}
Atlanta & Blrm_ 3d wk Nov 432,987 401,354 7.797.661 7.276,262
Florida W Shore
Southern Indiana
September
155,996 120,762
474,496
346,357
Southern Pacific Co October
12478958 12654702 47,372,616 46,311,921
Southern Railway
3d wk Nov 1,217,748 1,167,245 24,039,628 22,761,235.
Mobile & Ohio... ad wk Nov 230,423 195,111 4,205,598 3,999,847
Cln N 0 & Tex P. 3d wk Nov 184,514 183,269 3,739,510 3.421,113
Ala Great South_ 3d wk Nov
82.473
80,340 1,767,431 1,517.035.
Georgia Sou & Fla 3d wk Nov
47,711
51,181
930,540
890,539
Texas 46 Pacific
3d wk Nov 377,123 353,881 6,545,512 6,146,681
Tidewater & West_ septeinber
5,7414
7,242
21.622
19,789
Toledo Poor & West 3d wk Nov
20,894
19,261
527,100
460.667
Toledo St L & West 3d wk Nov
87,345
94,120 1,570,852 1,578,888Tombigbee Valley.. _ September
6,741
6,23t.
21,03.
18,851
Union Pacific Syst_ October
8,905,657 8,890.381 33,911.422 32,474.222
Vandal's.
973,0117 863,432 2.795,721 2,391.013
september
Virginia 6: Sou West October
116,519 111,704
426,587
416.781
3,1 wk Nov 592.310 574,101 12,441,41: 11,823,841
Wabash
Western Maryland_ September
665,658 610,391 2,003,356 1,733.046
W Jersey 46 Seash _ _ October
487,730 437,630 2,967,569 2,643,069
Wheeling & Lake E October_ _ _
612,581 619,874 2,580,589 2,471,015
Wrightsville & Tenn September
$2,710
37,270
70,920
72.626
Yazoo & Miss Vall_ October _
965.137 1,024,095 3,148,037 3,174.13?

Various Fiscal Years.

Period.

Bellefonte Central
Jan
Delaware & Hudson
Jan
a Mexican Railway
Jan
a Mexico North Western
Ian
e N Y Central 46 Hudson River_ Jan
Lake Shore & Michigan South Jan
is Lake Erie & Western
Jan
Chicago Indiana 6: Southetn_ Ian
Michigan Central
Jan
Cleve CM Chicago & St Louis Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh do Lake Erie
Jan
Rutland
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Northern.Central
Jan
d Penn-East of Pittsb & Erie_ _ Jan
d West of Pitts!, & Erie
sit
Phtla Baltimore & Washington_ Jan
Pittsb CM Chicago & St Louis_ _ Ian
Dec
Rio Grande Junction
Texas & Pacific.,
Jan
Jan
West Jersey & Seashore

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

Current
Year.

I'revious
Year.

$70.343
Oct 31
$50.314.
Sept 30 14,899,136 14,165.202
Nov 14 7,261,800 6,565,900
Oct 31 1,843,337 1,029,068
Oct 31 82,941,864, 76,838,451
Oct 31 41,299,387 37,038.582
Oct 31 4,573,643 4,077.233
Oct 31 3,032,345 2,571.125
Oct 31 24,609.403 22,543,654
Oct 31 25,039,728 22,634.621
Oct 31 2.909,083 2.482.701
Oct $1 1,074,413
975.457Oct 31 14,588,878 11.836,438
Oct 31 2,775,033 2,573,816Oct 31 9,326,499 8,209,747
Oct 31 4,151,560 3,177,743
Oct 31 216321842 194739 563Oct 31 10.591,771 10,072.071
Oct 31 137023656 125222056.
0c,.
Ine.11.66 -.00(1
Oct al 15,929,387 14,631.387
Oct 31 28,855,414 24,686,408
Sept 3e
843,17f
705,504
Nov 21 13,976,178 12,764,849Oct 31 5,567,521 5,041.621

AGGREGATES OF !MOSS EARNINGS-Weekly and Monthly.
Weekly Summaries.

Cuent Year Prev's Year Inc. or Dec.

%

Monthly Summaries.

Current Yr. PreviousY . Inc. or Dec.

%

Mileage Curr.Yr. Prev.Yr.
$
$
$
8
$
$
2d week Sept (30 roads).- 13,898,196 13,014,025
+884,171 6.80 January ___236,758 231,362 210,302,219 182,649,825 +27,652,394 15.14
3d week Sept (40 roa(is)_-_ 14.164,775 13,566,355
February ...M.V
+508,420 4.41
5 BOU .
U.Ngg,.490 174.159,723 4- 28,098,767 16.16.
4th week Sept (46 roads)._ 19,035,149 18,221,030
March
+814,119 4.47
5 204.916.997 +32,616.008 15.92
1st week Oct (42 roads)____ 14,399,649 14,023,816
'37,569 232,463 225,225,596 196.595,911 +28,629,685 14.58.
April
+375.833 2.68
20 week Oct (42 roads).... 14.838,200 14,158,835
237.560 232,494 234,310,642 201,069,381 +33,241,261 16.53
May
+679,365 4.80
3d week Oct (42 roads)._ 15,114,753 14,512,278
238,108 232,054 237,036,159 209,270,887 4-27,765.272 13.27
+602,475 4.15 June
4th week Oct (46 roads)-___ 20,827,936 20,204,138
238,169 233.203 230,615.778 217,803.354 +12,812,422 5.90.
+623,798 3.06
July
1st week Nov (41 roads)____ 14,198,835 13,836,645
August
+362,290 2.61
238,493 239,404 254.005,972 235,726,000 +18,279,972 7.75
2d Week Nov (43 roa(ts)____ 14,555,983 14,373,360
September 233.428 229,161 252,711,515 242,562,898 +10,148,617 4.19+182,623 1.27
3d Week Nov (40 roads)._ 14.278,852 13,578,646
October
+700,206 5.16
81,498
79,146 69.014,101 67,173,773 +1,840,328 2.14
a MexlCO.a currency. d Covers lines directly operated. e Includes the New York 66 Ottawa. the St. Lawrence & Adirondack and the Ottawa &
which,
the
latter
of
being a Canadian road, does not make returns to the Inter-State Commerce Commission. t Includes Eyan.sville &
N. Y. fly.,
Indiana R. g Includes the Cleveland Lorain & Wheeling fly. in both years. n Includes the Northern Ohio 11.11. p Includes earnings of PalasotiOtty
Fl Dodge and Wise Minn. 6: PacitIo. s Includes Louisville 63 Atlantic from July 1 1909 and the Frankfort do Cincinnati from Nov. 1 1909.
6 In.
aUde3 the Mexican International from July 1910. is Included the Texas Central In 1910.
-




1506

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of November. The table covers 40 roads and shows 5.16%
increase in the aggregate over the same week last year.

Roads.

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

g Nat Rys of Mexico_ __ _Oct 5,735,960 4,823,874 2,520,603 1,797,604
21,325,339 18,203,032 8,806,718 6,907,937
July 1 to Oct 31
Cent & Hud Riv_b_Oct 9,166,923 8,889,032 2,590,220 3,027,229
Increase. Decrease. cN YJan
Third Week of November.
1009.
1910.
82,941,864 76,638,451 21,922,099 23,468,702
1 to Oct 31
Lake Shore & M S_b_Oct 4,399,008 4,307,469 1,252,326 1,782,098
$
$
$
41,299,387 37,038,582 12,593,991 14,095,795
Jan 1 to Oct 31
2,133
80,340
Alabama Great Southern
8%,473
4,131
55,930
60,061
Atlanta Birm & Atlantic
170,019
505,275
e Lake Erie & 1Vest_b__Oct 495,287
108,044
11,076
187,019
Buffalo Rochester & Pittsb
198,095
877,936
4,573,643 4,077,233 1,037,298
Jan 1 to Oct 31
5,200
357,900
Canadian Northern
363,100
95,808
Sou_b_Oct
327,011
&
324,804
78,000
Chicago Ind
2,106,000 1,993,000 113,000
Canadian Pacific
574,652
3,032,345 2,571,125
720,461
Jan 1 to Oct 31
36,600
258,900
295,500
Central of Georgia
634,376 1,081,361
Michigan Central_b__ _Oct 2,706,510 2,700,718
32,795
618,414
651,209
Chesapeake & Ohio Lines
5,615
Jan 1 to Oct 31
24,609,403 22,543,654 6,764,763 7,326,377
330,189
335,804
Chicago & Alton
289,679
15,471
274,208
Chicago Great Western
811,285
724,828
C C C & St Louis_bOct 2,868,096 2,585,574
112,498
2,864
109,634
Chicago Ind & Louisville
25,039,728 22,634,621 5,725,216 6,554,825
Jan 1 to Oct 31
1,245
183,269
184,514
Cin New On Fe Texas Pacific
112,011
105,359
294,366
Fe
342,741
Peoria
_Oct
_
b_
Eastern_
7,970
375,855
383,825
Colorado & Southern
733,901
823,752
2,909,083 2,462,701
Jan 1 to Oct 31
473,100
39,100
512,200
Denver & Rio Grande
40,631
18,233
19,646
999
119,075
b
117,680
20,645
Cincinnati Northern_ Oct
Detroit & Mackinac
230,505
219,485
8,963
975,457
30,322
39,285
1,074,413
Jan 1 to Oct 31
Detroit Toledo & Ironton
4,465
38,012
42,477
Ann Arbor
906,248 1,061,980
Pittsburgh & Lake E b Oct 1,634,951 1,601,088
4,674
59,476
64,150
Duluth South Shore & Atlantic
14,588,878 11,836,433 7,987,020 0,682,587
Jan 1 to Oct 31
51,181
47,711
3,470
Georgia Southern 6c Florida___
98,361
321,384
Oct 331,918
100,575
Rutland_ b
Grand Trunk of Canada
757,264
829,680
2,775,033 2,573,816
Jan 1 to Oct 31
885,456
25,330
910,786
Grand Trunk Western1
432,682
368,280
984,127
Detroit Gr Haven & Milw_ _
N Y Chic & St L_b___Oct 1,093,571
1
9,326,499 8,209,747 2,874,783 2,629,987
Canada Atlantic
Jan 1 to Oct 31
187,000
177,000
10,000
International & Great Northern
146,732
189,900
384,833
500,823
Toledo & Ohio Cen_b_Oct
162,758
143,049
19,709
Interoceanic of Mexico
978,892
4,151,566 3,177,743 1,509,512
Jan 1 to Oct 31
2,400
36,500
38,900
Kansas City Mexico Fc Orlent__
0et23,984,419 23.017,745 7,076,383 8,860,197
Total all lines_b
1,142,255 1,068,745
73,510
Louisville & Nashville
Jan 1 to Oct 31
216,321,842 194,739,563 63,008,150 64,911,425
910
15,249
16,159
Mineral Range
}
1,218 N Y N H & Hartford_b_Oct 2,571,071 5,417,411 2,074,653 2,137,751
491,567
MinnStP&SSM
402,785
Chicago Division
22,046,413 20,969,571 8,393,896 8,476,034
July 1 to Oct 31
25,000
Missouri Pacific
1,089,000 1,064,000
96,499
117,955
326,581
335,527
N Y Susq & Western_a_ _Oct
35,312
Mobile & Ohio
230,423
195,111
294,149
355,681
1,246,136 1.128,372
July 1 to Oct 31
National Railways of Mexico
86,029
1,202,300 1,116,271
1,246,225
1,357,516
3,045,354
3,800,513
_Oct
b__
Western_
&
Norfolk
3,168
Nevada-California-Oregon
7,357
10,525
12,591,374 11,553,005 4,838,780 4,823,566
July 1 to Oct 31
570
Rio Grande Southern
11,925
12,495
445,973
150,873
54,176
St Louis Southwestern
235,858
Oct 1,180,907 1,245,307
290,034
Northern Central- b
31,633
401,354
Seaboard Air Line
432,987
10,591,771 10,072,071 1,879,078 2,142,078
Jan 1 to Oct 31
50,503
1,217,748 1,167,245
Southern Railway
Pennsylvania-Lines directly operated23,242
353,881
377,123
Texas & Pacific
East of Pitts & Erie_ _Oct 14,576,084 14,773,884 4,541,187 5,112,887
1,633
19,261
20,894
Toledo Peoria & Western
Jan 1 to Oct 31
137,023,656 125,222,056 37,643,188 36,819,388
6,775
94,120
87,345
Toledo St Louis & Western_
West of Pitts & Erie_ _Oct
Dec 567,100
Inc
121,400
18,209
574,101
592,310
Wabash
Inc 413,500
Jan 1 to Oct 31
Inc 11,664,000
34,446 PhIla Balto & Wash_
14,278,85213,578,646 734,652
Total (40 roads)
631,636
600,836
_Oct 1,660,681 1,564,481
700,206
Net increase (5.16%)
Jan 1 to Oct 31
15,929,387 14,631,387 3,914,722 3,892,922
Reading CompanyPhila & Reading_b__ _Oct 4,003,362 4,062,620 1,453,399 1,705,227
Net Earnings Monthly to Latest Dates.-The table fol14,892,138 14,343,383 5,227,095 5,556,318
July 1 to Oct 31
252,066
lowing shows the gross and net earnings of )9..111-43A111 railroads
41,001
Oct 2,902,642 3,444,847
Coal & Iron Cob
24,979
8,670,040 8,860,000 def353,803
July 1 to Oct 31
and of industrial companies reported this week:
1,957,293
Oct 6,996.004 7,507,467 1,994,400
Total both cos-b
-Gross Earnings- -NetEarnings
23,203,385 4,873,292 5,581,297
23,571,176
31
Oct
to
1
July
Previous
Current
Previous
Current
144,918
143,735
Reading Company.._ _ _Oct
Year.
Year.
Roads.
Year.
Year.
588,405
581,833
July 1 to Oct 31
$
S
$
Atch Top & Santa Fe_b_Oct 9,931,805 9,444,348 j3,762,648 53,58%,499
1,638,135 2,102,211
Total all companies _Oct
July 1 to Oct 31
36,091,145 34,879,236 113,498,835 j13,334,985
6,169,702
5,455,125
July 1 to Oct 31
76,298 Rock Island Lines_ b_ _Oct 8,622,782 6,410.161 2,097,488 2,397,218
67,239
237,438
Atlanta Birm & Atiantic_Oct
244,915
190,100
832,169
222,675
July 1 to Oct 31
909,590
24,282,660 23,777,070 7,097,890 8,351,611
July 1 to Oct 31
886,681 St Louis & San Fran_ b_ _Oct 4,074,796 3,828,766 1,396,639 1,148,821
801,045
Atlantic Coast Line_a_ _ _Oct 2,557,255 2,503,776
July 1 to Oct 31
9,021,843 8,334,509 2,301,817 2,209,804
14,821,545 14,327,639 4,827,015 4,430,655
July 1 to Oct 31
98,884
256,08509,781
269,559
Bangor & Aroostook__ _ _Oct
400,756
371,123
Chic & East'n Ill_b_ __Oct 1,171.671 1,085,712
375,219
950,551
344,756
995,959
July 1 to Oct 31
4,278,299 3,899,589 1.394,708 1,442,932
July 1 to Oct 31
Boston & Maine_ b
Oct 4,085,314 3,914,354 1,163,360 1,316,966
88,557
216,429
75,400
Evansv & Terre H_ b_ _Oct 228,649
16,215,892 15,573,202 4,692,555 5,313,408
July 1 to Oct 31
377,929
388,648
982,237
861.778
July 1 to Oct 31
294,088
317,124
800,899
Buffalo Roch & Pitts_b_Oct 889,593
Total all lines_ b
5,475,117 5,130,907 1,843,163 1,638,134
Oct
July 1 to Oct 31
3,369,847 3,232,212 1,298,960 1,289,362
20,082,082 19,089,006 6,610,372 6,251,516
July 1 to Oct 31
Oct 10,229,370 9,744,597 4,505,160 4,386,297 St L Rocky Mt & Pae_a_Oct
Canadian Pacifica
50,881
68,903
148,417
194,237
13,262,116
15,593,052
32,634,790
37,669,130
31
July 1 to Oct
182,012
240,899
568,887
707,158
July 1 to Oct 31
d488,021 Southern Pacifica
d427,373
Central of Georgia_a_ _ __Oct 1,244,300 1,251,257
Oct12,478,958 12,654,702 4,619,330 5,341,C62
4,295,951 4,056,892 d1,174,516 d1,237,057
July 1 to Oct 31
47,372,616 40,311,921 17,283,915 18,429,189
July 1 to Oct 31
Chic Milw & St Paul_b_ _Oct 6,508,261 6,553,305 2,100,237 2,651,357 Southern Railway24,352,306 23,610,689 7,468,921 8,309,555
July 1 to Oct 31
297,092
284,760
937,613
915,300
Oct
Mobile & Ohlo_b
3,549,102 3,381,850 1,018,276 1,084,544
634,969
673,073
July 1 to Oct 31
Chic Milw & Pug Sd b Oct 1,319,090 1,029,687
2,358,227
4,795,113
July 1 to Oct 31
300,501
326,433
799,455
Cinc N 0 & Tex Pac_b_Oct 808,416
7,546
3,192,827 2,887,012 1,344,712 1,047,476
49,576
July 1 to Oct 31
Tacoma Eastern
Oct
77,947
221,732
July I to Oct 31
118,352
127,349
370,630
Alabama Great Sou_ b_Oct 399,074
360,282
599,281
466,118
698,690
1,516,885 1,285,004
July 1 to Oct 31
Chic St P Minn & 0_b_ _Oct 1,662,073 1,494,236
July 1 to Oct 31
5,987,850 5,261,453 2,235,186 1,867,193 Toledo Peo & West_b__Sept
32,434
38,311
122,521
105,187
58,287
88,750.
84,778
35,263
206,166
341,046
243,962
Colorado Midland _a
July I to Sept 30
203,964
Oct
160,488 Union Paciflc_a
122,258
867,475
July 1 to Oct 31
758,162
4,770,102
4,052,659
Oct 8,905,657 8,890,381
660,027
660,646
33,911,422 32,474,222 15,047,865 17,110,551
July 1 to Oct 31
Colorado & Southern_b_Oct 1,632,436 1,609,924
July 1 to Oct 31
5,996,434 5,665,391 2,120,450 2,180,752 Virginia & Southwest_b_Oct
39,736
116,519
111,704
41.057
7,575
142,944
416,781
150,359
5,963
426,587
14,020
11,906
Oct
July 1 to Oct 31
Cornwall_b
28,740 West Jersey & Seashore:Oct 484,730
28,897
56,644
July 1 to Oct 31
60,125
39,538
437,630
16,138
40,089
71,683
5,567,521 5,041,621 1,322,995 1,384,695
190,692
156,698
Cuba RR
Oct
Jan 1 to Oct 31
196,596 Yazoo & Miss Valley_a_ _Oct 965,137 1,024,095
346,454
641,234
July 1 to Oct 31
821,883
242,073
275,097
232,749
443,110
Del Lack & Western_b__Oct 3,218,296 3,261,250 1,359,289 1,590,829
3,148,037 3,174,137
July 1 to Oct 31
July 1 to Oct 31
12,354,823 12,257,177 5,004,032 5,841,830
July 1 to Sept 30
9,136,527 8,995,927 3,644,744 4,251,000
INDUSTRIAL COMPANIES.
26,654,640 25,323,063 11,432,412 11,394,951
Jan 1 to Sept 30
year.
Syracuse Bing & N Y-b-Gross Earnings- -Net Earnings
CurrentPrevious
146,443
136,636
274,469
302,623
July 1 to Sept 30
Previousyear
Current
334,702
Year.
368,220
728,320
793,199
Jan 1 to Sept 30
Companies.
35,362
24,928
108,842
99,021
Detroit & Macklnae_a__ _Oct
214,725
186,766
122,702 American
S127,821
'425,2 S
july 1oA
July 1 to Oct 31
418,413
Express
tugC3of b_Aug 1,748,757 1,456,685
395.409
390,566
3,419,106 2,928,781
1,704,180
1,357,663
5,180,085
5,115,689
Oct
Erie_a
14,186
12,119
23,661
29,670
July 1 to Oct 31
20,231648 18,894,541 5,963,169 5,470,214 Atlantic City El Co
t
Oct
def 611 Atlantic Gulf & West Indies SS Linesdef1,682
1,884
Fairchild & Northeast_b_Oct
1,900
230,915
100
35,2
def8.16
def9,072
7,503
8,016
July 1 to Oct 31
Subsidiary companies_Sept 1,262,316
2,530,309
12,102,221
Jan 1 to Sept 30
45,205
71,198
78,832
Fonda Johnst & Glov.a_Oct
203,628
22,478
14,945
181,880 Canton Elect Co
12,596
321,666
26,103
356,166
Oct
July 1 to Oct 31
110,543
31,596
318,130
39,207
21,425
110,627 Portland (Me) Elect Co_Oct
20,859
Georgia RR_ b
Oct 316,283
243,191
347,055
275,112
407,108
254,573
215,343
1,042,208 1,015,690
July 1 to Oct 31
Nov 1 to Oct 31
58,173
61,679
36,236
29,127
Oct 5,617,669 5,301,602 1,483,163 1,292,786 Scranton Elect Co
Oct
Illinois Central_a
20,763,629 19,294,071 4,875,389 3,442,524 United States Exp Co_ b_ Aug 867,021
July 1 to Oct 31
667,778
55,768 def27,354
288,095
727,507
245,198
1,708,884 1,310,064
108,375 def71,088
g Interoceanic of Mex__ _Oct 765,502
July 1 to Aug 31
854,037
2,860,196 2,669,020 1,061,560
_ July 1 to Oct 31
219,998
1,121,462
1,186,690
216,255
Wells Fargo Express_ b_Aug
h77,691
327,563
h98,246
482,355
2,134,218 2,401,739
347,757
Iowa Central a
Oct 334,160
July 1 to Aug 31
h287354
1,188,486 1,168,100 /1247,770
July 1 to Oct 31
7,079
15,159
7,523
13,266
Oct
Wheeling Cos
861,897
Kansas City Southern_ b_Oct 951,102
387,856324,453
3,527,437 3,018,670 1,346,964 1,020,237
July 1 to Oct 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
34,866
12,978
Lexington & Eastern_b_Oct '39,858
6,861
c Includes the N. Y. & Ottawa, the St. Lawrence & Adirondack and the
151,392
60,304
37,942
173,594
July 1 to Oct 31
Ottawa & N. Y. By., the latter of which, being a Canadian road, does not
Dec
43,141
62,744
Inc
Long Island
Oct
make returns to the Inter-State Commerce Commission.
Dec 92,981
Inc 672,359
Jan 1 to Oct 31
In Oct. 1910 net from outside operations was $6.410, against $6,056 last
Louisville & Nashville_b_Oct 4,922,964 4,706,690 1,697,028 2,057,058 year. and from July 1 to Oct. 31 was $27,424 this year, against $26,252.
18,302,002 16,924,717 5,542,510 6,864,360
e Includes the Northern Ohio RR.
July 1 to Oct 31
g These results are in Mexican currency.
263,775
782,135
258,488
Oct 823,574
Maine CentraL b
Is For October 1910 additional Income was $12,451, against $1,910 in
3,292,965 3,252,151 1,005,423 1,219,223
July 1 to Oct 31
and for period from July 1 to Oct. 31 was $21,645 in 1909,against
1909,
k166,865 k198,757 $1,387 last year.
566,024
Minneap & St Louls_a_ _Oct 524,091
1,925,443 1,826,609 k602,745 k658,704
July 1 to Oct 31
J The company now includes the earnings of the Atch. Top. & Santa Fe
Missouri Kans & Tex_b_Oct 3,164,140 2,856,104 1,277,072 1,324,723 Ry., Gulf Colo. 6: Santa Fe Ry., Eastern Ry. of New Mexico system
10,256,164 9,425,147 3,216,086 3,590,642 Santa Fe Prescott & Phoenix Ry., Southern Kansas By. of Texas, Texas
liSJuly I to Oct 31




THE CHRONICLE

DEC. 3 1910.

& Gulf By.. G. & I. By. of 'I'. and C. S. S. & L. V. RR. in both years
For Oct. taxes amounted to $260,599, against $308,635 in 1909; after deducting which, net for Oct. 1910 was $3,502,049, against $3,278,864 last
year. For period from July 1 to Oct. 31 taxes were $1,202,951 in 1910
against $1,170,969 in 1909.
k For October 1910 additional Income was *2,936, against $23,867 in
1909, and for period from July 1 to Oct. 31 was $34,181 in 1910, against
$73,290 last year.

1507
LatestGross Earnings.

Name of
Road.

Week or
Month.

Jan. 1 to latest date.

Current Previous
Year.
Year.

Savannah Electric Co September
51,598 49,523
Seattle Electric Co... September 481,158 568,494
Second Avenue (Bee) August _ _ _
83,582 80,683
Southern Boulevard_ August __ _
9,817
10,799
Interest Charges and Surplus.
Sou Wisconsin By Co October -13,651
15,606
Staten Isl Midland... July
41,446 37,082
- Tampa Electric Co__ September
-Gross Earnings---NetEarnings
44,969 47,108
Previous
Current
Current
Previous
Third Avenue (Rec)_ August _ _ _ 296,474 278,686
Year.
Year.
Roads.
Year.
Year.
Toledo Rys & Lt Co_ September 239,415 217,738
Toronto Ity Co
October _ _ 379,721 332.977
x36,917 Twin City Rap Tran_ 3d wk Nov 142,768 137,196
x24,506
Bangor & Aroostook_ _ _ _Oct
93,704
80,776
x39,849 x101,025 Underground El Ry
July 1 to Oct 31 •
330,236
378,461
of LondonBuffalo Roch 40 Pittsb__Oct
169,327 x208,523 x149,998
176,691
Three tube lines_ _ _ Wk Nov 26 £14,125 £13,355
July 1 to Oct 31
663,266 x878,083 z726,074
707,685
Metropolltan Dist_ Wk Nov 26 £11,624 £10,517
c14,309
29,820 cdef4,529
Colorado Midland
29,820
Oct
United Tramways_ Wk Nov 26
£4,685 14,848
119,280 cdef36,888 cdef13,444 Union (Bee)
July 1 to Oct 31
119,280
August _ _ _ 212,511 189,321
c421,406 UnionRy,G&ECo(Ill) September 241,764 224,313
c372,218
256,307
Colorado & Southern_ _ _ Met 287,572
1,082,261 1,018,129 c1,069,854 c1,275,553 United RRs of San Fr October _ _ 670,295 733,766
July 1 to Oct 31
Westches Elec (Bee). August _ _ _
56,584
51,103
3,432 Whatcom
35,017
36,657
36,667
Cuba RR
Oct
Co Ry & Lt September
33,781
34,835
54,719 Yonkers
199,788
141,877
146,667
July 1 to Oct 31
RR (Bee).. August
59,107
Delaware Lacka & Western2,485,670 2,386,065 x1,905,460 x3,245,762
July 1 to Sept 30
C These figures are for consolidated company.
7,739,589 7,050,186 x6,974,733 x9,081,357
Jan 1 to Sept 30

Syracuse Bing & N Yx187,379
34,119
29,304 z156,474
July 1 to Sept 30
x422,393
145,949
x405,878
176,731
Jan 1 to Sept 30
61,421
x55,157
x57,156
67,373
Oct
Georgia RR
x68,179
242,016 xdef49,086
326,543
July 1 to Oct 31
574,477 x756,122
x754,609
Missouri Kans & Texas_ Met 549,269
x982,081 x1,424,824
2,334,752 2,179,454
July 1 to Oct 31
857,042
778,542
467,682
500,473
Norfolk & Western
Oct
2,830,396
2,967,836
July 1 to Oct 31
2,008,380 1,855,729
753,135 1,202,240
899,971
Reading Company
Oct 885,000
July 1 to Oct 31
3,540,000 3,599,884 1,915,125 2,569818
23,478
35,959
St L Rocky Mt & Pac_ _ _Oct
32,944
27,403
47,790
109,707
July to Oct 31
131,192
134,222
x11,030
Toledo Peoria & West__Sept
z13,929
23,861
26,750
x17,730
x22,964
July 1 to Sept 30
75,026
72,445
INDUSTRIAL COMPANIES.

Companies.

-Int., Rentals, &c.- -Bal. of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

5,075
Atlantic City Elect Co__Oct
Atlantic Gulf & West Indies SS LinesSubsidiary companles_Sept 156,299
1,487,694
Jan 1 to Sept 30
3,937
Oct
Canton Elect Co
9,933
Portland (Me) Elect Co_ _Oct
114,962
Nov 1 to Oct 31
9,754
Oct
Scranton Elect Co
1,145
Oct
Wheeling Cos

5,308

9,111

6,811

2,858
9,194
109,482
7,916
1,024

74,616
1,042,705
10,558
11,492.
139,611
26,482
6,378

9,738
11,865
105,762
21,211
6,055

c After allowing for miscellaneous charges and credits to income.
z After allowing for other income received.

ELECTRIC RAILWAY AND TRACTION COMPANIES
Latest Gross Earnings.
Name o
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
,
Current
Previous
Year.
Year.
---.
$
$
3,279,158 3,025,51 1
1,415,845 1,296,061
471,776
444,663
79,827
70,743

$
$
American Rys Co.... October __ 339,378 310,419
C Au Elgin & Chic By October __ 154,359 137,662
Bangor By & Elcc Co October __
49,593 49,173
Baton Rouge Elcc Co September
8,881
8,249
Binghamton By
October
28,462 27,788
Birm'ham By Lt & P July
216,505 183,187 1,496,110
Brockt'n & Ply St By September
94.130
11.974
12.832
Bklyn Rap Tran Sys_ August
1972,238 1936,237 14,573,476
Cape Breton Elec Co_ September
28,835 25,890
217,063
Carolina Pow & Lt Co October
29,164
24,271
201,676
Cent Park N & E Rlv August
58,425 53,469
422,480
Central Penn Trac_ _ _ October
68,635 62,773
691,474
Chattanooga By & Lt September
77,022 67,806
650,947
Chicago Railways Co_ September 1175,420 1066,056 9.014,329
Cleve Painesv & East October
31,818
29,467
301,199
Coney Is! & Brooklyn August
160,020 166,357 1,027,223
Dallas Electric Corp_ September 119,804 107,570 1,037,613
Detroit United By._ _ 3d wk Nov 160,510 138,638 8,321,335
DDEB & Bat (lice) August
54,036
56,506
411,023
Duluth-Superior Trac October
95,278 87,235
006,006
209,592 191,775 1,966,354
East St Louis & Sub_ October
September
54,846 50,501
460,332
El Paso Electric
58,504 41,433
504,497
Fairm & Clarks Tr Co October
Ft Wayne & Wabash
131,360 122,806 1,266,086
Valley Traction Co October
129,238 120,563
929,909
42dStM&SNAv (Bee) August
966,136
Galv-Hous Elect Co_ September 110,145 100,837
947,928
91,267 82,519
Grand Rapids By Co_ October
Havana Electric Ry_ Wk Nov 27 41,954 38,397 1,951,241
Honolulu Rapid Trail
44 Land Co
39,118 36,375
373,675
October
237,450
26,710 28,732
Houghton Co Trac Co September
Hudson & Manhattan August
186,862 138,433 1,656,179
Illinois Traction Co.. September 529,291 455,137 4,404.389
Interbor R T (Sub)- - August
9,149,929
915,702
Interbor 14 T (Elev)_ August ___ 1189,428
10,069,685
Jacksonville Elect Co September
423,414
45,995 38,375
Kans City By & Lt Co October __ 693,420 642,238 .8,189,534
Lake Shore Eke By. October __ 105,075 94,255 1,018,739
Long Island Electric_ August ___
24,226 24,625
140,872
Metropolitan St (Bee) August ___ 1132,410 1072,661 9,385,226
Milw El By & Lt Co_ October __ 406,919 376,355 3,863,695
Maw Lt tit & Tr Co_ October __
896,007
89,028 77,696
Montreal Street By.. October __ 386,688 354,007 3,712,797
Nashville Ity //
1
4 Lizhi )ctober __ 161,507 148,992 1,503,354
New Orleans Ry & Lt September 493,491 466,738 4,629,019
N Y City Interbor__ _ August ___
146,362
20,534
15,503
N Y & Long Island Tr August ___
40,319 39,307
243,107
N Y & Queens County August ___ 111,065 98,936
742,763
Nor! & Portsm Tr Co October __ 186,776 156,540
North Ohio Trac & Lt October-- 208,342 184,815 2,045,748
North Texas Mee Co_ September 118,192 104,829 1,041,568
Northwest Elec Co
October __ 193,914 184,430 1,833,958
Ocean Electric
August ___
88,482
24,147 26,764
Paducah Tr & Lt Co_ September
21,251
19,096
Pensacola Electric Co September
23,264
199,464
21,649
Port(Ore)Ry,L&P Co October _ _ 503,485 426,708 4,609,974
Puget Sound Elm Co_ September 160,545 179,956 1,445,274
Richmond Lt & RR_ July
47,797 42,658
195,133
Rio de Janeiro Tram
Light & Power Co_ October
965,265 645,195 8,995,034
St Joseph (Mo) By Lt
87,613 82,362
Heat & Power Co_ _ October .._
854,363
October
255,628 205.146 2.406.201
Sao Paulo Tr Lt &




Current
Year.

Previous
Year.

468,183

451,818

550,467
72,240
149,597
149.793
459,205
2,378,817
2,178,648
3,575,659
6,689,347

564,896
59,067
134,061
146,097
436.254
2,008,166
1,981,436
3,190,268
6,167,622

/602,320 £594,425
£507,171 £464,631
1296,131 1284,294
1,488,773 1,355,726
2,137,596 2,016,724
6,337,515 6,190,805
288,795
352.450
295,190
299,290

Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Nov. 29 1910. The
Dec. 26 1910.
Road,s.

-GrossEarnings--NetEarnings
Current
Previous
Current
Previous
Year.
Year,
Year.
Year.

Binghamton By
Oct
28,462
27,788
11,810
12,496
Carolina Power& Light_ _Oct
29,164
24,271
14.652
10,230
201,676
Jan 1 to Oct 31
180,609
82,792
71,176
31,818
29,467
15,421
Cleve Painesv & East _a _Oct
12,821
301,199
271,673
145.756
Jan 1 to Oct 31
126,242
191,775
103,826
East St L & Suburban_b Oct 209,592
98,569
761,641
933,836
Jan 1 to Oct 31
1,966,354 1,672,853
Ft W & Wab V Tr Co_b_Oct 131,360
52,420
63.994
122,806
Jan 1 to Oct 31
482,231
1,266,086 1,161,156
559,806
Honolulu RT&L'dCo_b_Oct
18,881
20,221
39,118
36,375
Jan 1 to Oct 31
168,552
373,675
341,989
180,568
Lake Shore El Ry_a_ _ _ _Oct
105,075
44,501
94,255
49,134
Jan 1 to Oct 31
1,018,739
929,316
439,871
489,638
Norf 4c Portsm Tr Co _ b_Oct
166,776
68,566
156,540
65,784
July 1 to Oct 31
724,574
669,211
295,365
317,997
Phila Co (affiliated cos)a_Oct 1.649,892 1,646,415
667,207
661,295
Apr 1 to Oct 31
11,488,041 10,531,707 4,881.115 4,134,366
StJos(510)RY,Lt,H&P_b Oct
87,613
82,362
39,195
43,167
Jan 1 to Oct 31
387,473
395,467
854,363
805,170
Twin City Rap Tr Co_ b__Oct 645,358
319,788
596,962
336.616
Jan 1 to Oct 31
6,265,727 5,773,383 3,268,877 3,063,640
331,229
282,484
United RRs of San Fr_b_Oct 670,295
733.766
6,337,515 6,190,805 2,388,535 2,364,930
Jan 1 to Oct 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.

Interest naives and Surplus.

-Int., Rentals, &c.- -Bat. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
1,276,482 Binghamton By
2,869
Oct
8,941
3,378
9,118
103,902
7,338
4,793
Oct
8,083
7,828
13.707,5,5 Cleve Painesv & East
Jan 1 to Oct 31
65,065
50,814
80,891
75,428
187,900
180,609 East St L & Suburban..Oct
49,491
50,361
53,465
49,078
391,843
432,781
267,040
Jan 1 to Oct 31
501,055
494,601
627,52
Tr
Co_
_
_Oct
Wab
V
45,829
42,285
18.165
10,135
Ft
W
&
574,785
451 383
423,730
108,423
58,501
Jan 1 to Oct 31
8,188,754
x13,325
6,971
6,378
x13,683
271,673 Honolulu R T & L'd Co..Oct
x112,792
62,135 x120,476
Jan 1 to Oct 31
65,789
1,025,421
931,301 Lake Shore Elect Ry_ _ _ _Oct
9,047
35,454
14,465
34,669
7,108,619
95,325
344,546
141,960
347,678
Jan 1 to Oct 31
420,645
4,687
6,150
61,097
62,416
Nod & Portsm Trac_ _ _ _Oct
810,83
62,601
43,422
251,943
255,396
Jan 1 to Oct 31
1,672,853
21,521
19,870
17,674
426,875 StJos(Mo)Ry, Lt, H & P Oct
23,297
173.871
168,411
387,87
213,602
Jan 1 to Oct 31
227,056
179,537
196,295
'I`win City Rap Tr Co_ _ Met
140.321
140,251
1,161,156
Jan 1 to Oct 31
1,401,974 1,388,761 1,866,904 1,674,879
859,68
894,605
z After allowing for other income received.
858,541
1,826,792
New York City Street Railways-August 1910.
Income
Street Ry. Expense; Net from Other
341,989
Revenue. & Taxes. °peen. Inc. Deduc'ns. Surp.
242,425
3,870,155
____ _ __
350,58
5.697.049
929,316
130,92
9,156,29
3.493,24
783,82
3.293.77
1,415,67
4,445,66
110,935
226,81
656,37
1,818,98
910,11
1.707,85
86,979
184,05
3,974,355
1,410,88
189,99
6,232,69
805,17
1.981,41

Roads.

Hudson & Manhat_ 186,862
88,389 98,473
Interbor R T (Sub) 915,702 398,945 516,757t
Interbor
T (Elev)1,189,428 647,880 541,5481
Bklyn R T System_1,972 238 1,215,861 756,377
Metrop St (Rec)__1,132,410 749,239 383,171
Cent Pk N & E Riv. 58,425
50,087
8,338
Second Ave (Rec)_
83,582
67,596 15,986
Third Ave (Rec)__ 296,474
167,854 128,620
DDEB& Bat(Rec) 54,036
42,265 11,771
42d St M & S N(Rec) 129,238
77,141 52,097
N Y C Interboro_ _ _
20,534
16,772
3,762
Southern Boulevard
10,799
8,017
1,782
Union (Rec)
212,511
140,245 71,266
Westchester El(Rec) 58,584
38,054 18,530
Yonkers (Rec)
59,107
43,061 16,146
Long Island Elec__
24,226
15,516
8,710
NY &LI Trac__.__
40,319
26,476 13,843
N Y & Queens Co__ 111,065
92,554 18,511
Ocean Electric._. 24,147
9,442 14.705
Coney Isl & Bklyn_ 160,020
95,222 64.798

77,066 1191.795 *16,255
29,032 884.874 202,464
33,221 529.718 259,880
16,8115218,247 181,735
1,034
7,304
7,046
58,940
98 533,971 94,747
59,177
2.594
511,126 40,971
142
7,920 "4,016
157
1,625
12 518,879 52,399
69 113,376 15,223
6,919
9,227
5,965
2,804
59
8,163
5,726
46
-192 20.989 '2,670
4,660 10,045
24.063 40.735

• Deficit.
S Interest permanently defaulted is not deducted.
.1 Interest is deducted only on "capital used in operation."

1508

INCOME ACCOUNT.

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Nov. 26. The next will appear in that of Dec. 31.
Minneapolis & St. Louis Railroad.
(Report for Fiscal Year ending June 30 1910.)
President T. P. Shonts says in substance:
General Results.-The gross operating revenues for the year increased
$774,076, or 18.56%, and are the largest in the history of the company.
Freight traffic shows an increase of 5601,703, or 21.52%. The number of
tons of revenue freight carried Increased 18.88% and the number one mile
increased 24.41%. The returns from passenger traffic show an increase of
$142,108, or 13.19%. The number of passengers carried increased 5.72%,
and passengers carried one mile Increased 11.68%.
Freight carried per mile of road increased 23.96%, while freight train
mileage increased only 10.86%, indicating improved train and car loading.
Passengers carried per mile of road increased 11.68%, while passenger
train mileage increased 4.03%.
The expenditures for maintenance of way and structures were increased
$83,195, or 17.97% . The increase of 554,440 In rails, frogs, &c., Is due to
the replacement of light rail with new 80-1b. rail over the double track extending from the Mississippi River to Hopkins. through Minneapolis,
covering 19.13 miles of single track; and for a distance of 15 miles from
Troy, S. D. eastward. There were placed in track 94,151 cross-ties.
The expenses for conducting transportation Increased 5435,416,or 28.22%.
Strikes.-On April 1 the miners n various States made a demand for an
Increase in the existing rates of pay for mining coal, and their demand being refused by the operators, the mines were closed. The operators and
miners in Iowa came to an agreement and work was resumed May 14 1910.
In Illinois an agreement was not reached until Sept. 9 1910. The resulting increase In cost of fuel added to operating expenses approx. 506,065.
The strike of switchmen in Minneapolis and St. Paul, in effect Dec. 1
1909 .to April 12 1910, necessitated the employment of help at increased
wages and extra expenses of approximately 527,500.
Taxes.-The total amount paid in taxes, account of the calendar year
1909,was 5208,086, an increase of $21,933 or 11.78%. Since June 30 1905
there has been an increase of $49,525, or 31.23% in the taxes paid yearly.
Dividend.-A dividend of 234% was paid on the pref. stock during year.
Funded Debt.-There were Issued during the year $231,000 "first and
refunding" 4% mortgage bonds, to reimburse the company for cash expended for additions and betterments. Equipment trust notes amounting
to $62,831 were paid.
Improvements.-The expenditures for additions and betterments during
the fiscal year of 1910, amounting to $358,308, were charged to capital expenditures (of which $129,393 for new rolling stock). The double-track
line extending from the Mississippi River to Hopkins through Minneapolis
was relaid with new 80-lb. rail, replacing chiefly 66-lb. rail (total, mileage
of single-track 19.13 miles), and 15 miles of 80-lb. rail was laid on the 1%
grade from Troy, S. D. eastward, replacing 60-lb. The revision of the
grade line between Morton and Winthrop, Minn., was carried to completion
miles were also ballasted with gravel.
and the track ballasted; 51
General Remarks.-The results of operations have not been altogether
satisfactory. While the operating revenue shows a substantial gain, this
has been largely offset by the increase in operating cost; gross revenue
showing an increase of $774,078, as against an Increase in operating expenses and taxes of 5605,938; and it was only by the closest economy that
these results were obtained. The trouble in the coal fields resulted in a,
heavy loss in freight revenue. Throughout the winter there was an unprecedented fall of show. In addition to the very cold weather, causing congestion and increased cost of operation.
While operating costs during the past ten years have been steadily increasing, rates of transportation have been gradually decreasing. The average rate per passenger per mile In 1901 was 2.019 cents; In 1910, 1.884 cents.
The average rate per ton per mile in 1901 was 1.145 cents; in 1910, 1.050
cents. Taxes increased from 5107,933 in 1901 to $225,279 in 1910.
Notwithstanding substantial increases in wages during the year just
closed, the labor problem is still confronting your management. It is a
question how to meet the increased expense due to increased wages and
other causes. In Iowa and Minnesota, by legislation the passenger rate
has been reduced since May 1 1907 to 2 cents per mile. Amendments of
the last Congress to the Inter-State Commerce Act make arbitrary, save
with the approval of the Inter-State Commerce Commission, the provisions
that a carrier shall not charge a greater compensation for a through rate
than the aggregate of intermediate rates.
With the railroads of the United States earning the present low rate on
their outstanding securities, the par value of which many conservative
experts believe to be less than the actual reproduction values of the properties, and with no provision for the vast additional sums required for future
Improvements and extensions, the outlook is not encouraging and the justice
of asking for increased rates ought to be readily appreciated.

1910
1909

[VoL. Lxxxxi.

THE CHRONICLE

ROLLING STOCK OWNED ON JUNE 30.
-Freight Equip- Work
-Locomotives- Pass.
Cap.(tons).Equip
No.
Tractive Power Equip.
No.
253
124,975
4,385
92
2,200,680 lbs.
103
221
123.390
4.386
95
1.709.276 lbs.
89

CHARACTERISTICS OF ROAD JUNE 30.
)scents.
ese
talilD
RansTow
Curves. Tangent.
Total Assents.
1910 _ _165 miles 833 miles 10,679 ft. In 406 miles 8,801 ft. In 366 miles
Bridges,&c.(ft.) -Ballast (Miles)
Steel. Trestles. Gray.Cind. Soil.80-lb. 75-15.70-lb. 66-15.60-lb. 0th.
51
25 230
567
7 306 134
1910 ____6,223 49,791 684
51
40 245
7 385 103
1 567
1909 ___.-56,178--- 605
AVERAGE REPAIRS PER YEAR.
Per Mile of Rd, Per Locomotive. Per Pass. Car. PerFretCar.
535 42
$669 35
$2,820 19
*531 73
1909-10
2,658 58
1908-09
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Agriculture. Animals. Mines. Forests. ManTrs. Miscell.
93,884 615,457 234,487 432,305 409,202
1,220,884
1909-10
95,876 530,004 190,179 190,579 516,124
1908-09
1,005,986
507,177 190,095 171,006 422,380
86,880
1907-08
900,919
1906-07
95,847 450,442 242,937 211,922 463,842
988,070
OPERATIONS.
•
1907-08.
1900-07.
1908-09.
11909-10.
1,005
798
1,027
Average miles operated_
1,027
1,261,770
1,114,607
1,297,889
Passengers carried, No. 1,372,089
Pass. carried 1 mile__ 64,714,777 57,948,361 55,039,452 51,084,856
1.823 cts.
1.927 cts.
1.859 cts.
Rate per pass. per mile_ 1.884 cts.
2,284,457
2,452,860
2,528,748
Rev. fr't carried, tons__ 3,006,219
323,526,343 260,058,071 240,435,168 238,861,401
do 1 mile, tons
1.063 cts.
1.123 cts.
1.075 cts.
Rate per ton per mile_ _ _ 1.050 cts.
$0,95
$0.99
$1.04
$1.11
Earns, per pass. tr. mile.
$2.51
$2.55
$2.80
$2.89
Earns, per fr't tr. mile
$5.750
$3,994
$4,840
$4,738
Gross earns, per mile,,.
268.68
262.87
289.77
294.17
Tons per train mile _
REVENUES, EXPENSES, &c.
El
1908-09.
1909-10.
1907-08.
$
$
$
Revenue1,078,984
1,219,092
1,003,377
Passenger
2,798,006
3,398,309
2,555,133
Freight
327,990
297,725
268,005
Mail, express and miscellaneous
$4,945,391 54,171,315 53,826,518
Total operating revenues
Expenses462,917
540,112
443,577
Maintenance of way and structures
572,808
588,443
518,962
Maintenance of equipment
1,542,908
1,978,324
1,451,976
Transportation expenses
122,480
111.542
146,775
Traffic expenses
144,493
158,856
137,564
General
192,244
167,420
22:5,279
Taxes
3,037,850
2,831,047
3,643,789
Total expenses and taxes
1,133,465
995,469
1,301,802
Net operating revenue




Net operating revenue
Income from investments
Hire of equipment-balance
Rentals, trackage and term'is (net)
Sundry Interest (net), &c

1909-10.
$1,301,602
39,857
Dr.17,114
*88,752
24,850

1908-09.
51.133,465
40,828
Dr. 1,279
87,310
8,970

Inc. (+) or
Dec. (-).
+$168,137
-971
-15,835
+1,436
+15,880

$1,437,947 $1,269,300 +$168,847
Total income
-$0,249
Deduct-Interest on funded debt__ _ _ $1,360,010 $1,366,259
Preferred dividends
(23,4%0)100,000 (5)200,000 -100,000
Total deductions
Balance, deficit

$1,460,010
522,003

$1,568,259 -$108,249
$296,959 -5274,898

• Consists of receipts. 5172,559, less payments, $83,807.
BALANCE SHEET JUNE 30.
1910.
1909.
1910.
AssetsLiabilities$
Road & equipm't a30,618,905 29,939,584 Common stock._ 6,000,000
Preferred stock, 4,000,000
Securs. of affiliated,
20,468,000
Bonds
&c., companies716,678 Eq. trust notes... 540,000
Pledged
716,678
350,000
617,600 Bills payable
Unpledged
617,600
454,763 Vouchers & wages 281,209
Cash
222,400
125,191
315,200 Traffic, &c., bals_
550,700
Securities owned
38,582
167,920 Agents' drafts_ _ _ _
235,286
Ag'ts & cond'rs
593,800 Misc. accounts... 161,224
622,655
Cos. & individ'is
74,508
363,103 Matured int., &c.
Material & supplies 292,688
158,235
13,659 Taxes accrued_ __ _
12,093
Miscell. accounts_
474,606
133,801 Accrued interest_
Unadj. fr't claims 118,749
86,384
Dakota Consten Co 4,906,818 5,031,618 Oper. reserves,.
172,860
Misc. def. credits_
Deposit to purch.
673,695 5-year 5% notes,
equipment
5,000,000
42,413
due 1911
98,992
Other def. charges
Profit and loss-- 1,080,505
Total

39.011,364 39,063,834

Total

1909.
6,000,000
4,000,000
20,237,000
602,831
250,000
455,837
119,700
26,964
91,251
178,118
133,764
606,277
102,551
134,967
5,000,000
1,124,574

39,011,364 39,063,834

a After deducting reserve for accrued depreciation of equipment. $183.037.-V. 91, p. 1096, 948.

Florida East Coast Ry.
(Income Account for the Fiscal Year ended June 30 1910.)
$1,910,295
Freight revenue
1,276,051
Passenger revenue
428,509
Other transportation rev_
Non-transportation rev
72,579

Transportation
$1,108,770
Maint. of way
447,731
Maintenance of equipment 484,240
04,995
Traffic
100,077
General expenses

$2,205,813
$3,887,434
Total expenses
Total revenue
$1,481,821
Net earnings
Deduct-Taxes ($184,775), int. on 1st M. bonds ($450,000).
670,038
hire of equipment ($49,904), rentals (55.359)
Int. on gen. M. Income bonds, paid Nov. 1 1910 ($700,000). less
697,659
interest earned on deposits (52,341)
Balance to profit and loss
-V.91, p. 1446, 589.

5113,924

North Shore Electric Co., Chicago.
(Report for Fiscal Year ending Sept. 30 1910.)
President Samuel Insull wrote in substance:
Business.-The increase in the connected business during the past year
has been more than double that of any previous year, and the increase in
gross earnings has been much the largest in the history of the company,
notwithstanding the fact that this year. did not receive the full benefits
die4
of the new properties acquired.
Extensions.-Sinee the last annual report was issued the company has
extended its high-tension transmission lines into new territory and built
additional sub-stations for use in connection therewith, enabling the extension of its system to the Lake District of Northeastern Illinois. The entire
territory now served approximates 1,284 square miles (V. 90. P. 898)•
Stock.-At a meeting on April 20 1910 an increase of the capital stock
was authorized from $5,000,000 to $7,000,000, and there has since been
subscribed for and Issued new stock to the amount of $964,000(V.90, p.917).
Bonds.-The bonded debt has been increased $705,000 during the year.
For the purpose of retiring its 1st M. 5s and to provide for further financing over a long period of years, the company has made a "first and refunding
mortgage" and has during the past fiscal year issued thereunder $1,981,000
bonds, retiring therewith $1,978,000 of 1st M. bonds and $5,000 of other
underlying liens (V. 90, p. 1105. 1175).
RESULTS FOR YEARS ENDING SEPT. 30.
1909-10.
1908-09.
1906-07.
1907-08.
Equivalent 16 c.p. lamps
309,780
225,081
283,173
connected end of year. 453,238
$1,380,062 $1,005,432
$065,890
$815,551
Gross earnings
907,556
800,994
431,437
533,019
Operating expenses
$478,500
Net
*212,324
Interest
80,000
1)epreciation reserve_ _ _ _
(3%)143,431
Dividends
Balance, surplus

$404,438
$281,032
$190,355
$159,283
75,800
64,100
(3)103,553 (1)4)42,702

$42,751 ,

534,930

$15,848

$234,453
$107,890
41,740
(a)
$85,023

a In 1906-07 a stock dividend of 8%, $150,000, was paid out of profit
and loss account.
BALANCE SHEET SEPTEMBER 30.
1910.
1909.
•
1909.
1910.
$
$
Liabilities$
Assets3
4,964,000 4,000,000
Plants, real est., &c. 9,414,020 7,884,233 Capital stock
4,705,000
4,000,000
Bonds
Bills receivable__
340,498 153,856
197,651 154,900
Accounts receivable
307,206 218,152 Surplus
Cash
192,350 249,197 Accts. & bills pay'le 373,641 112,805
117,500 100,000
Bond interest
Stock subscriptions
not yet due
25,638 Depreciation reserve 347,640 267,640
95,972
Materials on hand.. 235,205 104,884
19,385
120,181
Open accounts
Total
10,705,432 8,635,345
10,705,432 8.635,315
Total
Note.-In addition to the liabilities given above, the company has taken over
to
outstanding
bonds and mortgage loans
certain properties which are subject
thereon, as follows: Evanston Heating Co., $125,000; La Grange Service Co.,
$246,000; real estate mortgages, $4,000; total, $375,000. The interest on these
bonds and mortgage loans has been treated as rental of property, and has been
Included in the item of expenses.-V. 90, p. 1175.

Economy Light & Power Co., Joliet, Ill.
(Report for Fiscal Year ending April 30 1910.)
President Samuel Instill, in the report presented June 6
but only now at hand, said:
The business has shown a substantial growth during the year.
In Oct. 1909 the Supreme Court of Illinois handed down an opinion confirming the decision of Judge Mack in the lower court, and in every respect
upholding the claims of the company as to ownership of water-power rights
in the Despiaines River at Dresden Heights.
In Dec. 1909 the U. S. Govt. began suit In the Federal Court against the
company on the ground in general that the Desplaines Rives is a navigable
stream and that, therefore, the company cannot lawfully construct a dam
at Dresden Heights. This suit is still pending, and while the company's
counsel anticipate that no different conclusion will be reached in It tha
that which was arrived at in the State court proceedings, it has not bee
deemed expedient to proceed with the water-power development at Dresde t

Heights until the suit has been definitely decided. [Compare V. 87, p. 42;
V.89, p. 1143; V. 90, p. 979.-Ed.)
making possible the purchase of
gv The increase In the steam plant capacity
substantial amounts of current have been completed.
INCOME ACCOUNT.
1908-09.
1909-10.
Equivalent 16 a. p. lamps
191,014
.connected end of year_ __ 266,220
$406,746
$310,402
Gross earnings
138,739
217,654
Expenses

1907-08.

1906-07.

167,340
$276,881
119,892

131,684
$230,882
108,912

$189,092
75,742

$171,663
65,325

$156,989
64,14,6

$121,970
40,234

$113,350

*106,338

$92,843

881.738

Net
Bond Interest
Surplus

BALANCE SHEET APRIL 30.
1909.
1910.
1910.
1909. 1
$
I LiabilitiesAssets$
3,000,000 3,000,000
Plant,real estate,&c_4,869,438 4,632,281'Common stock
13,2121First mtge. bonds__ _1,546,000 1,367,000
Material on hand__ _
15,918
13,542
15,0521Accts.&bilLs pay.,&c. 39,062
Equalization account 10,112
32,837
43,5111Accr. int. & rentals.. 41,424
Accts. & bills recelv_ 123,911
413,076 299,726
9,0491Surplus
20,183
Cash
1
5:039,562 4,713,105
5,039,562 4,713,1051 Total
Total
-V. 91, p. 1449.

Booth Fisheries Co.
(Financial Statement as of May 1 1910.)
The balance sheet shows net profits of $257,550 for the
period of 49 weeks ending April 30 1910, after providing for
depreciation and interest on bonds. See remarks of President Lett as to recent earnings in last week's "Chronicle" on
page 1449.
BALANCE SHEET.
May 1 '10. Oct. 30'09

May 1 '10. Oct. 30'09
$
Assets2,000,000 2,000,000
Preferred stock
Real estate, bldgs.,
5,000,000 5,000,000
Common stock
steamboats, tugs,
Booth Fish. Co. debs.1,500,000 1,500.000
machinery, fishing
equipment. &c_ -*2.573,747 2,377,426 Midland C. Stor. Co.
200,000 200.000
bonds.a
285,576 251,615
Investments
Mer.C.Stor.Co.bds.b_ 150,000 175,000
Long-term bills reo
24,000
16,500
c15,000
Mortgages
Inventories (includ.
deferred charges). 723,838 956,538 Accts. payable, incl.
accr. bond int, and
Accts. & bills rec.,
res've for taxes,eze 441,280 408,186
after provdling for
257,550 105,564
doubtful accounts_ 666,202 772,746 Profit and loss
651,737 243,943
Cash
4,638,730 4,802,982
Good will
Total

9,563,830 9,405,251

Total

9,563,830 9,405,251

* After adding expenditures during year for additional equipment, &c., $423,710,
and deducting proceeds from the sale of various items acquired from the receiver but
not required in the business, $49,707, and depreciation or reserves set aside from
profits for the year, $197,661. a St. Paul plant. b Detroit plant. c Mortgage on
Cleveland real estate taken over with property.-V. 91, p. 1449.

Realty Associates of Brooklyn, N. Y.
(Report for Fiscal Year ending Oct. 31 1910.)
The directors report as of Nov. 28 1910:
General Results.-The net earnings, after payment to the profit-sharers
of $17,357, amount to $341,549. In addition $73,229 has been added to
the reserve on mortgages owned. A dividend of 3% out of earnings for
this year was paid in July. The executive committee has voted to recommend the declaration of the regular semi-annual dividend of 3% in January,
and that no extra dividend be paid at that time. The company has earned
81i70 on the stock, but it is the purpose of the directors to pay extra dividends only when the company has had unusual prosperity and can well
afford to disburse the money.
Operations.-The company has bought during the year properties costing
$991,289, consisting of 6 dwellings, 45 flat properties, 16 store and flat
properties and 4 plots of lots. It has constructed 2 store and fiat buildings,
1 mercantile building and 60 dwellings, beside completing 48 dwellings commenced the preceding year. Forty of these dwellings were completed
just at the close of the year. All of the completed dwellingsand several of
those finishing have been sold. The total expended during the year on
building construction was $458,030.
The total sales for the year were 78 dwellings, 2 flat properties,8 store
and flat properties, 1 store property and 20 plots of lots at an aggregate
sales price of $1,383,039.
The improvement of the land at Rockaway Beach of the Neponsit Realty
Co., in which Realty Associates holds a controlling interest, was Interrupted by the claim of the United States Government that it owned the
land. There was no basis for this claim and the Government was practically forced to admit it. On the Neponsit Co. providing land for the lifesaving station, a decree was entered by the U. S.Court that the United States
did not, and never had.owned any part of Rockaway Beach, and the work
of development has been resumed (V. 91, p. 488).
The company has invested during the year $163,580 In mortgages. Outstanding mortgage obligations guaranteed by the company now amount
to $320,290, as against $669,790 last year at the same time.
Interest and installments now in arrears on investment mortgages amount
to $172, on purchase money mortgages to $4,585 and on guaranteed mortgages to $864. There are 2 foreclosures pending of mortgages amounting
to $28,300.
Status.-The Improved property is now 93.8% rented. On Oct. 31
1909 92% of the Improved property was rented. Real estate costing
$303,157 is held free and clear. The company has $1,666,879 In mortgages
with $209,204 reserve to cover losses, as against $1,236,856 with $135,975
reserve Oct. 31 1909.
During the year much attention has been paid towards improving the
Income of the company's holdings. New leases have been made at substantial advances. Some unproductive property has been exchanged for
productive property and 3 plots have been improved and rented. It is the
aim of your officers to increase the regular Income so that from that income
alone 6% dividends can be paid, making extra distributions from time
to time from operating profits.
STATEMENT FOR YEARS ENDING OCT. 31.
1906-07.
1907-08.
1909-10.
1908-09.
596,059
70,710
154,361
67,661

524,399
69,588
217,605
76,563

470,221
75,132
229,837
79,280

450,553
98,471
452.282
54,684

Total receipts
888,791
DeductReal est. exp., less ch'gd
to capital for betteets
261,152
Int. on bonds Fe mtge,s
196,930
General expenses
71,803
Deprec'n of real estate_ _
Divs. (see note below)_(7%)279,993
Amt.res.for profit-sharers
17,357

888,155

854,470

1,055,990

219,891
162,226
60,902

188,891
131,870
62,230

(6)239,994
37,603

197,715
137,485
60,020
6,000
(8)319,992
40,334

(8)319.989
82.662

720,616
167,539

761,547
92,923

785,642
270,348

Receipts from rents_ _ _ _
Int. on bonds & mtges_ _
Profits on sales of real est.
Divs., commissions, &c_

Total deductions ____
Bal., surplus for year___

827,235
61,556

Nola-The dividends for the years 1907-08 and 1906-07 include two
semi-annual distributions of 3% each and an extra 2% paid Oct. 15 next
succeeding fiscal year; and for the year 1909-10 two distributions of 3%
each and an extra 1% paid In Jan. 1910. The regular 3%, but no extra
distribution, has been declared, payable Jan. 1 1911. See text above.




1509

THE CHRONICLE

DEC. 3 1910.)

BALANCE SHEET OCT. 31.
1910.
1909.
1U09.
1910.
Liabilities$
$
Assetss
$
4.000,000 4,000,000
Cash
139,873 Capital stock
70,336
Real estate
8,768,341 7,695,519 Mortgages payable 4,986,783 4,015,805
505,000
235,000
218,256 Notes
Unfinished bldgs
155,823
80,595
67,988
Mortgages
1,666,879 1,236,856 Accrued exp.(est.)
17,604
12,303
Stocks, bonds, &c. 570,764
559,295 Sundry accounts
Real est. contracts • 99,401
114,583 Reserved for profit37,603
17,358
Due from tenants_
sharers
6,345
5,903
Int. due & accrued
31,205
42,845 Reserve on mort135,975
209,204
Taxes, &c., paid
gages owned
555,935
In advance
22,101
20,310 Undivided profits_ 617,491
1,000,000 1,000,000
Sundry accounts.. _
37,538
32,460 Surplus
Total
11,423,734 10,065,910
-V. 91, p. 468.

Total

11,428,734 10,065,910

Nevada Consolidated Copper Co.
(Report for Fiscal Year ended Sept. 30 1910.)
Pres. Jas. Phillips Jr., N. Y., Oct. 26 1910, wrote:
General Results.-The history of the enterprise embraces a period of only
3 b years from the first breaking of ground for the Steptoe plant; yet during
the late fiscal year your company produced 62,772,342 lbs. of refined copper at a net cost of 6.42 cts. per lb., or including the funds set aside for improvements and depreciation 7.05 cts. It accomplished this in the face
of a winter of exceptional severity, when mining operations were at times
seriously impeded and considerable trouble was experienced in handling
frozen ore. Under more propitious conditions in July, 7,000,000 lbs. of
copper were produced at an indicated net cost of about 6 cts. a lb. The
addition to the ore reserves of payable ore has been remarkable, amounting
to an increase for the year of nearly 50%. the new tonnage developed aggregating 14.500,555 tons.
Improvements.-By improvements in the concentrator [of the Steptoe
Valley Smelting & Mining Co.-Ed.] the capacity of the smelter has been
Increased to 8,000 tons, and during four month, I. e., from April to July inclusive, the average daily tonnage treated approximated that figure.
The Nevada Northern Ry. Is now preparing, by adding to its equipment
high-power locomotives and 100 new cars, to handle for us economically
and efficiently a daily tonnage of even 10,000 tons.
Property.-The increase in the property account represents the cost of
the Cumberland-Ely Copper Co. property, exclusive of its investments and
quick assets, less $684,255 written off to surplus to cover ore extracted to
Sept. 30 1910. The increase in investments represents the following stocks
and bonds purchased at the time of buying the Cumberland-Ely Copper Co.
property: Nevada Northern Ry. bonds, $500,000, and stock, $1,000.000;
stock in Steptoe Valley Smelting & Mining Co., $3,300.000; total, $4,800,000. In addition, your company received, in exchange for stock, bonds
of the Nevada Northern Ry. Co. amounting to $430,000, and, by subscription, stock in the Steptoe Valley Smelting & Mining Co., $400,000, making
a total increase in its investments of $5,630,000.
Bonds.-During the year the bonds outstanding Sept. 30 1909 have been
retired, either by conversion or purchase, and the mortgage securing the
issue was canceled on June 9 1910.
Stock.-Under authority extended at the annual meeting Nov. 2 1909,
whereby the capital stock was increased 400,000 shares for the purpose of
acquiring the Cumberland- Ely Copper Co. by exchanging one share of the
Nevada Consolidated for 3 X shares of the Cumberland-Ely, your company
received 99 X% of said Cumberland-Ely stock, and on Aug. 30 1910 acquired the entire physical property by corporate purchase.
Surplus Account-Reserve.-The net profit for the year was $3,580,787;
the dividends paid were $2,982,644, leaving a surplus of $598.142. Monthly
statements of profits having been figured at 12% cts., there was accumulated
in addition to the foregoing surplus, the sum of $51,199, which was kept as
a reserve to provide for any difference below 12M cents In the selling price
of copper on hand and in transit to the refinery during the past few months,
and this is still left as a reserve. We closed the fiscal ear with undivided
profits of $2,557,062 and with a surplus and quick assets amounting to
$2,633.617. In order to afford a clearer view of the value of the company's
holdings, the board has credited property account charging surplus account
$684.255, representing the initial cost of 3,421,275 tons of ore extracted
from the property to Sept. 30 1910.
Steptoe Company.-Slnee your company Is now the owner of all the capital
stock of the Steptoe Valley Smelting & Mining Co.. we include a statement
of the assets, &c., of that company. All the surplus earnings of said company are declared as dividends. During the year the Steptoe company set
aside for depreciation out of earnings $394,628, bringing the depreciation
reserve up to $495,195.
Change in Fiscal Year.-It has been considered advisable to change the
date of the fiscal year from Sept. 30 to Dec. 31 and the annual stockholders'
meeting to the third Friday in April.
Control by Utah Copper Co.-During the current year the Utah Copper
Co. secured and now holds a controlling interest in the capital stock of your
company, and henceforth their mutual relations will be closer than they
have been in the past. The two companies were pioneers in the mining,
smelting and refining of low-grade copper deposits, never previously worked
because never before deemed payable, and their unparalleled success has
served to create a new, vast and very profitable industry.
Condensed Extracts from Report of Consulting Engineer Pope Yeatman
New York, Oct. 24 1910.
Prospecting.-Considerable prospecting by means of churn drills has
been carried out during the past year: 85 holes were drilled, amounting with
some re-drilling of old holes to 24,146 feet. The total number of holes to
date is 173, with a total distance drilled of 51.755 feet.
The ore reserves have been considerably increased, but this has been
principally due to the determination of greater depth of ore but of lower
grade than the upper portion of the deposit and the development of ore on
the Hecht connecting the Liberty and Copper Flat sections. The Copper
Flat and Liberty areas were but slightly increased.
Ore now Developed (Tons) and Estimated Assay Value.
30,073,000 of 1.991% Cu
1909 estimate (tons)
Developed during 1909-10: Eureka, 4,572,400
(1.48%); Liberty, 2,418,255 (1.32%); Hecht,
14,500.555 of 1.28% Cu
7,509.900 (1.15%)
Tons developed to date
Mined to date
Unpayable on account of slopes

44,573.555 of 1.761% Cu
3,421,275 of 2.153% Cu
791.457

40,360.823 of 1.70% Cu
Total ore reserves to date
Results for Fiscal Year.-Tons of ore treated (dry), 2.237,028: average
copper assay, 2.06%; percentage orextraction (Cu). 69.59%; ratio of concentration, 10.6 to 1; assay value in gold (ozs.), .0181; assay value in silver
(ozs.), .0879: percentage of extraction, gold, 49.78%, and silver. 48.36%;
average gold and silver recovered per ton of ore in cents, 21.14c.; average
copper In concentrates, 15.21%. The above shows a slight reduction in
extraction over the preceding year, due mainly to the fact that the average
grade of ore is less and that more copper in the form of chalcopyrite has been
treated.
The yield from all ore mined and concentrated and from silicious carbonate ore delivered to the smelter has amounted to 62,772.342 lbs. of copper.
and blister copper amounting to 60,513,009 lbs. of refined copper were
shipped. The total cost per lb. of copper has been 7.37 cts., and, deducting
miscellaneous earnings. but including fund to cover improvements and
depreciation, this Is reduced to 7.05 cts. These costs include all possible
charges, such as costs in Nevada. shipping, refining, marketing, legal expenses, taxes, New York expenses, &c.
Conclusions.-The second year of operations has most satisfactorily
proved the success of both mine and reduction plant. You are again to be
congratulated on the increase In the ore reserves, which, although of lower
grade than have previously been developed, are nevertheless of very great
value.
EARNINGS AND EXPENSES YEAR ENDING SEPT. 30 1910.
$1,379.647
Copper produced (62,772,342
Milling
1,327,447
lbs.(a 12.75c.)
$8,008,146 Smelting
Gold and silver produced
472,983 Rent of Steptoe plant (Including proportion of deprecia'n) 1,039.752
984,757
Total revenue
$8,481,129 Freight and refining
81,690
Selling commission
Operating ExpensesMining. Incl. portion of stripTotal expenses
98,135,747
$721,487
ping expense
Freight on ore
600,967

1510
INCOME ACCOUNT.
Net operating profit
Dividends on investments
Interest, rentals, &c., received

1908-09.
1909-10.
$1,646,062 $2,345,382
582,987
1,223,435
7,612
40,490

Total income
Interest on bonds
Maintenance Cumberland-Ely
Dividends(30%)

$2,236,661 $3,609,307
$174,791
$26,999
1,522
2,982,644

Total deductions
Balance, surplus

$174,791 $3,011,165
$598,142
$2,061,870
BALANCE SHEET SEPT. 30.
1910.

AssetsCast of mines, less
extinguishment_ 5,473,890
Equip. & develop.. 760,362
Investments ____a10,900,000
Deferred chges.b__ 1,179,112
Stock reserved to
convert Nev.Con.
andNev.No.Ry.bds 1,500
Material & supplies 163,344
Accts. collectible_ 270,909
Metals on hand &
in transit
2,929,909
Cash
219,477
Total

1909.

1910.n" 1909.
$
- $
9,977,735 8,000,000
500 2,784,500

Capital stock
3,580,649 Bonds
625,661 Stock reserved for
Nev.Nor.Ry.bds
5,270,000
410,000
740,784 Accounts payable_ 431,073
257,784
Unpaid treatment
520,448
414,450
on metals
3,644,500 Premium & profit
100,503
on securities sold 8,360,486 3,073,479
51,199
376,633 Metal price reserve
Undivided profits_ 2,557,062 2,084,409
2,449,791
256,101

21,898,503 17,044,622

Total

21,898,503 17,044,622

a Investments include in 1910 Nevada Northern Ry. stock, $2,000,000, and 5%
bonds, 51,000,000, and Steptoe Valley S. & M. Co. stock, $7,000,000.
b Represents cost of opening up pits, shafts, stripping, tracks, shovels,.&c.V. 91, p. 521, 280.

Canada Cycle & Motor Co., Ltd.
(Report for Fiscal Year ending July 311910.)
The report, signed by J. N. Shenstone, President, and
T. A. Russell, Secretary and General Manager, and presented
at th3 annual meeting on Oct. 28, says in substance:
Business.-We have marketed more bicycles in Canada during the year
than in any season during the past five years. While our Australian business did not enjoy any increase during the same period, our volume there
has continued on a par with other years. During the season we placed on
the market a motor cycle, and while our volume in this is naturally small
for the year past, we feel justified In laying plans for a considerable increase
In this branch for next year. Our skate business showed a slight improvement In volume and we look forward to still further growth.
The motor business shows a very marked increase, our output of cars
being 60% in excess of the year preceding. Broadly speaking, we manufacture two types of cars, one with the Knight motor and the other with
the valve type of motor. It is the opinion of your board that in the control
of the Knight motor we have secured an asset of great value. Your board
has had under consideration the question of making a smaller, cheaper type
of car, but up to date our facilities have been taxed to the utmost to turn
out our present models.
Additions.-During the year the factory has been operated to its utmost
capacity; the automobile machine shop has been running with day and night
shifts during practically the whole year. We have considered it advisable
for the coming season to expend about $100,000 In the addition of a newup-to-date, well-lighted building for automobile work and in large purchases of extra machinery.
General Results.-We have made full provision for all necessary contingencies, the accounts and bills receivable are shown after making full deduction for all bad and doubtful accounts, and we have provided for any
depreciation in our machinery and plant. After the provisions' and deductions above, the year's business shows a net profit of $144,351. The
balance carried forward from last season's business was $35,036, making
the balance of profit and loss account 5179,387. In view of the expanding
nature of the motor business in Canada and the requirements of our business in the way of new buildings and increased plant, your directors recommend that no dividend be paid and that the profits of the year be carried
forward in profit and loss account.
PROFIT AND LOSS ACCOUNT.
Profits for year
Previous surplus
Total surplus

1909-10. 1908-09.
$144,351 $30,191
4,845
35,036
$179,387

1907-08. 1906-07. 1905-06.
def.548,799 $21,239 $32,405
53,644
32,405

$35,036

$4,845

$53,644

$32,405

BALANCE SHEET JULY 31.
1910.
AssetsReal estate, bldgs.,
equipment, &c.. a$425,980
15,319
Cash
Accts. & bills rec_ 488,136
Stock on hand__ _ b620,394
Patents, trade mks.,
262,968
good-will, &c
Total

IV0L. Lxxxxi

THE CHRONICLE

1909.
Liabilities1910.
Capital stock
$800,000
6414,466 Accts. and bills
22,225
payable, unsec'd 790,189
350,153 Contingent accts. _
16,118
417,527 Plant reserve
27,103
Profit and loss. _ _
179,387
265,233

$1,812,797 $1,469,604

Total

1909.
$800,000
588,418
16,170
29,979
35,036

$1,812,797.$1,469,604

a Includes real estate and buildings (after deducting encumbrance on retail premises, $3,000), $193,438; machinery, tools, patterns, furniture and fixtures, $350,679,
less depreciation, $118,137. b Includes bicycles, motor vehicles, parts, accessories
and skates. $261,652; stock manufactured and in process, raw materials and supplies, 8336,967, and insurance, duty, freight, stationery and office supplies, $21,775.-V. 77, p. 2341.
,

Harbison-Walker Refractories Co., Pittsburgh.
(Report for Fiscal Year ending Sept. 30 1910.)
Pres. H. W.Croft, Pittsburgh, Nov.9 1910, says in brief:

time 80% of all of the stock is held by directors, officers and employees
who are actively engaged in some department of the business.
Dividends.-DIvIdends on common stock at the rate of 3,6 of 1% per
quarter were resumed March 1 1910.
Sinking Fund -Sufficient bonds have been canceled to satisfy the sinking fund requirements until July 1 1913. In addition to this, $359,000 in
bonds of company, including investment of reserves, are held in treasury.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING SEPT. 30.
1909-10.
Net profits after deducting expenses
($340,717 in year 1909-10) for all
ordinary repairs and maintenance,
which cover depreciation of plants_ $2,073,341
DeductExtraordinary expenses, being repairs,
improvements, &c., increasing capacity and efficiency of the works_
122,708
Charged off for deprec'n of mining, &c.
59,359
Charged off for depletion of clay, coal
and ganister properties
23,527
Total deductions
$205,595
Net profits
$1,867,746
Interest on bonds
$88,875
Dividend on preferred stock (6%)
576,000
Dividend on common stock (13,6%)..
270,000
Surplus for year

1907-08.

$1,526,879

$1,148,406

95,764
38,049

77,735
38,504

16,473

16,799

$150,286
$1,376,593
*119,187
575,379

$133,038
$1,015,368
$127,937
575,615

$682,027

$311,816

BALANCE SHEET SEPT. 30.
1910.
1909.
1910.
AssetsLiabilities$
Prop. and fran. of
Bonds
z1,565,000
constituent cos_28,599,397 28,716,152 Common stock__ _18,000,000
Bet'm'ts completed 1,147,700 1,136,196 Preferred stock__ _ 9,600,000
26,842
Bet'ts uncomplet'd 497,551
238,809 Int. & taxes accr'd
Depletion fund__ _
141,696
Deferred charges to
96,711
future operations x298,608
288,786 Pay-rolls
Inventory at cast_ 1,590,759 1,577,317 Accounts payable_ 209,270
565,437
566,526 Premium on bonds
3,015
Cash
Accts. receivable_ y1,407,082 y1,227,864 Sundry reserves.. 297,645
Bills receivable__ _
24,106
33,009 Surplus
4,784,860
Invest, of reserves 222,000
182,000
Co. bonds purch. &
held in treasury_ 137,000
267,000
247,390
Other securities __ 235,399
Total

34,725,039 34,481,050

Total

1909.
2,265,000
18,000,000
9,600,000
50,897
125,706
62,099
302,608
9,131
213,620
3,851,989

34,725,039 34,481,050

x Includes clay, coal and ganlster outfits, $237,614, advanced royalties, stripping,
prospecting, uncompleted extraordinary repairs, &c. y Accounts of constituent
companies against each other omitted. z Total issue, $3,500,000, less purchased
and canceled for sinking fund, $1,935,000.-V. 90, p. 505.

Morris & Company (Packers), Chicago, Ill.
(Official Statement of Oct. 15 1910.)
The company on Oct. 15 furnished substantially the following information to the N. Y. Stock Exchange in connection with the listing of $12,300,000 1st M. sinking fund
4M% gold bonds (compare bond offering, V. 89, p. 48, 107):
Incorporated under laws of Maine Oct. 16 1903. Auth. capital stock
$3,000,000, in shares of $100 each, all common, fully paid and without
personal liability. The company succeeded by purchase the packing business of Nelson Morris & Co.(originally organized by the late Nelson Morris
in 1859) and Fairbank Canning Co.
These bonds are part of an authorized issue of $25,000,000, secured by
mortgages or deeds of trust to the First Trust & Savings Bank and Emile
K. Boisot, of Chicago, and the Mercantile Trust Co. of St. Louis, as trustees.
dated July 1 1909 and maturing July 1 1939, but redeemable at the option
of the company on any semi-annual interest day at 103 and int. on 4 weeks'
notice [either for the sinking fund-see below-or otherwise.-Ed.].
The proceeds of said $12,300,000 bonds were used to pay the current indebtedness and provide for necessary extensions, additions and improvements; 5200,000 additional bonds have been purchased for the sinking fund
and canceled. The remainder of the bonds, $12,500,000, can be certified
only for additional fixed assets, such as real estate, buildings, machinery.
fixtures and apparatus, at 75% of actual cost.
Properties on IVhich Said Bonds Are a First Mortgage, All to Be Fully Insured.
(Additional to All After-Acquired Property.)
Land, Daily Killing Capac.
Acres. Cattle. Sheep. Hogs.
Packing Houses, Refineries, &c.42.9 2,500 3,500
(a) Chicago, at Union Stock Yards
5,000
26.4 1,500 2,000
(b) East St. Louis, at National Stock Yards
5,000
19.5 1,500 1,500
(c) Kansas City, Kan
5,000
19.2 1,000 1,000
5,000
(d) St. Joseph, Mo
20.9 1,500 1,000
5,000
(e) Oklahoma City, Okla
--128.9 8,000 9,000 25,000
Total (supplied by Editor]
13.31 -Capacity (Tons)Ice Houses-(a) On Calumet Lake, Chic
13.9j
(8) Fox Lake, County of Lake, Ill
140,000
Leaseholds-From the Union Stock Yards and other rights on a tract
containing 9.6 acres, in Chicago, adjoining the Union Stock Yards, on
which are located the car shops.
All of the above-mentioned real estate is free and clear of any other mtge.
For a sinking fund the company will on July 1 1910, and annually thereafter on July 1 of each year,deposit with the trustee an amount of cash or
canceled bonds at par, equal to and which in no one year shall be less than
1.6% of the aggregate amount of bonds theretofore certified and delivered,
not including any bonds paid or canceled; and said sinking fund deposit
shall not In any year be less than $200,000. All bonds purchased or drawn
for the sinking fund shall be canceled.
The mortgages also provide (a) that the net quick assets of the company
shall at all times equal or exceed the aggregate amount of the bonds outstanding; (b) that the company will not allow to exist any other mortgage
lien upon any of the property; (c) that no dividends have been or will
hereafter be made, save out of the earnings, to the end that the surplus of
Oct. 31 1908, mentioned in the mortgages, may be not impaired by such
payment while any of the bonds are outstanding; (d) that the company/
will annually, within 60 days after its fiscal year, cause an audit of its business to be made,and deliver a copy to the trustee; (e) that in case of default
in payment of principal or of 90 days' default in payment of interest or
sinking fund,or in the performance of other covenants, the trustees may,
and upon request of a majority of bondholders shall, declare the outstanding
bonds due and payable.
INCOME ACCOUNT FOR THE YEAR ENDING OCT. 30 1909 AND
ELEVEN MONTHS ENDING OCT. 1 1910.
Year
11 Mos.
1908-09.
1909-10.
$3,544,988 $2,907,190
Net profits on manufactures and sales
87,616
Miscellaneous earnings
159,014

General Results.-The eighth annual statement herewith submitted,
although the best in the history of the company, is not as favorable as we
had hoped it would be. On account of the falling off in business, only 73%
of the normal capacity of the works was used. The gross business, however, was greater by reason of the increased percentage of high-grade work,
as explained below.
New Plants Used.-A part of the accumulated surplus has been used in
building new plants, all of which are now manufacturing at minimum costs.
The increased demand for silica brick in the Chicago district has justified
• doubling the capacity of the East Chicago Works (newly built in 1907),
making the total capacity 80,000 silica •brick per day. The capacity of
the Birmingham plant, completed only one year ago, is also being increased
from 40,000 to 70,000 brick per day, to accommodate the growing demand
for brick in that district.
Sales Policy.-The aggressive sales policy adopted several years ago,
of going after the small consumers, has been continued. The company
now has on its books 8,000 customers, scattered over the United States,
Canada and Mexico, a much larger percentage than ever of its output going
Total income
to such consumers. The business is consequently on a more substantial Deduct-Interest on borrowed money
basis by reason of the larger number of customers and diversified interests.
Interest on bonds
High-Grade Work.-The proportion of difficult, high-class fire clay and
Administrative expenses
silica shapes-that is, brick other than standard sizes-has increased several
Taxes, insurance, &c
per cent over the previous year, the average selling price per 1,000 of our
output by reason of this increased proportion being higher than the previous year, although base prices were, on the average, lower. These dif- Net earnings
ficult shapes require an expensive organization and equipment and several Less-Dlvldends paid
times the capital investment required for standard sizes.
Discount and expenses of bond issue
Wages.-The wages of employees at all works and mines were increased
from May 1 1910 on an average of 8%.
Stock Holdings.-On Sept. 30 1903 the officers and directors were owners
of 75% of the preferred and .80% of the common stock. At the present
Balance, surplus




$932,871

1908-09.

$3,704,002
$501,245
187,500
593,670
350,248

$2,994,806
$159,670
515,625
616,690
300,320

$1,632,663
52.071,330
$450,000

$1,592,305
51,402,501

$1,387,500

$345,000

$683,839

$1,057,501

$345,097

•

DEC. 3 1910.]

THE CIIRONICLE

GENERAL BALANCE SHEET AS OF OCT. 1 1910.
Liabilities ($47,577,082)Assets ($47,577,082)$3,000,000
Packing house real estate_ $497,839 Capital stock
.12,300,000
_ 9,414,166 Bonds
do bidgs., mach'y,
3,777,284
Branch markets, bldgs.,&c 2,449,939 Bills payable
2,835,482
1,554,680 Accounts payable
Car equipment
140,625
3,234,201 Bond interest accrued_ ___
Cash
Products and supplies_ _ _ _13,880,089 Reserve for deprec., &c__ 3,553,763
2,389,317 Surplus to Oct. 31 1908_20,228,588
Marketable investments
Accts. & bills receivable_ 14.156,852 Surplus since Oct. 31 1908 1,741,340
It has been the policy of the company to carry lands, buildings, machinery, &c. (while deducting a proper yearly depreciation) at the original cost.
Some of the land having been acquired as far back as 1868, a present revaluation of this fixed property would amount to a sum in excess of the
present bonded debt.
Directors: Ira N. Morris, L. H. Heymann, Charles E. Davis, Henry M.
Wolf, Edward Morris (Pres. and Treas.), Thos. E. Wilson (Vice-Pres. and
Asst. Sec.), C. M. Macfarlane (Sec. and Asst. Treas.). The annual meeting
is held on the 2d Wednesday in June at Portland, Me. The fiscal year ends
on the Saturday nearest the last day of October. The registrars of the
bonds are the Bankers' rrust Co., New York City, and the First Trust &
Savings Bank in Chicago.-V. 91, p. 1163.

United States Bobbin & Shuttle Co.
(Balance Sheet of Oct. 12 1910.)
Assets- .
1910.
$331,606
Real estate
Machinery
372,194
Material & supprs 339,414
Cash&debts receiv. 202,257
Insurance fund__
110,414
Patent rights
650
Good-will
659,800

1909.
$357,329
353,241
416,025
102,509
110,414
135
659,800

Total
$2,016,335 $1,999,453
-V. 91, D. 219.

Liabilities1910.
1909.
Capital stock
$1,651,000 $1,651,000
Accounts payable..
17,627
Reserve for insurance
110,414
110,414
Surplus
254,920
220,412

Total

$2,016,335 $1,999,453

GENERAL INVESTMENT NEWS.

1511

adequate or obsolete,it was necessary to issue a new batch of bonds to cover
a new plant, while the old plant was on the books at practically its original
value. Capital remained apparently unimpaired. The bondholders
sooner or later owned the road, and upon reorganization were obliged in
the interest of the property to eliminate In whole or in part the original
stockholders. The Public Service Commission law recognizes this amortization principle, and "yet the State Tax Commission Is insistent that no
reasonable basis exists for the creation of an amortization fund."

Increase of Wages.-The company has voluntarily increased by 5% the wages of all motormen, conductors and
guards employed on its elevated and surface lines, effective
Jan. 1. This will, it is stated, add about $$300,000 yearly
to the pay-roll. There was a similar increase on April 1 last.
-V. 91, p. 516, 529.
Canadian Northern Branch Lines Co.-New Company.Gerard Ruel, solicitor, Toronto, gives notice that application
will be made to the Parliament of Canada, at its next session,
for an Act incorporating a company under this name, as a
subsidiary no doubt of the Canadian Northern Ry. Co.,
with power to construct the following lines of railway:
(a) Grosse Isle, Man., northerly to Grand Rapids, with a branch to
Sturgeon Bay; (5) Wassewa, westerly and northerly to or near Ethelbert;
(c) Yorkton northerly to or near Hudson Bay Junction; (d) Craven northeasterly to or near Hudson Bay Junction; (e) Craven easterly to Rossburn
branch of the Canadian Northern By. east of Yorkton; (j) Craven northerly
through or near Humboldt to or near Prince Albert; (g) line(d) westerly to
a point between Davidson and Aylesbury;(h) from a point between Brancepeth and Kinistino, northeasterly to or near Pas Mission; (i) from line (d) in
or near Tp. 40, Rge. 7, W. 2 M., westerly to or near Jack Fish Lake. northwest of No.Battleford;(j) Moose Jaw northwesterly to the Canadian Northern
Ry. between Camrose and Stettler; (k) International boundary northerly
and easterly to a point near or west of Battleford; (1) Macleod northeasterly
to Saskatoon-Calgary line of Canadian Northern Ry. In or near Ranges 1 to
4, W.4 M;(m, n and o) from points on the Maryfield-Lethbridge line of the
Canadian Northern Ry. westerly via Cardston to or near Pincher, northwesterly via Taber to a junction with line (/) and northwesterly to a point
In or near Tps. 20 to 23. Rge. 6 W. 5 M.; (p) Lloydminster northwesterly
and westerly to Bruderheim; (a) Edmonton & Slave Lake Ry. north of
Morinville to a point in or near Tp. 56, Rge. 8, W. 5 M.; (r) Fort Pitt
northwesterly to the Athabasca River.
With power to acquire and navigate vessels, wharves, elevators and other
facilities, to generate and use electrical and other energy, and to dispose of
the surplus thereof; to construct and operate telegraph and telephone lines
and to charge toils for the use thereof; also fixing the amount and nature of
securities to be issued with respect to the lines authorized; also authorizing
amalgamation with other companies and the guaranty and holding of
securities and shares of any company; with power to construct, acquire
and manage hotels, restaurants and parks, and to authorize the issue of
securities on properties other than railways.

RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways Co. Philadelphia.-Re-exchange of
4M% Convertible Gold Bonds, dated Feb. 15 1909 r-The company has agreed with the holders of a large majority of the
above-mentioned bonds (amounting, it is said, to some $850,000-Ed.) to re-deliver the Inter-State Ry. collateral trust
4% gold bonds received by it, with the coupon due Feb. 1
1910 and all subsequent coupons attached thereto in exchange for the said bonds of the Am. Railways Co., with the
Canadian Northern Ry.-Supposed Subsidiaries.-The
coupon maturing July 1 1910 attached thereto in the proportion of Inter-State bonds of the face value of $1,000 for Canadian Northern Branch Lines Co. is mentioned above.
The Canadian Northern Railway Express Co., Ltd., head office Toronto.
each $500 of the bonds of the Am. Railways Co.
was
The Am. Railways Co. further offers to all holders of Its bonds Issued in
exchange for bonds of said Inter-State Company the right to make such
exchange on or before Dec. 15 1910 at Its office, 904-917 Witherspoon Bldg.,
Philadelphia, upon said terms. Holders of said bonds of the Am. Railways
Co. upon which payment of the coupon due July 1 1910 has been made must
repay in cash the face value thereof at time of exchange. This exchange
when made shall constitute a complete release of any and all claims by either
party against the other. See also Inter-State Railways below and in
V. 91, p. 1446. In the last report attention is called to the fact that there
is omitted from the balance sheet of June 30 1910 all reference to the aforesaid convertible bonds and the Inter-State 4s securing the same.-V. 91,
p. 789, 1445.

Incorporated on Nov. 18 under the Canadian Companies Act with
$1,000,000 of authorized stock, In $100 shares. Incorporators: Reginald
Herbert, Montague Temple, Archibald James Reid, Robert Phipps Ormsby,
Alfred James Mitchell and John Bissland Robertson, all of Toronto.-V.91.
p. 1322. 1253.

Charlotte (N.0.) Electric Ry.,Light & Power Co.-So/d.See.Southern Power Co.under"Industrials".-V.88,p.1252.
,Chicago Consolidated Traction Co.-Sold.-At the Chancery sale on Nov. 30 the properties were bid in by R. W.Cooke,
Chairman of the reorganization committee, the only bidder,
Algoma Central & Hudson Bay Ry.-Legislation.-Notice for $1,425,000. A Chicago paper said:
It was learned that besides the consolidated bonds of the Yerkes estate
is given that application will be made to the Parliament of
and the Harrity-Foreman committee, Mr. Cooke has acquired all but about
Canada, at the next session thereof, for an Act$200,000 of the entire Issue. Some 25 scattered holders accepted his offer

(a) To extend the time for the commencement and completion of the
railway from the Canadian Pacific Ry. northward to James Bay;(5) to confirm the conversion of 50,000 shares of the capital stock from common stock
Into 5% non-cum. pref. stock (compare V. 90, p. 1105); (c) to authorize
the construction of a railway from a point on the main line at or near Mile 17
from Michipicoten Harbor northerly about 93i miles.-V. 91, p. 1327.

Ann Arbor RE.-Detroit Toledo & Ironton Loses Control.See that company below.-V. 91, p. 1383, 945.
Atlantic Shore Line (Electric) Ry., Maine.-Sold.-At
foreclosure sale on Dec. 1 the property was bid in by the reorganization committee for $115,000. See V. 91, p. 869,
1159, 1253.
ft,
Bay of Quint° Ry.-Proposed Agreements.-Notice is given
that application will be made to the Canadian Parliament at
its next session for an Act authorizing the company to enter
into agreements with the Canadian Northern Ontario Ry.
and the Ontario & Ottawa Ry. (See bond offering, V. 74,
p. 150.)-V. 84, p. 157; V. 74, p. 150.
Boston Railroad Holding Co.-$20,012,000 Pref. Stock in
Place of Debentures.-The Mass. RR. Comm. on Nov. 26
gave approval to the plan for •issuing not exceeding $20,012,000 4% cum. pref. stock at par ($100 a share), in order
to retire the same amount of debenture bonds dated Nov'. 1
1909. The entire issue of pref. stock will be subject to call
at any time at 110 and accrued dividend and will also have
"the privileges, priorities, restrictions, qualifications and
limitations provided in Chapter 639 of the Acts of 1910."
Said debenture bonds upon exchange shall be canceled and
destroyed. (Compare V. 91, p. 1612.)-V. 91, p. 945.
Brooklyn Rapid Transit Co.-Special Franchise Tax Reduced-Obsolescence Allowed for.-Justice Le Boeuf on
Noy. 25 reduced the valuation for 1905 of the.State Board
of Tax Commissioners for special franchise taxes from
$1,365,842 to $334,538.
The Court allows a reduction In addition to ordinary wear and tear for
"obsolescence or inadequacy of railway equipment not yet sustained but
capable of reasonable ascertainment for the future." Machinery or equipment, while still capable of years of service, it is stated, becomes inadequate
to do the work demanded, not only by the corporation, but by the law
itself, In electrical machinery especially the type becom ng obsolete by
Invention and Increasing public demands which frequently require that the
obsolete appliance or equipment give way to renewal. Many of them, it is
held, may be provided against for the future by setting aside from gross
earnings a reasonable amount to create a reserve against the day when
they shall come, this reserve, with the amounts set apart for ordinary
depreciation, going to amortize the capital of the company In a manner
similar to the amortization of securities of trustees, money and manufacturing corporations.
The Court says the wrecks of many public service corporations scattered
throughout the State would not to-day be seen if this principle had been
applied to their accounting,and that formerly, after original paid-in capital
and original bond issues had regularly paid their dividends and interest out
of earnings, and the plant had depreciated or become in whole or In part In-




of $300 for each $1,000 bond. A statement of the bonds held by Mr. Cooke
follows: Urban Transit Co., all but $20,000 of total issue of $1,097.000;
North Ch. El., entire issue of $868,000; Evanston El., all but $16,000 out
of $130.000; North Side El., entire issue of $155,000; Ch. North Shore, all
but $35,000 out of $675,000; Ogden Street By., all but $45,000 out of
$750,000; Cicero & Proviso, all but $50,000 out of $2,000,000; Ch. C,onsolldated issue, all but about 3200,000 out of $6,750,000. See V. 91, p. 1384.

Detroit & Mackinac Ry.-First Dividend on Common Stock.
-An initial dividend of 23/2% has been declared on the $2,000,000 common stock, along with the regular semi-annual
dividend of 23% on the $950,000 pref. stock, both payable
Jan. 3 to holders of record on Dec. 15.-V.91, p.1160,1247.
Detroit Toledo & Ironton Ry.-No Longer Controls Ann
Arbor.-By the sale of the $3,001,000 preferred and $2,190,000 common stock, forming part of the collateral for the
5% notes of 1905, the company, it should be noted, lost its
control of the Ann Arbor RR.
If the sale Is confirmed by the Court, it will give the Ramsay committee direct control of the Ann Arbor stock, of which road Mr. Ramsay was some
time ago elected President. F. J. Lisman & Co., whose firm filed a formal
protest, announce an intention to carry the pending litigation attacking the
validity of the purchase of the Ann Arbor stock and the pledge of the $5,000,000 under the notes to the United States Supreme Court.
Suit, it Is stated, has been brought to recover the $220,000 loan of the
Ann Arbor to the Det. Tol. & I. referred to in the annual report of the
latter (V. 91, p. 1383)
•

Foreclosure of General Lien and Divisional Mortgage.-The
New York Trust Co., as mortgage trustee, as a preliminary
to foreclosure, has declared due the principal and interest of
the general and divisional 4% mortgage, under which
$4,253,000 bonds are outstanding.-V. 91, p. 1446, 383.
Erie RR.-Notes Extended.-An istue of $5,000,000 shortterm notes'due Dec. 1 has been extended, but for what
period is not made public.
The notes are secured by Erie & Jersey RR. bonds. They have been
held in block and are not In the hands of the public.-V.91. p. 1029, 1020.1i1

Gainesville Midland Ry.-President Resigns.-President
E. B. Eppes has resigned, effective Jan. 1. A press report
states that the vacancy will be filled by Captain W. B. Denham, President of Tampa Northern Ry.-V. 81, p. 1848.
Greenville (S. C.) Traction Co.-See Southern Power Co.
tinder "Industrials" below.
Indianapolis Union Ry.-Favorable Decision.-Judge Remster in the Marion County, Ind., Circuit Court, on Sept. 7,
sustained the demurrer of defendants in the action brought
by a former State Prosecuting Attorney to annul the charters
of the Indianapolis Union Ry. and the Belt RR.&Stockyards
Co. on the ground that by the 999-year lease of the latter's
railway to the Union Company, dated Oct. 11882, the law
had been violated. The present Prosecutor vtates he has

1512

THE CHRONICLE

[VOL. Lxxxxi.

taken no part in the case and does not know whether an the Empire Trust Co., 42 Broadway, on or before Jan. 5
appeal will be taken.
under agreement of Dec. 1:
Charles I. Henry, of H. S. Henry & Son; Newman Erb, Chairman Ann
Judge Remster says the matter is one fraught with so much consequence

that he does not think a single judge In a lower courtshould attempt to annul Arbor RR. Co.; Harmon W. Hendricks, of Hendricks Brothers, 49 Cliff St.,
the charters of the companies, especially since the arrangement between with Wellman & Wollman, counsel, and Robert G. Starr, 20 Broad St.,
them has existed for over a quarter of a century and a consideration of the Secretary, all of N. Y City. Compare V. 91, p. 154, 1447; V. 90, p. 1363.
matter by several judges in a higher court, on appeal, would be more
North Carolina Public Service Co.-Earnings.-For 12
satisfactory and probably fairer. The Court pointed out that there was
a line of authorities making a distinction between belt or servient roads months ending Sept. 30 1910:
and
that
and trunk lines,
probably the decision in the Eel River and Gross earnings
$207.293J Net earnings
$83,851
Wabash case, holding that one road cannot lease to intersecting and com- Operating expenses
123,442 Interest and taxes
46,355
peting carriers its property in perpetuity, thus surrendering control of Its
property and failing to perform its public functions, does not apply in this
Net earnings
$83,851
Balance, surplus
case.
Gross earnings include $175,378 from the Greensboro properties
$3
(71ig
4h
96
t
The Stockyards Company built the road and for a time carried on both and power, $81,727; railway, $65,069, and gas, $28,582) and $31,915
from
the railroad and stockyards business, but later leased the railway to the the High Point properties (light and power, $27,899, and railway, $4,016)
Union Company, then just organized.-v.83, p. 213.
-V. 88, p. 1128.

Interstate Railways, Philadelphia.-Readjustment Plan.The company's financial plan was unanimously ratified at a
meeting held on Nov. 25, at which 19,906 shares out of a
total issue of 23,004 were represented. An advertisement
in the "Phila. Press" of Dec. 2 gives substantially the following particulars:
The underlying companies were arranged Into four groups or local systems and leases of all have been consummated upon satisfactory terms, the
lessees assuming all the liabilities and the lessors (Interstate Rys. Co. and
United Power & Transportation Co.--Ed.) being assured of a fixed income
affording an adequate return to the holders of their securities and capital
stock, respectively. In consummating these leases, the lessor companies
agreed to provide for their floating debt to the dates of the several leases,
which, In the aggregate, including certain current obligations of the Un. P.
& Transp. Co., amount to about $555,000. In addition, there are unpaid
coupons of the Interstate bonds [$10,776,604 4 per cents] for the year 1910,
and others will mature In 1911.
To provide for the payment of these current obligations, which will ultimately devolve upon the Interstate Rys. Co., the shareholders have authorized an issue of $1,000,000 of Interstate Rys. fixed 6% cumulative pref.
stock in $10 shares(the par value of common shares is $100),without voting
power in the election of directors, but with preference as to assets as well as
dividends. The first semi-annual dividend "to be due and payable on July 1
1911, and said pref. stock shall be redeemed at par three years from date
of original Issue, or any dividend day thereafter, whenever the Interstate
Rys. Co. shall have funds in hand over and above its fixed charges and administration expenses." It is further provided that the pref. stock shall
"be retired at par by payments at any dividend periods of not less than $1
per share out of the said rentals, after the payment of taxes, interest on the
United Railways 4s and Interstate Rys. 4s and the administration expenses; such payments to be made and the entire issue of pref. stock to be
redeemed and retired before any dividend is declared or paid on the common
stock of Interstate Rys. Co. and all such payments to be endorsed on the
certificate issued for pref. stock."
The Interstate bondholders are invited to subscribe for the pref. stock
at par and to pay their subscription by the surrender of the four coupons
due on Feb. 1 and Aug. 1 in 1910 and 1911. The stockholders are invited
to subscribe for the pref. stock and to pay their subscriptions in cash as
follows: 20% Dec. 1 1910; 20 Jan. 1 1911; 20% Feb. 11911; 20% Mch. 1
1911 and 20% April 1 1911.
I. "It is not proposed, for the present, to pay any of the coupons in cash.
Those bondholders who exchange their coupons for pref. stock will receive
a security paying 6% interest for their coupons, upon which no interest
will be paid. Those bondholders who do not so exchange their coupons
for pref. stock must wait until the company has sufficient funds accumulated to pay the overdue coupons."
The plan is contingent upon the Interstate bondholders subscribing on
or before Dec. 31 for not less than $400,000 of the $1,000,000 pref. stock,
payable in cash and coupons; also upon shareholders subscribing at par,
payable in cash, for not less than "$500,000, to be used in the payment of
said indebtedness, so that the same shall In no way interfere with or prevent
the payment of the coupon due on Feb. 1 1912 out of the rentals accruing
upon the said leases." (See also Am. Railways above.)
Earnings Derived from Rentals of Leased Systems for Calendar Years.
[The leases took effect: Wilkes-Barre, Jan. 11910; Reading, April 11910;
Wilmington, July 1 1910: Trenton, Oct. 15 1910, and the rentals, It is
understood, are payable annually on those days.-Ed.]
Wilkes-Barre. Reading. Wilmington. Trenton.
Total.
$360,000
$263,000
1911
$155,000
$80,520
$858,520
281,250
370,000
162,500
1912
83,020
896,770
296,250
370,000
167,500
1913
86,041
919,791
300,000
380.000
172,500
1914
91,041
943,541
177,500
300,000
380,000
96,041
1915
953,541
182,500
300,000
390.000
101,041
1916
973,541
187,500
300,000
106,041
390,000
983,541
1917
192,500
300,000
111,041
1,003,541
400,000
1918
197,500
300,000
116,041
1,013,541
400,000
1919
202,500
1,023,541
121,041
300,000
1920
400,000
126,041
207,500
1,033,541
300,000
1921
400.000
1,043,541
131,041
212,500
1922
300,000
400,000
1,053,541
136,041
217,500
300,000
1923
400,000
1924
400,000
1,063,541
222,500
800,000
141,041
1925
300,000
400,000
1,071,041
146,041
225,000
1926..
400,000
300.000
150,000
225,000
1,075,000
Taxes and fixed charges in detail are as follows:
Un. Pow. & Transp. Co.Interstate Railways Co.
Interest on United Rys. 4s_$316,720 Interest on Interstate Railways 4s
Int. on Delaware Co. Ry. 4s 39.956
$431,064
3,296 Taxes
Taxes
2,300
8359,972
Total charges both companies

$433,364
$793,337

Subscriptions for the pref. stock up to yesterday aggregated $728,000.-V. 91, p. 1446.
Long Island RR.-16% Increase.-The number of commuters for November is stated as 10,653, contrasting with
9,196 in November 1909, being an increase of nearly 16%.
-V. 91, p. 463.
Lorain Ashland & Southern RR.-Consolidation.-Under
this title there have been consolidated the Industrial RR.
Co. of Lorain and the Lorain & Ashland RR. Co. (V. 85,
p. 1462). The capital stock is $250,000. A new mortgage
will be drawn, the bonds now out being only temporary.
Directors: Pres., Joseph Ramsey Jr., N. Y. City; Pres. and Treas..
N. P. Ramsey, Dayton; Sec., F. A. Walsh, Ashland, O.; G. P. Rust, Cleveland; J. W. Patterson, Pittsburgh.

Louisville & Nashville RR.-Bonds Called.-Sixty-three
(863,000) Pensacola & Atlantic RR. 6% mortgage bonds
have been drawn for payment at 110 and interest on Feb. 1
at the company's office, 71 Broadway, New York.-V. 91,
p. 1025.
Metropolitan Street Ry., New York.-Extension of Time
Refused.-The Public Service Commission yesterday denied
the application to extend from Dec. 5 to Jan. 1 the time to
put into effect the joint rate with the Central Park North &
East River RR. ordered oh Aug. 2 last.--V. 91, p. 1386.
Middletown Unionville & Water Gap RR.-Notice to 2d
M. Bondholders.-Default having occurred in the payment
of the $250,000 2d M. bonds, due June 11910, the following
protective committees will receive deposits of said bonds at




Northern Central Ry.-Suit to Restrain Lease.-The
Waters minority stockholders' committee on Nov. 29 filed in
the United States Circuit Court at Philadelphia a suit to
prevent the proposed 999-year lease of the Northern Central
on the ground of violation of the anti-trust laws.

It is contended that the Pennsylvania RR. secured control of a majority
of the stock of the Northern Central, Philadelphia Wilmington & Baltimore
and Columbia & Port Deposit railroads, all operating on parallel lines, for
the purpose of preventing competition in the transportation of commerce.
V. 91, p. 1254, 1161.

•Northern Ohio Traction & Light Co.-Sale of Treasury
Bonds.-The directors, it is learned, have approved the sale
of some of the 4% bonds on account of new shops and car
barns at Akron and such other improvements as may be
made in excess of surplus earnings.
Proposed Guaranteed Bonds for Power House.-The company, it is announced, is planning to organize the Northern
Ohio Power Co., with $3,000,000 capital stock, to build a 25,000 h.p. power station at the gorge just above Akron, and
will guarantee its 1st M. bonds, of which $3,000,000 will be
authorized ,and probably $1,000,000 issued in the next 1
years. The "Cincinnati Tribune" of Nov. 27 said:
It is calculated that this move will save $100,000 per year, which will
more than pay the interest on the indebtedness. The bonds of the power
house company are to be subject to call at the option of the Northern Ohio
Traction & Light Co. any time after 1919 at 105.-V. 91. P. 519.

Oakland (Cal.) Traction Co.-45250,000 Equipment Bonds.
-The shareholders will vote Dec. 31 upon creating a new
bonded debt to the amount of $250,000 in gold coin of the
United States, for the purpose of purchasing rolling stock.
Said bonds are to be additional to the $12,000,000 bonds issued and
issuable under the general mortgage of 1007.
The directors include: E. A. Heron, Dennis Searles, C. P. Murdock,
S. J. Taylor, F. C. Havens, George E. Pratt and Arnold E. Needham.
-V. 91, p. 1331, 464.

Oregon RR. & Navigation Co.-To Vote on Sale and Dissolution.-The shareholders will vote Dec. 22 on authorizing
(1) the sale of the property to the Oregon-Washington RR.
& Navigation Co.-see below-and (2) the dissolution of the
Oregon RR. & Navigation Co. See also Union Pacific RR.
below.-V. 91, p. 1447.
Oregon Short Line RR.-New Mortgage.-The shareholders at a special meeting held at Salt Lake on Wednesday
authorized a $150,000,000 mortgage on the property, including all branches constructed under the Harriman regime.
None of the new bonds will be issued at present. See Union
Pacific RR. below.-V. 91, p. 1026, 871.
Oregon-Washington Railroad & Navigation Co.-Consolidation-Further Particulars.-An official statement regarding this new company is given below under "Union Pacific. The lines in operation under construction and projected that will compose the new company, it is said, embrace a total of 3,474 miles, of which 2,462 are in operation
or under construction.
The lines which, along with the Ore. RR. & Nay. Co.
(see p. 100 of "Ry. & Ind." Section), the new company will
absorb are described by J. P. O'Brien, Gen. Man. of the
Union Pacific interests in the Pacific Northwest, as follows
(approximate mileage supplied by Ed.):
Lines in Operation (in Addition to Ore. RI?. & Nat'. Co.)-No. Miles Owned.
Oregon & Washington RR. Co.-Operates between Portland and
Seattle (186.7 miles) and owns parts of the line so operated, and also
owns constructed line from Centralia to Hoquiam, Wash
(1)
Columbia River & Oregon Central RR. Co., Arlington to Condon, Ore
45
Columbia Southern By. Co., Biggs to Shanlko, Ore
69
Ilwaco RR. Co., Megler to Nahcetta (3-ft. gauge)
29
'
Lake Creek & Coeur d'Alene RR., Lake June., Wash.,to Lake Point,Ida. 14
Oregon Washington & Idaho RR. Co., Iliparla, Wash., to Lewiston.
Ida.(with operating rights Lewiston to Grangeville, Ida.)
72
Spokane Union Depot Co. (terminals used by Oregon RR. & Navigation Co. In Spokane)
1-3
Snake River Valley Co., Wallula to Grange City, Wash
06
Umatilla Central By. Co., near Pendleton to Pilot Rock, Ore
14
Idaho Northern By. Co., Enaville to near Murray, Ida
30
Northwestern RR. Co.,along Snake River north from Huntington,Ore, 88
Malheur Valley By. Co., Ontario to Vale. Ore
14
Line Nearly Completed.
The Deschutes RR. Co. owns a line nearly completed from the Columbia River along the Deschutes River to Redmond.
The North Coast RR. Co. owns a fine nearly completed from Attalla,
near Wallula. Wash., to North Yakima, Wash.; also owns terminals in
Spokane and has partially constructed some of the other lines mentioned
in the articles as owned by it. (V.88, p. 086; V.89,p.994; V.90, p.'698.)
Oregon Eastern By. Co.--Organized some years ago for the purpose of
constructing lines in Central Oregon. Has made surveys and acquired
rights of way from Vale to Odell, Odell to Natron on the Southern Pacific.
and from Bend to the California-Oregon State line. The Oregon-Wash.
RR. & Nay. Co. proposes to take over that part of the line covering the
territory from Vale to Odell and from Bend to the California-Oregon State
line. The Oregon Eastern will for the present continue to construct the
line across the Cascade Mountains from Natron to Klamath.
Shortly stated, the new company Is organized to take over all of the property of the Oregon RR. & Nay. Co. and Its auxiliary companies, in order
that the properties may be financed as a whole. The new company will
place a mortgage upon the entire property which will be a 2nd M. upon the
property of the Oregon RR. & Nay. Co. and a 1st M. upon the property of
each of the auxiliaries.-V. 91, p. 1447.

Passaic & New York RR.-Extension of Bonds at 5%.
Holders of the $70,000 1st M. 6% bonds dated 1885 and due
Dec. 1 1910 are offered an extension of the same to Dec. 1
1940, with interest at 5% per annum, payable J. & D.,in
N. Y. City, the present security to remain unimpaired.

Digo. 3 1910.1

THE CHRONICLE

1513

The extension offer applies only to the holders of such bonds who deposit
the same, together with the Dec. 1 1910 coupon, with J. P. Morgan & CO.,
23 Wall St., N. Y., on or before Dec. 1 1910, and who make a cash payment
at the same time of $15 per $500 bond. The Dec. 1 1910 coupon will be
cashed at time of deposit. The firm will buy at 100 and Int. at any time
prior to Dec. 1 1910 the bonds of holders who do not desire the extension.
The road Is operated by the N. Y. Sus. & Western under 999-year lease.

been made with the Pacific Coast Co. The Western Pacific
will now sell tickets in the East for points on the Pacific Coast,
north and south. Traffic agreements have also been made
with the Atchison for interchange of business. The business
of the new line is gradually developing.-V. 9/, p. 590, 216.
PennsYlvania Mt.-Through Service Begun Under Hudson
Wilkes-Barre (Pa.) Ry.-Lease.--See Interstate Railways
River.-On Nov. 27 the station in N.Y. City and the tunnels above.-V. 90, p. 374.
operation.
River
Hudson
the
were
put in
thence under
Wilmington & Philadelphia Traction Co.-Payments due
mrho Reading Company has announced a running time of 1 hour and 50 under
Lease.-See Interstate Railways above.-V.91, p. 40,
Minutes between Philadelphia and Liberty St., N. Y., as against 2 hours
and 5 minutes by the Pennsylvania from Phila. to Cortlandt St., N. Y.
The Penn. RR. Co. It Is expected will make the same time as the Reading.-V. 91, p. 1161, 1026.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Portland (Ore.) Railway, Light & Power Co.-Plan ApAmalgamated Asbestos Corporation.-New Director.proved.-The shareholders on Nov. 28 approved the financial
R. M. Aitkin, of Messrs. Kitcat & Aitkin, London, has been
plan outlined in V. 91, p. 1328.
elected a director to represent large English interests.
Porto Rico Ry.-Stock.-The shareholders voted on Nov.
Fiscal Year.-The directors have voted to change the
23 to increase the pref. stock from $500,000 to $1,000,000. end of the
fiscal year from May 31 to Dec. 31.-V. 91,
The new stock will, it Is stated, be offered at par to all shareholders of p.
277, 1027.
record to the extent of one share for seven, to provide for extensions and
addltions.-V. 01, p. 1096.
American Coal Products Co., New York.-Serial Gold
Public Service Corporation of New Jersey.-New Directors. Notes Sold.-Kidder, Peabody & Co., New York and Bos-H. G. Lloyd, of Drexel & Co., Phila., and J. H. Harding, ton,have placedat prices to yield 6% income, the authorized
of Charles D. Barney & Co., Phila., were on Tuesday elected issue of $1,500,000 5% serial
coupon notes, dated Dec. 1
to the board to fill vacancies. Edgar B. Ward had previ- 1910 and due Dec. 1 yearly 1911 to 1914, viz.: $250,000 in
ously been chosen as a director to succeed the late Dr. L. 1911, also in 1912, and $500,000 in 1913 and again in 1914,
D. Ward.-V. 91, p. 946, 871.
but callable at par on any int. period on 30 days' notice.,
Reading (Pa.) Transit Co.-Lease.-See Interstate Rail- Guaranty Trust Co. of N. Y., trustee: Int. J. & D.
Letter from Vice-President William H. Childs, New York, Nov. 28 1910.
ways above.-V.99, p. 373, 977.
The Am. Coal Products Co. owns and operates.through subsidiary comRockford & Interurban Ry.-Earnings.panles,about 30 plants engaged In
Total
Pf.Divs. Com.Divs. Bat,
Cat.
Fixed
Net
Earns.
Charges.
YearEarns.
(4%)
(6%)
Surf).
1909
$628,411 $271,780 $152,927
$3,000 $40,000 $75,853
1908
239,151
567,466
58,528
137,033
3,000
40,000
The Milwaukee Trust Co. is offering a block of the 1st M. 5% bonds at 98
and Interest.-V. 89, P. 226

Rock Island Company.-New Directors-Phelps, Dodge &
Co. Represented.----On Nov. 28 James Douglas, James McLean and Arthur Curtis James, all representatives of the
Phelps, Dodge & Co. interests, which last July acquired
through Kuhn, Loeb & Co. a large block of stock previously
owned by the Pearson-Farquhar syndicate, wore elected
directors to succeed F. S. Pearson, Percival Farquhar and
E. D. Kenna. A. J. Miller was also elected to the board,
succeeding E. G. Boissevain to represent Dutch holders.

the manufacture of coal products, such
as tar, ammonia, &c. (Including roofing felts-Ed.)
The notes are Issued under an indenture which provides that the net
quick assets of the company shall at all times be equal to at least 150% of
the par value of the outstanding notes, as shown In the following;
Combined Balance Sheet July 1 1910 of Company and its Subsidiaries.
Assets ($18,784,539)Liabilities ($18,784,530)Plant and equipment__ _ $8,771,580 Capital stock ($100 shs.)_$10,418,400
Shares In cos. not contr'd
177,147 Bonds of sub. cos. out__ x2,877,000
Contracts, &c
3,363,295 Minority shares (book
Cash
201,211
value) not owned by
Accounts and bills receivAm.C.P.Co. In sub. cos
553,201
able
3,608,758 Accts. and bills payable_ 3.062,613
Merchandise Inventories_ 2,173,022 Bond and mortgage
140.000
Stks.&bonds(market val)
384,475 Reserves
421.009
45,051 Surplus
Prepaid charges
1.312,417

x Includes, it Is supposed, $2,154,000 5s of Barrett Mfg. Co.-Ed.
The Indenture also provides that no liens of any kind shall hereafter be
placed
upon any of
assets of its subsidiary companies until these notes
Mr. McLean was elected to the finance committee and Mr. James was are paid, and that the
no assets of the parent company shall be mortgaged
member
the
exeeutive
of
named director and
committee of the Chicago or pledged unless these
notes are equally secured.
Rock Island la Pacific Railway Co., succeeding Mr. Kenna.-V. 91, p.
Net Earnings Available for Dividends after All Charges, including Interest.
1153, 1096.
1910 (est.)
1909.
1908.
1907.
'1006.
1905.
1904.
St. Louis Rocky Mountain 85...Pacific CO.-New Coal Mines. $1.400,000
$1,285,173 9$40,409 $1,520,262 51,301,598 5904,270 51,033,631
-The managers announce:.
Since Its formation In 1903 the company has paid dividends on Its capital
Construction work for the opening of two additional coal-mining plants stock at the rate of 53i% per annum to January 1910, when the stock was
on the company's property Is now actively In progress; one of these mines. placed on a 6% basis. The earnings for the last 8 years have averaged
located at Sugarlte, near the city of Raton, N. M., will be operated for over 16 times the interest charges, and for 1910 will probably be 19 times
high-grade domestic coal, exclusively, while the other, located at Gardiner, the amount required for the Interest on these notes.
[The company was incorporated In February 1903 In N. J.(V. 76, p. 867)
is Intended for the production of steam coal. In addition to these new
camps, preparations are being completed looking to the building of a large and purchased all of the stock of the United Coke & Gas Co.(V. 73, p. 1365;
V.
80, p. 1239) and nearly all the stock of the Barrett Mfg. Co. (V. 68.
new plant in Potato Canyon. When completed, the company's coal output capacity will be increased by 1,250,000 tons per annum, [See also p.1074). On Jan. 1 1909 the company sold its by-product coke-oven Interests, represented by the United Coke & Gas Co., to the Oberschlestsche
"Earnings Department" on a preceding page.1-V. 91, p. 1244.
Kokswerke & Chemische Fabriken Aktien Gesellschaft of Berlin
Salisbury & Spencer Ry.-Sale.-See Southern Power stock then 18,500.000 marks, dividend rate 11%), which organized(capital
a new
corporation
known as the German-American Coke 80 Gas Co. (auth: capital
Co. under "Industrials" below.-V. 82, p. 1380.
(?
stock, 52,000.000. now paid up,
to take over the by-product
coke oven and other patents, comprising the Otto-Hoffman and the UnitedSpokane & Inland (Electric) RR.-Earnings.-Otto system of construction. The American Coal Products Co. has an InYear
Expenses
Gross
Net
Bond
Balance
terest In the new company. Sec further particulars In "Iron Age" of New
EndingEarnings.
& Taxes. Earnings. Interest.
Surplus. York for Dec. 17 1908. The Barrett Mfg. Co. has $5,000,000 stock, of
July 31 1910_ ___$1,707,453 $1,162,909 $544,544 $246,325 $298,219 which 54.774,600 Is reported outstanding; 5s $2,500,000 auth.; issued
June 30 1901)..___ 1,269,101
882,152
234,700
386.949
152,249 $2,354,000, due 1939, callable.-Ed.]-V. 89„ p. 1660.
-V. 91, p. 046.

Springfield (Mass.) Street Ry.-To Absorb Springfield &
Eastern.-The Mass. ItR. Comm. on Nov. 26 sanctioned an.
increase in the capital stock by not exceeding $900,000 in exchange, share for
for the outstanding shares of the
Springfield Sr. Eastern
share,
St. Ry. Co.
The Springfield & Eastern St. By. Co. Is to transfer all Its property and
franchises to the Springfield Street By. Co., which Is to assume all outstanding Indebtedness.-V. 91, p. 277.

Trenton (N. J.) Street Aty.-Lease.--See Interstate Railways a')ove.-V. 81, p. 1170.
Union Pacific R.R.-Statement as to Merger of Subsidiaries.
-Referring to the incorporation of the Oregon-Washington
RR. & Navigation Co. with $50,000,000 capital stock (see
above; also last week's issue, p. 1447), Pres. R. S. Lovett says:
The Oregon RR. & Navigation Co. mortgage, which limited the bonds
Issuable under It to $24,000,000, made no adequate provision for new lines.
Consequently branches and other extensions have been constructed from
time to time by separate corporations, so that the system In Oregon and
Washington, while operated as a unit, Is really owned by several different
companies whose stock Is held by the Union Pacific.
The purpose now Is to vest the title to these several pieces of road In a
single corporation 'and provide for further construction and expansion to
keep pace with the rapid development of the Northwest by an issue of bonds
under a mortgage that will cover an entire and compact system. No arrangements have been made for the Issue of such bonds, .We arc merely
getting ready to deal promptly with conditions as they arise.
We are taking similar action, and for the same reasons, with respect to
the Oregon Short Line system in Utah, Idaho and Montana.-V. 91.
p. 1448, 1164.

Wabash-Pittsburgh Terminal Ry.-New Conintitteemaa.Albert H. Wiggin, Vice-President of the Chase National
Bank, has been elected a member of the second mortgage
bondholders' committee.-V. 91, P. 1386, 1255.
West End Street Ry., Boston.-Application to Sell Stock
at Auction.-The company has petitioned the Massachusetts
Railroad Commissioners for authority to sell at auction the
1,049 shares ($52,450 stock) of unsubscribed stock out of
the 27,800 shares ($1,390,000 stock) offered to the stockholders in October last at $75 per share. Compare V. 91,
p. 872, 791.
Western Pacific Ry.-Traffic Agreements.-Arrangernents
for an Interchange of passenger and freight business have
•



American Soda Fountain Co.-New Directors-Proposed
Readjustment.-Chas. F. Pope and Thomas J. Norton Jr. were
elected directors at the annual meeting on Nov. 23 to succeed
Charles Warren, who resigned, and W. T. Jenney, deceased.
Shares voted 29,865 out of 37,500 issued, those dissatisfied
refraining from voting.

The balance sheet as of Aug. 31 1910 shows total assets of $1,457,126
and good-wIII, which represented $1.582,441 In previous years,
not being included); cash on hand was $137.901, accounts receivable
$167,112, accounts payable $18.224.
Treasurer North says: "In 1908, Indebtedness amounted to more than
$1,250,000. Substantial liquidation was determined upon as the only
possible method to save the business, and this has been carried on. Indebtedness Is considerably less than cash now on hand. Operations during
the year ended Sept. 1 1910 have been carried on at a slight profit, or certainly without substantial loss. Unless, however, the stock Is reduced,
It would be impossible because of legal restrictions to pay dividends until
the present nominal cdpital Is made good. Because of this restriction It
will be necessary to reorganize the company, and directors arc considering
a reorganization or readjustment based upon actual resources. No additional capital will be required and no call will be made upon Its stockholders
for subscriptions for any purpose.-V. 85. p. 1340.

(patents

American Steel Foundries Co.-New Officers.-George E.
Scott, formerly Third Vice-President, has been elected
Second Vice-President in place of W. W. Butler, who resigned, and R. H. Ripley sticeveds Mr. Scott.-V. 91, p.
1443, 9.47.
American Sugar Refining Co.-Government Suit Begun.The Government on Nov. 28 filed in the U. S. Circuit Court
in this city its petition in the long-expected suit against
the company for alleged violation of the Sherman Anti-Th.1st
Law. The controlled and allied corporations named as defendants which it is asked be declared to have been in an unlawful combination or conspiracy number 29, including
among others the National Sugar Relining Co. and CubanAmerican Sugar Co., the other defendants being the directors of the defendant companies and the'executors and trustees under the will of the late President Henry O. Havemeyer.
It is claimed that the company controls about 72% of the
total output of refined sugar in the country not produced
from beets and about 70% of the total refilled sugar of every
kind consumed in the country. Extended extracts from
the petition will be given another week.

TIIE CHRONICLE

.1514

WoL. Lxxxxi.

[The letter shows that in addition to the properties previously reported
Statement.-Gen.CounselJames M.Beck says in substance: the
company now owns all the stock of the Dexter (Me.) Electric Co. and
The company's reply to the various charges will be seen when Its formal practically the entire capital stock of the Solon (Me.) Electric Co.-Ed.]
answer is filed. For the present It Is sufficient to recall that the Supreme See further particulars in V. 90, p. 851.
Court has already declined in a similar proceeding to hold that this comCentral Union (Bell) Telephone Co.-Report.pany was an illegal monopoly under the Sherman Law, and the Court has
deprecated "the challenging of the justice of their well-considered and sol- Calendar
Bal., Sur.
Net
Interest
Operating
Gross
emn judgments." The company has no monopoly; It produces no raw
or Def.
Charges.
Expenses. Earnings.
Year- Earnings.
sugar and does not and cannot control the price of the raw material; It has 1909
$90
sur.
$1,363,272
$3,636,062
$1,363,362
$4,999,424
no agreements direct or implied with other sugar companies, and It is sub1,199,415 def.149,244
3,709,531
1,050,171
4,759,702
1908
ject daily to keenest competition; It has, including Its beet sugar Interests, -V.
1173.
p.
90,
of
liberal
stretch
a
about 51% of the country's sugar trade and It requires
the Imagination to call this a monopoly. It does not seek to stifle comColumbus & Hocking Coal & Iron Co.-Foreclosure Suit.petition or oppress the consumer. Its refinery profits last year averaged
less than one-sixth of a cent per lb. During the last decade, when the cost The Central Trust Co., as mortgage trustee, on Nov. 30 filed
of this company's labor and supplies have very largely Increased, It has in the Federal Court at Columbus, 0., a suit to foreclose the
continued to sell sugar at a lower margin of profit than formerly. In 1870
the price of granulated sugar In New York was 13 cents a lb.; in 1880, 9.8; first mortgage of 1887.
In 1890, 5.32; in 1909, 4.76.
Deposits.-There are now listed on the New York Stock
The company has over 19,000 stockholders, the average holding of Its
stock being about 50 shares. These Investors may be assured that, what- Exchange $6,990,800 Bankers' Trust Co. receipts for comever the outcome of this litigation may be, this company cannot be deprived mon stock, of which $3,366,700 show the first installment
of Its property. It is unfortunate, however, that business men cannot conduct a legitimate business enterprise without subjecting themselves to pro- of $5 per share paid. The greater part of the first and
ceedings under a highly technical statute about the meaning of which the second mtge. bonds and pref. stock has also been deposited
courts do not agree and about the wisdom of which most thoughtful men
under the reorganization plan.-V. 91, p. 1097, 1027.
of all classes are In serious doubt.-V.91. p. 1387, 216,

Armstrong Cork Co., Pittsburgh.-New Stock.-The
Consolidation Coal Co., Baltimore.-New Stock.-The
shareholders on Nov. 30 authorized the proposed increase shareholders will vote Dec. 12 on increasing the capital stock
is
auth.
stated
the
capital
present
At
stock.
in the capital
from $20,000,000 to $25,000,000. Stockholders of record
to be $3,500,000 common and $1,000,000 pref. See V. Dec. 15 will be allowed to subscribe as below stated.
91, p. 1329.
Digest of Circular from Pres. C. W. Watson, Baltimore, Nov. 28 1910.
Atlas Phosphate Co.-See International Agricultural
The company has purchased a large tract of coal land, approximately
Corporation below in foot-note to balance sheet.
100,000 acres in Pike, Floyd, Knott and Letcher counties, Ky., at a price of
$4,500,000, of which $4,400,000 is payable at the option
Beech Creek Coal .84 Coke Co.-Default Believed to Be approximately
the company in shares of Its stock entitled only to dividends declared
of
Temporary.-The interest due Dec. 1 on the $2,784,000 let after
July 31 1912.
At a meeting to-day the board voted to recommend the Issue of addiM.5s was not paid, but the delay is believed to be temporary.

tional capital stock in the aggregate amount of $5,000,000; also the
sale of $974,000 of the present auth.stock not yet issued,the latter amount,
together with $600,000 of the additional stock,to be entitled to dividends
declared after Jan. 31 1911, and the remainder, $4,400,000, to be entitled
dividends declared after July 31 1912, and that the entire $5,974,000
Bethlehem Steel Corporation.-Earnings.-For the ten to
be offered to stockholders on the following terms, viz.: Stockholders of
months ending Oct. 311910:
record Dec. 15 1910 to have the right to subscribe at par at company's
office, Continental Bldg., Baltimore, (a) for the shares of stock entitled to
''Total income" of the corporation and its subsidiaries, being the
share in dividends declared after Jan. 31 1911 to an amount equal to
net manufacturing profits, together with interest on Invest$3,351,160 8 V,% of their present holdings, respectively, and (b) for the shares ofstock
ments, rents, &c
1,394,216 entitled to share in dividends.declared after July 31 1912 to an amount
Deduct interest on bonds and notes
equal to 233i% of their present holdings, respectively.
Any stockholder may exercise either or both of the subscription rights
$1,956,953
Balance, surplus, for the eight months
named. Subscriptions "a" are payable 25% Jan. 16 1911, 25%
charging
above
It is expected that the net earnings for the full year 1910, after
cash [at the outset] at subscriber's
off $400,000 or $500,000 for depreciation, will be close to 12,000,000, or July 1 1911 and 50% Jan. 1 1912; or all
in which case regular stock certificates will be issued. Interest
option,
-V.
1027.
278.
91.
p.
stock.
pref.
the
on
314.908.000
13%
about
ann. and dividends will be
,
will be charged on deferred payments at 6%per
dividend
Broadway Realty Co., N. Y. City.-Bonds Offered.- credited in final settlement. Subscriptions 'b" (for the deferred
July 1 1911 and 50%
25%
1911,
16
Jan.
are
also
25%
stock)
payable
about
net
to
price
a,
tit
offering,
are
Pfaelzer & Co., New York,
be charged on deferred payments.
will
but
1
no
1912;
Jan.
interest
The subscription of all the shares of stock under both the subscription
4%,a limited amount of 1st M. gold Sc, dated July 25 1896
above stated has been underwritten.
and due Sept. 1 1926. Trustee, U. S. Mtge. & Trust Co., rights
For the purpose of developing the 100,000-acre coal field first above
for
N.Y. City. Int. M. & S. Par $1,000 (c*). A circular says: referred to, the retiring of certain underlying bonds, and to provide
11 future needs, the board has arranged a $40,000,000 "first and ref." mortThe company owns the Bowling Green Office Building, Nos. 5 tofiremortgages.
existing
gage in which provision is made for the retirement of all
Broadway and 5 to 11 Greenwich St., a 16-story building of modern
exceeding $13,000,000 is to be immediately Issued, of which
proof construction. The land covers about 20,000 sq. ft.; frontage on An amount not
be offered for sale. Various existing underlying bonds
Bowling Green Park. Broadway, 162 ft. It is stated that there is about $0,000.000 will$10,710,000
will be retired by thls issue.
250,000 sq. ft. of rentable space. The company has $1,800,000 1st M. approximating
and
$1,000,000
1916)
1
5% bonds, $1,200,000 2d M. 5% bonds (due June
Nov Bonds, Earnings &c.-The $9,000,000 "first and reGeo. Foster Peabody; Sec. and
capital stock (in $100 shares).
43 Exchange Place.]
[Pres.'
Treas., Charles J. Peabody. Office,
funding" mtge. 5% gold bonds recently sold to Spencer
The June 1 coupon was not paid promptly, but a protective committee
was formed, and the coupon was paid within the 60-day limit allowed.
See V. 91, p. 216.

Trask & Co. William Salomon & Co. and Kissel, Kinnicutt
& Co., all of New York (who, it is understood, are offering
them privately) are part of an issue of $40,000,000, which
will be dated Dec. 1 1910 and due Dec. 1 1950, par $1,000
(c*&r). Int. J. & D. at the Guaranty Trust Co., N. Y.,
Central Colorado Power Co.-Status.-While the main trustee. Redeemable as a whole, but not in part, on any
office is still at Denver, a temporary office has been opened at interest date at 1073- and interest.
24 Broad St., N. Y. City. It is thought in Denver that the Abstract of Letter from President C. W. Watson, New York, Nov. 29 1910.
control of the company is likely to pass in the near future to
Incorp. March 9 1860 in Maryland, and owns the entire capital stock of
the Cumb. & Penn. RR., a majority of the stock of the Metropolitan Coal
the Denver Gas & Electric Co., or the Cities Service Co.
Buffalo General Electric Co.-Earnings.-

10 M03. ending
Oct. 311910
1909
-V. 89, p. 289.

Other
Net (after
Gross
Earnings. Taxes.) Income.
$867,526 $336,431 $33,107
30,759
287,839
772,298

Interest
Paid.
$111,511
102,302

Balance,
Surplus.
$258,026
216,297

The company's system was described in the "Electrical World" of New
York for Jan. 27, June 23 and 30 and July 28 1910. Shoshone plant No. 1.
near Glenwood, Col., was placed in operation on May 24 1909, giving service
at first as far as Leadville and Dillon, and later to Denver, a total distance
of 150 miles. This plant has two 5,000-k.w. three-phase 60-cycle generators. Further development near Glenwood may later greatly increase the
power available at that point. The Boulder power plant in Boulder Canyon
4 M miles west of the city of Boulder, was formally placed in operation
Aug. 6 1910; it also has two 5,000-k.w. generators. This plant, being only
28.8 miles from Denver, with no intervening mountain ranges, forms an
important auxiliary to the Shoshone plant. The present output capacity
is 30,000 electrical h. p. There is no very active construction in progress,
the plan for a plant in Gore Canyon, Col., being in abeyance. The Utah
Nevada Power Co. was incorp. In 1907 with a view to building such a plant.
In March last G. II. Walbridge and F. C. Walcott (of Bonbright & Co.)
were elected directors, succeeding Leonard E. Curtis and Henry Hine.
The board now includes: Chairman Irving W. I3onbright, Colo. Springs;
Pres. G. H. Walbridge and Vice-Pres. Bulkeley Wells, Denver; Vice-Presidents S. Z. Mitchell and F. C. Walcott, Myron T. Herrick, J. R. McKee,
A. C. Bedford and C. B. Willcox, all of New York; Geo. C. See Jr., Geo. L.
Peabody and Copley Amory, all of Boston. The Sec. and Treas. Is S. C.
Moore. and Gen. Man. E. S. West, both of Denver.
A 2d mtge. was filed for record early in the year, the Knickerbocker
5% 20-year
Trust Co. of New York being the trustee, to secure 31,350,000
bonds of $1,000 each, to be Issued to fund the coupons due on the outstanding $9,000,000 1st 5s from Dec. 1909 to June 1912 Incl. Compare V. 89,
p. 996, 921. The auth. Issue under the 1st M. Is $20,000,000. The auth.
capital stock is $15,000,000 common (all out) and $7,500,000 pref. ($4,500.000 out-see V. 83, D. 1592).

Central Maine Power Co., Waterville, &c. Me.-BondsEarnings.-Perry, Coffin & Burr and N. W. Harris & Co.
-recently offered a small amount of 1st M. gold 5s, due Nov.
1 1939, at 983 and int., yielding 5.10% income.
Extract of Letter from President Harvey D. Eaton Oct. 17 1910.
of 6,800
The present hydro-electric developments permit the production
of water by manuh, p. for lighting and poyfer, as well as some direct usesteam
with
stations,
reserve
is
output
by
augmented
This
facturing users.
rights
a rated machinery installation of 2,500 h. p. capacity. The riparian
h. p. as the
owned permit of the development of some additional 25,000
60
demand warrants. A system of high-tension transmission lines, about
miles in length, connects the five water-power developments and enables
Augusta,
at
plant
gas
A
modern
water
unison.
in
to
operated
be
them
with a capacity of 288,000 cu. ft. per day, supplies gas to Augusta and to
Hallowell, whence it is pumped to Gardiner. Land has been bought at
Farmingdale on the Kennebec River at tidewater, on which a modern
steam station now In process of design will be built. Capital stock auth.
and issued: common, $2,500,000; pref. $500,000. Funded debt: 1st H.
5s of 1909, auth., $5,000,000; issued, $1,100,000; reserved to retire bonds
of constituent cos., $400,000; total funded debt, $1,500,000.
Earnings (Including Controlled Companies).
Gross. Op.Exp.&Tax. Net, Bond Int. Bat,,Sur.
Year ending$237,138 $108,785 $128,353 $50,342 $78,011
Aug. 31 1910
112,650
68,734
43,925
105,492
218.151
Dec. 31 1909




Co. of Boston and the entire stocks of the Somerset Coal Co. and Fairmont
Coal Co. and,(through the Fairmont Coal Co.,) the Clarksburg Fuel Co.,
'Coal & Transportation Co., Pittsburgh & Fairmont Fuel Co., and
Southern
a majority of the stock of the North Western Fuel Co. of St. Paul, aggregating $24,871,100 in par value. The company has paid regular dividends
for 26 years past-since 1905 at rate of 6% per annum.
Bonded Debt $20,000,000 after Issue of $9,000,000 New Bonds.
$9,000,000
Present Issue of "first and refunding mortgage" 5% bonds
Prior lien bonds, to retire which $11,000,000 "1st & ref." bonds
qs,
4
ref.
M.
and
;is
4
1st
M.
Co.
Coal
are reserved (Consol.
Fairmont Coal Co. 1st M. 5s and Briar Hill C. & C. Co. 1st 5s)_11,000,000
Purposes for which Remaining "First and Refunding 53" Are to Be Issued.
Reserved in treasury against exchange of other bonds held by Co.$4,000,000
For further development of Elkhorn field of 100,000 acres in
Southeastern Kentucky, to be issued at par, not exceeding 6,000,000
actual cost of improvements, Joe
In escrow, issuable only for 75% of cost of improvements or addi-10,000,000
tional coal lands
and ref. mtge."
The proceeds from sale df the present $9,000,000 "firstM.
5s at 110 and
5% bonds will be used to retire the Somerset Coal Co. 1st105
and int., and
int. Consol. Coal Cos (Kentucky Div.) 1st M. 5s. at
bonds; and
$6,500,000
about
all
public-In
of
in
hands
other small issues
for primary development work on the new tract of 100,000 acres of coking
coal lands In Southeastern Kentucky.
be a first lien upon
The "first and ref. mtge." 5% bonds now issued willwhich
100,000 acres
about 186,000 acres of coal lands or coal rights (ofout
of the additional
have been recently acquired and will be paid for
only
to
lien,
subject
general
$11,000,000
anda
$5,000,000 stock just auth.),
prior bonds, upon the balance of the property, about 114,000 acres addiacres.
300,000
about
of
tional; a total
Tangible Assets, in Addition to Above Acreage, Aggregate $23,679,383.
Mining plant, tugs, barges, coal cars, &c.(less deprec.($2,408,116)$9,850,510
Net quick assets (cash, bills and accounts receivable, merchan7,744,572
dise, treasury,securities, &c.)
3,059,812
Securities of other companies (entire or majority Interest)
Net cash value of Cumb. & Penn. RR. Co. (less 1st M. bonds and
3,024,489
car trusts outstanding)
Sinking fund under new mortgage 2c, per ton for first 5 years on all coal
mined from the property on which these bonds are a first lien, and 3c, per
ton thereafter. A depreciation charge of 2 Yee. per ton on all coal mined is
also charged direct against operation, as Is also a further charge for depredation of tenement houses, coking plants, &c.
The Consolidation Coal Co. operates 70 bituminous coal mines, situated
In Penn., Md., W. Va. and Ky. The tract of 100,000 acres recently acquired in Southeastern Kentucky (the "Elkhorn Field") has long been
known to contain coal of exceptional quality, but has been unavailable
way
through lack of railroad facilities. Construction work is now under
by which the L. & N. RR. will be extended Into this field, and a connection
with the Ches. & Ohio By. has been arranged. The coal in this tract:Is
both gas
exceptionally well adapted for making gas in by-product ovens,
Illuminating
and coke in by-product plants in the iron and steel industry.purposes and
gas for cities and towns, producer gas for various industrial
in
locomotive fuel. It has been estimated that the Elkhorn field contains
excess of 800,000.000 gross tons of mining coal, which, with the previous

DEC. 31910.]

THE CHRONICLE

1515

holdings of The Consolidation Coal Co., estimated at 1,350,000,000 gross enlarged business we have authorized an Increase In our capital stock to
tons, will give this company a total estimated tonnage of 2,150,000,000 $700,000, of which $300,000 is 7% cum. pref. stock and $400,000 common
stock. Of the pref. stock $250,000 has been Issued. Of the common.
gross tons, or a reserve of coal sufficient to last more than 200 years.
• Coal is exported to Canada, Mexico and Central America. Storage $350,000 has been issued, $150,000 having been subscribed by present
plants are located at head of Great Lakes and at New England seaports. stockholders, to be paid for In cash at par by Jan. 1 1911. No bonded debt.
Output, high-grade standard ("High Rock") heavy fleece-lined underDomestic yards are maintained In Portsmouth, N. H., Washington, D. C.,
Baltimore, Cincinnati, Louisville and Newport, Ky., Superior, Duluth, garments for men and "Duo-lastic," fine ribbed underwear for men,
Minneapolis and St. Paul. Four sea-going tugs, 1 steamer and 18 barges Balance Sheet as of Oct. 15 1910, after Adjustment through Issue of 7%
are owned and operated on the Atlantic coast.
Preferred Stock and $150,000 New Common Stock.
Earnings, &c., for Nine Months Ending Sept. 30 1910.
Assets ($1,325,687)Liabilities ($1,325,687)Capital stockProduction, gross tons__ 7,054,306 Bond int., s. f., taxes, &c_$1,276,906 Real estate and buildings _$160,160
332,336
equipment__
Preferred (issued)
Machinery
and
$250,000
Net earnings, less deprec_$2,602,2691Net Inc., beyond charges_ 1,325,363 Water
33,027
Common (issued)
power ($30,000),
350,000
For the 7 years ended Dec. 31 1909 the net earnings, less deprec., averaged
140,865 Bills payable
151,384
$3,565,000 per ann., equal to about 2)
,i times the average requirement of Accounts receivable, net _ _ 173,404
Sundry creditors
Materials, supplies, 43ce
30,121
$1,485,000 for bond int., sinking fund, taxes, &c.; average annual produc- Cash
413,995 Dividend payable
12,000
tion of coal, 7,978,240 gross tons, the output now being at rate of about Cash for
Surplus
71,900
Aken
prop'y
purch.
532,201
field,
9,500,000 gross tons per annum. With the opening of the Elkhorn
Earnings for Cal. Years after Allowing for Est. Saving of $17,100 Per Annum
the earnings should be materially Increased.
in Interest through Ample Working Capital ($534,778) Now Assured.
Directors.--C. W. Watson (Pres.), J. H. Wheelwright (V.-P.), H. Crawford Black, Van Lear Black, S. Davies Warfield, George C. Jenkins, A. B.
1908.
1909.
1909.
1908.
Fleming, J. E. Watson, Wm. H. Grafflin, Wm. Winchester and S. L. Net sales
$820,646 $694,9371Gen.exp.,incl.dep. $45,297 $30,817
Watson.-V. 91, p. 1330. 1258.
Manufact'g profit_ 132,706 121,388 Balance, surplus_ 87,409
90,571
earnings for 1910 will probably not be up to the average, owing to
Dominion Steel Corporation.-Acquisition.---The leading theThe
high price of cotton, but from the actual results for 91i months to
directors, it is stated, have taken up the option of purchas- Oct. 15 they will exceed considerably three times the pref. dividend.
pref. stock is preferred as to assets and cumulative dividends. After
ing for $500,000 the coal-mining areas of the Cumberland theThe
common stock has received 10% per annum, one-half of the remaining
Railway & Coal Co. in the vicinity of Glace Bay, N.' S., earnings is to be used for betterments or additions or for the purchase of
the pref. stock for cancellation. An initial dividend at rate of 7% Per
and will later turn the same over to the Dominion Steel Co. annum
will be paid upon the pref. for the period between Nov. 20 1910 and
(Some accounts say that a controlling interest in the com- Jan. 1 1911. No mortgage debt can be placed upon the properties and no
pref. stock beyond the $300.000 authorized can be issued without the conpany has been acquired.-Ed.) Compare V. 91, p. 97.
sent of 75% of the outstanding pref. stock, or 66 2-3% of the pref. stock,
together with the written assent of Spencer Trask & Co. The surplus as
Eastern Steamship Co., Boston.-Earnings-For October now
shown ($532,201) cannot be distributed to the common stockholders,
and all future dividends on the common stock will be made solely from
and ten months ending Oct. 31:
earnings. The pref. stock is retirable In whole but not In part on any int.
1009
1909.
1910.
I Jan.1:toiOct.31- 1910.
October--$141,544
$131,902 Gross
$1,703,149 $1,639,699 day within 5 years from Jan. 1 1911 at 110 and accrued div. and thereafter
Gross _
530,496 at 115 and accrued div. The preferred has full voting power.
23,038 Net
- 21,572
511,210
Net
p. 1097.
Holton Power Co., Redlands, Cal.-Unfavorable

East Ohio Gas Co.-New Cleveland Ordinance.-The Mayor
of Cleveland, it is stated, has signed an ordinance passed by
the Council fixing 75 cents as the maximum price for artificial gas in Cleveland for the next 18 months, and has also
approved the repeal of the city's offer of a new 25-year
grant at 75 cents for artificial and 30 cents for natural gas.
The company, it is said, will reject the ordinance and carry
the matter to the courts.-V. 90, p. 1173.
Great Lakes Engineering Works, Detroit, Mich.-Bonds,
McNear & Moore, Chicago, are offering at
&c.-Woodin'
prices to net 51A% the 1st M.5% gold bonds dated July 1 '10.
The company's net earnings, after depreciation and maintenance charges.
were for the year ending Aug. 31 1910 $333,363, contrasting with $377,531
for year 1908-09. The average net earnings for the past five years were
times the average annual requirements for both prin.
$338,042, being 4
and int. on $750,000 bonds. As showing the growth of the company ,fits
capital and surplus account has been increased from an original $600,000
to $2,681,816 (as of Aug. 31 1910); the capital stock being $2,250,000.
Up to 1908 the larger part of the surplus earnings were re-Invested In the
plant, but since that year dividends at the rate of 6% have been paid on
the capital stock.
Directors: Antonio C. Pessano (President), George H. Russel (VicePres.), John R. Russel (Vice-Pres. and Treas.), H. W. Hoyt (Vice-Pres.
and Sec.), Joseph Boyer, H. B. Ledyard and Robert E. Plumb, all of
Detroit; 0. P. Letchworth, Buffalo, and William G. Mather, Cleveland.
See also V.91. p. 592.

Green Bay (Wis.) Water Co.-Bonds Offered.-E. H.
Rollins & Sons, Boston N. Y., Chic., Denver and San Fr.,
are offering at 101 and int., by advertisement on another
page, the unsold portion of $400,000 1st M. 6% gold bonds,
dated Sept. 1 1910 and due serially on Sept. 1 from 1916 to
1940, $5,000 yearly 1916 to 1939 and $280,000 on Sept. 1
1940, but redeemable at 1023/ and int. on Sept. 1 1916 or
any interest date thereafter. Par $500 and $1,000 (c*).
Principal and interest (M. & S.) payable at Wisconsin Trust
Co., Milwaukee, trustee, or may be collected through any
of the offices of E. H. Rollins & Sons. A circular shows:

Decision
As to Water Property now Controlled.-See "Imperial" in
"State and City" Dept. In 1908 capital of Holton Power
Co. was given as $1,000,000 stock and $500,000 bonds.
President, W. F. Holton.
Hudson River Electric Power Co.-Young Committee to
Withdraw.-The bondholders' committee, of which John
Alvin Young of New York is Chairman and Ten Eyck R.
Beardsley, 59 Cedar St., Secretary, on Oct. 31 sent a circular to owners of 1st M. bonds deposited with the Windsor
Trust Co. saying in substance:
We are advised by James R. Hooper, Chairman of the bondholders'
committee (commonly referred to as the Boston Committee), which has
been asking for the deposit of the 1st M. bonds of the Hudson River Electric
Power Co., that there have been deposited with the Boston Committee
$3,502,000 of the total issue of bonds [$4,222,000-V. 88, p. 228]. and that
the Boston Committee will accept the deposit of the bonds now deposited
with the undersigned committee on the same terms as the bonds now held
by the Boston Committee. We are informed that members of the Boston
Committee are largely interested in these bonds and we know the committee
to be men of high character. In view of the large amount of bonds received
by the Boston Committee, and as the deposit agreement provides that
bondholders depositing their bonds with said committee will not thereby
render themselves liable for any assessment for expenses of the committee,
but may, If the final plan which the committee proposes to submit does not
meet with their approval, withdraw their bonds within ten days after
written notice that 51% In face value of depositors have adopted the final
plan, your committee recommends the deposit with said Boston Committee
of the bonds of the Hudson River Electric Power Co. heretofore deposited
by you with the undersigned committee.
The arrangement will be effective when depositors of at least 75% of the
bonds deposited with this committee have likewise assented, authorizing
the Windsor Trust Co. to deliver the deposited bonds to the New England
Trust Co. and when a deposit receipt covering the deposit of said bonds
with the Boston Committee shall have been accepted.-V.91, p. 874, 486.

Ingersoll-Rand Co., New York.-Option to Exchange Pref.
shares for Common.-Pref. stockholders of record Dec. 20
1910 are offered the right from Dec. 20 to Dec. 31, inclusive,
to subscribe at par for common stock, making payment
therefor in pref. stock at par (the certificates to be duly endorsed in blank for transfer), share for share, either at the
N. Y. office, 11 Broadway, or at the London agency, 144
Leadenhall St. Sec. Fred A. Brainerd says:

Capitalization.-Stock,auth., $300,000, Issued, $202,300. Bonds,auth.,
$750,000, issued, $400,000; reserved for future extensions and betterments
at 85% of the cost thereof, $350,000.
The privilege of exchange is entirely optional. Holders may surrender
The company operates by an indeterminate permit under the Public all or any portion of their pref. shares for exchange. The semi-annual dlv
utilities law of Wisconsin, and furnishes, without competition, water for of 3% upon the pref. stock has been declared payable Jan. 1 1911 to holder•
domestic, commercial and municipal use In the city of Green Bay. The of record Dec. 10 1910. The new common stock will carry all divs. declares
franchise from the city was surrendered in Aug. 1910 in order to operate thereon after Jan. 1 1911. Certificates of common stock in exchange
will bd
under the State law, under which no local franchise Is necessary. This law ready for delivery as soon after Jan. 1 1911 as the same can be preparede
assures the company a monopoly, with no rights of purchase reserved to (Compare V. 91, p. 719. 1028, 1098).-V. 91, p. 1450, 1388.
city,
except at a fair valuation of the property as a going concern, the
the
amount to be determined by the Railroad Commission. The $400,000
Intercontinental Rubber Co., New York.-Guggenheims
bonds arc issued to refund $133,000 bonds and pay part of the cost of re- Resign.-Daniel Guggenheim
and S. R. Guggenheim have
construction and extensions to the plant incurred In the past four years.
Further issuance of escrow bonds can only be made under the approval of resigned from the board.
for
additional
Commission
construction
at
85% of the cost thereof.
the
Their pref. stock, It is
has been redeemed by the company in
Approximately $350,000 has been expended in extensions In the past five cash and their resignation stated,
Is supposed to mean that they have disposed of
years. The city is located in an excellent agricultural, manufacturing and all or most of their common.-V. 91, p. 1388, 1325.
population
was
and
its
district,
25,238 in the Census of 1910.
shipping
International Agricultural Corporation, New York.Earnings for Years ending Sept. 1.
1909-10. 1908-09. 1907-08. 1906-07. 1905-00. 1904-05. Pref. Stock Offered.-Vhite, Weld & Co., New York and
$73,491 *67,789 $80,248 $48,978 $42,006 $38,851 Chicago, are offering, at
Gross
973 and int., by advertisement on
44,994
47,344
37,317
26,627
Net
21,961
17,010
The current fiscal year's earnings are at the rate of $55,000 per year another page the unsold portion of their block of $5,400,000
net, or over twice the bond interest. The water supply is obtained from 10 7% cumulative pref. stock (voting trust certificates); par
artesian wells. Pumping capacity of 11,000,000 gallons daily. Last fiscal
year's average consumption was 1,300,000 gallons daily. The company $100 per share. Pref. as to assets and dividends. Not rehas 4,500 customers and 47 miles of mains.
deemable. Dividends 332% each J. & J. The firm says:
In our opinion this pref. stock constitutes an attractive investment because of the following points: (1) The stability and certain growth of the
fertilizer business; (2) the moderate capitalization of the corporation, Its
excellent credit and experienced management; (3) Its strategic position
through ownership of ample supplies of potash and phosphate rock, the
two principal ingredients of commercial fertilizers. We believe that this
pref. stock Is adequately secured and that the corporation is reasonably
certain to earn a constantly increasing surplus, from year'to year, beyond
Directors: F. B. Harder, Pres.; P. M. Harder, Vice-Pres.; W. Y. the amount required for pref. dividends. Application will be made to
Harder and W. B. Rlfenberg, Treas., all of Philmont, N. Y.; A. M. list this issue on the New York Stock Exchange.
Fox, Albany, N. Y., Spencer Trask & Co.; F. W.Shibley, New York, N. Y.,
Interim receipts of the Bankers' Trust Co. will be delivered against payF. W. Shibley do Co.
ments for this stock and will bear interest at the rate of 7% on par from
Abstract of Letter from Pres. F. B. Harder. Philmont, N. V. Nov. 7 1910. date of payment to Dec. 31 incl. These receipts will be exchanged after
Business established in 1879 by the late P. M. Harder. Incorp. In N. V. Jan. 3 1911 for the voting trust certificates.
In 1890 with a capital of $90,000, Increased in 1907 to $200,000. We have Abstract of Letter from Vice-Pres: Wm. N. Shaw. 165 Broadway,
N. Y.,
long, however, had a large surplus, represented in greater part by cash
Nov. 15 1910.
assets which have accumulated from earnings in excess of dividends. Our
The company was incorp. In July 1909 under laws of N. Y. State, and
modern plant is located in Philmont, N. Y., about 30 miles south of Albany. owns: (1) Fertilizer manufacturing plants situated at Evergreen,
FlorThe yarn-spinning plant and cotton warehouse were erected in 1907. The ence and Montgomery, Ala.; Atlanta, Ga.; Houlton, Me.; Jackson, Miss.:
knit-goods plant of the Aken Knitting Co. of Philmont has been purchased Buffalo and Caledonia. N. 1(.• Espy and Wilkes-Barre, Pa. and Nashville,
at a very favorable price and will be turned over to the High Rock Knitting Tenn. All practically rebuilt
'within the past year. Carried on bal. sheet
Co. free of debt at cash cost; the main central mill Is being put in good at $1,205,012. Free of bonded debt except for $8,500 on one plant.
condition and It will be producing goods by Jan. 1911, This property, with (2) A valuable contract with the Tennessee Copper Co. for a practically
its valuable water powers, will provide for our growing business. Our unlimited supply of sulphuric acid. (3) All the capital stock of the welloutput will be increased at the start about one-third, and to finance this known Kaliwerke Sollstedt Gewerkschaft, whose potash mines. situated

High Rock Knitting Co., Philmont, N. Y.-Pref. Stock
Offered.-Spencer Trask & Co., N. Y., Albany, Boston and
Chicago, are placing at 102 and accrued dividend the entire
present issue of $250,000 7% cumulative pref. stock. Par
$100 each. Dividends Q-J 15.




1516

THE CHRONICLE

(Vox, LXXXI.

-- •
--_-_-_-_-_-_-_-_-__
It Is further understood that Evans subsequently entered into an agreement with F. B. Reynolds and E H. Harrison of Wauseon, Ohio, by which
a bare majority of said bonds and a bare majority of the stock,having been
pooled, were sold to. Reynolds and Harrison, acting on behalf of persons
unknown to the complainants, at the price of $600 for each bond (together
with '10 shares of stock) with the April 1 1910 coupons detached. Default
was then made In the payment of the interest due Oct. 1 1910, so that said
persons. might acquire all the property through foreclosure.
The assets, with the sole exception of franchises, licenses and other intangible property, are believed to be worth not to exceed $1,500,000 and
the debts exceed the fair value of all assets by about $1,000,000. As a
result of mismanagement, the company Is In default In the payment of
matured obligations, including interest on bonded debt, aggregatIngabout
$70,000. Since Sept. 26 1910 H. D. Wagner has been. the President; A. D..
Mathewson Treasurer, and Adam S. Clow Secretary. Wagner openly confesses that the company Is Insolvent.-V. 91, p. 1388.

at Sollstedt, Germany, are estimated to contain about 50,000,000 tons of
potash, or more than 50 times the present annual consumption of the entire
United States. No bonded debt. Plant cost over $1,700,000. (4) Properties
In Tennessee containing over 11,000,000 tons of phosphate rock. (5) All
the capital stock of the Prairie Pebble Phosphate Co. In Florida, one of the
most extensive and valuable phosphate deposits In the country. This property Is held In the manner explained below.
The Prairie Pebble property embraces about 39,000 acres of land 30 miles
east of Tampa, Fla. Only one-third of this acreage has been examined,
and on this portion there are over 30,000,000 tons of phosphate rock. The
remaining 2t5,000 acres should also be rich in deposits. The eqnlpt. cost over
$2,000,000 and includes the best equipped phosphate plant in the country.
concrete warehouses, about 33 miles of standard-gauge railway (65-1b.
rails). 3 electric and 5 steam locomotives, and about 100 cars. The Int.
Ag. Corp. has recently contracted to acquire the Florida Mining Co. and
another phosphate property in Florida, which together embrace about
3,000 acres of land containing over 8,000.000 tons of phosphate rock.
Michigan Lake Superior Co.-No'Dissents.-The time for
Basis of Acquisition.-Except for the Prairie Pebble Phosphate Co..
which was purchased with bonds and cash, all the properties were acquired depositing 1st M. bonds 'under the committee's agreement
with stock-in most cases one-half pref. and one-half common-at par, expired Nov. 28. There were, it is
stated, no*dissents. See.
at the appraisal values. The cash derived from the sale of the $5,400,000
Pref. stock now sold was used partly to pay the cash balance on the Prairie V. 91, p. 1445.
Pebble properties and the Tenn. Copper Co. sulphuric acid contract, partly
Mississippi Valley Telephone Co., Keokuk, Ia.-Forefor modernizing the plants; the remainder was added working capital.
Authorized. Outstanding. closure.-This property was bid in at foreclosure sale at
Capitalization$12,000,000 $10,124,000 Keokuk on Nov. 26 by Charles Webster of Webster
7% cumulative preferred stock
Brothers,
5,928,000
Common stock (see also balance sheet below) _ _ _ _ 12,000,000
Transfer agent of stock and voting trust certificates, Bankers' Trust Co.. St. Paul and Minneapolis, for $175,750. A press dispatch says
N. Y.• Registrar; First Nat. Bank, N. Y. Practically all of the stock is
The company owns exchanges in Keokuk, Fort Madison, Burlington,
' to a voting trust which runs until Sept. 14 1914. Voting trustees: Columbus Junction, Wapello and Muscatine, and in five other towns. It Is
subject
Thomas W. Lamont, Waldemar Schmldtmann, William N. Shaw, John W. believed that the property was purchased in the interest of the Bell Co.
Fry and J. Du Pratt White.
The decree of sale, granted by Judge McPherson, In the Federal Court, was
The corporation itself has no bonded debt, the bonds on Its subsidiary based on the foreclosure of 130 1st M. 5% gold bonds issued In 1901.companies, for which this corporation Is not liable either as guarantor or V. 72, p. 583. 244.
principal, being as stated In foot-note to balance sheet.
Mount Morris Electric Light Co., New York.-Called
Balance Sheet June 30 1910, prepared from Report of Certified Public Acc'ts.
Liabilities ($21,603,745)Bonds.-This subsidiary of the Consolidated Gas Co. has
Assets ($21,603,745)Cash and receivables__ _ _ $5,325,154 Accts. and notes payable $3,692,005 called its entire issue of $988,000 1st M. 5s, dated 1890, and
6,500
Merchandise, at cost_ _ _ _ 1,060,151 Bonds of subsidiary co__
Reserve for cum. div_ ___
437,272 will pay the same at 105 and int. at the Central Trust Co.
Prepaid royalties, insur.
775,173 Due subsidiary company
478,545 on Dec. 31. Compare New York Edison Co. (Consolidated
and organization exp_
1,205,012 Reserve for discounts, &c.
40,000
Fertilizer plants
Pref. stock, 7% cum_ __ _ 10,124,000 Gas Co.), V. 90, p. 562, 773.
Potash properties (Nall.
4,000,000 Common stock
5,928,000
Solistedt Gewerk.)
New Britain (Conn.) Gas Light Co.-New Stock.-The
309,021
Phosphate properties__ _ x8,495,616 " contracted for issue
742,639 Surplus
588,401 shareholders will vote Dec'. 6 on increasing the capital stock
Acid contract
x The Int. Ag. Corp. owns all the stock of the Atlas Phosphate Co.,
which in turn owns all the stock of the Prairie Pebble Phosphate Co. The
vendors of the Prairie Pebble Phosphate Co. property received in part payment therefor $6,000,000 purchase money bonds of the Atlas Phosphate
Co., these bonds being secured by the deposit with the Bankers' Trust Co.,
trustee, of the entire Prairie Pebble Phosphate Co.'s stock. $4,000.000 of
these bonds mature Jan. 1940; $2,000,000 mature in $500,000 installments,
as follows: July 1 1911, Jan. 1 1912, Jan. 1 1913, Jan. 1 1914. A certain
amount of these collateral trust bonds is reserved to retire a like amount
of underlying bonds still outstanding. The Int. Ag. Corp. thus owns all
the equity In this property, which equity Is represented by the stock of the
Atlas Phosphate Co. carried In above balance sheet at the book value of
$8,130,000 In the item of phosphate properties, $8,495,615; the balance of
$2,365,616 in that Item represents the value of the Tennessee phosphate
property above referred to.
Net Earnings Years ending June 30 (1909-10 as Certified; 1910-11 Est.).
1909-10. 1910-11(est.)
$1,017,504 $1,500,000
Net earnings
703,680
437,271
7% preferred dividends
$791,320
$580,233
Balance for common stock
The earnings last year and this have been made with phosphate rock
selling at the lowest price known for five years. The price of Florida 68%
phosphate rock In the last five years has varied from $2 50 to $5 50 per ton'
and for 75% rock from $5 to $7 50 per ton, the low figures having been
reached last year. The market now Is about $3 for 68% rock and about
$5 50 for 75% rock. Europe, in Its highly cultivated districts, obtains
from 30 to 35 bushels of wheat per acre; the average yield in this country
Is from 15 to 18 bushels, and is declining. Germany uses from 1.500 to
2,000 pounds of fertilizer per acre, whereas our average In the States now
using the most fertilizer Is only 200 to 300 lbs. Reliable authorities estimate that our use of commercial fertilizer should treble within 12 years.
Estimated Consumption of Commercial Fertilizer During Past Four Seasons
in Four states (in Tons).
1907'
1909.
1910.
1908.
290,000
300,000
375,000
335,000
New York
680,000
631,000
750,000
685,000
South Carolina
325,000
315,000
312,000
300,000
Alabama
785,000
1,050,000
829,000
812,000
Georgia
The corporation Is already operating its fertilizer business In all the States
east of the Mississippi River, being particularly well situated to take advantage of the rapidly increasing growth of fertlizer consumption in the
Middle West. The phosphate rock In this country Is practically limited
to Tennessee and Florida, except for deposits in Utah, Wyoming and Idaho
that are too far distant to permit of competition.
Directors.-Waldemar Schmidtmann, President, and William N. Shaw,
Albert French and T. C. Meadows, Vice-Presidents, of the company;
Thomas W. Lamont, Vice-Pres. First Nat. Bank, N. Y.; A. H. Wiggin,
Vice-Pres. Chase Nat. Bank, N. Y.; Chas. H. Sabin, Vice-Pres. Guar. Tr,
Co., N. Y.; Benj. Strong Jr., Vice-Pres. Bankers' Tr. Co., N. Y.; Francis M.
Weld, of White, Weld & Co., N. Y.-V. 91, p. 1450, 97.

Inter-State Independent Telephone & Telegraph Co.,
Joliet, &c. Ill.-Deposited.-The Investment Registry,
Ltd., the English banking syndicate which holds $175,000
of bonds, has signed the protective agreement for the deposit
of such bonds with the Western Trust & Savings Bank, Chicago, under minority agreement (V. 91, p. 1388).
Suit.-The bill of complaint recently filed in the U. S.
Circuit Court for the Nor. Dist. of Ill. on behalf of the following security holders(and others who may join with them):
W. J. Carney, holding $7,000 bonds and $5,000 stock; Thomas Sutton,
$10,000 bonds and $11,500 stock; William Giffert, $14,000 bonds and
$10,000 stock, and L. A. Bain, $8,000 bonds and $8,000 stock,

affords the following informatiorrand allegations:
The company was org. In Nov. 1901 lb N. J. Auth. capital stock 30,000
shares of $100 each; Issued about 25,000 shares. Has telephone exchanges
in about 30 cities and towns In Illinois, with about 12,000 subscribers in
said cities and towns and upwards of 5,000 subscribers in the country
districts. Owns and operates about 1,450 miles of local toll lines, about
400 miles of long-distance trunk lines and about 3,500 miles of farmer lines.
A trust deed dated Jan. 2 1902 was made to the Amer. Tr. & Savings Bank
of Chicago, trustee, to secure $5,000,000 1st M.5% bonds,(Inc Jan. 2 1927,
whereof only $2,390,000 have been issued and are outstanding.
With a view to rehabilitating the plant and providing for extensions, the
company on Aug. 14 1909 entered Into a contract with Arnold Kalman,
representing a syndicate, by which the company agreed, provided a majority of the 1st
bondholders consented thereto, to Issue its 5% "priority
notes," due Jan.M.
1 1927, in amounts equal to the Int. on its 1st M. bonds,
as fast as said interest would mature, for five years from Oct. 1 1909, said
notes to be sold to such purchasers as should be found by the syndicate,
the progeeds to be used to buy In the maturing coupons, the coupons to be
held as additional security for said notes, the company to devote its entire
net earnings to the development of its plant for said period of five years.
up to an amount nor exceeding $800,000.
In January 1910 Henry H. Evans, who until about Sept. 26 1910 was
President of the company, sent a circular letter to the stockholders, most
of whom were also bondholders, saying in effect that the aforesaid plan was
unwise and that a better plan was under consideration. None of the said
priority notes consequently were issued,and 'said Evans, aided by one
H. D. Wagner and one C. B. Cheadle, Succeeded in procuring possession of
a majority of the stock under a 6-year pooling agreement dated Jan.221910.




from $400,000 to $500,000 (par value of shares $25 each),
to provide for extensions and additions. Annual dividend
rate 8% (F. & A.). Bonds, $400,000 1st M. 5s due Jan. 1
1926. Pres., A. J. Sloper, New Britain.-V. 87, p. 1667.
New Haven (Conn.) Gas Light Co.-Convertible Debentures, Series D, Called for Conversion.-The directors on
Nov. 4 voted to authorize the conversion as of the close of
business Dec. 31 1910 of the outstanding convertible debentures, series D (aggregating $1,000,000), into stock of the ce.
• Debentures may be left at the office, 80 Crown St. New Haven, at any
time on and after Jan. 5 1911. • Interest on the debentures will cease Dec. 31
1910; the new stock to participate In all dividends paid after Jan. 3 1911,
J. Arnold Norcross Is Sec. and Treas.-V. 89, p. 1545.

Northern California Power Co., Consolidated.-Report.Year end. Gross
Net
Other
Bond
Dividends
Balance,
Oct. 31. Earnings. Earnings. Income. Interest.
Paid.
Surplus.
$578,082 $396,471 $10,372 $122,835 (103%)$210,000 $74,008
1910
1009
432,715 281,554
1,115
94,654 (5 Si%) 110,000 78,015
-ar. 91, p. 341.

North Shore Electric Co., Chicago.-See "Ann. Reports."
Acquisition.-The $600,000 capital stock of the Oak Park
(Ill.) Light, Heat & Power Co. has been purchased in the
interest of the North Shore El. Co.
Frank J. Baker, Vice-Pres. North Shore Co., as been made Pres. of the
Oak Park Co. The company (org. In 1902 as dak Park Yaryan Co.-V.75.
p. 33) has outstanding some $600,000 of an auth. $750,000 1st M. 5s dated
May 1 1902. It was reported unofficially last June that the North Shore
El. Co. had purchased the Elgin commercial lightinglnterests of the Aurora
Elgin & Chicago RR.-V. 90, p. 1175, 1105.

Oak Park (Ill.) Light, Heat & Power Co.-See North Shore
Electric Co. above.-V. 75, p. 33.
Pay-As-You-Enter Car Corporation.-Stock Offered.Carlisle & Co., N. Y. City, are offering by advertisement on
another page a block of this company's 7% cum.pref.stock,
with "rights." The total auth. capital stock is $5,000,000,
consisting of $1,500,000 pref. and $3,500,000 corn., of which
all the pref. and $2,500,000 of the connnon is to he issued,
leaving $1,000,000 common in the treasury.
Abstract of Letter from Pres. Duncan McDonald, August 4 1910.
The pay-as-you-enter car was first put in operation under my direction
in Montreal in 1905, and proved an immediate and complete success, resulting in a large reduction of the accident list, a substantial increase in
revenue and better service and greater convenience to the public. The
first P-A-Y-E cars in the United States commenced to operate in Chicago
on Nov. 24 1907; to-day over 2,200 are operating there or under construction to operate. The total number of cars operated in Chicago is over
4,500. Fifty-three roads In the United States have now P-A-Y-E cars in
daily operation. To these roads licenses have been issued for approximately 5,500 cars, said roads operating a total number of cars probably
In excess of 22,000. Gen. Man. Thomas W. Casey is now negotiating with
some 25 companies at home and abroad, operating a total probably in excess of 16,000 cars..
During the 12 months ending May 31 1910, 3,653 cars were licensed under limited and unlimited contracts, producing a gross royalty of $365,300..
Tile total expenses for the 12 months, Including the cost of sixteen additional
patents, all selling and administration expenses, 'amounted to $58,393,
showing a total net profit for that period of $306,907. During tile past
few months pay-as-you-enter ears have been inaugurated in Detroit,
Baltimore, Cincinnati and Rochester. These four cities operate over 4,800
cars; the figures of profit above mentioned include licenses on only 407 cars
of that number. 'Ilse foeeign patents should be dealt with through a separate company organized abroad. There are, I believe, 200,000 street cars
In use In Europe, and the P-A-Y-E car should have the same success there
as In this country. [Compare report of Public Service Corp. of N. j..
V. 90, p. 1305.-Ed.1 See also V. 91, p. 809.
BALANCE SHEET JUNE 1 1910.
(With assets and liabilities as of the taking over of all of the capital stock
of the operating company.)
Liabilities ($5,334.607)•
Assets ($5,334,697).
Preferred' stock
Patent rights for U. S. and
'$1,500,000
$5,015,974 Common'stock
x3,500,000
abroad
2,541 Current liabilities
7,778
Patterns, furniture, &c_ _
•
47,361
Surplus
(Sur. adjusted,
Cash on hand & in banks
40,721
$68,091; royalties 1901)Investments at cost
228,100
10, $300 Os;I
Accounts receivable, &c_
921; less
$5(1,000) 326,019
x $1,000,000 common stock in treasury for future purposes.-V.91.P•809
Pennsylvania Water CO., Pittsburgh, Pa.'-,--New Bonds.-

The shareholders recently authorized an issue of $4,000;000
5% "collateral trust and general mortgage" bonds, of which
there are new to be issued $2,050,000, making the total
funded debt outstanding $3,250,000.

DE*. 3 1910.]

THE CHRONICLE

Outstanding and underlying bonds: East Pittsburgh Water Co.
6% bonds, $50,000; Pennsylvania Water Co. first 5s,$190,000,
$1,200,000
and second 5s, $960,000
New collateral trust and gen. mtge. 5% bonds, auth., $4,000,000;
in escrow to cover underlying bonds, $1,200.000; reserved
2,050,000
for future betterment, $750,000; to be Issued now
The proceeds of the S2,050,000'new bonds now to be Issued will be used
to discharge the floating debt and to pay for betterments now approaching
completion. The plant is reported In excellent condition. Some large
extensions have recently been made; new force main laid and a large new
chemical filtration plant completed. The present increase in consumption
has made necessary extensions of the filter plant put In operation last July.
These will be finished shortly.-V. 85, p. 287.

Philadelphia (Pa.) Company for Guaranteeing Mortgages.
-Surplus Increased.-The directors on Nov. 14 declared a
regular dividend of $2 50 per share on the $1,000,000 stock,
payable Dec. 15 to holders of record Nov. 30, and also appropriated $50,000 to surplus, increasing latter to $300,000.
Net earnings for the 5 mos. ending Oct. 31 1910, $35,646, and for Oct.
1910. $11,349, against $7,874, $5,949 and $1,432 in Oct. 1909, 1908 and
1907, respectively. The company began business June 1 1907, the first
dividend ($2 per share) being paid Dec. 1908 on its first 6 months' business
with full capital. Undivided profits, $65,503; mtges. owned, $1,615,500,
against $1,168,500 May 31 1910; cash, $6,869, against $155,093; bills payable, $300.000.-V. 90, p. 1682.

Pottsville (Pa.) Water Co.-Stock Dividend.-This company, chartered in 1828, declared on Oct. 21 an extra stock
dividend of 100%, increasing the capital stock, it is understood, from $200,000 to $400,000.
The company owns four reservoirs said to have a total storage capacity
of about 1,000,000,000 gallons, including a new 300,000,000-gallon reservoir
oompleted this year at Wolf Creek, near St. Clair.

Prairie Pebble Phosphate CO.-Sale.-See International
Agricultural Corporation above.-V. 76, p. 1305.
Pullman Co.-Offer to Reduce Rates.-The company,at the
rehearing of the Loftus complaint before the Inter-State
Commerce CointniSsion for a reduction of rates between certain Western points, made an offer to reduce the rates for
upper berths 20% where the charge for lower berths is more
than $1 50, to make the minimum price, of upper berths
$1 25, and to reduce some lower-berth rates in order to equalize rates throughout the country. The proposed new rates
were opposed by the Attorneys-General of Kansas, Oklahoma, Iowa and Indiana and the Northern Pacific and Chicago Great Western RR. The offer leaves unchanged Pullman seat rates, and is to become effective on approval by
the Commission.
Assistant General Solicitor G.S. Fernald is quoted as saying
We have not prepared all our tables establishing the new rates, but we
are working on them as fast as possible. We decided that although the
upper berths cost more to build, furnish and maintain than the lower,
Public discrimination against the uppers required a reduction In their price.
Not a rate has been raised by this new schedule, but we arc endeavoring
to adjust all charges to correspond with the Eastern standard of six mills a
mile. This brings about a number of reductions In lower berths as well as
the correspondingly greater reductions In uppers.-V. 91, p. 1332, 1158.

Ralston Steel Car Co., Columbus, 0.-New Stock.-The
shareholders have authorized an increase in the capital stock
from $1,000,000 to $2,500,000. W. B. Jackson, in the
"Ohio State Journal" of Nov. 26, said:
At present the company has $600,009 of common stock and $400,000 o
6% cumulative pref. stock. Under the recapitalization It will have $1,000.
000 of common stock and $1,500,000 of 7% cumulative pref. stock. The
pref.stock has been practically underwritten and within a year all of the
money will have been paid in, leaving the company with ample working
capital. The present 6% pref. stock will be retired, as will be the bond
Issue, of which only $159,000 Is outstanding, leaving the company without
any bonded debt whatever. Practically all of the new capital will come
from outside of Columbus. The company Is now working over 700 men
and has a pay-roll of over $40,000 a month, or exceeding $500,000 a year.
There has been no change In officers or directors. J. S. Ralston Is President.-V. 91, p. 876.

1517

Condensed Extracts from Letter of Pres. Miller, Los Angeles, Nov. 5 1910.
CapitalizationAuthorized. Outstanding.
Preferred stock
*4,000,000
$4,000,000
Common stock
26,000,000
7,200,000
General mortgage 5s
30,000,000
7,096,000
Prior liens (closed mortgages), $10,084,000, less $4,649,000 held
by trustee as additional security to general mortgage 5s
5,435.000
Of the $22,904,000 bonds held in escrow, $5,435,000 may be issued to
retire at par underlying bonds, and the balance may be issued to reimburse
the company for 75% of the cost of permanent extensions and additions
after Jan. 1 1910, provided the net earnings shall have been at least equal
to 1 3 times the annual Interest charge on all bonds outstanding, Including
those proposed to be Issued and those reserved to retire prior bonds. In
accordance with the terms of its mortgage the company has deposited the
sum of 4246,870 due In 1910 on account of its special trust fund (being 2%
on amount of all outstanding bonds) to be applied to additions, extensions
or redemption of bonds. Including both water powet and steam plants,
the company has an electrical generating capacity of approximately
60,000 h.p., which is now being increased by the erection of a 15,000 h.p
steam plant In Los Angeles.
Growth of Company's Business as of Sept. 30.
1909.
1008.
1907.
1910.
Incand. lamps (16 c.p. equivalent) _ _ _959,899 865,709 755,645 666,924
Motors, number
2,887
3,448
2,644
4,009
Horse-power
33,133
40,945
27,636
58,945
Meters, electric
41,611
44,238
53,127
37,818
Gas
16,455
17,237
17,081
a16,314
Arcs-Municipal
676
791
645
777
Commercial
609
444
325
x34
On meters
2,077
2,302
2,265
z1,980
Gas stoves
19,474
a20,900
21,100
21,271
a Decrease due to sale of small gas property. z Decrease due to substitution of tungsten lamps.
Actual Earningsfor Year ended Sept. 30 1910 and Estimatefor Cal. Year 1911.
[For 1911 after additions and improvements now under way are completed.]
1909-10.
1911.
1909-10.
1911.
Gross cams..13,302,210 $3,750,00011nt. charge__ 4627,180 $675,000
Net aft. taxes 1,679,712 1,875,000 Depreciation _
575,000
625,000
Surplus for dividends

$477,532

$575,000

z Being the annual interest charge on the *12,531,000 bonds out as above.
The pref. stock Is 5% cumulative, the common stock Is now paying 5%,
and on the basis of the present market prices of both stocks there Is an
x1rMely $6,500,000 over these bonds.
7t3y)ofvap0p1rop
lnyth8e9.pprotar
&ueittlrlso

Southern Iron & Steel Co.-Possible Merger.-Cecil Ore fell of London, who was recently in Birmingham, Ala., representing Engish bondholders, is quoted as saying that an
effort will be made to effect a consolidation of this and
other iron and steel companies in Alabama.-V.91, p. 657.
Southern Power 0o.-Acguisitions.-Preliminary papers
have been signed for the purchase of the Charlotte (N. C.)
Electric Ry., Light & Power Co. (see V. 88, p. 1252, and
page 22 of 'Electric Railway" Section).
Possession, It Is said, will be taken on Jan. 1. The lighting properties.
It Is understood, will be transferred to the Charlotte Power Co. and the
trolley lines to the subsidiary Piedmont Traction Co. The last-named company has been granted a 60-year franchise In Charlotte and Is constructing
an interurban railway from Anderson, S. C., to Greenville, S. C., thence
northward into North Carolina via Charlotte, Salisbury and Greensboro to
Durham, with surveys completed from Gastonia to Mt. Holly. N. C.,
15 miles. The same interests In September last purchased the Greenville
(S. C.) Traction Co., a company with some $306,000 stock and $250,000
1st M. 5s, and controlling the city's lighting service, as well as 15 miles of
trolley line; and In June last they purchased the Salisbury (N.C.) & Spencer
Ry. (V. 82, p. 1380). The Greenville Spartanburg & Anderson Ry., another closely allied corporation. with $3,000,000 of auth. capital stock,
owns the Anderson (S. C.) Ry. (V. 89, p. 1346), operates an interurban
line from Anderson to Belton. and Is building from Belton to Spartanburg,
and other points In South Carolina. J. P. Clark is Vice-Pros, and Gen.
Man, both of the Piedmont Traction Co. and the G. S. & A. Ry. Co. As
to Southern Power Co., see V. 90, p. 855.-V. 91, p. 1451.

Standard Cordage Co.-Foreclosure.-The Equitable Trust
Co. of N. Y., as trustee under the 1st M. for $2,806,000, has
begun suits in New York and Massachusetts to foreclose the
same.-V. 91, p. 1163, 877.
Stockton (Cal.) Gas & Electric Co.-Sold.-See Western
States Gas & Electric Co. below.-V.88, p. 886, 948.
Swift & Co.-Increase of Stock.-The directors have recommended an increase in the authorized capital stock of the
company from $60,000,000 to $75,000,000, Shareholders
will be asked at the annual meeting on Jan. 5 to approve the
new issue, which, it is stated, will be sold at par as required
to pay the floating debt and for improvements.-V.91, p.721.
Union Electric Light & Power Co. of St. Louis.-Earnings.

Richmond (Cal.) Light & Power do.-Sale.--See Western
States Gas & Electric Co. below.-V. 75, p. 1308. •
Rockingham Power Co.-No Offer.-No offer Was received
on Nov. 23, the date set for the sale Under the reduced upset
price of $750,000.-V. 91, P. 1264, 1028.
Rothe (N. Y.) Brass & Copper Co.-300% Stock Dividend.
-It was recently announced that this company, which for
some time past has paid regular dividends, had increased its
authorized capital stock from 8300,000 to $1,600,000, deInterest Dividends Balance,
Gross
NTefax(aefsi.e)r
Year ending- Earnings.
%.
2u1r3.
p/519
S
,1)
0
.0 $
50
63
%
$(
clared a stock dividend of 300%,and arranged to merge with
0
Sept. 30 1910____$3.313.508 $1,587,690 $7181a1i,d09
its subsidiary, the Rome Tube Co., by exchange of 8200,000 Dec. 31 1909___ _ 3,085,614 1,582,580 834,204 593,100 155,276
-V.
90,
p. 378.
stock, $ for $; also to give its own stockholders an oppprUnited Coke & Gas Co.-See American Coal Products Co.
tunity to subscribe at par for the remaining $200,000 new
stock to the extent of 1 new share for each 'I shares already above.-V. 80, p. 1239.
owned, in order to provide for extensions of plant.
United States Realty & Improvement Co.-Earnings.The company has long been in the business, Its annual requirements of For the six months ending Oct. 31:
late being estimated at between 30,000,000 and 40,000,000 lbs. W. L.
1910.
1910.
1909.
Kingsley Is Pres.; T. H. Stryker, Vico-Pres.; Barton Haselton, See. and
Treas.: H. J. Rowland. Asst. Sec. and Sales Mgr.

Gross earns __$1,687,096 $1,169689.
0,793 Int. on debens. $300,000 $332,100
DeductDiv.__ (234%) 401,070(2 i)36:3,,63

Sharon (Pa.) Steel Hoop Co.-Change in Control.-Vice- Misc. Interest_ $342,352 $321,105
231,074
224,3171 Surplus ___ $409,600 $427,608
Manag't
_
Pres. A. 0. Blackburn late in October last resigned, after -V.
91.cxpp. 1098, 657.
having disposed of his interest in the company to Frank II.
Unit.d States Steel Corporation.-Rail Order.-The "Iron
Buhl of Sharon,former President of the company, and Fred..
Age" of N. Y. on Dec. 1 said:
W. Kohler, also of Sharon.
The company In Aug. 1909 increased Its auth. capital stock from $1,000,000 to $2,500,000 (of which $1,800,000 Is reported to be outstanding), and
on Jan. 11010 paid off the remaining $100,000 bonds. Quarterly dividends
have been paid,with the exeeption of two quarters,for three years past. A
contract was awarded early In 1910 for a re-heating furnace. A new band
mill Is now under construotion. Late In 1909 Charles Bachman, Severn P.
Kerr and James P. Whitia were elected directors and J. Reed Evans Sec. In
Feb. 1010 Mr. Kerr, who had been (ion. Mgr., was elected President to succeed Morris Bachman, deceased. Mr. Buhl Is President of the BuhlKimberly Corporation of Sharon.-V. 85. p. 226.

The announcement by the Pennsylvania RR. that It has given orders for
150,000 tons of rails for 1911 Is the chief event of the week. Contracts
have not been signed, nor has the distribution among the mills been finally
decided. The Steel Corporation mills and the Buffalo and the three independent Pennsylvania mills are expected to share in about the same percentages as for 1910, but points In the terms have not yet been agreed upon.
The order Is larger than was looked for, but is less than the total placed by
the Pennsylvania RR. for this year.

Pensions.-Payments are to begin Jan. 1 1911 from the
pension fund of $12,000.000 established last spying consistSouthern California Edison Co., Los Angeles.-Bonds, ing of $8,000,000 provided by the corporation and the $1,Earnings, &c.-N. W. Harris & Co., Boston and New York; 000,000 fund created by Andrew Carnegie March 211901.
The monthly pensions to be paid from the Income of the fund will be
Harris Trust & Savings Bank, Chicago; E. H. Rollins & Bons,
made up on the following basis: For each year of service, 1% of the average
Boston, Chicago, Deliver and San Francisco; and Perry, pay
during the last 10 years of service; but in no case to be more than $100
Coffin & Burr, Boston, are offering for sale,at 97 and inter- a month or less than $12 a month.. For example, an employee who has
been 25 years In service and has received an average monthly pay of $60
eSt, yielding 53(%,an additional amount of general mortgage will
receive a pension of $15 a month. See editorial remarks on a previous
gold 5s, dated Nov. 1 1909 (V. 89, p. 1590, 1673).
page.-V. 91, p. 1333. 1158.




151S

VoL.

THE CHRONICLE

United Box Board Co., Chicago.-Status.---The "Chicago
Interocean" on Nov. 27 reported the company's present
financial position as follows:
$675,000
Cash on hand and In bank $211,000 Due to banks
352,000
976,000 Accounts payable
Bills & acc'ts receivable__
945,000
Raw material on hand__
Total current liabilities_$1,027,000
$1,105,000
Total current assets_ __ _$2,132,000 Net current assets
Director Charles C.Adsit says: "Our only indebtedness Is with the banks
and is well secured. The company Is doing all of its business on a strictly
cash basis. The bonded debt now stands at $3,223,000, a reduction of
$150,000 compared with a year ago."
The company Is understood to be doing a large business, but prices are
mid not to be high enough to Insure large profits.-V.90, p. 1294, 508.

'

ra
:
q
ew,

if,J,T1,112.7,1;11XrCiat

/1 A. 1 t 4-,•

COMMERCIAL EPITOME.
lqiday Night, Dec. 2 1910.
The note of caution is still manifest. But the iron and
steel trade lags. It looks as though merchants and financiers
will pick their way carefully in 1911.
STOCKS OF MERCHANDISE AT NEW YORK.
1910. Dec 1 1909.

Dec. 1 1010. Nov.1
Washington (D. C.) Gas Co.-Redemption of Certificates.3,364,623
2,617,133 2,261,200
• The $2,600,000 certificates of indebtedness are being re- Coffee, Brazil
85,250
Java
43,428
47,878
deemed at the American Security & Trust. Co. at par and Coffee,
402,061
269,690
292,019
Coffee, other
45,000
34,650
42,340
Sugar
interest to Dec. 1.-V. 91, p. 1333, 1098.
8,802
5,858
6,137
Hides
128,972
Western States Gas & Electric Co.-New Company.- Cotton
105,227
200,374
8,340
2,502
3,410
Manila
hemp
of
articles
at
incorporation
H. M. Byllesby & Co. have filed
2,850
1,005
2,265
Sisal hemp
San Francisco of the Western States Gas & Electric Co., with Flour, bbis, and sacks
77,300
75,000
69,100
is
which
stock.
$10,000,000
pref.
a capital of $15,000,000, of
LARD on the spot has continued to decline, with trade
The company will immediately take over the Stockton Gas
& Electric Co.(V. 88, p. 886) and the Richmond (Cal.) Light dull. Prime Western 10.25c., Middle Western 10 ®10.15c.
and City steam 9M ©9%c. Refined lard has also been quiet
& Power Co.
The same interests, It Is understood, have an option on the American and weaker. Continent 10.60c. South America 11.50c. and
p.
87,
V.
been
have
and
1498;
negotia1013),
p.
82,
(V.
River Electric Co.
' for lard futures here has
Brazil in kegs 12.50c. The market
ting for the Humboldt Gas & Elec. Lt. Co.(reported capital stock $777,024:
1st M. 5s due Oct 1 1938 $269,000), owner of a 3,000 h. P. bydro-electrIc been nominal. At the West the speculation has been active,
plant at Junction City, a 60-mile transmission line to Eureka, gas plant, &c. with the general trend of prices upward, owing mainly to
The present Richmond Light & Power Co. was incorporated in California
last June with $2,500,000 of auth. capital stock by Sidney F. T. Brock, of diminished receipts of live hogs of late at some advance in
Phila., Evans Williams, of San Fran., and others, as successor of the old prices. Sentiment among many, however, as to the ultiRichmond Lt. & Power Corp., a company with $150,000 stock, also
mate course of prices is bearish.
$100,000 1st M. 5s due, It is said, Feb. 1 1948.-V. 75. p. 1308.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Westinghouse Machine Co.-Proposed Plan-New MortMon.
Tues.
Wed. Thurs.
Fri.
Sat.
gage.-The creditors' committee of the Westinghouse Ma9.92
10.00
9.95
10.14
10,00
10,07
-delivery
chine Co. has issued a letter to holders of the $6,473,000 January
9.75
9.85
9.92
10.00
9.95
9.90
May delivery
outstanding 3-year 6% collateral notes maturing Jan. 1 next.
DAILY CLOSING PRICES OF LARD FUTURES IN
Abstract of Committee's Letter. including Proposed Plan.
The committee has endeavored to secure a plan satisfactory to all the
noteholders and has had many conferences with a special committee appointed by the directors. After going into all phases of the situation it
was found that at this time it is impossible to adopt any plan, except one,
which would extend, at least for a period, the present obligations of the
company.
The proposed plan provides for the authorization of a new 30-year 6%
mortgage; also that the Machine company, which owns all the capital stock
of the Westinghouse Foundry Co., and guarantees its bond issue ($800,000
now outstanding.-Ed.), will take over the Foundry company. The present issue of $1,765,000 bonds is to be disposed of as follows:
To be held to retire $140,000 serial 1st H.West'house Mach.Co,bds.$140,000
800,000
To be held to retire $800,000 Westinghouse Foundry bonds
To be held to retire $825,000 outstanding prior debenture bonds
825,000
of Westinghouse Machine Co
In addition, sufficient of the bonds are to be placed with the Colonial
Trust Co. of Pittsburgh, at 90% of their par value, as collateral to secure
the $6,473,000 outstanding notes, which are to be extended for 3 years,
with Interest at 6% per annum. This calls for about $7,200,000 bonds, and
leaves about $1,000,000 of bonds to be disposed of from time to time for
working capital.
Inasmuch as the security now held for the notes Is a debenture bond,
by the substitution of the new mortgage bond and the consolidation of the
two companies the value of the security will be enhanced and the company will have more of an opportunity during the life of the extension to
so adjust itself that the notes will be paid. Holders of the extended notes
will he given the right at any time during their life to exchange the same
for bonds at 073-%.V
A voting trust will be created, whtchwill control the election of directors
during the life of the notes, to conserve the interest of the note holders.
The mortgage will also require a payment of a minimum amount of $150,000
per annum into the sinking fund, and In addition 25% of the earnings of
the corporation, after operating expenses, fixed charges and taxes have been
deducted, for the further security and retirement of notes from time to time.
The committee feels that under the circumstances the Interests of all
will be best conserved by the extension, and assures noteholders that the
extension must be unanimous; that the failure of one or more to accept these
notes means disaster to all the noteholders. Holders of notes to the amount
of $3,000,000 have already consented to the extension, conditioned on
the unanimous consent of all the noteholders. Compare V.91, p. 966.

-The well-known banking firm of Plympton, Gardiner &
Co. are offering on another page four choice issues of investment bonds, namely: United New Jersey RR. & Canal Co.
general (now 1st) 4s, due 1929; Chicago & Eastern Illinois
RR. gen. cons. 1st 5s, due 1937; Denver & Rio Grande impt.
mtge. 5s, due 1928, and Wilkes-Barre & Eastern RR. 1st 5s,
due 1942. Full particulars will be furnished upon request
at either of the firm's three offices, New York, Chicago and
London, England.
-The "Southern Banker" of Atlanta, Ga., has purchased
"The Central Banker" of Cincinnati. The "Central Banker"
will be discontiuned as a separate publication and will be
consolidated with "The Southern Banker," which will continue under the same name and management as heretofore,
but will circulate in the Central States as well as in the South.
"The Southern Banker" will issue from Atlanta in the future,
the same as heretofore.
-The Chicago branch office of O'Connor & Kahler, under
the management of Philip R. Clarke, is rapidly equipping
itself with a body of experienced bond salesmen. The latest
acquisitions are Alvert E. Hill, for several years with Farson,
Son & Co. and Ulen, Sutherlin & Co.; Marshall Forrest,
formerly associated with H. C. Speer & Sons Co. and Fred
A. Smith, a Chicagoan of experience on the Board of Trade.
-White, Weld & Co., members of the New York Stock
Exchange, 5 Nassau St. this city, and the Rookery, Chicago,
are to-day advertising elsewhere in this issue the unsold balance of $5,400,000 International Agricultural Corporation
7% cumulative preferred stock. Full details of this offering
are given in our "General Investment News" dept.
-Alfred E. Dickey, Vice-President of the Wells & Dickey
Co. of Minneapolis, dealers in municipal and corporation
bonds, died on the .29th ult. after a short illness.
-Attention is called to the attractive list of securities advertised on another page for December investments by Redmond & Co.




January delivery
May delivery

Sal.
9.6235
9.45

Mon.
9.70
0.523.5

Tues.
9.723.5
9.57 35

CHICAGO.
Frt.
Thurs.
Wed.
9.77 3.5
9.77 35 9.85
0.67.
9.62 3,5 9.70

PORK on the spot steady with a somewhat larger trade.
Mess $19 50, clear $21@$22 50 and family $24 50. Beef
quiet and steady. Mess $15 50@$16, packet $17@$17 50,
fatnily $19 50@$20 and extra India mess $30 50. Cut meats
have been in moderate demand and generally steady.
1 ®14e.• pickled bellies, clear,
Pickled hams, regular, 11 A
143@17 c., and pickled ribs 133 1 ®151Ac. Tallow quiet
and easy at 73c. for City. Stearines dull and steady; oleo
2c. Butter quiet and easy; cream®1054c. and lard 123/
ery extras 30c. Cheese quiet and steady; State, whole milk,
2e. Eggs quiet and firmer; Western
colored, Sept. fancy, 153/
firsts 34@36c.
OIL.-Linseed quiet and easier with seed. City, raw,
American seed, 95()96c., boiled 96®97c. and Calcutta,
raw, $1 03. Lard quiet but firm with offerings light. Prime
95c.@$1; No. 1 extra 65()70c. Cocoanut quiet and firm;
4®11c.; Ceylon 93/2 ®9%c. Olive has been quiet
Cochin 103
and firm at 90@95c. Corn in good demand and firm at
7@7.05c. Cod firmer with a good business; domestic
47@48c. and Newfoundland 50(4)52c.
COFFEE on the spot firm, though less active. Rio No. 7,
2 ®13Y,tc. West India
13W)13%c. and Santos No. 4, 133/
growths quiet and steady; fair to good Cucuta 14@144c.
The speculation in future contracts has been less active, but
prices have continued to rise under the spur of bullish reports
from Brazil regarding the statistical position and buying for
local and foreign account. At times reactions have occurred,
owing to rather more favorable reports from Brazil regarding
new crop prospects. Setbacks in prices, however, have attracted new buyers. Closing prices were as follows:
November
December
January
February

10.85c
10.80c.
10.800.
10.75e.

March
April
May
June

10.74c.
10.74c.
10.74e.
10.08e.

July
August
September
October

10.66e.
10.64c.
10.55c.
10.550.

SUGAR.-Raw quiet and steady. Centrifugal, 96-degrees
test, 3.93c. muscovado,89-degrees test,3.43c.,and molasses,
test, 3.18c. Refined quiet. Granulated 4.60c.
89-degress'
Teas have ruled steady with a routine trade. Spices quiet
and steady. Wool dull and steady. Hops firm with trade
fairly active.
PETROLEUM.-Prices have been steady with a moderate
domestic and foreign trade. Refined, barrels, 7.40c.,
bulk 3.90c. and cases 8.90c. Gasoline has been in good
demand and firm; 86-degrees, in 100-gallon drums, 18%c.;
drums $8 50 extra. Naphtha has been moderately active
and firm; 73 ®7fi-degrees, in 100-gallon drums, 16%c.; drums
$8 50 extra, Spirits of turpentine quiet and easy at 78
79c. Rosin quiet and easier; common to good strained $6 05.
TOBACCO.-Trade in binder has been fairly active, but
other descriptions have been rather quiet. Prices, however,
have ruled firm. Havana and Sumatra have been in moderate demand and firm.
COPPER has been quiet and generally steady. Lake
12% ®13c., electrolytic 12%®12.80c. and casting 123'©
12Ne. Lead has been dull and steady at 4.45@4.55c.
Spelter has been dull and firm at 5.85@5.95c. Tin has been
stronger on bullish statistics for November; trade less active
at the advance; spot 38c. Iron has been dull and steady.
There has been considerable blowing out of furnaces of
late and the production of pig during the past month showed
a decrease of about 100,000 tons. No. 1 Northern $15 75@
$16 25; No, 2 Southern $15 25©$15 75. Finished material
has been more active.

DEC. 31910.

THE CHRONICLE
COTTON.

Dec. 2 at

Friday Night, December 2 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
432,629 bales, against 393,380 bales last week and 413,466
bales the previous week, making the total receipts since
Sept. 1 1910 4,516,041 bales, against 4,294,749 bales
for the same period of 1909,showing an increase since Sept. 1
1910 of 221,292 bales.
Receipts at-

Galveston
Port Arthur.._ _ _
Texas City, &c_ _
New Orleans_ _ _ _
Gulfport
Mobile
Pensacola
Jacksonville, doc.
Savannah
Brunswick
Charleston
Georgetown __ _ _
Wilmington _ _ _ _
Norfolk
N'port News, &c.
New York
Boston
Baltimore
Philadelphia_ _ _ _
Totals this week_

Sat.

Mon.

Tues.

Wed.

Thurs.

Total.

Fri.

12,212 15,562 32,878 13,461! 15,117 19,335 108,565

13.083
5-,i5O

17 422

2,576 2,005
10,898
604
187
13,642 12,044
2-,860 2-,56
3-:tii5 4-,5ii
6,690 5,405
216
181
34.1
899
Al

nno

-;;; -si -;;.; 2:666 Tag

20:473 35,301 8-,d7d 13,833 101,132
3,950 3,950
5-,617 2",628 3;582 1,853 18,261
_
275 11,173
--- - -------608 1,399
12,108 11,457 10;663 11,929 71,843
3:825 2-,iii 3-,7 68
3,411 1;iiii 4;(315 2-,61E 20,11g
9,497 4,694 4,870 4,266 35,431
487
487
30 ____
427
354
7621
285 1,502 4,143
2,800 ____ 2,461 5,261

1g:g7 12:gn

71 175

RA

1n0 7A 050

51246

AA_A56422 A26

The following shows the week's total receipts, the total
since Sept. 11910, and the stocks to-night, compared with
last year:
_
1910.
1909.
Stock.
Receipts to
Dec. 2.
This Since Sep This Since Sep
week. , 1 1910. week.
1 1909. 1910.
1909.
Galveston
108,565 1,655,737 85,404 1.474,840 206,341 240,619
13,083 77,849 8,000 46,901
Port Arthur
Texas City, &c
2,378 122,406 1,382 21,780
101,132 620,554 35,292 574,232 186,247 151,571
New Orleans
3,950
Gulfport
3,950
___
7.981
3,950
723
18,261 130,392 7;06
Mobile
8
140,191 68,894 41,515
11,173 34,970 22,694 78,109
Pensacola
Jacksonville, &c_ 1,309 10,734 2,506 22,061
Savannah
71,843 870,349 27,024 1,003,470 173,432 136,725
Brunswick
16,250 122,091 1,240 172,044 26,319 14,736
Charleston
18,518 200,171 3,704 164,697 49,665 39,055
656 ____
Georgetown
607
112,
Wilmington_ 20,216' 282,150 4,219 239,295 48,856
7,808
35,4311 323,064 13,767 305,792 35,344 33,109
Norfolk
763
2,208
4871
7,010
N'port News, &c_
255
2,266
4271
2,786 204,609 131,635
New York
4,1431 10,401
Boston
4,112
222
924
2,496
Baltimore
5,2611 46,093 2,799 28,259 16,712 18,815
Philadelphia
_ __ _1
50
602
2,375
1,155
Total

_

432.829 4.516.041 216.389 4.294.749 1.023.668

819.962

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at1910.
Galveston _ _ _ 108,56'
PLArthur,&c. 15,461
New Orleans_ 101,132
18,261
Mobile
Savannah __ _ 71,843
16,250
Brunswick _ _ _
Charleston,doe 18,630
Wilmington_ _
20, 16
Norfolk
35,431
N'port N., &c
487
All others_ _ _ _ 26,353
Total this wk_ 432,629

1908.
1006.
1907.
1905. ,
159,853 102,483 144,713 86,013
9,565
5,542 20,608 13,873
108,600 94,508 100,069 67,447
18,121 16,621 12,908
8,869
63,782 64,574 67,848 53,815
22,748
3,987
8,423
7,623
8,534
6,453
7,490
4,389
14,334 20,872 17,350 10,950
31,711 24,760 32,039 30,686
746
413
087
21,340
22,485 22,657 16,060
216,380 457,544 367,134 431,459 300,712
Since Sept. 1_ 4,516,041 4,294,749 4,826,029 3,667,116 4,696,656 4,336,915
The exports for the week ending this evening reach a total
of 281,593 bales, of which 138,186 were to Great Britain,
39,293 to France and 104,114 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910.
1909.

85,404
0,382
35,292
7,068
27,024
1,240
3,704
4,219
13,767
763
28,526

Week ending Dec. 2
Exported toEx °Hs
from-

ContiI Great
'Britain.Fence cent.

1910.

Front Sept. 1 1910 to Dec. 2
Exported to-

1010.

Great
ContiTotal. Britain. Prance. cent.

Galveston ___ _1 55,438 20,277 18,898 94,613
Port Arthur_ I
12,409 12,409
Texas City, &c.
New Orleans...1 51,887 16,304 5,918 74,109
Mobile
!
Pensacolft
10,898 10,898
-I
1
Gulfport
Savannah _. 15,638 ____ 24,538 40,176
Brunswick
7,481 7,481
Charleston. _ _ __
',
Wilmington...
-___ 13,508 13,508
Norfolk
---'
Newport News....1
New York__ 4,551 2
3,984 11,247i
Boston
9,573 __
9,573,
Baltimore_ _
__
_
2,137 2,1371
Philadelphia. 1,099 _ _ _ _
1.099
Portland, Me_
___
San Francisco. .--------2,047 2.047
Seattle
__._ 1,098 1,098
Tacoma
.
1,198 1,198
Portland, Ore_
-- Pembina
Detroit
.

578,288 187,876
15,441 14,572
98,906
295,656 41,296
11,601 7,405
9,207 9,963
165,804 45,536
29,848
6,000 9,900
83,393 19,290
10,345
158,358 47,626
47,721
8,518 2,800
25,636

Total.
452,670 1,218,834
77,849
47,836
2,143 101,049
96,203 433,160
13,921
32,927
15,825
34,995

200,103 411,443
44,607
74,455
59,192
75,092
120,897 223,580
61
10,406
'
90,568 296,552
3,157
59,878
32,307
43,625
1,400
27,036
17,396
15,895
2,955
900

17,396
15,895
2,955
400

1519
On Shipboard, Not Cleared for-

Great
GerOther CoastBritain. France many. Foreign wise.

Spot Market
Closed.

Futures
Market
Closed.

Total

138.18639,293 104,114 281,593 1,544,722386,264 1,217,541 3,148,527
----Total 1909._ 46,604 69,410 126,152 242,166 1,161.657 620.470 1.320.555 3.102.712

Saturday_ _ Quiet, 5 pts. adv.. _ Very steady _
Monday_.._ Quiet, 15 pts. dec... Barely steady
Quiet, 10 pts. adv._ Steady
In addition to above exports, our telegrams to-night also Tuesday
Wednesday Quiet, 5 pts. dec.. Barely steady
give us the following amounts of cotton on shipboard, not Thursday _ Quiet, 10 pts. adv._ Steady
cleared, at the ports named. We add similar figures for Friday____ Quiet, 10 pts. dec.. Barely steady
New York.
Total_




Total.

Leaving
Stock.

New Orleans_ _ 8,540 4,146 6,954 20,014
117 30,771 146,476
Galveston _ _ __ 56,307 6,800 24,091 37,235 3,100
127,533 78,808
Savannah _ _ _ _
4,062
1,400 11,462 161,970
1,000
5,000
Charleston_ _ _ _ 1,566
600 7,600
42,065
Mobile
17,542
2,164
6,970
475 27,151
41,743
Norfolk
19,569 19,569
15,775
New York_ _
1,500
400
-ioo 2,866
5,200 199,400
Other ports_ _ _ 23,000
19,000
5,000
47,000 52,135
Total 1910.. 113,889 17,572 62,815 65,749 25,261 285,286 738,382
Total 1909_ 65,167 37,178 62,419 19,063 38,844 222,671 597,291
Total 1908.._ 112,499 64,592 90,590 55,223 31,469 354,373 744,300
Speculation in cotton for future delivery has been less
active, and prices show a net decline for the week, owing
partly to persistent large receipts at the ports; also, in spite
of reports that there is a good spot demand at the South,
large quantities of cotton are being shipped to New York,
partly, it is said, on consignment. The certificated stock
here during November increased about 94,000 bales. New
York seems to he a sort of magnet attracting cotton steadily
from all parts of the South. Significantly, too, as some regard it, the deliveries on December contracts approximated
110,000 bales, some think 125,000 bales, and the question
is asked why such large deliveries should have been made by
interests supposed to be bullish, if the trend of prices is unmistakably upward. Spot sales in Liverpool of late have
been only 5,000 to 8,000 bales a day. Fall River's sales of
print cloths have been small. The market depression at
times in the stock market has not been without its effect.
A reported interview with a leading financier of the Northwest., taking an unfavorable view of the general business
situation in the United States, has also had some influence.
A Liverpool house is said to have put its books in the hands
of a public accountant,. A local dry goods house is arranging with its creditors, it is said, for an extension. The
suspension of a small dry goods house here was
announced on Thursday. A large operator here is
said to have been selling out January and buying
July. A prominent spot house is supposed to have been
buying January but selling March. A rather bearish ginning report is expected from the Census Bureau on Dec. 8.
The recent low crop-estimates are apparently losing their
effect in the face of continued large receipts at the ports and
interior towns, apparently bearing out the statement some
time ago that the crop was a liberal one but late. Liverpool
and the South have been selling. Yarns have been quiet.
The speculation, moreover, has been narrow, which, with the
sharp increase in the crop movement, has militated against
a rise in prices. Western and Wall Street houses have been
sellers. In a word, the recent aggressive bull speculation
has met with a check. Yet some well known people still
predict. higher prices. Manchester has continued strong and
active. The outlook for the Far Eastern trade is regarded
as favorable. Some increase in business with China seems to
be expected here. If receipts have been large, the exports at
times have also been liberal, and some insist that the large
receipts merely indicate that much of this cotton is in transit
to Europe in response to an excellent foreign demand. The
short interest for Manchester account, in Liverpool is said to
be rather large. Seasonable weather has favored retail trade
in dry goods in many parts of the country. Spot markets
at the South give way grudgingly in response to any setback
in the • speculative markets. Spinners have been buying
futures here. On the whole, the trade is awaiting two important documents next week, namely the Census Bureau's
ginning report on Dec. 8 and the Government's estimate of
the crop on Friday, Dec. 9. To-day prices declined. Spot
cotton here has been quiet. Middling uplands closed at 15c.,
a decline for the week of 10 points.
The rates on and off middling, as established Nov. 16 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c 1.50 on Middling
e Basis Good mid. tinged_c EvenStrict mid. fair_ _ __ 1.30 on Strict low, mid.
off Strict mid,lined_ _0.15 off
___ _
Middling fair
1 10 on Low middling
0.60 oft Middling tinged_ _ _0.25 off
Strict good mid.._.0.66 on Strict good ord._ _ _1.05 off
low,Ifid.ting _0.60 off
Good middling___0.44 on Good ordinary_ __ _1.75 Strict
Low mid. tinged__ _1.50 off
Strict middling_ ___0.22 on Strict g'd mid. tgd_0.35 off
on 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:
Nov. 26 to Dec. 2Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
15.15 15.00 15,10 15.05 15.15 15.00
NEW YORK QUOTATIONS FOR 32 YEARS.
8.55 1894_c
1910_0
15.60 1902_c
5.81 1886.c
9.19
1909
8.00 1893
14.70 1901
8.06 18859.44
10.25 1892
1908
9.35 1900
9.62 1884
10.50
1907
11.80 1899
7.75 1891
10.56
8.06 1883
1906
11.25 1898
5.62 1890
9.94 1882
10.44
1905
11.65 1897
5.81 1889
10.25 1881
12.12
1904
9.00 1896
7.69 1888
9.88 1880
12.00
11.95 1895
1903
10.62 1879
8.56 1887
12.50'
MARKET AND SALES AT NEW YORK.
Sales of Spot and Contract.
Con- ConSpot. sunen. tract.

____

400

Total.

400

109900 109900
9,400 9,400'
119700 119700,

THE CHRONICLE

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Movement to December 3 1909.

..

Receipts.

e

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.

Movement to December 2 1910. II

i

VOL. LXXXXI

058
1I 1-7'426'3'162'

FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
1 ;31 g.1 11 70.1
r0.Ii g.1 11 ',11 :41 41
0
d
0
0
0
V
n
V
••1.
..,
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gg gg gg Ole: gg %.4 gg ggigg gg gg

g

1215 110.FAIJJAI!alg21,1W,41010
uzlIc.)zatiao.KauggoacGac.40%;40

Total, 33 towns

1520

- .
.0 0
THE VISIBLE SUPPLY OF COTTON to-night, as
"Igticr
gaVix
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns, and
rwA,,,,z4.0z4.0ourix.5mzE30.4m5.0
consequently all foreign figures are brought down to Thurs(lay evening. But to make the total the complete figures
The above totals show that the interior stocks have infor to-night (Friday), we add the item of exports from the creased during the week 65,499 bales and are to-night 40,962
United States, including in it the exports of Friday only.
bales more than at the same time last year. The receipts
1910.
December 21909.
1908.
1907.
at all the towns have been 169,538 bales more than the same
bales. 039,000 948,000
Stock at Liverpool
538,000 683,000
3,000
7,000
10,000
Stock at London
17,000 week last year.
5),000
56,000
37,000
51,000
Stock at Manchester
OVERLAND MOVEMENT FOR THE WEEK AND
692,000 1,011,000
585,000 751,000 SINCE SEPT. 1.-We give below a statement showing the
Total Great Britain stock
4,000
14,000
16,000
3,000
Stock at Hamburg
164,000 overland movement for the week and since Sept. 1, as made
155,000
238,000 326,000
Stock at Bremen
184,000
133,000 up from telegraphic reports Friday night. The results for
161,000 392,000
Stock at Havre
4,000
4,000
2.000
2,000
Stock at Marseilles
are as follows:
8,000
21,000
12,000 the week and since Sept. 1 in the last two years
8,000
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

35,000
____
364,000

48,000
1 0000
693,000

37,000
6,000
592,000

18,000
28,000
375,000

1,05,00o 1,704,000 1,177,000 1,126,000
,Total European stocks
43,000
India cotton afloat for Europe_
80,000
60,000
104,000
785,236
Amer. cotton afloat for Europe
723,589 1,009,462 936,750
89,000
82,000
68,000
Egypt,Brazil,&c.,aflt.for Europe_
63,000
257,000 212,000 233,000
195,000
Stock In Alexandria, Egypt
Stock in Bombay, India
205,000
295,000
174,000 310,000
1,023,668 819,962 1,098,673 835,668
Stock In U. S. iports
Stock In U. S. Interior towns__
777,378
736,416 846,344 496,434
50,857
28,660
75,813
U. S. exports to-day
17,507
4,34,139 4,675,474 4,742,292 4,053,512
Total visible supply
Of the above, totals of American and other descrlpitons arc as follows:
Americanbales. 551.000 862,000 437,000
576,000
Liverpool stock
40,000
32,000
43,000
39,000
Manchester stock
339,000 669,000
544,000
293,000
Continental stock
723,589 1,009.462 036,750
American afloat for Europe
785,236
U. S. port stocks
1,03,668 810,962 1,098,673 835,668
736,416 . 846,344 496,434
U. S. Interior stocks
777 378
75,813
17,507
28,660
50,857
U. S. exports to-day
Total American
,East Indian, Brazil, ac.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock In Bombay, India
Total East India, 60
Total American

3,50,t39 3,877,474 4,043,202 3,205,512
88,000
3,000
7,000
25,000
1-0,000
P9,000
257,000
203,000

101,000
86,000
10,000
7,000
5,000
7,000
48,000
24,000
60,000
104,000
68,000
63,000
233,000
212,000
205,000 *174,000

107,000
17,000
12,000
82,000
43,000
82,000
195,000
310,000

798,000 699,000 848,000
754,000
3,570,139 3,877,474 4,043,292 3,203,512

Total visible supply
4,324,'39 4,675,474 4,742,292 4,033,512
6.3511.
4.97d.
Middling Upland, Liverpool
8.-6d. • 7.72d.
12.05c.
Middling Upland, New York_ _
9.35c.
10.75c.
15.00c.
Egypt, Good Brown, Liverpool_ _11 11-161.
12,Ad. 9 1-16d. 10 9-16d.
11.7511.
Peruvian, Rough Good, Liverpool 10.75d:
7.90d.
9.2511.
Broach, Fine, Liverpool
4'%d. 5 13-16d.
7 9-1611.
7 Yid.
Tinnevelly, Good, Liverpool
7;id. 6 15-16d. 4 11-1611. 5 7-16d.

Since
Sept. 1.
177,030
106,532
16,947
44,282
28,043
60.807
60,978

Week.
18,427
9,303
1,373
3,482
1,960
7,482
16,923

Since
Sept. 1
158,126
82,315
4,775
31,609
16,401
44,211
68,764

495,519

'58,950

404,294

58,760
13,147
20,524

3,326
4,799
• 1,805

35,739
10,488
13,175

1909

1910
December 2ShippedVia St. Louis
Via Cairo
Via Reck Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

Week.
31,345
13,134
2,372
6,592
4,517
7,144
9,418

74,122
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c_._ 9,331
1,020
Between interior towns
1,847
Inland, &c., from South
Total to be deducted

12,698

92,431

9,930

61,402

Leaving total net overland •

01,424

403,088

49,020

342,892

* Including movement by rail to Canada.

The foregoing show's the week's net overland movement
has been 61,424 bales, against 49,020 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a' year ago of 60,196 bales.
1910Since
In Sight and Spinners'
Takings.
Week. Sept. 1.
4,516,041
to
432,629
ports
Dec.
2
Receipts at
403,088
61,424
Net overland to Dec. 2
558,000
Southern consumption to Dec. 2_ 51,000
-545,053 5,477,129
Total marketed
726,600
65,499
Interior stocks in excess

------1009
Since
Week. Sept. 1.
216,389 4,204,749
49,020
342,892
52,000
702,000
317,409
38,057

Came into sight during week__ 610,552
6,203,729
Total in sight Dec. 2

356,066

North. spinners' takingto Dec. 2._ 87,271 -949,983

102,407

5,339,641
653,253
5,092,894
897,627

Movement into sight in previous years:
Week1908-Dec. 5
1907-Dee. 6
1008-Dec. 7
1903-Dec. 8

Since Sept. 1Bales.
602,712 1908-Dec. 5
1907-Dee. 6

.
,...

Bales.
_6,657,410
4,070,046

471,95$
6,263,857
, Continental imports for the past week have been 129,000
574,885 1906-Dec 7
5,844,270
,, •
436,111 1905-Dec 8
.
bales. The above figtuies for 1910 show au increase over last week
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 248,863 bala, a loss of 351,335 bales from 1909, a MARKETS.-Below are the closing quatations of middling
decrease of 41$,153 bales from 1908, and a gain of 2Y0,627 cotton at Southern and other principal eotton • markets for
each day of the week.
bales over 1907.




DEO. 31910.1

THE CHRONICLE

1521

Charleston, South Carolina.-We have had rain on one day
of the past week, the' rainfall being fifty-two hundredths of
an inch. The thermometer has averaged 53, the highest
15
Galveston
15
15
15
15
14H
being 76 and the lowest 29.
14 H
New Orleans.._ _ 14
14H
14 11-16
14'4
14'4
Mobile
14 11-16
14 9-16 19 9-16 14 9-16 14 %
14'4
Madison, Florida.-We have had rain on two days of the
14 A
14 9 16 14 9-16 14 A
14 %
Savannah
14 %
week, the precipitation reaching four inches and twenty
14 9-16 14 9-16 14 9-16 14
14 %
Charleston _
14H
Wilmington_ _ _ _ 14 %
14 A
14
14
hundredths. The thermometer has averaged 50, the high14%
14 13-16 14 13-16 14 13-16.14 13-16 14'4
14 H
Norfolk
est being 79 and the lowest 29.
Baltimore
14
14 %
14
%
14 %
14H
Philadelphia __ _ 15.40
15.25
15.35
Savannah, Georgia.-We have had rain on two days during
15.30
15.90
15.25
Augusta
14 13-16 14 13-10 14 13-16 14 13-16 14 11-16
14 %
the week, the rainfall being forty-four hundredths of an inch.
Memphis
15 A
15y
15 A
1
15H
15H
15'4
Average thermometer 53, highest 76, lowest 29.
St. Louis
15
15
15 H
15 A
15H
15'4
15
Houston
15
15
19
14
14'4
The following statement we have also received by teleLittle Rock_ _ _ _ 14%
14 11716 14 11-16 14 11-16 14 11-16 14 11-16
graph, showing the height of rivers at the points named at
NEW ORLEANS OPTION MARKET.-The. highest, 84. tn. of the dates given:
Dec. 2 1910.
Dec. 3 1909.
lo,vest and closing quotations for leading.options in th e'New.
Feet.
Feet.
Orleans cotton market for the past week have been as follows New Orleans
Above zero of gauge_
2.6
6.1
Memphis
Above zero of gauge_
3.6
12.7
- • Nashville
Above zero of gauge_
11.5
7.7
Closing Quotations for Middling Cotton on-

Week ending
December 2..

Sarday, Monday, Tuesday, 1Ved'day, Thursd'y, Friday.

Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Nov. 26. Nov. 28. Nov. 29. Nov. 30. Dec. 1. Dec. 2.

Novemberflange
Closing
DecemberRange
Closing
JanuargRange
Closing
FebruaryRange

Closing

March-Range
Closing
Aprilflange
Closing
MayRange
Closing
,Juneflange
Closing

July-•
Range

- @ -- ® -- ® 14.83 • 14.69 • 14.76 •
14.73-.87 14.62-.92 19.03-.82 14.71-.78 - @- 14.62-.70
14.86-.87 14.72-.74 14.80-.81 14.75-.76 14.78 - 14.60-.61
14.88-.99 14.80-.04 14.70-.93 14.80-.91 14.80-.91 14.66-.84
14.98-.99 14.82-.83 14.89-.00 14.82-.83 19.85-.86 14.67-.68
©,
--- 0 -- @ -- @ --15.09'14.93 " 14.90 • 15.00

14.98 • 14.80 •

15.15-.28 15.09-.33 15.00-.22 15.08-.22 15.10-.19 14.92-.08
15.27-.28 15.10-.11 15.18-.19 15.09-.10 15.12-.13 14.93-.99
- @ -- ® --- ® 15.37 • 15.15 • 15.28 • 15.20 • 15-.22 • 15-.03 •
15.36-.47 15.29-.51 15.19-.42 15.27-.42 15.28-.38 15.09-.27
15.46-.97 15.30-.31 15,37-.38 15,28-.20 15.31-.32 15.10-.11
- ® -- @ -- @ 15.52 • 15.35 • 15.42 • 15.35 • 15-.38 • 15-.17 •

15.48-.56 15.40-.61 15.30-.51
Closing
15.56-.58 15.40-.41 14.46-.48
ToneFirm. Steady. Steady.
Spot
nntinns
_ _ Steady. Steady. Steady.
• Nominal.

15.37-.45 15.37-.46 15.18-.31
15.37-.38 15.40-.41 15.19-.20
Steady. Steady. Steady.
Steady. Steady. Steady.

WEATHER REPORTS BY TELEGRAPH.-Our reports from the South this evening by telegraph indicate that
on the whole the weather has been fairly favorable during
the week. Rain has fallen in most localities, but, except at
a. few points, the precipitation has as a rule been light.
Lower temperature has prevailed toward the close, Good
progress has been made in gathering the crop, and some of
our correspondents state that picking in their sections is
practically completed.
Galveston, Texas.-We have had rain on one day during
the week, the precipitation reaching thirty hundredths of
an inch. The thermometer has ranged from 42 to 70,
averaging 56.
Abilene, Texas.-Dry all the week. Average thermometer
46, highest 64 and lowest 28.
Palestine, Texas.-We have had rain on two days of the
past week, the rainfall being five hundredths of an inch.
The thermometer has averaged 49, ranging from 30 to 68.
San Antonio, Texas.-We have had no rain the past week.
The thermometer has averaged 49, ranging from 38 to 66.
Taylor, Texas.-There has been rain on two days the past
week, the rainfall reaching three hundredths of an inch.
The thermometer has averaged 51, ranging from 34 to 68.
• Mobile, Alabama.-Freezing weather latter part of the
week in the interior. Picking is practically completed. It
has rained on one, day of the Week; the rainfall., reaching
five hundredths of an inch. The thermometer has .averaged
57, the highest being 78. and. the lowest. 29.
Montgomery, Alabama.-There has been rain on two days
of the week, to the extent of two inches and seventy-five
hundredths. The thermometer has averaged 53, ranging
from 28 to 78.
Selma, Alabama.-Rain has fallen. on two days during,the
week; the precipitation reaching seventy-one hiindredths
of an inch. The thermometer has ranged from 23 to .75,
averaging '48.
New Orleans, Louisiana.-It has rained on one day during
the past week"to the extent of fifty. hundredths of an inch.
The thermometer has averaged 55.
Shreveport, Louisiana.-There has been rain on one day
during the week, the rainfall being two inches and thirteen
hundredths. Average. thermometer 50, 'highest 70, lowest 29.
Vielcsburg, igississippi.-There has been rain on one day
of the week, to the extent of eighty-eight hundredths Of an
Inch. The thermometer, has averaged 50, the highest being
75 and the lowest 28.
Helena, Arkansas.-We have had rain on two days during
the week., to the extent of sixty-two hundredths of an inch.
The thermometer has averaged 47.2, ranging from 24 to 75.
Memphis, Tennessee.-Picking active and marketing
liberal. We,have had rain on one day during the week, the
rainfall being twenty-one hundredths of an inch. Average
thermometer 47.5, highest. 74, lowest 25.
Charlotte, North Carolina.-Fields are picked clean. There
has been rain on one day of the week, the rainfall being nine
hundredths of an Inch. The thermometer has averaged 44,
ranging from 21 to 66.




Shreveport
Vicksburg

Below zero of gauge_
Above zero of gauge_

4.8
• 1.4

1.1
15.4

EAST INDIA COTTON MILLS.-Through the courtesy
of the Secretary of the Bombay Millowners' Association, we
have received this week a statement of operations for the
year ended June 30 1910, and they are given below:
OPERATIONS FOR YEAR ENDED JUNE 30 1910.
, verage
Approximate
No. of Quantity of Cotton
No.
No.
No. Hands
Consumed.
of
of
of
Ern
Mills. Spindles. Looms. ployed.
Bales of
Daily.
Czets.
392 Lbs.
Bombay Isl. (work'g) 86 2,824,046 91,931 104,550 3,444,203 984,058
Bombay. Island (in
course of erection)_
3
Bombay Presidency
(working)
83 1,545,178 23,540 55,251 1,265,572 361,592
Bombay Presidency
(in course of erection)
13
Total

187 9,369,224 65,471 159,801 4,709,775 1,345,650

Rajputana
13erar
Central Provinces _
IIydcrabad
Central India
Bengal PresIdency_a_
Punjab
United Pres. of Agra
& Oudh _b
Madras Presidency_c_
Travancore
Mysore'
Pondicherry

3
2
8
3
3
15
8

32.800
38,472
203,672
58,970
63,208
431,479
131,220

1,111
2,500
830 1,948
3,963 11,236
779 2,798
1,229 2,826
1,618 10,909
579 3,530

53,529
51,940
302.470
71,379
69;153
391,300
97,314

15,294
14,840
88,420
20,394
19,758
111,800
27,804

14
12
1
2
5

398,360
344,528
25,560
28,448
69,730

3,775 12,745
2,023 18,150
672
223 1,844
1.629 4,665

454,587
419,923
28,966
17,472
104.727

129,882
119,978
8,276
4.992
29,922

Total
•263 6.195_671 82.725 233.624 6_772.535 1.935.010
• Of these, 243 are working and 20 in course of erection. a Including -2
in course of erection. b Including 1 in course of erection. c Including 1 In
course of erection.

We now give a table covering information identical with
the totals given above, which indicates the progress made in
cotton-manufacturing ill India during the past 32 years:
PROGRESS OF INDIAN MILLS DURING THE PAST 32 YEARS.
Approximate
Averag
No. of Quantity of Cotton
Year ending June 30. No.
No.
No. Hands
Consumed.
of
of
of
EmMills. Spindles Looms. ployed.
Bales of
Daily.
Ctcts.
392 Lbs.
56
79
124
142
188
193
193
192
192
191
197
217
224
241
259
263

1879
1884
1889
1894
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910

1,452,794
2,001,667,
2,762,518
3,649,736
4,728,333
4,945,783
5,006,936
5,006,965
5,043,297
5,118,121
5,163,486,
5,279,595
5,333,275
5,756,020
6,053.2311
6.195,671

13,018 42,914 936,547 267,585
16,262 60,387 1,859,777 531,365
21,561 91,598 3.110.289 888,654
31,154 130,461 4,278,778 1,222,508
39,069 162,108 5,863.165 1,675,190
40,124 161,189 5,088,732 1,453,352
41,180 172,883 4.731,090 1,351,740
42,584 181,031 6,177,633 1,765,034
44,092 184,399 6,087.690 1,739,430
45,337 184,779 6.106,681 1,744,766
50.139 195,277 6.577.354 1,879,244
52,668 208,616 7,082,306 2.023,516
58,436 205,696 6.930,595 1,980,170
67,920 221,195 6.970,250 1,991,500
76,898 236,924 7,381,500 2,109,000
82.725 233,624 6.772,535 1.935 010
Ass,its fa

EXPORTS OF BREADSTUFFS, PROVISIONSACOTTON AND PETROLEUM.-The exports of these articles
during the month of October and. the tln months, forlthe
past three, years,. have been 'as follows:
Exports.
from
U.S.

October. 110 Montlis.

October.

Quantities.
Wheat.bu.
Flour bbls.

3,210,364 16,782,189
929,204 6,368,774

8,561.978 34,780,964 .12,032,148 79.534,925
1,180,421 7,426,098 1,215,828 10,584,5:9

Wheatsbu
Corn __bu.

7,391,782 45,441,872 13,873,872 88,198,405 17,503,372127,165,3 83,188,878 30,330.829 2,068,646 27,262,363 1.760,416 27,526,950

1910.

1909,
10 Months.

1908.
October.

10 3foralts.

10,580,660 75,812,501 15,942,518 95,460.768 19,213,792 154,692,345
Total bu
Values.
$
'
$
Wh't&fl'r_ 7,715,031 49,714,662 14,407,563 75,031,551 18,031,777 128,690,142
C'rn&meal 1,917,345 21,087,379 1,507,282 20,491,471 1,353,586 19,367,963
202,037 1,137.089
O'ts&meal
980,222
100,187
311,65(1 2,304,747
724,852 2,609,716
Barley ___
40,632
290.767
122,092 1,007.763
28
Rye
13,917
424,030 2,328.235
998,728 2,988,860
Breadstls. 10,559,293 74,562,763 10,479,694 99,131,246 -20,867,233154,359,475.
Provisions 7,791.047 89,527,800 8,736,740 112,288,053 11,933,312 134,060.708
C'ttle&hgs
728,994 6,544.870 1,179,132 12,823,511 1,578.500 20,946,329.
Cotton ___ 92,551,094339,621,914 88,883,350328,528,864 58,291,264 303,467,448•
Pet'm,&c.. 7,169,829 74,712,991 8,355,404 83,444,819 9,112,739 90,679,893Tot'l value 118,800,257 584,970,338123,634.320636,212,493 101,783,048702,913,85.3
*Including flourlreduced to bushels.
thlabove figures are based on:the monthly prelLatiottr7' returns issued'.
by:thelBureau:ot.8tatlstles.:and cover about 96% of the total exporte.
1.111jJ

WORLD'S SUPPLY AND TAKINGS OF COTTON.
1909.

1910.

Cotton Takings.
Week and Season.

Week.

Season.

Week.

Season.

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 281,593 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:

4,534,640
4,075,271
Visible supply Nov. 25
1,931,022
1,495,514
Visible supply Sept. 1
American in sight to Dec. 2_ _ _ _ 610,552 6,203,729 356,066 5,992,894
469,000
293,000 107,000
70,000
Bombay receipts to Dec. 1
62,000
3,000
53,000
4,000
Other India ship'ts to Dec. 1_ _ _
415,000
57,000
536,000
60,000
Alexandria receipts to Nov. 30_
76,000
10,000
82,000
7,000
Other supply to Nov. 30*
4,826,823 8,663,243 5,067,706 8,945,916

Total supply
DeductVisible supply Dec. 2

4,324,139 4,324,1394,675,474 4,675,474

502,684 4,339,104 392,232 4,270,442
392,684 3,427,104 330,232 3,569,442
62,000
701,000
912,000
110,000
• Embraces receipts In Europe from Brazil, Smyrna, West Indies, ece.

Total takings to Dec. 2
Of which American
Of which other

COTTON CONSUMPTION AND OVERLAND MOVEMENT TO DEC. 1.-Below we present a synopsis of the
crop movement for the month of November and the three
months ended Nov. 30 for three years:
bales
Gross overland for November
Gross overland for 3 months
Net overland for November
Net overland for 3 months
Port receipts in November
Port receipts in three months
Exports in November
Exports in 3 months
Port stocks on Nov. 30
Northern spinners' takings to Dec. 1_
• Southern consumption to Dec. 1
Overland to Canada for 3 months (Included In net overland)
Burnt North and South In 3 months_ _ _ _
Stock at North. Interior markets Dec. 1_
Came In sight during November
Amount of crop in sight Dec. 1
Came in sight balance of season
Total crop
Average Gross weight of bales
Average net weight of bales

1910.

1909.

1908.

305,504
474,971
263,096
387,707
1,706,053
4,380,103
1,140,510
3,075,521
973,986
924,847
540,000

246,126
381,763
211,208
323,115
1,316,563
4,212,257
1,105,927
3,037,346
847,442
844.168
676,000

325,714
538,437
278,564
459,456
1,862,286
4,540,073
1,348,290
3,150,422
1,032,322
993,382
570,000

26,998
32,598
115
17,737
7,499
7,936
2,451,149 1,923,771 2,542,850
6,022,810 5,836,372 6,285,429
4,814,589 7,544,417
10,650,961 13,829,846
519.56
515.05
510.22
495.56
486.22
491.05
39,487

INDIA COTTON MOVEMENT FROM ALL PORTS.
1910.

1909.

191)8.

Receipts at-

Since
Week. Sept. 1.

Since
Week. Sept. 1.

Since
Week, Sept. 1.

Since September 1.

For the Week.

Japan
Conticent. & China. Total.

Great
Great C'onti- „hymn
Britain. neut. &China Total. Britain.

Bombay1910_ _
1900_ _
1904_
Calcutta1910_ ___
1903_
1903 _ _ _
Madras1910 _ _ _
1909 _ _
1903_ _
All others1910 _ ..._
1909_._ _
1903____
Total all1910____
1909._
1908....__

62,000 219,000
86,000 194,000
66,000 159,000

2,000 14,000 1,000 17,000
2,000 45,000 19,000 60,00
8,000 13,000 21,000

5,000
6,000

152,000
102,000
93,000

____
_______
1,000___
___ 2:000

____
1,000
3,000

2,000
2,000
4,000

5,000
7,000
9,000

10,000

7,000
9,000
23,000

- -- _ -- _
- - --

2,000
- 7-

1,000
3,000
2,000

7,000
4.000
7,000

1,000
2,000

8,000
8,000
11,000

_____
___
1,000
____
2,000

2,000
2,000
4,000

10,000
10,000
4,000

28,000
35,000
48,000

4,000 18,000 1,000 21,000
3,000 47,009 19,000 69,000
3,000 10,000 15,000 28,000

18,000
21,000
10,000

112,000
148,000
157,000

1,000

2,000

__ _ _
____
..._

--__

2,000
1,000
2,000

38,000
45,000
56,000

4,000

62,000 272,000
87,000 256,000
82,000 249,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Eol/Pl,
November 30
Receipts (cantars)Thls week
Since Sept. 1
-

430,000
3,113,524

This Since
This Since
Week. Sept. 1. IVeek. Sept. 1.

This Since
Week. Sept. 1.
12,750
9,000
8,500
5,750

To Liverpool
To Manchester
To Continent
To America

430,000
2,694,085

62,843 11,500 52,200
50,099
38,587
93,281 9-,566 80,656
21,699 3,750 14,412

5,250
8,750
6,250
5,250

98,051
82,579
100,986
30,548

36,000 312,164 25,500 227,922 24,750 185,855.
Total exports
Note.-A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.

MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market continues
•firnafor both yarns and shirtings. Spinners are considered to
be well under contract. We give the prices for to-day below
and leave those for previous weeks of this and last year for
•comparison:

d.
Oct
14 111-160
®
21 11
28 10% @
'Nov
4 10131e @
11 101516 0
18 11
0
25 11% 64
Dec.
2 11 3-16r..9

84 lbs. Shirt- Cot'a
ings, common Mid.
Upl's
to finest.

B.
7346911 0

d. s. d.

114 5
11% 5 7 010 9
11% 5 6%(310 8
11% 5
114 5
11% 5
12 5

6 @10734
7 (ll 10 9
7 (310 10
7340.910 1012

12% 6 8 010 11




Quiet.

Monday.

Tuesday. Wednesday. Thursday.

Good
demand,

Fair
buslaess
doing.

Quiet.

Fair
business
doing.

Friday.
Dull.

Mid.Uprds

8.12

8.19

8.06

8.14

8.03

8.06

Sales
Spcc.Szexp.

6,000
300

12,000
1,000

8,000
500

7,000
300

8,000
500

5,000
900

Futures. 1 Irreg. at 1 Steady at
Market ) pt. dec. to 3694 pts.
1 234pts adv. advance.
opened

Steady at
405 pts.
decline,

Steady at
7 points
advance,

Easy at St'y, unch.
5436 pts. to 1 point
decline.
decline.

I Quiet at 1 Easy at % Steady at Barely st'y Steady at
at 10134
340134
} pt. dec. topt. dec. to 254894
rsto Ann
carlIr
I

LZ 1st

mix?

9 nta

lady

rtta

Ann

nto

Quiet at
4696 pts.
rionlinn

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Nov. 26
to
Dec. 2.
November
Nov.-Dec.
Dec.-Jan _
Jan.-Feb_
Feb.-Mch.
Mch.-A pr.
Apr.-May.
May-June
June-July
July-Aug..
Aug.-Sep_
Sept.-Oct.
Oct -Nov_

Thus, 7 95 means 7 95-100d.

Fri.
Thurs.
Wed.
4
4
1231
1254
4
1234
124 1234 1254 4 1231 4
p.m. p.m. P•m• P.m.
p.m. p.m. p.m. p.m, p.m. p.m. p.m.
iat.

Mon.

Tues.

7 05 34 01 34 96 90 92 98 34 ----------787 '92 34 86 34 80 34 83 34 88 A 85 81 34 84 34 84 79
7834
7 8634 91 34 86 80 83 88 8434 8034 84 8354
7.87 925487 81 84 89 854 82 8434 84 79
7 88549334 88 82 • 85% 9034 87 83 8534 85 80
7 90 95 8034 83 A 87 01 % 88 % 84 34 87 8634 81 34
7 90 31 9534 90 84 874 92 89 85 8734 87 82
965491 85 8854 93 90 86 8834 88 83
7 91
7 89 3I 95 89 34 83% 87 91 % 88 34 84 34 87 8634 8134
7 86 34 92 87 81 84 34 88 A 85 34 82 8434 8334 7854
50
7 63 6834 65 58 6134 65 6234 59 34 62 61
_ 16
18 17 14
9800 99 96

1909.

1910.
32s Cop
Twist.

Saturday.

Spot.
Market, 1
12:15 )
P. M. 3

Market
4
... ....

1908.

1909.

1910.
450,000
4,019,031

Exports (bales)-

281,593

181,000

469,000 43,000

293,000 107.000

70,010

Bombay

.
Total bales.
NEW YORK-To Liverpool-Nov. 26-Baltic, 368 upland, 240
613
Sea Island, 5 foreign
3,062
To Manchester-Nov. 28-Thespis, 3,062
500
To London-Nov. 25-Mcsaba, 500
375
To Hull-Dec. 1-Galileo, 376
2,712
1,500
1,212;
26-Caroline,
Chicago,
-Nov.
To Havre
1
To Bremen-Nov. 30-Breslau, 1
423
To Antwerp-Nov. 29-Kroonland, 423
_Nov.
28-Lazto,
410_
25-Duca
d'Aosta,
To Genoa-Nov.
2,610
200.. _Nov. 29-Romanic, 2,000
300
To Naples-Nov. 29-Romanic, 300
50
To Piraeus-Nov. 28-Patris, 50
600
To Trieste-Nov. 29-Alice, 600
GALVESTON-To Liverpool-Nov. 25-Barra, 11,527___Nov. 28
42,947
-Atiantlan, 21,425.,.. Nov. 29-Crispin, 9,995
To Manchester-Nov. 30-Asunclon de Larrinaga, 12,49E._ _ 12,491
1-Alston,
Dec.
13,048,...
26-Madawaska,
-Nov.
To Havre
20,277
7,229
To Hamburg-Nov. 25-Numantia, 5,187; Putney Bridge,
10,262
5,075
2,522
To AntwerP-Nov. 25-Hornb3i Castle, 2,5'22
6,114
_,_
To Ghent-Nov. 25--Hornby Castle, 6,114
12,409
PORT ARTHUR-To Bremen-Nov. 26-Bedouin, 12,409
NEW ORLEANS-To Liverpool-Nov. 26-Mechanician, 20,795 49,795
_Dec. 1-Engineer, 22,000_ _ _ _Dec. 2--Inventor 17,000_
2,092
•
To London-Nov. 26-Tampican, 2,092
To Havre-Nov.26-Californie, 7,154__ _Nov.30-Guatemala, 13,054
5 900
3,250
To Dunkirk-Nov. 30-Guatemala, 3,250
1,000
To Antwerp-Dec. 2-Coronation, 1,000
100
100
26-Noruega,
To Christiania-Nov.
4,814
To Genoa-Nov. 26-Principessa Laetltla, 4,814
4
To Havana-Nov. 28-Excelsior, 4
PENSACOLA-To Bremen-Nov. 28-August Belmont, 10,898._ 10,898
SAVANNAH-To Liverpool-Nov. 29-Louisianian, 6,052_ _ _Nov.
15,638
30-Cralgard, 9,586
To Bremen-Nov. 29-Clan Mackinnon, 6,416___Nov. 3024,213
Elloe, 6,747; Mendibll Mendl, 11,050
. 25
To Gothenburg-Nov. 29-Clan Mackinnon, 25
100
•
To Oporto-Nov. 29-Clan Mackinnon, 100
200
To Reval-Nov. 30-Elloe 200
7,481
Irene,
7,481
30-Saint
Bremen-Nov.
-To
BRUNSWICK
WILMINGTON-To Bremen-Nov. 25-Urklola Mendel, 13,508_ _ 13,508
BOSTON-To Liverpool-Nov. 23-Devonian, 2,788._ _Nov. 268,564
Sagamore, 2,506., Nov. 28-Cymric, 3,210
1,009
To Manchester-Nov. 25-Iberlan, 1,009
1,137
1,137
1-Koln,
.
Bremen-Dec
BALTIMORE-To
1,000
To Hamburg-Nov. 26-Patricia, 1,000
1,099
PHILADELPHIA-To Liverpool-Nov. 25-Friesland, 1,099_ _ _ _ 2,047
SAN FRANCISCO-To Japan-Nov. 29-Siberia, 2,047
1,098
SEATTLE-To Japan-Nov. 30-Titan, 1,098
1,198
TACOMA-To Japan-Nov. 24--Suveric, 1,198
Total

December 1.

Erports
from-

Lxxxxi.

THE CHRONICLE

1522

32s Con
Twist.

831 lbs. Shirt- Cot'a
ings, common Mid.
to finest.
Upt's
d. s. d.

d. d.

s. d. d.

10% 5 4 ,g9 9
10% 5 43409 9
1131 5 6 @)9 11

8.25 10
1.95 1034
7.70 10%

®
o'

7.81 10%
8.00 10%
7.85 10%
8.10 10%

69 11% 5 6 09
69 11% 5 6 (a 9
69 114 5 6 (39
69 11. 5 5 (99

8.05 10

Cs.

11

7.41
7.37
7.71

11
11
11
10

7.59
7.72
7.72
7.62

5 534(49 11

7.72

BREADSTUFFS.
Friday, Dec. 2 1910.
Prices for wheat flour have shown few variations during
the week. The generality of the trade have adhered to a
waiting attitude and have purchased sparingly. Reports
from various sections of the country have continued to reveal an unsatisfactory condition of trade. New business
at most points'has been small and shipping directions on old
contracts are coining in slowly. Sonic think that if the
drought in the winter-wheat States continues much longer
it may have the effect of stimulating business in flour; but

DEC. 3 1910.1

THE CHRONICLE

many regard the crop outlook on the whole as favorable.
Rye flour and corn meal have been quiet and steady.
Wheat sagged for a time under more favorable crop reports from Argentina, but later rallied in response to such
factors as dry weather in the American Southwest, a better
cash demand and covering of shorts. Yet at Liverpool
prices at times have shown noteworthy weakness, owing to
increasea offerings from Argentina. The outlook fpr the
crops in Europe and elsewhere is considered favorable.
Chicago's stocks are still more than double those of a year
ago. Despite some decrease within a week the total world's
supply is nearly 60,000,000 bushels larger than that
of a year ago. Winnipeg houses have been selling at
Minneapolis. Chicago elevator interests have been
selling May. Conservative people deny that there
has been any actual injury to the crop in this country
as yet. Some snow has occurred in Illinois and the
Ohio Valley. Cheerful- crop accounts have come.from Australia. Estimates of the Argenfina exportable surplus are
increasing. For the present week the estimated Argentina
shipments are 1,040,000 bushels, against 400,000 for the
same time last year. On the other hand, however, Liverpool
prices have of late advanced, and it is conceded that the
even if no actual
winter-wheat belt in this country needs
rain,
deliveries on
damage has as yet occurred. The December
contracts here and at the West were promptly absorbed. At
Chicago they reached 1,400,000 bushels, at Minneapolis
400,000, at St. Louis 150,000, at Kansas City 110,000 and
at New York about 1,000,000 bushels. In parts of Russia
the wheat plant, it is said, lacks snow protection. In Oklah mna, the condition is officially stated at 38.6%, against
93% a year ago, the deterioration this year being attributed
to drought. Also the crop movement in this country is at
best but moderate and in some parts of the country small.
Thus, the other day the total receipts of spring and winter
wheat at leading American markets amounted to only
605,900 bushels, or 200,000 less than last year. On some
d vs, indeed. the decrease as compared with the corresponding days in19'09 has even approximated half a million bushels.
There is an idea that unless copious rains or snows occur at
the West and the Southwest in the near future, farmers will
be inclined to hold back their wheat. In any case there is
plainly less desire to sell wheat and a less aggressive tendency
to take the short side of the market, particularly as the short
side is believed to be already somewhat overcrowded. Today prices opened firmer on drought at the Southwest, but
weakened later on liquidation and selling by elevator interests.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wee. Thurs. Frt.
No. 2 red winter
953% 953% 953% 963% 973% 99 3%
December delivery in elevator -- 96 % 96
96
97
971i 07 '4.
May delivery in elevator
1023% 1023% 1023% 1033% 103% 1033%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
3
89% 89'% 893% 903% 91 % 90 %
May delivery in elevator
953% 053% 953% 96 % 97 % 96 %
July delivery In elevator
92 % 923% 923% 93% 94 % 94

1523
GRAIN.
Cents.
Corn, per bushel523%
$1 173%
No. 2 new, forward__.
1 16
No. 2 mIxed____Lo.b. Nominal
No. 2 white
f.o.b. Nominal
993%
1 02
Rye, per bushelCents.
No. 2 Western___i.o.b.
83
39
State and Pennsylvania 80 @82
39% Barley-Malting
81% Q87
Nominal
Feeding, c.i.f., N. Y.._
3834

Wheat, per bushelN. Spring, No. 1
N. Spring, No. 2
Red winter, No. 2
Hard winter, No. 2
Oats, per bushel, newStandards
No. 2 white
No. 3 white

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Flour.

Receipts at-

Wheat.

Corn.

I

Oats.

Barley.

Rye.

0'3.19615s. bush. 60 lbs. 5ush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
151,041
211,200 2,343,750 1,434,600
Chicago _ _ _ _
687,000
34,500
03,125
403,410
189400
451,000
Milwaukee_ _
90,400
31,620
22,711
41,600
759,725
Duluth
255,900
16,461
297,31
Minneapolis_
197,150
552,820
2,020,390
27,720
91,500
21,000
Toledo
87,200
5,150
93,323
Detroit
17.247
27,285
1,543
150,913
1,000
19,095
Cleveland _ _
75,36"
57,710
345,584
338,225
532,100
79,800
St. Louis__ _
5,500
Peoria
443,230
99,600
42,600
17,000
156,138
6,600
Kansas City.
489,600
217,200
49,300
Total wk.'10
Same wk.'09
Same wk.'08

365,769
402,211
535,367

4,380,327
6,121,491
7,294,146

3,885,315
2,668,742
3,111;898

2,875,713 2,127,120
2,330,295 2,038,344
3,156,433 2,282,685

122,401
149,711
169,988

Since Aug. 1
1910
6,388,082 119,562,678 58,520,481 82,949,311 30,384,899 2,580,663
1909
8,443,516 138,653,540 50,460,100 72,610,295 37,197,45£ 3,574,945
1008
8,526,657 135,077,265 39,086,796 72,110406 42,224,037 3,475,503 '

Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 26 1910 follow:
Flour,
bbls.
Receipts at171,593
New York
36,936
Boston
Portland, Me
48,818
Philadelphia
45,911
Baltic-nor°
3,028
Richmond
21,129
New Orleans
2,204
Newport News_ _ _ _
714
Norfolk
Galveston
5,850
Mobile
27,960
Montreal
1,000
St. John
368,143
Total week 1910_
Sines Jan. 1 1910_16,825,135
Week 1009
428,191
Since Jan. 1 1903_15,761,958
--* Receipts do not include
on through bills of lading.

Wheat,
bush.
533,900
174,431
61,000
191,578
202,174
12,896

32,000
1,065,080
14,000

Corn,
bush.
30,375
12,146

Oats, Barley,
bush.
bush.
486,150 100,575
110,107

Rye
bush.
4,600
1,050

50,000
128,320
29,028
135,300

164,083
13,716
36,480
38,500

1,000

800
14,722
2,050

4,000
6,498
111,997

402,829

83,748

-2,356,059
507,664 1,251,865 185,323
23,192
71,421,870 36,687,609 46,466,447 3692,923 845,113
3,139,934
824,937 1,375,552 470,348
16,411
88,783,518 37,229,727 41,131,975 6852,078 1063,779
grain passing through New Orleans for foreign ports

The exports from the several seaboard ports for the week
ending Nov. 26 1910 are shown-in the annexed statement:
Wheat,
Exports frombush.
New York
260,603
61,000
Portland, Me_ _
301,514
Boston
PhIladelphia
248,000
57,094
Baltimore
New Orleans _
Galveston..
Mobile
Montreal
1,054,000
14,000
St. John

Corn, Flour,
bush.
bbls.
80,338 74,235
26,721
2,025
26,300

16,356
19,000
16,883
17,860

Oats,
bush,
11,258

Rye,
bash.

Earley, Peas,
bash.
bush.
27,237
2,108
2,375

130
3,100

Indian corn futures here in New York have been quiet
75
and featureless. At the West the trading has broadened,
6,498
5,850
and much of the time the drift of prices has been upward,
85,000 96,000
1,000
4,000
owing to the stimulus of decreased country offerings, lighter
receipts, small and diminishing supplies of contract grade
31,237
Total week_ _ _ _1,999,811 226,882 258,251
14,468
4,558
2,504,181 278,454 227,211
59,195
5,761
6,489
and a somewhat better export trade. There has been some Week 1909
good buying noticeable at times and shorts have covered
The destination of these exports for the week and since
with more or less freedom. Yet'
the feeling among many is July 1 1910 is as below:
that in the near future the shipments from the country will
-Flour---Wheat
CornSince
Since
Since
increase markedly and that prices must decline to a lower
July 1
Week
July 1
Week
July 1
Week
plane. Stocks in the interior are known to be large and the Exportsfor week and Nov.26.
1910. Nov. 26.
1910. Nov. 26.
1910.
bush.
bbls.
bush.
bush.
bilSit.
since July1 toWs.
consumption is only moderate. To-day prices were firmer
United Kingdom_ _ _126,883 1,751,836 1,278,595 15,877,418• 127,469 2,493,684
on smaller receipts, light speculative offerings, commission- Continent
59,404 2,923,200
77,402 783,512 717,216 9,066,858
122,392
1,550 1,472,076
461,961
4,000
Son. Sc Cent. Amer_ 30,914
house buying and covering of shorts.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat, Mon. Tues. Wed. Thurs. Fri.
523% 523% 52
Cash corn (New)
523% 523% 52'%
56
December delivery in elevator_ _ _ _ 543% 54
543% 543% 55
55
55
55%
543% 5.13% 55
May delivery in elevator
FUTURES
IN
CHICAGO.
CLOSING
PRICES OF CORN
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
44 % 438% 443% 443% 455 453%
December delivery in elevator_ _
May delivery in elevator
46'% 46 M 478% 47% 473% 473%
47'% 473% 473% 473% 473% 483%
July delivery in elevator

Oats for future delivery in the Western market have advanced of late, owing to sympathy with strength in wheat
and corn, a rise in cash prices, commission-house buying and
purchases, supposedly to cover, by cash interests. Receipts
have been moderate and country offerings have latterly
shown some diminution. The belief of many, however, is
that when corn husking has been finished the movement
of:oats /o market will increase sharply. Meantime stocks
at'Chicago are relatively large, while cash demand has been
light. To-day prices opened firmer and then weakened with
wheat. Cash interests sold. Shorts were principal buyers.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
3754 373% 373% 38
39
39
No. 2 white
as
38
388% 38% 3934 393%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri
December delivery in elevator_
30% 30% 31 % 313% 32
31%
33% 333% 343% 34 g 34 % 34 %
May delivery in elevator
July delivery in elevator
333% 33% 34 % 34 % 34
34%




593,396
6,224
14,273

226,882 7,502,853
278,454 3,930,125

The world's shipments of wheat and corn for the week
ending Nov. 26 1910 and since July 1 1910 and 1909 are
shown in the following:
Wheat.
1910.

Exports.

Week
Nov. 26.

Corn.
1003.

Sincg
July 1.

Since
July 1.

1910.
1Yeek
Nov. 26.

1909.

&ace
July 1.

Since
July 1.

Bushels. Bushels.
Bushels.
Bushels. Bushels.
Bushels.
North Amer. 3,928,000 49,659,000 67,920,000 195,000 7,173,000 3,771,000
5,616,000 108,928,000 104,032,000 256,000 3,433,000 6,632,000
Russia
Danube.... 1,408,000 53,928,000 9,848.000 612,000 47,400,000 8.081.000
992,000 21,288,000 13,200,000 3.332,000 38,135,000 51,217,000
Argentina
768,000 22.208,000 1
India(
544,000 14,472,000 2S,676,000 1
Australian
72,000 4,005,000 J
0th. countr's
l
Total_ __ 13328000 274,489,000 223,676,000 1,395,000 96,141,000 69,701,000

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

The following are closing quotations:

FLOUR
Winter, low grades_ ...._$2 75Q$3 40 Kansas straights, s.ack_$4 50984 75
4 70b 4 90 Kansas clears. sacks___ 4 00® 4 40
Winter patents
4 20Q 4 30 City patents
Winter straights
6 00® 6 80
3 759 4 00 Rye flour
Winter clears
3R5@ 440
5 25® 5 55 Graham flour
4 15Q 4 25
Spring patents
4 80® 5 00 Corn meal, kiln dried
Spring straights
2 75Q 2 85
4 25® 435!
Spring clears

36,919
516
1,024

West Indies
21,416 479,306
Brit. Nor. Am. Cols_
56,274
660
7,000
Other Countries_ _
63,199
946
--Total
258,251 3,596,088 1,999,811 25,073,6538
Total 1909
227,211 4,198,017 2,504,181 42,599,593

United
Kingdom. Continent.
Nov. 26 19i0,.
Nov. 19 1910..
Nov. 27 1909,..
Nov. 28 1908__
Nov. 30 1907._

Bushels.
18,488,000
18.768,000
16,880,000
17,760,000
15,680,000

Corn.
Total.

Bushels. Bushels.
23,464,000 41,952,000
23,960,000 42,728,000
15,600.000 32,480,000
11,520,000 29,280,000
9,040.000 24,720,000

United
Kingdom, Continent.
Thishels.
7,744,000
7,259,000
3,230,000
4,920,000
4,880,000

Total.

Bushels. Bushels.
15,197,000 22,891,000
16,924,000 24,183,000
5,695,000 8,926,000
4,675,000 9,095,000
3,240,000 8,120,000

Lxxxxi.

THE CHRONICLE

1524

10,937E2,687,316

, 02

DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Nov. 26 were 3,886
packages, valued at n73,796, their destination being to the
points specified in the tables below.
New York to Nov. 20Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total




1910-Since
Jan. 1.
1,809
874
58,485
14,135
145
13,548
6,525
55
29,882
820
1,829
5
12,634
417
47,582
1,910
488
44,550

Week.
22
18

3,886

231,859

-1909-Since
Week. Jan. 1.
___
1,805
___
1,056
166,473
100
16,024
75
25,378
392
15,235
501
37,478
23
1,629
171
12,967
1,844
49,924
90
21,224
3,196

349,125

Tr CD 00 1.4
.4. 00 co r. V.
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00,00

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0.1
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Total marketed

4-

PERIOD.

1910 AND 1909.

152,273,218

The value of these New York exports since, Jan. 1 has bee'
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and $16,365,062 in 1910, against $19,170,346 in 1909.
Bleached goods rule steady, but seasonably quiet, especialseaboard ports Nov. 26 1910 was as follows:
ly leading tickets. Prints under order are being shipped
AMERICAN GRAIN STOCKS.
Rye,
Barley,
Corn,
Oats,
Wheat,
freely, but new business is much less active than in recent
bush.
hush.
bush.
bush.
bush.
68,000 weeks; prices continue firm. Ginghams are the most active
18,000
1,001,000
New York
3,193,000
37,000
60,000
"
afloat
288,000
of domestic lines at present and are reported well sold up;
Boston
34,000
616,000
so much so, in fact, that anxiety over future deliveries is
50,000
Philadelphia
730,000
129,000
368,000
felt in some jobbing quarters; under the circumstances
72,000
Baltimore
885,000
94,000
116,000
New Orleans
3,000
values are well maintained. A steadier tone has developed
2.000
81,000
Galveston
331,000 on colored cottons, and cutters are purchasing more freely
70,000
975,000
2,824,000
234,000
Buffalo
400,000
3,040,000
afloat
for first-quarter shipments; certain lines of denims and
7,000
339,000
17,000
1,631,000
Toledo
12,000
suitings are well conditioned for that period. More activity,
133,000
233,000
446,000
Detroit
13,000
5,982,000
78,000
5,916,000
Chicago
re-orders are steadily coming forward
5,000
100,000 is noted in wash fabrics;
398,000
2-1,000
754,000
Milwaukee
43,000
582,000 and are being accepted in some houses at opening prices,
839,000
2,267,000
Duluth
MON
"
290,000
afloat
other agents are asking and obtaining somewhat
149,000
260,000 while
2,916,000
16,000
11,509,000
Minneapolis
358,000
5,000
22,000 higher figures. Cotton linings are quiet, with business
17,000
2,311,000
St. Louis
215,000
182,000
4,083,000
Kansas City
confined principally to near-by delivery. Late last week
2,000
1,653,000
15,000
8,000
Peoria
about 3,000 bales of 3 and 4-yard sheetings were sold for
121,000
74,000
526,000
Indianapolis
375,000
301,000
994,000
On Lakes
China account, and this week an additional sale was reported
60,000
On Canal and River _
of a thousand bales; the price on the 3-yard sheetings was
1,432,000
15,502,000
453,000
2,206,000
Total Nov. 26 1910_ _42,485,000
71/0. less 2%, and on the 4-yard, 63gc. less 3% for 56x60s.
2.355,000 15.081,000
408,000 2,700,000
Total Nov. 19 1910_ _43,319,000
the latter accepted
3,2S8,000 13,686,000
918,000 3,282,000 These prices show a loss to the mills, but
Total Nov. 27 1909..29,418,000
2.651,000 8,694,000 1,070,000 6,472,000 the low offers through a desire to keep certain trade-marks in
Total Nov. 28 1908..48,973,000
CANADIAN GRAIN STOCKS.
the Chinese market; sellers t re now holding for somewhat
Oats,
1Vheal,
Corn,
Rye,
Barley, higher prices. Export trade with miscellaneous ports has
bush.
bush.
bush.
bush.
bush.
52,000 been only moderate. A little more activity was in evidence
266,000
22,000
1,058,000
Montreal
5,071,000
Fort William
in the print cloth market, but the volume of business done
2,766,000
Port Arthur
was light; gray goods, 383. -inch standard, remain quotably
Other Canadian
3,945,000
unchanged.
52,000
22,000
1,058,000
Total Nov. 26 1010...12,048,000
WOOLEN GOODS.-In men's wear demand for over70,000
756,000
9,000
Total Nov. 19 1910..12,382,000
124,000
134,000 coatings for prompt delivery was of fair size and the mount
6,000
481,000
51,000
I Total Nov. 27 1909._ 9,999,000
72,000
331,000
30,000
Total Nov. 28 1908._ 6,599,000
of business, though below that of the previous week or two,
SUMMARY.
reached good proportions. It is believed that the bulk of the
Barley,
Rye,
Oats,
Corn,
Wheat,
bush. current season's requirement; has now been covered, Fall
bush.
bush.
bush.
bush.
453,000 2,206,000 suitings have moved slowly, but there was considerable
1,452,000 15,502,000
42,485,000
American
52,000
1,058,000
22,000
12,048,000
Canadian
activity in the way of clearing up lines suitable for the
453,000 2,258,000 present season, at concess:ons. Duplicate orders on light1,474,000 16,560,000
Total Nov. 20 1910..54,533,000
417,000 2,776,000
2,.179,000 10,437,000
Total Nov. 19 1910..55,701,000
revision
92-1,000 3,416,000 weight fabrics came forward slowly. Talk of tariff
3,342,000 14,167,000
Total Nov. 27 1909..39,417,000
2,681,000
9,025,000 1,070,000 6,544,000 seems to have made many, buyers cautious in operating for
Total Nov. 28 1903..55.572.000
the future. Dress goods how no material improvement so
as forward business is concerned; offerings of moderate
far
THE DRY GOODS TRADE.
lots of surplus stocks at low prices have continued a feature.
NewYork, Friday Night, Dec..2 1910.
Some lines of cotton-warp goods for spring have been adIn the primary cotton goods market a slightly better vanced M to lc. a yard.
demand developed during the week for print cloths and
FOREIGN DRY GOODS.- Imported woolens and
convertibles and more interest was shown by jobbers in worsteds were in moderate demand,chiefly for near-by needs.
some lines of domestics for forward delivery. In the gray Linens for housekeeping purposes displayed considerable
goods division business, although somewhat larger than in activity, reflecting preparations by retailers fortheir January
the preceding week, was still limited in volume and con- sales; some orders for dress linens for spring were received,
sisted. principally of spot goods; while a few mills were but importers are conservative in making cotmnitments for
disposed to accept contracts at current levels for deliveries the future on account of uncertainty over deliveries; prices
.in the first quarter of the year, the majority preferred to continue very firmly held. Btfsiness in burlaps was fair and
await further developments before entering upon commit- prices steady and unchanged.
ments for 1911. Prices on contracts were very firmly held,
and Warehouse Withdrawals of Dry Goods.
especially in view of the stronger market for the staple. Importations
r, Tr o m
rT
2 Z.3 T: r:
•.
NM000
confidence
in
the
have
more
maintenance
to
seemed
Jobbers
WNNN. .0
0000 0
.
Ciz
0
.
and
entered
the
goods
market
cotton
for
CI
prices
of present
g4t%ig.f.i
0 C.
1 co
Co 0,
00 cl al
0
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buying
moderate
quantities;
in
merchandise
for additional
mr‘i
o.vvm NN
.4- c‘i,17 ,17.4
01
.0000N
N
no's
by these interests was not general, but jobbers as a rule
r4
first
probable
needs
in
the
their
cover
desire
to
showed more
LI
r-40
CD
No
r4 1.4
00 C.
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jobbing
demand
from
larger
year;
a
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on
.
on
,"
(D
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6n
houses is expected as soon as inventories now being taken in
000005000 00
On
8.1.0eteNn
Trm
04
.1
in
others,
o
under
way
o
shortly
be
some quarters,and which Will
is completed, for it is believed that jobbers' stocks generally
t/
,0 .1. 00 00
T4
004 05
00
N. CO
2244g
need replenishing to meet even a normal demand in the near
C'S Ci CO .4
CO
.
mre
.noo
ON
40,4000
'
in
firm
(.1
future. Leading sellers of cotton goods continue
00
0000
00004
00
1.4
.
their views and are confident that, on account of limited tliniggctV:
supplies in first hands, prices will, if anything, become 441:,'",
CA C.
CI
.1 00 C.
CON
aD C. N N
N0
firmer, should a fair buying movement develop. Current
4. 40..
C. 4 co N on 00
CNOW.
M Co
Cs
N r.
N
r4
mo
CO
business with jobbers is rather quiet, but it is noteworthy
CI".
4.j
46
T.
that some of them are more optimistic over the outlook for
4.4
spring trade. In other textiles conditions are not uniformly
No
.N.0.3
CO
'a
'a
aD
41,441.00
good. Some large handlers of underwear report a satiso.
r4
00
00
factory trade on lines for fall 1911 hut smaller concerns have
d0
r4
N N 00
0,1
CO n N
been less fortunate; the same might be said of hosiery for
64
CD
.
Oi
Tr64.r4
n.
next'spring. In the silk trade additional orders for spring
02
r4
rq
shipment are being. received from jobbers and retailers;
00
MN
r4
certain large mills are Said to.be 'well sold ahead, but smaller
r4
00
r:
manufacturers could handle more business than has been
H,0
02
00
rT
VI Tr
booked so far; there is considerable talk of higher prices,
et.
owing to the strength of raw silk. Both men's wear and
we re Tr re Tr 0
cD co o.
.
0 ol
om
000-I
C;
dress goods markets have continued more or less unsettled
0-100
.4 .1 4 N. X
0
"ISS N
.
r
'a
CS
stocks.
o4
CONV,T.
surplus
N
...
CO
0
4';
by the cleaning up at concessions of
W04.00 nN
..000 ..-

DIM 3

THE CHRONICLE

1910.

STATi:c /OD

CITY DETAIrriVtENT.

Tixe Thronide.

1525

Interest on all the outstanding. warrants issued by the State
during and.for the years 1887, 1888, 1889, 1892, 1893, 1894
and 1897. Unofficial returns are said to show a majority
,of 43 votes in favor of this amendment. See V. 91, p. 893;
'also V. 89, p. 1363.
Crosby County, Texas.-Court of Appeals Upholds Removal of County Seat.-The Court of Civil Appeals on Nov. 26

PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$16
0 00
For One Year
For Six Months
50
30
17
European Subscription (including postage)
European Subscription six months (including postage)
22 14s.
Annual Subscription in London (including pcstage)
21 11 s.
Six Months Subscription in London (including postage)
$11 50
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Subscription includes following SupplementsS LATE AND CITY (semi.annually)
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RAILWAY EARNINGS(monthly)

handed down a decree dissolving the temporary injunction
previously issued by the District CoUrt forbidding the removal of the county seat from Emma to Crosbyton.

Illinois.-Vote on Initiative and Referendum Proposition.The following proposition relating to the "initiative and referendum" was approved by the voters on Nov. 8:
"Shall the next Legislature submit to the voters of the State, at the next
following State election, an amendment to the State Constitution providing for the control of legislation by the people by means of the initiative
and referendum." The official vote was 465,907 for the proposition and
128,397 against it, the pluralty being 337,510.

Terms of'Advertising-Per Inch'Space
Imperial, Imperial County, Cal.-City Wins Water-Works
Transient matter per inch space (14 agate lines)
-The suit brought by the Imperial Light, Water &
Case.
(
0
)
2
0
$
2
4
2
Two Months • (4 times)
29 00 Power Co. to prevent the city from establishing its own
Three Months (13 ti)
mes
Standing Business Cards
50 00 water system was decided in favor of the city on Nov. 23 by
Six Months
(20 times)
87 00
Twelve Months(52 times)
Judge Wellborn of the United States Circuit Court. The
CHICAGO OFFICE-Pliny Bartlett,513 Monadnock Block; TeL Harrison 401
city took steps to install a municipal plant more than a year
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
ago and a bond issue of'$50,000 was provided for.
. WILLIAM H. DANA ,c0ITIPANY, Publishers,
P.0.Pox 958.

Front, Pine and Depeyster Sts.,

New York.

CENSUS FIGURES OF POPULATION.
In the editorial columns of our "State and City" Section,
issued last Saturday, we printed tables showing the population of such of the States, and also such of the cities of more
than 25,000 population, for which the 1910 figures had been
announced up to the time that publication was sent to press.
Since that time, however, the Census Bureau has completed
the enumeration for 1910 ill certain other States and cities,
and we print these below:
POPULATION OF STATES.
Increase.
State-

1910.

1900.

1890.

1900 to 1910
No.

%

1890 to 1900.
No.

New York __ _ _ 9,113.270 7,268,894 5,997,853 1,844,38525.4 1,271,011 21.2
Pennsylvania__ 7,665,111 6.302,1155.258,014 1,302,99021.6 x1044020 19.9
3,638,591 4,821,5503,820,351 817,041 16.9 995,199 26.0
Illinois
485,229 13.2
4,767,121 4,157,5453,672,316 •
__
Ohlo
2,377,549 1,485,053 1,208,130 892,49660.1 x274,049 22./
California _
2,184,7892,020,616 1,767,518 164,173 8.1 253,098 14.3
Tennessee
2,075,708 1,751,394 1,301,826 324,31418.r x140,160 33.8
Minnesota
2,061,612 1,854,184 1,655,980 207,42811.2 198,204 12.0
Virginia
_ 1,657,155 *790,391 *258,657 866,764 96.1 531,734 205.6
Oklahoma _
Maryland _
_ 1,294,450,1,188,044 1,042,390 106,405 9.0 145,654 14.0
West Virginia_ 1,221,119 958.800 762,794 262,319 27.4 196,006 25.7
7,390 0.7
1,192,21411,0(36,300 1,058,910 125,914 11.8
Nebraska
• Population of same area as In 1910, cansIstIng In 1900 and 1890 of
Oklahoma and Indian Territories. x Exclusive of persons on Indian reservations.
POPULATION OF CITIES.
Per Cent of Inc.

Population.
Cities1910.
Minneapolis. Minn
Portland, Ore
Seattle, Wash
Duluth, Minn
Sheboygan, Wis
Warwick, R I
Hazleton, Pa

301,408
207,214
237,194
78,466
26,398
26,629
25,452

I

1000.

1890.

202,718
90,426
.80,671
52,969
22,962
21,316
14,230

164,738
46,385
42,837
33,115
16,359
17,761
11,872

1900 to 1890 to
1910. 1900.
48.7
129.2
194.0
48.1
15.0
24.9
78.9

23.1
94.9
88.3
60.0
40.4
20.0
19.9

Jersey City, N. J.-Final Decree .Filed in Water-Works
Case.-On Nov. 17 Vice-Chancellor Stevens filed the final
decree of the Court of Chancery fixing the terms of the purchase of the water-works by the city under the Flynn contract. See item under "Jersey City Water Supply Co." in
the "Chronicle" of last week, p. 1450. The appeal of Jersey
City from the decree will be heard by the Court of Errors
and Appeals, it is expected, about February next.

Minnesota.-- Vote Cast on Constitutional Amendments,
Of the ..six proposed constitutional. amendments submitted
to the voters at the last general election, only one, providing
for the levying of an annual tax for the construction and
improvement of roads and bridges, carried. This amendment was given in full in V. 89, p. 1022. As the total vote
cast was 312,418, a constitutional amendment needed 156,209 to carry. The road and bridge amendment went through
with 159,746.. The amendment relating to the publication
of the Treasurer's report got 123,787, the hail-insurance
amendment 108,926, the reapportionment amendment 95,181, the amendment providing a tax for re-forestation got
100,168 and the one permitting the exemption of forestry
lands from taxation only 87,843.
Nashville, Tenn.-Sewer Bonds

Declared

Valid.-On

Nov. 26 Judge S. F. Wilson. of the Court of Civil Appeals
rendered a decision upholdink the validity of the $500,000
trunk-sewer bonds., The decision reverses the decree of the
Chancellor, who held that the bonds should have received a
majority of all the ,votes cast at the election and not simply
a majority of the vcites cast' on that particular proposition.
Judge Wilson decides that a majority of the votes cast on
As
the bond proposition alone was sufficient to. authorize.
previously stated, $250,000 of these bonds were awarded on
March 15 to the Chicago house of Wm. A.'Read & Co. See
V. 91, p. 106.

Oklahoma.-Legislature Ratifies Action of Governor in
Calling .Special Session at Oklahoma City.-Dispatches from

Oklahoma City state that the Legislature which convened
in special session in that city on Nov. 28, ratified 'the action
of Governor Haskell in calling the special session at Oklahoma .City instead of Guthrie, the State capital. See V. 91,
p. 1466. It is reported also that three bills were received
and placed on file, the first providing for locating .the State
capital immediately at Oklahoma City, the second for the
Ohio.-Official Vote on . Annexation of V il- appointment of a Stateeapital commission to have full charge
lages.-The official figures of the Board of Elections show that of the erection of State buildings, and the third for the comthe following vote was polled Nov. 8 on the annexation of pensation of Representatives and Senators per. diem.
certain villages to the City .of Cincinnati:
Constitutional Amendments Defeated.-We reported in
-Vote in Cincinnati--Vote in Villages- V. 91, p.
1342, that two Proposed amendments to the- State
"For." "Against." "For."A oafnst."
56,007
5,699
.249
217 Constitution relating to prohibition and women's suffrage
Annexation of College Hill
•
54,339
5,879
Park
109
90 were defeated at the general election on Nov. 8. We now
"Sayler
.
54,505
5,591
363
338
" Carthage
, 5,578
273
496 learn that the voters rejected four Constitutional amendElmwood Place___._54,454
.
5,561
254
, • 54,465
264 ments, two proposed by theLegislature and two by initiative
" Cheviot
5,640
54,666
743
474
"Madisonville
Legislature, one of which was
5,628
54,110
89
" Mount ' Airy
14 petition; also two Acts of the
5,737
215
62 referred by initiative petition and .one by referendum pe"
" Mount Washington_53,556
As stated in V. 91, p. 1398, the question of annexation of tition. The Constitutional ainendments not previottsly, reall the villages named was carried in Cincinnati and defeated ferred to related to the distribution of'School'taxes and the
in only two of the villages themselves, namely Elmwood consolidation of railroad and transportation and transmission
Place and Cheviot.
companies. Of the other two questions defeated on Nov. 8,
Cleveland, Ohio.-Vote on Annexation of East-Cleveland one provided for the creation of a district to be known as a
:Newburg and Lahewood.--We are advised that the vote cast "New Jerusalem District" and the other related to the sold, Nov. 8 on the question of annexing thexillages.of East Cleve- ing and conducting of elections.
land,'Newburg and Lakewood to the City of Cleveland was
as follows:
Vote in Cleveland Vole in Village.
"For." "Against.""For" "Aust."
Republic of Bolivia.-Bond Call.-The following numbered
Annexation of East Cleveland
49,240
5,471
529
1,243
, Annexation of Newburg
51,071
5,567
245
463 bonds of the external 6% sterling loan of £500,000 were
Annexation of Lakewood
53,828
6,425
974
1,465 drawn July 2 1910 for payment Jan. 1 1911 at the, office of
The question of annexation appears to have carried in. J. P. Morgan & Co. in New York City or Morgan, Gronfell &
Cleveland, although'defeated in all three of the villages con- Co. in London: Nos. 54, 187, 226, 227, 275, 682, 796, 822,
cerned.
849, 850, 1171, 1228, 1261, 1487, 1526,, 1529, 186% 1869,
Colorado.-Constitutional Amendments
-It ' is 1984, 2039, 2146, 2154, 2213, 2275, and 2301.

News Items.

Cincinnati,

61

Bond Calls and Redemptions.

Adopted.

thought that . all five . of the proposed aineadments. to the
State Constitution submitted on Nov. 8 Were adopted.
Newspaper reports state that the only one in question is that
which provides for thelpayment of the principal of and accrued




St. Joseph, Mo.-rTcliders of Bonds Requested.-Proposals

for the redemption by this city of $75,000 of its outstanding
bonds will be received until Dec. 15 at the *Mee of Thomas

Shaffer, City Comptroller.

1526

THE CHRONICLE

WoL..Lxxxx T.

Caldwell County (P.0. Lockhart), Tex.-Bond Election.An election will be held in Precinct No. 2 on Dec. 5, it is
stated, to vote on a proposition to issue $25,000 good-road
Aiken, Aiken County, So. Caro.-Bond Offering.-Pro bonds.
posals will be received until 12 m. Dec. 15 (date chan d
Calexico, Imperial County, Cal.-Bond Offering.-Proposfrom Dec. 1) by J. L. McNair, Chairman Commissioners of als will be received until 2 p. Iii. Dec. 20 by J. B. Hoffman,
Public Works, for the $78,000 432% coupon water-wor
for $35,000 6% gold sewer-system bonds voted
City
ida
extension bonds voted (V. 91, P. 539) on August 16.
15 (V. 91, p. 1342).
Clerk,
on Oct.
subject

Bond Proposals and Negotiations this week

have been as follows:

Date Oct. 1 1910. Interest semi-annual.
to call after 20 years.

Maturity 40 years,

Anadarko School District (P. 0. Anadarko), Caddo
County, Okla.-Bond Offering.-Proposals will be received
until Dec. 5 for $16,500 bonds. These securities were offered
without success on Nov. 7.
Anaheim School District, Orange County, Cal.-Bond
Election.-The bond election to vote on the question of
issuing school-building and playground bonds (V. 91, p. 975)
will be held Dec. 17, it is stated.
Arlington Middlesex County, Mass.-Bond Sale.-We
the $39,000 3-15-year (serial) school-addition
learn that '
and the $14,000 2-8-year (serial) sewer 4% coupon bonds,
offered on Nov. 29 (V. 91, p. 1466), were purchased by
Jackson & Curtis of Boston at 103.115. Denomination of
school bonds, $1,000; sewer bonds, $2,000. Interest semiannual.
Ashland, Jackson County, Ore.-Bond Election Proposed.
-The City Recorder will call an election, it is stated, to vote
on the question of issuing $170,000 water-works-system improvement bonds.
Atlantic County (P. 0. May's Landing), N. J.-Bond Offering.-Proposals will be received until 11 a. m. Dec. 7 for
the $60,000 5% bridge-rebuilding bonds mentioned in V. 91,
p. 849.
Authority, Section 91, page 424, General Statutes of 1895. Denomination $5,000. Maturity $10,000 yearly on Jan. 1 from 1920 to 1925 Inclusive

Audubon, Camden County, N. J.-Bonds Voted.-The
question of issuing $18,000 20-year street-improvement
bonds was favorably voted on at an election held Nov. 26.
The vote was 127 "for" to 62 "against."
Bainbridge, Decatur County, Ga.-Bond Election.-It is
stated that this place will vote on the question of issuing
$60,000 improvement bonds.
Beloit, Rock County, Wis.-Bonds Authorized.-An issue
of $25,000 bonds was authorized, it is stated, by the City
Council on Nov. 21.
Berlin, Coos County, N. H.-Bond Sale.-On Dec. 1
$80,000 43% 1-16-year (serial) coupon refunding bonds
were awarded, it is stated, to E. H. Rollins & Sons of Boston
at 102.07.
Denominations: 64 bonds of $1,000 each and 32 bonds of $500 each.
Date Nov. 1 1910. Interest semi-annually at the Old Colony Trust Co. In
Boston. Bonds will be certified as to genuineness by the Old Colony Trust
Co. In Boston, which will further certify that the legality of the bonds has
been approved by Ropes, Gray & Gorham of Boston.

Authority, Chapter 32, Statutes of 1901. Interest semi-annually at the
City Treasurer's office. Maturity, "within thirty years." Certified check
for $1,000 Is required.

Cass County (P. 0. Fargo), No. Dak.-Bond Offering.Proposals will be received until 12 in. Dec. 28 by Arthur G.
Lewis, County Auditor, for $19,224 74 Drainage District
No. 10 and $23,843 35 Drainage District No. 29 6% gold
registered bonds.
Authority. Chapter 23, Laws of 1905. Denomination $500. Date Jan.1
1911. Interest annually in Fargo. Maturity part yearly in each of the
years 1913, 1915, 1917, 1919 and 1921. Certified check (or cash) for $500
is required.

Chadbourn Drainage District (P. 0. Chadbourn), Columbus County, No, Caro.-Bond Offering.-Proposals will be
received until 10 a. m. Dec. 6 by D. Boughner, Chairman of
Drainage Board, for $30,000 6% coupon drainage-canal
construction bonds.
Authority, Section 34, Chapter 442, of Drainage Laws of North Carolina
Denomination to suit purchaser. Date Dec. 6 1910. Interest annually In
Chadbourn. Maturity $3,000 yearly on Dec. 6 from 1913 to 1922 inclusive
Certified check far 5% of bid, payable to the Chairman, is required.

Chambersburg, Franklin County, Pa.-Bond Offering.Dispatches state that proposals will be received until 8 p. m.
Dec. 5 by T. J. Brereton for the $150,000 water-supplyimprovement, $65,000 sewerage-system and disposal plant,
$15,000 street-paving and $5,000 fire-house 43/2% bonds
mentioned in V. 91, p. 228. Certified check for $2,000
required.
Chenango, Broome County, N. Y.-Bond Sale.-The
$9,000 432% registered bridge-construction bonds offered
on Nov. 4 and described in V. 91, p. 1196, have been purchased by the •Chenango Valley Savings Bank of Binghamton at 100.50. Maturity $2,000 yearly on March 1 from 1914
to 1917 inclusive and $1,000 on March 11918.
Chicago (Ill.) Sanitary District.-Bond Offering.-Proposals will be .received until Dec. 22 for $1,000,000 4% bonds,
dated Jan. 1 1911 and clue $46,000 on Jan. 1 1913 and $53,000
yearly on Jan. 1 from 1914 to 1931 inclusive.
Choctaw County (P. 0. Chester), Miss.-Bond Sale.-On
Nov. 7 the $10,000 6% 10-20-year (optional) jail-building
bonds described in V. 91, p. 1275, were awarded to the Union
Savings Bank & Trust Co. of Cincinnati at 105.76. Purchaser also to furnish blank bonds,
Cincinnati, Ohio.-Bond Offering.-Proposals will be received until 10 a. m. Dec. 29 by Ernst von Bargen, City
Auditor, for the following 4% coupon bonds:
$1,000,000 boulevard and park-improvement bonds, voted on Nov. 8

(V. 91, p. 1399). Authority Sections 3939 to 3054 inclusive.
Bessemer, Gogebic County, Mich.-Bonds Voted.-AccordGeneral Code. Denomination $500. Maturity 40 years.
2835 and 2837, Revised
ing to reports; an election held recently resulted in favor of a 1,000,000 hospital bonds. Authority Sections
Statutes, and Sections 3939 to 3954 inclusive, General Code.
proposition to issue $15,000 sewer-construction bonds.
Maturity 50 years.
800,000 grade-crossing-abolition bonds voted on Nov. 8 (V. 91, p. 1399).
Boston, Mass.-Bond Sale.-During the month of NoAuthority Sections 8874 to 8894 inclusive and Sections 3948 to
vember $37,000 4% Broadway bridge-rebuilding bonds were
3953, General Code. Maturity 40 years.
$500. Date Dec. 15 1910. Interest semi-annually at the
Denomination
The
are
bonds
par.
at
city
the
disposed of to trust funds of
City Treasurer's office. Bonds arc tax-exempt. Certified check for 5%
dated July 1 1910 and mature $2,000 yearly on July 1 from of bonds bid for, payable to the Auditor, is required. Purchaser to pay
accrued interest. Bids to be made on blank forms furnished by the City
1911 to 1928 inclusive and $1,000 on July 11929.
Auditor.
Bucyrus, Crawford County, Ohio.-Bond Offering.-ProCleveland, Ohio.-Bond Offering.-Proposals will be reposals will be received until 12 m. Dec. 22 by H. A. Barth, ceived until 12 m. Dec. 27 by H. B. Wright, City Auditor,
City Auditor, for $25,000 432% coupon (city's portion) for $500,000 4% coupon grade-crossing bonds.
street-improvement bonds.
Denomination $500. Date Dec. 1 1910. Interest March 1 and Sept. 1
at the City Treasurer's office. Maturity $1,000 each March 1 and $1,500
each Sept. 1 from 1914 to 1923 inclusive. Certified check for 5100, payable
to G. Goldsmith. City Treasurer, Is required. Bonds will be delivered Dec.
23. Purchaser to pay accrued interest.

Denomination $1,000. Interest from Oct. 1 1010, payable semi-annually
at the American Exchange National Bank in New York City. Maturity
Oct. 1 1940. Certified check on a national bank for 5% of bonds bid for,
payable to Harry L. Davis, City Treasurer, is required. Bids to be made
on blank forms furnished by the City Auditor.

$5,000 yearly on Dec. 15 from 1911 to 1930 inclusive.
100,000 refunding water bonds. Date Jan. 1 1911. Maturity $5,000
yearly on Jan. 1 from 1912 to 1931 inclusive.
Authority, Chapter 24 of the Consolidated Laws. Interest semi-annually
at the City Comptroller's office or at the Gallatin National Bank in New
York City, to suit purchaser. The bonds are non-taxable. An unconditional certified check, drawn on an incorporated bank or trust company,
for 2% of bonds bid for, and made payable to the City Comptroller, is
required.

Authority, Section 3914, General Code. Denomination $1,000, except
one bond of $276. Date "day of sale." Interest April 1 and Oct. 1 at the
Village Treasurer's office. Maturity $276 Oct. 1 1912, $1,000 yearly on
Oct. 1 from 1913 to 1918 Inclusive and $2,000 on Oct. 1 In each of the years
1919, 1920 and 1921. Certified check for 10% of bonds bid for, payable to
the Village Treasurer, is required. Purchaser to pay accrued interest.

Cleveland Heights, Cuyahoga County, Ohio.-Bond OfferBuffalo, N. Y.-Bond Offering.-Proposals will be re1911
ceived until 12 m. Dec. 6 by William G. Justice, City Comp- ing.-Proposals will be received until 12 m. Jan. 3Bldg.,
troller, for the following 4% registered bonds,mentioned in by H. H. Canfield, Village Clerk (309 BeckmanHeights
Cleveland), for 812,276 432% coupon Euclid
V. 91, p. 976:
$100,000 refundng railroad-aid bonds. Date Dec. 15 1910. Maturity Boulevard improvement assessment bonds.

Buffalo, N. Y.-Bonds Validated by Board of Councilmen.On Nov. 23 the Board of Councilmen adopted a resolution
confirming the validity of the three issues of 4% registered
bonds, aggregating $1,303,810 20,disposed of at private sale
on Sept. 23 to the Columbia National Bank of Buffalo. See
V. 91, p. 895. The legality of the bonds was questioned
for the reason that the meeting at which they were ordered
issued was irregularly called and the Comptroller's report
of the sale had been disapproved.
Bond Sale.-The following 4% bonds were disposed of at
par during November to the various sinking funds:
$2,400 00 temporary-loan bonds datV Nov. 1 1910 and due July 1 1911.
13,193 33 monthly-local-work bonds dated Nov. 15 1910 and due Nov. 15
1911.

Coitsville Township School District (P. 0. Station A,
Youngstown), Ohio.-BonU Sale.-An issue of 86,000 6%
5-year building bonds was disposed of on Nov. 26 to Otis &
Hough of Cleveland at 107.033-a basis of about 4.417%.
A list of the bidders follows:
Otis & Hough, Cleveland_ _$6,422 00 Security S.B.& Tr.Co.,Tol_$6,362 50
Seasongood & Mayer, Cin__ 0,402 00 New First N. Bk. Colum_ 6,277 00
C. E. Denison & Co., Clev_ 6,396 /5 First N. Bk., Barnesville__ 6,101 00
Hayden, Miller & Co.,Clev_ 6,380 00 Comm. N. Bk. Youngst'n_ 6,064 20
'
Youngstown 6,031 80
Stacy & Braun, Toledo_ __ 6,373 60 City Say. Bk.,
Denomination $1,000. -Date Nov. 28 1910. Interest semi-annual.

Conrad, Teton County, Mont.-Bond Offering.-Proposals
will be received until 2 p. in. Dec. 28 by F. H. Pings, Mayor,
for $25,000 6% sewer bonds.
Interest semi-annually on Jan. 1 and July 1. Maturity 20 years, subject
to call, however, $3,000 in 5 years, $5,000 in 10 years and $5,000 in 15

Butler School District (P.0.Butler), Butler County,.Pa.- years. Certified check for ;300 is required.
Bond Offering.-Proposals will be received until 8 p. in. Dec. 5
The official notice of this bond offering will be found among
for any part of a new issue of $50,000 4% Series "H" bonds. the advertisements elsewhere in this Department.
Denomination $500. Interest May and November. Maturity 30 years,
subject to call as follows: Nos. 1 to 30 in 10 years, 31 to 60 In 15 years and
Cook County (P. 0. Chicago), Ill.-Vote on Hospital
61 to 100 in 20 years. Bonds are exempt from State tax. C. E. CronenBonds.-We are advised that the vote cast Nov. 8 on the
welt is Treasurer and F. L. Wiegand is Secretary.



DEC. 3 1910.]

TIlE

CHRONICLE

1527

Bonds Proposed.-Local papers state that the City Council
has been asked by the Board of Water and Light Commissioners to have submitted at the general election in February
1911 a proposition to issue $300,000 bonds.
Dunmore, Lackawanna County, Pa.-Bond Offering.Proposals will be received until Dec. 6 for $65,000 coupon
bonds. R. A. Zimmerman is Borough Solicitor.
Durand, Shiawassee County, Mich.-Bond Offering.Proposals will be received until Dec. 5 for $12,000 5% waterworks and light extension bonds. Authority vote of 241 to
40 on Nov. 14. Maturity 1912.
Denomination $1,000. Date Nov. 5 1910. Interest semi-annual. MaEast Orange, Essex County, N. J.-Bond Offering.-Proturity Nov. 5 1940. Official circular states that all obligations have been
met promptly and that there has never been any question raised as to the posals will be received until 8 p. m. Dec. 12 (postponed from
legality of this Issue.
Council for $220,000 4%
Cottage Grove, Lane County, Ore.-Bond Sale.-An issue • Nov. 28) by the Mayor and City
of $30,000 6% warrant-funding bonds has been awarded, it coupon (with privilege of registration) Series "V" school
bonds.
is stated, to Ulen & Co. of Chicago at par.
Denomination $1,000. Date July 1 1910. Interest semi-annually at
Covington County (P.0. Collins), Miss.-Bond Offering.- the City Treasurer's office. Maturity July 1 1950. Certified check for 2%
bonds bid for, payable to the Receiver of Taxes, is required. The
Proposals will be received until Jan. 2 1911 for $25,000 road of
legality of the bonds will be certified to by Caldwell & Reed of New York
bonds. These securities were offered without success as 6s City, whose opinion will be delivered to the purchaser. Accrued interest
to be paid by the successful bidder. Lincoln E. Rowley is City Clerk.
on Nov. 7. See V. 91, p. 1196.
The official notice of this bond offering will be found among
Crawford, Oglethorpe County, Ga.-Bond Sale.-The
$5,000 6% coupon school-building bonds described in V. 91, the advertisements elsewhere in this Department.
p. 1048, were sold on Nov. 1 to C. H. Coffin of Chicago at
East Spencer (P. 0. Salisbury Sub-Station No. 2), Rowan
par less the cost of bonds and attorney's fees. Maturity County, No. Car.-Bond Sale.-On Nov. 16 the $25,000 25$200 yearly on Jan. 1 from 1912 to 1936 inclusive.
year coupon water and light bonds described in V. 91, p.
Crowley, Arcadia Parish, La.-Bond Sale.-Reports state 1343, were awarded to the J. B. McCrary. Co. of Atlanta at
that the offer of a Chicago bond company for the $75,000 101 for 6s.
5%-- coupon Sixth Ward Drainage District bonds, bids for
El Centro School District, Imperial County, Cal.-Bond
which were rejected on Oct. 8 (V. 91, p. 1048), has been Offering.-According to reports, proposals will be received
accepted.
until 2 p. m. Dec. 17 by the County Treasurer (P. 0. El
Custer County (P. 0. Broken Bow), Neb.-Bond Election Centro) for $5,000 6% bonds. Denomination $100. InterProposed.-It is thought probable that a vote will be taken est semi-annual.
in January on the question of issuing $50,000 court-house
Emporia, Lyon County, Kan.-Bond Offering.-Proposals
bonds.
will be received at any time for $11,000 43.% sewer bonds
County,
Ohio.
Summit
-Bond
Sale.
Falls,
-The
Cuyahoga
mentioned in V. 91, p. 977.
Denomination $500. Date July 1 1910. Interest semi-annual. Ma$8,200 5% Front Street improvement (village's portion) turity
20 years. Fred. H. Smith is City Clerk.
is
it
sold
28,
were
Nov.
on
1467,
p.
91,
V.
in
bonds described
Fall River, Bristol County, Mass.-Bonds Authorized.stated, to Seasongood & Mayer of Cincinnati for $8,501
Finance Committee of this city on Nov.28,
(103.67) and accrued interest. Maturity $200 on Oct. 1 At a meeting of the
1911 and $1,000 each six months from April 1 1912 to the issuance of $100,000 10-year bonds was authorized.
Frederick, Polk County, Wis.-Bond Offering.-Proposals
Oct. 1 1915 inclusive.
Dallas, Tex.-Bond Sale.-On Nov. 21 the $350,000 43t% will be received until 9 p. m. Dec. 5 by J. Le Roy Elwell,
Clerk, for $2,000 6% water-works bonds.
and the $300,000 (3 issues) 4% gold coupon bonds described Village
Authority, Sections 942 and 943. Laws of 1898. Denomination $500.
in V. 91, p. 1343, were sold to the City National Bank of Date Dec. 11910. Interest annually on April 1 at the First National Bank
Maturity $500 yearly on April 1 from 1912 to 1915 inclusive.
Dallas at par for the 43s and 96.65 for the 4s-a basis of in Frederick.
No deposit Is required with bid. Bonded debt, including this issue, $9,500;
about 4.25%. The following bids were received:
no floating debt. Assessed valuation 1910, $225,000.
$350,000 $300,000
Fulton Township School District (P. 0. Swanton), Fulton
4%
4 X%
Bonds.
County, Ohio.-Bonds Refused.-We are informed that the
Bonds.
$350,000 $289,950 First National Bank of Wauseon has refused to accept an
City National Bank, Dallas
279,000
Well, Roth & Co., Cincinnati
issue of $18,500 bonds recently awarded them. As reported
Well. Roth & Co., Breed & Harrison and the Provident
•350,005
268,500 in the "Chronicle" of Oct. 15, these bonds were voted on
Savings Bank & Trust Co., all of Cincinnati
Seasongood & Mayer, Cincinnati279,475
264,263 Oct. 5.
{350,000
Glenwood, Pope County, Minn.-Bond Sale.-The $10,000.
• Provided they be awarded the $300,000 4 per cents.
V. 91, p. 819,
All bidders offered accrued interest in addition to their bids. The 4 X% city-hall construction bonds mentioned in
bonds are payable June 1 1950, while the 4% bonds mature on June 1 as were awarded about a month ago, we are advised, to the
follows: $2,000 of each issue every odd year and $3,000 of each Issue every State of Minnesota at 4%.
even year from 1911 to 1950 inclusive.
Goshen, Orange County, N. Y.-Bond Sale.-On Nov. 22
Davison, Genesee County, Mich.-Bond Sale.-We are
advised that an issue of light bonds recently voted has been the $10,000 coupon water-improvement bonds described in
V. 91, p. 1400, were awarded to the Goshen Savings Bank
all subscribed for by local parties.
on Dec. 1
Dayton, Ohio.-Bond Sale.-The following bids were re- in Goshen at par for 43-s. Maturity $1,000 yearlysubject
to
ceived on Nov. 28 for the nine issues of 5% coupon paving from 1915 to 1924 inclusive, unpaid bonds being
call after 10 years.
bonds described in V. 91, p. 1276:
Grandview Heights, Ohio.-Bond Election.-An election
84,000
$10,000
$2,000
83,700
810,000
Detroit St. Xenia Av. Linden Av. HickorySt. Xenia Av. will be held Dec. 27 to vote on the question of issuing $2,000
Bonds.
Bonds.
Bonds.
Bonds.
Bonds.
Seasongood & Mayer, Cin__*$2,121 00 84,187 20 $10,403 00 83,873 16 $10,403 00 sewer-improvement and $14,000 water-main-construction
Field, Longstreth & Co., Ctn. 2,11440 *4,20880 10,412 00 *3,906 60 10,412 00 bonds.
Dayton Say. & Tr. Co.,Daya 2,085 00 4,180 00 *10,431 00 3,801 00 *10,430 00
Grayson County Common School District No. 51, Texas.Breed & Harrison, Cin
Hayden, Miller & Co., Cleve_ 2,100 00 4,181 00 10,353 00 3,869 00 10,353 00 Bonds Registered.-On Nov. 22 the State Comptroller regis10,391
2,08800
80
00
3,862
4,186
00
00
10,391
Cincinnati
Co.,
&
Well, 110th
New First Nat. Bank.,Coluin. 2,063 00 4,103 00 10,403 00 3,851 00 10,352 00 tered $1,200 5% 5-12-year (optional) bonds.
10,408 75
10,408 75
C. E. Denison dr Co., Cleve.
Greybull, Bighorn County, Wyo.-Bonds Voted.-Ac$12,500
$17,500
$2,500
87,800
cording to reports an election held Nov. 23 resulted in favor
Springfield Springfield Lehman
Hickory
Street
Street
Street
Street
of a proposition to issue $35,000 water-works-system bonds.
Bonds.
Bonds.
Bonds.
Bonds.
$12,928 00 818,279 00 88,171 28 $2,626 00 The vote was 95 to 5.
Seasongood & Mayer, Cincinnati
12,945 00 18,289 25 *8,26098 *2,640 00
Field, Longstreth & Co. Cincinnati
Haddonfield, Camden County, N. J.-No Action Yet
Dayton Savings & Trust Co., Daytonl*12,965 00 *18,325 00 8,169 00 2,614 00
Taken.-Up to Nov. 26 no action had yet been taken looking
Breed & Harrison, Cincinnatl
12,641 00 18,210 00 8,145 00 2,625 00 towards the issuance of the $150,000 street-improvement
Hayden, Miller & Co., Cleveland
Well, Roth & Co., Cincinnati
12,928 75 18,296 25 8,171 30 2,607 50
New First National Bank, Cloumbus.... 12,888 00 18,211 00 8,08.1 00 2,621 55 bonds voted on Sept. 20 (V. 91, p. 819.)
Hearne, Robertson County, Tex.-Bond Election Post* Successful bids.
Douglasville, Douglas County, Ga.-Bonds Voted.-The poned.-Reports state an election which was to be held
$20,000 5% water-works bonds mentioned in V. 91, p. 1467, Nov. 23 to vote on the question of issuing water-works bonds
were favorably voted on at the election held Nov. 28. The has been postponed until Dec. 7.
Hudson, Summit County, Ohio.-Bond Offering.-Provote was 144 "for" to 10 "against." Maturity March 1 1941.
will be received until 12 m. Dec. 20 by B. S. Sanford,
Dubuque, Dubuque County, Iowa.-Bonds Authorized.- posals
Village Clerk, for $3,000 432% coupon road-improvement
Reports state that at a meeting of the City Council on Nov. bonds.
26 it was decided to issue $490,000 refunding bonds. DeAuthority Sections 3295, 3294, 3939, 3940, 3941, 3942 and 3947, General
Code. Denomination $500. Date "day of sale." Interest April 1 and
nomination $500.
Oct. 1, beginning April 1 1911,at the National Bank of Hudson In Hudson
Duluth, Minn.-Bond Sale.-An issue of $50,000 4% 30- Maturity $500 yearly on Oct. 1 from 1912 to 1917 inclusive. Purchaser to
pay accrued interest. Certified check for 10% of bonds bid for, payable to
year gold coupon park-improvement bonds, offered on the
Village Treasurer. is required. No debt at present. Assessed valuaNov. 28, was purchased by the N. J. Upham Co. of Duluth tion 1909, $425,060. •
Hudson Township (P. 0. Hudson), Summit County,
at par and accrued interest. There were no other bidders.
coupon
These are the same bonds that were sold (V. 91, p. 896) on Ohio.-Bond Sale.-On Nov. 28 the. $10,000 4
Sept. 26. See V. 91, p. 896. The City Clerk informs us highway-improvement bonds described in V. 91, p. 1468,
that "there was a slight mistake in the wording of the ordi- were awarded to the Citizens' Safe Deposit & Trust Co. of
nance which necessitated a re-enactment and re-sale.",j-kg Toledo at 102.12 and accrued interest.

question of issuing the 83,000,000 4% gold hospital-reconstruction and extension bonds (V.91, p. 1343) was 156,185
"for" to 87,835 "against." Our informant further states
that no action will be taken looking towards the offering of
these bonds until the new county board takes office on
Dec. 5 1910.
Cordele, Crisp County, Oa.-Bond Offering.-Proposals
will be received until Dec. 7 by John Beasley, City Clerk
and Treasurer, for the $10,000 5% (not 6% as at first reported) school-improvement bonds voted on Sept. 23 (V. 91,
p. 896).




1528

THE CHRONICLE

The following bids were received:
Citizens'S.Dep.&Tr.Co.,To1510,212 00 1 C. E. Denison & Co., Cie_ _$10,154 75
Otis & Hough, Cleveland_ 10,202 00 New First Nat. Bk., Col._ 10,143 00
First Nat. Bank, Cleveland 10,183 00 Hayden, Miller & Co., Ole. 10,142 00
Seasongood&Mayer, Cin__ 10,180 00 Tillotson&WolcottCo., Cie 10,117 50
Stacy & Braun, Toledo__ _ _10,170 00 Well, Roth & Co., Cln_ __ _ 10,101 00
Above bidders all offered acosued interest In addition to their bids.
Maturity $1,000 yearly on Oct. 1 from 1912 to 1921 Inclusive.

Indianapolis, Ind.-Bonds Proposed.--According to local
'papers, this city is considering the advisability of issuing
$100,000 bonds to build new fire-engine houses.
Indianapolis, Ind.-Bond Sale.-An issue of $3,644 05 6%
East Park District improvement bonds was awarded on
Nov. 7 to J. F. Wild & Co. of Indianapolis for $3,68405the price thus being 101.09.
Date Aug. 6 1910. Interest June 1 and Dec. 1
Maturity one-tenth
yearly from one to ten years, subject to call, however, any June 1 or Dec. 1.

Italy Independent School District (P. 0. Italy), Ellis
County, Tex.-Description of Bonds.-The $8,000 5% 10-40year (optional). school-house bonds registered by the State
Comptroller on Sept. 17 (V. 91, p. 820) are in denominations
of $500 each and 'are dated Sept. 1 1910. Interest semiannual.
Jack County Common School District, Texas.-Bond Sale.
-The $5,000 5% 5-20-year (optional) bonds registered by
the State Comptroller on Sept. 16 (V. 91, p. 8200 were
recently awarded to the Jack County permanent school fund
at par.
Jersey City, N. J.-Bonds Proposed.-According to local
papers the Board of Police Commissioners of this city intend
tO go before the Finance Board for the purpose of asking them
to issue $300,000 bonds for a new police headquarters.
Johnstown School District (P. 0. Johnstown), Pa.-Bond
Sale.-On Nov. 25 the $55,000 432% 5-30-year (optional)
coupon school-improvement bonds described in V. 91, p.
• 1277, were awarded to Edw. V. Kane & Co. of Philadelphia
at 101.75 and accrued interest.
Jones County (P. 0. Anson), Texas.-Bonds Registered.The State Comptroller registered' $6,838 5% 5-10-year (optional) refunding bonds on Nov. 23.
Kirkwood, De Kalb County, Ga.-Bond Offering.-Proposals will be received until 8 p. in. Dec. 20 by E. M. Willingham, Mayor (540-542 Whitehall St., Atlanta), for the following 5% gold coupon bonds:
24,000 sewer-system-construction bonds, due $1,000 yearly on Jan. 1
from 1920 to 1939 inclusive and $2,000 on Jan. 1 in each of the
years 1940 and 1941.
36,000 water-works-system-construction bonds, due $1,000 yearly on
Jan. 1 from 1916 to 1931 inclusive and $2,000 yearly on Jan. 1 from
1932 to 1941 Inclusive.
Authority an election held Oct. 4 1910. Denomination $1,000. Date
Jan. 1 1911. Interest semi-annually In Atlanta. Certified check for $1,000
Is required.

iVoL. bxxxxi

Lyon Swamp Drainage District, Ponder and Bladen
Counties, No, Can-Bond Offering.-Propesals will be received until Dec. 22 by B. F.' Keith, Chairman (P. 0. Wilmington), for $45,000 6% bonds.
Interest annual. Principal Payable in 10 equal Installments beginning
3 years from date of issue.

McArthur, Vinton County, Ohio.-Bond Sale.-On Nov. 5
the $3,000 5% 5-10-year (serial) Main Street improvement
bonds described in V. 91, p. 1198, were awarded to Hayden,
Miller & Co. of Cleveland at 105.066-a basis of about 4..20%.
Madison, Mortis County, N. J.-:-Bond Olfering.It is
stated that proposals will be received until Dec. 9 by S. G.
Willits, Borough Clerk, for $100,000 of an authorized issue of
$125,000 41A% 10-30-year (optional) sewer bonds.
Malden, Middlesex County, Mass.-Temporary
Nov. 28 a loan of $50,000 due April 10 1911 was negotiated
with Bond & Goodwin of Boston at 3.71% discount.
Malta Township School District (P. 0. Malta), Morgan
County, Ohio.-Bond Sale.-An issue Of $1,000 5% 3/-year
(average) building bonds was awarded on Nov. 21, it is
stated, to the Malta National Bank in Malta - at 101.725.
Marion County (P. 0. Marion), Ohio.-Bond Sale.-The
following bids were received on Nov. 26 for the $84,000 5%
coupon Little Scioto River improvement assessment bonds
described in V. 91 . 1344:
Stacy & Braun, Toledo__ $87,642 50 W.E. Harkness, Marlon_ _$87,143 00
Well, Roth & Co., Cin_ __ 87,477 60 Hayden, Miller & Co., Clev.87,100,00
Scasongood &Mayer, Cin_ 87,470 00 Barto, Scott & Co., Colum.87,024 00
C. E. Denison & Co., Clev_ 87,385 25 R.KleybolteCa-Ine.,Cine..86,872 80
Cit. Safe De .&Tr.Co.,Tol. 87,361 00 New First*Nat. Bk., Colum.86,730 00
This bid, it is reported, was successful.
Maturity part each six months from March 1 1911 to Sept. 1 1920, incl.

Marlboro; Ulster County, N. Y.-Bond Sale.-On Nov. 26
the $10,000 5-14-year (serial) school bonds mentioned in
V. 91, p. 1468, were awarded to Sands Haviland at 100.79 for
43/
2s. Denomination $1,000. Date Jan. 1 1911. Interest
annual.
• Maryland.-Bond Offering.-Proposals will be received
until 12 in. Jan. 2 1911 by Murray Vandiver, State Treasurer,
at Annapolis, for the following coupon (with privilege of
registration as to principal) bonds: '
$300,000 4%

Insane hospital Series "A" bonds. Authority Chapter 250,
Acts of the General Assembly of '1910. Maturity Jan. 1
1926, subject to call after Jan. 1 1921.
public-highway Series "A" bonds. Authority Chapter 116,
250,000 4%
Acts of the General Assembly of 1910. Maturity Jan. 1
1926, subject to call after Jan. 1 1921.
sanatorium bonds. Authority Chapter 411, Acts of the
100,000 3
General Assembly of 1910. Maturity Jan. 1 1926.
The above bonds are In denominations of $1.000 each and are dated
Jan. 2 1911. Interest Jan. 1 and July 1. The bonds are exempt front
State, county and municipal taxation, and will be delivered Jan. 101911.
Certified check for 5% of bid Is required. Accrued interest to be paid by
the purchaser.

Mason City, Custer County, Neb.-Bond Offering.-Proposals will be received at any time for the $2,000 6% park
bonds offered without success on Sept. 12. See V. 91, p. 821.
The official notice of this bond offering will be found among M. I.: Lamb is Village-Clerk.
the advertisements elsewhere in this Department.
Meadows School District No. 9 '(P: 0. Meadows), WashKnox County Common School District No. 3, Texas.- ington County, Idaho.-Bond Offering.-Proposals will be
State
Comptroller registered on received until Dec. 10 by M. E. Keizur, Clerk, for $6,000
Bonds Registered.-The
5% coupon school-house bonds.
Nov. 21 an issue of $1;500 5% 40-year bonds.
Denomination $1,000. Date Oct. 29 1910. Interest' at the County
Lakewood, Cuyahoga County, Ohio.-Bond Offering.- Treasurer's
office In Weiser. Maturity Oct. 29 1930, subject to call, howProposals will be received until 12 in. Dec. 28 by B. M. ever, before that date. No debt
at present. • Assessed valuation $240,000.
Cook, Village Clerk, for $14,550 5% bonds for the purchase
Mechanicsburg, Cumberland' County, Pa.-Bonds Auof real estate.
thori;ed.-It is stated that the' Borough Council has auAuthority Section 4520, General Code. Denomination $1,000, except thorized the issuance of $40,000 4% street-improvement
one bond of $550. Date, "day of sale." Interest semi-annually at the
Cleveland Trust Co. In Cleveland. Maturity Oct. 1 1920. Certified check bonds.
tor 5% of bid is required.
,
Medina, Gibson* County, Tenn.-Bond Offering.-ProLakewood School District (P. 0. Lakewood), Cuyahoga posals will be received until 1 p. in. Dec. 20 by W.0.
. Graves,
County, Ohio.-Bond Offering.-Proposals will be received Mayor, for $6,000 6% town bonds.
until 12 in. Dec. 9 by Frank R. Thrall, Clerk Board of EduDenomination $500. Interest Jan. 1 and July 1 at the Medina Banking
cation, for the $150,000 4% school-building and improve- Co. In Medina. Maturity 20 years, subject to call after 10 years.
voted
on
Nov.
8
ment bonds
(V. 91, p. 1344).
Mendenhall, Simpson County, Miss.-Bond Offering., and 7627, General Code. Denomination Proposals will be received until 2 p. in. Dec. 6 for $7,000 5%
Authority, Sectons 7625, 7626
41,000. Date "day of sale.' Interest April 1 and Oct. 1. Maturity
$5,000 yearly on Oct. 1 from 1913 to 1942 Inclusive. Certified check on a coupon high-school-building bonds mentioned in V. 91, 0.479.
Bank In Lakewood or Cleveland for 10% of bonds bid for, payable to the
Treasurer of the Board, Is required.

Denomination $350. Interest annually on Nov. 14. Maturity one
bond each year for 20 years. C. W. McLeod is Town Clerk.

Laramie, Albany County, Wyo.-Bonds Voted.-The election held Nov. 8 resulted in favor of the propositions to issue
the $15,000 sewer and the $55,000 water 5% 10-year bonds
mentioned in V. 91, p. 1278. A circular received from the
City Clerk states that "these bonds will not be offered for
sale this year and probably not until the spring of 1911,
perhaps later, as no definite action will be taken until after
the newly-elected Mayor and members of the Council shall
have taken their seats during the first week in January 1911."
Livingston School District (P. 0. Livingston), Merced
County,
6Cal.-Bund Sale.-E. Fl. Rollins & Sons of San Francisco have been awarded, it is stated, an issue of $10,000
bonds.
Lorain, Lorain County, Ohio.-Bids.-The following bids
were received on Nov. 23 for the $21,500 432% coupon sanitary-sewer bonds awarded on that day, as stated in V. 91,
p. 1468, to the Davies-Bertram Co. of Cincinnati at 101.688.

Mineral Wells, Palo Pinto County, Tex.-Bonds Registered.-An issue of $3,000 5% 20-40-year (optional) sewer
bonds was registered on Nov. 23 by the State Comptroller.
Montclair, Essex County, N. 3.--Bond Offering.-Proposals will be received until 8 p. in. bee. 12 by S. H. Welick,
Town Treasurer, it is stated, for $66,000 4% 30-year refunding sewer bonds. Interest semi-annual. Certified check for
2% is required.
Mt. Vernon School District (P. 0. Mt. Vernon), Knox
County, Ohio.-Bond Offering.-Proposals will be received
until 2 p. in. Dec. 12 by George CoYner, Clerk Board of Education, for $26;000 4% coupow refunding bonds.
Authority, Section 5657; General Code. Denomination $500. Date
Dec. 1 1910. Interest semi-annually In Mt. Vernon. Maturity 20,years,
subject to call after 5 years. Bonds'are exenipt from ail'taxes. No deposit required with bids. Purchaser to pay accrued interest.

Newburgh Heights (P.'0. Cleveland), Ohio.-Bond Sale.On Nov. 5 the six issues of 5% coupon sewer improvement
assessment bonds, aggregating $6,397 16, described in
Davies-Bertram Co., eine_ _$21,863 Provident Says. Bank & Tr.
Barto, Scott & Co., Colum__ 21,851
Co., Cincinnati
$21,820 V. 91, p. 979, were awarded to Hayden, Miller & Co. of
21,812
C. B. Denison Se Co., Cleve__ 21,842 Otis & Hough, Cleveland
Well, Roth & Co., Clncln_ _ 21,837 SeasongOod & Mayer. Cln_ _ _ 21,765 Cleveland for $6,641 17, the price thus being 163.814.
R. Kleybolte Co., Inc., Cin__ 21,835 Stacy & Braun, Toledo
21,735
New Carlisle, (Hark County, Ohio.-Boad Offering.-Pro_ _ 21,822 New lint Nat. Bk., Comm.. 21,717
Breed 46 Harrison,
posals will be received until 8 p. in. Dec. 5 by J. D. Johnson,
Lucas County (P. 0. Toledo),
Vote.-The Village Clerk,
for the $20,000 5% coupon water-worksvote cast at the eleotion held Nov.8 on the question of issuing
the $250,000 memorial-building bonds '(V. 91, p. 1401) is construction bonds voted on Sept. 27 (V. 91, p.4 899).
$500. Date Nov. 1 1910. 'Interest March and Sept. 1
officially reported as being 18,988 "for" to 7,902 'against." at Denomination
the Village Treasurer's office. Maturity $500 oach sU months from




DEC. 3 mod

THE CHRONICLE

1529

Sept. 1 1912 to Sept. 1 1931 inclusive. Bonds are tax-exempt. Certified
check for 5% of bonds bid for, payable to the Village Clerk, is required.
Bonded debt, Including this Issue, $21,000. floating debt, $1,000.
Assessed valuation in 1910, $711,000.

vote on the question of issuing $75,000 water-works-addition
bonds.
Port Hope Township, Beltrami County, Minn -Bond
New Hartford (Village), Oneida County, N. Y.-No Action Offering.-Proposals will be received until 10 a. m. Dec. 5
taken
Yet Taken.-Up to Nov. 28 no action had yet been
by Wm. Gerlinger, Township Clerk, for $6,000 bonds at not
looking towards the issuance of the $1,200 sewer bonds voted exceeding 6% interest.
(V. 91, P. 821,) on Sept. 19. Our informant further states
Authority Section 785, Revised Laws for 1905, and the amendments
thereto. Maturity one bond each year from 1 to 15 years Inclusive.
that he does not think anything will be done before spring.
Portland, Ore.-Bond Sale.-Local papers state that an
Newton Township (P. 0. Pleasant Hill), Miami County,
Ohio.-Bond Sale.-On Nov. 26 an issue of $7,000 44% issue of $475,000 6% 10-year improvement bonds, offered
bonds was awarded to H. L. Johnson for $7,166, the price on Nov. 21, was disposed of at prices ranging from par to
100.50 inclusive. It is further stated that of the bonds disthus being 102.371.
Denomination $500. Date Nov. 1 1910. Maturity $500 each six months posed of, $76,000 were purchased by funds of the city.
from May 1 1919 to Nov. 1 1925 inclusive.
Bond Election Proposed.-It is expected that the charter
Niagara County (P. 0. Lockport), N. Y.-Bonds De- amendment providing for the $1,000,000 auditorium bond
feated.-A proposition to issue $100,000 almshouse bonds issue will be pres3nted at the city election to be held next
June-.
was defeated at the election held Nov. 8.
Bonds Voted.-The official vote on the charter amendNorth Attleboro, Bristol County, Mass.-Temporary Loan.
-Reports state that a loan of $40,000, due April 8 1911, has ment providing for the $2,500,000 bond issue for public
been negotiated with C. D. Parker & Co. of Boston at 3.69% docks, submitted on Nov. 8, was 18,771 "for" to 8,305
"against." V. 91, p. 1401.
discount and a premium of 10 cents.
Portland School District No. 1, Multnomah County, Ore.North Dakota.-Bonds Purchased by the State During October.-The following 4% bonds aggregating $20,180, were Bond Offering.-Further details are at hand relative to the
high-school bonds
purchased during October by the State of North Dakota offering on Dec. 15 of the $350,000 4
mentioned in V. 91, p. 1469. Proposals will be received
at par:
Bowbells, Burke County-$4,000 general water-works, $5,800 special until 2 p. m. on that day by John M. Lewis, County Treasurer (P. 0. Portland).
water-works and $4,380 special sewer 20-year bonds dated Sept. 1 1910.
Gorham School District No. 15, Billings County-$3,000 20-year building bonds dated Aug. 10 1910.
Monson School District No. 70, Morton County-42,000 15-year building
bonds dated Sept. 1 1910.
Williams County School District No. 20-$1,000 10-year building bonds
dated June 1 1910.
Interest semi-annual. None of the above bonds are subject to call.

Denomination $1,000. Date Oct. 1 1910. Interest semi-annually at
the County Treasurer's office or In New York City. Maturity 20 years.
subject to call after 10 years.

Quincy, Norfolk County, Mass.-Bond Sale.-It is stated
that on Nov. 29 the $19,000 4% coupon street-improvement
Norwood, Hamilton County, Ohio.--Bond Sale.-The bonds described in V. 91, p. 1469, were awarded to Blodget
$5,935 23 Hudson Ave. macadam and the $1,465 70 stone- & Co. of Boston at 101.666.
Maturity $2,000 yearly on Oct. 1 from 1911 to 1910 Inclusive and $1,000
sidewalk-construction 432% bonds offered on Nov. 28 and Oct.
1 1920.
described in V. 91, p. 1469, were awarded, the former issue
Randall County Common School District No. 20, Tex.to Weil, Roth & Co. of Cincinnati at 101.551, and the latter Bonds
Not Yet Sold.-No award has yet been made of the
issue to the First National Bank of Norwood at 100.477.
$700 bonds-the unsold portion of the issue of $1,500 5%
In addition to the above, the city also awarded on the 20-year bonds mentioned
same day (Nov. 28) issues of $7,862 Ridgewood Ave. and that these bonds may bein V. 91, p. 822. We are informed
canceled, as the school was built
$5,847 Burwood Ave. 432% bonds to Weil, Roth & Co. and with the money derived from
the sale of the $800 bonds.
the German National Bank, both of Cincinnati.
Reading
(P.
0.
Cincinnati),
Ohio.-Bonds Authorized.-The
$20,000
Sale.
5%
-Bond
•
1-40-year
Cal.
Oceanside,
The
of $2,125 434% 10-year street-improvement
(serial) water-works-improvement bonds voted on Sept. 14 bondsissuance
has been authorized, it is stated.
(V. 91, p. 979), were awarded on Nov. 23 to J. H. Adams &
Reno School District No.10(P.0.Reno), Washoe County,
Co. of Los Angeles at 102.0825. Denomination $500. Date
Nev.-Bond Offering.-Proposals will be received until
Jan. 1 1911. Interest semi-annual.
Oklahoma County (P. 0. Oklahoma), Okla.-Bonds 1 p. m. Dec. 15 by Theo. W. Clark, Clerk of Board of School
Voted.-Reports state an election held recently resulted in Trustees, for $250,000 5% school-building bonds voted on
Oct. 1 (V. 91, p. 1200).
favor of a proposition to issue $500,000 highway bonds.
Denomination $500. Date March 1 1911. Interest semi-annually at
Oktibbeha County Road District No. 1 (P. 0. Starkville), the County Treasurer's office. Maturity $12,500 yearly on March 1 from
1912
to 1931 inclusive. Certified check for $2,500, payable to the Trustees,
Miss.-Bond Not Sold.-No sale has been made of the is required.
The entire issue will be delivered on March 1 1911 or in
$20,000 5% 11-20-year (serial) Road District No. 1 bonds blocks of 9100,000 on March 1 1911 and
975.000 on June I 1911 and on
Nov.
1
1911.
offered on Nov. 7. Denomination $500. Date Oct. 3 1910.
Rensselaer
County
(P.
0.
Troy),
N. Y.-Bond Offering.Onida, Sully County, So. Dak.-Bonds Not Sold.-Up to
Nov. 21 no bids had been received for the $10,000 5% 10-20- Proposals will be received until 12 m. Dec. 15 by Arthur
MacArthur,
County
Treasurer,
for $95,000 4% registered
year (optional) water-works-system bonds offered on Oct. 29
jail bonds, being part of an authorized issue of $200,000.
and described in V. 91, p. 1051.
Denomination $1,000. Date Aug. 1 1910. Interest semi-annually at
Ontario, San Bernardino County, Cal.-Bond Offering.- the County Tres,,urer's office. Maturity $6,000 yearly on Aug. 1 from
Reports state that proposals will be received until Dec. 5 for 1911 to 1920 inclusive and $7,000 yearly on Aug. 1 from 1921 to 1925 Inclusive. Certified check for 2% of bonds bid for, payable to the County
the $175,000 water bonds voted (V. 91, p. 1344) on Oct. 31. Treasurer,
is required. Bonds will be certified as to genuineness by the
U. S. Mortgage & Trust Co. of New York City, and their legality approved
Orleans, Harlan County, Neb.-Bonds Not Yet Sold.-We by
Caldwell do Reed of New York City, whose opinion will be furnished to
are advised that up to Nov. 28 no sale had yet been made the purchaser. Bids to be made on blank forms furnished by the County
of the $20,000 5-20-year (optional) water-works-system Treasurer. Delivery of bonds Jan. 3 1911. Purchaser to pay accrued
Interest.
bonds mentioned in V. 91, p. 745.
Rice Lake, Barron
Ottumwa, Wapello County, Iowa.-Bonds Voted and Sold. that on Nov. 15 theCounty, Wis.-Bond Sale.-It is stated
6% 10-year Sewer District
-The proposition to issue the $175,000 5% water-works No. 1 bonds described $15,000
in V. 91, p. 1279, were awarded to
bonds mentioned in V. 91, p. 1279, carried by a vote of Ulen & Co. of Chicago for
$15,165 50-the price thus being
1,300 to 1,100 on Nov. 22. We are advised that this issue 101.103.
has been disposed of.
Romney, Hampshire County, W. Va.-Bond Election.Oyster Bay Union Free School District No. 21, Nassau The election to vote on the
proposition
issue water bonds
County, N. Y.-Bond Sale.-An issue of $15,000 4% will be held Jan. 5 1911. See V. 91, p. to
900.
10-39-year (serial) bonds was recently awarded to Douglas
Rutherford School District (P. 0. Rutherford), Bergen
Fenwick & Co. of New York City.
County, N. J.-Bond Offering.-Proposals will be received
Denomination 9500. Date Dec. 1 1910. Interest semi-annual.
Phoenix Union School District, Maricopa County, Ariz.- until 8 p. in. Dec. 12 by C. P. Perham, District Clerk, for
Bond Sale.-An issue of $150,000 5% bonds has been dis- $86,000 434% bonds. •
Authority election held Oct. 5 1909. Denomination 91.000 except one
posed of at private sale to Woodin, McNear & Moore of Chi- bond
of $300. Date Feb. 1 1910. Interest semi-annually at the Ruthercago at 101.50 and accrued interest. Purchaser to furnish ford
National Bank in Rutherford. Maturity 40 years.
blank bonds. These securities take the place of the $150,000
Salamanca, Cattaraugus County, N. Y.-Bond Sale.-On
bonds awarded on June 7, the sale of which, as reported in Nov. 23. $8,384 40 20-year paving bonds were awarded to
was
never
293,
V. 91, p.
consummated.
John J. Hart of Albany for 38,484 76 (101.196) and accrued
Phoenixville School District (P. 0. Phoenixville), Chester interest for 434s.
Denominations $119 17 and $300. Date Aug. 1 1910. Interest semiCounty, Pa.-Bonds Awarded in Part.-Up to Nov. 25
$60,000 of the $100,000 4% registered school-building bonds annual.
Salem, Marion County, Ore.-Bond Sale.-On Nov. 28
described in V. 91, p. 1116, had been disposed of to local
the $400,000 5% 25-year gold water bonds described in
investors.
V. 91, p. 1200, were awarded to Emery, Peck & Rockwood
Pittsburgh, Pa.-Hiland Sub-School District.-Bond Sale. of Chicago and Blodget dr Co. and
Estabrook & Co. of Boston
-On Nov. 30 the $250,000 06% 20-29-year (serial) bonds at their joint bid of 106.30
and accrued interest. Following
described in V. 91, p. 1401, were awarded, it is stated, to the are the ids:
Commonwealth Trust Co. of Pittsburgh.
Emery, Peck do Rockwood,
Morris Bros., Portland----$417.08
.0
Chicago; Blodget & Co..
Harris Trust & Savings
Plainville, Rooks County, Kan.-Bond Election Proand Estabrook & Co., Bos.$425,200
Bank, Chicago
414.325
posed.-The matter of holding an election to vote on the Wm. A. Read & Co. and
Woodin. McNear & Moore
E. H. Rollins & Sons, Chi. 418,720
and Well. Roth do Co-Chi. 412,844
question of issuing $10,000 city-hall bonds is being discussed, Parson,
Son do Co. and McN. W. Halsey & Co., Chicago 407,237
according to local papers.
418,212
Coy & Co., Chicago
Porterville, Tulare County, Cal.-Bond Election Proposed.
Sapulpa, Creek County, Okla.-Bond Sale.-An issue of
-Reports state an election will be held within 30 days to $5,000 5% fire-alarm bonds has been disposed of to the



. •,

1530

THE CHRONICLE

Gamewell Fire-Alarm Telegraph System of New York City
in payment for work done.
Bond Offering.-Proposals will be received by Ira J.
Anderson, City Clerk, for $10,000 fire-apparatus bonds.
Scott County (P. 0. Gates City), Va.-Bond Election.It is stated that the election to vote on the proposition to
issue $300,000 highway bonds, mentioned in V. 91, p. 1201,
will be held Dec. 14.
Scranton, Pa.-Bond Offering.-Local papers state that
the Mayor has signed a resolution directing the City Comptroller to advertise for proposals for $210,000 funding bonds.
Sea Isle City, Cape May County, N. J.-Bond Offering.Proposals will be received until 8:30 p. m. Dec. 12 by the
Finance Committee of the City Council for the following
30-year coupon bonds: $20,000 5% street-improvement,
$5,000 5% fire, $6,000 5% gas and $14,000 4% gas. Denomination $1,000. A. L. Muller is Chairman of Finance
Committee.
Seattle, Wash.-Bonds Voted.-According to local papers,
propositions to issue bonds for a municipal light plant and
$46,000 bonds to absorb the debt of Georgetown were
favorably voted upon Nov. 8.
Bonds Defeated.-It is further stated that the following
bonds failed to receive the required three-fifths majority:
$192,000 to re-grade Fourth Avenue and Jackson Street,
$40,000 for a steel bridge over Fifteenth Avenue and
$1,000,000 for a new city hall.
Bonds to be Offered Shortly.-On Nov. 21 the City Council
authorized the City Comptroller to advertise for bids for
$421,000 general fund bonds, $46,000 Georgetown bonds,
$100,000 municipal lighting bonds, $400,000 garbage bonds
and $1,000,000 bark bonds. The Thos. J. Bolger Co. of
Chicago and Hayden, Stone & Co. of Boston recently made
a joint offer of 102.80 for the $1,000,000 park bonds. This bid
was withdrawn, however, owing to the action of the Finance
Committee in reporting against the sale.
Sheboygan, Sheboygan County, Wis.-Bond Offering.Proposals will be received until 3 p. in. Dec. 15 by Theo.
Dieckmann, Mayor, and John M. Steitnle, City Clerk, for
refunding bonds, being part of an issue of
1
$96,000 /..rA%
$114,000.
Authority Sections 926 11,942-c and 943, Statutes of 1898 and amendments thereto. Date Sept. 1 1910. Interest semi-annually at the Chemical
National Bank in New York City. Maturity $6,000 yearly on March 1 from
1914 to 1929 inclusive. Certified check on a national bank (or cash) for
3% of bonds bid for, payable to the City Treasurer. Is required. Official
circular states that there is no litigation pending concerning the validity
of said bonds.
Sherwood, Defiance County, Ohio.-Rate of Interest.-We

dock bonds described in V. 91, p. 1402. Proposals for these
bonds will be received until 2 p. m. on that day at the office
of A. V. Fawcett, Mayor.
Authority election held Oct. 29 1910; also Sections 7 and 152, City
Charter. Denomination $1,000. Date Jan. 1 1911. Interest (rate not
to exceed 5%) payable semi-annually at the fiscal agency of Washington in
New York City. Maturity Jan. 1 1931. Bid to be made on a form furnished by the city. Purchaser to pay accrued interest. Official circular
states there is no litigation pending affecting these bonds; also that the
city has never defaulted in the payment of any of Its obligations.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Trumbull County (P. 0. Warren), Ohio.-Bond Sale.On Nov. 28 the following bids were received for the $10,000
5% coupon bridge-building bonds described in V."91, p. 1470:
Stacy Fe Braun, Toledo_ _ _$10,259 70
Otis Fc Hough, Cleveland.. 10,252 00
Well, Roth & Co., Cincin_ 10,252 00
C. E. Dennison & Co., Cle. 10,237 75
Hayden, Miller & Co., Cie. 10,222 00
"We are advised that on account of a clerical error this bid was withdrawn.
Maturity $1,000 each six months from Mch. 1 1912 to Sept. 1 1916 Inclusive.

Union Nat. Bk., Warren.*$10,465 00
West.ReserveNat.Bk.,War 10,292 00
Seasongood&Mayer, Cin_ 10,278 00
Sec.Sav.Bk.&Tr.Co., Tol_ 10,267 00

Tyler, Smith County, Tex.-Bids.-We are informed that
negotiations are pending for the sale of the $11,000 5%
10-30-year (optional) water-main bonds, registered by the
State Comptroller (V. 91,U. 747) on Sept. 1.
Union, Union County, Ore.-Bonds Not Sold.-According
to reports no sale was made on Nov. 21 of $71,000 waterworks and $12,000 refunding 5% 10-20-year (optional) bonds
offered on that day. 1
Union County (P. 0. Marysville), Ohio.-Bond Offering.Proposals will be received until 12 m. Dec. 10 by Bert J.
Shelton, County Auditor, for $30,000 5% coupon gravel and
stone road bonds. 44(
Authority Sections 6,926-50 and 2294, General Code. Denomination
$500. Date Dec.1 1910. Interest semi-annually at the County Treasurer's
office. Maturity $2,500 each six months from June 1 1911 to Dec. 1 1916
inclusive. Certified check for $500 is required. Bidders to satisfy themseves as to legality of bonds before bidding, as bids must be unconditional
and made on blank forms furnished by the Auditor.

Union County (P. 0. Elizabeth), N. J.-No Action Yet
Taken.-The County Collector writes us, under date of
Nov. 26, that no action has yet been taken looking towards
the. issuance of the $50,000 hospital bonds mentioned in
V. 91, p.. 824. He adds, however, that something will be
done soon.
Vandalia, Fayette County, Ill.-Bond Sale.-On Nov. 14
the $10,000 6% coupon electric-light and water-works bonds
dated Dec. 1 1910 and described in V. 91, p. 1281, were sold
to Farson, Son & Co. of Chicago at 106.33. Maturity. $500
each six months from June 1 1912 to Dec. 1 1921 inclusive.
Ventnor City, N. J.-Bond Offering.-Proposals will be
received until 8 p. in. Dec. 7 by E. Steelman Royal, City
Clerk, for the following 5% bonds.

are advised that the $1,425 electric-light bonds awarded
recently to M. S. Pond of Somerset at 104.46 (V. 91, p. 1345)
carry 6% interest.
Shickshinny, Luzerne7County, Pa.-Bonds Voted.-This
sewer bonds. Date Sept. 1 1910. Maturity Sept. 1 1940.
borough has voted to issue $6,000 bonds. Up to Nov. 26 $25,000
50,000 Ventnor Avenue improvement bonds. Date Nov. 1 1910. Maturity Nov. 1 1940.
no action had been taken by Council regarding their issuance.
Bonds may be registered as to principal only. Certified check for 2%
Southold Union Free School District No. 9 (P. 0. Matti- of bid, payable to Robert W. Bartlett, City Treasurer, is required. Bids
tuck), Suffolk County, N. Y.-Bond Sale.-On Nov. 28 the must be made upon blank forms furnished by the city.
Walworth, Walworth County, Wis.-Bond Offering.:following 5% bonds were awarded to Adams & Co. of New
Proposals will be received until 8 p. m. Dec. 5 by H. I.
York City for $14,636-the price thus being 106.057:
$13,000 school-building-enlargement bonds. Denomination $650. Ma- Coon Village President, or Amos H. Hitchcock, Clerk, for
turity $650 yearly on Dec. 31 from 1913 to 1932 Inclusive.
$18,000 5% water-works-construction bonds voted on Aug.16
800 school-building-site bonds. Denomination $400. Maturity $400
(V. 91, p. 747).
on Dec. 31 in each of the years 1911 and 1912.
Authority, election held Oct. 27 1910.
Jan. 1 and July 1.

Date Nov. 26 1910.

Interest

Denomination $500. Interest annually beginning Feb. 1 1912. Maturity $500 yearly from 1916 to 1919 inclusive, $1,000 yearly from 1920 to

Sparta School District No. 1 (P. 0. Sparta), Monroe 1923 inclusive and $1,500 yearly from 1924 to 1931 inclusive.
Warren, Trumbull County, Ohio.-Bond Sale.-Reports
County, Wis.-Bids Rejected.-The following bids, all of
which were rejected, were received on Nov. 26 for the $5,500 state that on Nov. 19 the four issues of 4 2% coupon (city's
portion) sewer bonds, aggregating $23,630, described in
5% school-building bonds described in V. 91, p. 1402:
V. 91, p. 1201, were awarded to the Western Reserve NaWm. R. Compton Co., St. Louis
5
0
expenses
$50
less
for
legal
interest,
and
_par
Chicago_
N. W. Halsey & Co.,
tional Bank in Warren.
par, less $50 for legal expenses
Farson. Son & Co., Chicago
Waynesfield School District (P. 0. Waynesfield), Auglaize
Hanchett Bond Co., Chicago.._ __par and Interest,,less$95 for legal expenses
Sterling, Whiteside County, Ill.-Bond Election.-Reports County,Ohio.-Bond Sale.-According to reports,on Nov. 19
state an election will be held Dec. 15 to vote on a proposition the $18,000 5% coupon school-building bonds described in
to issue $4,000 5% (city's portion) Locust Street paving V. 91, p. 1402, were awarded to the New First National Bank
in Columbus at 105.45.
bonds.
Denomination $500. Interest to commence Feb. 1 1911.
;500 yearly from 1013 to 1920 inclusive.

Maturity

Maturity $500 each six months from March 1 1912 to Sept. 1 1929
Inclusive.

Stoneham, Middlesex County, Mass.-Bond Sale.-On
Webb City, Jasper County,.Mo.-Bond Election Proposed.
Dec. 1 the $1,000 water and $2,000 sewer 4% bonds described -An election will be held, it is stated, to vote on a question
in V.91, p. 1470, were awarded to R. L. Day & Co. of Boston of issuing $25,000 cemetery-site bonds.
at 104.53 and accrued interest. The bids received were
Wellsville, Columbiana County, Ohio.-Bond Sale.-On
as follows:
20-year park-purchase and $2,26 the $6,000 4
Nov.
104.01
104.53 Adams & Co
R. L. Day & Co
•
103.89 778 67 5% 1-10-year (serial) street-paving bonds described
104.25 Blake Bros. & Co
Blodget & Co
101.80 in V. 91, p. 1402, were awarded to.Weil, Roth & Co. of Cin104.21 Perry, Coffin & Burr
Geo. A. Fernald & Co
Above bidders are all of Boston.
cinnati for $9,130 67 (104.009) and accrued interest. Other
Maturity of water bonds May 1 1930; sewer bonds June 1 1928.
bids received Were as follows:
Offering.
-ProNeb.-Bond
County,
Hitchcock
Stratton,
Premium'
Premium.
posals will be received until 1 p. m. Dec. 9 by Fred Shot- New'First Nat. Bk., Colum_ _$342 75 Hayden, Miller & Co., Cleve_$242 00
bolt, Village Clerk, for $12,000 6% water-works bonds. Se,asongood & Mayer, Cin___ 320 58 Mansfield Say. Bank,.Maud_ 196 08
Denomination $500. Maturity 20 years.
Bond Offering.-Proposals will be received until 12 m.
Summit, Union County, N. J.-Bond Sale.-The $72,000 Dec, 28 by J. F. McQueen, City Auditor, for $10,000 4
30-year funding bonds, bids for which were rejected refunding bonds.
4
Denomination $500. Date Jan. 1 1911. Interest annual. Maturity
on Sept. 20 (V. 91, p. 823), have been sold, we are advised,
Jan. 1 1931. Certified check for 3% of bonds bid for, payable to the City
at private sale.
Treasurer, is required. Purchaser to pay accrued interest.
Superior, Douglas County, Wis.-Pond Election Proposed. NtiWise County (P. 0. Wise), Vd.-Bonds Voted.-The elec-According to reports, an election will be held to vote on a tion held Nov. 22 resulted in favor of the proposition to issue
proposition to issue bridge bonds. .
• the $700,000 good-road bonds mentioned in V. 91, p. 420.
Tacoma, Wash.-Bond • Offering.-AddiOonal details are The vote was 1,981 "for" to 176 "against."
Wood County (P. 0. Bowling'Green), Ohio.-Bond Offerat hand relative to the offering on Dec. 8 of the $405,000
--Proposals will be received until 11 a. in. Dec. 12 by
ing,
and
gold coupon (with privilege of registration) public-wharf



THE CHRONICLE

DEC. 3 1910.

1531

Carberry, Man.-Debentures to Be Offered Shortly.-We see
F. W. Toan, County Auditor, for $ 0,000 5% coupon publicit stated that this place will soon be in the market with
highway improvement bonds.
Authority, Act passed April 4 1900, 94 Ohio Laws, page 96. Denomina- $1,215 72 and $1,376 44 5% 20-year local-improvement
tion $1,000. Date Dec. 15 1910. Interest March 1 and Sept. 1 at the debentures.
County Treasurer's office. Maturity $5,000 each six months from March 1
1911 to Sept. 1 1915 inclusive. Certified check on a bank in Bowling Green
Coblenz, Sask.-Loan Authorized.-According to reports
for $1,000 is required. Purchaser to pay accrued interest. Official ad- the
Village Council has been authorized to borrow $2,000
vertisement states that this county has never defaulted in the payment of
for permanent improvements.
principal or interest on Its indebtedness.
-ProOhio.
-Bond
Offering.
Wooster, Wayne County,
Dresden, Ont.-Price Paid for Debentures.-We are adposals will be received until 12 in. to-day (Dec. 3) by J. B. vised that the price paid for the $17,000 432% 20-year
voted
at
bonds,
$5,000
4%
coupon
Minier, City Auditor, for
school-building debentures awarded during September to
a special election on Nov. 17 for the purpose of procuring W. A. Mackeznie & Co. of Toronto (V. 91, p. 749) was 95.50
real estate for the erection of a water-works.
and accrued interest.
Denomination $500. Date Dec. 1 1910. Interest semi-annually at the
Elbow, Sask.-Debenture Offering.-Reports state that
Sinking Fund Trustees' office. Maturity Dec. 1 1920. Bonds are taxexempt. Certified check for 5% of bonds bid for, payable to the City proposals will be received for $5,000 permanent-improvement
Treasurer, is required. Purchaser to pay accrued interest.
debentures. R. Longmore is Secretary-Treasurer.
Yonkers, N. Y.-Bond Sale.-A list of the proposals subElgin County (P.0. St. Thomas), Ont.-Debenture Sale.mitted on Nov. 28 for the four issues of 432% registered Reports state that G. A. Stimson & Co. of Toronto have
bonds described in V. 91, p. 1471, follows:
been awarded the $10,000 41 2% debentures mentioned in
$125,000 $40,000 $40,000 $20,000 V. 91, p.
1282. Maturity part yearly for 10 years.
city-hall
water
school
revenue
bonds.
bonds.
bonds.
bonds.
Estevan,Sask.-Debenture Election.-According to reports,
al00.665 101.893 101.033 101.033
Parkinson & Burr, New York
an election will be held Dec. 12 to vote on the question of
a103,431
C. E. Denison & Co., Cleveland_
100.279 103.279 al01.91 al01.91
A. B. Leach & Co., New York
issuing $10,000 5% 20-year local-improvement debentures.
four
the
101.416
(for
York
issues)
New
Co.,
&
N. W. Harris
101.27
E. H. Rollins & Sons, Boston (for "all or none")
Gainsborough School District No. 229, Sask.-Debenture
101.162
Kountze Bros., New York (for the four issues)
Sale.-We are advised that the $1,700 6% debentures offered
101.05
Perry, Coffin & Burr. New York (for "all or none")
100.47
102.11
on Oct. 21 (V. 91, p. 1117), were sold about the latter part
Adams & Co., New York
102.812 101.777 101.777 of
N. W. Halsey & Co., New York_.
that month to the Canada Landed & National Investment
Co. of Winnipeg at par. The following bids were received:
a Successful bids.
Nay & James, Regina_ _a$1,683 00
Youngstown School District (P. 0. Youngstown), Ohio.- Canada Landed & Nat.
I
Winnipeg_ _a$1,700 0010n tario Securities CorporBond Offering.-Proposals will be received until 12 m. Dec. II. nvest.Co.,
O'Hara & Co., Win1 ation, Ltd.,
a1,667 00
nipeg
al.683 001Tracksell, Anderson
& Co.,
Toronto19 for $150,000 43-% coupon bonds.
Authority election held May 17 1910. Denomination $1,000. Interest
semi-annually at the City Treasurer's office. Maturity $50,000 yearly on
Sept. 1 from 1934 to 1936 Inclusive. Certified check for 10% of bonds bid
for is required. Bids must be unconditional. W. N. Ashbaugh is Director
of Schools.

Regina

b1,702 85

a For 6s. b For 634s.
Maturity part yearly for 15 years.

Glenavon, Sask.-Debenture Offering.-Proposals will be
received, it. is stated, for $2,000 permanent-improvement
Canada, its Provinces and Municipalities. debentures. J. C. Copeland is Secretary-Treasurer.
Burnaby, B. C.-Debenture Sale.-According to reports,
Guelph, Ont.-Price Paid for Debentures.-We are advised
$116,000 5% sidewalks and water-works debentures were that the price paid for the four issues of 432% debentures,
awarded recently to the Ontario Securities Corp. of Toronto. aggregating $15,237 46, awarded on Nov. 7 to Brouse,

NEW LOANS

NEW LOANS

$6,000
GORDO, ALABAMA,

$25,000
$220,000
Town of Conrad, Montana, City of East Orange, N. J.,

SCHOOL BONDS

SEWER BONDS

Sealed bids for $6,000 00 of twenty-Year semiannual five per cent School Building Bonds of the
Town of Gordo. Alabama, are to be opened at
the Council Meeting of said town on the 19TH
DAY OF DECEMBER, 1910. Bonds cannot be
sold below par. Gordo is a thriving young town
on the Mobile & Ohio Railroad of 800 population,
with no debt, and the leading town of the County.
Sealed bids should be filed with,
W. S. CARVER, Mayor.

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 first of January and first 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
28TH DAY OF DECEMBER, A. D. 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 five years, $5,000 00 redeemable 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. H.
Pings, Mayor, and a certified check for not less
than $300 00 to accompany each bid to insure
good faith on behalf of the bidder.
Dated at Conrad, Montana, this 19th day of
November, 1910.
By order of the Town Council.

$60,000
TOWN OF KIRKWOOD, GA,
WATER AND SEWER BONDS
Sealed proposals will be received by the Town
of Kirkwood, Ga., up to 8 p. m. DEO. 20TH for
$60,000 00 Town of Kirkwood 5% semi-annual
interest, Water and Sewer Bonds, maturing
serially. Bids should be addressed to the undersigned and should state on the envelope that they
arc bids for bonds. Each bid must be accompanied by certified check for $1,000 00. The
right is reserved to reject any and all bids. For
further information apply to E. M. Willingham,
Mayor, 540-542 Whitehall St., Atlanta, Ga.

BLODGET & CO,
BONDS
60 STATE STREET, BOSTON

30 PINE STREET, NEW YORK
Reynolds, Watson & Co, STATE,
CITY & RAILROAD BONDS

Municipal and Corporation Bonds
We offer a very exceptional

DRAINAGE BOND

NEW LOANS.

SCHOOL BONDS
SERIES "V"-40 YEARS
Sealed proposals will be received by the City
Council of the City of East Orange, N. J. at a
meeting to be held at the City Hall, MONDAY,
DECEMBER 12 1910, at eight o'clock p. m.,
for the purchase of all or any part of an issue
of $220,000 Coupon School Bonds (with privilege of registration) of the City of East Orange,
Series "V,' said bonds to be dated July 1 1910
and to mature July 1 1950, with interest at 4 34
per cent per annum, payable semi-annually.
Bonds to be of the denomination of $1,000 each.
Both principal and interest payable in lawful
money at the office of City Treasurer in the City
of East Orange. The bonds arc secured by a
sinking fund.
Each proposal must be enclosed in a sealed
envelope addressed to the Mayor and City Council
of The City of East Orange, and must be accompanied by a certified check payable to the Receiver of Taxes of tho City of East Orange, for
2 per cent of the race value of bonds bid for.
No bid for less than par will be considered.
Amount of bids must be stated In both words
and figures. The purchaser must pay accrued
interest.
The bonds will be certified as to legality by
Caldwell do Reed of New York City, whose opinion
as to legality, or duplicate thereof, will be delivered to the purchaser.
The right is reserved to reject any or all bids.
For further information apply to the undersigned.
LINCOLN E. ROWLEY,
City Clerk. ,

•

ESTABLISHED 1888

H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
ORRISrJ az cc'.
SCHOOL,
BANKERS
COUNTY AND MUNICIPAL BONDS
421 Chestnut St., PHILADELPHIA PA

NETTING

Municipal and
Corporation Bonds

6%

Charles M. Smith &

MUNICIPAL BONDS
Write for

Safest investments
known. Yielding from

tO-

0

Circular.

ULEN & CO.
BANKERS




THE AMERICAN MEG. CO.

CHICAGO

400 The Rookery

CHICAGO

CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO

MANILA, SISAL AND JUTE

CORDAGE
65 Wall Street

New York

THE CHRONICLE

•1532

Mitchell & Co. of Toronto (V. 91, p. 1403), was $15,377, or
100.916.
Debentures Authorized.-The City Council, it is Stated,
has authorized the issuance of $9,800 water-works debentures.
Hamilton, Ont.-Debenture Election Propdsed.-Reports
state that the Works Committee has recommended the City
Council to submit to the ratepayers in January the question
of issuing $125,000 street-paving debentures.
High River, Alberta.-Debenture Sale.-On Nov. 15 the
$2,900 5% and $1,062 6% local-improvement debentures
described in V. 91, p. 1203, were awarded to C. H. Burgess
& Co. of Toronto for $3,790 (95.65) and accrued interest.
The following bids were also received:

Geo. A. Stimson & Co., Tor_ .$3.730 National Finance Co., Tor_ _ _$3,657
Wood, Gundy & Co., Toronto 3,711 Brent, Noxon & Co., Toronto.. 3,596
All bidders offered accrued Interest In addtion to their bids. The 5%
bonds are payable In 20 Installments and the 6% bonds In 8 Installments.

Kamloops, B. C.-Debenture Sale.-Brent. Noxon & Co.
of Toronto have been awarded, it is stated,'$35,223 51 5%
10 and 25-year fire alarm park and local-improvement debentures.
Marianne School District No. 2161 (P. 0. Evarts), Alberta
-Debenture Sale.-An issue of $800 63-% 10-year schoolbuilding and equipment debentures was sold on Oct. 27 to
C. H. Burgess Sc Co. of Toronto at 100.25. Date Oct. 27
1910. Interest annual.
New Westminster, B. C.-Debenture Sale.-G. A. Stimson Sc Co. of Toronto, it is reported, have been awarded
$250,000 43% and $123,000 5% debentures.
Nokomis, Sask.-Debenture Offering.--Proposals will be
received until 12 m. Dec. 5 by W. A. Armour, SecretaryTreasurer, for $4,200 6% debentures, repayable in 20 annual
installments of principal and interest.
North Battleford Public School District No. 1438, Sask.Debenture Offering.-Proposals will be received until 12 in.
Dec. 31 by Frederick Edwards, Secretary-Treasurer, for
$2,500 6% debentures, repayable in 10 annual installments
of principal and interest.
Oak Bay,B. C.-Debenture Election Proposed.-It is stated
that an election will be held to vote on a proposition to issue
$60,000 water-works debentures.

NEW LOANS.

[VOL. 1,xx x x

Penticton, B. C.-Debenture Offering.-Proposals will be
received until Dec. 15 by F. E. Tily, Secretary-Treasurer,
for $20,000 5% street-improvement and drainage debentures.
Date Dec: 1 1910. Interest semi-annual. Maturity Dec. 1
1940.
Sandwioh, Ont.-Debenture Offering.-Proposals will be
received until Dec. 5, according to reports, for $28,707 83
VA% 20-year debentures.
•
Stratford, Ont.-Debenture Election.-An election will be
held, it is stated, to vote on propositions to issue $10,000
park-improvement, $15,000 market-building and $41,610
electric-light debentures.
Toronto, Ont.-Debenture Election.-According to the
Toronto "Globe" of Dec. 1, an election will be held Jan. 2 to
vote on by-laws providing for the following loans: $1,128,360
for street railway extensions, $100,000 for good roads,
$803,700 for a storm overflow-sewer system, "about $1,000,000" for Bloor and "Parliament streets viaduct, $200,000 to
improve Ashbridge's Bay and $50,000 as a grant to the
Western Hospital.
Trail, B.0.-Debenture Sale.-On Nov. 21 the $15,000 6%
20-year water-works debentures mentioned in V. 91, p. 1283,
were awarded to Campbell, Thompson dr Co. of Toronto
at 101.50.
Vancouver, B. C.-Debenture Election.-According to reports an election will be held to vote on a proposition to issue
$200,000 water-works debentures.
Vegreville, Alberta.-Debenture Sale.-Nay & James of
Regina have been awarded an issue of $9,000 6% 10-year
debentures, according to reports.
Winnipeg, Man.-Debenture Election.-In addition to the
propositions to issue the $1,635,000 debentures, to be voted
upon Dec. 13 (V. 91, p. 1403), the question of issuing $190,000 Osborne Bridge reconstruction debentures will also be
submitted to a vote on the same day. As already reported
by us, the purposes for which the $1,635,000 debentures are
proposed are as follows: $400,000 for a general hospital,
$400,000 for a municipal hospital, $600,000 for new schools,
$60,000 for two suburban fire stations, $25,000 for salvage
corps and $150,000 for new parks.

NEW LOANS.

NEW LOANS.

$405,000
$25,000
$750,000
KANSAS CITY, MISSOURI, TOWN OF KEARNY, HUDSON CO., N. I., City of Tacoma, Washington,
BONDS

Play-Ground Bonds

Sealed proposals wi be received by the undersigned, the Mayor and the City Comptroller of
Kansas City. Missouri, until DECEM:sER 15 1910
at 10 o'clock A.M.,for the purchase of all or any
part of the following-named bonds of the City of
Kansas City, Missouri, in the following-named
amounts:
CLASS • A"
Water Works Bonds, Second Issue__$500,000 00
CLASS ••II"
Fire Protection Bonds, Second Issue__ $50,000 00
100,000 00
Incinerating Plant Bonds
100,000 00
Kansas City Bridge Bonds

Sealed proposals will be received by the Council of the Town of Kearny, Hudson County,
N. J., at the Town Hall, DECEMBER 14TH,
1910, AT 8 P. M., for the purchase of
$25,000 00 436% 20-Year Play Ground Bonds.
Each bid must be accompanied by a certified
check for $1.000 00. The Council reserves the
right to reject any or all bids.
For further Information, address
BURTON E. CANFIELD, Town Treasurer.

$250,000 00
Class "A" bonds bear interest at the rate of
four per cent per annum. Class "B" bonds bear
Interest at the rate of four and one-half per cent
per annum. All of these bonds are of the denomination of $1,000 00 each, dated September 1st
1910, to mature September 1st 1930. Interest
payable at the office of the City Treasurer of
Kansas City, Missouri. or at the Chase National
Bank In the City and State of New York, at the
option of the holder.
No bid will be received which is In whole or in
part less than par.
The legality of the bonds will be approved by
Messrs. Dillon, Thomson & Clay of New York,
whose opinion as to the legality, or duplicate
thereof, will be delivered to the purchaser or
purchasers of said bonds.
BEach bid must be made on a blank form furnished by the City, and must be accompanied by
a duly certified check on a National Bank doing
business in Kansas City, Missouri, payable to the
order of the City Comptroller of Kansas City.
Missouri, for 2 per cent of the par value of the
bonds bid for. The right Is reserved to reject
any and all bids.
Delivery of the bonds will be made on Tuesday,
January 3rd 1911, at 10 o'clock A. M., at the
office of the City Comptroller of Kansas City, In
Kansas City, Missouri. Bids will be received at
the office of the Mayor of Kansas City, Missouri:
In the City Hall in said City; but no bid will be
entItled*to consideration unless received by or
before the hour above set for receiving bids. and
Printed circulars containing more definite
detailed information with reference to said bonds,
and blank forms for bids, can be had on application to the City Comptroller of Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay
ofNewaYork.
DAR/US A. BROWN,
Mayor of Kansas City, Missouri.
GUS P,EARSON,
Comptroller of Kansas City, Missouri.

McCOY & COMPANY

MUNICIPAL AND RAILROAD

BON DS
LIST ON APPLICATION

SEASONGOOD & MAYER
Mercantile Library Building
CINCINNATI



Municipal and
Corporation Bords
181 La Salle Street, Chloag•

F. WM. KRAFT
LAWYER

Specializing in Examination of

Municipal and Corporation Bones
1312 FIRST NATIONAL BANK BLDG.

CHICAGO, ILL.

Public Wharf and Dock Bonds
Notice Is hereby given that on THURSDAY.
THE 8TH DAY OF DECEMBER, 1910, at the
hour of 2 o'clock p. m. at the office of the Mayor
of the City of Tacoma, Washington, In the City
Hall, sealed bids will be received for an Issue of
City of Tacoma bonds in the sum of Four Hundred
and Five Thousand Dollars: said bonds will be
general bonds of the said City of the par value of
$1,000 each, payable In twenty years from the
date of Issue, with Interest at not exceeding 5%
per annum, payable semi-annually at the fiscal
agency of the State of Washington in New York
City, and are known as "City of Tacoma Public
Wharf and Dock Bonds," issued pursuant to
Ordinance No. 4205, passed September 21st, 1910,
published September 23d, 1910.
Bids for said bonds will be received, based on
the interest rate proposed by the bidder, which
cannot exceed 5%.
The right Is reserved by the City to award the
bonds or any part thereof to the highest and best
bidder, or to reject all bids; and the right is also
reserved to require a bond from a successful
bidder for the performance of his contract to take
and pay for the bonds awarded.
For all information apply to John F. Meads,
City Controller.
Dated Tacoma, Washington, November 8th,
1910.
SINKING FUND BOARD,
A. V. FAWCETT,
Mayor.
J. F. MEADS,
City Controller.
RAY FREELAND,
Commissioner of Finance.
November 8, 9, 10, 11, 12, 13. 14, 15, 16, 17.
1910.

The
Trust Company of America
37-43 WALL STREET, NEW YORK.
COLONIAL BRANCHs
LONDON OFFICE.

222 Broadway, New York.

95 Gresham St.

CAPITAL AND SURPLUS $8,000,000
Invites accounts of individuals firms and corporations.
Pays interest on daily balances.
Executes trusts of every description.