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rontde
VOL.93
DECEMBER 9 1911
NO.2424
Saturday morning by WILLIAM B. DANA COMPANY.
President and Treas.; George S. Dana and Arnold G. Dana.
Publishedob
Jac feerter!
Vice-Presidents; Arnold G.Dana,See. Addresses of all, Office of the Company.
-FOR NOTTEMB.ER, SINCE JAN. 1, AND FOR WEEK ENDING DECEMBER 2
CLEARINGS
1910.
Week ending December 2.
Eleven Months.
November.
Clearings al-
Inc. or i
Dec.
1911.
1910.
Inc. or
Dec.
1911.
1910.
Inc. or
Dec.
1909.
_
1908.
1911.
IN
3
$
$
%
$
3
%
$3
3
-6.7 2,320,888,914 ,190,116,8gi
'
8,073,875,714 7,814,304,086 T3.3 84,261,001,667 89,249,695,205 -5.6 1,858,851,182 1,992,630,017 -1.7 175,906,145 138,967.662
NewlYork
643,490,776 -0.3 6,991,557,623 7,024,320,446 -0.5 163,966,659 166,807,325 -15.7
641,781,701
Philadelphia
42,869,415
51,960,010
52,509,126
43,285,471
205,237,012 +1.1 2,306,236,051 2,366,197,355 -2.5
207,560,348
Pittsburgh
28,479,805
35,243,280
35,259,702 +0.6
35,486,762
199,749,925 +13.5 1,622,103,591 1,472,994,049 +10.2
169,929,887
Baltimore
11,781,408
10,874,288 -26.8
9,069,434
7,961,113
461,002,374 +2.6
472,985,088
43,432,189 +0.1
43,472,682
Buffalo
8,214,220
6,126,600 -6.8
5,711,750
5,943,649
278,799,717 I2.9
286,901,921
26,991,389 +3.9
27,534,441
Albany
7,124,607
8,327,267
8,486,529 -18.5
6,919,159
0.9
334,871,400
331,881,753
32,493,853 -4.8
30,920,794
Washington
4,407,032
5,296,749 -7.2
4,189,953
5.5
4,915,588
192,051,897
202,521,687
17,842,376 +6.6
19,025,381
Rochester
2,967,177
2,765,586
2,925,615 -7.3
2,711,655
3.2
125,490,325
129,491,835
11,162,454 +2.1
11,400,735
Scranton
2,785,204
2,610,170 -16.4
2,131,606
2,181,228
112,488,148 +2.3
115,083,129
10,690,716 -2.5
10,418,901
Syracuse
1,748,835
1,602,263 +15.2
1.473,993
1,846,227
73,793,192 -0.9
73,130,537
6,541,250 14.8
6,856,753
Reading
1,579,596
1,628,981 -6.8
1,362,125
1,517,314
71,752,239 -0.3
71,508,014
2.7
6,259,135
6,425,836
Wilmington
1,623,833
1,597,217 -25.2
1,593,696
1,195,099
0.9
64,701,124
65,279,319
2.6
5,807,142
6,048,217
Wilkes-Barre
2,053,387
1,714,133
2,085,944 -11.4
1,848,999
0.2
82,524,083
82,655,762
7,192,135 +13.0
8,130,209
Wheeling
2,335,411
2,055,331
2,266,521 -31.1
1,562,248
3.4
72,281,794
74,714,349
6,585,058 +7.4
7,070,799
Trenton
4.3
59,132,585
61,692,875
4,856,967 +10.0
5,342,322
Harrisburg
996,261
1,081,786 -25.3
863,560
807,857
94,901,738 -1.1
44,442,406
4,311,153 -6.9
4,014,683
York
701,351
894,473
855,332 -3.4
826,516
39,892,948 +1.0
40,305,230
3,669,960 +0.3
3,680,095
Erie
557,601
712,932 -35.8
603,591
457,192
26,404,889 +1.7
26,925,199
2,155,735 +6.5
2,274,367
Greensburg
498,801
576,226 -17.2
475,545
477,978
26,644,163 -3.0
25,836,472
2,470,448 -6.6
2,307,576
Chester
634,100 -20.2
431.900
475,400
426,100
22,852,093 +8.7
24,841,000
2,219,400 -0.3
2,213,000
Binghamton
410,394
410,394 -0.2
406,212
409,629
21,493,711 +3.8
22,314,202
2,064,611 3-5.7
2,182,159
Altoona
11,799,103 -6.6
11,018,126
998,778 +0.04
999,253
Franklin
+10.2
11,943,212
13,161,270
1,095,080 +8.3
1,186,766
Frederick
865,313 -4.4
827,569
22,994,663 +1.0
23,218,249
2,130,951 -7.1
1,979,630
Beaver County,Pa-47,065,326
51,750,207
4,101.077 -3.9
3,942,078
Lancaster*
Not included in total
Not included in total
Norristown
-6.7 2,633,511,149 , 4 . :, 4
9,206,632,236 9,013,341,579 +3.1 97,383,770,002 102,268,092,806 -4.8 2,144,193,290 2,298.564,337
Total Middle
-8.3
735,921,634 +4.5 7,608,583,079 7,588,289,600 +0.3 154,505,275 168,544,415 -20.1 182,368,470 173,359,086
769,256,328
Boston
9,479,100
9,680,600
7,716,600
7,729,000
378,071,100 -2.0
370,596,000
40,703,500 -13.9
35,057,400
Providence
3,962,027
4,321,745 -13.4
3,634,864
3,739,812
197,732,124 t3.8
205,332,420
17,108,246 +9.3
18,696,483
Hartford
2,890,472
2,762,436 -3.1
2,671,717
2,676,155
5.5
130,939,386
138,146,857
11,999,050 +3.9
12,466,663
New Haven
2,350,000
2,185,771
2,369,047 -5.2
2,245.612
0.6
104,374,325
105,023,837
9,726,207 +22.1
11,871,702
Sprinfield
2,015,798
2,093,527
2,342,636 -16.1
1,965,815
93,598,547 -0.1
93,968,470
9,337,797 -4.9
8,881,016
Portland
2,130,837
1,822,807
2,480,571 -5.6
2,340,522
107,740.808 +3.4
111,375,295
9,862,579 +4.5
10.306,332
Worcester/
1,281,973
1,358,882
1,127,305 +0.4
1,131,507
53,617,046 -3.3
51.825,853
-9.6
6,005,599
5,929,535
Fall River
1,390,561
1,341,876 -27.1
1,093,282
077,968
51,464,305 -9.8
46,430,130
5,838,757 -18.5
4,754,418
New Bedford
-12.8
.503,251
471,055
540,199
470,733
23,390,865 +12.9
26,413,042
2,366,405 +17.9
2,790,218
Lowell
622,516
536,121
649,933 -10.4
582,532
20.475,999 +6.4
28,171,084
2,621,055 +3.3
2,707,955
Holyoke
21,298,692 Not included in total
total
2.164.903 Not included In
Bangor
=
208,968,800 196,9/5,908
178,364,931 196,160,763 -3 39.
851,490,919 +3.6 8,785,367,062 8,755,694,105 +0.3
882,218,050
Total New England
272,790,884
1,170,616,706 1,145,087,608 +2.2 12,684,940,037 12,738,217,820 -0.4 253,558,073 293,206,548 -13.5 295,196,090
Chicago
27,108,700
26,364,150
25,237,850 -17.3
20,872,700
106,265,400 -1.0 1,164,641,050 1,138,028,500 +2.3
105,159,150
Cincinnati
20,132,147
21,617,553 -24.0
15,485,963
16,431,487
915,587,958 +0.8
923,109,758
83,552,844 +2.6
85,737,998
Cleveland
10,670,113
14,910,083
18,501,172 -9.7
16,703,163
+3.8
848,243,271
880,755,136
77,847,013 +7.7
83,811,373
Detroit
13,582,372
13,546,117
13,569,253 -14.6
11,590,431
596,902,860 +6.7
636.615,596
60,662,92.5
57,769,384 +5.0
Milwaukee
8,215,399
10,463,916
8,970,234 -20.2
7,160,245
426,801,789 -5.3
38,050,070 -1.8
404,090.508
37,369,187
Indianapolis
7,427,700
5,408,200
5,663,200 -9.6
5,111,300
281,542,000 -5.1
267,133,200
23,831,300
24,950,200 -4.5
Columbus
3,796,892
4,085,369
4,485,248 -39.4
2,719,729
197,893,576 +11.2
220,139,763
20,123,979 -11.6
17,786,397
Toledo
3,567,361
3,644,146
3,906,593 -19.9
3,322,114
143,274,722 +2.1
146,339,928
14,932,716 +6.2
15,859,422
Peoria
2,319,369
2,706,527
2,664,919 -8.6
2,434,435
126,418,832 -0.4
125,865,395
12,148,715 +4.8
12,716,249
Grand Rapids
1,946,465
2,158,002
2.000,353 -23.5
1,530,761
103,607,120 -1.5
102,081,530
9,164,135 -8.5
8,389,920
Dayton
1,963,196
2,340,681
2,123,871 -5.3
2,012,228
104,088,512 +9.4
113,834,562
9,975,549 +13.3
11,306,858
Evansville
665,327
935,260
715,895 -20.4
569,909
31,956,087 +1.1
32,321,935
2,897,593 +8.6
3,145,550
Kalamazoo
1,075,000
1,013,738
-31.9
1,005,268
684,733
47,967,118 +2.8
49,208,767
4,185,066 -3.4
4,043,151
Springfield, Ill
800,895
980,183
1,037,989 -15.3
878,389
47,942,347 +2.9
49,309,700
4,417,167 -2.7
4,296,989
Fort Wayne
620,000
951,350
1,012,000 +7.4
1,087,000
44,984,268 +21.8
54,776,140
4,169,468 +35.6
5,653,000
Akron
765,181
1,118,501
1,285,981 -31.7
878,591
39,178,978 +14.9
45,007,130
4,287,968 -19.5
3,450,419
Lexington
812,947
1,203,626
980,894 -2.7
954,599
52,222,077 +8.3
56,582,541
4,070,959 +17.3
4,779,719
Youngstown
520,015
605,528
687,607 +8.1
743,698
37,484,550 -0.9
37,152,216
3,420,113 -5.1
3,250,481
Rockford
719,593
690,000
1,102,501 -11.8
972,338
40,369,535 +8.2
50,169,928
4,308,092 +10.5
4,759,659
Canton
605,036
636,894
592,874
710,082 -16.5
29,787,543 +7.2
31,946,578
2,550,888 +8.4
2,765,890
Quincy
485,273
486,364
432,318 +5.0
454,004
1.1
25,803,913
26,080,772
2,251,484 -5.6
2,116,621
Springfield, 0
471,562
561,592
548.407 -18.8
445,357
0.1
25,369,647
25,394,901
2,440,071 -5.4
2,309,861
South Bend
470,135
511,061
575,055 -5.4
544,397
6.2
29,394,523
31,206,725
2,457,787 +2.6
2,521,379
Bloomington
261,638
369,917
437,561 -33.5
290,955
1.1
19,308,423
19,514,823
1,725,217 -3.4
1,667,734
Mansfield
488,891
-12.1
429,644
382,790
336,202
22,506,231 -7.6
20,706,840
1,736,074 -6.6
1,062,905
Decatur
330,000
321,708
384,834
375,000 +4.0
2(1,185,186 +5.1
21,206,114
1,774,000 +9.1
1,936,169
Jackson
661,669
656,072 +11.1
728,876
+3.0
28,377,031
29,227,373
2,588,396 +12.8
2,920,292
Saginaw
345,815
500,000
436,013 -24.1
331.743
-6.1
19,994,211
21,282,693
1,731,556 -1.1
1,711,964
Danville
288,156
358,839
424,375 -18.7
345,104
17,934,160
16,154,702 +11.0
1,594,004 -4.1
1,529,328
Lima
8,142,929
17,461,573
1,712,400 +5.0
1,798,470
Lansing*
329,533
292,603
262,116 -0.9
• 259,687
14,225,123 +0.01
14,336,344
+3.3
1,050,079
1,085,028
Jacksonville, Ill
332,49i
214,722
247,100 -24.2
187,282
8.460,318
8,780,254 -3.6
847,976 -9.9
764,046
Ann Arbor
20,118
36,502
30,477 +27.3
38,772
1,646,031 +10.8
1,824,853
142,085 -13.9
122,302
Adrian
400,000
472,958 -4.3
452,469
19,963,196 +1.6
20,286,303
1,884,256 -2.5
1,837,061
Owensboro
14,813,015 Not included In total
in total
1,550,276 Not included
Flint
9,856,019 Not included In total
943,203 Not included In total
Gary
4,667,069 Not include. In total
530,505 Not included in total
Lorain
. ..
,
+0.4 335,608,973 415,755,253 -14.5 419,23T,T71
Total Middle West_ 1,691,522,033 1,656.405.712 +2,1 18,332.275141 :„
Pacific and ther Western on page 1575.
Details of
91,141,268
+3.5 108,214,376 113,063,651 -4.3 110,273,994
487,329,951 +11:2 5,306,233,617 5,125,425,0
541,744,457
Total Pacific
125,591,988 151,576,897 -17.1 151,238,462 123,598,642
647,677,844 +1.3 6,420,360,888 6,732,055,908 -4.6
655,801,405
Total other Western
68,203,222
76,479,379
79,236,224 -15.4
67,023,007
330,359,542 +0.2 3,513,441,403 3,390,162,150 +3.6
331,047,571
St. Louis
21,500,646
22,511,074
25,677,358 -6.6
23,977,588
878,917,649 +3.1
906,450,097
99,705,119 -4.8
04,941,044
New Orleans
15,117,904
15,638,828
14,259,963 -24.9
10,705,852
614,938,646 -0.1
614,075,658
57,182,123 -10.3
51,299,255
Louisville
15,834,951
15,425,288
14,525,288 +17.9
17,123,450
613,205,247 +2.7
629,670.749
02,287,220 +29.2
80,459,410
Houston
7,085,500
7,639,000
10,092,500 +1.2
10,212,000
340,919,500 +19.3
406,884,500
42,457,500 +19.4
50,007,000
Galveston
6,728.551
8,430,865
11,674,254 -22.3
9,075,826
293,049,026 +9.0
319,535,415
48,678,464 -3.6
96,906,344
Memphis
6,549,128
8,287,296
9,665,153 -26.6
7,094,523
286,702,880
307,500,901 -6.8
37,080,895 -4.3
35,468,432
Fort Worth
6,334,506
9,138,994
7,775,044 -5.3
7,361,668
342,302,007 +3.8
355,150,369
30,465,933 +15.2
35,096,559
Richmond
12,301,699
5,979,346
15,576,723 -15.7
13,130,501
505,158,360 +14.6
579,073,005
66,345,271 +9.4
72,509,149
Atlanta
5,574,312
9,613,810 -35.0
5,839,392
6,244,441
258,978,435
236,043,423 +9.4
33,378,776 -4.1
31,094,460
Savannah
3,0821820
4,408,387 +1.2
3,887,147 '
4,460,702
206,300,586
18,373,200 +18.5
185,611,062 +11.1
21,777,051
Nashville
3,473 46
3,828,240
4,113,615 -25.6
3,060,093
151,586,472
141,953,367 +6.8
16,611,461 -2.2
163437,919
Norfolk
2,199,027
2,716,128
2,953,370 -8.1
2,713,250
117,609,166
118,514,864 -0.8
12,664,260 -5.1
12,024,554
Birmingham
2,840,705
3,653,381 -32.8
3,243,682
2,454,770
115,584,584
15,012,147 -17.7
102,305,993 +13.0
13,095,138
Augusta
1,674,063
2,701,493 -11.2
2,194,546
2,400,000
132,131,320
11,285,030 +11.9
112,158,024 +17.8
12,626,421
Jacksonville
1,591,129
1,891,919
1,748,298 -8.2
1.605,140
81,994,218
7,214,492 +3.7
77,825,890 15.4
7,478,585
Knoxville
1,763,939
1,943,772
2,653,772 -239
2,018,336
6.9
87,470,243
11,616,779 -9.0
81,852,199
10,569.991
Little Rock
1,673,937
1,863,096
2,098,679 -19.5
1,688,965
-9.9
0,111,314 +0.2
82,756,666
90,921,507
9,130,053
Chattanooga
1,640,814
1,777,522
2,800,000 -42.2
1,619,476
11,351,812 -13.0
80,740,519 +2.4
82,062,283
9,877,377
Charleston
1,603,353
1,562,471
1,842,724 -32.2
1,250,000
6,964,426 -9.2
67,913,557 -0.7
67,416,816
6.323,859
Mobile
1,417,760
2,427,693
1,616,182
2,657,345 -39.2
11,784,401 -20.7
96,961,972
112,502,758 -13.8
9,339,715
Oklahoma
946,554
1,200,000
3,921,184
1,5.50,000 +153.0
161,519,914)
6,207,690 +228.5
49,300,617 +227.6
20,389,324
Macon
5.054,026 -6.4
41,429,551 +0.5
41,648,732
4,732,922
Columbia
893,980
917,488
1,790,327
1,955,976 +16.1
6,619,508 +57.0
72,932.413 +47.1
107,297,660
10,392,515
Austin
2,635,052 +14.5
28,015,168 -5.0
27,447,274
3,016,624
Beaumont
410,000
540,784
886,199 -11.0
789,712
4,052,553 +2.9
27,017,801 +28.6
35,912,326
4,171,912
Wilmington, N.C_
2.242,983 +1.9
17,912,221 +11.8_ _58
20,029,101
2,285,582
Columbus, Ga
604,4.._
434.233
376,418
455,907 -17.9
14,070,693
1,978,636 -9.1
14,511,563 -3.0
1,798,557
Vicksburg
1,756,587 -37.1
15,378,672 -33.3
10,257,717
1,104,203
Guthrie
8,235,833 +19.8
1,200,000 -8.3
1,100,000
9,452,839
Valdosta
410,000
470,000
825,000 -61.2
320,000
22,657,683 -1.0
22,452,390
2,543,145 -5.5
2,404,200
Jackson
14,707,510 +2.2
2,060.900 -11.4
1,826,414
15,120,867
Meridian
656,437 Not included in total
3,640,000 Nov included In total32.636,473 No., Included in total
Muskogee
545,352 Not included in total
28.927,252 Not included In total
2,714.686 Not included In total
Tulsa
+376 9,565,829,200 9.001,610,504 +6.3 204.03T3TI 1 234,900,403 -13.1 212,590,536 184,633,350
1,012,421,640
977,181,254 -33 3
Total Southern
14,080,339.031 13,633,427,265 +3.3 145,793,845.003 150,133,774,741 -2.4) 3,116,006,969 3,410.021,344 -8.6 3,735,837,424 3.420.105,632
Total all
6.006,464,217 5.810,123.170- 372 61.532.843,3113 60,884.079.536 +1.1 1.257.155,787 1,417.391.327 --17:1 1,414.948.510 1.229.980.741
17
Outside N.Y
Table Clear ngs by Telegraph and Canadian Clearings on page 1575. *Not included In total for month and eleven months: comparison Incomplete.
rtr
1556
THE CHRONICLE
[VoL. woccum
fashion and has never entered upon a policy of stifling
THE FINANCIAL7SITUATION.
competition or crushing rivals. It is to be noted also,
It is an old saying that there is nothing new under as a fact of much significance,that deep-seated alarm
the sun. Certainly there is nothing new in the message concerning the Administration's trust policy did not
which President Taft sent to Congress the present week develop in mercantile circles until it became noised
,on the subject of anti-trust legislation. This state- about that the Steel Corporation was to be one of the
ment of a lack of anything expressly novel in the subjects of legal attack.
message is not meant to be in any sense derogatory to
The present message serves a useful purpose in
the President. We merely mean to say that Mr. Taft making it plain that it is a mistake to suppose the Antimakes the same suggestions he has repeatedly made, Trust Law is inimical to large combinations. This
employs the same arguments and expresses is a point we sought to emphasize after the Supreme
views identical with those he has been urging in his Court decisions last spring and the President now also
recent speeches while on a tour over the country, and, goes into the matter quite at length. What he says
indeed, in numerous communications that he has been is so conclusive in that regard that we quote it hereaddressing to Congress from time to time since he with:
entered the Presidential office. The truth is, some
In the recent decisions the Supreme Court makes
of the things he now says were contained in the very clear that there is nothing in the statute which confirst series of messages he sent to Congress in December demns combinations of capital or mere bigness of plant
1909 and January 1910. And, as a matter of fact, in organized to secure economy in production and a rethe present message he quotes liberally from these duction of its cost. It is only when the purpose or
necessary effect of the organization and maintenance
earlier messages.
of the combination or the aggregation of immense size
The substance of the message may be summed up by is the stifling of competition, actual and potential,
saying that the President expresses satisfaction, as and the enhancing of prices and establishing a monophe has before, with the operation of the Anti-Trust oly, that the statute is violated. Mere size is no sin
Law, and does not think it should be repealed or even against the law. The merging of two or more business
amended in any of its essential parts, but opines that plants necessarily eliminates competition between the
units thus combined, but this elimination is in contrait might be an advantage to have voluntary Federal vention of the
statute only when the combination is
incorporation in addition. For this last there is clearly made for the purpose of ending this particualr compeno need if the Anti-Trust Law is to be retained on the tition in order to secure control of and enhance prices
statute book, and the President makes it plain that it and create a monopoly.
is to be retained. We are inclined to agree with Mr.
It will be observed that the President expressly
Taft in his defense of the law, construed as it has been states that "mere size is no sin against the law." Furin the two opinions handed down last spring by the thermore—and that is, perhaps, the most important
U.S. supreme Court in the Tobacco and Oil cases. In declaration in his message—he goes on to say that,
our estimation, the trouble in the business world arising though the merging of two or more business plants
out of the law has been due not to the law itself, but necessarily eliminates competition between the units
to the way in which it has been. administered. In this thus combined, "this elimination is in contravention of
particular the President and his Attorney-General the statute only when the combination is made for the
have not only been carrying out the Roosevelt policies, purpose of ending this particular competition in order
from which so much injury to business resulted during to secure control of and enhance prices and create a
the former President's administration, but they have monopoly." We believe Mr. Taft to be correct in this
also followed the Roosevelt methods of going into all statement of the meaning and working of the Antithe highways and byways and declaiming against big Trust Law, and it is in the highest degree encouraging
combinations with such vehemence as to create the and assuring to have such an unequivocal asseveration
impression that all trade combinations of large extent, to that effect from the President himself. One cannot
whatever their nature or character and whether meri- help thinking, however, that if the President in his
torious or the reverse, were operating in contravention Western speeches had laid more emphasis on that
of the statute and therefore were illegal. It is the fear point and indulged in less talk against big combinathereby engendered that has occasioned so much mis- tions in general, much unnecessary alarm in the busichief in the business world and produced a genuine ness world would have been avoided.
scare.
The message is perhaps distinguished above everyThe fact that the Oil Company and the Tobacco Com- thing else for the pains taken to allay 'apprehenpany have been judicially condemned would not in sions on that score. Repeated reference to the
itself have occasioned alarm, since the methods matter is found in the President's remarks. For inpursued in those two cases are not believed to be at all stance, in taking up the objections urged by certain
common among the larger trade combinations. But, independent tobacco interests against the plan for the
unfortunately, the Administration at Washington dissolution of the Tobacco combination—namely that
acted and talked as if all large combinations came it did not provide for dismemberment to the extent of
within the prohibition of the Anti-Trust Law. Of leaving only relatively diminutive units of a size small
course that was at no time the view of either Mr. Taft enough to enable the independent companies to comor of Attorney-General Wickersham, but that never- pete with the same—the President makes' the followtheless was the impression created by their utterances ing effective reply, which in its nature is as assuring
and by the way in which the President iterated and as the expressions already quoted further above:
reiterated in his long speech-making tour the objec- "This contention results from a misunderstanding of
tions, as he saw them, to large combinations gener- the Anti-Trust Law and its purpose. It is not inally. And the suit begun against the Steel Corpora- tended thereby to prevent the accumulation of large capition served to strengthen the impression that the tal in business enterprises in which such a combination
r‘Aministration lacked discriminati ,n in its trtv t can secure a reduced cost of production, sale and discrusade, for the Steel Corporation during the whole tribution. It is directed against such an aggregation
of its existence has been conducting itself in exemplary of capital only when its purpose is that of stifling competi
DEC. 9 191.1.]
THE CHRONICLE
tion, enhancing or controlling prices, and establishing a monopoly." In another part of his message he
recurs to the same point, saying:"It is even more manifest now than it was then that the denunciation of conspiracies in restraint of trade should not and does not
mean the denial of organizations large enough to be entrusted with our inter-State and foreign trade."
Mr. Taft also attempts a reply to the complaint that
has been made against the statute that it is not sufficiently definite in its description of that which is forbidden to enable business men to proceed without violating the same. Those who • make this complaint
argue that a combination of two corporations might
run on for years and that subsequently the AttorneyGeneral might conclude it was a violation of the statute
and then that which was supposed by the promoters
of the combination to be innocent might turn out to
be in violation of the statute. The President says the
answer to this hypothetical case is that when men attempt to amass such a stupendous capital as will enable them to suppress competition,control prices and
establish a monopoly, they know the purpose of their
acts. He then adds: "Men do not do such a thing
without having it clearly in mind. If what they do is
merely for the purpose of reducing the cost of production
without the thought of suppressing competition by use
of the bigness of the plant they are creating, then they
cannot be convicted at the time the union is made; nor can
they be convicted later unless it happens that later on
they conclude to suppress competition and take the
usual methods for doing so and thus establish for themselves a monopoly."
We have gone thus at length into the President's
definition of the Sherman law, because with the President opposed to its repeal, the Democrats likewise
opposed to repeal and the larger number of Republicans
in Congress no less so, it seems certain that the law will
remain on the statute book, and hence it is most sooth-•
ing, if not actually stimulating; to have the President's
assurance that the law is not aimed against large industrial organizations per se, but against the reprehensible practices that are indulged in by some of them—
practices which no one seriously undertakes to condone
or defend. As the President now construes the statute—and we believe his construction is sound and in
accord with the rulings of the Supreme Court—there
seems no reason whatever why it should be destructive
in its working or interfere with the country's advance
in industrial activity along the lines pursued in other
progressive countries. In short, manufacture and
production may be conducted on any scale, however
large, with the view to reducing cost of production and
insuring economies of operation, of sale and of distribution. The only thing forbidden is the use of these
combinations for the purpose of suppressing competition, crushing rivals and unjustifiably raising prices.
When the President goes further and, after having
so forcibly demonstrated that the Sherman Law is
both effective and beneficent in its working, argues,
nevertheless, that there should be new legislation, as
has been so frequently urged by ex-President Roosevelt,
and harks back to his earlier recommendations .in
that respect, his reasoning seems to us devoid of merit.
He says last May's decisions of the U. S. Supreme
Court "are epoch-making and serve to advise the business world authoritatively of the scope and operation
of the Anti-Trust Act," and yet he goes on to add in
the very same paragraph that "these decisions suggest
the need and wisdom of additional or supplemental
1557
legislation to make it easier for the entire business
community to square with the rule of action and legality thus finally established and to preserve the benefit,
freedom and spur of reasonable competition, without
loss of real efficiency or progress."
He also renews the recommendation made by him
in a special message to Congress on Jan. 7 1910 (nearly
two years ago) for the enactment of a general law providing for the voluntary formation, under Federal
authority, of corporations to engage in trade and commerce among the States and with foreign nations. He
argues that such Federal corporations "should be subject to rigid rules as to their organization and procedure, including effective publicity, and to the closest
supervision as to the issue of stock and bonds, by an
executive bureau or commission in the Department of
Commerce and Labor, to which in times of doubt
they might well submit their proposed plans for future
business."
He is emphatic in saying "it must be distinctly understood that incorporation under a Federal law could
not exempt the company thus formed and its incorporators and managers from prosecution under the
Anti-Trust Law for subsequent illegal conduct."
Thus absolutely nothing would be gained from Federal incorporation. The Anti-Trust Law would remain and industrial combinations would be subject as
now to Government prosecution whenever those in
charge of the Federal Administration saw fit to proceed against them. The great need of the hour is the
elimination of politics from business. Federal incorporation and Federal regulation would provide for
the more complete identification of the two, and it is
also to be remembered that the first step in that direction would be simply the entering wedge. Some of
the advocates of Federal incorporation urge that regulation should go to the extent even of fixing prices,
producing that condition against which the President
himself strongly inveighs when he urges that the Sherman Law must be maintained, and adds "it must be
enforced unless we are to banish individualism from
all business and reduce it to one common system of
regulation or control of prices, like that which now
prevails with respect to public utilities, and which,
when qpplied, would be a long step toward State Socialism." The President is right in this, incontrovertibly
right, and in the quoted remarks he completely refutes his own arguments in favor of Federal incorporation.
There is a statement of fact in the President's message which deserves much prominence,because it serves
to correct a widespread fallacy with reference to the
dissolution plan of the American Tobacco Co. Suspicion has been strong that the process of dismemberment in that case may not have gone far enough. In
the case of the Standard Oil Co. there has been a complete pro rata distribution of all the securities held,
thus severing absolutely the connection between the
parent company and the numerous subsidiaries, all
of which will now have to conduct their affairs separately. Everywhere, too, there is commendation for
the unqualified way in which the promoting spirits in
the Oil Company have yielded compliance to the decree
Of the Court directing dissolution. Entirely different,
however, is the attitude of the general public towards
the Tobacco reorganization. The practices indulged
in by those dominant in the Tobacco company are as
strongly reprehended in the financial district as they
are by the independent tobacco dealers, and it is also
1558
•
THE CHRONICLE
recalled that some of the principal owners were likewise identified with the ownership and management
of the traction properties on Manhattan Island, the
revelations concerning which so deeply shocked the
community when general financial disaster came to
these properties in 1907.
As these parties escaped the consequences of their
acts in those cases, the fear has been that by clever
manipulation they may have succeeded in great part
in evading the penalties which it is the purpose of the
law and also the desire of the Court to impose for violations of the Anti-Trust Act. In what the President
says, however, with regard to the Tobacco reorganization, he makes it plain that this view is entirely
erroneous—that the reorganization is really most
drastic, that it will ensure full compliance with the requirements of the statute and that the controlling
spirits will incur most serious risks if they seek to repeat past performances or do not honestly live up to
the provisions of the law. We quote without further
comment the salient parts of the President's remarks
with reference to the Tobacco dissolution plan:
Under this arrangement, each of the different kinds
of business will be distributed between two or more
companies with a division of the prominent brands in
the same tobacco products, so as to make competition
not only possible but necessary. Thus the smoking
tobacco business of the country is divided so that
the present independent companies have 21.39%,
while the American Tobacco Co. will have 33.08%, the
Liggett & Myers 20.05%, the Lorillard Company
22.82% and the Reynolds Company 2.66%. The
stock of the other thirteen companies, both preferred
and common, has been taken from the defendant
American Tobacco Company and has been distributed
among its stockholders. All covenants restricting
competition have been declared null and further performance of them has been enjoined. The preferred
stock of the diffeDent companies has now been given
voting power, which was denied it under the old organization. The ratio of the preferred stock to the
common was as 78 to 40. This constitutes a very decided change in the character of the ownership and
control of each company.
In the original suit there were twenty-nine defendants who were charged with being the conspirators
through whom the illegal combination acquired and
exercised its unlawful dominion. Under the decree,
these defendants will hold amounts of stock in the
various distributee companies ranging from 41% as a
maximum to 283/2% as a minimum, except in the case
of one small company, the Porto Rican Tobacco Co.,
in which they will hold 45%. The twenty-nine individual defendants are enjoined for three years from
buying any stock except from each other, and the
group is thus prevented from extending its control during that period. All parties to the suit, and the new
companies who are made parties, are enjoined perpetually from in any way effecting any combination between any of the companies in violation of the statute
by way of resumption of the old trust. Each of the
fourteen companies is enjoined from acquiring stock
in any of the others. All these companies are enjoined from having common directors or officers, or
common buying or selling agents, or common offices,
or lending money to each other.
It has been assumed that the present pro rata and
common ownership in all these companies by former
stockholders of the trust would insure a continuance of
the same old single control of all the companies into
which the trust has by decree been disintegrated.
This is erroneous and is based upon the assumed
efficacy and innocuousness of judicial injunctions.
The companies are enjoined from co-operation or combination; they have different managers, directors,
purchasing and sales agents. If all or many of the
numerous stockholders, reaching into the thousands,
attempt to secure concerted action of the companies,
with a view to the control of the market, their number
is so large that such an attempt could not well be concealed, and its prime movers and all its participants
would be at once subject to contempt proceedings
and imprisonment of a summary character. The immediate result of the present situation will necessarily
,be activity by all the companies under different managers, and then competition must follow, or there will
be activity by one company and stagnation by another.
Only a short time will inevitably lead to a change in
ownership of the stock, as all opportunity for continued co-operation must disappear. Those critics who
speak of this disintegration in the trust as a mere
change of garments have not given consideration to
the inevitable working of the decree and understand
little the personal danger of attempting to evade or
set at naught the solemn injunction of a Court whose
object is made plain by the decree and whose inhibitions are set forth with a detail and comprehensiveness
unexampled in the history of equity jurisprudence.
One way to promote the habit of reasoning and the
ability to reason justly among people in general is
certainly by appeal to reason and by urging coming
together for a frank statement of differences and an
honest study how those may be understood and
adjusted. As has already been noted more than once,
corporations are acting upon this somewhat obvious
discovery. The latest instance is an advertisement by
the telephone company concerning the telephone directory, which now contains 275,000 names, on 760 pages,
the book being noticeably thinner and lighter than
heretofore, although containing more pages, because
printed on thinner paper. For the next quarterly
issue a specially designed type is promised, to be as
plain and distinct as possible. The advertisement contains a reduced fac-simile of the first telephone directory-1878—which was just a card containing 252
names of original subscribers. Out of such a mustard
seed of improved communication has grown a body
more than a thousand times as large and of an almost
incalculable increase in speed and usefulness of communication.
What telephone users readily overlook is that quickness and value in this distance-annihilating work have
grown along with its expansion and because of that
expansion. The most distant person is almost as
easily reached as one on the next block, and since each
telephone represents a number of persons who may be
summoned to it, the 275,000 names practically mean
the greater part of the city's population, in at least
the sense of communication. This is illustrated by
the fact that the telephone book is made to serve as a
city directory, by which anybody, by stepping into the
nearest place of business, can find the address of the
store or office of a person he wishes to visit, since so
few persons of importance in the sense of business intercourse are now outside the telephone.
If the original 252 subscribers were surviving now
and had the company exclusively to themselves, such
an exclusive service would hardly be worth maintaining, since the practical value of the telephone
depends upon ability to reach anybody or be reached
by anybody. This fact, in addition to financial and
physical considerations, makes a "competitive" (i. e.,
a duplicated) telephone system of little value. The
city directory, has long been a monopoly in practice,
because one concern has a plant for the purpose and
a rival book would not be profitable; the telephone is
a monopoly in form, because of the nature of the
DEC. 9 1911.1
THE CHRONICLE
subject. Yet it is competitive in practice, by being;
competitive with itself, so to speak, by continual improvement of service. Impatient and unreasonable
users may grumble at it, but its defects are slight, and
the company gives constant evidence of desire and
study for their removal.
The sale of a part of a city lot at what is said to be
a "record" price to this date is worth noting as an incident and suggestion of growth in metropolitan values.
This bit of ground, of trapezoidal shape, is at Broadway and 34th Street, containing 1,154 square feet, and
selling now at the rate of about $866 a square foot.
Some previous transfers of small pieces of city land at
similar prices are mentioned: $558 per square foot for
No. 1 Wall Street in 1905; about $622 a foot, in 1909,
for a part of what is now the site of the Bankers Trust
Building; and $375 per foot, in 1908, for another plot
on 32d Street, fronting on both Sixth Avenue and
Broadway. This plot now sold at the highest recorded
figure is said to have been bought for $324 per foot
ten years ago and for a total price of $30,000 forty
years ago.
The factors which produce such prices are not obscure. The peculiar shape of Manhattan Island, the
line of Broadway cutting diagonally across it and
making small plots at the intersections with other
streets less peculiar; the particular value through concentration of amusement and hotel life; and the
small quantity of such sites, which are impossible of
increase, account for the payment at the rate of nearly
%
373 millions per acre. Persons who descant frequently upon the immorality of unearned increment
may take a fresh start from such fresh examples of
that increment. Speculations about the future of the
city are reduced to guesswork, for successive transfers
at figures which seemed final, yet have been passed
and overpassed, leave the best judges of real estate
values puzzled. It was once deemed reasonable to
deduce the value of land from the income it brought,
but the repeated advances in values, and the tendency
of different business interests to concentrate in centres
and shift those centres, put all forecasts to naught.
All we can feel sure of is that New York's limit of
even rapid growth is not yet in sight. There is a
danger in this growth, because of its incentive to public
extravagance and unthrift. With values always
rising, the persons to whom borrowing on a large
enough scale appears a way to get out of debt imagine
that the city's credit is a rock in Horeb which can be
smitten perpetually when "water" is needed. Borrow
for all sorts of outlay; borrow for payment of interest
and principal; and evade the constitutional limit by
raising the valuations; this is a financiering equally
bad and seductive. None the less, in the final result,
the overloaded land must shift its load, through increased rents and increased prices, upon the shoulders
of the entire public. Of the financial ability which was
ascribed to Harailto*, we have enough. What is
greatly needed—and all the more because it is not
attractive on the face of it—is the more homely financial views of, Benjamin Franklin and John Randolph
of Roanoke.
The winter-wheat report of the Department of Agriculture for Dec. 1, issued on Thursday, was in line with
expectations in showing a better condition than at the
corresponding time last year, and a hardly more than
nominal reduction in the area planted. The newly
seeded area in the United States j4 estimated by the
1559
Department to be 1.3% (or 435,000 acres) smaller
than that planted in the previous fall, the present acreage being stated at 32,213,000 acres. This aggregate
area is 2,272,000 acres less than the estimate announced
a year ago, but the Department explains that this
year's total is compiled on the basis of the Census
Bureau's revised statement of the harvest of 1909.
Starting with the Census statement as a basis, and allowing for area abandoned before harvest, it is estimated that 29,301,000 acres were planted in the fall
of 1908, 31,656,000 acres in 1909 and 32,648,000 acres
in 1910, this latter being 1,837,000 acres less than as
estimated by the Department last December. No
decided changes in area are to be noted in individual
States this year. In fact, conservatism in area seems
to have been quite the rule.
As regards the condition of the crop on Dec. 1 an
improvement of 4.1 points as compared with 1910 is
indicated-86.6 contrasting with 82.5. But the condition is much below that of 1909-95.8—and lower, in
fact, than in all but four of the preceding twenty-three
years. That, however, is not necessarily an adverse
feature at this time. It is, of course, true that growth
of the plant and germination of late seedings have
been retarded to some extent by unfavorable weather,
but private advices denote that early-sown wheat is
in good condition to go into the winter. In some localities light snow now covers the ground and may be
of some benefit to the growing crop. A high condition in December is no guaranty of a good yield, as
we have frequently seen—in 1909 and 1906 for instance. On the other hand, in the season of record
winter-wheat yield, condition on Dec. 1 (in 1905) was
lower than now, and a considerable improvement
was noted in the report the following April. Kansas
reports a much better condition this year than last
88 comparing with 73; in Oklahoma 78 contrasts with
58 and in Nebraska 92 with 90. Ohio shows a decline
from 91 to 83, California from 90 to 75 and Michigan
94 to 86. In other principal States the variations are
but slight.
The New York Cotton Exchange on Monday last
took action tending .to allay further criticism of its
methods by providing for more frequent revision of
differences between the grades traded in. It will be
remembered • that much of the criticism directed
against the Exchange by the U. S. Commissioner of
Corporations in 1908 had to do with the method of
fixing of differences between grades, but, although
considerable discussion developed, no special effort
towards a change was made until the current week.
This took the shape of a proposition to revise differences three times in each season instead of only twice.
The same proposition came up for ballot on April 13
last and was then defeated.
Recently opinion that something should be done has
gained strength, resulting in a conference on Oct. 23
between representatives of the local exchange and
that of New Orleans and of various cotton manufacturing associations of the country. At that conference
the Chairman (the representative of the American
Cotton Manufacturers' Association) offered a resolution suggesting the desirability of fixing the differences
between grades on what is known as commercial
differences, but in case any exchange found it impracticable to do so, then advising that there should
be revision at least twice between Oct. 15 and May 1
of each season in addition to the September revision.
The New York Cotton Exchange acting promptly
1560
THE CHRONICLE
upon this resolution, through its Board of Managers,
chose the alternative of having three revisions altogether, and prepared an amendment to the by-laws
providing for an additional date in February which,
on Monday, was adopted by an overwhelming vote.
A third revision, it is pointed out, will not be feasible
during the current crop year; the first of the extra
revision meetings consequently will not be held until
Feb. 5 1913. Heretofore there have been two revisions—one in September and another in November.
'President Taft's Message on Foreign Relations,
which was communicated to the two Houses of Congress on Thursday, affords in several instances a convenient text or preface for any broad survey of such
of the week's foreign developments as are of interest
to the financial or business world. Not the least
striking of the references to past events in this document is the explanation which, in complete form, now
appears for the first time, of the exceedingly delicate
and threatening conditions that last spring prompted
the mobilization of a strong American army along the
Mexican border line. "On the sixth of March last," to
quote the President, "in the absence of the Secretary
of State, I had a personal interview with Mr. Wilson,
the Ambassador of the United States to Mexico, in
which he reported to me that the conditions in Mexico
were much more critical than the press dispatches
disclosed; that President Diaz was on a volcano of
popular uprising; . . . that a general explosion
was probable at any time, in which case he feared that
the 40,000 or more American residents in Mexico might
be assailed, and that the very large American investments might be injured or destroyed."
Mr. Taft presents correspondence to show how
actively and carefully he planned to prevent apprehensions in Mexico from unfounded conjectures of our
real intentions. In a letter to the Chief of Staff,
through the Secretary of War and the Secretary of the
Navy, he explained: "It seems my duty as Commander-in-Chief to place troops in sufficient number
where, if Congress shall direct that they enter Mexico
to save American lives and property, an effective
movement may be promptly made. . . . My determined purpose, however, is to be in a position so that
when danger to American lives and property in Mexico
threatens and the existing Government is rendered
helpless by the insurrection, I can promptly execute
Congressional orders to protect them, with effect."
It is, of course, recent history that President Taft's
precautions were proven to have been justified. On
May 25 1911 President Diaz resigned and after .a
provisional President had served in the person of
Senor de la Barra, Senor Francisco I. Madero was
formally declared elected on October 15th to the Chief
Magistracy. On November 6th President Madero
entered upon the duties of his office.
This brings us to the immediate situation in Mexico.
"Since the inauguration of President Madero," says
President Taft, "a plot has been unearthed against the
present Government to begin a new insurrection.
Pursuing the same consistent policy which this Administration has adopted from the beginning, it directed an investigation into the conspiracy charged, and
this investigation has resulted in the indictment and
the seizure of a number of officers and men and horses
and accoutrements assembled upon the soil of Texas
for the purpose of invading Mexico."
Late news dispatches from Mexico emphasize President Taft's statement that political unrest again
[VoL. Lxxxxm.
prevails to some extent in our neighboring republic.
"There is great excitement at San Geronimo and
Oaxaca," we are told, "in connection with the killing
of Jose Gomez, leader of the Juchitan rebellion, who
was lynched December 6th at Rincon Antonio,together
with eight of his partisans." It is evident, therefore,
that we still have difficulties to contend with on our
Southern border.
The President's reference in his message to the Far
Eastern situation is likewise of interest as furnishing
a groundwork on which to judge of the progress of the
Chinese revolt, which, unfortunately, is being so fragmentarily and unsatisfactorily reported by cable. As
affairs stand, one day's reports frequently seem merely
bases for contradictions the succeeding day; and a day
later original reports are reaffirmed. An instance is
the position of Nanking. A week ago press dispatches
asserted that the revolutionists had been defeated with
heavy loss by the Imperial troops after entering the
city. This week the report of these reverses is denied
and the city, we are told, is to become the capital of
the Chinese Republic.
In his message President Taft explains the two important international loans whose conclusion has
marked our relations with China the past year. The
first of these, it will be recalled, was for the construction of the Hukuang railways and followed an agreement consummated early in 1909 among British,
French and German financial groups; the second loan
was for the carrying out of the currency reform to
which China was pledged by treaties with the United
States, Great Britain and Japan. After giving details.
of the loans in question which are, of course, matters
of record, President Taft observes: "Especially important at the present, when the ancient Chinese Empire
is shaken by civil war incidental to its awakening to the
many influences and activities of modernization, is the
co-operative policy of good understanding which has
been fostered by the international projects referred to,
above and the general sympathy of view among all the
Powers interested in the Far East. While safeguarding the interests of our nationals, this Government
is using its best efforts in continuance of its traditional policy of sympathy and friendship towards
the Chinese Empire and its people, with the confident
hope for their economic and administrative development,and with the constant disposition to contribute
to their welfare in all proper ways consistent with an
attitude of strict impartiality as between contendingfactions."
President Taft does not in any way suggest the ex-tent of the progress that has been made by the revolutionists. For this information we must look to news
dispatches. Cables from Hankow (Dec. 5) announced
that representatives of eight provinces had held a
meeting at Wu Chang during which they completed
a draft of the articles of federation of the "United
States of China." Shanghai advices of the same date
quoted leaders of the revolutionary party as asserting that "fourteen provinces are legally represented at
the conference,which is organizing a provisional government and endeavoring to agree on a President of
the Republic." The same advices quoted Wu TingFang,who was formerly Chinese Minister at Washington, and who has allied himself with the rebels, as
authority for the statement that all existing differences between the factions will be reconciled. "The
final meeting of the National Convention," the dispatch in question continued, "would be held at Nan-
DEC. 9 1911.]
THE CHRONICLE
1561
king, which had been selected as the future capital of and definite importance in considering the so-called
the Republic of China."
Chinese revolution, is that the movement is evidently
not by any means a highly sanguinary one; the rules
We referred last week to the so-called Cottu loan of civilized warfare are evidently being scrupulously
for $30,000,000 which on Nov. 30 was approved by observed; lives and property of foreigners obviously
the National Assembly at Peking. This, it may be are not in jeopardy; armistices are being arranged;
repeated, is a Franco-Belgian loan, and receives its and some of the best known of China's leaders are on
name from having been negotiated by the Japanese the side of the revolutionaries—on the side—shall we
Baron Cottu. The new week's advices give to this say, of progress. All this can, we need hardly
transaction a definite importance as a factor upon mention, change overnight. But let foreign lives
which the entire revolutionary movement may de- and property be destroyed, and it would be difficult
pend. "Considerable of a sensation (quoting a Peking for our so-called modern nations to keep their hands
cable of Dec. 4). has been caused by the discovery that off the "partition of China," which is an issue that
the National Assembly, the Chinese Foreign Board diplomacy has thus far been able to control, and will,
and the Board of Finance hold three different texts of it is to be hoped, be able to keep under control for
the $30,000,000 loan agreement. . . . It is on years to come.
this loan that China's future form of government practically depends." The Chi-Li Provincial Assembly has
No direct reference is contained in President Taft's
telegraphed to the French Government protesting Message to the so-called Shuster incident. Persia,he
against the Cottu loan and declaring that the National says, "has been the scene of a long internal struggle".
Assembly's action with respect to this loan is illegal. This is one of the conditions that "have been the
A message also has been sent to Peking declaring cause of uneasiness in European diplomacy, but thus
that the Chi-Li Assembly had decided to withdraw its far without direct political concern to the United
representatives from the National Assembly. Ses- States." Persia is now reported by news dispatches
sions of the National House are being held with about to have made a direct appeal to Great Britain to act
one-third the total membership in attendance.
as intermediary in an effort to negotiate a settlement
What is the real position in China? How far has of the dispute with Russia. In addition, Persia is
the revolution progressed? What is the preponderant declared by the Teheran correspondent of the London
sentiment as to the final solution? We have taken "Morning Post" (December 6th) to have presented
pains to put these questions to a number of those an ultimatum to Russia, demanding that the Russian
we consider among the best informed of local mercan- troops shall not proceed beyond Kasbin, and an
tile authorities on Chinese affairs. And the result is undertaking has also been demanded that orders for
clearly disappointing. The New York branch of the further drafts of troops shall be countermanded.
Oriental trade seems entirely at sea on this important "Unless these terms are conceded within thirty hours
subject. If there may be said to be any trend of Persia will take the offensive." Persia evidently is
opinion, it appears to favor what is termed a "reformed depending on support from Turkey, the Porte having
Empire", which will include the preservation of the appealed to the Powers in favor of respecting Persian
Throne, and not a modern Republic. Even this independence. Turkey, to quote advices from Conmust be stated with reserve, but it received some stantinople, has long been epdeavoring to establish
confirmation from latest cables that the revolutionary a hold in Northwestern Persia in the vicinity of the
leaders have decided to accept a constitutional lake and town of Ururniah. She desires to share in
monarchy, with Yuan-Shi-Kai, or other satisfactory the eventual partition. Washington, we are told,
Chinese, as ruler, under a constitution and parliament. has taken every precaution to protect Mr. Shuster
if a majority of the people prefer this settlement, as ttn American citizen; beyond that President Taft
Mail advices that are now arriving are, too, of little refuses to recognize any obligation. Sir Edward Grey
practical value for forming opinion except to show will make a statement in the British House of Comthat the revolution is deep-rooted.
mons next week outlining the position of the British
A straw that may be regarded as indicative of the Government. That Government has already reprepolitical wind was the abdication on Wednesday of sented to Russia that Persia will be unable to pay
Prince Chun, the Regent and father of the Child an indemnity without raising a loan and that the
Emperor. The administration, according to a Peking burden would make it harder for Persia to secure
cable, remains for the present in the hands of the order on the southern trade routes—a thing very
Premier, Yuan-Shi-Kai. The abdication assumes necessary in the interests of British trade. Sir
greater importance when it is recalled that Wu Ting Edward's "surrender" to Russia is keenly resented in
Fang, who as we have already explained, was formerly influential London circles, we are told by press disChinese Minister at Washington, and who is one of the patches.
revolutionary leaders, recently issued an appeal to
Prince Chun urging him to abdicate in favor of the
News comes from both London and Berlin indicating
Republic. But the• idea of final compromise is that a better business understanding between England
contained in the fact that Prince Chun is succeeded, and Germany is evidently approaching. The friendly
not by one or more Manchus, but by a Manchu and tone of the British Foreign Secretary, Sir Edward Grey,
a Chinese. Shi-Hsu is a Manchu, while Hsu Shi- in his notable speech on Nov. 27 in the House of ComChang is a Chinese. Thus for the first time since the mons,has been followed this week (Dec. 5) by a correManchu conquest, nearly 300 years ago, a Chinese sponding speech, equally calm and unimpassioned, by
shares the Imperial power. Manchuria, which up to the Imperial Chancellor, Dr. von Bethman-Hollweg.
the present has only "been passively rebellious, is, The address was at the final session of the Reichstag,
cables intiniate, likely soon to become an active and,to quote a Berlin dispatch,"was not marked either
factor in the revolution."
by hostility to England or by unnecessary flourishes
But the point to interests not practically associated of friendship." Deeds, and not words, would, he inwith Chinese affairs, that we believe is of distinct timated, govern Anglo-German relations. The sig-
1562
THE CHRONICLE
nificant passage of the Chancellor's speech declared
that "English Ministers, With other speakers in the
House of Commons, expressed a wish for the betterment of relations between England and Gemany.
For myself, I am. in accord with that wish, but I remember that the same wish has been expressed repeatedly by both sides for a series of years. Nevertheless, we have obtained experience through what has
occurred. My phrase, 'a clean slate,' has been taken
up by England, but the slate of the recent past has
been written on with a hard pencil, leaving permanent
scratches which cannot be written over in the future
if suspicion wields the pencil." At the conclusion of
his speech the Chancellor read an Imperial rescript
proroguing the Reichstag.
As we showed last week, one of the "deeds" by which
Germany will probably expect the British Government
to give practical demonstration of friendliness will be
the official attitude that Great Britain will take toward
the completion of the Bagdad Railway in Asiatic Turkey. In November 1910 an agreement was entered
into at Potsdam between Russia and Germany in regard to their mutual relations in what is usually spoken
of as the Middle East. Germany agreed to confine
its operations in Persia to commercial pursuits, to
avoid political ambitions and at the same time recognize that in North Persia Russia had commercial
and political as well as strategical interests. Russia,
on the other hand, agreed not to oppose the Bagdad
Railway—largely a German enterprise—in any way,
financial or otherwise, and agreed further to connect
the Bagdad Railway with the future railway system
of Persia, Russia itself agreeing to build a branch line of
particular value as a connection of the Bagdad system.
Early in the spring certain new conventions were concluded between the Bagdad Railway and the Turkish
Government. One of these authorized the company
to build a branch to the Mediterranean at Alexandretta,
while another empowered it to construct a new port at
Alexandretta and Payas. Under these conventions
the Germans have virtually secured control of future
land communication from the coast of the Mediterranean to the frontier Of Persia. Meanwhile, Great
Britain has developed water communication starting at
Busrah, at the point of junction between the Euphrates
and Tigris at the head of the .Persian Gulf, where
ocean steamers discharge their freight, which is then
conveyed on lines of British and Turkish steamers to
•Bagdad. It is recognized that the Bagdad Railway
will not, without liberal subsidy, be able to meet this
water competition. England will naturally require
that Bagdad shall remain open, so that British trade,
which is so dependent upon safeguarding the water
route, shall thus be protected. Germany, on the
other hand, desires the success of the railway. The
Anglo-German clash, therefore, is whether Great
Britain will feel disposed to permit handicaps to be
placed on the established water route, either by railway subsidies or otherwise. There are, of course,
other questions involved, but this, in brief, explains,
for practical purposes, the Bagdad Railway position.
A sign of progress that will be appreciated in financial and business circles is the reduction in cable
charges between this country and Great Britain. This
.
fortunate result is largely the work of Mr. Henniker
Heaton, who has for several years been working
through the British Government with this object in
view. The innovation means more for finance, for
commerce, it means more for friendly intercourse,
[VoL. LXXXXIII.
more for peace, than will probably at first be generally
realized. It follows closely the lowering of the ocean
rate for postage to the (English) penny postage; and
is in line with the tendency of modern progress'. The
cable companies for the last twenty years—following,
in fact, a cable rate war that resulted in a reduction to
25 cents from 40 cents a word—have been charging
the lower figure without break. The press rate has
been 10 cents per word. Under the new conditions all
the cable companies will continue to charge 10 cents
per word for press messages that are urgent, but they
will transmit "deferred" press messages, deliverable
within nineteen hours, for 5 cents per word. Ordinary
code messages for business, social and other interests
will still be charged at the 25-cent rate. But messages
in plain language will on and after Jan. 1 go forward at
123' cents per word. Some of the companies will
make additional concessions, such as "day cable letters," to reach London or Liverpool in time for delivery on the morning of the second day following their
receipt at New York or Boston, at the rate of 73/ cents
per word for 20 words; and "week-end cables" (transmitted on Sundays, when commercial business is suspended) of 30 words at 5 cents a word rate. These
week-end letters may be filed up to midnight on Saturday for delivery at London or Liverpool on the following Tuesday morning. It is obvious that much mercantile business that now goes by mail will be transferred to the cables. It may be taken for granted
that a similar system of reduced charges will very
promptly be demanded in no uncertain tones by merchants doing business between this country and the
Continent.
Foreign discounts are appreciably firmer, London
leading in this respect as a result of increased activity
in the demand for funds by underwriters. The week's
applications for new capital included the issue of
£3,500,000 Treasury bills on Monday and subsequent
offerings of loan issues, so far as reported by cable,
aggregated £11,3&0,000. In this latter total were
£7,000,000 Canadian Northern RR. debentures,
£2,100,000 for Brazilian railways, £1,000,000 OregonWashington Ry. & Navigation bonds and £1,250,000
Peruvian stock. The success of recent flotations,
notably the Chilian loan, which was so largely
oversubscribed, has apparently encouraged underwriters to attempt to take full advantage of
the investment situation. Responsible London cables
suggest the possibility, but not the' probability, of a
rise in the official Bank rate before the turn of the
year. Holiday demands kw gold on the Bank of
England are now at hand. Discounts were cabled
0
yesterday at 3W/ for sixty days and 3% for ninety
1
days—an advance of 4% for the week. Paris still
0
quotes 3%7 for all classes of maturities. In Berlin
the charge is 4%@5% for sixty to ninety-day bills—
a fractional advance. Amsterdam remains unchanged
at 3%%, and Brussels also remains without change
at 4%.
The Bank of England, though it had no competitor
at Monday's offering of new gold, reported a loss on
Thursday, according to our special London correspondent, of £250,859 in gold coin and bullion holdings.
The Bank's gold holdings now aggregate £37,106,384.
The market repaid the Bank quite freely during the
week, as indicated by the decrease of £1,422,000 in
the item of "other securities." Ordinary deposits
decreased £1,071,000, while the total reserve was lower
by £317,000, but still leaving its proportion to liabili-
DEO. 91911.1
THE CHRONICLE
ties 52.45%, against 51.31% last week and 50.58% at
the corresponding date a year ago. Our special correspondent furnishes the following details of the
movement into and out of the Bank for the Bank
week: Imports, £958,000, wholly bought in the open
market; exports, £406,000 (of which £100,000 to
Egypt, £100,000 to Buenos Aires, £100,000 to France,
£46,000 to Java and £60,000 "earmarked" Straits
Settlement), and shipments of £803,000 net to the
interior of Great Britain.
In the local money situation call accommodation
did not again reach 6% the high point of last week,
but on three days—Tuesday, Wednesday and ThursI;
day—it touched W and on these three days 4%
was the ruling rate. On Monday 5% was both the
high point and the ruling figure. Out-of-town financial institutions have again been actively calling upon
New York for funds and there is a distinctly greater
disposition than a week ago to look upon the improved
demand for money as more permanent. The spectacular loss of cash—$26,540,000—by the ClearingHouse banks and the deficit shown in reserves by last
Saturday's bank return proved a general surprise to
the banks themselves. Explanations in banking circles
are in no case specific, but we have reason to believe
that the bank return, to some degree at least,exaggerated the loss of cash. By this we mean that certain
sums were segregated by some of the banks to provide formal, though not physical, transfers Of funds
to out-of-town institutions. The real extent of these
transactions we, of course, have not been able to discover, but some indirect indication should naturally
appear into-morrow's bank statement. If the loss in
cash was a nominal one last week, then the deficit
was also nominal.
But it is still rather difficult to discover substantia'
basis for anticipations of local monetary stringency.
The suggestion has been made to us by the President
of one of our largest commercial banks that the sudden
advance in rates may bear an interpretation that business throughout the country has really been gradually
becoming more active than has generally been supposed. As a basis for this suggestion, this official
pointed to the extended character of the demands on
the New York banks which emanated from no particular section, but were very general. However, we may
still assume as a broad proposition that trade is not
active; we may also take it for granted that speculation, neither in land, in commodities nor securities,
is demanding even an average volume of funds. Our
bankers are lending large amounts abroad at a season
when they ordinarily are borrowers; our foreign trade
returns are still in our favor, and we have within the
last few months paid out of accumulated foreign credits for the large volume of securities that Europe turned
back to us during the financial strain incidental to the
Moroccan dispute,u r It is obvious that any re-purchases
by Europe of the American securities recently sold
must necessarily restore our foreign balances. Hence
we are in a position where any sustained strength in
money in New York could naturally draw gold to this
centre unless foreign rates are correspondingly advanced.
Referring in detail to the course of call money,
the range on Monday was 4@5%, with 5% the ruling
figure; on Tuesday and Wednesday the range was
the ruling figure; on Thursday,
43'@531%, with
it was 431@,534,%, with 432% the renewal figure;
and on Friday it was 4@5%, with renewals at 4%.
1563
Time money has been in improved demand. For
30-day funds the rate has been marked up to 4 @%,
and quite a fair volume of loans was secured on Friday by Stock Exchange houses to cover the turn of
the year at the higher figure, and 60-day maturities are
quoted at 432%. Ninety days to four months are
quoted 43j@4% and five to six months at 4@,43/%.
1
Commercial paper is not yet in active supply, ruling at
43'@5% for 60 to 90 days endorsed bills receivable
and choice four to six months' single-name bills; others.
are quoted at 532%•
Sterling exchange has gradually declined during
the week, though the weakness has been resisted by
the firmer money rates abroad. On Thursday,
demand sterling declined to 4 8595, and on Friday a
further reduction to 4 8575- was announced, which
compares with 4 8610, the minimum at the close of our
review a week ago. On Saturday last quite a sharp
recovery took place. The market is now at the
lowest point since the latter part of August and under
normal conditions should further decline. As already
noted, our bankers are lenders abroad at a season
when they are usually borrowers. A significant
feature is that our exports of grain and cotton and
other products, as well as products of our factories,
are still proceeding on an exceptionally active scale.
Inquiry among trans-Atlantic lines shows not only a
movement of active proportions passing at the moment
but freight accommodation has been engaged, far
ahead, especially for grain. This means a movement of outward merchandise that must be paid for,
and in view of the tariff uncertainties of the next few
months, it is not considered likely that our imports
will show a corresponding activity. The movement
in securities, moreover, if there is to be a definite one in
the near future, must be in favor of this country.
It seems fair to assume, therefore, that the outward
gold movement has culminated for the season. On
Friday an engagement of $500,000 in gold was announced for Buenos Aires. This is local to the Argentine market and is a triangular transaction covering
shipments of produce from Buenos Aires to Europe.
An additional transfer of $2,050,000 has been made to
San Francisco this week, but there have been no additional exports of gold to Canada. The total shipment to date in the current movement have been
$10,650,000 to Canada, $2,520,000 to South America.
The total transfers to San Francisco are $6,650,000.
Compared with Friday of last week, sterling exchange on Saturday was firmer with demand quoted
at 4 8625@4 8630 and cable transfers at 4 8665@
4 8670; sixty days was unchanged at 4 8290@,4 83.
Rates ruled weak on Monday, on the continued firm
rates for call money; there was a slight recovery before
the close, although final figures were below Saturday's
level at 4 8620@4 8625 for demand and 4 8660©
4 8665 for cable transfers; sixty days showed no
change. On Tuesday sterling opened firm, advancing
about 5 points on higher discounts in London; later,
however the market reacted and closed unchanged for
demand and cable transfers; sixty days declined to
4 8275@,4 8285. Selling on speculative account and
firm money rates caused a break on Wednesday, demand falling to 4 8610@4 8615 for cable transfers to
4 8655@4 8660 and sixty days to 4 8265@,4 8275. On
Thursday rates again declined quite sharply, due in
part to a continuation of the high rates for call money
after opening and ruling weak all day, the close was at
THE CHRONICLE
1564
4 8595@4 86 for demand, 4 8640@4 8645 for cable
transfers and 4 8240@4 8250 for sixty days. On
Friday demand further declined to 4 8575@4 8590,
4 8590 ®4 8625 for cable transfers and 4 8240@4 8270
for 60 days.
The close was at 48240
()48270 for 60 days,48575@
4 8590 for demand and 4 8590@4 8625 for cables.
Commercial on banks was quoted at 4 80%@4 82M
and documents for payment 4 82?
-4@4 829. Cotton
for payment ranged from 4 82@4 823, grain for
payment from 4 823. @4 82%.
The following gives the week's movement of money
to and from the inteiior by the New York banks.
Week ending Dec. 8 1911.
Shipped by
Received by
N. Y. Banks. N. Y. Banks.
Net Interior
Movement.
$10,005,000
1,474,000
Currency
Gold
Total gold and legal tenders
$5,345,000 Gain $4,660,000
1,294,000 Gain
180,000
$11,470,000
$6,639,000 Gain $4,840,000
With the Sub-Treasury operations and gold exports
the result is as follows.
Week ending Dec. 8 1911.
•
Banks' interior movement, as above_
Sub-Trees. oper. and gold exports__
Total gold and legal tenders
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$11,479,000
19,400,000
$6,639,000 Gain $4,840,000
28,900,000 Loss 9,500,000
$30,879,000
$35,539,000 Loss $4,660,000
The following table indicates the amount of bullion
in the principal European banks.
December 8 1910.
December 7 1911.
Banks of
Gold.
England_ _ 37,106,384
France _ 128,447,400
Germany _ 40,887,300
_ 142,072,000
Russia
Aus.-Hun 53,725,000
16,711,000
Spain - _ _
.10,701,000
Italy _ _
Netiflands 11,539,000
Nat.Belg
6,525,333
Sweden _ _ 4,733,000
Switzland 6,-145,000
Norway _ _ 2,174,000
Silver.
Total.
Gold.
37,106,384 35,637,626
32,285,360 160,732,760 131,464,720
14,084,800 54,972,100 36,513,800
6,044,000 148,116,000 148,082,000
11,738,000 65,463,000 55,392,000
30,329,000 47,040,000 16,404,000
3,550,000 44,251,000 39,147,000
1,159,800 12,698,800 10,257,000
3,262,667 9,788,000 5,480,000
4,733,000 4,476,000
6,445,000 6,331,000
2,174,000 1,916,000
Total.
35,637,626
33,004,760 164,469,480
13,343,200 49,857,000
6,190,000 154,272,000
12,006,000 67,398,000
30,698,000 47,102,000
3,405.000 42,552,000
1,899,500 12,156,000
2,740,000 8,220,000
4,476,000
6,331,000
1,916,000
Total week 491,066,417 102,453,627 593,520,044 491,101,146 103,286,460594,387,106
Prey. week 493,172,910 103,077,793696,250,703 491,542,812 104,474,88 596,017,692
THE McNAMARA CONFESSIONS.
The startling news which came from Los Angeles,
on Friday evening of last week, was received by the
general public in a manner which clearly marked the
McNamara confessions as an epoch-making event.
There are occasions when the public at large at once
understands, or believes itself to understand, the full
bearing of sensational news of the sort, and shapes
its own conclusions and expectations accordingly.
There are also occasions when the same public, by
general consent, suspends judgment on the significance
and larger bearing of the news—feeling itself in the
presence of one of those great events which create the
real public opinion of the future, and which may definitely divide the future from the past.
News which produces this impression is naturally
rare. In the case of the McNamara episode, the profound impression created on the public mind by last
week's confession of the two guilty men was made,
not because new light was suddenly thrown on a really
doubtful question, but because the confession brought
into absolute certainty facts whose establishment, in
such a way as to require the acquiescence of every
citizen of the country, could in no other possible way
have been obtained. Whatever the outcome of the
McNamara trial—supposing it to have been continued
without last week's confession—the judgment of all
classes of the American community could never have
been as unanimous as it has been made through last
woek's extraordinary news.
[VOL. Lxxxxiii.
The series of events which led up to last week's confessions are sufficiently well known. During two
years or more prior to October of last year, there had
been repeated outrages in the form of dynamiting
buildings or other property, owned by individuals or
corporations who had resisted. labor unions and insisted on the open shop. These explosions had occurred from one end of the country to the other.
Sometimes it was bridges or buildings which the concerns had erected which were dynamited; sometimes
it was the headquarters of their own business. Life
was sacrificed in these outrages as freely as property
was destroyed. In practically every case the efforts
of the public authorities to run down the perpetrators
of the crimes were futile.
On Oct. 1 1910 an explosion occurred at the building
occupied by the "Times" at Los Angeles—a newspaper
owned by General Harrison Gray Otis, who had stood
firmly for the admission of non-union laborers among
his workmen. The explosion occurred at one o'clock
in the morning, when the printers were busy preparing
the paper for publication. The building was wrecked
by the explosion and destroyed by fire; twenty-one
of its occupants were killed, including several union
laborers. The mischief had been done by a bomb
placed under the wall of the building, and it was soon
discovered that another similar bomb had been placed
by the wall of General Otis's house.
The City Council at Los Angeles at once appropriated
$25,000 for investigation of the crime, and various
public and private bodies voted an almost equal sum
as reward for the conviction of the offenders. A
celebrated detective, William J. Burns, who had
already won high reputation for hunting down the
criminals in mysterious episodes of the sort, was
employed to do the work. He found at once that the
clock-work bombs employed were exactly similar to
those which were known to have been used in other
outrages of the sort. Prolonged and patient investigation narrowed down the responsibility, and in the
end disclosed the guilty individuals—largely through
information obtained from the companies which had
sold the explosives.
Last April, the case being by that time overwhelmingly complete, John J. McNamara, Secretary and
Treasurer of the International Bridge and Structural
Iron Workers, was arrested in Detroit, and at the same
time his younger brother and a certain McManigal were
taken in custody. The valises seized along with them
were found to contain dangerous arms, and on information obtained from McManigal, who made the first
confession, bombs were found in neighboring barns of
a character similar to the Los Angeles bomb, and their
ownership absolutely traced to the McNamaras. The
Los Angeles Grand Jury, on presentation of these
facts, indicted the McNamaras and McManigal.
Under properly drawn and formal extradition papers,
the guilty men were seized in Indiana and brought to
Los Angeles for trial. Their removal was conducted
suddenly and with as great secrecy as was possible; the
perfectly obvious reason for that way of doing things
being, first, that although the papers were regular,
other judges might have interfered to obstruct the
case, and, second, that serious outbreaks among the
local labor element might otherwise have followed.
The trial was begun some two months ago. It was
at once obstructed by the insistence of the McNamaras'
counsel that no juryman should be allowed to serve who
held any opinion other than one completely favorable
DEC. 9 1911.]
TIIE CHRONICLE
toward labor unions. This attitude so far prolonged
the mere obtaining of a jury that the public began to
look forward, not only to indefinite delay in bringing
on the evidence, but to a dispute throughout all time
as to whether the jury had been fair or not. While
this was going on—and,indeed,from the very moment
of the ariest of the McNamaras—a most extraordinary
attitude had been assumed by the labor union leaders.
The action of Samuel Gompers, head of the American
Federation of Labor, was typical. In public statements, in speeches, and in bulletins to the laboring
men of the country, he charged in the most violent
language that the case against the McNamaras was
concocted from the bottom by capitalists who were
using money without stint to fix the Los Angeles crime
upon the unions. It was intimated even that the
crime itself may have been arranged by capital for that
purpose; •that the prosecution's evidence was bought,
and that the extradition of the McNamaras into California was an aggravated case of kidnapping, inspired
by the wish to deny the defendants a fair trial. These
extraordinary assertions—which waived entirely the
fact that no other motive for the crime existed than to
punish the enemies of labor unions—was echoed in
labor union circles throughout the country. It pointed
to a most formidable clash between labor and capital,
whatever might be the outcome of the trial.
This review of sufficiently well-known facts is essential in order to show just why the confessions of last
week made on the public mind the impression which
they did. As to why the men confessed, there are
various opinions. It may have been knowledge that
the evidence was such as no jury could possibly ignore,
or it may have been a wish to save themselves from
the extreme penalty of the law. This question,,on the
whole, is immaterial.
In the country at large,the extraordinary news was
received, first with astonishment that confessions
could possibly have been obtained; next with a profound relief that a much-dreaded controversy had
been averted and finally with consternation at the
cynicism with which the two defendants had avowed
their villainy. This is the aspect of the case which still
makes opinion pause as to what is to be the longer
sequel of the matter. The McNamaras in their written
confessions expressed perfunctory regret at having
destroyed life; but calmly avowed that their own use
of bombs in buildings which they must have known
were inhabited was solely a matter of "principle."
One might suppose that such an avowal would have
instantly been received with scorn and derision by the
responsible officers of labor unions from one end of the
country to the other. It can hardly be said that this
has been the manner of its reception. Both from the
labor unions and from the various shades of socialists,
who had been crying out against the "conspiracy of
capital" against the McNamaras, we have been hearing this past week of "martyrs," "soldiers in the army
of labor," and industrial "heroes." Gompers himself, who was morally involved more deeply than any
other personage in the country, resorted to outcry and
bellowing against the McNamaras, their counsel, the
Government, and all concerned.
Labor unions which have taken formal action on
the matter have expressed indignation, and in numerous cases asked that the men be punished to the extreme limit of the law. One of them, a Connecticut
organization, publicly urged that the officers of the
Federation of Labor render all .possible aid to public
authorities in bringing to light "the instigators and
1565
abettors of the dynamiting outrages, whether members of organized labor or not." The Central Committee of the Federation on Thursday adopted resolutions declaring that "organized labor of America has
no desire to condone the crimes of the McNamaras";
that "violence, brutality, destruction of life or property are foreign to the aims and methods of organized
labor of America, and no interest is more severely injured by the employment of such methods than that
of the workers organized in the labor movement", and
that the Los Angeles episode demonstrates "now more
than ever the inhumanity as well as the futility of resorting to violence in the effort to right wrongs or to
attain rights."
We hope and trust, with the utmost sincerity, that
these virtual pledges will be redeemed in future action.
Taken as an honest and final expression of purpose,
they do much to remove the unpleasant doubt which
surrounded the first vague declarations of the unions—
as to whether their denunciation of the McNamaras
was directed first and foremost against the authors of
a frightful crime, or expressed resentment at hay' ing
been deceived, or simply voiced the fury of the unions
at the two bomb throwers for telling the truth and
removing the last refuge of denial.
Perhaps we must wait for the labor leaders to prove
their new faith by works; perhaps the real situation
will be cleared when the law's hunt for the McNamaras'
accomplices shall have produced results. We fear
that it is hardly necessary to await evidence of time
regarding Gompers. Little need be said as concerns
this reckless agitator, save that his every action, both
before and since the Los Angeles confessions, serves to
condemn him. If any one thinks this judgment
unfair, let it be asked what an honest man—not to
mention a man with the union's genuine interests at
heart—would have done when the McNamaras were
arrested. Nothing could have been simpler, nothing
more natural, in accordance with all decent precedent,
than for Gompers to have declared in behalf of his own
organization that, although it believed the accused
men to be innocent, it was itself impressed so profoundly with the outrages themselves, and with the
unwarranted suspicion thrown on the labor unions,
that it awaited with confidence the just and conclusive
verdict of the courts, and would give every aid to the
public inquiry. That Gompers did nothing of the
kind, but, instead, filled up the minds of laboring men
with the monstrous falsehood that some mysterious
organization of capital was hunting down innocent
men for the sake of discrediting union labor, and using
assassination as a means towards that end, is a sufficient commentary on his own culpability, whether in.
direct or direct.
We believe that the longer outcome of this remarkable affair, in its bearing on the future attitude of
organized labor, is certain to be wholesome. We can
see the possibility of a revolution in sentiment and
practices of the unions, such as followed the exposure
in England, nearly half a century ago, of the use of
explosives for purposes of murder and destruction,
under the actual knowledge of the union leaders.
That there are men of high character and practical
common sense in the responsible places of our own labor
unions, this week's events have indicated. But it
remains for the country to see whether these men
propose to make a thorough house-cleaning of all those
criminal fanatics who have so long been using the
name and resources of the unions for purposes of
violence, arson and assassination.
1566
THE CHRONICLE
THE PRESIDENT AND OUR
FOREIGN RELATIONS.
The appearance of a special message to Congress,
covering only one topic; followed by another one two
days later, with the promise of several more within the
next fortnight, introduces a new custom, that of information on the installment plan, and makes one recall, with a sort of regret, the time when a single message hardly longer than this second one sufficed to
cover the entire "state of the Union," upon which the
President is Constitutionally required to inform the
legislators. Has the country really expanded to such
a degree and in so many respects that an annual volume
of information and advice is necessary, or is it that the
Federal Government is putting out new hands of regulation and undertaking to do so much?
At least, the expanding of "our foreign relations,"
from the mere paragraph of perfunctory assurance that
all was quiet into a document covering a newspaper page,
emphasizes the fact that this country,not entirely by its
own desire, has become one of the World Powers.
The .flippant question, "What have we to do with
abroad?" was once asked in Congress. Independence
and isolation have been imagined in respect to trade
and finance; but it is evident that we have very much
to do with abroad. An evidence of this is the emphasis
now laid upon "the consummation of the conventions
between the republics of Nicaragua and Honduras
and this country." Further practical intervention is
indicated, and these conventions msut be considered in
view of "the heavy responsibility of the fact that their
rejection here might destroy the progress made and
consign the republics concerned to still deeper subsidence in bankruptcy, revolution and national jeop.ardy." Panama adds her problems, and it becomes
plain that, whatever our desires, conformity to the
spirit of the Monroe doctrine that distant Powers should
have little to do with our small neighbors on this continent, compels the United States to have more to do
with them. The relationship of big brother may be
unattractive, but events seem to be pushing us
nearer to it.
As usual, treatment of the subject goes little beyond a review of the situation. An important general
movement by all the Powers towards arbitration during the past year is noted. New treaties were negotiated in the spring with Great Britain and France for
extending the scope and obligations of existing treaties.
Those new treaties now await ratification, and a silent
argument for that is furnished by the reference to adjustment of long-standing matters of difference between this country and Great Britain, either by agreement or by arrangements still unfinished. If it be
true, as a piece of worldly wisdom, that the 'voice of
the strong man armed is always heard in respect to
matters over which nations have heretofore resorted
to force, it is also true that the burden of armaments increases so that war tends to become impossible.
The unsatisfactory condition of the present practical
interpretation of the Treaty of 1832 with Russia is dismissed, until a promised further message about it, in
a brief paragraph. Mr. Taft believes Russia is already
seriously considering the need of changing the present
practice under that treaty, and that the differences
arising will soon be adjusted.
The President's earlier message, dealing with the
operation of the Anti-Trust Law, we have discussed
at length in our article on "The Financial Situation,"
Lxxxxiii.'
THE INTER-STATE COMMERCE COMMISSION
AND ITS METHODS.
While the business situation shows an improvement
in a number of directions—more particularly in there
being decidedly less anxiety than there was regarding
possible injury from the operation of the Anti-Trust
Law—one oppressive feature remains. We refer to
the disturbing action of the. Inter-State Commerce
Commission. The courts are all the time interfering
to prevent acts of usurpation on its part, but even
within the legitimate and legal exercise of its authority,
it possesses almost infinite capacity for mischief and for
unsettling affairs. It acts, too, in such a one-sided
way—its great powers being used solely in the interest
of shippers and not with a purpose to do exact justice
as between shipper and carrier—while its methods
withal are so reprehensible that a feeling of insecurity
as regards the stability and integrity of railroad income has grown up and is operating as a sort of blight
upon the whole industrial world. This is what is ailing
the country at the present time, and, in our estimation,
it is a matter of far more importance than any ill consequences likely to attend the operation and enforcement of the Anti-Trust Law.
Through the acts of the Inter-State Commerce Commission, under the additional powers conferred upon
that body by amendment of the law in 1910, the country's great railroad carrying interest has been crippled
and its prosperity is being undermined. The railroads
are not able to borrow with customary freedom for the
purpose of carrying on extensions and improvements,
while at the same time they are obliged to curtail
current operating expenses in the attempt to minimize
the effects of the rise in operating costs occasioned by
advances in wages, enhanced prices of fuel, &c., &c.
What an influence all this is, adverse to general trade
activity, appears whenever a batch of orders comes
in from the railroads for equipment, or for motive
power, or for materials of one kind or another, or for
supplies. Almost immediately an improvement in •
the iron and steel trade is noted, and the benefits are
at once reflected all through the industrial mechanism.
If only the Inter-State Commerce Commission could
be induced to show proper consideration for investments in railroad propertiesAthereby re-inspiring confidence in railroad securities in the world's money
markets and causing capital once more to flow into railroad channels in the old way, a return of activity and
prosperity in the country's industries would quickly
follow. We grieve to have to say there is no evidence •
as yet that the Commission has the least desireto mend
its ways. On the contrary, there is much to show that
it means to persist in its course. In the meantime
the drift of things, and the serious consequences that
must inevitably result unless the Commission learns
wisdom or is prevailed upon to practice restraint, is
revealed in the announcement Which has come the
present week that the Wabash Railroad has reached
a point where it must undergo financial reorganization.
Of course, the Wabash has never been strong financially, and it has recently had special difficulties by
reason of its involvement in the affairs of the WabashPittsburgh Terminal Ry. and the Wheeling & Lake
Erie RR. But it is precisely the weak roads that will
suffer first and suffer most as a result of the policy
of antagonism to railroad interests pursued by the
Inter-State Commerce Commission, and it is precisely
the weak properties that will be the first to go to the
wall as the outgrowth of that policy. The Wabash
1)E0. 91911.]
THE CHRONICLE
is one of the railroad systems in Official Classification
Territory to which the Inter-State Commerce Commission denied authority last February, after eight
months' delay, to make a moderate advance in rates.
And the fact which stands out with especial distinctness at this juncture is that in the twelve months ending June 30 1911 the company, though adding $997,982
to its gross revenue, raising the same to the highest
point ever reached, suffered an increase in expenses in
nearly double that amount, namely $1,829,961, thus
causing a loss in net in the sum of $831,979. With net
thus cut down the company fell $210,612 short of
meeting its fixed charges for the twelve months.
It is easy to see, therefore, how seriously its prospects
have been impaired by the veto put upon increases
in rates by the Inter-State Commerce Commission—
and, by the way, the Wabash is obliged to move its
entire freight tonnage at an average of only about
6 mills per ton per mile.
If ever there was a time when there was urgent need
that the Inter-State Commerce Commission should
proceed with the utmost caution and deliberation,
and should seek to conserve the welfare of the roads,
that time is now. Yet the Commission continues undeviatingly in its old course, cutting rates here and
cutting them there; and if objection is made, and the
unfortunate plight of the railroads referred to, the
different members of the Commission reply in a way
which indicates that they entertain the notion that
railroad managers and financial interests are engaged
in engendering business depression and undermining
the confidence of investors, when what they are really
doing is the taking of measures for dealing effectively
with this unfortunate situation so as to ward off disaster. Not only is the Commission persisting in its
old course, but it is still employing fallacious arguments
and erroneous or partial statistics in support of its
• action and orders.
We have had the curiosity to examine into the merits
of the Commission's order, made two weeks ago, in
the matter of rates from Seattle, Wash., and Tacoma,
Wash., to points in Washington, Oregon, Idaho and
Montana. This was clearly an instance where the
Commission should have deferred issuing an order for
the time being. The cases had been under consideration for a long time (so a little further delay would
have been of no great consequence) and the Commission had just been enjoined by the Commerce Court
from enforcing its order for an adjustment of rates as
between shipments to inter-mountain territory and
Pacific Coast terminals. The injunction was granted
on the ground that the order referred to was arbitrary
and capricious and that in issuing it the Commission
was exceeding its authority. If that body were really
desirous of complying with the law instead of holding
itself above all law it would have awaited the outcome
of the injunction proceedings referred to, since the territory covered by its latest order forms part of the
territory covered by its inter-mountain order. But
the Commission was not deterred by considerations
of that kind. It was anxious to get in its "lick"
and went ahead entirely oblivious of what was happening or might happen elsewhere—we might go further, perhaps, and say with entire accuracy that it went
ahead in flat defiance of what the Commerce Court
might do.
Note now the statistics adduced in support of its
latest order. The circumstances of the case deserve
narration. Just eighteen months ago—that is on
June 7 1910—the Commission handed down a decision
1567
in these cases,holding that inter-State class rates from
Seattle, Tacoma and Portland to points in Washington, Oregon, Idaho and Montana were unreasonable
and should be reduced 20%: There were two separate
proceedings, but they were bunched together because
the area was much the same. The first was brought
by the Portland Chamber of Commerce and the second
by the Transportation Bureau of the Seattle Chamber
of Commerce and the Tacoma Traffic Association.
The roads involved were the Great Northern Ry.,
the Northern Pacific Ry. and two of the subsidiaries
of the Union Pacific, namely the Oregon RR. & Navigation and the Oregon Short Line.
It was contended on behalf of the complainants that
growth of commerce and manufactures in the North
Pacific Coast States was being limited by a rate situation which confined sales on the part of jobbers and
manufacturers to an unduly restricted territory adjacent to the Coast. The carriers admitted that rates
were relatively high compared with rates west-bound
from their Eastern termini, such as Minneapolis,
St. Paul and Omaha, and with other class rates in
various sections of the country. They pointed out,
however, that the density of merchandise traffic westbound is much greater than that east-bound, and that
in order to bear an equitable portion of the total transportation expense east-bound, traffic must necessarily
be charged higher rates. The opinion last year was
by Chairman Knapp, who is now presiding judge of
the new Commerce Court, and he pointed out that
both the Northern Pacific and Great Northern had
virtually proposed to reduce their back-haul interState rates about 16 2-3%—that is to say, a reduction
of 16 2-3% was proposed in the rate from the Coast
to Spokane, with smaller reductions, in percentage,
graded back from Spokane to Seattle. No such reduction, however, was offered from Portland by the
Union Pacific lines, and the latter urgently denied the
propriety of making any reduction in the back-haul
rates.
The Commission concluded there should be an allaround reduction of 20%. It was agreed, however,
that no order should be entered until statistics could
be obtained showing the result of the reductions proposed upon the revenues of the roads. The months
taken for the purpose of a test were October 1909 and
January, April and July 1910. The losses were divided
into two general classes, direct and indirect, the latter
being.sub-divided into two classes so as to show (1)
losses due to reductions in rates that are made by combination with some of the rates directly affected by
the proposed order, and (2) losses due to relative adjustments in rates which are not directly affected by
the order, but which are made with relation to the
rates which are directly so affected. The formal order
now made and which is to become effective Jan. 2
is based on the statistics referred to. These statistics
were submitted in March last. The conclusions of the
Commission followed eight months afterward, in November, from which it is evident that a little further
delay, to await the outcome of the proceedings with
regard to the inter-mountain order, could have involved no great hardship.
But observe the way the statistics are used. The
Commission finds from the figures furnished that the
effect of the contemplated reduction of 20% in rates
would be a total loss in revenue of $489,070. A table
is added to show the gross and net revenues of the
roads involved for the fiscal year ended June 30 1910.
The Commission then makes the observation that
1568
THE CHRONICLE
"the total loss estimated by the carriers, even including the large amount said to be due to relative adjustments, amounts to less than 1% of their net operating
revenue." Then, with a show of triumph, it concludes:
"The financial condition of these defendants appears to
be such that the Commission need not hesitateto establish the rates which it has found to be reasonable."
We think the reader will readily perceive the defect
in this species of reasoning. The Commission treats
these rate reductions as if they were the only rate reductions which it has under contemplation. As a
matter of fact, the reductions involved in its order regarding rates in inter-mountain territory will occasion
losses (if the Commission shall succeed in its determination to carry them i nto effect) many times the
amount embraced in this new order. Why should not
the Commission, when it undertakes to show the general effect of rate reductions, take into account all the
• various reductions proposed, instead of seeking to make
its action seem plausible and defensible by disclosing
merely the loss that would result in this particular
instance. Of course, in that way the result does not
ook so formidable. But is the method fair?
The Commission, however, ignores still another
vital point in this matter of rate reductions. It will
be observed that the figures for revenues used are for the
fiscal year ending June 30 1910. In the interval since
then'these same roads have passed through a period of
reverses and have sustained serious reductions in revenues. Why should the Commission, if it means to
be just, leave this shrinkage out of consideration.
In the twelve months to June 30 1911 the gross revenues
of the Northern Pacific fell off nearly $10,000,000 as
compared with the twelve months preceding, and the
other roads affected by the latest order also suffered
decreases, though not to the same extent. But confining ourselves entirely to the net revenues, we find
that if the year 1911 had been taken instead of the year
1910, the net of the Northern Pacific would have been
only $25,175,678 instead of $28,538,421, as given
by the Commission; the net of the Great Northern
would have been $23,637,734, instead of $25,307,343,
and the net of the Oregon Short Line $9,494,412,
against $11,281,273. The comparison for the Oregon
Railroad & Navigation Co. we cannot give, since that
company has been merged into another company. For
the other three roads the falling off in net, it will be
seen, has been no less than $6,819,213.
The losses from the Commission's latest order and
from its order in the inter-mountain cases and from
any other orders it may have in contemplation will
all be in addition to the tremendous shrinkage in net
revenues already sustained How misleading, how
deceptive, therefore, it is to speak of a loss of "less
than 1%," and then make an appeal to the credulity
of the public by saying "the financial condition of
these defendants appears to be such that the Commission need not hesitate to establish the rate which it
has found to be reasonable." The Commission is simply concealing the true facts, just as it did in such a
notorious fashion in its two opinions handed down
last February. But what shall we say of a public
body, charged with such enormous responsibilities,
that resorts to practices of this kind? The Commissioners are all very estimable men, and in private life,
we are sure, would not do anything questionable.
Why should they not make their official acts square
with their personal characters? Until they do this,
confidence in them and in the security and stability
of railroad investments will, we fear, remain impaired.
EvoL.
THE SOUTH AND CURRENCY REFORM.
It was a fortunate co-incidence that the annual
Convention of the American Bankers' Association at
which currency reform was the main theme of discussion by ex-Senator Aldrich and others should have
been held in New Orleans, the metropolis of the
South. While a solid South, politically speaking,
may, in a certain sense, be of some advantage to the
people there, it cannot be denied, on the other hand,
that this condition also involves some drawbacks.
For instance, the Southern people have not had the •
benefits that arise from the discussion of public
questions of vital importance to the welfare and
prosperity of the people as a whole. Their interest in
the national welfare has been circumscribed, as it •
were, by being too absorbed in matters which concerned Southern interests alone. There was a time in
the history of the United States when the nation looked
to the leading men of the South for elucidation of the
broad principles of democratic government; when
their views were comprehensive enough to consider
economic questions in the light of national welfare,
and not from a sectional standpoint. Here and there
have arisen, in latter days, political leaders of the
South whose breadth of view detached them from
their isolated surroundings, and placed them in positions where they have have been able to use their
talent and genius for the upbuilding of the nation's
honor and credit. Specific instances could be mentioned, but the fact that the Chief Justice of the
Supreme Court of the United States is.a Louisianian
by birth suffices to prove the point.
It is especially gratifying that the American Bankers'
Association should have had a hand in re-awakening
the national consciousness of the South, as it has
done in having currency reform, the most important
issue that has come before the American people in
many years, discussed from so many viewpoints
during the recent convention in New Orleans. The
pre-eminent figure, of course, in the discussion was
ex-Senator Nelson W. Aldrich of Rhode Island, who,
as Chairman of the National Monetary Commission,
was especially qualified to arouse public interest in
Notwithstanding
the matter of currency reform.
the political prejudice that has existed against Mr.
Aldrich, whom Democratic Congressmen have been
wont to picture to their constituencies as the embodiment of all that is reprehensible and objectionable,
advices, private and public, received from the South
are to the effect that the Rhode Island statesman
made a most favorable inpression upon Southern
bankers and laymen who heard him speak at the
Athenaeum in New Orleans.
If Mr. Aldrich accomplished nothing else in his
address at New Orleans, the effective manner in which
he disabused the minds of Southern people of the
Wall Street bugaboo that has been raised in connection
with the proposed plan for currency reform must be
accounted one of the most important results of the
Bankers' Convention in New Orleans. He demonstarted to the satisfaction of intelligent Southern men
who heard him speak on his revised plan that the
National Reserve Association would be conducted
on the broadest of lines, with a view of serving the
varying needs of all parts of the nation and not for the
particular benefit of the banking interests of any one
section of the country. He explained, in particular,
how the South would be benefitted in the marketing
of its cotton crop, by its ability to obtain currency in
DEC. 9 1911.]
rrnE
CHRONICLE
the crop-moving period regardless of conditions in
New York and by the placing of our financial relations
with foreign countries on a sound basis.
As reflecting the interest stimulated in the South
in the question of currency reform, Mr. Sol. Wexler,
Vice-President of the Whitney-Central National Bank,
who attracted attention at the Bankers' Convention
by the fight which he made against the adoption of the
report of the Bill-of-Lading Committee on cotton
bills of lading, last Sunday delivered a lecture on
currency reform in New Orleans before the Forum of
that city. Representative citizens, many of whom
had been deprived of the opportunity of hearing Mr.
Aldrich speak on that subject, attended the Forum
meeting, and heard an admirable analysis of the
Aldrich plan presented by the New Orleans banker,
who expressed the deliberate opinion that the South
would benfit greatly by the enactment into law of the
revised Aldrich plan.
All of these things are signs• that the American
people, even in the far South, have begun to think
deeply on the subject of currency reform. That
Senator Aldrich's plea that politics should not enter
into the discussion of a matter of such vital public
interest has been favorably received is indicated by
the fact that the Southern people are looking to their
bankers and not to their politicians for enlightenment
on the monetary question. As Mr. Aldrich stated,
intelligent criticism of his plan will be welcomed,
and it is to be hoped that Southern leaders in Congress
will respond to the almost unanimous sentiment of the
country that politics shall be eschewed in the discussion of this question, when the measure comes
up for consideration.
1569
York,such leading cities as Pittsburgh, Boston,Baltimore, Chicago, Cleveland, Detroit, Milwaukee, St.
Louis, San Francisco, Los Angeles, Portland, Ore.,
Kansas City, Minneapolis and Atlanta record gains, but
other representative cities, among which may be included Philadelphia, Providence, Seattle, Cincinnati,
Indianapolis, Omaha and New Orleans show losses.
Combining the clearings for all of the cities outside of
New York, we have an aggregate greater by 3.3% than
for November 1910 and by 1.1% than the eleven
months of that year. Furthermore, there are increases of 5.0% and 9.3%, respectively, over the periods in 1909 and gains of 4.2% and 28.1% compared
with 1908. It is manifest, therefore, that the result
for the whole country for November 1911 is better than
thatfor the month in 1910, although not so good for the
eleven months. In the first case, the increase is
3.3%, in the other there is a loss of 2.9%. • Contrasted
with two years ago there are losses of 4.8% and 2.8%,
respectively, due, as may be readily inferred, to the.
decline in speculative activity, but large gains are recorded over 1908.
Stock operations at New York for the month, at
14,919,486 shares, while greater than in November
1910, when only 10,713,469 shares were traded in,
were very much less than in the corresponding period
of 1909 or 1908, or, in fact, of most years since 1900.
The sales for the eleven months of this year, moreover,
total only 118,351,375 shares, comparing with 154,327,821 shares in 1910, no less than 197,072,179 shares
in 1909, over 174 million shares in 1908, over 263 millions in 1906 and as much as 249 million shares as
far back as 1901. Bond dealings, on the other hand,
continue of larger volume than in 1910, the eleven
months' total of the current year, at 7993' millions
BANK CLEARINGS AND BUSINESS FAILURES of dollars, comparing with 582M millions.
The 1909
IN NOVEMBER.
transactions for the same period aggregated 1,205 milOur return of bank clearings for November 1911 lions and for 1908 they were 916
millions.
differs in no essential particular from that for the
Canadian clearings returns for November are of the
month immediately preceding. It is true, the aggre- same generally favorable character
as for earlier months
gate for the whole country shows a small gain as com- of 1911. They exhibit a gain
in the aggregate of
pared with the corresponding period of 1910, whereas 26.3% over 1910, cities in the
Northwest being conin October there was a slight loss, but this apparent spicuous in percentage of
increase. For the period
improvement is to be ascribed solely to the greater since Jan. 1 the excess is
also heavy-17.7%. Conspeculative activity on the New York Stock Exchange trasted with 1909 an augmentation
of 38.1% is shown
in the latest month. It does not follow, however, that for the montli, while for the
eleven months the gain
even at that share dealings have been noticeably heavy; reaches 40.3%.
on the contrary, they have been comparatively modMercantile failures for November 1911 exceeded in
erate in November, although in excess of the period of number those for the corresponding
period of either
1910, for they record a decline from the month in a 1910 or 1909, and in fact
those for all but three of the
number of earlier years. As regards the general vol- years since 1900.
Liabilities, moreover, ran ahead
ume of bank clearings, expansion is to be noted in of all but two (1903 and 1907)
of the preceding ten
quite a number of localities, but as a rule upon strictly. years. This latter comparatively
unfavorable showmoderate lines; on the other hand, the apparent de- ing, it transpires, is ascribable to a
few large defaults,
crease in commercial activity indicated at many points 29 failures accounting for over
seven million dollars
has no special significance, being due, as a rule, to local of indebtedness. Such an exhibit
would seem to reconditions. Of the 144 cities included in our com- flect a rather unsatisfactory
condition in commercial
pilation on the first page of this issue, 65 record losses and industrial circles,
but that is hardly the conclusion
from November 1910, while for the eleven months 51 to be drawn from it. On
the contrary, there is much
present results below those for the corresponding per- evidence to indicate that cause for
many of the iniod of last year, but in only a few instances are the solvencies of 1911 is to be sought in
conditions predeclines much more than nominal.
viously prevailing. In other words, a goodly number
Clearings at New York for November record an ex- of those who have gone to the wall in
the current year
cess over the month of 1910 of 3.3%, cutting down:to have done so after a long but vain
struggle to recover
5.6% the loss for the eleven months of the year. Con- from the effects of the panic of 1907
and its resultant
trasted with 1909, however, when stock operations depression.
were much more active than now, there is a loss for
As compiled by Messrs. R. G. Dun dc Co., the numthe month of 10.9% and for the eleven months of ber of failures in November
1911 was 1,105, with
10.1%, but a noticeable increase over the eleven liablities of $15,266,337,
comparing with 1,003 and
months of 1908 is to be observed. Outside of New $11,324,016 last year
and 963 and $9,812,605 in 1909.
1570
THE CHRONICLE
Disasters among manufacturers covered $6,767,347,
against $4,598,639 and $4,375,395, respectively, in the
previous two years. In a few of the industries grouped
under this head, liabilities were relatively heavy and
very much in excess of November 1910. In trading
lines the month's liabilities of $6,541,789 contKast
with $5,471,332 and $4,877,164 in 1910 and 1909.
The eleven months' failures of 1911 number 12,215,
with liabilities of $173,402,063, which compares with
11,524 and $184,719,016 last year and 11,793 and
$138,478,338 in 1909. Manufacturing failures cover
a moderately smaller total of debts than did those of
last year, reaching $77,646,664, against $81,823,518,
but materially exceed the $59,164,029 of 1909. Trading liabilities, on the other hand, were in excess of any
year since 1908, the comparison for the last three years
being between $76,636,210 and $68,364,533 and $61,326,057, respectively. The most favorable showing
for 1911 is among brokers, dm., who during the eleven
months were involved only to the extent of $19,019,189, as against $34,530,965 for the same period of
.1910 and $31,884,338 in 1909.
ITEMS ABOUT BANKS, BANKERS AND TRUST 00'S.
—No bank stocks were sold at auction this week, and only
21 shares at the Stock Exchange. One lot of trust company
stock, 15 shares of Bankers Trust Co., was sold at auction.
The price paid-701—is 703i points higher than that at
which the last previous sale was made in March. Extensive
tables reporting 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 1583 and 1584.
Low. High. Close. Last previous sale.
Shares. BANK—New York.
Dec. 1911— 198
198
199
•21 Commerce, Nat. Bank of ___198
COMPANY—New York.
TRUST
Mch. 1911— 630
701
701
701
15 Bankers' Trust Co
• Sold at the Stock Exchange.
—The regular session of the 62d Congress opened on the
4th inst. A feature of the communications from the
President was that instead of presenting the usual lengthy
annual message, he announced there would be a series
of messages, Mr: Taft thus departing from the customary practice of embodying his recommendations in a
single communication. The initial message was sent in on
the 5th and had to do with the trust problem. Mr. Taft
said: "This message is the first of several which I shall send
to Congress during the interval between the opening of its
regular session and its adjournment for the Christmas holidays. The amount of information to be communicated as
to the operations of the Government, the number of important subjects calling for comment by the Executive and
the transmission to Congress of exhaustive reports of special
commissions make it impossible to include in one message of.
a reasonable length a discussion of the topics that ought to
be brought to the attention of the National Legislature at
its first regular session." A second message of the President,
bearing upon foreign affairs and peace treaties, was read in
Congress on the 7th.
—The nomination of James S. Harlan for re-appointment
as a member of the Inter-State Commerce Commission was
sent to the Senate on Thursday by President Taft. Commissioner Harlan's present term expires on Jan. 1 next; he
is renominated for a seven-year term. Mr. Harlan is a son
of the late Associate Justice Harlan of the United States
Supreme Court.
—The National Monetary Commission resumed its sessions
in Washington on the 2d inst. It is stated that it is the purpose of the Commission not only to submit a report embodying recommendations with respect to monetary legislation
based on its investigations, but to frame and present to Congress the draft of a bill to carry out its recommendations.
Contributions to a fund for carrying on the work of the
National Citizens' League in its campaign for the promotion
of a sound banking system are being sought on behalf of the
organization from merchants and bankers throughout the
[vor.
country. A sum of about $500,000, it is stated, is required
to further the plans of the league, of which it was proposed
some $300,000 be raised in New York, the bankers contributing one-half that amount. It is stated that it was first suggested that the Clearing House as a body should supervise the
collection of the fund to be furnished by the banks. A. Barton Hepburn, President of the Association, in referring to the
presentation of the proposition to him by John Claflin, head
of the New York branch of the league, is credited with stating
that the Clearing House as a body had not the power to take
any action in the matter, and that the proper method would
be to solicit contributions from the individual banks. The
league submits as its aim "to give organized expression to
the growing public sentiment in favor of and to aid in securing the legislation necessary to insure an improved banking
system," and a question as to the right of the banks to join
in the movement has arisen. Legal advice, according to
Mr. Hepburn, was sought by the Clearing-House Committee,
together with the opinion of the Comptroller of the Currency
and the State Superintendent of Banks. Both of these
officials, he states, have indicated that they consider contributions from the banks for the purpose proposed to be perfectly
proper. Counsel for some of the banks, however, Mr. Hepburn adds, have contended that a bank in this State giving
money for such'a cause might become criminally involved
under the penal statutes, which forbids contributions by corporations or individuals for the purpose of influencing legislation. It is understood that some of the banks have decided
to make no subscriptions at all to the fund; in a few cases
contributions will be made by the directors as individuals.
Branches of the league have recently been formed in Boston
and Baltimore—the first named being known as the National
Citizens' League of New England, with ex-Gov. William
Douglas as President, and the latter as the Maryland State
Branch, with George Cator, President of the American Bonding Co., as the temporary President. A branch has likewise
been established in Joliet, Ill.
—The new Pennsylvania law, placing private banking
houses under the supervision of the State, went into effect on
the 1st inst. The Act does not affect private banking concerns which have been in business in one locality for seven
years. Those to whom it would otherwise apply may obtain
exemption from the provisions of the Act by furnishing a
bond of $100,000 in cities of the first or second class and
$50,000 in other parts of the State. It is stated that those
whom it principally concerns are foreigners who are engaged
in selling steamship tickets and in conducting banks for their
countrymen, and a test of the law by some of'these interests
who are opposed to the legislation is expected.
—Under a ruling of Attorney-General Albert J. Galen of
Montana, private banks in that State are not permitted to
purchase their own stock or that of any other incorporated
organization unless the purchase is necessary to prevent loss
upon a debt previously contracted in good faith, and even
then the stock may be held for not longer than six months.
The "Montana Record" quotes a part of the AttorneyGeneral's views as follows:
Under the provisions of Sec. 3910 of the Revised Codes of 1907, a private
bank is prohibited from being the holder or purchaser of any portion of Its
own stock or of the capital stock of any other incorporated company, unless
such purchase shall be necessary to prevent loss upon a debt previously contracted In good faith, on security which at the time was deemed adequate
to insure the payment of such debt, independent of any lien upon such stock;
and stock so purchased must In no case be held by the bank so purchasing
for a longer period of time than six months, if the same can be sold for what
the stock costs, or at par.
—The announcement of several weeks ago made by Col.
Robert M. Thompson, special partner in the brokerage house
of S. H. P. Pell &.Co., which embodied a proposition to advance to the planter $25 a bale on his cotton, with a view to
the holding of the staple until it reaches 12 or 13 cents,
has been supplemented this week by a circular issued by the
syndicate interested in the movement, of which Col. Thompson is the head. The circular, according to the New York
"Tribune," points out that while others may lend more than
$25 a bale on cotton, they expect the growers to pay all the
insurance and storage charges, whereas the syndicate exacts
no interest on the $25 and gives the owner until Jan. 11913,
if he so desires, to select a market to sell on. It is further
stated that the entire cost to the planter of carrying the
cotton is $1 a bale, regardless of the length of time held,
while it would cost lihn nearly $5 a bale to carry his cotton
for six months under the ordinary method. The circular
adds:
We do not pretend to know what the market Is going to do. We only
hope, on your account, that it will do better than It has been doing, and we
do believe higher prices will prevail after the world is sure that you have
DEO. 9 1911.]
THE CHRONICLE
reduced acreage and that another freak year of large yield per acre is unlikely. The success of the plan is dependent wholly upon the farmer himself, and not upon us. We are only recognizing the fact that you seem to
want to hold cotton, and are endeavoring to provide the means whereby
you can do so with the greatest economy, and where you can, if you desire,
practically carry your cotton into another crop and still own cotton at a
less cost than you could produce a new crop. The only insurance we can
offer you is that it will not go below $25 per bale, or, at any rate, we are
taking that risk. We aro Insuring you, however, that if the market does
advance, you can select your own date for closing out the trade and take the
benefit of the advance.
—A plan intended to guard against losses through the overcertification of checks has been devised by the Corn Exchange
Bank of this city. The arrangement which it has decided to
adopt embraces a form of a trust agreement to be signed by
customers who are obliged at times to seek accommodation
in the over-certification of their checks. This agreement is
as follows:
We hereby request the Corn Exchange Bank from time to time to certify
our checks which shall be payable to the order of some third person, persons
or corporation in amounts in excess of our balance on deposit with the Corn
Exchange Bank at the time of certification in order that we may receive
from the payee or payees of said checks certain bonds, notes, securities,
merchandise or cash, or in order that we may procure the release of certain
securities or merchandise held by the payee as collateral to a loan to us,
and in consideration of such over-certification by the Corn Exchange Bank
of our checks we promise and agree to hold the said checks, and all securities,
merchandise and cash received by us with the proceeds of any checks so
certified as trustee for the Corn Exchange Bank, to secure the amount of the
certification granted by said bank, and to deliver said securities, merchandise or cash so obtained to the Corn Exchange Bank before the close of business on the day of certification of said checks.
Any deficit or failure resulting from the non-performance of this trust shall
constitute an indebtedness of ours to the Corn Exchange Bank the validity
of which is hereby acknowledged.
This agreement shall be a continuing agreement and shall cover every
over-certification of our checks and the securities to be acquired by the proceeds thereof, and it shall not be necessary to re-execute the same for each
over-certification.
All the powers of sale and transfer of the property acquired by us through
this trust agreement shall pass to and become the right of the Corn Exchange Bank.
—The stockholders of the Harriman National Bank will,
at their annual meeting on Jan. 9, vote on the question of
increasing the capital of their institution from $200,000
to $00,000. Since the previous call of the Comptroller, the
deposits of the bank have increased over $700,000, having
risen from $6,502,000 on Sept. 1 to $7,202,411 on Dec. 5.
—Owing to the activity of its business, the Coal & Iron
National Bank of this city has been obliged to enlarge its
banking room so as to provide adequate space for its customers. The institution has deposits under the recent call of
Dec. 5 of $7,587,277 and aggregate resources of $9,468,626.
This bank is one of the few institutions whose entire surplus
and part of the capital has been earned, the surplus amounting to $464,030.
—The following new directors were elected to the board
of the Equitable Life Assurance Society on Wednesday to
fill vacancies: Charles D. Norton and William S. Skinner, to
serve for four years from December 31; Charles D. Barney
and, George C. Boldt for three years; John D. Crimmins,
Alton B. Parker, Samuel Rea, Douglas Robinson, Norman
B. Ream and Samuel M. Felton for two years; Richard H.
Williams, Edgar J. Levy and W. W. Finley for a term of one
year.
—John Q. Shedd, President of Marshall Field & Co. of
'Chicago, was on Wednesday elected a director of the National
Bank of Commerce in New York, succeeding the late John
F. Dryden.
• —A proposition for the merger of the business of the Plaza
Bank of this city with that of the Union Trust Co. will be
acted upon f3y the respective stockholders on the 22d inst.
The Plaza Bank has a capital of $100,000 and deposits of
over $4,000,000. A large majority of the stock of the bank
was recently acquired by interests identified with the trust
company. Particulars of this were given in our issue of
Nov. 18.
—Carroll C. Rawlings, Trust Officer of the Union Trust
Co., was elected a Vice-President of the company last Thursday • Mr. Rawlings has been identified for many years with
the institution.
—The Sherman National Bank of this city has moved from
34th Street and Astor Court to new offices in the WaldorfAstoria Hotel, on the corner of 33d Street and Astor Court.
Its deposits on the 5th inst. were $1,434,120.
—Leopold Seligman, of the well-known family of bankers
of that name, died in London on the 5th inst. Mr. Seligman
was one of the eight brothers who founded the international
banking houses of that name. Joseph, the oldest brother,
who died in 1880, with his brother William just before the
Civil- War brought about the establishment of a dry goods
firm in New York, and a branch in California, the latter in
1571
charge of Leopold, Jesse, Abraham, and Henry. In 1862
the New York firm was converted into the banking house
of J. & W.Seligman & Co.(with Joseph, William, James and
Jesse as the resident partners), the California branch subsequently becoming the Anglo-California Bank, Ltd., and
later the Anglo & London Paris National Bank. Isaac and
Leopold started the London branch known as Seligman
Brothers; William Seligman with Max Hellman established
the Paris branch under the name of Seligman Freres et Cie,
and Henry and Abraham opened the Frankfort branch of
Seligman & Stettheimer. Only two of the brothers now
survive,—James, of New York, and Isaac of the London
house. Leopold Seligman was in his eightieth year.
—George Barclay Moffat, special partner in the New York
Stock Exchange house of White, Weld & Co., died in Portland, Oregon, on the 4th inst. Mr. Moffat was born in
Brooklyn fifty-seven years ago. He was originally of the
firm of Carleton & Moffat formed in 1879, and which conducted a general importing and exporting business with the
East Indies, China and Japan. In 1892 he joined the firm
of Spencer Trask & Co. and in 1895 organized the firm of
Moffat & White. Upon his withdrawal from active business
the new partnership of White, Weld & Co. was formed in
May 1910, Alexander M. White of that firm being Mr. Moffat's
brother-in-law. Mr. Moffat was interested in several large
corporations, notably the Oregon Electric Ry., of which he
was the founder. Until lately, he was a director and member of the Executive Committee of the Columbia Trust
Co. of this city. At a meeting of the directors of the latter
this week, the following memorial resolution was unanimously adopted.
In the death of George Barclay Moffat the Columbia Trust Company has
lost a loyal partisan, and Its directors and officers a most congenial, honored
and inspiring friend. His sound judgment and wide knowledge of men,
combined with a fine perception of duty and a nobility of soul, gave unusua
balance to a mind of great activity; while his affectionate nature and strong
purpose rounded out a splendid character.
—The Mutual Alliance Trust Co. will move its principal.
office from Hanover Square to the Mills Building, 35 Wall
Street, about January 1.
—An order dissolving the Night & Day Safe Deposit Co.
of 527 Fifth Avenue was signed by Justice Cohalan on the
1st inst. D. Phoenix Ingraham has been appointed referee
to settle the affairs of the organization, which under a
resolution adopted by the stockholders last February, has
arranged for the transfer of its business to the Harriman
National Bank. The Harriman National is a conversion of
the Night & Day Bank.
—An offer of a settlement of the claims against James R.
Keene growing out of the collapse in January 1910 in the
common stock of the Columbus & Hocking Coal & Iron Co.,
which carried down with it J. M. Fiske &. Co., Lathrop,
Haskins & Co. and Roberts, Hall & Criss, was agreed to on
the 17th ult. by all the creditors of the Fiske firm except
(the Mechanics & Metals National Bank) and likewise by
the creditors of Lathrop, Haskins & Co. The settlement
also affects the creditors of Roberts, Hall & Criss. Two
actions were instituted after the failure by the trustees of
J. M.Fiske & Co., against Mr. Keene, who was charged with
a violation of the pool agreement, an accounting between the
plaintiff and Mr. Keene, as well as the other members of the
pool being sought. Similar suits were also begun by the
trustees of the other two firms. Under the terms of the
offer agreed to, it is stated, Mr. Keene will pay $400,000 in
cash; of this the trustees of Fiske & Co. will receive $41,379,
less expenses; the trustees of Lathrop, Haskins & Co. will
receive about $90,000, while the trustees of Roberts, Hall &
Criss will receive $150,000, which will be turned over to the
latter firm's creditors in full payment of claims aggregating
$270,000. The settlement in the case of Lathrop, Haskins
dr Co., it is reported, also releases Popper & Stern, who, it is
understood, were drawn into the litigation, from any claims.
—The composition offer of 25 cents on the dollar, cash,
agreed to by the creditors of Charles Minzesheimer & Co., of
this city, was confirmed by Judge Hand on the 4th inst.
—A dividend of 10% was paid on Nov.27 to the depositors
of the failed Northern Bank of this city. This is the second
payment which has been made since the institution closed
its doors on Dec. 27 1910. The amount represented in the
first dividend, paid in April, was 50%, the total thus being
60%.
—An involuntary petition in bankruptcy was filed on
November 21 against John B. Van Schaick and Derby
Crandall, composing the firm of Van Schaick & Co. of 7 Wall
Street, which assigned on September 12. The petition was
1572
THE CHRONICLE
[VoL. Lxxxxm.
presented by Charles Unangst, acting for himself and two
—J. R. McAllister, President of the Franklin National
creditors. Mr. Unangst's claim, it is stated, amounts to Bank of Philadelphia, was this week elected Chairman of
$49,673, representing, as alleged, money and securities loaned Group I of the Pennsylvania Bankers' Association, which
to the firm, and balance on a stock account.
includes Philadelphia and the neighboring territory. A. V.
—Charles S. Day, one of the oldest members of the New Morton, Treasurer of the Pennsylvania Company for InsurYork Stock Exchange, died on the 29th ult. He was seventy ances on Lives, &c., has become Secretary of the Group.
five years of age and had been a member of the Exchange
—Louis M. Wagner has been elected a director of the Third
since 1869.
National Bank of Philadelphia to succeed the late Edwin
—David G. Legget, Second Vice-President and Chairman F. Cook. Mr. Wagner is a son of Louis M. Wagner, President
of the Executive Committee of the Long Island Loan & Trust of the bank.
Co. of Brooklyn Borough, was elected President of the in—James C. Fenhagen, who lately became a partner in the
stitution on Wednesday. The office had been vacant since banking firm
of Robert Garrett & Sons,• of Baltimore, has
the death of Edward Merritt last February. Clinton L. been elected
a director of the National Mechanics' Bank of
Rossiter continues as First Vice-President, while John H. that city. Prior to entering
the firm on Oct. 1, Mr. FenEmanuel Jr. has been chosen as Second Vice-President, sue- hagen was Vice-President
and Cashier of the Maryland
ceeding Mr. Legget. Mr. Legget has been a trustee of the National Bank.
Institution since 1889, and Vice-President for a number of
—Ex-Senator Nathan B. Scott is reported to have resigned
years. Mr. Rossiter was at one time mentioned in connection with the succession to the presidency, but, it appears, as President of the United States Trust Co. of Washington,
yielded to Mr. Legget. The Brooklyn "Eagle" in its issue D. C.
of the 6th says: "It is said that Mr. Rossiter all along has
—The Union National Bank of Columbus, Ohio, closed its
been willing to step aside for Mr. Legget; but that until re- doors on Monday, its directors having voted to place it in
cently the latter absolutely refused to take the presidency. the hands of the Comptroller of the Currency for liquidation.
Even now he is reported to have said that no work need be The suspension of the institution, the "Ohio State Journal"
expected of him in connection with the office, and he is not reports, followed a week of negotiations by which it was
to draw any salary. This leaves Mr. Rossiter virtually in hoped to avert the receivership. Proceedings looking toward
control of the company's administration."
its merger with another financial institution were engaged
—Henry M. Wells was elected to succeed the late Charles in, but without results; the Columbus Clearing House then
T. Young as President and director of the National City Bank took up the matter, naming a committee to look into the afof Brooklyn Borough at a meeting of the directors on Tues- fairs of the bank with a view to giving it such support as
day. Mr. Wells had served as Cashier of the bank for the was warranted, but the report, presented last Sunday night,
past fourteen years; he started with the institution as junior was such, it is stated, that the association decided that nothclerk in 1885. At Tuesday's meeting the directors also ing could be done. Thereupon the directors of the bank volelected D. Irving Mead as Vice-President in place of Eugene untarily took action toward placing the institution in liquiBritton, who retires because of ill-health. Mr. Meade has dation. National Bank Examiner Goodhart, who has charge
been a director for a number of years, and is a grandson of of its affairs, is reported to have issued a statement in which
John J. Studwell, a former President of the institution. he said that rumors about the bank had discredited it,
caused a drain on its funds and impaired its reserve. :Not
The cashiership remains unfilled.
—John G. Jenkins, it is announced, has withdrawn as being able to restore the impairment, its funds running low,
President and director of the Sea Cliff Bank of Sea Cliff, the directors decided to suspend. A statement emanating
L. I., which closed on Nov. 23. A contract of sale to the from the office of the Comptroller of the Currency, and based
other shareholders of all stock in the institution owned or on the reports of special examiners, is said to indicate that
controlled by him is also said to have been signed by him on the failure will involve a possible loss of about $860,000,
the 25th ult. The action, the Brooklyn "Eagle" indicates, assets to that extent being reported as of doubtful value.
was taken with a view to bringing about, if possible, the The amount of the estimated loss is equal to that of the comreopening of the bank, but apparently, judging from a state- bined capital, surplus and profits—the capital being $750,ment attributed to State Bank Examiner H. L. Tompkins, 000 and the surplus and profits (on Sept. 1) aggregating
who is in charge of the institution, its reorganization is not $109,210. The bank's deposits on Sept. 1 stood at $2,374,099. It has $400,000 of the funds of Franklin County,
likely to be effected.
which are covered by surety bonds. The Union National
—Frederick A. Mead, President of the First National Bank
Bank began business in February 1905, having been organof Albany, N. Y., Vice-President of the Albany Trust Co.
ized as successor to the Merchants' & Manufacturers' Naand President of the Albany Exchange Savings Bank, died
tional Bank. W. S. Courtright, the President,is announced
on the 4th inst. Mr. Mead was born in Milford, N. Y., in
to have been in ill-health for several months; C. S. David ,who
1856 but entered the business life of Albany in 1878. With
was made Vice-President early in the year, has recently been
his brother, J. H. Mead, he started in that year in the butmanaging its affairs.
ter, cheese and egg business, and built up one of the largest
—The merger of the Cincinnati Trust Co. with the Provibusinesses of its kind in the State. Mr. Mead became President of the Albany Exchange Savings Bank in 1904 and in dent Savings Bank & Trust Co. of Cincinnati, which occurred
May 1905 was elected President of the First National of on Nov. 21, was formally ratified by the stockholders of the
first-named institution on Monday. The following liquidatAlbany.
—Henry W. Patterson, of Smith, Patterson & Co., was ing committee has been chosen: B. H. Kroger, President of
recently elected a director of the Exchange Trust Co. of the Provident Savings Bank & Trust Co., and Theobald Feiss,
both of whom represent the stockholders of the. Cincinnati
Boston, Mass.
—The new statement of the National Union Bank of Trust Co., and M. E. Moch, representing the latter's direcBoston under the recent call of Dec. 5 shows deposits of tors.
$10,352,587 and aggregate resources of $13,238,644. This
—Beman Thomas, who had been Cashier of the Security
institution is one of the oldest banks in the country, having Savings Bank of Columbus, Ohio, since the summer of 1910,
been incorporated in 1792. It has a capital of $1,000,000 was recently elected President of the institution, succeeding
J. A. Metcalf. Mr. Metcalf entered the management of the
and surplus and profits of $1,473,837.
—The Wachusett National Bank of Fitchburg, Mass., bank at the same time that Mr. Thomas assumed the cashierhas been absorbed by the Safety Fund National Bank of that ship, but it is stated that he consented to officiate in the
city, the merger having gone into effect on the 1st inst. The presidency only until such time as Mr. Thomas should befirst-named institution had a capital of $250,000 and depos- come familiar with affairs of the institution. Mr. Thomas
ts of about $600,000. The Safety Fund National has $200,- is also President of the Citizens' Savings & Trust Co. of Jack000 capital and deposits (Sept. 1) slightly in excess of $1,- son, Ohio. Mr. Metcalf retains his interest in the Security
Savings Bank and will continue as a member of its directorate.
000,000.
—W. S. Bishop, lately Chief Clerk of the National Bank
—According to its new statement of Dec. 5, aggregate resources of the Corn Exchange National Bank of Philadelphia of the Republic of Chicago, has become an Assistant Ca shier
have passed the twenty-five million dollar mark, being $25,- of the institution.
244,712. Deposits are reported at $22,177,016. The in—The People's Trust & Savings Bank of Chicago, which
stitution has a capital of $1,000,000 and surplus and net began business on Dec. 11910, will pay its first dividend on
profits earned of $1,631,197. Charles S. Calwell is Presi- Jan. 2. The directors this week declared a 2% quarterly
dent and M. N. Willits Jr. Cashier.
distribution, payable to stockholders of record Dec. 30.
.M.D71. 9 1911.]
THE CHRONICLE
The institution has a capital of $500,000. Last March it
took over the Railway Exchange Bank.
-The Monroe National Bank of Chicago, which was taken
over by the Central Trust Co. of Illinois in October, was
placed in voluntary liquidation on Nov. 21.
-Clarence W. Robnett, formerly teller of the Lewiston
National Bank of Lewiston, Idaho, who was indicted in
November 1909 on charges in connection with a shortage of
$137,000 in the funds of the bank, pleaded guilty on the
13th ult. to the indictments against him and was sentenced
to ten years' imprisonment. He was subsequently pardoned by President Taft, whose course, it was stated, was
in accordance with a recommendation approved by Attorney-General Wickersham, emanating from the special prosecutors of the Department of Justice, in view of the conviction
last spring of William F. Kettenbach, formerly President,
and George H. Kester, formerly Cashier of the institution.
-The sentence imposed on Leo Cramer, formerly VicePresident of the failed Idaho State Bank of Hailey, Idaho,
by the District Court last April was affirmed by the State
Supreme Court on Nov. 22. He was sentenced to from six
months' to two years' imprisonment following his conviction on charges of having received a deposit when the institution was known to be insolvent.
-One of the finest buildings in the West devoted exclusively to banking purposes is now under construction for the
International Trust Co. of Denver. The building is to be of
the Corinthian type of architecture. It will be built entirely
of white Vermont marble,on a Milford pink granite base,and
will be four stories in height. The site is the corner of Seventeenth and California streets, and the structure will have a particularly handsome front, with marble columns and massive
bronze windows facing both streets. Arizona opal marble
will be used extensively in the main banking room for walls,
counters, &c., and the grills will be of solid bronze and plate
glass, while the cabinet work, office furniture, &c., will be
of mahogany. The safe-deposit vaults will be of the
modern design, 400,000 lbs. of steel being used in their construction; the vault will contain 6,000 boxes. The International is the largest trust company in the State, having a
capital of $350,000, surplus and profits of $800,000 and
resources of over $6,000,000. H. M. Blackmer is President;
T. G. Smith, Vice-President; H. H. Brooks, Secretary, and
P. E. Cleland, Treasurer.
-The Merchants' & Planters' Bank of Little Rock, Ark.,
has been organized with a capital of $300,000 and $200,000
paid in, by interests identified with the German National
Bank of Little Rock. R. A. Little, President of the German National, and E. T. Reaves, Cashier, have been chosen
to similar offices in the Merchants' & Planters' Bank. It is
reported that after Jan. 1 the German National will be controlled by a syndicate headed by J. D. Goldman of St. Louis
and E. Cornish of Little Rock, which recently concluded
negotiations for the acquisition of a majority of its capital
stock.
-A meeting of the stockholders of the Sullivan Bank &
Trust Co. of Montgomery, Ala., will be held on the 26th inst.
to act on the question of increasing the capital from $100,000
to $250,000.
-The proceedings at the 94th annual meeting on Monday
of the Bank of Montreal, which we print at length on another
page in connection with the annual statement, sets forth
very fully the financial condition of this important institution,
as well as the very satisfactory commercial conditions existing in Canada. Net profits of $2,276,518 for the twelve
months ending Oct. 31 1911 compare with $1,797,992 last
year and exceed by $836,518 the amount required to pay the
10% dividend, calling for $1,440,000. An increase of $1,600,000 in the capital stock was approved during the last
fiscal year, making the authorized issue $16,000,000. The
issuance of the new capital was decided upon mainly with the
view of increasing the notes in circulation to prevent a possible
scarcity of currency. Another change in the statement was
in increasing the bank premises account, which for years has
stood at only $600,000, to $4,000,000, this latter amount
being somewhat less than the value of the land alone, the
land and buildings being estimated as having a valuation of
$9,088,000. The increase of $3,400,000 over former statements has been employed partly to enlarge the rest to an
amount equal to the paid-up capital, and the surplus has
been carried to the profit and loss account, making the balance in this account Oct. 31 $1,855,156, comparing with
1573
$961,789 a year ago. The rest now stands at $15,000,000, as
against $12,000,000 in the last statement. The announcement of the retirement of Sir Edward Clouston as General
Manager was received, and resolutions of appreciation and regret were passed. Sir Edward Clouston served the bank
forty-seven years, twenty of which were spent in the chief
executive office. He continues as Vice-President and is succeeded as General Manager by H. V. Meredith, heretofore
Assistant General Manager. Mr. Meredith has been in the
employ of the bank since 1867.
-At the recent annual meeting of the Canadian Bankers'
Association, Sir Edward Clouston, Vice-President of the
Bank of Montreal, was re-elected President. The proposed revision of the Banking Act formed one of the
discussions at the meeting, and it is stated that the
bankers favor its revision at the forthcoming session of
Parliament rather than that their charters be again extended for a temporary period pending legislative action.
The charters expired on July 1 last, but were extended by
Parliament for one'year in view of the proposed legislation.
Copper Production and Consumption.
-The November
statement of the Copper Producers' Association was issued
yesterday. It makes a strikingly favorable showing. Production was only 111,876,601 lbs., while deliveries for export
and domestic consumption reached 135,089,055 lbs. Accordingly, stocks were reduced in amount of 23,212,454 lbs.,
and at the end of November were only 111,785,188 lbs.,
against 134,997,642 lbs. at the end of October. Ih the following we furnish comparisons with last year, both for November and for the eleven months ending with November:
November
Jan. 1 to Nov. 301910.
1911.
Copper1911.
1910.
Stocks beginning of
122,030,195
141,766,111
period
lbs_134,997,642 139,261,914
Production
111,876,601 119,353,463 1,309,041,641 1,328,782,901
Total supply
246,874,243 258,615,377 1,431,071,836 1,470,549,012
Deliveries for
Domestic consumption
68,039,776 60,801,992 643,623,131
705,832,524
Export
67,049,279 67,424,316 675,663,517 634,327,419
135,089,055 128,226,308 1,319,286,648 1,340,159,943
Stocks end of period 111,785,188 130,389,069
111,785,188
130,389,069
DEBT STATEMENT OF NOVEMBER 30 1911.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Nov. 30 1911. For statement of Oct. 31 1911
see issue of Nov. 25 1911, page 1437; that of Nov. 30 1910, see
Dec. 24 1910, page 1686.
INTEREST-BEARING DEBT NOV. 30 1911
Amount
Amount Outstanding
Issued.
Interest
Registered. Coupon.
Total.
3
Payable.
Title of LoanQ-J. 646,250,150 642,095.550 4,154,600 646,250,150
2s, Consols of 1930
Q-F. 198,792,660 43,690,640 20 254,820 63,945,460
3s, Loan of 1908-18
Q-F. 162,315,400 99,681,900 18,808,000 118,489,900
41, Loan of 1925
54,631,980 54,606,740
25,240 54,631,980
2s, Pan. Canal Loan 1906.Q-F.
30,000,000 29,640,820
359,180 30,000,000
2s, Pan Canal Loan 1908_Q-F.
50,000,9 0 26,244,900 23,755:26 50,000,000
41, 0
000
50
100
3s, Pan. Canal Loan 1911_Q-S.
36,640
41,900
2Ms,Postal Savings bonds J-J.
Aggregate int.-bearing debt .1,142,032,090 895,997,190 67,362,200 963,359,390
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
October 31.
November 30.
Funded loan 01 1891, continued at 2%, called May 18
1900, interest ceased Aug 18 1900
Funded loan of 1891, matured Sept. 2 1891
Loan of 1904, matured Feb. 2 1904_
Funded loan 01 1907, matured July 2 1907
Refunding certificates, matured July 1 1907
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861
$7,000 00
23,650 00
13,350 00
888,850 00
14,610 00
$7,000 00
23,65000
13,350 00
861,650 00
14,500 00
904,350 26
904,350 26
Aggregate debt on which interest has ceased since
maturity
$1,851,810 26 $1,824,500 26
DEBT BEARING NO INTEREST
November 30.
October 31.
United States
$346,681,016 00 $346,681,016 00
53,282 50
53,282 50
Old demand notes
28,056,118 00
27,639,750 50
National bank notes-Redemption account
Fractional currency, less $8,375,934 estimated as
6,857,019 90
6,857,019 90
lost or destroyed
Aggregate debt bearing no interest
$381,647,436 40 $381,231,068 90
RECAPITULATION.
ClassificationInterest-bearing debt
Debt interest ceased
Debt bearing no interest
Total gross debt
Cash balance in Treasury*
Total net debt
Nov. 30 1911.
$963,359,390 00
1,824,500 26
381.231,068 90
Increase (-F) or
Oct. 31 1911.
Decrease(-).
$963,349,390 00
+510,000 00
1,851,810 26
-27,310 00
381,647,436 40
-416,367 50
$1,346,414,959 16 31,346,848,636 66 -$433,677 50
282,243,628 08
286,522,393 55 -4,278,770 47
$1,064,171,331 08 $1,060,326,238 11 -53,845,092 97
*Includes $150,000,000 reserve fund.
The foregoing figures show a gross debt on Nov. 30 of
$1,346,414,959 16 and a net debt (gross debt less net cash
in the Treasury) of $1,064,171,331 08.
1574
Lxxxxn..
THE CHRONICLE
TREASURY CASH AND DEMAND LIABILITIES.
Our usual monthly detailed statement of transactions on
The cash holdings of the Government as the items stood the New York Stock Exchange is appended. The results
Nov. 30 are set out in the following:
for the eleven months of 1911 and 1910 are given below:
ASSETS.
LIABILITIES.
Trust Fund Holdings
Trust Fund Liabilities
Gold coin
1,002,579,669 00 Gold certificates
1,002,579,669 00
Silver dollars
490,453,000 00 Silver certificates
490,453 000 00
Silver dollars of 1890_ _ _
3,111,000 00 Treasury notes of 1890..
3,111,000 00
Total trust fund
1,496,143,669 00
General Fund Holdings
Certified checks
817,645 80
Gold coin and bullion
28,364,249 84
Gold certificates
106,938,921 00
Silver certificates
7,001,027 00
Silver dollars
472,423 00
Silver bullion
2,446,907 48
United States notes_ _ _ _
5,868,032 00
Treasury notes of 1890_ 8,230 00
National bank notes__
29,800,608 27
Fractional silver coin_ __
17,490,431 83
Fractional currency____
191 58
Minor coin
1,673,867 36
Bonds and interest paid
50,378 84
Total trust liabilities_1,496,143,669 00
Gen.Furul Liabilities
National Bank 5% fund 25,472,661 07
Outstanding checks and
12,228,416 19
drafts
Disbursing officers' bal77,838,496 14
ances
Post Office Department
6,1119,661 35
account
938,592 72
Miscellaneous items_ _ _ _
122,647,827 47
Tot. gen. liabilities
Tot. In Sub-Treasles_ 200,932,914 00
In Nat. Bank Depositories
Credit Treasurer of U. S. 36,360,516 67
Credit U. S. dis. officers 11,459,725 27
1,901,035,121 55
Grand total
1,901,035,124 55
Canadian Bank Clearings.
-The clearings of the Canadian
banks for the month of November 1911 show an increase over
the same month of 1910 of 26.3%, and for the eleven months
the gain reaches 17.7%.
November.
Eleven Months.
Clearings at1911.
Canada
Montreal __ _
Toronto _-Winnipeg.. _ _
Vancouver- _
Ottawa _ _ _
Quebec
Halifax
-_
Calgary __
Hamilton._
St. john._
Victoria
London
Edmonton_
Regina
Brandon *.._
Lethbridge *
Saskatoon S.
Moose Jaw_ _
Brantford _
Fort William
1910.
$
$
252,286 040 191,937.442
185,204,936 155,443,459
159,586,897 126,717,720
54,031,618 43,041,230
20,730,753 17,299,162
13,324,063 12,281,292
8,852,691 7,384,639
23,546,992 15,817,0.10
12,758,264 10,048,849
7,083,960 7 022,296
12,869,885 10,386,173
6,632,361 5,709,654
14,179,630 8,022,620
8,698,769 6,375,370
3,876,877 3,297,877
3,225,540 2,821,760
9,059,092 4,815,249
6,245,488 Not includ.
2,514,767 Not includ.
2,758,000 Not includ.
Par Value
or Quantity.
Actual
Value.
.
Eleven Months 1910.
Aver. Par Value
Price. or Quantity.
Actual
Value.
Aver.
Price.
StockiSh,s.
118,151,375
154,327,821
f Val_ $10661,658,650$10209,384,421 95.7$13865,422,975 313415,061,621 96.7
RR. bonds
706,992,700
542,450,200
674,636,316 95.4
525,936,636 97.0
Gov't bds•
3,301,500
3,414,418 103.4
351,70()
375,484 106.8
State bds_ _
89,302,400
88,908,574 99.5
39,733,950
39,628,899 99.7
Bank stks_
1,525,200
3,950,671 259.0
1,165,800
2,478,983 112.6
Total
311462.780.450310980,294,40
95.8 314449,124,625 313983,481,623 96.8
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1911
and 1910 is indicated in the following:
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
Total in banks
47,820,241 94
In Treas. of Philippine Islands
2,906,273 37
Credit Treasurer of U. S.
Cash balance and Reserve
Credit U. S. dis. officers
3,232,026 24 Total cash and reserve__ 282,293,628 08
Made up of
Total in Philippines__
6,138,299 61 Available _$132,243,628 08
and
Reserve Fund Holdings
Reserve FundGold coin and bullion_ __ 150,000,000 00 Gold&bull. 150,000,000 00
Grand total
Eleven Months 1911.
Descriplion.
Inc. or
Dec.
1911.
1910.
Inc. or
Dec.
1911.
M'th. Number.
of
Shares.
1910.
Values.
Par.
Actual.
Number.
of
Shares.
Values.
Par.
Actual.
$
$
$
8
Jan _ 10,416,526 907,563,875 872,467,419 24,538,649 2,255,816,7752,236,641,564
Feb.10,194,217 902,448,900 879,948,718 16,012,626 1,423,073,275 ,407,743,928
Mch_ 6,823,868 619,067,575 600,479,480 14,988,179 1,336,803,725 1,327,476,419
lstqr 27,434,611 2,429,080,3502,352,895,617 55,539,454 5,015,693,7754,971,861,911
April 5,639,350 471,409,900 456,396,404 14,039,639 1,279,487,675 1,256,488,974
May 11,115,578 983,924,050 971,047,984 11,918,978 1,055,491,350 1,004,681,480
June 10,508,400 951,730,450 940,178,916 16,292,870 1,452,455,025 1,385,474,622
2d qr 26,993,328 2,407,064,400 2,367,623,304 42,301.487 1,787,434,0503,646,645,076
6 m's 54.427,9394.836,144.7504.720.518,921 97,840,941 8,803,127,8258,618,506,987
July 5,476,559 503,137,300 486.492,746 14,254,713 1,284,761,925 1,235,461,645
Aug_ 14,994,533 1,371,606,250 1,308,437,416 10,392,788 919,409,950 855,016.748
Sept. 17,395,957 1.594,873,875 1,401,457,498 7,673,529 666,140,100 600,099,980
3d qr 37,867,0493,469,617,4253,196,387,66032,321,030 2,870,311,975 2.691,478,376
$
$
%
%
+31.4 2,163,707,430 1,908,601,288 +13.4
+19.1 1,679,421,685 1,439,815,830 +16.7
+25.9 1,042,645,008 852,272,613 +22.3
+25.5 493,808,692 402,257,939 +22.8
+19.9 193,048,009 177,752.033
+8.6
+8.5 120,491,733 111,515,763 +8.1
88,521,798 -10.2
79,510,187
+19.9
+48.9 106,544,442 135,121,140 +45.5
+27.0 112,398,728
91,647,975 +22.6
70,039,942
+0.9
71,089,198 -1.1
+23.9 123,176,473
91,383,004 +34.8
+16.2
64,612,954
60,546,416 +6.7
63,347,332 +69.4
+76.8 107,309,499
64,534,325
44,918,850 +93.7
+36.4
26,046,683
+17.7
19,502,336
25,926,776
+14.3
6,768,145
55,404,475
+88.1
4,815,249
In tot.
35,031,863 Not included in total
in tot.
25,273,193 Not included in total
In tot.
5,145,883 Not included in total
9 m's92,294,9888,305,762,175 7.916,906,581 130161 971 11073,439,800 11309,985,363
Oct.10,936,901 1,003,848,325 942,988,876 13,452,381 1,228,154,700 1,229,096,411
Nov_ 14,919,486 1,352,048,150 1,349,488,964 10,713,469 963,828,475 875,979,847
The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings. Total All.
Clearings Outside New York.
Month.
1911.
1910.
1911.
1910.
Total Can. 779,786,861 617,986,946 +26.3 6,511,519,107 5,538,791,179 +17.7
$
$
•
Jan
14,476,209,784 17,174,732,652 -15.3 5,945,061,214 5,925,656,671 +0.3
Feb.. 12,251,508.563 13,133,952,233 -6.7 4,955,343,115 4,982,812,172 -0.6'
Mch _ _ 13,451,984,608 15,053,917,520 -10.6 5,830,383,704 6,007,733,917 -2 9
• Not included in total: comparison incomplete.
1st qr_ 40,179,702,955 45,362,602,415 -11.4 16,731,688,033 16,916,202,760 -1.1
The clearings for the week ending Dec. 2 make quite a
satisfactory comparison with the same week of 1910, the
increase in the aggregate having been 17.0%.
Week ending December 2.
Clearings al
1911.
Canada-Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
1910.
41,811,654 38,924,310
38,781,967 35,000.000
34,369,787 28,263.015
12,059,164 9,236,265
4,162,680 2,982,057
2,769,066 2,413.252
1,872,536 1,378,786
5,062,544 3,655,443
2,795,535 2,419,093
1,525,306 1,406,788
2,465,261 2,376,499
1,555,231 1,228,357
3,023,638 1,797,940
2,093,082 1,386,811
612,811
756,950
663,531
675,595
1,916,357 1,037,870
1,726,977 Not India'
536,120 Not induct.
553,002 Not includ.
Inc. or
Dec.
1909.
1908.
+7.4 46,967,788 32,963,552
+10.8 32,196,113 29,105,255
+21.2 27,845,410 20,329,839
+30.6 7,416,159 3,894,351
+39.3 3,655,851 3,366,851
+14.7 2,474,712 2,395,507
+35.9 2,268,340 1,700,670
+38.7 2,763,620 1,908,960
+15.5 2,042,871
1,697,232
1,379,453
+8.5 1,436,934
+37.5 1,244,673 1,084,338
+26.6 1,182,269 1,264,463
+67.6 1,194,710
867,014
+51.0 1,132,766
+23.5
-1.8
+84.7
In tot.
In tot.
In tot
April 12,382,727,993 14,045,487.677 -11.8 5,411,915,500 5,703.725,505 -5.1
May _ 13,505,702.320 13,178,504,840 +2.5 5,548,078,310 5,371,635,283 +3.2
June _ 13,813,415,822 13,841,758,765 -0.2 5,597,880,955 5,477,437,653 +2.2
2d qr_ 39,701,846,135 41,065,751,282
6 mos. 79,881,549,090 86,428,353,697
July
13,050,997,907 13,312,852,487
Aug _ _ 12,645,891,029 11,537,521,793
Sept _. 12,590,769,595 11,395,370,432
16,557,874,765 16,552,798,441 +0.02
-7.6 33,289,562,798 33,469,001,201
-2.0 5,535,161,493 5,434,185,690
+9.6 5,261,768,815 5,075,253,966
+10.5 5,405,792,451 5,164,355,487
-0.5
+1.8
+3.8
.+4.7
3d qr_ 38,287,658,531 36,245,744,712 +5.6 16,202,722,759 15,673,795,143 +3.2
9 mos. 118169,207,621 122674,098,409 -3.7 42,492,285,557 49,142,706,344 +0.7
Oct _ 13.545,778,628 13,826,249,067 -2.0 6,035,574,738 5,1)22,160,013 +1.9
Nov
14,080,339,931 13,633,427,265 +3 3 6,006,464,217 5,819,123,179 +3.2
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.
Jan. 1 to Nov. 30November
(000,000s
1911. 1910. 1909. 1908. 1911.
1910.
1909.
1908.
omitted.)
8
$
$
$
$
$
$
$
New York
8,074 7,814 9,064 8,191 84,261 89,250 93,682 70,010
Chicago
1,171 1,145 1,162 1,02() 12,685 12,738 12,557 10,720
Boston
712
763
736
769
7,609
7,588
6,618
7,668
Total Canada
157,684,289 134,794,892 +170 132,822,216 102,017,485 Philadelphia
627
643
642
537
6,992
7,024
6,275
5,366
St. Louis
331
330
318
268
3,390
3,513
3,119
2,777
Pittsburgh
215
205
208
168
2,306
1,882
2,127
2,366
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
- San Francisco
204
228
188
155
1,786
2,211
2,211
1,606
170
141
150
1,324
108
1,473
1,622
1,120
The subjoined table, covering clearings for the current week, Baltimore
105
106
113
1,225
1,138
110
1,165
1,116
usually appears on the first page of each issue, but on account Cincinnati
Kansas City
230
2,172
2,402
228
226
2,355
175
1,666
of the length of the other tables is crowded out once a month. Cleveland
86
84
82
916
923
62
794
682
95
100
879
100
797
906
76
693
The figures are received by telegraph from other leading cities. New Orleans
Minneapolis
1,053
119
923
110
954
106
127
959
Louisville
615
586
51
56
57
614
47
516
Detroit
848
84
Clearings-Returns by Telegraph.
697
78
881
71
67
608
Per
Milwaukee
597.
548
Week ending Dec. 9.
637
61
57
58
49
405
1910.
Cent.
1911.
Los Angeles
737
857
85
45
62
73
606
453
378
371
35
31
359
41
42
New York
31,536,887 002 $1,559,010,391
-1.4 Providence
305
601
767
62
66
63
674
Boston
50
135,667,272
140,039,845
+3.2 Omaha
544
35
461
473
43
43
43
425
Philadelphia
121,487,865 +13.8 Buffalo
138,260,102
375
52
524
54
489
47
59
470
29,268,544 +12.6 St. Paul
Baltimore
32,967,410
439
37
427
404
38
38
34
380
Chicago
234,274,686
251,389,805
342
+7.3 Indianapolis
44
418
St. Louis
43
451
38
45
68,772,411
425
67,396,665
+2.0 Denver
369
355
35
342
30
27
34
New Orleans
324
20,535,145 +15.9 Richmond
23,795,728
268
Memphis
47
320
49
29
34
293
255
2213
48
48
388
531
539
503
Seven cities,5 days
39
58
$2,192,112,303 $2,167,640,568
+1.1 Seattle
19
17
Other cities, 5 days
205
14
16
198
527,698,473
510,418,792
166
+3.4 Hartford
125
Salt Lake City-35
31
297
28
33
295
304
228
Total all cities, 5 days
$2,719,804,866 $2,678,059,360
+1.6
Total ,
12,960 12,581 13,837 12,258 135,017 139,810 141,199 110,921
All cities, 1 day
586,397,241
541,016,126
+8.4
Other cities
1,114 1,052
732 /0,777 10,324
049
8,771
7,095
-Total all cities for week.
$3,306,202,107 33,219,075,486
--- -+2.7
Total all
14,080 13,633 14,786 12,990 145,794 150,134 149,970 118,016
Outside New York_ 6,006 5,810 5,722 4,799 61,513 60,884 56,288 48,006
DEO. 9 1911.]
THE CHRONICLE
1575
Pacific and Other Western Clearings broughtfrom 1st page. uneasiness, for he indicates very plainly that there is danger
of a total disagreement between Northern China and SouthNovember.
Eleven Months.
ern China, and that that may lead to danger to foreigners,
Clearings at
to foreign intervention, and to disruption. Altogether,
Inc. 01
Inc. or
Dec.
therefore, there are a great number of causes urging extreme
1911.
1910.
1911.
Dec.
1910.
caution. Yet, in spite of the anxieties, the stock markets
or
6
$
$
%
$
.0
San Francisco_ 228,464,938203.594.361 +12.22,210,866,4852,120,878,914 +4.2 have been more active during the week than for a long time
Los Angeles__ 84,945,878 72,746,198 +16.8 857,477,093 736,921,158 +16.3 past. Partly, the
activity is due to the stimulus given by
47,676,580 48,106,114 -0.9 502 627,974 544,828,295 -7.8
Seattle
50,487,652 45,076,552 +12.0 512,062 537 472,317,582 +8.4 the rise in New York. New York plays so very great a part
Portland
18,949,841 20,599.979 -8
Spokane
200,874,842 220,683,226 -9.0 in economic matters all over Europe that when it is active
Salt Lake City_ 34,861,233 30.042,492 +13.8 296,865,915 294,727,311 +0.7
18,802,607 18,452,695 +1.9 200,120,987 256,894,065 -22.1 the European bourses and stock exchanges become more
Tacoma
15,431,275 13,404,039 +15.1 157,094,799 142,039,849 +10.6 or less active likewise.
Oakland
8,088,287 7,291,917 +10.9
Sacramento
62,915,527 +12.6
70,835,911
A second cause is unquestionably the ending of hoarding
San Diego .... 8,648,400 5,628,656 +54.
78,168,790 61,535,794 +27.0
5,255,674 4,117,544 +27.6
Fresno
35,871,155 34,389,044 +4.3 in France and the more liberal employment of French capital
Stockton
4,681,993 3,335,951 +40.4
36,608,162 29,236,689 +25.2 at home and
abroad. France now is lending freely, both
Pasadena
3,501,795 3,145,974 +11.3 37,831,152 37,108,140 +1.9
San Jose
4,157,182 2,587,358 +60.7
28,425,429 25.725,138 +10.5 to Germany and to Austria-Hungary, and French investors
North Yakima 2,090,218 2,577,751 -18.9 21,450.002 22,469,759 -4.5 are buying
on a fairly liberal scale here in London, while
Boise
3,426,101 3,866,646 -11.4 38,682,012 38,428,626 -4.5
Coeur d'Alene_
850,000
11,424,020 -9.5 the Paris Bourse is much more animated than it has been
10,366,908
881,408 -3.6
Reno
1,388,803 1,274,323 +1.1
12,901,865 -0.2 since the Agadir incident. In Germany
12,833,474
trade continues
Ogden
4,302,483 Not incl. in total
27,745,329 Not included in total
active, and there is a considerable amount of speculation.
Total Futile541,744,457487,329,951 +11.25,306.233,6175,125,425,002 +3.5 There is also much doubt as to what may happen in
Berlin
Kansas City 229,971,205227,733,134 +1.12,355,294,4242,401,582,058 -1.9 if New York finds it necessary to call back much of the
Minneapolis_ _
.119,091,657 110,248.151 +8.1 954.007.890 1,052,864,880 -9.4 money lent -by it to Berlin. At the present time German
Omaha
61,811,450 66.192,956 -6.6 690,820,285 767,309,984 -10.0
4
St. Paul
52,414,504 54,036,276 -3. 489,327,048 523,867,898 -6.6 bankers are offering 43 per cent per annum for money for
Denver.
43,562,934 93,273,673 +0.7 417,936,255 450,864,744 -7.3 a month certain, and 5% per cent per annum for money for
27,463,114 20,492,241 +34.1 163,456,024 174,976,660 -6.6
Duluth
St. Joseph__ 28,481,870 28,267,645 +0.8 325,353,004 318,694,541 +2.1 two months certain, which is taken to indicate that they
Des Moines ___ 17,011,235 16,043,75- +11.6 192,997,322 190,265,947 +1.4 fear New York may call in more money than Germany can
Sioux City- __ _ 10,160.542 11,330,03 --103 116,550,428 138,886,410 -16.1 conveniently
spare, and are trying to replace what may have
Wichita
14,054,705 14,649,693 -4.1 151,204,034 145,284,438 +4.1
Topeka
6,435,625 6,021,246 +6.9 72,666,854
61,462,603 +18.2 to be repaid by European money. The rates are high
Lincoln
6,824,731 6,539,527 +4.4
74,921,238 -1.0 enough, probably, to attract
74,164,575
a good deal of French capital,
. 6,324,327 6,919,305 -8.6 71,397,056 72,729,709 -1.8
Davenport__Cedar Rapids. 5,003,127 5,952,50 -15.9 61,283,836 60,484,988 +1.3 and doubtless they will be raised considerably if they are
Fargo
4.010,380 3,991,642 +0.5 36,818,185 40,380,096 -8.8 found to be not adequate to the
needs. In any case, it is
Sioux Falls _
2,207,281 4,857,485 -54.6
38,236,742 46,346,437 -17.5
Colorado Spgs_ 2,653,604 3,017,36 -11.9 30,518,330 34,048,120 -10.4 believed that the pressure for banking accommodation in the
Pueblo
3,297,785 3,456,85
-4.6 30,321,416 28,629,788 +5.9 last week of the year in Berlin will surpass anything that has
Fretnont
1,139,434 1,139,553 -0.01
16,630,351 -9.7
15,007,584
Hastings
763,008
8,081,122 +7.3 hitherto been witnessed. The pressure was very great at
844,431 -9.6
8,672,620
Aberdeen
1,610,629 2,582,101 -37.3
16,353,026
22,036,843 -25.8 the end of September. The best informed in Europe believe
Waterloo ____ 4,319,825 5,025,650 -14.1
54,733,678 51,157,545 +7.0
Helena
4,457,696 4,348,560
42,631,374 +3.5 that most of the advances made by New York to Berlin are
.
44,141,076
Billings
1,825,821
714,070 +155..
9,099,196
7,909,134 +15.0 not repayable until January. But it is also understood
Joplin
2,925,346 Not incl. in total
26,994,238 Not included in total that a minor amount, but still a
considerable amount, will
Tot.oth.West655,801,495647,677,844 +1.36,420,360,8886,732,055,908 -4.6 fall due in December, and the forced repayment of all the
loans so falling due will undoubtedly inconvenience Berlin
unless French capital is employed there upon a liberal scale.
Week ending December 2.
Clearings at
The India Council offered for tender on Wednesday 40 laes
Inc. or
of its bills, and the applications exceeded 615 lacs at prices
1911.
1910.
Dec.
1909.
1908.
ranging from Is. 4 1-32d. to is. 4 3-32d. per rupee. Applic$
i
$
%
$
ants for bills at Is. 4 1-16d. per rupee, and for telegraphic
San Francisco
46,762,259 47,597.227 ---1.8 46,426,538 40,341,757
Los Angeles
18,849,957 18,827,304 +0.1 15,059,944 13,043,763 transfers at Is. 4 3-32d. per rupee were allotted 48 per cent
Seattle
10,466,725 11,096,450 -5.7 13,210,427 9,832,664 of the amounts applied for.
Portland
9,467,490 9,493,383 -0.3 8,730,357 6,681,418
The following returns show the position of the Bank of
Spokane
3.490,451 4,900,000 -28.8 5,109,806 3.897,632
Salt Lake City
6,719,680 7,715,635 -12.9 8,467,578 7,517,739 England, the Bank rate of discount, the price of consols,
Tacoma
3,593,251 4,229,438 -15.0 6,062,465 4,853,179
Oakland
3,363,534 3,566,489 -5.7 2,012,690 1,779,367 &c., compared with the last four years:
Sacramento
Fresno
Stockton
Pasadena
San Jose
North Yakima
Reno
fotal Pacific
1,605,258
797,331
937,149
760,020
750,000
396,271
255,000
1,685,163
957,938
868,677
785,973
540,611
497,272
302,131
108,214,376 113,063,651
Kansas City
43,478,712 53,341,407
Minneapolis
22,000,000 26,687,172
Omaha
12,168,041 14,660,144
11,530,862 13,927,238
St. Paul
Denver
8,404,683 9.800,032
Duluth
4,840,952 5,790,107
5,655,427 6,277,358
St. Joseph
3,162,112 3,031,944
Des Moines
.1,975,905 2,620,094
Sioux City
2,578,161 3,515.759
Wichita
1,129,536 1,463,262
Topeka
1,463,473
1,584,543
Lincoln
1,500,000 2,213,825
Davenport
984,453 1,432,107
Cedar Rapids
889,149
654,202
Fargo
679,000
600,000
Colorado Springs
678.422
623,542
Pueblo
290,784
233,163
Fremont
235,349
181,869
Hastings
450,000
300,000
Aberdeen
825,321 1,011,941
Waterloo
1,101.674 1,208,733
Helena
13illings300,000
199,627
.
-Total other West
125,591,988 151,576,897
-4.8
-16.5
+7.9
-3.3
+38.7
-20.3
-15.6
1,578,766
900,733
813,379
550,000
650,000
431.766
269,545
1,113,132
729,210
617,904
533,503
300,000
-4.3 110.273,994 91,141,268
-18.5
-17.6
-17.0
-17.2
-14.2
-16.4
-9.9
+4.3
-24.6
-26.7
-22.8
-7.6
-32.3
-31.3
-26.3
-11.6
-22.8
-19 8
-22.7
-33.3
-18.4
+8.9
+50.4
51,317,886
28,752,885
14,722,518
12,325,665
10,129,031
7,906,848
6,443,823
3,688,706
2,544,470
3,050,110
1,494,418
1,475,842
1,759,161
1,219,665
1,051,431
621,889
580,375
285,592
40,887,414
26,745,668
13,884,000
11,923.671
9,101,519
5,175,229
3,086,562
2,661,397
1,675,472
1,173,572
1,351,395
1,306,523
842,713
798,415
514,787
550,022
382,042
400,006
1,085,959
382,187
1,264,744
273,497
-17.1151.238,462 123,598,642
pArmetarfiContmerciaiWnotisltnews
(From our own correspondent.)
1911.
Nov. 22.
1910.
Nov. 23.
Circulation
28,501,405 28,152,970
Public deposits_ _ 12,818,407 11,261,366
Other deposits
39,687,004 38,999,841
Governm't securities 14,438,210 14,643,568
Other securities_ _ _ _ 28,979,562 27,510,260
Reserve,notes&coin 26,817,810 25,888,054
Coln&bull.,both dep 36,869,215 35,591,024
Prop, reserve to liabilities ____ p. C.
5154
51
__ p. c.
Bank rate
4
5
Consols, 234 p. c
7834
78 15-16
26d. 25 9-16d.
Silver
Clear:house returns 241,229,000 241,514,000
1909.
Nov. 24.
1908.
Nov. 25.
1907.
Nov. 27.
28,494,065
6,920,432
40,430,234
14,412,788
24,184,418
26,502,090
36,546,155
28,526,350
9,275,713
42,792,875
14,730,533
29,593.091
25,501,364
35,577,714
28.509,370
7,784.072
43,008,775
14,332,138
32,584,411
21,785,603
32,244,973
48 15-16
55 15-16
48%
2%
5
7
8254
8254
8454
2334d.
26%d.
2254d.
224,904,000 211,736,000 212,393,000
The rates for money have been as follows:
Nov. 24.
Nov. 17.
Nov. 10.
Bank bf England rate
4
4
4
Open market rate
Bank bills 60 days
354
334@3 7-16
-3 months_
3 7-16©354
3%
331
-4 months....
3%
3%
354
-6 months
3 1-16(t3
3%
Trade bills-3 months....
4
4
331@4
-4 months.....
4
431
4@434
Interest allowed for deposits
By joint-stock bonds
234
2%
23.4
By discount houses
At call
2%
234
23.4
7 to 14 days
231
231
231
Nov. 3.
4
3%
3 7-18
334@3 7-18
354@3 7-18
3)
,
(04
4@4X
2%
2%
231
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest atParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
Nov. 18.
Nov. 25.
Nov. 11.
Nov. 4.
Bank Open Bank Open
Bank Open
Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
334 334
3% 331
331
334
334 334
5
454
5
5
454
5
4%
434
5
454
5
5
5
4%
454
434
5
454
5
4 9-16
5
5
4%
434
4
4
4
4
4
4
4
354
4% 4
434 4
43.4 4
434 434
5
5 4 15-16
5
5 4 15-16
434
434
nom.
5
5
nom.
5
5
nom.
nom.
434
434
434 434
434 434
434 434
5
5
5
5
5
5
5
5
London, Saturday, Nov. 25 1911.
The debate upon the Franco-German agreement has not
yet begun in the French Chambers. It cannot, however, be
very much longer postponed. But the debate that will then
arise is not looked forward to with the same interest as that
in the House of Commons, for it is understood that those
The quotations for bullion are reported as follows:
Nov. 23. Nov. 16.
SILVER.
GOLD.
Nov. 23. Nov. 16.
who in the French Chambers were a little while ago threatens. d.
s. d.
London Standard.
London Standard.
d.
d.
ing to resist to the utmost the cession of any portion of Bar gold,fine, oz
77 9
77 9
Bar silver,fine. oz _ _ _264
.
25 15-16
76 4
French .territory now see that it would be unwise to carry U. S. gold coin, ozos.... 76 4 76 4 - 2 ma. delivery, oz_2554
2554
German gold coin,
28 3-16 28
out their threats; and, therefore, it is hoped that the ratifi- French gold coin, oz.... 76 554 76 4 Cake silver, oz
76 534 Mexican dollars
nom.
nom.
76 4
76 4
cation of the Agreement will be carried without serious oppo- Japanese yen
sition, and without indulgence in any language that might
Messrs. Pixley & Abell write as follows under date of
cause had blood.
Nov. 23:
-The gold for disposal in the market amounted to upwards of £700,000.
GOLD.
Naturally this absorption of all classes of the population in
India took £108,000, and alter satisfying a small Continental order, the balance
political affairs prevents anything like great activity in the of over $500,000 is expected to go into the Bank of England. The Egyptian demand
stock markets, and there are other causes also urging caution. is checked for the time being by the dearness of money, and Argentina is being supduring the past week.
plied
No indication can be discovered yet of any inclination n the since by the United States, £310,000 having been shipped while sovereigns to the
our last the Bank has received £557,000 in bar gold,
part of Turkey'to come to terms with Italy. The revolution value of £100,000 have been withdrawn for France, £10,000 for Java and £5,000
we expect £966,000
in China is likewise a disturbing factor. Especially an inter- for Gibraltar. Next week America, £23,000; from South Africa. Arrivals-South
-,Cfrica, £617,000; South
India, £73,000; Australia, £53,000:
view with Yuan-Shai-Kai, published this week, gives rise to total, £766,000. Shipments-Bombay. £116,500.
1576
SILVER.,
-During the past week there have again been some large fluctuations in
silver. The price at first declined on the easing of the cash position, but after dropping to 25%d. bears tried to cover and the cash market recovered sharply to 26d.,
advancing again to-day to 2634d. At this price America has been a ready seller,
but not in sufficiently large quantities to bring the cash quotation down to a healthy
level, while on the other hand forward is kept down by sales against spot purchases,
and further by some selling from China, where exchange is so much below forward
silver that even at this large discount sales are profitable. The market remains
highly artificial, and the advance in the premium from %d. to 3M. is an indication
of the unsettled condition prevailing, for even at a discount of 3% genuine buyers
are not attracted, while the cash price is reluctantly paid by "shorts," who are being
heavily penalized by the speculators, who continue to lock up large supplies of spot
silver, The Outcome of the present speculation is awaited with some anxiety. Its
success depends on the ability of the speculators to finance their already large holdings, and, furthermore, to keep control over the new supplies. The existence of a
"bear" account has so far made their efforts successful, but any attempt on their
part to take advantage of the spot premium helps the bears to reduce their commitments and thus takes away one of the elements of strength in the speculative position.
Whether the Indian Government will come to their rescue remains to be seen, but
it may at least be assumed that they will do so with great reluctance, and only at
the very last possible moment. The latest returns from the Currency Department
indicate the growing use of notes, for, largely in consequence of shipments from Australia to India, gold has increased 134 crores, silver has dropped only 11 lacs and
the note issue has increased by 130 laes. This feature cannot be regarded as comforting to the bull party, There is no improvement in the up-country demand in
Bombay, and stocks are only 200 bars down on the week. Shipments this week to
India are larger, and are expected to exceed.£250,000, being for the most part a transfer of stocks from London to India. The Bombay quotation is Rs. 6434 per 100
tolahs. Arrivals-New York, £172,000; China (coin), £4,000; Australia, £7,000;
total, £183,000. Shipments-Port Said,£1,000; Bombay,£80,000; total, £81,000
.
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
Eleven weeksWheat
Barley
Oats
Peas
Beans
Indian corn
Flour
IMPORTS.
1911-12.
1910-11,
1909-10.
1908-09.
ewt,21,240,800 23,339,200 22,879,900 18,922,400
9,089,300 5,696,800
7,479,800
8,406,800
4,244,100
2,853,500
4,512,700
2,942,000
800,471
577,925
375,170
387,070
474,530
241,010
1,060,280
395,750
4,907,800 10,352,600 9,403,000 8,242.100
2,755,600
2,378,700
2,894,800 2,710,200
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported
Imports of flour
Sales of home-grown
1911-12.
1910-11.
1909-10.
cwt_21,240,800 23,339,200 22,879,900
2,894,800
2,755,600
2,378,700
8,210,852
5,785,468
6,264,717
Total
Average price of wheat, week
Average price, season
1908-09.
18,922,400
2,710,200
8,370,539
32,207,252 31,982,617 31,560,168 30,003,139
31s. 2d.
32s. 5d.
33s. 4d.
29s. 8d.
32s. lid.
31s. 2d.
32s .96.
30s. 4d.
10,106
-The First National Bank of Baldwin, Wls. Capital, $25,000.
F. H. Wellcome, President; L. A. Christenson, Vice-President;
N. L. Swanson, Cashier; Oscar Swenby, Assistant Cashier. (Conversion of the State Bank of Baldwin.) .
10,107
-The Capital National Bank of Sacramento, Cal. Capital, $100,000.
Alden Anderson, President; F. W. Biewener, Vice-President;
W. W. Bassett, Cashier. (Succeeds Commercial Department of
the Capital Banking & Trust Company of Sacramento.)
10,108
-The Jefferson Park National Bank, Jefferson Park, Ill. (Post
office, Chicago, Ill.) Capital, $50,000. Geo. M. Hayes, President; Peter P. Thomsen. Vice-President; Fred H. Esdohr, Cashier.
VOLUNTARY LIQUIDATIONS.
8,121-The Monroe National Bank of Chicago, Ill., Nov. 21 1911. Absorbed by the Central Trust Co. of Illinois, Chicago, Ill.
7,830
-The Ferdinand National Bank, Ferdinand, Ind., Nov. 27 1911.
Succeeded by the Beckmann State Bank of Ferdinand.
EXPIRATION OF CORPORATE EXISTENCE.
4,712
-The New London National Bank, New London, Ohio, expires by
limitation at close of business Nov. 27 1911, and will be succeeded
by No. 10,101, the Third National Bank of New London, chartered Nov. 15 1911.
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.
-We give below tables which
glow all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on Deposit for
Wheat
Flour, equal to
Maize
This week. Last week.
2,715,000
qrs. 2,605,000
200,000
180,000
qrs_
qrs_
195,000
230,000
1910-11.
2,390,000
185,000
900,000
1909-10.
1,805.000
220,000
430,000
English Financial Markets-Per Cable.
The daily closing quotations for securities dm., at London,
as reported by cable, have been as follows the past week:
'
London.
Week ending Dec. 8.
Wed.
Tues.
Mon.
Sat.
Silver, per oz
d 25 11-16 25 9-16 25 7-16 2534
Consols, 234 per cents
7734
77 3-16 77
77
For account
77 7-16 7731
7734
7731
French Rentes (in Paris).fr.. 95.65
95.90 95.8234 95.75
Amalgamated Copper Co_ _ _ _ 6436
65
6434
6454
Amer. Smelt. & Refining Co_ 74
7434
75
bAnaconda Alining Co
734
734
73.4
73.4
Atchison Topeka & Santa Fe.109m
10
6
10934
10934
10934
Preferred
10634
10634
10634
Baltimore & Ohio
105
10534
105
105
92
Preferred
92
92
9134
Canadian Pacific
24734
24634
24734
24634
Chesapeake & Ohio
7634
763'
7634
7634
Chicago Great Western
21
2034
21
2034
0 ileago Milw. & St. Paul....A13
114
114
111
Dmver & Rio Grande
2334
2334
23
2334
Preferred
49
4934
49
49
Ere
32%
3234
3274
3234
First Preferred
5334
5334
5334
5334
Second Preferred
44
44
4434
4334
Minot?. Central
147
147
14734
14734
Louis sille & Nashville
160
161
16254
16134
Missouri Kansas & Texas
32
3 :
9
1
32
31%
Preferred
6834
6834
6834
68
Missouri Pacific
41%
41
40
Nat. RR. of Mex., 1st Pref._ 70
70
70
70
Second Preferred
343(
3534
3134
3474
N. Y. Central & Hudson Riv.108%
10934 10934
10934
N. Y. Ontario & Western
4134
4134
4134
4134
Norfolk & Western
112
11134
112
11134
Preferred _
93%
9334
Northern Pacific
120
lii- 12134
12134
aPennsylvania
6234
63
62%
6234
aReading
77%
7734
77
7634
aFirst Preferred
46
46
46
46
aSecond Preferred
___ _
48%
4834
Rock Island
26%
27
2034
Southern Pacific..
11534
114%
11434
11434
Southern Railway
31
3034
30%
3134
Preferred
73
7334
73
7334
Union Pac1fic
178
17935
178%
17934
Preferred _
9534
96
95%
9534
U. S. Steel Corporation
64%
6434
6.534
6534
Preferred
11234
112
11234
11234
Wabash
10%
8%
1034
1034
Preferred
20
2034
2354
2334
Extended 4s
5334
5635
533-4
5534
--a Price per share. b .£ Sterling.
2634
Thurs.
Fri.
25 9-16 2334
76 13-16 78 13-16
77 1-16
95.6734 95.75 34
7
62%
61%
72
7134
• 734
738
107%
10834
106%
106%
104
10334
9144
9134
244%
24434
76
7534
20
20
113
113
22
21
48%
4731
3134
3134
51%
83
43
4334
117
14634
18034
15934
3034
29%
68
6734
39%
3934
70
70
34%
35
108%
10854
41%
41
110%
11034
9334
9334
119%
11936
62%
6234
7634
76%
46
46
4834
4834
2634
2434
112%
113%
2934
3033
72%
7234
176%
17534
95%
9534
6434
63%
11234
11234
7
8
18%
17%
53%
5134
Monmerciat and trascellantintsnewt
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS NOV. 25 TO NOV. 29.
-The First National Bank of Kenefick, Okla. Capital, $25,000
10,104
Jas. R. McKinney, President; B. A. McKinney, Vice-President;
Jno. T. Petty, Cashier; E. S. Matlock, Assistant Cashier. (Conversion of the Kenefick State Bank.)
10,105
-The People's National Bank of Greenfield, Ohio. Capital, $50,000. J. A. Harps, President; J. N. Douglass, Vice-President:
C. B. Lair, Second Vice-President; C. B. Lair, Cashier; 13: Lough,
Assistant Cashier. (Conversion of the People's Savings Bank
Company of Greenfield, Ohio.)
Circulation Afloat Under
-
1010-11.
Bonds.
Nov.30 1911
Oct. 31 1911
Sept.30 1911
Aug.31 1911
July 31 1911
June 30 1911
May 30 1911
Apr11301911
?deb. 31 1911
Feb. 28 1911
Jan, 31 1911
Dec. 31 1910
Legal
Tenders.
Bonds.
715,560,170
714,170,320
713,062,810
710,141,420
705,648,210
698,6(15,810
697,441,300
605.657,540
697,082.510
697,088.760
696,706,300
695.663,920
27,649,008
28,065,375
28,811,903
30,025,825
31.396,930
33,169,435
34,812,726
36,675,998
35,891,130
35.815,326
33,506,185
34,335,925
712,115,338
711,099,11:38
708,976,455
707,181,923
701,427,080
695.025,073
693,4165,285
691,468,720
693,2111,786
693,119,715
692,939,203
693,370,056
Legal
Tenders.
---$
27,649,008
28,065,375
28,811,003
30,025,825
31,396,930
33,169.435
34,812,726
36,675,998
35,891,130
35.815,326
33,506,185
34,335,925
Total.
739,764,346
739,165,313
737,788,358
737,207,748
732,824,010
728,104,508
728,478,011
728,144,718
729,152,916
728,935,041
726,495,388
727,70.5,981
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Nov. 30.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
•
[voL. Lxxxxim
THE CHRONICLE
U. S. Bonds Held Nov. 30 to Secure
Bonds on Deposit
Nov. 30 1911.
Total
Held.
Bank
PublicDeposits
Circulation.
in Banks.
$
22,891,800
18,308,880
593,900,450
61,985,300
28,433,740
Total
$
3,763,000
3,984,300
14,700,000
2,072,500
712,000
13,498,000
4,717,000
754,000
872,000
685,000
146,000
2,238,000
715,560,170
1%, U. S. Loan of 1925
3%, U. S. Loan of 1008-1918
2%, U. S. Consols 011030
2%, U. S. Panama 01 1930
2%, U. S. Panama 01 1038
3%, U. S. Panama 01 1061
4%, Philippine Loans
1%, Porto Rico I.oans
3.65%, District of Columbia
Various, Territory of Hawaii
4%, Philippine Railway
Various, State, City, and Railroad__
48,142,700
$
26,604,800
22,293,180
608,601,350
54,057,800
29,145,740
13,498,000
4,717,000
754,000
872,000
.
685,000
146,000
2,238,000
763,702,870
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Nov. 1 and
Dec. 1, and their increase or decrease during the month
of November.
National Bank Notes-7'otal Afloat
Amount afloat Nov. 1 1911
Net amount issued during November
$739,165,313
599,033
Amount of bank notes afloat Dee. 1 1911
Legal-Tender Notes
Amount on deposit to redeem national hank notes Nov. 1 1911.
Net amount of bank notes retired In November
$739,764,346
$28,065,375
416,367
Amount on deposit to redeem national bank notes Dec. 1 1011_ $27,649,008
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
November. From previous returns we obtain the figures for
previous months, and in that manner complete the statements for the 11 months of the calendar years 1911 and 1910.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1911.
1010. •
(000s omitted.)
Sept.
Oct.
Nov. 11 Mos. Sept.
Oct.
Nov. 11 Mos.
Receipts
8
$
$
$
24,746 25,757 24.704 276,575 27,558 25.294 27,508 209,620
Customs
Internal fOrdinary- - 26.148 25,536 26,648 263,845 25,937 26,433 25,151 278,224
61
RevenuelCorp. tax..
207
47 28.6045
5,234 4,700 5,189 66,054 2,489 3,539 5,812 47,850
Miscellaneous
-Total receipts
56,335 56,054 56,588 635,078 55,984 55,266 58,471 625,694
DigbursementsCivil and miscellaneous. 13,789 17,250 14,286 169,333 14,206 16,249 14,691 169,001
War
13,566 14,505 13,591 153,054 15,027 14,590 12,771 144,026
Navy
11,341 11,682 10,530 115,856 9,786 12,845 9,631 112,365
Indians
882 1,900 2,694 20,611 1,222 1,475 1,348 17,575
Pensions
12,340 11,280 14,807 144,328 13,154 11,437 15,356 196,443
Postal deficiency
55 3,174 2,001 1,000
2,000
4,599
Interest on public debt_
108 3,264 1,080 21,136
346 3,266 1,951 21,375
Panama Canal
2,318 2,990 3,375 32,095 3,888 2,895 2,852 34,212
--Total disbursements.. 54,582 64,873 61,289 6511,826 59,392 03,755 58,629 649,357
Less repayment of unexpended balances... 1,453 1,696
690 2,977 2,300 1,545 2,310
865
Total
53,124 63,177 60,424 059,130 56,415 61,455 57,084 617,047
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
-In addition to the other tables given in
this department, made up from weekly returns, we givelthe
following figures for the full months, also issued by our
New York Custom House.
DEC. 9 1911.]
THE CHRONICLE
Merchandise Movement to New York.
Month.
Imports.
Customs Receipts
at New York.
Exports.
Name of Company.
1577
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous.
American Bank Note, preferred (guar.)___
134 an.
1' cc. 16 to Jan. 1
Amer. Beet Sugar, pre/. (guar.)(No. 50).
2 Holders of rec. Dec.16a
Tan.
American Can, preferred (guar.)
134 an.
2 Holders of rec. Dec.15a
January_ _ 74,513,315 78,656,123 61,365,707 52,644,329 16,898,957 17,545,140 Amer. Car & Fdy., corn. (guar.)(No. 37)
35 an.
1 Holders of rec. Dec.11a
February_ 68,677,912 77,826,788 61,749,886 49,927,253 16,334,953 18,778,746
Preferred (guar.) (No. 51)
1M
1 Holders of rec. Dec.11a
an.
March .._. 84,252,892 102,955,233 71,039,369 56,874,809 19,847,785 21,988,922 American Express(quar.)
$3
an.
2 Holders of rec. Nov.29a
April
_ 71,065,446 78,224,201 73,279,673 52,027,284 14,903,015 16,276,428 American Manufacturing (guar.)
114
cc. 30 Holders of rec. Dec. 15
May
57,570,521 68,497,815 66,065,070 58,511,642 16,013,192 14,999,384 American Pipe dc Construction (guar.)_ _
2
an.
1 Holders of rec. Dec.15a
June
_ 69,527,171 72,216,599 65,127,728 61,704,701 14,917,580 17,119,870 American Radiator, common (quar.)..... _
2
cc. 30 Dec. 23 to Jan. 1
July
69,247,136 69,966,872 58,702,124 56,019,567 16,481,668 16,911,067 American Smelting & Refining, cont, (qu.) 1
an. 15 Dec. 28 to Jan. 3
August__ - 74,673,583 81,340,437 62,055,957 65,279,115 18,023,013 20,276,113
Preferred (guar.) (No. 50)
134 an.
2 Dec. 16 to Dec. 25
September 73,313,594 68,590,619 70,132,541 66,183,119 15,834,097 17,699,966 American Snuff, common (guar.)
5
an.
2 Holders of rec. Dec. In
October _ _ 77,295,842 70,317,977 65,514,265 61,166,950 16,968,775 16,381,800
Common (extra)
2
an.
2 Holders of rec. Dec. in
Common (special)
(h)
Holders of rec. Dec. 1
718,137,412 768,593,264 655,032,320580,338,769 196,403,035 177,977,436
Total
Preferred (quar.)
1;6 an.
2 Holders of rec. Dec.15a
Amer. Sugar Ref., corn. & pref. (quar.)
134 an,
2 Holders of rec. Dec. in
American Thread, preferred
235 an.
1 Nov. 16 to Nov. 30
134 an.
The imports and exports of gold and silver for the ten American Tobacco, pref. (guar.)
2 Dec. 2 to Jan. 1
American Woolen, pref. (guar.) (No. 51). 134 Jan. 15 Dec. 21 to Jan. 4
months have been as follows:
Borden's Cond. Milk, pref. (qu.)(No. 40) 135
cc. 15 Dec. 6 to Dec. 15
Brooklyn Union Gas (guar.)(NO. 43)
135 an.
2 Dee. 17 to Jan. 1
Extra
1
an.
2 Dec. 17 to Jan. 1
Gold Movement at New York.
Silver—New York.
Calumet dr Hecht Mining (guar.)
$6
cc. 20 Holders of rec. Nov.24a
Canadian Can & Foundry, Ltd., common
4
cc. 15 Holders of rec. Nov.15a
Month.
Imports.
Exports.
Imports. Exports.
Canadian Gen. Elec., Ltd., corn. (guar.)_
134 7an. 1 cc. 16 to Dec. 31
Celluloid Company (quar.)
135 • cc. 30 Holders of rec. Dec.15a
1911.
1911.
1911.
1910.
1910.
1911.
Extra
2
•ec. 30 Holders of rec. Dec.15a
Central Leather, pref. (guar.)
1M Jan.
2 Holders of rec. Dec.11a
8
$
$
$
$
$
Clzesebrough -11anufacturing (guar.)
S10
an.
5 Holders of rec. Dec. 5
871,445 3,113,576
January
1,325,148
421,946
875,816 4,858,676 elec. Junc.Rys.dc Un.Stk.Yds ,con.
(quar.) 2
an.
2 Holders of rec. Dec.11a
351,125 2,786,542
632,423 1,912,799
February ___ _
604,167 3,585,088
Preferred (guar.)
154 Jan.
2 Holders of rec. Dec.11a
436,292 1,644,417
1,158,724 2,425,426
March
970,394 4,764,044 Chicago Telephone (guar.)
2
Dec. 30 Holders of rec. Dec.20a
470,490
470,074
591,794 36,168,360
April
873,523 3,742,414 Childs Co., corn. (guar.)
235 Dee. 11 Dec. 5 to Dec. 11
3,850,931
493,413
395,600
438,769
May
882,315'
Preferred (guar.)
4,312,224
134 Dec. 11 Dec. 5 to Dec. 11
532,143
49,777
2,319,280
127,503
572,630 4,679,370 Cincinnati & Suburban 7'elephane (guar.). 2
June
an.
2 Dec. 24 to Dec. 29
519,068 4,906,446
269,508
177,400
July
556,492 4,449,553 Columbus (0.) Gas & Fuel, Pref. (quar.)
1 Holders of rec. Dec. 15
114 an.
1,873,940 9,335,389
84,400
August
276,000
644,005 3,020,270 Commonwealth Water (N. Y.), preferred 254 Jan.
1
431,581
September.._ _ 1,661,591
179,027
134,500
532,385 3,774,911 Cons.(Pis, El. L. & P.,Ball., cam.(guar.) 134 an. • 2 Holders of rec. Dec 25
2,045,191
October
689,290 2,816,299
132,185
855,434 4,182,162 Consolidated Gas. New York (quar.).
135 Dec. 15 Holders of rec. Nov.154
Crex Carpet
3
Dec. 15 Holders of rec. Nov.300
Total
15,856,370 21,618,923 6,045,207 44,999,342 7,367,161 42,268,712 Crucible Steel, pref. (guar.)(No. 33)._ _ _
134
cc, 22 Holders of rec. Dec.120
Cuban-American Sugar, preferred (guar.) 134 an.
2 Holders of rec. Dec.15a
Diamond Match (guar.)
135 •cc. 16 Holders of rec. Nov.294
fitiPont(E.I.)de Nemours Pow.,com.(qu.) 2
Dec. 15 Dec. 6 to Dec. 15
DIVIDENDS.
.
Common (extra)
1
Dec. 15 Dec. 6 to Dec. 15
134 Jan. 25 Jan. 16 to Jan. 23
The following shows all the dividends announced for the duPreferred (guar.)
Pont Internat. Powd., pref. (guar.).13f Jan
2 Holders of rec. Dec.20a
134 Jan.
Preferred (extra)
2 Holders of rec. Dec.20a
future by large or important corporations:
Eastman Kodak, common (guar.)
235 an.
2 Holders of rec. Nov.29a
Dividends announced this week are printed in italics.
135 Jan.
2 Holders of rec. Nov.29a
Preferred (guar.)
Dec. 15 Holders of rec. Dec. 80
Equitable Blum. Gas Light, Phila., corn_ 6
3
cc. 15 Holders of rec. Dec. 8a
Preferred
Per
When
Books Closed.
Federal Mining & Smelting, pref.(guar.). 134 Dec. 15 Holders of rec. Nov.240
Name of Company.
Cent. Payable.
Days Inclusive.
2
Holders of rec. Dec. 4
Galena-Signal Oil, preferred
Feb.
1 Holders of rec. Dec.30a
Se
General Chemical, common (extra)
Railroads (Steam).
2 folders of rec. Dec.19a
135 Jan.
Preferred (guar.)
Alabama Great Southern, ordinary
235 Dec. 21 Holders of rec. Dec. 2a Gen. Chemical of California, 1st pf. (qu.) 134 Jan.
2 Holders of rec. Dec. 19
Preferred
3
Feb. 24 Holders of rec. Feb. 3a General Electric (guar.)
2
an. 15 Holders of rec. Dee. 2a
Albany & Susquehanna
435 Jan.
2 Holders of rec. Dec.15a Goldfield Consotido 4 Mines (guar.)
30c. Jan. 31 Holders of rec. Dec.30a
234 Feb.
Atchison Topeka & Santa Fe, preferred_ _
1 Holders of rec. Dec.29a
Extra
20c. an. 31 Holders of rec. Dec.30a
Atlantic Coast Line Co.(Conn.)(quar.)_
235 Dec. 9 Nov. 29 to Dec. 8 Great Lakes Towing, preferred (guar.)._
,
134 an.
2 Holders of rec. Dec.15a
Atlantic Coast Line RR., common
334 Jan. 10 Dec. 16 to Jan. 10 Guggenheim Exploration (guar.)(No. 36) 235 Jan.
2 Dec. 16 to Jan. 2
2
Belt Railway of Chicago
Dec. 31
Ingersoll-Rand, preferred
3
Jan.
1 Holders of rec. Dec.12a
234 Dec. 30 Holders of rec. Nov.29a Internat. Harvester, corn. (guar.)(No. 8). 134 an. 15 Holders of rec. Dec.23a
Boston dr Albany (guar.)
Boston & Lowell
4
Jan.
2 Nov. 27 to Dec. 2 Intercontinental Rubber, preferred (guar.) _. 134 Dec. 3 Dec. 21 to Jan. 1
Jan.
Boston & Maine, common (guar.)
1
2 Holders of rec. Dee. la International Silver, preferred (guar.)
In an. 2 Dec. 17 to Jan. 2
234 Jan.
Canadian Pacific, corn.(quar.)(No.62)_ _
2 Holders of rec. Dec. la
Preferred (extra)
3.‘ Tan. 2 ec. 17 to Jan. 2
Boston Revere Beach & Lynn (guar.)
135 Jan.
1 Holders of rec. Dec.15a Internat. Smokeless P. & Ch.. coin. (qu.)
2 Holders of rec. Dec.20a
Ti Jan
Chesapeake & Ohio (guar.) (No. 21).... 134 Dec. 30 Holders of rec. Dec. 8a
Common (extra)
2 Holders of rec. Dec.20a
M Jan.
Chicago Burlington & Quincy (guar.)
2
Dec. 26 Holders of rec. Dec.19a Laclede Gas Light, corn. (guar.)
134 cc. 15 Dec. 2 to Dec. 15
Chicago & Eastern Illinois, pref. (quar.)_
134 Jan.
2 Holders of rec. Dec 16a
Preferred
254 Dec. 15 Dec. 2 to Dec. 15
Chicago Intl. & Louisville, common
1, 5 Dec. 29 Holders of rec. Dec.15a Lanston Monotype Machine (guar.)
5
,
134 Dec. 30 Holders of rec. Dec. 23
Preferred
2
Dec. 29 Holders of rec. Dec.15a Mackay Companies, corn.(guar.)(No.26) 134 Jan.
2 Holders of rec. Dec. 9a
Chicago & North Western, corn. (guar.). 13( Jan.
2 Holders of rec. Dee. la
Preferred (guar.) (No. 32)
1
2 Holders of rec. Dec. On
an.
Preferred (guar.)
2
Jan.
2 Holders of rec. Dec. in Manufacturers' Light & Heat, Pittsburgh
14 Dec. 20
Chicago (re Western Indiana (guar.)
134 Dec. 31
Mergenthaler Linotype (guar.)
235 Dec. 30 Holders of rec. Dec. 9a
Chicago Rock Island & Pacifie Ry. (guar.) 1
Dec. 30 Holders of rec. Dec.15a
Extra
335 Dec. 30 Holders of rec. Dec. On
Cln. New On. & Texas Pacific, common_
3
Dec. 15 Holders of rec. Dec. 2a Mich. State Telephone, pref. (guar.).--. 134 Feb.
1 Jan. 14 to Feb. 1
Common (extra)
235 Dec. 15 Holders of rec. Dec. 2a Muskogee Gas & Electric, pref. (guar.)._
lu Dec. 15 Holders of rec. Nov.29a
Colorado & Southern, common (annual).- 2
Dec. 30 Dec. 21 to Jan. 1 National Biscuit, corn. (guar.)(No. 50._
134 an. 15 Holders of rec. Dec.28a
Delaware dr Hudson Co. (guar.)
234 Dec. 20 Holders of rec. Nov.27a National Gas, Elec. L. & P., pref. (guar.) 135 Jan.
1 Dec. 27 to Jan. 1
Delaware Lackawanna & Western
35g
Dec. 20 Dec. 2 to Dec. 17 National Lead, common (guar.)
fi Dec. 30 Dec. 9 to Dec. 13
Delaware Lackawanna & Western (extra) 10
Dec. 22 Dec. 2 to Dec. 17
Preferred (auar.)
134 Dec. 15 Nov. 18 to Nov. 21
Detroit & Mackinac, common and pref._
214 Jan, 2 Dec. 16 to Jan. 3 National Surely (guar.)
Jan.
3
2 Dec. 23 to Jan. 1
Erie & Pittsburgh (quar.)
134 Dec: 10 Holders of rec. Nov.30a Nevada Consoildatzd Copper (quar.)
3734e. Dec. 30 Dec. 9 to Dec. 11
Fonda Johnstown do Gloversville, pre/.(qu.) 135 Dec. 15 Holders of rec. Dec. On New England Telep. & Teleg. (guar.)._
134 Dec. 30 Holders of rec. Dec.15a
3
Greene RR
Dec. 19 Holders of rec. Dec.14a New York Edison (guar.)
154 Dec. 14
3
Hocking Valley
Dee. 30 Holders of rec. Dec. 8a Niles-Bement-Pond, common (quar.)
134 Dec. 20 Dec. 10 to Dec. 20
2
Jan.
Illinois Central, Leased Line, guaranteed_
2 Dec. 12 to Jan. 4 North American Company (guar.)
2 Holders of rec. Dec.15a
134 Jan.
Interborough Rapid Transit (guar.)
2 Holders of rec. Dec.23a Philadelphia Electric (guar.)
234 Jan.
135 Dec. 15 Holders of rec. Nov.21a
234 Dec. 30 Dec. 16 to Dec. 31 Producers Oil (quar.)
Kanawha & Michigan
134 Dec. 30 Holders of rec. Dec.15a
2 Holders uf rec. Dee.15a Quaker Oats, common (guar.)
Manhattan By., guar (guar.) (No. III)._
134 Jan.
235 Jan. 15 -Holders of rec. Jan. 20
1 Holders of roe. Dec. On
334 Jan.
Morris & Essex, guaranteed
135 Feb. 29 Holders of rec. Feb. in
Preferred (mar.)
2 Holders of rec. 1)ec.15a Quincy Mining (guar.)
5
Jan.
New York & Harlem, common and pref.
$1
Dec. 23 Holders of rec. Dec. it:
1 Holders of rec. Dee.11a Railway Steel-Spring, pref. (guar.)
N. Y. Lack. dr Western, guar. (guar.)._
134 Jan.
134 Dec. 20 Dec. 7 to Dec. 20
2
Dec. 30 Holders of rec. Dec. On Realty Associates (No. 18)
N. Y. New Haven & Hartford (guar.) .._
15 Holders of rec. Jan. 5
Jan
3
135 Dec. 18 Holders of rec. Nov. 300 Republic Iron & Steel, pf. (qu.)(No. 40) 134 Jan.
Norfolk & Western, common (guar.).
1 Holders of rec. Dec.154
Jan. 10 Dec. 28 to Jan. 10 Rubber Goods Mfg., common (guar.)
3
Northern Securities (annual)
ec. 15 Holders of rec. Dec. 11
3
2 Dec. 10 to Jan. 2
Pittsb. Ft. W. & Chic., reg. guar. (guar.) 134 Jan.
Preferred (guar.) (No. 51)
134 Dec. 15 Holders of rec. Dec. 11
134 Jan.
2 Dec. 16 to Jan. 2 Safety Car Heating & Lighting (guar.)._
Special guaranteed (guar.)
2
Dec. 22 Holders of rec. Dec. 8a
Ian. 11 Holders of rec. Dec.26a
1
Reading Company, second preferred_ _
Extra
1
Dec. 22 Holders of rec. Dec. 8a
4
Jan,
2 Holders of rec. Dec.15a Sears, Roebuck & Co., pref. (quar.)
Rensselaer & Saratoga
134 Jan.
1 Holders of rec. Dec.15a
St. Louis & San Francisco—
Jan.
South Porto Rico Sugar, corn. (guar.)
1
2 Holders of rec. Dec. 21
Jan.
2 Dec. 17 to Jan. 2
C. & E. Ills., com, stock trust certifs.. 5
Common (extra)
2
Jan.
2 Holders of rec. Dec. 21
2 Dec. 17 to Jan. 2
Preferred stock trust certifs. (guar.). 134 Jan.
2
Preferred (guar.)
Jan.
2 Holders of rec. Dec. 21
Jan.
2 Dec. 17 to Jan. 2 Standard Gas & Electric, pref. (quar.)
K.C. Ft. S. & H. pfd. stk. tr. ctfs.(qu.)
2
Dec. 15 Holders of rec. Nov.290
Ian. 15 Holders of rec. Dec.30a Standard Motor Construction
St. Louis Southwestern, preferred
2
Dec. 15 Dec. 2 to Dec. 14
2 Holders of rec. Dec. la Standard 011 of New Jersey
Southern Pacific (guar.)(No. 21)
134 Tan
$7 Dec. 15 Holders of rec. Nov 17a
Union Pacific, common (guar.)
2 Holders of rec. Dec. in Standard 011 of New York
235 Jan.
$20 Dec. 15 Holders of rec. Dec. 5a
1 Holders of rec Dec.10a Subway Realty (guar.)
Valley Railroad (N. Y.)
235 Jan.
lq Jan.
2 Holders of rec. Dec.23a
Street and Electric Railways.
134 Jan.
2 Holders of rec. Dec. 15
Sulzberger & Sons, preferred (guar.)
American Railways (guar.)
75e. Dec. 15 Holders of rec. Nov.30a Swift dr Co. (guar.)(No. 101)
134 Jan.
1 Dec. 17 to Jan. 4
Brooklyn Itapid Transit (guar.)
2 Holders of rec. Dec. On Texas Company (guar.)
134 Tan.
134 Dee. 30 Holders of rec. Dec.15a
235 Dec. 31 Holders of rec. Dee. 22 Union Carbide (guar.)
13rooklyn Union Elevated, preferred_ _ _
2
2 Dec. TO to Jan. 1
Jan.
134 Jan.
1 Holders of rec. Dec.16a United Fruit (extra)
Cleveland Ity. (guar.)
10
Dec. 19 Holders of rec. Dec. 90
$3 Dec. 30 Holders of rec. Nov.29a U. S. Steel Corp., corn. (guar.)(No. 32)_
Continental Passenger Sty., Philadelphia_
134 Dec. 30 Dec. 2 to Dec. 12
2 Holders of rec. Dec.16a Utah Copper (guar.) (No. 14)
Duluth-Superior Traction, common (guar.) 13.4 Jan.
75c. Dec. 30 Dec. 9 to Dec. 12
1
Jan.
2 Holders of rec. Dec.16a Woman's Hotel Co. (No. 9)
Preferred (guar.)
254 Dec. 15 Holders of rec. Dec. 1
3
Jan.
1 Dec. 23 to Jan. 1 Yukon Gold Co. (guar.)(No. 10)
Indianapolis Street Ry
734c. Dec. 30 Dec. 13 to Jan. 8
1
Jan.
1 Dec. 11 to Dec. 15
Louisville Traction, common (guar.)
$2 Jan.
1 Holders of rec. Dec. 2
Electric Cos., pref
a Transfer books not closed for this dividend. b Less income tax. d Correction.
Massachusetts
34 Dec. 15 Holders of rec. Nov.30a e Payable in common stock. g Payable in stock of the Lackawanna RR. of N. .1.
Northern Ohio Tr. dr Lt.. corn. (quar.)..
34 Dec. 15 Holders of rec. Nov.30a h Payable in common stocks of the George W. Heime Co. and Weyman-Bruton Co.
Common (extra)
135 Jan.
1 Holders of rec. Dec.15a
4-11% of each.
Preferred (guar.)
2 Holders of rec. Dec.15a
St. Joseph Ry.,L.,11.& P.,pf (qu.)(No.37) 134 Jan.
2 Holders of rec. Dec. 11
Sao Paulo Tram.,L.&P.,Ltd.(Ou.)(NO3 ) 235 Ian.
.9
Auction Sales.—Among other securities, the following, not
$3
Jan.
2 Dec. 5
Second & Third Sts. Pass. Ry., Phi a__ _
to Jan. 4
135 Jan.
2 Holders of rec. Dee. 22 usually dealt in at the Stock Exchanges, were recently sold at
Tri-City Railway & Light, pref. (guar.). _
2 Holders of rec. Dec.12a
Turin City R. T., Minneap., com. (guar.) 135 Tan.
York, Boston and Philadelphia:
134 Jan.
2 Holders of rec. Dec.15a auction in New
Preferred (guar.)
Jan,
Union Traction, Philadelphia
1 Holders of rec. Dec. 9a
By Messrs. Adrian H. Muller & Sons, New York:
235 Jan.
8 Holders of rec. Dec.16a
Virginia Railway & Power, preferred_ _ _ _
Per cent. Shares.
Shares.
Per cent.
$2 Jan.
West End Street Ry., Boston, preferred
1 Dec. 23 to Jan. 1
557
Subscrlp to 110 Muldoon Un8 Westchester Fire MS. Co
Tan.
West India Elec. Co., Ltd. (guar.)(No. 16)
2 Dec. 23 to Jan. 2
derwear Co. pref., 10% pd.$25 lot
10 Rockland County Trust Co__ _ _141
Dec, 15 Dec. 8 to Dec. 15
West Penn Traction, common (quar.)... 1
50 011 Fields of Mexico Co_ ___.
2234
15 Bankers' Trust Co....701
Banks.
U. S. Motor Co. common.816 per sh. $5,500 Certificates for organization
Mercantile National (guar.)
134 Tan,
2 Dec. 24 to Jan. 2 100 Subscription to 100 Muldoon
'
expenses of State Savings Bank,
Trust Companies.
Underwear Co. pref., 10%
City of New York
$100 lot
8
Guaranty (guar.)
Dec. 30 Holders of rec. Dec. 30
paid
$25 lot Bonds.
Per cent.
Nero York Life Insurancel& Trust
25
Dec. 11 Holders of rec. Dec. 5a
Subscrlp to 110 Muldoon Un$6,000 1.T. S. Motor Co.5
-year cony.
United States
25
Jan.
2 Dec. 20 to Jan. 1
63;A.&0
derwear Co. pref. 10% paid.$85 lot
8834 & int
1911.
1910.
1911.
1910.
1911.
1910.
[VoL. Lxxxxm.
THE CHRONICLE
1578
By Messrs. Francis Henshaw & Co., Boston:
$ per oh. Shares.
Shares.
$ per O.
410X 25 Waltham Watch Co., pref
1 Nat Shawmut Bank
108
5 Amer. Glue Co., pref
3 Chicopee Manufacturing Co_ _ _ _115
1473.1
15 Massachusetts Cotton Mills_ _ _ _115 X 2 Con. & Mont. 1Ut.,class4,ex-div.160 A
By Messrs. R. L. Day & Co., Boston:
$ per sh. Shares.
Shares.
$ per sk.
123
8 Merrimack Mfg. Co., pref
100%
17 Arlington Mills
1 New Boston Music Hall
1 Boston Athenaeum, $300 par.305
63i
2 Boston Belting Co
13 Pepperell Mfg. Co
180
280X-280g
4 Cabot Manufacturing Co
120
8 Proprietors of Revere House_ 160
100 Concord & Mont. RR.Co., class
4 Waltham Watch Co., pref _ _ _ _105g
4, ex-div
4 Warren Bros. Co., corn.,$50 as. 24 A
160X-160g
8 Everett Mills
134
4 York Manufacturing Co
1503.
10 Hamilton Manufacturing Co
Per cent.
Bonds.
82
19 Lowell liteachery
2103 $5,000 Sedalia Light & Trac. Co.
60 Mass. North. fly. Co., coin.. _ _ _ 35
1st 5s, 1926, June 1910 coup. on_37 flat
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per oh.
$ per oh. Shares.
10 Amer. Pipe & Constr. Co_93-94%
10 Mutual Trust Co., $50 each 47
50 Anglo-Am. 011 Co., Beau7 Nat. State Bank, Camden,
109
mont, Tex., $1 each
$50 each
$1 lot
40 Assets Realization Co
12 Penna. Co. for Insur. on
1053.
10 Bergner & Engel Brew.Co.pf_ 98
6023'
Lives, &c
5 Buff. & Lake E.Tr. Co., corn. 5
16 Phila. Bourse, corn.,$50 ea.33-3/(
1,000 Chrysolite Mtn.Mg.Co.,$1 ea_$1 lot 1,000 Phila. Bullfrog Mg. Co.,$lea_$3 lot
10 Continental Pass. 1ty. Co 126X-127
10X
61 Phila. Life Insurance Co_
670
20 Phila. Trust Co
1,000 Chaffee Mg. & Smelt Co.,
430
10 Phila. National Bank
$1 lot
$1 each
21 Phila. Warehous'g&ColdStor.150
20 Corn Exchange Nat. Bank _ _296
1 Dela. & Bound Brook RR.Co.195
1 Real Estate Tr. Co., pref _ _ _ _ 98%
7 2d Nat. Bank of Phila., FkR1.260
1 DeLong Hook & Eye Co_ __ _105g
1,000 Southwestern Develop. Co.,
3 Farmers' de Mech. Nat. Bank 142
$6 lot
23 Fidelity Trust Co_ _ _ .i0113.-1012
$1 each
3 Spring Garden Ins.Co.,$25 ea. 90
7 Fire Association Co. of Phila.,
9 Standard Ice Mfg. Co., pref. 61
$50 par_
3504
1 13th & 15th S. Pass
12 First Nat. Bank of Phila _ _231-232
255
15 United Firemen's Insurance
14 Fourth Street Nat. Bank _ _ _300
2X Fruit Growers' Nat. Bank,
Co., $10 each
15
3 West Laurel Hill CemeteryCo.180
Smyrna, Del
190
32 German Commercial Accident
16-4000 parts Ins. Co. of State of Pa$501ot
Co., $10 each
Per cent.
1034 Bonds
5 Germant'n(4th&8thSts.)Pass118
$16,000 Beaver Creek RR. Co. re10 Girard Fire &Marine Ins. Co.285
ceiver's certificates
$1,000 lot
20 Guar. Tr.&SafeDep.Co._160-160X $10,000 Allegheny Vail. RR. Co.
200 Independence Trust Co., $50
gen. 9s, 1942
99%
each
713-72 $5,000 New Jersey Gas Co. 1st 5s,'40 90
44 Kensington National Bank.
81,000 Standard Ice Mfg. Co. 1st
$50 each
5s, 1929
105-105g
65
10 Lumbermen's Ins. Co.,$25 as. 953' $1,000 Spgfd. Wat. Co. 5s, 1926_ _ _100
5 Logan Trust Co
14034 $1,000 No.Spgfd.Wat.Co. 5s, 1928_100
1 Merchants-Union Trust Co_ _110
$600 Zoological Society of Phila.__ 20
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Per cent.
Shares.
$ per sh. Bonds.
$2,000 Colorado Springs Light, Heat
15 Enterprise Mfg. Co., V. T. C___115
& Power Co. 5s, 1920
91
1 Amer. Pipe & Constr. Co
9451
5 Logan Trust Co
13831 $1,000 Indianapolis Northern Trac,
5 Nat. Bk. of Germant'n, par $50_145
tion 1st 5s, 1932
90
10 Phila. Wareh. & Cold Storage 150'% 81,000 No. Springf.Wat.Ist 5s,'28_100
81,000 Springf. Wat. cons. 5s, 1926 100
DETAILED RETURNS OF TRUST COMPANIES.
Net
On Dep.
.H Deposits. Reserve,
Trust Cos. Surplus. Loans. Specie. Legals. with C
003 omitted.
Average. Average. Average. Banks. Average.
Manhattan _ _
Brooklyn __
Bankers
U.S.Mtg.& Tr_
Astor
Title Guar.&Tr
Guaranty
Fidelity
Law yersT.I.&T
Columbia
Standard _
Peoples
New York._ _ _
Franklin
I.incoln
Metropolitan
2,155,8 20,601,0 2,244,0
186,0 1,996,0 15,856,0 15.3+11.1
2,400,7 19,024,0 1,655,0
412, 1,541,01 13,690,0 15.0+10.0
13,142,7 126,224,0 13,436,0
673, 10,516,0 93,922,0 15.0+10.0
4,476,1 37,230,0 3,450,0
728,0 5,666,0 27,841,0 15.0+16.7
1,032,7 15,814,0 1,909,0
32,0 1,385,0 12,557,0 15.4+ 9.5
11,439,9 35,632,0 1,816,0 1,287, 2,482,0 21,833,0 14.2+10.0
22,697,7 145,722,0 15,522,0 1,313, 13,923,0 106,002,0 15.8+11.6
1,274,8 6,777,0
588,0 4,649,0 15.3+10.4
472,0
241,0
6,176,4 19,919,0 1,339,0
886, 1,730,0 14,623,0 15.0+10.5
1,824,1 16,697,0 1,588,0
100,0 1,586,0 11,043,0 15.2+12.5
1,432,5 15,237,0 2,023,0
39, 1,613,0 13,080,0 15.7+10.9
1,681,1 16,576,0 1,969,0
407,0 2,066,0 15,632,0 15.1+11.6
11,532,6 44,571,0 4,582,0
130,0 3,251,0 28,146,0 16.7+10.3
1,357,3 10,770,0 1,141,0
344,0 1,160,0 9,374,0 15.8+10.9
551,0 9,351,0 1,015,0
215,0 1,048,0 8,307,0 14.7+11.2
6,096,8 24,078,0 2,471,0
12,0 2,440,0 16,325,0 15.3+13.0
Totals, Avge__ 89,271,7 564,223,0 56,632,0 7,005,0 52,994,0 412,880,0 15.4+11.3
Actual figures Dec. 2_ 558,876,0 61,316,0 7,080,0 51,476,0 406,271,0 16.8+11.2
,
The capital of the trust companies is as follows: Manhattan,$1,000,000; Brooklyn,
$1,000,000; Bankers, $5,000,000; U. S. Mtge. & Trust, $2,000,000; Astor, $1,250,000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000; Lawyers' Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard,
$1,000,000; People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000:
Lincoln, $1,000,000; Metropolitan, $2,000,000; total, $34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Dec. 2
Capital. Surplus.
Loans.
Specie.
On Dep.
Net
Legal with C.11.
Tenders. Banks. Deposits.
Averages.
$
$
$
$
$
$
$
1,330,404,0
Banks ___ 135,150,0 196,029,3 1,336,231,0260,705,0 74,363,0
Trust cos_ 34,625,0 89,271,7 564.223,0 56,632,0 7,005,0 52,994,0 412,880,0
Total_ _ 169,775,0285,301,0 1,900,459,0317,340,0 81,368,0 52,994,0 1,743,284,0
Actual.
__ ____ 1,324,118,0 246,511,0 73,582,0
Banks . __
1,304,956,0
558,876,0 61,316,0 7,080,0 51,476,0 406,274,0
Trust cos
Total_
1,882,094,0307,827,0 80,662,0 51,976,0 1,711,230,0
The State Banking
Department also furnishes
weekly
returns of the State banks and trust companies under its
charge.
These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
Statement of New York City Clearing-House Banks and
Trust Companies.
-The detailed statement below shows the
condition of tile New York City Clearing-House members
for the week ending Dec. 2.
The figures for the separate
banks are the averages of tile daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in tile case of the trust companies.
DETAILED RETURNS OF BANKS
We omit two ciphers (00) in all cases.
Banks.
003 omiued.
Capital.
Sll7plus.
Loans.
Average.
Specie. Legato. Net Depos- ReAverage. Average its, Aver. serve.
Bank of N. Y_
980,0 18,509.0 25.4
2,000,0 3,657,6 20,826,0 3,722,0
Manhattan Co. 2,050,0 4,496,8 33,550,0 8,859,0 1,500,0 38,900,0 26.6
Merchants' __ _
2,000,0 1,887,9 19,546,0 3,310,0 1,554,0 19,430,0 25.0
Mech.& Metals 6,000,0 8,317,8 53,341,0 10,766,0 1,728,0 50,463,0 24.7
America
1,500,0 6,039,6 26,358,0 4,527,0 2,060,0 26,3:37,0 25.0
City
25,000,0 27,475,2 179,423,0 35,130,0 6,682,0 169,331,0 24.7
Chemical
3,000,0 6,799,9 29,092,0 4,948,0 1,747,0 26,311,0 25.4
6,230,0 23.2
Merchants' Ex
226,0
574,6
600,0
6,444,0 1,221,0
Gallatin
7,053,0 24.8
1,000,0 2,538,0
441,0
8,878,0 1,312,0
Butch. & Drov
2,555,0 30.3
156,7
76,0
300,0
701 0
2,321,0
9.842,0 25.8
Greenwich _ _ _
220.0
005,5
500,0
8,527,0 2,321.0
Amer. Exch_ _
5.000,0 4,624,3 41,563,0 6,906,0 3,828,0 40,880,0 26.2
Commerce_ _ -- 25,000,0 15,532,1 139,017,0 22,080,0 6,522,0 113,241,0 25.2
993,0 10,124,0 25.1
3,000,0 2,771,7 13,682,0 1,551,0
Mercantile __
Pacific
3,627.0 28.8
940,4
500,0
539,0
506,0
3,953,0
Chat. & Phen.. 2,250,0 1,160,3 16,517,0 2,815,0 1,246,0 16,320,0 24.8
2,159,0 29.3
People's
473,3
200,0
154,0
479,0
1,891,0
Hanover
3,000,0 12,744,2 66,499,0 13,122,0 5,184,0 72,440,0 25.2
Citizens' Cent_
2,550,0 1,882,8 21.928,0 4,898,0
632,0 21,072,0 26.2
Nassau
590,5
9,740,0 1,706,0
500,0
896,0 11,108,0 23.4
Market & Fult 1,000,0 1,799,5
8,963,0 24.8
9,184,0 1,194,0 1,031,0
Metropolitan _
2,000,0 1,605,5 11,891,0 2,821,0
253,0 12,179,0 25.2
Corn Exchange 3,000,0 5,555,0 45,423,0 7,067,0 5,785,0 53,531,0 25.6
Imp.& Traders 1,500,0 7,580,4 26,368,0 3,616,0 1,801,0 23,195.0 23.3
Park
5,000,0 12,947,5 84,246,0 20,122,0 1,224,0 86,703,0 24.6
East River_ _
98,2
250,0
1,695,0 27.9
109,0
364,0
1,442,0
Fourth
5,000,0 5,783,4 32,536,0 7,080,0 1,900,0 34,735,0 25.8
Second
1,000,0 2,200,2 13,950,0 3,300,0
121,0 13,611,0 25.1
First
10,000,0 21,189,3 116,087,0 21,976,0 4,143,0 107,388,0 24.3
Irving Exch _ _
2,000,0 1,901,1 24,578,O 5,156,0 1,755,0 26,663,0 25.9
Bowery
3,625,0 25.2
3,438,0
851,0
809,7
250,0
64,0
N. Y. County_
8,300,0 24.7
8,359,0 1,370,0
500,0 1,684,1
685,0
German-Amer.
3,631,0 25.4
3,958,0
700,0
710,5
750,0
225,0
Chase
5,000,0 8,444,5 87,102,0 19,932,0 4,391,0 96,804,0 25.1
Fifth Avenue_
100,0 2,089,2 12,590,0 2,438,0 1,131,0 14,005,0 25.4
German Exch..
3,502,0 25.6
430,0
3,582,0
200,0
967,0
872,7
Germania ___ _
6,490,0 24.5
152,0
5,592,0 1,443,0
200,0 1,017,1
Lincoln
1,000,0 1,667,6 15,254,0 2,668,0 1,463,0 16,254,0 25.4
Garfield
8,556,0 26.1
8,477,0 1,695,0
545,0
1,000,0 1.234,9
Fifth
372,0
3,618,0 25.5
551,0
3,509,0
517,4
250,0
Metropolis . _ _
1,000,0 2,154,4 12,615,0 1,704.0 1,482,0 12,796,0 25.0
West Side_ _ _
998,0
200,0 1,017,1
5,032,0 24.5
238,0
4,330,0
Seaboard
1,000,0 2,082,1 23,957,0 5,007,0 2,404,0 28,279,0 26.2
Liberty
1,000,0 2,709,5 16,896,0 3,233,0 1,138,0 16,954,0 25.6
1,000,0
.N. Y Prod.Ex
9,648,0 26.2
480,0
8,124,0 2,048,0
820,6
371,0 21,297,0 26.1
State
1,000,0
878,9 16,271,0 5,192,0
Security
1,000,0
503,2 10,192,0 2,503,0 1,209,0 14,257,0 26.0
Coal & Iron_
6,272,0 25.2
510,0
1,000,0
6,137,0 1,076.0
446,5
Union Exch_
9,583,0 25.0
9,490,0 1,157,0 1,245,0
952,9
1,000,0
Nassau
282,0
6,906,0 24.5
7,551,0 1,415,0
1,000,0 1,063,2
Totals, Avge__ 135,150,0 196,029,3 1336,231,0 260,708,0 74,363,0 1330,404,0 25.1
New York) and those for tile 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 RANKS-AND TRUST COMPANIES.
Week ended Dec. 2.
Capital as of Sept. 29_ __ _
Surplus as of Sept. 29.._.
Loans and investments__
Change from last week_
Trust Cos.
Slate Banks
Trust Cos.
Stale Banks
outside of
outside of
in
in
Greater N. F. Greater N. F. Greater N. F. Greater N. F.
$
61,956,000
38,568,700
174,752,800
11,456,214
11,378,230
286,996,800 1,099,482,000
-981,500 +10,433,000
103,418,800
-157,600
157,561,900
+136,300
338,297,800 1,184,288,700
-1-167,600 +4,509,500
109,744,100
-191,600
164,169,400
+128,100
133,482,700
+1,887,100
22,489,000
-12,000
22,532,100
-141,200
Specie
Change from last week..
51,449,800
-532,200
114,089,300
+1,704,000
Legal-tenders & bk. notes
Change from last week_
23,128,900
-123,500
$
0,417,974
$
9,525,000
$
22,771,000
11,066,600
-42,800
Deposits
Change from last week_
Reserve on deposits
Change from last week_
P. C. reserve to deposits
Percentage last week
95,596,100
+421,700
28.6%
28.4%
16.2%
16.3%
21.5%
21.5%
14.4%
19.5%
+ Increase over last week. -Decrease from last week.
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 tittle deposits not payable within thirty days,
represented by certificates , and also exclusive of deposits secured by bonds or
obligations niche State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust lot 'it by any public department.
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 thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Slate Banks
-Trust Coo.Total
01
Of
Reserve Required for Trust Companies
Total
which Reserve
which
Reserve
and State Banks.
Required. in Cash. Required. in Cash.
Location15%
15%
25%
15%
Manhattan Borough
Brooklyn Borough (without branches in Manila.) 15%
10%
20%
10%
10%
15%
Other Boroughs (without branches in Manhattan) 15%
M%
Brooklyn Borough, with branches in Manhattan_ _15%
15%
20%
20%
15%
15%
Other Boroughs, with branches in Manhattan_ __ _15%
15%
10%
5%
15%
Elsewhere in State
6%
The Banking Department also undertakes to present separate figures indicating tile totals for tile State banks and
Actual figures Dec. 2_
,
1324,118,0 246,511,0 73,582.0 1304,956,0 24.5
Circe/Won -On the basis of averages, circulation of national banks in the
Clearing House amounted to $50,758,000, and according to actual figures WAS
150,601,000.
trust companies in tile Greater New York
House. These figures are shown
also the results (both actual and
not in the Clearing
in tile table below, as are
average) for tile Clearing-
DEC. 9 1911.]
THE CHRONICLE
1579
Boston and Philadelphia Banks.
House banks and trust companies. In addition, we have
-Below is a summary of
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
bhus affording an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers(00)in all theseliOures•
NEW YORK CITY BANKS AND TRUST;.COMPANIES.
Capital
and
Loans.
Surplus,
Banks.
-House Clear.-House Slate Banks & Total of all
Clear.
Members. Trust Cos. not Banks &Trust
Week ended Dec. 2- Members.
Average, in C.
ActualFigures
-H. Aver. Cos. Average,
1Nat. banks
Capital1 Sept. 1 and
State banks
Sept. 29_ _
Surplus
169,775,000
169,775,000
34,652,000
204,427,000
285,401,000
285,301,000
93,130,300
978,431,300
Loans and investments 1,882,994,000 1,900,459,000
Change from last week -25,283,000 -15,649,000
609,886,400 2,510,340,400
+8,007,300 -7,641,700
1,743,284,000
Deposits
Change from last week L49,512,000 -25,341,000
a603,704,200 2,346,988,260
+9,999,700 -15,341,300
307,827,000 317,340,000
Specie
Change from last week -17,368,000 -11,386,000
63,415,500 380,755,500
+1,029,800 -10,356,200
Legal-tenders
Change from last week
80,662,000
-2,299,000
81,368,000
-607,000
810,840,300
-96,800
92,208,300
-703,300
Banks cash in vault
Ratio to deposits._ _
320,093,000
24.52%
335,071,000
25.19%
12,743,600
13.97%
347,814,600
Trust Cos. cash in vault
68,396,000
63,637,000
61,512,200
125,149,200
Aggr'te money holdings 388,489,000 398,708,000
Change from last week -19,667,000 -11,993,000
74,255,800 472,063,800
+933,500 -11,059,500
Money on deposit with
other bks. & trust cos.
Change from last week
20,573,900
+915,600
Specie. Legals. Deposits. Circa- Clearnigs.
a
lotion.
Boston.
$
$
$
$
$
$
$
Oct. 14
41,350,0 221,504,0 25,055,0 3,762,0 279,094.0 7,038,0 140,883,1
Oct 21
41,350,0 220,639.0 27,806,0 4,177,0 285,096,0 7.361,0 186,367,6
Oct. 28
41,350,0 225.858.0 28,270.0 4,130,0 280,595,0 7,370,0 176,114,7
Nov. 4
41,350,0 231,129.0 28,032,0 4,151,0 294,736,0 7,375,0 229,525,7
Nov.11
41,350,0 235,879,0 28,599,0 4,355,0 292,463,0 7,382,0 166,874,6
Nov 18
41,350,0 233,993,0 29,164,0 4,513,0 293,377,0 7,387,0 180,465,7
Nov.26
41,350,0 234,151,0 27,958,0 4,644,0 286,651,0 7,231.0 166,210,6
Dec. 2
41,350,0 232,750,0 26,440,0 4,271,0 282,057,0 7,450,0 154,505,3
Philadelphia,
Oct. 14
0,105,0 280,701,0
76,571,0
336,518,0 15,352,0 125,729,1
Oct. 21
60,105,0 280,105,0
75,704,0
337,869,0 15,344,0 152,634,3
Oct. 28
0,105,0 279,193,0
330,335,0 15,324,0 137,656,6
73,443,0
Nov. 4
60,105,0 270,209,0
73,504,0
328,730,0 15,335,0 162,693,2
Nov.11
60,105,0 274,291,0
75,248,0
331,076,0 15,307,i 135,986.1
Nov.18
60,105,0 272,588,0
331,636,0 15,320,0 162,239,4
75,388,0
,105,0 271,075,0
Nov.25
77,114,0
329,408,0 15,433,0 148.315.5
Dec. 2
60,105,0 272,090,0
331,372,0 15,470,0 163,966,7
77,696,0
a Includes Government deposits and the item "due to other banks." AirBoston
Government deposits amounted to $3,162,000 on December 2, against $3,151.000
on November 25.
Imports and Exports for the Week.
-The following are
the imports at New York for the week ending Dec. 2; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
51,476,000
-3,137,000
52,994,000
-3,626,000
439,965,000
451,702,000
Total reserve
Change from last week -22,804,000 -15,619,000
73,567,000
-2,710,400
94,829,700 546,531,700
+1,849,100 -13,769,900
Total
Since January 1,
Dry Goods
General Merchandise
Surplus CASH reserve
Banks (above 25%)-- def. 6,148,000
Trust cos.(above15%) ur 7,454,900
2,470,000
1,705,000
ur.1,308,900
Total
Change from last week -7,663,400
4,175,000
-5,200,950
% of cash reserve of tru 8 eos.16.83%
Cash in vault
11.25%
Cash on dep. with bks.
15.41%
11.38%
14.76%
1.20%
28.08%
26.79%
15.96%
Total
For week.
Dry Goods
General Merchandise
Total 48 weeks
1911.
1910.
$2,406,721
13,862,504
1908.
1909.
$3,248,034
12,666,086
$3,750,651
13,656,147
$3,267,420
12,383,983
$16,269,225 $15,914,120 917,406,798 915,6501803
$129,656,397 $145,802,160 $156,023,869 $116,272,490
680,853,323 694,455,947 652,300,496 474,310,246
$810,509,720 8840,258,107 $808,330,365 $590,582,736
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 2 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies In New York City"; with this Item included,
deposits amounted to $681,608,300, an increase of $3,727,200 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" for both
the average and the actual figures. b Includes bank notes.
For week.
1911.
1909.
1910.
1908.
For the week
Previously reported
$12,690,830 $15,954,435 $14,534,168 $11,984,696
707,089,033 622,070,973 563,827,142 576,566,052
Total 48 weeks
9719,779,863 $638,025,408 $578,361,310 $588,550,698
The averages of the New York City Clearing-House banks
The following table shows the exports and imports of
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Dec. 2
Clearing House, compare as follows for a series of weeks past and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
We omit two ciphers in all these figures.
Week.
Week
Ended.
Loans and
Investments.
Deposits.
Sept. 30Oct. 7-Oct. 14-Oct. 21_
Oct. 28_
Nov. 4....
Nov. 11_
Nov. 18....
Nov. 25_
ne.,.. 9
$
2,536,059,1
2,520.644,0
2,526,299,8
2,519,188,7
2,517,979,4
2,525,948,9
2,524,634,5
2,518,727,7
2517.982,1
9 A10 nan 4
$
2,404,638,2
2,382,520,9
2,388,182,0
2,380,090,9
2,380,965,6
2,384,031,8
2,376,207,5
2,375,438,3
2,362,329,5
2 3411.ORR.2
Specie.
Legal.
s.
$
411,994.6
403,975,7
402,340,7
399,322,0
403,805,5
401,382,5
398,091,6
398,222,3
391,111,7
380.755.8
$
94,394,6
91,545,0
91,112,1
93,911,6
92,996,1
93,244,2
93,208,6
93,756,3
92,911,6
02 208 1
Tot. Money Entire Res.
Holdings. on Deposit.
8
506,389,2
995,520,7
493,452,8
493,233,6
496,801,6
494,626,7
491,300,2
491,978,6
484,023,3
479 Oilq a
$
587,161,9
579,936,1
580,679 2
575,895,6
580,002,4
575,900,4
565,413,1
568,571,4
560,301,8
CAA Sql,
-The following is
Reports of Clearing Non-Member Banks.
the statement of condition of the clearing non-member banks
for the week ending Dec. 2, based on average daily results:
We omit two ciphers (00)in all these figures.
Banks.
Capitat.
Surplus.
Imports.
Geld.
Legal
On
Loans,
Tender Deposit
Disets
Specie. and
with
and
Net
Bank C.
Invest-H. Deposits.
Notes. Banks.
ments.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1911
Total 1910
Total 1909
Silver.
Great pritaln
France
Germany
West Indies
Mexico
South America
All other countries
Total 1911
Total 1910
Total 1909
Since Jan.1
$3,503,745
3,500
$40,000 1,871,020
110,000
4,215,430
172,250
Week.
Since Jana
82,126
436,975
9,538
4,989
373,067
509,786
2,578
1.529,623
7,659,196
2,901,027
1,919,885
9150,000 89,765,945
75,400 45,218,138
3,781,900 91,150,617
9453,628 914,595,162
164,411 21,662,972
422,404 8,376,396
$930,040 $43,037,563
2,824,034
167,149
10,000
103,695
$172,576
11,767
26,919
78,886
3,055,100
1,715,073
1,432,918
36.617
7,548
8940,040 $46,176,606
666,913 39,501,037
1,034,852 41,167,302
945,332
.766
$46,098 $6,493,239
88,044 4,511,937
57,598 4,050,739
Of the above imports for the week in 1911,
American gold coin and
American silver coin.
were
New York City.
STOCK OF MONEY IN THE COUNTRY.
Manhattan & Bronx.
$
1
-The following
$
$
$
$
$
Washington Heights_ 100,0
297,0 1,286,0 137,0
61,0
186,0 1,034,0 table shows the general stock of money in the country as well
250,0
120,3 1,588,0
36,0 235,0
Century
129,0 1,600,0
400,0
463,4 5,869,0 800,0 388,0
Colonial
775,0 6,925,0 as the holdings by the Treasury, and the amount in circula300,0
786,9 6,707,0 718,0 663,0
Columbia
902,0 7,897,0 tion on the dates given. The statement for Dec. 1 1910 will be
200,0
167,3 1,071,0
39,0 118,0
Fidelity
135,0 1,004,0
531,0 4,008,0 337,0 436,0
500,0
Jefferson
819,0 4,418,0 found in our issue of Dec. 101910, page 1554.
340,2 2,496,0 442,0
250,0
39,0
Mount Morris
358,0 3,155,0
-Stock of Money Dec. 1 1911- --Money in Circulation
393,9 3,237,0
200,0
40,0 623,0
Mutual
446,0 3,510,0
In United
Held in
Dec. 1
Dec 1
475,2 4,095,0 359,0 373,0
100,0
Plaza
649,0 4,276,0
Slates.
1911.
Treasury.d
1910.
98,8 1,851,0 225,0
200,0
97,0
Twenty-third Ward
300,0 2,019,0
i
$
s
506,2 3,940,0
100,0
77,0 710,0
Yorkville
554,0 4,382,0 Gold coin and bullion_ ___.1,797,721,560 178,364,250 616,777,641 601,492,185
278,6 2,670,0 293,0
200,0
97,0
New Netherland
149,0 2,497,0 Gold eertilicates.a
106,938,921 895,640,748 842,874,397
132,6 1,513,0 270,0
62,0
Battery Park Nat..- 200,0
66,0 1,461,0 Standard silver dollars_
472,423
565,168,367
74,242,944
75.527,638
313,2 2,170,0 568,0
300.0
52,0
Aetna National
60,0 2,202,0 Silver certificates..a
7,001,027 483,451,973 480,727,412
120,0 1,264,0 319,0
200,0
12,0
Gotham National_
102,0 1,304,0 Subsidiary silver
b164,080,387 17,490,432 146.589,955 141,572,284
Brooklyn.
3,111,000
8,230
Treasury notes of 1890___..
3,102,770
3,484,374
535,5 3,094,0 451,0 137,0
200,0
Broadway
343,0 3,085,0 United States notes
346,681,016 5,868,032 340,812,984 340,511,925
867,3 5,431.0 401,0 316,0
252,0
Manufacturers' Nat
546,0 4,852,0 National bank notes
739,764,346 29,800,608 709,963,738 706,425,099
839,5 10,437,0 312,0 1,584,0 1,814,0 12,153,0
1,000,0
Mechanics'
592,9 3,805,0 416,0 210,0
300,0
National City
855,0 3,787,0
3,616,526,676 345,943,923 3,270,682,753 3,192,615,319
Total
159,0 1,961,0 202,0
200,0
91,0
North Side
283,0 1,962,0
Population of the United States Dec. 1 1911 estimated at 94,679,000; circulation
659,0 3,569,0 329,0
First National
300,0
61,0
433,0 2,747,0 per capita 534 54. (See Note.)
Jersey City.
. A revised estimate by the Director of the Mint of the stock of gold coin was
1,
400,0 1,292,2 5,291,0 290,0 370,0 2,411,0 4,458,0
First National
adopted in the statement for Aug. 1 1907. There was a reduction of 9135,000,000.
776,8 3,194,0 243,0 104,0
250,0
Hudson County Nat
484,0 2,367,0
a For redemption of outstanding certificates
of the
414,1 2,042,0 132,0 137,0
200,0
Third National
718,0 1,737,0 appropriate kinds of money is held In the an exact equivalent in amountIn the
Treasury, and is not included
Hoboken.
account of money held SS assets of the Government.
625,8 3,662,0 200,0
220.0
First National
47,0
363,0 1,650,0
silver
b revised estimate by the Director
264,5 3,105,0 173,0
125,0
Second Nations,' ,
51,0
291,0 1,288,0 coin Awas adopted in the statement ofof the Mine of the stock of subsidiary
Sept. 1 1910. There was a reduction el
Totals Dec. 2.-- 6,947,0 12,051,2 89,356,0 7,809.0 7,074,0 14,171,0 87,468,0 $9,700,000.
d This statement of money held In the Treasury as assets of the Government dots
Totals Nov. 25_ _ _ _ 6,947,0 12,051,2 89,838,0 7,648,0 7,173,0 13,946,0 87,880,0
n.......,„1.3,, 15
R Od7 ft 19 A sl
(111
c1 n 7 MI7 n 'I nett n 1 c .71 n ...,..,
,
. not include deposits of public money In National Bank Depositaries to the credit
of the Treasurer of the United States, amounting to 936,360,516 67.
THE CHRONICLE
1580
Vaulting and financial.
BANK OF MONTREAL.
PROCEEDINGS AT THE NINETY-FOURTH ANNUAL
MEETING OF SHAREHOLDERS,
HELD DEC. 4 1911.
((From the Montreal "Gazette," Dec.5 1911.)
The 04th annual general meeting of the Shareholders of the Bank of
Montreal was held yesterday at noon in the Board Room, at the Bank's
headquarters.
Amongst those present were—Mr. R. B. Angus, Sir Edward Clouston,
Bart., Sir William Macdonald, Sir Thomas G. Shaughnessy. Messrs. D.
Eforrice, H. V. Meredith, E. B. Greenshields, Hon. Robert Mackay,
James Ross, W. Moison Macpherson. C. J. Fleet, K. C., Dr. II. 13. Yates,
G. F. C. Smith. Rev. G. H. Parker (Lennoxville), C. H. Cahan, K. C.,
William H.Evans, Hugh Paton, George Hooper. Henry Joseph. M.S. Foley,
W. R. Miller. John Hamilton, George Durnford, C. S. Garland, W. Bi ackader, William Stanway, Mr. Archibald, C. Meredith, Mr. Alexander,
Bartlett McLennan, James Crathern, P. F. McCaffrey, John Beatty,
H. Meredith Smith, H. Dobell, J. B. Learmont, John Patterson, H. B.
Scott. C. W. Buchanan and James Skeoch.
On motion of Mr. W. M. Macpherson, the President, Mr. R. B. Angus.
was requested to take the chair.
It was then moved by Mr. C. J. Fleet, K. C., seconded by Dr. H. B.
Yates, that Messrs. G. F. C. Smith and Bartlett H. McLennan be appointed
to act as Scrutineers and that Mr. James Aird be the Secretary of the meeting
This was carried unanimously.
THE ANNUAL REPORT.
Sir Edward Clouston, Bart., the General Manager of the Bank, was
then called upon to read the annual report of the Directors to the Shareholders at their 94th annual general meeting held 4th December 1911:
The Directors have pleasure in presenting the Report showing the result
Of the Bank's business for the year ended 31st October 1911.
$961,789 11
Balance of Profit and Loss Account 31st October 1910
Profits for the year ended 31st October 1911 after deducting
charges of management and making full provision for all
2,276,518 75
bad and doubtful debts
365.677 50
Premiums on New Stock
Adjustment Bank Premises Account....3.400,000 00
Dividend 2Si%
Dividend 2%
Dividend 24%
Dividend 24%
paid
paid
paid
paid
$7,003,985 36
$360,000 00
1st March -1911
360.000 00
1st June 1911 __________
360.000 00
1st Sept., 1911
360,000 00
1st Dec. 1911
$1,440,000 00
3,000,000 00
Amount credited to Rest Account _
Amount expended on new Premises during year. 708,800 00
5.148,800 00
$1,855,185 36
Balance of Profit and Loss carried forward
Since the last Annual Meeting Branches have been opened at Grand
Falls, N. F.. West Summerland, B. C., Suffield, Alta., Athalmer, 13. C.,
Kamloops, B. C., and Port Haney. B. C.
At a Special Meeting of the Shareholders, held on 5th September 1911,
an issue of $1,600.000 new Capital Stock was authorized, making the
total Paid-up Capital of the Bank $16,000,000, and at this date $1,013,000
of the New Stock has been subscribed for.
It has been decided to increase the Bank Premises Account to an amount
which, while still thoroughly conservative, more closely approximates
the value of our land and buildings as assets than did the former practice.
All the Offices of the Bank. Including the Head Office, have been inspected during the year.
(Signed) R. B. ANGUS. President.
Bank of Montreal,
4th December 1911.
THE GENERAL STATEMENT.
The General Statement at 31st October 1911 was read as follows:
$14,887.570 00
Capital Stock
Rest
Balance of Prolits carried forward
$15,000,000 00
1.855,185 36
Unclaimed Dividends
Quarterly Dividend, payable 1st Dec. 1911-
$16,855,185 36
1,508 01
360.000 00
17,216,693 37
$32,104,263 37
$15,914,654 00
Notes of the Bank in circulation
46,187,554 74
Deposits not bearing interest
135,538,261 10
Deposits bearing interest
175.687 44
Balances due to other Banks in Canada__ _
197.816,157 28
t.:.
$229,920,420 65
Assets.
$9,627,050 47
Gold and Silver coin current
9,717,605 75
Government demand notes
Deposit with Dominion Government required by Act of Parliament for security
700,000 00
of general bank-note circulation
Due by agencies of this bank
and other banks in Great
$14,566,291 85
Britain
Due by agencies of this bank
and other banks in foreign
3,408.981 89
countries
Cali and short loans In Great
Britain and United States 42.602.772 00
60,578,045 74
Dominion and Provincial Government
675.479 94
Securities
Railway and other Bonds, Debentures and
16,134,307 86
Stocks
7,013,395 71
Notes and Cheques of ether Banks
$104,445,885 47
Bank Premises at Montreal and Branches (valued at $9.4,000.000 00
088,000 00; land, ;4,735,000; buildings, $4,353,000)-..-Current Loans and discounts in Canada and
elsewhere (rebate interest reserved) and
$121,053,065 71
other assets
188,204 43
Debts secured by mortgage or otherwise
Overdue debts not specially secured (loss
233,265 04
provided for)
121.474.535 18
$229,920,420 65
Bank of Montreal, Montreal. 31st October 1911.
E. S. OLOUSTON,
General Manager,
[VoL.
THE PRESIDENT'S ADDRESS.
The President, Mr. R. B. Angus, then moved the adoption of the Report,
seconded by the Vice-President, Sir Edward Ciouston, Bart. The President said:
I beg to move the adoption of the Report; and in doing so I have to call
attention of the Shareholders to two important changes in the Annual
Statement.
The one that was authorized by you at the Special Meeting of 5th September and subsequently approved by the Treasury Board provided for an increase of the Capital Stock by $1.600,000—mainly with a view of extending to that amount the right to increase tile issue of notes In circulation.
This appeared to be urgently demanded, as the circulation of this Bank
had reached the legal limit, the amount of the paid-up capital; and as other
Banks were much In the same position, it was feared that a great scarcity
of currency would soon be experienced.
Another considerable change in the Statement at this time will be seen
In the treatment of Bank premises account, which for years had been represented by the comparatively insignificant sum of $600,000, notwithstanding the largo expenditure recently incurred for Bank Buildings and for
providing suitable accommodation for the increasing business throughout
the country. Your Directors have been frequently criticized for having
charged the full amount of the cost under this ahead against tile profits of
the year. and it has been suggested that we should alter our system to
conform to that of other Banks in the pubi ished statements. We have
therefore had a conservative valuation made of the property, which results
in the figures now submitted, namely, $9,088,000—land $4,735,000 and
buildings $4,353,000, and have taken back less than half that amount, or
$4,000,000—more adequately to represent this item In tile balance sheet.
To adjust bank premises, consequently, the sum of $3,400,000 has been applied and the balance carried forward.
The calls on New Stock extend over a period of nine months, and, the
payments being completed, the capital will stand at $16,000,000, and the
rest at a like amount.
On 15th September last we sustained a loss of $271,721 00 by burglary
at New Westminster, one of our important branches, where a considerable
amount of money had been provided for the payment of wages. A small
portion so far has been recovered, In addition to the Insurance, and the
balance has been written off.
The business of the bank has been fairly prosperous during the year, although the employment of spare funds in call and short lo ans has been less
productive than usual, the prevailing rates having been extremely low In
New York and London during the whole period. The ordinary deposits
show a gratifying increase, while those of a temporary character have to
some extent fallen off, as we have been unwilling to one enrage them at a
higher rate of interest.
The money markets of Great Britain and the Continent of Europe have
taken freely of Canadian bonds and stocks, municipal, railway and Industrial. There was a brief interval of dullness, but that condition seems to
have passed and well-vouched-for securities are again in good demand.
There is ample room for the employment of foreign capital in this rapidlydeveloping country, and it becomes the more imperative that no issue having any taint or doubtful value should be submitted to the foreign investor.
During the year under review Canada has enjoyed a period of great prosperity, and in almost every department of trade and commerce, and has
undoubtedly added largely to her permanent and productive wealth; although this has been more marked In the prairie provinces and British
Columbia, Ontario, Quebec and the Maritime Provinces have not failed to
participate.
The mining industry of British Columbia has taken on a new life, although
the prolonged coal strike has seriously interfered with the operation of the
mines and lessened their product. The mines In Ontario have been wonderfully productive. The Iron and coal of Nova Scotia have had a large
output and promise to be more profitable when their organization is more
complete.
Manufacturers have been fully occupied and new Industries of every
description are springing up in all parts of the Dominion.
In immigration from Europe and the United States Canada has attracted
348,633 souls to her population, an increase over the previous year of 56,369.
This item alone reprelents a very substantial gain, the value of each immigrant in money and property brought into the country has been variously
estimated, and in the aggregate we know it must be very great; but still
more to be valued Is the advantage of the advent of so many additional
hands, mostly farm laborers, who repair at once to the lands which lie open
to their enterprise.
The increasing immigration, the consequent development of new acreage
and the various climatic conditions make it difficult to estimate the result
of the harvest. For instance, the generally accepted figures for last year
ranged from 80 to 95 millions of wheat, while the final outturn allowed
actually 118 millions in round figures. I have from a capabltr and wellinformed source the following estimate for this year. He says with regard
to the Western crops:
Early estimates made by competent judges were In the neighborhood of
200 million bushels. However, since then these estimates have been reduced to about 180 millions, owing to subsequent unfavorable weather conditions. While the quality this year, as a whole, is not all that could be
desired, the average prices being paid for the lower grades are even better
than the prices obtainable in many previous years for tile higher grades,
and consequently the net cash returns will be the largest ever obtained from
our Northwest.
When considering the effect of the wheat crop In relation to its Influence
on the prosperity of our Dominion, the value of the other cereals produced
in our Northwest must not be overlooked. If we accept the present estimates of the various Important grains, which are as follows.
35,000,000 bushels
180,000.000 bushels I Barley
Wheat
7,000,000 "
Flax
Oats
200,000.000 "
the cash value to the farmer, at the average prices prevailing to-day, would
be approximately over $235,000,000—no inconsiderable sum, considering
that this is exclusive of the farmers' receipts from various other sources,
such as live stock, hay, root crops and dairy product3.
Railway construction. especially In the Northwest, continues to manifest
great activity; and while In its Immediate effect it benefits the country by
the expenditure of money and the employment of labor, where the lines are
judiciously chosen It prepares the way for settlement and affords facilities
for intercourse and ready access to markets.
Most worthy of note are the extensive irrigation works in the Northwest
by which the arid lands are converted into fruitful fields destined to become
the homes of a large farming population. As to tile ready-made farms,
they cannot be supplied fast enough to meet the wants of would-be settlers.
While the railway took the initiative In this enterprise, It is being followed
by large landholders and capitalists of Great Britain, who, from patriotic
DEC. 9 1911.]
THE CHRONICLE
motives in some instances, are making such investments with the view of
supplying homes and giving a fresh start in life to the surplus population
of the mother country. Experimental farms for the instruction and convenience of settlers arc also of immense advantage and arc gradually being
extended to every province of the Dominion.
A review of the various branches of trade and industry throughout the
Dominion is beyond my province, although the Bank in its widespread operations is vitally interested in the commercial life of the country, and
touches It at every point. I, therefore, attempt but a brief summary.
The dry goods trade of 1911 has been somewhat unsatisfactory. In the
spring stocks were heavy and the demand light, this being to some extent
a legacy of the previous year. But a decided improvement has set in, with
much better prospects.
In Canadian cottons a largely increased trade has been experienced,
with firm prices, and imports are gradually decreasing.
Early in the year, also, our Woolen and Worsted manufacturers suffered
from the competition of foreign imports. Goods intended for tile United
States, where the markets were overstocked, were, according to Bradford
reports, sold in Canada at a sacrifice, but that condition of things has been
overcome and the mills are now well employed in goods for next season.
Indeed, competent authorities report the wholesale trade to be at present in a comparatively flourishing condition and increasing in volume.
The iron and hardware trade and groceries arc said to be decidedly
good, although profits are somewhat curtailed by excessive competition.
In boots and shoes a large and apparently profitable business has been
transacted, notwithstanding the high price of leather. A most remarkable
change has taken place in the values of butter and cheese, as compared
with those of a year ago. 1.armers have been receiving 3c. more per lb.
for cheese and 5c. to 6c. more for butter. The advance has been realized
on a considerable portion of the season's make—Indicating that the farmers
have received at least $3,000.000 more for their exports of dairy products
than for the corresponding period of last year.
The hay crop of the Dominion for 1911 was less than the previous year.
but the farmers have realized from it a larger return by $2 to $3 per ton,
and a good demand exists both in the United States and Great Britain.
The export of cattle continues to grow lass each succeeding year, this being due in a great measure to the larger consumption of the home market
and the increasing population, both in the East and West.
The fisheries on our Atlantic Coast have been exceedingly prosperous,
and last year every one who handled fish made money through the transaction. The fishermen had the biggest catch and obtained the highest
prices recorded. This is true generally both in regard to our Maritime
Provinces and Newfoundland.
With regard to the Pacific Coast, the salmon pack is reported to have been
an average one. The market is active and prices good. Other fishery conditions are generally satisfactory.
Recent changes in the tariff of the United States and the comparative
failure of the Water Powers in that country have brought the pulp and
paper making in Canada into prominence. Several of our mills have been
successful in their operations; and with our extensive spruce forests and
unsurpassed hydraulic powers, this industry is sure to find a natural development in this country.
The Lumber trade has been poor throughout the year, especially in
British Columbia, which has had to face the keen competition of the Western
States, whose lumber has been forced upon the Canadian markets in consequence of the almost complete paralysis of business in their own neighborhood. In the East, and especially of late, there has been experienced a
marked improvement both in export and local account. In the latter
there has been an unprecedentedly brisk and profitable demand in consequence of the activity of building operations.
This leads me to remark upon the Real Estate transactions, which in
some districts savor too much of speculation. In Montreal and other
large Eastern cities prices have long been in a measure dormant, until
recently, when the public suddenly realized the necessity of providing
homes and commercial buildings for the vastly increased population.
Hence the rise in values, which is not without justification.
The business of the port of Montreal shows a healthy increase. The total quantity of grain exported during the season of navigation Is about
29,388,359 bushels, as compared with 26,349,514 bushels last season,
while the exports of flour have almost doubled.
With the high prices of agricultural produce prevailing the farmers of
Canada have had a profitable year, which is reflected in the satisfactory
condition of the general business in all portions of the Dominion.
There can be no more certain indication of the business activity and
general prosperity of the country than the railway earnings, which are
phenomenally largo.
I regret to announce the retirement of Sir Edward S. Ciouston, Baronet,
from the General Managership of the Bank. After 47 years of service. 20
of which have been passed in the Chief Executive Office, it is natural
that he should seek some relief from the arduous duties of that position.
I am happy to say, however, that his mature judgment and great experience will still be available to the administration, when required, in the less
strenuous office of Vice-President.
He will be succeeded by Mr. H. V. Meredith, an able and well qualified
officer, who will surround himself with such capable assistants as are always
to be found on the Staff of the Bank.
SIR'EDWARD CLOUSTON.
In seconding the adoption of the Iteport, Sir Edward Clouston said—
As the President has dealt with the general business of the country,
will confine the few remarks I make to the statement a copy of which you
have in your hands.
To meet the wishes of the Shareholders, expressed at several of our
meetings, and to conform to the custom of the other Banks in Canada,
we have shown the amount expended on new Bank Promises during the
past year. We have also obtained valuations of all our lands and buildings, and I do not think we can be accused of overvaluation when we
place the value in our statement at $4,000,000; somewhat less than the
value of the land alone. In fact, to the amount of $9,000,000 should be
added the cost of uncompleted buildings, making It $700,000 more. The
increase of $3,400,000 over former statements has been employed partly
to increase our Rest to an amount equal to our Paid-up Capital, and the
surplus has been carried to our Profit and LOSS Account. Speaking as an
individual, and in no way as a mouthpiece of the Board, I would not
advocate increasing, in future, our Rest beyond the Paid-up Capital. I
should always like to keep the Profit and Loss Account at Its present
amount, as a Reserve, to be used when the Directors might see fit to do so
in the interests of the Bank, and any surplus profits, after full appropriations have been made, I would suggest distributing among the Shareholders.
The shrinkage in deposits, as compared with last year, is accounted for
by the fact that at that time we had very large special deposits, which
were shortly after distributed. The regular deposit business of the Bank
has been satisfactory. The increase in our Loans is an evidenee that our
1581
Canadian business is steadily increasing. I think you will agree with
me that the statement is a strong and satisfactory statement.
The President has mentioned that I have decided to retire from active
executive work. I have held the stage for a long time, for I find my service
In the General Manager's position is more than double that of any of my
predecessors. I have kept in mind, however, that while corporations may
go on forever the men who manage them come and go, and with that in
view I have always tried to arrange that the exit of any one man should not
In any way interfere with the business of the Bank. In passing over the
reins of office to my successor. I feel I am doing a good thing for the Bank
and its shareholders. Mr. Meredith has spent all his active business life
in the service of the Bank, is familiar with Its policy, is trained in its traditions, and has been uniformly successful in his previous appointments.
I have no doubt he will be equally successful in the high office to which he
is called, and I am quite satisfied your property will be handled conservatively.
Rev. G. H. Parker then made a brief address, enquiring whether there
was a prospect of increased dividends to the shareholders with the increased
earning capacity of the Bank.
Mr. R. 13. Angus—"This question has already been dealt with by the retiring General Manager. He was, of course, only speaking for himself and
without any knowledge of what the year might bring forth, when we shall
be in better position to ascertain what the profits are. There is no doubt
whatever that if the profits are adequate an additional dividend will be
paid, but this depends so much on the outcome of the year's business that
nothing definite can be said In anticipation."
The annual report was then unanimously adopted.
It was moved by Mr. Hugh Paton, seconded by Mr. George Hooper, that
the thanks of the meeting be presented to the President, the Vice-President
and Directors for their attention to the interests of the Bank.
Mr. Hugh Paton—"I am informed that it is not usual to speak to this
motion. I will therefore content myself by remarking that it is peculiarly
applicable to the present occasion, judging by the events of the year, and
the work of the Bank as shown by the report just presented.
The motion was then unanimously adopted.
The President—"Gentlemen, on behalf of the President, the Vice-President and Directors, I wish to thank you for this mark of our renewed Confidence. We have been able to carry on the affairs of the Bank during the
year with the loyal support of the staff, all of whom have been anxious to
work for the furtherance of the interests of this Institution. I feel that all
the officials and staff have done their duty, and on behalf of them I wish to
express our appreciation of the cordial support we have always received
In our work." (Applause.)
Moved by Sir Thomas G. Shaughnessy, seconded by Mr. C. R. Hosmer,
that the thanks of the meeting be given to the General Manager, the Assistant General Manager. the Superintendents, the Inspectors, the Managers
and other officers of the Bank for their services during the past year.
This was unanimously adopted.
The General Manager (Sir Edward Clouston)—"On behalf of myself,
the Assistant General Manager and the other officers of the Bank, I wish
to thank you for this kind motion. I have always realized that the success
of any one in the position I have held depends largely on the efficiency and
loyalty of his staff. I feel that I have had that to a great extent in the past,
and on behalf of the staff I have much pleasure in thanking you for your
sign of continued confidence."
Mr. C. II. Cahan, K. C.—"As a shareholder I think it would be an expression of the feeling of all the shareholders of this bank if we, as shareholders, moved an expression of our regret at the announcement of the
retirement of Sir Edward Ciouston from the chief executive office of the
bank, and an expression of our appreciation of the valuable services he has
for so many years rendered to this bank and its clients. Sir Edward Clouston has during many years held a very important and distinguished place
In the banking affairs of Canada. Not only have his experience and services been of invaluable assistance to this bank, but by his clear judgment,
keen insight and extended knowledge of business affairs, his advice has
been of invaluable assistance to the clients of this Bank, who have frequently
used it in times of need.
"As a shareholder, therefore, I beg to move a resolution expressing our
appreciation of the services of Sir Edward Clouston and our regret that the
circumstances of his health and long service have rendered it necessary in
his opinion for him to sever his connection with the bank as its chief executive officer." (Applause.)
This resolution was seconded by Mr. James Skeoch and unanimously
adopted.
Sir Edward Clouston:—"I must thank the mover and seconder of this
resolution and the Shareholders sincerely for all that has been said. I have
always tried to do my best in the interests of the bank during my long connection with it, and feel very keen regret that I am now compelled to sever
my connection with It as General Manager."
The ballot for the election of Directors was then proceeded with, and
without much delay the Scrutineers appointed for that purpose reported
the following gentlemen duly elected, the old Board being re-elected:
Messrs. It. B. Angus, A. Baumgarten, Sir Edward Ciouston, Bart., E. B.
Greenshields, C. R. Hosmer, Sir William C. Macdonald, Hon. Robert Mackay, H. V. Meredith, D. Morrice, James Ross, Sir Thomas Shaughnessy.
K.0.V.0., Rt. Hon. Lord Strathcona and Mount Royal G.C.M.G..
G.0.V.0
.
OFFICERS ELECTED.
At a meeting of the Directors held later, the Right Honorable Lord
Strathcona and Mount Royal, G.C.M.G., G.C.V.O., was elected Honorary
President of the Bank; Mr. R. B. Angus, President. and Sir Edward Clouston, Bart., Vice-President.
Diversify Your Investments
Write for our circular entitled "Judicious Investment," which
treats the above subject in detail.
Spencer Trask & Co.
43 EXCHANGE PLACE. - - - NEW YORK.
Boston, Mass.
Chicago, III.
Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities
5 NASSAU STREET,
NEW YORK
THE ROOKERY,
CHICAGO
1582
[VoL. Lxxxxin.
THE CHRONICLE
Vankere
azette.
Wall Street, Friday Night, Dec. 8 1911.
The Money Market and Financial Situation.—A prospective readjustment of the Wabash Railroad's finances, accompanied by a decline in the outstanding securities of the company, has been a prominent factor in the security markets
this week. The matter has, of course, had a depressing influence, and, as nothing has occurred to counteract it, the
result is seen in limited transactions at the Stock Exchange
and a lower range of prices generally. Later in the week the
announcement that the New York Central had acquired control of the Ontario & Western Ry. attracted attention in railway circles, but had little, if any, effect upon the general
market. The President's message to Congress, the substance
of which had been repeatedly set forth during his recent
Western speech-making tour, also passed without effect.
Money market conditions have undoubtedly had a tendency to restrict operations at the Stock Exchange,especially
those of a speculative character. Rates for call loans have
ruled from 4% to 532%, and as interior banks are reducing
balances here it would seem that the low rates recently prevailing may not be again reached until after the year-end
settlements have been accomplished. Financial conditions
abroad go on improving. The Bank of• England reports a
reserve equal to 52.55% of liabilities, gold holdings larger
than at any corresponding date for 16 years past, and the
Bank of France has largely reduced its loan account, while
increasing its cash reserve.
There is a feeling more or less generally prevalent that a
turn towards better business conditions has already been
made. How well grounded this feeling is remains to be seen;
1912, with all its possibilities, will soon open before us.
The open market rate for call loans on the Stock Exchange
during the week on stock ann bond collaterals has ranged
from 4 to 53(%. To-day's rates on call were 4@5%.
1
Commercial paper quoted at 43o@5% for 60 to 90-day
endorsements, and for prime 4 to 6 months' single names
and 534% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £250,859 and the percentage
of reserve to liabilities was 52.45, against 51.31 last week.
The rate of discount remains unchanged at 4%,as fixed
Sept. 21. The Bank of France shows an increase of 650,000
francs gold and 950,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1911.
Averages for
week ending
Dec. 2.
1910.
Differences I Ay rages for
week ending
from
Dec. 3.
previous week%
1909.
Averages for
week ending
Dec. 4.
Capital
135,150,000
133,350,000 127,350,000
Surplus
196,020,300
196,577,100 180,024,900
Loans and discounts_ .... 1,336,231,000 Dec. 17,781,000 1,229,080,500 1,192,793,100
52,889,500
Circulation
50,758,000 Inc.
90,000
98,499,000
1,330,404,000 Dee. 29,909,000 1,199,337,800 1,168,629,800
Net deposits
260,708,000 Dec. 12,043,000 243,588,700 230,668,400
Specie
69,203,700
74,363,000 Dec.
614,000
68,122,800
Legal tenders
1
335,071,000 Dec. 12,657,000 311,711,500 299,872,100
Reserve held
332,601,000 Dec. 7,477,250 299.83.1.450 292,157,450
25% of deposits
Surplus reserve
2,470,600 Dec. 5,179,750
11,877,050
7,714,650
Note.—The Clearing House now issues a statement weekly show ng the actual
condition of the banks on Saturday morning, as well sa the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on the
second page precedinT.
Foreign Exchange.—After somewhat of a recovery on
Saturday,a decline set in which continued through the week.
To-day's (Friday's nominal rates for sterling exchange were 4 83 15 for
sixty-day and 4 86 55 for sight. To-day's actual rates for sterling exchange
were 4 82 55 ® 4 82% for sixty days, 4 85 X 4 8534 for cheques and
4 86 y, 4 8634 for cables. Commercial on banks 4 8034@4 8234 and
documents for payment 4 8234@4 8234. Cotton for payment 4 82®
and grain for payment 4 82 15@4 8234.
4 82
The posted rates for sterling, as quoted by a representative house, have
ruled as follows: Saturday,sixty days,4 84: sight, 4 87 H. Monday,Tuesday, Wednesday, Thursday and Friday, sixty days, 4 8334; sight, 4 87.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21 34 @
15 2114 less 1-16 for long and 5 19 34t 5 18 % less 3-32 for short. Germany
bankers' marks were 94 5-16@94 % for long and 95 1-16 less 1-32@95 1-16
for short. Amsterdam bankers' guilders were 4014 40 g plus 1-32 for
short.
Exchange at Paris on London, 25fr. 23o.; week's range 25fr. 23 Hc. high
and 25fr. 20 Apr. low.
Exchange at Berlin on London, 20m.45 Hpf.; week's range 20m.47 15pf
high and 20m. 45pf. low.
The range for foreign exchange for the week follows:
Cables.
Sterling Actual—
Sixty Days.
Cheques.
4 6634
High for the week__ _ 4 83
4 8665
4 85 X
Low for the week__ _ 4 82 X
48634
Paris Bankers' Francs—
High for the week___ 5 2034 less 1-16 5 18 H less 1-16 6 1734 less 3.32
5 18 X
Low for the week__ _ 5 21 H
5 19 55
Germany Bankers' Marks—
93 3-16
High for the week__
94 %
95 1-16
Low for the week...._
94 14
95 Mi
95
Amsterdam Bankers' Guilders—
40 33
High for the week__ _
40 30
40 06
40 30
40
Low for the week ___
40 25
Domestic Exchange.—The following are the rates for domestic exchange
at the undermentioned cities at the close of the week: Chicago, 200. per
$1,1)00 premium; Boston, par: New Orleans, 50c, commercial, per $1,000
discount, and bank, $1 per $1,000 premium; San Francisco, par; St. Louis,
20c. per $1,000 premium bid and 30c. per $1,000 premium asked; Montreal, 1534e. per $1,000 premium.
State and Railroad Bonds.—Sales of State bonds at the
Board include $166,000 New York 4s of 1961 at 1013/i to
101,$224,000 New York Canal 4s, 1961, at 1013 to 102,
and $137,000 Virginia 6s deferred trust receipts at 46 to 48.
Trading in Wabash ref. & ext. 4s on an enormous scale
and heavy dealings in American Tobacco and Third Avenue
bonds have made the market for that class of securities again
active. The former advanced over 4 points early in the
week and later reacted. They have covered a range of 7
points and close with a net loss of M. Allis-Chalmers 5s declined 4 points and recovered 1. The American Tobacco
issues have been strong.
United States Bonds.—Sales of Government bonds at the
Board include $4,000Panama 3s at 102%, $22,000 4s, reg.,
at 1133 to 113%; $1,000 3s, coup., at 101%, and $13,000
2s, coup., at 100. Closing prices have been as follows;for
yearly range see third page following.
Interest
Periods
Dec. I Dec. Dec.
2 I 4 .5
Dec.
6
Dec.
•7
Dec.
8
2s, 1930
registered Q—Jan *1001i *100H *10015 *10034 *10034 *1005i.
2s, 1930
coupon Q—Jan *10051 *wog *1003% num *lows, *I0011
3
3
3s, 1908-18
registered Q—Feb *101% *10134 *101% *10134 *10134 .10134
3s, 1908-18
coupon Q—Feb *10134 *10134 *10134 10134 *10134 *10134
95, 1925
registered Q--Feb *11334 *11334 11315 11334 *11334 *11355
4s, 1925
coupon Q—Feb *11334 *11334 *11334 *11334 *11334 *11355
2s, 1936.Panama Canal regis Q—Feb *10034 *10034 *10034 *10034 *10015 *10055
3s, 1961____Panama Canal_ Q—Mch .102 ,*102 *102 *102 *102
10215
1
*This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—The stock market
has been exceptionally dull for the season and generally weak.
Nearly all the active issues sold on Monday from 1 to 2 points
higher than they closed on Friday, but this advance was not
sustained. Prices declined rather sharply on Tuesday, in
sympathy with a drop of from 3 to 5 points in the Wabash
issues, and have not recovered.
Wabash preferred sold to-day 8% points lower than on
Monday and the common 4% points lower. Canadian Pacific has ,covered a range of 4V points and closes near the
i
lowest. Union Pacific is down over 4 points and Underwood
Typewriter over 5.
On the other hand, the Texas Co. shows a net gain of 4
points, Am. Tobacco preferred 434 points, Louisville &
Nashville is fractionally higher and Pennsylvania, Great
Northern and Atlantic Coast Line are unchanged.
For daily volume of business see page 1592.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 8.
Am Brake Shoe & F, pf_
American Snuff, pref.. _
Comstock Tunnel
Crex Carpet
Cuban-Amer Sugar, pref
Federal Sugar Refining_
General Chemical, pref_
Homestake Mining
Lake Shore & Mich Sou_
N. Y. & Harlem
Norfolk Southern
Quicksilver Mining
Preferred
Sears, Roebuck & Co, pf
Standard Milling, pref _ _
Texas Pacific Land Trust
United Cigar Mfrs, pref..
U S Industrial Alcohol_
Preferred
Virginia Iron C & C.. _
Sales
for
Week.
Range for Week.
Lowest.
100 130 Dec
100 104 Dec
100 20c, Dec
25 75 Dec
100 97 Dec
100 6755 Dec
20 10715 Dec
20 8615 Dec
9 50 Dec
50 340 Dec
300 5234 Dec
100 315 Dec
100 5 Dec
300 12114 Dec
200 51 Dec
200 89 Dec
140 106 Dec
100 2634 Dee
100 9315 Dec
950 61 Dec
Highest.
2 130 Dec
6104 Dec
4 20c. Dec
2 75 Dec
7 97 Dec
5 67H Dec
510755 Dec
5 8615, Dec
8350 Dee
7390 Dec
6 5255 Dec
6 3H Dec
5 5 Dec
412155 Dec
4 51 Dec
4 90 Dec
7 106 Dec
7 2615 Dec
6 9315 Dec
76 Dec
Range since Jan. 1.
Lowest.
2 12234
6 96
4 18c.
2 60
,
7 8835
5 35
5 103%
5 8134
8 350
7 390
6 4514
6 2
5 215
11955
50
5 84
7 10014
7 24
5 90
52
Highest.
Oct 138
Aug 104
Oct 39c.
Jan 75
Jan 97
Jan 6715
Jan 108
Sept 87
Dec 350
Dec 390
Oct 60
Apr 455
June 555
Jan 122
July 5254
Sept 92
Sept 10655
Aug 30
Sept 995,1
Jan 97
Feb
May
May
July
Dec
Dec
Apr
May
Dec
Dec
Mch
Nov
Nov
Mch
Oct
Jan
Oct
May
July
July
Outside Market.—What the "curb" market lacked in the
way of activity this week was made up in the diversity of its
transactions, both as regards stocks and bonds. The latter
especially came in for a large part of the attention. Price
movements were irregular. But few sales of American Tobacco, old corn., were reported, the price advancing from
500 to 510 and receding to 490. The new Tobacco issues were
traded in as follows: Geo. W. Helme Co. at 205; Liggett &
Myers from 185 up to 205 and down to 197; R. J. Reynolds
Co. at 200 and 195. P. Lorillard up from 200 to 212 and
back to 200, and Weyman-Burton Co. at 205. United Cigar
Mfrs, corn. gained 2 points to 48. United Cigar Stores moved
up irregularly about 5 points to 260 and dropped to 233, the
close .to-day being at 234. Intercontinental Rubber corn.
was traded in down from 193 to 1834. Julius Kayser & Co.
1st pref. appeared in the trading at 1013'. M. Rumely Co.
stock, w. i., was active, advancing from 98 to 989 and
dropping to 97 8 The close to-day was at 983'g. Stude.
baker Corp. com. improved from 573 to 589. and sank to
5534. The preferred sold at 103 and 102%. Bonds were
active. The Tobacco bonds sold as follows: Liggett &
Myers 5s up from 883. to 89 and down to 87%, with the close
to-day at 88; the 7s ranged between 115% and 11634, the
final figures to-day being 1163's; P. Lorillard 5s improved
from 889 to 893,' and reacted to 8834, with sales to-day at
889/8; the 7s from 116 reached 1169(, receded to 1163g and
closed to-day at 11634. Met. St. Ry. new 4s, w. i., lost
over a point to 8034. The new 5s, w. i., weakened from
5234 to 50% and finished to-day at 51%. N. Y. Westchester
& Boston Ry. 434s fell from 98 7-16 to 97%. N. Y. City
434s from 102 13-16 reached 103 but weakened to 102 11-16.
/
Transactions in N. Y. State new 4s, w. i., were at 1015i and
10134. Braden sold off from 59 to 5
and back to
,
point to 16% and
59,. Butte Coalition lost half a
recovered to 1734, resting finally at 1734. Giroux rose
from 43/i to 4% and fell to 4. Greene Cananea moved down
from 83' to 734 and ends the week at 79/s. Inspiration was
conspicuous,and after advancing from 99/i to 10 sank to
8%, the close to-day being at 93'•
Outside quotations will be found on page 1592.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Dec. 2
Monday
Dec. 4
Tuesday
Dec. 5
Wednesday
Dec. 6
Thursday
Dec. 7
Friday
Dec.8
Bates
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest.
Highest.
Railroads
10534 10612 10614 10612 10613 10612 105 10612 10478 10558 10414 10478 14,920 A tch Topeka & Santa Fe 097, Sep 27 11658 J'ne 5
10034 Jan 3 10512 J'ne 12
4
600 11- Do pref
*10358 10378 *10334 10378 1037 10378 10378 10378 1033 10314 1033 1033
8
4
4
13512 13612 135 13512 4,300 Atlantic Coast Line RR._ 117 Jan 3 13914 Nov23
136 13634 13614 13814 137 13712 1363 13714
4
9312 Sep 29 10934 J'iy 14
101 10178 10038 101
10178 102
102 10238 10134 102
10014 10012 5,150 Daltimore & Ohio
8512 Aug30 91 Jan 4
Do pre!
8934 8834 8834 *8812 8912 58814 8814 *88
150
89
8934 *89
+89
7714 7758 7712 7734 7738 775
6,125 Brooklyn Rapid Transit.. 72 Sep 13 8458 J'ly 20
8 77
7738 77
7714 x7514 76
19558 Jan 3 247 J'iv 21
lanadlan Pacific
23634 23812 23618 2375 29,750
24078 242
24012 24112 23914 24012 23918 290
8
298 298 8205 300
*298 320 *298 320 *298 320 *298 320
175 k entral of New Jersey _ 260 A ing24 310 Nov21
6838 Sep 25 8634 Feb 8
7414 7458 7458 7458 7414 7438 7312 7412 7312 7358 x7034 72
6,720 Chesapeake & Ohio
15 Aug 28 3118 May23
*24
30
*23
30
*23
Chicago & Alton RR
30
*24
*24
28
28
*24
28
37 Oct 2 53 Jan 19
60
*35
1)o pref
*35
45
*35
50
45 *35
*35
*35
45
45
17 Sep 13 2514 J'ne 5
*20
2012 2018 2018 *1912 2038 1912 1012 1912 1912 1914 1914
400 Chic Gt West trust Ws_
3814 3814 *3712 3812 *3712 39
36 Sep 13 4914 Feb 6
Do pref trust ctfs
3712 3712 3612 3678 3614 3014
800
110 11078 11018 11078 11018 11034 10935 11034 10253 1103 1087 1097 29,575 Chicago Milw & St Paul. _ 10534 Oct 4 13312 Feb 7
1712
8
3
8
141 Sep 14 15512 Feb 2
14712 14712 *147 148 *147 14712 147 14718 *147
Do pref
147 197
410
143 193 *14212 14412 143 143
142 14218 1,100 Chicago & North Western 13818 Sep 1 15012 J'ne 12
192 143 *192 143
*189 102 *188 200 *190 195 *188 200 *190 203 *188 195
191 Nov13 5209 Jan 7
Do pref
*137 139 *137 141 *167 141
100 Chic St P Minn & Omaha 13018 Apr 20 144 J'ne 12
13712 13712 *137 141 *137 145
*150 160 *150 160 *150 160 *150 160 *150 160 *145 160
147 Nov28 5160 Meh27
Do pref
15 Sep 30
8
338 Feb 4
2
2
214 *2
*218 . 212
214 *2
2
214
2
*2
200 Chic Un Trao ctfs stmpd
434 Sep 11
714 Feb 6
Do pref ctfs stmpd
300
514 514
514 5
5
14
512 *5
5
512
*43
4 512 *5
9818 Sep 15 66 Jan 18
*59
Cleve Cin Chic & St L
63
*59
63
63
*59
63
63
75 *61
861
*59
9414 J'ly 8 98 Feb 1
*95 110
402 110
Do pref
*95 110
100
*92 110
96
*92 110
96
43 Sep 23 60 Jan 18
50
*45
*45
*45
50
49
47
*46
49
47
49
100 Colorado 34, Southern
*46
x,0 Sep 25 82 J'ne30
Do 1st preferred
7612 7624 *76
77
*7612 7714 *76
200
*76
78
78
*76
78
x63 Sep 25 7512 Mch 2
Do 2d preferred
75
*65
75
*65
75
*65
75
*65
75
75 *65
*65
15912 Sep '20 17478 J'ne
elaware & Hudson
16514 16514 166 166
168 168 *165 168 *166 168 *166 168
300
*550 ____ *500 570 *500 570 *500 570 *500 570 *500 570
elaware Lack & West.. 505 Sep 25 570 Nov10
1934 Dec 8 35 Feb 15
*22
*22
24
2212 2258 21
24
2218 2014 203
4
4 193 203
8 9,050 Denver & Rio Grande
4278 Dec 8 74 Feb 21
Do prof
*46
*413
50
*4714 4812 463 4718 4512 46
49
4
427 4514 1,851)
3
*8
59
9 Nov 25 1558 Mch 30
10
9
10
*8
10
15 Duluth So Shore & Atlan
*8
10
*8
*3
10
*1814 1912 *1814 1912 *1814 19
Do pref
1712 Dec 7 3018 Mch 30
350
1814 181,1
1712 1712 1712 1712
3112 3178 3158 3134 3118 3134 31
8
2714 Jan 11 283 ,Ply 1
3012 21,000 Uric
3158 3028 3118 30
45 8Jan 12 0114 J'fy 1
5
5214 52
52
52
5218 503 5112 50
2014 4,120 1_2 Do let preferred..
5178 5214 52
8
35 Jan 9 404 J'iy 1
Do 24) preferred
*41
43
*4012 42
43
43
42
200
*42
4212 42
43
*42
119 Sep 25 140 J'ne 8
r27 12714 12712 1273 127 12718 126 127
12614 12658 12512 12614 6,430 Great Northern pref
4
*42
Iron Ore
4312 42
3818 41
7,533
42
42
42
41
42
9112 42
_ 3818 Dec 8 6 ;34 Feb 2
*1158 1258 *1158 1258 *1154 1212 *12
12
1 Green Bay & W,deb ctf13 11 Aug 28 1514 Jan 17
properties_1258 *1158 1212 12
031 1 J'iy 22 98 Oct 11
avroa
*'9312 _..... *9312
......
*9312
*9312-- *9312 ........ *9312
0334 Jan 12 102.% Oct
preferred
*96
124 Nov15 134 Apr 21)
ficr --- 1515 Hooking Valley
*His- 128 *125 128 *155 128 *128"
132 Jan 3 147 J'iy 31
14212 14212 *14234 144
682 Illinois Central
14234 193 *142 14312 14212 14212 142 14218
nterboro-Metrop v t ctfs 1318 Sep 22 2038 Feb 10
1512 1558 1514 1514 1478 1478 1431 15
1412 1458 1378 1412 6,300
3934 Sep 25 5638 J'ly 49
Do pref
4712 9814 4712 98
4658 4518 4618 9,245
47
48
4814 4712 46
3912 Sep 14 5512 J'iy 19
Do prof vot tr etls_ _
4434 4434 45
45
334 4438
_
925
544
44
4512 4512
15 May12 22 Sep
*16
1712 *16
1712 *1612 1712
100 Iowa Central
1612 1612 *1612 171; *1612 1712
22 Apr 24 42 Sep 7
*31
33
*31
Do preferred
33
*30
30
30
410
31
34
530
*30
33
*79
8f) *79
80 *79
80
*79
*7812 80
80
*7812 80
17 C Ft S & M tr etfs,pref 74 Apr 8 7914 Nov28
2514 Sep 25 3758 J'ne 13
*2834 2914 2918 2918 2918 2918 2834 29
28
600 -1111-ansas City Southern
28
*27
29
6112 Sep 26 6934
13
67
*64
6612 6612 *64
I)u
preferred
*64
67
62
*64
67
*64
100
67
1414 *12
9 12
,
*1212 16
16
nice Erie & Western.... 10 Sep 25 17 Nov 1
*1212 16
*12
16
*12
16
25 Sep 1 40 Jan 13
*29
33
*28
3'3
-La Do preferred
*28
33
*28
33
*28
*28
32
32
151 Sep 14 18114 Nov13
17612 17818 17712 17838 177 17778 17718 17918 17612 17858 17558 177 118,200 Lehigh Valley
45 Nov27 63 Jan 16
*45
52
52
*45
52
*45
*45
52
*45
52
45
45
100 Long Island
13617 Sep 14 1603 Nov24
155 1557 15618 15834 15612 15778 15614 15714 155 155:14 153 15512 11,000 Louisville
4
8
*134 137 *134 137 *134 137 *134 138 *134 137 *134 137
n h attNs Fleytdtiii 13114 Sep 22 14212 Jan 19
UI p.nn eap
4 st o .
2112 Apr 26 9212 Sep 6
3314 3.314 *32
33
*31
35
33
33
300
*32
35
35 *30
35 Alch13 6812 Sep 6
*5012 5912 *5012 5912 *5012 5912 66
Do preferred
5812 5812 59
2,760
57
56
z1243 Sep 22 15214 Islch30
4
134 1:3412 13414 13.114 13312 13334 133 16312 *132 13314 13114 13114 1,300 Minn St P & S S Marie
146 Nov23 160 Mch 3O
*147 14812 *147 14812 *147 14812 *147 14812 *147 14812 *146 14812
Do preferred
8712 J'iy
9012 Mch 15
Do leased line ctfs
*8712 8912 *8712 8912 *8712 8912 8712 8712 *87
200
8912 *8758 9014
27 Sep 26 3818 J'ne
31
9,500 Mo Kansas & Texas
31
2912 2834 29
31
31
3012 3012 2912 3024 29
6254 Sep 25 70 Oct 17
Do preferred
500
*8012 68
6512 *6112 6512
*62
6612 6612 66
66
66
66
3314 Sep 14 03 Feb 15
39
4012 4018 4012 3812 3914 3812 39 8 3813 3812 373 3812 12,512 Missouri Pacific
4
3
.NT ash Chatt & St Louis_ 14014 Jan 19 169 J'ne 14
*150 -___ *150 ____ *150
*150 ____ 150
12 at Rys of Alex 1st pref 60 A ug 23 72g Jan 26
*68
70
70 *66
*66
70
*66
69
69
*66
*66
69
257 Aug 25 3858 Fel) 15
Do 2d preferred
8
*3314 3414 *3334 3414 34
3414 3414 *3334 3438 *333 3412 1,300
34
8
29978 Sep 21 11512 Feb 3
4,510 N Y Central & Hudson
105.34 10614 106 10638 106 106
10514 10638 105 10534 10434 105
533 5334
4
48 Sep 14 85 Jan 19
*5312 55
200 N Y Chic & St Louis
5378 5378 *5312 55
*5312 55
*5312 55
Do 1st preferred
9812 Nov29 10158 Mch 20
*9812 110
*9812 110
*9812 110
*9812 110
*41812 110
*9812 110
1)o 24) preferred
8212 Aug 25 90 Jan 27
85
*75
86
*75
85
*75
85
*75
85
*75
85
*75
1,700 NY NHS: Hartford_
1267 Sep 14 15118 Feb 23
8
140 140
13912 14012 13958 14012 13958 13058 *135 139
140 140
3912 90
2,150 N Y Ontario & Western_ 3734 Sep 25 967 J ly 22
8
4014 9014 9014 4014 90
40
3938 3958 3934 90
108 1081r 108 10814 10712 108
9934 Sep 25 11114 Nov24
10812 10834 10834 109
106 1073
8 7,075 Norfolk & Western
Do adjustment pref
91
*9014 9114 *9014 9114 *9014 9118 *9018 9118
4
*90
*9014 92
853 Apr 18 9114 J'ne
11638 11814 11712 1183 11712 11818 116 11814 116 11634 11534 1161 2 33,870 Northern Pacific
11034 Sep 25 13778 J'ne 8
8
Pacific Coast Co
95 Nov27 102 Jan 10
*90 105
*92 105
*00 105
*90 105
*90 105
*90 105
1Do 1st preferred
*90 105
*85 105
*85 105
*85 105
*85 105
*85 105
993 J'ly 6 102 Jan 11
Do 2d preferred
4
*90 105
*88 105
*90 105
*90 105
*90 105
*90 105
12214 12258 12214 12238 122 12214 12178 12214 12134 122
11834 Sep 25 13018 Feb 2
1213 1217 12,320 Pennsylvanta
8
8
9018 Sep 26 100 Jan 17
Pittsb Cin Chic & St L..
4
8
*943 95 8 *943 957 *943 957 *9434 9578 *9412 9578 *9412 9578
7
4
4
8
*101 11512 *101 11512 *101 11512 *101 11512 *101 11512 *101 11512
10218 Sep 25 112 Feb l'a
Do preferred
14914 1507 15018 151
8
134 Sep 25 16178 J'n2
149 15012 19878 15012 14773 14018 14612 14838 308,100
88 Mob 1 92 J'ly 14
90
00
*8812 9012 *8812 91
*8812 91
*8812 90
*8812 91
100
9012 Sep 20 1.41 May 2
2d preferred
*92
96
96
*90
*9318 97
*93
97
*90
*93
97
96
2234 Sep 22 3438 J'ne 14
26
26
2534 2614 257 26
2538 2512 2314 2514 23
2358 13,920 Rock Island Company__
8
44 Sep 25 6858 J'ne 14
4934 4934 *4014 50
Do preferred
*49
4512 4812 45
49
9934 49
4534 2,400
2434 Nov 6 2/ Oct 10
25
25
*23
25
t Louis & San Fran _
*22
25
25
25 *23
25
*22
200
25
Do 1st preferred....... 59 Sep 19 6914 J'ly 27
6712 *66
*65
*65
69
67
68
8712 *63
*65
*65
68
423.1 4233 9258 4 112 4112 *41
1)o 2d preferred__
37 Sep 25 4912 Ply 19
4112 4134 42
4214 4014 4 112 1,500
St Louis Southwestern... 24 Jan 13 39 Feb 4
32
*29
*30
32
*30
32
32
32
*30
32
*30
*30
72
71.
Do preferred
5934 Jan 2 72 J'ue 26
*70
7118 *70
*20
72
71
*70
72
72
*70
200
1 1114 11218 11034 11214 11114 11134 11038 11134 10978 11034 10914 11018 23,290 Southern Pacific Co
10412 Sep 25 12638 J'ne 26
243, Sep 28 3338 J'ly lu
8
2934 297
2014 2978 287 2914 2812 2 7 15,600 Southern v ti ctfs stmpd_
8 2934 301s 2953 30
88
Do pref
7514 J'ly 20
6114 Jan 11
7012 7012 70
7078 2112 7114 713
4 707 7112 7034 71
8
do
7014 9,900
1,600 Texas & Pacific
2312 2212 23
2214 Sep 22 3014 Feb 21
2412 2378 2478 2334 2334 23
2434 *24
*24
hird Avenue (N Y)
434 478
512
234 Nov27 1412 J'ne
5
412 47
512 534
478 5
514 6
8 7,290
3614 12,335
New (when issued) _
8
31 Nov27 377 Deo 2
3712 3778 3618 3758 35 4 3614 3534 3578 3538 3534 35
3
812 Jan Ii
4 Nov17
512 *43
434 5
5
5514 514
514
5
4 512 *412 512 1,200 'roledo Railways & Lt_....
1534 153.4 1,500 Toledo St L & Western... 15 Dec 6 243 Feb
1514
15
16
1814 1814
1712 1778 1734 1734 15
4
Do preferred
3734 3778 3,600
38
4218 4218 4214 4134 413: 3712 4158 36
42
8
36 Deo 7 537 Jan b
105 105
900 Twin City Rapid Transit_ 104 Sep 15 111 Feb 2
*104 106 *10412 106
105 105 810412 10512 105 105
nion Pacific
8
17318 17434 17334 17478 17338 17434 17178 17412 1707 17214 16938 171 262,850
4
15312 Sep 25 1923 J'ly 22
9318 9278 93
Do preferred
700
9314 93
93
89 Sep 13 96 J'ly 24
9318 9318 *03
*9238 9314 93
31
31
800 Unit Rys Inv't of San Fr 2812 Sep 25 49 Feb 20
3214 3018 31
32
33
3312 3312 3314 3314 33
Do preferred
52 Sep 25 7614 Meh22
6012 61
61
59
2,530
6012 6112 61
6012 58
5814 58
59
9112 9112
Virginia lty & Power_
*9112 ____
37 Sep 8 45 Apr 24
*4112 ____ *4112
*4212 ____ *4212 43
*8012 81
*8012 81
Do preferred
81
77 Sep 21 488 Apr 24
200
*8012 -- *8012 8114 81
*8012 __
(
612 10
abash
034 1038
578 Dec 8 183 Feb 23
6,930
3
57
8 7
314 712
714 812
3
9 4 1012
1912 1638 1812 1638 10
2214 2434 1738 2212 18
1638 Dec 7 4038 Feb 23
Do preferred
52,740
2013 23
6214 6214 6112 6112 6012 6012 59
60 J'iy b
1,850 Western Maryland By..... 48.8 Apr IN
6112 6112 6112 62
0014
83
*8012
83
*80
*80
831g *80
83
Do preferred
75 Jan 14 8814 J'ly 24
8318 *80
*80
412 5
212 Sep 28
414 912
414 412 1,700 Wheeling & Lake Erie_
614 Feb 3
5
5
412 514
*312 412
*1012 12
1212 1034 1034 1012 1012 *1012 12
*10
7 Sep 28 1758 Feb 3
12
Do 1st preferred
11
800
6
512 512 *5
*512 012
6
6
614 638
1,100
3 Aug 23
*412 6
Do 24) preferred
8 Feb 7
5712 5413 547 *52
5712 *55
8
55
400 Wisconsin Central
5512 5518 5518 *55
*55
48 Sep 22 7218 May 1
D
H
Joe
Reallig.preferred
S
UU
W
Range for Previous
Year 1910.
Lowest.
Highest. ;
9034 J'ly
z97 J'iy
10212 J'ly
10014 Son
8714 Sep
6812 Feb
4
1763 Feb
248 J'iy
65 Aug
2378 J'ly
6478 J'ne
19 J'iv
40 J'ly
11334 J'ne
143 Sop
13714 J'iy
203 J'ne
140 Apr
§160 Apr
218 Dec
47 Sep
11
61 Nov
99 Sep
96 J'ly
70 J'iy
73 Aug
14914 J'ly
420 J'ly
2314
J'ly
6258 41Y
10 J'ly
17 J ly
1912 J'ly
35 J'ly
2614 J'iy
118 *Ply
45 J ly
11 Aug
8812 Jan
02 May
112 J'ne
124 J'iy
1414 J'iy
411: J'iy
12418 Jan
10414 Jan
13713 Jan
11918 Jan
1)4 Jan
8238 May
20238 Nov
312
92 Jan
6634 Jan
69 Apr
3678 Jan
6418 Jan
15838Jan
17214 Jan
18212 Jan
225 Jan
16212 Feb
§17014 Feb
!8 Jan
1214 Jan
9214 Mch
104 Jan
6534 Feb
83 Mch
82 Jan
185 Jan
620 Meh
52 Jan
81 Jan
1834 Jail
345 Jan
3458 Jan
5234 Mob
42 Meh
14378 Jan
5012 Jan
1818 Mcb
9712 Apr
99 ,.an
190 Oct
147 Jan
2513 Jan
0278 Jan'
15 .123e
25J'ly
38 Aug
23 J'iy
58 Aug
J'ne
3714 Dec
17314 Dec
'ly
60
13112 J'iy
123 J'ne
23 J'iy
40 SeD
114 J'ly
144 J'ne
21614 Sep
2/J'ly
67 J'iy
41J'ly
125 J'iy
60 Feb
2312 J'iy
10518 J'ly
55i2 May
101 fly
8234 Apr
149 Apr
3812 Aug
8812 J'iy
58 Feb
11112 Aug
100 Oct
30 Jan
5414 Jan
80 Feb
4414 Jan
71 Jan
2534 Jan
6234 Jan
186 Noy
1014 Apr
15934 Jan
146 Oct
533 Jan
4
80 Fe
195 Mci
15512 Mc
1234 Jan
5118 Jan
745g Jan
7358 May
140 Nov
7238 Nov
3712 NOV
128 Moil
6878 Not
10934 Jan
98 Jan
:62 Moll
50 Jan
10838 Mon
9114 Mob
14538 Jan
4
1183 Jan
105 Feb
1221: J'iy
89 J'ly
110 Oct
13058 J'iy
285 Aug
87 J'ly
2278 J'iy
54 J'ly
118 Jan
13312 Mob
10438 Mob
119 Meb,
17214 Feb
9312 Feb
11011 Jan
5714 Jan
9212 Apr
73 Jan
58 Aug
3412 Aug
60 Jan
3412 Jan
1812 J'ly
5112 J'iy
7713 Jan
10314 J'ly x13814 Jan
18 J'ly
3334 Jan
76 Jan
43 J'iy
2212 J'iy
3634 Jan
512 J'no
1912 Jan
512 XIV
4
1%3 Jan
5438 Jan
1? J'ly
7214 Jan
4234 J'IY
103 J'iy 11712 Jan
15214 J'iy 20434 Jan
88/4 J'1Y 10334 Jan
4214 Jan
2334 J ne
7238 Jan
47 J'ne
1258 J'ly
;818 JIY
40 J'ly
67 Aug
3 Apr
8 J'ne
J'ne
44 .Ply
2734 Jan
61 Jan
5438 Mob
77 Dell
10 Jan
23 Jan
1318 Jan
64 Nov
BANKS AND TRUST CO MPANIES-BRO K E RS' QUOTATIONS.
Banks
New York
Aetna
America 11_
Amer Exch.
Battery Pk_
Bowery]_
Bronxi3oro
Bro.ix Nat_
Bryant Pk n
Butch & Dr
Dentury 11abase
Bid
Ask
Banks
175
Chl.t&Ptieni, 170
Chelsea 2.2xn 195
200
175
180
__
590 600 Chemical _ 935
250 Citizens' CP 155
240
160
430
420
140 City
130
__ Coal & Iron 15212 15712
385
300
_ Colonlai II- 400 425
180 Columbia n 360 400
-175
155 Commerce - 1108 1199
150
140 Corn Ex li... 30712 315
135
115
-.... 15212 East River_ 105
175
105
Fidelity 11_
575
55
-0
Bid
Ask
Bank.
Fifth AvenClint
First
Wourth ......
iallatin -_
Garfield ___
Germ-Arn li
kierm'n EMI
Germania 11_
Gotham ,
Greenwich-11
tlanover.
Bid
1100
300
970
202
330
276
140
__
550
150
245
625
Ask
4250
325
980
206
335
290
_
460
-575
155
255
635
Bank;
Harriman__
Imp & Traci
lryIng N Ex
'eau-swill__
Lliferty____
Lincoln__
Aanhattan n
4ark't&17ul
deeh &Met's
dercantile .
‘lerch Each
‘lerchants'
limo
Ask
Bit
_ ‘ietropolis T
300--- Uetropol'nn
580
570
_ Nit alorrisn.
210
155
--- qutual 1.....
195
Nassau ____
550
503
New Netb..1
410
393
NewYorkCo
330
345
New York..
255
250
Padden__
262
268
Park
152
143
16212 1671. People's 11.185
180
Plaza
Bid
370
196
250
280
300
210
875
300
270
368
240
700
Ask
Banks
385 Prod Each 11
200
aeservo-_
260
,eaboard__
iecond
290
____ Security11„
220
3herman___
State 11 ____
310 23d Wardn.
280
Union Exc..
37212 Wash WU;1
West Side 11
250
_. Yorkville 11-
•Bid and asked I riees; no sales were nal.° on this day. t
§Loss than 100 shares. 11State banks. a Ex-dividend and rights
t Sala at Stook Exchange or at auctIon this week. 8 First installment paid. n Sold at private sale at this price. x Ex-dividend.
Bid
170
85
415
375
150
135
_ _
175
165
275
___
5•4I
Ash
172
na
iiiii
160
260
_
170
-650
_.
io New et0014
1584
New York Stock Record-Concluded-Page 2
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
Saturday
Dec. 2
Monday
Dec. 4
Tueutay
Dec. 5
Wednesday
Dec. 6
Thursday
Dec. 7.
Friday
Dec. 8.
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
[VoL. Lxxxxm.
Range since January 1.
On Oasts of 100-share lots.
Lowest.
Highest.
Range for Prey:out
Year 1910.
Lowest.
Highest.
industrial&Misceilaneous
*195 203 *193 203 *194 203 *194 203 5193 203 *193 203
A dams Exprces
4108 Nov29 4245 Apr 7 1235 Dec x270 Jan
*213 3
3
3
28 28
7
7
213 234
214 212
2 Oct 7
218 214 2,700 ri Ills-Chalmers
934 8.183 31
712 J'ly
,
15 Jan
11
11
12
12
1018 11
9
1012
7
8
87
3 9
2,700
7 Dec 7 34 Non 3
Do pre:
27 Aug
5434 Jan
8
4 607 6214 60
8
6214 6314 623 6318 617 623
8
61
4434 Sep 25 7158 .1'ne 19
585 6034 64,000 Amalgamated Copper
5518 J'iy
8
9034 Jan
*5312 55
55
55
55
58
*55
5534 5134 5512 5413 55
1,700 Amer Agricultural Chem_ 4434Sep 25 6012 May18
35 J'ly
4012 Oct
*101
.._ *101
___ 5103 104 510312 10412 *100
i,912 Oct 27 103 Feb 7
_ _ 510338 ___ .
___
Do pret
9914 Apr 103 Jan
54 1414 *5314 5414 5312 5312 53
5233 - 53
53
3014 Jan 12 5934 Oct 20
513 - 8 3.800 A.merIcan Beet Sugar
4 523
24 J'iy
4714 Jan
*9812 100
9912 *9713 9912 *9712 9912 *95
*97
9912 *9512 99
9212 Jan 0 101 Oct 11
Do pref
89 J'ly
9512 J'n4
117 1218 1173 12
8
11
1112 11
1112 1078 1112 1078 1118 15,750 Ameeican Can
878 Jan 6 1212 May 9
678 l'ne
1378 Jan
9213 9318 9112 92 4 9013 9114 90
3
9212 9014 9112 90
77 Jan 5 9318 Dec 2
91
25,005
Do pref
62 J'1y
8214 NOY
537 55
*5312 55
2
5313 5434 5334 54
5234 5312 52
3,300 American Car & Foundry 4213 Sep 28 5814 J'ly 19
53
3912 J'iy
727 Jan
8
*116 11634 111613 11612 111612 11612 11613 11612 *116 117
117 117
113 Oct 24 120 May23 109 J'ne 120 Mob
330
Do pref
4412 4412 4412 4412 4412 4412 4414 4414 44
1,400 American Cotton 011
4313 44
44
4153 Nov 2 6238 Feb 28
5218 J'iy
8934 Mell
*92
95 *92
95 *92
943 *92
4
9434 *92
Do • pret
9433 *92
92 Nov29 10513 Feb 10 100 Dec 107 Out
9434
*210 215 *210 215 *210 215 1215 215 1215 215 *210 215
16 American Express
201 Sep 26 3255 Jan.27 4230 Dee 320 Jan
*33
4 4
*312 4
312 3 4
*33
4 378
*33
4 4
*33
4 4
312 Sep 22
300 American Hide & Leather
3
6 J'ne l•i
312 Sep
818 Jan
*21
2312 *21
24
2312
2312 *21
*20
2312 *20
2312 *20
Do pref
18 Sep 25 2673 J'ne 14
MI Sep
477 .an
8
*1914 20 4 *1914 21
3
*1914 21
1914 1914 1914 1914 1914 1914
300 American Ice Securities_
1513 Aug28 2534 J'iy 11
1633 Dec
2914 Mob
*
3
912
8 8 3 *83
87
7
8 Aug 11 1248 Feb 14
4 912 *8 4 91,
800 American Linseed
3
.
91a 918
1018 J'Iy
1734 Jan
93 93
3
5
*28
2812 *27
2812 *27
2312 *2738 2812 2812 2873 *2713 29
300
Do pret
2613 Oct 27 34 Feb 14
2512 J'ne
467 Jan
8
3534 3534 *35
36
*35
37
35
3518 3413 3412 *34
400 American Locomotive
35
32i3 Oct 27 4314 May22
29 J'ly
6212 Jan
*10213 10412 *10212 10412 *10213 10412 10258 10238 *1023 1035 *1023 1033
4
8
110
4
102 Oct 24 11034 Moll 1 10212 Aug 115 Jan
Do pref
4
44
5
*•1
413 412 *4
5
5
44
5
*4
100 American Malt Corp _
5
Sep 25
314 Doc
538 Jan 11
8 Feb
4218 9218 *40
43
41
41
*40
43
*4012 4234
*41
43
3112 men ti 435 J'ly 22
200
2812 J'ne
Do Tire.
8
43 Mel
*8512 8612 *85
8612 8534 85 4 8534 85 4 8513 8518 *8413 8514
300 Amer Smelters Seri pref B 82 Sep 26 894 ,Ply It)
2
3
82 J'ly
0078 Jan
7212 7314 7234 7318 7218 7212 69 8 7238 6914 70
7
68 8 7014 39,700 Amer Smelting& Relining 5653 Sep 25 8378 J'ne 15
5
6138 J'iy 104 Jan
*103 104
10312 10312 5103 10312 10278 10312 103 10312 10278 103
4
1 610
9814 J'ly 1123 Jan
Do pret
9834 Sep 27 108 7 J'ne is
,
*33
34
*33
34
3378 3378 *3234 34
*3212 3312 *32
33
100 Amer Steel Found (new). 25 Sep 25 5212 Feb 9
38 J'ly
66 Jan
*116 117 *11614 1173 11614 11614 411614 11614 116 11614 11412 1157
3
8 1,850 American sugar Heinen 11214 Sep 25 12213 Feb 77 11118 Oct 12712 Feb
*11414 11512 *11414 11714 5115 11712 *11518 11712 511518 11612 *11513 11012
Do pret
111 Jan 5 11912 Feb 14 11112 Dec 124 Fob
138 8 1393 13918 13938 13914 139 8 13853 13912 13818 13878 138 13812 10,369 American Telepe & Tezeg 13112 Aug30 15318 J'ne 8 1203 HY 1433 Feb
5
4
5
4
3
09 8 100 8 10034 10138 10114 102
7
3
102 10434 10334 105
10312 10412 43,780 American Tobacco, pi_ 87 Aug24 105 Deo 7
0012 J'iy
4
993 Met
9978 10012 101 10138 101 1017 1017 105
104 10434 10358 1043 18,480
8
8
Certfs of deposit
69213 Sep 1 105 Den
8
*2612 2712 12713 2712 *26
2713 *243
2712 *2513 2713 *2612 2712
27 Sep 14 3612 Mob 21
10 American Wooten
2E18 J'ly
3912 Met
*8614 88 4 87
3
88
87
87
8718 8718 *87
88
8514 oct 27 4.1614 J'ne 15
*87
8812
Do pref
400
0013 Dec 104 Mot
*27
28
32713 2712 2614 2712 *26
330 Amer Writing Paper. prt. 2413 Sep 26 3412 Feb 15
28 *27
2712 267 287
3
3
3778 3818 38
38
3713 3734 3053 3758 3613 3678 3614 3714 6,800 aAnacondaCopper Par$25 529 Sep 25 $4113 J'ne 13 $3312 J'iy 354 Jan
*29
30 *29
31
29
29 *29
31
29
29
29
600 Ilethlehern Steel
26 Sep 21 3818 Aug 1
29
21 - J'uo
347 Oct
8
*53
5812 5812 6812 *53
5914 *53
61
5834 583 *53
4
200 ' Do prof
2
58
54 Seo 25 6634 J'iy 31
49 Aug
65 Jan
*142 145 *142 145 *142 145 *142 145 *140 145 *140 144
Brooklyn Union Gaa
2129 Sep 15 14814 Nov10 125 J'IY 16413 Jan
*2834 3014 *2834 3014 330
30
230 Butterick Co
429
30 *29
30
28 Feb 16 31 Mob 30
2878 29
28 J'ne
33 Jan
2114 2118 *21
2134 *21
2134 2018 21
19 4 2014 1978 2014 2,300 2 lentral Leather
3
1834 Sep 25 3318 Feb 2
2514 ely
4834 Ja
*93
94
*93
94
9312 9334 9318 9318 9314 9312 *93
800 8 i Do pret
94
.
9914 J'ly 10914 Mel
9134 Nov 4 105 Feb 10
2312 2358 2358 235
8 23
2318 2314 2312 2212 2318 *2238 23
2,450 (Whin° Copper_ _Per 55 31612 Sep 25 $2534 Mayle
27
27
*26
2714 *26
2812 *26
2714 26
2612 2514 26
1,150 Colorado Fuel & Iron
25 Sep 23 363 Feb 6
2212.11Y
8
10 Jan
139 13914 51383 13912 4 13812 140
,
4
13914 13914 138 138
13614 13714 3,350 Consolidated Gas (N Y)_ 12834 Sep 25 14813J no 6 12212 J'1Y 1003 Jan
8
11
11
*1034 1112 1034 11
900 Corn Products Reifying_
1013 1012 10 4 10 4 10 8 10 8
958 Oct 19 153 51(0'17
1213 *Put
3
5
5
4
3
2314 .1 an
*7434 76
7538 75 8 *7513 7614 7614 7612 7612 7612 *75
3
Do pref
600
7012
73 Sep 21 85 May29
7038 J'11
803 Jan
*3112 3214 *3112 3214 *3112 3212 *3112 3214 3112 3112 *31
3134
100 Distillers'. Securities Corp 29 Sep 20 3814 Mon 1
2514 J'ly
4
363 Jan
1512 1512 *15
18
15
13 *13
15
400 Federal Mining & Sinelt'g 13 Dec 7 30 Feb 16
1473 1478 13
18
12 Oct
60 /1431
4713 4712 4634 46 4 45
3
4614 37
4478 3713 3913 39
39
Do pref
2,230
37 Dec 6 6613 May19
37 Oct
88 Jail
152 153
15214 15214 15214 153
8
15214 1533 *151 152
15112 152
2,500 General Electric
d 142 Sep 22 16838 May20 134 J'iy ..607 Jan
8
*37
3058 *37
3958 *3718 3958 *36
39
3918 *36
35
400 Gen Motors vol t: etts_ 35 Nov18 513 Aug 4
36
4
*7613 79 *7618 7958 *7618 7918 *76
Do pret vot tr ctts___
3
79 8 *7613 79 *76
78
75 Sep 26 8658 Aug 5
433 428
414 438
438 412
438 412
412 45
8
458 434 13,695 Goldfield Con Al_ Par gi0 $313 Oct 18 $778 Jan 3
373 Oct
4
$014 Sep
105 10538 *105 107 *10412 107
10413 10412 *10112 107
105 105
300 I nt, Harvester stir tr efts 9918 Sep 20 121) 8 May 5
38318Feb
3
126 Jan
*._ 120 *115 127 *115 120 *115 120 *115 120 *115 120
L Do pret stk tr et's__ 115 Sep 22 12814 May 4 2117 Aug 129 Jan
413 42
4
414 414 *33
4 43
4
412 412
412 412 *4
412 1,000 fat Moe Marine stk tr Ws
314 Sep 9
573 Jan 30
712 Jan
414 J'IY
17
17
1718 1718 17
17
1673 17
1634 17
1012 1718 1,600
Do pref
14 Aug 30 1914 J'ne 17
1253 J'1Y
243 Jan
8
*9 4 10
3
14 *9 4 1014 *93 1014 *973 1014
3
4
034 9 8
7
912 958
600 International Paper
9 Sep V 133 Jan 31
9 .1.
8
17
16 Jan
47
*45
*45
47
*45
46
46
40
4618 4612 46
441 may 16 5638 Jan 17
96
8
Do pref
600
4112 J'ly
6112 Jan
33
33
33
33
*3212 34
*3258 3312 32
3234 32
33
1,700 Internet Steam pump_ 23 Oct 30 44 Feb 8
303 .1. 7
11
8
543 Jala
*8112 8212 *8112 83
58 *81
8313 *8113 83
*81
83
*81
83
Do pret
80 Oct 9 9012 J'no 12
0034 Jan
7812 J'IY
*10213 103
1023 103 *103 10312 104 104
4
10112 103 *102 10312 1,300 Laclede Gas (St L) corn_ 10114 Sep 25 11412 Jan 20
93 4 J'IY 11612 Jarl
3
3712 483
*83
8712 *83
8712 *83
8712 *8112 8713
8712 *83
Mackay Companies
82 Sep 15 95 Feb 7
79 J'ly
98 Ocri
*7213 73 *7212 73
*7213 73
7238 7213 *7214 73
47114 7114
Do prof
330
72 Aug 11 77 Mch 2
783400
71 J'iy
*72
74
*72
74
*72
74
*72
74
72
72 *7112 7212
100 May Department Stores_ 70 Apr 28 87 J'ne2(3
*111 112 *111 112
111 111 *111 112 *111 112 *111 112
100
Do pret
1073 Sep 21 11314 J'ne 6
4
[ 2173 22
2173 22
2214 23
2153 2134 9,360 dMIaml Copper_Par 35 316 8 Sep 28 $23 Nov24
2214 22
58 2178 22
5
.13934 13934 *135 14013 13834 1383 13834 13834 13813 13834 13712 137
4
800 National Biscuit
11714 Jan 16 14334 Nov14 100 Aug 11912 Da
12
*124 12714 *124 127
127 127
12714 12714 *124 12734 1273 1273
Do pre
4
300
4
124 Jan 20 130 Feb 4 11834 Jrly 125 Jaz,
*14
1612 *14
1613 *1313 1612 14
1438 *1334 15
1334 1334
400 Nat Enameeg & Stamp'g 1334 Oct 30 22 J'iy 24
14 Sep
2812 Jac
9613 9613 *9213 97
*9212 97
*93
97
96
96
*9213 9613
200
Do pret
85 Jan 0 1003 J'iy 22
9613 Jar
84 Oct
4
4934 50
60
5014 6018 5018 50
5178 4913 50
x4813 50
4612 J'ly
5.300 National Lead
4213 Sep 25 59 Feb 2
8958 Jar
*106 110 *10434 109 *10434 110 *10434 10712 *10434 10518 10434 10434
14
Do pref
148
104 Sop 22 10934 Aug 15 10134 J'ly 11012 Jar
1812 18 8 18 8 18 8 183 1812 1814 1838 1814 183 21758 1734 2,900 dNev Cons Copper_Par $5 51513 Sep 25 52114 J'ne 14 $1712
5
5
5
3
8
J'1Y $223 001
8
*63
58
*53
58
*53
57
*53
68
*53
57
*51
New York Air Brake
57
59 J'ne
9512 Jaz
45 Oct 24 70 Feb 4
*73
741, 7334 73 4 *7313 7312 *7313 7312 73
3
7318 7234 73
1.020 North American Co (new) 84 Jan 20 763 May18
84 Jar
6018 Nov
4
31
3114 3114 315 32
81
8
31
3114 3053 31
3012 3114 1,700 Pacific Mali
4314 Jal
2278 J'ly
234 Apr 10 3338 Nov24
47 3 475 *4712 48
5
8
4713 4734 4712 4712 4712 4712 4634 47
3,855 I- aciflo Telep & Teleg_
35 Sep 24 5458 Jan 31
30 J'1Y
4614 Jal
*105 1051 10413 105
11 1041
1 104
111 1031 1031 1031
2706 People's G I, & c (Chic) _ 10113 Aug22 109 Jan 19 103 J'IY 1163 Jai
8
*106 108
10612 10612 ----------_
----- ---- ---- --100 Philadelphia Co(PIttsbli) 99 Sep 25 11811 J'ne 3
-84 J'iy 10612 Jal
*18
19
18
18
*17 -1814 17
s 1,200 Pittsburgh Coal Co
17 Deo 6 2314 J'ne b
13 J'iy
'273 Jai
4
*83
85
83
83
83
83
300
*81
84
*8113 84
Do pref
*8113 83
6734 Jan 9 0078 J'iy 26
6014 J'iy
85 Jai
433
34
13334 3334 *33
34. *33
34
*33
34
*33
260 Pressed Steel Car
34
25 Sep 25 3758 J'ne21
25 J'ly
5178 Jai
498 100
,
199
99 1100 100
*98 100
De ure4
*9912 101
*98 100
20
01 Sep 21 10214 J'ne le
90 J'iy 10712 Jai
*108 113 *108 113 *108 113
10834 1083 109 109 4109 109
4
250 Pub Service Corp of N J. 103 Oct 27 120 Feb 7
15814 15834 *158 159
15813 15812 158 15812 15813 15818 158 158
967 Pullman Company
154 Sep 23 163 Jan 30 155 J'ne 200 Jai
3112 3113 *31
3113 31
3112 *31
31
*33
3212 33
200 14 allway Steel Spring,.__ 26 Oct 27 39 J'ne 14
34
5178 Jai
28 J'iy
*100 103
10273 102 8 *100 104
7
29812 9812 *98 100
*9814 103
200 11-‘ Do pref
,
92 Jan 3 103 J'ins 15 29014 Sep 107 Jal
15
15
143 15
4
15
1558 147 1512 15
3
1518 6,200 dRay ConsCopper Par 510 212 Sep 25 $1812 May18
1514 15
*2234 2314 2314 2314 23
2312 2314 2314 22 8 2318 223 2318 4,810 Republic Iron & Steel
7
3
18 Oct 27 3514 Feb 6
457 Jal
27 J'ne
8
83
8314 8318 8313 83
83
8212 83
8178 8212 81
8112 2,430
Do pret
•
8234 .Ply 10414 Ja
7418 Oct 27 993 Feb 1
8
*138 142
142 142
142 142 4,138 142 *138 14112 *138 14134
gears.
330 Sears. Roebuck & Co
12512 Sep 21 192 Feb 6 150 .1116 190 Nc
*4112 441, *40
45
*4113 42
*40
45
*40
300
43
90
39
Dec
8612 Ja
4814
Steel & Ir 34 Sep 25 5614 Feb 6
37
3734 *37
3712 37
37
2,100 dTennessee Copp_Par $25 $3014 Sep 26 344 J'ne 13 $1934 J'ly $403 Ja
*3612 3712 36
36
8
3414 36
*80_. 81
8712 86
8614 85
87
8412 86
8514 4,037 Texas Co (The)
85
7412 Nov23 13612 Feb 1 134 Oct 144 Oc
10518 1054 106 109 4 1083 11014 108 10912 108 108
4
3
10618 107
5,560 I Inderwood Typewriter_ 63 bleh29 111 J'ne 26
*111 112 4
,11114 112
112 112 4
,11112. *111 120 *111 120
270 ki Do pref
103 Mch31 11378 J'ly 28
*514 514
533 512 *514 512
5
6
14 4, 8 5 4
17
3
6 J'iy
478 Dec 8' 9 Feb 9
47
1314 Ja
8 47
8 8.120 Union Bag & Paper
*50
55
*50
55
451
5112 *50
55 *50
85
48
*50
Do pret
55
5218 Dec
5013 Nov 1 5912 Jan 30
73 Ja
*9712 100
*9778 100
*9773 100
*98 100
*98 100
United Dry Goods Cos
*98 100
96 Aug 122 Ja
9712 Sep 26 108 J'n4420
*104 106 *104 106 *104 106 *104 106 *104 106 *10312 106
Do pret
9914 Aug 1137 Ja
10034 Son 25 10712 J'iy 7
8
1434 1434 1472 15
15
1513 15
1514 15
15
1,700 U S Cast I Pipe & Foundr 11 Sep 25 19 Feb 23
15
15
1418 J'ly
32 Ja
148
48
*48
50
4712 4712 *47
4978 *48
50
Do pref
500
48
48 4
3
49 J'ne '84 Ja
4013 Sep 25 361 Feb 23
*85
88
*84
88
86
86
84 186
*83
86
185
235 United States Express_
85
Dec 6 1105 Jan 27 49313 Dec 145 Ja
84
*6712 6912 *68
70 *67
70
*67
70
*6712 70
200 U S Realty & Improvem't 6518 Jan 25 7934 May29
6814
68
6434 J'ly
8414 Jo
45 8 45 4 46
5
3
4618 4534 46
4578 46
46
4614
46
5212 Jr
27 J'iy
*109 10912 10014 10938 10918 10918 *109 10912 109 10938 4534 10912 3,600 United States Rubber.... 3012 Sep 25 4778 Mch 1
1,200
*10812
Do 1st pref
104 Sep 25 11512.1'17 7
99 J'iy 11612 Jo
*7412 7512 *74
76 *73
7513 *74
7512 *73
7518 *7313 7518
Do 2d pref
60 Sep 23 79 Mch 1
5912 J'iy
84 Jo
6278 6378 6338 61
6258 6:334 6214 6338 6138 6258 6013 0134 379,700 United States Steel
6118 rly
50 Oct 27 8218 Feb 6
91 Ja
109 109
10913 10938 10913 10938 109 10914 10834 10918 10838 109
6,400
Do pref
103 Oct 27 12073 Feb 4 11012 rly 125 8 J8
3
504 51
50 4 5138 5012 51
3
497 5012 4913 50
3
24813 4918 23,951 dUtah Copper_ Par 510 $38 Se n 25 35238 Nov22 133938 J'ne $0014 Ja
63
53 4 *5:33 54
3
4
5353 54
5313 53 8 53
7
53
3
5212 5314 6,300 Virginia-Carolina Chem.._
6018 O
4318 Sep 25 7038 Feb 28
47 Feb
118 118
11878 11878 *118 122 *116 122 *118 120 8 *117 122
310
Do pret
114 Sep 25 12812 Mch 15 117 J'ly 12914 Js
*198 151 *147 150 *147 151 *147 151 *147 151 *147 161
Fargo & Co
139 Sop 25 177 May26 14413 Dec 105 Jr
7812 *7713 7812 78
*77
7812 7818 7818 7758 7812 7713 7712
estern Union Teleg- 7153 Apr 18 8412 May24
800 Wells
50 J'IY
7812 M
65 65
166
60
*6-112 (3(3
*6412 6(1
000 WestIngh'seEl &Mfg assen 5858 Sep 25 79 May29
6412 65
64 114
644
8212 Jr
.110
110
4913 J'ly
111C
11O
.11,
1
llo
.110
110
illet
114
.111C
MI 1.11 nrof
lint. a Ho 1 it 193 Jan h 110 NW 130 F
734Hi, 17,
-1-
Banks
Did
Ask
Br^oklyn
Broadway $ 385 400
Coney I8I'dI - ,- 155
First
8
0 290
--- ---125sidel
Momestead,
_ 100
Manufacers - 415 430
-Mechanical 225
240
Montau k 11. - 150
Nassau ........ 5212
225
•
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
Ask
Trust Cos Bid
Ask
Trust CO'
• Bid Ask
Trust Co's Bid
Banks
Brooklyn
Nat City-North Sde 1
People's ___
Prosp'etPleti
280
150
158
140
205
170
165
155
Trust Co's
N Y CUY
Astor
350
Baakers' Tr i701
360
......
Guarty Tr_ 795
N Y OW
150 Guardian Tr 100
R'waY Tr-- 145
Central Tr_ 1010 1030
Hudson ___ . _
Columbia..300 310
Knickerb'kr 285
- Commercia 106
Lau' T Iderr 230
Empire .- 300 316
- . Lincoln Tr_ 110
Equit'ble
-Tr
. Manhattan
__
Farm Lo&I 490-..- lietronort'n 410
_ 1425
-Fidelity .._ 21712 2221, 111Utu'l(NY) 125
Fulton ...... 290
.._ NY LLte&Ti 1000
805
115
145
295
240
120
400
__
130
-1040
Ask
N Y Trust_ 580
600
savoy_-_._
90
Standard Tr 315
-- 900
11tleG4154 Tr 480
,_ _
Tr Co of Am 335
...-...
___
Union Tr _ 1240
.
US Mtg& Tr 460 475
(Jolt States. 1125 1150
Washington 360 375
Westchester 150
160
Windsor ._ 190
196
Trust Co's
Brooklyn
Brooklyn Tr
Citizens' _
Flatbush ..-Franklin...
Hamilton Home
Kings Co..
L Isi L & Tr
Nassau....
Peoples' ___
Co_
Queens
Bid
Ash
445
120
200
275
205
105
518
320
155
285
100
453
130
216
290
276
115
346
-"
183
205
110
*Bid and asked prices; no sales on this day. Mess than 100 shares. tax-rights. 0 New stock. a
Ex-div. and rights
d Quoted dollars per share.
• Male at Stock Exchange or at auotion this week. a Ex stook dividend. , 11Banks marked with
a paragraph (2) are State banks. z Ez!Kilviciend.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 19):) 14? Fcl'L c37? •o?vi ii of vs dinj 03n.41 30 ts chsngsd,
BONDS
N. Y. STOCK EXCHANGE
•
Week Ending Dec. 8.
Price
Friday
Dec. 8
Week's
Range or
Las: Sale
an
pr Iccs are now all-"and in:etest"-cxco
Range
Since
January 1
;paled bonds.
for in:o,n3 and (LI
BONDSr
t3
.."
N. V. STOCK EXCHANGE :.,',. 3.
E
Week Ending Dec. 8.
4; a.,
Price
Friday
Dec. 8
1Veek's
Range or
Last Sale
•,
t3
/tango
Since
Januaryary 1
Bid
Ask Low
High
Low High Chesapeake & Ohio-Bid
Ask Low
High
10013 10012 10014 Nov'11
10014 10119
Gen funding & hunt 5s__1929 J -J 104 105 10:313 10113 10 1-cu 8 1 0:i 35
i i2 ., 1 t14
l0n
;
4
r
10014 1003 10013
10013 -13 10013 10134
4
151 consul gold is
1930 111-N 11118 11134 11113 11112
2 11113 11313
10212 10173 Sep '11
10134
Registered
10158 10314
1930 S1-N
11114 11112Nos '11
10134 _
10134
1 10134 10234
1013
4
General gold 4 As
1092(11-S 10153 101) 10134
4
1017, 29 10053 102
11312 11378 11312 1135s 22 11:312 110
Registered
1992 /11-S 9914
0038 Nov'll ____ 0938 100
11313 11378 11334 Oct '11
Convertible 4 As
11334 1163
11130 F- A 93 Sale 027
8
8
0314 58 0214 0712
1944 J-1) 8714 38.18 87 May'll --- 87 19
10012 1001.
10013
131g Sandy 1st 95
2
- 10012 J'ne'11
10218 Sale 10213
102l8
4 10178 103
1045 J -D 85
Coal Iliv fly 1st gu 4s_
83 8812
8912 8813 J'ne '11
1040 J -J 10012 10412 10234 J'ly '11
Craig Valley 1st g 55
10032 103
0 1 1 0 14
2. 2
Foreign Government
Potts Creek Br 1st 4s_
1940 J -J 82 87 87
- 1 8612 87
87
Argentine-Internal Is of 1000 •S 2 9718 971 97 Dee '11
con g 43_1089 J -J
,
R & A Div 1st
05 013 9513
0634 09
6 91
96
9512
Chinese (liukuang) Ily is
J -D 2 9578 9014 90
2d consol gold 4s
1(981) J -J
00
8812 92
2 9534 90
0214 J'ne'11
Imperial Japanese Government
Warm Spr Val 1st g 5s_ _1941 131-S 105 10753 11314 Feb '01
Sterling loan 4 As
Greenbrier By 1st gu g 4s 1940 II-N
1925 F- A 92 Sale 02
8918 ____ 95 Oct '10
933.3 12 92 9534
2d Series 4 Wt
1949 A-0 70 7314 71
9213 11 9212 9514 Chic & Alt RR ref g Si
9112 921 0212
,
11)25 J
/354
10 70
71
Sterling loan 4s
87 8813 8814 Nov'11
Railway 1st lien 3 As_ _ 1950 J -J
1031 J J
8653 90
6612 6312 6812 Nov'll
65 7112
Republic of Cuba Os eaten debt_ hf-S :10234 103 10253
Chic B & Q Denver Div 433_1922 F- A 9938 9912 0938
10234
8 10213 104
7 99 9978
9912
External loan 4 As
1049 J -J
1111nols Div 3 As
,
9712 100
8712 8918 8758
1049 I - A 973 0812 03 Nov'll
1 8713 8312
8734
4
San Paulo (Brazil) trust 633_1910 J -J
Registered
1049 J -J ____ 83 88 Sep '10
97 9714 9715
9718
1 07 0734
U S of Mexico s f g 5s of__ _ _1899
Illinois Div 4s
1949 J-J
4
9512 138
00 963 97 Nov '11
5
8 le 9914
4
9958 17 -981- 100178
Gold 45 of 1004
Registered
11149 J J ------ 101) Jan '11 _ 100 10038
01 93 9213 Nov'il
1954
b912 9412
10514 J'ly .11 ____ 10513 10514
1919 A-0 1045;
Iowa Div sink fund 5s
Those are rices on the Ja 313 135 to .C.
1919 A-0 9914 0912 09 Oct '11 ____ 99 9973
Sinking fund 9s
State and City Securities
_-4;Is
10238 39 10034 103
N Y City
Nebraska Extension 43_1927 Al-N 9813 99
9812
9812 7: 0,813 10011
1960 Ill- S 10218 Sale 10218
1 0, 3 0
0 0
8
Registered
00 985 10014
100
3927 111-N 9713 --__ 9818 SIch '11
8
4% Corporate Stock_ _ _ _11)59 M-N 100 Sale 997
8
4% Corporate Stock
14 0812 10014
100
100 Sale 0978
Southwestern Div 4s_
1921 51-S 09 ____ 11918 Oct '11
1958
4
4% Corporate stock
9 983 101
10018
Joint bonds See Great North,
1957 M-N 100 10018 0934
New 4 As
Debenture is
•N 10758 Sale 10712 1073
8
1013 M-N 101 10158 101
1957
3 10014 10112
4 34 1067 10014
101
New 43.s
General 45
,
10178 103
1017 14-N 10213 10214 1021 Oct '11 1013 111-S 0614 Sale 4)1318
9678 113 0534 'J8
4 A % Corporate Stock_ _1057 /11-N 10758 Sale 10712
10734 58 10612 10913 Chic & E Ill ref & imp 4 gs_1955 J -J 8012 81
RI
1 80 8.3
81
4 % assessment bonds_1917 111-N 10218 10214 10212 Nov'll -- 102 103
consol gold 6s
1st
1934 A-0 124 120 12334 121
3 12633 127
8714
8714
1 8714 89
Corporate Stock_ _1954 111-N
General consol 1st 5s_ _1937 51-N 11
3_A
,
:32 10013 3003
N Y State-4s
Registered
1901 M-S 10113 Sale 10112 10178 166 10112 10334
1037 5I-N -------- 10834 illch'll ___6 1 883 110 311
_ 1 94 1
Canal Improvement 4s.._1960 J-J
10112 101314
10112 No3.11
Chic & Ind C By 1st 5s_ _1036 J -J 109
2 1008 11014
10938
10938
Chic (It Western 1st 48._ _1950 M-S 83 Sale 83
10313 J'ly '10 ---So Carolina 43.s 20-40
1933 J -J
1 86 8814
8312 20 12214 12633
Tenn new settlement as__ _10 13 J -J
0714 _ _
.- Chic lud & Loulsv-1ef363.1947 J-J 127)4 128 12734
98 Oct '11 -- -dd- -55
1278
Virginia fund debt 2-3s,,
Refunding gold 5s
86 88
8714 Nov'll
1947 J-J 10814 11018 105 Nov'll --__ 10738 III
1991 J -J
Os deferred Brown Bros ctls_
Refunding 45 Series C
40 Sale 46
48 207 40 6712
1917 J -J---3 3155 Apr '11 ____ 95 9558
8
Ind & Loulsv lit go 4(3_1056 J -J ____ ---- 07 J'ne'10
Chic Ind & Sou 50-yr 4s
1956 J J
9112 027; 92 Nov'll
12aiiroad
_
f5; 9312
A an Arbor 1st g 48
Chic IS & East 1st 4 As_ _ _1969 i-i) ____ 101 104
8
787 85
8
80 .4
3
111005 Q-J 80 Sale 80
101
Zitchison Topeka & Santa Fe
Chic Mil & St P tenni g Is _11)14 J-J ____ 10214 10178 Nov '11 - _ 5(1473 10474
1 1
0215
Gen gold 4s
(kill gold 43 Series A__e1080 J-J
99 Sale 9878
8
1991 A-0 00 Sale 99
9938 121 08 997
9918
Registered
3 97 0834
Registered
e1989 Q-J -_
9812 Nov'll -55 9812 091
- ._. 0
1905 A-0 0738 0314 9
994
814
9814
0114
Adjustment gold 4s____01005 Nov
913
3 11034 9212
91
4
Gen'i gold 3 As Series 13_e1089 J-J0
'1 8718
9112
2 8612 8813
8713
Registered
0089 J -J -------- 86 J'ne'll -__ 86 86
Registered
___
01005 Nov 8012
92 Jan '10 Stamped
01 0134 3113i
25-year deben 9s
01095
1034 J-J
9134
9214 9212 9212
5 9078 0212
027,• 1i2 91 931s
43 issue of 11/00
Cony
_1015 J -D
1921 J -J 10118 1001, 10633 Aug'11
11433J'ne'll
Chic & L Sup Div g 5s
1008 107
105 11438
Cony gold 45
1055 J -D 1051; 107 - 10634
10714 - 15 1033111578
Chic & Mo Riv Div 5s
_ 10834 Apr '11
1926 J -J 108
10834 109
Cony 43 (issue of 1910) _ _ 1900 J -D 10012 Sale 10013
10112 400 9612 1055
Chic Fe P W 1st g 5s
1021 J -J 10012Sale 10612 10613 --2 100 10712
8
• 10-year cony gold Is_ _ _ _1017 J -D 108 109 108 s.ra n
0 7 No v
812
(3 M & Puget Sd 1st gu 45 1049 J
10514 11612
9478 0473
9473
Debentures 45 Series J1012 F-A
Dale & (it So gold 5s_ __ _1916 J -J 10278 10358 10318 Aug'11
-J____ 10318 10334
Series K
1913 F-A
9914 J'ly '11 -- -1101- -5634
11314
Dubuque Div 1st s f 63_1020 J -J 11314 Sale 11314
.4
4 11314 11413
• East Okla Div 1st g 43
1928 /11-S 08 Sale 90
00
Far & Sou assum g Os_ _ _1924 J -J 115 ____ 11738 Aug'11
90 0712
11714 11733
Short Line 1st 48 gold
1058 J-J
9212 0414
LaCrosse & D 1st 53
1019 J-J 10334___ 105 Aug'11
105 105
$ Fe Pres & Ph 1st g 5s_ _1042 51-S 10g 4 19 '4 10834 Nov 314
0
9 11
'
5 11- 13 931
3 10314 10912
1,Vls & Minn Div g 5s_
1021 J-J 10634___ 10614 Dec '11
Chic & St L 1st Os
_
10638 J'ly '11
Wis Vail Div 1st Os
10638 10638
1915 /11-S
1020 J -J 112 38 1137; 11233 Nov'il
,
11238 114
Ail Coast L 1st gold 4s__111952• S 9534 Sale 0584
50 0334 9618
00
5111 & No 1st cons Os
1913 J -D 10112 ____ 102 Sep '11
Registered
Extended 4 As
03 Oct '00 -01952 51-S
1913 4-B 10014 ____ 10014 Nov'1 1
6 1032614 1190038
11000014 1 :57131114
Ala Mid 1st go gold 53_ _ _1028 M-N 10713 ___ 10853 Aug'11 -- 108 10853 Chicago & N West cons 75 _1015 Q-F *10818.._ 10912 Oct '11
10814 112
Bruns & W 1st go gold 45 1938 J -J
0512 ____ 9514 !deli'11
Extension 4s
1886-19213 F-A ____
0514 0514
977 9934
08 Sep '11
8
Charles & Say 1st gold 7s 1030 J -J 134
Registered
1886-19213 F-A *975 ____ 9734 Nov'll .
8
07 9918
; L & N coil gold 4s
General gold 3 As
s
01052 Al-N 0413 &WIC 041
-tia" 70 -5178 -5511987 5I-N 87 8713 8713
5 85 8818
8718
Sav F & W 1st gold Cs_ _1034 A-0 12514 120 12514
4 12.112 126
12514
Registered
p1987 Q-F 8512 ---- 863 Ney'll •
4
•
1st gold 53
General 4s
11053 11114
1934 A-0
1987 51-N 98 Sale 9712
11058 Nfay'll
97
981. 71 8613 8013
9
64
811 Sp Oca & (I go g 43
Sinking fund 6s____1879-1920 A-0 1117 ____ 11134 Nov'ii .
908
1918 J -J 10818 100 97 Sep '11 ...._ 97 0712
8
11134 112
& Ohio
Registered
1879-1920 A-0 11012
11114 Nov'09
Priori gold 3 As
Sinking fund 5s_ __ _1879-1929 A-0 10713 10813 10713 Oct '11
0 9112 93
1925 J-J 02 Sale 0134
921
106 iofei
Registered
Registered
01925 Q-J
0114 9112
1879-1929 A-0 _
0131 9114 Nov'll
___ 10714 May 11
10714 10714
Gold 48
Debenture is
01948 A-0 9312 Sale 0813
1921 A-0 1412 081 147 0712 991,
10434 1061g
10618 Sep '11
Registered
Registered
01948 Q-J
07 9818
0818 J'ly '11
1921 A-0 --- ---- 10613Feb '1 •
Pitts Juno 1st gold (is_ _ _1922 J -J 112 11312112 Nov'll
Sinking fund deb is
112 112
1033 M-N 10813 ____ 10938 Nov'll
iof lid
P June &111 Div 1st g 3Registered
3581925
8734 8834
• N 8818
8818 Aug'11
1933 M-N 10712 ____ 10734 Aug'11
10712 1081:
PL I6 &IV Va Sys ref 48_104 1•N 0034 92 9118
Frem Elk & Mo V 1st 05.1933 A-0 12013 ____ 12718 Nov'll
17 90 0218
92
127 12818
Southw Div 1st geld 3 5is 1025 J -J
Mail G 13 & N IV 1st 3 As 1941 J -J
0 8313 0112
001
9012 Sale 0012
0012 Sep '09
Cen Ohio It 1st c g 4 As_ _1030 M-S 10014
Milw & S List gu 3 As_1941 J -J
103 Meh'10 -CI Lor & IV eon 1st g 5s.._1933 A-0 11013 111.113 11053 NOv'11 -- iil83 11112
1111 L S & West 1st g 6s 1921 M-S 113 1143 1137 Oct '11
4
157 11513
8
8
Monon Itiv 1st go g 5s_ __19 19 - A 10214
Ext & imps f gold 53_1029 F-A 10812 1101 11013 Aug'11
10218 Feb '11 -- 10218 10218
10912111
Ohio River RR 1st g 5s_ _1036 4-B 10814
Ashland Div 1st g 63_1925,131-S 11612 ____ 1421, Feb '01
.10912 Apr '11 --- 10912 10912
General gold 58
1937 A-0 11/3 110i18 103 J'ly '11
Mich Div 1st gold 63_192415-J 11612_
106 10012
11618 Oct '11
llO1s 118
Pitts Cloy & Tol 1st g Os_11)22 A-()
Northw Union 1st 7s g_1917:M-S 112 1147 115 J'ly '11
11318 Aug'11
11313 1133
4
115 115
Pitts So West 1st g 4s_ __ _1917 J -J
9712 ____ 9712 Sep '11 ---- 9733 0712
IVitiona & St P 1st ext 73 1016 J-I) 11112 1147 11334 Aug'11
8
11334 11354
Stet Isi By lot gu g 4 A3_1043 J -D 85 05 95 Nov'll
Chicago Rock Is & Pa 63 _ _1017 J-J 109 ___ 109 Dee '11
95 05
10853 110
BUIfalo It & P gen g 53
1937 M-S 110
11253 Nov'11 .--_ 11258 113
Registered
1917 J -J 10713 1093 109 Aug'l
, Consol 45s
10373 10034 10718 Aug'11 .1057
General gold 48
1088 J -J
10718 1083
1/014 961 0613
963
8
g
-551- -587
2
All & West 1st g 4s gu_ _ _1998 A-0 9518 ____ 07 Feb '11 -- 07 0712
Registered
1988 J -J
95 90 9834Feb '1
Cl & Mali 1st gu g
_1043 J -J 108
10:3 J'ly '08 ---Refunding gold 43
1034 A-0 8958 Sale 8912
8712 -tic;
8934
Roth & Pitts 1st gold 63_1021 F-A 1l212____ 11334 Nov'll
5s_.11334 1143.
Coll trust Series J 4s
1912 111-N 973 ____ 9713 .I'ly '10
4
Consol 1st g Os
1022 J-,) 11514 11714 111378 Mehl'11 - 111112 11678
Series L
19147,8-N __
9734Sep '11
"971- -5/3
2
4
Buff & Susq 1st ref g 4s__d1051 J -J
50 72 Lich'10 ____
1915 M-N.._ -- -061, 0612 Nov'll
M 48
__
9612 9712
an So 1st ext 6s
101 •
0
1913 J -J I0158 Sale 10158
f1- 1037
2
N 4s
1016 M-N __-___ 94 Dec '09
10038 12 10014 10138
2d is
1013 111-S 10014 Sale 10014
0 48
1017 /11-N
_
9414 Nlay'l
Registered
10034 Jan '11
10034 10034
1913 111-S
P 4s
1918 SI-N ____ 951 0434 J'ne'11
4
Central of Ga 1st gold 53__p1045 F-A 1113 ___ 112 Nov'll -- 112 11412.
Chic 12 I & Pile RR. 4s_ _ _2002 11-N 721 Sale 7212
7353
1-7°-515 4 773
7 2 i4
Consol gold
10018 27 10714 110
1945 54-N 10013 Sale 109
Registered
2002 1,1-N ---- ----7514 J'ly '11
Registered
107 10712
1945
R I Ark & Louis 1st 4 As 1934 111-S _-_- 94 0212 Oct '11
• N 108 ____ 10712 Nov'll
1st pref income g 5s____p1045 Oct 101 103 101
17 95 108
103
Bur C R & N-lit g .Ss 1934 A-0 11014 ____ 11012 Nov'll
19212 19412
10
1
12
Stamped
10014 10612
101 103 10012 May'll
Registered
1934 A-0 ____
12013 Meh'03
2d pref income g 5s____p1045 Oct 102 105 101
28 01 10614
105
C 111 F & N W 1st gu 6s '21 A-0 10413___ 10514 Sep '11
2d pref income g 5s stamped_ _
102 105 00 Nov'll -- 09 100
If & St L ist gu g 7s_ _1027 J -D
ad pref income g 53_ _p1945 Oct 105 107 103
91 85 107
107
Choc Ok & 0 gen g 58_01919 J -J 102 _ 1023 Aug'11
4
ad pref Income g Is stamped_ _
8518 Oct 'I
106 107
Consol gold 53
1952 /11-N 1063 i5§12 10812 Sep '11
156:1-4 15274
08i ( 2
2 639
4
Chatt Div pur mon g 4s__1951
873 -3;i1joy 011! 8313 Oct '11
2
Keok & Des DI 1st 53
1923 A-0 100 1011 10218 Nov'll
, Mao & Nor Div 1st g 53_1046
_ _ 100 Aug'11
10512 10612 Chic St P NI & 0 con 6s_ _103 J -D 12312 Sale 12313 12312
0
99 (13
11123 12512
Mid Ga & Atl Div Is____1047 J -J 10453 10713 115 Nov'05 -.Cons Os reduced to 3 As-.1030 J -D 90 ____ 93 Dec '03
Mobile Div 1st g is
__ 1083- . .1946 J -J 10713 ____ 10031 May 11
4 1563
4
Ch St P & Mlun 1st g 6s 1918 111-N 12'338 Sale 12333
12333: 123 1251
Cen 1211 & B of Ga col g 63..1937 111-N 10213___ 102 Nov'll
10112 103
Nor Wisconsin 1st 6s___ _1930 J -J
12958 5fay'09
Cent of N J gen'l gold 5s
1087 J -J 12134 122 122 Nov'l 1
12012 125
St P & S City 1st g
_1019 A-0 1103 11134 11134 Aug'11 ____i 111 3 'fill;
4
Registered
01987 Q-J 121 12158 12114 Nov'11
120 12312
Superior Short L 1st 53g _1930 1,1-S 103
08_-Am Dock & Imp go 5s_ _ _1921 J -J 10618
10612 XII°'11
10012 10314 Chios & West Ind gong 63_41932 Q-M 105 ____ 103313 Oct '11
i(56.12
Le & lital 12 gen go g 58_1020 J-J 10058
_
Consol b0-year 9s
1952 J -J
0211 93
9313
9214 Dec '11 ---_ 01
Leh & Wilkes-13 Coal 5s__1012 11-N 100 idi 10052 Aug'11
100 2 1( 2 Cin H & D 2d gold 4 As_ _ _1937 J -J 10032 _ __ 10033 10038
-1- )611 10033 10114
N Y & Long Br gen g 4s.1941 51-S 9912 --__ 10012 Aug'11 -- 10012 10012
1st & refunding 48
1059 J -J ---- fin - -- 8914 Oct '11 .
Cent Vermont 1st go g 4s_ _01920 Q-F 8812
1st iruaranteed 43
8712 0214
1050 3-3
89 SO Isfav'li
g
U. S. Government.
U S 2s consul registered_ d1030 Q-J
U S 2s consol coupon_ ___(I1930 Q-J
k1918 Q- F
S 33 registered
k1918 Q-F
U S 3s coupon
1925
U S 4s registered
1925
U S 43 coupon
U S Pan Canal 10-30-yr 2s k103)S Q-N
1110.1 Q-8
U S Panama Canal 35 g
Baltlino
C
MISCELLANEOUS BONDS
-Continued on Next Page,
Street Railway.
Brooklyn Rap 'Fran g 5s__1945 A-0
1st refund cony gold 4s__2002 J-J
13k City 1st con Is 191 6-1941 J J
13k Q Co & S con go g 53_1941 /11-N
131clyn Q Co & S 1st 53_1041 .1-4
Blrlyn Un Ill 1st g 4-5s__1050 F-A
Stamped guar 4-5s___..1050 F - A
Kings Co El 1st g 43
1049 F-A
Stamped guar 48
1049 F-A
Nassau Elec guar gold 4s.1951 J-4
Conn fly& List & ref 5 g 4 As_'51 J -J
Stamped guar 4 As
1051 J -J
penver Con Train cons g 55_1933 A-0
Dot United 1st cons g 4 3.1)s_1932 J -J
(Grand Rapids By 1st g 533_1916
navana Elec consol g 5s__ _1052 I:- A
1nterboro-Metrop coil 4 As _1956 A-0
Interboro Rap Tr 5s Ser A_1952
•N
104 _ _ _ _
84 Sale
10112 102
97 100
10112 Nov'll
8412
34
10214
10214
07 Nov'll
101 id 134 iof12 10115
10134 Sale 10131
1013
4
85
_ 8512 Nov'11
8512 80 86
30
73 7814 78
7812
10112
10184 Apr '11
10112 _ -- 101 Nov'll
80 - -tiffs -id
80 993 _ _ _
4
90 Ply '10
9934 Nov'll
78) Sale 7814
7058
10318 Sale 10318
10333
Street Railway.
102 10434 Internal Tree coil trust 4s_ .1049 J-J
05 8234 885s Manhat fly (NY) cons g 43_1990 A-0
1 10112 10:3
Stamped tax-exem pt_ _1020 A-0
97 100
Manila Eleo 1st & coil 5s___1953 M-S
Met St lly gen coll tr g 53_ _1007 F-A
2 16131- 10318
Guaranty Trust Co certifs_ _ _ _
4
4 10034 103
2002
Refunding gold 4s
Farmers' Loan & Tr ctf_
8412 80
Stamped
8212 861s
29 77 81
Bway & 7th Av lste g 53_1943
10134 1013.1
Col & 0th Av 1st go g 53_1993
101 10214
Lex Av (33. P F 1st go g 53-1993 M-S
Third Av 1112 cons gu 43_2000 J -J
Central Trust Co certs
-gd 8234
Cent Tr Co cts stamped
.
1st ref 4s when issued
4
-5112 -553239 7714 83
Adjust Inc 5s when issued _
120 10134 10412
Third Ave Sty 1st g 58-1937
No price Friday; latest this week. 4 Due April. •Due May.
r-b
h Due Ju y.
k Due Aug. 0 Due Oct.
6718 3Sch'10
97
0711 - -0 00 9 7 -858
97
07
1111J 9614 0312
93 Mayll
943
9218 Sale 913
73 4
4
9 ;-1- 04
02 Sale 0134
9414 570 73 9412
5712
571
1 4513 58
50 Sale 5412
50
50 45 57
55 Sale 5312
5714 399 4314 5753
103 1035 103
104
6 9813 104
-10:1 102 Dec '11 ____ 9914 102
101 103 0913 Nov'11 _._ 9938 10018
761 •
7612
1 59 7613
7513 76 - 7512
7714 17
6 4 7714
83
7512 880 5514 7513
7378 Sale 7314
8553 Sale 8514
8612 1085 8334 8612
7434 Sale 7412
761 72
7158 7634
109 10934 10912 Nov'll
10634 111
9634 97
07 98
p Due Nov
g Duo Dec. a Option sale.
';
1586
BONDS
N. Y. STOCK EXCHANGE 0
...a.
Week Ending Dec. 8.
New York Bond Record-Continued-Page 2
Prize
Friday
Dec. 8
Week's
Range or
Last Sale
..
:I
Range
BONDS
N,..,
Since
N. Y, STOCK EXCHANGE
V
Week Ending Dec. 8.
65 January 1
',a.
1
Bid
Ask Low
High No. Low High
Cln Ham & Dayton (Continued)
4
Cin D 60 I 1st gu g 55_ _1941 ,n-N 11 1
03 Nov'll- 10214 1043
C Find & Ft W 1st g,u 4sg 1923 M-N ---- ---- -88 Alch'll __ 88 88
Cin 1 60 W 1st gu g 4s_ _.._1953 J-J
8714 --__ 8'712 Nov'll ___ 8'712 8812
.
Day 60 Mich 1st cons 4;is 1931 J-J
_
_
_
_
ind Dec 63 W 1st g 5s___1935 J -J
ioi Sep 'ii ___ ioa ioS
1st guar gold 5s
1935 J-J ---- ---- 10712Dec '02
_ _-,
Cleve Cin Chic & St Louis
9312
2 92 05
General gold 4s
1003 J-D 93 9418 03
Cairo Div 1st gold 4s
1039 J -J 93 „... 04
94
3 02 04
Cin W & M Div 1st g 43_1901 J-J
9018 93 9318 Deo '10 ---- ___ ---St L Div 1st col tr g 43._ _1090 )I-N 9114 92 9214 Nov'll __- 901- 91
4
Registered
1090 .M-N 00
01 Oct '07
Spr & Col Div 1st g 4s
1940 1I-S 90 03 06 Dec '09 -- -----W W Val Div 1st g 4s
1940 J-J 01____ 9112 Dec '10
C I St L & C consol 6s
1920 .)1-N 10512._ 10512Nov'll ___ 105i1034
,
1st gold 45
81936 Q-1
7 9718 _- 9712 Nov'll ____ 06 9712
81036 Q-F 9718
Registered
9718 9713 10 9718 9718
' Cin S & Cl con 1st g 58_1928 J -J 107 ___ 107140ct '11 ____ 106 10714
.10718 1077
1914 J-1) 106 107 10712Aug'11
C C C & I consol is
3
Consol sinking fund 7s_1914 J -D
General consol gold 8s_1934 J -J 12312 __ 1213- Oct '11 .._ 1213 12514
4
4
Registered
1934 J-J
-1940 A-0 00 ___ 94 J'ly '08
, Ind IR & W 1st pref 4s
0 Ind & W 1st pref 5s__d1938 Q-J
48_1940 A-0 9112
Pro & East 1st con
9112Deo'11 ...., 90 93
Income 43
1990 Apr
4018 13 40 0112
40 4012 4018
8
Col Midland 1st g 48
1947 J -3
60 58 Nov'll -...., 577 69
11129 F-A 08 9614 9573
957
8
Colorado 60 Sou 1st g 4s
943 9712
4
4
1935 M-N 0713 Sale 97
971? 102 90 983
Refund & ext 4;is
Ft W 60 Den C 1st g 6s......1921 J -D 11112112 11312 Nov'll -- 11134 11312
Conn 63 Pas Itivs 1st g 4s 1943 A-0
Cuba RR 1st 50-yr 5 g
1952 J -J -------- 100- ma17.16
-1- el Lack 60 Western
\
.1../ Morris 60 Essex 1st 78_1014 14-N106 108 10634 Nov'll __._ 10634 10834.
1st consol guar 73......_191 5 J -D 10914 ____ 10912 Oct '11 ......_ 10912 1113
4
1915 J -D
Registered
11133 Dec '10 _
.. ....
2000 J -D 85 ___ 01 Jan '11 ____ 91 91
1st ref gu g 33s
1921 J -J 119 11513 11312 Oct '11 ____ 11312 11614
N Y Lack & W 1st Os
1023 F-A 108
Construction 5s
10038 Nov'll _
10638 10712
1923 81-N.._ 9812 98
' Term & Improve 4s
6 9784 9912
0812
Warren 1st ref gu g 3 50_2000 F-A ___. ___ 10218 Feb '03
Pa Div 7s
1917 11-5___ 11518 11512 Aug'11 ____ 11513116 Del & Hud 1st
Registered
1917 51-S
140 Aug'01
1916 J -D 98 Sale 0713
107 9638 100
10-yr cony deb 4s
08
101 102
. 1st lien equip g 4;is
1922 J -J 1003410134 101 Nev'll
1st & ref 4s
1943 81-N 9812 Sale 0838
083
4 84 9778 10012
' Alb & Sus cony 3 34s_ ,, 1l)46 A-0 004 9314 02
9234 20 8912 0484
,
10 122 12412
Hens & Saratoga 1st 73_1921 14-N .12212
122
122
Denver 60 Rio Grande
8 00 94
0112
1st consol gold 45
1936 J-J 0 3
11 9112
Consol gold 4;is
1938 J - J ---- ---- 98_
Sep '11. ---- 98 98
_
, Improvement gold 58
1928 J -D 9712 0812 98 Nov'll --- 08 101
87
37 8414 935
1955 F-A 8514 Sale 8514
„.•• let & refunding 55
..,_ 10434 Meh'll -- 10434 1043.4
J -I) - -_193
; Rio Or June 1st gu g 5s_
' Rio Gr So 1st gold 4s__1940 J-J ___.-7212 6112 Apr '11 ___ 6112 6112
1940 J -J ___ ____ 85 Meh'08
Guaranteed
4
11
1930 J-J .._ 881. 88 Nov. ____ 8712 923
Rio Or West 1st g 4s
81
5 81 8512
Mtge & col trust 4s A.._1949 A-0
0 81
Utah Cent 1st gu g 4s_a1917 A-0 ---- ----91 Jan '02 ___ ____ ____
j)es Mot Un Ry let g 5s
1917 kl-N 99 _ _ 110 Sop '04
Det & Mack 1st lien g 43_1995 J-D 92 iii 92 Nov'11- 92 92
1995 J -D 89
9112 Nov'll
. Gold 48
8813 95
et T & 1-0 S Div 1st g 461941 M•S 68 ____ 70 Aug'11 ...._ 70 70
ul Missabe & Nor gee 5s1941 J-J 10412 106 105 Sep '11 ___ 105 10614
ul & Iron Range 1st 53_1937 A-0 108 110 106 Nov'll ___ 10512 10014
Registered
1937 A-0 --------10612 Mch'08
1916 J -J --------104 Feb '11 ____ 104 104
2d 88
l So Shore & Atl g 59_ _1937 J -J 104 10712 108 Jan '11 ...... 108 108
igin Jot & East 1st g 53_1941 14-N 10812 ___ 112 J'ly '11 _.-- 112 112
rle 1st consol gold 7s..._.1920 M-S 118 ___ 118 Nov'll ___ 1173 1205
4
8
10113J'ne'11 ____ 10012 1015
N Y & Erie 1st ext g 9_194781-N 10112
1919 M-S 104
•
3d eat gold 58
10578 MaY'll _-__ 10414 108
gold 4 ;is
1923 M-S 10218 •
3d ext
101 Oct '11
101 104
1920 A-0 105 10734 10513
4th ext gold 5s
'
•
10518
1 106 106 4
3
1928 J -D 100 101
5th ext gold 48
9912 J'ne'1 1 __ 9912 9912
12012 118 Oct '10
IsT Y L E & W 1st g fd 73_1920 M-5 _
8712 13 847; -90 Erie 1st con g 4s prior_1996 J-J 8712 8778 8714
Registered
1996 J -J 8412
8414 Oct '11
8212 88
7812 79 7834
7914 32 7313 7934
1st consol gee lien g 4s.1996 J -J
Registered
1996 J-J *
7712 77 J'iy '11
•
77 77
1951 F-A 80 8012 8912 Nov'll -88 91
Penn coil tr g 48
8512 13 73 92
50-year cony 48 A.,_1853 A-0 8434 Sale 8413
7884 80 60 8013
1953 A-0 76 Sale 70
•
Series B
do
Buff NY & Erie 1st 78_1016 J -D 10818 ___ 100%Oct '11 ____ 10914 111%
1 11068 113
Chic & Erie 1st gold 53_1982 M-N 11118 11213 11213 11213
Cloy & Mahon Val g 58_1938 J -J 10968 ____ Ill Apr '11 -_ Ill 11138
---1938 Q -J 108
•
Registered
1035 A-0 12213._ 12518 Nov'll --- 123 12518
Long Dock consol g 6s
• Coal & RR 1st cur gu 6E4_1922 81-N 10418 ___ 10418 Oct '11 ____ 10418 10918
Dock & Imp 1st cur 6s_1913 J-J 102 __ 10218 Nov'll ___ 10068 10218
N Y & Green L gu g 5E1_1946 81-N 10283 ____ 10212 Sep '11 __ 10012 10512
10318
1 1013 1043
' N Y Sus & W 1st ref 53..1937 J -J 10318 10312 10318
4
4
____ 1004 Dec '06 ---- ---- ---1937 p-A
•
2d gold 4 ;is
2 83 88
'
General gold 5s
1940 F-A 88 0213 88
88
11012
Terminal 1st gold 5s 1943 M-N 10813._ 10812 Nov'll.- 10813
Mid of N J 1st ext 5s
1940 A -0 11034
11012 Oct 11 ____ 11018 11012
Wilk 63 Ea 1st gu g 5s
1942 J -D 081101i8 10034
2 0818 101 8
10034
,
1926 J -J 105 ____ 110 Aug'11 ____ 110 11012
Ev & Ind 1st con gu g 6s
1921 J -J 11178 ____ 11178 J'ne'll ____ 11112 113
Evans & T H 1st cons Os
1942 A-0 101 10218 10218 Aug'11 __ 101 10213
lit general gold 5s
Mt Vernon 1st gold 63_1023 A-0 1075 --- 108 Nov'll ____ 108 108
8
Sill Co Branch 1st g 5s 1930 A-0
__
95 J'ne'08 -- __-- ---Vorida E Coast 1st 4;0_1950 J -D 97 0713 97
5 95 9812
97
-IL ort St U D Co 1st g 4 30_1941 J-J
90 05 92 Aug'10
Ft W & Rio Or 1st g 43„...1928 J -J ___ 8314 83 Nov'll ..... 8212 8412
el H & II of 1882 1st 5s_1913 A-0 OGG _
9712 Oct '11 __ 97i2 9818
reat Northern
4
1921 J-J
063 Sale 9612
C 13 & Q coil trust 48
9634 363 9512 98
9638 9678 9612 Nov'll ____ 9538 98 8
1921 Q-J
Registered _h
,
10138 1'73 100 10112
1st & refund 4 Xs ser A 1961 J- J 10038 Sale 10038
Registered
a
.
St Paul M & Man 4s
1033 - •:.1 6618 -le gig
J- 4018
.
i ii812 6618
let consol gold 6s
12568Oct 'II
125 12714
1033 J-J 1251
1933 j-,1 ___ 8__ 132 Apr '09-.---„Registered
Reduced to gold 4 01933 J-J 1051 108 10578 Dec '11 ___ 105 10614
•
Registered
1933 J-J ---- ----10634 J'ne'09 __
_ .„
Mont ext 1st gold 4s....1937 J -D__ Ms 0712
9712
1 9514 9812
Registered
1937 .1-D
98 J'ne'll ____ 98 98
4
E
t
G
[VoL, Lxxxxm.
'
Range
,.,
Since
alt6 January 1
High No, Low Hgb
Bid
Ask Low
St P M & M (Continued)s
0258 Meh'll -- 92 8 925
Pacific Ext guards £__.1940 J-J
9212
6
11 Minn Nor Div 1st g4s1048 A-() 0634 0912 06 Oct '11 ____ 90 98
Minn Union 1st g 6s___1022 J-J 11518 ____ 11513 Aug'11 ___ 11412 11684
Mont C 1st gu g Os___1037 J-J 1271 129 12714 Nov'll ____ 127 12871
Registered
1037 J-J ---- ----13614 May'06 __
1st guar gold 58
1937 J-J 111 - 113 11234 Sep '11 ___ 11212 11234
_
Registered
1037 ,f -.I
Will & SF let gold 5s_1938 J-D iii -_-_-_-_ 1 121. .2Seiiii. ____ 11212 1124
gulf & S 1 1st ref & t g 5s__81952 J-J
93 94
04 Nov'll __ 8818 0534
Registered
81852 J -J
..
rjOcit Val 1st cons g 410_1099 J-J01 . 268 10212 16S" --ti i - ( 36,
i.(5. .
- 3
5
/-- 1
Registered
1999 J-J __
10012Sep 'OS -----------9412
2 4
95
Col & H V 1st ext g 4s
1048 A-0 9434 ____ 09'2
Col & Tol 1st ex 4s
1955 F-A 0434 ____ 06 Feb '11 ____ 96 96
Hous Belt & Term let 5s
1937 J-J __ 101 101 J'iy '11 ___ 10018 19114
Illinois Central'. 1st gold 4s
103
1 10014 103
1051 J-J 102 ___ 103
1951 J-J 100 ____ 100 Sep '11 ___ 100 100 ,
Registered
1st gold 33-53
1051 J-J 00 __ 91 Aug'11 ____ 8614 01
00 ____ 89 Apr '11 __ 89 89
1051 J-J
Registered
Extended 1st g 33-5s,_1851 A-0 ____ ___ 0312 May'00 ____ ____ ___.
1051 A-O
Registered
--q)5 L.__ ____ _.
1st gold 3s sterling
1051 11-S ___ ____ gd - J'iy
,
_
_
1951 81-S
Registered
11
1952 A-0 tii _ _ 6683 Oct . ____ 58 003;
Coll trust gold 45
1952 A-0 0612 '6§ 9812 Aug'11 ___ 9812 9812
Registered
0038 29 9618 08
1st ref 48
1955 51-N 0638 Sale 9814
Purchased lines 3 s_
1952 J-J ___ 88 88 Oct '11 ____ 86 88
2 9712 0018
9018
L N 0 & Tex gold 4s_1953 M-N 086; ____ 9918
9434Jan '11 ___ 9434 9984
Registered
1953 .M-N 9612 98
.
Cairo Bridge gold 48
1950 J-D 1 ___ 0617 9712Feb '11 ___ 96 9713
Litchfield Div 1st g 33.._ _1851 J-J 733 -___ 7518 Sep '11 ___ 7518 7513
4
Lousy Div & Term g 3 3s1853 J-J____ 85 8512 Sep '11 ___ 8513 8714
1953 J...1
_ __ 8314 Nov. ..-- ---- ---10
Registered
Middle Div reg Se
1021 F-A 10512 ____ 123 May'09 ___ __ --73 ___ 7618 J'ne'll ____ WE 7618
Omaha Div 1st g 3s
1951 F-A
St Louis Div & term g 3s_1951 J-J
7312 77 7512 Jan '11 __ 7512 7513
Registered
1951 J-J
Gold 3;is
1951 J-J ii 66.34 8718 maVii ____ gci ,-iiis
1951 J-J * 13418 85 10118 Oct '99 ___ ____ -Registered
Spring Div 1st g 3;is__1951 J -J ____ ___ 100 Nov'00
_J-J
Registered
1951
'11 __ -9563 -9612
- -06 - OetWestern lines 1st g 48_ _1951 F-A 0512
Registered
F951 F-A
Bellev & Car let 65
I1712 Ataiii) __ __._ ___
1923 J -D rig
Carb & Shaw 1st g 48
1032 111-5 0434 ___
0514 Oct '10 ____ ..„ ..,„,.
'Chic St L & N 0 g 5s....._1951 J-D 11333 1156; 11334 Sep '11 _-- -11333117
1
Registered
114 Feb 'II ____ 113 116
1951 J -I) 113
Gold 3;is
1851 J-D 8113
90 Oct '09 ...„ ----.
Registered
1951 J-D ,-,-, ---- ---- ---Memph Div 1s4 g 4s
I951 J-1) f.)5 - - - -- 002 Men 'Iv ---- - -- - -Registered
1951 J-I)
St L Sou 1st gu g 48
..„.. tii ni '5i
1031 Ai- s ..„.
Ind Ill & Ia 1st g 4s
8
9418 uo
95 Nov'll ____ -941- -041s
1950 J-J
frit 64 Great Nor 1st Fr 63_1010 NI
-N 10913
1 107121091*
10912 10012
Iowa Central 1st gold 5s___1038 J-D 10134 10212 10134
1 10012 103
10134
Refunding gold 4s
6613 11 63 71t1
1051 M-S 6013 665 6012
jamestown Franklin 60
0 Clearfield 1st 4s
1959 J-D 9312 041- 04 Nov'll ___ 94 9814
Van City Sou 1st gold 3s_ _1950 A-0 '7312 Sale" 7312
9 '7314 747.
7334
IA. Registered
63 Oct '00 ____ _ ___
1950 A-0 ___
Ref & 1mpt 5s
- 11148 9034 10014 86 68131112 4.
4
Apr 1950 J-J 0836
1 0834 91
9918
0918
Kansas City Terml let 4s__1960 J -J ___
1 10813 1111
4
I ake Erie & W 13t g 58._ _1937 J-J 1083 Sale 10834 10834
8 104 10919
104
1 4 20 gold 5s
1041 J-J 10418 105 104
North Ohio 1st gu g 56_1945 A-0 105 106 10712 Oct '11 __ 10712 11034
Leh Vail NY 1st gu g 430_1940 J -3 *105
10514 Sep '11 ____ 10518 10614
Registered
1941 J-J 104 105 10412 Oct '11 ___ 10414 10411
97380ot '11 ....„ 9634 9713
Lehigh Vail (Pa) cons g 48_2003 81-N 9634
Loh V Ter fly let gu g 53._1941 A-0 1111211418 11378 Nov'll ____ 11214 114%
Registered
1941 A-0 11114 112 11114Nov'll__ 11114 118
Leh V Coal Co 1st gu g 5s1933 J -J 10713._. 108 Nov '09 -- ---- --..
Registered
1st Jut reduced to 4s
1933 J-J --,.
-„,
---- ---- .8
4
U33- Oct '11 ___ 9 -12 9
4
Leh & N Y 1st guar g 45,,,,1945 M-S 031_
_
1045 M-S
- ------....
R Istered
Fedi; Foii iii ___ _ _ ....
El & N 1st pref 88
1914 A-0 ig
10114 Sep '00 ____ ___ ___
Gold guar 5s
1914 A-0 10014
Long Island
let consol gold 58
81031 -J 10542 112 110380ot '11 ___ 10912 112
4
,,,,
__
.,..
_
1st consol gold 48
81931 -J 93
General gold 45
-931- -----9234 9011
4
1
1938 -D 9314 9512 0314
Ferry gold 4;is
1922 51-S 9613 100 100 Aug'11 __ 9813 100
Gold 48
9914 Oct '06
____ --„,
1932 J-1) 9118 07
9
Unified gold 48
1049 111-S „..- 9334 93 May'll ____ 93 951
.
Debenture void 58
1934 J-D 102 10412 10412 Dec '08
_
97
Guar ref gold 45
30 941 9514
1949 61- S
00
95 Jan '11...... 95 98
Registered
1940 111-S
NY 11 & M 13 1st eon g 5s 1035 A-0 10434 _.11014 Nov'06 ..... __ --105 Apr '07
1927 M-S 10378
NY&RB lstg 5s
100 J'iy '11 ___ 10312 106
Nor Sh B 1st con g gt1 5s.o1932 Q-J 104
Louisiana & Ark 1st g 5s_1927 IM-S 0412 9612 9734 Sep '11 ____ 94 9834
Louisville & Nashville
8 112 11619
General gold 6s
1030 J -ID 11478 Sale 11473 115
112 Nov'll ____ 112 11212
1937 81-N 11214
Gold 5s
6
Unified gold 48
1940 J-J
993
8 81 9818 9'97
Ms 993 0914
;
1940 J- J ___ __ _ 9734 Nov'10 __ ___ _
Registered
Collateral trust gold 5s 1931 hi-N 10934111 10834 Sep '11 ____ 10834109¼
1010 J-I) 111 115 111 Sep '11 ____ Ill 113
E H & Nash 1st g 6s
1.0512fly '11 __ 1043 10519
L Cln 6c Lex gold 4 3is_1931 M-N
___1930 J-J 12034 125 121 Sep '11 ___ 11834 12212
N 0 & DI let gold 6s
11818 11851
1930 J-J 1171311914 11818 Nov'll _
N 0 & M 2d gold 8s
9534 Noell _. 05 0814
Paducah & Hem thy 4s 1946 F-A 9134 96
10534 10534
1920 M-S 10512101) 10534 Mch'll
Pensacola Div gold 6s
St Louis Div 1st gold 08_1921 /11-S 113 11418 113 Oct '11 ___ 113 113
1980 111-S 68 733 7112 Feb '11 ____ 7113 7119
2d gold 3s
9212 20 92 933
Atl Knox & Cin Div 4s 1955 111-N 9238 Sale 9233
4
Atl Knox 60 Nor 1st g 58_1946 J-11 1123 115 112 Oct '11 ___ 11112 11214
106 Apr '11 ___ 106 108
Hender Bdge lets f g 6s_1931 IM-S
9413 05 9412
6
9412
Kentucky Cent gold 48_1087 J-J
_
L & N & M & M 1st g 4 As1045 M-S 105 100 103 Dec '10 -----------0068 Nov'll __ 88 91
L & N-South M joint 4s_ _1052 J-J ____ 91
„..
05 Feb '05
_
Registered
h1.952 Q-J
10814 May'll __ 1081- 112
4
N Fla & S 1st gu g 5s_ _1037 F-A 108
4
N & 0 Bdge gen gu g 4 ;is 1945 J-J 1003
4
--- -- ---- ---- --...11 ____ 110 1104
Pens & AU let gu g 68___1021 F-A 11014 112 11014 Nov
S & N Ala con gu g 56_1036 F-A 111 1113 111 Nov'll ___ 11034 11211
1 9114 94.
9114
L & Jeff Bdze Co zu re 4s_1045 111-S 0114 Salo 9114
Price
Friday
Dec. 8.
Week's
Range or
Last Sale
I
.
14
-Continued on Next Page.
MISCELLANEOUS BONDS
Street Railway,
Met W S El (Chic) let g 4(1_1938 F-A ____ ___ 0312J'ly '06 _._
10
1611w Bice By as Lt cons g 531926 F-A *10413____ 10412Nov. ___
9312
3
Refunding & exten 4 ;is..1931 J -J
_ 9312
9314
Minneap St 1st cons g 58_1019 J -J 101 ____ 10713 Feb '06
New On fly & Lt gets 4 yis_1935 J-J ____ 8034 8714 Aug'11 ___
Portland fly 1st & ref 53_1030 IM-N 9813 9912 9834 Aug'11 __
Portland fly, Light & Pow____ ____
Portland Gen Mee 1st 5s_1935 J-,1 ___ ____ ___
St Jos By, L, H & P lstg 5s 1937 IM-N 98 ____ 98 Nov'08
St Paul City Cab cons g 5s_ _1937 J -J 105 __ 105 Nov'll ___
1937 J -J
Guaranteed 5s gold
Fri-City By & Lt 1st s f 5s-1923 A-0 963 9712 07 Nov'll ___
4
Underground of London 58_1920 1M-N ______ 08 Apr '00 --06
43-5s
9512 96 0512
6
1938 J -J
0512
Income (38
1948 ___
65
.
8
Union Elm (Chic) 1st g Is. _1945 A-0 ---- ----84 Oct 'Os ___
United Rys Inv let lien coil
1926 111-N ____ 8514 83 Oct '11 .._
trust 58 Pitts issue
.
No price Friday: latest bid and asked this week.
Street Railways.
77
1 75 17
___ ___ United Rys St L 1st g 4s___1934 J-J
7712 80 77
-____
St Louis Transit gu 5s___1924 A-() ___ 8433 83 Nov'll ...... 83 85
89
1 6512 726,
0312 9312 United RRs San Fr s I 4s__1927 A-0 68 683 69
4
84 8714
9813 983
4
___ ____
105 10614
97 99
-- - - 9014 97
3814 661:
____ ____
83
8618
Gas and Electric Light
Atlanta G L Co let g 5s____1047 J-D
Bklyn U Gas 1st con g 55_1045 81-N
13ufralo Gas 1st g Is
1047 A-0
Columbus Gas 1st g 5s
1032 J-J
Detroit City Gas g 5s
1923 J -J
Bet Gas Co con 1st g 5s
1018 F-A
Del Edison 1st coil tr 58_1933 .1 -J
Eq G L N It let con g 58.....1932 M-S
Gas & Elec Berg Co c g 53...1940 J -D
1915 p - A
Gr Rap G L Co 1st g 5s
Hudson Co Gas 1st g 5s
1040 111-N
Kan City(Mo)Gas let g 56_1922 A-0
a Duo Jan. 6 Due Feb. 0 Due April. 8 Due July.
103 ___ ---- ,--- ---- --.....
107
1 10584 1081
106 107 107'
___ 63 82 Deo '11 ........ 5014 63
9488 047 ------- ---- ---- -,
8
10018 10034 10014 Nov'll _. 100 101
...,
__ __ _ 95% Sep '08
10114 10134 1013
4
10134
2 100 102
1053 106 106 Oct '11 ____ 105 1064
4
101 ____ 6113 Oct '01 ____ ___ ___.
9934 101 100 Oct '09
10414 10518 105
105
2 103 105
9812
2 9778 991
98 00 4 9812
3
k Due Aug.
o Due Oct.
a Option sale.
DEc. 9 1911.1
BONDS
6
X. 7. STOCK EXCHANGE ...
,...,a,
Week Ending Dec. 8.
New York Bond Record-Continued-Page 3
Price
Friday
Dec. 8
Week's
Range or
Last Sale
113
co
Rid
Ask Low
High No.
__
_ __
%/Fantle RR-Sou lines 48_1936 M-N
_
.13±exican Cent cons g 48_1911 J-J ---- ----100 May'll
-___ 2513 Apr '00
cons inc g Is trust
_2(1
rect31afj ---A0
Equip & coil g Is
_
___
1019 A-0
't 2d series g Is
lo
Melt Internet 1st con g 4s_ _1977 M-S ---------77 Mclir
• Stamped guaranteed__1977 M-S ____ 80 79 Nov'10
Minn & St L 1st gold 7s...._1927 JD *130 ....._ 130 Aug'11
11018 Aug'11
Pacific Ext 1st gold Os__ _1921 A-0
1934 M-N 104 - Sale 104
104
• 1st consol gold Is
1949 n-s 70 Sale 70
5
70
1st and refund gold 4s
Des 11.1 & Ft D 1st gu 4s 1931 J-J 7834 ...... 7834 Nov'll
9734
StP&SSM con g 4s int gu.1938 J-J 97 973 97
4
S S M & A 1st g 48 Int gu_1926 J-J ...._ _ _ _ 0812Jan '10
ississippi Central 1st 5s 1949 J-J _-__ 9312 Mch'11
Missouri Kansas & Texas
973
4 19
1990 J D 97 9713 9713
1st gold 48
g1990 F-A 8414 85 84
8478
3
; td gold 4s
101
7
1st eat gold Is
1944 M-N 101 Sale 101
; 1st & refund 4s
2004 M-S 80 81 8018
8018 5
8838 25
t • Gen sinking fund 4 s_._ 1936 J-J 883 Sale 88
8
, St Louis Div 1st ref g 48_2001 A-0 78 80 783 Nov'll
4
' Dal & Wa 1st gu g 5s
4...__ 10538 Aug'11
1940 1M-N 1053
91 Nov'll
i • Kan 0 & Pao 1st g 4s___ _1990 F-A 8833..
4
4
: tio K & 5 1st gu g Is.. _1942 A-0 1083 1093 10813 Oct '11
, ika K & Ok 1st guar 5s__1942 M-N 10612 110 10612 10612 10
, M K & T of T 1st gu g 55_1942 M-S 10414 10513 10473 Nov'll
• Sher Sh & So 1st gu g .53_1943 J-I) 102 10414 10312 MaY'll
10534 Nov'll
Texas & Okla 1st gu g Is 1943 NI- S 10312
--a
108
Missouri Pao 1st cons g 6s 1920 M-N 103 Sale 108
4
10014
Trust gold Is stamped__a1917 M-S 10C1 1C11 100
_
99 Meh'10
a1917 M-S ..„
,•
Registered
5
,
4
9078
• 1st collateral gold 58.._ _ _1920 F-A 0973 1003 9973
1920 F-A .
. _ _ __ _
_ _
Registered
ii12
1045 M-S f312 7412 ;412
. 40-year gold loan 4s
' 3d 7s extended at 4%...._1038 1M-N ____ 95 9612 May'll
1959 M-S 87 Sale 87
' 1st & ref cony Is
8814 -55
Cent Br By 1st gu g 48_1919 F=A 9118 92 92 Nov'll
1948 J -D 78 89 83 Nov'll
': • Cent Br U P 1st g 43
: Leroy & C VA L 1st g 53.1928 J-J _...._102 110 Mch'05
8
! Pao 11 of Mo 1st ext g 48_1938 F-A 965 9712 O61 Oct '11
, • 2d extended gold 5s_ _1938 J-J ___ 10914 10812 May'll
106
. StL Ir M &S gen con g 5s_1931 A-0__ 10012 106
Gen con stamp gu g 58_1931 A-0 ___ ....„ 111 Sep '09
5
81
•
Unified & ref gold 4s 1921) J-J 801 821 81
4
•
Registered
1920 J-J -------- 863 Mch'll
17 8312
RIv & 0 Div 1st g 4s...1933 M-N
8.112
__ 10212Jan '10
'Verdi V 1 & W 1st g 58_1926 M-S ---- ----8
8
MO & Ohio new gold ifs__ _1937 J-D 1203 12113 12038 1203
1st extension gold 133..„h1927 Q-J 114 117 114 Sep '11
General gold 46
1938 M-S 853 87 87 Nov'll
4
Montgom Div 1st g 58_1947 F-A 11018 11078 110 Noi'll
St L & Cairo coil g 45...._e1030 19-F 83 85 81 Mch'11,
Guaranteed gold 45
1931 J-J 9314 9334 9312 Mch'11!
ashy Chatt & St Louis
1st 78
1913 J-J 10418 10518 10138 Dec '11
1928 A-0 10914 11013 10913
10913
• 1st consol gold Is
11578 Nov'10
. Jasper Branch 1st g 68_1923 J -J 113
: McM M W & Al 1st 63_1917 J-J 10714...... 10813 Dec '10
113 J'ly '04
T & 13 Branch 1st 6s___1917 J-J 10714 _
0238 26
-3
Nat Rys of Mex pr lien 4 M8.1957 J-J 9214 62 9214
. Guaranteed general 4s_ _ _1977 A-0 85 87 85 Novli
Nat of Hex prior lien 4 Ms_1926 J-J ..,... 9912 10034 Feb '11
1951 A-0 791; '7934 '7913 Nov'll
1st consol 45
__ _
0 & NE prior lien g 88.._p1015 A-0 10418 ____ __
-8813 22
ow Orleans Term 1st 48....1953 J-J 88 Sale 88
Y Central & Bud River
8858
1997 J-J 8734 8853 8812
3
Gold 3 WI
Registered
1997 J-J 87 _ 8812Nov'll
937
8 23
4
1934 31-N 9334 937; 933
• Debenture gold 45
4
1934 /11-N 9212 ___ 923 Sep '11
Registered
Lake Shore coil g 3 Ms__ _1908 F-A 7812 7914 7914 Nov'll
1998 F-A 763 7712 7734
4
Registered
773
4
$
Mich Cent colt gold 3 Ms_1998 F-A 777 7812 78 Nov'll
2
76
7712 76
Registered
1908 F-A
Beech Creek 1st gu g 4s_ _1936 J-J 991 ____ 9858 Dec '10
1936 J-J ---- ----99 May'll
Registered
2d guar gold Is
193 J- J 0014 1936 J-J __ _ - --- ---- -negIstered
„
Beech Cr Ext 1st g 3 Ms_b1951 A-0
2
Cart Fc Ad 1st go g 4s__ _1981 J-D 00 __ -9'71- Apr '09
____
_ __
. Gouv & Oswe 1st gu g 53_1942 J-D 108
/doh & Mal 1st gu g 48_ _ _1991 1M-S ---- ---- 0018 Mch'll
_
1 N J Juno R guar 1st 48_ _1986 F-A 953 100 105 Oct '02
.,
4
1988 F-A
*. Registered,
'. N Y & Harlem g 3 Ms__ _2000 31-N 90 ____ 001 Feb '11
4 Registered
200 111-N __
___---r• ri Y & Northern 1st g 58_1927 A-0 ____ ____ 108 Oct '09
NY F0 Pu 1st cons gu g 4s1003
___ 0713 9778 Aug'11
A-0
& Mont 1st gu g 58._1916 A-0t5 Nor
13112Jan '09
, Pine Creek reg guar 8s_ _ _1932 J-D 120 -_
_4
!. R W & 0 con 1st ext be_h1922 A-0 10714 1073 10714 Nov'll
Oswe & R 2d gu g 53_ _ _e1915 F-A __ 10512 105 Jan '08
i 11W & 0 T 141st gu g 53_1918 M-N ____ ____ 101 J'ne'10
0833 J'ly '11
i Rutland 1st con g 4 3.s_1941 J-J 95
873
Og&LCharn 1st gu 4s g.1948 J-J 86 ___- 86 Sep '11
‘.
Jun'09
'•. Rut-Canad 1st go g 4s_1949 J-J -------- 92_
; St Lawr & Adir 1st g 5s_ _1996 J-J --------115 J'ne'09
125 Feb '08
1996 A-0 118
;
2d gold Is
4.
: Utica & Mk Rlv go g 48_1922 J- J 093 - _ _ 0978 Nov '11
''Lake Shore gold 3 Ms_ _ .. _1997 J-D 8818 89 8958 Nov'11
10
89
1997 J-D 8834 8912 89
Registered
t
933
4 13
Debenture gold 48_ _ 1928 M-S 9312 Sale 9312
,•
9338 120
1931 M-N 9338 Sale 9314
25-year gold 48
4
1931 31-N ______ 933 MaY'll
i:
Registered
-__
Ka A & G It 1st gu e 55.1038 J-J 108
._ 11113 Mcli'll
Mahon C'l I1R 1st Is.. _1034 J-J 11113
1
09
t Pitts & L Erie 2d g 55_ _a1928 A-0 10314 ____ 100 Dec :
i Pitts MeK & Y 1st gu 63_1932 J-J 121 __ 13018 Jan 09
1934 J-J 12312 Oct '11
2d guaranteed Os
,)
_,...
; MeKees & 11 V 1st g 65_1918 J-J 103 -----------'11
1031 51-S 11014111 - 111
Michigan Central Is
1931 Q-M 10918 110 119 J'ne'06
Registered
1940 J-J *9734 ____ 9834 Nov'll
48
)
9812 Nov'll
1940 J-J
Registered
1
8818 90 J'ne'08
J L & S 1st gold 3 Ms-.1951 M-S _
1952 MN 863 8812 8812 Oct '11
4
_' 1st gold 3 Ms
•
I.
9n_‘,..r dohnntairs 4s 1029 A-0 ____ 9118 914
914
N
.6' Price
,...,q
t
BONDS
Range
Friday
Since
N. Y. STOCK EXCHANGE 't
Z
Week Ending Dec. 8.
January 1
....a. Dec. 8
Low High
-55
.
4100
idd 156 11018 11018
103 109
65 75
7834 8112
9534 98
-1;a1- 9312
3
0613 98
8314 86
9013 10313
78 83
8312 8918
78 7914
10538 10533
88 91
10734 11012
10614 108
10234 10538
10312 10514
103 105 4
3
10612111
995 10214
8
1)934 102
74 -550613 9612
84 9658
4
003 033
8
83 83
-55- -5834
10812 10812
1061.10858
-51- -iffs
8634 8634
8214 8838
120 122
114 11634
86 87
110 111
81 81
9313 9412
10438 10613
10918 111
---____
8
-al- -55183 8934
10034 1003
4
7818 8318
2
88 -aa187
86
9218
9212
78
75
7612
75
90
8912
9112
9318
8078
793
4
7912
78
-55- -55- - ------;
1
-55- -55
9018 9018
_
9714 -offs
- lid
-1)13 9833
8
8512 0012
-- - - -_
003 100
4
38
8718
9212
9218
933
4
90
89
95
9434
933
4
h101 11112
123 123
ill 111
9834 09
0812 0313
-553 89
4
91 93
1587
Range
Sf71(.4
January 1
Week':
Range or
Last Sal;
High No. Low High
Ask Low
Michigan Central-(Con)
Bid
Bat C&Sturlstgug3s_1989 J-D_
s
-55- 11561NY Chic & St L Ist g 4s_1937 A-0 9934100 100 No ell
Registered
083 083
4
4
1937 A-0 0813,._._ 9834 Nov'll
8934 9233
Debenture 48
1931 M-N 9014 9058 91 Nov'll
West Shore 1st 43 guar2361 J -J 101 Sale 101
10114 40 971210112
1 97 10012
Registered
2361 J - J 9'734 98 98
98
10012 10013
N Y Cent Lines eq tr 4 Ms 1923 J-J ____ ___ 10012J'ly '11
N Y New Haven & Hartf9314 9438
Non-conv deben 48
1955 J-J --------948 Aug'11
3
92 9413
Non-conv 4s
1956 31-N
14 9312 92 Nov'll
Cony debenture 3 Ms
1956 J -J 93 Sale 9234
0314 -55 89 10012
13 12634 1343
4
1948 J -J 13112 Sale 13112 132
Cony debenture Os
99 99
Harlem R-Pt Ches 1st 4s_1914 31-N
99 Oct '11
0314 28 9212 9334
Cent New Eng 1st gu 45.1901 J-J
1 - 1 9318
11318 11318
H,ousatonlc R cons g 5s_ _1937 III-N ---- ---- 11318 J'ne'11
___
N H & Derby cons cy 58_1918 31-N 10218 __ 107 Aug'09
__
1945 J-J 991-3____ ____
____ „...
New England cons 5s
1945 J-J
Consul 4s
3418 -if
Providence Secur deb 4s..1957 M-N
8518 87 May'll
9438
9478 27 9414 97
N Y 0 & IV ref 1st g 4s__ _g1992 id-S ___- Sale 9438
0314 9412
Registered 55,000 only_g1992 51-S___ 93 9314 Oct '11
9114 9238
19553-13
_
General 48
9114 Aug'11
10212 10312
Noel & South 1st gold 5s 1941 M-N 1O178 ____ 10212 Oct '11
12314 12434
Noir & West gen gold 13s_ _1931 M-N 12318 __ 12314 Nov'll
124 127
Improvement & ext g 68_1934 F-A 12473
124 Sep '11
12312 125
___New River 1st gold 68_1932 A-0 124 12458 12312 Oct '11
N & W fly 1st cons g 45...1996 A-0 98 Sale 98
9878 -31) 9712 993
4
98 98
Registered
199t A-0 9714 ____ 98 Jan '11
Div. 1st 1 & gen g 48_1944 J-J 9334 9414 94
'
9414 15 9112 9414
10.21-year cony 48_ __ _1932 J-D 10714 Sale 10714 10912 ss 1001111014
Pocah C & C Joint 48_1941 J-D 9118 92 91
9114 12 8838 93
10412 10413
CO & T 1st guar gold 56_1922 J-J 10412 __ 10412 Oct '11
9614 98
Selo V & NE 1st gu g 43_1989 M-N 98 9812 98
98
Northern Pac prior 1 e 4s 1997 Q-J 9918 Sale 9918 10013 94 9853 10034
Registered
98 9914
1907 Q-J ____ 993$ 99 Nov'll
14 68 7113
General lien gold 3s____a2047 Q-F 6913 e97 6912
8
69 4
3
Registered
a2047 Q-F 88 Sale 88
3 68 6913
6812
St Paul
-Duluth Div g 48_1996 J-D ____ 97 96 Sep '11
96 98
____
Registered
1998 J-D
Dui Short L 1st gu 5s.....1916 M-S 99 ____ 09- Fellio
SIP & N P gen gold 63_1923 F-A 11514...,.,. 11538 Nov.11
jigs; 11634
Registered certilleates_1923 Q-F 11412..... 11538 Aug'11
11538 11532
St Paul & Duluth 1st 55_1931 F-A 107_ 110 J'ne'10
2d 5s
1917 A-0 10214 ____ 10234 J'ne'11
103 1614
4
1st consol gold 45
1968 J-D 92 ....„ 9612 Apr '10
Wash Cent 1st gold 4s
1948 Q-M 89 ____ 9118 Apr '11
8
-511- -514
Nor Pao Term Co 1st g 63...1933 J-J 11114 __ 11138
111 1111s
11138
10434 108
pacific) Coast Co 1st g 5s_ _1946 .1-1) 10434 10514 10434 Nov'11
10013 102
J- enna RR 1st realest g4s..1923 111-N 100___ 10013 Nov'll
1910 1M-S ____ ___ 108 J'ne'll
108 108
Consol gold Is
102 10313
1943 131-N 102 1025; 102 Nov'll
Consul gold 4s
5
1912 id-N 9912 Sale 9912
Convertible gold 3 Ms
0012 30 9834 99 8
7
1915 J-D
9678
97 114 9578 9714
Convertible gold 3 Ms
9618 97
1915 J -D ---- ---- 0614 Sep '11
Registered
4
1948 M-N 102121023 102
Consul gold 43
1023 28 102 10418
4
9978 10014
3
8
Alleg Val gen guar g 4s.1942 M-S 995 10014 997 Apr '11
D R R R & Bge 1st gu 4sg1936 F-A 100
i011 10213
Phila Bait & W 1st g 48...1943 1k1-14 *101. ____ 102 Nov'll
Sod Bay & Sou lst g 5s_ _1924 J-J ... ___ 102 Jan. '1)3
_Sunbury & Lewis 1st g 45 1936 J-J 971
;
U NJ RR & Can gen 48_1944 31-S *_.10213 10318 Ma y -'
- 115
18 10314 jail
Penne Co guar 1st g4 Hs...1921 J-1 11)4 Sale 10358 104
Registered
10278 10278
1921 J_
10278 Mch'11
Guar 3 Ms coll trust reg.. _1937 ikl88 ____ 90 Aug'10
Guar 3 Ms coll trust ser B.1941 F-A 8812 89 8858 J'ly '11'
-gi- 89
Trust Co mars gu g 3 Ms_1916 M-N 9713 9734 98 Nov'10
97 Ms
Guar 3 Ms trust ctfs C__ _1942 J-D 88 90 87 Aug'10
Guar 3 Ms trust ctfs D_ _1944 J-D 8813 89 89 Nov'll
-aa - 89
97% 99
1931 A-0 98 9838 98 Nov'll
Guar 15-25 year g 48
1942 IM-N 9613 9713 9814 J'ly '11
96 9614
Cin Leh & Nor gu 48 g
110 Jan '05,
Cl & Mar 1st gu g 4 Ms_.J935 31-N 10312
__,.Cl & P gen gu g 4 Ms ser A 1942 J-J 10618 10734 11034 Jan '09,
Series B
1942 A-0 10618 ____ 10934 J'ly '09
---._ _
Int reduced to 3 M3.1942 A-0 9114
____
Series 0 3 Ms
1948 NI- N 9114 __ 55 Aug'05
-Serles D 3 Ms
1950 F-A 9114 ____ 90 May'08
Erie & Pitts gu g 3 Ms B.1940 J-J
9018 ___ 9012 Apr '11
-5612 91
Series 0
1940 J -J 9018 ___ 9834 Apr '04
Or R & I ex 1st gu g 4 Ms_1941 J-J 10412 105 105 Sep '11
10414 105
Pitts Ft W & C 1st 78_1912 J-J 1011210214 10134 Nov'll
10134 104
2d 7s
10378 10378
1912 J-J 10112 ____ 10378Feb '11
3d 78
101 1004
11912 A-0 101 ____ 101 Dec '11
Pitts Y & Ash 1st con 58_1957 M-N 10713..__ 109 May'10
Tol WV & 0 gu 4 Ms A__1931 J-J 101 ____ 103 Aug'07
Series B 4 Ms
1933 J-J 101 ____ 100 J'ly '10,
Series C 4s
1942 M-S 94
__.
_
ioias 10734
P 00 & St L gu 4 Ms A 1940 A-0 10618 10612 16614 i5614
Series B guar
1942 A-0 10614 1067 10612 106121
10513 10734
8
Series C guar
1942 M-N 10638 107 106 J'ne'11
106 108
1945 1‘1-N 97___ 9858 Dec '10
Series D 48 guar
Series 5 3 Ms guar g
1949 F-A 0212 933 9318 Aug'11
9134 -Ws
4
1953 J-D 9712 9858 9778 Aug'11
9778 9773
Series F gu 4s g
Series G 45 guar
1957 M-N 9758 99 98 Oct '11
98 99 8
5
113 11313
C St L & P 1st con g 53_1932 A-0 11358 ____ 11312 Nov'll
__ 109 May'll
109 109
Peo & Pek Un 1st g 6s...._1921 Q-F
2d gold 4 Ms
51921 M-N ____ 109 9312 Jan '11
9312 0311
88 Nov'll
66 7834
Pere Marquette
-Ref 4s___1955 J-J 66
67 763
8
Refunding guar 45
1955 J-J *..- 683 6834 Nov'll
8
Apr '11
10018 10078
Ch & W M 58
1921 J-D 9953.. 10014
10934 11034
Flint & PM g 6s
1920 A-0 11018 ___ 11018 Oct '11
100 103
1st consol gold Is
1939 31-N 9012...,,. 103 Mch'11,
98 103%
Pt Huron Div 1st g 58_1939 A-0 9811O2 98 Aug'11
Sag Tus & H 1st gu g 48_1931 F-A ____ 90
-84 88
Philippine By 1st 30-yr e f 4s_'37 J-J 8
84
73 84
11213 11278
Pitts Sh & L E 1st g 5s
8
194( A-() ------- 1127 May'll
11314 11314
1st consul gold Is
1943 J-J --- ----81314 Nov'll
-Deeding Co gen g 4s
180 9634 9812
1997 J-J -981- Sale 9818
4
9
814
IA, Registered
2 9718 9734
1997 J-J 9914 ____ 9714
9714
7 96 9814
Jersey Cent coil g 45..._.19I1 A-0 9712Sale 9713
9712
Allan City gu 43 g
1951 J-J ---- ---- ------Qt Jo & (Jr Isi 1st g 4s_..__1947 J-J 8618 89 87 Nov'll
--8E174 -59
Ot L & San Fran gen g 61 1931 J-J 11853 11918 11853 1185
1 118 1191$
8
General gold Is
4 107 108
1931 J-J 107 10712 107
107
90 91
St L & SF RR cons g 45_1996 J-J 88 9134 90 Sep '11
Gen 15-20 yr Is
1927 M-N 8834 Sale 8834
55 8512 90
89
Southw Div 1st g 53_1947 A-0 9812 ____ 100 Oct '11
100 10113
Refunding g 4s
8012 35 77 83
1951 J-J 80 Sale 80
8034 803
Registered
1951 J-J __
8034 Mch'll
4
MISCELLANEOUS BONDS-Continued on Next Page.
has and Electric Light
Kings Co El L & P g 5s_ _1937 A-0
1997 A -0
Purchase money (I8
1922 31- S
• Convertible deb Os
Ed El Ii Blin 1st con g 45_1939 J-J
Lac Gas Lot St L 1st g 53....e1919
1934 A-0
Ref and ext 1st g Is
1927 M-N
llwaukee Gas L 1st 4s_
1948 -D
Newark Con Gas g Is
YCIELII&Pg 581948 J-I)
,. Purchase money g 48_ _ _1949 F-A
• Ed El III 1st cons g 53_ _1995 J-J
.
Y& Q El L&P 1st cong 58_1930 F -A
Y & Rich Gas 1st g Is.... _1921 31.-N
aciflo & El Co Cal G & E
Corp unifying & ret 58_1937 1M-N
Pat & Passaic G & E 55......1949 M-S
f
____ 106 105 Noo'll
114 116 11512 116
113
11712 Nov'll
8812 _ _ _ 8812 Oct '11
10212 103 10214 Nov'11
101 10153 10114 Nov'll
1;0 0012 90 Oct '11
10134 _
10312001 '11
103 104 10314 1033
8
88 89 8812
8834
11212 113 11213 Oct '11
10112 May'll
10012 1023
8
9712 J'ly '00
10112 106
11334 117
11712 11712
8714 90
102 104
100 103
00 91
10014 104
44 10114 10412
2 87 8958
111 11234
100 10112
_
0458 Sale 9412
10134
_
10 1)134 96
I „
L. !No Price Friday; latest bid and asked.
a Duo Jan.
95
Gas and Electric Light
Peo Gas & C 1st con g 68_ _1943 A-0
1947
Refunding gold bs
1947 M-S
Registered
& Cke 1st gu g 53_1937 J-J
Ch
Cur,0 Co of Ch 1st gug 531936 J-D
Ind Nat Gas & 011 30-yr 58 '36
Mu Fuel Gas 1st gu g 5s 1947
1947
Registered
Philadelphia Co cony 55_1910 F-A
Syracuse Lighting 1st g 5s_1951 J -D
1954 Syracuse L & P Is
S
Trenton G & E 1st g 53_ _1949
Union Elcc L & P 1st g 5s 1932
1933 31-N
Ref & cat Is
18t g 5s_ _1950 J -J
Utica El L & P
1957 J-i
Utica Gas & E ref 5s
Westchester Light'g g Is
1950 J-1)
b_Duo Fob. 0 Duo gjey.
2 1161s 11911
10138 10234
11 512 _ _ 11614 11614
1013 10214 10112 Nov'1 1
4
--__ 10113 103 Feb '09
103 104 103
103
10118 10258 102 Nov'11
--- 90 Mch'll
---- --- 10118 Aug'11
---_-_
118 J'ne'hI
100 _ _ _ _ 98 Aug'10
_ _ _ _ 8158 81 J'ne'll
102 ____ 109 Feb '01
10012 _ _ 9812 Sep '11
963 -- 9613Nov'll
4
10212
991 J'iy '11
100 __
10458 10518 10518 10518
4
iö i6314
101 102
90 9124
10013 1011
io_ Hã
93
---1
g Due June. 1 Duo July. ,1) V.to Nov. 8 Option aole.
Ms
-5512"iiis
104 101)14
1588
New York Bond Record—Concluded—Pue 4
I
VOL. I xxxxii1.
11111111011•111
BONDS
Y. STOCK EXCHANGE
Week Ending Dec. 8.
Price
Friday
Dec. 8
Week's
Range or
Last Sale
Range
BONDS
Price
Range ,
Week's
.3,5
r
It.
g
Since
N. Y. STOCK EXCHANGE
Friday
Since
Range or
z
ro — January 1
Week Ending Dec. 8.
Dec. 8
Last Sale
January
,
k
Bid
St L & San Fran (Con)
Ask Low
High No. Loto High
High No. Low Bigil
Bid
Ask Low
KG Ft 9 Fe M con g 65_1928 M-N 117 118 118
11838
1 116 11838 Vandal's cons g 48 Ser A.1955 F-A 93 ____ 97 Oct '11
97 97
KC Ft S &M fly ref g 4s_1936 A-0 80 8014 80
8012 28 7718 81
Consol 4s Series B____1957
v
N 03 9518 9718 May'll
9634 9712
Registered
1030 A-()
79 Sep '10 _--Vera Cruz & P 1st gu 4 Hs_1934 J-J
0038 993, 93 Nov '11
90 93
. KC&MR&B 1st gu 53_1929 A-0
10014 Dec '09 --- abash 1st gold Os
51 10412 110
105 Sale 10-112 106
1939 11-N
' Ozark & Gb C 1st gu 55 g_1913 A-0 99 9938 0913
9918
1 6/12 -6612
2d gold 55
93
70 93 101
1939 F- A 93 Sale 93
St L S W 1st g 4s bd ctfs 1989 if-N 9112
47 897 923
_ 9113
92
Debenture Series B
__ 105 08 Apr '11
4
1939 J-J
98 98
2d g 43 Inc bond cas____p1989 .1-J 82 83 82
82
13 78 83
1st lien equip s Id g 5s
5 100 104
100
1921 M- S 100 Sale 100
, Consol gold 4s
7934 33' 7518 8112
1932 J -D 7912 Sale 7913
1st lien 50-yr g term 4s 1954 j
-j __ 85 83 Dec '10
Gray's Pt Ter 1st gu g 58_1947 J-D 95
_ 10118 Apr '07 --- 1st ref and ext g 45
5638 5084 -if 7153
1950 J-j 5134 Sale 4912
"
S A & A Pass 1st gu g 4s1943 J-J 8712 §iiie 873
Bet & Ch Ext 1st g 5s_1941 J-J
8
8712
8 -80 -881
.—
10712 Sep '11
;
10712 10814
SF &NP 1st sink ig 5s 1019 J-J
104 Oct '09 ---99
Des Mein Div 1st g 4s
8112 May'll _
1939 3-J
_
81 8112
Seaboard Air Line g 4s
1950 A-0 ___ 87371 8712 Oct '11 -___ 8534 8712
Om Div 1st g 3!6s
70 67 Noy'll
1941 A-()
67 7534
4 Gold 45 stamped
1950 A-0 8714 8'734 873
8'734 10 8434 88
'rot & Ch Div 1st g 4s
3
1941 11- S
85 May'll
85 85
. Registered
1950 A-0
Wab Pitts Term 1st g 4s
_
4434
1951 J -D
4114 4932
4434
38 7412 8238
• Adjustment 5s
01949 F-A 8112 Sale 8113
82
Cent Fe Old Col Ti' Co certfs__
4078 Sale 3858
4514 679 3858 50 .
, Refunding 4s
30 8112 8214
1950 A-0 82 Sale 813
82
4
Columbia Tr Co ars
41 Sale 4012
4518 36 3912 50 ;
Atl-Birm 30-yr 1st g 4s_e1933 NI
-S 8714 8734 8812
Col Tr ctfs for Cent Tr ctfs
89
3 8514 80
Car Cent 1st con g 4s
9214 98 913 Apr '11 ---- 9134 913.1
4
1940 J-J
2d gold 45
1
713
112 Sale
7
1954
112
112
• Fla Cen & Pen 1st g 5s
1918 J-J 10038 ____ 103 May'll ---- 102 103
Trust Co certfs
214 70
112
3
112 Sale
4 8
•
1st land gr ext g Os
1930 J -J 103
Wash 'Fermi 1st gu 3 Hs___1045 F- A ____ 881 8738 Oct '11
8738 90 :
Consol gold 5s
Apiqi
1943 J-J 10512
1st 40-yr guar 4s •
16E3 1063
4
8
1945 F-A
Ga & Ala fly 1st con 5s_o1945 J -J 107 ___ 107 Noy'll ---. 104 107
West Maryland 1st g 4s____1952 A-0 8734 Sale 8734 -ig-id - -8812
Ga Car & No 1st gu g 5s_1929 J-J 105 ____ 10412 Oct '11 ---- 104 105
West N Y & Pa 1st g 5s___1937 J -.T 109 1093 10934 Noy'll
10914 11008
4
Scab. & Rea 1st 5s
1011 May'll ---- 109 109
8
J 1053
1926
Gen gold 45
1943 A-0 8812
_ 8812 Oct '11
3
8818 88'4
Southern Pacific Co—
Income 5s
34 Feb '07
(11943 Nov
147 9013 037 Wheeling & L 5 1st g 5s___1926 A-0 10314 10417 10112 10412
Gold 45 (Cent Pac coil) _k1949 J-D 92 Sale
9
4
idd
9112 Nov'11
Registered
k1949 J-D 0018 9012 0291 2
2
Wheel Div 1st gold 5s
10215 10434 •
1928 .T-J 102 104 10218 Nov'11
; 20
-year cony 4s
S 0634 Sale 963
g1929
4
Exten & Imp gold 5s____1030 F-A
0714
18 (
92 10)
7 911
_ 103 102 J'ne'10
Cent Pao 1st ref gu g 4s__1949 F- A 96 9678 9612
8518 8518
RR 1st consol 4s
967
8518 26 - - -id":
8 31 96 0712
S
1949
0
Registered
1949 F-A 95 NI, 97 Feb '10 ---10012 9812Feb '11
20-year equip s f 5s
9812 9912
1922 J-J —
Mort guar gold 3 Hsk1929 J-D 9014 91374 9012 Noy'll
Winston-Salem S B 181 4s 1960 J-J *___ 95 05 May'll
94 95 ,
_ 93 9212 Noy'll
Through St List gu 4s_1954 A-0
31 9218 9332.
-511- -9
96 2 153C4 Wis Cent 50-yr 1st gen 45_.1049 J-J
93
0278 Sale 0234
GH &SAM&Plst 5s_1931 M-N 10712 Sale 10712 10712
1st & refunding 93
4 10612 1085s
1959 A-0
Gila V (1 & N 1st gu g 5s_1924 M-N 10218
103 May'll ---- 103 103
Milw & L Winnebago 05_1912 J-J
Hens E & W T 1st g 55_19.33 111-N 104 -_-_ 105 J'ne'll ---- 105 10:5 4
-917 93
8
Sup&Dul div & term 1st 45 '36 11-N 9218 9B2 -012
E3
4
3
1st guar 5s red
1933 M-N 104 ___ - 10.112 Aug'11 ---- 10412 105
H & T C 1st g 5s Int gu 1937 J - J 109 4 110 10938 Aug'11 ---- 10912 11034
3
Manufacturing and Industrial
Consol g Os int guar_19 12 A-0 109 11018 1071.,Sep '11 ---- 10712 10914
— • Gen gold 4s int guar1921 A-0 9518 96
951; Noy'll --- 933 96
4
Allis-Chalmers 1st 5s
5014 126 5213 79
5312 Sale 5212
1036 .7-.1
Waco & N W div 1st g 6s '30 111-N 114 ____ 11914 Mch'10
Am Ag Chem 1st c 5s
1928 A-() 102 Sale 102
10214 16 101 10252:
!• A & N W 1st gu g Os
1941 J- J 102 10712 108 Oct '11 ---- 108 - 108
Registered
1928 A-()
Morgan's La & T 1st 7s 1918 A-0 11234 _ _ _ 11212 Sep '11 ---- 11212 11512 Am Cot 011 ext 4 Hs
973 Nov'11
4
-0734 -9d:171
1015 0
96 9834:
1st gold 6s
1920 J-J 10934
Debenture 5s
- Ill Meh'll ---- 111 111
-N
1931 1c
3 05 9732*
95
- 9512 95
N Y Tex & M gu 4s g
1912
1910 M-S 9812 9912 9812
3 9614 100 ;
---- ---- Am Hide & L ist s f g 6s
99
3127 119 Feb '07 ---No of Cal guar g 5s
1938 A -fl
Amer Ice Seem* deb g 68_.1925 A-0 7212 74
75 Nov'11
65 78
Ore & Cal 1st guar g 5s 1027 J-J idi ___ 102 J'ly '11 ---- idi" idi
Am Smelt Securities s f Os 1926 F-A 10234 Salo 10234
10314 128 100 104
So Pac of Cal—Os E
1912 A-0 10018 ____ 10112 May'1 1 -- 10112 10218 Am Spirits Mfg 1st g Os
0914 102
1015 Itt-S 100 ____ 101 Oct '11
1st gold Os F
Am Thread 1st col tr 4s
A-0 10018 __ 11412 1)88' -1912
9378
_ 9234 Oct '11
9212 93521
1910 J-J
01
1st con guar g 5s
1937 M-N 1093 11218 116 MaY'07 -- •____ --- Am Tobacco 40-yr g 6s
4
1944 A-0 11634 Sale 11612 1171 iiiL 10278 11712'
So Pac Coast 1st gu 48 g_1937 J-J
11614
91 ____ 90 J'ly '09 ---Registered
11612 15 10212 117121
144 A-0
. San Fran Terml 1st 4s 1950 A-0 9012 9118 91
3 -1563 -E19118
Certificates of deposit----------- 11658 Sale 11612 11714 576• 10453 11712
.
8
8
Tex & N 0 Sab Div 1st g (is '12 M-S 10038 ---- 10118 Sep '11 ---- 10118 1017
Gold 48
91 1302 7978 9314
9034 Sale 901s
1951
Con gold Os
1943 J- J
10128 May'll ---- 1015 103
9018
Registered
8 8214 907
9058
8
1051 F-A
3
So Pac RR 1st ref 48
9513
1955 J-J 95 Sale 95
0014
Certificates of deposit
0078 1088 8518 91521
Southern 1st consol g Os
1964 J-J 10712Sale 107
77 9 12 9912
3 10758 106 Am Writg Paper 1st s f 5s__1919
0
108
8/1" §iire 89
5 8834 91721
8014
Registered
Baldw Loco Works 1st Os.. _1040 M-N 10318 10334 1033
_ _ 105 Sep '11 ---- 105 103
1994 J- J
4 103 4 10 10238 10334!
3
Develop & gen 4s Ser A_1956 A-0 -78.3 'Safe 7812
4
7914 450 743 8014 Beth Steel 1st ext s f 5s____1920 J-J 9234 Sale 9234
0378 24 8612 0812?
4
8 85 88
Mob & Ohio coil tr g 4s 1938 M-S 8578 8614 86
Cent Leather 20
-year g 58_.1925A-0 0612 Sale 9614
8612
9612 28 05 100 :
Mem Div 1st g 4 H-5s
1996 J-J 108 _„_ 108 Oct '11 ---- 108 10912 Consol Tobacco g 4s
8118 9114
0018 Dec '11
1051 F-A
St Louis div 1st g 4s
1951 J-J
Registered
57 Nov'07
- 89 8734 Noy'll ---- 13612 89
1951 F-A
Ala Cen H 1st g es
Corn Prod Ref s f g Os
1918 J-J --- 110 10778Nov'10 ____
003
4
1 06 9752
1931 111-N 95 97 0634
Atl & Deny 1st g 45
8812 9112 9012 Nov'11 ---- 9012 9012
1st 25
1948 J -J
-year 81 Os
9512 9712i
1934 111-N ---- 06 06 Noy'll
2d 4s
1048 J-J
8'214 8234 8214 J'ly '11 ---- 8214 8214 Cuban-Amer Sugar coil tr 681918 A-0 91134 97 07
97
1 9512 97 •
Ati & Yad 1st g guar 4s 1949
Distil Sec Cor cony 1st g 55_1927 A-0 7512 76 76
- -6 7034 8(3
7612
Col & Greenv 1st 65
E 1 du Pont Powder 40_1936 J-D 8514 8512 8512
1916 J-J 10512-- 105 4
3 iddI2 id. 2 8273 8612
851
/
-3i65-3-4
E T Va & Ga Div g 5s
1930 J-J 10778 ____ 10734 Nov'11 ---- 1075 10814 Gen Electric deb g 33,s
8
1942 F-A ___ 8212 82 J'ne'll
81 82
Con 1st gold Os
1050 1I-N 1107111 11078
10-yr g deb Os
13 10912 112
111
153 Noy'll
1917 J-D
145 167
E Ten reor lien g 5s
Gen'l Motors 1st lien Cis
1938 111-S 105 _.__ 10634 Noy'll ---- 105 107
9812 48 97 9914)
1915 A-13 -6d3"8 Sale 9838
Ga Midland 1st 3s
Ill Steel non-cony deb 5s
1940 A-0 6212 72 65 Nov'09 ---101 J'ne'09
1913 A-0
Ga Pac fly 1st g Os
_ 11312 11212 Oct '11 ---- i i.i12 ii.i- Ingersoll-Rand 1st g 5s___q1935 J-J
1922 J- J
_ 95 J'ne'07
Knox h Ohio 1st g 6s
Registered
1925 J-J iff ____ 11512 May'll ---- 11512 116
q1935 J- J
Mob & Blr prior lien g 5s_1945 J-J 104 ____ 10512 Nov'10 ---Int Paper Co 1st con g 68_1018 F-A iod1- 10312 103 Nov
- -qi
4
101 10413
Mortgage gold 48
1945 J- J
Consol cony gig Os
75
78 Nov'll ---84 Noy'll
1035 J-J 83 86
83 87
Rich & Dan con g 6s
1915 J-J 10334 __ 104 Oct '11 -- 104 1057 Int St Pump 1st s f Os
0214 11 9138 95
1929 111-S 9112 Sale 9112
1 1'111- 1.151-4
Deb Os stamped
- 0 2 -0
1927 A-0 103
Registered
10412 10412
1929 NI- S
Rich & Meek 1st g 4s...._1948 M-N 72 ____ 71 Mch'11 ---- 71 71
Lackaw Steel 1st g Os
971 -972 -id" -dirg
-6A
1923 A-0 97
-So Car ife Ga 1st g 5s
1919 hl-N 10318 104 10358 Nov'11 ---- 103 10412
1st con 5s Series A
18 77 8814
— 78 77
77
1950 M-S
Virginia Mid set C 6s
1916 M-S 105 10712 112 Oct '06 ---5
-year convertible 5s
0112 45 90 06
1915 M-S 91 Sale 91
Series D 4-5s
1921 M-S 10314 ____ 1041,1 J'ne'11 ---- 10414 1041- Nat Enam & Stpg 1st 5s
9312 9512 04 •
1929 .1-D
9478 22 94 9512:
4
Series E 53
1020 11-S 105 ____ 106 Meh'll ---- 106 106
N Y Air Brake 1st cony 6s 1928 M-N 9914 100 99
9938 32 94 105
Series F 5s
1931 111-S 10513_.,.... 105 J'ne'10 ---By Steel Spgs 1st s f 5s
1921 J -J 9718
_ 98 Nov'1 1
97 99
General Os
1936 M-N 10758
__ 10738 Nov'll ---- 107 - 108 - Repub I & S Ist&col tr 5s 1934 A-0 10318 _ _ 10278 Aug'11
10278 10312
Va & So'net 1st gu 5s_2003 J-J 107 ___ . 10812.1'1y '11 ---- 108 110
10 -year 53 s f
-30
9078
18 8973 96
91
1940 A-0 0012 91
2 9412 9738 Standard Milling 1st 5s__1930 M-N 8734 Sale 8734
1st cons 50-year 5s 1958 A-0 97 0758 975
972
8
8
1 86 89
873
4
W 0 & W 1st cy gu 45
The Texas Co cony deb 6s 1931 J -J
1924 F-A 85 __ 96 Noy'll ---- 96 96
0.134 Sale 0412
95
98
51 04
West N C 1st con g 6s
Union Bag & Paper 1st 5s1930 J-J
1914 J-J ___. 105 10.134 J'iy '11 ---- 10.112 105
94 0114 94
2 0012 9512
94
Spokane Internat 1st g 5s 1955 J-J *
Stamped
_ 105 10212 Apr '11 ---- 102 10238
1930 __ _ 94 9714 9434 J'ne'11
92 96
rifler A of St L 1st g 4 Hs1939 A-0 10573 106 1057 Noy'll ---- 10434 1057
S Leath Co at deb g 6s
8
102 1025 102 Nov'1 1
1913
102 105
-11- 1st con gold 5s_1894-1944 F-A 11214
112 Aug'11 -- 11034 11233 U S Realty & I cony deb g 5s_'24 J-J
8712 89
8912 Nov'1 1
8712 91
U S Red & Refg 1st g 68-1931 J-J ____ 60
Gen refund 81 g 4s
1053 J-J
9538 __- 9614 Nov'll ---- 9533 93
9614
70 Apr '11
70 88 •
St L M Bge Ter gu g 5s_ _1930 A-0 103 ____ l081 Feb '11 --1 - 11812 11818 U N Rubber 10-yr coil tr 63_1918 J -I) 104 10412 164
0162
-2 00
10418 13 10134 105
Tex & Pac 1st gold Os
2000 J-D 10912 11012 11012 11078
1O31 Jan '10
Registered
1918 J-1)
2d gold Inc 5s
(23000 itch _ __ 50 70 Meh l° -- -- - — ____ U S Steel Corp—Jcoup ___d1963 NI-N
".id 10112 10178 529 101)12 10614
La Div B L 1st g 5s
1931 J -J 10
S 1 10-60-yr 5s1reg ..__.,41963 M-N 10134 Sale 10138 102
6
9912 Apr'11
9912 9912
100 10614
W Min W & N W 1st gu
Va-Car Chem 1st 15-yr 5s 1023 J-D 100. 10012 100
F-A
10012 21 08%10214
_ 10012 Nov'01 ---Tot & 0 C 1st g 5s
1035 634
io918 iid 110 Dec '11 ---- i8- igJ i1 West Electric 1st Os Dec 1922 J-J 102 10238 10218
10214 11 10014 10273
Western Div 1st g 5s
1035 A-0 10818 10012 112 Sep '09 ---Westinghouse E &Msf 55_1931 J -J
93
9012 9514
03 Sale 9234
General gold Os
1935 J -I/ 103
10-year coil tr notes 5s_1917 A-0
ii1
06 J'ne'll
_ 104 Nov'11 --.12 jai
96 96
Kan & M 1st gu g 4s
1900 A-0 9212 ____ 92 Oct '11 ----" 90 92
2d 20-year Os
1927 J-J 08 9914 99 Noy'll ---- 9612 99
Telegraph & Telephone
Tol P & W 1st gold 48
1917 J-J
Am Telep & Tel coil tr 48_1920 .1-J
90 Sale 90
903
8 27 8938 9212
92 9212 9212 Noy'll ---- 00 94
Tol St L & W pr lien g 3 Hs_192O J-J
6 10413 11313
Convertible 45
1930 31-S 103 100 10812 10912
8712 ____ 8712 Sep '11 ---- 8712 8912
50-year gold 4s
6917 68
1950 A-0 67
681? 10 67 7478 Chicago Telephone 1st 5s....1923 J -D
Coll tr 4s g Ser A
82
83 N o y'1
-1917 F-A
-gir2
_ 7712 75 Noy'l ---- 75 • 8112 Commercial Cable 1st g 4s_2397 Q-J
Tor Ham & Buff 1st g 48_111946 J-D 86 _ __ 9012Nov'11 ---- 87 9012
82
8312Nov'll
_
2397 Q-J
Registered
5312 84
-J
Ulster & Del 1st con g 58_1928 J -D 10412; _ 105 Sep '11 ---- 105 106
83 Oct '11
Keystone Telephone 1st 1s 1035 j
83 85
1st refund g 9s
—
1952 A-0 85 8112 8513.311 '11 ---- 8512 8512 Metropol Tel & Tel 181 s f Os 1918 111-N rodSale 103
103
103 104
19014
Union Pacific—
10014
1924 F- A
Mich State Telep 1st 55
98 101
10314 May'll
RR & land grant gold 45_1947 J-J 10012 Sale 10013 10118 105 100 10
10314 10314
214 N Y &NJ Telephone 53 g_1920 31-N
Registered
'SW 10038
1947 J- J ____ 100 99
100 4 22 98.28 101
3 09 1007 NY Telep 1st & gen s f 4 Hs 1939 It- N
8
99
3
1937 3-3 9918 Sale 98%
20-year cony 48
1927 J-J 102 Sale 10158
9914 89 97 9034
10334 513 100 11018 Paz Tel & Tel 1st 5s
1937
1st & ref 48
g2008 NI- S
0712 9718
9758 73 9534 9814
Registered
1938
10(758 idf5 itia7
8
Ore By & Nay con g 4s._1946 J-D 05 9512 9514
2. 9318 9714 West Union col tr cur 5s
8 10118 12 -5618 103"
9514
Ore Short Line 1st g 6:4_1922 F-A 11312 11334 11312 114
Fd and real est g 4 s_...105O M-N 9714 Sale 9714
3 113 11514
975
8 27 9414 0813
11 10914 11418
1936 NI- N 10458
1st consol g 5s
111
Cony 48. series A
1946 J-J 111 11134 111
10458 Nov'll
103 10453
Guar refund 48
1936 NI- N
1929 .1-1) 0414 Sale 9413
9412 37 9212 95
Registered
103 103
103 Feb '11
Utah & Nor gold 135_1926 J-J 105 ____ 108 May'll __ 108 108
Mut On Tel gu eat 155-1941 111-N
104 10452
104 J'ne'll
1st extended 49
Northwest Tel gu 4 345 g..1034 J -J
1933 J-J
91 . _ ---_
103 J'ly '04
____ ---- __-- _-_-
w
U
100 10012
1663;
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Buff & Susq Iron a 1 5s____1932 J-D
Debenture 5s
0.9213 11- S
001 F & I CO gen s f g Os___1943 F-A
Col Fuel gen 6s
1919 M-N
Col Indus 1st & coll 55 gu 1934 F- A
Cons Ind Coal Me 1st 5s
1935 J -D
Cons Coal of Md 1st do ref 5s 1950 J-D
Coal & C 1st g 6s._31910 A-0
5s_197iv
an & If C & C 1st s f g 5s_1951 .2-i
J-J
ocah Con Collier 1st s f
1955 .1-J
St L flock Mt & P 1st 5s
1051 J-3
Tenn Coal gen 5s
Birm Div 1st consol 6s 1917 J a1917 A-0
Tens Div 1st g (5s
Cab C M Co 1st gu g 6s.._1922 J-D
1931 in-S
Utah Fuel 1st g 58
1953 J-J
Victor Fuel 1st s f Os
S
Va Iron Coal & Coke 1st g 5s1949
r
97 Feb '11
91 Nov'll
9814 ia(14 98 Nov'1 1
1097734 ---- 10734 Noy'll
73
73 Sale 73
9484l
084414 85 J'ne'll
97 J'ne'll
.
_ 10258 Apr '06
10
96 fed' 99 Oct '11
__ 8512 85 Apr '11
_ 8014 8412 J'ne'11
MI 10158 10112 10158
10312 104 101 Noy'll
10312 104 10414 Nov '11
110 110 Jan '09
86 8714 May'11
9512 97 9512 Dec '11
9614 07
89 91
97 10214
10734 10734
5 73 7912
85 85
06 97
-66- 00 84 85
83 86
20 100 10412
10312 106
103 4 10512
3
_
87 8812
9112 98
Miscellaneous
1948 M-S
Adams Ex coll tr g 4s
Armour & Co 1st real est 4 Hs'39 J -D
1952 A-()
1311Sh Terminal 1st 4s
1955 J-J
Consol 5s
Chino Copper 1st cony 6s 1921 J-J
Comstock Tunnel Inc 43_1919
Irrigation Wks & D of A 4 Hs '43
lot Mercan Marine 4$s
1022 A-0
lot Navigation 1st s 1 5s
1-A
1929 1
Mge Bond (N Y) ser 2-4s
11166 A-0
Morris & Co 1st s f 4 s__ 1939 J- J
N Y Dock 50-yr 1st g 4s_.,_1951 F-A
Slag Falls Pow 1st Os
1932 J -J
Refunding Fe gen 6s_ _a1932 A-0
Ontario Transznisslon 5s
1945 31-N
Pub Serv Corp N J gen 5s 1959 A-0
St Jos Stk Yds g 4 As
1930 J -J
Wash Water Pow 1st 55_1930 J -J
87
87
923
8
91/2
02
01
09
99
112
110
16 J'ne'll
9318 Nov'1 1
92 "dd
6634
6518 Sale 6512
81 . 82 82 Noy'll
____ 88 89 Apr '11
____ 0014 9112 Noy'll
8212 Sep '11
81 00
10012.,___ 102 Apr '11
8312 91
9138 934
90 9314.
07 10013
100 11312,
16
1812'
02 934'
39 6312 6834,
78 8212
89 89
9034 92
8212 90
102 102
95
-4
,3
-5
- ;
0 Sale 9212 "92 87 ___- 10013 Sep '05
100 ___- 10212 Mch'11
25
80 88
9112 Sale
9012 02
99
110 Sale
1
32
5
3
21
1)212 9614
16E ioii
2
!No Drloo Fr1daYt latest bid and asked aDue Jan aDtto April oDuo May oDuo June hDuo July kDue Aug oDue0ot pDue Nov qDuo Dec sOptIon sale
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
.•11
STOCKS-MORNS?' AND LOWHST SALK PRICE'S.
Saturday
Dec. 2.
Monday
Dec. 4.
*170 190 *170
3
*I
*1
5
*3
*3
30
---- --_
_ *9112
;51 iii *95
3312 3312 3334
11
11
11
6
*512 612
3
8
12
12
*18
*18
22
52 *50
*50
8
812
*8
40
*38
*38
190
3
5
30
93
97
3433
1114
6
3
8
22
52
8
40
Tuesday
Dec. 5.
)170 190
*1
3
5
*3
*29 • 30
*9112 93
97
*95
3414 3414
*1034 1112
*53
4 612
*8
3
1f
*18
2034
*50
52
*8
814
*38
40
Wednesday
Dee. 6.
*175
*1
*3
*29
*9112
*95
3412
1114
612
*3
3
*20
*50
*8
*38
Thursday
Dec. 7.
Friday
Dec. 8.
190
Last Sale 190 Apr'll
Last Sale 112 July'll
3
June'll
Last Sale 3
5
31
9312
Last ,Sale94 Nov'li
Last Sale 96 Nov'l 1
97
35
3414
3412 3473 34
1112 1114 1114
1114 *11
6
6
612
612 *6
12
*3
3
*8
3
1r
12
Last Sale 2034 Noy'll
2034
50
52
50
812
7
8
*38
40
90
*38 -40
1178 1178 1114 1114 11
12
11
12
11
1133 1078 11
92
91
9253 9014 9034 90
91
91
9212 91
9212 03
*__ 304 *300 304 *300 304 *300 304
Lost Sale 300 Nov'll
s___ 133 *13253 133 *13233 133
133 133 *13258 134 *13253 140
*47
50
Last Sale 48 Dee'11
*47
*47
49
49
49
*47
*103 10512 *100 10312 *100 105 *100 105
Last Sale 10612 Sep'11
139 139
13914 13034 13912 13912 1383 13014 13812 13812
4
4773 48
50
51
*48
51
4712 51
50
45 -461
50
____
54
_ *50
50
45
45
----- -- 50
83
84
85 - _85
88
7712 -8318 84 --87
88
51
51
Last Sale 30 Noy'll
*19
*49
*49
*49
50
50
*1
114 *1
114 *1
114 *1
114
Last Sate 113 Oct'll
*6
g
*6
6
*6
8
*6
8
Lau Sale 612 Noy'l 1
*4514 4534 4514 4612 47
4712 46
*4514 46
*4514 46
4612
13712 13712
138 13812 13834 13834 13834 13834 13834 13834 13712 138
_ *170 174 *170 174 *170 174
Last Sale 171 Noy'll
13312 13373 133 133
133 13313
134 139
1553 134
- --- 13333 134
4
_ __-- ____ --_ ____ *10
11
*10
11
11
11
Last Sale 78
Jan'll
109 10912 10812 10812 .108 10812 10714 10712 105 10613
P16513 1 10
- -102 102
102 102
102 102
10214 10213 1023 10314
102 102
4
*56
*5612 57
57
'
3 563
57
57
5814 -___ __ _
_ --105 105
----- ---- 10112 10412 *47 *47
50
50
*47 50 *47
Last Sale 50 50
Aug'11
4112 4112 41
*10
*4012 91
41
41
*4012 41
*4012 41
9234 9234 *9212 93
*9212 9312 *9212 9312 *9212 9312 *9212 9312
*139 141 *138 140 *140 142 *138 140
Las/ Sale 141 Noy'll
1 126 128 *124 127
,
125 125 .126 128 *126 128 *126 128
103 103 *103 101
___ ____ *102 105
101 101
104 104
____
_ *119 120 *119 120
11914 11914 *118 120 *118 120
10513 10512 10134 10514 10138 10412 10358 1035 10353 10338 10312 1033
- -8
4
14113 142
140 14034 14112 142
14112 14134 19012 14114 140 14012
12112 12112 .12113 122 *12113 122
*121 122 *121 122 *12114 122
10113 10112 10118 10138 10114 10112 10112 10134 10114 10112 10114 10153
p197 190
199 199 *200 20.3 .203 205 *200 205
203 203
„. _ _
*105 10512 *105 10513 *10514 10512 .105 10512 10513 10513
173
178 *134 2
*134 173 *134
173 *134 2
13
4 13
4
6358 6233 0314 6113 6218 607 617
627 0312 0312 6334 63
3
.3
3
*15
*13
14
*13
16
14
*13
15
15
14
15
13
Note.
-0 (loin sheet 1: o longer rev orta transac tloas of loss than 10 sha
,
Sales
of the
Week
Shares
Interest
Period
Friday
Dee, 8.
Week's
Rano or
1431 Sale
R:nge since January 1
Lowest
Highest
Railroads
Chime City ity
100 185 Jan 11 190 Apr 28
112 J'ne 16
Chicago & Oak Park_100
112 J'ne 16
3 J'ne 13
Do pref
100
6 AI ch
21 J'iy 12 30 Nov14
309 Chic Eley Itys corn
85 J'iy 19 94 Nov15
Do pref
80 Apr 29 101 Aug 2
Chic Rys part ctf "1"___
2034 May13 35 Dec 6
3,090 Ohio Itys part ctf "2"___
200 Ohio itys part ctf "3"___
8 May13 1212 Aug 3
135 Chic Rye part ctf "4"___
412 Mch 1
712 Aug 3
220 Chicago Subway
100
14 Nov14
6 Mch 1
Kens City Ry de Lt__100 15 Sep 25 25 Feb 23
50
Do pref
100 39 Sep 26 7212 Feb 25
120 Streets W Stable 0 L_100
7 Dec 7 1314 Feb 23
Do pre(
100 38 Nov21 60 Jan 9
Miscellaneous
000 American Can
100
100
785
Do prof
American Radiater__100
15
100
Do pref
Amer Shipbuilding__ .100
100
Do pref
215 Amer Telep & Teleg
2,019 Booth Fisheries com
Voting trust ctf
339
Do pref
5,495
Cal & Chia Canal & D_100
Ohio Brew'g &
130 pref
878 Chic Pneumatic 'rool_100
1,141 Chicago Telephone_ 100
Chic Title & Trust_100
513 Commonw'th-Edison_100
75 Corn Prod Ref Co cons__
do
Do
pref___
314 Diamond Match
100
600 Hart Shaffner & Marx in_
100
260 Illinois Brick
75 Internet Harvester Co _Masonic Temple.
55 McCrum-Howell Co_100
20
Do prof
100
National Biscuit
100
Do pref
15
100
53 National Carbon
100
10
Do prof
344 People's Gas L&Coke_100
1,878 Sears-Roebuck cora 100
100
Do prof
25
100
795 Swift de Co
35 The Quaker Oats Co 100
100
Do pref
56
260 Unit Box I3d & P Co_100
1,875 United States Steel corn_
100
80 Western Stone
9 Jan 16
7673 Jan 7
265 Jan 9
12612 Mch 9
48 Nov 8
10613 Sep 6
13153 Aug 30
36 Apr 28
38 Xis),14
60 Sep 22
4912 Apr 24
1 J'iy 20
312 Mch27
8912 Sep 22
115 Jan 25
15112 Jan 6
113 Jan 19
934 Oct 27
78 Jan 18
9212 Feb 10
100 Sep 22
9973 Sep 26
9914 Sep 20
47 Jan 18
3812 Nov 2
90 Oct 3
11714 Jan 17
123 Jan 3
100 Aug 18
117 Sep 13
101 Sep 27
12334 Sep 21
116 Sep 25
9734 Sep 25
165 Mch 7
10212 Feb 1
112 Sep 12
5012 Oct 27
13 Dec 8
1212 May 9
93 Dec 1
304 Oct 11
133 Nov28
79 Feb 6
113 May18
15214 Joe 12
5914 Sich 4
6734 Men 9
118 Dec 4
52 Feb 2
114 J'ne 7
7 Nov 1
5512 Feb 23
14114 Nov25
17312 Oct 23
13732 J'iy 15
1533 J'ne 15
78 Jan 18
11034 Nov28
10333 J'ne 2
70 Jan 20
129 May 5
5018 Aug 2
67 Jan 3
93 Feb 2
141 Nov13
130 Mcb31
120 Mch 14
120 Mch 23
10858 Jan 19
19234 Jan 31
122 Mch 11
104 J'ne 5
203 Dec 8
10712 J'iy 21
7 Jan 3
8172.Feb 6
25 Jan 27
Range :or I-'revtcus
Year 1910,
Lowest,
Richest.
160 Oct
112 J'iy
4 J'iy
185 Mch
312 Jan
212 Jan
6038 Sep -155 Jan
1114 Sep
33 Jan
8 May 16 Jan
3 May
913 Jan
213 J'ne
614 Aug
20 Aug
39 Jan
7734 Mch
69 Feb
7 J'ly
543 Jan
8
40 J'iy 104 Jan
653 J'ne
6212 XIV
240 Apr
126 J'iy
72 Feb
107 Aug
13114 J'ly
31 J'ne
29 Aug
56 J'ne
46 Dec
1 Feb
3 Sep
2512 J'iy
110 May
142 Aug
10812 J'iy
1312 J'iy
7914 Apr,
8212 Sep
1358 Jan
82 Jan
261 Deo
135 Apr
841s May
112 Jan
14218 /deb
43 Deo
41. Dec '
74 Jan
65 Feb •
1 Feb
3 Sep
47 Dec '
137 Jan
163 Mch
1211 Jan
2234 Jan
82 Feb
127 Jan
--Mch
94% Aug 115 Nov
46 Jan
4313 Mch
6712 Dec
40 Mch
93 J'ne 10234 Apr
101 Aug 119 Deo
118 J'iy 125 Jan
104 Feb 145 Oct
112 Feb 123 Nov
103 J'iy 11534 Jan
148 Feb 18634 Nov
11612 Aug 122 Mch
100 Dec 10953 Jan
155 J'ly 180 Feb
101 J'iy 106 Jan
514 Apr
1538Jan
"ES
15 J'ne
2633 Dec
CS.
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week cutting Dec. 8,
STOCKS
CHICAGO STOCK
EXCHANGE
Chicago Banks and Trust Companies
Irds
Sold
Range
for
Year 1911.
N.A81E
Outsianamg
Stock
(I)
Surplus
and
Profits
(5)
Dividend Record
1909
1'1
In Per- Last Paid„
1910 fad
0
6 An Jan '11,6
2
Calumet National
36045e
252: 13 10
5500 000
1,10:000
10
Chicago City
J-J July '11, 5
Contrtal & Comm Nat_ 21,500,000 8,694,826
Q-J Jan '12, 212
Corn Exchange National 3,000.000 115,814,152 IF
16
Q-J Jan '12. 4
1)ougla8 State
0
200 00
00 00o
Beg. b us May 31'1 1. V.92,p1538
Drexel State
Q-J Oct '11, 112
45,712
8
9
Drovers' Dep National_
600,000
445.639 10
Oct '11, 212
10
9914 9914 Englewood State
200,000
Q-J Ocr, '11, 134
49,904
9914 JulY'll
(3
First National
10114 Oct'09
10,000,000 511 618417
12s (4-M Sep 3(Y 11,3u
12s
First Nat Englewood
150,000
100 May'07
193,9))) 10
10 Q-11 Sep30'11,212
- -8
8
10212
1027 _ 1_1_ 10218 1031- Foreman Bros D'k'g Co_ 1.000,000
533,745 Priv ate Ba nk
Fort Dearborn National 2,000,000
Apr'04
604,039
103
Q-J Oct '11, 2
Hibernian WWI; Ass'n_ 1,500,000 1,119,812
50
Apr'09
8
3+2 Q-J July '11, 2
Kasper State Bank
9434 Jan'Oo
500.000
19,465 10 10+15 J-J July '11, 5
973 W7 Lake View State
200,000
9778 Oct'11
8
6,062 Beg b us Apr 811 V.92,p. 1004
1,000,000
9412 1)ec'09
-- La Salle St National
266,750 Beg. is us. Ma y'10 V.90, p.1277
Live Stock Exch'ge Nat 1,250,000
87
Feb'06 20
6.51,741
10
10 Q-M Sep 30'11,212
37 -117r491
300,000
vMonroe National
9012
91
64,814
4
Q-1 Nov '11, 1
,
4
100
8
8 (-14 l)ct '11,2
10018 18 9738 10014 Nat Bank of Republio_ 2,000,000 111,335,228
2,000,000
31 9313 97
497,151
National City
6
6
96
97
Cc' '11, 112
8213 9018 National Produce
250,000
90,104
4
8978
,
3
9018
Oct '11, 112
200,000
90
91
91
North Avenue State
Sep'l 1
64 Q-J Jan '12, 134
70,365
534
_
50,000
9058 10078 North Side State Say'gs
34,436
10014 Noy'll
6
Q-J Oct '11, 112
Jati'll --1 100 100
33,712
4
100
200,000
North West State
Q-J Oc. '11, 114
9734 100
127,782
300,000
100
People's Stk Yds State_
(.1,1 Oct '11, 212
103
6 Q-M Oct '11, 112
72,028
500,000
Prairie State
6612 Aug'08
6
434
6612 July'08
Oct '11, Da
327,429
400,000
Security
134
la' 012 South Chicago Savings_ 200,000
10234 Noy'll
96,000
h Q-J Oct '11, 2
6
200,000
10318 40 10012 10313 South Side State
13,066
6 (24 Oct '11, 112
103
134
State Bank of Chicago_ 1,500,000 42,093,002 12
10078 Nov'10
12 (44 Jan '12,3
al' 1E" Stock Yards Savings
Feb'll
260,000
100
191,171
8 Q-M Stli 3011,2
8
600,000
Union Bank of Chicago..
10038 Aug'09
Nov '11,3
136,300
6
6
15554 103- Washington Park Nat'l 100,000
103 Nov'll
7,814 See V. 90. p 159
10934 Noy'll ____ 10314 11012 Wendell State
50,000
11,686 None None Q-id Dee31'08,113
Dec'08
zt/Central Tr Co of III_ 2,000,000
80
994,956
734 Q-J Oct '11, 2
7
1.000,000
Chicago Say Bk da Tr
221,679
6
6
Q-J Oct '11, 112
9638 9734 Chicago Title 03 Trust
5.000,000 (1,810,642
9734 May'll
6
734 Q-J Oct '11, 2
9734 100
Citizens Trust & savings
100 May'll
60,000
12,928
4
8
Oct 'i1,25
77
600,000 4976,333 8+2 8+2 (44 Jan '12, 212
8712 Nov'1 1
8912 Colonial Trust & Saving
16 May'05
Cora & Comm Tr & Say 3.000.000
881,739 .
200,000
DrovereTrust&Savings
146,540
8
8
oct '11, 213
4
8512 Nov'll ---- 8218 363 r First Trust & Savings_ r2,500,000 43,792,600 16
12 Q-M Sep30' 11,4
250,000
8112 Noy'll
7818 8278 Ft.Dearborn Tr&Say Bk
1,682 Beg. Is us.Apr 3' 11 V. 92, p. 920
90 Nov'll
79,709
Q-J Oct '11, 212
4 Greenbaum Sons Bk &Tr 1,500,000
893 913
4
9618 100
100 July'll
200,000
Guarantee Trust & Say_
48,100 lneorp oraCZI 1908 V.87,p. 1138
Harris Trust & Savings.. 1,500,000 1,825,537
94 11+5 (-i-i Oct '11, 3
9953 °aril 27 9912 100
Home Bank & Trust____
300,000
'1 1V.92.p.1004
56,558 Beg. is us Apr
9612 ..- 92
943
4
9612 Illinois Trust & Savings 5,000.000 49,096,028 16+4 16+4
Oct '11, 3
10033 Meir00
64,192
200,000
Kenvrood Trust & Sayan
643 7+1% Q-J Oct '11, 114
9612 Mch'10
54,439
200,000
Lake View Trust&Saygs
5
534 Q-J Oct '11, 112
Fela'10
97
12
Q-J Oct '11, 4
Merchants' Loan &Tr Co 3,000,000 46,391,793 12
9814 Nov'll
-6ir.
6
260,413
6
750,000
zMetropolitan Tr &Say
Q-J Oct '11,112
12118 May'09
59,951 Beg. b us. Oct 291 0V91,p.1221
200,000
Michigan Ave Tr Co_
10178
1 iOiit 10234 Mid-City Tr & Say Bk_ 500.000
10178
51,562 Corn. b us. Ap r10' •11V92 p1004
10314 Nov'll
10278 10312 Northern Trust
1,500.000 2,616.071
8 Q-J 3ep30'11.2 ,
10113 Sep'11
250,000
10112 102
111,221
6
North-Western Tr&Say
J-J July '11, 4
101 Noy'll
101 10118 Old Colony Tr & Say Bank
200,000
50,153 Beg. b us J'ne 1'11 V.92.0. 1537
9514 Noy'11
93 9514 People's Tr & Say Bk
145,191
500,000
Q4 Jan '12. 2
10014 Oet'll
100 10153 Pullman Trust & Savgs_
300,000
261,300
8
8 (4-.1 Sep 30'11, 2
Apr'I()
88
200.000
27,960 Beg. b us. J'iy 12'0 9 V.1394).141
Sheridan Tr & Sav 13ank
70
Apr'10
305,509 Comm elated bus riot 0 1910
Standard Tr de Savino_ 1,000,000
60 Mch'll
56 60
200.000
Stockmen's Trust & Say
y43,462
July '11,5
5
634
10238 Noy'll
1,200,000 1,318,707 18+2 k8+2 Q-11 Sep30'11,2
10034 103
Union Trust Co
Q-J Oet '11, ltg•
6
6
West'n Trust & Savings 1,250,000 4223,002
Must be added tol all Chicago b ond prices.
Note,-Accrued interest
200,000
124,220
6 CI 44 July'11,2
West Side Tr&SayBank
72,458 - 200.000
Woodlawn Tr&Seyi3aut
6
744 Q-J Oct '11, 2
in • 1313 and asked prices; no sales were made on this day. 5 Sept. 1 (close of business) for national banks and Sept. 2 (opening of business) for State institutions. 5 No.
price Friday; latest price this week. a Due Dee. 31. 5 Due June. e Ex-stock divir end of 33 1-3%. k Also 20% In stock. q Dividends are paid Q-J, with extra pay-'
Inents Q-F. s In addition, the equivalent of 4% more came from First Trust & Savings Bank. 1 June 30 1911. u In addition, the equivalent of 1% came from First;
Trust dc Savings Bank. r Cap. to be Inc. to $5,000,000, a stock div. of 100%to be See aced. V. 03, p. 1436. v Monroe Nat. Bank to be taken over by the Central Tr.; V.93*.;
). 1182% W Mohr al 1911, g central Tr. and Metropolitan Tr. & Say. Bank consolidated; V. 93, v. 1363 it June 8 1911. s Sept.8 1911. IDee 6 1911, I Dec.51911.
Amer Strawb'd 1st 61_1911 1-A
D
Armour & Co 4 49_1039
J
Booth Fish Co Deb(i 5s'17 J
1024 J
• Deb g 53
J
• Sink FA Deb6s tr roc -- A- 0
Calumet & South Chicago
1027 F -A
Ely lit 53
Cass A v & Lt (St L) 5s '12 J
J
Chic Board of Trade 4s1927 J
D
Chicago City By 5s_1927
- A 10234 Z!7
Chic Cons(); 13r & Slit 63___ 3-i
Chic Consor 'frac 4 43 1939
D
Chic Auditorium lst5s192))
- A
J 80712 Vsli
Chicago Elev ay 5s 1914 J
Chic J c lilt 1st Mg 5s1945
Ohio No Shore Elec 95,1912 A - U
J
Chic Pile fool 1st 5s_a1921 J
9012 Sale
Ohio lty 53
1927 11 - A :100 Sale
Ciro itys 4-5s series "A" A - ii 07 Sale
D 9018 Sale
Chi° itys 4-5s series "B" J
_Chia aye 4-53 series "C' 11 - A t 91
- A 510018 10013
Chic itys coil 63_1913
Chic itys Fund Gs_1913 • - A :10018
Chic Itys Tern CBs 1st 53
5100 Sala
N
itit 48_2002
Ohio it 1 &
Collet trust g 53-1913 51- D 815253 Rif Chic Telephone 33.-1923
Commonvr- Edison 53.1945 it. is 103 Sale
Ohio Edison deb 6s-1913 J - J
1st g 5s___July 1920 A - 0
Debenture 13s_
1920 it ticia" 10314
COM n10OIN Elect 5351943 .11 810834 1093
Dia Match Con rib 8s_.1920
4
Illinois Tunnel 5s
1923
Kan City Ity & Light
N t 8913 9012
53
Co
1013
Knicieb'ker Ice 1st 5s 1023 A -0
J 5-67- i Lake St El- -1st 5s-1928 J
8
Income 55
1925 Feb
lletr W Skie El
1st 43
1938 • - A
8412 851
Extension g 4s- 1038 J - J t 8114 8158
5 8912 901
Morris 0: Co, 4 4____1939
North West El 1st 4.1._ 1911 St Northwestern Gas Light &
1928 Q M :9912 10012
Coke Co 5s
N
96 Sale
1943
Ogden Gas Is
I) 9813
1010 J
Pearsons-Taft 53
Si' S 95 -- _
• 4.40s
St' N
96 4.60s Series E
9713
- N
4.803 Series
Peo Gas L & C 1st 0_1943 A 102Y
-8
, Refunding g 53____1947
J 810314 104
' Chic Gas LAC 1st 551937 J
Consum Gas 1st 5s_1930 J .D 119112 10238
N :101 1013
4
Fuel Gas 1st5s1947
9512
South Side Elev 4341_1924 J - J t 95
Swift & Co 1st g 53-1914 J - J 510014
Union El (Loop) 51_1945 A • 0
_
United ilot lionri col 6126
L.,:
1:1;,;.: Si
J - J
Western Bien Co 5s.....1922 J -J 5102 10212
Low
10012
9114
100
100
9412
High Ns. Low
High
Jan'll
10012 10012
2 9114 933
913
4
8
9913 100
Mc1)' 11
_
90 100
Mch'll
9813 99
Apr'll
A
9354
BOSTON STOCK EXCHANGE -Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES.
SaIurday
Dec 2
Monday
Dec 4
Tuesday
Dec 5
Wednesday
Dec 6
Thursday
Dec 7
Friday
Dec 8
,10618 10638 *105 10514 105 10514 *10412 1043
58
*10638 106 *10614 10612 4
4
*10312 10378 *10314 1033 104 104 410.334 104 *10312 101 210312 101
4
*220 22214 220 22012 220 222
221 221
221 221
221 221
12978 130
12912 130
12934 130
12912 12912 12978 12978
12934 130
*212 215 *213 215
214 214 *214 215 1 214 215
214 211
,
100 10012 100 100
10012 10012 100 10018 10018 10018 100 100
208 298
*298 209 *29812 299 *298 299 *29812 299 *29812 299
*12
15 *14
*14
Last Sale 14 Nov'll
15
15
*14
15
*74
75
Last Sale 75 Nov'll
*74
____ *74
*74 2-12
Last Sale 12 Nov'll
55
*54
58 *:::: 51
55
65 *---: 65
EJC161 161 *162
*162
____ *102
*163
*162
*110 112
111 111
111 iff- *no ill *110 112 111 III
*266
Last Sale 271 Oct'll
2..
*266
*266
*12512 12814 12512 12512 *12512 12814 *266-- 4 *12612 12814 *12612 12841
212512 128,
*15712 158 *158 159
15812 15812 158 158
159 159
159 159
9112 *9012 9112 *9012 9112 *90
*91
Last Sale 9034 Dec'll
92
Last Sale 135 Scpt'll
*140 145 *140 147 *140 145 *140 145
*22
2212 2214 2214 *22
2158 2134 213.3 213
2212 22
22
4
9312 93
9312 9312 0312
9312 94
93
9334 94
94
*93
13012 140 £133 138
14034 140 4 140 1403 13978 14012 14012 141
3
4
Last Side 142 Noy'll
Last Sate 214 Noy'll
*213"
*2
-i5"
*Hi*213
*188 190
189 189
187 18712 18712 11712 18712 18712 4187 188
3512 3512 3512 3512 *35
*35
*3312 ____ *35
1013 106
106 IOC'
- -*106 10738 *106 10733 *106 167 *106 107
3
101
102 102
10134 1017 10178 1017 10178 10178 101 10134
8
170 171
17458 17458 17418 17418 17414 17473 17318 17414 17034 172
3 9312 9312 *9234 9314 *9212 9312
*923 9314 *9234 9314 *9278 933
4
*103
_
Last Sale 16212Nov'll
.163
*163 2.2_ *163
8714
,__ 8712 *8658 8712 8712 --- 2 *87 1712 8612 8612 8612 8612
103 10312 10312 10312 *10212 10312
*10112 10312 10278 10278 103 103
5512 5512 55
56
56
5478 5512 54
55
55
5514 56
10312 104
10312 1033 103 10314 10312 10312
10312 104
103 104
4
412
4
4
414 414 *4
8
412 412 *414 43
4 *414 45
1512 1514 1514 15
1512
15
1514 1512
15
155
8 1534 153.1
11634 117
158
11214 11612 11614 11612 11612 1163 116 1161:- 11, 116
4
115 11534 11514 11534 11618 11612 117 11714 11612 11612 116 116,
4
13858 13934 13914 1393 13918 139 4 13834 13912 13814 130
133 13838
4
3
*27
2912
*27
Last Sale 2812 Noy'll
2812
88
-- 8712 88
-012 18
-8712 18
88
-- 8712 8712 8753 88
80
*79
7034 7934
80 *-7934 79
7914 7813 79
*100 10038 100 10038 100 10012 166 100
100 100
100 100
*712 8
8
738 738 *712 8
8
*712 812 *712 8
*16
17
17
17
17
17
17
4
1614 1614 163 16 4 17
3
15512 15638 156 15612 15612 15712 15658 15714 1563 15714 15614 15612
4
*93 10
4
9 4 03
3
10
4
94 94
3
3
93
4 034
92
4 9 4 10
3
11212 11212 11212 11212 110 110
112 112
112 116 *113 116
290 20014
*287 290 *288 290
290 290
289 290
290 290
15234
152
153 153
152 1523 153 153
4
90
4
8914 1W1- 90
90
90
00
9014 9014 -515r4 -270-1-4 90
95
05
95
95
95
9512 95
95
9512 9514 9512 95
230 *225 230
229 229
227 227
230 4..
*312 4
*314 4
314 314 ;572 4
*312 4
10512 10512 *105 106
103 106
*103 106
105 105 *104 106
Last Sale 10112Nov'l1
*105
*102 -- *102 ---- *102
155 15634
151 155
*15014 -- *150 ---- 15212 15212 15212 ids
*103
Last Sale 100120ct'll
0102 ---- *102
*102
Last Sale 7334 Nov'll
*75 ____
_
*75
___ *75
15814 1591 *74--" 159 159
169 15912 159 159
159 159
*1134 12
13
13
13
13
10118 10112 10112 10112 10114 1011 10118 1- 2 10114 10113 10114 10112
611*2934 30
*2912 293
2034 2034 2034 2934
4 293 293 *2934 30
4
4
30
30
30
30
*29 :30
*29
30
*29
30
_
183 185
19534 196 h178 17012 17912 183 *30--- 18114 18312 18012 182
4712 4712 4712 473
46
46
46
46
46
46
47
4 47
2814 28
28
28
28
28
2734 28
28
273 28
4
28
6234 6334 6338 6378 6258 6358 6238 6338 6133 6212 6012 613
4
109 109
10912 10912 *109 10912 109 10914 10914 10914 1087 10878
8
5
412 478 *4
412 412 *412
5
*4
412
312 334
334 4
33
4 33 --534 334
4
*312 4
312 312
3412 3412 35
*3412 36
3512 3412 3412 33 33
33
33
6214 60
6212 6318 6234 63
6178 6214 61
607
8 5878 6053
2518 2412 25
2512 2553 2512 2512 2512 253
4 254 2514 25
.20 .33 *.20 .40
.30 .33
.25 .30
.25 .30
.30 .35
,
.35 .35 4 .35 .39 *.36 .39
3.35 .39 3.35 .39 3.35 .39
612 612
634 7
6
634 7
618
614 6 4
6 3 612
3
3
*334 4
4
4
*33
4 4
3 4 33
3
4
4 414 *334 4
*33
*1634 17
1634 1621 1612 16 4 167 167
1612 167
8
8 1678 17
3
3
56
5612 56
5612 55
5634 56
574 56
575
8 56
55
390 390
398 398
397 400
396 397
399 400
398 398
1112 1112
*1112 12
1214 1214 *1112 1212 1112 1112 *1112 12
Last Sale .03 Noy'll
0.03 .05
.05
.05
.05
5114
6112 52 *__- 52
5012 5112 x49
5014 52
52
51
5014
514 514
3 512
8 *63
514 5 8
5
514 514 *514 53
3 *514 55
1114 107 1114
8
1114 117
1178 1114 113
8 11
4 1118 1112 11
873 9
858 831 834 8 15-16
9
9 8 16-16 938
814 858
914
4
418 414 418 4 3-16
414
4
*414 412 4 5-16 4 5-16
30
30
30
*2912 31
2934 30
31
30
30
30
30
8
8
758 778 7 5-16 712
/14 712
734 8
26
2712 30
2712 27
30
2512 2712 254 2534 2312 2512
112
114 *1
*1
114
114
114 *114
114
112
1
118
1114 1114 1138 1138 1114 1112 1114 1112 1012 1078 10
1014
914 935 878 9 15-16
914 912
912 9 4
, 9
53 93 9 4 9 15-16
4 3
41
4134 4118 4118 4014 4118 90
4013 4012
413
41
4 41
87
87 • 87
87
87
87
87
8714 8678 87
2012 1934 20
1 2
1914 2014 20
6
1912 197
8 1912 1912 -19- -- 1*212 234
258 2%
258 23
25
8 23 253 2 11-16
24 24
3
3
4
4
0.90
*80
_ .80
1 3.80
1
.50 .70
.70 .80
33
34
3312 3312 3234 3312 3218 3234 3112 33
33
34
478 47
514 512
8
512 6
53
4 6
*512 53
4
512 512
32
3512 3434 36
32
31
3412 3512 33
3412 323 344
4
10
10
10
10
10
10
912 912
934 10
7
*7
714 *
68 7
7
7
7
7
7,
7
7
73
4
178
178
178 2
178 218
134 2
11312 133
178 2
224 223 *2214 2212 *2134 2214 2112 2112
22
*2114 2214 22
4
212
212 *2
212
*2
212 *2
214 214 *2
212 *2
95 *44
95
45
45
45
45
46
46
96
44
4514
1812 1812 1858 1858 1812 1812 1814 1812 1818 1818 21734 173
4
*2% 318 *
*27
8 318
*3
3
318
3
3
3
3
314
*738 712
738 7 8 24%4 2 14 *7 3-16 73
8
738 7%
3
7
5
7
7 3 712
3
2412 2378 2514 2412 2558 2412 2512
2314 2412
22
618 618 *618 652
6
6
6
613
6
6
5 4 612
3
4
*4
412
4
4
4
*334 414
4
438
4
214
*2
212 258
2 21-16
233 212
214 2 s
3
214 2
14
46
45
46
4512 461
, 4612 473
4412 4412
4 4512 4778 45
98
95
97
98
95
9612
93
93
99
90
98
99
12
12
12
*11
12 *11
*11
1114 1114
12 *11
12
6.1
64
65
6312 13312
*64
68
(3312 61
68
65
66
1512 1473 15
1478 1514 1478 15
1434 1514
1514 155, 15
*118
158 *114 112
*1 1-16 112 31 1-16 112
112
114 114
9
914
9
914 914
9
9
9
9
938
9,2 012
3.62 .70 * .62 .75
.65 .65
.70 .70 *.60 .70 *.60 .70
26
26
26
2512 2512 *25
26
26
2612 26
26
*312 3% *311 4
*312 4
*312 4
312 33
4 22
25
26
25 *25- /5 -25
26
26
26
28
26
26
.12
26
4
4
4
4
412 412
412
414 411
414 412 *4
3434 3434 3412 3518 3434 343
35
4 3413 3412 3414 34t2
35
4714 473
4 4731 4734 4734 473
4 4712 4712 478 4738 4712 98
214 214 *2
218
214 214
258 253
*214 258
214
23'
10
15
1512 14
14
16
1612 1612
1612 1612 16
1614
5111 5034 5078 4934 5012 4934 50
24812 4913
6() 5014 51
4 *212 234 *23
*212 21
234 2 4
3
4 *258 234
24 24
3
8 23
3
514 512 *5
53
8
514 6
54 6
3
5 8 53
2
512 5,2
4
*87
09
90
90
89
89
*83
00
8734 88
*83
90
.30 .30 *.30 .50 3.30 .50 3.30 .50
.30 .35 3.30 .40
*Illd and wscd prtoc.. a ;gel; atoo::, 6 Ass't
A.:x-3t012.c dv,
11:,1 iml
11
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range .stme January 4
On Sans o; 100-snare tots
Lowest.
Railroads
6 Atoh Top & Santa Fe_100 10034 Sep 29
IOU 101 Sep 7
Do pre,
100
100 219 Apr 21
56 Boston 63 Albany
100 12412 Sep '23
427 Boston Elevated
100 207 Feb 1
30 Boston 63 Lowell
100 9612 Oct 27
107 Boston 63 Maine
Boston & Providence_100 292 Me1121
Boston Suburban El Cos_
12 Sep 1
70 Oct 9
Do pref
6 Feb 15
Boston 63 Wore Ince Cos..
Do pret
:3812 Jan 3
13
1 Chit)Juno Ry & USY _100 156 Apr 22
Do pref
107 Mob 17
61
CFoitnonheboutricgt profitRiver___10(4 2(35 Jan 31
100 125 Apr 10
6
Do
100 11712 Jan 23
250 Ga R y 22pLiectric
100 86 Fob 20
/titan, Central
100 135 Sep 20
Ds
100 16 Apr 20
o rer
345 Zaa o Elpctrio Cos100 8334 Jan 11
730
,
Hartford_100 127 4 Sep 14
568
Northern /le' H
Northernrthern
100 WU Jan 13
O la coh oo y Wor pref_100 210 Jan 26
N orwic l &
1011 183 Mch 15
79
100 32 Jan 26
20 Rutland prof
100 10513 Apr 18
221 Seattle Electric
Do prof
100 x0712 Mch13
58
0 m h 5
100 12312 Sep 20
100 5
1,125 Union Pacific
2 Do pret
WestVermo lid2,&Mass..-100 150 Itch21
i it
50 85 Sep 29
344
Do pref
bu 103 Aug 17
150
Miscellaneous
882 Amer Agricul Chem 100 46 Sep 25
D • prof
100 99 Jan 6
662
D
neu
312 Aug 25
131 AmerPorcr Servico_ 00
5o 1218 Aug 25
784
D
pr ar
611 AmerSuget lielln_100 112 Sep 25
100 11134 Jan 5
281
4,178 Amer Tele', & Teleg_100 1315 Aug30
Amerman Woolen__ _100 2712 Sep 19
Do yr&
100 8512 Oct 27
308
184 Amoskeag Manufacturing 7812 Dec 8
100 Nov16
Do pref
238
738 Dec 5
23 Atl Gulf & W I SS L..100
Do prof
100 1413 Nov 3
237
5,556 Ctunb Telco & Teleg_10t) 14514 Jan 10
1,260 East Boston Land
10
714 Jan 12
8
800 Eastern Steamship...2100 787 Feb 3
100 275 Sep 9
191 Edison Elea Illum
General Electrio
100 142 Sep 22
99
601 Massachusetts Gas 009100 8734 Jan 3.
Do p.of
Ja e 24
Jn 7
'n
706
4 Mergenthaler Lino_100 2141
100 °12
3 Oct 2
4 Mexican Telephone.... 10
100 103 Oct 13
50 N E Cotton Yarn
Do prof
100 101 Nov25
100 137 Jan 14
419 N E Telephone
Pacific Coast Power,._100 96 Jan 9
Portland (Me) E'en _200 6234 J'iy 29
100 153 Sep 26
227 Pullman Co
130 fleece Button-Hole_ 10 212 Jan 6
100 9734 Sep 2e
628 Swift 63 Co
25 29 Sop 29
351 Torrington
Do prof
25 27 Alch23
51
100 2178 Dec 4
1,702 United Fruit
971 On Shoe Mach Corp_ 25 4014 Aug 21
Do prof
25 2612 Sep 20
600
Cor p
100 50 Oct 27
17,191 U S Steelm inin g
Do pref
100 10312 Sep 22
97
25
345 Adventure Con
25
410 Algomah Mining
195 Allouez
25
5,720 Amalgamated Copper 100
1,301 .1133 Zinc Lead & Sm_ 25
740 Arizona Commercial_ 25
10
100 3onanza Dev Co
5
2,975 Bos&CorbCop&S11,11g
45 Butte-13alaklava Cop.. 10
930 Butte Coalition
Calumet & Arizona_ 10
4,626
_
5
25
79 Calumet 63 Ilecia
110 Centennial
Cons Mercur Gold,,
.
-2
6,824 Coppeliango Con Co100
20
15 Daly-West
,asn iin Cop Min
i..itk titte
tl3
10
3,694
25
3,435
7,220 Giroux Consolidated_ 5
207 Granby Consolidated _100
20
2,980 Greeno Cananca
10,490 Hancock Consolidated 25
25
125 Helvetia Copper
25
935 Indiana Mining
18,198 Inspiration Copper_ ....10
Do pe k
1
2,914 Is1and Crref Coal
1
182
Klr Lake
2,746 Isee rRo yale Copper__ 25
5
1,750
i veecnoapwp Copper...... 35
le
er-....
6,715
Lu
25
Copper
1,950 Ke
25
1,565 La Salle Copper
8,382 Live Oak Developm't-10
M o conalley Mines. _5
Mu
805 , ass n Vsoi
230
A
1,810 Mayflower
211 Miami Copper
5
25 Michigan
25
260 Mohawk
25
626 Nevada Consolidated130 New Arcadian Copper 25
5
1,180 Nipissing Mines
16
22,641 North Butte
385 North Lake
25
405 Ojibway Mining
25
3,555 Old Colony
25
3,259 Old Dominion Co
23
236 Osceola
25
110 Parrot SilverSilver 63 Cop.. 10
117
25
1,145 Ray Consol Copper_ 10
100 Santa Fe(1016old & Cop.. 10
625 Shannon
10
ou er U
370 Lpthiortah 2.1 & S.-- 5
900
25
125 Superior & Boston Min 10
210 Tamarack
25
577 Trinity
25
1,031 U S Smelt Ref 63 Min.. 60
738
D ) pref
00
735 Utah-Apex Mining__ 5
1,001 Utah Consolidated-- 5
665 Utah Copper Co
,
10
00 Victoria
275 Winona
25
48 Wolverine
25
60 Wyantlott
25
Ex-rtvits. a 2:x-div. and rlgats.
4 Sep 22
212 Oct 19
4434 Sep 2'1
21. A p22
1034 Oct 6
.10 Nov22
.30 Oct 24
33 Aug 24
3 Nov2
5
45 Sep 2
14
360 Sep 20
3 A
8 NovN
6
1
4634 Sep 23
3 Feb L
87 Aug Z.5
3
512 Aug21
338 Sep 22
3.0 Aug25
Vie Oct 9
17 Sop 26
3 Sep 21
4
514 Oct 18
65 Sep 22
2914 may 9
8218 Sep 25
1113 Aug23
253 Oct 21
12 N0v 15
22 Aug 24
:3 Aug'?
2014 Nov 1
612 Apr 24
Ae",`;
28
14
.2P
1678 Sep 22
114 Nov 9
30 Apr .2
15 Sep 26
2 Aug 10
718 Jig 24
'
20 Sep 25
334 Aug 23
373 Aug25
.50 Jan 5
3414 Sep 25
81 Sep 22
77 Sep 22
55 Sep 22
12 Sep 25
34 Apr 26
7 Oct 4
.60 Sep 5
23 Oct 27
ells Oct 26
20 Sep 1
27 Oct 27
2033 Sep 23
4514 Aug 26
178 Nov 3
03 Jan 20
15
38 Sep 27
1
Aug
334 Nov 4
74 Nov 2
.30 Nov23
11 918435,
Ranye for Prettou3
1'ear (1010).
Lowest.
I
Hivhast,
9112 J'iy
11614 J'ne 5
f713 Aug
,
105 J'ne 20
220 .Feb 15 218 J'ne
13012 Aug 1 x122 Aug
213 Sep 14 200 J'iy
12238 Fen 15 18118 Dee
285 Oct
400 Mob
14 J'ne
16 Mob lb
7614 J'ne'22
70 J'Iy
8 Mch
13 Ply 13
35 Aug
58 J'ly 1
165 Aug 3 130 Sep
11612 J'ly 25 109 Oct
272 Joe 6 260 Oct
130 Jan 4 12414 Sep
161 Oct 4 104 Jan
85 Apr
9312 J'ne 13
215 Jan 18 202 Feb
1414 J'ly
24 J'ne 3
76 J'IY
96 Nov22
15132 Feb 22 149 Apr
139 Dec
142 Mch
214 Nov27 210 May
RIO Noy 18 18114 Se')
25 May
43 Feb 11
112 Feb 27 103 Aug
983 A uv
4
104 Aug 23
19218 J'iy '12 15314 Jig
9512 tday12
8011 J'IY
104 J'ne 16 154 Oct
t33 Sep
93 Men 23.
99 J'1Y
105 Jan 10
12218 Jan
10414 Jan
234 .Tan
18634 Jan
22? Feb
152 Feb
300 Nov
ups Nov
76 Apr
1012 Sep
48 Jan
160 Dec
118 Jan
270 Mob
13312 mu
123 Oct
90 Oct
218 Dec
2118 Nov
8834 Nov
164% Mcli
141 Dec
112 Mch
200 Jan
4412 Nov
110 Jan
108 Moll
204l Jan
103% Jan
168 Jan
9512 Ifch
100 Feb
86 J'12
6012 May18
9812 Dec
10514 Mob I
4 Dec
612 Jan 20
133 Dec
4
1914 Jan 31
122 Feb 27
Octi
1204 May19 11134 Oct
15314 J'ne 8 12714 J'i
2() J'iy
3614 Mob 20
9612 J'ne 15
9012 Dec
81 Nov21
10012 Dec 6
7 Wi;
11 blay2t)
10 May
28 Jan 31
15912 .2 ne 15 1381 2 J'IY
718 Apr
12 May 1
70 J'IY
118 Nov23
204 Oct 30 4239 Jan
13
16731 May29 135 J. ,
7614 Feb
9634 Aug 2
89 May
9112 Oct 17
235 Aug 3 21212 Dec
23 Jan
4
4% Jan 31
119 Mob 14 107 Sep
9.112 Aug
11612 Nich13
15634 Dec 8 1291, Aug
9312 Nov
105 J'ne 28
733 Nov18
4
103 Jan 30 153
1114 Jan
15 May 1
104 J'ne 5 100 Jan
28 Men
36 Jan 2
27 Jan
31 Jig 17
10712 J'iy lb 16512 Jan
404 2117
5878 Feb 18
2914 Jan 31
25,4 Jig
61% J'ly
8213 Feb 6
12012 Feb 2 Ill J'ly
494 Oct
105 Se
878 Fe
24 Fe
127% M/
124 Mel)
14378 Nov
3912 Mal
10414 Mch
718 J'ne P
11 J'ncll
39 Jan 4
7158 J'ne
3053 J'ne 14
1838 J'ric 14
.75 May22
1512 May27
1
612 Jan 1,
2012 May24
63 J'no 6
545 Jan 4
1512 Jan 4
.15 J'no 15
6034 Feb 2
612 J'11021
1434 J'ne
14 .1'ne 8
818 Feb 6
4312 J'ne21
812 Nov23
3014 J'ne111
2 Feb .3
16 Joe 2
91.20 Dee 5
4134 Dec 2
91 J'no 3
2112 Nov27
718 Jan '21
334 J'ne 15
40 211613
6 Jan 2
36 Dee 5
10(4 may2:)
210 J'ne 19
3 May18
2273 J'ne 21
312 Jan 4
53 J'nel5
2111 J'ne 15
414 Atm 23
11% Feb 17
31314 J'no 2
934 J'ne 3
812 J'no
318 J'iy 10
40 J'ne 13
121 Jan 2
13 May22
74 J'ne 21
1858 Jan 4
134 J'ne 11J
121 1 Fob 2
13
1,2 May18
4213 Jan 3
814 J'ne 15
52 Jan 3
538 Nov22
4(118 J'no 14
4912 J'ite
312J'ne 15
20 J'ne 14
52 J'ne 14
313 Nov 1
U12 Feb 6
122 Feb 10
3 Feb 6
1112 Jan
28 Jan
16212 Mel)
1158 Jan
80 Oct
29212 Nov
16012 Jan
91% Nov
97 Mch
22(3 No2
634 May
124 Jan
115 Jan
13834 Dec
100 Jan
200 Feb
14 Oct
1093) Jan
37 Dec
31 May
202 Sep
7134 Apr
21 Jan
0034 Jan
12558 Jan
10 Feb
4 J'iy
4
73 Dec
1434 Sep
58 Feb
31 J'IY
11034 .lan
55 4 J.1Y
,
191. J'iy
4012 Jan
1212 Mal
50% Jan
.50 Itch .70 Muh
2414 Jan
10 Mal
412 Nov
1814 May
2812 Jan
15 J'
58 122
4434 J'ly 103 Jan
J'ly 68- Jan
500
131. J'iy
38 Jan
,113 Jan
,04
85 Jan
68 _Fen
15 Mch
312 m12
614 J'iy
14 Nov
9 Boo
2212 &kb
J'iy
13.12 Jan
20 J'iy 11114 Jan
633 Sep
1173 Jan
1.134 J'ly
3.4 Jan
1% Oct
Os Jan
4434 Itch
10 J'12
30 4
2
Nov
8414 LW
13(2 Ma}
.20 Sep
3 J'iy
2812 J'ly
614 Dec
3334 Oct
90 Nov
2812 Jan
11 Jan
634 Jan
9412 Jar.
19 Jan
41, Mcii
10% Oct
,35 Oct
178 Jan
29 Jan
17 J'ly
314 Dec
812 Jan
43 J'ly
75 Jan
17% J'1Y
2712 Jan
312 J'ly
1028 Jan
934 Jan
12 May
50 Jan
18 J'ne
614 Deo
2678 Mch
1284 Jan
6 SIM
134 Feb
.25 Aug
2912 J'ne
54 Jan
114 J'iy 100 Jan
11 Dec
2134 Jan
92 Mch
60 J'iy
1514 rly
2434 Mob
114 Nov
234 Jan
8% J'ly
13 Jan
Dec
3.
334 Jan
36 J'ly
6814 Jan
458 Deo
18 Jan
4512 J'ne
78 Jan
912 Deo
1138 Jan
30 Dec
65 Jan
9524 J'iy
4
53 Jan
2 Dec
534 22
6
1212 Deo
40 Jan
435/34 J'ne
8012 Jan
2 Dec
534 Jan
5 J'iy
15 Jan
120 J'ly 150 Jan
114 J'IY
4
33 Jan
DEC.'2! 1911.1
1591
Boston Bond Record
13'8
BONDS
BOSTON STOCK EXCHANGE b e
•
Week Ending Dec. 8
km Agricul Chem 1st 5s___1928 A-0
km Telep do Tel coil tr 4s__1929 J- J
1930 fl-S
Convertible 48
km Writ Paper 1st s f 53 g_1919 J-J
1915 51-N
km Zinc L de S deb Os
kriz Corn Cop 1st cony 09_1920 J -D
&toll Top & S Fe gen g 4s 1995 A-0
Adjustment g 4s____July 1995 Nov
July 1995 M-N
Stamped
1955 J-D
50-year cony 48
1917 J -D
10-year cony 55
AM Gulf do W I SS Lines 5s_1959 J -J
1916 J-J
Boston & Lowell 48
1944 J -J
Boston & Maine 43.48
1018 J
Bur & Mo Ely cons 6s
Cedar Rap & Mo R 1st 7s 1916 M-N
Cent Vermt 1st g 4s__ _May 1920 Q-F
O B & Q Iowa Div 1st 53_1919 A-0
Iowa Div Ist 411
1919 A-0
Debenture 55
1913 11-N
Denver Eaten 45
1922 F- A
Nebraska Eaten 4s
1927 M-N
BdcSWsf 48
1921
S
Illinois Div 3 30
1949 J-J
Ohio Jet Ry do Stk Yds 5s 1915 J J
Coll trust refunding g 4s_1940 A-0
Oh Milw & St P Dub D 0_1920 J-J
Ch M & St P Wis V div 6s 1920 J J
1931 11-N
Ch & No Mich 1st gu 5s
1021 J-D
Ohio & W Mich gen 5s
Concord & Mont cons 48_1920 J -D
Cudahy Pack (The) 1st g Os 1924 n-N
192 A-0
Current River 1st 5s
1946 A-0
Det Gr Rap & W 1st 4s
1040 n-N
Dominion Coal 1st s f 5s
1915
Fitchburg 4s
S
1927
S
4s
1933 A-0
Frotnt Elk do Mo V 1st Os
Unstamped 1st Os
1033 A-0
General Motors 1st 5-yr Os_1915 A-0
Gt Nor C B & Q coil tr 4s 1921 J-J
Registered 4s
1921
Range
Since
January 1
Week',
Range or
Last Sal;
Price
Friday
Dec. 8
BONDS
BOSTON STOCK EXCHANGE
Week Ending Dec. 8
Price
Friday
Dec. 8
Week'.;
Range or
Last Sale
2
Range
Bine*
January 1
High No.
Low
High No Low Higli
Bid
Ask LOW
6
102
10214 38 10058 10212 Illinois Steel deben 5s
1913 A-0 10012 101 10012 10012
901., 105 8912 92
Ia Falls do Sioux C 1st 73_1017 A-0
117 Apr '08
9018
9414 Feb '11
1925 A-0
104 11112 Kan C Can & Spr 1st 5s
11118 Novli
11613118 - 11718 Dec '11
9834 Oct '11
90 9834 Kan C Ft Scott & Mem Os 1928
98 12212 Kan C
& 13 gen 4s
_1034
106
102
S 92 93 92 Nov'11
106
1934 n-S ____ 89
89 Noy'll
2 30 9212
Assented income Is
42
33 35 42
2 98 9912 Kan C & M Ry & Br 1st 5s_1929 A-() 10212 103 10212Nov'll
99
90 Sale 99
8
1912 A-0
91 017 Maine Cent cons 1st 7s
9114 9214 9114 Sep '11
---- 10234 Feb '11
10114 Sep '05
91 92
1912 A-0 ____
9114 9214 92 May'll
Cons 1st 4s
Marq Hough & Ont 1st 8s_1925 A-0
116 J'ne'08
2 107 113
107
10738
10814 11058 Mass Gas 430
16
1929 J -J 903Sale 0958 100
11058 Mch'11
1917 J-J
Mich Telephone 1st 5s
8 6334 73
9912 May'l1
6912
00 Sale 69
9914 12
_
New Eng Cotton Yarn 5s 1029 F-A 9914 0912 9918
10014 idch'09
1915 A-0
New Eng Tel,mh Is
10138 Lich'11
10412 Oct '08
1916 A-0
103 10312
100i Sep '08
5s
103 Jan '11
_
8
1945 J-J
_ 11158 Sep '11 - 1115 11134 New England cons g Is
---- 9834 Sep '11
1939 A-0 ---- ---8712 9038
Boston Term 1st 4s
90
___ 90 90
New River (The) cony 5s 1934 J-J ---- ---- 75 Oct '10
1103 Oct '07
9534 May'11
NYNH &H con deb 3 30_1956 J -J ---99 Feb '11
12912 Oct '11
1063 10114
4
1948 J -J
Cony deb Os (ct(s)
10034 Oct '11
9014 100
101 Apr '09
Old Colony gold 45
1924 F-A
9978 Sep '11
9838 9912 Oregon Ry & Nay con g 48_1946 J -D
9878 Sep '09
9912 MaY'll
1922 F-A
1
9918 9918 Oreg Sh Line 1st g 6s
11314 11314
0918 Feb '11
8738 8814 Pere Marquette deb g 6s_1912 J-,1
98 J'ne'li ____
8712 __ 8712 Nov'11
10114 13 100 10218 ilepub Valley 1st s f 6s
1919 J-J
103 Jan '11
101 llif12 10118
7014 Dec '10
8712___ _ 8714 Nov'11
4
8714 903 Savannah Elec 1st cons 5s_ _1952 J-J
1930 F-A -_-_-_-_ 10412 10412 Nov '11
114 114
Seattle Elec 1st g 5s
114 Jan '11
1910 SI-N
11358 11358 Shannon-Ariz 1st g Os
80 Noy'll
11353 Feb '11
Terre Haute Elec g Is
-561- Yid 10018
9812 101
1929 J-J
97 Apr '07
.4
10018
1018 11-S
100 10112 10018 10018 2 9012 10134 Torrington 1st g 53
---- 10034 Mch'10
9712 9712 Union Pac RR & ler g 4s1947 J-J ____
10078 Oct '11
9712Sep '11
20-year cony 4s
1927 J-J
10014 Aug'09
10318 10318 —2
United Fruit gen 5!4 3is_1923 J-J
97 fif
0614 Sale 9614
9014
07 Mch'll
7
_ .
Debenture 4 34s
8512 8738
1923 J -J
9018
,
8512 ____ 8512 Oct '11
9614 9612 9618
9534 9814 U S Steel Co 10-60-yr Is Apr 1063 id-N
5
10134 1013
9758 Nov'11
4
973 9812
4
---- 9918 Sep '11 2
‘Vest End Street Ry 4s
1915 F-A ---------- 10318 Apr '05
Gold 4 30
1914 111- S
90 Apr '08
_--- 10012 May'l1
Gold debenture 43
1916 m-N ___- -- 9812 Apr '10
12714 128
____
128 J'ly '11
Gold 4s
1917 F-A
140 Am*'05
9812Nov'll
0712 0018 Western Teleph & Tel 5s
1932 J-J "W Ntre 9934 100
s
9812 9834 0712 Sep '11
38
9314 Jan '11
9658 Sale 9612
963 "16 9512 9834 Wisconsin Cent 1st gen 48_1940 J-J
4
963
98
0612 Sale
0612 64 0538
bid
Ask
10214 Sale
9014 Sale
10734 109
Low High
100 1021y
9414 9414
115 11714
92 9312
88 90
102 10312
10234 10234
9914 ais
s
9912 9912
99 103
10134 102
9884 "ii/r
4
L
NOTE.—Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.
• No price Friday; latest bid and asked.
-66.34 WI;
1291213434
113 1141
3
98 9814
103 103
jar
80
93
1663;101
10318 10458
9578 9712
19512 10678
00 9
6
9812 9918
10018 10012
-9818 -11149 3 10 12
64 0
9312 9314
11 Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Centum Prices
...—
Saturday
Dec 2
Monday
Dec 4
Tuesday
Dec 5
Wednesday
Dec 6
Thursday
Dec 7
95
9412 9414 9412 *9412 ---- 95
9912 *99
9912 9912 9912
9912 *99
8
73
4 *714 77
7 8 75 -___ ____
5
.8
70
70
70
1 691
_-__ 70
----- _
-___ *126 127 *126 127
2012
*25
*___ 2712 *26
27
99
99
99 *___.. 9912 9912 9912 9912 9912
99
6418
64
64
0........ 65 *___ 6412 __- --__ 84
*1812 ____
1858 1858 *1812 ____ *1812 —_
1812 1812
*94
9912
*738
0.-012612
9412 •--9912 9912
__
*7
7114 *69
____
*512
*45
*4418
*12
53
3034
7112
___
46
4414
1212
5378
3118
72
2612
*8912
8834
858
2312
61
53
1618
2314
75111
7
5214
*8618
2012
90
89
858
2312
0114
5312
1018
2314
75514
7
5214
86 8
3
___
7
7
7
7
46
46
40
*4512 46
44
44
44
4312 44
1218 *12
1218
1178 *12
54
54
51
5334 54
2912 2934
8
3012 287 30
7112 7112
71
7012 72
*673 —
26
26
26
26
2612 28
9014 0014 8012 9038 *8912 9012
881116 8914
881518 89116 8851e 89
858 83
8 *812 9
*812 9
2312 23
23
2334 2334
*23
6114 61 61518
6118 615,0 61
5314 53
53
53
*5212 53
16
10
16
16
16
16
*2314 2312 2314 2314 *23
2314
7514 757ie 7458 7478 7518 7514
(Pi (1"le
ste
7
7
7
7
5214 5238 5238 5238 5214 5238
8534 8534
86
8014 8614 86
*6
40
44
1178
5334
30 8
3
71
PHILADELPHIA
Bid
Ask
Inactive Stocks
114 138
10
American Milling
50 ___
Cambria Iron
Central Coal & Coke....100 7812 791;
100 79 80
Preferred
100 '7514 ___
Oonsol Trac of N J
50 ____ ____
Germantown Pass
Huntington do B T____50
15
50 14
Preferred
_
Indiana Union Tr____100 ...._
2114
10 21
Insurance Co of N A
Inter Sm Pow & Chem_50 _ _ _ _
Itys, pref_10 -ti
Interstate
______
Kentucky Securitles__100 --- ---100
Preferred
Keystone Teiep v t c___50____ ____
50
32
Preferred
Keystone Watch Case..100 95 __-_
10 ____ ___
Lit Brothers
50
Little Schuylkill
50 6013 .,.._.
Minehlil & Schuyi H
Nat Gas Elec Lt & Po_100 20
100 '70
Preferred
North Pennsylvania_ _50 __
50 11012 11112
Pennsylvania Salt
Pennsylvania Steel__100 ____ ____
100
Preferred
Phlia Co (Pitts) pref___50 43 4334
Phil German & Norris__50 __ __
50 8412 8478
Ma Traction
10 _ _ 11
Railways General
818
8
Tonopah Belmont Dev__1 United Cos of N J_ __100 ___ 240
United Trac Pitts pref..I0 ____ ____
Virginia Ry & Pow__100 ___ ____
Preferred
100
Warwick Iron & Steel__10 10
1012
Washington-Va Ry100 451, 4612
Preferred
100 ____ ____
Welebach Co
100
__
West Jersey & Sea Sh__50 62
Westmoreland Coal
_50 ____ __
100_ --Wilkes Gas & Blec
_
rork Railway
50
8
Preferred
50 271, 2812.
!Bid and asked: no sales on this day.
*7
4534
4312
*12
5378
2012
7112
Cs
20
*8812
8812
*814
*23
0078
*5214
1578
2318
74
6"te
5214
8558
Friday
Dec. 8.
Saks
ACTIVE STOCKS
0/the
Week (For Bonds and Inactive
Stocks see below)
Shares.
Baltimore
250 Con Gas El L do Pow_100
pref
Do
100
30
100
600 Houston Oil
pre!
Do
100
550
8 Northern Central
50
Seaboard Company__100
Do
1st pret____100
508
Do
2d pref____100
540
500 United Ry dc Electric_ 50
*95 ....„
*99
9912
*714 77
8
0934 70
126 126
*26
2012
9912 9912
64
04
1812 1812
*7
712
45
34 4512 4512
4
433
4 4312 433
1218 12
12
64
012 5378
2912 2912 295
8
7112 7012 70 4
3
67
8 *63
4 7
20
2614 2014
8014 8078 90
8914 8713i6 8814
3
*814 8 4
9
2312 2318 2318
61
6078 61
5234 *5212 63
157
8
7
8 155 15 8
2318 2258 23
7412 7338 7418
7118 015te 61514
5238 5034 51
8558 8512 8534
PHILADELPHIA
Did
Bonds
Prices are all "and
interest'
.
-A
Alt 456 L V Eke 4 30'33F
Am Gas do Bice Is'07_F-A
A-0
Am Rys Is 1917
Atl 0 Elee ref 5s 1938_M-S
Berg&El3rew 1st Os'21 J-J
Bethieh Steel Cs 1998_Q-F
Choc & Me 1st 5s 1940_J-J
Ch Ok & G gen Is 1919 J-J
Con Trac of N J 1st Is '33
Del Co Rys tr ctfs 4s'49J-J
Rice & Peoples Tr tr etfs__
Fr Tac&II 1st Is 1940.J-J
Gen Asphalt Is 1916_M-S
Indlanap By 48 1933_ _J-J
Interstate 4s 1943
F-A
Keystone Tel Is 1935-J-J
Lake Sup Corp Inc 5s'24_0
Lehigh Nay 43.4s '14 Q-J
Gen M 43.45 g 1924_Q-F
Leh V C 1st Is g 1933 _J-J
Leh V ext 48 1st 1948_J-D
Consot Os 1923
J-I)
Consol 4 3is 1923_ _J-D
Annuity Os
J-D
Gen cons es 2003 M-N
Leh V Tran con 4s '35 J-D
1st series A 4s 1935_M-S
1st series B 53 1935 M-S
MarketStEl 1st 48'55 M-N
NatLlIdoP ser B 5s '19 J-J
New Con Gas Is 1948_J-D
N Y Ph & No 1st 48'39 J-J
-Income 4s 1939_ _M-N
Income
do N Y Can Is '39_A-0
Penn Steel 1st 5s '17_M-N
People's Tr tr ctfs 4s 1943
P Co lstdecoll tr 5s'49 M-S
Con & coil tr Is '51 M-N
Phil Elec gold tr etts_A-0
Trust ctfs 4s 1940 __J-J
P de E gen M 5s g '20 _A-0
Gen hi 45 g 1920_ _A-0
V Bx-dly.& rights.
Rang,: Since
Ban. 1 1911
Lowest
04 Jan 9 95 Dec 7
89 Jan 9 101 Sep 18
7 Mch31 10 Aug 15
45 Feb 8 79 J'ly 31
121 Jan 11 13034 J'ne 26
21 Jan 4 2838 J'ne 3
80 Jan 0 9912 Dec 6
4314 Jan 4 65 Nov20
1612 Jan 9 1978 J'ly 20
Philadelphia
5 Nov27
35 American Cement__ 50
42 Jan 5
73 American 1tailways__ 50
50
407 Sep 22
8
991 Cambria Steel
1112 Jan 4
301 Electric Co of America 10
2,729 Elec Storage Battery_100
4812 Jan 3
2812 Aug 25
4,044 Gen Asphalt tr ctfs... 100
Do
1,240
pref tr ctfs_100
68 Aug 26
0 Keystone Telephone_ 50
678 Dec 7
795 Lake Superior Corp 100
2112 Sep 14
304 Leh C & Nay tr ctfs_ 50
8312 J'ne 29
707 Lehigh Valley
50
7534 Sep 14
614 Jan 11
425 Leh V Trans tr ctfs
50
Do pref vot tr ctis 50
1812 Jan 16
400
1,149 Pennsylvania RR
50
6938 Sep 25
4814 Sep 21
485 Philadel Co(PIttsb)._ 50
3,324 Philadelphia Elec3_ 25
1512 Nov23
50
1,805 Phil R T vot tr Ws
17 Apr 18
50 6131516 Sep 26
7,395 Reading
1
512 J'ly 28
854 Tonopah Mining
50
43 Jan 3
2,382 Union Traction
50
8414 Sep 25
1,913 Union Gas Impt
Ask
___ ____
8412 85
-___ 06
____ ____
116 11614
—__
103 - __ __
____ ____
____
-68 9512 -8218 _
58 6812
83
8312
66
___4
1003
104
i66_
--- - — -
iii
9734 98
_
_--- --_-_-_- -0612 ----2
_ __ 071_:_ _ _
_
981- _-_4
_
..---_ --_-__ -0212
_
___ 102
--9012 96 4
3
10214
793 7078
4
10012
903i
I $15 paid.
PHILADELPHIA
Il.ghesi
Bid
Ask
I:arzge for Previous
Year (1910)
Lowest
Highest
46 Mch
80 hich
5 Sep
35 J'iy
115 Jan
1858 J'ly
7212 Feb
40 Oct
1258 May
13412 Dec
80 J'ly
9 Nov
51 Dec
132 Feb
2714 Jan
80l Jan
47 Jan
1612 Dec
1712 Jan 4
28 Jan
17 Dec
4612 Nov10
4134 J'ly
60 Jan
5312 Jan
4834 Feb 18
4014 J'iy
1212 Jan 14
1114 J'ly
1212 Jan
5618 J'ne 15
42 J'ne
6414 Mch
3914 Oct 23
1914 J'ly
3438 Dec
8414 Jan
8378 Jan 30
64 J'ly
918 Jan 10
7 J'ly
13 Jan
32 Feb 6
1512 J'ne
2978 Dec
98 Jan 14
80 J'ne 123 Jan
6212 J'ly 12114 Mob
9012 Feb 3
978 Oct 24
312 J'ne
634 Dec
2538 Oct 23
1212 Jan
20 Dec
65 Feb 2 6111io J'ly 6931e Mch
42 J'ne
5914 J'ne 5
5314 Jan
18 J'ly 10
1378 Feb
1614 Mott
2418 Aug 1
15 Apr
2812 Jan
8034 Feb 10
86 Feb
9512
012 Jan
858 Jan 17
9he May
38 Oct
5234 Jan
5234 Aug 1
79 Xis
8938 Jan 9
, 951k Jan
BALTIMORE
Ph & Read 2d 58 1933 A-0
11412 C Ry Ext&Imp Is '32 M'S
Ex Imp M 48 1947_A-0 i661- 101
2
Chas City By 1st 5s'23 J-J
Terminal Is g 1941..Q-F 1151 11612 Chas By G & El Is'99 11-S
P W & B col tr 4s '21_J-J 99 4 100 City do Sub 1st 55 1922 J-D
3
Read Trac 1st Os '33__J-J
125 City & Sub(Was)lst Is '48
'loch By & L con 5s'54 J-J
Coal & C Ry 1st Is '19 A-0
Spanish-Am Ir Gs '27__J-J
Coal & I By 1st 5s '20..F-A
Stan'd Gas & E 6s'25 51-N
ColdcGrny 1st Os 1916 J-J
Stand Sti Wks Ist5s'28 J-J
Consol Gas 5s 1939___J-D
U 'Frac Ind gen 5s '19_J-J
Gen 43.4s 1954____A-0
Un flys Tr ctfs 4s'49__J-J 75
6 Cons GE & P 430 '35 J-J
United Rys Inv 1st col( tr
Fair & Cl Tr 1st 5s'38 A-0
s f Is 1926__M-N 8312 833 Ga & Ala 1st con Is'45 J-J
4
Welsbach s f Is 1930_ _J-D 8 4 90
Ga Car&N 1st Is g '29..J-J
93
Wil-13 GdoE con 5s'55_J-J
Georgia P 1st Os 1922__J4
Rya 1st 5s 1937_J-D
York
95
Ga So & Fla 1st Is '45_J-J
G-B-S Brew 3-4s '51_11-S
BALTIMORE
Knoxv Trac 1st Is '28 A-0
Inactive Stocks
MaconRydoLt 1st 5s'53 J-J
41
Ala Cons Coal 6: Iron_100
Md Elec By 1st 58'31_A-0
Preferred
100 56 05 Memphis St 1st Is '45_J-J
Atlan Coast L (Conn) _100
203 Mt Ver Cot Duck 1st Is,..,
Canton Co
100
Npt N & 0P 1st 5s'38M-N
Georgia Sou & Fla_ _1O0
Nor&Port Tr 1st 5s'36 J-D
1st preferred
100
North Cent 43.45 1925_A-O
2d preferred
100
Series A 5s 1926____J-J
G-B-.3 Brewing
100
Series B Is 1926.___J-J
Seaboard Air Line
100 25 20 P:tt Un Trac 5s 1997__J-J
Preferred
100 48
49 Poto Val 1st Is 1941__J-J
Say Fla dc West Is '34 A-0
Scab Air L 4s 1950___A-0
Bonds
Prices are all "and
Adjust Is 1949____F-A
Scab do Roan Is 1926__J-J
interest"
Bait City 3 30 1930_J-J 94
South Bound 1st 5s__A-0
4s 1954-1955___Various
U El L&P 1st 4;0'29 M-N
M-N ioi
5s 1918
Un By & El 1st 45 '49 M-S
Anacostia & Potom Is A-0 - _ —
Income 45 1949___J-D
ALI Coast L(Ct)ctfs Is J-D _
Funding Is 1936___J-D
Ctts of indebt 4s____J-J
.Va Mid 3d ser (Ss '16....M-S
J-J 921 9414
5-20-yr 4s 1925
4th ser 3-4-68 1921_M-S
-A
BSP&C 1st 4 30'53 F
5th series 5s 1926_ _M-S
963
4
halt Trac 1st Os '29__M-N 10712 10812 Va (State) 35 new '32_J-J
No Bait Div Is 1942 J-D 110 __Fund debt 2-34 1991 J-J
-A
Car Pow & Lt Is 1938 F
--- West N C con Os 1914_J-J
Cent By cons Is'32M-N
-_ W11 & Weld tis 1935I
-J
$13 3.4 paid.
Bid
Ask
idi
9612
105 iagfi
104 105
10534
101
10534
10834 idg14
9714 98
8814 8812
99 100
106
35
36
100 pal
0812
7712 -777
8
jai" ior
811. 82
931
851
94
88
613 82
861 87
10313 -
_
Votume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Dec. 8 1911.
Lxxxxin.
THE CHRONICLE
1592
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par value.
214,079 $10,435,400
231,070 21,213,500
256,418 23,456,800
318,475 21,180,000
446,023 41,507,800
479,060 43,279,100
Railroad.
c.,
Bonds.
83.744.500'
5,016,5001
4.613,009
3,829,000
3,679,500
2,951,000
Stale
Bonds.
$16,000
97,500
80,000
222,500
161,000
231,000
U's.
Bonds.
Isk I
Bid
Electric Companies
8434
83
Chicago Edison Co-See Ch eago34 ilst
Gr't West Pow Is 1016__J-J
e Kings Co El L & P Co_100 125 128
90
Narragan (Prov) El Co.
..10 *88
NY & Q El L & row Co.100 52
57
l'reterred
71
100 /3
8
United Electric of NJ_100 8812
7
1st g 4s 1919
72
9
J-D
Western Power corn.
100 23 31
62
Preferred
IOU 60
Ask
Bid
Industrial and Miscel
113: 113
101
teel
4
8134
Preferred
81
*34
1
11 t1
1
)
D
Copper Co-avisDly . 0
Diamond Match to..100 105 108
duPont(E I) do Nem Po 100 143 152
e Preferred
10(1 80
1/5
1936_.__J-1) 85
a Gold 4
86
10
Empire Steel
15
45
Preferred
080 40
1 11
e General Chemical
100 132 135
105 107118
e Preferred
*14
58
Gold Hill Copper
Greene-Cananea
120 *712 73
0
?
4
Guggenheim Explor'n_100 170 100
e Hackensack Water Co
Ref g 45 '52 op 1912 ..J-J 84
8
12
Hall Signal Co cons
100
6
7
Havana Tobacco (2o ., 100
15
10
Preferred
55
1st g Is June 1 1922 _31-( /48
81
I
)
Hecker-Jones-Jewell Milling
let Os 1922
M-S 101 10212
25
Herring-Hall-Mar new. 100 15
Hoboken Land & Imp__100
let 63 Nov 1930___M-N
103
8
11
Hocking Val Products 100
61
1st g Is 1961
J-J 57
7
712
Houston Oil corn etts __100
Preferred otfs
_._100 6912 7014
Imrersoll-Rand com___100 100 110
e Preferred
100 100
20
Intercontinental Rubber 100 18 --9212
Internari Banking Co_100
International Nickel.
...100 239 245
Preferred
100 09 102
1st g 53 1932
A-0 9012 101
4
2
International Salt
100
60
let g 5s 1951
A-0 /46
75
International Silver... 100 05
Preferred
100 113 115
1st Os 1948
.J-D 111 112
Intermit Smelt & Refg..100 124 131
Jones & Laughlin Steel Co
1st s f g 53 1939
4
M-N 1003 101114
Kayser (Julius) & Co_100 53
55
1st preferred
10013 10112
Lackawanna Steel.. 18 29
35
_ 100
o 1st con 63 1950
78
111-S
9114
e Deb Is 1915
M-S 91
Lan.ston !genotype_ ___100 9312 9412
Lawyers' Mtge Co
100 200 265
Leh & Wilkes-B Coal......50 270 304
e Lorillard (P) pref
100 140
Madison Sq Garden
100
'2c1 Os 1919
111-N W Manhattan Transit
2(1
14 l s i-3
May Dept Stores-See 8114 E1i -l-t 5
eglarni Copper-See Stook 1.:xch det
Monongahela 12 Coal
50 *10
Preferred
50 *32
Mortgage Bond Co
"
100 105 lid*
Nat Bank of Cuba
100 104 10612
e National Surety
100 250 260
.18
14
Nev-Utah Bin Sc Sni
10
e New Central Coal
50
20 30
'25
s New York Dock
100
6413.
e Preferred
100
N Y Mtge & Security___100 la" 213
N Y Transportation
20
91) 94
8
Niles-Bern-Pond corn.. 100 *3
NIpissing Mines
5 *714 73
0
ta
9144
19153
Ohio Copper Co
10 *l
e Ontario Silver
100
70
71
Otis Elevator core
10
..10))
Preferred
Pittsburgh Brewing
5
110 *83
°
8 834
Preferred
60 *39. 3914
01
3Pittssurgn Steel pref _100 138 143
0212
Pope Mfg Co corn
100
Preferred
100 67
70
98
Pratt & Whitney pref-100 05 105
0 12
2
Producers 011
1011
/Ray Consol Copper-See tk Ex ilst
Realty Assoc (11klyn)
1043 113 117
Royal Bak Powd coin.. 100 190 1118
0
8
Preferred
01
8
100 108 10 1
Rumely (2,1.) Co, pret_100
Safety Car Heat & Lt..
.100 122 12312
Seneca Mining__
25
Singer Mfg Co_
100 292 2118
South Iron & S com____ 1 00
2
1
0
Preferred
4
2
100
Standard Cordage
100
--- 1414
1
1st M g 5s '31 red..
..A-0 /0
Adjust 11 5s Apr 1 1931..
1
8
45
3
StandardCoupler colt...10 / 3
Preferred
100 105 115
16
Standard Milling Co.
.100 14
4 preferred
52
100 60
1st 53 1930._.....11-N 873 88
4
Standard Oil of N J
100 030 4180
Standard Oil ex-subsidies 330 300
Standard Oil Subsidiaries__ 300 330
Studebaher Corp cona.„10u 5512 66
Preferred
1410 102 103
Sulzberger & 8ous co pf..104) 99 101
Swift & Co--See Boston Stk Exc list
1st 58. See Chicaco Stk Exc list
Texas Company-See Stock Exc list
e Texas & Pacific Coal...100 98 100
erexas Pacific Land Tr_100 89
lige Ins Co of N Y
115 118
Tonopah Mln (Nevada)....1
7
7118
Trenton Potteries corn..100
8
4
Preferred new
100 50
55
Trow Directory
40
100 30
eUnderw'd Typewriter-Sec stir E x list
Unloa Typewriter com_1(10 38
40
1st preferred
100 10/ Ill
2d preferred
100 I/3 102
100 4512 48
United Cigar Mfrs
100 102 106
Preferred
2
214
100
United Copper
8
IOU
12
Preferred
100 215
U 8 Casualty
100 70
75
U S Envelope corn
100 110 114
Preferred
100 89
95
U Finishing
100 102 107
Preferred
J-J 100 105
1st g Is 1919
J-J 04
Con g Is 1029
98
e U 8 Indust Alcohol -_100 25
29
92
10(1
e Preferred
99 ;
U S Steel Corporation
11312 11412
Col tr s f Is 1951 opt '11
Col tr a f 5s '51 not opt._ 11312 11412
100 0212 100
U S Tit Cu & Indem
Westchester Sr Bronx Title
& Mtge Guar
100 160 168
Westin:0's° Air Brake__ 5 .15312 1537a
Woolworth (F NV) Co (w I)
81
80
Preferred (w 0
108 10812
Worthingru Pump pret_100 105
.1 Crucible
le
Telegraph and Telephone
81
$2,000 c Amer Teleg & Cable.._100 75
34,000 e Central St So Amer_100 114 116
Cornin't Un Tel (N Y)__ _25 108 115
15
4,000 Empire & Bay State Tel_100 65
Franklin
50
100 40
- Total
8808.000 $10,000 e Gold Jr Stock Teleg_100 110 118
1,946,636 $178,072,600 $23,868,500
e Northwestern Teleg. __50 111 115
Pacific 34 Atlantic
75
25 65
Jan. 1 to Dec. 8.
Sales at
Week ending Dec. 8
e Pao 'relep & Teleg pref 100 97 --.New York Stout
Southern & Atiantic25 85
95
1910.
1911.
1911.
Exchange.
1910.
Ferry Companies
100,570,
951
1,946,636
3,490,365
Stocks-No. shares_
120,373 575 1
.
& N Y 1st Os 1911____J-J 88
93
0178.072,600 3309,766,750 510,803,073,200 $14,331,160,575 NY&ER Ferry stk.. _100
• Par value
12
5
$1,514,700
$1,082,200
$5,000
$2,100
Bank shares, par
1st 5s 1922
Bonds.
N Y & Hob 5s May '46_1 -D 9 14 9012
8
N 8
$3,366,500
3500
$40,000
$359,700
Government bonds
Bob Fy 1st Is 191(3_111,-N 10412 108
489,500
90,223,400
803,000
40,382,050 NY &NJ 5s 1916
State bonds
3-1
734,442,700
656,158,700 10th & 23d Sts Ferry_100 25 KR. and misc. bonds_ 23,888,500 10,380,500
35"
1st rage 53 1019___J-D 5/
65
$828,032.600
$24,716,500 $10,870,500
$596,900.150 I Union Ferry stock
Total bonds
22
100 18
a let 5s 1920
06
M-N 93
DAILY TRANSACrIONS AT THE BOSTON AND PHILADELPHIA
Short-Term Notes
EXCHANGES. •
Anal Cop 53 Apr 1 1913
100 10038
American CluxBoston.
Philadelphia.
I
Ser B 4$ Itch 15 '12._111-S 997 10018
8
Week 'ending
Bait & Ohio 435e 1913_34) 100 10014
Band
Listed
Listed Unlisted
Unlisted
Dec. 8 1911.
Bond
_lothleh Steel 131 1 914 M-N 997 10014
8
sales,
shares,
shares. shares.
shares.
sales.
Ches & Ohio 4123 1914_34) 9918 9938
Ohio & Alton 53 1913...M-S 99
9914
10,436
$30,000
11,819
823,700 Cla ilam & D 4s 1913__J-1 9918 9938
4,525
4,475
Saturday
19,443
74,000
13,942
5,297
36,000 Erie Os Apr 8 191.4___A-08 101 10114
1,694
pionday
14,524
23,425
79,500
139,300 aleneral Motors Os'15 A&O 9778 9812
3,599
9,290
Tuesday
10,094
50,000
15,876
7,701
Wednesday
55,800 ,Ilirlson Uompanies
8,224
11,314
56,400
23,357
33,000
0,914
3,688
Thursday
63 Feb 1 1913
P-A 9814 983
4
10,217
20,575
56,300
77,000
18,259
8,846
Friday
Co Oct 15 1913-- A&015
9814 9 4
83
Lot & Gt No 58 1914-- F-A 97
9714
38,1731 $367,500 it C fly & Lt Os '12___M-8 94 97
86,386 8343.500
39,297
106.678
Total
Minn & St L g 53 1913_.F-A 94
95
Mo Ran & Tex Ss May 1'11 99
994
StoP...cilic 5s 1914
9614 9 4
83
Nat Rye of Mex 43
,
0'13J-D 0814 99
aNYC Lines Eq 5s '11-'22 b412% 414%
All bond prices are now "and interest' exce.rt where marked "f."
.
4s Jan 1912-1925
%
5412% 414
N Y Cent 430 1914..__M-S 10018 10038
Bid Ask NYNH&HbsJan
Bid Ask
Street Railways
Street Railways
1912 10() 10014
Pub Serv Corp N J (Con)
430 Itch 1 1912___M -S 100 10012
New York Oily
Rapid Tress St fly._..100 235 240
St L & 8 F 5s 1913.
-M-S 9813 99
25
A-0 103
let 4.5 1021
Bleeck St & Ful Fy stk_100 20
Is June 1 1913 opt-J-D 9312 99
J-J 62
66
J U Hob le Paterson1st mtge 4s 1950
South fly g Is 1913____F-A 10018 10038
7612 Tidewater 6s, 1913,
76
100 140 150
B'y & 7th Ave stk
Is g 11)49
guar__. 10118 10138
2d mtge 5s 1914
J-J 99 101
So J Gas El & Tram_ 100 129 132
Wabash 43is 1913____M-N 06 97
,,
Con 54 1st .-see Stock Exc list
M-S 9812 1)9
Cu g bs 1953
West Telep & T Is '12_F-A 100 10014
B'way Surface 1st 5s go 1921 10112 103
No Hud Co fly 09 1911 3-3 102 103
Westingh'se El de It Os 1913 10114 10134
91)
J-J 10312 __
*Gear! Crosstown clock. 100
45 1928
05% notes Oct 1917-A-0 95
9712
M-N 100
1st mtge 6s 1922___11-N / 80 - 85
Ext 55 1924
Railroad
20
Rlvstocic.100 10
Pat fly con Gs 1931__J-D 117 120
Oen Pk N & E
Chic Peor dr St 190 110
21 6s opt 1911
,
A-0 100 102
fahristoph'i & lOtli St stk 10
Prior lien g 430 '30_M-S / 88
94
Republic fly & Light-100 28
30
Vol & Otis Ave 5s-8e8 Stock Esc list
00
• Con nage g Is 1030___J-J j 40
Preferred
79
Dry Doak E B & B
100 78
Income Is, July 1930...10
So Side El (Chici-See eh Lcago list
1st gold 5s 1932
J-D 97 103
Chicago Subway
100
45
Syracuse 12.'1' Is 1940 _.M-S 10112 10212 Northern Securities Stubs._ 10114 10512
P-A / 38
Scrip 5.3 1914
Trent P & II 53 1943
Itighth Avenue stock- _100 275 310
J-D 95 101)
Oregon-Wash RR & Nay
United Rys of St LF-A / 95 100
4
Scrip 6, 1911
•
1st & ref gu 43 '61 op..14 9238 9278
Com vet tr ctts
42d & Or St loy stock_ 100 225 250
100
9
914 Pitts Bess & L E
34
a Preferred
42d St 51 & St N Ave-100
100 3812 39
Preferred
72
Gen 45 1934-See Stock Esc list
2d !nem?. Us 1915.....J.4
a Railroad Securities Co 8500 :381
Unit Rya San Fran-See Stk Exc list
Inter-Met-See Stook Exch ange list
111C stk tr ctts ser A_ _52 00
05
Wash 113/ & El Co
Lex Av & Pay F153-Ses Stk Exc list
100 *46
47
,
Seaboard Company-See Bs it 1:xr list
Preferred
Metropol St fly-See Stk Exc • list
100 38734 80
West Pao 1st 5a 1033_31-S 8914 on
43 1951
Ninth Avenue stock .__100 150 175
J-D 8634 87
Industrial and Mlscel
12
8
Second Avenue stock-100
Adams Exp g Is 1947....14) / 84
87
46
F-A / 43
Consol 53 1918
Gas Securities
Ahmeek Mining
**23085 215
0 Sixth Avenue stock .100 120 130
New York
Alliance Realty
120 122
Cent Uri Gas 63 1927.___J-J 102 10312 Amer Bank Note corn.. 10
Sou Dooley 5s 1045____J-J (i5
42
A-0 85
95 Con Gas (N Y)
-See Stook Exe list
Bo Fer 1st 5s 1919
Preferred
51
e Mutual Gas
Third Avenue RR-See Stk Exc ilst
100 165 175
American Book
80
New Amsterdam Gas
Tarry W P & M 53 1928_ / 60
eA79 90
In Brake Sh&Fdy com18580 7864112
100
1st consol 53 1948.._ J-J 101 102
Y'kers St RR 53 1946 A-0 82 88
ePreferred
13012
NY &E It Gas 1st 5s'44 J-J 104 106
18th & 29th Sts 5s '90__A-0 / 191 23
American Brass
122
Twenty-third St stock. 100 190 215
Consul 5s 1915
3-3 101 103
American Chicle cora
0
10 22187 230
1800 112
00
F-A 103 10412 N Y & Richmond 0E13_100 35
Union ity 1st 53 1942
50
102 103
Westchester 1st 53 '43 J-J 70
Nor Un 1st 53 1927.___M-N 99 101
80
Am Graphophone corn
5
Preferred0
3 Standard Gas com...._104) 60
Preferred
a Prete Ted
Brooklyn.
100 95
Amer Hardware
100 12712 140
181) 37
Atlan Avenue BA
1st Is 1930
M-N 104 10512 Am Malting 63 1914.___J-D 11912 10112
A-0 10112 103
Con Is g 1931
Amer Press Assoo'n._100
.- 95
B 13 & W E 53 1933.___A-0 08 102
Other Cities.
eAmer Snuff corn
100 go" 200
10 163 168
Brooklyn City Stock
Am Gas & Elea corn
50 *05
67
8 Preferred
Jou 100 105
Con 53-See Stock Each Angc list
Preferred
50 *4312 4112 Arn 1 Found new-See 8 tit Ex list
03 St035
Bklyn Hgts let Is 1941 A-0 93 102
Amer Light & Tract.......100 293 294
F-A 9912 101
A-O
Bklyn Queens Co & SubPreferred
100 10612 108
Deb 43 1923
67
Amer Power & L. cora_100 75
s 1st g bs '41 op 19111 _J-J 98 101
77
American Surety
265
s 1st con 63'41 op '16 M-N
Preferred
97 100
iou 8212 84
American Thread pref.- _8 251.3- 514
_5 - 4
8 *
Bay State Gas
Bkiyn Rap Tran-See Stock Exc list
50
Am Tobacco Co cora
*3
3
12
100 495 505
55
100 45
Binghlon (N Y) Gas Wks
Coney [Si & Bkiyn
Ex-subsidiaries
280 310
1st cons g 4s 1948____J-J 75
1st g 53 1938
82
A-0 98 100
Amer Typerdera com___luo 43
47
75
Con g als 1955
J-J
80
Brooklyn Un Gas-See Stk Exc list
Preferred
100 07 100
Buffalo City Ws stock_ 100
Brk C & N 53 1939
J-J 98 101
5
4
Deb g 63 1939
102
Kings Co El 4s-See Stock Exc list
1st 5s 1947-See Stock Erre list
Amer Writing Paper........1- 0 99
MN
0
112 2
Nassau Blec pret
100
Cities Service Co
1410 79
81
ePreferred -See Stock Ex ch'ge list
Preferred
53 1911
A-0 101 103
100 81
83
elst s I g 53 '19red 105J-J 8914 8912
1st 4s 1051-Sea Stock Exo list
Con Gas of NJ bs 19313 _J-J 94
Atl Gil & W I SS Lines...100
7
N NV'b'g & Flat let ex 430 90
94 Consumers' L 11 dc Pow
Preferred
100 10
17
Steinway 1st 6s 1922._J-J 100 104
55 1938
J-D 100
Col tr g 53 1959
J-J 68
70
Denver Gas & Elec
100 220 -- Barney & Smith Car____100 15
25
Other Cities
Gen g Es 1949 op-___M-N 94
9412
Preferred
100 80
90
Elizabeth Gas Lt
Buffalo Street fly
300 ,, -. Bllsreterrepany corn
ps Com d
80
5
90
1st consol Is 1931
Essex & Hudson Gas._.100 137
F-A 104 106
50 124 128
Deb 63 1917
Gas & El Bergen Co.
A-0 10312 105
..100
87
Bond & Mtge Guar
100 245 250
Columbus(0)St fly,,..
.100 - - 37514 e Or Rap 1st 5s 1915 ___F-A 9934 1003 Borden's Cond 1111k
4
100 127 12812
Preferred
Hudson Co Gas
100 s91
-- 92
100 133 136
Preferred
100 z106 108
Colum fly con 53 1932 _J-J 102 104
elet Is 1949
31-N 10414 10518 British Col Copper
5 *414 438
Crossrn 1st 5.3 1933...J-D 101 102
Indiana Lighting Co.
100 37
39
Butte Coalition Mining 15 *1612 18
•Conn fly & Ltg coin.,_ .100 75
4s 1958 op
70
1
0-A 07
Caseie
pr nCoof
69
corm 100
4
214 23
s Preferred
100 80
50
811 Indianapolis Gas
20
Preferred
100 55
GO
let & ref 430-See Stock Exc list
1st g 55 1952
A-0 70 80
Casualty Co of Amer.
..100 123 140
Federal Light & Trao-100 38
Jackson Gas Is g 1937__A-0 97 -- Celluloid Co
40
100 137 140
Preferred
10
-See StockE xch 11 at
78 80 e Laclede Gas
Cent Fireworks corn.._ 100
1
2
Grand Rapids fly pret 10
80 82
Preferred
100 97 39714
Preferred
100 10
20
a Louisv St Is 1930J-J 1053 10614 Madison Gas Os 1926- _A-0 104 100
4
Chesebrough Mfg Co. _100 700 SOU
Lynn & Dos 1st Is 1924,1-D 10414 10534 Newark Gas 63 1944.......Q-J 125 127
eChino Copper Co-See Stoc 't Exc list
0 New On Rys & Lgt_100 3212 351 Newark Consol Gas
100 98 1(10
City Investing Co
100 47
50
s Preferred
100 7914 80
a Con g Is 1948
J-D 10514 10612
Preferred
100 95
98
Gen Mg 43S3 1935-See S tk Ex list No Hudson L 51 & Pow
us Ciallin (H B) corn
100 85
88
/Pub Serv Corp of N J-See Stk E .cilst
Is 1933
A-0 100
e 1st preferred
00
Tr ctfs 2% to 6% perpet 10512 106
Pacific Gas ,Sc E, coin. _100 x47 4/4
e 2d preferred
101 -ii- 88
1
North Jersey St 11y_100 80
Preferred
100 89
8912 Coasol Car Heatiag
100 63
05
1st 4s 104/(
14-N
7712 7812 Pat & Pas Gag dr Elec.-100 01 _
Consol Rubber Tire.
100
334 414
Cons Tract of N J......100 75
a Con g Is 1949
MS 10134 10214
75 4
3
Preferred
1041 24
2'J
1st Is 19.1.1
J-1) 104 105
it Joseph Gas Is 1937 -J-J 90
Debenture is 1951-A-0 , 43
95
46
Nevelt Pas fly Is '30__J-J 10712 1081
•Per share. 8 1-sals
a Sells on Stook Lit:Lunge; bit not very act ve. / Flat price. a Nominal a Sale prier% rifew
stock.
Inactive and Unlisted Securities
x Ex.dlv,
yHx.eigbta,
DEO. 9 1911.1
THE CHRONICLE
1593
nuesttnent and Ataitroatt Anteltigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 Co Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date,
Current
Year.
Previous
Year.
Ala N 0 & Tex Pac5
5
5
5
60,000 1,2821530 1,219,559 NYNH & Hartf_ October __ 5,735,127 5,571,071 22,180,322 22,046,413
66,000
N 0 & Nor East_ 1st wk Nov
586,874
33,000
635,423 N Y Ont ec West__ October___
30,000
Ala & Vicksburg_ 1st wk Nov
720,399 743,446 3,394,140 3,482,661
Vieks Shrev & P. 1st wk Nov
502,080
545,033 N Y Susq & West__ October___
26,000
33,000
335,527 1,338,430 1.246,136
345,061
49,530
34,231 Norfolk Southern__ October___
10,361
Ala Tenn & North__ October__
15,727
278,227 248,034 1,051,851
940,040
905,876 Norfolk & Western_ Oetaber___ 3,495,794 3,300,513 13,469,729 12,591,375
59,796 1,007,119
Ann Arbor
59,615
4th wit Nov
Atch Topeka & S Fe October___ 9,945,875 9,931,805 35,780,388 36,091,145 Northern Pacific _ _ October._. 0,604,918 6,308,880 23,369,811 25,491,957
65,242
57,110 1,291,377 1,080,919 Pacific Coast Co _ _ _ September
Atlanta Birm & At' 3d wit Nov
700,337 753,157 2,150,960 2,337,542
Atlantic Coast Line October __ 2,782,161 2,557,255 9,684,142 9,021,843 Pennsylvania RR __ October
14353719 14237091 54,591,091 55,250,101
g Baltimore & Ohlo_ October __ 8,259,823 8,168,817 32,150,795 32,684,444
20,216
Bait Ches & Atlan October
20,269
133,946
134,271
153,824 144,573
560,644
552,505
B & 0 Ch Ter RR October___
268,425 295,272 1,007,854 1.115,074
Cumberland Vail. October
October
995,959
Long Island
Bangor & Aroostook October__ 303,322 269,559 1,145,214
876,743 891,846 4,315,988 4,038,928
October___ 4,115,342 4,085,314 16,413,608 16,215,892
Maryl'd Del & Va October
Boston & Maine
11,263
11,096
67,975
64,876
5,486
23,290
4,456
20,479
N Y Phila. & Norf October
Bridgeton & Saco 11 October___
289,718 282,124 1,188,142 1,236,221
Northern Central. October
Bug Hoch & Pittsb_ 4th wit Nov 257,935 255,477'4,178,250 4,221,435
1,201,4)3 1,174,251 4,358,235 4,370,208
September
211,211 202,422
626,328
Buffalo 6: Susq
594,764
Phila. Balt& Wash October
1,667,126 1,653,173 6,623,443 6,832,110
Canadian Northern_ 4th wit Nov 568,500 465,200 8,503,300 6,791,200
W Jersey & Seash October __ 446.610 451,603 2,813,736 2,813,264
4th wk Nov 3,191,000 2,768,000 51,739,800 46,918,129 Pennsylvania Co... Octooer
Canadian Pacific
4,877,043 4,033,070 19,128,576 .20,202,768
4th wit Nov 382,500 351,800 5,993,307 5,486,451
Central of Georgia
Grand Rap & Ind October __ 453,119 446,108 1,882,294 1,886,264
Central of New Jer_ October___ 2,616,423 2,418,345 10,127,744 9,645,744
Pitts Cln Ch& StL October -- 3,533,146 3,641,968 13,880,995 14,213,555
October__ 370,483 3)3,707 1,487,173 1,394,142
Central Ver riont
Vandalta
October
919,761 962,560 3.499,669 3,758,282
Choi de Ohio Lines_ 3d wit Nov 628,190 652,437 13,317,397 13,354,400
Total lines
4th wk Nov 285,362 316,156 6,703,621 6,527,253
Chicago & Alton
East Pitts & E_ October
20449,
132 20281727 80,590,945 81,417,345
Chia Burl de Quincy October__ 3,320,216 8,909,593 31,465,141 32,759,270
West Pitts & E October
10231175 10387929 40,101,618 41,625,399
p Chic Great West
1th wit Nov 233,009 239,656 5,675,593 5,545,415
All East& West October
30080608 30669657 120692564 123043744
Chic Ind & Loulsv_ 4th wit Nov 144,739 148,859 2,868,248 2,747,772 Pere Marquette___ _ October... 1,609,287 1,453,528 6,045,183 5,716,375
Chic Mcmph & Gulf September
61,165
10,263
20,638
24,662 Ralelga ec Southport September
14,424
12,038
42,534
36,816
Chic altiw & St Paul October_ 0,141,525 6,508,261 22,643,790 24,352,306 Reading Company
•
Ch Mil & Pug Sd. October__ 1,582,690 1,319,990 5,647,119 4,795,113
Phila. & Reading_ October___ 4,110,724 1,003,362 15,109,778 14,892,138
sChic & North West September 7,004,093 7,363,817 20,555,614 21,113,082
October___ 3,748,332 2,992,642 9,932,500 8,679.040
Coal & Iron Co
vehic St Paul li.1 & 0 September 1,430,369 1,626,046 3,922,109 4,349,309
Total both cos.-. October... 7,865,056 6,996,004 25,042,278 23,571,178
828,323 Rich Fred & Potom September
627,412
Chia T H & S S.... October._. 168,471 196,663
189,650 176,133
569,351
550,070
915,971 872,256 2,796,644 2,579,002 Rio Grande Juno
September
Cin ham & Dayton September
110,241 100,463
277,122
287,359
Colorado & Midland October__ 203,352 203,964
733,997
758,162 Rio Grande South.. 4th wk Nov
12.716
15,435
210,818
277,987
4th wk Nov 437,826 474,162 6,474,921 7,565,907 Rock Island Lines
Colorado & South
October___ 0,188,324 6,822,782 22.953,189 24.282,659
October___
July
Copper Range
60,551
70,733
60,551
320,819 331,918 1,284.433 1,298,690
70,733 Rutland
Cornwell
October __
15,914
63,669
11,906
60,125 St Jos & Grand Isl.. October___
153,834 183,319
609,314
639,532
Cornwall & Lebanon October __
25,053
117,118
28,431
131,681 St Louis & San Fran October_ 4,122,871 4,074,796 14,558,118 14,821.545
October__ 257,682 190,61)2 1,037,957
Cuba Railroad
821,883
f Chic ec East III_ October... 1,471,325 1,400,321 5,429,806 5,260,537
Delaware dc Hudson October__ 1,955,818 1,948,930 7,599,833 7,212,815
October... 5,594,196 5,475,117 19,987,924 20,082,083
Total all
Del Lack & West
October__ 3,301,711 3,218,296 12,897,463 12,854,823 St L Rocky Mt & P. October___
149,200 194,237
542,493
707,159
Deny & Rio Grande 4th wk Nov 611,800 625,500 10,725,148 10,915,158 St Louts Southwest_ 4th wk Nov 377,000 348,000 5,177,553 3,289,019
Western Pacific
October___ 530,234
748 299 634,845 2,227,913 1,898,160
1,090,089
San Pad L A & S L. Seotember
Denver N W & Pac_ 3d wit Nov
24,211
548,993
26,963
4th wk Nov 536,306 523.505 9,141,272 8.388,308
529,753 Seaboard Air Line
Detroit Tol & Iront 3d wk Nov
830,713 Southern Pacific Co October___ 11925,128 12478,938 45,815,975 47,372,616
737,805
39,525
34,830
Detroit ec Mackinac 4th wk Nov
22,598
26,152
507,003 Southern Railway.. 4th wk Nov 1,545,797 1,588,033 26,706,230 25,701,135
515,647
pui & Iron Range__ October__ 938,074 922,872 3,952,082 4,516,927
Mobile & Ohio
4th wit Nov 297,713 345,915 4,823,108 4,557,733
Dui Sou Sh & Atl__ 4th wk Nov
Cin N 0 & Tex P. 4th wk Nov 257,335 261,623 4,031,673 4,001,133
67,943 1,414,394 1,487,754
63,470
El Paso & Sou West October... 620,637 002,817 2,251,704 2,371,061
Ala Great South_ 4th wk Nov 163,675 131,493 1,966,653 1,899.124
Erie
48,767
October__ 5,205,847 5,115,689 20,587,865 20,231,648
Georgia Sou& Fla 3d wk Nov
48,599
951,513
935,055
Fairchild & N E
October__
1,514
2,193
1,900
1,770
8,010 Tenn Ala & Georgia 3d wk Nov
7,550
43,213
36,827
Fonda Johns 63 Gloy September
85,240
84.185
273,302
277,334 Texas ec Pacific_ _ _ _ 4th wk Nov 622.301 586,891 7.379,393 7,181,960
Georgia Railroad- October __ 345,323 316,283 1,151,023 1,042,208 Tidewater & West_ October___
8,681
6,64335,092
28,265
Grand Trunk Syst
1th wit Nov 1,233,062 1,132,674 21,719,578 19,218,579 Toledo Peor & West 4th wk Nov
36,188
38,816
545,957
563,703
Grand Trk West_ 3(1 wit Nov 118,947 110,426 2,629,308 2,301,520 Toledo St L & West 4th wk Nov
75,389
77,872 1,726,272 1,663,174
Bet Gr Hay & Mil 3d wit Nov
October___
31,259
46,879
805,211 Tombigbee Valley
8,602
954,759
6,440
32,170
27,479
Canada Atlantic_ 3d wit Nov
43,399
39,000
883,715
786,752 Union Pacific Syst_ October... 8,714,435 8,905,057 32,191,461 33,911.422
Great Northern Syst November_ 0,139,119 5,623,009 31,548,159 30,165,331
Virginia & So West_ September
152,135 107,181
430,320
310,068
Gulf & Ship Island_ October___
160,960 179,553
October___
Virginian
655,571
651,830
418,963 314,866 1,580,778 1,150.553
Hocking Valley
October__
656,758 759,569 2,673,710 2,945,971
Wabash
4th wk Nov 708,774 772,294 12,799,804 13,273,648
Illinois Central
September 5,222,386 5,318,924 15,902,153 15,451.728
Western Maryland_ September
667,823 665,658 1,893,604 2,003,356
Internet Fe Gt Nor_ 4th wk Nov 343,000 310,000 4,414,824 4,199,411
Wheel ec Lake Erie_ October___
708,651 612,581 2,821,833 2,580,589
a Interoceanto Hex, 4th wk Nov 175,030 260,878 3,439,115 3,556,302
Wrlghtsv & Tennille October...
40,956
122,911
34,989
105,910
Iowa Central
1th wk Nov
75,791 1,526,705 1,500,181
73,732
Yazoo & Miss Valley September
781,779 791,358 2,323,440 2,182,001
Kanawha & Mich
September
891,324
895,965
294,593 313,402
Kansas City South_ October __ 860,200 951,102 3,203,093 3,527,431
Current
Previous
2,1 wit Nov
K 0 Hex & Orient
669,217
39,183
38,610
738,132
Various Fiscal Years.
Year.
Period,
Year.
Lehigh Valley
October __ 3,465,305 3,384,099 13,393,641 12,409,081
Lexington de East
October__
46,307
39,858
194,724
173,594
Louisiana & Arkan_ September
114,164 120,030
363,548
320,311
Delaware & Hudson
Jan 1 to Oct 31 17,823,842 16,780,429
Loutsv fiend & St L September
115,903 116,171
328,329
N Y Central & Hudson River_e_ Jan
317,665
to Oct 31 80,427,583 82,941,883
8 Loitisv ec Nasliv„ 4th wk Nov 1,441,295 1,427,943 23,640,269 23,173,174
Lake Shore ec Michigan South Jan 1 to Oct 31 40,281,350 41,299,387
Macon & Birming'm October __
17,783
16,188
Jan 1 to Oct 31 4,518,754 4,573,641
Lake Eric & Western_n
56,886
51.604
Maine Central
October __ 983,622 909,216 3,911,326 3,617,581
Chicago Indiana & Southern_ Jan
to Oct 31 3,129,786 3,032,345
Maryland ec Penna. October_ _ _
43,170
42,284
Michigan Central
Jan 1 to Oct 31 24,881,790 24,609,403
166,418
163082
aMexican Railway_ 3a wit Nov 158,700 151,400 3,085,800 3,300:30(
Cleve din Chicago & St Louts Jan 1 to Oct 31 25,276,891 25,030,728
Nov
4th wit
Mineral Range
19,993
16,408
311,323
Peoria & Eastern
Jan 1 to Oct 31 2,673,516 2,909,083
313,421
Mtnneap & St Louis 4th wit Nov
90,259
99,531 2,008,237 2,365,071
Cincinnati Northern
Jan 1 to Oct 31 1,021,603 1,074,413
Minn St P & S S MI 4th wk Nov 603,872 517,034 11,895,388 10,184,116
Pittsburgh & Lake Erie
Jan 1 to Oct 31 12,747,907 14,588.878
Chicago Division J
New York Chicago & St Louis Jan
to Oct 31 9,250,748 9,326,499
77,541
Mississippi Central_ October__
77,758
308,686
Toledo & Ohio Central
Jan 1 to Oct 31 4,078,520 4.151.586
307,971
is Mo Ran & Texas_ 4th wit Nov 863,134 958,301 12,970,914 13,227,737
Total all lines
Jan 1 to Oct 31 214268 511 213540 809
Missouri Pacific
lth wk Nov 1,475,000 1,403,000 24,169,910 23,231,000 Pennsylvania Railroad
Jan 1 to Oct 31 129916 773 133798 975
Neatly Chatt & St L October__ 1,057,483 1,019,241 4,082,439 3,873,282
Baltimore Chesap & Atlantic_ Jan 1 to Oct 31
239,205
238,847
a Nat Rys of Mex_t. 4th wit Nov 1,645,119 1,664,982 26,817,632 26,573,302
Cumberland Valley
Jan
to Oct 31 2,399,137 2,606,816
Nevada-Cal-Oregon 3d wit Nov
7,357
6,533
160,039
173,142
Long Island
Jan 1 to Oct 31 8,999,383 8,352,932
Nevada Central
September
18,629
6,048
5,512
18,111
Maryland Delaw & Virginia.. Jan
to Oct 31
112.283
110,950
N 0 Great Northern October,.. 140,754 138,901
571,169
575,112
N Y Philadelphia 63 Norfolk.. Jan 1 to Oct 31 2,786,588 2.928.799
0 Mobile ec Chic_ Wit Nov 25
754,058
38,752
43,419
703,08t
,
Northern Central
Jan 1 to Oct 31 10,566,038 10,508,539
INYC63 Hud Illy October __ 9,553,551 9,160,923 37,618,921 35,971,06r
Philadelpitta Bait & Wash.__ Jan
to Oct 31 15,742,782 15,894,685
Lake Shore & MS October __ 4,331,609 4,390,008 17,518,306 17,580,251
West Jersey & Seashore
Jan
to Oct 31 5,401,122 5,237,757
n Lake Erie & W. October __ 488,256 403,287 1,994,586 2,002,76(
Pennsylvania Company
to Oct 31 41,767,985 45,970,810
Jan
Chic Ind & South October __ 368,328 327,011 1,256,930 1,106,58(
Grand Rapids & Indiana.... Jan 1 to Oct 31 4,227,451 4,309,288
Michigan Central. October __ 2,806,021 2,708,510 10,822,376 10,622,00(
Pitts Cineln Chic & St Louts
Jan
to Oct 31 31,932.607 33,942,230
Cleve CC 33 St L. October __ 2,697,280 2,808,096 10,851,006 10,858,46(
Vandalta
Jan
14) Oct 31 3,269,604 8,634,210
Peoria & Eastern October __ 280,713 342,741 1,109,237 1,317,32r
Total lines-East Pitts & Erie Jan 1 to Oct 31 187494 485 191290 578
Cincinnati North_ October .._
122,088 117,380
480,980
484,441
West Pitts &Erie Jan
to Oct 31 90,065,004 96,457,855
Pitts ec Lake Erie October __ 1,442,323 1,634,931 3,810,610 6 305,231
All lines S & W. Jan 1 to Oct 31 277559 549 287748 433
N Y Chit) & St L. October __ 1,001,351 1,093,571 3,858.943 3'876 97: Rio Grande Junction
Dec 1 to Sept 30
783,686
843,176
Tol & Ohio Cent_ October __ 500,939 300,823 1,970,247 1:985:88C
Rutland
Jan 1 to Oct 31 2,858,261 2,775,032
ir...* all lint. ohnIrs• flot.A/li,
23R7:411111 9SRA9 ral 1 as son 1 KA WI 1 1, na t
Texas & Pacific
Jan
to Nov 30 14,312,747 14,012,634
N
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Preo's Year! Inc. or Dec.
%
Monthly Summaries.
Cur'nf Year Prey's Year Inc. or Dec.I
Mileage Curr. Yr. Prey. Yr.
3
5
ad week Sept (42 roads).... 15,415,536 15,004,430
+411,126 2.78 I January ___242,479 238,866 215,057,017 210.808.247 +4,248,770 2.01
4th week Sept (43 roads)---- 20,449,514 19,832,138
+617,378 3.11
February __242,640 238,603 199,035,2,,7 202,492,120 --3,450,863 1.78
1st week Oct (44 roads)
15,529,299 15,172,633
+356,666 2.35
242,686 238,941 226,997,481 238,336,609 -11,339,128 4.76
March
2d week Oct (45 roads)--- - 16,264,214 15,661,237
242.933 239,132 218,177,123 225,700,811 --7,523.688 3.33
+602,977 3.83 April
3d week Oct (44 roads)
16,388,525 15,951,483
+437,042 2.74
243,170 239,357 229,642,771 234,339,874 --4.897,103 2.00
May
4th week Oct (43 roads) ____ 23,098,784 21,859,863 +1,239,121 5.68 June
243,733 240,012 231,697,053 228,158,753 --6,459,792 2.71
Sat week Nov (45 roads)..,.. 13,66.1,377 15,175,043
+480,334 3.30
244,508 240,088 231,888,008 233,169,887 --1,481,881 0.65
July
ad week Nov (43 roads)
-- 13,775,793 15,346,568
+429,227 2.80
230,536 227,075 243.816,594 245,734,289 --1,987,6951 0.80
August
ad week Nov (44 roads)---- 15,175,623 15,266,82'
--91,200 0.59 September_230,918 226,520 249,054,036 249,014,235
4-39,801 0.01
4th week Nov (37 roads)..,,. 18,861,598 18,352,131
+309,407 2.77
81,105 72,398,385 68,742.513 4-3,656,352 5.23
82,623
October ..
a Mexican currency. e Includes the Bo;ton & Albany, the New York 43 Ottawa. the St. Lawrenes & Adironia3k a•L1 Vie Ottawa & N. Y Ry.
.
the latter of which, being a Canadian road, doe3 not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute
and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling Fly. In both years. n Includes this Northern
RR. p Inotudei
earnings of Mason City & Ft Dodge and Wisconsin Mlnnesota 63 Pachle. s Includes Louisville & Atlantic from July 1 1903Ohio the Frankfort
and
Clnolnnati from Nov. 1 1909. t Includes the Mexican International from July 1910. u Includes the Texas
Central. S Includes not only operating
revenues, but also all other receipts.
THE CHRONICLE
1594
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth week
of November. The table covers 37 roads and shows 2.77%
increase in the aggregate over the same week last year.
Fourth week of November.
1911.
1910.
$
$
Alabama Great Southern
163,675
131,493
Ann Arbor
59,615
59,796
Buffalo Rochester & Pittsburgh
257,935
255,477
Canadian Northern
568,500
465,200
Canadian Pacific
3.194,000 2,768,000
Central of Georgia
382,500
351,800
Chicago & Alton
285,362
316,156
Chicago Great Western
233,009
239,656
Chicago Indianapolis do Louisv_
144,739
148,659
Cinc New Orl & Texas Pac
257,335
261,623
Colorado & Southern
437,826
474,162
Denver & Rio Grande
625,500
611,800
Detroit & Mackinac
26,152
22,583
Duluth Sou Sh & Atlantic
63,470
67,943
Grand Trunk of Canada
Grand Trunk Western
1,233,062 1,132,674
Detroit Grand Haven& MIlw
Canada Atlantic
310,000
343,000
International /ic Great Northern
175,030
260,878
Interoceanic of Mexico
73,732
75,071
Iowa Central
1,441,295 1,427,943
Louisville do Nashville
16,408
19,993
Mineral Range
90,259
99,531
Minneapolis do St Louis
517,034
803,872
Minneapolis St Paul ee S SM-}
Chicago Division
863,134
958,301
Missouri Kansas & Texas
1,475,000 1,403,000
Missouri Pacific
297,713
345,915
Mobile & Ohio
_ 1,645,119 1,664,982
National Rys of Mexico
12,716
15,435
Rio Grande Southern
377,000 . 348,000
St Louis Southwestern
536,306
523,505
Seaboard Air Line
1,545,797 1,588,633
Southern Railway
622,301
586,891
Texas & Pacific
36,188
Toledo Peoria & Western
38,818
75,389
77,872
Toledo St Louis & Western_
708,774
772,294
Wabash
Total (37 roads)
Net increase (2.77%)
18,881,59818,352,131
Increase. Decrease.
$
32,182
$
181
2,458
103.300
426,000
30,700
30,794
6,647
3,920
4,288
36,336
13,700
3,569
4,473
100,388
33,000
85,848
2,239
13,352
3,585
9,272
86,838
95,167
72,000
48,202
19,863
2,719
29,000
12,801
42,836
35,410
--
984,583
509,467
2,628
2,483
63,520
475,116
For the month of November the returns of 36 roads shows
as follows:
Month of November.
Gross earnings (36 roads)
1911.
1910.
[VoL. Lxxxxin,
-GrossEarnings
-NetEarnings,
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
759,569
228,725
Oct 656,758
315,988
Hocking Valley_b
July 1 to Oct 31
2,673,710 2,945,970 1,044,708 1,261,821
16,797
12,978
30,858
46,307
Lexington do Eastern_b__Oct
67,177
173,594
60,304
July 1 to Oct '31
194,724
1,697,027
Louisville & Nashv_b___Oct 5,182,825 4,922.904 1,944,192
July 1 to Oct 31
18,813,314 18,302,001 6,215,748 5,542,519
296,675
909,217
Maine Central_b
Oct 983,823
294,654
July 1 to Oct 31
3,911,327 3,617,580 1,227,585 1,095,841
7,460
13,433
Mineral Range_ b
Oct
62.897
64,374
def520
51,182
July 1 to Oct 31
250,522
252,159.
488,553
MInneap St P & SS M.a_Oct 1,788,699 1,269,067
831,099
6,277,485 4,951,868 2,744,881 1,900,644
July 1 to Oct 31
192,194
213,256
Chicago Division_a___Oct 827,791
819,508
899,379
3,314,613 3,227,485
982,778
July 1 to Oct 31
30,774
77,758
77,541
27,499
Mississippi Central_ b_ _ __Oct
128,861
308,686
307,977
120,844
July 1 to Oct 31
Missouri Kan &'I'exas_a_Oct 3,064,257 3,164,139 1,094,912 1,229,409
10,294,249 10,256,164 2,513,964 2,875,586
July 1 to Oct 31
264,218
268,001
Nashv Chatt & St L_b_ _Oct 1,057,483 1,019,241
941,003
998,237
4,082,439 3,873,282
July 1 to Oct 31
177,071
180,132
743,446
N Y Ontario & Western a Oct 720,399
3,394,140 3,482,661 1,014,405 1,209,718
July 1 to Oct 31
Norfolk & Western_b_Oct 3,445,794 3,300,513 1,200,171 1,357,516
13,469,729 12,591,375 5,072,848 4,838,780
July 1 to Oct 31
Oct 6,604,918 6,368,880 3,180,812 2,628,271
Northern Pacific_ b
23,369,816 25,491,957 10,082,162 10,703,233
31
July 1 to Oct
n30,139
n33,072
100,463
110,241
Rio Grande Junction__ _Sept
843,176 n235,106 n252,953
783,686
Dec 1 to Sept 30
24.876
def8,003
57,974
32,321
Rio Grande Southern_b_Oct
85,440
31,281
225,096
175,362
July 1 to Oct 31
100,576
108,498
331,918
Oct 320,819
Rutland_b
829,681
775,420
2,858,261 2,775,032
Jan 1 to Oct 31
St Louis & San Fran_b__Oct 4,122,871 4,074,796 1,573,209 1,396,630
14,558,118 14,821,545 4,976,533 4,827,015
July1 to Oct 31
446,287
474,817
Chic & East Ill_b____Oct 1,471,325 1,400,321
5,429,806 5,260,537 1,750,109 1,781,892
July 1 to Oct 31
5,475,117 2,048,026 1,842,926
Oct 5.594,196
Total all lines_b
July 1 to Oct 31____19,987,924 20,082,082 6,726,642 6,608,907
68,903
47,105
194,237
149,200
St Louis Rocky Mt & P a Oct
240,899
174,473
707,159
542,493
July 1 to Oct 31
619,258
748,193
Oct 1,732,729 1,645,111
Texas & Pacific_b
12,505,614 12,893,745 2,517,842 2,785,063
Jan 1 to Oct 31
p72,020 p107,634
341,283
Toledo St L ec West_a_ _Oct 352,151
1,389,124 1,320,377 p348,025 p414,115
July 1 to Oct 31
2,241
3,110
8,440
Oct
8,602
Tombigbee Valley
10,055
12,178
32,170
27,479
July 1 to Oct 31
Roads.
Incr ease. Per Cent.
INDUSTRIAL COMPANIES.
63,279,030 61,068,650 2,210,380
3.62
Companies.
It will be seen that there is a pin on thelroads reporting
in the amount of $2,210,380, or 3.62%.
--NetEarnings
-Gross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Abington & Rockland Elect
3,959
2,600
9,329
9,866
Light & Power Co_b__Oct
26,592
22,428
78,548
83,834
Jan 1 to Oct 31
214,725
171,071
-The table fol- American Express_b_ __ _Aug 1,802,078 1,748,757
Net Earnings Monthly to Latest Dates.
.395,500
284,128
3,550,174 3,419,106
July 1 to Aug 31
owing shows the gross and net earnings of STEAM railroads
52,382 - 44,878
92,366
97,473
BlackstoneVall GdeEl_b_Oct
and industrial companies reported this week:
428,025
471,191
839,613
913,028
Jan 1 to Oct 31
.13,312
13,544
27,565
30,338
- Edison El Ill(Brockton)b Oct
-Gross Earnings- -Net Earnings
118,882 , 110,358
245,053
283,270
Current
Previous
Current
Previous
Jan 1 to Oct 31
18,976
Year.
Year.
Year.
Year.
19,491
Roads.
43,347
40,888
Fall River Gas Works_b_Oct
155,880
147,410
360,075
$
356,409
Jan 1 to Oct 31
13,157
10,361
15,727
.
8,019
15,325
5,224 Houg.htOn Co Elec Lt_b_Oct
Tenn do North_Oct
Alabama
24,572
26,200
111,387
. 49,530
34,231
127,740
24,814
16,732
July 1 to Oct 31
217,636
229,429
Jan 1 to Oct 31
16,722
244,915
102,374
15,012
Atlanta Birm & Atl_b_ _ _Oct 300,477
67,239 Lowell Eiec Lt Corp_b__Oct
38,256
32,332
146,377
909,590
1,092,084
147,730
July 1 to Oct 31
324,731
122,675
343,638
338,668
Jan 1 to Oct 31
269,559
121,620
99,781 Sierra Pacific Elcc_b____Oct
Bangor & Aroostook_ __ _Oct 303,322
30,701 • , 35,361
49,200
49,538
995,959
1,145,214
430,321
344,756
July 1 to Oct 31
307,847' 309,427
475,167 . 463,502
Jan 1 to Oct 31
4,790
3,975
5,953
2,826
Birmingham& Sontheast _Oct
given are after deducting taxes.
7,194
9,831
3,386
14,049
a Net earnings here
July 1 to Oct 31
Oct 4,115,342 4,085,314 1,136,968 1,163,361
b Net earnings here given are before deducting taxes.
Boston & Maine- b
16,413,608 16,215,892 4,284,121 4,692,556
July 1 to Oct 31
n These figures represent 30% of gross earnings.
Boston & Maine
-b
p For Oct. miscellaneous charges to income were $19,784, against $7,838
12,298,266 12,130,578 3,147,153 3,520,195 in 1911, and for period from July 1 to Oct. 31 were $66,988 in 1911, against
July 1 to Sept 30
33,583,567 32,731,563 6,782,809 8,377,949 $27,603 in 1910.
Jan 1 to Sept 30
Oct £209,600 £199,318 £101,666 £ 00,619
Brazil By
s After allowing for miscellaneous charges to income for the month of
£1,867,867 £1,601,964 £805,200 £690,803 Oct. 1911, total net earnings were $259,640, against $194,171 last year, and
Jan 1 to Oct 31
235 for period from July! to Oct 31 were $1,224,987 this year, against $1,164,887
1,725
5,486
4,456
Bridgeton & Saco Rlv__Oct
7,115
0,500
23,290
20,479
July 1 to Oct 31
Central of New Jersey_ b_Oct 2,646,423 2,418,345 1,205,497 1,009,226
Interest Charges and Surplus.
10,127,744 9,645,744 4,512,149 3,981,542
July 1-6 Oct 31
961,359
941,180
Chesapeake & Ohio_ b_ _ _Oct 2,909,738 2,903,392
,
----13a1. of Net Earns
11,596,817 11,502,747 4,146,481 4,152,733
Previoi4
July 1 to Oct 31
Current
Previous
Current
Year.
Year.
Year.
Year
s281,251
Oct 1,397,978 1,305,758 3339,248
Roads.
Chicago do Alton_a
S.
5,454,062 5,252,213 31,499,129 31,460,188
July 1 to Oct 31
.5
Z24,506
x31,860
93,704
105,198
Central New England
-b
Bangor & Aroostook____Oct
.x39,849
x66,576
378,461
425,250
282,524
793,779
772,241
362,922
July 1 to Sept 30
July 1 to Oct 31
911,364 Boston & Maine
2,401,553 2,259,449 1,036,301
Jan 1 to Sept 30
x828,385 x1,173,464
2,548,523 2,518,019
Chicago Burl & Quincy.b.Oct 8,320,216 8,009,593 3,306,986 3,840,960
July 1 to Sept 30
7,620,916 7,539,918 zdef90,561 x1,417,467
31,465,144 32,759,270 1,415,912 11,601,009
Oct 31
July 1 to
Jan 1 to Sept 30
def 405
1,082
640
643
Chic Milw & St Paul_ b __Oct 6,141,525 6,508.261 1.951,510 2,100,237 Bridgeton & Saco River_Oct
4,680
6,905
2,595
2,435
22,643,790 24,352,306 6,123,749 7,488,922
July 1 to Oct 31
July 1 to Oct 31
475,413
691,178
673,073 Central of New Jersey__Oct 514,319
533,813
796,976
Chic Milw & Pug Sd_b_Oct 1,582,690 1,319,900
2,070,629 2,114,762 2,441,520 1,868,780
5,647,119 4,795,113 2,534,477 2,358,227
July 1 to Oct 31
July 1 to Oct 31
71.684 Central New England
190,692
103,081
Oct 257,682
Cuba RR
x158,593 x150,296
346,454
147,935
821,883
213,567
451,875
1,037,957
July 1 to Sept 30
July 1 to Oct 31
x123,453
x140,164
831,700
928,409
Jan 1 to Sept 30
909,618
823,738
Delaware do Hudson_b__Oct 1,955,818 1,948,930
35,017
42,956
36,667
17,823,842 16,780,429 7,099,446 6,711,043 Cuba RR
60,125
Oct
to Oct 31
Jan 1
199,787
211,375
146,667
240,500
July 1 to Oct 31
655,460
421,277
Denver & Rio Grande_a_Oct 2,193,056 2,284,437
526,887
d31,739 4193,657
July 1 to Oct 31-...,... 8,665,304 8,792,196 2,319,151 2,752,051 Denver & Rio Grande__ _Oct 5 28,113
d601,298 d1,052.742
2,034,277 2,000,209
July 1 to Oct 31 •
99,996
530,234
____-Western Paciflo_a_ _ _ _Oct
x1,791
97,839 zdef12,015
Oct
480,277
100,060
Duluth So Sh & At!
; 1,990,089
July 1 to Oct 31
z15,819
x87,920
388,014
388,174
July 1 to Oct 31
Del Lack & Western_bOct 3,301,711 3,218,296 1,311,781 1,359;288
12,897,463 12,354,823 5,019,346 5,009,032 Greenwich & Johnsonville
July 1 to Oct 31
12,511
x609
x6,824
7,140
July 1 to Sept 30
90,286
83,694
280.052
Duluth So Sh & Atl_b___Oct 283,330
38,692
x5,015
z12,865
30,849
Jan 1 to Sept 30
385,489
445,924
1,179,547 1,227,669
garLJuly 1 to Oct 31
13,614
x1,026 xdef4,915
12,554
Mineral Range
Oct
Grand Trunk of Canada
53,084
x4,621 zdef48,647
50,471
July 1 to Oct 31
911,738
920,654
Grand Trunk By
Oct 3,452,782 3,250,822
501,606 x559,460
x756,122
555,182
July 1 to Oct 31
13,795,797 12,074,516 3,658,401 3,434,699 Missouri Hans & Texas__Oct
2,143,987 1,904,252 x421,277 z982,081
July 1 to Oct 31
136,749
78,108
542,615
Grand Trunk Western_Oct 581,060
111,870
63,273
65,201
116,850
486,893
362,798 N Y Ontario & Western_Oct
2,265.112 1,065,579
July 1 to Oct 31
487,100,
562,472
451,933
742,618
July 1 to Oct 31
201,960
59,371
51,585
Detroit Gr Hay & Mil_Oct 228,239
500,473
x791,329 x1,004,564
182,736
101,022 Norfolk & Western
778,593
644,764
Oct 496,113
1 to Oct 31
July
1,994,316 2,008,383 13,335,174 x3,123,176
July 1 to Oct 31
203,007
29,199
45,988
Canada Atlantic
Oct 206,430
8.333
8,333
24,739
757,470
21,806
667,657
91,004
57,688 Rio Grande Junction___Sept
July 1 to Oct 31
83,333
83,333
151,773
169,620
Dec 1 to Sept 30
Oct 7,112,815 6,579,390 3,967,050 3,397,724
Ordat Northern- b
18,825
19,119 zdef26,317
x6,212
25,409,040 24,542,342 12,934,286 11,058,191 Rio Grande Southern_Oct
July 1 to Oct 31
77,410 xdef40,133
75,526
x12,235
July 1 to Oct 31
Greenwich do Johnsonville
-b
30,611
32,944
16,404
21,860
35,959
33,280
6,043
18,821 St Louis Rocky Mtn & P_Oct
July 1 to Sept 30
109,707
122,927
131,192
51,546
80,811
95,600
33,503
50,148
July 1 to Oct 31
Jan igto Sept 30
I
DEC. 9 1911.1
THE CHRONICLE
1595
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings -Previoa.
Current
Previous
Current
-Int., Rentals, &c.- -Bal. of Net Earns.
Year.
Roads.
Year.
Previous
Previous
Current
Current
$
$
Year.
Year.
Year.
Year.
Companies.
Comwh P,R&L(MIch) a_Oct
185,120
206,374
482,351
438,242
3
Jan 1 to Oct 31
4,462,809 4,134,020 1,882,449 1,786,394
Abington & Rockland Elect
Consumers Pow (Mich) a Oct
212,321
177,417
78,816
100,119
592
538
2,062
3 ,367
Light & Power Co_ __ _Oct
Jan 1 to Oct 31
1,895,202 1,628,947
895,494
762,687
7,511
16,285
6,143
19,081
Jan 1 to Oct 31
Oct
Dallas Elec Corp_b
182,459
165,372
76,219
81,611
21,853
30,238
14,640
30,529
Blackstone Vail G & EL _Oct
1,337,545 1,202,985
Jan 1 to Oct 31
487,822
402,878
170,324
296,612
300,867
131,413
Jan 1 to Oct 31
884.243
Detroit United_ b
Oct
809,456
305,581
286,397
8,882
4,770
4,662
8,572
Edison El Ill (Brockton) _Oct
8,511,734 7,837,434 3.045,829 2,828,950
Jan 1 to Oct 31
70,635
42,779
48,247
67,579
Jan 1 to Oct 31
Sub_a__Oct
200,629
St
209,592
98,705
85,282
15,451
4,285
4,040
14,691 EastJan Louis &
Works___Oct
Fall River Gas
1,878,479 1,966,354
1 to Oct 31
804,001
883,778
107,247
36,265
40,163
119,615
Jan 1 to Oct 31
62,011
El Paso Electric-b
Oct
55,172
27,900
22,253
9,077
4,553
6,248
8,604
Houghton Co Elect Lt.. Oct
555,430
515,504
Jan 1 to Oct 31
237,475
216,908
69,095
49,800
61,587
58,645
Jan 1 to Oct 31
Galves-Houston Elec_b__Oct
113,476
132,645
55,917
47,539
4,236
9,978
5,034
12,486
Lowell Elec Lt Corp_ __ _Oct
1,254,061 1,079,612
Jan 1 to Oct 31
521,800
421,778
100,128
46,757
47,608
99,620
Jan 1 to Oct 31
24,249
Houghton Co Trac_b___Oct
26,192
12,181
13,373
26,260
6,020
4,441
Oct
29,341
Slerra Pacific Elec
254,146
Jan 1 to Oct 31
263,641
122.929
125,261
258,142
57,868
49,705
251,559
Jan 1 to Oct 31
Illinois Traction.a
642,068
Oct
614,476
288,439
276,115
5,661,779 4,907,077 2,224,656 1,998,635
Jan 1 to Oct 31
d These figures are after allowing for other Income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and Interboro Rap Tran_a_Oct 2,707,569 2,547,654 1,477,992 1,411,212
placed to the credit of the renewal fund.
9,314,938 8,908,020 4,505,702 4,628,630
July 1 to Oct 31
x After allowing for other income received.
Jacksonville Traction_b_Oct
49,743
48,366
24,052
21,279
472,529
Jan 1 to Oct 31
471,775
214,076
214,910
ELECTRIC RAILWAY AND TRACTION COMPANIES,
Lake Shore Electric_a__Oct
107,620
105,075
48,744
49,134
1,069,857 1,018,739
Jan 1 to Oct 31
504,752
489,638
Jan. 1 to latest date.
Latest Gross Earnings.
174,049
Nashville By So Light_a_Oet
161,507
69,336
66,271
Name of
1,614,224 1,503,354
Jan 1 to Oct 31
659,722
630,125
Current Previous Current
Previous
Week or
Road.
20,987
No Caro Pub Service_a__Oct
24,536
8,192
Year.
Year.
10,034
Year.
Month.
Year.
Northern Tex Elect_b__Oct
168,512
154,007
89,995
82,884
3
1,346,517 1,205,575
Jan 1 to Oct 31
650,223
559,832
American Rys Co_ __ _ September 417,578 392,479 3,231.562 3,070,958 Pensacola Electric_ b___ _Oct
24,415
23,650
9,583
10,072
28.742
297,928
23,369
308,473
Atlantic Shore Ry___ October __
Jan 1 to Oct 31
236,804
223,113
96,202
91,714
cAur Elgin & Chic Ry October__ _ 156,742 154,359 1,500,934 1,415,844
Puget Sound Elect_b___Oct
154,752
49,593
161,760
491,497
57,826
53,129
60,680
471.777
Bangor By & Elec Co October_ _ _
Jan 1 to Oct 31
1,487,065 1,607,031
9,597
10,593
480,546
564,351
96,311
89,421
Baton Rouge Elec Co October___
33,158
36,418
292,100
Binghamton Railway September
272,696 Savannah Electric_b____Oct
59,843
53,794
18,541
18,277
103,043
0,797
9,336
103,926
Brock & Plym St By. October___
Jan 1 to Oct 31
571.253
521,976
184.544
181,107
Bklyn Rap Tran Syst August ___ 2119,302 1972,238 15,470,394 14,514,820 Seattle Electric_b
Oct
461,501
469,033
201,118
229,393
275,148
30,406
31,650
Co_ October___
266,532
Cape Breton Elea
4,521,484 4,625,012 1,979,762 1,929,640
Jan 1 to Oct 31
289,769
39,392
260,409
Carolina Pow & Lt Co October __
35,562
58,425
Oct
59,328
56,864
43,254
421,930
19,255
27,582
420,375 Tampa Electric-b
Cent Park N & B Illy August ___
564,611
Jan 1 to Oct 31
68,365
723,895
502,459
69,494
267,117
Central Penna vac__ October _ _
223,689
691,474
77,993
83,698
780,934
728,940 Union Ry,GaseeEl(hll) a Oct
Chattanooga fly & Lt October__ _
299,154
284,293
135,821
138,132
31,818
310,567
301,199
Clev Painesv & East_ October._. 30.974
2,574,556 2,421,889 1,090,843 1,006,723
Jan 1 to Oct 31
96,394
945,618
99,404
881,619
Clev Southw & Colum October __
(Albany) _
42,736
401,047
44,451
372,764 United Traction
Columbus (Ga) El Co October___
July 1 to Sept 30
616.546
572,715
242,976
228,469
81,491 160,020
989,311 1,028,065
Coney Island & Bldyn August ___
18L,459 165,372 1,337,545 1,202,985 Whatcom Co Ry&Lt_b__Oct
34,506
Dallas Electric Corp_ October_
35,602
16,407
17,478
Jan 1 to Oct 31
Detroit United Ity_ 2d wk Nov 180,287 159,710 8,880,964 8,159,549
314,260
334,893
141,370
136,469
54,036
53,666
405,803
DDEB & Bat(Ree) August ___
404,713
95,278
96,704
Duluth-SuPerlor Trac October__
912,037
906,008
a Net earnings here given are after deducting taxes.
East St Louis & Sub_ October__ 200,029 209,592 1,878,479 1,946,354
b Net earnings here given are before deducting taxes.
55,172
62,011
555,430
El Paso Electric....October___
515,504
58,504
67,970
611,639
Fairm & Clarks Tr Co October___
Interest Charges and Surplus.
504,514
42dStM&SNAv (Bee) August ___ 139,814 129,238 1,037,887
929,225
-Int., Rentals, &c.- -Bal. of Net Earns.
Oalv-Hous Elea Co__ October___ 132,645 113,476 1,254,061 1,079,612
Current
Previous
Current
Previous
966,461
Grand Rapids By Co_ October... 93,587 91,267
947,929
Roads.
Year.
Year.
Year.
Year.
43,167 2,198,391 1,994,408
Havana Elec By Co_ Wk Dec 3 44,692
$
$
$
$
Honolulu Rapid Tran
2,042
1,944
37,118
1,826
1,969
42,582
409,727
October...
373,675 Baton Rouge Elect Co_ _Oct
& Land Co
Jan 1 to Oct 31
20,214
19,440
26,192
15,742
24,249
254,146
12,118
Houghton Co Trac Co October___
263,641
Hudson & Manhattan September 377,007 323,493 3,375,968 2,902,080 Brockton & Plymouth__Oct
1,488
1.578
493
883
October__ 642,068 614,476 5,661,779 4,907,077
Illinois Traction Co
Jan 1 to Oct 31
15,318
17,013
15,621
15,285
Interboro Rap Tran_ October__ 2707,569 2547,654 24,795,600 24,030,857 Cape Breton Elect Co.._Oct
6,176
6,161
10,228
10.888
48,3136
49,743
472,529
Jacksonville Trac Co_ October___
471,775
Jan 1 to Oct 31
59,267
59,294
70.142
65,514
Lake Shore Elec By. October__ 107,620 105,075 1,069,857 1,018,739
8,691
8,083
3,584
24,226
24,854
Long Island Electric_ August ___
7,338
145,798
139,011 Cleve Painesv & East.. _Oct
83,066
Jan 1 to Oct 31
80,691
57,875
65,065
Metropolitan St (Bee) August ___ 1148.050 1132,411 8,969,721 8,672,440
Milw El By & Lt Co_ October__ 448,150 406.919 4,122,458 3,863,695 Columbus (Ga.) Elcct___Oct
14,850
13,707
8,530
12,100
89,028
92,932
943,671
Milw Lt. Ht & Tr Co_ October__
896,007
110.327
Jan 1 to Oct 31
161,931
104.443
43,164
Montreal Street By.. October __ 442,393 386,688 4,087,632 3,712,796
106,599
102,472
99,773
82,648
Nashville Ry do Light October... 174,049 161,507 1,614,224 1,503,354 Com'wli P Ry&L(Mich)_Oct
Jan 1 to Oct 31
1,046,245 1,028,690
836,204
757.704
New Orleans Ry & Lt September 521,570 489,458 4,894,456 4,618,471
20,534
41,767
26,531
191,411
August ___
36,732
N Y City Interboro
146,662 Consumers' Pow (Mich)_Oct
58,352
42.084
Jan 1 to Oct 31
40,318
39,908
396,199
259,043
371,077
243,055
N Y & Long Isl Trac_ August __
499,295
391,610
835,574
NY & Queens County August ___ 116,831 111,065
741.742 Dallas Elect Corp
Oct
29,547
23,748
52,471
52.064
14,626
14,656
145,903
Northam Easton & W October___
138,982
Jan 1 to Oct 31
271,792
261,265
216,030
141,613
24,536
20,987
No Caro Pub Serv Co October__
201,088
180,813
Oct
177,438
178,429
x141,796
x120,417
North Ohio Trac & Lt October __ 220,342 208,342 2,240,088 2,045,748 Detroit United
Jan 1 to Oct 31
1,766,128 1,689,550 z1,424,167 z1,265,057
North Texas Elec Co_ October___ 168,512 154,007 1,346,517 1,205,575
Ocean Electric (L U. August ___
24,147
28.546
95,961
45,716
88,064 East St Louis & Suburb_Oct
45,240
39,586
53,465
Paducah Tr do Lt Co_ September
22,801
21.251
193.229
Jan 1 to Oct 31
455,851
182,977
450.997
348,150
432,781
Pensacola Electric Co October__
24,415
23,650
236,804
223,113 El Paso Electric
8,427
Oct
8,224
19,473
14,029
October__ 1947,002 1831,067
Phila. Rap Trans Co
83,115
Jan 1 to Oct 31
83,281
154,360
133,627
(Ore)Ry,L&PCo. October... 540,764 503.485 5,238,372 4,609,974
Port
25,547
25,565
Puget Sound Elec Co October__ 154,752 161,760 1,487,065 1,607,031 Galvest-Houst Elect____Oct
30,370
21,974
249,915
Jan 1 to Oct 31
238,555
Richmond Lt & RR_ August ___
271,885
40,177
183.223
39.277
248,857
233,756
Rio de Janeiro Tram
Oct
Houghton Co Tract
7,756
6,638
4,425
6,735
Light & Power Co_ October__ 1126,972 965,265 10,649,198 8,909,034
70,026
Jan 1 to Oct 31
64,499
52,903
60,762
St Joseph (Mo) Ry,Lt
Interboro Rapid Transit_Oct 919,112
904,811
x595,946
x535,951
87,613
91,442
October___
heat & Power Co
903,306
854,363
July 1 to Oct 31
3,623,937 3,557,970 x1.004,622 x1,188,465
Sao Paulo Tr, L & P. October__ 315,549 255,628 2,899,779 2,406,201
53,794
59,843
12,488
571,253
Savanna Electric Co_ October__
9,346
11,564
521,976 Jacksonville Traction_ _Oct
11,933
Jan 1 to Oct 31
Otcober___ 461,501 469,033 4,521,484 4,625,012
112,944
93,544
Seattle Electric Co
101,132
121.366
90,866 83,582
610,918
Second Avenue (Bee) August ___
550,712 Lake Shore Electric
Oct
34,625
34,669
14,119
14,465
10,799
12,345
83,041
Southern Boulevard_ August __
72,240
Jan 1 to Oct 31
347.025
347,678
157,727
141,960
15,600
16,700
161,520
149,605
Sou Wisconsin Ry Co October__
33.911
33,390
35,425
32,881
194,262
32.607
34,136
August ___
Staten's' Midland
182,285 Nashville By & Light__ _Oct
Jan 1 to Oct 31
336,750
335,640
322,972
294,478
564,611
43,254
59,328
October...
Tampa Electric Co
502,459
312,272 296,472 2,428,675 2,271,954 North Carolina Pub Serv_Oct
Third Avenue (liee). August___
4,167
5,500
4,025
4,534
Toronto Railway Co_ October__ 415,757 379,721 3,036,539 3.575,659 North Texas Electric___ _Oct
25,010
20,290
64,985
62,594
Twin City Rap Tran_ 3d wk Nov 147,940 142,768 6,946,389 6,697,047
Jan 1 to Oct 31
252,170
194,744
398,053
365,088
Tri-City By do Lt Co_ October __ 235,360 222,217 2,194,466 2,035,465
Pensacola Electric
Oct
5,592
5,106
3,991
Underground El Ry
4,966
Jan 1 to Oct 31
58,780
50,349
37,422
41,365
of London
Three tube lines... Wk Deo 2 £14,380 £14,040 £654,095 £615,168 Puget Sound Electric__ _ _Oct
51,660
50,017
6,166
10,663
Metropolitan Dist_ Wk Dee 2 £12,006 £11,504 £558,698 £521,733
Jan 1 to Oct 31
504,098
508,312 def23,552
56,039
United Tramways_ Wk Dee 2 £5,204 £4,743 £312,180 £300,910 Savannah Electric
18,536
Oct
18,221
5
56
August __ 219,883 212,512 1,643,281 1,486,006
Union (lice)
Jan 1 to Oct 31
184,154
180,099
390
1,008
-UnionIty,G&EC0(I11) October__ 299,154 284,293 2,574,556 2,421,889
Oct
115,934
109,913
United Rys of St L.. October__ 1051,471 1041,837 9,910,980 9,597,604 Seattle Electric
85,184
119,480
Jan 1 to Oct 31
1,142,407 1,093,850
United RRs of San Fr October __ 700,271 670,295 6,511,043 6,337,515
837,355
835,790
60,599
Westchester El (flee) August ___
406,146
56,584
352,450 Tampa Electric
Oct
5,982
6,130
21,600
13,125
Ry & Lt October... 34,506
Whatcom Co
Jan 1 to Oct 31
314,260
334,893
35,602
65,224
52.172
201,893
171,517
57,201
59,107
Yonkers RR (Ree) _ _ August _ _ _
446,333
Union Ry, G & El (Ill) __Oct
63,476
58,025
74,656
77,796
20,686
Youngst & Ohio By. October_ _ _
18,886
196,086
173,891
Jan 1 to Oct 31
616,248
581,955
474,595
424,767
These figures are for consolidated company.
United Traction (Albany)
July 1 to Sept 30
140,849
131,985
x155,469
z146,604
-The following table gives
Electric Railway Net Earnings.
6,770
7,153
9,637
10,325
thereturns of ELECTRIC railway gross and net earnings Whatcom1Co Ry & Lt___Oct 78,393
Jan
to Oct 31
85,860
62,977
50,609
reported this week.
x After allowing for other income received.
-Gross Earnings-.
Net Earn tags
Current
Previous
Current
Previous
Year.
Roads.
Year.
Year.
Year.
$
$
10,593
Baton Rouge Eke Co_b_Oct
9,597
4,011
3,770
Jan 1 to Oct 31
96,311
89.421
35,056
31,558
Annual Reports.
-An index to annual reports of steam
Brockton ec Plymth_b_Oct
9,336
0,797
1,981
2,461 railroads,
street railways and miscellaneous companies which
Jan 1 to Oct 31
103,043
103,926
30,939
32,298
Cape Breton Elec Co_ b_ _Oct
31,650
30,406
16,404
17,049 have been published during the preceding month will be
Jan 1 to Oct 31
275,148
266,532
120,409
124,808 given on the last Saturday of each month. This index will
,
Palms / & East_a_Oct
Cleve
30,974
31,818
12,275
15,42; not include reports in the issue of the "Chronicle" in which
310,567
Jan 1 to Oct 31
301,199
140,741
145,75a
it is published. The latest index will be found in the issue of
44,451
Columbus (Ga) Elec_ b_ _Oct
42,736
23,380
25,813
401,047
372,764
• • Jan 1 to Oct 31
205,095 Nov. 25. The next will appear in that of Dec. 30.
214.770'
ANNUAL REPORTS°
1596
TIIE CHRONICLE
Buffalo & Susquehanna Railroad.
(Report of Bondholders' Committee Nov. 16 1911.)
The committee of holders of 1st Refund M. 4% gold
bonds, Alvin W. Krech, Chairman, and Lyman Rhoades
Secretary (15 Nassau St. N. Y. City), has sent a circular
dated Nov. 16 to depositors of said bonds under the agreement of May 4 1910, saying in substance (see V. 93, p. 524):
[VoL. Lxxxxin.
Central Vermont Ry.
(Report for Fiscal Year ending June 30 1911.)
Various facts from tables in the report are given below:
-Rolling StockLoco- Pass. Freight
Rails (Miles)
motives. Cars. Cars.
80-lb.
75-lb. 72-1b.
56-lb.
94
105
2,524
190.3
117.9
58.8
180.5
94
111
2,677
189.5
117.9
53.8
181.4
101
113
2,893
170.3
117.9
53.6
200.8
101
113
3,032
167.6
117.9
53.6
203.5
OPERATING STATISTICS.
1910-11.
1909-10.
1908-09. 1007-08.
Passengers carried
1,875,805
1,874,707
1,788,853
1,852,700
Pass. carried one mile_ 49,323,091 49,316,106 47,221,735 49,277,510
Earn. per pass. per mile_
2.40 eta.
2.34 cts.
2.24 eta.
2.29 eta.
Tons carried
3,949,973
3,678,366
3,252,245
3,111,971
Tons carried one mile_ _300,692,115 291,575,128 290,161,873 241.353,224
Earns, per ton per mile_
0.94 eta.
0.91 cts.
0.84 cts.
0.96 eta.
Earns, per ft
-train mile_
51.96
51.94
$1.68
$1.84
Earns. p. pass. train mile
$1.20
$1.16
$1.10
$1.09
INCOME ACCOUNT.
1910-11.
1909-10.
1908-09.
Operating Revenue$
$
$
Freight
2,818,477
2,642,118
2,426,997
Passenger
1,185,077
1,154,914
1,079,806
Mail, express, eco
334,090
291,379
288,529
Total operating revenue
4,337,644
4,088,411
3,795,332
Operating Expenses
Maintenance of way and structures_ _
407,823
494,843
474,903
Maintenance of equipment
631,138
725,628
461,454
Traffic expenses
94,680
110,854
08,372
Transportation expenses
1,656,782
1,896,710
1,724,268
General expenses
112,704
94,824
94,352
Taxes
146,763
133,125
119,478
Total
' 3,379,818
3,216,056
2,972,827
Operating income
957,826
822,505
872,355
Income from securities
43,720
22,980
33,720
Outside operations
6,611
9,128
9,069
Total
1,008,157
854,613
915,144
Deduct
Interest on bonds, &c
503,951
488,474
523,186
Leased line rentals
216,552
216,553
224,552
Hire of equipment
169,478
85,085
96,707
Miscellaneous rents, ece
4,719
2,915
11,488
Improvements, &c
23,206
62,631
30,275
Total deductions
917,906
890,370
851,495
Balance, surplus
90,251
24,774
3,117
BALANCE SHEET JUNE 30,
1911,
1910.
1911,
1910.
Assets
Liabilities$
Road & equipt_a_15,319,460 15,337,361 Capital stock
3,000,000 3,000,000
Bds. lsed, pledged 651,000
454,000 1st M.4% bonds_ _11,500,000 11,500,000
Securities In tress.. 117,000
314,000 Equip. trust certs. 515,000
624,000
Marketable seems.
35,000
75,000 Equip.,&c.,of leased
Stocks of affiliated,
companies
_ 6224,323 6224,323
&c., cos., unLoans & bills _pay. 450,000
270,000
pledged
117,915
117,915 Vouchers & wages. 836,193
668,145
Adv, to other cos_ 333,661
33,438 Traffic, &c., bal....
93,615
68,280
Misc. secs. pledged
40,000
Miscel. accounts__
140,410
109,749
Cash
142,738 Accrued int., &c....
133,425
84,687
84,992
Materials & supp_ 269,105
191,617 Accrued taxes....__
64,291
59,312
Agents & conduc_
151,457
106,570 Def. credit items_
34,861
75,718
Traffic, &e., bal....
58,390 Appropriated surp. 453,614
79,555
453,614
Miscel. accounts
190,170
277,709 Profit and loss___
91,830
11,548
Def. debit items
51,076
40,943
---- ----Total
17,488,824 17,149,690
17,488,824 17,149,690
Total
a After deducting reserve for accrued depreciation, $166,604.
b Equipment and personal property of leased companies is included in
road and equipment, per contra.
Note.
-The company also guarantees principal and interest on $200,000
Montreal & Province Line Ry. 1st M.4% bonds and $250,000 Central Ver-V.93, p. 1190, 288.
mont Transportation Co. 5% bonds.
June 301911
1910
1909
1908
Your committee is not yet ready to submit a plan of reorganization, and
we believe that the present operation should continue for several months
more. Several matters of importance to your interests, including questions
with reference to the Buffalo & Susquehanna By. Co. require further negotiation or settlement before such plan could be formulated satisfactorily.
Your committee believes, however, that you will be interested in the information summarized in the annexed statement.
Bonded Indebtedness of Railroad Company.
First M. 5% bonds dated Oct. 1 1903
$61,500
Refunding 4s, covering the entire property, including the "collateral securities" below described
9,370.000
Railroads Owned and Operated, Aggregating 265.25 Miles.
Trackage rights over the Buff. loch. & Pitts., near Juneau, Pa.._ _15.40
Length of line owned by Buffalo &Susquehanna RR. Co
230.01 m.
Controlled by ownership of entire stock and mtge. bonds and by lease
Wellsville Coudersport & Pine Creek RR., near Genesee, Pa.,
to Wellsville. N
10.11 in.
Addison & Susquehanna RR.,near Nelson, Pa., to Addison,N.Y. 9.73 in.
The company owns shops at Galeton which are sufficiently equipped to
maintain economic illy the rolling stock of both the Buff. & Susq. RR. Co.
and also the Buffalo & Susquehanna Ity. Co.
The company's roiling stock has been greatly improved in condition by
the receiver, and now Includes: 34 locomotives in good condition and 10
either undergoing or awaiting repairs; 23 cars serviceable for passenger, mail
and express serv,ce; 92 cars serviceable for work, wreck and maintenance;
1,782 freight cars, of which 1,480 are serviceable for commercial use, 53 only
for washer waste and mine rock loading and 249 unserviceable. This equipment, much of which is old and small, is insufficient for the company's
needs. The net expense for hire of equipment from July 23 1910 to June 30
1911 was $153,506.
"Collaterat Securities" Held by Met. Tr, Co., Trustee, Under the Refund'g Mtg.
-Three mortgages, due April 1 1951,
Powhatan Coal & Coke Co.
secured by its properties at Sykesville and Tyler, Pa.total _$1,582,424
Buffalo & Susquehanna Coal & Coke Co.
-Two mortgages, due
April 1 1951, secured by its coal properties at Sagamore, Dubois, Medix Run, Troutville and Onondaga, Pa., aggregate 1,201,598
Pledged after Execution of Ref. M., Except Directors' Shares, to Secure
$305,000 Loans from Goodyear Lumber Co.
$1,150,000
Buffalo & Susquehanna Coal & Coke Co. total capital stock
Powhatan Coal & Coke Co. (remaining $700 belongs to Buffalo
99,300
& Susquehanna Iron Co.)
50,000
Keystone Store Co.(remaining *35,000 owned by B. & S. Ry.Co.)
The foregoing stocks came within the "after acquired property clause"
of the refunding mortgage, and should have been deposited as further collateral under that mortgage.
-Annual Estimated Output
Coal Properties
-Remaining Life of Mines Est.
[Both companies also own coke ovens.]
Powhatan Coal & Coke Co.Annual Output. Est. Life.
Sykesville property
est. 250,000 tons 50 years
Tyler property
30 "
est. 325,000 "
Buffalo & Susquehanna Coal & Coke Co.Sagamore properties
1,000,000 tons 54 years
Dubois properties Shaft No. 1
7 "
300,000 "
' a t No. 2
500,000 "
15.6"
The Medix Run property of the Buff. & Susq. Coal & Coke Co. has been
carried on the books at 5366,637, but is not available for coal-mining purposes; the Troutville property,carried at $79,340,has never been developed,
and is not on the railroad; the Onondaga property has been carried on the
books at $634,597, of which $310,366 is for coal lands. The Onondaga
property was well equipped, but the mine has been shut down and partly
dismantled because of the quality of the coal and expensiveness of operation.
The operations of the Powhatan Coal Co. are controlled by a network of
contracts made in connection with the acquisition of its properties, whereby
its only income until its mortgages are paid is certain prescribed royalties
required to be applied. In paying said mortgages. Thus, whether its stock
has any value depends on whether any substantial amount of coal will be
left after its mortgages are paid.
Reading Company.
The Buffalo & Susquehanna Coal & Coke Co. has outstanding $2,400.000
bonds secured by mortgages subordinate to the mortgage above mentioned.
(Balance Sheets of June 30 1911.)
These bonds are all held by the Goodyear LumberCo.;interest thereon amountThe text of the annual report and comparative statement
ing to $525,250 has not been paid, and sinking fund requirements of $124,218 are unpaid. The use made of the proceeds of a very considerable part of earnings were given in the "Chronicle" of Sept. 23,
pages
of these 2d M. bongs tends, however, to support the claim that such part
Is not a valid debt of the coal company. To the extent that such a. 790, 802. The balance sheets of June 30 follow:
claim should be sustained, the amount of interest overdue would also be proREADING COMPANY BALANCE SHEET JUNE 30.
portionately reduced.
1911.
1910.
1909.
Assets
Operations of Buff. & Susq. Coal & Coke Co.for Fiscal Year ending June 30
Railroad equipment
1911.
34,610,518 33,783,761 32,910,348
Floating equipment
3,718,809
3,768,818
3,455,312
Sales (net tons), of which the Company produced 1,630,367 and
9,861,042 .8,015,053
9,059,028
purchased 27,008
1,666,375 Equipment accounts
eal estate
16,871,222 16,875,169 17,092,575
Net income, after including as income $39,600 interest accrued
20,000,000 20,000,000 20,000,000
on a loan to Buffalo & Susquehanna By. Co
$8,299 Phila. & Reading Ry. bonds owned
Bonds of sundry companies
27,465,268 25,540,956 24,296,973
This Interest is not collectible under present conditions, and It exPhila. & Reading fly. stock owned.... 42,481,700 20,000,000 20,000,000
cluded the income account, Instead of a profit, would show def. 331,300 P. & It. Coal &
Iron stock owned.... 8,000,000
8,000,000
8,000,000
-Result of Operation for Year ending June 30 1911. Stocks of sundry companies
Keystone Store Co.
53,141,215 53,141,441 52,757,677
Net earns. of Sagamore store (Onondaga store & mine being closed) _$7,897 Phila. ec Reading Coal & Iron Co........ 74,423,817 75,395,787 74,800,255
2,964,039
2,976,718
2,219,955
Results of Receiver's Operation of the Railroad July 24 1910 to June 30 1911. Sundry railroads, &c
Cash
2,496,555
5,255,586
5,306,112
Net income from operation of railroad (V. 93, p. 524)
1168a Accrued income
,n 0
348,188
355,864
432,026
• From this net operating income the receiver necessarily deducted,
l5
21,820
230,441
profit and loss account, the following two items incurred during the period: Philadelphia ec Reading By
Miscellaneous
1,093,903
1,144,428
396,822
Commission on placing receiver's carts., $4,800;fire loss in excess of ins.$248..
297,498,786 274,253,582 270,957,523
Total
To put the road,equipment and shops in good condition and furnish workLiabilities
ing capital, it was found necessary on Aug. 1 1910 to issue $255,000 receiver's certificates. These certificates matured Aug. 1 1911 and have been Stock (see "Ry. & Indus." section)_ _140,000,000 140,000,000 140,000,000
paid from earnings and by obtaining, as permitted by the mortgage, from Bonds (see "Ry. & Indus." section) _131,266,950 109,001,950 109,032,539
1,538,595
1,538,595
the trustee thereof, $138,437, which it had collected as interest on the col- Contingent account
1,538,595
Accrued interest and taxes (est.) _ _ _ 3,270,055
lateral mortgages mentioned above.
2,813,091
2,743,177
It is believed that the amount expended for maintenance or improve- Philadelphia & Reading By
112,175
80,179
ment of the physical properties during the aforesaid period is in excess of Current business
892,851
30,881
23
what would have to he expended for maintenance under normal conditions. Miscellaneous
899
360
21,392,984 20,094,021 17,612,172
Over 90% of the freight traffic of the railroad consists of coal and coke Profit and loss, surplus
and lumber and other wood products. Indications point to the continuTotal liabilities
207,498,786 274,253,582 270,957.523
ance, and perhaps increase, of the coal and coke traffic, but to a pretty
PHILADELPHIA & READING RY. BALANCE SHEF',7' JUNE 30.
rapid reduction of the traffic in lumber and wood products, aggregating
1910.
1911.
about 20% of the whole, but being a more remunerative traffic than the
1911,
1910.
Assets$
coke and coal. Pending negotiations may result in increase of coke ovens
$
at Sykesville, thus increasing coke traffic and the annual output of the Road & equipt.a102,918,051 99,808,609 Stock
42,481,700 20,000,000
Marketable secur. 1,477,110
mines there.
1,266,110 Bonds(see "Ry.
3,760,687 5,350,103
It is too early to estimate the effect on the railroad company's income of Cash
& Ind." sec.). 49,131,752 67.881,752
the recent disaster at Austin, resulting from the destruction of the dam Advances to prop.,
Bonds, &c., mat.
2,545,700
1,097,904
&c., cos
above that town.
554,924 Mtges & ground
Separate accounts not having been kept in the previous years, there Is no Traffic, &e., bal. 4,716.934 4,521,059
201,831
rents
199,831
basis for separate comparison, but the combined results of the rail- Due from agents. 1,790,154 2,115,413 Vouchers & wages 3,685,615 3,911,933
roads of the railroad company and the railway company by the receiver Materials & supp. 2,958,038 3,350,434 Int. & rents mat.
307,974
403,293
236
show a gratifying increase over the year 1909-10. (Compare V. 93, p. 524.) Loans & bills rec.
236 Traffic balances &
2.171
raised. accts. 2,990,130 3,004,852
12,049
Income from Collateral and Total Income for Year ending June 30 1911. Aced. Inc. on sec.
Insurance fund_ 1,023,201
1,034,409 Int. taxes, &c.,
Net income as above from railroad operations
154,680 Other deferred
accrued
1,425,333
1,502,161
For year ending June 30 1911 the interest on said mortgages paid
was$
debit Items_
118,296
49,130 Oper. restrves
727,483
1,392,669
to the trustee aggregated
133,386
Insurance fund_
988,355
96
§,284
Receiver's estimate of RR's earnings for first 23 days of July 1911_ 20,000
Other def. credit
items
101,021
71,052
income for a full year
Total
$308,068
Approp. surplus 88,167,602 84,814,043
As noted already, the Powhatan company mortgages are being paid off
Surplus
9,655,986 11,372,906
by application of royalties, amounting now to approximately $50,000 annually. Hence the interest to be received on said mortgages will diminish
Total assets...119,862,782 118,068,476 Tot. liabilitles.119,862,782 118,068,470
as they are paid off. The trustee of the railroad mortgage now holds an
a For details in 1911 sec V.93, p.808. b Appropriated
aggregate of $103,623 of such royalties, applicable upon foreclosure, to expenditures on property through income since June 30 surplus represents
1907 and charged
pro rata payment upon the outstanding bonds.
-V.93, p. 1531, 524.
as an asset.
ow
TIIE CHRONICLE
DEC. 9 1911.1
PHILA. & READ.COAL & IRON CO.BALANCE SHEET JUNE 30.
1909.
1911.
1910.
8
Assets$
$
49,913,026 50,385,196 51,410,789
Coal lands
838,828
841,691
841,568
Timber lands
724,507
839,540
700,097
New York & Eastern depots
1,651,644
1,046,446
1,351,571
Western yards and depots
553,138
553,138
553,138
Miners' and other houses
391,463
376,169
376,169
Pottsville shops, real estate, &c
851,892
851,892
851,892
Storage yards and washeries
388,425
386,339
364,339
Other real estate
Improvements and equip. at collieries 12,959,224 12,959,224 12,959,224
9,563,915
9,563,915
9,554,915
Stocks and bonds of cos. controlled
300,000
Loans to controlled cos
456,941)
678,200
358,769
Cash on hand
3,480,268
3,109,475
3,283,663
Coal accounts
29,647
Rent accounts
35,228
23,934
Companies and individuals
834,524
734,917
481,365
3,333,268
Coal on hand
3,817,482
3,525,700
Supplies and materials on hand
1,517,489
1,324,011
1,406,986
Depletion of coal lands fund
401,302
300,004
Stocks, bonds & mtges. owned, &c
74,251
73,151
72,905
.
Total assets
87,999,254
LiabilitiesCapital stock
8,000,000
Bonds (see "Ity. & Indus." section) _ 1,140,000
• Reading Company
74,423,817
Pay-rolls and vouchers
1,147,656
Phila. & Reading By.current account 1,274,437
Interest, taxes and miscellaneous__
725,225
Profit and loss
1,288,119
88,214,307
88,153,243
8,000,000
1,170,000
75,395,787
980,244
564,933
711,908
1,391,435
8,000,000
1,200,000
74.800,255
• 985,771
901,591
802,690
1,462,936
1597
MASSACHUSETTS ELECTRIC COMPANIES
-INCOME ACCOUNT
YEARS ENDING SEPT. 30.
Income1910-11.
1909-10.
1908-09.
1907-08.
Divs, on stocks owned__
$481,244 $1,040,029
$967,630
$880,841
Int. on notes, &c
127,169
162,084
172,830
107,962
Total income
$643,328 $1,212,859 $1,094,799
Expenses
Salaries-General officers
$12,875
$13,917
$13,250
Legal and miscellaneous
7,292
10,726
6,145
166,500
Interest
181,537
157,500
Divs. on pref. stocks_.... (4)822,296(3%)770,903(2 )513,935
$988,803
$11,000
8,396
157,500
$1,008,963
$977,083
Total
8176,896
$690,830
def.365,635 sur.$235,776 sur.$403,969 sur.$811,907
Balance
MASSACHUSETTS ELECTRIC COS.--GEN. BAL. SHEET SEPT. 30.
1911.
1910.
1911.
1910.
Assetss
$
Liabilitiess
$
Sundry stks.,&c.,l
Preferred shares_ _20,557,400 20,557,400
in treasury_ __ _ 38,027,870 131,487,545 Common shares_ _14,293,100 14,293,100
Stock dep. to sec.!
Coupon notes_ ___ 3,700,000 3,700,000
coupon notes_ _ J
i 6,250,000 Vouchers payable.
120
612
99,656
Cash
38,504 Accrued Interest on
Notes rec. oper.cos. 3,115,000 3,270,000
coupon notes_ __
41,625
41,625
Arc.
4,570
7,07!) Div &coup.uncl'm
Cash for coup.,
4,570
7,079
Divs. receivable_
562,614 Profit & loss, surp. 2,650,290 3,015,926
41,247,105 41,615,742
Total
Total
41,217,105 41,615,742
-V. 93, p. 1462.
United Fruit Company.
(Report for Fiscal Year ending Sept. 30 1911.)
The full text of the remarks of President Andrew W.
87,999,254 88,214,307 88,153,243
Total liabilities
Preston, affording many particulars regarding the property
-V. 93, p. 802, 790. 230.
and its business, and also comparative income account and
balance sheets for two years, &c., will be found on subseMassachusetts Electric Companies, Boston.
quent pages. Further facts compiled from the report and
(Report for Fiscal Year ending for Parent Company Sept. 30, the usual comparative tables for several years follow:
for Operating Companies June 30 1911).
LOCATION AND BOOK VALUE OF PROPERTY OWNED.
Total Acreage
Plants and Equipment,Book Cost
-Pres. Gordon Abbott, Boston, Dec. 1, wrote in substance:
1911.
1910.
1909.
1911.
Results.
-Last year the report included for the operating companies the
earnings for July, August and September. This year the report contains
those months again, the fiscal year of said companies now ending on June 30
Instead of Sept. 30 as heretofore. [The fiscal year of the holding company
-Ed.]
still ends Sept. 30.
The results for the year may fairly be considered satisfactory, in view of
the unsettled conditions of general business. Gross earnings increased
$434,458, or 5.14%; fixed charges increased $81,466, and net divisible income showed a gain of $12,248.
Dividends on the common stocks of the Boston & Northern and Old Col-that is,
ony Street railways were continued at the same rates as last year
5% and 6%, respectively-but the change in the fiscal year has resulted
in their paying one dividend instead of two into the treasury of the Massachusetts Electric Cos. during the past fiscal year of those companies.
-No additional preferred shares of the operating comCapitalization.
panies were sold during the year, but 2,919 shares of the common stock of
the Old Colony Street By. were issued and were bought at par by the Massachusetts Electric Companies. Bonds of the Boston & Northern amounting
to $2,270,000 and bonds of the Old Colony amounting to $485,000 have
been sold during the year, and tile proceeds used to pay off the floating debt
of $500,000 not held by the Massachusetts Electric Companies and to pay
for further work on improvements and additional facilities required by increasing business.
-During the year which ended June 30 last
Expenditures on Property.
$1,507,108 has been spent on the property, divided as follows:
$397,113 Overhead lines & feeders_4100,484
Track construction
584,244 Power stations
23,723
Track reconstruction
Land and buildings
906,896
Cars and electrical equip104,380 Hyde Park power sta., &c__ 90,268
ment
During the year 9.694 miles of new track have been constructed, 32.569
miles reconstructed and work on 2.081 miles of track reconstruction was
In progress at the close of the year. 170.83 miles of overhead and 10.36
miles of underground feeder and transmission cable have been constructed;
also, 10.78 miles of underground conduit. Four express cars, 4 work cars,
4 vacuum cleaning cars and 13 snow plows have been equipped and put into
service. Buildings for express terminals at Quincy and at Neponset have
been completed.
The reconstruction of the Hyde Park station-providing 600 k. w. of
modern generating machinery, with additional boiler capacity
-has been
completed, as well as all other work mentioned In the last annual report as
being in progress.
A 1-200 k. w. generator for East Woburn and additional boilers for East
Woburn, Salem, Lynn and Chelsea have been contracted for.
Merger.-Aeting under authority granted in Chap. 323 of the Acts of
the Legislature of 1911, the Boston & Northern and Old Colony companies
were consolidated as of July 1 last. On Aug.8 the name of the consolidated
company was changed to Bay State Street By. Co.
Directors Recommend the Issue as of July 1 Next of Pref. Shares to Be Offered at par to Present Pref. Shareholders in Discharge of the Arrears of Dividends on the Pref. Stock, which Now Amount to $3,648,938.
-[Here followS
the statement already given in substance in V. 93, p. 1462.
-Ed.]
CONSOLIDATED INCOME ACCOUNT OF OPERATING STREET
RAILWAY AND ELECTRIC LIGHT COMPANIES.
Year end.
Years end. Sept. 30
J'ne 30 '11. 1909-10.
1908-09.
1907-08.
$8,881,521 $8,560,949 $8,052,356 $7,809,010
Earnings
5,557,304
5,360,295
Expenses
5,148,397
5,001,517
Net earnings
Interest, rental, taxes
$3,324,217
1,838,579
$3,200,654
1,702,937
$2,903,959
1,778,129
$2,807,493
1,784,438
Divisible income
Dividends
$1,485,638
1,169,090
$1,407,717
1,130,501
$1,125,830
1,000,464
$1,023,055
880,773
Balance
$316,548
$277,156
$125,366
$142,282
Note.
-The surplus brought forward June 30 1910 was $216,707, snaking,
with the surplus for the year ending June 30 1911, $316,548; accumulated
profit on sales of scrap, $33,549, and adjustment of accounts, $2,827, a
total of $569,631, from which were made the following deductions, aggregating $341,909, viz.: Reconstruction, $173,001; premium on bonds redeemed, $2,796; replacement, $159,112; depreciation, $7,000; leaving a
surplus as of June 30 1911 of $227,722.
Costa Rica 177,659 176,474 166,918
Cuba ____ 92,100 90,270 90,258
Guatemala 90,620 80,549 50,000
Jamaica __ 34,084 34,182 29,636
Republic of
Colombia 33,671 30,032 11,265
Republic of
Panama 45,559 43,588 53,048
$8,086,055
7,109,695
1,579,330
2,735,211
1910.
$8,459,691
6,770,437
1,075,633
2,496.402
1909.
$8,448,322
6,947,702
847,776
2,324,299
646,208
475,235
415,519
5,885,727
5,431,102
4,706,010
Total'.. 473,693 455,095 401.125 $26.042,227 $24,708,500 $23,689,629
*Also leases 4.354 acres In Costa Rica and 26,777 acres in Jamaica.
BOOK COST OF COMPANY'S LANDS, &c.
1911.
1910.
1909.
1908.
$9,499,957 $9,420,058 $9,062,372 $8,970,886
Lands
1,380.304
Houses and buildings_ _ _ 1.755,390
1,300,899
1.202,773
Cultivations
a4,541,878
4,751.656
4,718,156
4,268,608
966,695
799,354
Live stock
765,303
771,442
214,780
Tools and machinery
193,503
192,303
199,688
Ralb.vays
5,856,633
5,326,887
4,865,509
4,073,197
101,442
Telephones
96,075
92,574
86,729
Wharves, lighters, &c.._
376,899
383,366
341,211
342,341
Merchandise (stores)...._
730,670
632,163
607,561
591,702
572,410
Material on hand
437,601
456,207
564,369
Sugar mill
1,425,472
1,287,533
1,287,533
1,287,533
Total
$26,042,227 $24,708,500 $23,689,629 $22,359,270
a The book valuation of banana cultivations has been written down by a
special charge of $587,508 to income account.
Total head of cattle Sept. 30 1911, 20,004, against 18,104 in 1910 and 17,352 in 1909; horses and mules, 4,136, against 3,553 in 1910 and 3,214 In
1909; miscellaneous, 232, against 271 in 1910 and 1909. Railways owned.
604 miles, against 542 miles in 1910.
INCOME ACCOUNT.
1910-11.
1909-10.
1908-09.
1907-08.
Net earns, from tropical
fruits and other oper_ $4,277,623 $5,912,294 $3,871,833 $3,723,511
Miscellaneous income___
761,117
640,282
516,817
317,580
Total income
Deduct
Interest on bonds
Dividends (8%)
$5,038,740
$6,552,576
$4,388,650
$4,041,091
$327,771
2,164,712
$260,583
1,877,472
$220,771
1,707,042
$94,746
1,584,484
Total deductions
$2,492,483
Balance,surplus for year $2,546,257
13,787,326
Surplus previous years
Prem, on sale of stock.. _ 1,125,000
$2,138,055
$4,414,521
12,006.805
$1,927,813
$2,460,837
10,036,450
$1,679,230
$2,361,861
9,752,050
Tots.] surplus
Extra div.(10%)
$17,458,583 $16,421,326 $12,497,287 $12,113,911
2,459,900
2,134,000
1,940,000
Balance, surplus
$14,998,683 $14,287,326 $12,497,287 $10,173,911
Direct charges to profit
and loss
x1,235,685
500,000
490.182
137,461
Surp. as per bal. sheet.. _$13,762,998 $13,787,326 $12,006,805 $10,036,450
z Includes special charge, mainly for depreciation on cultivations and
transportation equipment, 8947.685, and discount on debentures sold
within the year, $288,000.-V. 93, p. 1539, 1390.
American Soda Fountain Co.
(Report for Fiscal Year ending Aug. 31 1911.)
Treasurer I. F. North in his report said:
The company is able to announce a marked improvement In Its affairs
at the close of the fiscal year ending Aug. 31 1911, as compared with the
same period in 1910. Notes payable, as shown in our report of Aug. 31
1910, amounting to 8104.040 have been paid, and company now has no
outstanding notes, and Its entire indebtedness is for current bills and selling
commissions not yet due.
CONSOLIDATED BALANCE SHEET OF ALL STREET RY. AND
The reduction of manufacturing and operating expenses, together with a
ELECTRIC LIGHT COMPANIES CONTROLLED BY THE
larger volume of sales this year, is reflected In the operating profit of $125,MASSACHUSETTS ELECTRIC COMPANIES.
518. Additional losses chargeable to the readjustment period of the business reduce the net profit to $25,757.
J'ne 30'11. Sept. 3010.
J'ne 30'11.Sept. 30'10.
The large percentage of cash business during the past year has resulted
LiabilitiesAssets
$
$
In giving ample working capital to increase its business during the coming
92,754,391 43,200,705 Common stock_ _ _19,334,800 19,042,900 year without resort to borrowing from banks, and It is reasonable to expect
Property
028,757 Preferred stock_ __ 2,088,600 2,088,600 that at the end of our present fiscal year a satisfactory profit will be shown.
Cash
724,879
Funded debt
Newport & F. R.
20,673,000 18,434,000
BALANCE SHEET OF AUG. 31.
Notes with Maa
bonds in treas.._
50,000
Assets-Liabilities1911.
1910.
128,083
Acets receivable_
Electric Cos__
128,281
3,115,000 3,270,000 Cash
$193,233 $137,o01 Accts. payable__ $14,726
$18,224
80,597 Notes payable
Coupon deposits__ 275,757
500,000 Customers'accts._
111,283
156,890 Notes payable..
104,040
Sinking & redempVouchers, ace'ts,
25,734
12,222 Accrued Interest_
Other accts. rec...
508
tion funds
54,548
salaries, &c_
62,080
257,773
344,768 Notes ree.&acc. Int 544,951
625,100 Accrued taxes_ _ _ _
6,448
7,387
Acc'ts in suspense 117,680
131,845 Coup's outstand'g 275,758
80,598 Insur. prem. prep'd
2,035
3,107 Commisslons not
Prepaid taxes, MInt.,rentals&taxes 402,448
674,182 Merch. inventory_ 332,792
333,914
yet matured___
28,994
19,159
aur. and rentals_
110,027 Divs. decI'd unpaid
55,497
562,662 Mach'y, tools, ikc.. *143,708
157,992 Surplus
1,333,565 1,807,808
Lease accounts..__
15,915
73,444 Accident,&c.,fundo 292,702
231,411 Stock in other co's
10,900
10,900
Mat'is & supplies_ 859,932
769,316 Depr.fd.H.P.E1.
5,522
1,206 St Louis real est_
19,097
19,097
DLscount on bonds 5798,733 x532,845 Prem. on pref. tk. 258,480
258,480
Reconstruction_ __ 1,088,660
Surplus
227,722
221,360
$1,383,733 $1,457,126
Total
Total
$1,383,733 $1,457,126
Total
46,931,805 45,710,167
Total
46,931,805 45,710,167
*After deducting $82,081 for depreciation.
Patents and good-will, which represented an item of $1,582,441 in previous years,
x To be written oft during life of bonds one-fiftieth each year,
are not included as an asset lathe above comparative statement.-V.93,p. 1261.1106.
THE CHRONICLE
1598
United States Bobbin & Shuttle Co.
(Balance Sheet of Oct. 11 1911.)
-1911.
Assets
$354,978
Real estate
389,660
Machinery
Material &supplies 385,426
93,697
Cash&debts recelv.
116,770
Insurance fund___
Patent rights
756
•
Good-will
659,800
$331,o06
372,194
339,414
202,257
110,414
650
659,800
Total
$2,001,087 $2,016,335
-V. 91, P. 1511.
Liabilities
1910.
1
65 ,600
Capital stock
$1, 91 1
$1,651,000
Accounts payable.
3,004
Reserve for Insur110,414
ance
116,770
254,920
230,313
Surplus
Total
$2,001,087 $2,016,335
Cudahy Packing Co., Chicago.
(Report for Fiscal Year ending Oct. 28 1911.)
TOTAL SALES FOR PAST EIGHT YEARS.
$62,722,755
1911
$71,988,213 11905
$87,803,856 1908
50,828,638
79,886,479 11904
1910
93,315,696 1907
69,319.158
1009
84,420,766 1906
Note.
-In 1911 a grea er tonnage was produced but the sales value was
less by reason of reduced prices.
INCOME ACCOUNT YEAR ENDING OCT. 28 1911.
1908-09.
1909-10.
1910-11.
$830,334 $1,464,952 $2,699,556
Profits before repairs, eco
252,337
250,264
Ordinary repairs1
451,027(
Extraord. repairs (impts. &Gov't}
193,498
187,823
l
inspection requirements)
Profits for year
Deduct
Preferred dividend (6%)
Common dividends (7%)
Extra common dividend (3%)
$379,307
$1,019,117
$2,261,469
$120,000
$120,000
700,000
$120,000
700,000
300,000
[VOL. Lxxxxin.
Boston (Mass.) Belting Co.
(Balance Sheet of Sept. 30 1911.)
At the annual meeting Nov. 28 Pres. Thomas A. Forsyth,
it is reported, said in substance:
The volume of business as compared with the previous yeitr has been
reasonably satisfactory, but the results have not been as favorable as we
had hoped, and this we ascribe chiefly to the following causes:
In the summer and fall 01 1911 the price of crude rubber continued high,
the market gradually declining. The rubber that we used daring the first
half of our year was of necessity comparatively expensive stOck. Competition has been extremely keen, owing to restricted purchases on the part
of large consumers, notably the railroads, which have been much less than
normal. It was not possible to obtain adequate prices for many classes
of goods.
For some time past the cost of rubber and cotton fabrics has been upon
a much more reasonable basis, and it is generally. expeeted that the prices
of these commodities will not fluctuate in thefuture to the extent- that has
been the case during past years, so that the outlook in this respect is
more satisfactory.
Our new branch stores In San Francisco and Chicago have made a showing fully up to expectations considering the limited tlmd during which they
have been in operation. The outlook for a satisfactory increase in the
volume of our business from these points, especially Chicago, is most
encouraging.
BALANCE SHEET.
•
1911.
1910.
1010.
1911.
Liabilities
Assets
1,000,000 1,000,000
324,712 324,712 Capital stock
Real estate
800,000 800,000
Mach., tools dr flxt's. 367,591 348,086 Reserve fund
454,000 422,000
79,619 Notes payable
39,807
Cash
9,500
82,340 Unsettled bills
Bonds receivable _ -.1
Acc'ts & notes rec'1e4 874,7321 120,931 Profit and loss sur222,165 337,610
plus
I. 613,000
Investment acc't___J
878,673 983,002
Merchandise
150
7,917
Miscellaneous
$199,117 $1,141,469
$259,307
Balance, surplus
-------- ________
BALANCE SHEET OCT. 28 1911.
2,485,665 2,559,610
Total
1910.
1910.
2,485,665 2,559,610
1911.
Total
1911.
Liabilities
$
-V.91, p. 1764.
3
AssetsPreferred stock___ 2,000,000 2,000,000
Plants, property,
Consumers' Gas Co. of Toronto.
equipin't, &c_ _x10,210,039 9,699,731 Common stock.._ _10,000,000 10,000,000
1,065,154 1,538,455 First mtge. bonds_ 4,538,000 4,525,000
Cash
(Reportfor Year ending Sept. 30 1911.)
6,150,267 6,253,931
City & c'try acc'ts 3,799,435 4,022,230 Bills payable
62,054 Due for sundry pur38,439
Bills receivable_ _ _
President John L. Blaikie says in substance:
172,482
chases
223,166
General acc'ts (per492,986 General accounts
sonal, RR., &c.) 424,231
-For the year this amounted to 2,843,041,000 Cu. ft.,
Output of Gas.
(personal, rail161,209
Unexp. Insur., &c. 150,419
as compared with 2,621,247,000 cu. ft. In 1910.
637,428
roads,wages,&c.) 621,546
273,490
-New mains were laid representing an extension of 33 miles
Additions.
Advances on purch. 599,266
152,649 (the system now totaling 456 miles), also 6,152 new services. The new
Employees' depos.. 106,561
Consigned mdse.
3,528,016 3,328%898 holder at Station "B," having a capacity of 5,000,000 Cu. ft., was put
unsold (net)__ _y2,838,763 y3,103,556 Surplus
z379,307 z494,117 into commission on Aug. 18. There has been added to the manufacturing
Product &supplies 7,642,173 7,228,497 Profit for Year..
669,940
plant at Station "B" 11 benches of twelves "through" retorts, capable of
Stocks and bonds. 547,123
312,357
321,821
producing over 3,000,000 cu. ft. of gas per 24 hrs., which brings the total
Other assets
manufacturing capacity of this retort house plant up to 5,000,000 Cu.ft. per
27,636,863 27,564,505 day. The new retort settings will be operated by modern mechanical stoking
Total
Total
27,636,863 27,564,505
estate, buildings and machinery at machinery. The plant is nearing completion and will be ready for operaz Includes in 1911 packing plants, real
South Omaha, Kansas City, Sioux City, Wichita and Los Angeles, $6,827,- tion by Nov. 15. There has also been installed at Station "B" one 300-h.p.
693; Calumet property. $180,909; sales branches, real estate and buildings, marine type boiler, one rotary exhauster of 5,000,000 cu. ft. capacity, con$1,691,666; sales branches, equipment, $250,051; car and refrigerator densers, tar extractors, washer-scrubbers and purifiers, each capable of
dealing with 2,500,000 cu ft. of gas per day, and a 50-h.p. gas engine.
tee, $1,260,620.
The great increase in the number of customers has necessitated further
it After deducting $264,650 for advances in 1911, against $320,364 in '10.
z The "profit for year" is stated in the balance sheet for 1911 before de- alterations to the office premises on Toronto St.,.also more commodious
ducting any dividends; for 1910, before deducting the pref. dividends premises for the gas appliance branch.
-The directors were glad to be able to reduce the net price of
Price of Gas.
($120,000), and the last quarterly dividend ($175,000) on the common
gas on Jan. 1 1911 to 70c. per 1,000 cu. ft., the gross price remaining, as
-V. 93, p. 1536.
stock.
•
formerly, 51 per 1,000 cu. ft., the difference representing the discount alGranby Consolidated Mining, Smelting & Power Co., Ltd. lowed for prompt payment of accounts. stook of a par value of $384,500
-On April 18 7,690 shares of 110W
Stock.
were disposed of at public auction, realizing an average premium of 92.64%
(Report for Fiscal Year ending June 30 1911.)
(V. 92, p. 1112).
President George Martin Luther says in substance:
OPERATIONS AND FISCAL RESULTS.
1908-09.
The average cost per ton of ore mined and treated has been less than in
1907-08.
1909-10.
1910-11.
1,089
any previous year. Had we been able to operate at full capacity, this cost Street lamps, No
(?)
1,063
(?)
58,513
65,349
would have been further reduced. In Aug. 1910 fire destroyed the No. 3 Meters, No
53,368
72,544
ore bins and equipment, necessarily reducing shipments. Difficulties in Receipts from gas rents_ $1,857,071 $1,799,246 $1,537,000 $1,410,900
obtaining coke supplies, and finally the strike of the miners of all the coal Income from coke, tar, &c. 357,802
271,715
200,766
176,463
mines in British Columbia and Alberta, have added to our troubles and
costs. The metal yield has also been slightly lower, as has been the price
$2,214,873 $2,070,061 $1,737,766 $1,587,363
Total income
obtained for the copper produced. These facts have naturally resulted in Oper. exp. and taxes
1,133,682
1,316,201
1,030,541
1,517,867
a lessened profit per pound of copper. As a final result of the coal strike,
which has lasted since about April 1, the mines and smelter were all closed
$604,084
$556,822
$754,760
$ 697,006
Net earnings
on Aug. 10 1911. The plants, however, have been fully maintained, and Int. from debens., &o....
3,712
3,290
3,811
13,234
all repairs and developments have been charged to expense.
The acquisition of the Hidden Creek Copper Co. appears to have been a
5560,633
$607,374
$758,473
$710,240
Total net Income
wise step, as all developments up to date fully confirm the information
Deduct
furnished by our engineers. Unless unexpected difficulties occur, it Is Interest
$2,828
$11,563
$4,834
hoped that production will commence on a large scale before the end of 1912. Dividends (10%)
313,050
342,167
$416,180
373,166
223,387
308,548
FOREIGN ORE.)
342,768
324,992
Renewal fund (5%)
PRODUCTION (INCLUDING IN FIRST TABLE
All Metals Produced
-Tons Smelted
def.$48,708 sur.$55,481 def.$54,904 sur.$21,368
Gold, Or. Silver, Or. Copper,Lbs. Balance for year
Total.
Granby.
10,836,851
274,511
30,786
301,100
293,645
BALANCE SHEET SEPT. 30.
1902
16,020,986
275,935
54,493
556,531
516,059
1904
1910.
1911.
1911.
1910.
19,939,004
316,947
50.020
832,346
796,188
1906
$
$
Liabilities$
$
Assets21,092,288
300,204
40,068
882,611
858,432
1908
7,783,403 6,966,220 Stook
4,370,500 4,000,000
Plant, &o
21,901,528
335,520
45,760
984,733
964,789
1909
172,012 Reserve fund__ _1,000,000 1,000,000
22,754,899 Materials, &c...... 231,581
356,746
48,752
1,175,548 1,197,377
1910
10,609 Renewal fund__ 851,477 732,048
Horses, &o
984,346
959,563
1911
655 Sundry aco'ts__ 163,286
92,509
Meter test equip.
1901-11 (total) _7,222,654 7,475,495
1,809 Special surplus
165
Cash
RESULTS FOR YEARS ENDED JUNE 30.
165,332
account
28,704
77,412
Debentures _ _ 223,374
302,203 Stook premium
1907-08.
1908-09.
1909-10.
1910-11.
Acc'ts receivable 109,811
Sales(1904)
2,263,870 1,920,453
17,858,860 22,750,111 21,901,528 21,126,926 Dominion Bank.. 329,503 203,492
Copper, fine (lbs.)
$0.13 1-3
$0.1322
$0.12912
$0.1232
Average price received_
Total •
8,677,837 7,822,422
8,677.837 7,822,422
300,593
343,178
Total
355,749
Sliver, line (oz.)
335,521
$0.56 5-8
$0.535
$0.5233
$0.5125
The dividend recently paid was No. 246.-V. 93, p. 1262.
Average price received_
40,139
45,761
41,707
48,804
Gold, fine (oz.)
$
$
5
5
3,790,184
3,983,537
4,099,925
Gross income from sales_ 3,219,272
Working exp. at mines &
smelter, freight, refin3,013,396
3,343,150
3,136,122
RAILROADS, INCLUDING ELECTRIC ROADS,
ing, selling & gen. exp_ 2,710,073
170,266
191,828
166,280
Foreign ores purchased.... 291,783
Algoma Central & Hudson Bay Ry.-Bonds.-The Lon3,183,662
3,001,856
3,534,978
3,302,402
Total expenses
606,522 don Stock Exchange has listed a further .050,000 1st M.
564,947
217,416
681,134
Net profit
Deduct
5% bonds, making the total listed .e1,274,600.-V.92,p.1635.
74,841
Exploration expenses_
23,100
Bonus to employees
-Bonds Offered.
-Perry, Coffin &
Boston Terminal Co.
(1)148,481 (2)270,000 (2)270,000 (5)675,000
Dividends paid
266,155
10,000
228,999 Burr of Boston are offering the $500,000 1st M. tax-exempt
Depreciation fund
82.787
60,674
Interest paid
334s due Feb. 11947, recently awarded to them. Price on
437,628
927,099 application. Total amount authorized and outstanding,
596,829
148,481
Total deductions.._ _ _
Surplus or def. for year__ sur,68,935 def.31,882 sur.243,506 def.320,577
$14,500,00.-V. 93, p. 1461, 1323.
202,435
'
Discount on shares sold__
2,698,687
2,455,181
Sum. from previous year 2,464,370
-Report of Committee.
-See
Buffalo & Susquehanna RR.
2,464,370
2,698,687
2,455,181
Total net Sum. June 30 2,533,305
There was expended in the last fiscal year in new construction and "Annual Reports."
,equipment at smelter. $3,843. Mine development, 9,894 lineal feet; diaProposition to Operate as Coal Property.-Gustavus Babson
mond drill development, 8,207.5 lineal feet.
of Chicago and brothers, being large holders of Buffalo &
BALANCE SHEET JUNE 30,
Susquehanna Railroad 4% and Railway 434% bonds, have
1911.
1910.
1910.
1911.
S
Liabilities-'
had an engineer spend four weeks inspecting the property.
$
$
AssetsCapital stk. Issued.14,849,565 14,849,565 As a result of this Inspection, they have made
Real estate, mach.,
recommenda176,585
bidgs. & equip_ _15,218,380 15,253,515 Accts.,&c.,payable 119,592
com962,622 Dividends held for
tions which will be considered by the 4% and the 4
Stocks and bonds. 1,208,890
1,606
liquidator
1,556 mittees on Dec. 10. A letter dated Dec. 5 says in substance:
Cash, copper, &c.,
733
636
on hand
920,513 1,011,971 Div. checks unpaid
Briefly stated, our information is such that we are convinced that the
264,604 Surplus
2,533,305 2,464,370
Fuel & store supp . 160,018
---- ---- success of the property is assured by operating it as a coal property; by deTotal
17,504,801 17,492,712 veloping a selling organization and by replenishing our coal supply at Du
17,504,801 17,492,712
Total
Bois, adjacent to our present shafts (Nos. 1 and 2), which are now nearly
-V. 93, p. 942, 799.
GENERAL INVESTMENT NEWS,
7
2,7- -5-,758
"
DEC. 9 1911.]
• THE CHRONICLE
worked out. We feel that.a comparatively small investment in coal lands
in the Du Bois district will make all of our bonds good. If the bonds are
to pay interest, it must be from coal mined at Du.Bois. In fact, the committees have received a proposition which we are confident will let all
out whole if they will only buy this additional coal land, and buy it at once.
—V. 93. p. 1.531, 524.
Calumet ,& South Chicago Electric Ry.—Bonds.—This
company, which i8 part of the Chicago City Ry. system,
has sold an additional $500,000 5s, making total out $4,000,000
A block of $100,000 of these bonds is offered by the let Nat. Ilk. of Chic.
at the market,.yielding over 5.10% income. See V. 93, p. 345, 666.
1599
faction, has not asked for possession of the road and that he has ignored him.
He states in his report for the fiscal year ending June 30, in commenting on
the action of John G. Webb and Guy M. Walker in confessing judgment
in favor of Leffler & Bland for $235,000 on a general claim: "This was intended to embarrass your receiver so that he would be compelled to default
In the payment of bond interest, and thus compel the sale of the road on a
basis that would freeze out every one except a few favored by Webb and
Walker." Gross receipts for the year are reported as 8385,345, against
$352,658 for 1910; net earnings, $4,302, against $801 In 1910, and a deficit
of $2,517 in 1909.—V. 93, p. 407, 286.
Columbus (O.)Interurban Terminal Co.—Additional Bonds
Authorized.—The Ohio Public Service Commission on Nov.28
authorized the company to issue $125,000 additional 25-year
5% bonds.—V. 93, p. 1532.
Dardanelle Ola & Southern Ry.—Sale.—Judge Youmans
on Nov. 28 confirmed the report of Special Master Wellshear fixing the amount of claims against the road as approximately $250,000.
Canadian Northern‘Ry.—Offering.—See Canadian North:
ern Ontario Ry..below.--- -V. 93, p. 1531, 1461.
Canadian Northern Ontario Ry.—New Loan to be Offered in
London.—Cable dispatches from London on Dec.6 announced
that Z7,000,000. 50-year 332% debenture stock (V. 93,p.
1190; V. 92, p. 1635, 1309), guaranteed by the Dominion
Government, is to be offered shortly in that market.—
The road, extending from Dardanelle to Ola, Ark., 15 miles, was sold on
Feb. 9 by order of court dated Dec. 9 1910 to W. V.Delahunt of St.Louis.
V. 93, p. 1259, 1190.
The sale was confirmed in June last. There were outstanding $160,000 bds.
According
month
Carolina Power 85 Light Co.—Inspection of Properties— Rock Island.to a press dispatch the road was purchased lastRock by the
It has
Island &
New Hydro-Electric Plant of Yadkin River Power Co.—S. Z. Dardanelle Ry., with been reorganized under the name of theV. and Gen.
W. C. Fordyce as Pres., F. S. Yantis, -P.
Mgr.
Mitchell, President of the Electric Bond & Share Co., and From and H. C. Rockhold as Sec. dc Treas. and W. V. Delahunt•as Treas.
'
the date of sale until
the
two months ago
forty representatives of banking and investment houses of name of Mr. Delahunt. Atabouttime a temporaryit was operated in perorganization was
that
leading cities have returned from a trip to North Carolina, fected-pending the sale to the Rock Island.
in three special coaches, where inspection was made of propDelaware Lackawanna & Western RR.—Lease—Bonds.—
erties in which the Electric Bond ez Share Co. is interested, See Syracuse Binghamton & New York RR. and Oswego &
principally the Carolina Power & Light Co. and the Yadkin Syracuse RR. below.—V. 93, p. 1461, 1323.
River Power Co. An authoritative statement says:
Denver City Tramway.—Sub-Company Note.—The Denver
The latter company (V. 93, p. 1267, 173) is constructing a 32,000 h.p. Realty Co., a subsidiary of the Tramway, has recently
development on the Yadkin River at Biewett's Falls. One-half of this
marketed in Chicago $750,000 two-year notes (Internat. Tr.
development, together with transmission lines, which will connect with the
property of the Carolina Company, will be completed by Jan. 1, while the Co. of Denver, trustee) in order to reimburse the Tramway
entire work is expected to be in operation before April 1 of next year.
These two companies now have completed 214 miles of high-tension trans- comp ny for advances.—V. 92, p. 594, 186.
mission lines and 50 miles under construction. Taken together the system
Duluth South Shore & Atlantic Ry.—New Officers.—A. B.
will be the largest, with one exception, in the South. Practically the entire
southern and eastern sections of the State will be served with electric light Eldredge has been elected President to succeed William F
and power by the two companies.
who resigned, and W. W. Walker, a director, vice
Mr. Mitchell reports that industrial conditions in North Carolina have Fitch,
Walter R. Baker, who also retired.—V. 93, p. 407.
shown much improvement during the last few weeks, due largely to the
fact that the State has this year produced the largest crop of cotton in its
Georgia Railway & Electric Co.—Bonds Called.—Twentyhistory, the present estimate being 1,000,000 bales. The large crop has
given the cotton-manufacturing industry a great impetus and mills are now five Atlanta Consolidated Street Ry. first consolidated mortdaily increasing their working forces, while some of them are running overtime. Although the market price of cotton is so low as to give the agri- gage 5% bonds, dated Jan. 2 1899, for payment on Jan. 2
cultural communities some cause for complaint, the farmers are now more 1912, at 105 and interest at the Mercantile Trust & Deposit
prosperous than ever before, as during the last few years they have been
taught more scientific farming and also the advantage of diversifying their Co. of Baltimore,. Md., trustee.—V. 93, p. 1461, 1259.
crops. See also V. 93, p. 1259.
Grand Trunk Pacific Ry.—New $15,000,000 Loan.—The
Chattahoochee & Gulf RR.—Called Bonds.—Twelve ($12,- "Montreal Gazette" says:
000) first M. 5% bonds, dated July 1 1900, for payment at
It is understood in railway and financial circles that the Grand Trunk
1023. on Jan. 1 1912, at the Citizens' & Southern Bank of Pacific Ry. will come before Parliament during the present session and ask
for a further temporary loan of $15,000,000 to assist in the completion of
Savannah, or at the office of the Treasurer of the company. their railway across the continent. It is also said that special information
will be forthcoming as to the exact 11FC to which the new loan will be put.
—V.87, p. 1663.
It will be remembered that a couple of years ago the Grand Trunk Pacific
Cheyenne (Wyo.) Electric Ry.—Sale.—The property has, secured a Federal loan to the amount of ten millions, the same being
adopted by both branches
Parliament without much oppoit is reported, been purchased by an Eastern syndicate sition, the recommendationof the Canadian by the government of Sir Wilfrid
being fathered
headed by W. J. Barker, President of the Northern Colorado Laurier.—V. 93, p. 1386, 1323.
Power Co. The price paid is stated to be about $115,000.
International & Great Northern Ry.—New Directors—
The company operates 5 miles of track, power having been supplied by Officers.—The following new directors are announced to take
the Cheyenne Light, Fuel & Power Co. Stock $75,000. Bonds $20,000
he place of the men temporarily chosen:
5% gold bonds due 1908.
New Directors.—Frank J. Gould (Chairman),
Chicago City Ry.—Bonds Sold.—The company has sold Williams, Baltimore; Thomas J. Freeman, New New York; R. Lancaster
Orleans; Fred. W.
an additional $1,000,000 1st M. 5% bonds to the First Trust San Antonio; Henry Martin, Houston; Jesse Jones, Houston; WalterCook,
Kyle
& Savings Bank of Chicago, making a total outstanding Morrow, Houston, and A. R. Howard, Houston.
Old (Temporary) Directors.—Horace Booth, Frank
$24,800,000. See also Calumet & South Chicago above. D.J. Price, Samuel Dabney, W.H. Cope. W.L. Maury and R. Richardson,
Milton L.Morris.
Executive Committee.—}Yank J. Gould (Chairman). Geo. J. Gould and
Compare V. 93, p. 345, 666.
R. Lancaster Williams.
Chicago & Illinois Midland Ry.—New President.—F. S.
Officers.—President, Thomas J. Freeman; First V.-Pres., George H. Tay-Peabody, formerly Vice-President and General Manager has lor; Second V.-Pres., Henry Martin; Sec. and Treas., A. R. Howard.
V. 93, p. 1386, 1105.
been elected President to succeed Samuel Insull. Mr. Pea'
Kansas City Viaduct 85 Terminal Ry.—Application for
body continues as General Manager.—V. 82, p. 803.
Receiver.—Asa W. Farney, a stockholder, in the interest of
Chicago Railways.—Merger Progress.—The negotiations the city, on Dec. 1 applied to Judge Pavell in the Circuit
with the city for the merger of the surface and elevated lines Court at Independence for the appointment of a receiver.
are reported to be progressing favorably.
The hearing was fixed for Dec. 4.
Charles V. Weston, formerly President of the South Side Elevated. RR.,
has been named as one of a committee of five to decide upon a basis for
fixing the values of the elevated railroad properties in addition to•Messrs
Ericson, Reynolds and Shanklin, who comprise the city's subway committee, and who were. also selected to serve on the railroad valuation
board. One more member is to be decided upon by the street railway
interests, and this appointment was expected last week to be announced
in a few days.
As soon as the valuation committee has been completed, conferences
with the railroad and financial interests, represented by Samuel Insult,
Henry A. Blair and Ira M. Cobe, will be arranged and the work of putting
a value on the elevated railroads pushed to completion. There is said to be
a rather universal standard in use in fixing values of this character, and it
is hoped that very little time will be lost in reaching a definite conclusion
in the matter.—V. 93, p. 1532, 1257.
Chicago Subway Co.—Plan Operative—Assessments Called.
—Notice is given that the reorganization committee has
declared operative the plan of reorganization as set forth in
the modified plan and agreement dated Nov. 14 (V. 93, p.
1386). About 96% of the bonds and 82% of the stock have
been deposited, we are !nformed.
Payment f the assessment of $100 in respect of each $1,000
bond and of $5 in respect of each share of stock represented
by certificates of deposit, is called, to be made at the office of
'
the depositary, the National City Ry., for which receipts
will be given, in installments of 25% each, on or before Dec.
28 1911, Jan. 29, Feb. 28 and March 28 1912.—V. 93, p.
1532, 1386.
Columbus Delaware & Marion (Electric) RR.—Sale
Ordered.----Judge Daniel Babst on Dec. 2, on application of
preferred stockholders, appointed Receiver George Whysall
special master in Chancery and directed him to advertise
and sell the property.
County Clerk Klinefelter was directed to issue a new order of sale in place
of the one issued several months ago, when Sheriff Stark refused to sell the
property without an indemnity bond of $3,000,000 on account of another
receiver having been appointed for the road by the Franklin County Common Pleas Court.
Ell M. West, who was also appointed receiver by another Court, says
that Mr. Whysall, who was appointed at the instance of the Webb-Walker
Mr. Farney alleges that the control of the company has passed into the
hands of men living outside of the State, contrary to the franchise; that
the company has neglected to perform the obligations due to Kansas City,
Mo., and Kansas City, Kansas, and that, by canceling the contract with
the Metropolitan, it is stated, the company has forfeited an income of
$50,000 a year. The Missouri laws, it is stated, require that the offices
and place of business be in Jackson County, but that the books and records
have been removed from the State and that the officers have substantially
abdicated their offices and the company is now in the control of the bondholders' committee (V. 92, p. 187), all of whom are residents of other States,
who alone exercise authority over the property, and they or their agents
are collecting the revenues and are in charge of employees.
The company is in great need of money, the petition states, and has many
unpaid debts, and the bondholders' committee has refused to permit the service due the public and has utterly disregarded the rights of creditors and
stockholders. Both Kansas City, Mo., and Kansas City, Kan., are, it is
said, preparing to bring suit for the revocation of the franchise.—V. 92.
p. 1564.
Kentucky & Indiana Terminal RR.—New President.—
Geo. H. Campbell, formerly Vice-President, has been elected
President, with office at Baltimore, Md., to succeed Fairfax
Harrison, and H. B. Spencer, Vice-President, with office
at Washington, D. C.—V. 93, es. 469.
Marshall & East Texas Ry.—Bond Issue.—The stockholders on Dec. 5 authorized a bond issue of $5,000,000.
—V. 93, p. 1324, 589.
Massachusetts Northern Rys.—Offering of Cumulative Pref.
Shares.—Warner, Tucker & Co., Boston, have recently
placed with investors in Boston and vicinity the $400,000
5-6% cumulative preferred shares, tax-exempt in Mass.,
dividends payable Q.
-F., viz., 5% to Nov. 11914, inclusive;
53..%. to Nov. 1 1917, incl., and 6% thereafter. Entitled
to $110 per share in liquidation up to Nov. 1 1914, $115 t
Nov. 1 1917 and $120 thereafter. Transfer agent, Am.Trust
Co., Boston, and registrar, Federal Trust Co., Boston.
Capitalization.
Preferred stock
Convertible common ztc ck
Common stock
$900,00)
183,700
1,370,000
.1600
THE CHRONICLE
Controls through stock ownership the following corporations: Connecticut
Valley St. Ry. Co., Athol & Orange St. Ry. Co., Templeton St. Ry. Co.,
Gardner Westminster & Fitchburg St. Ry. Co. The physical value of
the properties controlled, as shown by recent appraisals, exceeds 82,350,000.
After deducting all prior obligations of the subsidiary companies, there remains a balance of more than $1,200,000 in property, or over twice the
par value of the total amount of preferred and convertible common shares
issuable against these assets.
Earnings for Years ending June 30 (Showing Constant Growth).
1910-11,
1908-09.
1906-07,
1904-05.
$377,128
$341,356
$305,030
$335,109
Gross earnings
Balance available for dividends, as verified by public accountants__ $43,586
20,000
5% on $400,000 Massachusetts Northern preferred calls for
For the past five years the surplus available has averaged in excess of
,
1.36 times the amount of this dividend.
The inauguration of through service, various other improvements and
further development of the express and freight business will, it is believed,
result in a much more marked increase in gross earnings, while economies
made possible through concentration of management will immediately
reduce the cost of operation. Through cars are to run between Orange
and Fitchburg, while at present passengers are obliged to make several
changes, involving long waits. The lines controlled, aggregating 88 miles
of road, serve 15 thriving cities and towns in Central and Northern Massachusetts, having a total population of over 125,000. The territory thus
served, besides being probably one of the richest farming sections in the
State, contains a large number of diversified interests and industries.
Amherst is the home of Amherst College and Massachusetts Agricultural
College, while across the river, in Northampton, is Smith College. The
historical associations of Hadley and Deerfield attract annually thousands
of tourists. At Greenfield, the county seat of Franklin County, about 75%
of the country's output of taps and dies is manufactured. From Greenfield
east to Fitchburg the communities are chiefly manufacturing, the product
ranging from heavy machinery to the finest of measuring instruments, besides paper, textiles, furniture, &e. Gardner is the largest chair-manufacturing town in the world and Orange is the seat of a large sewing-machine
manufacturing Industry. Sec list of trustees, &c., in V. 93, p. 1462.
Memphis Arkansas & Louisiana Ry.—Projected Line.—
See St. Louis & San Francisco RR.
Metropolitan Street Ry.—Cost of Reproduction.—In connection with the reorganization plan announced last week
(p. 1533), the following has been given out:
• The cost to reproduce the property of the company, according to the appraisal of Ford, Bacon & Davis, of New York, and real estate experts, as
presented in evidence before the Public Service Commission, is $105,123,000. This is exclusive of (a) certain reorganization assets, the value
of which was estimated before the Commission at $5,000,000; (5) net investments in superseded property, representing an actual outlay testified
before said Commission to be $13,355,645 and (c) any "going concern"
value, special value of existing franchises or other items of substantial importance in the production of the system, against which the total outstanding securities as provided In the plan will be $97,655,500.
Distribution of Cash by Mortgage Trustees.—The plan of reorganization reserves to the trustees under the mtges. respectively securing the 5% bonds and 4% bonds the cash
held by them, such cash to be distributed by said trustees to
the persons entitled thereto. This reservation has particular
reference to the fund that has been accumulating in the
hands of the Guaranty Trust Co. of New York, as trustees
for the 5% bonds from dividends on the stocks deposited
under the mortgage since the beginning of the receivership,
and it is expected that the amount to be distributed among
the 5% bondholders may approximate 5% of par value of
the bonds.—V. 93, p. 1533, 1463.
Transfer Order.—The formal order of the Public Service
Commission restoring on Jan. 1 free transfers at 151 points
on the surface roads was made on Dec. 5.
The order provides that passengers must be permitted to transfer from
the cars of one company to those of another and back again, if they desire,
to the cars of the first, but not to the cars of a third company. However,
when a passenger has returned on a free transfer to the cars of the company
to which he paid his fare, he will be entitled to any further free transfers
that that company has been accustomed to grant.
Thus, if a passenger should start on a Metropolitan car southbound he
could transfer at 58th St. to a 59th St. crosstown car, and from that either
to the Belt Line cars of the same company or to one of the southbound lines
of the Metropolitan, but could not go from the 59th St. line to the Broadway
oars of the Third Avenue RR. without paying an additional fare. If he
transferred to a Sixth Avenue car of the Metropolitan, he could transfer
again at 34th St. to a Metropolitan crosstown car, and later to other
Metropolitan lines.
The Commission in an accompanying opinion cites' figures to show that
the companies suffered reductions in their net returns by the abolition in
1908 of the practically universal transfer system. The Commission refers
to the failure of the 8-cent transfer system which has been in force for
several months on the 59th St. line, and states "that the curtailment of the
transfer privilege In 1908 worked a great hardship to many, and was a
great inconvenience to many more,is shown by the testimony,and is generally conceded. Industrially, the city had become adjusted upon the basis
-cent fare with free transfers." The following table is given:
of a 5
Years ending June 30
Decrease.
1907.
1909.
2,420,607
57,676,104 55,255,497
Passenger car miles
55,213,654
194,820,920 139,607,266
Free transfers
14,939,527
377,017,192 362,077,665
Paying passengers
$813,205
$18,810,457 $17,997,252
Passenger revenue
$11,383,557 $13,326,858 inc.$1,043,301
Operating expenses
earnings of each car for every mile
/t is further stated that in 1907 the
run was 32.61 cents, but this fell off in 1909 to 32.57 cents, so that there
was a decrease not only in the number of passengers riding and the number
of cars run, but also In the amount earned by each car; also that although
the number of cars operated was reduced, there was a much smaller reduction in the fixed charges, so that in order that the fixed charges should be
met,each car would have to earn more in 1909 than in 1907. The Commission says in conclusion that the transfers will keep the properties employed
to their full earning power at hours at which they are not at present, and
that if some of the old abuses of transfers are kept down, as they will be
by the limitations contained in the order, there is no reason why their
restoration should not be a financial success.
[VoL. Lxxxxiii
that the legality of the new ordinance passed 8 months ago levying a car
license of $15 per car remains to be determined by the Supreme Court in
the pending suit for this year's licenses, aggregating about $8,000.—
V. 93, p. 1387, 1191.
Minneapolis & St. Louis RR.—Directors Act on Merger—
Bonds Underwritten.—The directors of the company and of
the Iowa Central Ry. Co. on Dec. 6 took final action on the
proposed plan to lease the latter to the former and ultimately
to consolidate the two, and instructed the President and
Chairman of the board to draw up the circular to be issued
to the security holders, giving the full details of the plan,
which will be put out early next week. J. S. Bache & Co.
have arranged to underwrite $2,500,000 of the new 5%
bonds which it is proposed to issue as soon as the stockholders approve the plan at special meetings to be held on Dec. 18
and 19.—V. 93, p. 1324, 1106.
Missouri Kansas & Texas Ry.—Demurrer Overruled.—The
U. S. Court of Claims on Dec. 4 sustained the demurrer of the
Government to the company's petition in the claim to recover
its land grant in the Indian Territory (now the State of Oklahoma) amounting to 3,110,400 acres, subject to Indian title.
Compare V. 93, p. 953; V. 85, p. 736; V. 84, p. 1248, 508.—
V. 93, p. 1324, 1260.
New York Central & Hudson River RR.—Proposed Acquisi- •
tions—Debentures.—The company has applied to the Public
Service Commission,for permission to acquire (a), at 350%,
all or any of the $10,000,000 stock of the New York &
Harlem RR., a leased line; (b) from the New York New
Haven & Hartford RR. its controlling interest in the New
York Ontario & Western Ry., consisting of $29,160,000
common (purchased in 1904 at $45 a share) and $2,200 pref.
The N. Y. Central also asks authority to apply to the
purchase (1) of the Harlem stock $5,000,000 of the $10,000,000 unexpended from the proceeds of the sale of its
$30,000,000 notes issued by authority of the Commission on
March 10 last and (2) on account of the N. Y. Ont. &
50-year debenture
Western purchase $13,108,392 4
bonds dated July 11911.
• On the other hand, it is understood that the company will
sell to the N. Y. New Haven & Hartford the remaining
one-half interest in the majority holding of $4,704,100
Rutland RR.pref. stock, the other half having been sold to
the New Haven road in February last.—V. 93, p. 1260, 871.
New York Central Lines.—Application to Issue Equipment
Trusts.—The New York Central & Hudson River RR. and
Lake Shore & Michigan Southern Ry. have applied to the
Public Service Commission, Second District, for permission
to make the New York Central Lines 43'% equipment trusts
of 1912 for $15,000,000, one-fifteenth of the certificates to be
retired on Jan. 1 yearly beginning 1919, and to sell the certificates at not less than 97. Compare V. 93, p. 1463, 1387.
New York City Ry.—Sale.—Wm. W. Ladd as receiver
will on Dec. 6, at the Exchange Salesroom, 14-16 Vesey St.,
sell at public auction under an order of Judge Lacombe of
the U. S. Circuit Court, all his right, title and interest in
and to $50,000 stock of the Jerome Park Ry. (par of shares
$100).—V. 91, p. 519.
New York & Harlem RR.—Proposed Sale.—See N. Y.
Central & Hudson River RR. above.—V. 93, p. 731.
New York New Haven & Hartford RR.—Sale of Control of
New York Ontario & Western.—See New York Central &
Hudson River RR. above.
Steamship Companies.—See Eastern Steamship Corporation under 'Industrials" below.—V. 93, p. 1534, 1191.
New York Ontario & Western Ry.—Proposed Change of
Control.—See N. Y. Central & Hudson River RR. above.
—V.93, p. 725, 343.
Northampton-Easton & Washington Traction Co.—The
loans to the company are given as the main cause of the embarrassment of the Washington (N. J.) National Bank,
which closed its doors on Nov. 18. See items on "Banks,
Bankers, &c.," V. 93, p. 1435.
The company operated 18 miles of track in the town of Phillipsburg and
the townships of Hopatcong, Greenwich, Franklin, Washington and
Marshfield, and borough of Washington in Warren County, of which 12.743
miles are on private right-of-way. Stock, $250,000; bonds, $375,000;
other debts, Dec. 31 1910, $450,750. Robert M. Petty of Phillipsburg,
N. J., was President both of the bank and the trolley company.
Northern Securities 00.—Dividend Reduced.—A dividend
of 3% has been declared on the $3,954,000 stock, payable
Jan. 10 to. holders of record Dec. 27, comparing with 4%
in 1911,2%in 1910,4% in 1909 and 5% yrly. 1906 to 1009.
The reduction in the annual dividend Is due to a prolonged strike (which
mines of the Crow's Nest Pass Coal Co., in which
has been settled)
Suit.—Attorney-General Carmody has begun several suits the Securities Co.at the large interest, and which necessitated cessation of
has a
to forfeit franchises and remove tracks on a number of streets dividends in the coal company's stock.--V. 92, p. 115.
on the ground that the tracks have not been kept in repair
Northumberland County (Pa.) Ry. & Light 00.—See
and are a menace to public safety.
Northumberland County Gas & Elec. Co. under 'Industrials"
It is alleged that the company has abandoned the lines In question with below.—V. 81, p. 508.
the exception of operating one or two "charter cars" drawn by horses each
day, Which are inadequate for public accommodation.
Oregon-Washington RR. & Navigation Co.—Bonds Sold
The lines include the Avenue C railway, tracks in East 35th and 36th
streets, Charlton, Houston and 11th streets, the Chambers St. Fe Grand St. in London.—The subscription lists for the £1,000,000 4%
Montgomery streets, the
Ferry By., tracks In Pitt, Ridge, Division and
in London yesterday were closed
Metropolitan Crosstown Hy. tracks In Waverley Place and Macdougal, bonds which were offered
Bank and West 13th streets.—V. 93, p. 1533, 1463.
shortly after the opening, the bonds being over-subscribed.
Milwaukee Electric Ry. & Lighting Co.—Favorable DeciOffered.—Clark, Dodge & Co., New York, are placing $1,eion.—The Wisconsin Supreme Court on Dec. 5 affirmed the 000,000 "first and refunding mtge." 4% gold bonds, due
that the Jan. 11961, unconditionally guaranteed, prin. and int., by
decision of Judge Turner in the lower court, holding
city is not entitled to recover $187,500 for licenses of $15 the Union Pacific RR. Co. by endorsement on each bond.
each on street cars from 1895 to 1910.
Total auth., $175,000,000; out Nov. 1911, $36,067,500;
• The Court held that the ordinance imposing such a license fee was re- issuable to reimburse company for expenditures already inpealed in 1897 when the Legislature passed a law stating that payments to
to retire Ore. RR. & Nay. 4s
in lieu of all other licenses. City Attorney Hoar says curred, $3,932,500; reserved
the State were to be
DEC. 9 1911.
THE CHRONICLE
due 1946, $23,380,000; remainder reserved for additions
and improvements. Compare V. 93, p. 1324.
Oswego & Syracuse RR.—No Action.—The stockholders
on Dec. 6 took no action on the question of making a mortgage for $2,000,000 and issuing bonds thereunder. It is
probable that action will be taken in about a month at a
special meeting. Compare V. 93, p. 1463.
Portland (Me.) RR.—Notes Offered.—A. B. Leach & Co.,
Boston and N. Y., and Maynard S. Bird & Co., Portland,
of $350,000
present issue
Me., are offering the
43// 5-year coupon notes, dated Dec. 1 1911 and
°
due Dec. 1 1916, but callable at par ($1,000 c*) on Dec. 1
1914 or any interest date thereafter. Interest J. & D. at
Union Safe Deposit & Trust Co., Portland, Me. Total
authorized, $600,000. A circular says:
The purpose of these notes Is to take care of the present floating debt and
provide funds for additions and extensions made necessary by the steady
Increase in the business. No mortgage debt in addition to the existing
mortgage can be created unless these notes are included equally in the same.
Capitalization Issued: Common stook, 51,998,000; bonded debt, 52,500,000; 4
notes (authorized $600,000), $350,000.
Earnings Showing Surplus (after Taxes and Interest on Bonds) Equal in
1910-11 to Four Times the Interest on the Notes.
1906.07. 1907-08. 1908-09. 1909-10. 1910-11.
June 30 Years—
5759,841 5782,489 5785,448 $869,925 5931.490
Gross earnings
236,527
223,288
213,195
212,546
203,595
Net earnings
106,076
92,657
93.643
95,381
92,714
Surplus
Portland men and shows an equity over and
The stock is closely held by
above these notes of nearly $2,000,000. The company controls, without
competition, all roads entering the city of Portland, and the entire street
railroad business in the cities of Portland, South Portland, Saco, Westbrook, and towns of Cape Elizabeth, Falmouth, Gorham, Old Orchard,
Scarboro, South Windham and Yarmouth, with a total of 102 miles.—V.
91, p. 871.
Rapid Transit in New York City.—Construction in Bronx.—
Ground was broken on Monday on the Bronx section of the
new Lexington Ave. subway, with ceremonies by the Public Service Commission and representatives of civic organizations of the Bronx.
,
The section Iles north of the Harlem River and is the most northerly
one for which contracts have been let. The 4-track road ends in this section and the proposed subway, continuing north, divides into two branches,
one of which will continue up Jerome Ave. to Woodlawn and the other
through Southern Boulevard and Westchester to Pelham Bay Park.
1601
Southern Pacific Co.—Tax Decision.—The United States
Supreme Court on Nov. 13 affirmed the judgment of the Supreme Court of Kentucky, which sustained the validity of
a tax by that State on all the steamships of the company (a
Kentucky corporation) in use for transporting passengers
and freight, exempting only barges, lighters and the craft
that remain permanently in certain ports.
The Court holds that on such movable property as steamships, which have
no regular domicile, the property shall be subject to taxes under the laws
of the domicile of the owner. The case is not an important one, involving
only a comparatively small amount annually. Justice Lurton wrote the
opinion.—V. 93, p. 872, 797.
Southern Ry.—Called Bonds.—Charlottesville & Rapidan
RR. 1st M.6% bonds, July 11879, aggregating $29,400, for
payment at the Philadelphia Trust, Safe Deposit & Insurance
Co., Phila., Pa., on Jan. 1 1912.—V. 93, p. 1535, 1464.
Springfield (0.)& Washington Ry.—Securities Authorized.
—The Public Service Commission of Ohio has authorized the
company to issue $200,000 stock at par and $300,000 of
30-year bonds to be sold at not less than 85.—V.93, p. 1535.
Suncook Valley RR.—Independent Operation.—The stockholders at a meeting on Dec. 6 declined to entertain Mr.
Mellen's suggestion for a further proposition,and authorized
the directors to take such action as might be deemed necessary to protect the interests of the stockholders and to continue the operation of the road independently. Another
stockholders meeting to take further aetion was set for
Dec. 13.—V. 93, p. 1464.
Syracuse Binghamton & New York RR.—Lease.—The
stockholders on Dec. 6 voted to lease the road to the Del.
Lack. & Western RR. at a rental of 12% on the $2,500,000
stock, of which the Del. Lack. & West. on Dec. 31 1910
owned $2,063,900.—V. 93, p. 1464.
Syracuse (N. Y.) Rapid Transit Ry.—Circular.—The circular sent to the company's shareholders on Nov. 16 by
James S. Sherman, H. Clark Ford and T. H. Conderman,
the committee appointed by some of the large stockholders
to negotiate with. the New York State Railways relative to a
purchase of the minority stock (compare V. 88, p. 53, and
p. 107 of "El. Ry.Sec.") is dated at Philadelphia and says:
Award.—The Commission yesterday awarded the contract
• for Section 9 of Route 5 of the Lexington Ave. subway, exThe committee believes that an offer made by them for the sale of their
tending from 67th St. to 79th St., to Patrick McGovern of
on par from Oct. 1 last, less any dividends
at $110
Boston, the lowest bidder, at $1,961,997.—V. 93, p. 1535, stocksince thatand Int. at 6% the pref. stock, and $80 and int. at 4% on
paid
date thereon, for
par from Oct. 1 last, less any dividends paid since that date thereon, for
1463.
the common stock, will be accepted by the New York State Railways.
Rutland RR.—Sale of Remaining Half of Majority Stock subject to the approval of the Public Service Commission. If such offer
all stockholders of the company may avail themselves of it.
Interest.—See New York Central & Hudson River RR.above. is accepted,1388.
—V. 93, p.
—V. 93, p. 1464, 1106.
Tampa (Fla.) Electric Co.—Increase of Stock.—The stockRutland Ry., Light & Power 0o.—Earnings.—Redmond holders will vote on Jan. 8 on increasing the stock from
& Co. report for 12 months ending Nov. 30:
$1,700,000 to $1,870,000. The new stock is to be offered
Taxes. Bal.,Sur.
Bond Int.
Net.
Gross.
12 Months—
in the proportion of one share for each
$59,734 to stockholders at par
$6,900
$84,513
$314,581 $151,147
1910-11
44,776 ten shares now held, the proceeds to be used to pay the
6,900
78,801
130,477
274,874
1909-10
—V. 93, p. 1022.
floating debt and for extensions and improvements.—V.
St. Louis & San Francisco RR.—Projected Line Memphis 93, p. 1192, 408.
to New Orleans.—The agreement for trackage rights over
Toledo Railways & Light Co.—New President—Proposithe St. Louis Iron Mountain & Southern, to give the 'Frisco tion on Franchise Question.—Frank R. Coates of Chicago
system a route from Memphis to the Gulf, having failed of was on Dec. 5 elected President, to succeed Albion E. Lang,
ratification (V.93, p. 1387), the company is proposing to con- and also a director in place of W. J. Walding, who resigned.
struct its own line to run north from Porte Barre, La., a sta- Mr. Lang remains a director. Messrs. Coates and Lang were
tion on the'Frisco-New Orleans-Houston line, 53 miles west authorized to prepare a plan in answer to the city's request for
of Baton Rouge, to Memphis, a distance of about 375 miles. a proposition on the franchise question in time to present
The Memphis Arkansas & Louisiana Ry. Co. has been in- it to the city at a Council meeting on Dec. 11.
corporated in Louisiana to build the projected line. The
Extension of Bonds.—The directors and representatives of
authorized capital stock is $25,000,000. It is estimated the bondholders' and creditors' committees agreed to extend
that the new line will cost about $14,000,000, with an addi- for one year the $5,300,000 ToledoTraction conso1.6s maturing
tional $6,000,000 for equipment.
Jan. 1 and the $700,000 Toledo Electric Street Ry. 1st 5s
It is pointed out that it was the Texas & Pacific By. which, according due.Feb. 1 next, with the right to pay the bonds on July 1
the announcement made several weeks ago, would not consent to the
to
agreement made between the Missouri Pacific and the 'Frisco, under which 1912 on 60 days' notice. It is expected that within that
the Texas & Pacific line from Ferriday to New Orleans was to be used. time the franchise matter and the work of permanently reTherefore it may be tha tthc 'Frisco proposes to build from Port Barre to a
organizing the finances will be arranged. The $150,000
connection with the St. Louis Iron Mountain & Southern at Ferriday
about 75 miles, which would make possible the joint use of the Missouri Tol. Gas Light & Coke 4s due Jan. 1 will also be temporarily
under the trackage agreement. This route is
Pacific's route as proposed
more desired, it is said, in order to get a direct line from Chicago to Browns- financed pending the final reorganization.—V.93, p.941, 590.
ville. Texas, than for the New Orleans entrance, this latter having been
Tonopah & Goldfield RR.—Called Bonds.—Seventy-seven
provided for by the interest recently secured In the New Orleans Mobile &
($77,000) 1st M.6% bonds of 1906, for payment at 102% on
Chicago RR.—V. 93, p. 1535, 1464.
Seaboard Air Line Ry.—Dissolution of Holding Company. Jan. 1 1912, at the Land Title & Trust Co. of Philadelphia,
trustee.—V. 93, p. 1318, 941.
—See Seaboard Co. below.—V. 93, p. 1464, 1192.
United Railways & Electric Co. of Baltimore.—Called
Seaboard Company.—Dissolution.—The shareholders will
Bonds.—Three first mortgage 6% bonds of the Central Ry.,
vote Jan. 3 on a proposition to dissolve the corporation.
Nos. 187, 199 and 205, issued under mortgage of May 11 1882,
Digest of Official Circular Dated Dec. 4 1911.
The Seaboard Co. has sold to a syndicate, of which Blair & Co.,and Laden- for payment at par and interest at the Safe Deposit & Trust
burg, Thalmann & Co. are managers,56,700,000 of its holdings of Seaboard Co. of Baltimore on Jan. 1 1912.—V. 93, p. 1022, 470.
Air Line By. adjustment mtge. 5% bonds, and has sold to the bankers
themselves for their own account the remainder of such holdings,amounting
Wabash RR.—New Directors—Reorganization Committee.—
to $85,900. These bonds, a small amount of cash on hand and $900,000
Seaboard Air Line By. notes, which, as they are payable on demand, can An official statement issued on Dec. 5 says:
constitute the entire cash of the company,
be turned into cash at any time,
"At the request of the Equitable Trust Co., of New York,
except its holdings of Seaboard Air Line By. pref. and common stocks.
of the first refunding and extension mortgage, the
In accordance with the provisions of the charter of the Seaboard Com- trustee
pany, Its holdings will be distributed as follows: (a) The holdings of com- trust of which embraces practically the entire issue of Wabash
mon stock of the railway company among the common stockholders, about debenture bonds, the following have been made members of
1.03 shares of railway common stock to each share of Seaboard Company
common stock;(b) its holdings of pref. stook of tile railway company among the board of directors, filling vacancies made to enable this
the second pref. stockholders, about 1 1-3 shares of railway pref. stock to each reconstruction of the board, namely: Robert Goelet, Edwin
share of Seaboard 2d pref. stock; and (c) the proceeds of all its other assets
among its first pref. stockholders, which it Is estimated will provide par in Hawley, Alvin W. Krech, Winslow S. Pierce [succeeding
cash for each share of Seaboard Company first pref. stock.
Wells H. Blodgett, E. B. Pryor, Jay Gould and Edward
In order that the first pref. stockholders may not be out of interest on
their money pending dissolutions, the company will redeem at par the first T. Welles.—Ed
stock of such holders as may surrender the same duly endorsed In blank
pref.
"The same persons, with Gen. Thos. H. Hubbard, also
at the Commercial Trust Co. 15 Exchange Place, Jersey City, on or after
designated by the Trust Company, will constitute the execuJan. 4 1912 —V. 93, p. 1464%
Seattle Renton & Southern (Electric) Ry.—New President. tive committee of the board, with general power to act with
—E. M. Mills, former Vice-President, has been elected such further individuals as they may associate with themselves as a committee for the financial readjustment or
President to succeed W. H. Crawford, who resigned.
.V..No City Bonds Sold for Municipal Road.—See "Seattle" in reorganization of the company.
"Mr. Pierce becomes the Chairman of the Board and of the
the "State and City' department of last week, p. 1551.
. .
executive and reorganization committees, and, at the-request
—V. 93, p. 732, 590.
1602
THE CHRONICLE
of the committee, and of the Equitable Trust Co., Kuhn,
Loeb & Co., have consented to act as bankers in such financial readjustment or reorganization of the railroad cdmpany
as the committee, in co-operation with them, may determine
to be desirable and formulate." [E. T. Jeffery retires as
Chairman but still continues as a member of the board.—Ed.]
"Financial America" on Dec. 5 and 6 said: '
It is understood that at this afternoon's meeting of the directors no formal
action was taken on the plan for the reorganization of the Wabash-Pittsburgh Terminal and Wheeling & Lake Erie (see that company below). It is
strongly intimated, however, that in its present form it will not be accepted
by the Wabash RR. directors.
It is learned that the entrance of Edwin Hawley into the Wabash RR.
board does not signify that he has become the owner of a substantial block
of the company's securities. On the contrary, it is authoritatively stated
that he has no financial interest in the company and that he consented to
become a director" my upon the earnest solicitation of certain prominent
interests.
Referring to the proposed reorganization of the Wabash, an interest
represented in the matter said: "Whether or not a receiver will be appointed
has not yet been determined. Neither is it known yet whether the Jan. 1
coupon will be paid or not."
The possibility of an assessment on the stock is being talked of, but
whether that method will be pursued or whether the money will be raised
by the sale of new bonds is not known. The impression is that the holders
of the 4% ref. bonds are likely to get pref.stock in exchange for their bonds.
It is understood that Winslow S. Pierce was made chairman of the
reorganization committee because of his extensive experience in handling
matters of this kind, having acted in a similar capacity for the Union
Pacific RR. years ago and for other properties. Mr. Pierce was formerly
closely associated with the Wabash.
Kuhn, Loeb & Co. hold about $9,000,000 Wheeling & Lake Erie notes,
• which will have to be taken into consideration in the Wabash reorganization.—V. 93, p. 1325, 1022.
Waterville (Me.) Fairfield & Oakland Street Ry.—New
Name.—Merger.—The Waterville & Oakland Street Ry.
has filed a certificate of change of name to the Waterville
Fairfield & Oakland Street Ry. and of an increase of authorized capital stock from $100,000 to $500,000.
• The Waterville ifc Oakland and the Waterville & Fairfield By. & Light
Co., electric roads, recently came under control of the Central Maine Power
Co. The Waterville & Fairfield By. & Light Co. owned 5 miles of electric
railway and also sold electricity. The capitalization is $200,000 stock and
$227,000 bonds. The Waterville & Oakland Street By. has 5.4 miles of
electric railway, a dance hall, pleasure park, &c. Its capitalization was
$100,000 stock and $125,000 bonds. Both companies owned their power
plants.
1 VOL. LX.XXXII7.
-year gold notes, $8,000,000; interest on notes and debit balance of
850; 3
current liabilities, W. & L. E. RR., $3,125,000; total, $15,315,850, less
net credit balance $991,757 on receiver's accounts June 30 1911). The
total debt, therefore, 15 $29,324,093.
During the past six years the road has earned a net income averaging
per year $1.523,000, and for the years 1910 and 1911 $1,861,000, showing
a clear ability to carry $35,000,000 of 4% bonds equal to charges of $1,400,000 per year. If the directors were to sell $15,000,000 to $20,000,000
bonds, the proceeds, with a 10% assessment on stock, would not only pay
off all debts, but leave enough to double-track the road and put it in position to earn enough to pay all charges and 4% on all its stock. If $20,000,000 are sold at, say, 80..it would net $18,000,000, making no assessment
necessary on the stock.
We understand the proposed plan for reorganization jointly with the
Wabash-Pittsburgh Terminal is about ready to be put through. Failing
to receive your protection, we shall be forced to protect our own interests.
(The directors are also asked various questions as to their connection with
the receivership proceedings and the proposed joint reorganization.—Ed.1
Compare V. 93, p. 1325, 1465.
See also Wabash RR. above.—V. 93, p. 1465, 1325.
INDUSTRIAL, GAS AND MISCELLANEOUS..
Akron (0.) Water Works Co.—City Votes Bonds to Purchase
See "Akron" in State and City" department.—V. 93, p.
1465, 797.
Alabama Consolidated Coal & Iron Co.—Plan Modified.—
The plan for the merger and reorganization of this company
and the Southern Iron & Steel Co., dated Oct. 11 1911
(V. 93, p. 1023), has been formally modified by the reorganization committee, Cecil A. Grenfell, Chairman, as regards
the apportionment of new stock between the common and
pref. shareholders of the Alabama company (but not as to
the total new stock exchangeable for all said stock) in accordance with the terms of the agreement of Nov. 6 entered
into with certain holders by Pres. Hoadley personally
(V. 93, p. 1261). A circular dated Dec. 6 says in substance (figures tabulated by "Chronicle"):
While refusing to be affected by any agreement made between depositors, the undersigned committee believing that all depositors of the same
class should be treated alike, at the request of the holders of a large amount
of stock of the Alabama company, has determined to modify said plan as
regards the Alabama shareholders as follows:
Terms of Exchange Offered Depositing Alabama 'Shareholders.
Previous 011er
AlabamaPresent Offer
Existing
Stock
New Pref. Stk. New Corn. Stk. New Pref. Stk. New Corn. Stk.
Out.
% A m aunt. % Amount. % Amount. % Amount.
Stock—
Pref ___$1,250,000 150 $1,875,000 30 $375,000 150 31,875,000
Com_ ___ 2,500,000 122 3,050,000 100 2,500,000 122 3,050,000 115 $2,875,000
Purchase Option—Cash Payment (P. Ct. on Par of Stock Held)—Securities Offered.
New Common.
New Preferred.
New Bonds.
Pay.
Present Option—
15% $187,500 60% $750,000
Prof. shareholders_ ___60% 60% $750,000
Corn. shareholders_ _ _ _50% 50% $1,250,000 12% $312,500 50% $1,250,000
Former Option—
20% $500,000 80% $2,000,000
Corn. shareholders_ ___80% 80% $2,000,000
Pref. shareholders—No option of purchase was offered to preferred shareholders
in original plan.
Holders of certificates of deposits for stook may within 21 days after
Dec. 6 1911 upon payment of 50 cts. per share towards the compensation
and expenses of the committee, withdraw their stock from said plan. All
holders who do not so withdraw will be deemed to have assented to said
modifications.
Waterville & Fairfield Ry. & Light Co.—Merger.—See
Waterville Fairfield & Oakland St. Ry. above.
Waterville (Me.) & Oakland Street Ry.—New Name—
Merger.—See Waterville Fairfield & Oakland St. Ry. above.
Western Railway of Havana.—Exchange of Shares.—
Holders of share warrants to bearer who desire to exchange
their shares for shares in the United Railways of the Havana
& Regla Warehouses, Ltd., on the basis stated in V. 93,
p.
1388, are notified that they should at once apply to the
Secretary of the Western Ry. at 4 Coleman St., E. C.,
who will indicate steps necessary to complete the operation.
Wheeling & Lake Erie RR.—New Stockholders' Committee
—Letter to Directors.—A new shareholders' (temporary) committee, consisting of Jos. Ramsey Jr. and Ralph E. Slavens,
New President.—H. S. Matthews, formerly Vice-President
N. Y. City, and J. & J. Taussig and Wernse & Diekman, St. and General Manager, recently suaceeded Joseph H. HoadLouis, Mo., have issued a circular dated Dec. 1, saying:
ley as President.—V. 93, p. 1261, 1023.
A number of stockholders, realizing the great danger to the minority
Albany (N. Y.) Home Telephone Co.—Sold.—See New
stock in the proposed plan for the merging of the W. & L. E. and the
Wabash-Pittsburgh Terminal properties and their joint reorganization, York Telephone Co. below.—V. 73, p. 1012.
have, as a first step, formed a preliminary committee and sent a communication (see below) to our board of directors;
Allis-Chalmers Co.—Plan.—The directors and representaA 25% assessment on W. & L. E. stock, as proposed under the Wabashand stockholders are considering
Pittsburgh Terminal bondholders' committee's plan, is not only unnecessary tives of the bondholders
to fully meet your company's requirements, but it would result in "wiping measures for obtaining additional working capital. The
a large number of the small stockholders. The 51% of the stock con- matter of bond interest and other obligations falling due
out"
trolled by the bondholders of the Wabash-Pittsburgh Terminal should not
be permitted to dictate terms and assessments to the 49% (the Minority Jan. 2 has not as yet been settled. Committees representstockholders), and they cannot do so if the minority stand together. Ex- ing the shares will probably be announced at an early day.
tended litigation will be unnecessary, if enough stockholders stand together
to force our board either to protect our interests or to resign. The courts
Bondholders' Protective Committee.—Holders of the 5%
should be appealed to as a last resort only. The temporary committee request all minority stockholders to communicate with it. If enough ap- sinking fund gold bonds dated July 2 1906 are urged, by
prove, a permanent organization can be effected.
advertisement on another page, to deposit their bonds
The members of this committee are not interested in any stocks or seas depository under
curities of the Wabash-Pittsburgh Terminal and have no interest in the re- promptly with the Central Trust Co.
organization of the Wheeling & Lake Erie except as stockholders; neither the terms cf a protective agreement.
have they any affiliations with the so-called Cleveland stockholders' protective committee, composed of Messrs. Nutt, Mather, Bishop and Platten.
Abstract of Letter to the Board of Directors, Dated at N. V., Nov. 27 1911.
Improvements.—The road has now been in the hands of a receiver for
years, during which period $4,190,850 of receiver's certificates
some 3
have been issued and expended in additions and improvement of the property, together with $1,292,618 from the $1,369,881 of net surplus earnings
from 1908 to 1911 (see receiver's report June 30 1911. V.93, p.663), making
a total expended of $5,483,468 for the Sugar Creek & Northern RR. for
new shops, reduction of grades, lap sidings, new terminal yard, dock and
station facilities, equipment, &c. There was expended for similar purposes from 1905 to 1908 some $8,000,000, proceeds of the notes issued to
the Wabash BR. Co., giving a total of over $13,000,000 cash put into the
property during the past six years.
Earnings.—During this period the gross earnings have increased from
$4,595,606 to $6,800,707 in 1910-11 and $6,950,436 in 1909-10, a gain of
nearly 50%. And even with this large increase the reports of the receiver
and various reports made by experts and others, not to your board but to
the committees of creditors of the Wabash-Pittsburgh Terminal RR.,shows
that the earnings of the Wheeling & Lake Erie RR. Co. are limited only by
the capacity of the road to handle its traffic.
During this same period the charges against income, including receiver's
, certificates, car trusts, &c., and interest on the 5% gold notes for $8.000,,000 increased only $309,678, or lesSthan 15% of the increase in earnings.
Results for Years ending June 30 1910 and 1911.
1911.
1910.
Total net income, after deducting taxes, per diem,&c.$1,777,115 $1,945,174
Total charges, bonds, receiver's certificates, car trusts,
interest and discounts on receivers' certificates and
1.529,000 1,551,723
interest of $400,000 on 5% gold notes
$248,115 $383,451
•
Net surplus from operations
And this after the receiver had made heavy "abnormal" charges against
improvements, &c., see report for 1911 (V. 93,
operating expenses for
p. 663). Both these years, therefore, there was earned clear 4% on the
first pref. stook and nearly 1% on the 2d pref.
We are advised (but not by our board) that there is a plan to reorganize
the company, jointly with the Wabash-Pittsburgh Terminal Co., under the
terms of which plan the Wheeling & Lake Erie stockholders are to be assessed $25 per share of stock, a much larger assessment than would be necessary to re-finance the W. & L. E. alone; also that members of our board (a
majority of which are also members of the bondholders' committees of the
Wabash-Pittsburgh Terminal Co.) are conversant with this plan and are
aiding to carry it through.
The company has only $15,000,000 of 4% bonds outstanding, and its net
oflating debt amounts to $14,324,093 viz.: Receiver's certificates, $4,190,-
The protective committee consists of James N. Wallace (Chairman);
Pres. Central Trust Co.; R. Walter .Leigh, of Maitland, Coppell & Co.,
Charles W. Cox, of Robert Winthrop & Co., all of New York; Fred Vogel
Jr., Pres. First Nat. Bank, Milwaukee; and John H. McCiement, with
F. L. Babcock, 54 Wall Street, New York, as Secretary.—V. 93, p. 1023.
Amalgamated Asbestos Corporation.—Default.—The company, as expected, defaulted in payment of interest due
Dec. 1 on the $8,000,000 5% 30-year bonds.
The • b ondholders will meet in Montreal, January 25, to
consider the present condition of the company's affairs and
to suggest a course of action in connection therewith and
also to receive any plan of reorganization submitted.
Committee.—J. E. Aldred, President of the Shawinigan
Water & Power Co., has been asked to represent the English
bondholders and, as already announced, Sir Hugh Graham,
W. G. Ross and H. J. Fuller represent the Canadian interests.
—V.93, p. 1536, 1388.
American Linseed Co.—Net° Officers.—The directors on
Dec. 6 effected a permanent form of organization to take the
place of the temporary one created last August upon the.
resignation of President' McGean. The stockholders will
vote Jan. 9 on amending the certificate of incorporation to.
permit the company to engage in additional lines of business.
if desired. New officers:
Henry E. Cooper, heretofore Chairman of the board of management, was
elected to fill the vacant office of President and Treasurer, and Starr J.
Murphy, Vice-President.
An executive committee was formed to take the place of the temporary
committee of management, consisting of Henry E. Cooper (Chairman).
Frederick T. Gates (Vice-Chairman), R. H.Adams,E.J. Brainard and F. It.
Slauson. R. H. Adams Was elected General Manager and E. J. Brainard
and F. R. Slauson, Assistant General Managers.
The board of directors was increased from 14 to 17. and E. J. Brainard.
F. S. Elder, F. R. Slauson, E. H. Smith and E. C. Travis were elected to
fill the three new positions and those of George F. Parker and L. M.Bow
ors, who resigned.—V. 93, p. 728, 732, 409.
DEC. 9 1911.]
THE CHRONICLE
American Snuff Co.—Portion of Assets Transferred to New
Companies and Their Common Shares to be Distributed as
Dividend to Common Shareholders of.—See American Tobacco below.—V. 93, p. 1466.
American Sugar Refining Co.—Sale of Beet-Sugar Interests
—In pursuance of its policy to dispose of its beet-sugar interests, the company on Dec. 7 announced the sale to John D.
and Adolph B. Spreckels, of San Francisco, of its one-half
interest in the $1,000,000 stock of the Western Sugar Refining
Co. of California (V. 91, p. 1571) and of its entire interest in
the stock of the Carver County Sugar Co. ($483,700 of the
$600,000 outstanding, V. 93, p. 529), a small beet-sugar
factory located at Chaska, Minn.—V. 93, p. 1023, 732.
American Tobacco Co.—Segregation--More New Companies Chartered.—In furtherance of the plan for segregating the assets of the company (see V. 93, p. 1122, 1123),
articles of incorporation were filed at Trenton, N. J., on
Dec. 4 by the George W. Helme Co. and the Weyman Bruton
Co.,each with $8,000,000 capital stock, divided equally into
common stock and 7% non-cum. pref.; par of shares $100.
1603
• Bayless Pulp & Paper Co.—Foreclosure.—The bondholders
have requested their trustee, William G. Phelps of Binghamton, to foreclose the $500,000 mortgage.
Prcs. George C. Bayless is under Indictment on the charge of criminal
negligence growing out of the failure of the dam at Austin, Pa.—V.93,p.
1024.
Bethlehem Steel Co.—Agreement to Purchase in 30 Years—
Option in 20 Years.—See Lehigh Coke Co. below and compare V. 93, p. 529.
Booth Fisheries Co., Chicago.—Dividend—New Preferred
Stock.—The shareholders, it is understood, will vote at the
annual meeting in January next on authorizing an issue of
$6,000,000 of 7% cumulative non-voting preferred, of which
$2,000,000 is to be exchanged at par for the present $2,000,000 non-cumulative 6% preferred and $4,000,000 is to be
held to retire the $4,000,000 6% sinking fund debentures
(callable at 101) or for other purposes.
Another 3% dividend on the pref. stock, it is said, will probably precede
the aforesaid exchange of shares. Frank C. Letts, Chairman of the board,
resigned in October last and was succeeded by Pres. A. B. Carpenter. The
fiscal year will hereafter end Dec. 31.—V. 92, p. 1502.
Booth Manufacturing Co., New Bedford, Mass.—Bond
The American Snuff Co. turns over $8,600,588 of its tangible assets, &c., Sale.—Hayden, Stone & Co., Boston and N. Y., have reto the two new companies, in exchange for their (total) $16,000,000 cap1st M.43% convertiitalization, and will distribute the $8,000,000 common stock as a dividend cently placed at par and int. $600,000
to its own common shareholders as below stated, charging the same against ble gold bonds due July 1931. Int. payable J. & J.; Old
surplus, and will use the $8,000,000 pref. to retire two-thirds of its own
Colony Trust Co., Boston, trustee. A circular said:
$12,000,000 pref. See V. 93, p. 1122, 1123.
The American Snuff Co. has accordingly declared to its common stockIncorp. in Mass. Pref. stock, 6% cumulative, fully paid, $750,000:
holders of record on Dec. 1 1911 in addition to the regular cash dividend of callable, all or any part, on any dividend date until Dec. 31 1914 at $125
5% and an extra cash dividend of 2%, 38 4-11% in common stock of the per share. Common stock, fully paid, $500,000; In escrow for conversion
new George W. Helme Co. and 36 4-11% in Common stock of the new privilege, $480,000. Bonds (closed mtge.) auth. and issued, $600,000.
Weyznan-Bruton Co.
The above bonds are secured by a first lien on the real estate and a prior
lien on the spindles, looms, tools and other machinery, the mortgages being
Directors and Officers of the New Snuff Companies.
drawn separately in order to make the bonds tax-exempt under Mass. laws.
Weyman-Bruton Co.—J. Peterson, Pres.; J. H. Bowers and D. E. Rice. The mill and equipment have cost $1,450,000 and the company has about
-Presidents; H. Brook Jr., Sec. and Treas.; Ernst Schmeisser, A. A. De- $400,000 cash on hand, making total assets of $1,850,000, or three times
V.
Voe and Henry D. Moore, directors.
the amount of the bond issue.
George W. Helme Co.—Otis Smith, Pres.•, C. W. Bumstead and J. C.
Prior to July 1 1921 these bonds may, at the option of the owner, be conFlynn, V.
-Presidents; E. D. Christian, Sec. and Treas.; George A. Heime, vertedfinto common stock at $125 per share,i.e., eight shares for$1,000 bond.
William G. Moore and J. S. Prall, directors.
The company has recently completed in New Bedford a high-grade modfine, plain and fancy goods,
product of which
Distribution to Common Shareholders, Etc.—The company ern mill, theand silk novelties. will besite comprises about 10 acres together
of land,
The
with cotton
announces by circular of Dec. 9 that, pursuant to the plan Including a valuable water-front. The property is equipped with 51,424
(V. 93, p. 1122), all common shareholders of record Dec. 1 spindles and 1.300 looms, and has a capacity of 30,000 additional spindles
and 700 additional looms.
will receive upon each share standing in their names the folOfficers and Directors.—George S. Homer, President (director DartBrown,
mouth Mfg. Corp.); George H. Booth, V.-Pres.;
lowing fractions of a share in sub-company stocks, all of Treas.• Charles E. Riley, Charles H. Hutchins (Pres.Frederick R. Knowles
Crompton &
which stocks have a par value of $100 a share except the Loom'
Works), Oliver F Brown (director Bristol Mfg. Corp.), Thomas S.
Carpenter, Attleboro, Mass.; William L. Mauran, New Bedford.
British-American Tobacco Co. shares (par £1 each):
75908 of a share
Brookville (Pa.) Water Co.—City Offers Bonds to Purchase
American Snuff Company common stock
401824
Plant.—See "Brookville" in "State and City" Dept., page
23764 of a share
American Snuff Company preferred stock
1548, last week.
401824
27602 of a share
Brush Electric Light & Power Co., Galveston, Tex.—New
George W. Helme Company common stock
401824
Securities.—See Cities Service Co. below and V. 93, p. 1467.
27602 of a share
common stock
Weyman-Bruton Company
Calumet & Hecla Mining Co.—Output.—The estimated
401824
21129 of a share copper output of the company and its subsidiaries for NovemMacAndrews & Forbes Company common stock
-01824
4
ber and the 11 months ending Nov. 30, stated in pounds, was:
704$ of a share
11 Mos. end. Nov.30November
J. S. Young Company common stock
1910.
401824
1911.
1910.
1911.
6,610,200 5,890,801 69,011,852 65,326,537
4950 of a share Calumet & Heela
The Conley Poll Company stock
1,509,120 1,533,425 16,761,640 17,514,855
Osceola
401824
1,391,990 1,012,515 13,826,480 10,740,516
Ahmeek
1800 of a share Tamarack
The Johnston Tin Foil & Metal Company stock
6,814,011 10,780,461
788,850
704,200
401824
1,392,612 1,574,672 15,767,218 16,639,922
Other subsidiaries
50000 of a share
R. J. Reynolds Tobacco Company stock
11,608,122 10,800,263 122,181,201 121,002,291
Total
401824
60000 of a share —V. 93, p. 1326.
Corporation of United Cigar Stores stook
401824
Canadian Puget Sound Lumber Co., Ltd.—Bonds—Earn13236 of a share ings.—O'Connor & Kahler, New York and Chicago, are
Porto Rican-American Tobacco Company stock
401824
offering at par and int. the unsold portion (less than $225,)
4.
Brit.
-Am.Tob. Co., Ltd., ordinary shares (£1 each)_ _ _ _5 2TMi of a share
$1,200,000 serial "first and re-
All the company's common shareholders of record Dec. 1
will also be entitled to purchase pro rata, on or before Jan. 10
1912, for cash at par, the common stocks of the Liggett &
Myers Tobacco Co. and P. Lorillard Co., viz., for each share
so held 214964-401824 of a $100 share of L. & M. common
and 151556-401824 of a $100 share of Lorillard common.
On and after Jan. 10 1912 the holders of the bonds of the
Am. Tob. Co. may surrender the same to the Guaranty Trust
Co. for exchange for cash and bonds of the Liggett & Myers
and Lorillard cos.,and the holders of pref. shares of the
Am. Tob. Co. may exchange the same for new pref. shares of
the Am. Tob. Co. and pref. shares of the L. & M. and Lorillard cos., in thelproportions shown in the plan (V.93,p.1122.)
Independent Interests Apply to Supreme Court.—Felix H.
Levy as attorney for the Leaf Tobacco Board of Trade, who
objected before the U. S. Circuit Court to the decree of disintegration entered by it on Monday, made a motion before
the U. S. Supreme Court (which was taken under advisement) for leave to file a petition for further relief, viz:
000) of tile present issue of
funding" mortgage 6% gold bonds dated June 8 1911
($300,000 additional reserved to retire 1st 6s due 1911 to
1914). The firm reports:
Results of Operation from Organization June 8 1911 to Sept. 30.
logs$245,818
Sale of
$101,315)Expenses
122,516
Lumber and mfg. products_ 267,019 Net profit
20,000
Bond Int, for period about
368,334
Total
Sec letter from President Liken. "Chronicle" of Aug. 12 1911, p. 410.
Canadian Western Natural Gas Light, Heat & Power Co.,
Ltd., Calgary.—Debenture Stock.—Subscription lists were
received in London from Nov. 20 to 22 at 90% for £811,643
($3,950,000) 5% 1st M. debenture stock, part of an issue
limited as below mentioned,and redeemable by Oct. 15 1936;
subject to call at 105% for sinking fund(Z27,915 per annum,
beginning on or before Jan. 1 1916), also after 1915 as an
entire issue at 105. Interest A. & 0. 15 in London; also in
Canada at $4 86 2-3 to the sterling.
Incorporated under laws of Province of Alberta. Share capital issued and
fully paid, $8,000,000; par, 3100. Has acquired the right to drill for natural
gas under agreement with the Can Pac. By. over an area of about 2,425
sq. miles In Southern Alberta, and already owns eight natural gas wells, pro(1) That the Supreme Court issue a writ of mandamus to the Judges of ducing 68,000,000 Cu. ft. per day of 24 hours, live of the wells producing
the Circuit Court directing them to set aside their decree approving of the In the aggregate 65,000,000 cu. ft. per day, having an average closed-in
conformity with the opinion
company's plan and to enter a new decree "in
or rock pressure of 795 lbs. per sq. inch. These wells are situated in the
and mandate of the Supreme Court";(2) that a writ of prohibition be issued region traversed by the Canadian Pee. Ry., one at Bassano, one at Brooks,
staying them from putting their decree into effect; (3) that a writ of certi- one at DUIIMOre Junction and five at Bow Island.
orari be issued requiring the Circuit Court Judges to certify to the higher
The company proposes to build immediately a large pipe line for
Court all proceedings before them since the Supreme Court's mandate was the transmission and distribution of gas to the cities of Calgary and Lethfiled and all documents and papers upon which the lower Court acted; (4) bridge, with branch lines to many other growing towns and villages. The
that a writ of mandamus issue permitting the petitioner to intervene in the company has the right to lay pipes for the transportation of the gas along
ease awl be Joined as a party with the right to appeal from the decree of the time Canadian Pacific fly's right of way and through land owned by the
lower Court, and (5) that pending the hearing and decision on the petition railway. Owing to the high initial pressure of the gas, toe cost of a comall proceedings on the part of the American Tobacco Co. looking to the pressing plant is obviated. 'the present daily output of the wells at Bow
execution of the plan of disintegration be stayed.—V. 93, p. 1536, 1466.
Island alone greatly exceeds the maximum amount of gas required for preslarge
company is boring further
to
Appleton (Wis.) Water Works Co.—City Takes Possession. ent plans, but the Estimated gross earnings,wells in order netensure a $1,profits,
$1,620,000;
reserve supply.
—See "Appleton" in the "State and City" department. 240,000; interest on debenture stock, $225,000; reserve for sinking fund.
depreciation, &c., $350,000; bal., stir., for dividends, &c., $665,000.
—V. 93, p. 668.
The trust deed limits the issue in the first instance to $4,500,000, but
may
California.—Preferred Stock.—The further amounts issue be issued, provided that (a) the company has received
Associated Oil Co.,
of capital stock (whether preferred or common) over
it is stated, will issue $6,000,000 pref. stock for impts in cash from an
co.,
and above the present share capital of $8,000,000 cash equal to the nomirfal
for
the proceeds will be used to build a amount of the proposed further issue, or (b) the certified net earnings the
Mit is reported but not confirmed that
refinery on the Coast near Los Angeles or somewhere on the Northern Cali- each of the two last preceding financial years shall have been twice be
to
fornia coast, and will be fed by a pipe line from the new Lost Hills district. interest on said debenture stock, including the further amount then
It Is known that pipe line surveys have been made from the Lost Hills to issued, and twice the sinking fund thereon. Ltd., Bank of Scotland and
Subscriptions were received at Lloyds Bank,
time COA it within recent months, but it was stated at the time that the UniTrust Co. of
versal Oil Co., controlled by the Crookers and having a large refining oil Canadian Bank of Commerce, on behalf of the British Empire
London, the purchasers, trustee and registrar of the issue.
production, was behind the projeot.—V. 92, P. 1562.
i
THE CIIRONICLE
1604
Directors.
-Hon. Clifford Sifton, P.C. K.C., Eugene Coste and C. A.
Masten, K.C., Toronto; Patrick Burns, director Calgary Gas Co.; John Bain,
Ottawa; N. Scott Russell, director British Empire Trust Co., Ltd.; D. A.
Coste. The Secretary is James Houston Spence.
Canton (0.) Electric Co.-Pref. Stock.
-The Electric Bond
& Share Co., New York, as fiscal agents, has recently completed the sale of the last of the issue of $250,000 6%
cumulative pref. stock, pref. p. & d., retirable at 120,
dividends Q.
-M. Registrar, Corp. Trust Co., Jersey City.
Letter from President R. E. Breed, Oct. 24 1911.
The company controls the entire electric light, power and heating
business in Canton, Ohio, serving a population of about 52,000. Canton,
in addition to being the centre of a rich agricultural country, has grown
rapidly in recent years and now has within its limits over 200 factories,
representing diversified industries, also 11 banks. Our rates are reasonable
and our company is in good standing with the city and with the public.
CapitalizationAuthorized. Outstanding.
Pref. stock,6% cum., red. at 120 and accrued div__ $250,000
$250,000
Common stock (all owned by American Gas &
Electric Co.
-see V. 87, p. 1661)
2,250,000
2,250,000
Bonds•(lst and ref. 5s of 1907, due May 1 1937, but
callable on or after May 1 1912 at 110, of which
some $50,000 reserved to retire 1st 6s due Sept. 1
-compare V. 85, p. 224-Ed.)
1919
2,500,000
1,061,000
Earnings for 12 Months end. Sept. 30. 1908-09. 1909-10. 1910-11.
Gross earnings
$222,490 $268,045 $301,677
Net earnings after taxes
107,921
139,910
162,120
Bal., sur. (after bond int. $53,050) available for dividends, &c_ _ _ 109,070
The surplus available for dividends for the 12 months ending Sept. 30
1911 was more than seven times the annual dividend ($15,000) on the
$250,000 pref. stock. The issuance of additional bonds is stringently restricted by the trust deed; an ample sinking fund will have retired a substantial amount of them at maturity.
-Two plants, aggregate capacity of 4,640 k.w. (80% of
Property, &c.
the equipment has been installed within the last four years); exhaust steamheating system covering the business district.
The proceeds from this issue of pref. stock will partially reimburse the
company for the cost of hullding a new boiler house and a new stack and
the installation of Babcock & Wilcox water tube boilers, complete with
automatic stokers, and automatic coal and ash-handling machinery.
,
Has satisfactory contracts for municipal lighting with the city of Canton
running to 1916, and with adjacent village of Louisville, expiring 1913.
The franchises are free from burdensome restrictions and are unlimited in
point of time,except for steam and hot-water heating, which extends to 1932.
[The pref. stock was placed at 98 and accrued dividend, yielding 6.12%
income, by Richter & Co., Hartford, Conn.; Farlee & Goodrich, Inc., New
Haven, Conn.; George P. Bissell, Phila., and Richardson, Hill & Co. and
II. L. Nason & Co., Boston.
-V. 85, p. 224.
-Ed.]
Carriage Factories, Ltd. Montreal.-Sale.-A 'block of
$400,000 pref. stock is reported to have been sold to provide
'
additional working capital and to pay off all floating debt.
-V. 90, p. 978.
-See American
Carver County Sul Co.
-8,r
-Sale of Control.
Sugar Refining Co. above.
Chesebrough Mfg. Co., Consolidated.
-Dividend.
-A regular quarterly dividend of $10 a share (10%) has been declared on the $500,000 stock, payable Jan. 5.
This is the same rate as was paid before
the stock was distributed by the Standard 011 Co. of New Jersey among its shareholders.
(See V. 93, p. 1390.) Total stock auth., 3500,000. Recent dividends are
reported as follows: 1901, 307,• 1002, 24%• 1903 to 1905, 18% yearly;
1906, 21 3i%; 1907 and since understood to be 40% yearly.
-V.88, p. 1439.
'
[VOL.
a lease of the 21st and 22d floors of the Whitehall Bldg., 17
Battery Place, and expects to occupy the same about the
-V. 93, p. 1262, 874.
first of the year.
Denver Realty Co.- Notes.
-See Denver City Tramway
under "Railroads."
Eastern Steamship Corporation, Boston.
-Proposed
-This company was incorporated in Maine on Dec. 4
Merger.
with $6,150,000 of authorized capital stock and a proposed
issue of $11,500,000 5% "first and refunding mortgage"
bonds, as an enlargement of the Eastern Steamship Co.
(V. 92, p. 325) and to purchase the property and business
of the Metropolitan SS. Co. of Maine, operating freight
boats between New York and Boston (V. 93, p. 55) and
also the five steamer's, wharf property and other equipment (tangible property only) of the Maine SS. Co. (V. 87,
p. 350.)
Of the new bonds $2,800,000 will be reserved to retire at maturity outstanding bonds of the Eastern SS. Co. and Maine SS. Co. The balance of
$8,700,000 will be used to purchase the property and assets of the three
merged companies.
Shareholders of Eastern SS. Co. will be offered $3,000,000 in bonds and
$3,000,000 in stock for their present $3,000,000 stock, or $200 in said stock
and bonds for each $100 old stock.
The new corporation will own a fleet of 30 or more steamships, and, it is
understood, will have exactly the same board of directors as the Eaetern
SS. Co., with Calvin Austin as President. The board is as follows: Calvin
Austin, Henry R. Mallory, Hon. John F. Hill. Hon. William T. Cobb,
Charles F. Libbey, William H. Hill, Josiah W. Hayden, R. F. Pepper and
Galen L. Stone.
The net earnings for the year 1912 arc expected to be twice the interest
charges, which would be about $1,150,000. The underlying bonds are
chiefly Eastern SS. Co. 1st M. 25-year sinking fund gold 5s of 1902, due
1927, of which on Jan. 1 1911 some $2,463,000 were held by the public.
(V. 80, p. 2222; V. 89, p. 472; V. 91, p. 1097.)
The Maine SS. Co. is owned by the Hartford 60 New York Transportation
Co. or other subsidiaries of the New York New Haven & Hartford RR.
Edison Sault Electric Co., Sault Ste. Marie.
-Decision.
Judge Dennison in the Federal Court at Grand Rapids,
Mich.,
Mich. on Sept. 11 awarded the company $300,000 for property
over by the Government for ship-locks.
The company is also granted the lease of water for operation of its plans
under the provision of the River and Harbors Act of 1909, which provides
for the leasing of surplus waters not needed for navigation to companies for
development purposes. The "Monetary Times" says: "This ensures the
continuance of the company without interruption and Its probable extension, as the new head race being built by the Government 18 estimated,
when completed, coupled with proper excavation of the tall race, to develop
15,000 horse power. The lease granted to the Edison Sault Co. will probably be followed by the conclusion of the lease, in the reasonably near
future, by the Michigan Lake Superior Power Co., for water sufficient to
fill its canal. Should no appeal be taken from the decision the famous Soo
water-power war will have been ended. It has covered a period of 10 or
12 years and has had the effect of completely throttling all industrial
development until the tangle was straightened out.
[The Michigan Lake Superior Power Co. received an award of $16,000 for
Island No .5 and the Chandler-Dunbar Co. one for $700.000.
-Ed.] Compare Chandler-Dunbar Co. Water Power item. V. 93, p 733.-V.85, p.1404.
Electrical Securities Corp.
-Bonds Offered.
-Jackson &
Curtis, N. Y. and Boston, offer at par and int. $500,000
collat. trust s. f. gold 5% bonds, 10th series, dated Feb. 1
Childs (Restaurant) Co., N. Y.
-Increase of Stock.
-The 1911, due Feb. 11941,but redeemable,all or part, at 103% and
stockholders will vote Dec. 28 on increasing the authorized int. on any int. day. Int. F. & A. at Standard Trust Co.
common stock from $3,000,000 to $4,000,000.-V. 93,
The sinking fund must retire $475,000 of the total issue of $500,000; par
value of collateral, $626,000. Since 1904 has issued $7,500,000 coll. tr.
p. 41.
5% bonds; redeemed and canceled to July 1 1911 $3,545,000. Capital
Cities Service Co.
-Offering in London -Parr's Bank, stock $1,000,000 5% pref. stock and $2,000,000 common stock, the latter
,
General
Ltd., London, was authorized as bankers to receive appli- owned by the$776,002;Electric) Co. Surplus June 30 1911, $1,066,836.
securities appraised at $6,743,148.
Assets: Cash,
Collateral for this issue: Appalachian Power Co. of Richmond, Va., 1st
cations until Nov. 30 on behalf of the purchasers for $1,350,M.55, due 1941 (V.93, p. 529, 874), $100,000; Choctaw By. & Lighting Co.
000 of 6% cumulative preferred shares at $85 per share. Pref. of McAlester, Okla., 1st M. 5$, duo 1938, •$120,000; Consol. Power Fe
stock issued, $10,194,090, including the $1,350,000 so of- Light Co. of South Dakota, of Deadwood, S. D., 1st consol. 5s, due 1929
(V. 88, p. 503), $131,000; Omaha EI.IL.& Power Co. 1st M. 5s, due 1933
fered; common stock issued, $5,498,795.
(V. 93, p. 474), $75,000; Northern Idaho & Mont. Power Co. 1st M. 6s,
Cir u!ar.-Pres. Henry L. Doherty, Dec. 7 1911, wrote due 1949 (V.91, p.341), $35,000; Wash. Bait. & Annapolis El. RR. 1st M.
5s, due 1941 ("El. By. Sec."), $65,000; Yadkin River Power Co.of Raleigh,
in substance:
N. C., 1st M. 5s, due 1941 (V. 93, p. 1263), $50,000; Southern Mich.
The purchase of the Galveston property [Brush Electric Light & Power
Co., V. 93, p. 1467] was financed by the sale of.$1,350,000 of our pref.
stock and $472,500 of our common stock to a London banking and stock
exchange house for $1,350,000. This provided funds to pay for the Galveston property, leaving a reasonable sum in the treasury of the Galveston
company for immediate extensions, betterments and working capital.
The Galveston property is entirely free from debt, but It is the intention
to reorganize the company and authorize a new stock and bond issue, both
the stock and bonds to be placed in the treasury of the Cities Service Co.
The London house advises us that the stock offered by them has been
over-subscribed at prices so much above the market here that it will not
likely be resold in this market; moreover, they have agreed that the stock
will remain over there, and they believe that additional amounts will be
purchased from time to time by London investors.
-V. 93, p. 1467.
By.
Co. of South Bend, Ind., 1st consol. M. 5s, due 1931 (V. 83, p. 1493, and
"El. By. Sec."), $50,000.
Profit and loss for six months ending June 30 1911: Interest received,
$177,166; dividends received, $51,346; total, $228,512; bond Int. paid, $83,021; expense, $29,540; bal., sur., $115,951; dividends paid, $105,000.
profit on sales of securities, $70,235, less discount and premium on series
bonds, $14,393, net $55,842. Compare V. 92, p. 1035.
Equitable Illuminating Gas Light Oo. of Philadelphia.
Bonds Called.
-Two hundred and eighteen ($218,000) 1st M.
bonds dated Feb.11898, for payment at 105 and int., at the
N.Y. Trust Co., 26 Broad St., on Jan. 2 1912.-V.91,p.1576.
Everett (Wash.) Gas CO.
-"Gas Business in Everett, Wash.
Clearfield Bituminous Coal Corporation.
-Lease.
-See
-Under this title, H. M.
Pennsylvania Coal & Coke Corporation below.
-V.93, p. 48. -A Record of Quick Development."
& Co., managers and engineers,
Colorado Springs Light, Heat & Power Co.-Eamings.- Byllesby booklet, handsomely illustrated Chicago, have prewith some 46 sepia
pared a
Bertron, Griscom & Jenks report:
prints, in order to give the public an idea of the gas business
Sept. 30.
-Interest on- Amorti- Balance,
Gross
Net
Everett, Wash., and to indicate how such a
YearEarnings. Earnings. UndTg 1st & ref.5s. ration.
Surplus. of the city of
1910-11
$536,574 $261,469 $65,000 $60,000 $13,034 $123,435 business can be made reasonably profitable by the application
1909-10
532,188
96,700
256,264
18,132
141,432 of progressive methods. We read:
-V. 93, p. 471.
Within a period of 18 months the consumption of gas was quadrupled,
Commercial Union Telephone Co., Troy, N. Y.
-Sold.
- the number of customers nearly tripled, the number of gas ranges increased
more than 500%, the property reconstructed and enlarged, and service
See New York Telephone Co. below.
-V. 83, p. 627.
mains extended to cover the entire city and to serve three outlying comConsolidated Gas, Electric Light, Heat & Power Co., munities-Lowell, Snohomish and Monroe. In 1890 there was no census
report on Everett, because such a city did not exist. In 1910 the city had
Baltimore.
-New Director.
-Van Lear Black, Vice-President 24.814 people (an increase since 1900 of 216%); Lowell, 1,007; Snohomish,
of the Fidelity Trust Co. of Baltimore, has been elected a 3,244, and Monroe, 1,552; total, 30,617. Everett is a manufacturing city;
June 1911 showed 84 factories employing 4,728 men
director to succeed S. R. Bertron of N. Y., who resigned. ar, industrial census in at $12,421,000 annually. The value of the lumber
with an output valued
Pension Plan.
-The directors on Dec. 6 adopted a plan and shingles produced in Everett in 1910 was at least $10,000,000.
& Co.
When
the gas business in Everett
to pension employees, about 1,600 in number, the entire Jan, 20 H. M. Byliesby works secured control of producing not more
1910, the gas
were capable of
than
cost to be borne by the company.
-V.93, p. 1189, 941.
200,000 Cu. ft. of gas per 24 hours, and the gas storage-holder capacity
was only 43,000 Cu. ft. Gas is now produced by the water gas process, the
Copper Range Consolidated Co.
-Dividend Reduced.
-A total generating capacity (two gas sets) being 750,000 cu.ft. New fireproof
quarterly dividend of M of 1% has been declared on the buildings of substantial construction were erected. A new gas storage-hold250,000 cu.
$38,433,500 capital stock, payable Jan. 1 to holders of er, capacity ofof 1910 thereft., was built; also a modern office building, 60c.
In January
were but 16.06 miles of gas mains in Everett,
record Dec. 9, comparing with 1% quarterly from Jan. 1908 mostly 2-in, mains, covering only a third of the city. On Sept. 11911 the
gas mains aggregated: In Everett; 42.93 miles; in Snohomish, 7.32 miles:
to Oct. 1911. Compare V. 85, p. 1464.
in Monroe, 6.34 miles; high-pressure interurban pipe lines to Snohomish and
Regular
Extra
-V. 92, p. 1407.
Previous Dividend Record (Per Cent).
1905. 1906. 1907. 1908. 1909. 1910. 1011.
4
5.6
436
,
4
4
4
4
None
36
1 36 None None None None
,
Corn Products Refining CO.
-Removal of Offices.
-The
company, whose offices are now at 26 Broadway, has taken
Monroe, 20.69 miles; total, 77.28 miles, chiefly 4. 6 and 8-inch mains.
Gas Sent Out from Works (Cubic Peet).
1910.
1908.
1909.
1911 (Est.).
17.501,600
20,767.200
20,095,000
70,000,000
0,000,000
At Everett the price of gas service was cut March 1 1911 to the householder from 31 70 gross to $1 50 gross per 1,000 Cu. ft., or from $1 50 net to $1 35
net, with special rates for cooking ranging as low as $1 for amounts In excess of 20.000 Cu. ft. monthly. During the fall of 1911 customers were
DEC. 9 3911..]
THE CHRONICLE
being added at the rate of 50 a work and an average of 10 new ranges were
,tu each working day.
being piaeeii in
A pr.'10. Oct.'11. Inc.
A pr.'10. OM'''.
Inc.
202%
189% Individ. lights 1,344 4,059
Customers .._1,224 3,518
540% Water heaters 80 1,031 1,188%
Ranges
434 2,778
24%
392% Other applian.1,520 1,885
Arc lamps
209 1,030
Snohomish and Monroe are served both with electric and gas service by
-year
the Everett Gas Co., the electric energy being purchased under a 5
contract dated in May 1910 from the Seattle-Tacoma Power Co., which generates by water power. (Compare data under Standard Gas & El. Co.`
V.93, p. 1327; V.91, p. 1709).-V. 90,9. 1242.
Galena Signal Oil Co., Franklin, Pa.-Diridend.--This
former subsidiary of the Standard Oil Co. has declared a
quarterly dividend of 2% on its $2,000,000 pref. stock,
payable to holders of record Dec. 4
The capital stock is $2,000,000 pref. and $8,000,000 common,
of which the Standard Oil Co. of New Jersey recently owned and distributed to its shareholders $1,687,500 pref. and $5,591,900 common (V. 93,
p. 1390, 1539; V. 88, p. 372; V. 85, p. 790).
-Merger.
-See ArGold Belt Consolidated Electric Co.
kansas Valley Ry., Light & Power Co. under "Railroads"
above.
-V. 69, p. 1250.
Hamilton (0.)Gas & Electric Co.-Bankruptcy--Trustee.The company last month filed a voluntary petition in
bankruptcy in the Federal Court at Cincinnati, the liabilities
being stated as $1,013,856 (including $846,000 5% bonds
with July 1911 coupons in default) and assets $536,603.
Judge Hollister on Nov. 20 by agreement of a majority of the
stockholders and creditors, appointed S. M. Goodwin,
Secretary of the Champion Coated Paper Works of Hamilton
-V.93, p. 1107, 533.
as trustee.
-Chartered.
-See American To(George W.) Helme Co.
bacco Co. above.
-Sale.
----See New York
Independent Union Telephone Co.
-V. 93, p. 534, 289.
Telephone Co. below.
-OwInternational Agricultural Corporation.
-Earnings.
ing to the various complications in the potash situation and
other minor difficulties, the earnings for the fiscal year ending June 30 1911, we understand, fell somewhat short of
• the rather promising official statement, partly estimated,
that was published by a prominent banking house some
time ago and was reproduced in V. 93, p. 1536.
Kentucky Electric Co., Louisville, Ky.-Bonds Offered.
H. E. Rollins & Sons, Chicago, Boston, New York, Denver
and San Francisco, are offering at 95 and int., to yield about
53% (see advertisement on another page), $100,000 of
the 1st M. 5% sinking fund gold bonds (due Feb. 1 1926) of
the Kentucky Electric Co., which does an electric-light
and power business in the city of Louisville (1910 population 223,928), operating under a franchise that outlives these
.92,/311036):
1
bonds. Now out $745,000. The bankers say (V.
The net earnings, as officially reported, arc at the rate of over four
times interest charges, and the property, exclusive of good-will and franchise, is conservatively valued at more than double the bonded debt.
Sinking fund 2% of outstanding bonds annually after 1916; depreciation
fund 2% of outstanding bonds annually, 1911 to 1914, and 3% thereafter.
The management and control is vested in influential Louisville men of
broad business experience. See also V. 92, p. 1036.
1605
Balance Sheets of Sept. 30 1911 and 1910.
1911.
1910.
1911.
1910.
$
Assets
Liabilities$
21,500,000 21,500,000
Property account_29,474,341 30,852,440 Capital stock
187
Treasury stock___ 628,600
628,601 do atf. cos.not owned
5,900,000 5,107,000
Incomplete invest.
76,289
19,827 Bonds
349,643
155,290
Materials and supAccts. payable
plies
60,044
367,604 Aced hat. & taxes 300,978
110,421
125,854
Cash
574.917
232,023 Security deposits_
215,280
Bills receivable
17,996
33,885
32,633 Bond coupons____
2,701,605
Accts. receivable_ 471,533
494,332 Bills payable
2,477
Deferred expenses
88,100
Cons. adv. pay_
108,320
Cash to pay bond
Accrued bond int_
128,145
coupons
33,885
215,280 Accrued taxes_
Profit and loss_ ___ 3,409,698 2,619,662
---- ---Total
31,425,705 32,842,710
Total
31,425,705 32,842,740
Compare refunding, &c.. V. 93, p. 1264.-V. 93, p. 1263.
Metropolitan Steamship Co., Boston.
-Sale.
-See Eastern
Steamship Corporation above.
-V.90, p. 55.
Minneapolis Gas Light Co.
-E. H.
-New Bonds Offered.
Rollins & Sons, Bost., N.
Chic., Den. and S. Fr., have
purchased and are offeringY., par and int. $300,000 1st M.
at
5% bonds dated Sept. 1 1903 and due Feb. 1 1930, entire
issue callable at 105 and int. on or after March 1 1915.
A circular says:
Does the entire gas business of Minneapolis, under an exclusive franchise
extending to Feb. 24 1930, at which time the city has the right to purchase
the property at its fair and reasonable value as a going concern. The
exclusive character of this franchise has been sustained by the courts of
Minnesota. The company has been in successful operation since 1870 and
has for many years paid 8% dividends on $800,000 capital stock. During
the past ten years the population of Minneapolis has increased from 202,718
to 301,408. During the same period the gross earnings of the company
have more than trebled. There are outstanding $6,211,000 bonds of an
authorized issue of $10,000,000, secured by direct first mortgage on all
property of the company now owned or hereafter acquired. The net
earnings are over 2 3 times the bond interest. These bonds are a legal
investment for Rhode Island savings banks.
-V.90, p. 980.
Mobile (Ala.) Electric Co.-Pref. Stock-Earnings,•
H. M. Byllesby & Co., Chicago, are offering at a price to
yield 7%% income 7% cumulative pref. stock (pref. p. & d.),
par $100, but redeemable at 110 on 60 days' notice. Divi-F. 15. Registrar, Central Trust Co. of Illinois
dends Q.
'
Chicago, and Standard Trust Co. of N. Y. A circular reports
Capitalization outstanding: Pref. stock, $645,000; common stock, $950,
000; 1st M. 5% bonds (dated 1906, due May 1 1946, but callable at 105
see V. 88, p. 234), 81,616.000. A majority of the stock is owned by
Standard Gas & El. Co. (see V. 93, p. 1327).
Earnings for 12 months ending July 31 1911: gross, $333,901; net, $159.380; bond int., $78,901; pref. divs., $37,069; bal., surplus. $43,410.
Earnings for 12 Months ended July 31 and Statistics as of Jug 31.
1910-11.
1909-10.
1908-09.
$333,901
$312,123
$992,429
Gross earnings
159,380
150,012
139,601
Net earnings
5.798
5,195
Consumers..5,005
104,603
93,926
Incandescent lamps (16 c. p.)86,551
499
City arcs at $60 per lamp till Nov. 1 '17_
451
479
10,139
Total k. w., all purposes
8,364
9,058
Number of motors
415
511
477
The company, under contract of purchase of the competing electric-light
plant of the Mobile Light & RR. Co. as of July 1906 pays the Mobile
Light ec RR. Co. 70 semi-annual payments of $11,464 (in all $802,480), of
which 5114,644 has already been paid.
The company owns a modern power house comprising a total of 4,050
kilowatts rated capacity, high class' pole line coverini, a total of 124 miles
(against 109 miles July 31 1909) and. about 32 duct miles of underground
conduit in the business section.
Pref. dividends 6% per annum Nov. 1 1906 to Oct. 31 1910; 7% per an-F. 15). (Compare V. 914 p. 521, 657.)num since latter date (now Q.
V. 92, p. 1569
-Stock.
-The shareMunicipal Gas Co., Albany, N. Y.
.- holders will vote Dec. 29 on increasing the capital stock from
-Dividend Increased
Laurentide Co., Ltd., Montreal.
A quarterly dividend of 2% on the $7,200,000 stock, or at 82,000,000 to $6,250,000, par of shares $100. Annual divithe rate of 8% yearly, has been declared on the stock. The dend rate 10%.
first payment on the new shares, 1%,was made on Oct. 2.
-Government
National Cash Register Co., Dayton, Ohio.
The common stock of the former company which was exchanged for
.-The Government on Dec. 4 filed a bill in equity in the
200% In stock of the present company received 8% per annum. The Suit
present rate of distribution is, therefore, at the rate of 16% on the stock U. S. Circuit Court for the Southern District of Ohio at
-V. 93, p. 1025, 534.
of the old company.
Cincinnati against the company and 28 of its principal
-Status.
-We officers and agents, alleging that about the year 1890 the
Lehigh Coke Co., N. Y. City and Didier, Pa.
'
defendants, John H. Patterson and his then associates, as
have been favored with the following:
In Pennsylvania June 1 1910 for the purpose of mining coal the officers and agents of the then existing National Cash
Incorporated
and manufacturing coke and the by-products of coal and coke and any arti- Register Co., entered into a conspiracy to create and maintain
cle of commerce therefrom.
a monopoly in the manufacture and sale and shipment in
Capital Stock, Divided into Shares of $100 Each.
Authorized. Present Issue. inter-State and foreign commerce of cash registers and
$8,000,000
$4,000,000 other registering devices.
Common stock
•
7,000,000
3,500,000
Pref. stock (7% cum. and participating)
$15,000,000
$7,500,000
Total
The pref. stock is entitled to cumulative preferential dividends at the
rate of 7% per annum, and to preference in liquidation to the extent of
$140 per share. It is subject to redemption (first) by purchase at not exceeding $140 per share prior to the declaration of any dividend upon the
common stock, to the extent necessary to redeem the entire outstanding
amount on or before Jan. 1 1933; and (second) by call at any dividend date
at the rate of $140 per share, but no call shall be made of less than the
whole amount outstanding. After the payment of dividends for any year
at the rate of 7% per annum on all outstanding common stock, any further
dividends declared for the year shall be payable on all outstanding stock
without distinction.
The present Issue of stock ($4,000,000 common and $3,500,000 pref.)
has been appropriated for working capital and to provide for the construction and operation of a by-product coke-oven plant at Didier, adjoining
South Bethlehem, Pa., by the Berlin-Anhaltische Maschinenbau AktienGesellschaft of Berlin, and the Stettiner Chamotte-Fabrik Aktien-GesellBohan, vorm. Didier, of Stettin, having a minimum capacity of 3,360 net
tons of coke per day.
The principal amount of the coke and gas products has been contracted
for by the Bethlehem Steel Co. for a long term of years. The Bethlehem
Steel Co.[compare V. 93, p. 529, 530] has an option to purchase the plant
at the end of 20 years and has agreed to purchase at the end of 30 years.
Directors: (a) Pennsylvania men-E. Hohman, Thomas C. Clarke,
L. Flaccus and A. Putsch. (b) New York men-Edward D. Adams, David
B. Carse, Prof. Morris Loeb, George B. Leighton, Edward M. MeIlvain,
Edgar L. Marston, Frederick J. Mayer and J. N. Wallace.
Officers: Edward D. Adams, Chairman; Edward M. MeIlvain, Pres.:
F. 0. Dettmann, Sec.; Wm. H. Coade, Treas. New York office, 71
Broadway.
-V. 93, p. 1326.
It is charged that by means of the various wrongful and illegal acts
set out in the bill, the defendant, Patterson, and his associates, have succeeded in ruining and destroying more than 150 cash register companies,
and as a result now control more than 95% of the trade and commerce in
such commodities.
According to a statement by Attorney-General Wickersham, the bill
charges that this conspiracy and attempt to monopolize is still being carried
out, and that it the illegal acts of the defendants are not restrained, they
will continue to carry out their conspiracy and perhaps ultimately obtain
a complete monopoly of the cash register industry. He further says that
"the prayer is that the defendants be restrained from the further commission of such wrongful and illegal acts, and from further carrying out
their conspiracy. The bill does not ask for the dissolution of the company
for the reason that there is hardly a vestige left of any of the ruiaed companies outside of the 'graveyard' of the defendant company at Dayton,
and, therefore, it is impossible to restore existing conditions. The object
of the bill is to compel fair competition and to restrain the acts of savagery
heretofore employed and now being directed against the few remaining
compctitors."-V. 92, p. 1705.
National Gas, El. Light & Power Co.
-Director.-Walter
H. Lippincott of Bioren & Co. has been elected a director.
The securities of the company, it is stated, are now largely held in Philadelphia and vicinity and the company has had a large and steady growth
-V. 92, p. 1640.
n business and earnings.
-Trial of Packers on Criminal Charge.
National Packing Co.
-The trail of the Chicago packers on the indictments against
them charging a conspiracy in restraint of inter-State trade
in violation of the Sherman Law was begun before Judge
• Mackay Companies.
-Reduction in Cable Rates.-See Carpenter in the U. S. District Court on Dec. 6 and is
expected to consume some weeks if not months unless
-V. 92, p. 600.
Western Union Telegraph Co. below.
stayed by the U. S. Supreme Court.
Maine Steamship Co.
-Sale.
-See Eastern Steamship
The packers were surrendered by their bondsmen on Nov. 14 and an
Corporation above.
-V. 87, p. 350.
appeal was made to Judge Kohlsaat for a writ of habeas corpus. The
application was denied by Judge Kohlsaat on Nov. 21.
• Manufacturers' Light & Heat Co., Pittsburgh.
The Supreme Court on Dec. 5 denied the motion for a supersedeas sub-Balance
trial.
on the preceding day to stay
-The earnings for the nine months ending Sept. 30 mitted action of the Court does not gothe the question raised by the appeal
Sheet.
to
The
were given Nov. 4 (p. 1263).
taken by the packers from the judgment of Judge KohLsaat quashing the
1806
THE CHRONICLE
writ of habeas corpus, that appeal being still pending on the Supreme Court
docket. Unless it is advanced and set for early hearing, however, the criminal cases against the packers will probably be concluded before the habeas
corpus appeal is determined.
The basis of the appeal and the motion for a stay of the criminal cases
was the contention made by the attorneys for the packers, John S. Miller and
Levi Mayer, that the Constitutionality of the Sherman Law as a criminal
statute has been attacked in several causes now pending in the Federal
courts and that the highest court has never passed on the question.
V. 92, p. 798.
Newfoundland Syndicate.
-Sold.
--The following securities
were sold by Auctioneer Joseph Day at 14 Vesey St., N. Y.,
on Nov. 21, under decree of foreclosure entered by the Supreme Court, County of New York, on Aug. 17, and were bid
in for $1,000 by G. Elton Parks of N. Y. as agent!
(a) Pilleys Island Pyrites Co. (of N. Y.), $165,000 of its $200,000 outstanding 8% non-cum. pref. stock and $297,300 of its $300,000 common
stock; also all of its $250,000 10-year 1st M. 6% bonds of 1903, Emipre
Tr. Co., trustee; (b) Terra Nova Co. (of N. Y.), all its $200,000 non-cum.
8% pref. and $299,500 of Its $300,000 common stock, also all of its $150,000
10-year 1st M. 6% bonds of 1903, Central Tr. Co., trustee; (c) National
Metallurgic Co. of N. J., $99,500 of its $100,000 cap. stock; (d) Betts Cove
Sulphur, Copper & Iron Co. of N. Y., $479,500 of its $500,000 cap. stock.
[The Equitable Tr. Co. N. Y., was the mtge. trustee and John M. Enright trustee in bankruptcy. The approximate amount of the lien to
satisfy which the above-described property was sold was $1,885,823, with
interest thereon from July 28 1911, together with the costs, $141.1-V. 81,
p. 1853.
New York Telephone Co.
-Acquisition.
-The company, it
was announced on Nov. 29, has acquired control of the
following properties operating about 26,000 telephones:
Commercial Union Telephone Co. (V. 83, p. 627) operating in Troy
Glens Falls, Saratoga, Lake George and other points; the Albany Home
Telephone Co.(V. 78, p. 1012) and its subsidiary company, the West Shore
Home Telephone Co., Catskill; the Cohoes-Waterford Home Telephone Co.,
Cohoes and. Waterford; the Rensselaer Home Telephone Co., Rensselaer;
the Schenectady Home Telephone Co., Schenectady; the Citizens' Standard
Telephone Co., Kingston and vicinity; the Dutchess County Telephone
Co., Poughkeepsie; and the Independent Union Telephone Co. (V. 93,
p. 534), the toll line system connecting those plants.
[These acquisitions are said to have cost the company about *3,000,000.
Depositary, Columbia Trust Co., N. Y. In the case of the Albany company
the $385,300 stock is taken at $45 per share and the holders of the $350,000
bonds have generally accepted an offer of 95 and int., half in cash and half
in stock of the Amer. T. & T. Co. at 135, which the last-named company
has the right to re-purchase at 180 up to Jan. 2 1915. The option prices in
'Albany
case of other companies were on Oct. 7 reported by the "Albany
Journal" as follows, payable, it is supposed, in the same fashion as the
Albany securities: Commercial Union Telephone Co., Troy, 5% bonds, 90
and int.; all underlying Commercial 5s, 95 and int.; all underlying 6s, par
and int.; Commercial Union common stock, $30 a share, $50 par value;
Commercial Union pref. stook, $45 a share, par value $50; Cohoes-Waterford Home Telephone Co. 6% bonds, 95 and. Int.,• stock, $50 a share, par
value $100; Schenectady Home Telephone Co. 6% bonds, 90 and int.;
stock, $30 a share, par value $100.
The foregoing include the holdings of
the United Message Co., a company which recently had outstanding
$889,000 stock and $879,000 1st M. 5s, due July 1 1935; Knickerbocker
Trust Co., New York, trustee. (V. 83, p. 629.)
.-V. 93, p. 1263, 474.
Northern California Power Co., Consolidated, San Francisco.
-Bonds Offered.
-N. W. Halsey & Co., N. Y., Phila.,
San Fr. and Chic., who are placing at 94M and int. $400,000
"refunding and consolidating 5% bonds," making $4,831,000
of the issue now outstanding, including $1,003,000 reserved
to retire underlying liens, furnish a letter from President
H. H. Noble, dated Nov. 22 1911, which reports:
These bonds are a first mortgage on 37,000 h. p. of the corporation's total
generating capacity of 47,000 h.
or practically 80% of the total generating capacity, and they precede p.,
$10,000,000 common stock listed on the
San Francisco Stock Exchange, and having a market value of over $5,500,000. The present outstanding bonded debt amounts to about $100 per
h. p., making no allowance for gas and water plants owned, being materially
less than the average for hydraulic generating plants.
Official Statement of Earnings for Years Ending Oct. 31.
1908-09.
1909-10.
1910-11.
$433,830
Gross revenue
$588,455
$654,898
$269,281
Net earnings
$406,843
$421,291
94,654
Interest on bonds
122,835
156,403
$174,627
Balance
$284,008
$264,888
Net earnings have ranged from 2 M to three times the interest charges
for the past three years. As compared with net earnings for the last 12
months, amounting to $421,291, a full year's interest on the entire $4,831,000 bonds now in the hands of the public, including those purchased by
you, amounts to $241,550. The company has not received any earnings
Irons the new Coleman plant (20,000 p. h. capacity), as it was not in operation until Nov. 1 1911. The present issue of $400,000 bonds was issued
for 80% of cash cost of expenditures for betterments and extensions. The
generating capacity of the company, with the recent completion of the
Coleman plant, has increased 1% times that from which the above earnings
were derived -V. 93, p. 1469.
Northern Coal & Coke Co. of Colorado.
-See RockY
-Sold.
Mountain Fuel Co. below.
-V. 75, p. 1305.
Northumberland County (Pa.) Gas & Electric Co.
-Bonds
Offered.
-Henry & West, Philadelphia, are offering at 95
and int. the present issue of $775,000 1st M.sinking fund 5%
gold bonds, dated Oct. 2 1911 and due Sept. 11946, but redeemable as a whole or for the sinking fund at 105 and int.
on any coupon date. Par $500 and $1,000 c*. Free of
State tax in Pa. Phila. Tr. Safe Dep. & Ins. Co., trustee.
Int. M. & S. Auth. issue, $2,000,000; present issue, $775,000; reserved for extensions, etc., at 85% of cost thereof, or
as provided in mortgage, $1,225,000. A circular shows:
A consolidation [In Sept.
-Oct. 1911 under laws of Pa.] of the following
established companies: Edison Electric Illuminating Co. Middle Creek
Electric Co. and Sunbury Gas Co. (V. 87, p. 484) of Sunbury, Pa.; United
and Lewisburg (Pa.) Light, Heat &
Light & Power Co. of Milton,
Power Co., covering an area of about 100 sq. miles, located in Snyder, Union
Pa.,
and Northumberland counties, Pa., and about 50 miles north of Harrisburg.
Will operate the modern steam-electric plant recently erected at Milton,
the gas plant at Sunbury and the water-power plant about two miles from
Selin's Grove, the remaining plants being reserved for emergencies. [The
Sunbury Gas Co. and the Edison Elec. Ill. Co. of Sunbury were recently controlled, along with the Sunbury & Northumberland El. By., Northumberland Elec. Ill. Co. and Tuckahoe Mineral Springs Co., by the Northumberland County By. & Light Co., a company with $425,000 outstanding common stook and $500,000 outstanding 5% pref. stock. V. 81, p. 508. In
October last the Edison Electric Ilium., Sunbury Elec. Lt. & Power
and Northumberland Elec. Ilium, companies were consolidated as the
--Ed.]
Edison Electric Illuminating Co. of Sunbury.
Operates without competition and under unlimited franchises with respect to electricity, and under a perpetual and exclusive franchise as to gas
In Sunbury, serving a combined population of about 32,000, and covering
the towns of Sunbury, Selin's Grove, Northumberland, Milton, Montandon,
Shamokin Dam, Lewisburg and adjacent country.
The territory served is residential, manufacturing and agricultural,
markedly diversified in its pursuits and most stable. It contains many important industries, such as silk mills, knitting mills, woolen mills, woodworking plants, shoe factories, nail mills, foundries and machine shops.
At Milton are shops of the Am. Car & Foundry Co. and large repair shops
At Lewisburg, Bucknell University. In the
of the Phila. & Reading By
(VOL. Lxxxxin.
territory are 14 banks and trust companies with aggregate deposits of $4,266,383. The assessed valuation of taxable property for 1911 is $9,108,151:
CapitalizationAuthorized. Issued.
First mortgage 5% sinking fund gold bonds
$2000,000 $775,000
Pref. stock 5% cum.and up to 7% participating_ _ _
350,000
350,000
Common stock
1,000,000 1,000,000
The bonds offered will be an absolute first and only lien, and were issued
.solely for acquisition of the above properties. The preferred stock has been
issued at par to provide working capital or for the purchase of properties
forming this consolidation, thus creating an additional equity over and
above the bonded debt. The properties acquired have cost $1,002,000.
There arc at present connected about 5,000 consumers, and long-term
contracts have been recently made for public lighting. Favorable longterm contracts also for power have been closed with the street railway operating in Sunbury and vicinity, as well as the one operating in Milton and
vicinity. We confidently expect earnings will show consistent and gratifying increases. With an increase in population of 25% during the past
ten years post office receipts have increased 70% and the assessed valuation of taxable property over 80%.
The company owns four steam electric plants, one hydro-electric plant
and one gas plant. It also operates under a 99-year lease a fifth steamelectric plant. Anthracite delivered costs the low price of $1 15 per ton.
Actual Combined Earnings for Year ended March 31 1911 from Plants
Operated Independently-Estimate for Years ending Sept. 1 1912 and 1913
1910-11. est.'11-12. est. '12-13.
Gross earnings
$136,524 $140,500 $163,500
Net earnings
$50,810
$57,000
$84,500
Interest on present funded debt, $775,000 5% bonds, calls for _ _ _ $38,750
Directors.-Urias Bloom, President, Sunbury, Pa. (Pres. Sunbury Trust
Middle Creek El. Co. of Sunbury); W. W.Hepburn,
Co., formerly director
V.-Pres., Phila. (formerly director Sunbury Gas Co.and Edison El. Ill. Co.
and George Parkman, Sec.,
of Sunbury, Pa.); Geo. Scott Stewart,
Treas..
Phila; John F. Derr (Pres. First Nat. Bank), J. D. Lenker (formerly Pres.
Middle Creek El. Co.) and T. H. Hutchison, of Sunbury, Pa.; T. 0 Van
Alen, Northumberland, Pa.; H. J. Raup, Milton, Pa.; Charles P.
Selin's Grove, Pa.; William West, of Henry & West, Philadelphia.
Paducah (Ky.) Water Co.
-Called.
-The $100,000 mortgage bonds of 1900 will be paid Jan. 1 1912 at the Paducah
office, L. M. Rieke is Secretary.
-V.93, p. 1537.
Parke, Davis & Co., Detroit.
-Arbitration by Technical
-Judge Hand of the U. S. District Court for the
Judges.
Southern District of New York recently rendered an opinion
in the suit of Parke, Davis & Co. vs. the Mulford Co., involving infringement of patents used in manufacturing chemicals.
Judge Hand says: "I cannot stop without calling attention to the extraordinary condition of tile law which makes it possible fora man without
any knowledge of even the rudiments of chemistry to pass upon such questions as these. ° * • In Germany, where the natural spirit eagerly
seeks for all the assistance it can get from the whole range of human knowledge, they do quite differently. There the courts summon technical
judges.to whom technical questions are submitted, and who can indepent
dently pass upon the Issues without blindly groping among testimony
wholly out of their ken. How long shall we continue to blunder along
without the aid of unpartisan and authoritative scientific assistance in the
administration of justice no one knows, but all fair persons not conventionalized by provincial legal habits of mind ought, I should think,to unite
to effect some such advance." The same idea underlies the plan proposed
by the New York Chamber of Commerce for the adjustment of commercial
disputes involving technical questions by arbitrators selected from an
official list, including men in all lines of business.
-V.92, p. 880.
Pennsylvania Coal & Coke Corporation.
-Successor Cornpony.-This company was incorporated in Penna. in Nov.
1911 with $7,500,000 authorized common stock, in $50
shares (no bonds), of which about $1,000,000 will remain in
the treasury and the remainder will be issued in exchange for
,
bonds and for the assessment in accordance with the reorCoal & Coke Co.(V.92,p. 1439).
ganization plan of the Penna.
All the properties formerly owned by the Penn. Coal & Coke Co. and also
all its interest in subsidiary corporations have been taken over by the
Clearfield Bituminous Coal Corporation (V. 92, p. 1438; V. 93, p. 48),
which has leased the several collieries and properties so acquired or controlled to the new Pennsylvania Coal & Coke Corporation. The lease is
not for a period of years, but for all the coal in the property leased, for
which the Penn. Coal & Coke Corp. Is to pay an annual minimum rental of
$375,000 to the Clearfield Bituminous Coal Corp., and is entitled to mine
yearly 3,750,000 tons of coal from the land held in fee and 1,500,000 tons
from leased lines. Tonnage in excess of this is to be paid for at the rate of
10 cents per ton on land held in fee and 2 cents per ton on leased land.
The $1,250,000 6% receiver's certificates of the old company arc now
being paid off (practically all have already been paid) at par and int. at
the Guaranty Trust Co. New York, from the proceeds of the sale of the
property to the Clearfield Bituminous Coal Corp., and the 12!,6% assessment levied on the old bondholders, leaving $1,000,000 net working capital
to carry on the business. Tile bondholders of the former Penn. Coal &
Coke Co. thus assessed are to receive par in stock of the new corporation for
the principal of their bonds and the assessment. The Clearfield Bituminous
Coal Corp. pays all the interest and sinking fund on the $6,800,000 underlying bonds.
T. H. Watkins is President and A. G. Edwards Sec.-Treas. The directors are T. H. Watkins, A. J. Hemphill, Samuel Heliner, C. D. Simpson,
W.A.Lathrop, S. C. Richmond. New York office is at 17 Battery Place.
People's Gas Light & (Joke Co. of Chicago.
-Decisions.
-Judge Kohlsaat in the U. S. Circuit Court on Dec. 4 in the
suit brought by the company vacated the temporary injunction previously granted restraining the State courts from
proceeding with the litigation begun by the city, without
prejudice to the right to renew the application should circumstances be disclosed later which may justify the intervention of the Federal courts.
Judge Scanlan in the State Circuit Court on Dec. 5 in the
city's new bill in chancery affirmed the decision handed down
by Judge Gibbons on Aug. 2(V. 93, p. 536, 349, 233), fixing
the price of gas in Chicago at 80 cents, pending the final disposition of the litigation in the State courts. In order to
protect consurners against possible overcharge, Judge Scanlan,
however, entered an order impounding the difference between 80 cents, the rate now charged under the ruling of the
State courts, and 75 cents, the maximum rate specified in
the ordinance of July last.
The Central Trust Co. of Illinois was named as trustee of the fund. Interest at 3% will be paid, which, if the courts decide that 75 cents is a fair
and reasonable rate, will be turned over to gas consumers along with tile Im-V. 93, p. 1537, 536.
pounded money.
Phelps, Dodge & CO.
-Copper Production.
-The production of copper by the Copper Queen, Detroit and 1VIoctezuma
mines, owned by Phelps, Dodge & Co., for the eleven months
17 follow 910
ending Nov. 30 1911, was 111,026,845 lbs., 9 1.
1s
:
1911.
1910. I PoundsPounds-January
9,789,639 10,633,620 July
9,809,251 10,519,336
hary ____ 9,857,962 8,658,166 August
10,861,189 9,887,618
March
10,197,516 9,786,726 September ___ 9,919,160 10,116,773
April9,793,817 9.480,150 October
11,060,473 9,320,991
May
9,832,300 10,038,177 November ___10,128,418 9,759,005
June
9,777,120 9,918,372
Total (pounds) for eleven months
111,026,845 108113,934
DEC. 9 1911.]
THE CHRONICLE
Custom ores business added a further amount for the 11 months of the
ourrent year of 9,858,887 lbs., against 19,806,793 lbs. in 1910.-V. 93,
p. 1263, 942.
-Stock.
-The company on
Pneumatic Scale Corporation.
Dec. 5 filed at Portland, Me., a certificate of increase of
authorized capital stock from $1,200,000 to $1,500,000.
-Bonds Offered and
Public Service Co. of Northern Illinois.
Sold.
-Russell, Brewster & Co., Chicago and N. Y., and
N. W. Halsey & Co. Chicago, N. Y., San Fr. and Phila.,
have recently been Acing at 9734 and int. $4,500,000 first
and refunding mortgage 5% gold bonds, dated Oct. 1 1911
and due Oct. 1 1956, but redeemable on or after Oct. 1 1921
at 110 and int. Interest payable A. & 0. in Chicago. Par
$1,000(c*). Illinois Trust & Savings Bank, Chicago, Ill.,
trustee. These bonds were issued to refund a like amount of
outstanding bonds. The bonds having been largely oversubscribed and sold, the advertisement offering the bonds
appears on another page only as a matter of record.
Digest of Letter of Pres. Samuel Insult, Chicago, Dec. 1 1911.
Organization.
-The company was recently organized under the laws of
Illinois and has acquired all the properties formerly belonging to the North
Shore Electric Co.(V. 92, p. 192); Illinois Valley Gas & Electric Co.(V. 91,
p.41; V. 90, p. 1617); Economy Light & Power Co.(V. 93, p. 39; V. 90, p.
979); Chicago Suburban Light & Power Co.(V. 92, p. 191), Kankakee Gas
& Electric Co. (V. 91, p. 1577), all successfully operated for many years.
Capitalization December 1 1911.
Common stock authorized, $15,000,000; issued
$10,063,500
Pref. stock, 6% cum., authorized, $10,000,000; present issue
($1,402,000 additional has been sold, to be delivered during '12) 2,861,000
"First and refunding" 5s, present Issue (put out only to refund a
like amount of outstanding bonds)
4,500,000
Underlying bonds remaining on portions of the property after
sale of present issue (sufficient "1st & ref." bonds reserved to
retire these underlying bonds)
7,929,000
(The $7,891,000 underlying bonds as above include: North Shore El.
1st 5s, due Oct. 1 1922, $2,265,000, and "1st & ref." 5s, due April 1 1940.
$2,741,000; Economy Lt. & P. Co. 1st id. Is, due Dec. 11066, $1,621,000;
Hank. Gas & El. Co. mortgages (1st & ref. Is, due Sept. 1 1930, and Citizens' Gas Co. 1st Is, due Feb. 1 1932), $947,000; mortgage bonds on La
Grange plant, La Grange Water, Lt. & Pow. Co. 1st M. of 1901, &c., due
Dec. 1 1911-21, and Evanston Heating Co. 1st M. bonds, due April 1 1913,
$317,000.
-Ed.)
Additional bonds under the new mtge. may be issued as follows; $1,000,000 at par for general purposes; a sufficient amount to retire underlying mtg.
liens now outstanding, and as to property hereafter acquired, bonds to the
par amount of 75% of the cost, and if mortgage liens exist thereon at the
time of acquisition, bonds may also be issued to the par amount of such
liens for the purpose of refunding the same.
A depreciation reserve will begin Dec. 31 1917 and be maintained annually thereafter out of earnings, amounting to 2% of all bonds outstanding which arc not issued to refund underlying bonds protected by sinking
fund or depreciation reserve provisions in the mortgages securing them.
The mortgage covers as a direct lien all fixed property now owned or
hereafter acquired. The $4,500,000 of bonds will now be a first mtge. on
all the property formerly belonging to the Illinois Valley Gas & Electric
Co., and after Feb. 1 1912 it will be a first lien on all the property formerly
belonging to the Chicago Suburban Light & Power Co. There will also be
deposited with the trustee as further security $1,050,000 North Shore Electric Co. "first and ref." mtge. 5s and $230,000 Kankakee Gas & Electric
Co. "first and ref." M.Is, and the company proposes to take steps to acquire
and deposit with the trustee, on or before April 11914, all or substantially
all of the 32,265,000 outstanding North Shore Electric 1st M.5s, due 1922.
Of pref. stock, $4,263,000 has been sold and either has been or will be
paid for in cash before Jan. 11913.
Property.
-The company operates in 13 counties in the northeastern
part of Illinois, practically surrounding Chicagp, serving a population approaching 500,000, the service rendered including electricity, gas, heating,
domestic water and the operation of one street railway. The territory
has grown rapidly and I believe that, as a field for the public utility business,
It is second to none of a similar character in the country.
Earnings of Combined Properties for Year ending Sept. 30 1911-Estimates
for Calendar Years 1911 and 1912.
1910-11. Dec. 31 '11. Dec. 3l'12.
$3,137,330 $3,165,000 $3,624‘,000
Gross
Net (over twice bond interest)
$1,106,203 $1,140,000 $1,412,000
$542,000
$591,000
Bond interest
$511,694
Directors (and officers): Samuel Insull, Pres.; Frank J. Baker and Charles
A. Munroe, V.-Pres'ts; Henry A. Blair, H. M. Byllesby, Louis A. Ferguson, Wm. A. Fox, John F. Gilchrist, Frank G. Logan, John I. Norton,
Charles H. Randle, Solomon A.Smith, Edward P. Russell. The SecretaryTreasurer is John F. Gulick.
See also sale of $2,000,000 pref. stock and further data
in V. 93, p. 1538.
Realty Associates of Brooklyn, N. Y.-Report.Int on Profit-share
oce. 31. Total. Real Est.
DietBalance,
Year- Income. &Gen.Exp. Bonds,&c. Reserve.
dends.
1910-11 4963,754 $355,809 $233,222 $19,442 (6)$239,994
196,930
17,357
(7)279,993
1909-10 _ 888,791
332,955
-V. 91, p. 1509.
Surplus.
$112,287
61,556
-Acquisition.
Rocky Mountain Fuel
Denver Colo.
This company, incorporated during'
Co.'
1911 in Wyoming, its
authorized capital stock being $8,000,000 in $100 shares, onehalf to be 5% cumulative, of which there will presently be
outstanding $3,500,000 of each class, has recently acquired
all the property of the Northern Coal & Coke Co. of Colo.
(V. 75, p. 1150, 1305), including 10 of the largest coal mines
in the Northern Colorado fields, 7 company stores, a general
supply store and packing house at Lafayette and approximately 22,700 acres of coal lands. The new company, we
are informed, now owns in fee 31,000 acres of land and has
made a mortgage covering the same to the International
Trust Co.iof Denver, as trustee, to secure an issue of $4,000,000 20-30-year 5% gold bonds of $1,000 each, of which the
present issue will be $3,500,000.
Bonds dated Oct. 1 1911, subject to call on and after 3 years at 102.
Sinking fund 5 cents per ton. Interest A. & 0.1n Denver and N. Y. City.
There arc 81,000,000 prior Hens outstanding, the unpaid portion of a $2,000,000 issue, but these, it is stated, will be retired. Of the new bonds,
$500,000 are reserved for working capital. Pres., E. E.Shumway; V.-Pres.,
D. W. Brown; Sec.-Treas., John J. Roche. Office, Denver, Colo.
Rogue River (Ore.) Electric 0o.-Bonds-Earnings.-E.H.
Rollins & Sons, Bost., N. Y., Chic., Den. and S. Fr. are
offering at 87 and int., yielding about 6%, $100,000 1st M.
'
5s of 1907. Total bonds out (see V. 93, p. 537), $680,000.
Earnings for Cal. Years 1909 and 1910 and Year ended Oct. 311911.
1909.
1910.
1910-11.
$91,735 $124,637 $158,868
$54,506
$70,961
$85,463
28,065
27,700
33,103
Gross earnings
Net earnings
Fixed charges_
Surplus
See V. 93, p. 800, 537.
826,441
$43,261
$52,360
1607
Rubber Goods Manufacturing Co.
-Dividend Increased.
A dividend of 3%, payable Dec. 15 to holders of record
Dec. 11, has been declared on the $16,941,700 common stock,
(all of which, except about. $200,000, is owned by the U. S.
Rubber Co.), comparing with 2%, 1% and 2%, respectively, in Sept., June and March last, and thus making 8%
during the year 1911.
Previous Dividend Record of Common Stock (Per Cent).
1900. 1901. 1902 to 1905. 1906. 1907. 1908. 1909. 1910.
2
3
None.
1
1
4
1
1
-V.93, p. 1264. 734.
1911.
8
Sacramento Valley Irrigation Co.
-Maturing Bonds.
J. S. & W. S. Kuhn, Inc., Pittsburgh, announce the redemption on Dec. 1 of the $350,000 1st M. 6s then due.
-V.92, p.
530.
St. Lawrence Bridge Co., Ltd., Montreal.
-Incorporated.
This company, incorporated Aug. 5 1910 under the Canadian
Companies Act, filed supplementary letters patent on Oct. 5
1911 increasing the capital stock from $500,000 to $3,000,000,
all of one class; par of shares, $100. No bonds or mortgage
reported. Pres., Phelps Johnson; Sec., J. F. Weber; V.-Pres.,
F. C. McMath; Treas., J. F. Weber; Supt., W. P. Ladd.
-The
Shawinigan Water & Power Co.
-Increase of Stock.
stockholders will vote on Dec. 27 on issuing $500,000 43%
debenture stock, making the amount outstanding $4,500,000.
The stockholders, it is stated, will then fix the price of issue.
-V. 93, p. 800.
-Extra Dividend.
South Porto Rico Sugar Co., New York.
-This company, which on Jan. 3 1910 paid a first quarterly
dividend of 1% on its common stock, has now declared on
the common stock an extra dividend of 2%, payable with
the regular quarterly distribution of 1% on that issue and
2% on the pref. on Jan. 2, to holders of record Dec. 21.
This is the second extra distribution on the common, the
first having been made on Oct. 1 1910.
•
Checks will be mailed by Muller, Schall & Co. of New York City. There
are now listed on the New York Stock Exchange $3,371,000 common and
$3,672,500 preferred. F. A. Dillingham is Secretary.
-V. 92. p. 1037.
Spanish-American Iron Co.
-Bonds Called.
-One hundred
and forty-three ($143,000) first mortgage 20-year sinking
fund 6% gold bonds dated July 1 1907 for payment on Jan. 2
at par and int. at the Girard Trust Co., Philadelphia, trustee.
-V. 92, p. 1570.
Standard Oil Co. (of New Jersey), Changes in Management.
-At a meeting of the directors of the former parent
company, the Standard Oil Co. (of N. J.) held on Dec. 4
the board was reduced from 14 to 9 members and the
following changes were made in the list of officers, etc.
The management of the New York company has also been
changed and the old interests have likewise resigned from
other former subsidiaries as below stated.
Officers and Directors of Standard Oil Co. (of New Jersey).
Resigned.
-John D. Rockefeller as President and as director, H. M.
Flagler as director, William Rockefeller as Vice-President and director,
John D. Archbold as Vice-President, C. id. Pratt as Vice-President, H. C.
Folger Jr. as Secretary, Asst. Treasurer and director, E. T. Bedford as
director, L. J. Drake as director and William G. Rockefeller as Asst. Treas.
Management as Reorganized.
-Directors (and officers): J. D. Archbold,
President; J. A. Moffett, Vice-President; A. C. Bedford, Vice-Pres. and
Treasurer, and W. C. Teagle, Vice-Pres.; C. M. Pratt, C. W. Harkness,
0. T. Waring, F. H. Bedford, Walter Jennings.
Charles T. White was made Secretary and Frank Wilson Asst. Treasurer.
Officers and Directors of Standard Oil Co. of New York.
Resigned.
-William Rockefeller as President and director, J. D. Archbold as Vice-President and director, II. C. Folger Jr. as Vice-Pres., and
C. M. Pratt, J. A. Moffett, A. C. Bedford, L. J. Drake, W. C. Teagle as
directors; William G. Rockefeller as Treasurer, Frank Wilson as Secretary
and Charles T. White as Assistant Secretary.
Management as Reorganized.
-Directors (and officers): H. C. Folger Jr..
President; H. L. Pratt, Vice-President and director; W. E. Bemis, Vice
President and director; R.C. Veit, Secretary; and W.R. King, H.A. McGee,
C. M. Higgins and James Donald.
R. P. Tinsley is Treasurer and W. J. Higgs, Asst. Secretary.
-Official Statement.
Old Interest also Resign from Other Cos.
It may be added that the gentlemen holding office or directorship in the
Standard Oil Co. of New Jersey, as it was organized previously, have resigntd from the boards of the various former subsidiary companies on which
they may have been serving, the appointment of their successors awaiting
the next meetings of the companies in question.
-See Chesebrough Mfg.
Dividends of Former Subsidiaries.
-V. 93, p. 1539, 1469.
Co. and Galena Oil Co. above.
Standard Sanitary Manufacturing Co. Pittsburgh.-Sale
have subscribed at
-The company's shareholders'
of Stock.
par for most of the $341,000 7% non-cum. pref.stock held in
treasury, being the remainder of the $2,500,000 auth.
the
-V. 93, p. 1203.
Struthers Coal & Coke Co.
-Bonds Called.
-This company, controlled by the Struthers Furnace Co. (V. 93, p.
1026), under whose mortgage all the stock and bonds will be
pledged, has called for redemption at the Union Trust Co.,
Pittsburgh, trustee, on Jan. 1 1912 all the outstanding 1st M.
6% bonds of 1905 of Nos. from 1 to 300 at 105 and int. and
of Nos. from 301 to 500 at par and int.-V. 82, p. 696.
-Merger.
Sunbury (Pa.) Gas Co.
-See Northumberland
-V. 87, p. 484.
County Gas & Electric Co. above.
-New Directors.
Thompson-Starrett Co.
-E. L. Marston
of Blair & Co. and Robert Olyphant of N. Y. have been
elected directors to succeed Charles D. Freeman and W. S.
Dinwiddie.-V. 92, p. 1570.
-Sale.
United Message Co.
-See New York Telephone Co.
-V. 83, p. 629.
above.
United States Rubber Co.
-Dividend of Controlled Com-See Rubber Goods Manufacturing Co.
pany Increased.
-V. 93, p. 959, 734.
above.
-Sale of Half Interest.
Western Sugar Refining Co.
-See
American Sugar Refining Co. above.
For other investment News see page 1609.
[VOL. Lxxxxm,
THE CHRONICLE
1608
Atevorts anti Prinuments.
UNITED FRUIT COMPANY
TWELFTH ANNUAL IREPORT-FOR THE FISCAL YEAR ENDED SEPTEMBER 30. 1911.
TROPICAL DIVISIONS.
Office of the United Fruit Company,
The Company's sugar mill at Banes, Cuba, produced
131 State Street, Boston, Mass.,
92,912,700 pounds of sugar and 1,656,370 gallons of moDecember 1, 1911.
lasses. The output for the previous year was 143,657,720
To the Stockholders:
Your Board of Directors submits the following report of the pounds of sugar and 2,359,872 gallons of molasses. Severe
drought was responsible for the diminished output. For the
Company's business for the fiscal year ended Sept. 30 1911:
1912 crop there is an increase of some 2,000 acres in the area
INCOME ACCOUNT FOR THE YEAR.
of cane owned by the Company which is available for cutting.
Total net earnings for the year, after deducting $699,492 50
The new Hotel Titchfield, at Port Antonio, Jamaica, which
expended for betterments, were:
$3,733,204 25 replaced the building destroyed in 1910, was made ready for
From bananas and miscellaneous tropical fruits
544,418 93
From the sugar business
occupancy early in the year. An annex, now under con$4,277,623 18 struction to provide forty additional rooms for guests, will
Net earnings
761,117 07 be ready for occupancy for the coming season.
Miscellaneous income
'
In Guatemala, Panama and Colombia extensive devel$5,038,740 25
Total income
327,770 84 opment work has been carried on, the total expenditures on
interest on debentures
Deduct
Banana
$4,710,969 41 betterments account there exceeding $1,483,000.
Balance, net income for the year
2,164,712 00 cultivations show an increased extent of over seven thousand
Deduct dividends declared, aggregating 8%
$2,546,257 41 acres, with corresponding increase in transportation facilities
Balance, surplus for the year
13,787,325 95 and accommodations for employees.
Surplus brought forward from close of fiscal year 1910
$16,333,583 36
Total surplus
Direct charges against income account, as follows:
$2,459,900 00
Extra 10% dividend paid Nov. 4 1910
Special charge, mainly for depreciation on
cultivations and transportation equipment 947,685 32
288,000 00
Discount on debentures sold within the year
STOCK AND DEBT.
The outstanding capital stock was increased within the
year by the amount of 24,599 new shares, issued to stockholders under the terms of the Company's circular dated
Oct. 15 1910, and by the issue of 11,250 shares for additional
$3,695,585 32
European investments.
Less premium received from sale of the ComOf the Company's 5% serial debentures, $160,000 matured
pany's capital stock issued in payment for
1,125,000 00
additional. European investments
June 1.
2,570,585 32 on
Additional 43.% debentures to the amount of $1,500,000,
$13,762,998 04 dated Jan. 1 1911, and $2,500,000 dated July 1 1911, all
Balance, surplus, Sept. 30 1911
maturing in 1925, were issued to provide funds in part for
DIVIDENDS.
building new steamships.
each, an
In addition to the four regular dividends of 2%
INVESTMENTS.
extra dividend of 10% was paid Nov. 4 1910 out of the ComElders ct Fyffes, Limited.
-The growth in the European
payable
pany's surplus, and a similar extra dividend will be
Dec. 19 1911, in each case the stockholders being allowed to trade in bananas continues to be satisfactory, and provision
not only in
apply the amount of the extra dividend to the payment for is being made to materially extend the business,the coming
Great Britain, but on the Continent, during
new shares at par.
year. Two new, large, up-to-date steamers, the Aracataca
BETTERMENT EXPENDITURES INCLUDED IN CURRENT OPER- and the Manzanares, have been constructed during the year
ATING ACCOUNTS.
and added to the Elders & Fyffes, Limited,service, and four
Betterments charged to operating accounts for the year additional steamers of increased tonnage, with additional
are as shown below:
passenger accommodations, are now under construction.
$310,351 57
Nipe Bay Company.
-The Nipe Bay Company's sugar mill
For new banana and cane fields
190,368 57 produced 92,835,600 pounds of sugar and 1,842,087 gallons
For buildings at tropical divisions
For railways and railway equipment
80,334 51
For tramways
95,659 80 of molasses, as against 137,196,740 pounds of sugar and
For wharves, telephone lines, ecc., at tropical divisions
22,778 05 2,870,334 gallons of molasses the previous year.
-Work has been continued
Northern Railway Company.
$699,492 50
The Company has made a special direct charge against through the year on the improvement of grades and curves,
its surplus income account of $587,507 75, designating it as and substitution of heavier bridges and rails, with the result
on account of depreciation of tropical properties, in addition that the road is now in more efficient condition than ever.
Tropical Fruit Steamship Company,Limited.-Three steamto the $699,492 50 betterments absorbed in operating accounts, thus, making a total of $1,287,000 25 written off ships, the Carrillo, Sixaola and Tivives, referred to in the.
within the year by way of provision for depreciation of report for 1910 as having been contracted for, have been detropical properties, over and above the regular maintenance livered by the builders, and three others, larger than any
now in the service, have been contracted for, to be delivered
charges.
The detailed inventories of the Company's tropical prop- in 1912. These will be of approximately 8,000 tons gross
erties show an excess of actual over book value of $3,285,- register, with accommodations for 133 passengers.
Respectfully submitted by order of the Board of Directors,
482 41, due to the additions and improvements of which the
ANDREW W.PRESTON,President
•
cost has been absorbed in operating expenses.
COMPARATIVE BALANCE SHEET SEPTEMBER 30 1911 AND 1910.
ASSETS.
Increase.
1910.
1911.
Plantations and Equipment Tropical Divisions (see ex$24,708,499 79
hibits "A" to "E" in pamphlet report)
$26,042,226 79
389,489 95 325,097,989 74
385,878 05 326,428,104 84
Domestic Divisions
Investments:
Agricultural (Bananas)
Agricultural and Manufacturing (Sugar)
European and Tropical Steamships and Railways
Miscellaneous
$1,186,765 63
2,915,037 73
13,560,513 41
Current Assets:
Cash
Accounts Collectible
$4,352,860 91
1,867,489 12
17,662,316 77
Notes Receivable
Coupon, Dividend and Trustee Accounts
Advance Payments:
Charters, Wharfage and Steamship Supplies
6,220,350 03
$277,542 77
' 3009,222 86
3,058,519 53
*143,481 80
9,555,710 86
4,004,802 55
69,274 60 12,961,047 76
*69,274 61
$3,667,323 23
2,060,848 29
90
Unclaimed Dividends and Unpaid Coupons
Current Liabilities:
Accounts Payable
Drafts
Dividend payable in October
Interest Accrued not yet due on Funded debt
Income Account (Surplus)
9,371,000 00
1,921,073 05
111,479 17
13,762,998 04
492,178 51
*31,850 12
665,358 43
42,009 61
$7,199,080 54
$23,474,000 00
33,584,900 00
$4,250,000 00
1,282,000 00
5,532,000 00
$4,000,000 00
'161,00000
5,802 00
7,383 25
$696,615 51
683,279 54
541,178 00
4,701,269 01
345,033,752 97
327,058,900 00
.
$685,537 68
*193,359 17
256,381395•
298,396 56
$4,250,000 00
4,000,000 00
x1,121,00000
5,728,171 52
985,105 00
5,052 00
953,254 88
670,410 43
$52,232,833 51
LIABILITIES.
Capital Stock
Funded Debt:
/
Sinking Fund 4 3,6, Debentures (1923)
Debentures (1925)
Sinking Fund 4 3
Serial 5% Debentures due June 1 1912 to 1918
$1,333,727 00
*3,611 90 $1,330,115 10
$914,700 11
781,299 08
469,480 00
2,165,470 19
69,145 83
13,787,325 95
3,839,000 00
1,581 25
*$218,084 60
*98,019 54
71,698 00
*244,406 14
42,333 34
*24,327 91
545,033,752 97
37.199,080 54
$52.232.833 51
The Comoany's Insuranoe Fund Asset of $720,612 94, shown on page 18 (of pamphlet report) is not included in the above balance sheet.
x Includes $1,000 in debentures which matured June 1 1911 but which have not yet been presented for payment.
• Decrease.
THE CHRONICLE
DEO. 9 19114
1609
COMPARATIVE STATEMENT OF INCOME ACCOUNT FOR THE FISCAL YEARS ENDED SEPTEMBER 30 1911 AND 1910.
Increase.
1911.
1910.
Net Earnings arising from the production and importation of tropical products
Miscellaneous Income
$4,277,623 18
761,11707
$5,912,294 49
640,282 19
*$1,634,671 31
120,834 88
Total Income
Less: Interest on Bonds
$5,038,740 25
327,770 84
$6,552,576 68
260,583 33
'51,513,836 43
67,187 51
Balance, Net Income
-note)
Dividends declared (see foot
$4,710,969 41
2,164,712 00
$6,291,993 35
1,877,472 00
•$1,581,023 94
287,240 00
Surplus for fiscal year
Surplus Income at close of previous year
$2,546,25741
13,787,325 95
$4,414,521 35
12,006,804 60
•$1,868,263 94
1,780,521 35
Total Surplus
Extra Dividend of 10% paid
$16,333,583 36
2,459,90000
$16,421 325 95
2,134,000 00
$87,742,59
325,900 00
Balance
Premium received from sale of Company's shares
$13,873,683 36
1,125,000 00
514,287,325 95
s$413,642 59
1,125,000 00
$14,998,683 36
1,235,68532
$14,287,325 95
500,000 00
$711,357 41
735,685 32
$13,762,998 04
$13,787,325 95
$24,327 91
Surplus
Direct charges to Profit and Loss
Less:
Balance, Surplus
DIVIDENDS.
Four quarterly dividends were declared and charged to Income
Account during the year, viz.:
$541,178 00
Dividend paid Jan. 14 1911, 2%
541,178 00
" April 15 1911, 2% _..
541,178 00
July 15 1911, 2%
541,178 00
" Oct. 14 1911, 2%
DIRECT CHARGES TO PROFIT AND LOSS.
Special charge, mainly for depreciation on cultivations and
$947,685 32
transportation equipment
288,000 00
Discount on debentures sold within the year
51,235,685 32
$2,164,712 00
• Decrease.
•EXHIBIT "A."-COMPAIIATIVE STATEMENT SHOWING THE BOOK COST OF THE COMPANY'S PLANTATIONS AND EQUIPMENT AT
ITS TROPICAL DIVISIONS FOR THE FISCAL YEARS ENDED SEPTEMBER 30 1911 AND 1910.
Cuba.
Costa Rica.
Jamaica.
1911.
1910.
1911.
1911.
1910.
Honduras and Guatemala.
1910.
1910.
1911.
$5,051,946 86 $5,051,946 86 $1,963,506 62 $1,944,721 17 $1,109,165 69 $1,112,328 53
327,547 02
301,305 25
368,049 46
413,765 55
193,225 90
413,765 55
494,456 08
496,117 18
762,855 06 1,350,362 81 1,280,545 41 1,233,861 57
230,467 00
217,865 00
226,146 72
184,128 80
316,069 08
395,940 02
101,809 89
49,409 86
49,409 86
47,791 34
80,732 92
47,791 34
82,152 70
799,453 45 1,431,124 80 1,402,589 80
772,499 82
82,152 70
251,738 77
184,785 14
16,524 04
14,210 93
12,841 56
60,355 35
60,355 35
16,524 04
38,702 18
58,533 58
224,066 54
468 81
468 81
224,066 54
90,569 27
77,902 67
90,220 06
245,051 93
188,191 99
93,544 14
196,739 83
152,750 50
46,499 92
83,641 96
48,228 88
71,696 04
1,425,471 93 1,287,532 93
Lands
Houses and Buildings
Jultivations
Live Stock
Tools and Machinery
Railways
Tramways
Telephones
Wharves, Lighters, &e
derohandise (Stores)
‘faterial on Hand
sugar Mill
$92,550 24
311,484 77
583,204 65
13,801 50
3,536 46
316,279 72
100,945 12
6,742 58
18,545 88
61,996 89
65,241 91
$70,048 50
194,690 96
469,657 60
10,370 00
3,536 46
189,521 65
66,104 92
5,948 24
• 15,181 09
39,174 96
11,398 63
,$8,086,055 47 $8,459,690 90 $7,109,694 88 $6,770,436 95 $2,735,211 27 $2,496,402 49 $1,579,329 72 $1,075,633 01
Republic of Colombia.
1910.
1911.
1911.
,
Grand Totals.
1910.
1911.
1910.
Increase.
379,898 82
$288,082 96 $902,929 87 $957,929 87 $9,499,956 71 $9,420,057 89
1,380,303 79
375,088 47
312,421 33
269,421 33 1,755,390 26
7,894 80
115,059 04 1,193,598 09 1,086,598 09 '4,541,878 33 4,751,656 29 *x209,777 96
968,694 74
799,353 68
167,341 08
52,077 00
70,160 00
18,843 20
3,56360
214,780 21
193,503 24
21,276 97
3,56385
8,86900
417,952 92
9,000 00 2,847,892 41 1 2,558,278 93 5,458,949 45 5,040,996 53
45,000 00
35,000 00
397,683 89
285,890 06
111,793 83
405 92
405 92
101,442 20
96,075 11
5,367 09
95,115 89
85,115 89
376,899 30
383,365 91
x8,466 61
201,592 82
208,966 23
27,707 28
730,669 86
632,163 19
98,506 67
173,744 68
572,409 91
134,808 74
4,978 56
153,047 37
437,601 17
I
137,939 00
1,425,471 93 1,287,532 93
$319,857 43
22,122 13
218,219 04
25,179 50
8,66900
9,000 00
Lands
Houses and Buildings
Cultivations
Live Stock
Tools and Machinery
Railways
Tramways
Telephones
Wharves, Lighters, &c
Merchandise (Stores)
Material on Hand
Sugar Mill
Republic of Panama.
3,203 38
37,914 81
2,042 80
$646,208 09 $475,234 84 $5,885,7273655,431,101 60526,042,226 79524,708,499 7951,333.727 00
------------x Decrease. • The book valuation of banana cultivations has been written down by a special charge of $587,507 75 to Income Account.
-COMPARATIVE STATEMENT OF LANDS OWNED AND LEASED BY THE COMPANY ON SEPTEMBER 30 1911 AND 1910.
EXHIBIT "B."
LANDS OWNED.
LANDS LEASED.
Acreage.
Acreage.
Location.
Improved.
Unimproved.
Total.
Location.
1911.
1910.
1911.
1910.
1911.
Improved.
Total
39,290,
54,900,
17,336,
14,7351
6,3321
33,530;
Total.
1910,
1911.
Costa Rica
Cuba
Guatemala
Jamaica
Republic of Colombia_ _
Republic of Panama
Unimproved.
40,378 138,369 136,096 177,659 176,474
53,994 37,200 36,276 92,100 90,270
12,465 73,284 68,084 90,620 80,549
14,307 19,349 19,875 34,084 34,182
5,585 27,339 24,447 33,671 30,032
30,638 12,029 12,950 45,559 43,588
166,123,157,367 307,570 297,728 473,693 455,095
Costa Rica
Jamaica
Total
1910.
1911.
1910.
1911.
1910.
2,783
8,904
1,526 1,576
14,009 12,489
4,354 4,359
26,777 21,393
15,596 11,687
15,535 14,065
31,131 25,752
2,828
12,768
Total Acreage, Lands
Owned and Leased 181.719 169,054 323,105 $11.793 504,824 480,847
_
Western Union Telegraph Co.
-The Guaranty Trust Co. of New York has issued a new
-Reduction in Cable Rates.
-The company this week announced a reduction in cable copyright booklet entitled "Short Term Securities." This
booklet gives a list and description of the principal shortrates as follows:
(1) Commencing Dec. 6 "cable letters" and "week-end letters" service term securities dealt in in the principal markets of the counbegun. Tariff on cable letters $1 50 for 20 words, with 30 cents for
was
each additional 5 words, and for week-end letters $1 50 for 30 words with try. A copy can be had on application to the Publicity
25 cents for each additional 5 words. (2) Commencing Jan. 1 deferred Manager of the company, Fred W. Ellsworth.
cable service (liable to be deferred for 24 hours) at one-half ordinary rates.
-The investment house of Gavin L. Payne & Co. of
(3) Deferred press despatches at 5 cents 9er word.
The Mackay Companies meets the newspaper rate of 5 cents a word and Indianapolis was succeeded on Dec. 1 by the new firm of
-V. 93, P.
the plain English cablegram half rate, but not the other cuts.
Payne, Bush & Co. Mr. Bush, who has been associated with
1047, 1045.
Mr. Payne for some years, is one of the pioneer investment
-Chartered.----See Am.Tobacco Co.
Weyman Bruton Co.
bond men of Indianapolis. On Jan. 1 the firm will occupy
-The annual publication known as "Mines of Africa," new quarters on the ground floor of 15 East Ohio St.
-The partnership of the banking firm of J. B. Russell &
1911-1912 edition, has just been issued. It is a volume of
930 pages, the present edition being considerably enlarged Co., 46 Wall St., having been dissolved by mutual consent,
through the inclusion of Rhodesian and West African as J. B. Russell announces that A. G. Wheeler Jr., John M.
well as the Transvaal and other African mines. There is an Shaw and Grant Pelton have retired from the firm and that
exhaustive preface dealing with the gold production of the he will continue the business under the firm name of J. B.
world and the part taken in production by South and West Russell & Co.
Africa. The book is published at the offices of the Statist,
-The firm of L. G. Quinlin & Co. of this city was dissolved
51 Cannon St., London; price 21s. 6d. by post.
on the 1st inst. by mutual consent, and its business has been
-Horatio C. Kretschmar, special partner in the Stock taken over by H. H.Sevier & Co. J. A. Maguire and A. W.
Exchange firm of Lee, Kretschmar & Co., of 51 Exchange Peer, who were the owners of L. G. Quinlin & Co., have
become partners of the new firm of H. H. Sevier & Co.
Place, died on the 1st inst. He was fifty-six years of age.
(VOL Lxxxxin.
THE CHRONICLE
1610
Tommatial Times.
COMMERCIAL EPITOME.
Friday Night, Dec. 8 1911.
Judged by bank clearings, trade is improving along conservative lines. The total of such clearings outside rlf New
York is moderately above that for the corresponding week
last year and in 1909. The iron and steel markets look
rather better. Cotton has declined, however, and the South
feels the effect of the low price of its great staple.
The following shows the stocks of merchandise:
Dec.11911. Nov. 1 1911. Dec. 1 1910.
1,810,388
51,286
212,536
12,540
8,000
60,717
1,823
261
44.550
Coffee, Brazil
Coffee, Java
Coffee, Other
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour
1,649,506
57,445
231,794
7,177
4,600
52,553
1,823
250
35.800
2,617,123
43,428
269,690
42,340
5,858
200,374
3,410
2,265
75.000
LARD declined at one time on liquidation by longs, influenced by the lower hog markets. Prime Western here
9.20c., refined for Continent 9.55c., South America 10.35c.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat.
Mon.
Fri.
Tues.
Wed. Thurs.
9.05
9.25
9.10
9.00
9.05
Dec. delivery In tierces_ 9.25
9.25
9.11
9.05
9.06
9.11
Jan. delivery in tierces_ 9.25
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Fri.
Tues.
Wed. Thurs.
8.90
Dec. delivery in tierces_ 9.02 34 8.90
8.80
8.85
8.80
9.05
8.92 36 8.92 3i 8.9734 9.00
Jan. delivery in tierces_ 9.20
,
COTTON.
Friday Night, Dec. 8 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below.. For the
week ending this evening the total receipts have reached
458,694 bales, against 458,203 bales last week and 483,606
bales the previous week, making the total receipts since
Sept. 1 1911 5,763,242 bales, against 4,916,63i bales for
the same period of 1910, showing an increase since Sept. 1
1911 of 846,608 bales.
Receipts at-
Sat.
Mon.
•
Tues.
Wed.
Thurs.
Fri.
Sat.
15,423 22,274 38,054 21,113 19,599 19,948 136,411
Galveston
2,809 5,138 13,712 3,899 4,030 8,121 37,709
Texas City
1,698 5,147
___ • ___
3,449
Port Arthur, &c_
1,299 13,985 11,600 1,224 14,468 14,401 77,977
New Orleans
7,418 7,418
____
Gulfport
1,204 4,618 18,197
1,810 4,769 4,457 1,339
Mobile
'7 032 7,032
Pensacola
925 3,578
783
366
1,504
Jacksonville. &c.
____
8,712 79,249
iSavannah
518 13,318
18,151 15,072 16,474 7,191 13,649
Brunswick
12,800
__-_
3,593 12,776
Charleston
1,886 1,236
3,073 2,142
.
Georgetown
_
_
-----------------2,252 18,689
Wilmington ---1,753 1,787 4,932 30,485
3,969 2,489 1,439
Norfolk
782
782
Newp't News, &c 4,805 7,524 7,035 2,875 3,314
101
_
_
New York
ioi
5tii 4,438
____
Boston
789 5,387 5,387
269 1,606
426
1020
Baltimore
Philadelphia -------------------------------Totals this week_
57.498 79.703 102.965 62.686 65.177 90,6651458,694
The following shows the wee k's total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
PORK quiet. Mess here $17 25@$18; clear $17 25@, last year:
$18 50. Cut meats have been dull; pickled hams 11©113ic.;
1911.
1910.
Stock.
pickled bellies, clear, 11M©123'gc. Beef dull; mess $12,
Receipts to
Dec. 8.
This Since Sep This Since Sep
packet $13,family $14 50, and extra India mess $21 50©$22.
1911.
1910.
week. 1 1911. week. 1 1910.
Tallow lower; 'city 63tc. Stearines 93c. for oleo and
136,411 1,886,072 121,018 1,776,755 422,796 203,640
for New York lard. Butter higher. Creamery Galveston
93/2@100.
83,383
extras 38c. Cheese firm. State, whole, milk, fancy, 16@ Texas City &c_ 37,709 343,197 13,575 119,949
97,498
Port Arthur,
84,357 3,617
5,147
New Orleans_ _ _ _ 77,977 644,298 84,025 704,579 230,988 222,118
tc. Eggs,highor. Western firsts 36@39c.
163
6,205
11,413
6,205
Gulfport
15,993 2,255
7,418
67,747
-Linseed oil buyers are still adhering to the policy Mobile
OIL.
18,197 181,803 17,325 147,717 '' 77,589
34,970
72,615
7,032
seed, Pensacola
of buying from hand to mouth. City, raw, American
13,275
26,097 2,541
3,578
Jacksonville, &c_
73@74c.; boiled, 74()75c.; Calcutta, raw, 83c. Cotton seed Savannah
79,249 1,339,939 67,628 937,977' 286,633 172,492
24,634
1,039
13,318 182,263 17,800 139,871
has declined. Supplies of crude are more plentiful. Winter Brunswick
63,852
40,597
12,776 252,327 16,138 216,307
5.50@6.25c, summer white 5.50@5.90c. and crude 4.20c. Charleston
656
368
Georgetown
33,328
34,236
16,689 297,889 10,416 292,566
Cocoanut lower at 9%@10c.for Cochin and19@9Y1c.for Cey- Wilmington _
Norfolk
lon. Corn lower at 5.75@5.80c. Lard lower. Prime 75@ N'port News, doe_ 30,485 363,049 36,013 359,077 64,185 34,225
2,497
289
5,405
782
100
2,366 120,368 237,075
2,251
101
85c. • No. 1 extra 56@64c. Cod steady. Newfoundland New York
13,222
4,063
1,547
23,784 , 2,821
4,438
Boston
55@58c. and 52(53 for domestic.
51,077
3,851
15,583
41,535 4,984
5,387
Baltimore
50
7,893
50
5,150
COFFEE on the spot!has been lower, owing to the un- Philadelphia
Kno
nip.
qw, oan i
A
settled condition of the Santos market. Rio No. 7 143 ©
Total
/
143c., Santos No. 4 15M®153 0. Futures in the early
made with other years,
In order that comparison may be
part of the week were weak on active liquidation brought
about by the lower European markets and a decline at San- we give below the totals at leading ports for six seasons:
tos. Late in the week there was a sharp recovery on active
1908.
1907.
1909.
1906.
1910.
covering and buying by bulls. Following are closing prices: Receipts at- 1911.
r4aft nAn AAA
December 13.74@13.75
January _ _13.43@ 13.45
February _13.17@13.20
March _ _ _13..09@ 13.10
April
May
June
July
13.07@13.09
13.05e 13.06
13.05@13.06
13.05@13.06
August ......13.05@13.06
September.13.05 @13.06
October_ _ _13.04@ 1,
3.06
November 13 04@13.05
HOPS have been quiet and steady. The active buying
during the past month has materially reduced the supply.
SUGAR has declined. Trading has been more active.
One cargo of 25,000 bags of Cuba sold for first half of January shipment. Centrifugal, 96-degrees test, 4.94c.; muscovado, 89-degrees test, 4.44c.; molasses, 4.19c. Refined has
been lower. Refiners have been anxious to remove sugar
which has accumulated. Granulated 5.75c.
PETROLEUM has shown few new features. A fair volume of seasonable domestic trading has been reported. Export business is slow. Refined, barrels, 7.35c.; cases 8.85c.
Gasoline, in 100-gallon drums, 183 c.; drums $7 50 extra.
4
Naphtha, 73 to 76 degrees, in 100-gallon drums, 163 c.,
4
drums $7 50 extra. Spirits of turpentine 513/0. • Rosin
2
$6 30@$6 40 for strained.
TOBACCO.
-Much the same situation exists that has been
noted for some time past. Not a little attention has latterly
been devoted to Connecticut and Wisconsin; also Pennsylvania has met with a certain demand. It is still observable,
however, that manufacturers adhere to the policy pursued
for so long a period of buying only as their immediate needs
demand,especially of binder,but it may be added that supplies of such tobacco are far from burdensome, and prices for
it, therefore, rule steady. Of Sumatra the supply is chiefly
composed of the lower grades, or certainly of descriptions
less desirable than were obtainable a while ago, but nevertheless there is a fair demand. In Cuban leaf there is little
business either here or elsewhere. As a whole, the tobacco
market is still in a waiting attitude.
COPPER has declined under free offerings by second
hands. Trading has been less active. This was expected
following the recent enormous slaes. The report of the
Copper Producers' Association showed a substantial decrease
in the domestic surplus. Lake 133'@1.3.15c., electrolytic
12%@13c. Tin was lower. American consumers are out
of the market. Spot here 45M@,4531c. Spelter 6.25(
6.60c., lead 4.40@4.50c. Pig iron has been active but at
lower prices. No. 1 Northern $14 75@$15, No. 2 Southern
$14@$14 25. November's pig iron production dropped
to 1,999,433 gross tons, against 2,102,147 in October. Bar
iron has advanced.
Galveston __ _
Texas City,&c
New Orleans_
Mobile
Savannah __ _
Brunswick _ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N dec.
All others_ _ _ _
136,4111 121,418
17,192
41,856,
77,977; 84,025
17,325
18,1971
79,249; 67,628
17,800
13,3181
12,776'16,136
1868 1
9
10,416
30,485, 36,013
7821
289
27,9541
12,751
Total this wk_
458,694
400,593
A
agA 1
84,492
15,482
21,272
7,455
25,610
948
4,934
6,954
18,162
680
4,918
160,095
13,015
84,302
20,664
59,367
11,575
6,434
11,967
30,136
190,910
AAA
qA1
8,711
88,255
869
193,334
18,600
64,063
7,489
6,993
28,903
30,570
278
4,807
126,851
8,961
112,620
15,428
63,506
9,487
6,686
9,447
29,669
2,419
23,910
406,266
354,161
408,984
Since Sept. 1.. 5,763,242 4,916,634 4,485,659 5,232,295 4,021,277 5,105,640
The exports for the week ending this evening reach a total
of 286,388 bales, of which 141,493 were to Great Britain,
28,883 to France and 116,012 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
From Sept. 1 1911 to Dec. 8 1911.
Exported toI
Great
ContiContiI Great
ironBritain. Fr nce. nent. Total.' Britain. France. nent.
Total.
,Galveston ____ 32,77513,577 47,619 93,3711 682,639153,809 472,2291,308,677
-___ 25,619 207,876 36,603
15,523 260,002
Texas City._ 25,619 _-_8,636 20,494
32,470 61,600
Pt. Arthur, dm. 3,449 --------3,449
New Orleans...1 29,724 6601 21,844 58,169 244,622 59,574 130,472 434,668
74,040
-- -- --- -32,390 12,966 28,684
Mobile
-. '7:032' 28,832 17,033 27,068 72,733
7,032 ---Pensacola
_ 4,305 9,305:
4,580
4,580
Gulfport
3,710 '5 18,1 30,996; 279,781102.410 414,191 796.382
Savannah
88,352 175,701
----14,017, 87,349' -_
Brunswick_ _ _ _ 14,017 ----_ 126,490 138,199
. -__ .- 12,400 12;900 11,709
Charleston... _
---- , -. ' 53,295 65:318 124,221 242,834
Wilmington.- --- - - --',991
,
2,991
Norfolk
,..*_ _ _1
__ _
, - - -Newport News
7,362 - __ 1,048 8',410 98,357 37,307 115,931 251,595
.
New York _ _
___
4,603
72,406
- 15,084
15,084 68,343
Boston
8,880 '1,111 , 71,069 83,060
897
--------- 897
Baltimore ---16,874
-__ _
7,490 24,364
---- 2,721
__
Philadelphia _ _ 2;721 ---____ ____
Portland, Me
57,796
57,796
. - _ _ _ 1,308 1,308
San Francisco- _ _
22.808
22,808
1,010 1610
Seattle
3,500
------------------------3,500
Tacom
.
Portland )re
Pembina--------------'
186
186
----------------Detroit I
Week ending Dec. 8 1911.
Exported to
-
-
Total
,....., 1010
191,493 28,883 110,0121286.388 1,832.560508,625 1,746,937 4,086,846
1 71
1
A9409 AS17 100
inn 214.045 1.719...177 400 7A51 1 TIR inn a 4117.S65
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
1611
THE CHRONICLE
Dc.9 1911.]
On Shipboard, Not Cleared far
Leaving
Other I CoastGerGreat
Stock.
Britain. France many. Fore funl wise. Total.
46 38,652 192,336
8,087 6,538 5,168 18,813i
Now Orleans_ _
261,063
63,323 14,770 56,058 24,754' 2,828 161,733 260,033
Galveston _
6,600
___ _
6,600
_
Savannah _
50,852
13,000
0566
67,000
Charleston_ __ _
-ioo 35,542 42,047
11,382 8,258 15,702
Mobile
34,158
30,000 30,000
Norfolk
7,800 112,568
0566
.6 12,000 1,800 a-A
New York
90,878
55,000
1,000
24.000
Other ports_ - 30,000
Dec. 8 at
1,043,962
Total 1911.._ 121,792 31,366 109,928 52,1671 33,074 348,327 833,085
231,256
Total 1910_. 67,108 34,888 77,538 30,905, 20,817 204,233 566,713
31,700 16,563 68,892 19,697' 67,381
Total 1909.._
-The highest,, lowest and closing prices at
FUTURES.
New York the past week have been as follows:
( !.
.4
-t
,:
c)Wovil _-_)wn5_7°P.wocic4* nwzow?'0w7c4:). aW.,
cg
--g[fig 2§1801,9glat°31Sgitigragl2g ggiall
,
ETA ctolcp FiA ri'l d'q FP EP' Fin iEN EPc r7n ri'q
ocic' To 20 n 20 20 20 20 20 TO TO TO
ci
b
cow mm
Mb OM
ml
M
mm woo mm Tommm cow
C..1 '1:4 :.16 ChM bole 642
.2
g
N N TZ
I®
.. I®
. .. .... r®
1 g
1
p,
14 .. IT .„
..
.. ig
mm ml
Mb* 4.
00.. 00
MC
C4
CIE
tvg,
!
- t8
tt ti tt 'l . tt 6':.g
a. !t
.. .. ...0 .. .i .0 .. .0 .1 .. moo
;
2
1
11
11 [:
,??'T1
Tuesday,
Dec. 5.
0O00"00
MC* ML4 6L4 M
,
be) M
6;. 6b
Speculation in cotton for future delivery has been but
C.
moderately active, but for several reasons shorts have
g rg 7 g rZ I@ 11 TZ TZ 7® ig TZ
'R
deemed it wise to cover and prices for a time advanced. . .. .. op. ..
. 00 000
. 000. .0
1,;
Late in the week they declined. Yet the active and rising
. f
,,1
'';I '! 007 '' ttgi gg ti -'ti tti
Liverpool market for a time made a distinct impression here.
..
.. .. .. .1 .. .1 000 .1 .. mm
Its spot sales, which recently were almost down to the van- .. 6,- ;.;:) ;-,M ;- M b Mb* M Mbo M 00'..1 090
;-,;:,
,
.,
66
ishing point, suddenly rose to 10,000, to 12,000, and even
IS ig re g re TZ T@ TZ
I® 1 g
rZ 1
14,000 bales, in a single day. It is well known, too, that
woo cow cow ww w woo oo woo oo ww ow
Continental spinners have been heavy buyers for some little
c3;:
Z
the
41 ect
4
C..8 - c:o: ..
i
ed tt . ili!2 ; .g1 `e'',, ; ; '.:>1 °ip- ; 01
time in Liverpool, evidently on the idea that a bird in
1
hand is worth two in the bush, or in other words that cotton, col cow ww ww ca, wl wm od woo wi ww cow
04
12'@00040001
being so much cheaper than it has been at times in the past
,Ya
with some
,e.
I
3 :;
0'•0 .Z ;f!
8;
1
;
.
4
year or two, it would not be a bad idea to buy
ICO 4' .1:1: 1 'rOd (6 !
. .. .. .. .. 1
. .
freedom. Liverpool and the Continent have been notice- . .... .. .
on arbi- '81 ..E.1 .„';;: i.;. ic3 ;c31 g. ti tt '.1 kk 4i7;
f
2
5
able buyers here also. Liveypool has been buying
.
trage account against sales across the water,due to the un- .1 .. ..
.. .. .1 .. .1 000 .1 000 .00
times
000
0
1.$. ...o
usually large differences between the two markets, at
,400
CS
amounting to 100 to 103 points. This led to the idea that
i0
%
i r4 il l0 : i
i
i1 i l i l
either New York was too low or Liverpool too hie', and . .. ..
. 000 .
. ..
. ..
. ..
acting on this arbitrage traders have,as already intimated, ti t: l; ;
t t i.
‘
lEf a fgi: ti tt gitit.
bought in New York and sold in Liverpool. Some also
.. 000 .i .. .1 .. 01 00 caw
.. .. ..
believe that the differences between the two markets are
Cnel, MM
.
....3 6
boeo ..1
OM Mb Mb MM Cobo Co
0
really traceable to the difference between the two contracts
'
*
(10 TZ TZ TZ rl re r/ re rZ T@ IZ 11
i
and not to any other cause. Spot houses have been free
0,
.. 000 000 000 0 00. 00 0 00 00 ..
a growing feel..
buyers. Shorts have also been disturbed by
the
...It °II tt
'2,t tl tt ill
ing of uncertainty as to what the Bureau will estimate
crop next Monday in its annual report on the size of the
1. 10 10 00 1. II 10 10 I. Ice Ice Ica
03
A
A
A
:4
LI
y in the
NI
yield. A notion prevails that, as not infrequentl
14
00
1-•
past, it may be quite a little under the maximum estimates
IO I@ I@ I@ I@ I@ I@ I@ I@
I® 1(0 I®
houses
00
00
Ce
00
00
00
issued within the last four or five weeks by commission
02
02
OD
00
02
and private statisticians. Some of the Southern mills are
Lzr it it 1 09 "1
to come.
said to be supplied with orders for two months
Manchester has been firm. Cotton is being held back to some
THE VISIBLE SUPPLY OF COTTON to-night, as made
extent at the South, where there is still a good deal of
and telegraph, is as follows. Foreign
feeling in regard to the present relatively low price of cotton. made up by cablethe afloat, are this week's returns, and
well
On the other hand, the Census Bureau's report to-day of the stocks, as ly allas
foreign figures are brought down to Thursginning was a blow to the market. The crop movement, too, consequent
make the total the complete figures
continues comparatively large. Southern hedge-selling has day evening. But to we add the item of exports from the
figured to a fair extent, at least in the transactions here and for to-night (Friday), in it the exports of Friday only.
in Liverpool. Some cotton goods have been cut to the low- United States, including
1908.
1919.
1910.
1911.
December 8est price seen for five years. It is insisted in Liverpool mail Stock at Liverpool
bales. 838,000 706,000 1,000.000 636,000
10,000
9,000
4,000
4,000
advices that China is still canceling Manchester orders. Stock at London
34,000
65,000
56,000
52,000
At some interior /Joints easier spot prices have been latterly Stock at Manchester
694,000 766,000 1,074,000 680,000
reported. The heavy covering of shorts here during the • Total Great Britain stock
14,000
4,000
3,000
10,000
week is said to have weakened the technical position. Mem- Stock at Hamburg
147,000 247,000 217,000
287,000
Stock at Bremen
phis has at times sent selling orders. Wall Street bulls are Stock at Havre
148,000 418,000 199,000
156,000
3,000
2,000
2,000
2,000
supposed to have sold to some extent on the rise. To-day Stock at Marseilles
23,000
8,000
9,000
12,000
37,000
prices broke sharply, falling some 20 to 25 points on the an- Stock at Barcelona
45,000
34,000
22,000
Stock at Genoa
4,000
1,000
2,000
nouncement by the Census Bureau that, the quantity ginned Stock at Trieste
up to Dec. 1 was 12,814,832 bales, against 10,139,712 for the
597,000
491.000 343,000 725,000
Continental stocks
Total
same time last year and 8,876,886 in 1909. Those who in1,799,000 1,277,000
Total European stocks
cline to bearish convictions were more than ever convinced India cotton afloat for Europe....1,185,000 1,109,000 113,000 50,000
121,000
21,000
that this crop is far the largest ever raised. New Orleans, Amer. cotton afloat for Europe 900,989 903,009 843,079 1,077,127
89,000
94,000
66,000
70,000
Egypt,Brazil,&c.,aflt.for Europe_
the South generally, Wall Street and the Waldorf-Astoria Stock in Alexandria, Egypt
193,000 263,000 217,000 249,000
222,000 230,000 353,000 195,000
bear contingent sold. Liverpool advices were chilling, with Stock in Bombay, India
in U. S. ports
disappointing prices and a drop in the spot sales to 7,000 bales. Stock in U. S. interior towns....1,392,289 1,064,341 770,946 1,063,680
861,451
759,261
912,182 804,992
71,550
24,698
50,717
Spot houses both bought and sold. The pressure to sell was Stock exports to-day
43,824
U. S.
effective. On the decline,
the most general and the most
4,940,284 4,612,059 4,773,984 4.933,808
Total visible supply
until they can see what
however, many preferred to cover
Of the above, totals of American and other descriptions are as follows:
the Agricultural Bureau's crop estimate on Mon ay, the 11th,
American
536,000
bales. 544,000 603,000 910,000
early in the week, but Liverpool stock
Inst., is to be. Spot cotton advanced
30,000
52,000
45.000
41.000
Manchester
middling uplands at 9.20c., a Continental stock
552,000
latterly receded, ending with
460,000 323,000 702,000
stock
900.988 903,009 643,079 1,077,127
afloat for Europe
week.
American
decline of 5 points for the
770,946 1,063,680
1,392,289 1,064,341
port stocks
The official quotation for middling upland cotton in the U. S. interior stocks
861,451
912,182 804,992 759,261
U. S.
71,550
24,698
50,717
43,824
day for the past week has been:
New York market each
U. S. exports to-day
Thursday,
Dec. 7.
Dec. 2 to Dec. 8Middling uplands _
Sat.
9.25
Mon. Tues.
9.35
9.30
Wed. Thurs.
9.40
9.35
Fri.
9.20
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for micidling upland at New York on
Dec. 8 for each of the past 32 years have been as follows:
9.20
191.1_o
14.80
1910
1909___,___14.95
9.25
1908
12.15
1907
10.95
1906
1905
12.60
8.00
1904
1903..0
1902
1901
1900
1899
1898
1897
1896
12.50
8.50
8.37
10.12
7.69
5.75
5.88
7.44
1895_o
1894... _
1893_
1892
1891
1890
1889
1888
8.3811887A
5.75 1886
7.81 1885
9.75 1884
8.06 1883
9.38 1882
10.25 1881
9.88 1880
10.50
9.44
9.38
11.00
10.56
10.38
12.06
11.88
MARKET AND SALES AT NE W YORK.
Spot Market
Closed.
Saturday__ _
Monday..___
Tuesday _ _
Wednesday_
Thursday __
Friday ____
Futures
Market
Closed.
Steady
Dull
Quiet, 5 pts. adv.- Very steady
Quiet, 5 pts. adv.-- Very steady
Steady
Dull
Quiet, 5 pts. adv___ Steady
Quiet, 20 pts. dec.. Barely steady _
Total
SALES.
Spot. Contr ct. Total.
11
460606
2,900
2:4501
-i06
2,86
0
11
21
- 00
65
6.900
6.011
Total American
East Indian, Brasil, &c.
Liverpool stock
London stock
Manchester stook
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stook in Alexandria. Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,294,284 3,794.059 3,861,948 4,191.808
94,000
4,000
11,000
31,000
21,000
70,000
193,000
222,000
103,000
4,000
11,000
20,000
121,000
66,000
263,000
230,000
90,000
9.000
12,000
23,000
113,000
94,000
217,000
353,000
100,000
10,000
4.000
45.000
50,000
89,000
249,000
195,000
646,000 818,000 912,000 742,000
4,294,284 3,794,059 8,861,984 4,191,808
4,940,284 4,612,059 4,773,984 4,933,808
Total visible supply
4.86d.
7.94d.
7.95d.
5.04d.
Middling Upland, Liverpool
9.100.
15.20c.
15.10o,
9.20c.
Middling Upland, New York......
12 Nd. 8 15-16d.
11 ;id.
10d.
Egypt, Good Brown, Liverpool
7.80d.
9.25d.
10.90d.
9.30d.
Good, Liverpool
Peruvian, Rough
43d.
5 5-16d. 7 11-16d. 7 5-16d.
Broach, Fine, Liverpool
7d. 4 11-16d.
7 iid.
53id.
Tinnevelly, Good, Liverpool
Continental imports for the pastlweek have been 208,000
bales.
The above figures for 1911 show-an increase over last week
of 234,250 bales, a gain of 328,225 bales over 1910, an excess of 166,300 bales over 1909 and a gain of 6,476 bales
over 1908.
1612
THE CHRONICLE
Movement to December 9 1910.
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.
4.
0400.NO.V00V000000h.Vh00h000000 0
lNO
V0000.NWO0MV
Vt..000VVN0
0
0
.1 CINN ..0
.
0
1
0
. 0
N
,
0.0r-noo...v.ovowonciovoovnocom 000N
w
. .. 0
cl
,
AenQ
N0000N00.0.. 0h000N.N.00V000NOOW0 0
.7.,.."
.
onomvNmo.lom ,..onont..mocovm nnns,-.
cl.
n,......t. ........0N
....
- . - - - - ,....
,..,. t ,innesiNi n,..N,...-,4 t.,,Nm4 ....,..o
U) E.
.
co,
t
kt
-N..
.__
N
in
,,,c, . 0
-1
,
1-1
•-. N
CV
r-. n
W
N
C.N0000N0NW0W0V..0h000WVV0VO0V0h0
0 0
00VNOC,55.N000V.00VNNMO.O.V.01 WMON.N 0
,
N°°N
0
.' C I. °
.IC
r
. .
°. AW
.
°
.".
''
, ONNOV0.04.1.0NVON0608
0400Nh0 0 0 h
0 4
.
tl ,
,"
nme.low h
oNnnNt....
1,rwn N.von o4n.. co,..ev
,
. .N
0
N
2:
momoonommvomcqmonnow,,noNooNnwno,
..mo co
i
0040.1gi n.....vn",;N
t.:eqnr:co,....icqoi 0,1 n
0
N.
....o 6113
0
1-1
Season.
Week.
Receipts.
nv(44
,-1
v.o.an
r4N
' .4h
neinn
, .
N
...; ' '
N
1.4
V
N4rinoo
N
. n
NO0V0.00VVN0NONOVNN.00 00WhOOV0NONN
000.000000000hOW.MNIONVh.NN000040"0" 0
N
040o00000000
.
000V 00011000.004.200VN0 0
. .
.
..
Zon4MM'cO0oeinmev0n4c4mnt:00Wmn,-,,-i000mn,-; m
,-inov,-.Notonnnn mcsinnn.cicio C. 0 .000N0 CO
..0
.
..
N
V
N
." N
.
.
. V
NN0000v00000.00h0NNWV000'M00h000.0 h
0000000.000N0hh0o00000.0VN0MN.W000.00 0
.
0000
.
0 0VIO0NO0N 0000h..M.WVWW 0
N 401..00
.
. .
. .
.t.:n#44 co40000In
* Nn4com.nno.7N
o;
4no.moo r:
•-I
1-1 C 1
,
. n
,... n
v.
n
,...
n
. .51 A
.‘
Co
-
g
bl
.....
g
.
5c.) c.4
2f 0 ): 2
3
,
4.74g„, g
00:g
W.*1
Totals, 33 towns
1
Sarday. Monday. Tuesaay. wea'aay. Thurscry. Friday.
Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Wilmington_ __ _
Norfolk
Baltimore
Philadelphia __ _
Augusta
Memphis
St. Louis
Houston
Little Rock_ _
9%
9 3-16
8%
8 13-16
8%
8M
8%
9i
9.50
9M
9M
93
9M
9
9M
9 3-16
83-i
8 13-16
8%
8M
83-h
93-i
9.55
03-16
931
93-i
93-1
0'/
94
9M
9X
83/i
83-i
8 15-16 8 15-16
83
83-i
8%
83'
ii
9
934
• 93-I
9.60
9.60
OM
93-i
93-1
93-i
9Y
93-i
9 5-16
9 5-16
n
•
0i
9M
83'
8 15-16
8%
83-'
01-16
03-I
9.65
931
93-i
93-I
9 5-16
5-16
3-16
M
,,i
7
M
M
M
.45
x,
M
34
M
NEW ORLEANS OPTION MARKET.
-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 2. Dec. 4. Dec. 3. Dec. 6. Dec. 7. Dec. 8.
h
0
0,
000000VOWN.O0V0.V0h000
0V0M0N0h000
0 N
000.000W0VW000.000VMO0MVN0
.i.0. 00W0- CO
0
00VW0..VVICIVINAV C.....0h O O N 2
h0
. .0V0
.
. . 1.00
. .
.
.
.
.OW.
.V.0vgi00e0t..t.: N'
VONONOVW'S
0.006N0000001
0..V 0CINCI.
0
0 .ON ..N.
.
0
.
. 0
NhN000V004.h..0000VWV00V 10 .000..N 0
00.M.0
0VhN0004 IN 1.N000.i.00
VVNN00.000,
....1,-,110,..t....on0000 0
00 140N0h V00VI.V1.0.04
4.
,
.
Closing Quotations for Middling Cotton on-
Week ending
December 8.
2,rang:422g'8=J2=0;".301=g823g Z
0
. .4.
Movement to December 8 1911. II
N
oN,Immnmommmvmme‘iont mol,pmnoncqm m
,
..e . 9-1-.....9.1, mom..coconnmnmoonsmoonNevmo.Nn 0
,
.......... .
-..... .... .... emNo.n.d.opcioN ,
.2qc°
I.
[VoL. Lxxxxin.
December
Range
Closing
January
Range
Closing
February
Range
Closing
March
Range
Closing
April
Range
Closing
May
Range
Closing
June
Range
Closing
July-.Itange
Closing
August
Range
Closing
September
Range
Closing
October
Range
Closing
Tone
Spot
Options _.._
8.83-.90 8.84-.94 8.93-.04 8.96-.04 9.01-.06 8.81-.94
8,48-.85 8.99-.00 9.05-.07 9.03-.04 9.05-.06 8.82 8.77-.85 8.79-.96 8.87-.03 8.92-.00 8.96-.02 8.75-.92
8.80-.81 8.94-.95 9.01-.02 8.90-.00 9.01-.02 9.75-.76
_ @ - 8.
95 _ _ ® _ _ ® _ _ ® _ _ ® ___
8.83-.85 8.98-.99 9.04-.06 9.02-.04 9.03-.05 8.77-.79
8.85-.92 8.85-.03 8.93-.08 8.98-.07 9.03-.10 8.82-.99
8.87-.88 9.00-.01 9.07 - 9.06-.07 9.07-.08 8.82-.83
- ® - 9.01 - ® -- ® -® -®8.90-.92 9.03-.04 9.10-.12 9.08-.10 9.10-.12 8.85-87
8.95-.01
8.95-.96
_ ® _
8.97-.99
8.93-.10 9.00-.16 9.07-.15 9.10-.18 8.91-.06
9.08-.09 9.15-.16 9.14-.15 9.16-.17 8.91-.92
9.09 _ _ ® _ _ ® _ _ ® _ _ ® 9.11-.12 9.18-.20 9.17-.19 9.19-.21 8.94-.96
9.05-.09 9.08-.12 9.15-.27 9.19-.25 9.25-.29
9.05-.06 9.19-.20 9.27 - 9.25-.27 9.27-.28
_ ® __ ® __ ® __ ® __ ® _
9.00-.02 9.13-.15 9.20-.22 9.21-.22 9.23-.25
9.02-.05
9.02-.03
_ ®9.00-.02
- ®- ® - 9.12-.16- ® -- ® - ® 9.04-.06 9.18-.19 9.24-.26 9.25-.26 9.27-.28 9.02-.04
-- 9.04 9.07-.17 9.16 - 9.12-.14 9.15-.16 8.95-.03
9.02-.04 9.15-.16 9.18-.20 9.15-.16 9.15-.16 8.93-.95
Steady. Firm.
Steady.
Firm.
Firm.
Firm.
Steady. Steady. Steady. Very sty. Steady. Steady.
NEW YORK COTTON EXCHANGE.
-Extra Revision
Date Adopted.
-The members of the New York Cotton Exchange on Monday last, by a nearly unanimous vote, adopted
.2 20'="t
1,8
an amendment to the by-laws providing for three in place of
two revisions a year of spot cotton quotations. The amendThe above totals show that the interior stocks have in- ment goes into effect on all contracts maturing on and after
creased during the week 45,601 bales and are to-night 107,190 Dec. 1 1912. The amendment reads as follows:
of Quotations of spot cotton shall consist
bales more than at the same time last year. The receipts of The Committee on Revision various interests of the Exchange,and shall
17 members,representing the
at all towns have been 49,819 bales more than the same meet three times a year, viz., on the second Wednesday of September, the
third Wednesday of November and the first Wednesday of February, at
week last year.
3:30 p. m. Should any of these days fall upon a holiday, the
410
-0
03'
4
•^1 .• °.;
;
)
Q.;
o
shall meet upon the
business
Ten
committee
next
(lay.
OVERLAND MOVEMENT FOR THE WEEK AND quorum. If no quorum of the committee can members shall constitute a
be obtained, the President
-We give below a statement showing the shall appoint a sufficient number of members of the Exchange to complete
SINCE SEPT. 1.
a quorum.
overland movement for the week and since Sept. 1, as made
SOUTHERN TEXTILE ASSOCIATION.
-Annual Conup from telegraphic reports Friday night. The results for
-The Southern Textile Association held its annual
the week and since Sept. 1 in the last two years are as follows: vention.
convention at Atlanta, Ga., on Saturday last, Dec. 2, over
1911
1910
December 8Since
Since 400 delegates attending. The address of the President, Mr.
Shipped-Week. Sept. 1.
Week. Sept. 1.
Via St. Louis
183,859
20,810 198,740 M. G. Stone, was devoted to an exposition of the existing
27,450
Via Cairo
12,321
118,853 conditions in the cotton mills of the South, which he de23,652
2,796
Via Rock Island
18,118 clared to be most satisfactory.
1,171
1,388
150
Among the subjects treated
Via Louisville
49,855
5,573
51,430
7,698
Via Cincinnati
32,083 in the various papers presented were: "Weaving and De7,280
31,467
4,040
Via Virginia points
67,681 signing," "Waste Reduction in Cotton Manufacturing,"
7,984
65,726
6,874
Via other routes. &a
12,274
64,575
92,568
3,597
"The Spinning Room," "The Little Thing in a Mill," "The
Total gross overland
65,632 450,090
549,905 Story of Coal Tar" and "Reduction of Power by Alignment."
54,386
Deduct Shipments
-The officers of the Southern Textile Association are: M. G.
Overland to N. Y., Boston, &c.._ 9,926
67,570
66,715
7,955
Between interior towns
1,348
16,617
14,094 Stone, President; J. M. Davis, Vice-President; J. S. Osteen,
947
Inland, &c., from South
339
14,600
20,902 Vice-President; T. B. Wallace, Vice-President; G. S. Escott,
378
Total to be deducted
11,613
98,787
101,711 Secretary; David Clark, Treasurer.
9,280
Leaving total net overland.... _54,019
WEATHER REPORTS BY TELEGRAPH.
351,303
-Our tele45,106 448,194
• Including movement by rail to Canada.
graphic advices from the South this.evening indicate that
The foregoing shows the week's net overland movement in the main the weather has been satisfactory the past week.
has been 54,019 bales, against 45,106 bales for the week last The marketing of the crop continues on a liberal scale.
year, and that for the season to date the aggregate net over- Picking is practically completed in some sections, but from
others reports are to the effect that considerable cotton reland exhibits a decrease from a year ago of 96,891 bales.
mains to be gathered.
----1911
1910
-----In Sight and Spinners'
Since
Since
Galveston, Tex.
-Weather conditions have been good, with
Takings.
Sept. 1.
Week.
Week.
Sept. 1. fair rains
in some sections of the State. We have had rain
Receipts at ports to Dec. 8
458,694 5,763,242 400,593 4,916,634
Net overland to Dec. 8
351,303
54,019
45,106 448,194 on one day during the week, the rainfall reaching ninety-six
Southern consumption to Dec. 8_ _ _ 54,000 636,000
51,000 609,000 hundredths of an inch. The thermometer has ranged
from
Total marketed
566,713 6,750,545 496,699 5,973,828 48 to 67, averaging 58.
Interior stocks in excess
811,745
45,601
27,614
754,214
Abilene, Tex.
-The week's rainfall has been thirty-four
Came into sight during week
hundredths of an inch, on three days. Minimum tempera612,314
524,313
Total in sight Dec. 8
7,562,290
6,728,042 ture 38.
Northern spinn's takings to Dec. 8_ 67,383 846,667
65,600 1,015,583
New Orleans, La.
-We have had rain on two days of the
week, the rainfall being eighteen hundredths of an inch. The
Movement into sight in previous years:
thermometer has averaged 54.
WeekBales.
Since Sept. 1Bales.
1009
-Dec. 10
-Dec. 10
302,388 1909
6,295,282
Vicksburg, Miss.
-We have had rain on one day of the
1908
-Dee. 12
531,477 1908-Dec. 12
7,188,887 week, to
the extent of two hundredths of an inch. The ther1907-1)eo. 13_
557,580 1907
-Dec. 13
5,428,093
-Dec. 14
1906
395,574 1006
--Dec. 14
6,821,437 mometer has averaged 52, the highest being 68 and the
lowest 31.
QUOT4TIONS FOR MIDDLING COTTON AT OTHER
Little Rock„ Ark.
-Rain has fallen on two days during
MARKETS.
-Below are the closing quotations of middling week, the pracipitation reaching thirty-one hundredths ofthe
an
cotton at Southern and other principal cotton markets for inch. The thermometer has ranged from 28 to 62, averaging
each day of the week.
45.
1613
THE CHRONICLE
DEC. 9 1911.]
-Considerable cotton remains to be picked.
Helena, Ark.
We have had no rain the past week. Average thermometer
45.4, highest 63 , lowest 23.
-Dry all the week. Average therMemphis, Tenn.
mometer 47.
-Picking is practically completed, but
Mobile, Ala.
marketing is active. We have had a trace of rain on one day
of the week. The thermometer has averaged 51, the highest
being 67 and the lowest 32.
-It has been dry all the week. The
Montgomery, Ala.
thermometer has averaged 46, ranging from 24 to 68.
-We have had no rain the past week. The
Selma, Ala.
thermometer has ranged from 21 to 59, averaging 42.
-We have had no rain the past week.
Madison, Fla.
Average thermometer 50, highest 70, lowest 30.
Savannah, Ga.-We have had rain on one day the past
week. The thermometer has averaged 48, the highest being
66 and the lowest 30.
-Dry all the week. The thermometer
Charleston, S. C.
has averaged 47, ranging from 31 to 62.
Charlotte, N. C.
-We have had only a trace of rain during
the week. The thermometer has ranged from 32 to 62,
averaging 47. •
COTTON CONSUMPTION AND OVERLAND MOVE-Below we present a synopsis of the
MENT TO DEC. 1.
crop movement for the month of November and the three
months ended Nov. 30 for three years:
1911.
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 3 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
11)10.
1909.
238,253
380,453
187,957
294,766
1,989,584
5,261,453
1,386,948
3,771,950
1,254,488
745.584
574,000
305,504
474,971
263,090
387,707
1,706,053
4,380,103
1,140,510
3,075,521
973,988
924,847
540,000
240,128
381,763
211,208
323,115
1,310,503
4,212,257
1,105,927
3,037,346
847,442
844,188
670,000
32,598
35,782
115
7,499
9,950
7,938
2,641,541 2,451,149 1,923,771
0,894,219 8,022,810 5,836,372
8,109,522 4,814,589
12,132,332 10,850,901
510.22
515.05
517.83
486.22
491.05
493.83
2uantities of Manufactures of Cotton Month ending Oct. 31. 10 Months ending Oct.31.
(Colored and Uncolored)
1910.
1911.
1911.
1910.
Exported to06,582
663,990
1,434,857
9,304,400
1,344,102
9,348,278
3,245,920 33,607,805 22,180,039
169,747 1,325,008 1,511,548
1,505,598 19,891,959 10,130,804
15,747,497
4,754,307 23,287,897 30,813,814
137,294 1,019,914 1,838,189
1,318,558 0,300,780 8,578,010
1,279,273 14,103,139 13,724,120
1,587,883 14,980,365 10,970,048
996,000 18,487,054 8,977,005
951,800 85,084,360 01,192,893
891,000 9,263,201 7,402,026
749,692 8,254,444 6,240,900
3,774,232 36,306,275 45,097,381
252,066 3,205,491 2,422,398
928,718 14,200,598 8,713,010
32,780,805 23,261,306 318,805,494 250,470,960
$2,188,184 $1,000,309 522,163,844 516,918,791
5.0700
5.0670
3.0002
$.0601
Total yards of above
Total values of above
Value per yard_
Value of Other Manufactures
of Cotton Exported
Clothing and other wearing apparel
Knit goods
All other
$119,376
499,937
505,445 81,484,302 $1,179,338
4,068,902 4,063,543
360,48
$019,313
Total
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight, for the like period.
$455,933 $0,453,204 $5,242,879
1910.
1911.
Cotton Takings.
Week and Season.
Week.
Season.
Week.
Season.
4,324,139
4,706,034
Visible supply Dec. 1
1,495,514
1,603,418
Visible supply Sept. 1
American in sight to Dec. 8_ _ _ _ 812,314 7,562,290 524,313 6,728,042
84,000
377,000
43,000
255,000
Bombay receipts to Dec. 7
6,000
59,000
2,000
59,000
Other India ship'ts to Dec. 7__ _
592.000
58,000
44,100
406,200
Alexandria receipts to Dec. 6_ _
8,000
90,000
6,000
100.000
Other supply to Dec. 6*
5,413,448 9,985,908 5,002,452 9,341.558
Total supply
,
DeductVisible supply Dec 8
4,940,284 4,940,284 4,612,059 4,612,059
473,164 5,645,824 390,393 4,729,497
Total takings to Dec. 8
383,064 4.120,424 300,393 3,727,497
Of which American
90,000 1,002,000
90,100
925,200
Of which other
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, 6:c.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipt of cotton from Bombay and the shipments from
all India ports for the week and for the season from Sept. 1
for three years have been as follows:
1910.
December 7.
Since
Week. Sept. 1.
Receipts al
84,000
Bombay
39,487
DOMESTIC EXPORTS OF COTTON MANUFACTURES
-We give below a statement showing the exports of domestic
cotton manufactures for October and for the ten months
ended October 31 1911, find, for purposes of comparison, like
figures for the corresponding periods of the previous years
are also presented:
yards
128,950
United Kingdom
1,115,224
Canada
Central American States and British
2,824,855
Honduras
132,525
Mexico
2,404,258
Cuba
3,150,282
Haiti
Other West Indies and Bermuda__ 2,780,959
70,021
Brazil
157,205
ChIll
1,458,009
Colombia
1,378,167
Other South America
, 1,515,150
P,den
6,001,562
Chinese Empire
602,472
British East Indies
842,538
British Oceania
6.242,430
Philippine Islands
244,510
Other Asia and Oceania
822,892
Other countries
The statistics in this report include 87,567 round bales for 1911, 101,718
for 1910 and 134,393 for 1909. The number of Sea Island bales included
is 87,457 for 1911, 86,698 for 1910 and 77,591 for 1909. The distribution
of the Sea Island cotton for 1911, by States, is: Florida, 32,359; Georgia.
51,288, and South Carolina, 3,810. The statistics in this report are subject to slight corrections when checked against the individual returns of
the ginners being transmitted by mail. The corrected statistics of the
quantity of cotton ginned this season to Nov. 14 1911 are 11,313,238 bales.
Week.
255,000 84,000
Total all
1911__
1910____
1909_ ___
Great
Britain
2:15615
__-_
2,666
_.
____
____
4,5
____
-_1,0H
.
_ _
_
____
1,000
1,000
Japan
Continent. & China. Total.
2,000
2,000
1,00
__ 11,000 36,000 47,000
4,000 36,000 18,000 58,000
3,0
19,0C,0 42,000 64,000
33,000
__6,000 186,000
9,000 121,000
83,000 116,000
79,000 271,000
127,000 257,000
1,000
2,000
2,000
____ 9,000 36,000 45,000
1,000 34,000 17,000 52,000
19,000 41,000 83,000
3,0
____
____
____
579,000
Since Sept. I.
Great Conti- Japan
Britain. neat. &China Total
Bombay
1911____
1910____
1909_
Calcutta
1911____
1910____
1909._
Madras
1911____
.
1910_ _.
1909____
All others
1911__
1910_ __
1909____
Since
Week. Sept. 1.
377,000 110,000
For the Week.
Exports
from-
1909.
Since
Sept. 1.
6,000
5,000
7,000
7,000
7,000
9.000
2,00i
3,001
3,000
5,000
9,000
4,0''
1,001
7,000
12,000
8,000
4,000
11,000
10,001
40,000
28,000
35,000
1,000
1,000
1,000
45,000
40,000
46,000
84,000 84,000 175,000
7,001
22,000 228,000 80,000 330,000
24,000 167,000 129,000 520,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
-Through arrangements made with Messrs.
COTTON.
Choremi, Benachi & Co. of Boston and Alexandria, we now
receive a weekly cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments for the past week and for the corresponding week of
the previous two years:
1911.
1910.
1909.
320,000
3,046,486
420,000
4,439,031
330.000
3,444,774
Alexandria, Egypt,
December 6.
Receipts (cantars)This week
Since Sept. 1
This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Exports (bales)
To Liverpool
To Manchester
To Continent and India
To America
5,000 63,289 5,500 103,551 9,250 72,101
8,750 74,837 8,750 91,329 6,000 55,982
16,250 93,708 19,000 119,986 24,250 117,841
1,250 7,939 9,250 39,798 8,000 29,583
31,250 239,773 42,500 354,084 47,500 275,307
Total exports
The statement shows that the receipts for the week were
320,000 cantars and the•foreign shipments 31,250 bales.
-Our report received by cable
MANCHESTER MARKET.
$3,833,080 $2,837,558 538,001,398 $29,400,513
Total manufactures of
to-night from Manchester states that the market is firm for
both yarns and for shirtings. Spinners are considered to be
CENSUS BUREAU'S REPORT ON COTTON GINNING. well under contract. We give the prices for to-day below
-The Division of Manufactures in the Census Bureau com- and leave those for previous weeks of this and last year for
pleted and issued on Dec. 8 its report on the amount of comparison.
cotton ginned up to Dec. 1 the present season, and we give
1910.
1911.
it below, comparison being made with the returns for the
like period of the three preceding years.
83( tbs. Shirt Cern
831 tbs. Shirt Corn
$208,050
47,989
533,544
Waste cotton
krarn
kit other
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
United States
$294,991 $2,804,949 $2,933,800
479,024
487,004
55,306
421,957 4,699,777 3,818,173
Counting Round as Half Bales
1910.
1909.
1908.
1911.
1,083,498
917,408
1,175,829
1,438,155
625,228
813,939
882,849
778,481
74,81854 396
56,132
58,603
1,625,573
1,073,301
2,337,770
1,739.657
217,956
238,075
394,918
313,614
970,028
809,388
1,297,877
898,288
535,053
615,637
554,346
829,150
829,387
505,584
431,054
783,741
1,038,889
1,051,550
998,158
, 1,310,613
249,921
208,297
279,054
219,703
2,704,125
2,213,144
3,193,096
3,705,930
12,814,832
10,139.712
8,876,888
11,008.661
32.Cop
Twist.
fags, common Mid.
Uprs
to finest.
d. m.
d.
Oct.
27 811-180 9 5
Nov
3 8% 0 9% 5
10814 0 9% 5
17 8% 0 9% 5
24 8% 0 9% 5
Dec.
1 8%
@ 934 5
8 8 9-16 0 7-16 5
d.
32s Cop
Twist.
s. d. d. d.
534010 434 5.17 10%
lags, common Mid.
Uprs
to finest.
d. s.d.
®
s. d. d.
11% 5 8%010 8
5 @104
4%010 4
4%010 4
43.401)10 4
5.17 10 13-16 01134 5
5.25 10 15-18 011% 5
® 1114 5
5.19 11
5.22 Mg 0 12 5
4%010 4
4%010 4
5.08 11 3-18 0 1231 5 8 010 11
5.04 113-100 1214 5 8 011 0
6 @10794
7 @109
7 010 10
7%01010%
7.78
7.81
8.00
7.85
8.10
8.06
7:95
THE CHRONICLE
1614
-As shown on a previous page,,the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 286,388 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
-Dec. 1-Cymric, 5,182 upland, 131
NEW YORK-To Liverpool
Sea Island__ _ _Dec.6
-Cedric, 1,892 upland, 207 Sea Island_ 7,362
To Hamburg-Dec. 6
198
-Patricia, 198
-Dec. 2-Finland, 50
To Antwerp
50
-Dec. 1-Konig Albert, 100
To Genoa
100
To Naples
-Dec. 1-Adriatic, 400
400
To Leghorn-Dec. 4-Calabria, 300
300
GALVESTON-To Liverpool
22,572
-Dec. 6-Rowanmore, 22,572
To Manchester
-Dec. 4-Maria de Larrinaga, 10,203
10,203
To Havre
-Nov. 30
13,577
-Monadnock, 13,577
To Bremen-Nov. 30
-Van-St. Dunstan, 11,640_ __ _Dec. 2
couver, 1,920
13,560
To Hamburg
-Dec. 2
--Vancouver, 989
969
To Rotterdam-Dec. 2
700
-Etonian, 700
To Barcelona-Dec. 4-Gerty, 4,089
4,089
1,250
To Venice
-Dec. 4-Gerty, 1,250
To Genoa
-Nov. 30-11 Piemonte, 12,947.. _ _ _ Dec. 4-Sicania,
23,573
10,626
2,878
To Trieste-Dec. 4-Gerty, 2,878
TEXAS CITY
-Dec. 1-Median, 14,422____Dec. 4
-To Liverpool
25,619
-Logician, 11,197
3,449
PORT ARTHUR
-Dec. 22-Artist, 3,449
-To Liverpool
-Artist, 5.900... __Dec. 6
-To Liverpool
-Dec. 5
NEW ORLEANS
29,724
-Flodden, 7,824.. _ _ _Dec. 8-Collegian, 16,000
To Havre
-Dec. 6-Callfornie, 4,651_ _ _Dec. 8-Tampican,
6,601
1,950
6,926
To Bremen-Dec. 1-Rachel, 6,926
678
To Hamburg-Dec.4-Trafalgar,678
400
To Antwerp-Deo.8-Tampican,400
5,510
To Barcelona-Dec. 4-Balmes, 5,510
8,330
To Genoa
-Dec. 4_ _Agenoria, 8,330
4,305
GULFPORT-To Bremen-Dec. 8-Bylands, 4,305
7,032
PENSACOLA-To Liverpool
-Dec. 7-Gracia, 7,032
3,710
SAVANNAH-To Liverpool
-Dec. 7-Tunstall, 3,710
8,655
To Havre
-Dec. 6-Cayo Manzani lo, 8,655
50
To Dunicirk-Dec. 6- Cayo Manzanillo, 50
To BrJmen-Dec. 6
-Coquet, 7,978
7,978
To Gothenburg-Dec. 6
50
-Coquet, 50
To Rotterdam-Dec. 2
100
-Eastwood, 100
100
To Antwerp-Dec. 2
-Eastwood, 100
403
To Reval-Dec. 2
-Eastwood, 403
50
To Malmo
-Dec. 2
-Eastwood, 50
4,200
To Barcelona-Dec. 2
-Carolina, 4,200
2,800
To Genoa-Dec.2
-Carolina, 2,800
2,900
To Trieste
-Dec. 2
-Carolina, 2,900
14,017
BRUNSWICK
-To Liverpool
-Dec. 5-MercIan, 14,017
CHARLESTON-To Bremen-Dec.1-Marchioness of Bute, 12,400 12,400
BOSTON-To Liverpool
-Dec. 1-Devonian, 3,982; Michigan,
15,084
3,098
Dec. 4-Arabic 2,183; Ultonia, 5,821
-Bosnia, 897
897
BALTIMORE
-To Hamburg-Dec. 4
-Dec. 1-Dominion,800
800
PHILADELPHIA-To Liverpool
-Manchester Miller, 1,921
1,921
To Manchester-Dec. 5
-Korea, 6,955
SAN FRANCISCO-To Japan-Dec. 6
6,955
-Korea, 1,353
-Dec. 6
1,353
To China
SEATTLE
-To Japan-Deo. 1-Kamakura, 1,610
1,010
Total
286,388
•
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French
Britain. ports.
New York
7,362
Galveston
32,775 13,577
Texas City
25,619
Port Arthur_..__ 3,449
New Orleans....29,724 6,661
Gulfport
Pensacola
7,032
Savannah
1
3,710 8:7 65
Brunswick__ _14,01'7
Charleston
___ _
Boston
15,084
Baltimore
Philadelphia
2,721
San Francisco
__
Seattle
Total
Get- -Oth.Europe- Mex.,
many. North. South. dec. Japan. Total.
800
8,410
198
50
93,371
14,529
700 31,790
25,619
3,449
58,169
-465 13;646
7,662
1
4,305
4,305
7,032
-703 9;556
30,996
7,978
14,017
12;i55
12,400
15,084
897
"rifri
2,721
1,555 6,555 8,308
1,610
1,610
141,493 28,883 47,911
1,853 56,330 1,353 8,565 286,388
The exports to Japan since Sept. 1 have been 80,265 bales
from Pacific ports and 4,990 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Sat.
Liverpool
25
Manchester
25
Havre
35
Bremen
25
Hamburg
27 M
Antwerp
30
Ghent, via Antwerp
36
Reval
45
Gothenburg
Barcelona
35
Genoa
35-37 3i
,
Trieste
42
Japan
55
Mon.
30
25
30
35
32 M
35
41
45
Tues.
30
25
30
35
32 M
35
41
45
Wed.
30
25
30
35
32 M
35
41
45
Thurs.
30
25
30
35
32 M
35
41
45
Fri.
30
25
30
35
32 M
35
41
45
55-
58
40
45
55
55
'Si
55
40
45
55
40
45
55
40
45
55
40
45
55
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's aiet, stocks, &c., at that port:
Nov. 17.
Sales of the week
bales_ 42,000
Of which speculators took__ 1,000
Of which exporters took.... 4,000
Sales, American
35,000
Actual export
16,000
Forwarded
105,000
Total stock-Estimated..._ __ _483,000
Of which American
391,000
Total Imports of the week_ _ __133,000
Of which American
118,000
Amount afloat
478,000
01 which American
414,000
Nov. 24.
44,000
4,000
2,000
35,000
7,000
108,000
548,000
458,000
175,000
153,000
478,000
409,000
Dec. 1.
44,000
2,000
5,000
36,000
8,000
112,000
609,000
524,000
180,000
164,000
442,000
371,000
Dec. 8.
72,000
12,000
2,000
65,000
9,000
111,000
638,000
544,000
150,000
113,000
446,000
392,000
LIVERPOOL STOCK TAKING, ALL GROWTHS OTHER THAN
-Brazilian, decrease, 2,083* Egyptian, decrease, 2,650;
AMERICAN.
West Indian, decrease, 1,693; African, decrease, 730; East Indian, decrease,
1,253; total decrease, 8,409. Peruvian increase, 7,975. Net decrease, 434.
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
r.-.
spot cotton have been as follows:
Saturday.
Spot.
Market, 1 '
12:15 } Quiet.
P. M. )
[VOL. Lxxxxin.
Monday.
Tuesday. If ednesday. Thursday.
Fair
business
doing.
Good
demand.
Good
demand.
Good
demand.
Friday.
Moderate
demand.
N.M. Upl'ds
5.03
5.01
5.05
5.06
5.04
5.04
Sales
Spee.&exp.
6,000
1,000
12,000
6,000
14,000
4.000
10,000
500
12,000
1,000
7,000
1,000
Quiet at
2553 pts.
decline,
Quiet at
5 points
advance,
Quiet at
203 pts.
advance,
Quiet at
2 points
advance.
Futures. Steady at
Market 1 405 pts.
Dpened
j decline,
Quiet at
102 pta.
decline.
Market, 1 Very st'dy Steady at Barely st'y Easy at Steady at Barely st'y
4
at 162 pts. 155234 pts. at 3043i 13502 pts. 40434 pts. at 5%556
D
,D
.
I
dionlinn
'Moline.
rif, ativ.
Annlin.
•
nAlynnnn•
AnoHnn
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus: 4 86 means 4 86-1005.
Sat.
Mon.
Dec. 2
Tues.
Wed.
Thurs.
Fri.
to
Dec. 8. 12% 12% 123i 4 1234 4 125j 4 12% 4 124 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
Dec
___ 4 86 84 34 83 3.5 89 34 88
Dec:Jan _ _..__ 4 85 M 83 M 83 89 87 M
Jan:Feb _
487 85 M 85 91 89
Feb.-Mch. ___ 4 883.587 86 M 92 ;s4 90 M
Mch:Apr. ____ 4 90 8834 88 94 92
Apr -May ____ 4 92 3.!, 91
90 M 96 ;4 94
May-June _ _ _ _ 4 94 M 03 M 03 99 96 M
June-July -_ _ 4 96 34 95 M 95 01
78 M
July-Aug.. ----4 97 36 97 96 M 02 M 00
,
Aug.
-Sep _ - - _ _ 4 0735 07 96 02 99 M
Sep -Oct _ _ _ 4 97 96 95M 01 M 98 M
Oct -Nov.. ___ _ 4 983.596 90 01 98
90 80 34 88 3.4 90 M 88 M 84 34
,
89 M 86 87 M 90 88 84
91 87 M 89 M 91 M 90 8534
93 92 8734
92 34 89 91
94 9034 9235 9434 93 89
96 34 92 M 94 M 96 M 95 M 91
98 M 94 M 96 h 98 M 97 M 93
00 M 9634 98 M 60 M 9935 95
01 34 98 00 02 01
,
9634
96 M
01 34 98 00 02 01
,
00 ;4 97 99 M 01 3i 00 96
00 96 V,99 01
00 9534
BREADST uFFs.
Friday Night, Dec. 8 1911.
Flour has continued in only moderate demand at best.
Usually trade has been dull both here and at the West and
with wheat prices showing a downward drift prices of flour,
by a necessary implication have, also been more or less depressed. Shipping directions at the Northwest are so slow
as to be a source of bitter complaint. One big mill in that
section has, it seems, been obliged to remain idle on this
account. At this time last year the Northwestern mills
are believed to have had double the unfilled orders now on
hand. Yet stocks are described as by no means burdensome.
The trouble is that buyers persist in the policy of purchasing
only from hand to mouth. In a word, practically the same
conditions have continued that have been recorded in these
columns for weeks past. Last week the production at Minneapolis, Duluth and Milwaukee reached a total of 340,710
barrels, against 385,535 barrels in the previ us week and
322,590 last year.
Wheat has declined under the pressure of big supplies
supplemented by enormous receipts at the American and
Canadian Northwest. Foreign markets have also fallen.
Though complaints of the weather in Argentina have now
and then been heard, the conditions for harvesting in that
country seem, on the whole, to have been favorable. The
weather in this country has been in the main good. Winter
wheat, as a rule, is looking well. The Kentucky State
report may be regarded as a straw showing which way the
wind is blowing. It stated the condition at 94%, against
90 a year ago. The world's shipments last week were
10,912,000 bushels, against 10,080,000 in the previous week.
At Kansas City there have been heavy deliveries on contracts,
i. e., 400,000 bushels in two days. The weather is so favorable at the West that farmers are expected to hurry their
wheat to market. The big receipts at the West, so much
larger than had been looked for, create the impression that
the crop has been underestimated. There has been very
heavy liquidation of long wheat. One of the principal hold- •
ers at Chicago has resorted to the new expedient of advertising his wheat for sale, with a fair degree of success. As a
rule export trade has been quiet, but last Tuesday 105 loads
of Manitoba wheat were taken by exporters, chiefly, however,
via Montreal. Also, the weekly figures on the available supply in the United States and Europe were superficially, at
least, somewhat encouraging. On Wednesday their announcement caused something of a rally after an early decline. The world's supply decreased for the week 3,926,000
bushels, against an increase in the previous week of
2,645,000 bushels and a decrease of 4,617,000 in the
same week last year. On the same day Chicago
reported a better cash demand. Recent exports have
been large. Early in the week ptices were steadied a little for
a moment by reports of smaller offerings of Argentina wheat
to the Continent, owing to heavy rains in the province of
Santa Fe and a rather sharp advance in Berlin and Antwerp.
But there can be no disguising the fact that the bulk of the
wheat news of the week has been bearish. Enormous liquidation has taken place at Chicago, partly on stop-loss orders.
It is the pressure of big world's stocks,as already intimated,
which, in the main, accounts for the decline of prices. This
will be readily understood when it is stated that the world's
stock of American wheat is no less than 107,163,000 bushels,
against 62,414,000 a year ago. New export business in
the meantime lags, and the recent threat of a Government
investigation has, with other things, helped to chill bull
speculation. To-day prices declined for a time, then rallied
on the covering of shorts. Foreign markets advanced. The
DEC. 9 1911.]
THE CHRONICLE
shipments from Argentina for the week were only 376,000
bushels, against 880,000 in the previous week and 504,000
last year. Yet the stock at Minneapolis has increased during
the week 1,650,000 bushels and the receipts there and at
Winnipeg are still on so large a scale as to excite general
remark. The Australian exports for the week were quadruple those for the same week last year.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
963% 953j 955%
983% 983% 97
No. 2 red
95 %
95
December delivery in elevator_ _ _ _ 97% 9711 95 % 95
1043% 1033% 102 % 101 % 101 % 101 %
May delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
93
December delivery in elevator_ _ _ _ 95 % 94 % 93 % 93% 93
97 % 97%
100 % 99% 98 % 98
May delivery in elevator
93%
94 % 93% 93% 93
94
elevator
July delivery in
1615
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 has been:
- Flour.
Receipts at
Wheat.
I
Corn.
Rye.
Barley.
Oats.
bbls.1961bs. bush. 60155. bush.58 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
117,008
Chicago _ _
190,900 2,425,450 1,040,600
54,000
732,000
86,894
Milwaukee. _
133,340
90,720
340,600
216,200
353,600
38,350
Duluth
715,376
140,962
9,668
191,500
3,506,440
Minneapolis_
274,600
77,480
778,390
539,180
151,000
Toledo
103,600
12,000
4,000
218 768
,
Detroit
36,912
88,050
5,690
850
36,440
Cleveland
57,610
38,070
123,166
St. Louis_ _
419,996
35,200
234,600
20.000
51,500
3,300
61,600
Peoria
572,968
54,000
207,600
354,000
115,600
Kansas City.
-336,664 5,272,480 4,628,704 2,505,802 2,081,152 235,168
Total wk.'11
301,461 4,050,792 3,939.735 2,716,556 1,935,871 108,219
Same wk.'10
421,207 5,381,821 4,355,979 2,336,588 1,816,401 146,897
Same wk.'09
Corn has declined, owing partly to better weather for
curing and marketing the crop partly to some natural
wheat,
sympathy with the decline in wheat and partly to heavy
is said to have
long liquidation. A leading bull at
let go, discouraged by increasing receipts, larger country Since Aug. 1 3,766,596 114,183,868 57,880,966 61,910,281
4,710,554
1911
6,689,543 123,613,470 62,460,216 85,665,867 32,320,770 2,688,882
1910
offerings throughout much of the belt, an absence of outside
8,364,723 144,035,361 54,816,085 75,946,883 39,013,859 3,721,842
1909
cash trade.
public speculation and the sluggishness of the
Besides, prices are already some 15 cents a bushels higher
Total receipts of flour and grain at the seaboard ports for
than a year ago. The weakness in cash and December prices the week ended Dec. 2 1911 follow:
contract stock at Chicago
Wheat,
Flour,
Oats, Barley,
Rye,
Corn,
has attracted attention, though the
bush,
bush,
bush,
bush.
bush.
Receipts
on the 5th inst.-the last count-was only 6,000 bushels, New York at181b669 1,080,000
,313.
3,450
268,400 209,774
155,250
expected to increase ma- Boston
683,412
8.658
1,027
34,529
833
75,512
against 91,000 a year ago. It is
0
45,000
terially before long, though it is not denied that there is a Philadelphia _ _ _ 53,410 741,121 298,249 1185:65716
159,770
44,786
85
12, 0
800
In the meantime there Baltimore *
23,410
3.600
good deal of clamp corn at the West.
43,500
47,400
New Orleans
31,000
5,000
is a lack of interesting or stirring features. It is simply a Galveston
3,000
6,000
Mobile
case of increasing supplies, dulness of trade and speculation, Montreal
18,175
494,537
5,828
129,926 55,138
3,000
173,000
disgust on the part of the big bulls, and, apparently, a down- St. John
world's stock of American corn Total week 1911_ ---- ---- 571,385 ---- --- --ward trend of prices. The
361,709 3,366,440
641,523 265,745
18,127
increased last week 557,000 bushels, against 63,000 in the Since Jan. 11911.17,733.111 87,955.698 61,814,972 44,249,810 4558,109 979,774
421,731 1,210,696
620,724 1,108,424 45,856 45,540
Week 1910
moment, however, it is also Since Jan. 11910_16,846,866 72,622,566 37,308,333 47,574,871 3748,779 890,653
same week last year. At the
true that the total American stock of corn is only 3,403,000
not include
bushels, against 7,105,000 a year ago. To-day prices on*Receipts do of lading. grain passing through New Orleans for foreign ports
through bills
showed no marked change, though at one time firmer with
The exports from the several seaboard ports for the week
steady cables, cloudy and warmer weather at the West and ending Dec. 2 are shown in the annexed statement:
The undertone was not considered
covering of shorts.
Oats,
Rye, Barley, Peas,
Corn, Flour,
Wheat.
bush,
bush,
bush.
bbls.
bush.
bush.
bush.
Exports frombullish, however, though some hesitate to sell, on account
4,310
3,324 64,288
2,657
954,659
New York
stocks.
of the small
21,519 5,322
544,774
Boston
I
28,000
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Philadelphia _ _ _ 331,000
Sat. Mon. Tues. Wed. Thurs. Fri.
520
Baltimore
44,157
88,000
nom. nom. nom. nom. nom. nom. New Orleans ___
41,214 8,825
Cash corn
nom. nom. nom. Mobile
nom. nom. notn.
6,000 3,000
December delivery in elevator
Montreal
63,000 97,000
1,480,000
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
St. John
3,000
173,000
Sat. Mon. Tues. Wed. Thurs. Fri.
---- ------delivery in elevator.. _ _ _ 63 14 62% 61 11 61 % 61 % 61 %
December
Total week__ _3,571,433 179.214 209,955
62 %
643% 63% 62% 62% 63
May delivery in elevator
1,691,188 118,196 209,568
62% Week 1910
64 % 63% 62% 62% 63
July delivery in elevator
.
4.000
66,000
74,310
12,816
30,238
--2,6.57
5,376
The destination of these exports for the week and since
Oats have declined. They could hardly escape the influence of the depression in other grain. Recently the long July 1 1911 is as below:since
Wheat- -Corn
Flour
interest at Chicago became unwieldy. Trade has been quiet.
Since
Since
July 1
Week
Week
July 1
Week
J141111
19 :
1
Speculation became discouraged. Liquidation has helped
1911.
Dec. 2.
Dec. 2.
1911.
and
depress prices. They are still 12 to 18 cents higher than Exports far weekto- Dec. 2.
to
bush,
bush.
bush.
bush,
bbls.
bbls.
Since July 1
a year ago, with the total American stock now 30,118,000 United Kingdom__112,164 2,275,404 2,192,976 24,391,863 153,090 4,842,685
Continent
4,246,018
bushels, against 23,661,000 at that time. In the popular Sou. & Cent. Amer_ 26,242 984,745 1,356,457 17,138,394
500
622,085
8,000
16,6.36 422,419
294,764
21,204 500,485
7,388
782,694
24,598
phrase the market seems to have been bulled to a standstill in West Indies
5,155
225
27,212
Brit.
that supplies of oats and hay this season were going OtherNor. Am,Cols_ 33,484 163,254 14,000
the belief
14,636
1,026
23,000
countries....- to be decidedly deficient. However the case may yet turn
--- ---- ---- ---- ---- ---209,955 4,373,519 3,571,433 41,855,409 179,214 10,513,273
Total
out as regards supplies they seem ample for the present Total 1910
209,568 3,805,656 1,691,188 26,764,856 118,196 7,621,049
demand, and speculation has received a sharp setback.
The world's shipments of wheat and corn for the week
To-day oats declined slightly with other .grain. No indications of pronounced weakness were apparent and a rise in ending Dec. 2 1911 and since July 1 1911 and 1910 are shown
corn should wet weather set in would, it is believed, be in the following:
followed by an advance in oats.
Corn.
Wheat.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
54
54
54
543% 543% 54
Standards
54 % 543% 54 14 54 %
55
55
No. 2 white
CLOSING PRICES OF OATS FUTURES IN CHICAGO.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
46 %
December delivery in elevator__ _ 47% 473% 463% 463% 47
48%
49
48
48% 49 % 49
May delivery in elevator
463% 463% 453% 453% 455% 453%
July delivery in elevator
1911.
Exports.
Week
Dec. 2.
Since
July 1,
1910.
Since
July 1,
1911.
Week
Dec. 2.
1910.
Since
July 1.
Since
July 1.
Bushels.
Bushels. Bushels. Bushels.
Bushels. Bushels,
North Amer 4,696,000 78,012,000 51,577,000 153,000 8,782,000 7,009.000
1,728,000 45,546,000 109,896,000 340,000 19,768,000 3.339,000
Russia
Danube __- 1,912,000 39,017,000 55,192,000 1,717,000 29,999,000 11,019,000
60,000 73,020,000
Argentina - 880,000 21,000,000 21,224,000
The following are closing quotations:
464,000 20,160,000 14,336,000
Australia
FLOUR.
944.000 20,642,000 21,744,000
straights, sack.$4 65®$4 85 India
Winter, low grades___$3 50@$3 85 Kansas
40
45
0 0th. countr's 288,000 4,591,000 4,118.000
4 75® 5 00 Kansas clears, sacks__ 6 20 6 6 0
Winter patents
City patents
4
42
Winter straights
10912000 228,968,000 278,087,000 2,210,000 58,609,000 94,387,000
Total
4 50
520
4 25 Rye flour
4 00
Winter clears
Nominal.
5 25 Graham flour
5 10
Spring patents.
The quantity of wheat and corn afloat for Europe on dates
$3 45
Corn meal, kiln dried_
5 00
4 80
Spring straights
mentioned was as follows:
4 75
4 10
Spring clears
GRAIN.
Corn.
Wheat.
Cents.
Corn, per bushel
-f, o. b.
bushel
Wheat, per
f.o.b. Nominal
No. 2
$1 12
N.Spring, No. 1
United
United
Steamer _ _ _ _elevator Nominal
1 07
N. Spring, No. 2
Kingdom. Continent. Total.
elevator Nominal
Kingdom. Continent. Total.
No. 3
953%
Red winter, No. 2
I 06
Rye, per bushel
Hard winter, No. 2
Bushels. Bushels. Bushels.
Bushels. Bushels. Bushels.
Nominal
No. 2 Western
Cents.
bushel, newOats, per
State de Pennsylvania Nominal
54
Dec. 2 1011.... 22,112,000 10,968,000 33,080,000 2,882,000 2,992,000 5,874,000
Standards
Nominal
543% Barley-Malting
Nov.25 1011.... 22,200,000 10,296,000 32,496,000 2,712,000 3,085,000 5.797.000
No. 2 white
54
Dec. 3 1910._ 16,240,000 22,528,000 38,768,000 6,588.000 13,676.000 20,264,000
No. 3 white
Dec. 4 1909_ 16,400,000 12,640,000 29,040,000 3,910,000 5,865,000 9,775,000
16,160,000
AGRICULTURAL DEPARTMENT'S REPORT ON Dec. 5 1908.. 15,360,000 98,400.000 26,000,000 5,355.000 5,440,00010,795,000
10.240,000 25,600,000 4,200.000 4,500.000 8,700,000
Dee. 7 1907._
-The Agricultural
Department's
CEREAL CROPS DEC. 1.
The visible supply of grain, comprising the stocks in
report on cereal crops Dec. 1 was issued on the 7th inst.,
granary at principal points of accumulation at lake and
as follows:
The Crop Reporting Board of the Bureau of Statistics of the United seaboard ports Dec. 2 1911, was as follows:
.
estimates, from the
reports of correStates Department of Agriculture
spondents and agents of the Bureau, as follows:
winter wheat this season, 32,213,000
-Area sown to
WINTER WHEAT.
acres, 1.3% less than that of the previous year. The 1911 figures have been
compiled according to the Census Bureau's revised statement of the acreage
harvested in 1909. The condition of the crop on Dec. 1 was 86.6% of normal, against 82.5 and 95.8 on Dec. 1 1910 and 1909, respectively, and a
10-year average of 89.9.
WINTER RYE.
-The area sown to winter rye is placed at 2,415,000
acres, 0.9% more than that of a year ago. The figures on rye also have
revised according to the Census Bureau's 1909 data. The condition of
been
the crop on Dec. 1 was 93.3 of normal, against 92.6 and 94.1 on Dec. 1 1910
and 1909, respectively, and a 10-year average of 92.8.
Montreal
Fort William
Port Arthur
Other Canadian
CANADIAN GRAIN STOCKS.
Corn,
Oats,
Wheat,
bush.
bush,
bush,
993,000
27,000
3,143,000
715,000
1,609,000
353,000
4,210,000
2,870,000
Total Dec. 2 1911... 9,287,000
Total Nov. 25 1911...11,131,000
Total Dec. 3 1910...10,219,000
Total Dec. 4 1909-10,393,000
Total Dec. 51908.. 5,580,000
27,000
40,000
20,000
64,000
28,000
4,931,000
4,551,000
1,453,000
758,000
241,000
Rye.
bush.
Ba
bush.
102,006
102,000
74,000
88,000
147,000
81,000 '
1616
Tew York
afloat
"
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
afloat
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
THE CHRONICLE
AMERICAN
Wheat,
bush,
3,961,000
74,000
550,000
1,076,000
1,922,000
29,000
170,000
3,666,000
3,826,000
1,778,000
461,000
207,000
16,184,000
796,000
997,000
5,470,000
14,297,000
4,196,000
5,221,000
37,000
640,000
1,253,000
3,137,000
Total Dec. 2 1911_ _69,948,000
Total Nov. 25 1911_.69,367,000
Total Dec. 3 1910_ _42,990,000
Total Dec. 4 1909.31,086,000
Total Dee. 5 1908_51,215,000
GRAIN STOCKS.
Corn,
Oats,
bush.
bush.
78,000
969,000
36,000
15,000
16,000
42,000
271,000
168,000
104,000
159,000
5,000
33,000 1,053,000
176,000
61,000
321,000
274,000
232,000
527,000
18,000
11,000
65,000
49,000
98.000
115,000
110,000
220,000
2,054,000
1,591,000
1,545,000
4,206,000
4,569,000
5,571,000
4,414,000
390,000
728,000
1,970,000
478,000
245,000
1,312,000
92,000
1,765,000
178,000
Rye,
bush.
40,000
Barley,
bush.
9,000
4,000
273,000
2,000
83,000 1,265,000
593,000
1,000
48,000
72,000
158,000
218,000
75,000
351,000
10,000
294,000
475,000
948,000
125,000
173,000
194,000
147,000
20,315,000 1,348,000 4,210,000
20,681,000 1,381,000 4,411,000
507,000 1,849.000
15,758,000
912,000 4,058,000
13,580,000
9,070,000 1,102,000 6,767,000
SUMMARY.
Corn,
Wheat,
Oats,
Rye,
Barley,
bush.
bush.
bush,
bush.
bush.
American
69,948,000 2,054,000 20,315,000
348,000 4,210,000
Canadian
9,287,000
27,000 4,931,000
102,000
---- ---- ---- ---- ---Total Dec. 2 191179,235,000 2,081,000 25,246,000
348,000 4,312,000
Total Nov.25 1911_ _80,498,000
1,631,000 25,232,000 1,381,000 4,485,000
Total Dec. 3 19i0.53,209,000
1,565,000 17,211,000
507,000 1,937,000
1909-.41,479,000 4,270,000 14,338,000
Total Dec. 4
912,000 4,205,000
THE DRY GOODS TRADE.
The value of these New York exports since Jan. 1 has been
$22,645,919 in 1911, against $16,729,702 in 1910.
More activity has been noted in domestic cottons, trading
having been stimulated by the revisions of prices. During
the early part of the week it was announced that "Fruit-ofthe-Loom" muslins would be offered at 734c., representing a
reduction of V a yard, and the lowest price since 1905. In
sc.
the better grades of wide sheeting's and branded bleached
cottons similar revisions have been made, and buyers all
over the country have been ready to confirm the orders they
have been placing under the "on memorandum" system. Of
late it is stated that there has been, in a quiet way, a very
substantial distribution of bleached cottons, and that there
is an improved inquiry for forward shipment. Considerable
future business at prices named for spot deliveries has been
declined, and this is influencing buyers to change their minds
about the future of prices. On some lines of cloths it is an
assured fact that advances will be exacted for future deliveries, as mills are determined not to enter into contracts
that will show them a loss. For print cloths and convertibles there has been a fair demand from jobbers and retailers,
who consider the present basis of prices safe. Mills appear
to be ready sellers at current quotations, and more business
could be booked if available supplies were more plentiful.
Gray goods, 383' -inch standard, are quoted steady at 4Y
lc.
WOOLEN GOODS.
-There is no abatement in the demand
for dress goods and men's wear. Large-sized contracts have
been entered into during the past few days and many orders
tendered for January-February shipment have been declined. Large staple men's wear mills are reported as sold
months ahead and are not soliciting business. Stocks in.
clothiers' hands are light and buying at this time is compulsory, as only by placing orders now can the requisite yardage be secured for delivery at the desired time, which, in
most instances, is at an early date. Makers of specialties in
worsted yarns continue to be well employed.
Co0
0 41
0000
4 40
Co Co
ON
- 00
4
Co."
.4
145,802,160
143,311,937
114,736,856
JAN. 1 1911 AND 1910.
New York, Friday Night, Dec. 8 1911.
With the exception of the promised revisions in bleached
cottons early in the week, and some further shading of first
quality wide sheetings, price changes have been insignificant,
with the general market ruling fairly steady. Buyers had,
placed considerable "on memo" orders in anticipation of this
reduction and the confirmation of these caused increased
FOREIGN DRY GOODS.
-Demand for linens is rather
distribution of these fabrics. The increase in mail and quiet, except holiday goods, which are in active request.
telegraphic orders, particularly from the West, has been a, December as a rule is an inactive month, so the trade is not
feature of the week. While the majority of these are con- disappointed at the volume of business passing. Quite a
firmations of memorandum orders on the more popular number of orders have been placed for spring goods and duplibrands, still the trade is inclined to believe that country cate orders of the more select dress linens. Spot burlaps
buyers are becoming fearful of the low condition of stocks of light weights are firm and in small supply, with a fair busiin jobbers' hands and are skeptical of prices long remaining ness. Heavy-weights rule quiet and the future market is
at their present low level. The general feeling throughout irregular, with prices slightly lower. Prices are as follows:
all branches of the trade is that mill agents have cut their Light-weights, 4.25@ .30c. and 10M-ounce 5.35c.
prices further than conditions warranted, and much lower
than manufacturers cared to have them. Improvement Importations and Warehouse Withdrawals of Dry Goods.
has been felt in the shirting trade, large houses having been
The importations and warehouse withdrawals of dry goods
unable to get sufficient quantities of desirable styles from
port for the week ending Dec. 2 1911 and since
stock, and having booked considerable advance business on at this1911 and for the corresponding periods of last year:
this account. Fall lines of shirtings are being shown to the Jan. 1
Co
trade with better results than for several seasons past.
WO
OW
Printers of staple goods have been doing sufficient export
h0
business to somewhat offset the quietness which is seasonable
CoN
WV
in their line at this time of the year. Export figures on the
v4
whole continue encouraging despite the dulness naturally
0400 Co
0000
prevailing in the China trade. Some small India business
.$
OV
Co
00
has been transacted and slight pressure is felt from Red
00
ON
00
000
,r
65 it
Sea buyers, who are endeavoring to secure increased quantima
ea 0 N
NO
ties of merchandise at reduced prices. The bulk of the
Co
ON
hh
export business, however, remains with the miscellaneous
;
t
o
0000
Co
raul
departments, which have been taking business steadily. A
Co
Co
00 00
W.
discouraging feature, and one which merchants handling
00, Co
11
h.01
”:.
Co
mill accounts have repeatedly complained of, is the perro
ro
0
sistency on the part of retailers to operate on the narrowest
"r epp
ea Ca
ma
ul
CO
.000.
00
Co 00 00
00 N
ON 000
00 er
possible margin of stocks. They are of the opinion that they
ea Co 02 NCo 01
W W 4 40..0.
V
00000100
.
Co
will obtain still lower prices after January 1st and are also
desirous of finishing the year with small stocks. The present
ON
low level of prices is the result of the effort on the part of the
V4
00
mills to insure operation over the winter months, and they
00
are not likely to book any considerable amount of forward
02.1
business at the present level of prices. The result will be
oS0
NO
that retailers, when compelled to restock, are likely to be
000
confronted with an advancing market as well as poor de,der
Co
W Co 00 Co V
WN
0.
liveries. The expenses of mill operation will not permit of
(8
.
t a
l t"q!!.
0.10VW
(400 Co
much further reduction, and the condition of stocks throughCo
.0
NO
OV
00
Co
NV
Co
out the country is such as will not permit of much further
Co
010
.4 t. .0
004 Co
4a0N0h
delay on the part of buyers; the outlook, therefore, is for 0
Co
v4V
0.1
ela e, C. 0000
Co
.0
CoCo .44
g 1;2 01 g
g tx
improvement in both values and volume of business.
94
0.
0.00000
"M
Mh
Co
E PERIOD.
Co 00
• 0
r4
T. CO
-
00
00
0 .Co
0
000
N
0000
00
129,656,397
130,046,333
443,124 103,291,357
r-I
Co 0100
id, CD
DOMESTIC COTTON GOODS.
-The exports of cotton pr5"4
goods from this port for the week ending Dec. 2 were 3,383 Z.10.
packages, valued at $235,914, their destination being to the () Vit.;
o
points specified in the table below:
riovvoi
01
03
00
ON
40 00
.
Ca
MWN
--1911
Since
New York to December 2Week. Jan. 1.
Great Britain
10
1,009
Other Europe
54
1,392
China
99,259
India_
22,287
Arabia
52
-0
21,264
Africa
282
12,499
West Indies
993
40,599
2,304
Mexico
50
193
18,538
Central America
54,130
1,080
South America
401
40,316
Other countries
Total
- 313,597
3,383
--1910
Since
Week. Jan. 1.
1,811
2
35
909
58,485
14,246
111
13,748
200
6,576
51
30,447
565
1,877
48
319
12,953
520
48,102
1,871
46,427
3,722
235,581
1:4
0 CA
!P t.
W CO C. C,0
Tr 0107 4, h.
0'l_,
.4
0 Co Co 0004
01
NJ ,.*Co 0100
01 02 r4 v2 Ca
ca
Co
Co
Co
co
00
Co
ea
V..000
CC
ea
00
00
0
1*4
IMPORTS ENTERED
•
[VoL. Lxxxxin.
.
4 1P n
0 A
E.
Wmtv.A
3
.1
3
THE CHRONICLE
DEC. 9 1911.
1617
Rate. Maturity. Amount. Price
Name.
Page.
50,000 103.45
1931
1338_ _Buncombe County, No. Car___ 5
7,300 y100
6
1548_ _Burley, Idaho
3,000 100
41916-1951
Co.Com.S.D.No.1,Tex.5
1414_ _Calhoun
16,200
1951
354
1548 __Cambridge, Mass
60.0001O0.81
1941
354
1548_ _Cambridge, Mass
16,000
1931
334
1548__Cambridge, Mass
65,000
1921
4
1548_ _Cambridge, Mass
20,900 101.846
434
1338_ _Canton. Ohio (2 issues)
1,0001 100.578
1921
434
1548_ _Canton, Ohio
PUBLISHED WEEKLY.
1916
9005
434
1548_ _Canton. Ohio
37,000 100
41912-1931
alisCo.S.D.No.103, Wash. 5
Advance
1489__Cheh
200,000 101
5
Terms of Subscription—Payable in
1414 _Chehalis County, Wash
$10 00
37,500
1913-1916
5
1489 _Chicago, Ill
For One Year
6 00
4,000 100
1338_ _Chouteau Co.S.D.No.57,Mont. 534 41921-1931
For Six Months
13 00
15,000
1912-1926
5
European Subscription (including postage) postage)
1489 _Citrus County, Fla
7 50
3,000 100
41921-1951
European Subscription six months (including
1414__Clay Co.Com.S. D. No.9,Tex. 5
22 14s.
postage)
1,100,000 101.273
1936
4.10
Annual Subscription in London (including
£1. 1.1 s. 1489 _Cleveland, Ohio
postage)
300,000 104.109
1946
43.i
1489 _Cleveland. Ohio
Six Months Subscription in London (including
$11 50
50,000 105.514
1942
431
Canadian Subscription (including postage)
1489_ _Cleveland, Ohio
250,000 103.507
1938
434
1489__Cleveland. Ohio
Subscription includes following Supplements—
26,451 101.65
434
1489.._Cleveland Heights, Ohio
INDUSTRIAL(3 times yearly)
29.000 101.595
4A
1489__Cleveland Heights, Ohio
B‘NK AND QUOTATION(monthly) RAILWAY AND
yearly)
50,000 100.866
1941
434
RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY(3 times
1338.._Collingswood, N J
37,000
1936
6
8TATE AND CITY (semi-annually) BANKERS'CONVENTION(yearly)
1621.._Colonial Beach, Va
5,000 100
41921-1951
.No.11,Tex.5
1414__Conoho Co.Com.S.D
46.000 102.01
1914-1936
5
Terms of Advertising—Per Inch Space
1489__Corning U. H.S. D., Cal
20,000 101.45
a1916
4 20 1621__Coshocton, Ohio
43.4
lines)
Transient matter per inch space(14 agate
3,000 100
41916-1951
22 00 1414_ _CrockettCo.Com.S.D.No.1,Tex.5
(8 times)
Two Months
14,258 102.106
29 00 1339.._Cuyahoga County, Ohio
434
Three Months (13 times)
36,557 102.18
50 00 1339_ _Cuyahoga County, Ohio
454
Standing Business Cards
times)
(26
Six Months
93.16
250,000
4
87 00 1549_ _Dallas. Texas
Twelve Months(52 times)
6,000 104.533
5
kBlock;Tel.Harrison4012. 1489_ _Dayton, Ohio
3,100 105.t96
5
CHICAGO OFFICE—Pliny Bartlett,513Monadnoc
1489_Dayton, Ohio
Gardens, E. C.
2,700 105.222
5
1489_ _Dayton. Ohio
LONDON OFFICE—Edwards 6,Smith,1 Drapers'
3,100 105.06
5
rx,
1489_ _Dayton, Ohio
3,600 103.472
WILLIAM II. DANA COMPANY, Publishe
5
1489..Dayton, Ohio
New York.
11,000 103.612
Depeystor Sts.,
434
1489.. Dayton, Ohio
P.O. Box 95S. Front. Pine and
4,000 103.125
454
1489_ _Dayton, Ohio
22,600 103.677
5
1414._ Delaware, Ohio (2 Issues)
2,700 100
5
1414_ _Delaware, Ohio (2 issues)
MUNICIPAL BOND SALES IN NOVEMBER.
40,000 104.401
a1930
5
Sch. Dist., N. J
1549_ _Dumont
3,000
1414__Dun
Our record of municipal bond transactions indicates that 1490..Eastcombe, Iowa
9,000 108.405
1923-1925
5
Liverpool, Ohio
200,000
1931
Dis.,
a much smaller amount of bonds was placed on the market 1490__East St. Louis Parkissues)Ill _ 4 A
25,304 101.663
_ __ 454
1490_ _East View, Ohio (2
29,000 101.813
5
1931
last month than in any preceding month this year. In fact, 1549_ _Ellensburg, Wash
90,000 100
434
g Sch. Dist., Wash
the total amount of bonds sold, $16,146,787, is, with but 1549_ _Ellensbur Busti U. F. S. D.
1549._Ellicott &
14,670 102.75
a1919
5
No. 3, N. Y
one exception, smaller also than that reported for any month 1490_ _Etowah, Tenn
_
25,000
1931
8
800,000 100.50
1931
4
1910. The falling • off appears to be due to a scarcity 1490_ _Evansvllle, Ind
in
10,000 101.49
1912-1921
4
1490__Everett, Mass
15,000 103.09
1921
4
of new issues rather than a poor demand,as there were very 1490__Fall River, Mass
5,000 101
6
4,500
few unsuccessful attempts to float bonds. The following 1621_ _Falls City, Ore
1621__Farley, Iowa
15,000
434 1914-1929
n, Mich
larger and more unportant issues sold last month. 1549_ _Farmingto.Com.S.D.No.50,Tex.5 41916-1931
are the
1,500 100
1414_ _FayetteCo
2,500 100
Cleveland, Ohio, $1,100,000 4.10s and $600,000 43(s; King 1490_ _ Flathead Co.S.D.No.41, Mont. 6 41921-1931 110,000 100.914
434
1339__Fort Scott S. D., Kan
50.000 101.006
41921-1931
County, Wash., $1,750,000 43's; Newark, N. J., $1,120,000 1414 _ _Franklin County, Wash
5
130,000 100.342
1916-1941
5
erton U. H. S.
4s; Evansville, Ind., $800,000 4s; Providence, R.I., $500,000 1621__Fullatin Co.S.D.No.D.. Cal
1,000 100
41919-1921
68, Mont_ 6
1415__Gall
26,000
Tex.
334s; Glenn County, Cal., $450,000 5s; Wilmington, Nor. 1621__ Galveston Co. Dr.D.No.1,Ida_ 5 41921-1931
20,000 y100
5
1490_ _Genesee Ind. S. D. No. 2,
62,000 102.036
434 1919-1923
Car., $400,000 43s, and Sioux Falls, So:Dak.,$300,000 5s. 1339_ _Geneva, N.Y
15.000 100
41912-1921
5
County, Mo
1921-1950 450,000 106.55
The total of all loans of every character and description 1415__GentryCounty. Cal. (2 issues). 5
1549__ Glenn
266,000 103.31
1931
434
"of the $16,- 1415_ _ Grand Rapids, Mich
put out in November is $38,305,263, consisting
40.000 103.31
a1921
43-4
1339__ Greenfield, Ohio
35.000 100
41912-1931
5
146,787 permanent bond issues already referred to, $18,- 1415__Greensburg, Pa
28.000 101.768
Farms, Mich_ _ _ _ 4
1415_ _Grosse Point
36,000 102.346
1912-1929
loans and $3,255,540 debentures issued 1549..Hadley, Mass
4
902,936 temporary
20.000
we 1415._Haines, Ore
49,573
by places in the Dominion of Canada. In the following
43.4 1912-1921
1549__Hamilton, Ohio
49.169
534 1914-1918
County, Iowa
furnish a comparison of all the various forms of obliga- 1549__HamiltonCounty, Miss
25.000 104.10
41916-1931
6
_Hancock
1339_
25,000 100
1931
4
1278._Hardwick, Vt
tions put out in November during ,the last five years:
_
20,000
41915-1930
5
1907.
1908.
1490__Harvard Sch. Dist., Neb
1909.
1910.
1911.
25,000 102.30
41931-1941
6
Ore
1339__Hermiston,
51,108 100
4,408,381 1549__Hillsboro, Ore
Permanent loans(U. S.).16,146,787 24,456,351 18,906,555 28,427,304
263,550 105.181
1941
434
1490__Hoboken. N. J
700 100
Temporary loans(U. S.).18,002.936 20,039,720 13,958,096 20,749,150 37,338,897 1415_ _HopkinsCo.Com.S.D.No.74.Tex5
41921-1931
Canadian loans (perm't) 3,255,540 2,451,655 3,777,796 3,777,429 1,457,200
30,000 100
294,000 1621__Hopkinsville Sch. Dist., Ky.. 4
180,000 100
Bonds of U. S. Possess'ns.
41941-1951
5
ston Heights, Tex
11,500,000 1339__Hou
3,000,000
100,000
Gen. fund bonds (N.Y.C.)
41931-1951
5
----- 1490_ _Howard County, Tex
30,000
38,305,263 46,947,726 39,642,447 52,953,883 54,998,478 1549 Hugo, Colo
2,319 100
Total
1912-1917
6
Iowa
1549__Iowa City,
12,000 101.25
1941
5
1490„Jackson. Ga
The number of municipalities emitting bonds and the num- 1415__Kansas City Park Dist., Kan 43-4 a1927
44,650 101.20
17,0001100.77
a1917
434
ber of separate issues made during November 1911 were 209 1415__Kenosha, Wis
50.0005
434 1912-1921
osha, WM
3,440 101.046
a1917
434
and 257, respectively. This contrasts with 260 and 347 for 1415__Kenton, Ohio
1491__Ken
20,000 109.775
6
1415__King City Sch. Dist., Cal
October 1911 and with 222 and 317 for November 1910.
1,750,000 100
454
1415__King County. Wash
3,000 100
Co. S. D. No. 66,
For comparative purpose we add the following table, 1549_ _King Co.S. D. No. 137, Wash_ 534 41912-1921
7,000 100
41913-1931
Wash_ 5
1415. _K1ng
15,000 100
showing the aggregate for November and the eleven months 1415_ _King Co.S. D. No. 176. Wash_ ___ 41914-1931
50,000 100.50
1912-1916
6
1339_Knoxville, Tenn
35,000 101.514
1941
for a series of years.
5
1621_ _Lawrenceville. Ga
44,000 100.224
For the
Month
4.35 1916-1937
For the
Month
1415__Le Roy, N Y
Eleven Mos. 1415_Limestone County Corn. S. D.
November.
Mos.
Eleven
November.
1,000 100
1916-1931
$6,989,144 $116,092,342
5
No. 48, Tex
19 11 ____$16,146,787 8357.155,440 1901
23,400
1921-1930
5
123,572,311 1491.._Lincoln County, Idaho
283,414,600 1900 ___ 9,956,685
1010 ___ 24,456,351
12,850 100.033
8,790,489
0 1549_ _Livingston County, Mo
5
113,131,78
307,673,842 1899 ____
1909 ___ 18,906,555
95,778,450 1415_ _McLennan County Corn. S. D.
285,747,250 1898 ____ 7,721,284
1908 ____ 28,427,304
2,000 100
1931
120,128,531
5
213,924,703 1897 __ 6,868,775
No. 63, Tex
1907 ____ 4,408,381
14,900 100
1926
95,831,773 1415_ _Madison, Ind
4
180,483,172 1896 ____ 34,913,894
1906 ____ 12,511,550
20,000 y100
1931
4
105,475.829 1415__Madison, Wls
174,825,430 1895 ____ 6,524,901
25,888,207
1905 ____
14,0001 106.779
1941
4
103,689,851 1491_ _Maiden, Mass
240,819,161 1894 --_- 4,549.580
1904 ___ 32,597,509
12,0005
1931
4
60,114,709 1491_ _Malden. Mass
138.789,253 1893 ___ 7,300,770
1903 ___ 14,846,375
11,500
5
80,526,266 1622.
136,895,772 1892 ____ 5,176,012
.Marlon County, Ohio
1902 ____ 13.728,493
20.000 101.465
1912-1921
4
1415__Marshfleid. Mass
16.000
5
In the following table we give a list of November loans to 1491_ _Marthaville Sch. Dist.. La_ __ _ 434 1912-1921 250,000 100.7221946
1622_Memphis, Tenn
15,000 103.18
434 1913-1927
the amount of $16,146,787 issued by 209 municipalities. In 1491_ _Middletown, Ohio
50,000 106.09
43.4
to the page in the 1491_ _Milford Sch. Dist., Ohio
22,000 102.909
the case of each loan reference is made
1913-1920
5
W Va
.Mineral County,
1415.
14,150 104.014
a1917
5
1340_ _Minerva, Ohio
"Chronicle" where an account of the sale is given.
9,500 105.431
a1922
5
1340__Minerva, Ohio
99.164
25,000
1921
4
NOVEMBER BOND SALES.
1415_ _Minneapolis. Minn
43,900 100
4
622
Rate. Maturity. Amount. Price. , _Minnesota (14 issues)
Name.
30,000 103.536
1912-1901
Page
is
Cal
1415...Modesto.
5
41921-1951
$20,000 100.952
150,000 102.28
a1931
1413_ _Abilene, Texas
5
1822_ _Monroe County. Tenn
5
1922-1926
5,000 102.38
1,200 100.583
1413._Ada, Minn
434 1912-1917
1491_ _Montgomery County. Ohlo
4
174,000 100
8,000 100.562
1414 _ _Albany, N. Y.(9 issues)
Ohio__ — -- -491_Montgmery
County,
434 41931-1941
30,000 100.061 1
8,000 101.593
1338_Allenhurst, N.J
1921
5
5
1340_ _Mountain Lake, Minn
1912-1914
6,000
12,000
1488__Aillance, Ohio
434
_
1415_ _Mount Pleasant, Pa
55,000
15,000 104.72
1620__Ambraw Rlver Dr. Dist., Ill.._ .
1913-1927
Ky.. 6
1951
434
50,000 102.278 1550_ _Mount Sterling G. S. D., Ida_ 5
65,000 101.007
1488__Asbury Park, N.J
1921-1931
1491...Moscow Ind. S. D. No. 5,
4
1946
205,000 100
50,000 y102.77
1548__Atiantio City, N J
___ 41926-1931
Mont
5
4,750 102.842 1491_Musselshell County. Cal
8,
1489._Barberton, Ohio
1912-1919
5
1550_ _National City S. D.,
3,500 100
41921-1931
1414 _ _ Bell Co. Com.S. D. No.38,Tex. 5
1951-1961 1,120.000
4
1550_ _Newark. N. J
a
10,000 101.375
28,000 101.419
1620_Beiton, Mo
1912-1921
4
Bedford, Mass
1622_ _New
5
a1920
35,000 103.07
10.000 101.199
1414_ _13errlards Two.. N. J
1912-1921
4
1340_ New Bedford, Maas
434
1951
35,000
18,000 107.055
1414 Bethel, Conn
a1925
5
.
6
021___ N w Brightee O lo
1936
1492 New B remen. S hpist..
20,000 100
40.000
1620 Braggs, Okla
4;4
Pa_
___ _____
--200,000
98
24.000
1489 Bridgeport, Conn.(2 issues)-- - 5
1930-1941
4
1416__New Britain, Conn
1941
40,000
100,000 102.168
1620 Bristol, Tenn
1941
434
1550_ _New Britain. Conn
18.000 103.50
1.000 106.60
1489 13fookville. Ohio
1931
5
g
1416.
.Newbury Two.. Ohio
41921-1951
7.0001
20.000
1489 BrYan, Texas
1936
5
1491_ New Decatur, Ala
5
8,000 100
41926-1951
5,200
1489 Bryan, Texas
1550_ New Decatur, Ala
5
5,000
41921-1951
1,200 100
BrYan, Texas
1912-1913
1489
5
1491_ New Hartford. N. Y
4
1951
400,000
Y
_ Buffalo. N.
1620 .
8.000 104.73
434 1925-1928
1550_ Niles. Ohio
4
100,000 x100
1912-1931
1620_13uffalo, N. Y
12.000 105.541
.21925
5
Ohio
1416_ Noble Two.,
4
52,500
41931-1961
1620_13uffalo, N Y
3.900 100
1931
6
1491_North Wildwood, N. J
4
1931
65,000
1620—Buffalo, N. Y
STATE MID CITY
33ifitatitENT,
ixc Thranicit.
I
1618
THE CHRONICLE
Page.
Name.
Rate. Maturity.
1622__North Yakima, Wash
5
d1912-1931
1416.._Oklahoma City S. D., Okla_
1491__Omaha Soh. Dist., Neb
4A
1931
1622_ _Osceola Sch. Dist., Nob
5
41916-1931
1340__Owatonna, Minn
4A
1921
1416_ _Peoria, Ill
1416__Pike County, Ind. (2 issues)
1550_ _Pittsfield, Mass
4
1916-1935
1550. _Pleasant Ridge, Ohio
4
1941
1550.. _Pondcreek S. D., Okla
5
1931
1550_ _Portland, Ore
6
1912-1921
1492__Pottawatomie County, Okla_
1492_ _Prescott, Ark
6
1912-1931
1277_ _Providence, R. I
3A
1941
1277_ _Quincy, Mass
4
1912-1921
1623_ _Havant S. D. No. 36, Mont
6
1914-1921
1550-Reading, Ohio
5
1912-1921
1416__Rockingham County, N. H
34 1912-1921
1416_ _Roseau County, Minn
1917-1930
53
1551.. _Roselawn Sch. Dist., Cal
6
1551__Routt Co. S. D. No. 4, Colo
6
1416__Rush Twp. Sch. Dist., Ohio
6
1917-1920
1623.._St. Clair Heights, Mich
1551__St. Johns, Ore
6
d1912-1921
1492...San Francisco, Cal
4 X 1915-1934
1551__Selma, No. Car
6
1931
1492.. Seneca Falls, N. Y.(2 Issues) _ 4.30
1551__Shreveport. La
4A
1492_ _Silverton, Ohio
5
1912-1927
1416.._Sioux Falls, So. Dak. (2 iss.)_ 5
1931
1492 Skagit County, Wash
6
1551_ _South Portland, Me
4
a1922
1551_ _Springfield, Ohio
4 3,
6
1932
1492_ _Spring Valley, Minn
5
1913-1917
1492_ _Stafford, Minn
6
1917
1416.:_Stockton Sch. Dist., Cal
6
1341_ _Teague, Texas
5
41931-1951
1624_ _Thermal Sch. Dist., Cal
6
1913-1917
1493 ..Thomaston, Ga
5
1416....Tom Green County Common
Sch. Dist. No. 16, Texas
5
41921-1931
1493__Trenton, N. J
4.
1921
1341_ _Troy, N. Y
4 A 1912-1921
11324__Twin Falls Ind. S. D., Idaho
5
41921-1931
1341_ _Union City, Ohio
5
1416__Upshur County Common Sch.
Dist. No. 50, Texas
5
1931-1951
1416....Utah (2 issues)
1417_ _Walton County, Fla
6
1931
1493_ _Warren, Ohio
4% 1913-1917
1417...Waseca, Minn
1278_ _Westchester Co. Fire D., N.Y_ 6
a1918
1624_ _West New York, N. J 5
1921
1417__Wellington, Ohio
5
a1917
1552__WiltnIngton, No. Car
4A
1951
1493__Wood County, Ohio
5
a1914
1493_ _Wooster, Ohio (2 Issues)
4%
1921
1493Worthington Fire Dist., Mass.. 4
1916-1935
1552_ Yonkers, N.Y
4 A 1912-1931
1417..
..Yucaipa Sch. Dist., Cal
5
Amount. Price.
60,000 100
200,000 102.05
250,000 102.559
33,000 102.018
10,000 100
8,000
14,750 100
100,000 104.919
1,600 100.687
40,000 100
337,409
Var.
59,000
45,000
500,000 z100
10,000 101.47
1,500 100
3,450 103.89
50,000
13,000
6,000 101.295
6,500
2,000 106.20
16,000 104.25
30,000 100.25
10,000 100.10
20,000 102.155
31,000 100.03
100,000
3,502 101.529
300,000 102.057
100,000 y101.10
25,000 101.81
12,563 106.287
5,000 y100.36
5,000 105
75,000 109.777
30,000
5,000 100.33
37,000
1,000
37,100
12,000
70,000
9,319
100
102.231
100
100.751
102.146
[VoL. Lxxxxxii.
Name.
Page.
Rate. Maturity. Amount. Price.
1418_ Kerrobert. Bask
4%
1926
12,000
1553_ LadySmith, B.0
6
1926
3,725 101.228.
1418_ Laura, Sask
7
1926
1,200
1553_ Lavalla Sch. Dist., Man
5
1912-1931
6,000
1494.. Lethbridge Sch. Dist., Alta
5
1941
6,500
1494_ Lethbridge Soh. Dist., Alta
5
1921
8,500
1494_ Markinoh, Bask
6
1921
2,000
92
1553_ Marquis, Sask
1921
8
15,000
1418 _ _Medicine Hat S.D. No.78, Alta. 5
1912-1941
102,000
1494_ Melville, Sask
1941
5
19,000
97.05
1553_ Moore Park Sch. Dist., Man
5 A 1912-1931
7,000
1418_ _Moose Jaw, Sash
4% 1950-1951
440,000 100
1418__Morgan S. D. No. 2.458, Alta_
1,300 100
1418_ North Red Deer, Alta
5
---foil'
4,000
1494_ Norwich, Ont
5
1931
20,400
1418_ _Odessa, Sask
7
1921
1,000
1553_ Owen Sound, Ont
4
4,685
1625_ Pembroke, Ont
4%
1941
12,500
1553.. Portage La Prairie, Man
5
1941
10,000
1494_ Rapid City, Man
5
1912-1918
2,650 100
1553_ Red Deer, Alta. (8 issues)_.. 5
63,600
96.141
1625_ _Rivers, Man
•6
1912-1031
6,000
95.183.
1494__Rural Municipality of Battle
River, Bask
5
1921
3,000
1494_ Rural Mun.of Springfield,Man. 5
1912-1916
8,000
1553__Sacre Coeur Sch. Dist., Bask
6X
1931
5,500
1625_ _St. Joachim Sch. Dist., Alta
5
1951
40,000
1494_Shellbrook Sch. Dist., Sask.. 6
1912-1931
7,000
1494__Sintaluta,Sask
5
1912-1931
4,500
1553_Springfield Sch. Dist., Man
8
1912-1931
10,000
1625... Springslde, Sask
1926
8
2,500
1625_ _Stafford, Alta
5X
1931
15,000
1494 _Steelton, Ont
1931&1941
5
36,000
5_
4A
1931
28,000
1494 _Trenton, Out.(4 issues)
5
8,900
99.101
1494 _ _Valentine S. D. No.2824,Sask_ 6
1921
1,600 101.437
1418 _Vegreville, Alta
8
1951
6,000
1553 _Victoria, B.C
4
1961
1,501,969
1553 _Victoria, B.C
4
1936
230,882
1553_Victoria, B. C
4
1921
267,236
Total
$3,255,540
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS.
Page.
Name.
Rate. Maturity. Amount. Price.
1624_ _Arabella S. D., Sask. (July)._ 6
1912-1921
$800
1417__Blyth, Ont. (Aug.)
700 100
5
1921
23,596 100
1417_13lyth, Ont. (Aug
560,000 100
5
1956
5,000
98
1624_ _Cupar, Sask
70,000 100
6
10,000
3,000 100.866 1493_ _Etham School District, Sask._ 6 A
1921
1,900
1418__ Golden Valley S. D., Alta_
15,000
6
1921
1,500 100
1493_.Goodeve, Sask
6,200 102.70
2,500
1418_Greenbank S. D. No.692,Sask_ 626
1,100 100
1921
9
63
2,500 100.74
7,995 103.379 1494_ _Howell, Sask
6
1921
800
1494_ _Loveburn, Sask
400,000 100.01
6
1926
1,500
1494_ _Madville, Sask
50,000 101.96
5
1926
2,500
8,300 103.036 1625_ _Metitize S. D. No. 2310, Alta.. 6 A
1921
400 100
1494_ _Normac School District, Sask.. 64
20,000 102.57
1921
1,200
115,000 102.378 1625_ _North Bay, Ont.(2 issues) _ _ 5
1912-1941
145,000 100
1494,._Ogema,Sask
5,500 102.50
6x
6
1921
98
1494_ _Pinto, Sask
3,8 0
1 0000
Total bond sales for November 1911 (209 municipali1494__Pleasant Mound,
1921
1,200
ties, covering 257 separate issues)
1553_ _Popular Creek Sch. Dist. No.
k$16,146,787
Sask6
2774, Sask. (March)
6
1,500
a Average date of maturity. d Subject to call in and after the earlier 1553_ _Saint Denis S.D.No.166, Sask.. 6
1912-1921
101.40
year and mature in the later year. k Not including $18,902,936 of tem- 1494__SaInt Margaret, Sask
1921
85.
1 400
' 0
5
porary loans reported, and which do not belong In the list. x Taken by 1494__Southy, Sask
7
1926
4,000
sinking fund as an investment. y And other considerations.
1494_ _Tyvan, Sask
6
1926
1,000
REVISED TOTALS FOR PREVIOUS MONTHS.
All the above sales of debentures (except as indicated) took
The following items included in our totals for previous place in October. These additional October issues will make
months should be eliminated from the same. We give the the total sales of debentures for that month $2,128,784.
page number of the issue of our paper in which the reasons
-for these eliminations may be found.
News Items.
Page.
Name of Municipality.
Amount.
Appleton, Wis.-City Buys Water Plant.
1489....Canyon County, Idaho (September list)
-The Milwaukee
$47,620
1621__Hood River, ()re. (April list)
•
90,000 "Sentinel" of Nov. 28 said that the city would purchase on
1549__Lawton. Okla. (October list)
70,000 Dec. 1 the plant of the Appleton Water
Works Co. for $255,1622_ _Livingston, Mont.(September list)
65,000
1622_ _Milwaukee, Wis.• (September list)
100,000 000. V. 93, p. 682.
1491_ ..New Decatur, Ala. (August list)
20,000
1416_0klahoma City Sch. Dist., Okla. (October list)
• 200,000
Ashland, Jackson County, Ore.
-Commission Form of
1622.._Orange County, N. Y. (August list)
23,000 Government
Rejected.-Reports state that an 'election held
We have also learned of the following additional sales for Dec. 1 resulted in the defeat of the proposition to adopt
a
previous months:
commission form of government.
Page.
Name.
Rate. Maturity.
1414_ _Alliance, Ohio
5
a1913
1414_ _Alliance Ind.S. D.,Iowa(SeP.) 5
1921
1488__Baca County, Colo
4 A 41922-1932
1414__Bellingham Sch. Dist. No. 81,
Wash. (August)
5
1931
1488_ _Benson, Neb.(Aug.)
41916-1931
5
1548_13rownsville, Texas (3 issues).. 5
41931-1951
1414 _ _Columbia Twp.S. D. No. 5,0.. 4 A 1912-1936
1549__Grove City, Ohio (2 issues)-.... 5
1912-1921
1621_ _Helena Soh. Dist., Ark
5 A 1922-1941
1491_ _Kansas (7 issues)
1549_ _Levan, Utah
1415__McCormick S. D. No. 13,So.C_
1550__Orlando. Fla
1623_ _Pennington County, Minn__ _ _
1551_ _Salem Twp.FirstSep.S.D.,Ohlo
1416_ _Spokane, Wash
1623_ _Stillwater, Okla
1492_ _Summers County, W. Va
1551_ _Tacoma, Wash.(5 issues)
1624.._Tupelo, Miss
1417_ _Wilkes-Barre, Pa
fg
5
6
5
5
5
5
5
8
7
5
5
Amount. Price.
$5,200 100.59
1,150 100
29,500 y100
35,000
25,000
130,000
30,000
16,910
100,000
19,2201
600f
41921-1931
9,000
1931
10,000
1931
15,000
1931
85,000
2,000
1912-1931 1,250,000
1931
15,000
1943
105,000
1916&1921
23,799
1931
50,000
1916
27,100
100
100
102.25
101.806
100
100
101.77
100
100
105.15
100
Green Bay, Wis.-Election on Commission Form of Government.
-An election will be held Dec. 21 to vote on the adoption of the commission plan of government.
Greenville, Hunt County,Tex.
-Correction.
-In publishing
the financial statement of this city in our "State & City Supplement" for Nov. 25, one line was unfortunately omitted.
The result was that we inadvertently reported the floating
debt as $733,897, when this should have been given as the
total debt, including assessment debt. The amount of the
floating debt is only $25,549, and the following shows that
this with the bonded and assessment debt makes the aggregate indebtedness $733,897:
GENERAL BONDED DEBT Aug. 10 1911
Floating debt (additional)
$597,000
25,549
Assessment debt (additional)
$622,549
111,348
All the above sales (except as indicated) are for October.
TOTAL DpBT Aug. 10 1911
$733,897
These additional October issues will make the total sales (not
Morris County (P. 0. Morristown), N. J.
-County Accepts
including temporary loans) for that month $26,200,513.
Act Providing for Smaller Board of Chosen Freeholders.
-In
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
the "Chronicle" of Nov. 25, page 1488, we stated that the
NOVEMBER.
voters of this county had approved the commission plan of
Page.
Name.
Rate. Maturity. Amount. Price.
government. This should not be confused, however, with
1417.. _Ahuntsio School District, Que.. 5
1912-1936
$25,000
1552_ _Alliston. Ont
4 A &5
16,653
the form of government provided in the Walsh Act of 1911,
1417_ _Amulet, Sask
1926
6A
2,000
which relates only to municipalities and not to counties.
1342__Bassano S. D. No. 21, Alta
6
1912-1931
5,000
1552_ _Berlin, Ont
5&4 A 1912-1941
45,150
What the voters of Morris County did was to accept Chap1417__13racebridge, Ont
5
16,190
98.258 ter 34 of
the Laws of 1902, as amended by Chapter 199 of
1552_ _Brookland S.D. No.2302, Alta. 6
1921
800 100.625
1552_ _Carmangay, Alta
the Laws of 1909, which reduces the number of members of
5A
1931
25,000
1493_ _Collingwood, Ont. (6 issues).._ 4 A
96,900
98.35
the Board of Chosen Freeholders. As previously stated,
1624__Cowley Sch. Dist., Alta
5 A 1912-1921
4,000
1552_ _ Davidson, Sask. (2 issues)........ 5 A
16,000
98.525 however, there is doubt as to whether the election in Morris
1625_ _ Dundurn,Sask
13
1926
2,500
92.20
County was legal. It is asserted that the title of the Act of
1493_Emo Township, Ont
5-5% 1912-1926
1,900
1553.._Esterhazy, Sask
1902, instead of the amendment of 1909, was used injthe
8
1926
1,000
1418..Foam Lake, Sask
6
1926
1,000
preparation of the ballot, and there are suggestions thatAthis
1625__Gleichen Sch. Dist., Alta
6
1912-1921
3,000
101
may possibly vitiate the result.
1553__Glenwood Sch. Dist., Man_
5 Yi 1912-1931
10,000
1418...Herbert, Bask
6
3,500
Muskegon, Mich.
-Commission Form of Government Ap1625....Hyssop Soh. Dist., Alta
5 A 1912-1921
4,000
1494.._Ingersoll, Ont
4A
proved.
1931
-An election held Nov. 27 resulted in favor of•,the
7,500
1494„Innistall S. D. No. 210, Alta.... 5
1931
3,500
adoption of the commission form of government, it is stated,
1418....Jasper School District, Alta__.. 534 1912-1931
10,000
1553-- Kerrobert Sch. Dist., Sask
by a vote of 1,500 to 626.
6
1931
30,000
DEC. 9 1911
THE
CIIRONICLE
1619
lished in the city, village or town nearest to such municipal corporation.
Such publication shall be made at least twenty and not more than thirty
days prior to the date of such hearing. Such notice shall also be posted in
at least ten conspicuous public places lathe municipal corporation. If such
proceeding be instituted by a tax-payer, or a purchaser or holder of bonds
which have been issued, such notice shall also be served upon the mayor of
a city, the president of a village, the supervisor of a town, or the officer,
board or commission authorized or required by law to sell such bonds, ana
upon any known purchaser or holder of such bonds. Such notice shall be
so served personally or by mail at least twenty days before the date of such
hearing and shall be accompanied by the petition proposed to be presented
at such hearing, and at least ten days prior to such hearing such municipal
After careful examination I approve of your reduction of the item in the corporation may serve on the petitioner a verified answer to such petition.
budget for 1912 of $10,000,000 for (I quote) "Deficiency on Jan. 1 1911 in If such proceeding be instituted by a municipal officer or officers, a coPy
the product of taxes theretofore levied, deemed to be uncollectible." Of of the petition proposed to be presented at the hearing shall be filed in the
this large sum $7,452,264 88 is set down as being a deficiency in the collec- office of the officer or officers authorized or required by law to sell such
tion of special franchise taxes, and this you have deducted. There is no bonds. At any time prior to such hearing a tax-payer of such municipality,
such deficiency. An apparent deficiency of that amount is created by a or if such bonds have been issued, a holder or purchaser, may file in such
bookkeeping method established in the Finance Department before the office a verified answer to such petition.
Sec. 25. Hearing.—At the time of such hearing any tax-payer of the
present Comptroller took office. Under this method certain moneys
actually paid into the general fund o the city by the public service corpora- municipal corporation, or, if such bonds have been issued, any holder or
tions, and which the law requires shall be credited on their franchise taxes purchaser thereof, may intervene, and with the consent of the court be
in part payment thereof, each year, have been accumulated year after year made a party thereto. Upon such hearing any party to such proceeding
may appear, by counsel, and may produce and examine witnesses as to the
as a deficiency.
In brief, this so-called deficiency has arisen as follows: Each year the proceedings taken in respect to the issue and sale of such bonds. Such
franchises of the public service corporations are valued for taxation by the witnesses shall be subject to cross-examination by any party appearing at
State Tax Commissioners, and then the regular city tax is cast thereon such hearing.
The court may appoint a referee to take testimony in respect to the
according to the rate or decimal applicable to all property in the city. But
Section 48 of the Tax Law then requires that each corporation shall be proceeding for the issuance and sale of such bonds and may otherwise
credited on the tax so cast against it with the sums which it has paid in require the parties thereto to produce proof, by affidavit or otherwise, of
during the preceding year to the city which were "In the nature of a tax," any facts which may tend to enable the court to make a full and complete
leaving only the balance to be paid by such corporations. Such payments determination in respect to the proceedings for the issuance and sale of such
were imposed on
in the nature of a tax are those which afterward, such asthe corporation bonds. 26. Determination of Court.—If, after such hearing and investigaSec.
an annual perwhen its franchise was granted to it, or
centage on its gross earnings, fees or tolls for crossing our bridges, license tion, such court is satisfied that the statute under which such proceedings
were taken authorized bonds to be issued by the municipal corporation for
fees and the like.
The said Section 48 of the Tax Law expressly requires that these corpora- the aggregate amount for which it is proposed to issue the same, or for the
tions be given credit for these payments on their tax bills, and that they amount of bonds issued and sold thereunder,if such bonds have been already
pay only the balance. In that way their franchise tax is fully discharged issued and sold, and that the proceedings taken by such municipal corporainstead of any part of it going unpaid and creating a deficiency. But by tion, its officers, agents or voters, prior to the issuance and sale of such
the said bookkeeping method established in the Comptroller's office several bonds, or including the issuance and sale of such bonds have been already
years ago, these payments, actually made to the city and which have to be issued, substantially complied with the statute under which it is proposed
to issue such bonds, or under which such bonds were issued and sold., the
credited on the tax bills, are set down as a deficiency.
The Comptroller has discussed this matter with me and we all see that court may, by order, legalize and confirm the proceedings taken prior to
there is actually no deficiency. To charge this large sum as a deficiency is the issue and sale of such proposed bonds, or if such bonds have been issued,
only to make our budget each year look larger than it is in fact, and subject including the proceedings on the issuance and sale thereof and the form of
It to unjust condemnation. There may be some difficulty in setting the the bonds issued thereunder, with the same force and effect as though all
matter right, but I have no doubt that the Comtproller will adopt a method. the provisions of law in relation to such proceedings and form had been
I suppose all that is necessary is to credit this false book deficiency with the strictly complied with. The court may determine that such statute was
equal amount of money which has actually been paid into the general fund substantially complied with if it authorized the aggregate amount of bonds
In the way which I have already described, and which has to be credited proposed to be issued or issued thereunder, that the proposition to issue
such bonds was adopted at the election, if any, to which it was submitted
on the franchise tax as part payment as the said statute requires.
It seems to me that you have also properly deducted the sum of $1,982,- or by the required vote of the meeting of the body or board to which it was
is set down as a deficiency In the collection of personal taxes. submitted, and that such bonds, if issued and sold, were sold at not less
175 96, which
It is not yet known what the deficiency will be. It has not been customary than par and at a rate of interest no greater than was authorized by the
heretofore to anticipate such a deficiency, but to wait until the time for statute under which such bonds were issued, notwithstanding any irregucollection has expired and the amount of the deficiency is thereby actually larity or technicality in the form of proposition or resolution proposing or
authorizing such issue, or in the notice of the election or of the meeting of
fixed.
the board or body adopting such resolution or authorization, or in the time
The Mayor approves the action of the Aldermen in striking or manner of service thereof, or in the conduct of the election or meeting at
proposition or authorization was adopted,
out the appropriation of $220,000 for an investigation of the which such was submitted more than once within one yearor in that such
or other shorter
proposition
various city departments for the following reasons:
period than authorized by law, or, if such bonds have already been issued
"No such power of investigation is given to the Board of Estimate and in the manner of issuance or sale thereof, or in the time or times of payment
Apportionment. On the other hand, it is expressly given to the Board of thereof, or notwithstanding any other technical or formal irregularity of
Aldermen by Section 54 of the charter. It would be singular if the charter like nature in such proceedings. If the court is satisfied that the proceedcomply
gave this power to both boards. It would necessarily lead to confusion. ings for the issuance and sale of such bonds did not substantially same or
under which it was proposed to issue and sell the
It would be useless•for the Board of Estimate and Apportionment to con- with the statute same were issued and
sold, he may make an order accordduct such investigations when the departments may ignore the results at will. under which the
"Moreover,I am of the opinion that we do not need to spend any such sum ingly specifying the particulars in which he deems that such proceedings
for high-priced outside experts. The city government has ample ma- failed to comply with such statute. be taken to the appellate division from
Sec. 27. Appeal.—An appeal may
chinery for the carrying on of such investigations, and if we all work together we can carry them on with good results and at comparatively small the order of the supreme court legalizing and confirming such proceedings,
appeal must be taken
same.
expense. The government of this city is not what is called a government or refusing to legalize and confirm theorder, bySuchservice of the notice of
the
of the
by commission through the Board of Estimate and Apportionment. Our within ten days after the entry such proceedings who appeared personally
appeal upon all the parties to
government is not constituted on any such theory; on the contrary, the
powers of government are distributed among the Mayor, the Board of or by counsel at the hearing before the supreme court. The decision of the
Aldermen and the Board of Estimate and Apportionment. The Mayor appellate division thereon shall be final.
Sec. 28. Effect of Determination.—If the order of the supreme court
may prescribe a system for any department under his control, with or
legalizes and confirms such proceedings, upon the expiration of the time to
without an investigation, and the Board of Estimate cannot gainsay it.
appeal therefrom if no appeal be taken, or upon the entry of the final order
The action of the Mayor fixes the budget for 1912 at of the appellate division confirming such order of the supreme court, such
be deemed
and confirmed.
$181,090,657, or $8,120,293 less than when passed by the proceedings shall legalize andlegalized proceedings prior If such proceeding
was instituted to
to the issuance and
confirm
sale of such bonds, the officer or officers of such municipal corporation
Board of Estimate.
authorized to issue such bonds may issue and sell the same accordingly, and
New York State.—Bill Permitting Legalizing of Bonds by the validity of such bonds shall not thereafter be in any manner questioned
proceedings,and.
by reason of any
Supreme Court.—We made reference in the "Chronicle" of notwithstanding defect or irregularity in such preliminarybinding and legal
any such irregularity or defect,shall be
July 29, page 301, to a bill passed by the Legislature pro- obligations upon the municipal corporation issuing and selling the same.
proceeding was
legalize and confirm the proceedings
If
viding that proceedings taken by municipal corporations in forsuch issue and sale ofinstituted towere issued and sold at the time such
bonds that
the
relation to bond issues may be legalized by the Supreme proceeding was instituted, such bonds shall be valid and binding obligations
upon the municipal corporation, in like
Court. In view of the importance of the new Act we print shall not in any manner be questioned manner, and the validity thereof
by reason of any irregularity or
the same in full below:
defect in the proceedings for the issue and sale of such bonds, or in the form
thereof.
CHAPTER 769.
Sec. 29. Definitions.—The term "municipal corporation" as used in this
includes a city,
village, town, school district, sewer district,
AN ACT to amend the general municipal law, in relation to legalizing articledistrict, lighting county, or any other district or territory authorized
water
district
municipal bonds or proceedings for the issuance thereof.
law to
Became a law July 24 1911, with the approval of the Governor. Passed, byThe termissue bonds.used in this article includes bonds, corporate stock,
"bonds" as
three-fifths being present.
certificates of indebtedness or any other obligations whereby a municipal
The People of the State of New York, represented in Senate and Assembly, corporation ttreestopy aaidsurofgo
ec.sActshataa eectmmeiam
do enact as follows:
SECTION 1, Chapter twenty-nine of the laws of nineteen hundred and
nine, entitled "An Act relating to municipal corporations, constituting
Olympia, Wash.—Commission Form of Government Rechapter twenty-four of the consolidated laws." is hereby amended by jected.—The proposition to adopt the commission form of
inserting a new article, to be article two-a, and to read as follows:
New York City.—Mayor Approves Budget Reductions.—On
Dec. 5 Mayor Gaynor sent a message to the Board of Aldermen approving, with the exception of a few minor items,
amounting to $30,900, the $8,151,193 deducted by that
body from the budget for 1912. See V. 93, p. 1488. In
sustaining the reduction of $6,712,633 made by the Board in
the appropriation for the redemption of uncollectible taxes,
the Mayor said:
government failed to carry at the election held December 5.
ARTICLE 2-A.
(V. 93, p. 1413.)
Sec. 22. Legalizing Proceedings.—Proceedings heretofore or hereafter
taken by a municipal corporation authorized by law to issue bonds, or by
Oshkosh, Wis.—Commission Plan of Government Apits officers, agents or voters, pursuant to a statute authorizing or requiring
such proceedings, may be legalized and confirmed by the supreme court in proved.—The election held Dec. 1 resulted in the approval of
the manner and with the effect provided by this article. A proceeding the commission plan of government (V. 93, p. 1547). The
may be instituted hereunder for the purpose of legalizing and confirming
such proceedings taken prior to the issuance and sale of such bonds, or for vote, it is stated, was 2,041 to 1,730.
the purpose of legalizing and confirming such preliminary proceedings,and
Amendments. — Eight proposed
Utah.—Constitutional
also the issuance, sale and form of such bonds. Such a proceeding may
be Instituted by the officer or officers of such municipal corporation author- amendments to the State Constitution will be submitted to
ized or required by law to sell such bonds, or if the purpose of such pro- the voters at the general election in November 1912. One of
ceeding also includes the legalizing and confirming of the proceedings in
respect to the IsSuance, sale and form of such bonds, by any tax-payer of these changes Section 4 of Article XIV., increasing the limit
the municipal corporation or by a purchaser or holder of such bonds.
which may be incurred by certain cities for
Sec. 23. Petition.—The officer or person commencing such proceeding of indebtedness
shall present a verified petition to a special term of the supremo court held municipal sewers, artificial light or water works. We print
within the judicial district in which such municipal corporation is wholly Section 4 below, placing in brackets the words to be elimitu e oncte uereer ue , ult purogose eo iszle
slichstatu s w nd issw htirh ie is
e ert of
cKaLtlls tourautnle
o si
nated and italicizing the part to be added if the amendment
such
under
aggregatefamount of bonds proposed to be issued or issued, the time when receives the approval of the voters.
such bonds arc payable, and all proceedings that have been taken by the
SECTION 4. When authorized to create indebtedness as provided.in
municipal corporation, or by its officers, agents or voters, in respect to
the issuance and sale offsuch bonds, and praying that such court shall in- Section 3 of this Article, no county shall become indebted to an amount, investigate the law and facts in relation to such proceedings and determine cluding existing indebtedness, exceeding two per centum. No city, town,
whether such proceedings substantially complied with the statute under school district or other municipal corporation shall become indebted to an
which it is proposed to issue and sell such bonds or under which such bonds amount, including existing indebtedness, exceeding four per centum of
were issued and sold. Such petition may also state any particular in which the value of the taxable property therein, the value to be ascertained by the
the petitioner deems that such proceedings may not have complied with the last assessment for State and county purposes, previous to the incurring
statute under which it is proposed to issue and sell such bonds, or under of such indebtedness; except that in incorporated cities the assessment shall
be taken from the last assessment for city purposes; provided, that no Part
which the same *ere issued and sold.
Sec. 24. Notice of Presentation of Petition; Filing; Answer.—A notice of the indebtedness allowed in this section shall be incurred for other than
stating the time and place of the presentation of such petition and briefly strictly county, city, town or school district purposes: provided, further,
desert bing the proceedings sought to be legalized and confirmed shall be that any [city or town] city of the first class and any city of tie second class
ublishedfat least twice in a newspaper, if any, published in the municipal having over 20.0002tnhabitants, when authorized as proviled in Section 3
ation, or, if no newspaper be published therein,in a newspaper pub- of this Article. may be allowed to incur a larger indebtedness not exceeding
1620
THE CHRONICLE
four per centum additional, and any city of the second class having less than
20.000 inhabitants and any city of the third class or town, when authorized as
aforesaid, may be allowed to incur a larger indebtedness not exceeding eight per
centumladditional for the purpose of supplying such city or town with water,
artificial lights or sewers when the works for supplying such water, lights or
sewers shall be owned and controlled by the municipality.
[VOL. Lxxxxm.
-The following bonds are called
-Bond Call.
Pueblo, Colo.
for payment January 11912:
Bond No. 2 of Park District Three.
Bonds No. 238, 239, 240 and 241 of Sanitary Sewer Dist. No. 1 and Storm
District "A."
•
Another proposed amendment to be voted upon fixes the
salary of the members of the Legislature at $8 a day and 10
Bond Proposals and Nedotiations this week
cents a mile for the distance traveled in going to and from
the place of meeting. The Constitution now provides have been as follows:
(Section 9, Article VI.) that the pay may be fixed by the
-Bond Offering.-Proposals will be received until 7:30
AKRON, Ohio.
Legislature, but must not exceed $4 a day and 10 cents a P. m. Dec. 15 by W. A. Durand, Sec. Sinking Fund Trustees, for the following 434% coupon bonds (V. 93, p. 1548):
mile for traveling expenses.
$60,000 main-sewer-extension bonds. Denom. $1,000. Date Oct. 1 1911.
The other amendments upon which a vote will be taken
Due $20,000 Oct. 1 1914, 1915 and 1916.
4,500 hospital bonds. Denom. $1,000 and $500. Date Oct. 1 1911.
are as follows:
Due Oct. 1 1914.
Amendment to Sec. 1, Art. XI., relating to counties, cities and towns
and providing for the creating of new counties.
Amendment to Sec. 2, Art. XIII., requiring that the Legislature shall
provide by law for the payment of the State debt "before the same becomes
due" instead of "within twenty years," as at present.
Amendment to See. 3, Art. XIII., relating to the classification of property for purposes of taxation.
Athtndment to Sec. 11, Art. XIII., concerning State and county boards
of equalization.
Amendment to Sec. 4, Art. XIII., relating to the taxation of mines.
Amendment to Section 17, Art. VII., relating to the duties of the Auditor
and Treasurer.
-Commission Form of Government
Vancouver, Wash.
Defeated.
-The election held Dec. 5 resulted in the defeat
of the question of adopting the commission form of government. V. 93, p. 1547.
-Bonds Legalized.
Watervleit, Albany County, N. Y.
Supreme Court Justice Wm. P. Rudd has granted an order
legalizing the $10,000 434% school-building bonds awarded
on October 3 to W. N. Coler & Co. of New York. V. 93,
p. 974. There was some doubt, it seems, as to whether the
bonds had been properly advertised. In a preceeding item
we print in full the law passed by the last Legislature permitting the legalizing of bonds by the Supreme Court.
-By Chapter 665
Wisconsin.
-Constitutional Amendments.
of the Laws of 1911 the Legislature provided for the submission to the voters on Nov. 5 1912 of three proposed
amendments to the State Constitution. The first of these
extends from twenty to fifty years the time within which
cities or counties having a population of 150,000 or over shall
pay debts incurred for the acquisition of land. This amendment is to Section 3 of Article XI. which we give below,
printing in italics the part to be added if the amendment is
adopted:
•
"SECTI0N:3. It shall be the duty of the Legislature, and they are hereby
empowered, to provide for the organization of cities and incorporated villages, and to restrict their power of taxation, assessment, borrowing money,
contracting debts and loaning their credit, so as to prevent abuses in assessments and taxation, and in contracting debts by such municipal corporations. No county, city, town, village, school district or other municipal
corporation shall be allowed to become indebted in any manner or for any
purpose to any amount, including existing indebtedness, in the aggregate
exceeding five per cent on the valve of the taxable property therein, to be
ascertained by the last assessment for State and county taxes previous to
the incurring of such indebtedness. Any county, city, town, village,
school district or other municipal corporation incurring any indebtedness as
aforesaid, shall, before or at the time of doing so, provide for the collection
of a direct annual tax sufficient to pay the interest on such debt as It falls
due, and also to pay and discharge the principal thereof within twenty years
from the time of contracting the same: except that when such indebtedness is
incurred in the acquisition of lands by cities, or by counties having a population
of one hundred and fifty thousand or over, for public, municipal purposes or for
the permanent improvement thereof, the city or county incurring the same shall,
before or at the time of so doing, provide for the collection of a direct annual tax
sufficient to pay the interest on such debt as it falls due, and also to pay and discharge the principal thereof within a period not exceeding fifty years from the
time of contracting the same.'
The other two amendments to be voted upon authorize the
State and cities to acquire lands for public and municipal
purposes or for permanent improvements, and provide for
the payment of the salary of the judges of the Supreme and
Circuit Courts at such time as the Legislature shall fix,instead
of quarterly.
Bond Calls and Redemptions.
Denver, 0010.
-Bond Call.
-The following bonds are
called for payment Dec. 31:
11,000 Otto St. storm-sewer bonds. Denom. $1,000 and $100. Date
Sept. 1 1911. Due Sept. 1 1914.
1,200 Crosier St. sewer assess. bonds. Denom. $400. Date Oct. 15
1911. Due $400 Oct. 15 in 1913, 1914 and 1915.
2,400 High and Crosier streets storm-water sewer bonds. Denom. $800.
Date Oct. 15 1911. Due Oct. 15 1914.
515 public-impt. bonds. Date Oct. 1 1911. Due Oct. 1 1914.
160,000 bonds to purchase real estate and right-of-way for a water-works.
Denom. $1,000. Date Dec. 1 1911. Due Deo. 1 1931.
Interest semi-annually at the Nat. Park Bank in N. Y. Bids must be'
made on each issue separately. Cert. check on a bank in Ohio for 5% of
bonds bid for, payable to Sinking Fund Trustees, required. Bonds to be
delivered and paid for within 10 days after Dec. 15. These bonds are not
new issues, but bonds held by the Sinking Fund as an investment. Blank
forms for bids will be furnished by the City Auditor.
-The proposition to issue the $815,000 bonds for the purBonds Voted.
chase of the plant of the Akron Water Works Co. carried by a vote of 6,506
.
at the election held Dec. 5 (V. 93, p. 1488)
to 1,345
Ohio.
AKRON SCHOOL DISTRICT (P. 0. Akron) Summit County,by J. F.
Bond Offering.-Proposals will be received until 2 p. m. Dec. 18
Bd. of Bd., for $63,000 4% Robinson sch.-bldg. bonds.
Barnhart, Clerk
Authority, Secs. 7625, 7629 and 7630, Gen. Code. Denom. $1,000. Date
Dec. 15 1911. Int. J. & D. at the office of the Bd. ot Ed. Due on Deo. 15
as follows: $5,000 In 1929, $30,000 in 1930 and $28,000 in 1931.
-Bond Offering.ALLEGHENY COUNTY (P. 0. Pittsburgh). La,
Proposals will be receivod until 11 a. m. Dec. 11 by R. J. Cunningham,
County Comptroller, for $1,550,000 4% 30-yr. coupon tax-free bonds.
Denom. $1,000. Date Dec. 1 1911. Int. J. & D. at the Comptroller's
office. Cert. check for $15,000, payable to the Commissioners is required.
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Neb.-Bond Offering.
-Bids will be opened Jan. 1 1911 for $15,000 5% bonds. Interest semiannually in New York.
-Accord-Bond Sale.
AMBRAW RIVER DRAINAGE DISTRICT, ILL.
ing to reports $55,000 bonds were sold Nov. 25.
-Bond Offering.-ProANDERSON COUNTY (P. 0. Palestine), Tex.
posals will be received until 12 m. Jan. 1 1912 by 0.C. Funderburk, County
Judge, for the $150,000 5% 20-40-year (opt.) Road Dist. No. 1 bonds.
Auth. vote of 399 to 108 at election held Nov. 11 (V. 93, p. 1414). Denom. $1,000. Date Jan. 1 1912. Int. ann. In April at Palestine. Cert.
check for $1,000 is required.
-On Dec. 4 the $500,000 4% 40-year
BALTIMORE, Md.-Stock Sale.
reg. paving stock (V. 93, p. 1488) was awarded as follows:
at 100.38
& Deposit Co., Baltimore
$394,200 to the Mercantile Trust
at 100.50
32,000 to the Bait. Life Ins. Co., Baltimore
at 100.50
30,000 to Owen, Daly & Co., Baltimore
at 101.50
20,000 to Geo. H. Stickney & Co., Baltimore
at 100.50
11,000 to Baker, Watts & Co., Baltimore
at 100.50
10,000 to Townsend Scott & Son, Baltimore
7
02 05
at 100. 0
1,800 to H. A. Orrick, Baltimore
1,000 to Marshall, Winchester & Co., Baltimore
BAYOU BIJOU DRAINAGE DISTRICT (P. 0. Danaidsonville), Ascen-The election held Nov. 28
-Bonds Voted.
sion and lberville Counties, La.
resulted, It is stated, in favor of the proposition to Issue the $60,000 bonds
for drainage purposes (V. 93, p. 1275.)
-A favorable vote
BELFIELD, Stark County, No. Dak.-Bonds Voted.
was cast recently, it is reported, on the question of issuing $10,000 bonds
for fire-apparatus, town-hall and other improvements.
of
-The Fidelity Trust
BELTON, Cass County, Mo.-Bond Sale.
Kansas City has been awarded the $10,000 5% street-impt. bond (V. 93.
p. 970) at 101.375.
-No
-Bonds Not Sold.
BERGEN COUNTY (P. 0. Hackensack), N. J.
sale has been made of the $11,000 viaduct bonds offered on Nov. 3 (V. 93,
p.1212).
-Proposals will be re-Bond Offering.
BOONE, Boone County, Iowa.
ceived until 7:30 p. m. Dec. 11 by Otto Hile, City Clerk. for $30,000 434%
water-works bonds. Date Jan, 1 1912. Int. J. & J. Due 20 years,
opt. after 10 years.
--On Nov. 14 the $20,000
-Bond Sale.
BRAGGS Muskogee County,Okla.
1275) were awarded to the N. S.
8% 25-yr. water-works bonds (V. 93,
p.
Sherman Machine & Iron Works of Oklahoma City at par. Denom. $1.000.
Date Oct. 2 1911. Int. A. & 0.
-Bond Sale.-AccordIng to reports, the
BRISTOL,Sullivan County,Tenn.
-year coup. water-works-ext. bonds (V. 93, p. 1055) have
$40,000 5% 30
been disposed of.
BROWN COUNTY COMMON SCHOOL DISTRICT NO. 46, Texas.
-The State Comptroller registered on Nov. 28 an issue
_Bonds Registered.
of $2,000 5% 10-40-yr (opt.) bonds.
-An ordinance
-Bonds Authorized.
BRYAN, Williams County, Ohio.
has been passed providing for the issuance of $1,200 5% coup. High St.
sewer const. bonds. Denom. $400. Date.Dee. 1 1911. Int. semi-ann.
Due $400 Sept. 1 in 1912, 1913 and 1914.
-The six Issues of 4% registered bonds
-Bond Sale.
BUFFALO, N. Y,
offered on Oct. 6 (V. 93, .p. 1489) and which have been sold in blocks at
various dates since Oct. 6 were taken by the following parties, we are
advised by the Comptroller's office:
$100,000 20-yr. water bonds to the German-Amer. Bank, Buffalo.
300,000 20-yr. water bonds to Sutro Bros. ec Co. Now York.
'
160,000 20-50-yr. (opt.) park bonds to the Marine Nat. Bank of Buffalo.
52,500 20-50-yr. (opt.) park bonds to the Marine Nat. Bank of Buffalo.
50,000 20-yr. school bonds to Judge A. Haight of Buffalo.
5,000 20-yr. school bonds to the Nat. Lumber Ins. Co. of Buffalo.
45,000 20-yr. school bonds to the Sinking Fund.
100,000 1-20-yr. (ser.) water ref. bonds to the Sinking Funds.
50,000 1-20-yr. (ser.) City & Co. Hall ref. bonds to the Sinking Funds.
We are also advised that the following 4% bonds were purchased by the
sinking fund in November at par.
$100,000 1-20-yr. (ser.) water refunding bonds. Date Nov. 1 1911.
13,627 74 1-yr. monthly local-work bonds. Date Nov. 15 1911.
CO.
STORM SEWER BONDS.
North Denver Storm Sewer Dist. No. 1: Bonds Nos. 254 to 257, inclusive.
SANITARY SEWER BONDS.
East Side Sanitary Sewer Dist. No. 1: Bonds Nos. 238 to 241 Inclusive.
Sub-Dist. No.2 of the East Side Sanitary Sewer Dist. No. 1: F3ondNo. 18.
Sub-Dist, No. 11 of East Side Sanitary Sewer Dist. No. 1: Bond No. 39.
Harman Special Sanitary Sewer Dist.: Bond No. 38.
IMPROVEMENT BONDS.
Arlington Park Improvement Dist.: Bonds Nos. 1 and 2.
Cherry Creek Improvement Dist. NO. 2: Bond No. 30.
East Side Improvement Dist. No. 1: Bonds Nos. 52 to 54 inclusive.
Evans Improvement Dist.: Bonds Nos. 68 and 69.
North Side Improvement Dist. No. 6: Bond No. 36.
Ogden St. Improvement Dist. No. 1: Bond No. 18.
South Broadway Improvement Dist. No.2: Bond No. 77.
South Denver Improvement Dist. No. 4: Bonds Nos. 1 to 28 inclusive.
South Denver Improvement Dist. No. 6: Bonds Nos. 1 to 3 inclusive.
PAVING BONDS.
CALIFORNIA SCHOOL DISTRICT (P. 0. California),_ Washington
Alley Paving Dist. No. 20: Bonds Nos. 18 and 19.
-A favorable vote was cast on Nov. 7 on.the
-Bonds Voted.
County, Pa.
Alley Paving Dist. No. 24: Bonds Nos. 7 and 8.
proposition to issue the $25,000 bldg. bonds(V.93. p. 1133.)
Broadway Paving Dist. No. 1: Bonds 90 to 103 inclusive.
Colfax Avenue Paving Dist. No. 3: Bonds 6 to 17 inclusive.
-proposals
-Bond Offering.
CAMDEN COUNTY (P. 0. Camden), N. J.
Upon the request of the holders of any of the above bonds, received 10 will be received until 11 a. m. Dec. 13 by the Board of Chosen Freeholders,
days before the expiration of this call, the Treasurer will arrange for their for $12,000 Chapel Ave., Gibbsboro and Berlin road and $20,000 Camden
plyment at the Bankers Trust Co., New York City, but not otherwise.
and Westfield Twp. road 434% coup. or registered impt. bonds. Denom.
Nov. 1 1911, payable at the United States
Int. M. & N.
-Bond Call.
- $1,000. Tr. Co., N. Y. from Nov. 1 1931. Cert. check on a national bank
,
Hamilton County (P. O. Cincinnati) Ohio.
Mtge. &
Due
for 5% of bid, payable to the County Collector, required. Purchaser to pay
Call is made for payment on Dec. 12 at the Treas. office for accrued int. Bids to
blank forms furnished by the county.
be
$30,000 4% Longview Asylum impt. bonds Nos. 1 to 60,incl. John Prentice is Director. made on
Denom. $500. Date Dec. 12 1891. Due Dec. 12 1921;
-Bond Offering.
-Proposals willibe
CHENEY, Spokane County, Wash.
opt. after Dec. 12 1911.
received until 7:30 p. m. Dec. 12 by F. L. Ratcliffe, City Clerk, for $9,000
•
DEC. 9 1911.]
THE CHRONICLE
1621
6% coup, tax-free funding bonds. Denom. $500, Int. payable any time
-An eleo-Bond Election.
GLADW IN COUNTY (P. 0.(lladwin), Mich.
at place designated by purchaser. Due 20 years, opt. after 10 years. tion will be held in April 1912 to vote on a proposition to issue $45,000 road
Certified check for $270, payable to the City Treasurer, required.
bonds.
-Bonds Authorized.-OrdInances have been passed
-The election held
CINCINNATI, Ohio.
-Bonds Voted.
GLENWOOD, Pope County, Minn.
providing for the Issuance of the following 4% coupon bonds*
Nov. 28 resulted in favor of the question of issuing the following 4% bonds
*17,500 Ravine St. impt. and Chickasaw St. sewer (city's portion) bonds. (V. 93, p. 1415):
$10,000 funding bonds. Vote, 144 to 38.
Date Dec. 1 1911. Due Dec. 1 1931.
54,000 hospital bonds. Date Dec. 15 1911. Due Dec. 15 1961.
15,000 water bonds. Vote, 143 to 44.
7,000 Garrard Ave. impt. (city's portion) bonds. Date Dec. 1 1911.
-Bond
GOLDBURG SCHOOL DISTRICT, Sacramento County, Cal.
Due Dec. 1 1931.
Election Proposed.
-It is stated that an election will be held to vote on a
9,500 Durrell Ave. impt. (city's portion) bonds. Date Dec. 1 1911. proposition to issue $15,000 bldg. bonds.
Due Dec. 1 1031.
GREENSBURGH UNION FREE SCHOOL DISTRICT NO. 2 (P. 0.
203,500 street-impt. (city's portion) bonds. Date Dee. 1 1911. Due
Irvington), N. Y.
-Bond Sale.
-On Dec.1 $100,000 43i% bldg. bonds were
Dec. 1 1931.
187,500 street-In-mt. (city's portion) bonds. Date Dec. 1 1911. Due awarded to R. M. Grant & Co. of N. Y. at 103.698. Denom. $1,000.
Date July 1 1910. Int. J. & J. Other bids follow:
Dec. 1 1931.
Denom. $500, or multiples thereof. Int. semi-ann. at City Treas. office. L. H. Rollins & Sons, N. Y..103.53 Parkinson & Burr, N. Y____102.5413
Harris, Forbes do Co., N. Y_103.191 Farson, Son & Co., N. Y___102.297
-Bond Sale. Wm.P.Bonbright & Co., N.Y.103.168 Estabrook & Co., N. Y
CINCINNATI SCHOOL DISTRICT (P.O. Cincinnati), Ohio.
-On Dec. 4 the $300,000 4% 40-yr. coup. bldg. bonds (V. 93, p. 1414) N. W. Halsey & Co., N. Y__103.167 A. B. Leach Fe Co., N. Y 102 231
02.0
'67
were awarded to Well, Roth & Co. and the Central Trust & Safe Dep. Co. Ferris & White, N Y
101.957
103.15 Kountze Bros., N. Y
at 101.775 and int. Other blds follow:
Adams & Co., N. Y
103.011
German Nat. Bk. Cin
$305,1301Seasongood & Mayer, Cin_ _$304,560
These bonds are part of an issue of $180.000,of which $80,000 were
First Nat. Bk. of Norwood_ 305,100 Hayden Miller & Co., Cin__ 301,830 previously sold (V. 91, p. 1114.)
'
Fifth-Third Nat. Bk., Cin_.. 304,680
-Reports state
-Bonds Voted.
GRIMES COUNTY (P.0. Anderson),Tex.
-Bond Offering.
-The that the election held Nov. 20 resulted in favor of the question of issuing
CLARK COUNTY (P. 0. Springfield), Ohio.
County Commissioners will offer for sale on Jan. 2 1912, reports state, the $125,000 road bonds (V. 93, p. 1339.)
*2,000 bonds to pay for the work of dredging Mad River and branches.
GROSSE POINT SHORES (P. 0. Grosse Point Farms). Wayne County,
-Bond Offering.
-Proposals will be received until 12 m. Dec. 11 by
Mich.
CLEAR CREEK DRAINAGE AND LEVEE DISTRICT. Union and Alex- L. J. Girardin, Village Clerk (P. 0. Detroit), for the $19,000 4(% public
-Proposals will be received until 12 m. water bonds. Denom. $500 or $1,000. Int. semi-ann. Due 30 years.
ander Counties, III.
-Bond Offering.
Jan. 20 1912 by J. K. Walton, Treasurer (P. 0. Anna), for $297,000 6% Cert. check for $1,000 is required. These bonds were originally advertised
bonds. Denom. $500. Date Dec. 1 1911. Int. ann. at the Treas. office. to be sold Dec. 4 as 4 )is. V. 93, p. 1549.
Due on Dec. 1 as follows: $6,000 in 1915 and 1916, $15,000 in 1917 and
-Bond Election.
GUILFORD COUNTY (P.O. Greensboro), No. Caro.
1918, $32,000 yearly from 1919 to 1925 incl., and $31,000 in 1926. Cert.
check for 1% of bid, payable to the Treas., required. Bids subject to An election will be held Dec. 11 to vote on the question of issuing the folbonds having been legally or regularly issued. The amount of bonds to be lowing 5% 30-year township railroad-aid bonds: $50,000 Morelead Townsold may be reduced by the payment of assessment in cash prior to date ship bonds; $50,000 Gilmer Township bonds; $20,000 Sumner Township
bonds; $20,000 Jamestown Township bonds; $100,000 High Point Townof sale.
ship bonds.
-The
COLONIAL BEACH, Westmoreland County, Va.-Bond Sale.
-Temporary Loan.
-The Board of Finance on Dec. 2
HARTFORD,Conn.
$37,000 6% 25-year water-works and sewer bonds offered on Nov. 9 (V. accepted the offer of the Phoenix Nat. Bank of Hartford to loan to the city
93, p. 1134) were awarded to Farson, Son & Co. of Chicago.
all or part of $442,500, the borrowing of which had been authorized by the
-An ordinance has been passed Court of Common Council in order to reimburse the city treasury for
COLUMBUS, Oltio.-Bonds Authorized.
providing for tile issuance of $200,000 4% coup. street-impt. (city's portion) amounts advanced on account of permanent improvements. According
bonds. Denom. $1,000. Date not later than Mch. 1 1912. Int. M. & S. to local papers it was also decided by the Board of Finance to borrow
at the agency of Columbus In New York. Due Mch. 1 1923.
$355,000 at 3$,j% interest until Aug. 1.
-Proposals will be
-Bond Offering.
-The $8.000 water bonds
HECLA, Brown County, So. Dak.-Bond Sale.
CORONA, Riverside County, Cal.
received until 7:30 p. m. Jan. 23 1912 by M. Terpening, City Clerk, for the offered but not sold on Sept. 11 (V. 93, p. 895) have been awarded to the
following 4 WA gold coup, tax-free public-Impt. bonds voted Oct. 31 Thos. J. Bolger Co. of Chicago.
(V. 93, p. 1339):
County,
HELENA SCHOOL DISTRICT (P. 0. Helena), Phillips County Ark.*25,000 city-hall bonds. Denom. $625. Due $625 yearly Jan. 1 from Bonds Offered by Bankers.
-The Wm. R. Compton Co. of St. Louis
1912 to 1951 incl.
to Investors $100,000 5% high-school building bonds. Denom. $500.
6,000 fire-apparatus bonds. Denom. $150. Due $150 yearly Jan. 1 Date Aug. 1 1911. Int. F. & A. at the W. R. Compton Co's. office in
from 1912 to 1951 incl.
St. Louis or Chicago. Due $5,000 yrly. Aug. 1 from 1922 to 1941. Incl.
13,500 public-park bonds. Denom. 5337 50. Due $337 50 yearly Jan. 1 Bonded debt, $100,000. Assessed val. $3,325,000 actual value (est.)
from 1912 to 1951 Incl.
$9,375,000.
6,500 Sixth St. extension bonds. Denom. $162 50. Due $162 50 yearly
-By a vote of 774
-Bonds Voted.
HILLSBORO, Highland County. Ohio.
Jan. 1 from 1912 to 1951 incl.
Date Jan. 1 1912. Int. J. & J. at the City Treasury. Cert. check for to 20, the question of issuing armory bonds carried, it is stated, at an
election held recently.
1% of bid, payable to tile Clerk, required.
Bonds to be Offered Shortly.
-We are advised that the $86,500 street-Bond Sale.
-R. J. Edwards of OklaHOBART, Kiowa County, Okla.
Improvement bonds authorized at the election held Oct. 31 (V. 93, p. 1339) homa City was awarded $100,000 water, park and city-hall bonds, it is
will possibly be offered for sale shortly.
stated. A similar issue of bonds was sold on Sept. 26. (V. 93, p. 971.)
-On Nov. 29 the
-Bond Sale.
-Bonds Refused.-Morrls Bros. of
COSHOCTON, Coshocton County, Ohio.
HOOD RIVER, Wasco County, Ore.
$20,000 4% 514-year (ay.) coup, steam-pump bonds (V. 93, p. 1414) Portland declined to accept the $00,000 coup. water-works bonds awarded
were awarded to Well, Roth & Co. of Cincinnati at 101.45 and interest
- them on April 4 (V. 92, p. 1054), owing to pending litigation.
a basis of about 4.19%.
HOPKINSVILLE SCHOOL DISTRICT (P. 0. Hopkinsville), Christian
-The purchaser of the $30,000 4% bldg.
DALLAS COUNTY COMMON SCHOOL DISTRICT NO. 38, Tex.
- County, Ky.-Purchaser of Bonds.
Bond Voted.
-An election held Nov. 18 resulted in favor of the proposition bonds sold on Nov. 20 (V. 93, p. 1549) was the City Bank & Trust Co. at
to issue *1,200 bonds, it is reported. The vote was 14 to none.
par. Denom. $1,000. Date Dec. 1 1911. Int. J. & D.
-Bonds Authorized.
-Ordinances have been passed
-The
-Bonds Voted.
DAYTON. Ohio.
HOWARD COUNTY (P. 0. Big Springs), Tex.
providing for the Issuance of the following bonds:
proposition to issue the $100,000 5% 20-40-year (opt.) Road District No. 1
$18,500 5% IIuffman Ave. paving asses. bonds. Denom. $1,000 and bonds (V. 93, p. 485) carried, it is stated, at an election held recently.
$1,500. Due on Dec. 1 as follows: $2,500 In 1913, 51,000 In
-Bonds Defeated.
HUNTINGTON PARK. Los Angeles County, Cal.
1914, $2,000 In 1915, $1,000 in 1916, $2,000 in 1917, 41,000 By a vote of 656 "for" to 847 "against" the porposition to issue the $110,000
in 1918, $3,000 in 1919, $1,000 in 1920, $2,000 in 1921, water-works, electric-light-plant and fire-protection bonds (V. 93, p. 1339)
$1,000 in 1922 and $2,000 in 1923.
was defeated at the election held Nov. 28.
11,300 5% Huffman Ave. paving assess. bonds. Denom. $1,000 and
-Proposals will- be received until
ISABEL, So. Dak.-Bond Offering.
Due $1,300. Dec. 1 1913 and $1,000 yearly
$1,300
Dec. 1 from 1914 to 1923, inclusive.
10 a. m. Jan. 9 1912 for $5,000 6% bonds. Due $1,000 in 5 yrs. and $2,000
20,000 4% storm-water sewer bonds. Denom, 51,000. Due $4,000 in 10 and $2,000 in 15 yrs. C. G. Stoner is Town Clerk.
yearly Dec. 1 from 1920 to 1924, inclusive.
The offieial notice of this bond offering will be found among the advertise30,000 4% general lighting bonds. Denom. $1,000. Due $5,000
yearly Dec. 1 from 1920 to 1925, inclusive.
ments elsewhere in this Department.
2,000 4j.% Sperling Ave. bridge bonds. Denom. $1,000. Due Dec. 1
-Bonds Defeated.
JEFF DAVIS COUNTY (P. 0. Fort Davis). Texas.
1914.
The question of issuing the $50,000 road impt. bonds (V. 93, p. 1276) failed
9,000 4% water-works-impt. and ext. bonds. Denom. $1,000. Due to carry at the election held Nov. 27.
$2,000 yrly. Dee. 1 from 1920 to 1923, incl., and $1,000
JEROME SPECIAL SCHOOL DISTRICT. Union and Delaware CounDec. 1 1924.
-Proposals will be received until 12 m. Dec. 15
of an issue of $450,000 4% Great Miami River impt. bonds ties, Ohio.-B•ynd Offering.
50,900
by N. M. Stewart, Clerk Bd. of Ed. (P. 0. Dublin R. D. No. 1), for $1,500
voted Nov. 2 1009. Denom. $1,000. Due $5,000 yriy.
5% bldg. bds. Auth. Sec. 7625, 7626 and 7627. General Code. Denom.
Dee. 1 from 1924 to 1933 inclusive.
$300. Date Dec. 15 1911, Int. J. & D. beginning June 15 1913 at the
Date Dec. 1 1911. Int. semi-annual.
Farmers' Nat. Bank at Plain City. Due $300 yriy. Sept. 1 1915 to 1919,
DEL RIO INDEPENDENT SCHOOL DISTRICT (P. 0. Dcl Rio), Val- incl. Bonds to be delivered Dec. 20, 1911. Cert. check for $50, payable
-The $7,000 5% 10-yr. school to the Treasurer Board of Education, required. Bids must be unconditional
-Bonds Registered.
verde County, Texas.
bonds voted Aug. 30 (V. 93, p. 744), were registered by the State Comp- Purchaser to pay accrued interest.
troller on Nov. 27.
-A favorable
lowa.-Bonds Voted.
KENW()OD PARK, Linn
-On Dec. 2 the vote was cast on Nov. 25 on County,
DOUGLAS COUNTY (P. 0. Omaha), Neb.-Bond Sale.
the proposition to issue $4,000 6% 20-year
$200,000 4 M% 20-yr. coupon court-house bonds bids for which were water-supply bonds. The vote was 86 V) 31.
rejected on Sept. 30 (V. 93, p. 1056) were awarded to tile Wm. R. Compton
-Bond
Nov..,
KINGSTREE. Williamsburg County, So. Car.
Co. of St. Louis at 101.01 and cost of ranting bonds. Other bids follow.
Harris Tr.& Sav.13k., Chic_$201,268 Thos. J. Bolger Co., Chic__$200,451 the $28,000 water-works and $14,000 sewer 5% 20-40-yr. (opt.) bonds
B. H. Rollins & Sons, Chic_ 201,120N. W. Halsey & Co., Chic__ 200,150 were awarded to Marshall Fe Bro. of Charleston. Date Nov. 1 1911.
For other details see V.93, p.1135.
Denom. $1,000. Date Oct. 1 1911. Int. semi-ann.
-On Nov. 10
LAWRENCEVILLE, Gwinnett County. Ga.--Bond Sale.
-On Dec. 4 the $50,000
-Bond Sale.
ELMIRA, Chemung County, N. Y.
the 535,000 5% 30-year water-works bonds (V. 93, p. 1214) were awarded
4
6 )-yr. (aver.) rcg. school bonds (V. 93, p. 1549) were awarded to
Sutro Bros. & Co. of N. Y. at 101.557-a basis of about 4.21%. Other to J. B. McCrary Co. of Atlanta for 535,350, making the price 101.514
-a basis of about 4.90%.
bids follow:
Watson & Pressprich, N. Y..101.53 R. L. Day & Co., N. Y
100.89
-Bond
LEMON TOWNSHIP SCHOOL DISTRICT, Butler County. Ohio.
Estabrook & Co., N Y
100 786
101.431 Parson, Son & Co., N. Y__10 ..816 Offering.
-Proposals will be received until 12 m. Dec. 30 by W. B. Hedding,
Kissel, Kinnicuttl& Co., N.Y.101.13 Elmira Say. B., Elmira
Clerk Bd. of Ed. (P.0. Middletown),for $16,000 454% Monroe school-bldg.
Harris, Forbes & Co., N. Y_101.081 N. W. Halsey & Co., N. Y 100.704 bonds. Authority Sec. 7626, Gen. Code. Denom. $500. Date Dec. 30
100:0 1 1911. Int. J. Fe D. at the First Nat. Bank in Middletown. Due $1,000
It. M. Grant & Co., N. Y___100.976 C. H. Denison, Cleveland
00
409
100.96 Adams & Co., N. Y
Ferris & White, N. Y
yrly. Dec. 30 from 1914 to 1919, incl. and $2,000 yrly. Dec. 30 from 1920
-Reports state that to 1924 incl. Bonds to be delivered and paid for within 10 days from time
Churchill County, Nev.-Bond Offering.
FALLON,
tke City Council has authorized the sale of *15,000 electric-light-plant bonds. of award. Cert. check for 2% of bonds bid for, payable to the District
pay accrued interest.
-Bond Sale.
-On Nov. 6 the 55,000(3% Treasurer, required. Purchaser to
FALLS CITY, Polk County, Ore.
-Bond Offering.-According to reports,
LINDEN, Marengo County, Ala.
water bonds voted Sept. 25 (V. 93, p. 971) were awarded to tile Bank of
Denom. $1,000. Date Nov. 15 1911. Int. M. & N. the Town Council has authorized the Mayor to sell $10,000 8% bondslto
Falls City at 101.
construct an adequate public and high-school building.
Due Nov. 15 1931. opt. at any interest-paying period.
-Bond Offering.
-N. E. Entrikin.
-We are advised that tile
LIVINGSTON, Park County. Mont.
-Bond Sale.
PARLEY, Dubuque County, Iowa.
City Clerk, will offer at public auction at 12 m. Dec. 28, an issue of $65,000
;4,500 gas-works bonds voted on Oct. 7 (V. 93, p. 1134) have been sold.
5% gold coupon funding bonds. Denom. $1,000. Date Jan. 1 1912.
-The election held
FOX LAKE, Dodge County. Wis.-Bonds Voted.
J. at the City Treasurer's office, or, at the option of holder, at
Nov. 28 resulted in a vote of 128 "for" to 84 "against" the question of Int. J. Fe in New York to be designated by the City Treasurer. Due
bank
issuing $20,000 43i% water-works bonds. Due $1,000 yearly for 20 years. some
20 years, opt. after 10 years. Cert. check for $1,000, payable to J. F.
-Bond Offering.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Pro- Alspaugh, Mayor, required. A similar issue of bonds was sold on Sept. 25
posals will be received until 11 a. m. Dec. 23 by the 11d. of Co. Comm'rs, to King, Farnum & Co., of Chicago. (V. 93, p. 972.)
J. Scott, Clerk, for $3,960 5% ditch-iinpt. bonds. Authority Sees. 2204
,
-Bond Sale.
-On Dec. 7
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
and 2295, Gen. Code. Denom. $440. Date Jan. 1 1912. Int. J. & J.
%% ditch-construction bonds (V. 93. p. 1549) were awarded
Due $1,320 Jan. 1 1913, 1914 and 1915. Cert. check (or cash) on a national the $19,500 4 Well, Roth & Co. of Cincinnati for $19,631, making the price
bank or trust company in Franklin Co. for 5% of bonds bid for, payable to It Is stated, to $1,500 July 1 1912 and $2,000 each six months fromjan. 1
100.671. Due
the Auditor, required.
1013 to Jan. 1 1917, inclusive.
FULLERTON UNION HIGH SCHOOL DISTRICT, Orange County. Cal.
-Proposals will be
-Bond Offering.
LONDON, Madison County, Ohio.
-Moturitu of Bonds.
-The $130,000 5% gold tax-free bldg. bonds awarded
until 12 m. Dec. 29 by J. W. Byers. VII. Clerk, for $20,000 4 34%
on Nov. 8 to the Wm. R. Staats Co. of Los Angeles mature $5,000 yearly received
coup. East First St. paving bonds. Authority. Sees. 3817 and 3821, Gen,
from 1916 to 1941 incl. Int. J. & D. For other details see V. 93, p. 1490. Code. Denom. $500. Date Mch. 1 1912. Int. M. & S. Due on Mch. 1
,
OA LVESTON COUNTY DR A I N.AGE DISTRICT NO. 1,Tex.
-Bond Sale. as follows: $3,500 in 1913, $3,000 in 1914, $3,500 In 1915, $3,000 in 1916,
-We are advised that the $26,000 5% bonds registered on Sept. 23 (V..,93, $4,500 in 1917 and $500 in 1919, 1921. 1923, 1925 and 1927. Bonds to be
p. 895) have been sold to contractors.
delivered and paid for within 15 days from time of award. • Cert. *heck for
1622
THE CHRONICLE
5% of bonds bid for, payable to the VIII. Treas., required. Purchaser to
Day accrued interest.
-Bonds Defeated.
-The elecLONG BEACH, Los Angeles County, Cal.
tion held Nov. 28 resulted in the defeat of the proposition to issue the
$350,000 sewer bonds (V. 93, p. 1415).
LORAIN. Lorain County, Ohio.
-Bids.
-The following bids were re.ceived on Dec. 2 for the $9,052 22 4% coup, sewer refunding bonds
(V. 93, p. 1339):
•
Premium.
Premium.
Hayden, Miller & Co., Clev_ _$36 00 Well, Roth & Co., Cincinnati_$19 25
Hoehier & Cummings,
35 28 Otis & Hough, Cleveland__ 12 00
Seasongood & Mayer, CM_ ___ 21 00 Provident S. B. & T. Co., Cin_ 10 86
MANCHESTER INDEPENDENT SCHOOL DISTRICT (P. 0. Manchester), Delaware County, lowa.-Bond Election.
-An election will be held
Dec. 12, it is stated, to decide whether or not $24,000 high-school-bldg.impt. bonds shall be issued by this district.
MARION COUNTY (P 0. Marion). Ohio.
-On Nov. 28 the
-Bond .Sale.
$11,500 5% coup. Sieter Free Turnpike bonds (V. 93, p. 1340) were
awarded to the New First Nat. Bank of Columbus, it is stated.
-The five issues of
MARYSVILLE. Union County. Ohlo.-Bond Sale.
43% coup. bonds aggregating $15,100, offered on*Dec 1 (V. 93, p. 1340)
have been awarded to Hayden, Miller & Co. of Cleveland, it is stated.
MATAGORDA COUNTY DRAINAGE DISTRICT NO. 3, Texas.
-Bond
Offering.
-Proposals will be received at any time for $27,950 5% drainageimpt. bonds. Denom. $1,000. Date Deo. 18 1911. Int. ann. at any
place desired. No debt at present. Assessed val. for 1911, $219,380.
R. R. Lewis is attorney.
MATAGORDA COUNTY DRAINAGE DISTRICT NO. 4. Texas.
-Bond
Offering.
-Proposals will be received at any time for $103,669 43 5%
drainage-impt. bonds. Denom. $1,000. Date Dec. 16 1911. Int. annual
at any place desired. No debt at present. Assessed val. for 1911, $744,175. R. R. Lewis is Attorney.
-On Dec. 1
-Bond Sale.
MECHANICSBURG Champaign County, Ohio.
$23,000 4 m% street-impt. bonds were awarded to Stacy & Braun of
Toledo for $23,414 50, making the 'price 101.802. Other bids follow:
Well, Roth & Co., Ctn.._ _$23,295 00ISeasongood & Mayer, CinOtis & Hough, Cleveland.. 23,287 501 cinnati
,_$23,267 00
• Denom. $1,000. Date Dec. 1 1911. Int. A. & 0. Due $2,000 yearly.
-Bond Offering.
-Proposals will be
MELROSE. Middlesex County, Mass.
received until 12 m. Dec. 11 by W. R. Lavender, City Treasurer, for the
following 4% coupon bonds:
$12,000 public-park Loan 1911 bonds. Denom. $1,500 and 81,000. Due
$1,500 yearly Nov. 1 from 1912 to 1915, tool.,and $1,000 yrly.
Nov. 1 from 1916 to 1921 incl.
5,000 sewerage loan Act of 1905 bonds. Denom. $1,000. Due Nov. f
1941.
5,000 water loan Act of 1909 bonds. Denom. $1,000. Due $1,000 yrly.
Nov. 1 from 1912 to 1916 incl.
5,000 surface drainage loan Act of 1909 bonds. Denom. $1,000. Due
Nov. 1 1916.
Date Nov. 1 1911. Int. M. & N. at the Second Nat. Bank of Boston.
Bonds are exempt from taxation in Massachusetts and will be certified
as to genuineness by the Old Colony Trust Co. of Boston. The opinion
of Ropes, Gray & Gorham as to the legality of this issne will be furnished without oharge to the purchasers. Purchasers to pay accrued interest.
MEMPHIS, Shelby County, Tenn.
-On Nov. 28 the $250,-Band Sale.
000 4 M% 35-yr. coup. general liability water bonds (V. 93, p. 1340) were
awarded to the Fifth-Third Nat. Bank of Cincinnati at 100.722 and int.a basis of about 4.459%.
MILWAUKEE, Wis.-Bonds Refused.-Blodget & Co. of Boston have
refused the $100,000 4 M% coup. refunding bonds awarded them on Sept. 8
(V. 93, p. 684), there being a doubt, it is stated, as to the constitutionality
of the State law authorizing cities to make such issues.
-Bonds Purchased by State.
-During the month of NoMINNESOTA.
vember the State purchased the following 14 issues of 4% bonds, agere
gating $43,900, at par:
Becker Co. S. D. No. 104____$1,800 Meeker Co. S. D. No. 42
$1,600
Benton Co. S. D. No. 61
800 Mille Lacs Co. Ditch No. 3___1 508
1,6
Cornish, Altkin County
2,000 Mille Lacs Co. Ditch No. 4___ 6,800
Crow Wing Co. S. D. No. 7_ _ 4,000 Mille Lacs Co. Ditch No. 5- _ _ 2,500
Crow Wing Co. S. D. No. 51_16,000 Mille Lacs Co. Ditch No. 6___
700
Lincoln Co. S. D. No. 71
1,200 Rock Co. S. D. No. 57
1,200
Lyon Co. S. D. No. 1
3,000 Stearns Co. S. D. No. 44
800
-Bids.
-Bids were received on Dec. 1 for only $159,500 of
MISSOURI.
the $3,500,000 3 M% 8-13-yr. (opt.) coup. State Capitol bonds offered on
that day (V. 93, p. 896). These bids are reported as follows:
National Bank of Commerce, Kansas City
$50,000 at 100.00
{
15,000 at 100.00
Bank of Sweet Springs
15,000 at 102.50
15,000 at 105.00
Chilhowee Bank, Chilhowee
2,500 at 100.00
H.P. Koehler, Kansas City
1,000 at 100.50
First National Bank, Jefferson City
25,000 at 100.00
Westport Avenue Bank, Kansas City
5,000 at 100.00
Lowry City Bank, Lowry City
10,000 at 100.00
Bank of Ava, Ava, Mo
1,000 at 100.00
Fannie C. Brady, Kansas City
1,000 at 100.00
M. Lewis, Carthage
500 at 100.00
Mrs. Laura G. Hyde, Wichita, Hans
500 at 102.50
Citizens' Bank of Union, Union
1,000 at 100.00
Johnson-Lucas Banking Co., Osceola
15,000 at 100.00
Farmers' & Commercial Bank, Holden
2,000 at 100.00
None of the above bids have been accepted. A conference was held
Dee. 5 between certain St. Louis, Kansas City and St. Joseph financiers,
Governor Hadley and other members of the State Board of Fund Commissioners to discuss the sale of the bonds. According to the local newspapers, no definite action was taken. The matter will be taken up, it is
said, at the next joint meeting to be held about Jan. 8.
MONROE COUNTY (P. 0. Madisonville), Tenn.
-On
-Bond Sale.
Nov. 28 the $150,000 5% 20-yr. (ay.) road bonds (V. 93, p. 1340) were
awarded to Emery, Peck & ftockwood of Chicago at 102.288 and int.a basis of about 4.82%. There were 17 bidders.
MONTECITO SCHOOL DISTRICT. Santa Barbara County, Cal.
-Bond
Election.
-An election will be held Dec. 15 to vote on the question of issuing
$8.000 6% bldg. bonds.Denom.$500. Due $500 yrly. from 4 to 15 yrs, incl.
MORROW COUNTY (P. 0. Mt. Gilead), Ohio.
-Pro-Bond Offering.
posals will be received until 11 a. m. Dec. 22 by the Co. Conamrs. for the
following 4 34% coup. road-impt. bonds:
$9,994 00 Gilead Road No. 2 (township's portion) bonds. Denom. $500
and $494. Due $500 each six months from Mch. 1 1912 to
Mch. 1 1921 incl. and $494 Sept. 1 1921.
2,476 98 Gilead Road No. 2 assess. bonds. Denom. $120 and'$10698. Due
$120 each six months from Mch. 1 1912 to Mch. 1 1921 incl. and
$196 98 Sept. 1 1921.
2,242 00 Gilead Road No. 3 (township's portion) bonds. Denom. $100
and $342. Due $100 each six months from Mch. 1 1912 to Mch. 1
1921 incl. and $342 Sept. 1 1921.
• 577 75 Gilead Road No. 3 assess. bonds. Denom. $100 and $177 75.
Due $100 yrly. Sept. 1 from 1912 to 1915 incl. and $177 75
Sept. 1 1916.
6,960 00 Mills Road (township's portion) bonds. Denom. $400 and $580.
Int. for 2 yrs. will be paid Sept. 1 1913. Due $400 each six
months from Sept. 1 1913 to Mch. 1 1921 incl.land $560 Sept. 1 '21.
3,021 35 Mills Road assess. bonds. Denom. $140 and $381 35. Due
$140 each six months from Mch. 1 1912 to Mch. 1 1921 incl. and
$381 35 Sept. 1 1921.
Date Sept. 1 1911. Int. M. & S. Bonds to be delivered and paid for
within 5 days after time of award. Bids must be unconditional and be
made separately for the assessment and township's portion of each improvement. Cert. check on a bank In Morrow Co. for 10% of bonds bid
for, payable to Clifton Sipe, Auditor, required. Proposals must be made
on blanks furnished by the Auditor.
MOUNT MORRIS. Livingston County, N. Y.
-Bonds Defeated.
-The
proposition to issue the $95,995 bonds to install a water-works
-system
(V. 93, p. 1491) failed to carry at the election held Dec. 5. The vote was
72 "for" to 102 "against."
NAPOLEON. Henry County, Ohio.
-Bond Sale.
-On Dec. 4 the $3,060
5% 1-5-yr. (ser.) coup. Maumee Ave. Impt. tax-free bonds (V. 93, P. 1418)
were awarded to M. Reiser of Napoleon for $3,111 85 (101.687) and Int.-
[VoL. Lxxxxin.
a basis of about 4.40%. Other bids follow:
First Nat. Bk., Napoleon_$3,101 911Hayden, Miller & Co., Cle_$3,094 00
NAVARRO COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.
Bonds Registered.
-An issue of $16,000 5% 10-40-yr. (opt.) bonds was
registered by the State Comptroller on Nov. 27.
NEW BEDFORD, Bristol County, Mass.
-Bond Offering.
-Proposals
will be received until 7:45 p. m. Dec. 12 by W. S. Cook, City Treas., for
$100,000 4% registered sewer bonds. Authority, Chap. 474, Acts of 1910.
Denom. $1,000 or multiple thereof. Date Dec. 1 1911. Int. J. & D. by
check, payable to order of holder. Due $4,000 yrly. Dee. 1 from 1912 to
1921 incl. and $3,000 yrly. Dec. 1 from 1922 to 1941 incl. Bonds are exempt from taxation in Massachusetts. Certified cheek on a national bank
or trust company for 2% of bonds.bid for, payable to the "City of New
Bedford," is required. Legal opinion by Storey, Thorndike, Palmer &
Dodge of Boston.
Description of Bonds.
-The $28,000 4% municipal bonds awarded on
Nov. 29 to Biodget& Co. of Boston at 101.419 are in the denom. of $1,000
each and int. is payable M. de N. For other details see V. 93, p. 1550.
NEW BRIGHTON SCHOOL DISTRICT (P. 0. New Brighton), Pa.
Bond Sale.-Aocordlng to reports $10,000 434% bonds have been sold.
NEW CASTLE, Lawrence County, Pa.
-Bonding Ordinance Defeated.
Reports state that the ordinance providing for an election to be held Feb.
1912 to submit to the people propositions to issue the $183,000 sewagedisposal plant, $200,000 electric-light plant and $117,000 street-impt. and
park bonds (V. 93, p. 825) was defeated by the Select Council Nov. 27.
Bond Issue.
-According to reports, $11,328 50 Shaw's Island bonds will
be given to owners of the island in return for the property that is taken
for a sewage-disposal plant.
-Bond Sale.
-On Dec. 4 the
• NEW HARTFORD, Oneida County, N. Y.
two issues of bonds offered on that day (V. 93, p. 1550) were awarded
as follows:
$4,800 fire-house
-purchase bonds to the Citizens' Trust Co. of Utica at
102.1875 for 5s.
1,000 fire-alarm-system bonds to Frank Crave at 100 and int. for 4 Ms.
-On Deo. 5
NEW ROCHELLE, Westchester County, N. Y.
-Bond Sale.
the two issues of 4 A% reg. bonds, aggregating $142,000 (V. 93, p. 1550),
were awarded to Ferris & White of N. Y. for $143,721 21 (101.212) and
int. Other bids follow:
E.H.Rollins & Sons,N.Y.$143,689 80 Rhoades & Co., N. Y__ _$143,339 06
Kountze Bros., N. Y___ 143,591 82 Parkinson & Burr, N. Y. 143,320 80
Jas. R. Magoffin, N. Y_.. 143,578 00 Adams F6 Co., N Y
143,280 00
Estabrook & Co., N. Y. 143,500 78 R. L. Day & Co., N. Y
143,097 66
N.W. Halsey 60 Co., N.Y. 143,486 75 Watson Fe Pressprich,N.Y. 143,097 86
R. M. Grant & Co., N.Y. 143,402 98 Harris, Forbes & Co.,N.Y. 142,570 00
NEW YORK CITY.
-Temporary Loans.
-The following revenue bonds
and notes (temporary securities) were issued by this city during the month
of November.
Amount.
Interest.
Revenue bonds, current expenses
$1,544,138
334
Revenue bonds, current expenses
200,000
3.68
Revenue bonds, current expenses
2,10/1,270
3M
Revenue bonds, current expenses
5,225,877
3M
Revenue bonds, current expenses
*1,325,930
334
Revenue bonds, current expenses
500,000
3.45
Revenue bonds, special
33,850
3X
Revenue bonds, special
66,000
3A
Revenue bonds, special
350,000
3
Corporate stock notes (various municipal purposes) _ 334
1,457,468
Corporate stock notes (various municipal purposes) _ 3
700,000
Corporate stock notes (for water)
1,879,901
334
Corporate stock notes (for water)
922,877
3X
Corporate stock notes (for rapid transit)
55,000
3M
Corporate stock notes (for rapid transit)
100,000
334
Total
$18,539,309
*Payable in francs.
-Bond Offering -Attention is called to the official
NEW YORK STATE.
notice elsewhere in this department of the offering on Dec. 14 of the $10,000,000 4% 50-yr. gold coup. or reg. bonds. For details of bonds and terms
of offering see V. 93, p. 1491.
-On Nov. 29
-Bond Sale.
NORTH YAKIMA, Yakima County, Wash.
the $60,000 1-20-yr. (opt.) gold coup. funding bonds (V. 93, p. 1491) were
awarded to the State of Washington at par for 5s. Other bids follow:
Well, Roth & Co., Chicago.. $60,000 and blank bonds for 4 Xs due in 20 yrs
A. B. Leach & Co., Chicago__ 81,820 and int. for 5s due in 20 yrs.
I 60,303 and int. for 5s due in 20 yrs., opt.
Dexter Horton National
after 10 yrs.
Bank
1 60,908 and int. for 5s due in 20 yrs.
Thos. J. Bolger Co., Chicago.. 60,000 and blank bonds for 5s due in 20 yrs..
opt. $15,000 prior to Dec. 15 1921.
1926 and 1931.
Denom. $1,000. Date Dec. 15 1911. Int. J. 6; D. Bonds are taxexempt.
OCEAN CITY, Cape May County, N. J.
-On Dec. 7 the fol-Bond Sale.
lowin5mbIds were received for the $14,000 5% 10-yr. impt. bonds (V. 93.
p 15 g :
.
E. J. Hann, Ocean City__103.01 'Adams & Co., New York
Geo. S. Fox & Sons, Phila__102.3307 R.M. Grant & Co., New York_100.58
101.50
Henry & West, Philadelphia102.03
We are not advised as to which bid was successful.
-Proposals will be re-Bond Offering.
ORANGE. Essex County, N. J.
ceived until 8 p. m. Dec. 18 by the Common Council, care Willett B. Gano,
City Clerk, for the following 4 M% bonds:
$89,000 funding bonds. Due 20 yrs.
13,000 water bonds. Due $1,000 yrly. from 1913 to 1925 incl.
Denom. $1,000. Date Dec. 1 1911. Cert. cheek for 2% of bonds bid
for Is required. Bonds will be certified as to genuineness by the U.S. Mortgage & Trust Co. of New York and their legality approved by Caldwell,
Masslich & Reed of New York.
The official notice of this bond offering will be found among the advertisements elsewhere in this Devartment.
-Bond Offering.
-Proposals
ORANGE COUNTY P. 0. Goshen), N. Y.
will be received until 12 in. Dec. 21 by R. Johnson, County Treas., for
$189,000 434% coupon or registered road bonds. Denom. $1,000. Date
Oct. 1 1911. Int. A. & 0. at the Nat. Bank of Orange Co. In Goshen.
Due $7,000 yrly. Oct. 1 from 1912 to 1938, incl. No deposit required.
-Bond Election.
ORANGE COUNTY (P. 0. Orange), Tex.
-The proposition to issue $200,000 road bonds will be submitted to the voters, reports
state, at an election to be held Dec. 20.
ORANGE COUNTY POOR DISTRICT NO. 1, N. Y.
-Bond Offering.
Proposals will be received until 12 m. Dec. 21 by R. Johnson, County Treas.
(P 0. Goshen), for $23,000 434% hospital bonds. Denom. $1,000. Date
Dec. 1 1911. Int. J. & D. Duo $3,000 June 1 1913 and. $5,000 yrly.
June 1 from 1914 to 1917 incl. No deposit required. These bonds were
awarded on August 21 to Ferris & White of New York. (V. 93, p. 549),
but subsequently refused by that firm.
-Bond Election.
OROSI SCHOOL DISTRICT, Tulare County, Cal.
A vote will be taken on Dec. 24, it is stated, on the question of Issuing
$40,000 building bonds.
OSCEOLA SCHOOL DISTRICT NO. 19 (P. 0. Osceola), Polk County.
Neb.-Bond Sale.
-On Nov. 16 the $33,000 5% 5-20-yr. (opt.) impt. bonds
(V. 93, p. 1340) were awarded to Oscar Allen of Omaha for $33,868, making
the price 102.018.
-Bond Election.
-Reports state that
OSWEGO, Oswego County, N. Y.
a proposition to issue $190,000 trunk-sewer bonds will be submitted to the
taxpayers on Dec. 19.
-Bond Election.
OWOSSO, Shiawassee County, Mich.
-The question of
issuing $15,000 street-Improvement bonds at not exceeding 5% int. will be
voted on at an election to be held Dec. ZO. Due $1,000 yrly. from 1913 to
1927, inclusive.
PACIFIC, Franklin County, hlo.-Bond Offering.
-Proposals will be
received until Dec. 20 by A. R. Leber, City Clerk, for $15,000 5% waterworks bonds. Denom. $500 and $1,000. Date Jan. 1 1912. Interest
annual at the City Treasurer's office. • Due Jan. 1 1932. Cert. check or
THE CHRONICLE
DEC. 9 1911.]
draft for $1,000, payable to the City Treasurer, required. No debt at
present. Assessed val. $300,000.
-Bonds Registered.
-On Nov. 29
PALESTINE. Anderson County, Texas.
the $20,000 5% 10-40-yr. (opt.) school-bldg. bonds sold to A. B. Leach &
Co. on Sept. 14 (V. 93, p. 825) were registered by the State Comptroller.
Bond Sale
PENNINGTON COUNTY (P.O. Thief River Falls).
On Oct. 2 $85,000 5;i% 20-yr. drainage bonds were awarded to J. A.
Duffy, Cashier of the Merchants' State Bank, at par. Denom. $1,000.
Date Oct. 2 1911. Int. A. & 0.
-ConPETERSBURGH, Dinwiddie County, Va.-No Action Yet Taken.
cerning the report that this city proposed to issue $150,000 4 ;.6% impt.
bonds (V. 93, p. 973) the Auditor Informs us that no definite action has
been taken nor has the amount of the issue been decided.
PILOT POINT INDEEPIIDENT SCHOOL DISTRICT (P.O. Pilot Point),
-Bonds R39istered.-The State Comptroller register°
Denton County, Tex.
on Nov. 29 the $5,000 5% 5-20-yr. (opt.) high-school-bldg. bonds voted
June 29 (V. 93, p. 122.)
1623
ROCHESTER, N. Y.
-Note sale.
-On Dec. 1 5549,000 8-months waterworks-impt. notes were awarded to Bond & Goodwin of N. Y. for $549,011
for 4 ;is. A bid for $200,000 at 4.95% was also received from Luther
Robbins of Rochester.
ROCKINGHAM COUNTY (P. 0. Portsmouth), N. H.
-Bond Sale.
-On
Dec. 2 the $20,000 4% 11-14-yr. (serial) coup. jail bonds (V. 93, p. 1550)
were awarded to N. W. Harris & Co., Inc., of Boston at 100.267. Other
bids follow.
W. 0. Jenkins
100.100 IA. B. Leach & Co., Boston__100.065
Merrill, Oldham & Co., Bost_100.0791Geo. A. Fernald & Co., Bost_100.063
RUSHVILLE, Schuyler County, 111.
-Bond Sale.
-On Dec. 4 the $31,000
5% 10 3 -year (average) coupon water-works-construction bonds (V. 93.
p. 1492) were awarded to the Bank of Rushville in Rushville at 102-90a basis of about 4.65%. Other bids follow:
Thos.J.Bolger Co., Chic_$31,835 00 R.C.O.Matheny,Springt _$31,524 00
A. B. Leach & Co., Chic__ 31,825 00 Ulen & Co., Chicago
S. A. Kean & Co., Chic_ _ _ 31,806 00 Wm. R. Compton Co., St. 31 331 70
'
H.0.Speer&SonsCo.,Chic_ 31,700 00
Louis
31,313 00
Bank of SchuylerCo.,Rush. 31,635 00 Chas. S. Kidder&Co.,Chic. 31,310 00
PLYMOUTH, Sheyboygan County. Wis.-Bond Offering.
-Proposals John Nuveen & Co., Chic_ 31,626 00 N. W.Halsey & Co., Chic_ 31,260 00
will be received until Dec. 12 by C. W. Jackson, City Clerk, for $35,000 C. H. Coffin, Chicago..._ 31,622 00 E.H .Rollins&Sons,Chic
31,096 10
•5% 1-20-yr. (ser.) water and electric-light-impt. bonds, according to Cutter, May & Co., Chic__ 31,531 00 Little & Hays, St. Louis
31,050 00
reports. Int. semi-ann. Cert. check for 5% is required.
A bid was also received from H. T. Holtz & Co. of Chicago.
POMONA SCHOOL DISTRICT (P. 0. Pomona). Los Angeles County.
RUSSELLVILLE. Pope County. Ark.
-Bonds Proposed.
-We are
-Bonds Defeated.
Cal.
-The propositions to issue the $100,000 grammarschool-bldg. and $100,000 high-school-bldg. 5% 1-40-yr. bonds (V. 93, Informed that this city will probably issue sewer bonds about Jan. 1 1912.
p. 1215) failed to carry, reports state, at the election held Nov. 28. The
ST. CLAIR HEIGHTS, Wayne County. Mich.
-Bond Sale.
-Matthew
vote was 1,058 "for" to 858 "against" the grammar-school and 686 "for" Finn was awarded at 104.25 the $16,000 fire, water and town-hall bonds
to 1,122 "against" the high-school bonds, a two-thirds majority being (V. 93, p. 1215), it is stated.
•,
necessary to authorize.
SALEM, Columbiana County,
-Bonds Authorized.-An ordinance
-Bond Sale.
-On Dec. 5 has been passed providing for theOhio.
PULASKI COUNTY (P. 0. Mound City), 111.
issuance of
the $40,000 5% 1-20-year (serial) coupon tax-free court-house and jail tric-light-plant-const. bonds voted Nov. 7 (V.the $20,000 4;i% coup. elec93, b. 1416).
bonds (V. 93, p. 1492) were awarded to H. T. Holtz & Co. of Chicago at Date Dec. 15 1911. Int. J. & D. at,the City Treas. office.Denom. $500.
Due $1,000
105.2775 and int.-a basis of about 4.37%. Other bids follow:
yrly. April 1 from 1913 to 1932 incl.
, ,3•
ta
4111
Devitt,Tremble&Co.,Chic.$41,628 00 S. A. Kean & Co., Chic.. _ ..$41,040 00
A.G.Edwards&Sons,St.L_ 41,604 10 N. W. Halsey & Co.,Chic.. 40,928 00
-No award
SC7)
897ANTON, Bowman County, No. Dak.-Bonds Not Sold.
Harris Tr. Fe S. Bk., Chic_ 41,528 00 Mercantile Tr. Co., St. L_ 40,822 00 has yet been made of the $6,000 6% 20-yr. coup. lire-dept. bonds (V. 93.
W.R.Compton Co., Chic_ 41,473 00 McCoy & Co., Chicago__ 40,803 00 p.
Coffin & Crawford, Chic_ _ 41,400 00 H.C.Speer&SonsCo.,Chic.. 40,800 00
SHARON, Mercer County, Pa.
-No Bond Election at Present.
-ConcernWell, Roth & Co., Chicago 41,360 00 Cutter, May & Co., Chic__ 40,427 00
L.D.Laning&Co.,Kan.City 41,282 00 Chas.S.Kidder & Co.,Chlo.. 40,387 00 ing the report in one of the papers that an election would be held to vote
Thos. J. Bolger Co., Chic.. 41,266 00 John Nuveen & Co., Chic_ 40,132 00 on the question of issuing $100,000 light bonds we are advised by the
that the ordinance has not yet been introduced.
Borough.•
A. B. Leach & Co., Chio__ 41,048 00
Itasca
spRA Secretary
RAVALLI COUNTY SCHOOL DISTRICT NO.36(P.O. Corvallis), Mont.
County, Minn.-Bon<Offering.-Proposals Twill be
•
N
-Bond Sale.
-On Nov. 22 the $1,500 6% 3-10-yr. (opt.) coup. bonds received until 4 p. m. Dec. 15 for $8,000 6% road and bridge bonds. Denom.
(V. 93, p. 1340) were awarded to the Register of State Lands at Helena $1,000. Date Dec. 1 1911. Int. ann. Due $1,000 yrly. Dec. 1 1921 to
at par.
1928 incl. Cert. check for $400, payable to the Treasurer, is required.
-Bond Sale.
-On Dec. 4 C. A. Dutton is Town Clerk.
• RED SPRINGS, Robeson County, No. Caro.
the $35,000 30-yr. water and sewer bonds (V. 93, p. 1340) were awarded to
-Bond Sale.
-On Oct. 18 the
STILLWATER, Payne County, Okla.
the Robinson, Humphrey, Wardlaw Co. of Atlanta.
$15,000 5% 20-yr. coup, water-works bonds (V. 93, p. 897) were awarded
-Bond Election.
REEVES COUNTY (P. 0. Pecos), Texas.
-Reports to Spitzer, Rorick & Co. of Toledo at par.
state that an election will be held Jan. 19 1912 to vote on a proposition to
STORM LAKE SCHOOL DISTRICT (P. 0. Storm Lake), Buena Vista
issue $100,000 road-impt. bonds.
-As the election held Nov. 28 the proCounty, lowa.-Bonds Voted.
RICHMOND SCHOOL DISTRICT, Contra Costa County, Cal.
-Bond position to issue $60,000 building bonds carried by a vote of 533 to 370. •
-On Dec. 1 the $160,000 4;i% bldg. bonds (V. 93, p. 1492) were
Sale.
-Bond Election.
-An election will be
TAMAQUA, Schuylkill County, Pa.
awarded to E. H. Rollins & Sons of San Francisco at 100.11 and int. held January 9 1912 to vote on the question of Issuing $45,000 4% 10-30-yr.
No other bids were received.
(opt.) sewer and refunding bonds.
NEW LOANS.
NEW LOANS.
STATE OF NEW YORK
$15,000
Township Of
4 Per Cent Canal Improvement Gold Bonds
FIRE HOUSE BONDS
EXEMPT FROM TAXATION
Dated July 1, 1911
Due July 1, 1961
AMOUNTING TO
$ 0,000,000
1
Issued in Coupon or Registered Form
For the Improvement of the Erie, Oswego and Champlain
Canals
WILL BE SOLD.THURSDAY, DECEMBER 14, 1911
AT 2 O'CLOCK P. M.
AT THE STATE COMPTROLLER'S OFFICE, ALBANY, N. Y.
THESE BONDS ARE LEGAL INVESTMENTS FOR TRUST FUNDS
Weehawken,
HUDSON COUNTY, N. J.,
Under Chapter 120, Laws of New Jersey, 1905.
Sealed proposals will be received by the Township Committee of the Township of Weehawken;
in the County of Hudson, N. J., on MONDAY.
DECEMBER 18TH, 1911, at eight o'clock P. M.,
at the Township Hall, Park Avenue, for the
purchase of the following Four and One-Half
Per Cent semi-annual coupon bonds.
Amount, $15,000.
Purpose, Erection of Fire House.
Maturity, $15,000 on July 1st, 1931.
Interest, January and July.
Denomination, $1,000 each.
Dated. July 1st, 1911.
The bonds will be delivered upon payment of
the purchase price, interest and premium. Each,
proposal must be accompanied by a certified
check, payable to the order of Hugh J. Coyle,
,
Township Treasurer, for an amount equal to Two
Per Cent of the par value of the bonds bid for.
,
The Township Committee reserves the right to
reject any and all bids if deemed for the interest
of the Township so to do, but no bid for less than
par and accrued interest will be entertained.
By order of the Township Committee.
THOMAS CARROLL,
Township Clerk.
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon
a solvent bank or trust company of the cities of Albany or New York, payable
to the order of the Comptroller of the State of New York, for at least two per
cent of the par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed "Loan for Canal Improvement" and enclosed in a sealed envelope directed
to the "Comptroller of the State of New York, Albany."
MUNICIPAL BONDS
All bids will include accrued interest.
Legal for Savings Banks,
The Comptroller reserves the right to reject any or all bids which are not in
Post41 Savings and Trust Funds
his opinion advantageous to the interests of the State.
8iND FOB LIST
Circular descriptive of these bonds and of outstanding State bonds, sinking
L9 South La Salle St.,
CHICAGO
funds, &c., will be mailed upon application to
Thomas J. Bolger Co.
WILLIAM SOH/VIER, State Comptroller, Albany, N. Y.
F. WM. KRAFT
Albany, November 20, 1911.
LAWYER
BOND CALL.
Bond Call
CITY OF MANCHESTER,VA.
CITY AUDITOR'S OFFICE,
Richmond, Va.. December 1st, 1911.
Holders of City of MANCHESTER. VA., five
per cent (5 7) BONDS, payment of which has
been assumed by the crrY OF RICHMOND, are
hereby notified to present them at this office for
REDEMPTION on or after the 1st day of January, 1912, as they will cease to bear interest from
that date.
EDWARD J. WARREN,
Auditor.
ESTABLISHED 1385
Specializing in Examination of
H. C. SPEER & SONS CO. Municipal and Corporation Bonds
First Nat. Bank Bldg., Chicago
SCHOOL,
°MINTY AND MUNICIPAL BONDS
MUNICIPAL AND RAILROAD
1212 FIRST NATIONAL BANK BLDG.'
CHICAGO, ILL,
Charles M. Smith & Co.
BONDS
CORPORATION AND
MUNICIPAL BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
ran NATIONAL BANK BUILDING
:
. . ......
THE CHRONICLE
1624
-Description of
THERMAL SCHOOL DISTRICT. Tulare County, Cal.
-The $5,000 6% bonds awarded on Nov. 6 to the Wm. R. Staats
Bonds.
Co. of Los Angeles at 100.33 (V. 93, p. 1416) are In the denom. of $1,000
each and dated Sept. 1 1911. Int. M. &S. Due $1,000 yriy. from
913 to 1917 inclusive.
THE TERRACE IRRIGATION DISTRICT (P. 0. Monte Vista), Colo.
Bond Offering.-ThIs district is offering for sale the $308,500 bonds offered
without success on Sept. 16 (V. 93, p. 898). C. W. Foster is Secretary.
-An ordinance
-Bands Authorized.
TRENTON. Mercer County. N. J.
has been passed providing for the issuance of $100,000 registered sewageDenom. $100 or multiples
disposal-plant bonds at not exceeding 4 Si% in
thereof. Int. semi-ann. Due 30 years.
-Douglas
-Bonds Offered by Bankers.
TUPELO. Lee County, Miss.
Fenwick ec Co. of N. Y. are offering to investors $50,000 5% 20-yr.1 ight,
and street bonds. Denom. $1,000. Date May 1 1911. Int.
city-hall
M. & N.In N. Y. Total debt $150,000. Assess. val. $1,850,000.
TWIN FALLS INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0. Twin
-On Nov. 22 the $70,000
-Band Sale.
Falls), Twin Falls County. Idaho.
10-20-yr. (opt.) bldg. bonds dated Feb. 1 1912 (V. 93, p. 1341) were
awarded to the Federal Nat. Bank of Denver at 100.751 and int. for 5s.
-According to reports,
-Bonds Voted.
VASSAR, Tuscola County, Mich.
an election held Nov. 27 resulted in favor of the proposition to issue $10,000
to 7.
bridge bonds. The vote was 149
-Pro-Bond Offering.
VENTNOR CITY (P. 0. Atlantic City), N. J.
posals will be received until Dec. 13 for $80,000 5% street bonds. Authority, vote of 57 to 7 at the election held Nov. 29. Due 1941.
-The Sinking Fund has purchased $10,000 5% 30-yr. bonds.
Bond Sale.
Denom. $1,000. Date Sept. 1 1911. Int. M. & S.
-A loan of
-Temporary Loan.
WALTHAM. Middlesex County, Mass.
$25,000 due April 12 1912 was negotiated on Dec. 6 with Estabrook & Co.
of Boston at 3.24% discount and a premium of $1.
-Bonds
WARD COUNTY COMMON SCHOOL DISTRICT NO. 3, Texas.
Begistered.-On Nov. 27 the State Comptroller registered an issue of $1,000
5% 10-20-yr. (opt.) bonds.
-Proposals will be
-Bond Offering.
WASHINGTON. Wilkes County, Oa.
received until 12 m. Dec. 20 by Boyce Ficklen Jr., Clerk of Council. for the
$30,000 5% electric-light-plant reconstruction bonds voted July 14 (V. 93,
p. 306.)
-proposals
-Bond Offering.
WAVERLY, Humphreys County, Tenn.
will be received until 12 m. Dec. 30 by W. N. McCrary. W. B. Ridings and
J. R. Luff, Committee, at the City Recorder's office, for the *10,000 6%
coupon bonds voted Oct. 3 (V. 93, p. 1059) to purchase the electric-light
-system owned by the Lucas Land & Lumber Co.
plant and water-works
Denom. $1,000. Date Jan. 1 1912. Int. ann. at the Citizen's Nat. Bank,
Farmers' & Merchants' Bank in Waverly or at the Recorder's office. Due
Jan. 1 1922, opt. after 5 yrs. Bonds to be delivered and paid for within
5 days after date of sale. Cert. check for $100, payable to the "City of
Waverly", required.
-ProWEBSTER GROVES, St. Louis County. Mo.-Bond Offering.
dv1513
ile p
onsvotedoc28N g Dec. 18
posals will)erefelvetyn .pi278) te;00051Tater-system-ext.
[VOL. Lxxxxin.
C. E. Denison & Co., C1e_$18,985 80 Hayden, Miller & Co., Cle_$18,738 00
Tillotson ec WolcottCo., Cle 18,887 40 Seasongood & Mayer, Cin_ 18,725 00
Well, Roth & Co., Cin___ 18,832 50
-Bond Sale.
-On Nov. 21
WEST NEW YORK (P. 0. Hoboken). N. J.
a $1,100 5% Polk St. opening bond was awarded to the W. N. Y. Firemen's
Relief Assn. at par. Date Dec. 1 1911. Int. J. & D. Due Dec. 11921.
-Bonds
WEST ORANGE SCHOOL DISTRICT (P. 0. Montclair), N. J.
Defealed.-We learn that the election held Dec. 5 resulted in the defeat of
the question of issuing $75,000 school bonds, the vote being 508 "for" to
•
688 "against."
-An election will be
-Bond Election.
WFIARTON. Morris County. N. J.
held Dec. 12 to vote on the question of issuing the $60,000 water-works
bonds (V. 93, p. 974).
WOODLAND SCHOOL DISTRICT (P. 0. Woodland), Yolo County. Cal.
Bond Election.
-A prpoposition to issue high-school building bonds will be
submitted to the people on Dec. 18, according to reports. It Is estimated
that $90,000 will be required to construct and equip the building.
-Bonds Authorized.-Ordinances have been
YOUNGSTOWN. Ohio.
passed providiag for the issuance of the following 5% coup.strect-impt. bds:
$1,300 street and highway impt. bonds. Denom. $500 and $100. Due
Oct. 1 1913.
5,000 Steel St. ext. bonds. Denom. $1.000 and $500. Due $1,000 yrly.
Oct. 1 from 1913 to 1917 incl.
Int. semi-ann.
Canada, its Provinces and Municipalities.
ARABELLA SCHOOL DISTRICT NO. 2681, Sask.-Debenture Sale.
Nay & James of Regina were awarded for $808 15 (101.018) on July 25
$800 6% 10-Installment debentures. Int. ann. in November.
BERLIN. Ont.-Loan Electton.-An election will be held Jan. 11912, reports state, to vote on a by-law providing for a loan of $10,735 for drainage purposes.
-By a vote of 641 to 6 the propoBRAMPTON. Ont.-Debentures Voted.
sition to issue the $43,000 5% 20-installment Pease Foundry Co. bonus debentures (V. 93, p. 1493) carried at the election held Dec. 1.
-Reports state that a by-law proBRANTFORD, Ont.-Loan Election.
viding for a loan of *60,000 far a school will be submitted to the rate-payers.
-The Township Council passed a by-law providing for a
Loan Authorized.
loan of $15,000 for school purposes, it is stated.
-A favorable vote was cast recently, it is
CANORA, Sask.-Loan Voted.
stated, on by-laws providing for loans of $4,000 for street-impt. and $500
for celnetery purposes.
-An election will be held
CARLETON PLACE. Ont.-Loan Election.
Jan. 11912. reports state, to vote on a by-law to raise *200,000 torn waterworks system.
-An issue of
-Debenture Sale.
COWLEY SCHOOL DISTRICT, Alta.
$4,000 5% 10-installment school debentures was purchased In November
by G. A. Stimson & Co. of Toronto.
-Bond Sale.-On Dec. 6
-Nay & James of Regina were awarded
CUPAR. Sask.-Debenture Sale.
WELLSVILLE, Columbiana County, Ohio.
the $18,000 4 A% 20-yr. funding bonds dated Jan. 1 1912 (V. 93, p. 1342) the $10,000 6% debentures offered on Oct. 21 (V.93, p. 1060), it Is stated.
Loan Proposed.
-Reports state that this municipality is considering the
were awarded to the Provident Say. Bank & Trust Co. of Ctn. at 105.84
issuance of a loan of $14,000 for local improvements.
and Int.-a basis of about 4.07%. Other bids follow:
,
NEW LOANS.
CITY OF SPOKANE
$875,000
-YEAR PARK BONDS
50
$50,000
-YEAR GENERAL IMPT. BONDS
20
Sealed proposals will be received by the Sinking
Fund Commission of the City of Spokane. Washington, at the office of the City Auditor of said
CIty, up to 12 O'CLOCK NOON OF THE 23Rd
DAY OF DECEMBER, 1911. for the purchase of
all or any portion of the following bond Issues:
-Year Park Bonds.
$875,000 50
-Year General Improvement Bonds:
50.000 20
No bid will be considered for the Park Bonds
which is for an amount less than *25,000 or multiple thereof; for the General Improvement bonds
which is for an amount less than $10,000 or
multiple.
Park bonds are to be Issued for the purpose of
acquiring and improving parks, parkways, playgrounds and boulevards,and bear date of January 1, 1912. and payable 50 years after date,
and Interest at a rate not to exceed 4 Si% annually. payable semi-annually.
General Improvement Bonds are to be issued
for the purpose of funding a working fund to
purchase Local Improvement warrants issued
to laborers ahd material men under the day labor
plan of local improvements, and bear date of
January 1, 1912, and payable 20 years after date,
and interest at a rate not to exceed 5% annually,
payable semi-annually.
All bids are to be made upon the condition of
the acceptance of the bonds upon the approval
of the legality of the same by Messrs. Wood &
Oakley. attorneys of Chicago. Illinois. No bids
can be accepted for less than the par value of said
bonds and the accrued interest, and said commission reserves the right to reject any and all
bids, and each bid must be accompanied by a
certified check for two per cent of the amount of
the bid submitted.
Both Issues of bonds are to be a general obligation of the whole city.
JAMES McGOUGAN,
!City Auditor.
HODENPYL, HARDY & CO.
7 Wall St
New York
--------NEW LOANS.
NEW LOANS.
$82,000
$4,000,000
N. J.,
STATE OF CONNECTICUT, CITY OF ORANGE,
BOND SALE
FOUR PER CENT BONDS
Sealed proposals endorsed, "Proposals for
FOR SALE
Treasury Department,
Hartford, Nov. 16, 1911.
Sealed proposals will be received by the Treasurer at the Treasury Department in the Capitol
at Hartford until 11 a. m., December 21, 1011, to,
the purchase of the whole or any part of FOL11
Million Dollars ($4,000,000) of Four Per Cent
(4%) State Bonds,to be Issued under date of July 1
1911. and to mature July 1, 1936. Interest payable semi-annually on the first days of Januar)
and July of each year.
These Bonds are authorized by Act of the General Assembly approved September 19, 1911
Bonds are either Coupon or Registered.
Full particulars may be obtained by addressing
"State Treasurer, Hartford."
COSTELLO LIPPITT, Treasurer.
$250,000
JACKSONVILLE, FLORIDA,
Bonds." addressed to the Common Council of tile
City of Orange, N. J., care of Mr. Willett 1. Gano,
City Clerk, will be opened at a meeting of the
Common Counci to be held MONDAY EVENING,
DECEMBER 18. 1911. at eight o'clock, for Ike
following bonds:
-Year Funding Bonds.
169,000 454% 20
% Water Bonds. $1,000 maturing an$13,000
nually 1913-25.
Bonds will be of $1,000 denomination and bear
date December 1, 1911.
Proposals should be accompanied by certified
check for two per cent of the amount of the par
value of the bonds bid for.
Bonds will be certified as to genuineness by the
United States Mortgage & 'trust Co., and their
legality approved by Messrs. Caldwell, hlasslick &
Reed, of New York City.
For further information address the United
States Mortgage & Trust Co., New York City. or
Mr. Frank G. Coughtry, Collector of loxes,
Orange, N. J.
By order of the Committee on Finance and
Accounts.
HENRY T. STETSON, Chairman.
Dated. Orange, N.J., December 6, 1911.
$150,000
MOBILE COUNTY, ALA.,
ROAD BONDS
IMPROVEMENT BONDS
Sealed proposals will be received by the'Board
of Bond Trustees of Jacksonville, Florida, until
MONDAY, DECEMBER 18TH, 1911.
at 3 o'clock p. m., for the purchase of all orrany
part of $250,000 00 four and a halt per cent
Improvement Bonds of the City of Jacksonville,
Florida. The legality of these bonds has been
approved by Messrs. Dillon, Thomson & Clay of
New York. Printed circulars containing more
definite information with reference to said bonds.
and blank forms for bids,can be had on application
to:ithe Secretary of the Board of Bond Trustees,
Jacksonville, Florida, or to Messrs. Dillon, Thomson & Clay, 195 Broadway, New York.
W. M. BOSTWICK Jr.,
Chairman Board of Bond Trustees.
The Board of Revenue and Road Commissioners
of Mobile County respectfully call for bide tor
$150,000 In Road Bonds. Bids to be opened at
noon of MONDAY. DECEMBER 18TH. 1911.
For particulars address,
GEO. E. STONE.
County Treasurer.
Mobile, Ala.
$5,000
Town of Isabel, So. Dakota,
Railroad, Strut Ry., Gas I Elec. Light
6% BONDS
SECURITIES
Bids will be received by the Town Board of
Trustees of the town of Isabel, So. Dak., for tie
sale of town bonds, Issued as follows:
$1,000, payable in 5 years;
2,000, payable in 10 years;
2,000, payable in 15 yeard;
Bonds to draw Interest at 6 per cent. All bids
will be opened at 10 a. m. JAN. 9TH, 1912.
The Board reserves the right to reject any or al
bids.
C. G. STONER.
B. C. ASH,
Clerk.
Chairman.
BLODGET & CO.
BONDS
Sutherlin & Company
60 STATE STREET,BOSTON
MUNICIPAL BONDS
80 PINE STREET,NEW YORK
Commerce Building,
MISSOURI
KANSAS CITY
STATE, CITY ds RAILROAD BONDS
DEC. 9 1911.]
THE CHRONICLE
--Reports state that on Dec. 15 the
DAUPHIN, Man.
-Loan Election.
rate-payers will vote on by-laws providing for loans of $7,000 for school
purposes and $3,000 for town-hall improvements.
-The $2,500 6% 15
-installment
DUNDURN. Sask.-Debenture Sale.
debentures offered on Oct. 31 (V. 93, p. 1216) have been awarded to Nay &
James of Regina at 92.20.
-No award on Oct. 28 was made
-Debentures Not Sold.
ELKHORN, Man.
of $7,750 5% 19-installment debentures offered on that day and dated
Dec. 31 1911.
-According to reports, a by-law pro-Loan Voted.
GLEICHEN. Alta.
viding for a loan of $4,000 for town grading was voted by the rate-payers.
-Debenture Sale.
-On
GLEICHEN SCHOOL DISTRICT NO. 103, Alta.
Nov. 27 $3,000 6% 10-Installment debentures were awarded to the Alberta
School Supply Co. at 101. Denom. $300. Date Nov. 30 1911. Int. ann.
-Loan Election.
GRANDVIEW, Man.
-By-laws providing for loans of
$45,000 for fire apparatus and $7,500 for electric-light and power will be
submitted to a vote on Dec. 19, it is stated.
GUELPH, Ont.-Debenture Election.
-An election will be held Jan. 1
1912, according to reports, to vote on the questions of issuing $40,000 fire
and $25.000 Dominion Casket Co. bonus debentures.
HYSSOP SCHOOL DISTRICT, Alta.
-G. A. Stimson
-Debenture Sale.
& Co. of Toronto purchased In November $4,000 5;4% 20-installment
school debentures.
KAM LOOPS. B. C.
-Loan Election Proposed.
-An election will probably be held at which the rate-payers will vote on a by-law providing for a
loan of $300,000 for the hydro-electric project at Barrier River.
-Loan Election.
-A vote will be taken on Dec. 19,
KILLARNEY, Man.
it Is stated, on a by-law providing for a loan of $14,000 for the purchase of
the Collison electric-light plant.
-Proposals will be received
KINISTINO, Sask.-Debenture Offering.
'until Dec. 15, It is stated, for an issue of $2,700 6% skating-rink debentures.
Due in 15 ann. installments. J. R. Graham is Sec.-Treas.
-At an election to be held Jan. 1 1912
LONDON, Ont.-Loan Election.
a by-law providing for a loan of $50,000 for an Incinerator and plant will be
voted on by the rate-payers, it is stated.
-Loan Election.
-A by-law providing for a loan
MEDICINE HAT, Alta.
of $45,000 for water-works-extension (V. 93, p. 1553) will be submitted to
the rate-payers on Dec. 11.
-Loan Election.
-The election to vote on by-laws proMELITA, Man.
viding for loans of $8,000 for sidewalks and street-impt. and $4,000 for fire
apparatus will be held, reports state, Dec. 19.
-Debenture Sale.
• METITIZE SCHOOL DISTRICT NO. 2310, Alberta.
On Oct. 25 $400 63 % 10-yr. debentures were awarded to Nay & James
5
,
of Regina at par. Date Dec. 15 1911. Int. ann.
-The election held Nov. 20 resulted
NEWMARKET, Ont.-Loan Voted.
In favor of the by-law providing for the loan of $25,000 as a bonus to the
Harding Auto Co.(V. 93, p. 1418), according to reports. Due 20 years.
-An election will be held
NORTH BATTLEFORD, Sask.-Loan Election.
Dec. 11, it is stated, to vote on the following by-laws: $94,000 for a waterworks system and electric-light plant and $12,500 for improvements to
the exhibition grounds.
-On Oct. 31 the $45,000 sewer and
NORTH BAY. Ont.-Debenture Sale.
$100,000 water-works 5% 30-Installment debentures (V. 93, p. 1217) were
awarded to the Traders' Bank at par.
1625
-Proposals will be received until
ORILLIA. Ont.-Debenture Offering.
12 m. Dec. 10 (this date falls on Sunday, but is so given in the official advertisement) by C. E. Grant, Town Treas., for the $80,000 4 %% coup.
30-yr. power debentures voted July 17 (V. 93, p. 307). Int. semi-ann.
PEMBROKE, Ont.-Debenture Sale.
-On Nov. 15 the $12,500 4 34%
30-yr. debentures (V. 93, p. 1342) were purchased by the Sinking Fund
Trustees.
PETROLIA, Ont.-Debenture Offering.
-Proposals will be received until
5 p. m. Dec. 15 by J. McHattle, Town Clerk, for $13,749 65 5% 20-yr.
local impt. debentures.
-Debenture Sale.
RIVERS, Man.
-On Nov. 15 the $6,000 8% 20-installment debentures (V. 93, p. 1217) were awarded to Nay & James of Regina
for $5,711, making the price 95.183. A bid of $5.703 was also received
from W. A. Mackenzie & Co. of Toronto.
ST. JOACHIM ROMAN CATHOLIC SCHOOL DISTRICT NO. 7, Alta.
-An issue of $40,000 5% 40-yr. debentures has been awarded
Debenture Sale.
to Nay & James of Regina.
SASKATOON, Sask.-Debenture Election.
-The election to voteon the
questions of issuing $72,000 sewer, $6,000 Collegiate Institute furnishings,
$300,000 hospital, $75,000 new pumping plant, $7,000 for the board of
trade building, $28,000 fire-hall and $15,000 driveway impt. debentures
will be held Dec. 11, it is stated.
-In January, it is stated,
SAULT STE. MARIE, Ont.-Loan Election.
by-laws providing for loans of $45,000 for school purposes. $125,000 for
road-impt., $45,000 for sewers and *32,000 for sidewalks will be voted upon.
by the rate-payers.
-By a vote of 68 to 14,the by-laws providing
SCOTT, Sask.-Loan Voted.
for loans of $26,000 for water works, electric light and sidewalks and $10,000
for sewers (V. 93, p. 1418) carried at the election held Nov. 24. Int. at
5%. Due in 30 annual payments.
SHEFFIELD TOWNSHIP (P. 0. Tamworth), Ont.-Debenture Offer..w.
-Proposals will be received until 12 m. Dec. 15 by J. Ayisworth, Twp.
Clerk, for $3,500 5% public-school debentures. Int. ann. at the Sterling
Bank of Canada in Tamworth. Due in 20 ann. Installments, beginning
Dec. 20 1912.
-Nay & James of Reginathave
SPR I N SI DE. Sask.-Debenture Sale.
been awarded $2,500 8% 15-yr. debentures.
-Debenture Sale.
-Nay & James of Regina have
STAFFORD, Alberta.
been awarded $15,000 53% 20-yr. debentures.
-Debenture Sale.
-We are advised that $28,000 434%
SYDNEY, N. S.
20-yr. school and bridge debentures were purchased by G. A. Stimson & Co.
of Toronto in November.
TINY TOWNSHIP ROMAN CATHOLIC SEPARATE SCHOOL DIS-Proposals will be received until
TRICT NO. 2, Ont.-Debenture Offering.
6 p. m. Dec. 15 by M. Beaudoin, Sec.-Treas.(P.0. Lafontaine), for $13,500
school debentures, payable in 30 annual installments.
5%
WALLACEBURCI. Ont.-Loan Election.-ReportsIstate that theratepayers will vote on Jan. 1 1912 on a by-law providing for a loan of $20,000
as a bonus to the Wallaceburg Glass Co.
-A by-law providing for a loan of
WATERDOWN, Ont.-Loan Voted.
$5,000 to install a hydro-electric-power plant carried, reports state, at a
recent election.
-The by-law providing for a loan
ZEALINDIA. Sask.-Loan Defeated.
of $6,000 for a rink failed to carry, it is reported, at an election held recently.
The vote was 20 to 14.
MISCELLANEOUS.
in. F. DOMMERICH & CO.
NEW YORK
General Offices, 67 Greene Street
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS
DISCOUNT AND GUARANTEE SALES
AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years
MISCELLANEOUS.
NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED
BONDS
All Issues
A. H. Bickmore & Co.,
BANKERS
30 Pine Street,
New York
Adrian H. Muller 8c Son,
AUCTIONEERS.
Regular Weekly Sales
CAPITAL. $1,000.000
SURPLUS. $4,000.000
OF
STOCKS and BONDS
PHILADELPHIA TRUST
.,6
DEPOSIT AND
Main Office, 415 Chestnut Street
Branch Office, 1415 Chestnut Street
EXECUTES TRUSTS OF EVERY DESCRIPTION,
Aota as Trustee for Corporation Mortgages. Registrar or Transfer Agent
and In all forms of business In which a Trust Company may legitimately engage.
Roland L. Taylor
Edmund D. Scbeley
Samuel B. Carter
Thomas B. Prosser
Prealdent
Secretary
Treasurer
Real Estate Officer
EVERY WEDNESDAY
Office, No. 55 WILLIAM STREET
Corner Pine Street.
Bank and Trust Company Stooks
NEW YORK AND BROOKLYN
BOUOHT AND SOLD
CLINTON GILBERT
2 WALL ST.. NEW YORK
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
Witt Topa-ration Trust To.
calls attention to its Legislative Department, at
37 Wail Street, New York City,
which furnishes copies of bills introduced in Congress and the State
Legislatures, copies of amendments thereto, and as finally enacted;
and, in addition, reports daily on all action taken on the bills.
Correspondence and inquiries solicited.
ONT00361/ERY. AAA,
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Suite 1118 Association Building
CHICAGO, ILLINOIS
ipeclalIst in Designing Bank Buildings, Bank
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LvoL. Lxxxxm.
THE CHRONICLE
1626
Vaulters arca Vrotevs
ERVIN & COMPANY
A. B. Leach & Co.,
BANKERS
149 Broadway, NEW YORK
8 South Dearborn St., CHICAGO
BANKERS
Capital, Surplus and
{New York Stock Exchange
Undivided Profits - -f86,300,000
Members Philadelphia Stock Exchange
33,000,000
Assets
12,000,000
Cash
BONDS FOR INVESTMENT
HEAD OFFICE—HAVANA
Branches
Drexel Building, Philadelphia
Long Distance Telephone No. L. D. 107.
28 State Street, BOSTON
Chestnut 86 4th St., PHILADELPHIA
PARKINSON & BURR
Members of the New York and
Boston Stock Exchanges
WILLIAM P. BONORIGHT & COMPANY
RANKERS
14 Broad St.
New York
16 George St. Colorado Springs
Colorado
Mansion House
London. E. C.
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NEW YORK
53 State Street
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HARTFORD
Selected Public Utility Securities
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Details Upon Application
E.W.ClarkKo,
au
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in all Markets
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Members American Bankers' Association
Cable Address—Banconae
BANK OF HAVANA
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Interest allowed on deposits subject to
cheque.
C. I. HUDSON & CO.
High-Grade Investment Securities.
Members Philadelphia and New York
Dios. 34-36 WALL ST., NEW YORK.
Stock Exchanges.
Foreign & Domestic Letters of Credit
Members New York, Philadelphia and
Chicago Stock Exchanges
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TELEPHONE 3070 JOHN
NATIONAL BANK
OF CUBA
CARLOS DE ZALDO. President
JOSE I. DE LA CAMARA. Vice-President
John E. Gardin
Alvin W. Krech}New York:Committee.
James H. Post
Acts as Cuban correspondent-of American
banks and transacts a general banking business.
Capital, $1,000,000
(Clark, Dodge & Co.. New York.
Correspondentsi First National Bank, New York.
tRedmond Ec Co., New York.
Effingham Lawrence & Co.
SMITH-TEVIS-HANFORD
COMPANY
Bankers & Brokers
PRIVATE WIRES TO PRINCIPAL CITIES
Schmidt & Gallatin
INVESTMENT SECURITIES
111 BROADWAY, NEW YORK
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DEALERS IN
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We furnish Quotations for the "CHRONICLE"
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J. S. Parke.
ff. L. Finch.
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J. S. FARLEE & CO.
McCURDY,
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MEMBERS N. Y. STOCK EXCHANGE
Transact a General Banking and Stock
Exchange Business.
MEMBERS NEW YORK STOCK EXCHANGE
Brokers and Dealers in
John Y. G. Walker
Norman S. Walker Jr.
Ex. Norton
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WALKER BROS.
HARTFORD. CONN.
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A. M. KIDDER & CO•
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Securities Bought & Sold on Commission
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Interest Allowed on Deposits Subject to Check
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Established 1865
MEMBERS OF N. Y. STOCK EXCHANGE
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No. 10 WALL STREET
Soy and sell on commission stocks and bonds, and
Members N. V. and Phila. Stock Exchanges
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Orders for Stocks and Bonds executed upon all
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GUARANTEED STOCKS Especial attention given to supplying high-class
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